Evening Star Newspaper, March 18, 1930, Page 12

FINANCIAL. NEW GOVERNMENT BONDS MAY APPEAR' More Treasury Financing in Near Future Is Held Very Likely. BY. J. C. ROYLE. Epecial Dispatch to The Star. Investors who have ready cash idle at | present probably will have an oppor-| tunity to buy additional Government securities with it in tne not distant future. The -March quarterly financing of the Treasury Department, involving | $450,000,000 in new borrowings, resulted in a heavy oversubscription, but the outlook for additional offerings seems extremely bright. This is caused by the . request of the President for an additional $100,000,000 to supplement | the revolving fund available for use in supporting the operations of the Farm Board to stabilize productive prices,lsoo roved of this request. 3 indication also that | all the appropriation bills will go| through, since this is a congressional | ciection year, and measures calculated | to win approval of voters will be given the right of way. It now depends pretty largely on the amount of money which will come into the Treasury to- day from income tax payments. Trea: ury officials will set no definite figure, but it is known that they anticipate receipts approximating $550,000,000 on that date. Budgets Closely Calculated. | Budgets, expenditures and financing have been calculated pretty closely on | this basis. The addition of another $100,000,000 for expenditure would | seem to indicate, therefore, additional financing will be necessary after today. | This in all probability Wwill take the form of discount bills or Treasury bills sold on a discount basis. There have been two issues of this kind in the last | two months, and both have been singu- | Jarly successful. These might be so dated and issued as to mature early in July, after the end of the present fiscal year, June 30. ©On the other hand, it is believed in | well informed Governmental circles that | the income taxes, especially the corpo- | ration taxes, will total far higher than | has been anticipated. If this s the | case, it is probable that no additional | financing will be necessary to enable | the Treasury to keep “out of the red” until the end of the fiscal year. sition to borrow than for many years. This is because many investors are | holding their funds in cash, awaiting a | settlement of the uneasiness of the se- curities market before making perma- nent investments. Treasury Bill. To all such the Treasury bills, being short term securities and offering many advantages, are absolutely safe. will liquidate and can be turned cash at a moment’s notice and yield a return during a period when the money might otherwise lie idle. The same ad- vantages accrue to many short-term issues of State and municipal bonds at present, and in view of this fact the market for those securities seems likely 1o be well sustained for the coming six | months at least. Controller of the Currency Pole says that the lowering of the New York and | Cleveland rediscount rate, while largely | psychological, will aid business, and | ‘whatever aids business will give an im- | petus to the absorption of investment | seeurities on the part of the public. (Copyrisht, 1930.) Butter—One-pound prints, 40}2a41%; tub, 39a40. Eggs—Hennery, 26; cur- rent receipts, 24a24%5. Poultry, alive—Turkeys, young, .~ Dressed— , H old, 32a35; Spring broilers, 45a46; Win- ter chickens, 37a38; Leghorns, 32; fowls, 30a31; capons, 35a40; ducks, 30; keats, 80a90. Meats, fresh killed—Beef, 20a23; veal, 28a30; lamb, 22; pork loins, 28a30; fresh hams, 26; fresh shoulders, 22; smoked hams, 28; smoked shoulders, 20a22; 1315; R Live stock—Calves; 8al3; lambs, 10a 13; Spring lambs, 20. ‘The daily market report on fruits and vegetables, compiled by the Market News Service, Bureau of Agricultural Economics. says (sales to jobbers except where otherwise noted): _ Apples—Supplies moderate; demand light, market steady; barrels, Virginia, U. S. No. 1, 2% inches up, Winesaps, 6.50a6.75; U. 8. No. 2%-2% inches, ‘Winesaps, 4.50a5.00; boxes, Washington, medium to large size, extra fancy, De- liclous, 4.00a4.25; extra fancy, medium to large size, Winesaps, 3.00a3.25; bushel baskets, Virginia, U. 8. No. 1, Wénems. 2.25a2.50. abbage—New stock, supplies light; demand light, market steady; F‘lu’l“tdl. :’%—bushel hampers, round type, 3.50a Celery—Supplies light; demand light, market steady; Florida, 10-inch crates, individually washed and precooled, 3-4 dozen, 2.50a2.76; 6-8 dozen, 2.7583.00, mostly 3.00. Lettuce—Supplies moderate; demand light, market slightly stronger; Califor- nia, crates, Iceberg type. 4-5 dozen, 3.2523.50; fair condition, 3.00. Onions—Supplies light; demand light, market dull; Michigan' and Indiana, 100-pound sacks, Yellows, U. AN EXTRA INCOME-- MEANS EXTRA JOYS IND out what modest pay- ments muitiplied by 5/59% Interest compounded can do for you under the 36-year- old Investors Syndicate Plan. Ask for informative folder, “Building Your Second In- come.’ 170,000 INVESTORS USE THIS PLAN INVESTORS SYNDICATE FOUNDED- 1894 BARR BUILDING WASHINGTON, D, €. Telephone: Metropolitan 1879 OFFIGES 1N S1 PINCIPAL EITIES | market steady; Mexico, 45-pound crates. | light, market steady; baskets, Savoy type, 1.15a! per quart: pony refrigerators, Mission- medium to large sise, 2.0002.15; some | badly sprouted, 1.25a1.50. Potatoes—Supplies moderate; demand | light, market about steady; old stock, Maine, 150-pound sacks, Green Moun- | tains, U. 8. No. 1, 4.15a4.25; 120-pound sacks, Green Mountains, U. 8. No. 1,| 3.40; New stock, no sales reported. Tomatoes—Supplies light; demand | light, market firm; Florida, 6s, ripes and turning, wrapped, fancy count, .4.00a 4.50; choice count, 3.00a3.50; poorer, mand moderate, market Shore Maryland, bushel hampers, Yel- lows, No. 1, 1.65a1.75; fair quality, 1.40 al50; Tennessee, bushel hampers, Nancy Halls, No. 1, 1.85a2.00. String beans—Supplies light; demand light, market slightly weaker: Florida, bushel hampers, green, best, 5.0085.50; fair quality, 4.00a4.50. light; Eggplant—Supplies Florida, pepper light, market firm: crates, fancy, 4.00a4.50. Peppers—Supplies light; demand light, market slightly weaker: Florida. pepper crates, fancy, 4.75a5.00; few higher, choice, 3.5024.00. Squash—supplies light; demand light y: Florida, pepper crates : bushel hampers, yellow crook necks, few sales, 4.50. Peas—supplies light: demand light, demand mostly 7.00. Carrots—Supplies light; demand light, market steady; Texas, Western lettuce crates, bunched, 2.25a2.75; few Beets—Supplies light; demand light market steady; Texas, Western letfuce crates, bunched, 3.00a3.50. Cucumbers—Supplies_light: Tilinois, cartons, hot-house, extra fancy, double ‘extra fancy, 5.50. Caulifiower—Supplies light; light, market slightly stronger; fornia, pony_crates, mostly 2.75. Spinach—Supplies light; demand | light, market firm; Te: buskel | demand 2-dozen 5.00; demand | Cali- Strawberries—Supplies moderate; de- mand light, market steady: Florida 32-quart crates, various varietles, 25a35 arys, 35a40 per quart. Oranges—Supplies moderate; demanc | moderate, market slightly stronger: Florida, boxes, No. 1, medium size, 5.25a 50; few higher, large size discounted. 5081.00 per box, Money to Loan Secured by first deed Prevailing Interest Joseph 1. Weller §; Money Available for making Real Estate Loans ROBERT W. SAVAGE 717 Union Trust Bullding National 6799 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 64th Tssue of Stock Now Open for Subscription Money loaned to members on easy monthly payments James F. Shea James E. Connelly Secretary President ' Money to Loan on Property in the District of Columbia First Trusts Only Immediate Attention | $98.50 a share. |headed by Stone & 'Webster and PHILIPPINE BOND SALE ARRANGED FOR APRIL 2 Sale of $500,000 of Philippine govern.- ment bonds for improvements in the port at Tlollo will be held by the War Department here on April 2. ‘The bonds, in $1,000 denomination, will be 30-year, non-callable coupon bonds, yielding 4'; per cent, maturing October 15, 1959. They are part of an | authorized issue of $2,175,000, of which a first series of $750,000 was issued a year ago. NEW SECURITIES. |15 is placed at 2,584,407 barrels, an in- NEW YORK, March 18 (#).—New se- | curity offerings today include: ‘The Pure Oil Co., $20,000,000 10-year 5% per cent sinking fund gold notes, dated March 1, 1930, and to mature March 1, 1940, priced at 97)% and ac- crued interest, to yield more than 5.80 | per cent, offered by a_banking syndi- cate headed by the Guaranty Co. of New York and including Dillon, Read & Co., Central-Illinois Co., Inc., and others, Pere Marquette Railway Co., $14.- 000,000 first mortgage 41, per cent bonds, series “C,” dated March 1, 1930 | and due March 1, 1980; priced at 97 and accrued interest, to yield 4.65 per cent to maturity. Offered by a bank- | ing group headed by J. P. Morgan & 0. City of Houston, Tex., $2,202,000 4% | | | per_cent bonds, maturing serially 1933 to 1955, inclu per cent E. H. Rollins & So ; priced to yield 4.30 and others. , Inc., ,000 shares no par common stock at $18.50 a_share. Offered by A. A. Durante & Co., Inc. Gulf States Utilities Co. (Engineers Public Service Co. subsidiary), 25,000 | shares 86 dividend preferred stock at Offered by a syndicate Blodgett, In ind oth Consult Us Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Apartments and Bus rict of Columbia and Nearby RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Mortgage Loan Correspondent New York Life Insurance Company Capital and Surplus, )z National Savings & Trust Company Wm. H. Saunders Co., Inc. 1435 K St. N.W. Dist. 1015 bers. The OMest Savings Institution in the District of Columbia Corner 15th & N. Y. Ave. 64th Yr. Offered by Lehman Brothers, | | ther | NEW YORK, March 18.—The follow- ing is today’s summary of important corporation news prepared by Standard Statisties Co., Inc., New York, for the Associated Press News Trend. Early estimate of domestic crude oil production for the week ended March crease of 45,099 barrels above the pre- vious week. Average price of crude pe- troleum in 10 producing fields during the week increased to $1.489 a barrel. compared with $1.464 a barrel in the preceding week. A year ago the average price of crude oil was $1.658 a barrel, Gasoline prices at principal refineries remained unchanged from the week previous, 6.875 cents a gallon, while service station prices were also un- changed, continuing at 820 cents a gallon. Corporation news of the day was mixed. Sieberling Rubber announced the passing of quarterly dividend on 8 per cent preferred stock. This is fur- evidence of the unsatisfactory earnings_position of the tire industry. INCOME INVESTMENTS INVESTMENT DEPT. BRODIE & COLBERT 1707 Eye St. NW. National 8875 | 1 Even if your will has already “FRANKIIN” Numbers Have Been CHANGED Now «“NAtional,” “DIstrict,” or «“ME(ropolitan” Please consult your Telephone Directory before calling ln preparation for the introduction of dial service in the downtown section of the city in the Spring, it has been necessary to change the numbers of about two-thirds of the telephone subscribers formerly served by the «“FRanklin” Central Office. subscribers now have «DIstrict,” “MEtro- politan” or “NAtional” numbers. The chances are that the “Franklin” num- bers that you used to call from memory have been changed; so, in order to save your time and avoid confusion, it is im- portant that you consult your directory be- fore placing calls for any “FRanklin” num- THE CHESAPEAKE AND POTOMAC TELEPHONE COMPANY Properties in the aryland and Virginia Decatur 3600 ,000.00 —in the least to confer with Our Trust Dept. officers about the advantages of naming in your Will a Corporate Execu- tor or Trustee, such as this bank. been made, a codicil giving effect to such a change may be added. &% Call and talk it over with us. These ‘While the business of this industry hn.s}pecu when Narrows tube is put in long | operation. grown uninterruptedly over a period of years, earnings have not in- creased proportionately, due to the over- built condition of the industry, which naturally has caused severe price com- petition. The Companies. Auburn Automobile shipments for quarter ended February 28, 1930, were 4,051 cars, an increase of 18 per cent over shipments for previous quarter, but 128 per cent less than in like 1929 quarter. Baltimore & Ohio Railroad reported planning construction of elaborate ter- minal facilities, with freight yards on Staten Island for handling freight ex- TRUSTEED SHARES the IDEAL INVESTMENT for_in. in: trust funds and funds of organizations. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Bullding. Met. 8783, Lowest Rate of Interest Long or Short Term Construction Loans Glover & Flather | 1508 H St. N.W. National 1753 Borin Vivatone earned 26 cents en common stock in 11 months to Decem- | ber 31, 1929. FINANCIAL. ~ United States Prin & Lithe earned $4.78 on eomgl;: stock lmgih. against $4.15 in 1928. A. G. Spalding & Bros. to open new store in Indianapolis. s s Co. Special Bulletins OUR Research Department,” which analyzes and studies special situations in regard to stocks and bonds, sends out recommendations from time to time on securities, which, in_ their epif\hfi offer_interesting possibilities_for the future. i Members NEW YORK AND BALTIMORE STOCK EXCHANGES Associate Member NEW YORK CURB EXCHANGE Mackubin, Goodrich & Co. ESTABLISHED 1899 BANKERS We will be glad to list your name’so that you.will receive copies of these bulletins as they are issued. REDWOOD & SOUTH STS. BALTIMORE, MD. 1508 H STREET WASHINGTON, D. €. GENERALMoTORS TRUCKS A GREAT VALUE - NEWLY ADDED!? 'GYed 2 IX CYLINDER power and speed—58 actual horse- power—is the key to greater work-capacity which this truck gives you. Everything about it is of real truck design and con- struction. Load distribution is correct—no excess body- everhang. Truck axles, springs, clutch, transmission, and 6 real- truck frame, insure hundreds of thousands of low-cost miles. There is a big development in steering ease, and safe control. 4-wheel truck brakes were perfected by a solid year of tests. Tire equipment is accurately right— to give maximum mileage. Model T-15a . « « 5,400 lbs. “‘Straight Rating” (total gross weight, including load) . . . 2 chassis,and 3 types available . . . price chassis, f. o. b, Pontiac, Michigan, The 7’ 6* panel body is a masterpiece of modern body= roomy, strikingly beautiful. Complete with this panel - body, price is only $990—f. o. b. Pontiac, Mich.! x Driver’s compartment goes far beyond anything in past, truck-building—and this is true, also of the cabs—the - finest ever put on any trucks, regardless of price. Only General Motors Truck leadership could producs. .. such a value. Try to match it, on any point or all, and you’ll see the truth of that big statement. 42 make sure of getting the most for your money. (Time payments financed at lowest rates by our own Y. M. A.C.) 41 TON RANGE *745 Model T-17a . « « 6,500 fhs. “Straight Rating” (total gross weight, including load) . . . 3 chassis, 8 types avaflable « + « price, chassis {. ¢. b. Pontiac, Mich. Because of the great interest shown in the 1930 General Motors Trucks since their announcement the SPECIAL EXHIBIT AT 211721 L ST. N.W. TRANSPORTATI! K ENGINEERSON TERRED TRUCK SALES will be held open ALL, THIS MONTH ‘ S. 0. S. Call—Metropolitan 0505 G LRvICE : TRUCK MAINTENANCE pER TRUCK LEASES CONTROLLED BV GENERAL MOTORS TRUCK COMPANY Richmond Branch And_ Lease Truck Service Station, 107 West Canal St. L COVINGTON, Va.—Wright Motor Co. ROANOKE, Va.—Hyde Truck Co. GLOUCESTER, Va.—B. F. Weaver. SUFFOLK, Va.—Briggs Motor Co. BROADWAY, Va.—Miller-Hoover Motor Co. SPECIALIZING IN COMMERCIAL TRANSPORTATION Lease Truck Service Station Paint and Body Shop . 131 Que St. N.W. 30-38 M St. N.E? Dealers ; DVILLE, Va.—R. B. Moore, Inc. FETERSRURC, Va.—Ray Truck Sales Co. CHARLOTTESVILLE, Va.—Carpenter Motor Co. MADISON, Va—J. B. Carpenter. STAUNTON, Va.—Motor Sales Co. PHOEBUS, 'Va.—H. M. Tessler. NEWPORT NEWS, Va.—Sheffield Motor Truck Co. LYNCHBURG, Va.—Kabler's Garage. NORFOLK, Va.—Briggs Motor Co. BERWYN, Md.—Gingell Motors. ROCKVILLE, Md.—Brosius Bros. & Gormley, Inc. A MODERN TRUCK FOR EVERY EURSE AND PURPOSE design and construction; dust-and-weather-tight, husky, . Real .Eahh Loans Made Investigate this truck before you buy, if you want te .