Evening Star Newspaper, May 23, 1926, Page 46

Tot Same period @ year ago 19: High. 844 62 6314 47 125 1194 1 54% 180 128% 126% b815 57% 100% 5313 » 0 141y 1443, ung 165 471 115 47 1508 l 218 120% 11 135% 1 7614 1081 643, 961y 1215 4814 B34 464 100 2715 203, a3y 315 6315 1118 2313 61% 10214 108 59% 1401 991, 11% 268 77 60 125% 117% 67 7 21 8214 95 25% 148 116% 5% 697 F6y 8313 534 1003 T8 41% 5314 109 241 28% 44% 179% 3814 4% 641 18% 162 90% 10714 FINANCIAL, THE SUNDAY STAR, WASHINGTON, D NEW YORK STOCK EXCHANGE WEEK ENDING MAY 22, 19%6. Last Week. Year to Date. al Sales. . 25-26 Low. Stock und dividend. Abitibi Power & P (4).... 43 Abraham & Straus. 104% Abraham & Straus 7% pf. 109 90 Adams Express (6) . 114 108% 10 Advance Rumely. 10% 10% Advance Rumely pf (3) 48% 48% 71 Ahumada Lead (11) 8% % 86% Air Reduction (15). 111% 107% 7t2 Ajax Rubber .o 1% 1% 1 Alaska June: 80 Allied Chem . 1141 108% 117 Allied Chem & Dye pf(7). 120% 120% 71'% Allis-Chalmers Mfg (6).. 79% 78% 109% 108% 25 4% Al‘l 10314 Allis-Chalm Mfg pf (7) Amerada Corp (1.60). Am Agricultural Chem. .. 361 Am Agriculturl Chem pf. » Am Bank Note (1.60). 25, Am Beet Sugar. 4 Am Beet Sugar p! Am Bosch Magneto. 9! 4 Am Brake Shoe & Fy (6). 118% 110 1071: Am Brake Sh& Fy pf(7). 114 114 30% Am Brown Bov Elec (2). 35 34% 86'; Am Brown Bov El pf (7). 95% 95 s Am Can (2). . 45 41% 115 Am Can pf (7) 126% 125% 911 Am Car & Foundry (6)... 94% 9215 2215 Am Chain Class A (2) 24% 24% 37 Am Chicle (3) 38 8T% 3415 Am Chicle otfs (3. 38% 38 4% Am Druggists Syndicate. 5% 5% 57 Am Express (6) ji2 saaD 3¢ Am & Forelgn Powe 19% 16% Am & For Power pf (7). 7 Am Hide & Leather. . 313 Am Hide & Leather pf 2455 Am Home Pr (2.40) Am Tce (110) 7412 Am Ice pf (6). 3214 Am International. 113 AmIAF Fire Engine (1). Am LaF Fire Eng pf (7). Am Linseed. Am Linseed pt 245 121% -~ 84 25% 124 103 91 1178 1174 50% 494 1 94Y 52y 50% 110 101% 4TV 46 9% 9 116% 1134 116% 116% 1384 1374 115 Am L momolhepfh 45% Am Metal (4) .. 931% Am Piano pf (7). 50% Am Power & Lt (§1). >89% Am Radlator (4)..... Am Safety Razor (3). 513 Am Ship & Commerce. . .. 90% Am Smelting & Refin (7). 1051 Am Smelt & Refin pf ( 1373 Am Snuff (12). 37% Am Steel Foundries (3) 108 Am Sti Foundries pf ( 114 47% Am Sugar Reflning (5) 69% 91 Am Sugar Refining pf(7). 102% 102 6 Am Sumatra Tobacco. 10% 10 16 Am Sumatra Opt A ctf: 16% 16 37% Am Telegrh & Cable (5) 39% 39% 130% Am Tel & Telegraph (9).. 147% 141 85 Am Tobacco (8). 115% 113% 8415 Am Tobacco C1 B (8)..... 114% 112 10415 Am Tobacco pf (6)...... 1111 110 103 Am Typefounders (8).... 119 117% 105 Am Typefounders pf (7). 105 105 34% Am Water Works(c1.20). 49% 454 98 Am Water Works pr (7).. 102% 102! 21% Am Woolen. . 25 66 Am Woolen pf (7). 5% Am Zine Lead & Sm. 20 Am Zinc Lead & Sm pf. 35% Anaconda Copper (3).... 26 Archer-Daniels-Midland. 90% Armour&Co of Del pf(7). 13is Armour&Co of 111 CLA 5% Armour & Coof I CIB.. 8 Armour & Co of I1l (7). 18 Arnold (.onsmble &Co 39 Artloom (3) 108'% Artloom pf 15 Art Metal (1) 3714 Assoc Dry Goods (2 94 101 32 1161 » 26% 451 37% 2 Assoc DryGood 2d pf (7). Associated Oli (2).. Atch Top & Santa Fe (7 ) - 921 Atch Top & S Fe pf (5). 5, Atlanta Birm & At...... 147% Atlantic Coast L(1914).. 20 AtlGulf & West Indies. . 1 Atl Gulf&West Indies pf. 9515 Atlantic Refining. . 11815 Atlantic Refining 45 Atlas Powder (4) 907 Atlas Powder pf ( 91y Atlas Tack. 11 Austin-Nichols 761 Austin-Nicho! 12 Autosales p’ 927 Baldwin Locomotive ( 105 Baldwin Locomo pf (7 71 Balt!& Ohlo (5). 627 Baltl & Ohlo p? (4) 33 ' Bangor & Aroostook (3) 18% Barnsdall CLA (2). 381 Bayuk Cigar . 931 Bavuk Clgars ist pf (7). 63y Beech-Nut Packing (3). 80 Belding Brothers (3) 37 Bethlehem Steel. 9314 Bethlehem Steel pf (7) 4% Booth Fisheries. 