Evening Star Newspaper, February 14, 1925, Page 14

14 = DDWNWARD READ N STOCK MARKET ?epyblic Steel Breaks—0ils in Supply—Closing Is Re- ported Heavy. By the Associated Press. NEW YORK. February 14.—Reac- tionary tendencies prevailed in to- day's stock market. Bidding up of American Can to another record top at was ineffective in preventing the selling in other sections of the st Republic Steel broke 3 points in reflection of the poor 1924 earnings| report. and the other steels vielded in svmpathy. Oils were in supply de- spite another increase in Peansyl- vania crude pric A few strong spots developed in the motor, merchandising, chemical and public utility and minor tobacco shares The closing was heav approximated 800,000 Total sales shares. INDEPENDENT STEELS WEAK. Outstanding Incident in Today's Two-Hour Session. BY STUART P. WEST. Special Dispatch to The Star, W YORK, February 14.—The Wweakness of the steel shares, par- ticularly the so-called independen: wa the outstanding incident in to- day short session on the stock ex- change. 1t had the effect of in- fluencing sentiment adversely, and as a consequence, the entire list was lower. Even the oil shares which started in higher on the announce- ments of advances in Pennsylvania Crude and also in gasoline quotations, came down from their early tops. The immediate cause of the fur- ther selling in the steels was the ppointing overnight statement of carnings of the Republic Iron and Steel Co. The net income for 1924 was $3,769,353, which, after preferred | dividend requirements, amounted to 56 cents a share on the 300,000 shares of common stock, as compared with net income of $8.600,792, or $15.01 a ehare, in 1923 Republic's Sharp Break. Republic Iron stock broke badly. It had closed Friday at 56%. The 1924 high was 633%. Similarly Crucl-‘ ble Steel held below 71 for the first| time, as against the high of 76 last vear. Bethlehem Steel also made a new low. U. S. Steel common, which had closed at 126 on the previous was actively sold around the| level. i The Republic Iron income account] increased the feeling of doubt Wh_lch has grown in recent weeks regarding the profit margin of the steel produc- | ers and has been reflected not only in trade reports, but in the market for the stocks. Under the leadership of the steels. other leaders, like Baldwin Locomo tive and some of the standard rails, were down, although the losses were not large. However, this was suffi- cient to increase appreciably the ground sacrificed in the course of the past week. Pipe Again Goes Higher. United States Cast Iron Pipe was several points higher, although well under its recent top. American Can, which sold down approximately a point, later met some support. West- ern Union on increased dividend talk turned strong, and Air Reduction was a feature on the upside following Fri- day's 5%-point rise. American Ice 50 was higher. Among the rails St. Paul preferred was d again, keep- ing active below the 23 level. Chica- g0 Northwestern was at a new low for the vear. Baldwin Locomotive Breaks. Baldwin Locomotive broke below 131 as compared with the Friday final of 132%. Its decline was typical of| the movement in other Industrial leaders, which were rather freely supplied much of the time. The 1924 report of Baldwin's operations will be out soon, but so far as earnings are concerned it is probable that the poor showing last year has been pretty well discounted. A new pool is said to have taken hold of Baldwin. Texas Gulf Sulphur Outlook. Directors of Texas Gulf Sulphur will meet for dividend action next Thursday and it is expected that the rate will be raised from $7 to 38 annually. It is difficult to determine from the last earnings figures what profits the company has been making, for the allowance on account of de- pletion, etc., seems rather large. The! 1924 statement showed the $7 divi- | dend little more than covered, but it it believed that a much larger sum| could have been reported. The com- pany has large supplies of sulphur above ground, representing an equity -alculated at $30 or more per share. Markets at a Glance | | NEW YORK can Can hits another record top. Ronds steady; rail issues advance. Foreign exchanges lower; French francs react sharply. Cotton lower; weak Liverpool bles Sugar steady: fair spot demand. Coffee irregularly lower; importers sclling, CHICAGO—Wheat, strong; foreign buying. Corn, firm, sympathy wheat. Cattle, irregular. Hogs, steady to higher. Stocks heavy, Ameri- | ca- FRIDAY, 13TH, BOOST IN DIVIDEND SCORED Stockholder Gets His Wish When Southern Pacific Stock- holders Meet. By the Associated Pross, NEW YORK, February 14.