Evening Star Newspaper, December 4, 1929, Page 13

FINANCIAL vy « BOND PRICES RISE | Coxsev sons BONDS soex e, | ed by Private Wire Direct to The Star Office INHEAVY BUYING All Classes Advance in Strong Demand—Speculative Group Active. 8pecial Dispatch to The Star. NEW YORK, December 4.—All classes of bonds advanced in price today under & strong demand. The release of a great deal of money after ‘the month end and a fair reinvestment inquiry, brought the buying. Domestic bonds are now about 3!; points above their low averag: price for the year and foreign bonds are close to_their high average for 1929. ‘While prime rails, public utilities and industrials continued strong with at or near their high 1929 prices, and U. S. Government loans sold at their high prices for the year, the chief interest was centered in the more speculative types of railroad descriptions. The gains were wide and the trend of the market was tempered with a few declines, but the volume was heavy and movements of fractions were only made after persistent trading. Gains were made by Denver & Rio Grande ‘Western 5s, Erie general lien 4s, Inter- national Great Northern adjustments, New Haven 6s, St. Louis-San Francis- co 415, Seaboard Air Line 6s, Wabash 415s, Southern Railway 4s. Rock Island 4l2s and New York, Westchester & Boston 4'4s. The last named reached its highest level of the year. Florida East Coast 5s were down a point. Despite the low range at which these bonds are now selling it is un- derstood that there is no doubt about the payment of the next coupon. Convertibles were higher, with a bet- | ter range of stock prices. Foreign bonds were strong. The recovery in recent sessions bty various groups of foreign dollar loans has been remarkable, but analysis of the figures show that they still have as far to go to reach their high prices of the year. This is most strikingly shown in Brazilian and Colombia credits. A group of 10 Brazilian bonds, includ- ing issues of the Brazilian government, of the coffee states and Brazilian mort- gage institutions, sells today at an aver- age of 88.82. The low average price of this group for the year was 77.55, reached about three weeks ago, and the high price was 100.07. The recovery of more than 11 points, represents a point about mildl'ly between the high and the low prices. - Six Colombian bonds of the same character sold down to an average of 61.47 after touching—early in the year —=a high of 90.79. Today the average price of this group is 74.7, a recovery of over 13 points, but still 16 points below the high. The same applies to European de- scriptions, although their movements were not so wide. The German bonds sold at a high of 95.98, a low of 8481, and today are about 91.7. A group of 10 Central and South European issues sold at a high of 918, a |nw of 80.15, and today are umng around 386.31. HOCKING VALLEY URGES MERGING WITH C. & 0. At a meeting in Columbus, Ohio, of Hocking Valley stockholders the merger with the Chesapeake & Ohio was ap- proved. The meeting was called specifically for the purpose of taking up the merger. propollthm If the plan is approved by Interstate Commerce 'S u:e Chesapeake & OhlosHoc! lnes will extend from the Virginia coast to Lake Erie. Both lines carry a heavy coal-hauling traffic from the mine flelds of West Virginia, Ohio and Kentucky. Stockholders of the Chesa- peake & Ohfo Railroad also approved the merger plan, which will become ef- fective subject to approval of the In- terstate Commerce Commision. Washington Stock Exchange SALES. Wash. Gas 6s A—$200 at 101. ‘Wash. Gas 55—$500 at 98 Cap. Tract. Co—10 at 755 Pot. Elec. 6% pfd.