Evening Star Newspaper, July 19, 1929, Page 13

FINANCIAL." " CONVERTIBLEBOND | [oxcrew sons BONDSioceeeemane] [ MARINE PRODUCTS - LISTTURNS DULL hief Issues in Group React. Government Obligations Are Off. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, July 19.—The shrink- #ge in operations in convertible bonds was conspicuous agaln today, with an uncertain market in most of the stock option issues. It is the feeling that the most prom- inent convertibles may have tempo- rarily outrun the prices of the stocks iuto which they are exchangeable and that with the large profits that have crued so quickly, the conservative policy would be to reduce commitments. American Telephone 4l3s were reac- tionary, but with losses limited to a fraction. ~International Telephone 4!2s advanced 1'5> points on limited tran- sactions as did Atchizon 41,5, Public Service of New Jersey 4!>5 rose 5 American T. G. Chemical 5155 'd a new high price 1 point above yecterday's closing. American Inter- national 5'5s gained 1'4 and Alleghany Corporation =»< rose !5 point. Kreuger & Toll 55 and Remington Rand 518 were Jower. In all of these convertible {ssues the sales were extremely small compared with those of recent sessions. In _the United States Government list there were additional evidences of selling by banks and corporations that had gone into this market on the es- sumplion that money rates would be easier after the middle of the month. Liberty 41.s were down-!y. The new Treasury 5'<s have lost all but 'y of the recent 3, premium. This week's statement of the Federal Reserve banks showed they have bought over $l4,- 000.000 of Treasu notes and about $3.000,000 of certificates of indebled- ness, Among the miscellancous issues, de- elines of 1 to 3, occurred in Geod- year 55 and United States Rubber 5s, udson & Manhattan incomes and refunding_5s were lower, with Inter- borough Rapid Transit 5 and 6 per cent bonds_slightly higher. Chicago & Fastern Illinois 5s lost a point and then recovered it. Chicago Great ‘Western 4s were up a point. There were no movements of particular in- terest in the high-grade corporation ssues. Among the foreign bonds a decline of a full point in French government 7.3 and a point in German General FElectric 6s were prominent exceptions o a dull list. The only important new bond issue today was that of an Italian public utility, which offered $4,000,000 6 per cent debentures at 91. Washington Stock Exchange SALES. Washington Gas 65 "B’ $700 at 103, $300 at 103, Potomac Elec. 5!2% pfd—5 at 1081x Washington Gas Light—10 at 125!2, 10 at 126 Barber & Ross com.—75 at 1815, Federal-American Co. pfd.—5 at 102, Mergenthaler Linotype—8 at 105. AFTER CALL. Capital Traction 5s—$2,000 at 100. Ann & Pot. R. R. Guar. 55—$1,000 at $500 at 105, RMI E(fx'! Mtge., & Guar, pfd.—30 at Pommar Elec. 6s 1953—$2,000 at 109, Ana. & Pot. R. R. Unguar. 55—$1,000 at 8O (‘nflmmh‘n Sand & Gravel pfd.