Evening Star Newspaper, July 6, 1926, Page 26

v et JPTALTCTON HARKET LEADER over of 107 Shares—Bank. Votes Dividend—Notes. ‘Active and Strong—Much - . July Reinvesting.. - BY GEORGE T. HUG! Special Dispateh'to The Star. i NEW YORK, July 6-—4H8’ bond market at the start of the week was, if-anything, slightly higher. The. buy- ing whith came into various high grade issues represented for the most part the July reinvestment demand, which’ naturally was making itself feit at thig time. United States 404 | Sharp Advances in Grain Market nuumunrywm in Northwest. 5 the Aseoclihll Prgen.” 15 CHICAGO, July 6-~Much higher prices on wheat formed the rule today in the early dealings. Heat and lack g $82 a’ S 3 = 8 BEIN 2238 §558338 3 2 Beneral Motors Also. Reaches | 3z Rurber. --- : i % ) . 1w 1% New Top—Further Drop | Ahiscoatm o 2807 goiie’ 90" in Belgian Francs. » =5z 3 s = = 82 258 sS85 P388zNss Tavea ity b sh Ho 35). 444 . 82 oo Allis Chal pf (7) 108% 108% 108%" Amerada (2) ... 304 % 30! Am Agri Ch pf, & Am Beet Sugar.. 24% Am Bosch 208 fe 5 EEBuaEL583 zeesfsieggs & = 3 22 ® 2 = {ipecial Dispatch to The Star. BY EDWARD C. STONE, _NEW YORK July 6.—~New high fig- i ures were established on the Stock Ex- ‘ohange today, but the volume of busi- ness was not*notably larger. ¢ ‘There was no such increase as to ' 'suggest more of a public interest in . the market. But under professional| Am Hide& Lea.. 8% ®uspices pricos held their recent gains | Am Ho P (3.40). ‘and_in many instances showed some 182% further improvement. ‘The big feature of the day was Gen- ‘sral Motors. _ As it crossed 1607 it was t 104 | striking the highest figure ever | Am Locopf (7). 116% |\ Yeached unter the present capital|Am Metals (4).. 624" structure, This consideration influ-| Am PoaLt (g1). 60% ‘enced a lot of fresh buying, and the | Am Safety R (3) stock continued to be a leader during | Am Ship & Com. 9% ‘the afternoon. Am Sm & Ref (7) 138% 5 United States Steel during the ). 1274 1 " ' greater part of the day was selling :;onnd 144, as compared with its high 144%. Realizing sales were evi sfazssl i . Trade issue totaled 107 shares, the market opening at 104%, drop- ping to,104% and closing at 104%. Potomac Electric Power preferred 'y m l::‘ 'B-th' at 108; Merchants’ : % “.= orecd "l:: a at 101 and 30 shares of National Mort- “ ropean, bas gage and Investment preferred sold o bonds, ll‘ 1'0|= m" :o'lm TR " were ly the second and fourth 4%s, IO:QOI! 85 85 85 1 118% Potomac memg;.cu!c::;ol?md 5‘: were actively dealt in at somewhat 2% 98% 94% 95 % 8¢ 84 which sold at 100%, and the same Detter - prices, while fractional im. 18 105 104% 104% : dicated erop company’s 7s, which changed hands provement took place in others of the B 101% 101% 101% porti at 106%. than last yeaf. ow.| National Park Project Praised. 3 t 4 Francis G. Addison, jr, in his ad- 208 11 1 dress as. retiring president of the 2 95% 5% trict Bankers' Assoclation, took 944 : uly - fig 2; ~2' decidedly optimistic view of what 99% K : #8% | the new Shenandoah National Park will mean to Washington. ~Among fig ’fig fix other things he said: E A m:x:l:‘l‘lm'::n ':.-edundoubtodly to be - b ! 