Evening Star Newspaper, August 2, 1926, Page 20

FINANCIAL. PECIALTIES AGAIN LEAD STOCKS RISE General Motors at New Top and Hudson Goes to Fresh High Level. BY STUART P. WE! Bpecial Dispatch to The Star ~NEW YORK, August 2.—Trading, (on the Stock Exchange at the start lof the week was characterized by fur- ither sharp advances in the industrial {specialties selected as leaders of the ourrent upward movements, an in- jcreased demand at advancing prices #or railway stocks and pronounced strength in the motor group. § | *"he advance in the call money re fmewal rate to 413 per cent, the high. est since July 15, failed to act as a irétarding influence to the buying fwhich had been carried on vigorously ithroughout last week and was looked pon as incidental to heavy demand r funds for the first of the month {requirements. The volume of husi Iness transacted during the first hour | exceeded that of the same period Saturday, but after the initial demand had been supplied, activity was less pronounced. General Motors when it went through 194% established another new high record. Hudson Motors went 10 a fresh top for the current move- ment with no let-up in the demand. Those who have heen back of the buving in these two stocks were given credit for a good deal of the trading in Willys-Overiand, which was more active than it has been during the present upturn in_ this quarter. The rise in Mack Trucks carried the price up more than 2 pdints, while Nash and Chrysler bore their share in_the improvement. There was nothing new to account for the great strength of the motors. It was the motor shares which led the bull market of last October and November and naturally the ones to suffer most in the subsequent decline. Therefore it was logical to presume that a large short interest existed. In the railway section such high- grade issues as New York Central and Baltimore and Ohlo were bid up into new high ground for the year, while substantial improvement took place in the market for St. Louls-South- western, Atchison. Reading, Atlantic Coast Line and St. Louis-San Fran- ¢lsco. Buying of the rails appeared t6 be in recognition of the improved outlook for the railroads and the favorable comparisons of June opera- tions with those of the month previous and the month a year ago. U. S. Steel common started for- ward again, but failed to make a new high. Youngstown Sheet and Tube featured the market for independent steel shares, crossing 90 on a large turnover. Others of the group, how: ever, were not disposed to follow up the recovery the way they were at times last week. No weakness de- veloped, however. and slightly higher prices were reached in Republic Iron and Steel, Gulf State and U. S. Cast Iron Pipe. Among specialties which heretofore had done little, new high records were established by Vivadou and American | Sumatra Tobacco certificates. Vick Chemical was taken in hand and bid; up sharply. The buying of Allied Chemical kept on, resulting in another sharp upturn. Local gas stocks felt the effect of profit-taking at intervals, but was disposed to work higher later in the day under the lead of Brooklyn Edison, Brooklyn Union and Consoli- dated Gas. One of the significant features about the afterncon trading was the manner in which. stocks held the early gains despite the substantial falling off in the volume of business. It was then that General Motors reached its best figure, while the rails were at thelr top for the day and & host of industrial specialties were taken at prices considerably above those prevailing at the close Saturday. The rise in call money to 5 per cent in the afternoon after having rénewed at 4% might have accounted for the sudden falling off in the op- erations for the rise, but it occasioned no weakness. Markets at a Glance NEW YORK (#).—Stocks strong; General Motors soars 8 points to new high. Bonds steady; Granby Mining bonds higher. Foreign exchanges firm; French and Belgian francs rally. Cotton steady; cool weather South- west. Sugar featureless. Coffee eas- fer; lower Brazjlian market. CHICAGO.—Wheat weak; bearish private crop estimates. Corn higher; bullish private crop estimates. Cattle steady. Hogs lower. N SUPPLY DECREASING. NEW YORK, August 2 (#).