Evening Star Newspaper, September 29, 1926, Page 24

% ® IPRICES GOLOWER . INSTOCK MARKET fEarly Advances Followed by Downward Turn—Rail Moves Disappointing. i : BY STUART P. WEST. Bpecial Dispatch to The Star. NEW YORK, September 29.—The ‘stock market today continued on the /same uneven course that it has been pursuing for the last two weeks. It was strong for a time, then turned gdownward. ! The afternoon decline was coinci- dent with the rise in call money to {53 per cent. This gave a chance to critics who insist there is some con- nection between surface changes in ynoney and surface variation in stocks 1o link the two movements up to- gether. As a matter of fact everybody knew that the 51; per cent call loan rate was incident to the October 1st set- tlements and had no real significance. Stocks went down after midday be- cause the market had got itself, as a iyesult of recent operations, into a vul- merable position. Professional traders were inclined toward the short side, jnasmuch as efforts to put prices up Jiad not met much support outside of a few closely held industrial special- tles and two or three of the rails and public utilities. Wall Street has been disappointed in the way the August railway state- ments have been received. At the best they have had only #» temporary effect, and today, with only a few exceptions, the rails turned down. Atlantic Coast Line broke badly on the publication of its Au- gust figures showing a net operating income of only $1564,933, against $936,- 111 a year ago. This was so dif- ferent from the other August returns as to call for some special explana- ton. Loulsville and Nashville went along with Atlantic Coast Line. Chesapeake and Ohlo, which had gone down 2 points on the previous day, dropped at one stage over 3 points further. This seemed to be due to 1o change In the situation affecting the merger prospects of the company, but merely to profit taking. Atchison was the most consistently strong _among the ralls, still feeling the influence of the brilliant August trafic comparisons and how these might it in with storles of a stock dividend. St. Louis-San Franclsco was up more than a point at one time. The non-dividend-paying rails, like the Eries, Rock Island, Missour!, Kansas und Texas and Ontario and Western, fluctuated within a narrow range. In the Industrial sections Lambert Co. stock was one of the features, advancing nearly 3 points. South Porto Rico Sugar was bid up again on top of vesterday’'s 3-point rise. Commercial Solvents B., J. I. Case snd Union Tank Car were leaders during the intervals when the gen- eral list was strong. On the other hand, there was a bad break in Amer- jcan Linseed, extending at one time 6 points. General Rallway Signal dropped a point and a half. Sinclair Consolldated was sold on the cancellation of the Teapot Dome lease, breaking on large transactions from 20 to around 19. This did not do any good to the market for the other ofl shares, which had been none 100 strong beforehand. American Smelting ran up 2 points, then came down, and Kennecott Copper was up yore than a point. Greater New York lighting shares succeeded in holding @ good part of their recent gains— Brooklyn Edison, Brooklyn Union Gas and Consolidated Gas. BALTIMORE HITS RATE STATUS OF NEW YORK Complaint to I. C. C. by Chamber of Commerce Asks Change in Rail Tolls From Midwest. By the Associated Press. A demand for alterations in the freight rate differential applying on shipments from the Middle West to Atlantic ports was made today in a complaint to the Interstate Commerce Commission by the Baltimore Cham- ber of Commerce. New York City was alleged to have an unfair advantage in export and import trade over Baltimore. For many vears, the complaint asserted, yates through Baltimore have been fixed at 3 cents per 100 pounds less than rates applying through New York City. On export grain the Bal- timore differential has been 114 cents under the New York rate, except on grain from the Great Lakes, on which the Baltimore differential has been 1§ cent. All these differentials were de- clared to be insufficient to reflect fairly the transportation advantages claimed for Baltimore, since that port was alleged to be shorter in distance from the average interlor shipping | point than New York Instead of 3 cents per 100 pounds on the general traffic the commission | was asked to give Baltimore a 6-cent differential. On export grain a 3-cent differential was requested. ORDERS FIRM SOLD. SWARK. N. J., September 29 (#). — Federal Judge Runyon yvesterday or- dered the sale of the American Bolt Co., Bayonne, to satisfy a $1.750,000 mortgage due in September, 1924. The