Evening Star Newspaper, March 2, 1925, Page 26

26 e NEW PEAK PRICES N HANY STOGES Rails, Industrials and Oils Extra Strong—Atlantic Coast Line Jumps. BY STUART P. WEST. Special Dispatch to The § NEW YORK, March in the stock market today was evenly divided between rallway and industrial shares, although the demonstration in the former was the more impressive. New top prices were common among the ralils, the movement in the high-priced issues carrylng some of them as muc 10 points or so above last week's lows. In-the industrial division, too, high priced stocks gave the best a count of themselves. These included American Can, American Locomotly Texas Gulf Suiphur and other special- ties. The olls gained further ground, and many of the moves, begun late last week were continued. 1t was all over the Street that AtchisBn was to be another South ern Pa in respect to the segre tion of its ofk properties. The story has been in circulation for some time and has not been denied. This was the motive behind the remarkable ad- vance, continuing that of last week, ia Atchison stock, which carried it to much the highest prices it has yet sold Atlantic Coast Line Jumps. Atchlson set the example for entire raflway list. Atlantic C Line jumped over 5 points and Lou ville and Nashville followed along Southern Paclfic fell into line. Louls-San Francisco made a Dew high, going through 723%. There was heavy buving of Texas dud Pacifi Krie first preferred and the Misso Kansas and Texas issucs. The ris in New York Central merely sympathetic with that higher-priced members way, group. Oil Stocks Prominent. y prominent Strength was in the of the rail- Oil shares were ve again. The Pan Americans made new highs. Independent Oil and Gas which has been a speculative favorite ever since the electivn of W. C. Durant to the board, was carried across 30. California Pétroleum also ossed 30. The buying movement was resumed in Texas and Coal and Oil, and Marland, Standard of New Jersey, and Texas Co. were tently taken at advancing sequel to Saturday's extraor- dinary rise In Columbla was that a good deal of profit-taking came into the stock. But the reaction was gmall considering the magnltude of the previous advan Those best informed were inclined to stress the importance of the acquisition, of the Dayton Power and Light and what this would mean to the earnings of the Columbia Gas and Electric Co Other Vigorous Advances. Standard Gas and Electric was car- ried along in the wake of Columbla Gas. The latest earnings have shown that the $3 dividend is being earned more than twice over, and buying was In expectation of a dividend in- crease. American Locomotive continued its extraordinary upward movement in anticipation of something highly fa. vorable developing at next Thursda meeting. Baldwin Locomotive, Pull- man and other railway equipment shares went along. American Car and Foundry held around its high figures. Operations for the rise kept on vig- crously In special issues. General Electric, American Can, Ludlum Steel, Texas Gulf Sulphur, ~Mont- gomery Ward, Sears Roebuck, were all very much in demand. MARKET CLOSES STRONG. Atlantic Coast Line Among Last- Hour Features. By the Associated Press. NEW YORK, March 2.—Stock prices gave an impressive demonstration of strength in today’s active market. Several high-priced rails, including Atchison, reached record prices, while marked buoyancy was shown by a number of oils, motors, public utilities, equipments and steels. Buy- ing apparently was based on specu- lative expectations of a sharp im- provement in business within the next few weeks. Total sales approx- imated 1,600,000 shares. The closing was strong. Heavy ac- cumulation of Ludlum Steel, United States Cast Iron Pipe and Atlantic Coast Line, which sold 63 to nearly 8 points above Saturday’s closing prices, featured the late trading. Markets at a Glance NEW YORK—Stocks strong; high- priced rails buoyant. Bonds firm; con- vertible issues at new high levels. For- elgn exchanges reactionary; French franés at year's low. Cotton strong: drought in Texas. Sugar featureless. Coffee higher; foreign buying. CHICAGO—Wheat ea disappoint- ing_export demand. Corn lower; poor cash inquiry. Cattle irregularly higher. Hogs firm and active. GRAIN AND PROVISIONS. BALTIMORE, March 2 (Special).— Potatoes, per 100 pounds, 1.00a1.50; sweet potatoes, barrel. 2.5086.00; yams, barrel, 4.0024.50; beans, hamper, 3.50a5.50; bee bushel, 1.7522.50; brocoll and kale, bushel, 50a60; brus- sels sprouts, quart, 10a20; cabbage, ton 8.00a12.,0 voy, bushel, 50a65; carrots, 100, 5.00a7.00; caulifiower, orate, 150a2.50; celery, crate, 3.00a 4.00; eggplants, crate, 3.50a6.00; let- tuce, basket, 1.50a3.00; onlons, pounds, 2.50a2.75; oyster plants, 6.0028.00; parsnips, basket, 20a30; peas, hamper, 3.50a5.00; peppers orate, 4.00a7.00; spinach, bushel, G0a 1.00: squash, crate, 4.00a5.00; to- matoes, crate, 2.00a5.00; turnips, basket, 50a75. Apples, packed barre bushel, 1.00a2.25; grapefruf 83.00; oranges, box, 4.25a berries, quart, 25a40. Selling Prices at Noon. Wheat—No. 2 red Winter, spot, ex- port, no quotations; No. 2 red Winter, spot, domestic, 2.02, nominal; No. 2 red Winter, garlicky, domestic, 2.02 nominal; No. 3 red Winter no quota- tions. Sales—None. Corn—Cob, new. yvellow. spot, 6.50a per barrel; track corn, vellow, 100. 