Evening Star Newspaper, August 20, 1929, Page 12

!l 12 T LINDTYPECOMPANY DECLARES DIVIDEND SR EER i ?ayment of $7 a Share for Year Equivalent to $14 on 0ld Stock. Directors of the Mergenthaler Lino- ype Co., meeting in New York City. de- lared a quarterly dividend of $1.25 per hare and an extra dividend of 50 cen:: r schare payable September 30, ckholders of record tember 5. This makes $7 per_share in divi- dends payable for the fiscal year of the company ending September 30, 1929, or an equivalent on the old stock of $14 per share. It will be recalled that the $100 par stock was converted into no par stock, giving old stockholders two shares of the no par for one share of the 100 par. 3 Thg’ company reports earnings ahead of last year. Foreign business of the company is said to be “most encourag- ing.” The Mergenthaler Linotype Co. of New York owns 98 per cent of the stock of the English company, and 65 per cent of the stock of the German company. O?the 256,000 shares of no par stock in the New York company outstanding, fully one-third is held in Washington by investors, who consider it an “invest- ment stock.” The Washington directors of the company are Frederic D. Mc- Kenney, and Edward J. McQuade. Mergenthaler is generally active on the Washington Stock Exchange. Machine-Tool Inquiry. Inquiries for machine tools are hold- ing up well, but from the standpoint of orders closed the market has experi- enced a moderate slump in the past week, explained largely by the vacation period, American Magazine reports. Machine tool builders in many instances gre still behind in deliveries, but some improvement in this direction is ex- pected from now on. Coincident with the public offering today by Goldman, Sachs & Co. of convertible preference and common stock of Blue Ridge Corporation, & new ihvestment company, Blue Ridge Cor- poration is offering to exchange shares of its convertible preference and com- mon stock for common stock of 21 of the leading industrial, railroad and flubllc utility corporations listed on the ew York Stock Exchange. Blue Ridge Corporatien, which will have the same sponsorship and management as Shen- andoah Corporation, will start opera- tlons with assets aggregating more than $127,500,000. The offer by Blue Ridge Corporation i§ designed not to secure eontrol of any corporation, but to ehable the com- opny to build up substantial holdings im these corporations. This is made clear in the statement of Clifford F. Stone, president of Blue Ridge Cor- noration, that the plan of exchange is 1;rang<-d as a means of acquiring blocks of such stocks for the company's in- vestment account. “In addition to purchasing stocks for ~ash,” Mr. Stone stated, “it will be the nhrpose of the company in connection “vith acquiring stocks of other corpera- ions to exchange, from time to time, “tp own stock for the stock of corpora- ions in the various fields of business ¢tivity in which the company regards 58S advantageous to acquire an in- orest.” ‘The announcement by Blue Ridge “orporaticn states that it is prepared 5 receive from financial institutions nd security dealers, acting in their wn behalf or for account of clients, >nders of blocks of common stocks in he following corporations: Allied Chemical & Dye Corporation, Ameri- ~an Telephone & Telegraph Co., Atchi- ethlehem Steel Corporation, Consoli= ated Gas Co. of New York, the De- roit Edison