Evening Star Newspaper, September 10, 1927, Page 24

o 24 W TIN RECOVERY STAGED INSTOCK MARKET Studebaker and United Fruit Outstanding Features on the Up-Side. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, September 10.—The stock market registered recovery to- day from the effect of the heavy sell- ing of the preceding session. Prices were moderately higher in most of the leaders, although there were plenty of exceptions and only & slonal aggressive pool oper: 3 In part the rally was due to the buy- ing in of contracts by vesterday’s sellers for the decline and in part to new interest who had been waiting for just such a reaction. It is fair| to say, however, that the real feature of the day was the absence of any such liquidation as might have been expected once the market had shown | itself at all vulnerable. Two or three mov ood out. One | was that in Studebaker crossing 60 to a new high for the vear and reflect- ing the statement of the president that cash balances in excess 000,000 were the prac ent to two years' common div t the present rate. Studebaker had gained | 2 points yesterday, notwithstanding the general weakness and it increased the advance today Another was the rise of some five | points in United I'ruit, following a substantial gain vesterday. This was still a case of an investment stock supposed to be out of line. The gen- Another was the rise of some & was favorably affected by publication of the July earnings statements show- ing net operating income of §3.191.- 932, against 58,620 in the month a vear ago. Telephone has s some § points to go before it will reach a 5 per cent basis. The old leaders, Steel and General Motors, were both higher as their sponsors took courage from the res ance the list as a whole displayed. Steel, at 1 was orly a little over a point below its record and General Motors, crossing had netted 3 points over the preceding close. It increased this in later on. The uncertainty about the longer outlook was apparent in the action of such stocks as Electric ahd International Harvester, at one time down and then rallying without at any time revealing a decided trend. More or.less the same was true of stocks like Fleischmann, General Railway Signal and American Can. Guif States Steel dipped to a new low as it became plain the passing of the divi- dend had not been fully discounted. The entire market hardened toward the close. Buying of Great Northern preferred advanced that stock a point or so, improved crop prospects again being stressed. Interboro Rapid Transit regained practically all yes- terday’s loss and there was pro- nounced strength in the low priced Dome Mines. Markets at a Glance NEW TYORK, (#).—Stocks strong; Btudebaker crosses 61, new high. onds easy; railroad liens in supply. Foreign exchange. heavy; Japanese yen go below 47 cents. Cotton weak; iavorable weather. Sugar hohda). Coffee holiday. CHICAGO.—Wheat weak; bearish Government report. Corn lower; fine weather Southwest. Cattle irregular. Hogs steady, Wall Street Featureés Greene Cananea Stock. NEW YORK. September 10 (Spe- cial). —Greene Cananea has been most In demand among the copper stocks recently. The fact that these shares lave moved forward from the low of the year of 294 to current quotations ubove 64, while others of the group have done little, has been due to op- timism over the company’s new de- velopment through which already 25 per. cent of Greene Cananea’s monthly butput has been obtained since opera- tions started south of Capote basis at l'ananea, Mexico. There are only 500,000 shares outstandinz and the roating supply evidently has been con- viderably reduced since discovery of the new ore bodies. United Fruit C Earnings of the United Fruit in the frst half of 1927 are estimated to have lully covered the year's dividend re- uirements of $4 a share. On April the company paid an extra dividend 3 $1.50 a share along with the usual juarterly distribution. L .cause of the fict that it ranks as one of the five lirgest producers of sugar cane in I'uba, it naturally stands to benefit tarough the current upturn in raw tugar prices. Reports have been cur- rent of a possible merger of its Pana- ha interests with those of the Stand- ard Fruit and Steamship Co., although pothing official along this line has been forthcoming. United Fruit went into tew high ground for the year today. CHICAGO STOCK MARKET. By Special Leased Wire to The Star. CHICAGO. September 10.—Follow- Ing is a report of today's sales, high, low and closing quotations, on the Chicago Stock Exchange: Bales STOCKS. Hizh. 17 am Furn pf_09% 0 Am Pub 0 Armonr 0 Armsour Iisl pf. . 2 1% 0 Bastian Blessing.. 233 800 Borz & Beck 40 Butler Bros- Sonsumers Co ... ¢ pntinental ‘Mot 175 Kellogz S 10 Ky Hydro 100 La Saile 1150 Libby M Weat 255 Mid W est Uil . 