Evening Star Newspaper, March 5, 1925, Page 28

FINANCIAL. ERRATIG CHANGES | INSTOCK MARKET Piesident's Message Said to' \ | Have Been Very Largely ! Discounted. = BY STUART P. WEST. Bperial Dispatch to The Star. NEW YORK, March 5.—The stock market today was again subjected selling pressure, fol- line in the last half } hotir Wednesday. Traders operating on.the short side were talking about 1he President’s speech as having been discounted, along with other items of good news such as the declaration of & $10 extra dividend on American T.ogomotive, the raising of the regu- lar dividend from $6 to $8, and the voting of a 25 per cent stock divi- dend on American Steel Foundries. Stocks Very Erra There was a lot of profit-taking in American Locomotive following the dividend news, the stock selling off nearly 4 points. Subsequently it ral- lied. American Car and Foundry, which, as representing the big hold- er ‘of American Locomotive, is the principal beneficiary of the latter's dividend increase, followed closely the course of American Locomotive stock, There were violent fluctua- tions over a range of 5 points or more. The talk was that when Ameri- can Car and Foundry put through its new capitalization plan the extra revenue from American Locomotive would insure a dividend increase on the new stock. B. & 0. at New High Mark. American Can was consistently supported on the idea that this com- pany would be one of the next to an- nounce a program promising larger cturns to stockholders. General lectric was one of the leaders of | the recovery, which started around midday. The feature among the rails was Baltimore and Ohlo, which sold at a new high for 1925, despite the unset- | tled conditions in the general market. There has been no talk so far of an increase in the present $5 dividend, although the earnings are sufficlent to warrant such an increase. The street is more interested in the ef- fect upon the value of Baltimore and Ohio stock in case certain combina-{ tion plans now in prospect are carried through. Reading was helped by the| atrength in B. and O, but it did not| do much. Atchison, below 123, was off nearly five points from its recent top, then it encountered fresh buy- ing, which brought about a recovery later. That Tuesday's little upturn in the Northwestern rails was a tran- slent occurrence seemed to be indi- cated by the ease with which stocks like Chicago Northwestern and Northern Pactfic came down over the ground gained. Supporting orders were numerous in St. Paul preferred | every time It reached 30, but the stock was abundantly supplied on the least upturn Independent Oil and Gas sold be- low 30 early, but in the afternoon there was a partial recovery. Shorts in Pan-American B were evidently taking profits around $1. Sustaining orders were seemingly being thrown into Texas Pacific Coal and Oil around 20. Miami Copper Declines. Miami Copper, which broke three points on Wednesday, was selling to- day about elght points below the 1925 high. The selling was connect- ed with gossip that the company has been somewhat concerned about its ore reserves, and was anxious to add to its source of supplies. Private reports today from Mar- land Oil's midcontinent flelds were to the effect that the company in at least one instance had increased its selling prices of crude oll 15 cents a barrel. This fitted in with the gossip about higher prices in prospect in the mid- | continent district. MAREKET CLOSES FIRM. Urgent Short Covering Helps Late Improvement. By the Associated Press. NEW YORK, March 5.—Speculators for the advance regained control of today’s stock market, net gains of 1 to 5 points being scattered through- out the list. The recovery was aided by low money rates, increased public participation and the generous divi- dend distributions on common stock of the American Locomotive C which attained a record top at 1443%. Total sales approximated 1,7004000 shares. The closing was firm. Urgent short covering in a -number of industrial speclalties brought about some rather sharp gains in the final hour. United States Cast Iron Pipe rallied from 226 to 234%, Remington Typewriter and Sears-Roebuck each jumped 5 points and Maxwell Motors B 4%. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CHICAGO, March 5—Germany took 872,847 pounds of cheese from this country during January out of total exports of 1,441,880 pounds. Exports of cheese a year ago amounted to but s, pounds for the same month. Only 892,512 dogen eggs were export- ed during the month, compared to 3,207,018 dozen for the same time in 1924. HOUSTON, March 5—The Texas Farm Bureau Cotion Association will distribute $5,750,000 to members March 15. This money came from tton sold co-operatively by the as- sociation, which handled 101,000 more bales in 1924 than in 1923. i | DENVER, March 5.