Evening Star Newspaper, March 20, 1929, Page 15

FINANCIAL,' ' Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Ce. 1520 K Street Main 478 On Improved Progerty in Maryland and District of Columbie 6% Interest No Comm raion Charges WEAYEB_BRO REALTORS 809 15th 'Street N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company Money to Loan Soeured by first deed of trust on real Prevailing Inte; Joseph I. Weller 3% ¥=, You'll find us ready o co-operate—to any amount —upon ap- proved propo for econstruction refinancing. Low rate of i est and commissi B. F. Saul Co. ‘M. 2100 925 15th St. IF You use printed ad- vertising (and who does not?),and itdoesn’t quite square up- with “your ‘ideas, why don't you say to him, or her (whoever handles your printing details) it Ty BYRONS. DAMS 512 Eleventh Street Contact with the Center of Financial New York Oour direct communication fa- effice in the center of financial New York provide a ready means for the rapid tranmction of New York banking business, THE. EQUITABLE SECURITIES 917 Pifteenth Sereet, N. W. 'WASHINGTON, D, & Your years of effort will prove fruitless unless . . . —you prepare now for the fu- ture. While you are now in strong, vigorous health is the time to think of how wish your estate to be handled to the best advantage for those you love. Men of af- fairs are calling on the serv- ice offered by our trust de- partment. They realize that such men of experience who have full knowledge of the business affairs will so handle their estate that the heirs may get the full benefit from it. LIBERTY NATIONAL O BANK Fifteenth and Eye Sts. " LOANS -, Wash, R..& E. ptd,—10.at 98, \ iTrading Volume Small—Con- il vertibles Active Despite THE EVENING STAR, WASHINGTON, D. €, WEDNESDAY, MARCH 20, 19%9. FINANCIAL) HIGH-GRADE BONDS - SHOW PRICE GAINS Tight Money. BY CHARLES F. SPEARE. | Special Dispatch to The Star. | | NEW YORK, March 20.—There was | a slight upward curve in the average of high grade corporation bonds today in | | the face of still firmer rates for money, ibut the unit of trading in them was small. bonds in response to a tle better sentiment, but they find that with ad- { vances in individual issues there is an| increase in the supply. The new Treasury per cent cer- tificates are offered at a discount of | about 1. The old 4% s are even lower, being quoted to yleld over 5'2 per cent | net to corporations. This makes it | difficult for the low return legal bonds to compete, even though the one is| short term and the other long term.| For that matter tax exempt Federal | land bank long maturities are available | | to yield over 5% per cent net, against the present return on legal rallroad bonds of from 4'; per cent to 5 per | cent. | | stock market was booming. Anaconda Copper 7s Were at one time 10 points above vesterday's closing and then lost half of their gain. International Tele- phone 4',s rose over 2 points, and al- though the stock was at a new high | record, the bonds did not get within 115 | ?oinu of their 5pl‘eviabl! high. American nternational 5!2s, International Ce- |ment 5s and Atchison 4l2s were fairly active and_strong. All of the local tractions reacted in | a narrow market, Seaboard Air Line adjustments, which had recovered | nearly the full amount of Manday's decline, were off a point, with lower | prices for the refunding 45 and con- solidation 6s. Hudson Coal 5s, Con- solidation Coal 5s, National Dairy Prod- ucts 518 and Walworth 6l2s were a few of the strong industrials. i A rise of a point in German Govern- | ment 7s occurred at the opening and | one of nearly 2 points in the Bolivian | new 7s. South American issues, as a | whole, were steady. French issues were i inclined to droop. e | Washington Stock Exchange | | SALES. Pot. Elec. cons. 55—$500 at 101%. Pot. Elec. 65 '53—$500 at 10815, | Wash, Ges 6s B—$2,000 at 10512, $1,000 | at 10515, $1,000 at 105!z, $1,000 at 1013 g Cap. Tract—10 at 99%. 