—5 at 31 Wash. Rwy. & Flec. 4s—$2.000 at 8615 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 47 Capital Traction R. R. 55. G 2 Subrrhan 5% Georgetown Gas 1t 5 Wash, Hwv. & Hheeras MISCELLANEOUS. A ¢ Wash. Cons. Title Co. 6s STOCKS. PUBLIC UTILITY. Amer. Tl & Teley, ec. 3 Sia s. & Elec. com Wash. Rwy. & Elec. pfd... NATIONAL BANK. National Capital. $200 at 103. | C | Am T & T cl tr b THE EVENING STAR. rivate Wire Direct to The Star Office UNITED STATES. (Sales are tn $1.000.) Sales. High. Low. Lib 3%s. 64 9628 9626 Lib1st4%s 75 9915 :gw 974 977 976 7 14 10327 10310 10312 1 10720 10720 107 20 FOREIGN. Bales. Hil = a v Australia ¢%s 66 Australia 68 1955... Australia 68 1957 Bank of Chile 6% 8ank of Chile 6% Belgium 78 195! Belglum 7% Belgium 8. Bolivia 78 Bolivi Bordeaux Hrull 6% rBomur ke inagalion ona e Canada 6%s 1929 Canada bs . e P =~ P ey e R R 3 - Colombia “openh Copenhagen b2 ct, Cuba b%s. Czecho 8s 1953, Denmark 4 %48 Denmark 5135, "65. Denmark 6s Dutch East 1 63 47. Dutch East 1 63 62. Flat 7s x war 6. Finland 6% Finland s t Framerican T%s —opee SEE—a French 734s. .o German Bank 6s '33 German EI P 6448, German 7s. Ger Gen Elec caoZoan ™ iE2-28% 9 Norway 6%s. Norway 65 Dev 5%s 67, Paris Orleans 5%s. Paris-Ly-Med 6: Paris-Ly-Med 7, Peru 6s 1960 Peru 6s 1961. Peru 7 Poland Poland 73 (rets). Poland 8 Queenslan, Queensland 1 Rhinelbe Un 1 RhineWst EP ! RhineWst EP 65'63 tiode Janeiro 6%s 10 de Jan 85 1946. . Rio GrDo Sol 65 '48 San Paulo City Sao Paulo 1950 Saxon (PW) 7 Seine 7s 42. Sweden 6s. Swiss 5%4s 19 Swiss Confed Toho ! Pow 78 Toklo 5s. . 276 | Lrugua: €51960... 16 nna 6s ‘52 \\lxslw 78°'58. MISCELLANEOUS. Abram&Straus 6%+ 39 112 110 Alleghany Cp 58 *44 321 110% 108% Alleghany 6349 w1246 110 1054 105 Kt An Smit & R 13t 3, Am Sugar Ref 6s... 100% 100 6 103 10:7% 10215 101 Am T&T cv 44839 570 169 1674 AmT&Tstbs.. i Am Tel & Tel Am Water Wks { Am Wrtg Pap 6s'4 Anacont 1st Anaconda cv db Armour&Co4 % Armour Del 6% At Guif 8 Atlantic Refin Bell Te! Pa 53 B 1031 103 1044 l-m High. Low. Close. 19 08% 93% 93% 101 IOOM lnau TennElecFow 68 47 16 104% 04% Transcontl Ol §%s 6 99 13 4% 18 90 4 101 9 109% Utilities Powr l!tl Walworth 68 "45. .. Wllworln 6% '35, WinRepeatAr 1%s. Youngstn S & T bs. 12 ’9" RAILROAD. Atchison gen Atcnison ad) y Atch deb 4% s | Atlantic C L 1 B & U Gold 4 B8&0O Bklyn Mannat és Bkiyn Un EI 69 '50. Bkiyn Un El bs sta. Buff R & Pitt 4% Bush Term con Canada Natl4%s'¢8 Can Nat 4%8 87, Canad North 638.. Canaa North 78 nad Pac deb Can Pac 4%s 46 Cent of Ga 55 C Central of Ga 5% Central Pacific Cant F'ac 18t 58 Ches & O Corpn 5 Ches & O gu 448 Cnes & Ocv 4% CB&QII3%s CB&Q4%s77B.. Chi&k 111 gn 68 61.. Chi Gt West 43 CM&StPgns ChiM&S(P4%sC89. Chi M&StP 4% E.. | ChiM1ISP&PacssTs. 21 CMSP&Pacadj5s03.364 Chi& NW gn3%s.. 1 Chi NW 438 2037, 10 Chi & NW ref bs. ChSItPM&O bs '3 Chi Union Sta §s 100 1z 834 98'a Chi & W Ind cn 4s.. CCC&StL del Cl W 1b%ha6z.. Cuba Nor b%s cts, Fla East C bs 74 Gr Trunk stdb 6: Great North 5%8s Great Nor gen 7| iGreen B& W deb B. Int Rap Tr 6s stpd.. Int Rapid Tran 6s.. Int Kap Trans 7 Int Gt Nor 58 19 Int&GtNor ad) InLRysC A 5873 Int Ry C A 6%s re Kan City Ft S 4 nsas City S 3 Kansas City 8 b Lehigh Valen 4 LehiVgen 4135 2003 Lehigh Val s 2003. Louis & Nash 78 Market St 78 40 Man Ry 15t 45 90. M EIRy & L 5 51, Mil EI Ry & L 68 61 M St P&SSM cn 4s.. M StP & SSM 6 \(KthrlnblA. MK&Tad) Mo Pacific g Mo Pacific 58 G ‘18, Mo Pac 533 "49 evt NR M4%s51asst, NOTexd& Mbs | \Jo'rn M5%s Cen gen 3%s... -~ TS reer ey \YanblLiVuA. NYC&SLLGSA.. NH&H db 48 57, aBam WASHINGTO! SUPPLY ADEQUATE == Flsh Shipments Not Large. Hard and Soft Crabs Arrive Here. Retailers were on hand at Municipal Fish Market early this morning looking for best buys for their Friday trade. Wholesalers were able to