Evening Star Newspaper, November 28, 1927, Page 11

FINANCIAL. BOND QUOTATIONS SHOW FEW CHANGES Market Holds About at Level, Which Marked Close Saturday. BY CHARLES F. SPEARE. 8pecial Dispatch to The Star. NEW YORK. November 28.—There was lees change in bond prices today than in any on of the past month, The market held around the level where it closed on Saturday and zuve no indication of a disposition tv move one way or the other. For some time the high-grade issues have heen s nt, with v few avallable to these who are compelied ve 3 by law to buy this type of investment. # the market for Germ bl that in- The return on them is so low they do not attract the ordinar: vestor. The second-grade rails and public utilities also have moved up into ground that limits the return to 41 per cent or les:, This bas re ted the demand from institutions that are not compelled to buy legal bonds and are not willing to invest the n s low as 4': per cont. Latterly there has been more activ- fty in the high coupon bonds of the me of these vacter. and oth. sh under their cal! ic their price, The day's market produced fev ture: United State tea ere on Sat- rails were stood about where th urday. Some of the jur fractionally lower, with le activity in them. The St. Paul issues. how- ever, after a poor start. develuped a strong tone and sold above previous P levels. In the industrial list the strength of Mercantile Marine 6s, Anacondau 7%, International Paper 6s and Continen- tal Bag & Paper 6s were conspicuous. Dodge 6s showed the effect of profit taking con the vecent iunup to above 90. There was a slightly better tone to n issue W.. B. & A. 5 PER CENTS | REACH PEAK IN MARKET | Railway Bond Issue at High Mark | in Largest Turnover Recorded in Several Months. BALTIMORE. November (Spe- elal).—Washington, Baltimore & An- napolis Electric Rallroad 5 per cent bonds Saturday reached 927y on the largest turnover recorded for several months. This high is the top of the year thus far and 28 points up from the low of Januar: The financial d ict sees in the ac- tive buyving of the bonds a move to retire them, preliminary to segre- gating the power. and railway divi- sions of the company. The power division would be merged with the Consolidated Gas, Electric Light & Power Co. of Baltimore and the rail- way endprobably sold to other in- terests. The next interest date is March 1. and one explanation of their activity put forward in the financial distric: was that the Consolidated Co. may want to get the bond issue out of the way in conndtion with plans to re- wvamp the capital structure of its new subsidiary. Separation of the power and elec- | Sel tric railway ends of the business made possible in that way. would pave the way for sale of the latter division to § mew interests. » These bonds have featured the ac. tivity of the local market for a week or so, rising gradually day by day. TOBACCO INACTIVE. Light Receipts and Sales of Mary- land Leaf Reported. BALTIMORE, November 28.—Both receipts and sales of Maryland leaf tobacco were light last week, the former totaling 374 hogsbeads, while sales amounted to 330 hogsheads. leavy ing a total stock in State tobacco warehouses of 13.654 hogsheads. While prices held firm for all old- erop tobaccos, the demand for new- crop ground leaves eased off and sales were made only at slight concessions in price. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior, 5.00 to 8.00; frosted, 3.00 to 4.00; sound common and greenish, 9.00 to 16.00; good common, 17.00 to 30.00; medium, . 