Evening Star Newspaper, August 26, 1926, Page 30

30 L RAL STOCKS SET NEWHIGH MARKS Northwestern Lines Are Main Point of Interest on New York Exchange. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, August 26.—New high records for the year in some of the old line railway shares furnished the main point of interest of the stock sxchange today. Union Pacific, North- ern Pacific and Great Northern pre- ferred were included in the number. The strength of the Northwestern rails was notable for two reasons: First, by the expected confidence in the recovery in the section of the country which had been hit hardest by the collapse of 1920 and 1921, and, second, because it appeared to show an adjustment to the Panama Canal competition, which had been the standard bugaboo for five years. Other Rails Advance. Other ralls for the most part_joined in only very moderately with ihe rise in the Northwestern sh Atchi- son, Southern Pacific, Baltimore and Ohio, Delaware and Hudson and New York Central were at one stage or an- other fractionally higher. Norfolk and Western gained over two points and Atlantic Coast Line at one time nearly two. Missourl Pacific issues were active within a range of a point. Steel common showed that it was still within_narrow trading limits. Bethlehem Steel slightly higher for a time, while Youngstown was lower. Allied Chemical at one period was up over a point. S. Ruber Continues. The rise continued in 1 Rubber. Consolidated Cigar was quite a fea- ture, up over 2 points. The adjourn- ment of the meeting today until September 12 was construed to mean dividends, Radio Corporation opened up 2 points on the sale of 5,000 shares and subsequently fluctuated uncertainly. The American Woolen stocks were strong, having made one of the best comebacks of anything in the recent market. Heavy realizing sales broke Warner Pictures after the stock had made a new top ul‘ 50%. FORM HOLDING FIRM FOR TEXAS OIL CO. Corporation Chartered in Delaware, With Authorized Capital Totalng $250,000.000. By the Associated Press August 26.—The Tex- s Corporation has been incorporated vare with an authorized capi- 0,000,000, consisting of $25 par stock, to function as a holding company to take over the stock or Bboldings of the Texas Co., one of the largest independent oil companies in the country, it became known tcday. The present Texas Co. stockholders will shortly be asked to exchange their stock, share for share, of the new con The reorgan plan has been approved by directors and a number of large stockholders. Deposits of stock will be accepted by the Chase Natlonal Bank until November 1. More than 50 per cent of the stock must be deposited before the plan be- ocomes effective. Upon consummation of the ex- change, the new corporation an- nounces its intention to inaugurate dividends at the $3 rate paid on the present stock Amos L. Beaty ed that the new ganized to oves corporation was or ne the handicap of into the stock | C FINANCIAL, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Ahumada (¥1).. Alr Reductn(16) AllledCm pf (1. Allfs Chalm (). Allls Chal pf (1) Amal Leather. . Amerada (1.60). Am Agricul Chm Am Agri Ch pt. . Am Rank N. 1.60 Am Beet § pf(7) Am Borch. ..o Am Rrak Am Rr ov E1(D Am Br Bo pf (7) AmCan2)..... Am Car&¥ay (8) AmC&F pf (1) Am Drue......e Am Express ().. Am & For Pow.. Am & Fo P pt (1) AmLaFr (D... Am Linseed Am Locomot (8) Am Loco pf (7). Am Mach & Fy.. Ar Metals (4).. Am PoaLt (g1). Am Radistor (4) Am Rad pf(7)... Am Republic. Am Safety R ( Am Ship & Com. Am Sumatra. Am Tel & Teliv) Am T)bacco (8). Am Tobac B (8). Am Typ Fdrs(8) \m Woolen... Am Wonl pf (7). . Anaconda (3), Armour of IlI(A) Armour of 111(B) Arnold Con (n). Artioom (3) Art Metal (1)... Asso Dry G(2%) Asso DG 1st(8). Asso Gl (12.40). atchison (7).... Atchtson pf (). Atl Birm & At At1 C Line($9%) Atl Guif & WI. .. At] Guif&WI pf. Atlantic Refing... Atlas Powdr (4). Atlas Tack. .. Austin-Nichols Austin Nic pt(7) Raldwin L (7). Balto & Ohto(8). Balto & Oh pf(4) Bang & Ar (3).. Barnsdall A (3). Barnsdall B (2). Bayuk Clgar.... Beech-Nut (13). Belding Bros(3). Bethiehem Steel. Beth 8t pf (7).. Bloomingdal Briggs Mfg Bkin Edison (3). BkIn-Mn Tr (4). Bkin Un G(t11). Brown Shee (3). Brunswick Balk. Brunswick Ter. . Burns Bro (10).. Bush Ter de (7). Butte Cop (50c). Butte&Super(2). Butterick. Byer & Co. . Calif Packg (4). Calif Petrol(2).. & Callahan Zine... Calumet& Ar (! Calume&H(1%). Can Pacific (10). ¢ Threshing. Cent Leather pf. Cerre De P (4).. Certain-Teed (4) Chand-Cle pf(4). Ches & Oh (113). Chi & Alton pf.. Chi & East 111 pf Chi & Nwa (4).. Chi RI& Pac... i iCRI&PDI(D. limited power that could be exercised | under the la present comp: ticularly wit #tock of s of Texas, 1y s incorporated. par. reference to sther corporations WALL STREET BRIEFS W YORK, preferred t 26 (P).