Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-01

$500.183,311
Clifford Explains New Bond Plans.

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Total $5o0.183,3l1 s460. 20s, 234
Clifford Explains New Bond Plans.
Following an overwhelming vote of
stockholders at a special meeting yes
f2rday. the directors of the American
telephone g. Telegraph Co. authorized
lie issuance of $2l9000.000 of 10-year
~ per cent bonds, convertible into
.ommon stock at prices ranging from
$50 to 5000 a share over period OF
cight years, these to be sold to stock
''olders on the basis Of one $500 bond
for each six shares of stock held on
iTay 10.
President Walter S. Clifford, when
questioned regarding the purpose OF
ne issue, the proceeds OF wnlcn are
(, be used in part for the retirement OF
IS. 900 600 bonds due on July l next,
aid that "if all of the bonds are in
lie course converted INTO stock at, say,
:.l80 per share, and the $50 above par
paid in cash, the company will ult1-
,ately receive nearly $500 000, 900 from
le issue" He added that the con-
ruction program for 1929 was the
rgest in the history of the Bell system.
nd that similar large programs are
aimed for the years to follow.
Commodity Prices Lower.
The wholesale price index as COM
! lied by the National Fertilizer Associa-
on remained unchanged during the
rast week, but A commodities showed
-clines against advances of only Is.
ne chief advances occurred in eggs,
POTATOES, oranges and apples in the
heavily weighted food group and gaso-
m iVH ffa frrol Material dAr1ffaae
occurred in textiles, fats, grains, feeds
md live stock, copper, tin, cottonseed
cal and one analysis Of mixed fer
f:lizer. For the previous seven weeks
2, continuous decline had occurred and
'-'dications are that the moderate de-
me is continuing. The passage of the
rm-relief bill may have aided food
:; ark1S.
Gov. Young Lauds Reserve System.
The orgy of stock speculation now
Keeping America will readjust itself
dramatically and there is no reason
r1- revamping the Federal Reserve bank
ing system for those ends, in the
Onion of Roy A. Young. governor of
oderal Reserve Board, who is now in
Les Angeles.
The fact that the Federal Reserve
linking system has been in existence
:. years with hardly change shows
le perfection with which it was draft
!, and I see no reason now for tink-
ring with it." he said Minor teen
real alterations naturally are being
i,ade. but the principles on which it
c->erates are sound
Prices Steady on ID. c. Exchange.
Today's Washington Stock Exchange
cssion opened with four small trans
cticnS in Gas IS, series B, selling at
d. Washington Gas IS sold at 1904
4 $1,000 sale in Washington Railway
Z, Electric As took place at 86%.
Capital Traction sold today at 1914,
-otomac Electric Power 512 per cent
deferred at 10714, Washington Gas, ex-
,.vidend, at 1861 and 107, and Rail-
ay e. Electric at 81. Sand & Gravel
referred moved at 81 and Firemen's
Insurance Co. changes hands at 40A
A single share of Riggs National
tank stock came out at $751; and Park
-avings Bank stock was strong in the
llisted department at 55H.
Bankers Pushing Spring Meeting.
The annual get-together Spring
- Getting of the District Bankers Asso-
alton at the Columbia Country Club
rs given another boost at today's
leeting of the luncheon group at the
Eillard
c. H. Pope, convention chairman, and
] snier P. McLachlen, chairman of the
Decial dinner committee, report grow
,ng interest in the meeting. Bankers
g urged to send in their applications
once so that the committee may
Tow just how many to arrange for.
The dinner program is not quite COM
ted No long speeches are to be per-
tied, but it is limited that there will
some short. snappy talks. both enter
ming and informative. Winners OF
3 y afternoon golf contest will be an
)unced and suitable prizes awarded.
he meeting takes place next Wednes-
~ afternoon and evening.
Heard in Financial District.
George A. Garrett, resident partner
- F. B. Keech 81 Co., announces that
illiam NJ. Erb and Lucius P. Ords-
ly. jr., have been admitted to general
~rtnership in the brokerage firm.
A. Elzey Waters of Townsend Scott
:; Son, Baltimore, was recent caller
the financial district, visiting the
ms local office while here.
c. j. Gockeler. vice president of the
strict National Bank and secretary
the Washington Stock Exchange, is
King special interest in the meetings
e the United States Chamber of Com
'erce. When Mr.. Gockeler was Secre-
ry of the Washington Board OF
rade he was a delegate to the meet
g which founded the National Cham
. r of Commerce.
Otis A. Glazebrook, jr., of New York
he of the partners of G. M. P. Muir
ny & Co, was in the city today tt
onsult with the joint managers of the
zeal office, A. c. Flather, r. c. Jones
nd C. c. Morgan.
The Interstate Commerce Commission
rs authorized Southern Railway Il
1"ocure Authorization and delivery o
$3.50, 900 of per cent development ant
neral mortgage bonds to provide TO
he retirement of maturing bonds.
sales volume of 1912 000,0 600 in 1872
Nuts the National Dairy Products Cor
-'oration. of which Henry N. Brawner
-. Of this city is a director, and Chest
nut Farms Dairy. Inc. a unit. in tn
AN of this industry, according to al
article in the current issue of Barron
financial Weekly.