Evening Star Newspaper, August 25, 1926, Page 24

e FURTHER SELLING N STOEK NARKE Prices Rally Later Under Leadership of the Rail- road Shares. FIN BY STUART P. WEST. Special Dispateh to The Star. NEW YORK, August 25.—Further active selling occurred on the Stock Exchange at the outset today, lasting throughout the greater part of the forenoon. Then prices rallled under the lead of the railroad shares. The market had gone forward too fast in July and the early part of August. It had got itself into a vul- nearable position. Part of the weak- ness was corrected by last week's sub- stantial decline, but there remains some readjustment to be made. Explanation of Drops. This was the principal explanation for yesterday's downward turn and for the further losses which occurred this morning. The incident of the magazine story by Prof. Willlam Z. Itipley commenting on corporation affalrs, while it may have been an influence, was somewhat overdrawn. A market which could go down be cause of certain strictures on corpo- rations by an individual not in public Jife, was a market which would have gone down anyway. Northwestern ralls were again con- splcuously strong—Northern Pacific, ‘hicago and Northwestern and Great Northern preferred. These stocks led the rally which started around mid duy. There was nothing fugther. however, to be said about their rise than that, with another large traffic movement such as seems quite prob- able in the Autumn, these stocks might easily be in the way of better dividends. Other rails for the most part did better. Union Pacific responded easily 1o a moderate amount of buying. Mis- sourl Pacific, Rock Island, Wabash and Wheeling and Lake Erie were all strong. United States Steel common was driven down below 147, where it was off over a point, then it rallied. Bethle- hem Steel and Youngstown went Jow- o did Pipe. Warner Bros. Plctures was the fea- tures among the speclalties with rise of several points. The stock was up 10 points within a week on ex- pected benefits to be derived from the new vitaphone products of the-com pany. United States Cast Iron YORK, August 25 (®).— mong the favorable earnings reported by various rail- roads for July are those of the Delaware, Lackawanna and Western, hich had record gross revenues of 7,890,000 and record net income of $1,911,000, a gain of 6 per cent over July last year, the previous record July. This advancement re- sulted from heavy movements of anthracite and the largest merchan- dise freight tonnage the road has ever handled in that month. Further re- ductions in operating expenses also were effected. Wall Street statisticians think the progress being made by International Paper (‘0. in {ts improvement of cur- rent earning power is obscured to some extent by expansion of its newsprint manufacturing facilities and development of its Cana- dlan water power properties on a large scale. The company is_understood to have earned ahout £180,000 on its 500,000 shares of com- non stock in July, or about 25 cents a share, although July, August and September are the leanest months of the year for newsvrint makers. W Pennsylvania Coal and Coke had a deficit of 6 for the seven months this vear, after depreciation and depletion, but before Federal taxes, against a_ defleit of $405.041 in the same period of 1925, Surplus of the Delaware & Hud- for the first half of 1926 52, equal to $4.3 share, against , or $6.4 share a year a A contract to sell Interstate Nat- ural Gas Co., Inc, 40 million cubic feet of gas a day for 10 vears has heen made by Southern Carbon ¢ subsidiary of Columbian Carbon Co. which it is estimated will net Ci nmbian Carbon $£600,000 annually, it retains the privilege of extrac gasoline from natural gas A deficit of $5 standing against the Atlantic, Gulf and West Indles Steamship Lines at the end of May has been wiped out, it is understood by June earnings. and semi-annual statement to be made public soon is expected to be better than antiei- pated Net fncome of Barnsd tlon for the seven montk rose to S3.87 the correspond i« equal to §3.24 a share on bined A and B stocks, aga &/ vear ago. Gabriel Snubber Manufacturing declared an extra dividend of cents, and the regular quarterly of the same amount, both vable October 1 to stock of record Septem- ber 15, Similar paymen made in the preceding quarte 215 s were Shipmepts of rolled prodicis by independent steel companies in _the Youngstown Valley are reporied (o be ahead of the July rate. Produc- tion is smaller in some ances, however, owing to weather condi- tions. reme low pric e dis- appeared and quotations are fi Net of Chicago operating income the nd Alton for July dropped 1o $259 from $540,168 in July, Jast vear, making net for the seven months $1.620,797, against $2,133,639 in the same period of 1925. SHORT-TERM (Quotations furnished SECURITIES. & P & I.C.Gs 19 . %38 onda Coppe. ciated Oil 6 [ odvear 1 Great North Guiton Corp. P Humble il 51 NS Westinghouse E &) . . COTTON GOODS ADVANCE. NEW YORK, August 25 (Special).