The Philadelphia Inquirer from Philadelphia, Pennsylvania • Page 26

26 a THE PHILADELPHIA INQUIRER SATURDAY FEBRUARY" 14, 1925 1 -I IT II II STOCK MARKET BECOMES UNCERTAIN NEWS OF THE BUSINESS WORLD In- the Genera! To ne in New York STEEL PRODUCTION nnnu nrnnrnnr BUMPING THE BUMPS LEADS TO SUCCESS WILD FLUCTUATION IN WHEAT MARKET local Shares Took leadership and the Price Changes Are Without Any Special I-' Significance dicated Firmness Much. Irregularity Was Noticeable ncHui uLurooc Consumption and Output Likely to Be Balanced Ere Long May Delivery Makes an Extreme Swing of 14 Gents Per Bushel Most Men Who Have Arrived at the Top Had to Overcome Serious Obstacles at the Beginning of Their Careers Which Developed Character FIRMNESS again marked the tone of the trading upon the local Stock Exchange yesterday, but, only a few issues showed any activity, and these shares the price changes were very small. the upward swing on Wednesday, the other public utility shares failed to follow the leadership. U. after opening fractionally Higher, later eased off, which caused some surprise in view of the remarkably good showing made in the annual report.

In Philadelphia Electric mere seemed to be an effort of accumulation without forcing up the price. A vague report was circulated freely on the Street during the day intimating that some highly important announcement was pending, which would likely be made public property before the week closed. Those well- By ROBERT S. WINSMORE From TJt tr.airor Bureau NEW YORK, Feb. 13.

THE chastening effect of the reckless plunging performandes in stocks during the first half of the week was evident today the reduced volume of Stock Exchange trading and in the uncertain fluctuation of most listed shares. The market's general tone was one of firmness and no important selling pressure was to be seen. At the same time there was apparent hesitation in many Wall Street quarters and the diminution of commission house business indicated a -disposition await a more orderly state of affairs on the Stock Exchange than that of the preceding few days: Pool operations led to spectacular price movements in a few OH and Automobile Trades -and Railroads Chief Supporters of the Market At Weak Hour Corn and Oats Sold at Season's Lowest Prices CHICAGO, Feb. 13. Going cp as much as seven cents.

May wheat touched a'bushel here todav. xniormed the affairs of the company were at a loss to account for anything other than a favorable decision of the Maryland Public Service Commission regarding the Conowingo project. The large increase in passenger S7enile rePorted for January was without effect on the P. -S. T.

shares. The month's revenue aggregated $4,146,665, as compared with $3,748,595 ia the same month last year, at the old rate of The price for gold quoted in the London market on January 6 of 87s. 4d. per ounce was the lowest fixed since September 12, 1919, when dealings in exportable gold were resumed for the first time since the war. The previous low record for this period was the price quoted oh February 21, 1923, 87s.

5d. According to advices received by the Bankers Company of New York from its British information service, the low level of price now reached has caused the sales of South African gold in. the London market to be suspended temporarily. South African producers, owing to the premium at which the South African currency abound stands over sterling, can secure ajetter price for their gold by converting it: into sovereigns. Statistics of gold output in the Transvaal show that a record output of gold was secured during the year 1924, the total production amounting to 9,597,634 ounces of fine gold, as compared with.

ounces in 1923, an increase of 5.1 per cent. The previous record output was that for the yeac.1916, when the total amounted to 9,296,615 ounces of fine. gold. The declared value of the 1924 output was 44,602,000, as -against in 1923, the normal value at 85s. per ounce being a3 against 33,816,000.

The premium received in 1924 was thus 3,812,000 or nearly double the 2,000,000 earned in 1923. There were 277,779 natives employed in the gold mines at the end of December. 1923, and 177,292 at the end of December, 1924. This improvement in French trade was fairly steady throughout the whole of last year, exports having exceeded imports in value in eight out of the twelve months. The months in which the figures were reversed were January, June, July and December.

The very noticeable increase in the value of imports during the month of December from 3,414,967,000 francs in November franca in December was due mainly to purchases of raw material necessary for industry and in part also to imports of manufactured articles. stocks ori6e more, but these were not so oversnaaowing aa to uv onensive. Erratic ups and downs in wheat, thereby an early sharp advance was followed by an even greater decline, commanded much all Street attention, and the money market hardened once more so as to establish a four per cent, call loan rate. Foreign trade figures for January showed a -satisfactory excess of merchandise exports, offset by -the heavy outgo of gold. Unsatisfactory advices from the steel industry contrasted with further favorable reports regarding oil trade conditions "and prospects.

The reappearance liquidation in the bonds and shares of certain companies, notably St. Paul, was one of the day's unpleasant developments. Trading was even more professional than heretofore and the decline in the Stock Exchange's total of transactions to 1,200,000 shares was due largely to the falling off in commission house business From the opening, the latest interesting jumping-jack. Cast Iron Pipe, was the centre of Wall Street attention. Transactions in it were fairly numerous again and its fluctuations were once more thrilling, although their net result was small.