25 Booth Fisheries 1st pf 203 Botany Con AMilis CIA(4). Briggs Manufacturg (3). % Brooklyn Edison Llec(8) Broowlyn-Man Tr (4). .. Brookn-Manhat T pf (8). Brookn Union Gas (111). % Brown Shoe (2) 6 Brown Shoe pf (7). Brunswick-Balke-Collen. Brunswick Ter & Ry Sec. Burns Brothers Cl A(lD). Burns Brothers CI B (2). ; Burns Bros pf (7). Burroughs Add \llch(!) Bush Terminal. . Bush Terminal Butte Copper&Zinc(50c) . Butte & Superlor (2) Butterick Company Byers (AM)... California Packing (8) . California Petroleum (2). Callahan Zinc & Lead. Calumet & Arizona (6). .. Calumet & Hecla (113) Canadian Pacific (10) . Case (J 1) Thresh Mach. . Case (J 1) Thres M pt(T)A ‘entral Leather Co. Cent Leather Co pf. Central RRof N J (112). Cerro dePasco Copper(4). Certain-teed Products(4) 5 Certain-tdProd 1st pf(7). Chandler-Cleveland. Chandler-Clev pf (4).... i Chesapeake & Ohio (112). Chicago & Alton. Chicago & Alton pi Chicago&East 11linois pt. “hicago Great Western. cago Great West pf Chi Mil & St Paul. . Chi Mil & St Paul pf..... Chi Mil & St P ctfs of dep. Chi M&St P pf ctfs of dep Chi & Northwestern (4) .. Chi & Northwestn pf (7). Chi Pneumatic Tool (5) .. Chi Rock Island & Pacific. Chi Rock 181 & Pac pf (6). Chi Rock Isl & Pac pf (7). “hi St P Minn & O. 1 Yellow Cab (4) % Childs Co (32.40)... Chile Copper (2%) Chino Copper. ... . hrysler Motor (3) Chrysler Corp pf (8) 5813 Cluett-Peabody (5). 80 Coca-Cola (7) 27%; Colorado Fuel & Iron 4414 Colorado & 125% 116% 117% 116% 764 2013 7). 102 99 ).. 109% 109% 80" 694 397 138% 63% 140 6% 837a 82% 741 73% 131% 29% 28 1001 23% 1% 45 121 136% 24 60 . 130 126% 33% $31 1% 1% 60% B8 147 14% 697 124 113'% 111 Commier Credit pf(1%). Commer Cred 1st pf(614). High. Low. Close. 7 5.366,167 172,820,168 9084021 165,683,547 Net. Chge. -1 109 + 14+ 10% ~+ 48% + 8% + 110% + 9 + 1% lllh + 23% - 33 129% - 3214 + 18 - 59% 14% . 16013 157%3.1592 3 80 83 2 3 % % W W % 2'- 24 148 60 159‘& 110 Detroit Edison Co (8). % 105 Duquesne Light 1st pf(7) 5 111 ‘ 80% Lehn & Fink (3). Average price of 50 stocks. Same period & year ago. ~192] High. 1% | 104 Low. Stock and d'vidend. 1% Cuban Dominican Sugar. . 15% Cuban Dominican Sug p! 71 Cudahy Packing (7) 62 Cushman's Sons (3). 99% Cushman’s Sons pf ( 42% Cuyamel Frult (4).. % Daniel Boone Wool Miils. 2714 Davison Chemical. % 174% 1333 Delaware & Hudson (9). - 161 153% 125 Delaware Lack & Wn (17) 1364 - 35 Denver & Rio Gr West pf. 40 130 387% Devoe & RayndsA (2.40 21% Dodge Brothers Class A. . 73% Dodge Brothers pf (7)... 12% Dome Mines (2).... 2% Duluth So Shore & Atlan. 3% Duluth So Shore & Atl pf. 134 Du Pont de Nem (115). 94 Dupont debentures (6) }41):1"’. 109'% 28% 13 110% 26% 12% 62 4 17% 9274 994 106% tman Kodak (18) 10% Eaton Axle & Spring 12 Elsenlohr & Bros E 61% Elec Auto Lite (1613)... 4 Electric Boat. 15% Electric Power & leht . 8915 Elec Pow & Light pf (7). 9915 El P&L pf ctf 40% pd(7). 62% Electric Refrigeraon(f2) 603 Electric Slora"e Bat (16) 76 16 E erson-anungn-m V( dicott-Tohnson (5) . dicott-Johnson pf (7). quitable Of BIdg pf ( i 321§ Fairbanks-Morse (3).... 901, Famous Players-Las (8). 1057 Famous Players-L pfe8). Fed Lt & Trac (*1.40). 16% Fed Mining & Smelting 49 Fed Mining & Smel pf (7). 147% Fidel Phoenix F Tns (6).. 91% First Nat Plc 1st pf 19.44 80 Kirst Nat Stores (1%)... 6014 Fisher Body (5)...... 10% Fisk Rubber. 3 76% Fisk Rub 1st pf stpd ( 95 " Fisk Rubber 1st pf cv(7). 321 Fleischmann Co (2). 85 Foundation Co (8). 55% Fox Film Class A ( 4 101% Franklin Stmon pf (7). . 8 Freeport-Texas 28% Gabriel A(143% 41 Gardner Motor. 39 Gen Am Tank Car (3). 4215 Gen Asphalt. . 86!4 Gen Asphalt pf (5) 46 Gen Clgar (4).. 285 Gen Electric (c8) 31 10% Gen Electric Spec (60c). . 34 GenGas & Elec A (el13). 64% General Motors (116 8815 Gen Motors deb (6) 102~ Gen Motors pf (7) 264 Gen Outdoor Adv (30c).. 45% Gen Outd Adv Cl A (4) 42 Gen Petroleum (3). 601 Gen Ry Signal (14%) 42 Gen Refractories 45% Gimbel Brothers. 10215 Gimbel Brothers pf (7).. 1213 Glidden Company (2).... 37 Gold Dust, 86% Goodrich (B F) Co (4). 92 Goodrich (B F) pf (7). 98% Goodyear Tire&Ru pf(7 33% Gotham Silk Hos (23)... 98 Gotham Silk Hos pf (7).. 16% Gould Coupler CI A (2)... 13 Granby Consolidated 60 Great Northern pf (5 19% Gt North Orectfs (1%). 89 Great Western Sugar (8). 107 Great West Sugar pf (7). 9% Greene Cananea Copper. . 