—Hold- t Owens Bot- to turn redemption at idend to October This has been done without a formal call, to obtain the necessary §: of preferred stock for redemption un. der the bylaws, as the required amount is not obt le in the open market. Record-breakin cottonseed oil products during crop ust enaed, not onl the t the year's o current of ofl tional Bank of Conmunerce York, but also cleared the market of a heavy rom the previ- ous season have been into the mew vear, sufficient, however, to sup- ply requirements until the next crop of seed, which wgzain pr large, comes to the mark tity. consumption of Only Net profit of tor the half-year haif of nued lurge automobile manu nd good demand operations in facturing indu dividend of 60 t ave preferred A stock. with the quarterly of $2 and a1 back i of 75 cents a share on the with the regular quar- a back on the regular divide: preferred R terly of §2.5 Americ ports prof half of 1 s a shave, lu the Operations hem Steel t betweensso and m about 77 this month and compare with cent in July last year. Earnings of the Public Service Cor- poration of New Jersey continue to show improvement. surplus for July g Lo $603,604, vear ‘and i July 31, to against $3,080.430 in the .nne\)xumh!‘x period. Gross for the vear ended were against §91,150.995 the year before. The Atlantic. Gulf and West Indies Steamship Lines and subsidiaries re- port surplus of §1 9 for the first half of 1 . after depreciation, taxes and charges, equal to 96 cents a share on the 5 per cent preferred stock. This compares with $1,111,931, or $5.14 a share on the common stock, after preferred dividends, in the first half of 1925. Surplus for the second quarter was $261.843 against a deficit ol $129,484 fn the first quarter. the | where the | holding | ChiStPM&O.. ©hilds (32.40)... Chiie Cop 12%). Christie B (1.20) curysler Corp(3) Chrys.er pfA(8) | Cluet Pea pf (7). | Coca-Cola (7)..... | Coillns & Alkma. Lo ruei & lron. Col Gas & El (5) | ColG & Epf (1) Col Carbon (4).. Com Cred (3)... Com Cred 15t 6% Com Solv B..... Congoleum-N... Congress Cgr(3) Consol Cigar.... Consol Distribut Consol Gas (8).. Cont Baking A. . Cont Baking B.. Cont Bak pf (8). Cont Can (16)... Cont Mot (800).. Corn Prod(12%) - Cuba Co (4)..... Cuba Co rights.. Cuban-Am S (1) Cuban Am pf(7) Cushman’s (8) .. Cuyamel Fr (4). Davison Ch Del & Hud (8) Del L & Wn (17) DRG Wstpt... Dodge Bros Cl A. Dodge pf (7). Dupont (14). | Duquewne pf (7). Eastman (18)... Eaton Axle (2).. Eisenlohr & Bro. El Auto Lt(18%. tiectric Boat. Elec Power & Lt iec P & L pf(7) Elec Refrig(f2). Kiec Sto Bat(18) Engnrs PS pf(7) kquitable pf (1) XrieRR kErie 18t pf... Erie 2d pf. Famous P1 (J2). FedLi1ght(*1.40) ted Min pf (7). Federal Truck. . Fid Phoenix (6). Fifth Ave (64c). | Fisk Rubber.... Fiski 180 pf Fisk 1st pLev(?) Fleischmn(t2%) Foundation (8). Fox Film A (4 | kreeport-Texas. abriel Snu (15) Gen Aspnalt.... { Gen Ciga Gen Elec .. Gen KEiec 5p(600) Gen GRE A E1% Gen Gas (B).. Gen Motors (116) Gen Mot deb (6). Geu Mot pe (7). Gen Outdr A (4). en Outdr Ad(2) Gen Ry Sz t4%. Gimbel Bros. ... . Gimbel Br pf (7) Gold Dust...... Goodrich Ru (4) Goodrich pf (7). Goodyear pf (7). Gotham new 214 Gothm 8 H (2%) Granby Consol. . Grt North pt (§) Gt Nor Ore (1%) Green Canan 131% lll“ W 9% . Low. Close. | % % | 133% 121% THE EVENING STAR, WASHINGTON, D. O, THURSDAY, AUGUST 26, 1926. [ o BONDS st scnanr] Hayes Wh(t3y) Househd (13%). Howe Sound (3) Hudson Mo(3%) Hupp Mot (1) [linots Cen (7). Indep ON1 (1).... Indian Refining. Indian Refgctfs Inland 8t (2%). Inspiration (2)s. Interurb Rap Tr. lmconu Rub(l). Int Ma (3).. Int cnm-nt ). Int Com Eng (2) Int Harvstr(@).. Int Mer Marin .Int Mer Mar pf.. Int Nickel (2)... Int Paper (2). Int Tel & Tel (8) Int T&' g rts. Jordon Mot (3).. Kan City South. Kan C So pf (4). Keystone T & R. \Kresge 88(1.30) Kresge Dept S.. Lambert (3%).. Leh&"ink stf(3) Leligh Val(3%) Lig&MB (14).. Lima Loco (4).. 