Evening Star Newspaper, August 21, 1929, Page 11

FINANCIAL. 5| CONVERTIBLE BOND | [ sonc BONDS e ] PORK PRCESGAIN AR RACESTOADD - L g el B 160th Dividend Tue_regular quarterly dividend of Two Dollars and Twenty-Five Cents ($2.25) per share will be paid on October 15, 1929, to stockhold- ers of record at the close of business on September 20, 1929. H. BLAIR-SMITH, Treasurer. 7 REAL ESTATE NOTES Secured by First Trusts Conservative Appraisals Chosen Locations 6% Interest EAVER BRO REALTORS 809 15th Street N.W. |as the smck of this concern ISSUES SHOW DROP Recent Leaders Subjected to Profit-Taking—Amusement Group Strong. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, August 21.—A natural reaction in the prices of the American | Telephone and International Telephone convertible 4> per cent bonds occurred today after the large advance both have made during the past week. The former declined several points, while the latter at one time showed a net loss of 4 points, With the reaction in these lnus there was a smaller volume of trans. actions for the entire market, wlth the interest shifting over to other stock option bonds. Among these the Alle- gheny Corporation 5s were very active, under accumulation by some investment trust Other railroad convertibles showin gains were Au:htmn 4128 and Southern Pacific 415 Trust ,s ldded over 2 points to yes- terday's advance, which brings them up about 18 points from the loy of the year. A group of bonds, representing amuse- ment companies, showed considerable strength. Conspicuous in this were the Shubert Theater 6s, which leneed District 9486 ‘rrom 77 to 80 and then dropped bacl First Mortgage Loans , Lowest Rates of Interest and Commission . Thomas J. Fisher & Company, Inc A Complete Investment Service GreLeT & CoO. BANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone, National 2460 4 W. W. LANAHAN & C0. MEMBERS NEW YORK STOCK EXCHANGE BALTIMORE STOCK EXCHANGE ASSOCIATE MEMBER NEW YORK CURB EXCHANGE WASHINGTON OFFICE Hill Building-17th & ISts., N.W. Telephone: National 6997 Edwin D. Flather, Manager ‘ SPEEDING up THE CLOCK la the world of modern busi- ness, time moves with a breath- taking rapidity that our grand- fothers would not have dreamt of. More ond more must be accomplished in shorter and shorter time. A generation ago @ business man could remain ot his desk, or a workmeon at his bench, until the age of sixty or seventy. Today — as statistics have shown—the age of retire- mént is about forty-five. s is trogedy — for those to Avhom the job is the sole means ‘of livelihood. But for others . retirement is offen the beginning "of a fuller, happier life—a life of leisure, comfort and all good things. Let us tell you about our simple, common sense plan whereby small sums, systematically in- vested, will be returned to you, we will UNCONDITIONALLY GUARANTEE the income. Resources over $a8,000,000 Write for descriplive literature = o= =CLIP THIS COUPON = = = A short time ago they were as low u 62 after being at 911, earlier in the Loew’s 6s also hld a gain and Pllhe 78 rose 2 points, which made them 10 points above last week's price. Developments in this industry in the way of mergers and common interests in production and distribution should benefit a group of bonds that has been giving their holders considerable anxi- m:n:mmly' little doing in_high-grad ere was little doing in -grade mortgage issues. Foreign bonds were irregular, with some weakness in Ger- . _This reflected the financial difficulties of a large insurance company and a bank in Germany. The first forelgn issue with a gov- ernment stamp in some time was of- fered today in the form of $15,000,000 Chilean Consolidated Municipal Loan 7s on a 7.50 per cent basis. Another offering of & corporate nature for financing abroad was that of a hotel company in Havan Income deben- tures and common stock are to be em- tion. o nARNINGS REPORTED. NEW YORK, August 21 (#).