Evening Star Newspaper, November 20, 1928, Page 15

p ¢ ¢ v CONVERTRLE BOD SSUES N ADVANE Coppers, Oils and Chemicals Figure in Upward Move of Market. CHARLES F. SPEARE. NEW YORK, November 20.—The sen- sational advances in stocks today were duplicated in a number of convertible bonds, in which the gains ranged from 1 to 11 points. In half a dozen of these issues the average advance was between 5 and 6 points, which gives an idea of the character of the trading. The convertibles of the copper com- panies, oils, chemicals and of the Ital- ian industrials and of some of the pub- lic utilities were bid up on compara- tively small transactions. In the case of Liquid Carbonic 6s, which rose 11 points, practically all of this was made on the initial sale. There was also a wide opening in Colon Oll 6s, which touched 120. Anaconda Copper 7s opened 3 points higher, which gain was increased to 8 points before the end of the first hour. Subsequently Andes Copper 7s enlarged their initial advance of 'f‘a_ to 5 points. Fiat 7s rose 5!/ points and the other Italian convertibles 2 to 3 Polnts. Public Service of New Jersey 4lbs gained 2 points as did Barnsdall 6s. Other mem- bers of this group were from one-half to & point higher. Among the miscellaneous industrials shere was considerable irregularity. Rem- ington Rand 5'%s rose a point in spite of the extremely poor showing of the company in the September quarter and for the six months of the year. Keith 6s were a point lower, selling under 95, while Loew’s 6s advanced 2 points. In- diana Limestone 6s recovered a point of yesterday's loss. Oertainteed lucts 51,5 made a low price. Lorillard 58 are at their lowest since they were offered in June, 1927, at 974 in the o amount of $15,000,000. The local tractions were steadler, al though the Interboro stocks were aga! heavy. The revival of speculative in- terest in rails encouraged some buying of the junior rail securities, but first- mortgage rails sold on continued high |1 rates for money. The last statement of the Federal Reserve Board shows that the banks have been reducing their in- vestment account. This {8 mainly due from their holdings of Government se~ curities. ~ The long-term Treasuries were irregular following yesterday's rise, which has encouraged some selling. Both of the recent Treasury short-term issues have advanced in price until they are quoted on about a 3.90 per cent basis. Aside from the convertibles there was not much doing in forei issues. A Bulgarian loan with a&- 7l pet cent coupon will be offered in this market and abroad on a 7% per cent basis. This is about in line with the return on the outstanding 7 per eent bonds. ‘There is some Germa&n and South American financing under negotiations. Washington Stock Exchange SALES. Washington Gas 5s—$2,000 at 1051. Washington Rwy. & Elec. 45—$1,000 at 91%, $1,000 at 9135, $500 at 8115, gton Rwy. & Elec. . 68— $1,000 at 102%,, 82,000 at 102, $1,000 at 102. % L] Capital Traction C0.—10 at 106%. Potomac Electric 5% % ptd.—5 at 107 Washington Gas Light=10 at 108%, 1057%. Fezdsesm?-Americnn National Bank—10 at National Metropolitan Bank—10 at 403, Riggs National Bank-8 at 870. Riggs National Bank watranits—4 at 316%, 3 at 315%, 3 at :lsz., 30 at 315, 6 at 315, 415-265 at 315, 90-288 at 315, 5-265 at 315, 33+268 at 315. Columbia Sand and Gravel pfd.