Evening Star Newspaper, August 21, 1925, Page 16

PANANCLINL MARKET IS SWEPT BY BUYING WAVES Steel Advance and Gains in Other Issues Notewarthy in Buoyant Trading. BY STUART P. WEST. Spacial Dispatch to The Star. NEW YORK, August 21.—The ad- vance in the steel shares, a number of 2 to 5 point gains in other direc: tions, the spectacular upbidding of some of the high-priced industrial spe- cialties and the buoyancy of a large nart of the Stock Exchange list were the noteworthy developments today. There were intervals of comparative quiet, but the buying waves which pt over the market were strong enough ta keep speculative interest at a high pitch It as a question how much of tho demand for stocks was coming from the outside public and how much of it represented the activities of the professional clement. Steel at Highest Prices. Large b of United States Steel common changed hands at the h - est pr of the season. Where it was today this leader was with s of its record flield and Gulf briskly, and so lehem,” Crucible, Fuel and Iron the others Republic, C were all hig *The sudden shift of the steels was se, interest into inspiring which had e in the upswing or which onsiderable rise, had tired under their fast pace. The steel trade news at the midweek was favor- able, but indicated only moderate im- provement Many New High Records. New high records were numerous. General Electric was up several points to its best and was Cali- fornia Packing, which had a_sensa- 1 rise in the past week. H: tric had nother violent upturn, Chrysler, Certain-teed Prod: s first preferred, Indian Motor Cycle, At- lantic, Gulf and West Indies prefer- red. United States Cast Iron Pipe preferred, Postum Cereal, Interna- onal Business Machine, American melting and Refining, Chicago Pneu- natic Tool, Onyx Hosiery and Otis Elevator preferred all surpassed their previous tops for 1 In the rail- way section the features were St. Louis-San Francisco, St. Louis-South. western and Seaboard Air Line. Wall eet persisted in its belief that the Louis-San Francisco dividend uld be increased.to either 6 or 7 per cent. Continues Upward Move. American Can continued its upward nd Public Service of New Je: sey was a feature. The biscuit share were notably strong. Pittsburgh Te minal Coal rose about 4 points. Mac Trucks recovered several more point Otis Steel preferred, United States In- dustrial Aleohol, National Distillers NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Abitibi Pow (4). Adams Exp (6).. Ahumada (11).. Air Reduc (4) Ajax Rubber, ... Allled Chem (4). Allied Cm pt(74. Allis Chalm (6). Am Agricul Chm Am Ag Chm pf.. ‘Am Beet Sug(4). Am Bosch. ..... Am Brk Shoe(5). Am Can (17). Am Car&Fdy (6) AmC&F pf (7). Am Chain A (2). Am Chicle...... Am Drug (60c) . Am Express (6). Am & For Pow. . Am&F Ppf (1), Am Hide & Lea.. Am Hide & L pf. Am Ice (7). Am Ice pf (6)... Am Internatl. Am La Fran (1), Am Linseed. Am Linsd pf 3% . Am Loco (118).. Am Loco pf (1), Am Metal (3)... S Radiator (4 m Ry Bxp (6).. Am Ship&Com.. Am S & Ref (5). AmS&Rpf (7). Am Stl Fdys (3). Am Sugar. . Am Sugar pf (1) Am Sumatra. Am Tel&Tei (8). Am Tobacco (7). Am Toba B (7).. Am Tobac pf (§) Am WW&EI 1.20 Am W W 1st (1) Am Woolen Am Wool pf (7). Am Zine. Am Zine pt Anaconda ( Armour T11 A( Arn Cons&Co. Asso Dry G(2%) Ass50 Ol (2).... Atlas Powdr (4). Atchison (7).... Atchison pf (5). Atl Birm & At. .. Atlantic C L(18) AtIGulf& WI.. Atl Gulf & WI pt Atlantic Refing. . Austin-Nichols. . Baldwin L (7).. Balto & Ohlo(5). Bang & Ar (3) Barnsdall A. Barnsdall B. Beech Nut( Belding Bros. Bethlehem Stl Beth Stl pf (7).. Booth Fisheries. Booth Fish 1st. . Botany A (4).... Briggs Mfg(3%) BKl Edison (8).. Bkl-Man Tran. .. Bkl Union G(4). Brown Shoe (4). Burns Bro (10).. Burns Br B (2).. Bush Terminal. . Bush Trm pf (7). Butte Cop (50¢). Butte & Sup (1). Butterick. Cal Packing m. Products, Davison Chemical, the In- ternational Mercantile Marines, in which short cevering was active; Mon- tana Power, New York Air Brake, National Lead and General Baking were all bid up. One of the weak features was Mara- calbo Oil, which got down to its lo est for the vear. The other oll shares continued to do better. BULLS ACTIVE IN MARKET. Operations in High-Grade Industries and Rails Conspicuous. v the Associated Prese NEW YORK, August 21.