—5 at 108%. Pot‘n!lec 5% pfd—2 at 110, 10 at % Natl. M. & Inv. pfd.—60 at 3%. Real Est. M. & Guar. pfd.—50 at 7%. AFTER CALL. Pot !lo:c 5%% pfd—10 at 104%, 5 Pot Elec. 6s 1953—$1, M at 1043 ‘Wash. Gas Lt.—10 at Cap. Tract. 55—$1, 000 at 92. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel, & Telga. 41is. Tel. & Tel 58 Anneom. ‘W TPor R K & Pot. giar. 8. P Teb of Ve 5. swu-\ Traction R ity & Suburban 55 ash. Alex & S Vernn i Wash_. Balto._ & Annap. s wnmn ton Gas 55 & . Gas Bs, series A Wtk Gas o cerien B ‘Wash. R¥y. & Elec. 45 I‘lflmLANEOVSA Bl - fande um Heul n . Jander Chevy Chase lub 5. Breomponi,. Botomac Blec. 8% ‘ptd Botomag Elec Wash. Rwy. & E Ryl & Biec ol 0. & Annap, com. Wash: Biite’ & Annar oo NATIONAL BANK. National Capital Columbis Commercial Federal-American | Liverty Lincoln National Mflmpollun Risgs . Natlonal Bank'ot Washington.. TRUST COMPANY. American Security & Trust Co. 4 tal M«rur Savings & Trust Union Trust : Washinston Loan’ & Friist SAVINGS BANK. mac Security Saving: eventh Street United State: Washington Mechanié PIRE INSURANCE, American Corcoran remen’s Ratonm® usio TITLE INSURANCE. Columbta Title. ....... Real Estate Title.. te & Inv. of Md. com....". MISCELLANEOUS. Barber & Ross. Inc.. 3 st Natl Securitier pfd Jederal Storage ptd. .. eoples Drug Stores pfd. ... . al Est. Mtge. & Guar. pfd curity Storage ... r. B N, W w.n:"n;s UNITED STATES (Sales are 1n £1.000.) Sales. High. Low. Lib3te... 22 9910 999 Lib1st4s 41 10110 1013 Lib 4th 4%s 161 usus.u. 2: 4 1003 100 4 1003 100 4 17 14 112 FOREIGN. Australia 6s 1955. . Australia 53 1957 Austria7s..... Bank of Chile £14s. Bank of Chile 6%s. Belzium 7s Belzium 7s Belglum 73% Belgium 8: Rrazil 6345 1926. Brazil 645 1027, Bremen Etate 7 Canada §s 1931 Copenhagen 41 53 Copenhagen 5s ct.. Cuba 6%s. . . Czecho 8% 1951. ..., Danish Munic fs A. Danish Munie §s B. Denmark 434 e | Denmark 5148 55 Denmark 6s. El Salvador 85 48.. Finland 51 Finland 7s. Framerican 1% French 7s. German Bank German F1 P 6 German 7s. Ger Gen Elee Greek 63 1963. Hait . Trish Free State 5s. Italy 7s...... Ttallan Pub S oy Japanese 6% s. 10 Kreuger&To'l ba ot 131 Lyous 6s. un nt.. Mexico 5s asnt. Milan 6% Montevideo ei: New So Wales 55 Nerd 6%s. . Norway 63 1963 Norway 6l4s. Norway 65 1943 Norway 6s1944.... 12 Norway 64w 1952, Orient dev 53 » 51 Paris Orleans 5% aris-Ly-Med & Paris-Ly-Med 7 Peru €3 1960 Poland I - Rhine Wst EP Phine Wst E P 6s 61 RhineWst EP.7s Sao Paulo 85 1926. ?zon (PW) 1 Sweden 63 !s"d.n wign 638 1946, Swiss Conted 8 Toklo 58 1961 Utd Kingm § Warsaw 7s '63. Yokoham MISCELLANEOUS. Abrama&Straus 6%s 26 1 Alleghany Cp 6s'44 52 1 Alleghany 6s 49 wi. 14 1023 | AmAgriChem 7%s. 2 103 1 Am Chain 6s°33. 2 Am Chem 6% cv 49 1 Am Cotton Of bs. Am Int Cor 6%s Am Smit & R 1st 68 15 1 Am Sugar Ref 6s Am T&Tev 4y AmT&Teltr Am Wrtg Pap 6s 47 Aromur&Co4 %839, Armour Del 63 Assoclated Ofl 6s. . Atl Gulf 68 59 Atlantic Refin bs. mfl 'rol PassB. Colon O11 6s Com Invest 614 Com Invest 6; Con Coal Md £s Con Gas N Y 534s. . Cuban Am Sug 8s. . Cuba Ca Duquesne 414567, Fizk Rub g, % Jen Cable 5mai.. Gen Mot Ac Cor €a. Goodrich 6343, Goodvear ba rots Hunible Ofl s, HumbleO & R 6%s 111 Bell Tel 6 11 Steel 4% s {nland Stl 438 78., intl Cemer 1011 103y Kendalls s 48 war Lackawa Stl §s. ., . Laclede 6. . Laclede G 6%s 62. . Lautaro Nitrate 63 Liggett & Myers 7s lLoew's Inc 6. Loew's !.ormnra =1 PETOTOVSTINEN - > JRUI VI Y=y V% Manat! Sugar 7% McCormek ER Midvale Stee) b: Montana Pw deb bs Montana Pow s 43 Mor's&Co 18t 4% Nat Datry 6%n Nat Radiator 6%s N Y Edlron 6%s » LT EYSE Yo 101 16 101 10 105 20 105 20 108 30 108 20 24 11220 3:15. 