0 Montcom Wd A 10 Midwest Ut 63 pf 300 Morgan_ Litho Nat_Standard 100 N : 200 Novadel ptd 16 Pub Serv pfd 7s. hml/, 10 40 Quaker 10 400 Reo Moto 50 Sangamo - 2100 Sears Rocby L&P Gs p ROl varner..... 68% Swift Tenn o 5 Thompson J 1 0 Tn Biscujt _Iron Work Gypsum S Gypsum nm Intl Prod Tt 853 gau:u s’ 353 an, 18.000 sh BONDS. 000 Chi City R 1st bs & 000 Chi Rys Ser 13 55 4 000 Grt L. < 600 Houxt Gulf ¥ 0T P Sve 6 000 Un Lul Total sales. _1 Am Chain pr (7) 102% 102% 102% 102% | ‘Am Diano (3).... | Am Smelting (8) 175'% 178 ANCIAL, Open High Low Closs Abitibl Pow (5). 106% 105% 105% 105% Abrahm&Straus 881 90% 88% 89% Abr&Stras T%pf 111% 111% 111% 111% Adv Rumley.... 11% 1% 11% 11% Adv Rumley pf. 35% 35% 36% 35% Ahumada Lead. 64 5% 4% 4% Alr Reductn(16) 1857 185% 185% 185% Ajax Rubber. 8% 8% 8% 8% Alaska Juneav % 1% 1 1% Albany Papr(2). 27% 28 26% 28 Albny Pap pf (7) 97% 99% 97 99 Allied Chem (6) 1623 163% 162% 163% Allis Chalm (6). 111% 112% 111% 112% Amal Leather... 14% 16% 14 15% Amal Leather pf 87 88 amerada (2).... 29% 29% Am Agricul Chm 14% 14% Am AgriChpt.. 47% 48% Am Bank N (2). 69 69 Am Bosch. 214 21% Am B Shoe pf(7) 121 121 AmCan (2)..... 634 63% AmCanpt (7).. 138% 134 121 121 63 63% 1334 134 13 25% 4 106 53% 28 54 13 24% 104 13 25% 106 534% 28 54% Am Drug (80¢).. 13 Am & For Pow.. 25 Am&Fo Po pf (7) 101 Am Ho P ( uou [ American Ice. Am Internat 54 Am La France ™ Th TH Th Am Linseed. 52 624 52 524 Am Locomot (8) 110% 110's 110% 110% Am Machine (2) 111% 112 111% 112 Am Metals (3) 42w 42% 42% 39 38% 38k 95 9% 661 66Y 64'% 13412 134'% 134'% 134% 47w 4T% 46 46 48% 49 48% 49 43% 44 43 44 B 3% 3% 3% 175% 177% 140 140 54 5414 fly 92 28 B34 “ & Am Piano pf ( Am Po & Lt (f1) Am Radiator (3) Am Republic... Am SafetyR(13) Am Seating (14) Am Ship & Com. 2 140 140 54 Ba¥ 91% 92 Am Snuft (12).. Am Stl Fdys (3) Am Sugar (5)... Am Tel & Tei (90 171% 171% 171 171% Am Tobacco (8). 145% 146 145% 146 AmTobaccoB(8) 145%: 145% 145% 145% Am Type pf (7). 115 115 113 113 Am W W (m80c) 53% B4% 63% 5dn Am WW (cl60). 113% 113% 113% 113% Am Woolen 25% 26% 26% 26% Am Woolen p 62 2 62 62 Am Writ Pactfs 19% 19% 18% 18% Anaconda (3)... 464 46% 46% 46% ArmourDelpf(7) 87 87y 87% 874 Armourofll1(B) 5% 5% b4 54 Armour Il pf(7) 65 65 65 65 Arnold Con&Co.. 37'% 37% 37% 37% Art Metl (133). 26% 25% 25% 25% Asso Dry G (2% D) AT 4v% 4Tw 49% AssoD G 2d (7). 106% 106% 106 106 AtT& ST (1913) 1941, 194% 193% 194% Atchison pf (5). 103% 103% 103 10 AtUCL (18%).. 195 195 194 194 At Guif & WI. 35 85 35 35 AtlGult&WIpf. 351 35% 35% 35% Atl Refining (4). 120 121% 120 121% Atlas Pow pf (6) 102% 102% 102 102% Austin-Nichols. 6 6 6 6 Baldwin L (7).. 261% 261% 261% 261% Balto & O (6)... 121 "121% 121 121 Barnet Leather. 55 55 55 54 Best & Co (3)... 50% B1% 50% 51% Bethlehem Steel 6474 647k 64% 64% Beth Stlpf (7).. 116 116 116 116 Bloomingdale... 39% 39% 39% 39% Blumenthal pf.. 86 86 86 86 Bon AmiCIA (4) 62 62 62 62 Briggs Mfg (3). 274 27% 26 British Emp2d.. 1% 1% 1% Bkin-Edison (8) 180 180 180 Blkn-Mn Tr (4). 55% 55% 554 Bklyn Un Gas(5) 145% 145% 145% 145% Brown Shoe (2).- 44% 45% d44% 45% Brunswick Ter. 124 124 11% 12 Burns Bro (10). 102% 103 102% 102% Burros Add (t4) 119% 119% 119% 119% Bush Term (b8). 68 64% 63 64% Bush Ter de (7). 104% 104% 104% 104% Butte&Super (2) 9 9 9 9 Calif Packg (4). 65% 657 65% 65% | Calif Petm (1).. 28% 23% 23% 23% Calumet & Ar (6) 69% 69% 69% 69% Calu & Hecla (2) 16 16 16 16 Canada Dry (3). 54 b4 53% 54 Can Pacificrts.. 4% 4% 4% 4% CaseThreshg(6) 272 274% 271% 271% Century RibM.. 13% 13% 13% 13% Cerro dePas (15) 65 65% 65 65% Certain-Teed (4) 51% 51% 51 51 CertoCor (13%) 75 . k) k) Chand-Cleve.... 7% Th 7% Th Ches & Ohio (10) 197's 197% 196% 196% C&OCorpn (3). 74% 74% 74 T4% Chi & Alton.... 8% 8% 8% 8% ChiGreat West. 15% 15% 15% 15%| ChiGt West pf.. 34% 34% 34% 34%| ChiMil&StP.. 17% 1T% 17% 17% Chi Mil & StPpf 33% 33% 33 33 CM&StPefs.. 17 1% 17 17 Chi & Nwn (4).. 90% 92 90' 92 Chi Pne Tool (6) 128 128 128 128 Chi Rock Is (5). 108% 109% 108% 109% CRI&Ppf(6). 101% 101% 101% 101% Childs 132.40). 62 62 62 62 Chile Co (213). 86% 64 25% 36 Christi B (1.20). 60 60 60 60 Chrysler Cor (3) 59% 60% 59% 59% City Stores (B). 50 50 50 50 Cluett Peab (5) 0% 72 0% 72 Cluett Pea pf (7) 120 120 120 120 Coca-Cola (5)... 121% 122 121% 122 Col Fuel & Iron. 85% 86% 85% 85% Colo Fuel pf (8). 130 130 130 130 Col & Southn (3) 125 125 125 125 Col Gas & 1 (5) 95% 95% 94'% 94% Col GEE pf A (6) 106% 106% 106% 106% Col Carbon (4).. 81 81 80% 81 Com Cred (1) 17% 18 17% 18 Com Cred pf 6. 80% 83 £0 R2Y Com Solvents(8) 192% 195 19: 193 Com Powr (2%). 59% 59% 59% b59% Conde Nast (2). 40 40 40 40 Congoleum-Nair L4% 24% 24% 24% Consol Distribut % 3, & Consol Gas (5).. 116% 117% 116% ConsolGas pf(5) 99% 100 Consol Textile.. 4% 4% Cont Bakg A (4) 49 49 Cont Baking B.. 5% 5% Cont Bak pf (8). 94 Cont Can (5).... T2 Cont Mont (80c) 10% 10% 10% 10% Corn Prod (#3). 