Evening Star Newspaper, February 16, 1925, Page 22

VIOLENT DECLINES IN STOCK MARKET Further Selling in Late Trad- ing Sends Prices to Lower Levels. BY STUART P. Special Dispatch to The Star NBW YORK, February 16.-—The selling movement which featured the stock market late last week was ex- tended today and prices generally went-lower. The losses amounted to 1 to 4 noints before any support was en- countered. Then the bidding up of a few of the medium and low priced rails had the effect of steadying the entire list and short covering oc- curred in sufficient volume to hold the decline in check. Where stocks went against the tide special causes were at work, such as the expecta- tion of favorable dividend action or merger possibilities. Opening Very Weak. Selling was very heavy as business hegan in United States Steel. It hroke through the support at 125 and carried the stock down close to 124. Then there was a moderate rally. The short-interest in-Bethlehem Steel and in Crucible was enough to hold these stocks better than some of the others, although they were again in very free supply. Republic Iron and Steel broke another points despite =tatements that the company carned in January at the rate of §6 & vear on its common shares. The oils faded away easily. Losses of a point to a point and a half oc- curred in such stocks as Pan Amer- ican, Pacific Oil, Phillips Petroleum. Independent Oil and Gas and Cali- fornia Petroleum. There were no de- velopments in the oil industry to ac- count for this movement. It simply represented profit-taking in a market which had stopped go- ing up. Pool Moves Abandoned. Operations in the recent pool favor- ites of the speclalty class were pretty much abandoned. Some of these stocks camo down very sharply. Worthington Pump was off seven points from last week's high, and Universal Pipe and Radiator was down similarly. There was heavy selling of Montgomery Ward. Baldwin Loco- motive was cvidently getting ready for the unfavorable report for 1924, which has been discussed for some time. The stock was very weak. Du Pont ran up above 49 on the an- nouncement that the stock had been placed upon a $10 basis as against the previous $8. But later in the day the Street was inclined to treat this as something which had been pretty well fore- stalled. Rallway shares moved very un- evenly. The sudden rise in Atchison, amounting to some 3 points, was rather surprising in view of the fact that it was not long ago when the atock went on a $7 basis and that a further rise has not been considered, But this had a sustaining effect on other members of the dividend-paying rail group. Reports were well de- fined all last week, imitating the St. Louls-San Franclsco, and paying $5 dividends. The buying today, which was resumed even while the rest of the market was weakest, had this incentive behind it. Missouri, Kansas and Texas was strong on merger talk, and so for a time was Chicago Great Western pre- ferred. The remarkable success of tho New Haven loan, put through without. the aid of a banking syndi- cate, was reflected in temporary advance of a little ovef a point in New Haven stock. The St. Pauls broke again to new lows for the year, and were not far away from thelr lowest for all time. This, with the continued heaviness in the bonds, made an unfavorable fmpression. MARKET CLOSES WEAK. WEST. By the Ausociated Press. g NEW YORK, February 16.—Heavy selling of stocks for both accounts in- spired by higher money rates and pub- lication of unfavorable 1924 earning re- ports today brought about of the sharp- est reactions since the post-election boom started. Wide-open breaks took place in the high-priced speclalties whi losses of 2 to 5 points were quite cos mon among standard rails and indus- trials. Total sales approximated 2,100,- 000 shares. The closing was weak. Several spe- cialties broke precipitously in the late trading, United States Cast Iron Pipe fell 17 points, Nash Motors, 9%; United States Distributing preferred, 8%: Gen- eral Electric, 63, and Mack Truck, 5%. Markets at a Glance NEW YORK—Stocks: Weak; high- riced specialties break 5 to 17 pointg. Bonds: Reactionary; French issues heavy; oils decline. Foreign exchanges: Steady; francs rally 10 points. Cotton: Easy, sympathy grain and stocks. Sugar: Steady; fair spot demand. Coffee: Higher; firm Brazillan mar- Xets, CHICAGO—Wheat: Weak; disap- Yointing exports demand. Lower; slow cagh demand. Firm; active chipping de- French Steady. BILLION MARK NEAR IN NEW FINANCING By the Associated Press. NEW YORK, February 15.