Evening Star Newspaper, September 26, 1929, Page 14

14 #%3 POTOMAC ELECTRIC INGOME INCREASES Lompany Shows a Gain of $24,646 During Month e of August. BY EDWARD C. STONE. According to the monthly report med ‘with the Public Utilities Commission dpy, the net income of the Potomac Elec- tric Power Co. for August amounted to $267,338.60, in com- parison with $242,- 6:3.21 in Aukustml yéarago, or an fo- rease of $24,646.37. Gross earnings from operations to- taled $741,022.03, in comparison with $698,441.42 a year ago, or a gain of over $42,000. Op- erating expenses amounted to $338,- 86123, against $333,452.01 a year ago, or a gain of deducting the operatilg ex- M. D, Rosenbers. penses from gross earnings from operations, the utility company reported net earnings from operations reaching the sum of $402,- 160.80, compared with $360,789.20 I year in August, an increase of $37,- 371.60. All other deductions left the above-mentioned increase in net income of more than $24,000. The corporation also reported for the first eight months of the present year. Gross earnings from operations amount- ed to $6,473,803.44, in comparison with $6,105,428.42 during the same period a year ago, an advance so far this year of $368.375.02. Operating expenses totaled $2.705,- 28435 against $2,617.381.99, a gain in the eight-month period” of $87.902.32. Net from operations amounted to $3,768,519.17 against $3,488,046.49 last year. ‘This was an increase of $280,472.70. all other deductions the Potemac Power Co. reported a net i come for the eight months of $2,61 793.17, compared with & net income a vear ago of $2,368278.67, or an in- crease in earnings during 1929 of $250,514.50. W. R. & E. Reports Net Gains. The Washington Rallway & Electric | Co. reported to the Public Utilities | Commission toddy a gain of $43,653.23 in net income in the month of August. ‘Total operating revenues in August were $442,43133 against $434.28631 a year ago. ‘Operating expenses and taxes totaled l391 78709 n comparison with $386,479.92. Net income from operations amounted to $50,644.14 compared with $47,806.39 in August, 1928. Non-operating incom= reached $353,860.72, against $320,322.53 in the corresponding month last year. After all the usual deductions the com: pany reported a net income of $34 752.88, compared with $303,099.65 a year ago. For the first eight months of 1929 the street railway company reported total operating revenues of $3,865,059.66 compared with $3,835,697.99 last year. Operating expenses and taxes amounted to $3,235,679.99 Ikllnst $3,161,089.32 in the same period in 1928. Deduction of expenys and taxes left operating net earnings of $629,379.68 against the higher figure last year of $674,608.67. Following the addition of | the company’s non-operating income and the usual other subtractions, the company reported a final net income for the eight months of $15308,954.55 against $1,204,582.36 for the same eight months last year. Bank Holds Annual Meeting. The stockholders of the Bank of Commerce & Savings held their annual meeting this-noon in Alexandria, the Seventh ~street institution. operating under a Virginia charter. President Maurice D. Rosenberg presided at