Evening Star Newspaper, July 4, 1926, Page 14

FINANCIAL. Wm‘—m NEW YORK STOCK EXCHANGE WEEK ENDING JUNE 26, 1926. Last Week. Year to Date. 5,666,971 219,666,017 . 5,640,766 207.862.409 Total Sales.... Same period a year ago. ~1925-26— Vieh. Low, Stock and dividend. €2 Abitibi Power & P (4). 90 Adams Express (6). 10 Advance Rumely 47 Advance Rumely p: 7% Ahumada Lead (t1). 86% Afr Reduction (15) . 73 Ajax Rubber 103 Alabama & Vicksbg (6) 1 Alaska Junea 27 Albany Perf Wrap Paper 119 All American Cables (7). 80 Allied Chem & Dye (4). . 117 Allted Chem & Dye pf(7) 7114 Allis-Chalmers Mfg (6 103% Allis-Chalm Mfg pf (7). 24% Amerada Corporation (2 13% Am Agricultural Chem. .. 36% Am Agriculturl Chem pf. 34% Am Bank Note (1.60).... High. Low. 76 8% 116% 112% 1% 60" 9y 116% 116\. 14 1% 27 27 142 . 130% 119% 1214 121 893 R6 108 108 80% 19% 63% 39% 238, 66% 20% 1240 123% 4215 40% 941y 197 16 Am Bosch Magneto. .. . 901 Am Brake Shoe & Fy (81, 30% Am Brown Bov Elec (2). 861 Am Brown Bov E! pf (7). 387 Am Can (2) : 115 AmCanpf (7).. 9115 Am Car & Foundry (8) 2215 Am Chatn Class A (2) 37 AmChicle (3) 3415 Am Chicle ctfs (3).. 4% Am Drugzists Syndicate 1057 Am Express (8). 16% Am & Foreten Power 87 Am & For Power pf (7).. 7 Am Hide & Leather. . 331, Am Hide & Leather pf. 245, Am Home Pr (2.40) 825 Am lce (110) 7415 Am Iee pf (6).. 3215 Am International 11% Am LaF Fire Engine (1). 20 AmLinseed...........- 53 Am Linseed nf (1) 90% Am Locomotive (8) 115 Am Locomotive pf (7). 45% Am Metal (4) 11312 Am Metal pf (3 931 Am Plano pvh . 508, Am Power & Lt (F1). 4 Am Radlator (4 13 42's 5e 26% Y I'Xl)h 'L: i 128 xfi' 13 35 34 . B0 78 10674 108% 17% 117 . B3 62k L 116% 116% «4 04 nn'. 109'. 5‘- < o 8% 1837 |27% % T 367 Am Safety R: 514 Am Ship & Commerce 144% 90% Am Smeiting & Refin (7 119 105% Avmmelt&v’eflnpv 7 165 1241: Am Snuff (12).... 471; 375 Am Steel Foundr! 115 108 Am Stl Foundries pf (7) : 82% 47% Am Supar Refining (5)... T0% 105 nar Refining nfi7). 100 100% 28% “r"l(l‘1 opt ctfs A . 25! 140% 139% . 120% 116% 1181 116 11015 10813 120t 15 6618 308% 106 25 9 /% 72 1% 1201 841 Am 113 10415 Am Tobacco pf (6. 185% 103 A pefonnders (%) SE Facss Wat 1081 98 Am Water 643 19 n» Woole #6166 Am Woo! npt (1) : Am Writinz Paper pf. . nz Papr pe ctfs o Lend & Sm Works p 3114 463, 51 da Copper (3) 351 Anaconda Copp o s 26 Archer-Danlels-Midland 907« Armonr&Co of Dl pt(7) 13% Armour & Co of TIL(A) 5% A Co of T11 (B) 18 Arnold Constable & Co 39 Artloom (3) ArtMetal (1) 371, Assoc Drv Gonds (233) §91y 32 Assocfated Ofl (12.40 140%; 116% Atch Top & Santa Fe 100 9213 Atch Top & S Fe f (5) 1% 'y Atlanta Birm & At... 268 147% Atlantic Coast L(1913).. 77 20 Atl Guif & West Indles 60 81 AtlGulf&West Indies pf 128% 951 Atlantic Refining 1131 Atlantic Reflmng pr e 9 Atlas Tack... 4 15 Tia 20% 51% 20 418 534 2 218 411 46 421 L 120% 116% 1188 118% 9 Ed 15% 15 2931 1 Auto Autosales b Autosales pf (214) o8 28 < Baldwin Locomotive (7). 118% 113 Paldwin Locomo pf (7).. 1101 1101 71 Balti & Ohio (5) .95 94 627, Balti & Ohlo pf (4).. 70% 33 Bangor & Aroostook (3 18% Barnsdall C1A (2). 38% Bayuk Clgars. .. . 531 Beech-Nut Packing (13). 30 Belding Brothers (3) 37 Bethlehem Steel 931, Bethlehem §te;l 30 28 Bloomingdale Bros. 10632 130. Bloomingdale Bros ph.» 1063 105% 4% Pooth Fisherlea .. 65 6l Botany Con Mills CIA(4). 25 24 Brizss 2684 91, 0% 143% 140% 102‘6 100'« 30 28 Rrookn U'nion Gas (i111). Shoe (2) ... -Balke-Collen Rrunswick Ter & Ry Sec 48 Buff Roch & Pitts (4) 921; Burns Brothers CLA(10). 17 Burns Brothers C1B (2). 65 Burroughs Add Mach(3). 14% Bush Terminal. 80 Bush Terminaldeb (7). .. 615 Butte & Superior (2). Butterick Company . Byers (A M) : 53 By-Products : 179% 100 lifornia Packing (8). 881 237 California Petroleum (2). 4% 1% Callahan Zinc & Lead. 69% 46 Calumet & Arizona (6) 18% 12 Calumet & Hecla (1%) . 61 57 Canada Sonthern (3). 165% 136% Canadian Pacific (10) 114% 24 Case (J I) Thresh Mach 109 60 Case (J 1) Thres M pf(7) 714 Central Leather Co. 431 Cent Leather Co pf.. 240 Central R Rof N J (112). 125 Century Ribbon Mills. . . 69% 43% Cerro dePasco Copper(4). 361 Certain-teed Products(4) 26 11% Chandler-Cleveland. . 47% 28 Chandler-Clev pf (4).. .. 140% 89% C hesapeake&omo (112). 1891 105% Ches & Ohlopf (6%)... 11% 3% Chic S Atton 19% 5% Chicago & Alton pf. 10 5% Chicago & Alton ctf 881 29% Chicago & East lilinois. . 57% 36% Chicago&East Illinots pf. 15 7% Chicago Great Western. A 18 Chicago Great Westpt. .. 16% 5% Chi Mi & St Paul. 284 7 ChiMil&StPaulpf..... 7 Chi Mil & St P ctfs of dep 127 Chi N&St P pf ctfs of dep 4715 Chi & Northwestern (4). 80% Chi Pneumatic Tool (5). 401a Chi Rock Island & Pacific. 82 " Chi Rock Is1 & I'ac bt (6). 45'% Childs Co (32.40) Chile Copper (2 Chino Copper. Christie Brown&Co( Chrysler Motor (3). Chrysler Corp pf (8) .. 26 124 258, 11t 76 l’(flu 135% 103 324 927 ol 29 39 .. 5ok 53 . 140% 138% 344 334 . 8! 16478 162% . 11215 108 . 109 108 94 551 2943, 181 641y 43 5674 294 1815 66 43% 1215 12 287 2814 1401 136% 1391 136% . 5% By 513 bl 337 38% 44 10% Wh Ww NH 1 19 18y 1% 10% 18% 184 4% T3% 115 11815 56% 534 8T 867 53% 62t 331, 828, 220, ] lflln |00‘fi . 