Evening Star Newspaper, September 26, 1926, Page 37

FITNANCIAT, BOND PRICES SAG | BOND SUMMARY FOR THE WEEK INWEEK'S TRADING Improvement in Inquiry Noted in Latter Part of [} the Period. BY BYRON SELLER. Bpecial Digpatch 1o The Star. NEW YORK. Septemher 24.—Bond prices this week have continued to sag. Just at the close thers was some improvement, not £ much in quota- tion as in inquiry _Probably the day to dav fluctua- flons are of little importance as in dicative of a trend. Early in Septem- ber the average price of domestic {ssues made a new high since the World War. and while this average is & shade lower now the change is so small as to be negligible so far as the individual investor is' concerned. It is the traders who are troubled by the pause in the advance, which has been going on with only minor inter- ruptions for so long a period. They see little opportunity for profits and #0 the volume of business falls off and the market drifts along. The future of investment securities 8 bound up with that of the money market. In this respect the develop ments of the week were encouraging. Call monev renewed vesterday at a per cent after holding at 51, per cent most of the week. The Federal Re: | serve statement showed serve ratios for both the system as a whole and for the New York bank. More important in the eves of specu lators was the action of the New York bank in making no change in its re discount rate, which continues to stand at & per cent. Time mone ruled steady around 5 per cent for the bulk of the business It is doubtful. however, whether the feeling of relief prevalent vester- day and today will continue. There 18 going to be talk about higher re discount rates for a long tim= to coma, and while it is true that the Federal Reserve statement was more favor able this week than last, the change represents rather the completion of operations incident to the midmonth financing than to any fundamental alteration in the demand for money Few experienced bankers believe there i going to he any return to the low money rates of last Summer for quite a while Center on High Yirlds. I, then. investment securities are to maintain practically a dead level of prices—and no ane predicts any substantial recession—market inter est will center around the higher yielding domestic honds. principally railroads. foreign issues and new of ferings Taking up these ‘three groups in order, the speculative railroad bonds, with one or twe exceptions. have heen well supported. Earn ments for August no N likhed are alm uniformiy There is less con hile competitio day coaches still « man riders inerease and fre Ing moved in recard totals Primare effect s heen seen in rail road stocks. railroad honds have heen influenced fator Sl now o finan; bos i i ol A% _great an evient as The Hlinois Central soll recently when far as the market stock n the « a good dea rise of last weel. In some « have vielded somewhat. hut mMoEt pait the earlier held. There is still 1 improvement in foreign honds. not of the high vielding type such Belgian and Italian. but in e conservative obligations of the Scandinavian countries. The lim iting factor is the prices at which these varieus issues are redeemahle On that account it is advisable for the buver who lnoks to capital appre elation more than to currency income to take the lower coupon bonds in preference to those of higher rates New Financing Light. New financing is not in especially large \olume. There is nn pressure upon the market of undistributed new offerings. This is all the more re markable because of the low vield bases on which some of the new do- mestic bonds have been sold. It cer tainly speaks well for the underlving strength of the investment demand The most interesting