Evening Star Newspaper, April 13, 1929, Page 25

FINANCIAL, BONDS ARE STRONG | Coxvew vors_BONDS sroee sxauscs] | 3B SHARFS FIRM AT SHORT SESSION Scarcity of High Grade lIs- sues Shown as Demand Increases. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, April 13.—The bond market today held up well toward the high level of $he week and showed fur- ther evidences that there was more de- mand coming in and that high-grade ssues were scarce. A comparison ef quotations today with those of a week ago shows a large) j number of very satisfactory advances both in the domestic and foreign lists. | ‘There are, however. still a score or more | of new public utility bonds of second and third grade credit and foreign is- Sues with a corresponding rating that have not been thoroughly liquidated and whose quotations in the last few days have dropped to the lowest since they were originally offered. ‘Today’s market did not contain any riking features. High-grade rails were up fractionally. Chicago, Mil- waukee & St. Paul 414s were conspic- uously strong. United States Govern- ment issues were irregular. The con- wvertibles, that have been responsible for volume this year, were nearly as quiet | as some of the mortgage bonds. Local tractions were steadier. There were a number of large blocks of Cuba Cane Sugar 7 and 8 per cent convertibles of- lfn“ed at the low level recently prvail- g. ‘The reports from Paris giving figures of the allies’ demand on Germany contained an element of optimism. The feeling prevails that within the next week the opposing interests at the con- ference will come together on a figure that will be acceptable to all. German and French bonds today were firmer. COTTON PRICES GAIN. NEW YORK, April 13 (Special).— More rain in the cotton belt than for several da; with predictions of un- settled weather generally over Sunday, | reduced selling pressure in cotton today and prices moved up 10 points, ending Wwith a gain of 4 to 10 points on the ?Iyzo 5Spnts were advanced 5 points | 0 20.7 High. 20.63 / —_ Washington Stock Exchange SALES. Potomac Elec. Cons. 55—8$1,000 at 10133, Washington Gas 6s “B"—$500 at 10413, | $500 at 10415, $1,000 at 105. Capital Traction Co.—3 at 98, 10 at 98Y. Potomac Electric 6% pfd.—10 at 112, 5 at 112, 10 at 112 Potomac Electric 5= pfd—5 at 10714. | Washington Rwy. & Elec. pfd—2 at 967, 10 at 96%. Second National Bank—10 at 249. Mergenthaler Linotype—3 at 107 Security Storage Co.—10 at 121, 10 at 121, 6 at 121. AFTER CALL. Washington Rwy. & Elec. 45—$4,000 at 86, $8,000 at ‘Washington Gas 6s “B"—$100 at 104. Clpn&l Traction Co—7 at 983, 10 at w-smngton Rwy. & Elec. pfd—10 at Wnsnmgmn Gas 65 “A"—$200 at 10215 Bid and Asked Prices. BONDS. PUBLIC UTILITY. id Offer. R Liaos ool 166 1021 | 100 MISCI:LLANEOUS Barber & Ross. Inc. Smryangerpilt Hotel sv Chestnut Farms Dairy 6%t Chevy Chase Club 5ts D. C. Paper Mfe. 6s. Eot. Joint, Stock Ld. Bk, 5: Mkt Cold Btorage 5 Wash: Sous. T Cor STOCKS. PUBLIC UTILITY. NATKONAL BANK. National Capits Second et National Bank of Washington TRUST COMPANIES. American Security & Trust Cq Continental Trust. Merchants’ SAVINGS BANK. Bank of Bethesda Commerce & Saving: EastWashington. Eotomac . Faing sum United Stat Washington Mechanics" American Corcoran Firemen’ National Union. TITLE INSURANCE. lumbia Title. BB i i 'Wash. Cons. Title pfd. MISCELLANEOUS. r & Ross Inc. com. cnev: Chase Dairy pi Band & Gravel nxu commercm Natl. Co. S Baper Mis. bid. . District Natl. Securiti Federal Storage pfd. American CO; Merunmner Linotype. Mg, & inv. DId.)