Evening Star Newspaper, August 11, 1927, Page 14

14 SEVERE REACTION INSTOCK MARKET Manhattan Electrical Shares Break 60 Points and Spread Alarm. . FIN ! BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, August 11.—Thrown nto confusion by the perpendicular break of more than 60 points in Man. hattan Electrical Supply, a stock that had been extravagantly bid up against the short interest, the stock market experienced a severe reaction today. sion had begun with some in the utilities, in a few of the high-crade rails and in some in- dustrial specialties, but with heaviness in the old leaders, General Motors and United States Steel. For a time it was & two-sided affair. Then the spec lar performance in Manhattan Elec- trical Supply brought sclling orders in | volume. In some quarters the Manhattan Electrical Supply incident was likened %o the break in Devoe and Raynolds in March, 1926, although the two were mot precisely comparable. Manhattan FElectrical Supply had closed on Wed- mesday at 1203;. It opened un- changed, but soon began gradually to give way and then dropped abruptly. In the second hour the stock was fthrown overboard regardless of price. finally touching 60, where it was off | more than 60 points on the day. Warning Goes Unheeded. The market had some time ago the ord of the president of the company that the rise was unjustified by earn- Ings, but no attention had been paid to the warning. When the collapse came it spread fear that other stocks which had been spectacularly strong in recent markets might be in a simi- ar position. Houston Oil was one of the hardest hit. Timken Roller Bearings was an- pther to feel the weight of urgent liquidation. In the case of Houston Dil the price broke a point between pales. Baldwin went down with other ptocks in which the shorts had been ade to suffer. Baldwin was one of he stocks that had been loaning at B premium. The rise here had been based not on current earnings. but’ {ipon the value of the company’s Phila- Helphia real estate. While 3¢ was the high-priced indus- trial specialties that were under the eatest pressure, sound investment tocks sold off more or less. All the steels were down, even Bethlepem, which had been so strong earlier in the week on predictions of dividend Retion early mext year. Crucible lost ground and so did United States Steel. General Motors, Slumps Also. General Motors had acted uncer- tainly from the start. Evidently the market had been none tco sure about the much-talked-of split-up supposed to be scheduled for the dividend meet- Ing after the close today. For a time It held around the preceding close or ust above, but when the rest of the ist turned downward General Motors went along. By roon the losses in the specula- tive industrials extended to around 12 points in Houston Oil, § points in Tim- ken Roller Bearings, 213 points in Colorado_Fuel. about as much in General Electric, 4 points in Atlantic Refining, nearly 3 points in American Smelting and Refining_and over 3 points in Woolworth. There were in- termittent rallies, but little sustained support. Considering the weakness in the rest of the market, the steel shares held well. So did the utilities. Early In the session Southern California Edison had been bid up to a new high for the year and what appeared to be tonfident buying had gone on in Con- solidated Gas. In the railway list New York Central has been strong. t was a severe test, however, even for the best of stocks. Markets at a Glance NEW YORK (#).—Stocks: lar; Manhattan Electrical Supply $lumps 66 points. Bonds: Firm: Brooklyn Union Gas 5ls reach new high. Foreign exchanges: Irregular; E;nrwesiun kroner rallies 10 points. ‘otton: Unsettled. Sugar: Easy; rommission house selling. Coffee; Lower: profit-taking. CHICAGO.—Wheat: tions larger receipts. eneral liquidation. Cattle: Irregular. fogs: Steady. Irregu- Wall Street Briefs NEW YORK. August 11 (#).—Wall Bireet expects that the final report of the vear for 5 and 10 cent stores will show a new yearly sales record. The leading companies steadily are ex- panding, especially in the matter of hew locations, and with no saturation point in sight the growth of the chain- store system of merchandising gen- erally is regarded as one of the fea- tures of the country’s industrial de- velopment in recent years. Net profit of the Commercial Credit Co. for the first half was $660,299, pgainst $735,119 for the first six months of 1926, while profit for the June quarter was $604.084, against £354,315 for the second quarter last year. The Indiana Limestone Co. had a net income of $1,166,347 for the year 1, equal to 54 cents a e on 1,500,000 shares of no par common. The Public Service Corporation of New Jersey has offered to holders of 8 per cent 7 per cent and 6 per cent yreferred stock of record July 7 the Yight to subscribe to an issue of at Jeast 171,566 additional shares of 6 per cent cumulative preferred, $100 Jar, on the basis of one share of the new preferred for each four shares of preferred now held. Niles, Bement, Pond Co. has ted to supply the complete ma- equipment, except cranes, for repair shops of the ed Sorocaban