Evening Star Newspaper, June 11, 1929, Page 15

. DEALINGS IN BOND | (=== o BONDS ISSUES ARE QUIET Market Dull and Featureless ‘Pending Midmonth Settlements. BY CHARLES F. SPEARI Special Dispatch to The Star. YORK, June 11.—In those sec- tions of the bond market where thare have been recent rapid advances the Received by Private Wire UNITED STATES. (Sales are in $1.000.) Sales. High. Low. 963 6 9817 9812 9817 34 9524 9820 9822 ® 2 10316 10316 10316 6 10616 1068 10616 FOREIGN. . High. Low. 92% 92 Lib3%s... Libist4%s Lib ath 4% USden1d4s. USe%ssa. Close. 924 994 99 99% 954 99% ts or disposition today was to take profi - o hold off from further purchases un- til the midmonth pressure on the money market has been lifted. Sha Y More response Was e e stronger tone in call money than to the easier rdtes quoted on time. The an- nouncement by the Treasury that sub- scriptions to the issue of $400,000,000 of 51p per cent certificates had closed and that the amount was well oversub- scribed was an incident that had less effect today than it possibly may have later. It suggests that the Government was extremely liberal in the terms granted to buyers of these notes and that in September it will be able to ob- tain funds on a better basis. United States Liberty bonds and Treasury cer- tificates were lower today. Convertble List. liness and the irregularity in !hzh:mgt market were reflected in a heavy list of prices for convertible bonds. Transactions in these were moderate. The declines ranged from quarter to a full point and were largest in American Telephone 412s, Atchison 43s and American International 5%s. Among the industrials there was & decline in Lorillard 5s to the lowest of the year, with advances of a point in Skelly Oil 5'2s and in ‘Wickwire 7s. sple-lri‘gc)el{gmde bonds were slightly below yesterday's closing, an exception being Pennsylvania general 5s, which rose & point. St. Paul adjustments, Chi & Eastern Illinoir 5s, Kansas y Southern 5s and Seaboard Air Line 6s were half to a point down and smaller Josses occurred in other members of the jor rail lists. jm’;’hmughout the foreign section of the market, there were signs of profit taking, as in German and South Ameri- can issues, and in some of the French and Belgian obligations. Itallan govern- ment and municipal bonds were frac- tionally higher. There was a good market for some of the Japanese public utilities and Scandinavian bonds were firmer. Securities in Dealers’ Hands. e It is not expected there will be muc! change 1? the situation during the re- mainder of this month or that effects will be made to satisfy the usual July first investment demand from new of- ferings of bonds. This demand wll be helpful in taking up bonds already authorized and in the hands of dealers. There are still a great many local securities that must be distributed be- fore the investment situation clears up satisfactorily. —e Steel Orders Increase. NEW YORK, June 11 (#)—The Otis Steel Co. of Cleveland received orders during the first week in June totaling 10 per cent more than for the first week in May, E. J. Kulkas, president, reports. The company's plant, he said, 1s working at capacit; Washington Stock Exchange SALES. ‘Washington Gas 6s “B"—$100 at 103, $100 at 10315, Capital Traction Co.—10 at 93%, 5 at 937, 10 at 933 Potomac Electric 5'2% pfd.—2at 105'%, 5 at 105%. Wuhl.ngwn Gas Light—7 at 1241, 10 at 125. ‘National Metropolitan Bank—4 at 412, Riggs National Bank—2 at 575. Merchants' Bank & Trust Co.—20 at 4, 10 at 150, 20 at 151, 10 at 10 at 151%. Merchants’ Transfer & Storage pfd.— 30 at 108%%, 20 at 10815, Mergenthaler Linotype—5 at 105%. “”l‘)’ Estate Mtge. & Guar. pfd.—100 at % AFTER CALL. ‘Washington Gas 6s “B"—$100 at 103';. Mergenthaler Linotype—10 at 105%. ‘Washington Gas 55—$1,000 at 99 ‘Washington Rwy. & Elec. pfd. Wasl 103%. Bid and Asked Prices. ' BONDS. PUBLIC UTILITY. & Telra. 4% Telga. 