—Friday, the 13th, proved to be the traditional unlucky dav for stockholders of the Southern Pacific Company, who for meveral months had been wistfully anticipating an increase in the annual & per cent dividend rate. Directors of _the road. meeting yesterday, chuekled over the following letter re. ceived from a Western stockholder: “Dear Sirs: I don't know whether your respected board of directors is aware that February 13 falls on Fri- day. If not, I desire to remind it that raising the dividend on that day might prove disastrous to the road. On Friday, the 13th, two vears ago 1 lost my wife and several years be- fore that, on a similar date, lightning struck and destroyed our home. While 1 am not unduly superstitious, I do ot believe in golng around smashing irrors to see if 40 years of bad luck will follow. T would like a larger dividend, naturally, but would urge postponement of the meeting a day or two, if necessary to declare it.” The directors did not raise the divi- dend. RAND MINES DIVIDEND. NEW YORK, February 14.—Rand Mines, Ltd,, has declared a dividend of $1.79 on the bankers' trust certif- icates or American shares, payable February 25 to stock of record Feb- ruary 17, FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., SATURDAY, FEBRUARY 14, 1925. NEW YORK STOCK EX Received by Private Wire Diruct to The Star Office Adams Exp (6). Ad Rumly pt (3) Afr Reduct (16). Ajax Rubber.... Ajax rights Allted Chem (4). Allled Cm pt (7) Allis Chalm (4). Am Agricul Chm Am Ag Chm pt.. Am Beet Sug (4) Am Bosch. .. Am Can (18).. AmCar&F (12 Am Chicle. .. Am Chicle ctts Am Drug Snyd Am Express (6). Am&F P 25% (1 Am & For Pow.. Am & Fr P pi(T) Am Hide & L pf. Am Ice (7). Am Internatl. .. Am Linseed pf.. Am Locomo (6). Am Loco pf (7) Am Metal (3).. Am Radlaor (4) Am Ship & Com. Am Sm & Ret (6) AmS &R pf (7). Am Sugar...... Am Sugar pt () Am Sumatra.... Am Sumatra pf. Am T & Tel (9). Am Tobacco (7). Am Tobac B (7). Am Typ Fdrs (1) Am WW&EI 30c. Am W W pf (6). Am Woolen. ... Am Wool ptd (7) Anaconda (75¢). Ann Arbor. Ann Arbor pt Archer-Daniels. Armour Del (7). Arn Cons & Co. Asz0 Oll (13%). AtT & SFe (7). AT&SFpt (5). Atl Birm & At. AtGuif & WI... AtGulf & W I pf Atlantic Refiinin Atlas Powder (4 Austin-Nichola. Auto Sales Df... Baldwin L (7).. Bal & Ohto (6). Bang & Ar (3).. Barnsdall A Barnsdall B Bayuk Cigar. Beech-Nut (3).. Bethlehem Steel Beth Stl pf (7). Beth Stl pt (8). Briggs Mfg(3%) Bk] Edison (8 Brk-Man Tran. Bklyn Man pt (8 Brklyn Un G (o) | Burns Bro (10). Burns Br B (2).. Butte Cop (50¢) - Butte & Superior Butterick Co. Caddo Central.. Cal Packing (6). Cal Pete (1%). . Calif Pet pf (7). Calu & Ariz (2). Can Pacific (10). Cent Leather. .. Cent Leather pf. Century Rib (2) Cero d Pasco (4) Certaln-Teed. .. Chand Mot (3). Ches & Ohlo 14). Ches & O pf (6% Chicago & Alton Chic & Alton pf. Chic & East Il1. Chi & E Il pt. Chic Gr West. .. Chic Gr West pf. ChiMII&StP.. Chi Mil &SP pt. Chi & Nwn (4)... Chi Pneu T (5) ChiR1 & Pac CRI&PPL( ChStPM&OP! (5) Chile Cop (2%)- Chino Copper-. .. Cluett Peab (5). Coca-Cola (7). Colo Fuel & Iron Colo Southern. . Colo Sou 2d (4) Col G & E (2.60). Col G & E pf (7). Col Carbon (4) Com Inv (2.50) Com Solv A (4). Congol-Nairn (3 Consol Cigar. ... Con Cigar pt (7) Con Distributrs. Cont Can (4).. Cont Insur (6).. Cont Mot (80c).. Corn Prod (2).. Cosden Co. : Crucible St| Crucible pt (7). Cub Am Sug (3). Cuban Am pf (1) Cuban Cane Sug Cub Cane Su pt. Cuyamel Fr (4). Daniel Boone... Davison Chem.. Del & Hud (9).. Del L& W (6).. D&RG Wstpf.. Detroit Ed (8).. Doug Pectin (1). | Du Pont (8) Eastman (18) Eaton Axle..... Elec St Bat (15). Emmer.on 8 pf. End-John (8)... Endicott pf (7). Erfe..... Erie 18t pf Fairbks (2.60).. Famous Pl (8).. Famous pf (8). Fed Mines ptf (7) Fifth Ave (64c) Fisher Body (3). Fisk Rubber. ... Fielschman (14) Foundation (6). Freeport-Texas Gardner Motor.. Gen Am Tnk (3) Gen Asphalt.... Gen: Cigar (8) Gen Cigar pf (1) Gen Electric (8) Gen El spl (60¢) Gen Motors.(6) Gen Mot pf (7). Gen Petrol (2).. Gimbel Bros. Glidden Co. ...« Goodrich. . Goodyear pf. Granby Cons Grt North pf (5) Grt Nor Ora ($). Grt Wstn Su (8) Greene Canan... Gulf Mo & Nor.. Guit St Steel (5) Hanna 18t (7). .. Hartman ($2.50) Hayes Wheel (3) Hayes W pt (1% Heime Geo H.... Househ P (13%) Houston Oll.... Hudson Man. Hudson Mot (3). Hupp Mot (1)... Ilinols Cent (7) Independ Oil (1) Indian Motorcyce Indian Refining. Inland Stl (2%). Inspiration Cop. Interb Rap Tr... Int Cement (4). Int Com Eng (2) Int Mer Marine Int Mer Mar p: Internat Nickel. [nternat-Paper. Int Pap pf st (6) Int Tel & Tel (§) Intertype (11%) . High. Low. 118%, 8% 21% 63% 40% 42 177 4 120% . 