Evening Star Newspaper, September 30, 1923, Page 34

FINANCIAL. STOCKS INTUMBLE, [ NEW YORK_STOCK EXCHANGE BUT RALLY LATER Saturday Market Finds Many Leading Igsues at New Low Levels for Year. AMERICAN WOOLEN WEAK Kelly-Springfield Also Down Along With Steel Shares—Much Short Covering. By the Associated Pres NEW YORK, September 29.—Price movements in today's stock market were generally inconclusive, the aver- ages for both ralls and industrials showing slight net losses on the day. | ;g0 Speculators for the decline launched | 159 another attack on the market, con- contrating In the motor and accessory issues and a few specialties, but they encountered fair resistancg, and an irregular recovery was under way at the close. Studebaker Drops to 94%. Studebaker was hammered down to 04 a new low rvecord for the year. but it snapped back later to 953, last night's close. American _ Woolen touched a new bottom at 72%, but bounded back to 74 for a net gain of nearly 1 point on extensive short covering. Kelly Springfeld estab- lished a new low at 23%, and then rallied to 24 off 1% Independent steel stocks were again oftered rather freely on reports of a continued decline in mill operations, Gulf States Steel breaking 2 points, but recovering part of its loss later. Thited States Steel closed unchanged at 867%, after having sold nearly half a point below that figure. Other Heavy Spots. Beechnut Packing, Iron Products Manati Sugar, Stewart Warner, American Car and Foundry, Manhat- tan Electric Supply and Strombery Carbureter, off 1% to 3% points, were the most conspicuous. heavy Spots. Commission houses reported that pub- lic Interest in the market was negli- glble, short covering operations prob- ably accounting for the gains of a or more in Coca Cola, Corn Products, Jones Brothers Tea and the Pan-American Oil issues. Northwestern Railroad issues con- tinued to lose ground in speculative expectation that their earnings will be materially impaired if the pro- posed reduction in freight rates on grain is made effective Marks Slightly Lower. Foreign exchange showed only nominal changes, with business quiet. Demand sterling held steady just be- low $4.55, and French francs were quoted around 6.15 cents. German marks sold for 35 cents a hundred million, off 5 cents The weekly clearing house state- ments showed increases of $38.381,000 discounts and investment 3,000 in net demand depos- sh in own vaults was $1,- ‘more than a_week ago, but point its. 302,000 time deposits dropped $5,884.000. Ag- gregate reserve totalled $519.333,000, ve of $23,150,560, RAIL EQUIPMENT INGOOD DEMAND Rest of Steel Market Very Quiet—Weekly Review of Other Metals. By the Associated Press. NEW YORK September 20.—Aside from a good business in rails and 1! ! K 5,420 above xhei 6 46% 85% 12 rallroad equipment, the steel market |5 has ruled quiet, with some depression noted in manufactured products. The cxpected Japanese business has not vet materialized aside from a fair inquiry for electrical sheets and do- mestic consumers are keeping in- ventorfes very low in anticipation of further decline. Pig iron is still easy, with stocks accumulating, but Further curtailment of production ex- pected. Copper was quiet all the week. Rather freer offerings of electrolytic were reported by both second hands and producers in the last few days and the European markets have eased off again. Buyers for domestic consumption, having covered their requirements for the next sixty days have temporarily withdrawn from the market. Tin, after a temporary