Evening Star Newspaper, February 20, 1925, Page 28

FINANCIAL NANY SHARP GAINS IN STOCK MARKET High-Priced Speculative Leaders Very Active in Today’s Advance. MY STUART P. WEST. Bpecial Dispatch to The Star. | NEW YORK, February 20. he | #tock market was more actively and | menerally stronger, with numerous wupward moves among high-priced speculative leaders and in specialties. There. was nothing in the news to sccount for the increased demand, | aithough the drop in the call loan re- | mewal and the fact that the Federal Reserve Bank did not raise its rate, provided an excuse for the profes- wional element to turn to the bull side for the time being. Strong interests showed their hand n such stocks as Baldwin Locomo- tive and Pan-American, and in each instance substantial advances oc- curred. Several of the rails were bid up sharply on the idea of favorable dividend action and merger possi- bilities. Steel Common Under Steel common above 124 ran into & ot of selling. The Independen sieel shares did comparatively little, again reflecting the uncertainty felt regarding the trade outlook. In 1915 Baldwin Locomotive sold 25 high as 15415 and as low as 26%. If it were not for these recollections the rather extraordinary rise in the Stock during the last few days would have been more impressive. As it is the street takes into account the fact that there are only 200,000 shares outstanding, that most of these are Jocked up in the hands of people who are perfectly indifferent to fluctua- tlons, and that consequently, whether it is the argument about the Dliesel engine or any other excuse, the stock can be put up in a market like this practically at random. Almost the same could be said for American Locomotive, which was very strong, the only difference being that the variations in this case have been less violent than those in Baldwin. Pan-American B Jumps. Pan-American B, in ita Jump, was anticipating favorable action on the dividend. The street had no positive word as to what the directors, meeting in Los Angeles, were going to do, but it was quite in- clined to accept private reports, put over with authority, that the stock was going on a $6 basis. Other oill shares were generally higher, but ‘without regaining the prominent place they held a fortnight ago. Bullish operations were renewed in a number of speclalties among these Sears, Roebuck: Montgomery ‘Ward, North American, Utah Se- curities, Savage Arms, Mack Trucks, General Electric, Remington Type- writer and United Drug. American Can was Dbid up sharply, indicating that the principal interests inthis stock stlil had firm control over the market situation. Pressure. 3-point Tobacco Shares Strons. The tobacco. interests once more showed their hand in the market for their stocks, more particularly United Cigar Stores and Tobacco Products. Shipping shares did better and Amer- ican Smelting at its high of the day had fully regained the loss sustained on the news of the adverse court de- ciston. Texas and Pacific made a new high, and there was heavy trading at ad- Yancing prices in Rock Island, and in New Haven. St. Louis Southwestern was strong and so were the Great Western issues, and St. Louis-San Francisco. Rock Isiand Gossip. There was considerable gossip of a speculative nature in connection with Chicago, Rock Island and.Pacific com- mon stock. Rumor had it that the Southern Pacific would absorb the Rock Island. Persons who claimed to have studied the buying in Rock Island today said that the demand for stock came from the same sources ‘which were responsible for the big moves in Mack Trucks and in Cast Iron Pipe. That was enough to in- flame the speculative spirit, and ac- cordingly Rock Island shot forward in_conspicuous fashion. The theory behind the buying in the chemical stocks hed to do chiefly with the recent performance in Air Reduc- tion. Sponsors of this issue continue extremely bullish, making extrava- gant predictions. Meanwhile there was a good deal of selling going on. But on the basis of Air Reduction’s late advance, more interest was taken in Allied Chemical. American Safety Razor became more active on estimates of the 1924 profits. The report for the year is expected 1o show about $5 a share, and the ex- pectation is that the 1925 results will be in excess of that amount. MARKET CLOSES STRONG. Heavy Buying Orders Put in Dur- ing Last Hour. By the Associated Proas NEW YORK, February prices rallied briskly today in re- sponse to lower money rates, ex- tensive short covering and prospects of increased dividend disbursements. The improvement in sentiment created Dby recent corrective selling opera- tions contributed to the market's buoyancy. Sales approximated 1,600,- 000 shares. 4 The closing was strong. Bullish operations were conducted more ag- gressively in the last hour, General Electric mounting 7% points and Mack Truck, Savage Arms, Beechnut Packing, Crucible Steel and California Packing moving up 4 to 5% points. Steel shares joined in the upward swing. .