Evening Star Newspaper, May 17, 1925, Page 39

FINANCIAL BOND PRICES TOUCH, 2 BEST 1925 MARKS THE SUNDAY STAR, .WASHINGTON, D. C, BOND SUMMARY FOR THE WEEK Liberty Loans Extra Active During Week—Great In- terests in Rails. BY GEORGE T. HUGH Special Dispatch to The Star. WV YORK. May 16.—The invest ment demand still very strong, and domestic bonds reflectin the situation are on the i age high than at Ny time since 191 while foreign issues are sellin; above anything recorded since 19 Further gains have been made this week, but the movement was only a continuation of that in progress since the beginning of the Year There was reaction in the Spring coinciding with the k in the stock ma et, but it did not go 1 all the lost ground has now been recovered. The impressive feature is that all grades of s irities with fixed inter- est return have participated in the upward nent. Most of the active United St overnment loans have this week made new record high prices for the vear, and in one case, th the Treasury 4s, new high for all time 'he othe reasury issues and the Libertys are still well below the high point of mid-Summer in 1924, but they are slowly approaching that level Banks Buying “Legal Rails. As far as Goverr are concerned tinued price ¢ limited. Banks are probably Iy purchasers, and their oper are governed by the fluctuations their surplus and account. Any large nerease in demand for money by the business interests would be at onc reflected in the of Government bonds, and so tend to check the rise, if no more. The case is different with the better grade_of railroa utility descriptions, ings hanks first mortgage, and other fina well as priv utility bond: tri There is evidently more op: portunity here for additional ad- vances. Influences are the increase in savings, the lower commodity lev. els and the abundance of money. An © important factor is the prospect reduction bringing back into the market some of the investors who now confine their commitments to tax- exempt municipals It is interesting to note in this con nection that so far the market for municipal bonds has not been ad versely affected by the larger interest taken in the taxable securitles. In other words, the demand for high grade municipal chligations ill in excess of the supply, both States and cities to a large degree Having financed their immediate requirements Bond Strength Explained. Causes for the more confident buy- ing of foreign bonds are: Iirst, evi- dences of a stronger financial situation on the othe of Grea Britain to the gold standard is the most conspicuous sign, and. second. the search for a higher vield than is possible in securities under present conditions. It is hard to say which of these two influences is pri dominant. The important develop. ment of the week was the announce ment that negotiations for the fund ing of '!.n Fr h r debt to the United States Government has at last taken t gible form. This particular problem is the one great obstacle to complete confidence in the foreign investment field. removed, progress ought to be rapid French bonds have been moderately higher this week, and so have the ob ligations of the other continental European nations and cities. The time will come when, looking backward, the 7 and 8 per cent yields on foreign securities now obtainable will look in credible It is only a question of opin- jon how long a period must elapse first Turning to the speculative domes- tic market the rails have been more prominent this week than last but buying has been based more on mer- ger possibilities than upon Inves ment valies. There is alway danger in following such a move- ment however profitable it may be for the time. In a sense the whole outlook for