Evening Star Newspaper, July 27, 1926, Page 24

oy > TREND IS HIGHER N STOEK MARKET Steel and General Motors Again Leaders—Copper Shares Score Advances. WEST. BY STUART P, Special Dispatch to The St s NEW YORK, July —Recovery which set in at the outset of the week on the Stock IExchange follow- ing a week of declining prices be- came even more pronounced today, although the volume of business was mtill below recent standards. The most noteworthy incident in the pro- ceedings was the manner in which General Motors was taken at new high prices for all time under; the present form of capitalization. General Motors left off yesterday at 168%. More than 6,000 shares changed hands on the first sales to- day between 171 and 171%, after which the price went through 172% with comparative ease. There was othing that was not already known o acccunt for the remewed demand. The market was reflecting the bellef that when directors meet for dividend ection August 12 a substantial extra stock distribution will be acted on favorably. In some quarters the opinion prevailed that a preliminary earnings statement for first six months’ operation will be issued later in the week, which will disclose earn- ings substantially in excess of those for the same period a year ago. Other Motors Rise. Strength of General Motors com- Juunicated itself to the market for ‘other motor stocks. Hudsom was ‘selling most of the time around 62 s against the final yesterday of 61. #The upward movement interrupted a aweek ago in Mack Trucks was re- sumed. Pierce Arrow came in for considerable attention and higher R{lces were reached in du Pont. White otor and Nash.. Among the motor wccessorles, Timken Roller Bearings was carried into new high ground for the year when it crossed 67. . Wall Street was anxlously await- dng the outcome of the United States Steel meeting scheduled for after the close of business. Whether directors are disposed at this time to do some- thing for stockholders in the form of n extra distribution of a ~art of the corporation’s huge surplus remains to be seen. The action of Steel common, however, showed plainly that the short interest was desirous of evening up accounts preliminary to the out- come of the meeting. Steel common went through 140 again, where it com- pared with the Monday final of 139. Some of the independent steels worked higher, notably Sloss Shef- fleld, up more than 2 points at one time; United Alloy, Republic and Bethlehem. ’ Copper Shares Advance. Copper shaves responded moderately to the further advance of 3 cent a pound in the quotation for metal. Al- though some reluctance was shown to pay the increased price, the demand ‘was 'said to be good with no copper #vailable under that figure. Ameérican Smelting and Refining changed hands around 131, up & point or more. Amer- jcan Metal and Granby. Consolidated were in better demand. . Among specialties, buying was re- sumed in sulphur stocks of the type of Texas Gulf Sulphur. Although the reports for the first six months re- pently issued were favorable, it did not reflect the result of recent price advances. In view of the increased operations of the company some quar- ters were anticipating an extra distri- bution in the near future, and this ap- peared to be the basis for the buying. uipment shares were helped by the publication of the American Loco- amotive report for the first six months, swhich bore out all that has been heard about renewed equipment buy- ing by the rallroads. Net, after all charges and 7 per cent preferred div- idend, was equal to $3.10 a share on the outstanding common, which com- pared with only 85 cents a share on the $25,000,000 preferred in the first half of 1925. | Markets at a Glance | NEW YORK, (#).—Stocks higher; “General Motors set new high recore Bonds irregular; Warner sugar issues wt new lows. Forelgn exchanges nixed; French francs steady. Cotton ower; favorable weather forecast. Sugar featureless. Coffee easy; trade Lselling. CHICAGO.—Wheat easy; predic- jons favorable weather. Corn firm; covering July shorts. Cattle weak; low demand. Hogs dull and irreg- ular. —_— SUGAR AND OIL RECEIPTS. BALTIMORE, July 27 (Special).—Oil products received last week in four Jankers totaled 143,000 barrels of crude | oll, 75,000 barrels of gasoline and 1,- | 796,414 gallons of gas oil. The cargoes | came from California and Mexico. PRaw sugar receipts were 65,185 bags, to the American Sugar Refining Co. #They comprised 34,000 bags from Cuba wnd 81,185 bags from Manila. NEW WELL BROUGHT IN. NEW YORK, July 27 (#).—Sinclair 'Conso“dnled Oil has completed a well l!n Mexico with initial flow of 3,000 barrels at a depth of 1,775 feet. COCOON CROP DROPS. TOKIO, July 27 (#).—The Hypothic Bank semi-officially = estimates the Spring Cocoon crop at 350,000,000 yen, which is a decrease of 96,000,000 yen, or approximately 22° per cent. The decrease is attributed to adverse ‘weather ¢onditions. BANK CLEARINGS. NEW YORK, July 27 (Special).— New York bank clearings, $859,000,- 000; New York bank balances, $81,000,- 000; New York Federal Reserve Bank credits, $70,000,000. FERE R PN PANCE METAL MARKET. NEW YORK, July 27 (P).