Evening Star Newspaper, March 22, 1925, Page 37

FINANC1AL "HIGHER MONEY NOW 22, 1925—PART 1 FINANCIAL THE SUNDAY STAR, WASHINGTON, D. C, MARCH BOND SUMMARY FOR THE WEEK |CHANEY SCHEDULED TO BE NEXT e N BANKING INSTITUTE PRESIDENT POULTRY COMPANY SMALL COMPANY forming to take over ose of the largest Marsiand poultry farms; buy farm raised Rock and Ked pullets, *hog fecd- FIRST MORTGAGES FOR SALE Next A. I. B. President R High. 10178 9852 100534 106768 Liborsy S%oa00 10115 101% 101015 3 28 e wis heabe Mk Talining befute Sring - B -2 erty 3%s - - eggs when cheap, milk fattening before welling A iggzl 26.:‘8 102-1 101-14 Liberty 1st 4%4s 1932-47.., 101-24 101-14 101s20 4 01 towls: cheap fecds in car lots? Letiora only. D"'Omlsfll!;;z": ':" $250, Sdsleo. $753, 9 101-31 98-4 Liberty 2d 4148 1927-42.. 100-30 100-23 101-28 393 % 2 o X nd upwary 10223 99-8 101-18 101-1 Liberty3d4%n1928..... 101-19 101-13 101-19 382! Hgs Risen From Runner to Credit Man Since 1917. 614 1ggl~ 98-8 102-4 101-20 Liberty 4th 43 1933-38.. 101-30 10121 101-28 4 00 “WHEN?” buyin: /2 c Y t j_‘:f“fi:l ,—1—01‘:: : .A\'u-c Treasury 4%s1947-52. 10:-:1:04-13 104 256 394 Ev L 1 Better Busi Bicr s FIRST Mo;’_ll_ g GWE A"la'\::::d. ..‘".':.' .','.".,T:“":"’ o Rich. Low.' High. lLow. FORET Close, High, Low. last 3 i sttt Demand for Business Needs 08 (0 9% o5 Argentina 65 A 1957.. 961 561 96k 96' Unlisted Securities Prices. Selomne ' 100% 103 101% Argentina is 1927 102 102% 1024 102% sh0ws Let-Up—More Funds| ° 8% 968 85% Austriasf7s1943 . 95% 95% 95% 95% . SHEA ——— ——— 8% 8% Belgium 6s 1955. 86% 865 85% 8% G l t S .t. }‘l,; 96% 109% 108% Belgium 7%a 1945, }ggls'- m’;flt }gg'& iggvv: BY CHAS. P. SHAEFFER. “Morris Plan.” This plaa ollx’x;:u‘:- 643 Louisiana Ave. N.W. L 97 1074 105 Belgium 8 Y% 1074 107% N . trial banking was founded in y LS QIO Scallitties Sl 7% B4 9K Boraesux 8 s sioae ahnion o e i viany, WUaT | Arthur J. Morrts, Some sppreciation INVESTMENTS | 9T% 96 Brasilgs 1l Washi of the growth of this idea, whicl | 10446 99% 104 101% Canada 5s 1953 108% 1081 103 103 | Rreoiqent of the Washinglon Chapter | fret germinated in the mind of youne You are assured due precaution bas boen | | BY GEORGE T. HUGHES. 104% 100% 108} 102 Canada 6%s1929. . 1025 102% 102k 1024 | Lmerivan TRRtICRHen o8 San Morria ga & lad at the University of taken to safeguard your interest. A per- || | Bpecial Dispateh to The Star. 104% 102% 103% 102 Chile 85 1921 <108 1020 102% 102% | g0 0" 925 25 “rme tmatitut Virginla, may be gatned when it 1 seal taapacton tod costervative vauation | | 2 | NEW YORK, March 21.—The one|ioo% 101 1084 106% Chile 8s 1941, 106% 1074 1064 107 | (. o i portant section of the Ameri- | téted that ths Morris Plan system of o) b o o ISgaizwnasts: Bivend How e | 108 101 108% 106% Chile 85 1946. 10815 107 ~ 106% 107 industrial banking which started with and courteous servios follows the purchas . thing that stands ont in the investment | 47% 39% 44% 41% Chinese Govt Ky A 44y 4% 43 a3 | can Bankers' Ansoctation devoted to | ne small institution in Norfolk row of our securities. situation at the end of the weelk is that | 961 874 97% 944 Copenhagen 5%s1944.... 97 96% 964 96% | 0O CHolOn O N en of low ang |has 100 banks In the larger cities of ) indications of higher money have disap- [ 101% 85 101% 984 Czechoslovakia 8s 1951 . 99% 100 99% 99% | AN O D . o the banid | America, with combined resources of Notes mow on hand in amounts Deared. 101% 93% 103 99 Denmark 681942.... 101G Joits 101 1014 T alna, DeFtuin to the bank- | o t's100,00,000. The largest of these of $100 up. HC e o) s o i 46w | This {s the story told by the weckly 111% 107 111 109 Denmark 8s1945.... .. 110% 110% 110% 110% 4 o instituti. in New York City, and I i= AR mtatement of the Federal Reserve banks, | 99% 92% 108 98% Dutch East Indles 65 1947.. 1004 1003 100 S0osc| - Climnes, s smany othex lesel B e e w peih in mapital wtook C. L. 0'Donnell, Mgr. Morig. Dept. down. You see this is so. Would | which showed at once a decrease in re- | 997 923 1024 98% Dutch East Indies 65 1962, 1004 100% 100% 100% l""d "1"- ‘l‘;; ;{“ i "‘;“fi,“{"f' of $1,000,000, and during the year J. N. Hughes, Asxt. you like to know Low (o take a posi- | discounts and an increase in holdings of | 105 89% 10ul% 97% French Govt 7%s1941.. . 