order was obtained by counsel for the ‘Bankers' Trust Co. of New York and ‘Frank B. Close, trustees for the first mortgage bondholders. FOREIGN EXCHANGE. (Quotations furnished by W. B Hibbs & Co ) Nominal Selling checks gold value. todar $4R605 SRS ondon. pound L iona) > e Montreal. dollar Paris. franc Bruskels. _{ranc Berlin. mark Rome. lira Zurich, franc drachma pesata crown rown erown zloty hagen. crown crown Stockholm. = SHORT-TERM SECURITIES. crown sV\I Ml ):‘“:‘1 1 4I.114 l‘_'LIr. 25322=50 EEaRES 352 Gy of Catm. Cont G Eiahor B nodvear En0E v o (horolate & J § Eimbie Oil'5 s 1033 i 1046 PIEPETIEF IS o3 522 222333550 225573337 -y SoT Swift & I'nion Pac Trited 1. & 22323 inrE I i 6. B R_3s 19 i P s 14 | FINAN Cl1AL THE EVE NEW YORK STOCK EXCHANGE NG Received by Private Wire Direct to The Star Office Adv Rumtey ... To% Ad Rumley pf(3. 59 Ahumada (t1).. 7% Alr Reductn(6) 136% Ajax Rubber. 815 Allied Chem (4). 140% AlltedCm pf (7). 120% Allis Chalm (8). 89% Amal Leather... 18% Amerada (2).... 31% Am Agricul Chm 16% Am Bank N160. 40% Am Beet Sugar. 284 Am Beet Sug pf. 60 Am Bosch...... 20 Am Brake Sh(6) 141 Am Br Bov EI(2; 44% Am Gan (2). 54% Am Can pf (7).. 123% Am Car&Fdy (6) 99% Am Chain A (2). 25 AmDrug....... 9 Am Express (6). 126% Am & For Pow.. 17 Am & FoPpf(1) 87 Am Ho P (2.40). 26% Am Ice (410).:. 127 Am Internatl... 33% Am La Fr (1) 18 Am Linseed..... 34 Am Linsd pf (7) 69% Am Locomot (8) 1055 Am Metals (4).. 48 Am Po&Lt (g1). 68% Am Radlator (4) 114 Am Republic... 55 Am Safety R (3) 66 Am Ship & Com. 8% Am Sm & Ref (7 140% AmS& R pf (7) 119% Am Stl Fdys (3) 44% Am Sugar (5)... 76% Am Sugar pf (7) 102' Am Sumatra.... 37 Am Tel & Tel(9) 146% Xm Tobacco (8). 1204 Am Tobac B (8). 121% Am Tobac pf (6) 110% Am Wa Woc1.20 59% Am Whise pf(7) 98 Am Woolen..... 29% Am Wool pf (7). Am Zinc. . 5 Anaconda (3). | Dome Mines (2). 18 Rubl 17 & Snielthng. Westinghoyse F. 28 5 % Archer-Dantels. Armour of 111(A) Armour of T11(B) Arnold Cons&Co Artloom (3).... Atchison (7). Atl C Line(t9 Atl Gulf & WI.. Atl Gulf&WI pf. Atlantic Refing. Atlas Pcwdr (4) 59% Austin-Nichols. 9% Austin Niec pf(7) 57 Baldwin L (7).. 128% Balto & Ohio(5). 107% Balto & Oh pf(4) 73% Bang & Ar (3).. 43 Barnsdall A (2). 26% Bayuk Clgar.... 464 Beech-Nut (13). 57 Belding Bros(3). 28 Bethlehem Steel. 49'4 Beth Stlpf (7).. 108% Bloomingdale... 32% Booth Fisheries. 5% Briggs Mfg (3). 30% BkInEdison (8). 160 Blka-Mn Tr (4). 61% Bkin Un G(111). 96 Brunswick Balk. 36% Brunswick Ter.. 1413 Burroughs (14). 114 Butte Copper&Z. 4% Butte&Super(2). 10 Butterick 62 By-Products (2) 76 Calif Packg(4).. 70 Calif Petrol(2).. 31% Callahan Zinc... 1% Calumet & Ar(6) 66% Calumet&H(1%) 17% Can Dry (c2%).. 43 Can Pacific (10). 166% Case Threshing. 153 Case Thr pf (7). 110% Central Alloy(2) 31% Cent Leather... 8% Cent Leather pf. 67% Cen Ry NJ(112). 289% Century Rib M.. 16 CerroDe P (4).. 65 Certain-Teed(4). 41% Chand-Cle pf(4). 29% Ches & Oh (112). 172 Chi & East Il pf 44 Chi Great Wes:! 10% Chi Gr West pf.. 28% ChiMil&StF.. 11% Chi Ml & St Fpi 20 Mil& St Pctfs 10% C MII&StP pf cts 19% Chi& Nwn (4)-. 78% Chi & Nw pf(7). 125% Chi R1&Pac... 67' CRI&PDpf(6). 92 CRI&PDf (7). 104% Childs ($2.40)... b1 Chile Cop (23%). 33 Christie B (1.20) 37% Chrysler Corp(3. 35 Cluett Peab (5). 64t Cluet Pea pf (7) 114 Coca.Cola (7)..+ 156 Collins & Alkmn 55% Collins&Alk pf 7 113 Col Fuel & Iron. 46% Colo Southern.. 179 Col Sou 2d pf(4) 170 Col Gas & El (5) 81% Col G&El cfs (5) 814 Col Carbon (4).. 65% Com Cred (2)... 27 Com Cred 1st 6% 93 Com Solv B (8). 18T% Congoleum-N.. 26% Congress Cgr (3) 52 Con Cigars (7).. 7% Consol Cigarrts. 13 Consol Distribut 2% Consol Gas (5).. 111% Consol Textile 214 Cont Bakg A (8) 784 Cont Baking B.. 118 Cont Bak pf (8). 92 Cont Can (16)... 784 Cont Insur (6).. 134% Cont Mot (80¢).. 10% Corn Prod(t2%) 46 Corn Prod pf(7). 125 Coty Inc (4).... B5% Crown Pa 1st(7) 98% Crucible Stl (5). 74 Cuba Cane Sugar 9% Cuba Cane Su pf 45's CubaCo (4).... 34 Cuban-Am S (1). 25" Cuban-Dom Sug. 164 Cudahay Pkg(8) 106% Davison Chem.. 34% Deere&Co pf (7) 107% Del & Hud (9).. 17T% Del L & Wn (17) 145% Detroit 13d (8).. 138 Devoe&Ra(2.40) 36l Dodge Bros C1A 274 Dodge pf (7) 857 10 Douglas Pec (2) Y Dupont (14) . 833 Eastman (13)... 117 Eaton Axle (2).. 264 enlohr & Bro. 13% Electric Boat. 94 Jlec Power & Lt 18 Elec P& L pf(7) 94% Elec Refrig (c2) 61% Elec Sto Bat(16) 90 Emmerson-Btct 24 Emmers 37v% 40% 109% e 488 | Equitable pt (1) 122 Erie R R. Erie 1st pf. Erle 2d pf. Cureka Vac (4). Exchange (1z). Fairbanks Co. .. Fairbanks (3) Famous P1 (§8). 118 FedLight(*1.40) 34% Fed Min & Smelt 85 Fed Mot T(f80c) 28 Fid Phoenix (6). 