—Copper firm; electrolytic, spot and_futures, 14%; tin, easy; spot and nearby, 63.75; futures, 63.37; iron, steady; prices un- changed; lead, steady; spot, 8.75; zinc, steady; East St. Louis, spot and .50; antimony, spot, 16.50. RUBBER UNCHANGED. NEW YORK, July 27 (Special).— Crude rubber—smoked ribbed sheets again were unchanged at today’s noen quotation of 4lc. This compares with 42%c a month ago and $1.13 a year ago. o L FEDERAL LAND BANK BONDS. 1Quoted by Alex. Brown & Sons. 'Ckmnc.' D) Rate—Maturi! i1 . 193 2822222233 SREERSIES g SREEESe ¢ > LI =i oD I 52 CRe FINANCIAL, NEW YORK STOCK EXCHANGE- Received by Private Wire Direct to The Star Office Open. High. Low. 45% 454 46% 12% 124 12% 8% 8% B4 120% 120% 120% §. 709 163 153 163 126% 127% 126 87% 88 87K 10 110 110 0 20% Abrahm&Straus. | Adv. Rumley Ahumada (v1).. Alr Reductn(16) Ajax Rubber. ... All Am Cable(7) Allled Chem (4). Allis Chalth (.. Allls Chal pt (7) Amerada (2).... Am Agrioul Chm Am Agri Chpf.. Am Beet Sugar Am Boseh. ..... Am Br Bov E1(2) Am Br Bo pf (7) Am Can (2).. Am Can pf (7) Am Car&Fdy () 99% 100 Am Chicle cfs(3) 39- 39 7% T 20% 21 90 90° 36 122 84 83% 83% 33% 38% 12% 12% 12% 91 971 97 103 104% 103 63% b63% b62% 94% 94% 94% . 58% b58% B7% 126% 126% 126% 99% kel Am Hide & L pf. A Ice (110) Am Tce pf (6). Am Internatl Am La Fr (1) Am LaFra pf(7) Am Locomot (8) Am Metals (4).. Am Plano pf (7) Am Po&Lt (g1). 67% 67% 67% Am Radlator (4) 110 110 110 Am Safety R (3) 62% 63 61 Am Ship & Com. # 8% 8% 8% Am Sm & Ref (7) 181 131% 1304 AmS&Rpf (1) 119% 119% 119% Am Snuff (12).. 1254 1264 1264 Am Snuff pf (6). 100 100 100 Am St Fdys (3). 42% 48% 42% Am Sugar (5)... 6T% 67% 6T% AmSumatActs 28 20% 28 AmTel &Ca (5) 29% 2% 28 Am Tel & Tel(9) 141% 141% 141% ATel& Telegrts 6% 6% 6% Am Tobac B (8). 120% 120% 120 Am Tobac pf (6) 110% 110% 1104 Am Typ Fars(8) 121 121 121 Am Wa Woc1.20 60 60 60 Am Woolen..... 28% Am Wool pf (7). 72 Am Writ Pa ctfs % Anaconda (3). . 49% Archer-Dantels. 3:5" Armour our of TI1(A) s 3% 28% 2% % Arnold Con (n).. Artloom (3). ArtMetal (1) .. 204 204 - Asso Dry G(2%) Atchison (7),... 185% 136% 136% Atchison pf (5). 99% 99% 99% AtIC Line(t9%) 217 - 217 216% AtIGuif& WI... 43 43 43 Atlantic Refing.. 107 1103 107 Atlan Ref pt (7). 116 116 116 Austin-Nichols. 12% 12% 12 Austin Nicpf(7) 71 71 69% AutoKnitter... % % % Baldwin L (7).. 119% 1. Balto & Ohto(5). 95% Balto & Oh pf(4) 72% Bang & Ar (3).. 41 Barnet Leather. 45% Barnsdall A (2). 25 Barnsdall B (2). 24% Beech-Nut (13). 57% Belding Bros(3). 32 82 82 Bethlehem Steel. 45% 46% 45% Beth Stl pt (7).. 102 102% 1024 Bloomingdle pf 7 107 107 107 Briggs Mfg (3).. 20% 29% 29% Bkin Edison (8). 142 1424 141 Bk-Man T pf(6). 86 85% 85 Bkin Un G(t11). 87% 89% B87% Brown Shoe (2). 84% 854 34%, Brunswick Balk. 28% 28% 28% Brunswick Ter.. 12l 12% Buff Roch& P(4) 85 85 Burns Bro (10).. 142% 142% 140 Burns Br B (2). 37 87 37 Butte Cop (50c). 5% 64 6% Butterick. 87 41% 86% 189% 32 Calif Packing(8) 139% 140 Calif Petrol(2).. $2% 32% Callaban Zine 1% 1% 1% Calumet& Ar(6). 69 Calume&H(1%). Can Pacific (10). 163 5 Case Threshing. 135% 141 Case Thr pf (7). 111% 112 Cent Leather.... 9% 9% Cent Leather pf. 53 08} 6BL Cen Ry NJ(112). 298 208 202 CorreDeP (4).. 674 ¢4 674 ain-Teed(4) 4 " Chand= ... 124 124 I24 28% 8% 28% % 140 Y% bW 21% 119 96 95% 7% 7% 41 41 46% 456% 264 256 24% 24% 57% 57% Chand-Cle pf(4). Ches & Oh (112). 140% 140 Chi & Alton 5% Chi & East I 82 82 Chi Great West. ChiGr West pf.. 28% 24% ChiMil&StPpt 17k 17% 1% C Mil & St Potfs 10 10 10 C MUI&StPpfets 17% 17% 17 Chi & Nwn (4).. 69% 704 69% Chi Pneu T (5).. 115 116k 116 ChiRI&Pac... 66 56% b65% CRI&PDE(6). 88% 8% 8E8% CR1&PDL (7). 99%" 89% 9% Chile Cop (2%). 33% 383% 33% Chrysler Corp(3) 85% 85% 34% Chrysier pfA(8). 103% 1034 108% Cluett Peab (5). 64% €5 64% Coca-Cola (7)... 159% 159% 169% Collins & Alkmn. 46% 46% 484 Col Fuel & Iron.. 45 45% 45 Colo Southern... 64% 64% 64% Col Gas & E1 (5) B34 83% 83 Com In Tr pf 6% 90 91k 90 Com SoivE..... 168% 162 156 Congoleum-] 22% 22% 21% Congress Cgr(3) 421 42% 42% Confol Cl:l‘r. .. 68% €9% 68% Consol Distribut 8h 3% 3% Consol Gas (5).. 103% 104% 103 Consol Textlle. . 1% 1% Cont Can (16)... 81% 81 Cont Mot (80c).. 11 10% Corn Prod(12%) 4d% 46% 44% Corn Prod pf(7). 127% 127% 127% Crucible Stl (5). Cuba Cane Sugar Cuba Co (4) .. ... Cuba Co rights. . Cuba Cane Su pf. Cuban-Am S (2). Cudehy Pkg (7). vison Chem.. 387 ll;:l & Hud (9).. 162% 162% 162% DRG Wstpt... 43 44% 43 Detroit Ed (8).. 185 185 185 Dodge Bros ClA 33% 83% 82% pt (7). S 8848 . 2Th z:‘l% 23;“ Dupont (t19)... 264 264% nfl,‘l‘lm» (6). 105% 106 1U5% Duquesne pf (7). 116 115 114% tman (18)... 118 113 113 E:pn Axle (2) Zgfi %:K E:h 3 Lt(t6%: 6! Bl Auto Lt(16% e Tt 19% 19% 18% 13% 38y 38% 388 6 bk 26 87 87 87 37% 36% SP&LPL 40% (1) 104% 104% 104% glm Refrig(f2). 67k 68 6% Eiec Sto Bat(16) 82 B2% 82 End-John (8)... 66% 66% 66 Equitable pf (7) 118% 120 119% Erie R R. 33% 33% 83! Erie :;! p'(. Erle 2d pf. . Eureka Vao (4). o3 Exchange (1%)- 16% 16% ous Pl (J2). 116% 117% 116% ;‘:;nlfll of (T) 2 n-12 Fisk Rubber. 17% FiskR 18t pf 8(7 80% Fletschmn(t2%) 484% Foundation (8). 2% Fox Film A (4).. 1% Freeport-Texas. 31% briel A(t4%). 81% g:n ‘Am Tnk (3). 45 6% 46 Gen ATC pf (1) - 104% 105% 104% Gen Asphalt.... 674 68% 67 Gen Clegars (4).. 