Evening Star Newspaper, February 13, 1926, Page 22

i THE EVENING STAR, WASHINGTO NEW YORK stocK EXCHANGE | |BONDS GO HIGHER STOCKS SELL OFF gy o Bring g 1% Rail Issues Leaders in FINANCIAL TRADE LACKS VIGOR NATIONAL SAVINGS OF 1526 FORECASTS| ~ GAINS 17 POINTS Profit Margins Low—U. S. Suit Checks Mergers—Loan D. ¢, SATURDAY, FEBRUARY 13, 1926. [ von BONDS s ] Received by Private Wire Direct to The Star Ofiice UNITED STATES. RAILROAD. (Sales are in $1.000.) Bales. Hixh. Low. Close. Sales. High. Low. 1791 Lib3%s... 171 10025 10015 Lib 1st 4%s 4 1027 1024 Lib2d4%s. 78 10026 10024 Lib3d4%s 13 1011 100 30 Zib 4th 432 649 10217 10214 US4s1944 61 1046 10331 14 107 26 107 22 High. Low. Open. mn Low. Ciose. 83% 83 85 6 B8% 61! 5T% 5714 ‘IBK 47 1 3% 53% Gen Outdr A (). Gen Petrm (3. GenRyBig(14%). Gen Refrac (2) Close. |Atchison gen ¢n Ahumada (11).. 8 Alr Reductn(15) 112 Afax Rubber 1. Allled Chem Allfed Cm p£(T). Allis Chalm (6). 8 112 13% 187 121 91% Coal and Other Shares Soar Features Local Market Along Goodrich Ru (I) 07 26 it ~ at Opening, But Market Soon Turns Weak. 13.—Heavy checked in to Februa v sellin; W YORK, profit-taking and be: the sharp upward day’s stock market Settlement of the versy, the § reduction bill, General Motors movement at e of the tax and the ng of the annual dividend from $6 to $7. had resulted in a large ac- cumulat vernight buying or- n from 3 to Si Hudson, 15 points. Star traders who had been success- ful earlier in the week in uncovering a number of weak spo ted at first on Devoe and Reynolds, which crashed 36% points to 62. Savage Arms toppled over 10 point: American Woolen common and pre- sagged to new low s for d pronounced heaviness while comotive, tion Co. and Are Under Particular Pre re. BY STUART P. WEST NEW YORK, February 13.—Prices receded sharply 2 t half -hour of today's short = Exchange after advances had occurred at the Suspicion was directed to various industrial specialties, which had been marked up extravagantly in the re cent speculation by the collapse in Devoe & Raynolds stock This stock was pushed 104, and vet, as now appea earning only $3.30 a share. The break began on Thursday, but to- day the bottom fell out of the marke for the stock and at one time it was off over 35 points. Baldwin Locomotive and American Locomotive were heavily sold toward the end. Savage Arms dropped sud- denly over 10 points and other dustrials of this class came down sharply. The notable exception was General Electric. which was making excess pr me time the rest of the s weakest It was getting ready for the big cap- ital split-up expected. General Motors started in over 3 points higher on the increase in the dividend from $6 to $7 and the highly ngs statement for 1925 but came down late did most of the other moto The market Jf over $27,000,000 in the serve of the clearing house banks seemed to foreshadow further calling of loans on Monday up above . it was NEW YORK. February Wall street expects ih E. L. Dupont de Nemou dividend take fave cholders in of passing along from its ho Motors Corporatio common dividend to lly last Thursday. Either a small extra dis- bursement by Dupont or an increase in the regular from $8 to $9 is anticipated 13 () — directors of Co. at their Monday will in behalf of Private dispatcacs trom Chicago re- ceived in Wall Street state that the Roxana Petroleum Co.. subsidiary of Royal Dutch Shell, plans construction of a refinery at Gary. Ind., to cost $5,000.000, and that the company plans a pipe line from Ilast St. Louis to Gary. Acme Steel Co income for $1,493 reports larger net DAIRY PRODUCTS. IMORE. February 