Evening Star Newspaper, June 27, 1929, Page 15

FINANCIAL. CONVERTELE BOND SSUES ARE ACTIE Profit Taking Appears After Recent Advances—U. S. Group Steady. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, June 27.-There were vigorous movements again today in the convertible bond issues, but with the new high prices there 'appeared some evidence of profit taking. Since the movement began two weeks ago Ameri- can Telephone 4!.s have advanced from 120%; to 137, International Tele- phone 4l>s from 120'> to above 144, and Atchison 4l5s from 11612 to about 127, This gives tempting profits for some of those who have simply been “taking a ride” in the market for convertibles. Public Service of New Jersey 4l3s on comparatively small* transactions have risen in the past few weeks about 45 points, and Missouri Pacific 5las 6 points. The mortgage market is overshad- owed by the convertibles and by the continued high rates for money. It was extremely dull today, with small changes each way, which did not in- dicate any definite tendency in prices. The offering of an additional issue of $10,000,000 Mortgage Bank of Chile 6 per cent bonds at 92 had the effect of depressing the price of the old 6s and the 61,5, and it also caused frac~ tional declines in other South American issues. The Mortgage Bank of Chile now has $5 loans aggregating $90,- 000,000. Of these the 6% and 6': per cent bonds have held closely to the original issue price. The 6s brought out last year at 95% were selling today below 92. It is understood there was an indifferent demand for the new bonds. ¢ Recently the Canadian National Railways sold $40,000,000 of 5 per cent mortgage. bonds here at 99%. This issue went so well-that another block of $20,000,000 at the same coupon rate and at the same price was being of- fered today. Altogether June will show the largest total of foreign issues this year and comparing with best months in the second half of 1928. United States Government issues were quiet but steady. B. & 0. and Pennsy Eai—ningl. The Baltimore & Ohio Railroad to- day reported a total net railway operat- ing income for May, 1929, as $4,961,902, in comparison with $4,081,375 in the corresponding period last year. Freight revenues showed a gain during the period of $1,935,861. The company also reported for the first five months of this year, net railway operating in- come reaching $17,702,763, against last r's total of $13.418,391, an increase 1929 of $4,384,372. While passen- ger revenues showed a falling off, freight revenues advanced more than $6,000,000. Net railway operating income of the Pennsylvania Railroad for May was $13,380,560, an increase of $2966,830 over May, 1928. Railway operating revenues were $59,953,652, a gain of $4,785.314. For the first five months of this year net railway operating income totaled $53,397.911, a gain of $12,740,880 over the like period in the preceding year. Washington Stock Exchange SALES. Washington Gas 5s—$500 at 9914, $1,000 | at 9915, ‘Washington Gas 6s “B"—$200 at 103. Capital Traction Co—5 at 92%. ‘Washington Gas Light—20 at 1251, ‘Washington Rwy. & Elec. pfd.—5 at 96. Federal-American National Bank—10 at 332, Barber & Ross com.—25 at 19. Federal-American Co. com.—10 at 4715, 10 at 4714, 5 at 4715 Merchants’ Transfer & Storage com.