Evening Star Newspaper, July 10, 1926, Page 28

DEALINGS LIGHTER | IN STOCK MARKET rofessional Bear Element «'Not Meeting With'So - Much Success. P % BY STUART P. WEST. Special Dispatch’ to The Star. NEW YORK, July 10.—The' vol- ume of business on the Stock Ex- change today was greatly reduced. It was a typical Saturday half-holiday market of the Summer time. Prices moved within a narrow range and what little interest was shown was corifined entirely to the professional element. It was clearer than it has been at any time that the public was :l'mmcl!ned to increase its participa- on. F R ‘The most important development of the day’s stock trading was that the rofessional element working for ower prices was not meeting with the success that accompanied its ef- forts in the late trading yesterday. When it was realized that no liquida- tlon of consequence was coming out | attempts to depress the general body of stocks were abandoned and the market left to drift for itself. The consistent support which has been accorded: General Motors again made its appearance and. the price was carried up-well over a point, but was still some distance from yester- day’s_ high. Nash Motors responded to the declaration of an extra dividend of $1 in addition to the placing of the new form of capitalization on a regue lar annual $2 basis, but ran inte profit-taking in the last hour. Hud- #on, Chrysler and Dodge were dis- posed to work fractionally higher, but the improvement was of little conse. quence. Steel shares were slightly higher, but the market for these shares did not respond in the manner that might have been expected to the optimistic references in the weekly steel trade reviews concerning improvement and the outlook for the future. United States Steel was selling a half point.| to a point higher most of the time to- day. Otis Steel preferred, around 105, was at a fresh high on the pres- ent movement, but this is apparently for special reasons. ‘Among industrial specialties Postum Cereal continued to command inter- est, getting to its best on the present movement. American Smelting ral- lied ‘a point or more and its strength had a favorable influence on the mar- ket for Anaconda. The session ended with trading comparatively quiet, with the more pronounced changes on the side of higher prices. Markets at a Glance NEW YORK, July 10 (#).—Stocks higher; Southern Pacific crosses 108 to 1926 high. Bonds mixed; French issues lower. Foreign exchanges lower; Ttalian, French and Belgian ex- changes heavy. Cotton lower; weak Liverpool cables. Sugar and coffee, holiday. WALL STREET BRIEFS NEW YORK, July 10 (P.—A divi- dend of $1.70 on the “American” shares of the De Beers Consoli Mines Co, will be paid by the Central Union Trust Co. of New York on July 17, to stock of record July 16. Barnsdall Corporafion has com- pleted Rosecrans well No. 4, in Cali- fornia, with initial flow of 1,000 bar- rels of 40 gravity pipe line ofl, and 2,000,000 cubic feet of gas. The well i8.in the Padelford sand at a depth of 8,960 feet. Heavy melting steel scrap has been sdvanced 50 cents a ton in the Chi- cago district, quotations ranging from $14.50 to $15 a ton. Formation of the new copper export organization planned to bring togeth- er in foreign markets producers of approximately 90 per cent of the world’s copper under the Webb-Pom- erene law, is nearing completion, the financial distriet hears, and is expect- ed to be functioning as soon as legal formalities can be completed. Spectacular building