4910 1013 101 16 1003 100 4 105 20 108 20 11220 Low. 2:85. 9914 09 811 81k 0% 101 100% 100% 10114 13% 1244 184 £6% 9914 1031 92 92 102% 9614 100 . High. No Am Ed 5% " 1 Nor Ohlo Tr&L Nor States Pow 6 Pacific Gas & E1 PacT& T 6s 62 Pan-Amer Pete Paramount Pathe Excl Postal Tel & C 638 Pub Ser 43 Punta Alegre RemingtonAr €s 33, Rem Rnd 5% s wi Richfield Ofl 63 '44. Sinclair Of) 6s. Sinclair Ofl 6% Sinclair Of1 7s. Sinclair Crude 548 Sin Pipe Line 6 Skelly Of1 6% South Bell Tel 6 Southwest Bell So Por Rico Sug 1s. Stand O1l N J 48. Stand Ofl N Y 4% Tenn Cop 65 B ‘44 Tenn Elec Pow Tex Corp cv 58 1 Transcontl Ofl 6% n United Drug 68 63.. U S Rub 1st rf b U S Rub 7%s. Utah Pow & Lt bs.. Utllitles Powr 6%s Vertientes Sug 7s.. Walworth 6%s 35. . War Quinland "= '39 Warner Sug 75 39... Warner Sug 78 41 West Elec b Westn Unlo Weetn Unlon 6%s.. White Fagle O 5% .. Wickw Spen 1st Wick-Spen cv 7 Willys-Ov 6145 33. Wilson & Co 15t 6 Win RepeatAr 7% Youngstn S& T bs. 19 100’% RAILROAD‘ At & &BIr 4s33.., Atchison ad) ¢ Atchison gen 4s. Atch deb 4148 43. Atlantic C L 1st 4 Atlantic C L 4s. AtlanticCL 4%8 64 Bang & Aroos #s 51, Boston & Maine Brooklyn Elev 6148 Bklyn Manhat 6 Bush Term con 6s. Buft R & Pitts 4%s. Can Nat 4%s 30 Can Nat 435 64 Can Nat 435 57. Can Nat4%s68.... Can Nor ¢35 1935.. Chi Ind&L ref bs. .. CM&StPGen8).,, . Chi MEStP 44 E. . 15 | Chi MiISP&Pac5s76 111 CMSP&Pac adj5s03 185 ChiN W 4352037, 88 ChI&NW 4% 51987, 5 Chi & NW 7 4 s .| Cht Rya s “lchiR1&Pgn DS'A 00% 024 02% 03 6 Chi Un Sta 4%s. ... Chi Union Sta 6345, Chi& W Ind cn 4s.. C& W ib%s62 CCC&SIL 4348 E CCCAStL deb 43 v Term 6%s.... Coloa Sou 434s. ... Cuba R R 6. o Cuba Nor 548 cts. . Cuba R R 65 1936 of =19 Cuba R R 73, Del & Hud 1st rf ¢s, Del & Hud 53%s. Den & Rio G cn Den&R10G 4 4: D Rio G West 6 DRG & Wat 68 71 Erl- 1st cons NENNAN HNBRe et Fla East C 68 14. Fonda J&G ¢ 3% 63. Gr Trunk st db 6 Grand Trunk 7, Hav El Ry 65 62, Hocking Val 4348, Hud & Man a) 6; Hud&Man ref 63, Int Rapid Trans 6a. Int Rap Tr 6a stpd. int Rapid Tras 1at Rapid Trans 7s, Int & G Nor b8 1956, int & G Nor ad) 6s & :::finc;ns.'u YsCA 6 Lowa Cent of ear Kan City § 38 nsas City 8 b Kan City Term Lake Snore Leht Vaien Lehigh Vall ¢ | Long Is deb s, Louls & Nash 6 3, Man Ry 1st 48 90. % | MULEI Ry&Lt 438 Mil El Ry & L 6s 61 MSP&SSM5s3sgrd M StP & SSM 634 MK&T st 4 % | Mo Pacific gen 0 80 99% 100 Mo Pac 68 A 65. Mo Pac 7 Mo Pac 6%s 49 evt. Mob & O 4%8 77, Montreal Tr 6s B 5§ Nash Chat&StL ¢a, Nassau K1 a8 61 NYOWgend4sss, N Y Ry 6565 N Y State Ry 4 }4a. NYState Ry 648 63 22 NY Sus&Wn gen INYWa&B4aks 10 104 Nor Pao Tt 68:ceeee 2 1124 1124 1124 100'4 86 90 93% 134 £ mav,. llN Sales. High. Low. 55 91 89% 2 100% 100% 4 98% 98K .GI 9% 99 106% 105% 104% 104 108% 108% 101 100% a1 o 85 85 30 30 103% 103% 105% 105% 95% 95% 98% 1 Pere Mar 1st 45 66.. Peo& Elt 48 40.... Peoria & E Inc . Pere Marq 1 P CC & StL 6i Port RL& P Reading gen au- i o Reading J C4sb1.. 2 Rio G W 1st ¢ 1 RIATK & L 4%y, St IM&S gn b8 $1. StL 1M&S R&G 22 SIL&SFoDl4sA. SIL&SF4%s 8., S¥pr i i 0 100% 100% Y6 95% 891 8Bla M 914 102 101% 87 87 97 97 4 106 SiL&S Inbs. 36 st 4 Sou Ry gen Sou Ry con 6 Sou Ry 6s 66 Sou Ry 6%s.. ’rox Ark F'S 5%8 50 1% 90%, 108 107% 118% 118% 122% 121% 10415 104% 10715-107% 101 101 101% 101% 92 92 324 32 5 % 954 954 891 88% 9% 974 107 105 100 100 84 84 91% 91% 101 101 101% 101% Union Pac Virginia Ry Vy Ry & P Va Southwn con bs. Whbash 4%8 78 ret; Wabash 1st bs Wabash 2d § Whbash 6%8 75, Ve West Shora 48 Wheel & L E cn Wis Cent gn ds ¢! WILL RETIRE STOCK. NEW YORK, December 4.