Individual of- fering this week was that for the Seimens Electric group in Germany. Incidentally it was one of the largest ces of new foreign financing in a long time. The unique feature was the provision for paying bondholders sdditional interest contingent upon the amount by which the cash divided on the stocks of the companies con cerned shall have exceeded a fixed percentage Other German loans marketed in America have carried profit partici pating provisions in the shape of war rants for the purchase of stock which have proved very attractive. It looks now as though the American investor was in the way of becoming not only & creditor but a partner in German industry to a greater extent than ap. peared possible a year or two ago. BUTTER IS STE&DY Trade Quiet as Buyers Continue to Operate Conservatively. CHICAGO 2% Butter today ruled steady but trade was rather quiet as buvers stll op- erated conservatively and were critical a8 to quality Supplies, while net durdensome. were ample for the light emand and were closel held In most quarters. The centralized car market was steady, with prices on 80.score . ey § ers in most quar. were helding for premiume, but Bivers showed litte ~ interest and trade was q 92 score £9 score, 87 score 36 Centralized 40, 58 score While 1t future traking after for great Septemher 91 scere, 43; 90 88 score. 14 10 20 score, 80 &core 361y 13 HAMILTON RETAINED. NEW YORK, September 23 (#)— Announcement that T. A. Hamilton, former president of the International Great Northern. had been retained in ap advisory capacity bv the minority stoekholders’ committee of the 8t Leuijs Southwestern, which is oppo ing the Loree plan of consolidation, was made by W E Mever. chairman of the committee. Mr. Mever, whe will attend the hearings in Dallas said Mr. Hamilton characterized the Loree plan as “unsound from @ prac- tioa] railroad operating standpoint.” EARNINGS IMPROVE. WEW YORK, September 25 (®).— August earnings of the Missouri Pa- cifip showed improvement over a vear ag0, net operating income rising to 2,329 from $1.733,184, and gross ues to $11.676,065 from $11.318,- August 1925. Net operating in- for the eight months this year 12,333,969, against $10,450.470 in game peried of 1935, and gross| the $78.51¢.2¢5, against $84,546.07% 925—— “High, Low, 10129 99-15 10230 101-1 10119 100-16 1021 101-1 1089 101-20 10810 104-13 -—1925 Bigh. Low. i 97% 95 1084 101% 102. 100~ 100% 122 ©9Y 103 874 110% 108% 8944 105 105% 1034 1028 1097 109% 487 1004% 108% 104% 106 106% 99% 105 105% 110'/4 106% 100‘6 102% Luvte 81dn 881 89 sole I nbb 1024 B35y 95% 8244 uou ” “Ha S (3 101-20 99.19 Liberty 8%s 1932-47 108-7 108-20 106-9 Treasury 4%4s 1947-52. 1926 . Low. THE 6. BONDS. 26 101e21 Liberty 1st 4% 31 100-18 Liberty 24 43 101+156 100-26 Liberty 3d 43%s 192 101-29 Liberty 4th 4%s 193331 IOX L3 « 107.24 Prev. week's Close. 964 Argentina 6s A-951 100% Argentina 7s 1927 96% Australian Govt 5, 100 Austria 7s 1943 814 Belglum 68 1955. .. 105 Belgium 7%s 1945 105% Belgium 85 1941... 81% Bordeaux 65 1934. . 100% Brazil 8s 1941. 102% Canada 58 1952. 101% Canada 514 192! 100%” Chile 8s 1926 107% Chile 85 1941 107 Chile 85 1948 37% Chinese Govt Ry b8 1951. 984 Copenhagen 5145 1944 98% Czechoslovakia 83 1951 102 Denmark 6s 1942. 924 French Govt 7%s 1941... 984 French Govt 85 1945. 101% German 7s 1949. 78% Holland-American s f 65 1947. 881, Ttaly s, 1951 92% Japanese 635 1954. 100 Jergens Utd Margarine 65 106% Netherlands 6s 1972. . 7344 Paris-Lyon Med 6s 1958 8213 Poland 8s, 1950. . 1041 Queensland 65 1947. . 1104 Queensland 7s 1941. . 974 Rio de Janeiro 88 1946 1024 Sao Paulo, State of, 88 1936 86 Seine, Dept of, 87 Serbes, Crotes, Sloven 108% Sweden 6 1935 . 