Evening Star Newspaper, September 25, 1926, Page 14

: ‘eek End Profit-Taking Sales Appear in Last Half Hour of Trading. BY STUART P. WEST. Srecial Dispatch to The Star. EW YORK, September 24.—De- j'ite the fact that in many directions “hie technical condition of the stock market had been weakened by sharp sward movements Friday, higher prices were the rule throughout to- «4y's two-hour session. General Motors and United State: cel, common again assumed leader nip and, above 160 and 150, respec- ively, reached their highest prices on_the present upturn. Motor shares generally followed “he lead of General Motors, but im- ;\u»\'emen! in most instances was i mited to within less than a point. he announcement that the Stude- aker Co. had reduced prices from >33 to $205 on varlous models failed o have an immediate influence upon ue market for motor stocks. Studebaker Is Higher. Studebaker was bought at frac tignally higher prices and there was tn urgent demand for Pierce-Arrow veferred, which was exceptionally trong, getting up more than 2 points hen it crossed 118. Strength of General Motors nat- wally had a_sympathetic effect upon il market for du Pont, which was more than 5 points higher, when it ossed the 220 level. The covering ovement. which got under way in “iudson Motors on the preceding scame cven more urgent at times nd resulted in a gain of more than a int before the demand spent itself. Among independents, Sloss-Sheffield teel stood out strongly, changing vinds at the highest for the present movement, where it was 4 points higher on the day. Bethlehem con- nued to be well taken above the 50 level, while Crucitle Steel held firm round 75. . Profit-Taking Sales. As the market went into the last half hour, however, the usual week nd profittaking sales made their ap- earance, and in some instances were hieavy enough to more than offset the ¥ improvement in this group and n some of the moto Such industrial specialties as Com- mercial Solvents B, American Ice, Texas Gulf Sulphur, old; May Depart- ment. Stores, Coca-Cola, and R. J. Reynolds Tobacco B, which had been in urgent demand on the previous day, continued to be taken at advanc- ing prices, and, in the case of the first-named issue, a gain of 5 points carried it to the best prices for the year. lquipment shares were slightly higher, with American Car and Foun- Ary and American Locomotive in some demand. a point. Pullman was up more than Markets at a Glance NEW YORK, Stocks, strong: September 25 (#).— General Motors and United States Steel resume advance. Bonds. easy: rail issues lower. For- =ign exchanges, irregular: trading quiet. Cotton, higher; fears frost southwest. Sugar and coffee, holi WALL STREET BRIEFS NEW YORK, September 25 (A).— Predictions of leading steel authori- tfes that activities in the industry vere likely to show decreases about his time are horne out in estimates | »f ingot production throughout the sountry, showing a drop of nearly L per cent in the last week. Present ‘apacity Is slightly above 83 per cent. Two weeks ago the average was 85 per cent. Activities of the United States Steel Corporation have de- Jined about 3 per cent in the last hree weeks. A fair averaze rate is sxpected (o be maintained in the \ext few months Directors of the Denver and Rio “rande Western decided at a special neeting to defer interest payment on he general mortgage due No- ember 1. Need of funds to carry »ut the extensive improvement pro- zram approved by the directors for 926 is understood to have necessi- { ated the action. i Bank clearings at leading cities of he United States for the week ended | september 23 reported to Brad- ieptember 23, as reported to Bra d- oss of 1.7 per cent from the week sefore. but a gain of 2-10 of 1 per cent ver the me week last year. New ‘ork City showed a drop of 2.7 per ent from last vear. E. T. Bedford, president of Corn “roduct Refining Co., intimates that he directors would consider an extra ! iividend on the common stock at thelr Jecember meeting. Regular dividends n common and preferred were author- | zed vesterday. but the question of an | sxtra disbursement at this time was aot taken up. He said it was the olicy to determine the aniount of sur- slus_earnings available for extra divi- lends only semi-annually, at the regu- ar June and December meetings. World production of copper in August s estimated at 182,500 short ons by the American Bureau of Metal statistics, compared with 128,500 tons ‘n July. The output for the first elght nonths of 1926 was placed at 1,073.100 ons, a monthly average of 134,137 | -ons. | Surplus of the Wabash Rallway for August, after charges, rose to $889,223 ‘rom $796.687 in August last year, sut for the eight months of 1926 showed a decline to §3,740.442. August sross revenues gained $326,472. Gross business of Fox Film Corpora- tfon in the week ended September 18 amounted to $600,000, the largest for any week in the company’s history. Net profit of International Combus- “fon Engineering for the first half of against $333.729 in the first half of 1925. The company has no bank loans. Earnings were aqual to $1.16 a share, against 70 cents a share a vear ago. World production of zinc in August rose to 112,200 short tons from 107.900 in July. it is estimated by the Amer- fcan Bureau of Metal Statistics. Public offering yesterday of 30,000 shares of cellulose products stock was quickly sold. n. Close. Abitibi Pow (4). 