20 at 99%, 10 at 99%, 4 f:‘,,’. 10 at 99'2, 10 at fd.—2 at 108%. Fas at 9. Bank—20 at 343, 30 at 3¢ Riggs Nat. Bk.—10 at 575, 10 at 575, 10 at 875 5. Nat. Bank of Wash.—10 at 315. Unton Trust Co.—10 at 352, 10 at 353, 2 at 353. Corcoran Fire Ins. Co—1 at 170, 5 at. 170. i AFTER CALL. . | Wash. R, & E. pfd—20 at 98, 5 at 8%, Cap._Tract. 5s—$500 at 100, $500 at 997, $4.000 at 993, $2,000 at 99%,. | Wash, Gas 6s A—s$1,000 at 102% Mergenthaler Linotype—15 at 107%. Bid and “Asked Prices. f : ofter. Amer. Tel. ; Te 9834 | Allacostin ‘& Pot R._R. 55 | Cap: City & Suburban 5% series A Gas 6s, series B, fyr- & pee 4 wy. & Elee. ' Chaé' ghl‘iu Mix_ 6s. " Faper E(')!. Joli E‘Sml :i BI : o ah: o, SRl S Co. STOCKS. Potomae 8% pid. Wash. Rwy. & Elec. com. . .} Wash. Rwy, & Elec. pfd.. ..., NATIONAL BANK. National Capital i i ational Bank of Wi TRUST COMPANIES, American Becurity & Trust Co. 464 ank vings & Trust Tust 3 Washington Loan & Trust SAVINGS BANK. mmerce & Vil l!‘l, Washington. urity Savings & Com.. ieventh Street v}’lll!d States ‘ashington Mechanies FIRE INSURANCE. American ational Union. TITLE Colymbia Title | Estate Titl | Title & 1nv. Go. of ¥4 2 Washington Cons. Title pid. MISCELLANEOUS, | Barber & Ross, com Chevy Chase Dairy pid. Ghestnut Farms Dairy o Columbia Sand & Gravel Commerci td | Eederal Storage pid deral-American Co.’com Federal-American pfd.. nston Monotype. ... . erchants’ Transfer & Merch. T & Stor. ptd. Mergenthaler Linotype . sl Mige. & Jnv pfd . eoples Drug Slores pfd o) tor, 8 & Whr. Gorr ), Cony. Mall pfd : Meeh o Medica orp. odware & Lothrop pid *Ex dividend. . - GERMAN BONDS AND STOCKS. | Special Dispateh to The Star. NEW YORK, March 20.— Bid. Ger Govt Red Loan with draw ot Der 160 R N 4 55.00 60.00 Ger Govt Red Loan Withoui | “draw ctte per 1.000 R M.... 3600 40.00 (Quoted in ‘dolinrs per million markg) Hamburg 4135 1919 20.00 3 (Quote doflpri Ger Gen Elec Getman o Asked. ihousand .. % o' AN TR At : pre-war fe-waf 0 Drsi " doilars per share ) uots ahare ) 7 Gie Biec 1o loc) pfd B Commerz and Private Bank... 1 G. Farh 5 - Dealers have been taking on a few | i 8 The convertibles had quite a bulge in | S the early part of the day while the | i | Am Int Cor 5% | Bethlehm Stl pm 6 (Sains Lib3%s... Lib st e Lib 4th 4%s 166 99 US3%sdt. USas1944. Argentine § Argdntine 8s ntine May '61. Argentine 6s Uct 59 Argentine 533 '62. Argentine 6s A, Australia bs 1955. . Australia 65 1957, Austria 7s Bank of C| Belgium 78 1956 Belgium 7%s. Belgium §. Con Pow Japan 7s.. Copenhagen ¢%s 53 Cuba b%s. Csecho 88 195+ Czecho 8s 1952. Danish Munic 8s A. Danish Munic 8s B. Denmark 4 %8 Denmark 6s . DEI6%s Mch53 DEIs%sN Duteh Kast 1 6 El Salvador 88 '43 Finland 5%s. Finland s f 6s°45. Finland 7s. . Framerican 7%8... German EI P 6% Ger Am Bank 7s. Greek 7s Haiti 6s. Holland-Amer 6s. Hungary 1%s. Irish Free State b8, 12 ltaly 7s.... 2 ltalian Pub S 7s Japanese 4 Japanese 638 Lyon 6s. Marseille 6s.. Milan 6%s. . Netherlands 68 54, Netherlands 6s 72, , New So Wales §7s., New So Wales 68s. . Norway 65 1943, Norway 6s 1944, Norway 6%48 1952 Orient Dev 5% 85’ ‘I"lrll Ly-Med X RhineWst EP 6583 RhineWst EP 78'60 Rio de Janeiro §4%s Rio de Jan 8s 1946.. Rio Gr Do Sul Rome 63s.. Sao Paulo 1950 Serbs Crot Sio Shiny 6% Soissons 6s. Sweden 5%s. Sweden 62 Swias 5%s Swiss Confed Toho El Pow 7 mCopen 68 10 "B2...044 18 Jax Rubber 38,... 