Evening Star Newspaper, July 10, 1929, Page 13

nmmcr Lo SPECULATIVE BOND | [oxvev o B PRIGES MAKE GAIN, Convertibles and Rails Given 0 913 Support, Despite- Evidence LR 18413 hH . 'OREIGN. of Selling. ' BUILDING AND CLOTHING | Tk Wi & ONDS@ ACTIVITY ARE LAGGING[, '~ ™ **%° , Wire Direct to The Staé Office Special Dispateh to The Star. J. LEO KOLB Unw mm Thomas J. Fisher & Company, Inc. rATES . T “. llylnlhet 923 N. Y. Ave. Dil-sgfl Bt * e . o : v g T e For Modern Business O falling-off. Much o 5 STOWE & DAVIS desks are the favorites of modern business men. They save you time. Designed with a knowledge of modern business they speed up your routine, Smart...good to look at...impressive! Choose from our large collection of Stowe & Davis desks—the only available ones in Washington. First Mortgage Loans Fair Rates of Interest UNITED ITATII- (Bales are 1 4t A‘n 148 9924 3 Consult Us Regarding Your Maturing Mortgage e mamuitcuern o aos| | LONG-TERM REAL ESTATE LOANS months of the second quarter lli[htly ahead of the corresponding period o 1928. — N London had nearly 175,000 street ac- cidents in the last 12 months. es. High. Low. Olose. pects are pocr in this of late June should do much to improve Utah Pow & Lt bs. . Utilities Powr "Al 9 90% BY CHARLES F. SPEARE. #pecial Dispatch to The Star. NEW YORK, July 10.—In spite of more resistance to the advance in spec- ulative bonds today, new high prices were made for some of the convertibles, with the rallroad issues temporarily showing a stronger tone than the public ::,‘:::;?“' % utilities. We Make t Mortgages on Homes, Apartments and Business Properties in the District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. &) 981 981 Youngstn S & T §s. 10 9% 100 100% RAILROAD. 104% 104% | ptcnison ad) 4s. 8 THE W.D. CAMPBELL (0 \ BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercial !nteriors / Tol Tr L&P 6% Atchison convertible 4755 moved up 1 107% 1075 | grchison gen 48 ... 26 9 Dnten Pes 1t & 1057 108 . 1018 15th S nearly 4 points, representing an ad- o 5210 " TiH] A B aebeyn sy 573 14 138 10k | GHORTRG S 1321 Connecticut Avenue Decatur 3600 rect 1w stm Union Pac 4% thel! Inw vance of about 33 points from their Virginia Ry 1st b: i of the year. Missouri Pacific 5% gained a point, and were 18 poinu higher than when they were first listed. The Alleghany Corporation 5s had frac- tional gains. Southern Pacific 412s held at about the previous day’s level, having reacted a point from last week's best figure. 108% 108% | B & O Gold 48.000es 85 854 iB&OCY %S 100% | B & O 18t 8 Mortgaoe Loan Correspondent, New York Life Insurance Company . West Md 6%s '77.. Western Pacifio 5s. Equitable Co-Operative Bldg. Ass'n JOHN JOY EIISON‘ Pmldtnt WALTER S. PRATT, Jr., Secretary Organized 1 49th YEAR COMPLETED Assets ............ .'B.HI 05163 Surplus & Profits....$1,601,704.98 Subscription for the 97th Issue of Stock Being Received SAVE NOW and Spend Later Don’t spend all your earnings... save now while you have a steady income, Later your savings will take care of vou. Join the Equitable and save systematically. Our plan encourages thrift in a man- ner that if consistently fol- lowed will Jead to financial inde- pendence, Start now. 915 F St. NW GREATER OPPORTUNITIES FIFTY years ago it was comparatively diffi- cult to find a medium of investment abso- lutely free of an elemem of chance. Time and a greater activity in the Nation's Capital have changed all that. Today one may make investments in a medium that assures the safety of principal and provides a dependable annual return, Brdway&7th Av 63, Brooklyn Elec 6%, Bkiyn Mannat 6 Bkiyn Un EI s '50.. Bkiyn Un El 58 sta. Buff R& Pitt4%s.. B4is B4% Bdla{Can Nat 4%s 30 97 9T 9Ti | Can Nat4%S64.... 