Evening Star Newspaper, May 6, 1929, Page 13

FINANCIAL.Y " HIGH-GRADE BOND LIST TURNS DULL European Group Benefited by Prospect of Reparations Settlement. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. EW YORK, May 6.—A more confi- opinion expressed here and abroad a satisfactory settiement of the debt question was reflected | 5, righer prices for some of the | today European bonds that would be benefitted by a successful conclusion of the nego- tiation, n government 7s were frac- lly higher and above prices that have been ruling for the issue for sev- The strongest feature was the French Tlus, advancing 1'; points to 114. Their range this year has been between 109% and 115. Italian govern= ment and municipal bonds, Belgian and Japanese as well as British government and Colonial obligations were steady. The domestic convertibles, which rep- resented over 20 per cent of last week’s total bond market transactions, were again active, with International Tele- phone 4!,s up over 2 points and taking leadership away from American I. G. Chemical 5';s and American Inter- national 5'5s. This group became reactionary at midday when the stock market had a sinking spell on account of the rising money rate. With money renewing at 10 per cent and the discount rate of the Federal Reserve Bank of Kansas City raised from 4!, to 5 per cent, there was not much incentive for the high-grade bond | list to advance. Treasury issues were | slightly lower, with irregularity in the rallroad legal list. ‘The fact that sev- eral bonds formerly legal were recently disqualified for savings bank invest- ments in this State has had a pro- nounced effect on their prices, Buffalo. Rochester and Pittsburgh 4155 declined another point today to 88, which com- pares with their high of the year of 94. New Orleans, Texas & Mexico 41,5 are off 7 points and the 55 4 points since the change in their status was effected. In the miscellaneous group bonds that had substantial changes were In- ternational Paper 5s, advancing about a point; Florida East Coast S5s, de- clining nearly 2 points; Brooklyn-Man- hattan Transit 6s and Hudson & Man- hattan incomes each off 15, and Cuba Cane Sugar 7s, half point higher. Chi- Received by Private Wire UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Lib3%s.... 83 93 8 98 Liblsteks 4 9923 9917 Lib4th 4%s 122 9920 9922 US3%s43, 50 9723 9723 US3%s47. 10,9927 9723 US3Ys... 55 102 10126 US4s1944. 45105 10418 UB4usE2. 87 1092 10822 FOREIGN. Sales. High. Low. Close. Argentine 8s JuB%. 15 100 99% 99% Argentine May '61. 18 100 99's 99's 6sOct 59 22 100 9913 99% 5 96 954 96 99% 100 995, 99% 861y 86 95 95 95 99 us 103 103 104 Bank of Chil 95% 95% 95% 8ank of Chil 9 99 99 99 Belgium 6s... 997, 99% Belgium 6%s. % 1049 elgium 78 1955 7 107% 10742 107% Beigium 78 1956 16 106 105% 107 Belgium 7%s 5 114% 114% 114% 10 1081s 108% 1084 12 88% 83ls 884 eee 5 10214 1021 102'4 Bordeaux 6s....... 7 100 100 100 Brasil 6%481926.... 34 92% 924 924 Brazil 6%51927. 5 92ts 1 16 97 7 107 106% 107 3100 997 99% 10 100% 997 99%% 11 1031 103% 103% oo 14 99% 99% 99% 11 93 92 92% - b 93% 93 93% Chile781943....... 