railroad consolidations hi on the disposition of the Nickel Plate proposals by the Inter state Commerce Commission. If th plan goes through, even though amended to meet the objections now raised by minority stockholders of the Chesapeake and Ohio, it will give an enormous stimulus to speculation as to other combinations. Probably nothing has done more [n keep up the entering into the situation of President Loree with a proposal for a fitth rate new continental system utilizing the long dormant plan’ fath- ered by the late E. H. Harriman for a new road acr Pennsylvania. I been generally supposed that the d of railroad exte any large scale was long pa idently th view is not unani s and there ar still railway me have faith in_the future of own industry. Railroad car lc show trafiic to be moving at record rates, but rail- v earnings ar. The best showing Southern line obligations of con legal rail institutions, a take the| indus- so-called, al nvestors, ain oth their as a group. The New England roads have been doing better, but there has been a falling off on some ¢ large Western sys The speculator can afford to disre gard fundamental facts like this while the market is going his way, but that is dangerou the investor. DRY GOODS PRICES DROP DURING WEEK Clothing Sales Reported Slow in New York—Wool Market Stronger. Press. W YORK, May 16.—Cotton goods were somewhat steadier today, but in- clined to be quiet, save in the case of a few inquiries from speculative fac- tors who might buy late contracts at concessions mills will not accept now. Pric rns and cloths were lower than a week ago. Raw silk was un- and silk goods continued to ely in wholesale channels. Bur- easy. Linens remained very - future delivery. are expected n the next Clothing for advance de- lv among some of sell fr laps wer week or two livery has sold poo the & here. NEW POWER DEAL HINTED NEW YORK, May 16 (#)—The in- tertwining of public utilities, which is occurring with almost daily regularity, bas brought reports that the West Virginia Utilities Co. will be drawn into the West Penn Power system's coal field superpower group. The plan to provide for the purchase Electric Power Cities Utilities Co which own the West Virginia Utilities, and the resale of the properties to West Penn Power. and the | side, of which the return | Once | nterest in this subject than | agencies | t of | e obvious- | the | ing are buyers of vhnl“‘“ { | | | [ | lun a2h 1013 91% 12 90% 101% 107% 109% 981 105% 102 110% 120% 10015 103% 20 884 105% 9415 100 | 137 101% 91 1015% 114K 102% 100 86% 95t 100% 118% 55% 87 63 91% 133% 62% 56% 108% 98Y 106% 84% 95 104% sy 38% 98% 95% 8% 874 86 73% 87% 95% 86% 81% 61% 1% 87 98% 86% 91 95% 102% 107% : 58% 94 100 97% mm usu ST 9 “High V. S. BONDS. 101-29 100-28 Liberty 335 1932-47..... 1 102-10 101-14 Liberty 1t 43,8 1932-47. 101-15 100-20 Liberty 2d 4% s 1927-42.. 102- 101-1 Liberty 3d 4% s 1928. 102-18 101-20 Liberty 4th 4% 1933-38 106-15 104-13 Treasury ¢Ks1947-52 1925 High. Low. 967 95 103 101% 9816 93 88 3% 110% 106% 106% £0 95 101% 102 102 106% 106 41% 94 98 994 109 98Y% 98% 93 98% 1% 79 FOREIGN. Argentina 6s A 1957. Argentina 7s 19 Austria s f 7s 1943 Belgium 65 1955. . Belgium 7%81945. Belgium 8s 1941. .. Bordeaux 68 1934. Brazil 85 1941.. Canada 55 1952. Canada 5%81929.. Chile 851926. .. Chile 8s 1941 Chile 85 1946 Chinese Govt Ry bs 1951 Copenhagen 5% 1944. Czechoslovakia 85 1951. Denmark 68 1942. ... Denmark 8s 194 Dutch East Indies 6s 1 Dutch East Indies 6s 1962 French Govt 73%s 1941 French Govt 85 1945. German 7s 1949.. Holland-American's £ 65 1947 Japanese 4s 1931. Japanese 635 1954. Jergens Utd Margarine 6s un % Lyons 6s 1934 Marsellles 65 1934 Netherlands 6s 1972. Norway,8s 1940 Paris-Lyons-Med 65 1958. 