Evening Star Newspaper, October 24, 1928, Page 15

FINANCIAL, Monéy to Loan Becured by first deed of trust on real estate. Prevailing interest and commission. 420 Wash. L. & Trust Joseph 1. Weller 47, Wazh. L. & Trost Second Trust Notes We will buy your Second Trust Note if desirably secured on im- proved property in the District of Columbia. Prompt Attention to Applications National Mortgage & Investment Corporation 1004 Vermont Ave. NW. Main 5833 REAL ESTATE NOTES Secured by First Trusts Conservative Appraisals Chosen Locations 6% Interest EAVER BRO( REALTORS 809 1.5!1; Street N.W. Main 9486 LEHMAN'S TIRE SHOP 12th & K NW. s {4 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford - Representing Mutual Benefit Life ins. Co. 1520 K Street Main 475 Moitgage Bonds _EUnconditiofiiill?’ L Guaranteed When you invest in 6% % In- sured Mortgage Bonds of The STOCK MARKET SOARS AFTER DENUNCIATION Special Dispatch to The Star. NEW YORK, October 24.—In a period of less than three weeks since the stock market was at Philadel by members of can ers’ Association and b{ John J. Raskob, chairman of the tic national oommlltee, it has had the largest aver- e advance and more -pecucuhr ains ln lndmdunl shares than n lny flme during the present bull m) prices ly of today, it wfll be found n\n these advances have occ mean- while: Allied Chemical, 40 points; Amer- ican Smelting & Mnlnl. 30; At- lantic Refining, 25; J. Case, 45; Qeneral Electric, 15; Genenl Motors, 10; Internationai Harvester, 40; Johns Manville, 25; Kennecott Copper, 15; In- ternation: Nlckel GB, ‘Montgomery- Ward, 103; Radio, 3 's-Roebuck, 16; United States st.eel 1, d Western Union, 25. ‘The average advance in 30 stocks, conspicuous for the low return given the current prices, has been 20 points. Some of this i"“ rise has been due to the recapitalization by companies like Mon! -Ward and American Smelting ing. A few advances have been bnmiht about by purchases in the interest of those seeking control, as with International Nickel. Others flect higher dividends, actually an- nounced or in prol t, as in the case of olls nnd coppers. nnenl, however, lhe surge in prices has been the speculative fever that has uken ho d of the public, which has dis- and higher rates for money. The attitude of the banking com- munity toward the .market is one of greater unx!a_g‘ today than it was three weeks ago. ere is a steady weeding out of stocks from collateral lists that | have risen far above what is considered to be their intrinsic value. There is a popular_notion that the “big men” in both political parties have been active in keeping the market strong for its effect on political sentiment. NEW YORK BANK CLEARINGS. NEW YORK, October 24—New York bank clearings, $1,382,000,000; New York bank balances, $137.000,000; New York Federal Reserve balances, $113,000,000. @ COMPLETE FINANCING 1st & 2nd TRUST MONEY On homes, apartment properties. No -apprai- sal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. Main 1403 24 Jackson Place LOANS On Improved Property in Maryland and District of Columbia 6% Inttrut No Cnmmu on Charges WEASE B 809 15th Street N.W. Federal Security & Mortgage Co. you know that your princi- pal is prarerly safeguarded and liberal yield assured. Secured by mortgages on con- servatively appraised owner- occupied homes of the District of Columbin, they are the direct obligations of the Company with resources of ver §1,000,000. Independently trusted by a Jarge National Bank and ‘with underlying collateral uncondi- tionally Juaranteed by the Equitable Casualty and Surety Company of New York, with capital, surplus and reserves of over $3,500,000, under the super« vision o the New York State Insurance Department, they pre- sent an unusdal investment with a liberal yield of 64% met. Maturities 2 to 10 years. Descriptive Circular’ on Request - cMail’t V./....