31.00 to 40.00; good to fine red, 41.00 to 55.50; fancy, 56.00 to 58.80; seconds, common to medium, 5.00 to_24.00; onds, good to fine, 25.00 to 45.01 country air-cured, 3.00 to 25.00; ground leaves, nominal. $18,000,000 BOND SALE. Refund of Twin City Rapid Transit Co. Debts Proposed. NEW YORK, November 28 (). — A large portion of the bonded indebt- edness of Twin City Rapid Transit Co., owners and operators of the street railway systems in Minneapolis, St. Paul and vicinity, will be re fundec through sale to a syndic: of $18,000,000 first lien and refunding mortgage 5'z per gold bonds. Public offering is expected soon. Procceds of the issue will be vsed to retive $10,000,000 consolidated mort. gage 5 per cent bonds of the Min- neapolis Street Railway Co. and the St. Paul City Railway Co. and $5,000,000 first mortgage collateral 5, per cent gold notes of the Minne- apolis Street Railway Co., and for other corporate purpo: Total capitalization after the financ- ing will be $47.388.000, and total 4 funded debt $22,388,000. SHOE INDUSTRY SLUMPS. CHICAGO, manufacturing bide industry in the seventh Federal Reserve district underwent a slump in October for the first time since May, 1926. a report by the Federal Reserve Bank said yesterday. Both production and shipments dur- ing October fell below September’s figures, despite the usual upward trend for the period, and also fell be- low the figures of the same month ovember of the preceding year for the first 4 time in 18 months. FOREIGN EXCHANGE. NEW YORK, November 2§ (P).— Forelgn exchanges mixed. Quotations ): Great Britain, demand, 16; 60-day bills France, demwand, s Italy, demand, 3 cables, 5.44. mand: Belgium, 13.96's: Ge 7 1, 40.36; Norway, mark, 26 16 i Jugosiavia : : Rumania, .62; Argentina, 42.50; .90; Japan, 45 anghai; 4; Montreal, 100.17 3-16 . Fog Blocks Wool Auction. LONDON, November 28 ().—The wool auction sales were postponed to- day on account of fog. Raceived by Private UNITED STATES, Qi are n 81000 Y les Bizh Low 19 101 31 101 24 420 103 12 1039 216 100 29 100 25 85 1041 104 645 102 13 102 10 201 10710 1078 326 11010 1108 - 196 11510 1154 FOREIGN. Argentine 6s Ju 59 17 1005 Argentine 63 Oct89 100 100' Argentine 6s A Argentine fs 8 | Australta 68 1955 Atstralia § Austria s ... Bank of Chile & telutnm &s :lanzmm Sla 99% 991y v 10 101% 101 oo 18 100 | B | Belgium Tys | Belzium 8 | Bolivia s . | Bordeaux #; Brazil 83, Brazi! 7. Braztl 8, Buenos Alres Buenos Afres 7s 58 | Canada 6s 193 | Canada 6a 1952, | Canada 645 192 Chlle 78 1943. Chile 8 1941, | Chile ¥s 1948 | Chinese Gov Rv 5 | Con Pow Japan 7s. 102 109 10175 101% 109% 4 9 100 T 1034 101055 » Cuba Bles .. “zeaho 1las rofs ent - Czecho ¥s 1951 = Czecho 8s 52, | Danish Munte Dantsh Munte Denmatrk fs.. . Duteh East | 6s French 8s. . German Bl P6l%s. 2 94% German 7s... 159 105% 21 99% 40 964 2 100% Hungary 7% Italy 7s. . Italy Pub tapanese 4 Japanese 6ige. Marsetllefs...... Mexico 45 04 asntd Mexico 4s 10 asntd Milan 6l Moutevideo 102% Norwav 6s 14 Norway s 194 Orfent Dev deb 6 1s-Ly-Med 6 Ly-Med Paris Orleans 7 PeruTs... Peru7is . Peru 7148 1956 Peru 8s. Poland 6s 40 Poland fs Porto Alegre Queensiand fs, Queensiand 7s. ithinelbe Un 7s. Riode Jan Rs 47 114% 1074% Swiss 6}4s Swiss Cor.fed 8s, Toho Klec Pow Ts. Toklobs. ... .2 Tokio 5% 1961... Utd Kingm 5%s29 9 118 Utd Kingm s 37 5 106% Utd Steam Copen 6: 10 94% Uruguay 8s....... 2 109% Yokohams s wi.. 63 94% / MISCELLANEOUS. Ajax Rubber 88.... 3 107! 