Evening Star Newspaper, April 25, 1929, Page 15

United States Government security, there is nothing novel in the form, in that it would correspond closely to one of the oldest and best established types “In the third place, these bills could | new instrument for the employment of be made to mature on the actual, ra- | temporary luzlul funds, which, be- }hetrx than the nominal, dates of tax col- aum’:" mhaul uent and convenient ection, ma 8l ve most popular.” “In ‘the fourth place; the discount Ao 2% THE IDEAL INVESTMENT Standard Collateral Trusteed Common DONESTE BNDS | = BOND S ] [HILS DIEISES Private Wire Direct to The Star Office CONTINUE STEADY Foreign Issues Hold Firm Despite Disturbances in European Couniries. BY CHARLES F. SPEARE, Bpecial Dispatch to The Star, NEW YORK, April 25.—Considering the sharp advance in the discount rate of the Bank of Germany today and the political disturbances abroad due to the Spring elections, the foreign bond mar- ket gave a good account of itself. German issues, which would be ex- pected to reflect the European financial and political development more than others, were steady. The government 7s actually sold at a higher figure than in several weeks, crossing 106. Some of the provincial and municipal bonds were fractionally lower, and there was a small decline i the Central Bank for Agriculture 6s, with which the Ameri- ‘can market has been most liberally sup- plied in the past two years. Hungarian and Austrian municipals reflected the advance in the rediscount rates in those countries. French and Belgians were steady. Bolivian 7s ad- | vanced about a point, while the Irish 58 rose even more to the highest price of the year in anticipation of another loan to be negotiated in New York. ‘There were several significant move- ments in the speculative industrials. ‘The report of the receivers of the Wick- wire Spencer Co., for 1928 made a good comparative showing and permitted the 7 per cent bonds to recover all of the loss of the last two sessions. Cuba Cane Sugar 7s and 8s rallied to a level about 6 points above their low.of the month. It is fully expected that the July cou- pon will be paid. Eastern Cuba Sugar 7158 were also strong. Dodge 6s dropped about a point at the opening and then held fractionally under yesterday's closing. There was not a great deal of change in the ac- tive convertibles, whose trend was low- er most of the day, in sympathy with the market for stocks. The strongest junior rails were St. Paul adjustment 5s and the gold 5s, and Rock Island 4!5s. Seaboard Air Line 6s were fractionally lower, Mis- souri Pacific 4s dropped a point and New Haven and Frisco 4° were somewhat lower. Chesapeake & Qhio new 4!s have recovered nearly the full amount of the 5-point break that followed the dissolution of the syndi- cate. One of the strong legals today was Great Northern 4!2s, rallying a point. There were slight concessions in the U. S. Government list, especially in the Liberty 3';s and 4l4s. ‘The Big Four Railroad is asking au- thority of the Interstate Commerce Commission to issue $24,000.000 4> per cent refunding bonds to retire the $15,- 000,000 6s due July 1 and for additions and betterments. SILVER QUOTATIONS. NEW YORK, April 25 (#)—Bar sil- wer, 55'4; Mexican dollars, 4112, CHICAGO DAIRY MARKET. CHICAGO, April 25 (). —Butter— Yower; receipts, 6,460 tubs; creamery, extras. 