Evening Star Newspaper, September 13, 1926, Page 24

‘el * Flw H0TORS 60 DOWN * N STOCK MARKET Studebaker Exception—Pro- fessional Element Domi- nates Today’s Session. BY STUART P. WE! %penial Dispatch to The Star. NEW YORK, September 13.—Fol- lowing up the sagging tendency of Saturday, the stock market as It started in today had the idea of a possible further selling movement. i’rofessional traders working on this theory sought to depress the motor shares. General Motors was selling with the 50 per cent stock dividend off the price. It opened at 142%, which was the equivalent of 213%. Then it fell over 2 points. Hudson Motor was particularly sensitive to pressure, getting down 21 points before sup- port was encountered. Mack Trucks was off a point and a half and Du Pont was lower. Studebaker Still Gains. On the other hand, Studebaker, which had stood up so well all last week, made a new high for the move- ment at 611, Wall Street still having | 1aith in reports of an extra dividend. Nash Motors appeared to be running into some support around 59, while Yellow Truck, after rallying over a point, was evidently encountering a lot of stock for sale at 35. It was a market dominated by the professional element, which had tried without success to enlist public sup- port and which was inclined to turn the other w As against this there was no liquidation of consequence. Where prices went down it was more because of indifference on the part of ‘huyers than because of anxiety to S. Steel Drops Off. U. S. Steel was higher at the start, then it dropped off. Fluctuation in the oil shares did not amount to much. ' rt they were confined ns. The special oper- in Colorado Fuel noticed last eek was not followed up. Cast Iron ipe continued to decline. Continental Baking A made a new low around 78 ~ince admitted to the Stock Exchange wround 77, but compared with the low of the v )f 63, established on the Curb nge last March, and fur- ther realizing sales appeared in In- ternational Telephone and Telegraph. As a result of the announcement that a new radio chain had been formed under which WEAF becomes a Radio Corporation subsidiary, Radio Corporation stock was for a time very strong. American Can advanced at kuch times as the general market gave the chance. Atchison was the strongest of the rafls, up over 2 points at one stage. Other rail shares were much mixed. For a while they were in- clined to work a bit higher, but later “on sagged off. Markets at a Glance NEW YORK, (), Continental Baking —Stocks heavy A rench issues at 6 high pric relgn exchanges franc and lira decline. Cotton outhern selling. Sugar ; trade buying. Coffee higher; fmporters buying. CHICAGO.—Wheat tations heavy Corn barely ste: wheat. Cattle steady lower; expec- Canadian movement. ¢; sympathy with Hogs higher. GRAIN EXPORTS DROP. Grain exports last United States were as compared with the previous week. Commerce Department figures to- ay gave the following comparis exports last week and the week : \Wheat, 4,905,000 bushels iinst 6,370,000 bushels; week from the $,474.000 bushels £,046,000 bushels 1y 162,000 198,000 bushels N0 bushels against 706,000 n grains exported from States ports were $39,000 ist 1,573,000 bushels the before. while North American wheat flour exports were 182,000 barrels against 30 NEW YORK, September 13 (#).— Copper dull; electrolytic, spot and fu- s. 14 asked. 'Tin firm: spot and futures, 67.00. Iron Northern, 20.5 0; No. 2 Northern, 19.00a20.50; Southern, 21.00a22.00. Lead Spot, 8.0, Zine steady; B and fut spot. 16.5 No. 1 B No. 2 stead; <pot mony, CALL MONEY FIRM. NEW YORK. September 13.—Call money firm® all loans, ; closing bid, B me loans flrm: mixed collateral, days s; 4-6 months. 474a5; ne merecantile paper, 41» . WOOLEN MARKET ACTIVE. ROSTON, September 13 (Special).- The wool market started the new week with the most promising outlook 2 months. Textile activity is viving and the prospect is improved consumption of t Woolen wools were disy ivity after several weeks of concen- -ated activity in worsted wools. Top \kers are moving more materials, es still are regarded as unsat. There is mno_evidence of operations the wool Prices a but un- 0.9 in mark: firm changed VOTE ON STOCK INCREASE. NEW YORK, eptember 13 (Spe- ciall.