Evening Star Newspaper, September 25, 1929, Page 10

10 el - FINANCIAL. "M THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, SEPTEMBER 25, 1929. 2 FINANCIAL. _— NEW STOCK OFFER TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE | REACTIONINSTOCK Stock ana Salen— “prev. Stock and Bales— -Prev Dividend Rate. Add 00 High Dividend Rate. Add 00 High. Low Close Close . 4 101% Skelly O11 (2)....... 46 40% 404 40% 40% Stock and Sales— Dividend Rate. Add 00 High. Crown Cork & Seal. . Crucible Steel ¢5), .. Prev | —Prev. 1929~ igh. Additional Funds to Be Usedi for Extension of Plant Facilities. BY EDWARD C. STONE. 96 84% Adams Exp pf (5). 750 389 Adam 35% 27% Ada 104% 15 Aa 19 33 a Lead..... 4% ' 218% 954 Alr Reductn (14%).. 48% 86 Alr WalEl Ap(2%). Rubber. ka Junea 12 Albany P W Paper.. 5614 27% Alleghany Corp.. 118% 994 Alleg Corp pf (5%). 18% 100% Alleg C pf rets(5%). i 1 Local holders of stock in the North| “ggit “goue Alleg C pf (5% )xw. . American Co., which holds a large block hington Railway & Electric stock, ‘),lfnyg“rece?ved notices that the North American Co. is offering common stock- holders of record October 17 rights on the basis of 1 common share at $100 for every 10 shares held. The rights will| expire November 15. Based on the re- cent price of North American common around 170, the rights are worth about $6.36 a share. - Payment for the new stock may be made either in fuil on November 15, or in four installments on or before No- vember 15, 1929; January 2, 1930; April 1, 1930, and July 1, 1930. This is the first time since 1921 that the North American Co. has offered common stock for subscription. F. L. Dame, president, states there is no intention of changing the policy of paying dividends on the common stock in common stock at the rate of 2! per cent quarterly, in effect since 1923. Regarding the employment of the ad- ditional capital to be received from the sale of stock, Mr. Dame says: “The sub- sidiaries have undertaken programs for important extensions to their plants and systems, and due to the conditions which have for some time prevailed in | 2791, 1471 Am Mach & Fdy(15) the long-term bond market, it is deemed advisable for sthe parent company to furnish the greater part of the addi- tional capital required in the near future.” Advertising Firms in Merger. P. Romer, president of Samson Serv- ice, located in the Printcraft Building, announces that his firm has merged its advertising business with that of the Thomsen-Ellis Co. of Baltimore, under which name the expanded business will operate. B ‘The new corporation will have offices in Washington, Baltimore and New York. Mr. Romer has for years held to the idea that, with the trade infor- mation cbtainable through the Depart- ments of the Interior, Agriculture and Commerce, Washington was the logical source of advertising guidance for the manufacturers of America. His firm has done a good business in the past, and the consolidated concern expects rapidly to extend its business in the ad- vertising field. Commercial Employes Rewarded. The Commercial National Bank made its annual award yesterday of prizes to employes who have suc- cessfully completed courses offered by Washington Chapter, American In- stitute of Banking. Besides paying membership dues of employes in the chapter, the bank also rewards those who are successful students with cash prizes of $25 for elementary and $50 for standard courses. Employes _receiving awards were Claude B. Novarro, completing both standard and pre-standard courses, who got $75; Herman O. Corder, Eu- gene B. Glenn, A. C. Harrls, George W. Hurst, L. B. Rouche and Homer