13 oung chickens, pound, 25a: Leghorns, 23a30; Winter chickens, 40; old hens, 26a32; Leghorns, 28a2s! roosters, 18a20 ons, 35a42; duc 25a35; geese, 20a26; young turkeys, 50a52; old, poor and crooked, breasts, 30a35; pigeons, pair, 25a30; gulnea fowls, each, 35a85. Dressed voultry—Turkeys, voung, 40a50; old, 30a45; chickens, young, 32a35; oid, 30 a32; capons, 3ba48; ducks, 30a35; geese, 20a28. Eggs—Receipts, and nearby fresh, candled, Butter 943 dozen, cases; native offered 33; to fancy prints, 46a43; ladles, , 32; dairy prints, butter, 40adl; rolls, mery, process EARNINGS INCREASE. NEW YORK v 13 UP).— Smnd.m| L 200 ()w vear be- e de- 3,945 GEB.MAi{ BONDS AND STOCKS. (Quoted in dollars per million marks.) North German North German Lioyt Commerz and Disconto Gellsc! lmil Dresdner Bank Deutsche Bank . Darmstacdier Bank . : ur Bank Vienna. .. Heydon Chemical N STOCK MARKET. , February 13.—Following highest, lowest and closing prices for the most active stocks dealt in here: 1 American Tel. & Tel... 14 Arizona Com 1 Bigelow Hartford Nat banher New Corneli T & T. Olives have 1,400 food calories to the pound. Am Agricul Chm Am Ag Chm pt Am BankN 1.8 m Beet Sug (4) Am Bosch. ... Am Brake Sh (8) Am Br Boverl. Am Can (18) Am Can w.1. Am Car&Fdy (8) Am Chain A (2). m Drug. Am Exp) Am & For Am & F P pf (7). Am Hide & Lea. . Am Hide & L pf. Am Ice (110)..., Am Ice pfd (6). . Am Internatl. ... Am La Fran (1). Am Linseed. . Am Loco (8)... Am Metals (4).. Am Metal pf (7) Am Radlator (4). Am Ship & Com. Am Sm & Ref (1) Am Snuff (12)... Am Stl Fdys (3). Am Sugar (6). .. Am Sugar pt (7). Am Sumatra. . Am Tel&Tel (9). Am Tobacco (8). Am Tobac B (8). Am Typ Fdrs(8) Am Type pf (7). Am Wa Wo §1.20 Am W W 1st (7). Am Woolen. Am Wool of Am Zinc. Am Zine p! Anaconda (8). Armour,Ill A (2) Armour.Ill (B). . Armour 111 pf7) Arnold Con (n).. Asso Dry G(2% ) Asso Oll (3)..... Atchison (7).... Atchison pt (5). Atl Birm & At... Atl Coast L (1! Atl Guifaw 1. Atiantic Refing. Atlan Ref pf(7). Atlas Tack. Austin Nic pt(7). Auto Knitter. ... Baldwin L (7) Palto & Ohto(5). Barnsdall A (2).. Barnsdall B (2).. Beech-Nut (13). Belding Bros(3). Bethlehem Stl. .. Beth Stl pf (1) Booth Fisheries. Botany A (4). Briges Mfg (3).. British Emp 2d.. Bkl Edison (8) . Bklyn-Mn Tr(4). Bk-Man T pf(6). Bkiyn Un G(4) Brunswick-Balk. Brunswick Ter. . Burns Bro (10). Burns Br B (2).. Bur Add Ma (3). Butte&Super(2). Butterick....... Butte Cop (60c). Caddo Central. Callf Packing (8} 1 Calif Petrol (2). Calumet & Ar 4). Calumi&H (1) Can Pacific (10). ! Case Threshing. Cent Leather-..... Cent Leather pf CenRRofNJ (112} Century Rib (3). Cerre De P (15). Certain-Teed (4) Chandler (3).... Chesa&Ohto (4. Ches&O pf (83%) Chi & Alton. Chi & Alton p Chi & Alton ctfs. Chi & East Il pf. Chi Great West. Chi Gr West pf.. CM&StPotfs.. Chi M1l & 8t P Chi Ml & StP pf. Chi & Nwn (4).. Chi Pneu T (5).. Chi RI& Pac... Chile Cop (2%). Childs (12.40)... Christie Brown. . | Chrysler Corpn. . Chrysler pf A(8) Cluett Peab (5). Cluet Pea pf (7). Coca-Cola (7). .. Col Fuel & Iron. Col G & B (2.60). Col G & E pf (7). Col Carbon(4)... Coml Cred (1%) Com Inv (3.60... Com Solv A (4). Com Solv B. Congoleum- Consol Cigar.... Consol Distribut Cont Mot (80¢).. Corn Prod (2)... Coty 1nc (4) Crex Carpet (4). Crucible StI (5). Cuba Cane Su... Cuba Sugar S pf. Cuba Co (4)..... Cuban-Am 8 (2). Cuban Am pf(7). Cuban Domin. Cushman’s (3) Dantel Boone Davison Chem Deere&Co pf(5) . De! & Hud (9) Del L& Wn (7). Detroit Ed (8) Devoe&Ra(2.40). Dodge Bros Cl A. Dodge pf (7).... Dome Mines (3). Douglas Pec (1)- Dupont (+13). ... Dupont deb (6).. Durham