Evening Star Newspaper, July 26, 1929, Page 14

14 %%% INCOME OF PEPCO SHOWS JUNE GAIN First Six Months Also Regis- ter Increase Over 1928 Figures. BY EDWARD C. STONE. According to reports filed today with the Public Utilities Commission, the Potomac Electric Power Co.’s net in- come for the month of June was $28,- 34681 ahead of the sam> period last year. The company also shows a gain of over $222,000 in the first six months c¢f this year over the first half of 1928. The power com- pany reported total gross earnings from opetations in June as $793,002.01 against $742,567.05 a year agy, an ad- vance of $50,434.96. Operating _expenses required, $340,628.- 36 in comparison with $329,193.23 a year ago, an increase of $11.435.13. ;. Net income from operations amounted to $452,373.65 compared with $413,373.- 82 or a gain of $38,999.83. Miscellaneous income was $19,285.23, a gain of over last year. Gross earn- operating expenses amounted 88 in comparison with $428,332.78 in June 1928, making an in- crease in gross of over $43,000. Other deductions totaled $159.233.38 against deductions in June 1928 of $144.254.09, a reduction in this item this year of $14,979.29. This left a total net income for June of $312,425.50 com- pared with $284.078.69 in June of last year, or the above mentioned gain of $28,346.81. Half Year’s Earnings Summarized. Gross earnings of the Potomac Elec- tric Power Co. for the first half of 1929 amounted to $4,969,073.10, against $4.686,235.60 in the same period a year ago, or a ggin of $282,837.50. Operat- ing expenscd totaled $2.016,537.59, com- pared with $1.96500248 a year ago,! being heavier this year by $51,535.11. Net earnings from operations amount- ed to $2952,535.51, against $2,721- 233.12 a year ago, an advance in the half year of $321,302.39. The com- pany had a miscellaneous income of $85,405.34, against $68.005.79 & year ago. an increase of $17.399.55. i Gross income less operating expenses | amounted to_$3,037.940.85, in compari- | son with $2,789.238.91 last year, or a gain of $248701.94. After all the other usual deductions, the power company reported a net income for the half 3 of $2072,795.19, against $1,850,- 057.53, or an_improvement in net in 1929 of $222,738.66. Railway & Electric Also Reports. ‘The June report of'the Washington Railway & Electric Co. was made to the Public Utilities Commission today, showing a decline in net earnings in | June, compared with June, 1928, but a gain in net for the first six months of the present year. The railway company reported oper- ating revenues in June of $478.792.35, compared with $472,205.32 last year. Operating expenses 'ard taxes took $415,005.45, against the lower figure in June, 1928, of $393402.10. Total op- erating income for the month was $63,- 785.90, against $78,802.22 in June a year ago. The non-operating income item was larger this year, being $24,300.59, against $18,612.29. (Gross income less operating expenses and taxes was $88,- 087.49, cofpared with $97,41551 in June, 1928. Total net earnings for the month amounted to $30,287.29 against the higher figure last June of $32,462.01. For the six-month period operating revenues totaled $2,955,725.79, against $2,040,904.60. Operating expenses and taxes totaled $2.440,696.95, in compari- son with $2,270,830.50. Operating in- come for the half year amounted to $515,028.84, against the better showing last year of $570.074.19. Non-operating income was $794,823.85, compared with $710,258.54¢ a year ago. Gross income less operating expenses and taxes totaled $1,309,852.69, com- pared with $1,280,332.73. The usual deductions from gross required $377,- 579.45, compared with $389,297.75 last year, leaving a net income for the first half of 1929 of $932,273.24, against the lower figure last year of $891,034.98. North American's Net Jumps. Report of North American Co. and subsidiaries, for 12 months ended June 30, 1929, shows net income of $27,266,- 764 after taxes, interest, depreciation and preferred dividends of subsidiaries, comparing with $21,728,231 in the pre- ceding 12 months. The report says, net profit for 12 months ended June 30, 1929, is equal to $5.01 a share on aver- age number of common shares out- standing during the period, against $4.35 a share on average number of common shares outstanding during the preceding 12 months. Consolidated inceme account for 12 months ended June 30, 1929, compares as follows: Frank Owings. 