Evening Star Newspaper, March 14, 1928, Page 15

WEDNESDAY, MARCI 14 FINANCIAL. D. O, | SPECULATIVE LIST OF BONDS ACTIVE lndustrmls Sell Off and Rails Advance on Large Turnover. TIHE [ovvew vow_ BONDS sroox ercuaver] Received by Private Wire Direct to The Star Office Quotations to 2:35 pan.~Final Quotations in 5:30 Edition. UNITED STATES, (Saime vie 81000 1 o High Low 2017 016 EVENING STAR, WASHINGTON, LOANS ON REAL ESTATE Secured by firat deed of trust on athing itercet 1st Trust Loans Any Amount 1 C. and Montgomery County Larze Construction Projects FRED T. NESBIT 1010 ‘Vermont Ave. M 9392 :.!'.'.'f".f‘-“.’; Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Renrearnting Mutual Benefit Lite w 1520 K Street Muin 438 us have tions for LOANS ON REAL ESTATE Immediate Action Courteous Treatment of 35 your appl Apulications Tiios. E JARRELL cO. FALTORS 721 10th SI NWwW Main 766 tes Hish Low. 10874 108 102% 100% N6% 107'% 103% 104% 103 100% 1087+ 102% 100% U SSteal sfbs.... Utah Pow & Lit bs. Vertientes Sue s, Warner Sug 18 39. . w-rn'r Sug T3 41, 283 1019 101 6 102 28 100 14 10317 102 28 10729 11015 11518 Lib3ys . Lib 1st4s. . Lib Lt 4%s 344 1 102 2 Lib3dals 94 10015 10013 Lib 4th 434 548 10319 103 16 US 3% 43.4 69 10223 10226 4 107 24 110 15 11614 First Mortgage Applications Invited at Our record years speaks for itsclf. ' Percy H. Russell Co. | | 926 15th St. N.W. 17 104' 10 1047 Wilson & Co # 103% Yngstn S&T 8s 57 10074 RAILROAD. 3% 970 98% 31024 81% 96% 100% 2 OPEN UNTIL 5:30 P.M. TOMORROW % Compound Interest Paid on SAVINGS Capital, Surplus & Undivided Profits. Quver $2 000.,000.00 It Was Andrew Jackson —who, while President, located the asury Department on its pres- and so defined the C. and Nation’s financial headquarters. Ul t%e 82 2L 11518 BY CHARLES F. SPEARE. Dispatch to The Star, March 14.—Speculative lroad bonds held the ge today. The first group was inclined to scll off on mod- srate transactions and the second to ad- vance on a large turnover. | ne of trading in the new | Hank ot Chile §%s was greater than in any | Beigium 6s. , . t \mnd in weeks, Both the gen- | Belztum 84a. 5s and the adjustment 5s have 958 vh(um‘ popuiar. the one with institus 0 On Qualified Properties in the District of Columbia Glover & Flather 1508 H St. N.W. Main 1753 n el Atlantio C L 1at Atlan C L 4% Atl & Dan 1st B & O Gola 4 B&OCY Y Argentine 5 Argentin Argentine Argentine 63 A. Argentine 63 B, Australia bs 1955., Austraifa 6s 1957, Austria 102% 8% 96% 100 103% 104% 108% 1mtYy 105% 100t 1001y 1001 1005 Jtration 1001 LE ROY GOFF nee in Al dts Rranehes odward Bids Main 310 Bang & Aroos 4s 51 Brooklyn Klec 6% Bklynklevated 6% 1 BKivn Manhat & Buff R & Pltt 4% Can Nat 4% s 54 106% 156 110% 105% 100% | tions that demand a return better than |5 per_cent | | Paul 55 we I | and have felt that the St. a point or two under the ot. and the other by a speculative ss who like income bonds. Both e extremely well bought today, at vances of from !z to 1% points. Optimistic Statement. An_ optimistic_statement from n'\le. at of the Seaboard Air Line Rail- | iuen 4 wlated demand for the adjt e el i ient and 6 per cent bonds. Both re- | (anida s 1963 107 substant portion of the | #!ta bies 1y; at has