Evening Star Newspaper, January 2, 1930, Page 11

FINANCIAL, BONDS IRREGULAR | Cox-sev von BONDS roce xcranc] Received by Private Wire Direct to The Star Office INQUIET MARKET Convertible Issues Higher. Remainder of List Steady in Light Turnover. BY F. H. RICHARDSON, Epecial Dispatch to The Star, NEW YORK, January 2—Bonds were irregular in a quiet trading ses- sion today. What little activity there ‘was centered in the list of issues with convertible features or stock warrants. all ranged higher. American elephone 43 and International Tele- phone 4135 were most in demand. However, few of the gains in this section were substantial. Public Serv- ice of New Jersey 4135 rose 6 and Philadalphia & Reading Coal Iron 6s gained 1’ points. The large budget of new issues an- | ticipated at the opening of the year did ‘not materialize tod: some are scheduled for ne: day's new issues totaled $4,000,000 and were entirely municipal in character. One feature of the first business day of the new year was the fact that so few firms published lists of investment offerings. Usually at this period, when huge amounts of dividend payments and called issues are available, the re- investment demand brings out many announcements of issues on hand from dealers. There was only one such list published today. However, the quiet of the market does not reflect anything more signifi- cant, dealers think, than that people have simply not returned to work after the holidays, or are putting off their re-investment buying in the hope of profiting by waiting. ‘There were few features in the list. United States Government and high- grade bonds were generaly off fraction- ally. ¢ Canadian Pacific 4s were down nearly a point. Pennsylvania General 4158 and Nickel Plate 4s were excep- tions to the trend. In the second-grade list of railroad bonds Florida East Coast 415s dropped a point to a new low level since the beginning ‘of 1929. St. Paul Adjust- ments, Erie General lien 4s, St. Louis- San Prancisco 41¢s and Western Mary- land 4s were lower, while Missouri-Pa- cific 5158 and Texas & Pacific “C” s gained a little. Argentine descriptions were stron with ‘announcement of the successtul floating of a $25,000,000 loan in Lon- don. Brazilian bonds were higher and the rest of this section was gular. ‘The 7 per cents of the Kingdom of the Serbs, Croats over a point. amount. ints and and Solvenes advanced | I Poland 8s lost a like Washington Stock Exchange SALES. ‘Washingten Railway & Electric 4s— Lib3t4s Lib 1st 41;. Lib 4th 4%.. US3%s 43, US3y US3% US4s1044.. 76 US4Y 62... 56 Argentine 5 Argentine Argentine May 61.. Argentine 5% s 62. Argentine 68 A. Argentine 6s B. Australia 4348 56. . Australia 55 1955. . Australia 58 1957, Austrin 7s. ... Bank of Chile 6148 Bank of Chile 6%s. Belgium 6s. Belgium 6%s. Belgium 7s 1 Belgium 75 1956 Belgium 714 Bolivia 7s ct 69. Bordeaux 6 Brazil 6148 1 Brazil 6148 1927, Bremen Stat Canada 5s 1931 Canada 5s 1952 Colombia 6s Jan 61. Con Pow Japan 7s.. Copenhagen 41 53. Copenhagen 5s ct. ., Cechd R8s 1951 Crecho 85 1952 Danish Munfc 88 A. Denmark 4%s. ... Denmark 5%8 55 Denmark 6s. Dutch East I 6= El Salvador 85 48 Fiat Ts ex war 46.. Finland s £ 65 45... Finland 7s. Framerican 7% French 7. French 7% ; German Bank 6s 3. German EIP 6% . German 7s.... Ger Gen Elec 78, Greek 65 1963 Haiti 6s. ... v Irish Free State 55, Ttaly 7s.. Italian Pub 87 Japanese 4s. Japanese 6% ¢ Kreuger&To'l 6 ct. Milan 6%s...... Montevideo 7 $2.000 at 8212, $1,000 at 8215, ‘Washington Gas 68 A—$200 at 100'%. Potomac Electric 6% pfd.