activities in Florida, Texas and throughout the Bouth generally are revealed in re- rts of building permits from 96 feading cities and towns of the 12 Southern States received by S. W. Straus & Co. These cities reported $288,252,991 permits issued for the first’ half of 1926, compared with $228,891,069 for the same- period of 1925, a gain of 26 per cent. The fig- for June were $47,673,461, against $42,996,310 in June last yea Miami, which led the South in bufld- ing activities for the half year, re- rted $20,751,167, a loss of about ?f,ooo,ooo compared with the same period last year. Houston, Tex., was second, with $16,588,435, an increase of more than $5,000,000. Larger sales in the first half of 1926 by the Advance-Rumely are re- rted from Chicago, the volume be- ing about 38 per cent more than in the corresponding period of 1925 Net earnings improved more than half =2 million dollars, Hea¥y demand for tractors was a feature of the half year's business. Directors of Curtis Aeroplane and Motor Corporation have declared a semi-annual dividend of $3.50 per share on 25,231 shares of particl- pating preferred stock outstanding, lacing the stock on a $7 annual is. Heretofore the mid-year divi- dend was only $2.50. The dividend is payable September 1 to stockholders of record August 16. GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks) f ‘NEW YORK, July 10 UP).—The usual lull in lumber at this season is rather less prenounced than in former times, says the weekly sur- wvey of the American Country retallers especially have been adequate for & good Fall demand. —_— il WON'T JOIN NICKEL PLATE. NEW YORK, July 10 (P —Oficial the. Buffalo® and denial is made by ‘Susquehanna Railroad of negotiations haye been held with the Van Sweringen that road in mflelm or. NEW YORK STOCK EXC Received by Private Wire Direct Bl ey, T Ady. Rumley. 12% Ad'Rumley pf(3) 514 54 514 53 Alr Reductn(15) 116% 116% 116% 116% Rubber.... 9 9 9 [ led Chem (4). 120% 180% 129% 180 Allis Chalm () B9% 894 89K 89% Amerada (2).. 30 Am Bk N pf (3). Z Sugnr to The Star Office Nat Dairy (3)... 69 tores. NY Canners(c3). 46 NY Central (7).. 180% Chi&StL(11) 188 NH & Hart.. 4% NY On & West 7% | Niag ¥ pf (1%). 8) Am Metals (4).. Am Po&Lt'(g1). Am Republio, Am Sm & Ret (T) Am St Fdys (3). Am Sumat A ofs. 26% Am Tel & Tel(9) 141% A Tel&k Telegrts 64 Am TObacco (8), 118% 8). 118 North A (B3.40). & North Pac (5)... 7 Oppenheim (8) Orpheum Cir(3) 0% Otis Steel...., 10% 104 10% 10% 104% 108% 1044 6 6 68 14 | Pennsy R R (8). ¢ ArmourDel pf(1} Arnold Con (n),, Artloom (3),... Asso Dry G(2%) 4 Asso D G 1st(6). 100, 100 100" 7 187> 187% 137 225 “g26 ‘225 - 2 115% 116 .114% 0% 122 u% 17 118% 17 Atlas Tack. ... Baldwin L (7).. Bald Loco pf (7) Balto & Ohlo(5). Balto & Oh pf(4) Barnsdall A (2). Bethlehem Steel. Beth Stl pf (7). Botany A (4).... Briggs Mfg (3).. Bkin Edison (8). Bkin Un G(t11) Brunswick Balk Bur Add Ma (3). Bush Terminal. . Butte&Super(3) Butterick. . 45% 48 % 45% 102% 102% 102% 1024 25% 26% 36% 26% 29 140% 85 Calif Packing(8) Calif Petrol(2). Callahan Zine. Calumet& Ar Can P'll..gflch(ll.). Case.Threshing. Cerre De P (4).. Chand.Cle pf(4). Ches & Oh (113). Chi & Alton pf. Chi G»-West pi ChiMil &St P. Chi & Nwn (4. ChiRI& Pao. CRI&PpL (! Chrysler Corp(3) Coca-Cola (7)... Collins & Afkmn. Collins&Aik pf 7. Col Fuel & Iron.. Col Gas & EI1.