Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-06-26
WALL STREET BRIEFS

NEW YORK, June 26 LE0.-Heavy
melting steel scrap has been advanced
so cents a ton in the Chicago district.
quotations ranging from $3.50 to S14
a ton. Some speciality grades are 81
@ ton higher.
Corn Products Refining Co. has de-
clared an extra dividend of rs cents
a share on the common stock and
the regular quarterly of 80 cents. both
payable July 90 to holders of record
July q The extra is payable out of
surplus earnings for the six months
ended June 80. The regular quar-
terly of S1.75 on the preferred also
was authorized.
Unusually heavy buying of pig iron
is reported from the Chicago district,
sales so far this month approXimating
200 900 tons, with about $4,000 tons
more in prospect. The quotation for
No. . foundry grade is generally S21
q ton, but one leading seller is quot
ing SCI to $3.50 a ton, Chicago.
Wall Street hears that interests con-
nected with the Schultz Retail stores
Corporation have offered to take over
American Druggist Syndicate, guar
anteeing stockholders 6 per cent on
The offer has not been laid before the
directors of American Druggist Syndl-
cate.
Purchase of the West Coast Power
Co. by the w. B. F'ashay Co. has
been arranged, it was announced to-
day, and will be operated in conjunc-
ton with other holdings Of the People s
Light and Power Corporation, forma-
ton of which was announced Thurs
day. West Coast Power, now owned
and operated by Cammack & Co. of
Chicago, will be known as the PEG
Dle's West Coast Hydro Electric Cor
poration.
A downward tendency in the bust
ness of manufacturers of automobile
parts and accessories in anticipation
of the usual midsummer slowing up
of motor vehicle production is indi-
Gated in reports to the Motor and
Accessories Manufacturers, Assocla-
ton.
Net profit of the Martin-Parry
corporation for the quarter ended
May 81 jumped to $225, 1893, equal to
$3.50 a share, after taxes and charges,
from S50.416 the preceding quarter OK
40 cents a share, and S1lS,997 in the
quarter ended November 80, 1925, or
81 cents a share.
REPORTS from Oldsmobile factories
point to record sales in the fiscal year
ending July l. Since the first of the
year sales have been particularly
high. April and May establishing new
monthly records.
The present decade is seeing the
beginning Of transition during
which the lumber and other great
wood using industries Of the United
States gradually will shift from a
mining" to cropping" system of
timber utilization, says the National
Bank of Commerce of New York.
While commercial forestation is pre-
eminently a field for the lumber in
dustry, other timber using industries
are becoming actively interested in it.
Reviewing the sugar situation, the
New York Trust Co. concludes tina;
curtailment of production in Cuba
has had a stahiliZing effect on the
industry. Estimates for the 1925
1926 crop previously indicated
record output, which, with the large
increase in European production.
would have made it necessary for
Cuba to find a market for a greater
quantity of sugar than had existed
the previous year. AS result of the
limitation. the annual yield in Cuba
will be about 4900, 900 tons, whereas a
production of 1880 900 tons would
have been on the market if there
had been no restriction.
Gross and net earnings of the Pere
Marquette Railway for May We're sub
stantially larger than in May last
year, net operating income of $573, $50
comparing with $4S0,33S, and surplus
after charges $386,l58 against $275,-
40 Net operating income for the
Ave months of 1926 was 3,407 ,90G
against S2,5S3.529 year ago. and
surplus after charges S2,552, 669
against $l,657,2S3
Stockholders of Famous Players Las
ky Corporation have approved on in
crease in authorized common stock
from $50. 900 shares TO 900 600 shares.
Yellow Truck and Coach Manufac-
turing Go. has sold $50 cabs Ia he
Yellow Taxi Corporation of New
York, bringing Its fleet TO 1908
vehicles.