Evening Star Newspaper, September 27, 1927, Page 14

14 * "FIN BEARS DOMINATE STOCK DEALINGS Dulls Meet Only Temporary Sucgess in Attempts to Rally the Market. BY GEORGE T. HUGHES. Epecial Dispatch to The Star. NEW YORK, September 27.—The peliing again predominated in today's ptock market. Attempts to rally the market by bidding up first one set of ptock and then another met with tempor success, but only tempo- rary. After each recovery the selling would be renewed and generally a fractionally lower level touched. The feature of the day was really the persistent pressure on United Ftates Steel. There was no weakness and the losscs were never at any time Jarge on single strings of transactions, but the sagging kept up. Steel made » new low on the movement today, lowest since the week of Septem- Colorado Fuel and Iron and frucible were the weakest of the in- fl"heuden(\ but Bethlehem was lower Rlso. Steel News Encouraging. The news from the steel centers was Mmore encouraging rather than the ppposite. The Steel Corporation was kiated to be operating between 65 and §6 per cent of capacity, against the re- rent low of 64 per cent, and moderate reases in output were reported for fhe independents. The market, how- pver, was taking cognizance not of a higher rate of operations, but of the probable showing in third quarter in- rome statements. Talk of increased fividends or of restoration to a divi- fiond basis for certain of the independ- #uts ceased. The action of General Motors para- felled that of United States Steel. Both ihe new and the old stock made new lows on the current reaction, just as freel did and at about the same time. Here, too, there was good support on {he decline and mever any rush to ANCIA NEW YORK STOCK EXCHANGE Low Close. 109 110% Open. High ADbItIb! Pow (5). 109 110 Abrahm&Straus 90 90 90 80 Abr&Stras 7%pf 112 112 112 112 Adams Exp (6). 166% 1566% 1567 1567 Adv Rumley 10 107 104 10% Ajax Rubber. 8% 8y Albay Pap pf (7) 99% 09%n 99 Allled Chem (6) 158% 1591y 158% Allled Cm pf (7) 1224 122% 122% Allls Chalm (6). 113 113% 113 Amerada (2) 304 304 Am Agri Ch pf, . 46 46 Am Bosch. 8% 284 Am Br Sh ( 4ty Aln 23 123 62% 61l 101% 1014 101 101 7 654 156% 155 0% 9% 105's 105% 50", 50 Am Chain pr (7) 101 Am Chicle (3).. Am Drug (80c¢! 3% Am Express (6). 165M Am & For Pow.. 29'y Am&Fo Po pf (7) 105 Am Ho P (240), K Am Homes rts. American lce Am Inter Am La France. . Am Linseed. .... | Am Linseed pf.. Am Locomot (8) 107 Am Loco pf(7).. 126 AmMetals pf(7). 110 Am Pilano (3)... 36% Am Po& Lufl) 67 Am Radiator (5) 140 Am SafetyR(33) 51% Am Seating (14) 42% Am Ship & Comn. 3% Am Shipbldg (8) 105 Am Smeiting (8) 174 AmS & R pr(7). 130% Am Snuft (12).. 136 Am Snuff pf (6). 103's Am Stl Fdys (3). 52% Am Sugar (5). 91 Am Sumatra. 59% Am Tel & Tel (9. 175 AmTobaccoB(8) 149 Am Type Fot8). 136 Am W W (mBue) 66% 130% 130 136 1324 103% 103's 52 b1 Yl4 S0 60% 59t 1754 174% 149 1484 136% 1347 66 Am Woolen pf. Am Wr Pa pf cfs 49‘L Anaconda (3)... Armouroflll(A) Armourof1ii(B) Armour Ll pf(7) Arnold Con&Co. 5Tin 49 470 10% 6 65% 35 25% S 49% AT& S F (19%) 190% 190% 1894 Atchison pf (6). 1021 102% 102% AUGUIt&WIDL. 84 34 34 Jiquidate. Shares of the independent Motor companies were irregular, Nash pdvancing, while Hudson was yielding. track Trucks was actively bought at intervals, The behavior of the rails was fully s uncertain as that of the industrials. IFor a time the low priced issues were {n supply, examples being ~Western [taryland and Missouri Pacific. Then n buying movement set in in New Jlaven, with that stock turning very rong. New Haven Earnings Favorable. This was logical enough, as New Haven is one of the few roads to make n favorable comparison in its August statement with that of the same month R year ago. In the seasoned dividend paying class, Atchison moved through an unusually wide range for that stock, first up, then down again. New York Central was fairly steady most of the time and so was Chesapeaké & Ohio. As on Monday, the utilities made a better showing than any of one group. Fome of them made new high records of one kind or another and among the loaders were North American, Com- monwealth Power and National Power & Light. Not all the gains were re- tuined, but there was always a more confident appearance to this part of the list than anywhere else. Business fell off substantially from the total of recent sessions. Partly this was due to the diminished at- tendance on the floor owing to the Jewish holiday, and partly to the dif- ficulty the most astute of traders found in determining which way the market was going. Trading dragged along in the early afternoon, with neither side anxious to take chances. Mack Trucks was #till very strong and there was a run- np in Houston Oil, but the standard Investment shares floundered about, getting nowhere at all. General Elec- fric ranged most of the time a point or more under the preceding close, while Steel was selling a small frac- lion above the last price of yesterday. The only certain deduction was that the comeback after the break in the last hour yesterday was surprisingly emalil. Wall Street Briefs NEW YORK, September 27 (#).