—Stock Markets at a Glance NEW YORK—Stocks strong; Bald- win highest in two years, at 144. Bonds firm; brisk demand for specula- tive rails. Foreign exchanges steady; sterling and francs gain. Cotton easy; southern hedge sellin| Sugar fea- tureless. Coffee steady; short cover- ing. . CHICAGO—Wheat barely steady; favorable crop reports. Corn lower; larger country offerings. Cattle firm. Hogs higher; fair shipping demand. TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ———Noon.—— nid. Ofter. L1001 D100332 | 100 15-32 100'9-16 99 26-32 100 101116 101 3-32 101 1182 101 7.16 100 20-32 101 132 101 27-32 101 8132 48 Mareh 13, 1925 4%s March 15, 193 < June 15, 1925 24{a September 15, 438 December 13 338 Maren 15, 4334 September 1 433 March 15, 1 4145 December 15, = =g RAW SILK TUMBLES. NEW YORK, February 20 (Speclal). ~—Raw =ilks experienced a distinct downward trend today prices being quoted off 5 cents a pound in practl- cally all grades. XXA 20-30 denler | headed the list at a new price of $6.75. Adv Rumley.... Ad Rumly pt (3) Alr Reduct (16). { Afax Rubber Ajax rights Alaska Juneau Allled Chem (4). Allls Chalm (4). Am Agricul Chm Am Ag Chm pt.. Am Bosch. ..... Am Brk Shoe (5) Am Can (18).... AmCar & F (12) Am Chain A (2). Am Chicle | Am Chicle ctts Am Drug Snyd. . Am Express (6). Am & For Pow.. Am & Fr P pi(7) Am & F P 25% (7 Am Hide & Lea. Am Hide & L pf. Am Internatl. .. Am La France (1 Am LaFrn pf (1) Am Linseed. ... Am Linseed pf. Am Locomo (6). Am Loco pf (7) Am Metal (3) Am Radia.or (4) Am Safety Raz Am Ship & Com. Am Sm & Ref (6) Am Stl Fdys (3) Am Sugar. . Am Sugar pf (1) Am Sumatra.. .. Am T & Cab (5). AmT & Tel (9). Am Tobacco (7). Am Tobac B (1). Am Tobac pf (6) Am WW&EI Am Woolen Anacouda (T5¢) Ann Arbor Ann Arbor pf... Arch-Dan pf (1) Armour Del (7). Asso Dry G (5).. Asso Ofl (1%) . At T &S Fe (7). At Birm & At. Atl Coast L (19) . AtGuit& WI... AtGulf & W I pf Atlantic Refiinin Atlan Ref pf (7) Austin-Nichola. Baldwin L (7).. Bald Loco pf (7) Bal & Ohio (£).. | Bal & Oh pt (). Bang & Ar (3).. BarnsdallA.... Barnsdall B.... Bayuk Clgar. . Bayuk 1st pf (7) Beech-Nut (3).. Bethlehem Steel Booth Fisherles. Briggs MIg(3%) Bkl Edison (8 Brk-Man Tran. . Brklyn Un G (4) Brown Shoe (4). Brunswick-Blke Burns Bro (10). Burns Br B (2). Burns Br pf (7). Butte & Supertor Caddo Central. . Cal Pete (1%).. Calif Pet pt (7). Callahan Zinc... Calu & Ariz (2). Case Thresh pf.. Cent Leather. ... Cent Leather pf. CRRNJ (112). Cero d Pasco (4) Certain-Teed. .. Certain-T 1st (7). Chand Mot (3). Ches & Ohio £4). Chicago & Alton Chic & Alton pf. Chi & E 111 pt. Chic Gr West. Chic Gr West pf. Chi Mil & St P... Chi Mil & S P pf. Chi & Nwn (4).. Chi & Nw pt (7). Chi Pneu T (6). ChiRI& Pac... CRI&PDI (6). CRI&Ppt (D). Chile Cop (2%). Chino Copper... Cluett Peab (5). Cluet Pea pf (7) Coca-Cola (7)... Colo Fuel & Iron Colo Southern. . Col G & E (2.60). Col G & E pf (T). Com Inv (2.50). Com Solv A (4). Com Solv B..... Congol-Naira (3 Conley Tin ¥Foll. Consol Cigar.... Con Distributrs. Consol Gas (5).. Co! 1 Textil Cont Can (4). Cont Insur (6).. Cont Mot (80c). Corn Prod (2)..- Corn Prod pt (1) Cosden Co...... Crucible Stl (4). Crucible pf (7). Cub Am Sug (3). Cuban Cane Sug Cub Cane Su pf. Cuban Dom pf.. Cpba RR (6)... Cuyamel Fr (4). Dante) Boone. .. Davison Chem. . Del & Hud (9).. Del L& W (6).. D &R G Wst p Detroit Ed (8).. Dome Mines (2). Dupont (10) ... Duquesna pf (7) Eastman (156%). Eaton Axle..... Elec St Bat (15). Endlcott pf (7). Erfe Erle 18t of. Erie2d pf...... Exchangs Bf (2 Fairbks (2.60). Famous Pl (8).. Fed L& T (*7). Fed Mines pf (1) ¥ak Rubber.... Fish Rubber pf. Fieischman (14) Foundation (6). Freeport-Texas. rdner Motor. Gen Am Tak (3) Gen Asphalt. ... Gen Asph Pt (5). Gen Cigar (8)... Gen Electric (8) Gen El 8pl (600) Gen Motors (6). Gen Mot pf (7). Gen Petrol (2).. Gen Refrac (2). Gimbel Bros. ... Gimbel Br pf (7) Ginter Co (1%). Glidden Co. .-« Goodrich Goodyear Df.... Gdyear prior (8) Granby Son:ol. 4 Gray & Davis. Grt North of (5) Grt Nor Ora (4). Grt Wstn Su (8) Gt West Spf (7) Guif Mo & Nor.. Gu Mo & Npf63 Gulf St Steel (5) Hartman ($2.50) Hayes Wheel (3) Hayes W pf (1% Househ I’ (13%) Houston Ol Hudson Man Cotton “goods markets were quie with no change of note recorded. Print cloth quotations stood at 9% Hudson Mot (3). Hupp Mot (1)... Open. 97 { Am B Shoe pf (7) 109 170% 200% 24% a4 40% 6l 1544 2 93% 124% 115 8% 65 40 25% 20 511 97% §65% 45% 5% 377 126% a 764 71 42% 97 21% 96% 19% 1% 27% 104% 414 52% 64% 19% 61% 298 83 W 106% 10 11 524 56 95Y% 100% 235% 11% 3% 107% b54% 63 50 103 23% 16 46% 9% 106% 19 5% 68'% 36% 9215 111 26 96% 89 823 186% 10434 8% 24% 39% 16% 974 70% 48 5% 38 127% 42% 7 71 43% 100 22% 96% 20 1 Cal Packing (6). 105% 109% 27w 104% 4% 52% Can Pacific (10). 150% 150% 64% 20% 63 298 62% 42% 90% Si% 94 10 19 b1% 13% 29% 13 21% 69% 115% 87 61% 87% 97% 35% 26 63% 107 a1 45 58% 163% 168% 6% ‘ 64% 110% 9 239% 120 32% 5% 9414 31% 13% 60% 40% 3% 108 80% 24% 40% 15% 12% 28% 12% 21% 6814 115% 864 4% 86% 97 36 26 i 90% 43% 57% 46% 106 63 163y% 162 40% 3% 31% 8% % 4 €3% 110% 9 39 120 81% T0% £ 31% 134% 59% 40% 87 62 245 43 143 138 46% 116 16% 7% 106 113% 11% 6455 116 811 40% 40 18% 84 914 133 61% 12% 83 % 106% 9% 105 52% 56 95% 100% 235% 1% 8% 107% 54% b3 49% 23% 16 45 97 106% 18% 5% 68% 36% 92% 11 26 96% 89 2% 36% 104% 35% 8% 24% 39% 16% cents for 64 by 60 and 11% for|ynotsCent (1) 116 115% 115 $3 by %, _ 964 101 | 2891 11% 74% 108 B5% 63% 50 108 23% 16% | 464 98 1063 19% 5% 6944 37% 9834 1 26% 97 %0 82% 37 1044 85% 9% 24% 111 Cent pf (6)... Independ O11 (1) Indian Motorcye Indian Refining. Inland Stl (3%). Open. High. 115 116 27% 28% 16 164% 8% 8% 46 48% Low. 115 2T% 16 8! 