Evening Star Newspaper, July 3, 1928, Page 11

\ NCIAL,” " VOLUME IS SMALL IN'BOND DEALINGS High Money Effect Slight.| Pressure on Market Is Lacking. BY CHARLES F. SPEARE. Special Dispateh to The Star NEW YORK. July 3.—It could not | be said that the bond market today manifested concern over the high level y call money. some decline in United States Govern- ment obligations, in the highest grade of raflroad bonds and a few more recent- 1y offered low coupon issues. but the volume was small. There was no pres- sure on the market in any direction, because it was confidently believed that | the money situation was oniy temporarily unsettled It is true that there was often a wide range between the bid and asked prices and that forced sales were made at considerable concessions. but | there were not enough of these to af-} fect the list as a whole. ! In the United States section the Toeasury 3%s and the Treasury 33,s sold off the most. Among the corporate bonds the movement was confused. The New Haven 4l.s were lower, from the price at which they originally offered. American Smelting & ing 5s and Standard Oil of N ere off fractionally. wl Louis-San ¥rancisco 4'2s gained. The feature scriptions was New Jer: 4 stock x Rubber 5s ground. but rallicd afterwards. Andes | 7s and the copper issues generally were | firm. On the other hand, Hudson Coal | 5s slipped back. were not importantly changed. Dodge Brothers 6s below 93. had lost most of the gain recorded since the favorable | court decision. Foreign bonds were steady. Japa- | rese issues were in especially good de- mand. The vield of the foreign list was too high to be affected by the money market. the Public ¥ sharply Washington Stock Exchange| SALES. W:lshgigxgwn Rwy. & Electric 4s—8$500 n Rwy. & Elec. gen. 65— | at 102'5. ‘Traction ‘Washingto: $1,000 - Capital Co.—10 at 10513, 10| at 10815, 10 at 105, Potomac Electric §% pfd.—5 at 110%. Pedfr;;mflmn National Bank—30 a Riggs National Bank—10 at 530, 5 at| 530, 20 at 533. Security Savings & Commercial Bank— 10 at 480. Mergenthaler Linotype—10 at 1003, 100 at 1003;. | Peoples Drug Stores pfd.—10 at 107!3. AFTER CALL. Potomac Electric 5% 10655. Chestnut Farms Dairy pfd.—4 at 104! 15 at 104 i Gas 6s B—$500 at 106, | s Mige. & Investment pfd.—100" at 513 Capital Traction 55—$1.000 at 103. American Security & Trust Co—4 at 454. Washington Rvy. & Elec. 45—$5,000 at . Was Gas 65 “A"—$300 at 10214, 400 at 102%,. Hectric 5%2% pfd—2 at 1061 Gas 65 “A"—$3.000 at Washington Gas Light—20 at 957 Capital Traction 55—$500 at 105.”$500 at 103. Electric Cons. 55—$3,000 at | Electric 6s '53—$3,000 at 1077;. close N | pfd—10 at| 2, i 10414, Money—Call loans. 5 and 8 per cent. and Asked Prices. BONDS. PUBLIC UTILITY. Bid. * Asked elga. 4% ... T 31 ] J 7 2000} S5 3o ggii'f Barber & Ross. Inc. 6. Chestnut Parms Dairy Cnevy Chase Club 5'as Paper Mig. 6 Joint k M. Cold Wash. Cons. Ti Wardman Park o tas. tie Hotel 528 'r?' & Telga ris’ Washing! % Norfolk Potomac ton_Gas. Cor & Wash. Steamboat... 300 c. 67« pid 9% NATIONAL BANK. National Capital Coiumbia Federal-American Liberty Lineoia National Metropoiitan I Bank of Wash. TRUST COMPANY & Trust BAVING BANK. Bank of Bethesds Commerce & Bavings Fast Washington Polomsc Becurity Savings & Commercial Beventn Street v Brates Washington Mechanics PIRE INSURANCE 240 o | Mia-Con 8155 40 | Midvale Steel 65, | Mont Power deb Gs Mor's&Co 18t 4%s. TITLE INSURANCE nut Parms Dairy pld Commercis! Rul pid C Paper Mis #i Btorage pio Feaeral-Ameriess i ; ATE&T IHCOHAEWDOWN NEW YORK, July # (@) ncome of American Telephone & Tele graph Co. for five months this year de ago. Gross income was $40,165 against $40,319,883. May vperating | income was $3405872 compared with | $3,262,558 in May, 1927 { o mmercial aviation i being rapidiy developed in Peru, Argentine 6s Ju Argentine §s Octs9 Avgentine 6s A, Argentine 6s B. | Australia 58 1 Au: i Belgium §s. Belgium 6 Bremen § Government | ¢ but still only about a point down | (- were | ¢ le and Steel 4!,s and St.!C: | Danish Muni, of the convertible de- | penmark 6s Service of [pr1 with the { putch lost | p The loeal tractions | prench 7. French 7% German Ger Greek T Haiti 6s. . Holland-Amer 6s.. Hungary 