—Resump- tion of bullish operations in high- rade industrials and rails was the outstanding development in today's stock market. Southwestern carriers were again in good demand, Frisco common and Louis Southwestern attaining new peak prices. United States Steel common crossed 124 to its best price since the March reac- tion. Total sales approximated 1,300,- 000 shares. With the Federal Reserve Bank statements indicating continued ease in the credit situation, operations for the rise were resumed with confidence at the opening. The general list soon headed upward under the leadership of the public utility and electric equipment issues. The demand for Southwestern rails was accelerated by the publication of a_favorable July earnings report, the first to make its appearance, of the Kansas City South- ern. # Foreign exchanges opened stead, demand sterling ruling around $4.853 hd French francs just below 4.70 nts. New leaders for the advance were -ought forward during the forenoon dealings, particularly representative food stocks comprising issues in the packing, cereal and baking groups. At the same time strong competitive bidding continued for the high-priced specialties, resulting in several spec- tucular gains. The closing was strong. Buoyancy of a few high-priced industrial shares featured the late trading. Markets at a Glance Ry the Associated P NEW YORK—Stocks higher; United ates Steel common highest since arch. Bonds firm; rail and oil is lead advance. Foreign exchanges ; Scandinavian currencies rally. advanced; high temperatures. trade buying. Coffee tton r stea 1sy: lower Brazilian cables. CHICAGO—Wheat, higher; sympa- thy strength Wirnipeg. Corn, steady: ess favorable weather. Cattle, firm; desirable grades scarce. Hogs, steady strong. WAI.L STREET BRIEFS By the Associated Press. Surplus of the Lehigh Valley Rail- road for the second quarter this year iped to $3,473,150 after taxes and harges, in comparison with §1,714,082 in the same quarter of 192. ‘The total for the first half of 1925 was 24,801,966, equal after preferred divi- dends to $8.96 a share on the common stock, against $3,118,363, or §2.57 a share, in the first six months last year. Little new financing will be required o provide for corporate securities in September, a compilation by the Journal of Commerce showing an unusually small total of $21,058,220, compared with $30,855,310 in August and $28,979,850 in September last vear. Industrial companies furnished the largest amount, $9.692,500. Rall road maturities aggregate $6,716,12 Stockholders of the Pittsburgh Steel Co. have authorized an increase of $20,000,000 in common stock and an increase of $2,500,000 in the company's indebtedness for the purpose of ac- quiring the Pittsburgh Steel Products Co. A. B. Leach & written §8,000,000 of 7 per cent cumulative preferred stock of the Co. have under- Cal Pete (2).. Callahan Zinc. .. Calu& A (12%). Calumet & H (1) Can Pacific (10). Case Threshing. Case Thresh pf.. Cent Leather. ... Cent Leather pf. Century Rib (2). Cerro d Pasco(4) Certain-Teed (4). Certain-T 15t(7) Chandler (3).... Chees&Ohio (4). Ches&O pf(63%). Chi & Alton Chi & Alton pf.. Chi & East 111 pt. Chi Great West. ChiGr West pf.. Chi MI1 & StP. Chi Mil & StP pf. Chi & Nwn (4) Chi PneuT (5).. Chi RI1& Pac. CRI&Ppf (8). CRI&Ppt (7). ChiStPM&O.. C StPM&OP! (5). Childs (2.40). Chile Cop (2%). Chrysler Corpn. Chrysler pf A(8) Coca-Cola (7)... Col Fuel & Iron. Colo Southern. .. Col G&E (2.60). Col G& Epf (7). Congoleum (2).. Consol Cigar. ... Consol Distribut Consol Gas (5).. Consol Textlle. .. Cont Can (4).... Cont Mot (800) ... Corn Prod (3) Corn Prod pf (7 COWVING.: .oovee Crucible Stl (4). Crucible pf (7).. Cuban Cane Su.. Cub Cane Su pf.. Cuban-Am § (2). Cudahy Pkg (7). Daniel Boone Davison Chem Del L & Wn (17) Dej & Hud (9)... Detroit Ed (8)... Dodge Bros Cl A Dodge pf (7J.... Dome Mines (2). Dupont (19) ...« Bastman (18)... Eaton Axle (2).. Blec Powr & Lt. EIP&LpL(D).. E P&L pf 40% po Hilec Str Bat (4). BEmmerson Brot. Emmerson B pf. End John (5). Srie RR ... Erie 1st pf. Famous Pl (8).. Famous pf (8). . Famous Pl fu pd Feder Lt (11.40). Fed Min pt (7).. Fisher Body (5)« Fisk Rubber.... Fisk R 15t pf (7) Fleischmann (4) Foundation (8).. Freeport-Texas. Gabriel Snubber. Gen Asphalt. ... Gen Asph pf (5). Gen Baking (6). Gen Electric (8). Gen El spec 80a. Gen Motors (6). Gen Mot pf (7).. Gen Outdr Adv.. Gen Outdr Ad A. Gen Petrm (2). . Open. High. Low. Close. €8 924 114 110% 12 94% 119% 84 22 65 874 82 117 - 240% 106 126% 23's 47 5% 1425 44 80'% 10% 61% 17 824 864 12% 3244 79% 1154 116% 112 107 64% 314 20 Gen Ry Sig (6).. 295 Gimbel Bros Ginter (1%) Glidden Co Gold Dust. . Goodrich Ru (4). Goodrich pf (7). Goodyear pf (7). Goodyr pr pf (8). Granby Consol. . Grt North pf (5) Gt Nor Ore (1) Grt Wstn Su (8). Green Canan. ... Gulf Mo & Nor. . Guif States S (5) Hartman (2%).. Central State Electric Corporation, which will be offered to stockholders at Sfll‘l share on the basis of cne sbare new preferr for eac! ve of common or preferred held. m will be made next Havana Elec (8) Hayes W (13%4). Hays W pf(734) . Homestake (14). Household P (3) Houston Oil. . B6% 46% 22 42% 53% 98% 104% 1074 19 74 27 99 14% 81t 82 28 219 414 108 45 414 634 68% 68 2% 114 111% 12 954 119% 864 23 67% 37% 32 17 2474 1057 126% 2315 47 5la 108% 115 106% 291 61% 83% 22% 105% 108% 126 16% 804 b8 95 172% 836 11% 93 12% 28% 47 48% 295 295 57 47 22% 44% 54 ¢ 99% 104% 684% 91% 91% L 110% 111 12 12 93% 84 119% 118% 84 85% 22% 66% 874% 82 117 245 105 126% 28% a7 5 141% 43% 804 10% 61% 122 84 874w 181 324 9% 114% 116% 61 1124 % 6% 111% 1114 394 65% 99 10% 140 97% 