Evening Star Newspaper, April 24, 1929, Page 15

FINANCIAL., CONVERTIBLE BOND LIGTIS IRREGULAR Market Slows Down Some- what as Favorable Fac- tors Are Discounted. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, April 24 —The pace of the bond market was not quite so fast today, with indications that the recent rise in prices had discounted some of the Javorable factors in the situations such as easier money, buying to replace the United States Steel Corporation maturing issues and the additions to the list of bonds legal for savings banks in New York State. ‘The first line bid up sharp! , have.again become inact 2 prices off 1 to 21, points from their highs. The sec- ond line of 415 and 5 per cent rails are marking time at the levels quoted at the end of last week. Here and there in the legal list of public utilities a_scant supply results in an advance of substantial fractions to a point in individual issues, but with no conspic- uous upward trend in the general group. Not all of the weak situations have yet been liquidated,. judging from the veral rather low credit pub- and railroad mortgages brought out last year. A case in point is the Oswego Falls 6s which have dropped from 98! to 80, or about & 6 per cent basis to one of nearly 8% er cent. There are still some un- liq[u‘d:lll‘d positions also in the foreign ist which were The convertibles today were quieter and irregular. On small transactions Anaconda Copper 7s rose 3 points and on moderate trading International Tele- phone 41:s and American International 5158 gained fractionally. Apparently the purchases for the sinking fund have been completed in the Dodge 6s, as the bonds were off 11> points from day’s high. Cuba Cane Sugar 7s lost a point and the 8s rose fractionally. Goodyear 5s and United States Rubber 5s both advanced 1%. National Dairy Products Ts sold above 97, but did not hold their price and interest paper 5s were heavy. German government 7s were stronger in the hope that there may even yet be some workable plan proposed in Paris. French municipals and rails have been well bought recently. The latter have benefitted by the succession of increased dividends recently an- nounced by the privately managed com- panies. South Americans and Italians ere better. United States Government issues were steady There wete two issues of municipal bonds offered today, representing com- munities on either side of the continent and both on a 4'» per cent basis. CHICAGO DAIRY MARKET. CHICAGO. April 24 (&) —Butter— ts, 6,424 tub: . 4414; extra firsts, 2a4233; seconds, 40123 Eggs—Lower; receipts, 18,627 extra firsts, 27 firsts, 26a ;' ordinary firsts, 251,: storage packed firsts, 287:; storage packed ex- y — Alive, easy; receipts, 15 trucks; ~fowls, 30; broilers, 40a47; roosters, 20; turkeys, 30; ducks, 24a30; geese, 19, APPLE CROP DAMAGED. BALTIMORE, April 24 (Special).— Serious damage to the apple crop in the Hagerstown section of Western Maryland is reported to the local Weather Bureau after the temperature dropped to 29 degrees, with heavy frost Monday night. Peach and other early fruit trees probably escaped damage, it was said, but strawberries did not. Washington Stock Exchange SALES. Wash. Gas 6s “B"—$400 at 103, Pot. Elec. 6% pfd—10 at 113. Wash. R. & E. pid—10 at 9713, 20 at 9715, 15 at 9715, 5 at 975, Firemen's Ins. Co.—5 at 41. Natl. M. & Inc. pfd.—$1,000 at 535. Real Est. Mtge. & Guar. pfd—100 at 7z, AFTER CALL. ‘Wash. Gas 6 $1,000 at 102%, Wash. Gas 55—$500 at 100%,. Merch. Tir. & Stge. pfd.—10 at 110, Wash. R. & E. 45—86,000 at 86%. Wash. Gas 6s B—$2,500 at 10415, Fed.-Amer, Natl, Bk.—3 at 335. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4% Amer. Tel. & Teiga: 413 N NEW YORK Received by UNITED STATES. (Saiae are (o $1.000.