Evening Star Newspaper, August 3, 1926, Page 23

FINANCIAL. OTTONIS STEADY | AT LIGHT DECLINE Trading Is Quiet; With Mar- ket Appearing to Be Wait- ing for Reports. By the Associated Press. | NEW YORK, August 3.—Cotton futures opened steady; October, 1 Decembe; 17.68: Janua A H March, 2; May, 18.03. ‘The mar Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK. August —TFailure of the curb market stocks to be in- fluenced more so than they were by the great strength on the Stock Ex- change was cause for disappointment today among those who have been holding on for some time in the hope that the market would eventually re- spond to all the favorable comment concerning the future price move- ment. The oil shares came in for more attention, but at prices only slightly above those prevalling at the close vesterday. In the late trading some of the ea: advances were even more than offset in this quarter. Stand- ard of New York was taken in large THE EVENING . NEW YORK CURB MARKET Direct to The Star Office blocks around 343, but this appear. ed to be for special reasons. For the past week reports have been current that in view of the favorable cash position directors at the next mee ing would establish the stock oy a higher dividend basis. : Ohio Ol was about the only oil to do anything noteworthy. It gained another 2 points, reflecting the ‘recent declaration of an extra dividend in addition to the regular quarterly disbursement. Public utilities showed signs of turther strength, with special buying in progress. Electric Investors, United Gas and Improvement and Middle West Utilities ~were offered fréely whenever bids were raised. CRUDE OIL PRODUCTION. NEW YORK, August 3 (Special).— The Ofl and \Gas Journal states that domestic production of crude oil in creased 45,422 barrels daily In the week ded July 381, averaging 2,131,04 bar- 1s daily, which compared with a pro- duction in tMe same week last vear of 2,142,716 barrels daily, or 11,112 in excess of the current figure. Light oil comprised 1,545,209 barrels of daily output last week, an increase of 13,212 over the previous week. JULY COTTON EXPORTS. NEW ORLEANS, August 3 (#) ecretary H. G. Hester of the New O leans Cotton Ixchange says the United States cotton exports to for- elgn countrles, exclusive of Canada, totaled 361,880 bales during July, against 205,091 bales in 1925. Great Britain received 51,127 bales, against 26,983 a year ago; France, 3196’ against 15,531; Germany, 83,19 CAPITAL INCREASE 0. K.'D. BREMEN, August 3 (#).—The an- nual meeting of the North German Lloyd Steamship Co. yesterday ap- proved an increase in the company's capital by 11,000,000 ordinary shares and 343,000 preferred shares. The shareholders also indorsed a proposal for a closer working union with the ‘Hamburg-American line. TRANSFER 1S BLOCKED. NEW YORK, August 3 (#).—The proposed transfer of control of the American Druggists’ Syndicate to the Schulte Retail Stores Corporation h: been temporarily blocked by opposi- tion from important stockholders in the syndicate. The question of ap- proving the Schuite proposals, involv- ing a dlvidend guaranty for the syn- dicate stock, is expected to come up for final decision on August 17. Loans on Real Estate —such as apartment buildings, Have You Been Stung Yet? Some men have to get stung good and hard before they learn to be cau- tious in making investments. Before vou invest. igate! | Real Estate Loans Business Properties Money to Loan o Secursd hy firat deed of trust on ’ D rerdiing ntaest and ‘comimemiont >" Joseph I. Weller 32 Waih- 1 & Trast