Evening Star Newspaper, September 3, 1927, Page 10

'FIN INDUSTRIALS LEAD STOCK EXCHANGE Climb Not So Broad, but . Action of Those in Van Is Impressive. BY GEORGE T. HUGHES. 8pecial Dispatch to The Star. NEW YORK, September 3.—The prominent industrials continue in de- mand as the week ended on the Stock Exchange. The upward movement was not as broad as it had been dur- ing recent sessions, but the manner in which such issues as General Motors, du Pont, Nash Motor: win Locomotive, the mail order and a host of othe moved forward w Ordinarily it mig e been ex- pected because of the extended week end as a result of the coming holiday that profit-taking sales should have come upon the market in rather volume. However. where these m: their appearance they were readily sorbed, and the market gave the indications of the underlying strer that has been characteristic of it for the past month. Du Pont at New High. Du Pont crossing 310 reached its highest price for the present shares. Of course the general belief was that at the next dividend meeting directors Will maintain the policy of passing along to shareholders extra distribu- tions derived through the holdings of General Motors stock. There was no let-up in the demand for shares of food companies. Nation- al Biscuit was selling at its highest prices for the present shares; Postum Co., on reports of pending additional acquisition of smaller companies, Wi forward 1o a new high for the ; Loose-Wiles crossed its previous and there was special strength in California Packing and Beech Nut. The jarge wheat crop and the re. sultant low prices for the commodity was an important factor in the calcu- lations of the future earnings of most of these companies, International Harvester came to the front among the high-priced indus- trials, establishing a new high across 203. This meant the highest at which the stock had ever sold. There was the incentive here of a recapitaliza- tion plan whereby stockholders would benefit through a substantial stock distribution. At the same time the strength of Case Threshing Machine appeared to reflect prospects of in- creased earnings for both companies because of “the present farm pros- perity. United tSates Steel Bit Higher. United States Steel was fractionally higher, but did little noteworthy. Kennecott went to its highest for all time when it crossed 72. Greene Cananea and American Smelting shared in the improvement in the metal group, although there was noth- ing to indicate a change in the price ANCIA Low. Close. 91 11% 37 6 5% 185'% 185 % 9 8% 28 27 28 1667 163% 165% 1137% 111% 112% 13 13 29% 29% 13% Open Abrahm&Straus Adv Rumley.... Adv Rumley pf.. Ahumada Lead. . Air Reductn(16) Ajax Rubber. ... Albany Papr(2). Allied Chem (6). Allis Chalm (6). Amal Leather. .. Amerada (2).... ¥ ricul Chm | Am Agri Ch pt.. Am Bank N (2). Am Bk Not f (3) | Am Beet Sug . Am Bosch.. Am Br Sh (1.60) Am Brown Bov. Am Brown Bopt 46 AmCan (2)..... 6 Am Car&Fdy (63 103% Am Chain pr (7) 101 Am Drug (80¢).. 13% | Am Express (6). 158% Am & For Pow.. 24% Am Hide & L pf. 623 Am Ho P (240). American Ice. .. Am Internatl(2) Am Linseed..... Am Linseed pf. . Am Locomot (8) 109% Am Machine (2) 1143 Am Piano (3) 34 Am Piano pf 94% AmPo& Lt (11) 66% Am Radiator (5) 134% Am Ry Exp (6). 100 Am Republic.... 44% Am Seating (1) 43% Am Ship & Com. 3% Am Smelting (8) 170% Am S & Rpf(7). 128% Am Snuff (12)... 139% Am Stl Fdys (3). 5% AmSugarpf (7) 114 114 114 114 Am Sumatra.... 4 59% 59U 59% Am Tel & Tel (9) 169% 169% 169% 169% Am Tobacco (8), 144 144 144 144 Am Type Fo(8). 133% 134 1331 134 Am W W (m80c) 53% 534 53% Am Woolen 26% 25% Am Woolen pf. 58% Am Writ Pa ctfs 201, Am Wr Pa pf cfs 5315 Am Zine... 6 Am Zinc pf. 37% Anaconda (3). .. 46% ArmourofI11(A) 4 9 Armourof111(B) 5% Artloom (3) 46 Asso Dry G (21;) 4674 g AtT& SF (1935) 194% 195 1941 195 Atchison pf (5). 102% 102% 102% 102% AtlGulf & WI.. 35% 354 35 35 Atl Refining (4). 118 118% 117% 118% Atlas Pow pf (6) 1013% 102 101% 1 Baldwin L (7)... 263 264% 263 26 Balto & O (6)... 121% 121% 121% 121% BarnsdallA(213) 23 28% 22% 22% Beech-Nut (13). 57% 58% 574 Kelding Bros (2) 21% 22 21% Best&Co(3)... 50O 50 50 50 Bethlehem Steel. 62%4 62% 62U 627 Beth StI pf (7).. 1 115% 115% 115% Bloomingdale. .. 38% 38% 38% Blumenthal pf.. 85 8 8 Booth Fisheries. % 5% 5% Botany C MillsA 28% 29% 2815 284 Briggs Mfg (3). 