— The cotton goods market continued fairly active today at advancing prices. Print cloths advanced 3% for £4x60s at 7%, and also for 68x72s ak $%. Raw allks were steady. operating | ANCIAL. ) Ahumada (¥1).. Alr Reductn(15) 182! Ajax Rubber.... Alited Chem (4). AllledCm pf (T). Allls Chalm () Amal Leather. Amal Lthr pf(7) Amerada (1.60) . Am Agricul Chm Am Agri Ch pt.. Am Bank N. 1.60 Am Bosch...... Am Brake Sh(6) Am Br Bov E1(2) Am Br Bo pf (7). Am Can (3)..... Am Car&Fdy (8) Am Chatn A (2). Am Hide & Lea. Am Hide & L pf. Am Ho P (2.40). A Ice (+10) Am Linseed. ... Am Linsd pf (7). Am Locomot (8) Am Loco pf (7). Am Mach & Fy. Am Metals (4).. | Am Po&Lt g1). Am Safety R (3) Am Ship & Com. Am Sm & Ref (1) Am S & R pf (7) Am Snuff (12).. Am St1 Fdys (3). Am THbacco Am Tobac B (8). Am Wa Wo ¢1.20 Am W.W 1st (7) Am Woolen..... Am Wool pf (7 Am Writ Pa pf Am Zine. .. Am Zine pf. Anaconda (3).. Archer-Danlels. ArmourDel p£(7; Armour of I11(A) Armonr of 111(B) Arnold Con (n).. Art Metal (1)... Asso Dry G(2%) Asso D G 15t(6). As=0 Ol (2.40) . At1 C Line(19%) Atl Gulf & WI. Atlantic Refing. Atlas Powdr (4). Austin Nic pf(7) Auto Sales...... Baldwin L (7). Balto & Ohlo(5). Balto & Oh pf(4) Bang & Ar (3). Barnsdall A (2). Barnsdall B (2). Bayuk Clgar. Beech-Nut (+ Bethlehem St Beth Stl pf (7) ! Bloomingdale. .. BkIn Edison (8). Bkin-Mn Tr (4). Brunswick Balk. Brunswick Ter. Burns Bro (10) Burroughs (t4). Bush Terminal.. Butte Cop (50c). Butte&Super(2). | Butterick. .... Byer & Co...... Calif Packg (4). Calif Petrol(2) Callahan Zinc | Calumet& Ar(6). | Calume&H(1%). Can Pactfio (10). Case Threshing. | Cent Leather.... Cent Leather pf. ] Cerre De P (4).. | Certain-Teed (4 | Certain-T 2d (7). Ches & Oh (112). Chi & East Ill pf Chi Great West. Chi Gr West pf. Chi M1l & St P. Chi Mil & St P pf C M1l &St Petfs 'C M11&StP pf cfs Chi & Nwa (4).. Chi R1& Pac CRI&Ppf( fcnistPM&O.. Chile Cop (2%). Christle B (1.20) Chrysler Corp(3) Chrysler pfA(8) | Coca-Cola (7)... | Collins & Atkmn. { Collins&Alk pf 7. Col Fuel & Iron. Col Gas & El (6). Col Carbon (4).. Com Cred (2)... Com Cred 1st 613 Com Solv B. . Congoleum-N. Conley (sta) Consol Cigar. ... Consol Distribut Consol Gas (6).. Cont Can (18)... Cont Insur (6).. Cont Mot {80c).. Crucible Stl (5). Cuba Co (4)..... Cuba Co rights Cuban-Am S (1) Cuyamel Fr (4). Davison Chem.. Del & Hud (9).. Del L & Wn (17) | Detroit Ed (8).. Devoedila(2.40) Dodge Bros Cl A Dodge pf (7). Dome Mines (2). Dupont (14). Dupont ued (6) Lastwan (18). Eaton Axle (2) nlobr & Bro. ectric Boat. .. Eiec Power & Lt Glec Refrig(f2). i£.ec Sio Bat(16) Engineers Pub S Equitable pf (7) rie R R. Erie 18t pf. fureka Vac (4). yFairbanks (3)... Famous P1 (J2). FeaLight(*1.40) Fed Min pf (7). Federali Truck. Fisk Rubber. 1skR 1st pf (7. Flelschmn(12%) Foundation (8). Fox Ftim A (4).. Freeport-Texas. Gabriel A(t4%). Gen Am Tnk (3) Gen Asphalt. Gen Asph pt Gen Cigars (4).. Gen Elec (112).. Genl Elec sp(60¢) Gen Motors (116) Gen Mot pf (7). Gen Outdr A (4). Gen Outdr Ad(2) Gen Ry Sig 14%. 8 | Gen Refrac (3).. Glidden (2)... Gold Dust. Goodrich Ru (4) Goodyear pf (7). Goodyr pr pf(8). Gotham new 214 Gothm S H (2%) Gould Cou (2)... Gt Nor Ore (1%) Green Canan. ... Grt Wstn Su (8) Guif Mo & Nor.., Hayes Wh(13%) Howe Sound (3) HudsonMan(2%: Hudson Mo(3%) Hupp Mot (1)... Open. 13 55 ™ Y% 9% .1 AmLaFr(1)... Atchison (7).... 1 | Cluett Peab (5). . 63 Corn Prod(12%) {46'% 74 High. Low. Close. 