— Gross revenues of the first 21 rail- roads to report August earnings totaled $168,208,000, against $174,150,- 000 in August last year, a decrease of 3.4 per cent. Gross for the same num- ber_in July was $148,750,000, against $165,088,000 in July, 1926, a drop of 10 per cent. This would indicate a better showing for all class one car- riers in August compared with Au- gust, 1926, than was the comparison of July figures for the two years. Net operating income of the 21 roads was £39,638,000, against $45,393,000 in Au- sust last year, a drop of 12.3 per cent. Harbison-Walker Refractories Co., Pittsburgh, through an exchange of stock, has acquired the Walsh Fire Clay Products Co. of St. Louis, Mo. The plant at Vandalia, Mo., is the largest in the St. Louis field, with daily capacity of about 150,000 nine- inch fire brick. The financial district looks for an extra dividend of 75 cents a share from directors of Corn Products Re- fining Co. at the December meeting, in addition to the regular quarterly of 50 cents on the common. This would make total disbursements $3 a share for 1927, the same as in 1926. Lago Oil & Transport produced 411,- 010 barrels in the week ended Septem- ber against 336,633 the week be- fore. Shipments were 316,009 barrels, against 355,502, August surplus of the St. Louis: San Francisco was $84,553 more than in August Jast year, but $502,729 less for the eight months of 1927 than for the same perfod of 19: The Mis- +ouri-Kansas-Texas increased its sur- plus for the month to $760,657 from 85 33, although gross was $518.598 , making surplus for the eight months $3,503,189, a gain of $380,516. Net operating income of the Chicago, Milwaukee & St. Paul was $454,067 less than August, 1926, and for the «ight months a drop of $4,308,346 from n year ago. August net of the Chi- cago Great Western wad §354,627, a #ain of §11,664. A. S. Franklin, president of Tu- ional Mercantile Marine Co., majority of stockholders have approved proposed changes in_capi- talization to be voted ubon next Thurs. As the assent of two-thirds of loth preferred and common share- holders is necessary to make the plan effective, he urged all who had not done so0 to send in their proxles im- mediately. DIVIDENDS. Uni Verde Ex Min TREASURY CERTIFICATES. Atl Refining (4). 119 1204 119 Atlas Pow pf (6) 102% 102% 1024 Atlas Tack...... 8l 8l 8l Austin-Nichols. 6. 64 6 Baldwin L (7)... 247 249 247 Balto & O (6)... 119% 120% 119% Balto & Oh pf (4) 79% 9% 9% Bang & Ar (3%). 71 K3 i Barnet Leather. 54l 54's b4% Barnsdl A(b233) 22% 12w L2k Bayuk Cigars. Y1k 91% 9% Belding Brus (2) 21 2zl 2zl Best & Co (3).... 54% bd% 5d% Bethiehem Steel 604 60 594 Beth Stl pf (7)., 116% 1163 116 Bloomingdale... 38% 38% 88% Bon AmiiCl A (4) 62 62% 62 Booth Fisheries. 5% b 5% Booth Fish 1st.. 40 40 39% Botany C MilisA 26 26 26 Briggs Mfg Co.. 20% -Uh 19% British Emp 2d.. 1% 1% Bkin-Edison.(¥) 180 180 179 BDklyn-Man (4).. 54 54 53% Bkin-Man pf(6). 120% 102% Brunswick Ter. . Buff&Susq pf (4) 50 50 Burns Bro (10).. 106% 105% 105 Burns BrB (2).. 24\ 24% 24% Burros Add (14). 118% 119 118} Bush Term (b8). 59 59% 594 Bush Terde (7). 106% 106% 1065 Bush Trm pf (7) 115% 116% 115% Butte Cop (50c). 4% 4% '| KCP& L 1st (7). | Open Exchange (113). 19 Falrbanks (3).. 3 Fed Ligt(h1.40). 4 Fed L&T pf (6). 98! ked MotT(f8vc) 19' Fld Phoenix(4). FIfth Ave (64¢). First NatS«14%). Fisk Rubber Fisk 1t pf ( Fleischmann (3) Foundation (5). Fox Film A (4). Frank-S f (7).. Freept-Tex 14% Gabrlel Sn (313) Garduner Motor. . Gen Am Tnk(4). Gen Asphalt. Gen Cigars (4).. Gen Elec (15)... GenElec sp(6ue) Gen GasA(ol%) GenMotorstt10) Genl Motors (n). Gen Mot pt (7) . Gen Outdr Ad( Gen Outdr A ll) Gen Ry Sig (5). AGJon Ry Sig rts. . Gold Dust (3). Goodrich Ru (4) Goodyear Tire Gothm S H (2 Gotham new 214 Gould Coupler A Granby Con Min. 36 Grt North pf (5) 108% Gt Nor pf ofs(5) 93' Grt Nor O (14). Grt Wes S(2.80) Green Canan Guantanamo. . Gulf Mo & Nor. Gulf States Stee) Hartman A (2) Hrtn B b10 % stk. Houshld P (3%) Houston O1l..... Howe Sound (4). Hud Man (2%).. Hudson Mot (5). Hupp Mot(1.40). 