64T% 68% 168" 1566 41 89% 104 101% 447 40% 60 7 65 66 821 81% 115 114% 63 62 28% 27% 170 170 171% 1656 22% 2015 43 42 66% 69% 100 815 ll)!h 96% 1% 1% 9% 76'3 184 130% 11% 10% -Cola (7). lins & Afkman. Collins & Alkman pt (7) Colorado Fuel & Iron Colorado & Southern. . Colorado & Sou 1st pf(4). % Columbla Gas & Elec (5). Columbla Gas & El pf(7). Columbian Carbon (4). .. Commer Credit (2) Commer Solvents A (4).. Commer Solvents B. ngoleum-Nairn. ‘ongress Cigar. (3) Consolidated Clgar Consolidated Clzar pt(7). 103 Consolidated Distributor. 13 Consolidated Gas (6).. 1% Consolidated Textile. 603 Continental Can (16) 144% 103 Continental Insuran (6 15% 8i% Continental Motors (80 32% Corn Products Ref 1'"1'i 46% 447 346% + la| 24% 18 Ton " 127%3128 -+ 2% | 22% 6 Mexican Seaboard. 12'% 118% Corn Prod Ref pf (7) 44% Coty Inc (4). 26 Crex Carpet. 64 Crucible Steel (5). 92 Crucible Steel pf (7) 7% Cuba Cane Sugar. . 36'% Cuba Cane Sugar pf. 3915 Cuba Company (4) 8213 Cuba R Rpf (6)... Cubsn Amer Sugar (2)... . 128 51 49 26% 24% Il'l'h llb xllbh + 15 142 1142 Average price of 50 stock: Same period a year ago. High. 126.42 THE SUNDAY STAR, WASHINGTON, D. C. Year to Date. High. Low. 139.16 109.63 114.10 10116 Low. 125.26 Net. Close. Chbge. 76% + 2% 118% + 4% u% 1 High. 104 20% 107 104 59 49% 110 174% 163% 60 1\6‘/. [ 27 129% ~10‘4 121 89%; 108 807 19% + 1% 65% 2% 40% + 1% 28% - % 66% 2% 21 124 41 948, ,2% 1 % % T4% 118% l’ui- lOS' 1174 524 1164 94 6074 109% 11 2% e 133% - 6% 1178 126% 428 T0% 100" + % 140 120% 118% + 2% 110% + 3% 120 1 58 41, 1584 2015 43 -2y 421 3 118 1 113'1 514 1 % la 5 % 28 7 116 2% no' 305 i 102% < 1% 29% 4+ 1% 1061 -+ 21 61y I 247 4 29 - 2% 98, — 4y 143 > 162% - % 837 + 15 R61: -~ Th 307 - % 125'% 410 24y 141 % s 1 8113 107 6915 138% 4 + 1% 23 2 2y 1% % % % 13814 321 -+ 66% 147 52% 481 67% 199‘3 144 29% 36% 10 29% 39 55 -+ 138% + 34 -y % b — 1% 14% + % 61 164% + 10 -2 109 + % 9% — U 55 — 14 294% — % 18% + % 6% + % 43 % 12 2815 — 1 138% -+ 2% 1391 + 4% 6% — % 84 5% - 38% — 43% — 1 10 + 1 2%+ k| WA 1 LYY 18% + 14|129% 1% + 14| 4% 18% Ad% 8% — 1 | 1% 114% + % | B8 55% + 21 | 143% 87 + 1| 42% 621 — % (117 834 + | 28% 22% + Th| 26% 4435 148 36% - 4% [ 60 101% + %110 647 + 1% | 30 167% + 2% | 242 40% + % |18 104% + 8 107 4% + 3% | TT% 60 1 (12 86 1% 46 824 37% 115 56 621 + 1| 78 28% + %| 61% 170 + 2 | 34% 167 + 2% (119 22% + 8| 49% 42% — 1| 35% 65% + 6 | 12 108 + 38 65% 3% — 1 [263% 102 5 5| 38 1% — %| 37% 78% + 1% |107% 1180% + 3 [ 189% 11% + %/ 26% 82% 45% 178 24% + = 1% + 8 49 — 2% | 24% 26% — 4% | 38 | 4 24% — W 4T% ~1025-26— . Low. Stock and dividend. 987% Cuban Amer Sugar pf(7). 18% Cuban-Dom Sugar (new) 71 Cudahy Packing (7). 62 Cushman’s Sons (3) . 42% Cuyamel Fruit (4). 27% Davison Chemical 821 Deere & Co pf (7) 183% Delaware & Hudson (9).. 1256 Delaware Lack & Wn (17) 86 Denver & Rio Gr West nf. 'llO Detroit Edison Co (8). % Devoe & RayndsA(2.40) . 21\. Dodge Brothers Class A. 73% Dodge Brothers pf (7)... 123 Dome Mines (2) . 14 Douglas Pectin 2% Duluth So Shore & Af an . 3% Duluth So Shore & Atl pf. 134% Dupont de Nemours(119) 94 Dupont debentures (6). .. 105 Duquesne Light 1st p£(7) 106% Eastmaa Kodak (18).. 10% Eaton Axle & Spring (“) 11% Elsenlohr & Bro! 61% Elec Auto Lite ( 4 Electrlc Boat. .. 15% Electric Power & Lig! 8915 Elec Pow & Light pf (7) 991 El P&L pf ctf 40% pd (7). 623 Electric Refrigeraon(f2) 60% Electric Storage Bat (16) 1 Emerson-Brantingham 63% Endicott-Johnson (5). .. 111% Endicott-Johnson pf (7). 997 Equitable Of Bldg Df (1) 22u, Erle. 30 Erle2d pt EurekaVacuum Clean(4) . Exchange Buffet (1%3). Fairbanks Co E 4 Falrbanks-Morse (3) Famous Players (10). . 108% Famous Players-L pf(8) . 26 Fed Lt & Trac (°1.40) 156% Fed Mining & Smeltin 491; Fed Mining & Smel pf (7 91% First Nat Plc 1st pf 19.44 30 First Nat Stores (1%) 60% Fisher Body (5). 10% Flsk Rubber. 767 Fisk Rub 1st pf stpd (7). 321 Flelschmann Co (1214). . 85 Foundation Co (8). 5514 Fox Film Class A (4) 8 Freeport-Texas.... 287 Gabriel A(14%) 4% Gardner Motor . 39 Gen Am Tank Car (3) 4215 Gen Asphalt 86% Gen Asphalt of (5). 107 General Baking pf (8) 46 Gen Clgar (4) 79 General Electric (h3) 285 Gen Electric (112).. 10% Gen Electric Spec (80c). . 34 GenGas & Elec A (el%). 105% Gien Gas & Flec 8% pf A. 921, Gen Gaspf B (7). 4 5"‘. General Motors ltl!} Gen Motors pt (7). Gen Outdoor Adv (2. Gen Outd Adv Cl A (4). Gen Petroleum (3).... 4 Gen Rwy Signal (14%) Gimbel Brothers Gimbel Brothers pf (7) Glidden Company (2) Gold Dust. Goodrich (B 1 ). Goodrich (B F) pu ). Goodyear Tire&Ru pf(7). Gotham Silk Hoslery (n). 4 Gotham Silk Hos (2%). . Gotham Silk Hos pt (1) i Gould Coupler CLA (2)... Granby Consolidated. Great Northern pt (5). Gt North Orectfs (1%) at Western Sugar (8). Greene Cananea (‘opper Guantanamo Sugar. . Gulf Mobile & Northern . Gulf Mobtle & Nor pf (6) . Gulf States Steel (5) . 4 Hartman Corp (213). Hayes Wheel (+31) Hayes Wheel pf (715) Helme (G W) (163). .. 1715 Hoe (R) & Co Class A 43 Homestake Mining (17), 344 Household Prod u:w.: 50t Houston Ofl. 161, Howe Sound (3) 21t Hudson & Manhat (2} 641, Hudson & Manhat pf (). 