—With mew bond issues of $38,000,000 offered today, bringing the year's total to date around $850,000,000, t¥ere is every indication that the billion mark will be reached around March 1. To- day’s list is headed by the $35,000,000 Republic of Poland 25-year sinking fund 8 per cent bonds. Other large issues Include an additional $9,000,000 American Gas and Electric 6 per cent debentures, $8,000,000 Indlana and Michigan Electric Company first and refunding mortgage 5 per cent gold bonds and $5,000,000 6 per cent bonds of the Mortgage Bank of the King- dom of Denmark. — FOREIGN EXCHANGE. (Quotations furnisbed by W. B. Hibbs & Co.) Nominal Selliog checks gold value. Loadoo, pound 34.8865 Montreal, dolla; Paris, franc Brassels, franc . had | Borlin, imark . ome,” Lira oy Zurlel Sos™ Athe; 1000014 [0001434 (020855 Stockbolm, crown RRERFEAN | TREASURY CERTIFICATES. | March 15, 19 (s h 15, 192 i4s June 15, 1925, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office - rmal volume of trading em the New York Stock Exchange at preseat, quotations it ix impossible to get complete closing time for the regular edition of The Star. Final and come plete quotations will be published in today’s 5:30 edition. Adams Exp (6). Alaska Juneau | All Am Cable (7) Allled Chem (4). Al ‘halm (4). Allis Chim pf (7) Am Agricul Chm Am AgChm pt.. Am Beet Sug (4) Am Bosch. .. Am Can ( AmC& Fpt (7). Am Chain A (2). Am Chicle. .. ... Am Drug 8nyd.. Am Express (6). Am & For Pow. . Am & Fr P pi(7) Am Hide & Lea. Am Hide & L pf. AmIce (7).. Am Linseed. Am Linseed p: Am Locomo (6). Am Loco pf (7) Am Metal (3)... 50% Am Radlator (4) 100 Am Ry Exp (6).. 82 Am Safety Raz.. 39 Am Ship & Com. 11% Am Sm & Ref (6) 100% AmS&Rpt (7). 110 Am StI'Fays (3). 47% Am Sugar.. 1'3 Am Sumatra. Am T & Cab (5). AmT & Tel (9). Am Tobacco (7). Am Tobac B (7). Am Typ Fdrs (7) 104% Am WW&E] 30c. 385% Am W W pt (6). 102% Am Woolen. . 49% Am Wool pta (1) Am Writ Pap pf. Am Zine. Am Ziuc pt Anaconda ( Ann Arbor pf. Archer-Daniels Arch-Dan pf (7) Armour Del (7). Arn Cons & Co.. Asso Dry G (5).. Asso D G 1st (6) Asso Ol (1%) AtT&SFe AT&SFpt (5). At Birm & At... Atl Coast L (18) AtGut&WI... AtGuif & W Ipt Atlant(c Reflinin Atlan Ref pf (7) Atlas Powder (4 Atlas Tack Austin-Nichola. Auto Knitter... Baldwin L (7).. Bal & Ohto (5).. ‘Bal & Oh pf (4). Barnsdall A. Barnsdall B. Bayuk Ciga: Bayuk 1st pt (7) Beech-Nut (3).. Bethlehem Steel Beth Stipt (7).. 1 Booth Fisheries. Briggs MIg(3%) Bkl Edison (8)... Bric-Man Tran. . Bklyn Man pf (6 8rklyn Un G (4) Brown Shoe (4). Brunswick-Blke Buff & Susq pt.. Burns Bro (10). Burns Br B (2).. Bur Add Ma (3). Butte Cop (50¢). Butte & Superio? Butterick Co. Caddo Central 2 Cal Packing (6). 102% Cal Pete (1%).. 28 Calif Pet pf (7). 105 Callahan Zinc... 3% Calu & Ariz (2). 52% Calumet & H (1) 16 Can Pacific (10). 148% Cent Leather... 19% Cent Leather pf. 61 Century Rib (2) Cero d Pasco (4) Certain-Teed. . . Certain-T 2nd (7) Chand Mot (3).. Ches & Ohio /4). Chicago & Alton Chic & Alton pf. Chi& EIIDS... Chic Gr West... Chic Gr West pf. Chi Mil &8t P... Chi Mil &SP pf. Chi & Nwn (4).. Chi & Nw pf (7). Chi Pneu T (5).. ChiR1&Pac... CRI&PDPL(6). CRI&PPL(D. ChStPM&Op!(5) Chi Yellow C (4) Chile Cop (2%). Chino Copper. .« Cluett Peab (6). Coca-Cola (7).« Colo Fuel & Iron Colo Bouthern.. . Col G & E: (2.60). Col G & E pt (1. Col Carbon (4).. Com Inv (2.50).. Com In Tr pt (7) ComSolv A (4).. Congol-Nairu (3 Consol Cigar. ... Con Distributrs. Consol Gas (5).. Consol Textile. ., Cont Can (4) Cont Insur (6) Cont Mot (80c) Cub Am Sug (3). Cuban Cane Sug Cub Cane Su pt. Cuba Dominican Cuban Dom pf. Cuyamel Fr (4). Devoe 18t (7). Dome Mines (2). Doug Pectin (1). DulSS& Atlpf. 5% Du Pont (8)..... 149% DuPont deb (6). 96% Dugquesne pt (7) 106 Eastman (18)... 114% Baton Axle..... 12% Eleo St Bat (15). 65 Endicott pf (7).. 