—The increased | production of lettuce and other pro- duce at Granby and in the Sunshine Valley, New Mexico, is assured by an agreement just reached between the Colorado Cabbage Exchange and growers. Tt is believed this increase will result in construction of a rail- road spur into Sunshine Valley. LANCASTER, Pa., March 5.—Sales { of 1924 tobacco here in the last week aggregated about $3,000,000. Wrap- pers brought 14 to 16 cents a pound and fillers 2 to 3 cents. About 55 per cent of the crop still is in farm- ers’ hands. CENTRALIA, 11, March S,—Thc" Centralia Chamber of Commerce has| agreed to erect a factory here for the Pennington uilbert Shoe Co. of St. Louis. The building will cost $85,- 86¢ and title will be transferred to the shoe company when $850,000 in wages have been paid out by the shoe eompany. St WILL PROBE GASOLINE. BOSTON, March 5 (Special).—The commission on the necessaries of life has been instructed by the State Leg- islature to investigate the cost of gasoline and how prices are fixed, and report April 1. e ~ SOLAR REFINING'S NET. NEW YORK, March 5.—Solar Re- fining’s mnet profit for 1924 increased 1o $685,128, equal to $17.12 ihe capital stock, $496,481 or $12.41 a share in 1923. compared with [ Hudson Mot THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Abitibi Pow (4. Alr Reduct (15). Ajax Rubb. S Alaska Juneau. . All Am Cadle (1) Allled Chem (4). ALt Chalm (4). Allis Chlm pf (7) Am Agricul Chm Am Ag Chm pf.. Am Beet Sug (4) Am Rosch Am Brk Shoe (5) Am Can (18).... Am Car & F (12) Am Chain A (2). | Am Chicle ctfs. . Am Drug (60e) Am Express (3). Am & For Pow.. Am & Fr P pf Am Hide & L pf. AmIce (7)...... Am Internatl. Am Linseed..... Am Linseed pf.. Am Locomo (6) . Am Metal (3). .. Am Radiaor (4) Am Safty Rz (3). Am Ship & Com. Am Sm & Ref (6) Am Snuff pf (6). Am Stl Fays (3). Am Sugar. ..... Am Sugar pt (1) Am Sumatra. ... Am T & Tel (9). Am Tobacco ( Am Tobac B (7) Am Tobac pf (6) Am WWE&EI 30c. Am W W pf (). Am Woolen Am Wool ptd (7) Am Zinc pt Anacouda (75¢). Ann Arbor pf. Arn Cons & Co.. Asso Dry G (5).. Asso OIl (1%) At T & 8 Fe (7). AT&SF pf (5). Atl Birm & At Atl Coast L (19). AtGulf & WI... At Gulf & W I pf Atlantic Refiinin Atlas Tack. .. Austin-Nichola Austin Nic pf (7) Auto Knitter... Baldwin L (1).. Bal & Ohio (6).. Bal & Oh pt (4). Bang & Ar (2).. Barnet Leather. Barnsdall A.... Barnsdall B Bayuk Clgar.... Beech-Nut (3).. Bethlehem Steel Beth Stl pf (8).. Booth Fisheries Briges Mg (3% Bkl Edison (8).. Brk-Man Tran. Bklyn Man pf (§ Brklyn Un G (4) Brown Shoe (4). Brunswick-Blke Buff R&P (4).. Burns Bro (10). Bush Term (5).. Butte Cop (50¢) . Butte & Superlot Butterick Co.... Caddo Centrat. . Cal Packing (6). Cal Pete (1%).. Calif Pet pf (7). Callahan Zine Calu & Ariz (2). Calumet & H (1) Can Paclfic (10). Case Threshing- Cent Leather... Cent Leather pf. CRRNJ (12). Century Rib (2) Cero d Pasco (4) Certain-Teed . .. Certain-T 1st (D). Chand Mot (3).. Ches & Ohio /4). Chicago & Alton Chic & Alton pf. Chic & East Il1.. Chi & E 111 pf... Chic Gr West.... Chic Gr West pt. Chi Mil & St P... Chi Mil & § P pf. Chi & Nwn (4)... Chi & Nw pt (7). ChiR1&Pac... CRI&PDI(E). CRI&PDL (D). ChStPM&OD! (5) Chile Cop (2%)- Chino Copper. . - Cluett Peab (5). Coca-Cola (7). Colo Fuel & Iron Colo Southern. . Col G & E (2.60). Col G & E pf (7). Com Solv A (6). Com Solv B. Congol-Nairu (3 Conley Foil (st). Consol Cigar. ... Con Distributrs. Consol Gas (5).. Consol Textil Cont Can (4). Cont Insur (6).. Cont Mot (80c). Corn Prod (2).. Cosden Co. . Crucible 8tl (4). Crucible pf (7). Cub Am Sug (3). Cuban Cane Sug Cuy Cane Su pt. Cuba Dominican Cuyamel Fr (4). Danie) Boone. Davison Chem. . Del & Hud (9) Del L& W (6) Detroit Ed (8).. Dome Mines (2). Doug Pectin (1). Dupont (10)..... . Dugquesna pf (7) Eastman (18)... Eaton Axle. .. Eleo St Bat (15) End-John (5)... Erie Erie 18t pf...... Exchangs Bf (2) Fairbks (2.60).. Famous Pl (8).. Famous pf (). Fed Lt & T (*7). Federal Mines. . Fed Mines pf (7) Fisher Body (5). ek Rubber. Fisk R 1st (1). Fleischmann (4) Foundation (6). Foundation rts Freeport-Tex: rdner Motor.. Gan Am Tak (9 Gen Asphalt.... Gen Cigar (8) Open. 65% 104% 12% 1% 1204 89 76 105% 194 52% 404 38% High. 654 108% 13 1% 120% 89% 6% 105'% 19% 52% 40% 39 101 183 229 247 40% 65 151% Gen Electric (8) 2 Gen El spl (50¢) Gen Motors (6). Gen Mot pf (7). Gen Petrol (2).. Gen Refrac (2). Gimbel Bros. ... Glidden Co- Gold Dus' Goodrich Goodyear pf Gdyear prior (8) Granby Consol. . Grt North f (5) Grt Nor Ore (4). Grt Watn Su (8) Gt West 8 pf () Greene Canan Gulf Mo & Nor. . Gu Mo & N pf 69 Gulf St Steel (5) Hartman ($2.50) Hayes Wheel (3) Hayes W pf (1% Hoe & Co A (4). Homestake (17) Househ P (13%) Houston Ofl.... Hudson Man. Hupp Mot (1)... 