—5 at 111. Potomac Electric 5! % pfd.—10 at 105, 2 at 105. Riggs National Bank—5 at 530, Lanston Monotype—S5 at 113. Mergenthaler Linotype—$ at 106. les Drug Stores pfd.—5 at 10315, 10 at 104. Merchants’ Transfer & Storage com.— 10 at 118, AFTER CALL. Washington Rwy. & Elec. pfd.—3 at 94, 2 at 94. Washington Gas 5¢—$1,000 at 100. Washington Rwy. & Elec. pid—2 Potomac Electric 6% pfd—3 at 110%, | 5 at 11045, Washington Rwy. & Electrie pld—10 at 94. National Savings & Trust Co.—4 at 520, 1 at 520. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & 3. Amer, Tel & roie o4 Am. Tel. ot. guar. 8 SAT Bl o City lwflubllahln Ss. wy. & Elec. 48 MISCELLANEOUS. Lora Cold 3 ‘Wash. Cons. Title 6s.. . & Elec. co & Elec. ptd. .. & Annep. coni. . & Annap. pfd... NATIONAL BANK. = EHE S @83 d Netlonal Bank of Washington.. TRUST COMPANY. American Security & Trust C n Trust... Weshington ‘Lo SAVINGS BANK. United States. [ .. . Washington Mechanics PIRE INSURANCE. American Firemen' National Union. TITLE INSURANCE Columbia Title.. Real Estate. ... ... Title & Inv. of Md. com. MISCELLANEOU! ea! tee. & Guar. pf Security “Storage i Ter. Ref. & Whr. Corp. The Carpel Corp.... Wash. Mech. Mtye com... Wash Medical Blde. Cor, Woodwara & Lothrep Bid. *Ex @ividend TOWN FOR ARTISTS. Vienna Is Building Sort of Aus- trian Greenwich Vill VIENNA (NANA)—Vienna is building a sort of Austrian Greenwich Village. It is a suburb for painters, writers, musicians and artists of all kinds. One dreams dreams of la: brimmed hets of black felt, flowing cloaks and spotted ties and long files of betaped portfolios steaming in and Norway 6%s Orient dev 51 58... Paris-Ly-Med 6 Paris-Ly-Med 7s Peru 651960, Peru 85 196 Queensland Rhinelbe Un 7 Rhine Wkt EP 68 52 Rhine Wat EP 78 50 Rio de Janeiro 618 Rio de Jan 85 1946 Rio Gr do Sul Rio Gr Do Sul 8 Rome 6% Sao Paulo § Sao Paulo 195 Saxon (PW) 7s.. Seine T8 42... Serbs Cr Slov 7 Serbs Crot Slo 8s. Soissons 6s Swiss 5148 194 Swiss Conted § Toklo 5s. .. Tokio 5%81961.... Utd Kingm 5%s 37. Unt S 8 Copen 6s 37 Uruguay 68 1960... Truguay 88 ‘Warsaw 78 52. Yokohama 6s. . Alleghany Cp bs 44. Alleghany 68 49.... ‘Am Agri Chem %8 ‘Am Chain 6833 Am Int Cor Am Tel & Tel6%... Am Water Wks 5s.. Am Wrtg Pap 68 47. Armour&Co 4% s 39 Armour Del 6% Associated Oil 68 Bethlehm Stl pm 58 Beth Steel rf 68.... Bet 51853, Bethlehem Steel 6s. Bklyn Edison 5s. .. Bush Term Bldg 58. Certn-Td 5% s rets. Chile Copper s Colon Oil 65 38 Col G&E] 5s May 62 Com Invest 514849, Con Coal M Bs. . Con Gas N Y 5%, Cuba Cane 8s.. Det Edison bs 40. Det Edison Dodge 6s. Duquesne 4 Gen Cable 51847, Gen Mot Ac Cor i Goodrich 6%s. Goodyear 58 rets. Hoe & Co 6% Humble O & R b3 Humble O &R 5%8. 