18 13 18 55 85 65 ™ % % 1321 130% 181% % 9 9 136% 1324 183% 121% 121% 8 88 % 128 12% 12% 424 42% 82 82 103% 103% 117 117 % 7 51 51 65% 654 64 64% 8 8 140%7140% 120 35% 80 §29% THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office D Indep Of1 (1) Indian Refinin, Indian Refgetfs. Ingersoll R (14) Inland St (23).. Insplration (2) Interurd Rap Tr. Internat Agri. .. Intconti Rub(1). Tn Ag C pr pf(7) Inter Har pt (7). IntMteh pf(3.20) Int Mer Marine. . Int Mar pi Int Nickel (2). Int Paper (2).. nt Paper pf (7). Int Tel & Tel (8) Int T&Teleg rts. Jewel Tea...... Jones Bros Tea Kan City South. necott (4). .. Keystone T & R. Kinney G R (4). Kinney pt (8)... Kresge 88(1.20) Kresge DS pf(8) Lago Of1 & Tran. Lambert (3%).. Leh&IMink stf(3) Lehizh Val(3%) Life Sav (1.60).. Liggett & M (14) Lig&M B (t4) Lima Loco (4). Loew's Inc (2) Loft .o Long Bell A (4). Lorillard(8). Loutstana Of1. La Ol pf (1) LouisGasA (1.75) Lou&Nash(16%) Ludlum Steel (2) Mack Trucks (6) Mack T 1st (7).. Macy HR & Co.. Magma Cop (3). Mallison & Co. Man El Sup (5 Man El m g (d5). Man-Elev gtd. .. Man Shirt (1%). Mantla Elec (2). Market St prior. Maracaibo Oil. Marland O1l (4). Mathieson (4).. May Dept 8t (5). Miami Cop (1) Mid-Continent. . Mid.Cont pt (7). Midale States. ... Miller R ctfs(2), Min St P& SSM. Mis Kan & Tex. Mo K & T pf (8 Missour Pacifie. Missour Pac pf. Montana Pow (5) Montgom Ward. Moon Mot (3)... Mo Plcture (1% Mothr Lode(76¢) Motor Met(3.60). Murray Body. Nash Mot (13).. Nat Biscuit t4% Nat Cash Reg(3) Nat Cloak & Suit Nat Cloak pt (7) Nat Dairy (8)... Nat Dpt Stores. Nat Distille Nat Enamel & S. Nat Enem pf (7) Nat Pw&Lt (80c) Nat Ry Mex 2d.. Nat Supply (4).. Nat Sup pf (7) Nevada Cop (1). NY Alr Brake(3) N Y Canners C2. NY Cannrs pf(6) NY Central (7).. NY Chi&StL(11) NYC&StL pf (6) NY & Harl (5).. NY NH & Hart NY On & Wes! NY Rys part cfs. N Y Rys 2d stpd. Niag F pf (1%). Norfolk South.. Norfk & Wn (18) North A (B3.40). North Pac (6)... Norwalk (80c).. o1l Well Sup (2) Omnibus. ... Onyx Hos (3. Oppenheim (3).. Orpheum Cir(2) Otis Steel. ... Owens Bot (14). Pac Ofl Stubs. .. Packard (12.90). Paige Mot(1.80). Pan-Am B (6). Panhandl Park & Tilford Park Utah (§0c) Pathe Ex (c8). Penick & Ford. . Pennsy R R (3). Penn-Seab Steel. Peoples Gas (8). Pere Marq (18).. 1 Pere M prior(5). Phila&RC&L.. Philip Morris. ... Phillips-Jon (4). Phillips Pet (3). Phoenix Hoslery Plerce-ArTow. .. Plerce-Ar pf (8) Pierce O1l. . Pledce OILPf. ... Plerce Petrolm. Pitts Coal pf Pitts & W Va Porto Rico Tob. . Postum (6)..... Pressed Steel(n) Prod & Refiners. Producrs & R pf. Pub Ser NJ (6). Pub 8 NJ pf (8). Pullman Co (8).. Punta Aleg Sug. Pure Ol (1). Radio Corp of A. Rap Cop (25¢). .. Re=ding (4).... Reading rts. Reading 2d (2) Retd Ice Cm (3). Reld IceCr pe(7) Remington Type Rens & Sara(8). Replogle Steel. Rep Ir & Stl (4 Reynolds Spng Rey Tobac B(5). Robt Reis & Co.. Royal D (a3.078) Safety Cable () St Jaseph L(13). Seabd AIr L pf. . Seagrave(e1.20). Sears-Rn (2%). Seneca Copper) . Shattuck F G(2) Shell Un (1.40).. Shubert Theatre Stmmons(12.36). Simms Pet (1), ) South Port 8 (6) 110 Sou Cal Edison.. 81% Sou Dairies A(4) 63% Sou Dairies 3. 31 Southern Ry (7). 119% Spicer Mfg...... 22% Std Gas & E1g3. bd% S1d G & El pf(4) 67 Std Oi1 Cal (3).. 607 StdOIINJ (1).. 43% Std Ol NJ pf(7). 116% Std Plate Gl 6 Stewart War (§) 734 Studebaker (§)..~ 56'4 Submarine Boat. 1% Sun Ofl (T1).... 31% STAR. WASHINGTON, | DISPLAYS ACTIVITY “;ltalian 7s Feature—Heavy Buying Appears in Poland 8 Per Cent Issue. BY GEORGE T. HUGHE:! Special Diepatch to The Star. NEW YORK, August 25.—Trading in bonds today was rather more active, due principally to the interest taken in some of the foreign issues. Italian 7s were the feature, crossing 90 on large transactions. This still com- pared with a high of 94% early in the year. Heavy buying orders appeared in | Polish "85, carrying them up from 8875, where they had closed yester- |da‘ to 90. Later on they dropped off | somewhat. Polish 6s were also up at one time a point. French government issues were lit- tle changed and so were French municipals. Paris, Lyons and Medi- terranean were steady and some ,‘hiemand appeared for Est Rallway 7s lat a slight advance. Australian Issue Lower. | _Australian 7s were lower. In the German group Saxon Public Works |rose a half point at one stage. .Rhlnelbe 78 on the other hand were down a bit. German General Electric | 7s, which had left off at 102 yesterday, | rallied above that figure.» Good Hope % % | Steel and Iron 7s ran up a point on 474 86 40% 13% 38 184% 20% 86'% 126 117% EILY b4 31% 106% 60% 43% 116% B5% 1 | fairly active trading. | The’ expectation that the Westing- house debenture bonds will be called in as of their next Interest date, which is November 1, was not re. flected any more than it has been all along in_the