Evening Star Newspaper, March 27, 1929, Page 13

FINANCIADL 2 0, WEDNESDAY, MARCH 27, 1929.° Let us bave_your applications LOANS ON REAL Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. NW. Money to Loan Becured by first deed of trust on real estate. Prevailing interes! issi Joseph I. Well STATEMENT OF THE CONDITION of the New York Casualty Insurance Co. OF NEW YORK. N. Y. On the 31st day of December, 1928, as_required under the District of Columbia Code, amended June 30, 1902, and August 1911, Capital stock . Capital _stock, incash ... ... ..$1,500,000.00 paid up. © 1,500,000.00 ., 33377020 1,132,192.86 es - 1,011,100.00 ket value) ... +.. 4,190,550.00 Bills receivabie |I}l.] 210.00 Premiums uncollected and sn hands of agents..... 682.508.45 Interest, due and accrued _47.280.91 All other assets .. . 13577849 Less assets not admitted. 204,876.62 Total assets .........$7,030,520.77 LIABILITIES. Net unpaid claims ... Reserve as reauired law 5 . $636,656.84 1,460.641.90 110,000.00 156.122.86 1.500,000.00 '304.679.08 . 2.862:420.09 Total liabillttes ......37,080,520.77 Character of business transacted during the vear 1928: Auto. Liability. Lisb. other than auto., Workmen's o Fidelity. Surety, Plate Glass, 'y, Steam Boiler, 3 3 e.” Auto. Collision, Prop. Dam- age and Collision, other than auto. Losses sustained during ; . $825,741.08 € . 4,153,638.88 . 3,439.196.66 VEY Vice President. F. X POHLE. Secretary. Subscribed and sworn to before me [ this 8th day of February. 1920. (Seal.) ANNA 8. . WOELBER, Notary Publie. " Geo. H. Price Co., Inc. F.HAROLD DELAND, Pres. Geo. H. Price, M. L. Mullikin, V. Pres. Sec’y & Treas. * 815 15th St. Main 4686-4687 Buren Dam the year 1928 during { the break and openred at 931, shot up CURB SHARES GAIN List Shows Tendency to Rally Following Heavy Selling Yesterday. BY HARRY H. BECKER. Special Dispatch to The Star. NEW YORK, March 27.—Held in re- straint most of the day by continued tight money conditions, and still more or less bewildered as a result of the vio- lent crash yesterday, trades on the Curb Exchange displayed extreme nervous- ness today. There was no recurrence. however, of the furious selling witnessed the day before, although at intervals some left-over marginal liquidation af- fected certain issues. Early in the afternoon the entire list showed a better tone, due largely to the fallure of-money to develop any greater | irmness, Among the stocks to rally | most were some of the better grade oils, industrials and utilities, all of which had undergone a thorough process of readjustment. Vacuum Oil was an outstanding ex- ample. It opened 10 points higher than it closed Tuesday, but lost half of the gain_on realizing by interests who bought for support purposes. In the case of Humble the initial recovery amounted to 3 points; Gulf Oil of Pennsylvania, 4!> points; Missouri- Kansas Pipe Line, 4; Standard of In- diana, 3, and Standard of Ohio, 213 Subsequently ' the improvement was modified. Equally abrupt rallies took place in stocks like Goldman Sachs, Grigsby Grunow, Libby Owens, Haygart, Wal- green, Newmont Mining, Noranda, Firestone Tire and Ford of Canada. ‘The last named. which went to 832 on an additional 60 points. This may have been partly in response to news that stockholders had approved the 20-for-1 split up. Auburn Automobile made an overnight jump of almost 10 points. International Telephone & Telegraph was outstandingly strong. rising. into new high ground with a gain of almost AFTER SHARP DROP - NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office ales in hundreds. 