Evening Star Newspaper, January 30, 1921, Page 29

FINANCIAL Week’s Price Range New York Stock Exch THE SUNDAY STAR, JANUARY 30, 192I—PART T. joe|URGE PROTECTION IN WAR TO ALL ALIEN INVESTMENTS Corrected to the Close of Business January 29, Saturday, at the Office of The Evening Star. ~—1921— Rate. High. Low. Div. 3414 26)4 — Adams Express..... {1934 16 — AdvRumely..eees 39% 30% 4 AJax Rubber..oews {55 44} — Allied Chem & Dye.. 88 7 Allied Chm & Dye pf. 293" 4 Als-Chalmers..... 5% 7 Allis-Chalmers pfd. 54 _8 Am AgrChem...... #{ 43% 8 Am Beet Sugar.... 10 Am Bosch Mag. cees = AmCan....covvreed High. 3 19 3% 5234 93% 363 7 Am Can pfd..eeeces 8% 6% 8 AmDrugSyn.eeses 7% 133- 120 8 AmExpress....... 130 11§ 8§ — AmHide&Lea....: 10 5% 0% 7 AmHide&Leapfd. 46% (48 [ 4 AmIce Secu...... 4 49% 384 — AmInter Corp. 48 & - 4 62 863 8114 83%% 10 % 9 14 8y % 40% 35 404 8 5% 81 3% 30 307 96 89% 9434 107% 100 107y 1 8% 3% 81% 997§ 9536 8 AmTel& Tel....... 99% 1213 114 12 Am Tob 12134 8% 110 12 Am Tobacco B. 118% 83 87 6 Am Tobpfdnew.... 93 *T%X 59 7 Am Woolen........ 68 39% 32 — Am WritPaperpfd. 364 9% 8% — AmZinc.. 9 33 26% — Am Zincpfd. 293 40% 33% — Anaconda.. 39% 283§ 2¢ 4 AssoDry Goods.... 26% 102 94 6 Associated Oil..... 102 843¢ 82} 6 AtchTop & San Fe. 84 7% 75% 5 AtchTop&SFeptd 79% 7% 6 — AtlantaBir&At... 6 86} 84 7 AtlCoastLine... 8 76 61 10 Atl Guit& WI..... 1% 443 384 5 AtGuif& Windpf. 43% 944 84 7 BaldwinLocoCo... 913§ 102% 99% 7 BaldwinLoco Copf 102% 37% 341 — Baltimore & Ohlo.. 35% 54 503 4 Baltimore&Opfd 43% 2)§ — Beth Motors..... [593{ 503 5 Bethlehem Steel. 5. 63% 53% 5 BethSteelClassB.. 58 107 99% 8 BethSteel 8% pfd... 105 5% 4} — Booth FisheriesCo. 5% 147§ 10 — BrooklynR T.. 14% 10 6% — BrooklynRTctfs.. 10 53 51 — Brooklyn UnGas. 53 42 3 — BrownShoeCo. 41 91§ 81% 10 BurnsBros... 9034 6 4% — Butte Cop & Zinc.. 5% 1434 10% — Butte & Sup Cop. 3% 20 143§ — ButterickCO..voay 18% 183 13% — CaddoOfl...ccecees 173 456 - 594 » 3 7% 684 119% 15 8% 7 43 3% 96 8 7 CentralLeathpfd.. 9% 32§ 27 4 Cerro De Pasco. 3234 72§ 64 10 Chandler Motors... 72)4 625 58% 4 Ches&Ohio......., €0 9 8} = ChicGt West.....a 8% 2096 18)§ — ChicGt Westpfd... 194 31 2% — ChicM&StP.. 28% 465 42)4 — ChicM&StPpfd.. 445 n 65} 5 Chic & Northwest.. 69 € 6 8 Chic PneumTool... 63% 286 26l — ChicRI&Pac..... 21% B ‘814 €' CnicRI&Pe%pta 634 {78 72 7 ChicRI&PI%ptd. 744 1236 - 9% — ChileCopper..,.... 124 [233% 19% — ChinoConCop..... 