123% 50% 100 1% 103% 110 63% 99% 23% 55 134% 87% 864 106% 36 102 8% 48 974 124 A 87% 118% 118% 8% 1% 21% 20% 53% 534 40% 40% a2 4% 177% 176% 202 202 45% 45 v A% 61y 6% 156 155% 123 128 38 82 92 91% 69% 69 89% 88% 37 874 61 60% 120% 119% 123% 123% 51 50% 100 99% 18 1% 103% 102 110 110 63% 61% 9% 99% 24% 22% 55 53 134% 188% 8% 874 86% 86 106% 106% 36 854 102 102 50% 49% 89% 8% 45 44% 24 24 44 44 34 34 97 95% 104 10% 87% 87 174 116% 98% 93 3% 8% 28 27 41% 41 116% 113% 524 52 27% 27 16% 15% 182 129 9% 78% 40% 40% 28 2% 224 22 53% 651 68% 68 49 46% 98 % 101% 101 115% 115% 381 877 » 1277% 127% 421 80% 78 96 20 7% 204, 22% 1% 103 28% 105 105 53 53 150% 150 20 20 631 62% 39% 89 53% 53 3 42 31 81 94 931 107% 107% 9 8% 16% 16 321 824 50% 50 13 12% 29 28% 18% 12% 22% 21 69% 68 90 46 97 100 864 26% 634 89% 4% 52 1% 804 8 95 18% 75 2014 221 1% 102% 28% 100 86% 26% 63% o1 46% 52 56 56 48 4T 106% 106% 48% 48% 65 66 176% 170 40% 40% 325 32 §89% 89% 8% 8% 6% 6% 4% 4% 66% 64% 113% 113% 9% 9 391 39% 34 83% 72% 70% 9412 9414 3214 31% 100% 100% 13% I3% 59 58% 82 62 4% 4 4% 44 143% 141% 1385 138% 46 46 116% 115% 14% 4% 150% 148 114% 114% 18% 13 64% 64% 12 12 69% 69% 116% 116% 32 82 42 41% 847% 34% 941 98% 106 105 62% 62 14 13% 64% 6315 12% 12% 81% 81y 107 106% 10% 10% 1% 10% 52 52 57% &7 963 95 109% 109% 288% 2874 1% 1% 77 6% 108% 108% b55% 53% 651% b0 17% 17 47 45% 94% 933 19% 194 69% 69% 38% 384% 95 93y 17 17 264 254% 89 87y 89 89 33 824 38 38 103% 103% 5% 5% 36% 36% 834 81 254 25 41% 40% 5% 15% 115 114% 28% 285 16 16 9% 8% 47% 46% 29% 29 82% 31% 56% 56's 35 36 13 12% 49 48% 27 26% 58% . 56% 76% T6% 95% 6% 26% 25% Jewel Tea...... Sewel Tea pf. Jordon Mot (3 Kan City South. Kan C So pf (4). Kelly-Sprgfleld. Kennecott (3).. K ystone T & R. Kinney GR..... Kresge Dep Str.. Lehigh Va1 (3%) Liggitt & M (14). Lig & My B (14). Lig & Myrs rgts Lima Loca (4).. Loews Ino (3) Lott % Long Bell A (1). Lorrillard (3) Louisiana OIl. Ludlum (2). Melntyre (1)... Maci Trucks (6) Mack T 1st (7).. Mack Trk 2d (7) Macy H R & Co. Magma Copper-.. Magma Cop rts. Mallinson & Co.. Man E'Sup (4). Man El md g (5) Manhat Shirt (3) Maracaibo Oil. .. Market St pf. Marland O, Martin-Parry 4. Martin-Par rts. Mathisson Alka Maxwell Mot A Maxwell Mot B .. May Dept 8t (5). Mexican Seabd. Miami Cop (2). Middle States. .. Midlind Pr pt (8) Minn & St Louts Mis Kan & Tex. MK & T ptf (6).. Missouri Pacific Missourl Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3).. Mother Lode 750 Nash Mot (111). Nash pt (7). Nat Biscuit (1 Nat Cl1 & S pf (7) Nat Dairy (3).. Nat Dept Stores Nat Distillers pt Nat Enamel & 8 Nat Enam pf (7) Nat Supply (3).. Nevada Copper. NYAIrBr (4).. NYAIrBrA (4) N Y Central (7). NYCStL (6) NY NH & Hart.. N Y Shipbld (2). Niag Fis Pow (2 Norfolk South .. North Am (3.40) North Am pf (3) North Pac (5) Nunnally (1). Onyx Hosfery Orpheum (1.80). Otis Elev (15%) Otis Steel....... Owens Bot (3V.. Pacific Mall. Pacific Ol (2) Packard (11.50). Packard pf (7). Pac T&T pf (6). Pan-Amer (4). . Pan-Amer B (4) Pennsy RR (3). Penn Seab Steel. Peorlas Gas (8). Pere M prior (5) Phila& RC&1. Phillip Morris. . Pbillips Pet (2). Plerce-Arrow.. Plerce-Arrow pt Plerce Oll. . Plerce Petrol... Pitts Coal . Pitts Stl pf (7). Pitts Term Coal. Pitts Ut pf (1.20° Pitts & West Va Postum-Cer (4) Press Steel Car. Prod & Refiner; Pub Ser N J (5)- Pub Serv rts (n) Pullman Co (8). Punta Al Su (5). Pure Ofl (1%). Pure Oil pt (8).. Radio Corp of A. Ray Cons Cop. Reading (4).... Read 2d pf (2).. Remington Type Remingtn 1st (7 Remgtn series S Replogle Steel. . Rep Ir & Steel. . RepI&Spf (7). Reynolds Sp (1) Rey Tob B (3)... Roy Duth 4.42% St Josepn 14 (2) StL & San F (5) StLSanF pt (6).. St L Southwest. St L Swn pf (5). Savage Armi Schulte (8). Seaboard Air L. Seabd Air L pf.. Sears-Roebk (6) Seneca Copper. . Shattuck-Ariz. . Shell Trad (2.06) Shell Union (1). Simmon Co (2).. Simms Pet (50¢) Sinclair Oil..... Sinclair pt (8) Skelly Oil. Sloss-Sheff (6).. South Pac (6)... Southern Ry (6) South Ry pf (5)- Std Gas & E1 (3) Std Gas & El pfd 8t Oil Calif (2).. StOiINJ (1)... Std Plate Glass. Stew Warner (5 Stromberg (6).. Studebaker (4). Submarine Boat Superior Ofl. ... Superior Stl Symington Tennessee Coppe Texas Co (3)... Tex G Sul (17%) Tex & Pacific. ... Tex & PacC & O Tide Wat Oil (4) Timken (13%).. Tobac Prod (6). Tobac Prod A (7 Transcont Oil... Twin City (§)... Underwood (3). Un Bag & Paper Union Oil (1.80). Un Pacific (10). . Un Pac pf (4)... Utd Alloy Steel. Utd Cigar (13%) United Drug (6) Utd Fruit (10).. Utd Ry Inves pf. U S Cast Iron P. U S Distributing U S Hoft (500). . U 8 Ind Alcobol. U 8 Realty (8).. U 8 Rubber..... U 'S Rub 1st (8. U S Smelting. U 8 Steel (17) U S Steel pf (7). Universal Pipe.. Univer P pf (7). Utah Copper (4) Utah Securities. Vanadium...... Va-Caro Chem.. Va-Caro Ch pf.. Va Ry & Power. Vivadou. Waldorf (1%).. Ward Baking A. ‘Ward Baking B. ‘Ward Baking pf CHANGE I Open. High. Low. Close. 