Evening Star Newspaper, August 28, 1925, Page 14

% ¢ 14 MOVES ARE MIXED -~ INDAY'S TRADING Recent Favorltes Sold, But Many Issues Again Reach Higher Ground. BY STUART P. NEW YORK, stock market continued on its irreg- ular course today There were waves of buy in individual i s and in othe! wices fell off sh from the recent high points. The list seemed o be without any sense of direction while the professional activities which have dominat the Stock Exchange deal s for ny days were again the guiding force behind the price movement. More New High ris. Some of the stocks beyond the reach of the average trader led the list of new high record Kresge was one @ these and so was Chrysler Motor Foundation Co. exceeded its previous 1k Shipbuildin; Eaton Axle pical Certain-teed Prod nd second referred efie iis San Francisco, Oty Greel General Outd = e Smeltin WEST. Spe United igley and Stand nd preferred Le€1 was discussing the pos: 1ity af the St. Louis-San Francisco ® that stock on a 7 per cent bals next Wednesday. Few doubted e dividend would be raised. The strength in Certain-Teed Products sues was in response to the announce- ment that the company would redeem he balance of its 6% per cent first morigage bonds Few Motors Do Better. A few of the motors did better, with \debaker the most prominent of the voup. Jordan and Hudson went 13, “each rising & point or more. LikeWise the railway equipments were itd up for a while. Baldwin and American Car and Foundry were the favorites. United States Steel com- mon, selling ex-dividend, sagged off at one time, but met support. American Can and General Electric were several points lower during the selling moves in the general list. American Water Works common fell back. Rail Shares Hold Gains. ilway shares held their re- and some of them extend- In addition hed new highs for the year, noticeable sirensth in S ® jreferred and in ario-and Western and Lehigh Val lev. on the other hand. declined. The ng w ascribed 1o the coal strike. | Commerc Solvents issues came to life after a Guiescence. | loth issues rose sh For some | time & report has been current of the company being bought by Corn Products, which furnishes Commer- cial Solvents with its starch require- ments. Gimbel Bros. was a feature of the department store shares. Cuba Cane Sugar, common and preferred, were still heavy, both stocks drop- ping to their lowest for 19 ising rd Gas s ~el Pennsy Again Strong. Pennsylvania Railroad shares were n active and strong. The buylng migh ve been induced in part by the July earnings’ report, which howed a big increase in net income. However, there was a story that Penn sylvania plans to issue new stock at par, toward whica the outstanding Shares in the market today steadily moved. New York Shipbuilding, selling ex- idend, was in demand at new high ces. The rise in this stock recently been influenced by the changes affecting control of the company. It is understood that New York Ship- building has been underbidding a large ic manufacturer for a contract for electrical railway equipment. Southern Railway Active, | Snubbers, | 1o those which es-| 1’| Brunswick Pennsylvania. | FINANCITAL, { Abitibi Pow (4). Ahumada (11).. Air Reductn(ts) Ajax Rubber. ... Alaska Juneau. . Alifed Chem (4). Allied Cm pt(7). Alils Chalm (6) . Am Agricul Chm Am Ag Chm pt.. Am Bosch. Am Can (17).... Am Car&Fdy (§) Am Chain 4 (2). Am Chicle. Am Drug . Am Expr (8). Am & For Pow. . TAM&EIP 255 (7) Am Hide & Lea. Am Hide & L pf. | Am Ice (1) | Am Ice pf (6 | Am Internatl. Am Linseed. . ... Am Loco (118). Am Metal (3). Am Safety R (3) Am Ship&Com. . Am S & Ref (6). AmS&RpL (7). Am Stl Fdys (3) Am St Fy pf(7 .:m Sugar Am S0y} Amcelica () | am TewTe) (3. [Am Tobueeo (7). | Am Toba B (7). | Am Tobac pt 16) Am WW&E! 120 {Am W W 1st ( Am Woolen. Am Writ Pap pt Anaconda (3). Armour Tl A(2). Asso Dry G ) Asso DG 24 (T) Asso O11 (2). Atchison (7). | Atl Birm & At... Atlantie C L(18) At Gulf & WI.. Atlantic Gulf rts |AtiGuir & WIpt | Atlantic Refing... tlas Powdr (4). tlas Tack...... | Austin-Nichels. . Baldwin L () Balto & Ohio(5). Bang & Ar (3) { Bang & Ar pf(7) BarnsdallA..... Barnsdali B..... Beech Nut(2.40). Belding Bros(3). Bethlehem Stl. .. Beth Stlpf (7).. Beth 8t pf (8).. Booth Fisheries. Briggs Mfg(3%) Bkl-Man Tran. . Bk-Man T pf(6) . Bkl Union G(4) . Brown Shoe (4). | Brunswick-Balk *Buff Reh& P .. | Burns Bro (10). Burns Br B (2).. Bur Add Ma (3). Bush Ter de (7). Butte Cop (50¢) . Butte & Sup u), Butterick. . Cal Packing (8). Calif Pemt (2) . Cailahan Zinc Calumet & Ar (4) Calumet & H (1) Case Threshinj Cent Leather Cent Leat] Con RRofNJ 112. Century Rib (2). Cerro d Pasco(4} Certain-Teed (4). Sertain-T 15t(7) Certain-T 2d (7) | Chandler (3) | Chees&Ohio (4). Ches&O pf(61%). Chi & Alton. .... Chi & Alton pt Chi Great West. Chi Gr West pf.. Chi Mil & StP. Chi Mil & StP pf. Chi & Nwn (4) Chi & Nw pf (7 ChiPneuT (6).. Chi R1& Pac. CRI&Ppt (6). Chi Yellow C (4) Childs (12.40)... Chile Cop (23). Chino Copper. The unusual activity and strength Southern Railway ferred su ested the possibility that the com contemplated redemption of the It may do so at any time in However, there is § ved outstanding able amount to call. Richmond, Va.. the the preferred suit to recover be due at at decided against holders in their 000,000 alleged to of back dividends. It was stated at share. $29 on aceount the time that an | peal from the decision would be 3 The theory is that with the preferred stock redeemed a thorn from the side of the common share owners would have been removed and litigation would thus be avoided. CLOSE IS IRREGULAR. ; Demand for Pipo Shares One of Late Features. NEW YORK, August trasting price movements again char- acterized toda stock ~ market. American Can and a number of other | vecent speculative favorites vielded to selling pressure, but bullish operations | continued in @ number of the pipe, steel, motor, equipment and shipping shares. Total sales approximated 1,200,000 shares. The closing was bhuving of Atlanta Atlantie, which points and the pipe 8 (P).—Con irregular. Heavy Birmingham and was run up about 2 an increased demand for ares featured the late] at a Glance NEW YORK Chrysler soars high. Bonds, st rally on debt changes, mixed rencles react Stocks points trregular: to record ady; Mexican issues report. Foreign ex Scandinavian cur- Cotton, lower: easter spot ma Sugar, featureless. Coffee, easy; European selli CHICAGO.—Wheat, e: tions larger receipts September liquidation slow demand. Hogs, weights firm. COAL STOCKS ALONE FEEL STRIKE MOVE General List lgnores Action Re- garding Suspen- er; predic- Corn, declined; Cattle, lower; higher: light- sion. Special Dispatch NEW YORK, August there were still irregt times the movement wa stock market as a firmer appearance today than on eith er of the two preceeding days. Senti. ment was probabty helped hy the drop fn the call money rate from 41 pnt renewal charge to 4 per o Bhich came in the late afternoon. sme attention was paid to the hard | al strike situation, but the effect was | nited to stocks of carporations di- ctly involved and it was without in- ience on the general list. A tool recently offered f. The Star 28 —While arities and at reversed, the whole presentd a per nt. | - the handy |Co1G & | Com Solv A (4). Chrysler Corpn. Chrysler pf A(8) Coca-Cola (7)... Col Fuel & Iron. Colo Southern ("olo Bou 1st (4) Col G& E (2.60). ot (7 Com Solv B. Congoleum (2).. Consol Distribut Consol Gas (5).. Consol Textile. Cont Can (4) Cont Can pf (7). Cont Insur (6).. Cont Mot (80¢).. Corn Prod (2). Cotty, Inc (3.80). Cruecible Stl (4). Cuban Cane Su.. Cub Cane Su pf.. Cuban-Am 8 (2). Cuban Domin. .. | Cuban Dom pf Cudahy Pkg (7). Davison Chem. . Del L & Wa (17) DRG Wstpf... Detroit Ed (8)... | Dodge Bros Cl A. Dodge pf (7) Dome Mines (2). Dul S S & Atlpf. Dupont (19).... DuPont deb (6) . Durham Hose. ... Bastman (18)... Faton Axle (2).. Elec Powr & Lt. EIP&Lpf(7).. Elec Str Bat (4). Emmerson Brat. Emmerson B pf. | End John (5). ErieRR . Erte 18t pf. . Exchange (134). Fairbks (2.60).. | Famous P1(8).. Feder Lt (11.40) Fed Min pf (7). First NatP pf(8) Fisher Body (5). Fisk Rubber. ... Fisk R 1st pf (1) Fleischmann(15) Foundation (8) . Freeport-Texas. Gabriel A (2%). Gardner Motor. . | Gen Am Tuk (2). | Gen Asphait. ... Gen Baking (6). Sen Cigar (8) Gen Electric (8). Gen Ei spec 80c. on Mootrs (17). en Mot pf (7).. Gen Outdr Adv. . Gen Outdr Ad A. Gen Petrm (2).. Gen Ry Sig (8).. Gen Ry S pt (8). Gimbel Bros. ... Giater (13%). Glidden Co. | Gold Dus | Gooarich i (4). Goodrich pf (7). Goodyear pt (7). Granby Consol. . { Grt North pt (5) Gt Nor Ore (1).. Grt Wstn Su (8) Guantanamo. . .. Guif Mo & Nor.. Gu M & Npf (6). Gulf States S (6) 82 Hartman (2%) 28 an will open bottles, scale fish, ad- fist gasburners, pull tacks, pound steak or act as tack hammer or stove- lid lifter. Havana Elec (6) 222 Hayes Wh (3%). 