Evening Star Newspaper, June 26, 1929, Page 15

Page views left: 0

You have reached the hourly page view limit. Unlock higher limit to our entire archive!

Subscribers enjoy higher page view limit, downloads, and exclusive features.

Text content (automatically generated)

' Utilities Group Again Active ! at Advancing Prices. Rails Popular. . |, BY CHARLES F. SPEARE. | @pecial Dispatch to The Star, NEW YORK, June 26.—Nearly all ©f the actiye convertible- bo: weeks, Stock 'ehnn houses have been putting their ‘customers into the two telephone bonds jand into Atchison, Pacific and Southern Pacific convertibles, and bond + houses have found an outlet for their conservative customers in this IORN!'YOIK Qe bosies v "aales, High, Low. 97 NDS o ] G HONEYFALS Received by Private Wire Direct to The i 1 150 101 11 1018 1018 1042 83 107 18 10717 10717 41 1042 104 FOREIGN. 1 uss. 7 Argentine 6s Oct §9 12 Argentine May "61. 1 2 Australia 58 1957... Austria 7s, semi. lati = -specul lve 5 Interest M-ymd to the Inter- ‘national Telephone 47 s dcan Telephone 414s. dealt in in large units. When they ' touched 140, after closing yesterday at ll!%' tt&el:: v;’l.ut s:me h:alhnm‘xm;nd ' profit-| g, but. heavy ng orders ared and this afternoon they ed & net gain of over 4 points. - fa Features of Trading 2 i . American Telephone 412s moved more slowly to mid-day and then jumped ahead, Atchison 4155 were up 315 aad Missouri Pacific 5%2s showes ' & moderpte gain. The thern Pacific 438 are not so attractive from a con- yertible: basis as the other rails ¢ ¢ there is a tendency to compare their price with those of the junior railroad | 412 per cent mofl*a;u, as Rock Island 4 and Frisco 415s. ¥ blic Service | %ose 10 points. The 10 per cent renewal rate .for | money affected a few of the -mde | eorporation bonds and had ‘a tendency | 10 weaken the market for Treasury | certificates. Two municipal bond is- ! sues offered today were priced at a i per cent basis for the one-year maturity, gar lucin, Cuban _ su, was a little steadier. Hol {from the Amer- ‘The former were o‘i “New Jersey 4128 Gas 6s it 10345, R&E T —~1 at 96, 10 Merchants' Tir. & Stge. ptd—10 at Torie, 30 at donig, s D10 ® Linotype—10 at & Tav Biad0 5t 3%, Capital Traction 55—$1,000 at 97%. Gas 6s B—$500 at 104. ‘ashington Gas 55—$1,000 at 100, $1,000 at 100%. * Tras 55—8$500 at 9734, $1,000 973%. —100 ‘at 19. com.—4 at 47, Electric 6% ptd—5 at 1111, Amer. Tel. & Teiga. Traction ' Capital i ‘ashingtor - tomac 1 mac Elec. Wash. R rict ral-American ty ibert in ; National iges . Satonar 250 500 415 580 240 320 gHsscEEy TRUST COMPAN American Security & Trust Co * tinent. Trus rchants’ Bank | . ‘nm-'IIle‘l"‘" & ‘sshington Loan' & Trust. SAVINGS BANK. ncrca & Savioe mWIlhintmn e Becurity Savings & Comi.’ Bank. venth Stre nited Siate: g Piremen's - ational Union BiEsEs 8 e BEES % Brasil 6% 1927 Braszil 1 Con Pow Japan 78 Copenhagen 4 %8s 53 Cuba 63s. Caecho 88 1952..... Denmark 53%s, '56. Denmark 6s. ... DE16%s Mch 63 Dutch East 1 s 47.. Fiat 7s war "46..... Fiat 7s x war .46, Finland 6%s Finland s £ 68 '45. 2N 99% 104% 108% 113% 105% 3 102 Orient Dev 5 s '6! Paris-Ly-Med 6: forn Pelil momanoonns - 1ose (5 -PA SRS Bt ln - - e =TSN omageao Vieuna €s '62. Warsaw 7s'58 8 80 Yokohama 6s. 2 9% MISCELLANEOUS. 20% 98% 88% 98% 94% 991 994 £0 9% Abram&Straus§%s 5 107% 107 90 Ajax Rubber 8i 1 Alleghany Cp 58°44 34 98% Alleghany 58 '49 wi 34 98% AmAgriChem 7 3 105% '49 36 102% 9 368 105% Am NatGas6%s42 1 77 16 103% 4 5 99% Am T&T cv 434539 3975136% Am T & T cl tr b 18 102 Am Wrtg Pap 654 Anaconda 1at §8 Anaconda cv db Armour&Co 4% Atlantic Refin b Bell Tel Pa5s B Bethiehm S{1 pm b8 Beth Steel rf 5 Beth Steel 5% 53.. Bethlehem Steel 6 Sklyn Edison §s. Certain-Tds i srets Chile Copper 6s.... 1 Col G&F1 55 May 52 Com Invest 645 "4y Com Invest 65 Con Coal Md 18t 6s.. 0 4% East Cuba Sug 7%8s Fisk Rubber § Gen Asphait 63 36 Gen Mot Ac Cor 6s. Humble O & R 6%: (ilinois Bell 1st lilinois Steel 4 %8 indiana Steel Inland Stl 4%8°78.. Int] Cement Intl Mateh 58 Int Mer Marine 894 Int Tel&Tel 4148 cv1265141% Laclede G 6%s 52 Lautaro Nitrate 6; 5 Loriliard bs Lortilard § % Lorillard (P) Loulsy G & K 63 Midvale Steel 8 98% Mont Power deb 68. 