55% 56% 55% 56% Corn Prod pf (7) 134% 134'% 134% 134% Coty Inc (5). 90% 90% 89% 90% CrownWPIstpfl 9215 0213 92% 9215 CrucibleSteel (6) 93 93% 92% 92Y% Cuba CaneSugar 8 8 8 Cuba Company.. 22% 22% % 22% Cuba R (4.80). 82 82 82 82 24% | % 117% 99% 100 44 4y 48'%: 48% 5% 5% 94y 94 94 2 72 72 Cuban Am & (1). 24% 24% 24% Cudahy Pkgz (4) 48% 48% 484 4 Cushmann pf (8) 112 112 112 112 Cuyamel Fruit 47% 4T% 4TV 4TH Davison Chem.. 36% 37% 364 26% Del & Hud (9).. U06% 206'% 205% 206% DRG Wst pf. 60 60 60 60 Detroit 2d (8).. 156% 160 156 160% Devoe & R(2.40) 3 38 38 Diamd Mtch(8) 135 135 135 Dodge BrosClA 18 18 17% 17% Dodge pf (7) 69% 691 69% 69 Dome Mines (1). 9% 1 9% 10% Dunhill Int (4).. 51% 51% 51% 51% Dupont (t9%) . 311 216% 311 6 Duquesne pf 115% 115% 116% 116% Fastman (VB . 167 167% 167 167% 27% 28 27% 28 12% 12% 12w 124% 97 98% 97 984 | lectric Boat... 19% 19% 18Y% 18” ¢ Power & L 26% 27 26w 27 ec P&LL pf 17) 105% 105% 105% 105% c Refrigeratn 14 W 13% 4% Ilec Refrig rts. Y% e Y% Stge Bat (16) 68 68% 69 knd John (5) 76 k() 8 Engineers Pu 35% 35% 3% Equit Bidg (7).. 86% 86% 87 eRR.. 60 59% 597% Erte 1st pf. . 60 59% 60 Srie Stm S (2%) 31% 3% 31% reka Va fr4% 69% 69'% 69% Fed Lt (h2.40).. 42% 42% 42% “ed L&T pf (6). 99% 99% 99'% Fed MotT(f80c) 22 20% 20% First NatSe1%). 27% 27% 29% Fisk Rubber.... 17 17 17% Fisk 1stpf (7).. 93% 3% 94 sk 1st pf ev(7) 101 101 101 Fleischmann (3) 62% 62% 62% Foundation (5). 56% 656% 56% Fox Film A (4). 66% 66% 66% Freeport (14%). T5% % 8% 51% Gabriel Sn (3%) 51% 51% Gardner Motor.. 8% 84 8% Gen Am Tnk(4). 59% 59% 59% Gen Asphalt.... T73% 74% 73% 74 Gen Asph pf (5). 116 116 116 116 Gendigars (4).. 68% 68% 68 68% Gen Elec (15).. 140% 141 139% 140% jenElec sp(Bue) 11% 11% 11% 11% wen GasA(ol%) 41% 41% 41% 41% El AutoLt (16%) 101 62% 56% 66Y% 9% 51% 8% 60 THE EVE Open 17 90 58% Glidden Co Glidden pr pf(7) Gold Dust...... High 174 90 58% Goodrich Ru (4) Goodrich pf (7) Gothm § H (21%) Gotham new 21 Granby (4). Grt North pf (5) Gt Nor pfefs(5) Grt Nor O (1%) Grt Wes S(2.80) Green Canan.... Guantanamo. . Gulf Mo & Nor. Gulf States Stee Hanna 1st pf. Hartman A Hrtn B b10%st Hoe & Co A. Hollander & Son Houshld P (315) Houston Ofl Howe Sound g Hud Man (23). Hudson Mot (5) Hupp Mot(1.40). 111 Cen Isd i (4). Indep Of1 (1) Indian Mot pf(7) Indian Refining. Indian Refg ctfs Ind Ref pf(7) Inland St (215) Inspiration. Interboro. Int Bus Ma (4) Int Com Eng Int Combus rts. Int Harv (§6) IntMtch pf( Int Mer Marine. Int Mer Mar pf. Int Nickel (2). Intl Paper ( Int Paper pf (7) Intl Silver...... Intl Silver pf(7) Int Tel & Tel (6) Int Tel & Tel rts Intertype(t13s). Island Creek (4) Jewel Tea...... Jones Bros Tea. Jones & Lau (7). 1 Jordan Motor. .. Kan City South. Kayser J (4). Kelly-Sprinz. ... Kelly Tire 6% pf Kelly Tire 8% pf Kels-Hayes (2) . Kennecott C (5). Keystone T & R Kresge (1.20) Kress S H (1).. Laclede G pf (5) Lago Oil(3).... Lee Tire & Rub. Lehn & Fink (3) Life Sav (1.60).. Lig&MyrsB (4) Liq Carb (3.60). Loew’s Inc (2).. Loft. Loose- Wil Lorillard Co Louisiana Oil LouisGasA (175) Ludlum Steel(2) McCrory B (1.60) Mack Truck (6) Mackay pf (4).. Madison Sq Gar. Mazma Cop (3). Mallison & Co Mallison pf (7) Man El Sup (5). Manila Elev gtd. Man El m 2 (d5) Marland Oil. ... Marlin-Rek 31 Mathieson (4)... May Dept S (4). Maytag (2%) Mexican Seah Miami Cop (1).. MidContinent(3) Middle States. ... Mid States Oil ct Miller Rub (2). . Min St P & SSM. M St P&SSM pf. MStP&SSM li(4) Mo Kan & Tex. . Mo K & T pf (6). Missourt Pacific Missouri Pac pf. Montgmry W 1), Mother L «30c). Motion Pic (1 Motor Met ( Motor Whi (2)., Multins Body . Mullins B pf (8) Murray Corpn . Nash Mot (14%) Nat Biscuit 151 Nat Cash It (A)3 Natl Dairy (3).. Nat Dept Stores Nat Distillers t Lead (5). .. Nat Lead pfA(7) % 107 7% 7614 37T 101% 991 24% 41% 61% T 107 6% 6% 3% 102 99% 24% 42% 0) Nat Surety (10). Nevada C(115). Y Air Br (3 ¥ Cent (8).. N Y Central rts. Y C&StL (6). . NYC&StL pfi6) NY Dock . . o NY & Hart (5).. NY NH & Hart.. NY NH&Har rts NY Ont& W (1). NY Steam pt (£) Y Stm pf A (7) rfolk South. . rf & W (R).. NorAm b10%stk North Am pi North Pac (5). Nor Pac efs(5).. Ol Well Sup. Omnibus. . 5 Opnhm Col (4).. Otis Elevator (6) Otis Steel .. ... Otis Stl prior(7) Outlet Co (4). Pacific Gas (2) Pac Tel & Tel (7) 90) aige Motor. Pan-Am (6).... Pan-Am B (6).. Parmt-Fam «j8) | Paramt-F pf (8) Park & Tilford. . Park Utah (80c) Pathe lixchanze i Pathe I3x A (4). Peerles: Motor. . Penick & Ford. . PaDixleCt i 20) Penna R R (3%) Pere Mara pf(i) PhilaCo6 % pt(3) Phila& RCI.. Phillips Pet (3). Plerce-Arrow Pierce Oil.. ... Plerce Petrolm .. Pillsbury .. Pitts Coul...... Pitts Coal pf... PittsTerm Coal. PorRticoTohA (7) Porto Rico To B Postum (5) Pressed Stl € Pr Stl Car pf (1) Prod & Refiners Pub Serv NJ (2) Pub § NJ pf(7). Pub SE&( pf(6) Pullman Co (8). Pullman Ine. . Punta Alez Sug. Pure Oil « 5 Purity BakA (3) PurityBak pf(7) Radio Corp of A Reading (15) Real Silk Hos Real Silk pf (7) Reid lce Crm(3) Rem-Rand $1 60 Rem-Rd1st (7). Rep It & $tl (4) | Reynolds Spngs Rey Tobac B (5) Robt Rels & Co Robt Reis 1stpf 69% GenG & EIA(8) 119 119 119 119 GenMotors(110) 249 2562% 249 249% GenMotors(w.1) 125 126% 124% 126% Gen Outdr Ad(2) B1% 53 51% 52% Gen Ry Sig (5) 148% 149% 148% 149% CGenRy Sigrts.. 