3% Guantanamo Sugar-...... 23 Gulf Moblle & Northern. . 891 Gulf Mobile & Nor pf (6). 62 Gulf States Steel (5).. 101% Gulf States Steel pf (7).. 259. Hartman Corp (2%). Hayes Wheel (1313). Hayes Wheel pf (715).... Helme (G W) (16%)..... Hoe (R) & CoClass A. ... Homestake Mining (11).. 4 Household Prod (1314). .. Houston Oil. . : 1614 Howe Sound (3) ; 21% Hudson & Manhat (23 6415 Hudson & Manhat pf (5). 33% Hudson Motor (315). 14% Hupp Motor Car (1). Tllinols Central (7) 1123 Iilinols Central pf (6). 18'4 Independ Oil & Gas (1) 13 Indian Motorcycle (2). 5‘6 Indian Refining. Indian Refining ctf; Ingersoll-Rand (¥4)..... Inland Steel (215) . 104% Inland Steel pf (7).. 20% Inspiration Copper (2)... 131 Interboro Rapld Transit. 13%; Intercontl Rub (1) . 7». Internat Agricultural Internat Agri prior pf :lfl‘m Int Business )ll.chine(!) Internat Cement (4)..... Internat Cement pf (1) Internat Comp Eng (2). . 4 Int Harvester (6) 4 Internat Harvester pf(7). Internat Match pf (3.20). % Internat Mer Marine..... Internat Mer Marine pf, Int Nickel (2 Internat Nickel pf (! 4 Internat Paper-.. Internat Paper pf (7) 18 Internat Rys of Cent Am. 108 Internat Shoe (6). 87% Internat Tel & Tel (‘) 18 Intertype Corp (t113). 16% Jewel Tea......... 118% Jewel Tea pf (191;) 118 Jones Bros Tea. 26~ Jordan Motor Ca 99 Kan City Pr&L 1st pf(1) 28% Kansas City Southern. 567 Kansas City South vt(i) . 18% Kayser(Jullus)& Co(3).. 12% Kelly-Springfield Tire. .., 43 Kelly-Springfield Tire Df 86 Kelsey Wheel (8) 46% Kennecott Copper ( % Keystone Tire & Rubl 26‘& Kresge S 8 (1.20). 1614 Kresge Dept Stores i Kresge DeptStores pt(8). 19% Lago Oll & Transport. 391 Lambert Co (The. 8% Lee Rubber & Tir. 69 Lehigh Valley (3%). 86 17% Life Savers (1.60). 57 Liggett & Myers (14) 55% Liggett & M CI B (14). 53% Lima Locomotive (4) 22 Loews Inc (2) 6 Lot Inc. 45% Long-Beli Lum Cl'A (4). 77 Loose-Wiles Blscuit. . 104 Loose-WilesBis 2d pf(7). 30% Lorillard (P) Co (3) 108%4 Lorrilard (P) Co pf (7). . 12 Louisiana Oil Refining. .. 22% Louls Gas & EI ClA(1%) 106 Louis & Nashville (6). 30% Ludlum Steel 139% 172 McCrory St C1 B ((35. 242 103% Mack Trucks (6).. . 99 Mack Trucks 2d pf (t ).e 114 Mackay Cos (7)..... 69% Macy.(R H) & Co. . 34 Magma Copper (3). 15% Mallinson & Co. . Rig] 93% Cuban Amer Sugar pf(7). 108% 103% 103’1 66% - e [ o S e bk T++1+ A [l s *] group. {1951 were in brisk demand, showing |BRAZILIAN ISSUE QVERSUBSCRIBED List Shows Firm Undertone. Combined Average Is Near Record. By the Associated Press. NEW YORK, May 22.—Prompt over-subscription of -the $35,000,000 Brazillan government 614 per cent bond issue overshadowed all other developments in today’s bond market. Listed bonds displayed a firm under- tone, the combined average being lifted to within 1-100 of the record high established on May 13. Except for a drop of one point in Brazillan 8s of 1941 there were few changes of consequence in the foreign Italian sinking fund 7s of :fl!ubutanllnl fractional gain on the Railroad liens rallied in sympathy with the advance in railroad stocks, heavy institutional buying being re. ported for both classes of securities. Net gains, as a rule, wera held to fractions, but they were distributed over a broad list. Weakness of Wilson Co. convertible 7128 of 1931 which broke 4 points to A new low at 40 as compared with a high of 7113 earlier in the year, con- trasted with the strength of other in- dustrial mortgages. Tn the absence of any large amount of new high-grade industrial and rail- road offerings, bond dealers reported there was a growing disposition on the part of investors to take second grade rails and public utilities. Large sums are reported to be available for investment but there fs a reluctance on the part of many buyers to take high-grade listed issues at current low yields. ~1926-26-, Stock and dividend. % Middle-States Oil. % Middle States Oil ctfs 96 Midland Stl Prod pf tno) 12 30 Miller Rubber ctfs (2). 1% Minneapolis & St Louis. . 34 Minneapolls StP&SS M 40 Minneap St P&SS Mpf. 281 Missour! Kansas & Tex. . 