7% Irish Free State 5 Italy 7s. Italy Pub Japanese 4 Japanese 638, Lyon 6s. Marseille 6s. Mexico 4% 10 asn Milan 6328 Montevideo Netherlands s 54 Netheriands 6s 72 New So Wales 5 New So Wales 58s. orway 6%s 1952, | Orient Dev deb 6 Paris-Ly-Med 6s.. Paris-L; | Paris-Orleans Peru 65 67 wi. Poland Ts (rcts) Poland 8s. Prague Tis. Queensland 6: Queensiand 7 Rio de Janeiro 6155 19 964 Rio de Jan 85 1946. Sae Paulo 85 1936., Sao Paulo 1950 Seine Ts 42. Shinyetsu 638 Soissons §s. Sweden 53%s. Sweden 6s. .. | Swiss 51551946, Swiss Confed 8s. Toho El Pow Ts. UtdKingdm 515 37 11 104's 104% 104% | Lehigh Val cn 4s. Ul Yokohama 6s wi.. Ajax Rubber 8s.... | AmAgriChem 7s. Am Smit & R 1st 58 25 | Am Sugar Ref AmT& Teltr 4 Am T & Tcltr |AmT&Tsfss 6 Armour&Co 4539 Armour Del 5% Atiantic Refin 5s. Barnsdall 63 1940 Bell Tel Pa 53 B Bell Tel Pass C Bethiehm Stl pm 58 Beth Steel rf 584 Beth Steel 5145 53. Bethlehem Steel 65 BKlyn Edison 5s Bkiyn Union 5% Bush Term Bldg 58 Certain-Td3 s srets Chile Copper 55. Col Gas&El deb 5. | Con Gas N ¥ 5%s. . Consumers Pow 58. C ; Denver G 3 Detroit Kdison 65 | Dodze 63 Donner ; | Bast Cuba Sug 7%8 | Fisk Rubber %s. | Hoe & Co 6348 Humble Ol 58 | Humble O & R5%s 6 | Lilinois Bell 1st 5 | T1iinofs Steel 439, Intl Cement 5 48 | Intl Mateh 59 47 .. 1 Int Mer Marine 6a. Inter Paper 63 | 7 Kyymer & Co5%s | Kan City P& L 5% Lackawanna Stl o%. | Laciede 58 | Laciede G 5155 52 4. NYGELH&P 4 INYG | Pacitie Gas & Eil os | Pac T & T 19t 5. .. PacT&TO862. .. | Pan-Amer Pete fin. : Paramount fs 1947 s | Phita Cobs 67 w1 | Phila Co of 5 A PhilakiteadC& ] in. Por ftic Am Tob 63 | Public Service 4158616 | HemmgronAr fs 3% | 1tem Bnd 5% s war. 12 | Binclatr O1l 68 Operating | 51 s Sinclair Crud Ciined to $15,887773 from $16,669.243 4 | Sin Pipe Line b8 TennElecPow 6 47 I ON NEW YORK BONDS STOCK EXCH GEI Received by Private Wire Direct to The Star Office UNITED STATES. kb, Sales. High. Low. 57 1004 1002 10115 1017 1002 1001 7 10130 10124 101 23 101 14 1068 1062 1094 10826 1144 114 FOREIGN. Sales. High. Low, Close. 2 92 . 16 100 11 100 13 100 3 99 Low. Close. 100% 1011 108 107% 108 1004 100 100% 100% 100% 1005 a2 3 98 108 102% 1027 1023 1024 10312 108% v U S Rub 7Y USSteel s {5 Utah Pow & Lt 6s. Vertientes Sug 7s. Warner Sug 7s 39 West Elec 6 Westn Union 5x Westinghouse 5 Willys-Ov 833 Wilson & Co 1s WinRepeatAr 71 Yngstn S&T 5s w 1. RAILROAD. Atchison adj 4s. 10 ALESF evt 48 0 2 Atchison gen 4 B & 0 Gold 1s. Close. 1002 1017 100 1 10130 101 23 106 & 109 4 1144 Lib 3% Lib 1st 434 Lib 3d 458, 99% 100 %100 100% | 90 994 91ty ustralia 43 101% 10 102 101% 5 8 9 41 102 9Ty 97 1008 1001 100 105% 105 105' 108% 108 10R': 1062 106'% 106'y 5115 1141 114% 1 110% 110% 110% 8 106% 105 1054 ] 3 100% 100 100% 96l 96': 20 96, 9% 96 3 100% 100 1000% 98T Nt 71025 102 1 11025 1028 I( 12 105% 105% 10 13 100% 100% 100% alia 5s 1 B & O 1stssct B & O rf fmp 6s B&OPLEWY 4s.. B & OSW 65850, B & O Toledo 4s. ang & Aroos 4s Brdway & Brookiyn Rrooklyn I! Bklyn Manhat 6s.. 54 anada Clinch&O 6s nt ¥ 1st 58 90, Chesa Corp 58 w 1. Ches& Ocvdlas “hes & O gn 4348, hi & Alton 3s. ..., “hi & Alton 31s8. hile hinese ( . hristiar 00 1000 1 openhagen 5s ct. zecho 88 1951. 10 19915 109% 1091 5 111% 1118e 111% 2 1041 104'2 10410 11013 101% 101% 5 108% 1035 103% 10 1035 1021 103t 3 99T 9% 9 3 100% 100% 14 IB&Q1st TB&Q I3y "B&Q ANV ramer 43 115% 11 P&Pacad] Chi NW 4358 303 P emy 1041 103, ]34, 4 106' 106' 24 99% 991 99 16 1043 104 104% 4 98 98 98 17 101 100%: 100% 1102 102 102 2 101% 101's 101% 85 96'y 961y 61 99 98% 99 9 971 9w 9T Chi Rys%s. Chi R 1& P gn 4s Chi RI&Prf4s CRIPac4lz ChiTH&SE is Gen Elee 7s. Chi Union Sta 5s. .. Chi Union Sta s 44 . Chi Union Sta 6145, o 43 103% 1027 108y 9%, 99%, 9% 100 C&SLL5sD... £ SCLrfesA. 6 1000 104 100% 104 5 101% 101% 101% 1107 107 107 13 94 9% M 12 94y 94 94l 11 101% 101 101% 16 95% 954 954 100% 101 108 103 62 102 102 102 12 102% 102 102% 12 100% 100 100 16 993, 991 99% 5 103% 103% 103% 3103 103 103 « 37 1% 9 91w « 22 102% 101% 101 7 104% 104% 1045 .. 2 83% 831 83% . 