Evening Star Newspaper, October 31, 1929, Page 13

FINANCIAL, INVESTMENT BOND ISSUES IN DEMAND "Convertible Group Rallies Vigorously With Stocks. Rails in Advance. ®pecial Dispatch to The Star. NEW YORK, October 31.—The wave of liquidation in first and second grade corporation bonds and in governments and municipals which swept over the market Wednesday subsided somewhat today, although there was further evi- dence of selling by individuals to pro- tect speculative accounts or to buy common Stocks and by savings m;nkn who were ‘experieneifig & heavy with- | drawal of deposits‘to meet stock market situations. Consequ?n(]\ the benefit of easy money and of a probable further de- cline in money rates has been sus- pended until the unusual conditions in the stock market adjust themselves. All of the gain made by bonds in the first three weeks of October has been lost, with the average today somewhat below the previous low average of October 4. The convertible issues, résponding to developments on the stock market, were much higher today. American Tele- phone 41.s opened 25. points above yes- terday's close, but subsequently lost part of this gain. International Telephone 4%s were 17 points higher. Both of these issues, however, are still about 50 points below their high of two weeks | B ® o illustrate the way in which recent gains have been swept away in the high-grade list, such bonds s Chesa- eake Corporation 5s, Youngstown heet & Tube 5s, American Telephone UNITED STATES. 9616 9616 98 9 98 9 9310 9810 2 10‘01 HI!OI 1st4%s 211 4th 4% 613 99 6 'D 4 .9 6 FOREIGN. Sales. Hich, Low. 2:58. Australlan6s...... 1 89% B89% BN‘. Argentine 6%8'62 Argentine 6sJu 59.. Argentine 6sOct 69 6 | Argentine May *61.. 22 | Argentine 6s A. 34 | Argentine 6s B. Austraiia 4%s 56 Australia 6s 1955, Australia 53 1957 Austria 7s Bank of Chile 6%4 Bank of Chile 6% Belgium 6s. Belgium 6% s | Belgium 78 1855, Belgium 78 1956 2 Brazil 8s. Bremen Etate 78, .4 Canada bs 1931. Canada 5s 1952. Chile 63 "60. Chile 7s 1943 Chinese Gov Ry 6 Con Pow Japan 7s Copenhagen 4%s 53 Copenhagen s ct. DET 5%s Mch53.. DEI6%sNovE3. ., Dutch East 163 47. Dutch East I 6s 62.. THE EVENING STAR, [ovomv o BONDS o ] Received by Private Wire Direct to The Star Ofice Sales. Pathe Exchange 7s. Peoples Gas 6 Phila & Read Philips Petro 6% :or Rio Am Tob 49.107 981 984 984 10 874 87w 874 23 924 90% 924 27 974 Dz;: :g% 598% _ 9l % 3 5~ Sin Pipe Line South Bell Te So Por Rico Sug Stand O1I N Y 4%, United Drug U S Rub 1st rf U S Rub 7%s. Utah Pow & Vertientes Sug 7 Warner Sug 78 4 Walworth 6%s 3! 100% 104 95% 101 100 90 84 9% 954 100% s 101 Wick-Spen cv 78. .. Win RepeatAr 7%s. 9 Youngstn S& T 6s.. 69 99% RAILROAD. Ann Arbor 48 AS&SF cvt 4s AtlanticC L Atlantic C L 4s. Atl & Dan 24 B & O Toledo 48. Bang & Aroos 4s 51, Boston & Maine b 106% 9% 33 106% 9% 73 88 94 142 89% 87% b3 91 95 100% 102 100 107 91 100% 1048 95% 101 100 90 84 8% 95% 100% 101 107 99% 35 106% 9% 73 83 91k 142 89% 874 63 9 95 101 102 100 107 101 91 m‘« Sou ac 4o rein. s 10 Sou Pac 4%8 6) ww g 1 104% 10 115% 115% 120 120 Third Avead) Tol Tr L&P b% 98% 98% 103% 1034 84 84 eIt RN ADAmBN Union Pac 4%8 67.. Whash 4% 78 rets, 101 i 9.4 98% 98% West Pacific §s. wovh USW 93h Wall Street Briefs By the Associated Press. Standard Home Utllitles, Inc., sub- sidiary of the Splegel, May-Stern Co., WASHINGTON, D. C. BALTIMORE EXCHANGE FOLLOWS N. Y. EXAMPLE Special Dispatch to The Star. BALTIMORE, October 31.