G. Smith, standard courses, who were awarded $50 eech. and Thelma L. Courtney. Robert W. Crandall, Har- old F. Hair and G. F. Single. pre- standard courses, who received $25 each. In addition to the prizes, & number of refunds were made for tuition for post-graduate courses and dues for at- tendance at the required number of classes. President R. Golden Donald- son distributed the prizes. New Stock Shows Advances. The stock of the Southern Corpora- tion. an investment corporation of the general management type with its home office in Washington, has recently scored steady gains. The company started in business two months ago with a_public offering of common stock at $11_a share, made by W. W. Lanahan & Co., of Baltimore, and Perot Adair & Co. of Washington, The stock is listed on the New York Curb, It closed last night at 19 and the low for the year on the curb is 14%4. N. & W. Earnings Reveal Gains. The Norfolk & Western Railway Co. reports for eight months ended August | 354% 241 31, 1929, net income of $25,556,673 aft- er taxes and charges, equivalent after allowing for eight months’ dividend re- quirement on 4 per cent preferred stock to $17.76 a share on 1,404,637 shares of common stock. This com- pares with $16,940,366, or $11.62 a share on the common stock in first eight months of previous year. The N. & W. directors have declared the regular quarterly dividend of $1 on adjustment preferred, payable Novem- ber 19 to stock of record October 31. Seaboard Bonds Deposited. ‘The adjustment bondholders’ com- mittee report that $21,638,000 of the Seaboard Air Line Railway 5 per cent bonds, or more than 86 per cent of the outstanding $25,000,000 issue, have been deposited. L. R. Powell, president of the com- pany, said that September traffic so far had shown an appreciable gain over last year. A Local Market Remains Firm. ‘Today's trading on the Washington Stock Exchange was much the same as that of yesterday. Another single share of Riggs National Bank stock sold at 612. Capital Traction opened with 20 shares selling ex-dividend at 917, fol- lowed by a 40-share lot changing hands at 91'5, the same as yesterday's clos- ing quotation. 85% 80 Alleg pfrec 5% xw.. Allied Ch & Dye (6). 330 166 Allis-Chalm MY (7).. 42% 2214 Amerada Corp (2)... 23% 104 Am Agricul Chem 73% 388% Am Agricui Ch pf. 155 110 Am Bank Note (13) 76% 40% Am Bosch Magneto.. 62 45 Am Brake Shoe 2.40. 34% 15% Am Brown Bov Elec. 50 1844 107% Am Can (4).. 558 142 136'% AmCanpf (7).... 3 106% 92 Am Car & Fdy (6) 13 120 113% AmCar& Fof(T)... 3 89% 704 Am Chainpf (T).... 2 81% 46% Am Chicle (2)...... 13 55 4214 Am Com Alc (k1.60). 12 47% 23% Am Encaygt Ti1 (2). 3 9814 821 Am European Sec. 16 199% 75% Am & For Power.... 944 igg% 104 Am&ForPwof (7). b 24% Am Hawatian (1)... 6 Am Hide & Leather. 30% Am Hide & Lea pf. 64 Am Home Pra (: 38 Am Ice (13) 89% Am Ice pf (6). 5215 Am Internat (12) 4% Am La F & Foamit 136 102% Am Locomotive (8). 81% B0 Am Metal (3)....... 113% Am Metal pf (6). 3% Am Piano o 3 8114 Am Pow & Lt (11)... 53 98% Am Pow & Lt pf (6), 2 55% 40 Am Ra&Std San 1%. 64% 31 Am Republics 9 wuBexafi-Rawmate 130% 93' Am Sm & Ref (4). 138 130 Am Sm & Ref of (7). 49 43% Am Snuff (3)....... 9% 656 Am Steel Fdy (3). 85 65 Am Stores (2).. 94% T1's Am Sugar Rfg (5). 3274 17 Am Tel & Ca (5) 310% 193% Am Tel & Tel 19). 205 160 Am Tobacco (8).. 205 160% Am Tobacco B (8) 121% 115 Am Tobacco pf (6).. 3 181 136 Am Type Fdry (8)... 6 194 674 Am Water Wks (c1). 96 27% 15 Am Woolen. 58% 36'% Am Woolen p! 164 9 Am Writ Pape 49% 195 Am Zinc Ld&Sm 111% 90's Am Zinc pt (6) 140 99 Anaconda Copr 7). 62% Anaconda W&C (3).. 43 Anchor Cap 12.40)... 