Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-10-27

Great Quarterly and Nine
Months Reports Attract
Considerable Attention.
BY STUART p. WEST.

Special Dispatch to The star
NEW YORK, October 27.-Interest
in today's market lay mainly in the
reception given to the remarkable
report of the United States Steel and
, General Motors put out after yester.
days close of business. In both In
stances the results exceeded the most
sanguine expectations. United States
Steel never had such third quarter
outside of the abnormal war time.
General Motors has never piled up
such earnings for the quarter and nine
months in all its history.
SO far as concerned General Motors
it was to be remembered that the buy
ing which went on in such an excited
manner during the Summer, which
carried the old stocks up to 225%, and
later the new stocks from 140 to above
1873, was done largely by people who
knew pretty well what the earnings
were going to be- 1t was not surpris-
ing that today many Of these buyers.
with the good news out, should have
decided that 1t was time to convert
their paper profits into cash.
General Motors closed yesterday at
1851, opened this morning at 148,
went to 14e, then moved within a COM
paratively narrow range. United
State Steel which left off the day be-
fore at 1879, opened at 1881. went to
1891, then also quieted down. The
earnings for u. s. Steel common dur
ing the September quarter were al
most S. n share, anC for the nine
months over S13. as sgains. $9.42 in
the similar period of 1925.
No chanpa WAS looked for in the
dividend at this time, but Wall Street
plainly saw in these huge earnings
totals a promise that a larger dis
tribution to shareholders would not be
long postponed unless such check as
has recently appeared in the steel
trade develops into something more
important than now seems likely.
Atchison went up over 2 points
on its notable showing for September,
when there was gross Increase of
3,150, 900 and a net increase Of nearly
$2,400.000. The comparison, Of course.
was made with a period of 1925 when
the roads earnings had fallen off.
Nevertheless, it was a remarkable ex
hibition. The recent strength in New
Haven, which continued today, carry
ing the stock above Al, was explained
by the favorable statement for Sep
TENDER. New York Central went up
sharply, Reading was higher, and so
were Union Pacific and st. LOuis-San
Francisco. Rock Island at one stage
gained over a point. The increased
dividend on Norfolk and Western
from 81 to So had partly been antic-
ipated by the recent large advance
in the stocks.
Considering the latest gasoline price
cut, and the immense production of
crude oil, the Oil shares again did
fairly well. General Asphalt rose
more than point. Texas Company,
Independent Oil and Gas and Sicily
were all fractionally higher, while
other members of the group We're
steady.
The placing Of Pennsylvania on q
per cent basis as against the FORMER
was an event of much significance
AS were the two big industrial earn
;ngs statements. An eminently con-
sentative railway management had
In this manner voted it's confidence
In the business situation. Had there
been any serious change considered
even as a possibility no such action
would have been conceivable. Penn
sylvania shares had been heavily
bought yesterday, but the news had
not been discounted. The stock ran
up sharply on the announcement.