Evening Star Newspaper, July 31, 1926, Page 28

roog % FINANCIAL THE EVENING STAR, WASHINGTON, :D. C SATURDAY. JULY 31, ADVANCE BROADER INSTOCK MARKET se Continues in Many Di- rections—Steel and Motors Still Strong BY STUART P. WEST. bpo al Dispatch to The Star. YORK, July 31.—Operations !'m the rise continued in numerous frections on the Stock Exchange to- . with the volume of business un- v large tendency to take down profits 4n the recent prominent industrials pgain made itself felt, but offerings of #his character were absorbed with Jittle difficulty. There was more of a Qisposition to go into other industrials Svhich heretofore had shared little in the upward movement. United States Steel common, which has been one of the outstanding fea- tures throughout the week, was well supported at and just below 148, where it compared with vesterday's new high yecord of 149%. The selling which carried General Motors down 634 points from its high in the late trading yesterday appeared o have been completed and the price rallied more than 2 points above the closing quotation of 188%. Hudson Motor was an outstanding feature of the motor group. Despite the advance of more than 5 points on the previous day, operations for the Fise were pushed aggressively. Above 72 it was selling at a new high for ihe movement, and compared with sterday’s final of 68%. It was evi- ent that those who had large profits in General Motors Were transferring itheir activities to this issue on the Delief that there was a sleeping short interest built up earlier in the year. Public utility shares, especially those representing local gas compa- nies, were outstanding strong Spots. Brooklyn-Union Gas and Brooklyn Edison went into new high ground for one year on a large turnover. Consol- dated Gas was held in check for a time under realizing sales, but subse- quently started forward. Public Serv- jce Corporation of New Jersey and North American were bid up substan- tially. For some time past reports have been current that a consolidation f the Brooklyn-Union Consolidated s and other interests is under con- sideration, but so far these have lacked official confirmation. The best opinion was that if anything along this line is 1o be effected it will not come until after the dollar gas rate decision is out of the way ! Increasing activity at higher prices characterized trading in the raflway section. The demand in most instances was not as pronounced as at times yesterday, but was sufficient to carry prices up one-half to a point and| More in the favorites. This was true of Baltimore and Ohio, Atchison, At- e TR S Jantic Coast Line, St. Louis-San Francisco, New York Central and Reading. Among industrial spectalties Univer- gal Pipe and International Combustion Ktood out strongly. Buying of Allied Chemical resumed, but the mar- | ket for Texas Gulf Sulphur continued to feel the effect of profit-taking. The ofls were more active, but they failed to respond In the manner ex- pected to all favorable data concern- ing the ouilook for the industry dur- Ing the remainder of the year. The coppers, under leadership of Amercan Smelting and Refining, shared in the improvement, but gains in_most instances were limited. The railvay group dominated the trading in the last hour. Those who had been active in industrial special- tles early in the week finally directed Abitib! Pow (4). Ahumada (v1).. Alr Reductn($5) Ajax Rubber. Allfed Chem ( AllledCrm pf (7). Allis Chalm ().. Amerada (2).... Am Agricul Chm Am Boseh. ..... Am Brake Sh(6) Am Br Bov El(2) AmCan (%)..... Am Chicle /3).. Am Chicle ofs(3) Am Drue. . { Am Expres (). | Am & For vow. . Am & Fo P pf(7) Am Internatl. .. | Am Linseed. Am Locomot (8) Am Metals pf (7! Am Metals (4).. Am Po&Lt (g1). Am Radiator (4) Am Safety R (3) Am Sm & Ref (1) | Am St1 Fdys (3). Am Sugar (5)... Am Sugar pf (1) Am Sumat A cfs Am Tel & Tel(9) A Tel& Teleg rts Am Tabacco (8). Am Tobac B (8). Am Wa Wo c1.20 Am Wool pt (7). Anaconda (3).. Armour of I11(A) Armonr of 111(B) Arngld Con (n).. Asso Dry G(214) Atchison (7).... 1 At Birm & At At] C Line(19%) Atlantic Refing. Austin-Nichols. Auto Knitter. .. Baldwin L (7).. Balto & Ohlo(8) . Balto & Oh pf(4) Barnsdall A (2). Bethlehem Steel. Beth Stl pf (7).. Bloomingdale. . . Bloomingdle pf 7 Briggs Mfg (3).. Bkin Edison (8). Bkin Un G(t11). Brown Shoe (2). Brunswick Ter.. Burns Bro (10) Butterick. Byer & Co. Callf Packing(8) Callf Petrol(2).. Callahan Zine Calume&H(1%). Can Pacific (10). Case Threshing. Century Rib M. Cerre De P (4).. Certain-Teed (4) Chand.Cle pf(4). Ches & Oh (t12). Ches&O pf(6%). Chi & Alton. . Chi & Alton pf.. Chi & East 11l pf Chi Great West. Chi Gr West pt. ChiMII&StP... Chi Mil & St P pf C Mil & St P ctfs C MI1&StPpf cfs Chi & Nwa (4).. Chi Pneu T (6).. ChiRI& Pa CRI&Ppt (7). Childs (32.40). Chila Cop (l%). Christie B (1.20) Chrysler Corp(3) Coca-Cola (7)... Collins & Alkmn. Col Fuel & Iron.. Col Gas & EI (5) Col G & Epf (T) Col Carbon (4).. Com Cred (2)... Com Cred 1st 6% Com Inv (3.60).. their attention to this quarter of the | Congoleum-N... market, and the buying toward the close iwas particularly impressive, | Consol Clgar.... Baltimore and Ohio