(5). Com Cred (2)... Com Solv B..... 166% 166% Congoleum-N... Congress Cgr(3) Consol Ci 140 141% 140 1d1% 8¢ 4% 34 .34 1% 1% 1% 1% 67 67 67 166% 186% 165' 165 1 4% 128 "124% 128 28% 20 28% 29 141% 142% 141% 142 8% 8 ik 8% 24% 24% © 24% (24K u 1 11 1 8% 87% BT 8TW 35% 386% 356 85W 1569% 161% 1584 168% 43% 43% 42% 43% 106% 105% 105 106 43% 44% 4 Corn Prod p£(7). Cruelble 8tl (5). Dodge Dome Mines (2). Electrio Boat... Elec Sto Bat(16) Equitable ptf (7) Erie R R. Erie 1st pf Erie2d %‘ Famous P1 (10). Famous Pl rts. . FrstNP 1st19.44. Fisher Body (6). Fisk Rubber. ... Fleischmn($2%) Foundation (8). Fox Pilm A (4).. Freeport-Texas. Gabriel A(14%). Gen Asphalt.... Gen Cigars (4).. Gen Elec (112).. 342 Gen Elec (h3)... Gen Eleo 5p(60c) 11% Gen Motors (116) 148 Gen Qutdr A (4). 53% Gen Ry Big 14%. ::fi AT% 4T% 4T 60 504 60 107% 107% 107% 21% 21% 21% 115% 114% 115 4 4 3% 3% 103% 108% 108% 103% 99% 100% 83% 32% 83% 33% 33w 33% 2% 71 7% 54k 54% b4y B44% 842 B4an 86 ) ). Guif States S (5) Hayes Wh(13%) Helm Geo (16%) Househd (13%). Howe Sound (3). Hu@sonMan(2%: Hudson Mo(3%) Hupp Mot (1)... 48 14% 650% 56% 51 b51%: b1 124% 124% 124% 66% ©66% G6b% 3% 35% 86% 364 Int Tel & Tal (6) 122 122% 122 Int T&Telegrts. T Tk Th Jones Bros Tea. Jordon Mot (3).. Kan City South.. . 38 m-lfl @5). =“ Maracaibo 2U% 2% lnrmltwlz. 438 a3 Marland Ofl (4), <604 60% Martin-Pary(2). 21% 21% 21% MetroG p£(1.89). \fll L $o.3833 2 88t.0 % | Shubert 6% 65% 66% 65% | S! o Superior Ofl.... Penn-Seab Steel. Peoples Gaa (8). Pere Marq (18) Pere Marq pf (5) 88 Phillips Pet (3). 48 - 4T% ‘Phoenix Hoslery @% 2% ArTow... 20% 28% % /% % 4 110 110 110 110 102% 104w 102 104% 12% 12% 12% 12% 87 88 - 87 87% 112% 1124 1124 113% 177% 178 177% 178 2T% 2T e Of .t Pitts & W'Vl(') Pub Ser N J (5). Pub SE Po pf(7) 1lman Co (8) Reld Ice Cm (3). Remington Type Rep Iron & Steel Rey Tobac B(5), Safety Cable (4) 43 4a1% 112% 111% % 66% B56% 9% 50% 41% 9% 47 8¢ 52% Sears-Rn (3%). 20% Shell Un (1.40).. ‘Theatre Stmmons(12.25). Stmms Pet (1).. % 21% 34% 83% 181% 131% Spaulding pf (7). Gas&El (g4) 514G & Bl p£(4) ”:‘ ing out |BONDS ARE FIRMER INTODAY'S TRADING BY GEORGE T. HUGHES. Sedny m;gua‘s The Star. EW RK, 10.—~While there was still a good d:f of irregularly, the 1 gession than oh Fri- 2 ver, was in small @8 is usual Louis-San Franeisco 1 of line with the same roads preferred stocks, but there was no important in the price of the bonds. The high-grade issues drag- ged. MNiinois Central joint 5s were down a point and elsewhere small losses were the rule, Some of the independent steel bonds 'were higher, among them Youngstown Sheet and Tube 6s, and Republic Iron and Steel 5%s. The last named, at 963, was at the high of the past two years. Bethlehem Steel 6s touched 101 again. 2 ‘The foreign group was little changed/ French bonds did not rally significant- ly, but there was no renewal of the heavy offerings of the day before. Uru- guay 6s were strong, selling around their best price. DUN’S IS OPTIMISTIC ON TRADE PROSPECTS Favorable Phases More Numerous| and Sentiment Is Better, It Is Believed. NEW YORK, July 10.—Du sald: The mixed business condl- tions which still scure the fact that fa have recently. and that 5% | Holidays and semi. g Pro (5). Studebaker (§).. Sweets of Amer. Texas Co Tex & Pac Tide Water(Ys%) ‘Timken (14 ‘Tobae Prod (7). Transcont Of1 Un Carbide (8) Un Of1 (2). Paeific ( ot Va-Car Ch p£(T) Vivaudou Wabash - Wabash pf A(8). 83% West A Br(16%) ‘Westinghse (4). 6! Wheel & L Erle. Wheel & L E pf. White Eagle (2) ‘White Mot (45, White Rock (2) Wickwire ‘Wright Aero (1) Yale&Town(16). 67' Yel T&C(75¢c) Yellow T&C rts. Youngstown (4) Dividend BANKS IN BALTIMORE PROSPEROUS ON WHOLE BALTIMORE, July 10.