! Stores p1d. Unluted Depnrtment. ‘BONDS. Army and Nl'y Clllb 5s. umnn lfn..n. Lib 1st 0‘( Lib 4th 4% 10 9720 9720 11 10081 100 30 100 20 4 104 103 20 107 26 107 26 FDREIGN. Argentine 5. Argentin Argentine May '61. vet 69 Bordeaux Brazil 6%s 1926, Brazil 6%s 1927, Colombia 6s Jan" Gl Con Pow Japan 7i Cuba 5%s... Czecho 85 1951 El Salvador 85 '48. Flat 7s x war 46 Finland 5%s. . Finland 7. Framerican 7 Greek 6s 1968. Haiu 6s. {ltaly 78....0.. ! ltalian Pub § 7s. | Marsellle 6s. Milah 63s. | Montevideo | Netherlands Norway 5s 1963, Norway 6s 1944. Orient Dev 5% Paris-Ly-Med 63 Paris-Ly-Med 7s Paris Orleans §%s. Peru 6367 w i, Peru 6s ctf: Pireili 7s '52. Poland 7s (re Poland 8s. Porto Alegre £s. Queensiand 6: Queensland 7 Rhinelbe Un 7. RhineWst EP 6: RhineWst EP 6553 Ri0 de Janeiro 6%s Ri0 de Jan 8x 1946 Rio GrDo Sol 65’48 Rio Gr Do Sul 8s... Rome 6%s...... Sao Paulo 1950 Saxon (PW) Seine 7s 4 Serbs Cr SI. Serbs Crot Slo Shinyetsu 6%s52.. Sweden 5% i Sweden 6s Swiss 5% Swiss Confed 8: Tokio 6%s 1961, Utd Kingm 630 37, Uruguay 6s 1960 Vienna s z Warsaw Yokohama 65 w 1 | Alleghany cv6s w1 AmAgrithem 73%s. Am Int Cor 5% AnSmit& R Am Sugar Ref 63 AmT&Tcltrés.. AmT&Tecltr AmT&Tstbs Am Tel & Tel 6 Am Water Wk Anaconda 1st Armour Del 5%, Atl Gulf S 5s.. Bell Tel Pa 5s B. Bethlehm Stl pm b3 Sklyn Edison b Certain-Td5%srcts, Chile Copper bs.... Colon Oil 6s°'38 Col Gas&EI| deb Com Invest 538’49 Com Invest 6s°48.. Con Coal Md 1st 6s. ConGasN Y 5%- Cuba Cane Cuba Can Dntroumnnnsuo. Dodge Humble O §: Humble O & R l!fil. [llinois Bell 1st 5 Kendall 5%s" Laclede G 6%s 52. . Ligget&Myers5ssl Loew’s 63 w 0 w: ManatiSug st 7%a. Midvale Steel 5 Mont Pow 68 43.... Nat Dairy 6%s. Nat Radiator 6%s. NewEnglandTel 5s. ‘Nor States Pow 6s. Pacific Gas & El PacT & T 1st 6s... 5Ga Phila Cfl b8 l1 w P&R C&I 68 wi'49. Philips Petro 6% s Por Ric Am Tob s. P10, Asked. .Pml'l’lllcl% SugarEstOriente? TennElecPow s 47 5 34 10 5 33 » 1 o Reo - Omsur-—u-oqan—m-—mflou-—oldqx:u =R o omo e — oma muSantraeSnn~oal 8n2an - © €1010010 50 00 OV I 19 89 =1 1 G5 0o e B b 1S e 8 11 98% 98Y% 3 108 102 104% 104 100% 103% 999 103% 102% % 104 104 Sales. High. Low. Close. 89 9! 106% 101 93 10726 891 103% 97 98 100 104% 107% 105 111% 109 84 102% 100 95 94% 98lg 106% 101 103 1201 844 96% 165 104% 108 4 103% MISCELLANEOUS, 103t 104% 104 100% 103% 99% 1034 102% 106% 104% 99% 100% 1023% 4 104 103% 70 95% 9% 39% 93 94 % 93 | 101% 104% 104 100% 103% 99% 103% 102% 106% 9814 104% 220 s Mwwmnnu . i 1liCent 4% 66 THE EVENING STAR, Direst to The Star Office Sales. High. Vertientes Sug 7s.. 1 91% Walworth 1 89% Vestn Un| 11 101% Westn Union 5 109 8 102 \Viison & Co 18t 6s. 1 101% Yogstn S&T 6s wi. 11 100% RAILROAD. . '8 Low. Atchison ad) Atchison gen 48 Atch deb 4%s '48 AtlanticC Lcl 48 Atlantic C L 4%s 64 974 | 101% 108% 907% 101% B & O 68 2000 D. B& Orfimp 6s B & O PLEWY ds. B & O Toledo 4s. Bang & Aroos 48 51 Boston & Maine 5 Brdway&7th Av 6s. Brooklyn Elec 6%s Brookivn Elev 6%s Bklyn Mannat 6s Buft R& Pitt 4% Can Nat 415 54 Can Nat 4%s 67. Can Nor 4%s 1935.., Canad North 7s Canada South 5 Carad Pac deb 4s Can Pac 4%s 46. Central of Ga 6s. Cent Fac 1st 65 90., Chesa Corp 65 w 1. Cnes & O cv 4%s. Ches & O 4759 Chigts 111 gn 53 61... CMSP. W Chi& NW 7s. Chi Rys 6s. Chi R1& Pgn4s ChiR1&Prr4s. CRI1Pac4gswi.. 4l Chi T H inc 6s 60 5 Chi Union Sta 5s 44 cccw Cuba Nor §14s ct Del & Hyd 53%s. Del &Jdud 78 30. ... 