— 10 at 120, 14 at 120. Mergenthaler Linotype—2 at 105, 10 at 1047, 10 at 105. AFTER CALL. ‘Washington Gas 55—$500 at 9975, Wuh;!n\nnn Rwy. & Elec. 4s—$500 at 86. National Mtge. & Inv. pfd.—200 at 412, 20 at 41;. 80 at 47 Potomac Elec. cons. 55—8$1,000.a8 100%. Potomac Electric 54 % pfd.—5 at 107, 5 at 107. s ‘Washington Gas 5s “A"—$1,000 at 101. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. 4 9834 C. &P Capital T R. City & Suburban 5s. Georsetown Gas lst b5 tomac cons. 8% Potomac Elec. 65 195 1 Wi & Mt. Vernon cif. 2 ap. 58 MISCELLANEOUS. Barber & Rosr, Inc., Gham.-Vanbit. Hotei 61 Ghestiut Forms Daity hevy Chase Club 5V, C. Paper Mg 6% ot "Joint Stock Fash. Mkt. Cold 1d. ‘B, L Stora; h. Cons. .55 ge 5t Title Co 6s. STOCKS. PUBLIC UTILITY. mer. Tel. & Telga f 2 pital Traction Co. Washington_Ga: Norfolk & Was] Eotomac Elec. 6 Flec. NATIONAL BANK. National Capital umbia .. Becond 25 National Bank 'of Washington *305 TRUST COMPANY. American Security & Trust Co. 430 nion Trust ... ashington Loan & Trust SAVINGS BANK. Bank of Bethesda. Security Savines Seventh Street. nited States ‘ashington Mechanics'. .. . . FIRE INSURANCE. American Corcoran Firemen's National Union e : Co. of Md." comn Title prd. MISCELLANEOUS. , Barber & Ross. Inc.. com Chevy Chase Dairy ‘pfd.. Col. Band & Gravel pfd. Commercial Natl. Co pfd. D. C. Paper Mfs. pfd Dist.” Nat'l Securities Federal Btorage pfd. Wash Cons. ward & Lothrop pid. *Ex dividend. 1Ex warrants, —_————— Daniel Willard, president of the Baltimore & Ohio, has been elected a director of the Mutual Life Insurance Co. of New York. UNITED Lib 4th 4% s US3Ys. US43 1944. US4uss2. Argentine 6s Ju 5% s Oct 59 Australia < Australia 68 1957. . Bank of Chile 6% Bank of Chile 6% Belgium 6s.... Belgium 6%s. . Belgium 7s 1955. Beigium 7s 1956. Belgium 7% Belglum 8s. Bolivia 7s ct '69. Bolivia 8s Bordeaux 6s. Brazil 645 1926 Brazil 6451927 Brazil 1 Canada 5s 1931. Cunada bs 1952..... Canada 6%s 1929... Chile 68 °60. Chile 636 Chtle 7s 1943, . Colombla 6s Jan'61., Con Pow Japan 7s.. Copenhagen 5z ct. Cuba 5%s. Czecho 8s Czecho 8s 195 . Danish Munic 8s A. Denmark 4%s. Denmark 5% Denmark 6s. . Duteh East I 63 47.. Dutch East 1 6s 62.. El Salvador 8s '48.. Fiat 7s war '46. Finlind 6% caee Finland s f 63 °45... Finland 7s. Framerican 7% French 7s. French T4%s. German EI P 64s. German 7s......... German Bank 6s ‘38 Greek 651968 Haitl 6s. . Hungary 7%s. irish Free State 5 ltaly 7 Italian Pub 8 Japanese 6%s. .. Kreuger&Toll 5s ct Norway 63 Norway 5348, ..., Norway 6s 1944 Orfent Dev 5%s Paris-Ly-Med 6: Paris-Ly-Med 7 Paris Orleans 5% Peru 6s 196 Peru 651961, Q RhineWst EP 6852 RhineWst EP 6s'53 RhineWst EP 750 Rio de Janeiro 63 Rio de Jan 8s 1946. . Rio GrDo Sol 6s 48 Rio Gr Do Sul 8s. Rome 633, Sao Paulo 1950... Saxon (PW) % Seine 7s 42. . Serbs Cr Slav 7s. Serbs Crot Slo 8s. Shinyetsu 6%s 52 Sweden 5%s Sweden 65 Abram&Straus §%s Alleghany Am Int Cor 538 ‘49 2 An Smit & R 15t 8 Am Sugar Ref 6 Am T & T cl tr bi Am Wrtg Pap Anaconda 1st 6s Anaconda cv db Armour&Co 4% Armour Del 51y AtlGulf Ss... Atlantic Refin 55... Bell Tei Pa 58 B.... Bell Tel Pa5sC.... Bethlehm Sti pm 68 Beth Steel rf bs. . Beth Steel 5% 63. , Bethlehem Steel 6s. Sklyn Edison 6s. ... Bush Term Bldg bs. Certain-Td5 4 s rel Chile Copper 65 Col ¢ May Com Invest 5% s ‘49 Com Invest 6s ‘43 Con Coal Md 1st & Consumers Pow 53, ConGas N Y 6%s. Humble O1l 5s, Humble