Evening Star Newspaper, March 26, 1925, Page 28

FIN WABASH “A”" GAINS ON DIVIDEND NEWS Many Other Stocks Also Show Better Tone Today in Wall Street. clal Dispateh to The Star. W YORK, March 2. —During much of the time today on the stock exchange the price movement dragged along with no important change in either direction Public interest was at a standstill and the professionals had things to them- selves, but they showed littl disposi- tlon to take the market out of its rut. It was noticeable, however, that as on the preceding day, there was an under- current of strength. This had the ef- fect of keeping the list steady. Stocks sold out two and three months &gq, it appeared, were still being quietly ac- cumulated and the Street was talking more optimistically than it had ‘for three weeks or more 2l Erle Preferred in Run. Erie preferred stock ran up-in com- pliment to the action of the stock- holders Wednesday in voting.the.for+ mal approval of the lease to the Nickel Plate. Thera is.some idea on the part of a small minority who have not turned in their stock, that they will get more favorable treatment in the end, but this is nothing more than Fuesswork unsupported by the prob- abilities, ¥ The court proceedings in Richmond under which the injunction brought by one of the two protective commit- tees looking after Chesapeake and Ohio inter s in the Van Sweringen merger did not appear to be at all conclusive. So far as they went, how- ever, they were favorable from the standpoint of those who are working for the merger to go through, Union Pacific Improves. Texas and Pacific, having gone down 10 points on the lezed disappoint- ment because nothing was done about dividends, was in a position to rally, and it did rally energetically. Rock Island was helped by the strength in th and other low and medium priced rails. The higher-priced dividend pay- ers were not so prominent. But the selling pressure seemed to have been jifted from Union Pacific. Ofl shares were irregular, with va- Hations scarcely exceeding a half point or so in stocks like Phillips Pete, California Pete, Sinclair, Independent 011 and Gas and Standard of New Jer- sey. Pure Oil was a bit stronger than the average of the group, getting above 27 again. American Woolen Weak. Confirmation of reports that the copper metal was available freely at 141 cents a pound explained the sluggishness in the copper nlu(‘k}. Some fresh selling came into Ameri- can Woolen. The shipping stocks were strong for a time and !pe_cku buying was going on in American Sugar on dividend talk. The explanation for the record high on Nash Motor was a capital split-up. Chandler Motor appeared 1o be getting ready for the declara- tion of the regular dividend at the rate of §3 and Maxwell Motor was strong. There was quite a sharp up- turn in various specialties, such as Foundation Company and Interna- tional Harvester, E A better market has been noted re- cently for the shipping shares—At- lantic Gulf and West Indies and In- ternational Mercantile Marine. This is a reflection of the turn which came in the industry some time ago and which it is thought will be em- phasized from now. on. Persons well informed about the Atlantic Guif and West Indies situation are optimistic " about the outcome of the Ward suit. New Stock on Big Board. The new F. G. Shattuck Co. stock, admitted to trading today, was fair- Iy active, selling in the 40s. Accom- panying i introduction to the list was a statement of earnings for the year ended December 31, 1924, which showed net profits of $1,060,10 interest, depreciation, Federal taxes, ete. After preferred dividend require ment of $82,407 there was a surpius for the 12 months of $977,700. Bullish sentiment was expressed re- garding Royal Dutch. The company was described as one of the standard and best known oil companies, with operations in the oil industry so di- versified and covering such a wide territory that it is in an especially advantageous position. MARKET CLOSES WEAK. Renewal of Selling Pressure in Last-Hour Trading. By the Associated Press. NEW YORK, March 26.—The recov- ery in stock prices was checked to- ward the close of today's market when large offerings of standard in- dustrials were thrown into the mar- ket following an advance in call money rate Resumption of divi- dends on Wabash preferred A had only a temporary bullish effect. Total sales approximated 1,300,000 shares. The eclosing was weak. Selling pressure was renewed against the pivotal industrials in the late trad- ing, Baldwin breaking 54 points to a new low for the year at 113. Amer- jean Car and Foundry, Texas Gulf Sulphur, General Electric and United States Cast Iron Pipe sold off 3 to 5 points. Markets at a Glance NEW YORK — Stocks reactionary. Baldwin breaks to new low at 113, Bonds steady; price fluctuations narrow. Foreign exchanges firm. French francs and Norwe n kroner rally. Cotton lower; private reports rain in Texas. Sugar easy; trade selling. Coftee guiet and steady. CHICAGO—Wheat weak; favorable weather. s ea mpathy with wheat. Cattle lower, larger receipts. Hogs dull and lower. BUTTER UNSETTLED, CHICAGO, March 26.—Butter—Un- sottled; creamery extras, 47%; stand- ards, 47; extra firsts, 46a46%s; firsts, 44244l seconds, 33237, Bggs— Higher; receipts, 20,484 cases; firsts, 281,a28%; ordinary firsts, RATES ON BAR SILVER. LONDON, March 26.