—Mountain States Power Co. di- rectors have called a speclal meeting at Wilmington, Del., September 30 to vote on a proposal to increase the \ cd preferred stock from 50,000 of $100 par to 150,000 shares, the common stock from es, without nominal or par 0,000 shares. share o el EARNINGS HAVE DOUBLED. YORK, September 13 (P).— dvance in the shares of e Public Service Corporation of New has drawn attenti the to the increased earnings of pany, which doubled in reaching $95,000,000 last vear. It is estimated this yvear's total Wwill exceed $100,000,000. Reports are rent of possible favorable dividend Jersey <treet e col T ve FEDERAL LAND BANK BONDS. Closing.) Approx Asked. yield. Quotations by Alex. Brown & Sons. ANCIAL. THE | | | NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Oven. Abitibl Pow (4). 95% 95% 94% 95 18% 13% 13% Adv. Rumley.... 18% Ad Rumley pf(3) 65% Ahumada (¥1).. % Afr Reductn (5). 181% Ajax Rubber.... 9 Allted Chem (4). | Allis Chalm (6) . { Allis Chal pt (7) Amal Leather. .. Amerada (1.60). Am Agri Chpf.. Am Beet Sugar.. Am Beet S pf(7) Am Brake Sh(6) Am Br Bov E1(2) Am Can (2)..... Am Can of (7).. Am Car&Fdy (6) Am Chain A (2). Am Drug....... Am Express (). Am & For Pow. Am Hide & L pf. Am Ho P (2.40). Am Ice (410).... i Am Linsd pt (7). Am Locomot (8) Am Mach & Fy.. Am Metals (4).. Am Po&Lt {g1). | Am Radiator (4) Am Ry Exp (6). Am Republle. Am Safety R (3) Am Ship & Com. Am Sm & Ref (7) Am S & R pf (7) { Am Stl Fdys (3). { Am Sugar (6)... | Am Sumatra. ... Am Tel & Tel(9) Am T3bacco (8). | Am Tobac B (8). | Am Wa Wo c1.20 ! Am Woolen. Am Wool pf (1). Am Writ Pa pf.. Anaconda (3). Archer-Danfel Armour of T11(A) Armonr of I1I(B) Arnold Con (n). Asso Drv G(2%) Asso D G 18t(6). Atchison (7).... Atchison pf (5). At] Birm & At.. At]1 C Line(1934) AtI Guif & WI.. At] Gulf&WI pf. Atlantic Refing.. 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). Beech-Nut (13). Bethlehem Steel. Reth St1 pf (7). Bloom:ingdle pf 7 Botany A (4). Briggs Mfg (3 Bkin Edison (8). BkIn-Mn Tr (4). Bkin Un G(t11). Brunswick Balk. Brunswick Ter. . Buff Roch& P(4) Burroughs (t4). Butte&Super(2). Butterick. ...... Calif Packg (4). Calif Petrol(2).. Callahan Zinc. .. Calumeté& Ar(6). Calume&H(1%). Canada Dry.. ... Can Pacific (10). Case Threshing. Central Alloy Cent Leather. Cent Leather pf. Cerre De P (4).. Certain-Teed (4) Chand-Cleve. ... Chand.Cle pt(4). Ches & Oh (t12). Chi & Alton..... Chi & Alton pt Chi & East 11 pf Chi Great West. Chi Gr West pf.. Chi M1 & StP.. Chi Mil & St P pf C Mil & St P ctf: C Mi1&StP pf cfs Chi & Nws (4).. Chi Pneu T (6).. ChiRI& Pac... CRI&PDPL (6). CRI&PDL (1. Chile Cop (3%)- Christie B (1.20) Chrysler Corp(3) Cluet Pea pf (7). Coca-Cola (7). .. Collins & Alkmn. Collins&Alk pf 7. Col Fuel & Iron. Col Gas & El (5) Col G & E pt (7) Col Carbon (4).. Com Cred (2). Com Crrf (1%). Com Crpf B (2). Com Inv (3.60).. Com Solv B (8). Congoleum-N... Congress Cgr(3) Con Cigars (7). Consol Distribut Consol Gas (6).. 1 Consol Textlle. . Cont Baking A.. Cont Baking B.. Cont Bak pf (8). | Cont Can (16). .. Cont Mot (80¢).. Corn Prod(12%) Coty Inc (4)...- Cuba Cane Sugar Cuba Cane Su pf. Cuba Co (4)... Cuban-Am S (1) { Cuban Am pf(7) | Cudahy Pkg (7). Cushman's (8)... Cuyamel Fr (4). Davison Chem. . Del & Hud (9).. Del L & Wn (17) DR G Wst p! Detroit Ed (8) 114% 1204 26 18% 3 Eastman (18)... Eaton Axle (2).. Etsenlohr & Bro. Electric Boat. Elec Power & Lt Elec P & L pf(7) Elec Refrig(f2). Elec Sto Bat(16) End-John (5)... Engnrs PS p2(7) ErieRR.. Erte 18t pf. E »f. Eureka Vac (). Fairbanks (3)... Fairbnk M pf(8) Fam Play (J10). FedLight(®1.40) Fed Min & Smelt Fed Min pf (T).. Federal Truck. . First Nat S(1%) Fisk Rubber.... FiskR 1st pf s(7 Fleischmn(12%) Foundation (8). Fox Film A (4). Freeport-Texas. Gabriel Snu (15) Gen Am Tnk (3) Gen Asphalt.... Gen Asph pf (5). Gen Elec (I12).. Gen Elec sp(60c) Gen GRE A E1% Gen Motora (116) Geun Mot pf (7). Gen Outdr Ad(2) Gen Ry Sig t4%. Gimbel Bros Glidden (2). Gold Dust...... Goodrich Ru (4) 504 Goodyear pf (7). 106% 19 9744 656% 90 67% Y% - 123 % 83 | 159% High. Low. Close. | 184% 89 110 19% 19% 19% 807 54% 140 45% 574 65% B6% 125% 126% 125% 104% 103% 104% 26% 9% 21 41% 41% 41% 25% 25% 26% 128 331 88% 83% 12% 12% 12% 38% 3864 37% 76% T6% 76% 106% 5% 50% 0% 116% 643 7 147% 118%° 442 76% 86% 147% 123% % 99% 154% 9% % % 282 40% 41% 112 67 ™ 120% 107% 3% 44 284 25% 166% 162 6% 8% 11 80% 111% 63% 1% 104 38% 40 85% 116% 164% 51 110 112% 66% 28% 23 24 64 170 26% 46 8% % 2% 108% 2% 102% 97 103% 46% 35% 177 142 445 138 29% 88 10% 303 106% 115 120% 42 40% 62 50 110 114% 113% 113% 32y 81 6% 50% 106 182% 89 . 