—A canvass of se representative commission houses in the financial | | district indicates that the floating supply of the common stock of the United States Steel Corporation has continued to shrink in the last two months. = One house reported that since steel crossed 135. stock carried for customers has dwindled to about 25 per cent of normal. Another said its holdings of steel common dropped to 10 per cent of normal, but rose again to about half the usual amount. At one brokerage house it was said there had been little change in the total, but that virtually all small lots had passed into the hands of larger Open. 824% 8 Abitibl Pow (4). Ahumada (+1).. Afax Rubber.... 8l Alited Chem (4). 136% Allis Chalm ().. 904 Allis Chal pf (7) 110 Amerada (2). 304 Am Agrieul Chm Am Agri Chpf. . Am Bank N. 1.60 Am Beet Sugar. Am Rosch...... 20% Am Brake Sh(8) 1261 Am Br Bov EI(2) 40% Am Br Bo pf (7) Am Can (2)..... Am Car&Fdy (8) Am Chain A'(2). Am Drue....... Am & Jor Pow. . Am & Fo P pf(7) Am Ho P (2.40). Am Internatl. Am La Fr (1) Am Linseed Am Locomot (8) 102% Amal Leather 16% Am Metals (4).. 53% Am Po&It (g1). ,70% Am Radlator (4) 110 Am Safety R (3) 6215 Am 8m & Ref (1) 134% AmS & Rof (7) 120 Am Snuff (12).. 120% Am St Rdye (1), 487% Am Stl Fy pf(7). 111 Am Sugar (5)... 70 Am Sugar pf (7) 102% Am Sumat A cfs 301 Am Tel & Tel(9) 141l Am T)bacco (8). 121% Am Wa Wocl.20 617 Am Woolen..... 24 Am Wool pf (7). AmZinepf... . Anaconda (3).. Archer-Dantels. Armour of T'1(A) Armonr of 111(B) Arnold Con (n). Artloom (3) Asso Dry G( Asso DG 2a Atchison (7) Atchison pf (5). At1 C Line(t913) AttGuit & WI.. 39% At] Gult&WIpt. 43% Atlantic Refine.. 111 Atlan Ref pf (7). 1161 Atlas Powdr (4). 59 Austin-Nichols.. 12 Austin Nie pf(7) 66% Auto Knitter. % Auto Sales. . Baldwin L (7).. 120% Baito & Ohlo(5). 102 Barnsdall A (2). 25% Rarnsdall B (2). 24 Bayuk Cigar.... 45% Belding Bgs(3). 31 Bethlehem Steel. 46% Beth Stipf (7).. 102% Bloomingdale... 80 Booth Fisherles. 6% Botany A (4). 221y Rrigga Mfe (3).. 29 Bkin Edison (8). 149% BKIn-Mn Tr (4). 64 Bk-Man T pf(6). £6 Bkin UnG(t11). 94% Brown Shee (2). 87 Brunswick Balk. 28 Brunswick Tar.. 18 Burns Bro (10).. 139% Burns Br B (2). 35% Bush Terminal.. 29% Bush de (7). 93 Butte Cop (50c). 54 Butte&Super(2). 10% Butterick. 47 By-Products (2) 55% Calif Packing(8) 69% Calif Petrol(2).. 33 Calumet& Ar(6). 68% Calume&H(1%). 15% Can Pacific (10). 164% Case Threshing. 143 Cent Leather. 8% Cent Leather pf. 53 Cen Ry NJ(112). 298 Cerre De P (4).. Certain-Teed (4) Chand.Cle pf(4). 28'% Ches & Oh (112). 143% Ches&0 pf(6%). 143“ 9914 Chi Gr West pf.. Chi M1 & StP.. Chi Mi1 & St P pf C Mil & St P ctfs C MII&StP pf cfs 10% 17% CRI&PDptL (7). 1 Childs (32.40). ChilaCop (2%). 34% Christie B (1.20) 44% Chrysler Corp(3) 38 Chrysler pfA(8). 103 Cluett Peab (5). 65 Coca-Cola (7)... 168 Collins & Atkmn. 44 Col Fuel & Iron.. 44% Col Gaxs & El (5). 85% ColG & Epf (7) 115 Col Carbon (4).. 61% Com Solv B... 165 Congoleum-N. Congress Cgr(3) Consol Cigar Consol Distribu Consol Gas (5).. Consol Textile Cont Can (16). .. Cont Insur (6) Cont Mot (80¢).. Corn Prod(t2%) Crucible pt (7).. Cuba Cane Su pt. Cuba Co (4). C.ba Co righ Cuban-Am S (2). Davison Chem Del & Hud (9).. Del L & Wn (17) Detroit Ed (8).. DevoedIta(2. Devoe&R 15t(7). Dodge Bros Cl A. Dodge pt (1).... Dome Mines (2). Douglas Pec (1). Dupont (118)... 2 Dupont deb (6). Eastman (18)... 00 62 42 6! investors. ! WOOL INQUIRY BETTER. BOSTON, August 2 (Special).— Somewhat better inquiry for fine wools was evident at the of the wesk In the wool market, &nd the moderate movement of medium and low grade staples continued, Fleeces are in limited inquiry, with demand fairly firm for territory wools and new clip Texas wool. Prices hold within the range that has prevailed for several weeks. Foreign wools are in occasional inquiry, but on the whole are inactive. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Sslling checks s Ry NEW YORK, August 2 (#).—For- exchanges firm. Quotations (in @nts). Great Britain—demand, 485% ; :fl;:l. 486%; 60 day bills on banks, 81%. France—demand, 2.63; cables, 2.63%. Italy—demand, 3.25; cables, 3.26. Demand—Belgium, 2 Germany, 23.80; Holland, 40.13%; Norway, 21.90; Sweden, 26.76%: Denmark, 26.5 Switzerland, 19.341; Spain, 15.35; Greece, 1.15; Poland, 11.26; Czechosi6- * vakia, 2.96; Jugoslavia, 1.76: Austria, 14.125; Rumania, .46%; Argentina, .60; Brasil, 15.813%; Tokio, 47.50; , 70.87%; Montreal, b5~ Eaton Axle (2).. Elec Power & Lt Elec Refrig(f2). Elec Sto Bat(16) Emmerson Brat. Engineers Pub S Engnrs P8 pL(7) Bl Auto Lt(16%: Bquitable pt (7) RR Brie 2d pf. Rureka Vac (4). amous Pl (J2). edLight(*1.40) Fed Min & Smolt Fed Min pt (1).. Federal Truck. . First Nat S(1%) jsk Rubber. ... Fleischmn(12%) Foundation (8). Fox Film A (4).. Freeport-Texas. briel A(t4%). g:rdnar Motor.. Gen Am Tnk (3). 