price. ‘These bonds are retirable at 10415, but the interest consideration for the remaining two months figures in the | present price of 105. Treasury 4s Higher. United States Treasury 4s were a bit higher and so wefe the 3%s and 415’ The Liberty section varied very | ittle. Atchison general 4s were high- er, so were Baltimore and Ohio 4s and Canadian_Pacific 4s. These bonds, representing the higher grade corpo- rate issues, were paying no attention to reports that some of the rediscount | rates outside of New York might be raised. Missourf, Kansas, Texas ments were very active at and just under 94. Missouri Pacific 4s and the { 6s both were higher. Seahoard Air Line adjustments at one period lost a half point. Delaware and Hudson convertible bs, after starting in high- | er, felt the effect of the selling in the | stock market. Chicago Railways bs reacted to 77'4 after their recent ad- vance. Today's New Issues. Today's new issues included $800,- 1000 in "Federal Portland Cement Co., Inc., first mortgage 61, offered by a banking group.headed by the Manu- | facturers and Traders’ Trust Co., and $300,000 in Leslie Co. first ‘“closed” mortgage 16-year sinking fund 6%s 4Briaed at 100, offered by Schluter & o. A new flotation of $30,000,000 of Westinghouse Electric and_Manufac- turing Co., sald to carry a 5 per cent coupon, will be brought out this Sum- | mer by Kuhn, Loeb & Co., in order to retirethe $30,000,000 in 7 per cent deb- entures now outstanding. STARTS ABSORBING ROAD. {S. A. L. Takes Initial Steps in Ac- quiring Florida Line. Special Dispatch to The Star. BALTIMORE, August 25.—Sea- board Air Line has taken initlal dteps leading to the absorption of the Tampa and Jacksonville Railroad, which was sold at auction under court order at Gainesville, Ga., a few weeks ago. | " Application has been filed for in- corporation of a new company, to be i known as the Jacksonville, Gaines | ville and Gulf Rallway. Under the proposed charter the new cosporation will acquire the Tampa and Jackson- ville properties and, in turn, lease | them to the Seaboard. The Tampa and Jackgsonville ex- | tends from Sampson City to Blichton Fla., 56 miles. Capitalization cons of §604,000 in stock and $520,000 in bonded debt. Interest on which had been in default since October 1, 1914. 1% 1% 1% 11% 63% 63% 167 167 b67% 141 48 354 921 59% Superior O1l. Tenn Copper (1) Texas Co (3).... Tex Gulf 8 (10). Tex & Paoiflo. .. Tex & Pac C& O Thompson(3.60) Third Avenue. .. Tide W Ofl pt(5) Timken (15). Tobac Prod (7). Tob Prod A (7). Transcont Ofl. | | Underwood (43.. Un Bag & Paper. Un Carbide (5) Un Of1 (3). Un Pacific (10). Un Tank Car(5). Utd Alloy (2)... Utd Cigar S(c2). Utd Drug (8)... United Fruit (4) U 8 CIP&F(10) U S Distributing US Hoffmn 133 . U S 1Ind Alcohol. U S Realty (4) U 8 Rubber. | USRub 1st (3). U S Smelt (3%). U 8 Steel (7).... | US Steel pf (7). | Universal Pipe. . Univ Pipe pf (7) Utl P& Lt A (e2) Vanadium (8)... | Vick Chemical Vivadou (3). Walworth (1)... Ward Baking B. Ward Bak pf (7) warner Bros. ... | Warren Bros (4) Weber (4)...... West Maryland. | West Md 2d pf. ‘West Pacific | West Pac pf (6). 184% 134% 68% 68% 17% 17% 25 27% 4“4 46% 25% 25 | White Mot (4).. | White SM pf(4). | Wiison pt new.. Willys-Overland Willys 0d pf(7). | WoolwthFW (15) Wright Aero (1) | Yale&Town(15). Yel Tr& C (72¢). Yellow T&C rt 6% 6% 64 | Youngstown (6) 89% B5% 88% vidend rates as give i “Dlm aninu; (‘Ilhn ke ‘el"nl‘lh%l.l':l':n“h. St o O S dends aro mot included. soecil @ C . tPartly extra. §Payable in common stock. _3Plus 4% in | B TR sty shius ook PL DAY arter] 'lus 3% in K. o roular rate.s B Blas 0% " 158% 150% 85% 35% 69 63% 30 314 s yoar—n ! n stock - pavabl "%&’? $°2'58" diary tn ] siock "V Bius tock. m o, lus 2% D@, FOREIGN BOND LIST | adjust- WEDNESDAY. AUGUST 25, 1926° | onnevvorxk BONDS STOCK xxcmncr.l Raceived by Private Wire Direct to The Star Ofice. UNITED STATES. (Sales are in $1.000.) Sales. High. Low. I 2 Close. 7 1018 1014 1018 101 31 101 28 101 31 100 25 100 22 100 24 78 1016 1013 1016 1028 1024 1026 101 18 101 13 101 15% 108 24 103 17 103 17 107 18 107 16 107 18 FOREIGN. Sales. High. Low. Close. Argentine 6s Ju §9. 