3% 3% 3% 3% GenRySIg pfrts. % % % % Gen Refrac (3). 66 66% 65% 664 Gimbel Bros...., 48 48% 48 48 [ Rossia Ins (6). . Safety Cable (4) St Jos Lead (13) StL&Sank'r 181 St L Southwest Savage Arms Schulte (21;). Seab Alr L pf... 65 40m 11 53 49 56% 41 49% B6% 41 [ G STAR. WASHINGTON, Low Close 167 641 23% 122% 19% 6314 58 27% *| South Pac (6) 121% 48'% 54% 6% 53% 39 1'% 264 24% RB7 4 100% 70 25% 3698 16% 82 55% 82 484 B6% ! H i | i {000,000 w | sion, | By S NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Seagrave (el.20) ars-R (n2%). Seneca Coper. Shattuck F G (2) Shell Un (1.40). huber The (5). immons ( s Simmons p( . mms Pete. filncxalr Oil. 4 12014 Southern Ry (7) South Ry pf (5). Spear&Co pf(7). Std G & E (315). Std Mill (3)..... Std Millg pf (6). StdOilCal(12% ). Std OFINJT (11% ) 5td OIINY (1.60). Sterling Pro(16) Stewart-War (6) Studebaker (5). Sun Oil (i1).... Superior Oil.... Telautogra (60c) Tenn Copper (1) Texas Corpn (3) Tex Gulf S t415. Tex & Pacific. Tex Land Trst n Thatchrpf(3.60) Tidew Aso (60c) Tide W Oil pf (5) Timken (15).... Tobac Prod (7).. 9 Tobac Prod A (7) 113 Transcont Oil Underwood (4). Underwd pf (7). Un Bag &Paper. Union Carb (6).. Union Oil (t215) Union Pac (10) ., Utd Cigar Stores Utd Fruit(15%). US CIP&F (10) U S Distributing U S Distr pf(7). U S Hoffman (4) US Leather A. . US Leat pr pm) U S Realty (4). U S Rubber-. .. U S Rub Ist m U S Smelt (314 US Sm prw,,). U S Steel (7). U S Steel pf (7). Utl P&Lt A (e2) Vanadium (3) Van Raalte..... Victor Tik Mch. . Va-Caro Chem. . Va-Car Ch 6% pf Vivadou (3). Vulcan Detin. Wabash. ... Ward Baking B. Ward Bak pf (7) Warren Bros (4) WarF&Pipe Cor. Washburn pf (7) W Penn El pf (7) West P Po (6).. West P Po pf(7). X aryland d2d pf.. West Pacific. . . . West Pac pf (6). West Union (8) WesthseAirB (7) Westinzhse (4) Wheel & L E pf. White Mot (4).. White Rock (2). White Sew M (4) White Sew Mach Wickwire eft. . . Willys-Overland 1 Wilson & Co |ll Woolworth (5) Worthn Pump. . Wright Aero (1) Yellow Truck. .. YungstnS&T(5) . vilzad rates ae the unual casn L ouarterly or ; Unliss othervi dends are not * Unit_of tra B8l: B8 B8le KB " ihe ahove tanle is cased oo the 1 vearly de 4 XU or ewcial divi: i ing ess than 100 £ Plus 16 0 s tock common st Y Pius this cezutir a i in 0 cat “loek ¢ common tock DU PONT EXPLAINS INVESTMENT IN STEEL Says Purchase of Stock Carries No Obligation to Take Part in Management of Firm. By the Associated Press WILMINGTOX 10.—Declaring t de Nemours Co. rth the ates Sieel Sl‘])ll'mhvl' . du Pont of $14.- stock of the Corporation. with it no oblization to par- te in the management of the s:m corporation through director- ships or otherwise, Irenee du Pont, chairman of the finance committee of the Du,Pont company, has sent a letter t8 Col. Willlam Donovan of the Department of Justice. The letter is in answer to quiry made by Col. Donovan, respeet to the growth of the Du Pont company and 'ts relationship with the (ieneral Motors Corporation and the United States Steel Corporation. A copy of the letter has also been sent to the Federal Trade Commis which on July 29 notified the Du Pont company that it hud di- rected their chief economist o in- vestizate the relationship between the three corporations. This letter also gives details of these relation- ships which will also be sent to the stockholders of the Du Pont com- pany. In the final portion of his letter, Mr. du Pont declares that the pur- chase of steel stock is different from the purchase of stock of the General Motors Co., because capital funds of the company were invested in General Motors and this carried an obligation to assume at least in part, responsibil- ity of the management of that con- cern. The purchase of this 114,000 shares of stock in the steel company for $14,- 000,000 was purely an investment of that amount of the du Pont Co.'s re- erve and ca s with it no right, re- ponsibility or obligation to narticipate in its management, and that no direct- or, officer or employe of the company is an officer, director or employe of the steel corporation. The stock is subject to resale at any time at a Uniteaq rrie: ticiy an in- with ! moment's notice. COTTON GOODS STRONGER. NEW YORK, September 10 (Special). —Cotton goods markets quicted down today, but prices were strong. Print cloths were marked up a quarter of a cent to 91 for 64x60's and an eighth of a cent to 10% for 6SX72's. Raw silks were quiet and unchanged. BOSTON STOCK MARKET. al 1 Wire to The Star. BOSTON, September 10.