61 9815 i Da 44 96% 3 100% iry Nat Radiator Edison . 9 99N Nor States Pow 6s. 2 1054 Pacific Gas & El 6. 11 100 :l 100 Pan-Amer Petefs.. 1 108 Paramount 68 1947, 4 08 Pathe Exchange 7 , Poopie 8 Gan 68,00, W | Erie (Pa)clttr 4 100 102% 98% 9945 é 102% 1 2 72 %72 T2 6102 gu02 102 West Phila Co s 67 Phila & Read Philips Petro 6% Por Rie Am Tob 6 Postal Tel & C5i4s. Public Servics 4148, RemingtonAr 6s 32, Rem Rnd 6%s war.. Stnelair O1l §s. SugarEstOrientels. Tenn Cop 6s B '44 TennEiecPow 65 47. ‘Transcontl Ol 6 %8 United Drug 68 63.., U S Rub 1strf 6s... US Rub 7% Utah Pow & Lit 68.. YoungstnS&T 5 Ann Arbor 4s Atchison ad) Brookiyn Elec Bklyn Manna Bush Term con o - 19 81 03 4 i 53 00 Qéns? ChiB & Q 1st rf bs.. Chi&s 111 gn 68 51.. CMSP&Pacadjss03. Chi NW 43%s 2037., Chi& NW ref 58..u Del & Hud 1st rf és. Del & Hud 5%s. . Den & R0 G cn 4s., D Rio G West Fla East Cés 74 Gr Trunk stdb és. Great North bi Great North 5%s. Great Nor gen 78... o) Ill Central rf 5s 65.. 111-C-C-StL&NO 68. int Rapid Tran 6s. Int Rap T'r bs stpd.. Int Kap Trans 7s. Int&GtNor adj 65 63 IntRysCA6873.., Int Ry C Am 6s 41.. Int Ry C A 6%s ret. lowa Cent 1st 5 Kansas City 8 3s. Kan City Term Market St 78 5111 KI Ry & L Minn & StL ret Mo Pacific §s Mo Pac 5% Mob & Ohio 4%s 77, NRM4%s51asst,. NO N ¥ Centr £ b N Y Cent deb 6: NYCh1&StL 6% 8A. NYChi&StL 6% B. NYC&SLL6sA.. New Haven 4s 55... Northern Pacific Nortnern Pacr 1 Ogden&Lake Ch Ore Snort L rfs Ore Wash 1st ¢ Pennsyl gen 4% % RIArk & L 4% StL IM&S gn 6831, St L IM&S R&G 48, StL&BSFDI4sA.. StL&SFreksis, StL&SF prin 6 St LS Weon és 32, Seaboard AL 4s sta. Sou Facific Sou Fac 448 rets. . Sou Pac 414869 wwl! Term Asso S L 4s., Term Asso St L 6s. TexArk FS 6%s b0, Texas & Pacific 18t. Tex & Pac 68 B 1977 SR nn e Ramsemuds Wabash 64876, ., West Maryland ¢s. N -t CrouRS aHenEr - RNalia H - - R NS e W '3 RAILROAD. 1 2% reSenwon Som eonan~NE~S~a " PYSTR A= 21 8 10 STOP ADVANCES ”|Wall Street Returns to For- mer Policy of Bidding Up Favorites. Special Dispatch to The Star. NEW YORK, June 26.—Wall Street has apparently returned to its former policy of bidding up stocks in the face of higher money rates. This it has done successfully in the past and although call rates yesterday started at 10 r\' cent, after holding between 6 an per cent since May 16, there was a lon string of “new high record” for indus- trials, public utilities and rails to add to the 50 or more, than were register- ed last week. The immediate money market is in the hands of the New York banks. They can keep the rate at the present level or let it go to 12 or 15 per cent, ac- cording as they feel disposed. There is not the strain on them of heavy borrowings for speculative account as in March, when the day rate touched 20 per cent, or in April and May when it was quoted at 15 and 16 per ceat. On the other hands the normal re- quirements, or rather those considered as legitimate in contrast with Wall Btreet's excessive borrowings, will be greater in the next two weeks than since the early part of January. Conse- quently, 1t is the feeling of the Federal Reserve authorities that there will be a higher average of call money until about the temnth of July. During this period it is probable that the Federal Reserve will resume buying acceptances and Government securities, Its portfolios of both kinds of paper are at low ebb, Acceptances last week were down to $87,032,000, compared with $223,882,000 a year ago, and lower than they had been in five years. Hold- ings of Government securities were $139,458,00 or about 40 per cent less than on June 20, 1928. Both of these items are expected to be bullt up sub- stantially during the Summer months. The arrival here at the end of the week of Gov. Montague Norman, o the Bank of England, will be followed ferences between him and the Federal Reserve nuthmueslzn the ran:; ter of the present heavy gold expol the United States, which are worrying English bankers. AR | NEW ERA OF TRADE SEEN BY FINANCIERS il By the Associated Press. GENEVA, June 26.