fully meet their demands for various varieties of marine products. Supplies were not so heavy that there was a glutting of the m: ket, dealers stated, but prices were not high. Very light supplies of fish were re- ceived from the Potomac River. There were some rockfish from Potomac nets, the smi ones selling around 20 and boiling size at 30 cents a pound. Few perch, catfish and eels also were re- ceived from there, but receipts were too light to quote prices. Dealers received some hard and soft crabs from the lower Potomac shippers, and also fairly Jarge quantities of hard- heads and a few trout. Hard crabs were plentiful and cheaper thare usual, selling at $2.50 a barrel or 50 cents a dozen, Soft, crabs, not so plentiful, sold around $1.50 and $2. Fairly heavy receipts of poultry yes- terday and today made it certain that supplies for the week end trade would be ample to mreet all demands. Meat prices this morning were about the same as prices quoted the past few days, that of lamb being the one exception. Price of lamb dropped to 28 and 30 cents. A slight change in butter prices was reported, but the change was so small that retail prices were not affected. The egg market continued firm, with no change-in prices. Dealers this morning reported a con- tinued high grl(‘e for homegrown toma- | toes, 2-peck baskets selling at $1.50 and $2. Even higher prices were reported prevailing in Baltimore, indueing nu- merous shippers of truckloads of the vegetable to continue to that city with their cargoes. Cabbage prices also were reported higher. The vegetable, selling at 50 cents & bushel basket early in the week, brought 75 cents this morning. Prices of most other vegetables remained un- changed. Cantaloupe prices also were reported slightly higher this morning, and dealers were offering them by the single crate at prices quoted for carload lots in other cities. . Peaches continued plentiful and cheap, dealers reported, and there were | increased receipts of watermelons re- ported this morning. Honeydews and honeyballs also continued plentiful, selling slightly cheaper than canta- loupes. Other fruits also continued plentiful and fairly cheap. Today's _ Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 43'5a44; tub, 42128431;; store packed, 28a30. Eggs—Hennery, 35a36; fresh selected, 34a35; current receipts, 29a30. Poultry, alive—Turkeys, hens, 35;/ toms, 33; Spring chickens, larger, 36a37; medium, 34a35; small, 32a33; Leghorns, 30a32; fowls, 30a31; roosters, 21; '\ 15; keats, young, 60a65; old, 35a40. Dressed—Turkeys, 38a40; Spring chick- ens, large, 42a45; medium, 40a42; small, 37a38; Leghorns, 37a38; fowls, 35a36; ducks, 28a30; keats, 80a1.00. Meats, fresh killed—Beef, 24';; 23; lamb, 28a30; pork loins, 34: fresh | hams,’ 30a32; fresh shoulders, 22: smoked hams, 30; smoked shoulders, 22; | bacon, 26a28; lard, in bulk, 15; in packages, 16. | Live stock—Calves, 15; lambs, 1212a13. Fruit and Vegetable Review., vegetables Sales to Jobbtrl except where other- wise noted. Cantaloupes—Supplies liberal: de- mand moderate, market steady; Arizona | Tints, jumbos, 36s and 45s, around 4.00; standards, 36s and 45s, Carolina, Tints, standards, Ridgeway _section, ity and condition, 3.00; Carolina, Salmon Tints, standards, and 45s, ordina) 1.5022.00, 36s JOHN JOY EDSON, President Organized 1879 ++.