Evening Star Newspaper, August 31, 1925, Page 24

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FINANCIAL. MORE GAINS THAN | [~EW York stock excrance | (QUOTATIONS OFF FINANCIAL. [ovven vow BONDS oessenvee] | GRAIN SELLS OFF NEWRECORDLOONS' Received by Private Wire Direct to The Star Office. UNITED STATES. ‘. Sales. High. Low. Close. ek (Sales are in $1,000.) 4 Open. High. IB&Q1strebs. 2 102% 102% 10! Close. | 4 Open. Operators for Rise Secure| Control in Day of Very ; Uneven Prices. [ BY STUART P. WES Special Dispatch to The Star. NEW YORK, August 31.—The stock | market began the week under much | the same conditions as have prevailed | for the last month or more. Opinions | were a good deal mixed over the im- | mediate outlook. One et of observers tinued to dwell upon the excep- | tionallly easy money position at this | season of the vear, and upon the | record-breaking volume of industrial production Another set laid more stress upon the situation within the | market itself, resulting from « the violent upbidding of industrial shares throughout the Summer Sharp Fluctuations. ‘ Sharp price fluctuations occurred in | stocks of the specialty cl Chrys fell over 5 points, then rallied. Chi-| cago Pneumatic Tool broke 3 points and so did General Electric, then sup- | port was encountered. United Railrays Investment preferred on the sudden throwing over of a block of stock in a poor market plunged down more than 6 points. On the other| hand, Crucible Steel stood out con spicuously strong despite the uncer- | tain movement of the rest of the steel | group, and there was demand for | Macy & Co. stock at a rise of over| a point | Following the heavy selling at Sat-| urday’'s close a block of 19,000 shares of Radio Corporation was taking at 53, after which the stock rallied some | three points. The generally accepted explanation was that some insecure holdings were being taken over by people who believed that the r business was in for a period of more activity. i Railway Signal Higher. 1‘ There was a spectacular rise in Gen- | eral Railway Signal and also in the| old Kresge stock, both of which were quoted at new highs. Other new highs included General Outdoor Ad-| vertising, Foundation Company, Na- tional Dairy Products, Brown Shoe,| Atlantic Gulf and West Indies pre- | ferred and Philip Morris. Among the rails new records were set up for Gulf, Mobile and Northern preferred and for Colorado and Southern. i Motor shares did shetter than most | other groups. General Motors ran into | liberal sustaining orders, when dropped a half point, to S8, and later on rallied. Dupont was sympatheti- | cally strong. The features, however, | were Packard Motor. which was up | not far from top figures on a large | turnover, and Moon Motor, in which | there was quite a revival of interest. | St. Louls-Sun Francisco was bought | on reports that the stock would be | put on a $7 basis at Wednesday's | meetinz. St. Louis-Southwestern was | also strong. | Stock Reaches New Top. The buying National Dai Products, which made its best price for the year, was based upon the con- | tinued expansion in the company's| business. In the six months ended | June 20 the consolidated net income | of National Dairy Products and its| subsidiaries equaled $3.06 re. i This amount covered 329.883 shares | outstanding, as against 270,000 in 1924, | when the first six months’ net was $2.74. | The announcement that in the week | ended August 29 output of Califor-{ nia Crude Oil has declined 7,900 bar- | rels daily on the averuge as compared | with the week before had no direct effect upon the shares of Califor producing companies. MARKET CLOSES FIRM. it | Three Pierce-Arrow Issues Reach New | High Mark. | NEW YORK, August 31 (#).—The | closing was firm. Buying operations | expanded in.the late dealings. encom- | passing a ty of tor, accessory, merchandise and pipe shares. The three Pierce-Arrow issues mountéd to | new peak prices, the prior erred | rising 20 points to 200. Foundation Co. jumped 6 poi to a new high above 140. Total sales approximated | 1,100,000 shar In view of repeated commission house advices urging extreme caution in making new commitments. public | participation was relatively light New peak prices for the year and | substantial gains were recorded by | such issues as General Railw Signal S. S. Kresge, Foundation Co., Brown Shoe and International Business Ma- chine, the gains ranging from 3 to 15 | points. Midland *Steel products preferred and Otis Steel preferred turned weak on reports that large stockholders of | Trumbull were dissatisfied with the | proposed terms of the merger of those | three companie: United Rail In-} vestment preferred broke 612 points | Markets at a Glance NEW YORK Pierce Arrow Bonds—Irregular; Stocks—Firm; three | sues at new tops. Mexican obligations continue to gain. Foreign exchanges —Steady; Norwegian kroner soar 84 points to new high. Cotton—Declined: Southern hedge sellinz. Sugar—I: commission house sellin Stes higher Brazilian markets. CHICAGO: bull- ish visible suppl: y: un- favorable w ttle ady to Jower; heav pts. ~Higher better shipping demand. TOBACCO RECEIPTS UP. Maryland Inspectors Unable Keep Up With Arrivals. Special Dispatch to The Star. BALTIMORE, August 31.