12 Acoustic Prod m v P B 9Am Commonw P op 19Am Cyanamid B 1Atlas Port 2 Auburn Auto Co Aut Reg ohn Al & B rill Corp A. rist Myers 1. rit-Celanese’ L kivn City R R dd_ M1, u i uf Niag & E P, T g & EPA ettty bt half a dozen points as the old stock on the big board spurted sensationally. In the higher-priced utility section, Ameri- can Light & Traction rallied 4 and lost the gain before midday, while American Gas & Electric, American Foreign Power warrants, Electric Bond & Share, Electric Investors and Ameri- can Superpower “B” all advanced sharply. United Gas Improvement failed to keep pace with the leaders, how- ever. Among the lower-priced is- sues Electric Power & Light option war- rants, United Light & Power “A” and Empire Power did much better. Among the weak spots early in the day were Checker Cab, American Roll- ing Mills, Saf-T-Stat, Hiram Walker, ‘Wright Aero new, Trans-Lux and some of the aviation issues, but these also made some recovery when the turn came. Niles-Bement-Pond, after rising more than 5 points above its previous closing, broke rapidly and then steadied. In the merchandise group Lazarus was most conspicuous. Consolidated Laundries also did somewhat better, On Imgroved Property Maryland and District of Columbie 6% Interest No Commission Charges WEAVER BR REALTORS 809 15th Street N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company We Will Lend You Money In Any, ‘Amount At 51/2% Interest For Periods of 8, 50r {0 Years in Nearby Maryland, Virginia and the District of Columbia Apartments, Residences or Business Properties BOSSEHELPS Founded 1907 1417 K St. Main 9300 Loan Correspondent John Hancock Mutusl Life Family Protection & Is on the Increase The men J&f this country are finding out that the purpose of their wills is best carried out when entrusted to experienced hands—con- sult our Trust company about your affairs. Our Time Is Yours [———o|c————d] NATIONAL BANK U LIBERTY & following announcement.that a block of its treasury stock had been acquired by & well known management firm. . Washington Stock Exchange NOTICE. This Exchange will close Friday and Saturday, March 29 and 30. SALES. Wash. R. & E. 45—$1,000 at 87. Pot. Elec. 5% pld—10 at 31088%. £ k—5 at 343. Riggs Natl. Bk—1 at 575, 10 at 575, 9 at 575. Amer. Sec. & Tr. Co—2 at 462, Col. Sand & Gravel pfd—5 at 92. Merch. Tr. & Stge. com.—10 at 129, Mergenthaler Linotype—10 at 107, 30 at 107. H . M. & Inv. pfd—880 at 5%. AFTER CALL. Pol'?mflec. 512% pfd.—10 at 108%, 5 at Cap. Tract. Co.—10 at 98Y,, 5 at 98%. Fed.-Amer. Co. com.—20 at 54, 10 at 54, 40 at 54, 20 at 54. Chevy Chase Club 5125—$1,000 at 101%, $1,000 at 101%5. ‘Wash. Gas 6s “A"—$1,000 at 103. Riggs Natl. Bk.—10 at 576, 10 at 576. Ana. & Pot. R. R. 55—$1.000 at 96. Wash. R. & E. pfd—8 at 973%. Riggs Natl. Bk—5 at, 577. Bid and Asked Prices. 1. Offer. Amer. Tel. & Telga. 47 8%, Amer. Tel, & Telga. ¢ Am. Tel. & Tel, ctl. tr, Anacostia & Pot R. R. Ana. & Pot. guar. C. & P. Telephone C. & P. Tel. of Va. Gapital Traction R. City & Suburben 55 Georgetown Gas 1t Potomac Elec. st 55. 5 5 s R.'8s. Wash., Alex. & M. Wash., Balto. & Ani Washington Gas Wash. Gas 6s, series Wash. Gas 6s. sar Wash. Rwy. & Elec. 4s. . wash. Rwy. & Elec. gen. 6s.. MISCELLANEOUS. Barber & Ross. Inc., 6 Cham-Vanderbilt Hotel Chestnut Farms Di Chevy Ciiase Club 5t D. C. Paper Mfg. 6s.. Pot.Joint Stock 1d. Bk. 55! Wash. Mkt. Cold Siorage 55 Wash. Cons. Title Co. 6s.. STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga NATIONAL BANK. National Capital. g lumbia . Commerctal District . Federal-Am Liberty . Lincoln National Riges Second National Bank of Wash ' 111! TRUST COMPANIES, American Security & Trust Co. 462 Continental Trust....... 13 Merchants Bank National Saving: Union Trust.............. Washinglon Loan & Trust.. SAVINGS BANK. Bank of Bethesda Commerce & Savings.. United States. Washington Mechanics FIRE INSURANCI American : n TITLE INSURANCE. Columbia_Title Real Estate Titl L Title & Inv. Co. of Md. com.... Wash, Cons. Title pfd.. ¢ MISCELLANEOUS. Barber & Ross, Iuc., com.. Chevy Chase Dairy ptd. 1 Chestnut Farms Dairy com 0 2 Columbia Sand & Gravel pfd.., $911; 92 Commercial National Co. pfd..