Evening Star Newspaper, October 25, 1926, Page 22

o = b AFFECTS STUEKS; Drop Is Not So Serious as the | Market Already Was Demoralized. BY STUART P. WE Special Dispatch to The Star NEW YORK, October feature in the Wall Street today was the sensational pient report on cotton covering record of ginnings up to October and giving a revised estimate of crop tot This estimate placed amount of the harvest at the ormous flgure of 4,000 bales. This | compared with 16,527,000 hales onj October 1, and a final production lust ar of 16,103 hales. Cotton prices fell as the market reopened after the publication of the bureau findings. This was, h no wide-open bre: curred on other occ This was because the cotton trade ha for 80 long been demoralized by the prospect of another huge crop that in addition of 800,000 bales to the indlea- | tions was taken in the light of mews, but coming In w situation wi already could not have be worse, The stock market sold while, then rallied. The change was platnly influe cotton figures hecause th the impression that with might be done by wuy ¢ help for the cotton growe tock for cotton price: anything like production practically hopele Su valuations for cotton v taflment. of buying in States, quite pussibly so marked us o affect the general business situatio This was what the stock market b Leen saying for o time, and wus saying It aguin tod Motor shares were frecly sold than mo: Genernl Motors cuil and there was hea Timken Roller Trucks, Hudson Motors a baker were lower most of but the motor group did bet tast hour, when Timken n regained its los el Common followed the course | of the main body of stocks but the | wenkness s pronounc State Steel, which had been off ne 6 points lust week and promptiy broke 3 points further today. with an unsettling influence on some of | the independent steel shares. Youngs town in particular fell quite sharpl The break in Gulf State was a fu ther response the poor made t week in the report. Some of the high-priced rails were affected by the selling, notably At- lantie Coast Line, Atchison and Unton Pacific, while active huying at higher prices developed in B. & O. and - Haven. American Smelting opening higher, came down with the others. Tox fllm A at one stage was up nearly 2 points on top of its rise of last week of neurly ¥ points. The weakness in Sears Roebuck w: parently outlook, WALL STREET BRIEFS EW YORK, October ®).—Cast adrift by the refusal of the Interstate smumerce Commission to permit its I «© to the Norfolk and Western, the Virginian Railway probably will have vo ditficulty in finding shelter under the protecting wing of some other large system in the belief of Wall sireet circles. At the time the Nor- folk and Western, backed the Pennsylvan announced i plans, the Vaun Sweringens were said to t looking toward the Virginlan as possible link for the ckle Plate mer The Loree interests, among to regard the Vir- ¢ merger possibility The big situation | vern the 18, the | en- | ! off for Stock d e deepened at ! th turning costs out 1 wits Tow n cur the Southern the time. rin the qua k for busines months rematn favorable, despite the less encouragin position of @ Iture resulting frnm‘ the bal weather experienced in numerous localities and the violent break in the price of cotton, savs the nionthly review of the Guaranty Trust Co. The nd mideontinent fuluciary conference of the American Bankers' Assoctation will be held in Omaha De- eembe and 7, it was announced yes- terday. The conference territory in- ctudes the 19 Alubama Arkansas, Tiin Kansas, Kentuck fgan, Minnesota, Missi North Dakot Dakota, Tennes nsin, . Mi Oklahom Shipments of wdard cotton textiles during the first 15 duys of Oc- tober exceeded production for the game period by 10531000 yards, or 10 per cent, according to figures com plled by the Assocfation of Cotton Textile Mercha The total of all | shipments amounted to 113,871.00 yards, while sales for the period uger gated 87,000,000 yards, or 83 per cent of production A new se L000,000 Alabama Power Co. 5 2 per cen placed s market today b nking group headed by Har Forbes & Co. The issue is priced LLE gy s Net earnings of the As: ic Co. for the riod ended August 31 totaled $12.0: i1 compared with $4,664,874 in t preceding year The large incre: was due in part to the system'’s sitian of additional properti the progressive gains in subs earnings. sefited DRY GOODS QUIET. E NEW YORK. ¢ | Cotton Ay, W G0 tober 25 (Speciall.