20% 108% a7 84% b8 16 bau 2% 7% 82% 7% 69% 69% 81 68 23% 6% 48% 85% 21% 36 17 144% 106 102% 5% 40% % 32 42% 50 26 31 28 4% 844 * 68% 82% 4246 107 16 22% 1% 100% 2i% 2% 117% 817% 487% 14 444 13% 162 k] 7 43% 26% 86% 22% 23% 91 29% 915 104% 834 86 4314 53% 65% 46 12 74 71 H% 9% 5% 33 14% 9 48% 103% 53 21% 1U4T% 44% 4% 96 4% 65 39% 42% 42% 160% % 29 64 116 215 57 230 856 25 83% 127% 42% 96% 34% . 126% 123 4% 9lis 91 5% 28% 24 11% 7% 10% 24% 644 17% 120 44 % 20% 108% 4T% 87 53 16 bd% 2% 1% 4% 96 13 65% 39% 42% 42% 150% 7% 30 64 116 216 67 230 85 25 83% 127% 42% 96% 34% 125% 123 4T% 1% a1 45% 28% 2% 1% 1% 10% 24 64 17% 121 445 20% 108% 46% 36% 58 16 644 2%, 42 34% 125 128 6 89 91, 45 28% 2% 11% 64 10% 24 62% 1% 120 43% 20% 108% 4% 36% 58 16 b4% 2% 5 82% 5% 694 69% 8% 68 23 64 48% 35 21% 35 17% 143% 106 82% 125% 42 96% 84% 125 123 4% 39 qt 28% 27h 1% 7614 10% 24% 63 17% 121 4% v % % INVESTHENT BONDS END WEEK STRONG Good Market for Utility Is- sues—Many Steel Liens Also Do Well. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, February 14.—Invest- ment bonds continued firm, and in some cases even strong in the two hours of trading at the close of the week. A sharper line was drawn between securi- ties of investment merit and those whose attraction was only speculative. The last named were either neglected or in- clined to sympathize with the heaviest in the stocks, but the former were in’ demand, especiaily those bonds which grade just below the best United States Steel 5s Strong. United States Steel sinking fund 5s at 106 duplicated the best previous price this year. This may have been in an- ticipation of the annual drawings for account of the sinking fund in April. Other high-grade issues, however, such as Central Pacific 31:s and Chicago, Burlington and Quincy-Iillinois Division 318 were bought around their recent best prices. There was a good market also for utility issues, examples being North American Edison s and 61s, Tennes- see Electric Power 6s and Hudson and Manhattan Refunding 5s. Hudson and Manhattan Income 5s again approach- €d the high of the year. Among the industrials, the inquiry was for bonds like American Smelting and Refining bs. Even some of the steel obliga- tions were in favor, notwithstanding weakness in steel stock: Forelgn Bonds Lag. As has been the case for a week or more, foreign bonds lagged behind domestic issues. The Austrian 7s were up from their low of the week, but did not hold all their gain. Doubtless the two new foreign loans expected shortly, the Polish and the Sao Paulo issues, will be readily taken, for it is the characteristic of the present mars ket that new offerings go better than seasoned bonds. DIVIDENDS DECLARED. Truscon Steel Company Votes Two Disbursements. DETROIT, February 14. — An- nouncement has been made from the offices of the Truscon Steel Co. that the regular quarterly dlvidend of 1% per cent has been declared upon o standing preferred stock. The divi dend is payable March 1 to sto holders of record February 18. The regular quarterly dividend of 3 per cent also has been declared upon the outstanding common stock, pay- able March 15 to stockholders of rec- ord March 5. WOOL VALUES IN AIR. BOSTON, February 14 (Special).— The raw wool market closed the week auietly today, with the matter of values still pretty much up in the air. Sales were so'light that it was impossible to learn whether price concessions of 5 to & cents a | pound offered by some dealers repre- sented the genuine market trend. $2,000,000 HOTEL PLANNED. NEW ORLEANS, February 14 (Spe- cial).—A local syndicate, the Guar- anty Realty Company, has bought a site here on which it will erect a five- story garage and a ten-story hotel to cost’ $2,000,000. GLASS WORKS ACTIVE. WASHINGTON, Pa (Special).—Preparati way to place the New the American Window Glass Co full operation by Februar Skilled workers distributed to other plants of the company last April when the local plant closed have been ordered to return. February 14 are under Zagle plant of FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks d vaiue. toda. S5 44T 00 183 0518 London, pound . Montreal. dollar . Paris, franc. Brussels, franc Berlin, mark . R 0163 1420 00014 peseta Sty .2 Copenhagen, crown . Christiania, Stockbolm, crown ROSTON STOCK MARKET. BOSTON, February 14.—Following is a list of today’s highest, lowest and closing prices for the most active stocks dealt in here: Arizona Com Eastern Fdison Elee Hardy (oal . Island Creek . Libby McNeil & Mass Mass Gas Pfd . Mergenthaler . ohawk .. at Leather ew Eng T & T. North Butte . Pacific Mills Swift & Co. Mwift Internat United_Shoe Ma TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 4s March 15 43s March 15, dtas June 15, 102 2%,x September 15, 3% December 15, 4%s March 15, 4145 September 15 4% March 15, 1627 4158 December ' 1 ————— West Pen (4)... U7 117 117 117 West PenDf (1). 