Evening Star Newspaper, September 26, 1925, Page 14

14 * WALL STREET LIST DECLINES TODAY Short Selling and Profit- Taking Lower Stocks. Closing Is Heavy. By the Associated Pre NEW YORK. Sep selling and profit taking were resumed in the stock market today, causing the entire list to waver after initial exhibitions of strength in the motor and specialty shares Apparently weakened by vesterd: spectacular recoveries, the n ved vulne ble to attacks fre bear element inspired by the beli 1at money rates will inue high until the period of monthly ments has heen and rma v hardened by a x5 demand elling pressure rinst high-priced with the weakness of United el unset e rest of the list eneral Ll broke more tha and and Mack nd Eastman Kodak 3 to 4%. Constru efforts were not en- tirely abandor howev Buying of the bakir . based on merger reports, 0 Baking 141 points to a record h at 192 and brought about oder advances in Cushman and Ward Ba B of the tobacco m S0 w he proximated v's m the cor settle may be growing concentrated indust State I merc weenmt heay shares. clos was BAKING STOCKS JUMP. Furnishes Trading Feature in Day Two-Hour Session. BY STUART P. WES ispatch to The Star. September in General was one of the main in twohour market thi was accompanied by a sharp r Ward Baking shares and this re- vived th orts current sometime ago about important consolidation de- Velopments 26.—A Baking s of the rise an unsettling effe United State Steel was pressed below 120 on I transaction eneral Motor Fisher Body was up near- s, with Dupont going along. Motors ran up 2 points on the optimistic references of the president to the pr position and outlook for the compan Chrysler Off 6 Points. There were the tuations g b indus- tri Chrysler dropped another 6 points and_Pacific Gas and Electric the sam Newport ews and Hamp- ton Rallway 25 points. On the other hand. American Can, after run- ning up at the start, fell back rather violently. General Electric was no- ticeably weak. There were new hig records for Union Bag and Paper, Coty, International Cement, Brooklyn Edison, Onyx Hosier American La France and Fisk Rub ber first p Ac v returned in U. Alcohol, which | arge volume. ic few . tional Paper, wing the report that the company s expected to reduce news print $5 ton, thereby lowering the contract price for 1 ©0 $65 a ton, as agalnst $70, the price which has obtained dur- ing the current year. Recently there has been a better market for Corn Products, which has been depressed for weeks past because of relatively poor earnings, disclosed in the latest reports. The current strength in the stock appears to be based upon improvement in the in- come position, which is understood to a while ago, but which s vet only gradual. Stocks of rubber and tire companies were taken up again as a natural ac- companiment of the big business in all branches of the automobile trade. Markets at a Glance NEW YORK Stocks irregular; General Baking soars 15 points on merger rumors. Bonds firm; brisk activity French i Foreign ex milreis stron Cotton higher; tropical storm warn- ing Gulf coast Sugar and coffee, holiday. CHICAGO: Wheat—Lower. North- w ellin Corn eptember Hquidation. Cattle arcity of all weight. Hc FRENCH DEBT MOVES GRIP STOCK INTEREST Wall Street Notes Strength in French Bonds—Rates on Money Studied. a in hanges mixed; Brazillan firm, teady By the Associated P NEW YORK, September 26.—Chief financial interest this week centered in the opening of the French debt ne- ®otiations, which was reflected in the activity and strength of French gov- ernment bonds. the Ts mounting to a | new high for the year, ness of Irench exchange market went through tion, which was generally as a further correction of an over- bought speculative condition, but made partial recovery later. Money rates were a dominating in- fluence on the price movements in the stock market. Marking up of the rate on call loans to 6 per cent, the highest since January, 1924, in the middle of the week was the signal for heavy selling for both accounts, which was accentuated by fears, which later proved to be unfounded, that the New York Federal Reserve Bank would increase its rediscount rate. The stiff call money rate proved to be only temporary. and undoubtedly reflected the correction by New York banks of the deficit in reserve shown in last s clearing house xstdlemem. described AMERICAN DOLLAR UP. BERLIN, September 26 (#).—Amer- fcan currency, which for many months has been quoted steadily around 4.20 marks, rose unexpectedly the past week. Although the official bourse quotation remained at 4.20, numerous cases have been observed where as much as 4.35 was paid for the dollar. In financial circles the opinion pre- vails that the placing of this premium on greenbacks was caused by specu- lators interested in the slump of the Polish monetary unit, the zloty. a new drop of the zloty, are trying to hoard dollars, just as Germans during the inflation’ period Ket | Some | Archer-Danfels. *| Consol G | Gen Am Tnk (3). FINANCIAL. Open. 67 9914 164 10% Abitibi Pow (4). Adams Exp (6) . | Adv Rumley. . Ahumada (1) Alr Reductn(13) Ajax Rubber Alaska Juneau. . Allled Chem (4). 