—Bar silver, 31%¢@ per ounce. Money, 4% per cent. Discount rates—Short and three-month bills, 43%af 7-16 per cent. NEW ver, 67 YORK, March 26.—Bar Mexican dollars, 51%. sil- CLOTH PRICES SHADED. NEW YORK, March 26 (Special).— Cotton goods markets were dull today, and some concessions were offered to buyers. Print cloths were quoted at 9% cents for 64x60 and 113 cents fot 68x72, the'latter a de- cline of % cent. Raw silks were quiet at unchanged price levels. —_——— An English woman painter who died not long ago at the age of 93 did not begin as an artist until she had passed her 70th birthday birth- anniversary. In the following 23 years she achieved distinction as a. painter of religious subjects, ANCIAL. Adv Rumley Ad Rumley p . Air Reduct (16). Ajax Rubber. ... Alaska Juneau. . All Am Cable (7) Allled Chem (4). Allis Chalm (4). Am Agricul Chm Am Ag Chm pf.. Am Beet Sug (4) Am Beet S pt (6) Am Bosch Am Brk Shoe (5) Am Can (17).... Am Car & F (12) Am Chain A (2). Am Chicle. Am Chicle ctts Ani Drug (60c). Am Express (6). Ant & For Pow. . AmE&F P 25%(7). Am & Fr P ptf (T) Am Hide & L pf. Am Internatl. ... Am Linseed pt Am Loco (118) Am Metal (3)... Am Radlator (4) Am Ry Exp (6).. Am Safty Rz (3) Am Ship & Com. Am Sm & Ref (6) Am St] Fdys (3). Am Stl Fy pf ( Am Sugar. ... Am T & Tel (9). Am Tobacco (7). Am Tobac B (7). Am Tobac pf (6) Am Type pf (7). Am WW&ZI 30¢ Am W W pf (6). Am Woolen. Am Zinc........ Anaconda (3)... Armourof TI1 A. AssoDry G (5).. Assq Ol (13%) . AtT&SFe (7). AT&SFpt (5). Atl Birm & At... AtlanticCL (7). AtGuif& WI... At Gulf & WIpt. Atlantic Refin. .. Austin Nic pf (7) Ealdwin L (7).. Bal & Ohlo (5).. Bal & Oh pt (4). Bang & Ar (3).. Barnsdall A. Barnsdall B. Rayuk Ciger. ... Beech Nut (13).. Bethlehem Steel Geth Stl pf (7).. Beth Stl pf (8).. Booth Fisherles. Briggs Mfg(3%) Bkl Edison (8).. Bkl-Man Tran Bkl Union G (4. Erown Shoe (4). Bruns-Balk (30c) Burns Bro (10).. Burns Br B (2).. Bush Term (5) .. Eutte Cop (50c). Butte & Su(50¢). Butterick Co.... Caddo Central.. Cal Packing (6). Cal Pete (1%)... Calif Pet pf (7). Callahan Zin Calumet & H 50¢ Can Pacific (10). Case Thresh pf.. Cent Leather... Cent Leather pf. Century Rib (2). Cern d Pasco (4) Certatn-Teed. .. Certain-T 1st (1) Chand Mot (3).. Ches & Ohio (4). Chi & Alton. - Chi & Alton pf Chi& EastIll. .. Chi & Est 11l pf. Chi Great West. Chi Gr West pf.. ChiMil &StP... Chi Mil & SP pt. Chi & Nwn (4) Chi R1& Pae. CRI&P DL (8). CRI&PDL (D). ChiStPM&O.. Childs Company . Chile Cop (2%). Chino Copper . Cluett Peab (5). Coca-Cola (7)... Colo Fuel & Iron Colo Southern. .. Col G & E (2.60). Col Carbon (4).. Com Inv (2.50) .. Com Solv A (4).. Congol-Nrn (3). Con Distributrs. Consol Gas (5).. Consol Textile. . Cont Can (4) . Cont Mot (80c).. Corn Prod (2) Corn Prod pf (T) Crucible Stl (4). Cub Am Sug (3). Cuban Cane Sug. Cub Cane Su pf.. Cuba Dominican Cuyamel Fr (4). Daniel Boone. ... Davison Chem Deere pf (3) Del & Hud (9) D &R G Wstpf. Dome Mines (2). Dupoant (10). . DuPont deb (6) . Duquesne pf (7). Eastman (18)... Eaton Axle..... Elec P & Lt pf. Elec St Bat (15). End-John (5)... Erie Erie 1st pf Erie 24 pf. Fairbks (2.60).. Famous Pl (8) Famous pf (8).. Fed Lt & T (7). Federal Mines Fed Mines pf (1) Fifth Ave (64c) . Fisher Body (6). Fish Bd O pf (8). Fisk Rubber.... Fisk R 1st (1)... Fleischmann (4) Foundation (8) Freeport-Tex: Gardner Motor ... Gen Am Tnk (3) Gen Asphalt.... Gen Cigar (8)... Gen Electric (8) Gen El spl (60¢). Gen Motors (6).. Gen Mot pf (7) .. Gen Petrol (2).. Gen Refrac (2). Gimbel Bros. ... Ginter Co (1%) . Glidden Co...... Gold Dust. ... Goodrich. . . Goodyear pf (). Granby Consol. . Grt North pf (5). Grt Nor Ore (4). Grt Wstn Su (8). Gulf Mo & Nor... Gu M & N pf(6) . Guif St Steel (5). Hartman (2%8). . Hayes Wheel (3) Hoe & Co A (4) .. House P (13%). Hduston Ol..... Hudson Man. Hud Man pf (6) . Hudson Mot (3). Hupp Mot (1)... Tllinois Cent (7). Independ Oil (1) Indian Refining. Open. 14% 50 100 1% 1% 124% 84% 81 16% 41% 40's 84 20% 95 171% 204% 238 56% ba% 5% 147 29% 116 634 34% 94 24% 90% 1% 28% 1% 46 36% 64% 26% 65% 43% 15 118% 25% 7 WORIPS OU'S wmod Puu [UULA "AU)I§ YL JO WOHIPI VI[NNI I} 0} JW) U] NWOPE ond wiodwiy %) 1] GuaNId 3u NUVRIXH NIO)§ ROK MIN SWp WO JujpEl JO JWA[OA [VWIouqu Iy Jo wmwoeg Fuworp 2)admod 32 0} I High. 14% 50 100% 11% 2% 124% 844 81 16% 41% 40% 84 29% 95 173% 204% 23 564 54% 5% 147 29% 116 89% 694 84% 57 127% 47% 96% 9% 54 1% 954 49% 108% 644 133% 87% 8T% 105 103 48% 102% 24% 90% 1% 28% 1% 46 85% 4% 27% 66% 43% 15 113% 25% T THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Omce wpo) wj pausyIand oq Ia sudpwiond jerd Taow. 14% 50 975 1% 1% 123% 83 8 15 38% 40% 84 27 93% 168% 199 23 55 ba% 5% 143 28% 116 89% 69% 38% 57 122 48% 6% 194 52 11 934 49 108% 621 183 86% 86% 105 108 45% 102 837T% T 87% 20% 177 83 118 94% 5% 152 83 28% 98 90 111% 5% 64 36% 22 18% 44% 62 39% 95 110 4% 86 129 371% 80 67% 37 95% 18 95 8% 16% 18% 1 103 28% 111 3% 4% 142% 64% 16% 51% 42 444 424 944 33% 93 8 13 31% 45 10% 106 48% 48 50% 284% 18% 87% 51% 93 16% 60% 34% 93% 24% 90 69% 28% 0% 46 35% 63 26% 65% 41% 15 18 23% 6% 144 50 98% 11% 2 123% 88 8 15 38% 40% 84 27 93% 