3.50a7.50; box, 2.00 straw- ; No. 2 rye, spot, 1.69. Hay—Receipts, 106 tons. Under more liberal receipts of hay by truck the market rules easy with little life to the buying. A moderate demand prevails for the better grades of timothy and light clover mixed, but common -low-grade hay is hard to move at any prige Quotations today—No. 1 timothy, 20.50a21.50; No. 2 timothy 17.00a 19.00; No. 1 light clover, mixed, 19.50 220.00; No. 2 clover mixed, 17.00a 18.00. Straw—No. 1 wheat, 16.00a17.00 per ton; No. 1 oat, 16.00a17.00; No. 1 straight rye, 18.00a19.00. DRI RATES ON BAR SILVER. NEW YORK, March 2.—Bar silver, 68% ;. Mexican dollars, 52%. st. | other | Pacific | 100 | FINANCIAL. | Am Car & F (12) 210 _ | Austin-Nich ! Bayuk Cigar.. | Beech-Nut (3) | Bur Add Ma (3). | Del & Hud (9).. THE NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Oven. High. Low. Close. Inland Stl (2%). 46 48 45% d46% Inland Stl pf (7) 107% 107% 107% 107% Inspiration Cop. 28% 284 28 28 Interb Rap Tr 80 30 80 30 Internat Agri... 114 11% 11 11 Int Cement (4). B656% b5% b5G% 56% Int Com Eng (2) 40% 41% 40% 40% Internat Har (5) 105% 105% 105% 1054 Inter Har pf (7). 114% 114% 114% 114% Int Mer Marine. 124 12% 12k 12% 46% 471 46k 4TW 27 274 26% 26% Internat-Paper. 56 b6W B55% b66% IntRyCentAm. 19 19 19 19 Int Tel & Tel (6) 93 83 98 8 Int Tel & Telrts 4% 4% 4 4 J T . 20% 20% 20% 20% Sewel Tea pf.... 110 110 110 110 Jordon Mot (3). 58% 59 57% b9 Kan City South. 88% 39% 37% 30% KanCSopf(4). 69 59% 59 5694 Kayser (Julius). 238% 23% 23% 234 Kelly-Sprigfleld. 16% 16% 16% 16% Kennecott (3).. bB3% b4% 63% 03% Keystone T&R. 2w 24 24 2% Kinney GR. 78 8 78 78 Kresge Dep Str. 38% 39 38% 39 Laclede Gas (8). 148% 148% 146 Lee Rub & Tire. 12% 12% 12% Lehigh Val (3%) 77% 78 77% Liggitt & M (14). 61% 614 61% Lix & My B (t4). 61 61% 61 Lig & Myrergts. 8% 8% 8% Lima Loca (4).. 69% 70% 6% Loews Ino (3) 28% 284% 23% Loft . T% % % Long BellA (1). 48 48 48 Loose-Wiles Bls 861 884 864 Lorrillard (3)... 34% 35% 34% Loulslana OMl... 21% 22 214 Louls & Nash (8 111% 117% 111% Ludlum (2). 35 42w 35 Mack Trucks (6) 139% 142% 139% Mack Trk 2d (7) 103% 108% 103% Macy pt (7)..... 115% 1164 116% Magma Copper.. 404 404 39% Mallinson & Co.. 29% 29% 29% Mallinson pf (7) 82 82 82 Man E1Sup (4). 46% 48% 46% Man Shirt (1%). 26% 26% 26% Maracaibo Ofl... 82% 82% 32 Marland Ofl..... 43 43% 42% Mar-Rock (25¢). 11 11 11 Mathleson Alka. 00 70 69% Maxwell Mot A.. 85% 85% 84k Maxwell Mot B.. 47% 4% Metro G pf (1.89) 20% 20% Metro Ed pf (7). 100 100 Mexican Seabd..., 16 16 MiamiCgp (2)... 21 21 Middle States... 14 1% Midind Pr pt (8) 104 104 Minn & St Louls 2% 2% Mis Kan & Tex. 374 374 MK&Tpt (5).. 834 834 Missour! Pacific 40 39% Missourt 824 824 Montgom Ward. 48 484 Moon Mot (3)... 26% 264 Mother Lode 766 8 7% Murray Body... 41% 4% 263 261 144% 144% 6844 6814 125 125 45% 5% 4l% 414 66 66 160 2% €7 14% 113% 63 83% 121% 185 vi% 85 24% 57 28% 25% 128% 47 484 694 10% 23 29% 92 10 46% - 106% 634 19% 80 80% 5% 1% % 24 117 7% 4% 83 54% 46% 4 “ 18% 9% 2% % 524 55% 86 86 69% 69% 104% 104% 59 59% 29% 80 0% 70% % W 26 26 141 148% A5% 45% 1% 8% 654 66% 524 62% 2% 2% 138 133% 16% 16% 78 78% 22% 36% 40 644 18% 65 1% 16% 6% 96% b56% 43 3% 83% Open. High. Low. Olose. Adams Exp (6). 101 101 101 101 Adv Rumley.... 16% 15% 15% 15% Alr Reauct (15). 108% 109 107 1074 Ajax Rubber.... 11% 12% 11% 12% Alaska Juneau.. 1% 1% 1% 1% Allied Chem (4). 88% 91% 88% 91% Allled Cm pg (7)_119% 119% 119 119 ALls Chalm (4).” 76% 16% 76% 76 Am AgChmpt.. b1% bl% ’EAV! 5l% Am Bosch...... 39% 40% '39% 404 Am Brk Shoe (5) 102 102% 102% 1024 Am Can (18).... 176% 181% 1764 181% 210 _ 209 _ 209 1247 124 7124 2 24% 25 an 41 4l 615 6% 156 158 31 81% 92% 93k 1% 12% 72 12 88 €8 364 86% 12 12 5y 63 63% 141 137 140% 12216 122% 122% 50% 49% 60% 9y 97 97 AmC & Fpf (7). 124 Am Chain A (2). 25 Am Chicle ctfs.. 41% Am Drug (60c) 6% Am Express (3). 156 |Am & For Pow.. 31 Am & FrPpi(7) 92% Am Hido & Les. 12 Am Hide & Lpf. 2% Am Ice (1) 88% Am Internatl... 36% Am La France (1 124 Am Linseed pt.. 63 Am Locomo (6). 137% Am Loco pt (7). . 122% Am Metal (3)... 49% Am Radlacwor (4) 97% AmSafty Rz (3). 43% 43% 48 43 Am Ship & Com. 14 144 13% 14% Am Sm & Ref (6) 90% 101% 99% 100k AmS&Rpf (7). 109 109 109 108 Am Snuff pf_(6),_ 98% 7 98%_98%_98% Am Stl Fays (3)7 53% b4 b2 804 - Am Sugar...... 67% 68% 67% 684 Am Sugar pf (7) 100 100% 100 100% Am Sumatra.... 18 18k 18 18 AmT & Tel (8). 1344 134% 134 ~184% Am Tobacco (7). 884 88% 87% 874 Am Tobac B (7). 87 874 8% 87 Am WW&El20c. 37% 87% 87% 387 Am W W pf (6). 101% 101% 101% 101% Am-Woolen..... 