—Receipts of Maryland leaf tobacco the week totaled 2,829 hogsheads. In- spectors are still several thousand hogsheads behind receipts. es for the week were 1,511 hogsheads Quotations today for Marylind to bacco per 100 pounds: Interior and frosted, firm leaf, 4.00a9.00; sound common and greenish, 10.00a15.00; £ood common, 16.00a25.00: medium, 26.00a35.00; good to fine red, 36.00a 53.00; fancy, 54.00a55.00; seconds. com- mon to medium, 6.09a20.00; seconds, good to fine, 31.00a35.00; upper coun- try air cured, 8.00a40.00. to past RAIL REVENUES GROW. ST. PAUL, August 31 (Special).— Total revenues of the Northern Pa- cific Rallroad for the first seven months of this vear were $304.900 more than for the similar period of last year. The increase indicates the business gain throughout the North- west and Pacific Coast States. TREASURY CERTIFICATES. 14% 10% Adv Rumley. Ahumada (11 Air Reductn(13). Ajax Rubber. Allied Chem (4). Allied Cm pf(7). 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) Am Express (6). Am & For Pow. . Am&F P pf (7). Am Ice (7). Am Ice pt (6) Am Internatl. .. Am La Fran (1). Am Linseed Am Linsd pf 3% Am Loce (118).. Am Metal (3)... Am Radlator (4) Am Safety R (3) Am Ship&Com. . Am S & Ref (6). Am St1 Fdys (3) Am Stl Fy pf(7) Am Sugar...... Am Sugar pt (7) Am Sumarra. ... Am Tel&Tel (9). | Am Tobacco (7). Am Toba B (7).. Am Tobac pf (6) | Am WW&EI 1.20 Am Woolen..... Am Wool pf (7). Am Writ Pap pf. Anaconda (3)... Archer-Daniels. Armour I11 A(2). Arn Cons&Co. Asso Dry G(2%) Ass0 Ofl (2).... Atchison (7). Atchison pf (5). Atl Birm & At. .. Atiantic C L(18) AtlGulf & WI. Atlantic Gulf rt Atl Gulf & WI pt Atlas Tack. .. Austin-Nichols Austin Nie pf(7) Baldwin L (7).. Bdito & Ohlo(5). Bal& Oh pf (4). Bang & Ar (3).. Barnsdall A Beech Nut(2.40). Belding Bros(3). | Bethlehem Sti. .. Booth Fisherles. Briggs MfZ(3%) BkI-Man Tran. . Bk-Man T p£(6). Bkl Union G(4). Brown Shoe (4). Brown Sh pf (7). Brunswick-Balk. { Burns Br B (2) Brunswick Ter. . Bur Add Ma (3). Bush Terminal. . Butte & Sup (1) Butterick...-... Cal Packing (8). Calif Pemt (2) . Calumet & H (1) Case Threshing. Cent Leather. .. Cent Leather pf. Cerro d Pasco(4} Certain-Teed(4) Certain-T 2d (1) Chandler (3)... Chees&Ohio (4). Chi & Alton Chi & Alton pt.. Chi & East 111 Chi Great West. Chi Gr West pf. Chi Mil & StP.. Chi Mil & StP pt Chi & Nwn (4).. Chi Pneu T (5} ChiR1& Pac CRI&P pf (6). Childs (12.40). Chile Cop (2%). Chino Copper-. . . Chrysler Corpn. Chrysler of A(8) Coca-Cola (7). .. Col Fuel & Iron. Colo Southern. ColG& B Col Carbon (4). Congoleum (2) Consal Cigar . Consol Distribut Consol Gas (5).. Consol Textile. . Cont Can (4). Cont Mot (80¢ Corn Prod (2)... Crueible Stl (4). Cuban Cane S Cub Cane Su pf Cuban-Am S (2). Cudahy Pks (7) Cuyamel Fr (4). Davison Chem. . Deere&Co pt(5). Del & Hud (9).. Del L & Wn (17) DRG Wstpf... Detreit Ed (8).. Dodge Bros Cl A Dodge pf (7).... Dome Mines (2). Doug Pectin (1). Dul S S & Atlpf. | Dupont (19). DuPont deb (6) . Duquesne pf (7) Mastman (18) Eaton Axle (2) Elec Powr & Lt. EIP&Lpt(T).. E P&L pf 40% pé Emmerson B pf. End John (5) ErieRR . rie 1st pf. Erie 2d pf Essex 1st pf (7). Exchange (11). Famous P1 (8).. amous Pi fu pd Feder Lt (11.40) Fed Min pf (7).. Fisher Body (5). <k Rubber. Fisk R 1st pf (1) Fleischmann(15) Foundation (8).. | Frank-Si pf (7). Freeport-Texas. Gabriel A (2%). Gardner Motor Gen Asphalt. Gen Asph pf (3). Gen Baking (6). Jen Cigar (8)... Gen Electric (8). Gen El spec 60¢. Gen Mootrs (17). Gen Outdr Adv. . Gen Outdr Ad A. Gen Petrm (2). Gen Ry Sig (6) Gen Ry S pf (6). Gimbel Bros. Ginter (1%). Glidden Co. Gold Dust Goodrich Ru (4). Goodrich pf (7). Goodyear pf (7). Granby Consol. Grt North pf (5) Gt Nor Ore (1) Grt Wstn Su (3). Gulf Mo & Nor. Gu M & N pt (6). Guif States S (5) Hartman (2%).. Havana Elec (6. Hayes Wh (3%). Helm G W (3). Howe Sound Co. Household P (3) Houston Ofl Hudson Mn (2%) Hud Man pf (5). Hudson Mot (3). Hupp Mot (1).. Tllinofs Cen (7). Indep OIl (1).... Indian Motorey . Inland St (2%6) . Interub Rap Tr. Internat Agri... Int Bus Mac (8). Int Cement (4).. 15% 10% 145 104 1074 10% 101% 120 87 22 65 36% 31% 115% 282 4 105 5% 135 41% 0% 119 83 38 121 33% 8% 114% 504 107 15% 104 107% 10% 103% 120 87 22 65 36% 314 115% 2344 105 5% 135 Al's 914 119 83 38 13 34% 79% 114% 504 110% 60 615 109 397y 12 66 100 9% 1397% 98% 975 60 39 86% 24 414 37 22% 25 69 32 40% 39 9814 16% 104% 102 27% 38 81% 224 108 105% 138% 104% 16 33% 10% 524 95 177% 89% 328% 11% 88% 29% 475% 43% 360 100% 56 46 21% 48% [ 99% 103% 17% 73 2% 98 34 103 81% 27% 223 39 72 36%% 69% 62% 18 115 25% 23% 43 26% 13% 143% 69% | Int Com Eng (2) Internat Haz (5) Int Mer Marine.. Int Mer Mar pf. Int Nickel Int Paper Intl Paper pf (1) Int Shoe (5) Int Te! & Te! Intertype (11%) 1ron Prod (3)... Jewel Tea pf(7). Jordan Mot (3).. Kan City South. Kelly-Spring Kelly-Spring Kelsey Whi (6). Kennecott (3)... Keystone T & R. Kresge S8 (8). . Kresge Dep S (4) Laclede Gas (8). Lee Tre & Rub. . Lehigh Val (3%) Lig & My B (14). Loews Inc (2)... Loft. .. Long Bell E Lorillard (3).... Loulsiana Ol Loulsville Gas Louls & Nsh (8). Ludlum (2). McCrory pf (7). McIntyre P (1).. Mackay (7). Mack Trucks (6) Macy HR & Co.. Magma C (75¢). Mallison & Co. Man EI Sup (4). ManEmd g (5). Man Shirt (13%4). Market Street. Market St prior. Marland O (75¢) Malin Rock (1).. Marlin Rock rts. Martin-Parry(2) 20% May Dept St (5). 