Hose. .. Durftam H p£(7). “Eastman ( . Eaton Axle (2).. | Eisenlohr & Bro. El Auto L(16%) . wlectric Boat. Eleo Powr & Lt. EP&L pf 40% (1) EIP&LDI(D.. Elec Sto Bat(18) Erle 2d pf. Eureka Vac Fairbks (2.60).. Famous P1(8).. FedLight(°1.40). Fed Min pf (7). First NatP pf(8) First Nat Stores. Fisher Body (5). Fisk Rubber.... Fisk R 18t pf (1) Fleischmn(new) Foundation (3). FoxFilm A (4).. Freeport-Texas. Gabriel A(13%). Gardner Motor. . Gen Am Tnk (3). Gen Asphalt. ... Gen Asph pf (5). Gen Cigar (8)... Gen Eleotric (8). GenKl spec(60c) . GenGas A (1%). Gen Gas pt B (1) Gen Motors (7). Gen Mot pf (1).. Gen Outdr Adv.. b 107% 161% Goodyr pr p2(8).. Gotham S H 3 Gotham pf (7). Gould Cou (3). Granby Consol Grt North pf (6) Gt Nor Ore(1% ). Grt Wstn Su (8). Guantanamo. Gulf Mo & Nor. Guif States 8 (5) Hartman 23%)... es W (13%). Hoim Geo (16%) Hoe&Co A (4).. Homestake (18). Howe Sound (3). Hudson Mn (3%) Hudson Mot (3). Hupp Mot (1)... Illinots Cen (7). Indep O11 (1).... Ind Motroy (500) Indian Refining. Indian Refg otfs Inland 8t (3%).. Inland St1 pf(1). Inspiration (3).. Interurb Rap Tr. Intcontal Rubber Internat Agri. .. Int Ag pf pf (7). Int Bus Mao (3). Int Cement (4) Int Com Eng (3 Internat Har (6) 20, Int Mer Mar pf.. Int Nickel. Int Paper. Int Ry Cent Am Int Tel & Tel (§) Jewel Tea. Jewel Tea pi Jones Bros Tea Jordon Mot (3).. Kan City South.. Kayser J (3).. Kelly-8pring Kelsey Whi (6 Kennecott (4). Keystone T & R Kresgs (8 8) new Kresge Dept S... Lee Tire & Rub. . Lehigh Val (3%) Leh&Fink ctfs . Lifesaver: Loews Ino (2)... Loft ‘oo . Loose-W 2d (7). Lorillard (3).... Lorillard pf (7). Loutstana Ofl.. . Louls GasA(1.75; Louis & Nsh (8). Ludlum (2):.... McCrory B $5.60. Mackay pf (4 MclIntyre P (1).. Mack Trucks (8) Macy HR& Co.. 1 % 40% 40% 101% 101% 21% 21 22% 22 U% 4% K 27 264 103% 102 8 84 384 117% 26% 118% 80% 26 131% 66% 113 25% 147% 05 Macy pf (7). . 117 Magma Cop (8). Mallison & Co. .. Man El Sup(3%) ManEmdg (5).~ Manila Elec (2).. Maracalbo Oll. .. Market St prior. Marland Oti (4). % | Martin-Parry (2) Mathieson (4).. May Dept St (5). Maytag (2).. Metro G pf 1.89.. Mexican Seabd. . Mtami Cop (1). Mid-Continent. Middle Stat. Minn & St Louls. Min St P & SSM. Mis Kan & Tex. . MoK & T pf (5). Missour Paclfic. Missouri Pac pf. Mont Power (4). MotherLode (76c: Mo Picture(1%4). Motor Met (3.60) Motor Whi (2) .. Mullins B pf (8). Murray Body.... Nat Acme (sta). Nat Biscult (t4) Nat Cash Reg A.. Nat Cloak (4). Nat Enamel & S. | Nat Lead (8). Nat Pow&Lt 40c. North A (B3.40) . North Am pf (3). North Pas (8)... Norwalk (1.60).. Nunnally (1.50). 011 Well 8Bup (2). Omnibus. . Omnibus pf Oppenhetm (3).. Orpheum Cir(2). Otis Elevator(6) Owens Bot (4) Pacific Coast.... Pac Coast 2d (4). Pacific Gas (8) Pacific O11 (3)... Packard Mot(2). 80). Pan-Amer (6. Pan-Amer B (8). Pan-AmWn B(2) Panhandle. Panhandle pf. Park Utah (80c). Pathe ExClA... Penn C & Cke. Pere Mar cfs(4). Peres Marq pf (8) Phila Co ().... Phila& RC&I.. Phillips Pet (3). Phoenix Hoslery Plerce-Arrow. .. Plerce-Arrow pf. Plerce Ofl. ... Pierce Petrol. Pitts Coal. .. Pitts Term Coal. Pitts Ter pt (8). Prod & Refiners. Producers&R pf. % | Pub Ser N J(6).. Public Servrts.. % | Pullman Co (8). Punta Aleg Sug. Pure Oil (2)..... Radio Corp of A, Reld Ice Cm @. Remington Type Replogle Steel. . Rep Ir & Steel. Reynolds Sprngs Rey Tobac B(4). Rossia Ins (6) Royal Du(al.33). Safety Cable (4) 8t Joseph L(13). 44% 26 75 51% 32 26% T4 b9% 21% . 100% 23 51 65 50 2% 18% 16% 844 20% 29 128 88! 70 42% 8ty 77 (14 48 49 41% 38 103% 1% % % 43% 121\& 2% 86 82% 45 74 1% 4% 81 88 114% 26 118% 80 23 18% Lively Market. BY GEORGE T. HUGHES. Special Dispatch to The Stary NEW YORK, February 13.