3). Loutstana Ofl. .. La Ofl pf (7).... LouisGasA (1.76) Lou&Nash(t6%) Ludlum Steel (2) McCrory B 15.60. Mack Trucks (6) Mack T 1s¢ (7). Man EI Sup (5).. Man El m g (d5) Man Shirt (1%). Manlla Elec (2). Maracaibo Oil... Marland O11 (4). Mathieson (4) Maytag Co (2) Vexican Seabd. Miami Cop (1).. Aid-Continent . Miller R ctfs(2). Min St P& SSM. Mis Kan & Tex. . Mo K & T pf (8). Missourt Pacific. Missouri Pao pf. Montgom Ward. Moon Mot (3)... Mo Plcture(13§) Mothr Lode(76c) Motor Met(3.60) Motor Whi (2).. Murray Body... Nat Acme (sta). Nash Mot (13;.. Nat Biscuit t4% Nat Cash Reg(3) Nat Cloak & Suft Nat Cloak pf (7) Nat Dairy (3)... Nat Dpt Stores. . Nat Distillers. .. Nat Enamel & S. Nat Enam pf (7) Nat Lead (8)... Nat Pw&Lt(80c) Nat Supply (4).. Nevada Cop (1). NY Alr Brake(2) N Y Canners C2. NY Central (7). NY Dock. . NY NH & Hart.. NY On & West. . NY Rys part efs. N Y Rys 2d stpd. Norfolk South. . Norfk & Wn (18) Norf & W pf (4) North A (B3.40). North Am pf(3). North Pac (5)... Norwalk (80c). . Nunnally (1.50). Orpheum Clr(l) Otis Elevator (6} Otis Steel. . Pac Of1 Stubs. Packard (2. no) D)oo Pan.AmWnB(2). Panhandle...... Park & Tilford. . Park Utah (€0¢c) Pathe Ex (c3). - Penick & Ford. . Pennsy R R (3). Penn-Seab Steel. Fere Marq (18). Pere M prior(5). Phlla& RC&I. Phillips Pet (3). Pierce-Arrow. . . Plerce-Ar pf (8) Plerce Oll.. Plerce Petrolm. . Pitts Coal pf.... Porto Rico Tob. Postum (5)..... Pr 8tl Car pf (7) Prod & Refiners. Pub Ser N J (5). Pub Serv pf (8). Pub S NJ pf (7). Pub S NJ pf (8). Pub SE&G pf(8) Pullman Co (8). Punta Aleg Sug. Pure Ofl (1).... ‘Pure Oil pf (8). Radto Corpof A. Rap Cop (25¢) Reading (4 Reading ris..... Reading 2d (2).. Reld Ice Cm (3). Remington Type Remingtn 2d (8) Replogle Steel. . Rep Ir & Stl (4). Reynolds Spngs. Rey Tobac B(6). Robt Rels & Co. . Royal D 1a3.078) Rutland pf...... Safety Cable (4) StL & SanFr (1) St L Southwes! Schulte (§8) Seaboard Alr L. Seabd Afr L pf. . Seagrave(el.20). Sears-Rn (2%). Seneca Copper) . Shattuck F G(2) Snell Un (1.40).. Shubert The (5) Simmons(12.36). Stmms Pet (1) Sinclair Ofl. Skelly OIl (2 Sloss Shefl (6).. South Port S (8) Sou Cal Edison. . Sou Dalrles A(4) Sou Dairles B... South Pac (8)... Southern Ry (7). Spicer Mfg. ... Std Gas & El g3. Std Mill (5). Std 011 Cal (3). SOl NJ (1).. Std Oil NJ pf(7). Stewart War (8) Stromberg (€)... Studebaker (8). Submarine Boat. Sun Oll (T1).... Superior Oil.... Tenn Copper (1) Texas Co (3). Tex Gulf 8 (10). Tex & Pacifie. .. Tex & PacC& O Thompson(3.60) Third Avenue . Tide W Ofl p£(3) Timken (15).... ‘Tobac Prod Tob Prod A (7). ‘Transcont Oll... Twin City (5) Underwood (4).. Un Bag & Paper. 64 < UnoO11 (3).. ‘i 9234 | {piqes, uariert 58% dends ars not le 53% 63% B63% 53w |Y 66 .64 N. Y. RAILWAY 65 FEATURE IN BONDS U. S. Government Issues Dull. Italian 7s Again Are Active Today. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, August 26.—On the news that the Transit Commission had approved the purchase of the New York railway surface car lines by the Fifth Avenue Coach Co. there was a rush today to buy New York Railway income 6s. These bonds closed yester- day at 28%. Buying carried them quickly up some 3 points. The idea was, of course, that they would be worth more with their property taken over by the coach company, although this was pure conjecture. The higher grade investment rails were not affected by the increased firmness in the money market. Atchi- son general 4s were fractionally high- er, so,were Canadian Pacific 4s and New York Central 5s. Rock Island re- | funding 4s, St. Louis-San Francisco prior lien As and Southern Railway 4s were barely changed. Government Group Dull. The United States Government group was dull, with no variations worth noting. The only point of in- terest was that this section of the | market. as well as others. was not sensitive to the money advance. Trading started in the new issue of