3 101 101% 101iy Chinese Gov Ry §s. 3 3% 384 384 Colombla 68 Jan'sl. 15 83 Copenhagen 4%s63 9 87 01 1 Canada 681931, Cunada 6s 1952 Canada 6%s 192 Chile 63 °60. Chile 63’61 1 110% 1104 110 14 BS%W 88 83h 40 99% 99% Danish Munic Denmark 4 %! Denmark & Denmark 6 e Dutch East 168 62 Finland 6%s. . Finland 7s. Framerican 7%s. 99% 100 11 1047% 104t 104% Direct to The Star Office Sales. High. Low. Close, RemingtonAr 6s3z. 1 Rem Rnd 6% 27 Sinclair Otl Sinclair Ol Stnelair 0117, Sinclair Crude b Southwest Bell 6 Sin Pipe Line & Stand Ofl N J 68 Stand OIN Y 4%s. SugarEstOrienteT: Tenu Copper 6s B'4 TennElecPow 6s 47 Transcontl Oll 6%s United Drug 68 63 US Rub 1strf US Rub74%s U S Steel s f 6s. Utah Pow & Lt 6 ities Powr b Vertientes Sug 7 Walworth 6s "45 West Elec bs. Westn Unlon 6s 61. Westn Unton 6%4s. . White Eagle O b%s Willys-Ov 6%s 33 Wilson & Co 18! WinRepeatAr 7%s. Yngstn S&T 5s wi. 99 93 RAILROA Atchison gen 4 31 Atch deb 4%s '48 B &0 Gald 4 | Braway&7th Av 58, Brooklyn Elec 6%s. - 19 Bush Term con b Can Nat 438 30. Can Nat 4%s 57. Canada Natl4 13 Canad North 7s Can Nor 4%s 1 Canad North 6 Canad Pac deb 4s.. Can Pac 4%s46.... Car Clinch&O 6s 62. Cent Pac 1st 58 90.. 944 94 110% @ v 23 1084 1073 107% French 7% 70 114 118 1131 German 7. .. 40 106% 106% 106% German Bank 6s'38 25 884 87l 88% Greek 65 1968. 11 B4k Sily B4l 10 100 100 100 7101 100% 100% 14 97 97 91 96% 96% 4 94 93% 94 1 91% 91% 9% . 84 100% 100 100 Kreuger&Toll 5set 78 98% 98 Lyon 6s..... Mexico 58 asntd. French 7s cago & Eastern Illinols 5s were up more than a point. The $15,000,000 American Founders’ Corporation 6 per cent preferred stock, with allotment certificates, had a good reception today at the offering price of 99. An issue of about $7,000,000 Illinois Central Equipment Trust certificates was ad- vertised with a spread from a yield of 5.75 for the early maturities to 4.80 for those maturing in 1944. Tomorrow bids will be received for the $52,000.000 51, per cent four-year notes of the City of New York, on which several large syndicates were workirig today. ~Anoth- er issue imminent is one of $13,000,000 Fox-Metropolitan three-year 62 per cent notes, which may be convertible into 61> per cent debentures with stock warrants. s Sales Increases Reported. NEW YORK, May 6 (#).—Chain store companies continue to report sales increases for the first four months of 1929, as compared with the same pe- riod of 1928. American Stores Co. re- ports gross sales for the interval of $46,283,382, compared with $44,371,011. | Sa W. T. Grant Co. had receipts of $16,- 407,970, against $12,829,067, an increase of 27.8 per cent. Viashington Stock Exchange SALES. Washington Gas 65 “A"—$1,000 at 1028, Potomac Electric 51 % ptd.—b5 at 107, Riggs National Bank—10 at 577. Columbia Sand & Gravel pfd.—10 at 914, Lanston Monotype—10 at 126%, 5 at 126 Mergenthaler Linotype—5 at 1074, 6 at 10715, 10 at 1075, 20 at 107%, 10 at 1073, 1 at 107%, 10 at 1073, 20 at 1077, 10 at 107%. AFTER CALL. American Security & Trust Co.—10 at 455. ‘Washirigton Gas Light—4 at 107%. Barber & Ross 6135—$500 at 95%. Washington Gas 55—$1,000 at 100%, 4,000 at 1007, Washington Rwy. & Elec. pfd—10at 97, at 97. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Amer. Tel. & Telga. 