The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Egtate in the Dis- trict oiPColumbia and Nearby Suburbs in Montgomery County, Maryland business properties and resi- dences, arranged promptly. Also refinancing of loans ex- piring, probably at lower rates. against 43,731, and the rest of Eu- rope, 131,938, against 76,494. Exports to Japan, China and Mexico amounted to 63,653 bales, against 43,352, ket opened steady at an advance of % points on August but generally 4 1o 7 points lower in response to rela- | tively easy Liverpool cables. There were slight rallics immediately after ~ NEW YORK. August 3.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today: Sales in INDUSTRIALS. the call. on _covering. but after selling up to 17.72 for December and 17.83 for March prices eased off slightly under realizing or liquidation, with the market showing net losses of about 6 to 10 points at the end of the first half hour. Business was com- paratively ‘quiet, and the trade| seemed to be waiting for further| weather developments or more con-| clusive crop reports from the South A private report issued this morning placed the condition at 65.8 and the | indicated crop at 14,803,000 bales, but | 1he figures were witHout any apparent effect on the market. | Another private report was issued later In the morning estimating the candition of the crop at 68.8 and the} indicated vield at 15,550,000 bales.) These figures, combined with a more | tavorable weather outlook, held buying | check, but offerings were light and tone was fairly steady. December selling around 17.70 at midday. and the market was about 3 to 4| points net lower. | New Orleans Quotations. | NEW ORLEANS, August 3 (®).— The cotton market opened easy today, due to low Liverpool cables and to continued favorable weather in the western helt, first trades showing loss- 25 of 4 to 5 points. The market soon Yallied, however, on a scarcity of offerings, October trading to 17.68 and December to 17.56. but soon eased off again on a bearish crop estimate of '550,000 bales, with a condition aver- ' age of 65.8. October dropped to 17.55 | and December 1o 17.44. GENERAL MOTORS' TIP HAS STREET GASPING Cochran's Reported Statement Stock Would Jump 100 Points More Called “Unlike Him."” Spacial Dispatch to The Star NEW YORK, August 3.—Sanguine predictions credited to Thomas Coch rtner in J. P. Morgan & Co., neral Motors stock *‘should and will sell gt least 100 points high- er’” today had Wall Street hanging by the heels, suspended in mid-air and gasping for breath as it watched Gen- eral Motors soar to new hights above 211 on the stock exchange. The statement was “very unlike” Mr. Cochran, an official of J. P, Mor- gan & Co. declared today., and while the firm issued no statement it was | apparent that its officials were disin clined to believe the reported state- | ment. of one of its members bearing on the future action of a stock market fssue. Tt is understood efforts are being made to get in touch by radio with Mr. Cochran, who sailed for Europe at midnight Saturday on the steam- hip Olympi The interview with Mr. Cochran was sald to have been obtained by a reporter for the Wall Street Journal shortly before the Olympic sailed. Tt was said at the offices of J. P. Morgan & Co. today that no one else connect- ed with the firm was at the pier, so that no other persons were present during the interview CHICAGO LIVE STOCK MARKET CHICAGO, August 3 (United States Tepartment of Agriculture).