Evening Star Newspaper, February 25, 1925, Page 24

24 * FIN ANCIAT. CENERAL TRENDIS UPHARD N STOCAS Steel, 0il and Some of Spe- cialities Go Against Ad- vancing Values. BY STUART P. WE Special Dispatch to T NEW YORI ary principal moves in the stock market today were on the side of advance There were numerous exceptions notably among the steels, oils and the variety of specialti It was in the last-named group, however, where most of the individual advances oc- curred Trading was quieter, rajlway equip- ment shares, a few of the low-priced ralls and stocks in which pool sup- port was evidently still a factor, did particularly well. In speculative quarters thero was a disposition to take some profits in anticipation of a possible increase in the discount rate by the New York bank. This foar has been expressed each week, us Stock Exchange demands have grown and pri have gone higher Trade News Confasing. The weekly steel trade repor rather confusing, but on the whole they were not T ed as bullish Steel common was heavily sold below 124 as the afternoon went on. Bethle- hem Steel was distinctly heavy, and shares of other independent com- panies were uncertain, Republic Iron and Steel being inclined to dg rather better than the rest The rise in American Car and Foundry around record high figures was rcely due to the letter of the president to shareholders, ex- plaining the doubling of the common share capital. This certainly gave a strong impression that present div- idends were safe indefinitely, but it did not hold out the promise of any American Locomotive was up again, but Baldwin was not drawn along the way it had been on the previous day ' Talk of Stosk Dividends. For some time there has been talk of a stock dividend on Western Pa- cific, but this has concerned the pre- ferred rather than the common. The preferred ran up nearly three points today, and the buying in the common, which carried the stock to 38 at one time was regarded as merely sym- pathetic. St. Paul preferred ran into a plentiful supply of stock on the ral- ly. The operation in Chicago Great Western preferred looked as if it had| been shut down upon by the unsteadi- ness of the market. Norfolk and Western ran up across 130, and Le- high Valley was strong for a while. But thess movements quickly pe- tered out Air Reduction Soars. Among the specialties there was a remarkable advance in Air Reduction, followed by a reaction. The same thing occurred in Worthington Pump. Columbia Gas and Electric sold above 50 for the first time accompanying the announcement of the acquisition of the Dayton Power and Light s were heavy from the start vielding to selling by s were speculators, Gardner Motor Active. Buying of Gardner Motor has been based upon favorable reports regarding the company’s business. The production schedule, planned for the first half year, has been doubled, according to official information, and in spite of this increase orders on hand largely exceed output Profits are expected to equal 50 cents a share for February, with net income at a higher rate during the second quarter. MARKET CLOSES STEADY. Extensive Shoyt Covering Noted in Final Hour. By the Associated Press NEW YORK, February 25.—Stock prices displaved a strong undertone today despite rather active selling ot a few speculative favorites as a re- sult of stiff call money rates. There was a widespread demand for gilt- edged securities, particularly in_the railroad and equipment groups. Total sales approximated 1,150,000 shares. The closing was steady. Indications that certain stocks had been tem- porarily oversold prompted more ex- tensive short covering in che final hour, American Sugar Refining; ) rine preferved, Radio, Sears-Roebuck Maxwell Mot B moving up Markets at a Glance NEW YOR high-grade ra gains. Bonds tocks irregular; show substantial speculative rail and oil issues react. Foreign ex- changes lower; sterling, frane, lire heavy. Cotton firm; strength southern markets. Sugar her; active de- mand. Coffee advanced; better cash buying. CHICAGO—Wheat firm: good export demand. Corn advanced; fears short- age of supply. Cattle higher; broad shipping demand. Hogs irregular, COTTON GiL COMPANY UNDER NEW CONTROL Firm Plans to Operate Separately From Virginia-Carolina Chem- ical Company. By the Associated Press NEW ORLEANS, February Purchase of the entire capital stock, 200,000 shares, of the Southern Cotton Oil Co., zy R.'S. Hecht and A. D. Geog- hegan w Orleans, representing a Southern syndic: is confirmed here. The stock £75,000 from was purchased for $8,- the Virginia-Carolina Chemical Co., which is in the hands of receivers. The cotton oil company will be entirely divorced from the chemical company. NEW FINANCING LIKELY. International Paper Adds Canadian Properties. NEW YORK. February 25.