occurred in the past [ Shile 1s 1v43 the same time Fiorida East|Shi!le ¥« ivel moved up & point. Chicago tern 4s were ' higher. ¢ was a long list of indusirials showmg fractional declines, Included in it were the Pathe 7s, Cuba Cane 8s, Hudscn Coal 5s, Dodge 6s. United States | Rubber 5s. Consolidation Coal 55 and J. Kz American Agricultural Chemical sold around 106, or 215 points above their call price. | " The excelient prospect for passage of | the savings bank bill in New York State { making public utilities legal. strength- 'vuod the market for these bonds. Of COMPANY OF AMERICA | the total of around $40.000.000 of new 35th CONSECUTIVE [ offerings todax. ail but $1.500.000 were ~ ¢ public utility companies. is - e Tu lcd 4'; per cent issues by Utah ‘The Board of Directors of Stanley Power & legln. .\l:éni‘gwgmnl E?‘unn Com f e 1and Memphis Power & Light, which are ARy A"'"‘c‘,:;‘t‘:f:{ | borrowing at this low rate for the first 2 | time. | Foreign Bonds Easier. Foreign bonds were easier. 8light | recessions occurred in the South Afri- can. Scandanavian and French groups. There has been an increased interest £ 4§ and demand recently for the mortgage Y 2ol | bank " bonds of Chile, Colombia, Ger- = 10514 | many and Hungary. As a class these 11 bonds have not been as popular as other foreign dollar issues, and have | not been well placed. Some study of ‘the:r strong points is being made by | banks and investment trusts, This is | expected to lead to a better market and | higher prices for them. U. S Government issues were heavy. The Liberty 31,s declined quite sharply to the lowest price of the year and were nearly 3, under the high of the year. Treasury certificates were also soft. SILVER QUOTATIONS. w' YORK, March 14 (/).—Bar sil- » 5714; Mexican dalhn 43%. Washmgton Stock Exchange Sales. { Capital Traction Co—5 at 1097,. Pot. Elec. 6% pfd.—5 at 11112, Pot. Elec 5l2s pfd—5 at 107%, 8 at 1 107%. 1 This occurred almost a decade after the founding of The Metro- politan, which was organized in 1814. Present depositors are thus enjoying banking service built upon over a century's experience in meeting the public’s needs. 2TYour Payday deoosits dessrve the protection of such a bank as this. Ons Dollar or more will open a Savings Account. Natlonal Metropolitan Bank Completely equipped Trust Dept. to serve you in all fiduciary capacities Bolivia ¥ tons Bordeauy fs 100% o8l 984 1014 1101y 13 tradit m \1 years as gen- 10015 80'a 100% 3 106'% 108 Car Clineh & O 5s. Car Clinch&O 6s l Central of Ga Central Pacitio 4 nt Pac 1<t b 90 aa Cort, n- w National Public Service Corp. Secured 59, Debentures Due 1978 Bremen State7s,. ! Buenos Atres 78 87 16 1007 « 1004 100 100% 10678 1067x St ad) (naw Chia NWoref 5s lenia Nw 7 it Ve hs Chi R 1& Pan ChiR1&Prids., 68 CRI Pac w.-w .. 12 E § Earnings Over 3 Times Interest Requirements Czecho by re Czecho s 1951, Czeeho ¥u B2, Danish Munie Lanish Munic 8s H Denmark 63, Dutch st i s-ez. Price 93!z and Interest To yield 5.35% 114 Years Old | Cht Un Sta us { Chi Union St Chi Unton Sta 0 . Ch! & W Ind cn 48, C& W Ibls . |CCC & St L 68 D. *CCC&StL rHlA. Clev Term b Clev Term 514 Colo & Sou 4%s. .. i Cuba Nor 5% s cts. Del & Hud 5%, Del & Hud 73 30 Den & Rio G en I D Rio G West Det United 415 Erie zen 48 Er Organized in 1814 French 7% French ¥s. tierman Ei P 6%a.. Germanta, ., 1074 Ger Amn Bank 7s.." 1. 1001 Greek 7s, sty | Huu 6s, 100°% ll)'-'"} ELIMY i Stroud, Kurtz & Co. Incorporated. Transportation Bldg., WASHINGTON, D. C. Oldest National Bank in the District of Columbia 15th Street, Opposite U. S. Treasury 10614 109% 9% 971 peay, paable Apei 2, 1925 to 108 stockholders of record March 24,1928, JAMES M. BRENNAN, Asst. Treasurer Puiaseiphie, Pe., Fer. 24,1528 This offering does not rep- March 14, 1928 resent any new financing on the part of the Company .| Gt Nor 43,8 76 1 Grt Northn 43 Greal Nor nn 7s.. Hav El Ry 5% 51, Hud & Man aj 68 111 Cent ref 43 1l Cent 43 53. 21 102ty 111 Cent Cht 4%s. .. 15 23 100% 111-C-C StL&NO 6 31 9oy Int Raptd Tran 5s.. 46 12 1034 { Int Rap Tr 65 stpd. ot Int Rapld Tran o Int Rap Tran 7s. 1004 Int & G Nor 1st 6. o Int & G Nor ad 6 5 ee Int RysCA 63 12., W,: Kan City Ft S 4s M1 Kan City Term 4s. 107 105% 108% 115% 1091 108 110% 93'% 87,500 Shares Common Stock of the Ld 4 ’ Compagnie Generale. Transatlantique Part of which has been withdrawn for sale in Europe by Banque Transatlantique, Paris Delivery in New York will be made in the form of registered American share certificates as stated below. c‘l.mnl Shares will be issued by The Equitable Trust Com Jllyu! New York as Depoaltary under a Depasit Agreement, to be dated March 15, 1928, each Amer- Shase representing one share of commen stock “B”, of the par value of 600 Francs, registered in the same of the Depositary o its mominee or nomisess. THE EQUITABLE TRUST COMPANY OF NEW YORK, DEPOSITARY AND TRANSFER AGENT UNITED STATES MORTGAGE # TRUST COMPANY, REGISTRAR J. A. SISTO 8 CO., NEW YORK, DEPOSITOR Devosit Over a Third of 4 @ Century’s 19 Norway 6s 195 21 Orient Dev deb .. Paris-Ly-Mea 63, Paris-Ly-Med 7s. Experience Paris-Orleans Counts To every problem of property management brought to our attention r-.dbrin' the accumu- el Sapusionns of s . Washington Gas Lt.—S5 at 88%;. a Third-of-a-Century’s ‘w-sm:ggn R. & E. pfd—10 at m"..; intimate contact with | 710 at 103%, 15 at 10374 Washington realty. It | Amer. sec. & Tr. Co—10'at 450, 7 at| g Tttt | Col. Band & Gravel ptd—10 at 105. 5 :::‘::Ef;;""".‘,' m""" | “at 105, 10 at 105, 5 at 105. D..C. Paper Co. pid—10 at 8033, 10 at| wvision. DL".ritl Nat'l 8ec. Co. pfd.—10 at 102! - - Lanston Mon.—10 at 109°;, 10 at 109’ B F. SAUL CD. Natl M. & Inv. pfd—200 at 5%, 190 | 0925 Lenigh Val cn Lehigh Val bs 2003 L-hlxh\rll on 438 Louts & Nash 7s, Man Ry 1st 90 { Man Ry 2d 45 2013, Murket 8t is 40.... Mich Cen deb 45 2. Ml El Ry & L 68 51 Mil Kl Ry & L 68 81 MS: P&SSMcndn MStP&SSMinlsgtd Saxon (PW) 7a Seine 78 4z ¢ Agreement will. among other th (i deposiied shares after e tary Wil be patd Lo the reg “Aimgricun Sharert tat at ar "ot 05 Birtenderel a1 the Drincinal ofice of the Deposltary n i exchinee for‘shares of he Company eliverable at'the o Tn'Faris iwon pavaient of ail charses and expeises and the fees-of the Deposi 1 mav | Tono 1 Pow 1a Kneunt 310 10YR. and prior to that date with the approval of 4. A. Sisto & 4 Tokio 6. A e Nehositary un “Faria A the Denositary will eaue American Shares theretor i New Vork Toklo 6 91t 1% Therees of Tha. Deposstary. The voting Fhis on' the deposited shares Will be exercised by the Societe Generals or oth s 198! 