the meeting, which was well attended. The following directors were re-elected: Maurice D. Rosenberg, Joseph Sand- ers, W. A, Bennett, Irvin Owings, John M. Riordon, Joseph H. Milans, Clarence A. Weaver, Alexander Wolf, Louis Bush, A. Brylawski, J. E. Colliflower, E. T. Chewning. Floyd E. Davis, R. L. Elliott, C. E. Edwards, A. S. Gatley, G. A. Kneesi, Sol. Lansburgh, M. A. Leese, Harry E. Mayer, J .F. Maury, Vernon G. Owen and Elie Sheetz. John M. Riordon, the executive vice president, reported that the bank had FINANCIAL. .THE . EVENING STAR. ‘WASHINGTON, D. " C. THURSDAY, SEPTEMBER 26, . 1929. FINANCIAL. '{'I‘_RANSACTIONS‘ ON THE NEW YORK STOCK EXCHANGE hrev 1528~ Stock ana Bigh Dividend Rate. 5 38 Abitib Power & Pap 88% 70 Abitibi P& P pf(s 750 389 Adams Expre: a 96 I 3% R , 4% 1% Ahumada Lead.. 218% 95% Alr Reductn (14%4).. IG Alr Wal El Ap(2%). Rubbe: gl any % 99% Alleg Corp pf (5% 118% 100% Alleg Cpf rots(5%). 86% 804 Alleg Cpf (5%)xw.. R5% 80 Alleg prrec6i% xw.. 354% 241 Allled Ch & Dye (£), ~25 120% Allled C&Dpf (.. Allis-Chalm Mf(n).. 230 166 Allis-Chaim Mf (7).. 42% 224 Amerada Corp (2)... 23% 10% Am Agricul Chem., 73% 384 Am Agricui Ch of. 1556 110 Am Bank Note (13 404 Am Bosch Magne 1841 107% Am Can (t4). 142 136% Am Canpf (7). 106'% 92 Am Car & Fay ( 55 42% Am Com Ale (k1.60). 9815 828 Am European See. 199% 75% Am & For Powet 108's 104 Am & For Pw f (7). 0: 8% Am & For Pw 24 pf. 2414 Am Hawalian (1) 30% Am Hide & Lea pf. 64 Am Home Prd (3.60) 4% Am La F & Foamite. 102% Am Locomotive (8). 119% 113 50 3% 98% Am Pow & Li 70 78 Am PALDTA st (5). 40% Am Ra&Std 31 Am Republics. lu-. 106% Am Roll Mill (c2 74% 61 Am Safety Ras (15). 41% 30 Am Seating (2) 21, Am Ship & Com 130 Am Sm & Ref pf 41). 43% Am Snuff (3).. 79% 56 Am Steel Fdy (3) 85 65 Am Stores (2). 94% 71'6 Am Sugar Rfg ()... 104% Am Sugar Rfg 0f(7). 3104 193% Am Tel & Tel (9) 205 160 Am Tobacco (8). 205 160 Am Tobacco B . Am Tobacco pf (6) Am Woolen. ..« 36 Am Woolenpf... 39 Amwrie Papk of (3) Am Zine La&Sm. ... Am Zine pf (8 99 Anaconda Capr 1) 62% Anaconda W&C (3).. 43 Anchor Cap 12.40)... 102% Anchor Cap pf (63%). 44% Andes Copper (3)... 29. Archer-Dan-M (2)... 834 Armour Del pf (7)... 10 Armour IF(A) 53 Armour T1l (B) 19 Arnold Constable. 19% Artloom (2). 47% Asso Appl Ind 43 Asso Dry G (33%) 104 99 209's 169 Atl Coast Line (110). 9% 32% AtIG & W Ind . 61% 45% AUIG& W Lpf (4).. 77% 5313 Atl Refining (2) 0 90 Atlas Powder 514 221 Auburn Auto (14). 11% 5% Austin Nichols 35' 22 Autosales... 50 38% Auto-Strop Raz 1".. 20 124 Aviation Corp. Del.. 66% 59% Baldwin Loco (new) 145! 115% Baltimore & Ohio (7) 80% 75 Balto & Ohio pf (4).. 90% 64' Bang & Aroos (334). 49'% 33% Barns 2 8274 20 Beaco 121% 93% Beatrice 101 18 847 80 Belg Nat 104% 70% Bendix Aviation 12). 123% 75% Best&Co (3).... 140% 824 Bethlehem Steel (8. 128 116% Bethlehem St pf (7). 136% 110% Bohn Alumn&B (15). 892 78 Bon Aml A (15) 11% 6 Booth Fisheri 100's 83% Borden Co (3). 867 70% Borg Warner (4) 634 25 Briggs Mfg 4315 354 BrigsaStration(2). 138% 115% Bristol Myers(14%4). 13% 35'% Brockway M T (3) 81% b57'4 Bklyn-Manhat (4)... 