0% 61 50W Gen Elec (H3) 849 851% 8484 Gen Eiec (11 (116) 17 117% 118 117% 1 82 31 B56% 564 65% 64l 86% 86 1 18% 52 4% 49% 48% 17% 22% 2% 19% 938 Motors g:: Mot p£ (7). . Gen Outdr Ad(2) Gen Outdr A (4). Gen Petrm (3) Gen Ry Sig 14% Grt North pf (6) Gt Noy Ore (1%) Grt Watn Su (8) Green Canan.... ¥ THE EVENING STAR, WASHINGTON, D. C. TUESDAY, JULY 27, 1926. Close. 454, 12 £ 12 % 9 o Gulf Sta 1st (7). 10¢ Hartman. Hoe & Co Househd (13%). Houston Ofl. ... Howe Sound (3) HudsonMan(2 % Hudson Mo(3%) Hupp Mot (1)... 111 Cent pf (6).. indep Ol (1)... 23 | Indian Refining. 181 ! Tndian Refgetfs. 39 | Ind Ref pf (7).. Inland St (2%). Inspiration (2) Interurb Rap.Tr. Intconti Rub(1). Internat Agri. .. it Bus Ma (3).. Int Cement (4).. int Cement rts. . Int Cement pf(7) 105 124% 23 % Int Harvstr(8).. 126 intMtch pf(3.20) 64% Int Mer Marine, int Mer Mar pf. Int Nickel (2). Int Shoe ( 165 int Tel & Tel (8) 115% Int T&Teleg rts. 7 Intertype (t1%) 21% Jewel Tea....,. 36% Jordon Mot (3) 25% Kan City South. Kayser J (3) Kelly-Spring. Kennecott (4)... Kresge §8(1.20). Lago Of1 & Tran. Lambert (33%). Lee Tire & Rub. Leh&Mink stf(3) Life Sav (1.60).. 113 & M B (14) Lima Loco (4). Loew's Inc (2).. Long Bell A (4). Lorillard(8). Loutstana Ofl. Lou&Nash(614) 132 Ludlum Steel (2) 87% .| McCrory B 15.60. 80 Mack Trucks (6) 121% Mack T 1st (7). Macy HR & Co Magma Cop (8). Manati......... Man El Sup(5%) Man Shirt (1%). Man El gtd(D5). Moaracaibo Ofl. .. Marland O1l (4). Marlin Rock (2). Martin-Pary(2). 40% 39 814 23% bE% 23% 56% 29 119% 95% % 41 45% 26% 24% 57% 82 46% 102% 107 29% 141% 86% 89 6% 28% Maytsg Co (2).. Mexican Seabd Miami Cop (1). Aid-Continent. . M1d.Cont pf (7). Middle States. .. Mie States Ofl ct Miller R ctfs(2). Ainn & St Lou; Mis Kan & Tex. . Mo K & T pf (8) Missour! Pacific. Missourt Pac . Montana Pow(5) Montgom Ward. Moon Mot (3)... Mothr Lode(75¢) Motor Met(3.60) Motor Whi (2). Murray Body... Nash Mot (13).. Nat Acme (sta). Nat Biscult t4% Nat Cash Rex(3) Nat Enamel & S. Nat Po& Lt(40e) Nat Supply (4).. Nevada Cop (1). NY Afr Brake(2) N Y Atrbrake rts N Y Canners C2. NY Central (7). NY Ch1&StL(11) NY NH & Hart VY On & West. Norfk & Wn (t North A (B3.40). NthAm Ed pf(7) North Pac (6)... Ol Well Sup (2) Orpheum Cir(2) Orpheum pf (8). Otis Steel pf.... Owens Bot (t4). Pacific Coast. Pacific Gas (8) Pac Oil Stubs Packard (12.90) Paige Mot(1.30). Fan-Am (6).... Pan-Am B (6)... Pan.AmWnB(2). Panhandle. ..... Park & Tiiford. . | Park Utah (80c) Pathe Ex (3)... Pennsy R R (3). Penn-Seab Steel. Pere M prior(5). PhilaCo (4).... Phila Co pf (3).. Prila& RC&T. Phillips Pet (3). Phoenix Hoslery Pierce-AITow. .. Plerce-Ar pf (8) Pierce Petrolm Pitts Coal. ... Pitts & W Va(6) Postum (6)..... Prod & Refiners. Pub Ser N J (5). Pub S NJ pf (8). Pullman Co (8). Punta Aleg Sug. Pure O1L (1). Radio Corp of A. Radio C pf (3%) Ray Cons Cop (1 Rexding (4). Reading rts Reading 2d Reid Ice Cm (3). Remington Type Replogle Steel. . Rep Ir & Stl (4). Rey Tobac B(6). Robt Reis & Co.. Royal D(a1.339) Satety Cable (4) St Jaseph L(13). StL & S&nFr (1) St L Southwest. St L Swn pf (). 3chulte (§8)...% Seaboard Alr L. Seabd Air L pt. Seagrave(el.20). Sears-Rn (2%). Seneca Copper) . Shell Un (1.40).. Shell Un pt (6). Shubert Theatre sStmmons(12.35). Simms Pet (12 Sinclatr O1l. Skelly Ol £2). Sloss Shefl gouth Port 8 South Por pf(8) . Sou Dairies A(4) Sou Dairies 3. South Pac (8).-.. Southern Ry (7). South Ry pf (8). Spaulding pf (1) Spear & Co pf(7) Spicer Mfg . Std Gas&E! Ba% Std G & Bl pt(4) 57 Std Ol Cal (2).. 88% StdOUNJT (1).. Std O1l NJ pf(7). Stewart War (8) 1713% | Stromberg (8).. 118 | Studebaker (5).. 31% | Submarine Boat. 853 | Sun Ol (11) 841 | Supertor Oil 86 | Sweets of Amer. 16% | Telautogra(60c) 52% | Tenn Copper (1) 47'% | Texas Co (3)...- 49% | Tex Guit 8 (10). 484 | Tex & Paciflo, 17% | Tex & PacC& O 13% 23 | The Fair (2.40). 28% 72% |- Tide Water(1%) 81% 19% | Tide W Ol pf(3) 92% 95 | “Timken (14), 56% 1025 13% 29 99 37 81 28 [ 43 8% 63% 22 18% 39 1% 44% 178 51% 72 23 41 16 6% b5 53% 1% 40 111 3% 32 107 11% 89% 122 178 2% 13% 50 46 2% 86 % 108 13 22 6% 50%% 849 8% 11% 5% 11% 6% 32 824 81 37% 38% 87% % 105 128% 64% 6% 166 116% 7 21% 86% 26% 182 L% 80 122 22 22 May Dept St (5). 118 120% 1 22% 28% 22% 13% 87% 81 "% 23 6% 2! 18% 39 2 5% 178 23% 153% 62 72 28 128% 128% 128% 1% 1% 16% 833% % 404 1127% 12 920 122 177 43 18% 46 6% 93 108 38 23 b4% 67 68% 43% 44 116% 116% 116% 4% Td% T4 1Z 14 28% 31% 2% bt 108 pen. High. Low.Close. 8% 108% 108% 108% % 27% 7 27 “ 105 Int Com Eng (2) b63% b64% b63% 126 Inter Har pf (7). 124% 124% 1244 64% 6% 166 1154 6% 21% 86% 24% 43 37% 13% 56% 63 21% b4% 8 38% 21% 86 59% 394 44 82% 16 132 87% 80 120% . 111% 111% 111% 102% 102% l(I‘Z'M 18 12% 14% 14% 14% 36% 386% S6 91% 91% S1% 37 90% 90% 90 81 70 22% 53% 63% G3% 634 13% 39 1% 43% 129% 130% 129% 1% 178 45% 464 46% 22% 158 51% 954 95% 95% 2% 2% 724 34% 34% 844 20% 2% 204 108% 1038% 103% 101% 101% 101% 12 28 % 661 67% 66 66% 67% 064 20% 21% 20% 20% 20% 20% 6% 55 53% 1% 90% 90% 90% 0% 70% T0% 504 50% 6O% 38% 88w 384 46% 4T% 46% 40 28% 20% 284 111 3% 82 107 100% 100% 99% 11% 89% 122 176 83% 38% 88% 26% 2% 26% 42% 48% 48% 48 18% 94% . 