Evening Star Newspaper, August 22, 1926, Page 38

Total Sales. .. Same period a3 192526, High. Rivy 584 109 1178 20 €314 76 1081, 647, 9614 Low. 62 43 10414 90 10 47 4 Allis-Chalmers Mfg (6).. FINANCIAL NEW YORK STOCK EXCHANGE WEEK ENDING Last Week. Year to Date. 9.578,916 286,638,672 7.811909 260.460.699 Net. High. Low. Ciose. Chge. 81 87% + 6 49% 521 + 3 108 108 — 114% 114% — G 13% — 1 56 2 % Stock and idend. Abitibi Power & P (4) Abraham & Straus....... Abraham & Straus 7% pf. Adams Express (6).. Advance Rumely. . Advance Rumely pf (3) Ahumada Lead (11)... Air Reduction (15). Ajax Rubber. Alaska Junea. .. Allicd Chem & Dye (4). .. Allied Chem & Dye pf(7) % % Y% 6% g b b% L - 4y Amalgamated Leather. .. T Amerada Corpn (1.60). - Am Agricultural Chem. . 15 Am Agriculturl Chem pf. - 2% Am Bank Note (1.60). te Am Beet Sugar. .. Am Beet Sugar pf (7) Am Bosch Magneto. Am Brake Shoe & Fy (6) . Am Brake Sh & Fy pt(7). Am Brown Bov Elec (2). Am Brown Bov El pf (7). Am Can (2) : Am Can pf (7). Am Car & Foundry (6). .. Am Car & Foundry nn.) Am Chain Class A 4 Am Chicle (3). Am Chicle pr pf etfs (7) Am Druggists Syndicate. An (6). Am & Forelzn Power.. Am & For Power pf (7) Am Hide & Leather. % | 118 115 AUGUST 21, 1926. Average price of 50 stocks. Same period a year ago. ~1925--26— High, Low. 102 14% 625, 543 331 104 20% 107 104 59 49% 110 174% 153% 60 159% 10414 48% 1Y% 20 374 314% 1071 116% 1pf (7). . 7% Cuba Cane Sugar. 35% Cuba Cane Sugar pf 36 Cuba Company (4). 20 Cuban-Amercan Sug 93% Cuban Amer Sugar pzu). 16% Cuban-Dom Sugar (new) 71 Cudahy Packing (7)..... 62 Cushman’s Sons (3)... 424 Cuyamel Fruit (4). 27% Davison Chemical. .. 824 Deere & Co pf (7)... 133% Delaware & Hudson (9). . 125 Delaware Lack & Wn (17) 35 Denver & Rio Gr West pf. 110 Detroit Edison Co (8).... 33% Devoe & RayndsA(2.40) .. Dodge Brothers Class A. . 4 Dodge Brothers pf (7). Dome Mines (2) Douglas Pec (2) Dupont de Nemours ( Dupont debentures (6). . . Duquesne Light 1st pf(7) Eastman Kodak (18). Eaton Axle & Spring (2). Eisenlohr & Bros. . ...... % Elec Auto Lite (16%).... Electric Boat...... Electric Power & Light. . Elec Pow & Light pf (7). El P&L pf ctf 40% pd(7). 4 Electric Refrigeraon(f2) Electric Storage Bat (16) Smerson-Brantingham. .. merson-Brant ctfs. .. 32% 20% 824 8% 40% 97% 8% 94 5% 2'4 74% l'lll"l. 1013 9% 40% 50% 26 103 16% 97 100 4% 37% 108 174% 147% 464 135% 38 314 8% 11% 3744 . 313% 107% 114% 117% 28% 13% 1% 8% 19% 961y 104% . 661 94% 2 2% 2 Am Hide & Leather p! 2 Am Am Home I'r Am Ice (110).. Am Ice pf (6) Am International. i Am LaF Fire Engine (1). Am Linseed. .. Am Linseed pf (7) Am Locomotive (8) . Am Locomotive pf (7) Am Machine & Foundry Am Machine & Fy pf (7). Am Metal (4)... Am Power & Lt (g1). Am Radiator (4). 2.40). ) & Commerce. meiting & Refin (7). melt & Refin pf (7). el Foundries (3) r Refining (5). nmatra (new) umatra opt ctfs A elegraph (9).. 1 Tobacco (8).... Am Tobacco C1 B (8). Am Tobacco pf (6) Am founders (8) founders pf (7). Am Water Works(c1.20). Am Wholesale pf (7). Am Woolen. .. s At Woolen pf (7). Am Writing Paper pf. Am Writing Papr pf ctfs Am Zinc Lead & Sm. Am Zine Lead & Sm p Anaconda Copper (3) . Archer-Daniels-Midland. Armour&Co of Del pf(7). Armour & Co of 111 (A) Armour & Co of T11 (B) Armour & Co of 111 pfu7). Arnold Constable & Co. Artloom (3) Art Metal (1) Dry Goods (214) . . DryGood 1t pf(6). Birm & At. . Atlantic Coast L(1915) At Guif & West Indie Al Gulf& West Indies Atlantic Refinin Atlas 1" 2 Atlas Powder pf (6) Atlas Tac Austin-Nichols Austin-Nic Auto Knitt \ntosile notive (7). o 0f (T) Baldwin 1 Ealti & Ohio ¢ Salth & OWo P (8) .. Banzor & Aroostook (). 