248% 170 Bklyn Union Gas (§) 51% 38% Brown Shoe (2%). enjoyed an exceptionally good business vear. The election of officers will take place at the next regular meetnig. C. & P. Telephone Net Income Up. Net income for the Chesapeake & Potomac Telephone Co. for August was $98,139, against $94,388 in August, li year, according to the monthly state- ment filed with the Public Utilities Commission. Net income for the first eight months of the present year, how- ever, is below the total for the same period in 1928. Net operating revenues in August amounted to $169.302, in comparison with $162,171 in the same period last year. Taxes were slightly heavier, but were offset by a large operating in- come and a larger non-operating in- come.. Gross income was also well ahead of the same month in 1928. Comparisons in earnings for the first eight months of the present year with the corresponding period in 1928 are as follows: 8 months 8 months this year. last vear. 'hle hfln. operating rev- o o sss1n0m 55,200,927 . 4,068,933 nue: Operating’ expenses. 646,678 Net operating revenue $1. axes and uncollectible. perating incom Non-operating * incomis REnS Snd miscslianeous Interest deductions .. Net income . At the clos there were 154,055 telephones connected ‘with the 12 central offices serving Wash- ington, which was an increase of 3,695 since the first of the year, Trading Quiet on Exchange. Trading was dull on the Washington Stock Exchange today. Capital Trac- tion, still selling ex dividend, dropped t0 90 on a 10-share sale, i District National Bank stock -old at 222 and one share of Americen Secur- ity & Trust changed hands at 455. Pifty shares of Potomac Electric Pow- er 51; per cent preferred changed | hands at 1057. i Mergen!hller moved ex dividend at 103%. Railway & Electric preferred epened at 963, and closed '3 higher on a very small turnover, Fifty shares of Merchants’ Transfer & Storage Tfiu- ferred sold at 106, ex dividend. There was also a 50-share sale in Columbia Sand & Gravel at 86'5. In the bond division $3.000 Barber & Ross 6l:s changed hands at 9415, ‘Washington Gas 6s, series A, figured in & $1,000 turnover at 1017%. Bankers’ Bulletin Out Today. ‘The Bankers' Assoclation September Bulletin appeared in the financial dis- trict teday. It covers recent happen- ings in association affairs closely contains many nom of interest. One of these notes says: “Until the Bulletin receivés evidence of a better record we will concede that the Morris Plan Bank has established the highest mark of any local bank In educational activities among its sonnel. Exclusive of its presiden has 19 employes. One of these lives u miles from the city and has graduated from a four-year evening school course. This leaves 17 potential students. Four- teen of the 17 attend evenin, nlnuu u the American Institute of some_ other educational instltln,lnn OI (h; ven nmn‘:fi nu;e Am:rhl:un In- stitul year nn#fl from 915 to 99.5. Wil cheligngs go unchallenged?”: 55% 35% Bruns-Balk-Col(3) 42% 25% Bucyrus Erde (1) 50 38% Bucyruscvpf (2 54% 42 Bullard Co (12)..... 79% 62% Burr Add Ma (1.80). 9% 3% Butte Copper & Zine. 128 6% Butte & Superfor (2) 192% 120% Byers (A M 37% 31% By-Prod Col 84% 172% Calit Packing (4). 1% Callahan Zinc & 1836% 123 Calumet & Ariz (10). 