4:n & RioGen ds.. D Rio G West 6s... DRG & Wst 58" rie lSl cons 4s 103 Erie ovt 53 61w Fla East C5s 7 Fonda J&G 4% Gr Trunk stdb 6s Great North §s Great Nor gea 7s. Hud & Man aj 5: Hud & Man ref 1034 1013 109% 72% 91y 93 111 Cent Chi 4%s. .. [11-C-C-StL&NO 5s. Int Kaptd Tran 5s. . Int Rap Tr s stpd Int Rapld Tran 6 Int Kap Trans 7s Kan City Term 4s.. Lake Shore 4s 31... Lehigh Valcn 4s. .. Louis&Nash unt Louls & Nash 7s. MStP&SSM5%s. MK &TIstds..... MK&TprinssA. Mo Pacific gen 4s.. Mo Pac 58 A 65..... Mo Fac 5s F 77. Mo Pacific 65 G '78. NatRyofMex 4s 77.. NYCrfim4lgs... 95 101% 70 Y NH&H cv db 63, NY NH&H cit 6s... N Y Ont W 1st 4s N Y State Ry 4% N StateRy 6%s NY Sus & Wn 5337 NYW&B4RKs.... Norfolk & W cn 4. Nortnern Pacific 4s. Northern Pac 68 D. Nortnern Pac r i 6s. Ore Short L rfs 4s. Ore Wash 1st 4s. Penna R R 4%s'63. Pennsyl 5s 64. < Pennsyl 6% Pennsyl gold 7s.... Pere Mar 1st 4s 56.. PCC&SLL 58 B 75... Port RL P 6s 47. Reading gen 4%s A St L IM&S R&G 4s. L&SFpI4sA.. SLL &S Fr4%s 78,12 StL&SFprinbs, 2 StL & Sown 6s°'62.. 1 Seab A L con 6s SBAIlFla6s35 Sou Pac 48 29 Sou Pac clt 4s, Sou Pacific ref 4s. Sou Pac 4 %s rets, Sou Ry zgen 4s.. Sou Ry 6%4s.. Term Asso S L 4 TexArk FS 5%s 60. Texas & Pacific 1st. Tex & PPac 6sB 1977 Third Ave adj 6 Union Pac 1st 4 Union Pac 4%s 67.. virginia Ry 1st bs.. Whbash 4 3%s 78 rets, Wabash 5%s875.... West Maryland 4s.. West Md 5%5 77... Western Pacific 6s. 98 West Shore 432361. 2 86% e GERMAN BONDS AND STOCKS. . NEW YORK, April 13 (Special) .- Ger Oavt M Loan with dri - aw- attached per 100 R M. 65, Loan without draj poiseme 86 26% re-! Prankfors a-M 45 pre-wi. Munich fs pre-var, uoted in dnll man Ge Bice, pid B lec) P ierz and Privat Bank. H 3358535555323 4skasassE Bonanaghosas-s 7 BoEaE3BRAL| SERSES peBRaawd 2333325332833 £232338533™ =SS5 8882 5.2 Austrian 4 % i ustrian K‘mefil')eu-n Eiec) BALTIMORE STOCKS Gpecial Dispatch to The St 2 H =s=;§_=§sg.. 35 United Porto | HyeneinLe e 'm. %flfl““ * Stock to, Be Exolumd NEW YORK, April 13 M’).—Dlfiflan A Do:ler ways & Unltednpercento(m- stock. 4 9% 92 Dth mw ¥ NEW YORK CURB nwnummwnnmunemom INPROFIT-TAKING= Gains During Week Are Mod« ified by Realizing Today. BY HARRY H. BECKER. Speclal Dispatch to The Star. NEW YORK, April 13.—Realizing | sales today modified the size of this week’s gain in recent leaders on the curb exchange, but did not altogether check buying activities. The tone of prices was irregularly firm, featured by a reversal of mhrest in some of the financing company se- curities, especially Goldman Sachs & Haygart, and continued demand for a few oils and Ford of Canada new. Goldman Sachs moved up several points and there was considerably more activity in Haygart. Arcturus Radio Tube continued to feature the radio group retrieving most of the reaction {’rom the record high established Fri- ay. Mills were less buoyant following pub- lication of the good news responsible for their late strengths. ‘The assets and business of the Bendix Corporation and its subsidiaries are to be transferred to a new aviation con- cern now being formed. Utility stocks reacted under profit taking and the aviation shares remaincd quiet and somewhat heavy. Announce- ment was made that Fokker will be list- | ed on Amsterdam Stock Exchange Mon- | day, but this had