4 Barnsdall CLA (2). A CIB (2). thilehem Steel pf (7) dale Bros I Bros pfi7) itish 1mp Steel Ist pf ooklyn Bdison Elec(8). oowlyn-Man ] Brookn-Manhat T Rrookn Union G, Brown Shoe (2) g Brunsw ick-Ralke-Collen unswick Ter & Tl & PRt (4) Brothers CLACI0) ers CUB (2 Addinz (14) nal (H11) turns irronsh B arin Butte Coppe 2 Butte & Supe Butterich irornia Petioleu Callahan Zine & Lead nmet & Arizona (6) lumet & Heela (112) . nadian Pacitic (10). . se (J 1) Th Leather Co. . Central R 12 of N J (+12), 2 Century Ribbon Mills Centary Rid Mills pf (7). ‘erro dePusco Copper(4) . Certain-teed Products(4) 2 Certain-tdl'rod 2d pf (7) Chandler-Cleveland . Chandl vt (4). Chesapeake & Ohio (4 Ches & Ohio pf (6%) Chicago & Aiton & Alton pf ast ilinols. st 1linois pf. eat Western Chicago Great West pt Mil & St Paul..... Mil & St Paul p! Chi Mil & St P ctfs of dep Chi M&St P pf ctfs of dep Chi & Northwestern (4) , Chi & Northwestn pf (7) s Crown Wil Chi Rock Island ific Chi Rock 1s1 & Pac pf (8) “hi Rock 1s] & Pac pt (7) low Cab (4) Chile Copper Christje Browna r M Commer Credit Commier Cred 1 Commer Iu §0) . Commer Inv Tr pr (6%3). Consolidated Cigar. .. Consolidated ¢ PICT). nrolidated Distributor. isolidated Gas (3). . Consolidated Textiie Continental Can (16).... Continental Insuran (6) .. ental Motors (80¢) 1 Products 1ef (121 Tape! Crucible Steel (5) 4) 1st (7) 1 66% 17 80% 57% 637% T 14314 119% 45 701 30% 30% 144 119 I+ 1414 11057 118% 241 9614 1324 40 47% 46% 574 19% 59% 127% 39% 1% 105 34% 109 200% 49%, 28% 107 98 574 183% (5 34% 42 16% 60 881y 132 59% 1154 95% 117 61% 110% 487 974 225% 104 120 35's 563 935 22% 30 4 Glidden Company (2) 33% Erie 15t pf. 4 Gen Ry Stgnal pt (6).. Endicott-Joanson (5) Endicott-Johnson pf ( ngineers Public Service Engineers Pub Ser pf (7) Cquitable Of Bldg pf (7). Erie. .. 667 117% 24% 9616 131 34% 4% Erle 2d pf. 41 urekaVac: b2% xchange Bufle! (1%)... 15% Fairbanks Co. o a8 Fairbanks-Morse @) 53 Famous Players (J10 17 Fed Lt & Trac (*1.40) 33% Fed Mining & Smelting... 81 Fed Mining & Smel pf(7). 7% Federal Truck 327% First Nat Plc 1st pf 19.4¢ 103% Fidel Phoenix F Ins (6).. 189% First Nat Stores (1%). 3278 Fisk Rubber 18% Fisk Rubber 1st pf ov(7). 100 Fisk Rub 1st pf stpd (7). 80t Flefschmann Co (1214) Foundatlon Co (8).. Fox Film Class A (4) Freeport-Texas. ... Gabriel A(14%) Gardner Motor. . Gen Am Tank Car (3) Gen Asphalt. ... Gen Asphalt pf (5). Gen Clgar (4). Gen Cigar pf (7) g Genera! Electric (H3). Gen Electric Spec (60¢) .. Gen Gas & Klec A (E11%) Gen Gas & Elec 8% pf A. Gen Gas (B).. Gen GasprB (7)...... General Motors (116) Gen Motors pf (6) Gen Motors pf (7) Gen Outdoor Adv (2)... Gen Outd Adv Cl A (4). Gen Rwy Signal (t4%).. 95% 11% 52% 108 48% 97% 210% . 103% 119% 34% b4 93% 104 48 57% 105% 18% 52 524 9644 109% 57 Gen Refractories (3) Gimbel Brothers Gimbel Brothers p! Gold Dust. Goodrich (BF) Co (4). Goodrich (BF) pf (7). Goodyear Tire&Ru pf(7). Gotham Hos new (215) .. Gotham Silk Hos (214)... Gotham Silk Hos pf (7).. Gould Coupler C1 A (2) Granby Consolidated. reat Northern pf (5). Gt North Ore ctfs (1%).. Great Western Sugar m. Greene Cananea Copper . Guantanamo Sugar. . Gulf Mobile & Northern. . Gulf Mobile & Nor pf (6). Gulf States Steel (5).. 4 Hartman Corpn (2) . " Hartman (B). .. s Wheel (1314). ing Valley (112). Hoe (R) & CoClass A. ... Homestake Mining (17). Household Prod (13%) Houston Oil....... Howe Sound (3) Hudson & Manhat (2%). Iiudson Motor (3%).. Hupp Motor Car (1)... Iilinois Central (7). Iilinois Central pf (6). Independ Oil & Gas (1) Indian Refining. Indiun Refining cf Indian Refining pf. . Tigersoll-Rand (14). o 2 Inland Steel (215). . Inspiration Copper (2)... Interboro Rapid Transit. Intercontl Rub (1). . Internat Agricultura Internat Agri prior pf(7). Int Business Machine(3) 2 Internat Cement (4) .. Internat Cement pf (7) 4« Internat Comp Eng (2) Int Harvester (6). .. Int Harvester pf (7). . Internat Match pf (3.20). Internat Mer Marine. Internat Mer Marine pf. Int Nickel (2). International Pap Internatl Paper pf (7). Internat Rys of Cent Am. 4 Internat Tel & Tel (6). Intertype Corp (t1%). Jewel Tea. Jones Bros Tea. . Jones & Laughlin pf (7).. Jordan Motor Car (3).... Kan City Pr&L 1st pf(7}. Kansas City Southern. .... “ansas City South pf(4). avser(Julius)& Co(3).. Kayser (Julius) 1st pf(8) 2% Keily-Springfield Tire. Kelly-Springfield Tire pf. Kelsey Wheel (6 5 Kennecott Copper (4) Kevstons Tire & Rubber. Kiraey (GR) Co (4). s Kinney (G R) Copt (8).. 114% 34 15% 55 a2y 324 204 20% i 391, 320 108 17 Kresge S S (1.20). Kresge Dept Stores Kresge DeptStores pf(8). Lago Oil & Transport. Lambert Co (3%) { Lee Rubber & Tire Lehigh Valley (3%). Lehn & Fink (3). .. Life Savers (1.60). Liggett & Myers (t4) Liggett & M CI B (14) . Liggett & Myers pf (7) Lima Locomotive (4) Loews Inc (2). Loft Inc. Long-Bell Lum Cl'’A (4). Loose-Wiles Biscult. .. .. Loose-WilesBis 2d pf Lorill. 2d (P) Co (3)..... Lorrilard (P) Co pt (7).. Lo.islana Oil Refining. Louistana Oil pf (7). Lauls(‘asAElClA(l\) Lousville & \um's'é) Ludlum Steel(2) Melntyre Pore Mines (1) Mack Trucks (6) . . Mack Trucks 1st pf (7).. Mack Trucks 2d pf (7). Mackay Cos pf (4). Macy (R H) & Co. . Macy (R H) & Copf (7).. Magma Copper (3). Mallinson & Co. .. Manati Sugar pf (7). Manhat Elec Supply (3). Man Elev mod gtd (d3) . Manhat Shirt (1%). Maracaibo O1l Exploi Market St Ry Market St Ry prior pf. Marland Oil (4) Marlin-Rockwell (2). Martin-Parry (3). Year to Date. High. Low. 139.16 109.63 . 122,98 101.96 Low. 101% 8% 37% 36 20% 103 16% 95% 99% 46% 36's 108 166% 142% 44% NDAY STAR, 97% 197%3201% 103% 119% 33 53 88 104 16 52 106% 84 613 409 714 43 150 155 328, 115 15% 96 24 135 34 26 1274 112 108 T4 114 1173 38% 15% 65 9 5 24 224 45 a1y 57% 28 21 103% 119% a3 534 93% 58 28 R 121~ | halt today, STOCKS' REACTION HALTED BY BUYING Dozens of Issues Go to High- er Levels in Rally Which Follows Decline. By the Associated Pres NEW YORK. August 21.—The r tionary movement in stock pric which has been under way most o. the week was brought to a sudden when aggressive bullish demonstrations in a few specialties started a general buying movement which carried dozens of issues 1 to 19 points above yesterday's final quots tions. The rally followed an early pe- riod of irregularity, during which bear traders tried ineffectually to unsettle the general list by renewing selling pwessure against United States Steel | common and General Motor which received strong buying support and closed at net gains.of 1 and 1% points, respectively. There was nothing in the d news to explain the sharp reversal in market form. However. the report that William C. Durant, automobile manufacturer, has postponed his trip to Europe one week and was again active on the long side, following within 24 hours a rumor that he and other large operators had liguidated long lines of stock, probably inspircd considerable short covering. Weck end reviews from various lines trade and industry confirmed reports that Midsummer business activity | was being maintained on a large | scale. General Asphalt Feature. General Asphalt common was the individual feature, soaring 8; points, , the highest since 1920. The WASHINGTON, of D. C. AUGUST 22, preferred, which is convertible into the common on the basis of 11, shares of common for 1 of preferred, also touched a new top at 132, where it was up 10 points on the day. While the rcasons behind this sudden up- swing were shrouded in secrecy, Wall Street heard rumors that negotiations for the development of South Amer- ican properties were pending between General Asphalt and another large oil company, believed to have heen Marland, which would prove mutually advantageous. Marland showed a net gain of 1, at 38. Westinghouse Air Brake jumped 5% points, to 1385, a new 1926 peak, on buying influenced by the receipt of large orders by its subsidiary, the Union Switch and Sig- nal Co. Other railroad equipment i sues, particularly those of companie engaged in the manufacture of signal and automatic train control appa- ratus, rallied in sympathy, General Railway Signal moving up nearly 4 points to a new top, at 93%, for the present stock. Air Reduction was heavy, breaking over 4 points. Rail Shares Steady. Railroad _shares held relatively steady on the prospect of the publi cation of another series of favorable July earnings reports next week. Chesapeake and Ohio broke 21 points on the initial sale, but recovered all but a small fraction of its loss befove the close. Delaware and Hudson, which was the sensational feature in the rail group yesterday. encountered heavy profit-taking, closing 23 points lower, at 17114. Canadian Pacific du plicated the year's high of 1667 and Atlantic Coast Line and St. Louis Southwestern each showed net gains of more than a point. Foreign exchanges eased slightly in quiet trading. Demand sterling was quoted 14 of a cent lower, around 4.85%, and French francs yielded slightly to around 2.86 cents. Other 1926—PART 1. RAIL SHARES TAKE ON FRESH ACTIVITY Waning Enthusiasm in U. S. Steel and General Motors Hurts Industrials. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, August 21.—The sharp declines in the industrial shares on the Stock Exchange during the past week have not been due to any important change in outside condi- tions. Wall Street was so long pre- pared for the General Motors big stook dividend a week ago that it lost all enthusiasm when the announce- ment was made. Motor shares, with only one or two exceptions, have ceased, at least for the time being, to be prominent. A decisive check was also given States Steel when unofficial yet com- monly credited reports came out that nothing would be done in the way of extra dividends at the next two quar- terly meetings. Inasmuch as these two stocks were consistently the leaders throughout the upward movements of July and early August, it was natural that when they showed definite signs of halting the sanguine spirit should have been taken out of other parts of the list. The reaction did not in- volve the railway shares as a group. There were times during the week for duty ter. Will Come to Capital. Capt. George H. Schumacher, Quar- termaster Corps, on the Panama Canal Zone, has been ordered to this city, as constructing quartermas- changes were nominal. trial section of the r: fresh reas movement The feeling No buying stocl when these stocks were active and strong. Plainly enough, a transfer of interest was going on in the indus- ailway list. Railroad Dividends Expected. son appears for n the the railway is simply more High. 81% 128% 23 2319 11% Stock and dividend. Mathieson Alkali (4) May Dept Stores (5). Mattag Co (2). . Metro Goldwin pf (189). Mexican Seaboard. . Miami Copper (1) Mid-Continent Petroleum Mid-Continent Pet pf (7). 4 Middle-States Oi} 1% 7 Middle States Oll cf T Midland $tl Prod pf (111) 123% Miller Rubber ctfs (2). 3913 Minneapolis & St Louis.. 2% Minneanolis St P& S S M 57% 5715 M StP&SSM lIsd lines (1). Missourt Kansas & Tex Mo Kansas & Texas pr 6) 98 Missouri s Montana Power (5) Montana Powe Montgomery W Moon Moters ( Mother Lode Coalft ( Motion Picture (11).. Moto-Meter C1 A (3.60).. Motor Wheel (2). X Mullins Body. Munsingwear (3) Murray Body. Nash Motors (ta) hville Chat & SEL(7). Nat Acme (stamped).... Nat Biscult (1414) Nat Biscult pf (7). Nat Cash Reglster (3) Nat Cloak & Sult. < Nat Cloak & Sult pf (7). t Dairy Products (3).. Nat Dept Stores. . . Nat Distillers Products. . Nat Distillers Prod pf... v nam & Stg. . Stp pf (1) t Lead (). t Lead pf (7)... Nat Fower & Light (80c). vat Rys of Mex 2d pf. Nat 72 237 6% 19 A1t 23% 13 384% 107 58% 180 8% 93%a N Y Air Brake (2). Y Canners (C2) ¥ Canners pf (6) Y Central (7) Y Chicago & N Y Cl S NY N N N N \ hi & St L pf (6). 