74% Mo Kansas & Texas pf (6) Missour! Pacific. Missouri Pactfic p! Montana Power (5 Montgomery Ward. 5 Moon Moters (3). Morris & Essex (3%).. .. Mother Lode Coallt (X). Motion Plcture (1%). Moto-Meter C1 A (3.60). Motor Wheel (2)... Murray Body 38 1 Nat Cash Register (3). Nat Dairy Products (3) Nat Dept Stores....... 4 Nat Dept St 1st pf (7) Nat Distillers Products 2314 Nat Enam & Stpg. ... 75 NatEnam & Stp pf (7)... 138 NatLead (8)..........u. 11415 Nat Lead pf (7).. t Power & Light Nat Rys of Mex 1st pf Nat Rys of Mex 2d pf Nat Supply (4). Nat Tea Co (4).. Nevada Consol Cop (1)... v Alr Brake (2).. N Y Alr Brake Cl A (4). N Y Canners (c2) N Y Canners pf (6) 4 N Y Central (7). 5 ¥ Chicago & StL (11).. N Y Chi & StLpf (6). N Y Dock NY & Ha N Y New Haven & Hart. NY Ontario & Western. . Y Rallways pf ctfs. . ¥ Y Railways ctfs sta. agara F Pw Co pruln Norfolk Southern. Norfolk & West (18). 4 North Am (b10% sock) % North Am pt (3) North Am Edison 8f (6) Northern Pacific (5) Norwalk Tir & Rub(1. 4 Ol Well Supply (2 Omnibus Corp. Onyx Hosiery. Onyx Hoslery pf “) > Oppenhelim Collins (3). Orpheum Circult (2). Otis Elevator (6) . Otis Elevator pt (6 Otis Steel. Otis Steel pf. Outlet Company (13%) 73, Outlet Company pf (7). Owens Bottle (14) Pacific Coast. .. % 34'6 Pacifific Coast 2d pf (4) 4 102% Pacific Gas & Elec (8) L] 15 Packard Motor Car (2). 13% Palge-Det Mot Car(1.80). 56% Pan-Am Pet & Trans (8). 567 Pan-Am Pet & T C1 B (6. 34 Pan-Am West Pet B (2).. 2% Panhandle Prod & Ref. 37 Panhandle Prod & Ref pf. 19% Park & Tilford. 5% Park Utah (60c).. 47 Pathe Exch,ClA (c3).... 16% Penick & Ford....... 913 Pennsylvania Cnfll&Coke. 48% Pennsylvania Railrd (3). 1 Penn Seaboard Steel..... 1 112 Peoples Gas Chicago (8). llS i 16% Peorla & Eastern. 61% Pere Marquette (18) 68% Pere Marquette pf ( 78 Pere Marquette pr pf( 59% PhilaCo (4).. -43% Phila Co pf (3) 36% Phila & Reading C&Ictfs 37% Phila&Read Coal&I ctfs. . 12%, Philip Morris & Co. 36% Phillips Petroleum (3). 10% Plerce-Arrow. 43 Pierce-Arrow pf. 8, Plerce Oll. 3% Plerce Petroleum. .., 31% Pitts Coal...... 71 Pittburgh Coal p 134 Pitts Ft Wayne & s+ 30 Pitts Terminal Coal...... 12% Pitts Utilities pf (11.20) . 12% Pitts Utili pf ctfs (1.20).. 125 Pitts Upf ctf new(11.20). 63 Pittsburgh & W Va (6).. 1 645 Postum Cereal (4.40).. 34 Pressed Steel Car. ... 76% Pressed Steel Car pf (7).. 11 Producers & Refiners. 27 Producers & Refiners pf 62% PublicService N J (6) Public Service N J pf( 109 Public Service N J pf(8). 921% Public Ser EI&Gas pf(6). 129 Pullman Company(8) 33 Punta Alegre Sugar. 25% Pure Ofl (12)...... 32 Radio Corp of Am 44% Radpi Cor of Am pf(3%). 68% R R Sec I11 Cenctfs (4).. 10% Ray Cons Copper (1) 69% Reading (4).... 36% Reading 1st pf (2) 86% Reading 2d pf (2). 46% Remington Typewrite Remington 1st pf (7). 301 2% . 93% 109 . 0., MAY 23, EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Trend of Rallway Earnings. The trend of rallway earnings as it is set forth in the monthly earning statement of any. particular carrier 13 more important to the holder of the junior than of the senior securities. The owner of a first mortgage bond, for instance, is less concerned about the temporary fluctuations in net income than is the holder of the common stock. Some railroads have established their credit so firmly, use of profitable operations over a series of years, that the market for their bonds pays no attention to current earnings. Such are railroads in the class of Atchison, Chicago, Burlington & Quincy, Atlantic Coast Line, Pennsyl- vania and New York Central. The bonds of these roads vary in market price not with earnings, but with pre- valling interest rates. It is the stockholder whose share in the surplus after interest charges and preferred dividend requirements are covered is affected by current operations who give the closest scrutiny to the monthly report. With roads which have not done so well in recent years the regular statements are of interest to the junior bondhold- er. This is nearly always the case when dividends are not being