was carried above | Consol Distribut 101% to a new high record for the | ConsolGas (6).. year. Chesapeake and Ohio, New | onsol Textlle.. York Central. Southern Railway, Southern Pacific and other high grade issues were bought in large quantities at advancing prices. It was evident that those voring higher prices were taking more cognizance of the favorable comparison both as to gross and net in the June railway returns. The close was active, with %he I)mlnxy movement still in progress in this quarter, but with the demand for recent industrial favorites less pro- nounced. Markets at a Glance NEW YORK (#). rall and motor share: Stocks, higher; lead rise. Bonds, Cuban-. Corn Prod(t2 l‘) Coty Inc (4). Crown Pa lsl(") Cuba Cane Sugar Cuba Co (4)..... Cuba Co rights. . m S (2). Cuban-Dom Sug. Detroit Ed (8).. Devoe&Ra(2.40) Dodge Bros Cl A Dodge pf (7).. Douglas Pec (1). Dupont (119)... irregular; local gas issues higher.'m‘m“‘"" Foreign exchanges, steady; French | Eaton Axle (2 franc firm. Cotton, easy; improved | Electrio Boat. .. weather forecast. day. WALL STREET BRIEFS NEW YORK, July 31 (P).—Steel products in the Chicago district are reported in the trade to contemplate an advance of $2 a ton in bars, shapes, plates and sheets in two weeks. Mills are booked from four to six weeks ahead. Net profit of Fairbanks, Morse & Co. for the first half of 1926 advanced to $1,633,073, equal to $3.71 a share bn the common stock after preferred dividends, from $1,277,738 or $2.74 a share, in the first hailf of 1925. Sugar, coffee; holi- Interests identified with the Amer- fcan Sumatra Tobacco Co. assert that results of harvesting the new erop indicate the company's net earn- ings available for dividends will| ount to at least $1,100,000 in the ew fiscal year ending July 31, 1927. This would be about $5.34 a share on the common, after preferred divi- dends. The Massachusetts and Con- necticut crops are expected to be the best in years. The Southern crop, already gathered, was 800,000 pounds. . Long Bell Lumber Co. had a net rofit for the half year of $1,961,800, qual to $3.30 a' share on the class A stock, against $2,500,098, or $4.37 a $hare, in the first half of 1925. : Traffic on the Chicago, Milwaukee & St. Paul in the first 28 days of July was heavier than the same period Jast year, 163.933 carloads, against l50 125. & Supplementing the recent $30,000,000 oan for the United Steel Works Cor- ration of Germany, an additional 10,815,000 of the company’s bonds ave been placed privately by Dillon, ead & Co. & W. S. Barstow, president of the Gen. ®ral Gas & Electric Corporation, an- Jhounced yesterday that the municipal wer plant at Umatilla, ¥la., had n bought by the Florida Public ervice Co. and would be absorbed Into the General Gas & Electric sys- em. Feder Elec Power & Lt Eiec P& L pf(7) Elec Refrig(f2). Elec Sto Bat(18) Emrsn-Br pf cfs End-John (5). .. Engineers Pub 8 Engnrs PS pf(7) Equitable pf (7) Erfe R R. Erie 18t pf. Exchange (1%). Eureka Vac (4). Fairbanks (3)... Famous Pl (J2). 1 Truck. . Fisk Rubber. ... Fleischmn (12%) Fox Film A (4)... Freeport-Texas. Gabriel A(14%). Gen Am Tnk (3). Gen Asphall Gen Cigars (4).. Gen Elec (H3).. Gen Jiec (112). . Gen Elec 8p(600) Gen G&E A E1% Gen Motors (116) Gen Outdr Ad(2) Gen Petrm (3)... Gen Ry Sig t4%. Gimbel Bros Glidden (2). Gold Dust Goodrich Ru (4) Goodyear pf (7). Gotham S H new Granby Consol. . Grt North pf (5) Gt Norx Ore (1%) Green Canan. ... Gulf Mo & Nor.. Gu M & N pf (6) Guif States 8 (6) Hartman: Helm Geo (16%) Howe Sound (3) HudsonMan (2% Hudson Mo(3%) Hupp Mot (1)... Indep OLl (1).... Indian Refining. Indian Refgotfs. Inspiration (2).. Interurb Rap Tr. Intcontl Rub(1). Internat Agri... ™t Bus Ma (3 Int Cement (4).. Int Cement rts. . Int Com Eng (3) £ Int Harvstr(6 The last half of 1926 should be a big | IntMtch pf(3.20) alf ‘erall year for motor companies gen- in the opinion of A. R. Ewskine, tion. A long era of uninterrupted prosper- 4ty, and if this is true, the public gen- Int Mer Marine. . Int Nickel (3) President of the Studebaker Corpora- | Int Paper (2)... “I think the country is in for | Int Tel & Tel (6) Jones Bros Tea. %rally will be large buyers of motor | Kan City South. «cars. General business throughout the Kayser J (3). Kennecott “)i! tone T & R. ! Ward Baking Co.'s net profit for 5 {f,',f:”ugm_ reased ssa1 Dot $1265.68 fa the] Kreske 88130 Fountry is good.” $ aveeks ended July 51,918,585, ine! year. * 51 116% 12% 44 3% 56% High. Low. Close. 82 B4 119% il 137 54! 