3o 96% Abrahmé&Straus. 58% o Adams Exp (6).. 132% 132 Adv Rumley. ... 20% g Ad Rumley pf(3 ] Ahumada (11) ] Air Reductn (5 Ajax Rubber. . 8% Allied Chem (4). 144% Amal Leather... 19 Amerada (1.60). 31% Am Agricul Chm 16% 16% Am AgriCh pf.. b53% o Am Beet Sugar.. 28% 2 0 20 Am Brake Sh(6) 142 140 Am Br Bov E1(2; 45% Am Br Bo pt 97 Am Can (2). o 55% Am Can pt (7). 128% Am Car&Fdy (6) 101% 9 8% 142% 18% Am Express (6). 126% Am & For Pow. . {Am Hide & L pf. Am Ho P (2.40) . Am Ice (+10) Am Linseed..... 38% Am Locomot (8) 105% Am Po&Lt (g1). 69% Am Radlator (4) 114% Am Safety R (3) 66 Am Sm & Ref (7. 142% Am Stl Fdys (3) 44% Am Sugar (5)... 76 Am Sugar pf (7) 102% Am Sumatra (n) 35% Am Tel & Tel(9) 145% Am Tobacco (8). 122% Am Tobac B (8). 122% Am Tobac pf (6) 110% Am WaWocl20 59% Am Woolen..... 30 Anaconda (3). Arch-Dan pf (7) 105 Armour of 111(A) 16% Armour of TII(B) 9% Arnold Cons&Co “Artloom (3). Atehison (7). Atchison pf (5). Atl Birm & At. . At] C Line(+313) 2 Atlantic Refing. Atias Powdr (4) Austin-Nichols. Austin Nic pf(7) Baldwin L (7).. Baito & Ohio(5). Bang & Ar (3) .. Barnsdall A (2). Bayuk Clgar. ... Beech-Nut (13). Belding Bros(3). Bethlehem Steel. Botany A (4)... Briggs Mfg (3). BkInEdison (8). Blkn-Mn Tr (4). Bk-Man T pf(6). Bkin Un G(711). Brunswick Balk. Burroughs (14). Butte&Super(2). Butterick Byer & Co By-Produc ) Calif Packg(4).. Callahan Zinc Calif Petrol(2).. Calumet & Ar(6) Canada Dry. Can Pacific (10). Case Threshing. Case Thr pf (7). Cent Leather. .. Cent Leather pf. Cerro De P (4) .. Chand-Cle pf(4) Ches & Oh (t12) Cht & East Ill pt Chi Gr West pf.. ChiMil &StF.. Chi Mil & St F pi 20% C Mil & St P ctfs 1 ® MII&SEP pf cfs Chi & Nwn (4) 79% Chi R1& Pac 164% CRI&Ppt (6 % 913 4 91% Childs (32.40). Chile Cop (2%2) . Chrysler Corp( Coca.Cola (7) Col Fuel & Iron. Colo Southern. . Col Gas & El (5) Col G&El cfs (5) Col G & E pf (1) Com Crrf (1%). Com Cred 1st 6% Com Solv B (8). Congoleum-N Congress Cgr (3) Con Clgars (7).. Consol Cigar rts. Consol Distribut Consol Gas (5) . Consol Textile. . Cont Baking A. . Cont Baking B.. Cont Balk pf (8). Cont Can (16) .. Cont Insur (6).. Cont Mot (80¢) Corn Prod (123) oty Inc (4). ... Crown Pa 15t(7) Crucible Stl (5). Cuba Co (4).... Cudahy Pkg (7). 105% Davison Chem. . 34% Del v 144 404 354 2T% 8% 37% 37% 226% 111% Dodge Bros Cl A Dodge pf (7).... Douglas Pec (2). Dupont (14).... 315% 8204 Eastman (13)... 116% 117% Eaton Axle (2). 27 Eisenlohr & Bro. E! AutoLt(163) Electric Boat. .. lec Pogrer & Lt ec Refrig(f2). ¢ Sto Bat(16) Horn..... 3154 116% Erie R R. e 1st pf. Erle 2d pf s lureka Vac (4). Fairbanks (3).. Famous P1 (J2). edLight(*1.40) Fed Min pf (7). Federal Truck. . Fisk Rubber. Fisk 1st pf ev(7) Fleischmn(1234) Foundation (8). Fox Film A (4). Frank-8 pt (7 Freeport-Texas Gabrtel Snu (15) Gardner Motor. . Gen Am Tnk (3) Gen Asphalt. ... Gen Asph pt (5). Gen Cigars (4).. Gen Elec (112).. Gen Elec sp (60c Gen G&E A E1% n Motors (7). Gen Mot pf(7).. Gen Outdr Ad(2) Gen Outdr A (4) Gen Ry Sig t4% . Glidden (2)..... Gold Dust. . ... - Goodrich Ru (4) Goodyear pf (7) Gothm S H (213) Gotham new Gotham pf (7 Granby Consol. . Grt North pf (5) Gt Nor Ore (1%) Grt Wetn Su (8) Net income of Elk Horn Coal Corporation for the first seven months this year was $323,000, against $117,000 & year &go. Walter Bauer, president of the Pyrene Manufacturing Co. and of the Fire Equipment Manufacturers’ In- stitute, announced on his return from Europe vesterday that Nis company had entered into an agreement with the Minimax Co. of Germany, whereby the Pyrene Co. would distribute fire extinguishers in all of the English- Gt West S pf (7) 115% Green Canan. ... Gulf Mo & Nor.. 3% Gulf States (5).. n Hartman (2).... Hayes Wh(13%) Househd (13%). Howe Sound(4) . HudsonMan(2% Hudson Mo(3%3) Hupp Mot (1) Illinols Cen 1261 Indep Of1 (1). 25% 25% speaking countries and the Minimax concern would take care of the rest of the world, Indlan Refining. . ! 9% IndlanRefgctfs. 9 9 9 Ingsgeoll R (14). 975 98 97 98 Fa t THE EVENING STAR, WASHINGTON, D. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Inland St (2%). Interurb Rap Tr In Ag C pr pf(7) Int Bus Ma (3).. Int Com Eng (2) Int Harvstr(8 Int Mer Marine. Int Mer Mar pf Int Nickel (2). Jones Bros Tea. { Jordan Motor. .. KCP& L1st (7). 