Evening Star Newspaper, October 4, 1929, Page 15

FINANCIAL l ~ new vore B()INIS sroc excaan I by Private Wire Direct to The Star Office UNITED STATES. BOND LIST FIRMER AFTER BIG BREAK Market Leaders Recover Losses in Early Afternoon as Buying Appears. Special Dispatch to The Star. NEW YORK, October 4—Many bonds today made new low prices for the year and others equaled this year's low. Although the high-grade rails and utilities stood strong against the down- ward tendency of the market, the de- clines were general in the rest of the list. With the rally of the stock market around midday, bond prices generally came back. ‘The bear raid on the stock market forced the selling of many bonds as speculators sought money with which to stem the flood of liquidation in stocks. As a result the convertible issues be- fore midday all touched new lows for the past two weeks, and some of them new lows for the month. American ‘Telephone 4':s, the most active, fluc- tuated rapidly, down 20 points from last week's high price at one time. In- ternational Telephone opened down 3 points. Both recovered the losses and made gains as the stock market strengthenc. Other convertibles to hit low prices were Allegheny 5s, of both the 1944 and 1949 varieties: Atchison 4!5s, Amer- ican I G. Chemical 5!3s and Phila- delphia & Reading Coal & Iron 6s. In the prime carrier issues and first- class utilities prices were generally steady. An_ exception was General Public Service 5'ss, down 11y points to_a new low In the vest of the list there were many new low prices. Cuban Can Sugar 8s were down 17, points. and at a new low for the year. Chile Cupp(‘r 55 hit_their bottom’price for 1929. did_Richfield Oil of Californi Dodge Bros. 65 were sluggish, still hov ing around the low price of the vear. Tennessce Copper 65 of the B serles were down 2 points and at a new low. Foreign loans were very weak. Rio de Janeiro 6':s were at a new low. and so were Argentine 6s. German Central Bank 6s (October, 1960) were traded in at the year's low price. Kreuger & Toll 55 and Lautaro Nitrate 6s With- stood the selling fairly well. United States Government issues were unchanged in light trading. HEAVY CONSTRUCTION. NEW YORK, October 4 neering work in the United States, based on the value of contracts let, took an upward swing in the first nine months | N of the year with-a 20 per cent increase over the same period in 1928, Engineex- ing News-Record reported today. Large buildings account for two- thirds of the increase and a little more than half of the total gain has been in New York and New Jersey. The | total for the January-September period is $3,221.505,000. as against $2,6838: 000 for the first nine months in 1928. Awards in September were valued at $235,781,000, which compares with $285.211,000 in September a year ago. Residential building activity is still under the level reached in 1928. ‘The | perccn(age of decline in this class has been 27 per cent below last_')ear, grouped according m classes. SILVER QUOTATKONS NEW_ YORK, October 4 (#) —Bar silver, 50'g; Me‘dcan dollars, 15. Washington Stock Exchange | SALES. Capital Traction 55—$3.000 at 8. Potomac Electric Cons. 55—$5,000 at 981.. ‘Washington Gas 6s A—$2,000 at 100!z, ‘Washington Gas 6s B—$1,000 at 102. ‘Washington Rwy. & Electric 4s—-$1,000 2t 802, $2,000 at 80, $500 at 80. ‘Washington Gas 55—$5,000 at 98, $2,000 at 98. Capital Traction Co.—10 at 88. Potomac Electric 6" pfd.—2 at 111! Potomac Electric 5!5% y f American Security & Trust Co.—10 at 460. Real Estate Mtge. & Guar. pfd.