Raflway. in the sao Paulo, Brazil. The new bout 30 miles from the city Paulo, and the buildings al- have been erccted. The con- amounts to more than a half mil- lion dolars. anscontinental Oil Co. had a )93 for the second qu: ed with profits of $283,36 nd quarter of 1926. Profits half of 1927 e for first wer the for the fir: against $388.536 months of 1926. Six months' net profit of the Tobacco Products Corporation is reported as £4,401.612, against $4,309,029 for the first half of last year. The profit is equal to $4.29 a share on 659,307 shares of common, as compared with $4.15 a share for the corresponding period of Wall Street hears the Westinghouse International Brake & Signal Corpora- tion, organized recently in Delaware, Is @ subsidiary created by the Westing- house Alr Brake Co. to take over its foreign interests, now in the hands of separate companies in England, France, Canada, New South Wales and Jtaly. The American concern has a controlling interest only in the Brit- ish firm, ANCIAL.) Open High Low Close | AbItIbI Pow (5). 101% 1021 101% 101% Abr&Stras1%pf 110 110 109 109 Adams Kxp (6). 162 162 152 Adv Rumley. 2 1 Ahumada Lead. . i Alr Reductn(16) 189% 189% 184 Ajax Rubber.... 8% 8% Alaska Juneau.. 1% 1% Allted Chem (6). 1537 158% Allied Cm pf(7). 123% 123% Allls Chaim (6). 1074 107% Amal Leather... 13% 13% Amerada (2).... Am Agricul Chm Am Agri Ch pf.. | Am Beet Sugar. . | Am Bosch...... { Am Br Sh(j1.60) Am Brown Bov. Am Brown Bo pt Am Can (2)..... Am Can pf ( Am Car&Fdy(6) 1021 102% Am Chicle (3).. 56'% b6ty Am Drug (80c). 13% 13 Am Express (6). 15d's 157 Am & For Pow.. 23k 24% Am&Fo Po pf(7) 100% 101 Am Hide & Lea. 94 9% Am Hide & L pf. 644 644 Am Ho P (2.40). 51w 51% Am Ice (n) 30% 30 Am lce pr ¢ Yl vl Am Internatl 494 Am La France. . R Am Linseed. Am Linseed pf.. i Am Locomot (8) 106% 107 Am Machine (2) 99 99 Am Metals (3).. 44% 447 Am Plano (3)... 36 Am Po& Lt (f1) 61 61'¢ Am Radiator(5) 1327 133 Am Ry Exp (6). 100% 100% Am Republic.... 49 491 Am SafetyR(33) 46 46 Am Seating(14). 45 48 Am Smelting (8) i64% (611 Am Snuff pf (6). 99 99 Am SU Fdys (3) 53% 534 Am Sugar (6)... 7' 8y Am Sumatra.... 61 6l Am Tel & Telty) 16974 170% Am Tobacco (8). 1347 134in Am TobaccoB(8) 14313 143% Am Type pf (7). 111 111 Am WW (c1.60) 100 100% Am W W (m80c) 49 Am Woolen..... 224 Am Woolen pf.. 54'» Am Writ Pa ctfs Am Wr Pa pf cfs Anaconda (3)... ArmourDel pf(7) Armourot 1iltA) Armourof LIl (B Arnold Con&Co. Art Metl(1%).. Asso Dry Giz%) 4% 4 AtT& SF(19%). 193% 193% AtCL (18%).. 195 19. At GuIf&W1 pf. 334 334 Atl Refining (4). 1264 1264 Atlas Pow pf (6) 101 101 Austin-Nichols. 5% 5% 5% ok Baldwin L (7).. 250 250% 244'%: 246% Bald Loco pf (7) 123% 123% 1234 1234 Balto& U (6)... 118 118w 11T 117w Balto & Oh pfi4) 781, 781 T8 784 Bang&Ar@3).. % 75 75 1 Bangor & Arrts. S 3% 2y 2y Bang & Ar pf(7) 1034 110% 108% 110% 54 54 150's 150% 123% 123% 106 106% 137% 13 130% 130% 101% 10t% 56 b6 13% 137 154% 1554 8% 100% 100% Y 9% 100% 100t 48 45 46 a6 48 48 161% 162% 99 99 o2 52u.] 870 834y 61 ol 1684y 1681 1420 143 142 142 1L 100 48%% 19215 192'y 38t 331 120 122% w1 101 Barnet Leather. o4 51 . Open | Fisk 1st pfev(?) 93 | Fleischmann(3) Foundation (5). Fox Fllm A (4). Freeport (t4%). Gabriel Sn(3%). Gardner Motor., Gen Am Tnk (3) Gen Asphalit.... Gen Asph pf (5). 6l'y 5% 5T% Gen Elec (15 Gentilec sptéuc) Gen GasA (01 %) Gen Gas pfA(7). 108% Gen Mot deb (6) Gen Mot bt (7). Gen Outdr Ad(2) Gen Ry Sig (5).. Gen Refrac (3).. 68t Gimbel Bros. 474 Gimbl Br pf (7). 106% Glidden Co . 14 Glidden pr pf(7) 87 Gold Dust...... 6l Goodrich Ru (4) 64's Goodfear Tire.. 5i% Gothn S H %) 69 Gotham new 2% 68 Granby (4) 405 Grt North pf (5) 6% GUNor pfefs(b) 950 GreNorO(1%). 18y reat WnSug(n) 38 Gt WestS pt (7) 1214 Green Canan.... 62 Guantan pt (8).. 99 Gulf Mo & Nor.. 70 Gulf States (5). 50 Gulf Sta 1st (7). 101% Hrin Bblo%stk 24 Helme Geo (4).. 99 HOe & COA..... Uo% Hollander & Son 56's Homestake (17). Houshld P(3%). Houston Ull, ... Howe Sound(4). Hud Man (2%). Hud Man pt (5). Hudsou Mo(3 ) Hup Mot (1.40). 184 Lliinois Cen (7). 132 Indep 1L (1).... Inland St (2%).. Luspiration..... Intcontl Rub(1) InterboroltapTr int Agricul prior Int Bus Ma (4). Int Cement (4).. int Com Kng (2) Int Harv (J6)... 1v2 Inter Har pt (7). 131 Int Mich pf(3.20 72 Int Mer Marine. 5% Int Mer Mar pf.. 38l iut Nickel (2)... 65% Intl Paper (240) 57 Int Paper pf (7). 101 Ant Ry Cent Am. 3315 Lat Ry CA pf(5) 70 Int Tel & Tel (6) 140% Int Tel & Telrts 4% latertye (11%). 35 Island Creek (4) 591y Jewel Tea. . . 59 Jones Bros Tea. 6% Jones & Lau (7). 121 Jordan Motor... 1x% Kan City South. 108y 123% 43 145'% Barnsdalla(23) 24% 244 Bayuk Cigars 89% 89w Beech-Nut (13). 51 54 Best&Co...... 50 50 Bethlehem Steel 607 61 Beth St pf (7).. 114% 104% Blumenthal pf.. 85 85 Bon AmICIA(4) 68 58 Botany CMIlis A 25% 25% Briggs Mfg (3). 28 2814 British Emp 2d. 1% 1% Bkin-Edison (8) 184 184 Blkn-Mn Tr (4). 54% 54% Bklyn UnGas(5) 153 153 Brown Shoe (2). 41% 41% Brunswick B(3) 294 30% Buff Roch&P (4) 95 5 Burns Bro (10). 92 9 Burns Bros pf(7. 91 Burros Add(t4). 105 Bush Term (b8) 584 58% Bush Ter de (7). 102% 102% Bush Trm pf (7) 118% 118!, Butte Cop (50c). 