28 28' 284 28% Bkin-Edison (8) 179% 179% 179% 179% Bklyn Un Gas(5) 146% 146% 146% 1464 Brown Shoe (2). 43% 44 43% Brunswick B (3) 32% 32% 32% Buff Roch&P (4) 88 88 88 Burns Bro (10).. 99% 101% 99 High. 103% 103% 103% 101 101 101 13% 13% 13% 158'% 158'a 158% 2412 23% 24% 631; 62% 63% 55% 53% bdl 29 28'1s 284 51% 517 53% 7 80 109% 109% 109% 114% 114% 114% B4% 34w 34k 949 944y 944 667% 4 6674 134% 133% 133% 100 100 100 45 447% 45 44 43% 44 3 3% 3k 172% 170% 17T 28% 12815 128% 142 139% 141% 56% 55% 56 101% tendency for copper and other metals that would work out favorably for these companies, Shorts in Baldwin Locomotive were badly pressed again, with the result that the price reached the highest for all time. General Railway Signal felt the effect of realizing, but Pressed Steel Car continued to move forward rapidly. American Linseed issues Tose to their highest for the year and #0 did Allis Chalmers when it crossed 113. The special operations in Ameri- can Can and Allied Chemical kept on carrying them to their best for the present shares. There was no weakness apparent in the rail share market, but what was happening in other sections over- shadowed developments in this quar- ter. However, Missouri Pacific issues were bid up fractionally. Atchison. Texas & Pacific, Nickel Plate and Deliware & Hudson gave a good ac- count of themselves. The market continued strong to the close. Houston Oil ran up rather sharply under short covering, and Coco Cola was brought to the front. The sugars were still reflecting the possibilities of drastic Cuban restric- tions on the crop output which would work out beneficially for the Porto Rican companies. The late profit- taking in several of the early favorites failed to offset much of the improve- ment. Wall Street Features Western Maryland NEW YORK, September 3 (Special). =One of the rumors connected with this week’s rise 4o Western Maryland shares was that the Taplin interests have been buyhg them. This has been denied. 1In the brief filed with the Interstate Commerce Commission in behalf of the Pittsburgh and West Virginia and against the control of ‘Wheeling by the Big Three, it was ad- mitted that this road and the Wabash were seeking to extend their influence in the Western Maryland situation. Mr. Taplin some months ago asked authority to build a line from his road to a connection with the West- ern Maryland, in order to “open up new territory. American Woolen. Since the six months’ earningsand balance sheet of the American Woolen Co. were published a few days ago there has been good buying of both the common and preferred shares. The quick assets displayed made a very favorable impression, as they in- dicated considerable equity for the junior secusities. The company has been reducing its bank loans and in- creasing its cash in spite of a poor trade season. The outlook for the second half of 1927 is better than for the first and it is expected that Amer- ican Woolen in this period will be able to show a fair amount earned for its preferred. It will be some time, how- ever, before dividends on this stock are resumed. MAY TAKE OVER ROAD. Rumors Current Pennsy Will As- sume Operation of B., C. & A. Bpecial Dispatch to The Star. BALTIMORE, September 3.—Ru- mors are current in railroad circles here that as a result of the death of Turnbull Murdock the Pennsylvania Rallroad would assume direct opera- tion of the Baltimore, Chesapeake & Atlantic Railway, as well as other rafl- road lines on the Eastern Shore, and that all railroads controlled by the Pennsylvania south of Wilmington may be placed under one official. The protective committee represent- ing holders of Baltimore, Chesapeake & Atlantic first mortgage bonds an- nounced several weeks ago the Penn- sylvania had agreed to take over the bonds, with coupons of September 1, 1926, and later dates attached, assum- ing all responsibility for foreclosures of the mortgage. All of the capital stock of the Bal- timore, Chesapeake & Atlantic is owned by the Pennsylvania Railroad. COTTON GOODS QUIET. NEW YORK, September 3 (Special). =~Cotton goods markets were quiet and unchanged today with many houses closed for the holiday. Raw silks were firm but slow. POUL'i'RY MARKET DULL. Burns BrB (2).. 23% 24% 23% 24% Bush Term (b8). 60 60% 60 60% Bush Terde (7). 104 104 103% 103% Butte&Super (2) 8% 8% 8% 84 Butterick (g2).. 52% 52% 52% b52% Byer&Co....... 75% T75% 1T5% 75% Byer & Copf (7) 110% 110% 110% 110% Calif Packg (4). 