Evening Star Newspaper, September 14, 1929, Page 26

28 DISTRICT ALLOTTED ‘OVER' $20,000,000 Secretary Mellon Explains Popularity of Latest U. S. Certificates. F BY EDWARD C. STO! Becretary Mellon announces that the total amount of subscriptions. received for the issue of Treasury certificates of indebtedness, series TJ-1930, 47 per cent, dated Sep- tember 16, 1329, maturing June 16, 1930, was $1,486,= 492,000. The total amount of sub- scriptions _allotted was $549,707,500. Of this amount $104,274,000 repre= sents allotments on subscriptions for which Treasury certificates of in- debtedness of seriet TS-1929 end TS2 1929, maturing September 15, were tendered in pay- ment, which suw- scriptions were al- lotted in full. The total also includes $100.000,000 allotted on subscriptions for which 3% per cent Treasury notes were tendered in partial payment. Allotments on other subscriptions were made on a graduated scale. Total subscriptions received from the Richmond Federal Reserve Bank were $37,561,000 and the total amount al- lotted the fifth Reserve district was $20,001.500. Why Issue Was So Popular. The tax-exempt feature of the issue was in a large measure responsible for the heavy oversubscription, Secretary Mellon believes. | This factor also ex- plans the unusually large subscriptions from individuals, the Secretary thinks. Another factor for the oversubscription i was the rate. In the present period of high money rates and market activity many indi- viduals have funds available for short- term investments, whereas long-term investments are usually preferred by the small investor, the Secretary point- ed out. The comparatively low vield on Gov- ernment securities tends to concentrate them in the hands of very large in- vestors and corporations and banks. The latter provide the backlog of the Government _ financing. bu the Treasury certificates for us ondary reserves as these securities are alw: eligible for discount at Pederal Reserve banks. Bankers to Boost Festival. President W. J. Waller of the Dis- trict Bankers' Association has suggested the names of the following local bank- ers to serve on the general committee in connection with the proposed cherry blossom festival to take place next Spring: \’lce President Francis G. Addison of the Security Savings and Commercial Bank: President John B. Cochran, Franklin National; President Wade H. Cooper. Continental Trust Co.; Pre: dent Victor B. Deyber, Second Na- tional; President Robert V. Fleming Riggs National: Executive Vice Presi. dent Albert S. Gatley, Lincoln National: Vice President Joshua Evans, jr.. Dis- trict National: Vice President John D.g Leonard. Washington Savings Bank; Vice President Edward J. McQuade, Liberty National: President Lanier R. McLachlen, McLachlen Banking Corp.: Vice President Howard Moran, Aml’ri- can Security and Trust Co.. W. W. Spaid of W. B. Hibbs & Co.: Presi- dent John ~Poole, Federal-American National: Vice President C. H. Pope. Munsey Trust Co.: Frank Stetson, Na- tional Savings & Trust Co.: Vice Presi dent Wilmer J. Waller, Federal-Ameri can National: President Claude H.