984 7% 97 | and’ in . He engaged first In|, ., 7 o oned out over $24,000,000, ton on the slort side at such times) short-term United States Government |109 921 1044 1011 French Govt 85 1945. 102% 102 102 [his present vocation with the Com-j %0 'ORIEC OIL PR PRt 00 4 nade CHAS. D. SAGER This {s fully explained, and short- obligations. In other words, the de-|——— —— 95% 93 German 7s 1949.. S 94% 943 | merclal $ational Bank early In 1917, o6t t0C 8y 00 Dersons agsre- selling made,clea, in & spectal bul- mand for money for business purposes| 84% 78 86% 79 Holland-American s f 63 1947 8 83" 83 |In the lowly capacity of runner, ris- | QNN 10 SVeT, (0000 000 000, * Since Realtor Teths' fusk fasusd, | Wou s divve'a- | 18 smaller than it was a week ago, and | 85 ° 76% 831 82 Japanese 4s1931. 8215 82 82y | Ing successively to his present fm-|Jo 08 JEOF® TURE G0N e of all copy without cost. Simply address | surpluses are again going Into escuri-| 98 8814 62 90% Japanese 6345 1954. o4 $1 914 | bortant position as credit man, which | yio . “plan banks aggregated more M. 36-37-38. tles. 91% 78% 96% 88 Jergens Utd Margarine 6s 194 94% 94 94y [testifies as to his worth. than $640,000,000, so that the falth 924 14th St. N American Securities Serviee | This state of affalrs may, of course, | 91 72% 8614 8§ Lyons6s1934.... £ 84 B4k| Since entering the Jbanking fra-| ¢ this young Virginan in his college Buite 832, 18 William St., New York @hange as the Spring advances, but for | 91 ~ 72% 85k B4 Marseilles 68 84 84 84 |ternity Mr. Chaney has been a vig-|q, o % % 00 ‘more than justified by — — the present at least thers is no pres- |100% 89% 107 102% Netherlands 6s 197 108% 105 1034 | orous supporter of the Institute. Me |y, 0% v | " uccess of the bankink - — Bure upon the bond market from sales | 118% 109% 118% 102% Norway,8s 1940... 111 1105 111 |18 @ holder of both the elementary |8 Tmmenes stccers By GMe (0 02 R. JESSE OHANEY, Mone to [ o by banks and financtal fnetitutions. Any | 84 65 801 76 Parls-Lyons-Med 65 1958. L 18% 76 76%|and standard certificates of gradu- | in all Morris Plan banks have | Scheduled to become head of the lo- y an extended forecast depends upon the view | 104 = 994 105k 1013 Queensland 6s1947. 103, 103 108 fation and has served on many com-|PrS 2 0 S 0 "0 from $11,000,000 | eal chapter, American Imstitute of | taken of the Mustial Suticok. and ae|110% 104% 1124 10) Queensiand7s 1941, 110t 109 110 |mittees of the organization us well || nCTeBSEd, SO ; Banking. Secured by first deed of trust on real estate €0 that opinions differ. It 1o Spoacent | 99% 8T% 974 94 Rio deJaneiro8s 1948 95% 94 94 |as belng an official representative to 680,050 Prevailing iuterest and commission | however, that no hoom fs in sight. 1t |103 94 1084 100 Sao Paulo, State of, 85 1536. 101 100% 101 | several national conventfons. He is Almed to Ald Working Men. Joseph I Weller 420 Wash. L & Trust needs only a casual study of pig fron |,01'2 15% 90is 8715 Seine, Dept of, 7s. o 884 871 834 | a former treasurer of the chapter and| The force behind the thought of GUSHER NEAR HOUSTON o A e i 3 and steel conditions to show the correct- [ 7004 63% 90 85 Serbs Crotes Slovenes 85 . 89% S0 800k i xiow leat ¥ice premitent. this young man 15 years ago was his e a to 101% 104% 103% Sweden 65 1939 1084 1034 104 The Washington chapter has an en- | conviction that the banking system BIGGEST YET REACHED : ot St 103 100% Swins Bl 1946, o e 101% 1013 101% | viable record. It was organized in|of this country provided no adequate | Gold Comcern Disappears. 1175% 106% 117% 115% United Kingdom 65 1929 116 115% 116 11901 by a mere handful of bank [means to serve the working man, the & ua,rante _Nor fe there any more concern dis-[107 98% 107 104% United Kingdom 6% 1937 . 