Evening Star Newspaper, August 12, 1927, Page 10

10 % STOCKS IN TURMOIL INTODAY'S SESSION Precipitate Drops and Sharp Rallies Feature Trading on New York Exchange. BY GEORGE T. HUGHES. al Dispatch to The Star, NEW YORK, August yapidity and extent of fluctuations, to- “tock market surpassed any- clse this year. While no one singie issue equaled the performance of Manhattan Electrical Supply Thursday in droppi some 60 points, scoveral stocks did I in precipitate drops of from 15 to 20 points with, in some instances, almost as abrupt Tecover 12.—For day's thing hese wild gyrations threw the whole market into a turmoil. For a time st < were pressed for sale all long the line. with prices rapidly de- clining. At the same time Standard Investment issues were well supported e concessions, and the market se at no time was out of hand. arly Trading Orderly. Opening prices have been in most o The was ances preceding General <plit openi ¥or an_hour 2 fairly « party prove The exception Motors, which had a| down over a point. | so trading proceeded | fashion. Then the | out_ spots which close. or rly found two that | E : purpose. One was Eureka Vacuum Cleaner and the | other was White Sewing Machine. | Tiureka Vacuum Cleaner, which h closed at Thursday, melted aw: under a flood of offerings until a low | of 51. a loss of over 22 points, was yecorded. White Sewing Machine Broke from 43 to a low of 34, a drop of 14 points. From what followed it wz Rrble to a ©f speculators for the quickly acquired. of Manhattan Electrical Supply in aind. there was a rush to sell these two stocks on the part of in-and-out | traders. The result was that when | attempts were made to take profits| the market rebounded as fast as it | came down | Eureka Vacuum recovered practi- cally all the loss on the day and White Newing Machine came back over half the ground. To add to the confusion, once this demand on the part of | rhorts had been satisfled both stocks sold off again. ! General Effect Adverse. | Meanwhile the effect upon the gen-| eral market was adverse in the ex-| treme. It was not simply that vola- tile stocks like Houston Oil slumped in this instance 14 points and then came back 10, but the whole list was involved. General Motors held well #nd so did United States Steel, but Colorado Fuel & Iron had an acute sinking spell. The sulphur stocks, Freeport Texas and Texas Gulf, gave way, Pittsburgh Coal broke nearly 9 points and other specialties too numer- ous to mention in detail came down, As in the case of the two stocks on which the pressure was concentrated | mt the start, rallies came in the others also. The market for the railway shares | was not so nervous and excited. but most of the leaders weakened. Eries were heavily sold for a time and so was Missouri Pacific. Seasoned divi- dend payers were better supported. reason- | decline w Markets at a Glance NEW YORK (#). pool issues drop violently. Bonds. firm; public utility liens fairly active. Forelgn exchanges, steady; Japanese Yen sag 6 points. Cotton, lower; un- #ettled Wall Street. Sugar, easy; Eu- ropean hedge selling. Coffee; de- clined; commission house selling. CHICAGO.—Wheat, steady; reduced crop estimates. Corn, firm; reports insect damage. Cattle, weak. Hogs, better shipping demand. NEW MOTORS MELON WILL BE DISTRIBUTED| $783,000,000 Profit to Go to Stock- holders in Capital Readjustment Plan of Directors. weak Associated Press. NEW YORK, August 12 000,000 “melon,” establishing profit for American industr distributed among holders of stock in | the General Motors Corporation, the &pectacular bonanza of Wall Street, Plans for the distribution of the| “melon,” the second to be declared by | the corporation within a vear, will be | submitted for the approval of stock- hold 1t a4 meeting September 12 When directors will propose the decla ration of a 100 per cent stock dividend. This in effect will be the result of a capital readjustment which two shares of new par will be is- wued for each share of no par common, doubling the present $,700,000 shares of common outstanding. While no dividend rate on the new stock was announced, it is said in Wall Street that it will pay $5 per #hare, or $10 annually, instead of $8 at 1he present rate. On this basis the market value of | tha new stock may be theoretically es- tablished. until issued, at $90 a s ‘ making the “melon” worth more than three-quarters of a biflion dollars. This | far exceeds the distribution of a 40| per cent stock dividend last year by the United States Steel Corporation General Mote earest vival, which was valued 000, General Mators last 50 per cent sock dividend Plans of the divectors call for an in- crease of common stock from 10,000, 400 10 par to 30,000,000 shares of $2 ons in the amount of ferred and debenture These changes in ¢ the outstanding eap! counts, it was stated. is to be stock outstandin no way alt and surplus FOREIGN EXCHANGE. Ferin Rome Zuireh Athins Maiirnd Vienna At ke 1650 000014 14 Crown’ crawn ugust 12 (P).