—The financial district is expecting an- nouncement shortly of certain changes in the capital structure of the International Paper Co. in connection with acquisition of the Riordan and Gatineau properties, in Canada, plans for which are reported to be nearing completion. In some banking quar- ters a new issue of 7 per cent pre- ferred stock in exchange for the pres- ent 6 per cent preferred is expected, while a $7,000,0000 bond issue to finance the Riordan transaction also is talked about. Company NEW YORK EGG PRICES. NEW YORK, February 25—Butter, steadier; receipts, 18,429 tubs. Eggs, frregular; receipts, 65,784 cases; fresh gathered, extra firsts, 33%a34; do., 311%a33; do., seconds, 31; nearby hen- nery whites, closely selected extras, 41; nearby and nearby Western hen- nery whites, firsts to average extras, 36a40; nearby hennery browns, extras, 37a38; Pacific Coast whites, extras, 391;a40%; do., firsts to extra frsts, 35a39. Adv Rumley. ... Ad Rumly pf (3) Alr Reauct (15). Ajax Rubber Ajax rigats. Alaska Jun Allled Chem B Allied Cm pt (7) Allis Chalm (4). Am Ag Chm pf.. Am Beet Sug (4) Am Beet S pt (6) Am Bosch : Am Brk Shoe (5) Am Car & F (12) Am Chain A (2). Am Chicle ctfs Am Drug Sny1.. Am Express (3). Am & For Pow.. Am & Fr P pi(T) Am Ice pf (6) Am Internatl Am La France (X Am Locomo (6). Am Loco pt (7).. Am Metal (3). . Am Radlacor (4) Am Safty Rz (3) Am Ship & Com. Am Sm & Ref (6) AmS & Rpf (7). Am Snuff (12). .. Am Stl Fays (3) Am Stl Fy pt (7) Am Sugar . Am Sumatra. . Am Sumatra pf. Am T & Cab (5). AmT & Tel (9). Am Tobacco (7). Am Tobac B (7). Am WW&EI 30c. Am W W pf (6). Am Woolen. ... Am Wool ptd (7) Anaconda (75¢) Archer-Danlels Armour Del (7). Art Metal (1) Asso Dry G (5) Asso Oil (1%). Atlas Tack..... AtT &S Fe (7). AT&SFpf (5). Atl Birm & At... Atl Coast L (19) AtGulf & WI... AtGulf & W I pt Atlantic Refilnin Auto Knitter... Baldwin L (7).. Bal & Ohto (5). Bal & Oh pf (4). Bang & Ar (3).. Barnsdall A.... Barnsdall B Bayuk Cigar. Bayuk 1st pf (7) | Bethlehem Steel Briggs Mfg (3 British Emp 1st. British Emp 2d. Bkl Edison (8) Brk-Man Tran. . Bklyn Man pf (6 Brklyn Un G (4) Brown Shoe (4). Brown Sh pf (7). Burns Bro (10). Bur Add Ma (3). Butte Cop (50c). Butte & Superior Butterick Co.... Cal Packing (6). Cal Pete (1%)-- Callahan Zinc. Can Pacific (10). Cent Leather... Cent Leather pf. Cero d Pasco (4) Certain-Teed Chand Mot (3). Ches & Ohio 14). Chicago & Alton Chic & Alton pf. Chic & East I11. Chi & E Il pf... Chic Gr West. .. Chic Gr West pf. Chi Mil &St P,. Chi Mil & SP pf. Chi & Nwn (4).. Chi RI& Pac. .. CRI&P DI (6). CRI&PpPI(T). Chi Yellow C (4) Chile Cop (2%). Cluett Peab (5). Coca-Cola (7). Colo Fuel & Iron Colo Southern. . Col G & E (2.60). Col G & E pf (D). Com In Tr pf (7) Com Solv A (4). Com Solv B..... Congol-Nairn (3 Conley Tip Foll. Con Distributrs. Consol Gas (5 Cont Insur (6). Cont Mot (80c) Corn Prod (2).. Cosden Co. . Crucible St (4). Cub Am Sug (3). Cuban Cane Sug Cub Cane Su pf. Cuba Dominican Cuban Dom pf. Cuyamel Fr (4). Dantel Boone. vison Chem. Deere pf (3). Del & Hud (9).. DelL& W (6).. DSRGWstpf.. Detroit Ed (8). Dome Mines (2). | Doug Pectin (1). Dupont (10).... Duquesne pf (1) Eastman (16%). | Eaton Axle Elec St Bat (15). End-John (6) Erie Erle 18t pf. Erie 2d pf... Famous P1 (8) Famous pf (8). Fed Lt & T (*7). Fed Mines pt (7) Fid Phoenix (§) Fisher Body (5). Fish Bd O pf (8) ¥isik Rubber. ... Fish Rubber pf. Fieischman (4) Foundation (6). Foundation rts.. Freeport-Texa: ardner Motor.. S A ok (® Gen Asphalt. ... Gen Asph pt (5). Gen Cigar (8). .. Gen Cigar pf (1) Gen Cig db (7). Gen Electric (8) Gen El spl (60¢) Gen Motors (6). Gen Mot pf (7). Gen Petrol (2).. Gimbel Bros. ... Gimbel Br pf (1) Ginter Co (1%). Glidden Co Goodrich. Goodrich of (T Goodyear Df. Granby Consol. . Grt North pf (5) Grt Nor Oroe (4). Grt Wstn Su (8) Gt West S pf (7) Greene Canan... Gulf Mo & Nor Gult St Steel (5) Hartman ($2.50) Hayes Wheel (3) Hayes W pf (1% Hoe & Co A (4). Homestake (17) Househ P (13%) Houston Oll Hudson Man Hud Man pf (5). Hudson Mot (3). Hupp Mot (1)... Illinols Cent (7) Open., Adams Exp (6). 100% 100% 14% 48 105% 12% % 1% 874 118% 4% 52% 40 83 41 102 Am B Shoe pt (7) 110 Am Can (t§).... 172% 206 24% 41% 6% 155 32 92% 7% 36% 12 130 123 50 99 45% 12 99 109 145% 53% 110 65% 17% 47 47 184 87% 86% 3T% 101 50 894 9% 434 33% 94 15% 178 86% 9% 122% 9144 4 152% 81% 41k 110% 21 140% 78% 654 39 26% 20% 49% 974 46% 114 87% 9% 77 3% 100 99% 8% 5% 19% 108 26% 4% 150% 20% 62% 51% 43 31% 96 10% 18% 84 524 14 30 12% 22% 69 514 88 99 51% 364 64 90% 45% 58 49% 106% 105 161 B4k 3% 43% 91 144% 139% 46% 115 16 14% 147% 106 114 12 6435 69% 33% 44% 42% 96 106 133% 61% 154 63% 106 123% 821 7% 106 2 9% 12% 52 56% 96 98% 110 109% 237 11% 73% 108 63% 48% 103 24% 164 45% 95% 9% 19 68% 86% 95 111% 16% 27 0% 32 37 104% 48 43% 35% T9% 24% 65% 40% 15% 114% High. Low. 14% 48 Chi & Nw pf (7). 