Evening Star Newspaper, September 25, 1929, Page 11

‘ THE EVENING STAR, WASHINGTON, D. C. WEDNESDAY, SEPTEMBER 25, 1929, MONEY STRINGENCY ooy mics st perids of irge corgrs. IN DIVIDEND PERIOD corporation funds from the call market. ‘This throws additional burdens on the Speclal Dispatch to The Star. NEW YORK, September 25.—Next to banks, and at the end of last year de- January and July in point of size are veloped an acute money situation. It is not_believed that this will again occur the dividend and interest disbursements of April and October. In the Spring FINANCIAL. FINANCIAEL. E Y BONDS RREGULAR | (o= - BONDS o s INNARROW RANGE 1 loss in pafronage in January and PFeb- | August was less than in any of the vear, chiefly because of the heavy |five previows months. loss in patronage in JJanuary and Feb- (s SILVER QUOTATIONS. ruary. Since February, when the fare was increased to 10 cents with 4 to- NEW YORK, September 25 (4).—Bar gains, although the rate of gain 'n | silver, 51; Mexican dollars, 38%. UNITED ‘RAILWAYS INCOME. BALTIMORE, September 25 (Spe- cial).—The United Railways' net in- come for August was $957 above that for the same month of last year, after setting up $64,881 more for deprreclt’l tion, than a year ago, according a report to the public service commis- sion. b - This is the sixth consecutive month in which the United, which controls the: trolley systems of aBltimore, has kens for 35 cents, there have bcen UNITED ‘T:TE& (Bales are In $1,000.) to the same extent as it did nine months Sales High. ago. It is an-influence, however, that 57 971 has to be reckoned with by borrowers in making their commitments for the 7 25 9816 98168 9816 3 100 178 9823 9816 9817 1K Sales. High. Low. Close. 3 98% 98 8% Convertible Group Is Slug- gish—Mortgage Issues 6 1058 13 Show Gains. @pecial Dispatch to The Star. NEW YORK, September 25,-—Todly‘s| bond market was quiet, with no feature | of importance. Prices fluctuated within | & very narrow range and the gains equaled the losses. Convertible issues were sluggish, and | the spectacular movements of yester- day were not repcated. American Tele~ phone 4!5s opened at 214, up 1%, points. ‘Then a series of irregular movements | followed, during which it sold as low as | 211%, only to recover the loss. Inter- national Telephone 41,s opened at 19815, up a half point, and then held within a point or so of that mark. g Public Service of New Jersey con- vertibles sold off 4!, points at 28515, where they were down from the high point of 300, reached on Monday. Allegheny 5s, both the 1944 and 1949 1ssues, dropped nearly a point in early trading and then steadied. In response to reports of improved fiscal conditions, as exemplified in the company's payment of bond interest for the first time in 17 years, New York, ‘Westchester and Boston 4'2s sold at | 80%, up fractionally. The gain was canceled later. Northern Pacific 4s sold off nearly 2 points in early trading, but | recovered part of the loss. Mortgage issues showing gains in- | cluded Standard New Jersey 5s, Third Avenue Railway 5s, Sinclair 6s and 7s, Bethlehem Steel 6s, Goodyear | 5s, Commercial Investment Trust 5'3s, International Cement 5s, Philadelphia & Reading 6s and Seaboard 6s. There was some degree of activity in the foreign list; most of the movements were upward. Although no large gains | were recorded, Italian 7s, Japanese 615s and Australian 5s were marked up. Government issues were again heavy, with the fourth Liberty 4l2s off as much as 5-32ds at one time. TREASURY CERTIFICATES. (Reported by J Rate—Maturity, 414 Dec. 15, 102 43 18, 19 SHORT-TERM SECURITIES. . Seligman & Co.) (Reported by J. a: ‘:'“:e g 2 G Allis-Chalmers Co. 5t 193 .99y Aluminum Co- of Amer. 5 i853 100 Amer. Rolling Mills 5s 1948 ... 