Evening Star Newspaper, February 19, 1925, Page 28

£ TOBACCO SHARES MARKET FEATURE Independent Steels and Many Qils Are Heavy—Very Irregular Prices. BY STUART P. WE:! Alr Reduct (15). Ajax Rubber Ajax right Alaska Juneau Allied Chem (). Allted Cm pt (1) Allis Chalm (4). Allis Chlm pf (7) Am Agricul Chm Am Ag Chm pt.. Am Bk N pf (3). Am Beet Sug (4) Am Bosch. . . Am Brk Shoe (5) Special Dispated to The Star. e eos T () NEW YORK, February 19— lnn-m:?:'m"é::’é',',.",'.:' The greater part of the time today the | 278 @87 & B (13) movement of prices on the stock | ARSI A ¢ ). exchange was dull and with little in- | 0 Dmc:‘s"‘“’_;” clination to do much either way. b With the exception of a number of | 47 GXPreas (6). secialties the fluctuations were nar- | gt g £2TFOW- andard _stocks like United | {1 @ TFF BEC) {es Steel common, American Can| 3 &0 PE0% ( nd Studebaker w more in the AmHlde&Lpt- Tackground, and Raldwin Locomative | 4 Tide & L pf. after erossing 137 to a new high| g 168 (P dropped below the final price of the| om ypearnael preceding day. Am La France The independent steels and most off A Fincead. . the oils were heavy The L Am Linseed pf. ~ha , with United Cigar .\'lnv'vT far| Ar Locomo ). in the lead, were a feature. A Jump| Am Metal (3. .. in Utah securities was the chief Inci-| 4y Radiacor (4) nong specialties. Soon Am Ry Exp (6). the speculative rails again, the buy reating the most stir. Big Rixe in United The street did not explain the big in United Cigar Stores on the sund of earnings and possible divi- dend increases, but preferred to talk about the operations in the stock by the important interests in the toba industry. Of the various individ who have figured in Wall Street gos- sip as having been particularly suc- -essful during the last few months orge Whelan has occupied a con- spicuous place. Accordingly, any stock starting forward like United Cigar Stores did today, which bears the stamp of a succe: name, was dy following bound to tract a Tobacco Products was drawn along and so were other tobacco company shares. Advance in New Haven. The advance in New Haven was a further reflection of the favorable im- pression made by the way the company carried out the refunding of the $ 000,000 bonds without having to pay banking commission It was, of course,” a purely sentimental move. There was not the remotest thought of dividend possibilities. Other low-priced rails were some of them stron among them Texas and Pacific, Rock Island and Missou Kansas-Texas. The divi- dend ails did not do as well Stock: on Pacific, Southern Pa- cifi; New York Central and Atchison were more freely supplied. Air Reduction Jumps. Some of the specialty moves were interesting. The jump in Air Reduc- tion bore out the report of a mew pool at work in the stock Léf Securities had a sharp run-up on talk of a re- adjustm of the operating companies, which would bring a larger revenue to their holding concern. Montana Power, which had closed the pre ous day at 6815, was bid up across i There was further short covering in American Woolen following e poor showing in the annual repokt, but above 50 the stock was actively sold. Heavy profit-taking occurred in Baldwin Locomotive after the stock had gone to within a point of its previous high. Weakness in Steels. The weakness in the steels again an outstanding feature. States appeared to have fully counted the stock dividend was Gulf dis- an- points stood out most distinctly in the Wall Street situation today were that stocks as a rule failed to continue the rally of Wednesday afternoon, that the signs of hardening in the money market were emphasized, and that wheat prices were again dis- posed to recover. The advance in time money rates was calculatad to have a sobering effect both in Investment and speculative quarters. Loans covering periods of five and six months, and therefore representing judgment as to what the course of interest rates would be later on, were in most active demand. On the first occasion in more than a year 4 per cent was bid for credit accommo- dations running to five and six months, while the offered figure was 4%. CLOSE IS IRREGULAR. American Woolen Rallies on Late Short Covering. By the Associated Press. NEW YORK, February 19.—Con- flicting price movements character- ized today's stock market. Efforts to unload speculative holdings purchased on the recent decline disclosed a scanty demand for stocks after an early 1 based on lower money rates and a series of bullish demon- strations in the tobacco issues. Total sales approximated 1,350,000 shares. The closing was irregular. Ameri- can Woolen and a few other indus- trials rallied on short covering in the late trading, but weakness persisted in a number of other issues. United tates Cast Iron Pine sold down to 6, or 10 points below its earlier high figure Markets at a Glance NEW z YORK.—Stocks, irregular; New Haven highest since 1922, Bonds. steady; rail issues moderately higher. Foreign exchanges, firm; sterling covers slightly. Cotton, lower; pre- dictions, favorable weather, Texas. Sugar, easy; large spot offerings. Coffee, higher kets. firmer Brazilian mar- CHICAGO.