advance following bullish London advices, be- came easy on bearish news from the far east and a continued light demand from consumers. Lead showed firmness, due to scant supplies here and elsewhere, and prospective good fall buying. Zinc, owing to a less active export demand, was a shade easier. There is talk of closing some mines owing to low prices. Antiriony was firmer in anticipa- tion of smaller shipments from China. GRAIN PRICES BREAK IN SATURDAY SALES Betback Largely Due to Heavy Profit-Taking as Month terial setback in price today owing |’ largely to profit-taking sales on the part of hclders and because of month end settlement of contracts. The wheat market closed weak, 1 to 2% net lower. December, 1.05% to 1.05%, and May, 1.09% to 1.09%. Corn fin- ished %a% to 2% down; oats, % to 1% off, and provisions varying from 5-cent declines to an advance of 2 cents. 2 Dearth of sufficient buying to ab- sorb the offerings in the wheat mar- ket was evident throughout the day. An easler market at Liverpool tend- ed to check demand here, and bears pointed out that United States visible stocks are nearly double those of a year ago, Chicago alone having on hand more than 19,000,000 bushels, whereas export clearances have been smaller than last year. Besides, it was sald domestic flour stocks are large, and sales from mills far from brisk. Wit the wants of September shorts largely filled yesterday the market falled to develop rallying power, and closed at about the day's bottom level. AUTO PRICES RAISED. DETROIT, September 28.—The Du- enberg Auto and Motor Company, In- dianapolis, increased prices of Dusen- WS{ eight $250 to $750. Phaeton is 0, against $6,500; four-passenger 500, against $5760; four- $7,500, against coupe, 31,800, ag Closes. By the Assogiated Press. CHICAGO, September 29.—Wheat, corn and oats all underwent a ma- - THE SUNDAY STAR, 5 Adams Express.. 8 Advance Rumely pt. —— Ajax Rubber... 4 Allied Chemical & Dy ‘Am Agricuiture Chemica Am Agriculture Chem pf. American Beet Sugar, ‘American Bosch Magneto. 5 American Can. 7 American Can pf. 12 American Car & Foundry. 50c Am Chain class A w i American Chicle. American Cotton Ofl. American Cotton Ofl p! Am Druggist Syndicate. American Express.\.. ‘Am Hide & Leather pf. American Ice. American International. American Linseed. . Am Locomotive (new) American Metal . American Radlator. American Sgfety Razor. Am Ship & Commerpe American Smelting & Ref. Am Smelt & Refining pf. American Snuff. American Steel Foundry. American Sugar Refining. Am Sugar Refining pt Am Sumatra Tobacco. ‘Am Telephone & Tele American Tobacco. Tobacco Clas ‘obacco pf (new) I:al I [aquia;;wlalw;qml Am Am Water Works & £ Am W W & Elecparpt. Am W W & Elec st pf. ‘American Woolen American Woolen pf. Am Writing Paper pf..... American Zinc Lead & S. American Zinc L&Spf.... ‘Anaconda Copper. . Ann Arbor pf. z —— Arnold Constable & Co. Asso Dry Good Associated Oil Atchison, Tope Atch, Topeka & S Fe pt 109% ‘Atlantic Coast Line 91 —— Atlantic Gulf & W I 98% 4 Atlantic Refining 17 —— Austin Nichols. 19% 3 Auto Knit Hoslery. 110% 7 Baldwin Locomotive. 40% 5 Baltimore & Ohlo. . 55% 4 Baltimore & Ohio pf. T — Bar’:dl!l. Class A. —— Bardsdall, Class B. Bayuk Bros. o Beechnut Packing Bethlehem Steel Bethlehem Steel 8% pf. Booth Fisheries British Empire Steel. British Empire Steel 1st pf. British Empire Steel 2d pf. Brooklyn Fdison Electric. Brooklyn Rap Tr full paid Brown Shoe. Burns Bros g= Burns Bros Class B. . Butte Copper & Zinc. Butte & Superior. California Packing. e California Petrolm (new). California Petroleum pf. . Callahan Zinc & Lead Calumet & Arizona. Canadian Pacific. Central Leather Ci —— Central Leather Co —— Certain-Teed Product 4 Cerro de Pasco Copper. 