Evening Star Newspaper, September 29, 1929, Page 49

FINANCIAL, A_T SHORT SESSION Convertible List Still Affected by Heaviness in Stock Market. By the Assoclated Rress. NEW YORK, September 28 —Al- though bond prices were a shade ®ead- fe¥ in today's short session, the tcde of the domestic mortgage lst heavy, ending a week in which the pre- vailing trend has been downward. Convertibles foliowed an irregular #ourse, selling off soon at me ormn! but recovering most or of their losses as stocks did an about fleo. Trad- ing in bonds of this t; was ht‘ American Telephone 1{; somewhat_reduced volume, cloud higher. International Teiephone tu, sold down to the new low for the ma¥e- ment of 138, but then went up to' 192 for a net gain of 2 points, American 1. G. Chemica: o723 after a open- ing, lost ground and showed a net de- cline of 1 point. Commercial Invest- ment Trust 5!2s suffered from the weakness o! the stock at the outset, but anaged to finsh more than 2 m nhnv. the last Friday quotation. fleld Oil 6s lost 1}3 on & substantial turnover. Railroad. utility and industrial bonds displayed little life. A few utilities im- proved a point or so on small trans- actlons, but changes in the other two groups Were narrow. Foreign bonds eased. United King- dom 4s made another new low of 797 on a small fractional decline, the minimums for the year or longer also appeared in Rio de Janeiro 8s, North German Lioyd 6s and Montecatini 7s ‘with warrants. United States Government securities sold slightly lower, Baltimore Markets 8peclal Dispatch to The Star. BALTIMORE, Md., September 28.— ‘With the exception of old hens, which are firm at an increase of a cent & pound, the live poultry market rules easy and while va]ues on other lines show no change prices are generally in the buyers favor. This is due espe- cially in the case of Spring chickens to the shipment of too many small, thm fowl which are not wanl and have to be sold at concessions in price in addition to lowering the value of tllc better stock. Colored springers 3 inds and over are bringing 29 to $0 cents a pound, but small and Leghots will not bring over 25 to 28, while for stock under 11; pounds it is mwore & question of a buyer than price. Mar- ket for old hens has taken on a firmer tone due to the approaching Jewish holiday, but is overloaded with small common fowl which is neglected even at sharp discounts. Old hens 41 pounds and over meet with ready sale at 30 to 32 and 3! to 4)2 pounds 25 to 29, but Leghorns not so desirable and slow sale at 20 to 22. Old roosters in fairly good demand at 18 to 20, but smnu. poor young stags not wanted at rice. Choice fat young ducks 4 poun s and over in fairly good demand at 22 to 24, but small and pvor stock is hard to place at 20. Market for guinea fowl holds steady at 40 to 65 each, but easy on pigeons at 25 a pair for both young and old. Egg Receipts. Receipts of native and nearby eggs continue light and all desiréble amok. especially hennery whites, Mz ready sale, in some cases at a over gquotations. Prompt anu and careful grading are necessary to hrm( top values, however, as buyers are critical and all stock not grading has to be sold as current receipts. 