Brazil 613s. This same class of bonds was offered in May and June at 9035. Today's offerings at one stage were | selling nearly a point below this fig- ure.. Rhinelbs 7s went through a series of rather sharp fluctuations. The bonds yesterday closed at 108%. They s0ld down this morning to 1071 and they more than regained the loss. German General Electric 6138 were | higher. The Italian government 7s | were again active, but not as much 50 as on the day preceding. They were dealt in freely around the 90 level, sometimes selling under this figure. | Kuhn, Loeb & Co. announced that the books had been closed for the new offering of $30,000,000 Westinghouse Electric and Manufacturing Co. 20- year 5 per cent gold bonds, due 1946. Other New Offerings. Other new offerings of the day in- cluded $4.750,000 Public Service Co. of Oklahoma first mortgage 5 per cent gold bonds, series C, to mature 1961 and yield over 5.10 per cent, by a syn- dicate headed by Halsey, Stuart & C and an issue of $1,500,000 General | American Tank Car 44 per cent equip- ment trust certificates, due, serially, {1928 to 1936, at prices to yield from 4.80 to 5 per cent, according to ma- turity, by Drexel & Co. Blair & Co. are offering $10,000,000 Republic of Chile 5 per cent gold notes, due Feb- i ruary 25, 1927, at 99 to yleld ap- prox ma.tel v 4% per cent. The ofi'erlm: toda\' of $9,500,000 first mortgage 5% per cent sinking fund gold loan on 165 Broadway Building, New York, by a syndicate headed by | P. W. Chapman & Co., is said to be | the largest piece of financing under- taken in this market this year on a completed building. DIVIDEND DECLAB.ED NEW YORK. August 26 (). — Directors of the Big_Lake Oil Co. | have ‘declared a dividend of 25 per cent, which represents another dis- | tribution of $1,000,000 to stockho!ders. DIVIDENDS Stock of ) ,. i e S S Ky Hy-El pf. ine i R B | Montana, Pow w2 o B ¥ e et 2 LDz 19DDU;ZR 213 4 AR 333 833% R vds. [ lmnn c gz Wieelink 'S Stoel @ bR Un Carbide (6).. 88% . B1 Un Pacific (10). 168% Un Pacific pf(4). 80% Un Tank Car(5). 97 Utd Alloy (2)... 83% Utd Cigar 8(c2). 102% United Frult (4) 1144 Utd Drug (8)... 159% U S CIP&F(10) 213 U 8 Distributing 66 US Hoffmn t3% . U S 1nd Alcohol. us RII“’ .. US R .. us Rul: 1st (l). U S Smelt (33). U 8 Steel (7). U 8 Steel pf ( Unliversal Pipe.. Utl P& Lt A (e2) Va-CarCh 6% pf Va-Car Ch pf(7) ‘Vivadou (3) Waldorf (1%).. Wnlwon.h'(l). .. Ward Bak pf (7) % | warner Bros.... b i ‘Warren Bros (4) West Maryland. 13% West Md 2d pf.. 22% | West Paciflc. ... 38 West A Br(t7%) 134% West Union (8). | Westinghse (4). Weston Elec. . Wheel & L Erle. Wheel & L E pf. White Eagle (2) White Mot (4).. White Rock (3). White SM pf(4). Wickwire ctf Wilson A (new). Wiison & Co new ‘Wiison pf new. . willys-Overland WoolwthF W (16] 187% WorthtnB()... 64 lfl‘\ 114 | Wright Aero (1) 354 TaleaTown(1s). 94 | Yol Tr& C (12¢). 20% s | Yol TraCE(T). 108 144 | Youngstown (4} 88% 4T | Dividend rates Ayidend rates sa eiven in the svove ta Y LRSS B vate Wise UNITED ST/#-SS. (Sales are in & a0 Sales. Higii. Low. Close. 170 1017 1014 1014 83 101 31 101 28 101 28 78 100 26 100 23 100 25 Tdb3d 43s. 198 101C 1014 1014 Lib 4th 4%s 185 1029 1026 1026 83% 18 101 13 101 13 101 13 51 108 23 103 20 103 28 . 180 107 22 107 15 107 22 FOREIGN. Sales. High. Low. Closs. 20 92 2 .92 Argentine 6s Ju §9. 20 98% 99 8% 99 9 99 98% 98% 100% 100% ORY, Ok% e 102 102 064 964 Bank of Japan 3 100% 100% Relgium 86 s6% Beigium €% 1% 91% Belgium 7s. 93% 93% Belglum 7%, 107% 107% Belgium 8s. % 107% 107% 2olivia 8s. 101% 102 864 864 4% 4% 104% 104% 101% 102 104% 104% 102 1024 101% 102 1084 108% Con Pow Japan 78. 5 91 91 Copenhagen 6% 997 9 Cuba 5%s. 101% 101% Czecho 7% rots 100 100 103% 10%% Czecho 8s 1962 103% 103% Denmark 6s. 104 104 Dutch East I 6s . 4 105% 105% Dutch East I 6s 62. 105%4 106% El Salvador 8s48.. 