Evening Star Newspaper, June 28, 1929, Page 15

FINANCIAL. TRADING N BONDS " ON SMALL SCALE Convertible Issues Are Again Featured in Quiet Market. BY CHARLES F. SPEARE. Boecial Dispatch to The Star NEW YORK, June 28.—New high prices for convertible issues, some soft &pots in the inactive industrial list and an improvement in a number of foteign obligations recently affected by new offerings were the features of the day's bond market. The size of the market was about the same as yesterday but considerably below that of Wednesday, due to the smaller transactions in the two tele- phone issues. American Telephone con- vertible 4 established a high price for the movement over 2 poinis above s closing a2d 10 points higher = - ek ago. Juternational Tele- phopne 4 ;s re relatively quiet but held around their high level. Weak Indusirial Issues. Atchison 4'4s started nearly a point lower, but subsequently entered new high ground as did Missouri Pacific 4128, Public Service of New Jersey 4138 apened 9 points higher. There was more sign of life in the Alleghany Corporation 8s due to the report that this concern UNITED STATE (Sales are in $1.000 31 10748 FOREIGN. Sales. High. Argentine 8sJu by 14 vy i 6 100% 1007 has been adding to its raiiroad invest- | gop, ment_holdings. Weak industrial issues were National Radiator 6'gs, whose price around 40 suggests a fnancial reorganization by this company, Vuctor Fuel 5s, off 3la ints, Lorillard 5!.s and Gotham 8ilk osiery 6s. Florida East Coast 58 touch- ed a new low price, a point under Thursday's low figure. The bankers for this road say there had been no change f the situation surrounding the ,'ulr- anty of interest on these bonds for & term of years by the Flager estate. To List Certificates. Another unusual feature is that the eertificates are to be listed on the New York Stock Exchange. An explanation | g @f the single maturity is that the in- sttutions today, are the largest buyers f railroad equipment issues, do not vor short maturities and as & mar- eting propoeition long term bonds had the advantage. —_—— Washington Stock Exchange|; SALES. P e German EI P 63, Germen 7s. eCR~ana~Ro ‘Washington Gas 65 A—$1,000 at 1013. | Mars Washington Gas 6s B—$2,000 $500 at 104, $100 at 1035, Capital Traction Co—4 at 92. Potomac Electric 6% pfd—5 at 1113, 5 at 112, 5 at 112, Washington Rwy. & Elec. pfd.—10 at 96, at 96, 20 at 104, 10 at 96, 20 at 96, at 6. Al:lse{lcln Security & Trust Co—2 at Federal-American Co. ptd.—$5 at 100, 10 at 100%. Mergenthaler Linotype—20 at 105, 10 at 105, 20 at 105. National Mtge. & Inv. pfd.—00 at 415. s Peoples Drug Stores pfd.—10 at 120, 10 at 1201, 20 at 120%. AFTER CALL. Potomac Electric Cons, 55—8$1,000 at 100%;. E . & Elec. ptd.—10 95%, 3 at ll’%z. ) - tomac Electric 5% % pfd.—! s oty % % pfd.—10 at 107, tomac Washington Rwy. & Electric pfd.—10 5%, 5 at 953, 5 at 9%, 100 &t 9815, UNLISTED DEPT. Army and Navy Club 55—$1,500 at 90. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Tel. & Telga. 4% N e LB R Pot. guar. m'nawn a5 6s. serl i g 5 g | Gecond "< ational Bank of Washington. TRUST COMPANY. merican Security & Trust Co. ntal Trust . venth wlud Bt 'ashingto: American Corcoran_ . Firemen's National Union. TITLE INSURANCE. lumbia Title.. "Estate T 2 jle & Inv. Co. of Md. com... ash, Cons. Title pfd.. Unlisted Department. (These securities n:‘tflgx‘e}u under Exchange . Asked. %0 - » aueafeol-eBond ame (] P L L ON NEW YORK Low 9Es 99 861 91% 109 8 100% 90% 901 o1 1054 100% 1007 9usy 10244 1024 110 137 93 88 99% 104 108% 113% 91 105% 8ala MISCELLANEOUS. Abram&Straus §3s 18 109% Alleghany & 99% Am Chem § v'49 16 1024 9 485 107 105% 96l 831 104% 1 174% 100% 102% Bell Tel Paés B. Bell Pa 68 C. 104% Bethlshem Steel Certain-Tdb 3% srcts, Chile Copper & Colon Oil 68 s 10 Col G&E! 5s May 53 10 Com Invest %8 '49 35 Com Invest 63°45.. 