—Eminent econo- mic and financial experts, recently in session at Geneva, stressed their be- lief that 10 years after the t war the world's ‘economic organization is widely different from that which exist- ed before the war. ‘They assembled as members of the League’s economic consultative commit- tee, which was created by the interna- tional economie conference of 1927. Taking a rather favorable view of t-war developments, the experts ound that the aggregate production of wealth during the last decade had in- creased more rapidly, than has the world’s population and that wealth per head now is greater than before the War. In 1928 they found groductlve ac- tivity equal to or ahead of the precednig Y “IManufacturing made headway international trade creased the economic life of the world enjoy- ed the benefit of greater monetary sta- bility. n\{c the process of consolidation has been neither uniform nor easy, says the reports framed by the experts. In many directions theflouml no advance and even retrogression during the year. The 's record of unemploy- ‘ment indicated that the readapation of roduction to demand in & number of naflulmu is still far from having been completed. Overproduction was found in seve- ral industries, others suffered from & decline in demand and in others the &:em of rationalization had reduced labor requirements. MERRICK NEW PRESIDENT OF WESTINGHOUSE CO. By the Assoclated Press. 4 NEW YORK, June 26.—F. A. Mer- rick, who has been vice president and general manager of the Westinghouse Electric ‘& Manufacturing Co., was made president of the corporation at a meeting of the directors today. He succeeds E. M. Herr, who, after an ex- tended vacation, will become vice chair- man of the board. Mr. Merrick, a graduate of Lehigh University, was first employed by the Steel Motors Co. when that concern was acquired by Westinghouse. He was sent to Canada, where in 1903 he formed the Canadian Westinghouse Co., be- coming its vice president and general manager. In the early years of the World War he organized the New England West- inghouse Co, at Chicopee Falls, Mass,, and after the war went to London for two years as special representative of the Westinghouse Electric International So. Returning to Canada, he resumed his post with the Canadian concern. In 1925, he was made vice president and general manager of the company to whose presidency he now accedes. He is also a director. Business Notes By the Associated Pre NEW YORK, June 26-—An increase of 12 per cent in gas sales was regis- tered during the initial four months of 1929 by the first 81 companies re- to the American Asso- clation. A subsidiary of the American Bond ? & Mortgage Co. is being formed to transact & general stock and bond busi- ness and to acquire the parent com- ‘pany’s business in general corporation securities. Directors of Continental Investment Co. have declared their intention .of increasing the annual dividend on the common stock from 15 to 30 cents a share, beginning with the October 1 dividend. x Demand for silks for sales p't'xhr:uu don of _stocks | manufacturers hl.n‘,:emunu a ml-mlnubtey call for Summer dresses. 6% NOTES Secured by First Mortgages Safe—Conservative 42 Years’ Experience nmu:'nc in the these se- e Wm. H.Smdequ., Inc. Main 1016 CMBE iry CHICAGO, June 26.—Production of' butter continues to run somewhat ahead/ of & year ago, with reports on the in- creased make running from 1,39 per cent to 853 per cent. Much of the mn:flon is going into storage at this Chemicals. FORT WORTH. —Fertilizer sales in Texas, for this crop year, have exceeded the corresponding period of last by 50,000 tons. Reco: Chemist’s Department and of Agricul- tural and Mechanical College reveal the used for cotton fields. DETROIT—The Hupp Motor Car Corporation construction of have done so and others are holding out for prices buyers will not meet. Knit Goods. an eight-story administration building | of the tentative on a site recently purchased at Mount are: sal Elliott and Milwaukee avenues, Detroit. Grain, HELENA, Mont.