40% High 67 11 109% 108 1% 1040 120 88% 22% 663 81% 239% 107% Low 67 10% 1084 10% 1% 1028 120 87% 22% 64% 814 281 106% 234 e 5 135 42 131% 10% 614% 120 8 38k 335 144 50% Yo% 110 111% 394 1104% 65% 99% 40% 159% 9% 9744 IM“AA 4 1061 3 173% 318 222 404 THE EVENING STAR, WASHINGTON, D. ACTVTY ISNOTED | Coo o BONDS s eceived by Private Wire Direct to The Star Office. Close. | 61 |Hoe&Cod (1), 1i | lHousehold P (3) Houston Ofl...... Howe Sound C Hudson Mn (23%) Hudson Mot (3). Hupp Mot (1)... Tilinots Cen (7). Indep Of1 (1) Indian Refg etfs Inlund St (2%).. Inspir Cop (50e) Interub Rap Tr. . Tnternat Agri. Int Bus Mac (8). nt Cement (4).. In Cement p£(7). Int Com Eng (2) Internat Har ( Int Mer Marin, Int Mer Mar pf.. Int Niekel, Int Paper Intl Paper vt (1) Int Shoe (5) Int Tel & Tel (6) Jones Bros Tea.. Jordan Mot (3).. KCP & L 1st (7). Kansas & Gulf. . KKan City South. Kan C So nf (4). Kayser (J) pf(s) Kelly-Spring. . Kelsey Whi (§) Lee Tre & Rub. . Lehigh Val (314) Lizgett & M (f4) Lig & My B (14). Lig & My pf (7) Loews Inc (2) Loft. Loriilard (3).. Louisiana Oil. Loutsville G: Louls & Nsh ( Ludtum (2). MeCro B (1.60).. McIntyre P (1).. Mackay pf (4). . Macy HR & Co.. Magma C (Thec). Mallison & Co... Man El Sup (4). Man-Elev gtd. .. Man E md g (5). Man Shirt (1%). Maracalbo Ol .. Market Street. .. Market St prior. Marland O (760) Marlin Rock rts. Martin-Parry(2) May Dept St (5). Mexican Seabd. . Mi Aiddle Stat Midland P pf (19 Minn & St Louls. Min St P & SSM . M St P & SSM pf Mis Kan & Tex.. MK&T pf(5).. Missour! Pacific. | Missourl Pac pf. Mont Power (4). Montgem Ward. Moon Mot (3)... Mother Lode The Moto Meter. ... Motor Wheel(2). Mullins Body Murray B ( ) Nash Mot (116). Nat Acme (sta). Nat Biscuit (3).. Nat Biscu pf(7). Nat Cloak (4). Nat Dalry (3)... Nat Dpt Stores. . Nat Distillers. .. Nat Enamel & S Nat Enam pf (1) Nat Lead (5). Nat Ry Mex 2d.. Nat Supply (3).. Nevada Copper.. 12 |NYAIrBr4).. 12 [NYAIrBrA (4) 26% | N Y Canners (2). 8% | N ¥ Central (1). 16% | NYC&StL (8) 69% NYC‘StLBf(I). 111% | N Y Dock. I |NYNHS Hart. 49% | NY On&Wn (1). 86 | N Y Shipbld (2). 47 |Nilag Fpf (1%). 68% | Norf & West (1) 841 | North Am (3.40) 2213 ! North Am pf (3) 146% | North Pac (8)... Norwalk Tire 188% | Nunnally (1) { Orpheum (1.80). | Dtis vator(6) Otis Stesl. Otis Steel p Owens Bot (3). Pacific Gas !l).. Pacific O11 (3) Packard ($1.70. 15% “ 1% 595 2974 31 52% 58% 102 97 31% 104% 1124% 6 Pan-Amer B (§). Pan-Amerrts. .. Panhandle. Penick & Ford Pennsy R R (3). Penn Seab Steel, Peoples Gas (8). Pers Mar pf (5). Pere M prior(5) . PhlaCo (4)..... Phila& RC&T.. Phillip Morris. . Phillips Pet (2). Phoenix Hosiery Plerce-Arrow... Pierce-Arrow pf. Plerce Ofl. Plerce Petrol Pitts Coa! *PittsFtWay (7). Pitts Term Coal. Pitts & West Va. Postum Cer (4). Press Steel Car. Prod & Refiners Pub Ser N.J.(5) Pub Se F&G pf Puliman Co (8) | Punta Aleg Sug. Pure Oil (1%).. Radio Corp of A. | Ry St Spg (3).. Ray Cons Cop Reading (4)... Reading rts. Reading 2d (2). Reid Ice Cream. . Remington Type Replogle Steel. . Rep Ir & Steel . Reynolds Sprogs Rey Tob B (8).. Rey Tob pt (1).. Rossia Ins (8) .. Royal Dch 1.73% 134 | Rutland pf...... 16% | St Joseph Ld (2) 307 | St L & San F (5) 10%, | St L Southwest. 4 | StLSwnpf (5). 5oy | Savage Arms... 3 Sehulte (*8).... Seaboard Alr L.. Seabd Alr L pf.. Suagrave (1.20). Sears-Rebk (6) . Shattuck-Ariz. Shattuck F G(2) Shell Un (1.40, simmons Co (2). 250¥| Bimms Pet (1).. o014 | Sinclair Ofl. 56% | | Skelly Of1. §2% | South Port 8 (6 | South Pac (8). .. 21 |Southern Ry (5). 43% South Ry pf (5). i Spaulding pf(7). Spicer Mfg..... | Sta Gas & Ei &Erts.. 1 pf (4). | St'on calit (2) "‘JszouNJ a) ape | StOILN J pt (1), | Std Plate Glass. Sterling Prod(4) Stew-Warner (5) Stromberg (6). . Studebaker (4).. Submarine Boat. 67% 3202 41% 16% 464 105% 27% 56 102% 81 224 107% 106% 8974 11% 884 112% 28% 484 44% 2224 40% Open. High. 45 414 64 284 3% 4 e 64 23% 874 64% 18 116% 24% 26% T4 6l4 43% 27% 27 18% 146% 69 107 484 4 1267 Mack Trucks (6) 2 1284 E6% 8% 81 851 6815 90 1824 129 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star OMice Low. Close. 4 41 64 284% 87% 3% 18 116% 24 23% T 644 43 27 27 13% 141% 6814 105 4644 123% 84 30V, 344 874 45 4% 64 284 37% L 18 115% 24 25% | justments, which got i bargo on’ building mate i by the | funds for IN MANY BONDS Mexican, French, Belgian Liens and St. Pauls and Lib- ertys Move Upward. BY GEORGE T. HUGHES. Special Dispatch to The Sta NEW YORK, August 28.