64% 65% 64% 65% Calif Petm (1)., 22% 224% 22% 22% Callahan Zinc... 1% 1% 1% 1% Calumet & Ar (6) 70 70 70 70 Canada Dry (3). 55 55 54% 55 Can Pacific (10). 185% 185% 185% 185% Can Pacific rts. . 4% 4% 4 4 CaseThreshg(6) 264 268% 264 267 Cerro dePas (15) 64% 65 64% 65 Certain-Teed (4) 4815 49% 4813 49% Chand-Cleve.... 6% 6% 6% 6% THE Gu M & N pf (6). Gulf States (5). Hacknsk A(1%) Hrtn B b10%stk. HockingVal(10) Hollander & Son Houshld P (3% ) Houston Ofl. . Howe Sound (4). Hud Man (2%) Hudson Mot (5). Hupp Mot(1.40). 111 Cen Isd 1 (4). Indep Ol (1). Indian Mot (1%) Indian Refining. Indian Refg ctfs Inland St (23%).. Inspiration... .. InterboroRapTr Int Agricul prior Int Bus Ma (4).. Int Cement (4).. Int Com Eng Int Harv (§6)... IntMteh pf(3.20) Int Mer Marine.. Int Mer Mar pf. Int Nickel (2)... Intl Paper (2.40) Int Paper pf (7) Int Tel & Tel (6) Int Tel & Tel rts. Island Creek (4) Jones & Lau Jordan Motor. pring. ... Kelly Tire 6% pf Kelly Tire 8 % pf Kennecott C (5). Kraft Ch (11%) Kresge (1.20)... Kresge SS pf(8). Kress SH (1).. Lago Oil (3). Lambert Co (5). Lee Tire & Rub. LehighVal(315). Lehn & Fink (3) Lig& Loew’s Inc Toft. ... . Long Bell A (1). Loose-Wil(" =1y Lorillara ¢ Ml Loulsiana ¢ .. La Oll pf (6%). Mack Truck (6) Madison Sq Gar. Magma Cop (3).. Mallison & Co. Man El Sup (5).. Man El'm g (d5) Man Shirt (2)... Maracaibo Oil. .. Market St prior. Marland Oil. May Dept S (4) Maytag (2% ) Mexican Seab. Miami Cop (1).. MidContinent (3) Middle States. .. Mid States Oil ct Midland pf (112) Min St P & SSM. MStP&SSM 1i(4) Mo Kan & Tex. . Missouri Pacific. Missouri Pac pf. Montana Pow. (5) Montgmry W (4). Mother L (50¢). Motor Met (3.60) Motor Whi (2).. Mullins Body. .. Murray Corpn... Nash Mot (t43) Nat Biscuit +535 . Nat Cash R (A)3 Natl Dairy (3).. Nat Dept Stores. Nat Distillerg, Nat Enam pf Nat Pw&Lt (80c) Nat Supply (4). Nat Surety (10). Nevada C(1%).. N Y Air Br (3).. N Y Cent (8).... Chandlerpf(23%) 21% 21% 21% 21% Ches & Ohio (10) 194% 194% 194% 194% C&OCorpn (3). 175% T5% 7T5% T5% Chi & Alton. ... Bla 8% B4 8% Chi & Alton pf, 13% 13% 13% 13% Chi& EastIll... 45% 45% 45% 45% Chi& EastIll pf 79% 79% 79% 79% Chl Great West.. 16% 16% 15% 16 Chi Gt Westpf.. 35% 85% 34% 35 Chi Mil&StP.. 17 17% 17 17% Chi Mil & StPpf 32% 382% 32% 32% CM&StPefs.. 16% 16% 16% 16% Chi & Nwn (4).. 91 91 90% 90% ChiRock Is (5). 111 111% 111% 111% Childs (12.40).. 62% 62% 62% 62% ChileCo (2%).. 35% 35% 35% 35% Chrysler Cor (3) 61% 61% 61% 61% ChryslerpfA(8). 113% 113% 113% 113% City Stores (B).. 48% 48% 48% 48% Cluett Peab (5).. 66% 66% 66% 66% Coca-Cola (5)... 118 123 118 123 Collins & Aik (n) 90 90 90 90 Collins&A pf (7) 103% 103% 1024 102% Col Fuel & Iron.. 84% 84% 83% 83% Col Gas & El (5). 94% 95% 94% 95% Col GEE pf A (6) 106 106% 106 106% ComCred (1).... 1T% 17% 1T% 17% ComCrptB(2). 22 22 22 22 Com Solv n(8).. 186% 186% 185 185 Com Powr (2%). 61% 61% 60% 61% Conde Nast (2).. 40% 41 40% 40% Congoleum-Nair. 25% 25% 24% 25% Cong Cigar (4).. 6T% 67% 667 66% Con Cigars (7).. 81% 81% 81% B81% Consol Gas (5).. 113% 114% 113% 114 ConsolGas pf(5) 99% 99% 99% 99% ConRRCuba pf 6 69% 69% 69% 69% Consol Textile. . 4% 4% Cont Bakg A (4). 44 Cont Baking B 5 Cont Bak pf (8 ContCan (5).... 73% 73% 73% Corn Prod (13). 55% 59 B55% CrucibleSteel (6) 90% 90% 90% Cuba Cane Sugar 8% 8% 8% Cuba Cane Su pf. 38 38% 38 Cuban Am S (1). 24 24 23% Davison Chem.. 36 36 35% 35% Del & Hud (9).. 212% 212% 212% 212% Del L& W (17).. 164 164 164 164 DRG Wstpf... 59% 59% 59% 59% Dodge Bros ClA. 17% 17% 17% 17% Dodge pf (7).... 69% 69% 68% 69% Dunhill Int (4).. 50% 50% 50% 50% Dupont (19%).. 308 311 308 309% Eaton Axle (2).. 27% 28% 27T% 28% Eisenlohr & Bro. 12% 12% 124 12% El AutoLt (163%) 95% 98 95% 98 Electric Boat... 19% 20 19% 19% Elec Power & Lt. 26% 27% 26% 27% Elec P&Lt pf (7) 105% 105% 105% 105% EP&Lpf 40% (7). 115% 115% 115% 115% Elec Refrigeratn 15% 15% 154 15% El Stge Bat (16) 70 70 69% 69% Elk Horn... 10 10 10 10 End John (5).... Tl% T1% 7% T71% Engineers PubS 33% 33% 33 33% Engnrs PS pf(7) 106% 106% 106% 106% E 62 62k 61% 617% 61% 61% 60% 60% 30% 31% 30% 31% 69% 69% 69% 69% Fairbanks (3)... 38% 38% 38% 38% Fair Morse pf(7) 109 109 109 109 Fed Lt (h2.40).. 42% 42% 42% 42% Fed MotT(f80c). 22% 22% 22% 22% Fid Phoenix(4). 137% 138 137% 138 First NatS(1%). 27% 27% 27% 27% Fisk Rubber.... 17% 17% 17% 17% Fleischmann (3) 63 63% "63 63% Fox Film A (4). 