4% 4% Butte&Super(2) Y 9N Butterick (g2).. b54% 55 Byer&Co...... B8i% 344 Calif Packg(4). 65% 65% Calif Petrm (1), 22% 2% Callahau Zine, .. 1% 1w Calumet & Ar(6) 69% 70 Calu & Hecla(2) 16% 16% 16% 16% | Canada Dry (3). 58 b8k 36% 57% Can Pacific (10). 187% 187% 186 183 Can Pacificrts... 3% 3% 3% 34| Case Threshg(6) 250 25) 243 245 | Cent Alloy (2).. 20% 29:3 29% 29% | 15% 15% | 65 62 63% 50% 50 50 1913 191% 13%% 188% % T% 70 70 14 14 134 T9% 8% TTw TTn 16% 164 15% 3ol 35k 34 15% 154 15% 0% 20l 290 s 15k 15 24% B9 5 o 9% 114t 1144 85 ¥5 | 58 58 | 25% 25% ¢ Th 284 90 0% vl 91 104% 104% 574 5% 10255 1021 118% 118% A 4 9 9l 54% 55 80 80 634 63u 2% 21% | 15 1% 69% 70 Certain-Teed. 1) Ches & Ohlo(10) Corpn..... Chi & Alton pf.. Chi & East [1] pt Chi Great West. Chi Gt West pt.. ChiMNl &St P.. Ch! M11&StP pf, CM&StPefs 1 C M&StP pfcfs. 29% 194 29 Chi & Nwn (4).. ¥9% 9% ¥3 x8% Chi& Nwn pf(7) 136% 1375 136% 137% ) Chi Pne Tool (k) 129 129 1215 128% Chi Rock Is (5). 111 111% 109 110% CRI&P L (7). 103% 108% 1081 10812 Childs (32.40). 60 60 59% 59% ChileCop (2%). 36 35 35% 3.% Christie B (1.20) 59% 59% 9% 59w Chrysler Corp(3* 54 in b Chrysler pt A(8) 112 112 112 1 City Stor A(314) 49% 49% 49% 49% City Stores (B). 50 50 49% 49% Cluett Peab (5). 66's 66% €6 65 Coca-Cola (5)... 117 117% 117 Collins & Aik(4) 114 113 113 Collins & Alk(n) 93 93 o2 Collins&A pf (7) 105 105 105 Col Fuel & Iron. 83'; 83% 79 Col Gas & El (6) 96's 96% 95% Ybiy Col G&E pf A(6) 106% 106% 1U6% 1065 Com Cred (1) 17 18 17 18 Com Crpf (1%). 20% 20% 20% 20% ComCred pf 6% 76% 76% 76% 76% Com Solv B (8). 356 357% 356 3571 Com Powr (2%4) 5T% 57 b5% b3% Congoleum-Nair 23w 24 224 23% Cong Cigar (4).. 64'% 64% 64% 6% Con Cigars (7)., &2 E2% Bl 8l Consol Gas (5).. 113% 114's 112% 11215 Cons Gas pf (5). 98%% UY¥ly Yxom ConRRCuba pf 6 66 645 66 Consol Textile.. 6% Cont Bakg A(4). 42% Cont Baking B.. 5§ Cont Bak pf (8). 89% Cont Can (5).. Cont Mot (80¢c) Corn Prod (13) Coty Inc (5).... 92 CrucibleSteel(8) 91 Y Crucible pf(7).. 109% 109% 108% 108% Cuba Cane Sugar T 7 Cuba Cane Su pt Cuba Compy (3) 21% Cuban Am S (1) 221 Cuban Am pt(7) 107 Cushman’s (§¢). 118 Cushmann pf (7) 116 Cuyamel Fruit.. 47 47% 47 Davison Chem,. 31 33 3L Deere&Co pf(7). 119% 119% 119% 119% Del & Hud (9).. 207 297 201% 203 Del L& W (17). 162 163 162 162 DR G Wst pf. 58% 60% b58% 59 Detroit Ed (8) 1524 154 152 152 Diamd Mtch(8). 133% 133% 133 133 Dodge BrosClA 17% 17% 17% 17% Dodge pf (7).... 68% 68% 68'a 684 Dome Mines (1) 7 7 7 7 Dupont (19351, 290 290 281% 284 Du I'ontdeb(6). 111% 1L1% L11% 111% Eastman (18) 166% 168 164'% 164 Eaton Axle (2).. 27 2T% 26% 264 El AutoLt(16%) B88% 88% 88 88 Electric Boat... 19% 20 19 20% Elec Power & Lt 2215 23w 22, 224 Eleo P&Lt pf(7) 105 106 104’ 104% EP&LDL 40% (7) 114% 114% 114% L14% Elec Refrigeratn 147 17% 14% EI Stge Bat (16) 70% 70% 704 End John (5)... 69% 70 69% Engineers PubS 23% 8% 107 119 118 116 116 107 u'a}M | Minn & St Louts. Kayser J (4). Kelly-Spring. .. Kelly Tire 6% pf 66% Kelly Tire 3% pt 66 Kelsey-Hayes.. 3 hnecott C(6). 67% Kraft Ch (11%). Kresge (1.20)... Kresge Dept S. KressS H (1) Kuppenheim(2). Lago Oil (3).... Lambert Co (5). Lee Tire & Rub. Lehigh Val(314) j Lehn & Fink(3). Lig Carb (3.60), Lite Sav (1.60).. Lig & Myrs(ft4) 116 Lig&MyrsB(£4). 116% Lima Loco (4).. 674 Lo:w‘n Inc (2).. 55 Long Bell A (4 Lioose- Wi Lorillard Co. Lorillard pf (7). 11315 Loutsiana Oll... 11 LouisGasA(1.75) 27 Louis & Nash(7) 145 McCrory B(1.60) 867 McCrory pf (6). 106l Mack Trucks (6) 954 Mack Trk 2d (7) 105% Mackay (7)..... 122 Mackay pf (4).. 68% Madison Sq Gar. 22 Magma Cop (3). Mallison & Co. Mallison pf (7) Mandel (2%) Man El Sup (6). Elm g (d5) Man Shirt (1%). Market St prior. Marland Oil.... Marlin-Rek t3% Mathieson (4).. 116 May Dept S (4). 76'5 MaytagCo(t2%) 33% Mexican Seab... 5l MidContinent(3) 31w Middle States... 25 Mid StatesOfict 2 Exy Min St P & SSM. 41 Mo Kan & Tex.. 47 Mo K & T pt (6). 105% Missouri Pacific. Missour! Pac pf. 103 Montana Pow(5) 103's Montgmry W(4). Mother L (50e) Motor Whi (2). Mullins Body Munsingwr (3).. Murray Corpn... Nat Acme (sta). Nash Mot (14%) Nat Bellas Hess 5 NatB Hess pf(7) 921 Nat Biscuit t5% 133% Nat Cash R(A)3 44% Natl Datry (3).. 6t% Nat Dept Stor 23 Nat D St1st (7). 90% Nat Distillers... 43 Nat Distillers pt 56 Nat Enamel & S. 29 Nat Lead (5)... 1il% Nat Pw&Lt(30¢c) 2L Nat Supply (4). 85% Nat Surety (10). 235 Nat Tea (4)..... 163 Nevada Ct1%).. NOTex&M(17) 1 22% ELY 159 845 47 20 474 Sl% 564 35m 46% 54% 45 46 NY Dock..uo.vs NY Dock pf (5). NY NH & Hart.. NYOnt& W (1) NY Steam pf(6) 98% NY Stm pf A (7) 103 Norfolk South.. 56 NorAm bl0% stk 49% North Pac (6)... 93'% 011 Well Sup. Opnhm Col (4).. Orpheum Cir (2) 27'a 94 61% % Otls Steel....... Outlet Co (4)... Owens Bot(Ct5) | Pacitic Coast. ... { pacific Gas (2).. Packard (12.90). Parmt-Fam y % Paramt-F pf «8) 117 Park & Tilford 81 Pathe Exchange Pathe Ex A (4). Peerless Motor. . Erle RR... Erte 15t p! Erie 2d pf Erfe Stm S( Kureka Va ft4% Exchange (133). Fed Lt (h2.40).. 4274 Fed Mot Tif8Uc) 20% Fid Phoenix (4). 140 Fisk Rubber. ... ¥ Fisk 1st pf (7).. 