4 Queensland 65 1947. .. Queensland 7s 1941 . . Rio de Janeiro 85 1946. Sao Paulo, State of, §5 19 Seine, Dept of, 7s.. Serbs Crotes Slovenes 88 196: Sweden 65 1939. . Swiss 5 194 United Kingdom 535 1929.. United Kingdom 5%s 1937. INDUSTRIAL 94% Amer Agri Chemical 738 1941. 95% Amer Smelt & Ref 1st 58 1947 103% Am. Smelt 1st 6s 1942. ... 991 Amer Sugar Refining 63 1937. 964 Amer Tel & Tel cl tr 4s 1929 100 Amer Tel & Tel cl tr 5s 1946 Anaconda Copper 6s 1953. Anaconda Copper cv deb 7s '38 Armour & Co 41381939 . i Atlantic Refining deb 55 1937 Bell Tel (Pa) ref 55 1948. ... Bethlehem Steéel p m bs 1936. Bethlehem Steel s f 65 1943. Chile Copper 681932........ Cons Coal (Md) 1s ref 5s 1950 Cuba Cane Sug cv Aeb 85 1930 Detroit Edison ret 65 1940 Du Pont de Nem 7%s 1981. Empire Fuel & Gas 7%8 1937. General Elcctric deb 58 1952.. Goodrich (B F) 6%s 1947. Goodyear Tire 8s 1931. Goodyear Tire 85 1941, Humble Oil & Ref 5%s 1932 Indiana Steel 55 1952...... Inter Mer Marire 65 1941. 5 Inter Paper bs #. 1947.. .. Kelly-Springfield 85 1931.. % Lackawanna Steel 5s 1950 Liggett & Myers 5s 1 Magma Copper 75 19 Manati Sugar s £ %s 1942 Midvale Steel 55 1936. New England Tel bs 1952 New York Edison 1st 6%s 1941 NYGasELH & P5s 1948, 4 New York Tel 435 1939. New York Tel 65 1941. North American Edison 6s 1952. Pacific Gas & Elec 55 1942 4 Pacific Tel & Tei 55 1952. .. Philadelphia Co ret 6s 1944, Public Service 65 1944 Sinclair Ol 7s 1937. Skelly 6ls 1927. .. South Porto Rico Sugar 78 1941, Union Bag & Paper 6s D..... United Drug 6s 1944 s U S Rubber 1st & ret As 1947. U S Rubber 7148 1930 U S Steel s £ 55 1963 Utah Power & Light 53 1944 Va-Carolina Chem s f 7s 1947 Va-Carolina Chem 734s ‘37 war. 5 Western Unlon Tel 63%s 1936 Wilson & Co 1st 65 1941.. Wilson & Co cv 7345 1931, RAILROAD. Atchison gen 48 1933... .... Atlantic Coast Line 1s 451952 Balto & Ohio gold 451943, Balto & Ohlo cv 4145 1933, 4 Balto & Ohio ref bs 1995. Balto & Ohlo 65 1929. . B&OPHttsLE& W Va ds 1941, B & O Southwn div 3148 1925. Brooklyn-Manhat s f 65 A 1968 Canadian Northern 63%s 1946 Canadian Pacific deb 4 Central Pacific 45 1049 Chesapeake & Ohio cv Chesapeake & Ohio &n 4%s 1992." Chesapeake & Ohio cv 58 1946. Chicago & Alton 335 1950... Chi B & Quincy 1st ref 55 1971. Chl & Eastern 11l gen 55 1951 Chi Great Western 4s 1959 ChiM & St Paul cv 435 19 Chi M & St Paul gen 4%s 1989 - Chi M & St Paul ref 4%s 2014 Chi M & St Paul cv 6s 2014.. 102-10 10115 101-31 102-18 . 106-15 105-16 . Tow. Tow. 100-30 102-1 101-8 101-26 102-8 High 01 7 107% 315 103 AND MISCELLANEOUS. . 100% - 99 . 107% 102% 9Tt 1014 99% 101% 8874 99% 102 Chi & Northwestern 6145 1936. Chicago Railways 5s 1927 Chi R I & Pacific ref 4s 1934 Chi Union Station 434s 1964. Chi Unlon Station 6%s 1963 Chi & Western Ind con 48 19 CCC&StLref 6sA1929. Cleveland Term 5345 1972 Colorado & Southern 4%s 1935 Cuba R R bs 1952 Delaware & Hudson 5%s 1937. Der & Rio Grande con 45 1936. D. & R. G. West 55 195 Detroit United 4%s 1932 Erie 1st con 4s 1996 4 Erie gen lien 4s 1996. % Erie cv 4s A 1953. Erie cv 45 D 1953. Grand Trunk s £ deb 651936 Grand Trunk 7s 1940. Great Northern gen 5% 1952 Great Northern gen 7s 1936 Hudson & Manhattan ref 5 Hudson & Manhattan adj 58 195 Tilinois Central 53%s 1934. 4 Inter Rapid Transit 55 1966 Inter Rapid Transit cv 7s 1932, Inter & Great Nor ad) 6s 1952 Kan C Ft Scott & M 45 1936. . 4 Kansas City Southern 38 1950. Kansas City Southern 6s 1950 Lake Shore 45 1928. Lake Shore 45 1931. TLouls & Nash unified 4s 194 Touts & Nash Ist r Mil Elec Ry & Lt Ist ref 58 '61. MStP&SSM6%s 1931 Mo Kan & Tex 1st 45 1990. Mo Kan & Tex adj 5s 1967 Mo Kan & Tex prin5s A1 4 Missouri Pacific gen 4s 1975, Missouri Pacific 65 1949. .. 