% L LI Lib1st4%s Lib 4th 4% e US3%sd3. U S48 1944, US4ksba. 3 105 Sales. High. Low. 16 98 98 10 9926 9920 9 77 9920 9926 0se 98 9 20 9929 98 98 105 FOREIGN. High. Low. Close. Argentine 8s Ju 7 Argentine May 4 Argentine 6s Uct 59 10 %s'62. 10 Argentine 6s B. Australia 4348 66. .. Australia bs 1956... 10 Australia 6s 1957.. 10 Bank of Chile 6%s.. 5 Bank of Chile §% Eelgium 7s 1965. ?Be:mum 78 1956. Belglum 7% Belgium 8s. . 1 Bolivia 7Tsct '69.... 13 Bolivia 8s 7 Bordeaux 6 Canada 5s 1931, Cunada 5s 1952, Chile 75 1943. Christiania 65 2 Colombia 6s Jan'61, 10 Copenhagen b= ct.. Cuba 6%s.... Czecho 8s 1952, Denmark 4%s. Denmark 53¢s, Denmark 6s. DEI5%s Nov 53 Dutch East 1 6s 63.. Fiat 7s x war 46. Finland b%s. [talian Pub 8 7s, Japanese 4s.. . Japanese 6%48..... Kreuger&Toll 5s ct Lyon 6s. . Marseille 63, Milan 6%s. Montevideo 78....4. 'w So Wales 58s.. rd 615, ... rway 58 1963 Norway 514s. Norway 6s 1943 Norway 68 1944 Norway 61%s 1952.. 1 Orient Dev 514557, Paris-Ly-Med 6s. Paris-Ly-Med 7s... Paris Orleans 5%43. Pirelll 7s '62 Poland 68 40....400 Poland 78 (Icts) ..., Poland 8s. Prague 71;s. Queensland Queenstand 7s. RhineWst EP RhineWst EP 65’563 RbineWst EP 78’60 Rio de Janeiro 6%s Rio GrDo Sol 68’48 Rome 6%s. Saxon (PW) Ts. Seine 7s 42... Serbs Cr Slav 7s Serbs Crot Slo 8s. Soissons 6s. Swiss Confed Tokio 5s. Tokio 6% Utd Kingm 6% Uruguay 6s1960. Uruguay 8! Vienna 6 Warsaw 785! Yokohama 6s wi... 24 99% 99% 99% 96'% 100 100 100 96 100% 3 99% 86 5% 103% 10275 106 2 10826 10822 10824 BON Private Wire THE EVENING § es. High. Tenn Copper TennKlecPow United Drug 68 Utilities Powr 6% Vertientes Sug 7 Walworth 6s '45... 8 Walworth 6%s '35, 64 West Elec 58 . 8 Westn Union 6361, 8 Westn Union 8%s.. 2 White EagleOb%s 6 Wiison & Co 18t 6s. 14 WinRepeatAr 73%s, 1 107 Yngstn S&T s wi. 56 100% RAILROAD. 2 N 101% Ann Arbor 4s. At&SF cvi 4s Atchison ad) Atchison gen Atch deb 4%s AtlanticC L 4%s Atl & Dan 18t 45 43, Atl&Dan2d4s48.. 1 B &0 Gold 14 38 Brooklyn Elec 6 %8 Brook!vn Elev 6% Bklyn Manna Bklyn Un El bs sta. Buft R& Pitt 4% Bush Term con 5i Can Nat 414830, Can Nat 4%s 67, Can Nor 4%s 193 Canad North 6 Canad North 13 aSumlantmenere . Car Clinch&O 6s 62, Central of Ga 6 %s.. Central Pacific 4s., Cent Fac 1st 58 90., Chesa Corp 6s wi.. Cnes&Ocviks... Ches & O gn 4%8s... Ches& O 4%s'93 A Chi B&Q gen 48 63.. Chi B & Q 1st rf by -t RuSmmRonwrrm e 2 b3 4 |CB&QII3%s 103% 103 102 d02% 109% 6% 88 103% Y8 107% 36 8215 82% 94% 94l MISCELLANEOUS. Abram&Straus 5%e 6 Ajax Rubber 8: 2 Alleghany cv b AmAgriChem 7% Am Chain 6s°33 Am Int Cor 5138 AnSmit & R 13t Am Sugar Ref Am T &Y el tr 4 Anaconda 1st 6: Anaconda cv db 7s. Armour&Co4%s 3! Armour Del 6. Atl Gulf S bs. Atlantic Refin 5s, Bell Tei Pa 5s B. Bell Tel Pa6sC..en Am. Tei & Tel. cil. tr. 5s. R. R. & Ross, Inc., lis anderbilt Hotel '655.... arms Dauy 6 Club 51 STOCKS. PUBLIO UTILITY. n_Gas Norfolk & Wash Steamboat. Eotomac” Elec. 2 » pid ‘o pi NATIONAL BANK. National Capital. . 8 o 4 oln . National Metropolitan Rigss American Security & Trust. Continental Trust. SAVINGS BANK. Bank of Bethesda & S remen’s " National Union: TITLE INSURANCE. Bethlehm St pm 68 Beth Steel rf bs.... Beth Steel 548 63.. Bethlehem Steel 6s. 62 Certain-Td5%srcts 8 Chile Copper 68....105 Colon Oil 68’38, 25 Col Gas&E| deb 25 Com Invest 5%s'49 €6 Com Invest 6s'48. 8 Con Gas N Y 6% Con Coal Md 1st Consumers Pow Cuba Cane cv 7s. Cuba Cane Cuban Am Suj Detroit Edison 6i Dodge Dugquesne 4%s 67.. East Cuba Sug T%s 2 Gen Cable 5% s'47.. 10 Fisk Rubber 8: Gen Mot Ac Cor Hoe & Co 6%s.. Humble Oil 5s.. Humble O & R 6%: [1linois Bell 1st 6s. Ilincls Steel 4%s. Inland Stl 4%s'78 Intl Cement 68 4i Intl ch Int Mer Marine Int Paper bs &' . 