95 943 94% | Can Nat4tes 67 Profit Taking. Canada 6s 1931 American Telephone & Telegraph 4%;s | Cunada 6s 1953 added a point to yesterday's rise of 10 points, and then met some profit-tak- ing. International Telephone 4l3s were quieter and did not mave far from yes- terday’s prices during the first half of the session. Philadelphia & Reading 6s dropped below 99. In the miscellaneous industrial list there were advances of a point in Amer- ican I. G. Chemical 51:s, of 2 point in General ‘Motor Acceplance ss:, i ints in International Paper 6s, whic 2 fi‘;v. recovered 4 points after dropping | Dutch East1 2, points, and an advance of over a |Flat7sx war .46 point in Hudson Coal 5s. Finland 6% The foreign group showed an irregu- | Finland s £ lar trend. German issues, including the | framerican 7%s government Ts, were stronger, and there | French 7a..... were small gains in Italian, Japanese, | French 7% French and Belgian issues. Completed | German EI P ¢ figures of the June issues. show that|German 7 nearly 30 per cent of the total offerings | German Bank 6s ‘33 of bonds, notes and stocks last month | Greek 63 1968. ... .. were for foreign account, or the largest ratio in many months. New Offerings. Today's new offerings showed & de- cided expansion over those of last week. They included a $15,000,000 issue of convertible class “A” stock by the Com- mercial Credit Co. a $4.000,000 of 6 Wis Cent gn 4 Money to l.onn Seet ".".‘“T.'“ deed of (l'lll.:: l"lh g interest an Joseph 4z ‘rust Weller & S 6% NOTES Secured by First Mortgages ® » - R L NAR R~ NE® NN NN NRNE e D~ 1034 108%4 1034 | Canaa Pac deb 4s.. 10248 10213 102% | Can Pac 4% 46. 1024 102% 102 | Car Clinch & O 6s.. 93% 93% 9i% | Car Clinch&O 65 52. 88 8% 88 | Centof Ga bsC'69. 9215 921 92 | Central Pucific 1035 108'a 103% | Cent Pac 18t 68 »! 109 1144 91ty v | C 198 | Ghi & Alton 3 51 |Chi& Alton 33% 10074 | Chi B&Q gen 4553, 9is |CB&Q44BTTB., 954 |CM1B&Q1streb a3y [CB&Q LI divas.. 93 | |Chi&k 11l go 68 61.. Joo | CniGt West 4s59." 97 |ChiInd&L genss.. 99 {C M & St P gn 8y 173 | CRIMUISP& PacosTs. First Mortgage Notes SHANNON. & LUCHS First Mortgage Investments Safe—Conservative Make sour savines 42 Years’ and surplus funds . work for sou st Lxperience n financias homes and in the sale of thess se- curities. Telephone National 2345 1435 K Street Northiest Wm H. Saunders Co, Inc. REALTORS at 9475, 1 o *MS 5803. 66 7Ti% Tl% T8N | per cent preferred stock of the Long Sohg | [CAEBELRoRTERIE S08 TiTEN CEIN : Isiand Lighting Co. about $4.000,000 of 1 SNLE NW LR s. 1D on Main 1016 433K ) Syracuse, bonds_with the one- | N Mt 2 i vear ma;,un(,y on a 5.25 basis and Lhe‘hoffl‘%; i 101 H 4 - il kcEEiiiietiib 1939 maturity on a 4.30 basis, and $2.- | Norway 63 1963. 94141 G EW ISS 149.000 of New Orleans 415 per cent | NOrway 5%s.. 9915 | ke N UE certificates which were priced 10, yield | NomwRviwIs .. 103 | 2 ¢ Morlllle Money Loaned i SRl per cent on the 1's-year notes and | NOTway 68 1544.... 101 S o5 i | Interest Rates oo 5 per cent for those maturing in 1940, | Norway 6148 1952. 1008 | B ot e 5 i | 15, y 0 The city of Chicago has sold $40,725.000 | Orient Dev &3 s 0| ot Unton Sta 5868, 2 | additional 6 per centtax anticipation | Paria-Ly-Med 6s... i Union Sta 6}48. 6 yler €rio! { notes, making a total of nearly .- | Paris-Ly-Med 7 > S out by this municipality in the past! Peru 6w 1960 # Glev Term 8%, 1 1520 treet three months. Peru 651961, Cuba RR7% o T | Botand g 0. Del & Hud lat e as. $3 Class A Convertible Stock, Series A sian: uy Iractors. ! poland 7s "c(. f5 Del & Hud 5%s 2 e ‘sso |ue NEW YORK, July 10 (#).—The Cat-| Poiand 8s. . s Dol & Hud 78 30 3 { par vaiue) erpillar Tractor Co. of California has|Queensiand 6s...... e £ Net Earnings | gtncte‘d ‘with hrxhe IA;EM“ ‘Trading ?