Evening Star Newspaper, March 26, 1924, Page 28

28 R BY TWO ELEMENTS .. Short Coverings and Fresh Seliing Orders Perplex- ing to Dealers. D HBY STUART P, WE! Dispateh to The Sta ¥ YORK. March “Today's tock market was a mixture of short covering in some directions and fresh selling in others. At times batter re- ~istance was shown to professional ef- forts on the selling At other 1imes these efforts met with a con- siderable measure of sucs . particu- larly in shares of the specialty class. The two stocks which were most onsistently pressed for were American Can and United dustrial Alcohol. and the reason wih instances w the same. They were two « the more typi- where the public h 4 in the midwinter buil regarding dividend poli- had been put idea that sold d amount to $10 a share would be returned carly in the new Aleohol year. Unloading Policy i Tople. » street haid a good deal to say about have taken during the J consequent change the part of inter oredited with the in the two companic )} 1 { drop of nearly two points in Mack Trucks coincided with the an- nouncement that the increase from 20,000 to 500, shares of common k had 1 approved by the <hareholders Fhile other parts ling t sorption Western continued e of th dents tc hoard w the pro ter of the ns who are optimistic k are talking very liberal terms Norfolk share owners and that these terms heen discounted in the J of the list were of Norfolk and Pennsyl ror mar- Breaks in Specialiy Clax. numerous sharp hreaks v the specialty ¢ Among these were the new Ligg & Myers and new 1 d common v 1 Supply. the Agricul and Central Leather other hand, Da- vison Chem up well. As a group th did v S did pric the c appeared upport Status of Railway Shares. Railway shares as a rule held up fairly w Still they di1 not feel in any positive way the effect either of the marked change for the tetter n most of the Kebruary trathie s tients which have so far come in. or :f the record-breaking car loading: nough railw reports have been cceived to assure that not only was February a much mor: satisfasto:s month than January, but that ‘n both ss and net it went well ahead of bruary, 19 Comparison, to be <ure, it vet being ma e 'per: of cxceptionaily maintena appropriation But the important p much the substantial v are being shown as it is the sur- singly large increases in gross. ISSUES UNDER ATTACK. L Selling Pressure Forces American to New Low. By the Associated Pross YORK, March 2¢6.—Mixed cé movements marked the opening stock market, with a re- of selling pi re Can, which dropped low price on movement. Motor and es also were under attachk herg being hammered down than a point to a new low. K U. 8. Steel and some, oil stocks slightly higher. Considerable irregularity prevailed in the early dealings with pric fail- ing definite trend. Strength of General Electric, Lack- anna and' Norfolk and Western, which advanced a point or more. was offset hy “¢edkness' of* the tobacco shares, General Asphalt and Chandier, vhich fell {Wo puints to a new low pri of 47, udebaker, however, moved counter to the general trend of the motors, American Sumatra Tobdcco was rengthened on the announcement of Company officials that there would be no new financing and California Packing moved up 2 points. Foreign exchanges opened steady. Sp | weakness cropped out in American_ Agricultural Chemical, which broke 81y to a new minimum izure, and a flock of new lows was stabli the tob; o shar in- wludin, 0 Products Schuite «nd Reynolds B, which declined 1 to points. Mack Truck, U. 8. Indus- 1 Aleohol and National Supply also onched new hottom prices, with av- of point 1 movem <e of the to b eiving retter th sumption n new to rent more lawin, s were mmon jumped v ruble trade reports wnd Hartmann Corperation rallied 3% un official assurance that the present dividend would be maintained. Call money opened at 4 per cent. Maneuver Unsuccessful. tound of American Can were dumped he market in an en- deaver to arrest the rallying tenden ies of the list in the afternoon, crash- it down to 1043, an overnight <s of 41, and nearly 15 points un- der its high figure 7 “The maneuver, how. cessful, repr e Baldwin, States St Chandler, Steel and eneral sturdily upward, with Norfolk and 7estern and Lackawanna also ex- biting considerable strength. N. Y. Stock and Bond Averages. Tugsday, March 5. points industrials . United It States Electric forging STOCKS. ul stock sales, share Twenty industrials averaged 95.09: net 1 High, 1 low, 94.88. Twenty railroads averaged 84.24; net loss, .71 Hight 1924, 85.90; low, 82.74. 