paid on either the preferred or common stock or has recently been reduced. Finally, there are roads which have had difficulty in meeting their fixed charges, and with these all the bonds are influenced by the immediate earn- ing outlook. )\umnhslnndlnx these differences between the three groups every security owner has-an interest in the prosperity of his corporation and in the periodical statements which the law makes compulsory upon the railroads, he hag a source of information which is too often lack- Ing in investors in industrial bonds and stocks. It _is this fact, together with the admitfed essential character of railroad service, that gives to rafl- road investments much of their popularity. ~1926-26 Chge. | High. Jaw. 1926_PART 1. TREND 15 UPWARD IN STOCK MARKET List Continues Rise Despite Bear Traders’ Attempt to Hit Motors. By the Assoclated Press. NEW YORK, May 22.—The main price tendency in today's brief ses- sion of the stock market continued upward, despite an attempt of bear traders to unsettle the general list by again hammering the motor shares. Trading was in rather heavy volume for a Satlzrda}:).o th: day’s sales ag- ting 657,000 shares. ‘r(e)‘n‘llsllon of the Armour A dividend, reflecting a poor first quarter by one of the country’s largest industries, apparently had been anticipated. The stock established a new low for the year, at 13%, but later rallled to 13%, where it was off only 1} point on the day. Other packing stocks held steady. Brisk demand for the rallroad shares continued to reflect the un- usually favorable nature of the April earnings statements, the “Soo,” lat- est to report, showing an increase of nearly $75,000 in consolidated net, despite a sharp drop in the net in- come of the Wisconsin Central, one of its subsidiaries. The sharp jump of 5 points in Atchison. which dupli- cated, the vear's high of 139, revived rumors that the company was plan- ning the distribution of some of the common stock in its treasury. Among the many other rails to show net gains of 1 to 2 points were New York Central, Illinois Central, Kansas City Southern, Missouri Pa- cific, Norfolk & Western. Seaboard Air Line common and preferred, and Southern Railway. Buying of some of these issues was reported to be for Stock and dividene 12% Seagrave (e1.20) . 44Y Sears, Roebk & Co (2 ‘4). 40% Shattuck (Frank G) (2). 39% Shell Tr & Trad (96%c) 218 Shell Union Oil (1. 0) 99% Shell Union Ol pf t6; b1'5 Sheubert Theatre. 31% 61 84 121% 154 224 14 5 2] 118" 118‘6 Simmons Co (12%). 10014 Stmmons C'o pf (7) . Simms Petroleum (1).... Sinelair Consol Ofl. ....... 4 Sinclair Consol Oil pf(8). Skelly Oll (2). 4% Sloss-Sheff Steel & Ir (8). 122% South Porto Rico Sug(6) . Southern Dairies A (4).. Southern Dairies B. Southern Pacific (6) Southern Rallway 99 46% 31% 101% ; Spicer Mfg Spicer Mfg pf (8). Stndard Gas & El (4). Standard Gas & El pf (4)‘ Standard Milling (5).... Standard Of1 of Cal (2). 624 Standard Ol Cal new (2) 38% Standard Ollof N J (1)... % 1161 Standard Oll of NJ pf(7). 4% Standard Plate Glass. 62 Sterling Products (3) 55 Stewart-Warner (6) Stromberg Carburet 41% Studebaker Co (5).. 1% Submarine Boat. .. 30% Sun Oil (11). 2 Superior Ofl. 19% Superior Steel (2). 5% Sweets Co of America. 7% Symington....... 16% Symington Class A (") 7% Tenn.Copper & Chem (1). 42% Texas Co (3) . 97% Texas Gulf Sulphur (1 ) 135% 424 Texas & Pacific 107 Texas & Pac Coal & Ofl. 210 Texas Pac Land Trust 27% The Falr (2.40) .. 13% Third Avenue. 4215 Thompson J C (3.60) 30% Tide Water Oil (1%) 90 Tide Water Oil pf (5). ml. Timken-Detroit Axle(t4). Tobacco Products (7) 93’«. Tobacco Prod Cl A (7) 3 Transcontinental Oi1 Transue & WIms S F (2). Undervood Typewr (4).. Union Bag & Paper Union Carbide (5). Union Otl of Cal (2). Union Pacific (10). Unlon Pacific pf (4). Union Tank Car (5). 4 Union Tank Car pf (7 United Alioy Steel (2) United Cigar Stores (c2). United Cigar St pf (7)... United Drug (8).... 