Evening Star Newspaper, August 14, 1929, Page 15

FINANCIAL. CONVERTIBLE BOND | [ sone BONDS o) |ITY BLOCK 1S UNIT LIST AGAIN HICHER Utility Issues Show Improve- ment—Mortgage Group Proves Irregular. BY CHARLES F. SPEARE. Svecial Dispatch to The Star. NEW YORK. August 14.—A large art of the trading in bonds today was n American Telephone & Telegraph convertible 412s and International Tele~ phone 4!3s, Both made substantial ains, which erased a great deal of the ecline at the end of last week. The former sold early at 200, after closing yesterday at 198, and then con- finue their rise, while the latter gained points. Large blocks were dealt in, 'l h the same kind of semi-speculative buying as had earlier in the month featured these issues. Other stock option bonds were rela- tively quiet. The railroad issues were ateady. Among the industrials the atrongest was Commercial Investment Trust 5,8, which went back to par. Mortgage honds were irregular. There were a_few that exhibited strength, as ‘West, Shore 4s. Atchison adjustments and Baltimore & Ohio 6=, but the gen- eral condition in this division of the market was that of neglect, with the ¢ average lower than in about four years. Unusually large blocks of Cuba Sugar d;bentu‘ll-‘u ‘were offered at concessions of & pol ‘The local tractions were affected by 8 moderate amount of nquidnt.lon Brooklyn-Manhattan Transit 6s touched a new low 90. Their high of the year was 98 Hudson & Manhattan refunding 5s were off 1'; points. St Paul gold Ss declined into new low ground. Seaboard Airline adjustments ‘were off a point. There will probably be &nother extension of the time for de- positing bonds. Foreign issues held at about Tues- : day's level. There is considerable talk of new financing. This will of necessity be in the form of stocks or of honds with warrants attached rather than by straight debenture obligations. United States Government bonds and Treasury G certificates were higher. The largest plece of financing today was that of the State of Tennessee, whose 6 per cent notes maturing be- tween April 11, 1930, and April 29, 1932, ‘were offered from a 5% per cent to a 5.10 per cent basis. The yield indicates the present state of the tax-ezempt market. The savings banks in this lo- cality have been very.good buyers of short-term municipals and corporation bonds this Summer. STEEL PRODUCTION. NEW YORK, August 14 (#)—Pro- duction of steel ingots is at about 93 |\ per cent of rated capacity, as against more than 94 per cent in the preceding week and about 96 per cent two weeks ago, Dow, Jones & Co., reports. Opera- tions of the United States Steel Cor- poration is at 97 per cent, as against 98 per cent in the two preceding weeks. Independent oprators are under 90 per cent. compared with 91 per cent last ‘week and above 92 per cent two weeks #g0. GOXD SHIPMENTS. NEW YORK, August N»—u:ndon advices today said that 900,000 sterling (about $4.500,000) in Pll been taken from the Bank of Bnlllnd for_shipment to New York. The Ile de France will carry 500,000 pounds and the new fast German liner Bremen the remainder. Both steamers leave today. Wachington stbck fichange SALES. ‘Washington Gas 6s A—$200 at 101, $100 at 101, ‘Washington Gas 6s B—$100 at 103, $100 at 103, $100 at 103V, Capital Traction Co.—10' &t 92, 10 | Tokio%a i 50 at 92, 10 at | Utd Kingm ug.n, at 927, 10 at 92% 92, 40 at 92, 20 at 93, 5 at, 92. Potomac Elec. 6% pfd.