191 First Nat S(113) 31% 34y 45% 42% 54 14% 3l 47% | Fisk Rubber. ... | Fleischmn(12%) Foundation (8). Fox Film A (4). Freeport-Texas. | Gabriel Snu (15) | Gardner Motor.. Gen Am Tnk (3) Gen Asphalt. .. Gen Cigars (4) Gen Elec (h3). .. Gen Elec sp (60c 4 121% 134% 75 107% | 1407 119 44% 76% 1027 384 146% 120'% 29 9% 6% 49% 42% 16% 9% 23% 4814 1584 220% 364 38ta 1094 59 9% 60 106 734 42 26% 46 564 28% 48% 104 32% 5% 30% 160% 61% 95 355 W 2% 110 21 80% 1214 92 31 10% 46% 125 F51y 981y 74 9 4410 343, 26% 164 106% 34 177 144y 1387 6% | i | | 26% | 18% | 9 17% | 9414 | Gen Gas A(ell3) Gen Motors (7). Gen Mot pf(7).. Gen Outdr Ad(2) Gen Outdr A (4) Gen Ry Sig (15). Gimbel Bros. Glidden (2) Gold Dust. . Goodrich Ru (4) Gothm S H (21%) Gotham new 2% Gould Cou (2).. | Granby Consol Grt North pf (5) Grt Wstn Su (8) Green Canan. Guantanamo. Gulf Mo & N GuM & N pf () Gulf Sta 1st (7). Hanna 1st pf. . Hartman (k4.40) Hayes Wh(t31) Helm Geo (16%) Househd (+313) . Houston Ofl. ... Howe Sound (4) . HudsonMan (2% THudson Mo (314) Hup Mot (1.40). Tllinois Cen (7). Tndep Of1 (1). .. Indian Mot (1) Indian Refinine . Ingersoll R (+4) Inland St (2%). Inspiration (2).. Interurb Rap Tr Intcont] Rub(1) TInternat Agri... Int Bus Ma (3). Int Cement (4) Int Com Eng (2) Int Harvstr(6) . . TntMtch pf(3.20) fer Mar nf Ciekel (2. . Int Paper (2) Int Paner nf (7) Int Tei & Tel (6) Tewel Tea. Jones Bros T Jordan Motor Kan City South. Kan C Sonf (4). Kavser J (3)... Kelly-Spring pf Kelsey Wh (6). Kennecott (4).. Keystone T & R. Kinney G R (4). Kinney pf (8). Kresge SS(1.20). Laclede G pf (5) ago Ofl & Tran. Lambert (33%) Lehigh Val(31:) Leh&Fink stf(3) Life Sav (1.0)... Tiz& MB (t4). Lima Loco (4).. Liq Carb (3.60). Loew's Inc (2) Lorillard (82). Loulsiana Of1 LaOfl nfésm LouisGas§ (1.75) Lou&) (16153 Ludlum Steel (2] Mack Trucks (6) Mackay pf (4).. Magma Cop (3 Mallison & Co. . 5 nf Man El Sup (5). Manila Elec (2). Maracaibo Oil. . Market St prior. Marland Ofl (4). Martin-Pary(2). May Dept St (5) Maytag Co (2).. Mexican Seabd. Miami Cop (1).. Mid-Continent . . Mid-Cont pf (7). Middle States Miller Rub (2). Mis Kan & Tex. . MoK & T pf (6). Missouri Pacific. Missouri Pac pf. Montana Pow (5) Montzom Ward. Moon Mot (3) Mothr Lode(75¢) Mo Plcture(1%) Motor Met(3.60) Motor Whi (2).. Murray Body. . . Murray Bod; Nash Mot (3).. Nat Biscuft +415 Nat Cash Ree(2) Nat Cloak & Suit Nat Dairy (3) Nat Dt Store: Nat Distillers Nat Lead (8)... Nat Pw&Lt(80c) t Ry Mex 2d.. Nat Supply (4). Nevada Cop (1). NY Air Brake(2) X Y Canners(c2) NY Central (7). NY Chi&StL(11) NYC&StL pf (6) NY Dock. 4 NY NH & Hart. NY On & West. . NY Rys 2d stpd. Niag F pf (1%). Norfolk South. .. Norfk & Wn (13) North A (B3.40). North Pac (5)... Norwalk (80c).. 0il Well Sup (2) Omnibus. 5 Omnibus pt (8). Onyx Hos (3.20) Oppenhelm (3).. Otis Elevator (6} Otis Steel. Outlet Co (131) Outlet Copf (7). Owens Bot (t4). Pacific Gas (8). Pac Oil Stub: Packard (12.90). Paige Mot (1.30). Pan.Am (6).... Pan-Am B (8). Pan.AmWnB( Panhandle. ..... Park Utah (60c) Pathe Ex (c3). Penick & Ford.. Penn € & Coke. . Pennsy R R (3). Penn-Seab Steel. Peoples Gas (8). Peoples Gas rts. Peoria & Hast. Pere Marq (+8) Pere Marq pf (3 Phila& RC&I. Philip Morri Phillips Pet (3). Pierce-Arrow | Plerce Of1.... Pierce Ferolm. . Pitts Coal pf. . | pitts st pf (7 Postum (5) . Pressed Stl Car. Prod-& Refiners Producers&R pf. Pub Ser NJ (5). Pub S NJ pf (7). Pullman Co (8). Punta Aleg Sug. Pure Oil (1).... Radio Corp of A. | Radio C pf (3%4) Rand M (a3.04). Ray Copper(25¢) Reading (4).... Reading rts | Reading 2d (2). Remington Type Replogle Steel. . Rep Ir & Stl (4). Reynolds Spngs. 13614 31% 1081 701 39% 16 61 4419 211 42 1074 1891 404 26'% 51% 48% 404 14 924% 19% 44 110% 9% 59 6l | Rey Tobac B(5). 111 31% 6lg 45 84 5014 T 1% Robt Rels & Co. . Royal D (a3.078) Rutland pf. . fety Cable (4) St Joseph L(t).. StL & SanFr (7) StL&San F pf(6) St L, Southwest. Sav Schu eaboard Air L. Seab Air L pf 9 49% 51 537 41% 99% 91 STAR, WASHINGTON, D. C. Low. Closs 47 159% 120 34 53% 83% 47 20% 474 47% 56 547 15% 30% 8% 1114 9% 49% 110 9 49 47 1569% 120 34 53% 84 47 20% 4Tie 48 56Y% 547 | willys. ! wilson & Co BANKERS WILL DISCUSS VITAL TOPICS AT LOS ANGELES MEETING Big Washington Delegation Is Going to Convention of National Body. Oscar Wells Sees Broader Scone to Coming Gathering of Financial Men. BY EDWARD C. STONE. Oscar Wells, head of the American Bankers' Association, declares there are more paramount topics coming hefore this year's convention than have been presented at any previous session. Rapid extension of special banking functions, such as those having to do with savings. fiduciary services and investments by classes of banks not previously engaged in these