O & R 5%s. 1llinois Steel 4%s. ., Inland Stl 4%s ‘78, Intl Cement s 4% Intl Match 6s Int Mer Marine 6 Int Paper bs 4 inter Paper 6s.... KanCity P & L 6s.. KanG & B Lautaro N Loew’s Inc Loew's 6s w o war.. Lorillard bs Lorillard 6% Lorillard (¥) 1 ManatiSug st 7 Midvale Steel 5 Mont Power deb 6s. Mor's&Co 15t 4%s. Nat Dairy 6%s Nat Radiator 6% N ¥ Edison 6%s... ELH&P4s LH&Pbs No Am Ed 64863 Nor States Pow b People s Gas Phila Co 5s 67. Philips Petro 5% Plerce-Arrow 8§ Plerce Oil deb 8s. [ o BONDS ) Received by Privats Wire Direct to The Star (Sales are in $1,000.) Lo 7 10726 10716 10718 FOREIGN. Sales. High. Low. Close. o o eo e Bies MISCELLANEOUS. Alleghany Cp b5 44137 . T 103 Am T&T cv 4148'39 2866137 4 10! o B Int Tel&Tel 4348 ev 940 { THE EVENING STAR, 'WASHINGTON, D. C. THURSDAY, JUNE 27, 1929. STATES. Bates. Por Ric Am Tob 6: Postal Tel & C 5%s. 13 Pressd Steel Car 68 2 Public Service 4348 40 RemingtonAr 6s 32. 16 Rem Rnd 6%s wai 1 Sinclair Ol Sinclair Of Sin 99 Skelly O11 53 Southwest Bell Stand Ol N J 68 Stand ONIN ¥ SugarEstOriente7; *| Tenn Cop 63 B 44 TennkitecPow s Transconti Ol 20 987 994 2 9 e omtuonancaan S any U S Steels Utilities Powr 6% ‘Walworth 6s "45 Walworth 6 . Warner Sug 75 39.. Warner Sug 7s 41. West Ele¢ bs. Wesin Union 55 1. Westn Union §%s. . Vhite Eagle O b%s Willys-Ov 64833, Wiison & Co 18t 6s. WinRepeatAr 1%s. Youngstn S & T 5s. 4 1001 9915 1057 100 1 99 15 100% 9% 92 9114 1010 At&SF cvt 4s 05 1 Atchison ad) 4s. Atchison gen 4 Atch deb 4% Atiantie C L Brooklyn Elec 6% Brookivn Elev 634 Bkiyu Mannat 6s Bklyn Un El 5 50, 10 Bkiyn Un El s sta, 3 Buft R & Pitt 4%s.. 18 Bush Term con 5s.. 10 Can Nat 4%s 30, Can Nut 4%s 57. Canada Natl4%s'¢8 Canad North 6%8.. Canaa Pac deb Can Pac 4%s 46. Car Clinch&O 6s 62, Cent of Ga 6s C'59.. Central of Ga 5%s. Central Pacific 4 Cent Pac 1st 58 109% 149% 2 88h o amE e 9 o aala - 100% 98 Chi 15&Q gen 48 63.. CB&Q4%sT1B Chi&ls 111 gn 5s 61 Chi Gt West 48 b CM&StPgn8d ChiMIISP&Pacts?6. 22 CMSP&Pacadjss03e 79 Chi& NW gn 3%s. Chi& NW gen 4s. Chi NW 4%s 2037 Mo we - wRzeREncRuo~ Cht RT & Pac 4% Chi Union Sta 6% Chi& W Ind cn 4 C&W1b%s62. CCC&S1L deb 4 %s. CCCaStLrf6sA Prawshab s ConnRy&Ld %s sta. Suba K R T345...: Cuba Nor 6%as cts. Del & Hud 1st rt Del & Hud b%s. Del & Hud 75 30, Den & Rio G cn 48. o8 - TSI ST PN T P TN Erie cv 55’67 Erle conv ext 7 Erie & Jersey 6s. Fla East C5s 7 Fonda J&G 4 %852, 1023 | Gr Trunk stdb 97 | Grand Trunk 7 75 |Great North bs. 86 |Great North § 1023 | Great Nor gen 963 | GuIf Mo 58 B50.... 1 96% Logur | Hav £1 Ry 38 61 1 86t 93 » & 1I-C-C-StL&NO b8.. 12 Int Raptd Tran 5 [ Int Rap 1r 55 st) 15 1084 Int Rapid Tran 20 80 Int&GtNor adj 6s 63 13 i IntKys CA bs72. Int Ry C Am 6s 41 Kansas City 8 6s. Lehigh Val cn 4s LeniVgen 4%s 2003 Lehigh Val 5s 2003, Long Isrf4s 49, Louis & Nash 7s. Man Ry 1st 43 90, Market St 78 40. .. Mill El Ry&Lt 4%s Mil I Ry & L 63 61 Minn & StLref 4s.. 11 MStP&SSMEs3sgtd. 1 MStP & SSM 6%s. MK &T 1st 3 MK & T prinbs As 10 Mo Pacific gen 4 Mo Pac 68 A 65... Mo Pac 58 F 77 Mo Pacific 55 G 2 Mo Pac 5%s 49 evt 29 Mob & Ohilo 4%s 77, _ | Nassau E14s 5. 