118% Metro G pf(1,89) 21% Mexican Seabd.. 12% Miami Cop (1).. 9% Mid-Continent 27* Middle States 1% Midland P pf 1447 Minn & St Louis. 314 MStP&SSMpf. 66 Mis Kan & Tex.. 41% MK&Tpf (5).. 87% Missouri Pacific. 38 M!ssouri Pac pf Mont Power (4). Montgom Ward. Moon Mot (3)... Mother Lode 7i¢ Moto Meter. . Motor Wheel(2). Mullins Body . Murray B (12.40) Nash Mot (116). 400% Nat Biscult (3).. 71 Nat Cloak pf (7). 101 Nat Dairy (3). 474 123% 8 30% 33% 66% 90 185 125 21 70 109 43 37 15% 64 93 54% 2% 575 34% 156 154 8 6854 3314 T4 47% 42 304 15 30% Nat Lead (8).... at Ry Mex 1st. Nat Ry Mex 2d. . Nat Supply (3).. Nevada Copper. . N O Tex & M (7) 58% 13% 119% N Y On&Wn (1). NY Rys part cfs. N Y Shipbld (2). Norfolk South. . Norf & West (7) North Am (3.40) rth Am pt (3) North Pac (6)... Norwalk Tire Nunnally (1) Oppenheim (3).. 41% Orpheum (1.80). 30 Otis Elevator(6) 135% Otis Steel 14% Otis Steel pf. 92 Owens Bot (3 55% Pacific Gas (8).. 111% Pacific Oil (3)... b Packard (11.70). 374 Paige Mot(1.20). 21 Pan-Amer (6)... 61 Pan-Amer B (6). 62 Pan-Amer rts. % Panhandle. . 2% Panhandle pf. 40 Penick & Ford.. 204 Penn C & Cke... 14% Pennsy RR (3). 47% Penn Seab Steel. 1% Pere M prior(5). 82% Phla Co (4) 587 Phila& RC&L.. 4I% Phiilip Morris... 24 Phillips Pet (2). 38% Phoenix Hoslery 34 Pierce-Arrow... 38% Pierce-Arrow pf. 87 Picrce-A prior 8. 200 Plerce Petrol.. 5% Pitts Coal.. . 43% Picts Term Coal. 45% Pitts Ter pf (6). 84l Pitts Ut pf 11.20. 144 Pitts & West Va. 724 Postum Cer (4). 133% Press Steel Car.. 5 Prod & Refiners. 13% Pub Ser N.J.(5). 81% Pub S NJ pf (7). 104 Pub Se E&G pf 6. 97 Pullman Co (8).. 1411 Punta Aleg Sug. 33% Pure Oil (1%4).. 25% Radio Corpof A. 53 Radlo C pf (3%). 49% Ry St1Spe (3).. 128 Ray Cons Cop... 14% Reading (4)..... &6 Reading rts..... 18% Reading 2d (2).. 40 Reid Ice Cream.. 50 Reid Ice Cr pf (7) 95 Robt Reis & Co.. 24% Remington Type 78 Replogle Steel.. 14% Rep Ir & Steel... 48V Reynolds Sprngs S% Rey TobB (3).. 84 Royal Dch 1.73% 49% St Joseph Ld (2) 4ils StL&SanF (5) 100% StLSanF pf(6). 91 St L Southwest.. 57% Savage Arms. 65% Schulte (*8).... 103% Seaboard Air L.. 46 Seabd Air L pt 49% Seagrave (1.20). 14% Sears-Rebk (6). 211% Shattuck F G(2) 81 Shell Un (1.40).. 22% Shell Un pf (6).. 108 Simmons Co (2). 48% Simms Pet (1).. 20 Sinclair Of1 18% Sinclair pf (8).. 80 Skelly Oil. 22% South Pac (6)... 97% Southern Ry (5). 105% South Ry pf (5). 93% Spear & Co...... 144 Spear&Copt(7).. 19% Spicer Mfg. . 29% Std Gas & EI1(3). 534 StdGas&Erts.. 1% Stand Mill pf(6). 83 StOil Calif (2).. B34 StOINJ (1)... 39% St Ol N J pf (7). 116% Sta Plate Glass.. 5% Sterling Prod(4) 70% Stew-Warner(5) 69% { Stromberg (6).. 0% | Studebaker (4).. 47% ! Submarine Boat. & | Superior Of1. 3% Symington. . 4% Symington 214% Tenn Copper (1) 10 TexasCo (3). ... 4Th | Tex Guif Sul (8). 1104 Tex & PacC& 0. 1% Tex & Pacific... 53% Tide Water Of.. 3% Timken R B (14) 424 Tobac Prod (6).. 91 Transcont Oil... 3% Underwood (3).. 45% Un Bag & Paper. 56% Union O11 (1.30). 34% 40 13434 5T 50 70 17% 10% Treasury Issues Up—Varied Moves in Foreign Group. Offerings Light. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, August 31.—Mixed price changes developed from today's operations In bonds. The high-grade group was generally steady and the United States Treasury issues were higher, but the more speculative ob- ligations were irregular. Junior Rails Lower. Heavy profit-taking carried down quotations for the favorite railroad junior liens, such as Missouri-Kansas- Texas adjustments and International Great Northern adjustments. St. Louis-San Francisco issues were also lower at one time, but they had good support. New Haven debenture 4s of 1957 dropped a half point, while the 4s of 1955 were going up a point. Sea- poard Air Line adjustments were heavy, but the Florida Western and Northern 7s were in demand. Denver and Rio Grande Western s held their ground remarkably well. Foreign Group Active. Similar_inconsistencies were to be found in the foreign groupe. French 8s sold down to 105, whero they were a point below the high of the last week, while French 714s were taken in large volume at advancing prices, within a small fraction of the record for the vear. Buying continued in the Mexican issues, in anticipation of an announcement =~ that _debt service would be resumed. Poland Ss held the improvement made last week, when news came out about the New York Federal Reserve Bank credit extended to support Polish exchange. City of Montevideo 7s sold at prac- tically the high of the year. Both maturities of the City of Rio de Janeiro were lower, but Brazil 7s and Brazil 8s were higher. New Offerings Still Light. Among domestic bonds the local tractions had a better market. The ofls were mostly lower, but Empire Gas and Fuel 7ls were steady. Among the sugars Cuba Dominican Tls reacted. ew bond offerings were still very small in amount, most financing being held back until after Labor day. The most important was $2,000,000 Na- tional Grocers Co. seven.vear 61 per cent notes to yield about 6.60 per cent. FERTILIZER BUSINESS ON FAR BETTER BASIS NEW YORK. August 31 (#).