116% 30% 1 2% 5 en Outdr Ad(2) g.n outdrA (4). Gen Petrm (3) .. Gen Ry Sig t4%. Gimbel Bros. ... Glidden (2). Gold Dust Goodrich Ru (4) Gothm 8 H (2%) Granby Consol. . Grt North pf (6) Gt Nor Ore (1%) Grt Wstn 8u (8) 944 Gt West 8 pt (7) 116 Green Canan.... 20% Gulf Mo & Noe,. [36 Received by Private High. Low 824 814 8 8 814 136 8915 110 80 1711 60 40% 244 2074 126% 0% a5% 60% 8% 139% 0% 110 30% 1% 60 41 24% 21h 1814 115% 30% 81 2% 25 82 1% 48h 95 4% 04w 116 116 1 20% 8% 844 Close. 82% 8 Alr Reductn(t5) 119% 122% 119% 120% Ry 1374 90 110 [0% 1T% zco 40% 24% 21% 131 40% 9% 61% 100 123 84% 4an 4% 63 116% 49 49 244 3% ' Gu M & N pf (8) | Gulf States S (5) Hartman Helm Geo (16%) Hoe & Co A Houston OIl. ., Howe Sound '3) HudsonMan(2%: Hudson Mo (3% ) Hunp Mot (1)... { 111 Cent pf (6) | Indep O11 (1) . Indian Refining. Ingersoll R (14) Inland St (2%). Inspiration (2).. | tnterurb Rap T+. Intcontl Rub(1). ™t Bus Ma (3).. Int Cement (4).. Int Cement rts. . Int Com Eng (2) Int Harvstri8).. IntMteh pf(2.20) Int Mer Marine. t Mer Mar pf. ., Int Nickel (2)... Tnt Paper (2). Int Paper pf (7). nt Tel & Tel (8) int T&Teleg rts. Jordon Mot (8).. Kan City South. Kayser J (3) Kelly-Spring. ... ennecott (4). .. Keystone T & Kinney G R (4). Kresge S8(1.20) Kresge Dept 8.. Lago Oll & Traa. TLambert (3%).. Len Tire & Rub. Lel:igh Val(3%) Leh&iMink stf(3) Tife Sav (1.60).. T.ima Loco (4) TLoew's Inc (2) Tong Rell A (4). Loose Wiles. . Lortllard(3).... Lorillard pf (7). Loutstana Ofl... La Oll pt (7) LouisGasA (1 Ludlum Steel (2) McCrory B 15.60. Mack Trucks (6) Macy HR & Co.. Magma Cop (3). Mallison & Co. .. Manati Sugar pf Man El Sup(5%) Man Bl gtd(D5). Man Shirt (1%). Maraeatbo OIl. .. Marland O1l (4). Mathleson (4).. May Dept 8t (5) Maytag Co (2).. Mexican Seabd. . Miam! Cop (1).. Mid-Continent.. Middle States. Mis Kan & Tex Missour! Pacifie. | Missourt Pae f. Montana Pow(35) Montgom Ward. Moon Mot (3)... Mothr Lode(75¢) Mo Pilcture(1%) Motor Met(3.60). Motor Whi (2) Murray Body Nash Mot (13).. Nat Acme (sta). Nat Biscult +4% Nat Cash Reg(8) Nat Cloak & Suit Nat Dairy (3). Nat Distiller Nat Distillers pf Nat Enamel & S. Nat Lead (8)... Nat Po& Lt(40e) Nat Supply (4).. Nevada Cop (1). NY Alr Brake(2) N Y Afrbrake rts N Y Canners C2. NY Central (7). NY Chi&StL(11) NY NH & Hart.. NY On & West.. Norfk & Wn (18) North A (B3.40). North Pac (5). Norwalk (80¢). . 011 Well Sup (2) Omnibus. ...... Orpheum Cir(2) Otis Elevator (8} Owens Bot (14). Pacific Gas (8).. Packard (12.90). Paige Mot(1.80). Pan-Am (8)....: Pan.AmWnB(3). Fenick & Ford . PenneyJC pt(7). Penn C & Coki Pennsy RR (3). Penn-Skab Steel Peoples Gas (8). Peoria & East. Pere Marq (18) . Pere Maraq pf (5) PhilaCo (4).... Phila Co pf (3) Phlla& RC&T. Phitip Morris. .. Phillips Pet (3). Phoenix Hoslery Pierce-Arrow. .. Phrca-Al\; ot (8) Postum (5) . Pressed Steel Prod & Refine: Pub Ser N J (8). Pub S NJI pf (). ‘Pub SE Po pf(T) Pullman Co (8). Pure Ol (... Radio Corp of A. Ray Cons Cop (1 Reading (4). Reading rts Rending 2d (2) Reld Tee Cm (3). Remington Type Royal D(a1.339! Rutland pf. St Jaseph L(13). StL & SanFr (1) St L Southwest. Qavage Arms () Schulte (§8).... SQeaboard Alr Ly Seabd Alr L pf. . Bears-Rn (2%). Shattuck F G(2) Shell Un (1.40).. Shell Un pt (8). Shubert Theatre Stmmons(12.26). Simms Pet (1) Sinclair Ofl, . Skelly Ol (2). Sou Cal Edison. . Sou Dalries A(4) Sou Dairies B... South Pae (8). Southern Ry (7). South Ry pt (6), Std Gas&El (g4) §ta G & Bl p2(4) Stewart War (8) Stromberg (8)... Studebaker (§).. Submarine Boat. Superior Oll.. .. Sweets of Amer. Telautogra(60¢) Pan-Am B (8)...( Open. High. 1058 108 3% T4% 27% 2T% % TR 29 29 58 60% 3% 38% 39 30 54 73 24 244 124% 124% 267 26% 10% 10% 921 92% a4 25 (25 % Ay 16% 17% 48% 4B b4 54 %W b4 54 120 129% 63% 63% oo 31% 814 38 38% 51 61 3% 94 116% 115% T 244 45% 387% 13 563 % 56 1 Loos=e W 2d (7)., 6 6% 88 20 20 107 107 ™ % ) 124 124% 24 2% 9T 9T% NEW YORK STOCK EXCHANGE Wire Direct to The Star Office Low. Close. 