—20 at 91%, 10 at 913, 10 at 01%, 10 at Lanston Monotype—10 at 118. Mergenthaler Linotype—10 at 101, 10 at 101, National Mtge. & Inv. pfd—100 at 5%. AFTER CALL. Potomac Elec. 6s 1953—$200 at 1071, $1,000 at 108%, $1,000 at 108%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. B Asked. Amer. Tel. NCIAL,” Commr o BONDS o et Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are tn $1.000.) Sales. High. Low. Lib 3%s... Sinclair O11s. Sinelair Crude 5 7 108% 9 98 90 100 99 28 3 96% Sales_High. Low. | Denmark 6s, . . 2 100 31 10031 Lib 4th4%s 56 101 10031 3 9921 9918 9928 9920 1058 104 30 1082 10725 1137 11230 FOREIGN. Sales. High. Low Argentine 6s Ju 59. 8 100 97, Argentine 68 Oct 59 5 100 9 Argentine 5%s’62. 3 96% 96% Argentine 6s A. 13 100% 100 Argentine 6s B Y Australia 41%s Australia Australia Austria 7s Lib 1st 4%s Close. 100 99% 96% 100% 881 97 96 103% 97 96% 21 96% 98 5 103% 108 5 97 9Th 9Th 7 100% 100% 100% 16 106 106% 108 20 108% 108 108 28 106% 105% 108 5 116% 115 116% 9 110% 110% 110% . 2106 108 108 L 10 100% 100% 100% 16 96% 96% 3 96% 964 96% 12 100% 100 100% 6 108% 108% 108% 9 101% 100% 101% 4 Belgium 74| Belgium 8, Bolivia 88 Brazil 614 1926 Brazil 6%s 1927 Brazil 1s. Brazil 8s. 9, 1021 103 3% 8T T 98% 98% 88% 89 96% 964 96% 02% 10214 1028 1 109% 108 1 110% 1107% 16 104% 104% 104% 6104 104 104 9 110 109% 110 2 91% 9% 91y 2100 100 100 5 106% 105% 105% 21 10715 107% 107% « 30 114% 114 114 67 107 106% 1067 Chinese Gov Ry bs. Colombia 6s Jan'61. Con Pow Japan 7; Copenhagen 41 5. Copenhagen 5s ct. . Czecho 8s Danish Munic 8s Dutch East i 65 47. 1 Salvador 83 '45.. Finland at 106, 10 at 106, 10 at 106, 10 at 575 -~ Amer. Tel. Am. Tel. Telga. 4%, &1""-'% & Tel t; B, . 86 MISCELLANEOU: Barber & Ross, Inc, 88, ... Chamberiain-Vandgrhilt 8\ ut " Farms Dair hevy Chase Club T D. C. P: Mfg 68, Pot. Joint Stock Ld. 'Bk.. 8k Wash. Mkt. Cold Storage 8s. Wash. Cons. Title Co. N Wardman Park Hotel 8ii STOCKS. PUBLIG 1) 2 | Fiuk Rubber 88..., 38 113% 111% Wash Rwy. & Elec. comi. Wash. Rwy, & Elec. pid.. . NATIONAL BANK. p! . % HumbleO& It jeoln .20 National ~Metropolital Risgs warrants Bl Naticnal Bank of TRUST COMPANY. American Secur. & Trust O Continental Trust... » Merchants' Bank _. National Savings & Union Trust...... Washington Loan & Trust.. SAVINGS BANK. Bank of Bethesda Commerce & Saving %l t Washington. ... State: s Washington Mech: FIRE INSURANCE. American Corcoran . Firemen's ' .. ) Natioual Union s TITLE INSURANCE. 4 nv. Co. of Md." Wash cons Tiile oid. . MISCELLANEOUS. arber & Ross. T Bhevs” Chase Da Chestnut Farms Dairy ¢o Ghestput Farms Dairy pld. ol “Sand & Gravel pfd. Gommerclal Nat). Go, of B¢ Pape T fg. _pfd. - District .\'m.lonur Securities pfd Federal Storage pfd.... Federal-American Co. ederal-American pfd. rek T rans. & Stora 133 e ) erchants’ Tran. & Storage pfd 107% Mergentheler Linotype. 101 Nat’'l Mtge. & Inv. pfd. 1. com Security Storage... ... Sanitary Grocery Co. ‘pid. Ter. Ref. & Whrs. Corp Wash. Conv Hall pfd.. ash. Mech. Mtze. co Wash. Medical Bldg. Co; 7 OB 9Bl 9B 4 9Bk 981, 984 1 99% 991, 99% 63 101 100% 100% 2 101% 101% 101% T 96% 96% 964 46 074 96% 0B% 7 96% 96% 96% 12 92 62 92 + 76 101% 101% 101% « 12 100% 100 100 « 10 100% 1004 1004 8 01% 01% 01w i L ’l 101% 1017 101% Netherlands 6s 54.. 20 100 Netherlands 68 72.. 10 msu }ggk {32& New So Wales 61s.. 16 941; 941 943 New So Wales 58s.. 6 94 93% 93% Nord 63;s. 3103 103 103 8 9% 97 Japanese 48 Japane Ortent Dev deb Parls-Ly-Med 6: Parig-Ly-Med 7s 97 22 99% 99 3 104% 104 104 25 91 90% 90% 2 102% 1023 102 20 107% 107% 107% 17 88% 88 88 6 99% 99% 99% R 1104 104 104 inelbe Un7..... 