Evening Star Newspaper, July 17, 1926, Page 28

T8 -, LS STEELATNEN “HGH MARK TODAY @eneral Motors Also Tops|’ : Record—Dodge Continues Its Advance. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, July 17.—United States Steel made a new high record on the Stock Exchange today. This was the big feature of the two-hour session. Its companion stock, Gen- eral Motors, also shot into new high ground, but it was the ability of Steel common to absorb all recent offerings and push through its previous high limit which attracted most attention. This feature was accomplished in the second and last hour. It stimulated buying, not in the general list, but in numerous individ: quarters. Independent eel shares were strong, although not noticeably active. Colorado Fuel was rather an excep- tion, moving ahead over a point. Among the motors, Dodge Brothers A continued its remarkable advance and was persistently bought through- out. White Motors rose over a _point. Mack Trucks sold at the best figures of the present movement. Du Pont went along with Generdt Motors. On the other hand, while not at all weak, it still seemed difficult for Hud- son to participate in the fo! swing with the other members of the group. Jordan Motors was sold under publication of the second guarter fig- ures, which showed a falling off in the surplus available for the common stock as compared with the first three months. American Can sold at the hlgh:‘a’t Atla; since the capital ‘split-up.- The vance was resumed in Postum Cereal. A few high-priced industrials Ilike General Electric, Allied Chemical and Westinghouse Air Brake had a quick runup. General Railway Signal gained_over a point and Westing- house Electric did better. Montgom- ery Ward was bought again rather actively. In the railway section, New Haven was the leader -again, getting up above 48 for the first time. New York Central, which bad been drag- ging on previous days, rallied over a point. Missouri Pacific got above 40 again. Steel common’s new high was 145, which was a half point above the fig- ure touched on July 6. The new top for General Motors was 169, which compared with erday’'s previous high record of 1647%. Markets at a Glance NEW YORK, (#).—Stocks strong; United States Steel and General Mo- tors at record highs. Bonds mixed; FINANCIAL, - NE Oven, High. Ad Rumley pf(3) 52 B24 Alr Reductn(15) Allled Chem (4). Allls Chalm (). Amerada (2).... Am Car&Fdy () Am Drug... . o0 Am Exprese 0. . Am & For Pow.. 3 Low. Closs. B2% B2% 114% 114% 114% 114% 130% 131% 130 130% 25! 9% % n“m Am Ho P (2.40). bt Am Joe (110 Am Radiator (4) Am Safety R (3) Am Ship & Com.. Am Sm & Ref (T} AmS & R pf (T) Fdys (3 Am Tibacco (8)7 Am Tobao B (3). Am Wa Wo c1.20 Am Woolen, . Am Wool pt (7). Am Zine. v o Armour of III(A) ArmourDel pf(7; Armour of 111(B) Arnold Con (n).. Atl Guif & W1 Atl Guit&a W1 ntic Baldwin L (T) Bald Loco pf (1) Balto & Ohto(5) Bang & Ar (3) Barnsdall A ¢ Bayuk Ciga Bethlehem Steel. Booth Fish 1st.. Bur Add Ma (3). Bush Terminal.. Butte Cop (500). Butte&Super(2). Butterick Calif Packing(8) Calif Petrol(2).. Callahan Zine. .. Calumet& Ar(8). Mallison & Co, .. Man El Sup(5%) 2% | Man EI gtd(D5) . 8% | Man Shirt (1%). Maracaibo Of1 118% 118% 2% 42% 61% 109 60% 8% 136% 18% 4 2T% 27% 141% 141% 6% 6% 120% 119% 62 6% 120 120% 120 119% 119% 119% 62 62 MoK & T pf (8). i Miswour! Pacifie 23% 23% | Missourt Pac »f. LY 8% 38% ) Motor Met(3.60). Motor Whi (2).. Munsingwr (3). Murray Body. Nash Mot (18) .. 