1,015,200 BONDS. Total bond sales (par value), $16,089.000. Ten first grade rails averaged 86.50; net loss, .16. Ten secondary rails averaged §4.70; net loss, .28. Ten public utilities averaged $7.61; net loss, .11. G Ten industrials averaged 93.56; net loss, .32. ComBined average, 88.09; net loss, .22, \i Combined average ronth ago, 9; year ago, 85.78. it | neeforth as a <t connéctions agamst | FINANCIAL 2 e VE ON MARKET ' ~NEW York sTock ExcHANGE Received by Private Wire Direct to The Star Office Ajax Rubber. | Alaska Junea { Allied Chem (4 } { 41lis-C Mpf (7). | Am Agri Chem. .. {Am Agri Chem pt | Am Beet Sug (4). Am Bosch, {Am BN pf |AmBrS&F (5) | Am BS&F pf (7) | AmCan t6).. Am Can pf (7). AmC&F (12)... AmC&Fpf (7). Am Chain A (2). Am Chicle. Am Drug Synd. . Am. & F.P.25%pd Am Hide & Lea... Am Hide & L pf. Am Tee (7). Am Iee pf (5) Am Internatl Am Linseed pf. . Am Lacomo (§) . Am Metal (3)... Am Radiator (4) Am Saf R (50¢). Am Ship & Com... Am Sm & Re (5) Am Stl Fdays (3). Am Sugar...... Am Sumat Tob. 1 Am T & Tel (9) Am Tobac (12) Am Tob B (12) Am Tob pt (8) . Am Water Wka. Am W Wopr (4). Am Woolen (7). Am Zine pt. Anaconda Arn Cons & . Asso Dry G (5). As DG 2d pf (7). Ass0 Ol (133). At T &S Fe (6) At Coast L (7). Atl Fruit ctfs AtGuif & W1 AtGult&a W1 Atlas Powd (4) .. Atl Powd pf (6) Austin-Nichols. . Auto Knitter... Bald Loco (7)... Bald Loc pf (7) Hal & Ohlo (5). Barnsdall A Barnsdall B. .. Batopilas Min. . Bayuk Ist pf (7) Beth Steel (5).... Booth Fisheries. Br'k Edison (8). | Br'k-Man Tran. Br'k-Man Tr pf . Brown Shoe (4). Burns Br (10) But C& 7 (50¢) . Butte & Superice. | Butterick Co. Cal Packing (§). Cal Pet (1%)... Callahan Z Lead Can Pacific (10). Canada So (5).. Cent Leather Co. Cent Lea Co pf. Cer de PasC (4). | Chand Mot (6) Ches & Ohio (4). Chicago & Alton Chic & East Ill. .. ¢h & East Ili pt | Cliic Gt West... ... { Chic Gt West pf. | Ch Mil & St Paul. { Cn Mii & 5t P pt. Chi & Nwn (1) Ch PneuT (5). ChicR L& Pac. CRI&PDI (7). Chile Cop (2%) . Chino Copper. CICC&SLL (§) Coca-Cola (7). Colo Fuel & fron. Colo Southern | Col Carbon (4) Col G & E (2.60). Com Solv A (4) .. Congoleum (3) Consol Cigar. Consol Gas ( | Consol Textile Cont Can (4).. ! Cont Motors. Corn PrR (19) Corn Pr Rnw w! Cuban Cane Sug. Cub Cane Supt. . Cub Dom Sugar Cuyamel Fr (3).. Danl Boone M(3) Davidson Chem. Del & Hud (2) Del L& W (6). Dome Mines (2). DuPtdoN (8)... EastK (15%). Eaton Ax (2.60 E1 St Bat (15%) Elk Horn Coal. Em Branting pf. End-John (5) ... End-John pf (7). Erie..... Erfe 18t pf... Famous P1 (8) . Famous PI pf (5) FAM&SDE (7). Fifth Av B (64c) Fask Rubber. Fisk Rub Df A. Flchm'n (13%). Freeport-Texas. Gen Asphalt. Gen Blec (8) . Gen El spe (§0c) Gen Mot (1.20). Gen Mot db (6) | Gimdel Bros. { i Glidden Co. Gold Dust . 1. Goldwyn Pict Goodrich. Goodrich b Goodyear pf. Granby Consol. .. Gray & Davis. . .. Gt North pt (5) .. | Gr Nor Ore (3)..... Guantan Sugar. Gu)f Mo & Nor. Gulf M&N pf(4). Gult St St (5).. anna 18t pf (7). Hartman Co (4). Wil (3).. Housen'd Pr (3). Houston Ofl. Hud Mot C (3) . { Hupp Mot C (1). { Hydraulic Steel. Ihiinois Cent (7). Indep O}l (25¢).. indiun Reflning.. Inger R (128 Inland Sti pf (7). : Inspiration Cop. jInt BusMa (8).. laterb Rap T! Internat Agri Int Cement (4) ... | Int Com Eng (2) | ntern Gt Nor. InternafHar (5) Int Mer Marine... Int Mer Mar pf... Internat Nickel.. Inter Nick pf (6) Internat Paper. . I Int Pap pf st (6) | Intertype (11%) | Invincible Oil | Jewe! Tea. {Jones & Lau (7). Kan City South... Kayser Jul & Co.. | Kelly Spr Tire. .- Kel Sp T pt (8).. | Kenne Cop (3) . Keystoue T& R.. Lactede Gas (7). Lee Rub & Tire.. Leh Val (3%) ... Leh Val rights . Lig & My (new). | Lig & My Bnew) Lima Loco (4)... Loews Inc (2) .. Allis-Chalm (4). Open. High. % 6% 1% 63% A42% 0% 10% 20% 425 2% 54 kil 110 1084% 113% 159% 122% 224 16 4% 93% 10% 554 8815 80 1% 103 32% 1% 43% 108% 6% 12% 59 864 50 1114 128% 139% 136% 101% 455 691 69% 25 824 8% 9414 9214 3% 9 118% 105 [ 30% 31% 12% ks 54 48% 9% 37% .- 223 11 14% 82 481 Gibel Br pf (7) 101% 10% 35% 93% 88 40 82% 69 26% 13% % 102 ™ Aty 190% 102 23% 80 23 42 23 26% 2% % 27 13 80 364 634 110 18% 24% 16% fi!i 2% 2% 1% 68% 29% 5% 50% 825 16 9% 7 1% 178% 86% 4% 57% san 14% 4% 8 49 101% 10% % 15% 204 T2% 4% 14 5% 544 30% B4 14 574 7 9% 28 40 82% 69% 26% 13% % 102 % 44 190% 102 23% 90% 23 1 42 23% 26% 824 T4 27 - 18 Low. Close; | 2% 6% 1% 42% 7 178 36 34 656 54 48 9% 37% 221 10% 14% 82 48% 101% 10° 85 16% 20t 2% 43% 13% 5 B3 30 8% 14 656% % 93% 36% 40 82 69 26% 13% % 102 ™ & 190 102 23% 23 9% x 1% 65% 42% 208 9% 27% 43 26 b4 79 110 103% 113% 168% 122% 23 24% 16% 48 35% 2% Loft,Incorpor. Loriilard (3) Louis & N'sh (5) Mclntyre (1).... | Mack Trucks (§) | Macy R H & Co... Magma Copper. Mallinson & Co.... Man E1 Sup (4).. n Ele md gtd. Manhat Shirt (3) Maracaibo Ol. Market St Ry Market St Ry pf.. | Market SR 2d pf. Marland Of1. | Marlin-Rock: Mart-Parry (3).. Maxwell Mot A... Maxwell Mot B... May Dpt St (5) Mex Seaboard. Mex Seabvard cf. Miami Cop (2) Middle St O1l Mis Kan & Tex. Min K & Tex pf Missourl Pacific. Missour{ Pae pf... Montrom Ward.. Moon Mot (3). Mother Lode (1 Munsingw'r (3). ash Mot (18%) Nat Biscuit (3). Nat Cloak & Suit Nat Dairy (3)... Open. Tigh. Low. Close, 6% 6 6 36% 8% 35% 92 82 92 16 824 60% 33 19% 37% 39 any 29 8% 26 18 87% 12 854 44% 115 89 18% 18 21 156% 81 604 324 19% 37 39 37 207y 28% 8% 8% 26 26 18 18 374 36% 12 12 35% 35 44 43% 12 1% 893 89 19% 18% 17% 21 4 10% $0% 11% 36% 2 Nat En & St. Nat Lead (8).... Nat Ry.M 2d pf... t Supply (3).. Nev Cona Cov. .., NOrT&M (7).. NY Air Br (4 NYABrA (4).. ¥ Central (7). ¥ C-Readx rts. NYC&StL(6). N ¥ Dock o NY NH & Hart.. N Y Ont & West.. Norf & W (18) North Amer (2). North Am pf (3) North Pac (5) ... Nunnally Co. . Okl Pr & Ref. Orpheum pf (§). Otis Elevat (8).. Otle Steel Otls Steel p; Owens Bot ( Owens B pt PacG & (8). Pacific Ol (3) . Packard (1.20) Pan Amer (4)... | Pan Amer B (43 {PennC&C (4).. Penn Railrd (3) Penn Seab Steel. Peoria & Fast. Pere Marq (4) Phila Co (4)..... | Phila& R&T wi. Phil Mor (50¢).. Phillips Pet (2) Plerce-Arrow. Pierce-Arrow pt. Plerce Ofl........ Pitts Coal (4 . .- Pitts Util pf 95¢.. Pitts & West Va. P&W Vapf (6). Prod & Refiners. PubSer N J (4).. Pub S EI Po(1)pf. Pullman Co (8) .. Punta Al Su (5). Pure Ofl (1%) . Ray Cons Cop. Reading (4)..... Reading ris...... Read 1st pf (2).. Reis Robert. Remington Type. Rep Ir & Steel. Reynoids Spr (2) Rey Tob B (3).. | Rey Tob pf (7).. Roy D'tch (3.46) | St Jos Lead (12) StLSanFran... | St L-San Fr pt. St L Sothwest. St LS'th pf (5).. Schulte (§8). | Seaboard Alr L.. Seab'd Alr Lipf.. Sears Roe & Co... Sears Roe pf (7). Shell Un OIl (1).. Shell Un pt (6) Simmons Co (1) . Simms Pet...... Sinc Con Ol (2). keliy Oil....... Sloss-Sheft (6).. So P Rico Su (6) South Pac (8)... Southern Ry (5). South Ry pf (5). Spicer Mfg. .. ... Spicer M{ pf (8) . StOfl Cal (2).... StOIINJ (1) St Ol N Jpf Sterl Pr (16%) .- | Stew't War (10). StrCar (19%) ... Stadebaker (10). Studebak pf (7) . Submarine Boac.. Superior Oll,.... Tenn C & Ch Texas Co (3) Tex Gulf S(6 ‘Texas & Pacific. . Tex& PacC&O. The Fair (7). | Third Avenue. Tithken (3%) Tob Prod ( Tob Prod A (7)... Tob Prod pf (7) .. Ttanscont Oll. .. | Twin City R (8) | Underwood (3).. Un Bag Pa (6). Un Pacific (10) Un Tank Car ( Un T Car pf (7). Utd Fruit (10).... Utd Ry Invest... Utd Ry Invest pf.. USCIP(2).... U S Hoft Mach. U'S Ind Alcohol. U SInd Al pt (7). USR&Im (3). 3) 15% 64% 115% 55 2244 116% b8% TT% 671 93% 111 uUs - USSteel (15%). U S Steel pf (7) .. Utab Copper (4). Utah Securities.. Vanadium Corp.. Va-Caro Chem B. Va-Caro Ch pf... Va IC&C (3%).. V Vivaudou (2) Wabash. .. ‘WabashpLA. ... Web & Hellb (1). West Pac pf (6). West E& M (4) | West I & M rts Wheel & L Erie. Wheel & L Er pL. Wh Eag Ol (2. White Mot (4) ‘Wickwire Sp Stl.. Willys-Overiand . Willys-Over pf.... ‘Wisconsin Cent. ‘Wiis Cen ctfs. . Woolworth (8) Worthing Pump.. 267 Wrig WJr(3)... 36% 37 357 tPartly extra. §Payabie in preferred { Dividend rates s given in_the above table fest quarterly o Nalf-vearly declarations, | Unless otherwise noted, extra or speci i dividends are not included. - High. Tow. Last. Call Money . 5% 4 5% HOURLY SALES OF STOCKS. 220 200 1p.m.. 526 100 .372 400 2p.m 636 800 BOURSE TRADING DULL. PARIS, March 26—Trading was dull’ on the bourse today. Three per cent rentes, 55 francs 30 centimes: ox- ‘change onLondon, 79 ‘francs 45 cen- times; 5 per cent loan, 67 francs 40 centimes; the dollar was quoted at 13 francs 52 centimes, 7 17 6034 60% 134 9% 1815 25% 64 2% 10% 80 36 36 341 i iu am. 12m. 24% § | | i i | | hat | expre: {committee’s | the i {tions or be subject to other correc- | !figures were transferred to the dis- | defeat | explanation j1s TREND OF BONDS ~ GHEERS MARKET Genuine Investment Buying in Large Volume Marked Today’s Dealings. BY GEORGE T. HUGHES. Special Dispateh to The Star, NEW YORK, March 26.—Genuine in- vestment buying in larger volume and of better quality than in a long time appeared in today's bond market. Price changes in transactions, both over the counter and on the exchange, were not large, but the trend was en- couraging. Bonds ylelding from 5% to 6 per cent were in the' greatest de- mand. Libertys were firm after the de- cline of late Tuesday. High-grade sav- ings bank railroad issues werse steady. Speculative Grodp Feature. In the speculative group the fea- ture was again the St. Paul bonds. There was active trading in the 4s of 1925 around the new high on this movement. The convertible 413s of 1932 were nevt in_activity. All the other junior St. Paul bonds were higher. Seaboard Air Line issues were likewise active, with the 6s reacting slightly, while the adjust- ments _went higher. International Great Northern 6s were other vorites of the day, making a new high for the vear. Among the tractions Brooklyn Man- n Transit 65 claimed the great- est attention. In industrials there was a drop which at one time amounted to more than a voint in American Agricultural Chemical 7%s French Bonds Reacting.’ H Krench bonds showed a reactionary | . which may have been due | ris from Paris as to the in the overnment, Mid- The $11,500,060 on notes of the Columbi tric Company, offered at par, wei promptly sold. Other new issues in- cluded $2,000,000 Houston Lighting and ower due 1954, at 4611, to yield about 5.75 per cent: $3.000.000 51g Postum buildings first mortgage 6% due 1943, at 99. and $8,000,000 Botany Consolidated Mills 623, due 1934, at 9612, to yield about 7 per cent. e COTTON REPORT UPHELD BY COMMITTEE HEAD B. W. Kilgore Answers Objections | Made to Showing of Inaccuracy | in 1923 Census Figures. Certaln poi e report of the special comm isticians ap- pointed by Secretary Hoover to in- quire into an alleged discrepancy of 504 bales of cotton in the census annual supply and distribu- tion report raised by Col. H. G. Hes- ter in New Orleans vesterday, who d dissatisfaction with the report, were taken up by B. W. Kilgore, head of the special committee, in & statement issued last night. “The fizures in the August, 1922, census cotton report referred to I 1. Hester,” Mr. Kilgore said, “were 9,000 bales entered in the part of report containing the items of cupply for cotton under the head ‘to| balance distribution.’ These figures! were reduced by the committee to| 335,000 bales with the statement that they might contain further duplica tions which the committee had not found in the time it had had for the investigation. These 000 balé | tribution part of the statement under the heading of ‘excess of reported dis- tribution over reported supply.’ “The 125,000 bales representing ‘the city crops’ do not add to the totall of ‘pounds of cotton, but do add to| the number of bales. CHICAGO GRAIN MARKET. CHICAGO, March 26.—Reported | purchasing of duty-paid Canadian | grain to be shipped into New land gave a setback to the value of gats in the last hour of the board of trade session today, and depressed wheat and corn in sympathy Wheat closed unsettled at a shade to net decline, May, 1.011: to 1.01%za% and July, 1.03% to 1.03%a% AN grain made a moderate upturn in price skortly after the opening. The of the Poincare regime in France was the generally accepted A _consequent different policy toward Germany on the part of France was looked for with en- larged European demand for wheat, corn, oats, rye and barley. Wheat opening prices. which ranged from 4a% off to %al, advance, with May 1.01% to 1.01% and July 1.03% to 1.03%. were followed by a rise all around to well above yesterday's finish. A noticeable feature in the/ corn market as well as in wheat and cats was lack of aggressive selling. After starting al off to 13 up, May 771 to 77%, corn took a ma- terial upward swing. Oats started unchanged to % high er, May 463% to 46%. and later con tinued to ascend. Provisions were dull but steady. WHEAT— Open. M . Loiyg July . 1083 September ..... 1.04% CORN— May July Septem! OATS— i High, low. 102% 1otk 104 108 105% 1087, Close. 101 T July e September . AIK U. S. TREASURY CERTIFICATES | (Quotations furnished by Redmond & Co.) ——Noon.——, Bid. Ofter. . 100 100 1006 o June 16, 192 5Xs June 15. 1924 5ias September 15, 193 ks December 1. 1924 4%s March 15, 1825. iy Jume 15,1925 4%s December 15. 4%s March 15, 1926, igs September 5. 1 March 15, 1 41is December 15, 1937. 4 Mareh 15, 1826 i 101 01 3en S 100116 100316 | SHORT TERM SECURTTIES. Aminum Co. of Amer. Aluminum Co. of Amer. American Cotton Oil 08 1924, American Sugar 85 1937. American Tel. & Tel. fs 1925, Anaconda Copper 6s 1929. Anglo-American Oil Tizx 1925 Baltimore & Ohlo s 1924 Du ot Edison El. Tll. Boston 5%s 1925, Empire Gas & Fuel Ts 19 I"e&rll Sugar Ref. 6s 1933 Fisher Body Cerp. 6s 1927. Fisher Body Corp. 6s 1925, Goodyear T. & R. 8s 1931 Great Northern Ts 1936, Gult 0il Corp. of Pa. Humble Oil 5s l_fl. Kennecott Copper Ts 1930. Libby, MeNeil & Libby 7s 1831, M. St P. & 8. 8. M. 8% 1981 Morris’ & Co. 7ias 1830 = Oregon Short Line 451629, Penna. R. R. 7s 1830, Swift & Co. 5s 1932 Tidewater Uil 6is 193] Union Tank Car 7s 1930, U. 8. Rubber 1980, West Penn Power 6s 1924. ‘Western Unlon 6%s 1966. 4 Westinghouse E. & M. 7s 1931 10714 Wisconsin Edison Co. s 1924. 100 Wheeling Steel Corp. s 1928... 99% N. Y. METAL MARKETS, NEW YORK, March 26_—Copper easier; electrolytic, spot and nearby, 13%a13%; futures, 13%al3%. Tin, easy; spof, 50.75; futures, 49.25. Tron, “prices = unchange Lewd, spot, 9.00. Zinc easy; East St. spot and futures, 6.3246.35. An- spot, 12.00. \ | Ud Kingm 5148 '29 {AmMT & Tdebs { Armour & Co 41¢s. | Cuba Cane cvdss. | Cuba Cane cv 7s'30 ! Pacific Gas & El 53 D. C, WEDNESDAY Received by Private Wire [ou NEW YORK BONDS@] (Bales are 12 $1.008.) oo ll:'Nl'l'!D STATES BONDS. ctions represent . Example: 98-3 means 98 3-32.) Sales. High. Low. Oloss. 160 98-28 98-25 98-24 80 99-22 99-19 99-19 225 99-20 99-15 99-16 319 100-3 100-1_ 100-2 627 99-22 99-17 9919 249 100-11 108-8 100-9 FOREIGN. Bales. High. 5 102 3 79 69 90% 26 90% 28 101% 9 99% 26 100% 51 884 6 78% 80 93% 101% 100 995 103% 1034 Lib3ys. . Libist 4% Lib 24 4%s. .. Lib 34 4%, Lib 4th 4 . UB4¥Ks1962. . Low. Closs. 101% 101% 79 9 90% 90% 0% 101% 99% 100% 88% 8 80 93% 101% 100 99% 103% 103% 104% 95% 41% 8814 23% 96% 4 107 107% 94% 86% 93% 3% 89 88% 97% 94% 89 79 100 974 Argentine 7s Argentine bs. Argentine 65'37 Bolivia 8s Bordeaux 6 Brasil 7s.. Brazil 8 Canad. Cana Canada Chile 8s Chile 85 1926. . Chile 851941 Chile 75 1943 Chinese Gov Ry Copenhagen 5%s. Cuba 54s.... Czochoslovakia §s. Danish Munic $s B Denmark 8s.. Denmark 6s.... Dutch E16%s. ... Dutch East I 65'47. Duteh East 1 6s'62. Finland 5 £ 63 1945 Framerican 7% French Govt 8s... French Govt T%s. Haiti6s......... Holland-Amer 6 Italy 6% s 1926, Japanese 1st 4 Japanese 2d 4%s. . Japanese 4 Japanese 6365 w 1. Jergens UM 65 '47. Lyon 6s. . Marseille 5. . Montevideo 7s. .. Netherlands 6s. Norway 8s. Norway Gs 1943. Orlent Dev deb 65. Paris-Ly’s-Med 6 Prague 7%s. . Queensland 7s. Queensland 6s. ... Rio de Jan 8s 1946. Riode Jan §s 1947. Pio Gr Do Sul 8s.. Salvador 85 '48. 8ao Paulo State $: Seine Dept of 7s BSerbs Crotes Slo 83 Soiszons 65 Sweden 6s. . Swiss Confed 8 213 28 Ud Kingm 5%s '37 Ud Steam Copen 6s Uruguay $s. Zurich Ss. .. MISCELLANEOUS. Am Agr Chem 95% 954 Am Agr Chem 7 95% 944 Am Cotton Oil 5s. . 884 88 Am Repub deb 6s. . 