2 akreed Upon between the company and the depositor. Utd Kingm %8 37 11' We have heen advised by French counsel that the shares included In this o JidStemCopente 1 ity Brench Taes. 1o Which holders of American Shares will be subject, wi biect (0 &1l tha provisions of 1) at 5% all be converted into doliars an Peoples Dr‘lg Str. pfd.—4 at 134, 1 at} 134, 10 at 134. | Banitary Gro. Co. pfd.—5 at 106%;. | After Call. | Potomac Elec. 67 pfd.—5 at 11115 | Washington R. & E. pfd—5 at 1037, 10 at 1037, Mergenthaler Lin—10 at 1034 Capital Traction Co.—10 at 110. | Washington Gas 65 A—$200 at 1047, | Real Estate Title Ins. Co.—7 at 208)3. i Unlisted Department. {Chapin Backs 87 pfd.—65 at 1055, Raleigh Hotel Co.—10 at 100. Money—Call loans, 5% and 6%. Bid and Asked Prices. BONDS. Anaconda st 6 PUBLIC UTILITY bk LT ey A {Amer Tek & A : Andes Copper 7. .. 30, third-of-a-century ol Armour&Co 4 %839 21 house with sssets in ex- Armour Del 6%s.. 3 erns of $19,000,000. Atlantle Refln §s. Swiss %48 194 | Swiss Confed & non-assessahle. and that m & are fully Daid an vitlendn and distribations on the de a be 18% of the d For further information as to the American shares and the rights of owners thereof reference is made to the MiBoRLANRDLS. Deposit Agreement, copies of which will be available at the offices of the undersigned when executed. Ajax Rubber 85.... 2 107% 1071 | Am AgriChem 1 105% AmSmit R 102 m Smit & R g Am Sugar Ref 1oi AmT&Toltr $1. is equal to 25.43 francs at the rate of exchange of 3.93 /4 ¢ per franc which is approximately the current nu We quote from the letter of Mr. J. Dal Pias, President of the Board of Directors of the Company, to which letter reference is made, copies of which may be obtained ab the offices of the undersigned: “BUSINESS AND PROPERTY The French Line (L.a Compagnie Générale Transatlantique) is the most important of the French shipping companies. While in 1914 the Company'’s fleet aggregated 383,000 tons and it owned no interests in subsidiaries, it owned as of about Frs. 631,000,000 before depreciation for that year. Besides the Company owns properties and other assets and interests in subsidiary companies which are likewise valued on a very conservative basis. | Am Tel & Tel 614 ‘unconditional l-duv-hl”-fllil | Am Writ Paper —om an investment of enly $31.50 monthly. This is by Cl ltflll-l\fiIA &StL6sA,, NH&H 48 Ont W 1at ¢s., O&W gen 48 55. NYRyaGaAG6b,,. ZZ2ZZ2Z22222222Z Mgt O Start now on a program of investing. Mail the coupon today for full informa- tion WS9 definite systematic _Barr Bldg.. Washington Telephone Franklin 1279 MAME. . ...cvemmees ADDRSESS . . ..couvem . | _THE POWER OF TIME & MONEY A SURPLUS OF AFETY first mort 3409 of your p REALESTATE MORTGAGE & GUARANTY CORPORATION Capital Kesources § 3,400,000 6 JACHSON VLACK u. ‘s Alex. & Mt e Alex & Mt V. be cif 07 100 Vardiman Park Hotel 96% STOCKS. PUELIC UTILITY. | Barnsdall 6s 1940, , 100% Bell Tel Pa toee 1080 Bell Tel Pa 68 C. BethlehemSt! pmbs 1] 10. Beth 8t 4l 104 3 103% 1068% 103% 96y Bush l.rm Blflx [ Chlie Copper 6. . Col Gas&El deb b Con Coal