'l‘he market closed today at 48 to 50 cents a dozen for hennery white firsts and 42 and 43 for firsts, but current receipts will not bring over 35 and 36, while culls as well as small, dirty eggs are reglected at 25 to 30. Receipts of white potatoes are ‘more liberal fram all sections and while the market holds fairly steady on well- raded stock values are a de lower, 0. 1 potatoes are bringing 4.00 to 4.2§ a barrel and ungraded, 2.50 to 3.50, but No. 2 stock generally slow sale at 1.50 to 2.00. Sack potatoes sell mostly 2.50 to 3.00 per 100 pounds, but it takes well graded No. 1 stock to bflninm values. Bwnt potatoes and yams in more lib- eral receipt the past week and the market is dull and mostly in buyers' favor at 2.50 to 3.25 a barrel for the former and 2.25 to 2.50 for the latter, ?uog No. 2 stock will not bring over Garden Truck. ‘The market for native and nearby garden truck holds firm on most lines under moderate receipts and a fairly good demand, but centered on first quality stock ‘at the following guota- tions: Stringless beans, 1.25 1.78 bushel; beets, 3.00 and 4.00 100; eab- ; sugar corn, dogzen; eggplants, 25 to 35 hamper; lima beans, 90 to 1.40 hamper; onions, 175 to 2.00 per 100 pounds; peppers, 0- to 30 mmmr;lgnilbl:cl; 40 to 50 ners’ stock, 4 ‘The live cattle mnket holds gen- erally steady under a good demand for first quality stock and receipts of this sort continue light both on the wharves and at the stock yards. Common to ordinary cattle goes slow at inside prices, uyeomly old clipped sheep, which are hard. to place at any pi vvh.gw g ity o e St R ef cattle, first quality, to 12; common to med um, 8 to 10. Bulls, as to quality, 8 to 10, Cows, choice to fancy, 7 to 9%; common to fair, 5% to 7. Oxen, as to quality, 8 ;,o 1o. ‘Cglveli ‘Zea'ln c{lglce. 16 to 16‘1. arge, faf Ta rough, 13 to 1333; thin, 8 to 10; rguh and common, 7 to 8. Sheep, choice, 2 to 5. ‘OM bucks, 3.to 4. Spring lambs, fancy, 121 to 13; chmce. 11 to 12 mm, straight, 1115 to Live pigs, 10 to 15 ma(-l. 1l7 'o 12. Closing Grain Quotations. ‘Wheat, No. 2 red Winter, spot, 1.31; No. 3 red Wln'fil'. garlicky, spot, 1 Z‘%, Septembe; tvery, 1.2415; Ot ber d!- Avery, 1.&,.. 0. 3 red Winf 1.1. . Corn, o. 2 yellow dmxmu 116ai.17; cob corn, 5.75a6.00 per bar- m. Oats, Np. 2 white domestic, spot, No.'3 white dnmemc, spot, 65%. flyl. nearby, 1.00a1.1( 60 CHECKS PER MINUTE PRINTED BY MACHINE Checks for the 188th consecutive divi- dend paid by the Pennsylvania Railroad were mailed recently. The total dis- bursement, representing a quarterly re- wmoxzpercemonfllulumk. amounted to $11,265,479. 150,060 stockholders, located in every State of the Union and practically every of the than half iden “preperea. and ready {or. envelopes prepared an ly for envel and m-umg. Under the old l y two weeks were t the dlvmmd checks ready ‘The machine now in use vl'l!\fi 8,600 checks and stubs an hour, and 1s capable of completing the entire dividend payment in two days of con- tinuous running. Sixty checks a min- ute _is the capacity of the new ap- paratus. Discount Rate Raised. VIENNA, tember 28 .—The Aul\nm I)lni!p discount numeu in- creased today from 7% per cent to 8% por cont. ] 120 12 106% 20 99 135 122% 97 102 104% 99% 227 105% 8515 927% 9215 102% 105% 102 105% 83% FOREIGN. L Argentine 5s. 0°89...4 Argentine 6: i 98 Belg! N4 Selglum? s 107% Belgium 8s 80 Bollvia7sct '" 98% Bordeaux 6534 87 Brazll 6%s 193 105 Brazil 8s'41. 