no cffect. Other stocks which stood out on the side of advance included Tidal Osage, in re- sponse to news that the company had accepted a tentative offer for a merger with Darby Petroleum, on a share-for- share basis. Stockholders will vote on N. ‘he proposal May 14. Tidewater Oil is a large holder of Tldll Osage. U. S. EXPORTS BRAINS TO AID WORK ABROAD By the Assoclated Press. NEW YORK, April 13—A growing item in America’s “export” trade is per- sonal advise on engineering projects and efficiency counsel for foreign industries. Large construction companies which specialize in foreign activities are re- ceiving requests for assistance from governments and private industries in all parts of the world. Moscow’s new housing program, in- volving the expenditure of $100,000,000 yearly, is expected to give employment to a considerable staff of American technical advisers. et CHICAGO STOCK MARKET. High. Low. Close. 8 89 40% 40 3812 154 41 Sales in hurdreds. 2 Acme Steel ... 12 Abbott Lab om B pid . Bib Bt ar vid "fan Radio & Telev .. 2: Ith Ed.... 240 3 Construction Mat Cor, 3 Construct Mat Cor pf 13 Consumers ,3 Davis Irduslh.\ Sorp X 15 Gerlach-Barklow 2 { Gerlach-Barki o 9t 251> Gt Lks Aircraft. 25 Grigsby Grunow. 1% Hall Wm P Prin¢ Co. 1 E 81> Houd-Hershey B Mapes Consol 39 Marks Bros T nen »id 23% Mid Stl Prod i 3 Monsanto Chem 1 Morrell (J) & co 3 M I 1 Vorclone ¥ Warchel West ‘Cont, ta 14 io Total nle;. 95,000 ‘shares. 'BONDS. nnnm it BE Ter 82 43230 TREASURY CERTIFICA' W. Seligman, & Co, n.;",fl?"’u’.‘f‘n"’ e A" G, i o g“,g: B il % FOREIGN n'xcmon. (Quotations furnished by W. B. Hibbs & Co.) Selling checks Fopih ot sanpe e Bendix and American Rolling i 221 55 er Supe: rly 1 Anllo Chil Nitr Apporaus Co. 54 APBoirus Radi 9 Ark Natl 50 Gi El . 32 Asso fl & El deb A0 Dadkd Aher A 1Cent States El w 1 Eent Bia'sh Komy brd l‘l'm 1 Ghain Store Stock 1 Charis Cor) 12 Gheck b, Mlu y 8t Ltd | 8ot Batmnol B 35 Commonwlith Ed 60 Cons Auto Mer vt¢ § Cons Auto Mer, bf 123 Gurtise Fivins 2 2 Curtiss )laem ie ot Wi ga Inc 11De For R 3Dommmn St Lid n.. Donner Steel . 1 Bobiier & & R 1 Durant Mot. 32El Bond & 2E Iovest In El P & L op 3 Em Pow Cor 3 Fajardo Sug teel Prod. 3Fed Metals ctf 3 Free: 64 Freshman Chas Co. 2 Gamewell Co. 5Gen Al 9Gen Bak 1 Gle: 254 Goidman Eachs i orham Mfg. 16 Gotham Knit} Hall Lam, 3 Happin C sz A : 1 Hartman s 2 Rubens 1 Hevden Ghem 3Hiram Walk G & W 71 T HoYlers Sers of Bel 2 arad: Food Prod Wi, Intern Ul B intern_Util pfd Iron Fireman Mii Irving Air Chute Ital Superpow A . . 1i Naumb 5id 47 of. { Louistana Land § Mac Marz Stores wi- Pal § ‘Tndust ‘ine: 20t E“ety cUll!lDl XIZ: El v i s aS Py SEESERE S2828 L Baas *E 85! ES S Bwasd SRS w IO 8000 0O e DSt <% iy SFuna 51T 2900000002 3: w’é‘: ldnd Cams son in Co Ca) lohawk Mine New Cornelia Newmont Mij J Z| RZR! nm?.-c»aw-mn_uu-«- Utah, Apex . Wendon Cop P i s l:l’"lfllxeng!Pm‘"A OIL STOCKS. 9 4m S lbo 1 23 ] ° lCI Go 9 cll‘lb 13 Gities &er 2Cit f;e rl:f'? Sales in __STANDARD OIL ISSUES Al units. 400 Anglo Am O 100 Chesbr'eh Mu . 2700 Contl Oil. Sales in thousandsi » &P 5 A 10 Al pow®abue %t % 88, >>>>>>>ggz g5 72y 3 ot W E m Co Amer % 'n 1015 Ium Lid 35 48,0 8% & L0 85 20781080, Roll o el ] B 951 % w° l"z: G & E 4128 '48 ww 11 s Sim Hrd 6'zs '33 862 ates Vaive B_8s 42 10 ell T Can 38 B 57 s 00 e O s 00 S B 0 0 ) ] § ;! 38 9000009900 8 &8 ey v s Serv Fow D58 sz Term Bidg G B4 425D 5T Q! Q00! 