33% Hudson Motor (3%). 1“m Hupp Motor Car (1) 111 Tilinofs Central (7). 18% Independ Oil & Gas (1)... 13 Indian Motorcycle (2) 51 Indian Reflning. . . 6 Indian Refining ctfs. .. 77 Ingersoll-Rand (t4). 3415 Inland Steel (214)... 20% Inspiration Copper (2). 13% Interboro Rapid Transit. 1315 Intercontl Rub (1)... 7 Internat Agricultural 40 Internat Agrl prior pf(7). 3814 Int Business Machine(3) 5015 Internat Cement (4) 102 Internat Cement pf 31% Internat Comp Eng (2). 96% Int Harvester (6). 15 122% 118% Internat Harvester pt(7) 121% 120% 68% Internat Match pf (3.20). 714 Internat Mer Marine 27 Internat Mer Marine pf. . 24% Int Nickel (2). 44% Internat Paper 86 Internat Paper pf (7).. 108 Internat Shoe (8)... 87% Internat Tel & Tel (6) 18 Intertype Corp (t1%) 161 Jewel Tea. 10% Jones Bros Tea 26 Jordan Motor Car (3).... 28% Kansas City Southern. ... 57 Kansas City South pf(4). 18% Kayser(Jullus)& Co(3) 12% Kelly-Springfield Tire 86 Kelsey Wheel (6). .. 46% Kennecott Copper (4). 1 Keystone Tire & Rubber. 61 Kinney (G R) Co (4). 93% Kinney (G R) Co pt (8) 261 Kresge 8 S (1.20). 15% Kresge Dept Stores..... 110% Laclede Gas (8). 19% Lago Oil & Trai 39% Lambert Co (314 8% Lee Rubber & Tir 69 Lehigh Valley (3%) 30% Lehn & Fink (3). . 17% Life Savers (1.60) 671 Liggett & Myers (t4). 55% Liggett EM CI'B (Y4) . 128 . 150 159 Net. High. Low. Close. Chge. 102% 102% 102% — ‘4 18% 18% 18% % 89 87 189 - + 4% 9% 95 — 2% 46% 46% — % 144% 141 3142 42% 41 41 . 134% 134 35% 2% 84% 12% 20% 3% 5% 246 231 105% 106 116% 115 %lday will be a holiday, GREAT FISCAL YEAR INTRADE IS ENDED Vacations Have Increasingly Important Role in Busi- ness of Today. BY HARDEN COLFAX. While busily auditing the books of a fiscal year remarkable in many re- spects, merchants of the United States have their hands full giving attention to a Summer trade of astounding pro- portions. Millions of dollars changed hands last week because Independence day falls on Sunday and therefore Mon- thus affording opportunity for a holiday from Satur- day until Tuesday morning. In many lines the calendar is doing much to make up for slow business due to a late Spring. While interested in knowing just what happened to them in the fiscal year which closed Wednesday, busi- ness men, generally speuking, have entered the new period with a spirit % | of optimism. 109 37% 44% - b52% 16% 3 50 116%3117 120% 120% 120% a2y 81% 32 70 69 170 744 T2 4% 106 mh 3 991 191 818, 49% Ad% 52% 16% 3% 52% 808 46 . 104% 101% 69 73 331 30% 321y 32 8 T4 431 42% 724% 68 111% 109% 861a [ 34413 336 11% 11% 39% 38 1081 1073 938, 93% 149% 141% 118% 118 200, 28% 53 b2% T0% 68l 88% 85 534 624 NN% 104% 17 16% 4 46% 50% 47h 951 95% 108 1063 481 4T% 51% 50% 110% 110 18 17% 21 20% 7% 8% 211 20% 96 93y 16% 15% T T 371, 354 1078 106%; 79% 3% 277 26% 3% 30t 1054% 1 74 T 108% 108% 54% b52% 128% 120% 6 egn 7% 37!. 34 37 36l 56% 52% 95 o soam 160 150 124% 121%2123 2218 22% 224 34% 33 34 1% 10% 10% 30% 29% 30% 46% 4% 457 66 66l 166 38% 38% 384 14% 13% 14y 98 §8 98 55 63% 66 % % 2% 70 701 94 94 o4 64% 52 b4 22% 2245 221 169 157 23% 221 22% e 51% 9 4+ PHdd i+ 41+ [ +++ 14 47% 87% 9 35% 21 !V R S 33% 21% 21 2 B1Y, = e 116% Liggett & Myers pf (7)... 124 53% Lima Locomotive (4) 22 Loews Inc (2) 6 Loft Inc. 45% Long-Bel 77 Loose-Wiles Biscuit. 304 Lorillard (P) Co (3). 108% Lorrilard (P) Co pf (7).. 12 Louisiana Ofl Refining. .. 22% Louls Gas & E1 C1 A(1%) 106 30% Ludlum Steel(2). 102% McCrory St pf (7). 18 Mclntyre Porc Min 108% Mack Trucks (6). .~ . 66 Mackay Cos pf (4)... 69% Macy (R H) & Co. . 34 Magma Copper (3).. 15% Mallinson & Co. 27 Manati Sugar. 42% Manhat Eléc Sup(5%) 32% Man Elev mod gtd (d5) 20% Manhat Shirt (1%).. 105 Manhat Shirt pf (7). 27% Mantla Elec Corp (2) 20% Maracaibo O1l Explor: 6 Market St Ry 391 Market St Ry prior pf. 32% Marland Ol (4).... 10% Marlin-Rockwell (2) . 17 Martin-Parry (2).. 51 Mathieson Alkall (4) 101 May Dept Stores (5). 19 MaytagCo (2)... 8 Miami Copper (1) 26% Mid-Continent Pet 83 Mid-Continent Pet pf (7). 9 Middle-States Ofl. . % Middle States Oll ctf: 96 Midlad Stl Prod pf(fi11) .4 80 Milier Rubber ctfs (2)... 1% Minneapolis & St Louis. . 28% Missouri Kansas & Tex. . Loufsville & Nash(16%). . 119% 115% Metro Goldwin pf (1.89). 3 115% 1156% 18% 17% 24 23% 136% 133 38% 36 109 | 2 o e e mxrsReVERs 'x"- oe Y FFEE F R FF FIINFE » 32% 100 1% % 114 34 1Ti+ 44+ ++ ++101++1" 1+ 2 F3 & F3 2 & Volume Is Increased. There will be some seasonal dull ness this Summer: accompanied by the usual stimulating mark-down sales, but business prophets agree that the desire of the American peoplo to “go somewhere” will be accentuated and that charts of past experience cannot accurately point to volume of trade this year. Already lines asso- ciated with the vacation spirit are moving in heavily increased volume. Even as early as May, the last month for which detailed reports have been sent to the Federal Reserve Board statisticlans, sales of luggage showed an_increase of nearly 7 per cent over those of the sume month in while transactions in leather departments, meaning commodi- in traveling, in- And