102% Allls Chalm (8). 88 Am Agricul Chm 211 AmAzChmpt.. 67% Am Bosch AmCan (47).... 24 Am Car&Fdy (6) 110% Am Chain A'(2). 28 Am Drug 4% Am Express (6). 140% Am & For Pow.. 49 Am & F P pf (7). Am Ice (8). Am Internatl Am La Fran (1). Am Linseed. Am Linsd pf 3% 824 Am Loco (118).. 117 Am Metal (3)... b1 Am Radlator (4) 110% Am Safety R (3) 64 Am Ship&Com.. 6% AmS & Ref (6). 110% Am Stl Fdys (3). 41% Am Sugar. . 66l Am Sugar pf (1) 97% Am Sumatra.... 10% Am Tel&Tel (9). 139% Am Tobacco (7). 118% Am Toba B (7).. 1175 Am Typ Fdrs(8) 119 Am WW&E!1.20 58 Am Woolen 414 Am Wool pf (7). 87% Anaconda (3)... 42% 10% 2 L1184 874 144 375 244 125 50% 364 123 6in Armour T A(2). rnold Con ctfs. Asso Dry G(21) Ass0 OI1 (2). Atchison (7). At Rirm & At Atl Coast L (18). 196 AUGUIf & WI.. 75% At Gulf & WIpt 59% Atlantic Refing.. 100 - Atlas Powdr (4). 50 Atlas Tack. 18% Austin Nic p 92% Auto Knitter.... 24 Baldwin L (7).. 120% Balto & Ohio(5). 82% Bal & Oh pf (4). 65% Bang & Ar (3)... 44% Barnsdall A 20% Bayuk Clgar. 394 Bayuk 1st pf (7) 96 Beech Nut(2.40). 704 Belding Bros(3). 38% Rethlehem Stl... 40% Booth Fisherl: 8 Briggs Mfz(3%) 30 Bkl Edison (8).. 145 BkI-Man Tran.. b55% Bk-Man T pf(6). 81 Bkl Union G(4). 90% Brunswick Ter.. 8% Burns Bro (10).. 117% Burns BrB (2).. 82 Butte Cop (500). 6% Cal Packing (8). 128% Callf Pemt (2).. 26% Callahan Zine... 2 Can Pacific (10). 151% Caso Threshing. 44 Cent Leather.... 18 Cent Leather pf. 60% Century Rib (2). 8214 Century R pf(7). 95 Curro d Pasco(4) 62% Certain-Teed(4). 534 “handler (3).... 87% ~es&Ohio (4). 110% & East 1l pf 45% Great West. 11% Chi Gr West pf.. 24% ChiMII&StP... 8% Chi Mil & StP pt. 16% Chi& Nwn (4).. 68%% ChiRI&Pac... 48% CRI&PDL (8). 86% CRI&PDL (7). 98% Childs (32.40)... 68% Chile Cop (23%). 34% Chino Copper... 21% Chrysler Corpn.. 174 Chrysler pf A(8) 106 Coca-Cola (7)... 142% Col Fuel & Iron. 38% Colo Southern... 66 Col Sou 24 (4)... 61 Col G&E (2.60). 7% Col G & Ept (7). 1124 Col Carbon (4).. 47% Commerclal Cred 39 Com Cred pt (8). 25% Com Inv (2.50).. 176 Congoleum (2).. 20% Conse Cigar. 41% Consol Distribut 5% (5).. 91% Consol Textile. . 84 Cont Can (4). % Cont Insur (6).. 113% Cont Mot (80c).. 10% Corn Prod (2) 87% Corn Prod pf(7). 120 Coty, Inc (3.80).. 54% Crucibie Stl (4). 72% Cuban Cane Su.. 9% Cub Cane Su pf.. 43% Cuban-Am 8 (2). 22% Cudahy Pkg (7). 99% Cushman’s (3).. 80 Del & Hud (9).. 147 Del L & Wn (17) 139% DRG Wstpf... 43% Detroit Ed (8)... 149 Detroit Ed rts... 5% Dodge Bros CIA. 29 Dodge pf (7). . 87 Dome Mines (2). 14% Dupont (19)..... 185% Mastman (18)... 114% Eaton Axle (2).. 24% Elec Powr & Lt. 33 E P&L pf 40% pé 107 EIP&Lpt (7).. 91% Elec Str Bat ( 67% End John (5)... 69 Endicott pf (7).. 117% ErieRR . 33 Erlectfs 32 Erie 1t pf 41% Fairbks (2.60).. 45% Famous PI (8).. 108% Federal Lt *1.40. 27% Fed Min pf (7). 62 Fisher Body (6). 91% Fisk Rubber.... 26% Fisk R 1st pf (7) 110% Flelschmann(15) 118% Foundation (8).. 136% FoxFiimA..... 70 Freeport-Texas. 174 Gabriel A (2%). 83% Gardner Motor.. 10% 56% b54% Gen Asphalt. ... Gen Baking (6). 176% Sen Cigar (8)... 97% Gen Electric (8). 812% Gen El spec 60c 11% Gen. Motors (17) 107 Gen Outdr Adv.. 31 Gen Outdr A(4). 53% Gen Petrm (2).. 46% Gen Ry 8 pf (6). 102 Gen Refrac(2).. 44 Gimbel Bros. 60 Ginter (1%) 45% Giniden Co 28% Gold Dust. 44% Goodrich Ru (4). 62% Goodyr pr pt (8). 104% Gould Coup A. .. 22% Granby Consol.. 17% Grt North pf (5) 74 Gt Nor Ore (1).. 30% Grt Wstn Su (8). 100 Gulf Mo & Nor.. 33 Gulf States S (5) 79% Hayes Whl13%. 41 Helm G W (3). 74 Hoe & Co A (4).. 47% Household P (3) 414 Howe Sound (2). 23% Hudson Mn (2% 385% Hudson Mot (3). 824 Hupp Mot (1)... 27% Tilinots Cen (7).. 115 Indep Ofl (1).... 26% Indlan Refg ctfs. 8% Ind Ref pt (7)... 82 Inland St (23).. 43 Inland Stl pf(7). 111 Inspiration (2).. 26 interub Rap Tr.. 26 hoarded American currency. With today's arrival of quantities of bank notes from the United States, the situation agaln became more nors Internat Agri 16% Int Bus Mac (8). 144% Int Cement (4).. T4% In Cement p£(7). 104% IntCom Eng (3); &% — High. 67 914 - 9 Low. 67 991 15% 10 109% 109'% 109'% 10% 101 88 21% 67% 254 237 59% 100 50 13% 92% 2% 119% 8214 65% 44% 20% 8915 96 704 384% 148% 557 81 894 8% s 117% 31 6% 4 128% 16% 48% 85% 98% 6814 4% 21% 176 106 143 38% 66 61 78 112% 4T% 89 26 76 21 41% Sk 91% 3% TT% 118% 10% 3714 120 55% 2% 9% 43% 28 100 84 147 139% 43% 150% 54 20% 87 14% 186% 115 24% 33 107 9134 67% 69 117% 33% 82 41% 454% 108% 27% 62 2 91K 26% 111 118% 188% 70 17% 33% 10% 574 b4% 193 97% 3124 11% 107% 81 53% 45% 102 44 61 45% 28% 44% 62% 1043 22% 17% 74 30% 100 33 9% 41 74 47% 41% 28% 85% 83% 24% 115 25% 8% 82 43 111 26 26% 16% 144% T4Y% 15% 1041 104% 104% | Ward Baking A. 168 163 163 163 “n 26% 2 150% 4“ 18 60% 32% 95 52% 634 36% 109% 453 11% 24% 8% 16% 68% 4% 85% 984 63 344 21% 178 106 142 8% 66 61 1% 112% 47 39 26% 76 20% 41% 3 1% 31 5% 113% 10% 36% 120 54% 1% 9% 43% 22% 99% 80 146% 189 48% 149 5 28% 86% 143% 184 111% 2314 32% 107 91% 6644 68% 117% 8215 32 41 45% 107% 27 61% 26% 110% 117% 136% 69% 16% 33% 10% 56% 653% 176% 97% 8043 11% 106% 80% 52% 45% 102 44 60 46% 22% 44% 61% 104% Close. 67 99% 15% 10% 109% 10% 2 13% 925 24 119% 824 65% 5% 20% 394 96 0% 384 40% 774 28% 145 56 81 891 8% 118 31 6% 128% 27% 24 151% 44 18 60% 33 95 62% 3% 368 109% 45% 1% 24% 8% 16 68% 474 85% 984 68% 34% 21% 174 106 142 38% 66 61 7% 112% 47 39 26 6 20% 4% 5 ol% 34 6 1184 10% 374 120 55 72 9% 43% 22% 100 84 146% 139 43% 150% 5 28% 86% 14% 184 113 24% 324 107 91% 664 69 17% 824 32 41 451 107% 27 61% 91% 26% 111 118 137% 69% 1% 33% 10% 56% b4 193 97% 806% 11% 106% 30% 68 45% 102 44 60% 46% 22% 44% THE EVENING STAR, WASHINGTON, D. C. SATURDAY, SEPTEMBER 26 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Internat Har (5) Inter Har pf (7). Int Mer Marine. . Int Mer Mar pf.. Int Nickel (2).. Int Paper....... Int Paper pf (6) . Intl Paper pt (7) Int Te! & Tel (6) Int Tel & Tel rts. Jones Bros Tea. . { Jordan Mot (3).. {CP & L 1st (7). Kan City South. Kayser (Jullus). Kelly-Spring Kelsey Whi ( Kennecott (3)... Keystone T & R. Laclede Gas (8). Lee Tre & Rub.. Lehigh Val (3%) Lzgett & M (14) Lig & My B (14) Lig & My pf (7). Lima Loco (4) Loews Inc (2)... otk Long Bell A (4). Lorillard (3).... Loulslana Ol Louis & Nsh (6). Ludlum (2)..... Melntyre P (1).. Mack Trucks ( Mack T 1st (7) Mack Trk 2d pf.. Macy H R& Co.. Magma Cop (3).. Mallison & Co. .. Man El Sup(4%) Market Street. .. Market St prior. Marland O (75¢) Mathieson Alka. May Dept St (5). Mexican Seabd AMtami Cop (1). MiA-Continent. . Min St P & SSM M St P & SSM pf. Mis Kan & Tex.. Missour! Pacifle. Missouri Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3)... Mother Lode 78¢ Motor Met (3.60) Motor Wheel(2). Mullins Body . . Murray B (12.40) Nat Biscuit (3). Nat Cloak (4). Nat Dalry (3). Nat Distillers. Nat Supply (3) Nat Sup pf (7) evada Copper. wpt U Gas (5). Y Alr Brake(2) Y Canners (2) N Y Central (7). NYC&StL (6) NYC&StLpL(6). Y N H & Hart. Y Rys pf tr cfs N'Y Shipbld (2). iag Lock pf. ... orfolk South. . Norf & West (1) North A (B3.40). North Pac (5). Norwalk (1.60).. Norwalk T pf(7) Nunnally (1).... Ontarfo Mining. . Onyx Hostery. Onyx Hos pf (7). Oppenheim (3) Orpheum (1.80) Otis Elevator(6) Otis Steel Otis Steel pf. Owens Bot (3). Pacific Gas (8) Pacific Ol (3). Packard Mot (2). Paige Mot(1.40). Pan-Amer (6). .. Pan-Amer B (). Park & Tiiford.. Pathe Exch A. Penick & Ford. Pennsy RR (3 Penn Seab St Peoples Gas (8). Pere Marq (4)... Phla Co (4).. Phila& RC&I Phillip Morri; Phillips Pet (2). Phoenix Hoslery Plerce-Arrow Pierce-Arrow pf. Plerce Petrol.. *PittsFtWay (7). Pitts Term Coal. Pitts Ut pf 11.20. Pitts & West V: Postum Cer (4). Press Steel Car.. Pr St Car pf (7). Pub Ser N.J.(5). Pub Se E&G pf 6. Pullman Co (8).. Pure Oll (1%). Radio Corp of A. Radlo C pf (3%). Ry Stl Spg (8). Ray Cons Cop. Reading (4). Ropt Rels & Co Remington Type Replogle Steel. Rep Ir & Steel Reynolds Sprngs Rey Tob B (3).. Royl D(al.78%). St Joseph Ld (2) StL & SanFr((7) St L Southwest. St L Swn pf (5). Savage Arms. .. Schulte Stor (§8) Seaboard Air L.. Seabd Alr L pf. Seagrave (1.20). Sears-Rebk (6). Shattuck F G(2) Shell Un (1.40) Simmons Co (2). Simms Pet (1). Sinclair Ofl. Skelly Ofl...... South Pac (6)... Southern Ry (5). South Ry pf (5). Splcer Mfg.. Std Gas & E1(3). Stand M1l (6)... St Oll Calif (2) StOINJ (1)... St OIlN J pf (7). Std Plate Glass. . Sterling Prod(4) Stew-Warner (5) Studebaker (4).. Sweets (uew). Symington...., Symington A(2). ‘Texas Co (3). ‘Tex Gulf Bul (8). Tex & Pac C&O. Tex & Pacific. ... Third Avenue. Tide Water (1).. Timken R B (1 ‘Tobac Prod (6).. 61% 104% Transcont Ofl. 22% 22% | Underwood (3).. 17% 17% | Gn Bag & Paper. 3 3% Union Ofl (1.30). 30% 30% | Un Pacific (10).. 100 33 9% 41 74 474 41k 23% 35 81 115 26 100 38 9% 41 74 A% 41% 23% 85% 81n 8% 82 43 111 26 26 Un Pacific pt (4) Utd Alloy Steel. . Utd Cigar(a3$). United Drug (7). UtdDrug 1st 3%. Utd Fruit (10) Utd Ry Invest... U S Distributing U S Hoff (2).... U 8 Ind Alcohol. U S Realty (8) U S Rubber.. U 8 Smelting(3) ... U S Steelpf (7). Universal Pipe. Util PEL A (3).. Vanudium (2)... Va-CarCh pf cfs. 16% 16% | Wabash........ 144% 144% | Wabash pf A (5) 74 “ 74 Waldorf (1%) . Hieh. Low. 67% 6% 66% 104% 47 48 14% 312% 744 22% 5% 19% 18% 26% 98% 107% 92% 34% 8% 68 53% 39% 17 7 72% 8% 67% 9% 18% 224 AT% 109% 1% Bl 124 30% 44% 92 3% 50% 65% 33% 142% 75% 29% 84 180% 556 240 26 83% 40% 89 143% 58% 47 121% 124% 35% 32 29% 12 43% 0% 44% | Ward Baking B, .65 132% 131% 119 119 8% 8% 3% 83% 6614 81% 92 5% 4% 16% 431 108% 108% 40% 36% 18 1061 53% 1% 5 166 16% 79% 77 6 120 66 347 7% 48% 38% 15 3% 88 43 30% 130 12% 86 68% 124 534 395 26 634% 6344 25 80% 21% 48% 14 119 3 63% 9% 21% 88% 31% 404 89% 5% 143 48 15% 81% 133% b54% 80% 8% 7% 159 26k 58% 49% 155 18% 6% 21% 90% 16% 49 10 92% 49 44 9% 56% 76% 6644 104% 46%, AT% 14% 208% 4% 224 51% 19% 18% 26% 97% 107% 924 84% 674% 68 52 39% 116% 7 2% 7% _56% U 18% 224% 47% 109 11% 51% 12% 30% a4 9% 3% 50% 65% 33% 141% 6% 29 84 180% 55 2]9% Sl'& 40% 88% 142% 58% 46% 119% 124% 35 32 29% 12 43% 0% 16% 1% 6 Close. 181% 119 8%, 32% 34 6614 16% 43% 108% 41 5% 184% 106% 53% 1% 170% 15% 9% 7 46% 47% 144 208% 14% 22% 51% 19% 18% 26% 9% 107% 9214 B84% 58 68 53 39% 17 71 72% 1% 56% 18% 22% AT% 109 11% 514 12% 80% 44y 91% 8% 50% 67% 33% 141% 6% 29% 84 130% 239“ 25 33% 40% 89% 142% 69 46% 120% 124% 36 32% 29% 12 43% 70% 15% flk TRADING IS HEAVY INFRENCH SEVENS C. & 0. Liens Are Also Under Accumulation Today. Quotations Steady. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEY YORK, September 26.—The an- nouncement that a_counter proposal had been submitted by Secretary Mel- lon following the rejection of the in- itial French plan at Washington scarcely affected the French dollar bonds one way or the other today and trading was in small volume. The 7 per cents were quoted fractionally above the Fridays close and the § per cents were neglected. 1t was reported that one of the first flotations of foreign bonds expected over the ‘mination of the French negotiations, uming that these will end successfully, will be a $15,000,000 Republic of Poland. Rubber Bonds Strong. Domestic bonds were as quiet as the foreign securities, United States Rub- ber refunding 5s were strong In_com. parison with the upturn in the shares of the company today. There was a fair amount of activity in some of the public utilities without important gains. The railroad about an equal nd declines. Mst was mixed with balance of advances Liberties Bit Lower. > YO September 26 ().— ¥ nch bonds were active but little changed in pr almost $1,000,000 worth of the 7s chinging hands in the first hour. A rise in Polish 8s was linked with reports that an option of a $15,000,000 loan for Poland held by local bankers had been extended to October 31 and that a bond issue of that amount would be placed on the market before that time. C. & 0. Bonds Accumulated. With net income of the Chesapeake and Ohio Railroad so far this year standing almost $5,000,000 above that of the corresponding perfod of 1924, further accumulation of the road's se curities was inspired, the convertible 5 per cent bonds following an initial upturn in the stock. Wilson & Co. 6 per cent certificates eased off slightly and Liberty bonds were Inclined to drift lower. STOCK TRADERS WARNED TO “STOP AND LISTEN” Spacial Dispatch to The Star. BALTIMORE, September 26.—One stock broker, in his market letter is- sued today, alludes to the increasing number of danger signals which are flashing their warnings and says the time has now come for stock market participants to “stop, look andlisten.” Public participation in the stock market is said to be the heaviest in many years, and as a result brokers’ loans have been expanding at a rapid rate during the latest bulge. “Except in special instances the market in general presents a very tired appearunce this broker asserts. AUGUST GOOD MONTH ON WESTERN MARYLAND Special Dispateh to The Star, BALTIMORE, September 26.—Au- gust was a comparatively big month for the Western Maryland Railway. Business of the road piled up last month on account of the heavy soft coal movement in preparation for the anthracite strike. Gross operating revenue totaled $1,771,126, as against $1,485,926, while net operating income stood at $54S,- 569, compared with $244,657 in August last year. Surplus after charges amounted to $304,708, against $4,590, an increase of $300,118, For the first eight months total s operating revenues were $11,- 82, an increase above the similar period last year of $454,06 12 NEW CURB STOCKS. Shares Admitted to Trading for First Time Yesterday. NEW YORK, September 26 (#).— Twelve additional securities were ad- mitted to trading on the New York| Curb Market yvesterday; H. W. Gos- | sard Co., common; Real Silk Hoslery Mills, cumulative preferred; A. M. Byers Co., common; Crowell Publish- ing Co., common; Estey-Welte Cor- poration, Class Gamewell Co., common; Gommer Manufacturing Co., participating preferred, and Class | B: General Fireproofing Co., com- mon; Kroger Grocery and Baking Co. common; Pittsburgh Steel Co., com- mon; Price Brothers Co., Ltd., com- mon, and Valley Mould and Iron Cor- poration, common. FLOUR PRICES TODAY. NEW YORK, September 26 (#).— Flour easy; Spring patents and hard Winter straights, 7.90a8.40; soft Win- ter stralghts, 6.75a7.50. Rye steady; No. 2 Western, 85% f. 0. b. New York, and 8434 c. i. f. export. Other articles were unchanged. W JAPAN ORDERS SIGNALS. NEW YORK, September 26 (#).— The Imperial Government Railway of Japan has given an order to the Union Switch and Signal Co., subsidiary of the Westinghouse Air Brake Co., for three interlocking signal plants with 59, 26 and 25 working levers, for in- stallation at Shinjuku, near Tokio. ERIE'S AUGUST INCOME. NEW YORK, September 26 (#).— Net operating income of $2,423,194, reported by the Erie Railroad for August, was $1,056,525 greater than in August last year. The total of $11,- 308,757 for the eight months of 1925 compared with $9,709,488 in the same period of 1924. ‘Ward Bak pf(7). 106 Warner A (13%). 21 Warren Co (4).. 49% Weber (4).. 70 t Pen (4). 13 est Pen pf (7). 96% West Maryland. 16% West MA 2d pf.. 22% ‘Western Pacific.. 82% ‘Western Pac pf.. 77 West Union (7). 136 West Air Br (6). 126% ‘Westinghs (4).. 75% ‘Weston Elec. 1% ‘Wheel & L Eris 20 Wheel & LEpf.. 48% ‘White Eagle (2). 26 ‘White Mot (4) 23% Wickwire ctfs. 8% Willys-Overld... 26% W"lf‘m PpL(7). 108 'oolworth (3).. 167 ‘Worthn Pump... 40% Wright Aero(1). 23 Yellow C (2.52). 43% Youngstown (4). 6% 764 74% 74% *0dd lot. ividend rates as given in th 00 i il e Emenls S S Jniaks Oiherwise Noted. extra or .n&'fi divt: Ediade "m0t tncluded. % k] 108% 106 108% 214 20% 20% 49% 49% 49% 1% 0% T1% 113 -113 18 96% 96% 96l 16% 16% 16% 22% 22% 22% 32 81% Si% 77 T6% T6% 186 136 186 126% 126" 126% 7 16 17% 18 20 20 42% 43 26 _ 26 91% "9z 3 _ 3K 25% ~26% 108 108 108 168% 167 1684 40% 404 40 28 28 23 43% 43% 43% a Paid this year. no reeular bilonal in stock ok SRtrar BBl in orefsrred siock. Em.::m.uz“"m | Denver Gas 5s. l N NEW YORK BONDS STOCK EXCHANGE I Recelved by Private Wire Dirsct to The Star Office. UNITED STATES. Sales. High. Low. 12 100 2 100 00 4101 27 100 29 68 100 30 100 29 25 101 18 10113 88 10207 102 4 51032 10226 25 10619 106 10 FOREIGN. (Bales are in $1,000.) Libay Lib 1s Lib 2a 43 Lib3d 4% Lib 4th 432 US 45 1944. US4Y%s's2 Argentine Argentine Argentine Argentine 7s Aus govt 58 ‘58 Austria 7s. Bank of Japan s. Belgium 6 Belgium 7 Belgium Rolivia 8. Bordeaux 6 Brazil Ti%s. tsrazil 8s Canade 5%# 1929 Chile 75 1943, Chlle 8s 1941, Christiania 8s. Con Pow Japan Copenhagen 6% Cuba 6%s. . Czecho 85 1951... Czecho 8s 1952 ct. Denmark s... Denmark 8s... DEIG5%s Nov'53. Datch East I 6s°47. Finlands 7s. Framerican French 7s. French 7%s French 8s. German 7s. Ger Gen Elec 7s. Hait! 6s. . Hungary 6%s Tapanese 6143. Jergens U M 6347 Netherlands 63 '72. Nord 6%s Norway 6% s wi. Norway 6s 1943 Norway 63 1944 Norway 6s1952.... Orlent Dev deb 6s. . Paris-Ly’s-Med 6s. Paris-Ly's-Med 7s. Peru 8s . Poland 65 '40. . Poland 8s'50 wi. Prague 73 Rio de Jan 85 1946. Rio Gr Do Sul 8s. .. St of S Paulo rets Selne Dept cf 7s. Serbs Crot Sio 8s. Sweden 5%s ct Swiss 515 1946. . Swiss Conted 8s. UdKingm5%s'37. 14 MISCELLANEOUS. Ajax Rubber 8s.... 3 101% Am Agr Chem 5s. 102% Am Agr Chem 7%s 104 Am Chain sf 6s '33. 984 Am Smit& R 68 104% 1 Am Sug ref 63 102 AmT& Tcltrds.. 97% AmT& Tcltris.. 100% AmMT&THLGS. ... 9673 AmT & T deb 5% 108 Am Water Wks 5: 95% Am Writ Paper 6s. 62 Anaconda 1st 6s. 100% Anaconda cv db Td. 103 Andes Cop 7s rct 9914 Armour & Co 4% 88% Armour Del 5%s. 9814 Associated Oil 6s 102% Atlantic Refin § 99% Beth Steel pm & 93 Beth Steel 535 '53. 56% Beth Steel rf 5s.... 98 Beth Steel s £ 6 94% Brier H St 1st 53%s. 11 102 Bklyn Ed gen & 102 Chile Copper 6s.... 14 108% Col Gas & E158.... Con G NY b%s wi. Consumers Pow 6. Cuba Canecy 7s. Cuba Canecvd8ss.. 1007 68 87% 94 96% 971 101% 91'g B8% 101% 103% 116% 104% 1011 102% 103% 98% 104% 102 97% 100% 97% 944 101% 102 108% 100% 103% 87% 925 97% 947 1074 5% 9215 103% 113% 108% 110% 120% 985 E Yls . 96 1044% 994 101 105% 90% 924 4 100% 96' 99% 9% 85% 101 114% 89 9T% 107 109% 101 104% 964 105 96% 97% 101% 105 100% 1054 99% 106 88Y4% 91% 100% 85 101% 100 102% 108% 96% S0% 107 105% 945% 99% B4 87 81 101 110% 106% 101% 98% 100% Empire G & F 1%s. Fisk Rubber 8s Goodrich 6%38. Goodyear 88 1931 Goodyear 85 1941 Hershey 5%s wi. Int Paper 5847 Inter Paper 6s. Int T&T6%s wi KCP&Lt5sA'S Kan G & El 68 '63 Kelly-Spring Keystone Tele 53 Lackawa S 53 ‘50 Lacl G ref 58°34. .. Loulsv G & E 53’53 M1d-Con 6%s Midvale Steel 63. Mor's & Co 15t 448 N Y Ed 55 44 wi. N Y Eden 15t 6% NYGELH&P 4s. NY Tel 4348. N Y Tel 65’41 N Y Tel 6549 North Am Ed 68 North Am Ed 6345. Nor States Pow b Otis Steel 8s Paclfic Gas PacT& T 58 °62. Pac T & T 1st 5t Pan-Amer Pete 6 Phila& RAC&I Plerce-Arrow 8s. Public Service 68 Sinclair Ol Sinclair Oll 6% Sinclair Oil 7s SInCOPL 63’28 Sin Pipe Line 58. ‘Tenn Elec Pow Toledo Edn 1st 7s. Union Bag & P 6s. U S Rub 1st rf bs. U S Rubber 7% U SSteel st 5 Utah Pow & Lt Va-Car Chem 78. Va-Car Ch T%sw.. Vertientes Sug 7s.. ‘Warner Sug 7s°39. ‘West Elec bs. ‘Westn Union 6%s. ‘Westinghouse 7 Willys-Ov 6%s ‘Wilson & Co 1st 98% Youngstn S& T & 100% RAILROAD. Atchison adj 4 1 84% Atchison gen 4s. 1 89% AtlanticCL 1st 4s. 10 92% B &0 Gold 4s 1 89% B&OcvaKs.. 5 93% B&OTefbs. . 3 914 9 108 . 18 102% B&OPLEWY 4s.. 1 874 B&O Sw Dtv 5scfs. 13 9;{« L1 TR 90 8% 17% 80 103 9% 9% 91% 121% 50 4T% 89% 90% 1025 4% 634 79% 88 9% 49% 765% 86% 86% 99% 84 87 81 101 110% 106% 101% 844% 80U 2% 894 93% 9% 103 102% 87% 97% 1% 89% 87% 17% 80 108 97 9% 91% 120% 49% 47% 89% 9056 102% 74 63 T9% 884 9% 49% 6% 86% 865 99% 117% CEWIsYs 984 CCC&S8tLrzésA. 10 103 103 Buff R & Pitt 4% Canad North 6% Canad Pac deb 4s. Cent of Ga 6s. Cent Pac 1st §s '904 Ches & Ocv 4% Ches & O gn 4% Ches & O cv bs Chi & Alton 33 Chi& Alt3%s ChiB&Qgnis ™ CB&Q-Illdiv4s.. ChiB& Q1strf6s. i Closs. 100 00 100 29 100 29 10113 1024 108 62 106 10 les. High. Low. Close 96% 101% 103% 116% 104% 101% 1023 105% 98% 104% 89% 92% 89% 93% 91% 103 102% 87% 9TH 1% 89% 8% 17% 80 108 97% 975% 91% 120% 50 4% 89% 90% 102% 74% 63% 79% 884 495 49% 5% 86% 86% 9944 117% 98% 108 192f Sales. High. Low. Close. 1 106% 106% 106% 3 99 98% 99 4 85% 86% 86% 28 107% 107 107 L1064t 62! 63 2 88% S8l .10 Cleve Term 6%s. .. C&S1st 45°29. Cuba RRbs... Del Hud cv 55 '35 D & Rio G Wat b Det United 4%s. Erle 1st cons 4s. Erle gen 4s. Erie conv 4a A. Erfe conv 4s D, FlaEC5s'74... Fla W& N 7843, Grand Trunk 7s. Great North 5s. Great North 5% s Gr North gen 7s. Hud & Man &} 5 111 Central 5%s. Int Rap Tran 6s. 1ol nnSaendan Int & G Nor 1st 63. t& G Nor aj 6s an City Ft S 4s. ansas City S 3 KansasCity S bs. Lake Shore 4s Lehlgh Val cn 4s Market St Ry 7s. M StP & SSMen 43 M StP & SSM 6is. MK&T4sB M K & T ad} 5 . MEK&TprinbsA. MK&T6sC.. Mo Pacific gen 4s. . Mo Pacific 6s. Mo Paclific 65 cfs.. New Or Term 4s. Y Cent r1i5: NY Cent LS el NY Chi& StL5%s New Hav deb 45°56 ew Havencd 6s.. ew York Ry rf 4s. Y Ry rf 4sctfs. . N Y Rys 65°65. Y State Ry 43, Y W & Bos 4% Northern Pac 3s. .. Northern Pacr { 63 Pennsylcon 4%s. Pennsyl gen 433s. . Pennsy! gen §s. ... Pennsyl 55 '64. Pennsyl 6%s. Pennsyl gold 7s. PCC&StLS5sA.. Por RL & P 63 °47. Rio G West cl 4s... St L IM&S 45°29. .. StL&SFpld4sA.. StL&SF prin Ga. StL&SF6%sD.. StL&SFadj6s StL&S F inc 63 StL&SFplesC.. StLS W Ist4s. StLS W con 4s ‘32, St P& KCShL 4%4s San A & Arn P 4s.. Seabd A Liref 4s Seabd A L ad] 5s Seabd A Licon 6s. . Sou Pacific 4s'29.. Sou Pacific ref 4s. Southern Ry gen 43 Southern Ry 1st bs Southern Ry 6%s.. Third Ave ref 4s Third Ave adj 58 Union Pac 1st 4s... Virginia Ry 1st 5s. Va Ry & P 1st | Wabash 5%s°7 Western Md 48 Western Pacific 5. Wheel & L E en 4s. Whel & LErf 435 STOCKS RISE ON MERGER AND DIVIDEND RUMORS LONDON, September 26 (&) —. notable @ise in shares of the Atlantic, Gulf and West Indies Petroleum Co. and of the Atlantic, Gulf and Wes Indies Marketing Co. on the stock ex- change is reported to be due to the fact that these two companies, with a combined capital of nearly £3,000,000, are being purchased by a prominent oll concern. This concern, it is rumored, is the Anglo-American Oil Corporation. The two companies have not pald dividends up to the present. It is said the terms of their sale would guaran- tee share holders a dividend of 5!z per cent. - w1 9, e ® | SR rvavkuabicoiiabiveeoemalalefo mondnlemuwmg CHICAGOS GBAIN PRICES. CHICAGO, September 26 (#).—Un- expected wheat quotations at Liver- pool helped give an early lift today to wheat prices here. The upturn of | values abroad was ascribed to pros- pects that world shipments for the week would prove to be small. At- tention of traders here was also d rected to a statement from leading au- thorities that with the exception of a few undesirable qualities of North- west wheat there is no pressure of actual wheat anywhere in th try. Chicago opening prices, te 1lup, December 1.4313 and May 1.44% to 1.45, were followed by allaround gains, but then by a sethack for the September delivery, whereas December and May continued to aseend. Corn and oats sympathized with wheat strength. After opening at 1 | to % higher, December 78% to 78% the corn market continued to develop firmness except for September. Oats started at % to 34 advance, December 391z to 39%. Later. the gains were increased. Provisions reflected trend of cereals. to 1.431 the upward September December . September December . May, o ARD— September October . November RIBS— September October . BALTIMORE PRODUCE. BALTIMORE, September 26 (Spe- cial.—New potatoes, 100 pounds, 1.00 a2.50; beans, bushel, 1.25a1.50; beets, 100, 2.00a3.00; cahbage, 100, 3.0025.00; sweet potatoes, barrel, 1.50a4.50; yams, barrel, 1.50a4.00; carrots, 100, 2.00a 4.00; corn, dozen, 10a20; celery, crate, 1.50a2.00; cucumbers, bushels, 1.25a 1.50; lettuce, crate, 1.50a3.50; Jima beans, bushel, 1.00a1.25; peppers, bask- et, 25a35; onions, 100 pounds, 2.50a 4.00; squash, basket, 35a40; tomatoes, hamper, 25a40; packing stock, bushel, 45a55; turnips, basket, 30a35. Apples, barrel, 3.00a5.00; bushel, 50a 1.75; damsons, basket, 1.00; canta- loupes, crate, 1.25a4.00; grapes, bas- ket, 75a1.00, Pears, hushe]s 1.50a3.00; basket, 25a. 50; m?ches, bu.-hel 1.50a2.50; quinces, bushel, 1.50a1.75. HARBOR SURVEYS—TABTED NANCIAL, [Southern Reports Income in August Above Last Year By the Associated Press. NEW YORK, September Larger earnings are reported by the Southern Railway for August than for the same month last year, net operating™income of $3, being a gain of $587,447. Net for the eight months of 1925 increased to $20.656,970 from $17,5 year ago. SETBACK IS SEVERE N RAIN MARKET Sensational Wheat Break During Week Largely Due to Big Crops Abroad. By the Assoclated Press. CHICAGO, September 26.—With European wheat production back to virtually a pre-war atverage and with wheat prices in this country on about an import basis for wheat from Canada, grain values here have suf- fered a severe setback this week. Compared with a week ago wheat this morning was 7% to bushel lower, corn 3% to 10 nd oats %% off, wher ons were to $1.10 higher. Wheat Exports Very Low. Wheat prices first began to slip serfously when announcement was made that the world’s available supply showed an _increase of 10,483,000 bushels for the week and that export shipments of wheat and flour from the United States in the last two months were more than 8,000,000 bushels short of the corresponding total a year ago. Definite figures on Suropean wheat production emphasiz- ed this situation, and so, too, did re- ports which were current that the Canadian crop movement was proving to be the largest ever known for this early in the season with the Chicago wheat market taking the brunt of the hedging sales not only of United States wheat, but also of Canadlan. Foreign News Big Factor. Sensational breaks in the price of wheat, however, came only after a leading grain company official who has just returned from abroad as- serted that Europe has o big a crop of wheat and rye that European im- port requirements of wheat will be reduced 150,000,000 bushels, as com- pared with last year, and that much lower prices would be witnessed. On the ensuing smash in’ values wheat and every other kind of grain estab. lished new low price records for 19 Subsequently further breaks, accom- panied #eports that the Canadian wheat growers' pool was offering wheat to Europe-on a bargain-counter ba: Corn and Oats Weak. Official information that the bulk of a A the corn crop is out of danger from frost had much to do with the weak- ness of the corn market. Oats sagged with corn. Sharply higher quotations on hogs gave a big lift to provisions. HEAVY SALES NOTED IN W., B. & A. BONDS Price Drops to 69 in Baltimore on Transactions Totaling $58,000. Reasons Unknown. Special Dispatch to The Star. BALTIMORE, September 26.—Sales of $58,000 Washington, Baltimore and Annapolis Electric Railway § per cent bonds in blocks of $3,000 to $20,000 ves- terday forced the price down within a week to 70. After this wave of sell- ing subsided the bonds became quiet, but liquidation was resumed again and the price dropped to 69, The volume of the sales attracted much attention and gave rise to many conjectures, but no_satisfactory ex- planation w offered. Practically all the selling was by one house. BUTTER PRICES HIGHER. CHICAGO, September 26 (#).—Dur- ing the week the butter markets were featured by firm sentiment, ac- tive trading and the naturally sulting price advances, with short sup- plies of fresh goods one of the pri- mary factors. This was noticeable on all markets, more particularly, however, at Chicago and New York. Prices advanced 11z to 2 cents, and at the close sentiment firmer than at_the beginning of the week. Butter scoring 91 to 93 was de- cidedly short in supply, due un- doubtedly to the general decrease in receipts and partly to a falling off in quality. In spite of this, the medium and lower scores were not plentiful, and at times scarcely sufficient for the demand. About the only nervousness regard- ing the butter markets at prevall- ing price levels was expressed by those in fear of a decline in con- sumer demand. It is a well known fact that demand from the consuming public is directly influenced by prices. CHICAGO LIVE STOCK MARKET CHICAGO, September 26 (Special). —Hog values were steady today, with the top at 14.25, against 13.45 a week ago. Trade was slow, however, on a large supply of 4,000 arrivals and 11,000 hold-overs. Choice light butchers sold mostly at 13.80 to 14.20, Bulk of good packing hogs brought to 12.75, while good heavy biiichers sold for 13,30 to 5315, No good cattle arrived and trading & was at unchanged prices. Of the 500 arrivals, small lots Sold steady with top lots at 16.25. Grass cattle were strong, compared with a week ago, and native cows and heifers were un. even. Calves dropped about §1, but the balance of the trade closed strong. No fresh sheep and lambs were on sale. But for the week the run showed an increase of 1,000 with the market uneven. A big decline came the first half, but trade strengthened thereafter. Fat lambs were mostly 75 cents lower for the week, while feeders dropped 25 to 50 cents. Aged sheep were off 25 cents. Best ewes CHICAGO, September 26 (Special). —Surveying has started on the Calu- met Harbor project, and when com- pleted the Nickel Plate Raflroad will commence at once dredging the en- trance to what eventually will be the largest inland harbor in the world on Lake Calumet, with facilitles for handling 600-foot freighters. UTILITY STOCKS SOLD. NEW YORK, September 26 (#).— The Central and Southwestern Uti ties Co. has sold 65,000 shares of pre- ferred stock to a banking group which will be offered for public sub- scription early next week. This is the second step in financing of im- portant properties in _the Insull group, for which an issue of 100,000 lh.rea of prior lien preferred was 4 recently, placed at $8 and below. ‘WILL REDEEM BONDS. NEW YORK, September 26 (#).— Paige Detroit Motor Car Co. will re- deem on December 1 its $500,000 out- standing serial gold debenture bonds due June 1, 1926, in addition to $500,000 due December 1, 1925, thereby reduc- ing the $3,000,000 notes dated March 1, 1924, to $1,000,000. ROAD PROGRAM BOOSTED. ATLANTA, September 26 (Special). —Contracts involving expenditure of around $5,000,000 will be let for road bullding in Georgia this Fall. The demand for better roads has been stimulated by the movemnt to Florida. Hundreds of tourists’ camps are being erected throughout the State. re-| D.C. BANKERS START FOR ATLANTIC CITY A. B. A. Convention Will Be Golden Jubilee—Other Financial Notes. BY CHAS. P. SHAEFFER. The vanguard of Washington ers left here at 1:15 o'clock this noon for Atlantic City, where the nual convention of the Americ Bankers’ Assoclation will be held next week. The entire local delegation will number about 20. A feeling of cheerfulness is expect ed to prevail at the convention to the fact that the “frozen situation In the Northwest has been st tened out, K ures are at a minimgm and most in stitutions are in a liquid posit though holdings of secu they are not believed to be unwi and those held as collateral are ger erally, well secured Many of the largest industrial com pantes are relatively free of bank in debtedness, and bank funds appar ly are eufficfent to meet the normal Fall expansion of business without a strain on the credit situation. The war debt situation is slowly righting itself and large foreign loans and credits are in prospect. Local Bankers in Delegation. This year's convention is more the nature of a golden jubilee business ses inaw subordins pria cor he be cere by the Am ation Local bankers who have their intention to attend the conclave include Francis G. Addiso Q\{esldnnt of the local assoc| nmn, rican Banker signified ].Iu,\d bi - A Riordon, John Davis, Lanier P. T Stewart, A. M. Nevius, R. Golden Donaldson, Victor B. Devber, John B. Larner, Willlam H. Baden, Hol combe H. Johnson, John Poole, Joshu Evans, Jr.; Thomas P. Hickmar Thomas B. Lawler, Hillear: kinson, Peter Drury, Fra age and Dion S. Birney. Bond Announcement Made. Dillon, Read & Co conformity with the United States relative to the B Tiz.per cent coffee security loan of bonds have been drawn by lot in the city of London, and that such ble on and after Oc . at par in sterling or the equl\aanL in dollars at the current the office of Dil u and Cedar tion and surrender with unpaid cou pons attached. The numbers of the bonds of de- nomination of 1,000 pounds sterling ted for redemption range from : the 500 pounds ster] 601 to 6,894, the pounds sterling from 7,152 to 48, More Business Failures. Bradstreet's 100 the compilation of country's business failures for week ended September 24 places t number at 306, compared with 2 the week before, and 285 in the responding week last ve August Phone Earnings Net operating income of the C : peake & Potomac Telephone for August amounted to $107.593, a gain slightly in excess of $10.000, as com pared with the corresponding month of last year, when $37,486 was shown. The month’s net shows a slight up- turn over July also, when but $103,- 952 was returned. Total operating revenue of the car- rier for the month amounted to $504.- 738, with expenses totaling $353,311 Taxes assignable to operations and uncollectable amounted to $41,638, but a deficit of $2.176 was incurred in “in- come from other sources Plant and equipment added during the first eight months of 1925 amount- ed to $1,133,331.86, after deducting re tirements of $506,337.70. Unlisted Securities Prices. following latest “bid” and for unlisted securities guidance of hold- The “asked” prices are quoted for th Acked. ‘itizens' Savings Banl “onnecticut Pie Co “hristian Heurich Brew Departmental Bank, District Title s Franklin National B International Bank. | Munsey Trust C North Capital savlice Baalc Raleigh Hotel Washington Title ine Washington Base Ball Club.. — DAIRY PRODUCTS. BALTIMORE, Md., September G (Special).—Live poultry—Young _chic- kens, pound, 25a32; leghorns, 23a28; old hens, 18a30; old leghorns, 1820} old roosters, 16al?; ducks, 20a pigeons, pair, 25a30; guinea fowl, each, 70a80. Eggs—Recepits, 200 cases; native and nearby firsts, dozen offered at 40. pound, 48a5l; prints, store packed, 3 : process butter, 44; roll 52a53; SHORT-TERM SECURITIES. (Quotations furnished by BedmnndlL Co.) Adirond, P. & L. C. 6s 1829 b Alum. Co. of Amer. 7s 1932. 1063 Amer; Beet Rugar 0s 19 10014 Am. Tel. & Tel. Co. 4s 1 o ‘Anaconda Copper 65 1929 Assoclated O 6s 1835 §t. P. 6s 19: 't & Fic s 1626 Clly of Lyons 83 1 Columb. G. & E. 1st Continental G Ble R R €0, Bao10 e Federated Mela!n 78 1939 Goodyear T. & R. 8s 1031., Great -Northern 7s 1936, Glll( 0il of Pn“ 5%e 1928, Humhle Ol 5% ¢. X Mormis & &o. New York Central Orexon Short Lin Penna R, B % Sinclair. Cr, OiL P Flidwaer G 458" ¥ R, R, S :.’cu?;’s; 457eS -"',_ 5 i Beo 8" S. Rubber 7 Union 658 Wemm 0% at 108. at 101%. RATES ON BAR SILVER. LONDON, September 26.—Bar sil- ver, 33%d_per ounce. Money, 2% per cent. Discount rates, short bills, 31 to 39-16 per cent. Three-month bills, 39-16a3% per cent. NEW_YORK, September 26—Bar stiver, 71t Mexican dollars, 5 55. OVEBLAND S CASH UP. NEW YORK, September 26 (4).— The heavy volume of business of the Willys Overland is swelling in cash accounts, about $21,000,000 being fig- ured for the end of this month, com- pared with $14,869,125 on June 30. 1936, 78 1931