4 N O Tex & Mex inc 55 1935 New York Cent deb 45 1934. New York Cent ref imp 55 2013 New York Central deb 6s nss. New Haven deb 48 1957. NYNHG&H cvdeb 6s 194 N Y West & Boston 43%4s 1546 Norfolk & Western con 4s 1996. ¢ Norfolk & Western cv 6s 1929, Northedn Pacific 3s 1947 Northern Pacific 4s 1997 Northern Pacific ref imp 6; Ore Short Line ref 431929 Ore Short Line gtd 5s 1946. Ore-Wash 1st ref 4s 1961. Pennsylvania gen 4%s 1965. Pennsylvania gen bs 1968 Pennsylvania 63%s 1936. . Peorla & Eastern inc 4s 1990. Pere Marquette 1st_Gs 1950 Reading gen 48 1997. Rio Grande Western cl RIArk &L 4%s1934.. StLIM&SR & G 481933 St L &San Fran pr In 4s A 1950 St L & San Fran pr In 5s 1950 St L& San Fran 5%s B 1942. St L & San Fran adj 6s 1956 4 St L & San Fran Inc 6s 1960. ... Seaboard Air Line ret 4s 1959, 4 Seaboard Air Line adj 5s 1949. Seaboard Air Line con 68 1945. Southern Pacific cv 4s 1929 Southern Pacific col 45 1949 Southern Pacific ref 4s 1955.... Southern Ry gen 4s 191 Southern Ry 1st 58 1994 Southern Ry dev 6%s 1956. Third Ave adj 6s 1960. Union Pacific 1st 48 1947. Union Pacific cv 4s 1927 Virginian Ry 1st 53 1962. Wabash 1st 5s 1939. 94% Wabash 5% 6313 Western Maryland 4s 1952.. 90% Western Pacific 551946, 99% 92% 8814 1% 83% 95 974 87% 92 80 103% 1% 51% 941 99% 100% 1017 968 671 %% 96% 84 884 73% 100% 106% 34% 90% 58% 95 100% 7 945 97% 86% 91% 79% 103% 1 383, 94% 9914 100% 1017 9614 667 5% Last. Yield 101- 336 1028 393 101-11 378 101-27 375 102-14 393 1063 385 Last 96% 102% 974a 8T% 109% 107% 854 98% 104 103 10315 96% 102% 97 86 108% 844 9614 108% 1027 108% 1084 4674 9T% 99% 101% 110% 102% 102% o84l 81% West Shore 15t 48 3361esssnssasn 84, 4% 834 20POINT ADVANCES ON GURB MARKET List Very Active During Past Week—New High Marks Yesterday. v the Associated Press NEW! YORK, Mzy 16.—The usual active operations in’ the more promi nent issues on the Curb Exchange were restricted to some extent by the scant offerings in today's short ses- sion. While several new high records were established and values elsewhere were in good support, there was a noticeable reduction in volume gen- erally. The strong features were shown in Flectric Investors and Bucyrus Co., both of which moved up to new high figures. Electric Bond and Share im- proved about 2 points from the pre- vious closing. Commonwealth Power W 1 exception to the general trend, vielding about 3 points on compara- tively small trading. Petroleum shares pursued a narrow course and lacked any movement of especlal significance. Some 20-Point Advances. The greater part of trading interest during the week was attached to the accumulation of a long list of public utility stocks, many of which moved over a wide range, and several were established at new high records. The eater part of the buving of these issues was stated to be for the account of interests concerned in the manage- ment of the various companies, and was conected with profects and plans for consolidating closely related cor- porations and for readjusting the capi- | talization of some of those companies whose shares had moved to an ex- tremely high level Commonwealth Power was the most prominent feature. moving up nearly 20 points. The widest movement was in Carolina Power, which ranged from 91 to 420 sutheastern Power ad vanced from 7315 to 94. Among other important movements was an advance in Buffalo General Electric from 63 to 70, and in Adirondack Power from 71% to 8213. Electric PBond and Share, the chief holder of public util ities securities was successfully traded and advanced to above T1. Motor Stocks Lose Gains. industrial issues also showed Vir!nr’TnlkinL‘l 4 to 92, followed Many pronounced strength Machine rose from 7 by a reaction to 83. Canadian