74 107% 5b% 53 49% 16 37% 51% 984% 107 18% 698 38 97% l’l.gli 25% 36% 103 48 44 85% 84 24 48% 16 103 48 44 85% 9% 24 43% 16 Low. 65% 104 12% 1% 120% 88% 74% 105% 18% 50% IMlinots Cent (7) 111 Cent pf (§) Independ Ol ( Indian Refining. Inland Stl (235). Inspiration Cop. Interb Rap Tr Internat Agri. .. Int Bus Mao (8). Int Cement (4). Int Com Eng (2) Internat Har (5) Int Mer Marine. Int Mer Mar pf.. Internat Nickel. Inter Nick pf (6) Internat-Paper. Int Pap pf st (6) Int Ry CA pf (5) Int Tel & Tel (6) Int Tel & Tel rts Intertvpe (11%) Jewel Tea...... Jordon Mot (3). Kan City South. Kan C So pf (4). Kayser ¢Julius) 1ly-Sprigfield. Kelly Spring pf. Kennecott (3). . Keystone T & R. Kinney GR.. Kresge S8 (8).. IKresge Dep Str. Kresge SS pf (8) Laclede Gas (8. Lee Rub & Tire. Lehigh Vat (3% Ligzitt & M (t4). Lig & My B (14). Lig & Myrs rgt. Llma Loca (4).. roews Ino (z).. Loft. . Long Bell A (1). Loose-Wiles Bis Loose W 1st (7). Lorrillard (3). Lorillard pf (7). Louisiana Ofl. .. Louls & Nash (6 Ludlum (2) . Mclntyre (1)... Macic Trucks (§) Mack T 1st (7).. Mack Trk 2d (7) Macy HR & Co. Magma Copper. . Mallinson & Co.. Mallinson pf (7) Manat! (5) Maracaibo OIl. Marland Ofl... . Martin-Parry 4. Martin-Par rts. | Mathieson Alka. Maxwell Mot A. | Maxwell Mot B May Dept St (5). Metro G pf (1.89) Mexican Seabd... Miami Cop (2). Middle States. Minn & St Louls Mis Kan & Tex. MK&Tpt (5).. Missour! Pacific Missourt Pac pt. Mont Power (4). Montgom Ward. Maoon Mot (3)... Torrls & Essex vther Lode 750 Munsingwr (3). Murray Body h & Chat (7) at Dept Stores Nat Distillers pt Nat Enamel & S Nat Lead (8)... Nat Lead pf (7). Nevada Copper. NOT&M t23%. Nwpt U Gas (5). N Y Canners (2) N Y Central (7). NYCStL(6). NYC&StL pt (6) N Y Dock.... NY NH & Hart NYO& Wst (1) Niagar Fpf1%. Nort & W (18 North Am (3.40) North Am pf (3) North Pac (3).. Orpheum (1.80). Otis Elev (161 ) Otis Steel pf. Owens Bot (3 Pac Coast 2d pf. Pacific Ofl (2). Packard (11.50). Packard pf (7) Pan-Amer (§) Pan-Amer B (6). Panhandle. . Panhandle pf. Park & Tllford Penna C & Cok Pennsy R R (3). Penn Seab Steel. Peorles Gas (8). Pere Marg (4).. Puilla @ RC&I. Phillip Morrls. . Fhillips Pet (2). Pierce-Arrow.. Plerce-Arrow pt Pierce Oll.. Plerce Petrol Pitts Coal.. Pitts Ut pf (1.20° Pitts & West Va Porto Rico Tob. Postum-Cer (4) Preas Steel Car. Prod & Refiners Pub Ser N J (5). Fublic Serv rts. Pub Serv rts (n) Pub S NJ pf (7). { Pulimax Co (8). Punta Al 8u (5). Pure Oll 1%4). Pure Oil pf (8).. Radio Corp of A Radio-C pf (3%) RSTIICcfs (4). Ry Sti Spg (8). Ray Cons Cop. Reading (4). 4| Reading rts | Reading 1 | Remington Type Replogle Steel. . Rep Ir & Steel. . Reynolds Sp (1) Rey Tob B (3).. Roy Duth 4.42% St Josepn 14 (2) StL & San F (5) StLSanF pt (8) 5¢ L Southwest. St L Swn pf (6). Savage ,::v)n- Schulte Seaboard Alr L. Seaba Atr L b Seurs-Roebk (6) Shell Trad (2.06) Shell Un (1.40) .. Sizamon Co (2) Simms Pet (50¢) Sinclair Ofl.. Sinclair pt (8). Skelty Oil.. Sloss-Sheft (6) South Pac (6).. Southern Ry (8} South Ry pf (5). Std Gas & E1 (3) St o1l Calif (2) StonNJ @) StONNJIpf (. Std Plate Glass. Sterling Prd 5% Stew Warner (5 Stromberg (8). Studebaker () Submarine Boat Superior Oll. Superior Stl (3). Sweets (new)... Symington. .. .. Symington A(2) Telautograph. . Tennessee Coppe Texas Co (3).... Open. High. 117% 117% 117 116 674% 84 43 1054 19% 15% 16% 1% 3 38% 848 39% 80% 68 47% 25% 8% T4 23 41 145 o% 67% 67 1014 46 4134 644 33% 157% 118 4% 6654 14% 117% 6214 33% 121% 132 92 27 34% 32 9% 46 27% 29 10% 119 56% 434 106 12 46% 27 7% 55 3% 61% ¥2% 4 26% 20% b5% 38% 58% 22% 16% 48% 53% Low. 117% 116 29% 8% 46 27% 284% 10% 118% b5% 41% 105% 12 46 26% 7% bdw 7% 61% 924% 4 25% 20% 53 38 B68% 22% 16% 48% Close. 17 1% 82 M 46 27% 2900 104 119 56% 42% 108 12 46% 26% 7% 55 3% 81% v2% 4 26% 20% bd% 38% 53% 22% 16% 48% 52% 2% 78 506 36 93 |ingen's new | West Maryland. STAR, WASHINGTON, D. C., THURSDAY, BOND PRICES WEAK INTRADING TODAY Pressure Directed Against Rails—Remainder of List Irregular. By the Associated Prens. NEW YORK, March b.