An early drop of ten points was followed by a rise of twenty-three, and subsequently by a setback, which left the net change a matter of only three or four points. The stock acted very much as though some voice of authdrity has said to Mr. Durant and his associates, "lay off," or words to that effect. Throughout the day Wall Street was full of interesting stories intended to explain the recent happenings in Pipe's market which, obviously, have involved much that is still a guarded secret. Such tales ranged all the way from assertions that the stock is cornered to declarations that, with earnings of $80 per share per annum, the shares are now believed to be worth $800, more or less, by the most conservative of Wall Street banking interest.

These and other equally lurid statements were, of course, no more than No real truth bearing upon the Cast Iron Pipe situation came to light during the session. Perhaps the most illuminating incident connected with the matter was the voluntarily published confession of a leading Stock Exchange house that its own sales, made for its clients, were chiefly responsible for checking and breaking Pipe's price on Wednesday. The statement casually admitted that the firm has all along been predicting 250 for the stock and consequently many of its clients became sellers when the prediction was fulfilled. But the statement went on to say that very Wednesday's close was $1.77 1-2. The rise, which accompanied an.

excited opening, was largely In sympathy witn advances at Liverpool and Buenos Aires and because of a revival of export demand. Advices were at hand from the United States Department of Agriculture that world wheat supplies at the end of the crop year would be very low. Price changes in wheat and also In other grains. to a lesser extent were so rapid that tickers failed to keep up with them. In the trading pits, prices were frequently a cent or more out of line with black board figureH.

The swift upturn brought about heavy profit-taking salee, and thus led to a sudden reaction; Relative weakness of feed grain soon tended also t6 operate as a weight on the wheat market. On the ensuing setback May dropped to a fall nearly 7 cents a bushel from the high level at the start, thus -making a swing of 14 cents. Corn and oats meanwhile were selling at the lowest prices yet this season for distant future, deliveries. In other deliveries than May, losses of nearly three cents in addition to the wiping out of gains, were recorded. On the -rally, however, all deliveries were soon back to well above Wednesday's close.

At this stage, persistent buying of wheat on a large scale was in evidence. The explanation given was that the market had become as much oversold on the decline aa it had previously been overbought on the advance. Estimates that export dealings on a tremendous -scale were in; progress helped to give comparative strength to wheat late in the day, although intervals of weakness were frequent. It was said that more than 2.O0O.000 bushels of wheat' and" 800,000 bushels of rye had been taken for shipment to Europe, and that Russia had bought By B. C.

FORBES HERE'S a carious fact: When I dig into the career of a man who has risen to the top, I nearly always find that at some early stage he received a tragic blow, hard enough to dishearten and knock out a person of only ordinary backbone. Chatting the other day with Z. Mitchell, president of the Electric Bond and Share Company, whose affairs are now much in the public eye, I learned that he also had such an experience. Arriving in Seattle as a young man with empty pockets he set about forming a plan to give the little town, then having less than 1800 population, an electric light plant. Not without much difficulty, he obtained the necessary franchise, raised the $10,000 necessary capital and proceeded to establish a plant.

He contracted to' start service on a certain date. He was congratulating himself that he had everything ready to start running- ahead of time. Alas, just as he had everything in apple-pie order, ready to switch on the juice, a worthless employee whom he had had to discharge, stole into the" plant at night and proceeded systematically to destroy. all the vital parts of the machinery. The scoundrel knew exactly what to do to cause the greatest amount of damage.

There was no time to order new parts from the East, the date fixed for starting operations being too near at hand. "WTiat did I do? I started in and worked day and night," he replied, "I worked harder than I had or ever have worked in my life. The against time and against all the handicaps threatened to prove hopeless, but, finally, we were ready to turn the switch on the date scheduled in our contract." While still in twenties, Mr. Mitchell organized electric lighting companies in some thirty Pacific coast communities, doing the whole job, from selling the idea to each community to raising the capital and installing the machinery. Although he is now, of course, on easy street, he traveled no easy road.

Do your income tax figuring Some people pamper themselves. The 84-year-old George F. Baker doesn't. -The other day. he suddenly realized that he would have to'hustle to reach a directors' meeting on time.

As he bolted towards the door of his bank-some one grabbed his overcoat and held it up for him to put on. "No, no I haven't time," he cried, as he disappeared into the street, where the weather was disagreebly wintery. i Another Baker incident: Walking was bad and Broadway was seething with traffic. As Mr. Baker left his bank to cross Broadway, one of the bank's special officers attempted to escort the veteran chief across the street.

Mr. Baker turned on him indignantly and let him know that he was quite capable of piloting his own way through the traffic. the rest of us be similarly spry when we approach 83! E. H. II.