Co., Eastman Kodak Co. of “‘ew Jersey, General Electric Co., In- rnational Harvester Co., International " elephone & Telegraph Corporation, 1e New York Central Railroad Co., acific Gas & Electric Co., Pacific ighting Corporation, the Pennsylvania ailroad Co., Southern California Edi- n Co., Standard Oil Co. (New Jersey), 1e Texas Corporation, Union Carbide " Carbon Corporation, Union Pacific ailroad Co., United States Steel Cor- oration, Westinghouse Electric & | * lanufacturing Co. _The public offering of securities of lue Ridge Corporation, which is being 1ade by Goldman, #achs & Co., will onsist of 1,000,000 shares of optional per cent convertible preference stock 1 $50 par value, priced at $51.50 per aare and accrued dividend, and 1,000,~ 70 shares of no par value common ock priced at $20 per share. Holders « preference stock will be entitled to imulative dividends at the quarterly ate of 1-32 of a share of common stock ‘T, at their option, 75 cents a share. he preference stock will be con- * 2rtible at any time into one and a half a2ares of common. Trading on D. C. Exchange. ‘Trading was heavy on the Washing- m Stock Exchange today, both bonds nd stocks being active. Utilities were in demand and two ank stocks, Riggs, at 578, and Wash- 1ton Loan & Trust Co. at 535 fig- red in the turnover. Mergenthaler, hich today declared the regular and 2 extra dividend, sold in several lots, anning from 1047; to 104%. Washington Gas 6s A led the bond “ansactions with a total of $5,100, in -ange from 101§ to 102%. South American Financing. ¢ . One of the largest items of South merican financing this year will be arried out shortly when a banking roup composed of the Grace National 0., Brown Brothers & Co., E. H. Rol- ns & Sons and the Continental Illi- ois Co, offer publicly a new issue of 15,000,000 Chilean consolidated muni- ipal loan 31-year 7 per cent sinking und gold bonds. The bonds are di- 2ct obligations of 65 municipalities in 22 Republic of Chile having a com- ined population of approxmately 1,- 07420 or over 45 per cent of the atal population of Chile. . Upon completion of this financing he aggregate funded debt of the 65 aunicipalities will amount to $24,561,- 47, including this issue, 55 of the mu- icipalities having no other funded debt. Che provisions of the 1929 budget of the ‘nunicipalities for the payment of their espective floating debts will reduce the ‘otal of such debts outstanding at the beginning of the year to $233,252. For ‘he three years ended December 31, 928, the combined income of these 65 nunicipalities exceeded expenditures by 1,352,218. Another new branch bank in the -apidly growing system of the Chase Vational Bank was opened today at No. 18 East Forty-eighth street, in the aeart of the up-town jewelry district. Che new unit gives Cnase National gank 22 offices in Manbhattan and 3rooklyn, which figure will be increased o 27 on August 24, when the physical merger of Chase National and National Pari Bank is completed. The Chase Safs Deposit Co. will also share the Forty-eighth street office with - the Chase National Bank. Heard in Financial District. stitute circles, today underwent a seri- ous operation at George Washington University Hospital. He is assistant cashier at the Lincoln National Bank. —_— Sugar production in Cuba this season 15 1,000,000 tons ahead of last ~Prev. 1920~ 54% 118 85% 346% 125 288% 11% 42% 23% 73% 148% 20% 3% 82% 4 79 112% 118% b% 6% 67% 129 166% 41 28 1927% 120% FINANCIAL. l FINANCIAL. - TRANSACTIONS ON THE NEW.YORK STOCK EXCHANGE Stock and Low. Dividend Rate. 38!