22% 48 4 — ClevCinChi&StL.. 48 6234 513 8 Cluett-Peabody. 54 25 199 — Coca-Cola...... 2% 303 27 3 ColFuel&Iron. 29 "3 27 — Col&South.... 3 /63 56/ 5 ColumbiaGas&ElL.. 6 12 7% 1 ColumbiaGraph... 12§ 3834 35% 4 Computing Co... 38 82 D4 7 ConsolidatedGas... 79% M4 19 3 Con Textile. 66 593 7 ContinentalCan.... 66 5 3% — ContinentalCandy. 4 7% 5% 2 ConIntCalnMin.. 6% 315 64 4 Corn Products. 2% 105 100 7 Corn Productspfd. 104 325 283 250 Cosden & Co....... 30§ 107% 73 8 CrucibleSteel...... 9% 32% 28 7 Cuba-AmericnSug 31 253 213§ — CubaCaneSugar... 244 6 61% 7 CubaCaneSugpfd. 66 102 99% 9 Del& Hud.. .. 101% 220 208 10 Del.Lack&W..... 220 4% . % =— Denv &RI0G...... 24 34 1% — Denv&RioGptd.. 3% 12% 103 1 DomeMines...eeew 124 19 17 — ElkHornCoaleeees 19 40 35 7 EmersonBrpfe.... 38% €5 52 5 Endicott-Johnson.. 63% 168{ 13 — Erle....ccccocanses 13% 2% 19% — Erielst pfd..cceest 20% 15% 14 — Erle2dpfd.......c 144 { 48 8 Famoup Players. 59 82 76% 8 FamoudPlayerspt.. 81% 20% 2 - 7 FedM&Smeltpd. 293% 20 79 10 Fisher Body....... 873 158% 1% — 143 0% 13% 18 " 5% 2% — Gaston Williams. 4% 71% 40% — General Asphalt.... KA 112} 80 5 General Asphaltpf... 1124 6% 5% 6 60 129 1205 8 163 14 1 0% 64 6 Gen Motors 6% deb. 693§ 82 6% 7 GenMotors7%deb. 82 j443% 35% 6 GoodrichBF....... 41§ {25 2 ~— Granby Mining.... 79% 743 7 GreatNorthpfd.... 79% 30 28% 4 Great NorthernOre. 20}§ 165 12% 2 Guantanamo Sugar.. 15 [25 21 — Guif Mobllepf. 25 36)% 28% — Gulf State Steel 36% 60% 55/ 4 Haskell & Barker.... 503§ ,20% 15 — HendeeMfg Co. 17% 503 80 — Homestake, 50 80)% 70 = Houston Ofl. 6% 13% 11 1 Hupp Motor Co. 13% 20% 19 3 Hydraulic Steel...... 19 893, 8 7 Illinois Central. "% 64 60 Indiahoma Ref. 363% 31 — Inspiration Cop. 5% 3% — Interb-ConsCorp.. 5% §16 103 — Interb-CsCorp ptd 16 57 50 5 Inter Agriculpfd... 51% 97 93% 7 Inter Harvester.... {17 12 — Inter Mer Marine... 15} 63% 50% 6 Inter MerMapfd... 55} 38 33 = IntMotor Trucke... 35 116} 13} — Tnter Nickel.. 15% §64% 4334 — Internat’l Paper.... 624 15 n 6 Inter Paper pfdstp 74 §26-- 213§ — InvincibleOfl........ 254 40 32% - 35 V64 .4 = 9% 9% 4 = JewelTem....cooesr K ‘30 8% — Jewel Tea Dfd..ees,. 20 P 14 2 JonesTea... ;2544 2l 19 = KanCity South 20% (484 45% 4 KanCitySouthpfd. 48§ 493 40} 4 Kelly Springfleld... 43% 43" 40° — Kelsey WheelCo... 40 {21 . '17% .2 Kennecott Copper., 204 ‘Week ending January £9, 1021. Net. —1921— Rate. Iow. Close. Chge. High. Low. Div, High. Low. 3314 3314+ 14| 13 8% — Keystone Tir 1BY% 1% 18% 18% — 3%[58% 52 6 LackawannaSteel. 