106% 106 106% | clerks, who are now penfor officers |clerk and the small salaried man, Whol o o oo e mig Bunere sur. | played over the gold movement. Thers INDUSTRIAL AND MISCELLANEOU:! of local institutions. With its pres-|had as legitimate a need for borrow- { SOU erty Fiel ers Sur- are some additional shipments to Ger- o Cheml . e ent membership of 869 it stands|ing as had the great manufacturer i b 1 many, and total gold Teserves of thal oww o2 1oh, OAN AmerAgriChemical 1Nniser... 1004 1004 99 36% | cleventh in size of the 160 chapters|and capitalat. The best kind of risk, prised by Blow eXom banks show a small but not significant | 106%, 101% 108 103% Am. Smelt 1st 65 194 73 108 throughout the country. Last year |Mr. Morris savs, are those peopls Who 3,447 Feet. decrease. Timo money rates are quota- | 102% 964 108 99% Amer Bugar Refining 68 1937. 102% 425 students, enrolled in the various|have discovered what they can do bly unchanged, but there is not much | 981, 92% 97 9% Amer Tel& Tel cl tr4s 192 T classes, 271 taking the final examl-|and are satisfied {n doing it, and Who | By the Associated Press. R demand for the longer maturities, and [ 10214 971 101% 100 Amer Tel & Tel cl tr bs 1948 . 100% nations. Two hundred and twenty|have a stated income. Young Morris| HOUSTON, Tex., March 21 —By far First Trust Notes Real call funds have been down to 3 per cent | 99% 9414 101~ 99% Anaconda Copper 65 1953. 100% passed thess examinations, with 53|15 years ago visualized the future, and |the biggest gusher vet developed in : Juring the week, this belng the first|103% 94% 104 100 Anaconda CoppercvdebTs . 102% attaining elementary certificates, 25 [his firm faith, formed at that time,|the new South Libenty field, 48 miles Real Estate Mortgage & est s negotiated time it had gone €0 low in & month.| 87 83% 88% 85 Armour& Co 41581939, . 87 standard certificates, and 23 recelv-|that this class of borrowers intelll-|east of Houston in Liberty County, gag house are secured by The Inference from all this Is not that | 99% 96% 99% 7% Atlantic Refining deb 65 1937. 9944 ing credit for advanced work in|gently and sympathetically selected,|roared In_lata yesterday afternoon | Guaranty Corporation < = :ond- ere in for any substantial rise, | 101% 974 101% 100% Bell Tel (Pa) ret s 1948. 100% “credits.” would offer a high class credit risk,|The well, ‘the Peer Oil Corporation's property ot rather that prices are likely to be| OI% 8T 924 0% Bethlchem Steel p m bs 1936 924 Business Burean Praiseds bas_ been more than justified as|No. 1 Harrison-Liberty, came in on|fl 26 Jackson Pl. N.W. al of the or some time. The aver-(100 3 97 93% Bethlehem Steel s £ 68 1943. 954 demonstrated by these banks having |opsn flow from 5,447 feet and just be- 2&e price of domestic issues is now well [ 100% 823 100% 99% Central Leather 55 1925. 100 A glowing tribute to the Wash-|sustalned credit losses of less than|low a rock mantls 6 feet hiick, af- G . below the high of a month ago, but still | 112 99 1114 105 Chile Copper 6s 1932. . 104 ington Better Business Bureau and|one-tenth of 1 per cent on the 3640, |fording an excellent casing seat. The Suarantees its first tru above any point reached in the preced-| 80% 86 90 84% Cons Coal (Md) 1s ref 55 1950, 874 to its manager. Howard M. Cool, was [000,000 loaned by these Institutlons|flow was put on l-inch and five- notes as to payment of ing six vears. This does not apply to|101% 87% 102% 99% Cuba Cane Sug cv deb 8s1930.... 101% pald by Joshua Evans, ir. executive |gince 1910, eighths-inch chokes and actually : e d foreign bonds, which are governed by [107% 104 108 106% Detroit Edison ref €s 1940. 1075 vice president of the District National | The borrower in Morris Plan banks |gauged 3408 barrels pipe line ofl, 22 interest when due t &N entirely different set of influences. | 109% 106% 108% 106% Du Pont de Nem 7%s 1931, 10734 Bank, befors a joint meeting of the |is afforded the privilege of making a |gravity and 80 degrees, temperature, principal at maturity of St. Paul Ix Special Case. 98% 89 103% 97% Empire Fuel & Gas 1%51937..... 