—Trad- ing in bonds today was unusually ac- tive and interesting for a Saturday half session. Among the features was the ad- vance in Liberty 3%s to a new high record for the vear, a remarkable movement, considering it coincided with the passage by the Senate of the tax bill with its large reductions in surtaxes. Evidently the market for non-taxable securities is not going to be injured by the new conditions, as a good many people had expected. Among the other Government bonds the Treasury 4s were the strongest, galning substantially over Thursday's close. Traction Issues Sold. High-grade railroad issues, as rule, were fractionally higher. Speculatively, the outstanding event was the liquidation in the New York tractions, which had been bid up so violently. The selling was heaviest in Third Avenue adjust- ments, which fell back below 60, as compared with the high of 657 made February 5. The influence of the settlement of the coal strike was seen {in the strength of Delaware and Hudson convertible b5, which made a gain at one time amounting to almost 3 points. Other Bonds Strong. Curlously enough West Virginia Coal and Coke 6s, the obligation of a company engaged in mining bitu- minous coal, were strong today, mak- ing a new 1926 high at 91 The gain in New York, Ontario and Western refunding 4s was more log- ical. Changes in the foreign group were small, but generally upward. Buy- ing was particularly brisk in Brazil 7s, and there was a fractional ad- vance in Jugoslav 8s and in French 73s. Hungarian 7%s, which reacted after the buying for the sinking-fund account had been completed, rallied today. e e, Sioe CHICAGO LIVE STOCK MARKET CHICAGO, February 13 (Special).— Live stock trade, except for hogs, wis the usual slow affair today. Hog trade was uneven. Heavy grudes were slow, but light Kinds went strong to 10 cents higher. Choice light lots sold at $14, with choice butchers most- Iy at $13.50 to $1 and most pack ing hogs below $11. Heavy hogs were mostly 16 and 25 cents lower at the close. The supply was 4,000. Fresh supply of cattle was only 500, Small lots sold unchanged. For the week most steers were lower. Strictly prime animals were steady, but scarce. Yearlings went to $11.75 and heavy lots to $11.25. Medium grade st dropped 15 and 25 cents. Canners dropped, but calves were higher. Sheep trade was of little account. Compared with a week ago fat lambs were mostly 50 and 75 cents lower, with best at $14.50. Feeding lambs wers off a quarte; StL & S8anFr(7). 97 fi'lK 8t L Southwe: 1% Savage Arms(4). 98% Schulte (§8) . 186 Seaboard Air Beabd Alr L pf. Seagrave (1.20). Sears Roebk(6). Seneca Copper. tuck F G (%) Shell Un (1.40).. Shell Un pf (l) Stmms Pet (1). Sinclair Ol Sinclair pf (8).. 44T 467% South Port S (6) Bouth Pac (6)... Southern Ry (7). South Ry pf (5). Spear&Co pt (7). Spicer M, Std Gas & Stand Mill (6). St Ofl Calif (2) 8tONINJ (1) StOlINJ pf (7). Std Plate Glass. Stewart War (6). Studebaker (16). Submarine Boat. Superior Ofl. ... Symington. Symington A(3) Tenn Copper (1). Texas Co (3).... Tex Gulf S (8)... Tex & Pacific. ... Tex&PacC& O, The Falr (2.40). . Third Avenue... Tide Water (1).. Tide W Ofl pt(5) Timken R B (14) Tobac Prod (6).. Tob Prod A (7) Transcont O1l. Transue & W(2) Un Bag & Paper. Underwood (t4) Union O11 (2)... Un Paoflo (10) Utd A1 8t (50c). UtdCigar(*3% ). United Drug (7). Utd Druglst 3% . Utd Fruit (+12).. Utd Ry Invest.. USCIP&F(10). USCIPpS (7). 