—Wheat, ly steady; Jess urgent foreign demand. Corn, steady; commission-house buying. Cattle, firm. Hogs, highe! RS e T DIVIDENDS. Period. Rate. Payable. Armour & Co A.. Q c Jau 2 Do. A. BER Ol Apr Do, of Tii Do. of Del Am Stores Am Man Co...l. Do. Do, Do. Pl Do. pfd.. Do. ptd Do. prd.. Brooklyn Bor ¢ T Borg & Beck Co.. Calumet & Ariz.. Cub-Am_ Sugar Do. ptd.. 4 Douglas Pec Cor.. Fifth Ave Bu Guif States Steel. Do. . Do. Do. Do. Do. p Goody T Int Silver pfd. Do._pfd.. Int Salt L.l Mergenthaler Lino Do. pfd.. 3 Motor Whee s Mar 30 Mar 20 Mar 14 Mar 2 Apr 1 at Transit , B Mar 18 Feb 28 Pannock 011 C.... Mar 26 Mar 16 1l Union Oil Mar31 Mar 3 Underw C M pfd.. Apr 1 Mar 18 ARMOUR STOCK ALL SOLD. NEW YORK, February 19.—Over- subscription of the offering of 750,000 shares of class A participating com- mon stock of Armour & Co. of Illinols at 923 a share was announced today. Am Safety Raz. . Am Ship & Com. Am Sm & Ref (6) AmS & Rpf (7). Am Snuff (12).. Am Stl Fdys (3). Am Suga: . Am Suga’v [0 Am Sumatra. ... Am T & Cab (5). Am T & Tel (9). Am Tobacco (7). Am Tobac B (7). Am WW&EI 30c. Am W Wt (6). Am Woolen Am Wool pfd (7) Anacouda (T5¢). Archer-Danfels. Arch-Dan pf (7) Armour Del (7). Asso Dry G (5) Asso D 2d (T) Ass0 01l (1%). AtT&SFe (1) AT&SF pt (5). Atl Birm & At... Atl Coast L (19) . AtGuif & WI... At Gulf & W I pt Atlantic Refilnin Atlan Ref pf (7) Austin-Nichola. Auto Salescf Baldwin L (7).. Bald Loco pf (7) Bal & Ohito (5).. Bal & Oh pt (4). | Bang & Ar (3). Bang & Ar pf (7) Barnsdall A.... Bayuk Ciga: Beech-Nut (3). Bethlehem Steel Booth Fisherles. Briggs Mfg(3%) Bkl Edison (3).. Brk-Man Tran. . Brklyn Un G (4) Brown Shoe (4). Brunswick-Blke { Burns Bro_(10). Burns Br B (2). Bur Add Ma (3). Butte Cop (50c). Butte & Superlor Caddo Central. Cal Packing (6). Cal Pete (1%).. Calif Pet pf (7). Callahan Zinc... Calu & Ariz (2). Calumet & H (1) Can Pacific (10). Cent Leather... Cent Leather pf. Cero d Pasco (4) Certain-Teed. . Chand Mot (3) Ches & Ohio 44). Ches & O pt (6% Chicago & Alton Chic & Alton pf. Chic Gr West Chic Gr West pf. ChiMil & St P.. Chi Ml & S P pf. Chi & Nwn (4). Chi & Nw pf (7). ChiR1& Pac CRI&PDpI( CRI&PPL (D). Cht Yellow C (4) Chile Cop (2%). Chino Copper. Coca-Cola (7). Colo Fuel & Iron Colo Southern. . Col G & E (2.60). | Col G & E pf (1. Col Carbon (4) Com In Tr pf (7) Com Solv A (4). Congol-Naira (3 | Conley Tin Foil. Consol Cigar. Con Distributrs. Consol Gas (5).. Consol Textil Cont Can (4). Cont Insur (6) Cont Mot (80c) Corn Prod (2).- Cosden Co... Crex Carpet (2 Crucible Stl (). Crucible pf (7). Cub Am Sug (3). Cub Cane Su pf. Cuba Dominican Cushmans (3)... Cuyamel Fr (4). Daniel Boone. Davison Chem. Del & Hud (9).. Del L& W (6).. D&RGWstpt.. Detroit Ed (8) Dome Mines (2). Doug Pectin (1). Dupont (10). Eastman (153%). Elec St Bat (15) Emmer.on 3 pt. End-John (5)... Endicott pt (7). Erfe. Erle 18t pf. Erie 2d pf Famous Pl (8).. Famous pf (8) Fed Lt & T (*1). Fed Lt & T pf (6 Federal Mines. . Fisher Body (5). ¥isk Rubber. ¥ish Rubber pf. Fieischman (14) Foundation (6). Frank-Si pf (7). Freeport-Texas- Y Gardner Motor. . Gen Am Tnk (3) Gen Asphalt. Gen Asph pf (5). Gen Baking (6). Gen Clgar (8)... Gen Electric (8) Gen E18pl (600) Gen Motors (6). Gen Mot pf (7> | Gen Petrol (2).. | Gen Refrac (2).. Gimbel Bros. . Ginter Co (1%). Glidden Co. Goodrich. Goodrich D! Goodyear Df. Gdyear prior (8) Granby Consol.. Grt North pf (5) Grt Nor Ors (4). Grt Wstn Su (8) Gt West §pf (1) Gulf Mo & Nor.. Gu Mo & Npf6% Gult St Steel (5) Hanna 1st (7). .. Hartman ($2.50) Hayes Wheel (3) Hayes W pf (7% Helme Geo H. ... Open. 100% 12 118% Td% 104% 207 9% 109 171% 201 24% 40% 6% 154 31 923 123 1% 69, 126% 411 7 72 42 9% 21 78 1057 27% 104% 4'3 52 15% 150% 19% 61% 524 41% 31 98% 10 9% 16% 18% 29% 13% 2215 68% 115% 4% 86% 965 50% 85% 26 90% 3% 58% 4% 106 47% 104% 175 39% 3 30% 9% 5% 89% 321 43 1% 94 81% 60 5% 68% b1% 3% 44 143'% 1837% 46 114% 15% 14% . 147% 113% 64 11% 68 116 31% 41% 39% 934 104% 134 85 20% Fed Mines pf (1) 61 Fid Phoenix (8) 165% 4% 12% 82 8% 105% 102% 10% 11% b52% 56% 95% 13444 98l 235 11% 4% 108 56% b3% b0%% 23% 16% 464 4% 9% 107 19% 68% 37% 93 109 26 96 1% 88 82% 36% 104 " High. 108 12 % 1% 854 118% % 104% 20% 52 56% 394 894 97% 109 172 201 243 40% 6% 95 9814 107 19% 68% 3% 934 109 26% 96% o1k 88 32% 6% 104 74 Low. 100% 11% % 1% 86 11844 4% 104% 20% 52 55% 39% 62% 111 8% 38% 81% 43 70 94 31% 59 6% 684 61% 214 415 142% 136% 45% 4% 15% 14 146% 113% 64 11% 68 116 81% 4013 38% 9114 104% 1334 8 20% 61 166% 64 12% 81% 76 105 102% 9% 10% 51% 55 944 134% 98 233 14 784 108 b4k 52% 50 23% 15% 44y 94y 96% 106% 19% 68% 36% 93 109 26 96 89% 88 824 36% 104 74 31% 70% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. Hoe&Co A (4).. 48 48 Homestake (17) 44 44K Houston Ol 9% 80 Hudson Man.... 24% 24% Hud Man pf (). 6% 64% Hudson Mot (3). 40 40 Hupp Mot (1)... 156% 15% Ilinols Cant (7) 114% 114% Independ Ol1 (1) 28% 28% Indian Motorcyc 15% 16% Indian Refining. 8% 83 Ingersoll R (8). 232 232 Inland Stl (2%). 46% 46% Inland Stlpf (7) 108% 108% Inspiration Cop. 28% 28% Interb Rap Tr. 314 314 Internat Agri... 12% 12% Int Cement (4). 56% 67 IntCom Eng (2) 88 388% Int Mer Marfne. 12% 12% Int Mer Mar pf.. 46% 46% Internat Nickel. 26% 26% (nternat-Paper. 567 57 Int Pap pf st (6) 76 76% Int Tel & (6) 96% 974 Int Tel & TelTts 4% 4% Jones Bros Tea. 19 19% Jones & Lau (7). 113% 113% Jordon Mot (3).. 48% 48% Kan City South. 87 87% <ayser (Jullus). 24 21 Kelly-Sprgfield. 15% 15% Kelly Spring pf. 44 45 Kennecott (3).. B34 544 Reyetone T& R. 2% 2% Kresge Dep Str. 82 32 Kresge SSpf (8) 90 90% Lehigh Val (3%) 7% 177% Liggitt & M (t4). 59% 60% Lix & My B (14). 