—For- Iy. Quotations in in, demand, 4857 day bills on hanks, demand, 3.91%: Great 485 132 1116, Frane des, 920 Mtaly e, 54815 D 13.00'5; Germany, 10,087 Norway 26,8011 Denmark, 1 spain, 1 10! 11.20; C: Jugoslay 1 eables 481 nd, Greoce, choslovakia, 2 Austria, 14.08: Ru- | Am Seating Abitib! Pow (5). Abrahm&Straus Adams Exp (6). Adv Rumley. Air Reductn(16) Ajax Rubber. Alaska Juneau Allied Chem (6). Allls Chalm (6). Amal Leather... Amerada (2) Am Agricul CI Am Agri Ch pf.. Am Bank N (2). Am Bk Not pf(3) Am Beet Sugar. Am Beet Sug pf. Am Bosch Am Br Sh(41.60) Am Brown Bov. Am Brown Bo pf Am Can (2)..... Am Car&Fdy (6) Am Chicle (3).. Am Drug (80c). Am Express (6). | Am & For Pow.. Am&Fo Po pt(7) Am Hide & L pf. Am Ho P (2.40). [Am Ice (t10)... Am Ice (n). Am Ice pf (6) Am Internati(2) Am La Franc Am Linseed... Am Linseed pf. moderate advances over |Am Locomot (8) 105 Am Loco pf Am Machine (2) Am Metals (3).. Am Plano (3) Am Piano pf (7) Am Po& Lt (1) Am Republic. Am SafetyR(13) 4. Am Shipbldg ($) Am Ship & Com. Am Stl Fdys (3) Am Sugar (5) Am Sumatra.... Am Tel & Ca(5). Am Fobac pt (6) With the example | Am Type nf (7). 1 Am W W (msoc) Am Woolen..... Am Woolen pf. . Am Writ Pa ctfs Am Wr Pa pf cfs Anaconda (3)... Armourot 111(A) Armourof 11l (B, Arnold Con&Co. Art Metl(113) Asso Dy Giztg) AUT& S F(19%). Atchison pf (5)., AUCL (18135) Atl Refining (4). Atlas Powder(4) Austin-Nichols.. Baldwin L (7).. Balto & Oh pf(4) Bang & Ar (3).. Bangor & Arrts Barnet Leather. BarnsdallA(2%) Bayuk Ciga . Beacon Oil. . Beech-Nut (13 Belding Bros (2) Bethlehem Steel Bon Am! Cl A(4) Briggs Mfg (3). Blkn-Mn Tr (4). By Man T pf(6). Bklyn UnGas(5) Brown Shoe Brunswick B(3) Brunswick Ter. . Buff&Susq pf(4) Burns Bro (10). Bush Term (b8) Butte Cop (50c). Butte&Super(2). Butterick (g Byer & Co. Calif Packg(4).. Calif Petrm (1). Callahan Zinc. .. Calumet & Ar(6) Canada Dry (3). Can Pacific rts. . Case Threshg Cent Alloy (2).., Cent Leath. . Cent Leather pf, Century Rib M., Cerro dePas( 5) Certain-Teed.4) Certo (1235).... Chandler pr(43%) Ches & Ohfo(10) Ches Corpn, Chi & Alton, Chi & Alton pf.. Chi & East I1l... Chi & East 111 pt Chi Great West. Chi Gt West pt, ChiMil & St P., Chi MII&StP pf. CM&StPefs., C M&StP pf cfs. Chi & Nwn (4).. | Chi & Nwn pf(7) Chi P’ne Tool (&) Chi Rock Is (5). CR1&P pt (6). Childs (32.40)... Chile Cop (2%). Christie B (1.20) Chrysler Corp(3) Chrysler pt A(8) City Stor A(3%) City Stores (B). Cluett Peab (5).. Coca-Cola (5)... Collins & Aik(4) Collins & Aik(n) Collins&A pf (7) Col Fuel & Iron. Col & Southn (3) Colo Sou 1st (1), Col Gas & El (5) | Col G&E pf A(6) Com Cred (1)... Com Solv B (8). Com Powr (214) Conde Nast (2). Congoleum-Nair Cong Cigar (4) Con Cigars (7) Consol Gas (5) Cons Gas pf (5). ConRRCuba pf 6 Consol Textlle. . Cont Bakg A(4). Cont Baking B.. Cont Bak pf (8). Cont Can (5).... Cont Can pf(7).. Cont Insur (6) { Cont Mot «8ue).. Coru Prod (13).. Corn I'rod pt (7) Coty Inc (5).... CrucibleSteel(6) Cuba Cane Sugar Cuba Cane Su pf Cuba Compy (3) Cuba R R (4.80). Cuban Am 8 (1). | Cuban Dom Sug. | Cudahy Pkg (4). Cushman’s (§4). Cuyamel Fruit.. Davison Chem. . | Deere&Co nf (7). | Del & Hud (9).. Del L & W (17). | DR G wst pt. Detrott 12 (8) .. Devoe & R(2.40) Diamd Mich(8). " | Dodge Bros Cl A Dodge pf (7).... Dunhill Int (4). | Dupont (t9%3).. Du Pont deb(6). Eaton Axle (2).. mania. 6213; A Tokio Montieal, 99.98 7 > 6215 Brazil, hanghai, 6! El AutoLt(16%) Electric Boa Elec Power Ahumada Lead.. 1 AtlGuit& W 1., Bayuk 1st pf(7). 109% Bkin-Edison (8) 187 Burros Add(t4). 106 Bush Ter de (7). 102% Bush Trm pf (7) 1184 Can Pacific (10). 186% 186% 184 ) 250 Case Thr pf (7). 119% 119% 117% 118% VENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Oven Hi 102 6 160 12 3% 184 8'9 1% 151 106 135 29% 12% 4l 60 59 19 49 20% 44 12 10 51 53 134 154 1 20 100'3 100's 100 64'% 64'a 6 61 49 50% 43 49% 1T 1174 29 9l'y 47 100 -. 9ty 104'3 105 g2l =1 97 13 124 97 9 41 44 36 36 9% 2 1001 4, 45 4 45 15 a4y 90's 90y s 3 45 45 45 46y 9o 461y 90 !| Am Smelting (8) 1634 163 |AmS &R pI(D). 1 | Am Tel & Tel(y) I Am Tobacco (8). 