168% 199 23 55 5% 5% 143 28% 116 89% 69% 34 57 128 46% 96% 19% _ 524 11% 93U 49 108% 62% 1383% 86% 86% 105 108 46% 102 38% ™ 87% 20% 179% 83 118% 94% 5% 152 33 38% 99 20 1114% % 64 36% 22 18% 444 62 401} 95 110 4% 36% 129 38% 80 67% 37 95% 18 9% % 16% 18% 1 103% | 28% 1114 b 14% 142% 64% 16% Bik i 42 T 42% 944U 3% 98 8% 18 31% 5 10% 22 | 6% 10 57 445 244 95% 4 51 81% 21% 63 89% 34 54% 54% 46 59 5% 5% 3 9% 67 29% 12% 57 5l 3% 90% 41 96% 14% 64% 11 80 10% 46 45 94 264 1% 69 105 48% 48 50% 284% 13% 37% 52% 94 16% 61 84% 93% 24% 90 69% 28% 80% 46 85% 63 26% 85% 42 15 113 23% 64 Inge:soll R (8)..220 225 220 225 Inland Stl (2%). Inspiration Cop. Interd Rap Tr... Internat Agri Int Bus Mac (8) . Int Com Eng (2). Internat Har (5) Int Mer Marine. . Int Mer Mar pt. Int Nickel...... Int Paper..... Int Pap pf st (6). Int Ry Cent Am. Int Tel & Tel (6) Towa.Central. ... Jones Bros Tea. Jordan Mot (3).. Kan City South. Kan C So pf (4). Kayser (Jullus). Kelly-Spring. .. Kcnnecott (3).. Keystone T & R. Kinney GR..... Kresge Dep Str. Laclede Gas (8). Lee Rub & Tire. Lehigh Val (33%) Liggett & M(14). Lig & My B (14). Lima Loco (4).. Loews Inc (2)... Long Bell A (1). Loose-Wiles. Lorrillard (3) Louisiana Oil. .. Louis & Nsh (6). Ludlum (2)..... McCro B (1.60) . Mack Trcks (6) Macy H R & Co. Magma Copper. Mallinson & Co Man El Sup (4).. Man El md(3%). Man Shirt (13). Man Shirt pf (7) Maracaibo Oil. Market St prior. Marland Oil. ..., Martin-Pry (4). Mathieson Alka. Maxwell Mot A Maxwell Mot B May Dept St (5). Mexican Seabd. Miami Cop (2). Mid-Continent. . Middle States. Midind Pref (8). Mis Kan & Tex. MK&Tpt (5 Missour! Pacific. Missour! Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3) ... Mother Lode 75¢ Mullins Body-. Murray (2.40) Nash Mot (t11) Nat Biscuit (14). Nat Dairy (3) Nat Dpt Store Nat D St 1st (7). Nat Enam pf (1) Nat Lead (8). Nat Supply (3). Nevada Copper. . N Y Canners (2). NY Cannersrts. N ¥ Central (7). NYC&StL (6).. NY NH & Hart. . NYOn & Wn (1) Niagar Fpf1%. Norf & W (18). . North Am (3.40) North Am pf (3). North Pac (5)... Orpheum (1.80). Otis Elevator (§) Otls Steel. ... Otis Steel pf. .. Owens Bot (3).. Pacific Gas (8). . Pacific Ol (2). Packard (11%). Packard pf (7).. Pan-Amer (6).. Pan-Amer B (8) Park & Tilford. Pennsy R R (3). Peun Seab Steel. Peoples Gas (8). Pere Marq (4).. Pere Mar pf (5). Pere M prior (5) Phla Co (4)..... Phila& RC&L. Phillip Morris. . Phillips Pet (2). Pierce-Arrow. Plerce-Arrow p Pierce Oil...... Plerce Ofl pf. Pierce Petrol Pitts Ut pf 11.20. Pitts & West Va. Postum-Cer (4) . Press Steel Car. Pub S Gas pf(6). Pub Ser N J (5). Pub S Elpf (7). Pullman Co (8). Punta Al Su (5). Pure Oil (1%).. Radio Corp of A. Radio C pf (314) Ry Stl Spg (8).. Ry St Sp pt (7) Ray Cons Cop. Reading (4) Reading rts. Reading 2d (2) Remington Type Replogle Steel. . Rep Ir & Steel. . Reynolds Sp (1). Rey Tob B (3).. Rey Tob pf (7). Roy Duth 4.42%. Rutland pf St Joseph Ld (2) StL & San F (5) St L Southwest. St L Swn pf (5). Savage Arms. Schulte (*8). Seaboard Air L Seabd Alr L pf. Sears-Roebk (6 Shattuck (F G). Shell Un (1.40).. Simmons Co (2) . Simms Pet (50¢) Sinclair Ol Skelly Oil....... Sloss-Sheft (6).. South Port S (6) South Pac (6)... Southern Ry (5) South Ry pf (6). Spicer Mfg. Std Gas & El (3) Sterling Pr (15). St Oll Calif (2) StONNJT (1)... StOIINJpt (7 Std Plate Glass Stew Warnr (5). Stromberg (6) .. Studebaker (4). Submarine Boat. Superior Ofl. Superior Stl (3). Symington. .. .. Symington A (2) Tennessee Cop. Texas Co (3). Texas Gulf (7. Tex & Pacific. Tex & PacC & Tide Wat Oil (4) Timken (13%).. Tobac Prod (6). Tobe Prd A (7). Transcont Oil... Underwood (3).. Un Bag & Paper. Union Oil Union Oll (1.80). Un Pacific (10).. Un Tank Car (5) Utd Alloy Steel. UM Cigar (13% ) United Drug (6) Utd, Drug 1st 3% Utd Dyewood. Utd Fruit (10) Utd Ry Invest. .. U S Cast Iron P. Open. 43 23% 19% % 113% 88 98% 12% 41% 26% 50 73 18% 0% 3 17% 46% 3% b7% 20 14% 49% 2% 75 33 183 12 2% 58 58% 64k 256% 46% 84 84% 16% 109 38% 84 128% 6 37% 23 534 40% 224 105 27 434 26k 294 624 89% 58% 108 18 11% 28% 1 96% 83 79% 85 764 854 43% 25% 74 s 36% 290 63 4 41% 97 23 1474 621 13% 824 % 116% 126% 30 224 28% 130 451 73% 1204 49% 4T% 48% 68% 4% 70% 8% 113 23% 38% 154 42% 23% 82% 21% 18% 23% 82% 69 100% 85% 84 17% 445 €3 68% 40% 117% 11 60 63 42% % 4% 23% 17% 20% Th 44% 109 50 16% 128 8% 5% 7% 4% 28% 88 % 37% 187% 15 27 68% 17 52% 12% 210 20 186 High. 43 28% 19% 10% 114% 38% 101 12% 43% 26% 5l 74 18% 0% 3 17% 46% 845 57% 20 14% 49% 2 5 33 163 12% 2% 58 8% 64% 26% 46% 84 34% 16% 109 38% 84 129% ki 3% 23 534 40% 22% 105 21 43% 36% 29% 624’ 89% 58% 103 18 1% 28% 14 964 a3% 80 364 kil 43% 25% 7% 17% a7 298 68 4% 41% 97 83 147% 64% 18% 824 % 116% 126% 30% 22% 28% 130% 45% 48 63 27% 102 8% 651 46% 106% 55 18% 109 % 8% 29% 45% 12% 210 20 189% Low. 48 22% 1% 9% 113% 86% 98% 124 41 25% 50 3 18% 80 8 17% 45 82% ET% 19% 18% 48% 2% % 2% 168 12 T1% 57% 58 64 24% 45% 84 84% 15% 109 37 B4 125 6 37 23 52 40% 224 106 264% 43% 4% 2 2 86% 65 102 12% 11% 27 1 964 1% 78 4% T4% €5 b 7 17 36% 290 67% 46 414 97 83 146 624 13% 32 % 115% 125 20% 224 28% 128% 45 48 60% 84 69% 23 88 150 1% 23% 82% 20% 184 23 824 67 99 82% 84 17 44 63 68 39% 117% 11 57 62y 42 9% 4% 23% 17 20% Th 43% 104 49 14 128 38% 14 7% 4 384% 3% % 374 137% 125 264 66 116% 52% 12% 208 20 17, 2:50. 