61% 36% Calumet & Hecla(4). Campbell Wyant (3). Canada Dry G A (5). Canadian Pac (10).. Cannon Mills (2.80). Case (J 1) (6). 16% Certain-teed Prod... 80% 70% Checker Cab Mfg Co. 279% 195 Ches & Ohlo (10). Chesapeake Corp ll) 23% 12% ChiGreat Western 63% 38 ChlGreat Weatn of. 44% 27% Chi Mil St P&Pac. . 68% 464 Chi Mil St P&Pac bf. 108% 80% Chi& N W (4). 47% 28% Chi Pneu Tool. 61% 48% Chi Pneu T pf (3%). 102% 98% Chit R1& Pacpt (6). 108% 106% Chi R I & Pac pf (7). Cluett Peabody (5).. 154!/. 120% Coca-Cola (4). 50 46% Coca Cola A (3 72% 35 Collins & Atk 78% 56 Colo Fuel & Iron 140 53% Col Gas & El (3) 103% Col Gas& El pf A 86 Col Gas & El pf B (5) 88 Col Gas&E rcts ptpd. 55% Columb Graph(87c). 60 Col Graph rcts(87e). 269% 121% Columb Carbon 14% . 43 ComCredit2)..... 48% Comm Credit A (3).. 131% Coml Inv Trust 134) 69% 27% Com inv Trat wa 700 225% Com Solvents (h! 246 107% Comwlith Power ( 3b% 19% Congoleum-Naii 96% 25% 30% 24% Consol Film f (3).. 183% 100% 96% Consol Gas pf ( 70% 60 Consol RR Cuh [2{{}) 6Y% 1 28% 12 Container Carp Ao 11% 6 Container Corp B... 47% Contl Baking 814 Cont) Baking 88% Contl Baking of ). 56 Contl Bank NY 1.30. 60 Contl Can (3%).. Sales— Aid 00 High. 66 H‘/x 19 40 95% Consol Gas (3)...... & 217 79 . Contl Insurance ). 12% Contl Motors ¢ 28 Contl Oll of Del 82 Corn Prod (13% 50% Coty Ine (£2). 83 Crossley Radi 79 42% Crown Cork & Seal. . 25% 18% Crown Z.ellerbach (1) 121% #5 Crucible Steel (5)... 116% 109 Crucible Steel pf (7) 24% 11% Cuba Co.. 17 = 11 Cuban-Amer Iln).. 67% 49 Cudahy Packing (4). 129 117 - Curtis Pub (16%)... ) 1741 170% 138% 138 1831 181% 108 107 96% 97 28% 30 48le 48% 130 130% 6! 8% 4 1067 1081 431 45 23% 284 300 29214 175'% 17313 1768% 174% 115 118% 166 166 185 170 4 100% 100% 165 16% 36% 36 4% 4 21% 21 100 102 5 122 272 4 101% 101% III 191% K 59% 60% 59 1385 135 13% 134 5915 80% 1364 135% 9% 9% B4l © 84% 113% 113% 8 82 64 6% 20 88% % T% 162% 158 41% 37 8% 8% 2% 2 125 125% 42 424 43 4 89 225% 223% 101% 100% 106% 106 86 35% 164% 162% 99 98% 2 17 T% 3% 11% I Stocx and Dividend Rate _ Ad Curtis Publish pf(7) 2 116 Curtiss Wright Corp. 222 20% Curt WrightCorp A. 26 31% Cutler-Ham (3%)... 11 116 53 212 164% 66 Detroit Edison ( 350 me Mines (1) Dominion Stra(1. * Eastern RoMing Mil; mmmm 115 20 3% 112% 52 212 163% 66 3850 % 40 100 113 20 Kastman Kodak(18). 284 226% 2 Eaton Axle &S (3).. 24 B57% Eitingon-Sch (2%). 26% Blec Auto Lite 42 145% Electric Boat. E30) El Pwr T Klec Stor Bat (5). Emerson-Brnt B. Eng Pub Serv (1 Eng Pub Sve pf (5 Eng Pub Sve of (5% Equitable Bldg(23%) Erle R R, . Erfe RR1stpf (4).. 30 Evans Auto L(12%). 1 Eureka Vae Cl (4)... Fairbanks Morse (3) Fash Pk Asso pf (7). Fed Lt & Tre (31%). Fed Motor Tr (30c). Fed Water Serv A Fid Phen F Ins (2). ) Foster Wheeler (1) Fost Wheeler pf (7). Fox Film A (4)... Fraeport-Texa Fuller pr pf (1 Gabriel Snub A. Gamewell Co (5). Gardner Motor. Gas&El A (e1%) 154 Mills (13%).... 5 Gen Motors (13.30)..1340 Gen Motors pf (7) Gen Public Serv(b#) % Gen Ry Signal (5) Gen Refrac (14). Giliette Safety R (5) Gimbel Brothers. Gimbel Bros uH‘I).