— ods markets continued quiet prices somewhat irregular. print cloths advanced an elghth of a cent to 67, while the < declined an eighth to 715 cents. were steady in a slow mar- BUTTER IS HIGHER. H 3 (P .-—But Eges—Higher. firsts, 42ud3; ordinary i refrigerator extras, 3 s refrigerator FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Suns. Closing.) FEEPGS RSSS2EE. PREEACER Py Yena $322350 v | SILVER QUOTATIONS. NEW YORK. Octoher 5 (#)—Bar. gilver, 527; Mexican dollars, 40%s . 1 Am | Am Tobaceo (8). FINANCIAL BREAK IN COTTON | Abrahm&Straus Adams Exp (6). Adv Rumley. ... Ad Rumley »¢(3 Ahumada i+1) Atax Rubber. ... Allled Chem (4). ADIs Chalm (8). Amal Leather. Amerada (2) Am Agricul Chn Am Agri Ch of. . Am Bank N 160. Am Bosch, A Brake Sh(f) Am Br Bov EI(2; } Am Can (2). Am Car&Fay (6} Am Chain A (2). { Am Chicle (3) Am Drug....... Am & For Pow. . Am & Fo P pf(7) Am Hide & L Ari Ho P (2.40). Am Internatl. .. Am La Fr(1). Am Linseed.. ... Am Linsd pf (1) Am Locomot (%) Am Mach & Fy.. Ar Metals (4) .. Am Po&Lt (g1). Am Radlator(%). Am Ry Exp (6) Am Bafetv R (3 Am Ship & Corr. Am Smelting (8) AmS& R pf Am St] Fdy (7 Am Sugar (5)... Am Sugar pf (7) Am Sumatra. ... Tel & Tel(3) Am Tobac B (1) Am Tobao pf (8) Am Type pf (7). Am Wa Am Wi Am Waolen Am Zine. Annconda (2 { Archer-Dantais . ArmourDel pf (T Armour of TI1(AY Armour of 111(B} Arnold Cons&Co Artloom (3). Art Metal (1).. Asso Dry G(21) Atchison (7).... Atchison pt (5). At1C Line(19%) At Gulf & W Atlantic Refine. | Atias Powdr (4) Atlas Tack..... Austin-Nickols. Auto Knitter Paldwin T, (7). Balto & Ohlo (6) Bang & Ar (3) .. TNarnsdall A (2). Bayuk Clgar. Belding Bros(3) Bethlehem Steel Beth St pf (7).. Briggs Mfe (3). Blkn-Mn Tr (4). Bk-Man T pf(6) Bkin Un G(t11). Brunswick Ter.. Burroughs (14). Butte Copper&Z. Butte&Super(2). Butterick. ...... By-Products (2) Callf Packz(4).. Calif Petrol(2).. Callahan Zine. .. Can Dry (e2%). Canada Sou (3). Can Pacific (10). Case Threshing. Central Alloy (2) Cent Leather.. . Cent Leather pf. Cen Ry NJ (+12). Century Rib M.. Cerro De P (4).. Certain-Teed (4) Chand-Cle pf(4) Ches & Oh (112) 1624 1631 29 R 51% 270 121 62 411% 28 167% T% . 32y Chi & East II' pf 4273 Chi Great West. 9 Chi Gr Wast pf.. 24% Chi MII&StP. Ch! Mil&StP pf. C M&StP ofs € M&SHP pf ofs 1 Cht & Nwn (4)-. CHiRI&Pac. CRI&PDpf(6). Childs (32.40) ... Chile Cop (2%). Chrysler Corp(3( Cluett Peab (3). Coca-Cola (7)... 1497 Col Fuel & Iron. 39% Col Gas & E1 (6) 84 Col G&El cfs (5) 82% Col G & E pf (7) 114% Col Carbon (4).. 62% Com Cred (2) 2245 Com In Tr pf 6% 9 Com Seolv B (8). 179 Congoleum-N.. 2% Congress Cgr (3] 467y Con Cigars (7).. 69% Consol Distribut 2 | Consol Gas (5).. 105% Consol Textile. . Cont Bakg A (8) Cont Baking B.. Cont Bak pf (8). Cont Can (16).. Cont Insur (8) Cont Mot (80¢).. Corn Prod(t2%) Crown Pa 1st(7) Crucible Stl (5). { Crucible pf (7). Cuba Cane Sugat Cuba Cane Su pf Cuba Co (4). Davison Clem. Del & Hud (9).. Del L & Wn (17) Detroit Ed (8) Detroit Ed rts. . Devoe& 2.40) Dodge Bros ClA Dodge pf (T).... Dome Mines (2). Dupont (14). Dupont deb (8). Duquesne pf (7) Eastman (13)... Eaton Axle (2) Efsenlohr & Bro. Electric Boat. .. Elec Power & Lt Elec P & L pf(7) Elec Refrig (c2) 31k Horn. ... k Horn pf. . End-John (5). Engineers Pub 8 Erle RR. Erfelstpf...... Erfe2d pf..... 1714 1424 138 3 314 2314 Fairbanks (3) Famous P1 (J§ Fed Min pf (7).. Fed Mot T (f80c) First Nat S(133) Fisk Rubber. ... Fisk 1st pf (7). Fletschmn(12%) Foundation (8). Fox Film A (4). Freeport-Texas. Gen Asphalt.... Gen Cigars 14).. Gen Eiec (h3)... Gen Elec sp (60¢ Gen Gas A(el%) s PEA(T). Gen Gas pf B (7) Gen Motors (7). Gen Mot deb (6) Gen Mot pf(7). . Gen Outdr Ad(2) Gen Outdr A (4) 53's Gen Ry Sig (16). 81 Gen Ry S pf (6). 104 Glidden (2)..... 19% Gold Dust...... 44% Goodrich Ru (4) 49 Goodyear pf (7). 103% Gothm SH (2%3) © Gotham new 2% 56 Gould Cou (2).. 12% Granby Consel.. 31 Grt North pt (8) 83% 4 1061y 5% w. 124 144 1424 138% 3% 31 23 0% 816% 9y 1154 1207 233, 115 144% 103t 1184, 33w 53 4 Close. 52 124 15 40y 830 126% 8412 14% 27% 1% 1024 354 1465 119% 119 110% 103 50 5, | Pers Marq (18). 8114 31 10612 1061 | Philiips Pet (3). THE EVENING STAR, WASHINGTON, D. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open. Gt Nor Ore (1%) 19 Grt Wstn Su (8) 100 Green Canan.... 19% | Gulf States (6).. 54 Hartman Bk4 40 26 | flonston OMl.... Bl Howe Sound (4). 