—Reaction- ary tendencles continued to predomi- nate in today's early bond trading, with increased selling pressure di- rected agalnst railroad issues. Losses of a point or 50 were re- corded by New York Central 6s, Sea- board adjustment bs, Norfolk and West- ern convertible 5s, Katy 4s B and Minneapolis and St. Louls refunding 5s. Price movements in other parts of the list were irregular, a decline of a point in Pan-American Petro- leum' 6s contrasting ‘with an ad- vance in Skelly Oil 835, Foreign and United States Govern- ment obligations manifested an eas- fer tone. NEW MOVE STARTED IN MERGER. FIGHT C. & 0. Bondholders Asked to Switch to Stock to Get Voting Powers. By the Associated Press. NEW YORK, March 5.—In a further effort to obtain proxies for opposing the proposed lease of the Chesapeake and Ohio Railway to the Van Swer- Mckel Plate system, a stockholders’ protective mmittee headed by George Cole Scott of Rich- mond. Va. has appealed to holders of Chesapeake and Ohlo 5 per cent bonds to convert their holdings into stock and so obtaln representation at the stockholders' meeting on March 30. Because of the convertible feature, the bonds at present are said to be demanding a 15-point premium in selling around 10 TURN APPEARS NEAR IN GOLD SHIPMENTS Germany, Australia and India Are Supplied as to Present Needs. By the Associated Pross. NEW YORK, March 5—The di- minishing outflow of gold from the United States, coupled with the ar- rival of a $3,000.000 shipment from London, has caused Wall Street to speculate on the possibility of an- other turn in the movement. Since last December gold exports have been heavy, but with the shipment of loan proceeds to Germany completed and current requirement of India and | Australia apparently satisfled, bank- ers belleve the edge has been taken off the business of supplying gold to the rest of the world. FOREIGN EXCHANGE. ns furnished by W. B. Hibbs & Co.) Sominal Selling checks Bold palne, " oiar. 5 65 $4.77 1.00 . 193 Zurich, fran, 2 Athens, drachma. Madrid, peseta... Vienna, crown Rudapest, Copenhagen, Chriatiania, Stockholm, Crown crown. erown. .. By the Assoclated Press. NEW YORK, March 5. changes steady. States dollars): mand, 4.76%; bills on banks, Foreign ex- Quotations in United Great Britain, de- cables, 4.7 60-day 4.73%. France, de- mand, .05103%; cables, .0511. Italy, de- mand, .0404%; cables, .0405%. Bel- glum, demand, .0303% ; cables, .0503%. Germany, demand, .2380; Holland, .3991; Norway, .1524; Sweden, .2693 Denmark, .1787; Switzerland, demand, .1922%; Spain, demand, .1421 Teece, demand, .0154; Poland, demand. .19 Y% Czechoslovakia, demand, .0296%; Ju- goslavia, demand, .0160%; Austria, demand, .000014% . Rumania, demand, -0050; Argentina, demand, .3970; Bra- zil, demand, .1120: Tokio, demand, 40%; Montreal, .99 27-32. —_— Tex G Sul (17%) 108 109% 107% 109% Tex & Pactfio... 54% 554 54 Gow Tex&PacC&0 204 19% 204 Tide Wat Ofl (4) 143 143 1484 Timken (13%).. 41% 41% 42 Tobac Prod (6). 78% % 78% Tobac Prod A (7 98% 98% 9 Transcont Oll... 4% 45 an Twin City (4)... 64% 64% 64w Underwood (3). 40% 404 40% Union Ofl. % % Union O] (1.80). 40% 40% 404 Un Pacific (10).. 149 1484 148y Un Pacof (4)... 4% TR Utd Alloy St 344 33 34 Utd Cigar (13%) 77% 6% 77 United Drug (8) 117% 117% 118 Utd Fruit (10).. 215 215 215 Utd Ry Invest.. 20 19% 214 U S Caat Iron P. 229 226 234 U S Distributing 34% 344% B4 U S Hoff (60c).. 23% 234 231 U S1Ind Alcohol. E3% 82 83k U S1Ind Al pf (1) 105% 1054 105% U S Realty (3).. 123 123% US Rubber..... 2% U U 41% S Rub 1st (8). 94% 94% S Smelting. 24 84 USSmpf (3%) 45 454 U 8 Steel (17).. 1224 128% U S Steel p? (7). 128% 123% Universal Pipe.. 1% a4% Univer P pf (7). 8415 88 Utah Copper (4) 87 874 Utah Securities. 584 51% Vanadium...... 284 28% Va-Caro Chem.. 2% 2% Va-Caro Ch Df.. 104 104 Va Ry & Power. 78% 8% Vivadou.. 4 1214 1 Wabash........ 24% 25% Wabash Dt A. 63% 64% Wabash pf B. 45 45 waldort (1%4).. 1Ay Ward Baking B. 43 43 Webber (4)..... 54 116% 15 54 West Ele pf (7). 6% 22 38 15 22 37% 92 123% 105% 92 120% 24 11% 105% 20% 15 28% 64% % West Md 2d .. Western Pactfic. West Pac pf (6). West Union (7). West Alr Br (6). Westinghse (4). Weston Elec.... Weston Elec A.. Wheel & L Erie. White Bagle (2) White Mot (4).. wilson & Co wilson & Co pf. ‘Wilson ctfs. . Willys-Overlan¢ Wills-Over pf.. ‘Wooiworth 134, Worthington... Worthington B Wright Aero (1) Youngstn S& T. *0dd lots. Partly extra. able 3 Dithieas, ates.as. gron e #re the annual cash payments based latest quarterly or half-yearly declara Unless "othe; @ividenas are oot taciuded. <+ % 11% 1n7 1 4% 19% 3% FOREIGN. Sales. High. Argentine bs Bank of Japan 6s. Belgium s w1 Canada §%s 192! Chile 7s 1942 Chile 85 1926 Chile 81841, .. Chile 85 1948. ... Chinese Gov Ry Con Pow Japan 7 Cuba 54 Czecho 85 1951. Crecho 85 1952 ct Danish Munic 8s A Denish Munic $s B Denmark Denmark 8s...... DEI5%s Mch '53. DEI5%s Nov '53. 32 Dutch East I 6s ‘47 Dutch ast 1 6s'62 Finland « f 6s 1945 Framerican 7%: French 7s w i French Govt 7%3 French Govet Germany 7s w 1 Ger Gen Elec 7s.. Greek T8 wi. . Holland-Amer 63 Hungary 6%s Japaness 6%s. ... Jergens U M 6s '47 Lyons Marse Mexico bs. . Montevideo 7s | Netherlands 6s 'S Netherlands 6s '72. Norway 6s 1943 Norway 6s 1944 . Norway Norway 8s Orfent Dev deb Paris-Ly’s-Med 63 Paris-Ly’s-Med 78 Paris Orleans Poland s "40. Poland 8s '50 wi | Prague 7%s. Queensland Queensland Rio de Jan 83 194 Rio de Jan 8s 194 Rio Gr Do Sul § Sao Paulo City 88 Sao Paulo State $s Seine Dept ot 7s. Serbs Cr'tes Slo ® b b Swiss 5% 1948 Swiss Confed 8s. Toklo bs Ud Kingm Ud Kingm s %8s °57. Urukuay 8 Zurich 83 cniSankiician 9 99U 1 100% 100% Ajax Rubber 88 Am Agr Chem 5 Am Agr Chem T%a 43 AmChalasf6s'33 5 | Am Repub deb 6s. 7 | AmSmit & R 1st 5s 1! Am Sug ref6s..... 9 AmT&Tclt 29 AmT& Tl trbs.. 24 AmT&Tst5s...102 Am T & TdebSls 14 AmT&Tcvés.... T Am Water Wks 58 Anaconda 1st 6s... 67 Anaconda cvdb7s 7 Andes 7s 25% pd.. 116 Armour & Co 4%s. 3 Armour of Del §3%1 17 Atlantic Refin 5a.. 12 Barnsaall s f 8s Bell Tel P Beta Steel pm b3 Beth Steel rf 58 Beth Steel 538 '53 Beth Steel s £ 6x Brier H St 1st 6% Bklyn Ed gen b1 Bush T Bldg 68 '60. Callf Pete 6348 Central Leather b8 Chile Copper Col Gas & El Col Gs & El 58 Commonwth P 6 Con Coal Md 1st ConGNY blisw Consumeis Pow b8 Cuba Cane cv 7¢'3¢ Cuban-Am Sug 8 Denver Gas 5 ery (DG) s Det Edison 58 *40.. Det Elison ref Du Pont de N 7%s. DuqL & P 5%s'49. Duquesne Light s Est Cuba Sux 7% Empire G&F 1% Fisk Rubbez 38 Francis Sug 7 Goodrich 6%8. Goodyear 85 19 Goodyear 83 1941... Humble O&R 5%s. * Illinols Steel 4%s. Indiana Steel b Int Mer Marine 6s. Inter Paper 5847 KCP & Lt 68 A'62. Kan G & El 6s8°62... Keyser (J) 78 Kelly-Spring Lackawa S 63 '50.. Lacl G ref 58'34. .. Laclede G 5125 '53. Liggett & Myrs 6s. Liggett & Myrs 78. Lorillard (P) b Magma Cop cV Manati Sug st %8 Marland Oil 8s 31, Midvale Steel 5 Montana Pow &8 Mor's&Co 1at 4%8. New Eng Tel 5t N Y Eden 1st 6%8. NYG EL H&P & NYG EL H&P bs.. N Y Tel 4%s N Y Tel 68’41 N Y Tel 68’49 North :m :: North Am Nor Ohio T&L 6s. Nor States Pow 5 Nor States Pow 6s. & Otis Steel 88... 5 9 Pacific Gas & E1 Tes 52 11 T 387 - Brooam ERCranRubmso i Joie 2 - B® 8 33 20 Phila Co ref ce-ATTOW I'P’::\:llc Service 6s.. Punta Alegre 8. Sinclalr OF 33 2 Sug Est Orient Tenn Elec Pow 6 0l 6% Tide WI“" ‘1at 7 v Vertientes Sug 7s. Warner Sug 7a°39. Warner Sug 78 "41. West Elec b West'n Union Westinghouse 7s.. vilson & Co 1st 63 cv és v T%s. Winchester A 7%s Youngstn S&T 6s. Low. 83 96 96 102% 95% 99% 8644 93% 109 107% 108 93 84Y% 82% 107 964 101 102% 103% 1027% 100% 102% 107% 107 44 90% 2:30. 83 964 6% 1025% 95% 99% 76% 94 109 107% 108% 93% 8474 8244 107% 97 101 102% 104 102% 100% 102% 107% 107 44 98% 99% 100 110 109% 101% 110% 9% “T% 160% 101 B5% 93'% BY% 9% 102% 244 93% 6 84 B9 9% 954 85 847 334 103% 102% f5% 93% V9% 110% MARCH 5, 1925. | ~New Yorx B()INDS srock excrance l' Received by Private Wire Direct to The Star Office. UNITED STATES BONDS. (Sales are in $1,000.) Sales. High.' Low. Lib3%s... 93 10117 101 15 102 Li1-2d4%s 65101 101 101 Lib1st 4%s 44 10120 101 14 101 Lib2d 434s. 229 100 27 100 22 100 22 Lib id 4%s. 261 101 10 1013 101 !0 Lib 4 4%s.. 126 10,25 10121 10121 US451944. 221 100 20 100 16 100 16 US4%s’52. 147 104 27 10520 104 20 RAILROADS. Sales. High, Atchison gen4s... 10 894 AtlanticCLcl4s.. 6 87% AtlanticCL1st4s ¢ 91% Atlan CL 4345 '64. 91% AtlanticC L 7s 106% B&Oprin ks 9% 88 924% 89% 101% 103% 102% 694 99% 86% 86% 87 18 8% 100% LT LT Bklyn-Manhat Buff R & Pitt 4% Canad North 6348 Canada Pac deb Cent of Ga 5348 Cent of Ga 6 Central Pac Ches & O cv 434 Ches O gn 43 Ches & Ohlo cv bs. Chi & Alton 3s.., Chi & Alton 3348 CB & Q- div Ch1 B&Q gn Chi B&Q 1st rf bs.. Chi&Elgnés.... Chi Great West 43. 29 CM& PugetSd4s. 1 Chi M & St P 4s '26 706 CM&StPdb4s.. 21 Cni M&St P ev Chl M&St Prf 4% Chi M & St P cv bs. ChiM&StP 6s... C &N W gen 4s. Chi &€ N'W 78 29 16 19 10 Chi & W Inccn4s. 25 C&W 15%s’ 62 wl. 28 CCC & St L bs. 15 Coln & Sou 4% Cuba R R bs. Del & Hd 1nt rf 48. Del-Hnd cv bs Del & Hudson 5 Den & Rlo G cn 4 D & Rio G Wst by Det United 4% Erfe conv 4s Erie conv 4s B Erfeconv4sD.... Gr Trunk sf db 6 Great North 68 Gr North 5% Gr North gen 7i Green B & W di Hud & Man ref & Hud & Man aj 5s.. 11l Central ref 4s.. 111 Central 6%s. .. 111 C-C St L&NO 58 int Rap Tran 5 Int Rap Tr 6 Int Rap Tra (nt Rap Tran - Int & G Nor 1st és. int & G Noraj6s.. Towa Cent rf 4 Kan City Ft 8 Kansas City 8 Kansas City 8 8s.. Kan Cy Term 4s... Lake Shore 4 Lake Shore 4 - Louls & N uni 4s.. Louls & N 5s B Louis & Nash § Manhat Ry cn Mil El Ry & L 6s.. M & St I 1st ref 4s M& St Lrfex bs.. M StP & SSM cn M StP & SSM 5%s. TprinbsA. 42 MK&TS6sC. 3> Pacific ge Mo Pac 58 193 Mo Pacific 5s'85. ... 14 Mo Pacific 63 38 Montrl Tm Lst 12 Nassau £ Ry 4 N O Tex & M In b NO Tex & M 5% NYCengen3 N Y Centcn 48 N Y Cent ri Bs. N Y Centdeb és... N Y Cen LS cl 3%s. NYC&StLab4s NY Chi & St L6%8 NYC&StLEsA.. New Hav d 48 '67.. w Havcd 6s. w Haven 7 N Y,Ont, Ws 1st 48 NY Ry rf 4s ctfs N Y State Ry 448 NY W & Bos 4% Norfolk & W cv 6s. Northern Pac 3 Northern Pac 4s.. Northern Pac 58 D Northern Pacr Ore & Calif 1st 5s. Ore Short L ref Ore-Wash 1st rf 48 Pennsyl con 4% Pennsyl gen 4%s. Pennsy! gen 88 Penn. 58, & Pennsyl 6%s 100 68 51 664 68% 120% 1% 8545 274 108 101 96% 824 994 94% 103% 97% 110% 1094 82% 98% 99 3% 87 94 8 4% 88% 9T 88% 82 1023 88% 1014 664 76 20% €644 6814 129% 6l 85% 7% 107% 101 26% 82% 9Sia 94% 103% 97 110% 109% 82% 8% 99 3% 87 94 86% 3% 88% 97% R8sy B1% 102% 8B 101% 664 76 904 95 g% 99% 94% 103% 98 1104 109% 82% 98% 99 8% 94% 87 T4% £8% 97% 83% 82 102% 884% 101% 6% 6% 91 ‘Pere Mara \st 6s.. Por RL & P 68°47. Rio G Westcl RIATK & L4% StLIM&S3 45°29.. St LIM&S R&G 4s. StL&SFplésA.. StL &S Fprlnbs. StL&SF5%sD.. StL &S Fad)s.. StL &S F tnc 8s. StL & SFpl 6 St LS W con 48'33 St P Un Dep bs. Seab'd A Liret 4s. Seab'd A L.ady b | Rumors of Less Urgent Spot De ‘i FINANCIAL." GENERAL SETBACK INWHEAT MARKET Selling Orders Too Heavy to Be Absorbed, So Prices Take Sharp Tumble. By the Assoclated Press. ‘CHICAGO, March 5.—Wheat under- went a further sharp setback in price teday after a hesitating start. For a while the market showed a disposi- tion to rally, owing to the fact that the Liverpool market held compara- tively steady in the face of yester- day's big break In prices on this side of the Atlantic. Indlcations of export business overnight tended also to 11ft values, but selling on the part of houses with Eastern connections proved to be of much greater volume than could be readily absorbed, and May dropped to 1.89%. The opening, which ranged from 1% decline to % advance, May, 1.92 to 1.92%, and July, 1.69 to 1.69%, was followed by a rise to 1.93% for May and then by a pronounced general setback. Corn and oats were governed by the action of wheat. After opening at % decline to % advance, May 1.31 to 1.31%, corn suffered a material drop all around. Oats started at % off to % up, May 52% to 53%. Later all deliveries showed losses. In line with hog values the pro- vision market was firmer. WHEAT— May July September September May COTTON QUOTATIONS ARE EASIER TODAY | mand Start Consider- able Selling. By the Associated Press. | NEW YORK, March 5.—The cotton market opened steady at a decline of 1 to 6 points on all positions except | January, which was 7 points higher. Liverpool made a relatively steady showing and reported a continued good spot demand, but the continued reactionary sentiment of yesterday | was reflected in the receipt of over- | night ‘selling orders in the market. | Prices cased off from 25.90 to 25.83 | for May and from 25.36 to 25.26 for October during the first few minutes as a result of this pressure, and there was some Southern as well as local selling on the rumors of a less urgent { spot demand. Offerings were well | buying to steady the market at the net decline of § or 10 points, how- ever, and trading was fairly active during the first hour. New Orleans Values. NEW ORLEANS, La., March 5.—The cotton market opened steady, al-| though Liverpool was better than due, and the weather map showed fair weather in the central and west- ern portions of the belt. First trades | were unchanged on July and 1 point decline on other old crop months, and 2 points gain on October. Prices im- proved a few points after the call, May trading at 25.96 and October at 25.08, or 3 points above yesterday's close. The market later showed a disposition to ease off on a renewal of long liquidation, but it recelved more or less support and the decline did not go very far. GRAIN AND PROVISIONS. BALTIMORE, Md., March 5 (Spe- cial).—Potatoes, per 100 pounds, 1.00 sweet potatoes, barrel, 2.30a yams, barrel, 3.50a4.00; beans, hamper, 4.00a4.50; beets, crate, 1.00a 2.25; Brussels sprouts, quart, 10a20; cabbage, ton, 6.00a12.00; Savoy, bushel, 50a75; brocoll and kale, barrel, 1.00a 1.50; carrots, 100, 5.00a7.00; Cauli- flower, crate, 2.00a celery, crate, 3.00a4.00; eggplants, crate, 3.50a5.00: lettuce, basket, 1.00a3.00; onions, 100 pounds, 2.50a2.75; oyster plants, 100, : parsnips, basket, 35a50; mper, 4.00a5.00; peppers, crat .00; spinach, bushel, 659 squash, crate, 5.00a6.00; tomatoe: crate, 3.006,00; turnips, basket, 50a90, Apples, packed, barrel, 3.50a7.50; bushel, 1.00a2.25; grapefruit, box, 2.3522.75; oranges, box, 4.00a5.0 strawberries, quart, 35a50. Selling Prices at Noon. Wheat—No. 2 red Winter, spot, ex- port, no quotations; No. 2 red Winter, spot, domestic, 1.93%; No. 2 red Win- ter, garlicky, domestic, 1.92%, nomi- nal; No. 3 red Winter, no quotations. Sales—None. Corn—Cob, new, vellow, per barrel; track corn, yeilow, No. 1.40. . Sales—None. Oats—No. 2, 62a62%: No. 3, 60a60%. Rye—Nearby, 1.40a1.50; No. 2 rye, spot, 1.59%. Hay—Receipts, 71 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, but common low-grade hay is hard to move at any price. Quotations _today: No. 1 timothy, 20.50a21.50; No. 2 timothy, 17.00a ; No. 1 light clover mixed, 19.50a No. 1 clover, mixed, 19.00a19.50; spot, 7.00 2 Seab’d A L con 6s. Sou Pacific 4539, Sou Pacific ctl 4 Sou Pacific ref 4s. Southern Ry xn 48 Southern Ry 1st és Southern Ry 6s ct. Southern Ry 6%s. St P & KCShL 4 %8 Texas & Pac 1st 5: Third Ave ref Third Ave ad] 3 Tol St L& W 4s. Toledo Trao 6 Union Pac 1st 4s.. Union Pac 4s '37 Union Psc st rf Union Pac cv éa Virginia Ry st Wabash 1st bs. ‘Wabash 2d 6s. 3 96 Western Md 4 8 65% Western Pacificés G 93% ‘West Shore 1st 4 2 1% 97 85% 89% 7% 101 105% 109% 82% 101 b5% 41% 8344 100% 93 99% 86% 11 103% 19 96% 1 100% 96% 854 89% 71 100% 105% 109% 82 101 54% 41% “83% 100% 2% 99 86 103% 9614 100% 96 65% 93% 8y 97 854 89% 77 1004 105% 109% 8244 101 b5% 1% 83% 100% 93 9% 86 103% 96% 100% 96 65%, 3% 8% 18 5 10 28 1 29 clover, mixed, 17.00a18.00; No. 1 clover, 19.00a19.50. Straw—No® 1 wheat, 16.00a16.50 per ton; No. 1 oat, 17.00a17.50; No. 1 straight rye, 18.00a19.00. DAIRY PRODUCTS. BALTIMORE, March 5 (Special).— Live poultry—Young chickens, pound, 25a35; Leghorns, 25a30; Winter chick- ens, 38a40; old hens, 25a31; Leghorns, 25a26; old roosters, 17a18; capons, 34a 40; young turkeys, 40a45; old, 35; poor and crooked breasts, 25; ducks, 25a34; geese, 23a26; pigeons, pair, 40a42; guinea fowl, each, 40a85 Dressed poultry—Turkeys, pound, 25 | year were $2,664,194,546. debt enough taken by covering or trade; PLAN HALF-BILLION INCREASE IN STOCK A. 7. & T. Directors Will Ask Shareholders to Sanction Boost in Capitalization. BY CHAS. P. SHAEFFER. The Amerfcan Telephone & Tele- graph Co. today recommended to stockholders that the authorized share capital stock of the company be increased from $1,000,000,000 to $1,500.- 000,000 “if and when it shall be found desirable.” The recommenda- tion was made in order to provide a margin over the requirements for the ensuing year and for the issue of cap- ital stock at some future date. No new stock offering is contemplated in 1925, it was said. Net income available for dividends of the American Telephone & Tele- graph Co. for 1924 amounted to $31 146,321.41, or $11.31 per share on the average amount of capital stock out- standing during the vear, according to annual report made public this morning. Net Earnings Increase. After meeting all operating charges, making adequate provision for de- preciation and absolescence and for Federal and all other taxes charge- able against 1924 earnings, the com- pany had net earnings available for interest and dividends of $107,619.- 362.82, an increase of 12,229,444.79 over 1923 Interest charges we $16,573,041.41, an increase over 1923 of $2,875,304.75. Dividend charges during the year amounted to $70,918,227.27, an in- crease of $7,643,829.19 over 1923, re- flecting the ' Increased capital stock outstanding. Of the resulting bal- ance of $20.128,094.14 there was ap- propriated for contingencies $3000,- 000, and the remainder, $17,128,084.14, was carried to surplus. Officials of the company state yearly dividend of 9 per cent r sented a return of not more th per cent on the value of the com- pany’s property, less the amount its debt. the pre- Total Asxets $507,000,000. During 1924 the investment In tele- Phone plant of the system increased approximately ~ §$288,000,000. At the end of the vear this investment in- cluded more than $216,000,000 in land and buildings, $807,000,000 in central office and subscribers’ equipment and $1,138,000,000 in outside plant in the { form of poles wires, cables and con- dult, the balance beéing mainly rep- resented by construction work in progress. The total assets at the end of the The funded of the system increased only about $72.000 during the year, while the capital stock, including install- ments increased approximately $202.- 000,000. Of this increase fn the cap- ital stock, more than $163,000,000 was in the stock of the American Tele- phone and Telegraph Co., the re- mainder being in common and pre- ferred stocks of the associated com- panies outstanding in the hands the public. The company has the largest num- ber of stockholders of any corpora- tion in the world, and none has its shares more widely distributed. Of the 345,466 stockholders of record. one-sixth are employes of the Bell system, owning an average of nine shares each. Savage to Keep Up Fight, Francls M. Savage, president of Northwest Savings Bank, pro; no abatement in his several years fight against branch banking. A wire from him from Santa Fe, N. Mex., to- day asserts the controversy will con- tinue before the country, Congress and the American Bankers' Assocla- tion, “that the misuse of the Mills- paugh act to authorize branch bank- ing is Washington and the injust of its use In certain cases be corre ed, and for the good of young men of the Nation.” Local Stocks Go Higher. An upward tendency was the out- standing feature of trading on the Washington Stock Exchange today The attention of the trade was cen- tered on market favorites, with prices paralleling the high levels for the year. Raflway common sold at 1043, with but 10 shares available, while the preferred netted a gain of a quarter point to $1% on sales of 20 shares. Lanston moved upward to 82 on sales of 30 shares, but National Mortgage and Investment preferred soll off to 93 in heavy trading involvimz 650 shares. Washington Market Co. was active for the first time this year, 20 shares bringing 52, and Gas firmed up to 581 Utility bonds were very fi-m. Gsorge- | town Gas 5s brought 95, with Wash- |ington Gas 5s selling at 993, and the j6s at 103%. Potomac Eleciric con- |solidated 5s sold at 95%, and Rail- way 6s at 101%. Railway 4s were pegged at 79%. GOOD GAIN IN EARNINGS. NEW YORK, March 5.—Net income of the Foundation Company for 1924 increased to $996,300, compared with $493,298 in 1923. This was equal, after preferred dividends, to $13.44 a share on 70,451 shares of common stock, against $10.90 a share on 40,- 000 shares the year before DIVIDENDS. r Pay abie. Apr Apr Apr Apr Apr Ape Ape Apr Apr Apr Mey Apr Apr Apr Apr Apr Apr Apr Apr 3 Mar 31 May 1 Mar 25 Apr Apr Ape Apr Apr Apr Apr Apr Apr Mar 31 Mar 31 1 Stock Record. Mar 13 riod. Rate. Q3% Q Q Q Q Q Q Corp Amer §nufr . do pt Am Cigar ‘pt. Am Pub Ser pf.. Am Pb U pr pt. do partic el Associated oM. 1l Am " Cyanamid. a0 %5 S Q Ext 2 axy do pt ... Am Radio Co. . Bsh T Bldg p Bucyrus Co . o820 T g b gy do pt Cambria Ir Co.. 0. Dunhm (3 H) Co.. i 3002 c0e>03, A HE S S 3% 68 e b B et Kelsey Wheel Leh Val R R pf.. do com .. : Lorillard (P) o pf Magor do pf . Yalinen e 2 R R ST LB PR R PSR Nor Pacific . SR a45; poor and ‘crooked breasts, 2 chickens, 30a35; old roosters, 17al8; ducks, 28a34; geese, 20a25; capons, 33a45. 938 cas native STOCKHOLDERS PUSH i DRIVE FOR CONTROL By the Associated Press. NEW YORK, March 5.—A minority stockholders’ committee of the Na- tional Enameling and Stamping Co. which is seeking to oust the pre: management at the annual meeting on March 10, announces in & letter to stockholders that It has gathered proxies representing 100,000 of the outstanding 255,000 shares. Although the management has claimed control of 170,000 shares, the committee as- serts that 70,000 of its sede those previously pany offictale. Eggs—Receipts, and nearby firsts, dozen, 27% Butter—Good to fancy, pound, 42a 46; prints, 46a48; ladles, 28; store packed, 20a21; process butter, 31a32; dairy prints, 21a25; rolls, 21a25. STOCES EX-DIVIDEND. Date. Corporation. Per share. Mar/&Calumet & drimas Mia Co.... 8. a eanecott Mar. 6 Texas Cor, Theree.oors Mar. 8—United Fruit Co. Mar. T Mai Ma: Sian i R T Mar 16 Mar 16 Mar 18 Mar 16 Mar 14 Mar 14 St L-San Fro U 8 Tobacco do pf .. Utah G & Ck 1 pf. do part pt. . ooocoRELSsasP00sR0s00000000, privuipbunt Apr CENTRAL'S INCOME OFF. NEW YORK, March 5.—A prelimin- ary earnings statement. of the New York Central Railroad for 1924 shows net income of $39,250,399, equal to $12.87 a share on $304,836,835 capital stock, compared with $45,339,427 or $16.90 a share on $268,257,375 stock in 1923. —_— N [ i EECEEEER EEEE Shortage of wool in China has greatly curtailed the production ef the famous rugs of that country.