Simmons, president of the New York Stock Exchange, discussing the part Wall Street has played in developing this country into what it is today, pointed out: "Few business institutions of the present day are more thoroughly indicative of the society from which, they spring, than stock exchanges. If any student were to attempt to survey the really basic features of daily life in the leading countries of the world, a study of the listings on their principal stock exchanges would in every case prove illuminating. It would be discovered that the New York securities market, after financing our Federal and State governments, had successively played a vital part in creating our financial machinery of banks and insurance companies, in providing transportation in the form 6f railroad lines and canals, vin establishing public utilities, in inaugurating the modern era of wholesale industrial production, and finally in stabilizing world trade by financing foreism srovernments and foreign industries. Ppeelal to Tha Inquirer. PITTSBURGH, Feb.

13. Conditions as to steel consumption are improving, while the rate of steel production appears ready to begin decreasing as buyers have about completed their process of stock replenishment, adopted immediately after the election. Both the oil trade and the automobile trade are increasing their steel requirements, while railroad buying in the putt week haB been particular! good. In the oil trade there is now a total of fully 50,000 tons of line pipe business, reported in the past two or three weeks, and as 400,000 tons makes quit a.good year in line pipe, a poor year being perhaps half as much, a very good backlog of business has been supplied in a short time. The order of the Andean Corporation, for South America, is just reported although it is claimed it whs placed in December.

This is for SiO miles of 10-inch, 20 miles being of extra heavy weight, the total running about 41.000 tons. Tbe Pure Oil Company, which recently bought 00 miles, has "now bought 140 miles of eight-inch, about 20,000 tons. The Houston Oil Company has ordered 200 miles of 16. 18 and 20-inch for a gas line in involving about 50,000 tons. All the foregoing business is understood have gone to the National Tube Company, while the Marland-Huinble line, Texas, "was idivided two-thirds to tbe Youngstown Sheet Tube Compiiny and one-third to the Jones Laughlin Steel Corporation, totaling 2X) miios of eight-inch, abouto.OOO tons.

Ask Quick Shipments The automobile trade is rIeasin shipments of iteel more freely, the tannage in the course of a week bein larger, but steel mills remark that ail the engagements are on very conservative scale. Once it is decided any steel-is wanted the mills are importuned to make very quick shipment. Recently specifications for more than a thousand tons of fcbeeta were tciu-graphed. On account of its experience of a year ago the automobile trade Jw pursuing a diametrically opposite course from last year. Orders for nearly 5000 freight cars are reported, including 1S25 cars for the Minneapolis St.

Louis, 1000 each for the Lackawanna and Union Pacific and 500 for the Mexican Petroleum Company. The car -shops entered tbe year with a very fair line of business, and it takes in the neighborhood of 10.000 cars a month to keep them going at their rate of the past two years. The Rock Island road has ordered 45,000 tons of rails, while the Baltimore Ohio is inquiring for tons, also for 1,000,000 tie ptetes. Once again the official report of steel ingot production for a month shows an output somewhat above tli' current estimates. Trade reports indi LATE GOSSIP OF WALLST.

outstanding. They are all of one class NEW YORK, Feb. 13. Both rediscounts and note circulation of the Pederal Reserve system increased last week. Simultaneously gold reserves declined to the lowest point in- three witnout par value.

Stewart -Warner Much is expected of the new venture of the Stewart-Warner Speedometer Corporation in the radio field. The corporation's quarterly reports show important financial interests have suddenly discovered the stock to be very valuable and lately have bought a great deal of it, so that no one should think of selling out any which they still vmay be holding. Naturally much attention was given to this graceful admission and gratuitous advice by a house which is frequently mentioned in Wall Street gossip as one -which doe3 a great deal of Durant business. The most interestingly strong feature of today's market was American Can, in which a five-point advance occurred. The strength of the stock was the result of very confident buying, and its appearance gave color to reports that the splitting up of the present shares will be accomplished, or at least announced, at a very early date.

Interests identified withHhe company gave no encouragement to this story, but they were more kindly disposed toward rumors that another substantial extra dividend will be paid upon Can at the coming- quarterly meeting. Other buoy--ant stocks were, as a rule, less meritorious. Savage Arms, Allis Chalmers, Bosch Magneto, Universal Pipe, Commercial Solvents, Associated Dry Goods tand Air Reduction were most conspicuous among them and in most of these the strength was so clearly due 1 bullish manipulation that it was not impressive except as an indication of speculative plans. Air Reduction, which was marked up four points, was the subject 'of widely distributed tips promising immediate, spectacular developments iif its market. These were tips and no more.

Heaviness in steel company shares attracted much attention, largely because they seemed to be a direct reflection of the further reports of diminishing buying of steel products. Such a falling off at this season following the active buying of December and January, is not at all remark years. The two movements were undoubtedly related. Member banks exporting gold were compelled to resort to the Federal Reserve discount privilege to compensate themselves for their loss of the precious metal. Since the gold export movement began gold reserves of the Federal Reserve system have dropped about $150,000,000 or almost exactly the total amount of sold exported.