11 4%scv199 KanCity P& L bs., KanG & E6s 62 Kelly-Spring 8s.... Kendall 5% 548 war Laclede G 5%s 52.. Ligget&Myersss5l, Loew's 6s w o war, Lor{llard §s. . ELT S =TSSPy Louisv G & K 63 62, ManatiSug st T%s. Midvale Steel bs. Mont Pow 58 4 Mont Power deb bi Mor’'s&Co 18t 4%s. Nat Dl:’i’! 5Ys.. e Dist. v Federal Siorage pfd. Federal-American C9. Federal-American D! Lanston _Morotype. Merch. Trans. & 12 Merchants' Tran. & Stor. pfd. aler Linotype. 1 e. & Inv. pid. rue Store prd. Mtge. & Or. e. Wash. Medical Bide Gorp: ‘Woodward & Lothrop »id. T 05 wEamneSaeboan - 0 we Nor States Pow Pacific Gas & EI 8 Pac T & T 1st bs. Pac T& T 6s53 Parameunt Pathe Exchange 7: 3 0 109%0109% 100% 100% 102% 1024 1041 104 97l 9T 103% 101% 10314 99% 103 103 106% 98 101% 218 91 91 102% 103% 104% 70% 95% 106 99% 103% 106% 103% 99% 83 984 112% 102 106% 1% 85 100% 101 102% 97 103% 92 124 102% 105 110% 94 108% 1023 994 865y 864 108% 102 96 99 101% 983, 87% 96% 2% 103% 113 91% 105 993% 106%. 110 100 101% 100% 106 104% 101% 101% 102% 101% 104% 104 40 100% 100 <80 92% %% 109% 6 88 103% 983 10Ty 864 821y 94 109% 100% 1024 104 97% 104 1014% 104 9% 103% 103 106' 984 104% 102'% 1034 104% 72% 95 106% 100 103% 106% 103% 100 83 987% 1125 102% 106% 9435 85 100% 101 102% 97 103% 92 124% 102% 105 110% 94 103% 102% 994% 8634 86% 108% 102% 95 99% 101% 98% 8% 87 2% 108y 13 9y 105 99% 106% 110% 100 101% 100% 104% 101% 101% 104% 100 91% Texas Chi&E 11l go bs 6. Chi Gt West 45 59.. CM&StPgn8d... ChiM&StP4%sC89. ChiMiISP&Pac5s?5, CMSP&Pacadi5s03, Chi NW 4%s 2037., Chi Union Sta 53 44, CCC&StL 4 %8 B 17, CCC&StL bs D, Clev Term 5s. Cuba RR6S....000 Cuba R R 651936 cf Del & Hud 1st rf ¢s Del & Hud 5s.... Den & Rio Gen 4s.. D Rio G West 5 Seavacats - o ~-Ne Fla East C874.... Fonda J&G 44552, Gr Trunk stdb 6s. o G Great Nor gen 7 HavEl Ry 6852.... Hav El Ry 6%s61.. e & e et Coume 3 & 13 IntRysCA 6572 Kansas City S 5 Kan City Term 4s. Lake Shore 43 31. Lehigh Val cn 4 . LehiVgen 43s 2003 Louis&Nash uni 4s. L &N 4%s2003..,. Louis & Nash b% - s Bowwmmewikre~n wo Mil EI Ry & L6861 MEK&T48B....os Mo Kan&T 4%s8'78 M K & T adj bs. . MK & T prin s A Mo Pacific gen 4s... Mo Pac 6s A 65..... Mo Fac 68 F 77, . Mo Pacific 6s G '78. Mont Trm ref 5s 41. Nassau El 4s 61.... PSS oo - Nor Pac 3s 2047.. Northern Pacific Northern Pacr Ore Short L ri Ore Wash 1st ¢s. Pennsyl con ¢4, 4 © am manEonwen - o KZam | Pa Ohlo & Det 4 Peo& Elt 4s 40 Port RL&P T} 46. KeadIng gen 4148 A R1ATk& L 4% St L IM&S 4829, St L IM&S R&G 4 StL&SFpl4sA.. &2 StL&SFra%s78 237 StL&SFprinbs. 17 St LS Wcon 4s 33, 50 StL & Sown 68 '52.. 31 St P & KCShL 4%s. San A & Arn P 45 Term Asso S L 4s. Pacific 1st. Close. %|Fruit Shipments Are Also "% 1 4.00a4.50; few 90 W 8, . Waest Shore ¢ 2361, dozen-bunch crates, green, iy CONTINUES LARGE Ample at D. C. Whole- sale Market. Strawberries and early vegetables continue to pour in from North Caro- lina and other States in the South, most of the berries coming from North Caro- lina growers. Increased receipts of the berries resulted in lower prices. Dealers report the berries of splendid quality and in excellent condition, but no ex- ceptionally large ones have yet been received. Quantities of extra fancy oranges were offered this morning by whole- salers, the stock of small fruit being somewhat lighter, according to dealers, and prices continue fairly cheap. Fancy stock came from both California and Florida. Cholce quality grapefrult was not so plentiful this morning. Wholesalers had large quantities of the small fruit to. offer, however, prices being low enough to enable retailers to sell them as low as eight for a quarter. Poultry