Evening Star Newspaper, July 16, 1929, Page 11

FINANCIAT, SPECULATIVE BOND | [ox sev o BONDS Received by Private Wire Direct to The Star Ofice PRIGES SHOW DROP Market Slows Down in Tight Credit Situation—Rails Are Firm. ‘ BY CHARLES F. SPEARE. { Bpecial Dispatch to The Star. | NEW YORK, July 16.—The pace of the semi-speculative bond market slowed down today, with the tendency ‘0 take profits in several of the con-, vertible issues that have recently been most popular. These experienced de- clines that at one time ranged from 1% points to 3 points. Corporation mortgages, United States Government _securities and loans were all affected by the 12 per cent renewal rate for money and slightly nigher quotations for time money. The average of the first group is now at the lowest of the year, with no sign of im- provement until the strain on the credit situation is relieved. issues are off Y4 to 3. from last week's best for the long term bonds and others somewhat less. In the early trading there was a distinct preference for the convertible bonds of the railroads and for the stock oplion issues of investment trusts like American International 5',s, Alleghany Corporation 5s and Chesapeake Cor- poration 6s on the “board” with an active market again in the stock war- rant issues of a number of the unlisted investment trusts. These later reacted with the rest of the market. Then there was a forward movement in the entire list, with the two telephone convertibles making good recoveries and Kreuger & Toll 5s again getting above par. General Asphalt 6s, Colon Oil 6s and Sinclair 7s were up from % to 2 points. Philadelphia & Reading Coal 6s rallied {ractionally but Commercial Investment ‘Trust 515s declined 1% points. Junior rails sympathized with the strength in railroad stocks. St. Paul adjustments advanced 13 points to about 76, where they compared with the high of the year of 80, and the low of 69',. Missouri-Kansas-Texas adjust- ment 5s gained about a point. All of { | the local tractions showed signs of re- G covery. The weekly statement of the Fed- eral Reserve Board condition of report- ng member banks, showed a decrease of $51,000,000 in loans and investments. Their investment account has decreased $612,000,000 in the past year. It is es- timated the total reduction in the in- vestment holdings of all the banks of the country, since last July, is close to $1,000,000,000. The continued selling of securities by the Natiional and State banks is an important factor in keeping bond prices low, especially as there is no present offset in the way of accu- mulation by savings banks and insur- ance companies. e Washin_gton Stock E;change Capital Traction 5s--$1.000 at 100. Washington Gas 65 A--$1,000 at 101%. | Washington Gas 6s B—$500 at 104%, $200 at 103%. Capital Traction Co.—10 at 95%, 5 at 9515, 10 at 9535, 10 at 95%;, 20 8t 95%%. Potomac Eleciric 6% pfd.-—2 at 111%. Potomac Electric 5% % pfd.—5 at 108%, 5 at 10873, ‘Washington Rwy. & Elec. pfd—10 at 97%, 10 at 973, 1 at 97%. Fe?;r,fll-Amechn Nat'l Bank— 3 at American Security & Trust Co.—5 at 457, 5 at 457, 5 at 457 Real ‘Estate & Title Insurance Co.—5 at 210. Barber d Ross com.—25 at 18%. Merchants' Tir. & Stge. pfd.