111 Bell Tel bs. 111 Steel 448 40 Inland Stl4%s 78 Intl Cement 58 48 Intl Match 58 47. Int Paper 6s 47 Inter Paper 5. Int Tel & Tel 4'48.. int Tel&Tel 4348cs KanG & E6852.... Lackawanna Stl 68, Lautare Nitrate és. Ligget&Myers b8 51 Liggett & Myers 7s. Lorillard 68. Lorillard 6% MeC'ri Midva ; Montana Pow 58 Montana Pw deb Amer Pete 6. . Paramount 6s 1947, out of the new suburb. But expectations of this kind are generally doomed to disappointment. A more un-Bohemian looking colony of ladies and gentlem*n will probably never have been viewed than the in- habitants of the new artist village. However, we shall see. Phila Co Phila & Read Phillips Petro 5 Por Rie Am Tob Postal Tel & C & | Pressed st Car 5 Pub Ser4Y%s.... 40 10110 1011 322 10111 1018 1018 3 33 96 95 Argentine 68 Oct 59 9 59 101'% -~ o oa 87 961 95% 95% 94 90 89 96 94m 95% 95 82l K24 931y 98 7 93y 934 104 103% 6 947 94l 97% 97 101 105% 109% 107 115 73 3% 105% 110 107% 100% 103% DITTERV TP TSN | T PRI Y % & ShannBoelolrnranss alanal palSumanReBrabRean pen o =1 MISCELLANEOUS. & 1 100% AmChem 5348 av 49 19 Am Smit & R 1at b 3 7 6 1 8% 920 914 97% 9014 8% 930 122 1054 100% 79 98% 1184 8% 84 100% 101 101% Remington Ar 6833 4 94% Low. 3: ‘ Richfield Oil 63 1011 1 1075 1074 1075 1114 1112 112 FOREIGN. Bales. High. 2 87 18, 87 96 96Y% % | Sou Ry 68 66 9 3% 81 188 94% Third Averef 4s 60, Sinclair Oil 6s. Sinclair Oil § Sinclair Ol Sinelair Cru 4 Sin Pipe Line 5 South Bell Tel 5s... 25 Stand Ol N J 46 6 Stand O N Y 4 1 Tenn Cop 6s B44... 1 ‘Tenn ElecPowés 4 2 Tex Corp cv 55 1944 82 United Drug 58 53.. 5§ U S Rub 1st rf 5 2 U S Rub 73%s. 4 Utah Pow & Lt ba.. 1 War Quinland 6539 1 Warner Sug 7= 41.. 4 Western Elec 5s... 1 Westn Unlon 5861, 7 Westn Unfon 6%4s.. 2 White Eagle05%. 1 Wilson & Co 1st 6s. 1 Win Repeat Ar 7%4s 4 Youngstn $ & T 5s. 20 2 RAILROAD. Ann Arbor 4s As&SF cvt 4s Atchison gen 48 Atch deb 448 AtlantieC L, Atlantic C L 4: 1 i 4 Brdway & 7th Avés 7 Bklyn Elev. 6%8... 4 Bklyn Manhat 6s... 44 Buff R & Pitts 4%s. 5 Cun Nat 4145 30 Can Nat 4% s 67 Canada Natl 58. Can Nor 4181935 Can Nor 6148, Can Nor 7s. Canada Sou 58 Can Pac deb 4s. Can Pac 4%9 46 Can Pacific ctfs s, CarClin&O 6852, Cent of Ga 58 C 59.. Cent Pac 4s.... Cent Pac 1st 53 80 Ches & O Corpn 6s. Ches & O gen 4%s. . Ches& O 43893 A. CB&QIstrefbs.. CB&QIIIKS.... C BB & Q Il div 4s. ChI&E 111 gn 68 51. Chi Gt West 4859, 12 CM&StPGen89.. 10 Chl MiISP&Pac5s756 31 CMSP&Pac adjbs03 52 72% Chi N W 41%s2037. 44 95% Chi&NW conv 4% 8 113 100% ChigNW 4%s1987. 2 101 10 101% 2 164 40 95% 3 93% 1 100% 92% Chi Union Sta 6338, CCC & St L 58 D, C&WIbys62, Colo & Sou 4% Conn Ry&L 4148 8 Cuba Nor 5%8 et Cuba R R b8 Cuba RR 7% Del & Hud1st rf 4s Den & Rio G cn 4s. . DRG&Wstbsb5.. 27 98% DRG& Wst5s78. 9 B88% Erle 18t cons 48. 6 86% Erie Gen 4 Eriecy 5867, . Erfe conv Ex 7 FlaEast Cs T4 Gr Trunk st b Grand Trunk 7 GtNor 4 %8 E. Great Northn Gt Nor 6%s. Gt Nor ge! Hud & Man aj bs. Hud & Man ret 5 111 Cent ret 4 111 Cent 4s 53 11l Cent 4% s 68. 111-C-C-StL&NO Int Rapid Trans 58, Int & G Nor IntRysCA Int RysC Kan City Term 4 Lake Shore 43 31 Louis & Nash un L &N 4%52003. Louis & h 7 Man Ry 18t 48 90. Market St 75 40. Mill Bl Ry&Lt 4%s Mil El Ry & L 68 61 Minn & StL ref 4 MK&TprinbsA. Mo Pacific gen 4 Mo Pac 58 A 65 Mo Pac bs F 17 32 99% Mo PacbsG 78 1 99% Mo Pac 53s 49 cvt. 27 108% Mob& O 4%s8177.... 