6 Chandler Motor. .. .- 4 Chesapeake & Ohlo.. Chicago & Alton. Chicago & Alton pf. Chicago & East Illinols Chl & East Illinofs pf Chicago & Great Western. Chicago & Gt Western pf Chi, Milwaukee & St Paul. Chi, Milwaukee & St P pt Chicago & Northwestern. Chicago Pneumatic Tool. Chicago, R I & Pacific. ChiRI& Pacific 6% Chi R I & Pacific 1% Chile Copper. Chino Copper. Cluett-Peabod: Coca-Cola. Colorado Fue! Colorado Southern. Columbia Gas (new). Columbfa Carbon Commercial Solvents, Comput Tab Record Consofidated Clgar. Consolidated Gas new. Consolldated Textil Continental Can. . Continental Motors Corn Products Ref. Cosden Company . Cosden Company pf Crucible Steel. Crucible Steel pf. Cuban-American Sugar. Cuba Cane Sugar. Cuba Cane Sugar . Cuban-Dominican Sugar. Cuba-Dom Sugar pf. Cuyamel Fruit Davison Chemical De Beers Mines. Delaware & Hudson. anaas [T w0 ,alqml 2 b= = 3 £ Detroit Edison Dome Mines. Du Pont de Nemours. Du Pont de Nem 6% deb. Eastman Kodak Electric Storage Battery. Elk Horn Coal Endicott-Johnson Erie Railroad. Erie Railroad P —— Erie Railroad 2d pf. 8 Famous Players-Laskey... 8 Famous Play-Laskey pf.. 7 Federal Min & Smelt pt. 64c Fifth Avenue Bus. —— Fisk Rubber.. 15 Fleishmann Company. i 6 Foundation Company..... ~—— Freeport-Texas. —— Gardner Motor. —— General Asphalt. 5 General Asphalt 6 ~ General Cigar. $iesenss| ||| 14“...,;4‘ —— Goodrich (B F) Company. 7 Goodrich (B F) Co pt. —— Goodyear Tire & Rub pf. 8 Goodyear Tire & Rub pr p! —— Granby Consolidated 5 Great Northern pf. 2 Great Northern Ore —— Greene Cananea Coppe! -5 =~ Guantanamo Sugar 66% 4 Gulf States Steel. 80% 7 Hartman Corporation. 81 38 Hayes Wheel. 12 —— Hendee Manufacturing. 60 6 Homestake Mining. 28% 3 Household Products. Huppmobile Motor Car. 1% —— Hydraulic Steel !flas‘& 7 -Ilinois Central 15 —— Internat & Great North. 71 6 International Har, new. —— International Paper. . 6 Inter Paper pf stamped. '48% ' 4 Kansas City South pf. 28 —— Kayser (Julius) & Delaware, Lacka & West. . 1 WASHI arof, D. WEEK ENDED SEPTEMBER 29, 1923 1% U A s el ) LUl ++++] 4 + 1 ++ 1 - EEEEREREE LR RRE AN NN SRS I +41 1 T4+ +++ I+ ++ 1 0+0 10 PR, LIl %] A I+ 1++++11+++1 * kA 4110 SBReFe BEeEe sras® & FeSeFa¥ess AR IO g S ® RS R Y — ig) 31% T1% 81% 58% 51% 42 4 108% 98% 8 133% 1 69% 32 123 44% 118% 1 67% 42 144% 1. k( 63% 119% 1 120 Dividend rates as given in the above tdble are the annual —1028— Div. h, High. Low. Rate. 11K 2y 248% 177 48 41% 99 —— Keystone Tire & Rubber. . 8 .Kresge (S,8) Company. 16% 2 Lee Rubber & Tire..... 54 8% Lehigh Valley. 4 Lima Locomotive. Loew's. Incorporated. Loft, Incorporated Loose-Wiles Biscuit. . Lorillard, P .o Louisville & Nashville Mclntyre Porcupine Mines Mallinson & Co... Manati Sugar. . hattan Elevated gtd. 3 Marland Oll & Refining. Martin-Parry. Mathieson Alkal Maxwell Motor, Cl Maxwell Motor, Class B May Department Stores MeAjcan Seaboard. . Mexican Seaboard ctfs. Miami Copper. Middle States Oil. Miavale Steel. . & Mo Kan & Texas new. Mo Kan & Texas pf new Missouri Pacific. Missouri Pacific Montana Power. Montgomery Wa Moon Motors. . Mother Lode Coalition. Nash Motors. National Acme National Eiscult tional Cloak & Sult Nat Department Stores. Nat Dept Stores 1st pf. Nat Enamel & Stampg tional Lead. Nat Rwys of Mex 2d pf. Nevada Con Copper. New Orleans, Tex & Mex.. New York Alr Brake. New York