—Statements f Baltimore for the first half ey fis £ Eigigg égg ing naturally checked activities, yet in certain lines there has important 4 | been less than the usual midyear let- down. This is conspicuously true of SaacsoEs on a Midsummer | Banlk' Czecho 881951, Danish Munic 8s B. prevail do not ob- eensland 7i vorable phases | oo the great steel industry, where de- | gy, mand for several weeks has been un- expectedly large and heavy pig iron sales_have continued to be a feature at different centers, notably in the Middle West. basic material, finding present prices attractive, have extended their com- mitments through the fourth quar- ter, while relatively low quotations in other channels also have stim- egyey ‘g2=333; 1 9% 9% L 3102% 102 1024 2 1114 111% 111% 7 104% 104% 104% 6 108 106% 106% 10 104% 104% 104% 2 1021 102 102 5 108% 109% 108% 2 105 104% 105 1 1144 116% 114% 4 % 4% 9% 1 88% 88% 88% 7 109% 109% 109% MISCELLANEOUS. Repul Am Smit& _ One of the oldest forms of invest- | C estate mortgage. 4 | i i § as to the safety of the loan g Mm~$ one at $10,000 and the latter is is' 78 per cent il ?a;E s2 g8 Bl i § g i 38 § i i i i e;.gge £ g £ I 5k i i ? | i .10 R1stbs Am Sugar ref §s... 104% 104% 104% 101% 1014 101% 1004 1004 100% 101% 101% }::H L 108" 108 108 100% 100% 100% 105% 106% 106% 98 98 98 104 108% 104 106% 106% 106% (-39 Dodge w i . Docmesne Light 65, 3 105% 105% 106% Kan G & Bi 68 B Lackawa 8 68 50. Lacletie G 58 53 Lorillard (P) G& .Amer Pete Co5%s38. Phila & RA C & 188 -ATTOW 5 118 115% 116 108 Sen28ReRamm BT T ':: Weather and: Liverpool Ad- vices Principal Factors in | Year Noted—Lanston Divi- k 1 106% 106% 106% 1 101% 1014 101% 10 86% B6% 88K 5 1084 103% 103% 10 96% 96Kk 96k 2 109% 109% 109% 24 1% 7246 84% 88% 844 1 99% 99% 2 107% 107% 107T% 3 ll:% ll:" llg" 1ns 3 % 9T% - 9T% 6 97% 87 97 C B2% 32 "B2 6 106% 105% 106%. § 585 i 30 HLE .! : naRD®, bbb 99% 98% 4 1011 10115 10158 0 97% 97% 9% - 20298090 44 Ll sl hRAPPRER : i : i 194 R 1 g £ g 3 g & 55 4 4 - 99! s 2 103% 103% 104 West Maryland 4s. 11 ‘Western Pacific§s. 8 3; ;:: u: AWARD SET ASIDE. Superior Oil Stockholders’ Suit Re- versed ‘in Appeals. Court. PHILADELPHIA 33 The United States ctn:?zl’co}::z Lyt i » » g] 14 validating a 10-year contract, dating from June, 1920, under which the At- hnun.c-mmny ‘was to purchase Su- rior's entire petroleum output. The lecision of the appellate court was by WARFIELD OPTIMISTIC. e being reported = 98% | fed cows about the Degline Today. By the Associated Press. CHICAGO, July 10.—Cooler weather in the Northwest, as ‘well as rains in Minnesota and South Dakota, together with the fact that the Liverpool mar- ket was unresponsive to advances, gave an early downward trend today to the wheat market here. With a ng and saggng a little all around. Lard scored gains: Increasing doubt whether black rust will b‘.. an Impom:; erop factor this Jear expressed leading authori- One widely known fleld expert no surplus' mols- hwest all season, velopment of rust. Excellent prospects for wheat in Canada aregiven as a reason for hesi- tancy of British traders to follow up- turns in prices this side of the At- lanticy, On the other hand, Germany is -Mln& further advices of crop damage, wheat and rye both as below average. i i A BE BE B e Bt B it R CHICAGO LIVE STOCK MARKET CHICAGO, July 10- (@ (United Department of- WHEAT— A b day’s general trade; bulk, sorted, 160 to I:O“Wundu ’l.