Evening Star Newspaper, December 6, 1929, Page 13

* loans—governmental, provincial, muni- r FINANCIAL, BOND LIST HGHER | Cocoe == B ON HEAVY BUYING Treasury Issues and Other High-Grade Securities Make Good Gains. Spectal Dispatch to The Btar. NEW YORK, December 6.—The high- grade investment market today was in- fluenced entirely by the 3!j per cent rate set by the Treasury Department on its latest issue of certificates of indebt- edness. This is the lowest figure at which the Government has been able to borrow since 1927 and it emphasized more than any other development of the deflation period the abrupt change that has taken place in money market conditions. Naturally this rate stimulated buying of all Treasury issues and had a pro- nounced effect on all classes of non- taxable securities. Not only were Treasury issues at their highest for this movement, but there was a broad de- mand for Federal Farm Loan bonds and for municipals, which are now ex- tremely difficult to obtain with the basis of offerings changing from hour to hour. Gains Are Broad. Most fortunate are those municipali- | Ca ties that have sales scheduled for the next few weeks. The outlook for the New York City loan next Wednesday favors a substantial premium for the | Chii 41 per cent bonds. With one or two exceptions the prime list of bonds was higher. Atchison General 4s, New York Central S5s, Southern Pacific 4!5s, Great Northern 7s, Youngstown Steel & Tube 58, Stand- ard Ofl of New Jersey 4!2s, Standard Oil of New Jersey 5s, Columbia Gas 5s, Canadian National 4l5s, Canadian Pa- | cific 4s, and General Steel Castings 5148, made advances. The exceptions were St. Louis-San Francisco A 4s and Union Pacific first 4s. American Telephone 5135 were unchanged at 107, close to the high price for 1929, Traction bonds improved in slow trading. Brooklyn Manhai 6s, Hudson-Manhattan issues and In- terboro Rapid Transit bonds gained. In the oils Pan-American Petroleum 6s, 1934, gained a point; Sinclair 815s and 78 were fractionally better and Philips Petroleum 5%s gained an eighth. ttan Transit | G UNITED STATES. (Sales are tn £1.000.) Sales. High Lib3ye... Lib1st4%s 16 101 10 Lib 4th 43 149 10123 51 105 30 10 100 6 50 108 26 101 11226 FOREIGN. Austraiia Australia § Australla Ia Gs 1931, Canada 5= 1952, 60, Denmark 4%8 Denmark 68 DEI15%sNov6s.. Dutch East 1 6s 47, an w0 Hungary 7%s Trish Free State Ttaly 7s. . e The most active trading was again in the junior descriptions of the rail- roads, but gains were not in the ma- Jority. St. wul adjustments, Chicago & Great Western 4s, Missouri-Pacific 514s, Southern Railroad 4s and Texas & Pacific C §s were weak. Interna- tional Great Northern adjustments, up 14 point, ‘were at a new high for the current movement. New Haven 4!2s and Island 4l%s were a shade stronger. Convertibles formed only a small part of the trading, at yirtually unchanged levels. 3 Foreign List. Foreigns were irregular in a good volume of trading. Profit taking by those who bought these bonds at very Jow prices month was offset by the amount. of new money coming into the market from abroad and those American _investors seeking high yleids. French, Belgian, German and Argen- tinian descriptions improved, while Brazilian, Colombian and Peruvian loans were weaker. Argentine 5!5s were & point higher. e continued demand for German cipal and, industrial—is taken as evi- dence of Germany's improved political situation and the fact that obstacles in the way of eventual settlement of the Young plan are slowly being cleared awa; Washington' Stock ‘Exchange SALES. City & Suburban 5s—$1.000 at 83. Washington Gas 8s B—$100 at 1003;. Potomac Electric 6% pfd.—5 at 10814, 5 at- 108%, 1-at 108%. Merchants’ Transfer & Storage pfd—5 at 100, 15 at 100. National Mtge. & Inv. pfd.—40 at 3%. Peoples Drug Stores pfd.—S5 at 109, AFTER CALL. Capital Traction Co.