‘. Glidden Co (n2).... Goodyear Tire ' Goodyear 18t pf (7). Gotham Silk H (2%) Grand Union. .. Grand Union pf (3).. Granite City 8tl (3). Grant W T (1).. Grt North pf (5)... Grt North pfet (5). Grt Nor Ore (a1%).. Grt West Sug (3.30). Greene Can Cop (8). Hahn Dept Stores. .. Hahn Dept S pf($%) Hartman A (2). Hartman B (1.20) Hayes Body b8 % stk 1|s Hershey Chocolate.. 17 Hershey Choe of (¢). 26 Hollander & Son.... Homestake Min (17). Houd Hersh B (1%). Househld Fin pt 3.10 Household Prd (t4). 4 Houston O11 Howe Sound Hudson & Man (l%) Hudson Motor (5)... Hupp Motor (f2).... 11linots Central (7).. % Independ O1l & G (2) Indian Motor Cyele. . Ingersol Rand (16%) Inland Steel (3%) Inspiration (4).. Interboro Rap Tran. In M g (2). . 1atl Cmb Eng pf (1). Int Nickel of Can(1). Intl Pap & P A(2.40). Intl Pap & Pwr pf(7) Intl Print Iok (2%). Int Tel & Teleg (2).. Inter Dept St (2). Intertype (ft1%) Investors Equity Isiand Creek Coal(4) —_— Jordan Motor Qr‘ Kaufmann DS (1%) Kayser Jullus (4)... Keith-Albee-Orph. .. Keitn-Albee-O pf (7) Kelly-8priag T1 Kelsey Ha: Kelvinator Corp Kennecott (8) 1 264% 13 1% 3 1 37 2 111 29 8% KressSH (1).. . Kreuger & Tol(1.34). lflG I’lh Kroger Gr&Bak(el 38 9% Lambert Ce (8)... Lee Rubber & Tir« Leh Port Cem (2%). l.ohl'h Valley Coal h Valley (3% Llhll Fink (3). Libbey Owens (1). Liggett & My B (16). Liggett & My of (7). Link Belt (2.60). Liq Carbonic (t4% )- Loew's Ine (3). + Lorillard «P) Co.. Lorillard (P) pf (7). Loutsians Ofl.. .. .o Mcintype Pore. McKesson & Rob (3) A, bpf(3%). TPa). Meloellan Strs (20¢)- McLellan Spf A(6).. Mack Trucks (¢ Ilu!lRH)wofllfl) Madison 8a G (1%). Magma Copper (8) Mallinson & Co. . Man Elee Supply Man Elev mod (d6).. Shirt 12)... . Marlin Rock (13%).. Marmon Motor (4).. l: M Stock ana Dividend Rate. % Miami Copper (4). Michigan Steel (13). Mid-Continent P (3). Middle States Of Minn Moline Minn & St Lou! MStP& Mohawk Carpet 13% Mont Ward (2%)... Moon Motor: Morrell J (3.60). 1% Mother Lode (40¢). Munsinzwear (1334) Murray Corp (a3)... 112 !S'A 2). 116 70% Myer(FE)& Bi % Nash Motors (8, Nat Acme (13). Natl Air Tran; Hes Natl Bel Hes pf (7).. Nat Biscult (17%).. 138 Natl Cash Reg A (16) on Natl Dairy(cl¥).... Natl Distillers. NatlEnameling (2) Nati Lead (6).. Natl Pwr & Lt (1). NYX\H&HD(”L N Y Ont & West. North Am Ed pf Nor Ger Lloyd(3.41). Northern Pac (6).... Oliver Farm Equip. . Olivr Fr Fq pt AS). Olivr Fr Ep ev pt(3). Omnibus Corp. .. Oppenheim Col (5) Otis Elevator (§) Otls Ste % Otis Steel PacificGas& E (2).. Facific Lighting (3). Pacific Of] stubs. ... 4 Packard Motor(30c). Pan-Am Petroleum. . Pan-Am Pete B. . Panhandle P & R. Paramount-F-L (3). Park Utah. H Pathe Exchang 5 Pathe Exchange A Patino Mines (3.39). Peerless Motor Car.. Penick & Ford. .. Penn Dixie Cement. . Penn Dixie Cm pf(7) Pennsylvania RR(4) Pet Milk (1 Phelps Dod; Phila Co (17) Co 6% pt (3) Phila& Read C& 1 Philip Morris (1) Phillips Pete (1%) Pierce-Arrow A. Pierce Oll. . Plerce Ol pf. Pierce Petroleum. Pillsbury Fl (n"). 1Co A (2 urgh Coal urgh Coal Poor & Co (12) P Rican Am To P Rican Am To (B).. PrairleO &G (2%). Prairie Pipe L 14%.. Pub Sve NJ (3. Pub Sve NJ pf (7) Pullman Corp (4)... Punta Alegre Sugar. Pure Ol (1%)...... Purity Bakeries (¢) Radio Corp. Railway & Exp (3).. Raybestos Manhatn. Reading (4). Real Sk (5) Reynolds Tb B(2.i 0. Richfield O11 (3)..... Rio Grande O1l (k3). Rosaxia Ins (230). Royal Dutch (a3.30). 