51 49% bi Am Wool ptd (1) Am Writ Pap pf. Anacouda (75¢). Ann Arbor pf... Archer-Dantels. Armour Del (7). Arn Cons & Co.. Asso Dry G (5).. Asso Oll (1%)... At T & S Fe (3) AT&SFpt (5). itl Birm & At... Atl Coast L (19). AtGuif& WI... AtGulf & W I pt Atlantic Refilnin Atlan Ref pt (7) Atlas Tack 12% 76 8% % 48 35 42 894 4% 42% 48 35 93% 10% 1804 874 127% 9474 90 B9% 4% 4% 2% 42% 43 48 35 B4l 93% 98% 10% 10% 190% 189% 87w 87 1277 125% 94% 94% 4% 3% 168% 157 35 34% 45% 4% 116 115 ¢ 114% 114% 9% 94 28% 2% 3 3 4% 4% 14% 14% 144 142 80 79% 64% 644 894 394 28% 27% 21 20% 49% 49% 69% 68% 4T% 47 100 100 38% 38 128% 128% 4% 41 81 80% 2% 72 100% 100% 4% 42% 98 98 82 814 90 90 % % 19% 19% 21 21 106% 106% 1% 1% 0% 20% 108% 107% 4 4 52% 62 1484 147% 2T% 2T% 19% 19% 614 59% 299 299 624 51% 48% 4TH 83 83 w4 33 97% 96% 108% 108% 9% 9% 18 17 3 85 14% 13% 81 30% 13 12% 22% 21% 69% 69% ¥9 88 53 50% 89 89 89 9% 56 35% o1% 91 44% 44% 67% 57 58% 56% 106% 106 47 47 160% 1569 163 158 40% 39% 3 3 Auto Knitter Auto Sales. . Auto Sales pf Baldwin L (7).. Bal & Ohto (6).. Bal & Oh pt (4). Bang & Ar (3).. Barnsdall A.... Barnsdall B. 142% 9% s4% 395 25% 21 9% 69 4T% 100 38% 128% 41 80% 2% 100% 42% 98 N 814 | NI 90 T% 19% 21% 106% 1% 20% 108% Nat Biscutt (14) Nat Biscu pf (7). Nat Datry (3)... Nat Dept Sto: Nat Distillers pf Nat Lead (8 B Bethlehem St Beth Stl pf (7).. Briggs MIg(3%) Bkl Edison (8) Brik-Man Tran.. Brklyn Un G (4) Brown Shoe (4). Brown Sh pf (7). Brunswick-Blke Burns Bro (10). Nat Supply (3).. Nevada Copper. . T&M 123% .. pt U Gas (5). N Y Canners (2) N Y Central (7). NYCStL(6)... NYC&StL pf (8) NY NH & Hart.. NYO& Wst (1) Niag Fis Pow (2 Niagar Fpf1%. Norfolk South.. Norf & W (18).. North Am (3.40) North Am pf (3) North Pac (5). Nunnally (1) Onyx Hosfery. Orpheum ( ). Otfs Elev (15% Otis Steel....... Owens Bot (3} Pacific Gas (8) Pacific O] (2). Packard (11.50). Pan-Amer (6).... Pan-Amer B (). Panhandle. Paris & Bsta. Pennsy RR (3 Penn Seab Stee! Peoples Gas (8). Pere Marg (4).. Pere Mar pf (6). Pere M prior (5) Phila Co (4) . Phila Copt (3).. PLila & RC &L, Fhiilips Pet (2). Plerce-Arrow.. Plerce-Arrow pt Pierce Oll.. Plerce Petrol Pitts Coal. . Pitts Term Coal Pitts Term'l (7). ritts & West Va Postum-Cer (4) Press Steel Car. Prod & Refiners Pub Ser NJ (5). Pub Serv rts (n) Public Serv rts. Pullman Co (8). Punta Al Ra (6). Pure O} 11%). Radio Corp of A. Radio-C pt (3%) RSIICofs (4). Ry Stl 5pg. Ray Cons Cop. Reading (4). Reading rts. Reading 18t (2). Read 2d pf (2).. Remington Type Bush Term (5) Butte Cop (50c). Butte & Superio! Butterick Co Cal Packing (6). Caddo Central. Cul Pete (1%).. Calit Pet pt (7). Callahan Zinc. Calu & Ariz (2). Can Pacific (10). Case Threshing. Cent Leather. .. Cent Leather pf. CRRNJ (112). 2 Cero d Pasco (4) Certain-Teed. . Certain-T 2nd (7) Chand Mot (3).. Ches & Ohio £4). Ches & O pf (6% Chicago & Alton Chic & Alton pf. Chic & East 111 Chic Gr West. Chic Gr West pf. ChiMil &St P, . Chi Mil &S P pf. Chi & Nwn (4). Chi Pneu T (5) Chi R1 & Pac CRI&P DI (). CRI&PDPL (D). Chile Cop (2%). Coca-Cola (7). Colo Fuel & Iron Colo Southern.. 57% Col G & E (2.60). 57% Col G & E pf (7). 106 Col Carbon (4).. 47 Com Solv A (4).. 160% Com Solv B..... 161% Congol-Nairn (3 40 Conley Foll (st). Con Distributr: Consol Gas (5). Consol Textil Cont Can (4).. Cont Mot (80¢) Corn Prod (2). Cosden Co.. Crucible 8tl (4). Crucible pf (7).. Cub Am Sug (3). Cuban Cane Sug Cub Cane Su pf. Cuba Dominican Cuban Dom pf.- Cuyamel Fr (4). Daniel Boone... Davison Chem.. Deere pf (3). 47w 1074 63% 19% 82% 834 6% 1% 4% 2% 117% 1% 4% 88 65% 46% 48 den 18% 49% 2% % b52% 57 88 89 89 29 36 o1% 44% 57% 58% 106% 47 160 168 40% 3 89 98 86 91 44% % 6% % 6% 4 64% 9% 40 344 76% 95 2% 13% 60% 6 42 b2% 2% 4% 81 141% 138% 46 116 148% 96% 106 112% 12% 663 224 48% 41% 1% 86% s 101% 108 135% 58% 14 62 11% 6% 104 1% 10 16% 67% 100% 244% 114 78% 107% b5% 63 49% 25 38 45% 95 97% 107 19% 6934 3% 98% 16% 26% 81 1 7% 6% 4 66% 9% 404% 34% ki 95 3% 13% 61 6 424 2% 2% 45% 91 41% 138% 46 115 149% 9844 106 112% 16 7% 83 aun Del L& W (6).. D &R G Wstpt Detroit Ed (8). Dupont (10). ... DuPont deb (6). Duquesna pf (7) Eastman (15%). Rep Ir & St RopI&Spt Reynolds Sp (1) Rey Tob B (3). 12 Ins (6). .. Roy Duth 4.42% St Josepn 14 (2) St L & San F (6) StLSanF pt (6).. St L Southwest. 4 | Savai oo 17% | Seavoard Alr L. 85% | Seabd Alr L pf 102% | gears-Roebk 108% | gohulte (8)... 185% | schulte pf (8). 58% | gnell Union (1). o [SimmonCo Ces ms Pet (50¢ 124 | Sl 76% 64% o1 16% 6% 96% b5 42% 72 83% 61% 653% 2% 13 107% 108% 25 254 42% 43 1604 163% 112% 112% 1124 L12% 26% 264 4% 84w 22% 234 224 224 804 804 28% 29% Erfe 18t pf. Erie 2d pf. = Exchang? Bf (2 Fairbks (2.60).. Famous Pl (8).. Famous pf (8). Fed Lt & T (*7). Fed Mines pf (T) Fifth Ave (64c) Fisher Body (5). ¥isk Rubber. Fieischman ( Foundation (6). Foundation rts.. Freeport-Texas. Gardner Motor.. Gen Asphalt. Gen Cigar (8)... Gen Electric (8) Gen El spl (60¢) Motors (6). Gen Mot pf (7). Gen Petrol (2).. Gen Refrac (2) Gimbel Bros. Ginter Co (1%). Glidden Co....- Gold Dust. Goodrich. Goodrich pf (7) Goodyear ot Gdyear prior Granby Consol.. Grt North pf (5) Grt Nor Ore (4). Grt Wstn Su (8) Greene Canan. Gulf Mo & Nor. Gu Mo & Npf 63 Gulf St Steel (6) Hayes Wheel (3) Sinclair Ol Sinclalr pt € Skelly Oil Sloss-§heff ( 90% South Port 8 (8) 724 South Pao (6).. 1044 105% Southern Ry (5) 914 91% Spicer Mfg..... 18% 19% Spicer pf (8).... 95% 95% StdGas & EL(3) 44 47 Std Gas & El pfd 58% 53% Stand Mill (6).. 74 o 3 (1()” :1:2: OiLN BCOIPN J pf (7). 117% Std Plate Glass. 13% Sterling Prd 5% 64 Stew Warner (5 70 Strombers. 0% Studebaker (). 4% Submarine Boat 9% Superior Oil. 5% Sweets (new)... l:u mington. ... Svmington (A).. 32 Tennessee Coppt 8% Texas Co (3).... 