Canners. New York Central New York Chi & St New York Chi & St Lpf New York Dock.. New York, N H & Hart. New York Ontario & W Norfolk & Western. Vorth American. Nova Scotia S & C. Ohto Fuel Supply Orpheum Circuit Otis Elevator. . Packard Motor Car. ... Pan-American Pet Tra Penna Coal & Coke : Pennsylvania Railroad. People’s Gas, C Pere Marquette. Pere Marquette pf Philadelphia Company. Philip Morris & Co. Phillips Petroleum. Phoenix Hosiery Pierce-Arrow. Pierce-Arrow pt Pierce Oi1 Pierce Oil Pittsbufgh £ Pittsburgh Coal pf. Pittsburgh & W Vir; Postum Cereal Pressed Steel Car...... Producers & Refiners. Public Service new. Public Service 8% pf. Pullman Co Punta Alegre Sugar, 1% Pure Oil : 8 Railway Steel Springs % —— Rapid Transit w i. —— Rapid Transit pf w i 4 2 2 6% 1% 18% 68 973 33% 47 Iu'o.u]|]lImlscxom[uh|aom»-nmnlmlglvnu»q' 20% 4 10% 8 Ray Consolidated C Reading. Reading 1st p Reading 2d pf Remington Typewriter Remington Type 2d pf. Replogle Steel Republic Iron & Steel Republié Ir & Steel pf. Reynolds Spring. Reynolds Tobacco, B. Royal DN r shs. StJoseph L..... St Louis-San Francisco. S* Louis-San Fran pf. St Louis Southwestern. St Louls Southwestern pf. © ki 4._"[..” ' Hl[ l“"‘a Sears-Roebuck Seneca Copper © ° a Shell Union Oil pf. Simms Petroleum. Simmons Co. Sinclair Con Oil. Sinclair Con Oil pt Skelly Oil... Sloss-Sheftield Stl & Iron.. South Porto Rico Sugar Southern Pacific Southern Railway Southern Railway pf. Spicer Manufacturing Standard Ol of Californi Standard Oilof NJ. Standard Oil of N J Sterling Products. Stewart Wacner § Stromberg Carb. 14% 1 74 59% 94% Superior Oil. Superior Steel. Sweets Co of America. Tennessee Cop & Chem. . Texas Company . . Texas Gulf Sulphur, . Texas & Pacific. Texas & PacificC & O Third Avenus “Tide Water Oil Timken Roller Tobacco Products. . Tobacco ProductsCl: Transcontinental Oil. Underwood Typewriter. Union Pacific Union Pacific pf.. Union Tank Car. United Alloy Steel United Drug. [ []2o || 3585e o[ o] | | o] = %% 7 N = 35% 3 243 10 % U S Hoffman Machine. U S Industrial Alcohol. United States R & lmp. United States Steel., United States Steel pf. Utah Copper. Virginta-Carolina Chem. ‘Va-Car Chemical pf. V Vivaudou. ‘Wabash. Wabash pf A. ‘Waldort Syst Wells-Fargo. ‘Western Electric pf ‘Western Maryland. 53 6 Western Pacific pf. 01% 7 Western Union Teleg 76 560 :nflnflwvn Alir Brake 20 2% White Eugle Oil 454 pai Motor: 5% —— Wickwire Steel 19 — Wilson & Co. ‘Week ending September 29, High. 3% % b5 b5b% - 105%1105% "¢, SEPTEMBER 1023, Net, Low. Close. Chge. 2% 3 % 220 220 17 60% 634 16% 7 (R 3 B | @ 50 160 87 11 1+ 01+ [RE N E RSN R AR L A T 2 RS R | bk |+ 1l +++ bbb | T4 L+ Lk Lkt 4+ 11+ AL+t PN EFREFEN FRFRER KR o Ti++11+0++100041010 @ 81% 381% +Hit++ FI L1444+ ++ I+ + +Hi0l 66%. 65 based on the latest quarterly or half vearly declarations. noted, extra or- special dividens are not Included. 1P cash payments nless otherwise n exXtia, 30, 1923_PART, 1. BOND SUMMAR 105% 96 | 1047% 100% 93% 92% 104% Hln?m }0! 02 Low. 94 84 95 60 96 00 95 54 FINANCIAL, UMM Y FOR THE WEEK Low. U. 8, BONDS, 99-10 Liberty 97-25 Liberty 3d 43%s 1928 96-27 Liberty 4th 4% 1933-38.. 98-1 Treasury 4%s 1947-62... FOREIGN. Argentine 7s 1927. Belgium 7%s 1945 Belgium 6s 1925...... Belgium 8s 1941. Bordeaux 6s 1934. Brazil §s 1941.... Chinese Govt Ry Copenhagen 535 1944 Czechoslovakia 8s 195 Denmark 8s 1945 . Denmark 6s 1942. Dutch East Indles 6s Dutch East Indies 6s 196 Framerican Ind Dev 7%8 French Govt 8s 1945. French Govt 7%s 1941. Holland-American s f 63 1947. % Japanese 1st 4%s 1925. ‘ Japanese 2d 4%s 1°25. i Japanese 4s 1931... Jergens Utd Margarine 6s 1947. Lyons 65 1934. .. Marseilles 6s 1934 Mexico 5s 1954 Mexico 4s 1954 Netherlands 6s 1972. Norway 8s 1940. .. Paris-Lyons-Med 6s 1958 Queensland 7s 1941. Queensland 6s 1947. Rio de Janeiro 8s 1946 Sao Paulo, State of, 85 1936. Seine, Dept of, 7s. Sweden 6s 1939. 