1ilinols Cen (7). Il Cent pt (6)... Indep Oil (1) Indian Mot (115) Indlan Refining. Inland St (2%).. InterboroRapTr Int Agricul prior Int Bus Ma (4) Int Cement (4).. Int Com Eng (2) Int Harv (§6)... Inter Har pf (7). IntMteh pf(3.20) int Mer Marine. . Int Mer Mar pf., Int Nickel (2)... Inter Nick pt (6) Intl Paper (2,40) Int Paper pt (7). Int Ry Cent Am. Int Tel & Tel (6) Int Tel & Tel rts. Jewel Tea Jones Bro: Jones & Lau 17) . Jordan Motor.. 132% 8% 103% 38 15018 6% 65% 24% 121% 18% 115% Kan City South 63 Kan C So pf (4 Klrlfl' J ). Kelly-Spring. Kelly Tire 6% pf Kelly Tire 8% pt Kels-Hayes (2). Kennecott C (5). Keystone T & R. Kinney pf (8)... Butte&Super (2) i Byer &Co......, Calif Packg (4). 65% 66% 64% Calif Petm (1) 21% 22% 2% Callahan Zinc. Calumet & Ar (6) Caiu & Hecla (2) 16% 16% lh“’t Can Dry (t3%).. 64 54 Can Paclfic (1v). 183% 184% 133 Can Paciticris.. 3% 3% 3% Car CI&U stu (5) 103% 103% 103% CaseThreshy(6) 460 160 156 Cent Alloy (2)... 26% 6% 26% 19 9L Y1 319% 319% 319% 64% 65% G4 L W 71 6% 6% 6% 20% 20% 20 611 611 606 607 195% 199 1954 198% Tdd 5% T4 75% T 8 % 13% 13% 13% 13% 4 4 44 44 15% 15% 15% 16% B3 Ba4n B3 4% Cen Ry NJ (112) Cerro dePas (15) Certo Corpn 13% Chand-Cleve. ... Chundler pt(zis) Chase Nat B(18) Ches & Ohio (1V) C &0 Corpn (3). Chi & East 1il,.. Chi Great West, Chi Gt West pt. ChiMi&StP,, CM&StPefs.. 1 Mil & StP pt C M&sty prets, Chi& Nwn (4).. Chl & Nwn pt(7) Chi Pne ool (6) Chi Ltock 1s (5). 140 129 129 129 107 107% 106% 107 60% 6L 60% 6L 36% B6% 8b% 5% 57% 58% 57% 5T% 1124 112 1125 1124 S0% 50k 50k 501 50% 50% 50% 50% Tl 72 0% 71 122 122 122 122 125 125 124% 124% 57 ¥T% 87 8T 104% 104% 104% 104% 8l 1Y% T8 1Y 182 182 132 132 123% 128% 123% 123% Y3% 93h Win Ydk 107 107 107 107 Bl% 88 Bl 2% WO W 2h oz 2% 24 24 28% 24 9% YTH 9Th YT Com Solvents(8) 187 199% 185% 1863 Com Powr (%), 6T% 69 664 69 Conde Nast (2).. L% 89% 39% 39% Congoleum-Nair 24% ik 24% 24% Cong Cgrs(t4%) 656% 65% 66% 65% Con Cigurs (7).. 30 B0% 30% S04 Con Clgars pt (1) 108 103 10' Consol Listribut Cousol Gas (5).. ll"% ll!‘/n ll'fl; llB ConsofUas p(5) 9% Yom Y9% CunRRCuba pf8 67 63 67 Consol Textile.. 4% 4% 4% Cont Bakg A (4) 46k d6% 45 Cout Baking B.. 5's bW o% Cout Bak pt (8). 9l 9l 914 ContCan (5).... 2% 2% Tim Cont Mont (8v¢) . 0% 10% 10 Corn Prod (13). bT% 69% b7% CrucibleSteel (6) 88 9% b8k Cuba Cune Bugar % T ta Cuba Cane Su pf. 36% 36% B35% Cuba Company. . 2% 2% Cuban Am S (1) W 22% Cuban Am pf(7) ll)fih 106% 105% Cudahy Pkg (4). 55% 56% b5b% Cushman's (§4). 126% 127% 126% Cuyamel Fruit 49 495 49 Davison Chem.. 38% 38% 38 Deere&Co pr (7). 116 117 116 De! & Hud (¥).. 203 206 202% Del L& W (17). 1334 134% 1334 Detroit k5d (8).. 157 167 157 Det & Mackinac. 50 50 50 Devoe&HR 1st(7). 113 113 113 Dumd Mitchi¥). 138 138 136% BrosClA 17% 18W 17% Dod(a prdl 69 69 66% Dome Mine! d). 1% 1% 11% Dunhill int (4).. 57% b7% 57 Dupont (193%).. 328% 331l 3274 Duquesne pf (7) 116% 116% 116% 12astman (18)... 168Y% 169% 167% Eastman pf (7). 124% 124% 124% 1Zaton Axle (2).. 267 2T% 26% Eisenlohr & Bro. 11% 11% 11% 1 AutoLt (16%) 96 96% 95% iSlectric Boat... 17% 17% 17% Klec Power & Lt 28 281 2T% Elee P&LL prf «7) 105% 105% 105% Elec Refrigeratn 12% 12% 124 Chrysler wr 13) Chrysier pra(s). ty Stor A (3%) City Stores (B). Cluett Peab (5) . Cluett Pea pt (7) Coca-Cola (5)... Collins & Alk(4) Collins&A pt (1) Col Fuel & Lron. . Colo Fuel pf (8). Col & Southn (3) Col (ias & Kl (5). Col GEE pL A (6) Col Cerbon (4).. Com Cred (1)... Com Cr pt (1%). Com Cr pr B (2). Com 10 7'r p£(7). 116% 167% m'/. KraftCh (11%) Kresge SS 11.70. Kress S H (h1) Kresge Dept S. Lago Oil (75¢)... Lambert Co (5). Lee Tire & Rub. LehighVali3%). l"l% Lehn & Fink (3) 37 Life Sav (1.60).. 21 Lig&MyrsB (14) 143‘9 Lima Loco (4).. Llfl Carb (3.69). Loew's Inc (2). Loft lml.-wll(l.lo) Lorillard Co Louislana Ol LouisGasA(1. Louls & Nash(7) High, 19 33 35% 63y 2 152% 41 547 804 18! 134 134 21 ! Ludium Steel(2) 23% McCrory B (1.60) 82% McIntyre P (1).. 28 Mack Truck (6) 106% Macy RH (5)... 201 Mad Sp Gar (1). 22 Magma Cop (3).. 11ison & Co. Mallison pf (7) Mandel (214) 42% Man E1 Sup (5).. 52% Man Eim g (d5) 46% Man Shirt (2)... 29% Market St prior. 53 Marland Oil..... 35Y% Mar-Rock(1314) 45% Martin-Pary (2) 18% Mathieson (4)... 113% May Dept S (4).. 