944 | N O Tex & M b: NOT&M 6% N X Cen gen 3%4s.. N Y Cent 45 98 N Y Cent deb 4 12 100 1023, 1045 981y 9915 102 103% 102 991 16 1024 30 103% 3 102 1 98 6 17 4 9 19 98% 23 95 N Y CentLS cl 3348, NYC& StLdeb4s.. 3 NY C&StL 4%sC... 2 NYCh1&SIL 6%sA. 11 NYChI&SIL 5% B. NYC&StLGsA | New Haven 31 b NYNHE&H 4556 19 100% a4 97 8 82 5 1081 15 100% 4 96% Ore Short L rfs ¢s Ore Wash 1st 4s, Pennsyl con 4% Pennsyl gen 6s. Pennsyl 6s 64 961em HOU 5 45 40 L 110% 1% 5 91y 914 5 104% 104% 29 98 98l 2 105% 104% 10 109% 109% 7 99% 99% 24 100% 100% 2 99% 994 6 1054 105 11 99% 99% 1100 100 8 1024 102% 10 107% 107% 3 98% 98 « 984 1 1011 101% 101’ Sou Pac 4 Ysrora. 15 974 96% 86% Sou Pac 4%5'69 ww352 9 92 91% 914 Sou Ry Con 88% 83 88 Sou Ry 6856 1 109 109 ~ Sou Ry 6%s 24 105% 105% Sou Ry Mo & O 4s 43 111% | R1IArk & L 4%s. 9114 Logit | Stl IM&S gn 6831, 93% 105% 109% High. Low. Close. 98% 108% 100 100% 100% 106% 9% RAILROAD. 86 98% 924 95 o ] | mand moderate, market firm; xcauvcr] | IARINE PRODUCTS INLARGE SUPPLY Prices Reasonable at D. C. Market—Crab Shipments Increase While the variety of offerings at Municipal Fish Market this morning were not very numerous, dealers had the few varieties in such large quanti- ties that cheap prices were urged as a relief from high price of meats. Potomac River fishermen are not contributing any great quantities of supplies, according to reports, but fish from distant points are so carefully packed in ice that they are. arriving in_splendid condition. Both hard and soft crabs are plenti- ful and in fair demand. Crabmeat also is plentiful and cheaper than usual, 30 cents a pound being the price of the general run of meat. Lump and flake meat are a little higher. Crabs Plentiful. Hard crabs this morning were plenti- ful at $3.50 a barrel, cheap enough for crab feasts, dealers said, and dealers offered them by the dozen at 75 cents. “There are lots of soft crabs coming from the several shipping points,” com- mented one dealer, “many of them be- ing large and of top quality.” “One dollar a dozen is the day’s quo- tation,” the dealer added. Some of the smaller crabs sold at a price slightly Jower. Haddock, the cheapest fish offered {the trade this morning, sold at 3 cents a pound, the fillet of haddock bringing 12 cents, a low price for the boneless fish, Trout, butterfish and croakers were offered as low as 5 cents a pound, cod at 6 and Norfolk spots at 8 cents a pound. Boston mackerel, a good seller, were in demand at 10 cents a pound, a low price, according to dealers. Halibut brought 22, and sea bass sold at 12 cents a pound. Shrimp was more plentiful than dur- ing the past few weeks, dealers re- ported, quoting green stock at 25 and the cooked stock at 50 cents a pound. Lobsters were plentiful at 45 cents. Clams were scarce, as & result of the recent hot weather. 3 Fruit and vegetable supplies contin- ued heavy this morning, vegetables, especially the homegrown products, sell- ing at prices termed by dealers as very cheap. Spinach, not so plentiful, sold around $1 a crate, while kale was offered at 35 and 50 cents. Cabbage sold at 40 cents the single bushel and 25 cents in large quantities. Beets and carrots were quoted at $1.50 and $2 per 100 bunches. Chickens Higher. Squash, both white and yellow, found ready sale at $1.50 a bushel. New po- tatoes were $1.25 a bushel. String beans and peas, not so plentiful as other homegrown vegetables, brought higher prices, the peas selling at $2.50 and $3, and the string beans at $2.50 and $3. Prices of Spring chickens, large, ad- vanced today, while prices of the small chickens