#102% D. C. Paper M{g. 85 Dist. Nutional Securities TR Merchants’ Transfer & Storage 1281 Merchants' Transfer & Stg. prd.*111%4 Mergentnaler Linotype " 1062 Natl. Mtge. & Inv. ofd. Peoples Drug Stores D 1| Security ‘Storage ... ‘Terminal Ref. & Whr. Cony. Hall ptd w odward WoRs dividend. Plans Copper Refinery. NEW YORK, March 27 (#).—A $4,000- 000 copper refinery with an initial an- Fifteenth and Eye Sts. === ol ———lilc——20] nual capacity of 120 tons will be erected 3 Eng Pub Ser o) 7 Evans Wall Lead 5 Fajrchild Aviation A 9 Fandango Corp A 2Fed Metals ctl . 9 Feds Water A 19 Fiat stk deb rts . 24 Fox_Theaters A 20 Preshman Chas 7Gen Bak . 1Imp Chemical 8 Insur_Secur 11Intl Perfume . 577Inl T & T new 31 Intern Uil B 10 Ital Superpow A.:.ll 13 5 Jackson Mot Shaft.. 6§ Jonas & Naumb. 1 12 Jonas & Naumb 6 Karstadt R ... 5 Keystone Aircraft.... 15 Kolster_Brandes Lid. 8% 2 Lakey Found & M... 30 1Land Co Fla 3 Lazarus .. 3 Lefcourt ‘Real pfd... 2Lily Tulip Cup...... 2 Libb Owens Sh Gi. 1 Louisiana Land & Ex 4 Mangel Stores wi.. 2 Mansel Stores pid 29 Marconi Intl Mar. 29 Maro Wire Lond B. 4 Mavis Bottling . osiery pfd is Gas 8 Mo 2 Mohawk Montecat “deb _rts Municipal Serv ..... trau s Shep 325 Niles Bem Pni 3 Noma Elec . 28 Nor Am’ Aviatiorl . 3 Nor Am_ Util Sec 29 Nor Eastern Pow Nor Sta P A Qliver Fa E Qliver Far Eq Cab Mf 33 Richman Bros . Ritter Dental .. 2 Roch Cen Pow 18afe C 2 Safe-T-Stat . 3St Resls Paper’ Schift Co ...... § Schulte Un'5s-31 28ec Gen Am Inv 1Sec Gen Am Inv bt 2 Segal Lock & Hardw. 29 Serv El vic ... 3 Sharon Stl Hoop . § Sikorsky Avistion he 1 South Aspestos . 1 Col P: 8 Timken Det Ax] 32 Tishman Real Am 2Tri_Cont_Co 2 Triplex_Safe 1Tung Sol Lamp . 3Tung Sol L'A ..0... 1 Union Am ~ Investing 29 Union Carbide Corp 2 Unjon Tobacco . 32 Unl Afrcraf! 2Uni Al 2 Un 2 Uni & For Bec 5 8§ Freight of Dei.. niversal Aviation... (- r e <4gadaadad e 1Zenith 27Zonite ... 35 Sales MINING STOCKS. in hundreds. 30 Atiz Globe C. 7 Com Tun & Drain fi. near Copper Cliff, Ontario, by Interna- tional Nickel Co. of Canada, Ltd., and Consolidated Mining & Smelting Co. i 25 First Natl Copper 150 1 1012 34% 3 wi 10234 11 . 20% 90 ! pounds, 26 Goldnd Cons . Min__ 380 Am G 10 Stand _Silv Le: 6 Teck Hughes 10 Uni_Verde Ext 9 Utah Apex . yalker Mines 6 Wendon Cop . Sales in INDEPENDENT nundreds. 13 Am’Con Oilfields. 2 Cities Serv n.:. 2 Cities Serv pfd. 4 Columbia Synd 2 Cons Rovali 2 Homaokla Of 8 Intercont Pet L d epec Oil Con i1 G 8 8alt Creek Prod [l 221% 9 Oil % Land n 3}:1 A Sales in _STANDARD OIL ISSUES AND units. FORMER SUES'DIARIEFASIOCKS 100 Anglo-Am Oil 6. . 183 3 3, 3300 Cont) O e 15 B 100 Sou W 6000 8 2008 O 10 Sales in thousands. P&P 55 A ‘53 851 5 ‘67 923, r 55 5310 2Det Intl 615s '52... 0 88 1Emp O & R 5'%s 'é2. 8 § Fabrics Fin 65 '39 A 2 Fairban Morse 55 '42 O 3 Fisk Tire 5'as P 4FIa P & 1, 55’5 1Gatincau Po 55 '5i 65 A i § Georbin Bow 53 a7 s 7 Gulf Oil Pen 58 '37. 4Guit oIl Pen by 4 & C 55 '47 997 65 A 2026 103%, & L 55’42 9104 55 '57 n_92% 5 & P 55 a E P 5ias "7 Phila Suburb 4138 Pitts Steel 6s '48. 28 EEET §§°8“‘.!‘_‘; LS TR B e ripps E W 5! Servel Co Del 5s '43 outhe P&L 65 A 2025 1 58ou Cal Ed 5s '51.. 1 258 seereslad 3 o8 t&Rall 1 Tenn a LieRa 6 ail 65 B Oil Prod 8 31 SR umma s gaqagaagas: 4 3 Wheel Stl 4135 B '5: 3 Wisc Cent 5s '20 Salesin FOREIGN BONDS. thousands. : 3Antwerp City 55 '58. 0113 1Buenos Aires 7s '53 100 5 Buenos Alres 7'is '47 1Burm & Wain 65 140 2 Cauca Valley 7s '48 2 Danzig Port 6'as '53 & '67 2 M Bk_Bogota 7s '47 n ile 65 '31 '58... 2 Ruhr Gas 6138 15 Rumania_ Inst 7s '59 xd—Ex dividend. wi—When issued. n—New. ww—With warrants, CHICAGO LIVE STOCK MARKET CHICAGO, March 27 (® (United States Department of Agriculture).