18 1043 RhineWst EP 6s'52 7 914"‘ 19014 1.21‘ RhineWst EP 6863 29 94 93% 94 RhineWat EP 7’60 2 101% 101% 101% Rio de Janeiro 814s. 14 06 95% 96 Rio de Jan 8s 1946.. 1 106% 106% 106% « 4108 106 108 216 9% 92 Dan 2108 108 106 2 107% 107% 107% 16 100 100 100 27 106% 105 105% 6 9TH 9T 9TY 98% o8, o8 2 104% 104% 104% 1 102% 102% 102% 6 1104 100% 109% 3 990 9B% OB% ceo 1 T9% 9% T9% . 13 90% 90% 90% 2 118% 118% 118% 8 1044 108% 103% 1109 109 109 8 954 96% 95% MISCELLANEOUS, AmAgriChem T4%s. 4 106 104% 105 AnSmlt&R1stss. 3101 101 101 Am Sugar Ref 6s... 23 104% 104 11 104% 104% 1044 + 22 108% 106% 106M 31 108 1 9% DOW 99% b BBl 864 B6W 9% 99% Queensland 6s. Saxon (PW) Beine 7s 42. . Tokio 58..... Tokio 535 1961 Utd Kingm 5% 829, Utd Kingm 53s 87, Uruguay 88....0.00 Yokohama 6sw 1. .. Am Tel & Tel 515, Am Water Wks b Am Writ Paper 6s. . Anaconda 1st 6s... 14 105% 105% 105% Anaconda cv db 7s. 156 183% 176 181 Andes Copper 7s...402 214 206% 214 Armour&Cod%s39 5 93 92k 98 Armour Del 6%s... 18 92 91% Atlantio Refin 68... 1 101% 101% Barnsdall 651940.. 29 145% 142% Bell Tel Pa §s B, 6 106% 106% 24 104% 104% 3 105% 105% 105% 864 43.100% ll{ifl” ll”h Con Coal Md 1t 9 8% ‘l!:: m ConGas N Y 51/.5.: 17 106% 106% 106 Consumers Pow 6s. 18 104% 104 104l Cuba Cane ov 7 1 74% 74% Yy 8 108% 104 3 Cuba Cane 8s. CubanAm Sug §, Dery (D@) 75..... 3 Detroitiidisonssd0. 2 1081 1034 Detroit Edison 65.. 8 108% 1084 Dod, B0 uaiaiee 4B 104% 1041 Duquesne 4323 67.. 3 101 100% Bast Cuba Sug 7%s 23 93 92 3 108% 108% 1044, 101 92 11 Gen Asphalt 8s 36. . ](lS% 8109 109 Gen Cable 538 47, 6 100% 100% Gen Mot Ac Cor 8. 17 103 102% Qoodrich 8%8...... 10 107% 107% Goodyear Gs rets. .. 56 93% 9315 Hoe& Cob¥%m..... 1 024 o b%s. 3 i 102 102 Illinols Bell 1st 5s.. 4 104% 104% Illinois Steel §%s.. 5 98% 98% Indiana Steel 5s.... 1 106 105 Inland Bt141:8’78. 18 94 93% Intl Cement 5 48.. 78 104% 104 Intl Match 55 47.... 81 99% 99 Int Mer Marine 6s 5 102% 102y int Papel T 11 03% 96% Inter Paper 6s..... 10 98% §8% Int Tel&Teleg 4%s. 17 97 9614 Kayser J & Co6%s. 23 127 125 Kan City P & L 61 2 104% 1044 Kan G & 1 68 5 2 106% 105% 1 Kelly-8pring 8 8 110% 110 * Luclede bs. 8 100% 100 Laclede G 5%852.. 6105 1 Ligget&Myersisi1. Liggett & Myers 7s Loriliard 5s. ...... Lorillard (P) Loulsv G & ki 68 62, ManatiSug st 7%s. Midvale Steel 55 Mont Pow 68 43. 104% 98% 105 94 104% 99 i 8 108 106% 10 2 104% 108% 984 96 18 100% 9% 4 103Y% 103 1.107% 107% 3116 116% 107% 115% 95% 101 1071 110% 100% 101% 103 101% 106% 103% 105% 106 100% 106 2 100% 100% NoAm Ed 5%s'63. 23 102 101% Nor Ohio Tr & L 6s8. 4 103% 103 Nor States Pow 68, 8 101% 101% Nor States Pow 6s. 4 108 105Y% Pacific Gas & El 6s. Pac T& T 5S52.... Pan-Amer Pete 6s. Paramount 6s 1947. People s Gas 5s... Phila Co 55 67 w 1. Phila&ReadC&I is. Phi 11 108% 103 5 105% 105% 19 106% 106 8 100% 99% 3 106 106 4 100 99% 2 9% 91k ips Petro 5%s.. 81 95 9% ce-Arrow 8s... 1 106% 108% 96% | 6 94% 103 SugarEstOrienteTs. 98 Tenn Copper 6s'41. TennElecPow 6847 3 Transcontl Oil 61,8214 United Drug s 5: U S Rub 1st rf 5 115% Utah Pow & Lt 5s. . Vertientes Sug 7s.. Warner Sug 7s 41.. Westn Union 5 Westinghousé 5s. Willys-Ov 6128 33. . Wilson & Co 1st 65, WinRepeatAr 7 %s. Yngstn S&T Sewi. & RAILROAD. Atchison adj ds.... 6 884 Atchison gen 48.... 