106% 108 8% 4% 2% 2T% 1% 2 20 58% 3% 89 13 24 244 124% 124% 26% 26% 10% K 2% 41 25 48 16% 48% B84 % % 534 53% 128% 128% 63% 634 7 T 31 38% L3 93% 94 118 115% 6% 6% 28% 7 B66% 20 107 ™% 20 107 % 54% 64 B4 _ 5% 1% 1 1% 1% 128% 124 2 244 7 .. R 1% 504 38% % 28! B! 1124 112% % % % 107% 107% 67 L 120% 121 Sl o 22% 3% 8y 110% 110% 101% 1024 364 864 u o i D. C., MONDAY, AUGUST 2, 1926. BONDS HOLDBEST | [ o BONDS o RECOVERY PRICES Better Inquiry for Foreign Obligations Feature of the Market Today. _ " BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, August 2.—Notwith- standing a firmer tone in time money and in commercial paper, bond prices held at approximately the best of the current recovery at the opening of the ‘week. Actlvity was on a small scale, but bids were equal to offerings at pre- valling auotations. The feature of the market was the better Thauiry for forelgn bonds, par- ticularly the French issues. The more favorable news from Paris which brought about the remarkable up- swing in French francs was reflected to a less degree in the prices of French dollar bonds. French 7s were especial- 1y strong, and at 908 were only a lit- tle more than a point below the high of the year, while Krench 8s at 102 compared with the 1926 top of 1043 and an extreme low of 98%. Uruguay 68 @0ld tn volume only an elghtir be- low the offering price. This has proved itself to be one of the best distributed of recent South American offerings. City of Copenhagen bis at par equaled their best previous record. Among domestic Industrials at- tention was attracted by the rise to a new high price of Granby Consoli- dated Mining convertible is of 1930. Selling at 111%, they were a point and a half above the best previous quotam tion. The bond is convertible to stock at $25 per share and the cur- rent quotation for the stock is onty slightly under that price. Local tractlons were irregular. Interbor- ough refunding 6s were higher, but the same company's 7 per cent notes s0ld off. Opinlon on the outlook for these corporations is widely divided. Brooklyn Union Gas 58 dipped back from the record high of last week Speclal demand appeared for Wa- bash Omaha division 3128 on a 65.15 per cent basis. The \Wabash has made remarkable improvements in the past few vears and some of its bonds now sell to yield less than 5 per cent, whereas two years ago three of them were returning 6 per cent or more. Northern Indlana Public Service has asked permission of the Indiana Public Service Commission to issue $12,500,000 40-year first and refund- ing mortgage bonds to bear interest of not more than 5 per cent. It {8 proposed to retire with the proceeds of this financing $4,500,000 in three- year notes maturing June 1, 1927 Today's new offerings included $1 576,000 City of Winston-Salem, N. C., 4148 and b8 priced to yleld from 4.20 to 4.40 per cent by a syndicate head- ed by the Equitable Trust Co. C. F. Childs & Co. are offering_$1,600,000 Denver Joint Stock Land Bank 68 to yleld 4.62-per cent to the redeemable date in 1936. i i SUGAR IS UNCHANGED. Futures Are Inactive During Early Trading Today. NEW YORK, August 2 (#).—No sales wer reported in the raw sugar market early today, and prices remained unchanged at 4.18 for spot Cuban, duty paid. There was not much activity In raw sugar futures during the early trading, and prices kept within nar- row bounds. ~Selling by commission houses and trade interests was ab- sorbed by covering, and prices at midday were net unchanged to one point lower. A falr inquiry was reported for re- fined sugar, and a good withdrawal demand, with prices unchanged at 6.70 to 5.80 for fine granulated. o BUTTER IS LOWER. CHICAGO, August 2 (#).—Butter— Lower; recelpts, 12,719 tul cream- ery extras, 38; standards, 38%: extra firsts, 35a36; seconds, COTTON GOODS QUIET. NEW YORK, August 2 (Specialh— The cotton goods market started the week quietly. Print cloth quotations were unchanged at 73 cents for 64x 60s and 81 for 68x728. Raw silks were steady. *Tex Pac Ld Tr. ‘Third Avenue. Timken (14) i 8756 876 876 3% 81w 874 Transcont O, Underwood (4) % B4 52% flc (10). 166% 156% 154% Un Pacifio pf(4). 80 80 79% Utd Alloy (2)... 8 84 8% 98 188% 155% 88 68 18 118 2 UtdDrg %, tu > 2“ 8 Uritea it ch) 118 USCIPAR(10) 242 U S Distriduting 66 US Hoftmn 13%. Unlversal Pips.. Unly Pipe pt (7) Utl P& Lt A (e2) Vanadium (8). Viek Chemical. 