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FINANCIAL FINANCIAL THE EVENING STAR, WASHINGTON, D. C. WEDNESDAY, JULY 17, 1929 SPECULATIVEBOND | [ox-sew vor BONDSoorexcmuxcs] \EGETABLE SUPPLY |HIGH MONEY RATE PRICES ARE MIXED -SHOWS INCREASES) HITS BOND MARKET Lower Prices Result From @A EREAEAENEAEAREAE Ry MONEY LOST? have worthless debts o Sraonisation: ‘CHARTERED. b 1848 may be sble to Tyl D atity for rinelp: debt re The Mutual Investment Trust || Offers advantages to the Investor in addition to Substantial Profits 52% met earnings so far this year Write for Booklet ulu nm-. Low. Close. Tenn Cop 63 B 104 108 104 nkilecFow 104% 103% 103% ‘Transcont! Ol 98 98 zg } 100% 109% UNITED STATES. (Sales are in $1.000.) u-m High. un- 973 99 16 999 9917 9910 9720 978 First Mortgages For Sale Lib 3% Lib 18t 4%3 COnvertible Issues Are Only Let us have your applications DLOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. 6% NOTES Secured by First Martgages Safe—Conservative 42 Years’ Experience iIn financing homes and in the sale of these se- curities. Make your savings and surplus funds work for sou at the highest-inter- est rate consistent with absolute safety. Wm H.Saunders Co, Inc. REALTORS Main 1016 1433 K Complete Investment! Service G/LLeT & CO. i BANKERS JINVESTMENT BUILDING WASHINGTON, D.C. ZTelephone, National 2460 WAREHOUSES FOR SALE new nnd bn:k two, three nd four story build- ings—all well leased, showing better than 8% on equity — financed at 51;%. Some with R. R. sid- ing. Can be sold separately or all concrete | an investment. Call H. 1. RUST COMPANY 1001 15th St. N.W. Nat. 8100 % 0 0 0 0 0 0 0 Q 0 0 0 0 % BONDS Months of high money rates have depressed bond prices to levels which now make many issues attractive both on a yield basis and for possibility of price appreciation in the event of a trend toward easier interest rates. In our recently published lists of bond investment suggestions, the average approximate yield for 94 issues offered is 6.14%. Send for Current Lists THE EQUITABLE SECURITIES COMPANY NG A subsidiary of The Equitabie Trast Compeny of New York STANLY CaRz, Representative 917 Fifteenth Street, N. W, WASHINGTON, D. C. Safety of Principal Prompt Payment of Interest when you invest in Guaranty First Mortgage tes and Bonds Besides earning these excellent investments assure absolute safety of principal and prompt pay- ment of interes! Guaranty honds are secares Fome. producing Droperties and backed by our $§3, 000, resoure You ¢ d up a lib- eral income by investing o in’ these guaranteed nu. securities. Denominations from $250 up Monthly payments if desired Send for Booklet, “The Success Plan” REALESTATE . - MORTGAGE & GUARANTY CorPORATION Capital Resources $ 3,400,000 24 JACKSON PLACE g 4 d| wash " Cons. Title pid. Convertibles Irregular—High Time Money Rates Cause Sag in U. S. Issues. BY CHARLES F. SPEARE, Spectal Dispatch to The Star NEW YORK, July 17.—The specu- lative side of the bond market was more mixed today than it has been in some time. The convertibles pursued | an irre?ular course, with reactions of 1 to 2, points in one part of the list, while gmm of 1 to 6.points were taking place elsewhere, The smaller volume of trading in the telephone issues affected the day's total of the entire market. Convertible Groun. The strongest of the convertibles were the American I. G, .Chemical 51,5, which advanced 6 points in con- nection with estimates of the value of the stotk to which they are related. ‘These bonds were brought out several months ago around 95. A heavy short interest in them at once developed among dealers who did not think they would go well. " In covering their po- sition they paid as high as 110}> soon after the bond was offered. It then declined below par. This afternoon it was selling at 116. Another convertible that touched a new high for the year was Southern Pacific 4'5s. This bond had a poor market from the start and sold down from 95 to below 90. Today it was 96',. Atchison convertible 4!