96% 96% 96% 964 West Ele pf (7). 116 116 116 116 West Maryland. 15% 15% 164 15% WestMd2dpf.. 28 23 23 23 Western Pacific. 35% 386% 36 35 West Union (7). 120% 122 120 120% Westinghse (). 78 78 12 172 Westhse 1st (4). 85 8 85 g5 Weston Elec A... 21 21 21 21 Wheel &L Brie. 14% 14% 14% 145, Wheel & LEDf. 28% 204 281 294 White Eagle () 30% 30% 301 30% White Mot (4).. 66% 66% 65% 65% Wickwire Sprts. 1 1% 1 1y Wickwirepfrts. 9% 10 8K g Wilson & Co Bf. 22% 22% -22% 22, Willys-Overlan¢ 10% 10% 10% 104 Wills-Over pf.. 764 76% 76% 76l Woolworth /3. 116 116 115 1154 Worthington... 74 T4 TI% 71% Wright Aero (1) 18% 19 . 18% 18y Wrigley (*3%:). 49% 49% 4916 49yg Yellow Cab..... 37% 37i4 37% 37y Youngstn S&T. 76 1 75 75% {Partly extra. 3P ble in preferred stock. Dividend rates iven in the above table are the anpual cash payments ‘based on ‘the latest ‘quarteriy or balf-yearly ‘declarations, @ividends are met included. o the | Received by Private Wire UNITED STATES BONDS. (Saies are in $1,000.) Sales. High." Low. Close. . w64 101 22 102 20101 21 4 10129 101 26 101 26 50 1013 101 1011 137 101 16 10114 101 14 49 10130 101 28 10128 81 100 31 100 30 109 30 1 104 26 104 26 104 26 FOREIGN. Sales. High. Argentine 65 A..... 13 96% Argentine 6s B. 10 96% 1024 Lib3%s. Lib 1st 4% Lib 2d 4% Lib 3d 4% Lib44%s. US 431944, US4%s'53. Low. Close. 964 96% 9614 €6% 1025 102% 95% 964 99% 99% 87% 8T% 94% 109% 107% 93 85% £3% 057 1014 1024 103% 103 L 100% 102% 108% 107% 1% 97 98% 100% Bank of Japan 6s. Belgium €s wi. ... Belgium 6%e w1.. Belgium 734s Belgium 83 Bolivia 8s Bordeaux 6 Brazil 7s. . Canada 5s 192 Canada 5 1931. Canada 5s 1952. Canada 5%s 1929 Chile 7s 1942 Chile 851926 Chile 88 1941 Chile 85 1946. .. Christiania 8s Copenhagen 5%s Cuba 5%s. .. Czecho 85 1951 Czecho 85 1952 Denmark 6s. . Denmark 8s...... DEI5%s Mch'53. DE15%s Nov '63. Dutch East I 65’47 Dutch East 1 63 '62 Pl Salvador 8s 4S.. Finland s f 65 1945 Framerican 7%s. . French 7s w | French Govt Tl4s. French Govet 8s. . Germany Ts wi. Ger Gen Elec T Greek 78 w 1. Halti 6s s Holland-Amer 6s. Hungary 61s. Japanese 4s. Japanese 6l%s Jergens U M 6; Lyons 6s. . Marseille 6s. . Montévideo Is. ... Netherlands 6s'54. Netherlands 6s '72. Norway 6s 1943. .. Norway 65 1944. Norway 6s 1952. 100% 105 86 9415 91 100% 104 95 5374 @ N BB R~ ANER = CONE P A NITOND CRRR R~ DANN RO =N b OMD - Orlent Dev deb 6s. Parls-Ly's-Med Paris-Ly's-Med s Paris Orleans 7s. . Rio de Jan 8s 1946. Rio Gr Do Sul 8s.. Sao Paulo City 8s. | Sao Paulo State | Seine Dept of 7s. Serbs Cr'tes Slo 8 s [ Sweder 6348 ci. ... Swiss 5%s 1946... Swiss Confed 88 Ud Kingm 5%3'29. | Ud Kingm 5%8'37 1 Ud Steam Copen 6 Uruguay 8s....... 1 108% Zurich 8s L1114 MISCELLANEOUS. Ajax Rubber 3s... 99% Am Agr Chem T%s 2 100 Am Chain s £ 6833 994 Am Smit & R 1st bs 97 Am Smlt & R 6; 107% | Am Sug ret 6s. 101% AmT & Teltr & 967 AmT& Tcltrss.. 4 100% Am. T. & T. SF bs. 95% Am T & T deb 538 26 10214 Am Water Wks 5 96% | Anaconda 1st 63 100% | Anaconda cv db 103% Armour & Co 4%s | Armour of Del 5% | Associated Oil 61 | Bell Tel Pads..... Beth Steel pm bs. . Beth Steel rf 5 { Beth Steel 5%s 63 | Beth Steelsf6s. .. | Brier H St 1st 5%3 { Bklyn Ed gen 5s.. #Bush T Bldg 5s'60. | Callf Pete 63¢a. ... Central Leather 58 | Chile Copper 6s... Col Gas & El6s... Commonwth P 6s. Con G NY 528 wi.. | Consumers Pow 58 | Cuba Cane cv it 3¢ Cuba Cane cvd 8s. Cuban-Am Sug Ss. Det Edison 55 "40 Det Elison ref 6: Donner Steel 7s... Du Pont de N-7%8 Est Cuba Sug T%s Empire G&F 7%s. Feder Metls 78 Gen Refractres 6s. Goodrich 6%s. . Goodyear 8s 1931. Goodyear 8s 1941 Humble O&R 5% 1llinofs Bell 1st b8 liinois Steel 4%s. 17 Indiana Steel 58 1 Inter Paper 58 '47. 12 KCP & Lt 65 A "52. Kan G & El 68'52.. Keyser (J) 7s... Kelly-Spring 8s Liggett & Myrs bs Liggett & Myrs 7s. Lorillard (P) 58 Midvale Steel Montana Pow b Mor's&Co 1st 4%s New Eng Tel 53... N Y Eden 1st 6%8. 1 N Y Tel 4%s. N Y Tel 68 '41....0 N Y Tel 63'49. North Am Ed 68 North Am Ed 6%s Nor States 'ow 6s Otis Slce‘l ;‘/:! - Otis Steel 88 Pacific Gas & E158 PacT & T 1st 6s. .. Pacific T & T 53’62 Pan-American 6s. Phila Co 5%5'38..0 Phila Coref 68 A.. Phil & Rdg C&I Pierce-Arrow 8 Public Service 5 Pablic Secvice 6 8. Punta Alegre 78.. Sinclair Oil 6 Sinclair Oll 6%s. Sinclair Oil 7 SinCOP16s Sin Pipe Line &5 Skelly Oil 6% South Bell Tel b Southwest Bell 5a. Tenn Elexc Pow U &Rub oL Utah Pow & Lt 68. Va-Car Chem 7 Va-Car Ch 7%8 sw Warner Sug 7s 41. West Elec bs West'n Union 6%s Westinghouse is Wickwire Spen 7 Wilson & Co 1at &8 Wilson&C cv 7%s. Youngstn S&T 6s. 9 99 e CHICAGO STOCK MARKET. CHICAGO, February 14.