Evening Star Newspaper, September 20, 1926, Page 26

26 » |G MERGER RAILS MARKET LEADERS Florida Hurricane Has Some Effect on Stocks of South- ern Carriers. BY STUART P. WEST. ial Dispatch to The Star. NEW YORK, September The Bloria had some effect upon the sto et today, but it was 5‘“:[ influence. < of some of the Southern car- s weak for a while, but there vas no imp . and South repre; a road ich would be as hard hit as an¥, aent up over a point. Seaboard Air ilsne issues were somewhat weak. Ate Rantic Coast Line sold off for a time, £hen rallied ; Altogethe ®rn hurr while the great South- ne was a factor, the prob- abilities are that the market would have done pretty much the same as 3t did without this sensational news. ¢ Merger Rails Leaders. Stocks belonging to the Van Swer- ingen group were in the foreground, plthough nothing came out over Sun- day in connection with the reports icurrent Saturday of new and more favorable terms for the Chesapeake and Ohio minority shareholders. New g:mh records for all time were made n Chesapeake and Ohio and in Pere Marquette and the old_Nickel Plate khares ran up another ints Motor shares, with eption of General Motors, were unsettled b the break in Hudson, which followe 1he publication of the figures for the quarter ending August 31. These were decidedly’ startling, showing o net income of less than $2,000,000, as pgainst 4 in the sime perlod a year The comparison was extraordinarily pros- rous three months in 1 Also it was alleged there were charge-offs for the introduction of new models and the mew body-making plant. But even so it accounted for the persistent selling which has been going on_for weeks in Hudson Motor. Motor, Yellow Trucks and were all_lower. General Motors distinguished itself i the midst of these trying circum- stances by selling at the der the pr of 1 tion. Stude s higher for a time, then dropped off. Further weak. ness appeared in Mack Truck, but du Pont, moving with General Motors, had for a while quite a sharp run-up. The rumor being restored continued to be Chr, »out Bethlehem Steel to a dividend basis culated, and the stock, which had closed at 49% Sat- urday, rose to 5l. Steel common fluctuated over a comparatively nar- row range. . Youngstown Sheet and Tube were ste: while Gulf States went off a bit Await Quarterly Report. There was no news of importance from the steel manufacturing centers. Wall Street is waiting for the third quarter report, which will not be out for another month, before it makes its mind definitely about the sta- tus of the steel stocks. It wants to know how operatidpns conducted at the r §5 per cent of capac- fty—very high, of course, for the Sum- mer season—have been offset by the low price level. The oils for the most much changed. Stock: American “B,” General Asphalt, Union Ol of California, Standard Oil of California and Texas Co. were mov- ing within fractional limits. Quite a sharp drop occurred in Ameriean Smelting, the stock golng off easily and indicating rather surprising lack of support. The drop in the Smelting whatever rising tend s there had heen last week in the coppers, —_— I Baltimore Markets BALTIMORE, September 20 (Spe- elal).—Pots barrel, 1.50a4.50; 100 00: sweet potatoes, bar- bushel, 50a1.10; 50: . bushel 100 00; cabbage, 100, 4.00a5.00 o of part were not like Pan- 100, cucumibe ints, basket, 4o 0a1.00; lima beans, by onions, 1 tasket, 2, rtoes, . bushel, 4n; crab apples, taloupes, basket, 3.00; honeydews, Jamsons, b lushel, 1.00z 2.25; hamper, 100, 5.00a25 Grain and Ha Wheat—No, spot, 1.41: No. spot, 1.341. 1 at wharf, 1.18 ie, No, 2 to 5! red Winter, 1.331.. Corn- No. 2, yello: quotat auot Domestic, No. £pot, export, no No. spot, export, no Sales, bag-lots of white, Oats- bushe Rye. bushel tions Hay—Receipts, 33 tons. of prices on good hay in clove and timothy is from ton, and there is no s of the better qualities < Low grade and bad order hay has no definite market value, it being more a question of finding a buyer for such stock. new, 44i.a4j , old, no quotation. by, mew, | 90a1.00 per 0. 2, export, spot, no quota per N Dairy Products. Live poultry — Spring pound, 29; Leghorns, old hens, 20228 old roosters, 20; ducks, 25a2%; small and poor. 18a20; guinea fowl, each, 40a75; pigeons. pair, 20a30 Eggs — Receipts, 642 cases; native and nearby firsts in free cases, dozen, offered at 3Sa Butter - G 41a46; prin ladle ed, butter, chickens, od to faney creames 46ad8: block, 45 : rolls, store | prints, 28a3 ck- process STEEL PLANTS BUSY. NEW YORK, September 20 (&) Sgeel ingot production in the Youngs- t@wn Valley {s 1t 90 per cent of eapac itg. Sheet and tin mill output aiso s ag about the sume rate. About 73 of the 53 independent and 30 United States Steel furnaces in the district will manufacture steel this week MONEY RATE LOWER. CLEVELAND, September 20 (spe. | cfal).