59 59% Lig & Myrs rgts. Lima Loca (4).. Loews Ino (2) Loft Loose-Wiles Bis Lorrillard (3) Loulslana Oil. Louis & Nash (6 108 108 Ludlum (2)..... 34% 34% McCrory pf (7). 105 105 Mclntyre (1)... 1%% 1% Mackay, (7).... 116 115 Mackay pf (4).. 68 68 Mack Trucks (6) 140 140 Mack T 1st (7).. 109 109 Mack Trk 2d (7) 103 103 Mecy HR&Co.. 4% T4% Magma Copper.. 40 40 Magma Cop rts. 5 Mallinson & Co.. 30% 30% Manati (5) 51 61 Man Shirt (114). 25% 254 Manila Electric. 29% 29% Maracaibo Oll... 30% 30% Market St prior. 49 49 Marland Ofl..... 4% 43 Martin-Parry 4. 83% 38% Martin-Parrts. % % Mathieson Alka. 69% 69% Maxwell Mot A.. 81% 8l% Maxwell Mot B.. 41% 42% May Dept St (5). 104 104 Metro G pf (1.89) 20% 20% Mexican Seab 164 164 MiamiCop (2).. 2l% 214% Middle States... 1% 1% MidInd Pr pt (8) 100 100 Minn & St Louts 2% 2% Mis Kan & Tox. 37% 8% MK&Tpt(5).. 84% 85 Missourl Pacific 89% 389% Missourl Pac pf. 80% 81 Mont Power (4). 684 70% Montgom Ward. 43% 48% Moon Mot (3)... 24 24 *Morris & Essex 784 8% Mother Lode 750 8 8 Mullins Body... 16 16 Nat Biscult (14) 69 69% Nat Biscu pf (7). 125% 125% Nat Cloak & Sut 68% 8% NatDairy (3)... 46% 45% Nat Dept Stores 41% 42 Nat Dp St 1st (7. 100 100 Nat Distillerspt 67 67 tEnamel &S 83% 38% Nat Enam pf (7) 82% 82% Nat Lead (8)....162 164% Nat Ry Mex2d.. 2% 24 Nat Supply (3).. €A% 66% Nevada Copper.. 16% 15% NOT&M {23%.. 115% 115% NYAir Br (4).. bl% 6l NY Central (7). 122 122 NYCStL (6)... 128% 128% NYC&StLpf (6) 0 90 NY Dock....... 27% 27% NYNH & Hart.. 33 344 NYO&Wst (1) 23 234 Norf & W (18).. 127% 128 North Am (3.40) 47% 47% North Ampf (3) 48 48 North Pac (5)... 69% 69% Onyx Hoslery... 22 22 Orpheum (1.80). 27% 27% Otis Elev (15%) 89 89 Otis Steel. . 9% 104 Otis Steel pf.... 5% 59% Owens Bot (31.. 45% 45% Pacific Gas (8).. 107 107% Pacific O1l (2) Pac Tel & Tel packard (1.5 Pan-Amer (4).. 73% 74 Pan-Amer B (§) 73% 74 Panbandle.. 4h 4% Park & Tilford.. 80% 80% Penna C & Coke. 19% 19% Pennsy RR (3). 47% 47% Penn Seab Steel. 21 2% Peoples Gas (8). 115% 116% Pere Marq (4).. 69 69 Pere Mar pf (6). 72 72 Phila Co (4).... B4 b4 Phila Co pf (3).. 45% 45% Phila @ RC&I. 47% 47% Phillip Morris.. 14% 15 Pbillips Pet (2). 43% 43% Plerce-Arrow.. 12% 124 Plerce-Arrow pt 48% 48% Plerce Oll. . 2% 2% Pierce Petrol... % 7% Pitts Coal. . B0% b5O% Pitts Term 56% 656% Pitts & West Va €84 684 Pitts Ut pf (1200 14 14 Postum-Cer (4) 107% 107% Press Steel Car. 57% 57% Prod & Refiners 28% 2815 Pro& Rpf (3%) 46 46 Pub Ser NJ (5). 69% 684 Pullman Co (8). 138% 138% Punta Al Ru (5). 42% 42% Pure Oll 1%). 8lk 31k Radio Corpof A. 60 61 Radlo-C pf (3%) 61% b51% Ry Stl Spg (8).. 127 127% Ray Cons Cop. 16% 16% Reading (4).... 77 1% Reading rts. 22 22 Reading 18t (2). 87% 37% Read 2d pf (2).. 40 40 Remington Type 49% b51% Replogle Steel.. 18% 18% Rep Ir & Steel.. 61% 52 Reynolds Sp (1) 15% 16% Rey Tob B (3) 6% 174 Rossia Ins (6). Roy Duth 4.42% St Josepn 14 (2) StL & San F (5) StLSanF pt (8 St L Southw Savage Arm Schulte (8)..... Schulte pf (8) Seaboard Alr L. Seabd Air L pf. . Sears-Roebk (6) Seneca Copper. . Shattuck-Ariz. . Shell Union (1). 6! Simmon Co (2).. 85% 85% Simms Pet (50¢) simmons pf (7). Sinclair Oll..... Sinclalr pt (8)... Skelly. s‘i:“ft Sloss-She! Sloss-Sht pf (7). 97 = 97 South Pac (6).. 105% 105% Southern Ry (§) 90 90% South Ry pf (6). 85% 88 Spicer Mfg..... 16% 17% StaGas & EL(3) 43 43% Stofl Calif (3).. 68% 63% StOUNJ (1)... 4% 4% StO1INJ pf (7). 118% 8% Std Plate Glass. 13% 13% Stew Warner (5 T1% 7l% Studebaker (4). 43} 44 Submarine Boat 9% 9% Superfor Ofl.... 5% &% Superior 8tl 31 81 Sweets (new) 9% 9% Symington...... 16k 15% Symington (A). 22 22% Tennessee Coppe 8% 8% Texas Co (3).... 474 47% Tex G Sul (17%) 102% 102% Low. 48 444 % 24% B4% 39% 89% 16% 16% 114% 114% 21 27% 16% 16% 8% 84 232 282 465 465 108% 108% 284 28% 31% 381w 124 12% b6 57 87% 884 126 12% 46% 45% 26% 26% b65% b6 % 16 964 YT 4 4% 19 19 113% 113% 4T% 4T% 36% 36% 23 23 16% 15% 44 46 63% 53% 2% 2% 31% 81% 80 90% T6% T6% b9% 60% 59 89k 8% 8% 67% 68 22% 22% 6% 1 9% 9% 34% 35 20% 20% 108 108 84% 3% 105 105 1% 1% 1s s 68 68 186 137 109 :09 103 X 4% ?’4"/: 39% 39% N & 29% 29% 51 51 25% 26% 20% 29% 28% 29% 49 ' 49 42 424 83% 83% Ya % €T% 67% 80% 81 41% 42% 103% 104 20% 20% 16% 15% 21% 21% 1% 1% 100 100 2% 2% 86% 86% 84 84 88 38% 9% $0% 67 69% 47% 48 28% 23% 8% 8% 8 8 16 16 69 69 125% 126% 68% 68% 45 45 41% 42 100 100 66 66 33% 8% 82% 82% 160 160 2 2 66% 15% 115% 51 121% 128% 90 27 34% 8% 127 47 47% 68% 22 27% 88% 10 b59% Close. 48 “u 7% 24% 843 66% 16% 116% 51 120% 128% 90 27 82% 3 127 45% 47% 68% 22 274% 88% 9% 59% 46% 45% 107 1074 59% 60 100 100 16% 17% T2% 73% 72% 3% 4% 4% 204% 80% 19% 194 47 4T% 2% 2% 116% 115% 69 69 72 72 B4 o4 4% 46% 47% a4 4% 14% 42 2% 125 12% 484 484 2% 2% % 1% 50% 5O% 56 56 68 68 14 14 102 105% 574 674 28% 28% 46 46 9% 69% 136% 187 424 42% 0% 30% 58% 60 B1% 51% 127 127T% 16% 15% 16 76% 22 22 T4 8% 9% 39% 49% 50% 18 18 514 B1% 15% 164 6% 76% 96% 963 65% 65% a4 684 68% 814 82y 49 49 92% 94 1124 112% 15 s 22% 223 40% 404 1be% 164% % 6% 26% 844 21% 101 21% 89 28 89 97 104% 89% 85% 16% 424 625, 444 18% 184 69% R, WASHINGTO. BONDS FLUCTUATE INNARROW LINITS C., THURSDAY, FEBRUARY 19, 192 [ovmwvom BONDSswocxexenavce] || ARGE ADVANCES . Recsived by Private Wire Direct te The Star Office. UNITED STATES BONDS. (Sales are in U M6s'47 20 3 ,000.) Bales. Higl Low. Close. Lib3l%s... 30 10126 102 22 101 26 7 Liblst4%s 11 10127 10123 }3.