Evening Star Newspaper, July 18, 1926, Page 83

STEELAND MOTORS AGAI SET RECORDS Dther Industrials Sweep For- i ward. Under Their b Leadership. $¥ the Associated Press. NEW YORK, July 17.—Bullish en- Rhusiasm in. the stock market was up afresh today as U. S. Steel General Motors, the two outstand- i Low. 10129 9915 10230 1011 10119 1088 1 0120 10810 10413 BOND 100-16 1011 ——1086— 3 High. - Low. U. 8. BONDS, 101-16 9919 Liberty 3%s 1032+41 10226 101-21 Liberty 1st 418 198 100-31 100-17 101016 100-25 1087 10129 Libarty dth 4 33- 108-20 106-9 - Treasury $14s 1047-53. i Tow, i o 87k 95 100% 1084 101% 1024 9% 96, 9 leaders, somred to record high|,gn vels. Other industrial shares swept forward at a rapld pace, with nu-|106 ¥merous gains of 1 to 5 points recorded ®n a turnover of nearly a million shares. Confidence in the business outlook immeasurably strengthened . by ©ptimistic statements from Secretary Mellon and other financial leaders and | 907% the reports of wides ment in trade at a tine when reces- sions might be normally expected. The failure of the Western railroads to ob- tain an increase in freight rates was ignored as a market factor. U. S. Steel reached new high ground at 145 and General Motors at 169, with the buying movement also embracing such representative issues as General Electric, Mack Trucks, Du Pont, Dodge Motors, International Harves- ter, American Can, Gulf States Steel and U Cast Iron Pipe. The cus- tomary week end profit-taking made its appearance before the close, re- ducing the extreme gains, but leaving prices substantially higher for the day, The closing quotation of 143% on U. 8. Steel represented a fractional mnet advance, while General Motors closed 3% points higher, at 168%. Refusal of the Interstate Commerce improve. 107% 104 104% 9% 99% 95! 107% 103% 103% 99% 87%. 6% 102% 100 ‘Commigsion to grant the Western rail- |- roads a horizontal increase in freight rates placed a damper on most of the carrier stocks, but its influence was counteracted by the generally satisfac- tory state of thé transportation in- dustry. A few issues in this group developed independent strength. Pere Marquette preferred jumped 5 points to & new high and other Van Swer- ingen stocks were strengthened by the Pere Marquette's acceptance of the revised nickel plate merger plan. New Haven reached a new top price for the year, . The unexpected breakdown of ne- gotiations for the sale of the White Star Line to British shipping inter- ests accounted for the weakness of International Mercantile Marine pre- ferred, which closed more than a point lower. Commodity prices continued to move forward. July wheat advanced a cent a bushel on unfavorable reports re- garding the Sprng wheat crop, while ocotton gained 3 to 7 points on the week's evening-up operations. WALL STREET BRIEFS NEW YORK, July 17 (®.—Earn: ings of .the MacKay companies are running well ahead of last year, said Clarence MacKay, president, on his departure for Europe today. No cable expansions are contemplated for the immediate future. “General business in the "country looks good and I expect it to continue good,” he added. . “All rubber companies have passed the worst portion -of their year-and | from the genmeral outlook, "I expect the tire business to be as good from now on as it was last year,” said B. G. ‘Work, president and chalrman of the B. F. Goodrich Co., salling for Europe. “Most companies are using crude rubber that is steadily declin- ing in price.. 1 tional price cu Youngstown Sheet and Tube Co. is scheduled to increase production 5 per cent next week to an average rate of between 75 and 80 per cent. Other operations in the district are un- changed. L Southern Califarnia Edison Co. has ordered from the Westinghouse Elec- tric and Manufacturing Co. two of the largest horizontal water-wheel genera- tors ever built. The departure of J. P. Morgan for Europe today was said by Charles Steel, a partner in the firm, who ac- companied him, to be in no connection with the sale of the White Star Line, negotiations for which have. broken down Shipments of refined copper for do- mestic and export use during the first six months- this year exceed produc- tion by 6,986 tons, making possible a turther reduction of stocks on hand, which have faller’ from 138,434 tons at the end of 1924 to 66,096 tons on June 80, 1926, says a review of the industry by Dominick and Dominick, members of the New York Stock Ex- change. Excess of shipments over production took place despite the fact that production for the first half of 1926 was 41,000 tons greater than in the same period last year. “The in- dustry is facing a demand that in- creases even more rapidly than the output. ARGE S A CHICAGO LIVE STOCK MARKET CHICAGO, July 17 (United States Department of Agriculture).—Hogs— received 1,000; light hogs gener- ally, 15 to 25 lower; others weak to 10 lower than vesterday's average; pigs in narrow demand, sharing light hog tdecline; bulk desirable, 150 to 210 n\xnfl average, 14.00a14.20; top, 14.25 1k better grades, 230 to 320 pound t, 12.90a13. ulk packing sows, 0; foew light weight to ship- to 11.65 and above; bulk good and cholce yearlings most active around 25 lower; weighty ‘steels cl yearlings, 10.| X hty steers, 10.25; practical top heavies ‘late, 10.00; fat cows, 50 to 76 lower; grassy kinds showing heifers, 50 to 1.00 lower; cutters, 25 to 50 off; vealers, 50 to 1.00 lower. Week's bulk prices follow: Fed steers, 8.75a 6.5026.75; heifers, not look for addi- 1 % ys% 88% 28 w02 1006 104% a1 78 1% ' 88% 89 86%. 89% 85% 67% 101% 59% 86 % 66 -~ 15 0% 98 «T0%: 97 Egrezse o NEW YORK, July 17 (®).—Congo- | mediat feum-Nairn and im subsid- inco 2% 3 9614 Argentina 100% Argentina 78 193 96% Australian Govt 100 Awstcia 78 1943 ! 105 Beigium 108% Belgium 81% Bordeau. 881941, 100 - Jergens Utd Mar er, %4 81% Lyon 6 "“ii‘ . 1174 United Kingdom 534s 1939. 108% United Kingdom 5igs 1927. ' 100% Amer Tel 101% Anaconda Copper 85 102% Anaconda Copper o 90% Armour & Co 4148 1939. 99% Atlantic Refining deb 58 1937. 100% Bell-Tel (Pa) ref 58 194 93% n-mo:.m :ml pm 96% Beth! 681943 % 106% Chile Copper 6s 1 78% Cons Coal (Md) 1 1164 108% Internationa 108 102% Kelly-Springfield 8s 193! 964 Lackawanna Steel §s 1250 Liggett & H’.t' l’l ll;a © 109% 107% 108% United Drug 6s 1944. 95 91% U S Rubber 1st & ref 107% 106 U 99% 95. Utah Power & Ligh 108 105 Va-Carolina Chem s f 73 194! 101 v 5% ‘Wllloiheoll / RAILROAD. 3. 29 Atontson, 48 1935. 96 “Atlantie Line st ds 1983. 92%. 894 Balto & Ohlo gold 48 ; 97% 94 Baito _94% Chi Union Station 41581964 116% Chi Union Station 6%s 1963. Chi & Western Ind m.u 116% 114% Grand 109 102% Great Northern gen 5% 1110% Great Northery gen 7s 19: ison & Manhattan ref 5s b ! 5% " 00 1 o8 106 104 ioh 108% ECONOMY IN STEEL PRODUCTION | COTTON G00DS ACTIVE. - WILL SHOW.IN CURRENT EARNINGS |srostr 3uring oted n eare Suirprisingly High Profits for Manufacturers During ¢ First Half Probably Will Be Disclosed Shortly. 'Production .| able late in (04% 104 1008 | " i lower. than in 1926, these 954 94% 95% 102% 1004 102% 104% 104% 104% ey 82 82 7% 108 . 108% 85 % 98% 98 98 108% 102% 102% b3 108% 107 108 83% 81% 83 % 95 l:l 107% 108 108% 108% 971 01% 100% 101% % % 6% 96% 984 103% 102% 108 1063 -106% 1064 110% 110 110% 1 102% 1 1 1 % 1024 1 215 120% 121 102% 102% 04% 104% 104% % 87 95 9% 9% 08% 107% 108 04% 104% 104% 99 8% 026102 1024 98 98 98 dry weather reports 89% | kotas, Minnesota, Towa. ' | will be »-H:M.Mln;. next it “complete, have made thia' fant ce: n. Since steel have averaged have :n.).h: from Incn:nfl volume of busi- and—more important still—from more economic methods’of production and- distribution. Stéel ingot - production'- has n nearly 8.5 per cent higher than id the rat Bhlf of last iu. -and’ economlies Iting from a high rate of mainte- were pronounced. It ia anticl pated In some quarters that when the United States Steel Corporation com: plles its figures for the second quarter they will show as much as §8 a share earned on the common stock in the , a8 com) Some idea. of the possibilities which Has Been Greater, Price Higher. vear, It shipping conditions are favor- the Fall, mining men ex- pect. more than the 54,009,000 tons of ore which were handled in 1915 to be| cal ransported The! Yarn Prices Firmer. 'NEW YORK; July 17 (flacottn for the week ”l:idnc B 3 better broader purcl 3 harveater machinery, bag and other factories ‘have been traded in quite freely, com- pared with recent operations. Yarns firmer. The market for tropi- ‘weigh! ‘wear for Spring, 1927, appears to ha unsetled by, the Jlow of the largest mcduurnndtmmbun-un’ul: re profitable. Mich! 