128% 63% -7 38 81 8% 119% 8% 133% 28% 141% 142 w142% 5% 8 4a1% 9% 24% 11 18% 10% 17% 9% 26% 43% 16% 18% 48 64 L) b52% 127% fish 87’6 115% HB'C 12% 4" 3% 56% % 56 53% 22 82 8% 119% 8% 136% 122 143% 5% 8 41% 9% 24% 11 18% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Lago Ofl & Tran. Lambert (3%).. Lee Tire & Rub. Lekigh Val(3%) Leh&iMnk stf(3) Liz & M B (14) Loew's Inc (2).. Loft. .. Loose Wiles. ... Loose W 24 (7). Lorfllard(3).... Loutsiana Oil... LouisGasA (1.76) | Lou&Nash(16%) | MeCrory B 15.60., Mack Trucks (6) Mallison & Co. .. Man E1 Sup(5%) Man Shirt (1%). Maracatbo Ol Market Street. . . Market St prior. Market St 2d pf. Marland Oll (4). Maytag Co (3).. Mexican Seabd. . Miami Cop (1).. Atid-Continent. . Mid.Cont pf (7). Middle States. . . Mid States Ofl et Midland pf(10). Mis Kan & Tex. .. Mo K & T pf (8). Missour! Pacific. Missourt Pac pf. Montana Pow (5) Montgom Ward. Moon Mot (3)... Mothr Lode(75¢) Motor Met(3.60) Murray Body... Nash Mot (13).. Nat Acme (sta). Nat Cash Reg(3) Nat Distillers. .. Nat Distillers pf Nat Po& Lt(40e) Nat Supply (4).. Nag Sup pf (7).. da Cop (1). NY Afr Brake(2) N Y Alrbrake rts N Y Canners C2. NY Cannrs pf(6) NY Central (7).. NY Chi&StL(11) NY NH & Hart. . NY On & West. . Niag F pf (1%). Norfk & Wn (18) North A (B3.40). North Am pt(3). North Pac (6) 011 Well Sup (2) Omnibus Otis Elevator (8} Owens Bot (14). Pac Ofl Stubs. .. Packard (12.90). Paige Mot(1.80). Pan-Am B (8) Panhandle. . Pennsy R R (3). Peoples Gas (8). Peoria & East. .. Pere Marq (18). Phila& RC&1. Phillips Pet (3). Pierce-Arrow. .. Plerce-Ar pf (8) PierceOll....... Plerce Petrolm. . Postum (5)..... Pub Ser NJ (5). Pub 8 NJ pf (8). Pullman Co (8) Pure O11 (1) Radio Corp of A. RSIICefs (4). Ray Cons Cop (1 Ing (4).... Reid Ice Cm (3) Replogle Steel Rep Ir & Stl (4). Rep I1&S pf (7). Rey Tobac B(6). Rutland pf...... St Jaseph L(13). StL & SanFr (7) St L Southwest. .'High. Low. Close. 24% 138% 80 125 17% £3% 2 180% 181 46% 46% 28% 28% 28% 284 156% 166% b4 56w 50% 60% 8% 3% 84 84 164 15 16 120% 122% kL) 74 1% 1% 1125 112% % 3% 8% 101% 101% 9l 92% 121, 121 179 179 214 2% 41% 43% 74 4 14 14 95 9% 43 43 10% 10% 68 68 97% 9TH 9w 97% bi% 69% Seabd AiIr L pf.. 386% 8614 564 364 Sears-Rn (2%). 5% 04% b4 Ge% Shell Un dl.40).. 28% 28% 28k 284 Shubert Theatrs 67% 68 67% = 674 Stmmons(12.26). 34% 34% 84 384 Stmms Pet (1).. 17% 1T% 17% 17% Sinclair Oil..... 204 20% 204 20% Skelly O (2)... 824 383% 32i 83 Sou Dairfes A(4) 527 52% 524 b2% Sou Dairfes 3... 31k 81% 0% 81% South Pac (8)... 106% 107% 106% 1074 Southern Ry (7). 119 120% 119 120% South Ry pf (5). 92% 92% 92% 92% Std Gas&El (g4) 5% 66 64% ©56% SWAG&EIpL(4) 66 66 66 .66 SiaMIN(B)..... 11 T U T StaOlliCal (3).. 60 60 59% 59% StAONNJ (1).. 44% 44% dd% 443 Std PlateGlass. 64 64 6% 5% Stewart War (6) 724 73 124 72% Stromberg (8) 67 87% 66% 6% Studebaker (§). 86 67% 66 57 Studebak pt (1) 120 120 120 120 31 81 30% 80% 1% 1% 1% 1% Superior Stl (2). 26% 254 26u 264 Symington...... 8% 84 8l Symington A@) 17% 17% 1'm 1% Telautogra(60c) 11% 11% 11% 11% Tenn Copper (1) 12 124 12 124 Texas Co (3).... 63% b3% B34 b3 Tex Gulf 8 (10). 164% 164% 164 164% Tex&Pacifio... 84 b6% b4 554 Tex&PacC& O 14% 14% 14% 14% Third Avenue. .. 87 87% 87 8% Thompson(3.80) 45% d6% 45 45 Tide Water(1%) 81% 81% B81% 81% Timken (14).... 60% 61% 60% 61 Tobac Prod (7). 104 104% 104 104% TranscontOfl... 5 b 4% 4% Un Bag & Paper. 46% 46% 46 46 UnCarbide (5).. 84% 54% B84% 84% . 1:%% ‘ga 52% b52% 5% 164 166 Un Pacific pf(43. 80 S0 89 8o Utd Alloy (2)... 38% 33% 83% 38% Utd Cigar S(c2). 974 974 97% 97% Utd Drug (8)... 158% 158% 158% 158% UtdDrglst(3%) 58 68 674 b7w United Fruit (4) 113 113 118 113 {USCIP&F(10) 241 244 240 2404 US Distributing 655% b6% 65 65 US Hoffmn 13%. 49% d49% 40% 49% UsSind Alcohoi. bi% B5% Biw 65% USRealty (.. 61% 62 61% 62 USRubber..... 59 69% 684 568% U S Stepl (7).... 147% 148% 146% 146% U S Steel pf (7). 120% 130 _129% 130 Unlversal Pipe.. 227 22%4 24% Univ Pipe pt (1) 71% 71!« % T UtiP& LtA (02) 30 80% 30 80% Vanadium (8)... 86% B86% 364 B6W Vick Chemical.. 454 46% 46% 45% Va-CaroCh(n).. 14 14 14 14 va-Car Ch pf(7) 90% 90% 90% 90% Vivaudou....... 30% 814 30% 814 Wabash........ 44 46% 44 4b% Wabash pf A(6). T4% 76% 74% 75% Waldorf (1%).. 20% 20% 20% 20% Ward Baking B. 824 824 82w 824 18 17% 18 60 80 60 West Maryland. 13% 18% 13% 13% West MA2d pf.. 214 21% 21% 21k WestPacpf (6). 85 85 86 85 West Union (8). 146% 146% 146% 146% Westinghse (4). 69 69% 69 694 Weston Elec.... 184 18% 184 18% Wheel & L Erle. 24% 254 24% 26% Wheel & LEDf. 464 45% 48% 464 White Eagle (2) 26w 20% 20% 264 White Mot (4).. 59% 60% 59% 60 white Rock (2). 28% 284 28% 28% WhiteSew pf... 47% 48 7% 48 Willys-Overland 28% 28% 28% 28% WillysOd p£(7). 96 96 96 96 Wilson A (new). 18 18 17% 17% WoolwthFW (15) 168 168% 166% 167 Worthn Pump... 30 30 380 80 wright Aero (1) 38 33K 38 38 Yale&Town(16). 67% 67% 67% 61% Yel T&C(75¢)... 24 26 24“ 24% Yellow T&C rts. 24 2% 24 Yel Tr&C pf(7). 101% 101% mm 1014 Youngstown (4) 87% ' 91 87 goy (o Diyidend rates as eiver In the sbove table the N '“"fi‘ auarterly ot ‘l;al # ;‘sr-‘nzr deellrnlm;r' denge are not inclu et i common *Hock. Pm-’ ass iy "1:‘""" BloT%e quarteriy 1 Tus his year—uo r r-u Pl 3 "”f'p.'u # > IMNJ i R #*.. P INVESTMENT BOND TRADING IS SMALL Brooklyn Union Gas Issue Makes New Record for Second Day. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 31.