1 94 Mont T'rm ref 58 41 10 95% Nassau El 4851... 1 50% NOTex&M5sB.. NYT&M5% NYCengenit N Y Cent 48 NYCendebds.... NYCrfimdkhs N'Y Cen rf 58. N Y Cent deb 6s. ... N YC&StLdeb ds NYNH& H3%s 56 NY NH&Hdeb 48 57 NY NH&H cv b 6s. Ont W 1st NY Ry 6s. State Ry 4% Sus&Wn gen 58 Sus&Wn 58 37.. % ® { Nor & 8 gen 68 54. Ore Short L en 5s. . Ore Wash 1st 4s... ! Penna 48 1948 stpd. Penna gen 4%s. ... Penna 4% #63.. Penna gen 58 Penn 5s 64 Penna 6158 Penna Gold 7s. Pa Ohio & Det 4% Port RL P68 47... Reading gen 4% s A Rio G West cl 48. .. RIArk& L 4%s | StL IM&S gn 55 31. StL IM&S R&G 4. SIL&SFpl4sA.. StL&BSF 4%sT8.. St L & San Frin 5s. St L&S F gen 68 31. StLS Wistds.... St L&SW con 48 32. StL8 Wb Seab A L 4 Seab AL adj Seab AL con S B Al FI Sou Pac ref ¢ . Sou Pac 414% 69 ww Sou Ry gen 4 . Sou Ry con 6 4 108% 117 1224 89 104 ! Sou Ry 6% !Term Asso S L ds. . Tex Ark FS 6%s 60 Tex&PacksCT9.. Texas & Pacifie 1st. Tol Tr L&P 5%8 30, 3 12214 1 88 4 104% 18 100% 3 10614 4 100% 1 48% 1224 9 1044 48% 48% 2t | 9.0000.75. What Fixes Bond Prices BY GEORGE T. HUGHES. Income Bonds. A class of bonds which are often available to give a comparatively high return because they have a certain ?e:“mt" quality 16 the ifimm‘- justment group. Generally ) such bonds have been_issued in reor- ganization or in some capital readjust- ment. It is provided that interest on such bonds is payable only if and when earncd. Sometimes the interest is cumu- ilative and sometimes it is not. The bond is usually a mortgage secured and the principal has to be met at maturity just the same as that of any other bond. In a sense bonds of this kind are similar to preferred stocks in that they have a prior claim on earnings and yet are subordinate to other obligations. If in the course of events the financial condition of the debtor corporation be- comes firmly established, an adjust- ment bond acquires an investment rat- ing so high that its original character is lost sight of. A case of this kind is the Atchison, Topeka & Santa Fe adjustment 4s of 1995, These were originally issued in 1895 when the present road was cha tered as a successor to the old corpora- tion, the property of which was sold under foreclosure. Since that ttme the Atchison has become one of the most prosperous roads in America and its credit has been raised as high as that of any other carrier, bar none. The re- sult is that Atchison adjustments sell on a pure investment basis, responsive only to changes in the money rate. Buyers nowadays have forgotten that interest is “payable out of surplus net earnings” because Atchison earnings cover all interest charges almost five and one-half times and the preferred stock is one of the most conservative investments available anywhere, while the common is in the first rank of equity shares. Atchison adjustments show their quality by the market price, which at this writing 15 around a 4.5 per cent basis. It took a long time to reach this de- sirable standing and there are plenty of adjustment bonds which have yet to prove themselves, but the instance of the Atchison shows that investors do not need necessarily to exclude an income issue from their list even though they vnr’n:l et:only the most conservative of se- curities. CHICAGO LIVE STOCK MARKET CHICAGO, January 2 (#) (United States Department of Agriculture).