12 iss Confed s f 83 A 109% United Kingdom 5%s 192 100% United Kingdom 5%s 1937 75 103% High, Low. 99-28 99-10 98 99-24 99-13 Prev. week's Close. Last. Yield: 99-18 353 98 415 97-27 440 97-24 440 98-25 453 97-24 4 46 99-16 428 97-22 Low. Last, 101% High. 101% 101% 9674 101% T 106% 100% 90 3 98% 8645 % 104% 112 111% 101% 101% INDUSTRIAL AND MISCELLANEOUS. Amer Agri Chemical 7%s 1941.. Amer Smelt & Ref 1st 55 1947 Amer Sugar Refining 6s 1937... Amer Tel & Tel cl tr 5s 1246. Amer Tel & Tel cl tr 4s 1929. Armour & Co 4%5 1939. .. Atlantic Refining deb 5s 1937. 4 Bell Tel (Pa) ref 58 1948. . Bethlehem Steel p m 5s 1936 Bethlehem Steel s £ 65 1943. Brooklyn Edison 7s D 1940. Central Leather 5s 1925 Cerra de Pasco 8s 1931 Chile Copper 6s 1932. Cons Coal (Md) 1st re CGuba Cane Sug cv deb 8s 193( Detroit Edison zef 6s 1940 Du Pont de Nem 7%s 1931. Empire Fuel & Gas T%s 19 General Electric deb s 1952 %« Goodrich ¢B F) 6%s 1947. Goodyear Tire 8s 1931. Goodyear Tire 8s 1941. Humble Oil & Ref 53%s 1932 Indiana Steel bs 1952.... Inter Mer Marine 6s 1941. Inter Paper 5s B 1947.. Kelly-Springfield 8s 1931 Lackawanna Steel 5s 1950. 4 Liggett & Myers bs 1951. Manati Sugar s f 7%s 1942 Midvale Steel Gs 1936. ... ew England Tel 5s 1952. : ew York Edison 1st 6%s 1841. Y Gas EL H & P 55 1948..... ew York Tel 6s 1941 New York Tel 4%s 1939. North American Edison Pacific Gas & Elec s 1942 Pacific Tel & Tel 5s 1952.. 5 Philadelphia Co ref 65 1944. Public Service &s 1959. Sinclair Oil 75 1937. Sinclair Crude Oil 5%s 1925... .. South Porto Rico Sugar 7s 1941. Union Bag & Paper 6s D. 4 United Drug cv §s 1941 U S Rubber st & ref 5s 1947. U S Steel s £ 55 1963...... 4 Utah Power & Light bs 1944 Va-Carolina Chem s £ s 1947... Va-Carolina Chem 73s '37 war. Western Union Tel 63%s 1936. 4 Wilson & Co 1st 65 1941. ... Wilson & Co cv T%s 1931. RAILROAD. Atchison gen 4s 199! Atlantic Coast Line 1 Balto & Ohio pr In 33%s 1925 Balto & Ohio 2old 43 1948. Balto & Ohio 65 1929. .. Ralto & Ohio cvdls 193 Balto & Ohio ref bs 1995.. : B & O Pitts LE & W Va 4s 1941 B & O Southwn div 3%s 1925.... Brooklyn Rap Tr 7s 1921 ctfs Canadian Northern 63s 1946 Canadian Pacific deb 4s. % Central Pacific 4s 1949.. Chesapeake & Ohio cv 5s 1946. . Chesapeake & Ohio cv 41:s 1930, Chesapeake & Ohio gn 4%s 1992 Chicago & Alton 3s 1949.. 2 Chigago & Alton 315s 195¢ 2 4 Chl B & Quincy 1st ref 5s-1971.. Chi & Eastern 11l gen 5s 1951 Chi Great Western 4s 1959. = 4 Chi M & St Paul ref 4355 2014... Chi M & St Paul cv 5s 2014, icago Railways b5s 1927.. Chi R 1 & Pacific ref 4s 1934. Chi Union Station 4%s 1964. Chi Union Station §3%s 1963.... Chi & Western Ind con 4s 1952, CCC & St L ref 6s A 1929, . Cleveland Term G3s 1972. . Colorado & Southern 4%s 1935.. Cuba R R 5s 1952 Delaware & Hudson 5%s 1937.. Den & Rio Grande con 4s 1936... Den & Rio Grande 1st ref bs 1956 Detroit United 41&s 1932. 3 Erie 1st con 4s 1996. Erie gen lien 4s 1996 Erie cv 4s A 1953 Erie cv 4s D 195! Grand Trunk s £ d Grand Trunk 7s 1940 Great Northern gen 7s Great Northern gen 5%s 195. Hudson & Manhattan ref 5s 19 7 Hudson & Manhattan adj 5s 1957 Illinois Central 5%s 1934. Inter Rapid Transit 6s 1966 4 Inter Rapid Transit cv 7s 1932. Inter & Great Nor adj 6s 1952 Kan C Ft Scott & M 4s 1936 Kansas City Southern 3s 1950, Kansas City Southern 5s 1950 Lake Shore 4s 1928... 