116% Erte 81% Erle 18t of. Erle 24 pt. Fairbks' (3.60).. Famous P1 (3).. Fed Lt & T (*7). Federal Mines. . Fed Mines pt (7) Fifth Ave (6c). Fisk Rubber.... FishRubber pf. Fietschman (14) Foundation (6). Frecport-Texas. Gardner Motor.. Gen Am Tak (3) 00 15% 4 11% 51% Open.. Gen Motors (6). 7e% 13% | Gen Mot f (7)., 107% 48 | Gen Petpol (2),. 54% 92% | Gen Refrac (2).. B3iy 1% | Gimbel Bros 50 % | Gimbel Br pt 1% | Glidden Co. 120% 84 73% | Goodyear pf.... 106 | Gdyear prior (8) 19% | Granby Consol. . 650% | Gray & Davi; Grt North ot (5 Grt Nor Oro (4). Grt Watn 8u (3) Greene Canan Guantanamo. Gulf Mo & Nor.. & Gu Mo & N pf 63 Gulf 5t Steel (5) Hartman (3$2.50) Hayes Wheel (3) Haves W pf (715 | Helme Gen H. .. | Houston Of1 Hudson Man. .., Hud Man pf (). Hudson Mot (3). Hupp Mot (1)... Illinols Cant (7) Independ 01l (1) Indian Motorcyc Indian Refintng. Ingersoll R (8). 2: Inland St1(3%). Inspiration Cop. Interb Rap Tr. Internat Agri. .. Int Bus Mac (3). } Int Cement (4).. Int Com Eng (2) Internat Har (5) Int Mer Marine. Int Mer Mar pt. ., Internat Nickel. Internat-Paper. Int Pap pt st (6) Int Ry Cent Am. | Inter Shoe (5).. Int Tel & Tel (§) Int Tel & Tel R Intertvpe (i1%) | Jewel Tea. Sewel Tea pf. Jordon Mot (3).. Kansas & Guif.. Kan City South. Kan C 8o pf (4). Kayser (Jullus). | Kayser 18t pf(7) Kelly-Sprgfield. { Kelly Spring pf. Kelsey Whli (6). Kennecott (3).. Keystone T & R. Kinney GR..... Kresge Dep Str. Laclede Gas (8). Lee Rub & Tire. Lehigh Val (3%) 50 | LIZRItt & M (14). 9% | LIg & My B (14). Lig & Myrs rg: Lig & My pf (7). Lima Loca (4).. Loews Ino (2).. Long Bell A (1). Loose-Wiles Bis Lorrillard (3) Louisiana O1l... 21 Louis & Nash (6 107% 107% Ludlum (2)..... 34% 34% MclIntyre (1)... 17% Macik Trucks (6) Mack T 1st (7).. Mack Trk 2d (7) Mackay (7).... 1 Macy HR & Co. Macy pf (7).. Magma Copper.. Magma Cop rts. Mallinson & Co. 41% ! Manat! (5).... Man E\Sup (4). | Man El md g (5) Manila Electric. Maracal Marke Marlin Rockwell Martin-Parry 4. Mathieson Alka. Maxwell Mot A.. Maxwell Mot B.. May Dept St (5). Mexican Seabd. Miami Cop (2! Middle Sta: Midind Pr Minn & St Louls Mis Kan & Tex. MEK&Tpf(5).. Missouri Pacific Missourl Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3)... Mother Lode 760 Nash Mot (111) Nat Acme. ... Nat Biscult (t4) Nat Cloak & Sut NatCl&Spt (1) Nat Dairy (3)... Nat Dept Stores Nat Distillers pt Nat Ename' & 8. Nat Lead (8).... Nat Lead pf (7). Nat Supply (2).. “~. 96k 95% | 9 167% 8% 8% 17% 117% 67% 67% 22% 22% NYAIrBrA (4 N Y Central (7). NYCStL (6)... NYC&StL pt (6) N Y Dock....... N Y Dock pf (5). NY NH & Hart.. NYO& Wat (1), N Y Shipbld.(2). ! Niagar Fpt 1%. Norfolk South.. Norf & W (18).. North Am (3.40) North Am pf (3) North Pac (5) Nunnally (1).. Orpheum (1.80). Otis Elev (16%) Otis Elev pf (6). Otia Steel. . Otis Steel pf.... | Owens Bot (3.0 "Pacific Gas (3) Pacific Mall Pacific Oil (2)... Pac T&T pf (6). Packard (11.50). Pan-Amer (4)... Pan-Amer B (4) Panhandle...... Penna C & Coke. Pennsy RR (3). Penn Seab Steel. Phila Co pf (3) Phila& RC&I. Phillip Morris. . Pbillips Pet (2). Plerce-Arrow.. Plerce-Arrow pt Plerce A prior 8. Pitts Term Coal. Pitts & West Va Postum-Cer (4).. Press Steel Car Pr St Car pt () Prod & Refine! Pub Ser NJ ( Public Serv rts. Pub Serv rts (n) % Pub § El pf (7)..102 Pullman Co (8). Punta Al 8u (§). Pure Oil (1%). Radio Corp of A. 62% Radlo-C pf (3%) 52% Ry 8tl 8pg (3).. 130% Ry 8t Sppt (7).. 120 Rand Mines 1.71, 36% SELLING IS HEAVY IN BOND MARKET ’ Reactionary Tendencies Crop Out in Wide Variety of Securities: BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 16.—Heavi- ness predominated in the bond mar- ket today, partly in sympathy with the weakness in stocks, partly in re- sponse to the firmer tone in money, and partly because of unfavorable de- velopments affecting special groups of indiyidual issues. French Bonds Thrown Over. Of these unfavorable developments. the most gonspicuous was the fall in the French franc due to cOncern ov. the financial situation in Paria. French iponds were sold in large blocks and while there was no sharp decline prices yielded more than at any time in a month. French 8s were relatively the weakest, dipping below 103 awzainst Saturday's close of 104, and the French 7s dropped back below 91 to a new low for the year. The 748 seomed to meet better sup- port around par, perhaps from the sinking fund. French railway issucs were actually weak, Paris Lyon and Mediterranean 6s and 7s, Nord Rall- way 6%s and Paris Orleans 7s losing from 1 to 2 points. St. Pauls Again Heavy. The St. Paul issues re again heavily sold, the 4s of 1925, about the refunding of which no announcement has vet been made, selling below 70. or more than 81 points down from the high of the vear and at a new low. Other St. Paul junior liens had better support, notably the 4i:s of 1932, Weakness in the St. Paul group had an unfavorable effect upon the culative ralls. Chicago and , which were such a strong feature last week, yielded today and I, G. N. adjustments lost ground. s Since the end of the war no fewer than 15,000 monuments have been erected throughout France. Ray Cons Cop. Reading (4) Reading rt 4 Reading 18t (2). Read 2d pf (2).. Remington Type Replogle Steel.. Rep Ir & Steel.. Rep 1 &St (7). Reynolds Sp (1) Rey Tob B (3).. Rey Tob pf (1).. Rossia Ins (6) Roy Duth 4.42 Rutland pfe..... St Josepn L4 (2) StL & San F (5) StLSanF pf (8).. Seneca Copper.. * Shattuck-Ariz.. Shell Union (1). Simmon Co (2).. Simms Pet (50c) Sinclair Ol - Sinclair pt (8)... Skelly Oil. Sloss-Sheff (6).. South Port 8 (6) South Pao (6).. Southern Ry (8) South Ry pf (6). Spicer MIg StdGas & ) Std Gas & El pfd Stand Mill (5).. Stand Mill pf (6) St 01l Calit (2).. StOINJT (1)... StOIINJ pf (D). Std Plate Glass. Sterling Prd 6% Stew Warner (3 Stromberg (6).. Studebaker (4). Submarine Boat Superior Ol. ... Superior 8tl (3). Symington..... Symington (A).. Telautograph.. Tennessee Coppe Texas Co (3)... Tex G Sul (17%) Tex & Pacific... Tex&PacC&0 ‘Tide Wat Oll (4) Timken (13%).. Tobac Prod (6). Tobac Prod A (7 Transcont Oll... Transu & W (3) Twin City (4)... Underwood (3). Un Bag & Paper Union Oll (1.80). Un Pacific (10). Un Pac pf (4)... Un Tank Car (5) Utd Alloy Steel. Utd Clgar (13%) Utd Drug 1st 3% Utd Fruit (10).. Utd Ry Invest.. U S Cast Iron P. USCIPPS (7).. U S Distributing 3 U S Distr pf (7). U S Hoft (600).. U 81nd Alcohol. U 8 Realty (8).. 124. U S Realty pf (7) 1224 . 404 2 21% 13% 8% 89% 424 89% 148% 75 121 30% 62% 75 121w 121% 305 30% 644 64% 524 52% 110% 82 140 24% T8% 122 33% | Nor Stats U §Steel pf (7). U S Tobacco (3). Universal Pipe.. K Univer P pf (7). 8¢ Utah Copper (4) 89% Utah Securities. i Vi Va Ry & Power. Vivadou 2% 17% 119% % 42% 95 53% 1 ‘Wabash p! Waldorf (1%).4 17% Ward Baking A. 119% ward Baking B. 43% Ward Baking pf 95% Webber (new).... 54 West Maryland. West Md 2d p. . Welt.‘;n‘lflc(l_lfi)fi- nion (7). Test Alr Br (6. 1 % 119% 434 6% 83% 1 20 104% 70% 20% 14% s Whit 2 ‘White hms“‘)_u 2% 84 i : Lis-Ove! ;:leorul 3 Worthington... ‘Worthington A ! Worthington B { Wright Aero (1) wrigley (*3%)- Yellow Cab..... 31% Youngstn S&T. 75 {Partly extra. $Paye Dividead rates ‘ss_givel are the annual Biites Soticimioe " aoted. Sividends ars aot included. 122% | N ¥ Tel 68 [oew o BONDS ot sscnv] Received by Private Wire Direct te The Star Office. FOREIGN. Sales. High. Low. Close. 34 Argentine s 1 0 23 Canada ba 1952 Chile 7s 1943, Chile 8s 192 Chile 881941, Chil Y Cuba 6%s..... Czecho 88 1951 . Czecho 88 1952 ct DEI5%s Mch DEI5%sNov'63. 17 Dutch E; 1 s 1845 11 Framerican 1%s. French Tawy . Germany 7s w1. Ger Gen Elec 7s. Greek 7s wi. Marseille Mexico 58 Montevideo 7s. 2 Netherlands 6s'54. 24 Netherlands 6s°72. 11 Norway 6s 1943. Norway 65 1944. . Norway 6s 1952. Ortent Dev deb 6s. Paris-Ly's-Med 6s. 41 Parls-Ly’s-Med 5 Queensland Queensland Rio de Jan B Rio de Jan 8¢ 1947, Rio Gr Do Sul 88 Sas Paulo City Sao Paulo Stat Seine Dept of 7s Serbs Cr'tes Slo 8s. 34 izzons 6s. . Sweden 5%s i Sweden 6s. Swiss 5%s 194 Swiss Conted 85 Toklo bk .. . : Ud Kingm 53329 Ud Kingm 5%8°37. Ud Steam Copen 68 Uruguay 8s.... Ajax Rubb Am Agr Chdtn 58 | Am Agr Chem %8s | Am Cbain s f 6833 Am Repub deb 6 Am Smit & R 1st 63 Am T& Tl tr Am. T. & T. SF Am T & T deb b Anaconda cv db 7s Armour & Co 4%s. Armour of Del 6% Associated Ofl 6s.. Atlantic Refin 5 Bell Tel Pa 8s..... Beth Steel pm §s.. Beth Steel rf bs. .. Beth Steel 5% s 63 Beth Steel s f 6s. .. Brier H St 1st § Bkl¥n Ed gen bs. . Bklyn Unfon G 58 Bush T Bldg 58 60 Calif Pote 6% Central Leather 58 Chile Copper 6s... Col Gs & El 5s sta. Commonwth P 6s. Con Coal Md 1st 58 Con G NY 5%s wi... Consumers Pow b8 Cuba Cane cv 7t 3¢ Cuba Cane cvd 8s. Denver Gas 5s.... Dery (DG) 78 | Det Elison ref 6t Donner Steel 7 Du Pont de N 7 Duguesne Light | Est Cuba Sug 7% Empire G&F 1%s. Foder Metls 78 '39. Fisk Rubber 8s... Francls Sug 7%s.. Goodrich 6% . Goodyear 8s 1931.. Goodyear 941.. Hershey 65 1943... Humble O&ZR 5%s. Illinots Bell 1st 5s. Indlana Steel &8s Int Mer Marine 6s. Inter Paper 58°47. KCP & Lt bs A 63, KanG & El 68°52.. Keyser (J) 7 Kelly-Spring Lackawa 8 53’5 Liggett & Myr: Lorillard (P) bs Ma, Manati Sug sf 7%s Midvale Steel 5s.. Montana Pow bs.. Mor's&Co lat 4%s. N Y Eden 1st 6%s. NYG EL H&P bs.. NY Tel 4%s e e oo BOWSRNO LN © ECL I RPN =L Y North Am Ed North Am Ed 6% Pow bs. Otis Steel - Pacific Gas & E1 53 Pacific T & T 6363 Pan-American 6s. Pan Amer Pete - N ST P =T B Nre 19 10 N BB e Sharon St1 H s Sinclair Oll 6 Sinclair Oll 6% Sinclair OIL78.... 14 SinCOP16s'28 wi 43 Pipe Lin gfi‘.uv Oll 6%8...179 So Por RicoSug7s 2 e 8 21% | southwest Bell bs. 39 98 Est Orient7s. 6 sr::- Eloe Pow 6. 13 Edn 18 e gag & P68, 1 fo: (3 U5 Rub 165 £2 s ® U S Rubber 7%s USSteelsths.... Utah Pow & Lt 68, Va-Car Chem T Va-Car Ch 7%s Vertlentes Sug 10 14 Miss Jessie Gray of Philadelphia woman to become presi- dent of the Pennsylvania State Edu- cational Assoclation in the 76 years is the firs of its existence, 96% 96% 4 108% MISCELLANEOUS. 9 101 103% 109% 5% 9% UNITED STATES BONDS. (Bales are in $1,000.) Bates. High.' Low. 164 101 22 26 10128 Lib2d4%s. 79 1013 Lib3d4%s. 53 10116 Lib4 4%s.. 195°101 30 US451944. 47 100 30 US4%s'52. 21 10430 104 26 RAILROAD. Sales. High. Low. Close. 3 89% 89% 89% 5 100 100 100 82 874 87% 87% 62 92% 9% 924 16 90 89% 90 101% 101 101 103% 103% 108% 32 102% 102% 102% 99% 99% 85% 854 69 69 87% 86% 874% 87 80 79% 100% 100% 106% 106% Close. Buff R & Pitt 4%, Canada Pac deb 4s Car Clinch & O 6s. 11 CarClinch&O 6s.. 6 Canad North 63%s. 3 117% 117% Cent of Ga 3 103% 103% Central Pacific4s. 2 87% 87% Ches &Ocv4¥s.. 22 96% 96'% Ches O gn 4% 3 90% 90 Ches & Ohio cv bs. 114 104 103% Chi& Alton3%s.. 33 57% 56% ChiB&Qgn4s'68. 4 89% 8 Chl B&Q 1st rf §s.. 10 101% 103 8% TT% 64 6314 72 0% 62'4 62 T TI% 56% 56 62 4 H CM&SLP gn 45°89. Cni M&St P ov 434y Chi M&St P rf 4 %o Chi M & 8t P cv b C&W 15148’ 62 wi. 22 CCC & St Lert 68 A. Cleve Term bs w 1. Cleve Term 5%4s.. 1 C. & S. Ist s, '29, 1007% 100% 105% 105% 98 9T 93% 934 86 86% 89% 89% 106% 105% 7 84% 98% 59% 9la 1% Det United 4% Erle 1st cons Eric gen 48 Erie conv s Y 107% 107% 103% 103% 104% 104 107% 107% 116% 116% 95% 9i% Gr Trunk sf db 6s. Grand Trunk 7s... Great North Gs Gr North geu Ti 110% 110% Green B& W db B. 14 1 Havana ERL&P 6s 10 35 = 1 111 Central 5%s 111 C-C St L&) 9% 9T'4 1% 1% Int Rap Tr X 0% 70 Int Rap Tran 7 94 93% Int & G Nor 1st 6 5 102% 162% Int & G Nor a 9 744% T3% Jowa Cent rf 4 25% 25 lowa Cent 1st bs. 62% 62% Kan City Ft S 4s. 83% Kansas City S 3s, Kansas City S bs. Lake Shore 4: Lake Shore Louis & Nash 7 Manhut Ry cn 103% 108% 4% 44 86k 85k 91k 91k Nassau 5 Ry 4s '57 N O Tex & M in 5 N O Tex & M 63 B. FINANC MATERIAL LOSSES | IN GRAIN PRICES Wheat Weak at Outset and Still Weaker During Break in Closing Trading. By the Associated Pross. HICAGO, February 16.—Notwith- standing a downward tendency at the outset, wheat soon made material up- turns In price today. Offerings were quickly absorbed by houses with sea- board connections. Besides, previous sellers bought freely. Initial weak- ness was associated with a large in-| crease of the amount of wheat on ocean passage and with a poor re- sponse which the Liverpool market made to advances Saturday on this side of the Atlantic. Opening quo- tations unchanged to % lower, May 1.856% to 1.86% and July 1.57, were followed by a sag_ all_around and then by a rise to 1.87%, May delivery. Corn and oats raliied in sympathy with wheat. Some of the buying of corn was on orders to stop losses. After opening at % lower to 3% advance, May 1.27% to 128%, the corn market scored moderate gencral ains. B 0ats started unchanged to hait cent higher, May 55 to 55%, and later held near to the opening range. Provisions lacked sunport. Open. High. Low. 1857 187 3 1.5810 1531 1.48 1.41% BIes FRE FERD Lo HESLBEEe 2 iigly " nEg BRE 4R 1, 13 1 B 58 5 1.84 % RS COTTON OPENS WEEK AT LOWER LEVELS Rumors of Sharp Break in Egypt Is Important Factor in Early Declines. By the Associated Press. NEW YORK, February 16.