311 Bafeway Stores (3 St Joseph Lead ( 8t L-San Fran (3) Savage Arms (2). Schulte Retail Strs.. Seaboard Alr Line... Seaboard Alr Line pf Seagrave (1.20).... % Sears Roebek (32%). Second Nat Inv Corp. Seneca Copper Servel Inc Sharon 8 Sharp & Do of (3%) Shattuck (F G) (1) Shell Union (1.40) Shubert Thea: Simmons Co (3) Stmms Pet (1.60)... SinclairOfl (123%) Sinclair Oll pf (3) Skelly Ol (2). . Sloss ShefTield steel. Svlvay Am Inpf 63%. So Porto R Sug 12%. Southern Cal Ed (2). Southern Dairies B.. Southern Pacific (6). Prev. Alau High. u" Gloes. Closs. 2% 4 9% —Prov 1920~ High Low 1624 138 Stewart Sun Oil Syming caeacacgaace 0 %8 % % % 0 06 08 ta 08 28 Wileox Wilcox Wilson Yellow Flrll Ni 10 A M..ooooes ts based 8l 145% Stuek and Dividend Rate. Southern Rwy (3)... Hayes Bod. Lorillard(F)..Sep 301604 Math Alkali Murray 24 Pac G&E (A).Oct21 35 3 28 5% Pac G&E (P) .Oct 21 67 b4 Salea of Stocks on New York llchln. Add 00 High Low OCise Cluse 167% 157% 166 97 97 96% 52 4% 4% 65 Sparks Withington. . 6% Spencer Kelg(1.6! 4 40 Spicer Mfg. g 55% Spicer M‘f.: pL(3). 48 1. 85 39% Stand Com Tob (1).. 6 9 1 9% 80% Stand Gas & El (3%) 3! 199% Stand G & E pt 7 Sterling Sec (A) Sterling Sec pf 11.20. Sterling Sec 1st pf 3. Warn(j3%). Submarine Boat.... g1). . Superior Oil. Superior Steel. Sweets of Amer (1). Symington A utograph (1)... n Cop & Ch (1).. Texas Corp (3). ‘The Falr (2.40). Third Avenue. Tide Water Asso. Tide Wat Asso pf(6) Tide Water Ofi(80c). ‘Tide Water Ofl pf(5) Timkn Det Axle 180e Timken Roller (3) Tohacco Prod 1.40. ‘Tob Prod ctfs 1.49. .. Tobscco Pr A (1.40). Tob Prod ctfs A 1.40. Tob Prod dv ctfs A ‘Transcontinental. Trico Prod (2% ) Truax Traer (1.60).. Truscon Steel(£1.0). Twin City Rp T (4). U- Underw-Ei-Fish(4).. 69 Union Bag & Paper.. 2 Union Carbide(2.60). 291 Union O1l Calif ¢ Union Pacifie (10) Utd Fruit (ed).. Utd Gas & tmp (1 Utd Gas & Imp pf(§) 8 & For Sec pf(§). Fre Ind Alco (6) Leathe: Leathe Pipe & Fdry ( Realty (5). Rubber Univ Leaf Tob (3).. Uhiv Pipe & Rad Ul Prr& Lt A (o) 92 Vanadium (14) .. Vick Ch Virginia-Car Chem. . Virginia-Car 6% pf. teal(23). Wabash pf A (5).... Waldort Systm (1%) Walworth (1.20). Wara Baking B. Warners biros P 133 Warn Br P pf(2.20). Warner-Quinian (2). w Westn Dairy A (4).. n Dairy (B).... Wextark Radlo (c2). White Eagle Oil (2). White Motol White Rock M 8 (3). White Sewing Mach. Oill & Gas... Rich B (e2). % Willys-Over (€1.20). & Co.. Wrigley Wm (4). Yale & Towne (4) ‘Truck & C. Young Spring (3) i i i ummm e Zenith Radio (2).... o% RIGHTS EXPIRE Am Com Ale..Oct * ‘ 1% Am Tobacco..Oct 1 o Bethlehem Steel rts. A3 Consol Gax .Oct 11 57 y 8% Kodak...Sep 28 . 1 A 6% 1% at St...Oct 7 Oct 7 42 Sep. 27 565 Corp...Oct 1 47 rates u ®ven Bov ahe test ‘adarter NEW YORK COTTON. NEW YORK, September 26 (Special). —Reports from the Weather Bureau that the tropical disturbance was not likely to reach the Florida coast had & quieting influence on today's cotton market. - Under steady hedging pressure from sections of the Mississippi River vulley and the Western belt prices eased ofllowflpo ts today. December osed within & few points of low levels K. Wspou ‘were reduced 15 Anu- Zine 2'”0 and future, 6.80. e FEDERAL LAND BANK BONDS. Special Dispatch to The Star. NEW YORK, September 26, : Land Bank 4Y%s Nov. 1063. A May 1 By the Associated Press. NEW YORK, September 26.