1929. 1928, F146.545.550 128,136,506 £8.384.529 60,820,208 73644774 63,648,453 . 31.203.750 . $27,266.764 ¢ peoon Surplus . 20,382,114 Council Meets This Afternoon. ‘The council administration of the District Bankers' Association will hold its regular July meeting late this after- noon at headquarters in the Becker Building, President W. J. Waller pre- siding. So far as known, only routine matters are pending at this time. President Waller has been working on the complete standing committee, the chairmen of which have already been announced. The complete personnel will be made public shortly. These committees are now appointed much earlier in the year than in the past in order that they can get to work earlier in the Fall. Local “Wall Street” Notes. Frank Owings, cashier of the Bank of Commerce and Savings, is spending three weeks' vacation at his country | place on Chesapeake Bay, where he is| putting in much of his time fishing. George W. Harris, director of the Federal-American National Bank, is making an extended tour through England and France. Directors elected at the annual meeting of stockholders of the North- east Masonic Temple Association, Inc., last night were Dr. William E. Bradley, Benjamin Wrightsman, William H. Gibson, George E. Morgan and John A. Moyer. Chesapeake & Ohio earned $11.43 a common share in first half 1929, against x like 1928 period. Brokers’ loans_increased $95,000,000 in past week to $5,908,000,000, new high record; Reserve system ratio 74.7 per cent against 73.8 per cent last week and 69.9 per cent a year ago. Exchange Trading Quite Lively. The week's trading on the Washing- ton Stock Exchange wound up with considerable activity. The bid on Wash- ington Railway & Electric common FINANCIAL. High. Low.. 381 Abitib] Power & Pap 79 Abitibl P& P pf(s).. 96 84% Adams Exp pf (5) 36% 27% Adams Millis (2). 104% 27 Advance Rumley. 4% 951 Alr Reduction (3 374 Alr Wal E1 Ap(2% 181% 48% 114 10% 25 54% 118% 118 346% 125 284 425% 73% 27% Alleghany Corp. 99% Alleghany C pf (5%) 100% Alleg'y pf rets(5%). 241 Allled Ch & Dye (6). 120% Allied C& D pf (7).. 166 Chalm Mf (7). 224 Amerada Corp (2)... 40% Am Agricui Ch pf... 14 Am Beet Sugar seaal 4015 Am Bosch Magneto.. 150 45 Am Brake Shoe 2.40. 20 15% Am Brown Bov Elec. 107% Am Can (14).. . 269 13615 Am Canpf (7)...... Am Car & Fay (6)... 46% Am Chicle (2). 43%s Am Com Ale (k1. 28% Am Encaust Til (2 82% Am European Sec. 75% Am & For Power 24% Am Hawalian (1). 61 Am Hide & Leather. 30% Am Hide & Lea pf... 64 Am Home Prd (3.60) 38 Amlce (13)...... 524 Am Internat (12). 413 Am La F & Foamite. 102% Am Locomotive (8).. 113 Am Locopf (7)..... 50 Am Metal (3). 81144 Am Pow & Lt (11)... 70 AmP&LPLA(3)... 79 Am P&L pf A st (5). 98% Am Pow & Lt pf (6). 40's Am Rad&Std S(1%). 233 4314 Am Republics. 106'2 Am Roll Mill (e2). 61 Am Safety Raz (15 313 Am Ship & Com. 9313 Am Sm & Ref (4). 130 Am Sm & Ref pf (7). 179% Am Snuff (12). . Am Snuff (n) 56 Am Steel Fdy (3).... 65 ' Am Stores (2)....... 71% Am Sugar Rfg (5)... 104% Am Sugar Rfg p£(7). 35% Am Sumatra (3). 17 AmTel&Ca (5)..... 193% Am Tel & Tel (9).... b 1604 Am Tobacco B (8)... 67% Am Water Wks (c1). 16% Am Woolen......... 