2 leghany ev 5a w | 100 AmAgriChem 1%, 4 AmChain 6s°33,.. o 49 165 Am NatGas 6148’43 6 |An8mit& R 1t bs. 15 36 10 21 21 20 2 L1 128 16 au 2 8 a8 1 Atlantio Refin & 8B, Hell Tel PassC 3., 14 Bethlehem Steel 6s. 24 Sklyn Edison 68 1 Bush Term Bldg 6s. 4 | Certain-Tdb Yyarets :;‘, Chile Copper b: Colon Oil 68 '3 Com In Fisk Rubber 8 Gen Asphalt 6 Gen Cable %8 Gen Mot Ae Cor 6 Goodrich 6%s. . Goodyear 6s rets. Humble Ol 63, , Humble O & R b%s. llinois Bell 18t 63, . Indiana Steel b8 a 18 az 10 b 5 10 6 63 21 Int Mer Marine 6s., 83 Int Paper 2 Int Tel&Telog ¢Yn, 18 KanCity P & L. bs,, 12 KanG&KAsAS, . 6 Kreuger&Toll fsct 96 Lorillard § Lorillard (1) ManatiSug st 1% Midvale 8teel § Mont Pow 68 43 Mor's&Co 15t 4 3 Nat Dairy BY4s. .., Nat Radiator 6}4s. NewEnglandTel £8 N Y Edison 8148, . N Y Tel 4% N Y Tel 63 41 N Y Tel 68 40 North Am Edis N T farth German Lloy REG (G Ridoioh Karstedts cazens SRS ormn— 26 964 70 10218 10210 10216 US4y%sb2. 151 10818 10618 10618 FOREIGN. 8 4 1004 BRI 5 102 109% 1104 109 109% | MISCELLANEOUS, Abram&Straus blge 8 11247 112 104 103 105 98 107% 89 100% 104% 994 103 108% 106% 981 83 1014 266 90% 9% 101 104 106% 100 1102 1015 104% 104 100% T0% 2 99% 101% 1071 924 100 101 102% 102% 91!z 109'% 9% 101 95 96 9% Int Tel&Tel 6148 cv 16261151, 102 108'4 984 99 99 102% 1004 Bl T 113% 994 106% Close 98 14 9828 996 96 4 Low. 90% Close. 99% . High. 4 108 Nor States Pow b: Nor States Pow 6 Phila Co 68 67 w 1 Philips Petro § Postal Te) & C 548 135 Public Service 443, 15 Punta Alegre Ts . 4 Rem Rnd §%8 wal Sincta:r Ol 68 Sinclair Oil 6 Sinclatr O117s..... Sinclair Crude 514 Sin Pipe Line 5s... elly O11 6'%s. + | South Bell Tel 58, 105% 114 10819 904 1013 106% 99% 104% 99% 93 101 931 106% 100% 95% 95% | 107 110% 89% 93% 100% 94k 105': 105% 904y 105% i 9214 86l 9 1024 10215 103 108% fdly 6 B6% 104 98 864 103% 1024 105 P8 108 88y 1004 1044 2634 90% 90% 101 104 10545 100 102 1014 1045 | 3 104 100% Southwest Bell 6s. . Stand Oil N J §s 46. Stand OIIN Y 4%s. SugarEstOriente?s. TennElecPow 68 47 Transcontl Oll 6%s United Drug 88 53.. U S Rub 1strf bs... US Rub 7% U S Steelaf Utilities Pow! Vertientes Sug 1 ‘alworth 65 '4 Walworth 6%s '35, Warner Sug 7 89 West £lec 58,1000 Westn Union b8 61. Westn Unlon 63s. . | White Eagle O 5%s Willys-Ov 8% 33 Wilson & Co 18t 6 WinRepeatAr 7%s. Yngstn S&T ba wi. 23 RAILROAD. Atchisonad) ¢s.... 4 8514 Atchison gen 4s.... 45 Atch deb 4%s . 68 Atl & Dan 2d 4s 48., ¢ AtlanticC L 1st4s. 3 B&O Gold 4s.. B&OI1st B&Orfimp R&OSWss50. Boston & Maine 5 { Brookiyn Elec 6%S klyn Mannat & Ruff R & Pitt 4 Bush Term con 5s., 4%s 57 rdis 19 Canad North 6%s Canad North 7s.. Canad Pac deb 4s Can Pac 4%s 46. Cnes & O cv 4 %48 Ches & O £n 4% Ches & O 414893 CB&Q4%s 1T B., Chi B & Q 1at rf 5 Chi&E 11l gn 68 61.. 1 Chi Gt Wes Chi Ind&L 5. 81 CMSP&Pacad)$s03, 106 N 2037, 27 Chi R 1& Prfds,., CRIPac4%swi., ChiStPM&O 5s sta. ChiTH&SE 2| Chi Un Sta 4348 Chi& W Ind cn 4s.. CCC& StlrfésA. Colo & Sou 4%8,.., 8 Cuba R R ba. . Cuba It R 631936 cf Cuba Nor 648 cta.. Del & Hud 1st rf Del & Hud 5%s. . Den & Rio G en 4s. . D Rio G Weast ba. DRG & Wat5s'78 Det United 4345, ... Duluth 8 8 & At fs. EastTennVa&Ga 5s Erie 131 cons 48, ... Eriecvt s 67 w1 Erie conv ext Fla East C s T Fonda J&G 4% Gr Trunk stdb 6s Grand Trunk is.... GrtNorthn4%s E., Great North 58,444, Great Norgen 7s... 11l Cent Chi 44 111-C-C-StL&NO b8, int Rapid Tran bs.. int Rap Tr 68 st) Int Rapid Tran Int & G Nor 1st 6s. . [nt&(tNor adj 68 63 lowa Cent rf Kansas City 8 Lake Shore 4 . Lehigh Valen 4s,,, LehighVal con 4148 Louis&Nash uni 48, Louls & Nash is B, Louls & Nash 7s.., Man Ry 2d 4s 2013. Market 8t 7840..., Mil EI Ry & L b8 Minn & Stl, ref 4 Minn & 8t cn 88, M St P&SSM cn 4 Mo I'a0 ba K 77 M iflo 58 G '78. MontrealTr s B 65 Nash Chat&StL 4s. Nassau E14861.,.0 NOTex& MOnA,, == Nor & S gen b8 . Nortolk & W en 48, Nor Pac 35 3047.... Northern Pacific 48, Nor Pac 4%8 2047.. Northern Pag b8 D, Northern I’ae r | 81 