—160 at 73, AFTER CALL. Capital Traction 55—$1,000 at 88, $5,000 at 8815, Real Estate Mtee. & Guar. pfd.—200 at T35, 140 at Tig. Mergenthaier Linotype—10 at 10315, Security Storage Co.—60 at 112. Capital Traction Co.—5 at 88. Bid and Asked Prices. BONDS. PUELIC UTILITY. Amer. Tel. & Telea. 4135 '23 Waih: Gas o 3 Wash. Rwy. & MISCELLANEOUS. Barber & Ross, Inc, €'os... B b orsl 615 hesthut Farins Dairy 6t e Clu o1 Storase 55 TN 08215 o o STOCKS. PUBLIC UTILITY Wash. Cons Balto. & ‘Annap. bl () —The | 3 volume of heavy construction and engi- | (Sales are in $1.000.) Sales. imlkm 15 9810 986 s 147 9812 9811 10 10613 10613 10613 FOREIGN. Sales. High. m; # %s... lelsll%n Lib 4th 4% US44us 52. Argentine 6sJu 69.. 17 Argentine May ‘61. 10 Argentine 6s Oct 69 32 Argentine 5%s'62 3 Argentine 6S A..... 10 Argentine6sB..... 7 Australia 4%s56... 16 Australia 58 1955.. 2 Australia 58 1957... Austria 7s.. Bank of Chile 6% Bank of Chile 6% Belgium 6s. Belgium 6%s. . Belgium 7s 1955 Belgium 7s 1956 Bolivia 7s ct '69 Bolivia 83 Bordeaux ¢s Brazil 616s 1926 Brazil 6%s 1927 Brazil 7s. Brazil 8s Bremen State 7s. Canada 651931, Canada 5s 1952, Chile 6s°60. Chile 65 °61. Chile 7s 1943... Colombia 6s Jan '61 Con Pow Japan 7s.. Copenhagen 41438 53 Czecho 8s 1951, Czecho 8s 19, Danish Munic 8s Danish Munic §s Denmark 4% ast I 6s62., Il Salvador 8s 48... Inland 5335, Finland 7s Framer [ <6 French 734s.. 29 German R:mk 6s '3 76 Italy 7s.... Itallan Pub S 7s Japanese 4s. Japanese 614 Kreugers Lyoas 6s. . Marseille 6s. Mex 451904 asnd Mexico 4510 asnt Norway, 6155 195 Orlent'dev 635 58. Paris-Ly. Poland 7s (rets). .. Poland 8s. i Porto Alezre 85 RhineWst EP 7s 50 Rhine Wst 6 Phine Wst Rio de Janprlofi‘bl Riode Jan 8s 1946. Rlo Grdo Sul 6s 4 Rio Gr Do Sul §s Rome 61;s. Sao Paulo 1950 Saxon m“) s Seine 75 42. Serbs Crot Slo §s. Shinyetsu 6148 52 Soissons 6s. Sweden 6s. Swiss5ise 1 Swiss Confed 8, Toho El Pow 7s Tokio 5s..... Tokio 5165 1961. .. Utd Kingm 6155 317, Uruguay 6s 1960... Uruguay 8 Vienna 6: Warsaw 7s Yokohama 6: Abramg&Straus5ls 22 Alleghany Cp 53 '44 Alleghany 63 49 wi. AmAgriChem 7%s. Am Chain 6s 33 Am Chem 5% s c Am Int Cor 5%s 49 Am Smit & R 1st 53 Am Sugar Ref 6s.. 10 Am T&T ev 418 392240 Am T & T el tr 5s. AMT&Tsf5s Am Tel & Tel 5 Am Water Wks bs. Am Wrtg Pap 6547 1 Aromur&Co4%s39. Armour Del 5%s Associated Oil 6s. Atl Gulf 6 59.. Atlantic Refin & Bell Tel Pa5s B, Bell Tel Pa5sC.... Bethlehm Stl pm bs. Beth Steel rf 6s.... Beth Steel 635 53.. Bethlehem Steel 63. Bklyn Edison 5s. .. Certain-Td 5%s rets Chile Copper 5s.... Colon 011 6s°38. Col G&EI 53 Ma: Com Invest 618 49 Com Invest 6s ‘48 Con Gas N Y 6%s. Con Coal Md bs. Consumers Pow Cuba Cane cv 7s. Cuba Cane 8s. Cuban Am Sug 88 Det Edison 58 40, Det Edison 6s. Dodge 6s... Donner Steel 7s Duquesne 415 67. . East Cuba Sug 7%s LR AR aER A NATIONAL BANK. National Capital lumbia District Federal-American . Liberty s Lincoln ; National Riggs o ond Natlonal TRUST COMPANY. American Security & Trust Co.460, Continental Trust Merchants' San! National Savin Union Trust. Washington Loan & Trust. BAVINGS BANK. Bank of Bethesda Commerce & Savil East Washinston Potom Security Slvlnll & 5 PIRE INSURANCE. American o Gorcoran National UBich. TITLE INSURANCE. Columbla Title. Real Estate 'rlue Title & Inv. of Wash Coni. “Title oid. MISCELLANEOUS. Barber & Ross, Inc, com. Ghevy Chase Daity oid vel ptd Ccmmercial Natl. Co. pf a) Lanston Non Merchants’ ’l‘n‘(nl l ‘Storage ny. rug Stores pfd. s 13 itge & ‘Guar ' prd i com Fisk Rub 8s. Gen Cable 638 47.. Gen Mot Ac Cor 6s. Goodrich 6%s. Goodyear bs ret Hoe & Co 618, Humble Ol 6s. 32 Humble O & R5%s. 11l Bell Tel 6s...... 7 11l Steel 435 40...,. 11 Ind Steel 5s. . 1 Inland St 4%s Int] Cement 6548 IntT Match 55 47 Int Paper 6s 47 Inter Paper 6s. .. .. Int Tel&Teleg 4. int Tel&Tel 4%s cv a:m Laclede G 543 2. Lautaro Nitrate 6s. Ligget&Myers 6551 Loew's Inc 63 . Loew's 6s w o war, Lorlillard 6%s. McCormck ER 6s'34 Manati Sugar 73s. Midvale Steel bs. .. Montana Pw aeb 6s Nat Dairy 6%s. Nat Tube 1st b NewEnglana Tel 8 NYG&EHPSbs. NY Tel4%s N ¥ Tel 6: N Y Tel 6s 49 No Am Ed 5% ‘62 Nor Ohio Tr&L 65 Nor States Pow 58. Nor States Pow 68 Pacific Gas & EI b8 Pac T & T st b8, .. ’u“:m;;mhmm FS-{ s Wash. Medical Bids. Corp. . Woodward & Loth b nlf’:jn : Na Mise by NG acha, Sas Pac T & T ke 52, Powrme srr ¢ @u 1017 8% S84 98% 1008 1001 10045 1081 104% t 104% 105 1 97 1121 1121 101 10214 Low. Close. 627 971 988 98 11 1004 79 9814 lfl(i-‘ 1004 100t 51 997, 101% 103 8 105% 85'a 101% MISCELLANEOUS. 108 103 10214 2074 2 101% 101% 1051 97 100% 102% 10.% 98 99 1011 104% IOn' THE EVENING Sales. Phila & Read 6s 49 Philips Petro 6% Plerce Oil deb Por Ric Am 7ol Postal Tel & C 6 % Pressed St Ca RemingtonAr 6s 33. Rem Rnd §%s war. Sinclatr O11 6; Sin o1l 6 Sinclair Oil 7s. Tenn Copper 6s 41 Tenn Elec Pow 6s Transcontl O1l 6%8 Warner Sug 7s 41... War Quinland 6s ‘39 West Elec bs. {Vesln Union Wickw Spen 1st Wick-Spen cv 7 Wilson & Co 1st 6s.. Win RepeatAr 73s. Youngstn S& T bs.. 61 I T PR T Y 7 o9 RAILR! AD. Atchison adj 4: Atchison gen 4. Atch deb 4% 43. AUl & Dan 1st 45 43. Atlantic C L 415 64 B&OGold 4 B&Ocv4l B&Orths B & O 5s 20 B&O1sbsct. &OSW 5350, 0su &0 Toledo 45 Bklyn Manhat Eklyn Un 115 Buff R & Pitts 4345, Bush Term con 53, Can :\a! 4%s30 Can Pac §s '44 rets, 3 Cent of Ga 55C 59. Cent Pac 4s. Ches & O 435 93 A, Ches & O gen 4%s Ches & O cv4ls Chi & Alton 31, £ Q4d%s Chi Gt West 48 59 € M & StP Gen 89 - StP 4%z Chi MiISP&Pachs’ 5 MSP&Pac adj5s03 154 Chi Chi VW 41582037, ChiR 1 Chi R Hinc 65 60, Chi Un Sta 5s. Chi Union Sta 5s 44 Chi& W Ind cn 4s, C& W 15%s 6! CCC&StL 4 Del & Hud 1st rf 4s. Del & Hud 535, Del & Hud 7s 30 D Rio G West Erie conv 4s A rie Gen 4s. Fla East C6s 74. Gr Trunk st db 6s Grand Trunk 7s. (:x Nor 4143 76 D. Hud & Man aj 5 Hud&Man ref 5. 111 Cent 4% s 66. 1 [11-C-C-StL&NO &s Int Rapld Trans 6s. Int Rap Tr bs stpd. 11 Int Rapid Trans 6s. Iat Rapid Trans 7 Int & G Nor 1st 6s. , Int & G Nor adj 6s 5 lowa Cent 1st 5. Kan City Ft S4s.. ., Kansas City S 6s..., Kan City Term 4s. ., Lake Shore 45 21. LehiVien 43%s 2003 Lehigh Valley 5s 20 Long 135837, . Man Ry 1st 45 90.., Market St 7s 40. .. Mil EI Ry & L 63 61 Minn & StL vef 4s.. M StP&SSM cn 4s. | M StP & SSM s%s. 1 MK&T urinbs A, Mo Pacific gen 4s. Mo Pac 53 F 77. Mo Pac 5s G 78 Mo Puc 5153 4 51asst, Nassau il 43 5 NYC&SILo%sA NYNH&Htigs., NYNH&Hclt 65, ¥ Y O W gen 45 55. N Y State Ry 4%s, ., NYW&B4 *s Yor & S gen 55 54 Norfolk & W en 4 Nor Pac 3s 2047 Nor Pac Nor Pac 4145 2047, , Nor Pac rf 6: Ore Short L rf 4s. . Ore Short L 5s gtd. Ore Wash Ist 4s. Penna con 4% s Penna gen 41 Penna 435 63 Penna 5s 64 Penna gen 5 Penna 687 Penna gold Pa Ohio & Det Peo & E 1t 45 40.. Pere Marg Ist 5s. PCC&SILS5s A PCC&StLos B 15 POrt Bl PL6s. ... Philippine RR 4s. ., Reading ken 4153 A Reading J C4s51.. RIATk& L 4%s... StL IM&S gn bs StL IM&S R&G SIL&SF pl4sA SIL&SF 4%s78.. 10 SHee~a PR T StL&SForinébs, - StL S W con es 32.. S B All Fia 68 30 Sou Pac cit Sou Fac ref Sou Pac 4% Sou Ry gen 4s Sou Ry con b 5 Tex Ark FS 5143 50 Texas & Pacific 1st. Tex & V'ac bs B 1977 100 Iex & Pac 65 C 79. 