8 Distributing Hoffman (3). Ind Aloohol. Realty (n).. Rubber. . Rub 1st (8). Smelt (3%). Smpt (3%). U 8 Bteel (17)... U S Steel pt (7). Universal Pipe. . Ut PEL A (3) Vanadium (2)... Vick Chemica qaagacac nRaRnno % | Va-Car Ch(n)w 1’ Va-Car Ch 6%pf. Va-Car Ch 7%pf. Va Iron Coal&C. Vivaudou. Wabash ‘Wabash pf A (‘) Waldorf (1%).. 3% | Walworth (1.80). ‘e | Ward Baking A. 0% 90% 112% 112% 1123 107% 106% 106% | W 6 654 66 20U 0% Ward Baking B. ‘Ward Bak pf () ‘Warner Bros Wcllr ). % ‘White Eagle (2). White Mot (4) Wickwire otfs... Willys-Overland Willys-Od pf(7). ‘Woolworth (5). . Worthn Pump. .. Wright Aero(1). Yol T &C (76c). ‘Youngstown {4). 32 80% 84% or mfl’ Ny o “‘,,‘n“‘ Unless otherwise noted. extra or At “"'33;.1:: W & y-.‘i- B9, Teular rate, b 'Tg""zu tPardy in Jock"pay able mllmrly fm ay: lus n stod ck Darsble iis % US4%s’s2 FOREIGN. Bales. High. Low. 98la 984 30 984y 98% 3 oY% 98'a 101% 93 Argentine 6s A. Argentine 6s B. . Canada 58 1952. Canada 58 1931. Chile 75 1943. Chile 8s 1946 Chinase Gov Ry § Con Pow Japan 78 Copenhagen 5%8. Cuba %s. ... Czechos!o 748 rots. Czecho 83 1961 . . Czecho 8s 1962 ct. Danish Munic 8s B. Denma 2 Dutch East I 65°47. DEI5%s Nov" Dutch East I 6s'62. 1024 1085% French 8s. German E1 P 8%s. . German 7s. .. Italy 77s.. Japanese 4s Japanese 64 Jergens U M 63 Mexico 4504 asn® Hexico 5s assented Montevileo 78 Netherlands 65 '64. Norway b4s. Norway 6s 1943 Norway 65 1934 Parts-L: Paris-Ly Paris Orleans 7s. Pern 8s. Poland 8 Porto Alegre 8s. ... Ortent Dev deb 63.. Queensland Ts. Rio de Jan 85 1946. Rio de Jan §5 1947. Rio Gr Do Sul 8s. Sao Paulo City 8s Sao Paulo 85 19: Saxon PW 7s Sofssons 6s. . Sweden 545 ct. Sweden 6s. Swiss Confed Ud Kingm 6% Ud Kingm 5% '37. Ud Steam Coyen 6s. Zurich 8s. 118% 106 4% 108% MISCELLANEOUB Ajax Rubber 8s. 2 104% Am Agri Chem Ths 10474 Am Chain 6s... 101 Am Smit& R 15t 55 10044 Am Smit & R 6s. 1074 Am Bug ref 6s. 104% Am Water Wks o8. Am Writing Pap 6s. Anaconda 1st 6s. Anaconda cv db 7s. Andes Cop Tsrets. . Armour & Co 4%s T Armour Del 5%s. Barnsdall 6s ctfs. Bell Tel Pa 58 B. Bell Tel Pa 68 C. Beth Steel pm 53... Beth Steel rf 6s.... Beth Steel 5333 '53. Bethlehem Steel 63 Brier H St 1st 5%4s. Bush T Bldg 55°60. Cen Leth 6s "45 cfs. Chile Copper 8s Commonwth P 2 1014 92 95l 101 whocelB- Cuba Canecvdss.. Cuban Am Sug 8s.. Denver Gas 53..... Dery (D&) Ts..... Det Edison ref 6s.. dge w1 6s. . g° & P 6¥s 3. Duquesne Light 68 Bst Cuba Sug 7%s. 1 Empire G & F 7% Fisk Rubber 8s. odyear 8s 19 3°wa§m 551941 ey %S & Co 6%s Hnm\m O&R5%s Illinots Bell 1st 55. Illinois Steel 4 %s.. Indiana Steel 6s. Int Mer Marine 63. Int Paper 58 '47 {nter Paper 6s. Inter T&T 5% KCP&Lt6sA'S2 KAnG &x-.xsa"sz Z Kelly-Spring 8s . Llcl,;do G 5%s'62. Liggett & Myers 58 Louisv G & E 55 52 Manat! Sug sf T4 4 1214 100% 99 24 1024 4 102 ontana Pow 8. . . Mor's & Co 15t i%e N Y Edison 53 ’44. N Y Edison 8%s. .. NYGELHEP {5, NYGELH&P bs. NYTeldnh NY N ¥ Tel Garts. North Am Ed 6s. North Am Ed 6%s. Nor States Pow 6s. Otis Steel 7%s. Pacific Gas & El 55. PacT & T 1st5s... Pao T & TEs’ Pan-Amer Pete 6s. Peoples Gas s Phila Co 5%3 '3 Phila& RAC& 158 Public Service 6s. . P Serv Gas 5%s’69 Pfinrvull 5%s'64 8 2 Punta Alegre 7s... Rep Ir & Steel 55 Rog Brown Iion 7s. 10 8inclair Ofl 6s. . 206 §inclair O116%s... Sinclair O11 7 z > 8in Crude Ofl 6 19 Stn Pipe Line & South Bell Tel So Por Rico Sug 7 Southwest Bell 6s.. Sug Est Orient 7s. . Tenn Elec Pow 6s. . @ T B R O 0= 103% 108% 106 94 107% 108 96% 106% 96% 88% 99 1007 112 105% 1025 1004 102% Chem 7s... Vertlentes Sug 7s. . Warner Sug 78 '39. Warner Sug 7s41. Waest Elec bs. Westn Unlon 6%s.. Westinghouse 7s. . Willy=-Ov 6%s"33. ‘Wilson & Co 1st 6s. Youngstn S& T 6s. Close. 