874 1064 62% 9844 39 860 8% 33 434% 22% 10% 5015 86% 50 122% 964 By 185% Howe Sound Co. Hudson Mn (234) Hudson Mot (3) Hupp Mot (1). Tllinots Cen (7). . Indep O11 (1) Indian Motorcy . Indian Refining. Inland St (2%). Inland Stl pf(7). Inspir Cop (50c). Interub Rap Tr. Internat Agri Int Bus Mac (8 Int Cement (4) Int Com Eng (2 Internat Har (5) Inter Har pf (7). Int Mer Marine. Int Mer Mar pf. Int Nickel Int Paper. . Intl Paper pt (1) Int Shoe pf (8). Int Tel & Tel (§) Jordan Mot (3).. Kan City South. Kan C So pf (4). Kayser (Jullus). Kelly-Sprinj Kennecott (3). Keystone T & R. Kresge Dep S (4) Lee Tre & Rub. . Lehigh Val (33) Liggett & M (f4) Lig & My B (14). Loews Inc (2)... Loose-Wiles. ... Lorillard (3).. Loulsiana Ofl. .. Loulsville Gas A Louis & Nsh (6). Ludlum (2). . McCro B (1.60) Mcintyre P (1).. Mack Trucks (8) Mack Trk 2d pf.. Macy HR & Co. . Magma C (Tbc). Mallison & Co. .. Man El Sup (4). Man Emd g (5). Man Shirt (13%). Maracaibo Oil. .. Market St prior. Market St 2d pf . Marland O (75c) Marlin Rock rts. Martin-Parry (2) May Dept St (5). Meiro G pf(1,89) Metro Ed pf (7). | Mexican Seaba. Miami Cop (1).. Mid-Continent. . Mid-Cont pf ( Middle States Mtdland P pf (t Minn & St Louis. Min St P & SSM. MStP&SSM 1i(4) Mis Kan & Tex.. MK&TDpt(5).. Missouri Pacific. Missouri Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3) Mother Lode 750 MotorWhe(1.60) Nat Bisocuit (3).. Nat Biscu pf(7). 36‘1 10% 47% 26 96 1% 445 1423, 149% 130% 25% &3 14 158% 165 8301 11% 9215 112% 28% 48 48% 48% Nat Cloak (4) Nat Dairy (3) Nat Dpt Stores. Nat Distille t Distillers p! Nat Enamel & §. Nat Lead (3).... Nat Ry Mex 2d.. Nat Supply (3) Nevada Coppe: N Y AirBr(4).. NYAIrBra () N Y Canners (2). N Y Central (7). NYC&StL (6) N Y Dock....... NYNH& Hart. N Y On&Wn (1). N ¥ Shipbld (2). Niagara F Ports Norfolk South. . Norf & West (1) North Am (8.40) North Am pf (3) Onyx Hoslery Orpheum (1.80). Orpheum pf (8). Otis Elevator () Otis Stesl. Pacific Gd (8- Pacific Ol (3) Packard (11.70). Paige Mot(1.20). Pan-Amer (6)... Pan-Amer B (6) Pan-Amer rts. Penn C & Cke. .. Pennsy R R (3). Penn Seab Steel. Peoples Gas (8) . Pero Marq (4). Pere M prior(5) . PhlaCo (4)..... Phila&RC&T Phillip Morris Phillips Pet (2). Plerce-Arrow... Pierce-Arrow pf. Pierce Ofl. Plerce Ofl pf. Plerce Petrol. . Pitts Coal. . Pitts Term Coai. Pitts Ut pf 11.20. PittsU pf n(1.20) Prod & Refiners -(5) Pub Se E&G pf 6. Pub SelE Popf 7 Pullman Co (8).. Punta Aleg Sug. Pure Of1 (1%).. Radio Corp of A. Radio C pf (3%). Ry Stl 5pg (8). Ray Cons Cop Reading (4) | Reading rts Reading 2d (2).. Reid Ice Cream. . Robt Rels & Co. . Robt Reis 1st pf. Remingian Type Replogie Steel. . Rep It & St | Rep1&Spf ! Reynolds Sprngs Rey Tob B (3)... Rossia Ins (6). . Royal Dch 1.73% S( igllph Ld (2) San F (5) St L Bouthwast. . Savage Arm Schulte (*8) Schulte pt (8). Seaboard Alr L. Seabd Alr L pf. Seagrave (1.20). Sears-Rebk (6) . Shattuck F G(2) Shell Trans 2.16. Shell Un (1.40) Simmons Co (2). Simms Pet (1). Sinclair Oil. 296 56% 57 46% 47 21% 22 2% 4 b3% b4 98% 99% 1044 1043 Slosssher (6] 108s-S] South Port S (6) South Pac (6). Southern Ry(6). South Ry pf (5). Spear & Co. .. Spear&Copf (7) 107% 107% 107% | Spicer Mfg. . 19% 74% 2814 991 14% 31% 54 28 233 41% 103 45 41% 66 18% 8% 19 4-1% 987 4% 81 82 25 219 41 108 F'i 14 31 3% 8 227 41 108 45 45 414 41 63% 66 ; Std Gas & E1(3). Std Gas& E rts.. l St o1l Calif (2) StOIINJ (1) StOfINJ pf (7). Sterling Prod(4) { Stew-Warner(5) Stromberg (6).. Studebaker (4) Submarine Boat. Superfor Oll. ... Symington. Symington A(2). Tenn Copper (1). Indian Refg ctfs. Malin Rock (1)..” 21% 824 62% 1% 116% 27 19% T 7 41% 1104 287 26% 144 182 68% 48% 126 1184 Sia 204 847y 64% 874 116% 116 34 22 19% 105% 88 435 3% 25 25% 51 b1 44 b 26 1 22 224 1% 49% 1919 44 44 4 1% 1% 24 210 116 1184 2% 61 614 41% 4% o1 91% 33% 38% 86 86k 928 944 694 T2 80la 30% s 8 29% - 29% 69% 735 124% 124% 71 a1 63 63 <40% 404 8315 35% 65 8b% 321 324 162% 164% % 1% 67% 58 184 13% 51% B3 56 56 624 b3% 121% 122% 130% 130% 32 334 38% 59% 30% 328 4 8% 8 4l 41 1384 138% 8% 5T 497 49% s 7% 33% 34 201 204 108 108 136% 140%% 13% 14 81 86 b5 85% 114% 1144 b4% bd's 85% 854 20 204 65% 65% 65 66k % K 145 14% a7 41 1% 2 116% 116% 8% 734 83 9 8% 42 21% 40% 408 84l 36 82 834 1% 1% 30 30 54 oW 43 43 38 41 14% 147 18 13 5 ok 125% 1317 5244 524 15% 15% 844 8ot 974 9Tk 106 = 105 142 1425 35 35 21 214 656's b6l 50 50 128% 1284 14% 14% &7 88% 19 19% 40k 404 46% 48 24% 24% 89 89 81% 82 16% 1567 48's 50% 807 8% 9 8375, 84 89 89 50% 50% 43 1t 43% 95% 9T% 56 57% 65% 65% 102% 104% 113 118 87% 28 46% 46% 14% 16% 196 204% 86 86 414 41% 23 28 49 49% 20% 20% 204 20% 24% 244 1024 104% 87 87 100% 100% 102% 108% 91% 9% 16% 16% 821 824 81k 31% 56 56 1% 1% 54% 5db 414 sl% 178 117% % 1% 6814 69 68% 6B% 45'% 4B% &% 6 3% 3% 14% 1bls 20 , 20. 10% 10% 907 GREATER ACTIVITY MARKS BOND SALES Buyers Confident There Will Be No Sudden Upturn in Money Rates. BY GEORGE T. HUGHES. NEW YORK, August 21.