—Net profit of the American Agricultural Co. for the year ended June 30 totaled $2.045.815, a striking gain over the preceding vear, when profits were only $112,463. General improvement in agricultural conditions, particularly noticeable in the cotton belts of the South, contributed to the company’: recovery, says Robert S. Bradley, chairman of the board. Many of the unsound business methods which had crept into the fertilizer industry in the period of that abnormal condition, he explains, were eliminated during the vear. BUSINESS REPORTED BOOMING IN GEORGIA Special Dispatch to The Star. ATLANTA. August 31.—Clearing house officials in Atlanta and Savan- nah banks say that “business of every kind is sharing in the prosperous era,” due to advantageous marketing of tobacco, cotton and naval stores. Savannah clearings last week showed a gain of 50 per cent compared with a similar period of 1924, and Atlanta’s gain was 38 per cent. SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ~~—Noon —— Offer. 102% Afirond. P. & L. C. 6 1020, 0 Alum. Co. of Amer. 7» 1 Amer. Beet Sugar 6s 19 . Anaconda Copper fis 1920, Baltimore & Ohio 6s 1920 Chi.. R. I. & P. 558 1924 City’ of Lyons 6s 1834 Continental G. & E. 5s 19° gu Pont 7las 1931 Great_Northern 7s W36 . Gulf Oil. Corp. Pa.5iss 1 Hock. Val. R, R. C. 58 19" Hunble Oil 5las 1032, Lehigh Pow. [ M.St.P &S, Morrig & Co. S35 I3 BRI DD305 DR SDNDE: SERE FEETTE RS SEEE525555552 5555 Xy [RE Qregon Short Line 4 Penna. R. R. 75 1930. Sinclair Cr. Oil P. Swift Tidewater Ol Union Pac. R. U. S. Rubber 7 Western_Union Wegtinghouse E.&M. *Called at 101 % FEEEE A 2533 232332332325532333%333" 2533 & RS 5252 935035535 racTge ) L5550 ©53235355555555 53025 o Un Pacific (10).. 143 143% 142% 143% UnPacificpt (4) 77 77 71 71 Un Tank Car(5). 120% 120% 119% 119% Utd Alloy Steel.. 30% 301 30% -30% Utd Cigar (13%) 84 84% 83 83 United Drug (7). 127 128 127 128 UtdDrug 1st3%. 54% 54% b4% 54% UtdRyInvest... 19 19 18 I8 Utd Ry Invespf. 70% 71 68% 69 U'S Cast Iron P. 169% 170 169% 170 U S Distributing 821 321 821 321 USHoO (2).... 42 42 42 42" USInd Alcohol. 88 88% 88 884 U S Realty (8).. 141% 141% 141% 141% USRubber..... 54% b4% 53% 53% U S Rub 1st (8). 103% 103% 103% 103% uUs U Smelting(3). 45% 45% 456 45 SSmpf (3%5). 464 46% 46% 465 U S Steel (17)... 120% 121% 120% 120% U S Steelpf (7).. 124% 124% 1245 124% Untversal Pip 40 41% 39% 40- Univer Ppf (7). 80% 81 80 81 Util P&L A (2).. 33% 33% 31% 32 Vanadium (2). 29% 29% 29% Va-Caro Chem. . 2% 2% 24 Va Caro Chem B. K K K3 Va-CaroChpf... 104 10% 9% Vivaudou. 13% 13% 13% Wabash........ 46 464 45% Wabash pf A (5) 71% 71% Tl Waldorf (1%)... 16% 16% 15% Ward Baking A. 160 160 160 Ward Baking B. 644 654 64% ‘Warner A (1%). 20% 20 20 Warren Co (4).. 48% 48% 484 Weber (4)...... 61% 63 614 West Elec pf(7). 111 111 111 West Maryland. 17% 17% 16% West Md 2d pf.. 23% 23% 23% ‘Western Pacific.. 30% 381 29% ‘Western Pac pf 5% 76% 75 West Union (7). 129% 131 120% West Air Br (6). 132 133 130% Westinghs (4).. 76% 75% 74 ‘Weston Elec.... 18 18% 18 ‘Weston A (2)... 26% 25% 254 Wheel & L Erfe. 21 21 20% White Eagle (2). 25% 254 264 White Mot (4).. 97% 99% 96% White Rock (12) 424« 42% 42 Wickwire ctfs, 3% 3% 34 Willys-Overld.. 19% 19% 19% Willys-Od p£(7). 107% 107% 106 1065 Woolworth (3).. 16€% 168% 166% 16% Worthn Pump.. 38 3% 37% 7% Wright Aero(1). 29 29% 28 28 Wrigley (13%). &2 83% 53 53% Yellow C (2.52). 41 4z 40% 41 *0dd lot. 2 13% 46 1% 16% 160 65% 20 43% 6215 111 16% 23% 20% 5% 131 132 75 18 256% 20% 25% 96% 2% 3% 19% ON JONOR RALS } | Lackawa 8 55'50. . 29% | public Service & 10| Sinclair Oil 6348 | Chile Copper 6s. | Dodge wis. ... Sales. High. Lo 100 25 100 1027 1012 101 20 102 14 Lib3%s Lib 1st 4 Lib 3d 43 Lib4th 432 194 US4s1944. 2 10230 US4%s's2 11 10627 FOREIGN. 102 100 101 102 102 106 w. 25 Close. 100 = 2 1024 30 15 10 100 30 117 11 102 11 23 16 102 30 106 17 Sales. High. Low. Close Argentine 6s°59... 47 Argentine 6s A 4 Argentine 6sB..... 11 Argentine 7 Aus govt 58 Austria Ts Bank of Japan 6s Belgium 68........ Belgium 6% s wi. Belgium 7s wi. Belglum 7%s Belgium 8s. . Rolivia 8, Brazil Ts Brazil 8s. Canada 5s 1931 Canada 5s 1952 Canada 5%s 1929 Chile 75 1943. Chile 85 1926. . Chile 85 1941. . Christiania 8s. Copenhagen 5%s Cuba b%s Czecho 8s 1951. . Czecho 8s 1952 et Nenmark 6s Denmark 8s .o DIZT5%s Mch '53. Dutch East I 63'47. Dutch East I 6s°62. El Salvador 8s'43. . Finland s f 6545 Finlands 7s French 7s.. French Tis French 8s German 7s. Ger Gen Elec 7s. Hait! 6s. Holland Amer 63 Hungary 6%s. Japanese 4s . Japanese 615s. ... Jergens U M 65 '47. Marsetlle 6 Mexico 45 '10 asntd Montevideo 7 5 Netherlands 6s "54. Netherlands 6s'72. Norway 53s wi. Norway 65 1943 orway 6s 1944 . Norway 6s 1952. Norway 8s. Orient Dev d . Paris-Ly’s-Med 6s Paris-Ly's-Med 7s Paris Orleans 7s Peruss...... Poland 8550 wi Porto Alegre 8s. Prague 7%s. Queensland 6s. .. Queensland 7s. Rio de Jan 85 1946. Rio de Jan 85 1947. Sao Paulo State 83. St of S Paulo rets. . Seine Dept cf 7s. .. erbs Crot Slo 8s.. 95 eden5isct.... 60 Sweden6s........ 9 Swiss 515 1946 8 Swiss Confed 85... 