| Woodward, Mount Vernon Savings, Bank and Vice President E. B. Olds, | Union Trust Co. i Director in Claggett Shares. F. Joseph Aronoff, who recently re- | signed his post in the Federal service | to accept the local managership of | Strabo V. Claggett & Co., Inc.. with offices in the Washington Bullding, was today elected a director in the Claggett Shares Corporation, a new company, or- ganized under the laws of Delaware, | with broad powers to acquire, hold, sell and generally deal in securities repre- | senting various lines of business, 1(*\ investments not being restricted to any particular field. Mr. Aronoff stated that in line with the present trend the Claggett Shares | Corporation, with Mr. Claggett as president, will be closely identified with | Strabo V. Claggett & Co., Inc., so that responsibility for its mnnngemrnt will be fixed. He also stated that Howard O’Connor, who for three years bought all the securities for the American | Founders, will be active vice president of the new company, and Lincoln G. Asheroft, manager of the New Eng- land branch of Lawrence Scudder & | Co., will be treasurer. The corpora- tion has an authorized capitalization of 250,000 shares of no par capital stock and has no funded debt or pre- ferred stock. The corporation will start business with a net working ' capital of $5,000,000. Among the other directors of the | company are: C. 8. Schindler, vice president of Claggett & Co., formerly Northwestern manager S. W. Straus & Co.; Frank C. Diem, Buffalo. formerly assistant vice president of Liberty Na- tional Bank, N. Y.; Barton B. Quirk, vice president Roland Industrial Corp- oration, Philadelphia: Charles H. M Glue, attorney, Boston; Joseph M. Ly- don, Boston. director International Wire Products Co., and Joseph F. Carey, statisticlan, Boston. €. & 0. Bonds Now Ready. J. P. Morgan & Co. announce that they have be!n advised that Chesapeake & Ohio Railway Co. refunding and im- provement mortgage 4!, per cent bonds, series A, dated Ocmber 1, 1928, due October 1, 1993, in definitive form, with October 1, 1929, and subsequent coupons attached, will be ready for delivery at office of Guaranty Trust Co. on and after September 17, 1929, in exchange for outstanding temporary bonds. The American Stores Co. reports sales for the four weeks ending August 31, 1929, of $10.337,809, and for the four weeks ending September 1, 1928, of $9.722,084, an increase of $615,725, or 6.33 per cent. The open meeting of the educational year of Washington Chapter, American Institute of Banking, will be held Wed- nesday evening, in the small” ballroom of the Willard Hotel. Certificates will be presem.ed to students completing last year’s courses. and prizes will be award- ed the three students having the high- est averages. James A. Soper, former chapter pres- ident. will entertain the beard of gov- ernors and the chairmen of the several committees of Washington Chapter, American Institute of Banking, today at Galesville, Md. Secretary Mellon. PLAN FREIGHT SERVICE. BALTIMORE, September 14 (Spe- ! cul) —Two bus companies have filed lication with the public service com- &E&nn {ori pe||’-lmmlnn to operate a freight service Marylan The White 'l‘un.lporhfirm Co. asked permission to operate freight buses rmm Baltimore by way of Ellicott City, Prederick. Mlfldlflrwn and Boonsbor- ough, into Hagerstown. . ‘Rl'he Tidewater Lines. Inc., ihe sec- ond company, asked to operate its buses over a route touching Baltimore, Emmetsburg, Waynes- ‘The commission 3 E_herl as the date for the hearing on T wletbtace ~Prev. 1920 High. Low b 104% 119 % e 241 384 ADIitib! Power & Pap 79 AbitiM P& P pf(8). 