—Irregular- ity prevalled in today's bond tradini strictly high-grade investment dragging and the only important gains being made in the more speculative obligations. International Telephone and Tele- &raph debenture 5'3s were the out- standing feature, selling above 103 for the first time since they were offered a week ago. It illustrated the popu- larity of convertible bonds in this mar- Ket, this particular {ssue having a call on ‘the stock after March 1 next at 125, which is well below the prevailing price. Mexican Issues Strong. In the forelgn group the greatest interest attached fo the Mexican is- sues now in default but payments on which are expected to be resumed soon. Fkrench and Belglan issues were active. Among the rails Denver and Rio ande \Western bs were prominent, making a new high on the present recovery. There is now 7} per cent accumulated interest on these bonds. but earnings justify the hope that this amount will be reduced. United States Government bonds were steady but did not gain much ground. Only a few of the high- grade rails were active and prices were little changed. Wisconsin Cen- tral 4s gained a half point and New York Central 5s were fractionally higher. St. Louis-San Francisco prior llen “A" s were taken in large blacka around 77. a shade under the closing price of Thursday. Favorites Decline. The general trend, however, in the speculative favorites was downward, examples beinz Seaboard Al Line ad: below 86, and New Haven convertible 6s, which, at 91, were down % of a point. The last-named have made no response to New Haven's remarkably goed July earnings statement, and they are stiil selling on @ 6.75 per cent basis, al- though secured under the refunding mortgages. FLORIDA’S FREIGHT EMBARGO NEAR END Special Dispatch to The Star. MIAMI, Fla. August 25.—The em- als declared lorida East Coast Railroad and the Carolina Steamship Co. is ex- pected to be lifted as soon as con- signees move goods now congesting | docks and freight main.a SEABOARD AFTER STEEL FOR FLORIDA EXTENSION NEW YORK, August 28 (P).—Rail- road inquiry for steel products has been larger during the past week. The United States Steel Ceorporation is sald to have recelved orders for 13,000 tons of tie plates from various roads. One of the largest rail orders is expected to come from the Seuboard Air Line, which, it is estimated, will need from 20,000 to 25,000 tons for its new Florida extension. |AMERICAN FUNDS FLOW BACK FROM LONDON NEW YORK, August 28 (#).—The recent lowering of the English bank rate, coupled with a stiffening of open here, has started & return flow of American funds from Several large called back bal- ances which they have maintained in London since last Spring, finding that short-term purposes ean now be emploved more profitably in 74| this country ROAD'S EARNINGS GROW. BALTIMORE, August 28 (Special). July cperating revenues the Western Marvland Railw . in- creased by $22,79%, as compared with the corresponding month last year, amounting to $1,665,016. Operating expenses totaled $1123,162, an ad- vance of $45,746. Net income amounted to $196,548, an increase of Symingts cor Tann Copper (1). Texas Co (3). Tex Gulf Sul (8). Tex & Pac C & O. Tex & Pacific. Tide Water Of Timken R B ( Tobac Prod ($) Tob Prod A () Transcont O11 Transue & W(2). Underwood (3).. Un Bag & Paper. Union O11 (1.30). Un Paelfic (10) Utd Alloy Steel. . Utd Cigar (13%) United Drug (7). UtdDrug 1st 33 . Utd Fruit (10).. U S Cast Iron P. SCIPpf (). Distributing 16% 10% 474 112 Ind Alcohol. Reaity (8). U 8 Steelpt (1) Universal Pip Univer P pf (7). Utll P&L A (3) Utah Copper (4). Va-Caro Chem. . Va Caro Chem B. Va-Caro Ch pf. Va Ry & Pow: Vivaudou. Wabash Wabash pf A (5) Wabash pf B. Ward Baking Warner A (1%4). West Pen (4) West Blec pf(7). West Maryland. West Md 2d pt.. w stern Pacific. . stern Pac pf. w.u “Air Br (8). Westinghs (4 Weston Elec. Wheel & LE pt.. ‘White Eagle (2). White Mot (4). . White Rock (12) Wickwire ctfs. .. Willys-Overld. .. Willys-0d p£(7). Wilson & Co. Woolworth (3) Worthn Pump. ... Worthton B (6). Wright Aero(1). Wrigley (13%). Yellow C (2.52). Youngstown (4). 'Ofld lot. QXlr‘ 1P piidiad E i 78'% the annui Table in :LM:‘?. ‘auarter] i UNITED STATES. (Sales are 13 §1,000.) Sales. High. Lo Lib3% 7 100 27 100 5 160 25 Lib 1st 4 8 1029 1025 1026 41 1012 10030 10031 Lib3d 43s. (63 10119 10116 10118 Lib4th 434e 202 102 14 10211 10211 US4n1944. 