—Following is a list of today's sales, high, low and closing quotations at the Chicago Stock Exchange: Sales. High. 1150 Armour of Del pfd 9615 100 Armour of Del pfd. 94 450 Cuddfhy 10 Mid Wes 8615 96% 97 100 102% 40 6l B4% 99% 10214 115 116% 106% 943, 108's 111% 100 102% 90% 66% 85 9974 102% 115 116% 106% 5 2 9 ~uSuBowBanaaneaiee e 99% 100% 99 96% 107% 1 101 96% 1005 95% 102 958% 100% 103% 88 98% 102% 101 00 a1t 00 1 2310 0 O IS 10 i 00 09 b 107% 8614 244 67 98% 24 66% 9:8% Close. 9615 94 1050 Montgomery Ward. 70 Public Nerv ...... 11 30 Public Sers pfd 7s 108 150 Stand Gas Pfd ... Stewart Swift Intl - Uni Carbide & Car Un Light & P Un Lt & Pow U S Gypsum Wahl - Wrigley Yellow Cab 75 Yellow Mfz ‘B = Total salcs, 27,000 shares. I NEW YORK BONDS STOCK EXCHANGE I Direct to The Star Office. 1 RAILROADS. Atchison ady Atchison Gen 4s. Atlantic C L 1st 83% 89% 90 9% 100 8% . 48 1to & O st bs ot. 49 6s.. 1 r o o o o SW div 348, Toledo 48 0 Canada Pac deb 4s 16 Canad North 6%s. Canada North 7s. Cent of Ga 538 Cent of Ga 68 Ches & Ocv 438 ChesOgn 4¥%s.... 15 Ches & Ohio cv bs. 135 Chi & Alton 3 b Chi & Alton 3 15 Chi & Alt 334sctfs. 1 Chi B&Q 1strf5s.. 6 CB&Q-Il3%s... 10 Chi & ETgnbs.... 11 Chi Great West 43. 7 CM & Puget Sd 4s. 12 Chi M & St P 4s 26 17 CM&StP gn4s'89. 4 J LT Cni M&St Pov 4%, 21 Chi M&St P rf 4%s 12 ChiM&StPcvbs. 6 57% 55% % 1013 824 -8, 64 5415 3 1% 524 567 52% b6 99% 84l 86% 834% 7% 101% 116%, 97% 964 103% 105% 93% 85% 295, 107 1024 84 s9 59% T1% €6 68% €8% 73% 107% b 116% ChiTH&SE 5» Chi Union Sta 5 Chi Un Sta 6%s C&W 1515’ 62 wi. CCC & StL s CCC&StLrt 6a Cleve Term 5%s Colo & Sou 4% Del-Hud cv 5s * Del & Hudson 5% Den & Rio G cn 4s. D & Rio G Imp 5s.. 39 D & Rio G Wst by Erieconv4s A. Erle conv 4s B. Erie convds D. Gr Trunk sf db 6 Grand Trunk 7s... Great North 5s Gr North gen 7 Green B& W d Havana ERL&P 58 Hud & Man aj 53 111 Central 6%s 11 C-C St L&NO 53 Int Rap Tran s... Int Rap Tr 58 stpd. Int Rap Tran7s... Int & G Nor Ist 6s. Int & G Nor aj 6s.. lIowa Cent rf 48 Towa Cent 1st 58 Kan Clty Ft S 4s Kansas City S Is Kansas City S 5s. Lake Shore 4s '28. Lake Shore 4s°31.. Louls & NGs B Manhat Ry cn M StP & SSM cn M StP & SSM cn 5a i 9 » Mo Pacific 5565, Mo Pacific 6s. Montrl Tm 1st o 19603 00D 0 01 i 09 01 1T 81 0 00 50 O N U O BB 0K e 8 NOTex & M58 NO Tex & M 5% N O, Tex, Mex 6s. N Y Cent cn 4 N Y Centrl bs N Y Cent deb 6s NY Chi & St L 5%8 New Havcd 6 New Haven 7 N NY,Ont, Wslst 48 NY Ry rf 4s ctf, NY Rys adj 5a ct NY W & Bos 4% Norfolk & W cn 48 Northern Pac 3: Northern Pac 4 Northern Pacriés 1 Ore Sht Lcn 55 '46. Pennsyl con 4%s. . Pennsyl gen 4% Penn. 5s, 64 Pennsyl 6% Pennsyl gold 7 Pere Mara ist 5. PorRL & P 68 '47. Reading gen 4s. Reading gn 4%a. ., RIATK & L43}4s.. 19 StLIM&S 4s°29.. 12 St L IM&S R&G 48.117 StL&SFpl4sA.. 24 StL&SFprinbs. 4 StL&SF5%sD.. 8 StL&SFadjés.. 2 StL&SFincés.., 12 StL&SFplésC.. 10 StLSWlst4s.... & StLSWcon4s'32 7 St P & KCShL 4%s 22 San A & Arn P 4 Seab’d A Liref Seab'd A L 4s s Seab'd A L con 61 Sou Pacific ctl 48 Sou Pacific ref 4s.. 21 Southern Ry gn Southern Ry 18 Southern Ry 6 Third Ave ref 4s... Third Ave ad] 58 Tol St L& W 4a... Union Fac 1st 4s. Union Pac 1st rf | Union Pac 4s°27.... Un Pc 1st rf 58 Union Pac cv Virginia Ry st 5s.. Va Ry & P 1st 5s.. Wabasb 2d 68. Western Md 4s Western Pacific Wheel & LE cn 4s. Wisconsin Cent 48’ . - s 1D ety 99% 105% 104 96% 95 26% 6644 93 74 80% 80% SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) o Alumfnum Co. of Amer. 7s 1033, 1ossy O American Sugar 65 1037 o il 1 Amer. Tel. & Tel. - 108 100: 102 108: Central of e Cent. Lenther s, 3 ¢ : Paul s 1034 .. R T. & Pacific 5ts 1020, 1L of Lyons 6s 1934. . 3 & El. 1st by 1927 Gas & Elec 5 1927 Du Pont 714 1031 g Vederal Sugar Ref, 8 1943 Federated Selals 7¢ 1039, Goodyenr Tr. & Rub. 8 i Great Northern 7s 1936. 1 Gulf Oil Corp. of Pa. 5148 1624 Humble Oil Gl 1082, .o Lehigh Pow. Scc. Corp. 6x 19 M & Morris & Co. 7 : New York Central fs 16 Oregon Short Line 45 1020, Pennsylvania R. R, 7s 1930. Pure Oil 5%s, Angust, 1925, Switt & Co: B 10 Tldewater OIl 6145 TUnion Tank Car Ts 1080 U.'S. Rubber Tis 1930, Wentern, Dion, $ign 1000110 Westinghouse E. & M. 7x 1931, 1073, 108 Fisher Body Corp. ‘e 1957 ¢ . ment Feb. T, 028, st 10110 eI o sber Body Corp 6x 1028 cal - ment Feb. 1. 1925, at 102, e, PEACH CROP HELPED. ATLANTA, February 14 (Special). —The recent cold wave did severe damage to young plants in Florida and Georgla, but it proved beneficial to Georgia's peach crop, which was advancing o0 fast for this time of yoar, FINANCIAL. PROBE HINTS START BREAK IN WHEAT Heavy Buying in Russia Also Factor in Week’s Wild Fluctuations. By the Associated Press. CHICAGO, February 14.