278 | Nat Acme (sta). Nat Biscuit t4%. Nat Cash Reg(3) % Nat Cloak pf (7) Calume&H(1%). ific 1 International Mercantile Marine &s | Chi break sharply. _Forelgn exchanges firm; French and Belgian francs re- ver. Cotton steady; firm Liverpool cables. Sugar and coffee, holiday. WALL STREET BRIEFS NEW YORK, July 17 (®.—The status of the lumber industry for the week ended July 10, based on reports to the National Lumber Manufac- turers’ Association from 381 of the larger soft wood and 142 of the chief hardwood mills of the country, shows apparent decreases = in = production, shipments and new business, com- pared with the previous week. This is attributed to the Fourth of July holiday, and suspension of many mills for repairs. In the same period last year, when fewer mills Ewnefl. a slight increase in production, and nominal decreases in shipments and new business were noted. » Earnings of Falrbanks, Morse & Co. for the half year are estimated at $3.50 a share on the common after preferred dividends, com ith $2.7¢ & share actually earned in the first- half of 1925. A better second half of the year than a year ago is ;a!dd to be assured by business on and. Sales of Southern Dairies, Inc., for the half year rose to $5,263,126, from $3,699,983 for the first half of 1925. Gillette Safety Razor earned $3.04 a share in the first half of 1926, against $2.86 a share in the first haif of 1926. Net income rose to $6,093,- 674 from $5,737,473. General Railway Signal has re- celved orders from .the Southern Raflway for installation of block sig- Ches & Oh (#12). Chi & Alton pf.. Chi & East 1l pt Chi Gr West pf.. ChiMN&StP... Chi Mil & St P of C Mil & St P otfs C MII&StP pf ofs Childs (32.40) Chile Cop (2%) - Phila Co (4) % Phillips Pet (3). Phoenix Hoslery Pierce-Arrow. .. Plerce-Ar pf (8) Pierce Ofl.. - Pitts & W Va(8) Christie B (1.20) it Corp(3) Chrys! Chrysier pfA(8). e €7) 50 1 Cont Can (16) Cont Can pf(7) Corn Proa(13%) Crown Pa 1st(T) 8tJ; L(13). StL& . Seatto (.. uu:urlur Crucible 8tl (5).. 51! Cuba Co (4) Cuban-Am 8 (2). Cudahy Pkg (7)+ Cushman’s (8).. Davison Chem. & Del & Hud (9).. 164% Del L & Wn (17) 145 Dodge Bros Cl A. Dodge pf (1)...n Dome Mines (3). nals between Atlanta and Macon, O&V.- Ea ering 82 miles of track, and from Or] & North Eastern for 74 miles, between Meridian and Ellis- and Eastabouchie an Erection of four factory buildings in Milwaukee is reported to be under consideration by the Pittsburgh Plate Glass Co. Revenues of the Atlantic Coast Line Railroad continue to show i provement, says J. R. Kenly, presi dent, the freight movement in June being 10 per cent ahead of June last year. The large movement of road and building material is being main- tained, with Florida probably lead- ing the other Southern States. Profit of Trumbull Steel for the first_half of 1926 was $522,602 after all charges, but before Federal taxes, Elec Power. Elec P & L p£(1) Blec Refrig(f3) Elec Sto Bat(16) Equitable pf (1) ErieRR. o Erie 1st pf. . Eureka Vac (4).. Famot ) Fed Min & Smolt First Nat 8(1%) Fisk Rubber.... Fletschmn (12%) undation equal after preferred dividends to 62 Gen cents & share on the common, $553,620 or 66 cents a share preceding quarter.' Bethlehem Steel Corporation has an order for 18,000 tons of rails from the Lehigh Valley Railroad. Delivery t in the Gen Elec Gen Motors (116) Gen Petrm (3 will begin in October. The Great|Giml Northern has ordered 10,000 tons of rafls from Illinois Steel, subsidiary of United States Steel. June gross