66% 67 66% 67 Freeport (t4%4). 76% 77% 76% 7T% 51% Gabrlel Sn (3%) 51% 52 51% Gardner Motor.. 8% 8% 8% 8% Gen Am Tnk (3) 61% 61% 60% 61% Gen Asphalt.... 70% 70% 69% 70 Gen Bakg pf (8). 130 130 130 130 Gen Cigars (4).. 67% 67% 67 67 Gen Elec (15)... 143% 143% 142% 143% GenElec sp(60c) 11% 11% 11% 11% Gen GasA(ol1%) 41% 42 41% 42 GenMotors(110) 249% 251 249% 250% GenMotors(w.l.) 125% 126% 125% 126% Gen Outdr Ad(2) 51% 51% 51% 51% Gen Ry Sig (5). 148% 149% 148 149% Gen Refrac (3).. 68 68 68 68 Gimbel Bro 46% 46% Glidden Co. . 14% 14% Glidden pr pf(7) 8% 8% Gold Dust...... 5% Goodrich Ru (4) T6% Goodyear Tire. . 52% Gothm S H (2%) B4 T8 Granby (4) .. 41 41 40% 41 Grt North pt (5) 100% 100% 100% 100% 9T 9T 9% 26% 26M 49y “ Jureka Va f14% 46 14% 8% 58% T4% 54 NEW YOIRK Scptember 3 OP) dicysed poultry Green O Guantar Guif Mo & Nor., LIy SN b e (B o N Y Central rts NY C&StL (6). NY Dock... . NY & Hart (5).. NY NH & Hart. . NY NH&Har rts. NY Ont& W (1). Norfolk South. Norf & W (8).. Norf & W pf (4). NorAm b10%stk North Am pf (3) NorAm Ed pf(7) North Pac (5)... Nor Pac cfs(5) Norwalk Tire Nunnally (1.50). Oi1 Well Sup. Oll Well S pf. Omnibus.... Orpheum Cir (2) Orpheum pf (8). Otis Elevator (6) Otis Steel....... Otis St prior(7). Outlet Co (4).. Owens Bot (Ct5 Pacific Coast. Pacific Gas (2) Pac Ol Stubs. Packard (12.90). Paige Motor Pan-Am (6). Pan-Am B (6). Pan-Am West B. Panhandle pf... Parmt-Fam (38) Park & Tilford. . Park Utah (80c). Pathe Exchange. Pathe Ex A (4).. Patino (1.21 2-3) Penick&Ford (1) PaDix1eCt(3.20) . Penna RR (3%) Peoples Gas (8). Peoria & East. Pere Marq (18).. PhilaCob % pt(3) Phila&RCI... Phila&RC&I cfs. Philip Morris Phillis-Jon ( Phillips Pet (3).. Phoenix Hoslery Pierce-Arrow. .. Pierce Arrow pf. Pillsbury....... Pillsbry pf(6%) Pitts Coal...... Pitts &W Va(6). PorRicoTobA(7) Porto Rico To B. Postum (5).. Pressed Stl €ar.. Pr Stl Car pt (7) Producers&R pf. Pub Serv NJ (2) Pub Serv pt (6). Pullman, Inc. ... Punta Aleg Sug.. Pure Oll (12).... Pure Ol pf (8 Purity BakA(3). Purity Bak B (2) PurityBak pf(7) Radio Corpof A. Radio C pf (3%5) Reading (15)... Reading 24 (2).. Real SilkHos(4) Reld Ice Crm(3). Rem-Rand $1,60. Rem-Rd1at (7)., Rep Ir & St1 (4) . Reynolds Spngs. Rey Tobac B (5) Robt Rels & Co. . Rossla Ins (6)... Safety Cable (4) StL&SanFr 18% St L Southwest. Schulte (3%). Seabd Alr Line. Seab Alr L pf.... Sears-R (n23). Shattuck F G (2) Shell Un (1.40).. Shuber The (5). Simmons (2).... Simms Pete Sinclair O1l. Skelly O11 (2). SPorto R Sug( South Calif Ed.., South Dairfes A. Sou Dairles B, South Pac (6)... Southern Ry (1) EVENING STAR. WASHIN Open. High. Low Close. 1114 49% 26% 111% 49% 26% 23% 340 36% 62% 1114 494 148% “ 6519 55 9% 106% 9% 105% 65% b4% 105% 64% 54% 116 44 65 54% 116 44 26 63 40% 9 66% 8 142% 6% 112% 26 62% 40% 99 66% TH 142% 6Y 8 142% 6! Y 112% Ve 2% 64 64 113% 113% 52 bas 35% 42 111% 49'% 26% 23 840 36% 62% 125% 6% 112% 64 | Victor Tik Mch.. | Victor pr pf (7). ) Ten TR TON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Low. Close. 93 93 97% 98 53% 53% 3819 Std Mill (5) Std Millg pf (6). StdOiICal(12%). Std O Std Ol Sterling Pro(t6) 1! Stewart-War (6) 66 Studebaker (5).. 517« Submarine Boat. 94% 97 Tenn Copper (1). )(60c) . rpn (3). 168 t4%. Pacific. Land Tr. The Fair (2.40). Third Avenue. .. Thompson (3.60) Tidew Aso (60c) TIdWASOFIpE (6) Tide W Oil pf (5) Timken (15).... Tobac Prod (7).. Transcont Oil. .. Underwood (4).. Un Bag &Paper. Union Carb (6).. Union Oil (213) Union Pac (10). Un Pacific pf (). Utd Cigar Stores Utd Cig St pf (7) United Drug (9) Utd Fruit(151%). USCIP&F (10) U S Distributing U S Distr pf(7).. U S Hoffman (4) ] S Alcohol (5). Leather w 1. Leather A... 874 13% 491, 68 88 28 82% 30% 54 16% | US Leatprpf (1) U S Realty (4) U S Rubber. U S Rub 1st (8). U S Steel (7)... U S Steel pf (7). Uni Pipe (121). Utl P&LLA (e2). Vanadium (3). ck Chem (1) ShE&Spf (5 100% 36% 100% BT% 90 1% 13% 27% 45 ctor ev pf (6). Vulcan Detin.... Wabash. ... Ward Baking B. Ward Bak pf (7). Warner Pic A. Warren Bros ( WarF&Pipe Cor. W Penn EI pf (7) West P Po pf(7). 114% 114% West Maryland. 6: 65 West Md 2d pf. 6 West Pacific. West Pac pf (6). Westinghse (4). White Mot (4).. White Rock (2). White Sew M (4) Willys-Overland Willys 0d pf (7) Wilson & Co. ... Wilson Copf A.. Wilson & Co pf.. Woolworth ( Worthn Pump.. . Wright Aero (1) Yale&Towne(5). Yel Tr&Co pf ( YungstnS&T 87 874 Dividead rates ag gven in the ahove are the annual cash payments cased on the st ouarterly or nalf vearly declarations. Unless otherw:sa noted, extra or special divi- dends are not_inciudeg * Unit of trading iess than 100 ehares. 