3 Va-Car Ch Dl(?) Vivaudou ‘Wabash Walworth (1)... Ward Baking B.. ‘Warner Bros. ... ‘warren Bros (4) ‘Weber ()..... Mary West . West Pac pt (8). ‘West Union (8) . Westinghse (4). West A Br(16%) White Eagle (2) White Mot (4).. White Rock (2). ‘White Sew pf... ot ol 2% 0% ellow TAC FS. 2% 4% 2 W Yol Tr&C pf(T). 101% 101% 101% 101% Yyoungstown {4) 90% Y0N BN EB% PO S e i s g et Jearly, declaration Received by Private Wire UNITED STATES. (Sales_are in $1,000.) . Salos. High. Low. Close.” Lib8%s.... 437 10120 1017 10117 Libist4ks 4 1027 1024 1027 Lib 24 4%s. 247 100 26 100 24 100 24 1 Tab3d 4ie. 60 1019 1017 10173 Lib ¢th 4% s 327 10221 10217 102 17 UB sy 26 101 19 101 16 101 15 UB4s1944. 5103 10328 10828 US84ysb2. 2108 1072¢ 10728 FOREIGN. Sales. High. Low. Close. 90% 90% 904 % 09K 99% | 95% 95Y 99% 99% ArgentineSs...... 3 Argentine 6s Ju §9. 30 Argentine 6s Oct 58 40 Brazil Canada 68 1981.... Canaéa 6= 1963..,, Canadu 6%s 1929 Chile 78 1943 Chile 85 1941. Chile 8s 1946. Chinese Gov Ry ba. Con Pow Japan T Copenhagen 5% Cuba 5%s. Czecho 7%s ref Czecho 8s 1951, Czecho 8s 1952 ot. Danish Munic 8s B. Denmark DFEI6%s Me D EIn 58 Nov § Dutch East 168 47. Finland s f 85 45. Framerican T%s. French 7s. . French 7%8 French 8. . German EI P 6%s Gor Gen Elec 78 Greek 78... Halt! 8s. Hungary 7%s.. Montevidio 7s.. Netherlands 6s 54 Norway 68 196! Paris.Ly-Med Paris-Ly Med 7s. Paris Orleans 7 Peru T%s. Peru 8s. Poland $: Porto Alegre Rio Gr Do Sul Sao Paulo City Sao Paulo 8s 1938 Sao Paulo 1950. Saxon (PW) 1 Seine 75 42. Serbs Crot Slo 8 Sweden 5%s ot. Sweden s Swiss5l%s Swiss Confed 8s. Toho-Elec Power 78 Toklo bs. ... Utd Kingm 5%s 2 Utd Kingm 5%837. MISCELLANEOUS. Am Agri Chem 7%a 18 104% 10 Am Repub deb § 1100 AmSmit&R 1st 100% Am Smit& R 6 Am Sugar ref AmT&T debb%s. Am Writing Pap 68 Anaconda 1st Anaconda cv db Andes Cop 78 rots Armour&Co 4%s 1t Armour Del 534s... 13 Assoclated Oil 6s.. Barnsdall Bell Tel Pa Beth Steel pm Beth Steel 6% Beth Steel 6: Brier H St 1st 5% T Bldg 58 60. Bkiyn Union 6%s..173 Cen Leath 6s 45 ¢ Con Gas N Y 538, Cuba Canecv 88 Cuban Am Sug 8s. Denver Gas §s. Dery (DG) s Det Edison 5§ Dodge w1 8. Dugquesne Ligh Est Cuba Sug T% EmpireG&F 7% Goodrich 648 s Indfana Steel Int Mer Marine Paper lsn:n CPeL 65 A 85, Kan G & BI 6 Lackawa 8 68 60. Laclede G %8 52 Liggett & Myers ulsv G & 2 {;"....u Sugarsf 1% 2 Mid.Con 6%840... 8 G ate Steel 68, .. 29 974 Mora® Colsii®® Tnoz. o ¢ e 1020 102% u6 116 105 105 97 98 107% 108 10 110 104 106 1054 105% 100 99% 9oM 1064 1084 1064 9% 091 99% 1014 101% 108 106 100% 101 104% 104 104% 100 90% 9B% 5108 * 108 108 108% 108 103% 1064 106%5 1084 104% 104% 104% 194% 1004 104 Direct to The Star Office. RAILROAD. Sales, Hixh. Low. Close. 81 81 " 8l wee 10 92% 92% 924 92 ‘92 92 924 62 924 1054 405% 105% S0% B0 0% 90% 06% 9% oR 984 | 102% 103 | 10274 103% 106% 10634 | 5 100 100% | 'Ot RO | 084 06 ol 914 | o0l 094 | M7% 1% 1us ns | #4 T M| 1084 1081 | 104% 104% 100% 100% foy 89 85 954 1% 1% 674 BT% % 3% Aa AO'6 AU 6a% Atlantie C L ol ds. . Atlantic C 1L 1st 4s. Atiantle C L B & OSwDIvbscts 25 B & O Toledo ¢n. Bklyn Manhat Can Nat 4%« 30, Canad North 6 Canad North 7s.... Canad Pac dah da. . Car Clinch & O 6s. . Centof Ga 6 Cant Pac 1st 5a 9l Ches & Ocv d%sn Fhes & O en 4Y%s. . Ches & v 5a. n CM Rt P 4u 25 ofs 21 CMAStPAsb 4ncfs. 3 CMRStPovdlin. & CMERPove he2lefs 26 CMRStPrial4e.. 1 CMA&SIPr 4% of14 3 CM&StFovEs. .. 20 CMASP ev Krofs 14 4 CAM &SP R P 108% |fi‘|’4" 1% 111% NN 80 004 1041 102% | RIM RSN 1035 1072% | 102 N2 o asy | pdr% 95 1ha 100 074 07% | a2 a0l ns 112 10855 105 | ang B0y 70 0%| o8 91y | hi T'nfon Sta e Chi A W Tnd on 4s. O TR 62, Del & Fnd 160 rean 13 el & Hnd ov §n 35, &1 Del & Hnd S14n. Det United 4%s. Firle 1xt cons d4s. Frie gen dn. . Frieconv dn A Frie eonv 48 R. Frie conv 4s D Tria Gansases R Aa, Erle (Pa) elt tr ds. PamCiate...... fir Tronk sf aF bs. . _ Orand Trunk T Gt Nor 4148 76 D. . Great North ke Great North £, Cir North ean 7 Creen B & W AR R. Havans MRLAP K0 TINA & NMon raf § A & Man at Se T Central Sts. ... Tnt RAn Tean fa... ™nt Rap Tr fu stpd. 50 Tnt Rap Tran Re. .. nt Ran Tran Ta .. Tnt & (2 Nor 1ot fa. Tnt & 6 Nerad & Kan Cltv Pt @ 4 Waneae City 8 3. Ran City € 5s. Ran City Term 4 Take Shore 4s 2% Taka Shore 48 31... Tiehleh Valen ds. Lehigh Val fa 2003, Loule & N uni ix &N ¢ter00n, Louls & Nash 5448 Man Ry 1at 80, . Markat St 7a 40, W EI Py & L s MK&TdsB. MK & T adj 58 MK&Torin 5 Mo Pacific mon 4s. . Mo Pae ks 1965. ... Mo Pac Gs B5 R, ... Mont Trm ref 5 41 Nassau E Ry 4s §7 NO Tex & M Ss 18 1154 | 2% 471 | 108% 100% | 104% 181% 1124 1124 2 o 13 74 Ty 107 | 7" 7414 .l A% | 105 7En | evs | | | 101 7% oy 7% €y ETi 97 87 | 8% OR% a7 @ /K4 REY 102% 107 MU By o4 9RY% | 109 109 €& e 974 874 7% 9TV 734 T 98% 105% 07w 8714 N YCentdebds... 