—Proposals to restrict fluctuations in the price of grain have been followed by more bewildering fluctuations this week than perhaps ever witnessed before. After re-establishing itself in the 90s the wheat market went as low as a bushel, May delive against a recent high record of $2.05%. Compared with a week ago, wheat this morning was 4% to 6% off: oats show- and provisions ine to 25} | ing varying cents gain. It was suggested by an official of | the United States Department of Agriculture that a limit on price movements during any single day ought to be adopted by the grain ex- changes. The suggestion, which was construed in some quarters as a warning that sensational sudden breaks and bulges in the wheat market had been excessive and should be checked, was succeeded the very next day by a tumble to 11 cents a bushel under the top figures of the day previous. On the two trading days which next ensued, wild futher downward plunges took place, car ing May wheat each time to $1.77% Corn was depressed by a visible supply about three times as large as a year ago. Stocks of oats are also heav Provisions averaged pathizing with corn. lower, sym- CHICAGO GRAIN PRICES. CHICAGO, February 14—Buyers of wheat were in a majority today, and with offerings light, the market scored a material advance during the early dealings. Houses with export connections did considerable purchas- ing of future deliverles. The fact that Liverpool quotations showed some decline was ignored, inasmuch as the market here was already at a substantial discount under both Liv- erpool and Buenos Aires. Chicago opening prices, unchanged to 1% higher, with May 1.81% to 1.82% and July 1.54% to 1.541z, were followed by decided gains all around. Corn and oats rose with wheat. There was an absence of pressure to sell, and shorts were buyers. After opening unchanged to 1% higher, May {1.26% to 17, the corn market made a general upturn. Oats started unchanged to !z May 54 to 54%. Later the rise tended to all deliveries In line with grain and hogs, provision market showed gains. Open. High, Low. L LRI 1865 LS 1573 154 146 1428 1281 1.26% s up, ex- the September FiE September OATS— May July September RYE— May July Beptember Washinfiton?tock Ex—change SALES. 5e—3500 at 99, $300 at 99, PR AFTER CALL. Washington Gas 6s "33—$100 at 102, $200 at 102, $300 at 102, $200 at 102, $300 at 10: £300 at 102 Potomac Eleétric Light 1st 6s 1953—$200 at 1081, Washiington Gas 55—$1.000 at 99%. Washington Rwy. & Elec. com.—25 at 1004, 50 at 1007 Money—Call loans, 5 and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. American Tel. & Telga. 4s. American Tel. & Teig Am. Tel. & Tel. ctl. tr. C. & P. Telephone of Va. Capital Traction R. K. 5s. City & Suburban Se. Potomac- Elec. cons. 5. Potomac Elec. 6s 1853 Elec. Pow. Washington Wash. Rwy. Wash. Rwy. MISCELLANEOUS. D. C. Paper 6s. Pot. Joint Stock L Riggs Realty bs (long). Riggs Reaity 5s (short) Southern Bidg. 8l Wash. Market Sold Wardman Park Hotel 8s. STOCKS. PUBLIC UTILITY. American Tel. & Tel, Capita Washington Norfolk_ & Wasb. Wash, Rwy. Wash. R LINOTYPE GOES UP TWO FULL POINTS Best Previous Mark of Year Is Passed—Saturday Session Busy. BY CHAS. P. SHAEFFER. Mergenthaler Linotype advanced full 2 points to 172% on the Washing ton Stock Exchange this morfiing. ex ceeding the best previous mark of the year by 1 point. Fifty-eight shares changed hands, each transaction he ing successively stronge It is understood Mergenthaler = earnings during the present fisc year are slightly above those of 1921 Earnings of the company for the al perfod ended September last did not compare favorab with 1923 its best vear, when $20.85 was showr on the 128,000 shares of capital stocl but they were not far below the aver age for the last five vears. The net profits last year were $2 336,755, equivalent to $18.25 a shar: and compared with an average of $18.83 for the five-year period One share of District National Bank stock sold on thé board today for 200, establishing another new high Riggs National Bank brought 327%: several points below the year's high, but Continental Trust C mpany de- clined a full point to 5. H'aA“W ¥y common sold to the extent of 75 shares at par and a quarter Railronds Earn 4.35 Per Cent. Class 1 raflroads in the United States earned a return of 4.35 pe cent on their estimated property val uation during 1924, or a total of $987,133,650, slightly more than the 1923" figure, which was $982.735,2 The latter figure, however, was scribed as representing a return 4.49 per cent. The figures made public today the Bureau of Railway Econo; were compiled from Interstate Cor merce Commission reports and cover ed nearly 90 per cent of the coun- try's rail mileage. The gross reve nue for the roads in 1924 amounted to $5,986,492,100, and operating ex- penses, before the calculation of tax- es, rentals and other costs of ru ning railroads, were $ 307,500 The bureau calculated that gross revenues had fallen 