“mt b s, 14.10a14.. .25 0 215 pou 8 14.00a.14.1¢ Tt pot light, 13.75a14. packing sows, 10.76a11.75; slaughter pigs, 13.75a14.25. s Cattle—Receipts, 1,000 head; com- pared with week ago good to choice yearlings and light heifers grading medium weights, 25 to 86 higher; in between yearlings, topheavy at the: close. Better grade weighty, 15 to 40; lower; weights off most; extreme top yearl , 10.65; some numerous at 10.00a10.50; best heavies, 10.! tical top, 10.50; few above 10. mon and medium steers, largely na- tives and Southwesterns, 25, and more lower; few strings of North: feeder flesh offered; ered; cows at standstill at close, 25 5.7'5'3 off; grain- bulk fol 10.25; grass ‘steers, cows, 5.26a6.28; 1.75; vealers, 12.00a13.50; feeders, 6.26a8.00. Sheep—Receipts, 2,000 head; few lots of natives steady; mostly, 14.00; culls around 11.00a11.50; late Thurs- day, 88 to pound Idaho feeders, mostly \14.25; few heavies downward tlo' 1‘:.0:;'11‘3::“ California feeders, .75;. around 8,000 direc and 119 doubles from = RIE tions; fat Westerns, 60 to 76 lower; Iambs weak: fat yeartings and fesder 3 fat and feeder lambs, mo-uyfl 25 l:wur;w sheep, steady; week's ; fat Westerns, 15.10; natives, IL“" culls, 11.50; fat ?uunn ‘wethers, 12.00 00; feeding lambs, 14.50; b lam 14.50215.00;" natives, 4.75; ocull natives, 11.00a11.50; ltu.lllu" fat ewes, 5.00 Live 30a42; leghorns, 26a34; 30; leghorns, 22a24; old roosters, 20; tlla‘.eu. 28a30; old, 18a23; pigeons, pair, 943 cases; native fir-u.‘odnun. offered at 29. Earnings of 8. A. I. to]dairy UNFALLED STEEL ORDERS. % 108% | Decrease of 170,608 Tous Shown sEssgieleatn N HiH 28 Jeagens é-a-».v—fiq“—-ntnns- - 2 & e g:iag 4 in Report of June 30. /NEW YORK. Jnl{ 10 (). —Unfillea orders of the Un States Cor- n on June 30, made 3,478,642 25a80; eggplants, crate, 2. 'tuce, bushel, 50a1.25; onions, bushel, 2.0083.50; Spring onions, 100, 1.00a1.2! 3 crate crate, ; cherries, pound, 5a18; gooseberries, 3ad; peaches, bushel, 1.50a3.00; les, crate, 2.00a3.50; raspberries, 8a12; “m-n.“ 10a18; watermelons, 100, 25.00a ~ BIG FIRM SOLD. Oklahoma Natural Gas Company Changes Hands in Huge Deal. /TULSA, Okla., July 10 (#).—Sale of Oklahoma. - Natural Gas.Oo. was Gain of $9,000,000 in Half dend—Financial Briefs. BY EDWARD C. STONE. W. W. Atterbury, president of the Pennsylvania Rallroad, on sailing for Europe from New York today, de- clared that the road is in a strong cash position and will not have to borrow any money this year nor per- haps next year. Net earnings for the first half of 1926 will be more than $9,000,000 ahead of the same period last year. In reply to ques- tions as to a possible increased divi- dend rate on the common stock, Mr. Atterbury said that this matter was entirely in the hands of the directers. The road, however, is having excep- tional earnings, he added. Educational Committee Named. I. J. Roberts, secretary to the presi- dent of the Riggs National Bank, who is chairman of the educational com- mittee of Washington Chapter, Amer ican Institute of Banking, has selected his associates for the coming year. Those to serve with Chairman Rob- 4 erts include A. E. Henze, W. B. Hibbs / & * Prancls Co.; G. Addison, 3 president, of the District Bank £ soclation and vice president of the Security Savings & Commercial Ban! Bdward J. McQuade vice presiden Liberty National; Harold W. Burnside, Farmers & Me James C, Dulin, jr., American Security Commercial National; Miss Grace M. Brownley, assistant secretary, District Bankers’ Association; H. H. Darneille National Metropolitan; Miss Dorothy V. Colburn, Washington