declined. Dealers say the ma ket is getting overstocked with the smaller chickens, the demand for them not being great. Shipments of such stock are being discouraged. Business was only fairly brisk this ‘momlng. ‘Wholesalers had supplies of all commodities more than sufficient to meet demands at prevailing prices. Meat prices continue high, according to dealers, while the butter market was unchanged, and a further easing of the egg market was reported, price of cur- rent receipt stock dropping to 29 cents. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. 4512; tub, 43 Eggs—Hennery, 34a3 34a35; current receipts, 30. Poultry, alive—Turkeys, hens, 34; toms, 32: Spring chickens, large, 44a 45; small, 30a32; Leghorns, 30a3: fowls, 28a30; roosters, 21; ducks, 1 keats, young, 60a65; old, 35a40. Dressed—Turkeys, 38a40: Spring chick- ens, large, 50a52; small, 40a42; Leg- horns, 37a38; fowls, 30a32; ducks, 28 230; keats, 80a1.00. Meats, fresh killed—Beef, 22a25; veal, 23a26; lamb, 25a28; pork loins, 31; fresh shoulders, 19; fresh hams, 26. Smoked hams, 28a20; smoked shoul- ders, 18a19; bacon, 21a25; lard, in bulk, 12%; in packages, 13%;. Live stock—Calves, 15; lambs, 13, Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables, compiled by the Market News Service Bureau of "Agricultural Economics, says: Cantaloupes — Supplies demand moderate, market slightly weaker; California Imperial Valley, Jjumbos, 45s, salmon tints, mostly 5.00; Jumbos, 36s, mostly 4.50; jumbos, 27s, 3.50a3.75; standards, 36s, mostly 4.00, {e;a higher; jumbos, flats, 11s, 1.75; 9s, Lettuce—Western stock; supplies light, demand moderate; market about steady; Washington, 5-6 dozen, 5.50. Eastern stock, suppiles very light; no sales reported. Onions—Supplies moderate; demand light, market steady; California, stand- ard crates Yellow Bermudas and 50- pound sacks Yellow Bermudas, U. S, No. 1, 2.15a2.25. Peaches—Supplies light; demand slightly weaker; moderate, market eorgla, bushel baskets, Hileys, U. S. 0. 1, 13;-inch minimum, mostly 3.50, some slightly decayed low as 2.50; sixes, Hileys, U. 8., No. 1, small size, 3.50. Potatoes—Old stock; supplies light; demand light, market steady: Maine, 150-pound sacks Green Mountains and Cobblers, U. S. No. 1, 2,00a2.15. New stock; supplies moderate; demand mod- erate, market about steady; Norfolk sec- tion and other Virginia cloth top stave barrels, Cobblers, U. 8. No. 1, 3.50a3.75; Eastern Shore Virginia, Cloth top stave barrels, Cobblers, U. 8. No. 1, mostly 4.00, féw low as 3.75. ‘Tomatoes—Supplies moderate; de- mand moderate, market about steady; Mississippi, turning, few high -40; fair quality, 1.00a1.15; few leaky low as 50, Correction yesterday's report “No..1.best should have read 1.35a1.50, instead of 2.35a2.50.” Watermelons—Supplies moderate; de- mand good, market steady; Florida, Tom ‘Watsons, 30a32 lbs avérage, 60a65; 28 pounds ~average, 50; 24-26 pounds average, 40; Stone Mountains, 32-34 pounds average, 70a75 each. - String beans—Supplies. liberal; de- North Carolina, bushel hampers, green, 1.50a 2.00; nearby Maryland, bushel baskets, green, 1.75a2.25; East Shore Maryland, bushel hampers, green, stringless, round and flat, 2.00a2.25, Cucumbers—Supplies moderate; de- mand moderate, market steady; North Carolina, bushel hampers, fancy, 3.25a 3.50; few best high as 