9 Con Coal Md 1st 63.. 3 ConGasNY6%se.. 7 Consumers Pow 8. Cuba Cane cv 18. .00 101% 1% 614 100% 105% 100% 968 814 108% 105 98% 100% 10634 92 92 100 100% 102% 96'% 101% 90% 102% 95% 100 20 e 2 89% Int Tel&Teleg 438, 44 9214 Int Tel&Tel 445 cv 1826149 KanCity P& Lbs.. 5 101% Laclede 68........ & 98 1 102% Lautaro Nitrate 65.408 99 Ligget&Myersossl. 4 99% 5 80% 7 .86 . 13 100% 7 91 7 99 6 100% 0 4% 61, East Cuba Sug 743, 1llinois Steel 434 s, Indiana Steel bs. Inland Stl 4%s'78.. Intl Cement bs 48. NewEnglandTel §s. 6 102% N Y Bdison 68 44... 3 101% Edison 6343, ... 3 111% 108 8% 101% 104 17% 106 96% 83 104% 17a% 100% 10214 104% 101% 6l 61% 100 105% 1004 96% 814 107% 105 98% 100% 106% 91% 891y 100 100% 1024 96% 101% 90 102 954% 100 8814 8914 91% 143 101% 97% 102% 99 99 804 8514 100% £y 98% 100% 102% 101% 111% 107 16 107 18 Close. 938 94ia 944 108% 9644 [ 100 107% 105% 114% 109 83 100% - THE EVENING xcauer] | WARINE PRODUCTS Sales. Hieh. 5 109 Plerce-Arrow 8s... Postal Tel & C 6% Pressd Steel Car b8 Public Service 4348 RemingtonAr 68 32, | Ram Rnd 83 » war. Simms Petm 6s'29. Sinclair Ul 68 Sinclair Crude 5% 8 Sin Pipe Line Stand O1l N SugarEst! Tenn Cop 6s Transcontl O United Lrug U 8 Rub 1st rf b8, UB Rub 7% Walworth 6 Waest Klec bs. 90 | W 9% 974 1054 100% 100% At&SF ovt 48 06 Atenison ad)j B & O Toledo 4s. ... Bang & Aroos 48 51 Boston & Matne b Rkivn Manns Bkiyn Un EI Bkiyn Un El Buf R& Pitt 4 Can Nat 4348 54 Can Nat 4%s 67 Canada Natl4% Can Nor 43%s 193 Cat 634! Can Pac 43%s Car Clinch&0 Clev Term 5%s. ... Colo & Sou 4 %s Cuba Nor 6% ets. Del & Hud 1st rf 4s. = —oeRaro e o @ Grand Trunk Grt Northn 4 Great North Great Nor Hocking Val 4%s. .. Hud & Man a)j Romaans 1il Cent 48 11l Cent 4% 111-C-C-StLANO b8, Int Rapid Tran 6s.. Int Rap Tr 68 stpd.. Int Rapid Tran 6s.. Int Rap Tran: - Cowar mun (2] Int RysC A b8 72..; Int Ry C Am 6s 41.. Man Ry 1st 43 Mil El Ry & L bi Minn & StL ref MStP&SSMbs warrnuuccannanan 3 15 ME&TorinésA. 19 % | Mont Trm ret hs 41. 100% 10514 100% 6% 814 1084 105 98Y% 100% 106% 1% 92 100 100% 102% 96% 101% 9l 0 102% 954 100 90 8944 922% 149 101% 98 102% 99 9% 80% 85% NOTex&MGBsA.. Northern Pacific Nortnern Pacr Ore Short L rf: Ore Wash 1st 4 Pennsyl con 4%s. Pennsyl gen 43 Penna R R .l“. n Reading gen 4%8 A Reading J C 4861, RIArk& L 4% StL IM&S gn 6831, 1 100% | 9 98% 100% 98% Seab A . SBAllFlatsibA.. Sou Pacc': 4s. Sou Pactfic ref s RAILROAD. 1 BONDS STOCK EX | Received by Privats Wire Direct to The Star Low. INLIVELY DEMAND Good Sales of Crabs Are Re- _ported by Dealers at D. C. Market. Retailers were in evidence at Munici- pal Fish Market early this morning making their usual increased Friday demand for marine products, and whole- salers were able to more than meet thelr demands. Cooler weather made buying and selling conditions better and probably resulted in increased sales, hot weather usually making the markst lifeless. Hard and soft crabs and crabmeat wete in demand, especlally the soft crabs, according to reports, this being the season when crabs are about at their best. Dealers also had lobsters and shrimp to offer the trade, both varieties of shellfish being more plenti- ful and cheaper. Meat Market Draggy. ‘Haddock, cheapest fish on the market, were offered as low as 3 cents a pound, several other varieties being offered at 5, 8, 10 and 12 cents a pound. There was no scarcity of the several varieties of fish wholesalers had to offer the trade, and demands were great enough to make a ?