Evening Star Newspaper, March 3, 1925, Page 29

ANCIAL " MEATPRICES COLP AS DENAND DROS Advances Laid to High Cost of Grainr—Eggs Remain on Downward Trend. ats dur- not had prices. Deal- all alc lud- ed meats. Decres th. effect of re hd for m has ed dem Lenten son the ducing ers revort a sudde g increase in the meat market, 1 1 fres narily prices of ally, but the came in a sudden jump, following a similar increase in prices in the West. Packers are not killing to any extent, it stated, and are ining that the price of grain has *h to do with the advanced prices line an pork increase recent advance is of meats In the egg market a different con- dition exists. Prices are gradually going downward, but dealers are un- able to venture a prediction as to the lowest price that will be reached Today's Wholesale Prices. Butter—Fancy, tub, 47 prints, : store packed, 20a gEs—Fancy selected, average receipts, 28. Poultry—Alive, rooster: ckens. you fowls, 28a ndled, 30a 16; Spring ; geese, 15220 pring chick- fowls, capons, 40a45. Live stock—Calves, choic &mum,~10a11; thin, 8a: 13 hogs, hams, 25; shoulders, 17. Vexetable and Fruit Review. Today's market report on fruits and mpiled by the Market ureau of Agricultural ; loins, demand steady; barrels, West Vir- Starks and few low as few, 7.00; icious, 7.00a Delicious, 3.50a , medium to Winesaps, .00, limited market Virginia and 21 inches up, wigs, 6.50a7.0 Yorks, 6.00a6 5.00a7.00; I inches, Northwest Jarge sizes, extra fan ostly 4.00: Delicious, 4 ir condition, 4.25a4.50. abbage—Old stock; practically no pplies on market: no sales report- stock; supplies liberal; de- mand limited, market dull and slight- )y weaker; Florida, bushel hampers, round and pointed type, 1.35al Celery—Supr moderate; demand moderate, market steady; Florida, 10- nford n, 4 dozen, 6 dozen, mostly 4.00. demand weather, ial, crates 03 5 dozen, moderate, Maryland ginia, A Black 6.00; Romes, 2.00; B 5.00; boxe new lies market firm Teeberg type 4.50. Onion Market Dull. Supplies limited; ., market dull; New 100-pound sacks. . 1, medium to large « L4 demand York and yellows, U.| zes, 3.00a Potatoes—Supplies limited; demand moderate, market steady; Michigan, 150-pound sacks russet rurals, U. No. 1, 2 ew York, | 0-pound ks round whites, U. S. | 1. 2.15 ck nach light; Imited Texas, omatoe demand | bushel upplies demand | yun market dull; Florida, sixes, ripes and turn- | ing, wrapped ginals, ney count, few sales direct to retailers, 5.00a 6.00. Caulifiower—Supplics liberal; mand limited, market ste: ol fornia, crates, best, mostly £.50, String beans upplies ligh de- mand limited, market steady Flor- fda, %-bu. hampers, green, 5.00a7.00; few low as 4.00, Sauash—Supplies light; Vght, market steady; Florid crates, white, few sales, low, few best, 6.00. Strawberries—Supplies light; de- mand limited.account weather, mar- ket steady; Florida, pony refrigera- tors, mostly G0c per qt Carrots—Supplies moderate; de- mand limited, market steady; Texas, bushel baskets, 1.75. Beets- pplies light; scarce. No sales reported. Lima beans, peas, peppers, plant—Supplies very light. reported. demand pepper good stock ege- No sales FRESH PORK PRICES ADVANCE WITH HOGS Spectal Dispateh to The Star, CHICAGO, March 3.—The reports of the packers for last week state that cattle receipts fell off suclently to bring the supply about equal to the demand with the result that the beet trade is more encouraging than for some time. Prices of fresh pork have advanced In sympathy with hog prices. KRESGE IN NEW ROLE. NEW YORK, March 3.—8. S. Kresge, head of the chain store system bear- ing his name, is slated for the chair- manship of board of directors of The Fair, Chicago's well known de- partment store, it is learned in Wall street. It is understood that Mr. Kresge will be the largest stockholder in The Fair. 3 z PSS T CHALMERS ORDERS GROW. KEW YORK, March 3.