1 Kan City South. Kelly-Spring. .. Kennecott (4). . Keystone T & R. Kresge S8(1.20). Lago Ol & Tran. Lambert (8%). . Leh&Fink stf(3) Life Sav (1.0)... Liggett & M (14) Lig& M B (14).. Liquid Carbonic. Loew's Inc (2). . Loose Wiles. ... Lorfllard (§2). Louisfana Oil... Lou&Nash (16%) Mack Trucks (6) Man El Sup (5). Man El m g (5) Man Shirt (1%). Manila Elec (2). Market St prior. Marland Oil (4). May Dept St (5) Maytag Co (2).. Miam! Cop (1).. Mtd-Continent. . Middle States. .. Mid States Ofl ct fin St P & SSM. Mis Kan & Tex. . MoK & T pf (6). Missourl Pacific. Missour! Pac pf. Montana Pow (5) Montgom Ward Moon Mot (3) Motor Met(3.60) Motor Whi (2).. Mullins Body Murray Body. .. Nash Mot (18).. Nat Biscuit t4% Nat Biscu pf (7) Nat Cash Reg(3) Nat Dairy (3). .. Nat Dpt Stores. Nat Distillers. .. Nat Distillers pf Nat Pw&Lt(80c) evada Cop (1). Y Canners C2 NY Central (7). NY Chi&StL(11) NY State Rys. .. Norfk & Wn (13) North A (B3.40). NorAm Ed pf(7) North Pac (5)... Norwalk (80c). . 0il Well Sup (2) Oppenheim (3).. Otis Elevator (6) Otis Steel E Owens Bot (14). Pacific Gas (8).. Packard (12.90). Paige Mot (1.30). Pan.Am (6).. Pan-Am B (8) . Pan.AmWnB(2). Panhandle...... Park & Tilford. . Park Utah (60c). Pathe Ex (c3)... Penick & Ford. . Pennsy RR (3). Penn-Seab Steel. Peoples Gas (8). Pere Marq (18). Phila& RC&I.. Philip Morris. .. Phillips Pet (3). Phoenix Hoslery Plerce-Arrow Pierce-Ar pf ( Plerce Perolm. .. Pitts & W Va(6) Postum (5) . . .+ Pressed Stl Car. Prod-& Refiners. Producers&R pf Pub Ser NJ (5). Pub SE&G pf(6) Pullman Co (8). Pure O11 (1) . Radlo Corp of A. Ray Copper (25¢) Reading (4)..... Reading rts. .. .. Reading 2d (2).. Reid Ice Gan (3). Remington Type Rep Ir & Stl (4). Reynolds Spngs. Rey Tobac B(5). Royal D (a3.078) Rutland pf..... Safety Cable (4). StL & SanFr (7). St L Southwest. Savage Arms. .. Seaboard Alr L... Sears-R (n2%). Seneca Copper . . Shell Un (1.40). Shell Un pf (6).. Shubert The (5) Simmons(12.25). Simms Pet (1).. Sinclair Ofl. ... Skelly Oil (2 Sloss Sheft (6). . South Port S (6) Sou Cal Edison. . Sou Dairles A(4) Sou Dairles B... South Pac (6)... Southern Ry (7) Spicer Mfg. .. .. Std Gas & E1 £3. Std 0il Cal (2).. Std O NJ (1).. Std Ofl NJ pf(7). Sterling Pro (3). Stewart War (6) Stromberg (6) .. Studebaker (5).. Submarine Boat. Superior Oil.... Symington. Tenn Copper (1). Texas Co (3).... Tex Gulf S (10). Texas Gulf (n).. Tex & Pacific. . . Texas Ld Tr(8). Third Avenue. .. Timken (16%).. Tobac Prod (7) Tob Prod A (7). Transcont Ofl Un Carblde (5).. Unoil (2)...... Un Pacific (10) . Un Pacific pf(4). ’n Tank Car(5) . td Cigar S (c2) Utd Drug (8)... UtdDrg 1st(3%) United Fruit (4) U S CIP&F(10) U S Distributing U S Hoffmn 133 U S Ind Alcohol. U S Reglty (4).. U S Rufbber...... U S Smelt (3%). U S Steel (7).... U S Steel pf (7). Universal Pipe. . Utl P&Lt A (e2). Vick Chemical. . Va-Caro Chem. . Vivadou (3).... 197} Wabash ‘Wabash pf A(5). Ward Baking B. ‘Warner Bros. Weber (4)...... West Maryfand. ‘West Md 2d pf.. West Pacific. ... ‘West Pac pf (6). - 134% 133% | IntMtch pf(3.20) 64 6% 30% 36% 81% | Int Tel & Tel (6) 119% 11 21 12 4T% 13 65% % 658 21% 64% 36% 92 91% 46% West A Br(1712) 135% Westinghse (1). ‘Weston Elec. ‘Wheel & L Erie. White Eagle (2) White Mot (4)... White Rock (2). 69t 17 29% 26% 56% 26% Sites Are Included in Deal. BY EDWARD C. STONE. Purchase of three large motion pic- ture houses and sites on which two more will be constructed has just been consummated by the Stanley-Crandall Co. of Washington, Harry M. Crandall announced today, and it is expected that new financing to cover this ex- pansion will involve the issuing in the near future of $7,000,000 in bonds. ‘While no statement was made as to the price paid, it was stated that the properties are appraised at substan- tially over $7,000,000. The Stanley- Crandall Co. is a subsidiary of the Stanley Co. of America, which is one of the largest exhibitors of motion pictures in this country. New prop- erties acquired by the Stanley-Cran- dall Co., a Delaware corporation, are the Boulevard Theater in Baltimore, the Chevy Chase Theater in Chevy Chase, the Apollo Theater in Martins- burg, W. Va., and two sites, one in Baltimore and one in Frederick, Md., on which modern theaters will pres- ently be constructed. In connection with the purchase it is understood that a new issue of Stan- ley-Crandall bonds will be sold pub- licly by banking interests which in the past have been identified with the growth of the Stanley theatrical en- terprises. Bank Clearings Bit Lower. Bank clearings for the week end- ing Thursday for the leading cities in the country show a slight decline over the same week last year, a loss of 0.5 per cent. Sixteen of the 23 reporting cities to Dun’'s Review had gains, but some of the Southern citles are among those having the largest declines. Richmond reported a decline of 16.4 per cent, Baltimore's loss was 1.7, Atlanta was 27 per cent behind last year and New Or- Jeans' clearings were off 12 per.cent. New York’s bank clearings were also below the same week a year ag0. but several outside cities had such good gains fhat they kept the per- centage of declines