107% Am AgriCners 1% 2 104% Am Repubdeb6s.. 6 102 AmSmit& Ristbs 8 {82* . AmT& T sf 6s. AmT& Tdeb6%s Am Writing P: Anaconda 1st Anaconda Andes Cop 78 ret Armour&Co 4%s839 9 90% Atlantic Refin bs.. Barnsdall 63 1940, Bell Tel Pabs B Bell Tel Pa &s C. Beth Stee! p m bs.. Beth Steel rf 6s... 2 102% Beth Stee! 6%863. 10 101~ Beth Steel 6s...... 10 104% Brier HSt1st6%s 3 1056 Bklyn Ed gen bs. 1 106% Bklyp Union 638..102 234% Bush T Bldg 6s 60. 9 105 Central Leather 6s. 10 105 54 101'% 1 106% 8 108w 7 101% Consumers Pow Cuba Cane cv 8. Cuban Am Sus Denver (Gas 5 Dery «DG) Det Edison 6s Det Edtson ref 6 Dodge caee Donner Steel 78... East Cuba Sug 7% Fisk Rubber 8: Goodrich 6 Goodyear bs rets. . Hershey 6% 08 & Co 6%s8. Humble O11 5s HumbleO & R 6%® (liinots Bell 1st bs. 2! | int Paper cv 6: Inter Paper fd 6s int Tel&Teleg 4% J Kayser & Co 6% | Kan CP&L 58 A 5: | Kan G & K1 69 6% Kelly-Spring 8s LoulsvG & Ebs Manat! Sug sf T%s . | 2 109% 9 101 20 109 o T2e North Am Edisbs. 48 1014 NorOhio T & L 6s 15 102 Nor States Pow 6s. 1 106 [ 4 102% 1 1104 2 108% 1 105% Peoples Gas b 5 104% PhilaCorf s A. Phila& RAC& 15 Plerce-Arrow 8i Publlo Service b Publio Service P 8erv Gas 6% P Serv Gas 5% Remington Arms 6» 3 97% Sinclatr O11 6s. 19 98% Sinclalr O11 6%8... 5 94% Sinclair Ol 18,0000 7 M 101 29 103 12 Sates Hich Low C 4 101% 004% 2 105% v 105% THE . EVENING Wire Direct to The Star Ofize Sales Hizh Low 0 Close Standard Oll N J b2 Sug East Orent 79 100% 904 105% L04% 105 102% 101% Warner Sug 7s %9, . Warner Sug 73 41.. West Kleo 68...... Westinghouse 5a, , Willys-Ov 6148 83, Wilann & Co tat s 19 Winchester A 7%s 2 106 Yonnzstn S&T 6e 16 103' RAILROAD At&S K evt 48 0558 16 92 Atchison gen §s Atlantic C Lol 4s.. Attantio C L 18t 4n At & Dan tat 4m a8 Atl & Dan 24 48 48, 3t Bkiyn Manhat Can Nat 412830 .. Can Nat ¢%s 6., Can Nar 414857, Can Nor 4 tss Canad North 6L 4 i Cansd North 7 ., Canad Pac deb 48 AN Pac (s 48 Cent of Ga 6s..... 111t | Central Pacific 4s. 1111, | Chesa Corp bs wi.. 104% | Ches & O ov 4%, Ches & O gn 414 Chi & Alton 3s. Chi & Alt 8338 otfs Ch! B&Q gen 45 63 CB&Q41s77B. Chi & B 11l en 58 61 Chi Gt Wesr 4n 69, CM&StP4és25 C M&StP 48 25 CM&StPdb 4 CM&StP deb 4s CM&StPensy.. CM&StPcv 4y CM&RtPandlys CME&StPrfays, CM&SPrfdYnce. CM&StPovba,, CM&SP cv bs cf; 10314 1081 Chi NW 415 2037, Chi & NW ref fs. .. Chi & NW 6%s.. Cht & NW 7 Chi Rvs bs. Cht Unlon Sta § Chl & W [nd en ¢s, 10 C&WIiaunb2,, . 44 [CCC&StLrasA. 107 | Clev Term 6s. 1 98% | Cuba Nor §t5scts. 106y | De! & Hud 1st rt 43 114% | Del & Hud 634e.,.. 2 el & Hud 7s 30 cons ... Erte gen & Erfecony 48 A. Erfeconv 45 B.... Erle ovt 58 67 wi.. Erie conv ext 7s Erle Genessee R FlaEC6s 74 99'% 1 Gt Nor 444878 B, 98% | Great North 4 s w 6% | Great North bs. Gr Nor gen Ts 106' § Gurf Mo 5s B 50... e SaBnSwaste 94% | Hud & Man a! 6 11 Cent ref 48 1074 | 111 Cent 43 63. .. 104% | 111 Cent 4% 8 66. . 102 | 11 C-C-St L it 4% 1023 | 111-C-C StL&NO 58 109% | Int Raptd Tran 6s. 105% | Int RapI'r 53 8tpd. 90w | Int Rap Tran 10543 | Int Rap Tran Int & G Nor 109% | Int & G Nor s 100% | Int Ry C A 63%sret 93y, | Iowa Cent rf 43 lowa Cent 1st bt 4 | Kansas City § 3s. 109% | Kansas City 8 6 904 | Kao City Term 90% | Lake Shore 48 28.. 103 | liake Shore 4s 31. 103 |Longisrf4s4d... 100 | Louts&Nasn uni &3 1053 | Louts & Nash 53 108 | Louls & Nash 7s... 1014 { Man Ry 18t 90.... 102% | Market St 7s 40 101% | M1l B Ry & L, 68 51 104 | MiI EIRy &L 5861 105 |M&Lrfexss... M St P&SSM cn 5s. MStP&SSM5s282td M St P& SSM 6i%4e K & T 18t 4 K K o = 1 e e cRBele2BaRand N PR RGN, O et S - 231 105 105 9;% &T4sB, . 