—10 at 1067. Mergenthaler Linotype—2 at 105, 10 at 1 Real Estate M. & Guar. pfd—110 at 7%. . AFTER CALL. Federal-American Co. com.—31; at 47. Peoples Drug Stores pfd.—10 at 120, 10 at 120. ‘Washington Rwy. & Elec. 45—$3,000 at 86. Capital Traction Co.—20 at 95'%. ‘Washington Rwy. & Elec. 45—$1,000 at ; 86% ’ Potomac Elec. 52% pfd.—5 at 108%. ‘Washington Gas 6s A—$1,000 at 102, $1,000 at 102. s Lanston Monotype—44 at 128%2. UNLISTED DEPARTMENT. Departmental Bank—5 at 10, 90 at 10. Bid and Asked Prices. BONDS. Amer. Tel. & Telga. 4% & Telgn. 4% Gity & Buburban Bs Georgetown Gas 1st Potomac Elec. cons. 5% . 1953 Alex. & Mt. V. Wash.. Balto. & Ann: Washington Gas 5s. ash. Gas s, series A Wash. Gas s, serie; B ‘Wash. Rwy. & Elec. 43 MISCELLANEOUS. Barber & Ross, Inc.. 814s. . Cham -Vanblt Hote] 6 Chestnut Farms Dairy 6135 Chevy Chase Club 5%%s. D. C. Paper Mix. 61... .0 oint Stock” Ld. Mkt. Cold Storage Cons, Title Co. 6s. STOCKS. PUBLIC UTILITY. & Telga . 248 5 (33 Tel. Amer. Government | B; 1l Lib1st4%s Lib4th 4349 107 US3%s43, a2 UBS3%s47, 5! US4s 1944, 47 USe%nb2. 62 Argentine 8s Juby. 10 Argeutine 6s Oct 69 o3 Australia Australia 58 1957, Austria 7s. Bank of Chile 6% Bankof Chile 6%s. 14 foreign | g, e Bremen State Ts. Canada bs 1931. Canada 63 1952.... C"AM' 5%s1929, 19000 BorRncara vesboakonman Jan’61. Con Pow Japan 7s. . Copenhagen 4% s §3 Copenhagen b ct. Czecho 88 1951 Czecho 8s 1952 Fiat 7s war '46. Finland b348... Finland 7s o P e N e L o French 7% German Bank 65’38 4 7 o Paris Orleans 6%s. Paris-Ly-] Peru 651961. Peruis...... Poland 63 40.. Poland 7s (rcis) Poland 8s. Queensland 6s. Rhineibe Un 7 RhineWat EP RhineWst EP Rio GrDo Sol Rio de Janeiro 6 %; Rio de Jan 83 1 Rio Gr Do Sul Rome 6343 o BanthosoranR~Zohire anbiea—waan o Saxon (PW) Seine 7s 43. S Yokohama Armour&Co4¥a 3 Armour Del 6 Atl Gulf 8 bs. . Atlantic Refin bs... Bell Tel Pabs B. Bell Tel Pa 65 C. Bethlebm St1 pm 68 Beth Steel 5% b 8. Bethlehem Steel Bush Term Bldg bs. Certain-Tds¥%srets Chile Copper Colon Oll 6 Col G&EI 6s May 62 Com Invest 5%s '¢9 Cuban Am Sug ¥ Denver Gas bs. DetroitEdison| Detroit Edison ¢l Capital Traction Co. L 98% hington G 12 Wash. Rwy. & C._ G Wash. Rwy. & Elec. D¢ NATIONAL BANK. 238 ZLincoln National Metropolitan: Riggs . gecond stional Bank of Washington. . TRUST COMPANY, ‘Bank of Bethesda ommerce & Saving: ‘Wash! urity Seventh Btreet... United States Washington M FIRE INSURANCE. Corcoran '#l'm:‘l Union. Nat Becurite oral, Btorage pid., i s 13 7 ain. Mech, ach: Medtca 4! A ’pv. oodward & Public offering of preferred stock o: Stores, Inc., chatn of 20 department stores in SR New Mexico, will be mpde this woek. pom-8200 Intl Match 63 47.... Inland St 43%8°78.. [ot Mer Marine 6s.. Int Paper bs 47. Sa Iat Tel&Tel ¢ %5 cv 15¢ KanG&E§ss2 Laclede bs. 2o NERGUBaS-na Midvale Steel bs.... 15 3. 4 15 18 4 10 5. Paramount 631947, 3 108! | pan-Amer Pete 8s.. 87 108% lgg Phila Co 68 67, 19 Phila & Read Philips Petro 6%s Por Rie Am Tob 6s.. Postal Tel & C6%s. Pressd Steel Car b3 Publio Bervice 4%s. RemingtonAr 6833, Rem Rnd %8 war.. UNITED STATES. (Bales are in $1,000.) Bales. Hi 99 2: 9923 9916 9714 9714 97 20 10410 104 4 10514 108 % FOREIGN. Sales. Higl cl 972 99 22 99 16 9714 97 20 1044 10810 9714 Low, Clo: 991, 99 V9% 9946 9 9% 10 5% | Warner Sug 75 41.. 