984 98% 98Y% | 984 101% % 98 102% 108% 48 Bklyn Manhat Canad North 7 Canad Pac deb Central Pacific 4 Cent Pac 1st 6s " Ches & O cv 4 %s. Ches & O gn 434s. Ches & O ov 68 Chi & Alton 3%s. ChiB & Q gn 4s'58. ChiB & Q1strf6s. CM&SP cvbsctald 8 CM&StP6s...... Chi & N Wref bs... Chi& N W 7s. Chi Rys bs. . Chi RI&Prf CRITH&SE Chi Un Sta 4% Cleve Term 5%s. C&S1st 45°29. % | Colo & Sou 414s. Del & Hud 1st rf 4s. Del Hud cv 5s 31 Erfe 1st cons 4 Erle gen 4s. Erfeconv 4s A Erfe conv 4s B Erfe conv 4s D. Erie conv ext 7; Erfe & Jersey FlaECBs'74. Gr Trunk sf db Great North bs. Gr North gen 7s Havana ERL&P '50 Hud & Man ref 6s.. Hud & Man aj bs... 111 Cen 45 58. . 111-C-C St L&N Int Rap Tran 5s... nt Rap Tr bs stpd. Int Rap Tran 6s. .. Lake Shore 4s'28 Lehigh Val 58 2003. Louis & N uni 4, Louis & N 55 B. Louts & Nash 7s Man Ry 1st 45 90. Market St 7s 40. PE-TN T PN G8ww~tina NGT&MG5Hs. N Y Cent4s98... Y Cent deb 4s Y Rys 6365 orthern Pac 38 Northern Pac 4s... | Northern Pac &s D. Northern Pacr 1 ¢a. Ore & Calif 1st 68 Ore Short L ref ¢s. Ore-Wash 1st rf 4 Pennsyl con 4% Pennsyi gen 43 Pennsyl 68 64 Pennsyl 6% Pennsyl gold 7s. PCC&StL6sA Reading gen 4148 Rio G West ol 4: RIATk&L 4% St L IM&S 48°39. % » [T PR HOTICE AT StLS W 1st 4s. StP & KCShL 4%. St P Un Dep b San A & Arn P Southern Ry gen s |'- Southern Ry 1st 5s. Southern Ry 634s. Union Pac 1st rf ¢s. Union Pao 4s '27. Union Pac cv 6s Virginia Ry 1st Shore 1st 4s.. Wheel & L E cn 4 = | Wilkes-&E 1st 6s TODAY'S GRATN MARKET. prices took an early swing downward today in sympathy with declining mar- Kets abroad. Largé world shipments | ¢ and pressure of offerings to Lurope|w from Southern Argentina were bear- ish factors. On the setbacks in values here, however, commission house purchasing developed, influenc- stocks in Chicago and by assertions that milis are taking wheat out of this market almost daily. Chicago opening prices, 7% to 21§ lower; 1.49%, were followed by something of a rally and then by fresh downturns. Corn and oats were easy, responsive to the action of wheat and as & result of liberal receipts of corn. After S,pf‘"m" % to 7 off, Mav 807 to 4, corn recovared, ST% oo but again turned Oats started at 1§ 34t 417 to 41%. N Jomer: ey La!er changes were 214 | DAYTOW. 9% 1007% 112 105% 102% 100% 102% Provisions lacked higher quotations on FOREIGN EXCHANGE. (Quotations furnished A .r SSibbe 400 ll London. pound ‘fit‘ 4 support, despite | W hogs. Prague. Warsaw. zloty. . Cn"‘ hagon. ufii Oslo. crown . Flurry Subsides. BY STUART P. WEST. Special Dispaich to The Star. NEW YORK, February 13.—The uncertain price changes in the stock market of the last week are in keeping with the view that this is really a wait. ing market. Wide fluctuations have oc- curred in highly speculative indus- trial shares, but they have had little influence upon the main body of the list, in which the disposition has been to hold around the present level with- out attempting much in the way of fresh Initiative i _either direction. Settlement of the coal strike over the Lincoln birth holiday 2 pleasant surprise to Wall Street. The action of the coal-carrying rail- roads and the anthracite stocks in Thursday’s market had anticipated an early agreement between mine owners and union representatives. The agreement will be submitted to the tri-district convention for ap- proval, after which a contract will be formally executed by both parties. Commeodity Prices Still Down. ‘There is no question that business developments during the last six weeks have not come up to the san- guine predictions at the outset of the year. In fact Wall