84 &TorinbsA. 4 107% 16 104'% 93l Mob&O 4335 7 Mont Trm ref 5= 41 Nassau £1 4861 YC NYChi&StL 6%8A 94% t NYCh1&StL 6%sB. NYC&StL6sA. New Haven 48 55.. NN HavaH 4s 5§ NY NH&H cvdb NY N Hav&H clt 6 NYOnt W 1 NY O&W gen 48 56 65 2 10 NYStateRy 6%s 62 N Y W& Bos ¢ 48, Nor Pac 38 2047... Nor Pac 48 2047, Northern Pac 68 Northern Pac r | s Ore Short Lcn 5s.. Ore Wash 1st ds. Pnnnlv: gen 4%s, 5 Reading J C4s61.. RIATk & L 4%s, St L IM&S 43 20 StL | M&S kn 68 31 St L IM&S R&G 4» StL&SFDI4SA. [ v BONDS o sl Clove 100% Y 9474 105% 1044 1004 93% 93% 100% 1001 100% 1001 1210 138, 90 101 | 10014 121 1 1164 103% 12 1127 10514 104 | mand 119,02 and May at 19 STAR. WASHINGTON. PRCES N COTTON TREND DWNWARD Noted in First Hour. Market Quiet. NEW YORK, November 28 (#).— | The cotton market opened easy today, 7 to 12 points lower, &nd early in the day continued downward, making new low records for the movement and for the entire month. Quite general selling was attributed to weakness in Liverpool in Alexandria. also on an unfavorable interpretation of trade accounts in general, including the tendency toward curtailment in the dry goods trade and poor demand for spot cotton in the South, where the basis was reported to be showing some signs of weaken ing. January declined to 19.07 and May to 19.50, while the general list s losses of 23 to 25 points towars end of the first hour. rivate cables reported weakness in Liverpool due to the action of Alex- andria, where the continent was cred tted with being an active seller. Prices continued downward with only temporary rallies, making further new low records und showing losses of about $1.50 per bale from the final of last week. New Orieans, Liverpool and the South principal sellers. trade huyin was and sener: while LIVERPOOL. Cotton spot American strict g good middling, 11 11.06: middling, 10.96: strict low mid- dling, 10.86: low middling, 10.76: strict good ' ordinary, 10.46; good ordinary. 10.16. Sales. 6.000 bales, 5,300 American. Receipts, Futures closed barely ber, January. 10.3. .99, none. Decem- March Ma October, | Sou Rv Con 8 94, Son Ity Bs 66 . | Sonthern Rv Atss | Term AssoS L 4s.. 9o 1044 106'% 1 921y 1045 10614 103 [ 58 91 981y Term Asso St L bs TexArk 1'S H s b Tex & Pac 58 77 rts Third Ave ref 4s 60 Third Avaadi Ss.. Tol St L& W4s... {nion Pao Ist 4s.. Unlon Pag fsr rf s Un Pac 418 67 Unton Pac cv & Wabash st bs. _Wabash 6s 76 B. West Marviand 4s West Md 514877, .. Western Pacfic fs West Shore 4= 2251 Whel & LErf 415n Wis Cen gn 4349 100 1011 104" 10°% 86 2 102" 100% 921y 951y 88 Qo Improved Rea! Hstate and Nearby Apartment Home MoRTGAGE LOAN 1321 Connecticut Ave. MEMBERS New York Stock Exchange Washington Stock Exchange morning on that date. check comes to you Drop of 23 to 25 Points .‘gn\'ermn?nl finally showed a willing* neluding | The New York Life Insurance Company Offers to Make First Mortgage Loan arhs in Md. for 3. 5 or 10 vear terms on vour 51@% el RannpAaLL He. HAGNER & COMPANY Incotporated G. M.-P. Murphy & Co. || Take pleasure in anvouncing that Mr. E. JACKSON EMRICH Member Washington Stock Exchange Formerly Treasurer Merchants Bank & Trust Co. Has today become associated with them as a member of their organization. N. C. MONDAY. NOVEMBER 2 U.S. FINANCIERS | | BOOSTING AUSTRIA | | Will Float $30,000,000 Bond Is- sue for City of Vienna, Aiding | Commerce and Industry. | By the Associated Pres | VIENNA. November | cial and industrial Au: . at this par- | ticular moment, has good reason to feel grateful to American financiers, | who next week will float a $30,000,000 bond issue for the City of Vienna, which will enable the city fathers to veduce many onerous taxes that have |prevented manufacturers from ex- | panding to the production basis en- { “ryed before the war. 1 28. 