5.9 per cent be- low the 1923 total, but that operating expenses had been cut by 7.8 per cent during the period. Greater Efficlency Noted. The record indicated, the bureau said, that “railroads were operated in 1924 at the greatest efficiency in their history,” but that they had still failed “to earn the return of 5% per cent. which has been set up by statute as fair.” Southern railroads had the best per- centage of return in the United States, the bureau estimated, their earnings of $142,554,438 being 5.2 per cent of the assigned valuation of their property. Eastern lines, Including those operated east of the Mississippi and north of the Ohio Rivers, earned $466,498,235, or 4.38 per cent on val- uation, while Western railroads, with total earnings of $378,080,991, we credited with a rate of 3.87 per cent Rate Less Satisfactory. While the actual earnings of rail- roads for 1924 were greater than 1923, the amount represented @ I satisfactory return rate, it was ex- plained, because of the new and I - er investment in railroad faci during 1924. Among the larger items of expen- diture made by railroads during the year, the bureau listed taxes, which amounted to $344,073,000. This was $6,739,000 greater than tax payments for 1923. For the last month in 1924 the re- port showed sharp increases in earn- ings. The net income was 386,985, 470 in December, 1924, while in De- cember, 1923, it was $70,030,000, COTTON PRICES SINK IN TODAY'S TRADING Census Report Factor in Deals. Liverpool Reports Unfavorable. ities By the Associated Press. NEW YORK. February 14.— The cotton market opened steady today at a decline of 3 points to an ad- vance of 3 points. Relatively easy Liverpool cables appeared to be off- set at the start by the prospect for continued large exports and a bullish view of the census report showing 589,725 bales domestic mill_consump- tion for January, against 578,468 last year. The demand was supplied around the initial figures, however, and prices soon turned easier under realizing for over the week end and selling promoted by less favorable Liverpool advices. May eased off from 24.81 to 24.66, the general list showing net losses of about 12 to 17 points by the end of the first hour. New York cotton futures closed barely steady at net declines of 20 to 23 points. March May July October . i December D502 U 2 Opening: March, 24.25; May, 24.80; Julr, 25.05; October, 24.97; December, 25.02. New Orleans Quotations. Terminal Taxi com. NATIONAL BANK. National Capital . Columbia . Commereial District .. Farmers & Mechanics Federal-American Liberty Lincoln ot N Riggs Becon ational Bank of Washington. TRUST COMPANIES, American Security & Trust. Continental Merchants* National Savings & Trust Union = Washington SAV Commerce & Saving: Fast Washington . Security Sav. & Com. Seventh Street . United States . Washington Mechanics’ FIRE INSURANCE. American Corcoran ‘iremen’s National Union TITLE INSURANCE. Columbia Real E: Merchants' Transfer & Storag Mergentbaler Linotype Natlonal Mtge. & Tnvest. pfd. 01d Dutch Market com. Old Dutch Market pfd. Lanston Monotype - Security Storage. COTTON GOODS QUIET. ‘W YORK, February 14 (Special). —Cotton goods markets were quiet today, with - prices generally un- changed. Print cloths were quoted at 93 cents for 64 by 60 and 11% for 68 by 72. Raw silks were firm, with light trading. NEW ORLEANS, February 14— The cotton market opened easier be- cause Liverpool was considerably lower than due. The weather map, while rainless, showed low pressure and cloudiness over practicaly all Texas and the Census Bureau's report showed consumption for January by domestic mills smaller than expected. First trades were 6 to 11 points lower and prices continued to sag until May traded down to 24.64, July, 24.88, and October to 24.50, or 14 to 16 points below yesterday’s close. New Orleans cotton futures closed steady at net decline of 18 to 22 points. High Mareh . 2444 May July . October December € Opening: March, 2 May, 24.69; Julr, 24.93; October, 24.36; December, 24.58 bid. GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) Bid. Asked Ger Gt (war loan) 5s 1914-18. 1750.00 1800.0% [amburg 4'43s 1919. 400.00 vt 4 (forced 24.00 r Gt 8-158 1923 (sm plece 70.00 (Quoted in dollars per thousand marks.) Ger Gen Elec 4135 pre-w . Ger Gen. Elec 4!98 1919, Berlin 48 pre-war Hambg 3s, 8138 & 4s pre. lamburg Amer Line 41 erman Lloyd 4% North German !.In‘vd . Prussi; Consols 315 Krupp 5s 1921. Dusseldorf 48 ps % Frankfort a. 48 pre- Munich 4s pre-war. Badische Anilin . A E G (Ger Ge Elec). Commerz and Privat Bank Disconto Gellschaft. . Dresdner Bank Deutsche Bank Darmstaedter Bani Mercur Bank Vien [ 77.00 5000 Two Cairo motoreyclists recentiy rode 1,200 miles across the Libyan desert.