—Following similar action by the exchanges in other cities, the governing committee of the Baltimore Stock Exchange. voted late yesterday to take a two-day holiday. The exchange will open at noon and remain closed Friday and Satur- day. Joseph H. Kummer, secretary of the exchange, sald the action was taken to permit members to catch up with trans- actions on the New York board. ‘The market staged a quick comeback yesterday, but at the close prices were still far below levels prevailing before the New York crash and the volume of sales was very heavy. Paper profits for those who got in on the bottom were enormous. Prices compared with last Wednesday will show what has happened to active issues here: Oct. Gonsclidated Gas (com.). 133' Chicago mail order house, plans to open (U.'s. F. & G six new stores within the next few weeks and & seventh in the near future. The new stores will be located in Mar- fon, Mansfield, Massilon, Canton, Lo- rain and Elyria, Ohio, and Racine, Wis. The Associated Gas & Electric Sys- tem has acquired the American Utili- ties Co., which, in turn, controls sub- sldiary companies operating in Missourl, Kentucky, Tennessee and Louisians, and a number of smaller properties in Arkansas, Oklahoma, Texas, New Mex- ico, Arizona, Delaware, Pennsylvania and New York. ‘The American Commercial Alcohol Corporation announced today that all of the $2,397,600 of its outstanding 7 per cent cumulative $100 par preferred PARIS BOURSE PRICES. PARIS, October 31 (#).—Prices im- proved on the Bourse today. Three per cent rentes, 78 francs 55 centimes. Five per cent loan, 105 francs. Exchange on London, 123 francs, 85 centimes. The dollar was quoted at 25 francs 59 cen- t.h%r.s. s he Bourse will be closed tomo: and Saturday. o New Steel Business. NEW YORK, October 31 () —New steel business as reported today by Mid- west operators is on the upgrade in vir- tually all directions and November is ex- pected to show much better results than October. THURSDAY, OCTOBER 31, 1929. Ist & 2nd TRUST MONEY On homes, apartment buildings and business properties. No apprai .fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Natl.1403 W FINANCIAL. Subscriptions for Stock now being received THE MONTGOMERY COUNTY BUILDING ASSOCIATION 6972 Wisc. Ave., Bethesda, Md. ‘Wisconsi Organized under Iheml‘lwfl ‘or the State of Maryland WALTER A JOHNSTON, Pres Cheyy Chase, Md, ANLON. Chevy Ch: on Ing.flunblnl Agufinunl gnv..?:.u. M. DWARD st Mary " Assoctated Gen'l { America o 'i."l?c‘u""i 58, Chevy oh. Ma. RVILLE 1 RICE. Betbesda, Md. rative Builder LAWRENCE TURVILLE, Easemoor, Md. CARL W, MARI Sontractor & WALTER H. Peaern P. A. DAVIS, Ch 4. Vi Bress SME Evuns 8 Bros. AR UDITORS WM CLABAU(.H & CO. ertified Public Accountan! ts Over $300,000 Worth of ‘Stock Sabseribed for in ihe Last Three Months, Par value, $50.00 You may _pay for same in full or monthly instalments. Dividends compounded semi-annually. A SAFE, conservative investment, a guaranteed yleld higher than most bond issues, with no possible chance of depreciation in value, and ediate conversion of A’!gur equity in cash when needed. ' TICULARS E BELIEVE that an unusual oppor- tunity exists at the present time to purchase the common stocks of lead- ing companies. UPON REQUEST Common Stocks Knowledge of the capitalization and earnings of these companies, as well as the price range of their stocks over a long period of time, convinces us of their at- tractiveness at present prices. stock will be redeemed on February 1, —ng 1930, at $105, plus the quarterly divi- dent of $1.75, which will be due at that | GERMAN BONDS AND STOCKS. Qer Govt Red Loan with araw. Do Aked: time. Directors of the Sharon Steel Hoop | ing cifs attached per 100 B 69.00 61.00 Co. have withdrawn their recent offer [ Ger Covt Red Loan without to stockholders to purchase additional stock because of the recent drop in prices on the security markets. The offer may be renewed when the general financial situation is more stabilized. Net operating income of the New | N York, Chicago & 8t. Louls (Nickel |X Platé) Rallrond for September amount- ed to $1,706,149, an increase of $111,- 723 over September, 1928. 6155, Utah Power & Light 5s and Gen- eral Public Service 5'cs were At or near their low prices of the year. In the tractions, Interboro Rapid Transit re- funding 5s and the 6s, Chicago Railways 6s, New York Raflwnw 6s and Third Avenue Railroad 5s were at their lows | G for the year. Finland s £ 6545, Finland 7s Framerican 7% French 7s French 738, 'man Ban| man E1 P 6% 78 Bklyn Un El 68 sta. Buff R & Pitts 43%8. Bush Term con bs.. Can Nat 4%8 30, Can Nat4%s67..00 Can Nat4%s Can Nor 7s. Can Pao deb ¢s. CanPac4%s46...0 Can Pac bs ‘44 rots, Cent of Ga 58C 69.. Central of Ga 6% Cent Pac 1st 68 90.. Ches& Ocvaks... Ches & O gen 4% Ches & O Corpn bs. Chi B&Q gen 48 53.. CB&Qlstrbs... Chi Gt West 48 69... Chi&E I1i gn 68 61.. ChiM&StP4 4 8C89 Chi M&StP 4% CMSP&Pac adj! DI B i kT T T e == - Y e L s Washington Stock Exchange SALES. ‘Washington Gas 5s—8$500 at 96, $500 at 96, $500 at 96, $500 at 96. wnshlnflon Gas 6s A—$1,000 at 100, $4,000 at 100. Capital Traction Co.—10 at 17 4 at 77, 20 at 77, 10 at 77, 40 at 77 Potomac Electric 6% pfd.—5 at 1101, 5 at 110. 5 at 110, 10 at 110%a. Potomac Electric 5‘5’2 pfd—2 at 103, 10 at 103, 5 at 102 National C!pital Bnnk—IU at 230, Commercial National Bank—10 at 258. District National Bank—10 at 220. Nlllonnl Savings & Trust Co.—10 at Unioh Trust Co.—10 ab 311. Commercial National Co. pfd—50 at 101%, 10 at 101%, 10 at 101%. Federal American Co. pfd—5 at 98. Mergenthaler Linotype—20 at 1011, 10 at 102, 5 at 102, 18 at 102. Peoples Drug Stores pfd.—10 at 1071%. Real 7um.e Mtge. pfd—34 at 7%, 200 at Ter. Ref. & Whrs. Corp.+15 at 48. Woodward & Lothrop pfd.—3 at 105. AFTER CALL. Mergenthaler Linotype—20 at 102. Washington Gas 55—$1,000 at 96. Clm&al ‘Traction 55—8$1,000 at 89, 32 000 at 89:, $1,000 at 90. Capital Traction Co.—2 at tgmlc Electric 5% % 100% 100% 98 98 102% 102% 100 100% 9% 99% 97 97 96 96 91 mm 103% 683 ke Hungary 7%= Italy 78.... Italian Pub 8 7s. Japanese 4s. Japanese 6148 Kreuger&Toll bu et 132 58885388 We will be glad to make recommenda- tions upon request and solicit the execu- tion of your orders. Mackubin, Goodrich & Co. Established 1899 BANKERS Members New York and Baltimore Stock Exchanges "Associate Members New York Curb Exchange 1508 H Street 111 East Redwood Street Washington, D. C. Baltimore, Md. 9 var (Quoted i doliats AEG A E G (Ger Gen Elec) pfd B Commerz and Privat Bank.. Disconto. Gelischaft Berliner Handles Dresdner Bank .. fisehe Bank . armstaedter Bank Heyden Chem . Mercur_Bank Vien: German_ Loy 55° Lo 3 Milan 6%s The Chatham Phenix Corporation, or- ganized last year as an afiiliate of the Chatham Phenix National Bank & Trust Co., has acquired the Willlam R. Compton Co., security dellers, with offices in New York, 8t. Louts, Phil delphia, Boston, Detroit, Chicago, Kan. sas City, Cincinnati and New Orleans. ' Netherlands 6s 72 Nord 6%s Norway b Norway 5%s. Norway 