1 Pari'y extra. § Plus 4% in ¢tock. able in _common stock g P aPaid this year—no_regular rate. 'mmon _stock, “bayable us 5% in stock. d Pays e Payable in cash or stock. fPlus 107% in stock. & Plus 1/50 share i stoek % Plus $1 a share in special stock { Plus G0 in stock. 1 Plus 2% k Payable 1.0 of a share quarterly es A stock. mPlus R% in stock. sty b Plus $3 in preferred clock. 3 Plus one-halt of ccmimon stock. OFFERED STOCK RIGHTS. NEW YORK, September 3 (P).— Holders of common stock of General Railway Signal Co., of record Septem- ber 14, have been offered the privilege subscribing to additional common at $110 to the extent of 10 per cent of present holdings. Preferced stock holders of record September 14 ill have the right to subscribe to 10 per_cent additional preferred stock at $105. Payment in both instances must be mad before October 1 Regular quarterly dividends of $1.25 on the common and $150 on the preferred were declared. uarterly. 3 avle “when “earned, g PENNEY SALES UP SHARPLY. NEW YORK, September 3 (#).— Sales of J. C. Penney Co. for the eight months this year jumped to $82,208,- 836 from §62,484,849 in the same pe- riod of 1926. August sales were neai- 1y $3,000,000 greater than August last year. A. G. SPAULDING EARNINGS. NEW YORK, September 3 (#).—A. G. Spaulding & Bros. earned $10.09 a share on the common stock in the nine months ended July 31. RUBBER UNCHANGED. W YORK, September 3 (Special). Crude rubber, smoked ribbed sheets, was unchanged at 34% a pound today in a market that was almost at a standstill, owing te the coming holiday. NEW YORK MARKETS. NEW YORK, September 3 (#).—Rye barely steady; No. 2 Western, 1.10% f. 0. b. New York, and 1.09% c. i. L. export. Barley barely steady; malting, 9214 c. i f. New York. Lard firm; Middlewest, 13.50a13.60. Wheat fu- tures opened steady; domestic Decem- ber, 1.42. Other articles unchanged. FAILURES DECBEAEE. NEW_YORK, September 3 ().— R. G. Dun & Co. puts commercial fallures In the United States this week at 344, which i3 25 less than the woek hefore and 33 below the same vioek last year. DIVIDEND OMITTED. NEW YORK, September 3 (#).— Motion Picture Capital omitted the quarterly dividend of 25 cents a share on the common stock. The regular quarterly of 50 cents a share on the preferred was declared. BUTTE; IS FIRM. NEW YORK, Scptember 8 (#).— Butter firm; receipts, 7,674 tubs. Eggs firm; receipts, 6,436 cases. Pacific Coast whites, extras, 47a50; do firsts to extra firsts, 41a46%. Cheese steady; receipts, 106,981 pounds. SILVER QUOTATIONS. NEW YORK, September 3 ().—Bar silver, 547%; Mexican dollars, 41%. GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK, September 3.— (Quoted in doliars per millign marks,) L _Offer. Ger Gt (warIn) Bs 1914-18 775.00 850.00 Hamburg 418 1919 0 7500 (Quoted_in dollars per arks.) n 27.00 3.00 550 200 erlin, 45 D Hamb'g 3s. 318 Hambg Amierican Line 4% North German Lloyd 4% German Llovd an_Consols 3% Krupn 6s 1921, .. Dusseldort 43 pre-war Fra t a-M 48 pre-war. war 'n nk. Bank e Viennu Chemicn ! AEG (G Elee)y D. C. SATURDAY, SOUTHERN QUTLOOK IS HELD 70 BE GOOD Analysis of Road’s July Re- port Indicates Increased Rail Traffic. Although Southern Railway's traf-- fic for the month of July was behind the record levels of a year ago, Case Pomeroy & Co., in an analysis of the report for July and for seven months, express the belief that “the balance of the ar will bring more general ac- tivity and increased railroad traffic.” During most of 1926, said the re- view, the trafic had expended at a rate considerably in excess of the normal trend of growth, and the de- creases of the present year to date have been about in line with expecta- tions, especially In view of the slacken- ing in general business in the South. Cotton selling at the present level, it was pointed out, will return a profit to the grower and enlarge the general purchasing power throughout the cot- ton-growing States. After allowance for all fixed charges, deductions and preferred dividends, the estimated net income available for the common stock was equivalent to 79 ents a share, as compared with §1.46 share in July, 1926. For the seven- month