1 ume that a large following | Am TobaccoB(8) | 14415 110'% 140% » 4Lty 142 115 115 11 11y a7 21 1 43 217% 5lly 1918 43 46'3 94 251 41 a4 1 187 w2 193 33% 33 33 124% 118 118% 61 ¢: 5'a 6l 5 216 Bald Loco pf (7) 124 Balto & O (6)... 115 8 T 3 Bang & Ar pf(7) 1!1 bl 245 891 ol 2 24% 89's 83 109% 109 16 16 b4 b4 21% 2t 61 b8 oT% 57 2Ty 27 16 54 21y 60tn b7l 275 b4 150 4! H0% 10 b2, b2 91 . 91 106% 106 106 b7 . b4% 544 102% 102% 10z% 1183 118% 118 4 4 4 9 8y 54 5 8l 66y 63% 6174 2% 2l It Uiy 69% 6874 69 58'% 5% 147 40% 9% 10 147 40 2P 10 b2 9l 40% 30 10 52 91 o7 4 9l bdly Slly 634% 1'y 69% 57 63 3% 34 250 3% 240 240 29% 16% 82 8% 2K 15% Cen Ry NJ(112). 310 1y 631 494 5%, 19 19 181 184 189 189% 1%6% 187 0% 704 68 68y 8% 8w 8 i3 8 Wp 45% 464 8 B0 15% 16% 3l B4y 15, 15m 30 4 29 9% H9ly wTY 136 136 136 128 128 125 110 110% 108 108! 100% 100% 100% 100 59 59 59 9 35% 357 B9% 594 £8 58 52% 53 52 5an 1% 1108 1111 111% 49% 494 49 49 46% 47% 46% 4TH 65% 654 €5l 63l 1165 116% 115 115 115 1164 108 110 924 9215 83 91 105 105% 104% 104% 9% 80% TuH 75 126 126 123 T6% 64 T6% To% 96 B 9sTa 91 1042 1043 104 104 1% 17T% 16% 17 353% 3584 340% 342 56 56 511 40 40 39 23% 23 6414 621 E2% Tai 3% 113% 110 31% 15 29% A 1y 611 80 110% B9y 9l E 215 25 7 123 124y 12 186 186 184 10% 1054 107 bi's b3ty b2 131131 a3 95 911 91 sl 615 iy [ 36ty . 8215 Bog 221 22! 14 14 T 4T 118 118 4T% 4T 46% 32% 3214 30 118% 118% 118% 04 205 1961, 1625 163 161 1 91 s 36ty 2% 82 22% 14 46% 118 I8 B8 5TY 152 152 1 1 1 17 68y 58 49' 49 280% 285% 270 110 110 110 Eastman (18)... 165'5 165's 160's 160!, 26% 8T% 25% 8513 19% 20 E2 8 H . BT% Low. Close. ¢ 5 6 1001 100's | { tndep 011 (1)... 188% | % 10234 1025 | 1894 1901 | j it Nickel (2)... i [ntl Paper (240) Int Paper pf (7). 101! { Jordan Motor... { Kelly-Spring 21% | 1 | 5474 | 215 | N Y Central rts, Open. High. Low.Close. 105105 105 105 114'% 114% 114% 114 16' 16's 157% 0 70 6 92 %12 0G0 2 29 Elec PELt pf(7) P&LDE 40% (7) ec Itefrigeratn Stge Bat (16) k Horn... End John (5). Ingineers Pub § Ipait BIAg(7).. Erle RR... Erie 1st pf... Erie . 60% 60% 60'3 60 Erfe Stm S(213) 30% 307 294 30 Erie Stm S pf(7) 108!y 10815 108 1085 Eureka Va ft4% T4 50 69% Fed Lt (h2.40).. @ a4 ied Mot T(f80¢) W 194 19% First N P 1st(8) 100 100 100 Rirst Nat S(11§) 23 Fisk Rubber. ... Fletschmann (3) Foundation (5). Fox I'1lm A «4). | Freeport (t4% . E 2814 87l 6l% 61 a1 19% 100 1613 H8% T3 b1 St j Gabrtel Sn(314). Gardner Motor.. Gen Am Tnk (3) 55'% Gen Asphait.... 68y n Asph pe (5). 110 Gen Cigars (4)., 68 Gen Eleo (16)... 122 Genklec sp(60c) 11% Gen GasA(01%) 59% GenMotors(110) Gen Mot pf (7).. 1 Gen Outdr Ad(2) Gen Ry Sig (5).. 144'5 145% 1 Gen Refrac (3).. 64 65 { Gimbel Bros, 46% 16% 14 147 87 a7 Gl Hin 681 09'n 66 119% w1 dden Co. ... .. lidden pr pe(7) old Dust...... oodrich Ru (4) odyear Tire. . Gothin S H2g) Gotham new 23 iranby (4). . i North pf (5) { Gt Nor pt efs(5) TGriNor Od1ig). Great WuSug(n) GUWestS pf(7) 1210 12115 1 Green Canan, 59°n bYin Guantanamo sa 8l ! Gulr Mo & 6% 64 Gu M &N pf (6). 109% 109% 109% 109% Gult States (5).. 50 50 50 50 Gulf Sta 1st (7). 101% 101' 100 101 Hanna 1st pt. 60's 601 59 9 jHartman A (2)., 2 21 ud Hrin B blu%stk 28% 20 20 Helme Geo (4) 99 199, 90 Hoed& Co A.. 4 W3 Hollander & Son 3 Homestake (77) Houshld P(313). Houston Oil. Howe Sound(4). ! Hud Man (2%). Hudson Mo(3 % | Hup Mot (1.40).. 1llinots Cen (7). | | ! H | . | (8% i | i 2 113 40'3 381y Bo's 9 80 181 184 1304 130% 11815 181y Hoty 34 18 131 18's 131 Indian Mot (115) Indian Refg ctfs Ingersoll-R(t4), (nland St Inspiration InterboroRapTr Intcontl Rub(1) Internat Agri... Int Agricul prior Int Bus Ma (4).. 8 IntCement (4).. 56 55 Int Cement pf(7) 1074 105 107 Int Com Eng (2) 48% 48% 45% 42 Int Harv (J6) 187'4 188'3 180's 180% Int Mtch pf(3.20 71'a 724 70% 70 tut Mer Marine.. 5. bla 54 5% int Mer Mar pt.. 8813 36% 36 64'a 61's 63 56's 54's 55 101! 101% 101% 69% 69 69]) 170 163 168 e 8ur. 52!y 8ia 394 X 89 b1y 194 89 | by 15 91y 43 6t 5613 Inter Salt (6)... 69 Intl Silver.... 170 Int Tel & Tel (6) 140 140% 138 138% IntTel&Telrts 4% 4% 4% 4% latertye (t1%). 341 34! 33 33 Jones Bros Tea.. 26' 26's 18 1ak 61 B 200 Kelly Tire 8% pf 66 Kentnecott C (5). 67 i Keystone T & R. % Kraft Ch (11%). | Kresze (1.20)... | Laclede Gas(12) { Lago O1l (3).... i Lambert Co (5). T3% Lee Tire & RRub. Y% Lehigh Vali3ig) 103 Lehn & Fink(3), 364 Lig Carb (3.60).. 45 4y Lig & Myrs(ft4) 116 115 Lig&MyrsBif4). 116' 118 Lig & M pf(7)... 129% 129% Lima Loco (4§.. 65's Loew's Ine (2).. 53' DRy, SoEis 6t Long Bell A (4). 3313 | Loose-Wiles | Loose-W 1st ( {Lorillard Co.... 59% 9y Lorillard pf (7). 113! 