1001 1012 3 I'hird Ave ref 4s 60 ird Aveadibs. .. 62.. ian. Low. Close. 1L 86% 105% 92 90% « | four major Eastern system it is not 100 8314 913, B 90 821y 1004 1001y 102 10074 STAR EASTERN RAILROAD MERGER WINS 0.K. Speclal Dispatch to The St NEW YORK, October 4 —The Inter- state Commerce Commission, through the recommendation of its examiner, that the Baltimore & Ohio be permitted to buy the Buffalo, Rochester & Pitts- burgh, has taken the first forward step in the matter of Eastern railroad con- solidation in many months, Nearly all of its acts recently have been of a negative character with a general policy of “sidestepping” the merger’ issue until such time as it pre- sented its complete scheme for unifica- n. This leads to the query whether in agreeing to the purchase of a line that is to be an integral part of one of the directly into Buffalo and compete there wma the New York Central and the ylvania. ulnntbehmdnpeehe“hemt- ern railroad situation, however, that approval of the Buffalo, Rochester & Pittsburgh purchase by the Baltimore & Ohio claimed most atfention in railroad circles today. It was rec as the first positive sign that the Interstate Commerce Commission is standing by its original preference for a four-plan scheme of oad mergers in the trunk- line territory. This would dismiss from consideration other projects for break- ing up this fleld into a larger number of units, and by making weak lines weaker and strong lines stronger de- stroy the general spirit of the trans- portation REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Advantages incident to direct representation 1520 K St. N.W. anticipating its own official recom- mendation to come later and is favor- able to the principle of four systems in the East rather than five or six, as has been suggested in applications of the Wabash, and more recently that of k F. Loree. The commission refused the request of Mr. Loree four years ago to include the Buffalo, Rochester & Pitts- burgh in his projected fifth system. Another possibility that grows out of the present recommendation is that the commission may not wait to announce its general consolidation plan before rendering a decision as to the merger of the Great Northern and the Northern Pacific. From the standpoint of the parties most in interest, the decision of the In- terstate Commerce Commission in the Buffalo, Rochester & Pittsburgh case is a decided victory for the Baltimore & Ohio. Its right to hold the Buffalo- Pittshurgh line had been disputed with- in two weeks, both by the Wabash and by the Pennsylvania, although neither had shown any evidence that they mn- tended to include it in their own sys- tems. It has always been regarded as a logical ally of the Baltimore & Ohio, giving the jatter an opportunity to de- velop its Pittsburgh territory and to shorten n: uuouxh line rmm the East National 0475 Real Estate Investments JAMES Y, PENNEBAKER Nat.5291 1520K St. N.W. More than a third of a century’s experience T Union Pac 1st 4s. 2 1 Union Pac 15t rf 4s. Un Pac 1stref fi!... 105% 105% A Virginia Ry 1st bs.. 'nl'. 101 10!% Al @ 5 Your Worries Whash 4%s 78 !C(!- 7 1000 l::g:k 1004 There is no need for you e imposing upom your time West Maryland 4s 75 b looking after the details of L iin 9 eat ?’ln“clflc!u:" - .l management of your prop- erty. That is a feature of our business we can render for you most profitably. 