26 Ud Kingm 5% '29.. 3 Ud Kingm 5%s'37. 27 95% 96'3 96 102% 99% 99% 09Y% 86% 92 96 109 107% 96% 81% 98 101% 102% 102% 101% 1024% 110 111% 934% 100% 99% 99% 103% 110% 101 102% 1025% 105'% 875 94 92 100t 106% 97% a1 ruBhoalio anoBSasnhwnn 16 21 95% 96% 95% 1024 99% 99% 99 86% 91% 95% 168% 107% 96% 81% 977 101% 102% 102% 1014 102% 109% 11 98 100% 994 99% 1034 110% 100% 102% 102% 105 KT% 94 91% 100 104% 97 93% 96% 88 98% R3% 2% 102 854 24'% 6% 103% 108% 95% 106% 100% 5 100% 110% 854 8% 8815 85'% 0% 100% 874 95 93% 104% ut 93% 93 102% 99% 891y B8% 1014 104% 102% 115% 118 105 MISCELLANEOUS. Ajax Rubber8s.... 1 Am AgrChem 7%s 3 9915 104 9914 103% 95% 96% 95% 102% 99k 991 99 86% 92 96 109 107% 98% 81% 98 101% 102% 102% 1014 102% 110 11% 98 100% 99% 99% 108% 110% 101 102% 102% 1054% 87% o4 92 100% 105 7% 931 97 88 93% 83% 9215 102 8515 24% 96% 1035 108% 95% 100% 100 100 110% 85% 78% 8615 85t 100% 874% 9% 93% 10413 ut 9314 93 1027 100 89% 887% 101% 10415 1027 116% 118 105 9915 _103% 98 T 97% " 9T 108 102's 9T 101% 964 102% 100% AmT & T deb 5%s. Anaconda 1st6s. .. Anaconda cv db 7s Andes Cop 7srcts. Armour & Co 4%s. Armour Del 5%s. . Associated Oil 6s. . Atlantic Refin bs. .. Bell Tel Pa 65 Beth Steel pm 5s. Beth Steel rf §s. . Beth Steel 534s '53. Beth Steel s f 65 Calif Pete 6%8. . Cen Leth 6545 cfs Col Gas & El 5s. Commonwth P 6s.. Con Coal Md 1st 58 Con G NY 53%s wi. Consumers Pow 58 Cuba Canecv 7s... Cuba Canecvd8s. Cuban Am Sug 8s. Det Edison 5s '40.. Det Edison re e - R BRARAD RS nou R~ B R rnAnae S aan - Du Pontde N Tis. Duquesne Light 6 Est Cuba Sug 7% Empire G & F 7%s. Fisk Rubber 8s.... Goodrich 6%s..... Goodyear 85 1931.. Goodysar 8s 1941.. Hershey 5%s wi Humble O & R5%s linois Bell 1st 6s. Int Mer Marine 6. Int Paper 55°47. Inter Paper 6: IntT&T5% KCP&Lt5sA'S2 Kan G & El 65 '52... Kelly-Spring e 9 w S = Laclede G 5%s '52. Liggett & Myers 6s Liggett & Myrs 7s. Loutsv G & E 55 '52 Manati Sug sf 7%s. Mid-Con 6% '40. Midvale Steel 5 Montana Pow 5s... NYEdbs'44 wi... N Y Eden 1st 6%s. NYGELH&P 4s. NY Tel4ls N Y Tel 6s'41. N Y Tel 6549 North Am Ed 6 North Am Ed 6% Nor Ohio T & L 6s. Nor States Pow 5s. Nor States Pow 6s. Otis Steel 7%s. ... Pacific Gas & Bl 6: PacT & T bs'52 Pan-Amer Pe Phila Co 5%s '38 Phila Co fef 6s A. Phila& RAC& 1535 Plerce-Arrow 85... © P T - T - A e N N L L L L k] Stnclair OIl 6 Sinclair Oll 7 SinCOPL6s 2 Sin Pipe Line 55 Southwest Bell 5s. Tenn Elec Pow 6s. United Drug 6s U S Rub 1strf bs.. U S Rubber 7%s... USSteelsfhs.... Utah Pow & Lt bs. Va-Car Chem 7s... Va-Car Ch 7%s Vertientes Sug 7s.. 10 West Elec bs. . 17 Westn Union 6%s. 6 Westinghouse 7s.. 39 ‘Wilson & Co 1st ] Youngstn S & T 6s. 14 100 RAILROAD. Atchison acj 4s. 18 83% Atchison gen 4: 10 89% AtlanticCL 1st4s. 1 Sia B&Ocv4%s. 35 92% B&Oret5s.. 1 90% B&O1stbsct 8 101% 1103 4 96% 1 T1% 6 89% 12 7% 6 80% 5 103% 7 8% Bklyn Manhat 6: Canad North 6%s. Canad Pac deb 4: Centof Ga Central Pacific Cent Pac 1st 5s 12 97T% 7% <157 115% 11K 1144 107% 102 97% 101% 965 108 102 9T% 101's 964 10215 7102% 100% 101% 98 89 93 102% 99% 102 92 97% 854 93% 103% 1004 108 1004% 101% 81% 103% 964 9443 9945 107% 102 107% 95'a 105% 105'% 104 104 114% 1043 1104 120'% 98 101% 100% 83 90% 95% 103% 99 102% 102 94 99% 101 120 97 99% 984 944 99% 100% 114 88Y% 97 106% i 109% 1007% 4 103% 93 95% 104% 101% 964 97% 4 1054 7% 103% 99% 105% 9845 106% 87 91% 100 84% 100 102% 104 8% 106% 108 95 99% 5% 90 100% 110% 106% 9%4 99% 83% 89 9% 92 90% 101% 103 95% 1% - 99% 117% 801 108 814 100% 101% 93 89 93 102% 29% 102% 924 98 854 93% 103% 100% 108 100% 101% 8134 1034 9615 94ty 995 107% 1024 107% 9515 1057 105% 104 1044 114% 105 110% 120% 9815 101% 1004 83 90% 9B 103% 99 102% 1024% 94% 99% 101 120 97 99% 98% o1 9913 100% 114% 88% 97 107 109% 101 103% 93 96 104% 1014 96% 5% 1054 97% 103% 9% 106% 98% 105% 87 1% 100% 84% 100 1025 104 88% 106% 106 95 994 5% 90 100% 111 10615 98% 99% 82% 89 1% 92% 0% 101% 103 96% Ti% 89Y 17% B0% 103 874 10 95 98 98 97% QQ w &Q-Tlldivids.. & i Great West 4s. 13 Puget Sd 4s. 18 tP4s’36.. 27 49 34 4R% 11 48% 88 48% 48% 103% 6% 87 87% 102% 99% 73 98% 103 100% 106% 98% 9414 874 20% 101% 83% 98% 64 707 63% 6715 0% 64 43% 48% A8% 48% 88 48% 48% 103% 4% 86% 874 102% 99% 7 98% 103 100% 1064 98% 94% 87% 90% 101% 83% 98% 637 70% 63% 6754 90'% 64 48% 9014 64 48% 48% 48% 484 88 48% 4815 103% 4% 86% 87% 102% 994 7 98% 103 100% 106 98% 944 8% 90% 101% 83% 98 62% 70% 634 6715 67% 73% 108 95 1467 1074 93% 101 109'% 15 90% 76% 102 995 g aaoaaaan BERERREE © SRRk wSmnonoleatvoe-Subne anoaSmnnBectanton Chi & W Ind C&WIsks's2. CCC&StLrf 6s A Cleve Term 5s. . Cleve Term 5%s C&s1st4s'29 Colo & Sou 4%, Cuba RR 58 Del & Hd 1st rf 4s. Del & Hud 6%s. Den & Rio G cn 4 D & Rio G imp 5s. . D& Rio G Wt 5s.. Erie 1st cons 4s. Erfe gen 4s Erie conv 4s A. Erte conv 4s B. Erie conv 4s D Erie conv ext 7s. FlaEC5s'74 Fla W & N 7843 Gr Trunk sf db 6s. Great North &s.... Great North 514s. . Gr North gen 7s. Green E& WdbB. Hud & Man ref 5s. Hud & Man aj b8 11l Central 5%s. 111 C-C St L&NO 5s. Int Rap Tran 5s. .. Int Rap Tr 6s stpd. Int Rap Tran 6s. .. Int Rap Tran7s... Int & G Nor 1st 68 Iut & G Nor aj 6s. . KansasCity S 6s. .. Kan City Term 4s. Lehigh Val 55 2003. Long Island rf 4s. . Loufs & N uni 4s Louis & Nash 7s Market St Ry 78 e & o ® £ © —to 1m0 &TprinssA. 