—Unfilled or- ders of the Allis Chalmers Manufac- turing Co. amounting to $10,427,000 ghow an increase of $230,000 over January and 0.000 more than on December 1 last. Export orders from Japan, South America and South Africa were being received at a mod- erate officials sald, but there were no signs of larger orders from Europe. DIVIDENDS. Pay- able. Apr Stock of Record. Mar 18 Mar 16 | Mar 14 | Mar 13 Mar13 | Mar 20 Mar 14 Mar 10 Mar 10 Mar 10 Mar 10 Mar 10 Mar 18 Mar 18 Mar 18 Mar 18 Mar 13 STOCKS EX.DIVIDEND, Dats. Corporation $ per aha Yar4—Geeral Electric Co. boud 3 .- 3 rg. Lino. Co.. 5—Du Poat (B. 1) dé Nem . 3—Hanna (M. A.j Co. Ist B_New York Canners Inc., B—North American Co. ptd. 5_U'S Realty & lmp Co. i , —Calumet & Arizona Min Co. r, 8—Kennecott Copper Corp.. + 8 Texas Co.. - 6—United Fruit Co... . T—Am_Tobacco Co pf cene . T—Beth Steel Corp 7% cum pfd.... Do. pfd. Am Beet Sigar.. Bangor & Ark. Do._ptd Det_Edisos Loews, In Peon CL & P oz 12 Do._ptd PFW&CTH Do. pfd Beo Motor Ca To. coocioccocton] Do iid TEP6s ) Do. Ts pfd.. co2F Received by Private Wire BY WILLIAM ¥F. HEFFERNAN. NEW YORK, March 3.—Public buying of the ofl shares was on a larger scale today, but the early advances were partly offset in the afternoon, when offerings came in in large volume. Renewed interests in these shares accompanied reports of another early advance in mid- continent oil quotations, possibly before the end of the week. of the industry, the outlook for highly optimistic, commenting upon the future, were and called atten- tion to the heavy demand upon crude in storage as an indication of what might be expected for the next few months, Mid-continent issues were ly in demand, while members of the pecial- practically all Standard group NEW YORK, March 3.—Following is an official list of bonds and stocks traded in on the New York Curb Market today: BONDS. Packers 6s.. lied Py 11 Amer Beet Sug Co 6 13 Am Gas & Elec s, 24 Am Pow & Lt b - 40 Beaverboard Sx 11 Bell Tel of Can 1 Beth Steel 5 Can Nut Ry Ts..... et .. Gult Ol Corp By fanitoba Power 7% Mid Con Pet 6las wi 5 Morris & Co Tigs 1 Nat Distil Prod Nat Leather Xs New Orl Pub 5 Phila_Elec 9 Pub G & E Co 27 Pure 0il Co_6! 301 Stand G ine 01 Webster Mills 6335, 101t FOREIGN BON City of Bogota 8s.. 9 EsC R R of Fr 7s . French National Ts. 8313 In Mtg Bk of Fin Ta 43 Krupp Fried Ltd 7 itz Bk Denmark 1 Solvay & Co 6s Swiss Govt Bigs. Swixs GOVt Ds...... 4B sa units. STANDARD OIL 100 Anglo-Am Oil... 00 Atlastic Lobos.. Borne Scrymser..... 0 Buckeye Pipe Line. ? Pipe Line.. nal Ofl... 8300 Imp Ol Cana 100 Indiana Pipe Line. 8100 Intl Pet Co Itd..... 10 Magnolia Pet....... Southers 10600 & O Indlana... 400 § O Kansas 400 § 0 Kentucky L9215 61 o1l ¥TOOKS: ities Rerv B cfs 8 Cities Service new 41 ities Service...... 3 Cities Service pfd.. Columbian Synd... Continental OIl. Creole Syndicate 588 EFEF NEW YORK CURB MARKET Direct to The Star Office showed improvement at one time or other. Gibson Ol went to a new high above 312 following the report that preparation for commencement of drilling operations has now been competed. Salt Creek Producers was actively taken above 26 and Mountain Froducers came in for more nttentlon. Declaration of a substantial stock dividend by directors of Reo Motor Car appeared to have been discounted. Leaders | Hazeltine and Freed-Eisemann, which have been under severe pressure re- cently, rallied from their low prices when covering orders made their ap- pearance Public utilities gave a good ac- count of themselves, but the sharp ad- vance of 12 points in the high-priced National Power and Light appeared to have been overdone and the stock lost & good part of the gain later. INDUSTRIALS, Adirovdack Power, 40 Adiroudack Po pt 100 Amal Leather Buperpower Apco Mfg Co A. Artloom Crpn wi 3 Artioom wi ptd. Arizona Pow & I Ar & Co A vic wi 2 Ar & Co B vte wi Ao G E g Atlantic Fruit Borden Co . 