94 Del, 3'28 Batavian Petrol. Corp. 4 Bell Tel, of Canada bs_ 198 California Petrol. Co. 3128 Canadian Not. Rv. Co. 4138 30 Nor. R. C. 4'as 1938.. Canadian Nor. 1038, 934, Western Eleel 1 1003 Wheeling Steel 98 9 101 2 99 Washington Stock Exchange SALES. City & Suburban 5s—8$1.000 at 83. Wash. Gas 6s A—8$200 at 101%;, $1,000 at 10175, $100 at 1014, $100 at 101, $500 at 101'5. Wash. Gas 6s B—$500 at 103. . R. & E. 4s—$1,000 at 82, $1,000 at 82, Barber & Ross 61:5—8$3,000 at 9415, Capital Traction Co.—10 at 91%, 10 at 9114, 40 at 9115, Pot. Elec. 6% pfd.—5 at 1124, 10 at 112, Pot. Elec. 51;% pfd.—5 at 106, 3 at 106. Chevy Chase Dairy pfd.—10 at 107},. Fed.-Amer. Co. com.—10 at 44, 10 at 4375 Tanston Monotype—5 at 130. Merch. Tfr. & Stge. pfd.—10 at 116, Mergenthaler Linotype—10 at 103%, 10 at 10334, 10 at 103%. ‘Woodward & Lothrop pfd.—4 at 107, 15 at 108. AFTER CALL. Pot. Elec. 55% ptd—7 at 106. .Riggs. Natl. Bk.—1 at 612. Bid and Asked Prices. BONDS.. PUBLIC UTILITY. Capital Traction R. et Suburban 8. . town Gas st 5% c Blec. cons, & lex. & Mt. alto, & Anna ton Gas 58. as s, serd MISCELLANEOUS. Ross, Inc., 8% 5 ‘Hotei 6! ec. A Elec' 5130 pid Potomac Wi wy. & Elec. com.. v NATIONAL BANK. 2 National Capitel Columbia . Commercial . Distri Segon: 5 . ‘National Bank ‘of Vashington. , TRUST COMPANY. American Security & Trust Co.. Centi Trust ... . h”.:‘eh ;l:' ation, jon Trust ‘\Zv"n’-mnnon Loan & Trust SAVINGS BANK. Bank of Bethesds 3 . §"'i“‘$‘}‘.mnmn 5 otomac . ven Waheton Shecniics FIRE INSURANCE. American 3 ora: gtional’ U & TITLE INSURANCE. ) fumbia Title. 1 hllte Tit! Title Inv. of ‘Wash. Cons. Title ofc csnee MISCELLANEOUS. ‘Ross. Ine.. eom. . C. Paper Mfg. nf Sral Blorage DId - jeral-American Co. ‘ol jeral-American Co. pfd. anston Monotype .. Trans, U Sds1944 US4%ss2. ! 65 9710 Australian Argentine Argenti Australl Austral Australia Austria 7s. Bank of Chi Bank of Chl Belgium 6s. . Belzlum 78 195 Belgium 7%s Brazil 6158 19 Brazil 6148 1927, Brazil T Brazil $s. Bremen State Canada 6x 1931 Canada b3 1962, . Chile 0 Chily Chile 78 1943. Chinese Gov Ry Cnlombia 6s Jan ' penhagen 43 53 | Cuba 6s... Czecho §s 1951, Czecho 8 195: . Danish Munic 8s B. Dutch East I 65 62.. El Salvador 8s 483 Finland 53 Finland = f 65 *45, Finland 7s. French 7%s. . German Bank s '3 German EI P § ~SRZam%ana i = 83 ris Orleans 634 u 631960, Queensiand 7s Rhine Wst EP 6553 Phine Wst E P 65 ¢ RhineWst EP Rio de Janerio Rio de Jan 8x Rio Gr do Sul Rio Gr Do Sul Rome 6%s. Sao Paulo 8x 193¢ Sao Paulo 1950, Saxon (PW) Seine 7s 42, Serbs Cr 8| Serbx Crot Slo 8 Shinvetsu 61 Solssons 6s Sweden 514 Sweden s, Swiss5%s 1 Swiss Confed 8. - DOV~ IR~ BN RANAAT LNt MmN mm ~ B Rk aga N Tan . Uruguay Vienna 6x Abram&Straus %s 17 108 :llexhlny 6849 wi. 33 Am Chem 53%s cv 45 Am Int Cor 5%s 49. Am NatGas 6148 42 Am Smit & R 1st 68 Am Sugar Ref 6 Am T&T ev 4145 39175 Am T & T el tr by Aromur&Cos 1539, Armour Del 515s. . Associated Ol 6s. Atl Gulf s 59. . Atlantic Refin 5s. .. Bell Tel Pass B Bell Tel PabsC... Bethlehm Stl pm 68 Beth Steel rf6s. ... Beth Steel 6%s853. . Bethlehem Steel 63 Bush Term Bldg bs Certain-Td 5%s rets Chile Copper 5i Colon Oi1 6s'28. 5 Col G&EI 5s May 52 41 Com Invest 515 49 172 108 Com Invest 6s°48.. 