—5 at 11215, 1 at 11215, Pl\mmlc Elec. 5‘/,% pfd—1 at 109, 3 | Yokohlml 109. at 109, 13 at National Capital Bank—1 at 240 Lanston Monotype—30 at 1281, 5 at l)l nthller Linotype—3 at 103%. M Est. Mtg. & Guar, pfd.—200 lt'l\. AFTER CALL. Amerk:ln Becurity & Trust Co.—4 ll Pedenl Amerlc-n Co. com.—4 at u'/. & Ross 6'55—$500 at 94. Clp\'—ll Traction Co.—10 913, Lanston Monotype—4 at 128%,. CANCELLATION. ‘The sales as of yesterday—Washing- ington Gas 6s B—$500 at 105. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Suburban 5% gmrn own Gas 1si otomac Elec. cons. 57 Patomac, Elec. Wash.. Alex Wash.. Balto, cnflm Traction R ity STOCKS. PUBLIC UTILITY. NATIONAL BANK. National Capital . Columbi TRUST COMPANY. urity & Trust Co. 481 Trust. Ban! 340 g-‘flfinnn Loan & Tr 30 oeve SAVINGS BANK. Bank of Bethesda. Commeres & Savin| American Gorcoran Rattoem onion 'l'rl'Ll nlsun.ulcs Colymbia Title. Real Betate Fiti & Inv. Co. ‘Wash. Cons. Title pfd UNITED lTATIl. Hi 971l 98 22 98 26 97 Lib3%s... Libistels Libath 4% 144 US3%s4s. 20 us 26 US4 102 102 16 USeussI. 178 196 16 ron:mn. n;m. -— B-wCatn ~RSunmmaNau——nan | Ly Milan 6%s. Montevideo e Orient DIV‘%. Parfe-Ly-Med 65 Paris-Ly-Med Paris Orleans §%s. Peru 6x 1960...... Peru 631961 Peru 1 Poland §s 40 Poland 7s (rets), Poland $s. Queenaland é. Rninelbe Un 7 RhineWst EP | RhineWst EP | R10 de Janeiro 8% | Rio de Jan 35 1946.. P ® AR NRTR . BN AR~ NBONN S ANK NRCANR TR San Paulo City 8 Sao Paulo 1950 Saxon (PW) 1...0 3} 4 908 Uy M CILLANEOUI. Abramé&Stra 8 Alleghany Cp 65 bl 5 ‘49 wl Atlantic Ref Bell Tel Pa bs B. Bell Tel Pa b8 » Lo wa eS8eReRilEi R anura ® Cuban Am Sug 8 D‘troltlfllolllll'. Detroit Edison Dodge §s... " 108 Duquesne l%l 67.. 18 East Cuba Sug 7%s 2 Gen Cabie 6%8'47. Gen Mot Ac Cor §s. Humble O & R D%l (llinofs Bell 1st Int Tel&Tel 458 !' lcl KanCity PR L bs. Kendallf % 5'48 war Laciede G #3148 63 . l.alullro Nitrate 6s. @ Loriliard (P) 8. .. Louisv G & K 68 62. ManauSug x 1!‘-. N !’hlufi-l Pan-Amer Pfl.flll Paramount 6s 1947 Pathe Exchange 'll u—;u:»--!.eaua:‘u—a PN ST T e Philips Peiio b%s Per Ric Am Tob 6= Ponta) Tel & C bl ll Punta Alegre 7s.... 106 10 106 16 Low. Close. 0% 4% " 86% 100 m:u 102 8314 +| Contof GassC "6a: THE EVENING STAR, WASHINGTON, D C., Sales. High. Low. Close. 96% 6% Rem Rnd %8s war. 1l Sinclair O1 Sinclair Ol $348. Stnclair O1l 1a. Sinciatr Crude 6%s Stand Ol NJ TenniiecPow oy HRR RN R AR AN RN RRO~ A DR~ Warner Sug 7 West Klec » Can Nat 4%330.. Can Nat 4348 b4 Can Nat 443 67 Canada Natl4 3 Can Nor 4348 1936.. an.-—a-._u:.-.- ariie Centrai Pueific ¢s, Cent Fac 18t bs 0 a5 Chi& 111 gn 68 61.. Chi Gt Wast 48 59.. ChiM&S1P4 %sC89. ChiMIISP&Pacbsib Cuba Nor §34s cts. Del & Hud 1st rf ¢s. D Rio G West bs. . DRG & Wat Duluth S 8 & At 6s. rie 15t cons 48, ... Erie Gen 4) Eriecv 5s Erie conv ext 78 | Fla East Cis T4 Gr Trunk stdb 6 Great North b , | Great Nortn' 6 4 Louis & Nash 6% 11l Cent ref I1l Cent Chi Int&GiNor adj 65 §3 Int & G Nor 18t §s.. Int Ry C A 6% ret. Kan City #t S 4 Kansas City 8 3, Kansas City B 6 - P xen mrRRENO RSt amannd Traomaumiioe boll‘ Island 65 37 Louis&Nash uni 4 Ml El Ry & L 63 6 | M1l I Ry & L 58 61 MStP&SSMEs3sgtd M St P & SSM % 9 NY NH&H cvdb és NY NH&H cit ¢s Pennsyl Pennsyl 6%4s. Pennsyl gold 7 Pere Marg st PCC&SLL b8 B 76. . Port K L & P 6s 42 Port RL&P 7%8 ¢ 101% | Read:ng & 98k 103 9% 101 9 100 61y 83Y% 8y 173% StL IM&S gn o8 31 St L IM&S R&G StL&SFpl4 StL&SFraks’ SIL & Sown bs Seub A L ref ¢ SBAllFlass Chird Ave ad) Union Pae 1st 4 Union Pae iet rf 45 Union Pac 4%s ‘67, UnionPaclst ref bs. West Maryland West MA 5%8 77.. Western Pacific §s. 1 West Shore 48°61,. 18 98% 984 99% 99% FOR SKYSCRAPERS Necessity for’ Large Office Buildings Now Recognized by Business Men. . BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, August 14.—The ad- vantages of and the necessity for the skyscraper even in the smaller cities of the wunt? seem today to be thor- hly establ 'his is lndlufied hy the widespread interest which has been excited in cities all over the Nation in the %nmu of the New York hich will open for business awber 1. -This exchange is designed to buy and sell real estate securities in an m-nn\ud regulated trading place. Many real estate men have felt that there was an acute need of such a mar- ket for two reasgns. One was because large real estate’and building transac- tions in the past had been financed by bond issues. Bond», like the bustle and . are out of fashion. Then, too, mal \nvesmn with a firm belief in the l.n'-l’lnllc value of real estate as an investment had a hesitancy in buy- ing bonds which were not regularly listed on a recognized exchange and which were not actively traded in. They felt that if at any time they had a sudden necessity of realizing on such mvenmenu the active market would permit them to do so. Involves Huge Sums. The reason for the widespread inter- est in this new market is self-evident. ‘The modern building operation—that is, the erection of skyscrapers for any pur- pose—involves expenditure large sums. ‘The borrowing of such sums from banks is not possible in some cases. | Banking laws of many States llmit se- verely the amount or rather th Ke centage of its capitalization which a bank may loan to a single customer. Proposals for two or more banking houses to share between them the loans of the necessary funds obviously are not_usually received with enthusiasm. Financing of skyscrapers, therefore, is becoming more and more a matter of rubhc participation in the underwrit- ng of the projects. The new methods, real estate men feel, are allocated to prevent fraudulent exploitation of this tendency by means of over-appraised, | dishonest values. The real estate ex- | change will be national in scope. The time has come, it is stated by real estate men, when the unit of de- | velopment has become the city bloclw The construction of a proper structure on such a plot involves more capital | than is at the disposal of most individ- | uals. . | Wanamaker Building. | However, John Wanamaker of Phila- | delphia—the estate, not its founder—is | starting construction of & 24-story build- | ing to cost $10,000,000. Ability to dn’ this was due in part to the acumen of the Tounder of ‘the estate, who bullt | what in those days was a skyscraper on | a part of the land involved. Another | was built by John F. Betz, the brewer. | When Betz found himself overtopped by | the Wanamaker structure, he added two more stories at great expense. Later, Wanamaker gained control of this half of the property. | CHICAGO DAmY HABKET CHICAGO, August 14 () Steady; receipts, 6,720 tubs: ereamery ||l 43; standards, 42%; 2 seconds, 37a38';. Eggs—Pirm; receipts, 7,816 cases; extra firsts, 35; flrlu 34a34%; ordinary firsts, 3. Poultry — Alive, steady: cars; fowls, 2° springs, Consult Us NEW MARKETING GROUP WEDNESDAY, - AUGUST 14, 1929. HAS $50,000,000 CAPITAL _',‘f"fifi"‘%,-;fifi-?.‘ e Special Dispatch to The Star. BALTIMORE, August 14.