113'3 1 Loutsiana Oil. 'y 1t%s 1% 11 LouisGasA(1.75) 6% 2674 267 267 Louis & Nash(7) 144% 144% 1444 1444 Ludlum Steel(2) 24 24 2 234 MecIntyre P (1). 25% Mack Trucks (6) 95" Kan City South. KayserJ (4)... 56% 20 66 6T% L . 19% 2014 66 63 65% 6% b1 55 6l 61% 5l (19 215 i) 56 65% 0% 78'% 10 164 31 29% Tk g 100t 10 B $6'% A | 615 | 331 11y 7 13 | 38 8 113 | Seneca Copper. . 1 UnCig St pf(7). Open. Owens Bot(Ct5) 76 Paclfic Coast. ... Pacific Gas (2).. 374 Pac Tel & Tel (7. 135% Packard (12.90). 36 Paige Motor. 11 Pan-Am (6). “ Pan-Am B (6)... Pan-Am West B Panhandle. .. Parmt-Fam (§8) Park & T1lford Park Utah(80c). Pathe Ex A (4).. Patino(1.21 2-3) Pecrless Motor. . DixieCt(3.20) Dix Ctpf(7). enick& Ford (1) Penna R R (3%) Peoples Gas (8). 150 Peorla & liast... ' 34% Pere Marq (18). 130 Phila& RC&L.. 41 £hilip Morris... Phillips et (3). ©hoenix Hoslery. Plerce-Arrow. .. | Plerce-Ar pf(8). | Plerce Otl.v.uu.. Plerce Petrolm., Pitts Coal Pitts Coal p! Pitts F'OW pf Pitts & W Va(6) 110% PorRicoTobA(7) 6 Postum (6).. Pressed Stl Car.. Pr Stl Car pt(7). Prod & Rehners. Producers&R pf. 34 Pub Serv NJ (2) 414 Pub Serv pf (6). 100y Pub S NJ pr(7). 11 Lub SEXG pre6) 108 Pulliian ctis ) 186% Puuta Ales Sug. pure 01l (12) 961y i | Pure Oit pr (8, Purity Bak 1362 Purity Bak pf(7) 10 Radio Corp of A, 61% Radio C pf (314) 52w and Min(al.b7) 41 Reading (15).... LI3%% i Reading 2d 45 Real Silk Hos(4) 2 Reld 1ce Crm(3). 59% Rem-Rand $1.60. Rep Ir & St1 (4). Reynolds Spngs. ey Tobac B (5) Rossia Ins ( KoyulD(a Rutland pf. Satety Cable (1) 70y StJoseph Li(t3). 4l's StL&San F(18). 11k St L&Sank pf(6) 100' St L Southwest. Schulte (3%).. Seabd Alr Lin Seab Air L pf. Seagrave(el. Sears-R (n2% ), alta 100 65 1's T8 42 280y 56'a 5ot 1104 Shattuck I G (2) Shell Tra(a2.41) Shell Un (1.40).. Shubert The (5). Simmons (2).... Simmons pf (7). Simms Pete Sinelatr Oil. Skelly Ol Sloss-Sh Snider SPortoR Sug(n) South Calif Kd.. South Dairies A. Sou Dairies B South Pac (6) Southern Ry (7) 132 Spicer Mfg... SWG & B(3%) Std Milt (5) Std Millg pf (6). StdOiICal (128 ). Std OILNJ(T1%) Std VIl NY(1.60) Sterling Pro(t6) 1 Stewart-war (6) Stromb Car (2 Studebaker (5) Submarine Boat. Superior Uil.... Telautogra (60c) Lenn Copper (1) Texas Corpn (5) Tex Gult S 14%. Tex & Pacific. .. Tex PC&U60C) . Tex Land Trst n Thatcher Mfg The Fair (2.40). 64 4 11% Sty 49% 2 51 140 Third Avenue Thompson(3.60) Tidew Aso (60¢) TidWAsOiIp(6) Tide W Oil pf(5) b2'% [5) 87% Kily | Timken R(3%t) 1271, Tobac I'rod (7). Transcont Oil... Underwood (4).. Un Bag & Paper. Unton Carb (6). Union Oil (t213) Un Pacifie (10). 1837 Jnion Tank (5). 112 Utd Cigar St w.l. 3. 105 171% o'y United Drug (9) Mack Trk 2d (7) 105 Mackay (7)..... 124 Madison Sq Gar. Magma Cop ( Mailison & Co... Mallison pf (7)., Mandel (2%). Man El Sup (6).. Man LI m g (d5) Man Shirt (134)., | Maracatbo Oil... Market St prior. Marland O11. . Marlin-Rek 1314 Martin-Pary(2), | Mathieson (4) May Dept S (4). MaytagCo(t2%) MetroG pf (1.89) { Miami Cop (1).. MidContinent(3) Middle States... Midland Lf(112) 1 Miller Rub (2).. Minn & St Lonts. Min St P & SSM. | MStP&SSM 11(4) M St P&SSM pf. Mo Kan & Tex.. MoK & T pf (6). 1 Missour! Pacitic, i Missouri Pac pt. Montana Powt5) Montgmry W4) Mors & FSk(31%) Mother L (50¢). Motor Met(3.60) Motor Whi (2).. Mullins Body... Munsingwr (3). Murray Corpn. . | Nash Mot (t4%) Nat Bellas Hess NatB Hess pf(7) Nat Biscuit t5% 133% 13: Nat Cash R(A)3 Natl Dairy (3 Nat Dept Stores t Distillers. .. t Distillers pt amel & S. 21 121 | 2% 21% | 35% 85% | 17% | | 80% 62% 65 46% 46% 41 42 105 104% 101% « 5% 50 5il 103 s 100 00 | 10214 103 100% 101 69 671 £ 2% 30'a iy 49y 3 214 7% 24% 47 43 20% 2t 3 110w g1y 2 s 110% 107 107 10813 108% 1081 2 20% 21 Bliy K1y 247 140 1 145 444 &Ltisue) Supply (4). at Surety (10). 2 | Nat Tea (4) 214 Vi K 239 115 14% 45' N Y Cent (8).. 122'5 120 121 54 50 51 BTk 83% 84Tk | Utl P&LE A (e2) Utd Dyewood. .. Ctd Dyew pf (7) Utd Frult(15%) 134% USCIP&F(10) 2 USCIPDL(T). 113 S Dist cfs new Hoftman (4) Alcohol (5). 7815 Ind Al pf(7) 1l6% Leather w i, S Leather A.. JSLeat pr pf(7) Realty (4) Rubber.. Rub st (8). ¢ SSmelt (315). 41 U S Steel (7).... 1317 U S Steel pf (7). 13: Uni Pic st pf(8) 100 Unv P&R(12%). 29% Uni Pipe pf(7) 87's 30'% 53'y s s s s u u u u U u U u u 3] o Vanadium (3). Vick Chem (4) Vietor Tlk Mch. Victor ev ot (6). Va-Caro Chem. . Va-Car Ch 6% m Va Ir C&C pf(5) Vivadou (3).... Vivaudou nf (7) Vulean Detin. .. Wabash pf A(5). Waldorf (113).. Walworth (1.20) Ward Baking B. Warner Pic A... WarF&Pipe Cor. Warren Bros(4). Weber (4).. . T4V Weber & Heil(7) 102 W Penn El A(7). 