9 Am Writ Paper ctfs. 22 Am Zinc Ld&Sm. 1 91 AmZinc Ld&Smpf.. 1 99 Anaconda Copr (7) 62% Anaconda W&C (3 43 Anchor Cap 12.40) 44% Andes Copper (3) B S SofiReseeii2anman B o Rt -~ 38 8 3 1 4 6 1 3 3 0 5 5 3 45 3 00 4 7 2 7 85% Armour Del pt (7) 105% Armour I11 (A) 5% Armour 111 (B) 19'» Arnold Constable. 26% Art Metal (1%3). 10% 4078 307 58% 70% 43 Asso Dry G (2%). 260'c 195% Atch T & S Fe (10) 103% 99 Atch T&SF pf (5). 67% 324 AtlG & W Indles. ... 777 5313 Atl Refining (11%).. 115 90 Atlas Powder (4).... 405 221 Auburn Auto (j4). 10 5% Austin Nichols 35% 221 Autosales.. 437 3614 Autosales pi 50 42% Auto-Strop Raz ( 29 4 210 Baldwin Loco (7). 115% Balto & Ohio (6). 75 Balto & Ohio pf (4).. 1231 Balto & Ohio full pd. 6415 Bang & Aroos (3%).. 36t Barnsdall (32%) Beacon Oil Beatrice Cream (4).. Beecn-Nut Pack (3).. Belding-Heminway. . Belg N Ry pt bf (16) . Bendix Aviation (2). 223 75% Best& C0 (3).... 8 821 Bethlehem Steel (6).1812 116% Bethlehem St pf (7). l; 271"y 138% 80 136% Booth Fish 1st pf.... 83% Borden Co (3). . 107 Borg Warner (j4). 85 Boston & Malne 815 Botany Con M (A) 30% Briggs Mfg......... 3714 Briggs&Stratton(2). 114% Bristol Myers(t414). 4214 Brockway M T (3)... £9% Bklyn-Manhat (4)... 170 Bklyn Union Gas (5) 38% Brown Shoe (23%4)... 35% Bruns-Balk-Col(3) 18 BrunsTer & Ry S 25% Bucyrus Erie (1).... 38% Bucyrusevpf(2%). 46 Bullard Co (1.60) 54% Bush Term (g2). 28 Butterick Co.... 4% Butte Copper & Zinc. 6% Butte & Superior (2) 37% 32% By-Prod Coke (13) 82% 72% Calif Packing (4) 3 1% Callahan Zinc & L. 135 123 Calumet & Ariz (10). 61% 36% Calumet & Hecla(4). 47% 47 - Campbell Wyant (2). 98% 78 .Canada Dry G A (3). 265% 218 Canadian Pac (10)... 4813 35 Cannon Mills (2.80)., 388!5 308 (J1)ctfs (6)... 42% 22 48% 30 Cent Aguirre (2).... 5316 40% Cent Alloy Steel (2). 20' 10 Century Rib Mills. .. 160 88% Cerrode Pasco (6).. 28% 16% Certain-teed Prod. 815 47% Certain-teed pf.. 275 195 Ches & Ohlo (10) 110% 78% Chesapeake Corp (3) 19% 414 Chi& Alton.. 25% 6% Chi& Alton pf. 66% 49 Chi& East 111 pf. 23% 12% ChiGreat Western Chi Great Westn pf.. 27% Chl Mil St P&Pac.. 46% Chi M1l St P&Pac p! 80% Chi&N W (4). 28% Chi Pneu Tool. 48% Chi Pneu T pf ( 102% 98% Chi R1& Pacpf (6 142% 115 Chi R1& Pac (1) 108% 105% Chi R I& Pac pf ( 74% 44% Childs Co (2.40). 135 66 Chrysler Corp (3). 62% 49 CityIce & F (3.60) 9 City Stores (1).....e Cluett Peabody (5).. | 1487 120% Coca-Cola (4)... 46'% Coca Cola A (3). 72% 47% Collins & Alkman. 103% 92 Collins & Aik pf (7). 56 Colo Fuel & Iron. ... 531 Columbia G&E (2) 1037 Colum G&E pf A (6). 88% 55% Couml Graph (29.1c) 66'a _63% Col Graph f pd rets., 43 Com Credit (2) 195 181% Com Inv Trust 99 92 ComInvTrpf(6% 492 225% Com Solvents (h8) 3o% 19% Congoleum-Nairn. 69 Cong Cigars (15%).. 64% Consol Cigar (7).... 25 Consol Film In pf(2) 95% Consol Gas (3)...... 96%4 Consol Gas pf (5). 51 Consol RR Cub pf(8) 215 Consol Textile...... 12 Container Corp A. 6 Container Corp B. 4T% Contl Baking A. 814 Contl Baking B 8814 Contl Baking pf (8).. 59% Cont'l Bank of N. Y. 60 Contl Can (23)..... 79 Contl Insurance (2) 13 Contl Motors (80c) 201 Contl Oil of Del. . 82 Corn Prod (13% 51 Coty Ine (g2). 83 Crosley Radio . 42Y% Crown Cork & Seal. . 62% Cane Sugar.... 5% Cuba Cane Sugar pf. 67% 49% Packing (4). 173% 135% % 101% 58% Cutler-Ham (33%) 97% 63 Cuyamel Fruit.. 69% 42% 226 182 Davison Chem. . Delaware & Hud again advanced to $850 per share, al- though none was offered. The 'bid on ‘Washington Gas remained at 125 with a new asked price of 130, Del Lack & W (17).. Denv&RG Wpf.... Devne & Ray A (13). Dome Mines (1)..... 1604 120% 77% 55% 84% 43% 10% 8% 445 4an 84in 83% 89 881 31 31 33% 33 1% 1% 172% 170% 40% 5 5% 19% Bl% 116% 115% 310% 1025 4% THE EVENING STAR., Stock ana Bates— Prev. Dividend Rate. Add 00. High. Low. Close. Close. 44% 84 89 Stock ane Dividend Drug Corpn (4).. 48% Dunhill Inter (234)... 155% Du Pontde N(14%). 207% 168 = Eastman Kod (18) 76% 56 Eaton Axle& S (3) 39% 126% Eitingen-Sch (2%) Elec Stor Bat (5).... Eng Pub Serve (11).. Eng Pub Sve pf (5).. Eng Pub Sve vf(5%) Equitable Bldg(2%). ErieRR........ Erie R R 1st pf (4) Eureka Vac Cl (4)... 51% Evans Auto L(12%). 40% 684 13% 90% 62 Fairbanks Morse (3) Fed Lt & Tre ($1%). Fed Motor Tr (80c).. Fid Phen F Ins (2) First Nat Stores 1 ;u Rubber. Fox Film A Freeport. Gen'l Food Corpn Gen Gas&El A (el%) Gen Mills (3).. Gen Mills pt (6). Gen Motors (13.30) Gen Motors pf (7). Gen Refrac (13%)... Gillette Safery R (5) Gimbel Brothers, ... Glidden Co (11%). Gobel (Adolf). Gold Dust (234). Goodrich BF (4) Goodygar Tire (5). Goodyear 15t pf (7). Gould Coupler. Granite City 8tl ( Grant W T (1). Grt North pf (5)..... Grt North pfet (5).. Grt Nor Ore (a1%).. Grt West Sug (2.80). Greene Can Cop (8). Gulf Sta Steel (4) H- Hahn Dept Stores. .. Hahn Dept S p(6%) Hartman B (1.20)... Hayes Bdy (b8%stk) 4 114% 101 100 2514 328 136% 55% 33% Hershey Choe pf Hershey Ch pr pf(6). Holland Furn (e2%). 1315 Hollander & Son..... Homestake Min (17). 4 Houd Hersh B (1%). Househd Fin pf (3).. Household Prd (14). Houston Oil. . - Howe Sound (143%).. Hudson & Man (2%). Hudson Motor (5)... Hupp Motor (£2). 112% 7 50 17 189 60 208% 87 69% 6110 2 102 1 394 197 8b% 9 63 3 51 5 52% 1 43 78 323 2 11 104 1 o 14 24 10 7 67 45y 867n b4 9 4l e Illinols Central (7 Independ Oil & G (2) Indian Motor Cycle Refining an Refining Industrial Rayon. ... Ingersol Rand (5%). Inland Steel (3%)... Inspiration (4)...... Interboro Rap Tran.. Intl Agricultural. . Intl Agri prpf (7)... Intl Business M (5).. Intl Cement (4).. Intl Comb Eng (2).. 1atl Cmb Eng pf (7).. Intl Harvester (2%3). Intl Harv pf (7)... Int Hydro El A (e2). Intl Mateh pf (3.20). Int Mer Marine ctfs.. 4 Intl Nickel Can (80c) Intl Pap & Pwr pf(7) Intl Print Ink (2%).. Intl Tel & Teleg (2).. Inter Dept St (2).... Island Creek Coal(4) 1 1508 29 321, 1 471 1% e Jewel Tea new (3).. Johns-Manville (3) Jordan Motor Car. Kan City Sou (5). 4 Kan City Sou pf (4).. Kaufmann DS (1%). Kayser J & Co (5)... Keith-Albee-O pt (7) Kelly-Spring Tire Kelsey Hayes (2) Kelvinator Corp. Kennecott (5). . Kinney (G R) (1) 33% 5% 38% 26 167% 127% 65 48% % 19 34% 81 42% 49% 1% 48% T8 56 20 1% 59 3b% 153% 138% 108% 66l% 18 Lago Ofl & Trans Lambert Co (8)....u Leh Port Cem (2%4). Lehigh Valley (3%4). Lehigh Valley Coal. . Leh Val Coal pf (3).. Liggett & My B (15). Lima Locomotive. Link Belt (2.40). Liq Carbonic (1434 ). Loew’s Inc (2). 37 Mac A & Forb(+2.85) 71% McCall Corp (4) . 40% McGraw-Hill (2) 621 McKeesport T P (4).. Mec on & Rob (2) McKes & Rbpf(3%). Mack Trucks (6) Macy (RH)&Co (¢! Madison Sq G (1%).. Magma Copper (6) Mallinson & Co Manati Sugar pf. Mandel Bros (2%) 24% Man Elec Supply.... 31'% Man Elev mod (d6).. % Man Shirt (2)... Maracaibo Oil Exp. Marmon Motor (4) Martin-Parry........ 42% Mathieson Alk (e2).. 97 Minn Moline pf 6% 65% 42% Mo Kan & Texa: 107% 102 Mo Kan & Tex pf(7). 101% 62% Missouri Pacific..... 147 120 Missouri Pac pf (5). 80% 60% Mohawk Carpet 12% 99 Mont Ward (23%) 3% Moon Motors. 72% Morrell J (3.60). 3 Motiter Lode (40c 12% Motion Picture. 14 Moto Meter A ct. 27% Motor Meter G & 96'% Motor Products (17 39 Motor Wheel (2) 421 Mullins Mfg. 62 Murray Corp (a3). 4 78% 62 188% 2 - - o B oy - ZolleBrenwalE3Ronmnh Smarn 127 1 45 150% 317% 18% 435 4l 85l 158 965 4214 20% 8 64 2314 T8ly 1% 106 99 116% 39% 69 % 210% 18 d Bales— Rate. Add ;'l. High. Low. Close. 487 931, 23% 3915 87% bty 116% 39% 954 43 69 bl 60 9515 e 8518 18 41 23 243, 3314 28% 16 935 9y 61'¢ 94% 23 41 83 % 60 106% 94 45 96 92% 91 142% 69% 123% 3% 5 1% WASHINGTON, D. C. Prev. Close. 3814 89 53 114 39% 96% 43 69 52 61 964 217% 18 66 201 41 22 24% 334 29 16 99 124 615% 94% 23 41 834 64 32% 3% 16% 37% 98% 61% 105% 94% 142 Stock and Sales— Dividend Rate. _ Add 00. High. Low. Close. Close. "55'3,; e N- 85% Nash Motors (8). .1 NYNH&HpL(7).. 15 NYOnt& West..... 2 Norfolk&Wstn(110). 