—Following s a list of today’s highest, lowest and closing prices for the most active stocks dealt in here. United Shos 3 Waldarf ... D. C, SATURDAY, 1343 | 94 NEW CHAIN STORE LISTING FORECAST Sanitary Grocery Stock Like- ly to Appear on Local Exchange Soon. BY EDWARD (. STONE. | Tt is believed in the financial district that the preferred stock of the Sani- tary Grocery Co. soon will be listed on the \Washington Stock IExchange, therehy ing another issue to the fast growing ¢ of local securities in which trading has shown such a rapid increase during the present year. ¥ preferred is now $6.50 dividend and selling over the counter” in New York around 102. The common is listed on the New York Curb and has recently held very steady around According to this week's reports the company’s sales in August showed an increase over last August of more than 10 per cent and a gain of almost 6 per cent for the first eight months of the present y sales for that period veaching $10,727,812. Only a few days ago the Sanitary | Grocery Co. purchased 49 Piggly Wig- gly stores located in and around Washington, these stores to be ope- rated through a subsidiary known as the Piggly Wiggly Bastern Co. of Delaware. The new acquisition giv the initary Grocery Co. a total 361 stores Chain store stc Grocery of ks are popular all over the country and the placing of one, or both issues on the local ex- change is sure to give them an market. The only chain store stock already on the list is Peoples Drug Stores preferred, which is both ac- tive and strong. Before many moons. however, Old Dutch Market may also find its way onto the local board. Calls Florida Outlook Brighter. “Travel to Florida promises to be much_hetter during the coming Fall nd Winter season than a yvear ago.” Fairfax Harrison, president of South- ern Railway Co., He believes that the depth of the post-hoom de- pression was reached season und dec that rei v has set in. “Carri erving Florida look for a su ntial amount of business this season Commercial and financial conditions have improved greatly. Ac- commodations are better for the an- influx of travelers than ever. power down there has re- covered.” Insurance Agents Return Home. The Washington representatives of the Atlantic Insurance Co. have re- turned from the annual convention of the company. held at Spring Lake, N. J. In the party were John N. Buck, agency director; J. Joseph Con- nell, John C. Marsh, A. C. Ridgeway and James G. Stone, special agents. The Washington agents received many congratulations at the conven- tion. as the local office succeeded in writing more insurance in the first cight months of 1927 than was written in the entire previous year. Buying Power on Increasc. Credit Review sa that purchases for the week show an increase over last week in all but the mountain and middle agricultural sections, and over the same week last year in all sections. Indebtedness veported heavier n either ok, or week st ments are better than the previous week, but not so good as the same week last Buying continues satisf: lines. but there is a general com- plaint of slow payments and increasing indebtedness. Seasenal Bend Rise Forecast. Moody's Weekly Review say “Bond prices should show at least an average seasonal rise between now and the middle of January, and in the averageor typical case they be- come stronger and stronger from Sep- tember to January. inclusive. At the same time. yields are already enough so that any further advanc from this level small rather than great. “Stock prices continue to give prom- ise of going higher. All upward move. ments in the past have cither in the time of general th de in- of brok loans and finanecial bu. ness—whereas at pr nt we have neither the former nor the latter.” Treasury Issues Far Oversubscribed. The Treasury's half-billion dollar September offering of urities wi more than three times oversubseribed, Melon announced ster- to the $230,000,000 of ates totaled $580,000,- 0,000,000 of Treasury more than Subscription Tre: cortifi 000. For the notes they amounted to £1,090,000,000. Che closing of books refers to cash iptions’ only. The privilege of hanging second Liberty loan 41 cent bonds for the new 3% per cent Treasury note will probably ve- moge 40 uwo pun usdo ujvw | September 29. Merris Plan Issue Due Soon. A syndicate of bankers expects shortly to offer $4,500,000 6 per cent secured Yonds of Morris Plan Shares Corporation. The mew concern is a wholly owned subsidiary of the Indus- tria] Finance Corporation, and was formed to hold all of the latter's stock interests in 84 Morris Plan banks and the Morris Plan Insurance Corporation acquired over a period of 14 years. Local Bank Clearings Gain. hington bank clearings during first week of September totaled $22,388,000, compared with the higher figure of 547,000 for the week end- ing on Scptember 1. The return: however, are more than 4 per cent above the corresponding week a year ago, indicating_healthy business ‘con- dftions here. Bank clearings for the country as a whole were in excess of those ever reported for the first week in September. Insurance Employes Plan Outing. More than 400 officials and employes of the Acacia Mutual Life Associution will attend the annual home office out- ing, which is to be held at the Manor Club on Tuesday, September 13. ac- cording to an announcement from headquarters in the Homer v of events has teen 1, to include golf, swimmng, tennis and dancing. The committee in charge of arrangements for the day includes the following members of the humc office staff: D. T. McGraw, ta Webb, Charlotte Quis- Laurine onvention Opens Tuesday. onvention of the National Ad- sers Association opens next Tues- at West Baden, Ind. Bankers hington who will attend the re John Poole, Eliot H. Thom- L. Flather and T. Hunton day Consul Board Dinner Monday. The annual dinner of the board of ‘onsuls of Washington Chapter, Ameri- can_Institute of Banking, will be held on Monday at the Hamilton Hotel. The guest of the board will be W. W. Spaid, president of the District Rankers' Assoclation. SURPLUS INCREASES. NEW YORK, September 10 (#). irplus of the Pacific Gas & Electric Co. for the first half of 1927 rose to SEPTEMBER 10, the same | 1927. CONOWINGO POWER PLANT GETS GOING IN SPRING Special Dispatch to The Star. BALTIMORE, September 10.—The Conowingo hydro-electric power plant the second largest power developmer.t in the United es, will start opera- tions in the Spring of 1928 and will be in full operation by the Fall of that year. according to an official of the Philadelphia Electric Co., which will control the output. “Our Conowingo program calls for the first unit to be completed and sup- plying energy in_the Spring of mext " he said. “Seven units will be loaded to the limit by the Fall. Even with the tremendous increase of en ¢ that this will mean, we will be dependent in the main on steam pow- Records show that c power in_this country could be utilized it would not meet the demand. and we would be forced to depend on steam-created energy FALL MOMENTUM GAINED BY TRADE Millions Added to Cotton Value—Coal Mines Are Speeding Production. BY J. C. ROYLE. Special Dispatch to The Star, NEW YORK, ness already ha Fall momentun September 10.—Busi- un to pick up its This is due not only to the fact that Summer is officially over, so far as the vacation season is concerned, but because of the advent of annual Fall buying of clothing, fur- niture, floor coverings and other manu factured lines. ‘The improvement in the farm prod- uct situation has had a most hearten- ing effect. It now seems probable that the farm population will have well over nine billion dollars to spend in the next year, and producers and dis teibutors ‘are making their plans and regulating their outputs accordingly The farm machinery manufacturers i a fine business both home and abroad. The demand from Central Europe is especially encourag ing. The railroads, while not expected to buy new equipment in extraordinary | quantities, are preparing for replace ment needs when the rush of crop movements is over. The export move- ment of grain and cotton is having a salutary effect on land and inland w: ter transportation, as well as on ocean | shipping. Millions on Cotton Value. Reduction in the Government crop estimate on Thursday has added mil- lions to the present and prospective value of cotton grown this year. This will have a quickening effect on all Southern business and will affect fa- the commerce and industry of ections, with the possible excep- tion of New England. Even in the lat- ter district the mills which cheap raw cotton carlier this will prosper. Steel has commenced to pick up, and new equipment put into commis carlier in the year is now fune- i to reduce costs and The automobile situation presents as many ups and downs as a Rocky Mountain skyline. al Motors is having a wonderful while some others. amoni them ex and Chrysler, must await the trend of the Fall trade to ce how they will come out. One fac- or counted on by all is the try ard the ownership of two s has been emphas’ vogue for roadsters and open ¢ Dealers hope to sell additio sed cars to owners of such vehic when colder weather approaches. The anthracite mines are commenc- ing to speed up production. although increase \l hould be moderate or | culminated | flation or else in the time of inflation | vetail demand has not shown any marked signs of improvement. The hard coal producers can always count on a certain number of customers. | They are fast losing Canadian trade | however, since Scotch coal is cominz into Quebec and Ontario