{umfi. i ot A generally condition of the meat market was reported this morn- ing. Beef prices continued high, veal prices were not cheap, but the lamb market was reported in a demoralized condition. Smokad meats were in greater de- mand, according to reports, although business was not especially brisk. Hot weather invariably brings an increased demand for smoked meats, dealers say, consumers buying such meats to avoid some of the heat resulting from cooking. Fruit and vegetable supplies con- tinued heavy. A slight easing of the cantaloupe market was reported, prices taking s slight drop, and watermelons also continued heavy and of good qual- ity. Prices were slightly lower. Dealers had some attractive Redbird peaches from Maryland to offer the trade this morning, being the most at- tractive fruit thus far offered this sea~ son. They were offered at $4.50 & bushel. Georgia peaches were cheaper. Plentiful supplies of blackberries were received in the local market and offered the trade this morning, New Jersey stock selling at $5.00 and $5.50 a crate, the North Carolina berries selling at $3.50 and $4.00. Not many changes in prices of com- modities were reported this morning. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 443’5"- 51,; tub, 4314ad4Y,; store packed, 30. -Hennery, 34a35; fresh selected, 384a35; current receipts, 30. Poultry, alive—Turkeys, hens, 34; toms, 32; Spring chickens, large, 44a 45; small, 30a32; Leghorns, 30a33; fowls, 28a30; roosters, 21; ducks, 15; keats, young, 60a65; old, 35a40. Dressed —Turkeys, '38a40; Spring chickens, e, 50a52; small, 40ad2; Leghorns, 37a38; fowls, 30a32; ducks, 28a30; keats, 80a1.00. Meats, fresh killed—Beef, 20a23; veal, 23a26; lamb, 25a27; pork loins, 81; fresh hams, 26a27; fresh shoulders, 18a 19; bacon, 22a25; lard, in bulk, 13, in packages, 14. Live stock=-Calves, 15; lambs, 12%. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (compiled by the Mar- | w; ket News Service Bureau of Agricul- tural Economics) says: Cantaloupes—Supplies moderate; de- mand moderate, market firm; Califor- nia, Imperial Valley jumbos, 45s, salmon tints, 5.00a5.50; jumbos, 36s, 4.7525.00; jumbos, 27s, 3.7684.00; jumbos, flats, 118, 1.75a1.90; Georgia, pink meats, stand- ards, 27s to 45s, trading slow, account mostly green, 2.00a2.25. Lettuce—Supplies moderate; demand moderate, market steady; Washington, crates, Iceberg type, 5-6 dozen, 5.50; Colorado, crates, Iceberg type, 5-dozen, fair quality, 4.00a4.50; New York, 2- dozen crates, big Boston type, 1.50a1.75. Onions-—Supplies moderate; demand light, market steady; California, stand- ard crates, yellow Bermudas and 50- fiound sacks yellow Bermudas, U. 8. jo. 1, 2.10a2.20. Peaches—Supplies light; demand mod- erate, market steady; Oeortlli bushel baskets, Hileys, U. B. No. 1, 13;-inch minimum, mostly 3.50; some decayed, 2.00a2.50. Potatoes—Old stock—Supplies light; demand moderate, market steady; few sales; Maine, 150-pound sacks Green Mountains and Cobblers, U. 8. No. 1, 2.00a2.15. New stock—Supplies liberal; demand moderate, market firm; North Carolina and Norfolk section Vi 3 cloth-top stave barrels, Cobblers, U. 8. No. 1, mostly 3.75; Bast Shore Virginia and Virginia other, cloth-top stave bar- rels, Cobblers, U. 8, No, 1, mostly 4.00; ?