—United Plece Dye Works and subsidiaries, op- erating plants in New Jersey and Penn- sylvania, today reported net profit for the first half of the year of $1,933,029. After preferred dividends, this it equal to $1.88 per common share. Correspond- 1mr figures are not available for the first half of last year, but for the en- ar of 1928 net profit was $3,764,- Indu'mnl Finance Corporation re- ports net for the first half of $882,070, as compared with $221.606 for the like period of 1928. This included substan- stock holdings. CHICAGO DAIRY MARKET. CHICAGO. August 3L m—numr weak; receipts, 2 tul extras, 41: stan: rfl 41; extra flr\b 40a4075: firsts, 3’!30‘/; seconds, 37a 3814, Efl! steady. prices unchanged | receipts, 11,846 cases. Wachington Stock Exchange SALES. Washington Gas 6s A—$3,000 at 102‘,‘, $1,000 at 1021 Potomac Elec. 6% pfd.—10 at 113. Potomac Elec. 513% pfd.- 107. Natl. Metropolitan Bk.—10 at 410. . Bk.—3 at 577. I Com'l Natl. Co. pfd.—50 at 103. Fed.-Amer. Co. com.—10 at 42, 4 l! 42. ler Linotype—10 = 10 at 1043;. 10 at IM% . & Inv. pfd.—100 at 41;. Peoplu Drug Str. pfd.—10 at 123'/:. 5 at 124, 10 at 124, Resal Est. M. & Guar. pfd.—S55 at 'l". ‘Ter. Ref. & Whrs. Corp.—20 at 51%5. AFTER CALL. Mergenthaler L!not.vne—zn at 1043;. Barber & Ross 6155—1,000 at N'A $2.000 at 94'%. ‘Wash. R. & E. pfd.—10 at 98. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga 4., Amer. Tel'.& Telga 4105 Tel. & Telga. 41as 1. ctl, tr. Wash. @as 65, series. Wash. Gas 6. series B. Wash. Rwy. & Elec. 4s. MISCELLANEOUS. Rarber & Ross. Ine. Cham -Vanbit. Hatel Wash. Cons. Title Co. STOCKS. PUBLIC UTILITY. T Washington Gn : Vorfolk & Wazh, 8 Racond National Bank of Washington TRUST COMPANY. can Securite & Trust Co. ntineptal 'l'rv' t. . Merchante' Bank WNations1 Ssvings & Trust Thion Trust ‘Washington Loan & Trus SAVINGS BANK. Rank of Bethesdn.. % Comme~ce & fllflnl! s FrEwarsineton Roeunits Aaviees & Commercial Ceurity Savim Saventh |tre l" S ans Tnited States Washington M FIRE INSURANCE. American Fire Insurance . Eorcora Amg Piremen National Columnin Tt n»‘n"mt'-u " a&'.nnd i et L] Cor'R ;nu nd & Tadx Commercial investment | ployed to provide funds for construc- |, | tial profits from the sale of minority §' THE EVENING STAR, WASHINGTON, D. UNITED STATES. (Sales are in $1,000.) Sales. " Mish.” Low. Close. 3%s... 18 976 BT wio l.n-mua- 3 9330 §29 9830118 Lib 4th 4%s 51 3 FOREIGN. Sales. High, I" Close. Argentine 6sJu59.. 4 :rumlnohu«: 5 8 l'l‘ Belgium 78 1955 Belgium 78 1 Belgium 7%s. Belgium §s Bolivia 78 et "69. Bolivia 8 Con Pow Japan 7 Copenhagen s c Czecho 88 1951 Danish Munic § Danish Munic Denmark 43¢s. Denmark 5338 '55 Denmark 6s 8 47, Dutch East I 6s 62, Flat 75 x war '46. ... Finland 5138 Framerican 734, French 7 French 715 German EI P 6% (i.rmln s LRI T PP s Japanese 4s. Japunese 61; Kreuger&Toll Mex 451904 asnd Milan 634s. ... Montevideo BRANUA CmmaaRBORORR—RANN t EP 75 60 Rio de Janerio 6155, Riode Jan 88 194 do Sul 6 43 tio Gr Do Sul 8 % Serba Crot Slo Soissons Sweden § Sweden ¢ Swiss 5% Swiss Conted 8 Toho El Pow 7 Toklo 6148 1961, U': '!\"'lm 5%8 37, SRum=we "9 1T T Warsaw 7s '5. MISCELLANEOUS. Abram&Straus5%s & 108% Alleghany Cp 58 *44 184 10945 11, 109% 13 Am Wrtg Pap 65 47. 92 Aromur&Co41;s39. Armour Del 5% s Atlantic Refin 68 Bell Tel PabsB.... 11 Bethlehm Stl pm Beth Steel 5135 53, 19 Bethlehem Steel 65. 