44: standards, 44: extra firsts, 43a4315; firsts, 4224215; seconds, 401, 41, Eggs—Higher: receipts, 30,056 cases; extra firsts, 271,a28; firsts, 26%;a ‘' Sa0 Paulo 851936 storage ! Sa0 Paulo 1950 27: ordinary firsts, 25!a26; packed firsts, 2815; storage packed ex- tras, 29. Pouitry—Alive, steady; receipts, 1 car; fowls, 30; broilers, 41a47; roosters, UNITED STATES. 9925 9919 35 9727 9726 12 10429 104 17 10417 6 10830 10823 10830 REIGN. FO - Bank of Chil Belgium Belgium Eelgium Brazil 8s.. Canada s 1931 Cunada bs 1952 Con Pow Japan 7s. . Copenhagen 43%s 53 Copenhagen be ct.. Cuba b%: Czecho 8s 1951 Czecho 8s 1952 Danish Munic 8s A, Danish Munic 8s B, Denmark 4 % Denmark 513, Denmark 6s. .. DI 15%s Mch & Dutch East 1 6 4 Dutch East 1 6s 62 Flat 7s x war 46 French 7s. French 7% German EI P 6% German 7s.. Ger Gen Elec 7. Greek 651968, Hungary T%s, Irish Free State 5s. 87 Ltaly 78.c00uee (talian Pub 8 7, Japanese 63;s. . Kreuger&Toll §s ct Milan 6348, Montevideo 7. Netherlands New So Wales 57 New So Wales 68, Norway 6s 1943. Norway 6168 195 "o Pirelll 78 '62, Poland 65 40. Poland 7s (ret: Poland 8s. . Queensiand Queenstand 7. Rhinelbe Un 7...... Rhine\Vst EP 68'53 RhineWst EP 6s'53 Rio de Janeiro 6 8. Rio de Jan 8s 1946. Eome 6%4s.... o881 "o Saxon (PW) Seine 7s 42 Serbs Cr Serbs Crot Slo 8 20; turkeys, 30; ducks, 24a30; geese, 19. Washington S.tock Exchange SALES. | Washington Gas 6s “B"—$100 at 103, $100 at 103. Potomac Electric 6% pfd.—5 at 11215, 1 at 11215, Potomac Electric 5'; % pfd.—4 at 1071}, Wasllflngion Rwy. & Elec. pfd—5 at 9715, National Mtge. & Inv. pfd.—200 at 5%, 300 at 5%, AFTER CALL. Capital Traction Co.—20 af. 9815. Washington Gas 6s B’ Potomac Electric Cons. 55—$1,000 101, $1,000 at 101. Washington Gas 6s “A"—$1,000 at 10275, $2,000 at 10235, $2,000 at 1023;. ‘Washington Gas 55—$1,500 at 1001}, $500 at 10013, $500 at 100%%, $500 at at 1004, ® Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 47 Tel. & Telga. 4'.s & Ty “at ofter. C. & P. Tel. of Va. 58 Capital Traction R. R. 33 City & Suburban 5s. ioi 100 1011 108 Potomac Elec. 1st Potomac Elec. cons Potomac Elec. 65 1953.." . Wi Alex. ‘& Mt. V. ct] Balto nnap. MISCELLANEQUS. Barber & Rose. Inc.. 8la: Cham-Vanderbiit Hotel Chestnut Farms Dairy Chevy Chase Club 57 D. aper Mfg. 6s. Wash: Cons. Ticle Cor e or STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga Capital Traction Washingion Gas. Norfolk & Wash. Potomac Elec. Potomac Elec, Wash. Rw: Wash. c. NATIONAL BAN National Capital bia incoln ", Z National ' Metropolital Riges ... Srcond National ‘Bank of Was TRUST COMPANIES, American Security & Trust. Continental Trust. Merchants' Bank, Natfonal Saving & Trust. Union Trust. Washington Loan & SAVINGS BANK. American Core.ran Firemen's National Union TITLE INSURANCE. Real Estate Titi Title & Inv. Co. of Md. com. ‘Wash. Cons. Title pfd Barber & R Chevy Ch Col. Sand ommerci Lanston Morotype. . Merch. Trans, Merch. Trai Mergenthaler Finoiyp atl. Mtge. & Inv. pfd. ] eogies Drup Storgs Real Est Mise. & Gr. Shinyetsu 6%s 52 Sotssons 6s. Sweden 515 Swiss 638 Swiss Confed 8 Toho El Pow Tokio bs. Tokio 6% 1 - Utd Kingm 5%s 29, Utd Kingm 6% 37. 2. Uruguay 65 1960. .. 17 marorhremESE AN Rram e oSl et S el wtasammrnaaERE 2 4" Yokohama és wi... 11 100% 1034 99% 93 9274 108% 85% 9% MISCELLANEOUS. Abram&Straus 5%s 12 Alleghany evss wl. 30 Am Chain 6s°'33. Am Int Cor § Am NatGas 6 148'43 AnSmit& R 13t 6 Am Sugar Ref 6s A Al Am Tel & Tel 6% Am Water Wks bs. Am Wrtg Pap 65’47 Anaconda 1st 6s. Anaconda cv db Armour&Co4%s 39 Armour Del §% 2 Associated Ol 6 Atl Gulf S bs. Atlantic Refin 5. Bell Tel Pa bs B, Bell Tel Pa 58 C Bethlehm Stl pm b8 Beth Steel rf 6s.... Beth Steel 5% s 53.. Bethlehem Steel 6s. Sklyn Edison b Certain-Td5 %srcts Chile Copper Colon Oi1 Col Gas&! Com Invest 5 Duquesne 4%s 67 East Cuba Sug 1%s Fisk Rubber 8 Gen Cable 5%s "4’ Humble Oll bs. Humble O & R bi4s. 13 [llinois Bell 18t 6: "I 1 [ndiana Steel 6s.... Inland Stl 4%8°'78, Int] Cement s 48 Intl Match bs 47 Int Paper 68 47 Inter Pap Int Tel&T v 4 Int Tel&Tel 4%s cv207 KanGAESsbz... 