—The bet- ter tone in today's bond market was accompanied by increased activity, especially in trading over the counter. Dealers were again taking on stock, convinced that they had little to fear from any sudden upturn in meney rates. Demand on the exchange was still highly selective, but prices were firm and mostly higher. Such representa- tive high-grade railroad honds as New York Central 58, Deluware and Hud- son refunding 4s and Chicago, Bur- lington and Quiney (Tllinols division) 4s were in demand, as were United States Steel sinking fund 5s among industrials. The newly offered Inter- national Telegraph and Telephone con- vertible 5145 held the premium they established on Thursday. Many second grade raflway bonds were strong. St. Louis-San Franciseo prior lien ‘A" 45 gained nearly a point and Wabash 5ls moved up fraction- ally. In the speculative group Inter- national Great Northern adjustments made & new top for the movement at 77; Seaboard Air Line adjustments did the same at 83. Improvement in each case was helped along by the favor shown stocks of the respective railroads. Industrials were irregular. Antilla 7%s, the obligation of a subsidiary of Punta Alegre Sugar, made a new low. Rogers Brown Iron 7s ran up a couple of points. Chile Copper 6s were up at one time nearly a point. Some of the ail issues were higher, but the rise was not as Thursday. French bonds were still strong among the foreign issues, French Republic 85 making a new high for the year, while Seine 7s at 893, were a point up from where they were selling three days ago, Among the new is sues expected next week is $8,700,000 City of Munich loan carrying a 7 per cent coupon 7 SCHEDULES HELD UP, Proposed Tncresse in' Shipping Rates on Glass Suspended. Proposed new schedules increasing rates on glass and glassware from points in Oklahoma and Arkansas to New Orleans, Vicksburg, Miss.. and other Mississippi River crossings and to varlous points in Arkansas and Missour! were ordered suspended by the Interstate Commerce Commission today from August 21 until Decem. ber 19. Hearing on the fairnes schedules was set for at Tulta, Okla. The new schedules would increase the glass rates from 512 to 7 cents per 100 pounds. S 6-MONTH. FREIGHT TOTAL. Freight trafic for the first six months in 1925 amounted to 212,509, 796,000 net tone miles, an increase of 796,000 net ton miles, or 3.8 per cent over the corresponding period last year. This report from the Bureau of Rail- way Economies maintained here by the carriers, also showed this was & decrbase of 12,974,000,000 or 5.8 per cent below the same time in 1923. Daily average movement per freight car in June was an increase of 2.3 miles over June last vear, and the av- erage load per freight car was one- fifth of a ton greater than in June last year. C}{ICAGO GR.AIN PRICES. WHEAT— Open. Hish. low September .. 1.00 Lo3& of the new eptember 17 Close. Do 232 1637 S s @D 532 385 333 P o September December STOCKS EX- DIVIDEHD Corporation Per share —Amer Metal .S Aug. us ug. Aug’ Au8 R EL00cl ol Aug. 21—Onyx “Hosiery. Tnc Aus’ 21—stand Milling Co.. Aug 2 Do. pf. e Texas Co (3).... 48% Tex Gulf S (733) 112 Tex& PacC&0. 13 Tex & Pacific.... 53 *Tex Pac Ld Tr.. 330 Third Avenu 13 Tide Water Ofl.. 82& Timken R B (14) 41% Tobac Prod (6).. 887% Transcont Ofl... 4 Underwood (3).. 4714 Un Bag & Paper. 9% Union Oil (1.30). 85% Un Pacific (10).. 142% Un Pactfic pf (4) Un Tank Car (5) Utd Alloy Steel Utd Cigar (13%) United Drug (7). UtdDrug 1st 3%. Utd Fruit (10).. U S Cast Iron P. ISCIPpf (1. S Distributing S Hoft (2).. S Ind Alcohol. S Ind Al p£(D). S Realty (8).. S Rubber. S Rub Ist (8 U'S Smelting(3). USSmpf (3%). U S Steel (17) Universal Pipe.. Univer P pf (7). Utah Copper (4). Util PEL A (2).. Vanadium (2)... Van Raalte. . Va-Caro Chem Va-Caro Ch ctfs. Va-Caro Ch pf... Va Iron Coal&C.. Vivaudou....... 4 U u U u U U u ‘Wabash pf A (5) Waldorf (1%)... Ward Baking B. Warner Pletures Warren Co (4) .. West Elee pf (7). West Maryland. West Md 2d pf. . Westn Pac (5a) . ‘Wesn Pac pf(6a) West Unlon (7). West Air Br () Westinghs (4).. Weston Elec. ... Weston A (2 ‘Wheel & L Eri Wheel & L E pt. White Bagle (2). White Mot (4).. White Rock (12) Wickwlire ctfs... Willys-Overld. .. Willys-0d pf(7). Woolworth (3).. Worthn PI._lm? Wright Aero(1). 2 Wrigley (13%). 5 Yale & Towne.:. 6 Yellow C (2.52). 4“4 Youngstown (4). 78% T4% #0dd lot. tra. 3P in prefe pdElcty exira. iPayable I‘vnd. “m e annual ek 7 pronounced as on Received by Private Wire Direct to The Star Office, UNITED STATES, Lib3ge... 114 Lib 1st 4 %s 114 Lib2d ¢ 162 Lib 652 4%e 240 UB4s1944. 219 USéyssz 22 Argentine 6s'59. Argentine 6s A. Argentine 6sB. Argentine 7 Aus govt 58 ‘55 Austria Ts. .. a“ 40 S 1T 13 109 10 8 . 81 - . 