146 United Drug 1st pf (313). United Fruit (4) 1 4 United Paperboard (2). United Rallway Invest United Rallway Invest pf. USCastIP & Fdy (10). U S CastIP & Fdy pf(7 U S Distributing U S Hoffman (13 U S Industrial Alcohol. . U S Industrial Alco pf(7) lOl U S Realty & Imp (4). U S Rubber. U S Rubber 1st pf (l) U S Smelt Ref & M (33). USSmelt R& M pf(315). U S Steel (7) U S Steel pf ( . Univer Pict 1st pf (8). Univer Pipe & Radlator. . Univer Pipe & Rad pf (4) Utah Copper (5) . Utii Pow&Lt Ci A 26% Vanadium Steel (3). 53% 6% 68% 55 5474 44% 1 lDVa i3 51% 104% 88% 491 12214 128% 93 19% 64% 98 443% Vick Chemical (3%4).. 85 ks Shrevept & Pac (5) 89 Vicks Shrevept & P pf(5). 13% Va-Car Chem new w 1. 46% Va-Car Chem 6% pf wi. . 52% Va-Carolina Chem pf (t) 8 Va-Car Chemical 1 Va-Car Chem ctfs. 56% Wabash pf A (5) 14% Waldort System (1%) 13% Walworth Co (1.80) . 25% Ward Baking Class B. 90 Ward Baking pf (7). 12% Warner Bro Pic Cl A 51 ‘Weber & Hellbroner (4). 88% WestPeun Electric A (7 +1l4+44 144 97 P+ | L H+4+ 5% 3476 l7‘/fi 14 109 109 951; West Penn Elec pf (7) 104 West Penn Power pf (7). 109 W 11 Western Maryland. ... 16 Western Maryland 2d pf. 19% Western Pacific. 81 72 Western Pacific pf (6. 147% 116% Western Union Teleg(3) . 1415 West'house Afr Br(17%) 113 65 Westhouse E&M (4)... 9% Weston Elec Instrument. 19% Weston Elec Inst CIA(2). 18 Wheeling & Lake Erle. . . _63%_22 Wheeling & Lake Erle p! 318 ~ 25% White Eagle Ofl (2). 104% b51% White Motors (4). 49% 26 White Rock (2) 1% Wickwire-Sj 9% Willys-Ov d. 128%+ 724 Willys-Overiand of (7).. 6 Wilson& Conew... Wilson & Co A (new). 46% 42 Wilson & Co pf new. 222 112% Woolworth F W (15). e 12 lSV 79 [ FINANCIAL. :ha account of large financial institu- ions. The attack on the motor shares qulckly petered out when strong buy- rt made its appearance. The nllln Drobnbly was inspired by be- lief that with the urgent short cover- ing, prompted by the raising of the Hudson dividend completed, these is- s would again prove vulnerable to Dn-llrm Mack Trucks recovered early half of its early 2-point loss, lnd net recessions in Hudson, General otors and Moon were reduced to hml.ll fractions. The Plerce-Arrow and ~ Willys-Overland issues closed moderately higher on the day. Olls were quiet, with some profit- taking noted in recent strong spots. Atlantic Refining fell from 124 to 121% and then rallfed to 123%, off % mnet. Good buying was noted in the tobacco issues. Commercial Solvents A and B each recorded extreme gains of about 4 points, the latter touching a new high at 152. Substantial gains also were recorded by Adams Ixpress, Ameri- can Agricultural Chemical preferred, Cuban Dominican Sugar preferred, Sloss-Sheffleld Steel and Youngstown Sheet and Tube. Federal Mining and Smelting broke 18% points to 41, a new low for the year, on one sale. A rally of 1 cent a bushel in wheat futures featured the commodity mar- kets. Cotton advanced 6 to 11 points on a flurry of short covering. . Raw sugar was unchanged, but. futures were slightly easier. Coffee prices held steady. Forelgn exchange trading was quiet, with price changes narrow and ir- regular. Demand sterling held fairly steady around 4.86 and French and Belglan francs were firm above 3% cents. Itallan lire ruled about 8 points lower, around 3.86 cents. The Scandinavian exchanges were casier. WALL STREET BRIEFS NEW YORK, May 22 (®).—Phila- delphia and Reading Coal and Iron Corporation had a very unprofituble year in 1925, reporting net loss of $4,115,567 after interest, taxes, depre- clatfon and depletion, in contrast to net income of $1.020,693 in 1924. In- cluding profit of $166,578 from the sale of property and securities, the deficit for the vear was $3,967,269, compared with surplus of $1,692,104 in the pre- vious year, equal to $1.21 a share on 1,400,000 shares of no par value stock. Signatures of 518 members of the New York Stock Exchange have been affixed to the petition being circulated to close the exchange on the Saturday preceding Memorial day for a three- day recess until Tuesday. Bank clearings for the week throughout the country, compiled by the Commercial and Financial