& Abitibl Power & Pap 4. 9 84% Adams Exp pf (5) 27 Advance Rumley. 40% Advancg Rumley pf. 1% Ahumada Lead. 95% Alr Reduction (3)... Alr Wal El Ap(2%). 27% Alleghany Corp. . ad3 100% Alleg C pf rets(5%). 831 Alleg pfrec 5% xw.. 241 Allled Ch & Dye (6). 120% Allled C&Dpf (7). 166 Allls-Chalm Mf (7) Amal Leather. . 43% Am Com Ale (k! 238% Am Encaust Til (2). 82% Am European Sec. 76% Am & For Power 88 Am & For Pw 2d pf.. 24% Am Hawaiian (1). 30% Am Hide & Lea pf... 64 Am Home Prd (3.60) 38 Amlce (13). 89% Am Ice pf (6). 4% Am La F 102% Am Locomotive (8). 113 Am Locopf (T)..... 147% Am Mach & Fdy(15). 70 AmP&LpDfA(3)... 78 Am P&L pf A st (5). 40% Am Ra&Std San1%. Am Republics. . Am Safety Raz (15). 93% Am Sm & Ref (4). 56 Am Steel Fdy (3). 65 Am Stores (2).. 104% Am Sugar Rfg p£(7). 160 Am Tobacco (8. 160% Am Tobacco B 136 Am Type Fdi 67% Am Water Wks (c1). Am Water W 1st(6). 39 Am Writ Papr pf (3) 22% Am Zinc Ld&Sm.... 90% Am Zinc Ld&Sm pf.. 99 Anaconda Copr (7).. 62% Anaconda W&C (3). Anchor Cap (2.40) 44% Andes Copper (3). 29 Archer-Dan-M (2) 10% Armour Il (A). 5% Armour Ill (B). 70% Armour Il pf (7 19 Arnold Constabl 20 Artloom (2).. 4814 Asso Appl Ind (4) 45% At1G& WL pf 53% Atl Refining (12) 90 Atlas Powder (4 Auburn Auto (34; Austin Nichols, Autosale Aviation Baldwin Loco (new). Balto & Ohlo (6).... Balto & Ohio pf (4).. Balto & Ohio £ p (6). Bang & Aroos (3% ) Barnsdall (32%). Beacon Ofl... Beatrice Cream Belding-Heminwa; Bendix Aviation ( 26! 26! Bklyn-Manhat (4). Bklyn Union Gas (5 Brown Shoe (2%) Bruns-Balk-Col(3 Bruns Ter & Ry S. Bucyrus Erfe (1)... Bucyruscv pf (2%) Burns BrosB....... Burr Add Mach (80c) Bush Term (g2)..... Butte Copper & Zinc. Butterick Co. Byers (A M) By-Products Coke 25% 38% 22% 62% 54% 3 31% T2% 1% Calumet & Hecla(4). Campbell Wyant (2). Cerro de Pasco (6)... Certain-teed . Ches & Ohio (10).... Chesapeake Corp (3) Chi Great Westn pf.. Chi Mil St P&Pac... Chi Mil 8t P&Pac pf. 46 99 City Stores (1)...... Cluett Peabody (5).. - @ N Sw 2 BrorwaScuana=s Colo Fuel & Iron.... Colo & South (3). Columb G & B (2) 1 Colum G&E pf A(8). Col Graph (29¢)..... Col Graph F P (29¢). Columb Carbon t4% . Com €redit i2). Comm Credit A Coml Inv Trust (34). Com Inv Trst war... Com Inv Trpf(6%). Com Solvents (h8).., Comwlth Power (4) Conde Nast Pu:: (3 rn. " Gooree ohsol Film pf Consol Gas (3) Conso! Gas pf g.=B.. 285800 Contl Insurance (2). 13 Contl Motors (80c).. 210 28% Contl Oil of Del 82 82 . Corn Prod (13 51 Coty Ine (g2) 83 Crosley Radi 42% Crown Cork & Seal 85 Crucible Steel (5)... 109 Crucible Steel pf (7) 3 Cuba Cane Sugar.... 2 49 Cudahy 117 Curtis Pub (16%). 158 Curtiss Aero ctfs — Add 00. High. 2 56% Abitibi P& P pf(8 4 Brunla Prev. 50% B2 50% 120% 120% 124 167 168% 166M —1020— High. Low. 101% 58% 99 63 69% 42% 226 182 202 155% 19 112 207% 168 76% 56 2% 77 22% 6 83% 57% 109% % 47 % Grand Stor pf (634). 