43 28 18 10 118% 36% 99 12% 41 25% 51 “ 5% 94 6714 100 181% 42% 26% 48% 50% 125% s 12% 2% 19% 37% 67% 15 46 13% 2% 1204 48% 4T% 46% 66% 46% 70% 69% 111% 23 38 150% Al% 28% 32% 200 18% 28% 82% 67 29 83 85 17 44 €3 6879 39% 117% 1 57 62% 2% 9% 4% 23% 17% 20% 84 48% 104 49% 144 128 89 74 7% 384 87w % 374 137% 125 26% 66 115% 53 1244 208 20 PRICES DO BETTER IN BOND MARKET Liberties Improve — Erie Liens Head Rail List—St. Paul Sixes in Advance. BY GEORGE T. HUGHES. Special Dispateh to The Star, NEW YORK, March 26.—Prices were generally firm in today’s bond market, although trading was In small volume. Fractional advances were scored by some of the Liberties, especially the second and third 4%s. Quotations for first mortgage rails were mostly unchanged, but all ofter- ings were- well absorbed. In speculative bonds the most in- terest attached to the tractions. There was another rally in Interboro Re- funding 5s and higher prices were reached by Brooklyn Manhattan ‘Transit 6s. Special buying appeared in Hudson & Manhattan incomes, stimulated by the advance in the common stock. Rubber Bonds Improved. Among industrials Anaconda Cop- per 65 were down again, selling a halt point below 7 The debenture 7s weakened likewise. Chile Copper 6s were better supported. United States Rubber 5s and International Mercan- tile Marine 6s improved somewhat. There were heavy dealings in In- ternational Paper 6s. in which inter- est was aroused by the offering to- day of a new issue of refunding 6s. The latter were marketed, belng sub- scribed about twice over, on @ 6.30 per cent basis against a yield of 5.90 for the first 55 at today’s market Erle Insues Higher. In the rallroad list Erie bonds were higher, both the general 4s and the convertible D 4s making gains. The advance in International Great North- ern adjustments was resumed after long Inactivity. In the St. Paul group the feature was the secured 6s, which at 101 were at a new high on this movement. - The receiver has been directed to con- tinue interest payments on this bond._ Foreign bonds were irregular, Bel- glum 6s and 6%%s being higher, but Jugoslay 8s selling down. The Jap- anese 6';s were also lower. Today's new offerings included an unusually large proportion of State and municipals, among them $20,000,000 Pennsylvania Highway 4s to yleld from 375 to 3.80 per cent, and $1,500,000 State of New York Bonus 4%s to yisld 3.85 per cent. HIGH RECORD MADE IN FREIGHT TRAFFIC Tonnage Report for January Ex- ceeded During Same Month Only in 1923. Freight trafiq over the country's rallronds in January, measured in net ton miles, was the greatest for that month in any vear, with the exception of 1923, it was shown in figures an- nounced today by the Bureau of Rail- way Economics. The total of 162,000 net ton miles was 1.08 per cent below the figure for January, 1523, but exceeded that for the correspond- ing month last year by 7.3 and that for January, 1920, by 5. per cent. The trafiic fell slightly short of the 1923 total on the net ton mile basis despite the fact that the number of cars loaded with revenue freight last January set a new record for the month and exceeded the January, 1923 figure by 36 per cent. In the Eastern district the fncrease in the net ton mile total this year over last was 6.5 per cent; in the Southern, 4.2 per cent, and in the Western 9.9 per cent. MORE DIVIDEND TALK. Action by Wabash Revives Other Rail Gossip. Specinl Dispateh to The Star. NEW YORK, March 26.—When the directors of Wabash, contrary to what many had expected, announced that they’ ‘:m put the “A" stock on a $5 basis % fresh inspiration was glven to the raflway group. It was a reasonable inference that the Wabash action meant that other dividends, about which Wall Street has been talking are likewise apt to receive favorable attention. Wabash stocks were actively bought, but still more prominent were shares like St. Louls and San Francisco, St. Louis Southwestern and Texas and Pacific, which have the prospect of dividends or increased dividends. — BIG EQUIPMENT ORDER. CHICAGO, March 26.—Announcement is made here by the Rock Island lines of the purchase for delivery within the next few months of 1,200 steel frame box cars, 400 gondolas, 5 combination baggage and mail cars, 10 eight-wheel switch engines and 10 freight locomo- tives. STAMP RULING DROPPED. MONTREAL, March 26 —Arthur Campbell, president of the Montreal Wholesale Lumber Dealers’ Associa- tion, was informed from Washington today that a Treasury Department ruling requiring all shingles, Jaths and flooring to be stamped individu- ally with the name of their country of origin_had been Zcanceled, 82% 24% 81% 119% 33 24% 88 119% 36% 93% 844 119% 123% 87 1 83 66% 27 11 13 24% 66% 45% 16 39 114% 96 U S Distributing U S Hoff (2).... U S Ind Alcohol. U S Realty (8) U S Rubber..... 36 U S Rub 1st (8).. 93% U S Smelting.... 34 U 8 Steel (17)... 119 U S Steel pf (7). 123 Universal Pip: Univer P pf (7). Utah Copper (4) Utah Securities. Vanadfum. . . va-Caro Ch pf.. Vivadou.......n Wabash. S Wabash pf A(5) Wabash pf B. Waldorf (1%).. 16 ward Baking B. 39 West Pen'(4)... 114% 82 24% 79% 116% 35 93% 34 17 122% 34% 6 83 64% 26% 11 1% ‘28 63% 45 16% 39 114% 96 824 24% 9% 116% 35 93% 34 17 123% 34% 6 83 65 . 