9% 91% Am SmIt&R 1st s, 93 92% Am Bug ref 6s 101 100% AmT& T cv 6s. 1224 122 Am T & Tecl trds. 98% 98% AmT & Tcltrds. 9% 94k 100% 100 8€C: 86% 40 40 97% 97% 96% 96 85% 85 91 20% 98% 9813 97% 97% 98% 98k 90k 90 89% 89% 294 99 99% 99 933 934 95 95 134 134 98 98 98% 98 984 98% 904 90% 884 83 88l 8815 167% 107% Am Water Wks 58 Am Writ Paper 6s. Anaconda cv db 7s Anaconda 1st 6s Armour of Del 53¢ Associated Oil 6s. Barnsdall s f 8s. Bell Tel Pa Gs. Bpth Steel 5145 °53. Beth Steel pm 5 Beth Steel s f 6s. Bklyn Ed gen Bush T Bldg 55 '60. Central Leather 5s Cerro de Pasco Ss. & [ CIR - T Col Gas & El 5s sta. Commonwth P 6s.. Con Coal Md 1st 55 Consumers Pow is. Cyban-Am Sug 8s. an ra - Liet Edison ref 6s. Du Pont de N 7333, Dugquesne Light 6s Est Cuba Sug 733. Emnpire G&F 7%: Fisk Rubber 8s. Goodrich 6%s. . Goodyear 851931 Goodyear $s 1941 Hershey 65 1942. Iilinois Bell 1st 5s. Indiana Steel 55 Int Mer Marin Inter Paper 55 "47. KCP &Lt bs A52. Kan G & El 6552 Kayser (J) 7s Kelly-Spring 8s. Lackawa S 53 '60. Liggett & Myrs. Liggett & Myrs Magma Cop cv 7s. Manati Sug st T%s Marland Ofi 8s° Midvale Steel Gs Montana Power Morris&Co 18t 4163 New Eng Tel 5s. N Y Eusn 1st 6%s. NYG EL H&P 4 N ¥ Tal6s'4l. N Y 'Tel6s'49. NY Teld4%s... North Am Ed 6% Nor Ohio T&L 6s.-.. Nor States Pow bs. Nor States Pow 6s. Northwst B Tel 7s. Otis Steel T%s. Otis Steel 8s..... 107% 107% 10415 104% i 107 107 | 81% 92 101% 101 08 975 | 10154, 1015 116% 1161 1024 101% 95 94% 100% 100 81% 814 83% 837 91% 91% 96% 96% 105 105 99% 991 921 92% 115% 115% 11 ,96% 96% i15 115 115 101 101 101 104% 104% 104% 89 88% 89% 964 95% 957 80t 80t B0 | 981 98% 981 111% 111% 111% 8 8 8 105% 105% 105% 106% 106% 106% 9415 0413 94k 9T% 974 9% 1% 92% 92 92 103% 1033 103% 108% 108t 108% 94% 94% 94% 100% 100% 100% 924 2% 924 97 a78 | 91% 91% 91K ! 58% 93% 934 | 101% 1015 1013 | 76 | 6% 76 95 109% 87 981 117 100% 92 85% 98% 98 95% 4 103% s 983 95% 107% 96% 113% 82% 102 102% 89% GEEED B Horpoterte PRCORPPRRR 105 29% | i Pac T & T Ist5s. .. Pacific T & T 5s '53 Phil & Rdg C&I 53. PhilaCorefGs A. Plercd-Arrow 8s. Plerce Oil deb 8s. . Producers & Rf 8s. Public Service 5s. . Pub Ser Elec 65 wi. Punta Alegre 7s Sharon St1 H Ss.. Sinclair Ofl 7s Sinclair Oil 63 Sin Crude Ol 5%: 8in Crude O11'6s. South Bell Tel 55 8o Por Rico Sug s Southwest Bell 5s. Tenn Elec Pow Toledo Edn 1st 78.: Union Bag & P 6s.. Unit Drug cv 88 U S Rub 1t rf bs. U 8 Rubber 7%s... UBSBteelsfbs.... Utah Pow & Lt 5s. Vertientes Sug Va-Car Chem 7s. Va-Car Ch 7%8 w. ‘West Union 6% ; ‘Westinghouse 7s. Wickwire Spen 7s. 5 Wilson & Co1st6s 3 Wilson&Cov 7%s. 6 2 Winchester A 7%s. - MeRearBh~anRRRaws U7 11e% 100% 100% 92% 92 85% 85% 107% 107% 9% 964 113% 113% 825 82y 1024 102 102% 102% s s 66" 65% 33 32 110 110 107% 107% 62% 62 94 93% 89 88y 82 82 101 101 96 95% e aamERE " aRaEao 10 1 Youngstn S &T 6s. 24 DIVIDENDS. Pe- Pay. Stock of 5 0 May s Aee g0 Apr 10 ar 31 Al D Apr 21 Ag 10 Apr 21 Mar 31 Apr 15 Mar 31 Mar 31 Mar 31§ Mar 81 R Tk Apr 8 Catporation iyn Boro Gas.. Giad Indian Aleo 1 How'd Smith Mills 1! do s "It pays to read the want columns of The Star. Hundreds of situations are filled through them. thirty - nesonds. | B &0 PLEAWYV 4: LARCH 26, 1924. Direct te The Star Office. RAILROADS. Sales. High Atchison gends... 73 87% Atchison adj 4s, 2 81 B&Oprind%s... 12 98 B & O gold 4 7 84% B&OG6: 17 101% B&Ocv 4%s. 12 87% B&OTrefbs....... 29 B6% 19 81% 29 984 5 6% 175 7% . Low. Clese. 86% 87% 81 81 9% 9% 804 8% 101 191% 81 &1 % 81% 9% 6% 76% 106% 89% 112% 112% 9% 97% 101% 854 93% a1t 86% 374 86 7% 76% 53 58% 652% 57% 84% 60 80% 1% b4l 98% 105% 106% 6% 77 80 a1y 75 103% 98% 854 87 99 82% 36% 89 64% 55% 637 103% 112% 107 978, 84% 8214 B &0 SW div 3%e B & O Toledo 4s Bklyn-Manh: BklynRT 78 "21. 4 106% Buff REPItt 4%s.. 12 90 Canadian North 7s 11 1124 Canad North 6%s. 5 112% Canad Pac deb 4s.. 14 80% CarClinch&O6s. 7 98 Cent of Ga 6s. Central Pacific Ches & Ohlc cv 5s. Ches & O cv 4 %: Ches & O gn 4%s.. Chi & Alton 3% Chi B&Q gn 4568, Chi B&Q 18t rf bs. Chi & E Tl gn 5 Chi Great West C M & Puget Sd 4 Chi M & St P rf 431106 Chi M & St P cv 58.178 Chi M & St P 45 °25.265 Chi M&S P ov 418.271 CM&St P gn 4%s. 25 Chi M&ST P 45 '34. 41 56 99% 105% 106% 7% 77 80 9Lk 75 102% 98% 86% 87 991 824 6% 90 64% Chi T H & SE bs Chi-Un Sta 4%s Chl & W Ind cn 4s. Cleve Term 5% Cleve Term Gs. Colo & Sou 4348 Del & Hd 15t rf 4s. Del & Hudson 5. D & Rio G imp 6s. . D&RGstrebs Det United 41 Erle 1st con 4s. Erie gen 4s. Erle conv 45 D. Gr Trunk sf db és. Grand Trunk 7s Gr North gen Or North genb s, Havana ERL&P Hud & Man rat 5 Hud & Man aj 5: 111 Central ref 4s 11l Central 5% 2 101 Int Rapiranbs... 18 65% Int Rap Tr Ge stpd. 44 64% Int Rap Trans 6s Int Rap Tran 7s Int & G Nor aJ é: Int & G Nor 15t 6 Kan City Ft S 4s. Kansas Ciry S 3 Kansas City S 5s. . Kan City Term 4s.. Lake Shore 4s 31 Long Island rf 4s.. Louis & N uni 4s. Louis & Nash 7s. Louls & N Gs 2003 3 112% 33 W% 6 98 1 84% .20 82% 5 62% 2 85% s 10867 9 100t 54 604 7 100% 2 4% 87 4% 82'5 99% 564 95% 804 56% 8914 90% 75% 05 0% 9T 81 724 8915 €3% 683 80 % Manhat Ry cn 4 Market St cn 58 MilEIRy & L5 M StP & SSM cn 4 MK & T 1st 48 M M 6014 100 100 4 B4 87 % 821 99% &6 95% 804 56% 894 20% 5% K&Tprinbs K&Tés MK & Tady 5 Mo Pacific Mo Pacific 58 Mo Pacific gn 4a. fontrl Tm st bs NOTex&Min5s.. N Y Centgen 3% NYCendebés.... N Y Cendeb 4s. NYCenrids.... N Y Cent cn 45 '98. NYCenLScl3%3s. N Y C &St Ldeb4s N Y Ont & W ref 48 w Haven c d 6s. New Haven 7s New Haven 7s fr. NY Ryrf4sctfs. .. NYW &Bos ¢%s.. Norfolk & W cv 6 Northern Pac 3s. Northern Pac 4s. Northrn Pacr 1 6 Northern Pac 5s Ore & Calif 1st 5s.. ort Lref 4s. Pennsyl gen 5a. Pennsyl gen 4%s. Pennsyl 633s. Pennsyl gold 7s. Pennsyl con 413 Peoria & E inc Pere Marg 1st 5s... Pere Mrq 1st 45 "56. 