—The Gold Dust Corporation plans to retire 7,045 shares of its 6 per cent non-cumulative preferred stock and increase the author- 19% Organized 1879 JOHN JOY EDSON, President Assets .. $2.50 PER SHARE 915 F 1433 K St. N.W. lelll‘le! Doherty estate, Pleasesend me full information about an investment in Citles Service Common stock. ized preferred from 492,955 to 500,000 -$5,662,549.55 Subscription lfor the 98th Issue of Stock Being Received R Name. Address HOOVER MESSAGE HELD BUSINESS AID President’s Views Considered Constructive Effort to Stim- ulate U. S. Industry. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 4.—Presi- dent Hoover's message yesterday—a straight, plain, matter-of-fact business talk—referred to the superoptimism which ~resulted in the “inevitable crash,” but he felt that the capital which had hitherto been absorbed n stock market loans “is now returning to the normal channels of business,” and that business was anxious, but in- herently sound. The President wants quick action on the tariff carrying flexible rates to “minimize future uncertainties,” urges tax reduction at this session, for “every dollar so returned fertilizes the soil of prosperity,” and a vigorous con- struction program, both by the Gov- ernment and business. ‘The Government's place in business is again stated by the President: “I do not favor the operation by the. Gov- ernment of either power or manufae- turing business, except as an unavoida- ble by-product of some other major public purpose.” “Except in our fur department, our business for November was consid- erably above November of last year,” said Edwin Goodman, president of Bergdorf & Goodman Co., women's ap- parel, Fifth avenue, New York. “Til get_you the exact figures if you wish. “We had an unusually satisfactory month in all other departments, ana last week was normal in the fur de- partment. Many of our fur coats re- tail at from $5,000 to $75,000. “It was to be expected there would be a falling off in the buyius of some of these furs as the result of the market smash, with New Yo'# the center of the stock market opcgtions. But even then we had only tiee concellations of furs, ordered before the drop in stocks. and the purchaser of one of these recon- sidered and took the coat. So our net cancellations are two—not bad in a business the size of ours.” is statement is important in view Equltable Co-operative Bldg. Ass'n 50th YEAR COMPLETED WALTER 8. PRATT, Jr, Secretary Surplus & Profits. . .$1,705,130.78 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 us explain about our systematic plan. St. N.W. First Trust Notes Secured on Washington, D. C,, Real Estate Interest 6% Semi-Annually Conservative Appraisal Certificate of Title Fire Insurance and careful attention to details Wm. H. Saunders Co. Est. 1887 District 1015 Last year, Cities Service elec- tric subsidiaries marketed 1,420,000,000 kilt irs of electric energy. For Current Income— For Future Needs— Cities Service Common Stock Some investors want their divi- dends to pay current expenses; the Cities Service monthl meets their wishes perfectly. Other investors want chiefly to rovide for future needs and for them there is the einvestment Plan. Under this plnn dividends are rein- iveatad nummadl ngs grow rapidly. about this enpay zvny to buil dividend your old l‘.'.et us tell HENRY L. DOHERTY & COMPANY Southern Building Branches in principal cites, AND MAIL THE COUPON Washington, D. C. of the fact that the lpokelmln hMb one of the most exclusive and largest establishments of its kind in the world. (Copyright, 1929, by North American News- paper Alliance.) CHICAGO DAIRY MARKET. CHICAGO, December 4 ().