Evening Star Newspaper, August 20, 1925, Page 30

FINANCIAL. STOCKS IRREGULAR, BUTTREND UPWARD Recessions Throughout List Followed by Stronger Market. BY STUART P. Special Dispatch to The Star. NEW YORK, August followed an irregular ¢ but during most of the on the im; ant moves were upward in the a there were cessions throughout the li United States Steel common was heavy and so were numerous important industrials. It was then that Mack Trucks, for instance, broke eight points and sever al other motor shares went down sharply—White Motors well below par and Chandler to a new 1925 low But in the subsequent dealings the market turned stronger, under lead of the metal shares. There were a score or more new high records, anc a number of stocks, which have not recefved their share of speculative attention, in the recent dealin; taken in hand. WES urse today Feature of Metal Group. American Smelting and R was the feature of the metal g It sold at a new 1925 top on heavy transactions. United States Smelti went along and did the en! copper share i Kennecott rose over a point, Granby over a point, while Anaconda, Chile and the rest were more active and stronger than they had been in some time. The new high records included, in addition to the smelting shares, Rey- nolds Tobacco B, Havana ctric, which rose violently; Chicago Pneu- matic Tool, General Outdoor Adver-| tising, Otis_Elevator, Atlantic, Gulf | and West Indles preferred, Mackay | preferred, Durham Ho: mann and Loew. The last-named was exceptionally . advancing more than 2 points. In the specialty group Congoleum was a feature. It had been dull f lowing the unfavorable dividend ac tion, but today appeared to be at- tracting some interest again. lmun’ Bag and Paper went up briskly, while there were gains of a point to several points in Atlantic Re Standard Oil of Californis States Cast Iron Pipe commc preferred, United es Indust cohol, American Express, Consoli Cigar and Philadelphia and Reading Coal and Iron. The buying in United States Cast Iron Pipe preferred was especially active. 0il Held as Oversold. The oils, in the people, have been take the opposite view. At least, these stocks have done better the last few days, much of the buying probably having come from short sellers who were exploiting the unfavorable news from the trade. The Pan-Amerl as well as Atlantic Refining, gave particularly good account of them. selves today, and there were good sizad gains in such issues as Phillips Petroleum and Ganeral Petroleum. The main points of strength in the railway section were St. Louis South- western, Pere Marquette, aboard Alr Line and Missouri, Kansas and Texas. All these stocks made new high records. New Haven was still in demand. The closing was irregular. Heavy selling of the motors was resumed in the final hour when Mack Truc broke 12 points below last ni close. Operations for the rise tinued, however, in United States Cas Iron Pipe common and preferred and .Savage Arms, up 5% to 9 points. MARKET SHOWS ACTIVITY. Btocks Record Gains, and Renewed Buying Halts Recessions. By the Associated Press NEW YORK, August prices again tended upward opening of today's market, with re- newed buyving of representative rail and industrial shares giving stability to the movement. Oil stocks vgere in demand on the announcement of an- other cut in crude production. Motor shares, however, encountered heav profittaking, Mack Trucks dropping 8 points at the outset and White Motors 2. The initial reaction of the automo- tive issues failed to unsettle the rest of the list, where constructive opera- tions continued to make good head- way. Confused price movements charac- terized the morning trading. Revival of merger rumors stimulated the bu ing of low-priced Southern and Sout western shares, substantial gains be- ing recorded. The recent advance in non-ferrous metal prices brought fresh buying into the copper group. Conce: sion of paper profits into h again reached substantial proportions in the motor group. Active bidding for a number of the oil and steel i which advanced 1 to 4 points caused a resumption of brisk buying for both accounts in| other sections of the list. Southern | Railway s t 103%, a record for all time. van Electric touched 214%, also a record figure and an overnight rise of 8%. Other high-, priced stocks moved up smartly, in- cluding Westinghouse Airbrake «nd’ American Express. opinion oversold of some Others con- —Stock the By the Associated Press. NEW YORK—Stocks irregu rally 1 to 2 points. Bonds f International Telephone 51; 3-point premium. Foreign exchanges mixed; Scandinavian currenci er. Cotton dull and featureless. S! easy; reactionary spot market. Coffee declined; commission house selling. CHICAGO—Wheat lower; disap- pointing export demand. Corn eas beneficial rains. Cattleir regular. Hogs firm; better demand. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Se Fold valu London, pound. ... .$4.8665 Montreal. dollar Paris. franc. . Brussels, Berlin. Rome. 2 $4.85% 0409 franc. K- Yra. . franc. drachma. 3 00001415 00014 Prague. Warsaw. Copenhagen. Christiania. cro Stockholm, crowr By the Associated Press NEW YORK, August 20. stea Quotations _(in Great Britain, demand, 485% ; cables, 485%; 60-day bills on banki 481%. France, demand, 4.6815; cables, 4.69. Ttaly, demand, 3.61%; cable 3.62. Demand: Belgium, 4.52%; Ge many, 23.80; Holland, 40.24; Norway, 18.68; Sweden, 26.85%; Denmark. 23.04; Switzerland, 19.39%: Spain, 14.4014; Greece, 1.54%; Poland, 17% Czechoslo Jugoslavia, 1.79%; Austri 14%; Rumania, 51%; Argentina, 40.37; Brazil, 1 Tokio, 41%; Shanghai, 79; Moni +100 3-64. al, {Am Lin the | m |DRG Wstpt. 66 93 15% 57% 1% | Abitibi Pow (4). i Adams Exp (6). Adv Rumley Ad Rumley ))((3) Ahumada (11). Alr Reduc (4) Ajax Rubber. Alaska Juneau . Allied Chem (4). Allis Chalm (6). | Am Agricul Chm Am Ag Chm pf.. Am Bosch | Am Brk Shoe(5) . 117 1Am Can (17).... 238% {Am Car&Fdy (6) 1 Am Chicle. 43 Am Chicle pr pf. 90 | Am Drug (50¢) 5% {Am Express (6). 143 Am & For Pow.. 44 Am&F P of (). 90% Am Hide & Lea.. 10% Hide & Lpf. 61% Am Ice (7) 116 A Internatl. Am La Fran ( | Am Linseed. .... 1pf3te Loco (118).. 114 etal (3)... 5O0% adiator (4) 110 ¥y R(3) 6% g 6% 1094 L% 1104 66 104 140 801 amatra. ... Te!&Tel (9). Am Woolen. .. .. Am Wool pt (7). Am Zinc. 5 Am Zine pf Anaconda (3). Ann Arbor pf. Archer-Dante Arch-Dan pf 594 36% 97 9543 22% 10% 1014 16% Armour Ill A Arn Cons&Co. ... Artloom pf (7). Art Metal (1). Atiantic € L({s AtlGulf & WI.. Atl Gult & WIpt Atlantic Refing Austin Baldwin L (7).. | Baito & Onto(5). Bang & Ar (3) Barnsdall A. Barnsdall B. 1144 s1% 44 2043 16 37% 41% 3614 18875 5245 87 116 2814 105 264 94 17% thlehem St s Mfg(3%) dison (8).. Bkl-Man Tran. . Bkl Union G(4) Brown Shoe (4). Brunswick-Balk Burns Bro (10).. Burns Br B (2) Bur Add Ma (3). Bush Terminal. . { Bush Ter de (7). Butte Cop U«)c) Butte Butterick Cal Packing (6) . Cal Pete (2). Caliahan Zine Calu & A (12% Calumet & H (1) Can Pacific (10). Case Threshing. Case Thresh pf.. Cent Leather. Century Rib (2). Cerro d Pasco(4} Certain-Teed(4) Chandler (3).... Chees&Ohio (4). Ches&O pf(6%). Chi & Alton.... .. Chi & Alton pf. Chi Great West. Ch{ Gr West pf.. Chi Mil & StP Chi Mil & StP pt Chf & Nwn (4) Chi Pneu T (5) ChiR1& Pac CRI&Ppt (6). CRI&Ppf (). Childs (+2.40)... Chile Cop (2%). Chino Copper 24% Chrysler Corpn.. 115% Chrysler pf A(8) 103% Cluett Peab (5). 61 Coca-Cola (7)... 140% Col Fuel & Iron.. 39% Colo Southern... 59% Col G & E (2.60). T72% Col Carbon (4).. 45 Congoleum (2).. 24% Consol Cigar.... 37% Consol Distribut 4% Consol Gas (5).. 88h Conso! Textile 3% Cont Can (4).... 75% Cont Can pf (7). 116% Cont Insur (6).. il4% Cont Mot (80c).. Corn Prod (2). Coty Inc. .. g Crucible Stl (4). Crucible pf (7) Cuban Cane Su Cuban-Am S (2). Cub Cane Su pf.. Cuban Domin Cudahy Pkg (7). Daniel Boone Davison Chem. Del & Hud (9).. 15% 1445 47 867 18% 33 52% 53 29% 104% 111% 6la 1% 13 27% 815 14 68 974 561 84% 1% 96 10% 24% 46% 3% 9 149% 45% 129 25% 82% 14 . 158 109 15 107% 21% Detroit Dodge Bros C1 A Dodge pf (7) Dome Mines (2). Dupont (19) | Duquesne pf Durham Hose. Mastman (18) . Eaton Axle (2) lec Powr & Lt.. 824 EIP&LDL(7).. 91% E P&L full pd (7 107 E &L pf 40% po 106% Elec Str Bat (4). 64% Emmerson Brnt. 8% Emmerson B pf. 20 ErileRR . 33% Erie 1st pf. 4z Erie 2d pf. 40% Fairbks (2.60).. 46 Famous Pl (8).. 106% Feder Lt (11.40). 29 Fed Min pf (7).. 60 First NatP pf(8) 101% Fisher Body (5). 83% Fisk Rubber. . 22% Fleischmann (4) 107 Foundation (8).. 126% Freeport-Texas. 16% Gabriel Snubber. 30% Gardner Motor 8% Gen Asphalt.... 53% Gen Baking (6). 165 Gen Electric (8). 324% Gen El spec 60c. 114 Gen Motors (6).. 92% Gen Mot pt (7).. 112% Gen Outdr Adv.. 28% Gen Outdr Ad A. 47% Gen Petrm (2).. 47% Gen Ry Sig (6).. 289 Gen Ry S pf (6). 