-- Federal ‘Security | '@ Mortgage Co. 21522 K Street N.W. ' “Please-send me your circular on Insured Mortgage Bonds. HNome.... cAddress.. 'CAPITAL & SURPLUS JOVER_ $750,000.00 Name. .. Address Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company BETTER OFF Treat yourself to a mew desk. You'll tter off. A hai ive's desk y will have its and _on your the price is low. OFFICE FURNITURE he W. D. Al?l ILL COM- e suites for THE W. D. CAMPBELL COMPANY 1018 15th 8¢, fi g '1"331.&. NW. as $12.60 a month invested in Investors Syndiuhs Certificates for 120 months will pay you in cash—$2,000 Thesé Certificates are backed and guara; of our Company, amounting to over $22, Mail coupon for booklet NT-5 giving further I-cn and information. INVESTORS SYNDICATE === Established 1894 Barr Bldg., Washington Telephone Franklin 1879 INVESTORS SYNDICATE PLAN & < offers 1o those with even the smallest of incomes, the way to comfort, happiness and prosperity. A home, car and freedom from nancial worry are possible through thrift and indus- try. An amount as small &00 by the entire resources regarded such factors as income return | p HIGH-GRADE BONDS LEAD IN ADVANCE U. S. Issues and Convertibles Strong—Money Rates Aid Trading. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, October 24—The two influences in determining bond prices today were the lowest rates for time money and the exceptionally large volume of new foreign issues. Time money rates are down to 6% per cent, compared with 73, per cent last month, Probably the peak of the season has been reached for long-term money accommodations. The renewal rate for call loans was again 6 per cent, establishing the lowest aver: in nearly a month, “These facts obviously have made an impression both on dealers in bonds and on those who invest in them. Out of A&pmxflmuly $43,000,000 of new securiti on the market today $35,000,000 were represented in two foreign loans, one of $25,000,000 to eru and the other $10,000,000 to Cuba. The latter was interesting in that it was represented by serial certificates maturing between December 31, 1831, and June 30, 1932, an evidence that the bankers believe they can borrow to better advantage on the maturity of these notes than at the present time. The Peruvian notes came out at the price -at which the old 6s have been selling. One effect of this issue has been to considerably disturb the mar- ket for the higher coupon bonds. Money conditions- made & decided impression o nthe market for hign- grade bonds, and on United States Government issues most of all. The Treasury certificates were from % .to 3 higher. The 41, per cent Treasury certificates, which sold on a 4.65 basis when the 43; per cent issue was ar- ranged, are back to about par, and the 4%s are selling close to s premium. Mr. Mellon should have put the rate of 4% per cent on the September rather than on the October notes. Convertible bonds were strong, es- gect.lllyzmmuc?ger 7; which rr@’z early 2 point aconda Copper T8 which reached & new high record and then reacted and pressed Steel Car 58, whose recovery amounted to 2 points for the day and 5 points from last week's low, Oll company bonds were active and higher, including Sinclair 7s, Shell Union 5s and Simms_Petroleum 6s. There has been considerable ac- tivity recently in specialties like Na- tional Dalry Products 5%s, Commercial Investment Trust 6s and Postal Tele- graph 5s. Natlonal Radiator 6348 have nllled nearly 10 points. After declining bid up 2% polnu SALES. Wash. Gas 6s B—$1,000 at 10715, o IEIO;% 2, $1,000 'aper 65—$1,000 at 96. e uf iry pfd.—7 at 109, ll::: Elec: 6% pfd—1 at 11315, Flremen‘ Ins. Co. 50 at 37} Col. Sand & Gravel p!d L—10 at 9115, Dist. Nat'l. see Co. pfd.—20 at 101, Mergen: r Linotype—: at 101%, 10 at 101, 10 at 100’ Peoples Drug Stores pfd.