41 9% 89 90 « 10 100% 100 - 100 1106 106 106 Cuba Nor 54s cts. Del & Hud 1st rf 4s Dei & Hud 5% Den & D Rio G West 5: Det United 41;s. Erie Gen 4s. . Erie 1st cons 4s. Erieconv 4= A, Erle cvt 55 67 w Erie conv ext 7s. Fla East C 58 74. Gr Trunk stdb 6s. Grand Trunk 7s. Gt Nor 4%s 76 D. t North 55 Great North 5%s. Great Nor gen 7s.. Green B& W deb B Hud & Man ref 5s. . -Med o ano 40, INLOGAL MARKET Wholesale Trade Heavier in Preparation for Partial Holiday Closing. Early morning buying on part of re- trading for the Fourth of July holiday trade, many retailers practi- cally doubling their usual orders. Oth- ers bought more cautiously, belleving the number of persons going out of the city this afternoon would mean de- creased sales {omorrow morning. Such merchants also_realized that most of the wholesale houses will be open for business_during the morning hours tomorrow. Hotel, restaurant and " to be looked Wholesalers had ampie supp commodities to meet demands. Meat prices continue high, however, and deal- s morning predicted higher prices the near future. Prices of s, it was stated, are on a par with prices during the perfod of the World War. Butter and Eggs Firm. A continued firm condition of the butter and egg market was reported, while fruit and vegetable dealers re- ported receipts of most varieties fairly plentiful and prices they termed cheap were reported. ‘Watermelor and other fruf row, were quoted at prices dition and size. Watermelons ported in moderate being slightly weaker. Decre: ceipts of peaches from North C made the market slightly stronger. Prices of most commodities this morn- ing were the same as prices quoted ) terday. Today's Wholesale Prices. Butter—One-pound prints, 46a47: tub, 4546 store packed, 28. Eggs—Fresh selected, 30a31; hennery, 30m31; current receipts, 29. Pouitry, 25; alive—Turkey: large, 25a26; small, 23a24; Leghoras, 20; Spring broilers, large; 40; medium, 37a38; small, 35; Leghorns, 30a32; roosters, 16: keats, young, 75; old, 30. Dressed—Turkeys, 30; Spring broilers, large, 42a45; medium, 40a42: small, 40; Leghorns, 38; fowls, large, 27a28; small, 25a26; capons. large, 44ad5; small, 30a 36: ducks, 20a25; keats, 1.00a1.10. Meats, fresh killed—Beef, 22a23; veal, 20a24; lamb, 23a28; pork loins, 26a27: cantaloupes, peaches in demand for tomor- to con- were 1 d ra- rolina fowls, | fresh shoulders, 16al7; fresh hams, 22a smoked hams, 25a26: smoked shoul- 17a18; bacon, 22a24: lard, 13a13'%; 14 Spring lambs, 13a14. Fruit and Vegetable Review. Today's market report on fruits and vegetables (compiled by the Market. News Service, Bureau of Agricultural Economics) says: Cantaloupes—Supplies moderate; de- mand good, market slightly strongery California, salmon tints Jumbes, 36s and 45s, 4.00a4.50; ripes, 3.75: stand- ards, 36s and 45s, 3.50a3.75; ripes, 3.25; ponies, 45s and 54s, 2. 00; Jumbo flats, 9s and 12s, 1.50a1.60; ripes, 1.25; honeydews, Jumbo flats, 9s and 12s and 8s, 2.25a2.50. Lettuce—Western stock, supplies mod- erate; demand good, market stronger: Roma Hud & Maa aj 5s.. 111 Cent ref 4s. 11l Cent 48 5 lil Cent 4% s 111 Cent Chi 4%s 11-C-C- StL&NO 58 Int Rapid Tran 5s. 1 Int Rap Tr 5s stpd. 20 Int Rapid Tran 6s. . Int Rap Trans 7s. 994 Int&GtNoradjfs a2 3 103% 103y 1037 | Int & G Nor st 6s. 12 103 1028 103 | Int Rys CA s 72.. 10 103% 102% 103% | Int Ry CA 6%s ret 11 11015 1099 109% | Jowa Cent rf 4s.... 67 99 98% 99 | KansasCity S5s 6 82% 81% 82%| Kan City Term 4: 22 92% 92u 92% | Lake Shore 4s 28 1 107% 107% 107% 19 113% 112% #12% 9513 96'% 7 106% 106% 106% 1 106 105% 106 % 9 3% 9 1 106% 106% 106'% 2 108% 108%; 108, 12 105 104% 105 9314 99% 994y 100t 9819 103 9% 9% 9% 100 3=Zh0n 88 104% 85 8% 120 100 a1 9% 89 1054 26 103% 7 98y 18 20 3 RAY % 101 88 104 101 TR 100% 99% a5 9% 1 97% 97% 974 |Lehigh 5% 201 25 98% 98y 98y | Louls&Nash unid4s 15 Louis & Nash 7, td Steam Copen 65 MISCELLANEOUS. 1 10414 | MInn&StL £d 55 62 99 | | M St P&SSM cn 4s. M StP & SSM 6353, K&T4sB M K & T adj 5s MK&TprinsA. 