107's West P Po (6).. 107 West P Po pf(7) 114% West Maryland. 524 West Md 2d pf.. 51 'West Pacific . West Pac pf (6). WesthseAirB(7) 1s1' Westinghse (4). 523 Westhse 1st (4). 89 Weston A (2). 2 Wheel & L 12 White Eagle (2) White Mot (4).. White Rock (2). White Sew M(4) White Sew Mach Willys-Overland Willys Od pt (1) Wilson & Co. ... Wilson Co pf A. Woolworth (5).. 1601 NY NH & Hart., NYOnt& W (1). Niag ' pf (1%). Niag Lock pf. Norfolk South. . Norf & W (8)... NorAm b10% stk 4 North Pac (5)... 9% Nor Pacefs(5). 90% Northwn Tel (3) 52! 01l Well Sup. Omnibus 8% 4T% 4T B2 gulg W 28% 1134 113% 113 85'a Bily bay 57 1821 18215 9 481y Y21y 90 Worthn Pump. Wright Aero (1) Yellow Truck. .. Yel Tr&Co pf(7) YungstnS&T(6) 834 854 Hourly Sales on N, Y. 1lam.. 347.200 12 noon ipm.. 1535800 2 pm. aro the arterly or half v Opnhm Col (4).. Orpheum Cir (2) Orpheum pf (8). 10 Otis Elevator (6} 13 Otis Steel....... Otls Stl prior(7) Luties Co (&) nTen per 0 tot t of icluded, ading iese extra 3 Plus 4% common etack aFaid this vear—no ¢ in. common £1a% quaterly. o Plus 5o th able “when earne ayah TP 10% @ stock. than P stock, n stock PEPCO PREFERRED = GOES TONEW PEAK 96 Market. . L012,500 51,100 Disidend rates as civen In the ahove table wal cash vavients based on the rly Itss othierwis noted axtrr or epecial divi- larations. 100 share Pay. lus 2/60 1o resular rat tock navabl ockd Pave e Pay- i or i85 | where the deceased wa | vice ! ference Reaches 102 1-4 in Dealings on Washington Stock Ex- change Today. BY EDWARD C. STONE. Potomac Blectric 53 per cent pre- ferred stock reached 1021 today on Washington Stock Exchange, a fractional new high. Capital Tra tion sold off to 1041, There was con- siderable_trading in_ Washinston Rail- way & Electric preferred at 9 and Mergenthaler again sold 5 LAmerican National ~Bank same out at 328, a gain of four nd the peak for 1927. Riggs nce of than four points over recent sales and half a point above the best quotation of the year. Ten shares of Bank of Bethesda stock moved at 60, a gain of 15 points since the last sale. National Savings & Trust, which sold yesterday at 515, was quiet today, with 500 bid and 530 asked. In the unlisted department Chapin- Sacks 8 per cent preferred sold at 18015, The usual Friday calling of this list found few changes. The asked price on Munsey Trust shares is now 155 and 104 on Raleigh Hotel stock. Base ball stock stands at 54 bid and 75 asked, Two Sanitary Grocery Dividends. has declared dend of §2 per stock, payable to stockholders of an init shave on the common September 15, 1927 wd September 1. The company also has declared the ¢ quarterly dividend of SI. per share on the preferred stock, pa: able September 1 to stockholders' of ecord August 19, The preferred stock is selling in Washington around 102 and the common_quotations on the New York Curb Exchange are close to 235. Pay Tribute to Claughton. Many bankers will attend the fu- neral this afternoon of Richard E. shton, vice president of the ington Stock Exchange. Presi- dent . C. Glover, jr., and Secretary C. J. Gockeler were to represent the ex- change, Mr. Glover also acting as a Among thy attending Commercial National Bank, . director for many years, were to be James H. Ba- den and Lawrence A. Slaughter, both presidents. Before his health broke down, Mr. Claughton was very prominent in the financial district and his death is mourned by an unusually large number of personal friends. Decline in Bills Discounted. The total bills discounted during the August 10 by the Federal ik of Richmond totaled 000. This compared with for the previous week, n_exceptionally low level, and 2,000 two weeks ago. al_reserves to de- its and Federal Reserve note lia- bilities combined was 69.43. This is higher than last week, when the raio was reported at Richmond as 69.21. Tor the 12 Federal Reserve institu- tions combined, the total bills dis- counted during the week ending August 10 was $413,105,000, which is 1 drop of $32,268,000 in the course of the week. Bills hought in the open market are reported this week to the amount of 1 000, compared with s )00 the week ended August 3. Trust Conference Dates Set. The third midcontinent trust con- of the American Bankers tion will be held in Minneapolis Paul September 1 to 3, under he auspi of the national bank and trust company divisions of the asse ton, it is announced in a joint the members in the conference region issued by M. A. Traylor, president of the can Bankers' Association; €. W. Carey, president of the national bank division. and BEdward