46% Inland Stl pf (7) 108% 108% 103% Inspiration Cop. Interb Rap Tr. Int Bus Mao (8). Int Com Eng (2) Internat Har (5) Int Mer Marine. Int Mer Mar pf.. Internat Nickel. Internat-Paper. Int Tel & Tel (§) Int Tel & Tel rts Intertvpe (132) Jewel Tea. B cewel Toa Df.... Jordon Mot (3).. Kan City South. Welly-Spr'gfield. Kennecott (3).. Keystone T & R. Laclede G pf (5). Lee Rub & Tire. Lehigh Val (3% Liggitt & M (+4). Lig & My B (t4). Lig & My1s rgts. Lima Loca (4).. Loews Ino (%) Long Bell A (1). Lorrillard (3)... Lorillard pt (7). Louisiana Ofl. Louis & Nash Ludlum (2)..... McCro (1.60) B.. Mackay pt (4) Maci Trucks (6) Macy H R & Co. Magma Copper.. Magma Cop rt Mallinson & Co.. Man El md g (5) Man Shirt (1%3). Manila Electric. Maracaibo Ofl. . Market St prior. Marland Ofl...... Martin-Parry Martin-Far rt Mathieson Alka. Maxwell Mot A.. Maxwell Mot B May Dept 8t (). Metro G pt (1.89) Mexican Seabd.... Miami Cop (3) Middle States. .. Midlnd Pr pf (8) Mis Kan & Tex. MK&Tpt (5).. Missouri Pacific Missourl Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3)... Mother Lode 780 Mullins Body... 7). 1244 Nat Dept Stores Nat Dp St 1st (7. Nat Distillers pt Nat Enamel &S Nat Lead (8). Nevada Copper. NY Alr Br (4).. N Y Canners (2) Y Central (7). NYCStL(6)... N Y Dock....... N Y Dock pf (5). Y NH & Hart. . NYO& Wst (1) N Y Shipbld (2). Norfolk South Norf & W (18).. Norf & W pf (4). North Am (3.40) North Am pf (3) North Pac (5)... Nunnally (1). Orpheum (1.80). Otis Elev (16%) Otis Steel. 2 Otis Steel pf.... Owens Bot (3).. Pacific Coast. ... Pactfio Gas (8).. Pacific O11 (2). .. Packard (}1.50). Pan-Amer Pan-Amer B (4) Panhandle...... Park & Tilford.. Penna C & Coke. Pennsy RR (3). Penn Seab Steel. Peoples Gas (8). Pere Marg (4 Phila Co (4). Phila Copf (3).. Phila& RC& L. Phillip Morris. Phillips Jones. . Phillips Pet (2). Plerce-Arrow.. Plerce-Arrow pt Plerce Oll...... Pierce Petrol... Pitts Coal.... Pitts Term Coal. Pit Postum-Cer (4) Postum pf (8).. Preus Steel Car. Prod & Refiners Pro & R pf (3%) Pub Ser N J (8). Public Serv rts. Pub Serv rts (n) Puliman Co (3). Punta Al8u (8). Pure Ol 1%). Radlo Corp of A. Radio-C pf (3%) Ry Stl 8pg (8) Ray Cons Cop... Reading (4). Reading rts. Reading 18t (2). Read 2d pf (2) Remington Type Replogle Steel Rep Ir & St Reynolds Sp (1) Rey Tob B (3)... Rossia Ins (6. Roy Dutn 4.4 St Josepn 1 (2) St L & San F (5) StLSanF pf (6).. St L Southwest. St LSwn pf (5). Savage Arms... Schulte (8) Seaboard Alr L. Seabd Air Lipf. . Sears-Roebk (6) Seneca Copper. Shell Trad (2.06) Sheil Union (1). Simmon Co (2).. Simms Pet (50¢) Sinclair Oll Skelly OlL Slosg-Sheft (6).. Sloss-Sht pt (). South Pac (6). . Southern Ry (6) South Ry pf (5). Splcer MIg..... Std Gas & E1 (3) St Ofl Calit (2).. StOINJ (). SLOINJ ptf (1), Std Piate Glass. Sterling Prd 6% Stew Warner (5 Studebaker (4). Submarine Bos Superior Ofl. Sweets (new)... Symington. Symington (A). Telautograph. . Tennessee Coppe Texas Co (3) Tex G Sul (7 Tex & Pacific. . . Tex & PacC &0 Third Avenue. .. Tide Wat Ofl (4) Timken (13%).. Tobac Prod (6). Tobac Prod A (7 Transconc Oll... Transu & W (3) Twin City (... Un Bag & Paper Union Ol (1.80). 40 16% 116% l Un Pacific (10).. Un Pacpf (4)... Un Tank Car (5) . 159% 28% 284 81 81% 123% 124 38% 40 104% 104% 12% 13% 46% 47% 26% 27% 56% b57% 7% 97% 4% 4% 26% 26 19 19 109 109 484 9% 86% 38 16 16 634 ba% 2% 2% 81 81 1% 124 7 1% 60% 61 59% 60% 8% 87 6T 694 22% 220 T T 4T 4T% 34% 34% 109 109 20% 207 1084 108% 8315 36% 85 85 684 68% 138 142 T4's 0% s % 29% 49% 25% 294 2% 4T 425 82 % 67% 81% 42% 105 20 16 21% 1% 100 36% 84% 354 80% 43% 106% 20 16 21% 1% 100 874 Bk 9% 81 70 [ 3% 8 21% 6 124% 451 42 100 61% 344 169% 15% bl 83 122% 129% 28 58% 24'a 23% 28% 23 128% 76 48 48 0% 10 28 89 10% 59% 46 8045 107% 62 17% 6% 7% 5 46% 42 100 67% 34 15% bl% 83 121% 128 28 58% 34% 284% 28% 22% 127% 76 47 48 69 10 27% 89 104 59% 4% 804 107 604 17% 3% T3% 4% 80% 19% AT% 4T% 2% 2% 116% 116% 68% 69 54 b4% 46% 46% 47 48% 14% 14% 65 65 41% 43 13% 124 48 50% 2% 2% s T b1 5l 56 BT4% 14 14 68 69% 106% 106% 116% 116% 58% 63 28% 28% 46 48 69% 0 25% 24% % % 138 139% 43% 3% 43 30% 62% 51% 59 51% 127% 188 16% 16% T4 22% 7% 36% 22 86% 89% b4% 89% 18% 52 17% 63% 16% bl 15% 6% 6% 6% 97h b5% B5% 4l 4l% 69% 72 82% 83 80 b2 % 12 961 99% 112% 118 23 283% 41 414 156% 159% 4% Y% 43% 43% 26 26% 35 854 21% 22 22 224 28% 28% 89 97% 9% 974 104% 106% 89% 90% 39 894 1% 17% 43% 43% 62% 64 44 45 118% 118% 13% 13% 63% 63% % 72% 3% 44 9 k) &% 5% 9% 94 15% 15% RK 22% 14 U% 8% 8% 47% 47T% 100% 102% 55% . 57% 19% 19% 12 12 142 142 4l% 42% 7% 80 7% 984% 4% 4y 28% 284 63% 63w 4 41 41% 41% 150 151% % 76 120 121 324 9% 28% 30 123% 37% 1044 12% 45% 26% 56 $6% 4% 25% 19 109 48 36% 16 63 2% 81 11% 77 60% 69% 8% 6% 22% X 4% 34 109 20% 106% 83% 85 658% Close. 115 . 