2 NYCrfima%s13 102% 109 108% 103y | 3% 373% 83 63u B 78| h 85 85y N 65% 63, N 8815 RA | Northern Pacr | 68 1 Ore Short L rfs 4s. Ore Wash 1st rf 4s. Pennsyl gen 4 % Pennsyl gen s, 1054 1054 101% 101% 12 112y 107 107% 1024 1024 92% 92y 101% 101% 7% 9% 98% 97 82 8z 7 1014 101% % Pere Marq 1st bs. .. Port RL & P 658 42, PorRL&P6s4T.. Reading gen 4 4 StL&SFpl StL S W conds3s, Seab A L con Seap All Fla Sou Pac 48 29... Sou Pacific clt 4 Southern Ry gen és Sou Ry con b8 94 Sou Ry 88 56 Southern Ry Sou Ry Mo & O 4s.. ref TolStL & Wds. .. Tol Tr L&P 5%s 30 Union Pac 1st B Union Pac 1s€f 4s Union Pac 48 27. W 07 it 73% 117% 117% % 9k 91w 834 86% 88 9% 54 89% % 99K 102% 102% 101% 102 99 99 1 10 3 10 36 Virginia Ry 1st 5s. 16 Vi 9% 99% BAR SILVER PRICE. NEW YORK, August 2 (#).—Bar silver, 83%; Mexican dollars, 48%. BANK CLEARINGS DROP. BALTIMORE, August 2 (Specfal).— Local bank clearings last month de- | States, | De at $1.52 a bushel. | FINANC BIG ESTIMATES SEND WHEAT VALUES DOWN Better Weather and Larger Re- ceipts at Chicago Are Fac- tors in Decline. * By the Associated Press. CHICAGO, August Wheat prices underwent e sharp early set- back today. Besides better weather for the wheat crop in Canada and big receipts in Chicago, bearish estimates . of the 1926 domestic whéeat yvield, both | Winter and Spring, led to heavy sell- ing pressure. Opening % to 2 cents lower, wheat soon Showed a de. cided additional downturn. Corn, oats fand provisions were easfer, corn start ing 4 to 8 cent off and then sagging a little more. Unofficlal crop forecasts issued here today pointed to a much larger total production of wheat in the United this season than latest pre. vious figures had indicated. One lead 2 | ing_expert figured that the probable | yleld would be 630,000,000 bushels of | ‘Winter wheat and 213,000,000 bushels of Bpring. Another authority pre-| | dicted 643,000,000 Winter and 208,000, | 000 Spring. General trade expectation | | had been for about 800,000,000 bushels | all together. | Based on threshing returns, one| of today's private crop reports said | the United States Winter wheat yield | this season is 17.5 bushels per acre. This rate is fully two bushels ahove the indications on July 1 and has been exceeded only once in crop history. The sole exception was the crop har- vested in 1914, WHEAT— September . o December . ATS i High. el e wat 23 22 08 Septeminar December NEW YORK GRAIN TRADING| INAUGURATED TODAY 1,000 Members of Produce Market Attend Dedicatory Exercises at Opening of Pit for Dealings. By the Associated Press. NEW YORK, August 2.—Trading in grain futures opened New York produce market, after a | dedicatory ceremony before more than | 1,000' members of the exchange. In the initial dealings September con- tracts sold at $1.47% and December 3 | A few minutes before the opening hour H. B. Wunder, president of the | exchafige, stated briefly the history and purpose of the produce exchange. The new market, he said, filled a definite need in the grain trade of the country and in addition supplied a hedging market for foreign bu Later in the day a reception was held on the floor of the exchange for about 75 guests, officials of other lo- cal exchanges and heads of various industries allied to the exchange. Trading in the new market is based on delivery of wheat in Buffalo. . PRICES ON PARIS BOURSE. PARIS, August 2 (#).—Prices were on the Bourse today. Three per cent rentes, 50 francs 25 centimes; exchange on London, 184 francs 50 centimes; 5 per cent loan., 53 francs 50 centimes. The dollar was quoted at 37 francs 85 centimes. . LITTLE NEW FINANCING. NEW YORK, August 2 (P).—With the investment market feeling its| customary Summer inertia, new hond | offerings placed on the market today totaled less than $5,000.000. the small est aggrecate for any Monday in months. Most of these were munic pal issues, led by an offering of §1,5 000 for the vy of Winston-S: N. C. Several larger corporation issues are scheduled for appearance later in the week. WILL FIGHT N. Y. C. PLAN. NEW YORK, August 2 (#).