4T% Tex G Sul (17%) 107 Tex & Pacifio... 56% Tex & Pac C &0 {lxu 4 95 9% 107 19% 9% 3% 37T% 98% 16% 26% 94 90% 36% 8% 47% 109% 5% 21% 12 55% 19% 12 Third Avenue. .. Tide Wat Ofl (4) 149% Timken (13%).. 41% Tobae Prod (6. 78% Tobac Prod A (7 98% Transcont Oll.,. - &% Twin City (4)... 65 Underwood (3). 40% Un Bag & Paper 444 L Y 1% 424 41% Unfon Off. ...... Union Oll (1.30) . 9% 150 148 UnPacpf (4)... T4 74 T4 36% 48 % 85% 81% 24 42% i 149% 48 4% % 8% A% [ 0% 40% “We 14 % 8% 8% A% 8 4T% 4% 86% 81 23% 40% 4% % 85% 81 81% 2% 24 40% 424 16% 16 16 Hoe & Co A (4). Homestake (17) Househ P (13%) Houston Oil Hudson Man. Hudson Mot (3). Hupp Mot (1)... 16% IMlinots Cent (1) 116 117 116 116% 111 Cent pf (8)... 116% 116% 116% 116% Independ O1l (1) 29% 380% 29% 30 indian Refining. 8% - 9% 8% 9% 44% 5% Un Pacific (10). EVENING STAR, BONDS G0 HIGHER AS STOCKS CLIMB Oils Feature Early Trading. C. & 0. Liens Strong—Other Rail Obligations Up. BY GEORGE T. Speclal Dispatch to The Sta: NEW YORK, March 2—Notwith- standing the Increase In the bank rate and the indlcation of higher money demand for high-grade railroad bonds, legal Investments for savings banks was still In evidence in the bond mar- kot today. Prices paid wers such as to show a return from 4.50 to 4.80 per cent on the investment. The exact source of this sort of buying could not be learned, and dealers were skeptical as o Its continuance. Certainly there was no reason in underlying condi- tions for prevailing quotations. United States Government loans moved Irregularly today, but in gen- eral the trend was downward. Otls Active and Higher. In middle grade bonds attention was attracted to the buying of St. Louis-San Francisco prior lien A 48 above 74. The yield of this price of around 6 per cent was compared with the smaller return given by Southern Railway 4s, selling around 77. Missour!, Kansas, Texas adjust- ments resumed their leadership of the speculative group, selling above 86 again. Erie “D" 48 were strong In sympathy with the stock. Convertible Oil issues were practi- cally all active and higher, examples being = Pan-American Petroleum Co, and Skelly Ofl 6%s, Chicago Rail- ways 68.were most prominent among the tractions. Bonds of the sugar producing companies were firm, but did not make much progress toward higher levels. Foreign bonds were heavy for the most part. German 75 were fractionally lower, as well as French 7s. 'Czechoslovak 8s dragged below par. Today’s New Ofterings. Today's new offerings included $2.- 500,000 Standard Milling 1st an@l re- funding 20-year 5iis to vield 5.86 per cent and $2,000,000 Denver Joint Stock Land Bank 5s to yvield 4.68 per cent to the optional date. . 35 TAX EXPERTS ADDED T0 OFFICE Revenue Bureau Makes Spe- cial Plans to Handle Great March Rush. HUGHES. Anticipating the requirements of the taxpayers In the Washington division of district of Maryland, Col- lector of Internal Revenue Galen L. Talit has arranged for an additional force of competent employes from the auditing division of the Income Tax Unit and the Revenue Agents Office, Increasing his regular force of deputies in the local office at 1422 Pennsylvania avenue by 36 experts "‘l"m application of the 1924 revenue act. Urged to Early Action. Arrangements have been made for the proper handling of the taxpayers; however, those seeking asaistance from officially designated deputies are requested to make their applications early and avoid the possible conges- tion of a last-minute rush, at which time the same service cannot be ren- dered as if assistance had been sought prior to the last week of the Oling period, which ends March 18, Fdr the convenience of the taxpay- efs a representative of the collectors office will be stationed at the follow- ing places trom March 10 to 16 inclu- sive: Where to Obtain Advice. Treasury Bulilding (Fifteenth street entrance), Riggs - National Bank, National Metropolitan Bank, Union Trust Co., Merchants Bank and Trust Coy Federal-American Bank, Munsey Trust Co., Continental Trust Co., Dis- trict National Bank, Lincoln National Bank and Woodward & Lothrop De- partment Store. The same hours of service will be adhered to that are now being observ- ed by the various places above named, WASHINGTON, D. C, (oo vor BONDS srooxexcunce] GRAIN PRICE SOARS | Norway 8s... while regular hours, which are from 9 until 5, will be conformed to at the division office at 1422 Pennsylvania avenue. FISHER'S PRICE INDEX. NEW HAVEN, Conn, March 2 (Special).—Prices, 163 1-10; purchas- ing power, 61 3-10; February aver- age, 162 6-10 and 61 5-10; Crumps, 161 7-10; average, 162 5-10, Irving Fisher, Yale cconomist, reports. Utd Alloy Steel. 28 Utd Clgar (13%) 78% United Drug (6) 117% Utd Frait C Utd Ry Invest 22% Utd Ry Inves pf. 54 U S Cast Iron P. 222 U S Distributing 83 4% 2% 29% T8% 18 215% 22% 54 231% 28 7% 1174 215 22% 54 222 38 4% 24 84% 126% 41% 32% 45 122% 12844 484% 864% 53% 28% 11% 85 1% 24% 63% 45 17 43% 99% 124 114% 106 6% 14% 204 78 7% 216% 224 54 230% 34 % 24 B 126% Al 3% 45 128% 123% adn 88% 63% 29% 11% 854% 11% 25 65 45 17 44% 9% 124 114% 108 6% 15 22% 22% 88% 38% 94% 94 121% 122% 72 12% 14% 14% 2 29 29 29 65 ¥ 8 23% 11% 814 117% 70 Universal Pipe.. Univer P pf (7). Utah Securitiea. Va-Caro Ch Va Ry & Power.. Vivadou. . Wabash pf B.. ‘Waldoft (1%) Ward Baking B Ward Baking pf Wells-Fargo. ... West Ble pt (7). West Pen (4) ... West Pen pf (7). West Maryland. ‘West Md 2d pf.. Western Paclfic. West PaoDE (6). West Ihlnn's;. w..u.