activities, call for a complete interchange of ideas, he says. Great Interest and importance cen- ters in Federal legislation dealing with branch banking and tge exten- <ion of the Federal Reserve Bank charters, also in the equalizing of rights hetween National and State in stitutions, as well as the widening of the provisions for lending money on real estate under the laws governing the conduct of national banks. Bank taxation is another of the big issues coming up, while in the field of gen- eral business President Wells believes installment buying is probably the most vital matter with which the con- vention will deal. When Mr. Wells raps for order at Los Angeles on October 4 he will see in front of him one of the largest delegations of Washington bankers which has yet attended a national conventfon at such a distance from home. They are sure to bring back to the local association many important and constructive ideas. August Phone Income Falls Off. The statement of the Chesapeake & Potomac Telephone €0 tions for the month of August, made to- day to the Public Utilities Commis- sion, shows telephone operating reve nues of $546.251, a decrease of $1 365 compared with July, and tele- phone operating expenses of $400, an increase of $606 compared Wwith July. The taxes for the month of August amounted to $43,857 and other mis- sellaneous expenses were 37,636, leav- ing n net income of $95,203, which is a decrease of $15,515 compared with July, and also lower than for Au- gust last year. The statement also shows that new equipment added during the first eight months of 1926 while the amounted to $1,842,231.32, period retirements for the me 14% 55% 5 5 59 59 42% 42% 281 28% Seagrave(el.20) T Sears-R (n 212). Seneca Copper Shattuck F G(2) ShellT&Ta2.17 %% Shell Un (1.40). Shell Un pf (6) Simmons (12.25). Simms Pet (1) Sinclair Oil inclair pt kelly Oil (2). loss Sheft (6) loss-Shf pf (7). South Port S (6) Sou Cal Ed (2).. Sou Dairtes A (4) South Ry pf (5). Spicer Mfg Std Gas & Bl g3. Std G & E1 pf(4) Std Oil Cal (2).. Std O N (1) Std Oi1 NJ pt(7) Sterling Pro (5 Stewart War (6) Strombers (6) .. Studebaker (5).. Submarine Boat. Superior Oil. weets of Amer. mington. ..... Symington A(2). Tenn Copper (1) Texas Co (3).... Tex Gulf Sul(12; Texas Gulf (n).. Tex & Pac C& O Tex & Pacific. The Fair (2.40). Thompson (3.60) Tide Water (11 Timken (i5) . Tobac Prod (7). Tob Prod A (7). Transcont Oil. Twin City (5). Underwood (4) .. Un Bag& Paper. Un Carbide (5).. n Ol (2)... Un Pacific (10). Un Pacific pf(4). Un Tank Car(5) . Un Tk Car pf(7) Utd Cigar 8 (c2) Un Cig St pf (7). Utd Drug (8). UtdDrg 1st(3%) United Fruit (4) 115 U S CIP&F(10) 210% U § Distributing 52% U S Hoffmn 1315 51% S Ind Alcohol. 78 S Realty (4).. 62 S Rubber. 6112 61 S Rub 1st (3). 107% 108% 35% 4 36'% 4% 474 148% 127 164% 9% 118% 115% 981y 123 164 58% 115 210% 52% 5l 7% 6215 U S Steel pf (7). Unliversal Pipe. . Utl PELtA (e2) Vivadou (3). Wabash. Wabash pf A(5). Idorf (1%). . d Baking B. rd Bak pf (7) Waruer Bros. ... Warren Bros (4) Weber (4) W Penn West Pacific. | West Pac pf (6). West Unfon (8). 151 thse A B (7) 135% estinghse (4). 1% Weston Elec. ... 18 Weston A (2)... 32 Wheel & L Erfe. 28 Wheel & LEpf.. 47 White 2 White Mot (4) White SM pf(4). Wickwire ctfs. Willys-Overl )d pf (7 Wilson A (new) . Wilson pf new Woolwth FW (15 1611 Worthtn B (6).. 54 yellow Tr (75¢). 82% Yel Tr&C pf(7). 102'a Youngstown (4). 874 Hourly Sales on N. 11am. 383,400 12 n.. 687,700 1pm. 939.600 2 p.m.1.110,200 Dividend rates as ziven in the above table are l\l;‘ aunual cash payments based on the fatest auarterly or half yearly declaratios Uniess otherwise noted. extra or special divi- dends are not included WEay Mock. | iPartly extra. §Pasabl n common stock. $Plus 4% in stock p; ble 1% aquarterly. Plus 3% in stock. aPaid this year—no recular rate, bPlus 10% in Commo} stock “ uuarterly cPlus 5% 1n su e _when earned. cPavutle in'cah gr stock- (Plus 3% e in stock. 2Plus 2-50 sh: rs n stock. hPl $1 in special stock. lus $4 in el stuck. iPlus S% o stock. % | Treasury officials t /(AR WELLS, President. American Bankers’ ciation. Asso- lamounted to $796.433.01, leaving the net additions for the eight-month period, $1,045.798.31. The' net additions for the 12-month pe gust 31 was $1.786,062.70. Reports New Bank Making Profit. Francis M. Savage, president of the | Central gs Bank, the youngest bank in Washington, toid his direc- tors at a dinner last night at Com monwealth arm that in spite of the heavy expenses connected with start- ing 4 bank, the institution has made some moncy during the past three months after paying 4 per cent to depositors. He expects the bank to be