56 43% 144% 114% 128% 101 122% 100 39% 25% 44 32% 107% 136% 79 65% 31% 92% 20% 60 28 98 64 80 15 59 3% 163% 138% 108% 66% Co 1st 56% Melville l:ol (1.40 Stock and Dividend Rate. Cutler-Ham (3%) Cuyamel Fruit. Davison Chem. ..... Delaware & Hud (9). Del Lack & W (17).. Endicott-John (5)... Endicott-John pf (7) Eng Pub Serv (f1). . Eng Pub Sve of(5%) Equitable Bldg(2%). ErleR R [} Eureka Vac C1 u)i ] Fairbanks Morse (3) Fash Pk Asso(k2%). Fash Pk Asso pf (7). Fed Motor Tr (80c) Fid Phen F Ins (2). First Nat Stores 1% Fisk Rubber. Fleischmann Gabriel Snub Gen Asphalt. Gen Bronze (2 Gen Cable. Gen Cabl Gen Cigar (4) Gen Electric Gen Elec spec Gen'] Food Corpn (3) Gen Gas&El A (e1%) Gen Mills (33%) Gen Mills pf (6). Gen Motors (13.30) Males— Add 00, High. 12 96% 2 97 14 50% 50 51 216 212% 2156 216 25 150 ) 0% % Prev. Low. Close. Close. 93 94 92% 96% 96% 9% 50 50 148% 149 149% 2% % 4% 47 10 111% 110% 43 50% 1 21 21 28 194% 192% 1 11 ? & 1 6 9. Gen Motors pf (7)... Gan Outd Adv A (4). Gen Outd Ad vte (2). Gen Public Serv(b§) Gen Ry Signal (5). Gen Refrac (14). Glllette Safety R (5) Gimbel Brothers. Gimbel Bros pf (7) Glidden Co (m2). Gobel (Adolf). Gold Dust (2%). Goodyear Tire (5). Goodyear 1st pf (7).. Grand Unfon........ Grand Union pf (3).. Granite City Stl (3).. Grant WT (1)..e00e Grt North pf (5). Grt North pf et (5) Grt Nor Ore (a1%).. Grt West Sux (2.80). Greene Can Cop (8) Guif Sta Steel (4) Hahn Dept Store 2 Hahn Dept 8pt(63%) _ | Hartman B (1.20) Hawailan Pine (2)... Hayes Body b8 % stk Hershey Choe pf (4). Hoe (R) & Co. . Hollander & Son..... Houd Hersh B (1%). Household Prd (14). Houston Ofl......... Howe Sound (t4%).. Hudson & Man (2%). Hudson Motor (5). Hupp Motor (£2).... Illinols Central (7). Independ Ol & G (2) Indian Motor Cycle. Indian Refining. . Indian Refining ct... Ingersol Rand (15%) Inland Steel (3%)... Inspiration (4).. Interboro Rap Tran Intercontinental Rub Intl Comb Eng (2)... Intl Cmb Eng pf (7). Intl Harvester (2%). Intl Harv pf (7). Int Hydro El A (e2). Intl Match pf (3.20 Int Mer Marine etfs.. Int Nickel of Can(1). Intl Pap & P A(2.40). Intl Pap & Pwr B Intl Pap & Pwr C. Intl Pap & Pwr pf(7) Intl Print Ink (23).. Int] Silver (18)...... ) Investors Equity(2). —_— Jewel Tea (3). . Johns-Manville (3. Jordan Motor Car.... Kan City Sou (5) Kayser J & Co (5). Kelly-Spring Tire... Kelsey Hayes (2)... 49 1554 § 6 2 32 1 1 21 3 T 20 19: 3 156 Kimberly Clrk(2%).. Kinney GR (1). Kolster R: . Kraft PhCh (1%). Kre: 88 (1.60) Lago Ofl & Trans... Lambert Co (8). Lee Rubber & Tire. .- Leh Port Cem (2%).. Lehigh Valley (3%). Lehigh Valley Coal.. Lehn & Fink (3)..... Ebbey Owens G gl) . MeclIntype Pore M(1). McKeesport T P (4).. McKesson & Rob (3). McKes & Rb pt.()l’t e Maytag (1.89). board. .. fami Copper (4)... Michigan St) (2%).. Mid-Continent P (2). Middle States Ofl.... Middle States Ofl ct. Midland Stl pf 110%. Miller Rubl . 2 3 3 1% 4 4 2 6% 24 32% 324% 142% 140% 140% 1. 2 18 13 13 116 40% 88% 89% 33% 41 13 9 2! 1487% 148 9% 92% 3 1 9 T 12 4 1 B 6 2% 9 9 16% 1w 59 33% % 42% 43% 42% 112 112 111% 84% 85% 35% 2% 2% 2% 2% 2% 292 299% 285 14% 14% 14% 86% 35 Stock and Dividend Rate. Mo Kan & Tex pf(7) —Prev. 1920~ Low. Higl A 107% 102 01% 62% 147 120 Murray Corp (a3)... Munsingwear (13%) Nash Motors (6. k{ Natl Bella Hess(31). 12 Natl Biscuit (t63%).. 35 Natl Cash Reg A (14) 118 Natl Dairy(cl%) 560 Natl Dept Stores. Natl Distillers. ... Natl Distillers pf(7). NatlEnameling (2) Nevada Copper (3).. Newport Co A (3)... Newton Steel (3) N'Y Air Brake (3). N Y Chi & St L pf(6) NYNH&H4).... Norfolk South (2%). Norfolk&Wstn(110). North Am(b10%stk) North Am pt (3).... North Am Ed pf (6).. Nor Ger Lloyd(3.41) . Northern Pac (5).... North Pac ct (5).. i .Norwalk Tire & 011 Well Supply. Oliver Farm Equip Olivr Fr Eq pf A(6). Olivr Fr Ep cv pt(3). Omnibus Corp. ... Otis Elevator (6) Otis Steel..... Pacific Gas & E (2).. 