99% Gimbel Bros. 57% Ginter (1%). 47% Glidden Co. 20% Gold Dust. 1% Gooarich Ru (4). 53% Goodrich pf (7). 99 Goodyear pt (7). 108% Granby Consol.. 17% Grt North pf (5) 734 Gt Nor Ore (1).. 2T% Grt Wstn Su (8). 99% Green Canan.... 14% Guantanamo.... 4% Gulf Mo & Nor.. 31 Gu M & N pf (6). 97 Gulf States S (5) 80% Hartman (2%).. 28% Havana Elec (6) 208 Hayes W (13%). 41% Hoe & Co A (4).. 45 John Franklin Browne graduated | this year from Salem College, West Virginia, at the age of 75. Household P (3) 41% Houston Oil 64 Howe Sound Co.. 21% Hudson Mn (2%) 824 68t 93 16 5T% 1% 111% 12 1% 95% 86 21% 64% 32% 117 241% 106 48 90 5% 14445 45 90% 10% 617 116 3515 Open. High. Low. 109% 12 1% 93% 84 21% 64% 32 u7 2373 THE EVENING STAR, WASHINGTON, D. €., THURSDAY, AUGUST 20, 1925.° I ON NEW YORK BONDSE’IPCK EXCHANGE l Received by Private Wire Direct to The Star Office. Hudson Mot (3). Hupp Mot (1) Indep Of1 (1). Indian Motorey . Indian Refining. Indian Refg ctf: *Ingersoll R(8). Inland St (2%).. Inspir Cop (50c) Interub Rap Tr.. Int Bus Mac (8). Int Cement (4). Int Com Eng (2) Internat Har (5) Int Mer Marine. . Int Mer Mar pf. Int Nickel. Int Paper. Int Shoe (5).,. . Int Tel & Tel (6) Jewel Tea.... Jordan Mot (3) Kan City South. Kan C So pf (4). Kayser (Jullus). Kelly-Spring. ... Kelly-Spring 15t Kelly-Spring pf. Kennecott (3)... Keystone T & R. Kresge Dep S (4) Lee Tre & Rub. . Lehigh Val (335) Liggett & M (14) Lig & My B (14). Lima Loco (4).. Loews Inc (2)... Long Beli A (4). Lorlllard (3). Louistana Ofl. . . Loufsvilie Gas A Louis & Nsh (6). Ludlum (2).. McCro B (1.60). . Mack Trucks (6) Mackay pf (4) Macy pf (7).. Magma C (75¢). Mallison & Co. .. Man El Sup (4). Man E md g (5). Man Shirt (1%). Maracaibo Ofl. ... Market St prior. Marland O (75¢) Malin Rock (1).. Martin-Parry (2) Mathieson Alka. May Dept St (5). Metro G pf(1,89) Metro Ed pf (7). Mexican Seabd. . Miami Cop (1). Mid-Continent. . Middle States. .. Midland P pf (19 MStP&SSM 11(4) Mis Kan & Tex.. MK&Tpt (5).. Missouri Pacific. Missourt Pac pf. Mont Power (4). Mont Pow pf (7) Montgom Ward. Moon Mot (3)... Mother Lode 75¢ MotorWhe(1.60) Nash pf (7)..... Nash & Chat (7). Nat Biscult (3). Nat Cloak (4). Nat Dalry (3)... Nat Dpt Stores. . Nat Distillers. .. Nat Distillers pt Nat Lead (8).... Nat Supply (3).. Nevada Copper. . N Y Air Br (4).. N Y Canners (2). N Y Central (7). NYC&StL (6) N YN H & Hart. N Y On&Wn (1). NY Rys part cfs. NY Rys pf tr cfs N Y Shipbld (2). Niagara F Po rts Norfolk South. . Norf & West (7) North Am (3.40) North Am pf (3) Northn Cent (4) | North Pac (5)... Nunnally (1). Onyx Hostery. .. Orpheum (1.80). Otis Elevator (6) Otis Steel....... Otis Steel pf.... Owens Bot (3).. Pacific Gas (8).. Pacific Oil (3)... Packard (11.70). Paige Mot(1.20). Pan-Amer (8) Pan-Amer B (6). Pan-Amer rts. .. Park & Tilford.. Penn C & Cke. Penick & Ford Pennsy RR (3). Penn Seab Steel. Peoples Gas (8). Pere Marq (4) Pere Marg ctfs. . Pere Mar pf (5) . Phla Co (4)..... Phla Co pf (3) Phila& RC&I. Phillip Morris Phillips Pet (2 Phoenix Hoslery Plerce-Arrow. .. Plerce-Arrow pf. Pierce Ofl. ... Plerce Petrol Pitts Coal. Picts Term Coal. Pitts Ut pf $1.20. Pitts U cfs 11.20 Pitts & West Va. Postum Cer (4). Press Steel Ca: Prod & Refiners. Pub Ser N.J.(5). Pub S N J pf (8) Pub Se E&G pf 6 Pullman Co (8). Punta Aleg Sug. Pure Oll (1%).. Radio Corp of A. Ry Stl Spg (8).. Cons Cop. Reading (4). Reading rts. . Reading 2d (2).. Reid Ice Cream. . Robt Reis & Co. Robt Reis 1st pf. Remington Type Replogle Steel Rep Ir & Steel. .. Rep I &S pt (7). Reynolds Sprngs Rey Tob B (3) Rey Tob pt (7). . Royal Deh 1.73% St Joseph Ld (2) NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. High. Low. Close. 62 17% 267% 19% 8 i 280 41% 28% 26 131 68Y% 47% 126 8 28% 34% 63% 180 131% 18% 37 40% 601 813 17 60 67 b65% 2% 35% 161 81 66 StL&SanF (5) . StL San F p£(6). St L Southwes! St L Swn pf (5). Savage Arms Schulte (*8) Seaboard Air L. Seabd Air L pf.. Seagrave (1.20). Sears-Rebk (6) . Shattuck-Ariz. Shattuck F G(2) Shell Un (1.40).. Shell Un pf (6).. Simmons Co (2). Simms Pet (1).. Sinclair Oil. ... Sinclair pt (8) Skelly Oil... Sloss-Sheft (6 South Port S () South Pac (6)... Southern Ry (5). South Ry pf (5).° spicer MIg. .. Std Gas & EI(3). Std Gas & E rts Stand MilL (5) t Ol Calif (2).. StOUNJ (1)... StOHNJ pf (T). 5td Plate Glass. Sterling Prod(4) stew-Warner (5) studgbaker (4) bmarine Boat. perior O11 - sweets (uew)... Symington A(2). Tenn Copper (1). 