74 MK&T6sC Mo Pacific ge Mo Pac 58 1965. Mo Pacific 6s. Mo Pacific 6s cfs. . Montrl Tm 1st 5s. . NOT&Mb5Y%s. N O Tex Mex 6 NYCentribs N Y Cent deb 6 NYC&StLdb4 NY Chi & StL5%s NYC&StL6sA.. New Hav deb 4556 New Havd 45'57.. New Haven c d 63 N Y Rys 68’65 N Y State Ry 4 NY W &Bos4%s Norfolk & W cn 4s. Northern Pac 3s Northern Pac 43 Ore & Calif ist bs Pennsyl gen 4%s. Pennsy! gen 6s. Pennsyl 58 '64 Pennsyl 6%s. ... Pennsyl gold 7s Peoria & E inc 4 Pere Marq 1st 5 Por RL & P 65’47 Reading gen 434s.. St L IM&S R&G 4: StL&SF plésA ERT LT Pt S-SR SR 1N w » 99% a3 964 102% 824 St LS W con 4s'32. St P& KCShL 4%s 8414 N 85% 94% 854 88% 79 1034 105% 109% 8474 39% 921y 86 991 103% 9815 Sou Pacific clt 4s. Sou Pacific ref 4 Southern Ry gen Southern Ry 1st 5 Southern Ry 6s ct. Southern Ry 6%s Sou Ry Mobile 4s | Third Ave adj 5 Union Pac 1st 4s. Union Pac 1st rf 4s Union Pac 45 '27. Union Pac cv 6s Virginia Ry 1st 53. Va Ry & P st 5a. . Wabash 5145 '75. Western Md 4s. Western Pacific 53. West Shore 1st 4s NEW YORK EGG PRICES. NEW YORK, August 31 (#).—Eggs, firm: receipts. 7,707. Fresh gathered extra firsts, 355a36%; do., firsts, 3213a 34: do, seconds. 3032a32: nearby hen- nery whites, closely selected extras. 58a60; nearby and nearby Western hennery whites, firsts to average ex- tras, 43a57; nearby hennery browns, extras, 42a49; Pacific Coast whites, ex- tra, 52a54; do firsts to extra firsts, 41%3a51. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Harmful Exaggeration. Investors will do well to heed the warning given by Samuel Insull, the well known public utility operator of Chicago. Mr. Insull pointedl out that there was no warrant in earnings, present or prospective, for the prices to which public utility common stocks had béen carried in the speculative excess which prevalled at the time he spoke. | Considered simply as investments, there is no class of securities, out- side of Government and other high- grade bonds, so attractive as the pub- lic utilities, but this does not justify quotations which, at current divi- dends, give no adequate return on the money it takes to buy them. Their strength lies in the essential character of the service they perform and in the now commonly accorded recognition of the principle that they are entitled to a fair return on the money devoted to the public use. The speculators who spread reports of ab- surdly high earnings per share on the stocks of the utilities do the in- dustry a positive harm and will cer- tainly bring losses to the small in- vestor who accepts these statements at their face value. | While the courts have held that fthe public utilities are entitled to a reasonable return on their capital, in- cluding bonds and preferred stock as well as common stock, and while this may and does justify in some | cases a high dividend expressed in dollars or In percentage for the junior shares, still it cannot be denied that f some of these foolish predictions of large earnings for the stocks came true the public service commissions would be justified in directing a reduc- tion in the rates charged for the va- rious services the utllities render. As a matter of fact, the well managed utility does keep its rates down to a point where only a fair return is earned, and when their shares sell at reasonable figures they are highly desirable investments, but the price | ought to correspond in some degree ;n value and not to speculative ®% Coprricht. 1928.3 B | with 1924 90% | From Czechoslovakia | permanently {line, advancing to nearl | (Special).—Prict AS WEEK BEGINS Drop in Liverpool Reflected in Chicago—Corn and Oats Also Lower. By the Associated Pres | CHICAGO, August 31. — Wheat | prices took an early swing downward today, influenced to a considerable extent by a material decline at Liver- pool. The setback in values abroad was in turn ascribed more or less to fine harvest weather being enjoyed by | Great Britain and other European | countries and to reports of favorable crop conditions in Argentina. Some standing orders to stop losses at vari- our fixed limits were forced into action | here by today's drop. The opening, 1% to 2% off, with December 1.51% to 152 and May 15513 to 1.56, was followed only by a slight rally. Corn and oats were easy, sympa- thizing with wheat weakness. Besides receipts of corn were liberal, 324 cars. After opening unchanged to 3 lower, December 811 to 81%, corn recovered and then went a littie above Satur- day’s finish. Oats started unchanged to 13 off, December 413% to 415, and later held near to the initial figures. In line with hog values the pro vision market was steady. WHEAT— 0 High. September 1% 1.56 Detember 1545 wat B - ® September December ¥ September December May : LARD— September October RTBS— September October . BEAD TRADE REACHES ENORMOUS TOTALS| $50,000,000 Worth of Goods| Bought by U. S. Dealers in Past Five Years. 