40 Belgium 6% 6 wi. Belgium 78 wi. Belglum 7% Belglum Bolivia 8, Bordeaux Brazil 7s Canada 65 1931 Canada 551952, Canada 6%s 1929 Chile 85 1926. Chile 85 194 Chinese Gov Ry 5 Christiania Con Pow Japa: Copenhagen 5% Cuba b Czecho 88 1951. Czecho 85 1952 ot Danish Munic 85 A. Danish Munic 8s B. TDenmark$s....... DET5%s Mch '6 Dutch East | Duteh East I 6s Finlands 7. Framerlcan 7 French 7s. German Ts Ger Gen Ei Holland Amer 6s. .. Hungary 61;8. Japanese 613s. . Netherlands §s Nord 63%4s. . Norway 51 wi. Norway Norway 68 1944 Norway 6s 1952 Paris Orleans 7s. .. Peru 8s. Poland 65 '40. Poland §5'50 w Queensland 7s..... Rio de Jan §s 1946. Rio de Jan §s 154 Rio Gr Do Sul 8s... Sao Paulo State §5. Stof § Paulo rets. . Seine Dept cf 7s. Berbs Crot Slo 85 Sweden 535 ct. Swiss 514 194 . Ud Kingm 51 "29.. Ud Kingm 535 '37. Ud Steam Copen 65. Zurich 3s. o Ajax Rubber 88 3 Am Agr Chem 7%8 3 Am Chain f 65'33. 2 Am Smit& R 1st 5115 {AmSmit& Rés... 1 Am Sug ref 6s .. AmT&Tcltrés. AmT&Tcltrés AmMT&Tst5 AmT & T deb 6 Am Writ Paper 6 Anaconda 1st 6s. Anaconda cv db T Andes Cop 75 rets. Armour & Co 4% Armour Del 5% Associated Oll 6s Atlantic Refin 0s. Bell Tel Pa 68 Beth Steel pm Beth Steel rf b Beth Steel 5% Beth Steel s Brier H St 15t 5148 Bkiyn Ed gen 6s... Bklyn Ed 65 B..... Bush T Bldg 58 '60 Cen Leth 6545 cfs Chile Copper 68. ... Commonwth P Con Coal Md 1st 55. Consumers Pow 5s. Con G NY 5%s wi.. Cuban Am Sug 88 Dery (DG) 7s..... Det Edigson 55’40 Det Edison ref 6s. . Dodge wi 6s. .. Du Pont de N 7% Duguesne Light 6s. Est Cuba Sug 7%s. Empire G & F THs. Fisk Rubber 8 Francis Sug 7%s Gen Eiec deb 5. Goodrich 6145 Goodyegr 851931, Goodyear 851941... Hershey 5% 8 wi wa s~ PSS TR e PN =l 21 | Hershey 68 1942. Humble O & R5%4s 1llinois Bell 1st b; Int Mer Marine 6. . Int Paper 5547 Inter Paper 6a Kan G & Bl Kelly-Sprin; Lackawa S & Lacl G ref 53°34... Laclede G 5%8 '52. Liggett & Myers s Lorillard (P) 7s. .. Loulsv G & B 5 Manati Sug sf 7345, Mid-Con 615 40 Midvale Steel bs. Montana Pow bi Mor's & Co 15t 4348 New Eng Tel 5s. N Y Ed 5844 wi. N Y Eden 15t 6%4s. N Y Tel 6s'41. . North Am Ed é8. North Am Ed 63s. Nor Ohio T &L Nor States Pow bs. Otis Steel 7% Otis Steel 88 Pan-Amer Pete 6 Pan-Amer Pete 7s. Phila Co5%s'38. .. Phila & Rd C & 155121 Pierce-Arrow 8 Public Service Remingtn Arm Rep Ir & Steel 53, Stnelair Of1 6s. .. ..128 Sino Sinclalr Ofl T8 SInCOFL Sin Pipe Line Skelly OI 8% 8o Por Rige Sug 78 Tenn Elec Pow 6 vssml-rz- ... 88 Utah Pow & .48 Va-Car Chem 7s... 28 Va-Car Ch 7%s W. . Vertientes Sug 7. | Warner Sug 7 WanerSgy 78 West Elec Westn Union 6% Westinghouse 78 Wilson & Co 1st 6s. Wilsen h Cn av Winch Youngstn l fi !' 100 27 102 10 101 4 101 22 102 25 1034 106 30 FOREIGN. Sales. High. Low. Close. (Bales are in §1,000.) Sales. High. Low. Close. 100 25 100 102 101 101 102 102 106 96 96% 95% 102% 9% 9944 9% 884 92% 9644 2 10874 1074 96 4% 82 107 98 100% 1 101% 1 102 102% 101 102% 109% 40% 110% BO% 984 101% 29% 99% 1084% 109 110% 100% 102% 1024 935 91 o144 100% 108% 87 97V 93% 867 964 8% 9345 9274 1087 9914 98% 9814 1078 102% 974 1014 66'a 102% b2 100% 102 984 888 93K 102% 99% 101% 1% 97 714 93% 100 101% 106 961 100% 109 1024% 837y 9644 1034 108 8314 102 107% 96 106% 105% 104% 104% 114% 1044 107% 105% 1103% 120% 98% 104% 1014 100% 84 90% 95% 102 101 93% 100% 100% 100 116 96% 100% 9855 91 99% 83 100% 101 1134% 197 100% 104 984 6% 101 104% 964 100% 97% 106% 1054 97% 10008 105 98% 25 8 1028 101 19 13 30 20 95% 96 96% 1024 9% 99 99 86% 2% 964 108% 107% 98 844 81% 107 97% 0% 1% 1017 102% 100% 102% 161% 102% 118% 1064 94 108 MISCELLANEOUS. 98% 1034 1082 106 104% 104 1147% 104% 107% 105 1104 120% 984 1044 101% 100% 887 90% 05% 101% 100% 9848 1004 9978 100% 118 9615 100 984 91 9914 8273 100 100% 113% 106% 100% 108% 98's 26 100% 104% 95% 101 20 10221 108 106 21 96 96 95% 102% 9% 294 29 864 2% 96% 108% 107% 95 Bdu 81% 107 9714 100% 101% 101% 102% 100% 102% 109% 40% 110% BO% 984 101% 9% 99% 109% 109 110% 100% 1024 1024 988 98 914 1004 06% 103 99% B9 | BTy 101% 1021 118% 105% 94 108 9933 104 98% 87 1075 1028 97 101% 96% 102% 5o 1004 101 984 88% 93 102% 9974 101% 1% 97 87% 9315 100 101% 1043% 96% 100% 108% 1024 834 9644 10343 108 834 102 107% 96 1064 105% 104% 1044 114% 104% 107% 106 110% 120% 98'x 1044 10145 1004 84 904 95% 101% 101 9314 100% 1004 1004 116 96% 100 984 a1 99% 827 100% 101 113% 106% 100% 104 934 96 101 104% 963 100%: 100% 87lg 106% 105K 87% 994 105 9%k 89 9615 1074 87% 914 100 854 109% 1044 1024 1094 1044 8845 106%, 106 95 991 7% 9014 81% 93 160% 1% 108% 69“' 101% » 7% 108% 105% 875 100 106 98% | 89% 964 107% 87% 915 100% 864 110% 104% 1024 109% 1044 89 o 95 9% 774 80's 814 93 100% b lQl“ 100 T e RAILROAD. los. Hi Low. (lose. Atctison adj [ 824 83 Atchison gen 4 6 894 89K Atlantic C L el 4 2 86K B6K Atlantie CL 7s. 2 107 107 50 9Bl B7T% 17 9214 924 17 90k 904 1 100% 100% 20 108 102% . 21 1024 102 97 96% 86% 864 90% 90 80% 86% 117% 117% 115 115 115 80% 8O _ 0. 