15 59 I 11 24 10 100% 914 109 108 951 26% o4 8 0% 897 75 84 68% 27y €4 o Reading gen & Reading gn 4% swi St L IM&S R&G 4s. 23 St LT M&S 45'23.. 19 SFplasA..100 Suunnm Dep 5%s {CShL 4'zs San ArnPds.. Seab'd A L 4s... Seabd A L 4s sta 1 Seab'd A Liret ds.. 50 Seab'd A Lad} bs.. 67 Seab'd A L con Sou Pacific 4s 1923. 36 Sou Pacific ref 4s.. 10 Southern Ry 1st §s. 1 Southern Ry gn 4s. 15 Southern Ry 6%s.. 14 Southern Ry §sct. 50 Third Averef 4s... 17 Third Ave adj 5s... Union Pac 1st 4s... Union Paclstrfds 4 Union Pacificcv 63 6 Union Pac lstrf5s 10 Virginia Ry 1sts. 6 Va Ry & P 1st 58 6 Western Md 4s = Western Pacific 58. 9 West Shore 1st 4s. 2 80 Wisconsin Cent 4¢. 11 9% 179% TOTAL SALES (Par Value): a.m.. 3123000 12noon 5 50080 1pm.. 6152000 2p.m... 7281000 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks, gold vaiue. today. 4.201 w7 0643 logz7 130 trilion. 0433 am 96 5% 75 65 65% 53 52% 6% 93% 86% 97% 1% 103% 98% 55 455 0% 83 102% % 100% 943 920 611 814 96% To% 5% 65 65% 53 52% 7 94 86% 7% 2% 104 9% B5% 45% 90% 83 103 100% 94% 90 61% 84 80 9% 8 Lendon, pound. Montreal, doll Patis, frane Bruseels, {ranc. Herlin, ‘mark. Rome,’ lira Zorich. franc ~0000254 Copenhagen, crown . 3 Christiania,” crown . Stockholm, crown . By the Assoclated FPress. NEW YORK, March 26—Foreign exchanges steady. Quotations (in United States doliars): Great Britain, demand, 4.29%; cables, 4.29%; sixty- day bills_on banks, 4.27. France, de- mand, .0540; cables, .0541. Italy, de- mand, .0432; cables, .0432%. Beigium, demand, .0430; cables, .0431. Qe many, demand (per 'trillion), .2 Holland, demand, .3694. Norway, de- mand, .1668. Sweden, demand, .2649. Denmark, demand, .1581. Switzerland, demand, .1729. Spain, demand, .1306. Greece, demand, .0171. Poland, de- mand, .00000012. Czechoslovakia, de- mand, .0290%; Jugoslavia, demand, .0123%; Austria. demand, .000014% Rumania, demand, .0052%; Argentina, demand, .3362. Brazil, demand, .1120. Toklo, demand, .41%. Montreal, de- mand, .97%. $900,000 BOND ISSUE SOLD. WASHVILLE, Tenn., March 26.—The Tennessee Central railrdad refunding bond issue of $900.000 was sold yes- terdsy to Seasongood & Mayer of Cincinnati for $922,955 by the local board of public works. The bid accepted was the highest| on the basis of 5 per cent interest for the bonds. Five other bids were recelved. 100% | FINANCIAL FARM LOAN PROBLEMS TOPIC AT CONFERENCE Secnfiry-mnn of 169 Anso-_ ciations of Georgia in Parley at Columbia, S. C. By the Assoctated Press. COLUUMBIA, S. C., March 26 —3ecte- tary-treasurers of tle 169 farm loan associations of Georgia meet here to- day at the Colurabia Federal Land Bank building to discuss probiems arising in their business. Later like officials of North Carolina and Florida will meet here. ‘Since the organization of the Fed- eral Land Bank W. T. Wray of Asheville, N, of the institution's directors, in a statement today, “over 20,000 farmers in North Carolina have applied for about $50,000,000, in approximately 15,000 farmers have applied for the same amount, in tae state of Georgia over 20,000 farmers have applied for over $60.000,000, and in Flordia over 10,000 have applied for_about $25,000,000." “A great number of these applica- tions,” the statement continued, “wers rejected because the farmers were not eligible to borrow money through this system. Howéver, it Is grati- fying to those operating the bank that they have bLeen able to close nearly 8,000 loans in North Carolina for over $15000.000 and in South Carolina about 5,500 proximately the same amount. In the state of Georgia nearly 7,500 farmers have secured loans on their farms for about $18,000,000 and in Florida ap- proximately $6,000,000 has been loan- ed to about 2,300 farmers.” L S HARDWARE “UNCERTAIN.” No Major Price Changes Made Dur- ing Past Week. NEW YORK, Age in its w will say tomorro “No major price changes wers made during the past week. Spring busi- ness is said to be deveioping at a sat isfactory pace in the hardware mar- kets throughout the country, but an indefinable «lement of uncertainty is beginning titude of buyers, “Orders for the most part are nu- merous, but they aro confined to smail quantities. On the other hand. the amount of construction work under way is daily increasing the demands for all kinds of hardware product particularly builders’ hardware and tools. “Reports from most of the indus- trial centers indicate that collections are normal,.and that retail sales are satisfactory for this time of the year. Retail sales in suburban sections are somewhat slower, but it is anticipat- ed that they will materially increase with warmer weather.” 