259 Pacific Lighting (3).. 62 Pacific Oil stub; 12 Packard Motor (15). 285 Packard Mot (new)..1220 P Paramount-F-L (3).. Park & Tilford (33). P Philip Morris (1) Phillips Pete (1 Plerce-Arrow A. Plerce Oll. Pierce Oil p! Plerce Petrolt e ool Pillsbury F1 (12%) Pirelli Co A (2.88) Pittsburgh Coal Pittsburgh Coal # Pittsbgh Screw & Poor & Co (12) P Rican Am To P Rican Am To (B).. Prairie Oil & Gas. Pipe L (1 Pre: Steel Car. Proctor&Gamble Pub Sve NJ (2. Pub Sve NJ pf (6! Pub Sve NJ pf (7. Pullman Corp (4).... Pure Oil (1%).... Purity Bakerfes (4). 111 Radio-Kelth-Orph Rallway & Exp (2) 4 Reading (4).. Reading 2d pf (2)... Real Silk Hoslery... Rels (R) & Co. . Reis (R)&Co 18t(7)., Remington-Rand. Reming-Rnd 2d (8 Reynolds Tb B(2.40). Rhine West (1.92) Richfield O1l (2).. Rio Grande Oil (k2). Ritter Dental (2%4).. Rosaia Ins (2.20).... Royal Bak Pwdr(1).. " Roy Bak Pow ctfs(1) Royal Dutch (a3.20). Safeway Stores (3. St Joseph Lead (13). St L-San Fran (3) St L-San Fran pt (6) St L Southwestern. . Savage Arms (2). Schulte Retail Strs.. Seaboard Alr Line pt Sears Roebck (33%). - Sharon Steel H (3).. Sharp & Do pf (3%). Shattuck F G (2).... Shell Union (1.40)... Shubert Theater (5). Simmons Co (3).. Simms Pet (1.60). SinclairOil (12%) Sinclair Oil pf (8) Skelly Oil (2). Sloss Sheffield s Snider Packing. Snider Packing pf... * So Porto R Sug 12%.. Southern Cal Ed (2). Southern Dairies B.. Southern Pacific (6). Bales— Prev. Aud 00. High. Low. Close. Close. 5 104% 104% 6 93% 91% ~Prev, 1920~ High Low. 52% 68% 44% Whi Whi in_stoel TPlus 16% in stock. JPlus 8% in stock. Stock and Dividend Rate, 160% 138 Southern Rwy (8)... ? 93 Southern Ry pf(5) 140% 104 Sou Ry M & Oect (4 63% U S Pipe & Fdry (2) U S Pipe 1st pf (1.20) U S Realty (5). U 8 Rubber.. U S Smelt Ref (3%). USSmelt Refpf 3% U S Steel (7). U S Steel pf (7) Univ Leat Tob (: Univ Pipe & Rad. Ul Pwr& Lt A (e Zenith Radio (2).... Bales— Add 00, High, Low. Close. 4 163% 161% Prev. Stand Com Tob (1).. 1 Stand Gas & El (3%) 252 Stand G & Epf (4)... Stand Ol Calif (13). 146 Stand O N J (2)...2002 Stand OI N Y (1.60). 277 Sterling Sec (A).... 33 Sterling Sec pf 11.20. Stewart Warnr(3%) Stone & Webster.... Superior Oil (new). . Superior Steel. ... Sweets of Amer (1).. ‘Tenn Cop &Ch (1).. Texas P C & O (b5) ‘Texas Pac Land Tr.. ‘The Fair (2.40). Thompson J R ( Tide Water Asso. ... Tide Wat Asso pf(6) ‘Tide Water Ofl(80c). ‘Tide Water Oil pf(5) Timken Det Ax(80e). ‘Timken Roller (3)... Tobacco Prod 1.40. .. Tob Prod ctfs 1.40... Tobacco Pr A (1.40). Tob Prod ctfs A1.40. ‘Tob Prod dv ctfs B.. Tob Prod dv ctfs C.. Transcontinental. ‘Trico Prod (2%).... Truscon Stl (31.20). Twin City Rp T (4). —U:- Underw-El-Fish(4).. Union Bag & Paper. . Unlon Carbide(2.60). Union 011 Calif (2).. Union Pacific (10)... Union Pacific pf (4).. Utd Afrcraft&Trans. Utd Afreraft&T pf 3. Utd Biscuit (1.60)... Utd Biscult pf (7)... Utd Cigar Stores(1). Utd Cgr Stor ctfs(1). Utd Corporation.... Utd Corp pf (3)..e.e Utd Electric Coal(3) Utd Fruft (c4)...cee & Imp (1).. U S Distributing. U 8 & Foreign Secur. U S & For Sec pf(6) . U S Freight. ... U S Hoftman (4)... U 8 Ind Alco (6) o U S Leather...... ) Vadsco Sal ceseen. Vadsco Sales pt (7) Vanadium (t4).. Vick Chemical (4). Virginia-Car Chem. . Virginia-Car 6% pf.. Warren Bros (15) Warren Fdry & Pip Wess Ol & Snow(2). Wi Wi ‘White Eagle Oil (2). otor (1).... ock M S (3). White Sewing Mach. Wilcox Ofl & Gas.... ‘Wilcox Rich(A)2%.. ‘Wilcox Rich B (c2).. 