28% 16% 8% 6% 108% 28% 30 124 40 104% 18% 4% 27% b7 96% 4% 26 19 109 49% 38 16 bk 2% 81 12% 77 61 89% 8% 69% 22% 7 7% 34 109 20% 107% 36% 85 684 "% 2% % 50% 56 14 67% 105 116% 58% 284 45% 69% 244% Y% 138 43 30% 59 51% 127% 15% 76 22% 36'% 39% 52 17% 51 15% T6% 96l b5% 4t 69 824 49% 1% 96% 12 23 41 165% % 43% 25 85 21% 21% 28% 89 87 104% 89% 884 16% 43 62% 438% 118% 12% 634 0% 43% 8% % 9 15% 22 " 8% 4% 100% 55% 19% 11% uz 4y 7% 9% 4% 27% 68% 41 41% 160 5 120 5% 394 % 20% 49% 26h 29% 30% 4% 43 81% I 68% 81% 43 105% 20 16% 21% 1% 100 874 844 39 a4 69% 50% 28% 8 20 5% 124% 46% 41% 100 674 34 159% 15 61 33 1224 129% 28 68% 84% 8% 28% 23 128% 6 47% 48 T0% 10 20 89 4 NEW YORK sTock EXCHANGE | |BUYING IS ACTIVE Received by Private Wire Direct to The Star Office INFOREIGN BONDS Rail and Industrial Liens Also Firm—a0il Issues in Burst of Strength. BY GEORGE T. HUGHES. NEW YORK, February 20 (Special). —With only a few exceptions, bond prices held firm today. This was true not only of speculative descrip- tions, which went up with stocl of high-grade investment Issues as well, such as Atchison General 4s and Illinois Central-Chicago, St. Louls and New Orleans 5s, for which at one time today a mnew high price was bid. Foreign issues more than held their own. Liberty Loans Steady. ™ New York Central refunding 68 above 101 was another example of this sort of investment interest. Chi- cago, Rock Island and Pacific refund- ing 4s were likewise strong above $5, although here the influence was ex- pected improvement in the status of the bonds through merger develop- ments. Liberties were steady today, reflecting banking opinion that no materfally higher money was in sight Among the speculative rails the features were I G. N. adjustments and New York, Westchester and Bos- ton 4l4s. Publication of the formal offer of the New Orleans, Texas and Mexico to guarantee a minimum pay ment of 4 per cent on the L G..N. bonds was responsible for the re- newed buying interest. The West- chester bond went up more rapidly than any other New Haven security, the gain at one time amounting to nearly 3 points. Selling of the St. Paul 4s of 1925 kept up today, with the result that the price made a new low for the year. It was noticeable that other St. Paul junior liens were fairly steady and the commonly accepted explanation was that a switching process was going on from the short- term 4s of 1925 to the “D” 4s of 1934 and other issues of even longer term, but all secured under the same mortgage. Chicago Railways 5s were the lead- ers among the tractions. Pan-Ameri- can Petroleum 6s, going up with the stock into which they are convertible, sold around the high of the year. Foreign bonds were little changed French issues showed no effect of the story from Paris that another new loan had been promised when the French budget was balanced. Today's New Offeringn. Today's new iseues included $10,- 000,000 Province of Quebec 25-year 4345, to yvield over 4.65 per cent. The high price at which these Canadian bonds were offered reflects the im- proved credit standing in this market of Canadian obligations. WAYS TO STOP WASTES AIM OF $2,000 CONTEST The National Lumber Manufactur- ers’ Assoclation, in charge of the an- nual manufacturing improvement and waste prevention contest, an- nounces that the time limit for en- tries has been extended to April 1. A total sum of $2,000 is to be awarded for original methods or me- chanical devices which, when applied to present logging and lumber manu- facturing practices, will result in the improvement of product, the re- duction of manufacturing cost, the elimination of waste, or the reduc- tion of th wastes which cannot be entirely avoided. All entries must be new, fully de- veloped and practical of application. GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) Bid ed. Gt (war loan) 5s 1914-18. 1600.00 1650.00 Hamburg 434s 1919.......... 36250 8T German Gt (forced ioan) 00 2300 r Gt 8-15% 1923 (Am pleces) Quoted in dollars per thousand marks Ger Gen Elec 41s pre-war... 23.00 Ger Gen Elec 4138 1919, Berlin 48 pre-war. Hambg 3s, 3148 & 45 Hamburg Amer Line 4 North German Lloyd 413 North Germa pro-war Dusseldort 4x D Frankfort a-M 4s pre. Munich 4s pre-war. Badische Anilin ... . A E G (Ger Ge Elec) Commerz and Privat Bank Disconto Gellschaft Dresdner Bank. Deutache Bank. ... Darmstaedter Bank Mercur Bank Vienn: NEW YORK BUTTER PRICES. NEW YORK, February 20.—Butter steady; receipts, 12,280, Eggs firm; receipts, 26.899. Nearby and Western hennery whites, firsts to average extras, 41%a44. BUTTER LOWER TODAY. CHICAGO, February - 20.—Butter lower; creamery extras, 40; standards, 39%; extra firsts, 3815a39; firsts, 363 237%; seconds, 32a34. Eggs un- changed; receipts, 18,818 cases. Un Tak Car pf (7 114 114 Utd Alloy Steel. 294 29% Utd Clgar (13%) 73% 76% Utd Fruit (10).. 213% 2134 Utd Ry Invest.. 20% 20% Utd Ry Inves pf. 54 54 USCastlIron P. 221 220% USCIPPL(7)..110% 110% U S Distributing 33% U 8 Ind Alcohol. 82% 114 29 3% 213% 20% 54 221 110% 8115 80% 3 THE EVENING STAR, WASHINGTON'! D. O, FRIDAY, FEBRUARY 20, 1925 [ovvew vom_BONDS soexzzemvee] | IPTURN IN WHEAT Received by Private Wire Direct to The Star Office. RAILROAD. High. Low. Close. UNITED STATES BONDS. (Sales are in $1,000.) Bales. High. Low. Close. b3ls... 449 10128 10223 10126 Lib1st4%s 18 10127 101 24 10127 Lib2d 43s. 157 100 31 100 28 100 30 Lib3d 4%s. 139 101 16 101 12 101 14 Lib443%s.. 90 10129 101 26 10129 US4s1944. 293 100 31 100 29 100,31 US4%s°53. "81 104 30 104 2¢ 104 30 FOREIGN. Argentine 61 A.. Argentine 6s B. Argentine 7, . Low Close. 