Dry Ginger Ale issues rose 20 points. Mo- tor stocks were active for a time, but did not retain their gains. A strong tone was shown in most of the oil stocks during the week, and some of them made Important gains. Solar Refining moved up from 216 to on a few transactions, and Stand- ard Oil of Ohio rose from 349 to 362. FOREIGN EXCHANGE. NEW YORK, May 16 () —For. eign exchanges steady; quotat <): Great Britain, demand 515 60-day bills on “rance, demand, 5.20% 5.21. demand, 4.07%: cables, | 408, Belgium, demand, 5.04. Ger- many, demand, 23.80. Holland, de- mand, 40.16. Norway, demand, 16. Sweden, d 26.72. Denmark mand, 18.70. Switzerland, demand, 19.34%. Spain, demand, 14.45. Greece, | Aemand, 1.83. Poland, demand, 19%. sechoslovakia, demand, 2. Jugo- | slovakia, demand, 1.62%. Austria, de- | mand, 0415 Rumania, demand, 4713, Argentina, demand, 39.75. Bra- 71, demand, 10.15. ‘Tokio, demand,| 42 1-16. Shanghai, demand, .75%.| Montreal, 1.00. HOME OWNERS Can Secure LOANS Up to $500 In THREE DAYS Fidelity Guaranty Co. PHILLIPS BUILDING, FIFTEENTH ST. N.W. " Italy STOC! BUCK & CO. Established 1916 Evans Bldg. Tel. Franklin 7300 Main 867 We Buy and Sell Listed Securities Outright and on Margin arginal requirements are reasounable and attractive for small traders. 5-Share Trades Accepted Write or Call for Weekly Market Letter Direct Private Wires New York Baltimore Philadelphia ‘Washington BUCK & CO. MAY Geddes Condemns Sudden Changes In Rubber Prices By the Associated Press. NEW YORK, May 16.—Sir Eric Geddes, chairman of the board of directors of the Dunlop Rubber Co., sailing today for Europe on the Homeric, said he favored a review of the causes of present high prices of raw rubber. “I certainly do not favor any system of industrial control,” he said, “‘under which the cost of raw rubber fluctuates from 17 to 61 cents 'a pound in a brief perfod. Rubber manufacturers are under great difficulties in quoting for future orders DANGER SEEN IN PATENT ON BALLOON TIRES NEW YORK, May 16 (#).—Presi- dent Michelin of the Michelin Tire and Rubber Co.. sailing for Burope today, said he believed that the rubber indus: y would be greatly upset through the awarding of a patent on the balloon e by the United States Patent Of- i lso expected a sharp ad- vance in tire prices in the near future due to the increased cost of rubber. Money to Loan Secured by first deed of trust on real estats Prevailing interest and commission Joseph I Weller g2 et § 37! Funds Available For the Placing of First Mortgages \ Any Amount We can make your building loans immediately. Submit plans and specifications. Cur- rent rates of interest and nom- inal brokerage. Chas. D. Sager 924 14th St. N.W. Main 36 Guaranteed 6v2% First Trust Notes Real Estate Mortgage & Guaranty Corporation 26 Jackson PL. N.-W. Guarantees its first trust notes as to payment of interest when due and principal at maturity of note. Denominations $100 $500 $1,000 Resources Over $2,000,000 BREUNINGER, Pres. Your Savings Can Earn 7% Now OU don’t have to wait until your savings reach $100, $500 or $1,000 before realizing the full carning power of your money. Our Investment Savings Plan en- ables you to get 7% on savings of $10 or more a month, with the proven safety evidenced by our record of no loss to any investor in 52 years. Send today for our booklet, “How to Build an Independent Income.” It explains how payment on a $100, $500 or $1,000 Smith Bond earns the full rate of bond interest. The F. H. Smith Co. Founded 1873 Ne Loss to Any Investor in 52 Years Smith Building, 815 Fifteenth St. THE F. H. SMITH COMPANY (1) Smith Building, Washington, D. C dation. OUR Over a Quarter of a Century Without a Loss place in B. Main 2100 BUILDING AN is like building a home. must build upon a firm foun- are securities deserving of absolutely safe, and productive of 614%: F. SAUL CO. ESTATE You FIRST MORTGAGES any such foundation— interest return. 