's iron ore output in 1925 totaled 14,490,620 tons, an increase of 17 per cent over 1924. to show another increase this Buying on Inerease, Buying of finished steel for third quarter delivery i on the increase in Ohio; with the Improvement most marked in sheets and strips. Demand tor wire. and nails has slackened re. - Youngstown payrolls are run- ning over $7,000,000 & month and Sum. hed! 1 0 70 have been seized for <cost reduction |, may be gained from recent record- ces. in Ohio. One on_all gauges. Presen t ngs provide ' normal capacity operations for the Trumbull steel plants at Warren for the next - | three months. Within a_few weeks rkabl tons of pig a day for three years, The amount of iron ore now be- ing mined and moved indicates the confidence steel men have in the situ- ation. The movement of iron ore from tl:u Lake Superior district in July tons. Only. thrice in the history of ceeded that figure. The record ment was in 1928, when 10,600,000 tons were transported. “The activity is due to efforts to make up for thé late start which the expected 1o total 10.000,000 gross | Me. - | Co. fts the t of the Mystic Iron Works in New England will be started up after nearly two .years devoted to construction.” This will mark the ve- turn of New England to making pig fron, an industry abandoned a hu dred years ago. Located at tide: the Mystic Iron Works wil have ac- cess to water to cheap foregn ores and to limestone from Rockiand, . @nd coke from the by-product ovens of the Boston Consolidated Gas The company now has piled on decks 40,000 tons of irpn ore from Africa, Sweden and Nova fa. The plant of the Colorado Fuel & Iron Co., at Pueblo has recently made rema progress in . reducing rkable ore movement got on the lakes this |operating expenses. »| TRADING IS NERVOUS IN WHEAT MARKET Close Is Unchanged to 1 Cent Above Friday’s Close—Weather News Has Some Effest. \ By the Assoclated Press. of FURNITURE TRADE GOOD. Tabor Well Employed—Production Is Kept About Even. Conditions in the furniture indus- try are regarded as satisfactory, with most factories maintaining fair schedules and labor well employed. Production, asa whole, has kept even during the last six months, and in some- items shows an increase overi the output for the comparative £ 19 Retailers remain cons tive their purchases, according to special reports to Dun's Review. ‘While reorders are the rule, they are at | fairly frequent. the same as yeste cent highex, with corn varying from % cent decline to % advancs. oats unchanged to %“m up, and pro- visions varying 12 cents off to a rise of 2 cents. Rapid fluctuations cl W Y Expectat! that receipts here on Monday will total 300 cars, and that arrivals be- fore the end of the week will be rap- 1dly augmented. Traders watching the crop repoi trom the Northwest today took tp;.r‘- State /is ranging very poor to failure, with the north half varying. from poor to_geod. Aban- doned wheat fields in North Dakota, according to a ized authority, will . probably . total 1,00,000 acres. Inclhided among Canadian advices that -between Edmonton M&Efl“fl for 160 miles north: and for orth- :ntal hryuauwhhmynnd." Ve and Nebraska. Provisions . reflected ,‘w-l_uu- of 188 1§ 1. BR B e wn SEES HIGH HOG PRICES. Relatively high hog.pricés tinue this and Fall, but there Win- iture Ter.tne’ Department of Agricu Dredicted today. in' its hog outlook rts | MO! e Although individual buying has not been large, total distribution of furni- ture has been well up to with some concerns reporting i creases over last year's . ‘This "“'““:l.l I:lll! ou:r-. m handi- capped, jpring y W vorable weathér, which prevented merchants from ti their stock so rapidly as usual. Business in farming com- munities has been slow, owing to the of the planting season, and conditions in bituminous mining dis- tricts continue unsettied. DAIRY PRODUCTS. BALTIMORE, ‘July 17 (Special).— The egg market continues quiet in tone, With current receipts of nearby stock running moderate and, with the light demand prevailing, values show a slight drop from opening prices nday. Complaint is noted as to the stant demand quality. Receipts of Spring chickens have been light the past week, clally of stock running 2 pounds a Bl (G witl con- | % ve ola. KOP ‘of police force, but the De. citizens would hay troit Pr “kicked in” if the coppers u:& uvb. 18 downward price revision on a highly competitive basis by independent pro- ducers. Salen by the largest factories :n reported as eminently satisfactory ‘man Burlaps hel still being bought in moderate ‘ume. Raw silk declined from § t Lents a pound in the local markets We Will Loan at 54% Economic Conditions p Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newari, N. J. ' 1018 Vermont Ave. M. 475" On Improved City Prope: Mostly Medium Prlc«?’ Homes Saf ervice T —with never a loss to a client of as much as a single in either principal or intbrest., Send for Booklet, 924 14tk . 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