101% 101%710Th 10245 102% 1024 87% BI% 8TW 98 98 08% #Tha 97% BTH 91 9074 118 115% 64 64 90 89% 1024 102 834 834 80% 90 76 T4 64% 64 47 46%% 1% 4% 4TH 41w 47% 4% 88%; 88% 48 AT% 4T% 4Tw 827 82% 96 96 107 107 T4 134 83k 884 87 86% 861 B6% B0 784 99 98% 98% 9T% 103 103 106% 1056% 94 e 20 BO% 105 106 83% £8% 62 6% 0% T0% 68 66% 4% T4 108 102% 95% 95 184% 133% 133% 107'4 106% 1074 115 115 115 94 94 94 21014 101% 1014 110 109% 100% 1014 101 __101 989 93% o1 90k 75 Tew 4 103% 994 67 66% 681a 89% 102 20 59 8644 904 904 85ta 85% 98t 95% 100 100 935 93w 102% 1024 107% 1074 53% B4 9% 9 95 90 21% A 7 79 91% 92 93% 944 + 1031 108% 64 65 §7% 68 1001 1004 100% 10055 945 948 92'% 904 100% 108 102 27 86% 90 865% 117% Buff R & Pitt 4% Canad North 6% Canad Nerth 7s. ... Canad Pac deb 4s. . Cent of Ga 5% s Cent of Ga 6s Central Paeific 4 Cent Pac 1st bs '90. Ches & O cv dl4s Ches & O gn 434 Ches & O ov b Chi & Alton 3 ChiB&Qgn 4558 Chi B& Qlstrt CB&Q-1l3%s... CB&Q-Tldiv4 Chi& EIgnss Chi Great West CM & Puget Sd 4s. CCC&StLrees A Cleve Term 5%s Colo & Sou 43s. Del & Hd 1st rf 45. 106 Del Hud cv 58 '35. . Den & Rio Gen 4 D & Rio G Wat & Erie 1st cons 4 Erie conv 4 Erie conv Erie & Jer FlaECH Fla W& Gr Trunk sf db 6s. Grand Trunk 7 Great North 5s. . ... Great North §4s. . Gr North gen 7s. .. G Mob&N 5% 6B 50 Havana ERL&P '50 Hud & Man ret 5s.. Hud & Man aj 5e 111 Cent ref 6s " 904 75 103% 9978 67% 6% 6815 Int Rap Tran bs. . Int Rap Tr 5 stpd. Int Rap Tran 6s. .. Int Rap Tran 7s. .. Int & G Nor 1st 6s. Int & G Nor aj 6s. . 16 Towa Cent rf 45 Towa Cent 1st & Kan City Ft S ¢s KansasCity & 5s. .. Kan City Term 4s.. Lake Shore 45°28. . Lehigh Val 5s 2003 Louis & N uni 4s. .. Louis& NisB... Louis & Nash is. .. Man Ry 2d 45 2013, Market St Ry 7 MIEIRy & L& M &St L Istrf 4 Y et 3ealifaden-8¢ (ST M M M MK&TprinssA. MK&T6sC... Mo Pacific gen 4s. . Mo Pac 58 1965 Mo Pacific 65 . Mo Pacific 6scfs. . O Tex & M 58 B. 100t 1004 | 2dd 100t 10045 | Bl Tk 848 Ban ¥ Cen gen 3% Cent 45°98.. .. Cent deb 4s. . “ent r i 58 ‘ent deb 6 Chi& StLs%s vew Havd 45 '57... ew Haven c d 6 N Y Ont W 1st 4 N Y Rys 6565 NY State Ry 4 NY W &Bosé3s. Norfolk & W cn 4s. Norfolk & W cv 68 Northern Pac 3s. .. 97 604 9l 704 26% 61 6% 90 1865 136% 59% 59% 837 83% 106' 106 97l 97% 96% 60% 67% Northern Pac 4s.. . Northern Pacr | 68 Ore Short L ref 48, Ore-Wash 1st rf 43 Pennsyl con 414s.. Pennsy] gen 43is. . Pennsy! gen b8 Pennsyl 58 '64. . Pennsyl 6348 Pennsy] gold 7 Peoria & E Inc Pere Marq 18t s Por RL& P 65°47 Reading gen 4% Rio G W Istds.... RIArk& L %45, St L IM&S 45°29 St L IM&S R&G 98 93 92t 92ia 100% 1014 974 974 110% 110% + 108% 108% 344 B4 98 98% #8% 9% 921 834 8 85 877 87i 9ol 954 8T 874 6k 17 o1 924 08% 954 92 924 84% 954 Slia StLS W con 4s'32. St P & KCShL 4%s StPUn Deps.... Seabd A Liadj bs. . Seabd A L con §s. Sou Pacific 48 '29. . Sou Pacific ref ¢5. . Southern Ry gen 43 Southern Ry 1st 58 Southern Ry 6s ct Southern Ry 6% Third Ave ref 4s Third Ave adj b5 Union Pac 1st 45 Urlion Pac 4527 Union Pac cv 6 Virginia Ry 15t 5s. Wabash 2d 58 Wabash 533875 Western Pacific 58, 26 $4's Wisconsin Cent 4s. 79 9 102% 102% 105% 106% 109 109 B5% 56 89 89 92 92 99% 993 103% 103% DAIRY PRODUCTS. BALTIMORE, Md., August 21 (Spe- cial).—Live poultry—Young_ chickens, ound, 24a32: Leghorns, 7; ens, 18a: roosters, 15a16; ducks, 20a24; old ducks, 14a20; pigeons, pair, 25a30; guinea fowl, each, 60a70. Eggs—Receipts, and nearby firsts, 321533, Butter—Good to fancy creamery, pound, 40a43%; prints, 4315a451%; la- dles, 35a36; store packed, 33; dairy prints, 33a85; process butter, 37a38; rolls, 33a85. NEW YORR, August 21 (P).—But- ter easj receipts, 12,813 packages; creamery extras (92 score), 43%a481%. Eggs—Firmer; receipts, 16,784 cases. Fresh gathered extra. firsts, 34a35. Cheese—Barely steady, receipts, 123,- 269 pounds. 678 cases; dozen, native e B Galum % 4{[1:. hecaioin erguson n Ekc o= oy Do. sp $10 par Gu:‘! St ;(fl' deon Mol B Eome Wald't Sy com Ba: Tai vegium S Do. pi. dal SO DTS D A o $1.75 3 4 of one sh two shares of s6% | 13.75; | receipts. 93l 93% | 100% 1014 | 10813 108'a | 8213 83% | Columb. 88 88% | & oftered at | B WOOL BUSINESS SEEN AT SMALLER VOLUME Commoreial Bulletin Will Give Figures, But Announces Mar- ket Has Steadied. By the Associated Press. BOSTON, August 21.—The Commer- clal Bulletin will say tomorrow: “The volume of business in the wool market seems to have fallen off this week, although the market has stead- fed both here and abroad, especially due to the settlement of the York- shire textile strike, which caused 80 per cent of the mills in Yoakshire to stand idle. The business done has been chiefly for fine and medium wools for the worsted trade. although rather more business has been done in medium wools also, and slightly more inquiry is reported from the woolen mills. The mill situation, es pecially with respect to worsteds, is better. In the West there has been little or nothing happen espectally noteworthy. ““The big event in the forelgn mar- kets has been the settlement of the English textile strike, which has strengthened the Bradford market and has reflected added strength in the Australian wool auctions, where the best wools have been against the buyer. River Plate markets are dull. “Mohair is slow and unchanged.” The Commercial Bulletin will pub- lish the following wool quotations: Domestic: Ohio and Pennsylvania fleeces—Delaine unwashed, 53a54 half blood combing, 53; % blood combing, 52. Michigan and New York fleeces—Delalne unwashed, 50a52; half blood combing, 51a52; % blood combing, 51a52; % blood combing, 30a 51. Wisconsin, Missouri and average New England—Half blood, 43a9; % blood, 49a50; % blood. 