Ogden&Lake Ch 48, Ore Bhort L rfs 48, Ore Wash 1st da, ., Pennay! con ¢ 4 Pennsyl gen 4148 Penna R IR 4% Pennsy| gen b8 Pennsyl b8 64 Pennsyl 6%s Pennsyl gold 7 Pere Maraq 1st 58, Portland kI P L 6s.. Port R L & P 5s 42. Port R L P 6s47.., Port RL&P 7% Heading gen 4148 A ReadingJ C 48 61.. R1Ark & L 4%s Bt L IM&B 45 2 Ri L IM&S R RL&ERFDI48A. Frats 18 o P =3 99% ~2.102 .102 .102 -.50u Pas 4839, i l ON NEW YORK BONDS STOCK EXCHANG!I } Recelved by Private Wire Direct to The Star Office H UNITED STATES. in $1.000 1 | High. Low 15 9818 8514 29 9830 9826 995 983 Low. Close. 90y 904 105 108 100 102% 103% 103 109% 99 99 961y | 91y | 9% 8315 D 5814 40 | yesterda; | Toaay's 5 £ PRCES DROP ATD.C.MARKE Butter Also at Lower Level. Trading in Smaller Volume. Wholesale prices on butter, poultry and meats showed only slightly varia tions on local markets today, with quo= ! tations remaining for the most part at levels set up the first of this week. A further slight reduction was shown in the price of eggs over the figure quoted yesterday. The price of butter was at a lower level today. The brisk trade in wholesale markets had slackened off appreciably today, with comparatively small demand for meats and poultry, Wholesale Prices. Prices Slightly Higher. Butter—One-pound prints, 48a49; tub, 4712a48; store packed, 30a32. Eggs—Hennery, 2 i fresh selected, 28a30; current receipts, 27. Poultry, alive—Turkeys, 35238; Win- ter chickens, 38a40: Spring chickens, 43a45; fowls, 32a33; Leghorns, 30; roosters, 22; ducks, 25; geese, 20; keats, young, 60a70; old, 35a40. Dressed —Turkeys, 40a45; Winter chickens, 40a 45; Spring chickens, 47a48; fowls, 34a 35; Leghorns, 30; capons, large, 45a46; small, 38a40; ducks, 32a33; geese, 20a 25; keats, 80a1.00. Meats, fresh killed—Beef, 20a24; 0a32; veal, 24a27; pork loins, i fresh hams, 26; fresh shoul- 's, 19a20; smoked hams, 2 oked shoulders, 17; bacon, 22; lard, in bulk, 13'yal4; packages, 14'2; compound lard, 13'2 12a17; lambs, Jobbers' Live stock—Calves, 16a18. - Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (complled by the Market News Service Bureau of Agricultural Economics) says, Sales to jobbers except where otherwise noted: Apples—Supplies moderate; demand light, market steady. Barrels: Few sales Virginia, U. 8. No. 1, 2! inches up, | Winesaps, 6.00; U. 8. No 1, 23; inches up, Black Twigs and Romes, slightly | scalded, 4.00a4.50; unclassified Romes, 23, inches up, poor color, 3.00a3.50. Boxes: Washington, extra fancy Wine- saps, medium to large size, 3.00; small sige, 2.5082.75; extra fancy Romes, large size, 2.50; extra fancy Delicious, medium to large size, 4.00; extra fancy Staymans, 2.75. Bushel baskets: Virginia, U. 8, No. 1, Romes, 3 inches, 1.90a2.00; U. 8. No. 1, 23, inches up, Romes, 1.75; U. 8. No. 1, 2!, inches up, Romes, 1.50a1,85; U. 8. No. 1, 23 inches up, Paragons, 1.90a2.00; U. 8. No. 1, 213-2% inches, De- licious, 2.00a2.25; Virginia, U. S. No, 1, 2% inches up, Delicious, 2.50. U. 8. No. %‘7 52!2 inches up, Winesaps, few sales Cabbage—S8upplies liberal; demand moderate, market steady. New stock: Florida, 1';-bushel hampers, pointed type, best, mostly 1.65; fair quality and condition, 1.40a1.50. Celery—Supplies light; demand light, market steady; Florida, 10-inch crates, gblon 4 dozen, 2.75a3.00; very few sales Lettuce—Supplies moderate; demand moderate, market ateady. California, crates, Iceberg type, 5-dosen, 3.75a4.00, few low as 3.50; 4-dosen, few sales, 4.25a4.50. Onions—Supplies light; demand light, market dull. Ohio, 100-pound sacks, Yellows, U. 8. No. 1, medium to large size, fair condition, 4.50; some sprouted, 4.00; 50-pound sacks, Yellows, U. 8. No. 1, badly spreuted, 1.25a1.50. Potatoes—Supplies moderate; demand light, market steady. New York, 180- Round Whites, U. S, No. : Maine, 120-pound saci Green Mountains, 1.75a1.85. Demand light, market slightly weal Florida, double-head barrels, Spaulding Rose, U, 8. No, 1, 8.5089.00. Spinach—Supplies moderate: demand light, market dull. Texas, bushel bas- kets, Savoy type, 80a90. 2 Tomatoes — Supplies moderate; de- mand steady. Florida, 6s, ripes an turning, wrapj fair quality, fancy count, 4.5085.¢ choice count, 4.008 4.50; few good quality and condition, 6.00. String beans—Supplies moderate; de- mand moderate, market firm. Florida, -bushel hampers, Green Refugees and ngless, best, ?uu{ 3.00; fair quality and condition, 2,00a2.50. Eggplant—No supplies on market. Peppers — Bupp! d. l'llglhti;d flemmfi fight, - market stea orida, pe) mgntes. n{ncy. s.lm‘n few 3.00; lmml baske! ey, 1. 8. u':th‘—naxppll S ll!ht, demand light, market steady: Flork pepper crates, white, wrapped, some fair quality, 2.808 3.00, CHICAGO LIVE STOCK MARKET CHICAGO, March 320 () (United States Department of Agriculture) — Hogs—Receipts, 23,000 head; market opened slow; 1635 lower later, trade active at 1018 decline: top, 11.75, paid for an occasional load of 185-338 unds; largely an 11.30a11.65 market for desm:le hogs scaling from 160 to 330 pounds. Iuplglwrn medium to choice, 250-300 pounds, 11.15a11.50; 200-250 pounds, 11.25a11.75; 160-200 pounds, 11.10a11.76; . Packing SOWS, . .00, medium to choice, 90a130 pounds, 9.25a11.15, Cattle—Receipts, 8,000 head. Calves —Receipts, 2,600 hey ctive irm mar- ket on light yearlings; dull and weak on medium weight and oi(my ste best_heavies, early, 1 light heifers, yearlings, 14.00; demand reliable onl: on stm;l and :énrllnn sealing 1,0 pounds downward, Slaughter _classes—8teers, good and choice, 1,300-1,500 pounds, 12.50a14.25; 1,100-1,300 pounds, 13.50a14.50; 950~ 1.100‘ poungg, ll.'lldulu.'lb;’ggm?gg l’!;% medium pounds up, 9, .28, yearling ood and cholce, 750-950 pounds, 13.25815,00. Holfers, good and cholce, 850 pounds down, 12.25a14.0C; common and me- dium, 8.75a1335, Cows, good and choice, 9.26811.25; common and me- dium, 7. 28; low cutter and cutts 6.00a7.25. Bulls, chol (beef), D.40a10.75; cutter to medium, 8.0029.50. Vealers (milk-fed) good and choice, 13.50a17.00; medium, 11508 13.60; cull and common, 9.00311.80. Stocker and feeder steers, good and choice (all weights), 12.00813.00; com- mon and medium, 9.50a12.00. Sheep—Receipts, 10,000 head: sales steady; big packers bidding lowe indications bulk fat lambs, 16.75a17.2 enrly top, 17.60; fat ewes steady, 10,008 11.00. Feeding lambs steady. Lambs, good and cholce, 92 pounds down, 16.40217.75; medium, 15508 ,60; cull and common, 11.50a18.50. medium to choice, 150 pounds .00; cull and commadn, lambs, good and S Low. Close. Bou Pacific ref s, 90's 90% Sou Pag 4% rets, Third Ave ad) 7 Tol Tr &P 64830, 7 Ulstr&Del 65'28 sta 20 Union Fag st 1 Union Pagific ¢ Virginia Ry 15t bw, Va Ry & P bs. Whash 4448 78 re Wabash 5”56 8., 6% 6714 61 99% §0 West Md 5148 77 085 08y Weat.Shore 482361, B 844 & 85 BY KENNETH S. VAN STRUM. NEW YORK, March 20.—Few rail- roads have effected greater economies in recent years than the principal East- ern trunk line systems. The sections in which they operate are more densely rupullted than any other in the coun- ry, and because they are more perma- nently settled their revenues have not been increasing so fast as those of roads in territories whose populations are still growing rapidly. In order to increase net prafits, therefore, these roads have heen forced to cut down operating ex- penses. The three Northern trunk lines oper- ating from New York west are New York Central furthest morth, Pennsyl- :nnll to the south and Erle between the WO, New York Central. The main lines of New