94} 93% 17 17% 17% 42% 50% 50% B0% 42% 42% 424 96% 96% 96% 67T% C1% 671% 80% 80K 80K 46 58% 53% 634 6 28 28% 28 107% 107% 107% 65 68% 65 115% 115% 115% 68w 63% 53 31% 31% 80% 106% 106% 106 l.;g% 116% 116% 93 103 13 22 63% 66% 68% 43% 11% 1% 1% 521 b2% 524 1589% 164% 159% B3% 53% B3k 3% 284 31% 9214 56% bb? 1025 102 BONDS OF WARNER UGAR CO. BREAK {nvestment List Dull, But Tending Upward—French Issues Firm. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, July 27.—A wide- open break in Warner Sugar issues was the outstapding feature of the day in bonds. Two obligations of this company are traded in on the ex- change, a first mortgage 7 per cent due 1941 and a refunding mortgage 7 per cent due 1939. Previous to_to- day the low point on the former had been 80 and on the latter 61%. The 1939 issue opened at a new record low and under heavy offering fell off a half point to a point between sales for a met loss of 5 points in the first two hours of trading. The 1941 issue slumped 3% points to 80, equaling its previous low. No interest payment on: either issue is due before December 1 next. Prime investment issues continued dull but with an upward tendency. Financial institutions have been hold- ing off in the expectation of lower prices, but so far while time money has . been slightly firmer there has béen no sign of any substantial tight- ening. It appeared today that support 4| was being met around current levels for such bonds as Central Pacific 5s, Baltimore & Ohio Southwestern 5s, General Pete §s and American Tele- phone & Telegraph sinking funds Gs and debenture 5%s. Yields on all these are approximately 5 per cent, at which return they were evidently more attractive and went a point or two higher earlier in the vear. The leaders among the speculative ralls were Chicago Great Western 4s, up over a half point, and New Haven convertible 6s, which were influenced by the strength in the stock. On the other hand, Seaboard refunding 4s were in supply around the low point of the day before. West Virginia Coal and Coke 6s held yesterday's rally and -Botany Consolidated Mills 6%s recovered _easily. Cities Service Power & Light €s were active and strong at a new high on the move- ment. The foreign list was more irregu- iar, but French issues were firm re- flecting the bellef that the situation on the other side had improved. Bordeaux 6s atone time were up a point, Among German bonds Rhin- elbe 78 and German General Electric 6148 were both higher. ew issues of the day $1,250,000 Oberfalz Electric Power first mortgage 7s guaranteed by the Ger- man General Electric at 97% to yield about 7.26 per cent, by P. W. Chap- man & Co.; $8,000,000 additional issue Connecticut ‘Light & Power first and refunding 4%s of 1956 at 95%, to yield about 4.80 per cent by Lee, Higginson & Co., and $1,250,000 Gal- veston Wharf Company . refunding 5%s due 1951 at par by Arthur Perry & Co. and-Halgey Stuart & Co. NEW HAVEN INCOME. NEW YORK, July 277 (@), Vet in- come of the New York, New Haven and Hartford Railroad Co. for June rose to $670,085 after all charges, compared with $552,618 in June last vear, carrying net income for the first share, against $2,653,574 in the same pegiod of 1925, or $1.69 a share. Gross revenues for June were $494,159 larger than in June, 1925. Freight earnings increased $317,833, and pas- senger earnings were $100,714 more than a year ago. C. & N. W. REVENUES. NEW YORK, July UP). otal operating revenues for the Chicago and Northwestern Raflway for June were $14,225,874, as compared with $12,522,953 for the same month last year. Total operating expenses were $10,118,835, while those for June, 1925, were $9,341,235. ————e PRICE OF SILVER. NEW YORK, July 27 (#).—Bar sil- ver, 637% Mexican dollars, 48%. INCOME IS LARGER. NEW YORK, July 27 (®).—Net operating income of the Missouri Pa- cific for June was $1,468,796, against in June last year, and for ,789, against $7,- 251,688 o year ago. June gross in- creased $196,633. AR e SR POTATO MARKET STRONGER. CHICAGO, July 27 (A).—Potatoes: Receipts, 60 cars; total United States shipments, 371; on track, 181; trading fair, market stronger on sacks, steady on barrels. Kansas and Missouri sacked cobblers, 1.70a2.00; mostly 1.75 a1.86; Virginia barrel cobblers, 3.50a 3.80. e e 5% 19% 46 Transcont Ofl. .. Transue & W(2) Un Bag & Paper. Un Carbide (5). UnOfl (2)...... Un Pacific (10). Un Pacific pf(4). Ttd Alloy (2)... Utd Cigar S(c2). Utd Drug (8)... United Fruit (4) 1 U S CIP&F(10) U S Distributiog U S Ind Alcohoi. U S Rub 1st (3). U SSmelt (3%). U 8 Steel (7). U 8 Steel pt (7). Uni Pic 18t p£(8) Universal Pipe. . Utl P& Lt A (e2) Vanadium (3 Van Raalte. Vick Chemical Va-Caro Ch(n).. Va-CarCh 6% pf va-Car Ch pf(7) Wabash. o Wabash pf A(6). Waldorf (1%). . ‘Ward Baking B. Weber (4) West Maryland. West Elec pf (1) West Pac pf (6) . ‘West A Br(16%) ‘Westinghse (4). Weston Elec. ... Wheel & L Erie| Wheel & L B pi White Eagle (2. White Mot (4).. white Rock (2). Willys-Overland Wwillys 0d p£(7). wilson A (new). yyilson pf new.. 67% WoolwthFW (15) 168% Wright Aero (1) 86% Yel T&C(760). .. fl:% % 163% 86% 28% 1% 80% SRSt B Boted. extra of special divi- A b il ., lus 10 e ) able P gt A included | half of 1926 to $3,234,430, or $2.05 a| | Armour&Co 4% s rf [ BONDS Raceived by Private Wire UNITED STATES. t (Sales_are in $1.000.) Sales. High. Low. Close. Lib3%s. 69 1014 1012 1012 5 100 20 100 16 160 16 21027 1025 1027 86 100 25 100 24 100 25 76 1018 10165 1015 Lib 4th 4%s 120 102 19 102 16 102 18 UB3%s. 61 101 15 101 14 101 16 U S 48 1944. 