—10 at 122, AFTER CALL. ~10 at 109% d hevy Oh:egllfy‘ nda agoo ] it iges Necl any i g at —11 IC 575 9 at 575, 8.8 517V%, 0 8t 8711, 1 w5775, 1 at 174, Clp. Traction 5s—$1,000 at, 101 lurnnthller Linotype—5 at 100%. Chostnuit. P Bary” rms 109, 10 at 109, <t Bid and Asked Prices. ‘BONDS. 7 o g‘fl:’fia ational Bank of ‘Was! TRUST COMPANY. WasHindton Loais Fuat. L BAVINGS BANK. Bank of Beth Commerce & Pnfn . Fast Washins 3mmnmn ‘Mechasics. FIRE mmumc: American . Corcoran iremen's '’ Ulob. fation: TITLE INSURANCE. Golumpin Title Insurance..... Real Ei 91.‘". e Title & Tnv. Wash. Cons MISCELLANEOUS. Ross. Inc. com. Chne Dairy 'ptd Ha B B i Barber & Chevy hestut hesthut ommercial o 2333 S5 53855505 SUEIZRRE,S28E! Peoples Security Sani Woodward. *Ex-dividend. . PACKARD MOTOR PROFITS. NEW YORK, October 24 (#).—Pack- ard Motor Car Co. of Detroit reported for the year ended August 51. compares to $3.91 earned in the previ- ous fiscal yeaky a point New York Railway incomes were | N WASHINGTON, [ooronBONDS o ] Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) Lib 3%s... 14 Liblst4%s 3 Lib dth 4%s 74 US3%s" 1016 1014 994 9822 995 994 1042 10323 51944, 406 10631 106 14 %862, 57 1128 11120 FOREIGN. 1128 !nm High. Low. Close. 9. 92 92 100 99% Australia 4%/ Australia 681086, . Canads 58 1931, Canada 6s 1952 Chile 6s 61. Chile 78 1943. . Chinese Gov Ry ll. Christiania 6s..... Colombia 6s Jan 61. Con Pow Japan 7s. Copenhagen 4% '53 2 Copenhagen bs ct.. Cuba 5%S......... Danish Munic 8s B, Denmark 6s. Dutch East 1 El Salvador 8s u. . Hungary 7348 Irish Free State ll Norway 6%s 195: Washington S Stock Ex Exchange | Orient Dev Paris-Ly:- Paris-L; w:s:. Gas 6s A—8$500 at 106, $1,000 at | Peru Peru 7 Peru? Dairy com.—10 at 158, | Prague 7% Queensland 7 Rhinelbe Un 7s. . Elec. 5%% pfd—10 at 109, 30 glodsunou’olhl Gr Do Sul it 109. Wl‘l’h%()u Light—20 at 101%, 5 at|Rome 6%s. Paulo San 100 at | Sao Paulo 1960 Saxon (PW) 7s. Seine 78 42 Serbs Crot 20 at 101, 10 lhlnnuu 6%s !'l”i%l 1941 Swiss Confed Toho El Pow Tokio 6%s 1961.... UtdKingdm 5%8 37 18 ‘UtdSteam Copen 6s 2 98 Yokohama és wi... 3 95% MISCELLANEOUS. Am Smit & R 1st 68 25 101% 100% Am Tel & Tel 6%s. Am Water Wks bs. Am Writ Paper 8s. Anaconda 1st 6/ Anaconda ov d; 8. 168 Certain-Td5 % srets chll- Copper l-. kKt Bast Cuba Sug 7% Fisk Rubber 8 Gen Asphalt Gen Mot Ac Cor Goodrich 6%s. Good. Hoe & Co 6% Humble O1l 6s Illinots Bell Intl Cement Intl Match 68 l Int Mer Marin: Int Paper 68 47. Inter Paper 6s. Int Tel&Teleg ‘%l J Kayser & Co6%s Kan City P& L 5s. KanG & E 68 52 Lackawan) tl Laclede 3. Laclede G 5% Ligget&Myers 5551 LouisvG & B 6s 52 ManatiSug sf 7%s. M1d-Con 6%s40... Midvale Steel 6s. Mont Power 68 4! Mont Power deb bs New England Tel 61 N Y Tel6sdl. N Y Tel 6849, Bklyn Edison §s... North Am Edis b6a. Nor Ohlo Tr & L 6s Nor States Pow §8. wh ol - arorRNxSias sHaREoR RO ORE Bo-am Philips Petro § Plerce-Arrow Por Ric Am Tol Posta) Tel & C6%s 37 Pressd Steel Car 65107 Public Service 4%s 129 RemingtonAr 6s32 2 Rem Rnd 6%s war. 16 Skelly Ofl 5%s ! Southwest Bell 6s. Stand Ol N J 68 46 SugarEstOriente7s TennElecPow 6s 47 United Drug 6s 63. U S Rub 1st rf 5: U S Rub 7% today record earnings of $7.23 a share | U S Steel s f 6 .1 This | Utah Pow & Lt 5s. Warner Sug 78 89.. Warner Sug 7s ¢1.. 1 106 974 944 9315 104% 103 98% 4 106% 974 88% 101% 107% 101 9% 106 Sales. High. Low. Close. .. 10 1034 103% 1025 102% 110% 110 104 103% 102% 102% 102% 102 Westn Union 6%s. Westinghouse 5s. ., Willys-Ov 6%s33. 2 Wilson & Co st 6s. 14 WinRepeatAr 7%s. 5 107'% 107% ¥ngstn S&T 6s w 1. 13 100% 100% RAILROAD. At&SF cvt4s05... 1 90% Atchison ad) 4 3 90 Atchison gen 4s... 9315 Atlantic C L cl 4s. 91% Atlan C L 4%5s 64.. 