York Central, with its controlled and leased subsidi- aries, run from New York north to Al- bany, east to Boston and west to Buf- falo. From there one line goes north through Canada, Detroit and Central Michigan to Chicago. Another runs along the south shore of the lakes, through Northern Ohio and Indiana to Chicago. The main line, which touches all the large industrial centers along the route, also has branches to St..Louis, Louisville, Indianapolis, Wheeling and other important cities to the south. ‘The freight traffic is well diversified, with bituminous coal the heaviest single item carried. New York Central has an advantage over the other lines in its “water-level” route, which, being devold of steep grades, is a choap freight route. That the territory served is one of the most_densely populated in the country is reflected in the fact that 20 per cent of its revenue is obtained from passen- ger traffic. There has also been con- | siderable increase in suburban traffic out of the lnrger cities in recent years. Much of Central's strength lies in the properties not owned but controlled, and since their total earnings are not included in Central's showing it is rather difficult to estimate actual earn- ings on the stock. The conservatism of the management is well known, and one may be sure that they are not paying too large a share of earnings as dividends. On the other hand, becayse of a relatively large funded debt, there is a definite tendency to finance by sale of common stock. In order to accomplish such financing, dividends are liberal and valuable rights are given periodically to stockholders. On the basis of present stock out- standing, including only those divi- dends paid by controlled lines, about $10 a share has been averaged for the past six years on the common. That this is conservative is demonstrated by the controlled Michigan Central's stock, which will bring enough to New York Central to increase its 1920 earnings by 84 a share. The current low yield of 4.3 per cent on the eommon, which is somewhat below that of many standard rails, is evidently anticipating the pos- albility of higher, dividends and rights to come. Erie. . Probably no road in the country has undergone the trials of fraud and mis- management that marred the early d of Erie. In 1895, after years of stru & reorganization .was brought al which was finally to prove effective. By that time, however, the road was in poor physical condition and was bur- dened with a heavy funded debt. The Erie lines from New York to Chicago extend south of those of New 'N ¥ Cent | i_"fillm.l Ifl o ! York Central. Erie has the shortest route between the two large cities, but, because of the steep grades and be- cause the route does not touch many of the larger industrial cities, it has been under severe disadvantages. The management, by means of the in- creased traction power afforded by modern locomotives, has turned the line into a carrier for fast freight. Only 11 per cent of its revenue is de- rived from passenger traffic as com- pared with the 20 per cent of the other two trunk lines, Since Erie has never paid a dividend on common and none on preferred since 1907, all earnings have been plowed back into the company. Earnings are still erratic, averaging $4.58 for the past six years. With the stock now selling around 73, or 16 times these earnings, it is obvious that still further improvements are expected. rie's ammcth'en;::s n.; ubsp?