4 y benefited in years to come - .fi* g ffiz 382 by the establishment of the Shenan- 04% 14 1.03% | doah National Park, which has been 5 voted by Congress ‘this year, and A0 LN O B incaa tobsuts s it itos of s nterests and citizens of tl CHICAGO, July 6 .(United States | District of Columbiaand other States, 35 s ; 3 2 = 4 108 104% 104% ‘102% 1024 102% 2% 1 Ra dently being readily absorbed. Am Tel & Ca (5) 26% b 38%. 384 ing Bs, stamped, y > ; H Am Tel & Tel(3) 1401 jasss : a deciine of % point, while the refund- e { Railroad Stocks Higher. A Tel& Telegrts ~ 6@ = 6W 6% Kenneeott (#)... - 86 B4 ing s, unstamped, were down a like S e Union Pacific made a new high, and | Am Tbacco (8). 1204 5 % amount. X n: % s % did Nickel Plate. It was a day | Am Tobac B (8). 1184 4% ‘641 Hudson and Manhattan refunding Mflfi 101% 1014°101% Qendsss Wwhere individual shares distingulshed | Am Tobae pf (6) 110 §s and income &8 sold off fractionally, [ Csecho 851981, 1 161k 8 106% 105% 105% themselves without carrying along the | Am Wa Wo01.20° 58% but there was no pronounced pressure | Csecho 8s 1963 ot.. 24 101% 101% 8 8 85 ‘main body of the list. Am W W 1st (7) 107 ¥ lagainst these' two issues. 14 104% 104 104 " Buying ' continued 'in . American . 24% % Foreign Issues Hold Well. 08% 108% 108% ‘Smelting, although the stock was still Foreign government and industrial | ‘considerably under its high point for obligations held thelr recent improve- b year. Nothing new. developed ment and ‘in some instances lo R ut copper trade and the copper were featureless. So were the sugars. In the railway list advances were more numerous .than ‘declines, but #till they were small. Atchison was Bigher. - So was Canadian Pacific. Belgian Francs Lower. | “Interest in international banking - giroles turned today to Belgian francs, ‘which made a new low for all time. "Phey were heavily sold before the ‘closing of the European market and they reacted very little after business began to appear. * " French francs, Baving had a recov- I ery of nearly 15 points, o ‘f\»‘o( a tf the much advertised proposals by new French ministry as to the ns to:be taken for financial re- tation. - n the irregular fluctuations on the k Exchange there were no new siderations. - Estimates were that calling of loans by the.banks mted up to $20,000,000. But these dits were easily replaced and the p question. was not a factor at in the market of the day. Pall funds renewed at 413 per cent, same as on Friday. MARKET CLOSES FIRM. Armour of TII(A) 15% Armonr of 111(B) Arnold Con (n) Artloom (8) Art Metal (1), Atohison (T) Atchison pf At Birm & A Atl Gulf & WT Atl Guit& W1 1 Auto S-pf (2.50). Baldwin L (1) ‘Balto & Ohlo(S 5% ‘Balto & Oh pf(4) TiW 40% Bang & Ar (3).. Barnsdall A (2). Barnsdall B(2). . 24 41 Bayuk Cigar Beech-Nut (13’ 58% Bethiehem Steel. 42%. 4 102% Briges Mfg 29! Bkin Edison (8). 142% By-Products udNash (! Ludium Steel (3) Midiand pe(¥31). % ~26% | Miller R ctfs(2). Mis Kan & Tex.. Mo K & T pf (6), 7 118% 118% 9% 39w 39% 1% 1% 136 186 i% - 38% 38% 116% 118% 103% 108% 8 18 5BY% B4 28% % 25% 4 61% 85 % further -headway. Rhinelbe 7s, how- % | over, were exceptions. At 104% the price compared with the Friday final | Pin! of106%. Both Japanese 4s and 6%s were :l‘:flvaly dealt in at mcfinmlgy higher. prices and a fair demand came | Prench into the market io‘“ Italian s "‘1':‘:52 prévious quotations” There was o in French nment issues. it change in French 7s at 90% . down itly, | Gar Agr while the 7Tis were unem;%m of ‘the time at 96. The démand kept on for specula- tive railway issues, New Javen con- vertible del‘:‘entnn 6s .bsl.lhu; :t a ::; hi for the year, where they ulp":‘m:n than a point. 