1023 Better Business Commission and|loan repayable in weekly, seml-|regulation stundard heavy green oil Hote Tho general bond market of the week | 100® 100, 1064 10113 General Elcctric deb Ss 1952 103% Cleveland Advertising Club in Cleve- [monthly or monthly Installments cov- | — s = = = Baniiin o dos o ; 102~ 921 104% 100 Goodrich (B F) 63%s 1347, land last week. ering a maximum period of one year. . . has ren Mm’In;eb!:::)a‘x‘:’n;;o;;:fl;"fdolt;wl- " 108% Goodyear Tire 88 1931 109% In outlining the accomplishments Local Securities Prices. WE FINANCE Denominations t e ientent o 2L n i 119 Goodyear Tire 8s 1941. j of the local office, which are divided il taont Be e ey Jimy Embic ol w1111 Hoow o Sorrebune Siverining Svuete | e, folloming et US| A Bt properey $100 $500 $1,000 Iatter was the miner Bisto poits) 1% Indiana Steel 5s 1952. .. 7 the merchandise fleld and the curbing | SR for s el Tanics e Ho1A: Resldence Property 3 Goldsmith Builds: i cause {t had been €5 lone ““:‘“‘gn-;‘*db@ 88 Inter Mer Marine 6s 1941 38% of the sale of worthless and fraudu. |47® duoted for TIe L Hotels, Fte. Resources Over $2,000,000 W, M b670 el 3 §7% Inter Paper6s B 1947... 8% lent securities, Mr. Evans pointed . - 4 4 8405-7 Eve SLN.W, ot again and again that the aest o oo 96% Kelly-Springfield 83 1531 o7 with pride to the part the bureau BONDS. e Higbie & Richardson, Inc, B Teil vaaa o) o Ay ottty X fi::::;n;;yf;:e;:;’fiw. s played in the extermination of the | yrmy un Nayy ciub br. : 816 15tk St N.W. in any sense representative of the rall-|137 108% 132% 117 M ra s 395 fo-called 3 and 4 per cent loan com- | Commos. Clab. 4in. s road situation as a whole. Th o - SOSETL’ONDAE (8 panies, who, untll about two years|Commercial Ciub lst Is = —emEE s — B LA, e e o i e RGBT b i o A " R Bl | jnarily due to the extension of facilities | 101% 974 100% 99% New England Tel bs 1962, 998, fred rein here. " The expose of ‘the any, STOCES. oans epayable | %o a reglon which had not yet grown up | 1144 109% 115 112% New York Edlson 1st 634s 1841... 113% ureau showed the operations of t & Mortrage M 1 i . to them. ‘T : : » “ h i N 3 G .o these companfes to be & pure and 5 Monthly | - The one thing the St. Paul [102) 98% 102% 100% NY Gas ELH & P 6s1948....... 101% sliopia Joters, ton on the pretext 7 | r e Oans Val a e meeded, and still needs, Is more traffc. | 97% 93% 96% 95% New York Tel 4%81939. 96% T A e ot Over One Year i Nevertheless, there were at least|107% 104 107: 106% New York Tel 851941 1061 e omo MUl M0y i t¥o points in the St. Paul eplsode| 99 911 1014 96% North American Ediso 100t D ode ST AL o the SUlliNle | Goanectictl Fia: Co | . which have a bearing on the outlook | 95 90% 964 93 Pacific Gas & Elec bs 1942. . 9% DUplic ware cltad elans similar Mneal] Clirieies SHericn oo { for other raliroads, and one of these | 94 S0% 95% 923 Pacific Tel & Tel 65 1952. 95% il Tao Tt 'f_";‘,“'“;d ro Avashing. | pisrict Tit N | is the disastrous competition of the |103% 99% 105 101% Philadelphia Coref 6s 1944. 104t Covelany Detter Business Bureau of { pranklia, Natioaal Bask = | Panama Canal. This competition fs| 97 84% 954 88 Sinclair Oil 7s 1937. 9144 greiand: Norn capriai Savin The Morris Plan Bank | !;A! :\vpuz transcontinental lines. |107% 101% 120% 107 Skelly 6lss 1927.. o 1124 College Boy Started Morris Plan. Northwe (vsunn( | 13th d E S I H e St. Paul was simply not as well | 105 100% 108 102 South Porto Rico Sugar 75 1941.. 1024 : Northeast Kavings Bank th an » Sts. | able 1o hold out as the rest. 98% 93 97 94% Unlon Bag & Paper 68 D 95 The Moxels Flan BRNK 6f Washink. | plsy Baviess. Bauke... whsita ad K ye .: Interest Investment Vi o) 101 100% 104 100% United Drug 6s 1944..... 101% ton, recently opened here, is engaged | Potomac Savings Bank.. er and Earning Power ||| - ment Views Change. % o 97k 85 U'E Rubber ista retksises o in {ndustrial banking alon tho lines | Raieigh Hotel Co. ... the Basis of Credit tween roads of equal financial 7% 104% U 8 Rubber 71481930..... 106% of what has come to be known in| ity % Ball = B — strengih, iuvestment choice 1n veer: | 1004 103 107~ 1okt U S bieelaror1a6h.. 1084 Tho mmarican Banking System an the | \asrington, Dase Dl }jlsura;lce C:_mpan_y Loans ng toward those systems which run| 94 7% 95 91 Utah Power & Light bs 1944 94% n erm rmancimn north and south, and aw. from | 85% 52 881 73 Va-Carolina Chems f 75 1947, 874 5% | BONDS 0. g' cing those which run east and west, on| 78% 27 49% 44 Va-CarolinaChem 73s'37 war.. 493 49% 49 49 BOND PRICES RESIST BALTIMORE PRODUCE. Building Loans * account of this yery Panama Canal|113 107% 111% 109% Western Unlon Tel 6343 1936.... 