1927 AN ACTIVE _STOCK o] oz | was [ vas T var ] LiNES INDICATE MONTHLY HIGH AND LOW | Joseph 1. Weller 0 Wash- £ & FINANCIAT. Money to Loan Secured by first deed of trust on real est. Prevailing interest commission Wash. L. & Tr N.Y.CENTRALRY. ' PER SHARE ANALYSIS. What Is Back of July 31,1 vss ascls tions | The money to be derived from the | |new bonds is to be used for improve- | [ ment of municipal power houses, street | yaving and lighting and to ucquire a g fleet of city-owned omnibus | This will teave the city revenue fr |of this expense for the time being and | probably will allow consideration of | plans to pay off former bon. issues. | Tn view of the fine financial showing Imade by the city each year, Vienna has been known to be good for any amount borrowed, u | tiations with the N | New York proved brief when the city ness to fall in line with vailing in well order. |and consent to | care of previous bor | The credit of the ment also bus improved vast the time L Seipel. the feellor, weiit to Geneva hegged the (o bled there to asyist (hem in reor z his country's fnancial aff 50.000.000 horic federal government in | expended fot electrification of railways s improvements to auti- culture. government has ) meeting the inter on this loun promptly and also steadily calling it in for redemption when the federal treas ury permits. AUTO TRADE HARD HIT. Ranks | Industry First in Nation Seventh ‘in Chicago. CHICAGO, November 28 (#) automob! 5 which rank: in the N itself in seventh Iplace in Chic ., with annual sales 246,000,000 he standing was mad® known yves notor ures do not i spent for gasoline and oil. With u than 200,000 motor ecars in Chic there i< ore for every five families NEW MILLIdN-DOLLAR BANK. CHICAGO. November 28 (#).—A §1,000,000 banking institution will be | aunched by the Chicago Building lrades Council early in 1928, Patrick ullivan, head of the council, an: nounced today. T in the District of Colun.bia Montgomery County, CORRESPONDENT Telephone Main 9700 | This is why | month. OFFICES 1508 H Street Connecticut Avenue at K 30 Une#ected Dollars Every Six Months HEN you find in your mail some an Swartzell, Rheem & Hensey Co. and upon opening it a check for $30.00 tumbles out, it is a pleasant surprise to remember that it represents the inter- est on the money you have invested in First Mortgage Notes through them. It is a surprise because you didn’t notify them and had forgotten that it was due envelope from You can receive $30.00 every six months by investing $1,000.00 in First Mortgage Notes through Swartzell, Rheem & Hen- sey Co. with the satisfaction of knowing that you can forget about it entirely. This company will see that your interest when it is due, and will look after your investment for you with the same care and consideration which has protected each of its clients from loss for over 58 years. Swartzell,Rheem & Hensey Co, ' Mortgage Barkers T2T15th. Street, N.V., WashinglonDC. 