8¢ 30% 6% 19 B0% 23% 6% TV T3 19 19 19 42 42 42'% 20% 20 20 10 140 140 164 15% 18 84 84 Penn C & Coke. . Pa DixteCt(3.20) Pa Dix Ctpf(1). Penick&Ford (1) Penna R R (3%) o 65% GenMotors t10) 2261, 2 High 938 59% 57 61% 6% 57% 9 Nor Am Ed pE(7) 1025 102 934 35% 13% Ti% 27 Orpheum pf (8). 104% 101% iom Elevator (8. 139% 139% 9% 61% 3 Low Close. 98 58% 87 59% 3% 54 8 Peoples Gas (8). 153% 153' 150 Peorla & Bast... Pere Mara (18). Pet-Mull 15t(7). Phila& RC& £hilip Morris. .. 38 98 40 130% 180% 1 42% 42% 26'a 26 3 304 98 49% 93 584 57 604 3% ) Pitts & W Va(6) STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Open et 49% Phillips Pet (3). Phoenix Hoslery Plerce Oil. Pierce Petrolm. . Pltts Coal. £ PittsTerm Coal. 140 Postum (6)..... Pressed Sul Car. Prod & Iefiners. Producers&R pf. Pub Serv NJ (2) Pub S NJ pf(7). Pullman ctfs(8) Punta Aleg Sug. rure Oli (12)... Purity Bak A(3) rurity Bak B(2) Purity Bak pf(7) adio Corp ot a. Reading (15) Real Silk Hos(4) iterd lce Crm(3) Ltem-Rand 31.60 Rem-Rd 18t(7). Lep Ir & St (4). eynolds Spngs. Liey Lobac B (5) Rossia Ins (6).. Satety Cable (4) St Joseph Li(13). St LaSan F(18). St L Southwest, Savage Ars | Schulte (3%) Seabd Air Line. Seub Alr L pf... Seagrave(ol.20) Sears-R (n2l). Shattuck F G (2) Shell Un (1.40) Simmons (2) Simmons pt (7). Simms Pete. Siclair Vil Skelly Oll (2) SPortok Sug(n) South Calit id.. Soule) Dairies A, Sou Dairies B... South Pac (6)... Southern Ry (7) South Ry pt (5) Spicer M, Std UG & k%), St G & B pfid). Std Milt (5)..... Std Millg pf (6). StdUICal(T12%). Std OILNJ(T1%) Std VIl NY (1.60) Sterling Pro(t6) Stewart-War (6) Stromb Car (2). Studebaker (5). Submarine Koat. Sun Ol pt (6)... Superior Vil.... Superior Steel. . Symington Cl A. Telautogra (6uc) Leun Copper (1) Texas Corpn (3) Tex Gult S 143%. Tex & Pacific... rex PC&O(60C) . 'ex Land Trst n I'he Fair (2.40). I'hompson. 3.60) Tidew Aso (60¢) TidW AsUlpL6) Timken R(5%1) L'obac Prod (7). 36 130% 93 41% 26 Uni ~ it I Tobac Prod A (7 I'ranscont Oil Underwood (4).. Un Bag & Paper. Union Carb (6). Union Oil (f2%) Un Paclfic (10). Utd Cigar S(c2). Utd Cigar St w.i. Un Cig St pf(7). United Drug (9) UtdDrg 15t(3%) Utd Dyewood. . . Utd Fruit(15%) USC1P&F(10) U'S Dist cfs new U S Alcohol (5). US Leather w1. U S Leather A.. USLeat pr pt(7) U S Realty (4).. U'S Rubber-. . U S Smelt (3%). U S Steel (7).... U S Steel pf (7). iU S Tob pt (7). Uni Pic 1st pf(3) Unv P&R(12%). Utl &L A (e2) Vanadium (3)... Vick Chem (4).. Victor T'lk Mch. Victor pr pt (7). Va-Caro Chem. . Vivadou (3).... Vule Det pf (7). Wabash........ Wabash pf A(5). Waldort (1%).. \Walworth (1.20) Ward Baking B. Warner Pic A... Warner-Quin(2) Warren Bros(4). WarF&Pipe Cor. W Penn K1 A(7). W Penn El pf(7) West P Po (6).. West Maryland. West Md 2d pf. West Pacilic. West Pac pt (6). West Union (8). WesthseAIrB(7) Westinghse (4). Weston A (2)... White Eagle (2) White Mot (4).. White Rock (2). White Sew M(4) White Sew Mach Willys-Overland Willys Od pt (7) Wilson & Co. ... Wilson Co pf A Wison & Co pt.. Woolworth (5) Worthn Pump. Wright Aero (1 Wrigley (13%). Yellow Truck... vel Tr&Co pf(1) 97'% YungstnS&T(6) 85 83 Hourly Sales on N. Y, 1lam.. 333500 1 1 p.m.. 1,232,100 Dividend rates as given in th are tho annual cash vavments latest auarterly or naif vearly Unle dends are not included, *Unit_of trading less than t Partly extra Plus 4 n 40 55 39 able “when earned stock. {Plus 10% in st share tn stock us 1 Plus 6% in stock m Plus v stack &0 Chi.. A i R. . Ry, Contivental G, & E. Bs Cunard $ s 1927 Del 1 Biga 198601 e, R R, ited 1. & P Co. 5las 107 S. Riibber 7143 1030 Smelting ¢ b 1033 Wheeling Steel tas 1038 The Middle West enue for the quarter endes $10.197.923, and_ for the 162% 160% 35 974 noon, Zpm.. otherwiss noted extrs or hare in K Pavablo 1740 of a share auarterly tock 8% in § n b Plus $3 in oreferred stock | a Plus one-half of common stock SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) subsidiaries report net operating rev- Low. Close 45t 4 2T 564 T 108 | 631 Uk 82by 59 42u Y8y 685 Him 187 106% 66 35 39 55 37% 97 81l Market. 769,200 1,479,200 @ above table based on the de 100 Plus 1/50 special i Plus 2% in stock. Nuon.—— tter. 00 H 1028, 100 101 s Co. and PC CHAIRMEN NAMED President W. W. Spaid of D. C. B. A. Appoints Heads of Committees for Year. BY EDWARD (. STONE. President W. W. Spaid announces the chairmen of the important com- mittees of the District of Columbia Bankers' Association for the present year in the monthly bulletin for Au- gust, which appeared tod The committee heads are: Advertising—Eliot H. Thnson, pub- licity manager Washington Loan and Trust Co. Auditing—Charies H. Doing, man- ager Washington Loan and Trust Co. branch office. Commercial activiti Riordan, _executive k of Commerce and Savings. udulent securities — Eugene E. Thompson, head of Crane, Paris & Co. H. Pope, vice presi- i Co. legislative—Francis G. Addison, Jjr., vice president Security Savings and Commercial Bank. Protective—Harry V. Haynes, presi- dent Farmers and Mechanics' Na- tional Bank. Publicity—Thomas W. Brahany, as- sociated with Crane, Parris & Co. Standard banking forms—Edward J. McQuade, vice president Liberty N: tional Bank. Taxation—Robert V. Fleming, presi- den