44% Andes Copper (3)... 29 Archer-Dan-M (2). 10% Armour Il (A)... 55 Armour Il (B).... 70% Armour Il pf (7)... 19 Arnold Constabl 26% Art Metal (134).. 47'% Asso Appl Ind (4) Atch T&SF pf (5)... Atl Coast Line (110). 3214 AtIG & W Ind . 45% At1G& W L pf (4).. 2 Atlas Powder (4)... 10% Atlas Tack. . 221 Auburn Auto (§4)... 5114 Austrian Cred (4.49) 851 22 AULOSRIES......,.... 4574 36'% Autosalespf (3).... 50 394 Auto-Strop Raz (3) 20 12% Aviation Corp. Del 665 59% Baldwin Loco (new). 91 145 115% Baltimore & Oho (7). 97 90% 64's Bang & Aroos (3%). 29% 7 Barnet Lea 49% 33% Barnsdall (12). 20 BeaconOfl..... 934 Beatrice Cream (4). 9 Belding-Heminway.. 104% 75% Bendix Aviation (2). 262 123% 75% Best&Co(3)....... 24 140% 82 Bethlehem Steel (6). 714 128 116% Bethlehem Stpf (7). 3 61% 42% Bloomingdale Bros. . 136% 110% Bohn Alumn&B (15). 89'3 178% Bon AmlA (15)..... 11% 6 Booth Fisheries 8314 Borden Co (3).... 70% Borg Warner (4). 85 Boston & Main 273% Briggs Mfg. 5 431 35% Briggs&Stratton(2). 138% 116% Bristol Myers(14%). 6% 3% British Empire Steel 13% 5% British Em Stl 2d pf. 13% 36 Brockway M T (3) 81% 57% Bklyn-Manhat (4) 92% 79 Bklyn-Man pf (6)... 12% 9 Brooklyn & Queens. 51t 38% Brown Shoe (23%) b5% 35% Bruns-Balk-Col(3).. 44% 14% Bruns Ter& Ry S... 42% 25% Bucyrus Erie (1). 38t Bucyruscv pf (234). 42 Buliard Co (12). 94 Burns BrosA (8)... 62% Burr Add Ma (1.80). 3% Butte Copper & Zinc. Superior (2) 72% Cajif Packing (4) 1% Callahan Zinc & L. 123 Calumet & Ariz (1 36% Calumet & Hecla(4). 43 Campbell Wyant (2). Canada Dry G A (5). Canadian Pac (10).. Cannon Mills (2.80) Case (JI) (6). Celotex (3)......... Cent Aguirre As 1%. 40% Cent Alloy Steel (2). 88% Cerro de Pasco (6).. 161 Certain-teed Prod. .. 80% 71% Checker Cab Mfg Co. Potomac Electric Power 6 per cent| 279% 195 Ches & Ohio (10).... preferred sold at 11214 and 112 and the 5}, per cent issue registered 106. Chevy Chase Dairy preferred came out at 107),. Federal American Co. com- mon opened at 44 and closed at 437%. Lanston Monotype moved at 130 and Mergenthaler Linotype figured in three 10-share sales, ex-dividend, at 1033 Woodward & Lothrop preferred, which rarely appears on the board, registered a small sale at 107 and another 15- share sale at 108. Bonds were in moderate demand, City & Surburban 55 moved at 83, Washing- ton Gas, series A bonds moved around 10172 and the B bonds sold at 103. Rail- way & Electric 4s came out at 82. There was a $3,000 transfer in Barber & Ross 6125 at 9415, Heard in Financial District. ‘The stockholders of the Bank of Commerce & Savings will hold their annual meeting in Alexandria tomor- row, the local charter. Myles H. Quail of Y. E. Booker & Co. has returned to his office from an ex- tended vacation motor trip through New England. 92 79 Chesapeake Corp (3) 19% 26% 23% 63% 44% eee 68% 46'4 Chi M1l St P&Pac pf. 108% 80% Chi&N W (4)...... 47% 28% Chi Pneu Tool....... 61% 48% Chi Pneu T pf (3%). 143% 115 ' Chi R 1 & Pac (7).... 102% 98% Chi R1& Pacpf (6). 108% 105% Chi R 1 & Pac pf (7). 75% 44% Childs Co (2.40).. 135 61's Chrysler Corp (3).. 2% City Ice & F (3.60).. i T2% BT 2% 8% 135 137% b53% Col Gas & El (2). 103% Col Gas & El pf A 6) . nr holding a Virginia| 1% 86 ColGas& EiptB () % 55% Columb Graph(87c). 494 62% 70% 61 Col Graph rcts(87e). 4 60 257% 121% Columb Carbon 14% . 143 267 62% — 55 49% 51% i 15 48% Local boardrooms were crowded with | 212! 131)a Com) Inv Trust 134). 