110 80% b4 44 264 9% 123 18% 127 105% 75% 50% 70 116% 144% 118'% 44% T6% 33% 147'% 122% 121% 67% 1% 84 1 49 40 16% 9% 26 42 99% 162% 9912 % 227% 40 41 111% €7 7 118% 106% 3% 44 27% 25 165% 168% 33 9 58% 69% 4313 14% 32% 157% 5% 8% 42 10% 20% 12% 21% 11% 20% 9% 111% 62% 1% 104 83% 40 84% 116% 160% 50% 110 111% 64% 275 23 24 64 167 26% 456% ki 2% 107% 2% 102% 97 102 46% 34% 176% 142 4% 186 28% 87% 10% 300 108% 114% 120% 42% 40% 02 49% 110 32% 81 76 32% 82 1815 80 49 98% s 27 827% 45% 86 129% 89 11% 49% 140% 119% 33 88 5174 19'% 50% 650% 106" 138% 89 110 80% 54% 26% 9% 123 19% 127% 105% 5% 50% 70% 116% 83% 68 63% 7 146 118% 44% 75% - 35% 147% 2281 40% 41% 112 67 ™% 119% 107 3% 44 27% 25% €0 46% 103% 107 27 81 151% 63% 91% 26% 14% 86 116% 10% 142 44% 186 29% 88 10% 803 106% 115 120% 26 13% 8% 19 97 64 89% 6714 95 82% 424% 40% 62 49% 110 49% | 96% 72 27 32% % 6 1294 | 89% ¢ 1% 49% 142 119% 33 8% 52 19% 50% 50% 1085 Goodyr pr pf(8). Gothm S H (2%) Gotham new 2% . Granby Consol. . Grt North pf (5) Gt Nor Ore (1%) Grt Wstn Su (8) ! Hartman (B)... Hayes Wh(13%) Helm Geo (16%) Homestake (17). Househd (13%). Houston Ofl.... Howe Sound (3) HudsonMan (2% Hudson Mo(3%) Hupp Mot (1)... [inots Cen (7). Indep O (1).... Indian Motor (2) Indian Refining. Indian Refgctfs. Ingersoll R (14) Inspiration (2).. Interurb Rap Tr. Int Bus Ma (3) Int Cement (4).. Int Com Eng (3) Int Harvstr(6).. Int Mer Marine.. Int Mer Mar pf.. Int Nickel (2)... Int Paper (2). [nt Paper pf (7). Int Tel & Tel ( Jewel Tea. Jordan Motor. .. KCP & L 1st (1) Kan City Soutrr. Kayser J (3) Kelly-Spring. ... Kelsey Wh (6). Kennecott (4).. Keystone T & R. Kinney G R (4). Kresge §8(1.30) Kresge Dept S. . Laclede Gas (8). Lago Ofi & Tran. Lambert (3%) Lee Tire & Rub. Lehigh Val(3%) Leh&IMink stf(3) Life Sav (1.60).. Lig& M B (t4).. Lima Loco (4).. Liquid Carbonic. Loew's Inc (3) Loft........ Long Bell A (4). Loose Wiles. ... Lorillard ( Loutsiana Ofl... LaOtl pf (T).... Lou1sGasA (1.75) Lou&Nash(18%) Mack Trucks () Mackay pf (4).. Magma Cop (3). Mallison pf (7). Man E1 Sup (5) .. Man El m g (d5) Man Shirt (1%). Manila Elec (2). Maracaibo Oil. .. Market Street. .. Market St prior. Marland Ol (4). May Dept St (5). Maytag Co (2) Mtami Cop (1) Mid-Continent Middle States. . . Mia States Oil ot Miller R ctfs(2). Min St P& SSM. Mis Kan & Tex. . Mo K & T pf (8). Missour! Pacific. Missouri Pac pf. Montana Pow (6) Montgom Ward. ‘Moon Mot (8)... Mothr Lode(75¢) Motor Met(3.60) Mullins Body . Murray Body. Nash Mot (13).. Nat Biscult t4% Nat Cash Reg(3) Nat Cloak & Suit Nat Datry (8)... Nat Distillers. .. Nat Enamel & S. Nat Pw&Lt(80c) Nat Ry Mex 2d.. Open. 108% 67% 56% 28% 8% 21 118% 39% 20% 112% 4 Nat Supply (4).. b 9 Nat Tea (4). Nevada Cop (1). NYAIrBr3).. N Y Canners C2. NY Central (7). NY Chi&StL(11) NYC&StIPpt (6) NY NH & Hart... NY On & West. . N Y Rys 2d stpd. Niag F pf (1%). Norfolk South. . Norfk & Wn (18) North A (B3.40). North Am pf(3). North Pac (5)... Norwalk (80¢) o11 Well Sup (2) Omnibus Omnibus Onyx Hos (3.20). Oppenheim (3).. Orpheum pt (8). Otis Elevator (8] Otis Steel....... Owens Bot (t4). Pactfic Gas (8) Pac Of] Stubs. Packard (12.90). Paige Mot(1.80). Pan-Am B (8).. Pan.AmWnB(2). Panhandle. ..... Park & Tilford. . Pathe Ex (c3)... Penn C & Coke. Pennsy R R (3). Penn-Seab Steel. Peoples Gas rts. Pere Marq (18) . Pere Marq pf (5) Pere M prior(5). Phlla&RC&I. Phila Co pf (3).. Philip Morris. Phillips Pet (3). Pierce-ATTOW. . . Plerce-Ar pf (8) Plerce Petrolm.. Postum (5). ... Pressed Steel (n) Pub Ser N J (8). Pub S NJ pf (). Pullman Co (8). Punta Aleg Sug. Pure OIl (1).. Pure Oil pf (8).. Radio Corp of A. Radio C pf (3%) RS Il Cefs (4). Rand Min(a1.52) Ray Cop (25¢) Reading (4). Reading ris..... Reading 1st (2). Reid Ice Cm (3). Remington Type Replogle Steel. . Rep Ir & St1 (4). Reynolds Spngs. & Rey Tobac B(5 Royal D (a3.078) Safety Cable (£) StL & SanFr (7) | StL-SanFr pf(7) Savage Arms (4) Schulte (§8 Seaboard Air Seabd AIr L pf. . Seagrave(e1.20). Sears-Rn (2%). Shell Un (1.40).. i Shell Un pf ( Shubert The (5) Simmons (12.35). Simms Pet (1) Sinclair O11. Sinclatr pf (8) Skelly Ol (2). South Port 8 ( Sou Cal Edison. . Sou Dairies A(4) Sou Dairles B... South Pac (8).... Southern Ry (7). South Ry pf (5). Splcer Mfg...... 108% 1 57% 56% 28% 8% EVENING . Low. Close. 