good ties used principally creased more than 17 per cent. | JULY 4, the ‘sales of thinds to carry in this luggage naturally incre Looking backward a momenl the fiscal year ended June 30 established new records of prosperity in many lines of business and industry, with a few sore spots here and there. Pro- duction has slowed up somewhat in the last two months. But, with both retafl and wholesale sales in advance of those for the same months of the previous year, and stocks in thq hands of retailers only slightly higher at the end of May, ai probably lower than a year ago, When June closed, it will not be long before manufac- turing production will have taken up its slack and will resume operations on a higher scale of activity. Not Accumulating Goods. Under the new system of business, by which large stocks are avoided by all factors in the chain from pro- ducer to consumer, the charts will be found to have more irregularities, or ups and downs. Just as the re- taller s not tying up large capital in heavy stocks and the wholesaler has followed his customers’ lead, so the manufacturer is not disposed to accumulate goods in warehouses far in_advance of orders. Pricez in general have softened somewnat lately. This makes up some- thing 0f what the farmer has lost through lower prices for agricultural products, for his dollar goes prac- tlcally as far as a year ago, although he may get less for his crops. Agri- culture still lags, but the department devoted to that industry this week issued a statement sounding a rather optimistic note, especially as to wheat. Governmental finances closed the fiscal year in very sound condition, in come tax payments being ahead of the previous year, despite lower rates in the new revenue act. Customs col- lections for the fiscal year set a new high record in the history of the country, totaling $579,430,000, which is $31,000,000 greater than the year immediately preceding, and exceeds by $17,000,000 the previous high rec- ord, held by the fiscal year 1924. And this was in the face of the fact that more than half of the total imports, measured by value, were admitted free of customs duty. Outlook for the Future. What business men are most teresied in is the outlook for future. Reports to W agencies which keep their f the gers on Th ued at $3,360,000. in hington | 1926—PART 1. ations indicate clearly that, in gen- eral, the country has entered the new fiscal year at a higher speed than al year ago, when conditions were good. Check payments throughout June were higher than in the same months a year ago. Loadings of revenue freight by rallroads were larger. Business fajlures were smaller. The vacation habit of the American people 1s playing an increasingly im- portant role in trade. Astounding figures were reathed in this respect last year. Indications are they will be considerably exceeded this year. Beyond that, there is hope, but the role of prophet is assumed by few. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, July. 3.—The Buick plant at Flint. is expected to remain closed for a week to 10 days for in. ventory and model changes. The Studebaker plant here is tapering off with a 10-day shutdown in pros- pect for similar purposes. The Reo vacation period will extend from July 30 to August 16. FALL RIVER—The Durfree Mills, makers of print cloths and wide cot- ton cloths, will get into full stride next week at mill No. 3, which has been idle a year.. Work started a week ago in the No. 1 mill. ATLANTA—New cotton pests In the wake of the boll weevil are mak- ing inroads into the South. In the Southwest “hoppers” are reported as menacing growing plants. Chemical dusting against these pests has be- come necessary. ST. LOUIS—Total shipment of strawberries from the Ozark region of Missouri and Arkansas in the past season totaled 2,800 cars, according to St. Louls-San Francisco railroad officials. shipments were val The favorite months for marriage in it Britain are July, August and September, when 30 per cent of the total marriages of the year take place. ~1925-26— High. Jaw. Stock and dividend 95 74% Mo Kansas & Texas pf (6) 41% 27 Missourl Pacific. . 9115 71 Missour! Pacific pf. 99% 64 Montana Power (5).. 84% 41 Montgomery Ward. 193 Moon Moters (3) 5% Mother Lode Coa! 19 Motlon Picture (1%)... 33% Moto-Meter Cl A (3.60). 18 Motor Wheel (2).. 30% Munsingwear (3). 3 Murray Body 52 Nash Motors. . 414 Nat Aeme (stamped). . 66 Nat Biscuit (t41). Nat Cash Reglster (3)... % Nat 7215 Nat Cloak & Sult pf (7). 42 Nat Dairy Products (3) 254 Nat Dept Stores. 90 Nat Dept St 1st pt (7) 121 Nat Distillers Products 224 Nat Enam & Stpg. 76" Nat Enam & Stp pf ( 138 Nat Lead (8)..... 114%% Nat Bead pr (7). 16% Nat Power & Light (40¢). 314 Nat Rys of Mex 1st pf. .. 115 Nat Rys of Mex 2d pf . . 54% Nat Supply (4) . 11% Nevada Consol Cop (1) 3115 N Y Air Brake (2). . 31% N Y Canners (c2) 113% N Y Central (7). 118 N Y Chicago & Si 88 N ¥ Chi & St L pf (6). 18 N Y Dock. 524 N Y Doc pf (5)... 161% N Y & Harlem (5). 4100 N Y Lacka & West (5).. 28 N Y New Haven & Hart.. 19% N Y Ontario & Western. . 