1104 110% 109% 109% BALTIMORE, March 21 (Special).— A competition. 99 19% 96 91% Wilson & Co 1st 651941 95 95% 94% 95% THe local ' Refinancmg Motor car competition is the other|100 4614 75 53% Wilson & Cocv 7%s1931... 1% 75 704 724 DROP |N sTocKs S Iochl exe macket hus riled sore Bought—Sold—Quoted Point in which there is a resemblance RATLROAD, . steady the past week than for several ?}-‘!wc:? the case of the St Paul and| o1, wow 90 £54 Atchison gen 81938 oo 80 weeks past and &t no time has the | B New 1?:3:»::"»3;“ 2 a2 3 antic Coast Line 18 s 2 < % 3 Mar! R e, et el B S Rapid Transit and Pan-Amerioan Srfiear'sd mors thans cont # done Weaver Bros., Realtors St. Paul, which wera $31.000,000 in Balto & Ohlo cv 4345 1933 924 Fohe whon 16 % & strictly day ta du Sead for Special s © 1820, had fallen to 32 00 in 1924 4 Balto & Ohio ref bs 1995. 894, Toans Break It—St. Paul Is- |00 57 rhe ‘marker opaned at 285 Market Letter : an enormous loss expressed in per- Balto & Ohlo 631929 108 Sl a dosen on Monday and the lowest 735 15th St. N.W. Main 1821. centage and in great part due to the | B&OPIaLE&W Vads 1941, 86 i sues Again Do Better. quotation during the week was 28% . H A gty doriis O were v B Peter Whitney road by the automoblle 8% Brookiyn-Manhat s f 83 A 1965.., 854 dozen for firsts in free casss. The Other roads have had tlie same |117% Canadian Northern 615 1946.... 1181, Dy the Associated Pross. copmumplive demand’ {8 dhowiie s 203 Investment Bldg. experience, but have been able to| 82% Enn:dlr;?nglfl:d;’\:u gss,l"; NEW YORK, March 21.—Bond|steady improvement under the lower Telephone Franklin 3978 oftset reduced passenger rates earn- | §9v “entral Pactfic 45 1943 s it o . ings by increased freight earnings.| 96%s i Chesapeake & Ohlo cv 4158 . 968 el i s e g bt S e B s It may be t this form of compe- | 91 Chesapeake & Ohio gn 45361992, 90 severe reactions which developed in | @ P C R Foo TAVE C0 Saet vear. | [ titlon has reached Its maximum in |108% i};‘elsavfifltififhégcv‘?fi;’“ l%fl’\- local traction and several ofl com-|packing season becomes active gen- ||| an . most parts of the country, but the| 48 Chicago n 338 1950. . 5% all by | { subject Is ona that deserves attention | 102% % ChiB & Quincy Lat ref 5n 1971.. . 1013 :;':p‘r?x:n‘: & l:ge;‘:.:;::h" Gk snd wosss spes noie: el Correspondent Wanted | ESTABLISEED 1916 from all interested in rallway se-| T8% astern Il gen Gs 1951.... & . g hie ve curlties. 62% Ch Great Western 45 1358 A mysterious break tn Interborough | boia premptly ar sl quotations sng By New York Bond House . . . a % 52 b2 t Paul cv 4%s B L y 1 nd | ) | R e D MMk nirrd i Rapid Transit shares, which was be- |no oversupply of cholce stock at i0 | We aro the recognized na- irec rivate ire As far as the general rallroad| 59" 4 b4 44 ChiM &StPaulrefd3a2014. lleved to have been based on the|a dozen for the former and 85 to 1.00 || {ional market for first mort- situation Is concerned, security hold- | go.. &5 59 61 ChiM & St Paul cv 55 2014. . 53% company’s urgent demand for new |for the latter. | ®age bonds of the leading ors have no cause for anxiety as long (325 0%, 100 171y Chi & Northwestern 618 1936. 1115 capital, Inducd heavy selling of the| Season for dressed poultry is prac- ||| poft OEPGE Of Che leatine as carloadings hold up as they are|7gg™ "74" “ga 824 Chicago Rallways6s1927.. bonds, which dropped 1 to § potnts |tically over and what littie demand ||| ous of eecuring as comeepond- (o] doing at present. TFor the week end-| g 735, 88% 88% ChiRI& Pacific ref 431934, to new low levels. Other local trans. |Prevalls is centered on choice to fancy | ent a capable sales organiza- ing March 7, the latest for which| g3, ggy 93 91% Chi Union Statlon 4%s 1964 portation {ssues also were heavy. stock only, but, with the exception