102% Swiss 515 1946 117% United Kingdom 5% 19 108% United Kingdom 5las 1927. INDUSTRIAL AND MISCELLANEOU! 10313 Amer Agr! Chemical 7% 3 1941, Amer Smelt & Ref 1at 8 1947, Amer Smejt 15t 68 194; Amer Sugar Refining Amer Tel & Tel cl tr 29, Amer Tel & el cl tr 55 1946. Anaconda Copper 65 1953 2 Anaconda Copper cv deb 76 1938. . Armour & Co 4135 1939.. Atlantic Refiing deb 58 1937 Bell Tei (Pa) ref 55 1948. Bethlehem Steel p m 58 193 Bethlehem Steel s f 65 1943 Chile Copper 6s 1932 Cons Coal (Md) 1st ref 58 1950 Cuba Cane Sug cv deb 88 1930 Detroit Edison ref 65 1940. Dodge Empire Goodrich (B F) 635 1947 Goodyear Tire 85 1931.. 4 Goodyear Tire 8s 1941 Humble Oil & Ref 5135 Indlana Steel 65 1952 Inter Mer Marine 6s 1941. % Inter @aper 58 B 1947. International Tel 5S ret Kelly-Springfield 8s 1931. Lackawanna Steel 58 1350. Liggett & Myers 55 1951 Manati Sugar s 7158 1942, Midvale Steel 58 1936 New England Tel 58 1952. N Y Edison 1st 6155 1941. . NYGasELH&P s 1948. N Y Tel 4148 1919, Y Tel 68 1941. North American Edison 63 1952 Pacific Gas & Efec 55 1942 Pacific Tel & Tel 38 19562 Philadeiphia Co ref 65 1944 Public Service 6s 1944 nclair Oil 7s 193 elly 6138 1927, South Forto Rigo Sugar Uniied Drug 68 1944..... U S Rubber 1st & xh‘aslfll 4 U 8 Rubber 713 l.l U S Steei s f 55 L Ulah Tower & Light 64 1944 Va-Carolina Chem s f s 1947 Western Union Tel 6158 1936 Wiison & Co 1st 65 1941..... RAILROAD. Atchison gen ¢s 1935 Atlantic Coast Line 1st 4s 1952 Baito & Ohio gold 4s 1343, Balto & Ohio cv 4% 1933 Balto & Ohio ref bs 1995 Baito & Ohio 68 1429 B&OPitts LE& W Va 451941, B & O Southwestern Div 6 cfs 50 Brookiyn Manhat s f 68 A 1968. Canadian Northern 6%s 1946 Canadian Pacific deb 4s. Central Pacific 45 1949. Chesapeake & Ohio cv 4 Chesapeake & Ohio gen 4 %5 1992 Chesapeake & Ohio cv 58 1946 b1% Chicago & Alton 3138 1950. 102% Chi B & Quiney 1st ref 5s 1971. 3% Chi & Eastern 111 gen 58 1951. 641 Chi Great Western 48 1959. 481 Chi M & St Paulcv ¢1481932. . $0% Chi M & St Paul gen 4348 1989. 484 Chi M & St Paulref 43452014 474 Chi M & St.Paulcv 58 2014. 111% Chi & Northwestern 6148 19| 65% Chicago Railways b8 1927 87% Chl R 1 & Pacific ref 48 19 944 Chi Union Station ¢%8 1964 116% Chl Union Station 635 1963 81 Chi & Western Ind con 45 1953. 1021 CCC & St L ref 68 A 1929 105% Cleveland Term 548 1972 2B Colorado & Southern 43s 1036. 88% Cuba R R 55 1952. 102% Delaware & Hudson 5% 1937. Den & Rio Grande con 48 1936, D& R G West 55 19665 Detroit United 4348 1933. Erie 1st con 48 1996. . Erie gen lien 4s 199 Erie cv 43 A 1963 Erie cv 4s D 1953 W ECo8T4. . Grand Trunk Grand Trunk Great Northern gen 538 1962 Great Northern gen 7s 1936. . Hudson & Manhattan ref bs 1957, 4 Hudson & Manhattan adj bs 1957 1llinofs Central 6%s 1934. Inter Rapid Transit 6s 1966 Inter Rapid Transit cv 7s 19 Inter & Great Nor adj 68 1953. . Kan C Ft Scott & M 43 1936 City Southern 3s 195/ City oSuthern 65 1950 10714 D 101% 97ty YA 1083y f deb 65 1936 Lake Shore ¢s 1931 Louis & Nash unified 48 1940..... Mil Elec Ry & Lt 1st ref 5s 61. . MStP&SSM6i4s1931. Mo Kan & Tex 18t 43 1990 Mo Kan & Tex adj 68 1967 Mo Kan & Tex pr In 63 A 1963 Missouri Pacific gen 48 1976 N O Tex & Mex Inc 55 1935, 941 New York Cent deb 48 1934. 101% New York Cent ref imp B 1061 New York Central deb 65 1935 58 New Haven deb s 1957....... 97% N Y N H& Hcvdeb 65 1948 20%s N Y Ry 631968 69 N Y West & Boston 438 1946 904 Norfolk & Western con 45 199 138% Norfolk & Western ev 6s 1929 61% Northern Pacific 35 1947 364 Northern Pacifie 48 1997 1084 Northern Pacific ref imp 96 Ore Short Line ref 4s 1929 1064 Ore Short Line gtd 58 1346. §3% Ore-Wash 1st ref 48 1961 94% Pennsylvania gen 4%s 1965 102% Pennsylvania gen 58 1968. .. 111% Pennsyivania 638 193 85 Peorja & Eastern inc 45 1990, 1013 Pere Marquette 1st 5s 1850. 