256 N Y Railways ctfs sta 21 N Y State Railways. 97 N Y Steam 1stpf (7).... 215 Niagara I P Co pt(1%) 217 Norfolk Southern. 12315 Norfolk & West (18) 75% Norfolk & West pf (4) 413 North Am (b10% Sock) . 46% North Am pf (3) 9114 North Am Ediso! 58% Northern Pacific (5). . 7% Norwalk Tire&Rub(80c). 72 Norwalk Tire & R pf (7). 8 Nunnally Co (1%).. .. 30 Ofl Well Supply (2). 14% Omnibus Corp. 90% Omnibus Corp pr A (8) 18% Onyx Hoslery. . . 78% Onyx Hosiery pf (7) 41% Oppenheim Collins (3). 25% Orpheum Circuit (2). 98 Orpheum Circuit (pf (8). 87% Otis Elevator (6) 8 Otis Steel. .. 50% Otis Steel pf. 42% Owens Bottle (14) 137% 102% Pacific Gas & Elec (8) 83% 1 Pacific Ofl (3) 16 Packard Motor Car (2). 83 13% Paige-Det Mot Car(1.80). 83% 564 Pan-Am Pet & Trans (6) . 8415 56% Pan-Am Pet& T CIB (6). 49% 34 Pan-Am West Pet B (2).. 32 2% Panhandle Prod & Ref... 99% 37 Panhandle Prod & Ref pf. 19% Park & Tilford..... 45% Pathe Exch, CI A (e3) 16% Penick & Ford 7% Pennsylvanta Coal&Cok: 48% Pennsylvania Ratlrd (3). 1 Penn Seaboard Steel. ... 112 Peoples Gas Chicago (8). 16% Peoria & Eastern. . 61% Pere Marquette (18) 8% Pere Marquette pf (5 59% Phila Co (4)... % 45% Phila Co pf (3) 361 Phila & Reading C&T 128 Philip Morris & Co....... 36% Phillips Petroleum (3). 18 Phoenix Hoslery 10% Plerce-Arrow. . 43 Plerce-Arrow pt (8) % Pierce Ol 3% Pierce Pet 29 Pitts Coal %). 79 Pitts Term Coal pf (6) 12% Pitts Utllities pf (11.20). @ Pltsburgh & WVa (8) .. \\\V\ \W‘h 1o 4% Postum Cereal (5). 34% Pressed Steel Car. ¥ 76% Pressed Steel Car pf (7). 11 Producers & Refiners. 62% PublicService N J (5) 96% Public Service pf (6) . 99 Public Service N J pf(7) 109 Public Service N J pf(8). 100% Public Ser E1 Pw pf (7).. 1 129 Pullman Company (8) 33 Punta Alegre Sugnr g 26% Pure Oil (12). . 32 Radio Corp of Am 44% Radpi Cor of Am pf(3%). 68% R R Sec Il Cen ctfs (4) 32% Rand Mines (al.52)..... 10% Ray Cons Copper (1) 69% Reading (4).... 36% Reading 1st pf (2) 36% Reading 2d pf (2) 43 Reld Ice Cream (3). 127 46% Remington Typewrl 111% 100 Remington 1st pf (7) 113% 103 Remington 2d pf (8). 23% 8% Replogle Steel..... 64% 42% Republic Iron & Steel 5% Reynolds Spring. .. 72% Reynolds Tobacco B (5). 9% Robert Reis& Co...... 63 Robert Reis & Co 1st pf 86 Rossia Ins Coof Am (6).. 48% Royal Dutch (a1.339) 42 Rutland pf. 42% Safety Cable (4) 36% St Joseph Lead (13) 57% St Louis-San Fran (7). 76 St L & San Fran pf (7) 70% St Louis Southw 48% Savage Arms (4). 42% Schulte Retail St ( 119 110 Schulte Retalil St pf (8 54% 20% Seaboard Air Line. ... 51% 31% Seaboard Air Line pf. 16% 12% Seagrave (e1.20). 54% 44Y% Sears, Roebk & Co (3* ) . 98 40% Shattuck (Frank G) (2).. High. Low. Close. Chge. 92 91 . 4+ 3815 31% 10'1"/- 3 127T%1127% - 1% I 1% 1 123% $121 24 23% 111% 111% . 11494 114 10% 192626, High. Low. 28% 21% 114 99% 69y; 51% b54% 31% 109%: 100% 28% 17% 24% 17 9915 78% 21% 80% Net. 870 8 94% - 3% 4404 3 "‘m 1% 70"- 27 90% 18Y 1% L a, | 119t 116% | 18 4% 1% 30% 2 % 16% 7% 42% 23% 11035 210 39% 2T 43 13% 48 42% 394 30% 103 90 [ 595 37% | 110% 18 5% 3 19 65% 38t 86l 35 8612 78 56 33 3 80 84 Utd CY, 183% 1147 United 167 110 585 52 114% 98 30". 31% % 103% 1037 ke 116%1118% + 4% 9% 10% + % 98 1007 + 3% 65% 65% — & % G 1%+ W 40% 43% + 2% 14% 92% 30 44 94 97 27% 69 50 32% 108% 107% + T | 5o %— 3% — 1% 34% + 3% 78+ 2 3% + % 8 — 1% 17 -8 * 85 NV + 1% 39% + % 841 12% + % 861 + 1% 98% + 14 19% Wabash 99 112 92y, 99 112 18% 11 26% 97 SA 65 20% 1% 32 53% 31% 104% 49% 5% 34% 128% 9 18% 48 222 9% 88 89v% 57% 0% 48% 100% 92% 2 6 14 42 9% 51% 6% 6% 5% 8 7 Stock and dividend. Shell Union Oil (1.40) Shell Union O!1 pf (6) .. Sheubert Theatre. immons Co (1213) Simmons Co pf (7) Simms Petroleum (1) . Sinclalr Consol Oil... . ... Sinclair Consol Oil pf(8). Sheff S & Ir pf (1) outh Porto Rico Sug(6) . 1 California Edison Southern Dairibs A (4). . Southern Dairies B Southern Pacific (6) . . Standard G: Standard Milling (5) andard Oil Cal new ( % Standard Oil of Standard Ofl of Standard Plate G| Sterling Products (5). tewart-Warner (6). Strombers Studebaker Co (5) . Submarine Boat Sun 01l (71). Superior Ofl. ¢ 5% Sweets Co of America. . Symington 5 Symington Class A (2). . Tenn Copper & Chem (1). Texas Co (3) z 9715 Texas Gulf Sulphur (10). 42 Texas & Pacific 107 Texas & Pac Coal & Oil. Texas Pac Land Trust The Fair (2.40) Third Avenue Thompson J C (4.60) Tide Water Ofl (133). Tide Water Oil pf (3).... Timken-Detroit Axle(14) Tobacco Products (7) 93% Tobacco Prod Cl A (7)... Transcontinental Oil. Transue & Wims S F (2). Underwood Typewr (4). fon Bag & Paper Union Carbide (5). Union Ol of Cal (2). 155% 133% Union Pacific (10). 73% Union Pacific pf (4). Union Tank Car (5 ... Tnion Tank Car pf (7) United Alloy Steel (2) Distributing. 1S Hoffman (13%). U 8 Industrial Alcohol 4 U S Industrial Alco pfl7) 48% U S Realty & Imp (4). 33% U S Rubber..... U 8 Rubber U S Smelt Re!& M (3‘6 . US Smelt R & M pf(34). 144% 112% U S Steel (7).. 5% Am Tel & Teleg Aug 2 4 Famous Players July Int Telephone & Teleg. . % Manilaa Electric, July 20. 2‘% 16% Reading Rwy Jan 1°97. Net. High. Low. Close. Chge. 27% 26% 27 1% . 