However, until re that it earned $5.60 a share the first nine months of the year. Probablv earnings for the entire year reached or more. As 3924 drew to a close the company absorbed the Bassick-Alemite Corporation, a consolidation which, it is said, should result in increasing Stewart-Warner earnings substantially. Pierce-Arrow's Year another barrels of" flour in to previous purchases this week, Wheat closed unsettled, 1 to 4 1-2 net higher, May to $1.82. Sharp Advance at Winnipeg WINNIPEG, Feb.

13. Wheat, pTices advances sharply on the Winnipeg grain exchange at the opening of trading this mornings The May future jumped five to seven cents from yes terday's close, reaching the peik-at $1.97, a net recovery of ten Cents since Wednesday's low market. July scored a gain of 5c at $1.91, while October was CVic higher at $1.50. Higher Liverpool cables and good export buvinz were the bullish factors. cently the banks were abie to finance those exports without discounting cotes.

Most of the discounting has been done here iu" the local reserve bank. That fact, coupled with the outward movement of gold, indicates that the heavier discounts and the increased note circulation are less trace-ble to business improvement than to gold shipments and new financing, of which much has teen done in the last tew weeks. The reserve ratio of the local bank is at the lowest level of the year. On the other hand eight of the "It is this last phase of the Stock Exchange's activities which has. claimed special attention during recent years.

1914 the New York Stock Exchange was almost entirely domestic in the enterprises which it represented. Today listings of foreign gov-' A 1 1L. IT 1 .4. A -1 1 I. 1 1 J.H cated steel mill operations in the first half of January at about S3 per runninr ud close to 90 per cent, to eminent; Donas on ipe jixenauge louw sevciai uuhuub hi aouurs in vame, and comprise the obligations leading modern governments upon every continent on earth except Africa," Here's a squib which could well be reprinted in house organs and posted on the bulletin boards of department and other storesL "Can you serve, company?" asked the mistress.

"Yes, both ways, mum," replied the new maid. "Both ways?" "Yes, mum. So they'll come again or so they'll top away." (Oo3yrlht. 1625. by B.

C. Forbes.) able and need not be regarded as significant. Nevertheless it is disappointing to some Wall Street hopes and for that reason is having market effect. Crucible Steel was the weakest feature of the group, and Bethlehem also seemed to be under considerable pressure. United States Steel itself was no more than stationary.

The motor group also was somewhat heavy, although there were further pool performances in Blaxwell Shipping shares displayed reactionary tendencies, and coppers were quiet. In the railroad list there were a few strong stocks, but the renewed heaviness of St. Paul issues was an unfavorable influence. St. Paul bonds also displayed downward tendencies, and, as was natural, Wall Street again discussed the possibilities of the approaching maturity of the company's big 4 per cent, bond issue.

Firmness in the oils was in line with the further advances in quotations for Mid-Continent" Crude Petroleum. The Prairie Company was first to announce the advance and other large producers followed promptly. At the same time Wall Street heard predictions of similar news from the Pacific fields at an early date. Few of the oil company stocks made gains, but as a. class they were quite firm and seemed to be well bought on all moderate recessions.

wards the close, bnt the official report shows January ingot output at 3.9(53.- Pierce-Arrow preferred was bid up to a new high level for the year In response to a preliminary report which showed that the company earned about $6.25 a share on the 8 per cent, cumulative preferred stock after allowing for prior preferred dividends. It 4s said that than half of those earnings were made during the last quarter of 1924. The big gain during the final three months reflected, so it is said, the profits on sales of the company's new car, which only came Into production late in the year. Much is expected of that new car during the current year. The Fierce-Arrow Company is about SO per cent, in arrears on the preferred dividend.

It earned only $2.78 a share on the per cent, preferred stock in 1023. Mack Truoks Mack Trucks spectacular advance to new high records has been stimulated by large gains In the company's current business and the promising outlook for 1025. The bright conditions under, which the company Is entering the current period of prosperity are indicated by an analysis of the preliminary statement for 1924.. Net of 000 equal to approximately $18 a share On the 2S3.109 shares-of common was about as expected. This corn-pares with net of $7,003,665.

or $20.71 a share in the preceding year. The significant feature of the report is the sharp pick-up in earnings -in the final quarter, making it the best of any similar period in the company's history and comparable from an standpoint with the most active seasons of the year normally the second and third quarters when highest earnings are shown. KANSAS LIVESTOCK but under heavy profit-taking the market receded, May falling to The undertone, however, was very strong. The coarse grains advanced In sympathy with wheat, eats rising from lc to 4se; Barley. 3c; flax, 5c to lie, and rye, 2c above yesterday's close.

Smaller S. A. Crop WASHINGTON, Feb. 13. Redu-tions in wheat and oats crops in South America and an increased flax crop in Uruguay were reported today to the Department of Agriculture by the International Institute of Agriculture at Rome.