7 Botany Con Milis A 1 Brit-Am Tob Cou. . 1 Bkiyn City R R. 23 Cur Light . Car Light pfd Centrif Pipe Corp. Chapin Sacks & Co. Chatterton & Son Childs Co new. 0 Cleveland Auto. Continental Bak B. 2 Continental Bak ptd Contin Tob Inc Cuda_Co . 3a Cub Tob €0’V t cfs 6 curtiss Aero Motor Mot ptd d Co vie Dubilier C & R Durant Mot Duz o A, Eastern St El Bd & Sh pfd.. El Ba & Sh n cor Elec Investors In 2 Fed Metals T Fllm Inspect M Ford Motor Derby O & Ref. ibson Oil Cory ulf Ol of P Kirby Pet Lago Pet,. .. Latin-Am ‘01l Mex Panuco. Mount Prod BEReBua W PEER onn! # SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) —Noon.— B, Ofter 1073 108 12615 10815 10055 108 10814 100 Aluminum Co. of Amer. T American Sugar 8s 1937 American Tel. & Tel Anaconda Copper s 1920..... Anglo-American Oil 7l4s 1025 Associated Oil s Baltimore & Obio 6s 19: Bell Tel, of Canada 5% 19 Central of Georgia s 1 Cont Leather 55, April 1 Chi., Mil. & St." Paul 6s LR L& Fac, S 1026, City of Lyon Columble Gas & Bl bt Continental Gas & Elec 5s 1927 Du Pant_734s 1981... 1 Fedoral Sugar Ref 65 'i93d. Federated Metals 7s 1089, Goodyear T. & R. 8¢ 1931 Great Nor. s 193 Gulf 0il Corp. of P Humble Oil 5%y 1882.. Corp. - 3. M. Biga 1081 ris & Co. Ti4s 1930, 1 ew York Central ds 1085, Oregon Short Line 43 1039 Pennsylvania K. R. 7a 1930, Pure 0il 25. i Westinghouse E. 1g. 75 1981 107445 Flsher Tiedy Corp. 6a, 1927—Calied for pas- ment February 1, 1925, at 101%. Fisher Body Corp, 6s.' 1028 —Calied for pay- ment February 1, 1025, at 102. GERMAN STOCKS AND BONDS. (Quoted in dollars per million marks.) Bid, Asked. Ger Gt (war loan) Gs 1914-18 1482.50 1500.00 Hamburg 4138 1916, . #5000 350.00 Ger Gt 4:0s (forced loan) Ger Gt 8158 1923 (sm pieces) (Quoted In dollass per thou Ger Gen Elec 4148 1019...... Berlin 4s pre-war. . Hambg 3s, 8%8 & 48 Hamburg Amer Line 4145, North German Lloyd 4335 North German Llovd. Prussian Consols 3% Dusseldorf 4s pre-war. Frankfort a-M 4s pre-war. Munich 4s pre-war. Badische Anilin A E G (Ger Ge Eiec). nd P mstaedter Mercur Bank Vienna..,. —e. TREASURY CERTIFICATES. 48 March 15, 1925 4%s March 15, 192 158 June 15, 1925 28 flepllnblrl l})fi 3343 December % Maren 15, ie26. 3735 Beptember 15, 1635, 43s March 15, 1927.. 4155 December 15, 1937.... 101 11-16 101 FOREIGN EXCHANGE. W. B, Hibbs & Co. (Quotations furnished by W, B, Hitbe & o) Woah s Zurich, Athens, Vienna, Budapest, crow Tire Greonan Bakeri Grimes R & C Re Heyden Chem Intl Mateh Corp pf Jones Radio Kelvinator 20 e G 3 Mesabi Middle Mid W Mobawk .. ...... Motor Wheel (0 n 6 Music Master Corp Nat Dist Prod vic Tron West Ut pr llen Pajj 5 Patbe Exc Inc A 3 Power Comp of N Pratt & Lam C wi Pyrene Mfg - Reid 1 C. Reo Mot Rova Ra Cor 5 Seagrave Corp 14 Shattuck F G 12 Sleeper Ra Cor vic 08 C & 1 new.... . South Pow & Lt Southern Cal Edi Spear wi Standard Motor . Stutz Motor . Swift Iutl 34 et BBl et 2 BEREE FEPESEAE 6559 Thomp Rad v tr cf Tobac Prod Eapts.. Union Carbide. United G & B ited L4 & P A. United Pft Shar. 5 Utll P & Lt Co Uniy Pictares Oa.. T 8 Lt & Heat.... U 8 Lt & Heat phd 3 Vie Talk Machine. Ware Radio Corp.. roer Bros Plet Bros Pic A wi W Rk M Sp n vief Willys Cor 2nd pf MINING. Ivarado Min % 25 na Globe Cop. . rio_Copper 3% o Bl B o 28353 E 1o 120 Pmma Silver (1.l . & Bng Gld Min Lt Tn 80 Eureka Croesus.... . 10 Goldfield Deep Mns . 170 Hi D 40 Hawthorne Mun T 20 Hecla Mine. 13 Howe Sound 80 Independence Leas 11 Jerome V Devel o 40 Plymouth 1 Premier Gold M 50 Silverdale 1 80 Am Gold 10 Spearhead Gold 10 Stand _ Silver 3 Southwest Metal 2 Tonopan Bo'mor 14 Tonopah Extension. 2 Tonopah Min ... 1 United Verde Ext 1 Utah Apex 26 Wenden Copper. 10 West End Consol. . GRAIN AND PROVISIONS. BALTIMORE, March 3 (Special).