Evening Star Newspaper, January 14, 1930, Page 13

FINANCIAL BOND LIST STEADY | INLGHT TRADNG)_ s Market 'D'fsplays Ability to|usame 43.. 5 9910 9910 9910 u 47.. A4 9920 9920 9920 Sincl: Absorb New Offerings With- g04bes 19e3 EONE - §anel out-Price Losses. by Private Wire Direct to The Star Office UNITED ITATE& e~ m 1 Por Ric Am Tob 6 913 9913 9913 401077 107 107 Sin Pipe Line 40 1m3 1 Skelly Of1 5% FOREIGN. South Bell Tel " ‘z Sales. . I:;". clsfl‘l""’ Stand OII N J 4 - Argentine *l e & 905 Stand OII N Y 4% BY F. H. RICHARDSON. | Argenti: 5 98 97% 98 |TexCorpevbs 1944 3 Special Dispatch to The Star. e 97% | Tenn ElecPow6s 47 NEW YORK, January 14—While 3 - ;;“': Transcontl Ol 6%s trading was quiet on the bond market P 9 United Drug 6s 53.. 20 U'S Rub 1st rf 68 U S Rub 7%s.. “good” market in that it showed little H signs of weakening after digesting the | Australla SR hilge total of new offerings, vesterday. | Austrin 7a. 10 103 | ¥ with some $30,000,000 again brought out LT LN e lay. ank o e . 95 e The new American Telephone & Tele- | Belgium €x 2B 1014 101% grn ph 5. per cept t loan, which was for | Belgium 6%s . e 50,000,000, guoted up to 1% Belgium 7s 1955 o 0 107 | White Eagle 0 5% premtum -):: mi Lbper cent of mn gomum ;:finu. % “;;,’; 1151 | Wick-Spen cv s, l.nuqu-l n of e_some compan; elgium 7i4s i | Willys-0 Sdvanoed to within 1% points Of 1 | Belgium 8s ¢ s 1104 110% ot AL, pritce he(ure the new loan was brought :o::v‘u'.:- et 69 5?;- 91% | Win Repeat Ar 7 2 oul olivia 33 0 Youngstn S & T 5s. 21 &n’experienced bond trader estimates | Bordeanx 102% 102% ¥ that the new loan was oversubscribed | Brazil 6158 1926... - 18% 6% lAILlOAD 10 times. e no announcement of | Brazil 6148 1927.... 25 % 75 T5%| Ann Arbor 4s. . the allotments been made, it is com- | Brazil 7s. 1 83 82% B2W) pichison gen 4s mon talk in the street that insurance |Brazil 8s. 98 97% 9T% | Asch deb 4 %5 43. companies were taken care of to the Bremen State 7 9% 99 99 |AtlanticCL 1st4 extent, of 80 cent of their sul p- | ¢ 3% m'w Atl & Dan 2d tions, and other buyers were given l- | Gnregs 0. o ! 3 l:bmmta m: ud -ndut-g ns& un;nn;uu from | Gniy olrr cent down to nothing. Chile 5 1s quite evident that investors are Keepinig 'wiy from bonds that broke | GhineieSov Ry bs. proscsid A R Ay ot | Con Pow Japan 7. . 11 99% these are still selling at low levels. 5 United States Government obliga- | CopehhaXen ;,"u“' Al B el el tions were strong, with Liberty fourth | 0P TR ES 1006 100NN Eonlon e aIne e 41;s most active at a slightly higher | S/ 0% 00 170 30 JE VAT JERA price. The high-grade list was prac- <7000 o5 o0, 1007 A0 A e h e et he. tically unchanged. Denmark 415, 91% 91%| pue'Re Piits ¢ Second-grade rails, trgctions and | nte L ca ey . 100% 100% | 2" tts 43%s. (sugars ‘were dull. Colon "6s featured { f 0 o i ¢ 104 104 the ofl section wWith a 1%g-point ad-| peRrians T8 <o -e 108 108 " More speculative issues moved widely | Dulch Bast 16x42. o on small sales. Certainteed 5s and | E1Salvador 83 48.. a5 85 Anglo-Chilean Nitrate 7s were both [ Finland 6%s. > down & point. Fisk Rubber 85 gained | Finland x £ 6s 45 By Finland 7=... 9T 9T fractionally. Around 83, this bond is % ot 208% nearly 9 points above its low. Because Framerican 7% g French 7s 112% 112% of & deflcit of $7.233,752 In 1928, conse ¥ R Quent on the drop of crude rubber | French 7%a. yrtcel and anticipated large losses in| German Bank 6s'3 86'% 86% | Cent Pac 15t he 1929 statement, Fisk bonds went to 106% 107% | Ches & O Corpn b 102% 102% | Ches & O cv 4% R BRR— A 15 92% 4 9% 4 4% new low levels. %\Ejtbfin:’t‘:e W: k‘:- " sues—the 8s on and the 82 % | Ches & O gen 4% 5158 on the curb—are covered 3.5 times a7 974 9TH L) by tangible assets, and since the 1929 *100 100 statement did not reveal as heavy losses aT% 9TU 97U as had been expected, there hu been 96 95% 95% some recovery. 95% 951 95% Foreign credits were irregular, but 103 llM movements either way were small. Ger- man descriptions were fairly heavily dealt in, at firm prices. New issues announced today include $25,000,000 of North American Edison 5 per cent debentures, $3,358,000 Prov- ince of New Brunswick 5 per cent and $1,507,000 of Akron, Ohio, improvement bonds. The munu:lpll market continues active. One house today hed a list of such bonds total around % CMSP&Pac adji 1 | ChI&ANW conv 4% 9Th 9T 101 101 0314 1034 :03"2 10814 | Chi Union Sta 58 44 el Btrest . :'mm'" the | \CTvay 648 1052, T0ms doatk| CCCASIL eb 4. is constructing a ‘lo-n,qry bullding. Orient & V‘% 5' 89% BN 5 Paris- L 103 103 PARTS BOURSE PRICES, 2"’”‘“"’ 100w 100 100% 100% PARIS, January 14 (®). —Prieel were firm on the Bourse today. Three per cent rentes, ulnnu?omumu. ] Eacs ¥ per cent loan, 107 francs 556 centimes. Exchange on l.nndon. 123 nr:nu 90’ centimes. The dollar was- m 25 francs 453. centimes. Washington Stock Exohange Rhine Wat EP Rhine West §s 5 SALES. Rio de Janeiro 6158 Capital Traction 55—$1.000 at 921%,|RioGrdo Sul éa 4 $500 at 9215, smoo at 92%;, 31 000 | Rin Gr Do Sul 8 at 92%, $1,000 at 923, Rome § Washington Rwy. & Electric 45— |Sao Paulo s 1936 $4,000 at 821z, $4,000 at 821, Sao Paulo 195/ Commereial National Bank—10 at 255, | Saxon (PW) 78 5 at 265, 5 at 255, 5 at 255, 10 at 255. | Seine 78 42... hn;w:zl)l?notw at 118, 10 at 117, | Serbs Cr Slov 15 al Mergenthaler Linotype—10 at 106%, 150 | E 10605, 50 at 10675, 100 &t 106%. AFTER CALL. Capital Traction 55—$1,000 at 92%, > 31,000 at 92%5. BesSontes 108% 108% | Hav BI Ry %8 51.. Washington Gas 6s—$500 at 103,500 5381 90% 90% | 1M1 Cent ret 4 5 % at 102, W n Rwy. & El pld—8 at o, 1»::2 Ig:k 111 Cent 4% lllflanll Mtge. & Inv. pfd—50 at 4%, 50 at 473. ‘Washington Gas 6s B—$100 at 102. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 418 Amer. Tel, & Te el & ‘Tel. cil. tr B Anlcnlul F PR R & & Pot -ufi.r 5. = | Norway 6s 1 Norway 68 1944 Den & RioG en 4s.. DRG & Wat b3 56.. DRG & Wst s 1! Det United 4%s. East Tenn Va&Gabs oy @ !.‘rlo ov 5y 61, e conv Ex 18 Erh (Pa) cit tr 4 Erie Genessee Rs oF'la East C b8 74. _asu 93% | Gr Trunk st db Gt Nor 4%s E. 100'5 101 93 SRoan anaSusueeRlcwmwaas 103% 103% 105% 105% 103% 103% sromnSasa Int & G Nor 1st I N L MISCELLANEOUS. e e Alleghany Cp 5s 44. 1 100% 100% 1003 { 1n¢ Rys C A 6% sret Ay e 904 1004 100% | Towa Cent 1at 8. .. Am gar 6s Am Chain 6533.... 26 98% 98 | Kan City Ft 8 ¢ AmChem 5%scv 49 42 1o} Eewe Gy 8 Am IntCor5%s49 2 o4 {XKanClty Torm Am NatGas6%s42 5 71 Lake Shore 4s 31 Am Smit & R 1st 19 100% 100% | ;. eny Valen 4s..... Am Sugar Ref 108% 104 | Leh{Vgen 4% 2003. AmT&T bs 65 w! 100% 100% | Long 1s 68 37 AmT&T cv 4%839 176 138% 139 | Louls & Nash uni 48 & M. eees AmT & Tcltrbs 17 103% 104 |y,ouis & Nash 58 B. ~a !‘;;}v 3 A'“'l' AmT&Tst6s.... 101% 102% | Louis & Nash 5%s. o Am Tel & Tel 5%.. Lous & Nash 7s. .. Am Water Wks bi 100 Barber & Ross. . 8 's Cram. T Vanbit 7y hase er Mfg. 6s. Pat Jumlfl Stockc L Brora Cflnl Title Sig 3 & Efec’ © ‘Wash. Rwy. & Elec. pfd._ . .. Wash., Baito. & Anncp. com.. .. Wash.. Balto. & Annap. pfd. NATIONAL BANK. National Capital.. mbia 10210 Neifonal Bank of Washington. 255 TRUST COMPANY. Amertcan Security & Trust Co.. avines & Trust.... Contental Trust... . Bank Tnion Tru: Washington Losn & Tris. BAVINGS BANK Bank of Bethesda.. Commerce & Bavings Eust Washington.... Potomac Security Savings & Comime Seventh Street: United Savin Wathington Mechanics FIRE INSURANCE. Fatiana® Gnion: 2" TITLE INSURANCE. Columbia Title . Real Estate Title ' Fitle &'Tov. of Ma. com MISCELLANEOUS. Barber & Ross. Inc., com. Chevy Chase Dairy’ pfd Columbia Sund & Gravel pid C. Paper It Woodwi “Ex. dividend —_—— Going to the traveling cilcu( is the Iatest craze of London society. Armour&Co 4% 39 Armour Del 5%s. .. At1 Gulf 5869, Atlantic Refin b3 Bell Tel Pa 68 B. Bell Tel Pa 55 C. Bethlehm Stl pm 58 Beth Steel r£ 6s. ... Bet Steel 5% 8 53 Bethlehem Steel Col G&EI 58 May 52 Com Invest 515 49. ‘om Invest 6548, . Con Coal Md 5s. Con Gas N Y 5% Cuba Canecv 7s. Cuba Cane 88 Det Edison 5s 40 Humble O &R 5%, 111 Bell Tel 5. Inland Stl 4%s 78.. Tntl Match 55 47 Inter Paper 65..... Int Tel & Tel 4%s. . Int Tel&Tel 4% e Kan City P & Lt &a. Kan G & E6s 52. Lackawanna Stl 5s. Laclede6s. ... Ligget&Myers 65 51 Loew's 68 w o war. Loew's, Inc 6 Lorillard 5. Lorillard (P) 7s Lou Gas & E s 52. McC'rmick ER 68 34 Midvale Steel 55. .. Montana Pow 43 Montana Pw deb Mor's & Co 18t 4%s No Am Ed 6%s Nor States Pow bi Nor States Pow Pacific Gas & EI 5: PacT&T 585 Pan Amer Pete 65 N N T w0 » Naan—:\nnu—ms=o~l€naav~a PP ] aR&aan inBuelaSuismsarnansnmasisalta s ® 101 101 105% 106% 1067% 107 104% 105 100% 100% 56% 95% 78 9% 844 93% 614 614 mfi'i 10514 u 6 102% 102% 107 107 92% 924 102% 102% 4 99% 99% 82% 82% 101% 101% 101% 101% 104% 104% % 9% 9T 9TH 8916 89 92% 92% 122% 122% 103% 103% 104% 104% 100% 100% 101% 101% 20 81 104% 105 4 101% 101% 101 101 100% 100% llif'm 102% 981 101% 103 100% 1007 106% 105% 101% 101 103% 104 MIEIRy &L M St P&SSM en 4s.. MK&T istés..... MK&Tadjbs..... MK&TprinbsA. Mo Pacific gen 4s.. Mo Pacbs F 77.. o Pac 65 G 18 Mo Pac 538 49 evt. Mont T'rm ref 68 1 Montreal Tr 58 B 55 N O Tex & M 6s B. Som =2 2 NY Sus&Wn 5837, NY Sus&Wn gen 58 NYW&B4% Nor & S gen 58 54. . Norfolk & W en 4s. Nor Pac 35 2027. Nor Pac 4s. Nor Pacrt aBuaBtenERan Penna gen Penn 55 64 Penna 65 Reading J C Rio G W 1st RIATk&L 4% 8 96% StL IM&S gn 6881, 9 1004 StL IM&S R&G 42 96% SIL&SFpléss.. 51 8% SIL&SF4%s878..109 90% StL&SanFrinbs. 6 101% St L&SW con 45 33. 12 98% StLSW5sb2.. StP & Kcsnbfln. 1 91% 5 9% 103 103 | Seab A L 4s. 9874, Seab AL ref 6215 648 o 94% 113% THE EVENING STAR, WASHINGTO l on nev vore BOINIDS srocx c:l What Fixes Bond Prices BY GEORGE T. HUGHES. The Premium Prejudice. Individual investors seem to have a prejudice against buying a bond selling at a premium. They will pay more, relatively, for a bond selling at a dis- count and they will take a lower income and maturity return on such an issue than they could have obtained on another description just as sound from an investment standpoint, but which sells in the market above the price at % | which it will be paid at maturity. ‘The situation may be illustrated by comparing two bonds of equal rating— Canadian Northern 4!is, due February 15, 1935, and Canadian National equip- ment 7s, due May 1, 1935. Each of these bonds is an investment of the highest grade. The Canadian Northern issue is guaranteed by the Canadian govern- ment by indorsement and the Canadian National is secured on equipment, title to which remains in the name of the trust company until the entire principal has been paid off. ‘The system which t.hue two railroad obligations represent is owned and i | operated by the Canadian government. There is no possible question about prompt payment of the charges onthese bonds. Nevertheless, in the open mar- ket the Canadian National equipment gives a higher return than the Canadian Northern bond, simply because the former carries a higher coupon rate than the latter and sells at a premium. On the same day recently Canadian National equipment 7s were quoted at 108, to yield 6.46 per cent direct and 7 Baies. High. Low. Glose. Sou Pac clt ¢x. 3 9l 9% 9% Sou Pac ref 4s. Sou Pac 4% ret: Sou Pac 4% 5 69 ww Sou Ry gen & Sou Ry con bs. Sou Ry 68 & Sou Ry 6% Tex Ark F8 5%s 50 Tex & Pac bs B 1977 Tex & Pac 55 C 19 Third Ave ad) bi Third Averef 4s 60. Third Ave 1st bs. Tol Tr L&P 5348 30. Union Pac 4s 68 Unlon Pac 4%s67.. Un Pac 1st ref 6s.. Virginia Ry 1st 5s.. Vy Ry &P n 10 Wabash 1st 5s. West Maryland 4i West Md 5%s 77... West Pacific 5s. w st Shore 48 61 5 98 .17 88w 87 16 82 8% WE Solicit the Rental Management of Your Property Whether Apartment, Prompt Collections RENTS REMITTED THE DAY RECEIVED Our Rental Department is Most Complete and We offer co-operation at all times in the solution of Ownership Problems. Randall H. Hagner & Co. 3 . Mortgage Loan Correspondent New York Life Insurance Company 1321 Connecticut Ave. N.W. Efficient. Complete Investment ond Brokerage Service Copy of owr “Fortnightly Revie Furnished G. M.-P. MURPHY & CO. Members New York Stock Exchange 1510 H Street WASHINGTON Telephone National 9660 Philadelphia Private Wires to New York tion. Join hands with us This Year { The Dollar You Take Care of Now Will Take Care of You —when age and infirmities impair your earning powers. Take the best possible care of such dollars —bank them in this strong, interest-paying institu- {fWe've been serving the public for more than sixty years, and our open accounts now exceed 50,400. Open Until 5:30 P.M. January 15th and 16th for Payday Depositors’ Convenience Natlonal Savings &T rust Co. 63d Olden( Savings Institution in the District of Columbia | Capital and Surplus, $3,500,000 Cor. 15th and New York Ave. D. C, TUESDAY, JANUARY 14, 19%0 5.25 per cent to maturity, while the Canadian Northern 4l4s were sel at 98%, to yleld 4.56 per cent and 4.80 per cent to maturity, Institutienal Buyers. Institutional buyers have no l\lch more advantageous to do so, but the average individual dislikes the idea of having to set aside annually a part of his interest receipts as the return of rincipal, which 1t is, when a premium gu been pdd for lhe bond orwlmny METAL mn’r { NEW YORK, January 14 (#).—Cop- per quiet; electrolytic, spot and future, , 18. Iron quiet; unchanged. Tin steady; spot and nearby, future, 19.37. Lead steady; spot, New York, 6.25; East St. Louis, 6.10. Zinc easy; East St. Louls, spot and future, 520a 5.25. Antimony, 8.50. BANK.CLEARINGS. NEW_YORK, January 14 (8pecial). | —New York bank clearings, today, 1, | 407,000,001 000. | $200,000,000; a year ago, $173,000,000. New York Federal Reserve credit balances today, $148,000,000; & year Ago. $1317.000,000. Money to Loan Srst deed of trust e reatng Juph W:Ier Councilor & Buchanan Certified Publie Acconntants Wm. Gordon Buchanan ‘Tower Building National 6110-61116213 (Telephone Directory Omission) TRUSTEED SHARES ‘The IDEAL rnnmzn' for_in. vestors who demand SA YIFLD and GROWTH fll Drinfilnl. Specially suited to long-term in- vestments for individuals, trust funds and funds of organizations. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woedward BuiMing. 161st Dividend Tue regular qunuflv dividend of Two Dollars and Twenty-Five Cents ($2.25) per lhm will be paid on January 15, 1 stockhold- ers of record at the close of business on December 20, 1929. H. BLAIR-SMITH, Treasurer. Residence or Business Phone Decatur 3600 on reguest Connecticut at K Richmond lmerel:: Paid on Large and Small Accounts Payday. Guaranteed Safety For January Funds One simply can't afford te take chanmces whem in- vesting surplus Javuary funds. That's why so many experienced lnves- tors purchase our 6% First Trast Notes, secured by modern owner-oceupied hemes im nearby Mary- Cony Over a Third These motes Mman guar- of a anteed (ncome with abso- Inte 7 for prineipal and interest. Century Without a Get the facts Loss THERE PINANCIA P MORTGAGES UNAFFECTED BY MARKET FLUCTUATIONS It is the definite and assured safety that accompanies our 6%% FIRST MORTGAGES which makes them popular. Back of these mortgages is improved real estate of tangi- ble value under the most con- servative appraisement—so that vou cannot lose either principal or interest. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY You Want Assurance of Strength and Permanency —in the bank you make custodian of your Payday or other funds. QThe security and service afforded by The Metropolitan have withstood the tests of one hundred and sixteen years— and have never been found wanting. QWhy not patronize the OLDEST Na- tional Bank in the District of Columbia? Paid on Savings One dollar or more is all that’s needed to become a SAVINGS DEPT. patron Completely Equipped Trust Dept. National Metropolitan Bank Capital, Surplus & Undivided Profits Over $2,300,000 15th Street, Opposite U. S. Treasury Open Until 5:30' P.M. Wednesday, Jan. 15th 207t Dividend on Cities Service Common Stock Shared by over 340,000 People N January 2, 1930, more than 340,000 investors, located in every state in the Union and in for- eign countries, received checks repre- senting the 207th dividend paid by Cities Service Company on its Com- mon stock. Total dividends paid in cash and securities on Cities Service Common stock now exceed $117,000,000. Between October 15th and Decem- ber 15th, 1929, the number of Cities Service Common stockholders in- creased by 93,263,— bringing the total to 341,497, More than 600,000 people now own se- curities of Cities Ser- vice Company or its subsidiaries. ‘Whenyououn Cities Service Common stock An investment in Cities Ser- vice Company protects you against the risk of puttingall your eggs in one basket. Your dividends come from the earnings of Cities Service ‘subsidiaries spread over 35 states and doing a day-and- night business in modern necessities . .. in electric light and power, manufactured you participate in the growth of one of the largest essential business enterprises in America—you share in its success and its eamings. If you had invested $1,000 in Cities Service Common stock on January 1st, 1911 and held all stock dividends, you would have, today, holdings worth $34,575. At its present market price and divi- dend rate your investment in Cities Service Common stock yields over 6% % yearly in cash and, stock, pay- . able monthly. Youcan learn more about the Cities Ser- vice organization by reading the booklet mentioned in the coupon below. Send- ing for it will place you under no obli- gation. and natural gas, and petro- HENRY L. DOHERTY & COMPANY 60 Wall Street, New York City Branches(in principal cities HENRY L. DOHERTY & COMPANY, €34 Southern Buliding, Washington, D. C. Send copy of booklet describing the Cities Service organ- ization and the investment possibilities of its securities. Name. Address Cil s