—Hogs— TReceipts, 27.000 head: few sales light light, steady: other butcher hogs most- Iv 10 to lower than yesterday's average: packing sows generally 1o 10 25 off; big packers insisting on larger reduction: inactive selected 150 to 160 pound averages bulk desirable 150 to 210 pound avex: ages, 13.00213.30 240 to 300 und butchers, 1 50: bulk pack 0.00 downward: few light- | pou ing sows, 1 L} weight weight. 10.25a10.35; heav 60: medium, 12 55: light _light, sows. 9 plgs, Cattle—Receipts, 10,000 head: early | action in steer trade confined to year- | lings, light heifers and fat cows at| steady to strong prices;. in-between | grades and all weighty steers very | slow: buvers resisting higher asking prices i includes about 1500 Western Iy steers; best fed vearlings . 10.50: several Joads, 10.00a10. 1.500-pound steers, 9.50: bull to strong: vealers, 50c higher: upward to 14.00. Sheep—Receipts, 13,000 head: fat lambs steady to strong: few sales look @5c higher; five doubles S81-pound Tdahoes straight at 14.50: bulk sorted Idahos and Nevadas. 14.25: most na- tives, 13.50a14.00: culls mostly steady At 10,00a10.50: sheep steady: bulk fat ewes, 6.00a7.50; yearlings, 11.50a12.00; no feeding lambs sold; indications steady market; I vesterday bulk feeding lambs. 12.75a13.85 for 61 to 79 pounds: steady to Z5c higher than late last week SINCLAIR OIL INCOME. NEW YORK. August 3 (#).-Net income available for surplus, reserves and Federal income tax of the Sin- clair Consolidated Oil Corporation and i s for the fi six months 26 amounted to $16.924,001, a gain of 6,663,515, or 65 per cent over the income for the corresponding pe- riod of 1925. Net earnings before de- Aduction of interest and discount for the first six months of 1 amounted to $20,814.740, establishing a new high 7record for any previous half vearly period Grpss earnings and miscedaneous income, ex ve of in- tercompany’ sales and arges for transportation, amounted to $85,214 576, an increase of $16,770,439 over the first half of 1925 OIL AND SUGAR RECEIPTS. BALTIMORE, August 3 (Special)— Six tankers arrived last week with 365,000 barrels of crude oil and 32,000 barrels of gasoline. The steamer Du- rango, with 000 barrels of crude oil, brought is port the first ship- ment of that product from the fields|W: of Colombia. Receipts of sugar last week were unusually large. Alto- gether 225,805 bags of raw product were received by the American Sugar Refining Co. The ‘Philippines sup- plied all but 54,000 bags, which came from Cuba. BANK CLEARINGS. NEW YORK, -August 3 (Speial).— New York bank clearings, §1,249.000,- 000; New York bank balances, §$10 top. 13.65 paid for | & LR 3a 30w TR o 1353 nwmDDEED bttt 3. ror 1l Fruit. ... ige Hart Cor Co lias E W n . e B> o o mBisan! >3 & ) i Niag & b Riae & F ‘an 1) Gin Alenn 161466 bt 70 uloid 7 tex Coo. oo 198 PS5 iswsiami 23232920 953552 35 ees) @233 T B BA1I=1 DD PEEPERE PR E PP e et IR pr RS 13D iyt > Sii3a D= 139 Bak B... Fireprfs e EnB 3 Gillette S R Glen Alden Coal 1 T &R 0% 1 Kruekal & 1 Land H C A stpd 25 Leh Pow ns % val C SRS 1Sou P&Lyp 100 Sou P & L war Washington Stock Exchange SALES. i Gan _Ba—$1.000 0. $2.000°at 100, $3:000 3¢ £ . s at pgmae Electric Pow. 78 1941—$1.000 o Washington Rwy. & Elec. 4s—$1.000 at | 10| Georgetown at “\\’un.ngmu Gas Light—10 at 607 & Elec. District Xational Bai Mergenthaler Linotype—20 AFTER CAL Potomac Cleotric Pow Potgmac *Electric Po Caital Traction Co. Money—Call loans. 5 and 6 ver cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY, R Bia 077, Amer, Tel. & Telga. 4128 Am. Tel. & Tel. ctl. tr. bs. . nacostia & Pot. R.R. bs Guar. e, shinston Rws. ofd.—10 at | K—i at 2 at 1084 L td, Amer. Tel. & Telga. 