— Potatoes, per 100 pounds, 1.00a1.50; sweet potatoes, barrel, 2.50a6.00; yam; barrel, 4.00a4.50; beans, hamper, 3.50a 5.00; beets, bushel, 1.00al.50; broecoll and kale, bushel, brussels sprouts, quart, 10a20; cabbage, ton, 8.00a12.00; savoy, bushel, 50a85; ear- rots, 100, 5.00a7.00; cauliflow 2.50a2.75; oysterplats, 100, 8. parsnips, basket, 20a3¢; peas, hamper, 3.50a5.00; peppers, crate, 4.00a7.00; spinach, bushel, 76a1.00; squash, cra 4.00a6.00; tomatoes, crate, 3,00a6. turnips, basket, 65a85. Apples, packed, barrel, 3.50a7.50; bushel, 1.00a2.26; grapefrult, box, 2.00 00; oranges, boxX, 4.00a6.00; straw- | berries, quart, 30850, elling Prices at Noom, ‘Wheat—No, 3 red Winter, apot, ex« port, no quotations; No, 2 red Winter, spot, domestic, 1.88, nominal; Ne, % red Winter, garlicky, domestic, 1.98, nominal; No. 3 red Winter, no quota. tions. Sales—None. Corn—Cob, new, yellow, spot, 6.50a 6.75 per barrel; track cora, yellow, No. 2, 1.35. Sales—Nons, Oats—No. 2, 62%; No, 3, 60a60%. Rye—Nearby, 1.40a1.50; No. 3 rye, spot, 1.64. Hay—Receipts, 89 tons. Under more liberal receipts of hay by truck the market rules easy with little life to the buying. A moderate demand pre- vails for the better grades of timothy and light clover mixed, bat common io:v-xrule hay Is hard to move at any price. Quotations today—No, 1 timothy, 20.50a21.50; No. 2 timothy, 17.002 19.00; Neo. 1 light clover, mixed, 19.50 220,00; No, 1 clover mixed, 19,00219.50; No. 2 clover mixed, 17.00a18.00; No. 1 clover, 13.00a19.50, Straw—No. 1 wheat, 16.00a16.50 per ton: No. 1 eat, 17. .80; No. 1 straight 7ye, 15.00a19.00 |PRICES OF WOOLEN GOODS IN BALANCE Today’s Meeting of American Woolen Company Held Most Far-Reaching. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, March 3.—Brokers, wool dealers, clothing manufacturers, retallers and sheep men for several weeks have been wondering whether the producer of some of their gold- on eggs was about to go on a Vaca- tion. They are worried over the woolen textile situation and are watching closely for developments in the affairs of the American Woolen Co., leading interest in the manu- facture of woolen fabrics. The an- nual meeting of the great concern, held today, may serve to indicate what i to happen to production and wool-and cloth prices. The first indication of changes in the affairs of this company c: when the directors passed the divi- dend on the common stock in Septem- ber last. This was followed by the resignation of Willlam M. Wood, president of the company since its organization, 26 years ago. Cornelius Wood, last of the family to be con- nected with the management, retired early in February. Losses Heavy in 1924 Then came the annual report of the company for 1924 showing a loss from manufacturing operations of $4,025,865. The deficit for the year was swelled to nearly $12,000,000 by the payment of $5.000,000 in divi- dends and allowances of mors than $2,900,000 for depreciation. '( was the second time in ita history the company had sustained a manufactur- ing loss, the first coming In 1913 when the Underwood tariff law upse the industry. This condition of affairs has aroused criticism _among stockholders and others. But men in close touch with the textile situation see nothing oc- cult about the situation. It is ad- mitted textiles had a bad year. The Wood adminisration has been severe- 1y criticized for the development of Shaw Sheen Village, a model com- munity constructed around some of the modern plants of the concern. The small stores supplying the community are sald to have been financed by th: Woolen Company, but it has yet to be demonstrated that this involved any undue financial risk, or whether the whole thing was not a wise ven- ture. Geods Trade Unfavorable. The tremendous loss sustained, in the opinion of experts, is to be at- tributed mostly to unfavorable mar- ket conditions in the woolen goods trade. There has been no criticism of the buying policy of the company with respect to raw wool. The com- pany Is sald to have laid in large stocks when raw