62 60%4 61 1T% 17w 17% 28 19% 8 7 280 41% 28% 27% 181% 68% 49 126% 8 29 347% 64% 180 132% 18% 37 40% 60% 324 17 26 19% % T 280 41% 28% 26 131 67% 474 124% 7% 28% 33% 63% 180 130% 18% 116 33% 92 218 69 4 117% 43 25% 51 42% 26 22% 49 42% 25 22 74 116 21 139% 12% 10% 26% 1% 139% 61 4074 0% 874 854% 91% 111% 68% 29 7% 29% % 104% 154 70 70% 62 40 824 6414 160 574 13% 50% 51 121% 133 31% 88% 30% 8% 265 41 8 40 137% 564 49% 8 70% 10 331 29 1341 13 81 54% 114 53% 34% 20 63% 64 % 29% 18% 20% 46% 1% 116 27 19% T 7 280 41% 28% 27% 131% 6T% 48% 125% 8 29 34% 64 180 131% 18% 36% 40 60% 31 16% 60 67 664 20 35% 16% 80% 66 66 63 T 4% 345 14% 24% 116% 34% 92 218 691 117% 43 26% 51% 43 26 22% 39 43% 4% 116 21 189% 1204 10% 27% 1% 139% 61 41% 90% 38 85% 91 1% 70 29 % 29% 104% 154 70 70% 63 404 324 64%4 161% 57 18% 514 52 121% 133 31% 38% 38% 8% 265 42% 8 41% 138% 56% 497 78 1% 10 3315 29% 135 13% 81 54% 14 b4% 34% 20 66% 654 B 29% 14% 20% 47 1% 17 730 BOND ISSUE QUICKLY ABSORBED BY BUYERS $25,000,000 International Tele- phone and Telegraph Offering Immediately Oversubscribed. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, August 20.—The feature of the day in bonds was the remarkable success of the offerings of $25,000,000 International Tele- phone and Telegraph 5% per cent debentures. Subscription books were closed directly after being opened and the bonds dealt in on a when issued basis promptly went to a premium three points on the ex- change. The price at whieh the bankers asked subscriptions was 99 and the first sale on the exchange was 102. The conversion privilege into International Telephone and Telegraph _stock, which was the motlve back of the buying, does not become operative until March 1, 1926, and then at 125, but the fact that the stock is selling well above that figure now brought about a scramble for the bonds. It was also a_testimony to the copfdence in- vestors felt in the long-ringe public utility outlook. Prices were higher throughout the list stimulated by the over-subscrip- tion to the new telephone bonds; High- grade ralls and industrials were in demand, fractional gains being scored by New York Central 58 and B. & O. first 4s, Oregon-Washington Rallway & Navigation 4s and Western Electric S, which at 101 were at a new high. The advance in the last named could be attributed directly to the favor shown the International Telephone issue. Only a moderate interest was shown in the speculative rails. International Great Northern adjustments had a fractional gain and some of the low coupon New Haven bonds were higher. Seaboard Air Line adjust- ments were strong above 82. As a group the convertible oil i sues went up with their respective stocks, the leaders being Sinclair 6s and Skelly 6%s. Chile Copper 6s were the favorites among the copper bonds. In the foreign group French 8s made a new high for the year at 105 and German T7s were in demand, one block of $240,000 par value being taken at 97, a point above the low of last week. RAIL EARNINGS IMPROVE. Kansas City Southern Increases Net Operating Income. NEW YORK, August 20 (#).—The Kansas City Southern Railway, usually the first road to report month- Iy earnings, which are regarded as a barometer of results for carriers gen- erally, increased its July raflway net operating income $34,365 over the amount for July last year. Gross rev enues zained $164,314. Railway ope: ating income for the seven months this year reached $2,730,870, an in- crease of $195,700 over the same pe- riod of 1924. GASOLINE PRICE DROPS. NEW ORLEANS, August 19 (P).— Standard Ofl Companies of Louisiana, Arkansas and Tennessee, have re- duced the price of gasoline from 1 to 11 cents. Where the tank wagon price was 1§ cents, it now Is 1614 cents and gasoline for 21 cents at service sta- tions was droped to 193 cents. Officials of the Standard Oil Co., here said the reduction was made to equal ize prices in the three states. Independent met the reduction New Orleans. in GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks ) Asked Ger Gt (w In) bs 1014-18 450.00 Hamburg 4148 1019 110.00 Ger Gt 4-5¢ (forced joan) £ Ger Gt 8155 1023 (sm p) (Quoted_in Woliare per thousind Ger Gen Elec 438 pro-w Ger Gen Elec 4135 1019 Berlin 4s e 34, & 45 re Ham American Line 4 rth German Liosd 4 rth German Lloyd Pruseian Consols 3%s - Krupn 6s 1921. : Dusseldort Frankfort Munich 4s pre-war hmmm- Anilin. . E G (Ger Ge Elec Sommers and rivar Bk Dieconto Gellachaft. ... o Dresdner Bank s Deutsche Bank . Darmstaedter Bank Mercur Bank Vienna. 