on a paying basis from now on and declares progres far has been more rapid than expected. The per savings in Wash- ington are § in the count erall ahout to equipment iod ended Au- ' s in New are much higher than elsewhere be- cause the rate of interest paid there has been much higher. In the Balti- more banks there is more than § 5 000,000 in savings bearing 4 per cent interest. Savings deposits in all the Cashington hanks now total about 000,000, Mr. Savage said. had the same rate been here that has been paid in ) and New England it would a great difference to depositors in the past 10 years After ing that the Central Sav- ings Bank now has $100,000 capital and more than $200,000 in surplus and undivided profits, the veteran banker touched on one of his favorite hobbies —branch bankin tle recalled that when he was in South Africa he found just two banks. One had 600 branches and the other 500. The one with 500 branches got into trouble and the gov- me to its assistance. fears is a wave of centralized banking in this country, which, he asserts. would put an end to individual enterprise and effort, and place the Nation st wealth under the control of a comparatively few financiers, Banking Committees Completed. Two more committees of the Dis- trict Bankers' . appoin by President Howard Moran befor started for Los Angeles, are n public today, all the members ha {signified their willingness to serve. One i the committee on taxation, of which Harry V. Fleming, president of the Riggs National Bank, is chair- man. Serving with him will he Francis G. Addison, jr., vice president of the Security Savings and Commer- clal Bank; Robert N. Harper, presi- ldent of the District National Hank; | Corcoran Thom, vice president of the | American Security and Trust ¢ nd Eugene E. Thompson, head of Crane, Parris & Co. The other committee just completed is on Treasury relations. Robert V. Fleming is also chairman of this one and with him are Charles J. Bell, president American Security and Trust Co., and_ Wilmer J. Waller, vice president Federal-American Na- tional Bank. Mr. Fleming was chair {man of this committee last year and lgot along so pleasantly with the > was urged ito act in the same city again. gl Local Market Again Active. Capital Traction led trading on the Washington Stock Exchange ta 5 { the issue, which is ex dividend. open- jing at 10414, dropping to 104's and closing ‘at 104, the day's turnover totalling 45 shares. Merchants’ Trans- {fer and Storage preferred sold at 100, Mergenthaler brought 106% and Lans- ton sold at 90%. Potomac Electric Power preferred came out at 107% and closed at 107%. nfon Trust Co. stock opened at 2251 for 12 shares and closed at 225 {in a 10-share turnover. In the un- listed department North Capitol Sav- ings Bank again appeared on the board, selling at 16. | Capital Traction 5s sold at 101, {Georgetown Gas 5s at 100, Anacostia jana Potomac Railroad 5s at 9413 and 1 Washington Gas 5s at 101%. | Institute Enrollment Reaches 238. nrollment at the local banking {institute has now reached Tast {night’s classes opening with an un- expected ge attendance. Officials now believe the 500-goal will ireached, as many new students will take the courses offered in the second semester and more are expected to enroll this week. Classes meeting for the first time last evening were bank- ing fundamentals, under Eliot H. Thomson; standard economics, under F. J. Donohoe, and investments, charge of Y. 1. Booker. Harvey W. Wiley, the veteran food expert who has expressed hi intention of joining the investments class, was out of the city last night to fill a lecture engagement. He plans to join the class soon. New Mortgage Bond Issue. J. A. W. Iglehart & Co. will offer tomorrow a new issue of 00,000 first mortgage 6 per cent collatéral trust gold bonds, series I, of the Security Bond & Mortgage Co. at i par, to yield 6 per cent. the present offering, $2,750,000 of these bonds have been sued since offering was made on Oc- The mortgages se- curing these bonds are guaranteed unconditionally as to payment of principal and interest by the Mary- land Casualty Co. The bonds are dated October 1, 1926, and the ma- turities are from one to five years, $100,000 of the bonds maturing each vear. Principal and semi-annual in- Terest are pavable at the Maryland Trust Co., Baltimore. Leslie M. Shaw, former Secretary of the Treasury, was the guest of ! honor and principal speaker at a din- ner last night given by C. E. Moran & Co. to its force of security sales- men. The only other guests outside of the organization were Morris Cafritz and Morris Gerwirz, president and secretary, respectively, of the Fed- eral Security and Mort, which C. E. Moran & Co. are the fiscal agent i i i BUTTER UNCHANGED. ter—Unchanged; receipts, 6.407 tub: Jggs—I nchanged: receipts, cases; firsts, 3612a38; ordinary 20a33; refrigerator extras, 3 frigerator firsts, 341%. firsts, . e WEDNESDAY, SEPTEMBER 29. | [ovmer o BONDS o] | JFFERNGSHEAVY Received by Private Wire Direct to The Star Ofice. UNITED STATES. ! (Sales are in $1.000. Lib3%s... 81 Lib 2d 4s 2 Liblst4%s 5 Lib2d 4%s. 186 Lib 3d 4%s. 223 Lib 4th 4%s 201 US3¥%s... 6 US4s1944. 