115% 115% 115% 51% 88 99 51 35% 64 90% 45% 58 50% 106% 105 161 165% 39% 3% ™ 6% 4% 64% 112 5014 144% 140% 46% 116% 16% 14% 148 106 114% 12 6419 69% 83% 45 42% 97% 106 134% 61% 164 154 63% 106 12% 82 7 106 1% 9% 11% 52 66% 96 98% 110 109% 236% 11% 73 108 58 48 103 24% 16 45% 95% 97% 18% 68% 36% 95 111% 16% 26% 89 32 37 104% 48 43% 85% 9% 24 654 36% 963 111% 16% 27 20% 32 37 104% 48% 43% 35% T9% 24% 6% 40% 40K 15% 156% 114% 114% 108 534 49 103 25 16 45 95% 97% 18% 68% 36% 96Y 111% 164 26% 89% 82 87 104% 48% 48% 85% 79% 24% 654 40% 16% mul THE EVENING STAR. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Independ Ofl (1) Indian Motorcye Indian Refining. Inland Stl (2%). Inland St1 pf (7) Inspiration Cop. Interb Rap Tr... Internat Agri... Int Bus Maoc (8). Int Cement (4). Int Com Eng (2) Internat Har (5) Int Mer Marine. [nt Mer Mar pf.. Internat Nickel. Internat-Paper. Int Pap pf st (6) Int Ry Cent Am. Int Tel & Tel (6) pe (11%) Iowa Central. Iron Prod (n). Jewel Tea. ... Sewel Tea pf. Jordon Mot (3). Kan City South. Kayser (Julius) elly-Sprigfield. Kennecott (3).. Kresge Dep Str. Kresge SS pf (8) Laclede Gas (8). Lehigh Val (3%) Liggitt & M (14). Lig & My B (14). Lig & Myrs rgts. Lima Loca (4).. Loews Ino (2) Loft oes Loose-Wiles Bls Open. 27 16 8% 46 108 28% 31 12 122% 56 40% 105 12% 46 27% b65% 5 18% 3 4% 26% 2 97 20% 100% 50% 89% 284 16 54 40% 92 Loose W 1st (7). Lorrillard (3)... Loulsiana Oll... Louis & Nash (6 Mclntyre (1). Macik Trucks (6) Macy H R & Co. Magma Copper.. Man EUSup (4). Man El md g (5) Man Shirt (11). Maracaibo Ol . Market St prior. Marland Ofl. ... Mar-Rock (25¢). Martin-Parry Martin-Par rt Mathieson Alka. Maxwell Mot A.. Maxwell Mot B May Dept St (5). Metro G pf (1.89) Mexican Seabd. Miami Cop (2) Middle States. .. Midind Pr pf (8) Minn & St Louls Mis Kan & Tex. MK&TDpf (5).. { Missourt Pacific Missouri Pac pf. Montgom Ward. Moon Mot (3)... Mother Lode 750 Mullins Body. Nat Acme. ... Nat Biscult (14) ag Cloak & Sut Nat Dairy (3).. Nat Dept Stores Nat Distillers pf Nat Lead pf (7). Nat Ry Mex 2d.. Nat Supply (3).. Nevada Copper. NOT&M 123%.. NY Afr Br (4).. N Y Canners (2) N Y Central (7). NYCStL(6)... NY NH & Hart.. Y Shipbld (2). Nwpt U s (5). Norfolk South Norf & W (18).. Norf & W pf (4) North Am (3.40) North Am pf (3) North Pac (6)... Orpheum (1.80). Orpheum pf (8). Otis Steel. ... Owens Bot (3).. Pacific Gas (8).. Pacific O11 (2).. Packard (11.50). Packard pf (7).. Pan-Amer (6).... Pan-Amer B (6). Panhandle. ..... Penna C & Coke. Pennsy RR (3). Penn Seab Steel. Peorles Gas (8). Pere Marg (4).. Phila Co (4).... Pulla&RC&I. Phillip Morris Phillips Jones. . Ehillips Pet (2). Plerce-Arrow.. Plerce-Arrow pt 67 2 84 43% 454 105 105 204 20% 16 16 21% 21% 1% 1% 102% 102% 2% 2% 37% 37% Pierce A prior 8. Plerce Oll. Plerce Petrol... Pitts Coal. Pitts Ut pf (1.20° Pitts & West Va Postum-Cer (4) Press Steel Car Prod & Refine Pub Ser N J (5). Pub Serv rts (n) Pullman Co (8). Punta AlSu (5). Pure Ol (1%). Radio Corp of A. Radio-C pf (3%4) Ry St Spg (8).. Ray Cons Cop. Reading (4) Reading rt Remington Remingtn 2d (8) Repiogie Steel. Rep Ir & Steel. . Rep1 &S pf (7). Reynolds Sp (1) Rey Tob B (3).. Rey Tob pf (7).. Rossia Ins (6) Koy Dutn 4.42% St Josepn L (2) | St L & San F (5) StLSanF pt (6) St L Southw. Savage Arm: Schulte (8). Schulte pf (8)... Seaboard Air L. Seabd Alr Lipf. . Sears-Roebk (6) Shattuck-Ariz.. Shell Union (1). Stmmon Co (2).. Simms Pet (50¢) Sinclair Oll..... Skeliy Oil. Sloss-Sheff (6).. South Port S (6) South Pac (6). . Southern Ry (5) South Ry pf (6). Spicer MIE..... Std Gas & EI (3) Std Gas & El pfd St ofl Calif (2).. StOiNJ )... St OIl N J pf (7). Std Plate Glass. Sterling Prd 5% Stew Warner (5 Studebaker (4). Submarine Boat Supertor Oil. ... Telautograph. . Tennessee Coppr Texas Co (3)... Tex G Sul (17%) Tex & Pacific. ... Tex & PacC &0 Tide Wat Ol (4) Timken (13% Tobac Prod (6). Tobac Prod A (7 Transcont O1l. .. Transu & W (3) Un Bag & Paper. Union Oll (1.80). Un Pacific (10 Un Pac pf (4) Utd Alloy Steel. Utd Cigar (13%) United Drug (6) Utd Drug 1st 3% Utd Fruit (10).. Utd Paperboard Utd Ry Inves pf. U S Cast Iron P. 13% 70% 105% 68% 28% 69% % 141% 44 80% 65% 51% 133% 15% 7% 224 52% 110% 17% 52% 90 15% 5% 121% 96% B5% 434 4T% 101 56 19 145 42 T8% 98% 4% 27% 41 41 42% 150% 152 5% 5% 20 29% 78 19 17 17 524 52% 216 216 20 20% 54 54 219 220 474 1014 564 19% 148% 42 9% 98% 4% 274 41 INTRADING TODAY Speculative Rail and Oil Liens Heavy—Foreign Group Stronger. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 25.