47 = WeY, i el. & 98%; Am. Tel & 103 Anscostia & Pot. R. & Pot. Guar. 5: . Guai C. & P. Teiephone Ss. €. & P! Tel. of Va. 55 MISCELLANEOUS. Barber & Ross. Inc. 6%4s....... Cham-Vanderbilt_ Hotel 6i3s. Chestnut Farm Dairy 6!as . Bk 55 2. Mkt. Cold Storage 8s. Washi. Cons. Title Co. 6s..... STOCKS. PUBLIC UTILITY. al Traction Co > o siren Sieamboat Co. 300 8§95 S0 <5 oo av il Wash. RwY. & Elec. pfd NATIONAL BANK. National Capital. e Columbia T 1 " Meiropoiitan. nal Bank of Washin TRUST COMPANY. 7 Security & Trust Co.. 4 Seventh_Stre nited 3 Uni! a 3 Washington Mechanics...... FIRE INSURANCE. TITLE INSURANCE. Estate Title 2 & 1oy, Co. of Md. comi Cons. Title pfd MISCELLANEOUS. n prd Peoples Real Est. Mtg Milan 6%s. Montevideo 7 2 101% 101 New So Wales 57 b 924 92 92% So Wales 58: 8 925 9% 9% Norway 68 19 10 964 96 96 Norway 5% 8 100 99 997 Norway 68 sees 8 101% 101% 101% Norway 6s 1 « 29 102 101% 1014 Norway 6348 1952.. 10 101% 100 100% Orient Dev § ‘67, 2 88 87% 88 Pari; .o 37 100% 99% 99% Paris-Ly-Med 7s... 5 103 103 103 881 87% 87% 9 87% 8T 8Th 2 101% 101% 1013 1 136% 136% 136% . 33 84% 81 Bdls 5104 104 104 1 110% 110% 110% Rhinelbe Un 7. 15 101 100% 100% RhineWst EP 68’62 10 891 88% 89% RhineWst EP 68’63 10 9ila 91 914 Riode Janeiro 6%s. 11 945 94 94 RioGrDo Sol 6’48 1 89 89 89 Rlo Gr Do Sul 8s... 2 105% 105% 105% Rome 6%s.... 18 90% 90 90% San Paulo City 8s. 1 111% 111% 111% 2 105 104% 105 2105 105 105 11 105% 105% 106% 7 80 80 80 5 98% 98l 984 6 103% 103 1034 6 103% 103% 103% 18 103% 102% 102% 10 109% 109 109 2 985 98% 98W 1 76 76 T6% Tokio 5%s1961.... 5 88 87% 88 Utd Kingm 5%837. 28 103% 103% 103% 1 99 9 99 Sweden 53%s. Sweden . Swiss 5% 1946. Yokohama 6s wi... 11 95 MISCELLANEOUS. 109 108% 10% 101% 101 101 216 102 102% 104% 1044 3 97 97 Am Chem b%s cv'49433 103% 103% Am Int Cor 5148 °49 60 106% 1065 Am NatGas 6443 1 79 79 Am Sugar Ref 3 103% 103% AnSmit &R 13t 100 100% Am T &Yoltrds.. 9915 9944 Am T&T cv 41539 351 136 136 AmT&Teltrbs.. 10 1031 102% 102% AmT&TSLb 1024 1034 106 106% 98 984 81 81 104% 104% 90% 90% 90% 91 102 102 73% 73% 100~ 100 108% 108% 10415 104% 103% 104 100 100 7214 72% 95% 95% 105 105 94% 9% Skiyn Edison 68s. ... Bush Term Bldg §8. Certain-Td5 % Chile Coppe! 104% 105% 6415 6% 101% 101% 101 101% 106 106% 103 103 99 99% 8 gk wmh 25 112 1124 99 99% 101t 101% 106% 106% 93 98 81 84 100% 100% 100% 100% 103' 1034 Y8k 984 ConGas N Y 6%s.. Cuba Cane 1 Cuban Am Sug 8s.. Detroitid1son6s40. Detroit Edison 6: Dodge cesessn Duquesne 4%8 67.. East Cuba Sug 1%8 Fisk Rubber 88 Gen Cable 5%8"47.. Gen Mot Ac Cor 63. Goodrich 6% Goodyear bs rets. Hoe & Co 6% Humble O1 b: Humb) 11iinols Bell 1st & Illinols Steel 4% Indiana Steel b 103% 108% Inland Stl 4 92 924 Intl Cement 105% 106 Int Mer Marine 6s. 101 101 fatl Match bs 47 97 9T% 91% i 93% 93 93% 430 126% 103% 103% 110% 110'% 98% 98% 844 Bl 106% 106's 103 03 95 95 99% 99% 101 101% 96% 9TW 1031 1034 11 R Loriliard (P) 18 LouisvG & E6s & ManatiSug st 7%8s. Midvale Steel 6s. Mont Pow 5s 43. Nat Dairy 6% N Y Edison 68 4 113 1004 105% 99 994 106% 106% 110% 110% 99% 99% 101 101 101 101 100% 100% 105 106 101'% 101% 103% 108% 107% 107% 980 994 B0ty 1025, 1023 Y8ty 984 100 100% 90%: 90% NYGELH&PbS N Y Tel 4%s. N Y Tel 6s41. N Y Tel 6349. 6 1064 110% 997 ‘6 1014 Nor Ohio Tr & L 101y Nor States Pow b 101 Nor States Pow 6! 