—Effective action by the United Growers of America, a marketing group of fruit and vegetable wers _recently organized with a capital of $50,000,000, probably will not be felt in Maryland for some time, accordin, dgtonr F. B. Bomberger, chief of the ep.nmenl of markets n( the unlvenlly of Maryland Extension snu eo-opgnnve organizations have | oR policy of watchful waiti unt| aemu of the organization itsel: and of its marketing program become available, he said. The new organization probably at first, will k l r flelds than are of. fe'red in , he added. m ! said the Maryland co- opermvu would study the ition of the United Growers of America, when it is brought before them. Any of Maryland’s interests which desire to join the movement will be at liberty to do so, he added. He . felt, however, that Maryland co-operatives should be in possession of lll facts per- taining to the new association before reaching any conclusion. BANKRUPTCY ORDERS. BALTIMORE, August 14 (Special).— Orders were signed in United States District Court yesterday adjudicating Samuel M. Nowlin of Kensington, Mont- gomery County, a voluntary bankrupt and referring the ease to Arthur Willard, referee. The petitioner has $1.452.70 assets and $7,985.97 liabilities. Mr. Willard signed an order in the same court appointing Ivan M. Carmody receiver under bond of $10,000, to take charge of the assets of the Bethesda Lumber Co., Inc., of Bethesda, Md., & bankrupt. The order was signed on pe- tition of Radford & Sander, Inc. 'l?l:e defendant wu adjudicated a bankrupt onv August 7 last. A similar order was signed in the same court yesterday by Mr. Willard, appointing Ivan M. Carmody receiver under bond of $100 to take charge of the assets of Edmund A. Mlg.ghy of Bethesda, Md., a bankrupt. e de- fendant was also adjudicated a bank- rupt on August 7 last. ‘The Huth copy of the Kilmmarnock edition of Robert Burns’ works, origi- nally sold for 75 cents, was recently auctioned in London at $12,250. FIRST TRUST NOTES A sure and ’fllr return with safel 30 securlty for your savioes. Ca Thos. E. Jarrell Co. tors 721 10th Strest N.W. National 0768 First Mortgages For Sale C% Market Frice Price now Price in July Price in June 13.50 a share You participate in the earnings and enhancement in value of abcut 150 carefully sejected stocks and Write for Boeklet No. 7 Marlow-Beech Corp. 1732 Conn. Ave. Potomac 6167 Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS SYo% We Make Ficst Homes, Apartments and Bus and Nearby Prope ti aryland cad Virginia Mon‘.[u on in_the District of Columbia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent, New York “ife Insurance Company We Have Plenty. of Money For Financing 117 K 8t or Refinancing Your Real Estate We Invite Applications for FIRST TRUST LOANS on Improved Property IN NEARBY MONTGOMERY CO. AND THE DISTRICT OF COLUMBIA Periods of 3, § or 10 Years LOWEST RATI?S OF INTEREST AND COMMISSION FURTHER DETATLS ON REQUEST BOSSEIELPS ded 1907 Loan Correspondent John Hancock Mutual Life Insurance Co. Nattonal 9300 Modern Office Decoration UR staff of inte rior decorators will give your office just the touch that means “big business.” Successful busi- ness men today realize that a properly fitted office is an asset in increasing sales. Consult our designers of interiors—let them create an office will sell. THE W.D. setting for you that This sérvice is BUSINESS FURNITURE AND EQUIPMENT Commerci Decorators of Street ial llneflon | lute secarity of ri 1 First Monpge Loans Fair Rates of Interest J. LEO KOLB 923 N. Y. Ave. Dis. 5027. First Mortgage Loans Lowest Rates of Interest and Commissign | - Thomas J. Fisher & Company, Inc. 'ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La Ave. NW. 62nd Issue of Stock Now Opes for ;lhcrw:' Money Loaned to Members n Easy Monthly Payments Connelly James P, Sheo Secretary Complete Investment Service GreeeT & CoO. sAanKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone, National 2460 = REAL ESTATE NOTES Secured by First Trusts Conservative Appraisals Chosen Locations %o Interest EAVER BRO REALTORS 809 15th Street N.W. District 9486 IN VES T in Guaranty 6% Mortgage Notes and Bonds Place your funds in these high - eharacter ortgage notes and secured on paving properties in Washinston and its rhs. Abse- interest, hacked by our $3,400,000 resources. Denominations from 3250 upwards. Conven- ient monthly payments if desired. Send for booklet, the Success Plan, REALESTATE MORTGAGE & GUARANTY CorPORATION Capital Resources § 3,400,000 24 JACKSON PLACE RN HUMEmM—HZ - R FINANCIAL, First Trust Notes at 6% interest Mortgages Investments JAMES ¥, PENNEBAKER Nat. 5201 1520 K St. N.W. 1520 K Street Equitable Co-Operative Bldg. Ass'n JOHN JOY EDSON, President WALTER 8. PRATT, Jr., llfl!lll’ Organized 1879 49th YEAR COM®LE' Assels arsesnseses .$5,513,001.63 . Surplus & Profits.... Jl...l 704.98 Subscription for the 97th 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. N.W. MEN WHO KNOW THE VALUE OF A BUDGET ACH year our First Mortgage Securities are enjoying a large sale. Qur Partial Payment Plan is partly re- sponsible for this—since it affords the pur- chase of a Safe, Depgndable and Remunerative Investment by a regular monthly payment. Many of our customers have found that by hudge ing their incomes and making “Invest- ment” an item of that budget, they are achiev- ng— Financial Independence SHANNON - & LUCHS First Mortgage Investments Telephone National 2345 1435 K Street Northwest Travelers’ Checks for Vacationists Getting Rich' —aquick, through speculation or by other means, is a delusion that ensnares many. QWhen you're tempted to so use your money, remember there’s no income so sure and steady as that returned by a Savings Account in an interest-paying bank such as this. 1 PAYDAY'S here—use some of vour current salary to become a depositor here. Practically any amount will do. Same rate of interest paid on large and small ac. counts. Open Until 5:30 P.M. Aug. 15 & 16 OFFICERS: DIRECTORS: WILLIAM D. HOOVER, President WOODBURY BLAIR, 1st V. Pres. FRANK W. STONE, 2nd V.'Pres. FRANK STETSON, Trust Officer CHAS. C. LAMBORN, Treasurer E. PERCIVAL WILSON, Secretary FRANK B. ULLMER, Asst. Treas. BRUCE BAIRD. Asst, Tr. Officer Mice: L ! H. ROZIER DULANY, Jr. FRANKLIN H. ELLIS WILLIAM B. HARLEY P. WILSON National Savings & Trust Co. 63rd Oldest Savings Institution in the District of Columbia Year Cor. 15th and New York Ave. ¢ Nationa Metmpolltan Bank Capital, Surplus and Undivided Profits, Over $2,300,000.00 15th St., Opposite U. S. Treasury—115 Years Old OLDEST NATIONAL BANK IN THE DISTRICT OF COLUMBIA O 0000 Organized n 1814 Over a Century of Uninterrupted Service —has tested the strength and policies of The Metropolitan. gYour PAY DAY and other funds deserve maximum protection, and they will have no ~less when on depmit at The OLDEST National Bank in the District of Columbia. @lnitial <avmgs deposits of One Dollar or more invited. < ' Qpen Until 5:30 P.M. . Thursday, August 15 3% Paid.on Savings Trust Defit —Safe Deposit Boxes-—Trave’ers Checks - for sple at mar and scerned Interest Tyler and Rutherford, Inc. National 0478 i muwmmmmummmmnnmuumummmmmummumummz