1 Mo Pacific gen 4s.. 23 Mo Pac 55 A Mo Pac bs ¥ 77 104% 104 99 99 9 1047 10413 10474 105 106% 104% 107% 107 107 100 100 100 105 104% 105 121 118% 121 3 129% 128 129% | 30n & Ohto 4% 92 9% 92 |yone Trm ref 55 41 921 913 9214 101% 100% 101% [N O Tex & M5sA.. 100% 100% 100% | N O Tex & M 55 B.. 105% 105% 105% 108% 10813 108% 100% 100 100% 102% 10214 1021 103 102% 102% 108% 104% 10415 1041 105 ¥4 2637 2637 101% 101% 101% 994 100% 104% MYy 95 100% 1061 107 981y 1064 N Y Cent deb NYCrfimays N Y Centrf5s N ¥ Cent deb 6s. NYC & SLL deb 4: | NYCh1&SLL 51384, NYC&StLEsA. NYNH&H4%s. 100 « | NY NH&H cit 6 Y Ont W Lst 4 Y O&W gen 43 55. Y Rys 65 A 65, Y Rys 68 65..... Y State Ry 414s. ' StateRy 6% s 62 NYW&B4ks.., | Nor & 8 gen 5% 54. . | Norfolk & W cn 4s. Nor Pac 38 2047. .. | Northern Pacific 43 | Northern Pacr | 68 | Ore Wash 18t 4x Pennsyl con 4%s. . Pennsy| gen 4348. . Pennsyl gen by Pennsyl 5s 4. Pennsyl 6% . Pennsy| gold 7 | Ve & 1510 45 40 Pere Marq Ist 5 Port R L & P 58 | Reading gen 41 RIArk& L 4%s.. LAM&S 4829 L} M&S gn 58 31 L IM&S R&G 48 L&SFpl48A. CL&S Fr4%s 78141 L&SFprinbs. 9 I StL &S F inc 6s 4| SUP & KCShL 4% » hourd Als 4% sta |Beab A Loref 4n. ... VAL adj hs 1949 Zuehaltannan = 105% 1055, 1054, |2 103% 1035 1035 106 106 106 |1 100% 100% 100t | 108 108 108 | 92y 925 92y 96 9 96 1027 10274 1027 13117 116 117 32 102% 101% 102 5107 107 107 4 92% 91 9 2 90% 90% 90u 66 1004 100 100% 10213 102% 102v; 104% 104% 104% 995 99 99 97 97T 97 98 98 9”Y 103 102 103 100% 99% 100 104 1034 103% 95% 951 951 114% 1124 1140 105% 10515 105 100% 100% 100% 160 99y 99, 104% 104 104 113 113 112 105% 105% 10 99% 99 9 100% 100% 1000 BT BT HTY 4 1030 1031 b 10705 107 1047 105 9% 95 108 104 101 100% 100% 107% 107 107% 110% 110% 110% 100 9% 100 104 102 103 4 106% 1059 102% 1013% 102% 103% 103 jo3 |2 105 105 105 | ADird Ave ref 4x 60 01 109 104 |Third Ave 1at 5 Lo M N | Third Avead) 6. . awe Ry gai | Union Pac iat és. . 1035 1041 1041 | Union Puc Ist rf 4a 9T 974 Union Pacific 45 6% 928 s on | UD Pas 44887, 104% 1047 1041, | Virginia Ry 15t b8 985 93 9B, | Wabash Isths. ... 1243 120 124 | Wabash 65 76 B. . a0 99 g | Wabash 5175 G 3% 94 | Wewt Maryland 4s. Ghry gwiy | Western 8 51gs e e | Wextern Pusific b 110 | Wilks-B & 1 15t b8 i s - 94t 940 5 10B% 108% 108% 104 104 104 103% 103 103% 103 102% 103 106% 108, 108 97% 9 974 T B6Y WTH (e QoY uban Am Sug 8s.. 858, Steel 7 6714 6700 92% 11a% 90 102% 101% 108% 10345 111% 104 BBY, 104% 100% 100%% 964 98% 100% 64 #RY 0% 101% 101% SERannn o= 90 1024 101% 108% 103% 111% 3 102'% 1011 108% 10315 110% 1031 8BYy 104'% 100% 100 6% 9814 10014 Nenw-Reealn 100% 100% 96% 983 100% 95 nt Paper 55 47, nt Tel&Teleg 4% ° a3 4l 2 st -+ e By 90% oriliard (P) 8. .. g 17 at Tub 16t bs. . w England { Y Ediso 10 105 a5 PR LH&P 108 i 01 A6 LA 110 10414 { Sou Ry or States Pow 6s. 1047 101% i w91y | ToxArk ¥ ITex &1 101y Y 98'n 106% 103% 1001, 104% 1064 1030 100% 104% B2 e Petro b1 Arrow $5 2 9 0914 W 9% [ 70% - . " PRODUCE EXCHANGE. NEW YORK, July 3 P Flour ateady; Spring ténts, 7.35a7.65. Rye easy; No, 2 Western, 1.27%, 1. 0. b. New York and 126% ¢ | export. Lare firmer; Middle West, 12.30a12.40, Other artieies unchanged, lair 1 Latr 011 7 0 Pov Rico Buw 1 onthwest Bell bs, South Bell Tel by Stand 01 N J b 48 i 71 f. United Druk 5s 53, 12 5 US Rub 1strfdn.. 22 1 2 California, crates Iceberg type, 4 to § dozen, best, 6.00a6.50; poorer, 5.00: Eastern stock, supplies light; demand good, market steady; New York, 2-dozen crates Big Boston type, 1.50. Onions—Supplies light: demand light, market dull; California, standard crates yellow Bermudas, U. S. No. 1, 1.65. Peaches — Supplies light; demand moderate, market steady: North Caro- lina, U. S. No. 1, bushel baskets Early Rose, medium size, 3.00: bushel baskets Arps, small size, 2.00; medium to large size, 2.50a3.00; Georgia, all U. S. No. 1, 6s Hileys, large size, 3.25a3.50; medium size, 3.00; 6s Carmans, medium to large size, 2.25a2.50. Potatoes—Supplies light; demand moderate, market steady: new stock, North Carolins and Norfolk section and East Shore Virginia, cloth-top. stave barrels, Cobblers, U. S. No. 1, 2.00. Tomato Market Duil. Tomatoes—Supplies liberal: demand moderate, market dull; Mississippi, 4s, ripes, wrapped, No. 1, best, 85a00; few best. 1.70; leaky, .50. Sweet potatoes—S: mand slow, market dull; bushel hampers, yellows, No. 1.75; bushel crates, 1.50. ‘Watermelons—Supplies moderate; de- mand moderate, market dull; brokers' carlot sales delivered Washington, Flor- ida, bulk, per car, Tom Watsons, 5-tiers, 440. Asparagus—Supplies light; demand moderate, market steady; Delaware, dozen-bunch