earnings of the Pullman Co. are expected to show a new record | Gotham for that month, owing to the extra demand by the rallroads .for five major passenger movements during the month requiring 2,140 extra cars. Regular Pullman lines on all roads also were taxed to capacity to meet the demand for space. A Total sales of Ward Baking Co. for | the six months ended July 3, were $22,465,600 against $21,622,200 inthe - first half of 1925. Sales in the five weeks ending the same date gained ;m.fl? over the same period last WOOL MOVES FREER. BOSTON, July 17 (Special).—The raw wool market ¢losed the week with A somewhat freer movement of wools At firmly maintained de- laines are held at 43. %unr;.bbnd- are most active, with 43 the ruling Hudson Mo(33%) ‘Hupp Mot (£),.. | 1ngep Ol C1)os ¢ Indian e Prices paid at the| estimated 00: French combing 95 for average clips containing ing wool, clean, landed at Boston, 3651 B98I SEC TR = 53 & i<4 < 5 L Sou Sou 11 264 e 84% 84% 119 119 86 36 45% 46 66% 65% 4% 19 51 4% 19 50% 102% 102% 102 166 6% A T E i i F 558 T 5 Fgizs Cal Edison. . Dairies A(4) .66 Received by Private Wire Direct to The Star L a1 28 24 | that negotiations for sale of the 1% 131% 108 108 4% 48% 4T% 2% 24K B1% B1% BI% 2% TI% 72 84 33% S4% 9 99 99 % 66 L33 20 1204 120 1204 0% 10% 10% 10% 108% 108% 103% 1034 78% 4% T3% 4% 1% 41% 18% 60 108 4% % a% 16% 9 69% 224 224 0% High-Grade List 1 Mixed. Utilities ‘Are Firm—Some Rails Gain. - Special Dispateh to The {m NEW YORK, July 17.—The feature ot today's bond market was the per- pendicular drop in International Mer- cangile Marine 6s._following the an- nouncement from Londo! it ite Star Line to British interests had been terminated. X 3 The bonds had bee; selling: from 92% to ing today was at 87 then under renewed iné to about fnitial nd was down 11 24% | they ot Chile 6%: LOSSES OFW., B. & A. - SHOW BIG INCREASE June net loss of timore and Annapolis nearly one-half com- “| way decreased pared with June, 1926, the net loss for increased % | lowered to . 79.50, % cent in July, 1925. :§§= H e E5enssts SEEEEY2, 8 855 the first six months of 1926 1 over four times the loss for the cor- responding period of last year, accord- ing to the semi-annual statement of the company, just made public. Net loss for the year up to June .30, was $62,478 as compared with a net loss of llll..::l in the corresponding was. §2.13 against 80,17 per cent in the. 1926 period, but in June this was against 83.40 per The earnings include only the oper- ating results of the Washington, Bal timore and Annapolis and are exclu- sive of the income of such subsidiaries of Chile 8%, of l.-.un Caecho 8s 1963 ct... Denmark 6s. DE %8 M D B It §%s Nov East1 B e 081 108% Ifll 101% 101% T 84% 9k 3 104% 104% 104% 4 101% 101% 101% 15 104% 104% 104% 6 102% 102% 102% 3 1014 1014 101% B 108% 1084 108% 41% 40K 4% 4 95 O4% 95 10 99% 9% 90% 14 99% 99% 99N 8 102% 1024 102% 1 1041 104% 104% 103% 103% 7104 15 108% 108% 103% 1 105% 108% 105% 06 108 9 4 108% 5 108% 1 2 1 1 22 96% W 954 18 1024 102% 103% 4 98 2% 98 104% 104% 704% 1100 99% 100 1 102% 102% 102% 5 98% 98% 98% 16 100% 100 1004 9% =Re 90 7% % 85 “% % - % 92% % 18 % 83 0% 87 87 1001 100% 100% 104% 104 104% 102% 102% 102% 102% 102% 102% 104% 104% 104% 0% 99 9% 8% 87% 87T% 93 93 103% 103 10 104% 104% 104% 1 104% 104% 1044 alanmmnd saaed ISCELLANEOUS. 89.... 2 i EEEEEEEE HHAS (1313 Haes 08% 1084 103% Del 63 94 Assoclated Ofl §s.. 15 103 102% 103 Atlantic Refin bs. 3 100% 100% 100% llfllfi!lu.g‘.. 