National Bank. relations—W. | cnt Federal-Ameri tional Bank. L Unprofitable accounts—John Poole, president Federal-American National Bank. Veteran Committeemen in List. Many of these bankers have already served on important association com- mittees, several on the same commit- tees with which they will carry on this year. Mr. Riordon in taking the commercial activitles committee chair- manship, follows Victor B. Deyber, who had served as head of the com- mittee for two years. Mr. Doing takes Mr. Riordon’s place on the auditing committee, C. H. Pope fol- lows Lanier P. McLachlen ‘on the standardized banking insurance com- mittee. ( Mr. Brahany succeeds Frederick P. . Siddons on publicity, the latter having served last year on the asso- clation's yearly committee and also on the special convention committee. On heading the Treasury relations committee Mr. Waller follows Robert V. Fleming. This will be the third year that Mr. McQuade has worked on the standard banking forms, many of this committee’s suggestions having already been put into practice in the banks In watching the unprofitable account situation, Mr. Poole wil con- tinue his duties of last year. President Spaid expects to have the full membership of these committees ready for publication in a few days. With these enthusiastic and energetic committee chairmen ready to take the lead, the work of the association's special committees is sure to be o conducted as to result in another year of marked progress. Bank Resources Smash Records. fotal resources of national banks o United States, Alaska and Hawaii amounted to 1,943,000 on June 30, when a national bank call \Wwas issued, the controller of the cur- rency announced today. Resources of the 7,796 banks passed the $26,000,000,000 mark for the first time, comparing with $25.699,147,000 on March 23, the date of the previous call, and $25,315,624,000 on June 30, 1926, Local Bank Stocks Climbing. Local bank stocks were again strong on the exchange, 40 shares of National selling at 488, within one point of the 1927 high. American Security & Trust changed hands at having agvanced from 406%, the price on the last previous sale. Na- tional Savings & Trust came out today at 408 and 408, and Merchants' Bank & Trust Co. sold at 157. Other stocks were Potomac Electric 5z per cent pre- ferred closed at 10 Mergenthaler advanced to 112%, and Lanston sold at 997. Merchants' Transfer & Storage common opened at 135 and closed at 132. Ten shares of National Mortgage & Investment preferred moved at 7. Exchange Member Honored. After the list had been called, the exchange adjourned out of respect to the memory of Richard ¥. Claughton, whose death occurred yesterday. Mr. Claughton was vice president of the exchange and had been a member for years. He had also been a of the Commercial Bank since it was founded. The exchange passed resolutions ex- tending sympathy to Mrs. Claughton and arranged for representation at the funeral. Stockholders Adopt Change. The stockholders of the National Morigage & Investment Corporation voted in favor of canceling 64,604 shares of the company's preferre stock, purchased in the open market, and also to retire all outstanding $10 par value common shares and to give in return one share of no par com- mon for each 10 shares of the old stock now held. There was a large attendance of stockholders at the = meeting, held vesterday afternoon at the Arlington Hotel. Frank J. Hughes, the presi- dent, explained to tha stockholders why the directors believed that the new financial alignment would benefit th y and also told the share- holders that th> balance sheet showed the company to be in a strong posi- tion. Heard in Financial District. Arthur Foraker, manager of the lo- —John M. “president ‘Waller, an Na- also strong. 3 '® Pavable in_ cash OF cal office of Eastman, Dillon & Co., will leave here next week for a vacation trip to Vancouver and other points in the Northwest. Thomas E. Jarrell, president of the Washington Savings Bank, is visiting his family at Atlantic Ci where he will remain_another week. Eugene E. Thompson, head of Crane, Parris & Co., has returned from a short business trip to New Yor Charles C. Lamborn, treasurer of the National Savings & Trust Co., is taking his annual vacation. Austin C. Waller, vice president of the International Bank, will start on his vacation next week and pass much of the time playing golf at a moun- tain resort. . W. Shoemaker, assistant cashier of the Potomac Savings Bank, is back at the bank after his vacation. Miss Mary C. -Winfree, secretary to President Wade H. Cooper of the Continental Trust Ce leaves here next week for a motor trip to Mon treal, Quebeo and other places in Canada. Willlam H. White, secretary of the Merchants Bank & Trust Co., is spend- ing a month at Buena Vista Springs, ra. INCOME INCREASES. August 11 (P).—Net tional Power & Light months ended against $4,420,- months, equal come of the Corporation for the June 30 was $5,641.6: 991 for the previous 1 to $1.83 a share on 2 d June 30 of ended June 30 of $41,768,249, months ' s 4. shares of common against $1.52 a are on 2,515,815 shares the previous Yyear. ‘. THURSDAY, AUGUST 11, FORBANKERS BODY : 1927. Commodity News CLEVELAND, August 11.