Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-07
ADVANCE ON CURB
LED BY UTILITIES
Short Covering Aids Recov-
cry, but Profit Taking
Appears.
BY JOHN A. CRONE.

BY JOHN A. CRONE.
tCopyright. 1920
NEW YORK, October Under the
leadership of utilities and oils the curb
market opened higher today. The bulges
that early took place in the leaders, In
vited profit-taking In the second hour.
but oils held firm and aviation and in
vestment trust shares continued their
recovery.
Cities Service common opened with
block of 10000 shares at 81, new high
record price. Covering by shorts and
the fact that terms of the new stock
Offering are to be announced Thursday,
coupled with q big natural gas move
ment now under way, caused q huge
demand for Cities Service. This COM
pany, with the Insult interests and
other natural gas companies operating
in the mid-continent and southwest,
are now carrying on important merger
negotiations, details Of which may be
made public soon.
Other Gains.
Electric Bond a. Share. after opening
with a block of $500 shares at 1928,
or up more than 3 points, encountere0
come selling, which it easily ABSORBED,
commonwealth a. Southern, which may
be transferred over to the big boaro
at the end OF this week, opened with
sale of $4,000 shares at 23A and con-
tinued in active demand. American
Superpower, Associated Gas a. Electric
Middle West Utility new, United Light
A. Power A and Allied Power 81 Light
were active. The last stock remained
soft.
Marine Midland Corporation. q hold
ing corporation formed to hold shares
in banks in various parts of the coun-
try, was o feature in the investment
trust list in point Of activity. 1t made
its initial bow to the curb at 15h
which compares with the public oner-
Ing price OF $50.
Another interesting development was
the brisker demand for the blue chip
industrials This sort of buying at in
tervals improved quotations OF Dow
Chemical old Great Atlantic IL PACING
Tea, Deere q Co. and Singer Manu-
featuring Co. Crocker Wheeler old
shares, however, opened lower.
Most of the air shares, recently con.
apicuouS for their weakness, opened
strong, although some OF them dr1fteo
to lower levels after the first few sales.
Bliss. for instance. opened more than
5 points above is Saturdays f1nal.
Aviation Corporation of America. Day
ton Airplane 81 Engine. Fokker, irving
Air Chute and Niles Fremont, Pond
also were given q twirl.
Responding to the announcement that
It planned to liquidate its wholesale
subsidiaries and further expand its re-
tail chain. American Department Stores
opened higher and was firmer than 1t
has been in recent sessions. DeForest
Radio improved as q result OF the 81
per cent gain in September sales.
Durant Motors marketwise paid little
attention to the gain of 81, Sle cars pro-
duced in the first nine months OF this
year over the same period Of 1928.
Trading Corporations.
The Goldman Sachs group OF trusts,
such as Blue Ridge, Shenandoah ana
Goldman Sachs, were under less pres
sure. This also was true OF the Ma
tional Investors group.
Transamerica new pointed higher,
but Mayfiower Associates, Haygart, Tri-
Continental Allied and Lehman Cor
poration were not entirely able to shake
off the effects of their recent declines.
Cleaner Harvester Combine. which b
rather inactive. appeared on the tape
comparatively frequently. following the
report that its directors before Deem.
Der plan to split the stock. Net
earnings were reported to be nearly
double those of the fiscal year Of 1928.