23 25i0si 3353 232 39.00 20.00 2800 2R.00 14 1313 c3mten 22525 2333 == Texas Co (3).... 48 Tex Guif S (T%) 114% Tex & Pac C & O. Tex & Pacific. . . Third Avenue. . . Tide Water Oil. . Timken R B (14) Tobac Prod (6). . 88% Tob Prod A (7) 102% Transcont Oil... 4 Underwood (3).. 4615 Un Bag & Paper. 57% Union O11 (1.30). 34% Un Pacific (10).. 142% Un Pacific pf (4) 6% Un Tk Carpf(7). 116% Utd Alloy Steel. . 30 Utd Cigar (13%) Un Cig St pf (7). United Drug (7). UtdDrug 1st 3% . Utd Fruit (10). U S Cast Iron P. USCIPpf (D). U S Distributing S Hoft (2).... Ind Alcohol. Ind Al p2(7). Realty (8). Rubber. U S Rub 1st (8). U S Smelting(3). U S Steel (17) Universal Ppe Univer P pf (7): Utah Copper (4). Util PEL A (2).. Vanadium (2)... Van Raalte. ... Va-Caro Chem. . Va Caro Chem B. Va-Caro Ch pf. Vivaudou Wabash. . Wabash pf A (5) Waldorf (1%). .. Ward Baking B. Ward Bak pt(7). ‘Warner Pictures Warren Co (4).. West Pen (4)... West Maryland. ‘West Md 2d pf. . Westn Pac (5a). Wesn Pac pf(6a) ‘West Union (7). 1 West Air Br (6). Westinghs (4).. Westhse 1st (4). Weston Elec. Weston A (2) Wheel & L Erie Wheel & L E pf. White Eagle (2). White Mot (4).. White Rock (12) Wickwire ctfs. Willys-Overld. ... Willys-0d pf(7). Woolworth (3) Worthn Pump. ... ‘Worthton B (8). Wright Aero(1). Wrigley (13%) Yellow C (2.62). Youngstown (4). +0dd lot. {Partly extra. tPayable in preferred stock. Dividend rates as given in the above taole 48% 114% 13% 4T% 112 12% 51% 12% 31 41% 48% uz 13 52% 13 82 41% B8% 102% 82% 119 127% 54% 2214 166 103% 32U 40% 8614 107% 135% 55% 104% 424 121% 35% 7814 100 34% 30 15% 2% 1 10% 14% 4215 2 156% 674 110 20% 48 117% 15% 28 26% 76% 132% 181% 6% 85 18 24% 20% 44 25% 97% 45 3% 1814 104 164 35% 60 27 51% 44 73 U u u u u 8 s s S 85 19% 25% 21% 44 27 101% 46 % 19 104% 166% 41 60 28 514 45 3% 40 60 28 51% 44 3 the annual vash payments based on th iatost auarterly “or ball-voarly declarations, nless otherwize noted. extras or svecial vidends are unot UNITED STATES. (Bales are in $1,000.) High. Low. 100 28 100 26 1027 101381 1014 10029 101 21.101 14 10226 1026 Lib3%s... Lib 1st4%s 14 Lib2d 4%s. 199 Lib3d 4%s. 204 Lib 4th 4% 21234 U'S 4s1944. 899 103 10 10223 US4%s'52 128 10626 106 10 FOREIGN. Close. 100 26 1027 101 4 101 20 102 26 1085 106 28 Sales. High. Low. Close. Argentine 65’59 Argentine 6s A Argentine 6sB Argentine 7s Aus govt 53 '58 Austria 7s. Bank of Japan Belgium 6s. . . Belgium 6% s wi Belgium 7s wi. Belgium 73%s. Belgium 8s Rollvia 8s Bordeaux Brazil 7s. .. Brazil 8s. .. .. Canada 65 1926. Canada 58 1952. ... Canada 5%s 1929, , Chile 75 1943 Chile 85 1946. .. Chinese Gov Ry 65. 6 40% Christiania 8s. . 2 110% Con Pow JapanT7s.. 3 b9% Cuba 5%s. 10 101 Czecho 8s 1951 6 89% Czecho 8s1952ct.. 6 99% Denmark 6s. 5 103 Denmark 8s, 15 110% DEI5%sMch’s3. 1 100% DEI5%sNov'53. 4 100% Dutch East I 65°47. 18 102% Dutch East I 6s°62. 14 102% El Salvador 85'48.. 2 106 Finland . 1o93% Framerican 73%s... 1 92 French 7s 294 914 French 74s. 61 100% French §s 52 1054 Ger E16%4s°50 wi.. 15 87 German7s........342 97 Ger Gen Elec7s.... 6 93% Greek 7s. 2 86% Hait{ 68 4 964 Hungary 6%s..... 7 934 Japanese 634s..... 26 92% Lyons 6s. . 1 85 Marsetlle 65 18 s4% 4 34 26 103% 5 108% L1424 13 95% 7 100% 11 100% . 35 95% 2 96%. 2 95% . 18 102% 65 99% . 56 99 . 45 99% 25 86% 22 92% 61 96% 23 109% cee 2 107% s 14 96% 19 84% 15 82 5 98 1 100% 17 102 3 102% 2 101 1 110% 95% 964 95% 102% 99% 98% 99 86% 92V 90% 169 107% 95% 84% 82 98 100% 101% 1024 100% 109% 40% 110% 891 934 92% 84% B4lp 34 103% 108% 824 95 100% 100% 101 110% 85% 8 85 844 100% 6% 86 924 110 94 92% 96 9945 885, 88% 1014 etherlands 63 ‘54. Netherlands 6s'72. Nord 6%s. .. orway 5%s wi. Norway 65 1943. . Norway 65 1944. . Norway s 195! 3'101 Norway8s........ 7 1104 Orfent Devdeb 6s.. 1 854 Paris-Ly’s-Med 6s. 49 7%% Paris-Ly's-Med 7s. 24 554 Paris Orleans Ts 5 8 Peru 8s it Z00% Poland 6s .1 6Tw Poland 85 '50 w1 -3 81 Prague T%s....... 5 924 Queensland 7s..... 5 110 Riode Jan 851946. 3 94% Riode Jan 851947, 1 92% Rio Gr Do Sul §s 1 96 St of S Paulo ret: 9 99% Seine Deptcf 7s... 33 89% Serbs Crot Slo8s.. 70 89 Sweden 5%sct.... 20 10I% Swiss 51 1946 18 102% 1024 Swiss Confed 85... 6 115% 115% Tokio6s.......... 2 6T% 67% Ud Kingm 53 '29.. 16 1184 118% Ud Kingm 5%s'37. 