15 98% 98 984 g. e 2 g < 121% 121 121 « =1 101% 101% 101% | org’ 96% 4108 103 103 103 108 | Wheel&LEendés. 6 91, 96% 95% 18 106 105% 105% 16 103 108 103 9 10814 106% 106% | : 110% 110% 110% oy = H 2882 £35agiiiantiy s H SN vaalylget 35328588 $333388° 332 Al £ : E 3392855 EfgEtanioneg 333y EEs¥iapiaiy £352° £ 5. 96% 1 101% 101% 101% 25 85% 83% 85K 1 102% 102% 1 107% 107% 107% . B 9 90 . 3.100% 100 109% 10 92% 91% 91% 17 118 112% 118 105 105 106 % | 89% | Liverpool 9% 9% “12 6% T5% 8% 6% T5% 1o 110 110 110% 1104 110% 8% 99 12 §6% 95% 964 | ] 4 106% 100% 105% 4% 74 4% % % 7% "$T% 87% §87% 99% "99% 3 9% % 9% 1,307% 107% 107% 3 96k 96% 9%4% 2 89% % I 864 864 86% 10 924 2% 924 6 101% 101% 101% W 76 % ¢ 8 98K 97% 9% 4 105% 105% 105% 5 60% 604 604 L 66 1084 NYCentLScli%s 5 77 NYChI&StL 5%sA. 12 104 NYChI&StL 6%sB. 7 108% 1084 103% 102% 102% COTTON IS STEADY: SUGHTLY HEHER Prices Hold to Narrow Range After First Hour—Trad- ing'1s Quiet. was 3 to 8 points and sold about 9 to 10 points net higher during the first few minutes in response to relatively firm cables, reiterated reports of better business in cotton goods and further week-end covering. Initial med to be fairly 35 for early and t .| 85 in gold for the best held narrow range for the first hour. ‘The forenoon market eased on a favorable view of the official weaths forecasts. October sold off from 17.36 to 17.25 and January declined to 17.28, prices about net to_2 ‘points' lower. rallies in late trading, he steady at i} - NEW_ ORLEANS, July 17 (®.— Cotton futures opened steady; Janu- 7.16; March, 17.25 bid; July, December, ary, 17. 18.12 bid: October, 17.20; ' today Liverpool was about m‘l. ‘The market was steady as due, first trades here showed gains of 12 to 13 points, October trading 1 e opening spurt was due to over night predictions of showery weath- er. As soon as today's forecast was issued promising falr weather for the belt the market.reacted, losing all initial gains, October dropping to 17.09 and December to 17.02. Fall River reported sales of print cloth for the week totaling 100,000 pleces. &| WHEAT SCORES GAINS ON WEATHER NEWS|3 E1 P41 3090 corn %/| 15 cent gain, Persistent Unfavorable Reports on Spring Crop Send Prices Upward Again. QAERCITY NN HEADS INSTTT Young Bankers to Meet Next Year in Detroit—Bank Clearings Off. BY EDWARD C. STONE. Reports recefved here today state ( that Paul B. Detwiler of Philadelphia ‘was elected president of the American Institute of Banking at the close of the annual convention at Dallas, Tex., yesterday. . R, Willlams of Los Angeles was chosen vice president. The four executive councilmen elected were Charles D. Hayward, City, Mo.; Thomas J. Nugent, Chicago; ‘Willlam P. Thurston, jr., Baltimore, and’' C. Harold Welch, New Haven, Conn. ‘'W. B. Cayce of Fort Worth, defeated for one of these positions, was made chairman of the national membership committee. Detroit ob- tained the mnext convention without opposition. The Philadelphia Chapter received chapter publi- catlon; Denver, $5 for the best pleceof chapter ad 3 . 4 received a like award for the most effective publieity. Nation Extremely Prosperous. The Nation is thrifty as never be- fore, Dr. J. Anderson Fitzgerald, dean of the School of Busi | of Texas, told the inve nt bankers’ conference. He asserted ml: o‘uuo;a‘k n its r in all banks $9,000,000,000 to . $21,000,000,000 the same period, and the Federal serve system June 3 that its member banks had increase in de- posits of $478,000,000 over last year. All this happened during an era that has been characterized as extrava. over Re- pace. great increased savings, goal whlcfi’nm financial agency should assist in achieving. Merchants Suggest Convention Talks. / ‘Washington merchants have re- cetved requests from the National Dry Goods Assoclation for a list of topics which they would like to hear dis- cussed at the convention in Members are also g'.“';vny Efforts.” c orts. “What an Advertiser Should Know About Merchandising.” “What & h | Hotel Can Teach Us About Service.” W “What Good Corn and oats rose with wheat, at % cent decline to and subsequently show- ing & moderate general advance. Pro- visions were easy. Greater decrease in bread wheat production in the Northwest is % | jooked for than in Durum wheat, 2 102% 102% 102% 1.101% 104% 101% 3 100 100. 100 2 103% 108% 103% 3 2% 2% 88k 83 88% 1 West Maryland és. 21 . TRADING IN RIGHTS. - NEW YORK, July 17 UP).—Stock Cement Corporation will be quoted ex-rights on the New York Stock Exchange on July 27. Rights were admitted to trading on a “when issued” basis today and must be settled on-August 5. They expire August 11. July ~ 17.—The Grow- | NEW YORK, statemen Co. for the of Sl.“l.“’.uuflnrm depreciation, etc., before Federal taxes, equal after 7 per cent dividends to $3.14 a share on ago. .l‘utlr“l‘l P).—The pre- | first halt of 1926 shows which is chiefly used for other pur- poses than bread-making. In this connection advices received today trom the premier Spring wheat State, North said that for nearly 200 miles the State south of the from very poor to fail- ure, with the north half varying from poor to . Abandoned fields ‘will probably total a million acres, ing to an eminent crop accord! ‘u(?::lfldtm rts today included repo: c word that between Edmonton and Algary and for 150 miles northeast of Calgary the crop generally con- sists of a single stem stand and is badly fired. is had within a few days the con- aition will rapidly deteriorate. BOSTOi—AND MAINE PLANS FOR FINANCING 0. K.’D The Interstate Commerce slon yesterday financial rel ition ‘Maine Rallroad, calling for the issuance of guz:.m of mortgage bonds, and §! ,000,000 of 7 per cemt prior preference stock. The road is Anc\:‘lot 8, after . 3 commissio declared the ew England carrier had suftered financially prior to 1924, that it had been advantage EE ;! i 2 § 3 i3] §s |, day aporoved plans for the| viry" Citsac “Why Is a Style Sho Is » Budget?” I vertising.” Bank Clearings Under 1925. Owing to a considerable oft at New York City, bank clearings in the United States this week are below thoge of a year ago. us, leading centers réport an aggregateof $8.178.- $14,000 to Dun’s Review, which is 7.0 per cent less than the amount for, the COrrespo! period of 1925. -The New York City clearings of $4,601- loo,ooo-now.amunorxt cent, but those at the fl.fl'l.ll‘.oo?—. disclose ::II creasé of .8 per cent. Losses - dividual d!mb- lfll':;\{ om!mb;l ‘but substant! ncreases ap- mll Boston, Pt h, nt Store Ad- es, in- Unless plentiful rain |ard B many depositors -are Visiting the Nofl.{l Pole it is suggested that the new Riggs Bank branch should be lo- cated in that vieinity. The ‘publica- tion refers to the fine made by straight games, and ru oons 3 drawn_for the Hot . - The fssue is ‘ out the program (i TRADE WITH RUSSIA. Intensified Relation Between Italy and Soviet Arranged. 'NEW YORK, July 17. )i learings, $925,000, lances, NEW YORK, July 11 afguux.u;:-fn'fit’“f