of tion or bond salesman, weil | L ° figures are available, loadings ex- | 176/ 11me 117 1164 Cpl Uanlon Station % 1963, Pan-American Petroleum securities, [ c2Dons, which are preferred dressed 1 known locally, with establish- ade p i1a an ew or ceeded ail previous records for this| gy 71% 80 76% Chi& Western Ind con 481952 which recently have been bid up in|©on this market, will not bring any ||| eq bond clientele. | time of year. In fact, for the fimt|1o" 1004 1043 108 CCCa st Descoakiny : expectation of favorable reorganiza- |premium over live poulers, hence best ||| % P 5 IR i 10 weeks of 192G the rallroads of % 106% 104% Cleveland Term 6%s1 tion terms, wera depressed by a w: jresulis: are ‘o nel y shipping entor - bondsi; are i) i 3 i i the United States have handled the lgf: ‘33:; 193:/. 90% Colorado & Southern 43%s 1835, of Drofit taking. The compansa § | Poultry alive, are espectally with the I Jower tan those of (he Insuioe We buy and sell listed stocks outright and on margin greatest volume of freight ever car- ried by them in any corresponding perfod. Forelgn obligations have besn comparatively neglected this week. dns or two new forelgn offerings | ve gone very well and the general list has been steady. noticeably so in the case of the German and the Japanese bonds. Since the latest French dollar loan was brought out last year there has been a striking reversal in the relative market ap- praisal of French and German securi- ties. Each floated & 7 per cent loan in the United States and about at the same time, but, whereas the offering prica of the French bond was two polnts above that of the German, the latter is now ing more than five points higher than the French issue. The market for the Japanese obli- gations, it is also Interesting to note, is no longer disturved over the politi- cal relations between the United States and Japan. e COTTON SELLS LOWER. Saturday Prices Ease Of After Moving in Narrow Range. NBW YORK, March 21.—The cot- ton market was quiet today and prices moved within a range 3§ 16 to 20 points. May solé e warly to 25.78, or 6 peiits net higher, but later eased off to 25.65 and closed at 25.68, gempared with 25.72 at the close yes- werday. The meneral market closed steady at net declines of 4 to 17 points, March showing the maximum lose. Manchester advices said Lancashire spinners had lost ground since the beginning of the month, but that Dbusiness had been siightly better the past few days. Private cables sald there had been Manchester and continental trade buying of the near months in ILiver- pool today, but increased offerings came in from the South on the open- ing advance. NEW ORLEANS, March 21.—Cotton futures closed steady at net declines of 6 to 8 points. Close: March, 25.39; May, 25.64; July, 256.89; October, 25.00; December, 25.05. Spot steady, 10 points down; middling, 25.65. 2 R PROFIT TURNS TO LOSS. NEW YORK, March 21.—Centrifu- gal Pipe Corporation reports net loss of $332,925 for 1924 after expenses, Federal taxes and provisions for 18T% 65 100 5% 100% 118% 56% 87 63 91% 138% 62% 6% 108% 98% 106% Bd% 95 104% m 38% 9% 95% 8% 8% 86 8% 87% 96% 86% 81% 614% 1% 87 981, 861 91 5% 102% 107% 58% 94 100 amortization of patents, in contrast to net profit of $70,143 in 1923, which equal to 49 cents a share on the %mnn stock. Therc was a deficit of $439,412 for the vear after divi- dends. 97% 101% 65% . 98% 8% 107% 115 8T% 874 72 68% 4" 43% 68 924 81% 8 68 953 101% 39% s8% 95% 924 58 9% 3% nh 0% 84 7% 4% 107% 89 104% 82% 89 2% 6614 102 95! 101% 17% 80% T0% 88% 897" 954 917% 104% B4 102% 20 T6% 86 62% 98 98% 99 109% b4 87 61 88 127 60% 84 106% 96% 103% 81% 93 101% 109% 34 97% 91% 1% 84 83% 71 85% 93% Ba% 76% 594 4% Bd%e 96% 84 88w 3% 1004 106% 40 90% 8% 95 100% 63% 80% 80 Cuba R R 68 1952 Delaware & Hudson 5%s 1987 Den & Rio Grande con 43 1936 D. & R. G. West 55 195 Detroit United 4%s 1932, Erie 1st con 4s 1996. Erie gen lien 45 1996, Erie cv 48 A 1963, .... Eriecv 4s D 1063...... Grand Trunk s £ deb 65 1936. Grand Trunk 78 1940. Great Northern gen § Great Northern gen 78 1936..... Hudson & Manhattan ref bs 1957. Hudson & Manhattan adj 5s 1967 Illinois Central 5%s 1934 Inter Rapid Transit bs 1961 Inter Rapld Transit cv 7s 1933, Inter & Great Nor adj 68 1952, Kan C Ft Scott & M 48 1836. Kansas City Southern 3s 1950, Lake Shore 4s 1928, Lake Shore 45 1931. Louls & Nash unified 4s 1940, Louts & Nash 1st ref 5%s 2003 Mil Elec Ry & Lt 1st re b: MStP&SSM6E%s1831. Mo Kan & Tex 18t 45 1890, Mo Kan & Tex adj 68 1967. 