26% 1 12% 66% 27 11 1% 24% 64% 45% 63% D. C., THURSDAY, MARCH 26, 1925. FINANCIAL. (o wew vorx_ BONDS srocerxcaavce] | WHEAT ADVANCES Received by Private Wire Direct to The Star Office. UNITED STATES BONDS. Lib3%s.... 144 Lib1st 4%s 27 Lib2d 4%s. 37 Lib 3d 44s. 294 Lib 4 41cs. . 279 US4s1944. 87 US4Ks'52. 8 102 FOREIGN. Sales. [ 36 69 20 12 74 42 33 1 9 Argentine & Argentine Argentine Argentine 7 Bank of Japan Belgium 6. Belgium 6% s w{ Belgium 7%s. . Belgium 8 Bollvia 8 Bordeaux 68 10 Brazil 7a... .12 Brazil T%s. B i1 Prazil 8s... w17 Canada 55 1926. 1 Canada 551931.... | ‘anada 5s 1952.... 33 Canada 58 1929.. 93 Chile Ts 1943. Chlle 85 1941, 15 Chile 85 1946 Chinese Gov Ry 58 Copenhagen 5%s. Cuba 5%8 ..., Czecho 85 1951.... Czecho 851952 ct.. Danish Munic &s A Danish Munic 8s B Denmark 6s...... Denmark 8s. DEI5%s M A D E 153%s Nov '53 Dutch East I 6547 Dutch East I 6s'62 Bl Salvador 85 '45. Framerican 7% French 7s. French T%s French8s........ Ger El 61350 wi. German 7s Ger Gen Elec s Greek 7s. Halt! 6s. A Holland-Amer 6s. . Hungary 6%s Japanese 4s Japanese 6%s. . Jersens U M 6547 Lyons 6s. .. . Marseille 6s. ... ... Mexico 45 04 asnt. Netherlands 65 '54. Netherlands 6s ‘72, Norway 65 1943 Norway 65 1944 Norway 6s 1952 Paris-Ly’s-Med 65 Paris-Ly’s-Med 7. Paris Orleans 7s. . Poland 6s40. Poland $s '50 wi. Prague 7%s. . Queensland 6s Quegpnsiand Ts. Rio de Jan 85 1946. Riode Jan §s 1947. Rio Gr Do Sul §s. Sao Paulo State 83 Seine Dept of Ts. Serbs Crot Slo 8s Sweden 5145 ct. Sweden 6s. .. Swiss 51es 194 Swiss Confed § Ud Kingm 5148 '29 Ud Kingm 5%s '37 Ud Steam Copen 6s 45 . High. 84 96% 26Y% 102% 9% 85% 92% 109% 107% 82% 83% 82% 107 96% 100% 102% 103% 102% 90% 107% 106% 43% 964 98 99% 991 110 110 101% 110% 97% 9T% 100 100% 104 Low. (Sales are jn $1,000.) Males. High. 101 13 101 1 101 26 101 20 100 31 100 28 10121 10118 10128 100 20 100 18 104 28 104 27 Low. 83% 96% 96 102% 9% 85 92% 108% 107% 92% 83% 82% 107 96% 100% 102% 108% 102% 99Y% 107% 106% 43% 6% 97% 99% 99% 109% 110 101% 110% 7Y% 96% 99% 9% 104 92% 88% 97% 4 101% 89% 10415 110% 4% 93 964 100% 8% 8715 9914 103% 101% 113% 115% 108% 94% 8T% 94% 93% B4 93% 82l 881 81% 0% 4 8414 84k 20% 102%% 1034 99% 9% 29Y% 76 84 84 6814 95 891 1034 110 94 93 96% 100% 87% 86% 99 2:50. 10218 101 26 100 30 101 218 101 31 100 20 104 27 2:50. 84 9644 96% 102% 99% 85% 92% 108% 107%¢ 92 8% 2% 107 961 100% 102% 1084 1024 99% 107% 106% 43% 964 978 99% 99% 110 110 101% 1104 9% 9% 100 99% 104 92% 88% 98 101% AT W45 93% R4l 934 824 88% 81% 90% 94% 84% 843, 20% 102% 103% 1 101% 13 115% 1064 94% MISCELLANEOUS. Am Agr Chem 7%s 11 Am Repubdeb 6s.. 1 Am Smit & R 1st 52 11 Am Smit & R 6s. 3 Am Sug ref 6s. 12 AmT& Teltris.. 16 AmT& Teltrbs.. 10 AmT&Tst5s 5% Am T & Tdeb5%s AmT& Tev6s.... Anaconda 1st 6s. Anaconda cv db 7s. Andes Ts 2o pd. Armour & Co 4348, Armour Del 5%s Associated Oil 6s Atlantic Refin 5s Barnsdall s { §5. Bell Tel Pa 5s. Beth Steel pm & Beth Steel rf 63 Beth Steel s { 65 Brier H St 1st 5%s Bklyn Ed gen §s. . Bklyn Union G bs. Calif Pete 6%s. ... Cen Leth 6845 cfs. Chile Copper 6a. Cin G E 514562, Con Coal Md 1st bs Con G NY 5%s wl.. 41 Consumers Pow 58 14 Cont Mil 632 "44... 148 Cuba Cane cv d 8 Cuban Am Sue 8s. Dery (DG) Ts Det Edison ref 63.. Du Pont de N 7% Dug L&P §%s 49 Duquesne Light 6s Est Cuba Sug 7%s. Empire G&F 7% Feder Metls 75 '39. Gen Asph 65°30....... Goodrich 6%s..... Goodyear 8s 1931.. Goodyear §s 1941.. Hershey 65 1942. Humble O&R 5%s. Iilinois Bell 1st 5s. Iilinois Steel 43%4s. Indiana Steel 5s. .. Int Mer Marine 6: Inter Paper 5 K C P &Lt 5sA’52. Kan G & El6s'52.. 17 Kelly-Spring 8s... 9 Lackawa S 55'50.. 2 Lacl G ref5s'34... 8 Laclede G 5%s '53. 82 Liggett & Myrs 6s. 4 Liggett & Myrs 7s. 10 Loulsv G & E bs '52 18 Magma Cop oV, 1 Manat! Sug sf T%s 8 Mid-Con 6%s, '40... 99 Midvale Steel 6s... 13 Montana Pow 65 Mor's&Co 1st 43%s. Nat Tube 1st 58 New Eng Tel bs... NYEdbs'44 wi... N Y Edenlst 614s.. 10 NYG EL HEP 45 NYG EL H&P 58 NY Tel 4% 4 Nor Ohio T&L 6s. . Nor States Pow 5s. Nor States Pow 6s Otis Steel 7% Otls Steel 8s. . Pacific Gas & E16s PacT& T 1st5s... PacT&T6s 52... 48 Pan-Amer Pete 65.318 PhilaCo5%s’38.. 1 ‘Phila Co ref 6 A.. Pierce-Arrow 8s.. Public Service 6s.. 28 PpubServ Eleg 6s.. 1 West Pen pf (1). 96 West Maryland. 124 West Md 2d pf.. 17% ‘Western Pacific. 40% West Pac pt (6). 91 West Union (7). 118 ‘West Air Br (6). 1024 Westinghse (4). 68% Weston Elec. ... 10 Wheel & L Erie. 11% Wheel & LEpf. 24% White Eagle (2).| 26% White Mot (4).. 59% Wickwire Spen. % Wilson &Co.... 84k Wilson & Co pf.. 254 Wiilys-Overind. 12 Wiils-Over pf... 86% ‘Woolworth (3). 116% Worthington... 51 Wright Aero (1) 17 17 174 ‘Wfltley (13%).. 484 484 484 Youngstn S&T.. 66 66 66 66 {Partly extra. $Payable in preferred stock. Dividend rates iven in the above table are the annual ulg payments based on the Istest qlllfifllncur half-yeurly deciarations. Unless otherwise noted.” extta or special 12% 17% 41 91 118 1024 11% 17 894% 8939 118 101% 67% 9% 1% 24 26% 58 % % 26% 12% 85 115% 46% 264 27 12% 85 116% 4% A aot o i) Punta Alegre T Saks & Co st 18 Sharon Stl H 8 Sinclair Oil 6 Sinclair Ol 6% Sin COP L 6s'28.. Sin Pipe Line b: Skelly Oll 6%s South Bell Tel Southwest Bell 5s. Tenn Elec Pow 6s. Tide Wat Ofl 6%s. Toledo Edn 1st 7s. United Drug U S Rub 1st £ 6s.. U S Rubber 7%s. U S Smelter 6 U SSteel s £5s. Utah Pow & Lt 5s. Va-Car Chem 7s. Va-Car Ch 7%s w. Warner Sug Ts ‘Warner Sug 7s '41. West Elec bs West'n Union estinghouse 7s. . Wickwire Spen Ta. 97% 94 97 107% 102 967 100% 95% 1024 126% 100 100% 97 87'% 96% 94 9674 1074% 101% 26% 100% 95% 102 126% 9915 100% 97 87% 92% 102t 98% 104% 101 0% 97 94% 99% 100 100 103 98 105% 1021 8415 101% 944 . High, ‘Low. 2:50. 