Aggregate wheat production for Argentina, Chile and Uruguay for 1924-25 was estimated at 224.000,000 bushels compared with 288,000,000 last, year or a decrease of twenty-two per cent. Oats production for the three countries was forecast at 58.000,000 bushels against 87,000,000 last year, a decrease of thirty-three per cent. The flaxseed crop of Uruguay was estimated at 1,535,000 bushels compared with 1478,000 last year, Flour Off a Dollar MINNEAPOLIS, Feb. 13. Flour prices have dropped more than a dollar a barrel from the recent high record of two weeks ago, mills today quoting tbe best grade at a barrel in car lots.

The recent top on January. 24 was $10.60,10.75. Quotations on flour, millers explained, are not based on wheat futures, but on cash wheat. BRINGS GOOD RETURN higher reserve ratios this week than Southern Pacific As had been predicted in usually well-informed quarters oniy the regular quarterly dividend was declared on the fetock of the Southern Pacific Company. It is conceded that on the face of earnings alone the Southern Pacific would be justified in increasing the dividend to say S7 a share, as had been expected in some quarters.

Net earnings last year were nearly $11 a share for the eleven months on which reports have been made. On the other hand. it is doubted that the Southern Pacific directors will make any change in the dividend rate pending consummation of its plans for expanding the system. The company only recently took over the El Paso Southwestern Railroad. It is understood to eeek acquisition of the Rock Island.

St. Paul Depressed St. Paul preferred broke to a new low level for the Tear on selling inspired apparently by private wires from Washington brokerage circles that the chances of passage of the bill to reduce interest rates on government loans to the railroads at the present session of Congress were poor. The expecta P4CHEASED ACTIVITY I LUMBER MARKET Mild Weather Had Imme-. diate.

Effect Upon Demand in Northern States BOND PRICES DRIFT IRREGULARLY NEW YORK, Feb. 13. Bond prices drifted irregularly lower in today's dull trading, which was marked by conflicting movements in virtually all Oil liens showed a burst of. strength in the early dealings, but failed to maintain their extreme gains. Buying support was evident for the obligations of Farmers Bought Much Stock from Other States for Feeding Purpose 836 tons, which is 89 per cent, of tbe commonly used estimate of capacify-The January rate was equal to tons a year.

Only Ln three months in the history of tbe steel trade has the output been larger, in April and May, 1923, and in March, 1924. Tbe recession after last March was very sharp, with a drop of over 50 per cent, to July. Price Holds. Back Orders Two large Youngstown independents produced less steei this week thau last, and some other recessions are expected. The general industrial activity of tbe country is a better index to the probable steel production of the next few months than is the amount of business on steel mill books, for the actual orders, with specifications and ehipping instructions, would carry the mills only a few weeks, while the contract tonnage is subject to specification.

The matter of price is a factor in buying, since practically all the business on books in bars, shapes, plates, wire products and sheets is at prices below those now held by mills, and new buying is correspondingly light in these lines. Either buyers will eventually become ready to pay the new prices, as they need material, or the mills will make concessions, according -several foreign countries which have been mentioned as prospective bor- rowers ui uua mariieu nn -roiana scneatued to float a loan cere next week, the government's 6 per cent, bonds scored further imprdvement today," while Sao Paulo 8s also recorded a fractional gain. An offering of 25,000,000 Argentine Treasury notes was quickly subscribed. Several heavy spots developed in the industrial list. Warner Sugar refunding 7s lost ground and American Writing Paper issues fell back about two points.

Marland Oil Ss, -with warrants, broke 3H points, -but the underlying demand for other petroleum issues was buoyed up by favorable trade hews. Skelly 6s closed 14 points higher at 119 after setting a new high record at 120. St. Paul issues reacted in sympathy with weakness of the road's shares, which was based on uneasiness over the company's refunding plans. The proposed Senate investigation of the entire railroad consolidation question discouraged buying of other rail bonds.

TOPEKA, Feb. 13. The annual inventory of Kansas livestock marketings and numbers on hand January 1, released today by the Kansas State Board of Agriculture, indicates that 1924 was successful in point of number of head of livestock marketed if not in prices received. Kansas farmers sold through public tion that the bill in question would be LONDON NEEDS WOOL OIL STILL RISES Other Grades Meet Advance Made for Pennsylvania PITTSBURGH, Feb. IS.

The price of Cabell, Somerset and Ragland grade oils was increased today by the prln-; Increasing activity in tbe lamber market has been noticeable during the last week and the volume of trade is generally reported to be fully up to seasonal normal, though retailers are not buying for spring stocks onvthe accustomed scale, eays tbe American Lumberman. The reason for the recent increase is undoubtedly the mild weather which has prevailed in the North and large sections of the Middle West, and wbieh has stimulated building activities and other outdoor wprk. The continued excellent building situation in the South, the good industrial demand and the briskness of export" markets combine, with the first factor in creating a satisfactory situation. 30 Melbourne Will Reduce Offerings stockyards or direct to packers, last year 3.040,000 hogs, cattle Per Cent. This Month LONDON, Feb.