94 208 customers at the opening of the New York stock markej today. The sharp break late yesterday caused unusually keen interest in today's market. The recent advance in Woolworth stock. to above 103 placed the company in the billion-dollar-valuation class for the first time. With 9,750,000 shares of capital stock issued, the price of 1037% represented a total market valuation of $1,012,781,250. Holders of certain Potomac Electric Power 6 per cent mortgage :old bonds, series B, should bear in mind that 000 of these bonds have been cal redemption on October 1 at 107'2. The company is redeeming this small block of bonds out of the sinking fund. No- tices have already been sent to holders of the particular numbers which are eing called. Increased facilities in steamship re- frigeration has effected a marked in- crease in the shipment of food from the United States to the Orient. - 69% 27% Com Inv Trst war... 91 Com Inv Tr pt(6%). 700 255\! Com Solvents (h8).. 246 107% Comwlth Power (4) 3b% 19% Congoleum-Nairn. 92% 67 Cong Cigars '15%) 50 Consol RR Cub pf(6) Textil 8% Contl Baking B 88% Contl Baking pf (8). Contl Bank NY 1.20. Contl Can (2%). ... 79 Contl Insurance (2) 13 Contl Motors (80¢c) 28% Contl Ofl of Del. 82 Corn Prod (13%).. 50% Coty Ine (g3) 22% Crex Carpet 83 Crossley Radio (1). 59 114% 41 52w 1 28 6 96% 1324 133'% Cuba Cane Sugar. Cuba Cane Sug Cuba C Cuban-Amer Suga: 12 Publish pf(7) 2 Aero(1).... 11 1iss Wright Corp 401 L‘ur: Wright Corp A. Davison Chem...... 178 53 Delaware & Hud (9). 84 214% Del Lack & W (7)., 11 154% Denv& RG W of. 3 66% Detroit Edison (8).. Devne & Ray A (13) Dome M1 Dominion Strs( Drug Corpn (4). Dunhiil Inter (3 11 50 Du Pont de N(14%). 145 201 Dupont @ N deb (6).. 29 118 Duguesne 1st pf (6). 1 10" Durham Hosfery. 2 4% Eastern Rolling MiL. 11 Kastman Kodak(18). 90 Eaton Axle &S (3).. 10 Eltingon-Sch (2%).. 3 Eitingon pf (6% ) Elec Auto Lite «6 El Pwr & Lt of (7). Elec Stor Bat (5). Emmerson-Braot A. Endicott-John (5) Eng Pub Serv (11).. Eng Pub Sve pf (5).. Eng Pub Sve uf (5% ) Equitable Bldg(2%) ErfORR...ccc00ees Erle R R 1st pf (4).. Erie R R 2d pf (4)... Fureka Vac Cl (4)... Evans Auto L(12%). Fairbanks Mors Fasn Pk Asso(k2% ). Ked Lt & Tre ($1%). Fed Water Serv A Filenes (ctfs Fleischmann (14) Florsheim Shoe A Follansbee (12% ) Foster Wheeler (1). Fost Wheeler pt (7). Foundation Co..... Fox Film A (4). Freenort-Texa Fuller pr pf Gabriel Snub A. Gardner Motor. Gen Am Tnk Car(34) Gen Asphalt Gen Cable. ... Gen Cable A (4). Gen Clgar (4). Gen Electric (16)... Gen Elec spec (60c). Gen'l Food Corpn (3) Gen Gas&El A (e13%4) Gen Mills (13%). Gen Mills pf (6).. Gen Motors (13.30). Gen Motors pf (7)... Gen Outd Adv A (4). Gen Outd Ad vte (2). Gen Public Serv(b§) Gen Ry Signal (5) Gen Refrac (14). Gimbel Bros pf (7)., Gillette Safety R (5) Glidden Co (m2).. Gobel (Adolf). . Gold Dust (2%).. Gold Dust pf () Goodrich BF (4). Goodyear Tire (5)... Gotham Stk H (2%) Gould Coupler...... Graham-Pai Graham-Paige ¢ Granby Copper (8).. Grand Stores (1).... Grand Unlon. ... Grand Union pf (3). ranite City Stl (3) rant W T (1).....0 Grt North pf (5).... Grt North pfet (5).. Grt Nor Ore (a1%).. Grt West Sug (2.80). Greene Can Cop (8) Grisgby Grunow Co Gulf Sta Steel (4) Hahn Dept Stores. .. Hahn Dept 8 pf(6%) Hartman A (2)...... Hartman B (1.20)... Havana Elec Ry Hawallan Pine (2) Hayes Body b8 % stk Hershey Chocolate. . Hershey Choe of (4). HO00 (R) &C0..0utue Holland Furn (e2%). Hollander & Son Homestake Min Houd T Househld Fin pf 3.1 Household Prd (4). Houston Oil.. . Howe Sound (t4%). Hudson & Man (2%). Hudson Motor (5)... 6 Hupp Motor (£2). i.. 100 Illinots Central (7)., 15 Illinois Cent pf (6).. Independ Of1 & G (2) Indian Motor Cycl; Indian Refining. Indlan Refining Industrial Rayon. Ingersol Rand ( Inland Steel (3%) Inspiration (4). Interboro Rap Tran. Intercontinental Rub Intl Agricultural.... Iml Agriprpf (... 