—Butter 2; seconds, 35 -Firm; reeelpu 1272 cases; prb.-es unchanged. BITUMINOUS COAL OUTPUT. NEW YORK, December 4 (#).—The weekly estimate of bituminous coal pro- duction in the United States, prepared by the National Coal Association, shows a total for the week ending November 30 of about 9,800,000 net tons, a loss of about 1,000,000 tons from the total of the preceding week. The decrease was due to curtailed mine operation on ‘Thanksgiving day. Three thousand trees on the’ llowi of Sydnope Valley, a noted beauty spot of England, to be felled to make room for a new T suj First Mortgage Loans Lowest Rates of Interest and Commission "'Real Estate Investments JAMES Y. PENNEBAKER Nat.5201 1520K 5t N.W. INVESTMENTS We anticipate a period of lower money rates, accompanied by an ac- tive and advancing market for well-select- ed Bonds and Prefer- red Stocks. Inquiry invited | STROUD, KURTZ & CO. | 1 TRANSPO’:I’“A“:ION BLDG. ‘Telephone National 7480 WASHINGTON Among Those Who Are Buying Guaranty First Mortgage Notes and Bonds —are young men and women making their first invest- ent— in 6 90 up |08 Fartial Parments. tes. | send for Booklet, “The Success Plan” REAL ESTATE MORTGAGE & GUARANTY {LORPORATION Capital Resources § 3,400,000 24 JACKSON PLACE sages, those _we offer,'ts becoming more pro- nounced each day_ These sate non- fluetulun{ securities_offer you Teturn. with the absolute assurity and _unquestions safety of entire principal and interest. o ured on paying prop- erties and backed by OGF £5:400,000 resourees. Denominations from ASED on our study of investment securities extending over a period of fifteen (15) years, we believe this to be an opportune time to pur- chase Public Utility Security issues. A selected list of our present recommendations will be mailed on request. E. R. DIGGS & Co. Incorporated Established 1914 46 Cedar Street New York * Chicago Kansas City St. Louis Baltimore Newark Richmond Hartford Exempt from all Federal Income Taxes City of Shreveport, La. 5%, Gold Bonds Principal and semi-annual interest (June 1 and December 1) payable at the Guaranty Trust Com- pany of New York, in New York City. Shreveport, the second largest City in Louisiana, is a prosperous manufacturing, trading and distributing center, served by eight railroads. The proceeds of this issue are to be used to 5cflull’e and improve property for a municipal airport and flying fleld, the larger: of which will be turned over to the United States Govern- ment for the use of the U. S. Army Air Corps. These Bonds are general obligations payable from unlimited taxes to be levied against all taxable property within the City of Shreveport. Due each December 1, 1933-1958 Prices, according to matumy, to yleld 4.609, (Accrued interest to be ad When, as and if issued and received by us, -nd subject to the approval of counsel. Guaranty Company of New York Washington Office: 811 - 15th Street N.W. Telephone: National 5815 The statements and figures above have been accepted by us as reliable, but do mot constitute representatio For Economy— THERE is real economy in the Real Estate Loan Plan of the Metropolitan Life Insurance Coms pany. @ Because—Long Term Reasonable Rates REAL‘I‘o ROS 809 15th St. N.W. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company Consult EAVER THE Associated Gas and Electric System We have prepared an illustrated booklet containing a brief history of this important system together with valuable statistical information. Copies, while available, will be distributed upon request. Harris, Forbes & Company Pine Street, Corner Willlam, New York Ground Floor, Woodward Bldg., Washington, D. C.