111 103 26 103 23 103 23 US4%sb2. 4 10726 10728 107233 FOREIGN. Sales. High. Low. Close. 894 894 89% 99 9% 99 9% 99% 100 99 90% 100% 100% 95 98% 102% 102% 96% BO% 991 99% 8% 85% 90% 90% 02% 93% 106% 106% 107 107% 101% 101% % Argentin Argentine Argentine Argentine Belgium 8s. Bolivi 104 104% 102 102 104% 104% 102% 102% 101% 101% 100% 100% 108% 108% 109 94% 95 9% 99% Brazil 8s. Canada 6s 1931 Cana€a bs 1962 Canaduw 6%5 1929. Chile 7s 1943 Chile 8s 1926 Chile 8s 1941 Chile 8s 1946. : Con Pow Japan 7 Copenhagen 5%8s. 8w 2 e & Bra alotelunveBa 102% 102% 1 1 111% 111% 104 104 103% 103% 106% 105 105% 106% 89 90 98% 99 29% B9% 94% 95 101% 101% 92 92 104% 104% Czecho 8s 1952 ct. Danish Munic 8s A. Danish Munic 88 B. Denmark 6s. . DEI5%s Mch53. Dutch East I 65 47. Dutch East I 6s 62. Finland s £ 65 45... oo EX- 2N French 8s German E! German 7s. Hungary 7% Italy 78 Japanese 4s... Japanese 6% Lyon 6s. .. Marsetlle 6s. £ Mexico 45 04 asntd. Mexico 45 10 asntd . Mexico 5 assented Montevidio 7s. ... Netherlands 6 54. . Netherlands 68 2. Nord 6%s. . Norway 5%8. ... Norway 65 1943 . Norway 65 1944. Norway 68 1952. Orfent Dev deb 6s. Paris.Ly-Med 6: Paris-Ly Med 7s Paris Orleans 7s. Peru 7%s peru 85 Poland Porto Alegre Prague 7%48. i 42% 101% 101% 1087 104% 108% 108% 8 8% 97% 9T% 102% 102% 101 101 101% 101% 92 92 4% 15 831 E3% 834 83% 98% 9 1Q3% 103% 854 BO6% 102% 102% 100% 101 105% 105'% 114 114 104 104% s ai Rhinelbe Un 7s. ... Rio de Jan ¥s 1946. Rio de Jan 8s 47. 161% 101% 105% 106% 98 8% v6% 86% 92% 92% 103% 103% 103% 108% 114 114 #5% 954 118% 118% Saxon (PW) 7s. Seine 78 42. . Swiss 5% 1946. ... Swiss Confed 8s.. . Toho Elec Power 7s Utd Kingm 5%s 29. . { Utd Kingm 5%s37. 38 104% 105 Uruguay 8s....... 4 4 109% 109% MISCELLANEOUS. Ajax Rubber 8s.... 0 108% 103% 103% Am Agri Chem 73%s 11 104% 164% 104% Am Repubdeb 6s.. 1100 100 100 Am Smit& R 1st bs 6 100% 100% 100% AmSmit&R6s.... 10845 1084 108% Am Sugar ref 6s We 7 108% 104 Am T & Tel tr 4s. 98U 98 98l AmT &Teltrbs.. 15 103 102% 103 AmT&Tsf6s. Am T & T deb5%s Am Water Wks 55. Am Writing Pap 63 Anaconda 1st 6s... Anaconda cv db 7s. Andes Cop 7s rets. . 2 2 1 1 56 55% 56 1034 103% 102% | 107% 107 107% 103 102% 1027% 903 90% 0% 931% 93% 9318 103 102 103 100% 100% 160% 9TH 9T 97N | 10. 102'% 102% 102% 102% 102% 96% 964 96% 100 99% 100 96 94% 96 101% 1014&-101% 105 105 105 102% 102% 102% 152 149% 153 99 93% 98% 104 104 104 101% 101% 101% 107% 107% 107% 100% 100% 100% 100% 100% 100% 106 104% 104% 226 81% 82% 106% 105 105% 100% 99% 100% 95% 96% 96% 108 108 108 9% 97 97 8l 81% 81% 101% 101% 101% 107% 1074 10744 95% 954 95% 108 106 106 103% 108% 103% 103 103 108 114% 114% 114% 106% 106 106% 110% 110% 110% 121 121 121 102 101% 102 9% 9% 9T% 1024 1024 102% 1033 1025 103 96% 964 96% 894 88 83% Armour Del 5%s. Assoclated O11 6s.. Atlantic Kefin 5s Barnsdall 6s otfs. . Bell Tel Pa 68 B. Bell Tel Pa5sC. Beth Steel pm bs. Reth Steei rf eee Beth Steel 6%8 53, Beth Steel 6s...... 3 Brier H St 15t 5%s. Bklyn Ed gen 5s... Bklyn Unicn 5%s. . Bush T Bldg 53 60. o Bl enEButton Raa Cen Leath 6s 45 ¢ Chile Copper 6s 32. Col Gas & &1 6s.... Col Gas & E 55 sta, Commonwith P 6s. Con Coal Md 1st 5: Con Gas N Y 5% Consumers Pow 5s. Cuba Cane cv 88 Cuban Am Sug 8 Denver Gas 58 - © waBnEaeo n NEONERARRBO AR~ Dodge w 1 6s. . Dugquesne Light Est Cuba Sug 7% EmpireG & F 7 %! Fisk Rubber 8 Goodrich 6%s Good year 85 1931 Goodyear 85 1941. Tiiinois Steel 4% Int Mer Marine s, Inc Paper 58 47. nt T I CP&L b8 A 63 Kan G & EI 6s 52. o 280l 101% 101% 101% 1054 105 105% 104% 104% 104% wSe 101% 101% | | NY¥Centribs.... STOCK EXCHANGE Direct to The Star Office. | Sales. High. Low. Close U S Rubistrf5s.. 26 94 93% 93% U S Rub 7% U S Steel 8 £ 5 Vertientes Sug 7s. . 984 Warner Sug 7s 89..123 61 56 56 Warner Sug 7s 41.. 40 88% 79 79 West Elec 5s. 13 100% 100's 100% ‘Westn Union 6 L2112 112 112 Westinghouse 7. 20 106 106% 106 Willys Ov 6%s 33.. 11 102% 102% 1024 Wilson & Co 1st 6: 5 98 97% S Winchester A 7 4 504% 1044 104% Youngstn 8 &7 128 104% 101% 104% RAILROAD. 6? 23 16 106 106% 106 6 98% 98 i 82% 9244 1% 9G% 97% 102% 102% 106 2% 92% 92 9% 9% 964 964 97% 96% 102% 102% 103 102% 106 105% 100% 100 100% 79% T9% 79% 96% 96% F96% 9% 91% 9% 104% 104% 104% 18 118 118 115% 115 115 84 3% 84 104% 104% 104% 102% 102% 102% 190% 100 100% €9 8% 99 04% 94% 9% 139 138% 138% 105% 106'% 105% 86% 864 77 6% 69 68% 63 53 8% 83% Atchison gen AtlanticCL 1st 4s. 1 1 & O Toledo Enff R & Pitt 4%s. Canada South bs. .. Canad North 6%s. . Canad North 7s Canad Pac deb 4s. Cent of Ga 5%8 Cent of Ga 6s. . Cent Pac 1st 63 90.. Ches & Ocv 4%s Ches & O gn 4%s. Ches & v 5s. ... Chi B& Q1st rf 5s. CM&StPdbds.,. CM&StPgn8s... CM&StPeviks CM&StP gn 4%s, C M &St Pri4%s. CM&StP T 4%s of14 CM&StPovEs... CM&SP cv bs cfs 14 CM&StPés . Chi & NW gen 45 Chi & NW 618 Chi & NW 7 Chi Rys s. . ChiIRT&Prf4s ChiTH&SE 58 Chi & W Ind on 4 CCC&StLbs. Cleve Torm 5%8. C& S1st 4829, Colo & Sou 4%s. Cuba R R 68 Cuba RR7% Cuba NR 68 Del & Hud 1strf s Del & Hud 5%s Den & Rio G cn 4s.. D & Rio G imp 5s. . D Rio G West 5s...1 Det United 4%s. Frie 1st cons 48 Frie zen 4s Frie conv 4s A. Frieconv 4s B. Frie Genessee R 88, FlaEC5s74...... 17 Gr Trunksf db 8s.. 1 Great North 6s.... 107% 107% 2 mny ® 89% 89% 87 87 83% 854 102 1€1% 107 107 98Y% 98% 9% 95% $5% 95% 109% 109% 7% 97U 02 91% 103% 108'% 50% B8S% 96% 9%% 69% 68% 93% 934 9% 79% % T1% 76 76% 15% 76 110% 1104% 93% ‘98% 107 107 7 100% 109 106% 105% 13 112% 914 97 95% 95% f1% 314 I 91% 91% 1034 103 101% 100% 74 Ta% 3% 78% 5l 96% 105% 105% 4% T4 9216 924 STih 86% 98% 97 94% 2 98l 1084 1084 10654 106% 67 6R% 97 97Y% 97U 96% A 85% f 921 824 MK&TprinSsA. 16 101% 101% MK&T6sC...... 1103% 103% Mo Pacific gen ds.. 32 78 72% Mo Pac 55 1965 9% 9% Mo Pac 65 49 D. 105% 105% MoPac6s55B.... 2105 105 Nassau ERy 4557. t 60 60 N O Tex & M in 5s. 9% 98% 99% 99% 105 104y 5 95% So% 96% 9% 105% 103% T T 163% 103 103% 103 687 64%% 1034 103 3% 3% BI% B3 % 7T 85% 854 92 921 65% 65% 88% 87% 1% 110% 100% 1004 9% 974 8515 851 974 974 1044 1041 100% 1004 n2 1y 107 107% 102 101% 1034 1034 101% 101% 98 o1y 904 81 93y 96% 2 92 82 82y 9 % 971 1014 101% 1011 96 5% 95 93% 93% 93u% 102/ 102 1024 0 8 8 86 93 93 5% 79 954 244 97% 87% $1% 0 5 8 4 1 8 2 i 6 2 3 2 1 7 1 1 1 Gr North gen 7s. Havana ERL&P 50 Hud & Man ref 6 Hud & Man aj 58 Ti1 Central ref 4s. T1) Central 53s. ™11-C-C StL&NO bs, nt Rap Tran6s... 28 Int Rap Tr 8s stpd. 17 TntRap Tran7s... 2 Tnt & G Nor 1st 8s. 10 Tnt & G Nor ad 65.. 20 Kan City Ft S 4s Ran City § 6s. Kan City Term 4 Lake Shore 4s 28 Take Shore 4s 31 Louis & N uni 4s L & N 4%s2003. Louis & Nash 5%s. Louts & Nash 7 Man Ry 1st 90. Market St 75 40. Mil Bl Ry & L bs. 106% 6% 7% 97% 285% NYCent LScl3%s 1 NYChi&Stig5%sA. 12 NYChi&StH 5% sB. New Hav d 4s 57 New Havancd . NY Ont W istds.. N Y State Ry 4%s. N Y W& Bos 4% Nor & S gen 55 54. . Norfolk & W en 4s. 23 Northern Pac3s... 2 Northern Pac 4s. .. Northern Pacr168s 10 Ore & Calif 1st 5s.. 22 Ore Short L rfs 4s. 11 Ore Wash 1st rf 8 Pennsyi zen 4%s.. 16 Pennsyl gen 5s.... Pennsyl 58 64..... Pennsyl 6%s .14 Pennsyl gold 7s.... 10 Pere Marq 1st 5s PCC & St L5s B75. 10 PorRL&P6s47.. 2 Reading gen 43, Rio G W istds.... Rio G West cl 4s. 19 101% 7% 0% 81% 8% St L IM&S R&G L iStL&SFpl4sA StL&SFprin StL&SF5%sD. St u&SFadjés.. 13 StL&SFincés... 65 StL&SFplésC Sou racine rer Southern Ry gen 4s 49 83 107 106% 7% 117% 8E% 86y 106% 105% 1 65% 564 88% 87% 99% 99% Term Asso S L 4s. Texas & Pacific 1st Union Pac 1st 4s... Kelly-Spring Lackawa S 58 60... 10 Laclede G 5%852.. 12 103% 1084 1034 Liggett & Myers§s 8 101 100% 101 Lorillard (P) 6s... 2 100% 100 100 Louisv G & E 58 52 99% 99%. 99% Manati Sugar sf 7% 99 89 99 104% 104% 104% 1024 1024 102% 102% 102% 102% 115% 115% 116% 9l 91k 9% 98 98 98 108 107% 107% #109% 109% 109% 103% 1034 103% 96% 964 96% 1004 100% 100% 05% 105% 1054 99% 994 991 100% 100% 105% 103 100% 100% 1043 104% 100% 100% 1074 1074% 103% 103% 106 106 84 86 110 110 107% 107% 107% 104 103% 104 i 924 9% 97% 101 0% 90% 80% 102% 102% 102% 98% 98% 98W 104% 104% 104% 108% 108 108% 98% 08% 9815 Pac T & T bt 52 Pan-Amer Peta Peoples Gas 5s. PhilaCorf 6sA.. Phila & R4 C&: L Pub Serv EI Remingtn Arms 6. Saks & Co st T Sharon St H8s.... Sinclair Oil 6s. 2 Sinclair O11 6% Sinclair O11 78. .. 97 100% 100% Southwest Bell Sug Est Odient ‘Tenn Elec Pow Toledo Edn 1st 78, 84% 9y 89% 89 99% 99% 102% 102% 101% 100% 99 99 102% 102% 101 100% 101 102% 102% 102% 21 2% 2% 2% 1 98% 98% 984 1 89% 89% 89% Union Pac 1st rf és Union Pac'ts 27 Unton Pac ev virginia Ry vaRy &P § Wabash 1st bs... Wabash 2d bs Wabash 5%8 75, West Maryland 4 Western Pacific Whel & LEf ¢%; 102% 10i% mamalacma COTTON GOODS STRONG. I NEW YORK, July 27 (Special)— | Cotton goods markets were strong to- day and trade was more active; print cloths were up % of a cent at 7% for 64x60s ‘and 8%c for 68x72s. silks eased off 5 cents in a dull market. ST S DAIRY PRODUCTS. BALTIMORE, July 27. — Live poultry—Spring chickens, pound, 30a 40; Leghorns, 25a32; old hens, 27a30; Leghorns, 20a22; roosters, 20; ducks, 26a28; old ducks, 20; pigeons, pair, 30a40. Eggs—Receipts, 266 cases; native % |and nearby firsts, dozen offered at 27%a28. - Butter—Good to fancy creamery, pound, 40a42; prints, 42a44; blocks, 41a43; ladles, 32a33; rolls, 28a30; store packed, 27a28; priats, 2. H _process butter, 3 1 106% 106'% 106% |~ 1 | ported by Virginia Iron, Coal and Coke Raw | B FINANCI WHEAT HAS SLIGHT DOWNTURNS TODAY Better Weather in Canada and Ex- porters’ Bidding Direct for Soft Grain Are Factors. | By the Associated Press | CHICAGO, July 27.—Prospects of less intense heat in Canada tended to ease down the wheat mirket during the early dealings today. On the de- | clines in price, however, aggressive | buying quickly developed. Openingat | % off to % up, wheat underwent a | moderate general setback. Corn | showed relative firmness, starting un- changed to % lower, but soon rising in some cases to well above yester- day's finish. Osets were inclined to sag. Provisions held about steady. Announcement that the grain f tures administration had issued a cal for a list of all open accounts in the July dellvery of wheat, amounting to 100,000 bushels or more, did a good deal today to accelerate evening up of wheat transactions in that month. As a result July went at times today to a premium of a cent or more over September, as compared with only 1% above when the market closed yes- terday. Something of a further steadying influence on wheat values today was news 'that exporters were bidding di- rect for soft wheat in the hands of Ohio and Indiana producers. These bids were said to be equal to about 8 cents a bushel over the price of Sep- tember delivery at Chisago. High. 430 July Sentember Decemper OATS— July Reptember December | YeE— i 4 047 Sentember 0111 1 i | Deteniber ; o1 1163 McDOUGAL ELECTED. Will Head Maryland Car Wheel Company, Living in Chicago. BALTIMORE, July 27.