101 Abraham Strau: 27 Advance Rumley. 39% Advance Rum] 991 Alleg Corp pf (5% ). 801 Alleg Cpf (5% )xw.., Allled Ch & Dye (6). 166 Allis-Chalm Mf (7), 43 Amal Leather pf.. 2214 Amerada Corp (2) 10% Am Agricul Chem,.. 40% Am Agriecui Ch pf... 110 Am Bank Note (13)., 46 Am Beet Sugar pf. 42% Am Com Ale (k1. 83% Am European Sec 75% Am & For Power.... 104 Am & For Pw pof (7). 88 Am & For Pw 2d pf.. 24% Am Hawallan (1)... ‘Am Home Prd (3.60) Am Ice (13), 102% Am Locomotive (8). 4 147% Am Mach & Fay(t ) 50 Am Metal (3) 81% Am Pow & Lt Ill . 40% Am Ra&Std San 1%. 31 Am Republics. % 1064 Am Roll Mill (e2) 30% Am Seatinz (2). 93% Am Sm & Ref (4). 43% Am Snuff (n)... 56 Am Steel Fdv (3). 65 Am Stores (2).. 714 Am Sugar Rfg (5) 104% Am Sugar Rfg pf(1). " 1931 Am Tel& T 2514 617 136% 1% 10014 4511 685 108% s 115 17 Am Tel & Ca (5) 9) 160% Am Tobacco B ( 115 Am Tobacco of (6).. 67% Am Water Wks (c1). 15 Am Woolen. 36% Am Woolen pf 9 Am Writ Paper ct! 90% Am Zine pf. . 99 Anaconda Coor (7). 62% Anaconda W&C (3).. 43 Anchor Cap 12.40)... 1021 Anehor Cappf (6%). 44% Andes Copper (3)... 29 Archer-Dan-M (2) 847 Armour Del pf (7) 10% Armour 111 (A). 5% Armour 1l (B) 19. Arnold Constal 19% Artloom (2). 26% Art Metal (1% 48'5 Asso Appl Ind (4)... 43 Asso Dry G (2%). % 1954 Atch T &S Fe (10).. 99 Atch T&SF of (5)... 169 Atl Coast Line (+10). 3214 AtIG & W Indles. ... 45% At1G& W Lpf (4).. 5315 Atl Refining (12) 90 Atlas Powder (4). 221 Auburn Anto (J4 32 Austin Nichols pf... 2214 Autosales. .. 39« Auto-Strop Raz 1413 Aviation Corp. Del Bales— Dlvldlnd Ill.. A“Olm‘- l..' 14 o 2 w0 [Y3- LT FOLOPOTPIUL. JOURG - FPTUPOToN . 198 - R 59% Raldwin Loco (new). 115% Balto & Ohio (6) 75 Balto & Ohio pf (4).. 6415 Bang & Aroos (3%4). 3314 Barnsdall (12%).... 20 Reacon Ofl. 931 Reatrice Cream (4).. 73 - Reech-Nut Pack (3). 9 Relding-Heminwav. . R0'4 Belz N Ry pt nf (16) 78 Bendix Aviation (2). T5% Best & Co (3). 82% Bethlehem S'.Q ). 116% Rethlehem St pf (7). 42'% Bloomingdale Bros.. 110% Rohn Alum&Br(t4). 6 Booth Fisherie 5 2314 Rorden Co (3). 75'1 Rorg Warner (4). 7% Rotany Con M (A) 20's Priggs Mfg 351s Rriggs&Stration(2). 5% Rritish Em St124d pf. 2814 Rrockway M T (3).. 57'% Bklvn-Manhat (4)... 60 Bro'kl'n & Queens pf. 0 Bklyn Union Gas (5) 3514 Rruns-Balk-Col(3).. Y514 Rucyrus Erle (1).... 4 Buevrusevpf (2%). Bullard Co (12)..... Burns Bros A (8). 1; Burr Add Mach(80¢c) Rush Term (g2).... Butte Copner & Zinc. Butte & Snperfor (2) 120 Ryers (A M) 31'x By-Trod (‘flke ll) .27 c—— 113 Callaban Zinc & L... 123 Calumet & Ariz (10), 36% Calumet & Hecla(4). 78 Canada Dry G A (5). 218 Canadian Pac (10) 308 Case (J 1) ctfs (6) 52 Celotex (3).. 30 Cent Aguirre As l%. 40% Cant Alloy Steel (2). 88% Cerro de Pasco (6) 16% Certain-teed Prod .. 74% Checker Cab Mfg Co. 195 Ches & Ohlo (10).... 79 Chesapeake Corp (3) 12% Ch! Great Western 38 ChiGreat Westn pf.. 27% Chi Mil St P&Pac. .. 