Evening Star Newspaper, May 1, 1929, Page 15

e CONVERTIBLE BOND ISSUES AREACTIVE U. S. and Railroad Groups' Also Feature Trading. Foreign List Quiet. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, 1.—The prominent features in today's bond market were two new convertible issues, the Amer- jcan I. G. Chemical 51,5 and American Telephone & Telegraph 4l2s. The former went well above par, representing a premium of about 5! points since the day of issue, and were the most active bond on the list. American Telephone & Telegraph 4158 opened at 142, but, as the stock into which they may be exchanged de- clined, they lost ground. These con- vertibles, together with International ‘Telephone 415s, will probably represent the largest n of trading in corpor- ation secul in the near future. High-Grade Issues. ‘The 11 per cent renewal rate for money, compared with 14 per cent yes- terday and 12 per cent over the week end, made little impression on high- grade Government or corporation obl gations. United States Liberty and Treasury issues were quiet and barely steady. Some of the first mortgage railroad 4s rose fractionally as did the newer legal public utility 415s and 5. This section of the bond market has had a satisfactory rally in the past three weeks and has reached a basis where recent buyers are not inclined to fol- low up prices. Features in the rest of the domestic list were few. American Ice debenture 5158 dropped below 90, or lower than they had been before this year. Dodge 65 were fractionally better. Frisco 4158 advanced 3. Their position is primarily affected by the large floating supply left over frog: the original offering. souri Pacific 48 were off 13 points and Erie refunding 5s a point from lest ‘week’s best figures. Seaboard adjust- ments were 114 points higher. Interest in the foreign department of the market was passive, awaiting the outcome of tomorrow’s meeting in Paris between the German delegates and rep- resentatives of the allies. German loans were again heavy. Pirelli 7s opened 2 points lower after the late rise of 10 points yzsterday and then advanced to & new high for the movement. Fiat 7s were 4 points lower. New Offerings Fewer. ‘The statistics of April financing tn- dicate a decline of between 40 and 45 per cent in stock and bond offer; FINANCIAL. [ e o BONDS ot Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1,000.) Close 9728 99 24 9925 Lib3%s... Lib1ste%s Lib éth 4% 152 9 US3%ed?. 3 98 9724 98 US3%s... 20 10128 101 28 10128 US4s1944. 1 10428 10428 10428 US4Ksb2. 19 10529 10824 10828 FOREIGN. Sales. High. 1 59 5 100 100 100 9514 3 100 99y, Low. Close. 89 8Oy 99% 100 99% 99% 95% Argentine %8s 99% Argentine 6s A Austraiia 68 1957 Austria 7s. Bank of Chtle 614s. Bank of Chile 6% Beigium 78 195 Belgium 7%s Belgium §s. . Bolivia 7s ct '69. Brazil 6348 1926. Brazil 63481927, Brazil 1 Brazil8s...... Bremen State 7 Canada 5s 1931 Canada 6s 1952 Canada 5%s 1929 Chile 65 '60.. . Chile 61..00enes Chile 7s 194 Colombia 6s Jan'61 1 Con Pow Japan 7s.. Copenh; Copenhagen be ct Czecho 85 1951..... Danish Munic8s A. Danish Munic 88 B. Denmark 4 %s. Denmark 5%, "55. Denmark 6s. .. DE15%s Mch53.. Dutch East | 68 63. Fiat 7s war "4 German Bank 6s Ger Gen Elec 7, Greek 651968 Irish Fre ltaly 7s.. (talian Pub 8 Japanese 6348 Kreuger&Toll 5set 1 LyOD 68. .. ..un -last month, compared with March m with April, 1828. The amount g' bonds again. The disposition of writers, however, is to hold off pending more favorable money conditions. Washington Stock Exchange SALES. ‘Wash. Gas 6s “B"—$200 at 104, $300 at 104, $200 at 104, $600 at 104. 2 Wash. R. & E. 45—$1,000 at 86%. Clz‘ Tract. Co—10 at 981 Marseille 6a... Mexico 4s 04 asntd. I=t=T1- PR, ;gt. mu I.% p;d.——lo_llt 113. ‘Wash. Gas !‘-’é.——-lg‘:lt lu%‘:, !3"‘% 107. Riggs Natl. Bank—1 at 57515. Firemen's Ins. Co.—25 at 40%,. Gravel pfd—10 at 91%; 1 Ross. Inc.. 6'5¢ waad RhineWst EP 62°63 7 90% RbjneWst EP 78'60 10 100% Rio de Janeiro 6%s 6 9444 T8°108% I 90% | Exie 1st cons Serbs Crot Sio 8s.... Suinyetsu 614 52 & Utd Kingm 6%837. 1 103% Utd SteamCopen 6s 2 99 Uruguay 65 1960... 10 98% Vienna 6s '52. Yokohama 65 w MISCELLANEOUS. Abram&Strausb%e 1 103 109 Alleghany evbs wiliR 102 101% AmAgriChem 7%8 2 104k Am Chem 538 9753 102% Am Int Cor 548 49 115 104 THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, MAY 1. 1929, Low. Close. 101%-101% 1024% 107 9 Sales. High. Pacific Gas & E15s. 3 1013 PacT & T 1st b8 | Pan-Amer Pete Paramount 6s 194 Pathe Exchange | Phila Co 6 w | Phila & Read 6s Philips Petio b4 s Por Ric Am Tob Postal Tel & C 5% Public Service 4 48 | Punta Alegre RemingtonAr | Rem Rnd 6%s war. 15 Sinclair O1l 68 2 Sinclair O1l 6348, Sinelatr O11 78, sinclair Crude 6% Sin Pipe Line b8 Skelly Ol 648..... South Bell Tel 5s.. Stand O1I N J 68 46. Sand Ol N ¥ 4%s. '+ | SugarEstorienteTs. Tenn Copper 65 °41. Tenn Copper 6s B ‘4 Tennkleckow 63 47 United Drug 68 63.. U S Rub 1st rf 5 U S Rub 7%s. U S Steel s f 58. Utah Pow & Lt 6! Utilities Powr 6%8 Vertientes Sug 7 Walworth 6s " . Walworth 6%s '35, Warner Sug 78 3 Warner Sug 7s 41. West klec 5s. .. Westn Unlon 6s 51 White Bagle O 6%s W1lison & Co 18t WinRepeatAr 7 %s. 107 Yngstn S&T s wi. 16 100% RAILROAD. At & Birm 4533 12 83 At&SF cvt 48 05 Atchison ad) 4! Atchison gen # Atch deb 4148 Atiantie C L 1st AtlanticC Lel 4 B &0 Gold 4 B&Ocv 4% B & O ref bs. B & O bs 2000 D B&Orfimp 6. B&OSWEs §0. B &0 Toledo 4s.... Boston & Maine bs Brdway&7th Av 6s. Brooklyn Elec 6% Bkiyn Mannat 6s... .30 1013 102 102 Canada Natl414s'68 Canad North 6% Canad North 7 Canad Pac deb 4 Can Pac 4% 46. Car Clinch & O bs. Car Clinch&O 68 62. Central of Ga 6s Central Pacific 4 Cent Pac 1st 68 90. Chesa Corp bs w 1. Ches & Ocvilys Ches& O gn 4% Ches& O 4%s'93 A Chi B&Q gen 4s 53. CB&Q4%s77B. Chi&E 111 gn s 61 Cuba Nor 638 cta.. Del & Hud 5% Del & Hud 7s 30. Den & Rio G cn ¢ D Rio G West DRG & Wst b Duluth § S & At - e ovallanar T Rnenm anwemn Grt Northa Great North Great North § Great Nor gen 7; Hud & Man aj bs. Hud & Man ref b L1i Cent ret 4 i Cent 4% 6/ 111-C-C-StL&NO b Int Rapid Tran b int Rap Tr bs st » [P P R T R T Int Kap Trans int&GiNor ad) 6i Int Ry CA 6%s ret. Kan City Ft S 4s. b FINANCIALY! [FIRST CALL MONEY i COMPANY IS FORMED By the Associated Press. NEW YORK, May 1.—Formation of | the First Call Money Co. of| America has been announced by John H. Allen, president of the American and Foreign Bank Corporation, a5 an flort to stabilize the call money situ- ation. | Mr. Allen, who formerly was vice| president of the National City Bank.i annoumced that the company had been ' formed, with 100,000 shares of no par value: stock, all of which has been sub- | scribed. Calvin A. Owens, originator of the, company, said: | “The records for the past six months show that the average yield of call loans has heen at the rate slightly in excess of 10 per cent. Unless one was possessed of at least $100.000 in avail- able cash he' was excluded from enjoy- | ing this high rate of interest “First Call Money Co. of America is the first orgamzed effort to stabilize | the call money same time pernm\’ the public to par- ticipate. With 10,000,000 to 15.000,000‘ people financially interested in the purchase and sale’ of securities, the formation of a company for the specific | purpose of assembling funds to finance | the .marginal or instaliment buyer is a progressive and timely move. REVENUE FREIGHT CAR | LOADINGS AT HIGH MARK ' Revenue freight loadings fov' the week | ended April 20 were reported\ today by | the American Railway Association to | have totaled 1,004,156 cars. | This was the first time this year that | the total has gone beyond the ,million | mark and was an increase of {2426 over the preceding week. It also was a | gain of 58,867 cars over the correspond- ing week of last year. Miscellaneous freight loading for fhe week ended April 20 totaled 412,314, a1 increase over the same week of 1928 of 27453 cars. Coal loadings totaled 152,938, increase 3,918; Grain and grain products, 36,710, <decrease 2.885; live stock, 27.997, increase 426; loading of merchandise less than carload freight, 263,533, increase 4.085; forest products, 68,634, increase 3273; ore, 30,307, in- crease, 21,121; coke, 11,723, increase 1,476, | ORTS. | U. 8. GRAIN EXP Grain exports from the United States | totaled 3,780,000 bushels last week, com- | pared with 1,250,000 for the week end- | ing April 20. Exports for the week ending April 28, 1928, were 1,251,000 | bushels. | Department of Commerce figures | show the amount of wheat exngncd for | the week ending April 27 was 2,130,000 | bushels, compared with 867,000 bushels for the previous week; corn, 1,045,000, | t 201,000; barley, 470,000, against 000, against 88,000; rye, “C 7,000. United States ports 1,964,000 bushels, compared with 2,077,- | 000 bushels for the week before, while | last week's exports of North American wheat flour were 266,000 barrels, against 291,000 barrels for the previous week. Sales. Third Aveadifs... | Tol Tr L&P 5%830. | Union Pac !st4s... 11 Union Pacific 4s 68. Unton Pac 1st rf 4s. Union Pac 4%867.. 11 Wabash 18t 68..... 3 West Md 5%s 77. Western Pacific 5t West Shore 43 2361. Wilks-B & E! 1st §s 10 Wis Cen zn 4s 4! 1 situation and at the |2 | feeder steers, | medium, 13.75a14.50; cull and common, | CITIES SERVICE COMPANY | ORDERS NEW STOCK SALE| By the Associated Press. NEW YORK, May 1—Stockholders of Cities Service Co. yesterday author- ized the sale of $1,000,000 5 per cent non-cumulative preferred stock to Henry L. Doherty & Co. As the stock carries full voting power, it will insure control | of Cities Service by Doherty & Co., who | hold the largest interest in the com- ny. PG ities Bervice stockholders also voted | to split the common shares four for one, | raising the company's outstanding com- | mon shares to 24,000,000. The common | stock will be changed from its par value | of $20 to no par value, and four shares of the latter will be issued for one share of $20 par stock. The split up was said to be in line with the policy of the company in keeping its shares attrac- tive to small investors. e | CHICAGO LIVE STOCK MARKET. | CHICAGO, May 1 () (United States; culture) . —Hogs—Re- | ceipts, 25,000 head. including 12,000 di- | rect: mostly 10a15 lower; fairly active at decline: top, 11.40; largely an 11.00a 11.25 market for good and choice 160- hers, medium to choice. 