6 921 2 ?uuutano 4467, iast Cuba Sug 7148 Fisk Rub Sa. .o o Gen Asphalt 6= 36 Gen Cable 63 47 Gen Mot Ae Cor Humble O& R§%s 33 111 Bell Té1 bs. 111 Steel 4 145 40. . Ind Steel 5s. ... Inland Sl 414 = Intl Cement 8848, .. Intl Match 6 47.,, Int Mer Mar 6; Int Paper 55 47. KanCity P& L §s.. Kendalls%s 48 war Lacledebs........ Laclede G 6335 82. . Lautaro Nitrate 6s. Ligket&Myers 5351 Liggett & Myers 7s Loew's Inc 63 Loew" Lorillard Lorlillard 5 %s. Manatl Sugar 1% » McCormek ER 65'34 Midiale Steel b Merchants' rch T Wash Mech. Wash. Med! AWoodward Axy div! Montana Pow b= 43 Montana Pw deb Mor's&Co 15t 4% Nat Dairy 5. . Nat Radiator 6% Nat Tube 15t 58. N Y Edison bs 44... N Y Edison 6%48. ... . 15 10 6 10 11 9786 976 12 10221 10215 10221 25 10615 10615 10615 98 3% 934 1094 501, 99% W 1004 87 100% 904 4 102% 89 89 Wy 36 T w84 Bdle 101 108 104 108 By Oidy 1024 1024 1024 107 845 88 9Rl4 102 108'% 112 MISCELLANEOUS. Alleghany Cp 58 *44 103 108% 46 103% 7% 874 95% 105% 100% 9% 102% 9914 9214 105 3% 10i% 102t 108 9914 ki3 85% 102 97 974 107 824 Téth 92 RS 101% 9% 85 83 . | Phila & Rea Nor Ohio Tr&L 6s. 2 Nor States Pow 27 Pacific Gas & E1 7 PacT&THs52, 3 Paramount 6s 1947, 12 | Pnita Co s 67 .17 49 152 Philips Petro % s. | Por Rie Am Tob 6s. { Postal Tel & C5%s Pressed Stl Car bs. Pub Ser4%s...... Rem Rnd 5%8s war. Sinclair ON1 Sinclair Ofl Sinclair O1l 7s, Sinclair Crude Sin Pipe Lin, Skelly Oll 5%s. Southwest Bell Stand Ol N J Sug E: Orfent 7, Tenn Cop 65 B ‘44 ‘Tenn Elec Pow 65 4° Transcontl Oll $ %8 United Drug 6s 53 U 8 Rub Istrf b, U S Steel s f 6. Utah Pow & Lt §s Utllities Powr 6348 Vertientes Sug 7s. . Walworth 65 '45 War Quinland 6s ‘39 Warner Sug 7539, Warner Sug 7. West Elec bs Westn Union bs 61. Westn Unlon §3s. White Sew Mach. ., Wickw Spen 1st Wick-Spen ev 7s. .. Wilson & Co 18t 6s. Win RepeatAr 7448 Youngstn S& T 5s. RAILROAD. Ala GtSouds 1943. 2 994 Atchison ad) 4s. 3 & Atchison gen 4s., Atch deb 4 145 43 AUl & Dan 15t 45 43. Atlantic C L 1st ¢s. 4 Can Nor 7 Can Pac IS = 1S s ch CMSP&Pacadj5s03 Chi & N s - R LT Cuba R R 7348 Cuba Nor 6358 ct D& Hudev s Del & Hud 534 Den & Rio G cn D Rio G W\ P e L) " T 9= Eriecvbs 67 Erie conv Ex 7 Fla EastCés 74 Fonda J&G 4%s 53 Gr Trunk st db 6s. . Grand Trunk 7, Gt Nor 4%8 E. Gt Nor 5s. Gt Nor b34s. Gt Nor gen 7 Hav El Ry 6%8 b1.. Hud & Manaj 6s. ., Hud&Man ref - F . Regvanacea =2 Lake Shore 48 31 Lehi Valends..... LehiVgen 414 2003 Long Is rf 4s 49. Long Is 5537 Louis & Nash 63 B. Louls & Nash &%s. Man Ry 1st 48 90 G178 Mo Pac 5%s 49 evt. Montreal Tr 63 B 55 P L LY BT Maven 3% 66. w Haven 48 65. . NH&H db 48 57" AR ARSI e Ogden&Lake Ch'4s, Ore Short L rt 4s. , Ore Short L en b Penna gold 7s. | Pere Marg 12t PCC&SILiSA... # 101% | b CCg StLssB 76 1Yl 9 102% 8% 984 RioG W 1st ¥, 0 103% 104% IQ‘ 101% 101% StL IM&S gn 6331 u Port RL&P 743 46. Reading gen 445 A Reading J C 45 61 RIATk& L 4% StL IM&ES R&G 45, 4 101 984 96 113 884 904 91 85 281 Yo T 98l 99y 1018, 100% 101% 102% months these coincide with heavy com- mercial requirements for money. 1n Actober they supplement the effect on | money rates of the approaching “peak of agricultural as well as of industrial demands. Consequently there is expectation among the banks that interest rates | from now until the middle of October will be higher, and that borrowers are 1ikely to experience the same conditions that prevailed in October, 1928, and last April. In the latter month call loans went to 15 per cent, being influenced not only by the normal seasonal strain on the money market but by the heavy speculative requirements at that time. Prior to the date when dividends are paid or interest coupons mature- the paying corporations gather in funds and deposit them with their paying agencies. ‘This has a tendency to stiffen money rates. The second phase is the tempo- rary use of these funds in the call- money market just prior to payment date. This frequently serves to ease call to bring back into the banks the checks that _have been issued to stockholders and holders of bonds. Within this period the highest money rates of the period lln looked for. A year ago call loans rose to 10 per cent during the October disbursements. All money rates then were much easier than today, including long-term funds, commercial paper undi acceptances with the Federal Reserve re- discount rate in New York 5 per cent against 6 per cent at present. Brokers’ oans were $4,569,978,000, compared with $6,569,000,000 on September 18. Another phase of the situation is that | having to do with loans for “the ac- count of others.” These are now $3,62 000,000, against $1,911,000.000 a y ago. A portion of these funds represents | temporarily segregated cash of corpora- tions which is required to meet their periodic dividend and interest payments. One of the factors in forcing up call- ——eeeeeeeeeee Sales. High. Low. Close. | 67 84 s 834 i0 2 1 Seab AL 4s sta Seab AL ref 4s Seab AL adj5s49.. 6 Seab AL con6s.... 12 SBAIlFlaésisA. Sou Pac ref 4 Sou Pac 4}4srcts. . Sou Pac4%s 69 ww Term Asso S L ds. . Tex Ark FS 5%s 50 Tex & Pac bs B 1977 3 Tol Tr L&P 6 Ulster & Del Union Pac 1st Union Pac 18t rf REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Advantages incident to direet representation 1520 K St. NNW. National 0475 s e First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fier Co-_v. Inc. Mortgages Investments JAMES Y, PENNEBAKER Nat. 5291 1520 K St. N.W. 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 I¥C. A subsidiary of The Equitable Trust Compeny of New York STANLY CARR, Representative 922 Fifteenth Street N.W, WASHINGTON, D. C. A Safe Flight EESmmmmSS OU may vVenture a trip in the air, but you prob- ably don't aspire to go up for an altitude record, Un- less you e too much money, It is equally wise to let' others strive for the record in high speculative returns. Your money can earn 8% with absolute safe- ty in Guaranty first mort- Securities can of K next two weeks. NEW YORK, September 25 (/).—~A total of 86 per cent of the 5 per cent bonds of the Seaboard Air Line have now been deposited under the recapi- talization plan. Associated D do 2d pf Q Allied Chemicai & Dye ....... Q Amer Pneumatic Service Go. 2d . 1t takes from a week to 10 days i EIp0 do Gimbel' Bros bf. el Bros p Gibr'tar Finance Corp of N'Y, Class A 7% pf Hupp M Imperial B of Ca do xt 1. Liguid’ Carbonic @ shown increased net income. For the eight months of this year, passenger revenue has increased $265,- 640, and reductions in experses have amounted t0$253,895. . Bonds Deposited. months of this year has been $31,773 R Money to Loan DIVIDENDS. Secured by rst d evailing inf Pe- riod Rate :'fueph I W Btock of record Qct. 12 Qct. 9 Oct. 9 Pay- able First Mortgages For Sale JAMES F. SHEA 53 643 Louisiana Ave. N.W. Q otor.... Q ENTERPRISE SERIAL Natl American S=SSENEENSS Deneminations frem $250 up || REAL ESTATE MORTGAGE & GIARANTY LORPDRATION Capital Resources $3.400.000 24 JACKSON PLACE = e BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly James F. Shea President Secretary Consult Us Regarding Your Maturing Mortgage or Any Real Estate Financing Problem. We make 3, 5 and 10 year loans on houses, apartments and business property. Located in Washington, nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC, 1321 Connecticut Avenue N.W. Decatur 3600 Mortgage Loam Correspondent New York Life Insurance Co. Equitable Co-operative Bldg. Ass'n JOHN JOY EDSON._I’H“QM WALTER S. PRATT, Jr., Secretary Organized 18 49th YEAR COMPLETED Assets ... ++...$5,675,899.10 Surplus & Profits......$1,695894,08 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 even- tually lead to financial inde- pendence. Start now while vou have a steady income. Come in and let us explain about our systematic plan. 915 F St. N.W. $2.50 PER SHARE Does Your Office Bear Comparison? HEN a client enters your office he mentally compares it with the last one he entered. That's why it is so important to be correct. Stand. ard Desks immediately impress people who are sen- sitive to the best. They elegantly express the finer type of modern craftsmanship, facilitating business ence by orderly arrangement and space saving Standard Desks are made in many sizes, materials and arrangements to suit your office re- quirements. Select from our exclusive assortment. { THE W.D. CAMPBELL CO! \ BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercial Interiors 1018 Street 1506 L Street AN INVESTMENT YOU WON'T HAVE TO WATCH With the fluctuating tendency of many types of investment, our O S 6% FIRST MORTGAGES of a Century Without a Loss are notably lacking in any need for concern. Just buy them— confident of their thorough de- pendability—and regularly the arrival of the interest will remind you of the safe and profitable investment you have made. May be purchased in amounts from $250 up. g B. F. SAUL CO. National 2100 925 15th St. NW. THERE The net income for the first eight| An Ideal Plan The Metropolitan Life Insurance Real Estate Loan Lowest Interest Rates Long Term No Renewal Charges NO COMMISSION CHARGES WEAVER BR REALTORS 809 15th St. N.W, District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company WE RECOMMEND The Peoples Water Service Company First Lien Collateral Twenty-Year 6% Gold Bonds Series “A,” Due August 1, 1949 (With Warrants) The Peoples Water Service Company 7% Cumulative Preferred Stock (Par Value $100 Per Share) (With Warrants) The Peoples Fire Insurance Company of Maryland Capital Stock (Par Value $10 Per Share) The Greenway Apartment Company General Closed Mortgage 62 % Convertible Gold Bonds Due January 1, 1938 Appalachian Corporation Common Stock (No Par Value) Prices and Descriptive Circulars on Request G/LLeT & Co. BANKERS INVESTMENT BUILDING, WASHINGTON, D. C. National 2460 Philadelphia, Pa. Williamspor¢, Pa. Birmingham, Ala. Baltimore, Md. Easton, Md. to the BENCH. .. Three have scored and none are out. The hero of three I\u:dnd '::ictovin lighbh time. He picks up dust. P‘I; tight i i i r. He forehesd with the teave of his uniform, preying forthe miracle that will restore the ancient cunning to his arm. Slowly, very slowly, he prepares for the pitch. Seeking the | his find. . Hed 2t et g i has pitched his last game. ‘Whether in the playing fild, or the office, or the work-bench— the wmn':ll em ::.:fl‘ or later to us all. Are you prepared for the day of this summons? ey Syemtaasty Toredied, o b reea s Tox greatly increased by the magic ol have chosen to withdraw ho-khn-mmmmvmmm Resources over $28,000,000 Wlhhvimvlpflvlnu;muw-flllmdd statemeant = o o s o 0 o o e CLIP THIS COUPON o0 o0 o0 o o0 0 0 0 ememm| INVESTORS SYNDICATE Established 1 Barr Building, Washington Telephone: Metropolitan 1879 Offices in 51 Principal Cities