9983 E22I83 .,.4 o250 n Do s erracarons 2333882832 1 Harpen €5 368 Rub 76 L2880 325383 Buwa 0022 22! e 28tand P & L 7 Swift. & Co 5532 Eannlls A, '87116% B '53. 6% ales FOREIGN BONDS. in thousands. 2 Antwerp, City 8s T E £ 17 Buenos Al B Alrel s 74710314 1 o P sv’,s 37 8 ) ’l9 ( 1 S bruscken, s '35: Tva¥in warrants. £ # uu % 21% 14 | subways and in 1903 it leased the Man- 1 5% 1 3 Washe BFet o 4 . RD ! FORMER sunsmmmss—.s-mcxu | 1927 | 1928 | . 2 2 16% | 5% 160 2 3 | fixed charges were to be paid. What re- ' 19% |5 cents. 40 %:, | silll remained, and to make matters 2 93 103 25 f .w ; drop in price shown on the chart. It is 92 A p"rough had received $4 more would be ;, | per cent at present prices. 21633 8233838555 SHORT-TERM SECURITIES. 238885833322 555 255! P 4 | fled” stock, 1/hich pays nothing. = 2 SETORE | RER FE FINANCIAD BY KENNETH S. VAN STRUM. NEW YORK, April 13.—The recent decision of the Supreme Court that the 5-cent fare must stand delath a direct Diies, cuuaing ah unisually sudden - an un: ly re- versal of fortunes. Interborough Rapid ‘tnmlt end Mmhnmn Elevated were t_affected, while Brooklyn-Manhat- hn ‘Transit experlemd some unsettle- ment in price also. Interborough Rapid Transit. The Interborough Rapid Transit Co. ‘was formed in 1902 to operate the sub- way system which the City of New York was building. The first part of the subway was opened in 1904. In ad- dition to their leases on these city-owned subways, the I. R. T. purchased capital stock of the company which built the hattan Raflway Co., which owned all the elevated railways for 999 years, agreeing to pay interest on its bonds and 7 per cent on common stock. ‘The Interborough, from the nature of its origina) charter, has had to be de- pendent upon the decisions of the city government. whenever it wished to change a contract. In 1916 the com- pany, with all other traction companies, was faced with a serious situation, caused by a tremendous ris: in the operanng expenses and the increase in the number of automobiles. Not being able to adjust itself readily to the situ- 50 30 10207l (AL MANHATTAN ELEV RY "'trmr,,“fim”f 50 ation because of its contracts with the | city, the Interborough went further into debt. Finally, in 1919, a new agreement was formed whereby all receipts, except | those from the elevated lines, were 1o | be put into a fund frem which all mained was to be divided between thc | company and the city. At this time a | | series of contracts were signed, among j which was one which fixed the | Legal Decisions. In spite of these attempts to better its | situation, however, the basic difficulties worse New York City began to build subways which would compete against Interborough. Finally the company | made an attempt to raise the fare to 7 cents. The subject immediately be- came a political issue in the city, at- tracting much attention. ‘The question of the legality of the pro- | posed 7-cent fare has caused fluctuations | in Interborough’s stock for several years. In May, 1928, the Federal Statutory Court granted a 7-cent fare on the basis that the 5-cent rate, returning only 2.5 per cent on the value of subway properties, was confiscatory. The sharp ;| Tise in the compeny’s stock occasioned by this decision is apparent on the chart. The city, however, managed to s i siay the decision until the Supreme | { Court could review the case. '1 That the Supreme Court decision |against