wool was at its low point last June, and it was common talk in the wool trade that the com- pany had the largest stock of cheap wool in the country when prices started upward. The big losses developed apparent- 1y through the Inability of the plants to malintain operations at anything like a capacity rate. Last Summer output was only 40 per cent of ca- pacity, and not until late in the year did the rate go up to 70 per cent. With its huge capitalization and its expensive organization, this fact ap- pears to have accounted for the fall- ure to roll up profits. The big coneern now has changed administration. Much confidence is expressed in New England as to the future of the company, but there is no diaposition in Boston financial circles to anticipate resumption of dividends on the common stock. Con- ditions in the goods trade are not especially promising. Wool quota- tions are high and resistance to higher clothing prices Is strong. But the company has $62,900,000 of quick assets and should be In a position to secure & full share of business when demand revives. Some clothing manufacturers and dealers frankly say that the retallers are to blame, that they have taught the public to walt for bargain and special sales, so that now the buyers are convinced that all they have to do to get goods cheap is to wait: Oftentim: Instead of waiting, pre- spective customers do without. In the meantime contracting for wool in the West {s practically at a standstill, since rs will not ac- cept lower figures and buyers and agents will not stoek at present prices, —————— EXPORTS AND IMPORTS $1,000,000 HIGHER Marked Trade Increase at Balti- more Compared With Previ- ous Week. Special Dispatch to The Stay. BALTIMORE, March 3.— Imports and exports through the port of Bal- timore both showed an increase of over a million dollars last week, com- parAd with the previous wee ocordIng to the weekly report of Col- lector Charles H, Holtzman, Imports totaled $3,299,698, of which $1,638,504 was free, and exports amounted to $2,763,732, The principal articles exported, amounting to $2,763,732, were coppe: lumber, tobacco, ~automobile part: agrioultural machinery, steel, sc brass, grain, tinplates sinc dross, lubricating oil, coal, oll cake, ferti- User and starch. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PHILADELPHIA, March 3.—Owing to the large supplies of anthracite ahove ground, retall coal dealers heve have cut the prices of egs to §14 a ton and of stove and nut to $14.50. KANSAS CITY, March 3.—"The tractor business is 300 per cent above that of last year,” said General Man- ager Voorhees of the Kansas City branch of the Advance-Rumely Thresher Company today. DENVER, Colo., March 3.—Market. ing of sheep from the northern Colorado feed lots has been extreme- 1y heavy in the last 10 days, Prices as high as $16.70 have been paid. ATLANTA, March 3~The Spring movement 18 in full swing in dry goods Mines, following & week of warm weather, Men's clothing is a leader. — BOSTON, March 3.~Textlle men are more optimistic over the cotton mill situation. They say margins of profit are very narrow and prices are low, but that production is Increasing and, with the reduction of overhead which high production per-~ mits, the margins of profit will ‘widen. . PORTLAND, Oreg., March 3.—Fur- niture manufacturers in the North- west raport further gains as com- pared with 1934 The increase in de- mand for reed furniture, they BSaY, 238 Deen almost 300 per ceat, D. O, TUESDAY, MARCH 3, 1925 Radio Shares Are Recent Surprise In Curb Market Stocks Down 5 to 25 Points From Year’s Best Levels. By the Assoelated Press. NEW YORK, March 3.