954 1% Wilson&C ov 7%s. 20 Youngstn B&T 6s.. 24 98% RAILROADS. Atchison adj 45 Atchison gen 48 Atlantic C L 1st 4s. Atlan CL 4%s'64. B&Ogold 4 B& O cv 4% &0 1st5s ct. & O ret bs. &O6s... B&O Tt Imp 6s B & O Toledo 45 B&OPLEWV 4s.. Bklyn-Manhat Canad North 6 Canad North Ts. Canad Pac deb 4s. . Car Clinch & O 6 Central Pacific 4 Ches & O cv 4% Ches & O gn 4%s.. Ches & O cv s Chi & Alton 3 Chi & Alton 3 Chi B&Q gn 48 '68. Chi B&Q 1st rf bs.. 15 CB&Q-TN3%s... 185 CB&Q-Olldivis. 1 Chi & EIgnbs....120 Chi GreatWest 4s. 98 CM& PugetSd4s. b M& St P4s’25. 280 115 Pov4%s.146 Pgn 4%s 27 Prfdls. 41 B B B 216 10 7 2r= aaaaanan ZZgmriR RPopRrrpR SHITIRRR 2 Un Sta 63%s. Chi & W Ind cn 4s. C&WI5%s'62... CCC &St Lbs..... CCC&StLrf6s Cleve Term 5s. . C &S 1st 43 "2 Colo & Sou 4% Cuba R R 6s. Del & Hd 1st rf 4s. Del Hud cv 5s '35. . Den & Rio G cn 45, D & Rio G Wst 5; Det United 4%s. .. Erie 1st cons 4 Erle gen 4s. Erle conv4s B. Erie conv4sD. ... Gr Trunk sf db 6s. Grand Trunk 7s. Great North 5s Gr North §4s. Gr North :'?n : Green B& W db B, 51 Hud & Man ref 5s. 24 Hud & Man aj 5s.. 66 111 Central ref 4s.. | 1l Cent ref 55'55.. 2 1 C-C St L&NO 65 38 Int Rap Tran bs...177 Int Rap Tr 5s stpd. 76 Int Rap Tran 6s... 47 Int Rap Tran 7s... 38 Int & G Nor 1st 6. Int & G Nor aj 6s. . lowa Cent 1st 5s. . Kan City Ft S 4s. . Kansas City § 3s. . Kansas City § 5s. . Kan Cy Term 4s Lake Shore 45 ‘25, Lake Shore 4s '31. . Lehigh Val cn 4s., Lehigh Val 5. lLouis & N un louls& N&sB.... Louis & Nash 51s, Manhat Ny cn ¢s.. e 26 Tyrinbs A. 45 MK&T6sC...... @ ale Mo Pacific 5s '65 Mo Pacifics. .. Montrl Tm 1st 5; New Or Term 4s NOTex& M in bs. NOTex&M5sB.. NOT&M5%s. ... N Y Cent cn 4s '35, N Y Cent deb 4s. N YCentriss N Y Cent deb 6; NYCentLScl3ts NYChi& St L5%s NYC&tL6sA... Now Hav d 45 '57. . New Havcd 6s. NY, Ont W st 4s. . NY Ry rf 45 ctfs NY Rysadj5sot. . N Y State Ry 4%s. NY W & Bos 4%s. Norfolk & W cn 4s. Norfolk & W cv 6s. Northern Pac 3s. Northern Pac 4s Northern Pacr 1 68 Ore & Calif 1st bs. Ore Short L ref 4s. Ore Sht L cn 58 '46. Ore-Wash 15t rf 4s Pennsyl con 4%s.. Penusyl gen 44s. Pennsyl gen bs Pennsyl bs '64. Pennsyl 6%s Pennsyl gold 7s. .. Pere Mrq 1st 4s ‘56 Pere Marq 1st 5s. . Por RL & P 6s'47. Reading gen 4s.. . Reading gen 4%s. RLATk & L 4%s.. St L IM&S 4s'29 St LIM&S R&G & StL&SFplis StL&SFprin StL&SF 6%sD StL&S Fadj StL &S F inc StL&SFplésC StLS W 1st s St LS W con 4s'32 St P & KCShL 4%» St P Un Dep 6s. Seab'd A Lids sta. Seab'd A Liref 4s.. Seab'd A Lad] 68 Seab’d A L con & Sou Pacific 4s'29.. Sou Pacific ]t 4 Sou Pacific ref 4s Southern Ry gn 4s. Southern Ry 1st bs Southern Ry 6s ct. Southern Ry 6%a. Term Asso St Lds. Texas & Pac 1st bs Third Ave adj Tol StL&W 5 Toledo Trac 6 100% Unlon Pac 4s°'27.. 18 994 Union Paclstrf4s 5 85% Virginia Ry 1st bs. 30 87% Union Pacecv és 1 103% e 8 AT 1D T D D D 1 80 35 e 1S O B e 8319 e 104% 108% 83 100% 41 84Y% 37 R Washash 5%s, "75.. 10 ‘Western 4s.... T Western Pacificés 8 ‘Wheel & LE cn 4s. 11 Whel & LE rf d%s 1 Wilkes B&E 1stbs 1 ‘Wisconsin Cent ¢s. 1 95 1% 1% 9 82% 89% 1% 1% 88% 91% 100% 8844 103% 102 694 86% 84 118% 116% 9% 107% 87% 97 89% 103% 62 b4% 80'% 101% 834 93 76% 61% 46% 48 461 47 82 45% 47% 100% 100% 112% 108% 83 83% 87 8% 101 116% % 97% f54 103% 100 98 T4y 83 9714 86% 7914 103 80% 8844 8315 101 6% 65% Td% 89 96% 86 89% 76% 101% 104% 108% 82% 100% 40% 843 100% 29 85% 97 103% 954 1004 95% 96 64 934 73% 68 64% 80% 95% 1% 72 28 82% 89% 91% 91% 884 91% 100% 88% 103% 102 69% 86% 84% 118% 116% T9% 107% 87% 87 80 103% 63 54% 90% 101% 83% 93 T6% 61% 46% 48% 46% 47% 82% 45% 4T%h 100% 100% 112% 108% 8a% 834 87% 8% 101 116% T4 AJAX RUBBER'S INCOME. NEW YORK, March 26.—Net loss of $560,390 reported by the Afax Rubpber Co. in 1923 was overcome in 1924 with , after interest and depreclation, equal to $1.56 a share on net profit of $664,1: the no par fi!vun stock. e T e NEW RESTAURANT HEAD. NEW YORK, March 26.—William Childs has been elected president and ON DROUGHT NEWS Fresh Upturns Also Take Place in Corn and Qats. Drop at Close. By the Associated Press. CHICAGO, March 26.