crates, green, long, 2.00a 3.00; medium size, 1.00a2.00. String beans—Homegrown supplying market. Peppers—Supplies light; demand slow market weaker; Florida, pepper crates, green, best, 2.50; poorer, 2.00. ?p)h‘n light: de- North Carolina, 1, 1.50a 924 1% | A P ghell U . P % Eggplant—Supplies light: demand slow, market dull; Florida, pepper cral 2.50a3.00. Blackberries—Supplies light; demand slow, market dull; North Carolina, 32- quart crates, best, 3.5024.00; ordinary quality and condition, 2.50a3.00 Red raspberries—Supplies light: de- mand slow. market dull crates, 15a25; mostly 22',a25 SHORT-TERM SECURITIES. (Reported by J. & W Seligman & Co) Co. of Amer Radjator 4%ag 1947 1. & Tel. Co 43 192 An a’ Copper 65 1 Balto. & Qhlo 4'4s 19 tayian Pel_Corp. 4'.s 1042 el Tel of Canada 55 1055 California Pet anadian Nat C Aluminum meric Amer. T acond: cking Co. 8las auesne Lighting 415 1967 ison El DL of Bost'd'zs 1930 99 rie Rwy Co. 75 1930 1 Gen. Mol Accep. Cor neral Potroleum Cor. 5 joodyear T. & R. 55 195 Grand Trk, ‘of Canada 65 1636 uif Ol of Pa 1937 5 Humble Oil 5 1032 Mass. Gas Co. Blus 1946 New York Tel. 63 1041 3 Orewon Short Line ds 1630 ure OIl Corp, blas 1937 i1 Co. Bs 1947 R, Co. 45 192 55 1046 45 1929 nlon ue Oil_of Net & oM & Co. by 1933 of Cailf. b3 1038 Blgs 19 tand. L Bwift Union Ol Co U 8 Smelting Western Electric 1044 Westinghouse El & M, 55 1044 Wheeling Steel Corp. bius 1948 w Jer 80 Ry GERMAN BONDS ANvlTS.TOCKS. By Special Leased Wire to The Star. NEW YORK, July 3 Ger Govt Red Loan with draw Ctfa all per 100 R M @er Gevt“Red Loan without 1000 & M ted i dollars ver million marks, ) ambnrg 4125 1 4300 '98.00 @uoted hi dollurs per (hou Asked. 60.00 Bid. 55.00 RmBUTE 35, 318 & 48 Dre-WaT mmburg American Line 475 jorth German Lioyd 4158, upp B3 102 3 Dusseldort 45 pre-war Prankfort a-M s pre-war Munich 45 pre-wa 3 (Quoted in dollars per share ) AE G (Ger Ge Eleo) B fee) 3 42.00 (Ger Ge P ot B 900 gers and Privay Bank... g4 ‘wrbe oy n i isgonto Gellichaft iner Hinndels Dresdner Bank ... Deutsche Hunk Darmstaedior Bank eyden Chem ‘ Mercur Bank Vienna North German Lioyd Austrian A £ O (Qon il . Game-bird propagation has been long established in Europe, but only in re- |“mu'n"dm' fl‘:«": msru:.n(m poultry-yard mel or matural supply. tailers suggested the probability of fairly | pplies, the market | Virginia, G | Commodity News DETROIT, July 3 (Special).—Em- ployment in the plants of the General Motors Corporation, which is regarded as a barometer of international trade conditions in the automobile field, has increased 24,335 in the last month, to a total of 208,228 workers. The present total compares with a yearly average of 175,666 for 1927. CHICAGO.—Business with the pack- ers is brisk at the moment, with a good demand for fresh pork and smoked meat at advancing prices. Dressed beef prices are also strong with fair demand. Foreign business is good. PHILADELPHIA.—The mills of the ‘Wolfenden-~Shore Co., which occupy 20 acres of land along Cobbs Creck, will be closed permanently within the next two months after having been In operation for 76 years. The plants manufactured cotton and woolen goods. The execu- tives of the company are making every effort to place the employes in new po- sitions. NEW ORLEANS.—The Louisiana sugar crop for the coming year is now estimated at 175,400 tons, compared with 71,000 tons produced in 1927 and 47,000 produced in 1926. i PORTLAND. Oreg.--The first wheat ‘of the 1928 crop, shipped from Arlin; | ton, has reached Portland. This wh | weighing 140 pounds per sack. is re- | ported to be of excellent quality, with better than average yields. CHICAGO LIVE STOCK MARKET CHICAGO, July 3 States Department of Agricuiture).— | Hogs—Recelpts, 21,000 head: market active, mostly 20 to 25 higher than yes- terday's average; top. 11.45 paid for | choice around 215-pound averages | Butchers, medium to choice, 250-350 | pounds, 10.40a11.40: 200-250 pounds, 10.50a11.45; ,160-200 pounds, 9.85al1.40; 130-160 pounds, 8.85a11.10. Packmng sows, 9.00010.10. Pigs, medium to choic | 90-130 pounds. 8.25a10.00. | Cattle—Receipts, 6,000 head: calvi 2,000; fed steers and yearlings again 15 | to 25 higher; 15.75 paid for medium | weights and heifers; most grain-fed | steers, 15.00 upward. Slaughter classes, | steers, good and choice, 1.300-1,500 pounds. 