-—The feature of the bond market in ‘today's short sessfon was Brooklyn Unlon Gas debenture 53%s, which made a new high record on the conversion fea- ture. This was the second day the same thing has happened in the case of this bond. At 160 it was up 3% points from yesterday's close. The bonds are convertible into Brooklyn Union Gas stock on and after Janu- ary 1, 1929, on the basis of two shares of stock for each $100 deben- ture. Trading in investment issues was on a small scale and price changes were irregular. Denver and Rio Grande consolidated 4s slipped back a half point, but Armour of Delaware 5%s were stronger than at any time this week as they crossed 94. There was good demand for the steel bonds, including Trumbull Steel 65, which held the gain of 1% points scored on the week. Consolidated Gas 6%s were higher. Liberty bonds were steady. Among the speculative rails New Haven issues were well supported; so were New York, Ontario and West- ern general 4s. Peoria and Eastern incomes were lower. Oil bonds con- tinued to sag and there was no im- provement among the local tractions. Specfal buying appeared in Central Leather 6s. There was little change in the for- elgn list. Queensland 6s were higher on investment buying and Argentine internal 58 made a new high. Argen- tine bonds have been in demand all the week. MILLERS FIGHTING M. & ST. L. RATE CUT — Six Railroads in Middle West Re- fuse to Follow Lead—Minne- apolis Greatly Aided. By the Associated Press. CHICAGO, July 31.—Six railroads, which haul much of the Middle Wests graln and flour refused yesterday to follow the lead of the Minneapolis and St. Louis road in reducing rates on the two commondities from Minne- apolls to Chicago and the Atlantic % | Seaboard by 6 cents a 100 pounds. The action of the M. & St. L., to take effect August 25, directed at the equalization of allrail rates from Minneapolis to the seaboard with raiklake-rail rates from the North- west to the Atlantic Coast via the Great Lakes, The reduction of 6 cents | a 100 pounds on all.rail grain and flour shipments restores Minneapolis to its favorable position as a milling center and insures the inereased manu- facture there of grain now shipped to_Chicago and eastern points for milling. An attack on the new schedule was at once started, however, by grain ex- changes at Kansas City, Chicago, Duluth, Omaha, St. Joseph and Atchi- son, the Kansas City Millers” Club and’ the Southwest Millers' League. They will protest to the Interstate Commerce Commission on the grounds that the reduction is unfair to their territory and undermines the pres- ent rate structure which they regard | as the fairest that can be arranged for the whole Middle and Northwest. SUGAR UNCHANGED. NEW YORK, July 31 (#).—The raw sugar market was unchanged today at 4.18 for spot Cuban, duty paid, with no_sales reported. Price changes in raw sugar futures were narrow, but the undertone was steady, and the market closed net un- changed to 1 point higher, with trade and Cuban interests the principal buyers. Approximate sales, 37,000 tons. September closed 2.41, Decem- ber 2.57, January 2.62, March 2.64, May 2.78. PR LT i) BARNET LEATHER PROFIT. NEW YORK, July 31. (P).—Net profit of Barnet Leather Co.. for the first half of 1926 moved up to $158,- 784, equal after preferred dividends, to 83.09 a share on the common, from $118,406 or $1.65 a share in the first half of 1925. WOOL MARKET QUIET. BOSTON, July 31 (Special)—A mod- erate movement of territory wools was the only feature of today's raw wool markets Buyers are favoring fine and medium sorts as a rule. Con- siderable 12-month Texas wool has meved at $1.07 to $1.10, clean basis. and eight-month wool at 85 to 90 cents, clean Fatalbalig CHICAGO STOCK MARKET. CHICAGO, July 31—Foilowing 1s a report of today's sales, high, low and closing quotations at the Chicago Stock Exchange: Salen. . urus B High, Tow. Close ) Adams Ras 3 204m A LB aan o1 20 Am Shipbldg, 8. 78 250 Am_States 8818 E 160 Armour . 94 03% 94 40 Armouy. Ti] s sy 125 Assoc Iny Co. 36 3 i 188 Aiien "Motr. .. Bdw B4 B4 10 Buiaban SR U WERET G B My 20 (‘r‘ . ."10;” :lg’ 301 208 20% 204 20 20 '.!g j¢ is_ 16, B8, RR% gfl}z 87 861 87 235 22 23n 9515 023 921 1007 9018 100 1363 136% 1361 fe ¢/ Je T e {14 187 18 16 - g RE oA i R/ ¢ T 110 110 110 . 89y 80w 2w L7 (] 69 7 69 By 4y 8 . 18% 15 !5& 107 107 107 L110% 116% 116% gl 10 gl 50 fig ho 25 25 25 a5 05y 951 29 K 29 29 204 901 801 213 218 218 by HH 59 . 104 104 104 48 4R 4R 0 Reo, 9% 1% 197 10 8o V\ma! G&E l’lf flg 063 06y 20 Sprague. Sells . 2 201 901} 100 Star B com 58 56 58 100 Stand 6 b, B8 Bay 370 Stew Warner [0 74 ° 7236 73 5 3wift & Co 113" 1i3% swift Intl 07 1 10 Thompson 4R% 45 45 Unlan Clr Car B4, K41, 84 EAEA : % 0y 20 3 % 2% TREASURY CEETIFIOATES (@uotattons furnished by Regm nd & Co.) “OMfer. Vel ! Ya: ! 1 100 7- u' 01 7-16 “)111‘"2 I NEW YORK B Received by Private Wire UNITED STATES. (Sales are in $1.000.) Salos. High. Low. Close. Lib3%s.... 69 10110 1018 10110 Libist4i%s 14 1025 1024 1028 Lib2d 43%s. 28 100 27 100 24 100 24 T4b3d 4%s. 122 1019 1017 1019 Lib 4th 4%s 2! 10220 102 18 102 20 US3%s.... 110119 10119 10119 UB4s1944. 2 101 10328 108 28 O84%ss2. 3108 107 27 107 272 POREIGN‘ les. High. Low. Close. 4 90% 90'% 20 A% 99% Argentine 5s Argentine 65 Argentine s Oct 52 13 99% 95% Argentine 6sA.... 16 100 97% Argentine 6sB.... 11 99% 994 Argentine 7s . 81014 101 Australjan b .22 95K 98 Austria 7s. 2 1024 Bank of Chile 6%4a. 12 96% Bank of Japan 6s,. 17 100 Belgium 7s. 2 93 Belglum 7% 1107 Solivia 88 13 101% Bordeaux 8s....... 1 85% Brazi) 78 6 94% Brazil 7%s 2 107 Brazl 8 2 104% Canaa 65 1952..., 3 105 Canadu 6%5 1929.. 