46' Chi Mil St P&Pac pf. 80% Ch1& N W (4) 134 Ch1 &N W pf (7) 28% Chi Pneu Tool....... 48% Chi Pneu T pf (3%). ChiR1&Pac (7).... 35 Chickasha C Oll (3). 447 Childs Co (2.40) . 66 Chrysler Corp (3). 1815 City Stores (1) 4 120% Coca-Cola (4). 46% Coca Cola A (3). 36 Collins & Atkman. 56 Cole Fuel & Iron 3 (2). S&KIpLA6). lumb Graph(87c). Col Graph rets(87¢) . 3 Com Credit \2).. 1311 Com! Inv Trust (14) 27% Com Inv Trat wa 225% Com Sclvents (h8) 19% Congoleum-Nairn. .. 67 Cong Cizars (15%).. 22 Consol Film (2)..... 24% Consol Film pf 951 Consol Gas 13) 9615 Conso! Gas pf (5). 50 Consol RR Cub of (! 21 Consol Textil 12 Container Corp A. 6 Container Corp B 47% Contl Baking A 814 Contl Baking B 881 Contl Baking of ¢ Contl Bank NY 1. Contl Can 12%) Contl insurance (2). 13 Contl Motora (30¢).. 2814 Contl Oil of Del. 82 Corn Prod (13%) 50% Coty Ine 122) € Crossley Radio (31). 424 Crown Cork & Seal 1813 Crown Zellerbach 11% Cuba Co 11 Cuban-A : 49 " Cudanhy Packing 4), 24% Curtlss Wright Corp 343, Curt Wright Corp A. SR Cutler-Ham 13%) 63 Cuyamel Fruit.. 12 36 9 2 10 9 1 5 50 5 P YREGAS USRS N 427% Davison Ch 33% Del ams (al . 182 Delaware & Hud 19) 1204 el Linck & WAtT).. 564 Denv & R W of. "~ 8% DNome Mines 1) 28 Dominion Strs(1.20) 105 Drue Corpn ¢ 155% Du Pant de N+ 112 “Prpont 4 N d 168" Hustman Koda Axle & S (3).. Sch (2%). % 1 217% 9 161 1 66% 2 9% 31 4dn 9 113% Clase. Cluse. 50% HK 50\6 83% 120% 26 40 2 132' Illin lll'm | 187% 25 Stock and Dividend Rate. Add 80, n lln. Low. 3% KElk Horn Coal. 47 Eng Pub Serv ( 924 Eng Pub 8ve Dfll") RR. 57 FErleRR1stpf “) 56 Erie RR 2apf (4 42 ll'lllAlltbLl"“)- l.l 45% —— 40% Fatrban 89% Fash Pk A 5d% Fed Water Serv A. 90% F1d Phen F Ins (2) 62 First Nat Store nfi. 6% _Fisk Rubbe: 6544 Flelschmann (14) . 974 Florsheim Shoe pf 6. 574 Follansbee (12%)... 61%4 Foster Wheeler (1).. 35% Foundation Co.. 80% Fox Film A (4)... . 37% Freeport-Texas (4). Gabriel Snub A 63 Gen Cigar (4). 219 Gen Electric (16). 11 Gen Elec spec (60c). 62% Gen'l Food Corpn (3) 70 Gen Gas&El A (el1%) 67% Gen Mills (13%) 66'« Gén Motors (13.3 931 Gen Ry Signal (5)... 68 Gen Refrac (t4) 101 Gillette Safety R (5) 29'4 Glmbel Brothers. ... 36i% Glidden Co (m2).... ' Gobel (Adolf).... 53' Gold Dust (2%6).4e0s 70% Goodrich BF (4).... 103 Goodyear Tire (5)... 100% Goodyear 1st pf (7). 33% Gotham Sllk H (2%) 22 Graham-Paige 18 Graham-Paig: 62% Granby Consol (7. 77% Grand'Stores (1) 20% Grand Union. 41 Grand Union pf ( 43% Granite City 811 uy.v 114% Grant WT (1).. 101 Grt North pt (5).. 100 Grt North pfet (5).. 25% Grt Nor Ore (a1%).. 328 Grt West Sug (2.80). 55% Grisghy Grunow @o. 2!s Guantanamo Sugar. 30 Hahn Dept Store 90 Hahn Dept S pf 20% Hartman B (1.20 28 Hayes Body b8 % 64 Hershey Chocolate. 80 Hershey Choe Df (4). 1815 Hollander & Son.... 72 Homestake Min (17). 37% Houd Hersh B (1%). 45 Househd Fin pf (3).. 62 Househeld Prd (14). 6815 Houston Oll........ 5614 Howe Sound (1434).. 341 Hudson & Man (2%). 75 Hudson Motor (5)... 38% Hupp Motor (£2) Central (7)., 1 29% Independ Oi1 & G (2) 12! Indian Motor Cycle., 20 Indian Refining. Indian Refining ct... 78'5 Inland Steel (3%). 38% Inspiration (4).. 