4125 ctl._tr, b R. Amer. Tel . series B.. ...l & Elec. gen '8 MISCELLANEOUS. Bid. Asked e moomeSnarans aasSlcaslt Colombia 68 Jan'61. Con Pow Japan 7s.. Copenhagen be ct.. Cuba 6% Danish Munfc 8s A. 17 Denmark 438 19 Denmark 638, "55. Denmark 6s. ... . DE15%s N El Salvador Fiat 78 x wi Finland s ¢ ESeanmm T M [oS- pep Norway 6%s 1952.. 1 Orient Dev 6% s '57. Porto Alegre # Queensland 7s.. Rhinelbe Un 7. RhineWst EP,6s'53 13 RhineWst EP 65’63 20 RhineWst EP 75’60 Rio de Janeiro 638 5. 108% 108% 104% 1044 87lh Tom 86l 10 2% 973 97% 107% 8% 81y 123 Utd Kingm Utd Steam P T Vienna 68°62. ... 4 Warsaw 75 '68,.... 11 82 Yokohama 6s. + 3 93 MISCELLANEOUS. Abram&Straus 6%+ 6 104% 101 Alleghany Cp 5544 46 903 Alleghany 63 '45Wi 66 99% AmAKS %s 1 105 Am Chem §%s cv'4¥106 102% Am Cotton Oil b Y% Am Int Cor 658 Am NatGas 64942 AnSmit& R 1t Am Sugar Ref |*maT&Weltr 98% 105 1024 10-% 75 991¢ 102% 3 120% 1024 1024 AmT&TE168.... 25 o 1 Bty 2% 100 102% 1044 o8 101% 6 Skiyn Edison bs. .. Certain-Tdb %srots % : [ Chile Copper by STCCKS. PUBLIC UTILITY. . 208 9314 | ~ol Gas&EI deb | Com Lnvest 6% 49 Com Invest 68’4 Cun Coal M4 1st h. Rwy. & Elec. com ... ... Wash, Rwy. & Elec. ptd. ..} ] NATIONAL BANK. 8! &R National SEENEEE oF - 838 Becond **' : National "Bank . TRUST COMPANY. American Security Continental Trust Merchants' Bank. National Savings & Trust. Union Trust........ Washington Loan & Tru BAVING Bank of Bethesda... . Commerce & Savings East Washington. mac % EEE ¥ 55 =588 E: Uni ates. Washington Mechanles’.\ """\ PIRE INSURANCE. American ... s Corcoran Firemen's National 333 & Uniol TITLE INSURANCE. bia Title. Golumbla 3 e i e £I0 co. of M. com f Wash. Cons. Title pfd. ... MISCELLANEOU 100% A 102 103% 904 | Intl Cement N 103 Int] Mateh 63 47... 95 100 int Paper 68 47 .. int Tel&Teieg 4 s Int Tel&Tel 4% 5 ev L Kan City ¥ & L b8, 10z KanG& B Ligget&Myer: Liggett & Myers 7s Loew's 8 85% Louisv G & i 58 53. 100% ManatiSug st 7% 984 86 102% 1124% 9BY 105% 109% 1004 10 981 | 984 | Pressd Steel Car 58 Public Service 4. RemingtonAr 68 33, Rem Rnd 5%s war. | Simms Petm Sinciair Ol 68, SugarEstOriente’ Tenn Cop 63 B "44. . 7 2 Walworth 6s "45. Warner Sug 78 41.. West Elec bs. . Westn Union 6s 51. Wilson & Co 18t 6s. WinRepeatAr 7 %s. Youngstn S & T bs. Atchison gen Atch deb 4348 '48. .. At] & Dan ist 4s 43. Atlantic C L 43%s 64 Brooklyn Elec Brookiyn El Bklyn Manna Bkiyn Un EI 58 sta. Buff K & Pitt 4% Can Nat 4%s 67 Canada Natl4% Can Nor 4%s 1936.. Canada South b Car Clinch & O bs. . Car Clinch&O 6s 52. Centrai of Ga 5%s. Cent Fac 15t 65 50. . Ches & O Corpn 65. Ches & O gu 4348. .. Ches & O cv 4%s... Ches & O 4%3"93 A Chi B&q gen 45 63, CHB&Q4%s77B.. Chi B & Q ist rf bs. Chi&ks 111 g0 68 51, Chi Gt West 4859.. % CMSP&Pacadibsd Chi& NW gen és... Chi NW 438 2037., C Chi & W ind c CeWlb%hsb2. ... ConnRy&L4 ¥%s sta. Cuoa K K bs. Cuba Nor 6 %s e Del & Hud 6%s.... Del & Hud 75 30. ... Den & Hio G cu 4. and "Trunk (s, Great North §%s. (ireat Nor gen 18, ., Gulf Mo 5s B 50, Hud & Man aj 6 Int Rapid Tran 6s. . Int iRap Ur 6 stpd. Int Kap Trans s Int Gt Nor 6 196 Int Kys C A 68 72 lowa Cent rf 4s Kansas City 8 61 Kan City Term Lake Shore 4s 31 Lehigh Val cn 4 Louts & Nash 7. Stan Ry Ist 43 90 ! Varker St 78 40 Mill Bl Ry&Lt 4%s {300kt 10y & Lbx 6l | Minn & StL ref s, Minn & Stl.en 5s. . Minn&StL fd bs 62, [ M SUP & SSM bYs. & Ve Iac ox F 77, | | Mo Pacific 58 G - Mo Pac 58 49 evt | Mant L ru ref 5 41 | Nasuu E1 48 61 INOTex® MbnA.. [N O Tex & Mo .. Ik : INY Centerbn ¥ YCreim 4ty ¥ ¥ Cent deb 6s. ... YC & StL deb 48 . NYCDI&SIL b1sA. N N N N 5 N N ¥ Y Y NH&H ev db ¥ Rys 63 A 63 ¥ y g NYWaBaks.... | Nor Fac 33 2047. Northern Pucific N 4la8 2047, { Pennsy) gen ¢ Penng, K It 4% Pa Ohio & Det 4%s 10 & K I As 40, Vere Murq ¥t 63 Philippine RR 48 [PCC&BILosA.. Portiund i P L 68 Port RL&P Ths 46 itenn:ing ken §2n A |rArkE Lavs... © St P Un Dep San A & Arp Seab A L ret SeabA L ad; b Seab A L con SBAllFla Sou bacific ref Sou Pac 4% arcts Sou Pac 4148 ‘69 ww272 Y phmBoetle urnmnn Term Asso § TexArk F'S Tex & Pac6sC'79. 85 Thira A Tol Tr L&P Union Pac Unfon Pa i s The Ster EXCHANGE K% 9Nk 99 102 101 5% 95 70 69 101% 101 108% 103 99 984 95 94% 88% 88% 1 100% 100% 100% RAILROAD. 