$5,513,051.68 veal, | The daily market report on fruits and | (compiled by the Market | News Service Bureau of Agricultural | Economics) says ( and California, Imperial Valley, Salmon ! mostly | 3.25a3.50; Arizona, pink meats, stand- | ard flats, 155, mostiy around 1.50; North | Salmon | 365 and 45s, wide | range prices, best, 3.50a4.00; fair qual- | other North | v quality and condition, | Miscellaneous melons—Sup- | D. C. plies moderate, market about nudy Mflw\ll Jumbo and standard crates, Honey Dews, 1.50a l\llnbol 45s, Honey. Balls, 4.008 ;. stand 45s, Honey tuce—Supplies moderate; demand ll:ht, California and Washington mar- ket slightly weaker; crates, Iceberg ype, n, best, 4.00; fair quality, 3.50; New Yark market about steady: 3-donen crates, Big Boston type, ;snl .00; ordinary quality and condition, Onions—Supplies light: demand med- te, market steady; Eastern section, Virginia, bushel hnmrn yellows, No. 1, fair condition, 1.7 Peaches—Supplies liberal; demand light, market weak: most stock ordinary quality and condition; North OCarolina, bushel baskets Belles, 1% -inch minimum, mostly around 2.50; 6s, Belles, small to medium size, good condition, 3.00; , bushel baskets Belles, unclassi- fled, medium size, poor quality and condition, 50a1.00; V! ia, * bushel baskets Carmans, 2-inch minimum, very few sales, 1.50a1.75: ordinary quality and condition, 7581.00; bushel baskets Belles, medium size, wide range quality lnd condition, best, 1.50; poorer, 75a Potlh)el—suppllu moderate; demand moderate, market weak: Eastern Shore Virginia and Eastern Shore Maryland, cloth-top stave barrels, Cobblers, U. 8. No. 1, branded, 5.26: unbranded, 5.00. ‘Tomatoes—Supplies moderate; de- mand moderate, mlrket slightly strong- er: nearby Maryland, one-half bushel hnmperl Bonnle Best. 1.25a1.50. ‘Watermelons—Supplies moderate: de- mand moderate, market steady; South Carolina, Thurmond 3! w;iso . f;ze-ch dmnh c.r:g‘lm, i ns, 32-pound average, fine qualit; and condition, 75 each. - - = String beans—Supplies moderate; de- mand moderate, market about steady; nearby Maryland, bushel baskets, 2.00a 2.25; few low at 1.75. Corn—Supplies moderate; demand slow, market dull North Carolina, crates, 1.00a1.2! Apples-—supplles moderate; demand light, market steady; Virginia, bushel baskets, medium size, Liveland ras berries and Transparents, 1.75a2.00: few Transparents, large size, fine quality and condition, 2.25. DECREASE IN COTTON SPINNING IS SHOWN By the Associated Press. The cotton spinning industry lhmd decreased activity in June, as compared with May, but was more active than a year ago. The Census Bureau's report today showed active spindle hours for June to have been 8,155,388.604, or an a of 232 hours per spindle in plm'e::n.\’- pared with 9,164,542,116 and 261 | May this year and 7,247,762,545 and Ifl:l inT.L\me last year. e average number of spindls - ated during June was 36736985, op at 104.6 per cent capacity on a single-shift basis, compared with 38,945,020, or at 110.9 per cent capacity in May this | year and 31,569.503, or at 88.3 per cent capacity in June last year. First Mortgages For Sale - JAMES F. SHEA Let us have your applications LOANS ON REAL Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. Equitable Co-Operative Bldg. Ass'n ‘WALTER S. PRATT, Jr., Secretary 49th YEAR COMPLETED Surplus & Profits. ....$1,601,704.98 Subscription for the 97th Issue of Stock Being Received SAVE AS YOU EARN THE Equitable’s plan of sys- tematic savings encourages FRIDAY, JULY 19, 19é9. FINANCIAL, Consult Us Reghrding Your Maturing Mortgage LONG-TERM REAJ. ESTATE LOANS 5Y2% ‘We Make it Mona(n on Homes, Apartments and Bu roperties in the District of Columbia and Nearby Mnryl-nd and Virginie RANDALL H. HAGNER & COMPANY, INC. R 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent, New York Life Insurance Company Investment Service GreeeT & Co. SANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone, National 2460 Record of Achievement Number of years growth... : Soencce 77 New customers added through normal growth K ” 556,083 . 1,200,000 . $140,000,000 $40.000,000 New construction expenditures 1925-1928. New construction expenditures 1929 (estimated) Gross income 12 months ended April 30, 1529 (since acquisition) $52,618,711 Increase over previous year . 297 Net earnings for 12 months ended April 30, 1929 (since acquisition $23,818,643 Inerease over previous year.. 31% Total population served..... 5,300,000 Communiti 2200 Combined assets. . $800.000.000 Annual rate of ‘ro!- e-rmng'.u.. ....... R ssssavessieens $100,000,000 New capital to take care of the rapid growth is being supplied by the customers served by institu- tions, banks, insurance companies, class investment in a public utility system operating in 18 States, the Canadian Maritime Provinces and the Philippine Islands. 52,300 Associated customers have in- vested over $42,000,000 in the System serving them. investment trusts, and by numer- ous individual investors at large. Associated securitics are a first- i “Rights” to subscribe at $42 per share to additional Class A Stock of Associated Gas and Electric Company have beew issued and are mow being exercised. This is, considerably less than the current market price. All “Rights” expire July 30, 1929 pect bers, ey pay, out of Income, us, follows: Upon subscription. 410 per share 15, 1920, $16: Jan. 15. 1030. 316. Interast at the rate of 6% per amnum will = atlowed ‘o ‘il payments from Hate of receipt to the ‘date when dividends besin to accrue on the Class A Stock. For further details comsult your imvestment security dealer or write to Associated Gas and Electric Securities Co., Inc. 61 BROADWAY NEW YORK, N. Y. The TALLEST Office Building 104% 99 101% 104 4% 944 100 1027 1041 T 9% thrift in a manner that if con- sistently followed will eventual- ly lead to financial independence. tart now while you have a steady income. Come in and let us explam about our systematic plan. 915 F St. NW. an National Bank of Washington. . 3 TRUST COMPANY. American Seevrity & Tru gantinental Trust in the World— NYStateRy flt-u NYW&Biks Nor Pac 3s 2047 Col GEFl 63 May 52 Com Invest 5145 49 2 Con Coal Md 1st b Consumers Pow 5. Cuban Am Sug 8 Denver Gas 58 ank b5 ngs & Trust.. THE tallest skyscraper in New York City and the hlghest bank and office building in the world is being erected in the heart of the city’s financial district by Starrett Brothers, Inc. - The new structure, to be known as the Bank of the Manhattan Company Building, will occupy the greater portion of the block bounded by Wall, Nassau, Pine and William Streets and will rise 840 feet above the street Ievel or about 44 feet higher than the Wool- worth Building. Profit with