Md 18t ConGas N ¥ b4 (,ou:umul Pow Cuba Ca L‘ubln Am 8 Denver G DetroftEqi, Detroit Edison Dodge 6. Gen Mot Goodrich 6% Goodyear bi Hoe & Co 8% Humble 01 b 105% Hsn 108% 108% [Z] i 1000 NATIONAL BANKS Capital,, yoo o8 THUST COMPANIES. ity & Trust Co., 448 Truet, igh* " sk VIRE INSURANCE - 30 1 | Iinols Sieel 414 | Indlans Steel b 1i1inois Hell 181 6 105 100 101% [0t Mer Marine 105% Int Paver 6847.... % 101% Inter Paper fa 104'% lut Tel&Teleg 4 4n 98% J Kayser & Co bie 1004 KanCity P& L bs. 2 106% Kan G & 11 6562, 105% Luclede G 6m b2. 104% bluunthrl e 20 1221 Lorillard bs. e Loutsv G & X s 62 1064 107 101% 2 104% 101 BHy 104% ewlsnigland ‘Tel bn 11 1107, LNV K imon tw 44 I INYOELH& P4 1018 1087 110% 102% 101% 107% 108% 990 61% Y% 108% 7% il Por W Am Tob 101% Publio Service h%e # 106% HemingtonAr 6a §3 uy o 97'n 100 “h 9h 4% e 104% 100 107% Worth 4 Am Kain 6 Pucifio Gas & 15} &Tbnbs, amount 6s 1947 Pathe Kxchange 1s Phila Co S10 Five Line b Bkelly 011 b4 Southwest “tand O1 N J K Kast Orl, Tennklesl nited D U8 Rub Late U8 RubTike 9% 106% 105 9115 106% 1014 10415 108% Bl 103% 107% 93 97 100 m:.‘.' 100 1ogs | 1061, 1011 104 96 109% 106% 1057 104% 12214 95% 106% 106% 1014 1041 10114 [ 101% oy 105 e 104 104 110% 1025 108% 107 108% 103' 90 0% 60 60 99% Y% 10387 104 01t willy 101 106" VA% 1% Y74 10y WA mn udly 106% 101% 100 107% 1074 1029 10% 106% 1001y i 9 04ty 1004 10i4% 100 1074 1074 . 92 » 108% 103% NYW& Bos 4%s. NY NH&H db 45 67 l\:nrfnlkh W en Nor Pao 4% s 2047. Northern Paar 1 6s 116% 99 w2y 100'% 1037% 1047y 1124 1056 91 104% 113 118 Pennsyl gold Peo & K It 45 4 'ml,&nlml StLa&sPino SUL&B K or In 6y SUP & KUShL 4 4o un Ak Arn P4 feaboard A L 4s. 10174 1004 [N Wikty BB Al Fla6ais A, 246 BB Al Fla Hou Ity 6 66 Houthern ity 8% Term Anso St 1 ba Texun & Pagifio Int Tox & PPuo he 11 ria Third Ave ref 48 80 Third Ave(ad) by Union I'ag 18t 4, , Union a0 iaL L 48 Un Pac sy et ,,, Unton Puo ov & 10614 [TEN 108 Ohby histe o s 100 100% 108% 100% 100% 1004 100t 2 Went Bhore 42361 2 0244 Whel & LK redle b b7k LEAD STOCKS GAIN, NEW YORK, March 14 (4).—8tocks of refined lead, Including antimonial, of members of the American Bureau of Metal Btatistios 1 the United Slates and Mexico on February 20 were 47,608 short tone, ageinst 36,418 at the cle of January, Production of lead in the United States and Mexico in February ’l‘ 069 ml“l‘ | !F,||'u||.n‘1‘:nn|n'u 6, :; I,llrl'll.,fl"flmfll. e of refined and 3,607 of anti- monial, December 31, 1927, a fleet of 101 vessels, including 37 liners and passenger ships. aggregating more than 573,000 tons, and a total engine capacity exceeding 505,000 horsepower of which the largest liners and some of the others are oil burners. “‘For the purpose of further expanding and improv- ing its service between Havre and New York, and of profiting by the great popularity of its steamers, the Company has undertaken over a period of successive years the construction of several large liners, the first of which, the lle de France, the largest ship in the world planned and constructed since 1913 with a dis- placement of 41,000 tons, was completed and placed into service in 1927. The Company has an interest in subsidiaries or controlled companies whose fleets exceed 181,000 tons. “CAPITAL The Company has outstanding 144 million francs of stock as follows: 123 Million Francs Common \'lmk "B, 12 Million Francs Priority Stock "B, 9 Million Francs “A" Stock. The Company has outstanding Frs, 327.