964 96% 96% 96% 102% 103 94k 94% 9% 99% 87% 87% 93% 93% 109% 109’s 107% 107% 11 111 92% 92% 8415 844 83 83 97 97 101 101 103% 103% 103 103w 100% 101 1025 102% 108 108 108 108 4% 44% 967 95% 95 98 100 100 100 100% 1013 101% " 110% 110% 97% 98 7% 101% 102 104% Bordeaux Brazil 7s Canada 58 1926, ... Canada s 1952 Canada 5%s 1929 Chile 7s 19 Chinese Gov Ry 58 Copenhagan 6%s.. Cuba 5% Czecho 8s 1951. . Czecho 8s 1952 ct Denmark 6s Denmark 8s DETI5%s Mch '53. D E I5%s Nov '53. Dutch East I 6s'47 Dutch East "2 El8alvador 8s 48. . Finland s f 65 1945 Framerican 7%s French Tsw i . French Govt 7% French Govet 8 Germany 7s w 1 Ger Gen Elec 7s.. Greek T8 w1 Halit! 6 Holland-Amer 6s. Hungary 6%s Japanese 4s Japanese 6%s.... Jergens U M 65 '47 Lyons 6s. . Montevideo 7: Netherlands 6s'54. .74 55 36 A8 21 8 106 997 9915 994 85 17 Orient Dev deb 6 Parls-Ly's-Med 6s. Paris-Ly's-Med Ta Parls Orlean Poland 6s 40 Prague 7%s Queensland 7s. Riode Jan Se 1947. Rio Gr Do Sul 8, 8ao Paulo State s Seine Dept of Serbs Cr'tes Slo Sweden 534s vi Swiss 5145 194G Ud Kingm 5%3°329. 14 Ud Kingm 5%s8°'37. 8 Ud Steam Copen 68 11 §4% 943 Uruguay 8 .2 1081 1084 MISCELLANEOUS. Afax Rubber 1. 99% Am Agr Chem 5 3 100 Am Agr Chem T%s 15 100% AmChainsf6s'33 5 99 Am Cotton Oll 3. 1 934 Am Repub deb 6s. .12 Am Smit & R 1st 63 15 AmSmit &R 6s. 9 Am Sug ref 6s L1 AmT&Tcltrés.. 11 Am T& T cl tr b 6 Am. T. & T. SF 5s. 60 Am'T & T deb 5%s 26 AmT& Tcvés.... 4 Am Water Wks 5s. 18 Am Writ Paper 6s. 3 Anaconda 1st 6s... 34 Anaconda cv db 78 47 Andes 75 25% pd... 82 Armour & Co 4% Armour of Del 5%1 Atlantic Refin ba. Barnsdall s f 88 Beth Steel pm bi Beth Steel 5148 Beth Steel s Brier H St 1st 5% Bklyn Ed gen 5 Callf Pete 633 Central'Leather 58 Chile Copper 68 Col Gas & E1 68 Commonwth P Con Coal Md 1st 68 Con G NY 5%s wi. Consumers Pow Cuba Cane cv 7t '3¢ Cuba Cane cvd Cuban-Am Sug 8 Denver Gas 5 Det Edison 58 Det Elison ref 6; Donner Steel 78 Du Pont de N 7% Dugquesne Light s Est Cuba Sug 7%s Empire G&F T%s. Fisk Rubber 8s. Gen Elec deb 5s. Gen Refractres Goodrich 6%s Goodyear 8s 1931 Goodyear 8s 1941 Hershey 6s 1942. Humble O&R 5% Iilinots Bell 1st bi Indiana Steel Int Mer Marin: Inter Paper 58 '47. KCP & Lit s A '62. Kan G & El 68752 Keyser (J) 7s... Kelly-Spring 8s Lackawa S bs '50 Manati Sug st 1‘% Marland Oil 88731, Midvale Steel 5s.. 31 Montana Pow bi Mor's&Co 1st 4%8. N Y Eden 1st 6% 85% 72 91% 110% " 94 96% 102 8815 854 99% 101% 11615 108 102% 89 65% 995 101% 116% 106 59% 995 1004 89 924 95% 9634 106% 1024 964 100t 95% 101% 125 95% 52 100% 1025 100 884 23t 99 104% 92 8814 86 99% 9974 102% 1004% 1084 100% 1004100 8841 8754 1015 101% 951 94% 964 95 101% 101% 107% 1074 % 94 100% 100% 107% 91 107% 105% 1054 1004 110% 103 101 i 103% 10915 120 103% 100% 97% 101% 29% 89% 9613 100 1023 98% 93 1011 105% 897 99% 843 114% 96% 108% 1004 | 10215 95% 105 Bal Atchison Gen 4 8 Atlantic CL 1st 48 %1 B&Ogold4s..... 22 B&Ocviks..... 78 B&Oref bn 22 mp SW div3ie O Toledo 4 Canad North 6%s. Canada North 78 Car Clinch & O 6s. Cent of Ga 68 Central Pacific 4s. 1 Ches & Ocv 434s.. 49 Ches Ogn 4%s.... 3 Ches & Ohio cv . Chi & Alton 3% CB&Q-1113%s._ .. Ch1 B&Q gn 4s '68. Chi B&Q 1st rf 5i Chi & E1gn bs. Chi Great West 43 C M & Puget Sd 4 Chi M & St P 48 CM&StPdb4s.. CM&SIP gn 45°89. Cnl M&St P cv 43¢ Chi M&St P rf 4%s Chi M & St P cv 58 ChiM& St P 68 Chi & N W ref 5s.. Chi Rya 5 ChiRT&Prf4s ChiTH&SEbs.. Chi Un Sta 4%s. .. Chi & W Inccn 4s. C&W 15158’ 62 wl. CCC & St L 5 . CCC&StLrfésA. 11 Cleve Tarm 58 w 1. Coln & Sou 4% Cuba RR 6s. CubaRR T%s Del & Hd 1strtds. 5 Del-Hnd cv s 35, 156 Del & Hudson 5%s 2 Den & Rio G en [ 3 D & Rio G imp 10 D & Rio G Wst bs.. 13 Erfe 1stcons4s... 1 Eriu gen 48 .44 Erfeconv4sA.... 19 Erle conv 4sB.... 15 Erfeconv4sD.... 16 Gr Trunk sf db Grand Trunk 7 Great North bs. Gr North 5% Gr North gen 78 10 Havana ERL&P 58 1 Hud & Man ref 6s. 14 Hud & Man aj 5s.. 33 111 Cent ref 58 Iil Central § gedlt 11 C-C St L&NO 58 38 int Rap Tran 6s. .. Int Rap Tr 58 stpd. 34 Int Rap Tran Int & G Nor 1s' Int & G Nor a) 6 Kan City Ft S4s.. Kansas City S 6: Kan Cy Term 4 Lake Shore 4s '28. Lake Shore 4s°31 Louls & Nash § Louls & Nash 7s 195, 1 138 17 16 31 18 Mil El Ry & L M & St L 1st ref Montr]l Tm 1st M> Pacific gen 4 Mo Pac 58 1926 F Mo Pacific 55'66. .. Mo Pacific 68 Centdeb 43... ¥ Cent ri 5 N Y Cent deb & NY Chi & St L 5%s 14 NYC&StL6sA.. 8 New Hav d 48 '67.. 26 43 4l 20 1 20 90 2 60 3 19 > New Haven T New Haven 78 fr.. New Or Term 4s NY Ry rf 4sctfs NY Rysadj 5act.. N Y State Ry 4%4s. NY W & Bos 4% Norfolk & W cn Northern Pac 33. Northern Pac 4s.. Northern Pac 58 D Northern Pacr 1 68 Ore-Wash 1st rf 48 26 Ppennsyl con 4%s.. 9 Pennsyl gen 4%s. 70 Pennsyl gen bs. 1 Penn. 8. 30 Pennsyl 4 Pennsyl gold 78 Peoria & E inc 4 Pere Mara ist Por R L & P 6847, Reading gn $%3.. 3 Rio G West 1st 48. RIATk& L4%s.. St LIM&S 4829 St LIM&S R&G 4 StL &S F pl 48 A..100 StL&SFprinbs. 6 StL&SFb5%sD. StL&EFad) StL&SFinc StL&SFpl StLSW lstds StLS W con 4s'33 StP & KCShL 4%s San 4 & Arn P & Seab'd A Liret Seab'd AL - Seab'd A L ad) bs. Seab'd A L con 6s..104 Sou Pacific 43 ‘29.. 