—Ti (Cuyahoga) réal estate debts in that 612 and & per cent my veal estate purposes is being by many money broke ume of new mortgages declining, while those increasing. alty miy holders this their manner ney for offered The vol recorded is nceled are payi such SILVER QUOTATIONS. NTW YORK. September 20 () E Iver, 681, Mexican dollars, #6's. fons! | ivered at | — ) Gen Cigars (4).. FINANCIAL, NEW YORK STOCK EXCHANGE \ THE EVENING STAR. WASHINGTON, D. C. MONDAY, SEPTEMBER 20. 1926. ! PEPCO PREFERRED IS STRONG Received by Private Wire Direct to The Star Office Open. Abitibl Pow (4). 92% Abrahm&Straus. 65 Adams Exp (6). 121 Adv. Rumley.... 15% Ad Rumley pf(3) 55% Ahumata (11) ™ Ajax Rubber.... 8% Allled Chem (4). 138% AllledCm pf (7). 121 Allis Chalm (6). 88 Amal Leather... 18% Amal Lthr pf(7) 109% Amerada (1.60). 31% Am AgriChpt.. 55 Am Bosch. 20% Am Brake Sh(6) 136 Am Br Rov EI(2) 45% AmCan(2)..... Am Can pf (T) Am Car&Fay ($) Am Chicle (2).. Am Drae. Am Expreas ().. Am & For Pow. . Am & Fo P pf(7) Am Hide & Len. Am Hide & L nf. Am Fo P (2.40). Am Tes (t10) Am Interna AmTaFr(1)... Am Tinseed. ... Am Tocomot 8) Am Mach & Fy.. Am Matals (4) Am Po&Lt {g1). Am Radiator (4) Am Ry Exp (6). Am Safety R (3) Am Ship & Com. Am Sm & Ret (1) Am Snuff (12).. Am St1 Fdys (3). Am Sugar (5). Am Sumatra.... Am Tel & Tel(9) Am Tbacco (3). Am Tobac B (%) . Am Tobac pf (8) Am Typ Fdrs(8) Am Wa Wo c1.20 Am Woolen. .. Am Wool pf (7). Am Writ Pa pt.. Am Zine. ... Annconda (3). Archer-Danlels. ArmourDel pf(7; Armour of I11(A) Armonr of I1(R) Arnold Cons&Co. Asso Dry G(2%) Atchison (T).... Atchison pt (5). At]C Line(914) Atl Guif & WI. . Atl GuIf&WI pt. Atlantio Refing.. Atlan Ref pf (7). Atlas Powdr (4). Austin-Nichols.. Austin Nie pf(7) Raldwin L (7 Ralte & Ohto(5). Balto & Oh pf(4) Bang & Ar (3).. Rarnsdall A (2). Rarnsdall B (2). Bayuk Clgar.. Beech-Nut (13). Belding Bros(3). Rethlehem Stesl. Reth Stl pf (1) Bloomingdale. Booth Fish 1st. . Rkln Edison (8). Rkin-Mn Tr (4). Bk-Man T pf(6). Bkin Un G(t11). Brown Shoe (2). Brunswick Balk. Rurns Bro (19).. | Burronghs (+4). Rush Ter de (7). Butte Cop (500). Buttariok. ...... By-Products (2) Calif Packg (4). Calif Petrol(2).. Callahan Zinc. Calumet& Ar(6). Canada Dry. ‘an Pacific (10). Case Threshing. Central Alloy. Cent Leather.... Cent Leather pf. Cen Ry NJ(112). Century Rib M.. | Cerre De P (4)... Certain-Teed (4) Chand-Cleve. Chand.Cle pf( Ches & Oh (112). Chi & Alton. . Chi & Alton pf. Chi Great West. | Chi Gr West pt Chi M &St P... Chi Mi1 & St P pf C M1l & St Pctfs C MII&StP pf cfs | €hi & Nwa (4) Chi R1& Pac. {CRI&P DI (6). CRI1&Ppf(T). Childs (32.40)... Chile Cop (2%). Christie B (1.20) Chrysler Corp(3) Chrysier pfA(8) Coca-Cola (7). .. Collins & Atkmn. Collins&Alk pf 7. Col Fuel & Iron Colo Southern. Col Gas & El (5. <ol Carbon (4) | com Cred (2).. Com In Tr pf 6% m Solv B (8). ongoleum-N. .. Congress Cer(3) " | Con Cigars (1) .. { Consol Clgar rts. -, | Consol Distribut Consol Gas (8).. Conso! Textil ‘| Cont Baking A. | Cont Baking B. Cont BBak pf (8). Cont Can (16) . Cont Insur (8) Cont Mot (800).. Corn Prod(12%) | Coty Ine (4).... | Crucible St (5). | cuba Cane Sugar | Cuba Cane Su pf. { Cubs Co (4)..... ban-Am S (1) | Cudahy Pkg (7). | Cuyamel Fr (4). ! | Davison Chem.. Del & Hud (9).. Del L & Wn (17) DRG Wstpf. | Detrott Ea (8. | Devoe&Ra(2.40 Dodge Bros Cl A Dodge pf (7).. .. Dome Mines (2). | Dupont (14).... | Eastman (18). Eston Axle (2) Elomslohr & Bro. | E1 Auto Lt(16% | Electric Boat... Elec Power & Lt EP&LpL 40% (T) | Eziec P & L of(7) lec Retrig(f2). ' >'ec Sto Bat(16) ik Horn. . ! { kna-John (8)... | Emm | Engineers RR.. | €rie 18t pf. | of | Fam Play (J10) i FedLight(®1.40) Fed Min & Smelt | Federal Truck. . Fid Phoenix (6). | First Nat S(1%) | Fisk Rubber. ... | Fisk 1st pfcv(7) Fleischmn(t2%) Foundation (8). Fox Film A (4). Freeport-Texas. | Gabriel Snu (15) Gardner Motor... Gen Am Tnk (3) Gen ATC Bf (7). 104% Gen Asphalt. 81 Gen Asph pf (8). 125 514y 26% 1% 6% 454 129 44% 74 37% 144% 123% 123% 110% 118% Low. Close. 