—Winter wheat is making rapid progress but the crop es & whole is spotted in Montana and Spring grains are 2 better ap- Dearancs than Winter wheat: o 3 ‘Wool. BOSTON.—Buyin, in the ran States has !Alle:n gfl somewhat tlnc': many of the growers who had to sell Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 5Y2% ‘We Make First Mortgages on Homes, Apartments and Business Properties in the District of Columbia and Nearby Maryland and Virgis RANDALL H: HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortoage Loan Correspondent, New York Life Insurance Company Columbia Building Association 716 11th St. N.W. Under Government Supervision PAYS 5 PER CENT Let Us Refinance Your Maturing Loan No Commissions Charged 20 Years Successful Business Without the Loss of a Dime Modernize NSPECTION of Ghecks to be mailed. Transter books Wil ROt I LADD, Astistant Treasurer. | Your Office - our recently arrived Stowe & Davis desks will immedi- ately convince you that your office de- mands the newer—more elegant type— of modern office furniture that makes such a decided impression the mirute you enter our display rooms,: Up-to-dateness in your own office, secured by a fine Stowe & Davis desk and other repre- sentative pieces is an indication of the up-to-dateness of your business methods. JOHN JOY EDSON, President Organized 1879 Assets .............$5513,051.63 BUSINESS FURNITURE' AND' EQUIPMENT Decorators of Commercial ‘Interiors 1018 15th Street 1506 L Street ‘WALTER S. PRATT, Jr., Secretary Surplus. & Profits...$1,601,704.98 Subscription for the 97th Issue of Stock Being Received Save Systematically $2.50 PER SHARE . o in the Equitable E Equitable’s plan of sys-' tematic savings encourages thrift in a manner that if con- sistently followed will eventually lead to financial independence. Start now while you have a steady earnin wer, Come in and let us explain about our systematic plan. 915F St NW. “People Who Invest Cautiously No. 2 Equitable Co-Operative Bldg. Ass’l of a series of messages to investors from the President of S. W. Straus & Co. e AT this time, when evidences of prosperity are so abundant, and you hear so much talk that everybody is dealing in the stock market, it is important to remem- ber that the great majority of conservative people are still just as cautious and just as insistent on safety of principal as ever. “These people, men and women of moderate as well as of large means, constitute the class of,investors who have been Straus customers ever since the beginning. Many of them invest large sums frequently. But a great many of them invest moderate sums, and we are proud that we have made a successful appeal to so many thousands of thrifty men and women. “The constant increase in our business has been built on this appeal to thrifty, provident people who want the best yield, the best income consistent with safety of their principal. I feel that it is highly significant that we have a great many men and women clients who have ip- vested all their funds, exclusively, with S. W. StrAus & Co. for a quarter of a century.”® S.W.ST INVESTMENT SECURITIES . FOR JULY Investors One of our officers will be glad to consult with. you and help you in formulating a definite program for July invest- ment. Call and consult with us, or, if you pre- fer, write for invest- BOOKLET Pfl:idmt; S. W. Stravs & Co. 929 FIFTEENTH ST. N.W., WASHINGTON Telephone National 5925-6 ESTABLISHED IN 1882 mentliteratureand our booklet, “How to In- vest Money.” Mention the type of securities in which you are most interested, and specify. G-626

Other pages from this issue: