Evening Star Newspaper, April 30, 1929, Page 15

FINANCIAL. D LIS STRONG N CReDI SUlEEz gh-Grade Issues Advance Despite 14 Per Cent Money. BY CHARLES F. SPEARE. Received by Private Wire UNITED STATES. 000 + Lib 3%s... Lib1st 4%s Libéth 4%s US3%s43. US4s 1944, US4us5s2. 6 10825 10824 FOREIGN. Sales. High. Low. Close. Argentine s Ju 5y, 17 100 9% 99% Argentine May '§1. 3 100 99% Acgentine 6s Uct 59 20 99% 994 Argentine 5%s '62. 13 96 Argentine 6s A. 16 100% THE EVENING [ v s BONDS o Direct to The Star Office Sales. High. Phila & Read 65 '49. 00 Philips Petio b%; Plerce-Arrow 8s. Por Ric Am Tob 6s. Postal Tel & C 5% Pr Public Service Sinclair O1l 6% Sinclair 01178 Sinelair Crude 5%s Sin Pipe Line § Stand Ofl N J 63 46 Low. Close. 100 1% 107% 101 94 95 185% 7% STAR, WASHINGTON, D. ¢, TUESDAY, APRIL 30, 1929. Sales. High. Low. Close. Tex & PacSsB 1977 3 3% 98% 9Su Third Averef 4s60. 5 58 Third Ave adj 5 15 Tol St L& Wds50. 4 Tol Tr L&P 5%830. | Union Pac st 15 Union Pac 1strf 4s. 3 Union Pac 4%s 67.. 10 Virginia Ry 1st6s.. 5 Wabash 1st s 1 Wabash 5% 7. ek West Maryland 4s.. West Md 5%s 77. Western Pacific 5s.. West Shore 43 2361. PARIS BOURSE PRICES. PARIS, April 30 (#).—Prices moved irregularly on the Bourse today. Three per cent rentes, 73 francs 60 centimes; 5 per cent loan, 101 francs; exchange 3 7 99 4 88 8Ta get sold. There’s no saturation point in the American market, so long as some individuals are without cars. Likewise, the truck output is now be- ginning to rise in a faster ratio than the passenger car output, and do you know what that means? It's an in- dication that the industry is now for the first time tackling the job of re-| placing the horse. “Abroad, the ratio of automobile registration is rising faster than it is in the United States. The American industry exported 818,000 machines last year, 18 per cent of production, and this year will export more than a million cars, or about 20 per cent of the 5,000,000 production that will be reached. Tariffs? They will not ob- struct; we shipped automobiles to 107 countries last year and in only 7 of those is there a domestic industry. The most notable regular guesb-?resldent!. Hoover. During eight years of cabinet ' service, the then Becretary Hoover four times yearly dined and discussed in most open fashion with the paper men politics and administrative problems of | the hour. ‘This year, Douglas G. Woolf, editor of the Textile World and chairman for the period, could merely lead his dele- gation, including such men as Samuel O. Dunn of the Railway Age, Paul Aldrich of the National Provisioner, Virgil Guthrie of the National Petrole- um News, Ralph Busbey of the India| Rubber and Tire Review and E. G.| Mehren of McGraw-Hill up to the White House for an executive greeting | of the kind simple tourists get. The session was the first the technical men FINANCI Money to Loan Sceured first deed of trust on real estate. Prevailing interest and mmission. Jozeph L. Wefi‘e’r R us Blde.. 9th & F N.W. THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares A _TRUSTEED OWNER- SHIP in 100 leading American Corporations. It will be to your interest to investigate. Standard Collateral Shares Corp. Franklin 3783. Woodward Blds. AL/, Money Available for FIRST DEED OF TRUST LOANS On Completed P; rties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. have had since their best information | | source got lost in the process of becom- ing President. e Commercial | growth of the foreign industry is as | much desired as the growth of our { own; our chamber promotes the use of | the automobile, regardless of Where 1t { is made.” { & Boecial Dispaten to The Star. NEW YORK, April 30.—The 14 per cent renewal rate for call money today had as little effect on bonds as on stocks. When the renewal rate touched 15 per cent at the end of March bonds broke sharply and went to the lowest | average in three years. The difference in the two periods Telates to technical market conditions primarily. Last month there was a great deal of forced selling by the banks in order to protect their Federal re- serve position as well as by people who ‘were in need of larger margins to sup- port their speculative accounts, Neither emergency now exists. There is still selling by banks. Today's report of member institutions of the Federal Reserve shows a reduction of $22,000,- s 000, bringing their total down $280,000,- 000 compared with a year ago. U. S. Loans Advance. ... In spite of the stringent money con- ditions today, United States Govern- ment loans advanced. There were frac- tional gains in a respectable sized list ©f high-grade rails and public utilities. Convertible issues did not measure up to the gains in stocks, making only fractional _gains where stocks Tose oints. - The new American I G. ‘hemical 5':s were again active, but moved in a narrower trading area than since they were listed Friday. Tennes- see Copper 6s, which ran up 9 points Yesterday, made an opening gain of a Ppoint and then fell back. I The forelgn list, and_especially that [devoted to Continental European bonds, ‘was closely watched for evidences of \liquidation. German obligations were theavy. A satisfactory settlement of the Ireparations question would bring about /& good rally in these bonds, but dealers dn them look to see considerably lower |prices if the Paris conference adjourns without fixing annuities. The present unsettlement in Japan Mwas reflected in lower prices for the government 6%s, Yokohoma 6s and Tokio Electric 6s. . The largest new issue today was one ©of about $9,000,000 of Missouri Pacific Railroad 415 per cent equipment trust certificates. New Equipment Issue. ‘The one and two year maturities were offered to yield 5% and 5% per cent, yespectively, but the 15-year maturity ‘was held just a shade under 5 per cent. ‘There is about a 1 per cent spread at ) present between the asked of ¢ and long maturities of old equip- mgnt obligations. The Illinois Cen- t is today opening bids for a new equipment issue expected to be sold on eround a 5 per cent basis. Stand OIIN Y 4%s. SugargstOriente?s. Tenn Copper 6s"41. Tenn Copper 6s B4 Tennisleci’ow 6s 47 Transcontl Ol 6%s United Drug 68 63.. U S Rub 1st rf 65, US Rub 7%s. USSteelsrbs.... Utah Pow & Lt bs. . Utilities Powr 6% Vertientes Sug 7s.. ‘Walworth 6%s '35. Warner Sug 78 39.. Warner Sug 78 41.. White Eagle O 6%» Wilson & Co 18t 8. WinRepeatAr 7%s. 107 Yngstn S&T bs wi. 38 100% RAILROAD. At & Birm4s33.... 3 86 Atcnison ad) Atchison gen Atch deb 414548 Atlantic C L 1st 4s. Atlantic C L 4%s 64 B &0 God B&Ocviks B & Oref bs. B & O 58 2000 D. B & O SW5s B & O Toledo Boston & Maine Brook!vn Elev 6 %48 Bklyn Mannat 6s. Bush Term con Can Nat 4%s 30, Can Nat 4%s 54. Can Nat 4%s 57 Canada Natl4%s'68 Canada South bt Canad Pacdeb Car Clinch & O bs. . Car Clinch&O 6s 52, on London, 124 francs 15'; centimes. The dollar was quoted at 25 francs 5812 centimes, Argentine 68 B..... 1S 99% {Australia 448 66.. 11 864 Australia 58 1956... 3 95% 17 95% 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 Let us have your applications for LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. FEDERAL LAND BANI{ BONDS | NEW YORK, April 20 (Special).— Bid. Asked Bank 4s May 1958-38 94 95 Bank 4s Nov. 1657-3 5% LOANS 5% On High Class Residential Property Write for Booklet Jos. W. Brooks & Co. General Insurance Transportation Bldg. Frank. 2913 Australl Austri . 52 103 Bank of Chtl 80 96% Bank of Chil 2 98% Belgium 6s. 25 100% 4 1044 . 27 107% 3 105% 9 114% Seceral of the more notable automo- bile manufacturers, including Edsel Ford and Walter P. Chrysler, were said to be heading for the Chambir of Com- | merce convention, to arrive later this week. Mr. Reeves and other 2utomo- i bile representatives were first drafted to help inform an official German dele- | - | gation, representing state, national and , | municipal government ' organizations | “land trade bodies, which began an | % | intensive study of the American gaso- | | line tax system with a view to in- s | stalling it at home. | | Editors of trade papers, staging in Washington last night their national | | quarterly dinner, were deprived of their | 984 99% 104% 107% 105% 114% 100% 104% 107% 105% 114% 108% 88% 103 | Beigium 78 1956 | Belgium 7% Belgzium 8 Land Bank 4 Bolivia 7s ct '69 Land Land Land Land Land “Conveniently Located on 14th Street” 1529 14th St. N.W. Brazil 6138 192 102 Brazil 6%s 1927 102 » 19410p31.. Land Bank 5s May 19410p31.. Bremen State 7s, Canada 581931, Canada 5s 1952, 1 100% 17 104 3 99% 12 93% 2 98 6 1013 2 99% Washington Ticker Dec. 3320 Real Estate Loans We Invite Applications For FIRST TRUST LOANS on Improved Property . IN NEARBY MONTGOMERY CO. AND THE DISTRICT OF COLUMBIA AT 51/2 (;0 INTEREST (Minimum Commission) Periods of 3, 5 or 10 Years Or, if You Prefer The Trust May Be Made to Bear Interest at 6% to Include Commission No Appraisal Fee BOSSEPHELFS Founded 1907 John Hancock Mutual Life Insurance Co. We have on hand a limited amount of 1st mortgage notes in small denomi- nations bearing 6% interest. CHAS. D. SAGER Realtor, Owner and Bullder Main 36 924 14th St, N.W, " | By the Associated Press. Expansion of production, persistent and perhaps steady, is the outlook pic- tured for the American automobile in- dustry by Alfred Reeves, whose post as manager of the National Automobile Chamber of Commerce perhaps stamps the representative character of his view. One of the host of business delegates arriving in Washington for the open- ing today of the annual meeting of the United States Chamber of Com- merce, he declared that there was no ground for expecting a check in the recent tremendous output rates or limi- tation of foreign shipments that have been setting new export records. “Right now the automobile industry stands where it does in the Spring each year,” Mr. Rooves asserted, ‘“having turned out a record number of new cars, with everybody wondering how they can be sold. And they always Over Third of a Century's Con Pow Japan 7s. Ezperience Copenhagen s ct. . 109% £81y 994, 103% A Complete Investment Service Denmark 545, *65. Denmark 6 Dutch East 1 65 62 El Salvador 8= '4; Flat 7s war '46 Flat 7s x war 46 Management Pays 5100 75 107% 11 112% 10 93% 75 105% 15 871 10 101% 25 84 6 100 Property won't manage it- self. It has to be carefully and systematically super- vised—and when our organi- zation undertakes the man- agement nothing is left to chance—we are consistently and constantly on the job. B..-F. SAUL CO. Main 2100—925 15th St. N.W. French 7s French 7% ¥ German EI P6%s.. German 7s.... German Bank 6s '38 Ger Gen Elec 7s. Greek 65 1968. Haiu 6s... Irish Free State 55, 13 96% ltaly 7s. . 24 97 Japanese 1 913 Japanese £ - Kreuger&Toll 5s ct Lyon 6s. Marseille 6 . Mexico 4s 04 asntd. alxmaattlaRalron-Baa Chesa Corp 68 w Ches & O cv 4%4s. 100 |Ches&Ogn 4ks... Ches& O 434393 A 954 | Chi & Alton 3 96% | Chl & Alton 3%s. .. 91% | Chi B&Q gen 43 53, 1004 (CB & Q4877 B.. 98% | Cm&E 111 gn 68 61.. 100 | Chi Gt West 43 100 174 s 89% 1013 1044 4 9Lk 91 9614 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 GreeeT & Co. BANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone, Main 2460 rorses Loan Correspondent 1417 K st Main 9300 - @ Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee i So Wi Norway ::‘ 1963. NEW ISSUE ¢ [EISTP RSO AL P~ 3= CRIPac4¥%swi.. ChiTH&SEGs... Chi Union Sta §s 44. Chi Union Sta 6%s. Chi& W Ind en 4s.. C&WI1b%s62 CCC & St L rf 6 Clev Term bs. Clev Term 6%s. Cuoa R R bs. Del & Hud 1st rf 4s. $2,500,000 National Food Products Corporation Fifteen Year Collateral Trust 6% Convertible Gold Bonds, Series A Dated May 1, 1929 Due May 1, 1944 Interest payable May 1 and November 1 at The Baltimore Trust Company, Trustee, or at The First National Bank of Boston, without deductions for Normal Federal Income Tax up to 2%. Coupon Bonds in demominations of $1000 and $500 registerable as to principal and interchangeable as to demominations. Redeemable as a whole; or in part, on any date upon 60 days’ notice at 1025 and accrued interest. The Corporation <ill agree to refund upon proper and timely application the Pennsylvania # mills tax, Connecticut ¢ mills tax, Maryland 4% mills tax, Massachusetts Income Tax mot exceeding 6% per annum and other State, county and municipal securities or income taxes not exceeding ¥ of 1% of the principal amount per ammum in the aggregate. THE BALTIMORE TRUST COMPANY, TRUSTEE These Bonds will be convertible at any time prior to the maturity or redemption date at the option of the holder into Class B (voting) Stock of the Corporation at the following prices: $11 per share on or before Sept. 30, 1932 $15 per share on or before July 31, 1937 $20 per share on or before May 1, 1944 The following is summarized from the letter from Mr. Hunter C. Phelan, President of the Corporation: HISTORY AND BUSINESS: The National Food Products Corporation, incorporated in 1925 under the laws of the State of Maryland, operating principally in the chain store grocery field, will upon completion of acquisitions incident to this financing, own capital stock of Southern Grocery Stores, Inc., David Pender Grocery Company, and H. C. Bohack Co., Inc., in the amounts shown below, and holdings in other food products corporations. Furnishing basic necessities, efficiently and economically, the chain grocery business has grown to be one of the country’s major industries. Paris-Ly-Med 6s. Paris-Ly-Med 7s. Paris Orleans 5% Peru 65 67 w1 Average Call Money Rate. NEW YORK, April 30 (#).—The average renewal rate of call money in April was 8.78 per cent, compared with 9.516 in March, 6.91 in February and 5.03 per cent in April, 1928. P B Washington Stock Exchange SALES. Washington Gas 55—8$500 at 100%5. 1 W;s?i%z(ton Gas 65 * —sl.oéo at Capital Traction Co.—10 a 98%, 5 at 983 . ‘Washington Gas Light—6 at 1065. Capital Traction Co.—10 at 98%, 10 at 3. eo'llln;:bh Sand & Gravel pfd—5 at %. Federal-American Co. com.—10 at 52. Riggs National Bank—10 at 57515, Lanston Monotype—10 at 126. Peoples Drug Stores pfd.—10 at 115. Becurity Storage Co. at 122, 10 at 12234, 10 at 12215, AFTER CALL. Potomac Electric 5% % pfd.—2 Gas e at 107} ‘Washington 65 '—$2,000 a 102%4. Capital Traction 55—$1,000 at 993;. Wls!,l.ill‘h! Rwy. & Elec. pfd—2 at 9675, -":g*;fi“'*’“ Rwy. & Elec. 45—$3,000 at Capital Traction Co.—2 at 98% Potomac Electric 6% pf Mergenthaler Linotype—20 at 1074, t 1 Capital Traction Co.—15 at 983, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4% Amer. Tel. & Telga. 4138’ m. Tel. & Tel. ctl. tr. 5: Anacostia & Pot. R. ina. & Pot | The Commercial National Company Incorporated Paid up Cash Capital, $800,000 Commercial_ National Bank' Blds. 5 14th and G ¢ CoMmpLETE FINANCI Ist & 2d TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. Main 1403 Den & Rio G en D Rio G West b: DRG & Wst 537 Erie 1st cons 4s. Erieconv4ds A. Ertecvt6s 67 w Erie conv ext 7s. Ga & Ala 1st b3 '45. Gr Trunk stdb 6; Grand Trunk 78.... Gt Nor 4%s 76 D. Great North §i Rio de Janeiro 6%s Rio GrDo Sol 65’48 11 Cent 4s 53 Swiss Confed 88. - s Toho El Pow 7s. Tokio §s. Toklo 5%s 1961 Utd Kingm 5% . 4 9 Utd Kingm 5%837. 96 103% Utd SteamCopen 65 10 987 Uruguay 65 1960 6 98% 12 108% . 21 85% 9 % MISCELLANEOUS. Abram&Straus 6%s 4 108% 108% Alleghanyevéswi. 64 102 101% Am Chain 6s°33. o 9% Am Chem 5% 9617 99 Am Int Cor 5338 °49 54 103% Am NatGas 6%#'42 11 78% AnSmit& R 15t 5s. 10 101% Am Sugar Ref 6s... 14 104 » int Rapid Tran Int Kap Trans 7s... Int&GtNor adj 68 53 IntRysC A 6572 lowa Cent rf 43, Kansas City 8 5 Kan City Term 4s. Lake Shore ¢s31. Lehigh Val cn 4s. .. LehiVgen 43s 2003 Long Isrf 4s49.. Long Island 6s 37 Louts&Nash uni 4 24 Jackson Place The David Pender Grocery Company and the Southern Grocery Stores, Inc., operate 781 stores in Vir- ginia, North Carolina, South Carolina, Georgia and Alabama. The businesses of these companies, which are in no instance competitive, have shown a rapid and steady growth since inception. H. C. Bohack Co., Inc., operates 461 stores in Metropolitan New York and is one of the most successful chain grocery companies in that territory. - CAPITALIZATION: (Upon completion of this financing) 15-year Collateral Trust 6% Convertible Bonds Series A (this issue) ..... ... v utoin Gline A erk Cos gaays b : 75,000 shs. 75,000 shs. Clisi B (ooting)i Hock: (o pas)s () 1000000 shs. (b) 223:556 shs, (a) The additional $1.500.000 of authorized Bonds may be issued under the restrictions of the Indenture. (b) Inciudes stock dividend of 4,333 shares pavavie Oc fober 13, 192 () 634,635 shares reserved for the conversion of the se donds and for 384,635 purchase warrants to be oute anding. I WILL SELL Mort. & Inv. C New, ?l‘l. al Mort. & Inv. Com., Old, 50c. al Mort. & Inv. pfd. @ 5%. origage & Estate 8% Mortgage & Dis- Bid. Asked. 1% [ I 104 1087 | M St P&SSM cn 4s.. 103 (M StP&SSM 6% 106y | MK & T 18t 4 9815 | MK & T 4s B. 104% | M K & T ad) 5 MK &Tprin Authorized .