a_dollar or more a ton cheaper than the Ameri- an product Radio Outlook Gocd. Mexico is commencing to realize the danger to her revenues presented by the big increase in oil production in the United States and South America, but there has been no stimulation of Mexican erude imports and none is likely for months to come. The movement of radio recciving cun afresh and the trade muu;mu an excellent 1'all campaign. ric demand and the heavy electri- achinery trade has been strength- {ened by the demand for power for in- ustrial purposes, as well as the ap- proach of the season which require increased current for lighting 1t is still too carly to determine the offect on buyers of the advance in prices on some of the Spring dress fabrics, but the novelties as vet have not semed to spur buying. The im- provement in leather and shoes con- tinues under spur of seasonal require- ments. Baltimore Markets. BALTIMORI, White September 10 potatoes, bushel, veet potatoes, barrel, beets, 1 2 L00ad.00; 100, 2.00a4.0 corn dozen, 10a 1.25; eggplant ; cucumbe; basket, 3.00; lima bea: spinach, et, 30a40; cking stock. 1.00a bushel, 3 peach 00; pears. bushel, 1.00a each, 10a35. Hay and Grain Pri bushel, 00; mel- xport, No. 8 red Winter, e red Winter, garlic 3 red Winter, export, garlicky, ellow, domestic, nominal; cob corn, old, .50 per b nominal. Oats—No. 2 white, new, 55 Ni white, new, 54. Old oats selling 2 and bushel over new oats. New hay quantity condition. limited at irregular s, therefore, not being officially graded and sells strictly on its merits, within range of 16.00 and 18.00 a ton, timothy and clover grades. No. 1 wheat, 10.00a11.00 per Dairy Farm Product poultry—Spring pound, Leghorns, hens, 20226; Leghorns, 18; old roosters, 14a16; ducks, 20a22; small and poor, 15al8: pigeons, pair, 20a30; guinea fowls, each, 40a7s. Esgzs—Receipts, 576 cases; native and nearby current receipts in free cases, dozen, 33: strictly fresh, dozen, 5. Butter—Good to pound, 43a47; prints, 47%a491s: blocks, 46%a48% ladles, 35a37; rolls, Live chickens, 20: old fancy creamery, $5,1 31 from $3,705,587 in the cor- 1esponding period last year. 2a34; store packed, 32: dairy prints, 2add; process butter, 39a40, 1 household zoods continue in | FINANCIALS VEGETABLES CHEAP Egg Values Are Higher, With Butter Prices Remaining About the Same. A pientiful supply of below the usual wholesale prices is | reported on the market today, with! indications that the price scale will go still lower. Reductions in several classes of meats also are reported. Apples are reported to be selling at $1 and $1.25 a bushel, about 50 cents cheaper than they were last week. The best grade of string beans are selling from 50 to 75 cents a bushel, which _is considered by dealers hout 50 cents lower than the normal price. Irish potatoes, hest grade, grown on nearby farms, are reported selling at $1.50 and $1.75 a bushel, while second grade sells for $1.00 a bushel. Fgs- plant is selling at 50 cents a crate. or about a half of what it usually brings, according to the dealers. A large supply of radishes is reported on hand, selling at $1.00 a hundred bunches, their early appearance on the market heing attributed to an un- usual season. Other Vegetables Are Low. Other vegetable prices are reported to be correspondingly low Veal is bringing + a pound in place of 26a28 last week: lamb, 24a27 instead of 28a30 last week, the present price, however, being 1 cent higher than yesterday's. and fresh hams, 23a25 in place of 24a25 as of last week. Shoulders continue to sell at a top price of 18 a pound. while live lambs are going at 13ai4 and live calves at 14. Butter remains the me, while sev- eral classes of poultry are higher and several cheaper, and eggs are higher. The latter, it is stated, are likel increase in price as the Fall advances. Today’s Wholesale Prices. Among wholesale prices quoted to- day were: Butter—Fresh, 1 pound prints, store packed. selected, 38a3 current receipts, 35a36. . alive—Turkey: he! small to medlum Spring chicken: (lucks, 18a20; keats, getables far | 44a 28. Dressed Turkeys, Spring chickens, 3 133; o heavy, 39a40; smaller, 3. keats, 80a90. Fresh-killed beef, SELLING IS HEAVY INCOTTON MARKET Weak Cables and Favorable Weatner Map Factors in Today’s Degline. 18a2/ By the Associated Press. NEW YORK. September 10.—The cotton market opened easy toda decline of 35 to 44 points under a re- newal of heavy, and more or general, realizing or liquidation. Sell- ing was accelerated apparently by relatively weak Liverpool cables and a favorable weather map. Many stop orders were uncovered on the decline. December sold off to 22.13 and March 2 before any slackening of the pressure, net declnes of about 52 to 58 points and reactions of 159 points om the high price Thursday in the e of December contracts. Trade buying was reported on a scale down while there was a good deal of cover: ing, but prices were within 4 or 5 points of the lowest at the end of the tirst hour. Private cables reported hea Jation in Liverpool, with an abs of bull sulvpor:." January March less Octohes Dece nber 'WHEAT PRICE DROPS ON U. S. CROP REPORT Estimate of Domestic Spring Yieldé | Much Larger Than Was Ex- pected by Traders. By the Associated Press. CHICAGO, September 10.