92 Argentine 6s Oct 52 71 Argentine 6s A. Argenting Argentine Australian 991 99 98% 99% 99 99% 91 9 100% 100% 981 95% 102% 102 98% 964% 100% 100% 86% 864 91% 91% 93% 93% 1074 107% 1074 107% 10174 101% 86% 86% 94% 94% 1047 104% 101% 101% 105% 105% 101% 101% 108% 107% 40% - 40% 9% 9% 100 99% 101% 101% 100% 100 103% 103% 104 103% 1mo 11 237104 103% 10 105% 1054 24 105% 1054 1074 107% 11 B9% 894 16 99% 99% 9% 9% a1% 91% 96% 96% 1034 103 92y 92% 105% 106% 993, 99Y% 102% 102'% 88 8% 984 99 8914 21 Bank of Chile 63%3. Bank of Japan Belgium 6s. . Belgium 8s. Bolivia 8s Bordeaux tanada 6s 1931 Canaca 6s 1962 Chile 7s 1943. Chile 8 1941...... Inese Gov Ry bs. Con Pow Japan 7i Copenhagen 5%s. Cuba 5%8s Czecho 7%s ret Czecho 8s 1951. Czecho 8s 1952 ct. Danish Munic 8s A. Danish Munic®s B Denmark 6s. . Dutch East 1 6s 47. Dutch East I 6s 62. El Salvader 8s 48 Finland s £ 65 45... Finland 7s... Framerican 7% French 7s. . French 7%s... French 8s. German E! . German7s........ Gor Agr Bank7s... Ger Gen Blec 7s. Greek 7s. Hait! 68 Hungary T%s Ttaly 7s. Japanese . Jergens U M 6s 47. Marsetlle 6s Mexico 4s 04 asntd. Mexico 43 10 asntd. Mexico s assented Montevidio 7s..... Netherlands 6s 54. Netherlands 6s 72.. 2 100% 100% 104 103% 109% 1093 83% 81% 981% 98l 101 100% 101 100% 101% 101% 90% 90% % 77 1% 86% 86 854 100% 100 1034 1034 70% 69% 90 87% 101% 101% 113% 113% 109% 108% 1024 102 102% 102 104% 1044 104% 104% 105% 105% #91% 99 88% 884 92% 92% 831 83 103% 103% 1044 104% 103% 103% 113% 118% 91% 94 74% T4 Utd Kingm 5%s 29. 118% 118% Utd Kingm 5%837. 19 106% 106% Uruguay 8s 2 1093 109% MISCELLANEOUS. Ajax Rubber 8s. .. 104% 1043 Am Agri Chem 7%, 05 104% Am Cotton Oil 6s. . Am Smit& R 1st 68 Am Smlt& R 6s. Am Sugar ref 6s... AmT&Tcl tr4s.. AmT &Y cltrbs.. AmT&Tstbs Am T & T deb 5%s. Am Writing Pap 68 Anaconda 1st Anaconda cv Z Andes Cop 7s rets. . Armour&Co 4% rt Armour Del 6%s. .. Assoctated Ol 6s.. Barnsdall 6s ctrs. . Bell Tel Pa 68 B... Norway 6s 1944 Norway 6s 1952.... Orlent Dev deb 64.. Paris.Ly-Med 6s... Paris-Ly Med 7s. Queensland Rhinelbe 7s war. Rlo de Jan ¥s 194 Rio de Jan 8s 47. Sao Paulo City 8s.. Sao Paulo 8s 1936 Sao Paulo 1950 Saxon (PW) 7s.... Seine 7s 42.. Serbs Crot Slo 8s. Sofssons 6s. . Sweden 5%s ct Sweden 6s. .. - R mo®S anB3ou 26 13 43 10 14 97 1024 102% 7% 954 100% 104% Beth Steel 5%853.. Beth Steel 6s. . Brier H St 1st 5%s. Bklyn Ed gen 5s... Bush T Bldg 5s 60. Cen Leath 6s 45 cfs Chtle Copper 683 Commonwlth P 6 Con Coal Md 1st Con Gas N Y 6% Consumers Pow 5s. Cuba Cane cv 8s. Denver Gas 5s. Qery (DG) 7s. Dodge w1 6s. Donner Steel 7s.... Duquesne Light és. Est Cuba Sug 7%s. Empire G & F T%s. Goodrich 6 Good year 8s 1931. Goodyear 8s 1941.. Hershey 6%8...... 1 Humble O &R 6%8 s Indiana Steel 5i Int Mer Marine 41 Int Paper Int T&T 6% Kan CP&L 63 A 62 Kan G & El 65 52 Kelly-Spring 8 Lackawa S 58 50 Laclede G 5%8 62... Liggett & Myers 58 Liggett & Myers 7s Lorillard (P) & Louisv G & E 58 Manati Sugar sf 7% Mid-Con 8%840.... 1 Midvale Steel b 2 Montana Pow 5s. .. Mor's & Co 1st 4%8 Nat Tube 1st 58. N Y Edison 63 44... PhilaCorTf6sA... Plerce-Arrow 8: Public Service 6s.. P Serv Gas5%s59. P Serv Gas 5%s 64. Punta Alegre 78... Remingtn Arms 6s. w e 0 BrEunSou-m nEamun e Nn00 BB Nw D n - » Qmounwa®o~N Southwest Bell 5s. ‘Tenn Elec Pow 6 Toledo Edn 1st 74 U S Rub 1st rf 6 US Rub 74%s U SSteelsfbs.... Utah Pow & Lt 5s.. Warner Sug 7s 39.. Warner Sug 7s 41.. IS Willys Ov 6%s ‘Wilson & Co 1st 98% 69% ¢ 29 99% 100% 94% 104% 101% 105% 100% 108% 404 944 100 101% 100% 108% 104 111 111 103% 105% 106% 107% 89 99% 9l% 113% 108% 102 102 104% 104% 106% 99 88Y% 92% 83% 103% 104% 103% 118% | Mercur {Aust'A E Sales. High. Low. Close. Winchester A 734s. § 104% 104 104i% YoungstnS & T 15 104% 104% 104% RAILROAD. Atchison gen 48. " Atlantic CL 1 B&Ogoldds.... 9% 924 80% 96'% 98% 102% 102% 107% 100% 80% 964 9% E & O SwDIv 5s ofs B & O Toledo Bklyn Manhat 6 Buff R & Pitt 4% Can Nor 4% 35..... Canad North 7s. ... Canad Pac deb 4s. . Cent of Ga 5%s.. Cent of Ga 6s. Central Pacific Cent Pac 1st 58 90 Ches & Ocv 4% Ches & O gn 4% Chl & Alton 3% ChiB & Q gn 45 68. CM&StP 4s25chr CM&StPdeb 4s cfs. CM&StPgn89... CM&StPcv4hs. CM&StPr 438 cf1d CM&SPcv4 %s32cfa CM&SP cv bscfs 14 Chi& NW 43 87... Chi & N W ret 5s. Chi& NW 6% Chi Rys bs. . CPMRI&PTL & ChiTH& S E b Chi Un Sta 4% Chi Union Sta §s. Chi Union Sta 5s 4 CCC&StL Clev Term § Cuba NR Del & Hud 1st rr 48 Del & Hud cv 68 36.3: Det United 4%s. \ WHEAT PRICES TODAY DISPLAY FIRMNESS Develops Strength After Hesitat- ing Start—Continental European Buying a Factor. By the Associated Press. CHICAGO, August 25.