20¢ Pf (5).%- v & Harlem (5) . N Y New H.I\Pn&,llarl e N Y Ontario & Western. N Y Railways pi ¢ orfolk Southern. .- Norfolk & West (18). = Norfolk & West pf (4)... North Am (b10% sock). . North Am pf (3). 3 North Am Edison y Northern Pacifle (5)..... Norwalk ire&nuh(snc) Nunnally Co (1%2). 01l Well Supply (.)‘ Omnibus Corp... Omnibus Corp pr A (8) Onyx Hosiery (3.20) Onyx Hosiery pf (7). . Oppenheim Collins (3) Orpheum Circuit (2). levator (6). levator pf (6) . teel. Otis Steel pf - Outlet Company (t3%).. ¢ Outlet Company pf (7) Owens Bottle (14).... Pacifific Coast 2d pf (4).. Pacific Gas & Elec (8) . Pacific Oil Stubs. 8 Packard Mot Co.(12.90) . Paige-Det Mot Car(1.80). Pan-Am Pet & Trans (6) . Pan-Am Pet & T C1 B (6). Pan-Am West Pet B (2). Panhandle Prod & Ref.. . Panhandle Prod & Ref pf. Park & Tilford. ......... Park Utah (60c). Pathe Exch, CLA (e3).. Penick & Ford . . Pennsylvania Coal&Coke. Pennsylvania Railrd (3). Penn Seaboard Steel. .. .. Peoples Gas Chicago (8). Pere Marquette (18) . . Pere Marquette pf (5)... Pere Marquette pr pf(5). Phila Co pf (3) 4 Phila & Reading C&I Philip Morris & Co. . Phillips-Jones (4) Phillips Petroleum (3) Phoenix Hosiery. : Phoenix Hostery pf (7).. Pierce-Arrow. .. . Plerce-Arrow pf (8) Plerce Of1. Pierce Petroleum Pitts Coal Pittburgh Coal pf. Pitts Terminal Coal. . ... Pittsburgh & W Va (6). . Postum Cereal (5). Pressed Steel Car. , Pressed Steel Car pf (7) Producers & Refiners . Producers & Refiners p PublicService NJ (5). Public Service N J pf(8). 4 Public Ser El Pw pf (7).. Pullman Company (8). Punta Alegre Sugar. Pure Oll (2).. Pure Ol1 pf (8). Radio Corp of Am Radpi Cor of Am pf(3%). R R Sec 111 Cen etfs (4).. Rand Mines (a1.52)..... Ray Con Copper ( Reading (4). Reading 1st pf 5 Reid Ice Cream (3) - Reid Ice Cream pf (7).. Remington Typewriter. Replogle Steel. Republci Iron & Steel(4) Republic Iron & St pf(7). Reynolds Spring. ... 72% Reynolds Tobacco B (5). 712 Robert Reis & Co. 484 Royal Dutch (a3 42 Rutland pf . 42% Safety Cable (4). 68% 381 19% 78 21% 6% 56 20 11% 55%% 1% 122% 104'% 5e) Net. Low. Close. Chxe. 121 $126% + 9!"1 23 2315 10% 15 B1% 08 lu 119‘. 57% - 180 814 91% 129%1129% 41% 22 1% 70 26% 20% 18 211 41% 22% 1% 70% 26 204 18 241 117 AHR% 21t 15% 34 15 90% 39% 21% 103 $103 57% 297 120% 10812 91y 100 481 1017% 1% 44 129% 11 3674 60 130 1202 1081 9% 101 481 102 72% 50% 130 37 15% 66 % 3% 17 l%' + % 4 l‘m-m:»uu | Unless oherw 1 High. 52t 102% 92% 74 80% 1083% 1381 119 54% auarterly. stocke; 4 Transue & Wims S F (2). % U S Industrial Alcohol % US bas *Partly stock. 47 stock pay this year—no_regular rate. e Plus 5% In-cash' or, stock, 4 h Plus in speci 3 1Plus 2% in stock. High, 451% 99%2 91% Stock and dividend. St Joseph Lead (13) . St Louls-San Fran (7). St L & San Fran pf (7). St Lpuis Southwestern St Louis Southwst pf (5). Savage Arms (4) Schulte Retail St (§8). . Schulte Retall St pf (8).. % Seaboard Air Line. ... 4 Seaboard Air Line pf Seagrave (e1.20). Sears, Roebk & Co Seneca Copper. . . Shattuck (Frank G) Tr&Trad (a2.1 hell Unlon Oil (1.40).. 4 Shell Union O11 pf (6) . Sheubert Theatre. Simmons Co (12 Simaons Co pf (7) mms Petroleu Sinclair Consol Oil. . Sinclair Consol Oil pf(8). ). 4 Skelly Oil (2). 