2 Kendall 5358'48 war 12 Lackawanna Stl bs. 13 Laclede 6s.....¢ 5 Laclede G 5%862.., 4 Ligget&Myersbssl. Liggett & Myers 7s Loew's Inc §s. . Loew's 63 w o wa: Lorillard 6%s. Lorillard (¥) 7a. Louisv G & E 68 62, ManatiSug st T%s. 21 Midvale Steel b: 1 Mont Pow 6s 43 Mont Power deh | Pacific Gas & E1 88 10 PacT & T1stsa... 4 1 18 ramount s 1947 6 Peopies Gasbs.... 6 PhilaCo6s67ws 61 P&R C&I 6s wi'49. 31 Philips Petro 6%s. 26 Plerce-Arrow 8 Rie Am Tob 109 104% Bales. Postal Tel & C5%s. 17 ugarEstOrient Tenn Copper 63 B'4 TennElecPow 6s 47 ‘Transcontl Ol 6% United Drug 68 53 U S Rub 1st rt 6. US Rub 7% U S Steelnfbs... Utah Pow & Lt 6s. Utilities Powr b % Vertientes Sug 7s. Warner Sug 7s 3 Walworth 68 "45. Walworth 6148 '35, t K160 68. 00000 « | Westn UntonGs 61, Westn Unton 6%s.. White Eagle O 5%8 1 Wiison & WinRep Yngstn S&T bswi. 32 100% 1004 RAILROAD. 103t 7 88 99% 93% 92%4 1014% e roemuainerabianiieSe naan 114% 108 Atch deb 4%s Atl & Dan 1st 48 Atl & Dan 2d 4s Atlantic C Lel 4 B & O Gold 4 B&Ocv 4% B & O ref bs. B & O 55 2000 D B&O 1stbsct B&Orfimp 6 B & O SWhs 60. B & O Toledo 4 Boston & Maine bs.. Brdway&7th Av 6s, Brooklyn Elec 6%s. Brookivn Elev 6%8 Bkiyn Mannat 6: Buft R & Pitt 4%s. Bush Term con Canada South 5s. Central of Ga 68.... Central Pacific 4 Cent Fac 18t bs 80, Chesa Corp 68 w 1, Ches & Ocv 4%s... Ches& O 4%s'93 A Chi B & Q 1st rf bs ChiR1&Prf CR1Pac4% ChiStPM&O ChiT H & 8 E s, Chi Unlon Sta C& W15%se6: CCC&SIL 4%s ET7 CCC&StLbsD.... CCCaStLriésAa Clev Term bs Colo & Sou 4% Cuba R R b8 Cuba RRT%8..000 Cuba Nor 633 cts, Del & Hud 5%s. Del & Hud 7s 3 Gt Nor 4%s 76 Grt Northn 4 %s & Great North § 111 Cent 48 52 111 Cent 48 53, [11-C-C-StL&NO Int Rapid Tran b Int Gt Nor 58 1956 Int & G Nor 1st 6: Int&GtNor ad) 6s 53 IntKysCA Int Ry C Am 6s 41 Kan City Ft S 4s Kansas City 8 58 Kansas City 8 3s. Kan City Term 4i Lake Shore 4831 Man Ry 18t 45 90 Market St 78 40, Mill El Ry&Lt 4%s Mil KI Ry & L 6s 61 Minn & StL ref 4 MK&TprinbsA. Mo Pacbs A Mo kacbs F77..... Mo Pacific 65 G 78, New Or Term 4s. N X Cen gen 3% N Y Cent 4s 98 NY C&StL 4%sC.. NYChi&StL b%8A. NYChi&StL 6% B, NYC&StLG6s New Ilaven 3%s 5 New Haven 48 55. NY NH&H db 48 67, NYNH&H4%S.. NY NH&H cv db 6 NYStateRy 6%s 63. NYWaBil Northern Pae 58 D. Northern Pae r | 61 Ore Short L rf: Pennsyl gen 4 Penna R R ¢% Pannsyl 58 64. Pennsy) 6%8. ..e0s Pennsy! gold 78, 3 Pa Ohlo & Det 4%! Pere Marg Lst bs. Philippine RR 4: PCC&StLb6sA.. PCC&SBIL 58 B 75.. Portland EI P L, Read:ng gen 4% Reading J C RIATK& L 4%s, Seab A L ref ¢ 17 SeabAL ad; 6a 1940 22 Seab A Licon 6s.... 75 SBAlFiaésdsA. l: % Sou Ry gen 4s 06% 1064 Sou Ry Con ba. FUE mifl;u. s Low. Close. 