107 107 Finland s f 6s 45 89% 89% Finland 7 9% 99% 9% 91% 96% 96% 103 103% 1064% 105% 102 102 98% 98% 929 99% 89% 90 96% 93% 85% 85% 86l 86% 2% 27% 43% 43% 100% 100% 103% 108% Canada 68 1931. Canaéa 6s 1953 Tapanese % Lyon6s...... Marsetlle 6; Mexico 4s 04 asntd. Mexico 5s assented Montevidio 7s..... Netherlands 68 54. Netherlands 6s 72. @ 100% 100% 90% 90% kid 7% 87 87 100 100 108% 103% 69% 70 88% 89% 101% 102 4 105% 106% 113% 113% 107'5 108% 102 102 161% 101% 103% 103'4 104% 1045 105% 105% % 98% 994 884 E8% 2% 92% 83% 83% 103% 103% 104% 104% % 103% 103% Swiss Confed 8s 114 114 ‘Toho Elec Power 7s ‘Toklo bs. . Utd Kingm Uruguay 8s.... 109% 109% 109% MISOELLANEOUS. Ajax Rubber 8s.... 2 104'% 104 104% Am Agri Chem 73s 2 104% 104% 104% Am Smit& R 1st bs 13 100% 1004 100% 2 108 107% 107% 2 163% 103% 103% 12 97% 9% 97% 5 102 102 102 49 100% 100% 100 Am T&Tdeb&%t 18 105% 105% 105% Am Water Wka 5s. 1 98 88 98 Am Writing Pap 6s 5 58 53 b3 Anaconda 1st 6s. 22 103% 103% 103% Anaconda cv db7s. 15 106% 106% 106% Andes Cop 7s ret 31 1044 104% 104% Armour&Co 4%srf 10 90% 980% 90% Armour De) 5%s... 12 83% 93% 93% Assoclated Ofl 6: 7 103 102% 102% Atlantic Refin 5. 15 102 101% 101% Barnsdall 7% 97 97 1102 102 102 19 102% 102% 102% 4 97T% V7% 9Tk 5 101% 101' 101% 33 u6N 95W 95% 28 101 100% 101 5 104% 104% 1044 2 1684% 158 158% Calif Pete 6%s.... 6 103% 103'a 103% Cen Leath 6s 45cfs 9 101% 1014% 101 Chile Copper 6832. 2 106% 106% 106% Col Gas & El 6s sta. 15 100% 100 100% Commonwlith P 6s. 3 105 104% 105 Con Gas N Y 6% 10 i05% 106% 105% Consumers Pow 100% 100% 100% Cuba Canecv8s...2 6 97 97 97 Det Edtson ref 6: 1 107% 107% 107% Dodge w 1 6s. 20 95% 95% 95% Dounner Steel 7. .2 96w 96% _96% DuqL & P65%s49. "8 105 105 105 Dugquesne Light6s. 6 106 105% 106% EstCuba Sug 7%s. 5 103% 103% 103% EmpireG & F 7% 6 103% 103 103% 1 116% 1163 116% 3 106% 106 106 1 110% 110% 1104 1 120% 120% 120% y 63 194 Grient Dev deb Paris.Ly-Med Paris-Ly Med 7s... Peru 7% .1 Peru 8s. Poland 6s 40 Poland $s Prague 7%s. Queensiand 6s. Queensiand 7s. Rhinelbe Ts war Rio de Jan 85 1948, Rio de Jan 8s 47 Rio Gr Do Sul 8s. Sao Paulo 8s 1936.. Sao Paulo 1950 Saxon (PW) 7s. Selne 78 42. . Serbs Crot 8lo Solssons 6s. .. 'S eRNBEEA uSononnaAreR aemBe—nw Beth Steel pm Beth Steei rf b Beth Steel 5% 8 63. Goodyear 8s 1941. tiershey 5%8. 1102 102 102 Hoe & Co 6348 1 974 97% HumbleO & R6%s 5 102% 1024 [ilinois Bell 18t 6s. 15 102% 1024 Tilinots Steel 4348.. 5 95 96 Int Mer Marine 21 88% 88 Int Paper 58 47. 6 974 96% Int Paper 6: 8 1004 100 int T&T6%s 89 109% 1094 Kan CP&L 6s A62. 1 103% 1034 KanG&EI6862... 3 105% 105% Kelly-Spring 8s 1 105% 105% Lackawa S5860... 9 99 08 Laclede G 5%852.. 2 103% 103% Liggett & Myersa 9 1021, 102 Liggett & Myers7s 2 125 Lortllard (P) 78... 2 1A7=. 1% Manati Sugar s£ 7% 5 100% 100% Mid-Con 6%8 40... 36 104% 104% Midvale Steel 5s. 4 96% 96% Montana Pow 68 3 100% 100 Nat Tube 18t 58 2103 103 N Y Gason 5s44... 5 103 1024 3 116% 116% 2 98 98 9 108% 108% 8 103% 1034 2 105% 106% 2 96% 964 Nor States Pow 68. 1 995 99% Pac Gas & El b8 8100 99% PacT&T 18t 1 1014 101% Pac T & T b8 52 9 101% 1007 Fan-Amer Pete 28 106% 106 Deoples Gas 5s. 5 101% 101% £hila Co 5%s 38 3 100% 100% Phila Corf 68 A 5 104% 104% Phila&RAC&I6s 8 108% 100% Plerce-Arrow 8s 1 108% 1083 Producers & Rf 8s. 4 111 111 Public Service 44 108% 1034 5% 1 104% 104% 1 104% 104% 20 103% 103% 14 98 92% 19 99% 994 5 1014 101 2 92 92 1102% 102% 3 105% 105% 9 108 107% 8 984 934 7 107% 107 19 105% 105% 8 9T% 9Th 9% 2 81% 81% 19 101% 101% 101% 111% 112% 104% 104% 102% 102% 98% Y8 104% §in Pipe Southwest Bell bs. Toledo Edn 1st 7s Warner Sug 7s 41, West Elec 6s..... Westn Unlon 8%s. Westinghouse 7 Willys Ov 6%s Wilson & Co 1st Youngstn8& T Direst to The Star Ofica. Balee. High. Low. Close. 102% 102% 1% 116 85 107% Chi & Alton 3%s. ChiB&Qgn 4s 58, CM&StP4s26... CM&StPds25ofr CM&StPdAb4s.. CM&StPdeb 4s cfs. CM&StPevils CM&SPcv4 %s32cfs CM& St Prid¥s. . CM&StP r 4%s ofld CM&StPovés... CMA&SP cv Escfs 14 CMastP Chi & NW gen 4s. . Chi & NW 4% 87 Chi Union Sta 5s 44 Chi Union Sta 6%s. Chi{ & W Ind on 48. C&WIEYee2. CCC &St L b CCC&StLrf Cleve Term 5%s. .. Del & Hud 1st It &s Del & Hud cv 58 35. - o1 ! (=IO =P Y Y=y e Det United 4 Erle 1st cons Frie gen 4s. . Erle conv 48 A. Erle conv 4s B Erle conv 4s D Erfe & Jersey 6 Fla EC 74 new. Gr Trunk sf db Grand Trunk 7 Gt Nor 4% Great North Great North 5% Gr North gen 7s. Green B & W db B. Havana ERL&P 80. Hocking Val (1 ] e i » —-ca ——REE PR NN~ A I RONON RN IRS O e WS Int & G Nor ad §: Kan City F't S4s. Kansas City 8 3 Kan City S 6 Lake Shor Lake Shore 4s !l Lehigh Valcn 4s Louis & N uni 4s. L &N 4%s 2008, Louis& N6sB Louls & Nash E%s. Louls & Nash 7s... —a - M& St L 1strf & M & St L rf ex B MStP&SSMcn4s 5 MStP&SSMe%a. 3 MK&Tad)bs....154 " MK&TprinbsA. 