48a48 Scoured basts: Texas—Fine 12 months (selected), 1.30; fine 8 months, 1.12a1.18. California—Northern, 1.20a 1.25; middle county, 1.10a1.15; south- erm, 1.00a1.05. Oregon—Eastern No. 1 staple, 1.25a1.30; flne and F. M. combing. 1.15a1.20; eastern clothing, 1.10a1.15; valley No. 1, 1.10a1.15. Territory: Montana and similar— Fine staple choice, 1.30; 14 blood combing, 1.15a1.20; % blood combing. 1.00a1.05: ¢ blood combing, 98a92. CHICAGO LIVE STOCK MARKET CHICAGO, August 21 (United States Department of Agriculture).—Hogs— Receipts, 9,000 head: slow; desirable grades, 200 pounds and less, 10 to 20| higher than Thursday's best prices others dull; few early sales steady to strong; packers doing little; bulk good and choice 140 to 210 pound weights, 13.56a13.70; top, 13.75; limited quota 225 to 300 pound butchers, 12.75a13.40; few packing sows, 11.75 down; bulk better strong weight slaughter pigs, 13.00213.50; heavywelght hogs, 12.45a 13.10: medium, 12.63a13.43; light, 11.80a light lights, 11.25a13.75; packing | sows, 11.10a11.75; slaughter pigs, 12.50 a13.50 Cattle—Receipts. most 2.000 head: killing classes, scarce; hardly enough here to make market; stale offeringe, especially steers, in moderate supply; general trade steady: most steers of value to sell 9.00 downward; few loads half fat offerings upward to 11.60 and better; firmer undertone developing in she stock; most native and Western grass steers, 6.75a8.25 to killers; vealers steady at 12.56a14.00 Sheep—Recelpts, 5.000 head: all classes and grades generally steady: fat lambs active; desirable natives to packers, 14.50a14.75; with moderate fresh one short load to city butchers, | no range lambs offered: cull na- | 11.00a11.50 mostly: ots fat native ewes | choice handyweight Westerns to kill lers, 5.00; few range feeding lambs on country account steady at 15.40. MERGER RUMOR DENIED NEW YORK, August 21 (#).—Re- ports that the United States Cast Iron Pipe and Foundry Co. had opened negotiations to acquire its leading competitor, the Universal Pipe and Radiator Corporation, were circulated in Wall street today but were quickly denied by officials of the former com- pany. The merger rumors which were given color by the recent strength of both companies’ stocks forecast the formation of a new corporation to be few, known as the United Pipe Co., with a ! capitalization of about lbfl.(w" 000. Tentative plans, it was said, provided that cast Iron Pipe common stock- holders would receive four shares of the new company's stock and that Universal Pipe common would go into the merger on a share for share basis. SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) % Adirond, L &P.C Alum. 'd (of Amer Amer, ;uru LD ll? Am. Tel. & Alu«nm- iorv!r 6 Ba IDJE B umau & Ohio Bethlehem Steel Central f( G 8 City of H | T Continen )m‘s 5‘?,3{," Tetala o et Ofinrzéln:mpu ul ot} Rk OVar F: R HEwwote Ot b2 Lanigh Pow. ‘scc, L SLP &S.3 M. 6148 ok s Mo Toks Contrar’ 6y 18 Qreron Short' Ling Eennagivaniy R Sinctaly Gr-OU. 6, 6 Swit & Co. 58 1932 'nden:‘.r o 333300550 333323232 223235 rIon P ! 23503555505553 S22 838333323333553335 333233333825 P2 PEl5s! ©30035355303-00002 5BV e FOREIGN EXCHANGE, (Quotations furnished by W.B. Hibbs & Co.) ling checks today. Lond £ X onionn "Uoltar i franc. Brussels, franc. Berlin. mark. . 34.8665 7300 at. crown, erown zloty . Copenhagen, cro Christiaria. crown. .. Stockholm. crown. By the Associated Press. NEW YORK, August 21.—Foreign exchanges, steady. Quotatlons (in cents): Great Britain, demand, 4.85 cables, 4.83%; 60-day bills on_ banks, 4.81 15-16. France, demand, 4.6 cables, 4.69%. TItaly, demand, 3.64%:; cables, 8.65. Demand: Belgium, 4.55%; Germany, 23.80; Holland, 40.25 way, 18.80%4; Sweden, 26.85: Denmark, E Switzerland, ' 19.39%: Spain, 15; Greeee, 1.55; Poland, 16. Czechoslovakia, 2“ Jugoslavia, 1.7 Austru 14% mnla. 51%; Arge! Ginas 90,97, “hras *15 15, Haklo. o1; Shanzml 19 Montreal, 100 3-64. ohsdotiol New 10,000-Barrel 0il Well. Henry L. Doherty & Co. announce that subsidiaries of Cities Service Co. operating in Mexico have just brought in a new oil well on the Cacalilao property with an initial daily pro- duction’ of 10,000 barrels. This well, owing to its shallow depth and heavy gas pressure, is belleved to indicate the discovery of a new pool in the Cacalilao feid. Subsidiaries of Citles Service' Co. hold under lease a solid block of 18,000 acres in which this well is located. Warsaw. very | W.R. &E COMMON AGAIN HITS HIGH Advances. 