100% Canada 58’52 Chile Republie Chinese Govt Ry 6s '51. Colombia 6s 1961 Jan. 93% Copenhagen 6 Czechoslovakia Denmark 6% 1955 Denmark 6s *43. . Dutch East Indies 65 Dutch East Indies 65°6 i German 7s’49 German Bank 6s 1938. . Greek 63 1968 eans 5348 1968 sm Plrll;Lyom-llM 68 ) s‘l‘l c’.lll Slov Sweden 6839 Swiss 53846, 0o Toho Elec Pwr 73 '55. Utd Kingdom 5% 102% Abram & Straua§%s°43,, 108 Alleghany Cocv 68'44.... 110 4 Am Writ Pap 634 3 Armour & Co 4%s Armour of Del 6%s Atlantic Ref deb b5 '37. Bell Tel (Pa) ref 584 Beth Steel p m 68 '36. Beth Steel s £ 83°48 Certainsteed l‘l IMI Chile Copper Colon Ol 683 Columbia G&E ded Comm Invest Kl’l Comm Inveat Dodge Lo Duquesne ¢ 48 East Cuba Sug 7 Indiana Steal b8 Inland Steel 4348 Inter Cement 5a‘*48. 47 Inter Mer Marin Ql 1. Inter or §8 A *4' . Inter Tel&T cv flh 39. Kendall 63 *48 (wa Tormaras % Manati Sugar Midvale Steel Montana Power 197/ 107 101% 115% 110% 101 107% 104'% 102 101% 102% 105% 101 110% 102% 100% 96% 5 92 105% 101 96% North Amer Ed b8 '67 99% Northern States Power §3 100 97% Pacific Gas & Elee 61 '43.4 1001 99% Pacifio Tel & Tel §! 101% 100 Pan-American “.“i lb.‘% 107 98% 97% 9 Southwesn Bell 103% 1004 Stand Oll N J s, 100% 98 110 92% 102% 109% 107 USSteela?s: 92 Stand OIIN Y 4 65 Sugar Est Oriente 100% Tenn Copper 96 ‘Transcon Oil . 87 8§ o 100k 99% ek LA Jow 109% 109% 8% Ward Baking B.. Ward Baking pf (7) rner Bros Plo(13%). 'arner Bros pf (3.20).. Warner Quinlan (3 % 32% 238% Western . 6% “\( Westinghouse Alr )(g) 37% W fhouse E&M(4). zg‘za 137% uuu- Weston Elec Inst A (|). West Vaco Chlorine(3). ‘Wextark Radlo (cn). THE SUNDAY STAR, WASHINGTON, D. €., SKPTEMBER R A FEFEFIELLFT PEFEEE BF SEESE [N N (] 99 K% 1004 100 107% M =¥ - % - &l -1% = -1 5% =1% 9% + K 90 - % 31% 45% ~ % 9% — % T - 1% 62% 64% - 3% 48% — 2% 20% 2% Wk — S 196% 176 189 + 4% 1% 17 17 % b‘-:fl S tg Utah Power & Light §s % Utilities P & L 6 %a 47 5 84% Walworth 03% 98 Wilson & Co 1st 6s'4 101 994 Youngstown Steel §s ‘7. ” 84% Atch, To& 8 90 Atch T & § I gen 4 884 Atlantic C L 1st 4s°6%. 93~ Atl Const Lino 433864 88% B& O gold Balto & Ohlo 6s 48. 107% JBalto & Ohto 6595 49% B&OPILLE& W Va ¢ 99% B & O 8 W Div bs '50. 91% Boston & Maine 5s 67 60 Broadwy & Tth Av 63 43.. 89 Brooklyn Manhat 1st 63 A 97% Canadian Natl 4%s'30. . 911s Canada National 4 91% Canadian Natl 4% 80% Canadian Pacific 83% Central Paoitic 48 '49. 89 Central Pacific 53 19! 96% Chesapeake Corp ba 98% Ches & Ohiocv 4%s 30 98% Ches & Ohio gen 4% 3 9. 90% Ches & Ohio 43893 A. % 83% ChiB& Q4%sB'17. 101% ChiB & Q ref 6571 74 Chi& Eastlll gen b 62 Chi Great West 4s'59. ChiMStP&P % Chi& N W 6%s Chicago North: Chicago Rys is Chi Unlon Station 4% Chi Union Station 61y Chi & Western Ind con 4. Chi & Wesern Ind 5% CCC&StL5aD. CCC&St Lret63A 29,. Cleveland Terml bs B ‘73. Cleve Terminal 6% 931y Colo & Sou ref 443 80 Cuba RR58'62. Cuba North 5% 8 Del & Hudson 6%8 ‘3 Den & Rio Grande on Den & R G West b8 '5i Den&Rio Gr Westn Erie 1st con 4s 11 Fonda J & G 4%8'52. Grand Trunk s f deb Grand Trunk 7840 Great North 4 %48 Great North gen 5% Great North gen 73 Havana Elec Ry 5% 5 Hudson & Man Inter Rapid Tran 5: Inter Rap Tr 6s sta. 4 Inter Rapid Trans 6s Inter Rapid Trancv 7. Inter & Great Nor adj 6 Inter Ry Cent Am 6% Iowa Centref 4s°51...... Kan City South 38 1950 . % Kan City South §: Kan City Ter 1st 45 % Lake Shore 4s°31 . Lehigh Valley cn 4s 2003. Louls & Nash uni 4s°40 