— Robert MecDougal of Chicago has been elected president of the Maryland Car Wheel Co. to fill the vacancy caused by the death of A. G. Wellington. Mr. Mc- Dougal will continue to live in Chi- cago, but will make frequent visits to Baltimore. He was formerly pres- ident of the Board of Trade of the Windy City. B. H. Sherwood, vice president and general manager of the company, who has been in active charge of opera- tions for four years, will continue in that capacity. The~ plant is now operating at about 60 per cent of capacity, but Mr. Sherwood expects operations will be increased to 80 per cent within 60 days. S. A. L. IN GOOD SHAPE. June Earnings Near January Mark, Monthly Report Shows. Special Dispatch to The St BALTIMORE, July The Sea- board Afr Line Railway realized its second best month of 1926 in June, earnings being only slightly less than they were in January. The June showing was the most favorable for any corresponding month in the his- tory of the company. Results for the six months were the best for any corresponding period since the system began operating. Surplus available for the payment of interest on the $25,000,000 adjustment 5 per cent bonds was more than three times the requirement and_ exceeded the figures for the first half of 1925 by more than $380,423. The property, the report shows, is being operated more _economically than ever before, and the company’s finances were never so strong as they are today. AMERICAN LOCOMOTIVE. NEW YORK, July 27 () .—Net profits of American Locomotive Co. for the first half of 1926, including financial results from operations of Railway Steel Spring Co. from May 14, when its business was acquired, amounted to $3,338,289, compared with §212,717 in_the same period last vear. Preferred and common divi- dends totaled $3.487447, leaving a deficit for the half year of $149,158. Excess of current assets over current liabillies was $52,085,303. The com- pany had no loans payable on June 30 and had in its treasury $33,335,543 in cash and marketable securities. ¥ F. Fitzpatrick, president, said the outlook was promising for the last half of the year and for the vear as a whole. | e HERCULES POWDER. NEW YORK, July (#).—Net profit of Hercules Powder Co. for the half year was $1,471,843, equal after preferred dividends to $7.69 a share on $14,300,000 common stock, against $1,461,666, or $7.67 a share, in the first half of 1925. BEICLAERS LD COMPANY GROWS. NEW YORK, July 27 (#).—The an- nual corporate and_ statistical manual of the American Water Works and Flectric Co. states that since 1918 gross earnings of the electrical group have increased more than two and onehalf times, the number of con- sumers has quadrupled and sales of electric light and power alone have increased two and one-quarter times. At the present time more than 1,300, 000,000 kilowatt hours are produced afinually. =R BUTTER IS HIG! CHI®AGO, July 27 (#).—Butter higher; receipts, 16,961 tubs; creamery extras, 37%a38; standards, 38%a381%; extra firsts, 37a37%; firsts, 35%a36; seconds, 33a34. 10SS IS REPORTED. NEW YORK, July 27 (®).—Loss of $49,633 for the first half of 1926 is re- in contrast to profit of $147,041, or 84 cents a share on the common after preferred dividends, in the first half of 1926. FOREIGN EXCHANGE. ( i furnished by W. B, utaions et . 2o 805 rold value. ’rx{ 3 $ 0365 ,!fl‘% Copenh: Slotknoim. erow NEW YORK, July 27 (#). exchanges mixed. Quotations in cents): Great Britain, demand, 485%; cables, 486%; 60-day Dbills on banks, 482. France, demand, 2.47%; cables, 2.48. Italy, demand, 3.18; cables, 3.19. De- mand: Belgium, 2.48%: Germany, 23.80; Holland, 40.14%; Norway, 21.94; 26.75 Denmarl;. 26.48; Switz- g 5.41; AL. B. & 0. NET INCOME SHOWS BIG GROWTH June Figure, $5,271,163, Against $3,338,604 for Same Period Last Year. BY EDWARD C. STONE. Net operating income of the Ralti niore ‘and Ohio Railroad for June jumped to $5,271,163 from $3,338,604 in June of last year, making an in crease of $1932,549, according to the monthly report given out at 10 o'clock this forenoon. Net ing income for the first reached $20,813,583, against 412 for the first half of 1925 gross amounted to over $21,000,000 an increase of $2,395,142. The Seaboard Afr Line Railway re ports for six months ended June 830 1926, surplus of $1,966,424 after taxes rentals, flxed charges, etc., but be fore adjustmen bond Interest, equiva lent after allowing for 5 per cent ad Justment bond Interest and dividend requirements on the 4 per cent and 6 per cent preferred stocks to 2 a share earned on outstanding 370,191 shares of common stock. This com pares with $1,686,000, or $1.30 a share in first six months of 192 Trading Covers Many Issues. Stocks and bonds shared interest about equally on the Washington Stock Exchange