08% 57% | Strother, Brogen & Co. {R. John Boehs, "Un Of1 (2 STAR, WASHINGTON, D. (.. MONDAY, STOCKS ON WASHINGTON ‘CHANGE OPEN WEEK'S TRADING STRONG! W.R. &E. Common Again Out—Suburban Sanitary Comm{ssion Awards Bond Is- ! sue to Guaranty Co. and Bankers Trust. BY EDWARD C. STONE. Stock on the Washington Stock Exchange started off the week at strong prices on a moderate volume of trading. Washington Railway & Electric common, again appeared on the board after its long quiet spell and 10 shares sold at 205, the same price as last week's close. Railway & Electric preferred sold at 90, While in the bond department the com- pany's general and refunding 6s brought 104 on three sales. Washington Gas Light stock came out at 70 and Merchants' Transfer & Storage preferred appeared at the unchanged price of 101. One bank stock came out, Riggs National sell- ing at the recent prevalling price of 450. Mergenthaler Linotype chang- ‘ed hands at 105 in deals involving 25 shares. Capital Traction register- ed 105 and Peoples’ Drug Stores pre- ferred sold at the recent quotation, 105. The day's market closed with Potomac Electric Power preferred selling at 107%. It is expected that there will be a very large attendance of the Stock Exchange membership Wednesday when a president will be elected to succeed the late John L. Edwards. If one of the present officers is chosen, which seems probable, this vacancy will be filled. The election was delayed until most of the mem- bers would have returned from their vacations. Sanitary Bond Issue Awarded. The Washington Suburban Sani- tary Commission has awarded the issue of $250,000 41 per cent 30 to 50 year water bonds to the Guaranty Co. and the Bankers’ Trust Co., both of New York, the firms putting in a combined bid. The bid price was 98.8096 for $100 par value bonds. The bonds are to be handled in $1,000 denominations. Several other joint bids were re- celved, Including one from Harriman & Co., Kean, Taylor & Co., and Jen- kins, Whedbee & Poe. Another bid was made by the Mercantile Trust Co., Stein Brothers & Royce and A third was entered by Colston, Heald & Co. of Baltimore. The sealed bids were opened at the commission's headquarters in _the Evans Building, 1420 New York avenue. Information about the bonds states that they are exempt from tax- ation in Maryland and have the same exemption from United States income taxes or other taxes as other State or municipal bonds The present population in the sanitary district is now about 45,000, having shown a very rapid growth in recent years. There are now approximately 8,000 water users in the territory and new connections are being made at the rate of 1,000 a year. Annual Bank Election Held. At the annual meeting of the stock- holders of the Woodridge-Langdon Savings and Commercial Bank the following named directors were elect- ed: H. P. Baldwin, J. P. Benfer, M. O. Bull, R. S. Campbell, C. M. Chaney, C. Fenton Collins, A. E. Cowles, W. J. Dow, C. U. Edwards, Ora E. Haines, J. H. Harwood, A. S. Henderson, J. . Higdon, J. L. Knopp, F. A. Linge T. S. Mallon, sr.; Eppa L. Norris, W. S. Plager, W. B. Putman, John B. Rubino, S. 8. Symons and Kenneth Vieth. At the meeting of the new board on Saturday the following officers were elected for the ensuing year: A 5. Henderson, president: Eppa L. , first vice president and cashier: ) cond vice presiden Mallon, jr., assistant cashier; 56% 66% 61% 43% 115% 6 87% 67% 64 ba% 66% 6l 43% StdGas & E1g3. b5W Std G & Bl pf(4) 66% Std 01l Cal (3).. 61% Std O11 NJ pf(7). Std Plate Glass. Sterling Pro (5). Stewart War (8) Stromberg Studebaker (5). Studebak pf (7). Submarine Boat. Sun Ol (11). Superior Ofl. Superior Stl (2). Sweets of Amer. Symington. ‘Tenn Copper (1) Texas Co (3).... Tex Guif 8 (10). Tide Water(1%) Timken (16).... Tod (7). Tob Prod A (7). Transcont Oil... Un Bag & Paper. Un Carbide (5) 6L Un Pacific (10). Un Pacific pf(4). Un Tank Car(6). Utd Cigar S(¢c2). Utd Drug (8)... 1 Utd Paperbd (2). U S C1P&F(10) U 8 Distributing US Hoffmn 13%. U 8 1nd Alcobol. U S Realty (4) U 8 Rubber. 61% 159 79% 97% 165 21 203 85 U S Steel pf (7). Universal Pipe.. Utl P& Lt A (e2) Vanadium (3). Vick Chemical Vir-Caro Chem. . Va-CarCh 6% pf va-Car Ch p£(7) Wabash...ceees Wabash pf A(5). Ward Baking B. West Pac pf (6). West Unton (8). West A Br(t7%) Westinghse (4). Weston Elec. ... Weston A (2)... Wheel & L Erie. Wheel & L E pf. Whize Eagle (2) White Mot (4).. White Rock (2). ‘White SM pf(4). wickwire ctfs. . Willys-Overland Wilson & Co new Wilson A (new). Wilson pf new. . WoolwthFW (15) 163% Wright Aero (1) 82% Wrig Wm (4).. 