8 BUSINESS OUTLOOK GOOD. Pittsburgh Sees Increased Activity in All Lines. PITTSBURGH. March | —Indications noted by men in nearly ail ] creased activity. Ma kly market summary 26 (Special) local busin: es point to Forward buying in being conducted in a way, dicates conditions are stable. rent steel purchases are heavy, which in- but still. The industry does mot have a large back log at present and many believe mill operations will slacken somewhat. CHICAGO LIVE STOCK. CHICAGO, March 26 (United {Department of Agriculture) receipts, 26.000 head; v 5 110 lower than vesterda best time; {lightweight show most decline: big packers bidding up to 7.20 for desir- able offerings: bulk good and choice 150 to 225 pound 5a7.40; top, 7.40; desirable, 5-pound butehers, larg 5: bulk packing 5ows, 6.55a6.65; common light light and slaughter pigs, 25 to 50 low- er: bulk, good and choice strong £ht, 6.0026.50: heavvweight hog medium. : i light light, & ng sows, smooth. 6 sows, rough, 6.50a6.6 5.0028.75. Catlle, receipts 8,000 head: isteers and vearling uneven, mostly |steady to strong: spots higher; best {matured steers, early, 11.8 earlings, 11.25; liberal offerings, 3 lings in run: fat she stock around |steady; canners, cutters and bul slo weak: buik heavy bolognas, 4.. ad. strong weight vealers, stea {to unevenly higher; bulk to packer: 110.00a10.50; lightweight, pending low jer: stockers and feeders, steady. | Sheep, receipts, 7,000 head; fairl |active: fat lambs, strong to 25 hi; sheep and feeding lambs, str fbulk fat wooled lambs, ibest kind to shippers, 16.50a16.65; jchoice medium weight fat ewes up- jward to 11.50; best shearing lambs 115.75. 1 | bees ar- _— = COTTON SPINNING DROPS. !Aoflv‘lty in February Declines as i Compared With January. |, Cotton . spinning _activity _declined !in February as compared with Jan- {uary, the census bureau's report to- day showing a decrease of more than 1,100,000,000 active spindle hours. Active spindle hours for February numbered 7,304.102.954, or an average of 194 per spindle in place, compared with 8.448.247.467, or an average of 224 per spindle in January. Spinning spindles in place Febru- ary 29 numbered 37,742,143, of which 32,683.786 were active during _the month, compared with 0,454 in place January 31, of which $3.339,806 were active at some time during January. The average number of spindles operated during February, based on an activity of .74 hours per day, was 33,879,600, or at 83.8 per cent capac- ity on_a single shift basis, compared with 36,476, , or at 96.7 per cent capacity in January. {AIMED AT AUTO IMPORTS. Sweden Proposes Raising Duty on Foreign Cars. STOCKHOLM, March 26.—Of great importance to the American automobile export trade i a bill just presented in ithe Swedish riksdag which proposes | raising the import duty on foreign motor {cars and the imposition of a duty of labom 11, cents per liter on gasoline. These measures are aimed at steadying {the importation of automobiles, which recently has become excessive. It is ;also desired to stimulate the production {of sulphite alcohol, & home industry. Through a Swedish invention this aicohol can be used efficiently as motor fuel, EX-DIVIDEND TABLE. Date. Corporation. March 26—Amer. Bxchange March 26—Dome Mines, Lid. March 26—General Baking. March 26—Genera] Baking pi Mareh 26—Tsland Creek Coal March 26—Isiand Creek Coal pf. March 27—Inter. Tel, & Tel.. i ‘WOOL EXPORTS INCREASE. BOSTON, March 26 (Special). Growth of the export movement was the feature of today’s raw wool mar- ket Summer street dealers reported the domestic. trade spotty, with such sales as are made being of the hand- to-mouth variety. Price levels re- main unchanged. wool holders re- fusing to sell beiow cost of replace- ‘ment. LONDON WOOL AUCTION. LONDON, March 26.—The offerings at the wool auction today amounted to 12,903 bales. here was a strong demand from home and continental buyers on the basis of recent values. The bulk of the offerings was cleared. in Columbia," said | South Carolina | loans for ap- | reh 26—Hardware | be manifested in the at- | | steel is in restricted volume. but is | Cur- | production and shipments are heavier | S | farms | | for "1 $50.900 at_some time | IRESERVE INVESTED ‘BYP.EP.COMPANY Fund Held Contingent Upon Court Order Converted Into Sound Securities. Whatever may be the fina! dispo tion of the fund set aside by Potomac Electric Power Company a contingent reserve for to consumers if ordered by t the amount, which now approximate $5,000,000, is wisely and consery Iy invested in sound see than half the total bein government, obligation United States Treas and t third 41 per cent liberty bond issue The report of the lighting compan for the calendar yvear ending De. ber 31 Public Gt his morning, show mount mor placed i mainly List of Investments. This. the report further shows invested as follows: B rtificates of indebtedness.. & Treasnry notes Kirst liberty loan, 3 nd liberty joan, bonds ... ... Third liberty loan, 4% § ourth liderty Joan bonds caiis P. K. P."0o. gen. debenture bomds S P. Co. first’ mortguge cent_bonds .. e P.E. P. Co. serii fanding 7 per »; P " consol bonds an_Telep] Washington e eat, oaris EE ity and Subarhun Reilwas honds Metropoiitan Itajiway bonds .o Cits of Paterson. . 4 of Duluth, Minn . 