19% Interboro Rap Tran. 8'a Intercontinental Rub 614 Intl Agricultur: 149% Intl Business M (6 67'% Intl Cement (4) 4's Intl Comb Eng 9 Intl Cmb Eng pf (7). 92 Intl Harvester (2%). 37 Intl Harvpf (?)..... 47% Int Hydro EL A (e3). 4 o % Intl Match pf (3.20 e 4013 Int Nickel of Can(1).117 26 Intl Pap & P A(2.40), 14% Intl Pap & Pwr B.... 10% Iritl Pap & Pwr C 80 Intl Pap & Pwr pf(7) 437 Intl Print Ink (2%). 40' Initl RysCnt Aet... 76 Int Shoe (215). 78 Int Tel & Teleg 55'% Inter Dept St (2) 49% Island Creek Coal —— 67'% Jewel Tea (3) 152!5 Johns-Manville (3 K: 48 Kavser Julius (4). 25 Keith-Albee-Orph. scv, KKeith-Albee-O pf (1) 9is Kelly-Spring Tire, 40'¢ Kelsey Hayes (2). 12 Kelvinator Corp. Iennecott (5). 335 Kreuger & Tol(1.34). 5% Kroger Gr&Bak(c1) 127' Lambert Co (8). 10 Lee Rubber & Tire. 7% Lehigh Valley (3% 19 81 Liggett & My B (16). 424 Lima Locomotive. ..’ bonic (1434). e (2)...... 921, Loew's Inc pf (6%).. 881 Loew's pf x W (6%). T Loftinc........ 13815 Louis & Nash (7). 66% Ludlum Steel (3) Mac A & Forb(12.85) MeCall Corp (4). 40 w-HIll ¢2) 6215 McKeesport T P 45% McKesson & Rob 12) 91 Mack Tiucks (6)... v RH)&Cotet3) ison Sq G (1%). Maxma Copper (5).. Mallinson & Co. . Mandel Brothers 24% Man Elec Supply 31% Man Elev mod (d6).. 26% Man Shirt 2)....... 69% Marlin Rock (14%).. 20 Market St Ry pr pf.. 66% . Marmon Motor (43 424 Mathieson Alk (e2).. \i May Dept Strs ¢4)... Maytag Co (12). Maytag Co 15t pf(§ 56% Melville Shoe (1.40), 20 Mengel Co. . 32 Mexican Seaboard... 304 Miami Copner 14). 85 Michixan kL) % 2 g NMaZremeSRhmem kA EE 7 1 34 6 3 1 6 3 . 100 1 2 4 7 30%. Mid- Conmmu F 2.0 m 1% Middle States Ofl. ... 1% Middle States Ofl ct. 11% Miller Rubber. Minn Moline Pwr. MStP&SSM 62 Missour! Pacific. 120 Missour! Pac pf (5). 60% Mohawk Carpet t2% L] Ward (2%) 2% Moon Motor: Motor Meter G & 38% Motor Wheel 60 Murrav Corp 40 Myer(FE)& Bro m. N- 81% Nash Motors () 284 Nat Acme (1%). 34% Nati Air Tran 31 Natl Bella Hes Xl . ‘166% " Natl Biscult (16%). 96 Natl Cash Reg A (14) 62% Natl Dairytelif). 28% Natl Dept Stores. 132 Natl Lead (5)... 42% Natl Pwr& Lt (1)... Supply 118) 32 7 9 61% 61% 60 60% 45 45 49% 49% 88% 88% 556 56 mu 1 88 88 1365 628 50 674 % 2105 51% 3515 115 l.fl NYCIllIlLM(.) 40 N Y Dock. 80% NY NH & Hart (5). . 114% NYNH&HpP (1).. Norfolk South (2% ). Norfolk&Wstn(110). North Am (b10 % stk) North Am pt (3). North Pac et (& 011 Well Supply. PacificGas & E (3).. Pacific Lighting (3).. Pacific Oil stub: Packard Mot (R ').. Pan-Am Petroleum. Pan-Am Pete B ‘Panhandle Paramoun L (3).. Park & Tilford (33). Park Utah Penn Dixie Cm pf(7) Pennsylvania RR(4) Phelps Dodge (3).... Phila& Read C& 1., Philip Morris (1) I‘hll!lpl-il’on s (3). Pllllhul‘)’ Fl (12 Pirelli Co A (2. Pitts & W Va (6. Poor & Co (12). Prairie 0 & G (24).. Pressed Steel Car. Proctor&Gamble(2). Prod & Refiners. Pub Sve NJ (2.60). Pub Sve NJ pf (6)... Pure Ol (1%). Purity Bakeri Radio pt B (5).... 2 Radio-Keith-Orph A. 191 Railway & Exp (3) Reading (4)..... Reading 1st pf (2)... Reis (R) & Co... (R)&Co 18t(7).. Remington-Rand. Reming-Rnd 1st (7). Reynolds Tb B(2.40). Richfield Oil (2)..... Rio Grande Oil (ki). ia Ins (2 20) Royal Dutch (a3.20). 