23 US4%s52. 15 FOREIGN. 100 2 101 27 101 101 18 101 Argentine 5s. .. Argentine 6s Ju 59. Argentine 6s Oct59 36 Argentine 6s A. Argentine 6s B. Argentine 7s. Australian bs Austria7s...... Bank of Chile 614s. Bank of Japan 6s. . Belgium 6s. Belgium 63 Belgium 7s.. Belgium 7%s Belgium 8s. . Bolivia 8s Bordeaux 6s 921, 983 98 894, 98% 100t 98% 1014 Brazil 61s. . Brazil 7s Brazil 8s Canada Canada 5% 1952. ... Canada 5 1929 Chile 75 1943 Chile 85 1041. Chile 851946 Chinese Gov Ry Christiania 6s. Con Pow Japan Copenhagen 5 14 Cuba 5%s...... Czecho 7148 rets. .. Czecho §5 1951 . Czecho 85 19. | Danish Mun Denmark 6s Dutch Kast 165 47. be | in | Including | CHICAGO, September 29 (A).—But.| Duteh East I 65 62. Finland s f 6s 45... Finland 7s Framerican 7 French 7s. French 71s French 8s. German I man 7s. Ger Agr Bank 7s. Ger Gen Elec 7s. Greek Ts Halti6s..... Holland-Amer 65 Ttaly 7s. Japanese % Japanese §14s. Jergens U M 6s Lyon 6s..... Marseille 6s....... 4 Mexico 45 10 asntd. 13 Mexico 5sassenter 10 Montevideo 7s. Paris-Ly-Med 63 Paris-Ly-Med 7s. . Paris Orleans 73 Teru 7148 Peru 8s... Poland 6s 40. Poland 8 Prague 71:s Queensland 6 Rhinelbe Un 7 s Rio de Jan 8s 1946. Riode Jan 8s47... Rio Gr Do Sul 88 | Sao Paulo 8= 19, Sao Paulo 195 on (PW) Serbs Crot Slo 8s Swiss Confed 8s. .. Toho Elec Pow 78. . Utd Kingm 5% 37. Am Agr Chem 5s. . 103 Am Agri Chem T16¢ 20 104% Am Smit & R 1st 53 80 100% Am Sugarref 6s... 6 104% AmT&Tel tres.. 9814 AmT& Teltr5s.. 102% AmT&Tsf6s. 1004 AmT & T deb 5% Am Water WKs 5s. Anaconda 1st 6s. Anaconda cv db 7s. ‘Andes Cop 7s rets. Armour&Co 4%srf Armour Del 5158 Atlantic Refin 5s.. Barnsdall 65 ctfs. . Bell Tell Pa 53 B.. Bell Tell Pa 55 C Beth Steel pm 5 Reth Steel rf 5s. Beth Steel 5128 ath Steel 6s Brfer H St 16t 5 Bkiyn Ed gen 5 Bklyn Union 5 Bush T Bldg Calif Pete 6145 Cen Leath 6s 45 Chile Copper 6s32. Con Coal Md 1st 5s. Con Gas N Y 5%S.. Consumers Pow Cuba Cane cv 7s. Cuba Cane cv 8s. Denver Gas 5 Det Edison 55 40 Det Edison ref 6s. . Dodze w16s...... Duquesne Light 6s. Est Cuba Sug 7%s. Empire G & F 71%s. Goodrich 6%s..... Goodyear 8s Hershey 514 Hoe & Co 6%48. .. .. Humble O & R 5%s Tllinois Bell 1st 5s. Indiana Steel 5 Int Mer Marine 6s. Int Paper 58 47.... Int Paper 6s. IntT & T 5%s. Kan CP&L 5s A 52. Kan G & E16s52.. Kelly-Spring 8s... Lackawa S § . | Lacl G ref 55 3 Laclede G 5%s 5 Liggett & Myers 7s Loulsv G & E 55 52. Manati Sug st 7%s. Mid.Con 61s 40. Midvale Steel . Mor's & Co 1st 4128 New FEng Tel 5s... Y G E L H&P 4s. Y G EL H&P 5s. Y Tel 68 41 N Y Tel 6s 49. North Am Ed 6s. .. North Am Ed 63 Nor States Pow 5s Nor States Pow 6s. Pac Gas & E158. Pac T &T 1st 58 Pac T & T 55 52 Pan-Amer Pete 6s. PhilaCo5%s 38. PhilaCorf6sA.. Phila & Rd C & 153 Producers & Rf 8s. Public Service 6s.. Pub Serv Elec 6s. . Punta Alegre 7s. Remingtn Arms 6s. Sinclair Oil 6s.....156 Sinclair Oll 6%s... 11 Sinclair Ol 7s..... 49 Sin Crude Oil 6s... 14 Sin Pipe Lne 6s.... 24 Skelly Ol 6%s.. .13 Southwest Bell 5s. Sug Est Orient 7s. Tenn Elec Pow 6s. U S Rub 1st rf 5s.. Rub 7158 ] § Steel sf 5: Utah Pow & Lt 5 Vertientes Sug 78. . Warner Sug 7s 41.. West Elec 5s...... Westn Union 6s. Westinghouse 5. Westinghouse Willys-Ov 6%4s Sales. High. Low. 10018 100 14 100 2 100 17 100 156 1014 1012 1025 1021 103 25 103 22 10722 10719 High. Low. Close. MISCELLANEOUS. 1 1926. ) i Close. 100 18 100 2 10127 101 15 1014 1021 10118 103 22 10717 24 18 % 28% 98% 99% 98% 100% 9844 101% 95% 100% 85% 92's 94% 107% 107% 103% 87 89% 95% 104% 101 10315 1015 101 108% 108% 374 100 95'% 992 102 101% 103 102'% 11 103% 105'% 105 88 99Y 93%e 92 984 91% 988y 98% 99'% 98% 100% 984 1014 95% 1004 85% 92% 94% 10749 107% 108% 87 29 951 104 103 104% 100% 104 984 102 100% 10474 9Tl 103 106 106% 9074 934 100% 108% 110% 103 105% 99% 105 9984 1017 1007% 10614 100% 104 100% 111 103% 107 108% | 9% 4 101% ¢ 90% 9614 100% 92 135 1025 9715 105 931 1061 10574 96% 98t 8¢ 1013 112 100 4 104% 101% Sal Wilson & Co 1st 6: ‘Winchester A 7% 9 Youngstn S& T és. 12 .FINANCIAL. Hig) 984 104% 104 RAILROAD. Atchison gen 4s. ... 