10544 Pacific Gas & E b PacT & T 63 6 Pan-Amer Pete Paramount 6s 1947. Pathe Exchange 7s. People s Gas b3 Phila Co 68 67 w 1. Phila & Read 65 '49 Security ' Storaee Ter. Ref. & Whr. Corp. h. Mech. Mtge. com. Wash. Medical Bldz Corp. Woodward & Lothrop pfd 30 . L 108 dio Philips Petro 6%s. Por Ric Am Tob 6s. Postal Tel & C5%s Public Service 4148 101 101 93% 94 10 209 196 196 ¥ BOb | S Central of Ga 68. ... Chesa Corp 6s wi.. Ches & Ocva%s... Ches & O gn 4348... 15 Ches'& O 4%s'93 A 158 CB&Q4%s77B.. 1 ChiB&Q1strfbs. 14 5 vevemmSo-acas aBolon 5. 96 CMSP&Pacadjbs03.188 Chi R1&Prids... Chi R1& P gn 4s. CRIPac4k%swi., Chi M&StP %8 E. ChSitPM&O 55 '30.., ChiStPM&O 68 '30.. ChiTH&SEbs... Chi& W Ind cn 4s.. Colo & Sou 4% Cuba Nor 6348 cts.. Del & Hud 6%s. Erieconv4sA..... Erle Gen 43 Eriecvt 63 67 w1 Erle conv ext 7 Fla East C 58 74. Fonda J&G 4%s'52. Gr Trunk stdb 6s. Great Nor gen 78 Gulf Mo 58 B 50. Int Ry CA 6%sret. Kan City Ft S 4 Kansas City S 3s.. Kansas City S bs... Kan City Term 4s.. Lake Shore 4s31... Lehigh Val cn 4s... LehiVgen 435 2003 Lehigh Val 58 2003. LongIsrf4s49.... Louis&Nash uni 4s. Louis & Nash 6%s. Louls & Nash 7 Man Ry 1st 4s 950 Market St 7840.... Mil Kl Ry & L 58 61 Minn & StL ref 4s. . MStP&SSM5s38gtd M StP & SSM 6%s.. MK & T adj 6s. MK&T 1stds..... MK &T prin 68 A Mo Pacific gen 4s. Mo Pac 6s A 65 Mo Pac 5s F 77 Mo Pacific 55 G 78 Mob&O 4% 77 cts Nassau El 48 61..., NOTex&M 4%s 56. NOT&MG5%Ss. N Y Cen gen 3%s.. =t 1SEana~ B R A o e S0l et e etdes m Sremie i “re NY C&StL 4%48C.. NYChi&StL 6% B, Ko 15 T 1 B0 i 1 80 2 N ¥ State Ry 4%4s. . NYStateRy 6%s 62. NYW&B4%h Nor & S gen 55 54... Norfolk & W cn 43, Nor Pac 38 2047. Northern Pac 55 D. Northern Pacr 1 6s. Ogden&Lake Ch 4s. Ore Short L res 4s. Ore Short L 68 gtd. Ore Wash 1st 4s... Pennsyl gen 4%s. . RR4 iy - Pennsyl gen b8 Pennsy) 6%s Pennsyl gold 7 Pere Mar 1st 43 56. Pere Marg 1st 68 Portiand EI P L 6s. Port RL & Pbs4z. Read:ng gen 4% 8 A Reading J C 4s51.. RI0G W 1st 4s Rio G West ¢l 4s. RIAMK& L 4%s... St L IM&S 45 29.... StL IM&S gn 683 St L IM&S R&G StL&SFpl4s StL&SFr4%s1s St L&SF prinbs. StLS W istds.... St LS W con 4s 32. StL & Sown 63 '62.. San A & Arn P 4s.. Seaboard AL 4s sta. Seab A Lref ds. ... SeabAL ad) 63 1949 Seab A L con 6s. SBAIIFla6s35 A SB All Fla 635 B Sou Pacific ref 4s. . Sou Puc 41 s wi'64. 2 Sou Puc 448 rets. . oo &5 ey artk macexloxcannomcaniliTan oo Sou Ry 6s 56 Sou Ry 6% Term Asso S L ds.. TexArk FS 5% s 50 Tex & Pac 5sB 1977 Thira Ave ref 45 60. .Third Ave adj b6s. 99 93 65% 104 12 T9% 984 103% | 83 9814 9T% | 106 108% 1015 | 894 101% | + | the charge-off. High. Low. Close. 93 vz 93 BB% BOM B6W Unton Pac 1st rf 89y 804 BI% Union Pac 4%s 67.. 96 96% Virginia Ry 1st 6 102% 102% Wabash 5s 76 B 8 lfit 98 79% s 97l Western Pacific & 9 West Shore 43 2361. WisCen gn 48 49... 10 79 EARNINGS REPORTED. NEW YORK, May 6 (#).—Columbia Phonograph Co., Inc., reports net income for the year ended February 28, at $781,306, against $760,139 in the preced- ing year. Net profit is equal to $9.46 a share, compared with $9.21. Willys-Overland Co. and subsidiaries had first quarter net profit of $2,028,020, compared with $2,802,896 in the first 1928 quarter before a special charge-off of more than $1,150,000. The company reports that profit for the recent quarter is equal to 50 cents a share on the com- mon, against 45 cents a year ago after Union Union Pacific 102 79% 971y Anglo-Chilean_ Nitrate _Corporation reports 1928 deficit of $254,946 before deducting depreciation and _depletion charges totaling $2.476,087. This com- pared with a deficit in 1927 of $1,884.