30 Sou Pacificref 4s.. 7 Southern Ry &n 48 Southern Ry 1st 63 Southern Ry 68 ct. Southern RY 6% 1 9 Union Pac 15t Union Pac 4s "27 89 81 88 92% #9'% 101% 103% 102% 99% 69% 85% 87 117% 116% 80 107 103% 87% 97 90 57 920 8% 64% 56 0% 53 1% 85% 97'% 107% €3 993% 94% 103% 98% 11 83% 9l 87% 92% 88% 1014 103% 102% 9% 69 85% 87 17% 116% 80 107 103% 877 93% 89% 57 18 275 90 7% 8% a1 88 2% ¥9% 101% 103% 102% 99% 694 86% 87 117% 116% 80 107 103% 8T% 98% 89% 8% 104% 104% 104% 57% 90 53 101% 10i% 101% T8% 63% §644 56 b4% 8843 b2% 71 56% T6% 101% 105% 109% 834 46 83% 100% 924 29y 834 53 71 56% 52 56 994 101% 83% #6% 1% 924 9% 9813 96% 103% 100% 93 264 104 29% 107% 102% 84y 29 58% 1% 65% €9 €9 78% 1074 116% 94% 102 110% 87 8844 13 1045 102% 99 1% 70% 534 1034 T6% fak 90 &5 106 107 88 24% 88% 864y 91% iease off gradually after the opening S Rubber. . § Rub 1st (8). S Smelting. .. USSmpf (3%). U S Steel (17). U S Steel p£ (7). Universal Pipe.. Untver P pf (7). Utah Copper (4) Utah Securities. Vanadium...... U S Realty (8).. u U U Va-Caro Ch pf. Va Ry & Power. Vivadou.b.eesus Wabash.. Wabash pf A Wabash pf B. waldort (1%).. Ward Baking A. Ward Baking B. ward Baking pf Wells-Fargo. . West Pen pf (7). West Maryland. West Md 2d pf. Western Paclfl West Pac bt (6). West Unlon (7). Westinghse (4). Wheel & L E pf. White Eagle (2) ‘White Mot (4).. Wickwire Spenc ‘Wickwire Sp rts. Wickwire pf rts. Wilson & Co.... Wilsoa & Co pf. ‘Willys-Overlent Wills-Over pt.. ‘Woolworth / Worthington. Wright Aero (1) Wrigley (*3%). Yellow Cab.. Younkstn S&T. $Payable in 45% 123% 123 44y 8% 90% b1 27 2% 12 T4% 10% 28% 63 43% 17% 120 424 96 12% 96% 14% 22% 35 92 21% % 12% 14% 28% 29 64 % % 9 7% 23% 9% T6% 1164 69% 17% 49% 86% 3 126% 4% 96% 84% 45% 124% 123 454 £8 90% 52 124 40% 95 32% 45% 128 122% 44 864 90% 50% 27 2% 12 T4% 10% 23% 62 43 17% 120 42% 9 124 9545 14% 224 84% 92 121% 1% 12% 144 28% 28% 64 Y K 8% T 23% 9% 6% 115% 68% 1% 49% 35% % referred 29 67 % 1 9 T 23% 10 76 116% 2% 17% 50 35% 3 17% 121 43 96% 124 9%64% 14% 22% 85 92 121% 72% 12% 14% 28% 28% 664 % 1 8% 7% 23% 9% 5% 116% 2% 17% 50 854 T4 stock, iven in_the above table ‘ments based on the or_half-yearly declarations. otherwise dividends are wot included. noted, extra or special tis Steel . glclhc Gas & E163 ? Pac T & T 1st b 2! Pacific T & T b% 3 pan-American 6s. “§ Phila Co 5%5'38..« Phila Co ref 68 A Phil & Rdg C&! Plerce-Arrow publle Service 8 Punta Alegre 7 Sinclair Oll 6s. Sinclair Oll 6% ir 01178 Sinclair OLLT ke South Bell Tel 8. . So Por Rico Sug 78 Southwest Bell b Union Bag United Drug 6s U S Rub 1strf 5s.. U S Rubber 7%8... U S Smelter U 8 Steels t Utah Pow & Li Va-Car Chem Va-Car Ch 7%s sw Vertientes Sug 7. Warner Sug 78 "41. e Gk anteestatraStnaneans Westinghouse 7#.. Wickwire Spen Willys-Ov 6%48'33. Wilson & Co 1st 88 Wilson & Co cv 6s. Wilson&C cv 1%s. Youngstn S&T 6 - 99% 955 99% 94 110 906% 104% 101 96 97% 105% 113% 8844 93% 100% 85% 116 9955 102% 97% 101% 103% 109% 96 102% 87 106% 101% 105% 941 87 4915 94 926 98% 110% 107% 86 100 ¥8% 7w 66% %8% 1057% 94% 8744 49% 84 96'% 9% 110% 107% 86% 100 944 67% 67% 99 PARIS BOURSE DULL. PARIS, February 20.—Trading was dull and prices were heavy on the Bourse today. Three per cent rentes, 48 francs 30 centimes. Exchange on Five per cent Toan, 57 francs 60 centimes. The dollar was quoted at 19 francs 13 London, 91 francs 18 centimes. centimes. 85 jon Pac 1strf 4s 12 85% i 96% virginia Ry st 6 7 964 94% 100% 66 93% 66% 80% VaRy&P1stbs.. 5 94% Wabash 1st bs 7.101 1664 2 934 5 66% 1 80% Wilkes B&E 1at 53 Wisconsin Cent 4s. DAIRY PRODUCTS. BALTIMORE, February 20 (Spe- cial).—Live poultry—Young chickens, Ib., 22a32; Leghorns, 22a28; Winter chickens, 33a35; old hens, 22a28; Leghorns, 22a23; old roosters, 16a17: capons, 32a38; young turkeys, 40a45; old, 35; poor and crooked bre 25. Ducks, 24a32; geese, 22a26: pigeons, pair, 35a40; guinea fowl, each; 40a80. Dressed poultry—Turkeys, 1b., 35a 45; poor and crooked breasts, 25; chickens, 26a32; old roosters, 16a17; ducks, 25a30; geese, 20a25; capons, 32a43. v Eggs—Receipts, 1,650 cases; native and nearby firsts, doz., 37%. Butter, per Ib, ladles, 27a29; store packed, 20; process butter, 33; dairy prints, 20a25; rolls, 20a25. ONIONS COME DOWN. NEW YORK, February 20 (Special). —Receipts of onfons were moderate today, but considerable stock was on hand from previous arrivais and trade continued yellow. The fanciest yellow onions commanded $2.90 per 100- pound sack, while inferior stock sold down to $1.75. = EXTRA DIVIDEND VOTED. NEW YORK, February 20.—An ex- tra dividend of $1 a share on the common stock of Stern Brothers was declared today in addition to the reg- ular quarterly disbursement of $1, both payable April 1, to holders of record March 16 FINANCIAL. VALUES IN CHIGAGO Large Purchases of Grain and Flour for Russia Help Market Here. By the Associated Press. CHICAGO, February 20.