63 Yale&Town (15 70 Yel Tr& C (72¢). 34% Youngstown (4) 88% Hourly Sales on N. Y. Market. 10a.m. 445,300 11a.m. 721,000 2 n.. 883800 1 p.m 1,066,500 _ Dividend rates as given in the above table are the annual cash payments based on the latest_quarterly or haif yearly declarations Unless otherwise noted. extra or special divi- | M1 §Payable |A E G ( dends are not includs *Partly stock. in common stock. ble 1% quarterly. Bis % o I stotk yay s 4% in stocl a- Ebllis 3% i stook aPuid able in &Plus 2 89% | Detroit ! . Robert S. Campbell, secretary; Wil- liam J. Dow, counsel. The bank opened its door for busi- ness on December 15, 1920, with capi- tal, $50,000; surplus, $10,000. The sur-| plus has since been ipcreased to $30,- 000 and for the past two years semi- annual dividends of 3 per cent have been paid. A recent report showed total resources of $555,000, deposits, $440,000, A. S. Henderson, president, announced. Reserve Board Reports on Debits. Debits to individual accounts, as reported to the Federal Reserve Board by banks in leading cities for the week ending September 1, aggregated $11,065,687,000, or 16 per cent above the total of $10,897,164,000 reported for the preceding week. Debits for the week under review are $410,514,000, or 3.9 per cent above those for the week ending September 2, 1925. New York City reported an increase of $372.000,000, Chicago of $65,000,000 and Boston of $29,000,000, while Baltimore and New Orleans re- ported decreases of $17,000,000 apd $15,000,000, respectively. et Will Arrange First Program. FEugene E. Thompson, head of Crane, Parris & Co., leaves for Detroit to- night to attend a meeting of the con- vention program committee of the new organization known as the Asso- clated Stock Exchanges. The associa- tion is made up of exchanges outside of New York City. As chalrman of the board of governors of the local exchange, Mr. Thompson attended the organizatioh meeting held in Detroit several weeks ago, and at that time was made chairman of the program committee to arrange for the speakers and subjects to be taken up at the first annual session which will take Pladceg in St. Louis on November 8 and 9. $20,000,000 Tssue Quickly Sold. The $20,000,000 loan for the Free State of Prussia, placed on the market today, was sold within a few minutes after the opening of the subscription lists. The offering price of 95 was the highest which any German post-war loan has commanded. Bank President Recovers. Maurice Otterback, president of the Anacostia nk, returned to his desk a few days ago after a very severe at- tack of grip. He was confined to his home for about three weeks, but has now recovered sufficiently so that he plans to start next week for the Amer- ican Bankers' Assocfation convention at Los Angeles. He declares that Summer grip is a good deal worse than the kind prevailing in the ‘Winter. Other Fersonal Notes. L. A. Slaughter, vice president of the Commercial National Bank, has returned from a month’s vacation 32\552& at Saranac Inn in the Adiron- ac F Ident R. Golden Donaldson of the Commercial National recently passed a few days at Hot Springs, Va. Miss Helen Osborn, savings teller at the Bank of Brightwood, and George Day, an employe of the Silver Spring Bank, recently were married. The Institute’s get-together dinner Lfllki;s place this evening at the City “lub. ARMOUR HEAD TAKES ISSUE WITH JARDINE Says Dressed Meat Prices Have Re- flected Recent Declines in the Values of Cattle. By the Associated Press. CHICAGO, September 13.—Prices of dressed meats have reflected such declines as have taken place in prices for cattle, said . Edson White, presi- dent of Armour & Co., in a letter made public today to Secretary of Ag- riculture Jardine. “We have noted in the press,” he said, “your report to President Cool- idge on the agricultural situation, in which you are quoted to the effect that the price of cattle has dropped $4, although the price of dressed meat has not declined ividently the statement attributed to you is based on a serious misappre- hension. The fact is that cattle have not declined $4 per hundredweight and that beef has reflected such de- clines as have taken place.” Mr. White listed prices on cattle from January to July at $7.60 to $8 per hundredweight and on dressed beef from $13.73 to $14.62 per hundred- weight, showing that the latter varied with the former. BUSINESS IS BETTER. DETROIT, September 13 (Special).