925 15th St. N.W. 17, 1925—PART T. FIRST MORTGAGES FOR SALE Denominations of $250, Su' $750, $1,000 and upwards 6Y2% Made on Property in thue District of Columita JAMES F. SHEA 643 Louisiana Ave. N.W. We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of interest. Should you have Money to Invest —we can also take care of you. Our experience,, ex- tending over a period of Thirty-Five Years —insures your protection. Percy H. Russell Co. 926 15th St. NW. Construction Loans OFFER Greater Returns With Safety Than any other type of real es- tate loan Spink Construction Co. 1126 Investment Bldg. Phones—Main 901-2 WE FINANCE —#l1 classes of income-producing property. Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc. 818 15tk St. N.W. [ne———ln|c———o| WANTED Second Trust Notes This company has funds available for the purchase of all kinds of second trust notes, secured on real estate in or close to D.C 5] Prompt Service E'Washmgton lnvestmentEi Tra'lsachons Co. 713-15 14th St. N.W. Main 3662 [B———|a|——5] | i FINANCIAL. Metropolitan Housing Loans (#etropolitan Life Insurance Company) On homes in the District of Columbia and suburbs in Marve land and Virginia. These loans may be made for 15 years and are very ad- vantageous to the borrower for the reason that they elimi- nate eztensions, or new loans at the end of short periods. No life insurance requirement. Write for booklet. Unlimited funds for loans in the District of Columbia on BUSINESS PROPERTIES APARTMENT HOUSES OFFICE BUILDINGS AND HOTELS Lowest Interest Rates—Brokers' Applications Invited WEAVER BROS., REALTORS 735 15th St. N.W. Phone Main 1821 ONE | LITTLE QUESTION— Have you money to invest where t will be safe and produce the highest current rates of interest? Then see us about our First Mort- gage Real Estate Securities. SHANNON. & LUCHS 713-715 14th Street N.W. Main 23 The New York Life Insurance Company Offers to Make First Mortgage Loans ed Real Estate on Improv In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods Apartments Office Buildings Houses Business Properties SV2% APPROVED SECURITY Apply RaNDALL H. HAGNER & COMPANY MORTGAGE LoaN GORRESPONDENT ANosses Yemumcfwal‘ Tvenue, Wmu. /h; 7 9700. CERRREERRREEE Remarkable Investment Opportunity Nearly the last large acreage tract in the heart of Trop- ical Florida, the Nation’s Last Frontier This six-thousand-acre t act of High, Dry Indian Prairie Land lies between the Florida East Coast Railway and the Kissimmee River, in the beautiful Lake Marion country. The towns of Kenansville, Apoxsee, Lokos ee and Yeehaw on the Florida East Coast Railway are from 7 to 12 miles away. One highway passes through and another near this land. ‘This tract is surrounded by the holdings of large syn- dicates. To the South lies the large tract recently purchased by Percy Rockefeller, August Hecksher, Vanderbilt and Hutton of New York. New York and Massachusetts syndicates own the land to the North and East. There Is Strength in Combination The Greatest Developments and Largest Profits in Florida Are Made by Syndicates. This is your opportunity to buy right and secure a syn- dicate price of $25.00 per acre. Property purchased at to- day’s low prices will yield certain and material returns and we are confident will prove the most remunerative invest- ment available today in the entire Southland. See me Sunday from 2 to 6 p.m.—Monday from 9 a.m. to 8 p.m. MR. A. BURKS SUMMERS Special Representative Hotel Washington Washington, D. C. Mail Letters to Box 174-U, Star Office.