5 North Am(b10 %stk) 286 Northern Pac (5 North Pac ct (5). Norwalk Tire & Rb. Nunnally Co —_— % O1l Well Supply Oliver'Farm Equip. Olivr Fr Eq pf A(6). Olivr Fr Ep ev pt(3). Omnibus Corp. .. Otis Elevator (6)...: Otis Steel. ... Owens 111 Glass (4) Pacific Coast. .. Pacific Gas & E (2) Pacific Lighting (3). Pacific Oil stubs..... Packard Motor (15). Pan-Am Petroleum. . Pan-Am Pete B..... Paramount-F-L (3). Park & Tilford (13). Park Utah (80c). Pathe Exchange. ... Pathe Exchange A. .. Patino Mines (3.89).. Paerless Motor Car Phelps Dodge (3) Phila Co 6% pf (3). Phila& Read C& 1. Philip Morris (1) Phillips-Jones (3). Phillips Pete (1%) Plerce-Arrow A. Pierce Oll. . Pierce Petroleum Pillsbury Flour (2) Pirelli Co A (2.88). Pitts& W Va (6). Pittsburgh Coal. Pitts Terminal Coal. Poor & Co (12).... P Rican Am To (A)T Postal Tel & C pf(7). Prairie Oil & Ga Prairie Pipe L Pressed Steel Car. .. Pressed St1C ot (7). Prod & Refiners. . Pub Sve NJ (2.60). Pub Sve NJ pf « Pub Svc E&G pt Pullman Corp (4) Punta Alegre Sugar. Pure O1l (134) Purity Bakeri Radio Corp. Radio pt B ( Radio-Keith-Orpl Reading (4) Redl Siik Hoslery Reis (R) & Co.. Remington-Rand. Reo Motors (11.60). Rep Brass Corp. Rep Iron & Stl (4)... Rep Ir & Stl pf (7).. Reynolds Spring. Reynolds Tb B(2.40). Rhine West (1.92). Richfield Oil (2).. Rio Grande Oil (k2). 123%) Royal Bak P pf (6) Royal Dutch(al.3 Safeway Stores (3).. St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf (6) Savage Arms (2). Schulte Retail Str: Scott Paper (31.40) Seaboard Alr Line Seaboard Afr Li; Seagrave (e1.20). Sears Roebek (32%). Seneca Copper... Sharon Steel H (2). Shattuck F G (2). Shell Tr&Tr(a96.4c). Shell Union (1.40)... Simmons Co (3) 4 Simms Pet (1.60) SinelairOil (12%) Sinclair Oil pf (8) Skelly Ol (2).. Sloss Sheffield steel Snider Packing. Snider Packing pf So Porto R Sug 1234, 4 Southern Cal Ed (2) Southern Dalries B.. Southern Pacific (6). Southern Rwy (8)... Southern Ry pf(5).. 130 1 95% FRIDAY, JULY 26, 1929. Prev. | —Prev, 1920~ 52% 84% 687 37% 42 43% 193% 124% T80 28% 4% Sun Ol Utd G USCIP U Stock and les— Dividend Rate. _Add 00 High, Spalding A G ( % Spang-Chalfant. . Sparks Withgtn (n). Spencer Kelg(1.60).. Spiegel-May-St (3). Stand Com Tob (1) 4 Stand Gas & El (3%) 10! Stand G & E pf (4) Stand Ol Calif (13 Stand OII N J (12) Stand Ol N Y (1.6 Sterling Sec (A)..... Sterling Sec pf 11.20, Stewart Warnr(33%) Studebal s Submarine Boat. Underw-El-Fish(4) Union Bax & Paper.. 165 Union Carbide(2.60). 212 Union Oil Calif (2). Union Pacific (10) Union Pacific pf (4). Union Tank Car(s).. Utd Alrcraft&Trans. Utd Biscuit (1.60)... United Carbon...... Utd Cigar Stores(1). Utd Electric Coal(3) Utd Fruit (c4)...... s & Imp (1) s & Imp pf(5) 60). 2 (15). (g1). Superior Ofl. Superior Stee! Sweets of Amer (1). Symington A..u..... T- ‘Tenn Cop & Ch (1) Texas Corp (3) Tex Gulf Sul (4 Thatcher Mfg. Thatcher pt (3. The Fair (2.40). 4 Third Avenue Tide Water Asso. ... Tide Wat Asso pf(6) Tide Water Oil pf(5) Timken Det Ax(80¢). Timken Roller (3) Tobacco Pr (1.40). .. Tob Prod etfs(1.40). Twin City Rp T (4).. 1 1656 154'% 417 116% 4 1P ctfs(2).. 15t pf cfs 1.20 S Distributing. ... Foreizn Secur. S Hoftman (4).... U S Ind Alco (6) U S Leather. . U S Leather A (4) U S Realty (5) ubber. Rubber 1st pf U U 'S Sm: us elt Ret (314). Steel (7)..e0... 11 U S Steel pf (7)..... Univ Leaf Tob (3). Univ Pipe & Rad.... 2 Uil Pwr & Lt A (€2) 1060 Vadsco Sales Vanadi = um (1 34 91 Vick Chemical (4)... 314 100% Virginia-Car Chem.. 2 Virginia-Car 6% b 3 Wabash. ... Wabash pf A (5).... Waldorf Systm (1%) Walworth (1.20). Ward Baking B. Warner Bros Fic (n) 200 Warner-Quinlan (2). Warren Bros (15) Warren Fdry & Pj; Wess Oil & Snow (2) 124 5 4l 410 6% 734 731 9% B0, 41 10% 8% 205 1680 181y 26 2 Wess O & Sn pf (4).. « Westvaco Chlor (2). Westn Dairy (B).... Western Maryland. Western Pacitic. th 20 7 20 7 Western Pacif pf... Western Union (8).. 