— Hogs—Receipts, 15,000 head; including 3,000 direct; early trade mostly 15a25 higher; very slow at advance; top, 11.85 paid early for a load of around 225- pound weights. Butchers, medium to choice 250-300 11.25211.75; 200-250 pounds, 11.35a11.85; 160-200 pounds, 11.25a 11.85; 130-160 pounds, 10.15a11.75; a;lcking sows, 10.35a10.85. Pigs, medium choice 90-130 pounds, 9.25211.15. Cattle—Reccipts, 8,000 head; calves, receipts, 2,500; slow trade on most killing classes, weak to 25 lower; early top long yearlings, 14.10, not many heavies in the run; yearlings and light steers predominating. Slaughter classes, steers, good and choice, 1,300-1,500 pounds, 12.50a14.00; 1,000-1,300 pounds, 12.50a14.00; 959- 1,100 pounds, 12.75a14.50; common and medium, 850 pounds up, 9.75a13.00. Fed yearlings, good and choice, 750-950 pounds, 13.00a14.00. Heifers, good and choice, 850 pounds down, 12.00a14.00; common and medium, 9.00a12.00. Cows, good and choice, 9.00a11.00; common and medium, 7.0029.00; low cutter and cutter, 6.00a7.00. Bulls, good and choice (beef), 9.60a10.75; cutter to medium, 8.00a9.65. Vealers (milk fed), good and choice, 11.00215.00; medium, 10.50a 11.00; cull and common, 8.00a10.50; stocker and feeder steers, good and choice (all weights), 11.50a12.75; com- mon and medium, 9.50a11.75. Sheep—Receipts, 12,000 head; nothing done; bidding 25a50 lower; talking 16.50 down; best held around 17.00; fat ewes strong, 10.50a11.25; feeding and shear- ing lambs quotable lower. Lambs, good and choice, 92 pounds down, 15.85a17.00; medium, 15.25a16.00; cull and common, 11.50215.25; medium to choice, 92-100 pounds, 15.00a16.75; ewes, medium to choice, 150 pounds down, 8.75a11.25; cull and common, 4,00a9.00; feeder lambs, good and choice, 14.75216.50. — ‘The average salary of Baptist minis- ters of the Northern Baptist Convention 15 $2,290 a year, PASSING OF MONEY SQUEEZE 1S SEEN Wall Street Feels Crisis in Credit Situation Is Over. BY LEMUEL F. PARTON. Special Dispatch to The Star. NEW YORK, March 27.—As bank- ing houses shoved in a big wad of money to bolster the underpinning of | the stock market today, there were signs of relief visible all through the financial district. Yesterday's big deflation had jarred a lot of importent nerves in Wall Street, and the steadiness of the open- ing today, with quicter trading, was welcomed with cheers by the specula- tive element. Stock exchange attendants were busy again herding worried onlookers in and out of the balcony, where they could hear and sce their financial balloons | tossed ebout in the bedlam below. Many Women Sightseers. This exciting show - brought small applause from the balcony, for many of the onlookers had seen their paper profits fade into thin air in yesterday's big crash. Again today there were many women among the sightseers, many possibly shop girls or stenog- raphers, a few working men and, in all, a fair cross section of the eager popu- lace which has rushed in joyously to play another man's game. Usually the stock exchange manage- ment_allows visitors to stay about 15 | to 20 minutes. Yesterday and today they kept them moving in squads, al- Jowing each group to stay about 5 minutes. ‘With les at a record mark of 8- 239,600 shares yesterday and prices slipping off all over the list, this is regarded as about the most complete shakeout of the market in recent years. There were some desperate efforts to hold on, with as high as 25 per cent bid for call money in the outside mar- ket, but, so far as ascertainable, there was a vast amount of selling on stop loss orders and not so much margin calling. With the big slide on, the floor of the exchange was jammed with brokers gunning for these stop loss or- ders, making, possibly, a few points below the order in the swift descent. 