‘hu 3 Wheel & L Erle. Wheel & L E pf. ‘White Bagle (2) ‘White Mot (4) ‘Wickwire Spent Wilson & Co’... ‘Wilson &c«alp!.‘ ‘Willys-Overlan ‘Wills-Over p! ‘Wooiworth /31, Worthingten... rthington A Wor ‘Wright Aero (1) 37% % % Tan 1 Sxtm. JPayeble in preferred stock. &'2.;?3:'-2 4 given ta above table its based on the latest !flfll'sLof half-yearly declaraf nless ted, oo R e T 17% 4dn 99% 124 114% 112% 96% 16% 22% 38% 94% 122% 2% 14% 29 29 48% 29% 12% 114% 112% 96% 14% 22% 38% M 121% 2% 4% 29 28 65 Y 8 28% 11% 82% 1% 70 85% 20 20 874% MONDAY, MARCH 9 = 1925. Received by Private Wire Direct to The Star Office. UNITED STATES BONDS. (Sales nre in $1,000.) FOREIGN. Sales. High. Argentine 6 Argentine Argentine Argentine 7 Austria 7a ank of Japan Belgium €x wy. Belgium 7 Belgtum 850 Berne 8s. Bolivia g Bordeaux Brazil7s Brazi Canada 5s 1926 Canada 5y 1931 Canada s 1952 Canada 53%a 192 Chile 75 1943, Chile 851926 Chile 85 1941 . Chile 85 1948 Chinese Gov Ry 5a Cop nhagen 6i4s. Cuoab%s Czecho 8 : Czecho 8s 1952 ot Denmark Denmark 8s DEI5Y%s Mch'523. DEI6%s Nov'53. Dutch East I 6s *A2 Bl Salvador 8s 48. . Finland s f 6s 1945 French Tswi . French Govt 7%s French Govet 8 Germany Ts w 1 Ger Gen Elec 7s. Hait! €s. . Hungary 6 Japanese 4s Japanese 6%s. ... Jergens U M 6s "47 Lyons 6s. Marsetlle 6s Montevideo 7 Netherlands 6s ‘54 Netherlands 6s '72. Norway 6s 1943. Norway 6s 1944. Norway 6s 1952 70 91% 32 954 4 Ba% 6 Ri% 2 91% 28 102% 28 103% 9 99% 5 99% 7 99% 9 111 1 RB% 42 7 Orient Dev deb Paris Orleans Poland-6s '40 Prague 734s. Queensland 6 Queensland 7 Rio de Jan 85 1948. Rio de Jan 8e 1947. Rio Gr Do Sul § Sao Paulo Clty Sao Paulo State 83 Seine Dept of 7s. .. Serbs Cr'tes Slo 8 Soizzons € Sweden 6% ol Sweden 6s Swiss §%s 1948 Swiss Confed 8 Ud Kingm 5% 29, Ud Kingm 6%8 3’ Ud Steam Copen Uruguay & Zurich 3s 11 s4% 2 108 9 110 MISCELLANEOUS. 6 99% 15 100% 98% 934 96% 106% 103 26% 100% o5% 102 4 126% 95% 100% 103 99% 824 93% 102% 994 100% 96% 92% 88% Ajax Rubber Am Agr Chem 7%s Am Chara s f 6s°33 Am Cotton Ofl bs. Am Smit & R 1st 5» Am Smit &R Am Sug ret AmT& Teltr Am T& T cl tr 6i Am. T. & T. SF 6 Am T & T deb 5%s AmT& Tcv 6s. Am Water Wks 58 Anaconda 1st 6s. . Anaconda cv db Ts Andes 7s 25% pd. Armour & Co 4% Armour of Del 5% Associated Ol 6s.. Atlantic Refin 5s. Bell Tel Pads..... Beth Steel rf Beta Steel pm Beth Steel 5% Beth Steel s f 6s. .. Brier H St 1st 5%3 Bklyn Ed gen 5s. Bush T Bldg 5s '60. Callf Pete 6% Central Leath: Chile Coppe: CInGEb%s'62~. Col Gas & El §s.. Col Gs & Fl 5s s Commonwth P 6s Con Coal Md 1st 58 Con G NY 5%s Consumers Pow Cuba Cane cv 7t " Cuba Cane cv d 3; Det Edison Det Elison ref Du Pont de N 7% Dugquesne Light s Est Cuba Sug 7%s Empire G&F 7% Feder Metls 78 Fisk Rubber $s 13 Gen Elec deb 5 Goodrich 6348 ... oodyear 8s 1931 Goodyear 941 Hershey 6s 1942. Humble O&R 5% Illinois Bell 1st Illinols Steel 4 Indiana Steel 5s. Int Mer Marine 6: Inter Paper 63’47 [eS¥aalBa =t EX LT -PH Lo Lorillard (P) 5 Lortllard (P) 7s. Magma Cop cv 7s.. Manat! Sug sf 7% Midvale Steel 5 Montana Pow bi Mor's&Co 1st 4% New ELn‘ }‘-l N Y Eden 1s NYG EL H&P b N Y Tel 4%s. N ¥ Tel 68’41 NY Tel 65’49 North Am Ed North Am Ed 6%e. Nor States Pow §s. Nor States Pow & Otis Steel T%! Otis Steel !-‘ Dot -American Pan Amer Pote Pnila Co 6338 11a Co re! Ehil & Rdg C&I1 5 plerce-Arrow ll!- producers & RI 8s. public Secvice 8 5. Sharon St H 88 Sinclair Ol 6s. Sinclair Ofl 6%s. Sinclair O1178. Sin C’o DllA: n Pipe Skenly oil 948 South Bell Ts.l "1 . Por Rico Sug gufl:w.fl Bell bs. woraBa 29 “TH BEdn Toledo & P 68. U S Smelter 6s. U SSteels {68, Utah Pow & Lt Va-Car Chem T Va-Car Ch 7% Warner Sug 783! Warner Sug 78 ‘41. 2 West Elec 58...... 4 West'n Union 6%s 1 estinghouse 78.. $ gwkvln 8pen Ts. 7 Willys-Ov 6%s'33. 7 Wilson & Co 1st6s 5 94% ‘Wilson&C cv T%s. § ‘:ZK ‘Winchester A 7%s 2 102 P metasaT . 87% 100 10 98% Close. | 84% 96% 96Y% 102% 96% 994 86% 93% 109 107% 108 93% 84% 82 97 100% 102% 104 102% 100% 102% 107% Low. 84% 96% 96% 102% 95% 99% 86% 93% 109 107% 108 93% 84% 82% 97 100% 102'% 103% 102% 100% 102% 107% 107% 45 96 98 99 90% 100% 97 98% 99 99% 4 110% 98 08 101 104% 86 29% 99 102% 29% 103% 101% 114% 116 106 941 108 109% 116 106 247 108 110 2944 100% a8% 934 66% 1064% 102% 96% 100% 954 101 994 100% 98% 924 6% 106% 102% 6% 100% 95 101% 1264 126% 95% 93% 100% 100% 102% 103 92 - 98 884 BSL 934 93% 102% 102% 9915 59 100% 100% 96% 96% 9% 924 884 §8% 954 95% 984 981 99% 100 95 95 102% 103 100 100 108% 108% 10245 102% 100% 100% 100% 100% 100% 1004 83 88 101% 101% 93% 94% 97 9Ty 102 102 99% 99% 107% 107% 107% 107% 106 106 106% 106% 102% 103 105% 106% 111 1% 102% 102% 1031 103% 109% 109% 120 120 104 104 100% 100% 9% 98 9% 94w 102% 1024 89% 891 89% 89% 97 97 100% 1004, 98% 9814" 9% 99% 964 964 115 115 125 125 101 101% 90% 91 99% 99% 844 Baw 99% 99y 114% 114% 101% 101% 98% 96% 1064 106% 103% 108% 100% 100% 10215 1034 964 96% 105% 105% 93% 94 95 99 95% 95% 100 100 94 94 115% 117% 105% 106 96% 96% 104% 104% 100% 100% 95% 96 1 110 974 9714 106% 106% 114% 114% 83% 88Y 984 93% 100 100 864 85% 116% 1167 99% 109 102410214 974 97% 101% 101% 163% 103% 109% 109% 96%, 954 102 102 86 86 106% 106% 101% 101% 1064 106 94 94 85% 49% 83% 97 98% 110% 107% 86% 99% 94 674 101% 102 98% 98% SR Electric machines are helping to re- Ijeve the farm labor shortage in Franoe. e Sales. High. 101 2: 100 21 101 20 100 29 1019 10126 100 29 104 27 Lib 3%s... Lib 2d 4o Lib 1st 4 94 1 US4s1944. 