1 Yale & Towne (4) Yellow Truck & C. Young Sp&W (12%). Young Sheet & T (5) 61 59% 1158 1 Gen Cigar rights.... Glidden (rights).... 4% Macy Co righ! z 17% Mont Ward..Aug 26 4% Stand Gasrts Aug.31 1% U S Freight(rights). Sales of Stocks on New York Exchange. 4% 24% (3 1% 729,000 12:00 Noon. +3.070.700 Dividend rates as given ments based on the Unit of trading less th in the above table are the annual latest quarterly or half yearly dec- an 100 shares. {Partl Draterred stock. FPlus 135 15 srock b Payabl n_ st Plus in Stotk: " b Fhus KPlus 8% 0" stock. Markets at a Glance NEW York, August 20 (#).—Stocks, strong; Allis Chalmers advances more than 40 points. Bonds, irregular; In- ternational Telephone & Telegraph con- vertible, 4%s at record high. Curb, strong; Shenandoah Corporation at new high, Foreign mc&cwn.mnm:' Cables e. » E'wmdlu %fi" ot § Cottee, qump-.qa barely steads. AGO, t 20 (P).—Wheat, mc,n;nc August firm; Cattle, (Reported by J..& W. Seligman & Co 98 LELTTIY L 2Sssnes 228888 e B8 i %k 85 = 22882 P Seg R ER Spectal Dispateh to The Star. BALTIMORE, Md., August 20.—Po- tatoes, white, barrel, 1.50a5.25; 100 pounds, 2.2583.00; sweet potatoes, Lar- rel, 2.5026.00; beets, 100, 3.0024.00; beans, bushel, 1.25a1.85; cabbage, ham- .00a1.50; carrots, 100, 3.00a4.00; 51‘:111 &o:vi,‘g.m.n'f'eom,‘ dozen, 158 30; cukes, bushel, 65a90; eggplants, 7! 2.508 40a75; lackberrie , 18a20; ‘Thampers, zflb;q‘mpm!, buflwl?!l..em 50a2.25; water- melons, ba Futures closed steady, July, 228 | lower: t.hp 6 41045; ladles, ; store 30a31; rolls, 31a32; process but- , 40041, , * Hay and Grain Prices: 56; No 3 white domestic, spot, new, 55. Rye—Nearby, 1.00a1.10. Hay—Receipts, none. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish quotations es. ‘Where in good order new hay sells at from 13.00 to 15.00 per ton, according to its quality and condition, receipty by truck taking care of most requirements. Straw—Little demand for straw. Re- ceipts gen at straw, No. 1, per ton, 9.00a10. oat straw, No. 1, per ton, 9.00210.00. NEW YORK COTTON. NEW YORK, August 20 (#).—Early advances of about 30 to 35 points on continued nervousness over the crop situation in the Southwest and rela- tively firm Liverpool cables were fol- lowed by reactions in the cotton mar- ket today under realizing. The selling was not aggressive, however, and the midafternoon market was quiet and steady with the active months still m‘mu net gains of about 12 to 16 po! 9 points ‘higher: Jocwber. to 11 18.96-91 an March, 19.38; 18.77; ‘October, ADVANGE IN'STOCK PRICES CONTINUES Market Surges Forward - in Face of Heavy Selling. Gains Widespread. BY STANLEY W. PRENOSIL, Associated Press Pinancial Editor. NEW YORK, August 20.—Led by the “blue chips,” as Wall Street terms those issues selling above $200 a share, the stock market continued its advance today in the face of frequent furries of selling in the pool specialties. New high iecords were established by at least a score of issues including U. 8 Steel common, General Electric, Allis Chalmers, Westinghouse Electric, Com- mercial Solvents, New York Central and Norfolk & Western, with the gains run- nlnguas high as 29 points. Sharp gains in the high-priced shares was aitributed, in part, to the sharp