6s 1943 Norway 6s 1944 Norway 6% s 1952 Orlent dev 634n s 9% 95% 958 103 103 103 102% 102 102% 103 108 102% 102% 98 98 1004 100% 5! Phine Wst E P 65 6! Rhlntwn EP 75 60 CCC&StLbs Clev Term b %: Colo & Sou 4348. Cuba Nor 5% ét. Cuba R R 7348, Nel & Hud 1strf 48 Del'& Hud 5%s. Del & Hud 78 30. Den & Rio G en 4 Den&RioG 43s36.. DRG& Wst 6878 Det United 4% Brie 1st cons 4 Gen 4s. Trle v bns Erie conv Ex 1 Fin East C 58 7 Fonda J&G 434 Ga & Ala 15t 68 Gr Trunk st db Grand Trunk 7 91k 91k 1004 _100% 100% "100% 0% 90% 9l 91 8% 89 93% 98% 7. Sa0 Paulo 1950 pfd.—35 at|Saxon (PW) Seine 78 42. Bank of Bethesda—50 at 63. ‘Washington Gas 6s B—$3,000 at 101. Ches. & Potomac Tel. of Va. 55—$4,000 at 100. Povtgfr;u Electric Cons. 55—$4,000 at forty years the H. L. RUST COMPANY has been making first trust loans on im- o.os proved properties in the District of Columbia e and adjacent suburbs of Maryland . . . In- e vestors have found the notes SAFE in the i e abundance of the security — CONVENI- o - ENT in their denominations ($250 and up- wards) — PROFITABLE in the highest interest yield consistent with a conservative investment. AS OF YESTERDAY. . 100% 100% Federal-American Co. pfd.—10 at 98. NOTICE—This exchange will close tomorrow and Saturday. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel clltr. B8 — BN BRI e R DT RO AR EO e N A O DA B SOV AN G NG O a D 95% _ 954 106%7108% 831 RiY 2 12 92 Vienna 65 '62. Warsaw 785! Yokohama MISCELLANEOUS. Abram&su'lull%l 6 100 99 100 Alleghany Cp 100% 100%_100%: Alleghany 68 49 100% 100%7100% 83 83 83 96% 964 964 102 101 102 108% 105 105 % TIW 7% 8% 98% 98% 108 103 103 175 156 161 101% 101 101 102 100% 102 104 100 87 83 101% 69% 100% 103 93% Gt Nor gen 7 Hocking Val 4 Hud & Man a) Hud&Man ref bs. 111 Cent ref 4 il Cent 4% 68 11l Cent rf 63 65. % B 90% 0% 90 90 94% 94% 102% 102% Will You Go to the Well Again y & Subu; Georvctown Gas 181 Fotomac Elec, 6 1 Wash., Alex Am Int Cor 6%s Am Chem 6% Am NatGas 6%s 4 Am Smit &R Int RysC A b8 72 Int RysC A 6s41. L] It is a trite saying about going to the well once too often, but investors in fluctuating securities have tasted bitter dregs from the well within the last fortnight. Fortunes have disappeared, as it were, overnight; people of small means have been wiped clean of their savings; another old saying has been vindicated: “All that goes up must come down.” Barber & Ross, Inc. 6las. anbit. Hotel ut We will gladly tell you more of the six per cent notes now available. Kan City Term 4 Lake Shore ¢s31... LehiVgen 4%s 2003 Lehigh Valley 65 20 Long Isrf4s49.... Long I 6s37. Louis&Nash uni ll. Louls & Nash 55 B. Louis & Nash G%4s., Louls & Nash 78 Man Ry 1st 48 90, Market St 78 40. MIIEIRy &L bs Minn & StL ref 4 Minn & 8tL cn M StP&SSM en M StP & SSM 5%s. o H. L. Rust Company 1001 15th Street N. W. Cold Storage bs.. Washy Cons. Ticle .o » 2 lolu. 101% 69'% 694 100% 100% 10274 987% 108% 108% 844 85 97 97 924 924 102 102 103 103 100% 100% Atl Gulf 68 69.. Atlantic Refin bs... Bell Tel Pabs B.... 15 Bethlehm Stl pm 68 Beth Steel rf 8. | Beth Steel 614883, Bethlehem Steel Bklyn Edison 6s. ... Bush Term Bldg bs. Certain-Td 5%s rcts Chile Copper 68.... 