21 US4%s'63. 260 Low. 101 13 100 21 101 19 100 25 1013 101 20 100 21 104 22 RAILROAD. Atchison ag, *x.. Atchison Gen 4s B & O Toledo 4 Bklyn-unnhn. Canad North 8 3%, Canada North 7g Canada Pac deb s Car Clinch & O 6s. Cent of Ga 514s Central Pacific Ches & O ev 4% Ches O gn 4%s. Ches & Ohlo ¢y bs. Chi & Alton 3%s.. Chi & Alt 33,8 ctfs Chi B&Q gn ‘68 Chi B&Q Ist rt 5s.. Chi & E 1 gn 6 .. Chi Great West 4. CM & Puget Sd 4s. 2 ChiM & St P 48’25 415 CM& St Pab 3 Cnl M&St P cv 4% 68 CM&StPgn 4%s 16 Chl M&St P rf 4148 52 ChiM&StPcvbs. B ChiM&StP 6 .15 C&NW gen 4s. 1 Chi & N W ref 6s 22 Chi Rys bs... .246 ChiRI&Prfdas.. 117 ChHTH&SESs.. 1 Chi Union Sta bs. 15 Chi Un Sta 6%s Chi & W Inc cn 4 C&W 155 62 wi. CCC & St L s . CCC&StLrfésA. Cleve Term 5s w . C. & S. 1st Del & Hd 1st rt 48. Del-Hud cv 5s ‘3 Del & Hudson § Den & Rio G cn 4s. D & Rio G imp 5s. . D & Rlo G Wst & Erie 1st cons 4 Erie gen 4s Erfe conv 4s A Erle conv Erie conv Erie con ext 7 Erie & Jersey Gr Trunk sf 6b Grand Trunk T Gr.-North 5% Gr North gen T Havana ERL& Hud & Man ref Hud & Man aj 5s. I1l Central 5%s 11l C-C St L&NO s nt & G Noraj 6s.. lowa Cent rf 4s Towa Cent 1st 5s. Kan City Ft 8 4s Kansas City S Kansas City § Lake Shore 4s Lehigh Valcn 4s Louls & N 5s B Louis & Nash 7 MStP&SSMcn ds_ ME&Tds 3 MK & Tadjbs....148 MK&TprinbsA 7 M» Pacific gen 4s..134 Mo Pacific 55'65. Mo Pacific 6s. Montrl Tm 1s NO'Tex & M 5%s. N Y Centri N Y Cent deb 6s. NYChi &StL5%s 8 NYC&StLEsA New Hav d 48 °'67.. New Havcd B New Haven 7s fr.. 1. N Y, Ont, Ws 1st 48 NY Ry rf dsctfs... N Y State Ry 44s. NY W & Bos ¢34 Northern Pac 3s Northern Pac Northern Pac 58 Northern Pacr1 Ore & Calif 1st b Ore Shoit L ref 8. Ore-Wash 1st rf 48 Pennsyl con 4%s.. 11 Pennsyl gen 4% Pennsyl gen bs. Penn. 5s. 64. Pennsyl 6% Pennsyl gol Peoria & E Inc 4s.. Pere Mara ist 6s.. 10 Por RL & P 68°47. 23 Reading gn 4%s. Rio G West cl 4s RIArk & L4%s. St LIM&S R&G 4s. StL&SF pl 48 A..274 StL &S F prIn 6s. 30 StL&SF 5%sD.. 60 StL & S Fad) 6 StL&SFincés StLSW lst4s StLSWcon4s'33 7 StP & KCShL 4%s 1 Seab'd A Lref 4s.. 11 Seab'd A Ladj 6s.. 10 Seab’d A Licon 6s.. 43 Sou Pacific 43°28.. 11 Sou Pacificcti 4s.. 3 Sou Pacificref 4s.. 4 Southern Ry gn 4s 18 Southern Ry 1st bs 73 Southern Ry 68 ct. 25 Southern Ry 6%s. 8 Term Asso St Lds. 1 Third Ave ref 4s... 14 Third Ave adj bs.. 14 TolStL& Wds... 2 Union Paclstds.. 5 Union Pac 1strf4s 4 UnPclstrfbs.... 5 Union Paccv 6s... 1 Virginia Ry st 6s.. 53 Western Md 4s.... 17 Western Pacific 5a 10 West Shore st 4s. 5 Wisconsin Cent 4s. 10 2 High. 83 8% 86% 106% 8T% 924 89% 101% 103% 1024 86% 86% 106% 87% 92% 89% 101% 103 102% 85% 99% 69 86% 118 116% 9% 107 100% 8T% 967 89% 106% 106% 56% 53% 8914 » 89% 101% 101% % 63% 654 66% 53% b7% 79 524 57% 98% 86 100% 1% 7% 94 103% 5% 28% 624 844 1% 89% 984 80 103 103 106% 106% 88 __ 83 (CI T ¢ 86% 92 65% 88% 0i% 964 824 100 100% 115 954 103 6014 914 1004 1004 684 514 6574 69 1% 85 974 107% 101 96% €3 994 944 85% 91k 6554 88Y 100% 964 824 99% 100% 114% 954 103 60 91 100 100 684 50% 65% 664 1% 85 974 107% 101 96% 82% 99% 9446 103% 97% 110% 1093 344 98% 29 93u 3% 86% 863% 3% 284 974 88y Bl 804 88% 84 85% 41 \ 83% 9244 86% 105% 108% 26% 65354 934 824 81 2% 86 105% 103% 964 653 93% 82 81 Close. 10217 100 21 101 20 100 27 1016 101 21 100 24 3 104 26 96% 89% 564 54 7% | 64 B6% 284 103 106% £8_ £6% 9% £5% 884 1014 6% 821 100 100% 115 954 103 60 914 100% 160 Sak 514 65% 69 61y &6 874 107% 101 95% 82% 994 944 108% 97% 110% 109% 844 98% 99% 934 3% 6% 86% 4% 884 974 88% 82 80% 88% 82% C6% 7 904% FINANCIAL. ABOVE 2 AR Estimates of Low Domestic Wheat Supplies Cause Heavy Buying Wave. By the Associated Press. CHICAGO, March 2.—With unoffi-| cial estimates current that except|i for' a single instance domestic farm stocks of wheat, 102,000,000 bushels are the smallest in 20 years, the wheat market today soared far above 2.00, May delivery, Right at the the market touched 2.00, but then heavy profit-taking sales led to a| setback to 1.98%, May Aggressive | P fresh buying ensue d on the y which took place, May reached and July established a new high pr record for the season. The opening, which varied from 1 decline advance, with May 1.99% to July 1.71% to 172 was follo many rapid changes within limits of about 4 cents. Farm stocks of corn were unoffi- cially estimated as belng the smallest on record, barring two exceptions. Under such circumstances, corn val- ues de oped notable strength, and oats sympathized somewhat After opening at s decline, May 1.34% to 1.34%, the market rose to 1.36 May. Oats started unchanged May to 55%. Later showed moderate gains. Provisions were sharply higher in| line with hogs and corn. WHEAT— May . July Septemier CORN— May July September OATS - outset | t corn to all % off, months 19.50 1 19.80 COTTON QUOTATIONS AT HIGHER LEVELS| of Rain- in Texas Keeps Prices Up—Cables Also Keep Values Strong. Lack By the Associated Press. NEW YORK, March 2.—The cotton market was active early today, price making new high ground for the movement, owing to the failure of the early weather news to show any rains of consequence in the Southwest over Sunday, relatively higher Liver- pool cables and reports that cotton was to be shipped out of the local stock to Bremen. The opening was firm at an advance of 26 to 38 points. Active months sold 42 to 45 points net higher in the early trading on covering and a broadening commission house demand. May sold up to 25.80 and July to 26.05, but at 26 cents for July a good deal of realizing caused setbacks of $ or 9 points. Active demand continued on the weather and spot news. New Orleans Quotations. NEW ORLEANS, La., March 2.—The cotton market opened strong owing to the continued dry weather in the West and much higher Liverpool ca- bles than due, the foreign markets belng influenced also by the con- tinued drought in the West. First trades showed gains of 38 to 47 points, the July position crossing the 26-cent “line and new crop months golng well above 25c. The market advanced further after the call. RAPID ADVANC_ES MADE IN COMMODITY PRICES B the Associated Press. NEW YORK, March 2.—Commodity price advances were among the most favorable developments last week. Raw cotton reached the highest level | in more than four months; grain prices scored an impressive recovery, and quotations on both raw and re- fined sugar was advanced on the heaviest volume of trading of any week this season. The gain in wheat prices ranged from 10 to 15 cents a bushel, lifting the May delivery again to within a fraction of the $2 mark. L. & N. STARTS YEAR WITH INCREASED NET NEW YORK, March 2—The Louis- ville and Nashville started the year well, net operating income for Jan- uary having increased to $1,900,925, tompared with $820,742 in January, 1924. Gross revenues were $11,769 327, against $10,712,529 a year ago. Earnings of the Vanadium Cor- poration in 1924 were slightly larger than the preceding year, net income of $730,833 being equal to $1.96 a share on the capltal stock, compared 96% 84% 89y 1% 101% 106 109% 84 55 0% 83% 924 86 1054 103% 96% 655 934 82% © 81 TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ——Nooa.—— 4s March 15, 1925 s March 15, 1925 s June 15, 1925. s September 15, i s December 15,1925, s March 15, 192 s Beptember 15, %s March 15, 1927. 325 December 15, 1027 4 4 2 4 4 4 4 4 gold yalue. $4.8605 $4.76 1.00 3 London, pound Montreal, dollar Paris, franc. Brussels, franc. Berlin, ‘mark. Rome. 1 Madrid, pesets Vienna, crowas. Budapést, crown. Prague, crown. Warsaw, zloty. Copenhagen, crown. Christiania, erown. Stockholm,’ crown. Bid. 100 Ofter. 100 2932 101 1013-16_ 101 516 100 101 f1.16 101 1011116 101% P e L FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks toda: The inauguration of President Cool- idge takes place on the centennial an- piversary of the inauguration ot John Quincy Adams, the last of his prede- with $681,424, or $1.52 a share, in 1923. 1923, ROAD’S EARNINGS SLUMP. BALTIMORE, March 2 (Special).— Estimated earnings of the Western Maryland Rallway Co. for the week ended February 21 amounted to $385,- 011.10, a decrease of $26,517, or 6 per cent, ag compared with the corre- sponding period of 1924. This brings the total earnings for the current fiscal year to February 21 to $2,839,- 24739, a decrease of $75549.76, or 3 per: cent. DAIRY PRODUCTS. BALTIMORE, March 2 (Special).— Live poultry—Young chickens, pound, 25a35; Leghorns, 25a30; Winter chickens, 38a40; old hens, 25a3 Lieghorns, 25a27; old roosters, 1 capons, 34a40; young turkeys, 40ad5: old, 35; poor and crooked breasts, 25; ducks, 25a35; meese, 23a26; pigeons, pair, 40; guinea fowl, each, 40a85. Dressed poultry—Turkeys, pound, 35a45; poor and crooked breasts, £6: chickens, 30a35; old roosters, 18: ducks, 25a30; geese, 20a25; capons, 36045, Eg&s—Receipts, 1,123 cases; native and nearby, firsts, dozen, 2614a27. ~Butter—Good to fancy, pound. 40a 43%; prints, 43%a45%; ladles, 26a29; store packed, 20; process butter, 31a32; dairy prints, 20a25; rolls, 20a25. TRACTION STOCK ACTIVE. PHILADELPHIA, March 2.—There was_constderable activity in trading in Philadelp] pia Transit shares on the local stock exchange today as a’result of an announcement of the company, that it had Increased the dividend on the common stock from to 8 per cent per annum. In the first half hour 2,000 sharés were dealt Income about $25,000 in J pared with the correspond of statement filed with the $91,879 from $475 ating sidiary slumped from $7 Revenues amounted to $54,749 and ex- ating revenues $13,000 was responsible for a loss of more than $5,000 in n Capital Traction C ary, 3 The month’ same GAS COS JANUARY NET GAINS $25,000 Totals $91,879. Traction Reports $70,111 Net. BY CHAS. P. SHAEFFER. Net corporate income of the Wash- ngton Gas Light ( ary, 1 month monthly Utili- last year, according to 5 Public ies Commission this morning. The net for the month amo in round numbers, red with §$66,607 in Ja. ear. Operating as co; revenues to $510,973 P expenses show ease from $3 Barnings of the