—The cotton market opened at a decline of 6 to 11 points today in response to Jower Liverpool cables and better prospects for rain in the Southwest. Rumors of a sharp break in Egyptian cotton also were a factor on the de- cline grhich carried the price of May contracts off to 24.42 before the end of the first hour or about 18 points net lower. Liverpool bought near months, but sold later deliveries here while there was considerable com- { mission house liguidation of both old and new crop positions. Private cables reported freer hedge selling and Manchester selling in Liverpool with trade support less activ ew Orleans Quotation: NEW ORLEANS, February 16—ms c on market opened easier owing to otor cables than due. First trades showed losses of 11 to 17 points. As the weather map showed no rain in the West, prices rallied a few points, but eased off again when the barom- eter lines were posted showing bet- ter prospects for rain in the West, followed by a cold wave. GRAIN AND PROVISIONS. ¢ 16 (Special). BALTIMORE, February 16 (Spe ! —Potatoes, per 100 pounds, 1.25a1.65 sweet potatoes, barrel, 2.50a5.5 Yams, barrel, 3.00a4.00; beans, hamper, 2.00a4.50; beets hundred, 6.00a8.00; broccoli and kale, bushel, 50a60; Brussel sprouts, quart, 10a25; cabbage, ton, 22.00a25.00; sav: bushel, 75a1.00; Carrots, 100, 5.00a7.00; caulifiower. N Y Centcn 45°98. 13 N Y Centribs..... 16 N Y Cent deb $s. . 277 NYChi& StL5%s 97 116% 114 95% 86% | 746 from $9,669,804. New Hav d 4s°'67.. 10 58 85 o 97% 107% 1075 97 9ThH 105 105 £2% 82% 94 3% 103% 103% 98% 98% 6 111 110% 9% 109% 83 98% 9% Ore Short L ref 4s. Ore Sht L cn 53 '46. Ore-Wash latrfds 5 Peniisyl gen ¢% 7 Pennsyl gen 6s.... Penn. 63, 64. [ Pennsyl 6%s. . Pennsyl gold 7 7. Reading gn $%s. Rlo G West 1st 4s. Rio G West cl 3 St L IM&S 4539 St LIM&S R&G 4s. StL&SFplésA.. StL &S Fprin s, StL&SFo%sD.. ‘9 StLSW lst St1,S W con 4s'33 StP & KCShL %8 St P Un Dep 6% San A & Arn P 82% 82y 100% 100% % 83% 83 .25a3.00; celery, crate, 2.50a e eosplants, crate. 3.0086.00; let- tuce, basket, 2.25a3.00; onions, 100 pounds, 3.00a3.25; oyster plants, 100: 8.00210.00; parnsips. basket, 50a60; peas, hamper, 3.00a5.50; peppers, crate, 3.00a5.50; spinach, bushel, 1.00a 1.50; squash, crate, 3.00a4.00: tomrlmeg, crate, 2.5025.00; turnips, blske!r‘ 50a75. ‘Apples, packed, barrel, 3.60a7.50: bushel, 1.00a2.25; grapefruit, an‘ 2.00 23.25: oranges, box, 3.25a4.75; straw- berries, quart, 30a45. Selling Prices at Noom. eat—No. 2 red Winter, spot, ex- po‘r‘;,hno quotations; No. 2 red W‘vn(ex;, spot, domestic, 1.96 nominal; No. 2 red Winter, garlicky, domestic, 1.96 nominal; No. § red Winter, no quota- uons‘v o None. g:rens—_cob, new, vellow, spot, 6.50a 6.75 per barrel; track corn, yellow, No. 1. 141 Sales—None. 5 Oats—No. 2, 6 asked; No. 3, 61% a62 asked. Rye—Nearby, , 1.65%. “:l‘.yl—nfcespu, 61 tons. Receipts of good hay of both timothy and light clover mixed are light, and prices are well sustained under a fairly good demand. Low grade, 1 ferior and damaged hay has no set- tled market value and is dull. Quotations today—No. 2 timoth 20.50a21.50; No. 3 timothy, 17.00a19.0¢ No. 1 light clover, mixed, 19.50a20.01 No. 2 clover, mixed, 7.00a18.00. Straw—No. 1 wheat, 16.00217.00 per ton: No. 1 oat, 16.00a17.00; No. 1 straight rye, 18.00a19.00. 1.4021.50; No. 2 rye, Seab’d ALref és.. Seab’d A L adj bs.. Seab’d A L con Sou Pacific 4s 2! Sou Pacificctl 4s.. Sou Pacifio ref 4s.. Southern Ry xu s Southern Ry s ct. Southern RY .1'? Union Pac 1st Union Pac 1at rf s Union Pac 4837, Virginia Ry st 5s.. Wabash 1st 6s..... Wabash 2d 68..... KELLY-SPRINGFIELD'S NET. NEW YORK, February 16.—Net loss of $1.525,749 is reported by the Kell Springfield Tire Co. for 1924 after in- terest, depreciation and other charges, compared with net loss of $1,166,284 in 1923. Gross profits fell to $7,255,- Deficit at the end of the year was reduced to $1,675,298 from $1,768,560 the year before. PARIS BOURSE HEAVY. PARIS, February 16.