&;lln:lol: is undoubtedly enhanced by the fac that many roads would like to include it in consolidation. plans. But since no sanction has been forthcoming from the Interstate Commerce Commission nothing definite can be predicted. The chart shows plainly that the stock is mo) the other two s, due hr:ely to the fact that it pays no dividend. Pennsylvania. Pennaylvania, the largest railroad sys- tem in the country in point of view of freight and passenger traffic, trackage and total assets, has long been consid~ ered the premier railrond investment stock. Its dividend record goes back 73 ears and {otal dividends paid amount {o $900,000,000, not including several stock dividends. Pennsylvania’s lines extend through 13 States east of the Mississippl and north of the Ohio Rivers. From New York it runs south to Washington, Nor~ folk and Baltimore. From Philadelphia it extends west to St. Louis and Chicage, touching all important citics in that see- tion. It has always regarded coal as its increased rapidly, Pennsylvania has progressive plans for electrifying its lines and is interested in bus transportation. As with other roads, Pennsylvania's ross receipts have increased somewhat slower than desired and it has been pro- moting an extensive plan to improve efficiency in all quarters. Part of this plan is to sell common stock to em- loyes considerably below market prices, hus allowing them to share generously | in_the profits -g‘ay taflmmty on lhflr; [ art may brl ut. | P Pcnnal;lvn net income, which has | been increasing steadily in recent years, | ached $7.3¢ in 1928 after averaging | .39 a share for the past six years ¥ | Bince the stock only pays $3.50 divi- dends and yields 4.5 per cent at present | prices. the dividend could be raised at any time the directors feel such & change Is warranted, (Copyright, 1929.) . FOREIGN EXCHANGE. W. B, Hibbs & Oo.) (Quotations furnighud, B3, Y1 selling checks wvalue (or par), todey. 3 $4.8665 " 33 P - asue, open BH0CKHOLD CroWhmemaes -5 the recent declaration of a dividend on | lative than those of | Ce chief freight, although other freight has | sw PROSPEROUS YEAR 1S SEEN BY SISSON Guaranty Trust Official Deliv- ers Address Before Large | Audience Here. That the present widesfrud ros- | perity in this country will eentinue throughout the remainder of the pres- ent year was the forecast made by Francig H. Sisson, vice president of the Guaranty Trust Co. of New York, be- fore the Washington Advertising Club, many local bankers and members of the Washington Bond Club at the Na- tional Press Club yesterday afternoon. ‘There have been many predictions re~ garding business in the seeond quarter, | but this was one of the first to cover the third and fourth quarters. In fact, | the New York banker added, the Brit- | ish empire had 40 years of prosperity | after the Napoleonic Wars and America may now be facing a similar period. | although there will of course be minor reactions. The- automobHe industry is moving at a record rate of speed, the steel | industry is reaching new peaks, car loadings indicate tremendous prosperity | and most of the other barameters by which business conditions are judged are unusually favorable. There are a few unfavorable spots, the speaker noted, the chief of which right now is the building industry. Latest reports show a falling off in the number of permits issued and a de- cline in building generally. This re- action is, of course, due to high money. Credit Situation. ‘The present credit situation over- shadows everything else in the business and financial worlds, the banker as- serted, and stock speculation is at resent out of bounds. But so far usiness has not suffered for lack of needed credit. - It is possible, but not probable, that high money will cause a slump in business, Bankers and the Federal Reserve Board are co-operating !o‘ dprevvnt any serious depression, he sal The financial community seems im- pressed with the fact that the unpre- cedented flow of bank credt into the stock market must eventual i