—Unex- pected strength shown by the wheat market at Liverpool led to a material upturn in wheat values today during the early dealings here. The fact that liberal buying of wheat and flour yesterday for Russia was con- firmed tended also to lift prices. On the advance selling pressure en- larged, but reactions were only tran- sient, and the market rose higher than before. Initial quotations ranged from % to 1% higher, May 1.86% to 1.87 and July 1.56% to 1.56 with May afterward touching 1.87 Aggressive buying on the part of speculators gave something of a lift to the corn market. After opening. unchanged to % higher, May 1.31 to 1.31%, corn sagged a little, but then scored moderate general gains. Oats were relatively weak, traders taking increased notice of the huge stocks on hand. Starting at % to 3% advance, May 54% to 54%, oats underwent a moderate setback all around. Provisions advanced hog values. WHEAT— May Bt July September COR: in line with 3 B2 hze ®OR FRED September LARD— May July. RIB! May July COTTON QUOTATIONS ARE RATHER WEAK Prospect of No Rain in Southwest and Cable News Keep Check on Trading. By the Associated Press. NEW YORK, February 20.—A fur- ther decline occurred at the opening of the cotton market today owing to talk of less prospects for showers in the Southwest and continued liqui- dation of March contracts in prepara- tion for possible notices next Tues- day. Rather disappointing late cables from Liverpool also were a factor and after opening barely steady at a de- cline of 7 to 10 points active months sold about 12 to 17 points net lower, May declining to 24.62 and October to the same price. Heavy March liquidation was ab- sorbed by spot house brokers against sales of later months at about the recent discount of 35 to 38 points un- der May. There was enough buying of later deliveries to give the mar- ket a barely steady tone at the de- cline. New Orleans Quotation NEW ORLEANS, February 20.—The cotton market opened easler, notwith- standing Liverpool was better than due. First trades showed losses of 5 to 10 points and prices continued to call until May traded down to 24.61, July 24.86 and October 24.38 or 12 to 16 points below yesterday’s close. Fall ver reported sales for the week of 000 pieces of pritn cloths. GRAIN AND PROVISIONS. BALTIMORE, February 20 (Special). —Fotatoes, per 100 pounds, 1.25a1.65 sweet potatoes, barrel, 2.50a5.5 yams, barrel, 3.5024.50; beans, hamper, 2.50a5.50; beets, crate, 1.75a2.50; bro- coli and Kale, bushel, 50a0; brussels sprouts, quart, 10a25; cabbage, ton, 20.00a23.00; savoy, bushel, 50a75; car- rots, 100, 5.00a7.00; caulifiower, crate, 1.50a2.50¢ celery. crate, 2.75a3.75; egg- plants, crate; 3.50a5.50; lettuce, bas- ket, 2.00a3.00; onions, 100 pounds, 3.00 a3.25; oyster plants, 100, 8.00a10.00; parsnips, basket, 40a60; peas, hamper, 4.0025.50; peppers, crate, 3.5025.50; spinach, bushel, 1.00a1.30; squash, crate, 3.00a4.00; tomatoes, crate, 3.00a 4.50; turnips, basket, 50a7 Apples, packed, barrel, 3.50aT bushel, 1.00a2.25; grapefruit, box, a3.00; oranges, box, 3.00a4.30; stra berries, quart, 35a50. Selling Prices at Noon. Wheat—No. 2 red Winter, spot, ex- port, no quotaticns; No. 2 red Wi ter, spot domestic, 1.89% nominal; No. 2 red Winter, garlicky, domestic, 1.89%, nominal; No. 3 red Winter, no quotations. Sales—None. Corn—Cob, new. yellow, spot, 6.50a 6.75 per barrel; track corn, vellow, No. 2, 1.39a1.40. Sales—None, Oats—No. 2, 62%a63; No. 3, 61%a62. Rye—Nearby, 1.40a1.50; No. 2 rye, spot, 1.63%. Hay—Receipts, 63 tons. For the better quality of timothy and choice white clover mixed hay there is a fair demand at full quotations, but, 100,937, ADAMS IS ELECTED ASSISTANT CASHIER Columbia National Bank Fills Vacancy—Other Finan- cial Notes. BY CHAS. P. SHAEFFER. Dorsey C. Adams was elected as- sistant cashier of the Columbla Na- tional Bank at the meeting of the board late yvesterday afternoon. suc- ceeding to the vacancy created last month by the elevation of Arthur N Mitchell to the cashiership. Mr. Adams, still in his thirties, has had 18 vears of banking experience, the last 15 of which have been spent with the Columbia. He began his career with the National City Bank of Washington (later absorbed by the Commercial National) as a general utility man, going to the Colum National in 1910 as individual boo keeper. At the time of his promotion he was general ledger bookkeeper. North American's Earnings. . The public utility business of the North American Co. expanded in 1924 Wwith gross earnings of $80,117,235, a Bain of nearly $5.000,000 over the year before. ~Net income increased to $9,237.823, equal to $5.16 a share on the common stock, against $8,242,436, or $3.11 a share, in 1923. The surplus after provision for dividends was $6,42: an increase of mere than $1,000,000. North American common pays a 10 per cent dividend. To the uninformed it may seem impossible to pay 10 per cent when the net is equal to on! $3.16 a share. The answer is, o course, that par for North American common is $10 and not the ordinary $100, s0 earnings of $3.16 in this case actually means 31.6 per cent. The consolidated statement for the year follows: Gross earnings . e Operating expenses and tazes. Net income from operation. Other net income ....... Totali .. vce Deductions Interest charges . Preferred dividends faries Bz 2,469.710.40 Minority iuterest . 5 1,130,356 85 Total deductions . Balance for depreciation reserves, dividends and surplus . Reserves for depreciation. ... .. Dividends on North Ameriean preferred stock ......... Rividends on common stoc stock To surplus after all dividends and reserves for 12 months . . 