944 9% 185 185 b F o 93% % 994 100% 2% 101% 105% 98% 96 9% 101 108% 99 924 91ty 2% 90 9% 103% 101% 108 102 101% 107 NEWU.S. FINANCING Treasury Bill Plan Described as Beneficial to Gov- ernment. Before a record attendance of Wash- ington Chapter, American Institute of Banking, at the Raleigh last night, ‘Undersecretary of the Treasury Ogden L. Mills gave the views of the highest authorities in the Treasury on the pro- posed new methods of Government financing by the use of Treasury bills, The idea is similar to the plan employed with brilliant success in Great Britain. While Mr. Mills does not consider it revolutionary, yet it is a most important innovation and has already been pre- sented to Congress. ‘The speaker was presented by Presi- dent. Robert V. Fleming of the District Bankers’ Assoclation and I. J. Roberts, chairman of the institute’s forum com- mittee, presided. Mr. Mills was ac- corded an ovation following his address. He said, in part: “One of the primary duties of the ‘Treasury Department is to see that the Government aiways has . on hand sufficient funds to meet its obligations, including public debt maturities, and to do 80 in such a way as to effect a minimum disturbance to money and business conditions. If taxes and receipts flowed uniformly throughout the year, and expenditures ran an even course month by month, there would be no real financing problem, but this is :rue neither of receipts nor of expendi- ures, New Plan Described. “Our present method of financing was developed during the war. It was well adapted to meet emergency war con- ditions, and, generally speaking, has continued to function effectively and smoothly during the post-war period, which has witnessed Government financing of a magnitude second only to that of the war period. Certain defects have, however, developed, and the Treasury Department feels that they can be remedied and, in addition, that the Treasury will be in a position to conduct financing with greater economy and flexibility if it is au- thorized to issue a new form of Govern- ment security—that is, a Treasury bill, sold on a discount basis. “The bill introduced by Senator Smoot and Representative Hawley would authorize the Secretary of the Treasury to issue from time to time Treasury bills on a discount basis, with a maturity not exceeding 12 months, to be sold for cash, under competitive conditions, at the lowest, rates bid by prospective pur- chasers. It should be pointed out that, Wwhile this would be a new type of T Sales. High. Low. Close. 121 121 121 98% £O% O8W 09 99'% Sou Ry 6%s Term Asso S L. Union Pacific Uniton Pac 4% UnionPaclst ref 5: Virginia Ry 1st 5 of commercial paper, the bankers' bill The Treasury bill has been used for many years by the British Treasury as a -most convenient and economical medium to obtain funds to meet current needs. They have so, developed the system of financing by means of Treas- ury bills that, with weekly offerings, daily issues and daily maturities, they have obtained a degree of flexibility that enables the Treasury to adjust its cash positions practically from day to day. In London the weekly issues aver- age about £50,000,000, and as the bilis are m:llm!uued !o:‘ a thre'e n‘fa:,_l-::' period, the aggregate amount outstard- ing is very large, averaging about £600.- 000,000. It isn’t our purpose to proceed on anything like the British scale, but we believe that a monthly offering of a comparatively stall amount of 90- day Treasury bills would offer a number of very definite advantages: “In’the first place, competitive bid- ding for these bills should enable the Treasury to get the lowest discount rates consistent with current market condi- tions, rather than to be obliged to make {: best estimate of what a rate should “Secondly, certainly as to part of the expenditures that have to be met during each quarteny period—and, notably, in- terest payments in April and October— the sale of the Treasury bills could be s0 adjusted as to avoid the borrowing of funds in advance of requirements, with a consequent heavy interest cost. More- over, there are periods when it is e tremely difficult to estimate with ac- curacy Government receipts. Under the new system, should Government re- ceipts exceed estimates, the cash posi- tion could be promptly adjusted by per- mitting Treasury bills to run off with- out new issues; and, conversely, if re- ceipts fell below estimates, the cash re- quirements could be met promptly, without the necessity of excessive - rowing in advance to provide a margin of safety. A Complete Investment Service GreeeT & Co. B8ANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone, Main 2460 HAWKINS NASH “Conveniently Located on 14th Street” 1529 14th St. N.W. Dec. 3320 rate having been fixed by the market itself, the securities having been bought for cash by those who mean either to hold them as an investment or for, secondary distribution, they would mot be subjected to the same pressure as ou: present certificates, which, being paid for by deposit credit, itself an in- ducement to subscribe, are frequently immediately resold at less than par, with damage to the Governraent credit. “Fifth, ordinarily it would not be necessary to sell any considerable amount of bills at times of temporary stringency and high money rates, such, for insatnce, as prevailed in March of this year; and the Treasury would, on the other hand, be in a position to take 1ull advantage of pe of ease. “And, finally, the Government would, T think, get the full benefit to be de rived from furnishing to the public CoMmpPLETE FINANCING Ist & 2d TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Company Inecorp: d Pald up Cash Capital, $900.000 Commercial National Bank Bids. 14th and G The Commercial Naticnal Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and is earned to DAY of withdrawal. Come in and let us explain. Resources Over $19,000,000 14th & G Streets R. GOLDEN DONALDSON, President hAn;:el;p. Hl?hmi imported 400,000 rrels of apples season, as against 10,000 barrels in 1927-28. be to your interest to Investigate. Standard Collateral Shares Cox Franklin 3783. Wood Money to Loan Secured by first deed of trust Prevalling. interst and” commission. Joseph 1. Weller 5 Woik & €'iru 5% LOANS 5% On High C Residential Property Write for Booklet Jos. W. Brooks & Co. General Insurance Transportation Bldg. Frank. 2913 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 A SAFE YIELD OF 6% with First Morigage Security that is Surety Guaranteed IRST National Bonds, now offered to yield 6%, are secured, dollar for dollar, by real estate first mortgages that haveaSurety Company Guarantee ot principal and interest. They have behind them, also, the full responsibility of The First National Company, of Baltimore, Md., with resources of more than $9,000,000. For further facts, ask for Circular “0”. INTERNATIONAL BANK Securities Department 16 Jackson Place Main 864 G. M..P. MURPHY & CO. New York WASHINGTON Richmond Philadelphia MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Market Copy of our “Fortnightly Review” on Request 1508 H Street Connecticut at K Main 9600 Private Wires and Telephone to New York WNERSHIP of a Shannon & Luchs, Inc., First Mortgage Six Per Cent Note at once enables the Investor to mesh his Investment Holdings to the development of the Capital of the United States; a development which is unprece- dented in the history of the world. Improved Washington real estate secures each one of these notes and the progress and development which benefits the Nation’s Capital will most certainly benefit these investors. The Federal Government has passed on plans for the beauti- fication of the District of Columbia and for the erection of permanent government buildings which will, in all probability, call for an expenditure in excess of $150,000,000. Sketched above is a picturization of a part of the building program for the District of Columbia, especially that part deal- ing with the great triangle between Pennsylvania Avenue and B Street and extending from the Treasury Building to the Capitol Grounds. Work has already been begun on the tre- mendous project which, when completed, will make Washington the greatest and most beautiful Capital City in the world—a city worthy to be the seat of this great government. Since the Civil War the population of Washington has in- creased from 75,000 to over 540,000. The assessed value of Real Estate in the District of Columbia has increased 5009 since 1900. The enterprise in Washington is essentially governmental and is conducted by executives, *ained men and women, anll skilled craftsmen—hence a higher average income and a greater buying capacity is found here than in other cities of equgl size. ‘Washington is the retail market for not only the 540,000 who live in its immediate environs, but for an additional 170,000 who live in adjacent territory. _between Baltimore, which is 40 miles north, and Richmond, which is 110 miles south, the Washington market caters to a Since there are no other markets. buying public in excess of 700,000 people. Within recent years hundreds of chain store organizations have opened branches to supply this wealthy market. Because of its increasing architectural beauty—because of its historical background—because of its unlimited recreational facilities—and because it is within a radius of 650 miles of the 22 greatest cities in the country, Washington is the natural cone vention center of the United States. Last year the number of national organizations holding conventions in Washington City had increased to 245. More than 125 National Organizations now have permanent headquarters here. The importance of Light Manufacturing is many times under- estimated, yet last year over $80,000,000 worth of products were turned out here. Still this form of ente-prise brings with it none of the labor problems, the strikes, the lockouts, and the disorders which affect real property values in other cities where manufacturing is the sole industry. Washington, because of its strategic location, is the gateway to the great markets of the North and South. In less than seven years the railway car movement in the Potomac Yards has in- creased to 800,000 cars per annum. And so it goes, always a story of advancement, always a story of growth, always a story of profit. America is a young nation; Washington is a young city and the growth in the past 50 years, the enormous enhancement in value of Washington real estate, but foreshadows the growth of the future. There are no ele- ments in the security for Shannon & Luchs, Inc., First Mortgage Notes save those which always sponsor value and profit. These notes are never for more than 60% of a fair, unbiased appraisal of the securing property—thus at least a 40% margin of safety is always maintained. Shannon & Luchs, Inc., see that the property is fully covered by the necessary insurance, and that it is maintained at all times in first-class condition— elements of precaution which absolutely insure against loss of principal or failure of interest payments, FIRST MORTGAGE INVESTMENTS by