reased oper- nominal 1,158. n 6 to $6,770. Tto$ Georgetc sub- nses to $43,012, Capitai Traction's Net. A gain of only about 00 in oper- while expenses rose t income of the any for Janu- r, as compared with las: return amounted to $70, 'ax ”Kmn\v‘ $75,999.78 for the month of last v $46819 In'Decemper: sl Operating ues totaled $403,- 909.97 with expenses of $273,689.47. Taxes assignable to railw¥y opera- tions totale with deductions of $29, , including $23,358 for inter- est on the funded debt. Traffic statistics furnished with the report shows a gnain of £9,218 in cash (a_ru as between the two months, 5.41!5‘ 68 availing themselves of the faci es of the company during Jan- uary of this year. Treasury Loan Discussed. The form of the new Treasury loan on March 15 is occupying the atten- tion of prognosticators In the local financial district. The Government will be forced to pay out on that day more than a bil- lon dollars—$601,599,500 in Treasury notes dated February 1, 1922, sert A, 192 bearing 4% per cent, ane $400,290,000 of certificates dated March 15, 1924, bearing 4 per cent,in- terest. In addition interest disburse- ments will be made on the third Lib- erty 4% per cent loan. To meet these expenditures the Treasury has about $225,000,000 in the general balance, while several hun- dred millions of dollars will be re- ceived as first payment on the 1924 income taxes. Due to the reduction in this tax from last year it is sheer guesswork to estimate what the first payment will' aggregate. Local bankers are inclined to the belief the new loan wlill take the form of notes of possibly three years' maturity The rate will be governed this 1117 s | by the money market at time of issue. The last long-term loan of the Gov- ernment was floated at 4 per cent, while the short-term paper was suc- cessfully placed at a rate of 2% per cent. Local Stocks at New Peaks. Local securities continued the movement into new high ground today’s session, both Mergenthal and Railway common reaching un- precedented levels. The former brought 182 on sales of 10 shares. while the latter, opéening at 103%, ad- vanced to 103% on subsequent sales. The best previous effort of this issue was 103, reached at the close of last week Railway preferred was pegged at 80%;. Capital Traction gave evidences of shedding its ethargy of the past week when Initial sales were made at 2%, but thereafter the stock eased off to 92, selling at this figure throughout the remainder of the session. National Mortgage and Investment preferred was active to the extent of 400 shares at 9%, Bond trading was utilities at firm levels. restricted to Program at Institute. The schedule for the local chapter, American Institute of Banking, is announced for the week as follows: Tonight—Standard banking class lecture. “Acceptance,” by F. J. Dono- Tuesday—Accounting class lec- “onsignments-Approval h K. Moyer; Thursday ntary banking class lecture, “G 1 Ledger-Credit Balances,” ot H. Thomson, and public speak- ing and debate class, by Rufus Lusk, ashington Stock change s; Friday—Standard economics class lectur ublic Debts,” by F. J. Donohue, and credits class lecture, “Influence of Federal Reserve Bank,” by R. Gordon Finney. There will be no meeting Wednes- day. Cashier Back at Desk. M. F. Calnan, cashier of the Liberty National Bank, returned to his office this morning after a week’s absence, minus tonsils and adenoids. SPOT COTTON SCORES GOOD GAINS IN WEEK Cotton prices during the week of February 21-27 witnessed a decided upturn with a strong undertone. advance was largely attributed to a good demand with offerings light, to- gether with continued droughty con- ditions in Texas, with reports from certain sections of that State indi- cating this situation as becoming alarming. The average price of middling spot cotton in 10 designated spot markets advanced 92 points during the week, closing at 25.33 cents per pound, as compared with 2441 cents the previ- ous week and 29.25 cents for the cor- responding day last year. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CLEVELAND, March 2. — Opera- tions at automobile and accessary factories are proceeding at a good rate, but the industry is more con- servative in the matter of expansion than last year at this time. AMARILLO, Tex., March 2.—The fact that the two latest wells in the Panhandle field of Carson County are making 860 and 1,360 barrels a day, respectively, is taken here to indicate the field will be more pro- lific than previously supposed. DALLAS, Tex., March 2—A carload of chewing gum is now en route here from Newport, R. L, via Philadelphia. The routing was peculiar, since the shipment went by rail to Philadel- phia and by a vessel of the Southern Steamship Co. to a Gulf port. the Carnegle Steel Co. at Farrell are operating at 100 per cent of capacity this week, according te official an- nouncement here. The New Castle works are nearly up to that basis, it is said. PHILADELPHIA, March 2.— Shoe manufacturers report trade has been excellent in the last month and they are marking up prices. They are making few style changes. in the stock going up from 45 to 51. There are 22,7 m the world. Demand for automobiles In Brasil is exceeding the supply. The *