Market. Large quantities of fine quality as- paragus were received from severs sources yesterday and today. Much of the supplies came from North Caro- 1ina and South Carolina, Maryland and Delaware growers sending fairly liberal contributions. ~Prices, as to size and quality, ranged from $2.50 to $6 a crate. There is every indication of a drop in prices in the poultry market to such an extent that consumers will again be able to take hold. Some prices al- ready have decreased, dealers reported, and lddmomlddecrnses are anticipated the next few days, Spring chickens, alive, quoted at 50 and 55 cents the past few days, were offered at 48 and 50 cents this morning, dressed stock being quoted at 50 and 55 cents. Turkeys so were slightly cheaper. u‘é' Tecelpts continue fairly heavy. The eggs have been received in splendid condition this season, due to weather conditions, and dealers say all eggs now offered should be fresh.” Prices have continued without change the past week or two, dealers report, and indi- cations this morning were that they would continue without much change until the warm weather sets in. There was no scarcity of commodities this morning, with the possible excep- tion of pouliry. Meat prices continued high, with only a fair demand regis- tered, dealers reported, there being very little trading. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. e tter—One-pound prints, 4614a4715; hll?uds‘-_'fiis'z;poswre packed, 29230. Eggs—Hennery, 28a20; {resh selected, 27a28; current recelpts, 26. Poultry, alive—Turkeys, 35; Winter chickens, 42a45; Spring_ chickens, 48a 50; fowls, 34; Leghorns, 30a32; roosters, ducks, 25; keats, young, 60a75; old, 35a40. Dressed — Turkeys, 35a40; Win- ter chickens, 45a48; Spring chickens, 50a55; fowls, 36238; Leghorns, 35; ca- pons, large, 50252; small, 45a47; ducks, 32a33; keats, 80a1.00. Meats, fresh killed—Beef, 22a24; veal, 25a27; lamb, 30a32; pork loins, 33a34; fresh hams, 26; fresh shoulders. 20; smoked hams, 28; smoked shoulders, 1 bacon, 22; lard, in bulk, 14; in packages, 14™al5 Live stock—Calves, 16: lambs, 18. Fruit and Vegetable Review. The dally market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricuitural Economics) says (sales to jobbers ex- cept where otherwise noted) g ‘Apples—Supplies light: demand light, market steady: barrels, no sales report- ed; boxes, Washington, medium to large sizes, extra fancy Winesaps, 3.00, few higher: bushel baskets, Virginia, S No. 1, 215 inches up, Winesaps, 2.25; U. 8. No. 1, 21 inches up, Winesaps, 1.60a 1.75; unclassified, 2% inches up, Wine- saps, 1.75; U. S. No. 1, 233 inches up, Yellow Newtons, 2.35a2.50. Asparagus—Supplies liberal; demand moderate, market slightly weaker; South Carolina, Hartville section, doze: crates, green, long, very large size, 5.00a 5.50; large size, 4.00a4.50; medium size, 3.00a3.50; Delaware and Eastern Shore unch large size, 3.50a4.00; few fancy, very large size, 5.00; medium size mostly around 3.00. Cabbage—Supplies liberal; demand light, market steady; South Carolina, barrel crates, pointed type, mostly 2.25; 115-bushel hampers, pointed type, mos*- ly around 1.25. Celery—Supplies light; demand light, market steady; Florida, 10-inch crates, individually washed and precooled, 4-6 dozen, 3.00a3.25; ordinary quality show- ing black heart, 1.50a1.75. Lettuce—Supplies moderate; demand light, market slightly weaker; Arizona, crates, Iceberg type, 4-5 dozen, 5.00a 5.50; fair condition, 4.50; North Caro- lina, 5-peck hampers, big Boston type, fair quality, leafy, 1.0021.75. Onions—Supplies light; demand light, market about steady: old stock, no sales reported: new stock, Texas, standard crates Yellow Bermudas mixed No. 1 and No. 2, mostly 2.00. Spinach—Trucked-in stock supplying the market. Potatoes — Supplles light; demand light, market slightly stronger: New York, 150-pound sacks Round Whites, U. 8. No. 1, 2.25a2.35; Michigan, ]%0- 0. pound sacks Russet Rurals, U. 8. 