—10 at 753, 20 at 753, 10 at 753, 20 at 75%. City & Suburban 55—$1,000 at Peoples Drug Stores pfd—10 at 10815, 20 at 10832, 10 at 1083, 10 at 108%, 10 at 108, 20 at 108. ller‘flllflm‘ Transfer & Storage com.—9 Al o Merchanta® Transfer & Btorage pid—5 Al 3 Potomae Electric 6% *53—$1,000 at 106. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Georget Potomac Elee. Potomac Elec. Amer. Tel. & Telga. Capital Traction Wash' Rwy. & Elec. pfd. . i Balto. & Annap. cos NATIONAL BANK. Capital District Pederal-American . berty Kational g.co'na ; National Ba TRUST COMPANY an Secunlly & T Co Merchants' Ba National Savings & Trust Union Trust...... Washington Loan & Tri: SAVINGS BANE. Bank of Bethesda..... Commerce & Saviny Enst Washington Potomag e Seventh Street. Tnited States. .. Washington Mechanic Columbia Titje Real Estate T Tile & Inv. of Md. com. 3 MISCELLANEOUS. Barber & Ross. Inc.. Mercl . Di¢ Hurnm’er Linotype . atl. Mtge & Inv. pld Peoples Drug Stores pfd. Real Est._Mtge. & Guar. pit Security Storage. .. er. Ref. r. Col Ttallan Pu K e flw Karstadt 621943, ., Kreuger&To'l s et. Lyous €s. Marsellle6s. ... Mex 45 1904 asnd. . Mexico 45 10 asnt. . Mexico 5sasnt..... Milan 6%s.. .. R e R - N e T - T T ) - » Beh Eot P =l T —a o Paris Orleans Paris-Ly-Mea Porto Alegre Queensland 6s. Queensland 7s. Rhinelbe On 7 Phine Wst E P 6s 61 RhineWst EP 7s 60 Rio de Janerio 6% Rio de Jan 8s 19 Rio Grdo Sul Rio Gr Do Sul ‘Toho El Pow 7s 1 Utd Kingm 6%s 37, Uruguay 68 1960... 18 Uruguay 8s.... 5 Vienna 6s Warsaw 7 Yokohama 6 12 284 9921 99 1017 10110 10117 101 21 10524 10524 100 6 108 20 108 20 11220 11221 THE EVENING STAR, ONDS s e Wire Direct to The Star Office Sales. Migh. 3.2 No Am Ed4 6%s Low. 2:85, | Nor States Por 10 9921 1006 Richfield Of1 Stnelair 01 Sinclair Ol Sinclair ON Tenn Cop 63 B "44. . ‘Tex Corp cv 63 1944 Transcontl Ol 6348 United Drug 6s 63.. Vertlentes Sug 7s.. Walworth 6s “45... Walworth 6%s 35.. War Quinland “s ‘39 Warner Sug 7s 39 West Elec bs. s Westn Union 6s 1. Westn Unlon 6%s.. White Fagle O 6%.. Wickw Spen 1st « Wick-Spen cv 78... Willys-Ov 6%s 33.. Wilson & Co 1st §s. Win RepeatAr 7%s Youngstn S & T bs. Atchison adj Atchison gen Brooklyn Elev 8 %8 Rklyn Manhat §s... Bklyn Un El 68 50.. Buff R & Pitts 4 )48, Bush Term con bs.. Car Clin&Ohlo 63 §3 Cent of Ga 63C §9.. CRiM&StP434sCH3.. 2 102% 8 Y oone EET T mEal © ~ReaRiRrannan~ Chi M&StP 434u B.. 5 80 Chi MIISP&Pac! CMSP&Pac ad] ChiN W 4% 3 Chicago N W 4% ChiRI&Prf 4 CCC & StLrf6s A Clev Term 6. Cuba Nor 6%s cta.. Cuba RR7%8..... Del & Hud 1st rf 4s, Del & Hud 5%8s. Del & Hud 7s 3t Den & Rio G en 926 MISCELLANEOUS. Abrama&Straus 6%s 7 102 Ajax-Rubber .1 69% Al ny Cp 40 102% Alleghany 6s 49 wi. 39 102% Am Chain 6s°33 2 96% Am Int Cor 9 108% 7% 101% Am Wrtg Pap Aromur&Cod % Armour Del % Associated Of1 Atl Gulf 68 59 Atlantic Refl Y19 ST~ PR o = Baw o ol ama BEsGaia [ 111 Bell Tel 111 Steel 4 4n Intl Cemen intl Mateh T omrrSanlvon - o amtnw NSRwa =3 S3~ venscroft, aged 81, was successfully rated on for appendicitis Tecently at dno, Wales, o e - 101% Hav El Ry 6%w 61 Hud & Man a) Hud&Man ref b Il Cent ¢s 62., 111 Cent ret Kan City 8 38 Kansas City . Kan City Ft 8 4s. ... Kan Cigy Term Lake Shore ¢s 31.., LehiVgen 4 Mo Pac 5%s Montreal Tr 106 105 97 994 ' Penna con 4% 106% 106% 1104 1114 102% 101% 101% 103% 104% 104% 99%, 484% 102% BIG B. & 0. SURPLUS FORECAST FOR YEAR 3 | Special Dispatch to The Star. BALTIMORE, December 6.