—Trac- tion bonds were the features in to- day's trading. On the one hand, Chicago Railway 58 were active and strong and on the other hand Third Avenue adjustments were weak. Chicago Railway 5s closed Tuesday at 83 and opened to- day at 86, up 3 points and within a fraction of the high of the year. This sudden jump brought heavy profit- taking and the price receded 2 points from the opening, rallying ag: later. The motive back of the buy ing was the result of the Chicago aldermanic election, which was in- terpreted as favorable to municipal purchase of the property. Third Avenue Weak. The drop in Third Avenue adjust- ments, which at one time was more than 2 points, was due to the an- nouncement of a cut in the interest rate, the semi-annual payment on the bonds being reduced from 2% to 1% per cent. Today's price was & new low for the year and con- trasted with a high of 50%. Hud- son and Manhattan incomes were fractionally lower. Speculative rails were irregular. New York, Westchester and Boston 41%s receded from their new high, above made Tuesday. Other New Haven bonds were very firm. The St. Paul group continued to re- flect the prevailing doubt over the refunding program. In the high-grade investment group prices were shaded, but only a trifle, in response to money conditions. There was especially good demand for short term securities of the type of Columbia Gas and Elec- tric. Koreign Bonds Stronger. “In general, forelgn bonds did bet- ter. Austrian 7s were higher and so at one time were Japanese 6%s. P Reports were circulated of German loans to be offered here. It was also stated that the Canadian Pacific might do some financing in this market. Today's new offerings in- cluded $2.100.000 Southwestern Light and Power 65 to vield 6.30 per cent and $3,000,000 Standard Plate Glass Company's five-year 6 per cent notes to yleld 6.5 per cent new BRITISH INDUSTRIES MAKE STEADY GAINS By the Associated Press NEW YORK, February 25.—Profits of British industrial companies have increased steadily for nine successive quarters, it is shown in statist ceived by the Bankers' Trust Co. of New York. Net profits for 1924 ag- gregated 62,000 pounds sterling, a gain of 8,602,000 pounds over 1 Division of profits gave 59.7 per cent to common stockholders, 19.5 per cent to preferred stockholders and 20.8 per cent o reserves. Receipts at Baltimore of Maryland tobacco during the calendar year 1924 from the growth of 1923 totaled 003 hogsheads, according to figures published by the Leaf Tobacco Asso- ciation of Baltimore, which bases its ement on State tobacco warehouse rds. This is equivalent to about 5,000 pounds, allowing 653 pounds average to a hogshead The average selling price per pound for the year was approximately 27.7 cents. STOCK MELON VOTED. Union 0il Associates Declare 80 Per Cent Dividend. LOS ANGELES, February 2 a ration of an 80 per cent stock div dend was announced by officials of the Union Ofl Associates, following the annual stockholders’ meetings yesterday of the Union Oil Company of California and the Union Oil Asso- ciates, the latter of which is the hold- ing company for the former. WOOL MARKET DEAD. BOSTON, February 25 (Special).— The Summer Street raw wool market was virtually at a standstill today so far as actual dealings were concern- ed, but sentiment continued general- ly firm. The only important excep- tion was fine noils, which were offer- ed at concessions of 2 to 5 cents, as compared with recent quotations. This trend is attributed to the soften- ing of noils abroad. SENATE'S AID ASKED. Letters from Southern cotton deal- ers and associations charging that 150,000 bales of cotton below the legal grade for tender on March contracts have been stored in New York ware- houses for the purpose of beating down prices were laid before the Sen- ate today by Senator Smith, Demo- crat, South Carolina. 110% 110% 38% 33w 4% 4% 244 244 814 814 126 126% 41% 4l 95% 95% 32% 834 123% 124 128 123 108% 110 43 48% 86 86 89% 98l 48% 49% 26% 26% 2% 2% 12% 12% 6% 8% 24% 24% 62% 63% 168% 16% 126 126 42% 45 97% 97% 9% 96 115% 116 16% 15% 36% 87 92 94 120% 121% 106 105'% 2% 2% 12% 12% 21 21 15 ¢ 15% 28% 28% 28% 28% 65% 66 kel % % 84 24 24% 10% 10% 8% TT% 117 117% 87 87 68% 173 19% 20% 49% 49% ferred stock. above table based on_the or_half-yearly declarations. ne moted extra er speclal CIPpPIL(7)..110% 110% S Distributing 34% 34% Express. . AN 4% Hoff (50c).. 24% 24% nd Alcohol. 81% 8l1% Realty (§).. 126 126% 4l% 41% Rub 1st (8). 95% 95% Smelting. 32% 834 U SSteel (17)... 123% 124% U S Steel pf (7). 128% 123% U S Tob pf (7)... 108% 110 Universal Plpe.. 44% d4% Univer P pf (7). 87% 874 Utah Copper (4) 90 90 Utah Securitles. 49 49% Vanadium...... 26% 26% Va-Caro Chem.. 38 3 Va-Caro Chpf.. 124 12% Va Ry & Power. 8% 9% Wabash. .. 24% 24% Wabash pf A 63% 68% ‘Waldorf (1%) 17% 17% Wward Baking A. 126 126 Ward Baking B. 43 45% ‘Ward Baking pf 97% 97% West Pen pf (7). 964 964 West Blc pf (7). 115% 116 West Maryland. 154 15% Western Pacific. 86% 38 West Pacpf (6). 92 94% West Union (7). 120% 121% West Alr Br (6). 105 1054 tinghse (4) 8% Weston Elec.. 12% ‘Weston Elec A.... 21 Wheel & L Erfe. 15% Wheel & L E pf. 28% White Eagle (21 28% ‘White Mot (4).. 66% Wickwire Spenc % ‘Wilson & Co.... 8% Wilson & Co pf. 24% Willys-Overlan¢ 104 10% Wills-Over pf.. 76% 77% ‘Woolworth /34, 117% 117% Worthington A 87 87 Worthington... 68% 734 Wright Aero (1) 19% 20% Wrigley (*3%). 