to the very low figure mentioned. Check payments in the third week of Septemebr, indicative of the gen- eral volume of trade, although lower than a year ago, were higher than at any time in almost two months, ac- cording to the weekly statement of the Department of Commerce. The volume of goods moving into con- sumption, as seen from carloadings covering the second week of Septem- ber, continued to record an increase over a year ago. New building con- tractd awarded during the third week of the month were on prac- tically the same level as a year ago. The output of petroleum, although lower than in the previous week, was higher than during the correspond- ing period of 1925. The production of bituminous coal and beehive coke during the second week of the month was also larger than a year ago, but the output of lumber showed a de- cline from 1925. Special National Bank Topics. “Bankers’ Relatlons With Clients” will be the first question discussed by the national bank division at the A. B. A. Convention, W. W. Wgodson, a Waco, Tex., bank president, being the speaker. -*‘Bond Departments and In- vestments” will be the subject taken C.. SATURDAY, SEPTEMBER -25, 1926." STANLEY-CRANDALL CO. BUYS | . $7,000,000 THEATER PROPERTIES Movie Houses in Chevy Chase, Baltimore and Martinsburg, W. Va., and Two up by P. D. Houston of Nashville, Tenn., one of the few Eastern bankers on the program. An increasing num- ber of national banks are operating bond departments through subsidiary companies, so that the subject is of timely interest to bankers everywhere. Passage of the McFadden bill would give banks much more latitude in dealing in investment ‘securities. George O. Vass, cashier of Riggs National Bank, the first Washington man to start for the convention, is the local association’s special delegate to the national bank section's meetings. Tire Prices Again Reduced. A reduction in the prices of tires to automobile manufacturers, ranging from 7% to 10 per cent, was an- nounced yesterday by the Firestone Tire and Rubber Co. This action is expected to be followed by similar cuts by other manufacturers. This is the_third reduction on so-called ‘“‘origi- nal equipment” business since July. According to opinion in the trade, there was no immediate necessity for this reduction, and Firestone's action is attributed to increasingly keen com- petition in the industry. W. B. & A. Preferred Stock Off. A drop of 7% points in Washington, Baltimore and Annapolis preferred at- tracted attention on the Baltimore Stock Exchange yesterday. Twenty- one shares changed hands at 16, com- pared with 231, when the last sale was made. But the stock has been inactive for several weeks and this in part explained the sharpness of the drop. When the stock was active and strong a few months ago buying was attributed to a desire of certair in- terests to obtaln control. The break in the price, however, would indicate that there is now less demand to sup- port the market for the stock. The bonds remain firm at 64 with- out met change from the previous sale. Bond Issue Reported Sold. Dillon, Read & Co. announce that the public offering of $24,000,000 265- year 6% per cent sinking fund gold debentures of the Siemens group of Germany has been fully subscribed. Of this issue, $6,500,000 had been with- drawn for offering in Europe and full paid reichmark debentures equal to approximately $6,000,000 were being offered in Germany on substantially similar terms. The bonds were priced at 99 and accrued interest, to_yield, exclusive of warrants, over 6.55 per cent. More Advertising Favored. The National Association of Insur- ance Agents, in session at Atlantic City, advocates more general use of the newspaper as a means of adver- tising their business. “Insurance is suffering from lack of public understanding of its func- tions and service,” declared a resolu- tion adopted. ‘The assoclation be- leves that a natfonal campaign of newspaper advertising to inform the public of the work of stock, fire and casualty companies will be of great assistance to both companies and agents. We believe it will aid in im- parting the work of sound indemnity, thus protecting our citizens against unsound insurance investment.” TEXAS BANKERS MOVE TO SAVE COTTON MEN Seek to Forestall Further Drops in Price by Retiring 1,000,000 Bales From Market. By the Associated Press. DALLAS, Tex., September 25.