8% Westngh Air Brk(2). 4 Westngh EI&M (4).. 2 Weston ki White White Motor (1).... White RRock M S (3). White Sewing Mach. Wilcox Wilcox Wilcox Willys-Over (cl.; Willys- Wilson Wilson Wilson Worthi Worthington B. Wright Aero (2).... Wrigley Wm (4) Yale & Towne (4)... Yellow Young Sp&W (1 - Young Sheet & T (5. Woolworth Co Instru.... sagle Oil (2). 3% 0il & Gas Rich(A)2% . Rich(B)c2 s Over pf ( & Co. & Co & Co pt 174 61t 0 o eSS naE R e o ngton Pump. 130 813 Truck & C. Zenith Radio. .. RIGHTS EXPIRE Col Gas&El..Aug 15 Mont Ward..Aug 26 112 Stand Gas rts Au Transcont Oil rts, Sales of Stocks on New 10:30 A.M. den cash payments based | iaration. 8iz n stock. 1443, 1d 152 95% » d Payable fPlus 10% In stock. JPlus 8% In stock. 8! 144% 152 sUnit of trading §Plus $3 1n preterred stock. this year—no regular rate. 1 § 5% 1t 1% 61x .31 181 . 166 247 given in the above table on’ the latest quarterly or hs: less than 100 share: the annual yearly dec- when earned. ® Plus 6% | sections of the | Columbian 198 6% | ADVANCEINSTOCK PRICES CONTINUES Favorable Earnings Reports Offset Uncertainty Over Credit Conditions. BY STANLEY W. PRENOSIL, Assoctated Press Financial Editor, NEW YORK, July 26.—Stock S continued to move irregularly mr today with the excellent character of the current railroad, industrial and public utility statements, apparently offsetting the stringency in credit conditions, Trading was largely pro= fessional, small speculators generaily showing little inclination to add to their commitments with the prospect of another “money squeeze” around the eng t;ll the month. all money renewed at 9 per cent, against 8 yesterday and 7 e day e fore. There was only a moderate sup- ply of funds available because of the heavy withdrawals of interior and for- eign banks within the last 10 days, Time money continued firm. Resumption of bullish activities in a select assortment of steel, copper, public utility and electrical equipment issues is believed to have been inspired, in part, by the absence of any extended distribution on the decline in prices earlier in the week. There is a rather general belief in Wall Street that any major reaction will be preceded by one or more 5.000,000-share sessions and until this increased activity develops, poois are showing an inclination to mark up their favorites, particularly ‘hose in which the floating supply is small. Heavy Selling in Last Hour. Heavy selling came into the market during the last hour, which reduced early gains and carried a wide assortment of issues lower, notably among the motors and rails. Several of the utilities also ran into profit-taking. Radio was de- pressed more than 5 points. Operations for the advance were pursued in isolated list, however, Baldwin Locomotive rising about 9 points, Otis Elevator 7, National Cash Register and arbon, 4. National Power & Light was sent up 3 points to & new k in heavy buying. The close was irregular. Total sales | approximated 3,800,000. Opening Is Strong. The market opened active and strong, favorable earnings reports and dividend actions evidently offsetting the influ- ence of the jump of $95.000,000 in brokers’ loans. ~ Bethlehem Steel opened with a block of 20.000 shares at 122, up 3 points to a record price, in re- sponse to the $1.50 quarterly dividend. U. S. Steel and General Electric each mounted 2 points, American Telephone {11, and several of the rails, including Baltimore & Ohio, Pennsylvania and Southern Railway. mounted nearly a point each. Columbia Graphophone was a Soft spot, losing 2 points. | "'The unexpectedly favorable Bethle- | hem Steel quarte report, coupled with the increase in the annual divi- dend from $4 to $6. apparently offset the rise of $95.000.000 in brokers’ loans to a new high record as a market fac- | tor. Buying operations were vigorously resumed in a wide assortment of | issues, current earnings of which give | promise of special dividend develop- | ments. | " Steel shares continued in_the van- |guard of the advance. Bethlehem crossed 122 to a new high and United States Steel common, which is also ex- | pected to make a fine showing i its quarterly report next Tuesday, was quickly marked up 2!, poinis |~ Coppers showed a firmer undertone on | reports of a steady increase in the for- | eign demand for the red metal. Recent sluggishness of this group was based on fears of a further decline in the price of copper. American Smelting was marked up more than 2 points and | Anaconda 1 in the first few minutes of trading. | American Telephone continued its ad- | vance to new high ground by moving up 3!; points to 270. International Telephone rallied in sympathy. | Motor Group. | Motors were ‘mixed, resumption of fhe | advance in Marmon being counteracted | by the renewed heaviness of General Motors. General Electric and National Cash Register were again in brisk demand. Case Threshing broke 5 points and Engineers' Public Service, Canadian { Pacific and Louisville & Nashville | vielded a point or so. . | _ Foreign exchanges opened firm, with | sterling cables slightly higher at $4.85',., POTATO MARKET. CHICAGO, July 26 (#).—United | States Department of Agriculture—Po- | tatoes—Receipts, 82 cars: on track, 266 ; total U. S. shipments, 528 cars; Kansas and Mi: blers, 1.90 to shade higher: t Sh | b 1, Irish Cobblers, ver fancy Virginia, y few sales, ey Money to Loan ecared by first decd of trust on real estate, Tevailing inferint and” comminion, Joseph 1. Weller £, W: SERLE Wall Street Briefs By the Associated Press. The plan of exchange for acquisition of Columbus Electric & Power Co. stock | by the Commonwealth and Southern Corporation has been declared opera- | tive. Net operating income of 22 railroads in June totaled $42,771.891, compared with $37,318,315 in the same month of 1928. ‘The New York Stock Exchangé has admitted to trading the 348,000 no par outstanding common shates of Camp- bell, Wyant & Cannon Foundry Co., largest producer of motor blocks for automobiles. The compamy’s plant is in Muskegon, Mich. The gold movement at New York during the week ended yesterday shows total imports of $5,056,000, practically all from Argentina, and exports of $276,000, to Java and Mexico, the Fed- eral rve Bank reports. There was no change in gold earmarked for for- eign account. E. C. Faustmann, formerly vice pres- ident, has been elected president of the Royal Typewriter Co. succeeding G. E. Smith, resigned. The W. B. Foshay Co. of Minnea- ‘polis, through its utility operating sub- sidiary, the Public Utilities Consolidated Corporation, has bought the California & Nevada Telephone Co. of Kingham, Ariz., serving Mid-Western Arizona and parts of Southern Nevada and Eastern California. Directors of the General Cigar Co. have authorized sale of 81514 shares of stock at $60 a share to common stockholders of record August 5 in the ratio of one for five. Funds received from the offering will be used to reduce bank loans and to increase working capital. The -rights are worth about $1.50 each. A. 8. Lipman, president of National Family Stores, 68% 124% + % 3% 51% 16 27% 118 50% 46% 92% Inc., states that negotia- tions are under way for the acquisi- tion of several other department store chains, but that further details would be withheld until the negotiations were’ closed. A new store will be opened September 15 in Birmingham, Ala., Mr. Lipman states. Current earnings on the common stock are running at the common. after the payment of ) 1 dividends, - it annual rate of over $4 a share on t.hei CREDIT SITUATION IS STILL IN DOUBT Epecial Dispatch to The Star. NEW YORK, July 26.