>s had an early loss of 22 points, following yesterday's late rise of 7 points, but i recovered all of it. Missour! Pacific 5155 and Alleghany Corporation 5s were both off a point at one time. In- ternational Telephone 4!s gained 2'2 points. There was further accumulation of the St. Paul adjustments up to a level 4 points above Tuesday's closing. On lhe other hand the gold 5s sold 1'2 points below the price reached a - few days ago. Chicago Great Western 4s rose 114 points and New Haven 3'5s of 1956 were 2', points above Saturday's closing. New York Railway adjustments sold at a new low price which repre- sented only one-third of the market value placed on these securities earlier | in the year., Rail Tssues. ‘The Seaboard Air Line issues held steady in spite of the fact that deposits | of the adjustment bonds under the proposed plan have been disappoint- ingly small. At the present time it looks doubtful whether sufficient de. posits will be received in the next two ks to put the plan in operation. | This will be.a serious Blow to the come pany, which must find a way soon to | meet bank loans and maturing obliga- tions, United States were inclined to Government _issues : sag on the high rates for time money. The new 5! per cent Treasury certificates are off 13 from their level. French bonds reacted to- day, with the government 7s belcw 110, after selling recently at 111. Peruvian, Ttalian and Japanese issues were heavy. !Washington Stock Exchange | SALES. Anacostia & Potomac R. R. ungtd. 55— | 81,000 at 89: | Anacostia & Potomac R. R. guar. 55— | $1.000 at 962, $1,000 at 9615. | Capital Traction s Washington Gas 6s $200 at 101, $400 at 01, $300 at 101; 8400 at 101, Washington Gas Washington Rwy. at. 86. | Canital Traction—50 at 9512, 10 at | 9512, 5 at 9515, | Potomac Elec. 6% pfdi—10 at 112. | Potomac Elec. 5'5°, pfd.—5 at 1084 | Merchants’ Tir. & Stge. com.—10at 117. Merchants’ Tir. & Stge. pfd.—30 at 107, {4 at 107. | Mergenthaler Linotype—3 at 105, 50 at 105. | National M. & Inv. pfd.—80 at 4%. | Security Storage Co.—4 at 120. AFTER CALL. | Capital Traction Co.—5 at 95!} 951, 6 at 9515.2 Mcrgenl.ha)er Linotype—7 at 10474, Potomac Elec. cons. 55—$1.000 at 10075, ‘Washington Gas 6s “B"—$100 at 103. Bid and Asked Prices. BONDS. PUBLIC UTILITY. | Amer. Tel. & Telen. 4 | Amer. Tel & Telg; { AmeTrel bk Felea f” lr G | Andcostia & Pet. | Ana, & ot suar b Tel, of Va. 5% »cmm Traction . R. City ‘& Suburban 3s. . | Georgetown Gas 1st Potomac Elec. cons |Pn|aml: Eice. 6% Wash. Alex. & MtV cif. shis Balto, & ‘Atinap. 55 .. “B"—$2,000 at 105. & Elec. 45—$2,000 , 10 at | E2N Gas 6s, series B Wash. Rwy. & Elec. 4s.... " MISCELLANEOUS. Barber & Ross, Inc.. 6% Cham.-Vanbit. Hotél 62 Chestnut Farms Dairy 6 Chcvy Chase Club 5%s. 5 e 08 Wash. Cons. Title Co. 6s STOCKS. PUBLIC UTILITY. Amer. Tel. & Telza.. Capital Traction Co Washinston Ga rlolk & m as vy | Wash. Rws. & Blee. pia NATIONAL BANK. | Nationat Capital. | Columbia | District ... | Federal-American ADOTEY L...byovs Lineoln """ S5 National Metropolitan RUGES . oorsasve Second " 2 3 National Bank of WaNington. . TRUST COMPANY American Security & Trust Co Continental Trust Merchants’ Bank.. National Savings Union Trus Wlsmn'tan Loan & Trust. SAVINGS BANK. Bank of Bethesda. Commerce & Savings. East Wlsh ington. .. Potom: Security Savin Seventh Street United States | Wasbinston Mechanics | FIRE INSURANCE. Amerfcan ... Corcoran Firemen's National Union.’ i TITLE INSURANCE. | Cotumpia Title MISCELLANEOUS. & Ross. Inc.. Wash =‘e§=‘ul ‘Hidz. O e Woodward & Tothrop pId. 10.% D Stock Deposmng Extended. i YORK, July 17 (#).—The Sea- $100 at 101. |s 6: 9720 9710 1014 1014 1046 1046 26 10510 1082 FOREIGN. Sal 1082 Low. Close. 99% 99 99% 110% 9% 9% 86% 954 95% 103% 96% 98Y% 101 105% 107% 106% % Australta b8 1955. . Australia 65 1957. . Bordeaux Brazil 6%s 1926. Brazil 6%s 1927, Bremen State 78 Canada bs l“l Chile 78 1943 Christiania 6s. Colombia 6s Jan'61. Copenhagen 4% 53 Copenhagen b= ct.. Czecho 83 1951 Czecho 8s 1952 Denmark 43| Denmark 6%s, Finland s £ Framer French French 7%s. German Bank 63 'u German 7s. Norway 6%s. . Norway 63 1944. Norway 6% 195 Orlent Dev 5% Paris Orleans 6%s.. Paris-Ly-Med 63 Paris-Ly-Med 78 Peru 63 1960. Peru 651961 =% SnBale e Mo Rio de Jan 85 1946. . Rhinelbe Un Rome 63%4s.... Sao Paulo 8s 1938.. Sao Paulo 195t Saxon (PW) 09 KR eRSRRRBNLERAS - LanruhianS Sweden 5%s. Sweden 6s. .. Swiss 5348 1946. Uruguay 6s 196 Uruguay 8s. Vi x1h 8C Yokohama 6s 92 MISCELLANEOUS. Abram&Straus 6% 3 110% 110% Alleghany Cp 5544310 109 107 Alleghany 6s ‘49 wi 435 108 AmAgriChem 7%4s8. 4 Am Chain 6s ‘33 110% An Smit & R 13t Am Sugar Ref 6s. AmT& Tecl trbs. . 2 Am T&T cv 4 %839 1055\;! " 2% Am Wrtg Pap 65’47 Anaconda 1st 6s. | Anaconda cv db 7 { Armour&Co 443 39 Armour Del 5% Atlantic Refin b Bell Te1 Pa s Bel] Tel Pa 68 C...o Bethlebm Sti pm 68 Beth Steel 6% 63.. Bethlehem Steel 65. 2 Certain-Td5 Y srcts Chile Copper 5s. Colon Of] €3'38..... . Col G&EI 65 May 532 2 Com Lnvest 5% "4y 139 Com Invest 6543 CGon Coal Md 1st & Con Gas N ¥ 5%s. Consumers Pow b Duguesne 418 67 EBast Cuba Sug 7%s | Fisk Rubber 8s Gen Asphalt 6s 36.. Gen Cable 6%s Gen Mot Ac Cor 61 Goodrich 6%8...... * Int Tel&Teleg 4%3. 1 Tat TelsTel 4340 ev 485 Kan G & E 6s532. 6 Laclede G 538 62. . Lautaro Nitrate 6s. 31 ManatiSug st 14s. Midvale Steel 68 Mont Pow 68 43.... Mont Power deb b3 Nat Dairy 6% Nat Tub 18t 5s..... North Am Edis bs. . No Am Ed b%s N Y Tel 6841. N Y Tel 6349, N Y Edisol Nor Stat Nor States Pow Pacific Gas & EI bs. Pan-Amer Pete 68 Paramount 6s 1947 Phila Co 68 67... Phila & Read 6549 Philips Petro 6% Por Ric Am Tob 6 Postal Tel & C 6 RemingtonAr Rem Rnd 6%s wi Sinclair Of} Sinclair Ofl 6% e Sinclatr Ol 7, 101% Sinclair Crud 96 2 Louisv G & b 65 8 3 3 board Air Line Railway has decided ‘o extend untl July 31 fhe time for te- ceiving deposits of securitles urder the reorganization plan. More thun 50 per cent of the outstanding :adjustment bonds have already been: ited. Sin Pipe Lin 3% Skelly O1l 6%, 13 92 92 South Bell Te! 100% Southwest Bell 8 1025 102% 102 Siand OUNJ 24 105 101% 102 Utilities Powr 5 %s. United Drug 68 63 Walworth I%l '35, Warner Sug 78 39.. 1 Wiison & Co WinRepeatAr 7 Youngstn 8 & T RAILROAD, AL&SF cvt 45 06 Atchison ad) Brookivn Elev 6348 Bklyn Mannat 6s. .. Bklyn Un E1 Buff K & Pitt 4 %s. Bush Term con §8.. Canad North Canad North 7i Canaa Pac deb Can Pac ¢%s 4 Car Clinch&O 6s 62. Cent of Ga 55 C '69. Central Pacific 4 Cent Fac 1st bs 90 Ches & O Corpn bs. Ches & O g1 4%48. 3 Cn CB&QII3% CB&QIildiv Chi&ts L1l go b3 Chi Gt West 45 59. . CMSP&Pacad)! 08 1383 Chi & Afton 3%s. Chi& NW gen 4s. Chi NW 4148 2037, Chid& NW ref bs.. Chi& NW 6%4s. Chi& NW 7s Chi R1& P gn Chi R1&Prf 4 Chi R I'& Pac 4% Chi Kys 68.. ChiTH&SE ChSitPM&O b ChiStPM&O Chi Un Sta 4% Chi Union Sta 65 44. CCC&StL deb 4%4s.. &StLss Colo & Sou 4% ConnRy&L4%s sta, Cuba Nor 54%scts. Cuba R R bi Del & Hud 1st rf 4 Del & Hud 6%s. Del & Hud 7s 30. DRG & Wst bs 18 Det United 4% Ga & Ala 1st El 45, Gr Trunk std Grand Trunk Grt Northn 4%s E. Great North b4s. . Great Nor zen 78, Green B & W deb B. Hocking, Val 4%a.. Hud & Man aj 6s. Hud & Man ref & ta | Ill Cent 48 63. . Cent 4% 66.... 