15 Colon Ofl 633 28 Col G&EI bs May 62 101 Com Invest 5% Com Invest 6s. PUBLIC UTILITY. Amer. Tel. & Telga Crpital Traction Co Wathington Gas National 8100 B3 TABLISHED 1889 Investors in first mortgages and conservative bonds may gain great comfort from the fact that they have resisted the temptation to speculate with hard-earned savings, especially in the face of taunts from friends who were making a “killing.” Those who are satisfied with safety of principal have existed through the last few weeks without rushing for the stock quotahon of the hour with- out answering the call for “more margin.” Their comfort is only tempered by the sorrow they may feel for their more unfortunate friends. Wash., Balto. & ‘Annap. pld NATIONAL BANK. Becond ... National’ Ba] TRUST commw American Security & T Continental Trust Merchants Bank Union Trust Washington Loan & Tras BAVINGS BANK. Bank of Bethesdn DugussneEiiear EastcubaGugTie 4 Flsk Rub There is a lesson in all this for those who have been through this experience. Are they going back for more, or will their savings now go into non-fluctuating securities such as First Mort- gages? The investors in Swartzell, Rheem and Hensey Company First Mortgages do not watch the ticker; do not look in vain for dividends; do not worry when the stock market crashes. This security is worth a deal of speculative excitement. HIS banking house provides Bond Department and Stock Exchange facilities for buying and selling securities, and, more impor- tant still, Statistical and Engineering Department facilities for <servicing” them. These latter departments keep watch over our clients holdings,and ad- vise them of any developments which should have their attention. Humble O & R 6%s. 111 Bell Tel 68 Iil Steel 438 40. ... Inland Stl 4348 78 Intl Cement 684! Intl Match 63 47, Int Paper 68 47, Inter Paper 6i IntTel&Teleg 4% .. Int Tel&Tel 43 cv 453 KanCity P& L 6s.. KanG & E 68 62. Lackawa Stl bs. Laclede Gs. Laclede G 6%s 62. . Lautaro Nitrate 6s. National Ubloi TITLE INSURANCE. Columbta Title 5 of Md. con Wash. Cons. Title pfd.. MISCELLANEOUS. —a SheS=d- ar Gommercial’ Nat| Co aper M1 B S Pt e, gha d Federal Storage pra. Federal-American Co."corn. Federal-American pid. . Lanston Moriotype. Merchants, Trans & Sofige Trans. & Stor. pid. Jer, Linotype. " B stres pid: - ores b R Fet M ElE Mige. & Guar. pid.. Will those, who have been so unfortunate, try again or will they remember a well known saying: um omSas weoNK Ligi Toew Loew’s 68 Lorillard Lorlillard 5% Lou Gas & Ei Manati Sugar 7%s. McCormck ER 68'34 Midvale Steel b Montana Pow 68 43 Montana Pw deb Mor's&Co 18t 43 Nat Dairy 6%s. Nat Radlator 6%s. NewEngland Tel 63 North Am Edis e Members: New York Stock Exchange New York Curb (Associate) Baltimore Stock Exchange Richmond Stock Exchange LA UL Iglehart & Co. Investment Bankers 719 15TH ST., N. W., WASHINGTON, D. C. Robert Stead, Jr., Resident Manager There’s more money lost trying to get even than in any other wa SWARTZELL, RHEEM & HENSEY Co. MORTGAGE BANKERS 727 15 STREET N.w./ WASHINGTON D.€. Unhs!ed Department. BONDS. Penna 6%s Ponnn gold e coniBa omirD tomqzake PCC&SIL Port EIPL Reading gen ¢%s A ReadingJ C RioG W 4 Rio G West ¢l RIArk& L 4% StL IM&S R&G 45 Stl. IM&S gn b8 31. SILASFDI4sA.. acks Chadin Scks v pHi Connecticut Pie Cq Chr. Heurich Br' Nor States Pow bs. Nor States Pow 6s. N ¥ Edison 58 44 Y% 104% 1099- 109% 9% 99% 101% 101% 103 103 104% 104% t Co North Capital Savings Bank 104% Northeast Savings Bank. Park Savings Bank Raleigh Hotel Co ‘Washin BALTIMORE CLARKSBURG WILM.NGTON CHARLESTON 109% WILKES-BARRE RICHMOND . : Conservative Mortgages are always worth 100 cents on the 99% { SIL 8 W con 48 32 1014 | Seab AL 4 103 |Seab AL ady li’ 104'4 Seab AL con 6 —-= 95%_96% 674614 57 57 0% 70 G!W lfi 57 Woedridee Langdon Saves Bk. 3 7