47 Com Invest s '48 Con Coal Md b8 (ubaCln 85 Cuban Am Su, Det Edison 53 40, Det Edison 6s. Sinclair O1 Sinclair Cru Sin Pipe Lind Stand OIIN Y 448, | Stand Ol N J 109% C., ATD. C. MARKET Butter and Egg Values Are Firmer—Increase in Demand Seen. A slightly firmer condition of the butter and egg market and increase in the price of fresh-killed pork loins were 7% Interesting features of the day's market. Vertientes Sug 7 Walworth 63 s 35. Warner Sug 78 41.. West Elec bs ’lfllh 106% Youngstn S& T bs. ' 100% lAILIOAD. Atlantie C L AtlanticCL 4 Brooklyn Bklyn Manhat Buff R & Pitts ¢ Bush Term con 6s.. Can Nat4%s857. 1] Car Clinch & O &s. Car Clin&Ohio 63 53 Cent of Ga 53C §9.. (‘ln Pac ob PB&Q‘%I‘IT!. CB&Qlstrfss Chi&E Il gn 68 51, 8 ChIM&StP4 3 sC89 Chi MIISP&P: CMSP&Pac adj5s03. Chi & W Ind C& W 15%s 62 Clev Term CubaRR 7 Cuba Nor 5% ct: Del & Hud 15t rf 4s. Del & Hud 51:s Del & Hud rie conv Ex 7s. Erie & Jersey 68 Brfe Gennesses R 62 4. Fonda J&G 4%s Gr Trunk st db 6; Grand Trunk 7s. Gt Nor 4%sE... 111-C-C-StL&ENO Int Rapld Trans bs. Int Rap Tr bs stpd Iat Rapid Trans Int Rys CA Towa Cent 1s: KanCity Ft 8 Minn & StL ref 4s.. Minn & StL en 58 M Stp & SSM cn b8 MSIP&QSW:!".!I. NY NH&H cv db 6s. N Y Ont W 1st 4s. NYRy6sAG6S N Y State Ry 4%4s.. NYState Ry 6%s 62 Nor Pac,3s 2047.... 4s = 4158 2047, Nor Pac 5s D Nor Pac rf 6s Penna 8%s. Penna gold % | Reading 7 C s 5i.. Int Paper 58 47 Inter Paper 6 Int Tel&Teleg 4% . 1 106! Loew’s 65 w o war. . ll ” Lorlillard 5% Lorillard (P) 7s. Lou Gas & El 5s 52, % RIArk&L4%s StL IM&S gn 68 31. StL IM&S R&G 4 SIL&BFplis A SIL&ESF 4%s78 StL&SFprinbs.. StL S W con 48 32.. San A& ArnPds... Seab Al adj 68 49.. Seab AL con 6s SBANFIa6s35A. Sou Pac ref 4 Sou Pac 4%s Sou Pac 4% 69 Term Asso 8t L. 5. Tex Ark FS 5138 50 Tex & Pac s B 1977 Third Ave ref 4s 60. % { Tol St L & W 48 50. Union Pac 4s Union Pac 1st 4 Union Pac 1e Union Pac 4%8 Virginia Ry In Ll Whasl ‘West Pacific | FOREIGN EXCHANGE. Fresh Western eggs were offered this|js morning at 38 cents, their quality being anmmmawhelu in good lolnl. much in demand. jumped from 34 to 36 cents, while other wr’k lucts offered at prices ,.J“o pnt lew days. Beef, and remained b prices .n:m advance in Spring chickens another cl that interested buyers consumers as b ‘What changes will take place in the matter of prices remains to be deter- mined, but dealers are almost unani- z:mly of the opinion that they will not high, while were cheaper. quoted top for t'n-pock baskets ol tomatoes, they sold mostly at 75 cents. In some in- mrket, desiers disposed of §008 auatly marke! of stock as lo' n 50 cents. o Lima beans continued plentiful and found slow sale around $1 and $1.25 for bushel baskets. Stringless beans brml.hz from $2 to $2.50 a basket. both green and white, were nflend at 75 cents for two-peck bas- kets, ll!tm-ly higher than last week. Eggplant was similar] morning, Delaware and some from Mary- land and Virginia. Twelve-quart bas- kets of Concords, product of Delaware growers, were offered at $0 cents, two- quart baskets selling at 8 cents. Dela- 'aru tho-qum huket‘c were :o cents. rapes from nearby farms, two-peck |are hnkeu sold at $1 a basket. Huckleberries, received from the vi- ctnlty of Waldorf, Md., were quoted st a crate this mcrnm, much higher thln last week, and the were of splendid qunmy. Very few black- berries were to be had today. Cantaloupe Supplies. Cantaloupe supplies today were noth- ing like as heavy as they have been, receipts from Eastern Shore of Vir- ginia being light. Dealers de largely upon home-grown fruit for sup- plies, and receipts, it was reported, were in excess of demands. Ponys sold mostly at $1, while $2 was the price of bushel baskets. Receipts of Florida oranges are con- tinuing later this season than accore to reports, and the fruit is in good condition. Prices, according to size and quality, covered a wide range. California oranges, not so scarce, sold around $3.50 a box. Buying in the wholesale district started early this morning, early