— Hogs—Receipts, 22,000 head, including 5,000 head direct; market opened 10 to 15 cents higher; later trade steady to 10 cents higher, mostly steady; practical top, 9.75; bulk, 140-200 pounds, 9.55a 9.75; 220-300 pounds, 9.35a9.55; butchers, medium to cholce 250-300 pounds, 9.15a 9.55; 200-250 pounds, 9.35a9.75; 160-200 pounds, 9.4029.75; 130-160 pounds, 9.408 9.75: . packing sows, 8.00a8.75; pigs, medium to choice, 90-130 pounds, Cattle—Receipts, 5000 head; calves, receipts, 2,000 head: fed steers, yearlings and fat heifers, strong 35 cents higher; fat cows steady; bulls strong; vealers strong to 50 cents higher: stockers and feeders steady; classes, steers, good and choice 1,300~ 1,500 pounds, 12.00a12.65; 1,100-1,300 pounds, 12.40816.00; 950-1,100 pounds, 12.90216.25; common and medium, 850 pounds up, 8.25a13.15, e | Un Pac 18t e Union Pac 4 Union Pac 1st %[ Union Pac 4% Un Pac 1stref § Virginia Ry 1st 58 V¥ Ry & P 5s. Whash 4348 78 rets ‘Wabash 1st bs. Whash 8 76 B ‘Whash 5148 75 West Marylan: West Md 5348 77 West Pacific 5 ‘Wis Cent gn s 4 1064 108 10044 0% TRUSTEED SHARES The IDEAL “mfnm" e GROWTH “of principel. iy "Suied o long-term . n: vest lor __individus rust unds of oreanizations. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Weodward Bullding. Met. 8788, INVESTMENT 1 demand — BA! V. F. Bourne, Representative The Equitable Life of the U. S. Home Financing Policies Retirement Annuities T T T ity Cowson V. F. Bourne (Shoreham Bldg.) Name . Adaress . Date of Birth............ . First Mortgage Loans Applications Invited Glover & Flather 1508 H St. N.W. National 1753 Doyou require 9 We Invite Applications for FIRST TRUST LOANS on Improved Property BOSsEPHE P S i, T E S b National 0900 Columbia Building Association Pays 5% 20 Years' Successful Business Without the Loss of a Dime o $1 or More Will Start Your Thrift Account See Us When You Want a Real Estate Loan oot Compounded Semi-Annually (Under Government Supervision) 716 11th St. N.W. We take pleasure in announcing that MR. THOMAS N. MCCARTER, JR® Member New York Stock Exchange " has this day been admitted to general partnership in our firm F. KEECH & COMPANY MEMBERS OF THE NEW YORK STOCK EXCHANGE $2 BROADWAY, NEW YORK GMICAGO PHILADELPHIA PROVIDENCE WASHINGTON January 3, 1930 ~—that personally looks after the management of apartment house properties placed in our charge. That means you can relinquish all care—sure that everything will be taken care of to the best pos- sible advantage. More Than a Third of & Century's Ezrperience B. F. Salll CO. Fifteenth Natl. 2100 J-A . Iglehart & Co. Investment Banhers WE TAKE PLEASURE IN ANNOUNCING THAT MR. JOHN M. DAIGER HAS BECOME ASSOCIATED WITH US AND THAT AS OF JANUARY 2, 1930, HE AND MR. ROBERT STEAD, JR. WILL BE THE RESIDENT MANAGERS OF OUR WASHINGTON OFFICE 719 FIFTEENTH STREET J. A. W, IGLEHART & Co. MEMBERS NEW YORK STOCK EXCHANGE NEW YORK GURB (ASSOCIATE) BALTIMORE STOCK