‘,;5. %s. $1 10030 10028 Several New Tops Scored by | Cinsasis: 130 101 18 10131 101 11 : Rail | Industrial Lib44%s.. 618 10128 10126 10127 — 91944. 8 100 30 100 30 ssuesv ndustrial US4%s'53. 2 10427 104 26 10427 Group Unsettled. Tow Close. Argentine 964 96% Argentine 6% 06% BY GEORGE T. HUGHES. Argentine 7, 102% 102% Special Dispateh fb The Star. Austria 7 94% 944 NEW YORK, February 19.—Specu-| Bk of Ja GRS lative rails attracted the most atten-| BelSIum és wi. Chb ] tion in the bond trading today. Belgtum 6%a w1 93% 93% The New Haven group was very| pol&jum7ks.. 109% 1094 strong and the St. Paul obligations | pelEum & H0TCRIOTS, were almost as equally weak. New | polvif N Haven 6s crossing 90, sold at a new | pordeaux BUE 54 high record for the vear and In 1arg- | pras) 1y e i er volume than in a long time. The | prozii1ta. e most_sensational advarice, however, in £ 1?)1% o the New Haven group came in the 2% 10: New York, Westchester and Boston | Canada e 1983 ... 10 104 103% 103% 4%s. They, too, made a new high|Cpreds B¥%s1920.. 6 1084 103 1034 20 : 42 32 101 100% 101 record above . 65, compared with| cpy g8 193¢ s 102% Wednesday's close of 63, which was LS in itself a new top for these particu- s lar bonds. Selling to yield over 8 o per cent, the New Haven guarantee, A now that this road’s refunding prob- o5 98 lem is solved, made the bonds look 100 100 cheap. The is, both franc and dollar 100 100% bonds, were traded In in large blocks | around par. enmark 6s 20 101% 101% 101% > 2 Denmark 8s 8 111 110% 310% i St. Paul Group Week. DEIS%sMch'63. 4 97 964 96% The feature of the St. Paul obliga- | DEI6%sNov 63. 27 97% 97 7% tions was the heavy selling of the 4s | Dutch East16s'47 59 101% 101 101% of 1925, which at were down 2 62 23 1014 100% 1014 points from Wednesday's high and at a | El Salvador 88 48.. 52 104% 104 104 new low for the year. The longer term | Finland s f 6s 1945 2 854% 86 85 junior liens were heavy, but not as| Framerican 7%s.. 21 94 $3 94 Weak as the iesue which is about to| French 7awi.... 147 90% 9u% 90% mature. Later n the day there was a | French Govt 7%s, 32 99% 99% 99% moderate rally. French Govet 8s.. 24 1024 10244 1024 In the general list trading quieted | Germany Ta wi... 147 95 04% 84% down, and, while there was no weak- | Ger Gen Elec 7s.. 16 §3% 93% 8% ness, bidders were not as numerous | Greek 7s w1 6 87% 87 87 as on Wednesday. The firmer tone | Haiti 6a.. 1 93% 93% 93% {in six-month money may have had | Hungary 6% . 2 89% B89k 894 something to do with the slackening | Japanese 61 64 of activity in investment issues. Jerge: ¢ L; Good Injuiry Noted. ons ek ; Yuisy, Marseille 6s 5 ere was still good inquiry for | wetheriands 6564, 3 medium grade bonds, especially the | Netheriands 6o 43, 2, utilities such as North American | yroniourrc® 08 73 2} Edison 6128 and Tennesses Electric | norlt0feo (8e--- 1 Power 6s. Foreign bonds were little | xorua¥ g8 1088- -+ 19 changed. French obligationsswere a | yora¥ g8 1083 -+ 13 shade higher and there was some | Norepy 2 buying in high-ylelding special is- | orier hevy deb 8. 11 sues such us Salvador 8s. Pl Tt 2 The day's mew issues included $1,- | parie-p¥,-3ed 78 2 530,000 Western United Corporation | paris oojenns sa - 15-year 6 per cent notes to yield 6.20 | poran g 6o g0 - per cent, and $240,000 City of Bir- Prague 1’*. 91% 91% mingham b%s, due serially, to yleld Queensland 61 103 103 from 4 to 4.40 per cent. RiodeJan8s1946. 5 95 95 95 GlLEB ST Riode Jan 8 1947. 11 94% 94% £4% Rio Gr Do Sul 8 5 95% 96% 964 AMERICAN WOOLEN [Ssofamesiors & 88 sbh 1o 7 101% 102 6 £8% BE% 7 851 DEFICIT $11,969,836 1 St bd sea 9 9915 9uN 8 103% 104 President Pierce Reports Most Try- Confted 8s. .. . mu. :‘)’5. i ; ;. Tokio b6. ... .. .0 5 674 6T% 67 ing Year Since Firm Started Ud Kingm 6%3°29. 1 116% 1o nst in 1899 Ud Kingm s%s°37. 4 1064 106 106 - Ud Steam Copen 68 8 541 9415 941 = Uruguay 8s . 2108 108 108 e Aisatpe Zurich 3s 5 110% 110% 110% BOSTON, February 19.—The Amer- MISCELLANEOUS. ican Woolen Co. in 1924 passed % through the most trying vear since | Am ASTChem Tis 18 100% 100 100% its_incorporation In 1899, "according [ AT GAsth & CPASE 25 gl of gy to a statement to stockhoiders dssued | A SoRUR TP I 07 077 9an gery by President Andrew G. Plerce, with| xnigmh e g 16 106% 106% 106% the annual report of the company.| At Sux ref 6s 102% 102 & 1024 The report showed an operating | am & T ol tr és.. 9F %4 96% 96% deficit of $4,025,865, and including de- | Am 12T SLAF 8-« S0 (08 G000 00 preciation and unearned dividends| ' e 7 'SR 5s. 47 95% 95% 9B% paid out the deficit for the year was|Am'T & Tdeb5%s 33 102 101% 101% $14.969,836. AmT& Tcv 6s 1125 125 125 The company, however, drew upon | om Water Wks 58, 2, 95% 5% 95% its speclal reserve during the vear| anaconda st © 41 100% 100% 109% to the extent of $1436,524, and inas- | ,naConeR 5y Mol %6 108™ 100w 1024 much as in calculating the 1923 | Anaco7e%5% pd. . 21 100 100 = 100 earnings the addition of $4.000,000 10 | Armour & Co 4%s. 8% 8815 88Y that reserve was treated as a Profit| armour of Del 5%1 30 93% 93t 9315 the deduction last year must be re-| atiantic Refin 5s.. 3 994 99 8uis Fzrdoglns a loss.{il,;«':;s!a"id. Includ- | garngdalls £ 8s... 1 104% 104% 104% ng this sum of $1,436,824 the 1924 deficit_from all sources amo Gell Tel Pa 83 2 1015 100101 $13,406,660. unted 10| oCin Steel pm bs.. 11 62% 924 92% i Beth Steel 5143’63 1 88% B88% £8% _ BONDS_ BethSteslstén .. 