—Weakness of the radlo stocks has been one of the features of recent sessions of the curb market. The heavy holiday de- mand for radio sets resulted in a spirited demand for these issues, many of which doubled and trebled in price in the closing months of last year. The subsequent falling off of business, coupled with price reduc- tions s a result of increased compe- tition, has brought about heavy liqui- dation, which has carried most lssues down from bto nearly 25 points below this year's high levels. At the closing prices last night Ware was 21% points below the vear's high, Freed-Eisemann = 19%, Thompson 12, Dubilier 10% and Ther- miodyne 8%. GAS COMPAN.Y REPORTS $4,089,000 NET PROFIT Fifty-Two Miles of New Mains Laid in Baltimore During Past Year. to The Star. March . TORE, Special T BALT! 3.—The Con- solidated Gas and Electric Co.. which controls the output of gas and elec- tricity in Baltimore, made $4,089,000 net profit in 1824, it is shown in the annual report. That is per cent, the report says. company proposes to spend $7,846,000 in improvements and ex- tensions during 1925, the report said, which will bring the total value to $100,950,000—the first Baltimore util- ity to touch the $100,000,000 mark. In 1924, the company said, it spent $6,313,000 for the me purpose. Fifty-two miles of gas mains were laid. breaking all records. —e 678,300,000 CHICKENS RAISED DURING YEAR 29,400,000 More Than Total for 1923—Present Stocks, How- ever, Are Lower. Some 678,300,000 chickens were pro- duced in the United States last vear, which was 29,400,000 more than in according to estimates by the rtment of Agriculture. Despite this increased production there were on farms January 1, 1925, approxi- mately 427,000,000 chickens, as com- pared with 470,300,000 on January 1, 1924. The decrease is attributed to increased consumption and to larger stocks going into storage. Total stocks of frozem poultry in storage February 1 were reported at 138,233,000 pounds, compared with 99,- 486,000 pounds February 1 a year ago. e, LATE éARNINGS REPORTS. Big Corporations Announce Yearly and Monthly Returns. W YORK, March 3.—American Hide and Leather recovered in 1924 a loss of $38,998 reported in 1923, met profit amounting to $537,219, equal to $4.28 a share on the preferred stock Chicago, Rock Island & Pacific came through January with surplus after charges of $349.255, in contrast to a deficit of $301,015 in January last year. Net operating income increased to $1,271,465, compared with $604,883 a year ago. American Brake Shoe and Foundry Co. earned $11.46 a share on the common stock ir 1924, after pre- ferred dividends, in contrast to $13.35 in 1923, Net profit of $2,454,904 compared with $2,727,097 the year before. Surplus declined to $985,994 trom $1,267,207. Henry Ford's railroad, the Detroit Toledo and Ironton, improved its earnings in January, net operating income of $334,593 comparing with $276,105 in January, 1924. Gross in- creased to $1,106,225 from $989,229. Sears-Roebuck sales in February increased 17.64 per cent to $21,032- 590 and for the two months of 1925 reached $43,114,682, a gain of 15.85 per cent over the same period last vear. TRADERS TO “LISTEN IN” CLOSE TO COTTON RING By the Associated Press. NEW YORK, March 3.—Members of the New York Cotton Exchange will “listen in" by radio to the in- augural address of Presid Cool- i1dge on Wednesday without seriously interrupting their trading activitles. A special radio set has been installed in the smoking room of the exchange, adjacent to the trading ring, which will enable the cotton brokers while at work to hear the address. “INAUGURAL RALLY” MAKES STOCK HISTORY By the Assoclated Press. NEW YORK, March 3.—Wall street witnessed an old-fashioned “inaugu- ral rally” in yesterday's stock mar- ket, in which popular issues were lifted up 1 to 7% points on total transactions well in excess of one and one-half million share: The aver- age of 20 leading industrial stocks was elevated nearly 1% points to 124,06, a new high record for all time, while the average of 20 leading rajl- road stocks, recording a slightly larger gain on the day, duplicated the record high figure of 104.85. —_— WALL STREET NOTES. Penney Company’s Sales Gain—Car Loading Record. NEW YORK, March 3.