804 T Safeway Stores (3).. W St Joseph Lead (13 Sears Roebck (327%). Seneca Coppe Servel Ine... Sharon Steel H (2) Sharp & Do pf (3%4). Shattuck (F G) (1).. Shell T&Tra(a2.40). hell Unlon (1.40). .. Shubert Theater (5). Simmons Co (3). Simms Pet (1.60) Selvay Am In pf 5%. So Porto R Sug 12%. Southern Rwy ( Spalding A G (1 u). Spang-Chalfant. Nparks Withington Spencer Kelg(1.60) Spicer Mfg. Spiezel-Mav-St (3). 4 Stand Brands (1%4). Stand Com Tob (1).. Stand Gas & El 3%) Stand G & E pf (4) Stand Inv Corp Stand Ol Calif ( Stand OII N J |12) Steriing Sec (A) Sterling Sec pf t1. 20. Stone lt. W Vebster. 00. High. l 106% 50 l’ 121% 3 127% 184 stock. Payable 14 Mplm Yoo Cin 300k, 1 Plus l‘« In stock Superior Oil (new). Superior Steel. . ".l . Telautograph (1).... ‘Tenn Cop & Ch (1)... Texas Corp (3). ‘Tex Gulf Sul (4). Texas P G & Ofl (bl). xas Pac Land Tr. ‘Thatcher Mfg. ‘Thatcher pf (3. ‘The Fair (2.40). ‘Third Avenue. Water Asso. Wat Asso pf(§) Water Oi1(30¢c). Tldl ‘Water Ofl pf(5) Timkn Det Axle t80c Timken Roller ( Tobacco Prod ‘Tob Prod ctfs 1.40 ‘Tobacco Pr A (1.40). Tob Prod ctfs A 1.40. ‘Transcontinental, Trico Prod (2%). Truax Traer (1.60. Truscon Steel (f1.0) Twin City Rp T (4).. - an - oS BueaedTarnit~Snann mo Underw-E1-Fish(4) Union Bag & Pape: Unfon Carbide(2.60) . Union Of] Calif (3). Union Pacifie (10). Union Pacifie pf (4) Utd Alrcraft&Trans. Utd Biscuit (1.60)... 4 Utd Cigar Stores(1). Utd Cgr Stor etfs(1) WD Utd Frult (e4).....0 Utd Gas & Imp (1).. Utd Gas & Imp pf(6) Utd Paperboard. .. .. Utd Piece Dye Wks U 8 Distributing. U S Distrib pf (7) S & Forelgn Secur. & For Sec pf(6). Freight (3) Ind Alco (6). Leather...... Leather A (4)... Pipe & Fary (2). S Pipe 1st pf (1. zo) Pipe 2d pf ( qgagcaggaacaa nunnwuRann 8 Rubber 1st p! U!Smtll Ref (3%). 5 4 2 1 Ut Pwr& Lt A (e2) 44 = 46 T 82 98% 12 47 6 11% Vadsco Sale: Vanadium (14). Vick Chemical(2%). Wabash. . Waldorf Systm (1%) Walworth (1.20).... Ward Baking pf (7). Warners Bros P 133 Warn Br P pf(2.20).. Warner-Quinlan (2). Warren Fdry & Pip Westn Dairy (B) Western Maryland. Western Union (8) Westngh Air Brk(2). Westnzh EI&M (4).. Weston El Instru... Westvaco Chlor (2). 684 3115 40 5% 581 5!\ " 361 440n 18 PET Willys-Over (cl Wilson & Co pf. Wonlworth (2.40) 9% Worthington Pump. 13470 Worth Pump B (6). . 891y Y- Yale & Towne (4) Yellow Truck &C. .. Young Sp&W (12%) ST Zenith Radio (2).... 2 44 RIGHTS EXPIRE « Am Com Alcohol . AmTob B .. ..O Consolid Gas of ) Coty Inc.....Sept zv Fastman Kodak Lorillard(P) rights. Mathieson Alk (rts). riay Corp. . . Nat Dairy "1 Warner Pic . 2 84 2 345 55% 1% 1% 9 et o % 79 B Dividend rates as given in the above table are h Davments based on the iatest quarierly or balf -unu o trading tess than 100 o $Plus $3 in preferred ¢ Plus 6% K Plus 3% m stock ‘é 'A 20% 19% 165 | 19% | 9114 53 75 51% 235 | 143 8% [ 98 47% | 17‘ 34% 42 haz, 83 STOCKS IRREGULAR: | INHEAVY SELLING Evening Up of Accounts and Fear of Credit Strain Cause Liguidation. BY STANLEY W. PRENOSIL, Assoctated Press Financiai Editor. NEW YORK, September 14 (P).