{u“m\E.T 17 . D"':mu““ :“: a? 19:9 (6 months) The $3 Class A Convertible Stock, Series A, ($50 par value) is preferred over the Common Stock, both as to rporation to ship 1.300 tractors to|Rhineibe Un7..... o 3 . sset divi 54 titled to cu lat Russia during the balance of the year.| RhineWst EP 65’52 s g&{‘@nfi.‘;:'s:a 5 | JACialiat¥pts etk vk yabiaf hasiasixtauiiny i B O Erie conv 45 Da.rvn 10 | deemable, in whole or in part by lot, on any quarterly dividend date on 30 days’ notice, at $52.50 per share i AR Rio de Janeiro 6%a ;jn_e Gen i . 16 1 prior to January 1, 1931, and at $55 per share thereaf ter, plus accrued dividends in all cases. 2 Rio GrDo Sol 6348 LT - 8 Inguiry Invited B ] Erie conv ext 7 1 b i Washington Stock Exchange| tio Gr bosuis [ ! The $3 Class A Convertible Stock, Series A, is convertible share for share at any time into the Common Stock SALES. PR T Via ast C o3 7.+ 31 Marlow Beech Corp, of the Company upon the payment of $5 per share. Provision will be made for the protection of the conversion Washington' Gas 8s San Paulo City Fonda J&G ¢ 3 privileg the t of the issue of additional shares of Common Stock either as stock dividends in excess of Washington Gas 6s Sao Paulo 1950 Gr Trunk stdb 2 1732 Conn. Ave. Potomac 6167 6% per annum or, under certain conditions, at a price less than the conversion rate. If the $3 Class A Con- S Grand Trunk is.... 9 vertible Stock, Series A, is called for redemption, the conversion privilege may be exercised as above at any time Capital Traction Co. 15 A o . : t Nor 4148 7 v up to and including the date set for redemp! Grt Northn 4348 £., 1 Pnsmir?uc Flectric 5'2% pfd.—5 at 108, |3 43t Notttics 10 102% 102~ 102y || More than N 7 106 105 a third o i : Re 5 Wash. R. & E. pfd—10 at 97%, 5 “ Great :g:l:li‘#: 7 108w 1055 1084 |} 8 m‘uw!‘ Transfer Agents: | Registrars: 98, 10 at 98, 102 102 1023 | By £ Sty 036w o1 : experience Central Hanovee Bank and Trust Company, New York The Chase National Bank of the City of New York Barber & Ross com.—50 at 181, 18°10S% 108 108 |Hude Manasba... Safe Deposit & Trust Company of Baltimore Baltimore Trust Company, Baltimore co;lgngnbin Sand & Gravel pfd-—10 at | 74% 7i% 74% | Hud & Man ref bs. . 5% Federal-American Co. com.—10 at 47}2. | Utd Kingm 638 87, 16 102t 1024 1u2s | 1} Cent ref & Federal-American Co. pfd—10 at 1014, | Uruguay €8 ;:;:o .10 97y Yyam | Lii Cent 4% e . The letter of Mr. A. E. Duncan, Chairman of the Board of Commercial Credit Company, copy of which may be bad on request, has been summarized by bim in part as follows: 20 at 1017, | Uruguay 85 3 107" 109" 107" | U Centralrs 58 55 | ey s 10kt ivisune 22 Sru & oy [ CEEEEE | COMPANY AND BUSINESS: The Company, organized under the Laws of Delaware in June, 1912, is 2 Mergenihaler Linotype—10 at 185! -}"""‘"‘“M e 'A‘ E""“ 92 92 |int Rapid Tran bs.. 4 pioneer in the highly specialized form of commercial banking which facilitates the distribution of various National M. & Inv. pid~20 at 41 | 4 prumasiios oae nggtm Int Rap Tr 6s atpd . articles of merchandise sold on credit, through the purchase of receivables created thereby. Its business is o TTo 5 ut Jp D410 8t 119 3 | {ieghany Cpsaas 22l 103 1 Experience || very widely diversified both as to the receivables purchased and as to the articles which are financed largely Barber & Ross 6125--$5.000 at 94. | Alleghany fa’ ;;‘_}Efi' sy CanTell | on the installment payment plan, such as automobiles, time and labor saving machinery, refrigerators, etc., AFTER CALL. | Am Chain 6s°33.., Int Rys C A 53172 | and also as to the many thousands of individual purchasers, most of whom owe only moderate amounts. In Mergenthaler Linotype—10 at 105 Am Chem 5% av'49 6 106" 10m 100 | int Ry CA6%sret. —what to do with the many addition to its headquarters in Baltimore, the Company and its subsidiaries maintain offices in 173 cities Am Int Cor 54849 125 1u9'5 10% 108 i 96. Am NatGas %943 30 78 7% 5 |KanCity FtS4s Capital Traction 5:—$1.000 =t 99 AnSmit & R 1.t 3s. 13 100% 100 1004 | Klfl-ll City S3s $5.000 at 99, $2,000 at 99. Am Sugar Ref & 3 EREEmCIIY S x Capital Traction Co.