8 Points Net on Local Exchange—E. J. Emer- ich Chosen Bank Treasurer. BY CHAS. P. SHAEFFER. Washington Raflway and Electri Co. common stock engaged in anothe: foray on the local stock exchange thix morning which netted an advance o 8 full points to 163. Trading in the issue was very restritted. but 17 shares selling over the board. Firs sales were made at 160, a 5-point ad vance over vesterday's close, the pric (being jumped an addjtional 3 point- on the remaining sale of three shares Rallway preferred {n the meantim scored a fractional advance 1o 86 o) sales of 36 shares. The opening wa firm at 853, the advance belng stead and consecutive. Capital Tractio was strong. but unchanged at 1003, |48 was Mergenthaler at 191. Fort | shares of National Mortgage and In vestment preferred brought 91 The bond side of the list was nex lected. Emrich Gets Impeortant Post. E. Jackson Emrich was electe the treasureship of the Merchants Bank and Trust Co. at a meeting of directors held early this afternoor The appeintment is effective ir diately, the new incumbent office succeeding I who resigned a few count of his health Mr. Emrich formerl sistant treasurer of the ir heving been elected to that April,” 1923. He has foll banking profession since earl continously except for a shor: mission with General Motors His debut was made with Commercial National Bank in the capacity of treasury clerk he was dispatched to the branch of the institution in 1 the outbreak of war many he returned to the S eniisted in the Navy. Upon turn from service he affiliated himse with the old Mer: Bank. ther located on G street. a voeatfon tha has_continued unbroker | No assistant treasurer will | named at this time | Increase | Rediscount opezations of the Fec )eral Reserve Bank of Richniond 1 creased $3,708,000 to $50,308,000 d ing the week ending August 10 gain reflects the increas and commercial activ the district The reserve rat 164.06 on August lowing weet laverage of whole. Total | proximately while tota Rediscounts comparing 4 for the sveter reserves declined £2.060.000 to §83.5 deposits eased $66,606,000 on August 32 to $66,231 | 000 on” August 18, and Fedcral re serve notes in circulation uggregated $69,494.000, an increase of $691,000 the week “Bid” and “Asked” Prices. The following latest “bid” anc | “asked” prices for unlisted securitie are quoted for the guidance of hold eers of these issues: * BONDS Asked Army & Navy Club Cosmos Club 4 148 Metropolitan Club 4y | Chapix | Chapin-Sacke s Banic.. ank ial Savin, Savings vings Bank Potomac Savings Bank. . Raleigh Holel Co Washington Title ins.’Co Washinzton Basebal] Club. Woodridge & Lang. Sav. Bi.. 12 ' Review of Financial ('Dndl'lon! Moody's Weekly Review of Finar cial Conditions in its current issue says In part: i “Much unhealthy and dangerou manipulation is going on in the & market, but notwithstanding prices. one seems warranted in either continuing to hold sound investmer issues, or else buying them on r~‘.< tlons at least until the economi ger _signals begin to flash. “These signals consist of the us indicia of inRation. such as a sharp rise in bank loan ratios, or raw ma tertal prices, or a great increase i the demand for labor, or a swift over expansion of trade activity “Conservatism, however, in the management of one's investments may be achieved by disposing of those issues which look the highest an dearest when judged upon a yiel basis. As a rule those shares are dearest which now show the lowes vields as compared with the habitua vields of the same or similar stock in the past. “Bond prices, owing and capital to monetar conditions, promise t show stability for an indefinite pe riod. Thus any exchanging into shor term issues may be done slow deliberately and only when attractive switches can % found.’ BAR SILVER QUOTATIONS W YORK. August 21 (#).—Bar silver, 70%2; Mexican dollars, 547 LONDON, August 21 (). —Bar s} ver, 32 5-16 pence per ounce. Mone 313 per cent. Discount rates: Short bills, 3%a311-16 per cent. Three menths’ bills, 3 13-16 per c HYDRAULIC TURBINE TEST PHILADELPHIA, August U1 eial).—The 70,000-horsepower hydra lic turbine units built by the Cramy Co. here for installation at Niagara have been officially tested, giving o mazimun efficiency of 93.8 per cent said to be the highest ever attained by hydraulic turbines. LIBERTIES BELSTEB. MARKET. NEW YORK, August 21 (#). Recent buying of liberty bonds on a large scale has proved a consiructive tactor in the investment market whicl throughout the Summer had shown signs of becoming stagnant. The firmness of Government obligations has allayed fears that permanently tighter money conditions were in process, with the result that a gen eral decline in bond quotations has been definitely arrested within the past fortnight. GERMAN BONDS AND STOCKS. (Quoted in dollars per I i Gl (w ‘H\ b ]9“ 18 375‘00 el il tod fods . 358, & 38 Drew urg Amer Line 4158 German Lloyd 1138 rman Lioyd russian Consols &'z s Fupp by & usseldor! 4s pre-war kfort an) unich 4y pre-was lggmm nilin... G (Ger Gg EI ind ‘Privat Bk m Gellgchatt. S r Bank