94% Reading 4348 97. 744 Rio Grande Western clt ¢s 1949 Il 82% St L & San Fran inc 69% Seaboard Alr Line ref 4s 1959 76 Seaboard Air Lineads 5s1949... 91 96% Southern Pacific ev 48 8§51 Southern Pactfic col 48 14 90 Southern Pacific ref 4s 1955 81% Southern Ry gen ¢s 1956 104 Southern Ry lst 0. . 9214 Union Pacific 18t 4s 1947. 99% Union Pacific ev és 1997 99% Virginian Ry 1st 53 1962. .. 1013 Wabash 18t 68 1939 bash 5 lfli Wfiurlml' DCL..-.- 1831 West Shore 15t 48 2361, ceeuse. High. 100-17 Low. Last. Yield. 100 12 100-15 3 41 101-25 10128 891 .100-16 100-16 3 90 10:-1 101-5 868 102:8 102.4 392 107-15.107-24 872 Last. 9 100% 98% 101% 86 107 107% 8% 104 1038 101 u Wigh. Low. 99 98% 100% 100% 98% 984 1024 101% 867 8b6% 108% 107 107% 107% 88 87 104% 104 1047 103% 1024 101% 101% 101% 108% 108 105% 108% 38l 37k 997 991 108'. 102 1044 10813 105% 105t 105% 10564 99 984 105 104% 10514 1057 26 851 921a 91 98 % 105% 1074 |U71 Bl 80 90 88 105% 104% 113% 118% 103% 102% 105% 105% 9% YOk 94% 93 . 105% 104% 103% 103% 118% 118 1054 105 994 100% 104 100% 105% 104% 104 100% 100% 108% 1074 104 1035 98% 984 1024 1024 103% 103 106% 106% 908, 90% 101 100% 102% 102 9T 96N 101 1004 106% 106 82 B2 98T 97h 1081 107% S5% 95 10815 102% 1051 105 110's 110 1201 119% 1024 101% 103% 103 BRY RS 97 96 10978 109t 105 104% 9% YT 101 1004 98 9bke 97 96le 1024 101% 1164 1168 106 105% 98a 074 101 100% 104% 108% 108 102'2 981, 4 140 1334 12t 107 106% 106's 94l 934 1674 10883 106 105% 974 96% 105% 108% 112 1l 9T 1007 ¢ 1084 921a 91'e P 98la 1084 102a 52 9l 106°» 100 118% 118% 86 8bY% 103 lo2% 107% 108% Y64 5% 981 95k 103% 108ty 1064 106% 113% 113 vk 964 % 108% 103% 107% 107 68 67% lflflh Nl\‘ i what earlier | about %5 per cent | unde | regula o0 90l 901 108 108% 1 8% 8% lfl--ll’b SUNDAY STAR, WASHINGTON, D. C, VALUES ARE STEADY IN STEEL MARKET Demand for Railroad Iron Satisfactory—-Further Shading of Copper. Br the Associsted Pres NEW YORK. September 25.—The steel market during the past week continued steady. The demand was | considered very satisfactory and lead- ing railroads were in' the market for rails and car-building materials some. than anticipated. Pro- ducers generally were operating at of capacity, but buying was still largely for nearby delivery, and prospects for the fourth quarter were consequently uncertain. Pig iron was steady. There was a hetter inquiry for next quarter and sales were larger, especially in tha East The continued absence of export de. mand here and the sagginz tendency in London have heen reflected by fur- ther price shading in the copper mar- | ket. A better demand developed at the 141 .cent level for electrolytic de. livered at Connecticut Valley pol and following sales of a few mill pounds. the market showed rather a | steadier tone. Domestic consumption continues heavy, but the poor busi- | ness abroad with the increased pro- duction for August evidently promot ed a very conservative attitude on the part of buyers Tin reacted somewhat from the re- | cent high in response to the setback | in London and ghe possibility of a small increase in’ the world's visible, Spot supplies are scarce, however, and there has been sufficient demand‘ from consumers to give the market a steady undertone. Lead was unchanged, slightly easier in tone. been limitéd in volume. Zinc was easler early under more liberal offerings, but a better demand developed at the decline, resulting in a steadier tone at the close, Antimony declined further under continued liberal offerings of nearby supplies, with consumers inclined to hold off. though ' Buying has | Baltimore Markets BALTIMORE, September cial).—Market for white potatoes rules easy and a shade lower in price, ample receipts for well graded There is a fair demand at 50 to §4.25 barrel and $2.50 to $2.76 hundred pounds, but ungraded “and . 