J. Fo: president of the trust company divi- sion, The meetings will be devoted to dis- for Assoe and S cussions of problems common to all trust companies and banks with trust departments, covering the latest ap- proved inethods and practices. The reports will be awaited with ‘much interest by bankers in Washington. Another Rediscount Rate Cut. The reduction in its rediscount rate to 315 per cent by the Dallas Reserve Bank is in line with a general policy under way throughout the countr Up to July 29 the entire system v on a 4 per cent basis. The first change from this level was effected by the Federal Reserve Bank of Kansas City on that date, when it re- duced its rate from 4 to 3% per cent. This was followed by similar action at St. Louis on August 4, New York and Boston on August 5 and Cleve: land on August 12, Heard in Financial District. J. Newton Brewer, vice president of Swartzell, Rheem & Hensey Co.. is_leaving today to spend a month with his family on Great Diamond Island. in Casco Bay, just out of Port- land, Me. Clarence 17, Norment, chairman of the hoard of directors of the National Bank of Washington, will return from Atlantic City some time next week. ) McMahon, assistant treasurer of the Munsey Trust Co., is at At- lantic City. He will be back at his desk in about two weeks. ecutive Vice President John M. Riordon of the Bank of Commerce & Savings has reached Seattle in his tour of the Northwest. Other Financial Notes. The Acacia Mutual Life Association. with headquarters in Washington, has opened a branch office in the Panama Canal Zone. 'The office is located at 3alboa and js in charge of tichard ¢ An issue of $1,640,000 State of Mary. land 41, per cent general censtruction bonds, due August 15, 1930 to 1942, wi'l be offeyed August 23. NEV; YORK MARKETS. NEW YORK, August 12 (#).—Rye weak; No. 2 Western, 1.10% f.o.b. New York and 1.083% c.if. Middle Wesf wheat futures opened wber, 1.45%%; other articles pn- POTATO MARKET DULL. AGO, August 12 (£).—Potatoes §5 cars; on track, States shipment: rading slow, market du barrel, Irish cobblers, 4.00a4.25; Kansas and Missouri ked Irish cobblers, 1.50a1.85, according to qual- ity and condition; Minnesota sacked early Ohios, few sales, 1.90a1.95. FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing. ) Approx Bid. Asked.vield s tock b Plus $1 a share in soeclal :‘llch""': u‘l‘l‘?fil 6% in stock. 1 Plus 2% in tock. k Pavable 1/40 of a share auarterly I Cinss A" stock, . m Plus Bé in- siock. n Partly atoek © n Plua $3 in nreferred stock. @ Plus one balf of common st { TAR., WASHINGTON, D. €. FRIDAY, AUGUST 12, 1927. EXPANSION PLANNED. Wall Street Watching Projects of Several Automobile Makers. NEW YORK. August 12 (P).—Wall Street is watching with interest the development of expansion programs announced by several motor car man ufacturers for the last half of the vear. 3 *Tho Olds Motor Co., a subsidi- ary of General Motors, alone will spend $3,000.000 for expansion, part of which will he used to produce a line of larger car Production of the new Dodgo cars steadily is being increased, with sev- eral new models ready for announce- ment, and other manufacturers have announced new models to be ready shortly. Interest centers particularly in ¥ord plans, with the date when the promised “supercar” will go on a quantity production basis the ch point of speculation. . FISH DEMAND GOOD IN LOCAL MARKET Fruits and Vegetables Cheap. Other Food Stuffs Are Re- ported Unchanged. Fish day, as Friday is so familiarly called in market es, brought many morning buyers to Munici h Market. There were many at- tractive offerings of both scale <hell fish of numerous varietjes, pi of some varfeties being cheap and those of others being in advance of ast week's prices. )dl‘;| the {I'I‘AIL and vegetable market, buyers experienced - no difficulty ob- taining supplies, vegetables selling at low prices, many at actual losses to growers. ,Tomatoes, cabbage, beets and carrots were especially low. Meat dealers were patronized during the early morning hours, retailers wanting supplies for their week end also were in fairly good demand. Prices of practically every-commodity were the same as prices quoted yes terday. Today’s Wholesale Prices. Butter—Fresh, 1-pound print: 44; tub, 41%;a42; store packed, Eggs—Fresh selected, 27028; nery, 30; current receipts, Poultry, alive—Turke toms, 23; fowls, ens, ' large, 30a3 small, 26; roostes keats, young, 50a6 hen- chickens, 35a38; 39a40; smaller, 35; ducks, 2 young, 60a70;: old, 30. Meat, fresh killed—Beef. veal. 20; lambs, 30a: fresh hams, 23a25: shoulders, 17al18: loins, 30a. smoked hams, 26; smoked shoulders 18. Live stock—Calves, choice, 13a13 medium, 10all; thin, 7a8; Spring lambs, 13a13 Fruit and Vegetable Review. Today’s market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Economics, says: ntaloupes—Supplies moderate; de- mand good, market firm: East Shore Maryland, mostly immature, various varieties, crates, 13-14 inch heads, 2. best, 3.50: standards, 5. few higher; flats, few rolina 18a20; 27s, 2.00a2.50; . Californi g mostly around size, 1.50al few higher. Lettuce—Supplies liberal: demand fair, market weaker; New York, dozen crates, Big Boston type, 1.25a 1.50, mostly 1. California, crates, Iceberg type, 4-5 dozen, 5.50a5.75 mostly 5.50: Colorado, crates, vpe, 4-5 dozen, fair qualif dition, trading slow. 5.00al "). Onions—Supplies ligh erate, market steady 100-pound sacks, yellows, U. 2.60a2.75 Peaches—Supplies moderat mand moderate, market stead. ginia, bushel baskets. Albertas, large to very large size, best mostly 4.00; fair to ordinary quality and condition, 2.50a3.50; few low as 2.25: large to very large size, 3.50a3. Champions, large size, mostly around Belles, large size, fair quality and condition: 3.00; 6s Hileys and bushel basket: Hileys, medium to large size, 3.00a3.75, best mostly 3.25a3.50; Delaware, bushel baskets, Hileys, medium size, quality and condition, 2.50; Carmans, poor quality and condition, 75a1.25. Pears—Supplies moderate: demand fair, market about steady; California, boxes, Bartletts, small to medium size, : large size, 4.2524.50. Peas—Supplies light: demand mod- erate, market about steady: Colorado, few higher medium__size, 2.00; large Massachusetts, 8. No. 1, de- Vir- New York, bushel baskets, 2.75a3.00. Potatoe Market Steady. Potatoes—Supplies moderate; de- mand moderate; market about steady: Maryland East Shore, cloth top stave | barrel, Cobblers, United States No. 1. New Jersey. 150-pound sacks United States, No. 1, 3.00a tly around 3.15. atermelons—Supplies limited: de- mand good, market firm: carlot sales, North Carolina, 4-tiers Tom Watsons, 34-pound average, labeled, 650. Tomatoes—Supplies liberal: demand moderate, market about steady; home- grown, one-half-bushel hampers vari- ous varieties, 40a50; mostly 50. Apples—Supplies i moderate, market ; Virginia, bushel baskets Rambos and Rebels, large size, 2.25; various varieties, 1.50 23.00; Maryland, bushel baskets, Wealthys, large size, 2.00a2.50. Celery—Supplies derate; light, market dull; New crates, 2.50a2.75. Sweet potatoes—Supplies moderate; demand light, market dul orth Car- olina, cloth top barrel, yellows, 5.50a 6.50; few higher, mostly around 6.00: White yams, cloth top barrels, 5.00. (abbage—Supplies moderate; demand fair, market slightly weaker; Virginia barrel crates, round type, 1.75. Blackberries—Supplies moderate; de- mand moderate, market steady Jersey, 32-quart crates, Black Dia- monds, mostly 5.50a6.00. EARNS $14.31 ON PREFERRED. NEW YORK, August 12 (#).—Net profit for the first half of 1927 is re- ported by Sidney Blumenthal & Co. as $357,899, or $14.31 a share on the preferred and $1.23 a_ share on the common, against net loss of $73,297 for the first half of 1926. FOUNDATION CO. PROFITS. NEW YORK, August 12 (#)~—The Foundation Co. had a profit of $170.- $97 for the second quarter, equal to $1.70 a share, against net loss of $67,- 683 in the preceding quarter, and profit of $281,526, or $2.81 a share, for the second quarter of 192 STERLING PRODUCTS PROFIT. NEW YORK, August 12 (#).—Net profit of Sterling Products, Inc., for the first half of 1927 was $2,755.789, against $2,4 26 in the first half of 1926, - demand demand York, 23 INCOME SMALLER. NEW YORK, August 12 (#P).— The Toronto, Hamilton & Buffalo Rail- road had net income for the second quarter of $244,414, against $256,042 for the second quarter of last year. eS8 | the trade, and poultry, butter and eggs| emand mod- |, fair |51 FINANCIAL. COTTONISLOWER INTRADING TODAY Trend Is in Response to Easier Liverpool Cables. Support Found. By the Associated Press. W YORK, August 12.