9944 Atl & Dan 1st 4s 43 Atl & Dan 2d 43 48. Bang & Aroos Brooklyn Elec 6%s Brooklyn Elev 658 Bklvn Manhat 8s.. Buff R & Pitt 4%s, Can Nat 4%s b4, Can Nat 448 67 Canad North 7 Canad Pac deb Can Pac 4%s 46 Car Clinch & O 53 Central of Ga 68 Central Pacific 4s.. Cent Pac 1st bs 90. Chesa Corp 58 w 1. Ches&Ocv 4%s.. 8 Ches& O gn 4%s.. 2 Chi & Alt 335 ctfs. Chi B&Q gen 45 63. CB&Q4%s77B.. ChiI&E (11 gn 65 61. Chi Gt West 4559, CM&StPegns).. CM&SLP ret 4%s85 35 ChiMiISP&Pac5s 75 130 CMSP&Pacadi 5503 64 Chi & NW gn 3%s.. Chi NW 4%s 2037, Chi & NW ref 5s... ChiR1& Pre4s.. 2 CRIPac4%swi. 59 ChiTH&SE5s... 1 Chi T H inc 6s 60.. Chi Union Sta 6%s. Chi & W Ind cn 4s.. C& WI5%s862.... CCC&SEL 4%s E 17 CCC& St Li5s Do CCC & St L rf 65 A, Clev Term 58...000 5 3 rommenS-So—— Del & Hud 1st rf Il Del & Hud 718 30... Den & Rio Ci cn 4 D Rio G West bs. DRG & Wat 58T Des M & Ft D 4s, Erie 18t co! Er1e Geo 4 Erle conv e 1 Gr Trunk stdb 6 Grand Trunk 7. Gt Nor 4%s 76 Great North 5% Great Nor gen 7 n B & W deb B Hav El Ry 6%s 51, Hocking Val 4%s.. Hud & Man aj 6s... Hud & Man ret b Il Cent ref 48..... I11Cent 4863....00 Il Cent Chi 4%4s... 111-C-C- StL&NO bs Int Rapid Tran Gs.. Int Rap Tr 68 stpd. oy e T e R LT TSt =OTay =y PR P - Int&GtNoradj és EI Int & G Nor 1st 6s. IntRysCA Int Ry C Am IntRyCA 6 Kan City Ft 8 Kansas City 8 3 Kansas City S 6s.. Kan City Term 4s. Lake Shore 4s 31.. Lehigh Val cn 4s.. LehiVgen 4%s 2003 Louls&Nash uni 4s Louts & Nash 5% Man Ry 1st 90 Market St 78 M St P&SSM cn 4s. M StP&SSM cn bs. . td o t0 e N QTR EaRenR o o882 o raBrsamratirelrcasnemon nRoskEoRo-8 22222222222 2SSO ZZZZ2Z7 Mg 3 g Norfolk & W cn ¢s. Nor Pao 88 2047 Northern Pac 6s Northern Paor 1 6/ Ore Short L rfs 4s. Ore Short L 58 gtd. Rio G West cl 4s. St L IM&S 4829.... St L IM&S R&G 4s. StL&SFDpI4sA. StL&SFr4%s18 StL &S F prin 6a. StL 'S W con 4s 33, San A & Arn P 4; Seab A L ref 4 | SeabAL ad) SB All Fla 6835 A. SB All Fla 6s 35 B. Sou Ry gen Sou Ry Con bs. TexArk F'S 5145 60. Tex & Pac b8 B 1971 ‘Third Ave ref 4s 60 Union Pacific 4s 68, Virginia Ry 1st bs. Whash 4345’78 rets Wabash 2d 5s..... Wabash 6s 76 B. West Maryland 4s. Western Md 5%s. Wis Cen gn 43 ORANGE SHORTAGE SEEN. BALTIMORE, Octcoer 24 (Special As a result of the recent hurricane tha swept the citrus districts of Florida there will be a shortage of several mil- lion boxes of grapefruit and oranges in this season’s shipment, according to W. E. Harrison, local representative of the Bureau of Agricultural Economics of the Department of Agriculture. Germany has now a 40 per cent profiy te, tax on all sales of real estal ” Norfolk' & Western Earning: ROANOKE, Va., October 24 (#).— Net elmlnn ‘of the Norfolk & Western Rlfl'l’ September totaled $3,076,~ which amount was approxi- m ly $20,000 less than in September ar ago and was an increase of more - &275000 above the August earn- gs_this year. A statement issued yesterday at the genen] offices here said the net in- me of the railway in August was SZ 1199,966.44, while in September, 1927, the total was $3,007,432.94. Railway operating revenues of the Norfolk & Western in September amounted to $9,376,588.37, as compared with $9,977,752.10 for the same month last year. Revenue from freight traffic last month totaled $8,545,305.44, while. passenger, mail and express yielded $716,497.48 of the wm revenue. BISCUIT COM'PANY MERGER. NEW YORK, October 24 (#).—The United Biscuit Co. of America will in~ crease its size by about 30 per cent through the acquisition of three other companies, it was announced today. The three companies to be acquired ing plants in Buffalo and and, through a subsidiary, in Pitts- burgh; the Hekman Biscuit Co. of Grand Rapids, Mich., and the Quality Biscuit Co. of Milwaukee. The transac- tions are to be made through the ex- change of stock. . POTATO MARKET STEADY. CHICAOO October 24 (#) (United tates chrtment of ture). — Potnwuo ceipts, 132 cars; on track, 449 cars; total United States ship- ments, 1,102 cars; trading very slow, market about luldy: ‘Wisconsin sacked round whites, 65a85; mostly around 75a80; Minnesota and North Dakota sacked round whites, 70a85; sacked Red River Ohlos, 90a95; South Dakota sacked early Ohios, 85a80; Idaho sacked Russets, 1.60a1.90; mostly FINANCIAL.Y — LYNCHBURG TOBACCO SALES. LYNCHBURG, Va., October 24.