—Net profits of the J. C. Penny Co. for 1924 In- creased to $4,686,672, equal after pre- ferred dividends to $48.93 a share on $9,244,500 common stock, compared with $4,490,293, or $58.26 a share on $7,418,500 common stock in 1923. Expenditures have been author- ized by the National Lead Co. for in- vestigation of lead deposits In south- ern Missourl, Oklahoma and the Rocky Mountains. The company also is considering a number of foreign investments, according to B. J, Cor- nish, president. Car loadings of the Missouri Pa- cific in February were the largest for any February in the road’s his- tory, reaching 120,930, an increase of 10,245 over February, 1924. e A Word te Speculators, 1t you must speculate, select a rep- utable broker who holds membership in a recognized stock exchange. Ex- chegnge requirements, in themselves, are some protection, as its members must comply with business ethics as provided by rules and regulations. 1t a member violates these rules, he hazards his membership, which is usually his greatest asset. George Washington began his second term as President with an in- augural address of 13¢ words, ICUSTOMS RECORDS NEARLY SMASHED February But $29,000 Under Biggest Collections Made at Baltimore. Special Dispateh to The Star. BAUTIMORE, March 3.—Customs collections at Baltimore for February nearly broke all records. The pre- vious high record was made in Feb- rusry & year ago, when $1,717,620.45 was taken in. Coilections for the month ending Saturday totaled $1,677,731.60, which was §29,882.85 below the previous high mark. The February collec- tions were more than $100,000 above the January total. Arrivals of seagoing vessels at Baltimore during February totaled 195, or 11 in excess of the January total. Of these, 135 sailed under the American flag, an increase of 5 over the previous month, Six schooners of the off-shore type, bringing and taking cargoes, were among the arrivals. Great Britain again had 18 arrivals. Norway had 16; Japan, 9; Sweden, 5; 'Germany and Denmark, 3 each; Finland, Dan- 2ig, France and Holland, 1 each. During January 184 vessels arrived in Baltimore, a decrease of 24 com- pared with ,December, according to the monthly report at the custom house. FEBRUARY TRADING HEAVIEST ON RECORD e Ausociated Press. W YORK, March 3.—Trading on the New York Stock Exchange in February was the heaviest on record for that month, transactions totaling 33,824,600 shares, an increase of 11.- 983,400 shares over February, 1924, The month’s dally average trading was 1,514754 shares, against 927443 & year ago, The heaviest five-hour session was 2,307,300 shares, and the smallest 1,156,500, On two days of the month sales exceeded 2,000,000 shares. By BUILDING BOOM STARTS. SAN FRANCISCO, March 3 (Spe- cial).—Building construction involv- ing $100,000,000 was started in cen- tral and northern California in Febru- ary. The projects include a big news- paper plant, three movie theaters, barbor developments, lumber termi- nals and irrigation and power proj- ects, Money to Loan Secured Ly mrst deed of trust on real estats l'r-'l!liwnlenll sod coramission. Joseph 1. Weller 56 o L & Zrae With Maximum oth & ¥ N.W. 20 0 Security Add to these an ever increasing value and ready marketability, And you will find extremely at- tractive our current offerings of Exclusive Washington Investment Properties Inquiry and Inspection Invited C. P. BARRETT Main 9016 1302 K St. N.W., Annual Net Yield Firsi M;flgage Bonds On Income-Producing City Prop- erty of General Utilization— The highest type of investment known. Now Offering: 20-Year 61469, Sinking Fund Gold Bonds, Roger Williams Apart- ments, Providence, Rhode Island. Union Discount Company, Inc. NEW YORK STATEMENT OF THE CONDITION COUNTY the 