—15 at 9415, 5 at | Am T&Tcv 4% Kan City Term 941 Am T & T el tr b Lel"(’.llri.n;):: ;:Il‘: r\wxrmml Bank of Washington—35 at ! :: ;::;." M ey 0at 107. | Am Water Wks bs Louis&Nash uni | Am Wrtg Pap 65'47 Louis & Nash 58 Anacostia & Potomac R. R. guar. $2.000 at 96. $3,000 problems arising in connec- tion with management of Apartment Houses. It's a very important fea- ture of our business—and we are serving a host of owners to their material ad- vantage. in the United States and Canada with representatives in 271 other localities here and abroad. Through Kemsley, Millbourn & Co., Ltd., a large export and foreign finance business is conducted. The Company owns all of the common shares of Commercial Credit Corporation, New York and Montreal; Commercial Credit Trust, Chicago; Commercial Credit Co., Inc., New Orleans; and 96.19% of the capital stock of Kemsley, Millbourn & Co., Ltd. (export), New York. It also own 1 of the capital stock of, and operates on a fee basis, the Aviation Credit Corporation, New York, an affiliation of the Curtiss-Wright and other aviation interests. 08. ‘Merchant Tfr. & Stge. pfd. Bid and Asked P e d 3 . HEemE e IteR: | Anteonel evieb B E.-SAUL. co. L The Company enjoys exclusive contracts with many leading manufacturers through whicheit assists them BONDS. Armour&Cod s 39 ! in the distribution of their products by extending credit to their distributors and dealers. Among the products Armour Del 6ias. .. 925 15th St. N.W. Natl. 2100 Bl Askea | At Guif 85n. . PUBLIC -UTILITY 1 Mill) Ky & L6361 17 99 99 99 Minia S eyt so financed are Chrysler, Dodge Bros., De Soto, Willys-Knight, Whippet, Stearns-Knight, Peerless, and other Amer. ol o delen A%-..... 9% ... | Bell Tet Paba B. | 35t PassM co 4s. ik i S motor vehicles; Crosley, Edison, and FADA radios; Certainteed Preducts; Oil-O-Matic, May and other oil Afucostin % Bee R, - 8 153" 5 iy ik | M SLP&SSM cn 5 3 burners; Copeland and Seegar Refrigerators; Cris-Craft and other speed boats; Diesel engines, washing machines. N S, 1001 19 |Certain-Tdsis 0 store equipment, machinery, etc. The Company also does a large business with dealers in other lines. 103 Traction R 712 5814 | Chile Copper. ! 5 5 z i IR mor.fl‘mi,}'"}fli"xh %@, 31" | Colonoil | CAPITALIZATION: The Consolidated Capitalization of the Company and subsidiarics, as of May 31, 1929, 3 kit iw ‘ after giving effect to this financing, is as follows: | Mo Facific gen 43 Com Invest | Mo Pac 53 A 65 Authorized Outstanding s ] Mo Pac 68 F 77 Subsidiaries’ Preferred Stock, 8% (par value $25) . g $3,000,000 §2,000,000 Gt G, teries s il U ] AL e Minority Interest in Subsidiary’s Common Stogk (14,046 shs. (no par Wash: Rwy. & Erec. 45, 11 o Pac 5143 49 evt 19 B e i 159,317 Cuba Can A Nl ae et e o Y T o, T : MISCELLANEOUS Cuban Am Sug #s.. MR 6% First Preferred Stock (par value $100) 12,000,000 8.000,000 % 35 | Denver Gas bs, Nassau m::li.. & 7% First Prexerred Stock (par value $25) 4,000,000 4,000,000 ) - NO lex & M55 B.. 8% Class “B” Preferred Stock (par value $25) ..i............... 4000000 4,000,000 1041, 108 | DarroitEdisonss40. - . : Creww Chase ¢ 2ot N | Detrett Bdisor SRR Service Class A" Couvertible Stock (par value $50) camulative preference .. 