12 Mo Pacific gen 4s.. 24 Mo Pac6sg4%D.... 28 Mo Pac6sS6B.... 15 Nassau E Ry 48 67. 26 orthern Pac 3s orthern Pac 4s Nor Pac 413s 2047. Northern Pac 6s D. Northern Pac r 1 6: Ore & Calif 1st 6 Ore Short L rfs Ore Wash 1st rf Norfolk & W cv Pennsyl gen 4% Pennsyl gen bs. e 19 o @ » Peoria & E inc 4s. Pere Marq 1st 6i PCC&StL5sB Port RL & P 88 42! Por RL&P TH%'s 46. Reading gen 4% Rio G W 1st B, .-»-E-mm‘uqmumomc-ewmam._ 1w @ b1-1% StL&SFplésC.. StL S Wcon 4s 32, St P & KCShL 4% Sou racine rer 4 Southern Ry gen 4s Sou Ry con 58 94. Unlon Pac 1st rf 4s Union Paoc 4s 27 Union Pac cv 6 Virginia Ry 1st 5 86 81% 81% COTTON GOODS ACTIVE. NEW YORK, August 26 (Spectal).— Cotton goods markets were more ac- tive today, with print cloths steady at 7% cents for 64x60s and 8% for 68x72s. Raw silks were fairly active and unchanged in price. SURPLUS ADVANCES. NEW YORK, August 26 (P).—Sur- % | blus of General Gas and Electric Cor- portation for the year ended July 31 advanced to $2,537,948 from $1,645,363 in the preceding year. R TS RO ik BUTTER IS HIGHER. CHICAGO, August 26. — Butter i higher; receipts, 7,107 tubs; creamery extras, 41; standards, 40%: extra o [ firsts, 391540; firsts, 36%4a38%; sec onds, 33a3; TREASURY CERTIFICATES. (Quotations furnished by Iad?'m & Co) b . 1 116 1008" 1116 mo;slli - 1 1019-32 101 FINANCIAL. New Strawberries Appe aring Now in Baltlmore Market Special Dispatch to The Stas BALTIMORE. Au(usl 2S<—Once more the Eastern Shore is showing its supremacy in the Baltimore markets—this time with large, lus- clous red strawberries. This second crop of the Maryland fruit is known as the “everbearing varlety” because the vines con- tinue to bear until chased from the earth by Jack Frost. A few shipmehts of Jersey City and Delaware strawberries also have arrived in the markets. They are selling for 25 and 30 cents a quart. i/ WHEAT SCORES GAINS |’ 4| ON SCATTERED BUYING Shipments From Chicago Large and Few Traders Are Will- ing to Press Sales. By the Associated Press. CHICAGO, August 26.—Scattered buying proved sufficient today to give an early upward trend to wheat values. Chicago are large, and but few traders appeared willing to press the selling side of the market. Starting un- changed to % higher, wheat quickly scored moderate general gains. Corn and oats relatively were easy, corn opening unchanged to 14 off. but later showing something of a rally, Provisions held about steady. Gossip that a sleeping short interest in the September delivery of wheat here might be disturbed almost any time attracted considerable notice among wheat traders today. Mean- while Liverpool reported comparative absence of offerings of wheat from the United States, and there were advices that heavy rains were im- peding the harvest in the central dis- tricts of Russia, with some other Eu ropean countries complaining thnt new arrivals of wheat are too wet for immediate milling. On the other hand, perfect weather in Canada, with cutting of wheat gen- eral, was reported. Yields so-far were stated to be exceeding expectations and tending to confirm recent en- larged unofficial estimates of the Ca- nadian output of wheat this season. WHEAT— Lew. |l s0. 34T 81y 33 10 CHICAGO LIVE é'rocx MARKET CHICAGO, August 26 (United States Department of Agriculture).— Hogs—Recipts, 24,000 head: qualified hogs in demand, mostly 10 higher; averages above 250 pounds very un- even; strong weight at marked dis- count; top, 14.00; bulk, better grades, 210 pounds down, 13.50a18.80; most good and choice 220 to 260 pound butchers, 12.60a13.60; bulk, 270 to 300 pound butchers. 11.60a12.50; most light and medium packing sows around 25 lower than Wednesday's average at 9.75a10.25; few light sows on butcher order, upward to 10.75 to shippers; heavy rough packing sows, downward to 9.00 and below: strong- weight slaughter pigs in good demand, upward to 13.75; around 25 higher: heavy-weight hogs, 11.00a13.10; dium, 12.50a13.90; light, 12.90a14.00; light light, 12.76a13.90: packing sows, 9.00a10.65;; slaughter pigs, 12.00a13.75. Cattle—Receipts, 12,000 head: fed steers and yearling trade falrly ae tive; steady to strong; well finished getting best action: 11.00 pald for yearlings; several loads, 10.50a10.75; 715-pound heifers, 10.60; best matured steers, early, 10.25: stockers and feed- ers about steady; other classes steady to strong; most vealers, 14.50a15.50; few upward to 16.00. Sheep-—Receipts, 25,000 head; fairly active; fat lambs strong to 15 higher; no Westerns sold: best kind held top natives, 1 sheep fully steady 0a6.50. cull E higher; most feeding lambs tive lambs strong to sales 10.00: some 10.; strong: early bulk. 14.65a14.75; five doubles feeding ewes. 5.00; three doubles full mouth breeding ewes, 7.50. BANK DIVIDENDS NEW YORK, August 26 (#).—Vul- can Detinning Co. has declared a back dividend of 2 per cent on the preferred stock in addition to regular quarterly dividends of 1% per cent on the pre- ferred and preferred A stocks, all pay- able October 20 to holders of record October 9. GERMAN BONDS AND STOCKS. 1Quo(ed In dollars per million marke.) Asiced. pre-war. s pre-w . Ambure’ Amer Line K North German Liovd 4 North German Liovd russian Consols Krupp 58 1921 Dusseldort 48 pr Frankfort a-M 4 Munich 48 Badische Aniiin A'E"G (der Go Fice), Commerz and Privat Bank . sconto Gellschaft :':‘a:aba'g';g' '%- P 3353333 resdner Banic 2 Deutsche Bank Darmstaedter Bank Mercur Bank Vienna Heyden Chemi Aust A E G Berliner Handels. . FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing) Bate—Maurts. Bid. A-k~1 P Yiela: v. 2. 1. ! D -W‘ff.fi.'{{.rl 233 DD B e e 2 2PEos! ReRIS SSS992: ey 23325 LR ARARRRRRS: - © Lidiambsioiomi: I DBSPeRRDOD: | 3§ FOREIGN EXCKANBE (Quotations furnished, by W. B, Hibbe & Co.) Nominal Selli London. pound Montreal. dollar i ronRs: giigasiota sez=sdainey 5% i o) tockholm, crown . NEW YORK, August 26 (#).- Foreign exchanges easy. Quotations (n eents): Britain, demand, 4847;; cables, : 60-day bills, on 2.74%%: Ger- ; Holland, 40.01%; Nor- ; Sweden, 26.73; Denmark, 26.54%: Switzerland, 19.30. 5 Poland, 11.5 .37%; Tolio. 47.87%; Shln‘hll 69 50; Montreal, 100.17 3-16. ! Shipments of wheat out of |- 0 | way Mediation Board; CAUTION ADVISED ON NEW TAX SLASH Treasury Officials Inclined to Defer Action and Cut National Debt. Treasury officlals here today wers inclined toward a more cautious att}. tude on possible tax reduction in 1928 than was taken by Martin B. Madden, chairman of the House committes on npproprlmlons. during his visit v erday to President Coolidge at Whi Pine Camp. While the country is enjoying such ealthy prosperity, it is wiser to think about reducing the huge national debt than to figure too closely on when taxes may be reduced the next time, in the opinfon of some Treasury experts. While there is no disposition at the Treasury to think that there may be any let-up in the present prosperity, or a recession in the industrial and commercial activity which is prevalent now, it was thought that the better part of wisdom would be to wait until the future unfolded itself a little fur- ther and the possible revenues under the present law become actual, hefore beginning to count definitely on tax reduction. Treasury officials have been cautious concerning expressions of opinion as to when the nest tax cut could be made ever since the passage of the 1926 revenue law, which has bheen bringing in more taxes than first esti- mates indicated. Mr. Madden thought there might be a tax cut by 1928, but not before. Mellon to Return Soon. Secretary of the Treasury Mellon will probably return from his vacation trip to Europe some time between Sep- tember 5 and September 20, according to latest indications at the Treasury. Adrian P. Fisher of Oxen Hill. Md., was elected a member of the b i of directors of the Clinton Bank, at Clin ton, Md., at a recent meeting of the board of directors. Mr. Fisher suc coeds the late Wallace W. Pyles. The new board member is the son of Jobhn F. Fisher, clerk to the county com missioners, Prince Georges County, Md. He graduated from the National University Law School in 1921 and now is a member of the bar. In all probability, it was learned today, Mr. Fisher will be appointed counsel for the bank. The Clinton Bank