4.00, Peppers—Supplies jght: demand mod- erate, market steady; Florida pepper crates, fancy, 3.00a3.50, Eggplant—Supplies /light; demand moderate, market steady; Florida, pep- per crates, fancy, 2.50a2.75; poor con- dition, low as 1.50. moderate; Virginia Ry 1st bs. VaRy &P bs B Wbash 4%s 78 rets Wabash 1st 6 Wabash 6s ‘76 B Wabash 534875 West Maryland 4s, ‘Western Pacific 96Y% 964 West Shore 45'61., ™1 85 85 RAILROAD STOCKS PUSH AHEAD RAPIDLY Average Price Increases as Favor- able Earnings Reports Make Appearance. Special Dispatch to The Star. NEW YORK, June 27.—The average price of rallroad stocks has been cmg- ing up steadily and yesterday was with- in a point of the high for the yeary reached last February. The slack Tn the section of the mar- ket which was,conspicuous up to the middle of June, especially in compari- son with the buoyancy in public udlity shares, has gradually been reduced as Wall Street has come to appreciate the investment possibilities in the standard rails, and the equities that are being created from current earnings. Those who have been bulling rail- road stocks this week have had the advantage of the May statements of earnings which are now being pub- lished. In a majority of these the fig- ures show not only larger gross re- ceipts last month than in the same period of 1928, but an even greater per- centage of gains in operating income which goes to cover on bonds and divi- dends on stocks. Preliminary estimates for June indicate the samé general re- sults so that the first half of 1929 in the railroad industry should make an exhibit more satisfying to railroad First Mortgages For Sale JAMES F. SHEA 643 Louisiana Ave. N.W. ALEX. BROWN «* SONS g Underwriters - Distributors INVESTMENT SECURITIES - WasuingtoN Orrics 737 15th Street N. W, Telephone, Nationcl 1053 P Maix Orrics = Barrimonrs " from was taken can nished on request. managements and their stockholders than for any like period since 1826. Some of the large systems that have already reported for May and which show substantial gross and net increases are the Southern Pacific, Union Pacific, Missour} Pacific, Northern Pacific, Great Northern, Chicago & Northwestern, gt;‘i;thern Railway and Chesapeake & 0. The trunk line systems will all report excellent earnings for May, not only with respect to gross revenues, but in the saving after opernting expenses have . Conditiors in the South are 50 much better than they were at this time last year that several of the sys- tems in that territory that were having difficulty in covering their fixed charges in the Spring of 1928 are now able to show a surplus, though they are still running well under the earnings for 1927 and 1926. TRANS-AMERICA STOCK SPLIT-UP IS PLANNED Special Dispatch to The Star. NEW YORK, June 27.—Discussions are under way for a spiit-up of Trans- america Corporation shares, it was offi- cially learned. Details of the proposed capital readjustment could not be ob- tained, however. Reports stated that the split-up_would be either four for one or five for one. Transamerica Corporation, it is be- FINANCIAL. lieved, owns sufficlent Bank of America shares to give it control of the latter institution. Reports further have it that Bank of America will declare a stock or extra cash dividend so as to bring the book value of its shares in line with those of the Chatham Phoenix National Bank & Trust Co., with which a merger is now pending. ° Full details of the terms of the Bank of America- Chatham Phoenix deal are expected in a day or two. For the last several days | counsel of the two institutions Ihave been engaged in clearing up the legal | details of the merger. in which the banking interests in this country and abroad are centered, has outstanding approximately 9,000,000 shares, held by 129,000 stockholders. NEW YORK, June 27 (#).