Louis& Nash 7s, 1930 1 Market Street Ry 7s A *40 96!s Mo Kan& Tex prinbsA.. Mo Pacific gen 4s'75. Missouri Pacific 58 A *65.. Mo Pacific5s F.... Missour! Pacific 55 G Nassau El 4351, Ore Short L ref 4529 Qre Wash 1st ref 45 1961 Pennacn 4 'fi 1‘960 %8 Rio Grand West RIArk& L 4%s°34. StL Iron Mt gen 58 19! StLIM&SR&G4'33 StL&SF prindsA’s0 StL&SF 4%s'78.... Southern Ry dev 6%s Third Ave 1st ref 4s '60. Third Ave adj bs Ulster & Del bs '28 Unlon Pacific ref 4s 00! Virginia Ry 1st 5s°62 44144 Q3£+ *iti1e 1 & 21 5ot have any mergers at all, - IRES EENE N EFER PE RFEET £+ 14t x | . 3 [N o FEFFEF S 444 41441 40 - LEsd &L ¥ FEEE ¥ IHH & Net High. Low. 6% Olege. Chge. 5% b% — 1% 16% 144 14% — % 2% B4 55% 85 43 Worthington Pump. . 77% Worthngton Pump A(7) 95% 66 Worthngton Pump B(‘) 87 Wrigley Wm (4).. 6% 61% Yale & Towne (4). 2714 Yellow Truck & Coach.. 80 Yellow Tr & Coach pf. 59% 68 Young Spring (3). lll 127% Youngston Sheet & 52% 40 Zenith Radio (2).. RIGHTS—EXPIRE. 1% Am Com Alcohol Oct$ 9% Am Tobaceo, Oct 1. 8 Bethlehem Steel, O 81 Case (J 1) Noy 8% ConGasof NY 1% First Natl Stores, Oct 7 % Hayes Body, Oct 7...... 14 Lorillard (P) Sept. 30... Qfi Mathieson Alk Sept. 27.. 11% Murray Mfg, Oct1...... 6% North American, Nov 15 2% Pac Gas&Elec(A)Oct 21. 5% Pac Gas&Elec(P)Oct 21. 6 3% Un Carb&Carbon, Oct 21 3% 5 102% 96% . 138% lll. 9T% — 3% 116% -16% 9 —2 1% 2 '"e:...“"'&' 1'.'&“::.".::.'::" “"".,...%':.:f" i s 29, 1929—PART ’ 2. FiNaNCIAL, MERGER ATTEMPTS BRANCH BANK CHAINS VERY OFTEN FAILIFORESEEN BY BROKERS Otose. Ghire Management Element 60 Per Cent|National Banking Laws May Be 90 of Problem, Business Jour- nal Asserts. Speclal Dispatch to The Star. NEW YORK, September ?npan herald almost daf 28.—News- the forma- Modifled to Allow Greater Developinent. Special Dispatch to The Star. N ORK, September 29—The nm%"ln the de?elopmem”o! m: ily bn of mnuo rneruu but only faint | banking system of this counlr! consolida that | modification of t.hg nauonn! hl tlflld M in its current issued. of all attempts at consolidation. col- lapse, the publication adds, stating that management Is 60 per cent of the whole me&u problem. typical rocks on which pro- mergers are wrecked, the outlines one case in which & | Week says | laws to allow brang Fully 75 per cent | an a ts by Homhbwer & Vyre first logical developmenc w expocted,” ndda the analys! !erlu of bank L4 volved an uxoeuuv- bu enough to take | that ultimately the appearance of such the helm in the new venture. Anothe: T | super-holding companies (comparable merger has just been broken up through | to United Corporation and American upon to head it. Another with the sudden death of the principal owner of one of the comp: anlu The element of dislikes enters into the merger ploture, the magazine reports. the death of a man who was dcm g pse the de- tails of a merger of their interests. In the months of close contact while negotiations were in the men discovered not like his prospective eouu‘ue ‘The second man discovered a like feeling toward the other, and the merger was off. “When two companies unite,” the publication asks, “which of the two presidents shall be the head man? A merger of two New York banks fell through at the last moment because one president, always considered very gressive and energetic, refused to let imself and his pet organization be- come secondary. Yet many people con- sider the other president still more progressive and energetic. "Wfl'e it not for the useful device of making one man chairman of the board and the other president we might A chair- man of the executive committee some- makes room for & third man, and in one or tyo cases there is a chair- man of a ce committee. Many companies are really controlled by the treasurer. There are usually enough titles to save everybody.” CLEARING HOUSE STATEMENT. NEW YORK, September 28 (#).—The weekly statement of the New York Clearing House shows Total surplus and undlvlded profits, $1,097,806,100, unchanged; total net demand deposits (average), $52,097,000 decrease; time deposits (average), $16,- 362,000 increase; clearings, week ending today, $10,474,076,804; cleari week ending semmber 21, $10.059.881,641; clearings this day, $2,098,708,713. Chile has started its public works construction program, involving an ex- penditure of more than $191,000,000. First Mortgages For Sale JAMES F. SHEA 643 Louisiana Ave. N.W. WE WILL SELL (All or Any Portion) 5000 Chapin & Sacks 7 1934 @ 500 New Amsterdam 1st Mortg. 6lgs 1943 @ 8214, 2000 Fairfax (Pitisburgh) 1st & Rfg. 61¢s 1942 @ 8214, 1000 Fairfax (Phila.) Ist & Rfg. 614s 1943 @ 82%4. w & Finance 1st & Rfg. 6%%s 1945 @ 8234 2000 Fairtax (Buffalo) 1st. & s 1949 @ 8234, 1000 La; 1 ll'd.nlll l&ll Estate &' Invest. Com. @ 8. 150 Units U. §. Security Corp, @ 5%. 100 Vasco Products Com. @ 314, 208 Vasco Products Pfd. @ 5. CAPITAL CITY CO. 509 Washington Bldg. Phone District 8291-8298 Mortgage Bonds of 6]/2% the Federal See curity & Mortgage Company bear a $6,000,000.00 guarantee and are secured by conserva- tive mortgages on home prop= erties. You are definitely assured-of a profitable interest rate with absolute safety of principal Federal |_Security tMortga ge Co. uzz K Street NW. B2 TR e T H THOMAS L. HUME 1412 G Street National 1346, 1347 progress, one of e did has lo increased the Superpower in that field) will consoli- date the blnklng systems -in a few na- tional "Banim ks have advanced very ma- penonll likes ' and | terjally over the last three years and, based on Standard Statistics Index, the In_ one case 1l ywo i AR Wi market increase has amounted to 340.8 per cént since 1926, but ot feel this ad- vance has been entirely based upon the unprecedented era of pi bmnmy which earn| that the ylelds now available on lead- lnz bank stocks are aj proxmuly whn hey were at that During ! period an average o( public umny ucuflua has increased 333 per cent.” POTATO MAlKE’l‘. CHICAGO, September 29 (United States Department of Agriculture).— Potatoes—Recelpts, 146 cars; on track, 350 cars; total U. S. shipments, 1,230 cars; trading very slow, market weak; Northern Wisconsin sacked round whites, 255 to 2.65; central section, 225 W 340; Minnesota sacked round whites, 2.25 to 2.40; ordinary, 2.00 up; Minnesota and North Dakota sacked early Ohios, 2.20 to 2.25; small and im- mature, 2.00 to 2.10; Idaho sacked Rus- sets, 2.50 to 2.65. Because of the large number of Win- ter tourists in Egypt, Cairo is becoming cnaol\‘.lu laduuru.muknso!the Money lo Lonn Secyred estate. oule \Veih:- .." ':‘- .i', In Nearby Virginia 514%, weuance co Commonwealth Iuvemnen! Co. | 917 15th St. N.W. Phone Natiesal 2023 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. NW. 63rd