- 350, before depreciation and depletion. Gross earnings last year were $3.458,206, compared with $1,179,214 in 1927. Raybestos Co. and_subsidiaries had | first _quarter net profit of $415.429, equal to $3.40 on each common share, | against $224.298, or $1.78 a share, in; the first 1928 quarter. CHICAG(; i.IVE STOCK MARKET. CHICAGO, May 6 () (United States Department of Agriculture) —Hogs— Receipts, 42,000 head, including 15.000 direct; market very slow; opened most- ly steady; later trade 15825 lower than Saturday; top, 11.50, paid for 180-210 pound weights: butchers, medium to choice, 250-300 pounds, 10.60a11.25; 200-250 pounds, 10.75a11.50; 160-200 pounds, 10.50a1150; 130-160 pounds, 10.00a11.50; packing sows, 9.50a10.25; pigs, medium to choice, 90-130 pounds, 9.25a11.00. Cattle—Receipts, 14,000 head; calves, receipts, 6,000 head: most Killing classes rather slow, but generally strong to 25 higher; early top, fed steers, 14.85; bulk, fat steers, 13.25a14.50; stockers and feeders, 12.00a1325; slaughter classes, steers, good and choice, 1,300~ 1,500 pounds, 13.50a14.90; 1,100-1,300 pourds, 13.50a15.00; 950-1,100 pounds, 13.50a15.00; common and_medium. 850 pounds up, 10.50a13.50; fed yeariings, good and cholice, 750-950 pounds, 13.75a 15.00; heifers, good and choice, 850 pounds down, 13.00a14.75; common and medium, 9.25a13.25; cows, good and choice, 9.50212.00; common and me- dium, '8.0029.50; low cutter and cuiter, 6.50a8.00: bulls, good and choice (beef), 10.25a11.50; cutter to medium, 3.50a 1025; vealers (milk fed), good and choice, 12.75a16.50; medium, 10.50a 12.75; cull and common, 8.00a10.50; stocker and feeder steers, good and choice (all weights), 12.25a13.75; com- mon and medium, 9.50a12.50. Sheep—Receipts, 21,000 head; early sales and bids 25a50 lower; few shorn lambs, 13.75a14.00: best wool skins held above 15.50; Californias held above 17.25; ewes, 50 lower, 7.00 down. Fol- lowing quotations on shorn basis: Slaughter classes, Spring lambs, good and choice, 16.25a17.50; medium, 15.258 16.25; cull and common, 13.25a15.25; lambs, good and choice, 93 pounds down, 13.35a14.40; medium, 12.50a13.50; cull and common, 11.00a12.50; medium to choice, 92-100 pounds, 12.50a14.00; ewes, medium to choice, 150 pounds dowrl, 6.008750; cull and ‘common, 215 26.00. buy Rolling Stock be sure vou buy Hood Tires. 1636, ¢ CONN. AVI A SOUND INVESTMENT =-HO0Db—~ He looked all of 23 A youth of nineteen (he looked all of twenty-three) sold in good faith a piece of real estate. Within two years its value had doubled and the youth regretted he had sold it so soon. He casually dis- covered, however, that the buyer’s title was invalid inas- much as the deed had been executed by a minor. Success- ful suit followed to recover the property and the buyer suffered a loss running into four figures. Title insurance would have protected the buyer’s interests. Whenever you buy or lend on real estate, a New York Title policy in always your best policy. Capitol Title & Guarantee Company 1425 Eye St. N.W. Representing New YOrk TITLE AND MORTGAGE CoMPANY Capital Funds over 60 million dollars Stock Rights Offered. NEW YORK, May 6 (#).