closing of Center Market having its effect upon ihe wholesale business, and only a few changes in prices were reported. Today's Wholesale Prices—J Prices Slightly Higher. Butter—One-pound prints, 4412a4513; tub, 43'2a44%;; store mked 28230. ., nuh selected, Poultry, toms, 33; Spring chicke: medium, 27228; small, 27228 Leghorns, 24a25: fowls, 28; roostes H 15a20; keats, young, 60a7 Dressed—Turkeys, 38a40; Spring ens, large, 38240; medium, 37a38; small, 35; Leghorns, 33a35: fowls, 34a35; mu’fl. 26; ducks, 28a30; keats, 90a ts, fresh kflled—neef 2415: veal, hams, , 16. Live stock—Calves, 14!;; lambs, 13. Fruits and Vegetables. ‘The daily market report on fruits and vegetables (compiled the Mark Nt Service tly lr the Associated Press. mmly 4.00; ponys, 458 and Ml mufl around 3.00; ponys. 16s, 2.50; lhnmrd flats, 12s and 15s, 1.75. Lettuce — Western stock: Supplies liberal; demand light, market slightly ‘weaker; California crates Iceberg tvpe, 4-5 dozen, 4.00a4.25; fair quality and m:dmm:, 3.00: d‘u; Colur:ldo. crates berg type, 4-5 dogen, mos yordinary quality and condition, 2.0083.00. Onions—Supplies light; demand light, market slightly weaker; New York and il e T 0. 1, um to large size, 2.65a2. bertas, United 1, large size, 1.5081.75; few high as 2.00; fair quaiity and con- dition, 1.00a1.50; Pennsylvania, bushel baskets Belles, United Sf-l'cs. No. 1, 2%-inch minimum, fine qu-.my lnd condition, 2.00a2.25; medium size, Pears—Supplies light: demand’ u‘ht. market dull; California, boxes, Bart- letts, fancy, 3.0083.25. Potatoes—Supplies moderate; demand light, mnnt slightly weaker; New sacks, Cobblers, U, S. u‘:’n d light, mrnt h'tl nr;u‘ An : weaker; Eastern Shore V! .“S;t 4 bar- rels, Yellows, No. 1, bm ‘Watermelons—Su| modenw de- [ Eastern mand light, marke . steady; Shore Maryland and West Shore V.l; , various varieties, selects, 50a moderate: de- ; Eastern Shore Oohm, Vire ), 1.288 up, Peas—Supplies moderate; A pound cate, B0 m !upnlh light, market dull; w enh. bushel S, )'o. 1, 2% lnd few U. 8. No. 1 2% Girimes, 2.00, Lipton Yacht Contract Signed. L ip ‘ i A Was | races alone aggregate $100,000. usual, | Special Dispatch to The Star. WEDNESDAY., AUGUST 21, 1929. GROWING INDUSTRY Events at Cleveland and in England Expected to Help Aviation. BY J. C. ROYLE. Special Dispatch to The Star. WASHINGTON, August 21.—Aviation, the virile which has been catapulted into bl.uhn dollar class, making active parations for the mndon which lt k believed will fol- the industry’s annual “falr” in cl"!llnd. marked by the national air races, which last from August 24 to ‘The industry ding thousands of dollars on prizes for the ‘The industry, however, expects to get this money ’blek with interes tmln the Bfi;u}; tion engineering lems, whic] will be worked out as a ruult of these races. Interest Is Widespread. ‘The -u-mlnmmu of the American pcopb pmn!y indicated by the in- has been aroused in these m ;nd in those for the Schneider Cup, which will take place in England in 'mber. is ually crystallizing into increased ai urc| s by cor- porations an creased traffic lnlglv uals and by 11::- pulen.er-cury g planes, which is causing expansion of equipment by the commercial air lines. More than $2,000,000 worth of planes and engines will be on exhibition at Cleveland and the manufacturers expect to learn much from the reception given the various types by the visitors who come to witness the speed events. Daily sales of planes and accessories during the week of the exposition, it is expect- ed, will total more than the total sales of similar products for the year 1920 or 1921 or 1922. At that time, of course, the market was glutted by the excess planes left over from the war or from war luction. These have now been eliminated, but many of