—Wheat prices developed considerable firmness today after a hesitating start. Re ports that contintental Furopean countrles were buying at Liverpool tended to encourage speculative de- mand for wheat here. Opening un- changed to % off the Chicago wheat market sagged a trifle more, and then rose all around to above vesterday's finish. Corn and oats were easy, corn | starting at 1 lower to % up, and subsequently _showing moderate general setback. Provisions had an upward slant. “Hungry mouths in be fed,” was a slogan today of bull leaders in the wheat pit. The trade was_invited to recognize that world conditions indicated the course to pursue would be to absorb prospec- tive hedging pressue in the wheat market and then rely on a likelihood of satisfactory future profits as a re- sult of 200,000,000 bushels estimated crop shortage in Europe as compared with last year. On the other hand, better weather in the Northwest was reported today as having improved. the harvest out- look. In this connection it was as- serted in some quarters that through- out North and South Dakota and western Minnesota the vields of wheat are proving far greater than expected and that in consequence acute need of more labor has become . WHEAT— Europe must September Decentber . May ... Erie 1st cons 48 Erle gen 4s. Erle conv g Erfe conv 4s B. Erleconv4sD..... Erie (Pa) cit tr 4s. FlaEC 74 new..... Gt Nor 4%s 76 D... Great North 6s. Gr North gen 7s. Havana ERL&P 50. Hud & Man ref 6s. . Hud & Man aj 111 Central 6% Int Rap Tran b Int Rap Tr 8s stpd. Int Rap Tran 7s Int & G Nor 1st Lake Shore 4s28. .. Lake Shore 4s 31 Louls & Nash 7: Man Ry 1st 90. Market St 7s 40 M EIRy & L6s... M St P & SSM cn 48 M St P & SSM 6144a. MK&Tistds.... MK&T4sB Mo Pac 65 196 4 MK&Tadjbs....104 MK&TprinbsA. MK&T6sC. N Y Centdeb 4s... NYCrfim4%s13 NYCentribs. ... NYChI&StL 5%sA. NYC&StLGsA.. New Hav deb 4s 56. New Havd 4s67... NYOntWistd4s.. N Y Rys 63 66. N Y State Ry 4% NY W& Bos 4%s.. Nor & S gen 63 54. . Norfolk & W cn 4s. Nerthern Pac 3 Northern Pac 4: Nor Pac 43s 20 Northern Pacr 1 63 Ore Short L rfs 4s. Ore Short Licn 5s. . Ore Wash 1st rf 4s. Pennsyl gen 4%s. Pennsyl 58 64 Pennsyl 6%s. Pennsyl gold 7s. Pere Mar 1st 45 56. Pere Marq 1st bs... Reading gen 44s.. Rio G West cl 48 RIArk& L4% St L IM&S R&G StL&SFpldsA.. StL&SF prinbs. StL&SF6%sD. 9715 2 101% 115 107% - 87 102% St P & KCShL 4%. 914 San A& Arn Pds.. 374 % §78% s 95% 94y 975 86% 9y 837 1067 Sou Pacific clt Sou racine rer Southern Ry gen 4s Sou Ry con 58 94... Sou Ry 68 66. . Southern Ry 6%s. . Texas & Pacific 1st Third Ave adj bs... Union Pac 1st rf 48 Union Paccv 6 Virginia Ry 1st 6s. Wabash 1st 6s..... Wabash 5%875.... Western Pacific bs. Wheel & L E cn 4s. Wilkes & E 1st 5s. . ‘Wisconsin Cent 4s. 13 P v DIVIDENDS. s Payable. Sept 16 Oct 1 Period. Rate. otta » g3 @ S Kayser J pf... Mackay Co GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) id. ©_Asked Ger Gt (w In) 5s 1914-18. 1100.00 ] Hambure 4 %8 1010. . 22:00 15800 (Quoted_in doliars per thousand marke. Ger Gen Eler 4348 pre-war. 22.00 24.00 r Gen Elec 4128 191 f e | Berlin 48 pre-war. 38, 3148 & s Hamburg Amer Line North German Lioyd 4 re- Badische _Anilin . A E G (Ger Ge Elec) Commerz and Privat Bank. | Disconto Gellschaft Dresdner Bank Deutsche Bank Darmstaedter Bas Bank Vienna.'. Heyden Chemical.... .. G (G Berliner - Handel 4. 3, 1.323; No. 4, 1.29%: No. 5, 2 |offered at 2714a2 )| $406.417 a yvear ago. 3 | demand, 3.28 Baltimore Markets BALTIMORE, August 25.— Pota- toes, barrel, 2.00a5.50; hundred pour 1.5043.50: sweet potatoes, barrel, a8 s, 0026.00; e bushel, 1.00a1.25; beets, hundred, 2.00 a2 cabbage 0024.00 rots, 100, 3.00a5. crate, 3.00; corn, dozen. 12a18; cucumbe basket, 30a50; eggplants, basket, 7a 80; lettuc . 1.25a2.50; beans, bush- el, 1.5022.00; onions, hundred pounds, bushel, 1.5022.00; pep- pers 5a30; squash, basket, 30240 basket, 0; pack: ing stock, bushel, 60al Apples, barrel, ¥50a hushel, 40 aquart, 10a12; erab- 50: ' cantaloupes, 40a1.50; honey- crate, 1.25a1.75: peaches, bushe berrles, quart, 14a17: watermelons. 100, 12.00240.00; culls, 6.00a8.00. Grain and Hay Prices. 2 red Winter, domestic, . 2 red Winter, gar Cargoes on grades, garlicky, 1.35%; No. 1.26%. 35 D ¥, spot, 1.36 No. 2 red Winter, Bag lots of nearby at 1.18a1.25. _Corn—Domestic, No. 2, vellow, 87: No. 2, spot, export, 80; No. 3, spot. new, 47 per bushel; y. new, 80a1.00 per bush- export, spot, no quotation: eceipts, 25 tons. The stock ay on this market is about cleaned up, and for new hay arriv- ing in good order there is a fair de- mand at a range of 21.00a24.00 per ton, as to grade and kind. Where new hay comes to hand in a heated or sour condition, however, there is no demand at any price. 