96%m 8% 0% 100% 106 % 100% 99% 101 99% 92 92% 8533 97 8oty 110 109% 87% 99% 103% o | 101% 1054 884 101% 85 92 105 105% 904 105% MISCELLANEOUS. Abram&Straus 6%» 12 110 Alleghany Cp 5344110 108% Alleghany §s 49 wi 197 109 Am Chem 5% 8 cv'491GL 110 109% 108 107% 109 » {Hocking Val 4343 THE EVENING STOCK EXCHANGE ' Low. Close 101% 1013% 95% 06% 3% 100% 102 101% 947 103% 105 1% 891, 100% 109% High. 1015 26% 98% 100% 102% Sales. Sinclair 011 78 19 Sinctair Crude 6%3 Sin Pipe Line 63 South Bell Tel Southwest Bell 102% Tenn Cop 6s TenntiecPow 6 United Drug 68 63., 2 U 8 Rub 1st rf bs. Utah Pow & Lt Utilities Powr 6 %8 warner Sug 78 39.., West Elec bs. . Westn Union 6s 61. Westn Union 634s. . White Eagle O 6 %#» Willys-Ov 6%s 33.. Wilson & Co 18t 6s. WinRepeatAr 1%s. Youngstn S & T hs. 37 RAILROAD. At&SF evt 4s (5. ... Atchinon gen 4s s B & O 68 2000 D B&OTLImD 6s. B & O SW58 60. B & O Toledo 4s. Boston & Maine bi Brook!vn Elev 6143 RKlvn Mannat 6s... 34 Bklyn Un El 53 '50. Buff K & Pitt 4% Can Nat43%s30... Canad Pac deb 4s Can Pac 4%s 46 €ar Clinch&O 6 (2 Cent of Ga bs C 5! Central of Ga 5 Central Pacific Cent Fac 1t 58 5 Ches & O Corpn bs. Cnes & O cv 434s. .. Ches & O 4753793 A Chi & Alton 3%s. ChiB&Q1strfh 102% 89z Ch&E 11 gn 63 51.. Chi Gt West 43 59 ChiM1ISP&Pach CMSP&Pacadjss03. 571 ChiM&StP4%sC89. 10 CM&StP ret 433889, 16 Chi & NW ref 6s. Chi T H&SE b ChiR1&Pgn4s... Chi R1&Prfd4s. ChiRT& Pac 4% Chi Un Sta 4%s, Chi Union Sta 6% Cht & W Ind cn 4, C&WI5%s62 CCC&StL 4% E 77 CCC&StL bsD. Clev Term ba. Cuba R It bt Cuba R R Cuba R R Cuba Nor 6%s et DRG & Wst 5578 Erieconv 4s B. Eriecv 55’67 Erie Genessee T 6s. Fla East C b8 74 Fonda J&G 4 %552, Ga & Ala 1st 58 "45. Gr Trunk stdb 6s Grand Trunk 7s Gt Nor 434876 D. Great North bs. Great North 5% Great Nor gep 7 Green B & W deb B. Hud & Man aj 5 Hud & Man ref bs. 111 Cent 45 53. 11l Cent Chi 4 Int Rys C A 5872 1 Tnt&GtNor adf 6s 63 14 Int & G Nor 1st 6s.. Iowa Cent 1st 58... Kansas City 8 3 Kansas City 8 5 Kan City Term Louis&Nash uni 4s. { Louts & Nash 7 1 M Nassau El 45 51 NOT&Mb%s N Y Cen gen $3%s... N Y CentLS cl 3%s. NYC & StL deb 4s., NY CasStL 4%s C. NYChI&StL 5%43A.. NYChI&StL 6%w B, NYCa&StLésA.. New Haven 4s55... NYNH&H 4566, NYNH&H4%s.. NY NH&H cvdb 68, NY NH&H cit 6 P - " FeSmEnarRunnas 104% 90% 100 87 9% 4% 163 105 99 102% 984 108 97 0 B 100% 100% 83% 95 50% 50% 1024 102% 111% 111% 97% 95 105% 104% 104% 110 110 110 9914 99% 981y 98%% % 108% 9% Northern Pacific Nortnern Pacri6s. Ore Short L rfs . Ore Short L b3 gtd.. oo | reasoning: “|year by 1,511,000 acres to 48457,000. ; | crease _expected. * ! with 1,202,000 bushels for the previous 000, against 68,0f | 89,000. S FARN BOARD WORK ADEDBY WEATHER Wheat Prices Gain and Out- look for Cotton Is De- clared Better. BY J. C. ROYLE. Speclal Dispatch to The Star. NEW YORK, July 16.