15 S6k 96 96 MAN Brier H St 1st 6%3 9944 G AND STOCKS. Bkiyn Ed gen 5s..- 24 100 99% 100 (Quoted in dollars per million marke) Bush T Bldg 68°60. 7 9% 94% 94% Ger Gt (war loan) 5 1914-18. 1503 50 100 o0 | Callf Pete 63m... 0 2 10214 102% 10215 Hamburg 4348 1919, ... 3750 36250 | Central Leather 58 8 100% 100% 1004 Ger Gt 4-6s (forced loan).... 2000 23.00 | Chile Copper 14 108% 108% 1081 Ger Gt 8158 1923 (sm pleces) 65 .85 & E1 3 100% 100% 100 (Quoted In dollars per thousand marks.) "~ | CO1 Ga8 3 : b Ger Gen Elec 4148 pre-war. .00 Col Gs & EI 5 3 '100% 1003, 100% Ger Gen Flec 434 1919 Commonwth P 6s. 12 100% 100 * 1004 e T : Con Coal Md 1st B8 27 89% 883 8843 AmLE S & e e Con G NY 5%s wi..254 1015 1014% orth German Liors 41 Consumers Pow bs 40 934 947 orth German Loy Cane cv 7¢'30 3 ErimingContols Vi CubaCanecvdte. K 101 1014 Dusseldorf 4s pre-war.... Denver Gas & i BGe el Frankfort a-M 4s pre-war. Det Edison 5s°40.. 2 100% 100% Munich 43 pre-war. Donner Steel 7s... 2 91% 91% A B G taer Ge Eisc) Du Pont de N 7%s. 11 107% 1071 Commerz and Privat I Duquesne Light 6s 9 105% 105% Disconto Gellschi Est Cuba Sug 7%s 6 105% 106% Dreadner Bank Empire GEF T%s. 154 10i% 100% Darmstaedter Bank Fisk Rubber &8 EloRIe Mercer Bank Vienna . Goodrich 6% 37 103% 1&}% i 16 1204 120 In becoming director of her own fi““","'“‘;:'l:::“: 5 103% 108% theater in Detroit Jessie Bonstelle| o hYOaR 6a. 3 101 100% has realized her girlhood ambitions. | [l Ppery 1st 6. 13 98 977 | [llinois Steel 43 Efil 1%‘!“: l%‘ Tex & Pacific... B8% B56% G4% 55% .{""‘“(“:f,f::‘l: pred Tex&PacC&O 20 20 18 19 | intMer Tor 90 Third Avenue... 1245 124 12 12 [CES 0% A'62. 9 96% 964 Timken (13%).. 42 42 4% 41k | eC G g El 68'52.. 7 100% 100% Tobac Prod (6). 774 784 76% 77y | (3) 78..... B 102% 102% Tobac Prod A (7 96% 97 964 97 | KeYSet i) (157 8 95 97y TranscontOll... 4% 4% 4% 4y | KeWW-SRTAR G 10 92w 02w 92w Underwood (3). 40 40 40° 40 | Lorillard (P) b 2 96% 96% 96% Un Bag & Paper 40% 40% 40% ¢0% | Lorillard (P) T 4 115% 1154 1154 Union Oll (1.80). 41% 41% 40% 41y | Manati Sug st7%s 8 101% 1013 1014 Un Pactfic (10).. 151 161 149% 150% | midvale Steel ba.. 10 904 90 904 UnPacpf(4)... 75 76 176 75 | pontana Pow bs. 6 99% 994 99% UnTakCarpf (7114 114 114 114 | Mor's&Colst4¥s. 13 844 88% sy Utd Alloy Steel. 29% 304 29% 204 | New Eng Tel58. .- 9% 99% UtaCigar (t19%) 67 76 67 174 | Ny Eden 114% 114% Utd Ry Inves pf. 58% 53% 634 b53% | Ny Tel 68°41 107% 107% USCastlIronP. 226 226 216 221 | Ny Tel 68’49 108% 109 USDistributing 81% 81% 31 31 ! North Am Ed 6 100% 100% USHoff (500).. 24% 24% 242 24% | North Am Ed 6% 103 103 USIndAlcobol. 81 81% *79% 80% | nor States Pow bs. 95% 95% USRealty (8).. 124% 120 122% 12:% Pow 68 106% 106% U S Rubber % 41 41y 17%: 4 85% 96% 95% 95% g:: s‘::: 8s. 99% 99% 38% 33% 32% 82% | pgoinc Gas & El 95 95 U SSteel (17)... 124% 124% 122 128% | pao T & T 18t 5 9% 99% USBteel p£ (7). 122% 128 1224 123 | pacino T & T 63 944 9at4 Universal Pipe.. 45 45% 433 43 | ool American 6 109% 109% Univer Ppf (7). 89% 90 87 87 | Ml Gies 95% 95% Utah Securities. 47% 50% 47 50% | Diyic Co ref 68 104% 104% 28 28 27 27 |ppn&RAECE 101 101 1% 11% 11% 11% | pjerce-Arrow 9% 96% 74% T4% T4 74 | producers&R 114 114 10% 10% 10% 10% | public Sevice © B ‘gga lg;a 23% 23% 28y ggy | Punta AlesTe 8- 5 83% €3% 624 62% | gnclalr Ol 6s... . 64 1144 1124 113y 17% 17% 17% 17% | ginclair Oil 638 7 89 88% 88% 120 120 120 120 | ginclair O 7 19 93% 934 934 Ward Baking B. 42K 1 42 4@ 42 |ginCOp] 68’28 wl 42 1004 1004 1004 Ward Baking pf' 95% 96 95% 14 85% 85% 85% Wells-Fargo.... 124 12 1214 - 89 1164 114% 114% W Pa Pow pf (1) 1044 104% 104% . 5100 99% o9% West Maryland. 154 16% 14% 14% | 8o Por Rico Sug 78 b5 102% 1024 1024 Wentern Pacific. 35% 85K 85 854 | Southwest Bell68. 49 97% 97% 97 West PacDf (). 92 92 92 92 |penn Elec Pow és. 13 10116 1014 101k West Union (7). 1214 122 121% 121% | Tide Wat Ofl 6%s. 3 103% 1034 103y Westinghse (). 724 78 71% 72 | Toledo Edn 1st7s. 16 109% 109% 1003 Weston BlecA... 21 @21 21" 31 |UnjonBag&Pés. 3 954 954 955 Wheel & L Erie. 141 4% 14% 144 | United Drus 6s.... 11 102% 1024 102% Wheel ELEDf. 284% 284 241 241, USRublstribs.. 22 BT 86% 87y White Eagle (20 28% 20% 20% 29y US Rubber 7%s... 1 106% 106% 106% White Mot (4).. 64 64 684 633 | U SSteelstbs. 64 106 105% 106 WwickwireSpent © W & 1 | Utah Pow & Lt 94 4y ‘Wickwire Spris. 1 1% 1 1% | Va-Car Chem T 87% 88 Wickwirepfrts. 8K 9% 8% 9| va-CarCh7% 494 49y Willys-Overlan¢ 10 10% 9% 10 | Vertlentes Sug 7. 94 94 Wills-Over pf.. 6% 76% 74% Warner Sug 73 39, 83% 83% Woolworth 134, 1154 118% 115% ‘Warner Sux 7s ‘41 95% 95% Worthington... 704 70% 87% 99 99 Worthington B 73K 734 721 107% 1073 Wright Aero (1) |18% 18% 174 86% 86% Wrigley (*3%). 49% 50 49% 50 | Willys-Ov 6% 100 100 Xellow Cab. 85 35 34% 35 |Wison&Colstés 7 84% 94 94 YoungstnS&T. 78 23 74 71| Wilson&Coviks. 8 66% 66% 66% ;g.fld h"{m SR Winchester A 7%s 1 101% 101% 101% ex al pilEarty exta yable 1o Younkstn S&T 6s. 24 99 98% 98% are the annual te VA R R [ptiisuaries _"'m‘,:'.."‘:;,‘{,"gm The American Woman's Club" in dividends are mot Paris has two thousand members. 4 111 C-C St L&NO 58 FINANCIAL RAILROAD. jales. High. Low. Close. Atchtson ad; 1 83% B834% 834 .12 89 88% 89 o1% 91w 91% H b giw &4 5| Trade Expected to Be on Do- s9% B89 89 : : : 101w 101 101w |- mestic Basis by April. 104% 108% IO;:K. s o Corn Firmer. 85% 854 854 = 87% 87 87 Canada North 7s 3 116% 116% 116% | By the Associated Press. Clnldl?lcd.b s 20 80 9% T9% CHICAGO, February 13.—Owing CarClinch & O 5s. 1 100% 100% 100% |1argely to predictions from a leading CarClinch & O 6s. 4 107 106% 106% | exporter that the wheat trade of the Centof Ga6s...... 18 104 103% 103% | United States will be on domestic Central Pacific 4s. 6 87% 87% B87% |basis during April, May and June, the Ches & Ocv 4%s.. 1 93% 96% 96%4Wheat market scored a material ad- ChesOgn 4%s.... 27 90% 90% 90% |vance today in the early dealings. Ches & Ohlo ov bs. 64 104% 104% 104% [ The months named are as a rule Chi & Alton 3%s.. 45 674 67 57% |those in which demand from abroad Ch1B&Qgn 4s'68. 9§ 897 89% 89% |becomes urgent. Sharply higher quo- ChiB&Q Istrfbs.. 5 101% 10i% 101% | tations at Liverpool today tended aiso Chi & E1gn 12 784 71% 784 |to lift values here. The opening, Chi Great West 4s. 21 s 63y | Which ranged from % to 2% higher, Chi M & St P 48 '35 247 70 |May 1.86 to 1.87 and July 157% to CM&StPdb 6 53 62% b3 |1-58 was followed by something of a CM&StP gn 48°89. 3 71% 71 7i% |Teaction, but then by fresh gains, Chi M&St Pev 4140 18 67 B6's 564 with May up 7% cents above Tues- Chi M&St Prf4%e 21 62% 61% b1% [day's low point. ChiM&StPcvbs, 19 st bow b5o% | COrR and oats were firmer, sympa- ChiM & St P 6 .11 99Y% 99 99% thizing with wheat. After opening Chi& NWgn3ths 3 147 74% 74%|8t % to % advance, May, 1.30% to C&NWegends. ... 1 85 u5 85 |1:30%. corn sagged somewhat and Chi&NW7s...... 1109 109 109 {then rose righer than before. Chi Rys bs. . " 53 83w 82% 2% |, OAts started at %4 to 3 up.May, 55. ChiRT& P gn 4s.. b | Later there was a siight further up- ChiRI&Prf4s e | turn- Chi Un Sta 4%s. .. 9% | Provisions were responsive to high- Chi & W Inc cn 4s. 2% er quotations on hogs and grain. C&W 1518’ 62 wi. Open. High. Low. Close. CCC&StL 4 F The e 1R R CCC&StLrt6 , 15T B 1 Claye morn parn: :g"‘,: Septem 144 1427 143 Cleve Term 53%s.. 1.30% 1.30% 1.30% Colo & Sou 4%, . 1317 1303 1.31% Cuba RRba. 1301 9 130% CubaRR 7%s Del & Hd 1st rf 48 Del-Hud cv 65 '35. Del & Hudson 638 Den & Rio G cn 4 D & Rio G imp 5 D & Rio G Wat bs. Erle 15t cons 4 Eric gen 45 Erle conv 4s A Erle conv 4s B Erfe conv 48 D Erie con ext 7s. . Erle & Jersey 68 Gr Trunk sf db 6s. Great North 58 Gr North 5, Gr North gen 7. Hud & Man ref 5s. Hud & Man aj Int Rap Tran 5s... Int Rap Tr 58 stpd. Int Rap Tran Int Rap Tran 7 Int & G Nor 1st Int & G Nor aj Iowa Cent 1st 5s. . Kan City Ft S4s.. 5 7 1 9 3 9 Kansas City S6s.. 11 89% 89 Kan Cy Term 4s 9 854 85% gg“ Lake Shore 4s°28. 1 98% 98% $8% Lowts & Nuni4s.. 82 94 934 93y Manhut Rycn4s.. 1 63% 63% 63% Man Ry 2d 48 2013. 5 54% b54% 54% MIEIRy&Lb6s.. 13 85 & 88 M & St L'1st ref 5 24% 3¢ 7% 13 88% ':.: 813 €6 91 103% 65 101 88% 101% 95% 624 94 92 NO Tex & M 5% (g N 0. Tex. Mex 6. Py N Y Cent deb 4 i N Y Cent ri b 1014 N Y Cent deb 1130 NYC&StLadi - aeis NYCh' &St L5%s 11 954 NYC&StL6sA.. b 1034 1031, New Havd4s'67.. 9 58% 59 New Havcdés... 114 90 0% New Haven 7s.... 71 100% 1004 New Haven 7a fr..391 99% 9974 New York Ry fr4s 2 524 521 NY Rysadj6act.. 10 5% 6% NY State Ry ¢%s. 4 66% 66% N Y W & Bos 4%8.173 63 6514 Northern Pac3s... 2 61% 1% Northern Pac 4s.. 24 85 a5t Northern Pac r i 68 39 107% 107% 10714 OreShortLretds. 5 97 97 g7 Ore-Wash lstrf 4s 33 £2% 8§2i4 g2y Pennsyl gen 4%3. 17 94% S4w 94t Pennsyl gen bs. 3% 10315 10814 Penn. 5s. 64 98% 98 | Pennsyl 6%8 110% 110°% Pennsyl gold 7s... 1 1087 108% Pere Mara ist 19 9% 99K 99y Peorla & Einc4s.. 1 85% 35% 851 PorRL&P68'47. 19 9914 99 g9y Reading gn 443.. 3 9213 92% goy RioG West1st4s. 1 87 87 g7 RIATk & L% 6 B6% 86% 86N StLIM&S4s'35.. 6 94% 941 9y StLIM&S R&G 48.111 874 86% 87y SIL&SFpl4sA.. 69 73% 73, 733 StL&SFprinbs. 3 8% 88y ggy StL&SF6%sD.. 9 97 961, 96y StL&S Fadl 884 87% 884 StL&SFinc 81% 80% 8l StL&SF pl 6 1024 1024 10214 StLSWilst4s.... 6 81 8 g StLSWecon4s'33 1 88% 88% guyy St P Un Dep 5% 101% 101% 101% Seab'd A L adj b 76% 6 76 9% 90% 90% 66 65% G5l 96% 96% 957, 85% 8BY% 8514 89% 89% 89, Southern Ry gn 4 T4 T6% T6% Southern Ry 1st6s 1 101 101 101 Southern Ry 6sct. 4 105% 105% 105% Southern Ry 6%48. 8 109% 109% 109y | Tol St L& W 48 9 834 834 83y Third Ave ref 4 b6% 56 56 Third Ave ad) 5 47 46% a6% [ . 92% 924 9214 Union Paclstrf4s 13 85% 85% 85% Un Pelstrf6s.... 1 105% 105% 105% Unilon Paccv 63 5 104% 104% 104% Virginia Ry st 70 96% 96 96% Va Ry & P 1at 5 5 9% 9% 94T Wabash 1st 68 8 100% 100 1005 Wabash 2d 58 1 96% 96% 964 Weptern Md4s.... 3 66 €6 66 Western Pacific§s 4 934 93% 934 Wheel& LEcn 174 74 T September LARD— May duly . RIBE— May : 10.00 July 16.20 BETTER SPOT SALES AID COTTON VALUES Quotations Hold Steady on Good Trade Buying and Covering. By the Associated Press NEW YORK, February 19.—Rela- tively firm Liverpool cables, com- bined with nervousness over coming crop possibilities and reports of an increased spot demand, gave the cot- ton market a very steady tone in to- day's early trading. There was some March liquidation at the start, and prices were 1 point month offerings were readily absorbed and active months sold about 3 to points net higher shortly after the call on covering and trade and com- mission house buying. May advanced to 24.86, and October to 25.02, but there was a good deal of realizing at these figures, and the market was a shade off from the best at the end of the first hour. Liverpoo] reported spot sales of 14,000 bales, including 10.000 Ameri- can, representing the largest day's business for months. New Orleans Quotatinos. NEW ORLEANS, February 19.