1t was one of the biggest days for the brokers and possibly for a few big shorts, but apparently short interests were not heavy enough to counteract the drop. ‘This merning, seasoned opinion in the Street’ showed no tendency toward “buck fever.” The word went around that the big bankers had formed a pool to support the market and would keep call money prices from going to a pro- hibitive figure. It was pointed out also that the recent climb in prices had been so tremendous that there was a wide range for fluctuation within the safety zone. Applying this theory in compari- son with old-time price rahges, the con- clusions were that, technically, there is no reason to fear further disastrous slumps, at least until after the market takes another upward spurt. It is pre- dicted that there will be less inexpert money crowding into the market, now that many amateur traders have been scorched. “Money Panic” Recalled. It is recalled that in “the money panic” of 1907 the call mpney rate went to 125 per t. In 1893, the year of the big railroad strike, money reached 1 per cent a day, or 365 per cent a year, this being the record. In Feb- Tuary, 1920, money loaned at 25 per cent on call. Hence the 20 per cent rate yesterday did mot seem particu- larly alarming to the veterans. One effect of yesterday's slump was that many of the recently formed stock Jjobbing pools were severely punished and it was reported today that several were put out of business. These pools were weakly entrenched and, although they have been romping along merrily for the last three months, some of them are ready for the wrecking crew. Veterans market observers ascribed the recovery of confidence and the steady opening of the market today to the statements of leading bankers ap- pearing in the morning New York news- papers. The New York Herald-Tribune published a statement by Charles E. Mitchell, president of the National City Bank, in which he said: “So far as this institution is concerned, we feel that we have an obligation which is paramount to any Federal Reserve warning, or anything else, to avert, so far as lies within our power, any dan- gerous crisis in the money market. While we are averse to rediscounting for the purpose of making a profit in the call market, we certainly would not stand by and see a situation arise where money became impossible to secure at any price.” Other bankers, while refusing to be quoted directly, saild they would do everything possible to relieve the situa- tion. o WHEAT IN UPTURN AS MARKET REOPENS Higher Liverpool Quotations Influ- ence Price Movement in Early - Trading By the Assoclated Press. CHICAGO, March 27—Influenced by Liverpool wheat quotations higher than expected and by upturns in the stock market, wheat prices here showed an early tendency today to advance. An- nouncement that domestic wheat was practically on an export basis again at- tracted particular notice. Opening un- changed to 33 up, Chicago wheat later sagged a little, but afterward rallied. Corn, oats and provisions were also firmer, with corn starting unchanged to 55 higher and subsequently holding near initial figures. SILVER QUOTATIONS. ! NEW YORK, March 27 (#)—Bar sil- | ver, 56%; Mexican dollars, 423 TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Bid. 99 2 99 19-32 99 15-; 96 2 96 2 96 2 96 26-32 SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co) id. " Offer Allis-Chalmers Co. 5s 1937..... 08% 9915 Aluminum Co. of Amer. 5s 1953 10112 American Tcl, & Tel. 45 1929. 99! Anaconda Conper Mi, 65 1953. . o. 3 10410 s 1033 9631 0 1930. ¢ Accep. Corp, 6s 1037 . Corp. Bs '1940.... Goodyear T. & R. bs 1937..0.. Grand_Trunk Canada 65 1936. Gulf Oil of Pa. 55 1937 Humble Oil 545 1032 Internat, Match Cori Shell Union Oll Co. 55 19 Sinclair Crude OIl 5iss 19 Southern Pac. R. R. 45 19: Standard Oil N. Jersey s 1938 St. L., Ir. Mt. & So. Ry. 45 1929 St. L., Southwestern Ry. 48 1932 Swiit'& Co. 55 193: of Calif. Union Ofl Co. United Drug Co. 88 153, . bs ‘Wheeling Steel Corp. 5%as 19 Western Electric_ BY KENNETH S. VAN STRUM. NEW YORK, March 27.