11-C-C-StL&NO §s. 5 » - o BanRodvuw=Zoume mamrnrmrx e mrSnnls Smale 12 Int Ry C Am 6s41.. Int Ry CA 6%src* Int&GtNor ad) 63 b4 Int & G Nor 1st 6 Kan City Ft S 4s Kansas City 8 3s. Kan City Term & Lake Shore 4s 31 Lehigh Val cn 4s. Louis&Nash uni Louis & Nash 6%s. Man Ry 1st Minn & StL ref 4: M St P&SSM cp 4s. M StP&SSM cn 65.. M St P & SSM 5%s, M StP & SSM 6%8s. MK&Tadjbs.... MK&ToprinbsA. Mo Factfic gen ¢s.. Mo Fac 68 F 77 Mo Pacific 58 G '18. Mo Pac 6%s 49 evt Nassau El 4s61.... NRM4%s51asst. N Y Cen gen 3%s.. N Y Cent deb N Y Cent 45 9 NYCentrfh N Y CentLS cl 3%s8. NYC & StL deb 4s., NYChi&StL 6 %s. NYC&StL6sA.. New Haven 3345 66. NYNH ‘? % 'vab 63 N Y State Ry 4 NYStateRy 6%s 62. Nor & S gen 55 54.. Norfolk & W cn 4s. Nor Pac 35 2047.... Northern Pacific Northern Pac 55 D. Northern Pacri Ore Snort L rfs Ore Short L 6 gt Wasb 1st 4 Pnnn'yl gen 4% 4 Penna RR4%8'63. & Pennsyl gen 5s.. Pennsyi 53 64 SILESFQIGIA . StL&SFrek%sts. St L&S F gen 6s'31 St LS W con Sou Pacific ref u Sou Pacclt Sou Rv 6%s Sou Ry Mo & O 4; TexArk F'S 5%s 60. Tex & Pac 6s C'7 Third Aye ad) 6 7 Virginia Ry 1st 6s. Va Southwn con 6s. \Wbasn 4%8 .78 re Western Pacific it Shore 4 102", Wis Cent gn m unpw—qmuaum 98 xfi’& Re% . I8l 79 429 5% | tion, Large Shipments to D. C. Market. Increased receipts nnd lower prices featured this morning’s poultry market. Spring chickens, large, medium and small, were in fairly good demand, deal- ind there also was a good demand for fowls. It is stated that “| fowls always sre in demand at this season for salads and sandwiches, both claiming nuntlon of consumers during the heated period. Pruits and vegetables continued in plenmul supply and reasonable to cheap prices were reported. Some of the corn and cantaloupes, received in truckload shipments from North Caro- lina, were not in such good condition, dealers stated, and were reduced. Vegetables Plentiful, Homegrown tomatoes, string beans, carrots, turnips and beets were received in plentiful supplles and offered at prices dealers considered cheap. Large quantities of corn were received from the South and small quantities from nearby, the - poorer stock being almost valueless. - Top quality corn, mostly from nearby, sold at $2.25 and $5.50 a sack; some In fair condition selling 25 low as $1. CaMifornia clnuloupel are not so plentiful, according to dealers, the early crop about playing out. Turlock Coun- ty, Calif, one of the best California varieties of the fruit, soon will appear in the local market, and similar fruit from the Ridgeway, N. C., section also is expected in a few days. Some of the best cantaloupes now on the mar- ket are from Arizona. Dealers had peaches to offer the trade this morning, Georgia Elbertas and Belles leading the market at $2.75 and $3. Georgia and North Carolina Hileys also were offered | the trade. California apricots are getting scarce, it is reported, the season being nearly over. They were offered this morning at $3 and $3.50. Pears from Placer County, Calif, only fair size, were sold from $2.25 to $3 a box, while Lutie grapes, pmduct of North Carolina growers, first of the season, were offer- ed at $1.75 and $2 a box of about 15 pounds. Florida oranges, their quality not so good late in the season, were quoted around $4 a box. California stock. sald by dealers to be in splendid condition, were offered at $5, $6 and $7 a box. Moderate supplies of watermelons, chiefly from South Carolina and Georgia, sold from 60 to 80 cents. In- creased receipts of honeyballs and honeydews sold at prices that have pre- vailed the past few days. Butter and egg prices continued with- | out change. Fancy hennery eggs are in demand, but there is not much demand for current receipts. It is said by deal- ers that current receipt stock is not coming in such good condition and candling losses are fairly heavy. Today's Wholesale Prices—Jobbers' Prices Slightly Higher. Butter—One-pound prints, tub, 42a43; store packed, 30. Eggs—Hennery, 35a36; fresh selected. Poultry, aNve—Turkeys, hens, 35; toms, 33; Spring chickens, large, '37a38; medium, 34a36; small, 32a33; Leghorns, 30a32; fowls, 30a31; roosters, 21; ducks, 15; keats, young, 60a65; old, 35a40. Dressed—Turkey 8a40; Spring chick- 34a35; current receipts, 29a30. 