25( ., 10.75a11.20; 200-250 pounds, 10.85a11.40; 160-200 pounds, | 10.75a11.40; 130-160 pounds, 10.15a11.3: packing sows, 9.60a10.25; , medium to_choice, 90a130 pounds. 9.00a10.85. Cattle—Receipts, 9,000 head; calves— receipts, 4,000 head; fed steers and yearlings, weak to 25 lower; slow at de- cline; early top, 14.75; prospects 25a50 under Monday; she stock scarce, steady to weak. Slaughter classes, steers, good and choice. 1.300-1.500 pounds, 13.35a 14.75; 1,100-1,300 pounds, 13.35a14.90; 950-1.100 pounds. 13.25a14.90: common | and meduim, 850 pounds up. 10.50a 13.50; fed yearlings. good and choice, 750-950 pounds, 13.25a15.00. Heifers, good and choice, 850 pounds down, 12.75a14.60; common and me- dium, a13.00; cows, good and choice, 9.50211.75; common and medium, 8.25a 9.25; Jow cutter and cutter, 6.50a8.2: bulls, good and choice (beef), 10. | 11.50; cutter to medium, 850a10.50: ! vealers (milk fed) good and choice. 13.75216.50; medium, 11.00a13.75; cull and common, 8.00a11.00: stocker and good and choice (all weights), 12.25813.50; common and medium, 9.50a12.25. Sheep—Receipts, 14,000 head; ex- tromely elow: bids and sales, 25a50 lower; woolskins, 16.00 down: indica- tions shorn lambs around 15.00; to choice Spring lambs held al 17.00; ewes, 25a50 lower; good to choice | ewes, 8.0008.75. Lambs, good and| choice, 92 pounds down, 14.25a15.35: 10.76213.7%5: medium to choice, 92-100 pounds, 13.50a15.00; ewes, medium to choice, 150 pounds down, 7.00a9.00; cull | and common, 3.00a7.00. OB Thirteen copper companics which | have issued their annual reports for| 1928 show an increase of $56,356,230, or 96 per cent in net earnings over the | year before. We Recommend— Spencer Trask Fund, Ine. at the market Circular on Request Irving & Johnston Woodward Bldg. Npi.n 8973 JOHN JOY EDSON, President Organized 1879 Assets ...... ..$5,513,051.63 ——HERE are lots of wa to S/ it—and that’ slei SYSTEMATIC WAY'! just live for today...start in build for the FUTURE. Equitable Co-operative Building Assn | spend money, but only one way AV WALTER S. PRATT, Jr, Secretary FOREIGN BUSINESS GAINS IN BALTIMOR Special Dispatck to The Star. } | % ~ores ' Secured by First Mortgages Safe—Conservative 42 Years’ xperience Complete | Investment Service BALTIMORE, May 1.—Foreign busi- ness through the port of Baltimore for the first quarter of 1929 increased | $10,819,000 over the first three months of last year, according to G. H. Pouder, | director of the export and fmport bureau of the Baltimore Association of Commerce. The total import and export value| for the first quarter of this year was $65,999,000, as compared with a total | value of $55,179,000 a year ago. Cus-| toms receipts for the period this year | gmfism $2,939,916 and last year $2,203,- 1 Exports during January, February and March, 1929, were valued at $37.- | 222,999 and imports totaled $28,776,587. REALTORS This marks an increase of $1,722,683 in | " a port values over 1928, he said. Main 1016 ° growth of the export trade,” Mr. Pouder . S W “This increase totaled $9,097,051, or 32 per cent, over the first quarter of | last year.” A"#ke vour savines 81 surplus funds w4y k for you at thejhighest-inter- in financing est Yite consistent homes and in the fith ahselute sale of these safety curities. Wm. IR\ Saunders Co, nc. Greeer & Co. SANKERS INVESTMENT ‘WASHINGTON, D.C. Telephowe, Main 2460 1433 K EARNINGS REPORTED. NEW YORK, May 1 (). —Philip| Morris & Co. reported net