—New securities offered today include: Harnischfeger ' Corporation, 76,000 shares no par common stock, priced at $30.50 a share. Offered by Otis & Co., and the First Wisconsin' Co. Diversified trustee shares,. series C. Priced at $11.50 & share. Offered by Throckmorton & Co. Tri-Utllities Corporation, $12,500,000 5 per eenc ennvomhle gold . debentures, 1979, dated September 1, ll” due sewmhl‘ 1, 1979. Priced at $09 and accrued mmm Oftered by 0. L. Ohrstrom & Co. Addressograph International Corpora- tion, 120,000 shares no pnr common stock_at !3! 50 & lhll’!. Offered by . W, rris gg. M. Byllesby CROPS IN VIRGINIA. Good progress in cutting corn and "| curing tobacco in Virginia is reported by Edward A. Evans of the United States Weather Bureau at Richmond. Light to moderate rainfall improved putum and truck top soll o! plowing land more tillable. Most of the - bright State has been cut and cured, while cut- PROLONGED MARKET BREAK IMPROBABLE Special Dispatch to The Star. NEW YORK, September 26.—Con- siderable correction has been taking | place in the stock market, according to Barron's Financial Weekly, and some further selling may be necessary before & sound technical 'rlmon is again created. “Some of the old line issues have gone stale. But there is nothing suggestive of a prolonged break. A regardless of such distribution as may have occurred in certain portions of the list, overexploitation has not occurred in all de] ents. Investment trusts and capitalists who hold blocks of stock ‘will not be stam to sell in a manner that might convert a break into a rout.” flEASU!! CERTIFICATES. worted oy J & W. Seligman & Co 9% 14-32 B FOREIGN EXCHANGE. rnished by W. ER—— Nominal gol l:l'lllnl cheeks cmulndundendm Aobacco ‘in- the | BoCh ting of dark ieaf is under way. Reports | Athen: on tobacco crop are favorable. Cotton STOCK PRICES GAIN - INBUYING MARKET Strong Undertone Today Fol- lows Uncertainty of Last Few Sessions. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, September 26—The stock market, which was in a state ot despair bordering on panic_yesterday, regained its poise today when it be- came apparent that there was no foundation for the many wild rumors in cifculation, and prices rallied briskly under heavy buying for both accounts. Extreme gains in the active issues ran from 1 to 10 points, with a few high- priced specialties marked up 12 to 30 points. Some uneasiness developed around midday when heavy selling broke out in the motor stocks, presumably in re- flection of the decrease in August sales reported by the General Motors Corpor- ation, but this selling caused only a momentary interruption to the general advance. Chrysler broke below 60 to a new low level for the year and Gen- eral Motors sold down 2 points. Advances in public utility shares were largely extended in the closing hour. Standard Gas & Electric touched 21673, a jump of 16% points, to a new hif