37a38; Leghorns, 37a38; fowls, 35a36; ducks, 28a3D; keats, 80a1.00. Meats, fresh killed—Beef, 2415; veal, 23a24; lamb, 30a32; pork loins, 34; fresh 'hams, 28; fresh shoulders, 22; smoked hams, 30a32; smoked shoulders, 19a20; bu:on. 24:25; lard, in bulk, 14; in packages, 1 Mvesmk—cflve&, 15; lambs, 1212a12. 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 liberal; de- mand moderate, market steady: Arizo and California, Imperial Valley, bos, 36s and 45s, salmon tints, 4.00; some ripe ; standards, 36s d 45s, salmon tints, 3.00a3.25; miscel- laneous melons; supplies moderate; de- mand moderate, market slightly weaker; | California, jumbo and standard crates, honey dews, 1.50a1.75; few, 2.00;jumbos, 45s, honey balls, 4.0024.50; few ripe low as 3.50; standards, 455, honey balls, 3.00a3.50; ponys, 54s, trading slow, 2.50. Lettuce—Western supplies moderate; demand moderate, market steady; Cali- fornia, Washington and Colorado, crates, Iceberg type, 4-5 dozen, 4.00a4.25; few Washington high as 4.50; Eastern sup- plies moderate; demand moderate, mar- ket dull; New Ym'k 2-dozen crates, Big Boston ' type, wide range quality and condition, 50al1.25, mostly around 1.00. Onions—Supplies light; demand mod- erate, market about steady; Eastern { Shore, Va., bushel hampers, yellows No. 1, fair condition 1.75a2.00. Peaches—Supplies liberal; demand moderate, market slightly weaker for good stock; demand slow, market weak- er for ordinary stock. Georgla, sixes, Elbertas, United States No. 2, and un- classified, medium size, ordinary condi- 1.00a1.50; poor condition, hold- overs, low as 25. Georgia and South Carolina, sixes, Elbertas, United States No. 1, all sizes, qunl“.y and condition genenlly good, 2.80a3.50; mostly 3.00: 3.25; ordinary condition, 1.75a2.50. North Carolina, bushel baskets, Belles, United States No. 1, medium to large size, 2.75a3.00; unclassified, ordinary| g quality, wormy, 1.50. South Carolina, 'a{ bushel baskets, Elbertas, United States @ 102% 78 o8 860 No. 1, medium to large size, 2.75; un- classified, fair quality, medium to large sizes, 2.00a2.25. Maryland and Virginia, bushel baskets, Carmans, United States No. 1, 2-inch minimum, 1.75a2.00; Hileys, quality and condition generally good, medium to large size, 2.50. Potatoes—Supplies moderate; demand moderate, market about steady; Eastern Shore, Va.,'cloth-top stave barrels, Cob- blers, United States No. 1, branded, n;om;ss .25, few low as 5.00; unbrand- ed, mnwu-suppues liberal; moderate, market steady; nearb; land, half-bushel hampers, va; rieties, 5021.00. ‘Watermelons—Supplies moderate; de- mand moderate, market slightly weaker; South Carolina, Thurmond Grays, 32- pound average, 60; Tom Watsons, 22~ pound average, ordinary quality and condition, 18a25; 28-pound average, 40. String beans—Supplies moderate; de- mand moderate, market steldy, nearby Maryland, bushel baske cets, 2. Corn—Supplies light; de’ml.nd mod- erate, market steady; North Carolina, crates, some ordinary quality, 1.25a1.75; Norfolk section, Virginia, bags, 25a30 per 8ozen. Apples—Supplies moderate; demand moderate, market steady; Virginia, bushel baskets, Liveland raspberries, 2- inch, 1.75. light; Eggplant—Supplies demand slow, market dull; Florida, pepper crates, fancy high bush, 2.50. Peu——SugPl!ea light; <=mand light, market slightly weaker; Colorado, from mixed car, 45-pound crates, 5.5086.00, ;ngsuy 5.50; New York, bushel baskets, good, market stronger; North Carolina, bulhel hampers, green, 5.00a5.50; some short pods, 4.50. demand Mary- va- Heads Railroad. NEW YORK, July 17 (#)—Walter S. Franklin, former {enenl agent of the Pennsylvania road in Detroit, has been elected president and & direc- tor of the Detroit, Toledo & Ironton Railway, the Ford short line recently purchased by interests close to the' Pennsylvania. S. P. Ruddiman, for- r‘:er eresldent, has been made vice pres- increased supplies of | 43a44; | | ens, large, 42a45; medium, 40a42; small, | Lima beans—Supplies light; demand | Group Showing Substan- tial Gains Recently. Special Dispatch to The Star, NEW YORK, July 17.