16 Atlantic C L 1at 4. Atlantio C Ll 4s.. Atlantic CL 43 s 64 B &0 Gold 4s. B&Ocy ks, B & O Toleuo 45. Bang & Aroos 4s 51. Brooklyn Elev 6%s 11 Bklyn Mannat 32 Buff R & Pitt ¢ 8 Can Nat 4% 8 30, Can Nat 418 64, Can Nat 438 67, €an Nor 41,8 103 Canad North 84 Canad Pac deb 4 Can Pacdls 48, Central of Ga 88 Central Pacifio 4 Cent Pac 18t o8 bl Chesa Corp b8 w 1. Ches & O gh 4%8 Chi & Alton 8x..... 10 Chi B&Q gen 48 63, CB&QIN 38, (0 17 Chi&E 111 g0 bk 61,4 11 Chi Gt Wet 48 6Y. o1 5 CMSP&Pacadjis03 Chi& NW gn s, Chi& NW gen 48 Chi NW 4158 3037, « 84 188 5 1 Chi Union Sta 618, C&WI16lsbl, CCC & St 1, 58 D, COC & StLrfesA Cley Térm &s. . Colo & Sou 4 s, Cuba R R s, Cuba R R T4 Cuba Nor b8 ets, Del & Hud 1st rf 48, D & Hud cv 58 88, Del & Hud b8, . 1 —= s S Lorie ove 58 61 W14 FlaEast Cos T4, ... Grand Trunk T8, GtNor 4%816 D, Grt.Northn 4% B, . Great North 68..444 Great North B¥s. .. Great Nor gen 78... 1 Qreen B & W deb B, 85 Hud & Man aj b Huyd & Man ref 68, . Il Cent 4548 68 1 111-C-C-StL&NO b8, Int Rapid Tran bs. . Int Rap Tr 6s stpd. Int Rap Trans Int&GtNor adj - Eoomms aGe— 69 3 1q [InLRysCASs 2., 2 Towa Cent 1st 6i Kunsus City 8 b Kan City Term 48, Luke Shore 48 81... Lehigh Val cn d8... LehiVgen 418 2003 Long Island b8 87.. Louis&Nuash uni 48, L &N 4%82008... Louis & Nash 78..¢ Man Ry 1st 48 90 MStP&SSMosdBgtd MBtP & SBM 5%s. MK &T 18t 48 M M MK & T pr In 68 A, Mo Pacific gen 48, . Mo Pac 63 A 88..... Mo Pac 55 F 77:... Mont Trm ref 55 41. Nassau El 48 51,444 NOTex&MbsA.. NOTex&M5sB.. C&StLEsA.. aven %m 68, H & Hdn b6, 2 State Ry 4% NYW&B4%s Nor & S gen bs Nor Pac §s 204 Northern Pacific 4s. Northern Pacri6s. 1 Ore Short L rfs 4s. Ore Wash 18t 48... Penngyl con 4% Pennsyl gen 4% s Penna RR 4% Pere Murq 18t 68. .. PCC&StL 68 B 76... . Port RL & P 68 43, Portland E1 P L 6e. Reading gen 413 A Bt L IM&S 48 80, . StL IM&S gn 68 81, cosaaa~Soxo 4 {8t L IM&S R&G 4s. }l Soab A L ref 4s. MeabAL ady 68 10 Heab A L con 8. SBAll Fla 68 Sou Pac 4s 28, Hou Pacific ref 48. . Sou Pac 4128 rots.. Bou Ry gen 4. Sou RY 6%8. 40000 Tex & Pac 58 B 1077 Third Ave ref 4s 80, Third Ave ad) 68. .. Union Pac 18t 48 Union Pac 438 67. virginia Ry 18t 6s. Whash 438 78 rots, Wabash 1st b8 Wabash 5s 76 B. Wabash 5%s 76. West Maryland 4s. Western Md 6%s. . 29 100% 2 88% 88%4 Western Pacific 5s. West Shore 4s 2361. Wheel & L E cn 4s 6% 106% 103! 113% 116% 106% 107 98 90 % 101 1075 1074 101% 9815 6% 106% 4 |be taken in making shipments the re- ' | at §2 a bushel basket. I 1004 100% 104% 1049 07l BTl D6% 974 108% 108% LIUA L 4% DAy 101 101 1044 1044 0 ooee 8 1 6% 90% LEU N Y 112 112 9 9% M. 9T 100% 1004 104% 104% 1% 18 ki 0% 89 100% 1004 LU U 101% 101% 68 68 e 98 101% 101% ) 6% 96W 9% BI% [ 1 104% 104% 101% 101% W ™ 1M 100% 100% 99% 99% 9 99 57 b7 0O% 99U 99% 99% 104 104 81 81 1074 1074 107 107 107 107 108% 108% 101% 101% MM% 1% 861 . 85Y 915 91% 118 116 10414 104% 194, 102% 102% 100% 100% 99 D9y 108% 108% 104 104% 110% 110% 1020 102% 105 105 100% 109% 90% 00% 102 102 102% 102% 88 88 06% 006% 108% 106% 60 60 40 8% 2% 90l ol 98 895 BO% 112w 112% 116% 1155 122% 122 102% 102% 065% 674 63 63 4% ey, 9814 OBL 105% 105% | 4] 02% 03 102% 1084 100% 100% | Bej 4 104% 1045 83 834 88% Stock Split-Up Planned. YOUNGSTOWN, Ohlo, November 20 tors o -Direc ). —] the General Fire . | of chickens this morning. *13,0024.00; Florida, 7-bushel hampers, 88% | Cudah: Edison El PRICES OF TURKEY REPORTED LOWER Shippers Apparently Holding off Durinq Warm Weather. Vegetable Quotations. Condemnation of approximately 2,500 | rabbits by health inspectors yesterday did not come as a surprise to local dealers. Last week's recelpts were greater than the demand, the warm weather resulting in many of thej| rabbits being received in such condi- tion that quick sales at reduced prices followed. Discussing condemnations made