3 Dairy Products. . Live poultry—Spring pound, 25a33; Leghorns, 23a28; hens, 20a30; old roosters, duc small and old, 15a guinea fowl, each, 60a7 n pair, 20a35 Ry >t Recelpts, 444 case: and nearby firsts in free case: chickens, native , dozen, Butter—Good pound, 39a43; 32a44; ladles, store packed, 35a36. to fancy -creamery, prints, 43a45; 30a31; rolls, 2413 process butter, SHORE MELONS ON HAND. Baltimore Receiving Nearby Fruit in Quantity Now. Speciai Dispatch to The Star. BALTIMORE, August 25.—FEastern Shore watermelons are beginning to arrive in the harbor in quantity, al- though the cool, rainy weather of last week delayed their ripening to isuch an extent that the height of the season will not come for another week or 10 days, skippers say. The fruit is unusually fine this vear, the yield large and the total acreage on the Easteru Shore greater than in several years. Eight vessels loaded with the fruit are tied up at Pratt Street piers, each of which had brought from 3,000 to 8,000 melons. BONDHOLDERS PROFIT. NEW YORK, August 25 (#).—Dil lon, Read & Co.. who recently headed a syndidate which sold in the Amer- ican market $35,000,000 United States of Brazil 6% per cent external sinking fund gold bonds, announce the call for redemption of $300,000 of these bonds. Those designated are payable October 1 at 100, against the issue price of 90, the redemption represent- ing an aggregate profit of $30.000 in less than six months to the holders whose bonds are to be redeemed. INCOME ADVANCES. NEW YORK, August 25 (#).—Net ! operating income of the Chicago Great Western Rallroad for July ad- vanced to $301,880 from $176,487 in July last year, and for the lmonth.!l of 1926 to $1,116, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibba & Co.) Nominal Selling checks gold valte, . today London. pound..... .$4.R8A5 S$4.8 Montrea). " dollar 00, aris. franc. : Brugsels, franc. Berlin, mark Dira. . Oslo. _crown | Stocknolnk NEW YORK, August 25 Foreign exchanges irragular. tions (in_cents): Great Britain, mand, 485, cables, 48 bills on_ banks, 4807, mand, 2.841 erown de- 512: 60-day France, de- 2.85%. Italy, 0. Demand— 23.8310; Sweden, Switzerland, Belgium, 2.73: G land, Jand TREA;ERY EEBTIHCATES‘ (Quotations furnished by Redmond & Co.) ~——Noon.: Ofter. Bid . 1001-16 100% e 85 15.40; Greece, 1.18 Czechoslovakia, 73 19.30; Sp Poland, | knowing how FINANCIAL. D G BANKERS L G070 CONENTON A. B. A. Meeting in Los An- geles Will Be Fraught With Interest. Questions of concern not banking but to business at large, cluding branch banking and insta ment selling, legislation affecting banking, methods for protecting baris against bandits and many other sul jects of general importance will discussed at the annual conventio the American Bankers' Associati Angeles, Calif., October according to announcement toda Oscar Wells, president of the orgar zation. Several hankers from Was! ington will attend the convention “No greater a sof par amount interest fmportance to the individual banker has ever been presented at any convention of the American Bankers' Association,” ha said, “than will crowd the sesions this October at Los Angeles. Effective methods have been developed for quelling bank banditry through o operative efforts by banks alons line suited to their circumstances and these will be fully discussed. Q Extension of Special Functions. “The rapid extension spectal banking functions, such as those hav ing to do with savings, fiduciary ae jces and Investments by classes hanks formerly not engaged in thes ictivities, has created @ necd for 1 complete interchangze of experi related to these subjects and th be fully provided through the v technical discussions at the conver tion. “The present is fraught with muct interest among bankers in the = ject of legislation and particular Federal legislation dealing with the extension of the charters of the 12 Federal Reserve Banks, the control of branch banking, the equalizing of rights between national hanks and State-chartered institutions, and the widening of prov for lending money on real estate under the laws coverning the conduct of national hanks. Bankers attending the annual conventfons of the