104 100 6:5 1065 Yok 93 199% B 87 100 | therefore | their local health services: * | enable them | 90, | working for an 85 in eolf just as hard { aporoval MAY ASK COOLIDGE T0 HEAD NEW BANK Former President Believed Destined as Executive of In- ternational Institution. BY JOHN F. SINCLAIR. Special Dispatch to The Star. \ NEW YORK, June 11.—Owen D. Young is basically a business philoso- pher. Read any statement that he writes, or, better yet, hear him make an address, and one cannot but feel that here is a man who is constantly crys- tal , in his own mind, many of the unsurveyed fields of business. his statement just before leaving for the reparations conference in Paris that the “fixing of the bank rate is a moral question.” How many bustness men ever thought of the bank rate in that light? The new bank of international set- tlements proposed by the reparations ex- perts, largely the creation of Owen D. Young, will probably be the model of a new world-wide economic machinery. tall, dark, swarthy-complexioned business man, who always seems to be unrushed, believes that the world's en- tire economic and financial system is going to stand only as it supplies the world’s needs. He believes that human- ity in every nation has a right to de- mand a system which will supply these needs. And it is only because of the lack of ability or lack of organization that such needs remain unsupplied. “You cannot build a turbine in a blacksmith shop,” says Mr. Young. “It must be in more expert hands. So with modern civilization—it needs effi- clent tools to do the work that must be done to keep the machinery of civiliza- tion moving. Why should the people in one part of the world be starving while wheat is glutting the elevators of the Middle West?” asks Mr. Young. “Something is wrong here. We must devise ways to move that wheat to the places where it is needed.” And so with everything else. “The bank of international settle- ments has been greatly needed since the war,” says Able Sir Joshua Stamp, chief of the British experts, ‘Natural co- operation between the central banks of issue and the international markets is a thing the world must have if our civilization is to remain secure.” But when all is said and done, it again comes back to the question of leadership. Who will head the new bank? There are many who believe that at the proper time Calvin Coolidge will be given the opportunity of service in this international field. The United States Government offi- clally took a hand in the American- French film controversy as early as two months ago. Secretary of State Stimson says the Department of State sent a letter last March to practically all important Eu- ropean countries urging that resgrictions in Europe against American films. be France, the storm center, where the ban is the most severe, now has an ar- rangement whereby one French film must be purchased by American com- panies for every seven American films sold in France. The new French law will change this to one in four. “The freest exchange of films is what is needed,” says' Secretary of State Stimson. “The motion picture industry in, this country has always been most friendly and helpful in the importation of good foreign films, and the hope was expressed that appropriate steps might be taken, by France to re- move the restrictive regulations, which not only jeopardize American invest- ments, but hipder the international de- velopment of the film industry.” So far the French government has | reached no decision in the matter. The motion plcture industry has its own Tepresentatives negotiating at the mo- ment with the French, both with the government and with \he French ex- hibitors, but no word th the last few days has been issued to the public. The importance of the matter lies in the fact that while the total film busi- ness in France is small when considered in connection with the whole American flm sales, the business in countries ‘speaking Spanish being much more im- portant, for example, yet if such ai ruling as the new 4-1 French quota fs allowed without serious