—Prices were heavy on the Bourse today. Three per cent rentes, 48 francs 40 centimes. Exchange on London, 91 francs 36 centimes. Five per cent loan §7 {rancs 20 centimes, CHICAGO LIVE STOCK MARKET CHICAGO, February 16 (United States Department of Agriculture).—Hogs— Receipts, 70,000 head ; mostly 10 higher ; light lights and slaughter pigs, strong to 25 higher; top, 11.40; bulk desirable 210 to 300 pound butchers, 11.10a11.30 160 to 190 pound averages, largely 10.50 210.95; bulk 140 to 150 pound kinds, 9.85a10.40; bulk packing sows, 10.35a 10.50; strong weight slaughter pigs, mostly 9.0029.50; heavyweight hogs, 10.90a11.40. Cattle—Receipts, 14,000 head: most Kkilling classes fairly active on shipping mocount; largely 15 to 25 higher; fed steers of value to eell at 9.50 upward; better grades fat cows and all grades of light heifers showing most advance lower grades fed steers rather sio steady to 25 higher; killing quality, me- dlum to good ; bulk fed steers, early, 8.50 210.25 ; matured steers, upward to 10.75 ; eome weighty offerings held at 11.00: well finished yearlings scarce; some held above 12.50; most young steers, 8.00a 10.00; canners and cutters fully steady ; vealers, quality considered, steady to strong; most 12.00212.50 to packers on good to cholce light kind; medium to good light, 11.50 downward ; bulls, 10 to 15 higher; etockers and feeders com- paratively 'scarce; firm; mostly. 6.00a 7.50; meaty, well bred kind in broadest demand. Sheep—Receipts, 19,000 head; slow; early sales fat lambs around 25 lower; early bulk, 17.25a17.50; early top to chippers, 17.75; undertone very weak; numerous bids around 50 lower; choice handy-weight yearlings, 16.50 ; fat sheep, IAL. FINANCE AGENCY REPORTS INCREASE: International Corporation Adds $40,000 to Surplus. Other Notes. BY CHAS. P. SHAEFFER. An increase of $40,000 to approxi- mately $1,130,000 in the total capital, surplus and undivided profits after pay ment of a dividend of $18,000, was re- * ported by the International Finance Cor- poration today for the vear ended De- cember 31 last, as compared with the previous 12-month period. Capital stock outstanding approxi- mates $339,300, mainly in preferred “A” cumulative 9 per cent, with a eurplus created through the sale of common stock of $137.528, and undivided profits of $48,516. The common stock has no par value. The dividend disbursed sev- eral months ago marked the first pay- ment in the last two years, and was made at the rate of 9 per cent on the cumulative preferred stock issued for the months of April, May and June of It has been the policy of the company during the last two years, or since Ernest E. Herrell became its president. to absorb losses and liquidate bad ac- counts out of the earnings of the com- pany, which has left its capital and sur- Plus unimpaired. In the opinion of of- ficers the company is in better shape to- day than it has been since its forma- tion. All bad accounts of major propor- tions have been erased, and while a. few unsavory ftems still appear on the books the way is clear to a complets “bill of health” through the medium of gradual absorptions in the ordinary course of business. g Following the president's statement, directors unanimously re-elected the following officers for the ensuf year: President, Ernest E. Herre vice president and secretary, Arth C. Lampe: treasurer, P. Raymond Boesch, and assistant treasurer, Henry W. Forster. New Haven Loan Far Reaching. Announcement that subsoriptions recelved to the reflnancing loan of the New Haven Railroad are sufefent to pay in cash and in full the holdar: of the bonds of the $23,000,000 issur maturing April 1 next and appreci. tion of the part plaved by New Enz land industries in helping to float th new bonds are contained in a lett from President Peareon of the carri to the head of the Manufacturers’ A sociation of Connecticut Mr. Pearson states that, in responss + to requests from ma. y holders of the bonde, it has also been arranged to . give them the option of exchanging all or part of thelr holdings for