114 108% 661, 64'% 40% 361 109% 109% 19% 19% 227% 22% 99y, 99 3T 35% 141% 132% 110 114% ff Steel & Ir (6) S & B (g4) Gas & Bl pf (4) 2 ss arburet 1 1% 2 % 1% 15| even with her large surplus popula- FINANCI AL. CONTINENTAL FINANCIAL CHAOS /IS ONLY UNFAVORABLE FACTOR Business Here ls Sallsfactory——’flany Reasons for Encouragement—Wall Street Seems to Suggest Caunon—Drasue Reform May Save Lire. BY I. A. FLEMIN Every indication in the United is for peace, quiet, good business and prosperity. Students of international conditions find much in the situation to cause uneasiness, the chief stress being lald on the inability of.France, Belgium, Poland and other continental govern- ments to stabilize their currency In this and political unrest and dissatisfied labor on the other side they see a threat against our inter- national relations. It is probably these very conditions that keep the New York stock mar- ket in an unsettled condition, with the bulls unable to get far along in a rising tide and with the bears con- stantly on top of any material ad- vance. The public is not in the stock trade with anything like the volume of either speculation or investment that attended the 1925 movement. The public likes a sustained bull mar- ket and runs on the whipsawing that it is getting nowadays: As for the United States alone, the balance of 1926 {s sure to be attended with prosperous business, large bank clearings and good collections, with exception in the case of Florida, now feeling the bitterest part of the re- bound from the foolish and uncalled- rar wildness of the boom, and per- aps in a few other sections of the counlry where local conditions domi- nate. ‘Wall street, as typifying the New York stock market, has ever been an excellent barometer. It discounts ev- erything, always functions and rarely makes a mistake. It would, there- fore, be wise to keep tab on the action of the Street and not to spread too much in the dull season now here. Uneasiness of labor has been re- flected on this side of-the ocean, hut as a rule Industrial peace seems to be on a good foundation. Drastic Reform in Italy. From Italy comes the story of the most drastic reform, making it more evident that the dictator of the state intends that Italy shall come back through sacrifice and by the sweat of labor long employed. In no other nation in the world, not even in Soviet Russia, could such complete economies be introduced, coupled as it {s with an added hour of labor with each day as a further means of cumulation. If it is possible with the limited resources of Italy, tion and limited opportunities for colonization, the dictator will rehabill. | tate the lire. Imagine any attempt to establish a work day of one additional hour in England or in the United States—if you can. The party proposing it would be snowed under so deep that even a January thaw or an August sun would not be able to render aid. As well try to put over the added labor without the added compensation as any of the other reforms that the | dictator has impoged on Italy. It is just possible that Italy needs the cauterizing iron deep in the flesh —that there is no other way for her to come back save via the united sac- rifice of the nation—asspecified in the reforms ordered. Par Value About 19.3 Cents. Par value of most of the. continent- al currency, except Germany, is 19.3. The Itallan lire is a little bit better | than the French franc—the fraction of a cent, and, with the exception of Holland and Switzerland, other conti- nental currency is quoted far below par. These conditions are not the de-| \elopmenl of recent days, but have existed, becoming worse, as the years ed by, since the war. Perhaps the remedy may lie in their | becoming so bad, so hopeless that | jGreat Britain and the United States will have to extend aid in the in. terest of civilization as a prevention 25, 14 1% T Stores (c2) 5 gar St pf (7) United Drug (8). e United Drug ist pf (3%4) . United Fruit (4) 1 114 + 1% 203 <1215 108 -+ 53% 57% + 3% 49% 49 1y 50t 58 - 2 1024210215 + 2% 60 55% 105% 60% 18% Univer Pipe & Radlator. . 52 Univer Pipe & Rad pf (7). 28% Utl Pow & Light A (E2). 87' 26% Vanadium Steel (3). 26% 12% Van Raalte 51% 44% Vick Chemical (314) 85 Vicks Shrevept & Pac (5) 12% Virginia.Car Chem(new) 43% Va-Carolina Chem pf (6) 98% 52% Va-Carolina Chem pf (A) 15 Va-Car Chem ctfs. Car Chem pf ctfs Iron Coal & Coke. 7% Vivaudou. 94% Vivadou p! 78% 55% Wabash pf A (5).. 381% Wabash pf B. 12% Walworth (1). ‘Ward Baking A (8). 95% 24% Ward Baking Class B 90 Ward Baking pf (7). 2% 12 Warner BroPic C1A. . Bt A3 Warren Bros (A) 100 51 Weber & Hellbroner (l) 88% WestPenn Electric A (7). 104 West Penn Power pf (7). ‘Western Maryland 16 Western Maryland 2d pf. 391 19% Western Pacific 831% 172 Western Pacific pf (6). 147% 116% Western Union Teleg(8). ‘Westinghse Air Br(16%) ‘West'house E & M (4) . 9% Weston Elec Instrument. 19% Weston Elec Inst CIA(2 18 Wheeling & Lake Erie 22 Wheeling & Lake Erie pf. 26% White Eagle Oil (2)...... 51% White Motors (4). 26 White Rock (2). ‘Wickwire-Spenc Stl ctfs. 9% Willys-Overland... 