58 Years Without Loss To An Investor s00 paid continuousiy Look this for future REAL ESTATE LOANS 5% FRED T. NESBIT Main Judge an Investment by the reputation of the House of Issuc~ invariably a safe rule to follow. For over a half century this House bas | continuously and successfully served | investors and points with pride to its record of never a day’s delay in over it | years in the payment of principal and interest on any security it has ofered. ' Smith Investments havea World-wide reputation for safety. Ask for our current list of offerings and for Booklet “1-59 ” giving tae History of this House. ' “Jhe EH.SMITH CO. “Younded 1873 Smith Building — Washington (815-15th St., N.W.—Main 6160) Branch Offices in New: York-Chicago-and other Cities Public Service Corporation of New Jersey Dividend No. 82 on Com- mon Stock Dividend No. 36 on 8% Cumulative Preferred Stock Dividend No. 20 on 7% Cumulative Preferred Stock The Board of Directors of Public Service Corpor- ation of New Jersey has declared dividends at theyrate of 8% per annum on the 8% Cumulative Preferred Stock, being $2.00 per share; at the rate of 7% per annum on the 7% Cumulative Preferred Stock, being $1.75 per share: and are on the non par value Common lends are payable Dec. Stockholders of record at the clos 1 on 6% Cumul Stock are payable on the ive Preferred lay of each T.W.Van Middlesworth, Treasurer. Public Service Electric and Gas Company Dividend No. 14 on 7% Cumulative Preferred Stock Dividend No. 12 on 6% Cumulative Preferred Stock The Board ot Directors ot Public Service Elec. tric and Gas Company has declared the regula- | quarterly dividend on the 7% and 6%, Preferred Stock of that Company. Dividends are pavable Dec. 31, 1927, to stockholders of record at the close of business Dec. 2, 1927 T.W. Van Middiesworth, Treasurer. APPLICATIONS iNVITED for First Mortgage‘ Loans On Improved Real Estate ~fof thice or five vear terms at prevailing interest rates .ncoln {ational Bank Washington, D. C. or 1o us atg smali fot units | ou In sour investment o WRIGHT, SLADE & CO. EMBEKs: eaters, 106 Share or Odd Lots Connecticut Ave. at De Sales St. Telephone Main 1581 BROKERS Established 1916 Bonds Grain Cotton Stocks No Oblgations BUCK AND COMPANY ¥ Bldg 1120 New York Ave. Franklin 73500 OQver a Third of a Century’s Experience Your Apartment —need not be a cause of worry through lack of te nor hecanse of nts, the attention its details of operation and upkeep exact. To turn all super- visory duties over to us is to enjoy maximum re- turns at the very min- imum of personal con- cern. B. F. SAUL CO. Main 2100 925 15th St. NW. LLSTEEL Safes protect their con- tents from severest fires. Tested and approved by the Underwriter’s Laboratories. Great accessibility, un= usual filing capacity. Wide range of sizes. the Walcott-Taylor Company, ine. Suite 201 Mills Build'ng iklin 2201 Washington, D. C. un Life Insurance Company of America Will Finance ortgages on Residential Property (In the District of Columbia and Nearby Sukurbs in Montgomery County) Without Commissicn or Bonus = S 9% Interest Under our plan Life Insurance for the tull amount of the loan is required to be taken with the Company at the time loan is granted. extremely low and in most ¢z The net cost of such Insurance is s is completely offset by the savings of the usual commission charges for making real estate loans. In the event of the death of the borrower the Life Insurance pays the mortgage and so you Leave Your Family a Home—Not a Mortgage YOUNG & SIMON Authorities on Insurance Leopold‘ V. Freudberg, Manager Life Insurance Department 3rd IFloor, Woodward Building — Telephone Main 5180 General Agents for SUN LIFE INSURANCE COMPANY OF AMERICA Incorporated 1890