- 664,500 Franc Bonds, £1.500,000 Sterling Bonds and $4,500,000 Dollar Bonds. The latter were issued in Canada in 1927, and, in accordance with the Company's convention with the French Government relative to the maritime postal service between Havre and New York, are guaranteed by the French Government. “EQUITY Since December 31, 1920, when the fleet was carried on the balance sheet at Frs. 177,562,000, the Company has added 25 new ships \ntllng Frs. 669,000,000, while as of De- cember 31, 1927, the entire fleet will be carried at “EARNINGS The Company's earnings for the cal- endar year 1926 after all expenses and u\(cmt on bonds, but before sinking fund payments, which are included in depreciation charges. were Frs. 78.755,000, notwithstanding the fact that the high fuel prices caused by the British coal strike had an unfavorable effect on the operating expenses. After charging off depreciation at the rates of 5% on ordi- nary ships and 7% on the large ships, in addition to charging all maintenance to operating expenses and after reserving Frs. 19,544,000 for overhaulm; and major rcpau-s. this left a net profit of Frs. 29,177,000 or over 21% on the Common stock. From this profit a dividcnd of 12% was distributed and the balance was added to various reserves. ““The accounts for 1927 are not yet made up. The effect of the British coal strike on the Company's fuel bill was still felt during the fiest few months of 1927, Notwithstanding this, it is expected that the net profits after having made major repairs and atter de- preciation as above. will amount to about Frs. 40.- 000,000, or over 28% on the Common stock which amount will be entirely available for dividends, special resecves and allocations. The full dividend for the calendar year 1927 is still included in the shares. Up to date the receipts since January 1, 1928 show an increase as compared with the same period of 1927, “Further expansion of the Company's fleet and other activities may be partly financed by an increase in the capital stock to be offered to stockholders below market prices, bettering therefore, their position in the Company.” We offer these American Shaves, if, as and whem roceived by s, sublect to aliotment or prior sale and swbiect to the complation of the ew:h-n of the shares of the Company 1o be deposited by us, and subsect to the approval of awr New York City, Trust Company counsel, Mesirs. Cravath, Hewdorson & de Gevsdorf, the first instonce interim certificoles of Tha Rguitadle d of aneciale Fremch cowmsel, Iw New Yord or temporary Americom Share cortifcates moy be dalivered, which will in due cowrse be exchangeabie for defnitive Americen cortifates. Price $71. flat, per American Share (Fach American Share representing one deposited French Share carrying dividend rights for the full year 1937) The Equitable Trust Company of New York fihhm'hflwrhflll%“ m . J. A. Sisto & Co. New York we balieve b0 unl.\k Thay were recalved i By cadle and ae M. we bellave tham 18 be acwinie