36,4 Total depreciation reserves, and ® surplus after all diri T AR A o *Underwritten on basis giving stock option of receiving $6,038,348.25 cash of dividend stock Tax Legislation Discussed. The desirability of State legislation to promote uniformity in inheritance taxes was the general topic discusse at the closing session of the trust company section, American Bankers Association, in New York City. It was brought out that great multiplic- ity exists in this particular assess- ment, rendering administration dif- ficult and uncertain. The conference expressed the belief that remedial measures, promoting uniformity, should be taken. The 14th annual banquet of the sec tion, concluding the conference, which was held last night, attracted a large number of bankers from all over the country, fully 1,000 representatives being present. Local Stocks Higher. Prices were slightly higher on the Washington Stock Exchange, with American Security and Trust Co. and Riggs National Bank setting the pace. Stock of these institutions sold at the vear’'s high figures, the former at 320 and the latter at 10 points higher. Lanston Monotype improved frac- tionally to 78%, as did Capital Trac- tion to 92%. Richmond Bank Report. Rediscounts of the Federal Reserve Bank of Richmond gained $5,131,000 to $27,606,000 at the close of business February 18. As a resuit, earning as- Sets of the bank increased from $25,- 476,000 to $36,238,000. Carl Robertson Kurtz of Stroud, Kurtz & Co. left Washington this after- | noon on an- inspection trip to North and South Carolina and New Orleans, in company with a group of New York bankers. Citien Service Earnings. Gross earnings of Cities Service Co. for the 12 months ending with January 31, 1925, were $17,733,060, as compared with $16,605,498 in the -corresponding period of the preceding year. In the same 12 months net earnings amounted | to $17,017,127, as compared with $16.- et to stock and reserves was $15,097,601, which is 2.94 times the pre- ferred ‘stock dividends, as compared with $13,531,184 for the 12 months end- ing January 31, 1924, which was 2.71 times the preferr®d stock dividends. LONG-TERM CREDIT NOW HIGHER IN WALL STREET Special Dispatch to The Star. NEW YORK, February 20.—Call money renewed at 3 per cent, as against 3% and 4 per cent earlier in the week, but time loan quotations held around their top. Quite possi- bly the reduction in call money rates had something to do with the con- fidence of buying operations on the 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 timothy, 20.50a21.50; No. 3 timothy, 17.00a19.00; No. 1 light clover, mixed, 19.50a20.00; No. 2 clover, mixed, 17.00a18.00; No. 1 clover, 19.00a19.50. * Straw—No. 1 wheat, 16.00a17.00 per ten; No. 1 oat, 16.00a17.00; No. 1 straight rye, 18.00a19.00. FOREIGN EXCHANGE. (Quotatioas furnished by W. B. Hibbs & Co.) Nominal Selling checks gold value. today. London, pound Montreal, dollar Paris Madrid, peseta . Vienna, crown Budapest, crown Prague, crown Stockholm,” crown NEW YORK, February 2 exchanges steady. Quotations (in United States dollars): Greht Britain, demand, 4.76%; cables, 4.76%; 60-day bills on banks, 4.73%. France, de- mand, .0624%; cables, .0525. Italy, de- mand, .0409%; cables, .0410%. Bel- glum, demand, .0505%: cables, .0506. Germany, demand, .2380; Holland, de- mand, .4009; Norway, demand, .1523; Sweden, demand, .2692; Denmark, de- mand, .1782; Switzerland, demand, .1922; Spain, demand, .1421; Greece demand, .0159; Poland, demand, .19V Czechoslovakia, demand, L0296 Jugoslavia, dsmand, .0162; Aust .a, demand, .000014%; Rumania, de- mand, .0050%; Argentina, demand, .3987; Brazil, demand, .1125; Tokio, demand, .39%; Montreal, .99 29-32. e AL The Nile has a greater variety of fish than any other river In the world. Stock Exchange. But among the con- servative element the more important point was that credit for longer terms was distinctly higher, even as compared with a month ago, and that this was a condition likely to hold. T T, DELIVERIES OF COAL. NEW YORK, February 20.—German deliveries of coal and coke to France and Luxemberg on account of repara- tions totaled 10,176,700 tons in 1924, ac- cording to the. Bankers' Trust Com- pany of New York. The original stipulation of the reparations com- mission, the bank states, provided that Germany was to furnish 14,918,- 800 tons of coal and coke annually. LIVE POULTRY LOWER. CHICAGO, February 20.—Poultry alive, lower; fowls, 23a24; springs, 26; roosters,” 18;. turkey: ducks, 27; geese, 16. BOND SHELVES CLEARED. BALTIMORE, February 20 (Spe- cial).—Local bond dealers say they have few bonds on their shelves with which to meet the demands of their customers, despite the fact that the total of over half a billion new of- ferings in January was exceeded only once in the history of the country. Leading bond houses do not look for- ward to more particularly large flo- tations during the remainder of the month. OFFER MADE ON BONDS. NEW YORK, February 20.—Hold- ers of adjustment bonds of the In- ternational Great Northern Railroad Company have recelved another offer from Willlam H. Williams, chairman of the New Orleans, Texas and Mex- ico Railway Company, to guarantee interest at the annual rate of 4 per cent, provided they grant him an op- tion to buy the bonds at 85 until Jaa: uary 1, 1928, &