1 Intl Business M (6).. 10 Intl Cement (4)..... 11 Intl Comb Eng (2).. 306 Iotl Cmb Eng pf (1). 2 Intl Harvester (3%). 92 Intl Harv pf (7) 2 1 int Hydro El A Intl Match pf (3.20) Int Mer Marine etfs. Int Nickel of Can(1 Int] Pap’& P A(2.40). Intl Pap & Pwr B. Intl Pap & Pwr C. Intl Pap & Pwr pf(7) Intl Print Ink (2%).. 11 Int Shoe (2%4)...... _3 Int Tel & Teleg (2). Inter Dept St (2). Intertype (f11%) Investors Equity(2). Island Creek Coal(4) Jewel Tea (3). Johns-Manvill Jordan Motor Car. K- Kan City Sou (5).... Kaufmann DS (1%) Kayser Julius (4)... Keith-Albee-O pf (7) Kennecott (5).. Kimberly Clrk(2%).. 1),.eer 3 Kreuger & Tol(1.34). 142 Kroger Gr&Bak(c 114 Lambert Co (8).. Lee Rubber & Tire. . Leh Port Cem (2%). Lehigh Valley (3%). Lehigh Valley Coal.. Val Coal pf (3) Lehn & Fink (3). Liggett & My B (16 Liggett & My of (7). Lima Locomotiv: Link Belt (2.60) Liq Carbonie (14%). Loew's Ine ($)...... Lorillard (P) Co.... Loutsiana Oll....... LouG & EI A (1%) McKeesport T P (4). 45% ‘McKesson & Rob (3) lec Supply. ... Elev mod (d5). Man Shirt 12)....... Maracaiho Oll Exp. . Market St Ry pr pf.. Marlin Rock (13%).. Marmon Motor «4).. Mathfeson Alk (e2). May Dept Stra (4) Maytag Co (13)...., Maytag Co pf (3). iviile Shoe (1.40). Midland Stl pf(12). Minn & St Louts Minn Moline Pwr. MStP&SSM Mo Kan & Texa Missouri Pacific. Missouri Pac pf (5). Mohawk Carpet 128 Mont Ward (2%)... Moon Motors. Morrell J ¢ Mother Lode (40 Murrav Corp 1a3). .. Myer(FE)& Bro (3). 4 Nash Motors (§) Nat Acme (1%). Natl Bella Hess(11)., Nat Biscult (17%).. 48 201% 195% Natl Cash Reg A (14) 209 135 Natl Radiator... % Natl Radiator pf.... Natl Rys Mex 2d pf.. Supply (18). ada Copper (3).. 150 wport Co A (3)... 54 Newton Steel (3).... 1 N ¥ Central (8)..... 2 N Y Chi & StL (6) N Y Dock. NY NH & 5. NYNH&HDpf (7). NYOnt& Norfolk&Wstn(110). 20 North Am(b10%stk) 160 North Am pf (3).... North Am Ed pf (6). Nor Ger Lloyd(3.41). Northern P'ac (5). North Pacet (5).... 1047 —_——— Ofl Well Supply..... Owens 111 Glass (4). PacificGas& E (3).. 55 Pacific Lighting (3). 80 % Packard Motor(30c). 412 Pan-Am Petroleum.. 30 -Am P amount: Park & Tliford Park Utah. Penn Dixie Cement. . Pennsylvania RR(4) Pere Marquette (18), Phelps Dodge (3). Phila Co 6% pf (3) Phila& Read C&1.. Philip Morris (1) Phillips Pete (1% Phoenix Hosfery Plerce-Arrow A. Pierce O1l. Pierce Ofl pf. Plerce Petroleum. Pillsbury F1 (123). Pirelli Co A (2.38) Pittsburgh Coal Poor & Co (12). P Rican Am To (B) Postal Tel & C pf(1). Prairle O &G (2%).. Prairie Pipe L t43.. Pub Sve NJ (2. Pub Sve'NJ pf (5) Pub Sve NJ pf 16) Pub Sve NJ pf (7) Pullman Corp (4)... Punta Alegre Sugar. Pure Oll (1%) . Purity Bakerles (4) Radlo Corp. .. Radio pf A (3% Radio pt B (5) Radio-Keith-Orpi Railway & Exp (2).. Raybestos Manhatn. Reading (4).. Real Silk (5)... Rels (R) & Co. Remington-Ran Reming-Rnd 2d (8 Reo Motors (1. Rep Brass Corp. Rep Brass A (4) Rep Iron & Stl (4) Reynolds Sprine. ... hfield O11 Rio Grande Ofl (k2) Ritter Dental (2% ) Rosaia Ins (2 20). 16 Royal Dutch (a3.20), 212 Rutland pt Safeway Stores (3).. St Joseph Lead (13). St L-San Fran (3) St L Southwestern St L Southwn pf ( Savage Arms (2). Seagrave (e1.20).... Sears Roebek (32%). Seneca Copper. Servel Ine... . Sharp & Do pf (3%). Sharon Steel H (2).. Shattuck (F G) (1) Shell Union (1.40)... Shubert Theater (5). Simmons Co (3) 4 Simms Pet (1.60)... Sinclairofl (12%) 20% Oliver Farm Equi 10 39 Spencer Splegel- Stand G Sterling Sterling Stewart Stone & Studeba Sun 0il1 [3 ‘Texas P: Timken Scivay Am Inpf §%. 107% 107% % | So Porto R Sug t3%. 35 35 Southern Cal Ed (2). 