8 102% Chile 7s 1943 Chile 8s 1941 Chile 8s 1946 Chinese Gov Ry 68. 1 40% Con Pow Japan 7s. 18/ 93% Copenhagen 5% 2 99% Czecho 7%s rcts 3 9% Czecho 8s 1961 7 103% Czecho 8s 1952 .1 102% Danish Munic 8s A. 20 1114 Danfsh Munie 8s B. 26 111 Denmark 6s. 3 103% DETI5%s M 5 103% Dutch East 168 47. 27 105% Dutch East 1 6s 62. 106% French 7s. 89% French 7%s. 054 French 8 101% German EI P6%s.. 6 92 German 7s. . . 54 105% Gor Agr Bank7s... 6 99% Ger Gen Elec 7 1102 2 884 198 0 88% 8% [E8% 4 B9% 894 89% Tapanese 6% e m ouw 97 Lyon 6s. 85 85 86 Tremion G5 assented 20 1% 41w 41% Montevidio 7 1 101% 101% 101% Netherlands 63 103% 103% 108% Nord 6%s _3 78% 18% _13% Norway 5%8...... 3 98 97T% 98 Norway 65 1944 . 3 100% 100% 100% Norway 6s1952.... 1.101% 101% 101% Orient Dev deb 6s 1 %1% 9% D!fi Paris.Ly-Med 8s... 11 75 74% 75 Paris-Ly Med 7s... | &3 %3 83 ParlsOrleana?s... 4 83% 88 83 eru 7% 2 99 99 93 Peru 85 § 103% 103% 103% Poland $ D152 85% 86% 85% Queensland 6s 11 105% 105% 105'% Rhinelbe Un 7s. 13 105% 105 103 Rio de Jan 851946, 1103 103 102 Rio de Jan 88 47... 2 102 101% 101% Sao Paulo City 8s.. 2 104% 104% 104% Sao Paulo 8s 1936. 8 105% 106% 105% Sao Paulo 1950. 4106 105% 106 Saxon (PW) 7 3 08 98% J98% Seine 7s 42.. 1 87 87 87 Serbs Crot Slo 8 8 03 92% 93 Sweden 5%s ct 31 1034 103% 1034 Swiss Confed 8 5 113% 118% 1134 Toho Elec Power 7s 2 95 95 o5 ‘Tokio 5s.... .8 T4 Te% 4% Utd Kingm 635 29. ! 118% 118% 118% Utd Kingm 5%s37. 15 105% 105 105 MISCELLANEOUS. Am Agri Chem 7%s 22 104'% 104% 104% AmSmit& R 1stbs 6 100% 100’5 100% Am Smit & R 6 2 108% 108 108% Am Sugar ret 5 104 103% 104 AmT &% cltr b 1 102% 102% 102% AmT&Ts 6 €5 100% 100% 100% Am T & T deb 10 105% 105% 105% Am Writing Pap 6s .5 57% 57 57 Anaconda 1st 6s... 3 108% 102% Anaconda cv db 106% 106% Andes Cop 7s rots. . 22 102% 102% 1024 Armour&Co 4%srf 17 811 91 91 Armour Del 5%s... 20 9414 93% 93% Associated Ol 6 1103 103 103 Atlantic Kefin 5s... 3 100% 100% 100% Barnsdall 6sctrs... 8 97% 907X 97% Bell TelPa§s B... 8§ 102% 102% 102% Beth Steel pm 6s... 2 97% 97 8T Beth Steel 5%853. 31 964 95% 96 Beth Steel 6s...... J1 101% 101 101% Brier H St 15t 5%8. 1 104% 104% 104% Bklyn Union 5%s..177 163% 1561 162% Bush T Bldg 5260. 10 99% 99% 99K Calif Pete 6%s. 2 103% 103% 103% Cen Leath 6s 45 cfs 20 102% 101% 102 Chile Copper 6532. 1 107 107 107 Commonwlth P 6s. 12 104% 104% 104% Con Coal Md 1st6s. 3 82 82 82 Con Gas N Y 5%s.. 16 i06% 106% 105% Consumers Pow 5s. 7 100 100 100 Cuba Cane cv 7 1 91% 91k 91k | Cuba Canecv 8 2 95% 96% 9ok Cuban A Sug 8s.. 3 108 107% 107% Det Edison 5840... 1 1024 1025 1024 Dodge w 1 68 19 ¥5% 95% 95% Duquesne Light 6s. .1 106 106 106 Est Cuba Sug 7%8. 1 103% 108% 103% Empire G & 3 103 103 103 Goodrich 8% 11 105% 106 106 Good year 8s 4 110% 1104 1104 Goodyear 85 1941.. 1 121 121 121 Hoe & Co 6% 2 95% 96% 96% | Illinols Bell 18t 68. 7 102% 10214 102% Tilnots Steel 4%s.. 1 87 97 97 Int Mer Marine 6s. 4 88% 88% 88% Int Paper 55 47.... 18 94% 94 944 Int Paper 6; 4 99% 994 994 Int T& T6%s. . 89 107% 107% 107% KanG & EI 6s52... 5 105% 105 105 Kelly-Spring 8: 3 104% 104% 1044 Laclede G 5%852.. 5 103% 103% 1034 LouisvG & E 5852 10 100 100 100 Manati Sugarsf 7% 1 99 89 99 Mid-Con 6%5 40... 26 1041 104% 104% Midvale Steel 58 6 97% 97 97 Montana Pow 65... 2 100% 100% 100% Mor's & Co 1st 4%s 4 86% 864 86% 1 102% 1024 1024 1 106% 1054 105% 1 107% 107% 107% 3 110k 110% 110% 2 1064 106% 105% 5 96% 964 95% Nor States Pow 5s. 10 99% 09% 99% Nor States Pow 6s. 2 105% 105% 105% Otls Steel 85...... 1 107% 107% 107% as & El ba 1 99% 09% 997 ;::g T b 28 101% 101 101% Pnn-AmtrP 9 105% 105% 105% Phila Corf 63 A 6 104% 104% 1044 pierce-Arrow 83 3 108 1074 108 Public Service 6. 1 108% 103% 1084 P ServGasb5%864. 1105 105 105 Saks&Cost7s.... 1110 _110_110_ Fharon Sti H 8s-.. 5 1087 108 ™ 108 Sinclair O11 68 14 1035 103% 103% Sinclair Ofl 6% 3 93% 93 93% Sinclatr O11 7 10 97% 97% 974 Sin Crude Ofl 8101 100% 100% Sin Pipe Line 5s 191 o1 9t Sug Est Odlent 7s.. 2 98% 98 98 ‘Ponn Elec Pow 68.. 1 104% 104% 1043 Toledo Edn 1st 78.. 11 108% 108 108 U S Rub 1st £ 5 9 93% 93% 934 U S Rub T%s 2 106% 106% 106% U S Steel s £ 5 6106 106 108 Utah Pow & Ltbs.. 6 97% 974 97k Vertientes Sug 7s.. 6 98% 8% 984 Warner Sug 78 41.. 2 80 80 80 Westn Union 6%s.. 1118 113 113 Westinghouse 7s.. 18 106 106% 106 Wilson & Co 18t 3 98 98 3 Youngstn S & T 3 104 104% 104% RAILROAD. Atchisonadj4s.... 1 87 87 87 12 92% 92% 92% 2 105% 105% 106% 5 B0% S0% 80% 3 18 81 61 Atl & Dan 1st 48 48. Atl&mn!dlull.‘t ;: 6 102% 102% 102% 4103 102% 103 1 106% 106% 108% 3 91w 91 ot b & O SwDiv Bl cfs 33 100% 100% 100% Bkiyn Manhat 6s.. 33 96% 96% 064 Buff R & Pitt 4% 6 91k 91% 9% 1115 115 115 2 Be% 84% 84% 26 108 » 108 108 1 104% 104% 104% 14 100% 100% 100 1 69 69 69% 7 105% 106% 105% | 4 B 1% 1T% 7% 6 g% 69% 69 NDS STOCK EXCHANGE | 1926. Direct to The Star Office. Sales. High, Low Close. CM&PugetSds.. 5 524 52% 514 CM&StP4s26efr 28 53% 53 634 CM&StPevitks. 8 53w B34 B53% CM&StPrd%s.. 12 6% 83% B54% CM&StPr4%s cfl4 17 63% G63% B53% CM&SP cv bscfs 14 27 534 B53% 534 Cht Rys 68 21 Mk T T1% ChiRT&Pre4s... 14 80% 90 90% | Ch1 Un Sta 4%s. 1 8G% 96% 96% | Chi Union Sta 58 1 106% 105% 105% Chi& W Indcn4s. 1 83% B85% 8B4 Cuba RR7%s..... 2 109% 109 109% Cuba NR .13 87T% 9Th 9T Del & Hud v 55 35. 