profit of $477,546 in_the year ended March 31, | 5 a share, against A21, or $1.06, in the previous year. Richfield Oil Co. ended the first| quarter with profit of $1,927,262, m} increase of 3726,769 over the same pe- | riod a year ago. 1 Light & Traction Co.’s net lncomel for the M‘:lrth 31 mln ‘was equal to $3.71 a share on the common i bees itted stock, compared with $3.20 cn a smalier | have tiis day been admi to number of shares 8 year agn. | genera]\p\rtnership in our firm 2 had combined net loss of $1.332,905, against loss of $2,232,246 in 1927. i s T SILVER QUOTATIONS. NEW YORK, May 1 (#).—Bar silver, | 543, . Mexican dollars, 41% i We\ take pleasure in announcing that Mr. WiLLiam M. Ers Ma . Lucius P. Oroway, Jr. P. B. KEECH & COMPANY il S oo ek S52.BROADWAY. NEW ¥ORK @BCAGCA PMILADELPHIA PROVIDENCE WASNINGTOR May 1, 1929 Contact with the Center of Financial New York Bond Salesman Well known Washington' house handling first mortgage bonds wants two high-class mort- gage bond salesman. Commission basis with New York provide a ready drawing 74 means for the rapid transaction of New York banking business. If you are thoroughly experienced; have your own clientele; have a recoxrd that will stand the strictest investigation; can sell bonds where the security is Washington property with conervative appraisals and satisfactory earn- ings, write in confidence, giving full details. Address Box 48-S, Star Office Our own men have been advised of this ad. PR LI 22 L LILI LIS I 2T, LIIEIII 11717 2 L e e e e Surplus & Profis.....$1,601,704.98 Subscription for the 96th Issue of Stock Being Received $ave Now and $pend Later | | $2.50 Per Share ys to 's the Don't ow to $4,500,000 BROADWAY & 41st ST. Barber & 3 ) Ch Our systematic saving plan will help you to use only a small amount of your weekly or monthly salary, in BUILDING up a reserve for your LATER days. Come in today and let us explain. 915 F St. NW. Am NatGas 6%s'43 7 784% AnSmit& R1st8s. 14 101% . 7 103% 2 1 99% Am T&T cv 4%5'39.361 141 AmT&T cl tr bs. 2 103% AmT&Ts{bs BUILDING New York City First Leasehold Mortgage 6%4% Sinking Fund Gold Bonds Dated: April 1, 1929 Due: April 1, 1944 PRICE: 99 and ac- crued interest to net 2 approximately 6.35% MORTGAGED PROPERTY: Long term leasehold estate in land and 33.story building, containing stores, offices and lofts, now in process of construction, on the entire block front on the south side of West 41st Street between Broadway and Seventh Avenue, New York City. Completion of the building is guaranteed to the bondholders. APPRAISALS AND EARNINGS: Two well-known independent ap- praisers have valued the property at $6,750,000. On this basis this bond issue represents a 66%% loan. One-half of the second floor has been leased to the Equitable Trust Company, and five other floors have been rented. Net annual rental income is estimated at $727,550; more than two and one-half times the greatest annual interest charge. BORROWING CORPORATION: The bonds are the direct obligation of Bricken Textile Building Corp. of which Mr. Abraham Bricken, suc- cessful and well-known builder, is President. SINKING FUND: The bond issue will be reduced by the sinking fund to $3,193,000 maturing April 1, 1944 ‘We recommend these bonds. For detailed information call or write for CIRCULAR 229-G SW.STRAUS & CO. 929 FIFTEENTH ST. N. W., WASHINGTON Telephone National 5925-6 Lake Shore 45 31... LehiVgen 4%;s 2003 Lehigh Val 65 2003. Long Isrfds ¢ L &N 4%s2003 Market St 7s 40. Mil E) Ry & L 58 Minn & StLen M St P&SSM cn M StP&SSM cn b B me it @O —a—— NATIONAL BANK. Nations! Capital Atl Gulf S bs. Atlantic Hefin | Bell Tei Pa 68 B. Bell Tel Pa 6sC hiehm Stl pm b8 Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 2Y2% We Make First Mortgages on Homes, Apartments and Business Properties in the Distriet of Columbia and Nearby Maryland and Virginia - -4 3 Bethl Skiyn Edison b Bush Term Bldg bs. Certain-Tds %arcts Chile Copper 5 Colon Oil §s ‘38 Col Gas&E| deb 6 Com Invest &% Cun Coal Md 1st.bs. ConGas N Y 6%s.. Second National Bank TRUST COMPARY. American Security & Trus Co. ital_Trust.. OIS D e e TR IO T D o a0 e B30 OV IO A O A1 O S N e RO NYCh&SIL b%8A. NYChi&StL 5%w B, NYC&SULGsA.. New Haven 3% 56. NYNH&HY% NY NH&H ev db NYont W ist4 Potomac . Seeurity Savings & Com.. Seventh Btreet.. ... . ... United Btates Savings. Washington Meehanics. American . Corcorsn Firemen's National Uni TITLE INSURANCE. Columbia Title.......... Estate Titie. . Title & Inv. Co. of Md. ‘Wash. Cons. Title pfd. MISCELLANEOUS. RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue. Decatur 3600 Mortgage Loan Correspondent, New York Life Insurance Company HumbleO& R & (liinots Bell 1st 11lincis Steel 4 48. . Indiana Steel b; Inland St 4 %48 Intl Cement b8 (ntl Match bs 47. (nt Mer Marine int Paper b8 47 Inter Paper 6 Int Tel&Teleg 4%s. 26 93% Int Tel&Tel ¢ ¥scvdis 125 5 105 Federal Storage pf Federal-Amer Co com. Federal-American pfd... Lanston Monotype Merchants’ T Merchants' Tra Mergentnaler, Linotye '] Mtge. & Inv. pfd..... . Peopies Drus Siore ptd. . Real Est. Mtg & Guar. pfd.. Security Storage Ter. Ref. & Whr. Portiand EI P . Port RL & P 6s 43 Port RL&EP T4s Heading gen 4% Reading J C See the New Stow & Davis Desks S the exclusive Washington agents for Stow & Davis Desks, we wish to an- nounce the arrival of a new collection of these famous office desks. Among the fea- tures of the new models are included rigid steel frames, laminated walnut and ma- hogany tops, paneled walnut and mahogany sides. These desks are now on display in our showrnoms. el RIArk& L 4%, Lackawanna Stl 68, St L IM&S 48 29 Laclede 63. . Laclede G 6348 & Liggett & Myers Ts BALTIMORE, May 1 (Special).—A | Loew's Inc $s. report that an inferior quality of gas | II:-A'" :r b would be distributed along the new | [‘C¥ extension of the Consolidated Gas, Electric Light & Power Co. other:ound Bay and other communities ween Y Baltimore and Washington s declared | 31on: Fow 2% 1 unfounded by Harold E. West, chair- | qoiie o Ver s 14n man of the Public Service Commission. Nat Dairy 5%s Mr. West said that the same gas| sl OO CBets which is furnished consumers in Balti- | Tat IR PR 8 more will be served on the new exten- | | 1800 6 s‘,tg?k‘:;:cn which the company is now :;g‘z‘z“u: P O (SRS Ity PRI eY 4= StL&SFra%s7 StL&SFprin | StLSWistds. ... StL S Wcon4s32. St L, Western 2d 4s. |SUP & KCShL 4%s. ., |StP Un Deps. ... | SeabAL ad) 68 1949 |Seab A Lconés.... {SBAIIFIa6s35A. “|SB All Fla 65 35 B. | Sou Pac 48 29, Midvale Steel b Son Pacifie r Sou Pac 4145 wi'64. 92% | Sou 1ac 4 s rets. . THE W.D. BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercial !nteriors Street 1506 L . General American Tank Car recently tructed has cons of car| NoAm Ed b%s for the safe transportation of hellum'Nor Ohlo Tr & L 65 g2 for the Government. - Nor States Pow 6s.. 100% Tex & Pac 5171 101% Third Averef 48 60. 6 101% 101%