—Mexican Seaboard Oil Co. is offering rights to buy one share of stock at $32 for every four held. The offer applies to stock of record May 29. ELECTRIC AUTO LITE. NEW YORK, May 6 (#.—C. O. Minger, president of Electric Auto Lite Co., says the concern's business in the first six months of 1929 will exceed that of the entire 12 months of 1928, which had been its best year. Indicat- ed profit for 1929, he reports, is at least $15 a share. CHICAGO DAIRY MARKET. CHICAGO, May 6 (#).—Poultry— Alive, steady; receipts, 3 cars; fowls, 29a34; broilers, 35a43; roosters, 20! turkeys, 30; ducks, 24a30; geese, 17. Butter—Lower; receipts, 16,074 tubs; creamery, extras, 43; standards, 4213; extra firsts, 41l5a42%4; firsts, 40a4l; seconds, 39a39',. Eggs—Unchanged: receipts, 41,520 cases; extra firsts, 29a 2915; firsts, 281,a28%; ordinary firsts, 26a28; storage packed firsts, 30; storage packed extras, 30'2. Car Repair Report. NEW YORK, May 6 ().—Class 1 railroads on April 15 had 142,174 freight cars in need of repair, or 6.4 per cent of the number on line. This was an in- crease of 2,636 cars, over the total re- ported on April 1. Oppose Transfer of Offices. NEW YORK, May 6 (#).—Opponents of the proposal to move the offices of Calumet & Hecla Consolidated Copper Co. from Boston to New York plan to mail proxies to the stockholders in an effort to forestall the transfer. Business Note: By the Associated Press. NEW YORK, May 6.—Exports of Hud- son motor cars during the first four months of the year set a new high record, reaching the total of 27,071.|Feb This was a 28 per cent increase o\'eri’ the same period of 1928. Island Creek Coal Co’s April pro- duction is_estimated at 460,000 tons, a | gain of about 20,000 tons over April, | 1928. Melville Shoe Co's sales for the first “our months of 1920 aggregated $7.774. 781, a_23.4 per cent increase compared | with the same four months of last year. | The Kansas City Federal Reserve | Bank has raised its Tediscount rate to 5 per cent from 4%z per cent. Special Dispatch to Tae Btar. NEW HAVEN, Conn., May 6.—For the #hird consecutive week the general commodity price level has remained at exactly the same point. Under the surface is a tug-of-war. Seasonal and other special factors have been pulling many specific commodities toward a higher price level, but the big general pull of money and credit has been toward a lower level. Foreign price weakness indicates that the condi- tion in United States is general and fundamental. 1t is easy to see that should any sub- stantial let-up in business activity occur, a sharp general price recession would | follow. Fluctuations in the general wholesale price level and in the purchasing power of the dollar are given below for the United States for various periods, based mainly on Dun's quotations. The National Metropolitan Bank Oldest National Bank in District of Columbia 15th St., Opposite U. S. Treasury Your Business —associates afford no indifferent index of your