791y Maytag (12%).. 32 MetroG pf (1.89) 24% Miami Cop (1) 14% Mid-Continent. 29% Middle Stat 2% Midland pf 137% Miller Rub (2).. 29 Min St P& SSM. 42 MStP&SSM 1i(4) Mo Kan & Tex. . Missour! Pacific. Missour! Pac pf. "1021 Montana Pow (5) 103 MontgmryW(4). 80% Moon Motor-. ... 6% Mors&Esk(31;). 86 Mother L (50c). 2%, Motor Whi (2).. 25% Mullins Body... 63% Mullins B pf (8). 106 Munsingwr (3). 45% Murray Corpn... 20% a . 33% Nat Biscuit 1535 147": Nat Cash R (A)3 46% NatCityBk(120). 716 Nat Lead (5).... 122% Nat Led pf B (6) 111% Nat Pw&Lt (80¢c) 26% Nat Ry Mex . i, Supply (4). 85" Nat Surety (10). 2556% Nat Tea (4)..... 160 Nevada C(1%) ‘N Y Air Br (3).. N Y Cent (8).. N Y Central rts. NY C&StL (6)... 12! X\YC&S!L 1 2{( Dock. NY Ont& W (l)» NY Steam pf (6) Nlag Lock pf.... Norf & W (8). NorAm b10%stk NorAm Ed pf(7) North Pac (6)... Nor Pacefs(5).. Norwalk Tir 011 Well Sup Opnhm Col (4) Orpheum Cir (2) Otis Elévator (6) Otis Steel. ... Owens Bot (Cfl) Paclific Gas-(2).. Pac Ol Stubs. .. Pac Tel & Tel (7) Pac Tel & Tel pf Packard (12.90). Paige Motor. . .. Pan-Am Pet (4) 151 Stge Bat (16) 13% 3% T2% nd John (6)... Td% T4 Td% 74% Engineers Pub 8 34% 34% 33% 3. Engnrs PS pf(7) 105% 105% 105% 106% Equit Bldg (7). 861y 86% Brie RR. . . (Reportea by J. & W. Selixm Erie Ist pf...... Erfe Stm 8 (215) Erie Stm ofs 215 . Buglen Ve #4414 ey Pan-AmPetB(4) Pan-Am West B. Panhand| rmt-Fam (j8) Park & Tliford. . Park Utah (80¢c) Pathe Ex A (4). Penick & Ford. . PennDix Cmt(2) Temma RR (3%) 6% 718 61 Low Close. 19 32 42 9814 191 146 124 270 1615 95 19 33 Received by Private Wire Direct to The Star Office. . High. 156 132 107% Peoples Gas (8). Pere Marq (18 Phila Co (k). PhilaCob % pf2% Phila&RC1... Philip Mori Philip Morris rts Phoenix pf ( Plerce-Arrow. Plerce Arrow pf. Plerce Petroim .. Pillsbury (1.60). Pillsbry pf(6%3) Pitts Coul., Pitts FtW pi . Pltts &W Va(6). Porto Rico To B. Postum (5)..... Pressed Stl Car. Pr Stl Car pf (7) Prod & Retiners. Producers&R pf. Pub Serv NJ (2) Pub S NJ pf(7). Pub S NJ pt (8). Pub SE&G pf(6) Pullman, Inc.... Pure Ofl (12) ftadlo Corpof A. RayCopuer (25¢) Reading (15) Real Silk Hos Reid tce Crmi(3). Rem-Rnd (£1.60) Rem-Rd1st (7). Rep Ir & Stl (4). Reynolds Spngs. Rey Tobac B (5) Rossla [ns (6).., Royal Da3.13%. Safety Cable (4) St Jos Lead (13) StL & San Ft8). St L Southwest. St L Swn pf (5). Savage Arms Schulte (318). Seabd Alr Line Seab Air L pf... Seagrave (el.20) Sears-R (n2lg) Shattuck F G (2) Shell Un (1.49).. Shuber The (5). Stmmons (2).... Simmons pf (7). Simms Pete. .. Sinclair Oil. Skelly Ol (2). Snider Packg Co. Snider Pkg pf... SPorto R Sug(2) South Calif Ed.. Sou Dairles B... South Pac (6)... Southern Ry (7). South Ry pf (5). Spicer Mfg... SWQ&E (3%). StdG & Epf (4). Std Mill (5)..... StdOilCal(t2%). Std OI1,NJ 11%) Std OHINY (1.60). Std Plate Glass. . Std P1Glass pt.. Sterling Pro(16) Stewart-War (6) Studebaker (5).. Superior Oil..... Sweets of Amer. Symington Cl A. "Tenn Copper (1) Texas Corpn (3). Tex Gulf Sul (4) Tex & Pacific. ... Tex PC&O(60c). Tex Land Trstn Thatcher Mfg... Thatchrp?( so) ‘The Fair (2.40). Thompson(3.60) Tidew Aso (60c). TIdWASOIiIpf(6) Tide Wat O (80¢c) Timken (15). 1 Tobae Prod (7).. Tobac Prod A (7) Transcont Ofl. Underwood (4).. Un Bag &Paper. Union Carb (6).. Union Ofl (+215) Union Pag (10). . Un Pacific pf(4). LtdCerSt(C8uc) Utd Cgr St pf(6) United Drug (9) Utd Drg 1st (3% Utd Frult(t56%). USCI1P&F (10) USCIPDL(7). U S Distributing U S Distr pf(7).. U S Hoftman (4) U S Alcohol (5). U S Leather w 1. US Leather A... S Leat prpf(7) Rubber..... Rub 1st (8). Smelt (3%). USSmpt (3%). U8 Steel (7)... U S'Steel pf (7). Univ Pipe(t23%). Utl P&Lt A (e2) Vanadium (3)... Van Raalt 18t(7) Vick Chem (4)., Victor Tlk Mch Va-Caro Chem. . Va-Car Ch 6% pf Va Iron Coal & C. Vivadou (3). Vulcan Detin.. erdClA(l)... Ward Bak pf (7) Warner Plc A. ‘Warner-Quin(2 Warren Bros (4) Warrenlst pf(3) WarF&Pipe Cor. Web&Hell pf(7). W Penn EI A (7) W Penn El pf (7) West P Po (6)... West P Po pf(7). West Maryland. West Md 2d pf. West Pacific. West Pac pf ( Westhse A B(2) Westinghse (4). White Eagle (2) White Mot (4).. White Rock (2). White Sew Mach Wickwire cft... Willys-Overland Willys Od pf (7) Wilson Co pf A Wilson & Co pf Woolworth (5).. Wright Aero (1) Wrigley (13%).. Yellow Truck. .. YungstnS&T(5). Hourly Sales 1lam.. 531,100 12m.... 1p.m.. 1268800 2p.m.. Divigend rates as siven in the are thé annual cash pavments &-: t_quarterly or hi nle 3484 85 al otherwise noted ‘exira o are not in Juded. i h‘ldlnl iess, than 1 Partly extra. 