2 stock is not desirable. and offer mgfi of much move slow even at the sharp difference in price of $1 $1.50 barrel and $1.00 to $1.25 h pounds. Sweet potatoes and yams continue in liberal receint, and the market is dull and demand slow To draw full quotations of $2.50 to $3 . barrel &weets must grade No. I, as anvthing of off grade, small or ir quality is hard to_move even to $1.50 barrel. Ne. 1 yams will bring $2 to $2.30 barrel and §1 to $1.50 for smalier stock. Rushel hampers sweets and yams sell mostly 80 cents to $1.10. as to quality and condition. Demand for native and nearby garden truck continues good. and although most lines are in ample supply the market ruled steady at the following quotations | Stringless beans, 1.15 to 1.2§ bushel: bheets, 2.00 and 3.00 bushel: brocenli. | 35 to 40 bushel: cabbage and carrota. 3.00 to 5.00 hundred: sugar corn. 1§ to 25 dozen, and field corn: egg plant, 30 and 75 bas. | ket: lima beans, 3.30 and 4.00 hushel: | onions, 1.5 to 2.00 hundred pounds: green and red peppers. 25 to 40 bas- ket, and needle peppers, 50 to spinach, 50 and 60 bushel: squash, 35 to 40 basket, and tomatoes, 35 to 60 basket, and 1.00 to 1.05 bushel for packing stock The green fruit market rules gen erally easy, and it takes fancy hand- | picked apples to bring 3.0 5.00 | barrel and 1.25 to 1.0 bushel apples will not bring over 2.00 to 2 barrel and 50 to 1.00 bushel Cantaloupes in ample supply at 25 to 70 basket. While demand is only fair for peaches at 1.00 to 2.00 bushel, Bartlett and Seckel pears, in good de- mand at 50 to 1.00 hamper, but Kief- fers are plentiful at 20 to 30 hamper. Grapes in good demand at 40 to 60 per l4.quart basket Season for watermelons nearly over, but extra large selects still in good demand at 25.00 and 30.00 hundred. while selects at 15.00 to 20.00 hundred, and primes 15.00 0 10.00 hundred ave slow sale, and culls are not wanted at any price Dairy Produfts. Receipts of native and nearby strict Iy fresh eggs continue light and for | this sort there {s a prompt sale at pre. mium over quotations, but the aver- | age nearby receipts of so-cailed firsts | are of such irregular quality they are slow to find favor, the trade gen- erally preferring Western eggs. which show less loss under the candle. The market continues firm with values a shade higher, closing today at 39 and 40 cents a dozen for firsts in free cases. Prompt shipments and careful grad. ing. however, are necessary to com- mand top values. as all held stock must be sold at a discount with the exception of old hens, which continue in good demand. The general at §1 live poultry market rules easy. Old hens will be wanted next week. when the Jews return to the market, and liberal shipments are advisable. Receipts of Spring chickens | while only moderate have been ample for trade wants, 'and it takes large, smooth birds to bring top values of 26 to 28 a pound, with small Leghorns and black Minorcas selling 23 to 26, while poor and thin springers will not bring over 20 to 22. There is no surplus in the daily receipts of large, fat old hens. which clean up readily at 27 to 29; but small fowl and Leghorns are sjow sale, the former at 20 to 25 and the latter at 18 to 20. Old rogsters plentiful and slow sale’at 15 to 20. For the better grade of ducks there | Joseph I is a fairly good demand at 24 to 26, but small and poor fowl are not wanted at 18 to 20. Guinea fowl in light nce!pt l!ld wanted a 70 to 75 eacl large 11; pounds and over. but amlll stock will not bring over 40 and 50. Pigeons in ample supply at 20 to 30 a pair for young and 25 to 30 a pair for old. Live Stock Quotations. The- live cattle market rules gener- ally steady to firm under moderate receipts, and a fairly good demand prevailing for top grade stock. Wharf receipts. however, are mainly of or- dinary grade, and are hard to place. and of irregular values. Choice veal. calves and Spring lambs clean up readily at full quota- tions and hogs and pigs continue in good request under moderate receipte. Quotations today at Light street wharf: Beef cattle, first qualty. pound. faf. Common to medium, pound. 