335 23 » Special Dispatch to The Star. NEW YORK, August 31.—Growth in neighborly interchanges among the | peoples of the world is illustrated, says| the Trade Record of the National City | Bank, by the fact that the people of | the United States have sent to their neighbors in Europe and Asia $50,000.- 000 for the purchase of beads during | the last five years. This big total of $50,000.000 worth of beads brought into | a great manufacturing country in a| |short five-year period becomes a more {striking evidence of the growth in in.| terchanges of articles of everyday life | when we contrast the figures of the | recent period with those of earlier | |years, for the average importation of ! beads seldom reached as much as $1.- | 000,000 a vear prior to 1910, when it | crossed the $1,000,000 $2,000,000 in $6,000,000 in 1919 500,000 in | 1920, and over $11,000,000 in 1924, and as above indicated has averaged $10. 000,000 a year in the five vears ende: The beads came chiefly from Europe | and Asia. Among the European coun | tries the chief contributors are Czecho- | slovakia, France, Germany, Spain and | Italy, and in Asla, Japan and China. | the imports of | beads and articles. of which the chief value is beads aggregated over $.-| 000,000 in 1924, from France near $2,000,000, Germany _aprpoximate $1,500,000, while those from Japan as- sregated about $1,500,000. The import price of beads drawn from France averaged about $3.14 per | pound, from Japan $1.30, and from China about $2.35 per pound, Czecho- slovakia S0 cents and Italy 80 cents | per pound. Beads from Czechoslova- | kia formed about two-thirds of the to- tal imports of 1924, standing at 6.591,- 000 pounds out of a total of slightly | more than 10,000,000 pounds imported. | CRUDE RUBBER ADVANCES. NEW YORK, August 31 (Special). ~—Crude rubber prices advanced 2 cents today to 90 cents a pound. This and 263 cents a vear ago. | LIVE POULTRY HIGHER. CHICAGO, August 31 (#).—Poultry —Alive higher; receipts, 10 cars; fowl: 20a25; broflers. 24a30; springs. 2. | roosters, 16; turkeys, 20; ducks, 2 geese, 15al17. i S~ Wi AN FISHER'S PRICE INDEX. ! NEW HAVEN, Conn. August 31 , 157 3-10; purchas- ing power, 636-10; August average, | 159 5-10 and 67 7-10: Crump's, 153 1-1 average, 153, Irving Fisher, Yale economist, reports. | GRAIN EXPORTS JUMP. BALTIMORE, August 31 (Special). —Exports of grain and foodstuff through the port of Baltimore last week showed bie increases as com- pared with the previous week, total- ing 638,782 bushels of grain, against 214,000 bushels, while 21,329 barrels of flour were shipped. Wheat headed the list with 548,122 bushels, followed by barely with 90,000, and 660 bushels of malt. WOOL TRADE IMPROVES. BOSTON, August 31 (Special).—Im- provement in Australian wool reflect- ed in the sale at Sidney last week has stimulated the Boston market. Deal- ers report that business in the month now closing has been considerably Detter than was expected. Insistence of mills on prompt delivery wools bought is taken as evidence that stocks are low and a good September trade is forecast. =SS o CLOTH PRICES SHADED. NEW YORK, August 31 (Special). —Cotton goods markets opened the week quietly and with prices a shade easier in some linef. The 64x60 print cloths were steady at 913, but the 68x72 eased off %4 to 10% cents. Raw silks were quiet and unchanged. Squeezes to Safety. The sea cucumber, one of the curi- ous jelly bodies that inhabit the ocean, can practically efface itself when in danger by squeezing the water out of its body, and forcing itself into a crack so narrow as not to be visible to the naked eye. I ST TE; SALES IMPROVE. H NEW YORK, August 31 (Special).— The National Tea Co. reported gross sales of $3,671,577 for July, against $2,878,400 in the same month last year, a galn of $793,087, or 27.5 per cent. For the first seven months of the year gross sales were $26,207,488, against $21,973,337 in the same period lnmt vear, an increase of 19.6 per cent. !than Plotnick, president; J | dents; | compares with 95 cents a month ago | the city. F { morrow morning, it INBANK CLEARINGS Capital’s Purchasing Power Advancing by Leaps. Financial Notes. BY CHAS. P. SHAEFFER. The purchasing power of Washing- ton during the month ending today as measured by check transactions, in- creased $13,442561 over the same month of last vear, according to an- nouncement by Charles E. Bright manager of the Washington Clearing House Association. During the period $101,429,229 was transferred via the checking system as against only $87, 986,668 in August, 1924. Amount of the month’s total is held astounding in view of the fact that it is one of the dullest months of the year from the standpoint of business. The vacation exodus is particula heavy, and the summering