—The cotton market had a good opening, with first trades showing gains of 6 to 12 points. due and a 14.000 bales, time, proved fluences. pot sale in Liverpool of the largest in a long the stimulating in- GRAIN AND PROVISIONS. BALTIMORE, February 19 (Spe- cial).—Potatoes—Per 100 1bs, 1.25a 1.65; sweet potatoes, barrel, 2.50a5.50; yams, barrel, 3.50a4.50; beans, hamper, 2.50a6.00; beets, crate, 2.50a2.75; bro- coll and kale, bushel, 50a60; Brus- sels sprouts, quart, 10a25; cabbage, ton. 20.00a23.00; savoy, bushel, 50a 75; carrots, 100, 5.00a7.00; caulifiower, crate, 1.50a2.50; celery, crate, 2.50a 3.50; eggplants. crate, 3.50a5.50; let- tuce, basket, 2.00a3.00; onions, 100 pounds, 3.00a3.25; oyster plants, 100, 8.00a10.00; parsnips, basket, 40a60; peas, hamper, 4.00a5.50; peppers, crate, 3.00a5.50; spinach, bushel, 1.00a 1.40; squash, crate, 3.00a4.00; toma- toes, crate, 2.50a5.00; turnips, basket, 50a75. - Apples—Packed, barrel, 3.50a7.50; bushel, 1.00a2.25; grapefruit, box, 2.25a 3.00; oranges, box, 3.00a4.50; straw- berries, quart, 40a35. Selling Prices at Noon. Wheat—No. 2 red Winter, spot_ ex- port, no quotations; No. 2 red Winter, spot_domestic, 1.91% nominal; No. 2 red Winter, garlicky, domestic, 1.91% nominal; No. 3 red Winter, no quota- tions. Sales—None. Corn—Cob, new, vellow, spot, 6.50a 6.75 per barrel; track corn, yellow, No. 2, 1.40. ; Sales— Oats—No Rye—Nearby, 1.40a1.50; No. 2 rye, spot, 1.64%. Hay—Receipts, 75 tons. For the better quality of timothy and cholce white clover mixed hay there is a fair demand at full quotations, but generally speaking, the receipts are ample for trade wants. Low grade and inferior hay is hard to place at any price. Quotations today — No 2 20.50a21.50; No. 3 timothy, No. 1 light clover, mixed, timothy, 17.00a19.00; 19.50a20.00; WHITE POTATOES DROP. Price Lower in New York as Sup- plies Pile Up. Special Dispatch to The Star. NEW YORK, February 19.—The- supply of white potatoes continued to pile up today and prices further de- clined. No. 1 round whites, in bulk, No. 2 clover, mixed, 17.0018.00. Straw—No. 1 wheat, 16.00a17.00 per ton; No. 1 oat, 16.00a17.00; No. 1 straight rye, 18.00a13.00. DAIRY PRODUCTS. BALTIMORE, February 19 (Spe- cial).—Live poultry—Young chickens, pound, 22a32; Leghorns, 22a28; Win- ter chickens, 33a35; old hens, 22a28; Leghorns, 22a23; old roosters, 17a18; capons, 32a38; young turkeys, 40ad5; old, 35; poor and crooked breasts, 25; ducks, 24a32; geese, 22a26; pigeons, pair, 35a40; guinea fowl, each, 40a85. went as from $2.00 to $2.25 per 180 Jounds, while sacked offerings sold at $1.65 to $1.90 per 150 pounds. Fancy strawberries were scarce, and the best offerings commanded 50 to 55 cents per quart. . NEW YORK EGG PRICES. NEW YORK, February 19.—Eggs— Irregular; receipts, 19,255; fresh gath- ered extra firsts, 43a44; do., firsts, 47a. 42%; do., seconds 41%; nearby hen- nery whites, closely selécted extras, 45; nearby and nearby western hen- nery whites, firsts to average extras, 42a44; nearby hennery browns, ex- tras, 451%a46; Pacific Coast whites extras, 43%ad4; do., firsts to extra firsts, 413243, UTAH COPPER EARNINGS. NBW YORK, February 19.—Utah Copper earned $5.59 a share on the capital stock last year, with net in- come of $9,090,190, against $6.44 a share and net of $10,472,798 In 1923. Dressed poultry—Turkeys, pound, 35a45; poor and crooked breasts, 25 shkil{cen:z, 230;!2; old roosters, 17a18; ucl 5a30; geese, 20a25; 32a43” T Eggs—Receipts, 2,503 casés; native and nearby firsts, dozen, 36a37%. Butter—Creamery, good to fancy, pound, 39a42%; prints, 42%%ad4s; ladles, 27a29; store packed, 20; proc- ess butter, 33; dalry prints, 20a25; rolls, 20a25. . T RAW SUGAR LOWER. NEW YORK, February 19.—Another decline of 1-32 cent to the basis of 4.59, duty paid, occurred in raw sugar early today. At this level a better in- quiry developed, and sales of at least 100,000 bags of Cuban and Porto Rican were made to local refiners for February and March shipments. ON SOUTHERN RY. BOARD. | NEW YORK, February 19.—Jackson E. Reynolds, president of the First National Bank of New York,and Wal- ker S. Case, today were elected direc- RATES ON BAR SILVER. tors of the Southern Railway Com- Much better cables than lower to 3 points higher, but near-|made up of over four-score baker CHEAPMONEY FELT AT DISTRICT BANKS Lack of Attractive Short- Term Paper Presents Acute Problem Here. BY CHAS. P. SHAEFFLER. Disposition of a plentiful supply of available funds in substantial paper of short llquidity returning a profit able yield 4s a problem of proportions which confronts local banking fraternity and obta throughout the country as well Locally, there is considerahic tatien on the part of financial tutions to put undue available ¢ in high-priced bonds of long ma turity. This hesitancy is due to chean money and rising bond prices. The problem would be easy of solution if it were possible to diagnose what the future holds in store for bond market, but if the present market should reverse itself within tho next year huge depreclations would neces- sarily ensue Washington bankers do not feel that Liberty and other Government issues offer an attractive buy at the present levels. This market is ruled entirely by the money market; cheap