50.000.000 Por” S0 Stack 4 Bk 5y 20 A 2 1 $3 Series “A" (this issue . i . : 15,000,000 L T SR R T h) . Common Stock (no par value) SCAT s e 100.000 shs 1,037,052 she, 4 cuba Sug 1 ket S L L GO R D SRR e DO R e L DL G, Lt | Fisk hber . . STOCK Gen Asphalt 6836, & co In addition, there will be outstanding Collateral Trust Notes of $4,167,000, 6% due 1934; $4,339,500, ke T | Gen Cable §359°47.. 1 | NYC & StL deb 43.. GiLLET P $ 72 due 1935; and $1,932,700 short term; also $8,612,247 secured, and $77,985,500 unsecured short term notes. St TraCuion o1 #i g5~ |GenMotaeCorés. 19 101% 1014 101% | Ny CastL 434sC.. et 4 g B ; i 308" 7 NYCIaStL oA INVESTMENT BUILDING EARNINGS: The Company has never failed to show a profit in each of its 17 years of existence. The net i Y¥NEELGNN 'WASHINGTON, D.C. income in 1928 was 13.62% on the average invested capital employed during the period. Fr NY NH&H db 4s 57, Telephone, National 24 Consolidated Net Income for the 12 months ended June 30, 1929 (June estimated), adjusted to give effect NYNH&H 4% to the savings of interest paid at 6% per annum, less Federal Taxes, amounting to approximately $1,036,790, resulting from the utilization of the proceeds of 258,365 shares of Common Stock issued in February, 1929, and from - this issue of Class A Convertible Stock, Series A, would be equal to approximately $6,375,730, or over 2.8 times the combined annual dividend requirements on all Preferred Stocks including the entire amount of the Class A Convertible Stock, Series A, to be outstanding upon completion of present financing. PURPOSE OF ISSUE: The proceeds of this issue will be used in the first jnstance to retire a like amount of short term bank loans, thereby effecting a saving of interest thereon, and will later provide additional work- ing capital and credit facilities for the expanding business 6f the Company. NY NH&H cv db NY NH&H cit 6 N Y Ont W 1st 45 N O&W gen 4s 55. N Y Kys6s65.. N Y State Ry nfi-,- [ mamneIErackmmala-B0E o thrETroan =Tl uERuat el rannn 05w 350 | Intl Match 68 47. 245 | Inter Paper 68 92 923 bl [Nt Tel&Toleg 455, | 2% 9%% oom Int Tel&Tel 4348 ov 205 163% 104% 99 102% 102% 1024 | Nor Pac 33 2047. o YOU CAN INVEST WITH TRUST COMPANY. American Security & Trust Co. 455 e A= 97 97 97 |Nortnera Pacific 48 ?;‘-'t'f»"n'-“‘;,’gnfim & Trust. .§§§ i T NGRS CONFIDENCE EQUITY: Based on current quotations on the New York Stock Exchange, the Common Stock of the Company Washington Lon & Trust. .. 830 Eotiey G 0B Es 1001490000 oo NUrASrR LR ¢ Si0L. 1 FETIR represents an indicated market equity junior to the $3 Class A Convertible Stock, Series A, of more than Sl e ACEITEE Y <10 L s e Oceuler Hsaa $52,000,000, . v T o Steel 68 99° Ore W, o e gy 30 45 |Mont Power debss i 981 b i FIRST The Company has agreed to apply for the listing of this stock on the New York Stock Exchange 10 “s&Co 181 4 . Yy SEEERY sningi & Gomercial aow Nt Datey S, . 6% MORTGAGE This stock is offered for delivery when, as ond if issued and accepted by us and subject to the approvel of counsel. 1# is expected that temporary stock certificates will be available for delivery on or about July 17, 1929. Price $50 per share, yielding 6% NOTES DENCARBAEiRNRRBE nited States. ‘ashington Meci FIRE INSURANCE. 3 e {";!X,'}:J,‘,‘:r'.‘ ’:§ L1 110% 110% 110% gy 1 . e :‘m:‘ S0 T manamame. i o :§§,3 : %@Mmfi,figg Kidder, Peabody & Co. The Harris Forbes Corporaticn B AR pemsse : i Hayden, Stone & Co. : Hallgarten & Co. i Pt s, Moy i b Robert Garrett & Sons Spencer Trask & Co. CHECKS mvmmm!mxmw: BOSSEMELPS 1417 K St. ~ National 9300 Por Ric Am Tol Postal Tel & C 6% m¢ American pfd Lanston Monotype Merch, Trans. o '"n. . & lt’ar *Sia Dominick & Dominick Rem Rnd I'L Sinclair Oll o W'ndo not rmarantee the statements and figures presented herein, but they aretaken from sources which we believe to be refiable. 9. 931 931 Sou Rv 6%se 102% 103 Term AssoSL