Issue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly .hnnl Coluully James F. Shea Secretary SALESMEN who have successfully for investment, shares of l)lie Utilities and Fixed and General delphia house distributing a highly desirable and diversified list. For interview reply fully,* in strict confidence, Box 343.V, Star Office. This opportunity | is open to any real salesman, | present line regardless, who feels able to qualify. First Mortgage Loans Applications Invited at Current Rates of Interest Glover & Flather 1508 H St. N.W. National 1753 MAY EARY $10 A SHARE, With no sudden slowing down in carnings during the remainder of the year, it is considered ible in Wall re on ite klcrl eompuz Wi l'lh $82,507,613, Ifi‘l’ $7.3 Telephone Matropolitan ag 5% There is no such thing as Start them; they seek absolute safety rate of interest, basis with us. screel that the Pennsylvania Railroad | ta; must_be in the direction of thriit. 3 thrift account for the kiddies and encourage them to add to it regularly and you will have instilled in thsrn-lhat Spirit of Thrift which will later in life lead them to success. THE ADULT The successful investors do not allow_the promise of big speculative profits or exorbitant rates of interest to influence ROAD EARNG $1.05 A SHARE. Seaboard Afr Line Co. re- ports_ for " eight mnufi"i:?:i& Au"u-nre 31, 1929, net income of $1,088,654. after ehu'u q valent 1,233, :f"mckln?wd on x.a: Q'II shuu CLARK,CHILDS & COMPANY 120 Brosdway New York, N. Y. WASHINGTON OFFICE 1508 H STREET NORTHWEST . MEMBERS #EW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW VORE COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORE PRODUCE EXCHANGE BOSTON 8TOCK EXCHANGE CHICAGO BOARD OF TRADS CHICAGO STOCE BXCHANGE JAMES SLOAN, Jr. Mansger INTEREST COMI’OUNDED TWICE A YEAR AND FREE FROM ALL TAXES THE CHILDREN chance success; the first step for their principal with a fair SECURITY All deposits with this Asmmnon are secured by first mortga%es on improved real estate in this city and on the about $204.00 valuation for every $100.00 on deposit Columbia Building Association 716 11th St. Nw: UNDER GOVERNMENT SUPERVISION. FIRST FOLLOW THE EXAMPLE OF BIG INSTITUTIONS Over a Third of & Century Without a Loss National 2100 THERE in choosing your personal in- vestment. They, without excep- tion, favor and adopt First Mortgages—and what induces that choice are attractive fea- tures for you in our 6% FIRST MORTGAGES They want to be sure of their principal—and your money here is secured by a wide margin of realty value. They want justifiable return —and with us you are assured 6%—continuously. May be purchased in amounts from $250 up. B. F. SAUL CO. 925 15th St. NW. IS NO SUBSTITUTE FOR SAFETY OLDEST NATIONAL BANK In the District of Columbia “Qld Friends ”» —old books . . heartily subscribe to it, no doubt. You know the rest, and The “Metropolitan” has been an “old friend” to generations of Washingtonians, and looks forward to years more of usefulness. q Whether you have much or little to de- posit at Payday and other times, your cash deserves the protection of such a bank as this. Savings Dept. accounts may be opened with One Dollar or more. Open Until 5:30 P.M. Sept. 30th & Oct. 1st National Metropolitan Bank Capital, Surplus & Undivided Profits Over $2,300,000 15th Street, Opposite U. S. Treasury