49% 49% 11 1 extra. $Payable in Dividend rates'as given in re the apnusl cash payments test quarter! less “oth u U U u u u u U u S s 8 s s s s % TH 24 Received by Private Wire UNITED STATES BONDS. (Saies are Lib3%s... 240 Lib1st4%s 32 Lib2d 4%s. 106 Lib3d 4%s. 45 Lib4 4%s.. 150 UB4s1944. 2 US4ks'63. 1 Bales. High. 10129 102 25 10125 101 24 101 28 101 24 100 30 100 28 100 30 10113 10111 10113 101 30 101 27 101 30 100 30 100 30 100 30 104 25 104 26 104 25 in $1,000.) Low. FOREIGN. Sales. High. Argentine 6s A..... Argentine 6s B..... Argentine 7s. Austria 35 Bank of Japan 6s. Belgium s wi. ... Belgium 6%a w1i.. Belgium 73s. Belgium 85 Berne 8 Bolivia Canada bs 1921 Canada 55 1931. Canada bs 1952 Canada 5%s 1929. Chile 75 1942 Chile 85 1926 Chile 8s 1941 Chile 8s 1946 Cop~nhagen 5% Cuoab%s.... Czecho 85 1951. ... Czecho 8s 1952 ct. Denmark 6s Denmark 8; . DEI6%s Mch'53. DEI65%s Nov'53. Dutch East I 65’47 Dutch East I 68’62 Finland s f 65 1946 Framerican 7%s. . French 7s w { French Govt 73s. French Govet 8s.. Germany 7s w | Ger Gen Elec 7: Greek Ts w 1 Hungary 6%s Japanese 4s. . Japanese 6%s Jergens U M 6: Lyons 6s. Marseille 6; Montevideo Netherlands Netherlands 6s Norway 6s 1943 Norway 6s 1944 Norway 6s 1952... Norway 8s Orient Dev Parls-Ly" Paris-Ly’ Paris Orleans 7 Poland 6s '40 Prague 7%s Queensland 7s Rio de Jan 8 6. Rio de Jan Se 1947. Rio Gr Do Sul 8 Sao Paulo City 8s.” Sao Paulo State 83 Seine Dept of 78 Serbs Cr'tes Slo Sweden 5%s ct. . Sweden 6s. Swiss 5%s 1946 Swiss Confed 88 Tokio 56 4 Ud Kingm 5%s "2 Ud Kingm §%8°'57 Ud Steam Copen Uruguay 8s.. Zurich 8s Low. 96% 96% 102% 95% 99% R1% 93% 109% 107% 110% 93 84 82% 106% 97 101 1024 103% 103 100% 102% 108 108 96% 9% 99% 99% 101 17 96% 96% 102% 2:80. 2:30. 9EY 96% 102% 95% 29% BT% 93% 109% 107% 110% 93 84% 828 110% 1 929 98% 101% 101% 85 93% 9 1 18 6 2 23 110% MISCELLANEOUS. Am Agr Chem 5s. . Am Agr Chem Tihs Am Chaia s f 6833 Am Repub deb 6s. Am Smit & R 1st bs Am Smit &R 6s... Am Sug ref s AmT& Tcltr4s Am T& T cl tr 5 Am. T. & T. SF 5s. Am T & T deb 5%s Am Water Wks 5s. Anaconda 1st 6s Anaconda cv db 7s Andes Armour & Co 4%s. Armour of Del 5% Associated Oil 6s Atlantic Refin 5a Bell Tel Pa 08 Beth Steel pm 5 Beth Steel rf 58 Beth Steel 5%s '63 Beth Steel s f 68 Brier H St 1st § Bklyn Ed gen bs. . Bush T Bldg 6a'60. Calif Pete 63%3. ... Central Leather 58 Chile Copper 6s. ColGas & El5s. .. Col Gs & El 5s sta. Commonwth P 6s Con Coal Md 1st bs Con G NY 5%s wi..128 Cuba Cane cvd Cuban-Am Sug 8 Denver Gas 68 Dery (D G)¥s. Donner Steel 7s Du Pontde N 7% Duquesne Light 68 Eat Cuba Sug 7%s Empire G&EF T%s. Feder Metls 7 Fisk Rubber 8s Goodrich 6%s. Goodyear 8s 1931 Goodyear 8s 1941 Hershey 6s 1942. Humble O&R 5% Illinois Bell 1st bt Indiana Steel 58 Int Mer Marine 6s. Inter Paper 58 ’47. KCP & Lt 58 A "sxx. Kelly-Spring 8 Keyser (3) 78 Lorillard (P) Magma Cop cv 7s. Manatl Sug sf 7%s ~ Midvale Steel 5 Montana Pow b Mor's&Co 1st 434 N Y Eden 1st 6% NYG EL H&P b N Y Tel 4%s. N Y Tel 68’41 N Y Tel 68’49 North Am Ed 6 North Am Ed 6%s. Nor States Pow 5s. Nor States Pow 6s. Otis Slee{ ;% s Steel 88.... g:‘cmc Gas &z El Ss ac T & T 1st6s. .. gnclllc T & T bs'52 Pan-American Pan Amer Pete T Phila Co 5%s'38 Phila Co ref 68 A Phil & Rdg C&1 68, plerce-Arrow 8 pablic Service 6 8... Punta Alegre 7 Sharon Stl H 8s Toledo Edn 1st United Drug 6s. U S Rub 1st rf bs. U S Rubber 7% U S Smelter 6s. t6s. Utah Pow & Lt Va-Car Chem 7 Va-Car Ch 7%s sw Vertientes Sug 7s. Warner Sug 73°39. West Elecbs...... ‘West'n Unlon 838 Westinghouse 7s.. Wickwire Spen 7s. Willys-Ov 63833 Wilson & Co 1st 68 Wilson&C cv 7% Winchester A 7%s Youngsin S&T 6 25% pd.. 144 128 7 107 . 40 99 4 100 16 100% 12 99% 6 96 9. 87 6 106% 21 102% 44 97 41 100% 0 95% 18 102%4 1 95% 32 101 30 103% 99% 88l 93% 102% 99% 101 92% 26% 88% 964% 51 99% 13 100 6 95w 11 103 3 1004% 15 108% 1 100% 51 101 17 100% 4 BTN 1015 94% 96% 101% 107% 94 70 91 107% 4 106 71 106% 45 102% 103% 111 104 109% 120 104% 100% 98 101% 90 99% 15 20 102% 29y 100% 92 6% 884, 5% 14 41 24 19 24 12 90% 14 96% 8 100% 9544 103% 97 125% 101 90% 99% 84%% 114% 101 96% 107% 109 100% 103% 96% 104% 94% 98% 96 100 94% 111% 1 106% 5 96 2 104% 0 100% 7 26 29 5 14 1 6 1 3 1 55 110% 105% 96 104% 1007y 5% 9% 105% 107 111% 83% 93 100% 854 114 9% 1014 104 109% 102 86% 106% 101% 105% 24 864% 49% 04 83% 98% 110% 107% 6% 99% 94% 67 101% 98% 1 9% 106% 67 15 11 47 32 34 45 113% 89 93% 100% 85% 115 98 101% 104 109% 1024 86% 108% 101% 106 94 874 49% 94 844 99% 110% 108 86% 100 94% 13 67 2 101% 101% 104 109% 102 106% 101% 106 04 86% 49% 94 84% 98% 110% 107% 86% 99% 94% 67 101% " Bfl‘i! WASHINGTON, D. C, WEDNESDAY, FEBRUARY 25 1925 BONDPRICES DRIFT | Coxew vorx BONIDS socx mxcnance ] Direct to The Star Office. RAILROAD. Sales. High. . 4 65 . 2 83 . T 89% 10 87% 19 19 39 21 Low. Close. 