recently installed new fixtures and rearranged the fnte- rior and is now regarded one of the attractive banking institutions in southern Maryland. The president of the bank is V. Giibert Dent of the local real estate firm of Gardiner & Dent. Prices Firm on ‘Change. Prices were firm on the Washing- ton Stock lxchange during fairly active trading. Washington Gas 6s sold In tha amount of $5,000 at 104'3, the oniy bond transaction of the da Capital Tractlon was strong. sales opening at 10415, rising to 104% on a turnover of five shares, and drop- ping again to 1041 after call on one share. Mergenthaler went at 107, Potomac Electric preferred at 107, and five shares of National Bank of Washington at 278, Washington Rallway preferred sold in several lots totaling 120 shares at from 89% to 90. Dollars and Sense. Four issues of Dollars and Sei the offictal maguzine of the Washii ton Chapter, American Institute of Banking, will be issued this vear, i was decided at a conference of newly appointed staff, headed i Aubrey 0. Dovley, edito he issues Will appear in September, Decemuer February and M The new staft expects to merease both the size ane scope of the magazine. It is the hope of the staff, according to an officia announcement, that the personnel of the local banks will co-operate tu make this possible by submitting items of interest to those in_charge. Surplus of the Southern Railway for the seven months of 1926 amount- ed to $11,500,000, cqual after 5 per cenl preferred dividends to $5.17 a sh on the common stuck, against §10,030. 000 or $6.90 a shar 1 the common in the corresponding period of surplus was 82,104,000 2 00 AN JUY dde. Year erly diviuenu o per share was declared yesterday on Chesapeake & Ohio common, payanie Octob shareholders of record Sept The directors ol (h ley declared the quarte payable September ers of record September §, $2 dividend to sharehold 1926. C. and 0. Income Gains. A gain of more than $500,000 in net operating income for July is re ported by the Chesapeake & Ohio $3,585,453 against $3,008,262 in July last year. Net operating income foi the seven months this year rose t¢ $19,331,156 from §1,954,505. July gross sales of the United Drug in the United States alone werg $7,100,000, an increase of $£1.000,000 over July last year, which had beet the previous record July. The sev enth month's sales this vear reache¢ §60,100,000, a gain of $7.545,000, of about 18 per cent over the first sevet 0 months of 1925. Invited to Business Meeting. Invitations were received in Wash ington today by those asked to at tend the thirteenth annual nationa business conference at Babson P Mass., September 11 to 19 be addressed by several Edsel Ford, C. Francis Jenkins o city, the radio experi; Samuel Winslow, chairman of the new I Dr. C. G. 4 of the Smithsonian Institution others, including officers of le banks, and insurance companies and ‘professors of Yale and Harvard. Personal Mention. Peter A. Drury, president of tiu Merchants’ Bank & Trust Co., accord ing to the latest letters received fron him here, is now in Ireland, during his extended European tour. Mre Drury expects to return to Washing ton about October 1. F. H. Cox, asistant cashier of thi Commercial National Bank, has ra turned from vacation. E. J. McQuade, vice president of tht Liberty National Bank, will* returt shortly from a vacation through th ‘White Mountains and at Bay Head N. T J. Willlam Roberts, cashier of thn Central Savings Bank, is motoring tt Blue Ridge Summit. Pa., where h will visit a few days with relatives Mr. Gidlin of the Standard Co., in vestment house, has returned from § business trip to N-w \ork (ll) HUPP SALES HEAVIER NEW YORK, August 26 (Special).— According to the sales manager a Hupp Motor Car Corporation sales i1 the United States and (‘anada for th nine months ended July 31 were abou 53 per cent larger than those for th same period a year ago. During th corresponding perfod factory shig ments were 39,697 cars, compared wit] 27,134, an Increase of 46 per cent. gl - RUBBER DECLINES. NEW YORK, August 26 (Special). Crude rubber, smoked ribbed shee declined a half cent at today's nod quotation of 40 cents. This compar: 41 cents a month ago and cents a year ago.