135 84 86 Southern Dairies A.. 4% 8 Southern Pacific (¢ 144% n Rwy (8 2 156 'n Ry pf(§ 96% ‘halfant . 40% 63 53 Kelg(160).. Spicer Mfg.... Spicer Mg pf (3. Mav-8t (3). Stand Brands (1%). 668 Std Brands pf(7).... 2 Stand Com Tob (1).. 9 Stand Gas & El (3%) llg 2 & Eptf(4).. Stand O N ¥ (1 Sec (A). Sec pf 11.20, Warrt(J3%). Webster, ker (15). Submarine Boat. (®1). Superior Oil. Superdor Steel...... Sweets of Amer (1).. Symington A. ...... Telautograph (1). C & O (b6) ac Land Tr.. Tide Water Asso.... Tide Wat Asso pf(6) Tide Water Ofl(80¢). Tide Water Ofl pf(5) Timkn Det Axle 180c Reller (3).. 123'% 12 ‘Tobacco Prod 1.40. .. 5% 7 ‘Tob Pro d ctfs 1.4 3014 Tobacco Pr A ( 46% 1 Tob Pro 176% Tob Pros 65 Transco Trans: Twin CI Underw. Union B: Utd Cgr Utd Cory Utd Cor Utd Fru! U 8 Zxp. Lea Lea cccacace u ca wARNBRLDDR NN AN acq Vadsco Wabash alwor Warn Bi Warren Warren Wess O Wi Wi W W Wi casn Pasments ‘based iaration. hald ¢ 35 36% 3b6% Foitis 1% ‘in sioek. ffl“l 8% In stock. [} 3 dorf Systm (1%) nit ot ing, n Stock Bfunrss"h Dreterr s year—no rey d etfs A 1.40 d dv ctfs C.. ntinental. & W (1) Trico Prod (2%).... Truscon Steel(£1.0). ty Rp T (4). U- -El-Fisht4), 34 ag & Paper.. 6 Union Carbide(2.60). 295 Union Ol Calif (2).. 29 Union Pacifie (10) Unfon Pacific pf (4 Utd Afrcraft&Tran Utd Alrcraft&T pf 3 Utd Biscult (1.60)... United Carbo: . Utd Cigar Storea(1). Stor ctfs(1) ‘poration. 219 P PL(3)..... Utd Electric Coal(3) it (ed). . Utd Gas & Imp (1) Utd Gas & Imp pf¢ Utd Piece Dye Wk U 8 Distributing U S Distrib pf (7). ress. ... S & Foreign Sec: & For Sec pf(§) Freight (3). Hoffman (4) Alco (6) Leather... ther A (4)... ther pr pf(7) Pipe & Fdry (2). Pipe 2d pf (1.20) Rubber 15t pf. .. Smelt Ref (3%4). Smelt Ref pf 3% MARKET S ALTED Rally in Last Hour Stops Decline, With Closing Tone Steady. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, September 25.—The re- action in stock prices continued today with most of the leaders touching new lows on the current decline. High- priced specialties and Public Utilities broke five to nearly 20 points, with scores of other issues down 2 to 4 poinis below yesterday's final quotations. Oper- ators for the advance made several ef- forts to bring about a general rally, b\lat thetherla forced to abandon their plans when large offerings of popular Stocks poured into the mazket, © ¥ Call money renewed at 8 per_ cent, advanced to 9 and thence to 10, to the accompaniment of a heavy calling of loans. The stringency was believed tc be due, in part, to the withdrawal of foreign balances in anticipation of an increase from 5!, to 62 per cent in the Bank of England discount rate tomorrow. Time money ruled firm at 9 to 9% per cent. Supporting orders and short cover- ing stopped the decline in the last hour. United States Steel rallied more than 5 points from its low, and American & Foreign Power regained 8. Many other active issues recovered 3 to ‘6 points of their earlier losses. Houston Ofl showed exceptional strength, touching 90. or 715 points above the previous close. The close was steady. See Market Correction. ‘While Wall Street found several pegs on which to hang the deeline, such as the tight credit situation, the falling off in automobile output, the recession in steel mill activity and prospects of a higher London bank rate, many experi- enced observers held to the opinion that the decline represented a belated cor- rfcfiun of a top-heavy speculative posi- tion. ‘While most margin accounts were in strong condition at the peak of the advance about three weeks ago, the recent decline, which has carried several of the leading stocks down 25 to 75 