— Extensive week end readjustment of 1 speculative accounts imparted a decid- edly irregular trend to price movements in today’s stock market, although major activity appeared to be on the side of rising prices. Some of the selling which came into the market was based on fears of a credit stringency next week when the midmonth and Pederal income tax payments become due. Fall Trade Outlook. Week end mercantile reviews indi- cated that Fall trade was off to a good start and that there were no of a major recession in any of the leading industries, with the possible exception of buildipg, which is still hampered by the high cost of new financing. The fact that several large new investment trusts are in the process of formation- was construed in some quarters as an indication that no major stock market decline “is contemplated by bankers sponsoring the same. Commercial solvents led today's rally _vhy soaring 16 points to a new high record at 515 presumably in response to the over-night announcement of a 10-for-1 stock split-up, American Ma- chine & Foundry ran up to 121, points, Stone & Webster, 81;; Tlmken Roller Bearing 6 to a new high at 1143, Sea- board Air Line preferred 5 to & new high at 35 and Underwood Elliott Fisher 5. American Waterworks, Norfolk & ‘Western, Louisville & Nashville, U. 8. Rubber and American Power & Light all sold 3 to 41/, points higher. Gflgx}ry Grunow, responding to reports of rec- ord-breaking sales, climbed 3 points to 170, a new high for the present stock. ’Revubllc Steel and International Hy- |dro-electric alFo reached new high | ground. Opening Is Higher. Prices moved irregularly higher at the opening. American Machine & Foun- ldry advanced 3% points on the first | sale, American Can 2 and National | Bellas Hess, National Cash Register, | American Bosch Magneto, Simmons and | American Power & Light moved up a | point or so. May Department Stores. which recorded an extreme gain ~of nearly 25 points vesterday, fell back 27, Bethlehem Steel yielded 1% and While the market still showed signs of spottiness in the early trading, the main trend was unmistakably upward with a selected group of railroad. equip- { ment, public utility and automotive shares leading the a ce. The sharp yup turn late yesterday apparently en- | couraged a resumption of pool opera- , i tions, and checked the selling of small *| traders and investors. | American Machine & Foundry extend- jed its gain to 8's points, Auburn Auto | advanced 5';, Stone & Webster and Timken Roller Bearing 5 each, United | States Rubber 3 and Public Service of i New Jersev. Commercial Solvents and | Johns Manville 2 points or more. Pull- man attained & new high record for the + | present stock. 89 56 a1 Baltimore & | Ohio, which is reported | to have been heavily bought by the | Cutten-Fisher interests, assumed the { leadership of the railroad group by 1 quickly moving up 2 points to & new { high_record at 145. St. Paul preferred and Frisco common each advanced more than 2 points and Seaboard Air Line preferred and Louisville & Nashville a + point_each. Missouri Pacific common was heavy. Other Gains. Mack Trucks, United Corporation * | United States Steel common, Underwood 5% Elliott, 1% 12 Sears Roebuck and Gold Dust : were among the many other issues in \brl.sk demand in the early trading. | Worthington Pump, which soared 19 Upom(s yesterday, fell back 4 on profit the annuai vearly dec- taking. Air Reduction. General Electric, | Commercial Investment Trust and Lam- bert yielded a point or two and Founda- | tion Co. eased fractionally to a new low % i, K 12t 35 |Survey Shows 60 Per Cent H"a Recorded Declines in Past Seven Months. Speaial Dispatch to The Star. . NEW YORK, September 14.