associntion arq afforded splendid opportunities for other bankers regard these things. A question of prime fmportance to every banker I8 the growing movement for more equitable tion for banks and the dis- s at the convention will sug- means for this end in your State In the broader view of general business, there is the problem of in- stallment selling, the underlying con- dittons of business which have been subject to so much uncertainty and questioning during the vear and othe: equally important subjects which v add to the profits of attending this meeting.” World Using More Rubber. The world is using more rubber, according to a survi from the Brit. ish Information service the Banke ers’ Trust Co of New York. Shipments of plantation rubber, it repor to the end of June, 1926, were tons; or an increase of about X tons over the same perlod of 1925, while the total world shipments frony producinug countries was 202,235 tons, or an increase of about 54,912 tons as compared with the same period of United States retained approximately 505,487 tons of rubber during the first six months this 3 compared with tained in the same period last year, The United Kingdon retained 38.849% tons in the first half of the present vear, compared with a deficlt of 17,164 tons in the same period last year. The total amount of rubber retained up to June, 1926, was approximately 308.« 460 tons, compared with 242,307 in the same period last year. Better Machinery Inquiry. Inquiry for machinery has showrt mprovement in the past week, ac. cording to the American Machinist, The decline in activity which occurred in the first half of the month has been accepted as purely seasonal, and justi- jcation of this fact that the trend is again mpward. 4 Forecasts for the month of Septem- e | ber reveal an optimistic tone. According to the American Raflway Association, loadings of revenue freight for the week ended August 14 totaled representing _an in- rs over tho same Wweek last year and of 156,149 cars over the corresponding week in 1924, This makes the twelfth week this year that loadings have exceeded the mil. lion-car mark, and was an increase of 26,358 cars above the week before, The outlook is for “a continuance during the remainder of 1926 of the remarkable prosperity _which this country has enjoyed without any real interruption since Midsummer of 1924, Jational Bank of Commerca of New York says in its curremt re view of conditions. “Indeed it now seems likely,” says the review, “that with the continuance of active con- sumer demand the business of tha coming Autumn will show a healthy gain in volume over the latter part of last vear. Save in a few indusiries and regions, notably those dependent to a large extent on cotton and wool textile manufactures and coal mining, there has been compara ployment at high w apital Traction Strong. ‘apital Traction stock continued its rise on the Washington Stock ex- change today when hares ‘sold at. from 104% to 1043. he last pr sale in the gradual cllmb utility _was at 1041;. For 10 days there has been a movemont upward of Ca al ' ction. The een no outstanding developm , or report of additional quisitions by the North American to account On the bond side tion 5= sold at 100 58 at 99 and Washi 1045, m Gas 53 Personal Mention. John EB. Larner, president of the | Washington Loan and Trust Co., is on ion at Miffiintown, Pa. Alexander Wolf, general counsel of the Bank of Commerce and Savings, is expected to return to Washinzton September 10 from Paris, where he went on busine BOND OFFERINGS SMALL NEW YORK. August bond offerings today volume and_included % tral Railroad Co. of N per cent equipment trust gold ¢ cates at par and srued dividend, Proceeds of the offering will 1 part for equipment costing §3,347,000, which the road will buy. e PRICES ON PARIS BOURSE. PARIS, August 25 (#).—Priced were heavy on the Bourse Three per cent rentes, 49 fr centimes; exchange on L. francs 80 centimes; 53 francs 60 centime: quoted at 35 francs 1 centime. OPERATIONS INCREASE. NEW YORK. August sidiaries of the United Sta Corporagion are reported to be operat Jugoslavia, 1.76%: Austria, 14.1215 Rumania, ,48%: Argentina, 40.31%; Brazil, 15.391;; Tokio, 48.00; Shanghai, 69.60; Montreal, 100.174. ing this week at an uaverage o slightly more than 85 per cent of capacity, compared with about 83 ped} cent the week before, when actual ingot preduction exceeded 24 per cent v