_7:5 higher; few other Virginia, low as wnermelom—-fiuwlle! moderate; de- mand moderate, market slightly weaker; Florida, Tom Watkins, 34-pound aver- age, 70a75; 32-34 pound average, 70a75; 30-pound average, 50a56; mostly 55 26 d average, 30a35 each. matoes—Supplies moderate; de- mand moderate, market about steady; Mississippi fours, ripes and ¥ wrapped, No. 1. best, 1.25a1.40; few high as 1.50; fair quality, 1.00a1.15; few leaky, low as 50; South Catolina, sixes, green and turning, wrapped, fancy count, mostly green, 3.25. String beans—Supplies moderate; de- mand moderate, market firm; North Carolina, bushel hampers, green, 2.00a 2.25; East Shore Maryland, bushel ham- pers, green, 2.00a2.25; few high a8 2.50. Cucumbers—8Supplies moderate; de- mand light, market slightly weaker; North Carolina, bushel hampers, fancy, 2.50a2.75; poorer, low as 2. Eggplant—Supplies ligh light, market ad) crates, fancy, 2 2 .75, Apples—Supplies light; demand light, market dull; Virginia and Delaware, bushel baskets, Trans 2-3Y; inches up, mc small size, ordinary qual no salk Bales. High. Row. Close. ‘Wabash 5%8°75... 103% 103% 108! West Maryland 48 8% 8% West Md 6%s‘77.. West Shore 48 ’6. Wheel & L E ¢n 4; Wilks B & E STAR. WASHINGTON, D. C. FRIDAY, JUNE 28, 1929. PLEA FOR TOBACCO GROWERS IS MADE McLean Addresses Convention of Association—Urges Co- operation. By the Associated Press. VIRGINIA BEACH, Vi A plea to the tobacco the interest of the tobacco grower of the South at heart and promote his well-being was made here yesterday by Angus M. McLean, former Governor of North Carolina, in an address before the annual convention of the Tobacco Association of the United States. Declaring that the tobacco crop was now the most important money crop of North Carolina, Mr. McLean cited statistics to show the wonderful growth in demand for manufactured tobacco and of the pace set by North Carolina in leading the Nation in tobacco pro- duction. In his plea for co-operation with the farmer and education of the tobacco grower, so that he will produce better grades of tobacco, Mr. McLean de- clared: “It is generally conceded that there can be no restoration of gener- ally sound business conditions until ag- riculture is placed an a parity wit other industries, thereby restoring the purchasing power of the farmer. “This can be accomplished in one of two ways—Dby raising the price of the things he has to sell or lowering the price of the things he has to buy, so that a level of fair excha values may be established between the things he produces and the things he con- sumes.” The handicaps faced by the tobacco farmer are numerous and many, such as bad weather conditions, cannot be foreseen or avoided, and he cannot, like the manufacturer, close his factory in times of business ‘stagnation. Turning to the work already accom- plished by the Tobacco Association, Gov. McLean said that it had contrib- uted in a splendid way toward the pros- perity of the tobacco industry as a whole, “but, I believe you wiil agree with me, there is one phase of the in- dustry to which you have not given the serious attention its importance