period estimated earnings were equivalent to $6.05 a share, as com- pared with $7.80 a share. Gross Revenues Decline. Southern’s gross operating revenues showed a decided falling off for July, amounting to $11,904,000, as compared with §12,942,000 in July, 1926, a de- crease of 8 per cent. The sharp drop i 0ss revenues brought about an ation ratio to 33.88 per cent in July, as against 32.14 per cent in July of 1926, Figures of the report show that for the ftirst half of 1927 passerger reve- nues decreased 11.5 per cent below the first half of 1926, wkile passenger train miles decreased only 1.7 per cent. Passenger revenue per train mile showed a decrease of 10 per cent. In favorable contrast, freight revenues for the first half of the year decreased only 1.4 per cent, while freight train miles were decreased 5.3 per cent. This means that as freight revenues fell off the movement of idle freight cars was quickly reduced, thus cut- ting down operating costs. The re- sult is shown in the fact that freight revenue per train mile actually in- creased 4.2 per cent during the half year. Total revenue per train mile for both passenger and freight was exactly the same in the first half of 1927 and 1926, Thus the economies brought about in freight operation offset the losses incurred in the han- dling of lightly patronized passenger trains, Car Surplus Smaller. Class I railroads on August 15 had 9,074 locomotives in need of repair, or 14.9 per cent of the number on line, according to reports filed today by the carriers with tne car service division of the American Railway Association. This was an increase of 539 com- pared with the number in need of re- pair on August 1, at which time there were 8,535, or 14 per cent. Class 1 railroads on August 23 had 5 surplus freight cars in good air and immediately available for service. This was a_decrease of 6,636 cars compared with August 15, at which time there were 245,201 cars. Surplus coal cars on August 23 to- taled 65,728, a decrease of 402 within approximately a week, while surplus box cars totaled 135,135, a_decrease of 4,554 for the same period. Will Study Insurance Trusts. Wade H. Cooper, president of the Continental Trust Co., has gone to New York, where he will make a spe- cial study of insurance trusts. Owners of Potomac Electric Power Co. general and refunding 6 per cent gold bonds, series B, due 1953, have received notice from the National City Bank of New York as trustee that $52,000 has been called for October 1 at 107%. William M. Seay, manager of the Federal-American Co., will return from vacation Monday. From present indications the money value of the 1927 cotton crop will be a record for recent years, according to Caldwell & Co., Southern investment bankers. Based on recent prices and an esti- mated vield of 13,500,000 bales, the 1927 crop should be worth approxi- mately $1,600,000,000, the firm pre- dicts. Since May cotton prices have advanced approximately $40 a bale, which will make a total increase of approximately $550,000,000. Bank Clearings Gain. Bank clearings this week at all lead- ing cities in the United States of $8,705,736,000 exceed those of a year ago by 7.0 per cent, according to Dun’s Review. The increase con- tinues mainly at New York, where clearings of $5,616,000,000 for the week show an increase over last year's of 12.1 per cent. At the leading outside cities, the total is $3,089,736,000, a decline of 1.0 per cent, and, as in re- cent weeks, small losses predominate At most centers. There are, as usual, a number of exceptions this week, gains appearing at Boston, Baltimore, Cleveland, Omaha, Minneapolis, New Orleans, San Francisco and some other cities. On the other hand, im- portant cities continue to show de- clines, among them Philadelphia, Pittsburgh, Chicago, Detroit, St. Louis, Kansas City, Atlanta, Portland and Seattle. ST STEEL SCRAP IS LOWER. NEW YORK, September 3 (#).— Heavy melting steel scrap is 25 cents a ton lower in the Pittsburgh district, a sale having been made at $15 a ton. Not_long ago a sale was made at $15.50, hut af present $15.25 seems to be the highest price that can be re- alized. . BOHACK PROFIT JUMPS. NEW_YORK, September 3 (#).