4 Sloss Sheff Ste South Porto Rico Sug(6). Sou California Bdison Southern Dairies A (4). Southern Dairies B Southern Pacific (6) . % Southern Railway (7). Southern Railway pf ( Spicer Mfg Standard Gas & E1 pf (4). Standard Milling (5)..... Standard Oil Cal new (2) Standard Oil of N J (1) 4 Standard Plate Glass. Sterling Products (5) tewart-Warner (6).. tudebaker Co (5). Submarine Boat. Sun Ofl (11) perior Oil mington Telautograph (60¢). Tenn Copper & Chem (1). Texas Co (3) . Texas Gulf Sulphur (10). 170% Texas & Pacifi 60% Texas & Pac Coal & O1l... 15 Texas Pac Land Trust... 950 The Fair (2.40)....... 2814 Third Avenu 374 Thompson J C (3.60)... 47 Tide Water Oil (1) 301 Tide Water Oil pf (5). 9218 Timien-Detroit Axle (1 61% Tobacco Products (7)... 113% Tobacco Prod Cl A (7)... 116% Transcontinentsl Oil 5 17 68% 4% 59 93% 537 15915 R0t 921, 34% Twin City Rap Tran (5 Inderwood Typewr (4).. ion Bag & Paper. ion Carbide (5) . Unfon Oil of Cal (2). Union Pacific (10). Union Pacific pf (4). Unlon Tank Car (5). ... United Alloy Steel (2).. Utd Cigar Stores (¢2).... 109% United Drug (8). 162 United Drug 1st pf (3%). 58 United Fruit (4) 116% United Paperboa - 228 i U Cast TP s Wy (105 24ors US Cast 1 P& Fdy pf(7). 107 s Distribyting.. 56% U S Hoffman (13%) . 49% 9% 106 6214 €1% 107 40% 4819 159% Industrial Alco pf(7) Realty & Imp g4) ... U S Rubber U S Rubber 1st pf (8). U S Smelt Ref & M (314) . US Smelt R & M pf(33%). teel (7). ce U S Steel pf (7 ¢ U8 Tabaceo (2). U S Tobacco pf (7)... Univer Pict 1st pf (8). Univer Pipe & Radiator. Univer Pipe & Rad pf (7). Utah Copper (5). Utl Pow & Lt A (e2) Vanadium Steel (3).. 4 Van Raalte Van Raalte 15t pf (7). 4 Vick Chemical (3%) Virginia-Caro Chem. .. Va-Carolina Chem pf (6) Va-Carolina Chem pf (7) Vivadou (3)...... 4 Wabash. Wabash pf A (5). Waldorf System (1%4) Walworth (1). Ward Baking Class B. ard Baking pf (7). Warner Bro Pic CLA. Warren Bros (4).. Weber & Hellbroner (4) Western Maryland. Western Maryland 2d pt. Western Pacific : Western Pacific pf (6) 85 Western Union Teleg(8). 146% Westinghse Alr Br(17%) 1385 West'house E& M (4)... 70% Weston Elec Instrument. 19 Weston Elec Inst CIA(2). 32 Wheeling & Lake Erfe... 2515 Wheeling & Lake Erie pf. 45% White Eagle Oil (2). 264 White Motors (4) . 63% White Sewing]Ma pf (4). 49 Wickwire-Spenc Stletfs. 1 Willys-Overland. 28% ‘Willys-Overland pl @.. 9% Wilson & Conew. ....... 107 Wilson & Co A (new). 1 Wilson & Co pf new.. Woolworth F W (15).. % Worthington Pamp., Worthingn Pump pfA (7). Wright Aeronautical (1). Wrigley (WmJr) (14)... Yale & Towne Mfg (15).. Yellow Tr & Coach (72¢). Yellow Tr & Coach pf(7). 1064 Youngstown S& T (4)... 94% RIGHTS—EXPIRE. 224 28% 66 36% 53's 6813 32% 97 Cuba Company, Sent 8. 6% 16% Reading Rwy Jan 1'97. Dividend rates as given in the above table aic on the latest cuarterly or half yearly > noted. extra or special dividends are not in Int Telephone & Teleg. ¢ Partly extra. §Payable i ble 17, quarterly. TPlus b10% i in stock. i Plus 1y Wk i Phu common stock pavable Pavable when carned Net. Close. Chge. 14 k3 98Y% 69% Low. 44 96'% 91 68 80 9 SF Pt 41+ P 46% 30% 9215 160 1121 116 4% 17 684% b4 53 89% b2% 1568% 80% 93% 3 34 100 103 157 1160 58 58 114% 114% - 228 223 - 228 2’9 106 55 48 70% 106 614 58% 106% 38 4% 1481 % 128 6315 113 90'« 297 106 90% 9% Ta 17% the 19 anual cash declarations. tuded Tus Pail © Payabla Phu 2-50 share in in special mmon stock. e in stoek FINANCIAL. emphatic that, between the narrowing of apportun(llea in other directions and_the prospects of continued large (!‘dmc IOKIIS, the old-line railroad divi- yers are all the time becom- Rl Dl e U In the vears immediately succeed- ing the change from Government con- trol to private ownership, the carriers had unusual maintenance expendi- tures to make. This program was abandoned in 1925 and since then net | earnings after dividends have been | running more largely into surplus ac- counts. The conclusion which the financial community has already drawn seems entirely reasonable: namely, that this must sooner or later lead to increases in the regular disbursements or to extra stock di dends, which besides rewarding share. | holders would bring capitalization into line with enlarged earning power. Mergers' Value Disputed. The rallway portion of the market looks more wholesome than it did last year, when everything was based on merger talk and nobody really knew whether merger would, or would not, make the stocks concerned worth more than they were selling for. This is a question still in dispute. In some instances the increased economies to be effected under com- bination arrangements might produce. temporarily at least, higher prices. In other instances such alllances would undoubtedly prove to have been dis- counted by the rise of the last 1 months. Also it has to be remem- hered that the principal purpose of the Government regulating authorities in encouraging these rail consolida- tions is for whatever benefits may acerue to be passed on to the public in the form of lower freight rates. The downward turn in the indus- trials has to some extent been the result of the exhaustion of favorable news like the General Motors extra, to some extent of the uncertainty over the dividend policy of United States Steel, and finally to the lack of success of professional operators for the rise to enlist a large public following the way they did last Au- tumn. Toward the end of the week the volume of business diminished and this, more than their decline in pricss, appeared significant to those who have been looking for an ex- pansion in the speculative move- ment. ' Money Rates Unchanged. Money rates have remained as they were a week ago. The substantial in- crease in the New York Federal Re serve rediscount rate shows that there is no cause to expect much higher money. It was important that such an increase should have come at the beginning of the season when funds are being withdrawn from New York depositories to finance the moving of the crops. Still, time money rates are higher than they were two months ago and the raising a week ago, Thur: . of the New York reserve rate, although it appeared to be chiefly in the nature of a local adjustment, has been in terpreted as a sign that the period of very low money was over. This has been duly reflected in the investment market. The higher grade rails are not being seriously sold, but they are being offered to all who care BUTTER MARKETS EASY DURING WEEK Slight Advn{cel Recorded. But Were Difficult to Main tain Later. By the Associated Press. CHICAGO, August 21.- During week the butter markets displaved but little strength and at times carly in the week the tone could almost have baen called easy. On Monday and Tuesday prices on fancy butter at Chicago and New York recorded frac- tional advances, but the higher prices were difficult to maintain. Buyers were quite conservative and satisfied with their requirements from day to rather than anticipate ure the policy considerably lessened demand for fancy butter, which was in comparatively light supply, but ample to meet the restricted demand of buy ers. At some F tern markets users were inclined to draw on thelr own freezer stocks for their current needs rather than buy at the asking price, and this had a tendency to accumulate dealers’ stocks. As the week progress ed and available trading stocks began to accumulate, receivers adopied a free selling policy which resuited ir some rather sharp declines, especialls here where stocks were comparatively larger. to pay around the current prices. prediction may be mentioned, fitting in with the opinion of good judses, that the bond market reached fis peak in the late Spring and early Sumy This, however. by no means implies much of a downward movement {3 could only