—In an effort to forestall further de- creases in the price of cotton 100 bankers meeting here yesterday ed on plans for raising a $100, 000,000 fund to retire 1,000,000 bales of Texas cotton from the market.. It was decided to use the fund for loan- ing $50 a bale at 6 per cent interest, so that the holders would not be se of the cotton on a ing was called by the fearing House Association, and plafis adopted call for raising the fund through the clearing house as- soclations in the larger cities of the State. Efforts will be made, it was an- nounced, to have bankers of OKla- homa, Arkansas and other States adopt a similar plan in an effort to retire an additional 2,000,000 of the present year's crop. Texas bankers also will be called on to oconvert some of thelr present loans on cotton into new loans on the staple actually insured and ware- housed. The bankers agreed to urge a 25 per cent reduction in the Texas cot- ton acreage in 1927, designed to pre- vent flooding the market of that year with any 1926 surplus. The Government crop report fore- casting a surprisingly big yield, with an Increase of 644,000 bales in the expected total since September 1, was a big blow to cotton growers, the New Orleans market breaking $7 a bale. The October option sold down to 14.31 cents a pound, the first time cotton had gone below 14.50 since January, 1922. — e . CORPORATION TAXES. DETROIT, September 25 (Special). —Michigan’s corporation tax receipts this year so far have exceeded $6,- 025,475, which compared with $4,566,- 025 for the similar period of 1925. It is expected for the full year the gain will be greater. There are 16,255 operating corporations in the State, as compared with 10,000 in 1921, ‘when the first corporation tax was levied. s —————— EXPANSION SLOWER. NEW YORK, September 25 (#).— Expansion of credits lately has been a.little slower than it was, and it re- mains an open question whether real credit inflation will develop, says Moody’s Investors Service. Should it do so, it would most likely occur after election rather than before. e White SMpt(4). 59 59 Willys-Overland 23% 23% rillys.Od pf (1) 92 92 Wilson& Co.... 11% 11% Wilson A (new). 22 22 Wilson pt new.. 65 65 Woolwth FW (15 163% 163% Worthn Pump... 32% 33% Wright Aero (1). 3214 32% Wrig Wm (14).. 524 524 52% Yel Tr&C (72¢).. 32% 33% 83% Youngstown (4). 88 88 88 ..."“:.‘.“9:'.‘.‘,.:‘.1‘.’:.'.';,:‘" seite based on {atsat, IRTIETlY, SlocedeXira o Special divi dends are not inclu ., l YPartly "stock. ibartly, extra. §Pavable in common stock. $Plus 4% tock paya- ble 1% auarterly. {Plus 3% i - aPaid this year—no regular rate, ‘ommon. stock _ payabi o6 'in stock. aPa bhl n!fi 50‘" l.h"c “in " Bra D I 8O ook 65 61% 32% 32% SAFETY CABLE SHARES ATTRACTING ATTENTION Commands Interest on Activity Since Florida Hurricane—Current Earnings Reported High. Special Dispatch to The Star. NEW _ YORK, September Safety Cable, ordinarily an inactive issue, has come in for considerable attention since the Florida catas- trophe, almost 9,000 shares of the stock changing hands yesterday not far from top prices for the year. Buying continued around 654 today, where it was within one-half point of its best price for 1926, established a few days ago. According to cur- rent gossip prominent local utility interests have been active in the mar- ket for the stocks. Buying apparently is based on expectations of large re- placement orders from Florida result- ing from storm damage to lines and cables. Fistimates of current earnings run as high as $9 a share, compared with the annual dividend rate of $4. Pay- ing $4 around present quotations the stock was selling on a basis to yield over :40 per cent, which was con- sidered attractive in the present market. 26.— T, ‘WOOL PRICES FIRM. BOSTON, September 25 (Speciall.— Raw wool markets closed the week with mills resisting the higher price trend, but with dealers holding firm and a fair amount of business being done at the recently increased levels. Cheaper grades of wool are being marked up to bring them in line with finer sorts. GEMAi( BONDS AND STOCKS. (Quoted fn dollars per million marks,) | . Asked. Ger Gt (w In) Bs 1914-18 1226.00 1275.00 Hamburg 43 1919 10000 ~110.00 Ger Gt 4-5s (forced loan) . (Quoted in dollars per thousand marki Ger Gen Elec £34s prewar 2400 20 Elec 4148 1010.. 2000 300, 5.00 00 1.50 20.00 25.50 1476 . 105.00 L dgn 5.00 amb 3s, 3%8 & 48 pro-w. Hamburg Amer Line 4348 North German Lloyd 4 North German Llo; d»;. ol Elec) .. .. Privat Bank. Disconto Gellschaft. . L Dresdner Bank ut G (G Berliner Handels Coy B mage. BE g Home proa, M. W5 Sov: 3g Bl Bank of Enj li"l‘isvg. :?"6 L J. EQ Stock of X - Com Tr of 9. ot X @ninnen WOTRDOE ARSI AN 2227 anaeon, 333353 s Ot OB (bt ot 9009 R3 g o BOSTON STOCK MARKET. BOSTON, September 25.—Following is a list of today’s highest, lowest and closing prices for the most active stocks dealt in here: Bigelow Hartford Tor G Boston & Maine . New orn North ~Butt: act FIeEiTy 3550 o B92E5! ON NEW YORK UNITED STATES. . (Sales are in $1.000.) . Sales. High. Low. 5 100 15 100 11 101 28 101 25 101 28 10019 100 16 101 16 1013 1018 1013 Lib3%s... Libist4%s 5 Lib2d4%s. 1 Lib3d 4%s. 11 Close. 100 16 Lib 4th4%s 84 1025 1024 1024 US3%s... 10115 10115 10116 US4s1944. 6 10825 103-20 103 25 US4%sb2. 210724 10719 10724 FOREIGN. Argentine 55 Argentine 6s Octs9 5 Argentine 6s Ju 59. 