— Reports to the Union Trust Co. of from 72 correspondents throughout Michigan show that in- dustrial activity in general has in- creased substantially as compared with conditions a month ago. Fur- niture is almost the only line in which slowness is reported, the conditions here being attributed to increased ! competition. FOOD EXPORTS SMALLER. BALTIMORE, September 13 (Spe- cial)—Food exports last week as re- ported by the Maritime Exchange were 215,799 bushels of wheat and 9,396 barrels of flour. Both show a noticable decrease, compared with the last report. Other leading exports re- ported were 3,650,019 pounds of cop- per, 524,157 pounds of copper rods, 1,056 tons of steel rails and 27 tons of steel billets. OIL PRODUCTION FALLS. NEW YORK, September 13 (#).— Production of crude ofl in California in the week ended September 11, fell below the output of the week before, the daily average of 600,200 barrels being a decrease of 5,400 barrels. Pro- duction has declined steadily for a month, current figures being a drop of 20,300 barrels daily since August 7. ey e RUBBER DECLINES. NEW YORK, September 13 (Spe- cial).—Crude rubber, smoked ribbed sheets, declined one-quarter of a cent at today's noon quotation of 40. This compares with 381z a nfonth ago and 89 a year ago. GERMAN BONDS AND STOCKS. (Quated in dollars per million marks 110 ihousand mar) [y 23.00 2| 8. 5. 1 1 7 0. 3 8 L} 333232233223337832 160.00 n, 3800 and Disconto Gellschaft . D Bank s, 32332823382 r Mercur Bank Vienna. . isiam Heyden Chemical. a) it . G (Gen Elec - 100,09 NEW YORK UNITED STATES. (Sales are in $1.000.) Lib3ys. 27 101 Lib 1st 4% 28 10129 101 2! Lib 24 4% TAb3d 4%s. 249 1015 1012 Lib 4th 4%s 124 1029 1027 Sales. High. Low. 100 20 100 20 SEPTEMBER 13, 1926. Close. 5 101 27 . 100 100 20 100 19 100 20 1013 1027 . 110118 10118 10118~ 710323 1031 6 103 28 10 107'15 107 15 107 13 FOREIGN. Argentine 6s. . 99 9944 Sales. High. Low. Close. 92 2% 99% 29 9% 99 98% 4 100% Australian Austria 7s. Bank of Japan Belglum 7%s... Belgium 3s Canada 5s 1931. Canaca 58 1953.... Canada 5%s 1929.. Chile 943 Chile 8s 1941 Chile 8s 1948 Chinese Gov Ry Con Pow Japan 7s. Copenhagen 5%8. . Czecho 8s 1951 Danish Munic 8s A. 1 Danish Munic 8s B. 1 Denmark 6s. . 98'% 11% 11% 04 DE In 6%s Nov 63 104% Dntch East 168 47. 1 Dutch Fast T6s 62. 1 Bl Salvador 8s 48.. 1 Finland s £ 6s45... 7 Pinland 7s. Framerfcan 7% French 7s. German FI P 6%s. German 7s. . <1 Gar Agr Ba Ger Gen Elec 7i Greek 7s. Halt! 8. Holland Amer 6 Hungary 7% Mexice 45 04 asntd. Montevidio 7s.. ... Netherlands 6s 4. Netherlands 6s 72 Norway 6s 1943. Norway 65 1944. Peru 7%s... Poland 65 40.. Poland $s. Porto Alegre 8s. Prague 7% Queensland Rhinelbe 7s war Rio de Jan #s 1948, Saxon (PW) 7s. Seine 78 42. . rhs Crot Slo oisgons 6s. en 53 ct. Swiss 5%s 1946, Swiss Confed 1 Toho Elec Power 78 20 Utd Kingm 5%s37 8§ Utd Steam Copen 81 1 88 05% 05% 08'% 101% 105% MISCELLANEOUS. Ajax Rubber 8s.... 2 104 Am Agri Chem T%s 9 1 Am Smit& R st 5s 34 1 Am Smit& R 6s 104% 047 00% 10 108% Am Sugzar ref 8s. 103% 35 977 102% 00% 105% Anaconda 1st Anaconda ev db 7 Andes Cop 7s rets. . Armour&Co 4%s rf Armour Del 53 1 Assoclated Oil 8 Barnsdall 8s ctrs. . Reth Steel pm 8§ Beth Steel 5148 63 Reth Steal 6: Bush T Bldg bs Calif Pete 8%s. 45 ofs Empire G & F 74| Goodrich I%; Tilinols Bell 18t 68 Tndiana Steel 58 nt Mer Marine Int Paper 88 47. Lortllard (P) Toutsv G & E 58 52 Mid-Con 6%840... 2 Midvale Steel 5s. n-A! EFAmor Pete 7s. Phila Corf 68 A Phila & RAC& 168 Public Service pub Serv Elec 6s.. Punta Alegre 78 Sharon St! H 8s. ir Of1 Sind Sinclair Ol Sinclair O11 78 Sin Crude O11 Sin Pipe Lint | Skelly O1l 8% 0 Por Rico Sug 7s. 2 goulhwut Bell Sug Est Odlent 7s.. Tenn Elec Pow U S Rub1streBs.. 