—Now that the Farm Board is formally organized, it appears that the tasks of the organiza- tlon will be less severe than was antici- pated when Congress authorized the board as a measure of farm relief. ‘Wheat prices have gaineg materially in recent weeks. Visitors iving here today from tie South, who have made a careful and expert analysis of the situa~ tion there, express the belef that ¢otton rices will advance materially above 'glell' present levels and that the crop will be short. “This opinion is based on the following ‘The Dapartment of Agri- culture figures show that the acreage was increased by cotton planters this This was only about a third of the in- Reports from the country as a whole indicate more wide- spread weevil infestation than at any time since 1921, when the weevil took toll of 30 per cent of the crop. This in- clines the experts to the belief that the average yield per acre will be smaller than in 1928. Befora making up its first crop esti- mate, which it will release August 1, the Government will deduct from the total of 48,457,000 acres an amount equal to the average 10-year abandonment, which is 3.6 per cent of the acreage under cultivation July 1. The Govern-| ment estimate will therefore be based on 46,712,000 acres which may be harvested. If the yield per acre should be equal to that of last year, when it/ was 1529 pounds of cotton, the indi-/ cated crop would be 14,924,000 bales, If the yield were to drop to 151 pounds per acre the crop would amount 1o 14.739.- 000, and if the decrease should bring it ! to 150 pounds per acre, the crop would | be 14,641,000 bales. These are hypothetical figures, of course, but the amount which will actually be consumed in 1929 is con- servatively expected to be over 15,000.- 000 bales. The carry-over will be much | smaller. U. S. GRAIN EXPORTS. Grain exports from the United States last week were 1,711,000 bushels, com- pared with 1,828,000 for the previous week, and 1,317,000 for the correspond- ing week last year. Commerce Department figures show the amount of wheat exported Jast week was 839.000 bushels compared week; barley, 707,000, against 391,000; corn, 136,000, against 78,000; oats, 29.- rye, none, against Canadian grains cleared from United States Atlantic ports totaled 3,028,000 bushels, compared with 1,567,000 | bushels for the previous week, while exports of North American wheat flour barrels. GERMAN BONDS AND STOCKS. NEW YORK, July 16 (Special)— | Bid. Asked. | Ger Govt Red Loan with draw- | ing ctfs attached per 100 R M 55.00 60.00 Ger Govt Red Loan without drawing ctfs per 1,000 00 30.00 (Quoted 1n doilars per million marks.) Hamburg 4'2s 191! . 35. 4! (Quoted {n dolla: Ger Gen Elect 42 Ger Gen Elect 4ias, Berlin 4s_pre-war. Hamburg 35. 3128 & Hamburg American Line 473 North German Lioyd 4'as pe pre-wai ) 1919, (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par). _tcday. London, pound. 34.8665 34.8434 [193 -0391 Copen! ‘3664 Oslo, crown.... 3664’3 Stockholm, crow 1268012 TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co) Rate—Maturity. 4%s Sept. 15, 1929. 5 Sept. 15, 19 4¥4s Dec.” 15, Dec. 15, First Mortgage Loans Fair Rates of Interest J. LEO KOLB 923 N. Y. Ave. Dis. 5027 THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares interest to were 264,000 barrels, against 147,000 _ DAILY AVERAGE OF OIL PRODUCTION INCREASES By the Associated Press. TULSA, Okla, July 16.