13 112% 112% 112% Den& Rio Gondw.. $ 60% S0 80%| ;5 D&RIoGimpbs.. 2 9% 964 90% D Rio G West bs... 41 70% 70% =7 Frie gen 4s < T2 92+ 3% 12 Erle conv 45 A. 1 75% 76% 5% Frieconv4sB..... 1 15% 76% T6% Prie conv 45 D. 4 B2% 82% B2% Frie & Jersey 6s... 1 109% 109% 109% FlaEC5sT4...... 23 98% 98%: 98% Grand Trunk7s... 4 115 115 115 GtNor 4%s76D.. 11 92% 924 13 18 31% 814 91% 1% 1-C-C StL&NO 6s. 1 101% 101% 101% int Rap Tranbs... 13 74% 74 744 IntRap Tr 5sstpd. 13 744 73% 18% IntRap TranTs... 11 6Cl 96% 964 nt & G Nor 1st 8 5 104% 104% 104% Int& G Norad6s.. 20 76 75% 276 RanCity FtS4s... 15 92 92% _ Kan City S s 1 97 $7% " §T Kan City Term 4s.. 3 §7% 87% "87% Lake Shore ds28... 35 99 99 99 L&N4%s2003.... 3 98% 9R% 98% Loufs & Nash 5%s. § 109 109 109 Man Ry 15t 90..... B 684 66 6C Market St 78 40.... 10 87% 97% 97T% MIBIRy & Lbs... 14 98 97% 98 MStP&SSMen5s 12 93 98 98 e5% 86% 93% 93 105 103 Mo Pacificgen 4s.. S 78% 78% 7R MoPac§s1965.... 2 98 98 98 Mo Pac 6s 55 B 1 1054 105% 106% Mont Trmref5s 41 4 7% 9% 974 Nassau E Ry 4s67. 2 59% 50% 59% NOTex&MGEsB.. 17 99% 99% 99% NOT&ME%s.... 1105 105 105 NYCengend%s.. & 79 79 79 N Y Cent deb 4 3 95% 6% 95% NYCentribs 6 1041 104% 104% NYChI&StL5%sA. 1 103% 103% 103% NYChi&StL 6%sB. 14 104 103% 104 New Havd 4 67 1, 68% 63% 68% New Havan ¢ d N Y Ry Nor & S gen 68 54, 2 B5% 85 BG4 Northern Pacri6s 2 111% 111% 111% Ore & Calif 1st 5i 3 100% 100% 100% OreShortLrfsds. 5 98 93 98 Pennsyl gen 4%s.. 6 974 974 97w Pennsy! 6s 64. 1 101% 101% 101% Peoria& Efinc4s.. 6 41% 41 a1y Pere Mar 1st 4s56. 1 86% 86% 86%| , Pere Marq 1st bs. 1 102% 102% 1024 PorRL&P6s47.. 1 101% 101% 101% Reading gen 4% 1 98 938 98 Reading J C 45 51. StL IM&S 4829... StL&SF pl StL&SFprin St L & SF adj 6s.. StL&SFplésC. StLS W 1st4s. StLS Wcon4s32. 30 934 934 934 St P Un Dep bs. l 105 105 105 San A& Arn P ds.. 86% 864 Seab A L ref 4 27 6% 54 Seab A L adJ 28 9% 79% Seab A L con 6 9 95% 9% Seab All Fla 6 045 9415 Sou Pac 45 29. 3 8 9 | Sou Paeificclt4s.. 4 861 87 Sou racincTer as.. 28 ik S11 9l Sou Ry con 58 94 Sou Ry 68 68 | Southern Ry 6% | Third Ave ref 4 Union Pac 1st 4s Union Pac 1st rf 45 Unton Pac 4s Unton Pac cv Virginia Ry 1st 6s. 5 107% 107% 5 111%° 111 1 63% 63% 634 2 94% 94% 9d% 19 89% 89% B9 1 99% 89% 994 1 102% 102% 102% g 102': 101% 101% VaRy & P 68 98%% 98 Wabash 5%s 75... '4 103% 103% West Maryland4s. 7 724 T72% 12w Western Pacific Whel & LErf 4%s 3 99% 99% 99% 3 8 89 89 LIQUID CARBONIC PLANS. NEW YORK, July 31 (P).—Financ- ing of the Liquid Carbonic Corpora- tion, orgagized to acquire the business of the old Liquid Carbonic Co., manu- facturers of soda fountains and car- bonic gas, will be completed next week through the sale of common stock. Of 100,000 shares to be issued, 31500 shares have already been subscribed by officers of the company, leaving | 68,500 "shares available for public sub- scription. A $4,000,000 bond {ssue was sold this week. | OIL FROM commm BALTIMORE, July 31.—The first cargo of oil from the fields of Colom- bia arrived Thursday in the Mallory tanker Durango. It consisted of 70,000 barrels of crude oil loaded at Carta- gena. It was piped three miles from the interfor and then about a mile over the bay into the steamer. - e D ADDED TO DIRECTORATE. NEW YORK, July 31 (#).—Wililam L. Mood; vice president of the Citizens' National Bank of Galveston and president of the Houston Gulf Gas Co., has been elected a director of the Maxudian Petroleum Co., which operates in Venezuela. —_— GERMAN FLOUR DUTY. BERLIN, July 31 (P).—Effective August 1 the duty of flour will be 10 marks per double hundredweight. The milling products of oats and barley will be assessed 14 marks. Too Much for Him. A crowd of us were playing near the edge of the pier, when suddenly an old sea dog who had been a fid- gety onlooker, darted out and com- menced thrashing one of the boys. A passerby, surprised at seeing such a small boy being punished, stopped and inquired of the old salt the rea- son_why. “Well,” he replled, “’taint as it I care a darn whether they fall in or not, but it's the uncertainty of it I can't stand. Baltimore Markets BALTIMORE, July 31 (Special).— Potatoes, barrel, 1.50a4.00; bushel, 1.25 al.35; sweet potatoes, barrel, 5.00a 8.50. Yams, barrel, 7.00. Beans, bushel, 75a1.10. Beets, 100, 2.00a3.00. Cabbage, 100, 2.00a5.00. Carrots, 100, 3.00a5.00. Celery, crate, 2.50a4.00. Corn, dozen, 10a25. Cucumbers, bas- ket, 30a40. Eggplants, crate, 2.00a3.50, Lettuce, box, 50a1.25." Onlons, bushel, 75a1.00. Peas, bushel, 1.50a1.75. Pep- | pers, bushel, 75a1.00. Squash, basket, a35, Tomatoes, ripe, crate, 25a75; green 25a75. Apples—Barrel, 1.00a2.50; bushel, 40 21.00. Blackberries, quart, 10a15. Can- taloupes, basket, 75al1.25. Cherries, basket, 50a1.00. Currants, quart, 20 a25. Peaches, bushel, 1.75a2.50. Huc- leberries, quart, 12a18. | Dairy Products. Live poultry —Spring chickens, pound, 28a36; Leghorns, 25a30; old hens, 24a29; Leghorns, 20; roosters, 18; ducks, 15a27; old, 16222 pigeons, pair, 30a40. Eggs—Receipts, 644 cases; native and nearby firsts, dozen, offered at 27. Butter—Good to fancy creamery, pound, xum@ prlntl. 