13. The dearth of cipal purchasing agencies, meeting the! NOTES OF THE, STREET to how circumstances develop. In the case of sheets, the advanced prices are for contracts for deliveries up to "July 1, while old prices can stil! be. done on actual Orders with specifications for fhipment at mill convenience. In wire products the recent advance is complete, in that the American Steel Wire Company officially advanced on February 6, while independents had previously announced advances.

This makes the mill price of nails Doafelas fir Is the only wood which recent increases made in Pennsylvania grades. The new prices are: 7 Cabell grade in Eureka lines $24K; Somerset medium in Cumberland lines, $2.45, an increase of, 25 cents a barrel. Ragland grade in Cumberland lines, $1.30, up ten cents a barrel. Later the purchasing agencies announced an increase of SO cents a barrel in Corning grade in Buckeye lines, the new price being can not be said to be in good passed has been one of the reasons for the recent steadiness of St." Paul shares. As the St.

Paul owes the government about Soo.OOO.OOO on -which it is paying interest at the rate of 6 per cent, a year the company is anxious to see the bill go through, because passage would improve the chances of averting a receivership. It was said on the floor of the Stock Exchange that tiae buying of St. Paul shares on the break today was very good. That was taken to indicate that confidence had sot been shaken by the Washington rumors. General Petroleum Buying of General Petroleum came from the Pacific, coast, where the properties of the company are located.

It Was paid that some of the biggest oil men on the coast were accumulating the stock. The company has not issued any quarterly reports. -Its fiscal year ends June 30. Net profits the last scal period amounted to about $7 a vhare on the $25 par value common stock. The company had more than 14.000,000 barrels of crude oil in storage, most of which presumarbly it still T-ci-J -Vioti Vi t' in 1 iru 'i ty r.

and Calves and 436,000 sheep and lambs. This is about 190.000 fewer hogs; 47,000 more cattle, and 3000 more sheep than were marketed from Kansas farms in 1923. It marks the heaviest market year for cattle in the past five years, but is second in number of hogs sold in the same quinquennial record, and has been excelled three times in the past five years in sheep shipments. Not all of this livestock was raised on Kansas farms. Kansas bought through public stockyards during the year a total of 473.0O0 cattle for feeding purposes, 183,000 sheep and In addition to these purchases through public exchanges, it is estimated that at least 200.000 cattle and 100,000 sheep moved into the State for fattening, direct from the western ranges; tbe cattle from the Southwest in April and May for tbe Flint Hills pastures and the.

sheep from the mountain States for feeding in transit. After the balance sheet has been struck, it is estimated that there were wool supply here is serious, and the difficulty was increased yesterday by receipt of a telegram from the National Council of Wool Brokers in Melbourne to the London Wool Merchants' Association, saying it had been decided to reduce the offerings 50 per cent, from February 23. The Daily Mail quotes a leading London dealer as saying that British manufacturers unable to pay the highest prices demanded and that at the January sales there was what amounted to a buyers' e-trike. The manufacturers are now working on diminishing stocks and. when these are exhausted must pay whatever the growers demand.

Prices in' 1924 steadily increased, the advance varying from 35 to 57 percent. An Australian clip of bales fetched before the war 26,000,000. The growers expect to nearly 70,000,000 in 1925. GINGHAMS ADVANCE mittee appointed st a meeting of a group of Lehigh Coal and Navigation Co. stockholders which is seeking representation on the board of managers.

A letter bad been previously addressed to members, of the Society of Friends who are stockhilders in the corporation asking their support. Other names signed to the letter were Edward W. Kvans, Henry T. Brown and Albert B. Maris.

Report ef Union Oil Co. of California for year ended December 3L 1924, shows net profit of $10,704,043, after interest. Federal taxes, depreciation and depletion, equivalent to $2.83 a share (par $25 earned on $94,500,000 capital stock, as compared with or 58.92 a share (par $1C0). on $90,000,000 stock in 1923. Mark Up Six Grades FIND LAY, Feb.

13. The Ohio Oil Company today announced an Increase in the price of six grades of Central West crude oil. New -prices are: Lima. jurtiana, Illinois, 52.12; Princeton, 5c a barrel and mouth, $1.5. all up Wooster $2.25, up 30 due more largely to tbe heavy production in which the mills have been engaged than to actually poor demand.

Double shifts have now been abandoned on the West Coast and many mills have restricted their running time to four or five days a week; and this curtailment of output is expected to have a strengthening effect on the market. There is very little fir in stock, Western pines, on the other band, are among the strongest woods. While Current demand for these has dropped off a little, until recently tbe call was so heavy as to decrease stocks of many items to a point of absolute scarcity. Southern pine demand is on a par with output, and tbe market remains very strong. Prices have shown no reportable changes for some time, but the tendency is upward, LOANS DRAW GOLD Our Trade Balance for January Was Large Washington Feb.

13. Imports of cents. 5.ho, out tnere are some shipments still to be made at $2.75, on last November's contracts, and it seemg the contracting at the intermediate price of 2.85 was not very heavy, buyers being fairly well taken care of by their previous contracts. Advance Fully Effective As regards the general Pittsburgh district, tbe 2.20c price to which bars, shapes and plates were recently ad-vaaced is fully etfeetive, but as the trade had been quite well covered prevlouslv there 1s little new buying. For East'l era delivery the 2.20c basis on pjes is not usually obtainable.

Connelleville coke baa undergone a fresh weakening, when it had been in, process of recovering from its slump of early in the year. Spot furuace coke has gone, at $3.75 and is hardlv more than an asking price, while spot foundry coke is off 25 cents, at $1.50 to $5.00, according to brand. There are no contract negotiations for quarter furnace coke, furnaces being in no mood to make 06mmitments, while in any event prices that would be quoted With advances averaging SI a barrel, its inventories Lave enhanced the equivalent of more than $1 a share on tie stock. on Kansas farms, January 1, this year. hogs ot all ages; 752,000 milk cows; other cattle, and More extensive buying of merchandise and miscellaneous commodities than a year ago is indicated in tbe movement of freight by Western railroads.

Steel shipments are heavier and other building materials are moving at a good rate. The movement of grain, while still heavy, is said to be showing the effect of the big movement earlier in tbe season when farmers rushed to take advantage of high prices. Profits of grain sales apparently -3ce finding their way into other markB judging from loadings of miscellaneous -freight throughout the West. Net profits of the Republic Iron and Steel Company for 191:4 declined to $1,917,936, equal after the regular 7 per cent, dividends on the preferred 53 cents a share on the common stock. This compares with in 1923.

After charging out 8 per cent, in dividends, including 1 per cent, on account of arrears, there was a deficit -of $82,064.. Telephone Telegraph Corporation announced offering of shares of capital stock would be made to stockholders on or before April 1, 1925. New; stock is being offered to stockholders of record February 24 on basis of one share for each two held at $83, payable in full April 1 or in three instalments: $23 April 1, $30 July 1 and $30 October 1. Wall Street heard various reports yesterday of possible steel mergers, one linking the Youngstown Sheet and Tube with Inland Steel, while Republic Iron and Steel and Jones Laughlin also were mentioned in the rumored amalgamations. Reports also were current that negotiations were in progress towards a merger of Penn Seaboard Steel and the Eastern Steel Company, the capital required said to be in the hands of a Philadelphia bank.

The preliminary report of the Inter 000 sbeep. This means about 28 per cent, less hogs; 4 per cent, more milk cows; 2 per cent, less other cattle, and 5 pe cent, more sheep than were found on Kansas farms one year ago. Willys-Overland Following the recent increase in the dividend on General Motors common stock Wall Street is discussing the divi-xnd nrosneets of other automobile Republlo Iron and Steel Co. for year ended December 31. 1324, reports net profit of $1,917,936 after tas; interest, depreciation, equivalent after allowing for regular 7 per cent, dividends on preferred stock to 53 cents a share earned on $30,000,000 outstanding Common stock.

This compares with net profit of $6,252,218. or $15 a share, for common after 7 per cent, regular preferred dividends in previous year. Af te( charging out 8 per cent, preferred dividends, including 1 Ter cent, on count of arrears in 1924. deficit was $82,064. Plumbing Fixtures Recede Spot Wide Prints Active Under Improved Demand NEW YORK, Feb.

13. Demand for wide print cloth for spot deliver, improved today and sales reached 50,000 pieces. Prices stiffened and at the close mills were asking 9 a cents for SSU.iDch 64x60's. Toile du Nord and Imperial Chambran Dress ginghams were advanced ceat a yard to a baeis of 22 cents. Southern 24, 26 and 32-inch ginghams were advanced from 4 to COTTON ACTIVE merchandise into the United States in January were valued at $346,000,000 against $295,506,212 for January, 1924.

Exports were $447,000,000 against $395,172.1 ST for January. 1924 WASHINGTON. Feb. aver--; Higher Prices In Southwest DALLAS, Texas, Feb. 13.

Effective increased oil prices were announced in Kansas, Oklahoma and Texas bv the Magnolia Petroleum Company, following increases posted by the other companies in the past two days. The new prices are ten cents t0 33 cents a barrel higher than previous quotations. COFFEE IRREGULAR- An Early Decline Was Checked By May Covering NEW YORK, Feb. 13. The market for coffee futures opened today at a decline of 17 to 25 points and sold 20 to 35 points net lower under liquidation and local selling, accompanied by rumors an easier tone in the cost and freight market.

The decline was checked by covering at 18.65 for May, however, and that delivery rallied to 18-05 in later trading on firmer late cables from Brazil. May closed at 18.88, the gen eral market closing net 12 points lower to. 10 point higher. Sales were estimated at 73,000. Closing quotations: March, 20.40: May, 18.8S: July, 17.85; September, 16.80; December, 3645.

Fewer Failures NEW YORK, Feb. 13. Fewer commercial failures in the United States were reported this week to 11. G. Dun Company, the total of 40S being twenty fess than the week before.

The After. Early Strength Part of Gains Was Lost NEW YORK, Feb. 13. The cotton market showed considerable activity and strength at the reopening today with prices making new high ground for the present movement. May sold up to 24.90, or 22 points net higher and .151 points above the low level touched on.

the decline late last month. Realizing checked the advance at this price, however, and the volume of business tapered off later, may reacting to 24.76 and closing at 24.S3. The een- wuuiu noi buii luem. The pig iron market in Pittsburgh and valley territbry has continued dull, with prices unchanged at $23 for Bessemer, $22 for baj-ic and $22 to $23 for foundry, f. o.

b. valley furnaces. There are ports of iron being offered in territory- normally belonging to the valleys, this being ascribed to Buffalo furnaces having their usual field restricted by offerings of imported iron. Heavy melting steel scrap has been in no demand by consumers and lu poor demand by dealers, whereby quotations are off a dollar a ton, at $19.50 to $20. The total decline since the turn early in January is $2.50.

stares. It Is contended in some quarters that the Willys-Overland Company cannot iaucb longer deny a dividend to holders of the preferred stock. That company, which earned nearly $60 a share on its preferred stock in 1923. also did very well last year, although cot approaching 'he phenomonal results of 1923. Earnings reported for the first three quarters of 1024 aggregated $12.75 a share on the preferred-It is believed that for the full year the company -will show $14 or $15 a share.

The last disbursement to preferred shareholders was made in October, 1020. About $30 a share is therefore due on that issue. Air Reduction Air Reduction earned $7.60 a share en its stock the first three quarters laet year. On that basis, together with known expansion of the company's business, it is estimated by Wall Street statisticians that earnings for the full year of 1024- were approximately $10 a chare. Allowance is made for liberal depreciation charges.

Air Reduction rys $4 a share regularly. Last year jm extra dividend of $1 a share was age total wholesale price of six standard plumbing fixtures requif ed for a six-room house has increased a little more than 70 per cent, since 1913, it is shown in a price compilation, announced by the Department of on the basis of reports from twelve representative manufacturers and wholesalers. The average wholesale price as reported for January, however, was a decrease from the maximum recorded in June, 1923, which was 93 per cent, above the pre-war 191S average. Cottonseed Oil Lower NEW YORK, Feb. 13.

Ctonseed eral market closed steady at net ad-. cent a yard. Burlap markets Bflowca more firmness locally. Wool goods continued to sell moderately in men's wear lines for fall and dress flannels for spring continued active. STOCKHOLDERS CONTROL Creditors Committee of Old Firm Completes Its Work The creditors committee "of the Henry A.

Hitner's Sons Company, Philadelphia, which has been operating its business during the past eighteen months has been. dissolved and the stockholders have resumed control. At the directors' meeting -officers of the company were elected follows; J. G. Hitner, president; Edward L.

Lupton, vice president; II. A. MMuI-lan, secretary; W. Perry E. Hitner, treasurer and F.

It. Johnson; assistant treasurer and assistant secretary. It was in th Hitner yards that oumbr of old vessels of tbs nvy wer broken ln Juk after the war. i The favorable trade balance for last month was $101 000,000, against a favorable trade balance of $99,065,975 for January, 1924. Imports of gold for the month were valued at $4,223,147, against for the corresponding month last year.

exports were valued at against The increasing amount of gold exports which has been shown in the pa6t few months has been due, department officials said, to the increased loans to foreign countries and to increased exports of gold to India and Australia. Silver imports for January were $703,770, against $5,979,758 for January, 1924. Silver exports were against Lead Again Declines NEW YORK, Feb. 13. The Areri-can Smelting and Refining Company today reduced tbe price of lead' irenj 6.75 0.50 cents per pound.

national Telephone and Telegraph Co. for 1924 shows a surplus of $1,995,674, eoual. after Preferred dividends, to $11.17 a share on the common etock. IWSk- Qp2d Scan PFc; against S1.4W.745. or 58.40.

in 1923. suif co id pomrs. Expectations of favorable week-end figures and a probable bullish report from the Census Bureau on domestic consumption for January tomorrow no doubt contributed to tbe early advance. This extended to 25.17 for July and 25.03 for October, establishing a new high record for tbe sevion on early cw crop delivery. Some trade pricing, a well as broadening commission boua deraaod a reported, but offerings vr euffl io supply it, and th wtrVet -ntev Stockholders of record February 24 will be offered 89.975 shares of new oil declined 15 to 13 points today under Western liquidation and tbe weakness in lard and corn, but later rallied some.

etock about April 1 at $63 a 6hare. on trt9 of EGGS East showed an increase of nine, hut what on support from refiner and elso paia, making au or x. the basis of one share for each two held. Harold Evans Is chairman ef a com I haLmliTkt Pick the Setts! fcalf of lae estimated earnings. Only decreases appeared in other share of Air Reduction are phical sections, chiefly the South.

buying by commission houses. cjOKing bids were 7 to 13 points wet lowr. 7.