— H. C. Bohack Co. earned $6.51 a share on the common stock after pre- ferred dividends in the first half of 1927, against $1.09 a share in the first half of 1926. Net profit jumped to $230,054 from $94,672. Profit and loss SEPTEMBER 3, 1927. TRADE IS GROOMING FOR MORE AGTIVITY Labor Day Lull to Put Forces in Shape for Final Run of the Year. BY C. ROYLE. Special Dispatch to The Star. NEW YORK, September 3.—Busi- ness will have passed the last check to complete activity in the next few days. The Labor day lull is being taken advantage of to groom equip- ment and working forces for the final run of the year which has no gen- eral holiday interruptions until Thanksgiving day. Steel and automobile plants have been sacrificing production to prepa- ration this week. Nevertheless the demand has been good for steel prod- ucts, especially automobile sheets. Competition is tightening up among the automobile retailers and it is cer- tain there will be a terrific drive in the early Winter, which may do much to avoid the usual seasonal lull. Building Activity to Gain. Building operations felt the lull as completely as any one of the other industries, but the volume of con- struction now under contract makes it certain that the activitity this Fall will be phenomenal and that prog- ress will be crowded ahead to beat the Winter storms. Lumber is in fair demand, about balanced by pro- duction. There is good cail for cement and asphalt, but productive capacity is not being even approached. The crop situation of the country looks better and this is confirmed by reports from the Northwest. The continued gains in boll weevil infes- tation are causing revision of previous estimates of the cotton crop, with con- sequent high prices for the raw staple. To some textile manufacturers this is welcomed, since they have protected themselves on their requirements and higher goods prices are in prospect. Others, not so farsighted, are extreme- ly exercised over whether the advance they consider necessary to assure them profits will not check buying. The railroads are now looking to the next few months to recover profits and build earnings to a level above the July and August figures. The car- riers will handle the greatest home- ward-bound rush of vacationists and tourists in their history next Tuesday and are making preparations accord- ingly. As to the general business situation the earnings of the telegraph and tele- phone companies show it to be in ex- cellent condition and these concerns offer one of the most reliable barom- eters of business. The public utility goncerns are meeting with a constant- 1v increasing demand for current and some have been put in such shape that they have been able to call some of their outstanding bonds. Shoe Movement Excellent. The movement of shoes has been excellent, but the buying of garments and accessories to dress is not expect- ed to reach its heights until next week, when buyers from all over the country are due to arrive in New York, Chicago, Atlanta, New Orleans, Kansas City and other markets. The opening of the men’'s wear Spring woolens has helped to spur trade somewhat, but the woolen manufac- turers are still far from satisfied. There is evidence of a far firmer feel- ing in the world’s silk markets. Al- though consumption has not been very heavy recently, it is expected to pick up in the near future. Improvement in the situation con- fronting the non-ferrous metals, pe- troleum and coal, all of which are more or less in the dumps, continued to be more psychological than phys- ical. Coal stocks are still of large vol- surplus was $616,146 on June 30. WOOL MARKET INACTIVE. BOSTON, September 3.—Raw wool markets were practically at a stand- still today, with most factors in the trade stretching the Labor day holi- day to include today. Price quotations were nominal and unchanged. e BOSTON STOCK MARKET. By Special Leased Wire to The Star. BOSTON, September 3.—Fallowing is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: Amoskeag .. . Bingham Mine: Boston & Maine raon, East Steamship E G United Shoe M Utah Anex . Walworth . & Warton Lros ume, oil production continues far in excess of consumption and the non- ferrous metals production has not yet been sufficiently retarded to assure a turn upward. .. ELECTRICAL TRADE GOOD. NEW YORK, September 3 (#).