42a44; bloekl. 41a4; 2033 rolls, 2 26a3 packed, 6; dairy product "l". précess !mtur, 35a36. o 'Iy within a range of about 2%. FINAWCIAL [WHEAT PRICES DROP AFTER EARLY GAINS Hot Weather in Northwest Is Factor—Corn, Oats and Pro- visions Are Easier. By the Assoctated Press. CHICAGO, July 31.—With no relief in sight for Canadian hot weather and drought, the wheat market here showed an early upward trend today, but buying failed to become aggres- sive, and the advance was soon more than wiped out. Starting at % off to % up, wheat prices fluctuated nervous- Corn, unt,lnml provisions were easier, corn ing’' unchanged to % lower and subsequently easing off all around. According to some advices at hand, rain now would be of no benefit to much of the Canadian wheat crop. In this connection, assertions were made that all estimates thus far as to the Canadian crop have been too high. One report current in Chicago today said that in a large part of Saskatche- wan the maximum yleld this season will be only 50 per cent of last year's harvest. Increase of wheat offerings when the market bulged today was a notable feature of trading. A- prominent Chi- cago speculator was credited with selling freeli. Enlarged receipts here gave something of an advantage to bears, today's arrivals in Chicago to- taling 451 cars, as against 162 cars a week ago and 311 cars on the cor- respcvndlng day last year. NEW ROAD IS SOUGHT BY LOREE INTERESTS Negotiations on for Purchase of Choctaw Division of Rock Is- land for Second Time. By the Associated Press. NEW YORK, July 31.—The possi- ble addition of the Choctaw division of the Rock Island Rallroad to the new Southwest System projected by L. F. Loree was indicated today when it was disclosed that negotiations for the purchase of the Choctaw line were sti!l being carried on by the Kansas City Southern. Efforts to acquire the Choctaw, Ok- lahoma and Gulf Railroad were made by the Loree interests about a year ago, but the Rock Island’'s asking price of $78,000,000 was considered too high. The subsequent sale of the Rock Island’s holdings of St. Louis- Southwestern stock to the Kansas | City Southern is understpod to have included a tentative option on the Choctaw, which the Loree interests may seek to_exercise. In the meantime, however, a new element has been brought into the picture through the passing of control | of the Rock Island to the St. Louis- San Francisco Railway. The Frisco interests are understood to be op- posed to the separation of the Choctaw | from the Rock Island and may be| able to block its sale to the Loree group. Provision was made for the annexa- | tion of the Choctaw lines in the recent | Loree merger application through an article defining a change in terms | governing the sale of the Cotton Belt, to the ' Missouri-Kansas-Texas Rail- road if the deal were completed. In this event it is believed that the Rock Island would deduct a profit of sev- eral million dollars on the sale of its Cotton Belt stock from the price of the Choctaw. —— AMERICAN MEN FIGHT ON RUBBER RESTRICTION | LONDON, JULY 31 W)—De‘xcribu ing the excitement which prevailed in | the Mincing Lane Rubber Market, the | struggle lying between the producers and American buyers, the West- minster Gazette says the fact that the average price worked out one-thou- sandth of a penny above 21 pence, thus justifying the retention of the | 100 per cent percentage, is generally regarded as a victory for the Ameri- cans. While producers were offering rub- ber at 20 pence to get the price down and bring about further restriction, orders were pouring in from America to buy at prices above the fateful 21 pence. There was free betting on the street on the outcome of the struggle. R R EQUIPMENT ORDERS. NEW YORK, July 31 (#).—Railway equipment orders were unusually light during the past week. The largest contract was one placed by the Chesapeake & Ohio with the Rich- mol"ui Car Works for 500 hopper es. BUYS OIL INTERESTS. NEW YORK, July 31 (#).—An in- terest in the Creole Syndicate, owner of large oil tracts in Colombia and Venezuela, has been purchased by Blair & Co., New York bankers. The deal, which does not carry control, is believed to be a preliminary move in the acquisition of the Creole properties by a larger oil company. . MERGER REPORTED. NEW YORK,"July 31 (#).—Negotia- tions are reported under way in Wall Street for the acqusition by the Texas Co. of the Crown Central Petroleum Corporation. The corporation, which was organized in 1924 to succeed the White Ofl Corporation, controls about 27,000 acres of producing and unde- veloped oil lands in the Southwest. ‘The Texas Co. for some time has been following a program of expansion through the purchase of small pro- ducers in its mrltory. SALES BTD(U'LATED SAN_ FRANCISCO, July 31 (Spe- cial)-—Retail sales in various lines here have been stimulated this month by special cleararice sales and a va- riety of prize and coupon features. Radlo receivers have been the most popular form of prizes, but automo- biles, houses, lots, planos and other things have been given away. o POTATO MARKET FIRM. CHICAGO, July 31 (#).