Street and the commereial community have had an- other lesson on the subject of taking too seriously year end reviews and interviews from the heads of big busi- ness which subsequent events have proved altogether too optimistic. Too much attention has been paid to the evidences of large consumption. such as the weekly railway tonnage figures and the data on the distributive trade. Not enough emphasis has been laid upon the comparatively low prices at which much of this business is being done. In the steel industry the price average hay been steadily going down. It is lower than it was during the greater part of 1925, and it is much below what it was two years ago. According to Dun's review each week of the last four has shown a decline in wholesale quotations. Thirty-five of the last week's total changes, out of §5, have been downward. The high cost of labor is, of course, the main factor making for high pro- ductive costs, and this is something which experience has demonstrated cannot easily be corrected. The sec- ond most important item {s fuel, and this has been advanced verv consider- ably by the anthracite strike. Cot- ton goods manufacturers are unable to get advantage out of the low prices of the cotton staple, because they can- not advance their own prices and be sure of holding their market. Loan Flurry Subsides. A good deal of stir was made over the stock exchange report on broker- age loans. The total of $3,513,000,000 looked high in the light of previous estimates. But it was quickly ap. preciated that these estimates did not take in the syndicate loans—that is. the loans based upon unsold portions of recent offerings. Also, as the presi- dent of the exchange pointed out, new stock listing had increased 70 per cent from the outset of 1819 and new bond listings 20 per cent. The market soon forgot about the loan figures, and the decline in money rates toward the end of the week was accepted as reassuring. It is essen- tially a market of special movements for speclal causes, and the indica- tions are that it will continue in this way for a while to come. (Copyright. 1826.) Washington Stock Exchange SALES. W;thrton Gas 68 '33—3$1.000 at l(\i‘ flshmnen Rwy. & Elec. g. & 510 10810 Capital Trmuon Lu—lfl at 10" 50 at 10700 9t 107, 10 3o 3¢ 50" at Toz, 10" 167, 0 % 10 R Botorsa Power pta—b at 108, et — otomac AR Potomu Electric Power ptd. Int 0 0 107 % it 1075710 at 107%.° 10 at 5 af ; 1&”’3 25797 %o % ington 90%% " D01y, 108 '.00'6 10 3 mu y & Trust Co—3 1 41300, 70,4t 266, 10_nr 399, 10 Natignal Savings' & Union' Trust Co—4 at at 235, nty, Transter & Stora 10 at 101%. 5 at 1 Yeteenthaler Linotyve 10 at 2185 10 t 216,30 a1 918 10 at 210% 10 at 2Y515. fat AFTER CALL. ington Hwy. & Elec. 45—$1.000 at PR 133«-“ leclnc Pov, pIa.—10 at 1081, g SRk-2 at 70, 10 st 474 hfitflc Ge 1933-32.000 at 107, and Asked Prices. BONDS. PUBLIC UTILITY., Amer. Tel. & Telg Merchan 101 4. HERG $1.000 8t 10 Bid 1003 Srdinan Park Hotel §s. e STOCKS. PUBLIC UTILITY. CHICAGO, February 13 (#).—Wheat | &ao v & Eleo. .\u'no. National Capital. €olumbia ed by extreme smallness of contract | D (new) 1.67a1.67% and July 14:"2: g"’ TRUST COMPANY. S“un.n Ssg:.r\w & Trust. 398 st Washington Losn' & Triist SAVINGS BANKS. TITLE INSURANCE. bia Title. Soul"Estass Tiate )nscnu..\xzobs Fm l\ rfl §. m%l 'l‘rln .ks“" Dl “:“ Sihaler Lin S Weshineton mrk'ex. *Ex dividead. With Riggs, Which Increases Nine Points. BY CHAS. P. SHAEFFER. The usual Satur dullness was not visible on the Washington Stock Exchange today, bank stocks provid ing the feature of the most active trading thus far in 19 Major attention was of the National & and that of the Riggs National I the former scoring points over the best previous level with )(lgg]‘.