Loan & Trust Co.; Robert T. Highfield, Mount Ver non Savings Bank; Elmer O'Hara, Seventh Street Savings Bank; Walt: L. Sanderson, Federal-American Na tional; Audley A. P. Savage, National First National Bank, Alexandria, Va. It is expected that September will see the opening of the most compre- hensive program the institute has u dertaken, as the work is expanded & little every year. The faculty which will train Washington's banking’ per- sonnel will be announced later. Miss retary of the committee. Bureau Spends $750,000 Annually. Edward L. Greene, director of the National Better Business Bureau, re- ports that $750,000 is now being spent annually to improve business and safeguard buyers and investors all over the country. There are now 44 local bureaus, the one in Washington under Director Rothschild being one of the most active and successful. Mr. Greene says the “truth in ad- vertising .campaign” has made great strides all over the country during the past year. Florida Bonds Sold in North. A syndicate headed by the Century Trust Co. of Baltimore has purchased :|an issue of approximately $2,000,000 City of Coral Gables, Fla., § per cent improvement bonds. This is the first financing of .Coral Gables that has been sold in the Northern market since 'it ‘was 'incorporated as a city and | in 1925, all other issues having been urchased 1 in Miami. Today’s Financial Notes. The directors of the Lanston Mono- type Co., yesterday declared the regu- lar quarterly dividend of 133 per cent payable on August 31 to stockholders of record August 21. Lanston is one of the leading stocks on the Wuhlngy ton Stock Exchange, and it is under stood that earnings so far this year are very satisfactory. June sales of 8. S. Kresge Co, gained T1.8 per cent over June last yeaf, $8,834:366 against $7,897,681, a total of $49,837,307 for the first half of 1926, compared with $44,654,910 a n’:”h:‘r?oflolk and Portsmouth Belt Line Railroad applied to the Interstate Commerce Commission yesterday for authority to issue $500,000 of 5 per cent bonds. Redmond & Co., and J. G. White & announce - coincidentally P Co. first mortgage 6 per cent gold notes, due June 1, 1929, that the lssue has been oversubscribed. The price was 100 and interest, to yield 8 per cent. Personal Mention. Huy ‘W: Barr, formerly connected with "‘hhs Continental Trust Co., who is now ed with the Philadel- phia -exposition as an ‘Washington for a short stay, and calling on fpiends in the financial dis- trict. W. T. chairman of board of directors of the Federal- American National Bank, is taking a short vacation, which he is passing in Asheville, N. C. n(}eorle T. Bishop of Cleveland, chairman of the board of directors of the Washington, Baltimore and Ana- polis Electric Raflway, has been elected a director of the Chesapeake *{ana Ohio, thus aligning himself with the Van Sweringen Nickel Plate Sys- tem. BANK FAILURES GAIN. NEW YORK, July 10 OP).—A few more ban suspensions occurred in the United States during the sec- ond quarter this year than the cor- responding period of 1925, but liabil- ities fell off materially, says R. G. Dun & Co. A total of 115, with indebtedness of $30,309,000, contrasted with 111 banking defaults for the second quarter last year, involving $42,859,470. 'No banking failures either in the New England or Middle sections were reported. ——— 'AT0 MARKET WEAK. CHICAGO, July 10 (#).—] NEW YORK, -July 10 (Special). Crude rubber, smoked ribbed sheets. a quarter of a cent to 42 oday. This compares with / [