—The| American Eagle Aircraft Corporation of | Kansas City announces that it will soon open factory branches in* New York, {Vluznel.polls. Portland, Dallas and At- anta. Mortgage Loans STORY & CO. 812 17th St. Met. 4100 THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares Standard Collateral Shares Corp. Franklin 3783. Woodward Bids. " Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Company Pald = C'.lll Cl.l‘d. $000,000 HEAR THIS SUBJECT DISCUSSED BY Mr.-Hugh Bancroft President, DOW, JONES & CO., THE WALL STREET JOURNAL Publishers of Also Publisher of BARRON'S WEEKLY and BOSTON NEWS BUREAU IN view of the greatly increased interest in financial subjects and the growth in size and scope of the financial page, this discussion by one so well qual- ified, deserves the attention of virtudlly all radio listeners. Mr. Bancroft will be guest speaker on the HALSEY, STUART & CO. Radio Program Tonight— WRC —9¢ o'clock Also a Coast to Coast network of 40 stations associated with the National Broadcasting Company. Music by an instrumental ensemble. A copy of Mr. Bancroft’s address will be sent upon requesf to anyone unable to listen to the program. Write Halsey, Stuart & Co., 1421 H Street ‘Washington. NW, “I plan to buy , Cities Service Preferred— do you approve?” “Yes, buy it for investment,” replied the investment e)cpert The_stea earnings of come rublic utility and leum properties. commun: of moderan life, growing ities Service rom more than 100 Fhese subsidiary companies lu[éply over 4,000 cities an s in the United Statesand Canada with everyday necessities FINANCIAL writers hold no brief foran only by facts. That they so unhesitatingly endorse Cities securities in response to inquiries like the one reproduced here due solely to the high investment character of these securities. y company. They are guided rvice is Over a period of eighteen years, investment experts have seen this organization grow, through good times and bad, from an idea to a mighty bulwark of financial strength, with assets that place it among the ten greatest industrial enterprises in America. Earnings like Cities Service Company has paid its security-holders a total of more than $200,000,000 in cash and stock dividends and interest. This was possibleonly because eamings have steadily increased year afteryear. For the twelve months ended February 28, 1929, Cities g; net to stocks and reserves amounted to $30,022,615, or 4.43 times the dividends on its Preferred stock. hese explain wh; selection of Cities Service securities for investment. rvice Company’s investment authorities ,endorse a HENRY L. DOHERTY & COMPANY Fiscal Agents for Cities Service Company 634 Southern Building Branches in Principal Cities HENRY L. DOHERTY & CO. . Washington. D. €. Washington, D. C. Send copyof booklet describing the investment possibilities of Cities Service secusities.