yes- terday, & local dedler said he was sur- rised that shippers used such bad Rxdgment. Many of the rabbits unques- tionably were kiiled the middle or latter part of last week and started in transit at a time when shippers should have known they would have become heated i before delivery yesterday morning. ! Dealers say they hope more care will | mainder of the season, more especially when weather conditions are such as to suggest the possibility of supplies running afoul the health laws. ces today were about what they were at the close of last week. Turkey Prices Lower. An easing of turkey prices was re- ported this morning. Receipts are not eu?mully heavy, according to reports, shippers probably holding back on ac- count of the recent warm weather. There also was an casing of * prices | A continued firm condition of the butter and egg market was reported, and fruits and vegetables were about a8 plentiful as dut hi with the exception of Kale was quoted at 81 and §1. bushel this morning, the spinach selling at 81, Broceoll, a green vegetable recently imported from Italy, was recelved in faitly large quantities from the Norfolk, Va, section this mumma and offered aho potatoes, more plentiful and cheaper than usual wer;‘ offered at 8275 for 110-pound sacks, Last week's warm weather foroed growing mushrooms to the extent of about doubling the crop, and dealers this morning had large quantities of them to offer at prices ranging from 60_cents to 81 a basket. Falrly large quantities of honeydews, second ctop and of exceptionally fine uality, according to dealors, were of- ered the trade today, ricos Deing around $3.60 a crate, Apples continuet Elenulul. while only moderate quans itles of pears were received. 'Today's Wholesale Prices—=Jobbers' Prices Slightly Higher, Butter—One-pound J" tub, 60a81; storespacked, Fresh, selected, 48a80; hen- nery, B3aB5; current receipts, 46ad47; storage, 33a38. Poultry — Allve — Turktgl. 38a40; Bpring _chickens, 26; Leghorns, 28; fowls, 26a37; ters, ; old, 30 Bpring chickens,’ 36a38; Leg- fowls, 30; oapons, large, small, 30a38; ducks, 30a32; lamb, 20a28; pork smoked ulders, 21a23; H Frult and Vegetable Review. culture keats, young, 80a1.00. Ments—PFresh killed—Beef, 18a37, veal, 23a37; 26; fresh hams, 23ad4; fresh shoulders, 20a21; smoked hams, 28a37; shoy bacon, 22, lard, 13414, ve stock—Calves, 10a16; lambs, 13, ‘The daily report on fruits and vege- tables from the Department of Agri- ples—Supplies moderate; demand market ml-.lm Washii Pennsylvania, U. 0. 1, ches up, Grimes, 1.25a1,65; mostly 1.40a1.50, unclassified, 33 fnches up, Btaymans and Romes, 1.00a1.26, | Cabl up?flu light; ~ demand | moderate, market firm, pound sacks, Danish w. 2 Oelery—Supplies moderate; demant light, market steady. Oalifornia, cratos, 28a8.00; few, B 00; *(correction rday's repart, fo 545,00, should read, 8.5 .00&; New York, 2% crates, best, 3.2 A Lettuce—Bupplies moderate; demand moderate, market steady. - Oalifornia, crates, foeberg type, 45 dosen, 5.00a5.50. Onlcns—e?plles light; demand light, market steady; Michigan and' New York, 100-pound sacks, yellows, U. 8. No. 1, medium to large sise, 4.25n4. Pnutoes—euenllu liberal; demand moderate, .market about steady; Penn- glvu , 150-pound sacks, round whites, . B. No. 1, 1.75a1.90; Michigan, 150~ und sacks, Russet Rurals, U. 8. No. 1, .10a2.28; 1daho, 30-pound boxes, Rus- set Burbanks, bakers mostly, 2.50; 100- gx;l;ng _?;cks. Russet Rurals, U. 8. No. 1, 608 Bweet Pntltneu—-sugpuel light; de- mand