National Biscuit was up 12, Commercial Solvents 13%;, Underwood Elliott Fisher 8, Philadelphia Co. 6, and Amer- ican Telephone 7. Meanwhile, Adams Express ran off further to 615, and Marmon Motors slid dowon 6% to §9. a new low for the year. The closing one was strong. Opening Irregularly Higher. ‘The raising of the Bank of England discount rate trom 5'2 to 6% per cent today apparently had been discounted by the market, which opened irregularly higher. Houston Oil and Underwood Elliott Fisher each opened 3 points higher and initial gains of a point er two were registered by Union Carbide, Mexican Seaboard Ofl, International Business Machines and Republic Steel. New York Central fell back 15 and Montgomery-Ward 1. The strong buying support supplied late yesterday as a result of the many false rumors in circulation helped to revive speculative confidence, as did the unofficial assurance of bankers that the higher London rate would not result in any large withdrawals of foreign funds from New York. ‘Wide fluctuations again took place in some of the high-priced speclalties, Co- lumbian Carbon, which soared nearly 25 points yesterday, opened 20'; points higher ‘at 290, new high' record. Adams Express. which broke 74 points and rallied 55 yesterday, jumped 21 points to 651. Atlantic, Gult & West Indies prefer- red moved up 4 points to & new high record at 82. Westinghouse Electric, Worthington Pump, American & For- eign Power, A. M. Byers and Simmons Co. extended their early gains to 3 points or more. American Internation- al, United States Steel. Eastman Kodak, National Biscuit and Allled Chemical were among the long list of issues to advance a point or two. Soft Spots. ‘There were a few soft spots, Safe- way Stores dropped 4!; points and Radio. Atchison and North American yielded a point or so. Foreign exchanges opened firm. with Sterling Cables mov- ing up nearly half a cent to $4.859-16, the highest in eral months. GRAIN MARKET. CHICAGO, September 26 (P).— Rushes to buy ran prices up more than 5 cents a bushel today for future de. liveries of wheat, as compared with yesterday's bottom level. Export busi- ness today in wheat from North America was on a decidedly broader scale than of late, totaling today 1,250.- 000 bushels, and talk was current that offerings of Argentine wheat at Liver- pool were being withdrawn. Liverpool wWheat prices mads a surprising jump, and there was talk that stocks of foreign wheat in Great Britain were much be- low normal. ‘Wheat closed strong, 2': cents to 334 cents higher than yesterday's finish. Corn closed 1 cent to 3'; cents up, oats 114 cents to 2'; cents advance, and provisions ranging from 5 decline to a rise of 2 cents. WHEAT— September December March ... MEoRN_ " September December ey DT E) 58] BEuE 28R 2 1 W 84 5 Jlmury Mas September October Daily air service is to be inaugurated between Melbourne and Brisbane, Aus- tralia. First Mortgage Loans Applications Invited Current Rates of Interest Glover & Flather 1508 H St. N.W. i National 1753 Don’t Have to Worry about vacancies, the de- the cost of operation—all these things part of our management pecially apart- B. -F.. SAUL CO. Nat’l1 2100 925 15th St. N.W.