72% Willys-Overland pf (7). ‘Wilson & Co new. . . Wilson & Co A (new). ‘Wilson & Co pf new 112% Woolworth F W (15).. 20% Worthington Pump. . 68 Worthingn Pump pfA(7). 16 Wright Aeronautical (1). 45% Wrigley (Wm Jr) (14)... 60% Yale & Towne Mfg (15). 20 Yellow Tr & Coach(75¢).. 90 Yellow Tr & Coach pf(7). 100% 63 YoungstownS&T (4)... = i) 54 . 1108 — 13% + 22% + 28 36% 81% — 1 146% + g 125%1126% + 134 % 68% 168% + 1y 15 16% — 1y 30% 31% + 1 24 2% 4 3 ;g 45% + % 327% + % 68 41 28 -2 1 28% % Sm+s 97+ 1% ‘6—% 1 152% 106 11 31 58 68 37% + 53 67% — 25 100% + M +3 48 167% 32 o 6; - 38% 53 % 67% 25 ”4 24 100 by & 6 79% RIGHTS—EXPIRE. 6% 4% T % 18 6 6% 4 4 W % TR+ % % % 17% 1% Dividend rates as given in the above table are the annual cash based on the latest quarterly or half-yearly {’!’:\'In:“(‘&hermmonoled. extra or special dividends are 0 wmrly. this year—no able I} 60 in special s stock. HSeribte o common, lar rat quarterly. able in cash or stock. 5250 -h.ra in stock.” b Plus $1 & éhare declarations. not included. able 1 T Pitis 55 in stock. & Batd T cont in sioc 2 common o k'm E‘ m @ atuz‘k 'me artly extra. $Plus 4% in stock Plus 5% ¢ Plus ’/‘ % | warning and with everything banned of chaos. | Some continental nations are strug-| ! ling to keep their heads above water, ‘whlle in_others, jealousies, intrigue and outside interference all combine {to add to the turmoil and make it dif- | ficult for the various governments to work out their own salvation. Dictators who dictate should be at a premium over there—%who will not brook interference. In the United States. Political differences. the prohibition question, farm aid and the thousand minor problems with our perennial elections and the apparent passing of | the era when ‘“there shall be no cut| in wages,” and the substitution of the more aggressive demand for higher wages, are all that seem to trouble the United States. They tend to cause conservatives to go slow, but with the great re- sources of this country, the wealth and business aggression, there will not be any serious impediment to business, which will be satisfactory— with exceptions heretotore referred to. The Urge to Save. Our bankers have performed their full duty in their urge to save—not entigely without selfish ends, but they have spent thousands and tens of thousands in pointing out the necessity of putting away something for the ‘“rainy day"” and the “time when no man can work.” One should not have to advance any additional reasons in support of the wisdom of economies, they are suffi~ ciently potent if one will only stop and consider. Sons of sunny Italy under the new | and drastic regime may heed the in any way leading to expenditures | for anything but actual needs, but in but the status quo is admittedly un changed. Some members of the House showed a disposition to try the effect of legislation on the two companies, but it ended there, for the time being, as did the apparent determination to have a separate Public Utllities Com mission. In the meantime the common stock of the Washington Railway and Elec tric Co. remains entirely nominal with 186 bid—the last previous sale was at 180 with no offerings. The preferred shares are held very steady st 8% tv Whether or not Congress has the power to force a consolidation re mains to be n. many interested shareholders holding {o the belief that it has not. To an outsider it looks very much as if the North American Co., owne: of the majority of the common stock could not see its way clear to advance a mergey plan. The company is re cefving but 5 per cent on its stoc on the shares bought on th the market the return is not tory. Asleep Until December. It looks very much as if nation bankers have been badly used Ly the conferees of the the McFadden bill. For years this measure has been under considers tion. It proposed admittedly needed changes in the law, giving to the na tional banks ountry equal s panies and State The former are permitted 1. employ their cash in real estate loan- only for one year—they ask a. three year privilege, amply safeguarded. The bill passed hoth House and Ser ate, but the committees, to smooth dif ferences, stalled on the Hull amend ment p; ing that na k could not have h R where local banks were debarred frot operating branche: At this writing the chances are tha the bill will sleep till December, wher it ‘may be brought up again withou: having to be re-enacted. Friends of the measure let known that they would gladly accep it with the Hull amendments or with- ou Branch banking put it to sleep it is not reported out, and branci banking was a small part of its en tirety. Yet if national banks are handicapped, the system will until conditlons are remedied TONE S BEARISH INWHEAT MARKET Requirements. However, Factor to Be Reckoned With. it to he suffe BY GEORGE C. SCHNACKEL. Special Dispatch to The Star. CHICAGO, July 3.—A three-dav holiday at the turn of the new erop season is giving the grain trade an opportunity to take stock of the situation which is to confront ft jduring the coming months In the first place, based upon pres ent prospects. the United States has a wheat vield 100,000.000 bushels in excess of last vear. The three locul experts estimate the prospective ield at from 770.000.000 to 780,000.- 000 bushels. There is a feeling that the estimates are too small for Win- ter wheat and somewhat large for Spring wheat. At first glance this situation would appear bearish, but it has to be con sidered that the carry-over of old wheat will probably be nearly 40.- 000,000 bushels smaller than last year. In the visible supply there are not more than 10,000,060 bushels, while farm stocks are set at from 16,000,000 to 20,000,000 bushels and country mills and elevators do not | have much over 20,000,000 bushels Canadian (rop Large. With the carry-over leaves a net supply of 60,000.000 bushels larger than in 1925-1926. The Canadian crop still has to go through its critical period, but all information is that this crop will equal, if not surpass, the bumper vield of a yvear ago. Nat C. Murray estimates the vield at 393,000,000 bushels for th west of Canada, compared with a 1 crop of 382,000,000 bushels. This gives a further bearish tinge to the situation. However, in figuring on the future, requirements also must be considered. If the supply is larger, import requirements of Europe also are larger. Europe last year raised one of her best crops. This vear Ger many, France and Italy all complain of reduced yields, due largely to ex- cessive rains. The expectation is that the European crop will be about 100,000,000 bushels under last vear This will cause a demand for Amer- ican wheat, which should go far 1o take care of the excess both in Canada and the United States. A factor in the import situation. though, is provided by the disturbed nces abroad. The French franc and Italian lira are in bad shape and cut down this this country the lure of the automo- bile on the installment plan, the golt club yawning for the spare change and employing millions of men for many hours, to say nothing of thou- sands of acres of arable land, with everythlng that makes for enjoyment to be had ons monthly payments—it is decidedly hard to meet payments and save at the same time. It is hard to tie up coin in banks in youth with the call on every hand—recognizing the need, but side- stepping it, with perhaps a little.more consideration in maturer years to 1 | come unprepared upon the age of in- ability to earn—a national evil to be charged to prosperity. Installment payments have come to stay as a part of our business life— the total annual sales have now reach- ed nearly if not over $5,000,000,000. July Distributions. Interest and dividend distributions made during the current month will total about $330,000,000. Washington may count on abouc $1,000,000, much of which has already been distributed. ‘The new cash’ had its effect on the local market on Friday, when there were numerous signs of reinvestment buying. This is likely to be carried further with next week. There is no hesitation in the local market as to bonds, while some bank stocks are slow pending developments in earn- ings without selling pressure any- where in the list and with Lanston Monotype, Potomac preferred and Mergenthaler displaying excellent strength. Railway Situation. The local street railway situation remains unchanged in any particular. ‘When Mr. Hamilton resigned from the presidency of the Capital Traction Co. it was supposed that the movement was made in the interest of a merger, Germany has little excess money. The result is that these (hwee countries ‘Wwill do all in their power to limit their imports. Import duties on grain, limi tation of imports and forced admix ture of other grains with wheat all are in force at present and m: made more stringent. Then American wheat may have to meet more competition from Rus sla, which is likely to have a crop equal to if not larger than that of last year, according to most . uthen tic advices. With all of thesc things, however, the export outlook is bet | ter than a year ago. Corn Situation Hopeless. In corn the situation looks rather hopeless _from the point of view of the producer. The Department of Agriculture pig survey shows half per cent fewer pigs in the corn belt this Spring than last, and that is {one reason for the reduced domestic | consumption of the last crop. There 1s a big supply of old corn and now on top of that farmers have planted another big acreage. Private estimates are for an in- crease of from one to two' per cent acreage over last year, with the pro. spective yvield slightly under the 2. 900,000,000 crop produced in 1925, Normal Summer weather may result in a crop even larger than the last vield. The new crop, however, should meet a bigger domestic consumption than the last. High prices for hogs, which are likely to continue well intq the Winter of 1927, have encouraged farmers to go into hog raising. An increase of 26 per cent in the num- ber of sows bred or to be bred for next Fall's farrowing is reported by the Department of Agriculture. Increase in consumption at the moment seems about the only thing that can bring corn prices out of their extremely low position,