—Material fresh upturns in the price of wheat resulted early today from continued unfavorable advices regarding crop conditions Southwest and West. No rain was reported from any section where drought has been complained of. High winds and dust storms over parts of Kansas and Nebraska tended further to Increase anxiety. The open- ing, which varfed from unchanged figures to 1 cent higher, May 1.67% to 1.68% and July 7.48% to 1.49, were followed by something of a setback, but then by a rise which carried May to 1.69% and July to 1.503. Corn and oats, as well as wheat, had an upward trend, owing to ex- cessively dry weather Southwest and West. It was contended that the dry area would be thus forced to come into the market for feed grain. After opening unchanged to 1% cents high- er, May 1.12% to 1.12%, corn eased down a little, but soon advanced to 113%. Oats started at % to % cent up May, 45%, and later continued to ascend In line with grain, market was firmer. A few showers in Kansas, together with slackness of export demand, led to a sharp decline in wheat prices today after an early advance. Profit-taking sales become general. Wheat closed weak, 2 to 3% cents net lower; May 164% to 164% and July 146% to 1.46%. Sstimates were current that aban- donment of Winter wheat acreage would amount to 1§ per cent, the sec- ond largest total on record. The vondi- tion of the crop was figured as being 10 points under the average of the last 10 years. WHEAT— May July .. September CORN— May Jaly - Beptem UATS— May July September RYE— May July . Beptember RD May July Z RIBS— May . July COTTON SELLS OFF "IN MARKET TODAY Dry Weather in West Prevents Any Marked Changes in Quoted Values. the provision Open . 1.67% L 148y - 137 . 112 R Close. 1641 1465, FER FES FOE b8 3% By the Associated Press NEW YORK, March 26.—The cot- ton market opened steady today at an advance of 7 points to a decline of 2 points, with near months higher In response to rela ely steady Liver- pool cables. There was some trade buying and covering, but the demand was limited and prices eased off un- der liquidation and Southern and Western selling. July declined from 25.70 to 25.57 and October from 25.08 to 24.96, with the general market ruling about 7 to 11 points net lower at the end of the first hour. New Orleans Quotations, NEW ORLEANS, La., March 2§ The cotton market opened slightly Ligher owing to more favorable Liv- erpool cables, and first trades showed gains of 3 to 5 points. The con- tinued dry weather in the West con- tributed to the steady feeling. After the call, however, a forecast for showers in east Texas induced an easier feeling and prices eased off moderately, May trading down to 25.33, July to 25.59 and October to 24.62, or 8§ to 12 points down from the opening figures and 5 to 7 points below the close of yesterday. —— CHICAGO LIVE STOCK MARKET CHICAGO, March 26 (United States Department of Agriculture): Hogs— Recelpts, 23,000 head: very slow. few early sales to yard {raders; shippers and small packers, 10 to 15 cents lower than Wednesday's high time: around steady with the average; about 200 to 300 pound averages, 13.50a13.75; early top, 13.90: bulk de- sirable. 150 to 190 Ib. kind, 13.00a 13.40; strong welght slaughter pigs most 11.75a12.00; big packers talking 25 cents Jlower than their buy Wednesday: heavywelght, 13.40a13.80. Cattle—Receipts, 14,000 head; me- dium and heavy fed steers slow mostly 10 to 15 cents lower; handy- weights and yearlings moderately active, about steady: best yearlings at 11.50; some choice offerings held around 12.00; big weights, 10.75: bulk fed steers and yearlings, 8.50a10.50; fat she stock in fairly limited supply: lower grade cows slow; dull at recent decline; edge off helfer markets; spots on these 15 to 25 cents lower; beef bulls active, fully steady bolognas in limited demand, weak; vealers fully steady; early bulk to packers, 9.00a10.00; good to cholce handywelght to outsiders upward to 12.00. Sheep—Receipts, 10,000 head; fat lambs, opening steady; better grades, 78 to 84 pound weight, 16.00a 16.25; good 88 to 90 pound kind, 15.25a15.65; extremely weighty kind, 14.00; no clippers sold; fat sheep and shearing lambs steady; choice shorn ewes, 8.00. TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 4145 Juve 15, 1925 285 September 15, 4%s December 15, 4%s March 15, i s September 15, 438 March 15, 1827, 4348 December ' 15, % 100 31-32 101 1-32 101932 101% 101 1014 10213 10214 BETTER MONEY DEMAND. BALTIMORE, March 26 (Special).— ¥ mm!wnmur& Local banks report a moderate in- crease in the demand. for money, but additional funds are in abundant sup- ply and there is no reason to expect an increase in rates. It is known some banks have called brokers' loans this week. Rates continue 5 to 6 Pper cent for 60 to 90 day loans. BONDED DEBT REDUCED. NEW YORK, March 26.—Reduction of $15,886,800 in the total bonded debt of the United States Steel Cor- poration s regarded in Wall Street as one of the striking features of the ‘annual report for 1924. This is equal to about $3 a share on the common. The corporation’s bonded bebt now stands at $511,272,929, which has been reduced about $116,000,000 since 1914, or $23 a share on the common. St Mrs. Emma J. Harvat, mayor of Towa City for three years, has given such general gatisfaction in her con- duct of the office that she has been |clared the regular PEPCDEARNINES S69 W HONTH W. R. & E. Also Reports Gain in Income—Day’s Trading on Local Board. BY CHAS. P. SHAEFFER. Net operating income of the Poto- mac Electrioc Power Co. amounted to $244,607 in February, 1925, a gain of 396,089 over the corresponding month of last year, according to report of earnings filed with the Public Util ities Commission this afternoon Gross earnings of the utility the month amounted to $613,676, gain of $56,057 as compared with last year, while operating expenses amounted to only $238,433, a decrease of $41,894. Another major factor en- tering into the gain