41% HudsonMan(2% 38 Hudson Mo(3%) 443 Hup Mot (1.40). 20% Jones & Lau (7) 114 Jordan Motor. 5l Tilinols Cen Indep Oi1 (1). Indfan Mot (1 Indian Refining. 8 Ingzersoll R (+4) 91 Inland St pf (7T) 110% Insplration (2).. 25t Interbor Rap Tr. 42 Intcontl Rub(1). 154 Internat Agri. .. In Ag C pr pf (7) Int Bus Ma (3). Int Cement (4).. Int Com Eng (2) { Int Harvstr(6) IntMteh pf(3.20) Int Mer Marine. Int Mer Mar pf. Int Nickel (2). 5 er (2)... 54ty Int Paper pf{7). 96 Int Tel & Tel (8) 1147, City South. 12 ansas & Guif. t 1v-Spring. 104 ennecott (4).. 60% Kevstone T & B il Kraft Cheese. ... G0i Kresze SS(1.20). 48% Kresge Dept S.. 204 Lago Ofl & Tran. 20 Lambert (8%).. 7l Leh&Fink stf(3) 35 Life Sav (1.0)... 21 Ligcett & M (14} : Liz& M B (14). Lima Loco (4).. Loew's Inc (2). . 16" 57 44 €l presy 140 LT W 2d (7). 140 Lorillard (§2)... 29% Lorillard pf (7). 112% Loulstana 011 141 LouisGasA(1.75) 23% Lou&Nash (6% 128 Ludlum Steel (2] 273 Mack Trucks (6) 04 Mack T 1st (7).. 110% Mackay (7)..... 129 Macy HR & Co.. 118 Magma Cop (3). Mallison & Co. .. Man El Sup (5). Man E! m g (D5) Man Sh'rt (1%4). Maracalbo Ofl. . Mariand Oil (4), Marland Ofl rts.. Marlin Rock (2) Martin-Pary(2). 21 Mathleson (4).. 80% May Dept St (5) 139% Maytag Co (2).. fean Seahd. Miami Cop (1).. Mid-Continent. , Middle States 524 o 26 Mis Kan & Tex. . MoK & T pf (6). Missouri Pacific. Missouri Pac pf. Montana Pow (5) Montgmry W(4) Moon Mot (1%). Motir Lode(75¢) Mo Pleture(114) Motor Met(3.60) Murray Bod:; Murray Body ctf Nash Mot (12).. Natl Acme.. ... Nat Biscult 153 Nat Cash R(A)3. Nat Cloak & Suit t Dairy (3) Nat Dpt Stores.. Nat Distllers. Nat Enamel & S. Nat Pw&Lt(80¢) Nat Ry Mex 2d.. Nat :3upply (4).. Nat Tea (4) Nevada Cop (1). NY Afr Brake(2) N Y Canners(c2) NY Central (7). NY Dock. . NY & Harl (5). NY NH & Hart.. NY On & West.. NY R; art efs NY Rys 2d stpd. NY State Rys. .. Norfk & Wn (13) N Am(10% stk). NorAm Ed pt(7) North Pac (5)... Norwalk Tire. .. 01l Well Sup (2) Omnibus....... Omuibus pf (8. X Hos (3.20) X Hos pf(7). 4). 19% 2 74% 125 15% 40 32 132% 34 179% 397 stis Steel. o Owens Bot (14). Pacific Gas (8).. Pac O11 Stubs. .. Packard ($2.90). Palge Mot(1.30). Pan.Am (6).... Pan-Am B (6).. PanAmWnB(2). n ie. . k & Tilford. | Pennsy RR (3). Penn-Seab Steel. Peoples Gas (8). Peoples Gas rts. Peoria & Bast... 167 105% 43 484 21% RC&I. orris. .. Plerce-ATrow. .. Pierce-Ar pf (8). Plerce Ofl..ooue Pierce Perolm. . | Pitts Coal...... 2| pitts Coal pf.... Titts Term Coal. Pitts Ter pf (8). { Reading rts Postum (5). Stl Serv pf (8). G pf(6) 10 pullman Co (8). 178 Pure Oil (1) . 27 Rudio Corpof A, 57 RSIICcfs (4). Ray Copper(25c) Reading (4) 3 154 857 194 Reading 1st(2). 40 Real SIk Hos.... 46% Remington Type 100 Rep Ir & St1 (4). 55% Reynolds Spngs. 5% Rey Tobac B(5). 109% Royal D (a3.078 Rutland pf. . | st Joseph Lty | StL & SanFr (7) ! St L Southwest. Schulte (§).. Seaboard Alr L. Seab Air L pf. Sears-R (n2%). Shattuck F G(2) Shell Un (1.40). Shubert The (5) . Simmons (12.25). | Simmons pf (7). Stmms Pet (1). | Stnelatr Of1 Skelly Of1 (2). Sloss Shef? (6) Sou Calif Ed (2) 118 30% Sou Dairies A(4) Sou Dairfes ks. 42% 20 103! | South Pac (6). 59% 56% 12% 30% N ok, Southern Ry (7) Southern Ry rts South Ry pf (5). 93%s Spicer Mfg. . 2% 21% Std Gas& Elgie 534 S50 Low. Close. 19 9914 19% 51% 26 51% 41ty 3% 44 20 114 19 9% 19% 53% 2 51% 41% 874 ey 20 114 15% 120 27% 16 92 110% 25% 41% 15'% 11 75 50% { with {1 70%, an eighth of a point above the linvolviniz a total of 94 shares at 112. WASHINGTON GAS SCORES NEW HIGH MARK ON EXCHANGE HERE Maurice Otterback Sees Banking Greatly Benefited by Results of Los Angeles Convention—McKee Speech Praised. BY EDWARD (. STONE. “If all the constructive suggestions advanced and resolutions passed at the Los Angeles convention are put into effect, the banking situation all over the country will be stronger this year than it ever has been,” Maurice Otterback, president of the Anucostia Bank. asserted on his re- turn to his desk today. “It was an intensely _interesting sion and I thought H. H. McKee's speech was the best address of the convention.” ck represented the Dis- ! Association at the State | section meetings. Important ! increase the efficiency of State bank supervision were reported Another matter given close attention during the year W a study and! survey of laws governing State hanks. While Congress makes uniférm