Evening star., 1922-09-26

Baldwin and Steudebaker a severe
| shaking down.
The lower prices and a shading OF
buying of, Coco Cola, Gulf States
Steel, California Petroleum and Jewel
Tea, but the support was not OF the
kind to make the bears careful ana
the noon prices were again sagging.
Call money opened at ~ per cent.
OIL Merger Talk.
Despite denials which are making
their appearance from several sources
the financial district continues to be-
lieve that several oil mergers are be-
announcement regarding them cannot
long be delayed.
These mergers will do much to
strengthen the nations oil industry
by combination of producers and
refiners. Companies with settled pro-
wanted by the big reflners which do
very little producing. These big re-
finers, Of course, are the standard oil
concerns. The Standard companies
produce only about ne-Quarter of
American oil. but have storage ca
produced. The names Of these Stand
ard OIL companies are being linked
with those of the better grade Of
producers.
Timken Roller Bearing.
Timken Roller Bearing stock was
listed on the stock exchange today and
Immediately sold at 80. the price at
which 1t was offered for public sub
scription only few weeks ago. TAX
ing into consideration the fact that a
dividend of IS cents a share had been
paid within the last week. the price of
80 was equivalent to 30A. During the
first half year Timken showed earn
ings in excess of S4,00O.OOO, and for
the third quarter alone they are bet
pectation is that the full years re-
suits will be more than ss,250,oO0 or
above 81 a share on the stock.
Crucible Steel.
In connection with the report that
the Crucible Steel had turned its New
Jersey war plant into a plant for re-
pairing locomotives. it was said today
that the company had entered into
a contract with the Erie railroad
which calls for repairing the Erie
locomotives on cost plus basis 1t
was further reported that the Erie
already had placed 100 engines In the
crucible plant and that another 100
was about to be sent there.
Financial Notes.
A syndicate of New York bankers
today offered s7.000,000 Pennsylvania
~" Ut anu hiStl Soiipduy d Pci CChe
bonds at a price to yield about 512
per cent. The proceeds will be used
to reimburse the company for previ-
Gus capital expenditures and to pay
for additional construction work now
in progress.
Among the issues selling ex-divi-
dent today were: Reading Company
second preferred; Nashua Manufac-
turing, preferred. and Monongahela
Power and Railway.
The reduction OF prices by the
Olds Motor Company ranging from
$50 to $3.50 on Oldsmobile models
was widely discussed In financial cir
cles today in It's bearing on possible
cuts by other automobile manufac-
turers.
Texas company officials today denied
there was any truth in reports of a
merger which would place Tdewater
Oil, Fensland Oil and one other un-
named oil producer under control of
the Texas Company.
1t was announced today that Mid
wade Steel stockholders would not be
asked to pass on the proposed merger
with Republic Steel and Inland Steel
at the annual meeting of the company.
October 3. That meeting. will be con-
fined to routine business according
to present plans.
sold to bankers an issue of sa000.0 900
: per cent bonds which will be Of
fered the public at prices to yield
T.25 per cent. The bonds are convert
ible into common stock of no par
value at fifty shares for each $1,000
bond.
The Closing.
More has been heard of the calling
| Of loans while the market exhibited