reduction in the floating supply of many of those issues as a result of investment trust buying. Trading was largely pro- fessional in character, as few small traders are able to deal in high-priced stocks because of the heavy margins required. Call money was in comfortable sug!uly at the 7 per cent level, with indications that the rate might be maintained. There was no change in other monetary accommodations. Wall Street found bullish encouragement in the weekly condition statement of Fed- eral Reserve Banks, showing a large reduction of loans on securities. Busi- ness news continued favorable, July railroad statements now making their appearance showing unusually favorable comparisons with the same month last year. Public utilities and merchandise shares were in the van during the late trading, when a number of substantial advances were made despite some active profit-taking. Allis-Chalmers extended its rise of 43 points, touching 330. Midland Steel Products preferred jump- ed ‘143, International Telegraph & ‘Telephone and North American 7, Montgomery Ward and Eastman Kodak 5 each. The closing was strong. Opening Ts Higher. Prices resumed their upward move- ment at the opening, under the leader- ship of United States Steel common, which showed an initial gain of a point at 2497, a new high record. Westing- house Electric opened nearly a point higher at 253%, also a new high. Warren Bros., Radio and A. M. Byers showed initial gains of more than 2 points each, while American Power & Light, Wright Aeronautical, General Railway Signal and several others ad- vanced a point or so. Formation of the Blue Ridge Corpora- tion, with an offer for an exchange of its securities for those of 21 leading in- dustrial, railroad and public utility companies, had a bullish effect on speculative sentiment. With the float- ing supply of many of the high-grade stocks materially reduced by purchases of investment trusts, the advance in some of those issues assumed large pro- portions. United States Steel common quickly crossed 250 to another new high rec- ord. ~American Can, Auburn Auto, Bethlehem Steel, General Electric, Commercial Solvents and Norfolk & Western also moved into new high ground, the early gains ranging from fractions to 5 points. International ‘Telephone extended its gain to more than 4 points by touching & new high at 1271, one block of 8,000 shares changing hands at 1247:. Continental Can opened with a block of 11,000 shares at 862, up 4, and a new high record.. . Tobaceo Stocks Gain. ‘Tobacco Products, United Cigar Stores and Schulte Retail Stores all moved upward on the announcement that the control of the Whelan com- panies had passed to the Morrow in- terests. Public utilities gave another impres- sive demonstration of group strength. Public Service of New Jersey, Pacific Gas and Pacific Lighting showed early gains of 2 points or more. American & Foreign Power, which ran up more than 12 points yesterday, opened 2 points lower. but quickly made up its loss. Unconditionally GUARANTEED The Sun Always Rises in the East Civilization has been built around time accuracy of the knows Old Sol al in the East. You also know bevond all doubt that hoth prinei- pal and interest are safe when your funds are in- vested in our 6% Pirst Trust Notes. Get the facts about this absolutely safe, high-yield type of secutity. 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