la { for all natfonal banks, 48 States vie each other in the enactment of governing State banks. The. ity of these State banking laws ounding in the past, bu much was_reported at Los | Angeles toward making them more ! uniform. | Excellent progress was also report- ed toward the creation of banking| bourds to act in an advisory capacity to bank examiners; toward increasing s and lengthening their terms o ofll giving bank commissioners or bank-| Ing boards full power to reject appli-| catlons for charters; placing of bufld- ing and loan associations, —finance companies, credit unions and private banks under the supervision of the State bank departments; broadening the fleld for Investment of funds of ! savings banks and trust companies; and providing for more equitable tax- ation of bank stocks. Obtaining of legislation in several States along some or all these lines was considered the most Important work of this di-j vision of the A. B. A, during the year. Washington Gas at New High. Washington Gas scored another new high for the present move on the local Stock Exchange today. The stock selling ox dividend opened at close of last week, 50 shares chang- ing hands at this price. Then in a later sale of 10 shares it reached 70%. The market closed with the bid price at 70 and 70% asked. The largest amount of trading was in Merchants’ Transfer and Storage common, which recorded three sales The same company's preferred sold at 101. Riggs National Bank stock was ctive than usual, 35 shares be- , or two points above the last sale last week. i There was but one bond transaction, a $500 transfer of Washington Gas 65, priced at 101%. Gas Stock Ownership Grows. The sale of public service companies to their customers and employes has helped to drive the “blue sky” pro- moter out of business and has had a marked effect upon public relations according to a report made at the re-| cent American Gas Association con-{ vention at Atlantic City, which was| attended by President Ord Preston and 1 other officials of the Washing- Light Co. A survey of 95 of the largest gas and gas and electric companies shows that 873,000 shares of stock were sold 557 60% 41% 116% 885y 65 57 55% 60% 41% 116% 88 64% 57 57 49% 50 24 2% | 8219 324 | 2% 8 | 14% 14%: 13% 13Y 10% 11 52% 63 | 6215 53 | 39 40% | 49 1 18% | 274 | 557 604 414 116% 88 64% §td G & F1 pf(4) Std O11 Cal (2).. Std O1I NJ (1) Std Ol NJ pf(7). Sterling Pro (5). Stewart War (6) Stromberg (6). . Studebaker (5).. Submarine Boat. Sun Ofl (71). Superior Oil. . Sweets of Amer. Symington A(2). Tenn Copper (1) Texas Co (3).... Texas Co ct (3). Texas Gulf Sul.. Tex & Pacific. . . Tex & Pac C& O Tide Water(11) Tide W Oil pf (6) Timken (15).... Tobac Prod (7). Tob Prod A (7). Transcont Ofl... Twin City (5)... Un Bag& Paper. Un Carbide (5).. UnoOil (2). .. Un Pacific (10).. Utd Cizar S (c2) Utd Drug (8). United Fruit (4) USCIP&F(10) USCIPPE (D). U 8 Distributing U S Hoftnin 3% U S Ind Alcohol. U S Ind Al p£(7) U S Realty (4).. U S Rubber... US Rub 1st (3). U S Smelt (3%).' U 8 Smpf (3%). U S Steel (7).... Universal Pipe. . Univ Pipe pt (7) Utl PELt A (e2). Vanadium (14).. Van Raalte..... ‘Va-Caro Chem. . Va-CarCh 6% pt ‘Va-Car Ch pf(7) Va Iron Coal & C Vivadou (3).. ‘Wabash.... ‘Wabash pf A( Waldorf (1%) ward Baking B. ‘Warner Bros. ... Warren Bros (4) _| West Maryland. West Md 2d pf.. West Pacific. . .. West Union (8). Westhse A B (7) Westinghse (4). Westhse 18t (4). Weston Elec. ... Weston A (2). Wheel & L Erl White Eagle ( White Mot (4) .. White Rock (12) White SM pE(4). Wickwire ctfs.. Willys-Overland Willys-0d pf (1) Wwilson & Co. ... Wilson & Co(A). wilson pf (312). 7 Woolworth (16). 162% Worthn Pump... 27% Worthtn B (8) .. 4 Wright Aero (1) Wwrig Wm (14).. Yellow Tr (75¢). Youngstown (4) ourly Sales on N. Y. Market. u“ am. 295600 12 n.. 503.800 1pm. 657800 +2 pm. 771,700 Vi ates as ziven in the above table ard e T eh payments based on the latest quarterly or hi yearly declarations. | Unless olher-"lu 1“"4 ‘extra or special divi- ara niotincluged. enBuAle Stock. iParls extra. Pavable c Plus 4% in stock tock. “:?:‘ Dasa- 82% 107 114% 3% b9% 44 924 b5 161 93 157 113% 2024 104% 52% 541 78% 106 58 58 105% 31 44% 187% 17% 64 29% 40 14% 9% 343 88% 48 29% 39 2% 21% 25% 46 in stock. betiecfotryd % pavarterly { port the salaries of bank commissioners !