40 10229 10224 10227 UBS4%s'52 31 10630 10613 106 13 Bordeaux Brazil s Brazilfs. .. Ca 1991, Cunada b8 1953, Chile Ts 1843 Chile2s 13 Chile 85 1941, Christiania 8s. .. Con Pow Japan T Copenhagen 514 Cuba5i4s..... Czecho § S Czecho 85 1952 et. Danish Munic 8s A Nenmark 6; Denmark 83 DEI5%s Mch'53. Duteh East I 6s'47 Dutch Esst I 65762, El Salvador 85 '48. . Finland s f 6545 Finlands 7 Framerican 7% French 7 French 7% French § Ger F1 614850 wi. German Ts ireek T3 Hait 63 Japanese 614 Jerzens U M 6547, Lyons 6s. . Marseille 65 Mexico 4« ' Netherlands és 'll Nord 6% Norway 8%s wi... Norway Norway 3s Orient Dev deb .. Paris-Ly’s-Med 7s. Paris OrleansTs. .. Peru 85 Poland Poland § Pr-guu-,- Queensland és. Queensland 7s. Rio de Jan 85 134 Rio n s 194 Sa0 Paulo State St of § Paulo rota. . Seine Dept ot 78 Berds Crot Ble 8 Sweden 5348 ct. % Ud Kingm 538 '3 Ud Steam Copen 63 Uruguay 8 Zurich 8s. 1084 10813 MISCELLANEOUS. Ajax Rubber 8s . 5 99% 994 Am Agr Chem 7 1 163% 103% Am Chain sf 6= "33, o8l 98 Am Cotton Oil bs. . 4% Am Smit & R 1st bs 9T Am8mit& R 107% Am Sug ref 6s. 102% AmT& Teltrds.. 7% AmT&Teltrés.. 101% AmT&Tafés.... 26% AmT & T deb 5% Am Writ Paper ¢s. Anaconda 1st ¢ 1024 52% 100 101% Andes Cop T8 cta. 98 Armour & Co 4%s. Armour Del 548 clated O1l tic Refin 5 Eell Tel Pa 53 Beth Steel 5145 '33. Beth Steel s £ 6s. .. Brier H St 18t 5348 Bkiyn Ed . Bklyn Ed : Brooklyn Unlen Bush T Bldg 58 Calif Pete $%8. ... Cen Leth 6545 cfs Chile Copper 6s.. .. Col Gas & El 53 Col Gas & El 58 Commonwth P Con Coal Md 1st 68 Con G NY 638 wi. Consumers Pow &3 Cuba Canecv 7s... Cuba Caneevd § Cuban Am Sug Dery (DG) 1s.. Det Edison 53 '40. . Det Edison re? 6 Donner Steel 7 Duquesne Light Est Cuba Sug T%s Empire G & F 7%s. Goodrich $34s. ... Goodyear 88 1931. . Goodyear 85 1941.. Hershey 5%s wi Hoe & Co §4s. . HumbleO& R § Tilinols St Int Mer Marine Int Paper 58°47. Inter Paper 6: IntT&T5%s wl. 578 KCP&LtosA'52. ¢ Kelly-Spring o1 Laclede G 5% Liggett & Myrs 7s. Lackawa S 58 '50. Lorillard (P) 6s. .. Loulsv G & E 5852 Manati Sug 8 73 Mid-Con §%5'40. Midvale Steel 55 Montana Pow 58 Mor's & Co 15t 4%8 w»-"—».m.um e Brwabalarmn Nor States Pow 5. Otis Steel 745 Otis Steel §8 Pacific Gas PacT & T 1st 68 Puc T& T 65’62 Pan-Amer Pete és. Phila'Co 63838 Phila Co re Plerce-Ar Publi¢ Serv! Pub Serv Elec P Serv Gas 5%8°59 Punta Alegre 7 Rep Ir & Steel 58. Sharon St1 H Sinclair O1l 6 Sinelair Ol Sinclatr O11 7 SinCOPLés Sin Pipe Line bs. .. Southwest Bell s Tenn Elec Pow 6 Union Bag & P United Drug 6 U S Rub 1st rf U 8 Rubber 73 USSteelsfbs.... Utah Pow & Lt 68, Va-Car Chem 7s Va-CarCh THs w Vertientes Bug 78 FRIDAY, AUGUST Close. | 28, 1925. ' Sales. High. Low. Close. | Warner Sug 7s°39. 1 Slla 813 8l's West Elec £ 101 100% 100% Westn Union 6 1 110% 110% 110% 11 106% 106% 106% 80 102 8% 102 100 . 9102 101% Wilson & Co 1st 65. 28 98% 9% Winchester A 734s. 1102 102 Youngstn S&T és. 31 100 99% RAILROAD. Atchisongen4s... 1 88% 89% Atlantie CL 7 1107 107 B &0 Gold 43.. 1 98% 88% B&Ocvil 19 92% 92% B&Oret b 24 90% 90% B&O1stbsect 27 101% 101 B&O 1103 103 B&O » 10 102% 102% B& B 894 107 8% 92% 90% 101% 108 102% 96% 72 8% 864 80% 107% 874 98 97% 9% 1164 49% 102% TN 64 43t | 8% | 49'% 78% 49 | 494 | 494 | thed 84% 6 107% 834 867 8714 0 Sw DIv & 41 96% 9844 & O Toledo 4: 2 728 7% Bkiyn Manhat 6s.. 69 90 9% Buf R& Pitt4}4s. 4 88% 86% Canad Pac deb ¢: 80% 801 Car Clinch & O 6; 107% 107% Central Pacifie 4 874 874 Cent Pac 15t 5 95 98 Ches&Ocv il 9% 974 Ches & O gn 4% 91% 914 Ches & O ev b 116% 116 Chi & Alt 3158 ctf: 491 494 ChiB&Qlstrf5s. 8 102' 102 TA% TN 64 64 48 48 4915 48 49 49 9% 19% 49% 4 R2REEER Qanaaaaanq EET 6 1074 107% 83ls 834 8674 867 87 87 102% 102% 102% 99% 99% 99% w1 0 984 98% 984 98 98 98 98 97% 98 101 100% 100% 105% 1057 1057 944 94l 8% 73, BT% 8T% 104 104 104 106 105% 106% B3t F3L 8RN 9% 98 3 884 70% 634 67 7% Ti% 1084 94% 1454 116% 100% 100% ChiTH&SEGs. Chi Un Sta bs Chi Union Sta 53 44 Chi& W Ind en ds. CCC &St Lbs Cieve Term 5. Cleve Term 5% Cuba R R §8.. Cuba RR7%4s.... Del Hud cv 65 '35 Den & Rio G cn 4s.. D & Rio G imp §s D & Rio G Wst bs | Erie 1st cons 43 Erie gen 4s. Erieconv 4s A. Erie conv 4s B. Erieconv4s D. Erie conv ext 7s FlaECEs'T4 FlaW&N7s Grand Trunk 7s Great North 5348 Gr North gen 7s GreenB& W db B G Mob&N 5145B '50 Havana ERL&P '50 Hud & Man ref 5s. . Hud & Man aJ 55 Til Central ref 4= 111 C-C St L&NO 55 Int Rap Tran 5s. .. Int Rap Tr s stpd. | Int Rap Tran §s. Int Rap Tran Int & G Nor 18t 6s. Int & G Noraj 6 Iowa Cent rf 45 JTowa Cent 1st bi KansasCity § bi Lake Shore 43 ‘31 Lehigh Valcn 4 Louis & N uni 4s. Louis & Nash 7 Manhat Ry cn 48 Market St Ry 7 Mil El Ry & L 5s M&StLrfex bs MStP & SSMG MStP& MK&T MK & T ad} & M h&TprlnuA