10 106% 105% Jd Steam Copen 6s. 3 94 94 Zurich 8s z 1 108% 108% MISCELLANEOUS. Am Agr Chem 5s.. 75 102% 102% Am AgrChem 7%s 6 103% 103% Am Chainsf 6s'33. 5 984 9% Am Repubdeb 6s.. 2 974 97% AmSmit& R1st5s 8 954 98 AmSmIt&R6s... 6 107% 107% Am Sug ref 6s. 18 102% 102% AmT&Tcltrds.. 12 97% 97 AmT&Teltrbs.. 13 101% 101% AmT&Ts?5s...222 96% 96% AmT & Tdeb5%s. 7 102% Am Water Wks 55. 8 4 954 Am Writ®aper 6s. 15 524 Anaconda 1st 6s... 51 100% Anaconda cv db 7s. 70 101% Andes Cop 7srcts. 12 Armour & Co 43s. Armour Del 5%s. . Atlantic Refin 55 Bell Tel Pa 5s. Beth Stee! pm 5s. Beth Steel rf 58 Beth Steel 5355 '53. Beth Steel s £ 6s... Brier H St 18t 5%s. Bkiyn Ed gen 58 Bklyn Ed 6s B. Bush T Bldg 68 '60. Cen Leth 6545 cfs Chile Copper 6s. Commonwth P 6s. . Con Coal Md 1st 6s. Consumers Pow 5s. Con G NY 5%s wi. Cuba Cane cv 7s. Cuba Canecvd 8 Cuban Am Sug 85 Dodge wi 65 Du Pont de : Dugquesne Light 6s. Emplre G & F 7%s. Fisk Rubber §s. Francis Sug T%s. . Gen Elec deb 5s. Goodrich 6%s. Goodyear 8s 1831.. Goodyear 85 1941.. Hershey 5%s wi Hershey 6s 1942 Humble O& R5%s Illinois Bell 1st 58 Iilinois Steel 4%s Int Mer Marine be.. Int Paper 58°47.. Inter Paper 68 KCP &Lt b5s A'52, Kan G & El 68 '52. Kelly-Spring 8s. .. Lackawa S 58 '50. . Lacl G ref 5334 Laclede G 5%s '52. Liggett & Myrs 7s. Lorillard (P) s Loulsv G & E 53 '52 Manat! Sug sf Tis. Mid-Con 63%s '40. Montana Pow 58 Mor’s & Co 1st 4%s New Eng Tel 5s. N Y Ed 5544 wi N Y Tel 4%s N Y Tel 65'41. North Am Ed 6s North Am Ed 6% Nor Ohio T & L 6s. Nor States Pow 5s. Nor States Pow 6s. Otis Steel 7348 Otls Steel 8s. Pacific Gas & El 6s. Pac T&T 68 °'62. .. Pan-Amer Pete 6s. Pan-Amer Pete 7s. Phila Co 5%s°38... Phila Co ref 6s A. . Phila & RAC& 158 Plerce-Arrow 8s... Public Service 6s. . Pub Serv Elec 6s P Serv Gas b%s P Serv Gas 5% '64. Punta Alegre 7s. .. Remingtn Arms 6s. Rep Ir & Steel 5s. Sinclair O11 6s. Sinclair Oil 6%s Sinclair Oil 7: SInCOPL 6s'28. Sin Pipe Line &s. Skelly Of1 6%s Southwest Bell 5s. Sug Est Orfent7 Tenn Elec Pow 61 Toledo Edn 1st 7; Union Bag & P 6: United Drug U S Rub 1st rf b: U S Steel s f bs Utah Pow & Lt bs. Va-Car Chem 7s, Warner Sug 7s West Elec 5s. . Westn Union 6%s. Westinghouse 7s. . Wilson & Co 1st 63 Wilson & Co cv 6s. . Winchester A 7%s. Youngstn S & T 6s.. lz loflk @ o w » N wRavowaSoraranEloabndrain relouiomnSneaSonaa o A 1 - SeirmrallinoanlecanIBe 95% 96% 954 102% 9945 99 99% 86% 92U 96% 109 107% 964% 8414 82 98 100% 101% 1021 100% 110 403 1104 89'% 101 9915 9915 103 110% 100% | {FlaE RAILROAD. Sales. High. Low. Close. 8244 B9 864 91 87% 924 90% 101 103 101% 9% . 1% B & OPLEWYV 48 857 Bklyn Manhat 6s. . 2 90% Canad North 6%s 117% Canad Pac deb 4s. 80 Central Pacific 45 8T% Cent Pac 1st 5890 98 Ches & Ocv4k%s. 4 Ches & O gn 4%s. . Ches& Ocvis. ... Chi & Alton 3s Chi & Alton 3%s. ChiB & Q 1st rf 5s. CB & Q-Tll div 4s. . Chi&EIgnbs.... Chi Great West 4. CM&StP4s'25.. CM&StPdbis. CM&StPeviy CM&StPgn4 CM&StPre4t%s. CM&StPevss C&N W gen 4s. . Chi & NW gn 33%s. Chi& N W ref bs.. Chi& N W 6%s. . Chi&N W 7s.... % 1 Chi Rys 5s. Chi RI& P gn 4s.. ChiRI&Prf4s ChiTH&S E 58. Un Sta 4155 ... lon Sta 5s *44 W Ind cn 4s. 15%s°62 CL(‘&S! L 5s. CCC&StLrf Colo & Sou 4%3. Cuba RRT%s Del Hud cv 55 3. Del & Hud 5%s. Den & Rio G cn 4; D & Rio G Wst 5; Des M & Ft D 4s Det United 4345 Erie 1st cons 4s. Erfe gen 4s. . fe conv 43 A 3ris conv 45 B 3 luz.lerse) [ > 58 'T4 . Fla W& N 78 '43. Gr Trunk sf db 6s Grand Trunk 7s Great North 5s. Great North 5%s. . Gr North gen 7s reen B & W db Havana ERL&P ‘50 Hud & Man ref 53 Hud & Man aj 58 111 Central ref 4 Int Rap Tran 5s. .. Int Rap Tr s stpd. Int Rap Tran 6s. .. Int & G Nor 1st 6s. Int & G Nor aj 6s. Jowa Cent 1st 55. Kan City Ft 8 4s. Kansas City S 3s. KansasCity S 5s. Kan City Term 4s Lake Shore 4s ‘28 Lehigh Val'ss 20! Louis & N 5s B.. Louis & Nash 7s. Manhat Ry cn 4s. . Market St Ry 7s Mil El Ry & L §s... M&StL 1strf 4s M St P & SSMcn 4s 1 M St P & SSM 5%s. M StP & SSM 6%s. M K & T adj 5s. MK&T4sB. MK&TprinSsA. Mo Pacific gen 4s. Mo Pac 55 1965. Mo Pacific 6s. ... Mo Pacific 6s cfs. Nassau E Ry 45’5 New Or Term 4s. NOTex&M5sB N Y Cen gen 334s. N Y Cent deb 4s N Y Centribs. NY Chi & St L5%s New Hav deb 45°56 New Hav d 4s5'57. New Havencd 6s N Y Ont W 1st 4s. N Y Rys 6s'65 N Y State Ry 4%s. NY W & Bos ¢%s. Norfolk & W cn 4s. Norfolk & W cv 6s. Northern Pac 4s... Northern Pacr i 63 Ore & Calif 1st 5s. . Ore Sht L cn 55 '46. Ore-Wash 1st rf 4s. Pennsyl gen 4%s. Pennsyl gen 5s. Pennsyl 5s '64 Pennsyl 614s.... Pennsyl gold 7s Peoria & E inc 4 Pere Mrq 1st 4s '56. Pere Marq 1st 5s. .. Por RL & P 65 '47. Reading gen 4%s Rio G West cl 4s RIATk& L 4%s... St L IM&S 4s°29... St L IM&S R&G 4 StL&SFpldsA.. StL&SF prin 5s. Atchisonadj 4s.... Atchison gen 4s. .. Atlantic C L cl 4s. Atlantic C L 1st 4s. B &O Gold 4s.. 9074 99% 9% @ s cnaraRoNteSBerBmwn 109% 934 10 31 10 22 81 98y 95% con 4s°32. St P Un Dep 5s. . Seabd A Liref 45 Seabd A L adj 5 Seabd A L con 6s. Sou Pacific 45'29.. 3 9 Sou Pacific clt 4s. 4 3 Sou Paclfic ref 4s. . Southern Ry gen 4s Southern Ry 1st 53 Southern Ry 6%s. . Third Ave adj 5s. Tol St L & W ds Union Pac 4s'27. Un Pac 1st rf 5s Union Pac cv 6s. Virginia Ry 1st 5 Va Ry & P 1st 5s.. Wabash 53%s 75 Western Md 4s. Western Pacific 5s. West Shore 1st 4s. . 25. Whel & LETf 4%s. 42 Wisconsin Cent 4s. 1 SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) 403 85 99% i 104% i 108% 984 97 967% 66'% 937 Adirond, L. & P. C. 8s 1920 Alum. Co. of Amer. 78 19: Amer, Beet Sugar Us 1 Am. Te Co. 4s 1079, Andconda, Lo‘vpcr 68 1929 .. Associated Oil 6s 1935 Baltimore & Ohio_6s. 1 Bethlehem Steel Bs 10: Central of Georsia s 1030.. Oy il & SU P ds 1034 Chi cnrv of Ly nzl ‘ofu o EEs Lonunsnm G. Du Pont 7 Erie R. R. Federal m&‘m. R Qregon Shoy Penna. R Sinclair Cr. Swift & Co. Tidewater O 1 Western. Onton 8% Westinghouse Ekh Calied ot 101 % . Aug TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 183 | 904 | 8% | e | iner FINANC CRUDE OIL PRODUCT l SLIGHTLY DECLINES} Gross Daily Output in U. S. Week‘ Ended August 15 Drops 21,- 450 Barrels. | By the Associated Press. NEW YORK, August daily average gross crude oil pro- ductfon in the United States de-| lere sed 21,450 barrels for the week ! lended August totaling i harrels, says the weekly summary the American Petroleum Institute | | toda Dally average fmports of petroleum at princi ports for the week 7 barrels, compared with 19 r the previous week, and 16 for the four weeks 15. Daily lifornia ofl wst ports for barrels, comr the previous v 1s for the four we —The re- Gulf ¢ were 103, the iveel réd with an crude w 0w is - the Bra 30 1 Gasoline barrels during J ures from 65 per acity of the d hlnl». 1,170,00 at- | Pipe ast o |increasea 32 Mountains | in July | GRAIN AND PROVI“IONS BALTIMOF b 30 hel, 1.50 onions, | " bushel 43.00 bushel, | waterme: | Selling Price | Wheat mestic | licky at Noon. spot, 2 red Winter, do. gar- red Winter, | No. 4, 149 | 15.00 st : No. aw- L 12.0 1 clover mixed, 18, No. 1 wheat, 11.00 3.00. CHféAGO LI’VEi STbCK. CHICAGO, Aug (United | weight {bulk good pound weight | light light topped & to 300 pou choice slow; g D fed stee: choice kind all s, me heavies held around y, 14 bulk fed nd condition to sell _ Western grassers, bu. | steers of quality 10.00a1 14.000 head { Sheep—I { 1ambs bulk early | moderate |offerings h { butchers, 14.85; | better grade lamb cline: medium ifat sheep far ower with grade sales 1 sort 14.50; better few nge yearlings 2 about steady tive ewes, 6.00a7.50 00 down; nothing d CHICAGO GRAIN MARKET. CHICAGO, August 20 (#).—Wheat | opened higher here today because of strength at Kan: City, combined with light offerings and commission | house buying here. The range in early trading, how | ever, was within narrow limits, al though the market gererally main tained strength. Kansas City { showed a full cent over Chicago at |one time. Wheat opened % to 1% cents higher, with September at 1.61% |to 1.61% and December at 1.60% to 1.61, but later receded somewhat, al. though remaining above last night's close. There appeared to be an absence of | pressure to sell corn and this market {also opened higher at a shade to 9% { up, with September at 1.06 to 1.06% The market then declined fractional %|and an hour after the opening w down a shade below last night’s finish Oats started % down to % up, with September 41% to 407, and later heldy near the initial Provisions wer o September Decey BANK OF ENGLAND REPORT. LONDON, August 20.—The weekly statement of the Bank of England| jshows the following ‘changes in pounds: Total reserve increased $45,- | 000, circulation decreased 1,070,000, bullion decreased 224,000, other se. curities decreased 283,000, public de- posits _incre 802,000, other de- . government curities decreased 229,000. Proportion of the bank's reserve to | Hability this week is 31.23 per cent; last week it was 30.65 per cent. Rate of discount 4% per cent. se- ] 5 June 15,1926, Sept. 15, 1028, 2 March 15, 10 - 18, 192" S39z250a! £2383388; S o 1425 —_— ‘The government of Latvia is greatly BAR SILVER PRICES. NEW YORK, August 20.—Bar sil- ver, 70%; "Mexican dollar, 54%. LONDON, August 20 {3251 per ‘ounce: momn 3% per cent; discount rates, short bills, 3%a 3% per cent; three-month bills, 8 13-16 Iper cent. Bar silver, Yoore | fiscal | mont: * | ron Pipe Co. buying by millers at Minneapolis and | values | 000, notes reserve | 1AL, U.3. SHOWS OUTLAY IN CURRENT COST ‘ ‘Operatmg Expenses for July, $235,589,153—W. R. & E. Common Features Market. BY CHAS. P. SHAEFFER. Total ordinary costs of operating United St overnment during uly 1 nt nted to $235559, 11,9 the corre; onth of vear. / expenditures ~ during 1 held y even, the total £155,001 nded during the an increase of less . 1924. The 1ing under the head show some se in the cost rtment {s offset ther division requirements of ment during the mo §8,000,000 less than the sam month” of last year, while the nee of the War Department were $4,00( but on the other Department’s _requi 000,000, th eneral the Interior 000,000 and the Department of Commerce, $2.- 000,000, Unclassifled Deficiency. In the un ficiency during 1 Service r £2,000,000 r 000,000, ents st ordinary recelpts £10.003 e W. R. Common stock ay and ecedented lington Stock & E. Common the Wask Exchange. this mor from out-of- n town or_whose interests ted price. ue closed at r den. fractiona: Cor e regular quar > Tate of 8 pe ck, to be dis President C. a continued in- tribution, with showing a 47 per cent increase over the same month of last year. reight Cars Up for Repairs. eed of repair on ., or §4 per t Association This w 1 under the number time a decrease eport there were Freight cars in on August per cent, | 1w need of light ent need of hea WALL STREET BRIEFS. By the Associated Press American manu iron pipe have under! | petitors for about 1 | by the city involving $5 Foundry Co. is und obtained 2,500 tons, | to the United & |and Foundry Co. { contract for 850 | Park, 1L, a mount, Minn 000 tons sougk of Detroit, the contract 0,000 hburg Pip has a Franklin which also tons for will supply 550 Martinsville, 111 | _All grades of p alcohol have been igallon by the trial Alcohol | price 5312 ce drums. nd_dena! dvanced 4 ¢ Unit nts | Stock of refined copper in the hands | of American producers on August 1 amounted to $8,088 short tons, the mallest since the war, the American | Bureau of Metal Statistics reports. This is a reduction of 3,238 tons com pared with the month before. Detroit dispatches to Wall that the forthcoming report Fisher Body Corporation e 2l 31, the first quarter of the | will show earnings three times ihose | of the same period last i when | net of $1,696,170 after all charges was \rmmr[ed Operations are at top ca pacity, several plants turning out 20 per cent more production than they were designed to handle. The stock exchange rules that cg morf stock of the Marlin-Rockwell Corporation shall be ex-rights on s Rights may be dealt in isued” on and after August and must be settled Septembe | Right to subscribe expires Septem ber 14. Wall Street statisticians state that the recent almost perpendicular : vance of 10 points in the industrial average is rather misleading, because {it was due largely to the sensational advance in a few high-priced issues such as American Can, General Elec. tric and Mack Trucks, which are among the 20 selected issues used in the compllation. While the industrial average recently attained its highest level in history, a number of the so called barometric stocks, such as | United States Steel common and Baldwin, still are well below the high | figures established in the March ad- vance. DIVIDEND BASIS $8 A SHARE. | NEW YORK, August 20 (#).—Di rectors of the Texas Gulf Sulphur Co. today placed the stock on an annual dividend basis of $8 a share, with declaration of a quarterly disburse ment of $2, payable September 15 to holdovers of record August 31. In the previous quarter, $1.75 was paid and an extra dividend of 50 cents. BOURSE RATES IRREGULAR. PARIS, August 20.—Prices moved irregularity onthe Bourse today. Three * per cent rentes, 46 francs; exchan on London, 103 francs centin 5 per cent loan, 58 francs 55 centime: The dollar was quoted at 21 francs 35 centimes,