} to 113,000 customers and employes in 1925. The total amount of stock sold to date to these two groups, the re. stated amounts to 4,254,000 shares, having a total par value of 446,655,000. Owners of customer- owned stock now number 424,000. The 95 companies covered in the re. port have 10,500,000 customers and serve a population estimated at 41, 400,00 . Kresge Opens 11 New Stores. The §. 8. Kresge Co. announces the opening of 11 new stores in the 30-day period _ended October 16, making the total number in operation as of the latter date 352 stores. Of the new <tores opened 6 were of the large -$1.00 class, 5 were of the -and-10c type. The number of each class now operating 18 97 of the 2 1.00 and 255 of the 5c-and-10c kind, increases of 21 and 29, respectively, since the end of 1925. Capper to Push Bargain Sale Bill. Supporters of the Capper-Kelley bill o prevent fake bargain sales of trade- marked goods, upon which hearings were held by the House interstate and foreign commerce committee shortly before the close of the last session of Congress, are preparing for a strong fight in behalf of the bill at the sess| opening in December. Senator ( announced his intention of push- ng the bill in the Scnate. Actively be- hind the campaign will be the Ameri- can Falr Trade Association, which has the active co-operation of more than 600 trade organizations. One thing to which it will devote itself is definitely placing before the public the iddntity of those opposing the resale price bill. Local Financial Notes. J. T. Exniclos, president of the De- partmental Bank, has just published the October number of Departmental Doings, which is intended to bring about closer relations between this ank and the employes in Government departments. The value and import- ance of saving and speed with which interest accummulates on savings are speclally stressed in this number. Institute officers fn charge of the local chapter's first forum dinner of the season reported today that appli- cations for seats were coming in rapid- Iy and a fine attendance is assured. The informal dinner begins Wednes day evening at ¢ o'clock at the City Club. Alfred Reeves is said to be an unusually good speake: Wilmer J. Waller, vice president of the Federal-American Natlonal Bank, was back at his desk today after a three-week vacation. Public Utilities NEW YORK, October 25 (Speclal).— Proposal of Edison Electric Illuminat- ing Co. of Boston to issue 20 per cent of additional capital stock, on which proposition the shareholders vote on November 1, follows the precedent of other years. The same amount of stock was issued in 1921, 1922, 1923 | and 1924. In 1925 an issue of $30,- 000,000 in three-year 4% per cent notes was sold, constituting the com- pany's only funded debt. Now there is a return to the method of financing by sale of stock on the part of one of the most prosperous utilities in the country. The price at which the new shares will be offered to present holders has not been made known, but it can be much above par value and still give valuable rights, inasmuch stock is now selling Boston Stock high as 250 1a 3 The present dividend rat cent, sold as is 12 showing a yield of 5.45 per c Earnings for 1925 were equivalent to 14.98 per cent on the stock and the latest estimates were that 1926 would show better results notwithstanding rate cuts. Dividends have bes without interruption for over 25 years and every change during that time has been an increase. CHICAGO LIVE STOCK MARKET CHICAGO, October (United States Department of Agriculture). Hogs—Receipts, 36,000 head; grades generally steady to lower; lighter welght packing sows strong; light to 25 higher in spots: top. 1 for choice 230 to 270 pound \eigh bulk, 160 to 200 pound, 13 most 210 to 300 pound butch to 13.75: most packing sow: 1L.75; few light-weight, 12 Bulk . slaughter pizs, 12 heavy-weight hogs, 12.40a13, dium, 13.25a13.75; 'light, 12.75a13.60; light light, 11.50213.35; packing sows, 10.10a12.25; slaughter pigs, 11.00a13.00. Cattle—Receipts, 32,000 head; fed steers, better grade of slaughter Westerns and desirable fat heifers strong to 15 higher; better grade of yearlings 15 to 25 up, stocker eders sharing advance; hest fed yearlings, 12.25; weighty steers up to 11.25; killing quality generally plai all cutters weak to lower; vealers 50 lower to 10.50a11.00 mostly. Sheep—Receipts, 24,000 head: fat lambs around 50 lower; erns sold; top natives to ci and shipp: culls fully 3 900; sheep steady; bulk of fat ewes, 5.75a6.50; feeding lambs mostly u changed; bulk, 12.7! ¥ better 10 cents no West: v butcher POTATO MARKET FIRM. CHICAGO, October 25 (&) toes—Receipts, 289 cars; on t total United States shipments day, 1,488; Sunda market firm: Wisc whites, 2.30a2. Minnesota 7 tur- 61; trading fa a, sacked 8 8.00a3.15; Colorado ed, brown beautles, 3.00a3.15 sacked, rurals and russets, a3.15; sacked, Red McCluers, 3.00a3.15. CANADA'S GRAIN CROP. NEW YORK, October 25 (#).—The crop report of the Canadian National Railways for the week ended October | Nor Ohlo T & L 6s. Nor States Pow 5s. Nor States Pow 6s. , puts grain marketings at 10,- 000 bushels, an increase of 1,829, Uy over the same week last vear. rain stored at country elevators amounted to 10,701,000 bushels, a de- vear ago. TRAFFIC IS HEAVIER. NEW YORK, October 25 (#).— Heavier freight traffic on Canadian railroads is reported for the week end- ed October 16, loadings of 83,207 cars comparing with 78,104 the week before and 73,674 in the same week last year. Recelpts from connections were 37,361 ! carloads against 38,290 the preceding week and 34,489 a year ago. The vear’s loading to October 16 increased to 2,475,812 from 2,287,505 in the same period of 1925, and receipts from con- nections to 1,526,621 from 1,362,071 PLAN BIG IMPROVEMENTS. NEW ORLEANS, October 25 (Spe- cial.)—Improvement bills have been introduced In the city council provid- ing for a bond issue of $7,500,000 which will be.used in various municipal im- provements, principally pavias decline; | inds, 15 | L ld‘ C., MONDAY, OCTOBER 25, 1926. FINANC I ON NEW YORK BONDS STOCK EXC!IANGEI Received by Private Wire Direct to The Star Office. UNITED STATES. (Sales are in $1.000.) Sales. Lib 3%s. Lib 18t Lib2d 4%s. Lib 3d 4%s. Lib 4th 4%s US3%s... US 4s 1944, US4%sb2. 19 65 45 31 127 1 13 46 Argentine 6s Oct5! Argentine 6s A Argentine 6s B Argentine 7s Australian 5s. l Austria 7s. gh. Low. Close. 100 19 100 16 100 19 1026 1025 1026 100 19 10016 10117 1015 1013 1015 102 14 10212 102 14 101 21 10121 10121 1042 10:31 104 1082 10730 1082 FOREIGN. Sales. High. Low. Close. Argentine 6s Ju 59. 18 9 47 Bank of Chile 61%s. Bank of Japan 6s. Belgium 6s. Belgium 6% Belgium 7s. Belglum 73%s Belgium 8s. Bolivia 8s. .. Bordeaux 6s. Brazil 6%s.. Brazil7s. ... Brazil 85, Canada 5s 1931 Canada bs 1952 Canada 5% s 19: Chile 7s 194 Chile 8s 1941. Chile 85 1946. Chinese Gov Con Pow Japan 7s. Copenharen 538 Cuba 5% Czecho 715 Czecho 8s 1951, Czecho 8s 1952 ct. Denmark 6s. DEI5%s Mch Finland s f 6s 45 Finlnd 7a.... Framerican Tis French 7a. French T%s French 8s. German Ts. ... - Ger Agr Pank T Ger Gen Elec 7s. Qreck 7s Hait! 68. Holland-Amer 6s Hungary 7%s. Ttaly 7s.. Japanese 4s. Japanese 614s. Jergens UM Lyon 6s. Marseille fs Mexico 4s 1 German F! P 6%s. . 11 108 38 44 L4 v 53, Danish Munic 8s B.. Dutch East I 65 47. Dutch East 1 6 62, oBE~Zaae o 25 =B~q Mexico 5s assente Nord 6%s...... Norway 5%=. . Norway 65 1943. Norway 6s 1944. Paris-Ly-Med 63 Paris Orleans 7: Paru 7%s. . Poland 6s 40. Poland 8. . Porto Alezre 85. Pracue 7%s. .. Queensland 6s. Queensland 7 Rhinelbe Un 7s. Rio de Jan 85 1946 Rio de Jan Rs 47.. Rio Gr Do Sul 8s Saxon (PW) 7s. Serbs Crot Slo 8s Sweden 5%s ct Swiss 51%s 1946. Tokio 5s.... Uruguay 8s Ajax Rubber 8s. Am Smit & R1st5 Am Sugar ref 6s |AmT & Tl trds. Am T & T cl tr 5s Anaconda 1st 6s. . Andes Cop 7s rets | Atlantic Refin 5 Barnsdall 6s ctfs. | Rell Te!l Pa s B. Rell Tell Pa 58 C Rath Steel pm 58. Rath Steel 5%s 6 Beth Steel 6 i Prier 11 St 1 Rush T Bldg Calif Pete 61 i Cen Teath 65 ColGas & B Col Gas & Fl5as Con Gas N'Y 5% Cuba Cane cv 7s Cuba Cane cv 83 Denver Ga Dodge wis.. Duquesne Light Goodrich 6. Goodyear 83 1931. | Goodyear 85 1041. ! Hershey 5%S.... { Humble O & R 5% | Tndiana Steel 5. Int Paper 5547... Int Paper 38 Int T & T 5%S | Kelly-Spring 8 Tackawa S 55 50. Laclede G 53s 52 Lorillard (P) 58 | Lorillard (P) 78 Loulsv G & E 5s Manati Sug sf 7% Midvale Steel 58. New Eng Tel bs N Y Edison5s 4 N Y Edison 6%s. NYGELHE&P 5s. N Y Tel 4% NYTel6s4l.... N Y Tel 6549, North Am Ed 6 | Pac Gas & Bl 55 Pac T & T §s 52 Pan-Amer Pete 6. crease of 6,235,000 compared with a | Pan-Amer Pete7s. Peoples Gas bs Phila Co 5%5 38 Phila Corf 65 A Pierce-Arrow fs. Public Service 6: Pub Serv Elec 6 Sinclalr Ol 6s. . Sinclair Ol 6%s. Sinclatr Oil 7s. Sin Crude Oil 68 Sin Pipe Lness Tenn Elec Pow 6: Toledo Edn 1st 7 United Drug 6s. U S Rub 1st rf 6s. U S Steel sf 5s. Utah Pow & Lt 5s. Warner Sug 7s 41 West Elec 5: Westn Union Westinghouse 58 ‘Westinghouse 7s. Sao Paulo 8s 1936. Toho Elec Pow 73. Utd Kingm 514s 29 | Utd Kingm 5145 37. Utd SteamCopen 6s MISCEL! AmT&TsSE5s... AmT& T deb5%s 30 Am Water Wks 5s. Am Writing Pap 6s Tieeett & Myers7s Mid.Con 6148 40... Mor's & Co 1st 4128 | Phila & R C & I 5 Vertientes Sug 7s.. Netherlands 6s 54. Orfent Dev deb 63. . Paris-T.y-Med 7s. . Swancewanan 54 LAN 1 Am Acri Chem 7% s 1 - 1 191 Anaconda cv db 7s. { Armour&Co 41.srf { Armour Del 5%s.. Pkiyn Bd gen 55.... Bklyn Union 514s.. Consumers Pow 6s. Cuban Am Sug 8s.. Det Edlson 5 40.. 6s st Cuba Sug T%s. Empire G & F T%s. $10W; | 111inois Bell 1st 53. Int Mer Marine 6s. lambs nCPET, 68 A B2, 75a13.25; top, l3.5h-|:§:nfikl‘]l 6s62.. 2. s. =t ooy 00 1 €0 =1 1 4 5D TNt I bt D TN k2 01D e O 10 D I b ®3 Southwest Bell 5s. 11 25 . 8 3 5 72 4 ‘Wilson & Co 1st @s. 19 977 981, 98% 98 100% 98 101% 95% 100 14 89 1034% 101% 105 114 113% 102 101% 103 105 99t 92u 04 10874 974 97% 981 974 100'% 97% 101% 95'% 100 97% % 113% 102 101 103 105 9 EOUS. 103 10315 1024, 1007 103 104 154 100 108% 102ty 1601 99% 99% 99% 103 10316 10074 1041 9RY 1021 100 Sales. High. Low. Close. Winchester A 7%4s. 1 104% 104% 104% YoungstnS&T6s. 7 104 1037 1087 RAILROAD. Atchison gen 4s.... 92 92 Atlantic C Licl 4s 90 90 Atlantic C L 7s. 105% 105% Atl & Dan 1st 4s 48 80 . 80 Atl & Dan 2d 4s 48. 70 70 B & O gold 4 9% 9% B&Ocviks. 96i2 96% B& Oref 6s. 98'% 984 B & O bs 2000 D. 98% 984 B&OG6s....... 103 1027 B&Orfimp 6s. 1071 107% B&OFLEWYV 4s.. 91% 91k B & O SwDiv 5s cfs 101% 101 Bklyn Manhat 6s. . 96% 96 Buff R & Pitt 4%s. 91% 91% 117% Canad North 6%s. . 117% Canad Pac deb 4s 86 85% Cent of Ga 5%s 104% 104% Cent of Ga 6s. 1027 102is Central Pacific 4s. . 9116 91 Cent Pac 1st 53 90., 36 101% 101% Ches & Ocv 4%s... 987 98% Chi & Alton 3s..... 69% 69% ChiB & Q Ist rf bs. 1057 1057 CB& Q-Illdiv 4s.. 93% 93% Ch1 & E 1gn bs. T8% 8% Ch! Great West 4s. 68% 68% CM&StP4s25. 521 524 C M&St P 4s 25 of: 52% CM&StPab 4s. CM&StP deb 4s cfs. CM&StPgnss.. CM&StPev4les, CM&SPevi 1 s32cts CM&StPrf4ls. CM&StP r 43%s cf14 CM&StPevbs... CM&SP cv 5scfs 14 CM&StDP6s..... Chi & NW gn 338, Chi & NW ref 5s. Chi & NW 7s. Chi Rys 6s. . ChiRI&Prfds.. Chi Union Sta 5s. . Chi Union Sta bs 44 C& W15%s 62 CCC&StLSs. .. CCC&StLrf6sA. Colo & Sou 4%s Cuba RR7%s Cuba. N R 6s 66. Del & Hud 1st rf 4s Del & Hud cv 5s 35. Den & Rio G cn 4s. D & Rio G imp 5: D Rio G West Det United 4%s Erle 1st cons 43 Erfe zen 4s. Erfe conv 4s A, Erte conv 4s B. Erieconv 4s D, Erfe & Jersey 6s. FErle Genessee R 6s Fla E C 5s 74. Gt Nor 4%s 76 D.. Great North 5s. Great North 5% Gr Nor gen 7s..... Fud & Man ref 5s. Hud & Man aj 5s. 111 Central ref 4s. . 111 Central 5% Int Rap Tran 5s... i Int Rap Tr 5s stpd. Int Rap Tran 6s Int Rap Tran7s... 5 Int & G Nor ad 6s. . Int Rep C Am 6s 41. Kan City Ft § 4s. Kansas City S 3s. Kansas City S 5s. Kan City Term 4s. Lake Shore 4s 28, Lake Shore 4s 31. .. Lehich Val cn 4s Lehigh Val 5s 2003, Lous & N uni 4s... Nash 7s. Man Ry 1st 90 Market St 92 90 105% 80 70 91% 96% 984% 984 103 107% 9llg 101 86 913 17 86 104% 1027 91t 101% 98% 6914 105% 934 @ YRS~ - S -~ o e mmBEpSmwe~rSa MEK&TS6sC...... Mo Paciflc zen 43 Mo Pac 5s 196 Mo Pac 65 49 D. Mo Pac 6s 55 E. Mont Trm ref 53 41 Nassau E Ry 4s 57. New Or Term NOT&M5% NY Cen zen 3%s N Y Cent 45 98. NYCrfimdk%s NYCentri N Y Cent deb 6s. N Y Cent LS cl 3% NYC & StLab 4s NYChI&S!L 515sA. 1 NYChi&StL 5%sB. 3 NYC&StL6sA. New Hav deb 4s 57, New Havencd 6s.. NYOntWistds.. N Y Ry 4sctfs.. N Y Rys 6s NV State Ry 4148, NY W & Bos 413, Nor & S gen 5s 54. Northern Pac 3s... Northern Pac 4s Nor Pac 415 2047.. Northern Pac 5s D Northern Pacr 1 6s Ore Wash 1st 4s. .. Pennsyl gen 4%s.. Pennsyl gen 53. Pennsy] 5s 64 Pennsyl 6%s. . Pennsyl gold 7s. Pere Marq 1st 5. PCC & St L 55 B 75 Port R L & P s 42. Por RL & P 65 47.. Por RL&P 7%s 46. Readine gen 4. . Reading J C 4s51.. Rio G West ci 4. . RIATk& L4%s StLIM&S 4529... St L IM&S R&G 43, StL&SFpldsA. StL &S F prin 53, StL&SF5%sD.. StL &S F adj 6s StL&SF inc6s StLSWistds.... St P & KCShL 1%8 St P Un Dep San A & Arn P 4s. Seab A L ref 4s. Seab A L adj 5s. Seab A L con 6s. Seab All Fla 6s Sou Pac 45 29. Sou Pacific it 45.. Sou Pacific ref 4s.. Southern Ry gen 43 Sou Ry con 53 94 Sou Ry 6556...... Southern Ry 6%3. Sou Ry Mo & O 4 Term Asso S L 4. Third Ave ref 43 Third Ave ad) 53 Tol Tr L&P 5%s 30 Union Pac 1st 4s... Union Pac 1st rf 43 Union Pac 4s 27... Union Pac 1st rf 58 Unon Pac cv 6 Wabash 1st 53 Wabash 538 75. West Maryland 4s. West Shore 1st 4s. Whel & LE rf 4%s Wisconsin Cent 4s. 103% 3% 85% 90 81% 20 car: ; turkeys, geese, 21. alive, steady: receipts, 18a23; springs, 19 30; roosters, 1%; ducks, 25 OIL PRODUCTION UP. NEW YORK, October 25 (#).— Crude oil production in California last week increased nearly 8,000 bar- rels daily for a daily average of 618,900 barrels, the chief gain being in the Huntington Beach district, where the output increased 7,000 bar- rels daily. This is the largest pro- duction since the week ended August 7, when the output averaged 620,500 barrels daily. TAL. PRICES ARE SHADED N BOND MARKET Buying Movement Checked. New Issues Find Ready Purchasers. BY GEORGE T. HUGH Special Dispatch to The Star. NEW YORK, October 25.—The huy ing demonstration in investment securities, which was the featurs of the market on Saturday, was not kept up today. the moment it ap peared that the demand had been sat isfied and while there were no im portant reactions, prices shaded fron highs of the preceding session. Ot the other hand, new offerings found a ready market, one ecase in particu lar being of the Alibama Power 5s. The 5.10 per cent basis on which these bonds were offered, put them di Irectly in the group in which inve ments had been best sustained ali through the inactivity of the past fw. d bonds that fell int 1 classification, suet as Central Pacific 5s, Baltimore Ohio Southwestern < s were well suppor mong industrials the the new Westinghouse jbut b 3 3 me large volume tive and for tracted the most attention. sold ot a_ point, later ing somewha showing uncertainty not v t the effect of the currenc tion plans, but as to the 't market for the new Interntio London ¢ les stated th ish portion would be i7.230, that the coupon . wild be 7 cent and the price 94. The offerin cording to this report, is schediled for Wednesday. Belgian 6s dropped below 86, but the higher coupor bonds, the 7i:s and »s were litth it Brit issues fluctuated within « ange, the 8s ¢ ing 1 bui elling below par Germa > down fra ierman governmen: It has been thougt that the government s, which ar now seliing below the call pric could be refunded on a more faver able basis to the borrower und present conditions in the market for German securities, but it is doubtfui if anything of that kind is done for some time. In domestic industrials A 6s were in good demand and was a_briel Tun up in Andes Coppe 7s. The local tractions held their iins of the week before, but did Httle more, French arrow tionally, but the 78 were firm. New Bond Issues NEW YORK, Octaber (Speeialy —The larg, a st new offering today was that of $6,000,000 Alabama Power Co first mortgage lien and refundine i per cent series due 1956. The bonds nd Forbes and it @ price of per cent and Light at wholesule, opulation and rements of the Alabama. urban power reqi two-thire industri norther Eroup and consisting Rockwood, G. Webber & Co. . Ine.. are of 00,000 Texa (closed) maort tue Septembe 6.07 pe recently of the Sts pose of con 1 operating: o 1 fon fis t bonds s for pur ire. maintaining er plants equipment 2 e of $1.400.000 Allegheny 'a., 4% per cent bonds, dua A new is Count in vi 1941 1 National ¢ sued fo various i poses and are dire the county payable, terest, from unlimit taxable property t ¥ the is are fs ement pur tions nd in NEW YORK MARKETS NEW YOl Flour steady: 8.10; sott. Wint hard Winte v; No, 2 W na 1,007 rine strad i §0: 850 patents ts, | futures | ber, 1. ipened ; May, sy HIGH TAXES SCORED, BOSTON, October al estate men here say wners of Massachusetts {lieved of some of the b Local tax rates in - inet 1 from 50 to n recent years and land owner ti that the greate ceonomy n municipal operation. (Sp the 1=t be this FOREIGN EXCHANGE. (Quotations furnished hy W. . libhs & Co » i s checlis pound. .. $1 %475 006014 14 0001114 Crown holm, erows TREASURY CERTIFICATES. (Revorted by J. & W. Scligman & Co SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co. i i Chi.. Mil. & St ity of I, umb. at Northern if Ol Corp. Pa Hershey Chioe. Co. ! Humble 0.1 5 M Gas C w Y Orezon <h Penna, R R Pure 0il Co. inclair C. Oil P, ( I Pac. RR, Oil of N Y G1as 1 Bs 1932 . . S. Rubber 8i5s S’ Smelting Co. Westinghouse E&M. T« 1931 1044 Wiae. Cant. &u. C. 5w 1937, 2004