the 7-cent fare was a disap- pointment is indicated by the 20 poxm widely believed that the only course lefi for the Interborough is to enter into an s | agreement whereby the city-operated s | lines and the L R. T. and B. M. T. Hnes | | will all be operated by a quasi-public corporation. If such a plan does not work out, many feel that the company will be forced into a receivership in a ! few years. | | Manhattan Modified. | the Interborough originally ; lcased the Manhattan Elevated it agreed 3 | to pay interest on bonds and 7 per cent on common. In 1922 an adjustment {plan was put through whereby the com- |mon dividend was reduced to $5, with the understanding that after the Inter- | When Only 95 per cent of the Manhattan Elevated stockholders agreed to this plan, and since the lease states that it cannot be changed without the unani- mous consent of all stockholders, the Interborough was forced in 1924 to p-y iat the 7 per cent rate on the stock held by the dissenters. Thus, this block of stock carries a dividend of $7 and selis about 40 points higher than the “modi- Brooklyn-Manhattan Transit. ‘The Brooklyn-Manhattan Transit Co. was formed in 1923 as a holding com- pany to take over control of the Brook- lyn Rapid Transit, which operates sub- | ways, elevated and surface cars and | busses in Brooklyn and Manhattan. Un- | | like those companies whose business is chiefly in Manhattan, B. M. T.s busi- | ness, especially that in Brooklyn, has| increased steadily since 1923 and earn- ings have risen from $2.74 to $6.62 a share. Thus the dividend of $4 seems well secured, and the yield is over 6 Although B. M. T. has been able to| cope successfully both with difficult problems confronting all the tractions and with the city in making contracts, the Supreme Court decision against I R. T. caused a small decline in its - 20 STREET CAUTIOUS ON OFALLON CASE Failure to Forecast Decision in Interborough Suit Is Recalled. Special Dispatch to The Star. NEW YORK, April 13—After its un- fortunate experience of last Monday in misinterpreting the early portions of the United States Supreme Court deci- sion in the Interborough Rapid Transit case, Wil Street will be more cautious in passing judgment in advance on what is same court may determine as to the merits of the St. Louis and O'Fallen Rallroad case, which is expected at an early date, possibly next Monday. More has becn written on what is known as “the greatest law suit in his- tory” than on any other corporation case before the United States Supreme Court in years. Elaborate analyses have been made of the possible effects of favorabie or unfavorable decisions based on what the court may determine to be due the St. Louis and O'Fallon road in the matter of valuation and “recapture” features. Legal Precedents. The legal precedents to be established by the argument of the Supreme Court may well determine the immediate movements of railroad securities and the dividend policies and credit prospects of many of the carriers for years to come. The main issue is that of appraising the property of the railroad for rate making and “recapiure” purposes on the basis of (a) investment value or (b) cost of reproduction at present prices or at prices that may have ruled at a given period subsequent to the date of Interstate Commerce Commission valu- ations. For some reason or other, the senti- ment has grown that the Supreme Court, may