—A sur- plus of approximately $28,000,000 is forecast for the Baltimore & Ohio Rail- road for the current year. This would compare with $26,746,402 last year. If the balance for the year reaches the figure indicated it will mean earnings available for common stock dividends of nearly $11 a share on $256,000,300 now outstanding. Per share earnings last year on $215,187,000 common stock then outstanding wes $12.43. Figured on the basis of average amount of stock outstanding during 1929, the per share earnings this year, assuming that the fi surplus is $28,- 000,000, would be $11.90 & share. The management has been very lib- eral in expenditures on maintenance. This is revealed by the figures for the first 10 months, which are $5.786,166 larger than for the corresponding pe- riod of 1928. For the full year of 1929 it is likely that the increase in mainte- nance expenses will considerably exceed $6,000,000. Common dividend requirements this year will be $14,700,000 against $12,911,- 225 last year, the increase being due to raising the rate from $6 to $7 annual basis in September and the increase in the amount of common stock. Next year common stock dividends will call for $17,941,000. . It is calculated that out of this year's earnings of the Baltimore & Ohio there will be available for profit and loss roughly $13,000,000. At the current market price, Baltimore & Ohio com- mon stock ylelds 5.9 per cent. This compares with 5 per cent for Pennsyl- vania Railroad stock. Low. 2:88 104 1049 108% Sales. Hish. ¥ 5 104 109 Penna xold Peo & E 1t 48 4 Philippine R! Port EIP L PortRLP Reading gen 4148 A RIArk& Lé%s Rio G West el - StL IM&S R&G 48, TOBACCO INDUSTRY SHOWS STEADY GAIN Tobacco sales are continuing the steady increase which has character- ized the industry for more than a year and have shown no sign of a recession as a result of the recent stock market liquidatiqn, the Hoover business con- ference at the United States Chamber of Commerce was told by Charles Dush- kind of New York, counsel for the To- bacco Merchants’ Association of the United States, in reporting upon recent surveys undertaken to determine the situation of the industry. “There have been no signs of any recession in the tobacco industry,” Mr. Dushkind declared. “On the contrary, the industry is not only continuing its usual progress, but the increase jn con- sumption of tobacco products in the six months ended October 31, as re- flected by the internal revenue taxes paid, amounted to 9.59 per cent over the corresponding period of 1928, which it- self showed a gain of 7.58 per cent over 1927. ““These figures were computed from the officially reported internal revenue tax payments for the reason that, with the tax rates on the various types of tobacco products fixed and stationary, the taxes pald the Government must, of course, accurately reflect the volume of business. “The internal revenue figures show that in the six months ended October 31 the taxes paid on tobacco products amounted to $244,622494.25, as com- pared with $223,216.397.02 in the cor- responding six months in 1928." PATIENCE IS NEEDED IN PRESENT MARKET Special Dispatch to The Star. NEW YORK, December 6.—The Busi- ness Economic Digest says “It becomes increasingly clear that an important business depression is not a nearby probability and it is now more likely that the current recession, or, in- termediate movement, in business will be relatively short lived, with some WASHINGTON, D. €., FRIDAY, DECEMBER 6, 1929. POTATO MARKET. CHICAGO, December 6 (/) (U. 8. Department of Agriculture).—Potatoes —Receipts, 89 cars; on track, 309 cars; total U. 8. shipments, 767 cars; trading slow, market dull; Wisconsin sacked roundw hites, 2.20a2.45; Minnesota and North Dakota sacked round whites, 2.00a2.25; sacked Red River Ohios, 2.1082.25; Tdaho sacked Russets, 2.60a ; few 2.95a3.00. First Trust Notes Now Available 6% JAMES F. SHEA BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue ot Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly James F. Shea President Secretary FINANCIAL, First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment 806 15th 8t. N.W. Mortgage Loaw Correspondent for The Prudential Insurance Co. Am, Solve your Christmas shopping problem. ~ Visit our show room this week and select the used car t. It can be uaranteed ay free trial display and are * writing” with a plan. Selected List Used Buicks. k Murph; Inc. Reo Distributors 1835 14th St. N.W. 604 H