Chron- icle, are placed at $9,746,254,063, an increase of 4.2 per cent over the $9,- 353,115,544 reported a year ago. New York City gained 2.3 per cent. United Shoe Machinery Corporation reports net profit of $8,050,920 for the vear ended February 27, 1926, after Federal taxes, equal after 6 per cent preferred dividends to $3.82 a_share on the common stock, against $6,502,- 741, or $3.02 a share, in the previous year. Revenue car loadings 3 Jones Brothers Tea reports for the quarter ended April 3 net profit of $14,216 after charges and Federal IPRIGES OF COTTON AVERAGE HIGHER Market More Active in Short Saturday Session—Close at Best. By the Associated Pre NEW YORK, May 22.—Aftera very quiet early session, the cotton market became a little more active today July contracts selling up to 18.38 or 12 points net higher on covering b Wall Street and local shorts. The strength of the near position attracted covering in later months and Decem ber sold up to 17.52, or 7 points net higher. The close was within a point or two of the best, with the marke: steady at net advances of 5 to 11 points. ‘The market opened steady at a de cline of 2 points to an advance of | point and was listless in early trad ing. Owing to the Whitsuntide holi days, the Liverpool market was clos ed until next Tuesday, possibly the absence of the usual cables had « tendency to restrict business here. and aside from that, the usual even ing up of accounts at the end of the week was in small volume following the narrow markets of the past sev eral days. Toward the close flurry of covering by shorts which gave the a more animated app advance met realizing around 17.6 for October. but the close was ul nearly the best of the morning, par ticularly in late months, Early weather repor ered fairly favorable, but the outlool for lower tempreatures attracted favorable comment and some lo traders thought they saw a possibilit: of renewed showers in the Southwesr over Sunday. This view may have contributed to the late buige, although the main factor appeared to be the strength of the nedar months position The amount of cotton on shipboard awaliting clearance at the end of the week was estimated at 60,796 bales, against 58,844 last year. Private cables from Manchester said business in cotton goods there had been a little better during the past week, but that anxiety over the coal supply was increasing and that continuance of the strike in the mines might cause a gradual slowing down of cotton mill activities. there taxes, equal to 37 cents a share on the $3.760,000 7 per cent preferred stock, against $48,493 after charges, bu' before Federal taxes, or $1.29 a share on the preferred, for the same quarter of 1925 Revised figures of England’s forelgn trade in’ April show exports of 52 748,000 pounds, sterling, imports 102’ 492,000 pounds sterling and re-exports 11,264,000 pounds sterling. Yarn and cloth exports were 11,548,000 pounds sterling. Iron and steel imports were 261.787 tons, and exports 313,043 pounds. Financial Highlights of Past Week Brought Out in Nutshell by Statistics NEW YORK, Ma [ Stocks (average of 50 issues) Bonds (average of 40 issues). Foreign bonds (average of 10 jssues). Federal Reserve ratio... Money rates in New York: cali Time . Month nf A Unfilled steel orders Pig iron production. Building permits Number of Amount Commercial Number Liabilities wen 3 i All commodities. Grain and grain products. Coal and coke.. Forest products Miscellaneous product THE YEAR 1926 TO Bales. BONDS. Week of May Z 7 This Week. High. Low. High. Lov 115.44 116.60 11 This Week, Last Week. 87.43 103.36 This Week. Lait W eek. Year Age. Last Week. . Last Week. . 3% todla 315to4 .4 todly 4 todi, Month of Month of pril, 3 3.86 115,004 484 440 6,537 $427,947,641 1,984 1 $36.622,547 $37,188.6! 8,°26. 'Pr;Q ous week. Year ago. 40, $479,833,247 1,957 38,487,321 DATE ON THE WASH NGTON STOCK EXCHANGE. Furnished by W. B. Hibbs & C Up to and Including Friday, May 2 High. $9,000—Ana. & Pot. River R. R. Ist &s 8,000—C. & P. Telephone 1st &s 9,800—C. & P. Tel. of Va. bs.. 155,500—Capital Traction 1st &s. 4,000—City & Suburban Ry. 1st 5s. 17,500—Georgetown Gas Lt. 1st 5s. 11,000—Pot. Elec. Power 1st &s 65,000—-Pot. Elec. Power Cons bs 9,300—Pot. Elec. Power Gen. & Ref. 29,200—Pot. Elec. Power Ref. 10,000—Wash. Alex. & Mt. Ver. 1,000—Wash., Alex. & Mt. Ver. ctfs. 2,000—Wash., Balto. & Ana. Ist bs. 76,600—Wash. Gas Light Gen'l is. 102,400—Wash. Gas. Light 6s.. 137,000—Wash. Ry. & Elec. Cons 4s 6s. st 58 18,000—Wash. Ry. & Elec. Gen. & Ref. 6s. 3,000—Dist. of Col. Paper Mfg 1st Gs... 10,500—Southern Bldg. 63%s. 3,800—Wardman Park Hotel 6s. STOCKS. 4,023—Capital Traction .. 3,347—Washington Gas 165—Wash. Ry. & Elec. 2,428—Wash. Ry. & Elec. vfd 1,305—Pot. Elec. Power pfd... 251—Pot. Elec. Power int. rcpts. 260—Commercial National Bank 77—District National Bank.. 10—Farmers & Mechanics National Bank. 337—Federal-American _National Bank..... 93—Liberty National Bank .. 10—-Lincoln National Bank . 23—Metropolitan National Bank. 172—Riggs National Bank. 10—Second National Bank 67—Washington National Bank. 316—American Security & Trust 216—Continental Trust 70—Merchants’ Bank & Trust 60—National Savings & Trust. 427—Union Trust ....... 82—Washington Loan & 5—Seventh Street . 30—Washington Mechanics . 1—Firemen’s Fire Insurance: 600—Columbia Title 20—Real Estate Title 58—D. C. Paper pfd. 2,679—Lanston Monotype. 556 2.3—Merchants’ Tfr. & St age. 91—Mergenthaler Linotype, new. 4,019—Natlonal Mtg. & Inv. pfd 70 Manati Sugar pf (7). 42% Manhat Elec Sup(4%)... 64 Manhat Elevated gtd (7) 32% Man Elev mod gtd (d5) 20% Manhat Shirt (1%).. 27% Mantila Elec Corp (2) Commer Solvents A (4).. 109% 100 Commer Solvents B... 121 Congoleum-Nairn. 40% Congress Cigar. 2615 Consolidated Cigar... 79% Consolidated Cigar pf(7). 9% 88 8% 33 57% 20% Worthington Pump. 70 Worthingn Pump pfA 53 - Worthingn Pump pfB(6). 16 Wright Aeronautical (1). 46% Wrigley (Wm Jr) (14)... 60% Yale & Towne Mfg (15).. 107 18—N. & W. Steamboat... 1—8ecurity Storage . 40—Washington Market .... 60—Federal Storage pfd .. 779—Merchants’ Tfr t Stomn ptd.. 113% 103 Remington 2d pf (3). 8% Replogle Steel..... 42% Republic Iron & Steel 84% Republic Iron & St n(('l) . 5% Reynolds Spring. . . .. 107 107 9% 8 46% P e 92% 614 b b L) L+ 4440+t 33ty 3, Consolidated Distributor. 744 Consolidated Gas (5). 1% Consolidated Textile. 601 Continental Can (16). 114 Continental Canpf (7).. ntinental Insuran (6). . 814 Continental.Motors (80c). % Corn Prod Ref (2). Coty Ine (4). Crucible Steel (3) . 7% Cuba Cane Sugar 361s Cuba Cane Sugar pf. .. 8913 Cuba Co (4.80).... 20 Cuban Amer Sugar ( % 12"‘4 122% 123 123 10%. . 9% 39 31% 49% % | 100 391 Market St Ry prior pf. 32% Marland Oil (4)... 10% Marlin-Rockwell (2) ‘Martin-Parry (2).. Mathisson Alkall. (4. May Dept Stores (5). Maytag Co (2). L Metro Goldwin pf Mexican Seaboard.. Miami Copper (1). zrfl. Mid-Continent Petroleum 324 83 Mid-Continent Pet pf (7). 100 97% 100 72% Reynolds Tobacco B 9% Robert Reis & Co. 45% Royal Dutch (a1.3 Rutland pf.. 42». Safety Cable (4)... 86% St Joseph Lead (13) 57% St Louis-San Fran (7).... 76 St Louis-San Fran pf (6). 43% St Louls Southwestern. .. 70% St Louls Southwst pf 48% Savage Arms (4)........ 42% Schulte Retail St (§8). 20% Seaboard Air Line. 81% Seaboard Air Line pf. 94 12 52% 4T% - 48 38 94 90 68 e *Partly! stock. g B 22 Yellow Tr & Coach(75¢).. 90 Yellow Tr & Coach pf(7). 63 YoungsfownS&T (4)... RIGHTS—EXPIRE. 16' Reading, July 1 5% Am Telephone & Teleg. Dividend rates as siven in the sbove table & on u herwi ted. Eule« giherwise noted; catta or sne 69% 16% 5% 6 atest quarterly or -r‘l’.'ved-cl-ru oy Saces oF amecia) dividende an? aeclarations. TPius 4% in stk Payable 17! 1% .Tulrtrrly 3Payable in preferred stocl Pl 3% % in tock. lbl. %% Q Pllll‘l-“. 1,289—Mergenthaler, old 74—Peoples Drug pfd. UNLISTED DEPARTME\ T. Shares. ISSUE. 95—Chapin.Sacks 8% pfd. 4—Chapin-Sacks 7% pfd §—District Title Insurance. 25—Raleigh Hotel Co....... ¢—Washington Title Insurance. BANKS. 90—Departmental Bank.. 10—Northeast Savings Banl