—A new ele- ment has entered into the bond market situation to confuse it and probably to postpone the hoped for early return of a demand for strictly investment issues. This takes the form of a convertible bond. While not a new invention in finance, for it was first used success- fully soon after the reorganization pe- riod of American railroads 25 years ago, it never before has been so popular as now, when conservative buyers of bonds have been drawn to gleu stock option issues on a large scal Scope of Trading. An analysis of bond transactions to- day covering the period from June 1, when the stock market began to re- cover from the late May decline, shows that for the past seven weeks the trad- ing in convertible bonds on the New York Stock Exchange and in the New York Curb Market xe?raen!ed a par value of approximately $200,000,000, and a market value of close to $250,» 000,000. The greater part of this was in the American Telephone & Telegraph and International Telephone & Tele- graph 42 per cent bonds, with smaller amounts in Atchison 4)2s, Southern Pacific 4%5s, Missouri Pacific 538, Al- leghany Corporation 5s, American In- ternational Corporation 5%;s, Philadel- phia & Reading 6s, Kreuger & Toll 5s, Auoc ted Gas & Electric 4!2s and American I. G. Chemical 51%s. About 40 per cent of lll the bond trading since June 1 has been in half a dozen issues out of the many hun- dreds that are listed. Formerly the con- vertible bond was looked upon as too i near a relative to the common stock to | warrant the conservative investor in buying it. Today, however, it is being accumulated by banks, insurance com- panies, investment trusts, and even by savings banks, as several of the con- vertibles have recently been made legal for these banks in New York State. ‘The convertible bond market is an over- flow from the stock market. Under the terms of conversion in some of the pop- ular convertibles their price has moved up more rapidly than that of the stock into which they may be later ex- | changed. | The effect of the appreciation in con- vertible bonds on regular institutional i buyers of investment securities has been rather demoralizing. It is this that bond houses now fear will keep their 'old customers from going back into | strictly mortgage issues which move | only occasionally, and then by small fractions. Effect of High Money. The bond market was, first of all, hurt by the general public preference for stocks over bonds. Now interest in high-grade bonds and notes is being further reduced by the performance of | the convertibles, which have frequently advanced from 3 to 5 and even 10 points in a single session. High rates ior money have kept on going up, while fixed interest-bearing securities have | been declining, and in the present un- expected period of midsummer credit strain have dropped to the lowest aver- age of the year. | POSITION OF HOLDING | COMPANIES DISCUSSED' | The holding company as a definite | obstacle in the path of public control |0! the electrical utilities, and the pre- | diction that unless a new leadership developes within this industry, addi- | tional legislative restrictions will be im- posed upon it and present attacks will continue, are the I»Zhlights in a chap- ter on the structure and functioning of holding companies in a survey of the_electrical utilities by Dr. William E. Mosher and his staff associates of the School of Citizenship and Public | Affairs, Syracuse University, published today by Harper & Bros. i The book, “Electncal Utilities—The Crisis in Public Control,” gives an ex- haustive analysis of the situation which has led up to what the authors term a crisis, and concludes with five sug- gested