8514 Mo Kan & Tex prin5s A 1862.... 91 Missouri Pacific gen 48 1975. 64 Missouri Pacific 65 1949 1014 New York Cent deb 4s 1934, New York Cent ref imp bs 20: New York Central deb 65 1935. ... 113 New Haven deb 48 1957 . 59 NYNHG&H cvdebésl 90% N Y West & Boston 4%5 1946. 6% Norfolk & Western con 4s 1986.... 89% Norfolk & Western cv 6s 192! 130 Northedn Paclfic 5 1947. 61% Northern Pacific 45 1997 8514 Worthern Pacific ref imp 65 2047.. 1075 Ore Short Line ref 48 1929.... Ore Short Line gtd 55 1946 Ore-Wash 18t ref 4s 1961 Pennsylvania gen 4%%s 1965 Pennsylvania gen 6s 1968, Pennsylvania 6%s 1936 Peorla & Eastern inc 4s Pere Marquette 1st 5s 1950.. . Reading gen 45 1997. . .o 9% Rio Grande Western cit 48 1949.. 73% RIArk&L 4%s1934.. StLIM&SR&G 481933 St L &San Fran prin 4s A 1850. St L & San Fran pr In 5s 1960 StL & San Fran5%s B 2..... 97 St L & San Fran adj 65 1966. 87% St L & San Fran Inc 6s 19/ 81 Seaboard Alr Line ref 4s 18| 65 Seaboard Air Line adj 58 1941 T4% Beaboard Air Line con 6s 1845 89% Southern Pacific cv 4s 1929 Southern Pacific col 45 1949 Southern Pacific ref 45 1955. Southern Ry gen 4s 1956. . Southern Ry 1st 5s 1994 Southern Ry dev 6%s 195 ‘Third Ave adj 55 1960..,.... Union Pacific 1st 4s 1947 Unlon Pacific cv 4s 1927 Virginian Ry 18t bs 1962. ‘Wabash 1st s 1989 ‘Western Maryland 4s 1963 ‘Western Pacific 58 1946. ‘West Shore 1st 45 2361, 6% T6% 100% 101% 100 109 c41% 48 9214 98 98% 98% 954 98 100% 100% 64 6478 93% 93% 82%, 83 per cent convertible bonds ylelded 2 { points in line with breaks of 3 to 4 points in the shares. Sinclair and other ofl company’'s liens, which had joined the Pan-Americans in an early upswing, maintained their gains fair- 1y well. Trading in the railroad section was marked by the further recovery of St. Paul obligations. Other ohanges were narrow and Insignificant, Con- version of New York Central 6 per cent debentures into common stock, it was announced, had been proceed- | ing at a rapid pace, with only $58,- 000,000 of the bonds now outstanding out of the original issue of about $100,000,000. U NS FARMERS INCREASE ORDERS FOR EQUIPMENT By the Associated Press, NEW YORK, March 21.—Indica- tione that farmers in the Northwest have been {ncreasing their purchases of farm equipment in the last two months are seea in heavier move- ments of agricultural implements and farm machinery over the Northern Pacific, sald to be twice as much ton- nage of that description as a year ago. Inareases also have been Te- ported by the Great Northern and other lines covering Minnesota, North Dakota and eastern Montana. Heavy purchases of small tractors and low- priced passenger and utflity automo- biles were ascribed to the present greater abllity of the farmer to pre- pare for Spring. e ot BALTIMORE LIVE STOCK. BALTIMORE, March 21 (Special).-— The general live cattle market rules easy under only moderaté demand pre- vafling and centered on top grade stock, with all under grades moving slow at the lower values quoted. Choice and falr to good young lambs are in better demand under light re- ceipts, but it takes fat stock to move out readily. Handy weight veal calves fairly active at full values, but rough poor stock slow sale, even at sharp discounts. Quotations today at Light Street Whart. Beef cattle, first quality, pound, 9 to 93%; medium, 5 to 8; bulls, as to quality, 3 to 5; cows, choice to fancy, 4 to 6; common to fair, 2 to 3; oxen, as to quality, 4 to 6; milk cows, choice to fancy, head, 50.00 to 75.0 common to fair, 30.00 to 50.00; calve: veal, choice, pound, 123 to 13; ordi- nary to medium, 10 to 12; rough and common, 7 to 9; small culls, 7 to 9. Sheep, choice, 7 to 8; old bucks, 8 to 7; common, 4 to 5; lambs, cholce, 16 to 17; falr to good, 13 to 15; common, thin, 