light, market dull; East Shore, Virginia, cloth-top barrels, _yellows, No. 1, mostly 2.50; neatby, Maryland, iu;;he! baskets, Naney Halls, No, 1, 1.26a String Beans—Bupplies llg{\’n demand moderate, market steady; South Caro- lina, bushel hampers, green, best, 4.50a 5.00; ordinary quality and condition, green, flat type, stringless, 6.00. Cucumbers-——Supplies light; demand light, market dull; Forida, 74-bushel hampers, fanoy, 5.0086.00; choice, 3.50a Eggplants—Supplies very light; too few sales reported to tme' Squash—sSupplies llr t; demand light, market steady; Florl dng pepper crates white, wnpj‘a_ed. 5.0088.80. Pn‘g rs—Trucked-in stock supplying; no d-in stock fn the market. Cauliflower——Supplies moderate; de- mand moderate, market steady; New York, Long Island crates, -2.75; other New York pony crates, 1.76. Tomatoes—Supplies light; demand light, market wndg: California, lugs ripes, wrapped, medium to large sise, 3.0083.25; fair quality and condition, 2.2602.75. 5 Oranges—8upplies moderate; demand Loew’s Declares Dividend. NEW YORK, November 20 (#).— Loew’s Incorporated of New York has declared an extra $1 dividend and regu- lar quarterly payments of 50 cents on the common stock. Both are payable December 31 to stockholders of record December 13. THE EVENING STAR, WASHINGTON. D. C. TUESDAY, NOVEMBER 20, 1928." Stock Retirement Proposed. NEW YORK, November 20 (#).— Libbey-Owens Sheet Glass Co. of ‘Toledo stockholders will vote December 5 on retiring $4,000,000 7 per cent eumulative preferred stock on April 1 and changing directorate. ~Graham Brothers, automobile makers, will be- _FINANCIAE. PARIS BOURSE PRICES. PARIS, November 20 (#).—Prices were firmer on the Bourse today; 3 per cént rentes, 65 francs 45 centimes; 5 per cent loan, 92 francs 60 centimes; exchange on London, 124 francs 131% centimes. The dollar was quoted at 25 francs 59'% centimes. ”WE WILL BU, Real Estate Morigage & Guaranty Corp. COMMON STOCK B. HANSFORD WILLS CO. Barr Buiiding i come active in the management, Refund on Any State, County or Municipal Tax $500,000 Security/ Bond & Mortgage Company Series L First Mortgage 51,% Collateral Trust Gold Bonds SECURED BY GUARANTEED FIRST MORTGAGES ON COMPLETED FEE SIMPLE PROPERTIES Dated December 1, 1928 Due Serially December 1, 1930-1933 i inati i inci| inci i ! interest bonds $1,000, 8500 and $100 demominations, registerable as to principal. Principal and semi-annual Cu”n;::yafirlnl";hc m’ma.d Trust Company without deduction for the amount ’f the normal Frd.cnl income tax up 15 2 per cent. Bonds redeemable at the option of the Cainpany at any time, upon 30 days’ notice, at par and accrued interest, plus one-half of one per cent. for each year or fraction thereof to maturity. MARYLAND TRUST COMPANY, BALTIMORE, MD., Trustee Legal Investments for National Banks GUARANTEE The Maryland Casualty Company, with capital and surplus of $11,811,197.25 and resources of $44,168,682.22, as of December 31, 1927, guarantees irrevocably the payment of principal and interest on each mortgage. J WE RECOMMEND THESE BONDS FOR INVESTMENT Price Yield Price 1930 99.07 6.00% 98.25 1931 98.65 6.00% 97.87 Legal opinions by Messre. Janney, Ober, Slingluff & Williams, Ifullinnl:rr. J{tl‘, for the Bankers, and Messrs. Kay, Adams &3 Ragland, Jacksonville, Fla., for the Company J-A. . Iglehart & Co. Investment Banhers 'MEMBERS BALTIMORE BTOCK BXCMANOE Chauncey G. Parker, Jr., Resident Manager 719 FIFTEENTH STREET N.W., WASHINGTON, D. C. AN cLARKSBURG: W, va. WIS B, State RTINS V. BARI PA. The statements dontained herein are based on information’ which we retard as teliuble and were used by us as & basis for the purchase of bonds for ou r OWD ACCOU Yield 6.00% 6.00% Maturity T 1932 1933 Maturity A portion of this issue has already been subscribed 1o by Investment Dealers, $5,000,000 Participating Trust Shares The Seneca Plan Corporation 6% Fully Paid and Non-Assessable Trust Certificates (with no prior capital obligation) To be issued in ten series of $500,000 each. The American-First Trust Company ‘in Oklahoma City, Corporate Trustee The issue herewith offered is Series “A”, consisting of 5,000 shares of $100 each. BUSINESS porate affairs. They are now, and have been for a THE TRUST FUNDS of each series are invested, number of y identified with and actively flngll“ in income-producing or proven oil and gas royalties in the management of successful business and finan- restricted to properties leased or operated by the cial enterprises. Their active participation in The Standard Oil Companies, their subsidiaries, or sub- Seneca Plan is a definite assurance of good manage- stantial independent companies. ment. The net income and profits will be distributed to the owners of the Participating Trust Shares by the American-First Trust Company, Corporate Trustee, as provided in the trust agreement. INVESTMENT POLICY The Purticlpltlng Trusts created by The Seneca Plan Corporation apply to oil royalties, the time-tested IN‘yESTME 'F TRUST principle with broad di- versification both geographically and as to widely distributed property ownership. It is the policy of the Corporation to assure safety (1) by care in the selection of properties by foremost oil geologists and field experts, (2) by wide diversifi- cation, (3) by the method of handling the royalties through a Trust company of recognized standing, acting as Corporate Trustee. PROFIT FROM A BASIC INDUSTRY The oil industry is an $11,000,000,000 business han- dling a production of diversified usage. The con- sumption of petroleum and its products has grown at an impressive rate. The oil industry must keep pace with the population and industrial growth of the country. At this time, when the trend of prices is upward, oil royalty investments are particularly -attractive. Every rise in the price of oil is reflected directly in * additional profits to investors under The Seneca Plan: [ MANAGEMENT The management of The Seneca Plan Corporation is vested in a directorate of bankers and business men, * thoroughly experienced in the l:lminlnmlon of cor- BOARD OF DIRECTORS ARLINGTON W. PORTER, Emar".fi:s::" e ot CORPORATE TRUSTEE All royalty income is deposited with The American- First Trust Company, Oklahoma City, as Corporate Trustee, which collects all monies and makes all dis- bursements in accordance with the terms of the Trust Agreement. SINKING FUND A sinking fund is provided under the terms of the Trust Agreement, for the purpose of assuring the prompt payment of the retirement coupons which are amchczf to the trust certificates. After payment of 6% on the outstanding principal of the trust certificates and deducting the usual charges for taxes, trustees’ and management fees, 50% of the remaining income must be deposited in the sinking fund for the payment of the retirement coupone, * which must be immediately called. The other 509, or any part of it, may be deposited. in the sinking fund or at the discretion of the manage- ment it may be reinvested in well selected royalties for the use, benefit and profit of the trust certificate holders. DISTRIBUTION OF PROFITS AND ASSETS The Trust Agreement provides for the distribution of the net income and assets to the Participating: Trust Shareholders substantially as follows:— —6% income on outstanding Trust Certificates;— 100% return of principal investment Lin Trust Certificates ;—50% participation in continuing net profit after the principal investment has-been re- turned;—50% participation in final distribution of Trust assets. - . E. 8. BARCLAY, enll Pirst Ngtionsl Bank. Ot P D. R. McLAIN, AD H. LIEBENFROST, nt, Lisbentrost, Evans & Co., no., Investmen! mni.fl- RICHARD MORRELL, Yo g ot g or' o Induranc . vsneen. . Thresidont, ‘Camobell an. at e 'l it Vice- ek B o 053 sl TDOT ALl moderate, market about steady; Florida, boxes, No. 1, medium to large size, 4.0004.26; No. 2, medium to large sise, 3.2503.60; Tanger strap, medium to large size, 4.00a4.50; mostly 4.00; small to very small size, 3.00. QGrapefruit—Supplies moderate; de- mand moderate, market steady; Florida, boxes, medium sige, No. 1, 4.0084.50; No. 32, 3.6083.75. SHORT-TERM SECURITIES. (Reported by .J. & W. Beligman & Allis-Ohalmers Co. 88 0. of Amer. AE,T;L Nor. Rwy. 3 Chesa. & Ohlo Rwy. 4las 1030.. 9 Ghicago Rock Island ds 1934..0 951, & Sou. Rwy. 4s 1929 Gen. Mot. Accep. Corp. 6s 1937, General Pet. Corp. 55 1940 R 55 1957 e Fation: Director, New Jersey Moo ‘orporation. WALTER T. ARNDT, Formerly Vice-President. Gorporation, Formerly ‘itizens Union. EUGENE L. GAREY, filumey-n- W, Qarey, Orows le¥ & Garey, New York City. Morrell' & ‘Co. Y P, Vice-Progtdent et e fan New S O DEAN_ M. STAGY, Geologist and Rovalty - i‘:fin. iahome Oty Shfkersts of " it TR St Wll'l"{:‘gfinsgg Y"i.flrlflbhyllnllt and Mag- gt CAL' T. MOORE, GOradua o huud S SRt GEORGE T. WEBB, irector Equitable Bullding rporation, New York Oity." Consultant Geologists and Royalty Specialists ROY A. REYN¢ Qradugate, Unl. HARRY A. R. Consulting st kg ey X R Fuel Cmnnlnr. special Illn& in jew Mexico Schodl of es. ¥:{:l:-cemn ‘Texas and West PAUL B MATERR, Bilnee olenls: C. R. BOLINO. with rmer] Gulf TEAR "‘B-.".."m,xn the ite and Distriots. e S. Share. crétary of CARL MEREDITH. Consulting SN ologist. Cisco, Texas. M. College .g“fi"fim il YA I ¥ R ) All legal matters pertaining to the organisatiol on Company. .n c%‘:{‘: e .t,fim f{’:d the 2;1::??% "mc‘:‘e’eunfiel have deen approved by Price: $100 per Share We recommend these Participating Trust Shares as an attractive investment. For further information apply to ROYAL G. TURNER Proofing Co,, today recommended to stockholders & four-for-one split of the common stock, of which 200,000 shares are now authorized. The authorized be i mc;eased n 1‘:}- St:fl,ogg shares under the plan, wl Wi voted on by stockholders December 4. President George O, Brainard said a $2 dividend would be paid on the new stock, - - A Por Ric Am Tob 6s. 74 99 08% Postal Tel & C5%s. 23 9615 96 | Pressd Steel Car bs 9 | Publ vice 4% | Punta Alegre 7s ReminztonAr 6s 3 Woodward Ex-divid WEW YORK BANK CLEARINGS. NEW YORK, November 20 (Special) —New York bank clearings, $1,955,000,- | Rem Rnd 5 000; New York bank balances $141.- | Simms Petm 6s 000.000: New York Federal Reserve Sinclair Oil 6s * eredit balances, $126,000,000. Sinclair Oil 635... & Lothrop pid. e i Sinclair Crude Ol 8 Southern” Pac is id OL N, Jeriey by 1048 1 0. Ry. 4s 10! " 1 54 m.'s?g 4 1948, 100 THE SENECA PLAN CORPORATION 1053-1054 Washington Bldg. 3 3 “ “ o 994 o % 101% 104 101%