points below the year’s high level, has impaired these accounts, and has re- sulted in some forced liquidation. ‘Withdrawal ot pool and banking sup- port has resulted in a very thin market for many high-priced issues, with the result that offerings “at the market” have resulted in some rather precipi- tous declines. United States Steel com- mon, which sold as high as 2413 yes- terday and established a new high of 26134 carlier in the month, sold down more than 5 points below last night's close to 226': before it encountered effective buving support. Other steeis reacted in sympathy. The Iron Age Review pointed out that.“evi- dences of price weakness have accu- mulated as steel production has de- clined, but again emphasizss the strong railroad demand.” Commercial solvents, which touched 700 only a few days ago, broke nearly 20 points to 620';. Johns Manville dropped 13 points, Westinghouse Elec- tric 11, American & Foreign Power 10!; and Air Reduction 103g. Opening Irregularly Higher. Prices moved irregularly higher at the opening. Columbia Gas opened with a block of 5,000 shares at 134!, up 31, and Radio showed an opening gain of 2! points. Initial gains of & point or so were recorded by Public s ; Service of New Jersey, Pacific Lighting, Univ Leaf Tob Univ Pipe & Ra Ul Pwr&Lt A Sal Vanadium (14) Van Raalte i £ Vick Chemical(2%). 17 9% Virginia-Car Chem.. Virginia-Car 6% of.. th (1.20) Ward Baking B. Ward Baking pf (7). Warners Bros P 133 r P pf(2.20). Bros (15)... Fdry & Pipe Webster-Eisenlohr. . Wess Oll & Snow(2). & Sn pt (4).. Westvaco Chlor (2). Wextark Radio (e2). Wheeling & L Erie. . White Eagle O11 (2). White Motor (1).... White Rock M S (3). White Sewing Mach. White Sw Mch pf(4) Wilcox Ol & Ga: Wilcox Rich(A)2 Woolworth (2.40). Worthington Pump.. 4 Worth Pump B (6).. 49 Wrigley Wm (4) Yale & Towne (4)... Yellow Truck & C. Young Spring (3). Young Sheet & T (. Zenith Radio (2).... RIGHTS EXPIRE Am Com Ale..Oct ¢ Am Tobacco..Oct 1 Bethlehem Steel rts. 12 Sales of Stocks on New York Exchange. 566,800 12:00 Noon. R «eess 3,465,800 ividend rates as given in_the &bo ve table are on the iatest quarterly or balf vearly dec: less than 100 shares. tPartiy extra ed i 1Plus "1 B otk ular b in . 3 stock. " d¥aable VHhen eituca, h :"’:‘5-: '.;E"'.'wig stock. & Plus 6% in tocl kPlus 3% n stock e Wall Street Briefs By the Associated Press. The net operating' income of the Pere Marquette Rallroad for August amounted to $1,455,007, compared with $1,446,980 in August, 1928, The American Sugar Refining Co. to- morrow will advance the price of re- fined sugar from 5.45 cents to 5.5 cents a pound. tioh Corporation hive hecn geanted. an ra ave 'n grant an extension of time to October 31 in which to.exchange their shares into mcxmo't th:dAm Corporation, re- cen! lorme ‘comj . Stockholders of -the Dor %hemml Co. of Detroit have approved an in- crease in the authorized common stock from 200,000 to 1,000,000 no par shares and the issuance of four additional shares for each share held. An offering of 183,328 shares of com- mon stock of the Boston Herald-Trav- eler Corporation was issued today for public subscription. The stock will be priced at $39.50 a share. The corpora- tion was formed recently and acquired th. International Power & Paper Co.’s interest in the Herald-Traveler. The first public offering of. stock of the Community Water Service Co, a tion, will be made today, of 200,000 shares of no par stock will be placed on ‘the market at $15 a share. ork, Penn- Tllinois. Directors of the Columbia Investing Corporation,”at the request of some of the large iders of * preferred stock, (5 col al upon