elsewh of a majority of the wealthy popula tion aleo takes a pronounced toll. A the month is rather barren as a divl dend period, a majority of the princi- pal_corporations preferring to make their disbursements at regular quar- ters beginning with March. Hence August’s huge total testifies to local prosperity in no uncertain degree Gain of $150,000,000 Seen. With the two-thirds mark today, taken as a criterion clearances for the present calenda vear will represent a sum approxi mately $150,000,000 in excess of last year. For the eight months endin: today the total is $889.533,039, a gain of $120,607,258 over the same period of last year. Total for the entire year of 1924 was $1,167,398,426 Comparative monthly statistics for the eight-month period follow: reached the total January . February March April May June July . August . Total Railway Common Quiet. The Washington Stock change this morning was featured by the ap- parent lethargy of Washington Rail way and Electric common stock, its headliner for weeks. This issue was jin good demand, but poor supply, 179, but 26 shares selling at this fig ure. Traders were spiit wide open in their views as to its worth, bidding 1781, it being held at 184, represent ing a spread of 5!3 points. Railwa preferred was firm at only a negligible amount changing hand Washington Gas Light stock fi up fractionally to 633 on sal shares, while Capital Traction was in excellent demand, 137 shares selling up to par and a half. Mergenthaler was steady at 19015, Bonds were firm, but very quiet Will Deal in Florida Land. A syndicate of small local inves ors has just been formed here in ar affliation known as the National Realty and Finance Corporation to transact realty investments in Flor ida, specializing in subdivision devel opments. The corporation will also deal in local real estate transactions of every description. Officers of the company include Na . Cohn and Edward Rosenblum. v presi Paul P. Street, treasurer; M Offenberz, secretary; Barnett a Dr. Joseph Themper and Harry Zage; trustees, and Siman Hirshman, at torney. Bankers Return Home. The District banking fraternity v siipplemented today by the return of half a dozen or more prominent mem bers from vacations and business trips Edward J. Stellwagen, president of the Union Trust Co., came back after several months at Poland Springs. Me.. William J. Flather, vice presi {dent of Riggs, returned from the same resort; Hilleary Hoskinson, vice pres dent of Riggs, and 1. J. Roberts. as. sistant to the president, returned from a business trip to Florida Harry V. Haynes. president of th Farmers and Mechanics' Bank, ended a month's s nor, N. J., and was at his acc stand this morning cashier of the Citizens’ S back after two weeks in ¢ Carroll C. Glover, vice pre: returned after a month's abs bert V. Fleming of Riges will return from Cape May. N. J.. to was said at the 1§ bank today. Joins Dillon, Read & Co. Kenneth Brook sistant trust o ficer of the Am n Security and Trust Ce., has severed this connection and joined the local bond-selling force 1 of Dillon, Read & Co. The change will be effective tomorrow morning. Mr. Brooks has spent the last month in New York City attending the bond selling school where salesmen are | “prepped” before actively engaging in selling. Plans for the renovation of the Northwest Branch of Riggs National Bank have been completed, and work will begin shortly. The changes will embody a mezzanine floor and utilization of the institution’s tional room on Eighteenth street which heretofore has been rented as a store. Remodeling will not the bank’s routine. interfere with —. FOREIGN EXCHANGE. (Quotations furnished by W.B. Hibbs & Co.) Nominal Selling checks gold value. _toda. London. pound S4 dollar. . Brussels. franc Berlin, mark Rome. I Zurich. e Athens, drachma. Madrid, peseta. Vieona. crown. . 0000148 Budapes:, crown 00014 Prague. crown. . 0298 Warsaw. zloty. | 5 Copenbagen, crown Christiania, crown. . | Stockholm,” erown NEW YORK, August 31 Foreign exchanges irregular; quota- tions (in cents): Great Britain, demand, 48515; cables, 485%4: 60-day bills on banks, 481%. France, demand, 4.69; cables, 4.6933: Italy, demand. 3.7 cables, 3.77. Demand: Belgium, 4.50 23.80; Holland, 40.24; way, 20.82; Sweden, 26. 24.95; Switzerland, 19.3 Greece, 1.49%: Poland, 19.01 slovakia, 2.96; Jugoslavia, s Austria, 1414; Rumania, 50; Argentina, 39.87; Brazil, 12.87; Tokio, 40%: Shanghai, 80%3; Montreal, 190 1-16. 0148 1440 CHICAGO CASH GRAIN. CHICAGO, August 31 (®).—Wheat —No. 3 red, 1.64; No. 1 hard, 1.58 1.61. Corn—No. 2 mixed, 9315a94; No. 2 yellow, 93%af. Oats—No. white, 39a40; No. 3 white, 3815a30%;. Rye—No. 2, 95. Barley, 64a73. Tim- othy seed, 6.75a8.00. 'Clover seed, 20,00a27.76. Lard, 16.92. Ribs, 18.37, Bellies, 21.50, BUTTER HIGHER TODAY. CHICAGO, August 31 (#).—Butter —Higher; receipts, 11,242 tubs. Cream« ery extras. 43%;: standards, 43; extra firsts, 42a421;; firsts, 40lgadll3; seer onds, 38a40. Eggs—Unchanged: receipts, 17,914 cases; firsts, 29a30%; ordinary firsts, 28a28%;.

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