own standing. {[Washington’s most substantial people have banked at The Metropolitan for generations. Which fact assures you “good company”—enhanced business prestige, the rate of $3 per share per annum, when and as declared, payable February, May, August and November; and is redeemable, in terly dividend date on 60 days’ notice, at $52.50 per share plus accrued For each Allotment Certificate outstanding there will be 3% Paid on Savings FINANCTAL. n\'e;ng. for the year 1926 is the base used. ‘Whale- Purchasing sale pow s. price - departure Week _ended— index. from 1926. May 3 . 96.7 4 gt o D A DN, L ooNBLEN AN ABE D! L+] Foreign Commodity Prices. Cable reports from abroad indicate the following European wholesale move- England. France. 02 2882888223, Sabonoemm 1926 average (Copyrigh “These solid 6149, Bonds are the Backbone of our * 13 Exports of Canadian Nickel in April amounted to 7,128,500 pounds, valued at $1,770,082. A year ls: exports reached a total of 5939,100 pounds, worth $1.410,462. We Recommend — American Commonwealths Power Corp. Convertible 6's at the market Circular on Request Irving & Johnston Woodward Bldg. Main 8973 Correspondents Members of Spencer Wash. Stock Trask & Co. Ezxchange Invested Fortune” TODAY there are many issues and varieties of secu- rities, but the prudent investor knows that sound investment plans are built upon a solid foundation of good bonds. Let us send you our investment booklet which de- scribes sound, strongly secured st Mortgage Real Estate Bonds (now paying 64%) and other types of securities, Simply sign and mail the coupon. THE F. H.SMmITH Co. Investment Securities—Founded 1873 Smith Building Washington, D. C. (815 - 15th Street, N.W.—Main 6460) Branch Ofices in—New York—and Other Cities NAME. ADDRESS . OCCUPATION American Founders Corporation 6% Cumulative First Preferred Stock, Series D to be represented by Allotment Certificates Convertible Into Common Stock The 6% Cumulative First Preferred Stock, Series D, (par value $50) is entitled to cunmulative dividends at e whole or in part, on ly on the first days of quar- deposited with The Seaboard Natiomal Bank of The City of New York, Depasitary, two shares (par $50 each) of 6% First Preferred Stock, Series D. The Preferred Stock will be ment Certificates then outstanding. delivered on or after Fi Allotment Certificates will be 2, 1832, in_exchange for any Allot- noa-callable prior to that date. TAX PROVISIONS: Dividends on the First Preferred Stock are not subject to the present nomal Federal In- come Tax. ‘The Corporation will agree upon timely and appropriate request to refund to holders resident in the respective states the Pennsylvania personal property tax not exceeding 4 mills per an- num, any California ersonal property tax not exceeding 5 mills per annum, or the Massachusetts In- come Tax not exceeding 6% per annum on dividends derived from the Preferred Stock initially to be represented by Allotment Certificates. Mr. Louis H. Seagrave, President of the Corporation, has summarized in part his letter to us as follows, copies of which will be furnished on request: Company: ated investment companie: ments in over 30 d: Conversion of Allotment Certificates: Each Allotment Certificate may