those pun:hued the Army and Navy cast- nfll will be purchasers of new planes aurln[ the eoming exposition. So far as the technical which will be worked out by the races lu concerned, men most affected will be the operators of the commercial air lines. They see thelr business ex- rnalnl and many are in the market Jor new or better equipment, but they anxious to select types 'hkh will be best sulted to their in- dividual purposes. Expect Big Gate. ‘The money resulting from paid at- mnd;nce at the races is expected to very ]‘m at Cleveland — large mh fact, to enable the Cleve- land to pay for itself. Cleve- land anf ites that, on a conservative utlmn ln smooo event will bring at least there and may bring | HUGE TOBACCO COMBINE TO REORGANIZE FIRMS roblems NEW YORK, August 21.—The new management of the United Stores Co. of America and the Tobacco Products Corporation plans to consummate the consolidation of the companies into the recently formed United Stores Corpora- The time for deposit of stock under the plan of ~onsolidation was extended soms time ago until September 18, when the time of deposit expires. A statement will probably be forthcoming nrl in September regarding th2 con- ‘l;n of the t:omlm;‘ve,sx and tths grt new management is expectet nl-y in the policies of the ccm- No elunl! is expected to be made in the present cut-rate prices for popu- lar cigarettes, which were recently re- duced by the United Cigar and Schulte chains from 15 cents. No return to the premium system of selling tobacco products is anticipated by the ne management, which _considers | war” a thing of the past. with prices stabilized, for the time being at least, at their present levels. With two new and identical boards nited Cigars and To- Products the concerns have taken | | bacco the initial step toward a complete reor- | in both companies on the New Stocks York Stock Excl became very buoyant on the ltrhe.n,g:l of the news. YORK, August 21 —New se- curlun offered today include Chilean Consolidated Municipal loan, un.mm 31-year per cent external Alnkln: fund gold bonds, series A, 1929, to be dated Se ber 1, 1929; to ma- ture September 1, 1960." Priced at 94 and interest to yleld 7.5 per cent to final maturity. fered by the Grace National Co., Brown Bros. & Co. and ers. ‘The National Hotel of Cuba, $6,250,- 000, principal amount, 30-year 6 per cent income debentures and 62500 shares no par common stock in units of $100, principal amount, of income de- bentures and one share of common stock at $100 & unit. Offered by the National City Company. ‘The Massachusetts Chain Store Term- inals, Inc., $425,000 first mortgage lease- hold 8 per cent sinking fund bonds. due in 1939, offered at par by Robert Garrett & Sons and the Century Trust Co. of Baltimore. TREASURY CERTIFICATES. lwl.n_w by J. & W. &llm-n, l”%'ln)" Buy Bonds at Present Prices for 6% Return and Possibility of Profit Monms of high money rates have forced bond prices to levels where it is now possible to select a well diversified list, on which the yield averages over 6%. Our current lists of bond and short term note investment sug- gestions include 92 issues on which the average return is over 6%. Send for copies " THE EQUITABLE SECURITIES COMPANY INC- of New York lnxu Cann, Representative FINANCIAL. : FIRST TRUST NOTES sure and fair return with safety and security for your savings. for particula; Thos. E. Jarrell Co. Realtors 721 10th Sfreet N.W. Mortgages JAMES Y, PENNEBAKER Nat. 5291 1520 K St. N.W. Investments National 0765 Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 5Y2% We Make First Mortgages on , Homes, Apartments and Business Properties in the District of Columbin d Nearby Maryland and Virginia RANDALL H. 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