—Dure - |inl the first seven months of the cur- rent year almost 60 per cent of the stocks listed on the principal exchanges of the country declined in market value, according to Gage P. Wright, president of the Business Economic Digest. This is contrary to the prevailing impression that the bull market of the past month or. more had established stocks at a | higher price level than existed at the beginning of the year. +On the New York Stock E!chlnl' alone, the survey indicates, only 36 per LAST YEAR'S LEVELS S!ock Exchénge: STOCKS. m h\mdreds. 17 Acme_Steel . 2 Ainsworth Mg 2 Allied Mot Ind. 5 Baier Lo A | g Bendix Avistion | 30Bors wa § Bortn Vivi bt 1 Bright Star EI B, cent of the listed stocks appreciated in | value, while 5.8 per cent remained sta- tionary. The increasing poularity of common stocks as a conservative form 1 of investment is seen in the fact that although many of the preferred issues on the New York Stock Exchange carry convertible features, a larger percentage of advances occurred among the com- mon stocks. Another interesting conclusion of the survey is that the much-neglected rail group exhibited a relatively better show- ing than the popular industrials, Wall Street Briefs By the Associated Press. Stockholders of the Allied Refrigera- tion Industries Corporation have ap- proved the change of corporate title to the Allled American Industries, Inc. The change was deemed desirable in view of the change in character of the corporation’s investment portfolio to in- clude holdings in chain store, railroad and public utility securities. Fairfax Alrports, Inc., of Kansas cuv has contracted with Cities Service Co. for the sale of its surplus natural gas production from wells located on the airport property. The Consolidated Aifrcraft Corpora- tion has received an order from the United States Army for 70 all-metal observation planes of the Thomas Morse type and for spare parts in quantity sufficient to bring the total up to the equivalent of 87'; planes. The order amounts to about $1,000,000. | New life insurance business for Au- Y the Assc- Presidents, amounted to $1,017,) 113000 a gain ot 18 per cent over ‘the $876,885.000 worth of new business written in -August, Gerlach-] leklow Co- Gleaner Com 8 Houd-Hershey 13 Tlis Brick. . 25 n_Pkg ynch Qlass Nt G5 fann Dearborn .5=~'s £33 BRI g;:‘:‘“fiae ZaEzes g s Lraowm-smssm o B arna e aons co A o B 2 CHICAGO STOCK MARKET. | By Suecial Leased Wire to The Star. CHICAGO, September 14.—Following is a report of today's sales. high. low | and closing quotations on the Chicago “High. Low. Close. 130 130 130 e serson Y Sally Froch gne. Se hw E Stand Dredeing Co Steinite C Radio. Stone H O Sistel n Reproduens n Sts Lines. ilities _Cor {1 'lndul Corp cagaaac EEEEm, ¥a 26! Toal" sales: nsm m.m Sales in lhoul’t“ds Rys Ser A 55 '27. 59'% 2 Fed Pub Serv 5 le thw El ht 5s 41, 81 i Money to Lonn Secat t. ! 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