be exchanged for one share of Common Stock of the Corporation at any time after June 10, 1929, and on or before ferent countrie: February 1, 1932, on the following basis: Through February 1, 1930 without additional payment; there- after through February 1, 1931 upon payment of $15 per Allotment Certificate; thereafter through February 1, 1932 upon payment of $40 per Allotment Certificate. The Allotment Certificates or other appropriate instruments will provide that the number of shares of Common Stock deliverable in exchange for Allotment Certificates will be adjusted in the event after June 10, 1929, of combinations, split-ups, etc. of the Common Stock, declarations of stock dividends in excess of certain rates, or pro rata offerings of Common Stock to Common stock holders at less than the then current conversion price. American Founders Corporation is primarily a management, financing and holding organi- zation for shares of investment companies, and supplies investment supervision to its affili- : International Securities Corparation of America, Second International Securities Corporation, United States & British International Company, Ltd., and American & General Securities Corporation. In addition, the Corporation’s general portfolio is broadly diversified with over 300 separate invest- Upon completion of this financing, this general portfolio (exclu- sive of the substantial investments in the Class B Common Shares of affiliated companies), together with cash and call loans will be more than 150% of the total par value of Preferred Stocks then to be outstanding. The combined resources of American Founders Corporation and its affiliated investment companies exceed $175,000,000. Assets: The Corporation has no liabi s except current obligations in the ordinary course of business. _ Net assets after deducting such current obligations as shown by the Balance Sheet in the above mentioned letter, aggregate $69,258,796 or over* 225% of the total par value of First Preferred Stock to be outstanding upon completion of this financing. Equity: The Corporation’s outstanding Common Stock, taken at current market quotations, represents an equity junior to the Preferred Stocks in excess of $160,000,000. Earnings: Among the important items of revenue of American Founders Corporation are the fees re- ccived for services to affiliated companies, interest and dividends on its investments, and real- ized profits. Net income for the fiscal year ended November 30, 1928, after all expenses and taxes, plus 6% on the proceeds of this financing and on the net amount of capital funds raised since the end of such fiscal year, totaled $5,002,903 or 2.7 times the total annual dividend requirements on all First Preferred Stock to be outstanding upon completion of this financing. A 10% Common Stock dividend has been declared payable on June 10, 1929 to Common stockholders of record May 31, 1929, Price $99 Per Allotment Certificate and Accrued Dividend These Allotment Certificates are offered for delivery when, as and if issued and received by us and subject to the approval of Counsel. It is anticipated that delivery will be made on or about May 21, 1929. The Harris Forbes Corporation 56 William Street, New York