St. N.E. probability that it will terminate by Spring. “Our weighted average of ties’ opinions occupies a favorable posi- tion regarding the purchasing and hold- v, | Ing of recommended stocks on an out- right basis for the long pull. Patience ' | 15 necessarily one of the most important Sou Pac clt Sou Pag ref 4 . Tol Tr L&P 6% Union Pac 1st 4s. Union Pac Union Pae 448 requisites of successful investing, and the present is no exception.” Real Estato Investments JAMES Y. PENNEBAKER Nat.5291 1520K St. N.W. Money to Loan Secured by first deed of trust real estate. Prevaill: cot interest ymmissf Joseph 1. Weller &0 Wask 1 & trast We Buy and Sell ALL ISSUES Bank and Insurance Co.'s Beneficial Loan F. H. Smith Co. Investment Trusts S. W. Straus & Co. Mehlman & Co. Woodward Bldg. Dist. 8848 Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets +$5,662,549.55 Subscription for the 98th 915 F If You Are Having Difficulty making your apartment both money and worry. More Than a Third of Natl. 2100 D, Life Inlunnce terest rates. 809 15th Se. N.W. Mortgage Loan turn the management over to us. B. F. Saul Co. For Convenience— IN financing the purchase of your home consider the Metropolitan Estate Loan Plan. Loans are made for fifteen years, on reasonable terms at lowest in- Consult WERERRR0S Metropolitan Life Insurance Company 50th YEAR COMPLETED WALTER 8. PRATT, Jr, Secretary Surplus & Profits 1,705,130.78 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 us explain about our systematic plan. St. NW. house ownership pay— We'll s: you & Century’s Ezperience 925 Fifteenth Company Real Reprints of the address by the Make Your Xmas Check Earn 6% With Absolute Safety Don't spend Saving check es. ar ton properties and backed our $3,400.000 resources. a liberal e monthly 6% Denominations from 6 % Send for Booklet, “The Success Plan.” REALESTATE MORTGAGE & GUARANTY CORPORATION Capital Resources $3,400.000 24 JACKSON PLACE ——— HoN. ANDREW W. MELLON District 9486 Correspondent on the INCORPORATED On next Wednesday evening, December 11 MR. WILLIAM GREEN President of The American Federation of Lobor will speak on *“The Worker and His Money"" SECRETARY OF THE TREASURY OF THE UNITED STATES as broadcast WEDNESDAY, DECEMBER 4, 1929 HALSEY, STUART & CO. COAST TO COAST NETWORK are available to those interested. The address summarizes Mr. Mellon's annual report to Congress and deals briefly with some of the current problems of the Treasury Department. Copies may be had by addressing HALSEY, STUART & CO. Washington, D. C, Southern Building, Telephone National 3470 CHICAGO, NEW YORK AND OTHER PRINCIPAL CITIES The Halsey, Stvart & Co. program is broadcast weekly on Wednesday evenings over @ network of Mhirty-six stations associated with the National Broadcasting Company. | v Endorsed by 150,500 Investors ESPREAD investment by a large number is a forceful expression of approval. There are 150,500 Associated Gas and Electric Com- pany investors distributed throughout all states in the Union, in all the Canadian Provinces and in twenty-three other countries. Over half the investors are customers taking electric or gas service in Associated areas. This endorsement by these daily users further reflects the acceptance of the investment worth of Associated securities. $8 Interest Bearing Allotment Certificates Rights to subscribe at $120 to $8 Interest Bearing Allotment Certificates are now being exercised. Subscribers may pay out of income as follows: Upon subscription, $20; April 1, 1930, $50; and July 1, 1930, $50. A liberal discount will be allowed on each full paid Certificate of 3 cents for each day that the subscription is mailed or delivered prior to the expiration date, December 16, 1929. The Allotment Certificates will become exchangeable for either Stock ot Convertible Debentures. Detailed circular on request. Associated Gas and Electric Securities Company 61 Bma‘dway Incorporated New York City