is a new system in charging off depreciation, installed in January. This depreciation is now pro rated monthly instead of being charged off proportionately with the volume of business done, as In the past, this ftem in the past month alone resulting in an appreciation of $23,000 over February, 1924 Miscellaneous income during the month suffered to the extent of about $8,000, as compared with last r and amounted to only $15,119. De- guctlons for the month aggregated Earnings of the fuel company for the first two months of the year amount to $504,458, an increase $210,000 over last vea The Washington Rallway and Elec- tric Co. also reported enhanced earn ings, a net of last month comparing with only $164,406 for the same month of last The gain was made up primaril non- operating inco t month amounted agal $157,935 In - Operating revenues {otaled $366,898, a loss of $12,000, with expenses amounting to §; about $9,000 less than the month of year. Earnings of the company first two mo ount to §: a The City and Suburban line earned 35, in_ February last, a loss of about $3,000, but the Georgetown and Tenleytown road showed a profit of $977, as compared with a loss of §1 788 for the same month last year. With Same Bank 35 Years. The District banking fratern; noted for its alacrity of execution At yesterday's regular luncheon Al- bert S. Gatley, vice president of the Lincoln National Bank, innocently re- marked the day was his thirty-ifth anniversary with the bank, he having begun his banking career on March 25, 1890, The remark apparently went un- heeded, except for the usual felici- tations, but when Mr. Gatley returned to his institution a handsome floral tribute in commemoration of the da was reposing on his desk, the donors being his luncheon assoclates of few minutes previou: Dividends Declared. Directors of the Security and Commercial Bank vesterday sarterly dividen of 3 per cent and an extra of cent, both pavable on March stockholders of record March Director: National Capital Mortgage Co. have declared the reg ular quarterly dividend of 2 per ce: on both common and preferr stocks, payable April 1, to sharehold- of record March 21 Tribute to Board Member. Directors of the Potomac Savings Bank have passed a tender tribute expressing thelr sympathy and regret at the death of William H. Haney, a member of the board. A copy of the resolution, hand- somely engrossed and bound in leather album, has been presented t the deceased’s sister, who is thé sole survivor of the ediate family. New Oil Ixsue Brought Out. A nation-wide syndicat ers, headed by Gerell & C: cago and Stein Bros. & Boyee of B timore, is offering for public sub- scription $4,000,000 of Transconti- nental Oil five-year 7 per cent gold notes at par and interest. Each note will carry a detachable warrant which will entitle the holder to pur chase 100 shares of Transcontinental Oil Co. common stock for each §1,000 par value held on or before October 1,1 at $5.50 per share. After this date the call will be gradually in creased to April 1, 1929. The notes are the direct obligation of the con: pany. Trading on Local Board. The price level on the local ex change was unchanged today. Lar ston Monotype sold in good volume at 811, 85 shares changing hands and 800 shares of National Mortgage and Investment preferred brought 93;. Firemen's Insurance Co. broke into the sales column with exchanges of 150 shares at 27%. Railway were in good demand at 79%, $17,500 changing hands this figure DAIRY PRODUCTS. BALTIMORE, March 26 Live poultry—Young chickens, pound, Leghorns, 25a30; Winter chickens, old hens, Leghorns, 24 old roosters, 17; c 35a42; youns 40a45; old, 35; poor and crooked breasts, 25; ducks, pigeons, pair, 45a50; guinea fowl, each 50a1.00. Dressed poultry — Turkeys, pound, 5; poor find crooked breasts, 5: chickens, 285a35; old ducks, 30a35; geese, 20a25 a4 sggs—Receipts, 2,115 native and nearby firsts, dozen, 29a29%; duck eggs, dozen, 48a50; goose eggs, dozen, 85a1.00. Butter—Good to fancy, prints, 50a52; ladles, 29a30 ed, 23a24; dairy prints, 23a28; process butter, 31 for year, me 496 pound, 45a50; store pa Tolls, ‘What Experts Buy. Trained investurs always buy eurities that have a substantlal loan value. One of the surest methods of determining the value of, any stock s to seek a loan on it. If Your banker declines to consider it as collateral you can rest assured its marketability %oes mot amount to much. PAPER PLANT SPEEDS UP. NEW YORK, March 26.—Operations at the plant of the International Pa- per Co. have increased steadily in the last six months from 76 per cent of capacity to the present rate of about 95 per cent, according to company officials. TOMATOES IN DEMAND. NEW YORK, March 26 (Special).— Seventeen carloads of tomatoes from Florida were in active demand in to- day's market. The fanciest stock reached $7 per carrier containing six 4-quart baskets. Old crop white po- tatoes continued slow around $1.65 to $2.15 per 180 pounds. — PARIS BOURSE QUIET. PARIS, March 26—Trading was dull and prices moved irregularly on the Bourse today. Three per cent rentes, 46 francs 85 centimes. Fx- change on’London, 90 francs 85 cen- time: ve per cent loan, 56 franc 70 centimes. The dollar was quoted at 19 france 4% ocentimes,