8t. Louis-San Francisco adjustmen! considerable attention at slightly bet- ter prices, and Seaboard adjustments, after early strength, dropped back below the' 80" level. § Today’s New Offering. The. principal new offering. of the day. w:lflthe $8,720,000 Long Bell Lumber Co. first mortgage 6 per cent sinking fund gold bonds, offered by & syndicate hndedmI? ‘Halsey, Stuart & Co. The issue price was ‘at 97 and interest to yield over 6.25 per cent. Another issue Was by a syndicate headed by Merrill, Lynch & Co., of- fering an issue of land trust certifi- cates representing 5,000 equal undi- Vided parts of the equitable owner. | Per® ship of the premises to be occupled the Bankers' Building in the finan- cla} district of Chicago. Based on the price the offering is $5,000,000; ts came in for |y % CMA&SIP r 438 of14 CM&StPovis CM&SP cv s of 20 08 98% 95X 79 101% 101% 101% 1 93 93 98 17 104% 104% 104% 28 9% 99 99N 14 101% 101% 101% 16 89% 884 89% 2 98K 98 1 100 100 100 89 2289 :;§ g2 108 974 a 97 4 1094 100% 1084 6 86 B4k 85 4 85, 85 8 18 824 31% 31% 49% 49% 49% 102 10 104 104 104 7 108% 1084 108% 81 984 0T 98 5 1014 1014 101% 26 101% 101 101% 14 101% 101 - 101% 2% Department of “Agriculture).—Hogs— Receipts, 85,000~ head; fairly lc!-l"&: higher than Saturday, or about steady % | with Friday; sorted 160 to 190 pound averages, 14.80a15.00; top, 15.00; bulk desirable 210 to 240 pound a ., pigs, mostly e weight hogs, 13.40a14.40; medium, 14.10 a14.90; light, 14.25a15.00; U{h& light, 4 ; king sows, 11.50a12,40; 14.25215.00. ipts, 18,000 head; better of yearling steers and desira- ble light-weight heifers strong to 25c higher; mostly 10 to 15¢ up; medium weight sharing advance; weighty steers slow; steady to a shade.lower; heifers, 10.25; heavy steers, she stock, bulls and vealers, strong: spots, 26c up on good. and choice vealers; bulk to packers, 11.10a12.00. 8 ‘Receipts, 14,000 ewes, 5.00a5.50; two doubles 103-pound yearling wethers, 11 ¢ by voluntary contributions, to pur- chase the acreage to be donated for this park. “Those- of us who have enjoyeld the national parks in the West are perhaps in a better position to realize what this park is going to mean to our city, for in reality we shall be the neck through which the greater number of visitors to this park will pass, particularly those who hereto- fore. had not seen their beautiful Capital. Undoubtedly it will bring many conventions to our city, prov- ing an added attraction for eptertain- ment features, inasmuch as we shall, when the park is completed, be with- in three hours’ fide from its base.” Business Active in South. There appears to be no let-up in the heavy movement of freight traffio . | throughout the South. During May the volume of freight carried by the Southern was equivalent to moving 763,382,000 tons a distance of ome mile. . This represents an increase of 16.5 per cent over.May, 1925, and of 2.8 per cent over May, 1923, which had broken all previous records. Gross operating revenues for May were $12,600,000 as compared wi $11,469,000 in May, 1925, and $12,949,000 in May, 1923. Thus May, 1926, shows an increase in gross revenues of 9.86 per cent over the previous May, but a g;.:’:;em of 2.7 per cent from May, For the first three weeks of June Southern’s operating revenues. show Specialties Feature of Late g:“ M;‘r‘(‘ ing in ‘| es lum: Calume&H(1%). 