K&T6esC.. . Mo Pacific gen 4s. . Mo Pac 58 1965 Mo Pacific 6 70% 634 67 67 4 T4k 108% 108% 95 4% 145% 140 115% 116 101 100% 108% 108's 15 16 1011 101% 93 90% 76t 835 99% e 65k f9% 89 108% 103 8l TT% 20 19% 60 % 0% 90% - 8 80% 80% 9346 93 106% 108% 61% 614 99 98% 89% 89% 164 16% 838, 83% 102% 1024 79+ 79 9015 S9% 947 v 1027 64% 88 67 101 100% 100% 100% 7 o1 96 96 101" 100% 101% 101% 8% 78% 85 85 94U 9eu 101% 101 108% 108% 6% 7615 69t 894 108 8 19% 60 % 97 98% 9% 9 10 65 © Montrl Tm 1st NOTex& Min NOT&Mb% NOT&Mb%sn.. N YCengen3js.. N Y Cent 4538 . N Y Cent deb 4 N Y Centri5i N Y Cent deb . NYCentLSeldlgs n.;—b—u‘—n:nla-———:N-!Ane—-m ] THREE STEEL FIRMS | with September | reachea | sagged to | After ‘3 | with | septer FINANCIAL. LIKELY TO MERGE Otis, Midland and Trumbult Officials Confer—Stocks Jump—Terms Secret. By the Associated Press. NEW YORK, August 28.—Nego tiations for a merger of the Otis Steel, Midland Steel Products and Trumbull Steel companies took active shape here today when bankers and officlals of the three concerns held a conference at the First National Bank A brisk rise in the preferred stocks of the Otis and Midland companies followed circulation of the reports as to possible terms of the conselidation, which Wall Street expected would be mads public later in the day. GRAIN PRICES RALLY AFTER POOR OPENING Oats Show Strength in Chicago Pit—Provisions Are Slightly H\gher By the Associated Pre CHICAGO, August Foreign in terests sold wheat at the opening of the Board of Trade today, but the buying was of a good class and there as an abundance of short covering. This rallied the market until it went beyond 1.57 for September, when selling orders at this figure stopped the advance. Sentiment was some- what bullish during the early tradins. although there was an absence of in- fluential news. Wheat opened 3% to 11; lower, with September 1.56 to| 5614 and Decembe 5% to 1.56, | but the rally sent September to 1.57% | and December to 1.57. The selling| orders at 157, however, caused a slump of half-cent and the market steadied at this figure. Short covering and general com- mission house buying caused an up- turn in corn right after the opening, but when local traders turned to the selling side on the bulge a reaction set in. Corn opened 3 down to 3 up, with September at 9414 to 943, reached 95% on the rally and then sagged to about initial figures an hour after the opening. Oats showed some strength early. After starting unchanged to 3 up, at 941, to 941 the rally and then | nitial fig 2 953 on hout ter the openin Oats showed some sirenzth ear starting unchanged to & September 383 to values slowly advanced a half-cent and steadied there. Provisions were slow and slightly higher. WHEAT— 0 September x% December M 188% B 86% inls i Gied by Ban 53y Forin— September December . b Bars— September December May. RYE— September Deceniber . May LARD F PR FEF Otober RIpS— Septemi October CHICAGO LIVE STOCK MARKET CHICAGO, August 28 _ (United States Department of Agriculture).— Hogs—Receipts, 15,000 head; mostly 5 to 10 higher than Thursday's best prices, or 10 to 20 higher than av- erage; desirable lightweight in best demand; others slow; big packers do- ing little; bulk good and choice 140 to 210 pound kind, 13.25a13.5 top, 13.50; majority of better to 300 pound butehers, 12.60a13.20; bulk NY Chi & StL5%s YC&StLEsA ew Hayv deb 4 New Havd 45 '57.. ew Havencd 6s. Y Ont W 1st 4s.. New York Ry aj os. 97Th 97 1022 102% 637 630 €012 60'% 91% 91 69% 69 4 44 26l 26 61 L 68 68 904 904 84 B84 106% 105 101 100% 97% 97% 92%% 92% 101% 1014 9TH 9T% 111 1104 108% 108% 98% 98% 9815 93l a1 90% % 724 95% 9 874 8TW 1% 17 81k 91 100 99% 93% 934 97l 97H 102% 102% 90% 904 8ils Bdw 1014 101k T 714 88% 954 9T% 88% 79 1084 103% 1084% 105% 1094 108% 84%s B4 56% 554 40 39 1% Si% 99% 994 2 103% 103% 98% 98l4 96% 963 lll!t 101% IS": 9 64 80% Y State Ry 4143, Y W & Bos 4%s. Norfolk & W cn 45. jorthern Pac 4s Northern Pacr 1 6a Ore & Calif 1st bs. . Ore Short Liref 48.. Pennsyl gen ¢3s.. Pennsyl gen 5s.... Pennsyl 58'64..... Pennsyl 648, ..... Pennsyl gold 7s. . 15 Pere Marq 1st 5s... 14 Reading gen 43 Reading J C ¢s " Rio G West cl 4s St L IM&S 48°29 St L IM&S R&G 4s. 7 StL&SF plésA..ll0 StL&SF prinbs. 24 23 76 54 6 Boroananwn—0—nELma- 0 o St P & KCShL ¢%s. StPUn Depbs. ... Seabd A Liref 48 eabd A L ad) Sou Pacific 45 '29. . Sou Pacific re! Southern Ry gen 45 Southern Ry 1at 5s. Southern Ry 6s ct. Southern Ry 634s. Sou Ry Mobile Third Ave ref 4s Third Ave Union Pac Union Pac 48’ Union Pac cv 6s. Virginia Ry 1st bs. VaRy &P Istés., Wabash 1st 5s 87 Western Pacific 14 ‘Wilkes-B&E 1st 5s. 2 ‘Wisconsin Cent 4s. 53 ‘WALWORTH DIVIDEND RAISED NEW YORK, Aungust 28 (#).