Starrett— The Builders The Starrett Corporation will own a sub- stantial equity in the new building and Starrett Brothers, Inc., a subsidiary, will do the construction. Through the purchase of The Starrett Corporation Common Stock, investors will participate in the ownership of this building and share as well in the profits accruing to Starrett from construc- tion, financing, operation and ownership of buildings. Write for special folder. n s Washington Loan & Trust...... SAVINGS BANK. Bank of Bethes: 5 Commerce & Sa East Washington Potomac Security Savines & Commercial. [ Ore Wash 1st 1eon 4% Pennsyl gen 44 Washington Mechan : : R e . FIRE INSURANCE. 20858 « . 102 91% 100 B3 R.SIT MORTGAGES American . Corcoran . remen's Kationat vnion TITLE INSURANCE. Columbla Title Reai Fstate Titie. Title & Inv. Co. of Md. com Wash. Cona. Title pfd msczuum!:ovs Pa Ohlo & Det 4% Peo & 11t 45 40. Pere Marg 1st5s PCC&StLEsA. Port K L & P 58 42, Port R L P 63 47. RIArk& L 4% illinois Steel 43| Indiana Steel b Intl Cement bs 48. (ntl Match bs 47 Int Paper bs 47. [nter Paper 6s Int Tel&Teleg 4% Int Tel&Tel 4%s cv l?l KanCity P& L 6s.. 13 Kan GA E6s63. .. Kendall5%s'48 war Laclede G 6%s 52 Lautaro Nitrate 6; Liggett & Myers 7 ONE OF THE STAPLE INVESTMENTS —where you can compute in- come definitely—is in our 6% FIRST MORTGAGES Back of them stands Wash- ington real estate with a margin of value that absolutely secures your principal—and you know positively it's earning 6% con- tinuously. May be purchased in amounts 100% 100% : from $250 up. 1094 109 > e RE e - o Southern Bldg., Washington B. F. SAUL CO. EL Phila & Read 68 '49 98% 97 Minneapolis Detroit unn-n:" St. Louis l-h'fl'# National 2100 925 15th St. N.W. 2 % g:' Band & ‘('i.r’ll\el x:mY mmercial o, Cr P Mt Cord™ Nat] Securities pfd. e{-\ American pf anston_ Monotyi ’i'(omu Trans. & Stori Merch. Trans. & Stor. Liergenthaler, Linotvie P SeabAL ad) bs 1949. Seab A Lcon 6s.... SBAIIFIaésssA. Sou bacific ref 4s. . Sou Pacelt 4 Sou Fae 4%s ret| Sou Pac 43869 wn B‘H Sou Ky gen 4 Sou Ry Con Lorfllard (P) 78... Louisv G & E 58 62 ManatiSug st 1338 Midvaie St Over a Third of a AR AR i Nat Radiator 6%s Unlisted Department. et 4 Asked. | NewEnglandTel & BONDS. Bid. Asked. R N Y Tel %8s 15 d Tex & Pacbs C'79. 33 Century Thirg adj Tol Tr L&P 5348 30. ln TolStL& Wds50. 6 Union Pac et rt 4. 3 Union Pac 1 Unton Plclfle Union Pac l’hl. 1 103% 102% llx',. 1L Without a .Lo:..t Nor States Pow 105% 105% Pacific Gas & E1 Pan-Amer Pete 6s. Philips Petro 6% 8 89 88w Wis Cont e 1845, o 0 o e e AT N S D G R Por Ric Am Tob 98% 98% - Postal Tel & C 5 3 ’ G. L. OHRSTROM & CO., Inc., 313 Southern Bldg., Washington. Pressd Steel Car bi Public Service 4348 Please send me a copy of Special Folder fl-l Crown Cork & Seal. BALTIMORE, July 19 (Special).— ‘The Crown Cork & Seal Co. is doing the largest business in its history, offi- clals of the company report. The plant is working overtime, ' The company is lom 101% about two weeks behind in deliveries 964 964 v‘ s belag dally. w-::::s": ety Sihineio n Base Ball Club. B e g N RemingfonA: Rem Rnd 6% wi Simms Petm 65 °29. T sinclair O1 6 3 the annual rac- | Sine! was recently at- " Sinc Sinclair Crud an) nsuran teerecericsistsncsssnncen The Melbourne Cn ln‘ event of Austral tended by 110,000 peaple, THERE SAFETY Address y.vioiniiiiinns IS NO SUBSTITUTE FOR