—Po bilities of A merger of brick manufa turing companies in Ohio and Penn- sylvania are being discusseq here. 'he Metropolitan Paving Brick o with plants in both States, is expected to be the nucleus of the possible con- | solidation. BOSTON.—Sword fish are plentiful in this market and prices have dropped in consequence. SAN FRANCISCO.—This vear's California prune crop is expected to amount to 194,000 tons, as compared with 150,000 tons last yvear. There is a hold-over of 30,000 tons still un- marketed from the 1926 crop. LAKE CHARLES, La.—Good prog- ress.is being made in forming a c operative marketing association among the rice growers of Louisiana, Texas and Arkansas. The plan is to obtain between 1,500,000 and 2,000,000 bags of rice, which will be withdrawn from the domestic market and sold abroad. Each meml_r is expected to pool 20 per cent of his crop for this purpose. SPRINGFIELD, Ill.—The prospect of a poor corn crop makes it appear that this Winter and late Fall there will be an exceptionally heavy mov ment of light unfinished hogs to mar- ket. This probably will depress prices, but higher values for hogs are ex- pected in the late Winter and Spring. et AUTO TRADE GIRDS FOR BIGGEST FIGHT Ford Announcement Gives Other Makers Idea of What They Have to Face. BY J. C. ROYL Special Dispatch to The Star. NEW YORK, August 11.—The knives of competition were being given a razor edge in the automobile industry today. The announcement by Edsel Ford that the new Ford car was now an accomplished fact, and giving some of the points the Ford Motor Co.” claims for it, has shown other manufacturers more definitely what they have to face. They are de- termined to fight to a finish for every possible customer, and the last part of this year promises to see the most se- vere competition the industry ever has known. Production so far this year has been running at the rate of nearly 4,000,000 cars annually, despite the fact that the Ford factories, which once pro- duced a car for each one turned out by all the other makers combined, have been practically idle for months so far as production was concerned. With Ford in active production, the output for the year may reach the 4,200,000 mark which President Sloan of General Motors predicted for it ear- lier this year. Cars for Show Loom. The Ford announcement did not say when the new car would be put on the market, except fhat if the car has any faults they will be found and rectified before it is offered for sale. The output before a car is sold, how- ever, must be raised to a tremendous pitch in order to provide dealers with cars for their showrooms and selling floors. To allow each dealer one car of each body model and type would re- quire operations for months at peak of capacity, which for the old model T was 8500 a day. The exact price field of the new car is as yet unknow: but all the other companies are g ing to feel the effect of the Ford com- petition whether it touches their price fields directly or not. Considerable credence has been given reports in some circles that the new car would have a high compres- sion motor using ethyl gasoline. This seems very unlikely to the fuel ex- perts, since the patents covering the production of ethyl gas are owned by the chief Ford competitors. Moreover, the oil company which works with the Ford competitor in production of ethyl gas has just bought the German processes for liquefying coal which will give it ready access to benzol and toluol production. Reduction in Makers Seen. There seems no middle ground in the automobile industry. Some con- cerns are having the most wonderful year in their history. General Motors, Chrysler, Willys-Overland, Hudson ind_one or two more seem likely to oroduce more cars this year than ever before. Some will make big profits and some will find the profit margin somewhat narrow despite large sales. A number of other producers have been doing badly and with increased competition they seem likely to do worse. Not a few good judges antici- pate a reduction of the number of concerns in the field before 1928. Two lines of customers are beigg followed closely, those in foreign fields and those who may be possible owners of two cars. The foreign fields scarcely have been touched and here Ford has an advantage since he has paid special attention to this trade. General Motors foreign sales, how- ever, have increased over 15 per cent ed | in the last year and other companies have done well abroad also. o CROP OUTLOOK BETTER DUE TO GOOD WEATHER Corn Yield to Be Small, However. Gains in Estimates on Spring ‘Wheat, Potatoes and Tobacco. By the Associated Press. Favorable July weather has resulted in improvement in the Agricultural Department’s outlook for crops in general, with the corn yield, in spite of a substantial increase in estimated production, still forecast as the small- est in 26 vears. Increases in the estimated yield of Spring wheat, white potatoes and to- bacco, as compared with estimates of July 1, were noted in the department’s August report, issued late