31st day of Dece: r, 1 a8 re- nired. nader the Districe ot Columbla "Gode. amended Juoe 30, 1902, and August 18, 1911 Capital Capital hands of agents, Interest due and acerued. Total assets. LIABILITIES. Net unpaid claims.. Reserve as required rents, $107.202.11 707,408.61 ,200.00 /002,63 500,000.00 transacted duriny enr 034, e Invuraneer oo duries the Amount of ris| the year 1024. Dlum: sustained during the yea: Money ‘received during ‘56 ear Bapended during ihe vour 1034, BT oT: F. W. BARGEANT, GEO, W. WALLOW, T Assistant Becret, and swora te tary. Subseribed befere me this Bth t 3 tay et Pobrnary, 1085 ' LOUIS 3. DODG! Notary Publlc. BDNDS geared to the needs of discriminating investors—that's what you will find listed in our March circular just off the press. Over seventy-flve different dssues to choose from. ' E——— Your copy awaits you. Ask for it The National City Company Washington—741 15th St. N.W. Telephone—Main 8176 FINANCIAT REAL ESTATE LOANS Small and Large Amounts Refinancing on Long-Term Basis LOW INTEREST RATES Unlimited Funds Available FRED T. NESBIT Investment Bldg. FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315F S JOHN POOLE, Prosident FROM $5¢ TO $100 Can Be Obtained by Using Our Certificate of inventory, Appraisal and Title. CHATTEL TITLE COMPANY 805 Fifth 8t. N.W. Since Grant was in the White House 52 years of proven safety in first mortgage investments . TWO years ago UlyssesS. Grant was inaugurated for his second term as President of the United States. Two months earlicr, in January, 1873, The F. H. Smith Company was founded. Smith Bonds are owned today in all the countries visited by President Grant on his historic world tour—England, France, Italy, Egypt, India, Siam, China, Japan, Cuba, Mexico; in 20 other foreign lands, and in every State in the Union. 77 SMITH BONDS aresold in $1000, $500 end $100 denomina- ptioat. ostright o uader our Ia- vestment Sevings Plan. Every partial pay- Tnent earns the full rate of band interest. of Mteprily Twme-Prove; Investments We offer First Mortgage Real Estate Investments yield- ing 7% interest, backed by consistent stability as to prin- cipal and interest. These in- vestments may be purchased in amounts of $50 up on a monthly payment basis No Loss To Any Investor In 52 Years TheF.H.Smith Co. Founded 1873 FIRST MORTGAGE BONDS Smith Building 815 Fifteenth St. Consult Our Trust Dept. or send for Valuable Boaklet. THE F. H. SMITH COMPANY Smith Building, Washingten, D. C. Please send me information sbout Smith Bonds peying 7% Canlad sty Pros Goldsmith Building Il1405-7 Eye StN.W, M 9670 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Millions of dollars every year—by those who thoughtlessly invest their money in doubtful stocks POSITIVFLY There is no need for this if ordinary carvies is uscd chances for a doubtful big profit and w ews FIRST MORTGAGE NOTES That are absolutely secured upon improved reae sstate trict. No anxious moments, but calm satisfactws, both curity and the prompt payment of interest ané melmcipal. Mortgage Investment Dent N & LUCH 713 and 715 14th Street N.W. Main 2345 —STOP taking in the Dis- in the se- Capital & Surplus, $2,000,000.00 A Bank That Patronized ~—as widely as this one is, must render service of exceptionally satisfactory type. 1 Over 45,000 accounts are now on our books. Deposits vl in amount—Same Rate of Interest | Paid on large and sm: . Savings & Trust Co. Cor. 15th and New York Ave. Oldest Savings Depository in Washingtc» 2 National Year THE FIRST CONSIDERATION ~—in any investment is its un- questioned safety. When you invest for safety you are as much interested in the character of the house that sells you securities as in the se- curities themselves. For thirty-two years we have ; Century specialized in safe Without a Loss, FIRST MORTGAGES ~—without loss to any investor. B. F. SAUL CO, 925 15th St. N.W., Main 2100