—Continuing a moderate but steady upward climb, | the estimated daily average production of crude oil in the United States for the week ended July 13 increased ap- proximately 33,639 barrels, the Oil and Gas Journal said todey. | Despite a 1,600-barrel drop in the! Seminole area, Oklahoma production increased approximately 2,800 barrels. TIncreases were recorded for the West Texas flelds, the Texas Panhandle and the Gulf Coast are: ‘The Santa Fe Springs deep drilling) area in California added approximately 15,000 barrels to its total of 270,000 ba{re]: checked for the week ended July 6. The grand total estimated produc- tion for the United States duri the week was 2,884,807 barrels as compared to 2,851,168 barrels for the week ended July 6. o- BANK CHECK TOTALS. By the Assoclated Press. Influence of July 4 and holiday cele- bration on trade generally was evi- denced in bank check totals from lead- ing American citles. As reported by the Federal Reserve Bank Board, the check totals for the week ending July 10 were 31 per cent below that reported for the previous week, but slightly above the golrlrespondmg period last year. Figures ollow: ‘Week ending July 10, $15,513,327.000; preceding week, $22,554,350,000; same week last year, $15,437,760,000. Checks issued in the New York district for the week ending July 10 amounted to $9,612,526,000, against $9,020,000,000 in the same period last year; Chicago district checks for the same period were $1,469,763,000, against $1,567,240,000. 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 I Company Incorporated Cash Capiial, $000,000 Dank Blde. Paid wp Commereial Mackubin, Goodrich & Co. Bankers Established 1399 Members NEW YORK STOCK EXCHANGE BALTIMORE STOCK EXCHANGE Private wires and telephones to primcipal markets. INVESTMENT BUILDING 15th & K Sts. Washington, D. C. National 8373 ComrLETE FINANCING Ist & 2d TRUST MONEY On_ homes, apsrtment buildings and bu properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 fonally Uasonivees Bulls and Bears The market may go up . . . the market may go down . . . but you know your principal is safe . . . you know your funds are vested earning 6% when in in our First Trust Notes. This sirong company guarantees absolute safety. Get the facts. Booklet gratis Standard Collateral Shares Corp. Franklin 8783, Weodward Blds. Pere Mar 1st 43 bi Pere Marq 13t b Portland E1PL 6 Port RL&EP 7%85 46, Port RL&Pb6s42.: Port RLP 6s47. PCC&StL 63 B 75. Reading gen 4%s A Reading J C4sbl.. Rlo G W 1st 45. RIATK& L 4%s... St L IM&S R&G 4s.. StL IM&S gn 6831, StL&SFDl4sA.. StL&SFr4%s7s, StL&SFoprinks.. StL 8 W con 4s 33.. SanA&Arn P 4s... SeabAL lfli:l 1949, T - BB RBO RO INAA D SRS~ ARAR BN 1 10 2 35 Sou Pacific ret 4s. Sou Pacclt 4 Sou Pac 43%s rets. Sou Pac 4148 °69 wwib 3 Sou Ry gen 2 9% :ou :ycou 1 100% 100% 100% | 202 BY 2 105% 103% 105% | Sou Ry 6 100% lg:‘fi 100% 1174 117% Term Asso 8t L, 5 1028 102% TexArk FS 5%4s 50. Texas & Pacific 1st. Tex & Pac 58 C*79. % | Unton Pas 1t és. .. 12 96% 96 96 99% 994 99% West Md 5%s ‘77.. 9% acifie 9% 9% Union Pacific 43 °68 10 1 95% 95% 95k Wabash 5%s'75 5 102% 102% 102% West Maryland 48, 10 78 77% 77% 9 9% 9B% . 931 Western P 5 99 o3 99 _ F. B. KEECH TAR. WASHINGTON. D. C. TUESDAY. JULY 16, 1929. FINANCIAL, ° Money to Loan first deed of trust on real estate t and commi: 420 Wash. Blde.. Sth Secured b, T Juup.