4% 1 It%np mon " Elus ¢ Fleavanie 6% 18 stoc Share'In stock b Plus $1 8 sha stock. | Plus 6% 1n stocl & Pavable 1740 0f 8 oha A stock, Pl y stock. D Plu in pref BN St oF common StoGk- GERMAN BONDS AND Close. 156 131 4 107% 454 136% 424 1884 81% 34% 107% 172% 59% 142% 204% 114 1T4% 93% 52% TT% 19 9834 . nhonell at 10|‘> which w; PEPCO PREFERRED {Both 5 1-2s and 6s Gain. Bonds Are More Active on Local Exchange. BY EDWARD C. STONE. Potomac : Power issu tured _tradi > W I\lulk Exchange today, when both the 2 per cent and the 6 per cent stocks Siercd haw highi grount Potomac 51z per cent preferred a gain of sale yesterday. It % and the 7%. During on there were 10 transactions involving 101 shares. Only two fiv re lots were sold in the 6 per cent preferred issue, but the ctional gain over 5 over ngton Gas Light, which was one of the leaders yesterday,. was quiet today, 13 shares selling at 7 Mergenthaler Linotype advanced to on the sale of a 20-share lot. Com- mercial National was the only bank stock appearing on_ the board, 50 shares moving at 271, a half point higher than it has previously regis- tered this year. i ton 8614, tomac I 5s brought 101‘ and Ch peake & Potomac T' ('IL]\hmw 5¢ came out at 101. The market closed with a Washington Gas, series B, $100 bond selling at 103%. Dividend Voted; Directors Named. The United States Securities poration, with offices in the Southern Buildin sterday declared a 2 per cent dividend on the company's pre- ferred stock. Two new directors were also added to the board. Carville D. Benson, in- surance commissioner for the State and, was chosen, the other new member being Frederick I. Cox, a former member of the Interstate Commerce Commission, and now a law partner of C. Bascom Slemp. B. & 0. Net Drops; C. & 0. Gains. August net operating income of the Baltimore & Ohio_declined to §5,17 151 from $5,702,856 in August, 1926, he cight months of 1927 to from $32,175,601 in the same period last vear. August gross were $981,894 smaller than a rmngfl of the Chesapeake & . for August, which 26, are the largest on a with the exception of October, when they were $12,641,000. The larger earnings in the last-named month were brought about by the ab- normal demand for coul caused by (he British coal strike. Net income for the eight months ended August 31, 1927, was $19.677,335, an increase of 2,153,167 over the corresponding eight months last year. Fox Film and subsidiaries earned $2.74 a share on the “A” and “B" stocks in the first half of 1 Banks Open Saturday Night. The group of local banks on Ninth and Seventh streets and that vicinity, which have been closed on Saturday evenings during the Summer months, will reopen next Saturday night, Oc- tober 1. An effort was made to keep these banks closed on Saturday night thc year around, but failed when one bank was unwilling to join the group. It was felt by the other banks that ac- tion of this kind should be unanimous. It is believed, however, that another year will see the plan carried into ef- fect. Retail Food Prices Working Lower. The retail cost of food on August 15 was more than one-half of 1 per ceut below the July 15 level, about 2 per cent below the August 15, 1926, level and 51 per cent higher than on August 15, 1913, Bureau of Labor Statistics veports. The bureau’s index stood at 152.4 for August, 1927: 153.4 for July and 155.7 for August, 1926. During the month from July 15 to August 15, 1927, 14 articles on which monthly prices WN‘P secured decreased, largest decreases being for cabbage, 20 per cent; potatoes, 19 per cent; on- ions, 18 per cent, and hams, rice, sugar, hens and raisins, 3 per cent. Seventeen articles increased, includ- ing eggs, 14 per cent; pork, 8 per cent; oranges, 7 per cent, and canned red salmon and flour, 2 per cent. Exchange Seat Brings $80,000. Members of the Washington Stock Exchange were much interested in a seat sale the other day in San Fran- cisco, which brought $80,000. This was a gain of $10,000 over the last % previous sale. The transaction places seats on the San Francisco Exchange far ahead of every other security market in the country with the ex- ception of the New York Stock Ex- change. The last seat on the Washington this being a considerable advance over the price prevalling a year ago. It "% | was bought by Willlam W. Mackall, on N. Y. Market, 956,100 1,539,400 Sbove table dlcllr1l|onm soecial di 100 whares. whare ool SHockod Paye 1 h or “pitis. 1/50 In anecial 7] F e Suarierty in _stock ferred stock” STOCKS. By_Special Leased Wire to The Star. NEW YORK, September (Quoted in dollars per million Ger Gt (w In) be 1014-18. 650 ‘B.mhurfl 4‘/‘ (Quoted_in Ger Gen l-;le rman Prussian Consols’ n 58 102 yien Chemicy Atistrian TE'J : ) 876 21. y marke) A nm 00 nn .00 13:00 100 jr., manager of the local office of Stein Bros. & Boyce. Cities Service Earnings Grow. Cities Service net earnings for the 12 months ended August 31 amounted ,779,307, which Is the largest 12 months in the history of the company and an increase of 38 per cent over $21,609,860 for the 12 months ended August 31, 1926, Net earnings of the company for August, 1927—the largest August earnings for any month in the com- pany's history—were $2,556,080, an in- crease of 44 per cent over net earnings for August, 1926, which were $1,772,- 606. Net to common stock and re- serves for August was $1,765,283, col pared with $1,014,827 in August, 192 Personal and Other Notes. Arthur N. Mitchell, cashier of the Columbia National Bank, has returned from Atlantic City, where he passed his vacation. Mr. Mitchell reports that many of the resort's largest ho- tels are still filled with guests. Jacob Scharf, vice president of the Second National Bank, is taking a three-week vacation, part of which he will spend on his farm at Rock- ville. The annual meeting of the stock- holders of the Bank of Commerce and Savings will be held next Thursday. Building Permits Reveal Slump. During the first half of 1927 build- ing permits issued in 78 cities covered Ly a survey of the Department of La- bor represented an expenditure for new buildings amounting to $1,381 910,891, as compared with $1.474,785, 929 for the first six months of 19"6 a decrease of 6.3 per cent. SILVER QUOTATIONS. W YORK, September 27 (#).— Bar silver, 55%; Mexican dollars, 421§. B RUBBER DECLINES. NEW YORK, September 27 (Spe- cial).—Crude rubber, smoked ribbed sheets, declined quarter cent at to- oon quotation of 33%%. This with 34% a month ago and 4 4 year ago. ZINC OUTPUT UP. NEW YORK, September 27 (#).— The American Bureau of Metal Sta- tistics calculates the world's consump- tion of zinc in August at 121,858 tons, against 120,401 tons in July and 120,- 533 in June. Output for the eight months this year totaled 975,942 tons. AT NEW 1927 70§ Stock xchange was sold for $1,500, Commodity News ' CHICAGO, September 27 (Special). The continued high prices are slowing up the dressed beef trade. Pork on the other hand is meeting a better de- mand with the price trend higher. Smoked meats, especially, are active. Foreign trade is holding up well. PITTSBURGH.—There has been no change in the last week in the ferro- manganese market and quotations are steady at $90. lHeavy melting steel scrap is holding its own at $1; ton and sales of machine shop ings have been reported at $12. KANSAS CIT he lumber in this territory continues dull. roads are buying little car mate and the demand from theé oil distric petroleum industr: PHILADELPHIA.—Official t the use of pulverized coal as which it was believed would be con- ducted at the Philadelphia Navy Yard, probably will be conducted in Ni York. The Shipping Board st Mercer probably will be the used. CLEVELAND.—The Thompson Prod- ucts Co. has received an order f valves to be used on Government pur- suit planes, which will keep the com- pany busy for some time to come. Each plane will require 48 valves. The planes are being built at the Curtiss plant in Buffalo, and the first lot will consist of 150 planes, CORN HAS SETBACKS AS WHEAT ADVANCES Smaller Grain Values Relatively ‘Firm on Dry-Weather Reports From Australia. By the Associated Pres CHICAGO, September *Much lower prices for corn resulted carly today from failure of frost to devel- op in the corn belt. Wheat values were relatively firm. owing largely to continued dry weather in Aust Starting at % to % cent decline, corn later underwent a material fur- ther setback. Wheat opened 1, off to % up, and then sagged little all round. Oats were easy. Provisions | ward. sizing the latest escape of the bulk of the corn crop from threatened damage by frost, advices were at hand today from field obsery- ers in Minnesota saying corn is mostly safer over a considerable section of the State and that fully 80 per cent is good hard corn. A leading expert telegraphing from Olivia, Minn., said frost could do no more damage in that section as husks are generally dry and corn jis of good quality. Touching the wheat market situa- tion, trade reports current today said a leading British authority anticipates raising his estimate of Europeon breadstuff requircments. Lateness of the transatlantic harvest, together with Australian drought, has reduced | the prospective surplus. WHEAT— High. September 1281 December March OAT! September Decem! == i September cember March . CITY ISSUES SCARCE. Lively Bidding Expected for Balti-. more Part Commission 4 Pct. Bonds By the Assoclated Pr BALTIMORE, September 27 (Spe- cial).—Municipal issues are becoming scarce, local dealers report. At pres- ent there are no sales advertised. Ho ever, the City of Baltimore probably will offer an issue of $1,800,000 Port Commission 4 per cent registered bonds in the next 10 days, it is ex- pected. Bankers interested in State and municipal issues are expecting con- siderable competition in bidding for this flotation, and several out-of-towr banking groups as well as local syn- dicates will submit offers. PROFIT IS SMALLER. Pan-American Petroleum Earned $3.23 in First Half 1927. NEW YORK, September 27 ().— Pan-American Petroleum & Transport Co. and owned and controlled com- panies, including Lago Oil & Trans- port Corporation, reports consolidat net profit of $10,861,200 for the first half of 1927, after taxes and charges, equivalent to $3.23 a share on the combined common and class B stocks. In the first half of 1926, excluding & Transport, net profit was 6. equal to $5.56 a share on the average ameunt of stock outstand- ing in that period. Net profit of Lago Oil & Transport vear was $2,251,672, 7,613 a year ago. MANY ACCEPT OFFER. B, C. & A. Bondholders Taking $481.04 for $1,000 Certificates. Special Dispatch to The Star., BALTIMORE, September 27.—The offer of the bondholders’ protective committee to buy the first mortgage per cent bonds of the Baltimore, ‘hesapeake & Atlantic Railway has been accepted by almost all bondhold- ers, it is reported. This offer will net holders of certificates of deposit for bonds $481.04 per $1,000 princi- pal amount. The bonds were bought in the in- terest of the Pennsylvania Railroad, which plans to foreclose the mortgage in its own interest as practically the sole owner of the bonds. EXTRA DIVIDEND VOTED, NEW YORK, September 27 (#).— Penn-Ohio' Edison declared an extra Spurts of Buying Followed by | By . | cotton market { tinuation of v | Southwest | tion, and caused further liquic | switching | minimum temperatures ranging down | to 36 degrees at some points in Tex. NORTH AMERICAN HEAD {fact that other trade barometers re- COTTON S STEADY INTRADING TODAY Easing Off on the New York Exchange. the NI Associated Press, eptember steady today points on a con- ng, pro moted by reports of cold rains in the and relatively steady Liverpool cables. The weather map, however, showed no actual killing frost in the belt, making it appear as if the rains had moderated the’ drop in temperatures to some extent. While another spurt of buying came in on the prospect for rost in northern Oklahoma should the wther clear, it was supplied by real- zing or liquidation by some of yes- terday’s buy After seliing up to 2159, December eased off to S, and active months were within a point or two of yester- day’s closing quotations at the end of the first hour. October notice estimated at a 167,000 bales, were reported in circula- an advance of mto later deliveri these early offerings were absorbed at about recent difterences, with e. changes of October for December re- ported at 34 to 35 points. Reactions from the early adva carried the market off to about y closing_quotations, Decemiber | selling down to 21.38 during the middle of the morning. The detailed weather veports, showing considerable rainfall in both Texas and Oklahoma, with as and to 34 degrees at one of the OKL homa stations, led to a repewal of buy- ing later, however, and prices firmed up during the middle of the day. At mid-day December was selling around with active months showing net advances ot 18 to SAYS TRADE SHOWS GAIN P —— REAL ESTATE LOANS |/ 512 % FRED T. NESBIT 1010 Vermont Ave. Main vig: POLICYHOLDERS OF THE MUTUAL BENE- FIT took 127 million of additional life insurance in their company last year—52% of the total new business. Apparent- ty they like their com- pany. So will you. The Mutual Benefit Newark, N. J Life of 7Mortxage Money Loaned | at Low Interest Rates Economie_ Conditions Tyler & Rutherford Loan Corresvu Satun Henetit Lite 1520 K S!reet Main 475 619 First Deed of Trust Notes for Sale Secured by Improved Real Estate in the District of Columbia Principal and Interest GUARANTEED REAL ESTATE MORTGAGE & GUARANTY CORPORATION Mam 1403 26 Jackson Place ources Over $4,000,000 L E. Breuninger, President Bases Conclusion on Record Out- put of Electricity of His Company in the Past Few Weeks. By the Associated Press. | NEW YORK, September 27.