44 per cent per cent of Los Angeies 5 of Columbis, o - - of Saginaw, Micn 5 s 41,004 mized above repre values of the ' ments, in the majority of cas ceeding the cost of the securstios chased. Savings Bank Showing. Col. Wade H. Cooper, president the United States Savings Bank made good his promise of last placing the stock of the institutio {on an annual dividend basis of per cent. The first disbursement the new rate will be made s {ord March 20 T several vears this bank has {paid regular dividends of 20 per cen: and exira disbursements = whicl brought the total to 30 per cent, bu the “current declaration definitel places the stock on a 30 per cen basis, making it the largest dividen Paying bank in the city. Land Bank Offering. nearooke, Stokes & Co. are today a: ouncing’ the offering of 2 new issu. of $500,000 Potomac Joint Stock Lan Bank 5 per cent farm loun bonds par. They are dated March 1 and mature in thirty vears, being the 4 irect obligation of the Potomao Join- Stock Land Bank, secured by depos | with the farm 'loan registrar { United States government securities (Or first mortgages upon improvei in Virginia and Marsland The issue is exempt from federal, state, municipal and local taxation Finland Debt to U, S. Adjusted. The signing by President Coolidg. - debt-funding agreement w and. followed by a delivers Treasury of Finland's bonds the amount of $9,000,000, in exchan for their original government notes, effects the formal completion of tin adjustment of Finland's debt to th United States governm. Finland is the only Eurcpean coun try besides Great Britain which has adjusted its debt to the United States government, the funding plan being {identical in terms with the settle ment already made with Great Brit | ain. “As the total amount of Finland is only §9.000.000, the charsec ot be heavy. The bonds matur December 15, 1984, with interest a per cent during the first ten vear. nd per cent for the remainder payment of principal staris mediately, and will consist of at installiments. which increase crilia to a fixed The amounts jte {sent the par ‘ o | th { { debt [ win jon i ally each vear according edule, payment being only § the first vear and aver: annually for the fir: Finland's finances are in ex condition, and during hoth and 1923 revenues were substan { tially in of expenditures, | according €o official reports, rev | for 1824 promise well. Some decreas iin taxation is under discussion. W. R. and E. Active on Change. Washington Railway and Electr ipreferred stock was very active on |the Washingtoy < Exchange this | morning. recovering to . or o {point from the day’s opening. In uli 1 shares changed hauds, the ad- jvance being steadily fractional. On the other hand, National Mort- gage and Investment preferred brek to 85 on a sale of ten shares. This sue, only admitted a few weeks ago. has been most active, with all pre vious sales made at 9 or 1 point unde. par. The remainder of the session w. devoted to dealings in popular ut! ibonds at unchanged levels. T ears. cellent | printed in fancy green seroll work ls no proof that it is worth any more than ordinary wallpaper. Thousands of people 1n Washington would have saved their money if they simply had asked their banker to tell them what he knew of some supposedly wonder- ful investment. i R S { WALL STREET BRIEFS. | By tue Associated Press. | Weather conditions are influencing |security and commodity values. Favs jorable weather in the south, whieh o {has benefitted the growing crop, has | been partly responsible for the recent {decline in cotton futures. One repors says omission of the extra dividend o American Can was due, in part, tao tern fruit growing ter Automobile manufacturers at- tribute the recent reduction in saled which has been largely responsible for the heavy liquidation of motor s, to bad roads in certain ser- | A While Wall Street apparently. is bearish. attention being paid to. ths speculative possibilities of oil and rail shares on the long side. Purchase of oils has been recommended by several houses on the theory that consump- tion will equal production within i few weeks audw that higher crude prices will result. The rails most favored are those in which faverabls dividend developments are reported 1o be pending. The strect is somewhat puzzled by the omission of the extra dividend on American Can. Reports that the ace tion was due.to drought in Western fruit growing territory were not uni- versally accepted. In some quarters there was a disposition to regard in either as a desire of the directors to limit speculation in the stock for political reasons, or to prepare foe splitting up the stock on a two to one basis and placiug the new stock on a $4 basis, as against the present five dollar rate. Recent drastic re- duction in tin prices in London, it is believed, will be favorably reflect- ed in the company's future earnings The Puget Sound Power and Light Company reports net income of $2.- 157,402 in 1923, applicable for reserve and dividend. Production of sole leather in Feb- ruary totaled 1.213,000 pieces against 1,373,255 in January and 1,449,040 in February, 1923. Stocks In hands of tanners on February 29, totaled S.- 294,000 pieces compared with 8,206,000 at the end of February, 1923, i )