—Potatoes— Receipts 48 cars. Total United States shipment 377 cars; on track, 162 cars; trading fair, market firm on sacks, steady on barrels; Kansas and Mis- souri sacked cobblers, i.75a2.00; mostly 1,;0, Virginia, barrels, cobblers, 4.25a DUZ CO. PRODUCTION. NEW YORK, July 31 (#).—June production of the Duz Co., Incor- porated, was the highest on record, sales in the second quarter reaching $540,214, against $419,887 in the pre- cedinig quarter. The company showed COMMITTEE NAMED FOR INSTITUTE Fall Educational Plans to Be Pushed—-Clearings Hold Up—Failures Grow. BY EDWARD C. STON] To vush plans for the opening of the educational work in September by Washington Chapter, American In stitute of Banking, T. Hunton Leith the president, has appointed the fol lowing committee: 1. J. Roberts, Riggs ional Bank W chairman; A. E. Henze B. Hibbs & Co., vice chairman; Mi M. Bur well, National Metropolitan Banl secretary, and Francis G. Addisor Security Savings nd Comme Bank; Miss Grace Bromley, H W. Burnside, Farmers : fes' National Bank; R. J Commercial * National Dorothy V. Colburn, H. H. Darnielle Metropolitan Bank; Imv~ Dulin, jr., American Secur Robert T. Highfield, vings Bank: Edward Natior h Street Sanderson, Ba Loan and Trust Co.; National € Mount Seven Walter L. ican National Savage, National A T Lincoln lce H. Whi nk of Alexar ‘0.; James A. Sopher, ton, First National F dria, Va. It is too early to state who will cor stitute the Institute faculty this 3 Several instructors who exceptional interest in helping the young bankers will be urged to serve another year. Bank Clearirigs Holding Up. The volume of bank clearings cor tinues to be well maintained, leadinz cities of the United States reporting an aggregate of $7,794,739,000 to Dun’s Review this week. This cent less than the amo sw York City With clearings of $4.554,000,000, that center shows a reduction of 3.3 per cent, whereas the outside cities, witk an aggregate of $ 739,000, disclose a gain of 4.3 pe The Iz are at Boston, Cincinnati, Ka San Francisco, Los Apgeles, P Oreg., and Seattle. ‘Hardening of Rates Seen. Moody”: “ eekly W of finan ““The F renrh 8 tion has improved and our stock market shows a tend ency to rally. Marketwise, however it may prove sig - prices are now sensi to bad news. “In the money market all signs stil] point to a gradual hardening of rates Loans are generally expanding faster that nt than deposits and time monéy is al ready becoming firmer. However, the real work of financing the Autumr trade does hot begin until September. Swift Company Paid $500,000. Payment of approximately $500,000 has been made by the British govern ment to Swift & Company in settle ment for bacon seized when the min istry of food reassumed control of food supplies In Great Britain, A Stewart Brant, local representative reports. After the close of the war, when the food supplies were requisitioned, Swift & Company had large quantities of bacon and lard in Great Britain. This was taken over by the govern- ment and additional supplies on the high seas were taken over as they |arrived. The packing company brought suit in British courts for pay- | ment for the supplies and was award ed a verdict of about $800,000, The latest payment is for the balance of the goods. North American Plant Done. The latest of the North Americar System’s great power plants will be placed in operation at Ohio, next Wednesday when the first unit of the 90,000 horsepower initials ca pacity of the Avon fon of the Cleveland Electric Illuminating Co., a North American subsidiary, will bhe dedicated with Charles F. Brush, the 77-year-old inventor of the electric ar lamp, opening the throttle of the gen- erator. The Avon plant, which will even tually have a capacity of 400,000 horse. power, representing an investment of over $£30.000.000, is located mile west of Cleveland, on Lake Erie: Financial News in Brief. Although they matured several years ago there are still outstanding $20,000 in Victory 3% per cent notes and $4,443,000 in Victory 4% per cent notes. United States Treasury notes on which interest has ceased to $4,660,300 and certificates of indeht edness §1,903.000. A. E. Fitkin & Co. and Stroud & Co., Inc., announce that the new issue of 1,600,000 Virginia Public Service Co. 7 per cent series cumulative preferred stock, offered Thursday, has been oversubscribed. The number of failures in United States increased this week to 397, from 359 last week. A year ago, according to reports, 359 defaults oc curred. FOBEIGN EXCHANGE (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks zold value. ~ _today. pound. .. .. .34 K665 $4.86 1% London. dollar Montreal. Oslo, crown Stockholm. crown. (Quoted by Alex. Brown & So: R‘a’t&—\htu‘nu B s SHORT- TEBM SECURITXES 2 (Quotations furnished by Redm Bethlehem Steel & 30 Central of Georzia Ja 1955 i.. Mil. & St. P 034 an operating improvement of $180,000 Goltund for the half year, compared with the corresponding period of 1925. PRICE OF SILVER. NEW YORK, July 31 UP)—Bar sil- ver, 656%; Mexican dollars, 48%. BUTTER UNCHANGED. CHICAGO, July 81 (#).—Butter un- changed; receipts, 12,482 tubs. Eggs, unchanged; receipts, 15,971 cases. P 2552555255 ARt 258