1, 2.25a2.35; new stock; supplies mod- erate; demand light, market steady: Florida, double-head barrels, Spaulding Rose, U. 8. No. 1, 7.25. Strawberries—Supplies liberal; de- mand moderate, market slightly weaker; North Carolina, 32-quart crates various varieties, wide range, in prices mostly good quality and con- dition, 5.00; few fancy higher, ordinary quality and condition, 3.00a3.50. 'I‘omlmn——surphes light; demand light, market slightly weaker; Florida, Originals, 6s, and ripes and turning wrapped, mostly green, fancy count, 6.50 27.00; choice count, 5.00a5.50; repacked, as ripes and turning, wrapped, fancy count, 8.00a8.50; choice count, 7.00a7.50. String benna—sugpues liberal; de- mand moderate, market steady; Florida, 7% bushel hampers, green, flat type, mostly 2.75; some ordinary quality and condition, 1.50a2.50. Peas—sSupplies liberal; demand light, market steady; South Carolina, bushel hampers, 1.50a1.75; fair quality and condition, 1.00a1.25; poorer low as 50; California, 40-pound crates, few sales, 3.7524.00; few fine quality and condi- tion, 2.00a2.25; North Carolina, 5-peck ‘hampe fine quality and condition, 2.7523.00. Peppers—Supplies Tight; light, market steady; Florid: crates, fancy, 4.00a4.50; cho! 13.50. . mune—s‘mpuuuxum; Ngxunh—rggp:’ll;u lclgfit' demand light, market dull; Florida, pepper crates, fancy white, wrapped, 3.00; fair con- gitlangasect =0 e Gpal Sales. High. Low. Close. B1977 16 09 99 99 6 194 9 4% 9% 934 89t 87 12 98% 98 984 8 1034 1034 103% 98% 9814 102 102 9% demand Tex & Pac b 5 9 TAR, WASHINGTON, D. NDSsmoce mxemanca] | EGETABLE SUPPLY al | year and increase the income of their ¢.” WEDNESDA By the Associated Press. NEW YORK, April 24—New securi- ties offered today include: City of Los Angeles 4'; per cent bonds (81,250,000, July 1, 1928, to July 1, 1929-1964, and 4% per cent bonds ($900,000), April 1, 1929, to April 1, 1930-1965, to yield 4% per cent to 5 per cent. Block of Standard Power & Light 6 per cent gold debentures, due February 1, 1957, to yield more than 6 per cent. WANY FIRMS FAVOR INCREASES IN STOCK Original Investors Benefited by Plan Which Insures Wider Distribution, Bpeclal Dispatch to The Sta: NEW YORK, April 24.—The increase from $600,000,000 to $700,000,000 in the capital stock of the Pennsylvania Railroad which was voted upon yester- day is expected to be followed within a comparatively short time by an offer tor shareholders of the company to sub- scribe to additional stock at par. This will mean that Pennsylvania stockholders will be given valuable “rights,” as they were last year, when they were permitted to take up an additional $62,500,000 stock at par. The interesting point, however, is whether or not the Pennsylvania management is to follow the precedent of other large American corporations in the past shareholders through the medium of stock “rights” rather than by that of higher dividends. he two railroad dividend increases that a few months ago were discussed as probable this year were those of the Baltimore & Ohio and the Penn- sylvania. On the assumption that the rates would be increased Baltimore & Ohlo common stock sold as high as 133 last month and Pennsylvania at 82} in January. Both are now_ off considerably from these figures. Last week the Baltimore & Ohilo announcea that it would issue $41,000,000 of new common stock, giving shareholders the right to subscribe for it at par. It has since been understood that the divi- dend is not to be raised in June and that shareholders will obtain thelr benefits through ‘“rights” instead of in the form of the 7 per cent rate whicn had been earlier considered. The Pennsylvania Railroad is now g:ylnz 7 per cent. It is believed that esident Atterbury and a majority of his board of directors favor the maintenance of this rate, which is ap- proximately one-half the amount being earned per share of stock, giving Penn- syivania shareholders the privilege of buying more stock well below the ruling market price for the present shares. In both instances this represents a cer- tain amount of caution and unwilling- ness to commit the two Eastern carrlers to a dividend rate that might be bur- densome in the event of a dip in the volume of traffic later in the year. ‘The practice of splitting up stocks and enlarging the volume of outstand- ing shares is one that has gained mucn favor in the last few years. It has been adopted by many of the important in- dustrial companies, including General Motors and United States Steel, and by some of the largest public utilitles, notably American Telephone & Tele- graph. . CHESAPEAKE & OHIO. Increase of $32,742 in Gross Reve- nues for March. RICHMOND, Va, April 23 (#).— Gross revenues of the Chesapeake & Ohio_Rallway Co, for the month of March, 1929, were $10,311,909, an in- crease of $32,742 over the same month last year, as shown in the financial re- port of the company forwarded to the Interstate Commerce Commission today by W. J. Harahan, president. The report shows: Operating expenses were $7,135,855, a decrease of $154,792 as compared with March of last year; net railway operating income is $2,639,- 827, an increase of $122,154 over March of last year. The net income after all charges for the month of March, 1929, was $2,062.902, an increase of $163,470 over March of last year. The operating ratio is 69.2 per cent, compared with 70.9 per cent for March of last year, or a decrease of 1.7 per cent. For the three months ended March 31, 1929, the company shows gross reve- nues of $31,332,792, an increase of $1,- 560,430. Operating expenses were $21,- 240,727, a decrease of $352,405. Net rail- way operating income was $8,596,323, an increase of $1,868,754. Net income after all charges is $6,819,046, an in- crease of $2,013,300 compared with cor- responding period of 1928, The operat- ing fatio for the period is 67.8 per cent, a decrease of 4.7 per cent as campared with the same period of year ago. RPN AN ‘The history of mankind is an im- mense volume of errors. Money to Loan Secured by first deed of trust on re Prevailing interest and c Joseph 1. Weller § W Mortgage Money Loaned At Low Interest Rates N Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 First Mortgage and Construction Loan Applications Invited at 5% Glover & Flather 1508 H St. N.W. A Complete ‘Investment Service \ | GiLeeT & CO. B8ANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone, Main 2460 99 984 - 99 87% 87% 81 | APRIL 24, 1929. PASSING OF CREDIT STRINGENCY IS SEEN Economist Points - Out Recent Signs of Easing Money Market. lxmnilu Dispatch to The Sta ‘W YORK, April 24.—Dr. Geo; W. Edwards, chief economist of Sw:l‘ee, Webster & Blodget, says that the re- serve position of the Federal Reserve continues to improve, with a ratio now in excess of 70 per cent and almost up to the level of a year ago. ‘The rediscounts of the member banks are not expanding, the credit position of the Reserve Bank itself is strong. During the past month there has been &n increase in the non-commercial loans of the banks, however, until the loans secured by stocks and bonds of member banks have reached a total of $7,059,000,000. This is an increase of ‘35,500,000 over last year at the same e. Dr. Edwards explains this ificrease, as Charles Mitchell of National City did last week, “by the fact that high rates for call money and wide margin requirements are inducing many indi- viduals to hold their securities outright and to shift from brokerage to bank credit.” This total amounts to almost 60 per cent of the total earning assets of the member banks. Brokers' loans have gone down $233,000,000 from the high of $5,793,- 000,000 in March. While March financ- ing, which exceeded & billion dollars, was in excess of the same amount last year. For the first time since last Summer the amount of bond financing has shown a declded increase in March, ex- ceeding that of the preceding month. Dr. Edwards belleves that the credit situation is being cleared up very rapidly. (Copyright, 1929, by North American News- paper Alllance.) NEW BUILDING WORK. NEW YORK, April 24 (#)—New building and engineering work for which contracts were let in the week ended April 19 is valued at $117,753,400 £ by F. W. Dodge Corporation. The esti- mate, covering States east of the Rockies, was $12,500,000 less than the total for the corresponding week of 1928. DIVIDENDS. Stock of Corporation. record. Alleghany St 3 Apr. 30 Blauner's Q May 15 do b . Butler Bros .. Q Calumet & Hecia Consol Cop Co — Chile Copper ".. Compagnie Stand Franco-Amer . Contl Secur pfd Federal ~ Water Service Corp.. *Q Gen Asphait pfd Q Greenfleld Tap & Die Cor 6 bl Q do 87 pld... Q Irving Air Chuté Init Jones & Laugh- lin (5100 par) Q Ext. 1.00 June 20 May 31 1 1 1 50 May 15 May 2 1 87'2 June 28 June 1 1928 -—— 1 May 15 1 May 2 1May 15 1 June 15 1 June 15 1 June 15 1 May 13 1 May 13 1 June 13 15 May 3 June 1 May 15 June 1 May 15| May 8 Apr. 30 31 = % — $125 June 50 June 125 June 120 July 200 July 50 July 1% June 17 June 134% July Q@ $1.62'2 May Q 100 100 .50 200 June 19 May pid .. 5 Ligett & AMvers Tobaceo Co. .. do_common ern Ry Co... Q Ofistocks Ltd'A Q .12'2 May 15 Apr. 20 4 . Q .12'; May 15 Apr. 30 old_Colony " In- vest Trust .. S.A. 40 May 15 May 1 Pierce Arrow 6- ptd ........*1InitQ 150 June 1 May 10| Untted Engineer- | ing & Fdry.. .40 May 10 Apr. 20 | o . Ext. .20 May 10 Apr. 30 do prd . Q 13,0, May 1u Apr. 30 Zonite Prod Co Q $025 ' May 15 Muy 6 *50.50 in cash or 1/50 share in stock on | class iDividend is for period March 1 to May 31. s b st TREASURY CERTIFICATES. (Reported vy J. & W. Seligman & Co.) Rate—Maturity 2 Bid, © Offer. 4145 June 15, 1929 9929-32 9931-32 4305 Sept. 15, 1029 992032 9931-32 41%s Sept. 15, 1929 g Mortgages Investments JAMES Y. PENNEBAKER Main 5328 1520 K St. N.W. Commodity Notes Vegetables. SAN FRANCISCO, April 24.—The avacado pear growers of California, with a largely increased acreage, expect to market 2,000,000 pounds of this salad vegetable this year. About two-thirds of | || the output will be handled by the co- operative organization of the growers. Fruit. SPRINGFIELD, Mo.—The Ozark strawberry season is getting into full swing. The berries ripened 10 days earlier than usual and are now goin Northern, Eastern and Western markets in good quantities. Lumber. POTTSVILLE, Pa.—The Philadelphia & Reading Coal Co. has started to re- forest its bare mountain lands and will grow its own mine timbers in the fu- ture. The company says the freight alone on Southern mine props has been & burdensome item. Steel. ASHTABULA, Ohio.—An expenditure of $40,000 for a new addition to the plant of the Empire Steel Co., to house new annealing furnaces, has been au- thorized. Coal. CHICAGO.—Buyers of coal for ship- ment on the Lakes are holding off in anticipation of price recessions. Strenu- ous competition between Northern and Southern operators, with Pennsylvania and Ohio operators having an advan- tage in freight rates, leads to the ex- pectation of a cut. . SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) fTer. Allis-Chalmers Co. 55 1937. 9912 10014 Aluminum Co. of Amer. 55 1983 101's & Tel. Co, 99% Copper Min. 65 1953. 108%4 Baitimore & Obio 4'25 1933.... 977 Batayian Pet. Corp. 4'ss 1942, Bell Tel. of Canada 55 195! Caiifornia_Pet Canadian Na . 5753 1937 El Il. Boston 4is 1930 981, . 68 1937 ;"l‘n e Oil 545 1932 Internat, Match Corp. Qregon Short Line 42 1 Shell Union Oil Co. 55 £ niol Sinclair Crude Oil Co. Southern Pac. R. P Ce 55 1953 9fis estern Electrie Co. 5s 1944: 1 10214 Wheeling Steel Corp. 5'as 1948, 992 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) | Nominal gold Selling checks e (o) today. London. pound. Paris, franc. . Brusceis. beiga. Berlin, mark GUARANTEED 6% First Trust Notes Secured on Improved District of Columbia Real Estate National Mortgage & Inv. Corp. Investigate Our First Mortgage Service 1004 Vermont Ave. Contact with the Center of Financial New York Ovur direct communication fa- aoffice in the center of financial New York provide a ready means for the rapid transaction of New Yark banking business, T EQUITABLE SECURITIES SHOULD YOUR WIDOW BE LEFT TO MANAGE YOUR ESTATE? Tnexperience in ‘handling financial affairs has caused many a family to experience hardships due to bad invest- ments. —Name our Trust Company to look after your affairs when you are gone. Our Trust Department is at your service LIBERTY NATIONAL BANK Let us have your applications LOANS ON REAL ESTATE Immed Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. Courts %, 1935, @ 99. efers Apt. I » 1939, Bid. Natlonal Mort. & Inv. Com., New, 105 N '"n‘;o';" Mort. & Inv. com., old, aranty 3 fis Wardman' Mortsage & Dis- gount @ 4 325 Miller Train' Contr 10 Internation: G Stanley-Cran 10 F. H. Smith 20 F. H. Smith 2 on Ball @ Great Nat, Insurance “‘new,’ @ 22, 0 Products Units o ets pfd. i ificates, Bid. ternational Finance Units @ ‘8. Securitles pfd. Bid. 5. Securities, com. Bid. THOMAS L. HUME 1412 G St. Main 1346 Over Third "L’;”fllfl" i of a Century Ezperience g% ’I We’ve the Organization —that makes our manage- ment of properties efficient. What our cost will be more than offset by your relief from responsi- bility—and probably increase in income. B. F. SAUL CO. Main 2100925 15th St. N.W. services “ONever Disggpoins” «KNOW <O When in doubt sbout the 1 layout and composition of any kind of printed matter you may feel free w0 call on Tue Service Stop. g We shall endesvor to prove*I Never Disappoint” 0 your individual satisface tion and benefit. BYRON - S ADAMS he Service Shop Mai~ 8203 512 ELEVENTH The Most Economical Safe is the Diebold HE most expensive safe is the safe that fails to protect. bold safes are built to furnish the utmost in fire and burglar protection, they are the most economical for you. prices start at $60 for the small sizes. Because Die- The THE W.D.CAMPBELL COMPANY BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercial !Interiors 1018 15th Street A A AV AT 1506 L Street buyer. Home Owning. LONG TERM LOANS —are of a great advantage to the home They permit the borrower to pay small amounts semi- annually. avoid the trouble and expense incidental to a re- newal, and are in every way the Easiest, Surest and the most Economical way to Through arrangement with the Met- yopolitan Life Insurance Company we are prepared to offer such loans. No Commission Charges EAVER BRO REALTORS 809 15th St. N.W. Martgage Loan CorresfionJent Metropolitan Life Insurance Company Main 9486