(a) $4.000,000 Outstanding $2.500,000 Armour&Co4%s 39. Armour Del 5%s, 1ooy | Mo Pacific s G 5. Mob&Ohio gn 4s 38. 1033 | MontrealTs s B 65. NOTex&MGs B 102% | N ¥ Cen gen 3%s. 1034 | N ¥ Cent 45 98 ¢ 104% | N Y Cent deb 103% [N Y Centr 16 72 | N ¥ Cent deb 63, N Y CentLS cl 3% NYC & StL deb 4s.. NYChI&SLL 6%3A.. NYC&StL6sA.. ew Haven 3145 56. NYNHG&H 4556, Atlantic Refin bs, Bell Tel Pa 58 B. Bell Tel Pa 5s C.. Bethiehm Stl pm Beth Steel rf b wme SECURITY: These Bonds, in the opinion of counsel, will be the direct obligation of the Corporation and will be specifically secured by deposit, with the Trustee under the Indenture, of 33,000 shares (50.7%) of Class B Stock of David Pender Grocery Company, 51,000 shares (85%) of common stock and $1,000,000 of 7% Notes of Southern Grocery Stores, Inc., and 21,500 shares (21%) of common stock of H. C. Bohack Co., Ine. Based on the present market the value of this collateral alone is over §5,750,000, which is equivalent to over $#2,300 for each $1,000 of Bonds. The Corporation’s balance sheet as of March 31, 1929, adjusted to give effect to this financing, shows net assets of over $2,675 for each $1,000 Bond. Current market value of secur- ities owned by the Corporation is approximately §540,000 in excess of the cost value at which they are carried on the Corporation’s books. Life insurance aggregating 850,000 on the lives of important executives of the Corporation and its subsidiaries will be deposited with the Trustee as additional security. Bid. 50 U. S. Securities com. Bid. 20 North American Development @ THOMAS L. HUME 1412 G St. Main 1346 e Certain-Td5 % srcts Chile Copper 5s.... % 954 Colon Oil 6s°'38.... 5 Col Gas&El deb bs. Com Invest 5%s 49 Com Invest 65’48 Con Coal Md 1st NY 65 k Ld. Bk . Mkt. Cold Storage 5: Wash. Cons. Title Co. 6s... - 96% PUBLIC UTILITY. 9 & Telga. Capital Traction Co. ‘Washington Gas. N & W SETNS TP TR ) Amer. Tel. E aml Potomac Elec. 6 Potomac_Elec 3 Wash. Bwy. & Elec. co; Wash. Rwy. & Elec. pfd.. NATIONAL BANK. National: Capital. Columl Commerglal . Dis EARNINGS: The eaznings accruing to the Corporation from its holdings in Southern Grocery Stores, Inc,, and David Pender Grocery Company upon completion of acquisitions coincident with this financing (based on audited statements of these companies for the calendar year 1928) combined with annual income at current rates from advances and from other investments presently to be owned by the Corporation, after deduction of the holding company expenses, amount to $361,909.73, or over 2.4 times the annual inter. est requirements on this issue of Bonds. The above earnings do not include profit from the sale of invest- ;|6enu, v;hich profit, before Federal Income Taxes, for the 12 months ended March 31, 1929, amounted to 06,004, ‘ Based on the volume of business done in 1928 by the David Pender Grocery Company and the Southern Grocery Stores, Inc., without allowance for normal increase in sales, but giving effect to economies in pur- chasing, distributing and selling resulting from the cs-operative management of the two systems, it is esti- mated that for the next 12 ‘months, above earnings will be in excess of four times the interest on these Bonds. MANAGEMENT: ful operations. » 1 101 11 106% Continental Trust Co. 14th and H Streets Donner Steel 7s. Duguesne 4%s 67.. Gen Asphalt 63 36.. Gen Cable 5%s47. Gen Mot Ac Cor Goodrich 6%s. Goodyear 63 re: 06 1IN Y Rys6sa 99 | N Y State Ry 4 10414 | NYStateRy 6345 62 9914 | NY Sus & Wn 5537 101% | NY Sus&Wn gen 58 10614 [N Y W& B 4145, 94 | Nor Pac 35 2047 100 | Northern Pacific 1011; | Northern Pac r § Logys | Ore Short Lirfs « 02% | Ore Short L 5 gt Pennsyl con 448 4| Pennsyl gen 4148 Penna R R 4%s '63, i . Capital, $1,000,000.00 101% 106% 933 100% 101% " 102% Checking Accounts Savings Accounts Acceptance Credits Time Deposits a1 Bank of Washington.. ! TRUST COMPANY. n Security & Trust Co.. 4 t : 0 Iliinols Bell 1st 6s. Indiana Steel 5t Inland Stl 4%s *78, [utl Match bs 47. ) ESS5 umrbesrumre Rl aahon oaoenuasn Foreign Exchanges Commercial Credits Int Tel&Teleg 4%s. 6 93% Int Tel&Tel 43%s cv 328 125 Kan City P & L 6t The management will continue in the hands of those responsible for the past success- Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Application will be made to list these Bonds on the New York Curb Market These Bonds are offered when, as, and if issued and received by us and subject to the approval of our Counsel. Delivery in the I_unr! of temporary Bonds or. interim receipts therefor is expected to be made on or about May 10, 1929. Legal details in connection with this issue will be passed on by Messrs, Graham, McMahon, Buell & Knox of New York for the Corporation, Messrs. Janney, Ober, Slingluff & Williams of Baltimore and Messrs. Ropes, Gray, Boyden & Perkins of Boston for the Bankers. WE RECOMMEND THESE BONDS FOR INVESTMENT PRICE 99%; AND ACCRUED INTEREST TO YIELD ABOUT 6.05% J. A. W. Iglehart & Co. Arthur Perry & Co. 719 FIFTEENTH STREET N.W. 31 MILK STREET WASHINGTON, D. C. BOSTON, MASs. Baltimore, Md. Wilkes-Barre, Py ‘Wilmington, Del. Philadelphia, Clirksbure, W- va, Richmond, Va. Charieston, W. Va. o e g e Philippine RR 4s. PCC&SLL b3 B 76. SEtiye BERE ONas s Portiand El P L 6s. Kendall 5% 48 war 14 94 Lackawanna Stl 6s. 5 100% 100 100k 109 | keading gen 4348 A 1 1018 Reading J C 4s51.. 6 11 RioG W 1st4s..... Loew's 6s wo war. 6 99% ST L Lorillard 5s. . 1 5 St L IM&S 48 29. Lorillard 5%s..... 3 86% StL IM&S gn 68 31, Lorillard (P) 7s... 1 108 [ St L IM&S R&G 4s. Loutsv G & E6s52. & 103 103 |StL&SFDI4sA. Midvale Steel 6s... 32 9914 99% | St L&S Fr4%s 78 108 | Mont Pow 63 43. 610115 101 | St L& S F pr in ba. Mont Power deb bs. 15 993 994 | St LS W con 48 32. Nat Dairy 6%8. 31 97 9674 | SLL & Sown 58 '62... N Y Edison 6% 6 113% 1134 | St P& KCShL 4 NYGELH&Pbs 10 100% 105% | St P Un Dep b 7 99% 99% | San A & Arn P 48, 5 106% 1064 | Seab A L ref 4 . 1 110% 110% | SeabAL adj 68 1949 8 100% 22 101 3 101% 5 105 1101% 9 107 3 98 31 Y!I‘* | States Savines... ... gton Mechanics.. .. FIRE INSURANCE. 1 iR o e Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 5% 108 of Md. con itle pfd MISCELLANI er & Ross. Inc., co 1a Wallh, Cons. ¥ & S New York, N. Y. 3 S rovidence, R. . T Hartford, ‘Co; B . Mefchunts: Tran. ¥ Merrenthaler, Linotype Nat'l Mtge. & Inv. pfd. Mass, Peoples Drug Stores pfd reester, Real Est. Mig. & Guer. pfd. Security Storage . Ter. Ref. & Whr. Corp... Wash. Mech. Mtge. com. Wash. Medical Bldz. Corp. Woodward & Tothrop pid. *Ex-dividend, Nor States Pow bs. Nor States Pow 6s. Pac T & T 18t 5 Pan-Amer Pet Paramount 6s 1947, Phila Co 68 67 w 1. 1011 | Sou Pac 4s29..... 106 Sou Pac 4%s wi ‘64, 1014 o 101% 107 98y 28% ‘The statements eontained in this advertisement based Teliabia And Were used by 4s aé & Desis for e o /) TexArk FS 545 60.