today. Five shares of Capital Traction stock sold at 1037%; 20 shares of Potomac Electric Power preferred changed hands at 108%; Railway preferred came out at 8934, and 20 shares of National Mor: gage and Investment preferred re corded a sale at 814. Mergenthaler Linotype registered a sale at 105% and closed at 105 In the bond div tion 5s brought 1 at 10 Georgetown Gas at_par_on transactions totaling $10,000 while Washington Rallway and Electric 4s brought 82%. The bond market closed with one of the Washington Gas 68, so-called baby bonds, selling at 103, Chapin Sacks 8% preferred stock s0ld in the unlisted department today at 99, advancing later on the sale of two shares to 100 Telephone Expenditures Voged. To provide facilities to take care of the rapid telephone growth in Wash- ington the directors of the Chesa- peake & Potomac Telephone Co. ap- proved today additions to the under- ground condujt and cable system and the installation of certain trunk equipment in each of the central of- fices involving expenditures of $457,000. Charles T. Clagett, division manager of the company, states that there are now 130,330 telephones in the District of Columbia—a net gain of 3,829 hav- ing been made during the first six months of this vear. Southern Dairies Sales Gain. Net sales of $5.231.491 compared »n Capital Trac- idiaries for the first six months of 1926.. Cost of sales and expenses was $4,108,461, ainst 28, and gross profits $1,123,030, against $559,992 in the first six months of 1925. General and administrative expenses were $260,839, against $141,- ., while other deductions amounted to $122,924, against $28,048, leaving a net profit before depreciation and Fed- eral taxes of $739,267. This latter figure compares with $390,192 in the same period of 1925. Gets Seat on Local Exchange. Thomas W. Brahany, who has ] become a partner in Crane, Parri Co., was elected to a seat on the W ington Stock ange today meeting held after the trading ses: mn. ious to bec ing identified with ne, Parris ~ Mr. Brahany had been doing busi- ness under the name of Thomas W. v & Co., and cial ty of public utility s Convention Delegates Home. legates to the Institute convention at Dailas, Tex., have reached home, and T. Hun- ton Leith, head of the local chapter, said today it was the best of the four conventions he has attended. The dis- cussions proved of much value and the trip to and from Texas was all that could be desired. Harold W. Burnside was placed on the national forum committee and R. Jesse Chaney made a member of the president’s conference committee. In addition to Mr. Leith, those from here taking the trip included William G. Winstead, Miss S. Winifred Burwell and H. H. rneille, from the National Metro- politan Bank; Joseph D. Yerkes and Miss Lois A. White, Federal-American National; A. E. Henze, W. Hibbs & Co.; A. W. Sherman and H. F. Kim- ball, American Security and Trust Co., and H. W. Dennison and Esther R. Lau, Riggs National. Treasury Financing Planned. The Treasury has made known offi- cially that it would be in the market for funds in the middle of September. This announcement is in accord with fairly definite predictions made by Secretary Mellon at tne time of the June maturity, and it confirms what has been the general market belief. The effort put forth in absorbing the June maturity without refinancing naturally curbed the Treasury’s free- dom of action in September. That the Treasury thought a formal statement worth while is somewhat unusual. Other Financial Notes. The Federal Reserve Board's re- port for the third week in July shows that in the Richmond district total bank debits stood at $321,770,000, against $291,269,000 ip the compara- tive week a year ago and $315.206,- 000 in the week ended July 14, 1926. Pennsylv: ilway stockholders numbered 141,365 on July 1, as com- pared with 141,586 on the first of June, and 146,988 on July 1. 1825. Francis M. Savage, president of the Central Savings Bank, and Mrs. Savage are at Watch Hill, R. L. having gone there for a visit from York Harber, Me. Howe, Snow & Bertles, Inc., and R. E. Wilsey & Co., Inc., are offer- ing a new issue of 18,240 shares Gen- eral Public Utilities Co., §7 cumula- tive preferred stock. The shares. without par value, are priced at 96 and accrued dividend. The Standard Co. is today offering local investors a portion of the $15,- 500,000 issue of ‘Warbash Railway Co. refunding and general mortgage b per cent gold bonds, at 95% and a ned interest. NEW BOND OFFERING. NEW YORK, July 27 (#).—New of- ferilllrgs ‘today include $8,000,000 first and refunding mortgage 4% per ?nl sinking fund gold bonds, series C, of the Connecticut Light & Power FD.. at 95% and accrued interest to yield about 4.80 per‘cent. Funded debt will amount to $21,107,000 after this financ- ing, compared with a_property invest- ment valued at $43,371,000. §T. TOUIS-SAN FRANCISCO. NEW YORK, July 27 (P.—Surplus of $2,509,226 reported by the St. Louis- San Francisco Railroad for the first haif of 1926 is equal, after 6 per cent preferred dividends, to $4.57 a share on $50,277,826 common stock, com pared with $2,417,002, or $4.87 a share. Brazil, 15.25; Tokio, 47.31 70.75; Montreal, 100.17 3-16. on $45,249,226 common stock in the first half of 1936, s