5a Bulls. as to quality. 4ab. ¥ Cows, choice to fancy, 5a6. Common to fair, 3ad. Oxen. as Milk cows, 50.00a75.00. 30.00a50.00. Calves, veal, choice, pound. Ordinary to medium. pound. Rough and common. pound, §ad. Small culls, pound, 7a8. Sheep. choic pound. 6a7l o bucks, pound, 5a6. Common, pound, 3ad. Lambs. Spring. choice, pound. l4a 1415, Fair to good, pound, 11al3 Common, thin, pound. 8al0. Hogs, straight, pound, 14. Sows, pound. 10a12. Stags. pound, 6as. Old hoars, pound, 4as. Live ‘pige, 15a20. Shoats, pound, 15al8. 4ah. head, head. to quality, pound, choice to fancy, Common to falr, 14a1d%s. 11a13. pound. 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Whila visiting my daugh ter in Waehington. received newa of Mi. am) disaster where 1 hate been interestad ast ‘two vears m real eatate and loan but now find necessary to dis; Advertiser 1a 4. full of Vigor. pleasing personality aracter. gond habita. Addreas Star offics usiness. continue health trong e ox 19-B. Money to Loan Secursd by Srat deed of trust on real estate. Prevailing intarest an W 120 Wash L. & Trast Bldg.. 9th & F \.W Investigation Sllou’d przcede Investment We Sufigeat ur First Mortflagc Securities Annual Return (3750 Mortgage Investment Dept. SHANNON. & LUCHS 713, 715 and 717 14th St. Main 2345 —W’ould 3;1 .an Hour Interest YOU? O a man who who can make an intelligent ap- | proach to business || executives and | professional men || is offered an op- l portunity to earn i at least $4 an hour || in liberal commis- sions. 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Telephone Franklin 9193 Credit Man Wants Position In or Near Washington Exnerienced in credit extension and collec- flone, accounting “and ofice cement Camabie” s credly 3 vistant Bearing 64% Interest References offere Lostaragl S ad See WELCH Realtor A = Established 1899 FOR SALE First Deed of Trust Notes Main 4346-4347 No Loss to an Investor in 27 Years We Will Loan at 5% Economic Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. i1- ! ! ] 15th and New York Ave. WE FINANCE | —all classes of income-producing property| /| Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. i M. 475 : J The New York Life Insurance Company First Mortgage Loans QOn Improved. Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years RANDALL,H. HAGNER!& COMPANY Incorporated. MORTGAGE LoaAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Office Buildings Business Properties The Name Means Much When you need to borrow money on real estate you will want to deal with a firm which has standing and experience, For over 30 years Weaver Bros. has suc~ cessfully helped many clicnts in a satisfac~ tory and economical manner. Througl-n arrangementf with the Metro- polttan Life Insurance Company we are ina position to loan money on real estate at rea- " sonable rates and terms to meet your every requirement. WEAVJER BRO REALTORS 809 15th Street N.W. Phone Main 9486 by ARCHITECTS BUILDING 1800 E STREET. N.W. Nine-Story Modern Fireproof Building Closest Office Building to Center of Government Activities EXTREME LOW RENTS ited Parking . Unlimif Unequalled for Light and Surroundings Fast Elevator Service Subdivided Offices or Entire Floors Available Your Inspection Invited at Buildi RentakManager On Premises—Phone Mai 8604 Avaflable October 15th