14% Trading. | Can Pacifie (10)." 168 ithe Associated Press. snu"l"::nhlnl. 112‘ W YORK, s, Cent Leather: flrmY Onnt{::y-géu::;élo:d?f Cent Leather pf. 2 for the fiscal year ending last Friday B8 speclalties feature the late trad-| Century RIBM.. 15, Ne was set by the custom house here, with United States Cast Iron Pipe, | Cerre Do P (1) 65% 6612 65% | Nevada eded that of last year by nental’ Can, Otis Elevator and eed (4) 43% mington Typewriter rallying 2% 124 4% points. Elsewhere some irreg- ity developed. Ol ' shares con- to ‘Torge an increase of 63 per cent over the first three weeks of June, 1925.9 There is every indication that earnings for the year will somewhat exceed the 1925 earnings of $16.31 per share and the total of $21.32 per share, including equity in undistributed subsidiary earnings, Bank. Clearings Fall Off. Although of very large volume, bank clearings ‘at leading cities of the United States, as reported ‘to Dun's Review, last week fell_below those for a year ago, the aggregate of $9,364.- 156,000 being 6.1 per cent less than that for the earlier period. This de- crease, however, is probably account- GRAIN AND PRODUCE. ed for by the fact that the total for the week of 1925 included operations BALTIMORE, July 6 (Speciall— | for the first two days“of July, when New - -po o it Dayments through. the bank srs un- R .25; " beets, » | usually heavy. Last week clearings bage, hamper, 7581.00; | for only one day of July are included in the record. With clearings of 2. 1.00a | $5,840,000,000. New York City reports a reduction of 8.5 per cent, but the amount at the outside centers—$3,524.- 156,000—is only 2.4 per cent smaller than that for a year ago. Most of the cities show decreases, but large gains PP at Boston and Dallas. % g‘.m 'wt?%.-"ld&l X ¥ : - "“ s 00RTse b bcrrh-, juart ::::1 Bank Announces’ Dividend. oy et 800 o BRI U BT e s s 2 iEuu 105 105 NEW CUSTOMS MARK. i \ 13 2 % BALTIMORE, July 6 (Special).—A city 104% stod. % | new high record for customs ts TR A e s T ] i 2y ;EE A i had id_‘the record, the Ipts totaled $14,130,961. For the twelve- ahead, But most of month period ended last week the col- f fections were $15,538,024. motars fol e e approxi. | ChiiGreat Wast. - e ed 1,250,000 shares. g H i ChijGrWest pf.. 25% 26% 25 t e 'were a few weak spots, Sim-| ChiMil & St P . - B0k NEW FINANCING HEAVY. ns Co. breaking mearly 5 points|CMIM&StPotts 11% ‘| NEW YORK, July 6 g e Fumors of disappointing earnings, | Chi Mil&StP pt 184 Permanent financing of $136,000, ng generally, however, was well C MI&SLF pf efs B 388 i > ! Chi & Nws () i &gu&uc l;np wco:lg to rbed, with shorts inclined to cover negotial ng June, ng pf the slightest indication of strong - Ve iyxHostery... &4 ¢4 records of State and municipal bond ng support. »t : PI(7). 