10 Argentine6s A.... 10 Argentine 6s B. Argentine 7s. Australian 58 Austria 7s. . Bank of'Chile . Bank of Japan 6s Belgium §s. .. Belgium 7s.. Belglum %8s Bolivia 8s. . Bordeaux 6s Brazil 7s. Brazil 8s. Canada s 1952. ... Canada'$%s 1929 Chile 75 1943. Chile 85 1941, Chinese Gov Ry 6s. Con Pow Japan 7s. Copenhagen 5%s. Czecho 85 1951. . . Czecho 83 1952 ot Danish Munic 8s B. DEIn5%s Nov53. Dutch East I 6s 47 Dutch East I 63 62. Finland s f 6s 45. .. Finland 7s. French 7s, French 7%s French 8s. German EI P 63s. German 7s Ger Agr Bank 7s. .. Ger Gen Elec 7s - panRGane e B0o® mBraeanBEamonnnn HobuBnapen e @ ® Jergens U M 6 iyon 6s. . Marseillo 65...., .o Mexico 4s 10 asntd. Netherlands 6s 54.. Nord 6%s. . Norway 5%s. Norway 6s 1943 Norway 6s 1944 Norway 65 1952. ... Orient Dev deb 6s. . Paris-Ly-Med 6s. .. Paris-Ly-Med 7s Paris Orleans 7s. PeruT¥%s..... Foland ¢s 40. Poland 8s.... Prague 7%s. Queensland 6s. Rhinelbe Un 7s. . Rio de Jan 8s 47. Sao Paulo 8s 1936. . Sao Paulo 1950 Sweden 6s...... Swiss 5125 1946 Swiss Confeq8s. Toho Elec Pow Ts. . Utd Kingm 5128 2. Utd Kingm 5%s 37. vy 1 98% 98% 98% 98% 100% 98Y% Sales. High. Low. Cloee. 5 92% 92 92% 98% 98% 99 98% 100% 8% 101% MISCELLANEOUS. Ajax Rubber 3s.. .. Am Agri Chem Tls Am Smit & R 1st 63 Am Smit & R 6s Am Sugar ref 6s. AmT & Tel tr4s AmT & Ts{5s. Am T & T deb 5%s Am Water Wks 5s. Anaconda 1st 6s. Anaconda cv db 7s. Andes Cop 7s rets. Armour&Co 4%srf Armgqur Del 5%8. . Assobiated Ofl 63 Atlantic Refin 5s. . Barnsdall 6s ctfs Bell Tell Pa 53 B Bell Tell Pa 5s C. Beth Steel r£5s.... Beth Steel 5148 53. Beth Steel 6: . Brier H St 1st 518 Bkiyn Ed gen 5s... 2 BKlyn Union 6%s.. Calif Pete 6%8 Chile Copper 68 32. Cuba Cane cv 83. Cuban Am Sug 8s.. Denvar Gas 5s. Dodge w1 6 Duquesne Light 6s. Est Cuba Sug T%s. Empire G & F 7%s. Goodyear 8s 1931.. Goodyear 8s 1941 Hoe & Co 614S. ... - Humble O & R 5% Tht Paper 5s 47. Int Paper 6s. IntT & T 5128 ... Kan CP&L 53 A 52. Kan G & E16862.. Laclede G 5%s 52. - Liggett & Myers 6s Manati Sug sf 7%s. Mid.Con 6%s 40. Midvale Steel 5. Montana Pow 5s. . . Mor's & Co 1st 4%8 New Eng Tel bs. NY GEL H&P 5s. N Y Tel 41%58. N Y Tel 6s 41 North Am Ed 6s. Nor Ohto T & L 68 Nor States Pow 5s. Nor States Pow 6! Pac Gas & El 58 Pac T & T 5s 52 PhilaCo5%838. .. Phila & RAC & 168 Public Service 6s. . P Serv Gas 5%3 64. Punta Alegre 7s. .. Sinclair Ol 6s. . Sinclair Oll 6%s. ... Sinclair Oil 7s. Sin Crude Oil 6s. Sin Pipe Lne6s. ... So Por Rico Sug 7s. Southwest Bell 5s. Tenn Elec Pow 6s.. Toledo Edn 1st 7s. . U S Rub 1strf 58 USRub7%S...... U S Steel sf5s. ... Utah Pow & Lt 58. . Vertientes Sug 78.. N e NN DO BRSO =D R0 - ‘Warner Sug 7s 39. Warner Sug 7s 41. Westinghouse 7s. . Willys-Ov 6%s 33.. ‘Wilson & Co 1st 6s. 27 Youngstn S& T 6s. 11 104 104 104 104" 100% 100% 108% 107% 104 103% 98% 98% 100% 100% 104% 104% 97% 97% 103% 103 106% 106% 106 105% 90% 90% 93t 98% 102% 102% 101 101 98% 98% 1025 102% 102% 102% 104% 104% 104% 104% 156% 156 104 108% 106 106% 98% " 98% 108 108 96% 96% 95% 95 105% 105% 106 105% 10312 103% 110% 110% 120% 120% 9T% 97 102% 102 96% 96% 997 99% 109% 109% 103% 108% 105% 105% 103% 103% 101 100% 99 99 104% 104% 96% 96% 100% 100 86 86 102% 102% 106 106 98 98 108% 108% 103% 103% 96% 96 100 99% 104% 104% 99% 9% 100% 100% 101% 100% 100% 108% 103 102% 104% 1047 108% 108% 102 101% 92 922 97% 9% 100% 100% 93 92 107 107 102% 102% 105% 105 108 108 93% 93% 106% 106% 106 105% 96% 96% 98% 97% 60 60 83% 83 104% 104% 101% 101% 99 98% 104% 104 RAILROAD. Atchison gen 4s.... 10 AtlanCL 4%s64.. 1 B&O gold 4s 5 B&Ocviks .11 B&Oref 5s. . B&O06s2000D.... 11 B .24 B & O SwDIv §s cfs Bklyn Manhat 6s Buff R & Pitt 4%s. Canad North 6%s. . Canad North 7s. ... Central Pacific 4s. . Cent Pac 1st 55 90.. Ches & O cv 4%s Ches & O gn 438 ChiB & Q1strf5s. Chi&BIgnss.... Chi Great West 4 CM& Puget S ds.. CM&StP4s2. .. C M&St P 4s 25 of CM&StP deb 4s cfs. 22 CM&StPgn8y... 4 EM&SPevilssilcts 8 CM&StPré¥sefld 1 917% 91% 9% 9% 91% 90% 96% 96% 98% 981 9Tl 9% 103% 103% 106% 106% 91% 91% 100% 100% 96% 96% 91% 91% 117% 117% 114% 114% 84 84 107% 107% 102% 102% 91 90% 100% 100% 98% 98% 96 95% 105% 105% 69% 52% 52% 545% 54l 54l Ba 54% 544 % 824 4% 54% B4 B4% 95% 100% 86% 956 107 108% 87% 95% 104 103% 101% 100% 108% 3% 95 99% 101% 102 103 101% 111 103% 1056% 105% 89% 99% % | Ore Short L rfs 4s. FINANCTAL. 4, ONDS sroc i Recelved by Private Wire Direct to The Star Sales. High. Low. Close. CM&SPcvbscfs14 1 ba% 544 64% CM&StPés. 2 103% 103% 108% Chi&NWgn3k%s.. 2 77 77 17 Chi&NW 4% s 1987. 6 101% 101% 101% Chi Rys 5s. . . b 8% T8 T8% ChiRI&Prfds. 90% 90% ChiTH&SESs.. 90% 90% Chi Union Sta 5 104% 104% Chi Union Sta. 100% 100% Chi & W Ind cn 4s. 85% 85% 103% 103% 103 Cuba NR6866.... DRio G West bs. .. 4 Erfe 1stcons 4s. .. Erfe gen 4s. Erie conv 4s A Erie conv 4s D Erie Genessee R 6s GtNor 4%s 76 D.. 91 91 Gr Nor gen 7s 5 113% 118% Green B& WdbB. 10 22 22 Hud & Man aj 68 4 % 814 81% Il Centralrefds.. 4 92% 92% Il Central 5%s.... 7 101% 102 I11-C-C StL&NO 5s. 10 101% 101% Int Rap Tranbs... 