—The fight of “Big Four” railroad minority stockholders against the proposed v by the New similar to the successful contest waged by the Chesapeake and Ohio, d ing shareholders against the N Plate merger proposals. The Four” minority, it is understood, will ! were then made today on the | ers. 4‘103 | throughout 1IAT LINOTYPE IS AGAIN LEADER IN MARKET Ww. R: & E. Also Active in To- day’s Trading on Dis- trict Stock Exchange. BY EDWARD C. STONE. Washington Railway and Elestrie preferred and Mergenthaler Linotype made today's session of the local ex change a decidedly lively affair. Dur ing the day 252 shares of Rallway and anged hands and 180 shares were eold. The firet sale ¥ referred was 100 share: 10" sales totaling 169 shares at the same figure, three more chares went an eighth of a point higher and the market closed with the stock selling at 90 for 10 shares, Mergenthaler opened at 106, a frae tional advance over the last sale of last week. The stock then advanced to 106k and closed strong with four sales totaling 160 shares at 106%, Potomac Electric preferred sold to day at 108; two sales were recorded in Capital Traction at 103% and Wash ington Gas Light registered 693g. Prices were steady in the bond divi &lon, Georgetown Gas fs selling at par and Washington Railway and Electric 4s at 82%. ’ North American’s Earnings. inc e of the N¢ American after all preferred dividends and lowance of cent of gross ation. of ¢ equivalent. to $3.40 a share on common stock out standing June 30, 1926, are reported today for - ended on that date Gross earnings for the perlod were a gain of 294 per cent over the preceding vear, and net after preferred dividends but hefore depre. ciation amounted to $24.237.676. Be- ! fore deduc eciation allow. ance of the rate of mon stock o Figured on number of shares outstanding during the vear ended June 30, net after pre ferred dividends but hefore daprecia- tion was at rate of $7.04 a share, while net after the dedcuation of de preciation allowance was equal to $3.63 share on the average amount of standing common. Of the increased amount ¢f common stock during the last 12 months, nearly §0 per cent was issued for acquisition of new prope: ties and the balance in payment of dividends on common stock. The next in tatement. as of September 30 the first to give effect 1 nings of the large prop red in the latter part of The balance carried to surplus afte all dividends and deductions amour 8%, an increase of over 24 pe: nd the balance to depreciati { reserves and surplus after all df dends amounts_to $20,610 an in- crease of over 30 per cent. Dairies’ Earnings for Six Months. Stockholders of Southern Dairfes, Inc. wers today receiving the con solidated income statement for the six months ended Jine 30, showing net | sales of $5.231.451 and a net profit before depreciation and taxes of cent The earnings for the first half of the present vear have been most gratifying.” Edward £. Perot, jr., say |in his statement to stockholders the face of a season exceptional favorable for the sale of ice cream the territory served by the company. “The company has restricted its field of activity to the Southeast part of the country, buf within this terri tory it has been able to acquire units In different communities which round out its manufacturing and distribut- ing organization in such manner as to | place the company In a faverahle sition for both economical operation and increased sales.” Personal Mention. R. Golden Donaldson, president of the Commercial National Bank, re- turned today from FHot Springs, Va., where he passed the latter part of | his vacation. He aleo visited Ash- iville, N. €., while awa; James H. Baden, vice president of the Commercial National, has also re- |turned to the bank after a vacation, most of which he spent at Piney Point, Md. Frederick H. Cox, assist- ant cashier in the same bank, has gone on a _three-week vacation to (; contend that the road’s earnings and financial position entitle it to better terms than the New York Central has ;.)ffered under the projected long-term ease. VISIBLE GRAIN SUPPLY. By the Aesociated Press. NEW YORK, August 2.—The visible supply of American grain shows the following changes, in bushels: Wheat, Increased 8,928,000; corn, decreaseed 1,542,000; oats, decreased 181,000: rye, 1000; barley, decreased pee UNITED LIGHT AND POWER. NEW YORK, August 2 (#).