solutions to the problem, which, they declare, is “rapidly emerging as of dominating importance for thee eco. nomic and social progress of the Nation. These solutions are (1) control by direct contract between the State and the company; (2) public competition through the . further development of such projects as Muscle Shoals and Boulder Dam and sale by the Govern- ment of power; (3) control by a league of municipalities similar to the one which has been in operation in the Canadian Province of Ontario for 20 years; (4) control through a national planning commission, and (5) Govern- ment ownership. The authors do not approve of Gov- ernment ownership and control except as a final resort. However, they are emphatic in their assertion that “the primary condition of public ownership of any public utility is dissatisfaction with the cost and service standards available inder private operation.” Advertising Gains. Preliminary figures indicate that the | volume of advertising in daily news- papers during the first half of this year showed a decided increase, in com- | parison with the 1928 lineage. Reports | from five widely separated cities showed declded gain. Fair Rates of Interest J. LEO KOLB 923 N. Y. Ave. Dis. 5027 First Mortgage Loans ‘ Money to Loan '“'P'::v:l’llgn of ‘I’ll‘ on real estate. Joseph L. eller ufi"n'."l'_"i"inn Mortgage Money Loaned Bide.. 9th & F N. At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Ce. 1520 K Street Main 475 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Mortgages Investments JAMES Y. PENNEBAKER Nat.5291 1520K St.N. ENTERPRISE SERIAL BUILDING ASSOCIATION Tth St. & La. Ave. N.W. 62nd Issue of Stock Now Open for Subscription Money Loaned to Members on Easy Monthly Payments g Marlow Beech Corp sk 1732Conn. Ave. Potomac |ll1 Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 5Ya% We Make First Mon‘uu on Homu. Apartments and Business Properties in the District of Columbia and Nearby Maryland and Virgi RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgaoe Loas Correspondent, New York Life Insurance Company Let the Best Represent You ISIT our salesrooms. See the elegant examples of modern office furni- ture displayed there. Furniture that impresses you immediately . . . smart . luxurious . . . richly finished, Our office equipment represents the supenor craftse manship of the country’s leading furni- ture manufacturers. Let it represent you! E W.D. CAMPBELL CO! BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercial Interiors 1018 15th Street 1506 L Street / Equitable Co-Operative Bldg. Ass'n JOBN JO' IDSON. Pt!dlm ‘WALTER S. PRATT, Jr. Organized 1! 49th YEAR comu.nn Assets . P Jl.!l!.'ll 63 Surplus & Profits $1,601,704.98 Snbu.nphon for the !7II| Issue of Stock Being Received SAVE AS YOU EARN THE Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistently followed will eventual- ly lead to financial independence. Start now while you have a steady income. Come in and let us explain about our systematic plan. 915 F St. NW REPUTATION HERE is no one thing that more definitely labels a man “a success” than his thrift. His ability to save not only establishes his friends’ respect but his self respect as well. His ability or lack of ability to carefully invest his savings, however, makes of him either a wise financier or financial failure. Men experienced in investment insist on the dependable stability of our FIRST MORTGAGE HANNON- & LUC First Mortgage Investments Telephone National 2345 1435 K Street Northwest NOTES PTR'ST MORTGAGES PUT YOUR MONEY PROFITABLY AT WORK ‘When you invest in our 6% FIRST MORTGAGES Ower a Third of a Century Without a Loss —you are arranging for a defi- nite income—with a margin of security wide enough to give complete insurance. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925°15th St. N.W. THERE - IS I\O SUBSTITUTE FOR SAFETY