94 94 55 65 121 128 18% 15% 68% 65% % % 8% 8% 187 Z137% 121 121 83 88 18% 18% 109% 109% 3% 81% 55 65 20% 135 4% 53% 123% 100 1333 86% 27% 87% 10% 310% 17% 25% 13% 70 9% 18 103 9610 61% 894 9 9% €7 24 211 834 43% 41 11% 30% 3 30% 191 814 ! | Gen Elec (112).. Gen Llec 8p(600) Gen G&E A E1% Gen Mot pf (7). Gen Outdr Ad(2) Gen Outdr A (4) Gen Ry Sig t4%. Gimbel Bros. . Glidden (2)..... Gold Dust...... Goodrich pf (7). Goodyear pf (7). Gould Cou (2).. Granby Consol. . Grt North pf (6) Gt Noi Ore (1%) Grt Wetn Su (8) Green Canan. ... Gult Mo & Nor. . Hartman (B)... Hayes Wh(t3%) Hoe & CoA..... Howe Sound (3) HudsonMan(2%4: Hudson Mo(3%4) Hupp Mot (1) [1'nots Cen (7). Indap O11 (1).... Tndlan Motor (2) ndfan Refining. Indian Refgetfs. Ingersoll R (14) Inland St (2%).. Inspiration (2). Interurb Rap Tr. fnt Bus Ma (3). Int Cement (4).. Int Com Eng (2) Int Harvstr(e).. ntMtch pf(3.20) st Mer Mar pf., Int Nickel (2) nt Paper (2)... Int Tel & Tel (8) Jewel Tea...... Jones Bros Tea. Jordan Motor. .. Kan City Soutn. Kan C So pf (4). Kayser J (3). Kelly-Spring. . Kennecott (4).. Keystone T & R. Kresge 83(1.20) Lago Ol & Tran. Lambert (3%).. Tah&iMink stf(3) LifeSav (1.60).. Lima Loco (4).. Liquid Carbonic. Loew's Inc (2).. Loft. . Too: . Torlllard (§2) Loutstana Oll. .. LouisGasA(1.76) Lou&Nash(16%) | Ludlum Steel (2) MeCrory B 15.60. McIntyre P (1). Mack Trueks (8) MackTk 2d pf(7) Macy HR & Co.. Magma Cop (3). Man El Sup (5). Man El m g (d5) Man Shirt (1%). Mantla Elec (2). Maracatbo Ofl Market St prior. Marland Of1 (4). Marlin Rock (2). Martin-Pary(2). May Dept St (5). Maytag Co (2).. MetroG nf(1.89) Mexican Seabd.. Miami Cop (1).. Mid-Continent. . Middle States. .. Mitler R ctfs(2) Min St P & SSM. Mis Kan & Tex. . Mo K & T nf (6). Miswour! Pacifle. Missour Pac pf. Montana Pow (5) Montgom Ward. Moon Mot (3)... Mo Picture(13%) Motor Met(3.60) Motor Whi (2).. Murrav Rody. . . Murray Body ctf Nash Mot (13).. Nat Biscuit +4% Nat Cash Reg(3) Nat Closk< Suit Nat Cloak pf (7) Nat Datry (8)... Nat Distillers. .. Nat Enamel & S. Nat Pw&Lt(80c) Nat Supply (4).. Nevada Cop (1), N Y Alr Br (3).. N Y Canners C2. NY Central (7). NY Chi&StL(11) NYC&StL pf (6) NY Dock pf (5). NY Dock....... NY NH & Hart.. NY On & West. . NY State Rys pf Norfk & Wn (18) North A (B3.40). North Pac (5) Norwalk (80c).. Omnibus. .. Onyx Hos (3.20). Orpheum Cir(2) Otis Elevator (6} Otis Steel. ....... Outlet Co (13%) Owens Bot (14). Pae Oll Studs.... Pac Tel & Tel(T) Packard (42.90). Pan-Am (6). ... Pan-Am B (8) Panhandle - Paize Mot(1.80). Park & Tilford.. Pathe Ex (c3) Penick & Ford. . Pennsy R R (3). Penn-Seab Steel. Peoples Gas (8). Peoples Gas rts. Pere Marq (18).. Pere Marq pf (5) Phila&RC&I. Philip Morris. .. Phillips Pet (3). Phoenix Hoslery Plerce-Arrow. .. Plerce-Ar pf (8) Plerce Oil. . Pitts Stl pf (7). Postum (5). ... Prod & Refiners. Pub Ser NJ (5). Pub S NJpf (7). lepub SE&G pf(6) Pullman Co (8). Punta Aleg Sug. Pure Ofl (P).... Radio Corp of A. Rand Min(al.52) Ray Cop (25¢) .. Reading (4).... Reading ris. Remington Type Reld Ice Cm (3). | Replogle Steel. . | Rep Ir & St1 (4). Rep T &S pf (7). Reynolds Spngs. Rey Tobac B(5). Robt Rels & Co.. Royal D 1a3.078) Safety Cable (4) St Jaseph L(13). StL & SanFr (1) StL-SanFr pf(7) St L Southwe Savage Arms (4) Schulte (§8).... Seaboard Alr seagrave(el.20). Seurs-Rn (2%). Shattuck F G(2) | Sneil Un (1.40).. Shubert The (5) Simmons(12.36) ;| Stmms Pet (1.. Sinclair O1l..... siuclalr pt (8).. Skelly O11 (2)... Sloss Shefl (6).. South Port S (6] Sou Cal Edison.. Sou Dairles A(4) Sou Dairfes B... Open. High. tie 11% 4% R48% 120 33% 63% K74 51 18'% Gen Motora (116) 156% 159 120 33 63% 8715 61 184 4915 S19% 98% 106% 15% v 3% 20% 98% 201% 37 Gulf States 8 (5) 6715 274 284 30 44 238% 5414 27 125 26 184 8% 815 95 41% 24% =4l 51 8% 51 84 1% 130 35% 67 CT% Pan.AmWnB(2). §85% 16 157 23% 54 18% 55 1% 128 2% 108 88'4 41% 21% 49% 894 26% 115 5% 9% 105% 18% 95 107% 103% 194% 39 27 484% 4% 487 334 36'% 144 557 59 29% o6 38% 18% 20% 964 84 125 112% 8% 49% 274w Goodrich Ru (1) 4947 49% 9814 105% 15% 3214 8% 207 99 204% 87 674 27% 284% 30 44 38% 54y Low. Close. | Bron 114 R48% 155 119% 334 63% 86% 51 18 48% 219% 98% 104% 15% 31% 7 20% 98% 19% 37 67 27% 2% 80 43 88% 57% 9% 6% 107% 9 50% 51% 4l V9TH 92 68 4% 4% 334 26% 14% 55 59 287 Ga% 3% 184 20% 26% 83% 125 112% 1% ey 27 ik &5 s11% 48% 168% 120 33% 53% 18% 204 961y 38% 126 112% 1% 49% 27% IN LIGHT TRADE ON ‘CHANGE| Insurance Building First Mortgage Bonds Called for Payment October 16 at. 102 and Ac_:crueél Interest. BY EDWARD C. STONE. Trading was very light on the Washington Stock Exchange when the week's business opened with transactions in only three stocks and four bond issues. Potomac Electric Power preferred was strong, opening at 1071% and closing at 107%. Two sales were recorded in Washington Gas Light stock, both at 70, and there vas one sale of District of Columbia Paper preferred at 80. In the bond divislon Potomac Elec- tric Consolidated 5s sold at 101. Wash- ington Railway and Electric General Refunding 6s came out on a $500 transaction at 103%, and the market closed with Capital Traction bs sell- ing at 101%. Members of the exchange freely discussed the tremendous financial losses in the Florida hurricane, de- claring that they will be felt severely in every part of the United States be- cause of the vast sums of money that have been invested there by people from every State in the Union. Bonds Called at Premium. The $330,000 of first mortgage bonds now outstanding on the In- surance Building issue have been called for payment on October 16 next at $102 and accrued interest. The fssue was unmderwritten and sold by the F. H. Smith Co. in Oc- tober, 1922, in the total sum of $350,- 000. ' Through the company's plan of amortization and monthly sink- ing fund payments, the issue has now been reduced to $330,000. The interest rate on these bonds was 613 per cent for the first five years of the term and 8 per cent for the last five years. The Insurance Building, a sevenstory office build- ing, is located at the northeast cor- ner of Fifteenth and I streets northwest. Building Progressing Raplidly. James Berry, president of the Perpetual Building Association, stated Stoday that the company’s new homg at the corner of Eleventh and E streets would be ready for occupancy on January 1. While the handsome structure appears to be far advanced, vet there is a great deal to be done in finishing the inside. The building will cost approximately $200,000, has double the floor space over the old building and will have every modern convenience, including extra large vault space. The present officers are: ames Berry, president; Arthur G. Bishop, vice president; Marvin A. Custis, treasurer; Joshua W. Carr, secretan . Baltz, assistant secre- tary: Arthur . Bishop, attorney Arthur G. Bishop and Franklin W. Harper, auditors: John C. Scofield, ns; Vernon G. Owen, ap- C. Baltz and Vernon G trustees, and James Berry, . Bishop and James W. Carr, executive committee. The _above named officers and George Wright form the board of directors. The assoclation, which was or- ganized 44 years ago, has shown steady and substantial growth since that time and the officers are looking forward with great interest to moving | into their new home from their pres- ent temporary quarters nearby. Much concern was felt_here today over the welfare of the Washington Owen, Arthur South Pac (8)... 106% 107% Southern Ry (7). 128% South Ry pf (6). 98 Spicer Mfg...... 24 Std Gas & Elg3. 65 S1d G & El pf(4) 68 Std O11 Cal (2).. StdOiINJ (1).. Std Otl NJ pf(7) std Plate Glass. Sterling Pro (5). Stewart War (8) Studebaker (5).. Submarine Boat. Sun O11 (11). Supertor Ofl. Superior Stl (2).. Sweets of Amer. Symington...... Tenn Copper (1) Texas Co (3).... Tex Guif 8 (1 Tex & Paciflc. ... Tex & PacC& O The Fair (2.40). Third Avenue .. Thompson (3.60) Tide Water(1%4) Tide W OIl p£(6) Timken (16%). . Tobac Prod (7). Tob Prod A (7). Transcont Ofl... Underwood (4).. Un Bag & Paper. Un Carbide (6).. UnoOfl (3)... Un Pactfic (1 Un Paciflo pf(4). Un Tank Car(6). Utd Clgar S(e2). Utd Drug (8)... UtdDrg 1st(3%) United Frult (4) Utd Paperbd (2). U SC1P&F10) U S Distributing US Hoffmn 13% . U S Ind Alcohol. U S Ind Al pf(7) U S Realty (4) U S Rubber. . U S Rub 1st (3). U S Smelt (314). U 8 Steel (7)-... U S Steel pf (7). Unlversal Pipe Ut P& Lt A (62) vanadtum (8). Vir-Caro Chem. . va-CarCh 6% pf va-Car Ch pf(7) Vivadou (3)....: Wabash. ...eess Wabash pf A(6). waldorf (1%).- walworth (1)... Ward Baking B. ward Bak pf (T) 18 197 62% 48% T9% 108 62% 61% 106% 854 1424 126% 18% 80% 89 1% 89% 90% 81 46% 6 20% 16 0% a1 604 12% 22% 37% 151 131% 6 16 254% uy 26% 65 b8% K] 227% 11 21 157% 20% 32% 62% 70 31% t Unton (8) . West A Br(17%) Westinghse (4). White SM pL(4). Wickwire ctfs. . Willys-Overland Wwiison & <(?° ‘::;' 1ison A (new). WootwthFW (151 Worthn Pump. . Wright Aero (1) Wrig Wm (14).. Ynlo&Town’(l"’S{. 1 Tré& C (720). Yel TracC () 104 104 Youngstown (&) 86% 87 Hourly Sales on N. Y. Market. 10 a.m. 507,600 1la.m. 824,700 12 n.. 1,088,400 1 p.m 1,418,200 et in the above tab warierly ‘OF half early declaration {3i0ess Diherwise noted. extra or sDecial divi- 169 20% 82% 52% 70 31% are not included. denge, iy ‘stock. 1Partly extra. §Payable in common stock. FPlus 4% in stock bava: ble 7% quarterly. §Plus 3% in stock, aPaid Poie vear—no regular rate. bPlus 10% in gomuion stock paable 8% in stock. dPav able in (‘IA“'\ or ll.ot‘ le 214 % quartly. cPlus le_when earned. ePay- Plus 212 % in stoc) tocl” hPina 810 iy us 4 svecial stock w bankers, Henry W. Offutt, president of the Potomac Savings Bank; Lanier P. McLachlen, head of the McLachlen | ATZentine s Ju 69. 16 Banking Corporation, and Francis T.| Argentine s Oct5¢ 17 Addison, Jr., vice president of the Security Savings and Commercial Bank, who are now aboard the steam- ship Finland in Southern waters on thelr way to the Los Angeles con- vention. Several friends are also in the party. when the hurricane broke off Florida. ‘Word from the company’s New York office this morning stated that the ship was north of the worst part of the storm and in no serfous danger. Because of the loss of wireless sta- tions in Florida no message had been received from the captain early to- day and officials expected it might be a good many more hours before direct word would reach them. The Finland {s one of the largest and sturdiest in the company’s fleet. Says Nations Can’t Pay Debts. In an address in this city yesterday, Dr. Stephen S. Wise of New York de- clared that with the exception of Eng- land, none of the foreign nations will be able to pay their war debts to America or ever will pay them. “In- stead of spending its time in trying to collect uncollectable war debts, the United States ought to be planning ways and means of furnishing more economic and political help to Europe,” he asserted. The noted clergyman has been in Europe many times since the war, has talked with the leaders of all the leading natlons and insists that reports regarding prosperity, made by many retarning tourists, are false. ‘“The best inform- ed bankers and economists know that these debts are uncollectable,” Dr. Wise concluded. Bank Women Dine Tomorrow More than 100 guests are expected at the dinner tomorrow evening at the W omen’s City Club, given by the women'’s committee of the local Insti- tute of Banking, at which Mrs. Julius | Freeman of Baltimore and Raymond | B. Dickey of this city will be the lead- ing speakers. The president of the chapter, T. H. Leith, and the board of governors will be honor guests. The committee having the dinner in charge consists of Miss Catharine Krieg, Riggs Natfonal Bank, chair- man; Miss Rose Royce, Washington Loan & Trust Co., vice chairman Miss Mary Craven, District National Bank, treasurer; Miss ther Lau, Riggs National Bank, secretary, and Mrs. Judith Fishburn, Commercial National Bank; Miss Ellen Crawford American Security & Trust Co.; Mis: Mary Beall, Union Trust Co., and Miss Frances Orrison, Federal-Ameri- can National Bank. Road Building Now at Front. The construction of buildings has always been one of the most impor- tant of construction factors in this country. In the 50 years prior to 1910 railroads constituted a large bulk of the construction work that kept construction labor busy. Railroad work since 1910 has been more in the form of gradual improvement of ex | Isting lines and the purchase of loco- | motives, freight and passenger cars and other equipment. The new form of construction work which has succeeded to the former position of raflroad building is the building of public highw: There are today over 300,000 miles of surfaced roads in the country, compared with a relatively negligible | mileage at the beginning of this cen tury. Motor Industry’s Future. “The entire motor car seems destined to remain in the lime- light, and its continued growth s most amazing,” says the American Bankers’ Association Journal. “The outlook for the industry is that sale: the balance of the vear will be satis factol although naturally well below the level of the Spring season. A few of the companies will undoubtedly es- tablish new high earnings recor - the year 1926, but it Is significant to note that not all of them showed gains | of the same proportions. The gains of {some companies have been at the x allied with heavy Sum pense of othe the motor industr mer demand for t and gasoline should help reduce the somewhat large inventories in both lines. Con- sumption of gasoline can be depend- ed upon to forge ahead 10 to 20 per cent every yvear.” Personal and Other Notes. C. D. Radcliffe, vice president of the Munsey Trust Co., has returned from a_three-week vacation passed in New England. Howard Moran, president of the local Bankers' Association, left Wash- ington yesterday for the Los Angeles convention. Shields & Co., have prepared a new edition of their analysis of Peoples’ Drug Stores, Inc., which now operate 35 stores in Washington, Virginia, Maryland, West Virginia and Southern Pennsylvania. Judge Crump at Richmond has de- nied the petition of Arthur Lyman and other Southern Railway preferred stockholders for an injunction pre- venting the company from paying more than 5 per cent dividends on its common stock until claims of the preferred stockholders for any excess earnings above that amount have been discharged. An appeal will be taken. Storage Company Pays Dividend. E. K. Morris, president of the Fed- eral Storage Co., announces that at the last monthly meeting of the board of directors, the regular quarterly dividend of 2 per cent_on the com- pany’s preferred stock was declared. Closely the s The dividend is payable on October | 15 to stockholders of record on Sep- tember 30. FLOUR BARELY STEADY. NEW YORK, September 20 (#).— Flour barely steady; Spring patents, 7.40a7.55; soft Winter straights, 6.10a | '50; hard Winter straights, 7.00a7. Rye easy; No~ 2 Western, 1.07% f.’0. b, New York and 1.05 c. i. f. ex port. Barley easy; malting, 8415a861; c. i. f. New York. 37.00; family, 42.00a44.00. Middle West, 14. special loose, 8% extra, 815 futures opened easy; domestic, cember, 1.39%; May, 1.45. Lard easy 5a15.05. Tallow ea: Wh De- EXPORTS ARE LARGER. BALTIMORE, September 20.- The report of the maritime exchange for last week sho an increase in exports of food products. There were exported 18,499 barrels of flour, as compared with 9,369 for the pre- vious week, and 708,646 bushels of grain, represented by 687,217 bushels of wheat and 21,429 of corn. The previous week 315,799 bushels of wheat were exported. In addition to the above, the report gives 2,634,523 pounds of copper as among the ex- ports. TREASURY CERTIFICATES. (Revorted by J. & W. Selieman & Co.) Ea The steamer was on the | way to Havana and the Panama Canal | industry | Tidb3d 4%s. Lib 4th 4%s US 451944, US4yss2. | Argentine 5s. | Argentine 6s A Argentine 6s B Argentine 7 Austria 7s. Australian s Bank of Chile 8 Bank of Japan 6s. . Relgium s, | Betzlum 6%s Relgium 7s. FHelglum 7%s. Belzium 8s. Polivia 8s. .. Bordeaux §s. Brazi) 7s. Brazil 8a. Canaéa Bs 1952 Canada 6%s 1929.. Chile 75 1948...... Chile 85 1941...... Chile 85 194 o | Chinese Gov Ry 6s. Con Pow Japan 7s. Copenhagen 5%s. . Crecho 88 1951. . Czecho 8s 1952 ct. . Danish Munfc 8s A. Danish Munic 8s B. Denmark 6s. ...... DEIn %8 Nov 53 Dntch Fast 168 47. Dutch Fast I 6 62. Finland 7s.... Framerican 7%s. . French7s.. French 7%s. French 8s. .. German FI P German7s.... Gar Agr Rank7s | Ger Gen Elec 7 | Greek 7s. | Haiti 6s. Holland Hungary T%s Tta'v 7s.. Tapanese 4s. | Tapanese 63 Marseille 6s. ...... Mexico 4s 04 asntd. Mexico 48 10 asntd. Mexico 53 assented Montevidio 7s. ... Netherlands 6s f4. Netherlands 6s 72. Nord 6%s.. | Norway 5%a. | Norway 68 1943. | Norway 651944 ... Norway 68 1952. | Ortent Dev deb 6s. Paris.Ly-Med 63 Paris-Ly Med 78 | Parts Orleans 7s. Peru T%s Poland 63 40.... Poland s Porto Alegre 8s. Prague T%s. Queensland 7s. | Rhinethe 7s war. .. Rio de Jan Xs 1946 | Rio de Jan Re 47 .. | Rio Gr Do Sul f=. .. Sao Paulo 8% 1938.. Sao Pauln 1950. ... Saxon (PW) 7s. | Seine 7s42..... | qarhe Crot Slo 8s.. | Solssons . .. | Swiss 5% 1946 | Swiss Confed 8s. .. Toho Flee Power 78 | Utd Ringm %= 29. Utd Kingm 5%s 37 | Am Azr! Chem 7348 | Am Repub deb 6s. . Am Smit & R 1st 58 AmSmit& R 6s... Am Sucar ref 68, Am T & T el tr 4 Am T &% cl tr 5 AmT&Tsfbs... |Am T & T deb 5% | Am Water Wka 5s. Anaconda 18t & Anaconda cv db s | Andes Cop 7s ret | Armour&Co 4%srf | Armour Del 5%s.. | Assoctated Of 6a.. Atlantic Refin 5s.. Harnedall 6s oren.. Sell Tel Pa5aC... Rell Tel Paba®B .. Reth Steel nm 58 | Beth Steei rf & Beth Steel 5% Reth Steel 6n Brier H St 15t 5148 Bkiyn Ed gen5s... Bkiyn Union 53s... Bush T Bldg 55 60. Callf Pete 834s. . Cen Leath 6s 45 cfs Chile Copper 65 32. Col Gas & El 5ssta. Con Coal Md 1at b8 Con Gas N Y 5%8.. | Cuban Am Sug 8s.. Det Edison 53 40 Dodge w 1 6 Donner Steel 7s. Dugquesne Light Empire G & F %8 Goodrich 61s. ... Good year 8s 1931. | Goodyear 85 1941... | Hershev 5%8. | Hoe & Co 6%8..... | Humble O & R 6%8 Titnots Bell 1st 58. | tnt Mer Marine 6s. | tnt Paper | It T&TE% ! Kan CP&L 68 A 62. | Kan G & E 68 52 | Kelly-Spring 8s... | Lackawa S 55 50... Laclede G 5%852. Liggett & Myers 58 | Ligeett & Myers 7s | Loulsv G & E 58 62 Mid-Con 6%s 40... Midvale Steel 58 Montana Pow 5 | Mor's & Co 1st 418 Nat Tube st 5s... N Y Eaison 58 44.. N Y Edison 6%4s. .. NYGELH&P 4s. Y Tel 4% ¥ Tel 63 41. N Y Tel 63 49 North Am Ed 6s. | North Am Ed 6%8. Nor States Pow 68 Pork dull; mess, | | Pac T & T 18t 5 | Pan-Amer Pete | Peoples Gas 58, | Pila Co 5%s 38 | PhilaCorf 6s A Public Service Ppub Serv Elec 6: | P Serv Gas 5% 64. | Remingtn Arms 6s. | Sinclair O11 6 Sinclair Otl 6%8. .. Sinclatr Of1 7 Stn Crude O11 6: Sin Pipe Line 5s. Skelly O1l 6%8 | Southwest Bell 5s. | Sug Est Odent 7s Tenn Elec Pow United Drug 6s | U'S Rub 1st r 5: U S Rub 7%s U S Steel s f Utah Pow & Lt 5 Vertientes Sug 7 Warner Sug 78 3 Warner Sug 7s é1, West Elec 6s. . Westn Union 6%s. Westinchouse 7s. . ilson & Co 15t 83 MISCELLAN .| Afax Rubber 8. 8 101 12 92% a8% 98% 9% 98%, 100% 102% 98% 96 4 80 - aRao~ 8 2 - DN B =IO B D 5 22 w —to o wonEmteiBanaeBhiatna Al 104% 9 1 9 19 1 1023 103 18 UNITED STATES. (Sales are in $1.000.) Sales. High. Low. 175 10017 | 1 10128 118 100 19 136 1012 95 1026 110318 51 107 20 107 15 10720 FOREIGN. Sales. High. Low. Close. 924 9814 98% 99% 98% 100% 02 95% 96 100 86% 4 105% EOUS. 0 4 104% 1001 100% 108% % 1031 o814 1024 100 1054% 973 5 103% 1037 100% 123% 9914 104% 97 101 86% 103% 102% 115% 914 97% 1084 1104 103% 105% 1004 99% 101% 106% 102% 100% 104 103% 106% 105% 2974 103 92'% 984 100% 98% 135% 102% 97% 105% 108 93'% 107% 106 7% 984 58% 81% 101t 12 101% P 1061, 105% 104% 106 B1064 | 102% 100% 104 103% 1065 105 897% 102% 9214 98Y% 1007% 924 134 102% 9% 1054 105% 93% 107 105% 97 8 58% 804 101% 12 104% 934 [y 100 12 100 12 101 28 10128 100 17 100 19 1 1013 7 1023 103 18 Tose. 924 98% 08% 994 85% 100% 102% 8% 964 100 86% 9274 95% 108% 107% 103% 88 * 95 104% 104% 102% 100% 108 1084% 3814 951 99% 101% 101 103 103 111 111 104% 105 9844 1035 10014 1234 9914 96y 101 86 103% 10274 115% | 9114 | 9774 | 108% | 1104 | 1084 1054 100% 99% 101% 1024 100% 104 1034 1065 | 10544 97 | 10274 9215 | 9844 | 100% 9274 Prrad 102% ] 97% | 1054 | 105% | 934 | 107 | 106 7% 981 58% 8144 101% 12 1041 vely [N Tex & MBS B.. FINANCIAL. Winchester A 7 6 105 Youngstn 8 & T 37 104% RAILROAD. Atchison gen 4 11 924 AtlanC L 4%= 64 97% Atl & Dan 2d 4s 48 72 B & O gold 4 91 B&Ocvi%s.. 9644 B & O ref b 8% B & O 55 2000 D. 97% 102% 103% 1074 91y 96% 91 93% Bnft R & Pitt 4%, Can Nat 4%s 30 Canada South 5s. .. Canad North 7 Canad Pac deb 4s.. Car Clinch & O 6s. Centof Ga 5%s Central Pacific 4 Cent Pac 1st 53 90 Ches & Ocv 4% Ches & O gn 4%4s. .. Thi & Alton 3%s. .. Ch1B& Q1strf Chi& EIgn 6s. Chl Great West 4s. CM&Puget S ds. . CM&StP4s25cht CM&SPev4 14 s32¢fs CM&StPendl% Chi & NW 4% 87. Ch1 & NW 6%s. Chi & NW 78 o " A= ~E8r R i amaNS—— a1y 19m 28483 Chi Unfon Sta 5s. Chi Union Sta 68 44 ©hi Unfon Sta 6%s. Chi & W Ind cn C&WI5%s62 CCC & St L Bs. CCC&StLrfésA. Clev Term bs. Cleve Term 5 Colo & Sou 4%s. ... Cuba R R b CubaNR 6 Del & Hud ev 5a 35, Del & H1d 6%s. Den & Rio G cn 4s. D & Rio G tmp 6s. D Rin G West b8 Det United 4%s Erie 1st cons 4 Frie gen 4s Frleconv 4sA... Frie conv 48 D. Erie (Pa) cit tr 4s. FlaECS5s7s...0 Gr Trunk sf db 8s.. Gt Nor 41576 D.. Great North bs. ... Great North 5%s. Gr North gen 7s Green B & W db B. Hud & Man ref 68 Hud & Man 24 5s. T Cen 4853....... 11 Central ref 4s. .. 111 Central rf 55 55. 111 Central 5%s. 1-C-C StL&NO 5s. nt Rap Tran 5s Tnt Rap Tr 58 stpe Tnt Rap Tran 6s. Tnt Rap Tran 7s. Tnt & G Nor 1st 6s Tnt & G Nor ad & Tnt Rys C A 5572 Town Cent 1st §s. Kan City S 5s.. Ran City Term 4s.. Tiake Shore 4s 28. Take Shora 43 31. . Tehigh Val fis 2003, Touis & Nash 5ts. Louls & Nash 7s Man Ry 1st 90 Varket St 79 4 M&StLrfexis M St P & SSM en 48 M StP & SSM 634n MK &T 1st 4s. MK&T4sB MK &Tadi5s.. MK&TorinssA. Vo Pacific zen 4 Mo Pac fs 1965, Mo Pac s 49 D.. \fo Pac s 55 B. Mont Trm ref 5= 41 Nasean E Rv 4857, 94 OIS TS W 0013 NOT&MbEYS. ... N V Cen gen 3%s N YCentds98..... NYCrfim4t%sis NV Centr {58 N Y Cent deb 63 NYChI&StL 5%8A. NYChI&StL 5%8B. NYC&StL6=A.. New Havancd 6s.. N'Y State Ry 4%s. Nor & S en bs 54 Northern Pac 4s. Northern Pac 58 D. Northern Pacr 1 8 Ore & Calif 1st 5: Ore Short L rfs 4 Pennsvl zen 414s. Pennsv! 51 64. Pennsyl 6%s. Pennsyl gold 7 Pere Marq 18t 5s. .. PCC & St L s B 75. Port RL & P fw 42. PorRL & P 6 47.. Por RL&P T%s 46. Reading gen §%s. RIArk& L4%s... St L IM&S 4529, St L IM&S R&G 4s. StL&SFpldsA.. StL & ST prinSs. StL&SF6%sD St L & SF adj 6s StL&SF inc StL &SF pl 6s StLSWconds3 St P & KCShL 4%. San A& Arn P 4s Seab A L adj b8 Seab A L con 6 Seab All F'la 6 Sou Pac 4829.... Sou Pacific clt 4s Sou racine rer 4s. Southern Ry gen 4s Sou Ry 68 68. .. Southern Ry 8%8. Term Asso St L 5s. Texas & Pacific 1st Third Ave ref 4 Third Ave adj Tol Tr L&P 5%s 30 Unton Pac 1st 4s. Union Pac 1st rf 4s Union Pac 48 27.... Unlon Pac cv 6s B2enlama ~5-ual52u-uRsun~noRAne S Ranana ot 0 Wabash 1st 58 Wabash 6%8 76 West Maryland Wi rn Pacific West Shore 1st 4s.. Wiscoasin Cent 4 83% BUTTER IS CHICAGO, September Butter, easy: receipt creamery, ex 44 99% 183 EASY. 0 9,424 extra firsts, 42a43; firsts, 37%;a40; onds, 33a36. VISIBLE GRAIN SUPPLY. NEW YORK, September The visible supply of Amer shows the following cha el Wheat, decreased 1.06; 711,000; rye, increased 217 increased 331,000, FEDERAL LAND BANK (Quoted by Alex. Brown & Sons. Rate—Maturity £i5s Nov. 1027 1138 Ma e May Nov. May Jan. Jan July July Jan. reased 4,377,000; corn, increased 00; barley, BONDS. Closing.) A | tures of the ¢ | the rea j unchanged to Ibulk, 1 [ovew v BONDS stocxexcaavce] | BINDS OF FLORIDA . Received by Private Wire Direct to The Star Office. RAILROADS REACT S. A. L. Issues Affected Most. French List Prominent in Foreign Group. BY GEORGE T. HUGHES. 1 Dispatch to The Star. W YORK. September in honds were the c tinued firmness In the foreign list a ion in the obliga of the railroads serving Florid latter development was, of cour: direct result of the storm reports i the ‘morning newspapers. Seahoard Air Line issues were af fected the most. The adjustment which had all last week, dipped to of mearly a point under large transactions. The other active Sea hoard issue is the consolidated 6 of 1945. These gave way also, but net quite so much. Seaboard All Florid 6s were down a_half point at 95. Fle ida East Coast 3s were better support- ed, but this is a high-grade bond. Only a few of the other railroad bonds were moderately changed. Ex- cept in the Erie list, and there only to a moderate extent, there was no rise corresponding to the activity and strength in railread stocks. FErie con vertible D 4s went up fractionall with the stock. St. Lou san Fr held around their but did little more. Such speculative favorites as International Great Northern adjustme Denver & Rio Grande Western Chicago, Great Western 4s and Missour!, Kansa Texas adjustments were sluggis ware & Hudson convertible crossed 120 against the preceding e of 119, but that was a special cas French issues held their place prominence in the foreign group. 1 partment of the Seine 7s at 811, and French Republic 8s at duplicated their best price of the vear. Rhinella 7s with warrants were the leadera among the German ation: Cologne 61:s were in demand at one time. On the other hand Italian s lagged around 92. Domestic indu Sinelair Ofl was lower th Andes Mining 7 ionallv and at 1053 were 2 points from last week's top. New York State R ways 6125 duplic their_previous low of the year. anby Mining 74 sned down o oint and then rallied. On the other hand the strictly investment bonds were well supported. WHEAT PRICES DROP ON WEATHER REPORT Conditions in Canada and Large Receipts at Winnipeg Bear- ish Factors. neisco income 4 recent best pric: als were iregular. ed below 103, which st week By the Associated Pres CHICAGO, September 20.—Influ enced by favorable weather in Cana and by large cipts at Winnipeg, wheat values her ged lower to day during the e dealings. Corn market weakness was an additional hearish factor. May corn touching the lowest price yvet this season. Starting off, wheat continued although at times scoring slight Corn opened un nged at 8 equently underwent a all_around. Oats Provisions were ea 1ins, firm. With indications pointing to around 2,000,000 bushels' incre of the United States wheat visible supply to day and with world shipments this week nearly double those of a vear ago, wheat buyers today showed con siderable caution. The domestic visi ble supply total was expected to go above 70,000,000 bushels before today’s clos Meanwhile predictions were current that Canadian farmers would market between 40,000,000 and 50,000, 000 bushels of wheat within the next two weeks. Absence of frost and posting of further amounts of corn here as out of condition had a_hearish effect on the corn marki ides, prospects were for enli reipts of eorn here, upward of 1,500,000 hushels having been purchased last week to arrive here from country stations WHEAT— High. September Decembe CORN-— Septender September WOOL PRICES STRONG. BOSTON. September 20 (Special) The wool market started the week with active inquiry for wool and in dications of a further strengthening in prices. Manufacturers are resist- ing the tendency to mark up values but stocks are being steadily reduced in consumers’ hands, and a heavy ex port movement has been in progress Activity here at the moment is it terr 'y wools. Fleece wools are quiet. Pulled wools are again in strong demand HUDSON INCOME DROPS. v Co. 31 de equal to $1.20 a 4, or $2.49a ding quarter, and $6,! SW YORK, September et income of Hudson Motor ¢ for the quarter ended August clined to $1,926.6. share, from §. 4. rresponding 4 u share, in the e which ended November 30, has b changed to conform with the calend: year. RUBBER ADVANCES. SW YORK, September 20 clal)—Crude rubber, smoked sheets, advanced % cent at today's ngon quotation of 41 cents. This compares with 40 dents a month ago and 92 cents a year . POTATO MARKET WEAK. CHICAGO, September 20 (/). oes—Receipts, 246 cars; on tra total United States shipments aturd: 1, Sunday, 33 trading fair; market weak; sin sacked round whites, a1.90; Minnesc white: 1.85; Minnesot North Dake acked Red River Ohi 2.03aZ Idaho sacked rurals, 00a2.10. (spe ribbed round PRICES ON PARIS BOURSE. PARI September 20 (®).—Prices moved irregularly on the Bourse to Three per cent rentes, 48 25 centimes; exchange on Lon 173 franes 50 centimes; 5 per cent loan, 61 francs 75 centimes; the dollar was quoted at 35 francs 74 centimes.