8 W 112% 68%% 100 101% 80%: 82 9% T0% 83 92% 90% Lake Shore 4s 1931.... 100% Lehigh Valley 6s 1928. 874 Louis & Nash unified 45 1940. 101 Louis & Nash 1st ref 53s 2003. 91 Market St Ry-¢on 55 1924. 50 Missouri Pacific gen 4s 19 72% N O Tex & Mex inc 65 1935..... 101% New York Central deb 6s 1935. . 86 New York Cent deb 4s 1934.... 92% New York Cent ref imp 55 Z013. 52 N Y N H & H cv deb 65 1948, ., 32% N Y West & Boston 4%s 1946 $5% Norfolk & Western con 4s 199 107% Norfolk & Western cv 6s 1929.. 59 Northern Pacific 35 1947 81% Northern Pacific 4s 1997 10316 Northern Pacific ref imp 6s 2047 9914 Ore Short Line gtd 58 1946. .. 90% Ore Short Line ref 4s 1929... 75% Ore-Wash 1st ref 4s 1961. 81 Reading gen 4s 1997... e 60% Rio Grande Western clt 48 1949, 71% R I Ark & L 4%s 193 > 74 StLIM&SR &G 4s 1933 65 St L & San Fran pr In 45 A 1950 80 St L & San Fran pr In bs 1950.. 58 St L & San Fran inc 6s 1960 88 St L & San Fran 5%s B 1942, 80% 70% St L & San Fran adj 6s 1956 46%s 89% Seaboard Air Line ref 4s 1959.. 821% 22% Seaboard Alr Line adj 58 1949.. 68 58% Seaboard Alr Line con 6s 1945.. 92% 90 Southern Pacific cv 4s 193! 881 83% Southern Pacific ref 4s 195! 85 77% Southern Pacific col 194! 98% 92% Southern Ry 1st 5s 1! 69% 66% Southern Ry gen 4s 1956 Southern Ry dev 6%s 19 Third Ave adj 6s 1 d Western Pacific 5s 1946. West Shore 15t 48 2361. .. 99 989 90 90% 101% 9734 92% 83% 9 97% 88 97% 108 97 121% % 99 101% 116% 94% 99% 76% 834 105% 88% 97% 86 97% 109% 9 93% 85% 1015 44% 30% 643 92 84% 81% 94 67% 68 100% 100% % 48% 48% 90% 90% 95% 95% 93 9% 78 1% FEAR OF CONGRESS HURTS RAIL SHARE Investors Dodge Securities Pending Possible Cuts in Freight Rates. {AUTO ISSUES ALSO WEAK Hints of Overproduction Used as Bear Factor—Japanese Loan Now Fully Expected. BY GEORGE T. HU 28, Special Correspondent of The Star. NEW YORK, September 29.— the persistent refusal of both specu- lators and investors to take adv tage of the many apparently attrac- tive securitiés at present market prices there are many-explanations, but none of them really satisfy. It is hard to understand, for. in- stance, why there was not more re- sponse to the action of the directors of the Baltimore and Ohio this week In restoring the common stock to a dividend basis. It is true that the stock advanced substantially, but at the prevailing quotation at the close of the week it was still selling on an 8% per cent basis, and the situation with the bonds is even mys- terious. In view of the strong financial co dition and favorable outlook thei can be no question about the i vestment merits of even the junior Issues, but gne of these is still ob- nable on a better than 7 per cen return. Degesty New Congress Feared. It can be said, and said truthfully, that investors fear legislation by the new f(vngrpss adverse to railway se- curities. ~Outside of the railway ex- and the stockholders, the ve seem to have few friends. The Secretary of Agriculture only this week could suggest as a remedy for the unfortunate situation of the wheat growers nothing better than a cut in freight rates on grain destined for_export. The Interstate Commerce C S!On is now engaged in an inv tion of the propriety of the p rate scale on anthracite coal. Secre- tary Wal e's proposal. to put it in his own words, is that “the railroads must not be crippled, but a reducti of at least 25 per c more commor ht about in some ay without further delay. The