—Net earning of the United Light & Power Co.*and its subsidiaries for the 12 months ended June 30 were $6,320,939 after interest, prior .preferred and “A" and “B" preferred. dividends. This compares with $4,682,474 for the previous year. SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) oon.—— Offer. 1031 108 0414 8 Adirond. P. & O PEESTES SRR Ce I‘fll‘llmnl‘fi lrl“’fl‘ o ‘Au il, & St P. 6 ll( of on 6s 1934... .. . So \':Ph. . & E._lst 58 102 ‘ontinental G.&E. 58 \Jl"" Se523 3 CELFRE F ST by iy creased $17,264,009, compared with the | Pe corresponding month in 1925, totals being $529,454,206 and $536,718,215, re- Bpectively. For the. seven-month period, however, a comparative in- crease of $264,057.155 is reported, to- tals being $3,643,646,387 and $3,2 589,232, respectively. Total for the % SRS SRR ¥ e At b it i 253535525550 Smoom Tina, R, Sindlair €, i Co. Tnlon o1l ot Can Unign Pac’ R. oS Rubber 734 Western Union Westinghouss E.& 35 C. 4s 19" 81030 .. 4% 1936 . 78 1931 R b rA 202 SES8IR233333332553832S: 3R X0 Va. B. Devber, president of the Second National Rank, with his 4 family, motored to Staunton for the week end. Some cloudbursts down that way made traveling more diffi- cult than usual for motorists. C._J. Gockeler, vice president of the District National Bank and sec- retary of the Washington Stock Fx- change, passed the latter part of tha week at Margata City. N. J., whers he has a Summer home. John M, Riordon, cashier of the Bank of Commerce and Savings, has returned from Atlantic City. whers )\le passed the latter part of his vaca- tion. Harry V. Haynes, president of the Farmers and Mechanics National Bank in Georgetown, also is back on the job from Atlantic City. . Financial Notes in Brief. The United Drug Co., of which the Liggett organization is & subsldiary, in the six months ended June 30 earned $7.35 a share on 853,793 shares of common stock as compared with $6.17 on 820.020 shares during the first. half of last year. The United Cigar Stores ports net earnings after Federal taxes of $3,712,617 for the six months ended June 30. This figure compares with net earnings of $2,853,860 for the correspondirg period in 1925, an in- crease of 30 per cent. ———— MARYLAND TOBACCO. BALTIMORE, August 2 (Speclal).— Receipts of Maryland leaf tobacco last week set the record for.the sea- son with 2,200 hogheads, due mainly to the fact that many of the hog- heads showed inferior quality. Stock in State tobacco warehouse today total 7,517 hogheads. Quotations to- day for Maryland tobacco, per 100 pounds: Inferior and frosted firm leaf 3a8; sound, common and greenish, % 14; good common, 15a24: medium, 34; good to fine red. 35a51: fancy, 5 seconds, common to medium, 6a: do., good to fine, 21a24; upper country alr cured, 7a25; ground leaves Co., re- seven months is the largest for any | GERMAN BONDS AND STOCKS. | nominal corresponding period in the histos of the clearing house association. i gl 1%| FEDERAL LAND BANK BONDS. - 22 102% 1024 102% Sug Est Odlent 7s.. 63 984 98 984 ‘fenn Elec Pow 5105 106 108 Toledo Edn 1st 1103 108 108 1 L 1 1 2 9 Warner Sug 7841.. 2 80 80 80 West Elec 58, ... 5 100% 100% 1007 C14 118w 1124 1184 21 108 100% 108% 12/102% 1024 1085 2 98 98 s 2 1044 1044 104% Youngstn8 & T 6s. 58 104% 104% 104% (Quoted by Alex. Brown & Sons. Closing. CETESEEET S b bbb Sgsasec £333538sss0sty S ittty P (Quoted tn dollars. per million r Gt (w In) b8 J 13 i i R A : Ger Gen ¥ 300 3000 £6.00 14.25 1.10 130 1438 B7.00 00 00 i 3 ;:;R 90,00 ¥ e i Halit! plans to spend $3,000,000 to irrigate 60,000 of good land that now is barren. - BALTIMORE EXPORTS. BALTIMORE, August 2 (Special).— The report.of shipments from this port last week gives the export of grain at 698,702 bushels, against 290,654 for the previous week. The shipmeénts were made up of 628,000 bushels of wheat, 28,273 of oats and 42,429 of corn. Other articles In the repdrt were 1,324,070 pounds of copper, 1,577 tons of steel rails, 400 bales of cotton and 4,334 barrels of flour, of which not one barrel was exported the pre- vious week. RUBBER LOWER. NEW YORK, August 2 (Special).— Crude rubber, smoked ribbed sheets, denlined )s cent At t 's noon quo- tation of 303 cents. compares with 41 cents. 4 month ago and; 9§ cents a year ago.