—The difficulty that brokers had yesterday in obtaining call money and the rise that took place in- the rate turned Wall Street's at- tention again to the curious credit sit- uation that is shaping in a way quite contrary to the best banking opinion of a few weeks ago. Studies of the course of mioney rates in other years indicate that the low average of the Summer is reached on July 22. On that day, Tuesday, the re- newal figure was 7 per cent after hav- ing been as high the week previous as 12 per cent and 15 per cent on July 21. Time money bas been slowly advanc- ing until now all maturities are quoted at 8 per cent. Early in July they were 7', per cent, with expectations of an even better basis this month for bor- rowers, The interior banks are drawing down their New York balance to accommo- date their local requirements. The general demands of a very active busi- ness. period already have caused a sharp increase in commercial loans. These are likely to go on expanding. And there is no sign that the require- ments of the speculative markets W‘Jl'g‘tu’:nnnl QI'N Jersey 55 194 contract. The averages of both industrials and rails on the New York Stock Exchange have overtopped those of other months. There has been a tremendous specula- tion in public utility shares on the New York Curb Market, which has com- pelled much new borrowing. This has also led to an expansion in trading in markets in interior. Offsetting to some extent the con- sequences of high money rates in New York is the fact that no change oc- curred There have been intimations that it would be lifted to 62 per cent as a protective measure. The statement of this institution revealed in gold, nearly $25,000,000, since last Thursday, with the reserve ratio down from 43.8 per cent to 38.7 per cent. Three weeks ago it dropped as low as 33 per cent. On account of its serious effect on British trade every effort will be made to hold the English bank rate at the . It is confidently be- in the Bank of England rate of | Rome. discount, which remains at 51; per cent. | % adri a large loss |4 | although she is in a position to draw | gold in large amounts at will frora both London and New York. One significant phase of the brokers’ loan expansion this month is that it has occurred in spite of the fact that the volume of new financing by bonds | and stocks has been of small propor- tions. Aside from the taking up of rights to subscribe to new stock issues the actual offerings of securities to the | public have been more limited than in many months. SHORT-TERM SECURITIES, (Reporied by J. & W. Seligman & Co. id. Offer. Allis-Chalmers Co. 5s 1937 Aluminum Co. of A Beli Tel. of Canada Celifornia Pet. Corp. $'.s Canadian Nat. Rwy. 4'.s Canadian Nor. Rwy. 4 Chesa. & Oh 10 RwS. 4 Chicago Rock Island 4 1938 1930 0. 947 Sinclair Crude Oil Co. 5125 1938 101 * 10: & So. Ry. 43 1920 98%, St. L Southwestern Ry. 4s 1932 95 Swift'& Co. 55 1932. s FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gcld Selling checks valie (or par). London, pound. 48085 &l D Stockholm, erown TREASURY CERTIFICATES. i First Mortgage Loans i Fair Rates of Interest i J. LEO KOLB 923 N. Y. Ave. Dis. 5927 7% First Trust Notes On D. C. Property Excellent Security 1416 Eye St. N.W. Nat'l 8954, Invest Your July Dividends in Guaranty First Mortgage Notes and Bonds 6% 6% N Send for Booklet, “The Success Plan” REALESTATE MORTGAGE & GUARANTY CorPORATION Make your July divi cheed? JuL Rty dividend place them in these high type investments that pay sou 6%, zeal s with absolute Guaranty Notes and Bonds are secured on in- come-producing properties in Washington and its suburbs, You ean purchase these sound securities on con- venient monthly payments. (Reported by J. & W. Seligman & Co) Rate—-Maturity, Bid. 2.5 Sepl. 13, 1929 4Ves Sept. 1. Dec. bankers here that France will do nothing to disturb the equilib- rium of the ‘xope-n money markets, i . 19 15, 19 192t 1930 1932. 932 “Capita! Resources $ 3,400,000 24 JACKSON PLACE