101% 101% issues complled by the Daily. Bond 2% ou-g'l::lunr ) ‘3& lgh Buyer of New ’“tkfi 'l':l!l June :x'nd“r; Otts . . juals lor Chile Cop (2%). * 33 Outlet Co pf (7). 101 101 S i e, of Christie B (1.20) ' 44 Owens Bot (4). 66 ~ 61% 66 considerably in excess of the total for I e Glanee Chrysler Corp(3) 36% % 35% & the coryesponding month of last year.. - Chrysier pfA(8). 101% 101% e 12‘11“ 121 KEW Y July 6 UP).—Stocks— | Clustt Peab (5). 63% €4 % 6¢ |PacOtl (3 3 R Ly O e | GovasCotn (19. . 167 1671 158% 150% | Packara Mot () 43 (% 43| GERMAN. BONDS AND STOCKS. ‘mew high. Bonds—Irregular; | Collins & Afkmn. 414 41% J i 15% 16 | " (Qucted in dollars vor millign marks.) nch issues lower. Foreign ex.|Col Fuel &Iron.. 44% 6% 45% ! Colo Southern. Colo Sou 1st (4; SETE — Steady: unfavorable Eu-|ColG o . . e l:rop.nym. * Coffee—Firm; | Col Carbon 2% ::: gq [ s ':t“ 57 o0 t&}-. er Brazillan cables. be 28% e n 531 2 'HICAGO—Wheat—Firm: unfav- e o ble northwest crop reports. Corn— o Mgow. 28% 22k, 22% R b e pirm” ana 5ok i e Cattlé—Strong. ogs—! and |+ cer( 3 e O iear. ... 66, 06% 66 86M Consol Distribut Consol dus (5)... 1 Cont 4 Cont Insur (6).. 18 181 182 W o 99 - v %:101% o b b e Cont Mot (80¢) Arrow... 28% 20% 28% 20 3 106% 106 89 Whart, sold at & rangs of 115 to 1.0 T B e A B 4 i . Corn Prod p! e+ 2 % % " ¢ i J \ 29% o X “"", gii 8 nae Childs (3$2.40) . RARRL2ER .25; Spring onions, 100, 1.25; peas, bushel, 1.75a3.00; crate, 2.00a4. (uash, annual ‘dividend payable July 8 to stock of record July 1, 1926. Thomas E. Jarrell, the president of'this bank, with the: co-operation of -his staff, has in paying a dividend regu. larly by this institution since his con- nection with it. |" TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) e fa el gt 22 black, . 3.00265.00. . : Selling Prices at Noon. i i i i 1 95% $3% 96! 12 1041 1041 108 5107 © 107 107 8 86k 964w 9% © 108% 103% 108% 1 104% 104% 108 LT 98 T8 § ¥ 00 1688 101175 SHORT-TERM SECURITIES." (Quotations furnished by Redmond & Co.) port spok\ne Quesionmt | vaveed 7. 4.2, ©. g 139 B (8% e ™ ifig 3 i H 5 Ofl (2)...... 53% b4 684 1 Un Pacific (10). 155% 156% 165%. & Hud (9).. 104% 164% On Tk Car pf(7). 117% 117% 117 Asso- | DelE L0n (11) 141 141% 141% 141% 27 7% | Uta Alloy (2).... 824 38% 8 R bRl 0 g R Draee Sotcaiks B8, 88 ; Pruit (4) 1% 111% 110% 110% SCIPAF(10) 202 210% 201 2104 88 58K 674 " | Davison Chem. .. Del & H : e 228 BEEEE gEuss £ 2358 clover R B Ay g i No. A " Btraw—No. 1 wheat, . 13.50a14.00; No. 1 oat, 13.50a14.00. Shickens, poust st g i3 2 u 1 wore 1.2 ‘per cent lower 3 ’::.lny and ‘wages were about per cent higher. Cargo lumber ship- nis are rUnTIng 5 Do G Ren '3 | Duauesne pf (7). 116 1184 1184 11 : . 113% 114% 118% 118% ‘per cent heavier. Eagtman (¥ 1% 1 b & 2338 g : T L {f 2 % 5 i jo:3 s TEE % 5 - H & of J. C. Penney Co. for the ~half o]‘fl%:“ rose .t:»“ fill.‘.:: 35,669,008 & year a ' June.sales . increased | Blec Refrig| egzziz t'ii $39232 3 0 il :§:: / §e55285E e ] §3-: 32 % 1 o it Vi B ‘NEW YORK, 65%; Mexican ) 20% &mm money, 4 : 8 ce; s 2 SxE: sEeEeginiiey SefasEEEE 2382 gege #5E3s $508EE B0 H 3ssaes pessp pnfinetes Egpaveszazazgas Ily Ot 4 Shelt (8).. ors6 01 1 H # FPEEE" 338 HItTEre spzersei 2 rgubEgun=Eipusreggas