—The latest company reports of the two leading telephone companies show that stocks of both organizations eie continuing to gain in popularity as investment se- curities. The number of stockholders is rapidly growing and one company bas announced a split of shares, which should increase its popularity with in- vestors still further. American Telephone & Telegraph. American Telephone & Telegraph, the | largest public utitlity i uwne world, own: controls or has a substantial interes in 24 telephone companies furnishing | service throughout the United States, and connecting with Canada, Cuba and European countries. The company with its subsidiaries, is known as the Bell System, and owns 19,200,000 or three- fourths of the telephones in the United States. The American Telephone & Telegraph Co. operates essentially as a connecting link between its subsidiaries, taking charge of toll calls. Uniform service throughout the country is guaranteed by a contract between the A. T. & T.| and its associated companies. In ad- dition to its telephone business, the A. T. & T. owns 98 per cent of the Western Electric Co., which manu- factures telephones, radios and talking movie equipment. During the past six years, the busi- ness of the company has increased faster than the country nas grown. This is due partly to an increase of 36 per cent in the number of instruments in use and partly to the increascd use of the telephone for long distance calls. Toll rates have been lowered gradually, but each decline in cost has brought enough additional business to offset the cut_and to increase the company’s profits still further. ‘The company follows a strenuous ex- | pansion program, requiring large sums every year. During 1928, over $400,000,- 000 were spent in expanding, a pace | that is expected to be maintained for the next five years. If these plans are carried through the company will have added a value of $2,000.000,000 to its properties, which are now evaluated at $3,827,000,000. The common stockholder is interested in these expansion plans for two rea- sons. First, expansion means a gradual increase of the value behind his stock. Second, the telephone company usually finances its expansion largely through the sale of common stock rather than by adding to its bonded indebtedness. Since 1922, at two-year intervals, common stockholders have been allowed to subscribe to one -share of stock at $100 for each five held in 1922 and 1924 and one for each six held in 1926 and 1928, which process gives those who al- ready hold telephone stock a consider- able advantage over market prices. How valuable an advantage it will be in the future, however, is difficult to calculate, since the value would be affected by the selling price of the stock at various times. In the last six years, however, these rights have added over $3.50 a share to e $9 dividend rate, so that the perma- nent stockholder has virtually received a yearly return of $12.50 on his stock. t present prices the yield on the stock would amount to §.7 per cent a share if rights are issued in the future which prove ‘as valuable as the former ones have. -In this connection it is signifi- cant that the company is now asking its ‘common stockholders to approve an in- FINANCIAL. o o] communication throughout the world. Much of its territory is, however, in the initial stages of development and it will require a great expansion pro- gram to develop these regions ex- tensively. In the past three years I. T. & T. has followed A. T. & T.'s method of financ- ing expansion by offering common stock- holders_the right to subscribe to new stock. Thus, while the dividend rate of | $6 gives a yield of only 2.5 per cent at Present. prices, the rights add over $3/ a share cach year. Therefore, if the rights prove as valuable in the future as they have in the past the vield will be 3.8 per cent, even if the dividend is not_raised. That I T. & T. has been able to show increasingly large returns every | year from ' the capital expended is| proved by the fact that earnings rose from $7.36 in 1922 to $10.26 last year, after averaging $10.31 for the seven years. At this rate the $6 dividend seems well secured. The recent proposal to split the com- | mon three shares for one and to author- | ize the issuance of more stock in the future makes the stock more attractive, because it presages that further rights will be offered. The stock is naturally more speculative than A. T. & T.. be- cause its future cannot be so closely estimated. It is, however, finding an in- | creasingly important place as an in- vestment issue. (Copyright, 1929.) COTTON IS STEADY ON OPENING SALES | Buying Sets In After Early De-! cline—Weather News Favor- able. By the Associated Press. NEW YORK, March 27.—Cotton to- day opened unchanged to a decline of 8 points and sold about 5 to 13 points | net lower during the first few minutes | under a renewzl of liquidation or over- | night selling orders brought in by the unsettled ruling of yesterday. Trade interests were buyers at the decline, however, while there was a good deal of covering. After easing off to 20.45 for May and 19.75 for the new October contract, prices turned steadler. By the end of the first half hour May was up to 20.62 and October to 19.88, mak- ing net advances cf about 2 to 8 points on the active months. The day's weather news was considered favorable, but_there may have been some buying on bullish features in the weekly report of the Weather Bureau. Private cables reported continental and Bombay buying in Liverpool, but said demand for cotton cloth from China was less insistent and that yarns were depressed. FREIGHT LOADINGS GAIN. Loading of revenue freight for the | week ended on March 16 totaled 957,- 460 cars, the car service division of the American Railway Association an- nounced today. This was an increase of 11,690 cars above the preceding week this year, with increases being reported in the total loading of all commodities except live stock and coal. Had it not been for floods in some of the Southern States, the total for the week of March 16 would have been somewhat larger. Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. crease. in authorized "stock from 15~ 000,000 to 20,000,000 shares, which in- crease in capital will undoubtedly be | used for further expansion. The company still has on hand a large amount of cash received through the 1928 subscriptions, so that there is | little likelihood that rights will be given | before June, 1930. But although the | investor cannot expect to receive any- | thing from rights until that time, he can be confident that the regular $9 dividend will be earned by an ample mairgin. Earnings has increased stead- ily over a long period of years, touching $12.11 a share in 1928 after averaging $11.63 for the past seven years. These earnings include only dividends paid by associated companies to A. T. & T. and do not include its share in undistributed earnings. A. T. & T. is unquestionably Amer- ica’s leading investment stock, with 454,596 stockholders holding an average of 28 shares apiece, While it is affected somewhat by general stock conditions, the stock is used as the foundation for many common stock investment lists. International Telephone & Telegraph. International Telephone & Telegraph Co. has expanded in the foreign e fn':f'c'?f ,’lfl: d_llx‘mg }‘})ehlns!. eight years United States. S Since its organization a few years ago the company has purchased stock | in the telephone companies operating in Spain, Cuba, Porto Rico and other West India Islands, Mexico and im- portant countries of Central and South America. In addition to these acquisi- tions, the I. T. & T. has a subsidiary which owns foreign rights for Bell pat ents and has factories in many parts of the world which manufacture tele- phone equipment for her affiliated companies just as Western Electric does for A. T. & T. In May, 1928, the company made an important addition to its foreign hold- ings by obtaining control of the Mackay Companies which operate Postal Tele- graph and Commercial Cables. These companies have telegraph systems cov- ering United States, with connections in Canada and Mexico and cables ex- tending over the Atlantic to Europe, the Pacific to the Orient, and the Caribbean to South America. With its subsidiaries, the I. T. & T. is engaged in telephone, telegraph, cable, wireless, television and telephoto Contact with the Center of Financial New York office in the center of financial New York provide a ready means far the rapid transaction 3 of New York banking business, First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. First Mortgage and Construction Loan Application s Invited at 5%% Glover & Flather 1508 H St. N.W. Main 1753 6% NOTES Sceured by First Mortgages Safe—Conservative Make your savines and surplus funds work for you at the highest-inter- est rate consistent with absolute satety. in finanecing homes and in the sale of these se- curities. Wm. H. Saunders Co,, Inc. REALTORS Main 1016 1433 K Mortgages Investments JAMES Y. PENNEBAKER Main 5328 1520 K St. N.W. | Guaranteed 6% | First Mortgage Notes . Secured on Income- Producing Properties in the District of Columbia and Nearby Maryland District National Securities Corp. Suite 303-307 Telephone Main 2994 District National Bank Building Public Service Corporation of New Jersey Dividend No. 87 en Com- mon Stock Dividend No. 41 on 8% Cumulative Preferred Stock Dividend No. 25 on 7% Cumulative Preferred Stock Dividend No. 3 on $5.00 Cumulative Preferred Stock The Board of Directors of Public Service | Corporation of New Jersey has declared divi- dends at the rate of 87 per annum on the § Cumuiative Preferred Stock, beiag $2.00 = | share; at the rate of $5.00 per annum on the Stoc! share; at the rate of 7% per ans Cmitive’ Brcfcored bk, beine 315 1 noa par value Cumulative Preferred i $1.25 per share; and 65 m.umm«."a:"# par value Common Stock for the quarter ending March 31,1929. All dividends are payable March 30,1929, {0 stockholders of record at the close of bukiness March 1, 1929. Dividends on 6% Cumulative Preferred Stock | are payable on the last day of each month. is the tone of voice in Printed Advertising. It will speak for you appro- priately and eloquently at The Service Shop . . « Byrox S. ADAMS Printing That Achieves MAIN S12Eleventh Street N, W. 8203 Jus‘;ebclow F AAAAAAAAAAAAAAAAAAAL An Investment of Merit I holdings together wil income . . . will be especially interested in cur- rent offerings of 7% Collateral Trust Coupon Gold Bonds. DENOMINATIONS: £1,000, $500, $100; Interest payable semi-annually; Valuable Federal and State tax features. Smith Building Branch Offices in— New NAME . ADDRESS OCCUPATION ... 'VESTORS who desire diversifica Send your name and address on the form below for our latest booklet, 56 Years of Investment Service, ¥ descriptive circulars of these attractive 7% bonds. THE F. H.SMITH CoO. Investment Securities— Founded 1873 T- W. Van Middlesworth, Treasurer. Public Service Electric and Gas Company Dividend No. 19 on 7% Cumulative Preferred Stock Dividend No. 17 on 6% Cumulative Preferred Stock The Board of Directors of Public Service Electricand Gas Company bas declared the regu- lar quarterly dividend on the 7% and 6% Pre. ferred Stock of that Company. Divideads are payable March 30,1929, tostockholdersof record atthe close of business March 1,1929. T. W. Van Middlesworth, Treasures. n in their th a better-than-average and for Washington, D. C. (815 - 15th St, N.W.—Main 6460) York — and Other Cities