‘i ] Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co 1520 K Street Main 475 Mortgage Loans STORY & CO. 812 17th St. Met. 4100 | \ | i More than a third o a century’s ) Just What to Do eritical question when in connection with apartment house manage- hardly a condition we haven't encountered— and our experience teaches us how to cope successfully with them. Talk with us about your property. B B, SAUE. €0, Natl. 2100 925 15th St. N.W. il i BB in Washington a WITH You can well affc TRANSPORTATION ENGINEERS i 1ER TRUCK SALES CONTROLLED BY 30-38 M St. N.E. SPECIALISTS IN He thought & COMPANY Members of New York Stock Exchange ‘Washington Stock Exchange New,York Curb Market Chicago Stock Exchaage Chicago Board of Trade Liverpool Catton Exchange, Ltd., (4sso0. Members) New York Cotton Exchange Bremen Cotton Exchange (Assoo. Members) IN. Y. Coffee & Sugar Exchange, Inc. New Orleans Cotten Exchange Winaipeg Grain Exchange Rubber Exchange of N. ¥., Tnc. DIRECT PRIVATE WIRES ] H CORNER 17TH ST., NEW N. W., WASHINGTON YORK : But, despite had discovered electricity! attracted bits of paper to that amber trinket has revo- lutionized the business and habits of the world. The remarkable growth of the power and light indus- try in the past forty-five years is one of the romances of civilization—a romance still in the making. Edison’s first commercial plant in 1882, the world hfn forged ahead, but electricity has far outstripped it. In the last ten years the use of electricity has tripled. I’s Futile to Go Away for Change and rest-—and still carry along business worrie 1 A conference with Our Trust Dept. staff will quickly indicate how such a situation is to be Ve can act for any agreed time as your neral Agent, re- lieving you of every routine busi- te. Inquiries invited. & Surplus $3,500,000.00 National Savings & Trust Co. The Oldest Savings Institution in the District of Columbia ?"‘ Cor. 15th and New York Ave. ear Travelers’ Checks and Letters of Credit i n‘z)',,‘.n. OUR CUSTOMERS HAVE BUILT OUR BUSINESS This half-million-dollar concern has been doing an EXCLUSIVE TRUCK BUSIN nd surrounding territory for the past nine years OUT ANY CONNECTION WITH ANY OTHER LOCAL ORGANIZATION d to tie with us completely and permanent ine. you require in the truck NG T:am(!gm LEASES MAINTENANCE GENERAL MOTORS TRUCK COMPANY —S. 0. S. Call— Met. 0505 POWER AND LIGHT SECURITIES THALES TOYED W;H A BiT OF AMBER -~THEN ELECTRICITY ORE —Thales of Miletus—played with a trinket made of yellow amber from the cold waters of the North. As he gazed across the blue /Egean he rubbed the bit of amber on his silken sleeve and was astounded to see it attract particles of bran and papyrus. than 2,500 years ago a Greek philosopher it was magic, and, indeed, it was. He Today, the force that Since its tremendous expansion, the power and light industry is just on the threshold of its develop- ment. It is estimated that the use of electricity will be tripled again by 1939. We recommend to conservative investors the pur- chase of the securities of well-managed power 'f‘d light companies and shall be glad to furnish you with specific suggestions for investment. Greeer & Co. BALTTMORE, MD. BANKERS Investment Building ‘Washington, D. C. Telephone: National 2460 PHILADELPHIA, PA. WILLIAMSPORT, PA. EASTON, MD. BIEMINGHAM, ALA,