EXCHAN RICHMOND $TOCK EXCHA! BALTIMORE, MD. WASHINGTON, RICHMOND, VA, WILMINGTON, WILKES-BAR CLARKSBURG, W. VA, CHARLESTON, Wi VA, Patch Up Your Christmas Stocking! URSTING with goodness and swelled in appearance, your Yuletide stocking is merrily being thinned down. Soon it will be emptied , . . run down . . . full of holes through which your Christmas money escapes and disappears be- fore you know it. And then. .. but why let it run down? Prolong its life instead! Let it bring you joy for the entire year, A portion of your bounty, put into a secure investment like the First Mortgage Notes sold through Swart- zell, Rheem & Hensey Company, will yield you a steady 6 per cent interest « . . paid to you regularly, unfail- ingly . . . no matter what the con- dition of the financial market, you will never have a moment’s worry about the safety of your investment, Through more than sixty years of widely varying conditions, these Notes have achieved this record of absolute security: Not a Penny's Loss to Any Investor. You may se- cure these Notes now in denomina- tions of $100, $500, $1,000 and $10,000. : SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W. / WASHINGTON D.C. RINANCIAL, LY A—il G.M..P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond London New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange o 1 Copy of our “Fortnightly Review' on Request 1510 H Street Connecticut at K National 9600 f Private Wires and Teleohone to New York SAFE FEIRST MORTGAGES ARE YOU HOPEFUL OR SURE? In the speculative market there is always the element of doubt—with thousands restless- ly hoping against hope for the stabilizing of their holdings. But investors in our 6Y;% FIRST MORTGAGES Over a Third of a Century Without a are undisturbed by fears and un- interrupted in the receipt of their interest money, Which is better, 614 % in hand or more in vague expectancy ? May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY To Holders of NORTH AMERICAN TRUST SHARES A DIVIDEND for the six months’ period ending December 31, 1929, amounting to 51.4 cents er share, is now payable to holders of North merican Trust Shares, To insure prompt collec- tion of the full amount of this dividend we sug- gest that you present coupon No. 2 at the American Security & Trust Co. They understand that the amount payable on this coupon stated above, which is in excess of the face value of the coupon. —_— W. W. LANAHAN & Co. BANKERS Members New York & Baltimore Stock Exchanges Associate Member New York Curb Market WASHINGTON OFFICE—HILL BUILDING 17th & I Sts. N.W.—Telephone National 6897 EDWIN D. FLATHER, Manager The Safe Way is Still the Sure Way RECENT events have been useful in emphasizing anew the difference between specu- lation and investment. The old maxims of conservatism, consistent accumulation and the power of compound in- terest are more eloquent than ever before. The safe way—investments of assured income and se- cure principal-—once more is proved the sure way. We are Continuing to Recommend Bonds for Investment 1840 INVESTMENT BANKERS Garrett Building Baltimore, Maryland ‘WASHINGTON OFFICE - 501 National Metropolitan Bank Bidg.