10 Atlantic C L 1st ¢s. 10 AtlanticCL7s.... 8 At] & Dan 1st 4s 48 B& O SwDiv 58 cfs Bklyn Manhat 6s. . Buff R & Pitt 4%4s. Can Nat 4%s 30 Canad North . Canad Pac deb ¢s. . Cent of Ga 6s . Central Pacific 4s Cent Pac 1st 58 90. Ches & O cv4ls Ches & O gn 4%s. . Chi & Alton 3%s. Chi& EIgnbs.... Chi Great West 4s. CM& Puget S 4s.. C M&St P 4s 25 cfs. CM&StPgn8d CM&StPev 4l 25 CM&SPev4 5 832¢cfs 43 CM&StPgnalys. 7 CM&StPrrd4ls. 1 CM&StP r 4%s cf14 27 cM& Chi & Chi & s. . Chi&NW 4% s 1987, Chi & NW ref 5s. . Chi& NW §13s. Chi Rys 5s. . ChiRI&Prfds.. ChiTH&S E bs. . Chi Un Sta 4% s Chi & W Ind cn CCC&StLrfésA. Clev Term 5s C &S 1st 4 Colo & Sou 4%s Cuba R R 6s. &uba N R 65 66. Del & Hud 1st rf 4s 11 Del & Hud 5%4s.... 1 Den& Rio Gends. 1 D&RIoG imphs.. 5 D Rio G West 5s...148 Erie 1st cons 4s.... 10 FErie gen 4s. 21 Erie conv 4s A Erte conv 45 B Erfeconv 4s D Erie conv ext 7s Frie & Jersay 6s. Fla EC5s74. Gr Trunksfdb 6s. . Gt Nor 4%4876 D.. Great North 58. Great North 518, Gr Nor gen 7s. G Mob&N 5%s B Hocking Val 4%8 Hud & Man ref 58 Hud & Man aj 5s. 111 Cen 45 53.. 111 Central 5%s. T1-C-C SL&NO Gs. Int Rap Tran 5s.. Int Rap Tr 68 stpd. Int Rap Tran 6s Int Rap Tran 78 Int & G Nor ad 6 Int RysC A 7 Int Rep C Am 68 41. Towa Cent rf 4s. Kan City Ft § 4s. Kansas City § 8s. . Kansas City S 5s. . Ian City Term 4s. Lake Shore 45 28. . TLake Shore 45 31. . Lous & N uni 48 L& N 4152003 Man Ry 1st 90 Man Ry 2d 45 2013 Market St 75 40. .. Mil El Ry & L 58. . MStP&SSM5s38gtd M St P & SSM 51%s M St P& SSM 6%s MK & T adj 5s. MK&T6sC. Mo Pacific gen Mo Pac 65 49 D. Mo Pac 6355 B Nassau E Ry 4s New Or Term 48 N O Tex & M in 5s. N O Tex & M5s B. NYCentdsos. ... N Y Cent deb 4s NYCentriss.... N Y Cent LS cl 315¢ NYChI&SIL 5143A. NYChi&StL 5%sB. NYC&StL6sA. New Haven c d 6s N Y Rys 6865... N Y State Ry 4%s NY W& Bos 4'%s. Nor & S gen 5% 54 Northern Pac 3s. Northern Pac 4s... Northern Pac r i 65 Ore Short L rfs 4s. Ore Wash 1st Pennsyl gen 41¢s Pennsyl gen Pennsyl 5s 64. Pennsyl 6%s. ... Pennsyl gold 7s Pere Marq 18t 63. . Port R L & P 53 42. Por RL&P 6347, Reading gen 4145 Rio G Westcf 4s. .. RIArk&L 4%s. StL IM&S 4529, St L IM&S R&G 4s. StL&SFpl4sA. St L & S F pr In 5s. StL&SF5%sD.. St L &S F adj 6s St L &S F inc 6s. StL&SFplésC.. St1S W con 4s 32. St P& KCShL 4%s San A & Arn P 4s Seab A L adj 68 Seab A L con 6s. Seab All Fla 6s. Sou Pac 4s 29 Sou Pactfic clt & Sou Pacific ref 4s. . Southern Ry gen 4s Sou Ry con 58 94... Southern Ry 6%s. . Term Asso S L 4s. Term Asso St L bs. | Texas & Pacific 1st Third Ave ref 4s.. 4! Third Ave ad; 5s. . Tol StL & W 4s Union Pac 1st 4s.... | Union Pac 1st rf 4s { Union Pac 4s 27 Union Pac cv 68 Virginia Ry 1st 53. VaRy&P5s...... | Wabash 1st 68..... { Wabash 5%s75.... West Maryland 4s. Western Pacific 5s. West Shore 1st 48. payable October 15 ecord October 5. { was changed i 1zed. MELBOURNE, 000,000 bushels.) . NEW jal).—Crude rubber, I 934 105 80% a1 961 98% 97% 102% 103% 106% 1% 100% 9644 9% 981 114% 85 102% 90% 100% 8% . Low. Close. 98% 104% 103% 9% 92% 106 80% 90% 9844 104% 104 914 93% 105 80% 0% 9615 98 97% 102% 108w 106% 1% 100% 9619 1% 984 114% 85 102% 907 4 100% 7% 97% 8949 102% 93% 103 72 105% 9 105% 59% 86 100 991y 88 95" 103% 77 103" 103 102 103% 26% b53% 7614 874 89% DECLARES DIVIDEND. NEW YORK, September 29 (#).— Realty Associates declared an initial | semt-annual dividend of 3 per cent on the reclassified second preferred stock 98% 96 60 % 68% 544 b6% 82% 55 6% 924 55% 554 54% 6% 8T 101' 1017 113% 104 5% 96 81 878 102% 101% 7015 704 T4 94% 80% 77 to holders of dividend basis from § per cent. regular semi-annual dividend of $2.50 a share on the common was author- AUSTRALIA'S GRAIN CROP. September 29 (#).— Present conditions indicate that Aus- tralia’'s wheat harvest this year will be 140,000.000 bushels. lian wheat crop for last year was 116,- RUBBER EASIER. YORK, September 23 (Spe. The stock recently to 6 per cent annual The (The Austra- smoked ribbed theets. eased off quarter of a cent at today’'s noon quotation of 42% cents. This compared with 40% cents a |as she thinke—oni s month ago and 90 cents a year ag e Tot mortg: 5 per cent bonds priced at INBOND MARKET Public Utilities in Larger Supply—Effect Evident in Deals Out of Exchange. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September -In vestment bonds were in larger supp! than yesterday, but the effect was< more evident in “over the counter transactions than on the exchange High-grade public utility issues were rather freely offered. Dealers wl had accumulated these issues when Massachusetts made them legal in vestments for savings banks, wer the sellers. The best of thé raflroad bonds wi better supported. Net changes, how ever, were negligible. More attentio was pald to such issues as Roc Island, Louisiana and Arkansas 4's and St. Paul and Kansas City short line 415s. Among United States Government obligations Liberty first 41,5 and fourth 41,s were lowor. The feature of the industrial was the selling of Sinclair Oil obli gations, which was generally connect ed with the urt decision in the Teapot Dome case. Sinclair 6158 a 91 were down int_ and the 7s at 97 were off % of a point. Sinclair 6s at 101 were at a new low for the year. The last named moved with the stocks. Other ofl bonds were not disturbed. Skelly 6125 were up o point and a half In the tractions fhird Avenue ad justments improved moderately in i sponse to the more favorable Augns earnings statement compared Wit the same month a year ago Cuba Cane Sugar Ss reached a new top on this recovery at 89, compa with the year's high made last Fel ruary of 100% and the low in May of 93. This was, of course a reflec tion of the improvement in the suga outlook. Marine 6s lost thbir recent gain and U. S. Rubber Gs were heavy. There was no important change in the speculative rails. . Louis-Sar Francisco incomes changed hands in large volume just below 96. The $i annual interest payment comes off the price October 1. In the forelgn group German obli gations were the leaders, notably Ber lin 6%s and German General Ele tric 7s. On the other hand, French s dipped below 92, and while Ttalian s were up fractionally at onetime, they reacted later. WHEAT VALUES FIRM AFTER EARLY DROP Liverpool Displays More Strength Than Was Expected—Corn and Oats Are Easy. By the Associated Press. CHICAGO, September 29.— Wheat values developed firmness today after downturns at the start. Liverpool quotations displayed more strength than was looked for, and the crop movement in Canada continued to lag Starting unchanged to 1 off, the wheat market here soon scored slight general gains. Corn and oats were easy, corn opening 4, to % off, but showing but little power to rally. Pro. visions held steady. Showers prevailing in Can: were regarded as likely to ¢ ther delay to threshing. ma of today use fur Meanwhile, taling only .128 bushels a year Besides, today’s arrivals at ‘Winnipeg amount ed to but 1,204 cars, compared with 1,717 last week and 2,357 last year. An interesting sidelight on wheat market conditions came in official an nouncement that exports of domesti wheat and flour since Juty 1 have ag gregated 1,000.000 bushels daily so far this season. It was pointed out th nothing like that volume of business has been reported from day to day. Wheat— Sentember December May 2 Corn— September cmber Dr 0 September Decamber May Rye— September . December May New Bond Issues NEW YORK, September 29 clal).—Announcement is made that banking group headed by Spencer, Trask & Co. will shortly offer $3,500.- 000 of an authorized issue of 000 first mortzage 6 per cent honds maturing in 15 .years of the Scullin Steel (‘0. and a block of participat ing preference stock carrying a cum ulative annual dividend of $3 and participating eaually with the com mon stock in dividends in excess of $3 a share on the latter. (Sp An issue of between $15,000,000 tn 000,000 in 6 per cent debentures al Paper r future ability will $2 for account of the Internatio Co. is expected in the n The proceeds in all pro be applied to expansion of newsprint mills in Canada. The last financing of this company was done by a_power company subsidiary, but this | understood to be a direct obli of International Paper Co ¥ P Morgan & Co. chased and sold privately a new issue of Cleveland Union Terminal firs: 10315, which is higher than the origi nal _offering of bonds, but is on the Terminal Co parity with their present market value. This brings the total up to $37.000.000 in the hands of the public, $25.000,000 being 58 and the remaining 5l%s out of an authorized amount of $60,000,000. The terminal company is owned jointly hy the New York Central, Big Four and Nickel Plate Railways. W. C. Langley & Co. and Halse Stuart & Co., Inc.. announced t the issue of $2,750,000 Arkansas Water Co., first mortgage 5 per cent bonds offered by them has been over. subscribed and the books closed. Offering is scheduled for the near future of $12,000,000 in first mortgage and collateral trust 6 per cent con vertible bonds of the Richfield Ofl (‘o California. The bonds mature September 15. 1941, and are converti. ble into stock on the sliding scale. Hemphill Noyes & Co. ers. re the bank. Otis & Co. were the bidders for the $2,000,000 |and Lake Erie Refunding 5 per cent bonds due 1966. The purpose of the issue is to provide funds for refund ing the $2,000,000 Lake Erie division . which mature this vear. - . The average woman usually speaks £uccessful Wheeling the Office Boy. _