—Em- phasizing trat electric output is a barometer that veflects industrial a tivity quicker than any other and is the ore first to show a quickening of industrial effort, Frank L. Dame, president of the North American Co., announced today another new high record of the system's electric output for the week ended September 22, amounting to 101,299,000 kilowatt hours, 6 per cent more than the cor esponding week last year. I believe this is by far the largest | weekly output of clectric ‘enerzy ever produced in this country by a singly controlled system. serving retall, in- dustrial and domestic _customers al- most exclusively,” Mr. Dame asserted. “It may be the largest ever made by such a system in the werld. This in- dication, theretore, is that industry in the past week and in preceding week: which also were ones of high output, is proceeding at a high rate. It is, moreover, significant in view of the cently have been indeterminate, if not declining.” CHICAGO LIVE STOCK MARKET CHICAGO, September 27 (United States Department of Agricultur ¥ ts, 22,000 head; uneven, wer; most loss on iight lights und butchers, 240 to 300 pounds. ; packing sows steady to 19 lower; top, 11.90; few sales above 11.80; bulk 'good and choice 160 to 200 pounds, 11.35a11.75; 210 to pounds, 11.65a11.80: 240 to 300 pounds, 10.90a11.50; bulk packing sows, 9.65a10.00; most slaughter pigs, 10.00210.60. Cattle—Receipts 10,000 head; better grade fed steers scarce, strong: pro- portion grain-fed offering very small; early grades Western grassers steady: steady to strong, fairly active market on she stock; bulls and vealers; best weighty steers and medium _weight early 16.00; kinds eligible to 15.00 and better confined to few load quality and condition to sell downward to 1150; vealers, 17.00. Sheep—Receipts 11,000 head: fat lambs opening fairly active at_steady to strong; spots on natives, 15 to 25 hi: ity sorts fleeces consid- d; bulk good to choice Westerns, 5a14.00; good rangers down to 13.50; most natives 13.25a13.50; best held ‘around 13.85; 110 to 130 pound buck lambs, 11.00a12.00; culls, 9.30 heep steady; most fat ewes, 16.50a TOOL INQUIRIES LARGER. NEW YORK, September 27 (#).— —Inquiries for machine tools were in larger volume in September and fore- cast a gain in business for the Au- tumn which should make up for the deficiencies of the Summer months, American Machinist reports. In De- troit automobile makers are watching developments closely and much busi- ness is known to be pending. Chicago and Cincinnati are working on leads furnished by the exhibitions: In the East buying slowed down somewhat the past week, but activity is expected to resume in October. FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing.) R‘:\lo—’{\:;lulr :l‘# SR b 3 dividend of one-fiftieth of & share of common stock and the regular quarterly cash dividend of 25 cents on the common, payable November 1 to holders of recol ober 15. YOUR Inter Main 1016 LET US FINANCE LOANS To Run § Years No Annual Curtail 51,9 t doed ot trust o real estate e " indecees” an ) Gommisal HOME est WM. H. SAUNDERS CO., Inc. 1433 K Mortgage Notes Secured by Improved Real Estate in the D. C. Assured Annual Return HANNON - & LUCH 1435 K Street N.W. Home Financing —is where we specialize. |! 1 We make loans of $2,500, !! $5,000 and upward, on Real Estate in Washington and vicinity, at lowest rate of interest. fiCome in and submit your problems to us. Prompt Service. THE COMMERCIAL NATIONAL COMPANY (INC.) Paid-Up Cash Capital, $700,000 Commercial National Bank Bldg. 14th and G Sts. Live within your means and put something away for the future. HE best wa_ to accumu- late a safely secured “rainy day” fund is the pur- chase of a McKeever & Goss First Trust Note on an out- of-income basis. E will be glad to ex- plain the advantages of such a savings arrange- ment; and to explain the careful manner in which every mortgage investment proposition is investigated by us before acceptance. 1415 K Street Main 4752 e ———— { 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 Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE M COOPER. Prestdent Capital $1,000,000.00 [