9 to 10. Hogs, straight, 13 to 12%; sows, 8 to 10; stags and boars, 5 to 6; live Digs, 12 to 14; shoats, 10 to 1 warm weather prevalling. Winter chick- ens, 2 pounds and under, scarce and wanted at 40 to 45 a pound and the demand for young smooth chickens continues active at 35 for large fat| stock, 30 for Leghorns, but rough, poor atags will not bring over 25. | While old hens are in fairly liberal | recelpt the approach of the Jewish holidays has increased demand and | the market holds steady to firm at 25 to 28 for medlum to large and 23 and 24 for small and Leghorns. Live capons will bring 41 and 42 for pound and over birds with smaller selling 35 to 40 as to quality and size. Old roosters also in better request at | 18. Season for turkeys fast dravl'mgi to a close and recelpts are rapidly thinning out and as a result markat holds firm at 45 for choice Young hens, and 40 for young gobblers, but heavy old toms and poor and crooked breasts are \slow sals at 35 for the former and 25 for the latter. Ducks are being held in' the country for their eggs, and as consequence mar- ket for cholce, fat stock rules firm at 32 for Muscovy or Mongrel, 33 for puddle and .35 for Pekins, but smaller; poor ducks will not bring over 25. Season for geese nearly over, and only a limited demand at 24 to 26, with Kent Islands bringing top values. Guinea fowl and pigeons continue in light receipt and in good demand at 90 to 1.00 each for ydung and 50 and 60 each for old of the former and 40 & pair for both young and old of the latter. Receipts of white potatoes have been liberal the past week, and with new potatoes arriving from the South the market rules easy, 1.00 to 1.35 per 100 | pounds for No. 1 well graded stock, | while No. 25 and culls are hardly salable | at any price. Sweet potatges and yams dre running ample for the fair demand provalling at 4.50 to 6.00 & barrel for the former and 4.00 and 5.00 a barrel for the latter. Most stock from the Eastern Shore 13 of poor quality, being, “topped,” and Will not bring top values, in some instances being sold as low as goil 28, :vhlch were about half price. ‘ulls got wanted, and fre‘thtv chus ges, i Early Spring vegetables from the South have the call now, and as & ;',‘.. sequence market for native and nearby garden truck rules easy, with prices generally in buyer's favor at the follow- ing quotations: Cabbage, 8.00 to 12.00 a ton; kale, 1.00 to 1.25 a barrel ; onions, 275 to 3.25 per 100 pounds; oyster- plants, 6.00 and 7.00 hundred; parsnips, 25 to 35 basket; spinach, 57 to 75 bushel, and turnips, 50 to 85 a basket. CRUDE OIL PRICES CUT. SHREVEPORT, La, March 21.-— Effective today, the Standard Oil Co. of Louisiana announced a cut of 15 cents In the crude prices of Cotton Valley, La, and Smackover, Ark., ofl. Top price s $1.30 under the new schedule. house, thereby giving our men a distinct sales advantage. Liberal commissions amou ing to one-third profit parti pation make this opportunity exceptionally attractive. Na- tional advertising and circular co-operation of the highest quality guaranteed. Write fully, stating experience, num- ber of bond clients, grade of bonds sold; if sales organiza- tion, its eize and monthly sales distribution. Replles strictly confidential. Box W. S., Metropoli- tan Advertising Co., 111 Broadway, New York City. Ahead— make plans that will free them from worry in later years. Ask for our spe- cial booklet about the most secure and satis factory method of say- ing and investment that can be devised. It will cost you noth- ing to obtain the book, and there will be no ob- ligation, Mortgage Investment Dept. OHANNON - & LUCHY] 713 and 715 14th St. N.W. Main 2345 From 5 Shares Upward Referring to Write or call for our weekly market letter Hudson Motors—Goodrich Rubber—Texas Gulf Sulphur—-Pan-American Oils BUCK and CO. 312 Evans Bldg. 1420 N. Y. Ave. NW. Fr. 7300 Main 8673 Efficient Management of Rental Properties In our rental depart- ment we give clients an efficient, interested serv- ice. 32 years’ experience. Special attention given to the management of apart- ments. B. F. SAUL CO. 2100 925 15th N.W.