14.65a16.00; 1.100-1,300 pounds, 14.50a15.90; 950-1,100 pounds, 14.50a 15.75; common and medium, 850 pounds up, 10.25a14.65. Fed yearlings, good and choice, 750-950 pounds, 14.40a15.75. | Heifers, good and choice, 850 pounds down, 14.25a15.50; common and me- dium, 9.75a14.25. Cows, good and choice, 9.75a12.00; common and medium, 7.75a 9.75; low cutter and cutter, 6.0087.75. Bulls, good and choice (beef), 9.35a 10.75: cutter to medium, 7.2529.35. Vealers (milk fed). good and choice, 14.25216.50; medium, 12.00a14.25; cull and common, 8.00s12.00. Stockers and feeder steers, good and choice (all weights). 11.75a13.00; common and me-~ dium, 9.25a11.75, Sheep—Receipts, - 9,000 head: fat lambs active: uneven around steady; a little strength on natives, sorts consid- ered: little quotable change on sheep and feeders, any slowness in feeder out- let attributable to pre-holiday condi- tions. Slaughter lambs, good and choice (92 pounds down), 15.25a16.40; medium, 13.50a15.25; cull and common, 10.50a 13.50. Ewes, medium to choice (150 pounds down), 4.00a7.00; cull and com- mon, 1.75a5.! Feeder lambs, good and «hoice, 12.75a13.50. New Bond Issues NEW YORK, July 3 (Special).—An issue of $1,500,000 Bowman-Biltmore Hotels Corporation three-year 6 per cent gald notes, maturing July 1, 1931 and priced at 100, is being offered day by Otis & Co. Hemphill, Noyes & Co. and Peabody, Smith & Co., Inc. A syndicate headed by De Wolf & Co., Inc., offers today an issue of $1.- 600,000 Interstate Public Utilities Cor- poration one-year first-lien collateral 5 per cent gold notes, series A. The notes are priced at 99, to yleld 6 per cent. J. National Rubber Machinery Co. mortgage convertible 6 per cent bonds at 9915, The bonds are convertible into common stock in the ratio of four shares for each $100 principal amount of bonds on or before July 1, 1933. A Sisto & Co. offer $1.350,000 first TR PRICES ON PARIS BOURSE. PARIS, July 3 (#).—Trading was dull and prices were easy on the rse to- day. Three cent rentes, 71 francs 5 centimes. Five per cent loan, 93 francs 50 centimes. Exchange on London, 124 francs 20 centimes. The dollar was quoted at 25 francs 49 centimes. WOOL TRADE SPOTTY. BOSTON, July 3 (Special).—Large quantities of graded wools are being de- livered to manufacturers by dealers, covering sales made earlier in the year, it was reported today in the Boston wool market. Business continued spot- ty today. Fine territory was quoted at 1.15a1.20: clean basis, Prench combing at 1.08al1.10; half blood at 1.12al.15, three-eighths blood at 1.08a1.10 and quarter blooc at 1.05. Fine Ohio fleeces were quoted at 50 cents grease basis. haif blood at 51a52, three-eighths blood at” 36 cents and quarter bl at 55 cents. (/)— (United | BUSSES AS FEEDERS TOCARS ARE URGED Study of Metropolitan Trans- portation Being Made by Detroit Experts. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, July 3.—The place of the motor bus in the transportation systems of America is gradually be- coming more definitely defined. This is shown strikingly in the report of William B. Mayo, chief engineer of the | Ford Motor Co., who is serving as ad- visory enginecer of the municipally owned street railway system of Detroit. Mr. Mayo asserts that passenger- carrying busses in metropolitan centers necessarily must be operated in con- nection with existing electric street | railway lines and made to serve merely | as fceders. With all the operating «x- penses of Detroit's combined electrie | car and bus system equitably divided | between the two branches, motor | coaches were shown to have been oper- ated during 1927 at a loss of $260,492. | ‘This report, which was concurred in by H. M. Gould, former assistant gen- | eral manager of the Detroit street rail- ways, took the position that bus lines | operated to and from sparsely popu- | lated suburbs should receive some form of subsidy “such as a direct contribu- tion from the party or parties desiring the operation of such lines or an in- direct subsidy in the form of a gen- | eral fare increase.” | Urge Fare Increase. | _The diffieulty of properly apportion- {ing the direct contributions terests served. and the necessity for| providing greater net revenues to enable | the city to carry out the provisions of Detroit’s charter “equiring municipal ownership of all electric and motor transportation lines have led traction officials of the city to urge a general fare increase. At the present time motor bus opera- tions comprise about 20 per cent of lhe‘ Detroit street railway department’s activities. In the annual report sub- mitted there was an inferred profit shown of $231,656 for the bus division of the system. Immediately there was 2 demand for additional busses and new bus routes. Before being stampeded into more extensive operation of busses, however, the transportation committee decided to delve further into the apportionment of fixed charges. Under the analysis recently made by Messrs. Mayo and Gould. with reapportionment of inter- est, sinking fund and managerial charges, the quarter million of profits melted away into a deficit of even | greater amount. Detroit has a fleet of motor busses | adapted to carrying from 21 to 61 pn-‘ sengers each. Under present opera- tions these busses serve many outlying towns and communities over routes already covered by express and local electric lines. It is in the operation of some of the duplicating lines and in the institution of “pioneer” bus line service to ly populated sections that Detroit is now shown to have lost con- siderable of the revenue piled up by the more profitable electric lines and by bus routes restricted to more logical areas. Studying Population Shifts. ‘The Mayo-Gould report recommends the purchase of from 25 to 50 new busses to care for increased passenger volume, but the city is also warned to make continuous research of population shifts and traffic trends in order to co- ordinate economically the electric rail- ways and bus services. In conclusion, the report says: “The shifting of population to the outlying districts warrants a faster service than | that flven by any vehicle stopping five | to eight times per mile. and faster serv- ice, if it costs more, warrants a higher rate of return.” ‘This situation is being closely watched by transportation men all over the coun- try, since Detroit, controlling munici- pally all transportation lines, is with- out the complications arising when com- petition exists. RESOURCES GREATER. NEW YORK, July 3 (#.—Total re- sources of the Guaranty Trust Co. of Ne!l”ml :\&w;l;:nd ;;5”12.'-“10.“14 com) with $754,713,355 a year ago. Combined capital, surplus and undivided profits account on June 30 was $99.- 231,743, and deposits. incl out- standing checks, $736,046,732. WILL ENTER OTHER FIELDS. NEW YORK, July 3 (#).—Interna- tional Mortgage & Investment Corpora- tion, organ: in February, 1926, by American and European bankers to in- vest its resources in German mortgages, payable in gold marks, plans to enter other flelds of international finance and will soon come to New York for addi- tional capital. Units of 7 per cent cumulative preferred stock and one-half ishare of common will be part of the finaneing to be handled by Colvin & Co. | half years. FINANCIAL INVESTMENT TRUSTS FACTORS BEHIND VOLUME OF CALL LOANS Money Loaned on Call by Investment Trusts and Others i Average’ of 25 Industrial Stocks BY CORRINGTON GILL. One of the most interesting occur- rences in present day flnance is the growth of loans made by investment trusts and others. From less than $600,000,000 at the beginning of 1926, when this figure was first published by the Federal Reserve Board under the mysterious heading “for the account of others” it has in- creased three-fold within two and one- | The reason for this increase and its relation to stock prices can best be understeod by first studying the term “for the account of others.” The meaning of this phrase is obscured because the identity of the lenders is kept confidential by the Ped- eral Reserve banks. We do know, how- ever, that corporations and wealthy individuals having a cash surplus they wish to place at interest without tying up their funds except from day to day | utilize the call money market. These lenders are classified as “others” in the Federal Reserve