—Di- rectors of the Walworth Manufactur- ing Co., tool manufacturers, have placed the common stock on a $1.80 an- nual basis by declaring a regular quar- terly dividend of 46 cents on the com- mon stock. The previous rate was $1.40 annually. > ERC DETROIT BUILDING DRAGS. DETROIT, August 28 (Speclal).— Factory operations continue brisk here, with skilled labor as well absorb- ed. Real estate is sluggish, but in- dications point to a renewal of build- ing construction, which has been very active in Detroit during the last two years. BONDS SOON TO BE CALLED. NEW YORK, August 28 (P).—All outstanding 6': per cent first mort- gage bonds of the Certain-teed Prod- ucts Corporation, totaling $7,766,000, will be called for redemption on No- vember 1, the company announced to- day. The original issue of $8,000,000 was marketed in 1923 to finance the acquisition ef several lmeleum and plaster companies. packing sows, 10.75a11.00; strong- ht slaughter pigs, largely 13.00a | heavy-weight hogs, 11.90a13.00; medium. 12.35213.40; light, 11.50a13.50; {light 1 11.15213.50; packi i )all.1s; slaughter pigs, a | —Recei 4.000 head: little reliable outlet in-between grades fed steers: trade on peddling basis: weak to upevenly lower than Thursday's | farmers at 6. | cent ithe right SEEK LOWER RATE ON FARM LOANS Joint Stock Land Bankers:to Discuss Paring Charges at Annual Meeting. BY CHAS. P. SHAEFFER. Delegates from 56 Joint Stock Lan Banks will attend the seventh annua convention of the Joint Stock Lan Bank Association, to be held in Col orado Springs, September 1 to 3, in clusive. The local delegation will leave Washington tomarrow. ; The most important subject to be discussed will be the consideration ways and means to reduce the interes: rate on loans to farmers. This rate has been reduced to § per cent in : cent years and the Joint Stock Land Bank Association now alms to bring about a further reduction to 5% pe: cent and eventually to 5 Under Federal laws the Joint Stock Land Banks are given a 1 par cent margin on whith to operate: They have been borrgwing money from in vestors at 5 per vent and lending it | This yvear, for the firs: time, some of the larger b were abla to obtain new money and consequently w make loans in their per cent. In order to n loan te to farmers 5 will be necessary for loans of their own a average coupon rate try to do this vear $75,000,000 Issue Coming. More than $75,000,000 of joint stoc land bank bonds will be sold in remaining four months of 1925. There is also a possibility that the joi stock land hanks will float an & ditional $30,000,000 of bonds for funding purposes. As of August the latest date for which « the bank age loan: farm pro This represented an increa 00,000 since December 31 last Huston, president of the Jo! Land Bank Assoctation, who une of the leaders of the movement reduce interest rates on loans, will comprise one of the local delegati departing tomorrow. Others are George A. Harris, president of the Potomac Joint Stock Land Bank and a director of the national associatior and Mrs. Harris W. Powell, sec retary of the association, Mrs. Powell and several members of the Feders Farm Loan Board re e or ake the av them 415 per 'his they 08,000,000 Railway Common Quiet. The Washintgen Stock Exch tods was devoid of unusu Railw common, w the accelera weeks. was ding price w offerings of 179, lost a fraction sold at 8§93 Riggs National Bank was strong a 380, as was Mergenthaler Linotype &' 181. Capital Traction brought par and a half and 100%, while Merchants Bank and Trust Co. was unchanged at 136. Continental Trust sold at 86 Offer Expires Next Tuesday. Southern Dairles, Inc., announces the offer made to Chapin-Sacks, Inc stockholders to exchange their stock for the Southern Dairles, Inc., stock on a share-for-share bt to subseribe for Dairies, Inc., class B stock share, at the rate of three. a share for such class B stoc eptember 1 at tockholders ho do not deposit their stock by that date will not be entitled to the subscription warrants on the B stock. The “B" has been a feature of New York Curb Ex- change trading recently, where it is listed, selling to the extent of several thousand shares daily, its latest level being between 84 and 35. Southern’s July Net. Reflecting continued gains in