entire structure of freight rates should be analyzed.” Nothing could be more disturbing stockholders than this Fair Chance Probable. The chances are . in the end, sane counse! will prevail and that the railroads will be en a chance. DBut the fact is that vestors are reluctant to add to the business risks inherent in owne of all common siock, a politic hich it is difficult to measure here is, however, another factor than politics. That is the effect of the income tax on investors of large means. In pre-income tax days very men could relied 'n to specul 1 risk rich is retiring from whether for in tive purposes. is conditio d to develop ed They have been com¥u: a new clientele. They are compe to sell in smaller lot: A number of individuals, sing the cost has one thus greatly of aistribution advan e, A se- 3 ely distributed is generally permanently pl d. It may or may not be significant that the steadiest stock on the entire list, An n Telephone und Telegraph, is the one which has the most stockhold: Auto Outlook Caus There are, of- course, those argue that the the reaction in ge eral business. They foresee many d turbing possibilities, which is not hard To one, great concern is the future of the au- tomobile Except possib ithe oils there has been more spec lative selling of automobile ares limit to the expansion of automobile output. From the standpoint of value of product the industry is now third in the United State: This year's production is estimated around three million cars, truc luded. More than 400,000 workers are said to be dependent upon the motor car trade. But when the so-called satu- ration point will be reached it is doubtful whether the —automobile manufacturers themselvés can pre dict. Japanese Loan Expected. Although the week's news fron abroad has been of the greatest im- portance, it has had little effect upon security prices here. Only the for- gn bonds and the foreign exchanges ave responded to developments on the other side. Negotiations are understood to be under y for a large loan to Japan, and if the conditions are at all rea- sonable no difficulty is expected in placing such an issue. Listed Japa- nese securities have been inactive, but firm in anticipation of a favorable reception of the new financing. FLOUR WL FRNS HAVE REOREANZED Pillsbury - Washburn Inter- ests Are Now Capitalized at $12,500,000. By the Associated Press. MINNEAPOLIS, Minn. 29.—Reorganization of t Washburn Flour Mills Company, 1 of London and the Pillsbury Flour Mills Company of Minneapolis with a capital stock of $12,500,000, was virtually consummated today when an amendment to the articles of in- corporation of the Minneapolis com- pany were filed with the Minnesotsa courts. The amendment, voted at a recent meeting of the board of directors of the Pillsbury = Company, authorize the increase of the capital from $5. 000,000 to $12,500,000. This step in the international transaction, started several months ago, now places th Minneapolis company in a position to take over the property and assets of the English company under plans previously formulated and’ approved by the British courts. The British company, it was ex- plained, owned the properties now operated under lease by the Pillsbury Company of Minneapolis. That lease was_to expire in 1928 and the present program was launchied to bring about a closer affiliation between the twoy companies. The plan is to dissolv the British company, take it over under the Minneapolis company and pay the British stockholders in stock of the enlarged. coneern. 1