—The cot- ton market opened easy at a decline of 12 to 16 points in response to lower Liverpool cables. Offerings were com- paratively light, and prices steadied after the call, but the advance met a little more selling. December eased off o 19.49, or about 16 to 't lower, during the early trading. There was enough covering or com- mission house buying to steady the market at these figures, and prices showed rallies of 5 or $ points from the lowest at the end of the first hour. Private cables reported a quict mar- ket in Liverpool with trado calling supplied by liquidation and hedge sell: ing. After selling off to 19.49 for Decem- ber, or it 16 to 24 points net lower under further liquidation, the market steadied on covering. Apprehensions of unfavorable weather developments over the week end seemed to bring in | some covering on ti Iy, which <tended to 19.73 for December, or couple of points above yest s closing quotations. Trading contin- { ued comparatively quiet |the market at midday was several points off from the best under a newal of liqfdation. possibly promot- led by reports of an unsettled tone in stock market. NEW OR W ORLEAY The cotton market opened ea: morning, and first trades losses of 9 points due to Liverpool coming lower than due. Prices con- tinued to ease off after the opening un- til October traded down to 19.70 and December to 19.40, or 19 to 21 points W When the weather map was posted showing general rains over the belt the market recovered nearly all of its early loss. P. & L..E. INCOME UP. August 12 (#).—The Pittsburgh & 1. ie Railroad's net |income for the s $1.678,197, or $2.33 a share on 719 shares of $50 capital stock. against $1,488.6 or $2.07 a share, in the corresponding quarter of 1926. INCOME HAS SLUMP. NEW YOR August 12 (#).—The Barnet Leathe Inc ad net in- come for the second quarter of $34 521. equal to 42 cents a share on 40,000 shares of common stock, as compared with $83 . or S hare, for the second quarter of 1926. | | GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK, August 12 (Quoted in dollars per million marks.) . Bid. * Asked. | Ger Gt (w In) 58 1914-18. 925.00 975.00 Hamburg 4138 1919.. 65.00 80.00 (Quoted in dollars per thousan Ger Elec 41.8 pre-war. 25, Ger Gen Elec 4138 1919 Berlin 4s pre-war Hamb s, 3138 & 43 p Hamburz Amer Line 41as North German Lioyd 413 North German Lloy(t. Prussian_Consols 3158 Krupp 53 1021 .. Commerz I G. Farl Disconto ¢ Berliner H Dresdner Deutsche Bank Darmstaedter Mercur Heyden Austrian A Dt 30 Sept Sept 30 Sept ! Oct "1 Sept Consolidated Do pf..: Sept 1 | 2 “Aug 20 Oct 10 Oct 10 Qct 10 Sept 1 ! Motors | G © Cc pecct: ofc. wr, it t f m br pf. .. Southern s Gulf Suiphu; Cnion Pacific. . . .: Zococo oc! Funds wanted to invest in trust notes with annual return of 8 to 10% and principal guaranteed against loss. Will stand rigid investi- gation. Local investments only. Address Box 209K, Star Office REAL ESTATE LOANS 5, % FRED T. NESBIT 1010 Vermont Ave. Main 9:92 FIRST and SECOND MORTGAGE LOANS On Washington Residences Business Properties PHILIP MILSTONE 1305 D St. N.W. M. 1929 WE FINANCE classes of _income-producing oroperty Specialty —all Large Loans a Current int rate and eommission Higbie & Richardson, Inc. 816 15th St. N.W. In Nearby Virginia 5 l /2 ;A Prudential Insurance Ce. , Loans Commonwealth Investment Co. 017 15th St. N.W Phone In 2623 Established 1916 Stocks Bonds Grain Cotton Write or call for weekly mar- et letter No Obligations BUCK AND COMPANY Evans Bldg. points | A | however, and | re- | i i 1420 New York Ave. Franklin 7300 LOANS on RESIDENCES APARTMENT HOUSES BUSINESS PROPERTIES In Washington or Neardy Maryland, in Large or Small Amounts at 5%:% WM. H. SAUNDERS CO., INC. 1433 K St. N.W. M Loan Correspondent Provident Mutual Life Insurance Company OFFICE SPACE 1016-17 SAUL BUILDING 925 15th St. N.W. Abundant light and air. cellent service. able rooms or suites celled Tocation tor building. Adjusted Rental Ex- Several desir- Unex- Modern eleva- B. F. Saul Co. 925 15th St. N.W. FIRST DEED OF TRUST NOTES Let your money earn you a good income. Call Wm. S. Phillips & Co. Incorporated Main 4600 1516 K Street N.W. Continental Trust Co.] Continental Trust Co. 14th and H Streets Capital $1,000,000.00 Checking Accounts Savings Accounts Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Admi Safe Deposit Boxes 14th and H Streets WADE A. COOPER. President Capital §1,000,000.00 | I | | Guaranteed Mortgage Bonds Yielding District Intangible Tax Refunded SECURED BY: In- dividually owned homes in the District of - Columbia. VALUES BY: Ap- praisal committee of recognized authorities on real estate values. TRUSTEE: District National of Washing- ton Trust for this ' bond issue. GUARANTEED: Fed- eral Security & Mort- gage Company, with capital and surplus of over $750,000.00. FEDERAL SECURITY & MORTGAGE CO. Resources Over $1,000,000.00 1412K Street Main 1960 Bond Dept, Federnl Security and Mortgage Co. 1412 K St. NW. S Send me without oblization information concerning your Guar- Anteed bonds.