20 U S Rub 7% 8 U S Steel s £ 6t United Drug 6: Warner Sug 78 39, Warner Sug 7s €1 Youngstn 8 & T 6s. 76 RAILROAD. Atchison gen 5 92% Atlantic C L cl 48 7% 1084 o1y FINANCIAL. ONDS srocx sxcaance] wmwrnmwnmumsum Sales. High. Low. Closs. B4 98% 984 Buff R & Pitt 4% Canada South 5 Canad North 6! Canad Pac deb Central Pacific 4s. . Cent Pac 1st 5s 9 Ches £ O cv d%s. Ches & O gn 4%s. Chl & Alton 3% Chi & Alt 3155 ctfs. Chi B& Q 1st rf 6s. Chi& EI gn 5 Chl Great West 4 CM&StP4s36... . CM&StP4s25chr CM&StPgns)... > casfonall CM&SPcv4 4 s32¢cfe CM&StP gn 4%s C M & St Pre4%s, CM & St F cv 6s. CM&SP cv 5scfs 14 Chi & NW 4% 87 Cht & N W ref Gs. ChiRys6s.... ChRI&PTE 4 ChITH&SEbs, Chi Un Sta 4%s. CCC&StLrfésA. Clev Term bs. Erle conv 4s D. Erfe conv ext 7s... FlaECB8s74...... I Gr Trunk sf db 8s.. Grand Trunk 7s. 1 Gr North gen 7 Green B & W db B. Havana ERL&P 60. Hocking Val 4%s. . Int Rap Tr 58 stpd. H Tnt & G Nor ad §s.. Int R CA 6s 41 rets. Kan City Ft S ds... Kan City § 5s. Kan City Term 4s. Lake Shore 43 28 Louis & N uni 4s. L &N4%s3003.... Louts & N 5s B Louts & Nash 7 Market St 78 40. MIEIRy &L MStP&SSMen M St P & SSM cn b8 MStP&SSM5s38gtd MStP & SSM 6%s. MK&T 1st 48 MK&T4sB. MK & T adj6s.... MK&TprinSsA. MK&TE6sC.. Mo Pacific gen Mo Pac 5s 191 Mo Pac 6s 49 Mo Pac 6s 66 H.... Nassau E Ry 45 67. NO Tex&M in bs. NOTex&MbEsB.. NOT&M 6% N Y Cent deb ds... NYCrfim4%s13 NYCentribs. ... NYChi&StL 6%sA. NYChI&StL 53 sB. NYC&StL6sA New Hav deb 4s 56 New Havd 48 57 New Havanc d 6 NY Ont W ist 108% 7% 2 EET 198 ¥ SISTEERS -SSP — S re=¥-1 NS mmlamg o= Northern Pac 4s... Northern Pac 6s D. Northern Pacr 1 68 Ora Short L rfs 4s. Ore Wash 1st rf Pennsyl con 4% Pennsyl gen 4% Pennsyl 5s 64. Pennsyl 6%s. Pennsyl gold 7 Port R L & P 5s 42. Por RL & P 65 47.. wRBNaaRAmO NGRS 0w BUYIG OFFOREGH BONDS S FEATUE Interest Stimulated by Suc- cess of State of Prussia Issue, Out Today. BY GEORGE T. HUGHES. Speetal Dispatch to The Star. NEW YORK, September 13.--Buv |ing of forelgn bonds again was the feature of the market at the opemtng of the week. Interest was stimulated by the suc cess of the new §20,000,000 State of Prussia 613s, offered today at 95 to vield over 6.92 per cent. Favorable reception had been anticipated, but the demand was greater than had been expected. The offering price was higher than any other German bond issue floated in this market since the war, and its success was a measure of the restoration of confl dence in German securities on the part of the American investor. The offering syndicate was headed I Harris Forbes & Co. French and Japanese Lead. In listed foreign bonds, French and Japanese issues were the leaders. French 7s and French 8s, selling above 931 and 104, respectively, set new high prices for the year. French 7%s at 99 were at a new high on this recovery, but still below their best for 1926. French Railway issues were also in favor with the two Parls, Lyons and Mediterranean bonds, reaching new tops. Japanese 6%s. likewise, went to a new high on & moderate volume of trading. Itallan 7s, which were the feature last week, held their position, but did little more. In domestic obligations Sinclair Pipe Line 6s were prominent. Fol lowing their gain of 114 points last week buying orders came into the market directly at the start today and the price was pushed through 94 to a new top. The only explana- tion advanced for the strength was buying in anticipation ot the opera- tion of the sinking fund. The com- pany is controlled jointly by the Standard Ofl of Indiana and the Sin- clair Oil Corporation. Other oil bonds were not affected. In fact, nfost of them were fractionally lower. Else- where in the industrial group the two classes which held their ground best were the sugar and the copper bonds. Little interest was taken in the tractions. Speculative Rails Sag. Speculative rallroad bonds were in- clined to sag. The Chicago Great Western 4s sold below 70 and Inter- national Great Northern adjustment bolow 82. Delaware and Hudson con- vertible 5s were off fractionally. A banking syndicate headed Hornblower & Weeks will shortly offer $10,000,000 in 10-year 6 per cent convertible notes of the Consolidated Cigar Corporation. Other new offerings today beside the Prussian bonds already referred to included $500,000 Mutual Tele- phone Co., Erie, Pa., first mortgage bs, series B., due 1945, at par, by R. F. Devoe & Co. Coem e + WHEAT PRICES DROP ON PROFIT-TAKING Better Weather in Canada and Failure of Liverpool to Refpond to Advance Are Factors. By the Associated Press. CHICAGO, September 13.—Selling on the part of profit-taking longs tended to ease off values in the wheat market on the Board of Trade today after an unsettled start. Fallure of the Liverpool market to fully respond to the advance in the market of Satur- day on this side of the Atlantic, to gether with reports of more favorable weather conditions in Canada also tended to weaken the market. Start- ing at a half-cent lower to 7 cent % | higher, wheat values quickly eased off all around. Corn and oats eased off with wheat although weather condi- tions over the belt were not ver) favorable over Sunday for the rapld maturity of the new corn crop. Start ing % down to % cent up, corn soon Por RL&P 745 46. Reading gen 4% RIArk& L 4% StL IM&S 4s 29... St L IM&S R&G 4s. StL&SFplésA StL&SFprin StL&SF5%sD. St L &S F adf StL&SF inc StL&SF pl6sC St P & KCShL 4%. 0o a8 mnBR wmm—w Sou racine ret Southern Ry gen &s Sou Ry con 58 94... Sou Ry 68 66, - Southern Ry 8%s. Third Ave ref ¢s Third Ave adj 58 Unton Pac 1st 4s. Union Pac 1st rf 4s Unton Pac 4s 27 ‘8% 106% 106% 111% 111% ns 18 Gk 64% 64w 55% b4% 64% 9% 94 94y 90% 90% 904 99% 99K 09% 1024 102 1024 102 102 102 98% 984 98k 1034 108% 103% % 4% T 99% 99% 99w 887 88 88% 2% virginia Ry va Ry & P 68 Wabash 1st 58 West Maryland 4s. 12 Western Pacific ba. 15 Whel & L Erf 4%s 10 Wisconsin Cent 4s. | . NEW YORK PRODUCE. ‘W YORK, September 13 (Special). —State celery in the rough was in uppiy this morning. The very best s -third crates, jobbed out at 2. ery rarely any higher. Ordinary to poor offer- ings ranged from 1.25 to 2.00. The lettuce market wad barely steady. Crates of two dozen heads of the big Boston variety from Western New York sold at .75 to 1.50, whereas Oswego County's offerings brought from .50 to 2.00, mainly 1.00 to 1.50. Western icebergs type realized from 3.50 to 4.00, chiefly 4.80 to 5.00 per crate of three and five dozen heads. %: Hudson Valley liberally furnished the local market with tomatoes. Six { till carriers jobbed out within the | price range of 1.50 to 3.30. Twelve- | quart baskets sold from .50 to 1.00. There was no decided change in the market for cucumbers. Most of the wholesale business was transacted at 1.00 to 1.25 per bushel basket, oc- some fancy sold as high as 1.50, while some poor went as low as .50. Dills ranged from 1.50 to 2.50, principally 2.00 to 2.25. MIDLAND STEEL DIVIDEND. NEW YORK, September 13 (P).— Midland Steel Products declared extra dividends of $1 a share on the pre- forred and 49 cents a share on the { common, in addition to regular quar- lterly dividends on both stocks. Al parabic October 1 to holders of record September 3. Similar extra g6y disbusements were authorized in the ding qyarter. underwent a further general setback. Provisions were quiet. Buying power in wheat and corn was light during the early dealings and prices sagged under local pres- sure. Commission houses were mod erate buyers on the dips. Cool and clear weather, such as ix needed for threshing operations, was reported from the Winnipeg district and parts of the West over the week end. One report was current that threshing 1s in full swing in Saskatch ewan, where comparatively little rain has fallen, while on the other hand heavy rains were reported in Alberta and Manitoba, which are greatly re tarding the Canadian movement of % | wheat there. WHEAT— September cember POTATO MARKET STEADY. CHICAGO, September 13 (). Potatoes—Receipts, 88 cars; on track, 138; total U. S. shipments: Saturday 1,018; Sunday, 87; trading fair, market about steac ‘Wisconsin sacked round whites, 2.65a2.90; bulk, 2.6%a 2.80; Minnesota sacked, round whites 2.60a2.80; Minnesota-North _Dakota sacked, early Ohlo's, 2.50a2.65; Tdah. sacked Rurals, 2.70a2.80. BALTIMORE MARKETS CLOSED. BALTIMORE‘kSPp(er;I\ber 13 (Sp; cial).—The stocl exchamge, grain rnn!ket‘ banks and produce markets are closed today, Defenders’ day, being & legal holiday throughout the State. Municipal as well as State offices and all large industrial plants are also clos Brokerage houses. however, are open as usual because of the session of the New York Stock Exchang s, e TRAFFIC IS HEAVIER. NEW YORK, September 18 (#) Freight traffic on_ the Atchison. Topeka and Santa Fe for the week ended September 10 was heavier than a year ago, 40,204 carloads, against 35,993. SUGAR FIRM HAS L0SS. NEW YORK, September 13 (#).- Loss of $158,217 is reported by | Godchaux Sugar Co. for the year ended June 30, after charges, but be fore depreciation, in contrast to net. income of $556,729 in the preceding year. e | BANK CLEARINGS. NEW YORK, September 13 (Spe- | cial).—New York bank clearings. $471.000,000; New York bank balances. $95,000,000; New York Federal Re- serve Bank credits, $00.000,000; Nes- ton bank clearings. $69,000,000.