Bank's weekly report. Investment Trusts. Probably the most important type of corporation using the call money market at the present time is the in- vestment trust. With a capitalization estimated at more than $1.000,000.000, investment trusts lend their cash on call while waiting to buy securities As most of the investment trust in this country are of the type. they attempt to take advantage of the long swings in the stock market in the purchase and sale of securities. When stoeks appear overpriced they sell and place the money out on call, where it | remains until prices have again reached | ampomx where stocks seem cheap to| them. | Thus one might expect the amount | of money loaned on call “for the ac- count of others” to serve as a relia- ble barometer of investment trust judg- ment of current market conditions. There is one factor entering into the situation. however, which may mislead one in his interpretation. namely, the changing interest rate for call money. l(tm“hhl%huith at present, money gheod on call is attracted by the high yield. The smount loaned “for the account of others” increases ma under this drawback measurement of market by investment trusts and wealthy individuals. i Have Capital on Call. | We know that a 7 and 8 per cent | money rate has lately attracted more | Due May 1510 H STREET, N.W,, New York Philadelphia CAPITAL, SURPLUS and DIVIDED PROFITS, $7,060,958.78 8 Member American Bankers' Association 3% ON SAVINGS MAIN OFFICE 15th St. and Penna. A BRANCHE 1140 15th St. N.W, 7th and Mass, Ave. 8th and H Sts. N.E. 7th and E Sts, SW, thans the usual amount of money into the call money market. We also know from public statements that the average investment trust now has about 50 per cent of its capital on call. If $1,000- 000000 is an approximately correct estimate of total investment trust capi- talization, about $500,000,000 of the present loan figure of $1,800,000,000 is investment trust money. It is safe to say that over half of this $500,000,000 represcnts potential purchases in the security market. It is this money that is refesred to as a “cushion” under the present market. In the above chart it can be seen that the rate of increase in loans by “others” and in stock prices (New York ‘Times 2.verage of 25 industrial stocks) was about same throughout 1926 and 19277, Since the beginning of ., however, loans have increased far more rapidly than stock , indicating at least partial liquidal of securities by investment trusts and “others.” PU—— A turmel 2 miles long is being con- structed in Colombia. 25 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Bepmesenting Mutual Benefit Life lus. Co. 10 K Street ‘Main 475 “Wis close at 4:30 p.m. antll Sept. 4th." WILL BUY OR SELL UNITS OF STOCK REAL ESTATE MORTGAGE & GUARANTY CORP. | |B. HANSFORD WILLS CO., | e MR | TRUST LOANS Second trust loans secured by D. C. real estate, made on very reasonable terms. Prompt attention given applications. W. H. WEST COMPANY Founded 1854 1519 K Street Main 9908 5% External Secured Sinking Fund Gold Bonds 15, 1963 Price, 963; and Interest, to Yield Over 520% F. B. KEECH & COMPANY Members of the New York Stoct Exchenge WASHINGTON, D. C. MERICAN SECUR MPAN Washington, D. C. CONDENSED STATEMENT OF CONDITION Cash on hand and Due From Banks.. . Government Bonds and Notes. .$3,70. 395,088.30 7,090,717.01 1 State ar Other Securities ........- Loans a Clerks’ Customers’ Liability Under Letters of Credit. JUNE 30, 1928 RESOURC 1d Municipal Bonds. nd Discounts. ... ... ¥ Pension Fund Investment, Accrued Interest Receivable % Banking and | Other Resource: r Houses, Vaults, Furniture and F Real Estate Owned. Crrrraesssenanes .... $5,465210.62 580.78 11,188,386.00 20017,586.44 278,087.82 200,386.40 2489.73 47,026.14 Fixtures Total ResSources. ....ceeessesnessomessss $39,089,376.30 ve. Capital Surplus Undivid Deposits Clerks' Pension Fund and Investment Thereon.. Reserve for Dividend Payable July 10, 1928...... Reserved for Interest, Taxes, Expenses, etc Letters LIABILITI Stecl o iies ed Profits .. of Credit Outstanding. . otal Liabilities. .. .. coeee 83,400,000.00 3,400,000.00 260,958.78 06095878 53,179.00 136,000.00 190.265.82 278,087.82 ..$39,059,376.30