out- .n::gln( preferred right t:"’collvert into common shares at a ratio of 4! to 1. The Central Alloy Steel Corporation St ot tie ey fvnace 0] new ni ce ab'its Canton works. past week decreased more than 2 per cent from the preceding week to about per cent of rated capacity, it was reported yesterday, while during the same week last year production moved up 5 per cent to 85 per cent of rated capacity. The industry as a whole is now averaging about 82 per cent, com- pared with 841, per cent last week and 86 per cent two weeks ago. l'lxl‘ne National snln-t mm. !lnc..‘ soon wi begin gradual ref 'ment of e eferred stock, of which there are ,600 shares outstanding. Directors of the Safeguard Check Writer Corporation of Lansdale, Pa., have approved the purchase of the busi- ness of the Hercules Check Certifier Co. J. W. Watters, formerly president 8 the New York Air Brake Co., has been elected president of the Marion Steam Shovel Co. of Marion, Ohio. He will take over his new duties October 1. Matthew C. Brush, head of the Ameri- can International Corporation, and Mr, ‘Watters ‘were elected to ‘the board of directors. 1 3 North ~ American, Montgomery Ward, United States Steel common and Union Carbide. Atchison, Westinghouse Elec- tric and American Rolling Mills de- clined a point or so. Failure of a London brokerage firm and cabled reports that the London bank rate would be increased on Thurs- day, coupled with the weak technical condition disclosed in yesterday's late slling. caused widespread uneasiness, { particularly on the part of traders who have been trying to “catch the turn” 66% | for the past two weeks. As usual, in 90 tes of sharply declining markets, fi:’;w’all Street 2150 began to hear rumors . f individual operators in trouble, but { these lacked confirmation. ! 'wo favorable trade developments were announced overnight, the sharp increase in freight car loadings in the first week of September and the drop of more than 40,000 barrels in the daily average of crude oil production report- ted by the American Petroleum Insti- tute. Wall Street also heard reports of special dividend and merger develop- ments this week. Other Losses. Otis Elevator dropped 4 points, Corn Products 2';, and Johns Manville, At- chison and National Dairy Products yielded 2 points or more in the first outburst of selling. Declines of a point or more were registered by Bethlehem Steel, Anaconda, Commercial Credit, American Tobacco B and Soufhern Pa- cific. Renewed weakness cropped out in the aviation group, with Bendix and Curtiss-Wright sinking to new low levels for the year. ‘There were a few independent strong spots. Simmons Co. quickly ran up 4! points and Columbia Gas extended its gain to 5%. PRICES ON PARIS BOURSE. . PARIS, September 25 (#).—Prices were easy on_the Bourse today: 3 per cent rentes, 78 francs 75 centimes: 5 per cent loan, 105 francs 40 centimes. } Exchange on London, 123 francs 87 centimes. The dollar was quoted at 25 francs 5312 centimes. { — —_ FOREIGN EXCHANGE. (Quotations furnished by W. B_Hibbs & Co.) Nominal gold Selling checks value (or par). _today. London, pound .$4.8665 Baris, franc, - 052312 18287 PROPERTY MANAGEMENT For nearly thirty .years we have maintained a thor- oughly equipped rental de- partment and we actually retain some of ‘the original accounts. Extracts from a letter of a property owner recently received—"1 certainly do thank you for the excel- lent and prompt manner you manage my rent busi- ness, even in trifling de- tails, y o u r viligance, courtesy and sympathy are unparalleled, etc.” Try this service. Moore & Hill, Inc. (Since 1900) 730 17th Street N.W.