65 65 83 83 89% 89% 8% 8% 92 92% 88% 89 101% 101% 108% 108% 102% 102% 99% 99% 86% 86% 117% 117% 116% 116% 79% 79% 100% 100% 107% 107% 102% 98% 29% 1064 Ann Arbor Atchison aq, Atchison Gen 4s B & O gold 4 D B& O SW aly 314 Bklyn-Manhat 63. Canad North 6%s. Canada North 7 Canada Paoc deb 4s Car Clinch & O 58 Car Clinch & 0 Chi B&Q 1st rt Ches & O cv 4%, Ches O gn 4% Ches & Ohio cv b8 Chi & Alton 3%s.. Chi & E1gn b Chi Great West 4s. 83 Chi M & St P 4536 129 Chi M&St P ov 434 52 CM&StPdb4s.. 6 CM&StPgn4ts 7 Chi M&St P rf 4%s 35 Chi M & St P cv b FINANC Hog Prices Above $12 for First Time In Past Four Years By the Associated Press. EAST ST. LOUIS, 111, February 25.—Butcher hogs sold above §12 at the National Stock Yards today for the first time in more than four years. Five loads brought $12.10, which was ine highest since November 18, 1920, when a top of $12.45 was recorded. CRAI SELLSOF, THEN GOESHEHER Indications of Enlarged Ex- ports Lift Wheat, Corn and Oat Prices. Chi Un Sta 6%s Chi & W Inc cn C&W I53%s’ 62 wi. 6: CCC & StL6s Cleve Torm 6s w 1. Colo & Sou 4%s CubaRR 7% Del & Ha tst rf 4 Del-Hud cv 5s '36. Den & Rio G cn 4s: 36 D & Rio G fmp 5 D & Rio G Wst b Det United 4%s. Erle 1st cons 4s Erie gen 4s. Erle conv 4s A . Erie conv 45 B. Erie conv 4s Erie con ext Erie Genessee R 63 Gr Trunk sf b 6; Grand Trunk 7s. Great North 58 Gr North 6%s . Gr North gen 7s... 41 Green B & W a 34 Havana ERL&P bs 9 Hud & Man ref 5s. 14 Hud & Man aj 5s. 11l Central 5%s 6 111 C-C St L&NO 55118 Int Rap Tran bi 16 Int Rap Tr 5s stpd. int Rap Tran 6 Int Rap Tran int & G Nor 1st 6 Int & G Nor aj 6s Iowa Cent 1st 58. Kan City Ft S 4s. Kansas City S 58 Kan Cy Ter Lake Shore Lake Shore 4 b= Lehigh Val cn 4s.. 19 . 10 27 Manhut Ry cn és. . Man Ry 2d 48 2013. Mil El Ry & L bs. M StP & SSM cn Mo Pac 58 1926. .. Mo Pacific 58'65. NO Tex & M 68 B.. N O Tex & M in 5s. NO Tex & 3 5%n.. 10 N O, Tex, Mex 6 1 N Y Cen gen 3%s.. N Y Centdeb 4s... 28 N Y Cent ri b .70 N Y Cent deb 6s... 149 NY Chi & St L5%s 12 NYC&StL6sA.. 6 New Havd4s'67.. 7 New Havedés 33 New Haven i 8 New Haven 7s fr.. 113 N Y State Ry 43%s. 10 NYW & Bos 4%s. 26 Northern Pac3s... 1 Northern Pac 4 7 Northern Pac5s D 10 Northern Pacr16s 18 Ore Short L ref 4s. 17 Ore-Wash 1st rf 4s 20 Penn. bs. 64. Pennsyl 6%s Pennsyl gold T Peoria & E inc 4 £2% 984 110% 1094 34% 99% 991 95% 93% 87% 94% 874 T4% 293 7% 894 825 103 80% 894 83% 101 83% 66% 8% % 9% 97 85% 90 % 101% 106 109% 110% 109% 34% 99% 9944 954 93% 8654 944 86% 73°% £9% 97% 88% 824 103 80% 89% 83% 101 83% 66% 84 7% 91T 97 85% 90 + 768 101% 106 109% b5% 41 100% 921 104% 964% 943, 93% 74 67% 80% RIATK & L4%s.. 9 StLIM&S 45°29.. 13 St L1M&S R&G 4s. 64 StL&SFpl4sA.. 33 StL&SFprinbs. 8 StL&SF5%sD.. 41 StL adj6s.. 47 inc 6s.., 77 StL plésC.. 20 StLS W 1st 4s. 1 StLSW con 4s°33 31 StP & KCShL 4%8 13 StPUnDep5¥%s.. 1 San 4 & Arn P ds.. 10 £6% 9414 86% 73% E84% 97% 88% 82 102% 80% 89% 83% 101 83% 66% 78% 7% 91 96% 85 89% T6% 1014 105% 1094 564 554 42% 41% 100% 100% 9214 9214 104% 104% 96% 96 VaRv & P 1st bs. . 4% 94% Western Pacificbs 5 94 93% Wheel & LEcn4s. 2 74 178% Wilkes BRE 1st58 9 67% 66% Wisconsir: Cent 4s. 8 81 80% &SF &SF &SF Sou Pacific 45 '29.. 30 Sou Pacific ctl 4s.. 13 Sou Pacific ref Southern Ry gn 4s 49 Southern Ry 1st bs 17 Southern Ry 68 ct. 22 Southern Ry 6%s. 38 Third Averefds.. 6 Third Ave adj bs.. Union Pac 1st Union Pac ev GERMAN STOCKS AND BONDS. (Quoted in dollars per million marks.) B Asked. Ger Gt (war In) 5s 1914-18..$1625 Hamburg 43s 1919.. Ger Gt §-15s "2 (Quoted in dollars per thousand marks. Ger Gen Elec 4148 pre-war.. Ger Gen 4358 1019... 00 Rerlin 4s pre.war.. Hambg 3s 3158 & 35 pre-y Hamburg Amer Line 41 North German Lioyd 44 North German Lioyd Proasian Comsols 3% Krupp 5s 1821. Dusseldort 48 Frankfort a-M 4s pre-war. Munich 4s pre-ws ische _Anilin A (Ger Ge Commerz and Privat Bank Disconto Gellschatt s HESSeuBE bt T Darmstaedter Mercer Bank Am Safety Razor B Rolling Mills E Roll Mills pf. Fed Motor Truck Int Bus M: Lig & Myer: Otto Eisenlohr pf Phillips_Petro. [YOTOTI - TOTOTeR - oo, Plerce Ar pr pf. Mar. FEW NEW BOND ISSUES. NEW YORK, February 25.—New bond offerings continue in small volume, today's list being featured by $7,000,000 City of Philadelphia 4| per cent improvement bonds matur- ing in 1965, priced at 101% and in- terest to yleld about per cent. By the Associated Press. CHICAGO, February 25.—Indica- tions of enlarged export business led to an upturn In wheat prices today after a decline at the start. Initial weakness was in sympathy with lower quotations Liverpool. Tt developed, however, that Argentine wheat was no longer avallable at prices under United States wheat, and that exporters were buying In this country both at the seaboard and at points elsewhere, such as Omaha. The opening, which ranged from % to % lower, with May 1.86% to 1.87 and July 166 to 1.56%, was followed by material gains all around. Corn and oats harmonized with wheat action. After opening at % to % decline, May 1.28% to 1.28%, the corn market scored a good gen- eral advance, Oats started unchanged to %, May 53% to 53%, and then rose to weil above yesterday’s finish. Provisions were responsive to up- turns in the price of hogs. High 1904 at Low 18.90 17.10 7. 1720 COTTON QUOTATIONS FIRM AGAIN TODAY Liverpool Cables and Lack of Rain in South Keep Prices Strong. By the Associated Press NEW YORK, February 25.— The cotton market showed renewed firm- ness at the opening today owing to the continued strength of Liverpool, complaints of inadequate rain inthe Southwest and reports that no fur- ther notices had been issued against March notices. First prices were 11 to 26 points higher and active months sold 15 to 22 points above yesterday's closing, with old crop positions making new high ground for the movement. May contracts sold up to 25.00, the high- est price touched since the decline to 23.22 for that position toward the end of last month, and trade inter- ests were good buvers of mnear months, while there appeared to be broadening commission house de- mand. A good deal of realizing at the advance was absorbed on com- paratively slight reactions. New Orleans Quotations. NEW ORLEANS, February 25.— The cotton market opened with a poor response to the advance in New York yesterday during the holiday here. March traded at 24.50, or 9 points up, for the first sale, and eased off to 24.45, or only 4 points above Saturday's close, on the news that nctices for 40,000 bales for de- livery on March contracts had been issued here this morning. The later months, however, showed opening advances of 24 to 30 points, and March promptly shot up to 2476, or 35 points above the previous close, on the belief that all the notices would be stopped. CHICAGO LIVE STOCK MARKET CHICAGO, February 25 (United States Department of Agriculture).—Hogs— Receipts, 22,000 head ; mostly steady to b higher; weighty butchers show full advance ; light lights and slaughter pigs weak to 25 lower; big packers doing little; top, 12.05; bulk desirable 210 to 325 pound butchers, 11.75a12.00; bulk 140 to 170 pound weight, 10.60a11.40; packing sows, largely 10.70a11.00; strong-weight slaughter pigs, mostly 10.00a10.25; heavy-welght hogs, 11.70a 12.05 ; medium weight, 11.30a11.95 ; light weight, 11.00a11.75; light light, 9.90a 11.40; packing hogs, smooth, 10.80a 11.10; packing hogs, rough, 10.50a10.80 ; slaughter pigs, 9.25a10.25. Cattle—Receipts, 7,000 head; fed steers and yearlings largely 25 higher; active at advance; spots up considerably more on better grades; shipping demand broad; well finished heavy in moderate supply; best long yearlings, 12.25; several loads, 12.00; bulk fed steers and yearlings, 8.75a 11.00; latter price high mark on heavy early; relatively little selling below 850 except low quality, warmed up lightweight offering; she stock steady to strong; bulls, low, steady; practical top heavy bolognas, 4.75; vealers steady to 25 higher; light kinds mostly, 10.50a11.00; good to choice of- TAL. DISTHGT INDORSES DRNVE ON FRALD Bankers RAeady to Join in Campaign—Local Stock Reaches New Peak. BY CHAS. P. SHAEFFER. Recent appointment of a committer to draw up plans for a powerful na tional fraud-fighting organization being followed closely by District financiers, who await only until the movement assumes some definitenes before injecting themselves hearti into its support The movement had fts inception in Chicago yesterday when representa tives of financial and commercial or- ganizations of the New York Stock Exchange, public officials of Illinoi the elty of Chicago, blue sk ioners of many States, and others interested, met to formulate a national organization to combat swindlers and to protect innocent in- vestors. peakers called attention to the fact that the menace is beyond the powers of the law -enforcing offi- cials of the States to eliminate un aided, stressing that co-operation of all business bodies and all good citi zens is necessary. The plan just started was inspired by the success of the New York Stock Exchange’s nation-wide drive against securities frauds, through its mem- bers, branch office heads and corre spondents in every State, set up by a central bureau for the receipt of complaints and the analysis of cases coming under its investigation Local need for such a movement is not as pressing now ago, thanks to the Better Business Bureau, the District Bankers' Association and other bodies but its benefits to the imwesting pub- lic, financial and business houses, are readily recognized. Washington in vestors are learning that only securi ties in honest, capable enterprises are worth considering, which has resulted in fraudulent operators likewise con centrating on offerings of high-grade, well-known stocks on special pay- ment plans. They declare that they buy the stocks and hold them for the customer while he is paying for them. Usually they do not buy the stocks, but keep and use the customers’ payments while they work to gain his confidenc, and then to vitch him to som worthless or n worthless stock at a high price and which they hold ir abundance. This illustration em bodies the major proportion of the local bureaw's complaints at the present. Redmond Gets Bond Issue. A syndicate headed by Redmond & Co., was the successful bidder for $7,000,000 of Philadelphia 4 p per cent 30-year bonds. the entire issue was T bonds are being offered for publ ription to yield about 3.95 per s several years ilance of the Bankers on Winter Tours. L. E. Breuninger, president of t Citizens avings Bank, with M Breuninger, is spending sever weeks in Florida, while William 1 West, vice president of the sar institution, with Mrs. West, is wi tering in Cuba. Railway Common at New Top. Continuing its upward movement « several months, the Washing Stock change again today another new high level 2 shares of Railway common sold up ward to 101%. Heavy selling, covering a wide range, prevailed. Merchants' Ban and Trust Co. sold at its highest fi ure, 136, with 50 shares changing hands, while Lanston Montype stoc was active to the entent of 310 shares selling upward to 79%, the year highest Jevel. Capital Traction easy at 92 while Gas, firm at at the opening of the market, eased oft fraetionally at the Rail- way preferred brought 807, and Na- tional Metropolitan Bank stock was traded in at odd lots at Bond trading was confined to utility issues at firm but unchanged vrices. as EE RS DAIRY PRODUCTS. BALTIMORE, February (Spe- cial) —Live Poultry—Young chickens pound, 24a32; Leghorns, 24a28; Win- ter chickens, 35a36; old hens, 24a30 Leghorns, 24a25; old roosters, 18 capons, 32a38; young turkeys, 40aii old, 35; poor and crooked breasts, 25 ducks, 24a32; geese, 23a26; pigeons. 5a40; guinea fowl, each, 4Cass. Poultry—Turkeys, pound poor and crooked breasts, 25 chickens, 28a32; old roosters, 1s. a30; geese, 20a23; capons native # nearby firsts, dozen, 30a30%. Butter—Good to fancy, pound, 3% 42%; prints, 42%a44%; ladles, 27a39; store packed, 20; process butter, 33. dairy prints, 20a25; rolls, 20a25. - SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ——Close.— Bid. Ofter. Aluminum Co. of Amer. 7s 1038. 101 American Sugar s 1937... American Tel. & Tel. 6s ‘Anaconda Copper 6s 2 Anglo-American Oil Tis 16 ociated Oil 8s 1935.. .. Baltimore and Ohio 6s 19 Bell Tel. of Cana Central of Georg! Central Leather Chi., Mil Chi. City of Lyous 6s 1934 Columbia Gas & E Continental Gas & Bl Du Pont 7i;s 1931 Federal Sugar Ref. 6s 1033, Federated Metals 7s 1939. Goodyear T. & R. Bs 1931 Great_Northern 7s 1936... Gulf Oil Corp. of Pa. 5lis mble Ol 5ls 1982..0.. .. " Lehigh Pow. Sec. Corp. 6s 1027. M, St. P. & S S. M. 6%s 1931, Morris & Co. Ti4s 1830... New York Central 6s 1935 Oregon Short Line 4x Penna. R. R. Ts 1980. Pure Ol 515, August, Swift & Co. s 193 Tidewater Ol 615 1931 1084 Unlon Tank Car 7s 1080, fering averaging 110 to 130 pounds, 12.00a13.00; handyweights upward to 14.00, better firm but uneven trade on stockers and feeders; meaty yearlings in best demand, these very scarce, bulk, 6.50a7.50. Sheep—Receipts, 14,000 head; slow, early sales desirable fat lambs fully steady; undertone weak on undesir- able kind; early bulk, 17.50a17.85; early shipper top, 18.00; best held higher; choice, fresh shorn lambs, 14.50; no Colorados sold; fat sheep 25 higher; bulk ewes, 8.75a9.25; no choice ewes sold; feeding lambs active, firm; bulk, 17.00a17.25. e e FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks gold value. today London, pound . Montreal, dollar. Parls, franc . Bruss Berlin, Rome, Zurick, fran Athens, drachr Madrid, pesets Yiensa, crow. Copenhagen, crown . Christiania,’ crown, Stockholm,” crown’ " LIVE POULTRY HIGHER. CHICAGO, February 25.—Poultry, alive, higher; fowls, '25a27; Springs, 28; roosters, 18; turkeys, 25; ducks, 27; geese, 14. S. Rubber 7%s 1t Western Unlon 6i4s 193 Westinghouse E. & M. 7a 1031 107% 108 Fisher Body Corp. 6s 1927. called for pay ment February 1, 1925, at 10i% Fisher Body Corp. 6s 1927 ment February 1, 1925, at 102 1067 11 alled for pay TREASURY CERTIFICATES. 3% March 15, 1825 4 June 15, 1925, 295 Beptember 1 December 15, 19 March 12, 19 September 15, March 15, 1827 December 15, 1927 V 100 31 101 13-16 101 15.1 101 13-16 101 15-16 STOCKS EX-DIVIDEND. Corporation. $ Per 26—Delaware & Hudson Co. 26—Fed Min & Smelt Co pf 26—Standard Oil Co of N J. 26— do pf .. Feb. 27—Atlas Powder Co Feb. 27—Canadian Pacific Feb. 27—N Y Shipbuilding Feb. 27—Southern Pacific C Feb. Feb. Feb. Feb. Feb. Fel Feb. Feb. Feb. Feb. Feb. Feb, Date. Feb. Feb. Feb. Eeb. hare 27—U 8 Steel Corp. 28—Amer Tel & 28—California Packing Corp. 28—Diamond Match Co... 28—East Kodak Co. 28—Hayes Wheel Co.. 28—Metro-Gold Pic_Corp pf 28—Niagara Falls Power Co. 28—Norfolk & Western Ry Co 28—Packard Motor_Car Co pf.. 28—Stand Gas & Ei Co 8% pf 25—TUnion Pacific RR Co. Feob. Feb. 28— do pt .