3. F. SAUL €O \RANTS ' 2100 925 15th St. N.W. in (!I{X'XE.GS’:I;UR PROPERTY Mortgage Notes and Bonds I§ MANAGEMENT For nearly thirty years we have maintained a thor- oughly equipped rental de- partment and we actually retain some of the original accounts, Place your funds in these high - character first mortgage notes and bonds, secured on paying properties in Washington and fts suburbs. Abso- lute security of principal and interest, backed by our $3,100.000 resources. (2] R tracts from a letter of a property owner recently received—"1 certainly do thank you for the excel- lent and prompt manner you manage my rent busi- ness, even in trifling de- tails, y o u r viligance, courtesy and sympathy are unparalleled, etc.” Try this service. Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. Denominations from $250 upwards. Convenient monthly payments if de- sired, Send for Success Plan, booklet, the =nm -2 - REALESTATE Mammsafimm LORFDRATION Capital Resources $ 3,400,000 24 JACKS THE FIRST SUPER-TIRE GOODYEAR DOUBLE EAGLE Safety at 70” A King Could Buy No Better BEN HUNDLEY GOODYEAR TIRES 3436 14th St. N.W. (At Newton) In Financing Your Home —do not forget to ask us about the Real Estate Loan Plan of the Metro- politan Life Insurance Company. Rates Are Low Terms Are Reasonable No Renewal Charges NO COMMISSION CHARGES Consult EAVER BRO! REALTORS 809 15th St. NW. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company In Nearby Virginia Prudential 51/2% Insurance Co. Commonwealth lnve:tment Co. | 917 15th S¢t. N.W. Phone Natienal 2623 \ Large and small First Trust loa ns negotiated promptly at lowest rates and commission. @ FIDELITY MORTGAGE INVESTMENT CO. 507 11th St. N.W. National 2431 Complete Investment Service GiLLeT & Co. BANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone National 2460 Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets ADE . COOPER. President Capital, $1,000,000.00 FINANCIAL. ' First Mortgage Loans 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 Loaw Correspondent New York Life Insurance Co. Equitable Co-operative Bldg. Ass'n JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secreta Organized 1879 49th YEAR COMPLETED Assets . $5,675,899.10 Surplus & Profi -$1,695,89: Subscription for the 97th Issue of Stock Being Received SAVE AS YOU EARN 'HE 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 you have a steady income. Come in and let ys explain about our systematic plan. 915 F St. N.W. WE TAKE PLEASURE IN ANNOUNCING THAT MR. WiLLiam KNnowLEs COOPER HAS BEEN ADMITTED TO GENERAL PARTNERSHIP IN THIS FIRM EFFECTIVE OCTOBER 1, 1929 CRANE. PARRIS & COMPANY 821 15TH STREET N. W. WASHINGTON, D. C. MERGED Guaranty Trust Company of New York 140 Broadway BRUSSELS LIVERPOOL LONDON PARIS HAVRE = ANTWERP Condensed Statement, September 27, 1929 RESOURCES Cash on Hand, in Federal Reserve Bank, and Due Public Securities Other Securities. Loans and Bills Purchased.. Real Estate Bonds and Mortgages. ...... Items in Transit with Foreign Branches .. RealEstate............ccoo00euieecnncaccns e Accrued Interest and Accounts Receivable....... Capital. . Surplus. .. from Banks and Bankers. ........ U. S. Government Ponds and Certificates $484,475,162.62 123,560,525.96 17,076,515.49 44,851,823.23 1,023,921,065.93 186,439.99 8,594,933.42 125,971,233.29 13,597,094.75 16,421,750.87 $1,858,656,545.55 LIABILITIES $ 90,000,000.00 $288,808,992.63 4,350,000.00 417,413.00 Accrued Interest, Miscellaneous Accounts Payable, Reserve for Taxes, etc. -eements sl:lgepmhu Unued Stnu urities Acceptances. . ing Checks. 29,409,649.20 9,187,035.86° 125,971,233.29 124,479,337.41 . $1,197,588,575.54 1844430862 1,276,032,884.16 $1,858,656,545.55