—The opening of the bright tobacco sales here today—an effort being made to re- establish here a bright market—was e, B, B U e gating 13, poun: an average price was $14. Some of the offerings sold up to §44. ‘The sale was very successful, in the opinion of the warehouse men, who declared they could now see no reason why a bright market should not be set up here . If this proves to be the fact, it will be the first time in 20 years that bright stocks have been marketed here. Farmers were present from Camp- bell, Charlotte, Halifax and Pittsyl- vania Counties. the District 1417 K St. around 1.80. o prefers burlesque fllms, with mw- ml.l mxz in favor. BALTIMORE w1 100 Per Cent Stock Dividend. NEW YORK. October 24 (#).—A 100 per cent stock dividend by the Globe & Rutgers Pire Insurance Co. of New York will be submitted to stockholders on November 12 for approval. Di- proposed to increase the capital to $7,000,000 from $3,500,000 to provide for the dividend. Power Company Profits, NEW YORK, Ottober 24 (#).—Pub- ation of New Jersey, which through electric power, light, gas and traction subsidiaries serves nearly 82 per cent of the people of New Jer- sey, ended the year on September 30 with a net profit of $19,015,096. This compares to $13,277,721 last year. UNLIMITED Funds for LOANS On Improved xReal Estate Nearby Maryland, Virginia and of Columbia For Periods of 3,5 or 10 Years Low Interest Rates and Charges BOSSTEPHEPS Founded 1907 Main 9300 Loan Cotrespondent John Hancock Mutual Life Insurance Co. We take pleasure in announcing the appointment of MR. ROBERT H. HYDE as Manager of our Washington office 501 National Metropolitan Bank Building Telephone—Main 9764 ; ‘Washington, D. C. ROBERT GARRETT & SONS Investment Bankers Shannon & Luchs First Mortgage Notes, Real Estate in the National Capital, possess the two qua'lmes which make an investment unquestionably sound. Investigate Real Estate is always an excellent medium of investment. Washington, however, there are elements protecting Real Estate values, which are found in no other city in the United States, MARYLAND Before You Invest . NVEST your capital only after you have carefully mvestlgated the medium contemplated. Be absolutely ‘positive .of.'the: safety of your principal. Insist that the chosen investment vield an income of 6%—-— the highest rate compatible with safety. , secared by Improved In In the first place, Enterpnse in Washington is principally Governmental, hence there are no strikes, ‘lockouts, unemploy- ment problems or other calamities which always cause deprecia- tion of Real Estate value in other cities. The millions of dollars in Appropriations made by Congress for the erection of beautiful,buildings in this city to house the steadily-growing Government Departments naturally enhance the value of the property which secures your investment. Never before has Washington witnessed such an influx of moneyed and brilliant residents. the value of Iocal Real Estate. This condition, too, increases Shannon & Luchs First Mortgage Notes yield an annual re- turn of 6%-—they are secured by Improved Real Estate in ‘Wash- ington, the Capital City of the United States—and it is an estab- lished fact that these Investments are the choice of successful and careful investors everywhere. In the purchase of these First Mortgage Notes you not only contribute to the prosperity.of the National Capnal but you profit by its growth as well. SEND for Detailed Booklet: More detailed information is con- tained in a valuable free book, en- titled. “An Investment of Proven Safety.” Write, telephone or call for your copy. SHANNON ¢ LUCHS First Mortgage Investments’ Telephone Main 2345., 1435 K Street Northwese