48 =3 o B Aelenhvs B Capital Traction R. R. City & Suburhan As.. Georgetown Gas 1st’ bs Potomac Elec. 18t 5t - otomac Elec. Cons. B2 . 6s_105: 433339233550m 3233233332 S@332 SER3Tanc gitn.. .. ‘Mkt_Cold_Storage 58 Wardman Park Hotel 5%3.. STOCKS. PUBLIC UTILITY. American Tel. & Telga action § Elec. pid. . - Eles, inteti; - w . ), € Wath: Rwy. & Hec. pid NATIONAL BANK. Capital.. . Potomac T e Plsthicts & Mechanies' || fdml)-Ameflenn Knional Meiropolitan. e e Baiic’ of TRUST COMPANY. & Ty Bank. avings & Trust.... remen's ... ational Union. TITLE INSURANCE. e Seorave Dl Narunts: Trans. & Storade et o Etaotro Yarreaiaer MRy 000,000; New York Federal Reserve Bank credits, $74.000,000; Boston bank slearings, $109,000,000,- FRLAEISEES S, Sales in hundreds. BOA CoM & M Lid 10 Ariz_Globe € 1 Carnegie Metals 34 Cons Cop Mines 20 Flor GoldfAd M. 10 Forty Nine M 67 Golden Center M 10 Goldfid Cons 70 Hawthorne M i 68 Copper ~ Cor. 06 R 14 1y 07 20 Spearhead G Min Bullion_ . Vends Ext. . Co 1Ttah Ape 3 Wenden Cop Sales in INDEPENDENT OIL STOCKS. huny reole S Crown Cent Pete Enclid o1l Co % Giheon Ol Cor nit Oi1 of Pa nard Oil Sales _ STANDARD OIL ISSUES B umite. A 40 Borne Scr, 0 Gal S O pf old 0.Gal § 0 Dl N 5100 Humble Ol & R 00 0 Can n 201 288008 O N 'Y 341, 800 Vacuum 0il 103 3% Sales in BONDS thousands. 10'Allied Pk 8 .. 70 2 Alum_7s new "33 10814 Am Pw & Lt 6s 100 m P& I. 64 new 00 Roll Mill 6810384 1 Seating s, n B i x Rs &1 ‘ontain Co Am s 09 A H3 2 For the BUSINESS MAN ¢j cooL PLUNGE and. then LUNCHEON WARDMAN PARK HOTEL Jpecial Midday Feature S 150U Srous. 12 NOON ANY AMOUNT APARTMENT HOUSES BUSINESS PROPERTY RESIDENCE LOANS AT LOW RATES FRED T. NESBIT 1010 Vermont Avenue N.W. 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R oorToon STRIERE e M M 7 2 k Chil 6% s wi 0 ni_Medellin 85103 iy . 98 s 3 oSsoorsoonspsossy S3583A538328333353252% .m_, L L £l ol R ) s 33030000 FEEEEE oo btk T 33 bid 413: time ‘loans firm; mixed col- Drug Store: ono p:u'm Ston e annts 310 W lateral 60-90.days 4%a4ls; 4-6 months 555 A tatih; siriie 17th and Eye Sts. Suites arranged to suit any business, at exceptionally moderate rentals Rooms, $30 each. Took s o towas 9100 ber foot. One ground floor store weailable”"§200 montb. MGORE & 730 EANS more than saving. It also means a wise choice of investment for the money you have saved. The Federal Security & Mortgage Company deals 'in conservative mortgages, based on stabilized property values, thus insuring safety as well as offering a highly profitable SOUTHERN BUILDING 1412' K STREET NORTHWEST the Appointment of As return to the investor. Investors in the stock of this Company receive an immediate return of 8, on the cumulative preferred stock. The dividends are free from the normal Federal income tax and the stock is free from the D. C. intangible tax. 10 Shares 8%, Cumulative) Preferred $10 par value 10 Shares Common, no par J NEIBe, s e - $125.00 C. E. MORAN & CO. Incorporated INVESTMENTS Telephones: Main 3628 - 3629 Pusca! Agents for FEDERAL SECURITY & MORTGAGE COMPANY - - WASHINGTON, D. C. ANNOUNCEMENT The Sun Life Assurance Company of Canada Take Pleasure in Announcing MR. A. DUDLEY CARPENTER Manager of Its District of Columbia Branch Office ~ 5th Floor, Transportation Building, Washington, D. C. of Canada FOR 3, 5 OR 10 YEAR PERIODS Houses Business Properties 51/2% T ON APPROVED SECURITY Apply RANDALL H. HAGNER & GOMPANY Incorporated MORTGAGE LoanN 1321 Connecticut Avenue National 59th Year GORRESPONDENT Telephone Main 9700 Capital and Surplus. $3.000. 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