de- serves. I refer to your failure to take a more active part in tmyrovtn[ the methods of production and farmer mar- keting of tobacco In the sections in which you operate. Your intelligent minds cannot fail to Immeo fact that the prosperity of the tol industry as a whole, and of every man engaged in it, is, in the final analysis, abso- lutely dependent upon the prosperity of those who produce the I tol 3 The tobacco farmer, if you please, is the keystone of the whole industry.” CHICAGO DAIRY MARKET. CHICAGO, June 28 (P).—Poul':y.] alive—Easier; receipts 5 cars; fowis, 2515; Springs, 40; brollers, 34; roosters, 20; turkeys, 22a30; ducks, 17a20; Spring ducks, 25; geese, 15; Spring geese, 25. Butter—Easy; receipts 16,412 tubs; creamery extras, 41l5; standards, 42; extra firsts, 40ad1; firsts, 39a391s; sec- onds, 371523814, unchanged; re- ceipts 19,603 cases. — POTATO MARKET FIRM. CHICAGO, June 28 (®) (United! States Department of Agriculture). — Potatoes—Receipts 15 cars new, 4 cars old; on track, 85 new, 21 old; total U. 8. Shipments 983 cars; new stock trading just fair, market steady on sacks, firm on barrels. Southern sacked Bliss Triumphs best, 2.75; Virginia bar- reled cobblers, 4.60a4.75; North Caro- lina barreled Irish cobblers, 3.7584.25; old stock trading light, market steady; isconsin sacked round whites, 75a1.00. MONEY TO LOAN At 514% and 6% Interest Bef Plach Ren our e Fltlnd o P Consult WELCH Realtors Loan Specialists In Nearby Virginia 51/2 % Prudential Insurance Co. If Commonwealth Investment Co. | 917 15th St. N.W. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 Equitable Co-Operative Bldg. Ass'n JOHN JOY EDSON, President Organized 1879 Aswets .. o ibsisstes Subscription ‘WALTER 8. PRATT, Jr., Secretary 49th YEAR COMPLETED Surplus & Profits...$1,601,704.98 for the 97th Issue of Stock Being Received Save Systematically $2.50N\__In the Equitable E Equitable’s plan of sys- FINANCIAL. ELECTRIFICATION PLAN IS APPROVED BY MAYOR Spectal Dispatch to The Star. BALTIMORE, Md., June 28.—Mayor Broening yesterday signed the ordi- nances providing’ for the Pennsylvania Railroad Co.'s $22,500,000 intracity electrification program, which is in line with the company’s pian for the elec- w“‘m of the line from New York George M. Smith, division superin- tendent of the railroad, was present and announced that work on the im- yrovemems will be started in the near future. # In signing ” ordinances, Mayor Broening said: “I consider the ordinances the most importat passed in this eity in years. I am glad that all obstacles have been removed and that we are about to enter upon a major improvement in our city’s railroad service. I am glad also that everybody is satisfied with the arrangements for this improvement.” Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 5Y2% We Make First Mortgages on nd Business Properties in the District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent, New York Life Insurance Company Homes, Apartmen Plant Increase Approved. NEW YORK, June 28 (#).—The Ohio Seamless Tube Co. of Shelby, Ohio, has approved plans for an incerase of 40 fil’ cent in plant capacity. The expansion program is the result of increased de- mand from the automobile and aviation industries. About $400,000 will be spent on nt"l bulldings and additional equip- ment. Columbia Building Association 716 11th St. N.W. et gl i Under Government Supervision Group Insurance Policy. NEW YORK, June 28 (#)—A $35,- 000,000 group life insurance policy has been taken out by the Consolidated Coal Co., covering employes of the parent organizations as well as those of its subsidiaries located in West Vir- ginis, Maryland and_Pennsylvania. - Let Us Refinance Your Maturing Loan No Commissions Charged 20 Years Successful Business Without the Loss of a Dime PAYS 5 PER CENT Applications for Real Estate Loans will receive prompt attention and the applicant a service complete- economical pro- invited. MGOSS,M,. National 4750 1415 K St. Ask for Mr. Dean Movecan TELEPHONE AN TELEGRAPH Compay ‘Thirty-Five Year Sinking Fund 5% Gold Debentures o Due January 1, 1960 Cougem of these debentures, payable on July 1, 1929, will paid in New York at the office of the Treasurer, 195 Broad- ‘way, or in Boston at his office, 125 Milk Street. H. BLAIR-SMITH, Treasurer. Notice to the Bondholders The Chesapeake and Potomac Telephone Company The First Mortgage Bonds of this ny dated July 1, 1899, mature 1029. Notice is hereby hese bonds will be pi ment'- lon _ at b B W. B. HIBBS & C b t N.W. Washingion, D. C. « D. ompan on or iter Jjuly 11929 The co WASHINGTON, D. C.p ¥ pons should be presented ent to the American Becurity an Tust m"lll!, 15th Street an nhevIvAnia Avenue N.W. e Chesapeake and Potomac Telephone Company On and After Monday, July 1st, 1929 Our NEW Telephone Number Will Be NATIONAL 0540 o Cuattle-fish Tactics of Reserve Board “WALL STREET and WASHINGTON” “Book of the hour”, “Vivid analysis of living issue™ by Josern Stace LawRENCE Princeton University—Auther of #Stabilisation of Prices™ experi successful operation. Our service pays for itself. B. F. SAUL CO. National 2100 925 15th St. NW., To Holders of Chesapeake & Potomac Telephone Company First Mortgage 5% Bonds Meturing July 1, 1929 We offer and recommend for reinvestment the following Bonds, all of which are listed on the Washington Stock Exchange: hiesapeake & Potomac Telephone Company of Va. First Morigage 5%, Due 1943 ‘Anacostia & Potomac River Railroad Company Guaranteed First Mortgage 5%, Due 1949 Anacostia & Potomac River Railroad Company Ungwaranteed First Mortgege 570, Due 1949 Washington Railway & Electric Company Consolidated Mortgage, 4%, Due 1951 City & Suburban Railway Company First Mortgage 5%, Due 1943 Georgetown Gas Light Company General Mortgage 5%, Due 1961 Potomac Electric Power Company Consolidated (mow first) Morigage 5%, Due 1936 Washington Gas Light Company €%, Due 1936 'A 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 earning power. Come in and let us explain about our systematic plan. 4 915 F St. N.W. PER SHARE Sou Ry Mo & O 4 ‘Term Asso 8 L 4 8110 100 110 | Rer Ane St K, oy & Pac 3 99% . 991 99%|Ter® PacbsCTY.. 11 100% 1004 1004 | Trird Ave ref 4s 60. 6 99 99 994|Third Aveadsbs... Nor States Pow 88. 4 105% 105 105% | 101 Tr L&D 538 30. Pacific Gas & E168. 21 100 99% 100 | Union Pac 1st 4s... PacT&T6862.... 1 1024 102% 102% Union Pao istrf 4s Pan-Amer Pete 85. 8 107'4 107 107 Union Pac 4148’67, Pan-Amer Pete 7s.. 3 104% 104% 104% Union Pacific ¢ *68 3 |ParamountesINT. 5 97% 97 97 Virginia Ry 1stés. <. | PhilaCobs67..... 62 97% (97% 97% VaRY&Pb8.ceccn L 10 93 '91% 9i% Wabashist “ei's Phila & Read 68 5 ELH&PbIS 4 1044 104% 5 98% 98 98 16 106% 104% 105% CRANE, PARRIS & COMPANY INVESTMENT BANKERS' 821 15th St. NW. WASHINGTON, D. C. nsw National Bank. Cont ust National 0591 Established 1883