Evening Star Newspaper, January 21, 1930, Page 11

FINANCIAL. Tfi.E EVENING STAR, WASHINGTON, D. C. ¢ "~ INVESTMENT BOND | Cox e vorc BONDS soe excaancs Received by Private Wire Direct to The Ster Cifics ~ MARKET IS QUIET Prospect of New Issues Causes Drop in Buy- ing Orders. BY F. H. RICHARDSON. @pecial Dispatch to The Star. NEW YORK, January 21.—The pros- pect of another $150,000,000 or so of new bond financing in the near future had s deadening effect on the invest- ment market today. Domestic issues were irregular and almost featureless. Foreign dollar credits were slightly more active, but indicated no decided tren d. ‘Today total of new issues was $31,- 256,000, consisting of $25,000,000 New England Power Association 515 per cent debentures, $3,700,000 of 1400 Broadway bullding mortgage bonds and_$2.556,000 of small municipal offerings. This com- paratively small amount was easy to ab- Sorb, but other flotations imminent in- Clude a total of $120,000,000 public util- ity bonds, $10,800,000 Newark, N. J., im- Provement bonds and an equipment is- Sue of $4.454,000 by the New Haven Railroad. Dealers report the market siow to- day, even though money is at its cheap- est of the vear and call loans are go- ing as low as 3'; per cent on the b Street. ‘Among the utility issues expected is one for $75.000,000 from the Interna- tional Telephone & Telegraph Co. The company has denied considering such an issue, but it is obvious that the com- pany will have to finance its 1930 ex- pansion program, and the Street has taken the denial with a grain of sait. ‘The other loans expected are $25,000,000 Cleveland Electric Illuminating Co.. $15,000,000 Consumers’ Power Co., and $10,000,000 Duquesne Light & Power Co., which is also preparing to put out » preferred stock issue of $10,000,000. sted bonds were off fractionally to- day in both the high-grade and specu- lative sections. Convertibles were as quiet as the rest of the list, ‘There was a flurry of buying in Dela- ware & Hudson descriptions and in the . The transferring of the railroad properties of the Dela- ware & Hudson Co. to the Delaware & Hudson Railroad Corporation does not affect the status of the bonds, but it is thought the buying was induced TATES. UNITED § m? (Bales are in $1,000. Sales. Hizh 5 99 7 10020 56 101 27 9910 28 997 2 103 26 27 10629 13 11026 FOREIGN. . High. 20% 99 100 100 99 99 103 106 110 Australia 65 1957 Austria7s.... Bank of Chile 6% Bank of Chile 6% Belgium 6s. Belgium 6%s Belgium 78 1955. Bremen Sta Canada 53 1931 Chinese Gov Ry § Christiania 6s. .. .. Colombia 63 Jan 61. Con Pow Japan 7s. . Copenhagen ¢3; 53. Copenhagen §s ct. . Cuba 5%s. Czecho 83 1951. Czecho 85 1952 Denmark 4% Denmark § Denmark §s. Dutch East I Dutch East I 6s. Fiat 78 war 4 Finland 7=... Framerican T%s. French 7s... ) M BoZpaaRnosBSa Raan waoR~a French 7% German Bank §s ' the supposition that the road will now have a better opportunity to ex- pand its operations. The Hudson Coal Co. operates the coal properties of the Delaware & Hudson. FAST-FREIGHT SERVICE WILL START SATURDAY | BALTIMORE, January 21 (Special). =—A fast-freight service between Balti- gytmns, operated by the Blavan Line, ‘The Cortona is the first of six 10,000, fon vessels eventually to be placed in the service. The vessels will complete their trips st Montevideo, Uruguay, with Buenos Ailres as a port of call. be made at Santos, center of the Bra- silian coffee market, if offerings war- Tant. Headquarters of the Blavan Lines are & Baltimore, with branches in New York, Buenos Aires'and Montevideo. company later on will build its own ships for the South American serv- dce. A feature will be refrigeration fa- ecllities, which are contained in the ves- sels remodeled for the service. Washington Stock Exchange SALES. Washington Gas 65 A—$500 at 1013} ‘Washington Gas 6s B—$200 at 103° Potomac Electrjc 6% pfd.—3 at 1105, Potomac Electric 512 % pfd.—2 at 108%, 5 at 107. - Savings & Commercial Bank— 10 at £76, 10 at 476. District . National pfd.—10 89. thaler Linotype—8 at 108Y, 10 at 106%. Ter. Ref. & Whrs. Corp.—20 at 50. AFTER CALL. ‘Washington Rwy. & Elec. 45—$1,000 at 83, $1,000 at 83. Potomac Electric Cons. 55—$1,000 at 100%, $1,000 at 101. Bid and Asked Prices. Amer. Tel. & Telss 1904 asnd. .. Mexico 4s 10 asnt. . Milan 6% Montevideo Orfentdev 6% & Paris-Ly-Med 6: Stops also_ will | P Ri 5 Rio Gr do Sul 6s 4 Rio de Janeiro 634 Rio de Jan 33194 Rome 63 Sao Paulo 195 Saxon (PW) 7s. Seine 75 42. s CNRANP AR RANRARD R s Swiss 515 1946 Swiss Confed 8s. Utd Kingm 5%s 37. Unt S S Copen 65 37 96/ 2 T Low. Close, 1 991 15 100 15 29 100 29 3 9910 5 997 12 10812 13 106 13 8 1108 Low. Close. 901 90w 9T 97N 978 9Th 7% 7% 9T 83% 92 9214 & 103% 94 9614 102 107 109% 107% Paramount 6s 1947, Peoples Gas bs. Rem Rnd 5% war.. Richfield O11 6 Sinclair Ol 6; Sinclasr Ol Sinclair Ol 9 1 Sinclair Crude 5%s . Sin Pipe Line bs. .. Skelly Ol1 5%s..... South Bell Tel 6: 1 | Southwest Bell 5s. Stand Ofl N J 46 Stand O N Y 4 Tenp ElecPowss 47 Tex Corp cv bs 1944 Transcontl Ol 6% s United Drug 68 63 U S Rub 1st rf 6. U S Rub7%s. Utilities Poy War Quinland 6 Western Elec E Westn Unlon 65 51. Westn Union 6%s White Sew Mach. Wickw Spen 1st Wick-Spen ev 7 Wilson & Co 1st Youngstn S & T bs. Atchison gen ds.... Atchison adj és Atch deb 4345 ¢ Atlantie CL 1st Ala Gt Sou 45 19: B&OGold B&Orfimp B&OSWbs5 B & O Toledo Bang & Aroos 4s 51 Boston & Maine §s. Brdway & Tth Av b8 Bkiyn Manhat & Bkiyn Un F1 68 sta. Buff R & Pitts 43 Can Nat 4% s 54 Can Pac 4%® Can Pacific et Car Clin & O 6 Cent of Ga 53 C 59 Central of Ga 6%, Cent Pac 45 Cent Pae 1st Ches & O gen 4%s. . Ches& O 44893 A. Ch & O 4%s wi1995 Ches & O con §s..... CB&Qistrfbs... Chi&E 11l gn 68 61.. Chi Gt West 45 59 ChiM&StP4 % sC8: Chi MiISP&Pac! dj! Chi&NW conv Chi & NW ref Chi&NW *|ChiRT&P4% MISCELLANEOUS. Abram&Straus 5%s 1. 98% Alleghariy Cp 53 44. 10 99! Alleghany 55 49.... 45 Amer. Tel. & Tels: o 3 3 3323238 ash. . Wash. Gas s, series B Wash. Rwy. & Elee. 45 MISCELLANEOUS. Barber & Ross, Inc.. 6'as Sham -Vandersit Hotel 7S Faper. Mix. ot Joint. Stock La W 3 [k STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga... Capital Traction Co.. .. Washington Gas Light. Norfolk & Wash. Steam) Potomac Elec. 6% pfd Potomac Elec. 5'2% pid as Wash. National Columbia Commercial strict deral-Aj Liberty Washi 2 TRUST COMPANY. nk Eir Bavings & Trusi Tnion Trust....... ok ‘Washington Loan & Trust SAVINGS BANK. Bank of Bethesda Commerce & Sa ve t x United States. .. Washington Meéchanics’ PIRE INSURANCE. ‘TITLE INSURANCE. Tl'.-le & Inv. of Md. com. . MISCELLANEOUS. Barber & Ross. Inc., com...... ptd K4 nstor e Merchants, Trans. & Bior 1 Mtrchants Trans. & Stor. pfd. Mergenthaler Linotype. 1 Natl Aige. & inv. "7 e B 12 S “The bosrd 'of directors of the Miller Rubber Co. late today approved the offer of the B. F. Goodrich Co. to pur- B chase the Miller assets for approxi- Mmately $10,000,000. Both firms are in dkron. Am Agri Chem T%s 1 Ch 9 AmT&Teltrbs AmT&Tstbs, Am Tel & Tel 5% Am Water Wks 5. Armour&Co 4%4533 7 Armour Del 5% AtIGuif 58 69, Bell Tel Pa b3 B. Bell Tel Pa 68 C.... Bethiehm Stl pm &8 Beth Steel rt Bet Steel 5% Bethlehem Steel Bush Term Bldg Certn-Td 5% ret Chile Copper 5s. Colon O11 65 38 Col G&E! 5s Com Invest 535 49. Com Invest 6s’ Fisk Rub 8s. Gen Cable 5% Gen Mot Ac Cor Goodrich 6% Goodyear 5s ref Humble O & R Humble O &R § 111 Bell Tel bs. .. Inland Stl 4%s Int) Cement bs 48 Intl Match 55 47. Izt Mer Mar ¢s. Int Paper b8 47 Iuter Paper 6 Int Tel & Tel 4% Int Tel&Tel 4%s ¢ Kan City P & Lt bx. Kan G & E6862. ... Kendall 5% 48 war Laclede b3 z Laclede G 5% 63. Lautare Nitra Ligget&Mye: Loew’s, In Loew’ Lorillard 58. Lorillard 6% Loriilard (P) 7s. Lou Gas & El b8 52, Manati Sugar 7%s. McC'rmick ER Midvale Steel Montana Pow . Montana Pw deb 5s. Mor’s & Co 1st 4%s. Nat Dairy Pan-Amer Pete 7s.. 1 104% 98 ChiT H, bs.. Chi Un Sta 4 %s Chi Union Sta b8 44 Chi Union Sta 6%s. Conn Ry&L 43 s sta Cuba RR s Cuba Nor 5%s cts. Del & Hud1st rf & Del & Hud §% Den & Rio G en Erfe 15t cons ¢s. Erie Ge Erie conv 4. Erie conv Erle cv bi Brie conv £x Erie & Jersey 6 Fla East C b8 T Fonda J&G 4%s G~ Trunk st b Grand Trunk Gt Nor 4%=s 76 111 Cent 45 53 Il Cent 4% s Lake Shore Lehl Valen ds, Leh{Vgen 4% 32 Lehigh Valley bs Long Is deb 55 34.. Mo PacSsF 77.. Mo PacbsG 18 . Mo Pac 511 49 cvt. Mont T'rm ref 58 41 - BeouSunanarad-RonaRuananda w Norfolk & W en Nor Pac 35 2037 Nor Pae 55 D.. Nor Pac rf 6 . Ore Short L 55 gtd. Ore Wash 1st 4 % | Panna con 4% 104% Penna gen 4%s Penna 4% = 6 Penna gen b5 Pere Marq 1 . PCC&SBtLisBTS Readinggen4%s A Rio G W 1at RIArk&Lé%s... StL IM&S gn 68 31, StL IM&S R&G 4 SIL&SFplésA.. SIL&SF 4% 78 St L & San Fr in 5s. St L&S F gen 68 31. StLS W ist4s StP & KCShL 4% San A& Arn P ds. Seab AL ref Sou Ry 65 56. . Term AssoS L és. . 99% 101% 93 92 Sales. High. Low. Close. 99% 99% & 100t 11 101 RAILROAD. 22 Sonnnten= ol r0anBSRRE Baree alannm 5 ammnnbe S 2REe o EoansSun~ Rl » e PP P N 10 93 b 117% 99% 101% 8914 106% 17% |COTTON SPINNING INDUSTRY RECEDES By the Associated Press. The cotton spinning industry showed decreased activity during December. The Census Bureau today announced the average number of spindles oper- ated during the month was 30,495,190, or at 88.2 per cent capacity on a single shift basis, eompared with 34,839,028, or 100.9 per cent, in November, and 34,- 930,682, or 99.1 per cent, in December a . | year ago. Spinning spindles in place December 31 totaled 34,585,304, of which 29,069,- 510 were operated at some time during the month, compared with 34,538,134 and 20,649,394 for November and 35, 264,046 and 30,622,172 for December a year ago. Active spindle hours for December totaled 6,769,932,181, or an average of 196 hours per spindle in place, com: pared with 7,811,606,790 and 226 for November and 7,710,948,023 and 219 for December a year ago. e Sales. High. Low. Close. Texas & Pacific 1st. 4 107 107 7 Tex & Pac 53 C 19 Third Ave ref 4s 1 Tol Tr L&P 5%5 30. Union Pac 1st 4s Union Pac 45 68 Un Pac 1st rf 4s Union Pac 435 Virginia Ry 1st 5s. VYRy &P5s... Whash 4%s 78 rcts West Maryland 4s. West Md 5348 77 West Pacific 5 West Shore 4s 61. Wilks B&E 1st bs. . Wis Cent gn 48 49.. 6214 81% 81% 0 R SDAY, JANUARY 21, 1930. PINANCIAEL. USE OF SILVER IN 1929 SETS UP NEW RECORD Special Dispatch to The Star. NEW YORK, January 21.—In sharp | househo refutation of reports emanating from factor, both here and Mexico that the use of silver in the arts lbn-h!‘l. i M:-Mml m:e':aer ’-mbout is on the decline 4s the announcement 508 SRbas by the Sterling Silversmiths’ Guild of g&mm the e .h:.wl,n:.: T America that the consumption of solid despite silver increased 10 per cent'in 1929 over the previous year. The arts and indus- tries of the United States and Canad B ITRS T MORTGAGES YOU ARE NOT BUYING ON FAITH —when you invest in our 6'%2% FIRST MORTGAGES —but upon the very substantial assurance of conservatively ap- praised real estate located in the National Capital and in- come producing. consumed near] n.m:oo ounces of silver last mr.,’m high mark for all time, the previous record having been 33,500,000 ounces in 1928. Sterling silverware G.M..P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond London Over a Third o Century Without a Loss When you take into consid- eration the fact that the princi- pal is so safely secured the interest paid must strongly appeal. New York Stock Exchange Wishington Stock Exchange Riichmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy ofjour “Fortnivhtly Review on Reauest 1510 H Street t National 9600 May be purchased in amounts from”$250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. Connecticut at K 100 Investments in One An investment in Cities Service Company protects you'against the risk of putting all 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 neces- sities . " in electric light and power, manufactured and natu- ral gas,and petroleum products. THERE IS NO SUBSTITUTE FOR .SAFETY Wiy The 207th Dividend on T N M i AR DTN Cities Service Common Stock shared by More than 340,000 People N January 2, 1930, mere than 340,000 investors, located. in every state in the Union, received checks represent- ing the 207th dividend paid by Cities Service Company on its Common stock. Total dividends paid in cash and securities on Cities Service common stock now exceed $117,000,000. ° Between December 15, 1928 and December 15, 1929 the number of Cities Service Common stockholders more than tripled, in- creasing from 100,018 to 341,497. Of the 241,479 new stock- holders, 93,263 were added in"two months, October 15 to December 15, 192. ' More than 600,000 people now own securities of Cities Service Com- pany or its subsidiaries. Earnings of Cities Service Company for the year ended Novem- ber 30, 1 929 were the largest in its history. These record net carnings totaling $41,650,000 tepresent an increase of more than $8,000,000 over the previous year When you own Cities Service Common stock you participate in the growth of one of the largest business enterprises in America—you share in its success and its earnings. If you had invested $1,000 in Cities Service Common stock on Jan- uary, 1st, 1911, and held all stock divi- dends, you would have, today, holdings worth’'$34,575. At its present price and dividend rate, your investment in Cities Service Common stock yields over 6%4% yearly in stock and cash, payable monthly. HENRY L. DOHERTY & COMPANY 60 Wall Street @ New York City Branches In Principal Cities | Washington Branch Southern Building CLIP AND MAIL THE COUPON HENRY L. DOHERTY & CO. Southern Bldg., Washington, D, C. I BRI S AR AR N A O Please send me full information about the nation-wide Cities Service organization and its 19~ year-old Common stock. 88y 88% Address A DL R NI 8 DU M 4 SR AN o7, DM ENSR OB AR B e I T