be ant pated if there wera to be a big business boom, drawing heavily upon credit resources or a great stock market campaign, w would do the same thing, and ; present time neither of these « tingencies seems at all likely. Belgia Selling in Franc Recovers. the Belglan currency, which was an incident early iIn the week, was finally checked. The Bel- glans are making sincere efforts to better their position by putting econ- omies into force. The French hopes to find a way out through remission of war debts. Trading in French francs has been materially reduced with inconclusive fluctuations. Such_advances a 1 in the commodity markets are tho scasonal response to weather conditions and accounts of insect damage. Consider- ing the previous decline, cotton got up very little from its extreme low, The explanation is, of course, that the cotton trade is confronting the pros. pects of a yield not much inferfor to the high one of a year ago. Financial Highlights of Past Week Brought Out in Nutshell by Statistics Speclal Dispatch to The Star. Stocks (average of 50 fssues). .. Bonds (average of 40 fssues).......... Foreign bonds (average of 10 issues). Federal Reserve ratio... Money rates in New York Call e Unfilled steel orders Pig_iron production Building permits: No of citles Amount Commer: Number Liabilities Revenue car loadings: A1l commodities Grain and grain produc Coal and cok T Miscellaneoust product: Ore ... Live stock July, t Week High Low., 134.79 32.58 Last Week. §7.78 104.15 Ago. This Week. High. Low .56 13; This Week. . 8761 This Week. TLast Week. 5.1 5.3 his W ock Year Month of 192 Month of June, 1926, 148 $407.545.519 1685 $31.305.101 Year ago, $29.407 L1926, Previous week Bales. BONDS. $12.000—Ana. & Pot. River R. R. 1 8,000—C. & P. Telephone Ist 15,800—C. & P. Tel. of Va. Gs 201,500—Capital Traction 1st s 5.000—City & Suburban Ry. Ist b 88.500—Georgetown Gas Lt. 1st 5 21,000—Pot. Tlec. Power 1st 53. 191,000—Pot. Elec. Power Cons. 9.300—Pot. Ilec. Power Gen. & Ref. 57,200—Pot. Elec. Power Ref. 10,000—Wash., Alex. & Mt. Ver. Ist 5 1,000—Wash., Alex. & Mt. Ver. ctf: 3.000-—Wash., Balto, & Ana. Ist 94,500—Wash. Gas Light Gen’l § 190,800—Wash. Gas Light 6s 195.000—Wash. Ry. & Elec. 36,000—Wash. 8.500—Dist. of Col. Paper Mfg. 000—Southern Bldg. Co. 6lzs 8,800—Wardman Park Hotel 6s Shares. STOCKS. 5,099—Capital Traction 4.314—Wa: hmklun G 1st 291—Pot. Elec. Power, 260—Commercial National Bank 94—District National Bank 20—Farmers & Mechanic 72—Federal-American National 93—Liberty National Bank .. 10—Lincoln National Bank . 23—Metropolitan National Bank —Riggs National Bank. Bank. 137—Washington National F 403—Amer. Security & Trust. 395—Continental Trust. R 90—Merchants’ Bank & Trust. National Savings & Trust. 460—Union Trust .. 2 84—Washington Loa 30—Sec. Sav. & Com'l. 5—Seventh Street ...... 30—Washington Mechani 2—Corcoran Fire"Insurance 1—Firemen's Fire Insurance National Union —Columbia Title ... 43—Real Estate Title.. —D. C. Paper Mfg., pfd —Lanston Monotype. ... $90—Merchants’ Tfr. & Storage. 832—Mergenthaler Linotype. . Natonal Mfz. & Inv., pf teamboat. .. 1—Security Storage . 40—Washington Market 65—Tederal Storage, pfd 238—Peoples Drug Store, p 977—Mer. Tfr. & Stg., pfd.. | Shares. 188 115—Chapin-Sacks 8% pfd. 4—Chapin-Sacks 7% pfd 6—District Title Tns. 100—Miller Train Control. . 25—Raleigh Hotel Co. 6—Washington Title Shares. BANK 190—Departmental Bank.... 10—Northeast Savings Bank. 10—North Capital Savings Banl Sales. BONDS. THE YEAR 1926 TO DATE ON THE WASH- INGTON STOCK EXCHANGE. Fllrlli‘llled h! \V. B. Hlbbfl & Co. Up to and Including Friday, August 20, 1926. Open. a5 10014 97% Low. 943 ]quh Close, Ry. & Elec. Gen. chf LE National Bank Bank b2 300 stock: | $1,000—Metropatitan Club 4%3s....oveueuenn.