\ records an increase of 9 points. ~ The trust institution traded in to the extent of 10 7. with 12 shares of Riggs to 474. v Capital Traction stock fed fuel to 1 rumor of approaching definitene merger negotiations, more than shares selling at 107, with quent softening to 1067 on the I 20 shares. Mergent ined frac tionally to another new high at 2161, but failed to preserve thi. Union Trust Co. bettered vious mark by two points to 233. Unlimited Securities Prices. The following latest ‘b “asked” prices for u are quoted for the g of these issues: ntered on stock idance of BONDS. STOCKS Anacostia Bank.. Kton Base Bail \\nudrvdm & Langd; npar . was re. he ensuing teri eting of the board he last several that office for annual m yesterday. Other re-elections included the f. lowing: Robert D. Weaver, vice dent; Willlam B. Orme, secretar George M. tafford, rence Tow Hume and A. G treasurers; troller; C. o & Rowland, Steamboat Offici The same fc istered the W ral years throughout of the compa Directors res J. Bell, D. J wards, G Norment, William E. and Odell S. Smith Subsequently, and r for dent; D. J. vice president ’md general manager: Odell S. Smith d ClL e F. Norment . secretary. Moody's Weekly Moody's Weekiy Re cial Revi st the baking publication o! loans should he regarded & turbing influence. T merely a remin, the ‘Sherman Ia nothing new- “The huge total of brokers' loans ought to emphasize in our minds the fact that the Wall Street market is al market, and benefit to There is notk his ing more trade than the consequent funds to every productiv ““Petroleum stoc! statistical position. but st bound to move with the market. Should the la even, they ought to continue showin strength, and even if the market breaks the better petroleum si shnuld break less than average in trials. . STRENGTH 1S LACKING IN COTTON MARKET Census Report on Consumption Is Disappointing—Some Week End Selling. By the As: ; NEW YORK, Febr 13.~The cotton market opened steady today at unchanged prices to an advance of 3 points on buying apj rent in spired by relatively steady Liverpool cables, the settlement of the coal strike, and reports of a good opening tone in the stock market. The census report showing domestic consumption of 583,192 bales for January, against 594.010 last vear, dL\.\p]\(\u\U‘d recent buyers, however, while the week-end figures also made rather a bearish im pression on sentiment. After selling at 19.77 for May and 18.34 for Octo ber, the market eased off 4 or 5 points under realizing or liquidatiom and Southern hedre selling New York futures closed barely steady net 8 points down to 4 uy March May Opening—March. 20.38 . 19 1008 B Ghers 18.34 " December. 17 New Orleans Quotations. NEW ORLEANS, February 13.— The cotton market opened qulet, with cables about as_due. The January ccnsumption of 583,192 bales of lint cotton by domestic mills was smaller than expected and mills stock of 1.811,392 showed an increase over last month. First trades here were 2 points down on near months, and un- changed on more distant positions. Prices eased off several points after the opening call, March trading down to 19.66, May to $9.11, and October to 17.68, or 2 to 4 points under yester- day's close, The market was quiet at the end of the first half hour. New Orleans futures closed steads net decline of 1 to 6 points March October " o e it 18.60: October. Authoritles estimate that there are more than 2,000,000 laws in force in ihe United States.