not render a decision that will ab- solutely clear up, the disputed questions involved in the St. Louis and O'Fallen case, but that it will leave open for further argument vital points requiring several years of litigation to settle con- clusively. The unwillingness of the he court to deal with certain features in the Interborough fare case has strengthened the Wall Street idea that, when dealing with the St. Louis & {O’Fallon Railroad, the court may be | ;omewhat evasive in its decision. Railroad Stocks. Railroad stocks are in a good tech- nical position to resist an unfavorable judgment in this vital case and to | benefit from an opinion that might be regarded as generally favorable. There has been no exploitation of them to {any extent and with the reactions that have occurred in the group as a whole from the high level of the year, they have reached an average where they produce a larger income return than that of any other important body of high-grade stocks. the measurements of prices to earnings, they are also in a better position than most of the groups of industrial and public utility shares. Some of the stronger roads. like the Atchison, Chesapeake & Ohio, Union Pacific and Pere Marquette have been showing earnings making them amen- able to “recapture.” It is the opinion of railroad lawyers. however, that even in these instances the right of the Gov- ernment to take from a road its excess earnings would be disputed and that actual payments on such revenues would be indefinitely delayed by a long- drawn-out legal contro Y. N. & W. SEEKS TERMINAL. ‘The Norfolk & Western Railway has asked the Interstate Commerce Commis- sion for permission to aequire and operate ‘municipally owned terminal properties at Sewells Point, Norfolk, Va. The properties include about 300 acres of land, a modern grain elevator, with service tracks and concrete bulkhead, for storage and loading grain into ves- sels, and two merchandise piers, with similar facilities for transfer of freight between vessels and railroad cars, l’llm Power I.me BALTIMORE, April 13 (Special).— petition was filed with the Public Serv- ice Commission yesterday by the Con- solidated Gas & Electric Co. of Balti- more, asking permission to build an electric light and power line from Friendship, Anne Arundel County, to Owings Station in Calvert County. At- tached to the petition was another signed by 21 residents living along the road of the proposed line. of the fact that such a decision greatly lessens the hope that B. M. T. will be able to raise its fare either. There is also some doubt as to the terms under which B. M. T. might be able to enter into Untermeyer’s proposed plan to unify the city’s traction systems if it is carried through. (Copyright, 1929) BUILDERS—SPECULATORS 260 lots in fine N. ction. Wil sell Al of part at an atiraciive price. = Call Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Bepresenting Mutual Benefit Life Ins. Co. 1520 K Street Main 475 stock. This is easily explainable in view AsFeBoS T TIRS)'T Over a Third of a Century Without a simple SA FOR YOUR CON- We have arranged a Partial Payment Plan that makes it possible to purchase our 69% FIRST MORTGAGES —in convenient periodical pay- ments—out of income. Here you have complete security—and the full return on your invested money. shall be glad to give you the MORTGAGES VENIENCE— We details. UL CO. 925 15th St. N\W. SAFETY