protest it is felt that other nations, too, might establish the same arrangement in order to help their own film industries. In reality the 1 French motion picture patrons will pay the increased bill resulting f restricted logislcotion. + © O Sueh Think of giving away $144.189 00 15 years! That is what the Hnrxrrgu::- Foundation, since May 322, 1913, has a:‘;esnn-wge of mE m‘;‘:nme and principal, * T, orge E. cent, its D“mfl“»h dynamic n the past, the work for 1928 has divided ftself info three classes. First, nromoting the development of medical knowledge by aiding schools of medi- cine, nursing and hygiene in many varts Of the world: second, public health ativities, helping gavernments fight _cerinin diseases and strengthen third, en- dowing outstandjngimen and women to to carry on additional studies, chisflv in countries outside | thefr work. Eight hundred schnlarships of this character were given out during 1928, Up to the end of lost year fallow- | shins had been grantad t» 3.187 men and women of 58 différent conntries, Of this numb-r 1383 purened ther stndles in countries othar than their awn. A real contribution to interna- tionalism! Just one fact to show tho interna- tional character of this irtitution During the year 1928 the fonndation gave out nearly twn million dnllars a month, 'welve millons of this was aiven outricht as an_endowment find for the new China Medical Boaid in Pekina. Ard John D. Fockefeller, sr. lives nearly the lengthening_shadowe, as he did for his miltons. (Copyright, 1029. hw Na-th American News- paper Alliance.) |CURB EXCHANGE 0.K.D BY ALABAMA OFFICIALS | By the Assoctated Press NEW VORK, June 11.—Alabama has miven full recognition to the New York ! Curb Fxcbange as a market on which securities can be bourht and sold with- out further sanction by the State's Securitics Commission. ~Eight States with “blue skv" laws have now a proved the curb mark~t officially. e | cthers are New York Co'orado, Indiana, Ceorpin, Kentnckv. Uteh, Kansas and Oregon,” Nerth Carolina has given its unofficially, and _favorable action is expected by other States. i A FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par). 4.8665 Athens, drach Madrid, peseta. .. Vienna. schilling: Dengo. Sales. High. Low. Olose. Virginia Ry 18t 6s. 1 100k 100 100% Va Ry & P §i 10 99% 99 99 Wahash I:l ba . 7 100% 100% 100% u 4 95k 9 Wabash b 2 Y% 5% 8 1024 102% 102% 1 11.< 28 18 WHOLESALE COMMODITY PRICES ARE HIGHER ‘The wholesale prick index of com- moditfes advanced 3-10 of 1 per cent during; the week ended June 8, accord- ing to the index of the National Fer- tilizer Association. The advance more than offset the decline of 2-10 of 1 per cent during the previous week, but the index now stands at 2.1 per cent below, that of March 9 and 2.6 per cent below the like week of 1928. group of grains and live stock was the chief.cause of the advance, but F. B. KEECH material advances occurred also in cot- Slight declines occurred in_cotton- seed meal and certain foods. The total advances were 28 and declines 23. COTTON CLOTH SHIPMENT. NEW YORK, June 11 (#).—The As- sociation of Cotton Textile Merchants of New York reported today that ship- ment of standard cotton cloths in the five months ef the were 1,- first 583,3: lent to 101.6- & COMPANY We maintain complete departments and private wires for the execution of ogders in COTTON GRAIN COFFEE SUGAR RUBBER H CORNER 17TH ST., N. W,, WASHINGTON NEW cHICAGO PHILADELPHIA YORK PRovIDENCE BROOKLYN Members of New Y8tk Cotton Exchange New Orleans{Cotton Exchange Liverpool Cotton Exchange, Ltd, (Assoc. Members) Bremen Cotton Exchange (Assoc. Members) Winnipeg Grain Exchange Chicago Board of Trade N. Y. Coffee & Sugar Exchange, Inc. Rubber Exchange of New York, Inc. New York Stock Exchange New York Curb Market - Washington Stock Exchange Chicago Stock Exchange 6 18.4 per cent. of production. Stock on hand May 31 amounted to 367,340,000 yards, an increase of 4.3 per cent over the total at the beginning of the month. 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