— Central station buying of new equip- ment is keeping up with the esti- mated budget, which is above that of 1926. Industrial plant purchases of electrical equipment have fallen off somewhat, but with the various in- dustries themselves active the out- look for Fall business is good, Elec- trical World reports. In New Eng- land a steady demand for power dis- tribution equipment is noted. EVERYMAN’S CREDIT BY LEWIS SINCLAIR GRIGSBY Assistant Secretary Associated Retail “Erediv Men" ot ‘Washington: No. 5—Happiness and Success. A thorough understanding of the meaning of the word, intelligence in applying for accommodation, proper attention to the use of the account and full knowledge of the pitfalls of overbuying bring us surely to hap- piness and success. The pleasureable feeling of contentment in leaving your place of employdent, going home in modern transportation, en- tering a cozy, charming home, fully equipped with the luxuries of life as we understand them at this time, all come from a proper interpretation of and an adherence to strict rules concerning credit. Look around your home now and point out the many beautiful yet prac- tical items that add so much to vour household that it would not have been possible to obtain without the use of a charge account. Look at your home even, and consider what would have happened if by chance you were forced to make deferred payments and some one would not agcept your paper. Then again let us look on the se- rious side of life. When adversity calls unannounced, illness overtakes us, the grim reaper calls for a dear one, then you will really appreciare your credit standing. When har- rassed and agonized with worry or grief, without proper food, shelter or clothing, you can feel the all-encom- passing hand of a good credit record ready to assist you in the time of distress. If you are apt to disregard the signals of life, warning cf ap- proaching danger, please for the sake of your future welfare and of those who are mear and dear to you 1e- solve that now is the time to accept a greater appreciation of the benefits and privileges of buying on a promise to_pay. How many friends can you count that through the assistacne of credit more than anything else have be- come successful business or profes- sional men and women. Just a help- ing hand at the proper time and lo, the bud bursts into bloom and over- whelms with a fragrant aurora of successfulness. Eometimes as cheap as dirt and tien again worth a king's ransom, wa should take an even, sensible atti- tude toward our credit. To every man is given this bountiful element and his future life will reflect very well in contentment, peace and free- dom the proper use and worthwhile consideration attendant upon his reputation in the community as a substantial citizen. The house of success stands high in front of each of us. We may ap- proach by divers ways and means but entrance is forbldden to those who do not possess the key of credit which leads properly into the happiness of e, o o FINANCIAL. The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Md, for 3, 5 or 10 year terms on your 519 i, Apply RANDALL H. HpGNER &.ToMPANY MORTGAGE LoAN CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 Apartment Home LET US FINANCE YOUR HOME LOANS To Run 5 Years No Annual Curtail 51,9% Interest WM. H. SAUNDERS CO., Inc. Main 1016 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent Suburbs in Montgom- ery and Prince Georges Counties, Md. 5: % NTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT Ghe PRUDENTIAL INSURANCE COMPANY of AMERICA 1001 15th Street N.W. Main 6888 It Takes More Gas To Make the Hills FEW months of heavy financial A going—illness in family, unemploy- ment, loss through theft—and you realize that it takes more gas to make the hills. You start to worry if you have been neglecting to save—or you thank your foresight if you have provided yourself with reserve fuel in the form of sound investments. There are two features of the First Mortgage Notes offered by Swartzell, Rheem & Hensey Company that make them o popular with investors. Interest checks are mailed out regularly twice every year. And no investor has suffered loss in more than fifty-eight years. Swartzell Rbeem & Hensey Co, m‘!.f’;.’?.'fi’nw 88 Years Without Loss to An Investor MORTGAGES THE PRICE IS TOO HIGH when profit is sought at the ex- pense of safety. Our Over o Third ofa 6% FIRST MORTGAGES Century Without a are safe beyond all risk. To Loss safety they add sure earnings, returning to invéstors regularly an income that never fails. B. F. SAUL CO. Main 2100 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY