Evening Star Newspaper, April 11, 1929, Page 15

"FINANCIAL. @BONDS sTOCK nxcnnm SPRRLAT E BOND ~ISSUES SHOW GAIN Rise in Call Money Depresses Prices of High-Grade Group. BY CHARLES F. SPEARE. @pecial Dispatch to The Star. NEW YORK, April 11 —The advanc- in( trend in call money today took some of the edge off the market for high- grade bonds and caused fractional de- clines in a few of the rails and public utilities. In cortrast was the strength in specu- lative bonds, following thehigher market for stocks. and further accumulation ot foreign dollar obligations. The feature of the speculative rail group was the advance in Seaboard Air Line adjustments above 50. A few ‘weeks ago thev dropped to around 35. ‘The consolidation 6s and the Florida Division 6s were also strong. It is un- derstood that not only are negotiations taking place to finance one of the un- derlying bonds in the Seaboard system that matures in a few months, but that 8 comprehensive scheme of improving %he capital structure of the company is being discussed. The weak element in it for some years has been the adjust- ments, on which interest has been paid at. times when it was embarrassing for the company to do so. Wire UNITED STATES. (Qane are in $3.000 ¢ Sales. Lib 3% 4@ Lib 18t 4% 8 Lib4th ¢%s 56 10715 FOREIGN. Bales. High. _| Transcontl Oil 6%s 1 Pclgium 7s 1966, Beigium 78 1956. Belgium 74s Belgium 8s e Bol(vh:l ct’69.... Other strong junior rails were Mis- Chil souri Pacific 4s and 5s, Erie 4s, St. Peul adjustment 5s and Frisco 4}2s. ‘The local tractions were quiet, with an early tendency to sag, but later rallying. International Paper 6s were heavy on the poor showing made by the company during 1928. . Dodge 6s soid ‘well above par, while Chrysler stock was Jower than it has been in some time. ‘The $5,000,000 issue of 6 per cent bonds of the Ganpnett Co. were listed today and sold at 95. This is the only pews- wggebnnd on the big board. covery. Italians, French, South Amer- icans, Germans and Scandinavians were in best demand. With another six- month period of small offering department of the market should a much stronger position. Within that time there is the prospect of easier money conditions to help it along. United States Government issues ad- vanced from 14 to l,, taking up the slack of yesterday's market. The most active and strongest memben of the convertible group were Anaconda Cop- per 7s and Atchison 4'gs and Phila- delphia & Readings 6s. ign issues showed further re- | gy Speeial Dispatch to The Star. NEW YORK, April 11.—Massachu- sétts Utilities Associates, expect to offer in the near future througl group headed by Lee, Higgin a new issue of $4,000,000 sinking fund Czecho 88 1951 Danish Munic §s A. Dutch East 1 Dutch East I ISR 19 o Sen 5 per ceént debentures. Other members| o of the banking group include Blyth & Co., Hornblower & Weeks, Spencer, '11:!“ & Co, and C. D. Parker & Co., c. PARIS BOURSE PRICES. PARIS, April 11 (#).—Prices improv- ed on the Bourse today. Three per cent rentes, 73 franes 25 centimes. Five :’ ceént loan, 90 francs 45 centimes. change on London, 124 francs 2513 centimes. The dollar was quoted at 23 francs 60 centimes. Washington Stock Exchange SALES. Washington Gag 6s “A”—$3,000 at 10215, $1,000 at 102%5. W-:h::mn Rwy. & Elec. 45—$1,000 at 86. Capital Traction Co.—5 at 97%. ac Electric 5% % pfd. at 107%. Seegx;gonmoml Bnnk—w at 250, 10 Al Union Trust Co.—10 at 350. Columbln Sand & Gravel pfd.—10 at l(emnthller Linotype—5 at 107%, 2 at 07%. Nluonal Mtge. & Inv, pfd—100 at 5%. AFTER CALL. Peoples Drug Stores pfd.—8 at 118%. District National Bank—8 at 235. Washington Gas 6s B—$100 at 103. nghh;mn Rwy. & Electric 45—$5,000 a Riggs National Bank—4 at 5664 ,oxmc Electric Cons. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4%. Amor ‘el. & Telga. 4'as. & Tel. ctl. Aacostia & Pot. Sooo at MISCELLANEOUS. Barber & Ross. Ine., 6%a8. am-Vanderbilt Dl?m Chd Seorag ons. Title Go: STOCKS. otom pid Po! :5 llec 5 'Af's Bid: Wi Waib: Rwy: & Hiec: pia. National Golumble eifermise 3 National Bank of Washington. TRUST COMPANIES. 104% 104% 108% 93% 108% RhineWst EP 6s'53 5 92% RbineW st P 75’50 & 101 Rio de Janeiro 6%s <13 9 Rio de Jan 85 1946. 7 5 msu "lrm\ 105% Rio GrDo Sol 6s " 3 _/Bb% 86 864 Rio Gr Do Sul 8s. 3710544, 105% “105% Rome 6335 20 90% 90% 904 Saxon (PW) 9% Seine 73 42.. 104% Serbs Cr Slav 20 Serbs Crot Slo 8s Shinyetsu 63%s 8 % 7% 1041 T9% 9% 104% 9% 90% Utd Kingm 5%s29. Utd Kingm 6%s 37, Yokohama 6s w 1 MJSCELLANEOUS. Abramé&Straus 6%s 3 108% 108% Ajax Rubber 8s.... 104 Alleghany cv 5- wi 102 AmAgriCl Am Chain Am Int Cor 5% ) Am NatGas 6148’43 Bell Tel Bell Tel Bethlehm Stl pm Beth Steel rf b Beth Steel § . Bethlehom Steel 6s. Bush Term Bldg 5s. Chile Copper b Col Gas&E] Com Invest 5% Com Invest 6s " Duquesne 4 %48 67.. East Cuba Sug 7%s Fisk Rubber Gen Asphalt Gen Cable5%s Gen Mot Ac Cor 6 104% 104% 104% 20 101% 100% 101 9 100% 100% 100% 10 1024 m,s 102% Amer Pet o l’ 100 1oass in-Amer e 78.. 631947, 10 n 8% 98% i THE EVENING Direst o The Star Office P&R C&I 65 wi 4! Philips Petro 6% Por Rie Am Tob Postal Tel & CBWe. 29 931 Public Service 4%s. 13 179 15 98% Sinclatr O1l 7s. Sinolatr Crude 5%s. 13 97 1 934 SugarEstOriente Tenn Copper 6s B'4 4 100% TennElecPow 68 41 12 xgg;: United Drug 68 83.. 28 95% USRublistrebs... 8 9l Tagstn S&T Sswi. 32 100% RAILROAD. .19 8i% CthAhPrlll.-. CRIPacé¥swi., 5s. Chi Union Sta 58 “. Chi Union Sta 6%s. C&WI15%s62.... CCC & St L b e B e g»nmauu—u’-uuunk\w;s o -4 Fonda J&G 4 “l"l. ZZZZZL 2L LALLEE, EE L RCH Gr Trunk stdb 6s, [P =L P Great Nor gen 78 Hav El Ry %8 51 Int Rapid Tran b Int Rap Tr bs stpd Int Rapid Tran 6s.. Int kap Trans 7s. Int&GtNor adj 6553 Int Ry CA 63%4sret. Kansas City 8 3s. Kansas City 8 Kaf City Term Lake Shor 3 Lehigh Va LehiVgen 438 2003 Lehigh Val 58 2003. Long Isrf4s49.... Long Island 58 37.. Long Is deb bs 34.. Louis&Nash uni 4s. Man Ry 15t 48 90 Man Ry 24 45 2013 M StP & SSM 6% MK&TI1st4s M K & T adj bs, Mo Pacific gen Mo Pac ks A 85 Mo¥acbsF 77 Mo Pacific 583G 78, =13 e b - = e 3 0-01-040 » 2 & a s Ld - Py 2R Bauma Cl!tLl“lC.. C&StL6sA.. Haven 3% s 56. " H -1t} g Nor Pag 4 %8204 Northern Pac bs Northern Pagr 1 ‘Ore 8hort L rs 4: Ore Short L cn 5t Ore Wash 1st & 3 Pennsy!l con 4% 100% 100% Pennsyl gen 4 99 98% 98% 98% 106 105 102 102 108 107% 101% 101% 10i% 101% Pennsyl 58 Pennsy) 6% Pennsy) gold Pere Marq 18 Philippine RR PCC&StL 68 B 78 Reading gen 4%s Rea » R ANS I MR AR RioG W istds..... 8% | R1Ark & L 4%8. .. St L IM&S ds 29 StL IM&S gn 6 StL& Seab A L ref l‘lhAl-l‘l‘l 1948 ll‘ " bflK . S STAR, WASHINGTO TRADING INPROVES AT D. C. MARKET Return of Coolgr Weather Marked by Increase of Buyers. ‘With the return of cooler weather to- day commission merchants and market- men I o steady rise in business. Hrmu ves were up early this morning purchasing fruit, vegetables, poultry and meat at the usual selling prices. Scarcity in poultry stock ended tod-y, as abundant supplies of fowl were sh! ? ped into the market for the present cold snap. No change in prices were report- ed, however. Quotations on butter, meats and pork products rem-ined unchanged, aithough a slight rise in prices may occur to- MOrrow. Today's Wholesale Prices. Butter—One-pound prints, 45a46; tub, 441,245%); store packed, 28a29. Eggs—Hennery, 20a30; fresh selected, 28a29; current receipts, 26. Poultry, alive—Turkeys, 35; Winter chickens, 40242; Spring chickens, 508 52; fowls, 33a34; Leghorns, 32a33; rooste! n, 32; ducks, 25; geese, 20; keats, g‘un ; old, 35a40. Dressed: keyl. 40a45; Winter chickens, 40a45; Spring chickens, 55860; fowls, 35037 Leghorns, 385; capons, large, 50a52; small, 45a47; ducu. 33a35; geese, 208 25; keats, 80a1.0 us-u fresh kmed Beef, 20a23; amb, 30a33; veal, pork lol 80 fresh hams, 26 fresh shoulders, 20 smoked smoked shoulders, 1' . |slow, market di ham ¢ | ght, market steady; crates, hams, 28; bacon, 22; lard, in bulk, 13'2a14; Pwk- -{." 1414a15; compound lard, 12%2a13. ive Stock—Calves, choice, 15: medi- um, 10a12; lambs, Spring, 18a20. Fruit egetable Review. The daily market report on fruits and vegetables (compiled by the Market Fruit. HAMMOND, La. April 11.—General rains over the Louisiana strawberry belt, by cooler weather, have of great value to the crop now lnc marketed and have assured ln abundant second crop. Growers they have added m\uwm of dfllhn m the value of the fruit. Shipments now are totaling 100 cars a day. Steel. Yomm:;sm.—uvgm demand large I to cumumen?o( ofl field d opera- Mons. ing orders for small pipe pipe mmx are actively engaged at present. : Live Stock. CHICAGO.—It is estimated by the Horse Association of America that there are_now 10,500,000 horses and mules 000 tractors. Rubber. TORONTO.—Sales of rubber goods manufactured in Ontario are running 20 per cent ahead of last year, due to the large increase in rubber tire sales. The Turon'o bflnch of a lead- ing American is producing wsoo nneumntlc m'u dlfly CALL LOAN SERVICE CHARGE EXPLAINED Special Dispatch to The Star. NEW YORK, April 11.—The action of the New York Clearing House in fixing the service charge for lones made for the account of out-of-town institutions at the same level as that applied to loans for account of others is not expected to make very much | change in lending on the call market. What the change means is simply that 80 as the rates for demand loans News Service Bureau of Agricultural Economics) says (sales to jobers ex- D ieerSuppies gt demand lght, w lem: mlrk:t. st barrels, no sales re- romd boxal, ‘Washington, medium to a) ll! mrs fancy Winesaps, 2.75a 55' 3.00; small m 2. Imlhel bllk.h. Vllrlnh. U. 8. N 2% \nehu np. Stayman: ’sne qunmy 'and ‘WIaD| U. & Nn 1, fls lnchm up, Winesaps, U. 8. No. 1, 2% inches up, wmmu, Mp-n:uo——!upnuu limited; demand moderate, market about steady; South nrollnn, dozen bunch crates, green, long, very large size, 5.0085.50; large size, 400“ 50; medium size, 3.00a3.50. lbbne—suppuu moderlu demand light, market firm; South Carolina, 1% bushel hampers, ?nlnnd type 1 nn 5 barrel crates pointed type, 2.25; ordinary quality, lmtlllln "1.50. Celery—Supplies light; demand light, market firm; Florida, lu-lnch crates in- dlvmmlly washed and precooled, 4-6 dozen, 2.50a3.00; mostly 2.75. Lettuce—Suppiies light; demand mod- erate, market slightly stronger; Arizona, crates Iceberg type, 6-dnun. mostly 5.50; few fancy high as 6.00; South Carolina, lh-hushel hampers, Big Bos- ton type, small size, leafy, 2. Onlonl-—supyuu li(ht dcmand light, market stea Michigan, 50-pound sacl yellows, U. 8. No. 1, 1.75; 100-pound sacks yellows, fair con- dmon badly sproutad. 1.50a2.00. New : No sales reported. Pouw—-old stock, suppl sacks round hites, S. No. 1, 1.90a2.00; Maine, IM-lb. ucks Green Mountains, U. S. No. 1, new stock, upnhezfll light; 1.7 demand light, market double-head barrels Spaulding Base de- U. 8. No. 1, 650. Snlnuh—Suppllu moderate; mand light, market steady; féw sales; Texas, bushel haskets Savoy type, 758 35 few “higher. trawberries—Supplies light; demand ht. market firm; Florida, pony re- frigerator, various varieties, con- dition, 45a50 per quart; ordinary con- dmon‘l asuo! nper quart; some soft, leaky, low as per qt Correction—Yesterday's reporf should have read: Ibl‘b. mostly 35a45. ‘Tomatoes—Supplies light; demand light, market steady; Fldrida, 6s, ripes and turning, apped, No. 1, fancy count, 5.5086.00; choice count, 4.00 5. No. 2, fancy eount. 4.0084.50; cholce count, 3.0083.50. String beans — Supplies _moderate; demand light, market slightly weaker; Florida, 7g-bushel hampers, green stringless, 3.00a3.50; refugees, 2.50a 3.00; ordinary to fair quality and con- Peppen—Supp!m light; demand light, market steady; Florida, pepper crates, choice, 2.00a2.50. Eggplant—Supplies light; light, market steady; Florida, pepper crates, fancy, 3.00; choice, 2.00. 7% | dition, 1.5082.00. erate, market weaker; South Carolina, bushel hnmners. Laxtons, best mostly 2.5¢ 11523.00; some short pods, lemans 3 ‘Western lettuce ; bushel baskets, pplies moderate; demand u.m market dull Texas, Western let- tuce crates, bunched, 2.75; bushel bas- kets, 1.50a1.75, Cauliflower—Su] 11:- light; demand light, market ste: crates, fair quality, 22512.50, Cucumbers—sSupplies ligh ; Florida, bushel pers, fancy, 3.00; holdovers, fair condition, 1.50a2.50. Squash—Supplies moderate; demand 1.75. .Oranges—Supplies moderate; demlnd moderate, market steady; Florida, boxes, round varieties, No. 1, medium 7% | to large size, 3.50a3.75; No. 2, medium size, 3.00a3.25; Valencias, me- large size, No. 1, 4.00a4.25. —_— e TREASURY CERTIFICATES. (mflng J. & W. Beligman & Cop 1929 . 992833 993133 to dium % 32 900 25-32 gram 3,00a | Posal Lo ies mod- | Br! erate; demand light, dmlrket steady: | o, { un ‘Generally fair condition, | Can: flat Qregon Bnort Line 4s demand | Peas—Supplies liberal; demand mod- |2 Californis, pony | long stay below 10 per cent the local banks will be ml.unl a bigger profit on their | services than heretofore, while with the ; rate above 10 per cent, the out-of-town | banks will be better off. Under the ar- rangement which has hitherto been in force the New York banks charged 5| per cent of the interest paid on the loan. At a 10 per cent level the old charge is equal to the new. It was suggested on the Street y that the local banks had evidently decided that call rates are likely to stay below 10 per cent, but it is probablly that the members of the Clearing House had some other idea in view than a mere device to make a little more profit. It is | belleved that the amendment made yesterday represented only a part, and the least important part, of the pro- | discussed, which included a pro- 1o Mmit loans made for the ac- count of out-of-town banks to amounts of $100,000 or multiples thereof. Such | & provision would substantially cun dnvnkl :ut-o(-town lending in the call marke SILVER QUOTATIONS. NEW YORK, April 11 (#).—Bar silver, 56%; Mexican dolllrs. 42%. ° FOREIGN EXCKARGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value tor par). *_todes. Stocknoim, ¢ro SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid. ' Offer. Allis-Chalmers ‘Co. 8s 1937 s Aluminum Co. of Amer. 83 983 1 soiel & Telew, g? Ana per Ao o810 Bufimore & Onto 4138, 193 Batayian Pet. Corp. 4'3s Bell Tel. of Canada 55 1958 Corp. 38 91 10112 9913 104 e ‘k 252328858822828232F FEEET & Boston 41z¢ 193 t. Accep. Corp. 68 S I of 1 Himbie Off 5s 103 100: Internat. Match Corp. 38" i947. 1929 e Oll Corp '8les 1037, Bhet Doion il G- 88 1 Sinclair Crude oil Co. w.: 938 thern Pac. ds 38383 FFES SSFEEE Sou mwmern Bt & Co. 3¢ 153 s 3385838 5% LOANS 5% On High Class Residential Property Write for Booklet Jos. W. Brooks & Co. General Insurance Transportation Bldg. Frank. 2913 GUARANTEED 6% FIRST TRUST NOTES Secured on mew Brick Homes in North- west Washington—Occupied by Owners. CAFRITZ | 1018 14th St Main 9080 ~ CompLeTe FINANCING brllkl However, only about half ',he| ent on farms in the United States and 700,- | € GIGANTIC UTILITY “COMBINE IS SEEN BY LEMUEL:F. PARTON. Specisl Dispatch to ‘The Star. NEW YORK, April 11.—Bastern Gas. y|and Electric Utilities, pawns on the ;hesshoard of superpower, are being moved rapidly ‘into & massing of it holdin, rn' flnnneumem‘:: the United States the oil try of the inf public utility fleld—that is, in the form of utilities combinations, It is the newly fnrmed United Cor- poration, not exactly an investment trust and not exactly l ration, but & eor- ests holding the Middle West and the Electric Bond & Share Co. in the West and South, the new corporation moves toward a t integration of and electric utilities on '.he Atlantic sea- board and in New England. Geor H. Howard, {cmner law partner ght W. Morrow, and not unlike S Marrow in. his (actPul. and- defe ml!te%f industrial mt«mmhlp. rol- former associate into Morgan alliance as president of the Unlted Corporation. Mr. Howard is 45 years old and a aduate of Dartmouth College, class of 907. He came to New York virtually pennum in 1910. Nineteen years of work in reorganization and &un light. power and gas companies in flxe United States, Mexico, Cuba and countries have brought him leadership ln one of the most profoundly lmporun ~ Money to Lonn Secured by first deed of t: Prevailing interest and Joseph I. Weller {2 Wash. L. ,”;".";‘ Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benest Lie Ins. Oo. 1520 K Street Main 478 Consult Us First Ifs'you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Compnny Incorporaf Glllld. §900,000 Pald up Ca Commerelal National Bank Bidg. i 2 livery. Munsey Building Ist & 2d TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. nl -32 99 19-32 Union Pac 1st rf 8% | Union Pac %86 Virginia Ry 1at b Va Ry & P 58 Whash 4 %s 78 fl!ll ‘Wabash 2d 5: Wabash 68 76 B. ‘Wabash 5% 75. West Md 5%8 77 Western Pacifle §5. ‘Wis Cen 2n 48 49.. . THE (DEAL INVESTMENT Standard Collateral Trusteed Stock Slnm ke O jending onoo Hm& iterest to hv Su-dni c.unml Shnc O-p. Franklin 3783. did A Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 ‘Complete Investment Service ) GreeeT & Co. BANKERS { INVESTMENT BUILDING WASHINGTON, D.C. Telephone, Main 3450 ing a nm hodln corporation, com- e in ita feld 0 other | Real Estate Mortgage Loans | Accrued Interest and Other Payable FINANCIAL., Umted States Llns, Inc.‘ Preference Stock Cumulative, Participating, Non-Callable, Voting Shares “When Issued” ' BOUGHT—SOLD—QUOTED LSCantEr & C0. incorsoRATED INVESTMENT,; BANKERS MARYIAND I TRUST | BUILDING NEW YORK. ‘WASHINGTON Local Office: 512 WOODWARD BUILDING ‘Telephone Main 9629 FINANCIAL STATEMENT REAL ESTATE MORTGAGE & GUARANTY CORPORATION December 31, 1928 ASSETS Cash on Deposit in Banks. Real Estate Mortgage Bonds. . ..$ 72,130.92 611,624.75 3,486,918.51 4,936.57 .$4,175,610.78 d Fixtures Total Asse Furniture LIABILITIES Due Borrowers on Approved Loan: Notes Payable—Bank Loans.. Dividends Payable (Dec. 31, 1928) 8 22,236.38 Collateral Trust Gold Bonds. . 602,000.00 NET WORTH .$2,916,746.67 385,639.89 3,302,386.56 Total cooversersancinsnciienciocrcsnncnssess.$4,175610.78 Total net earnings from July 1, 1923 (date of incorpora- tion) to December 31, 1928 . . Less eleven consecutive dividends pdd semi-annually. .. Surplus and reserves December 31, 1928. AUDIT CERTIFICATE of hereby certify the foregolng Financial Statement. in condensed form. fo m & correct statement of the Real Estate Mortgage ranty AT oD e 3 i (Signed) Capital Stock. Surplus and Reserve +$1,307,507.00 921,867.11 -$ 385,639. WM. GORDON BUCHANAN, \ Certified Public Accountant. ||! Net earnings from January 1 to March 31, 1929............$64,610.02 L. E. Breuninger, Henry L. 3 Brueninger, C. S. Dunean, Thomas Somervi Edward C. Ernst, - Hayden Johnson, Thomas Somerville, Jr., nsburgh, Anton Stephan, R. L. Neuhauser, W. F. Stickle, Horace G. Smithy, Donald Woodward, MANUFACTURERS and JOBBERS The work incidentdl to the sale of Accounts Receivable is not complicated— Hand us a copy of your mast recent financial statement. i Sign an agreement wherein you do not guarantee to qivf us any | specified amount of busine . but can quit at any time. List the accounts and notes you desire to sell on our forms (sup- plied without cost) and attach duplicate bills and evidence of de- Wire or write for our representative The Finance Company of America AT BALTIMORE COMMERCIAL BANKERS Telephone PLaza 8450 Make YOUR Office The Proper Background of Your Business and Yourself ONE are the days when office efficiency was reckoned in terms of discomfort—the days when drab and dull intériors were positive. in tions of integrity, importance and respectability. Good taste has crossed the threshold of modern business and been wel- comed with open arms. FTER all there was no reason for the old regime of uglmess and discomfort. Not even the in_its favor. %u of economy could be filed or contrary to the general opinion, these newer kinds of offices imply no heavy depletion of your financial reserves. ET us study, your individual needs and work with you to keep the solution with- in the hmiu of your hudgct. Office - Purniture Section, Fourth Floor W. M. Moses & Sons FSueetatEkventh‘ Public Confidence Since 1861 Main 3770 .