—Wheat prices underwent a material setback carly today because of bearish aspects of the Government crop report. The official ‘estimate of the domestic Spring wheat yield was much larger than expected. Opening 1% to 17 off wheat underwent some additional_de- cline before beginning to rally. Corn | and oats were also weak, corn start- ing 14 to 1% down and subsequently geing further. Provisions eased down a little. | Besides hoisting official figures on domestic Spring wheat yield 10,000,000 bushels over the August forecast, the Government crop report indicated that that United States’ 1927 Spring wheat production is 100,000,000 bushels greater than the 1926 total. In this connection, bears made much also of the fact that the United States' visible supply is nearly 60,000,000 bushels or | about equal to last year's. Reports of better Canadian weather and talk of large world shipments tended likewise to handicap friends of higher prices for wheat. In some quarters, assertions were made that the Canadian wheat crop is now vir- out of the way of danger from NEW YORK, Septembe The Singer Manufacturing Co. declared an extra dividend of $3.50 in addition to the regular disbursement of $2.50, both payable September 30 to holders of record September 10. BUTTER !S FIRM. YORK, September 10 (@), firm, receipts, 7.334 tubs; eggs receipts, 11,045 cases. Nearby nennery whites, closely selected extras, 5labd: nearby and nearby Western hennery whites, firsts to average ex- tras, 37a50. Cheese firm; receipts, 113,730. DIVIDEND INCREASED. NEW Butter firm; INGENTER MARKET l Commodity News BOSTON, September 10.—The Bos ton wool frade estimates that more than half of the 1927 domestic wool crop has been transferred to manu- facturers, and predict that it Ameri- can mills operate even at 60 per cent of capacity all domestic wool will have been absorbed by February. Mill op- erations of 70 or 75 per cent are con- sidered not unlikely. SPRINGFIELD, Mo.—Ozark farm- ers are experiencing an unusually profitable season with dairy products. Butter, eggs. poultry and dairy prod- ucts are expected to yield $35,000,000 | this year. YOUNGSTOWN.—Ohio’s corn erop will be short this year, according to an estimate just issued. The crop fIs placed at 104,000,000 bushels, compared with 145,000,000 bushels last year. DETROIT.—Farmers of limited cap- ital will be given an opportunity to buy live stock for feeding under a “contract note” plan which has been worked out by Robert C. Atkinson, a Niles business man. “The contract notes,” which will be accepted by banks, and which are the equivalent of chattel mortgages on the stock, will be paid off when the stock is sold. R STEEL ORDERS GAIN. NEW YORK. September 10 (4) Unfilled orders of the United States Steel Corporation on August 31 amounted to 3,196,037 tons, an in- crease of 54,023 tons, compared with the end of the prn‘Ledm month. POULTRY MARK.ET QUIET. NEW YORK. September 10 (#).— Live poultry quiet; dressed poultry quiet. WE FINANCE ~asses of neome nreducing nranert Large Loans a Specialty ~ammasion Current int rate and Higbie & Richardson, Inc. 816 15th St N W. In Nearby Virgini l Prudential 5 /2 Insurance Co. Loans Commonwenllh Investment Co. NI 1M St NW Chone Main 2024 Money Available for FIRST DEED OF TRUST LOANS 6( 7 Reasonable i‘amm ion Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. First Mortgage Loans Applications Invited at 5%% On Improved Property Constructron Loans at Minimum Raies Glover & Flather 1508 H St. N.W. WHEN investigation precedes invest- ment, our First Mort- gage Notes, secured by Improved Real Estate in the National Capital, usually enjoy a preference. ASSURED ANNUAL RETURN HANNON - & LUCHY) Mortgage Investment Department 1435 K Street N. W. Main 2345 —on imp-oved D. C. preperty at orevailing rates of interest. See Mr. Field Hedge- = Middleton, Inc Realtors 1412 Eye St. NW. Franklin 9503 Your Maturing First Mortgages —can be advantageously refinanced through us. f{Loans made on Real | Estate in District of | Columbia and vicinity. Ample funds available. Lowest Interest and Com- mission. Prompt Service THE COMMERCIAL NATIONAL COMPANY NEW YORK, September 10 (#).— Stock of the Acme Steel Co. has been placed on an increased annual divi- | dend basis of $4 a share, with a quar- terly disbursement of $1, formerly 75| cents. INC. Paid Up Cash Capital, $700,000 | Commercial National Bank Bldg. 14th and G Sts.