63 Towa Cent 1st 5s. Kan City Ft S 4s. Kan City Term 4s. Lake Shore 45 28. .. Lehigh Valecn 4s. . Lehigh Val 55 2003. Man Ry 1st 90 Market St 7s 40. . . M 8t P& SSMcn 4s M SSM 6%s M M M 85 85 104% 104% 686 65 9% 9% & T4SB. Tadjbs. . TprinssA. MK&T6sC.. Mo Pacific gen 4s Mo Pac 55 1965. . Mo Pac 6549 D.. Mo Pac 65 55 E. Nassau E Ry 4s 57. New Or Term 4s. .. NOTex&Mb6s B. NOT&MG5ks.. N Y Cen gen 33%s Crfim 4%s 13 Y Centribs.... NYChi&StL 5% 8A. NYChi&StL 5%sB. NYC&StLésA. New Hav deb 4s 56. New Hav deb 45 57. NYRys6sA65... N Y State Ry 4%s. NY W & Bos 414s. Nbrfolk & W cn 4s. Northern\Pac r 1 63 StP K& K& K& 105% 106% 58% b58% 86 86 99% 99% 104% 104% 791 80 96% 97% 103'% 103% 104 104 103% 103% 108 108 T Rt S P T PR e e O m® AN ONENONDRENWE DS~ 105% 105% 9% 974 100% 100% 111% 111% 107% 107% 40 40 108 103 102% 103% 82% 94% 92 821 % 984 98% 101% 101% 9% 9% 95% 96 102% 102% 93% 93% 90% 88% Ore Short Len bs. . Pennsyl gen 4%s Pennsyl bs 64 Pennsyl 6%s. Pennsyl gold 7s Peoria & E inc 4 PCC&StL6sA PCC&StL6sB75 Rio G West el ds... RIArk&L4%s. St L IM&S R&G 4s. StL&SFpl4sA. - am S = ) St P & KCShL 4%s San A& Arn P 4s Seab A Lref4s.... Seab A L con 6s Seab All Fla 6s. Sou Pac 4s 29. . Sou Pacific ref 4s. Southern Ry gen 4s Sou Ry 68 56. .. Third Ave ref ¢s. Union Pac 1st 4s. Union Pac cv 6s. Virginia Ry 1st 5s. VaRy &P os. ‘Wabash 1st 5s. ‘Wabash 5%876.... ‘West Shore 1st 48.. e 101% 101% 98% 98% 102% 1027 102% 102% 85% 85% 000 1 1= 1919 29 8 - Baltimore Markets BALTIMORE, September 25 (Spe- cial).—Potatoes, barrel, 1.2524.25; 100 pounds, 1.00a2.75; sweet potatoes, bar- rel, 1.25a3.00; yams, barrel, 1.00a2.50; beans, bushel, 1.15a1.25; beets, 100, 2.00a3.00; cabbage, 100, 3.00a5.00; car- rots, 100, 3.00a5.00; celery, crate, 1.50a *| 2.50; corn, dozen, 15a25; cucumbers, basket, 75a1.75; eggplants, basket, 50a 75; lettuce,-box, 1.50a2.00; lima beans, bushel, 3.50a4.00; onions, 100 pounds, 1.25a2.00; peppers, basket, 35a40; squash, basket, 35a40; spinach, bushel 50a60; savoy cabbage, bushel, 50a60; % | omatoes, basket, 35a50; packing stock, bushel, 1.00a1.05. "Apples, barrel, 2.00a5.00; bushel, 50 a1.50; cantaioupes, basket, 25a70; crate, 1.00a1.25; honeydews, 1.00a1.50; peaches, bushel, 1.00a2.00; pears, bushel, | 1.50a2.00; hamper, ~ 20a1.00; watermelons, 100, 5.00a30.00. Dairy Products. Live poultry — Spring _chickens. pound, 26a28; Leghorns, 23a25: old hens, ' 20a29: Leghorns, 18a20; old roosters, 18a20; ducks, 24a26; small and poor, 18a20; pigeons, pair, 20a30; Guinea fowl, each, 40a75. Eggs—Recelpts, 1,036 cases; native and nearby current receipts offered at_30a40. Butter—Good to fancy creamery, pound, 42a47; prints, 47a49; blocks, $6a48; 1adles, 32a33;,rolls, 28a32; store packed, 27a28; packed, 27a28; dairy prints, 28a32; process butter, 36a37. . FORD DECLARES DIVIDEND. NEW YORK, September 25 (P).— Ford Motor Co. of Canada has de- clared a dividend of 10 per cent on the common stock, payable October 11 to holders of record October 1. The previous payment was 10 per cent, on November 15, 1925. - SURPLUS SHOWS GAIN. NEW YORK, September 25 (). — August surplus of the New York, On- tario and Western, after charges, was $552,045, against $516,464 in August last year, and for the eight months this year $83.. 8% against $757,431 in the same period of 1925. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY BOSTON, September 25.—The United Fruit Co., the largest farmer in the world, has announced a plan by which employes may participate in stock ownership of the company Those who have been with the con- cern will be given epportunity to pur- chase stock up to the amount of a full year's salary at 96 as against a present market price of about 117. PORTLAND, Ore—Fully 15 car- loads of Christmas trees have already been sold in this section to go to California and the Atlantic Coast Many carload orders are pending, with demand double that of former years. PITTSBURGH.—The Upper Union Mills of the Carnegie Steel Co. in the Pittsburgh_ district are being dis- mantled. The plant was one of the oldest in the Lawrenceville district. Many of the other old plants also have been scrapped. FORT WORTH.—No bids have vet been acepted on unshorn Fall wool in Texas. Contracting last year start- ed at 40 cents a pound, rose to 41% and then tumbled. - mxeuuvee] | PL{SH 85 SLUMP INBOND MARKET Political Outlook Disturbing. Other Foreign Issues Are Not Affected. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 25.—Tha feature of today's short session on the bond market was the selling of Po- land 8s. The bonds were in supply directly from the start, and gave way a point and a half before encounter ing support. Transactions were on a large scale. The selling was general- ly attributed to dispatches from the other side reporting friction with Po- land’s neighbors in the Baltic states and to the decision of the Polish cab- inet to resign. Other foreign bonds were not dis- turbed by the weakness in the Polish issues. Prices were well maintained throughout the list. Prime domestic issues were stronger than at any time before this week, although activity was still restricted. Special interest was taken in the high-grade public utility bonds of which Brooklyn Edison 6s are a type. In railroad obligations Atchison Gen- eral 4s, Central Pacific bs, Illinois Central joint ©s, Nickel Plate 5las. and similar fssues sold at the high of the movement. San Antonio Arkansas Pass 4s guaranteed by the Southern Pacific, were within a frac tion of the vear's best price. Speculative railroad bonds wers Ir regular. St. Louis-San Francisco i1 come 68 were in demand around Denver & Rio Grande Western 58 on which it was announced yesterda\ that finterest would be deferred, sold down half a point 10 a new low cn the movement, but later rallied Industrials also moved without un: formity. Gould Coupler 6s, which had such a spectacular advance late in the preceding day, reacted, and so did Warner Sugar 7s after their re- cent display of strength. On the other hand Granby Mining 7s were higher, and some of the bonds of the Cuban’ sugar producing companies. In the ofl group Sinclair obliga- tions were heavy again EARNINGS ARE LARGER. NEW YORK, September 25 (#). Net earnings of the Philadelphia Co. and affiliated corporations for the first eight months this year were $13,457.- 236 before interest, against §11,985. 428 a year ago. RUBBER UNCHANGED. NEW YORK, September 25.—Crude rubber, smoked ribbed sheets, was un changed at today’s quotation of 423 This compares with 401; a month ago and 89 a year ago. NEW YORK, September 25 (Special). —New York bank clearings, $783,000, 000; New York bank balances, $88 000,000; New York Federal Reserve bank credits, $74,000,000. COTTON GOODS SLOW. NEW YORK, September 25 (Spe- cial).—Cotton goods markets were slow today with prices easfer. Print cloths were quoted at 7% for 64x60s and 8% for 68x72s, declines of an eighth and a fourth cent, respectively Raw silks held steady in quiet mar- ket. NET INCOME INCREASES. NEW YORK, September 25 (#).— Net income. of the Producers and Re- finers Corporation for the first half of 1926 was $1,398,350 before deple- tion, against $698,003 in the same period last year. SILVER QUOTATIONS. NEW YORK, September 25 (#). silver, 59%; Mexican dollars, Fuhion—Nou. From the Dayton News. Styles certainly do not originate in Paris; the Fiji Island women first had bobbed hair and wore short dresses. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.} s i —Close. - EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. What “Balance Sheet” Means. Emphasis has been placed in the preceding article on the fact that 2 balance sheet presents a picture of the condition of a company on a cer tain date because this is one of the features which differentiate the bal. ance sheet from the income account Only by comparing a balance s one year with that of the preceding year can any idea be obtained of the changes which have occurred over the intervaly Hence the value of any financial statement is enhanced when it is accompanied by the correspond ing figures for the preceding year The points to be looked for in com paring balance sheets of one year with another will be outlined later in this series, but the distinction to make here is that in a general way the events between the balance sheetsare left for the income statement to de- pict. Now let us look at a balance sheet and see how it obtains its name. Pre sented in tabular form it shows on the left-hdnd side, under the heading *as- gets,” all the corporation’s property. cash in the bank, accounts receivable and the value of finished products on hand. On the right-hand side, under the heading “liabilities,” appears every thing that the company owes, includ- ing the funded debt, if any, that is to say—the bonds which have been issued as obligations of the concern, whether they are secured or unsecured; all ac counts payable and other claims against the corporation. In other words the assets are what the com pany owns and the liabilitles wha!t it owes. But in the balance sheet the totals on both sides are always the same. That is why it is called a “balance” sheet., Obviously every solvent corporation owns more than it owes. How, then is the balance sheet made to balance” The explanation is that under liabil- itles are included not only the sums the corporation owes to its creditors. but the amounts that the owners have put into property expressed in the value assigned to the stocks, and final- ly enough is added to this side of the account to make the total exactly equal to the sum of the assets on the other side. The amount added, gen- erally, is designated as “the surplus.” It by any chance without any such addition the liabilities are larger than the assets the account is made to bal ance by adding to the assets a sum large enough to equalize the two, and this sum is called the profit and loss deficit. These practices will be ex. plained more fully in later articles. (Conyright. 1926.)