yesterday, with declines indicated, however, in Winter wheat and fruits. Corn production was forecast at 2,385,226,000 bushels, an increase of 110,000,000 bushels as compared with figures announced a montl ago. Spring wheat gained 24,000,000 bush- els during the month, the department said, with production now estimated at 298,000,000 bushels, while a decline of 28,000,000 bushels was noted for Winter wheat, placing the total esti- mated yield at 552,767,000 bushels. NEW YORK MARKETS. NEW YORK, August 11 Flour firm; Spring patents, soft Winter straights, 6.25a6. Winter straights, 7.25a7.60. Rye firm; No. 2 Western, b. New York and 1.10 c. Pork irregular; ‘mess, easler; Middle West, Wheat futures opened stea tic September, 1.46%. Other articles unchanged. N. Y. C. EARNINGS DOWN. NEW YORK, August 11 (#).—The New York Central Railroad in the quarter ended June 30 earned $3.74 a share against $3.97 a share in the second quarter of 1926. Karnings for the first half were $6.65 a share agalnst $6.56 the first half of 1926. FINANC FH ARE HEHER N MARKET TODAY Trading Not Especially Brisk in Any Food Stuffs—Prod- uce About Steady. Dealers at Municipal Fish Market | this morning had ample supplies of all varieties of fish to meet demands. Fish were not as plentiful as they were last week, however, and while prices were little higher than last week, they were not what dealers considered high. Trout, croakers and haddock were about the cheapest fish offered. Deal- ers received large shipments of small and medium size trout from points on the Chesapeake Bay and Potomac River, the fish being in good condition, and offered them as low as 8 cents a pound. Croakers, also received from bay and river points in large shipments, s0ld as low as 4 cents, while haddock from Northern waters were offered at 6 cents. Filet of haddock, always in demand. was quoted at 16 cents. Large spots from Norfolk and the lower Potomac and Chesapeake Bay nets proved attractive to buyers at 10 cents, a similar price being quoted for fresh cod, also a good seller. Rockfish More Plentiful. Rockfish, scarce most of the season, were more plentitul and cheaper to- day, dealers quoting them at 23 cents. They have hit the 30 and 35 cent mark most of the season, according to dealers, but probably will continue cheaper, netters expecting to increase their catches. Dealers had a few Spanish mackerel irom Chesapeake Bay fishermen to of- fer at 18 cents, and Boston mackerel, not so plentiful, were quoted at 16 cents. Flounders brought 121, cents. Swordfish and salmon found ready sales at cents, while halibut was offered at 20 cents, and a price of 1215 cents was quoted for butterfish. Three varieties of crabmeat, more pléntiful than earlier in the season, were quoted at 50, 60 and 65 cents a pound., while soft crabs, also more plentiful, sold from 75 cents to $1.50 a dozen. Hard crabs were higher than prices reported last week, dealers quoting them at $8 a barrel or 90 cents a dozen. This is the season for scallops, ac- cording to dealers, and plentiful sup- plies of the large variety were offered today at °2.25 a gallon. Lobsters were scarce at 70 cents a pound, and snapping turtles were plen iful at 8 cents. Shrimp were more plentiful, the green selling at 20 and the cooked at 50 cents a pound. Buying of numerous foodstuffs, in- cluding meats, poults butter, eggs, fruits and vegetables was not especial- 1y active this morning, and prices were about the same as those reported yes- terday. Today's Wholesale Prices. Butter—Fresh, 1-pound prints, 43a 44; tub, 411;a42; store packed, 29. Eggs—Fresh selected, 27a28; hen- nery, 30; current receipts, 25. Poultry, alive—Turkeys, toms, 25; fowls, 24a25; Spring chicl ens, large, 30a32; medium, 27a28; small, 26; roosters, 15al16: ducks, keats, young, 50a60; old, 2. Dressed—Turkeys, 28a30; Spring chickens, 35a38; capons, fancy, heavy. 39a40; smaller, ducks, 20a25; keats, young, 60a70; old, 30. Meat, fresh killed—Beef, 18a20; vea 20; lambs, 30a32; fresh hams, 23a2! shoulders, 17a18; loins, 30a32; smok hams, 26; smoked shoulders, 18. Live sock—Calves, choice, 13a1312: medium, 10all; thin, T7a8; Spring lambs, 13a13% Fruit and Vegetable Review. Today's market report on fruits and vegetahles, compiled by the Marker News Service, Bureau of Agricultural Economics, says: Cantaloupes—Supplies heavy; de- mand moderate for good stock; slow for green stock; market weaker; East Shore Maryland, various varieties, crates, 13-14-inch heads, 5; standards, all sizes, 1.50a: standard flats, 9s and 12s, mostly around 1.00; jumbo flats, all sizes, mostly around 1.25; North Carolina, Ridgeway sec- tion, salmon tints, green meats, stand- ards, 45s, 1.50a2.00; 36s and 27s, 2.00a 2.50; few higher. Lettuce—Supplies of Eastern stock moderate; demand _light; market steady; New York, 2-dozen crates, Big Boston type, 2.00a: ; Western stock, supplies light; demand moderate; mar- ket steady; California, crates, iceberg type, 4-5-dozen, 5.75a6.00. Onions—Supplies moderate: demand moderate; market about steady; Massa- chusetts, 100-pound sacks, yellows, U. 8. No. 1, Peaches—Supplies liberal; demand light, market dull: Virgi bushel baskets Carmans and sixes Carmans, large to very large size, 2. 51 some poor condition, 1.00a1.50: Hiley’s, best, medium to large size, %.00a3.25; Champions, large to very large size, mostly 3.00; Elbertas, large to very large size, 4.00a4.25, mostly 4.00. Pears—Supplies moderate; demand fair, market about steady; California, hoxes Bartletts, medium size, 1.25a 4.50; small size, mostiy around 4.00. Peas—Supplies light; demand light, market dull; Colorado, 43-pound crates, 7.50a8.00. Potato Market Steady. Potatoes — Supplies moderate; de- mand fair, market about steady: Maryland, FEastern Shore, cloth-top ave barrels Cobblers, U. S. No. 1, .2523.50; New Jersey, 150-pound sacks Cobblers, U. S. No. 1, 3.00a3.25, mostly around 3.15. Watermelons—Supplies light; de- mand good, market firm; car lot sales. North Carolina, 4-tiers, Tom Watsons. labeled, 36-pound average, 675; 30- pound average, 575; 26-pound average, ; 4-tiers, Irish Grays, not labeled, 24-pound average, 325. Sweet potatoes—Supplies moderate, demand slow, market slightly weaker: North Carolina, cloth-top barrel, yel- lows, 5.50a6.50; few higher, mostly around 6.00; Tennessee, bushel ham- pers, Nancy Halls, 2.35a3.00; Georgia, bushel hampers, Porto Ricans, 1 Cabbage—Supplies liberal; demand good, market about steady; Virginia, barrel crates, approximately 1004 pounds net, round type, 2.35a3.00; few higher. Celery—Supplies moderate; demand iight, market dull; New York, 23 crates, 2.50a2.75. Apples—Supplies moderate, market Virginia, bushel baskets, Rambos and Rebels, large size, 2.25; various va- rieties, 1.50a2.00; Maryland, baskets, Wealthys, large size, 2.50. liberal; demand slightly weaker; BRIGGS PROFIT DOWN. NEW_YORK, August 11 (®).—The Briggs Manufacturing Co. during the second quarter earned 75 cents a share on 2,003,225 shares, against § a share on 2,000,000 shures during the second quarter of 1926. Earnings for the first half were $1.51 a share, com- pared with §2.70 for the first half of last year. BUYS BAKER COMPANY. NEW YORK. August 11 (#).—The Postum_Co., Inc. has acquired all outstanding _capital stock of the Franklin Baker Co. of Hoboken, N. J.. manufacturers of coconut and other nut products. No change in management is planned for the Baker company, which hax plants also in Montreal and Manila and San Pabloe, Philippines. N TAL. COTTON ADVANCES INTRADING TODAY Rains and Insect Damage and Firmer Cables Are Bullish Factors. By the Associated Press NEW YORK, August 11.—-The ton market opened firm at vance of 13 to 20 points in to higher late cables from Liv reports of rains in the South and In creagingly numerous complaints of damage to the crop by insects in vari- ous sections, including Texas and Ok lahoma. December sold up to 20.02 durins the early trading. with the geners list showing net advances of about to 31 points. There was renewed real- izing at ‘these figures, but the market held within 4 or 5 points of the at the end of the first hour. Liver- pool cabled that there had been con- tinenta! liquidation and hedge selling there early. but the declines were fol- lowed by sharp recoveries just before the local opening. The early advance met considerable realizing and selling became a little more active on the improved weather outlook for the Western belt. This was offset to some extent by prospects of showers in the East and more nu- merous private reports of bell weevil damage, but prices worked back to or 2 shade under yesterday's closing quo- tations. At midday December was selling around 19.70, with the more ac tive months showing net declines of or 3 points. cot ad GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star NEW YORK. August 11.— (Quoied*in dollars per million maris.) Bid. Asked, Ger Gt (w In) Bs 1014-18. X Hamburs #133 10100 0° (Quoted in dollars per thousand marks.} Ger Gen Elec 4138 pre-war. 25.00 0 Ger Gen Elec 4148 1919... Berlin 48 pre-war ... Hamb 3s. 338 & 48 p Hambure Amer Line 4142 North German Lioyd 4134 North German Liovd ... 43 pre-war. Munich 43 pre-war A E G (Ger Gen Eleci A E G (Ger Ge Commerz & 5, 5: Farben. . sconto Gelischait Berliner Handels. . Dresdner Bank Deutsche Bank Darmstaedter B Mereur Bank Vienna. x Heyden Chemieal.... . 0 Austrian A E G (Gen Eleci DIVIDENDS. lec) ptd Bank Am_Suzar Do pf AC ReRuing Cal_Petroleun . C NO&TP Ry pf Con Can pf l‘nmmvnlar Oil Baceman kod & o) n o. Do g of. & Nat Sugar ' Ref. . Neb Power pf. Phoenix H Do 2d R T ghell Tnion 0il. §tan Oil of Neb'''8ie if s pau i Secured D{ first deed of trust on real estate Preval llil( interest l‘n;‘.‘ o L"‘""r - . Weller 430 W L4 1% e = Mortgage Money Loaned at Low Interest Rates Feoromie Conditions Tyler & Rutherford Loan Correspondent Mutual Heuefit Life 1520 K Street = Main 475 REAL ESTATE LOANS 5, % FRED T. NESBIT 1010 Yermont Ave. Main 9392 RY CLEANIN it costs vi "lfl’l. Light Sprin; Overcoats,‘Sl.OO 0000000000000000000000000 6 ¢70 CONSULT US —for safe First nve your surpius funds. Look to the future by invest- Now Mortgage ng Wm. H. Slnunden Co., on Your Money Cumulative Preferred Stock Par Value, $100 per share. 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