money elevates Federal bonds Proot of this statement is conta d in current quotations which show every Treasury issue well over par. Short-term bonds of one and two vear maturities are oconsidered the most attractive Investment at the present time. But it is virtually ir possible to buy high-grade bon maturing in one year at a yield ¢ more than 4 per cent; likewise, it practically impossible to buy hig! grade two or three year bonds at yields better than 4%: per cent Banks are subjected to two maj taxes—the Federal tax of 1%z pr cent on net, while the District gov ernment exacts 6 per cent before de duction of interest payments from n: tional banks and trust companies the District, while savings stitu tions pay the local government 4 p cent on earnings after deduction interest payments. These di ments, alone, erase what little profit the present market offe Call money rules pret 31; per cent. Time money is mors firmly held at the lender’s price, with 90-day and 4-month funds availabie against stock exchange collateral at major He ns hes 3% per cent. Commercial paper is quiet, with the market fairly broad at 3'2 to 4 per cent. Baking Magnates Meet. Karl W. Corby, president of the rby Baking Co., is in Chicago fo three days for the first annual ference on plans and policies of t Continental Baking Corporation be- ing hald at the Windemere Hotel and concluding tomorrow. The conference is being participated in by 40 executives of the leading bakeries throughout the country and part of the Continental Baking Cor poration. The latter corporation In a large number of cities throu out the country, of which the C: plant is one. Outstanding figures attending the conference include George G. Barbe chairman of the board of the Massa- chusetts Baking Co.; Richard F. Meyers, president of the Consum Baking Co.; Jules and N. L. Liv ston of the Campbell Baking Co Henry J. C. Wagner, president of the Wagner Baking Co.. W. E. Long president of the Standard Ba Corporation; Wade D. Holland, pres dent of the Continental Baking ( poration; George Krug, president o the Shults Bread Co.; A. Welle, presi- dent of the American Bakery Co. M. Lee Marshall, president of the Bakeries Service Corporation, and W R. Taggart, president of the Tagga Baking Co. Bankers in Conference. Over a thousand representatives of the trust company division of the American Bankers' Association are in attendance at the sixth Midw conference now being held in > York City. The first day's discussion consisted largely on the question of life insur- ance trusts, conducted by authorities on the subject. The hazards red ing a man's estate, such as unwise stock Investments on the part of his heirs, and shrinkage due to inherit- ance taxes, were pointed out, whil the value of life insurance trusts in conserving estates for the benefit of the heirs in a way to insure the max mum of benefit to them was ill trated by a series of charts thrown on a screen. John B. Larner, president of the Washington Loan and Trust Co. and an official of the trust company division, and Stanley Holland, assist- ant trust officer of the American Se- curity and Trust Co., are in attenda at the sessions ew Treasury Note Consumption. Secretary Mellon has authorized Federal Reserve Banks, on and after today, and until further notice, deem in cash before March 15, at the holder’s option, Treasury cer- tificates of indebtedness of series TH 1925, dated March 15, 1924, and Treasury notes of serles A 1925, dated February 1, 1922, both maturing March 15 next. Redemption is to be made at par and accrued interest to date of such op- tional redemption. Holders of such certificates and notes may, according- 1y, at their option, forward them for redemption to the Federal Reserve Bank of Richmond or its Baltimore branch. Trading on Local Board. Washington Railway & Blectric 4s firmed up to 79% on the local ex- change this morning, while the pre- ferred stock of the company sold off fractionally to 81. These were the only changes reported. Commercial National Bank was un- changed at 158, as was National Mort- gage & Investment preferred at 9%. Washington Gas s sold at par. President Hoover Returns. ‘William D. Hoover, president of the National Savings & Trust Co., re turned to his desk this morning after a week's vacation spent in Augusta, Ga. STOCK DIVIDEND CUT. NEW YORK, February 19.—The stock dividend of 14 per cent, which has been distributed monthly on the common stock of the Cities Service Co. since March 1, 1922, was cut today to one-half of 1 per cent. It is pay- able with the regular monthly cash dividends on the common and pre- ferred shares on April 1, to stock of record March 15. The company owns utility properties throughout the country. DRY GOODS UNCHANGED. NEW YORK, February 19.—Cotton goods markets continued in the dol- drums today, with prices generally unchanged. Print cloth gquotations stood at 9% cents for 64 by 60 and 113 cents for 68 by 72. Raw silks were a little weaker, declines of 2 to 5 cents being noted in some grades. Trading was light. PARIS BOURSE UNSTEADY. PARIS, February 19.—Prices moved irregularly on the bourse today. Three per cent rentes, 48 francs 30 centimes. Exchange on London, 91 francs 40 centimes. Five ber cent Joan, 57 NEW YORK, February 19.—Bar|pany to succeed Charles Lanier and|francs 75 centimes. The dollar was @eorge T. Slade, resigned. quoted at 19 francs 21 centimes.