traffic earnings of the Southern Railway f July showed substantial improvemen Net operating income of $2,738,926 \flmnalpd with §2 l" 5 for the same 2 aled $17.33 of §2,473,018 period last vear preferre when elght shares over the TREASURY CERTIFICATES decline; best matured steers, 14.25; bulk 12.00 downward: most grassers and short fed, 7.00a9.50; she stock slow, steady; lers 25 lower; largely 11.50a12.50. Sheep—Receipts, 4,000 heaa; slaugh ter lambs scarce; strong to 25 | higher; mostly 25 up, sorts con-| sidered: no strictly choice offerings on sale; all fresh supply natives; bulk desirable kinds, 14.50a15.00; top, 1 to small killers; most culls 11.50a 11.75; few 12.00; light weight down- ward to 9.00; fat_ sheep steady to strong; odd lots of desirable native ewes on slaughter account, 6.00a7.50; young native breeding ewes, 12.50; average weight, 97 pounds. GEAI-N AND PROVISIONS. BALTIMORE, Md., August 28 (Spe- cial).—New potatoes, barrel, 1.75a2.00; culls, 1.26a1.50; beans, bushel, 30a40: beets, 100, 1.50a2.00; cabbage, 100, 2.00 a3.00; sweet potatoes, barrel, 1.00a4.50; yams, barrel, 1.00a3.50; carrots, 100. 2.00a4.00; corn. dozen, 5al0; celery, crate, 1.50a2.00; cucumbers, basket, 30a33; lettuce, crate, 50al.00; lima beans, bushel, 75a1.00; peppers, basket, 20a30: onions, bushel, 1.50a2.00; basket, 15a20; tomatoes, 25a40; packing stock, bushel, Apples—Barrel, 1.00a3.50; bushel, 50 1.50; damsons, basket, 60a75; canta- basket, 25a50; grapes, basket, 50a75; huckleberries, quart, 20a25; pears, bushel, 2.00a2.50; basket, 7T5a 1.00; watermelons, each, 8a85; peaches, bushel, 2.00a3.00; pineapples, crate 2.00a3.50. Selling Prices at Noon. ‘Wheat—No. 2 red Winter, spot, do- mestic, 1.56%; No. 2 red Winter, gar- 1.52%. Sales—Bag lots of nearby at whart at 1.45. Corn—Cob, vellow, nominal, per " barrel; 1.11 asked. spot, 5.7526.00, track vellow, o. 2, new, 46; No. 3, new, 45. 3 earby, new, 1.10a1.20; No. 2, rye. spot, no quotations. Hay—Receipts, 54 tons. The demand for new hay is rather of a restricted character, the trading at the moment being mostly in less than carload lots. For the better grade of timothy and choice light clover mixed hay there is a fair demand in a jobbing way, but all heated or damaged hay has no defi- nite market value and is hard to move at any price. Quotations, per ton, today: No. 1 timothy, 21.50; No. 2, 20.50a21.00; No. 3 timothy, 16.00a18.00; No. 1 light clover mixed, 19.50a20.00; No. 2, 17.00a 18.00; No. 1 clover, mixed, 18.50a19.00. Straw—No. 1 wheat, 11.00a12.00; No. 2 oat, 12.00a13.00. PENNSY CUTS LOSSES. PHILADELPHIA, August 28 (Spe- cial).—The Pennsylvania railroad now has 11 gasollne locomotives hauling trains on short runs in this section, and as a result has materially reduced the losses at which some branches were operated when steam locomo- tives were used. (Quotations furniched by Redmond & ( Noon — Offer SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co Adirond, P. & L. C. 8s 102 Alum. Co. of Amer. 7 Amer. Beet Sugar 08 19: Am. Tel. & Tel. Co. 4s Associated 0N g Baltimore & Ohio_6s 11 6 Fiornied Negate g 1050 Goodyear T. & R. 'S8 1031 Great Northern s 1036. . Gulion Cornpar 515w 1024 Tock. Val K. R Humble Oil 6355 )m Lehigh Pow. Sec i FPET RS S g ] Morng & Co. 7728 105 New York Central 6s 1 Qrexon “Short Line e 1 Peona’ R R 74 1030 Sinclair Cr. 011 P. €6 Switt & Co Tidewater Oil Union Pac. R. Western Union 10 nghouse . b 78 1831 mm', Aurust 15. 1995 SN FOREIGN EXCHANGE. (Quotations furnished by W.B. Hibbs & Co ) Nominal Selling checks old value. $4.88685 London. pound o D 1.00 Montreal. dollar. . Paris. franc...... Brussels. franc erlin, mark. ome. lira Zurich. " ri Athens. drachma Madrid, peseta Yienna. crown Budapest. crown Eraguc. crown. . raaw. zloty Denhagen. crown Chrigtiania, crown. . Stockholm, crown NEW YORK, August 28 (#).—For elgn exchanges irregular: quotations (in cents): Great Britain—Demand 485316; cables, 48515 60.day bills on banks, 481%. France—Demand 4.6913; cables, Ttaly—Demand Demand—Bel 23.80; Holland .. .60; Sweden, 26.83 Denmark, Switzerland, 19.3712 Spain, 13.37; Greece, 1.48%; Poland Czechoslovakla, 2.96; Jugoslavia, .79; Austria, 1413; Rumania, .49 Argentina, 40.00; Brazil, 12.62: Tok 40%: Shanghai, T Montreal, 100 3-64. 1440 ° 1000014 5 00014 GOLD SHIPMENTS SMALL NEW YORK, August 28 (®).—Ex-' port movement of gold continues in small volume. The International Ac ceptance Bank announced today the shipment of $100,000 in gold coin te the Straits Settlements.