correction, declared Mr. Si the situation b about a slump in business, such a depression would not be of long duration, he believes. The speed with which he recited the present 1 favorable conditions in business was re- markable, his brilliant banking mind | shining to splendid advantage. | He does not believe pm&my will | continue indefinitetly on slogan | “live and let live,” but by ve and help live.” He is sure the time will come when bonds will be in increasini demand at advaneing ) bon salesman, he said, seems to have evapo- rated, but that is not true. He become a general securities saleaman .'ndku filliny thzmp\'::lla. demand for stocks as well as fl-m‘l““ bonds, he added: : “With reasonable assurance of a less stringent credit market in the future and certainly there is more reason to support this view than there was at the close of 1928—the demand for fixed- interest-bearing securities will undoubt- edly be stimulated. It would be idle to deny that the tremendous and wide- spread speculation in stocks has com- pletely overshadowed the bond market. ‘There has been a tendency on the part of a large number of investors to aver- look entirely the enduring merita of bonds as an investment medium. This neglect of bond values is illustrated by the fact that convertible bond issues, or those carrying warrants, have mflnm for any substantial activity in list bonds during the last few months. “From the long-range point of view | the outlook for bonds is clearly favor- able. High corporate earnings, the ac- cumulation of a large volume of savings, | satisfactory produetion records, the sound condition of industry and the high amount of domestic financing give undeniable evidence of the accumula- | tion of wealth in this country.” { French Officials Attend. Ernest Johnson, president of the Ad Club. presented the speaker. Notable among those present were Yves Guerin and Robert Ruosseau, inspectors of the Bank of France, who_ are studying United States Federal Reserve Board Iaws, and Grosvenor Jones, chief of the financial and investment division of the Dej "g“m vt:‘l Justice. ’ . teresting program of -mm, n- ment was offered, through the courtesy of Jack Mullane and Frank W. Young. Ten Banks to Merge, OHARLESTON 8. C., March 20 (Spe- clal) —The proposed consolidation of 10 banks in the low country and Pee Dee sections of South Carolina was an- nounced by officials of the People's First National Bank of Charleston, S. C, after & meeting held here, ‘The new bank would be known as the People’s State Bank, with head- quarters at Columbia, 8. C. Capitali= #ation would be $500,000 and surplus $100,000. R. Goodwyn Rhett, chairman of the board of People's First National is to be chairman of State Bank, and R. Goodwyn Rhett, jr. president the National nk, is to be president of the State Bank, also. All banks involved in the merger are affiliated already with People’s Bank. " DIVIDENDS. | Bar, o Empire Trust Evans-W Ld_pf o » 9. ©000ppD0OO=L, 30 May 1 Keufn D8 1ic AT Apr. 20 o"an.",wé"?’sr}l Bf. Q 1%% Mar. 30 b MAEOR Q1% Apr. ar g-r ar. ar. Beerinluii 30k Al A 75 Aor. 13 ey flla’ n'l.n “ Al r. ar. . Tie Gr g T Wesumria Gon 4. nection as sales executive with a reliable sponsibility. ‘Washington . firm. reference as to ability, integrity and financial re- A ? Complete Investment Service GiLLeT & C6 BANKERS INVESTMENT BUILDING L] WASHINGTON. D.C. LEHMAN’S TIRE SHOP 12th & K N.W. Main ¥, First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Ine. Secured by First Mortgages Safe—Conservative Make your savinss 42 Years’ and surplus funds . . vork for yau a¢ EXperience in finaneing the highest-inter+ homes and in the sale of these se- safety. curities. Wm. H. 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