a like amount of the new bonds on the basis of par for par. Bonds for e change muet be placed with the com pany’s denositories by March 14, while the subscription lists for the o issue will be closed on March 7. = In expressing his appreciation of ¥ the co-operation of the industries lo- cated along the lines of the New Haven, which have subscribed to sev. eral million dollars' worth of the re. financing bonds, Mr. Pearson declares that this Cco-operation has alrea: produced resslts of great present and future value, both to the road and to New England interests as a whole. He states, however, that further sub. scriptions are still desired in ordes that a substantial degree of over. subscription may impressively dem- onstrate the unity of transportation * and industrial interest for the Som mon g0od of New England, and sieo ;o permit the proportionate scaling ' oWn of all subscriptions above $1,000. + Breezy Personal Note: . George O. Walson, preside: Liberty National Banic wihe s The remainder of the lis and unchanged. Mr. Walson spent the I weeks of his stay with I. :M(Pnp; Fleming, dean of local financlal wTiters, who is Wintering in Mel- bourne, and brings back the pleasing Xs:f;rlmalxon that Mr. Fleming is hale hearty, and gai le prgwee o & 4 Eaining considerabl ashington was well represented at the annual banquet of the New Yok Chapter, American Institute of Bank- ing, in New York last Saturday night. The local attendance included W. W Spaid, W. J. Waller, Robert V. Flem. ing, Victor B. Deyber, Harry V. Hay- nes, C. F. Jacobsen and H. W. Burn- side. . John Poole, president of the Fed- eral-American National Bank is in: New TYork City attending the board meeting of the Chesapeake and Po- tomac Telephone Company. Robert V. Fleming is spending the first part of the week at Atlantic City. Riggs Reaches New Peak. Riggs Natlonal Bank and Commer- clal National both recorded new highs on the Washington Stock Exchange this morning, the former selling up- ward to 331 and exceeding its best previous mark by one point, while’ the latter at 160 established a modern peak by several points. Program at Institute. The local chapter, American Insti- tute of Banking, announced the fol lowing schedule for the week: Tonight, standard banking class lecture, “Live Stock Loans,” by F. J. Donohue; Tuesday, accounting clase,) “Controlling Accounts and the Cor- poration,” by Jos. K. Moyer; Wednes-' day, negotiable instruments, “Form. and Interpre‘atior,” by R. B. Dickey: Thursday, elementary banking class lecturc, “Bank Statements,” by Eliot H. Thomson and public speaking and. debate class, conducted by Rufu Lusk, in Washinzton Stock Exchange ! rooms; Friday, standard economics, “Income Tax,” lecture by F. J. Dono- hue and credits class lecture, by R Gordon Finney, “Real Estate Loa: CASH GRAIN DECLINES. ‘Week Finds Prices Dropping Along ‘With Futures. ' Continued liquidation in the future' market carried prices of all grains to sharply lower levels during the weel ' ending February 14, states the Unite States Department of Agriculture i its weekly grain market review. Ca grain markets were very dull, par- ticularly for feed grains, and trading was restricted by the unsettled con- dition of the future markets. " Cash prices declined with the fu-)! tures and premiums were also rather weak. No. 1 dark Northern at Min- neapolis sold within a range of 3c un-' der to 40c over the May price, with 12 per cent protein quoted at 6c-16c over, 121 per cent protein at 1Zc-22c over and 13 per cent at 20c-30c over Recelpts were light, and while milling demand was only fairly active offer- ings were readily taken. E FEWER JOBS AVAILABLE. CLEVELAND, February 16 (Spe cial).—Labor leaders, employers and! employment bureau heads all are; warning workers here to hang on to’ their jobs, Although increasing busi-, ness is looked for, there has been no: spurt and operations are not so high: as a month ago. There are 100 applicants for each vacancy. 3 t was quie two h ¢ dull; steady; fat ewes, 8.50a9.25; feed- ing lambs, eteady to weak; early bulk, 17.25a17.40. T Triest, Italy, has a shipping boom. RATES ON BAR SILVER. NEW YORK, February 16.—Bar silver, 63% ; Mexican dollar, 53%. .