54 52% 3514 354+ 14|46 40 — LacledeGas....... % 42 50 50%+ %[144 12{ — LakeErie &Wstrn. 18 13 927% 93% + %428 254 — LakeErie &Wnpt 28 28 #3414 35% — 3%|2004 1734 2 LeeRubber & Tire. 2044 19% 80 82 + 14|56} 52 3)4 Lehigh Valley...... 53% 52 53% 55% — %146 1384 12 Lig & Myer TobCo. 146 145 45% 46%— %[18% 15 2 Loew’s (Inc)....... 16% 16% 5234 583+ 416(12% 103 — LoftCandy. .. 1% 1K 2836 32%+ 46|40 " 31 — Loose-WilesBiscull 40, 35% 8676 86% — 34|l45 137% 12 Lorillard,P........ 14174 140 1213 12415+ 24|1033 973 7 Louis & Nashville.. 10134 99% 205% 23% + %|17% 10 — Mallinson Co...... 17% 17 6% 7%+ 2|8 68 10 ManatiSugar. . 8 80 129 130 5814 4515° 7 Manhattan Elev... 584§ 53 9% 9% — %|19% 10 6 Marlin Rockwell... 10 10 4% 4%+ %[{21 144 2 Martin Parry.. L 42 4 +1 74 2% — Maxwell MotorCo.. 6 5% 45 6% — 4|12 7% — MaxMotColstpfd. 8% 7% 5% 62 +6%)78 65)4 8 May Dept Stores. 3 n 82 8 167% 1503 12 Mexican Petroleum 1613 1503 8% 8% 19% 15% 2 MiamiConsCopper. 19 18%4 11 134+ 3| 1514 125 160 Middle StatesOfl... 134 125 3736 40% + 233314 30% 2 MidvaleSteel...... 31% 30% 80 84— %[13 1% — Minn&StLnew... - 12§ 114 3036 30% . 2§ 2)4 — MisKans& Texas.. 2§ 2% 92} 93% + 14| 5% 44 — MisKan&Texptd. 44 4% 104% 10736 + 2%4|20% 18 — MissouriPacifics... 19% 18 78 81%+3 [41% 38% — MissouriPacificptd 403 38% 9% 9% 19% 16/ — Montgomery Ward 174 1634 U7 119% + 134/ 2876 21 4 Mullins Body....... 25% 254 13% 117 +2%|30 22 3% Nat Acme.. 25% 2% 91 93 4+ 1%108 102 7 NatBiscuit. 108 107 6614 67 120 106 7 Nat Biscuitpf...... 120 115 36%% 365 — J|36% 25} — NatCloak &Suit... 32 30K 9 9 + %| 5 3 — NatCon & Cabl % 4 26% 2% — (64 4% 6 Nat Enam & Stamp. 63 60% 3% 9941 |74 69 6 NatLead.........., 73 124 24 2%+ %i11% 9% 1 NevConsolCop.... 113§ 113§ 953 100% + 5%|76 60 6 NewOrTex&Mex. 76 65 *$2% . 82% + 134 84{ 78% 10 N Y Air Brake...... 8l 81 0% 79%+ %|74%4 71 5 NYCentral 3 Ny 6 6 — %245 2134 2% NY Dock. 246 2% 841 8 + Y|45 4414 2% N Y Dock pf “wy “ 63 69%+ %|234 18% — NYNH&H. 2% 20% 4214 433 — 1%4]19% 18 1 NYOnt& West 18% 18 873 89%+ 1%|l02)g 93 7 Norfolk & West 101 100 102 102%+ %88 81 7 NorthPacific. 88 824 314 34% 36% 31 5 NovaScotiaSteel... 35% 34} 5054 503 — 3| 4 3% ‘40 Okla Prod & Ref... 3% 34 3% 4%+ 3%| 544 44 — ontarioSilver..... 5% 5 52 552 + 434| 2334 26 2 Orpheum Circuit 2% 54% 574+ 1125 115 8 Otis Elevator.. 124% 105 105 + 14{16 13 — OtisSteel.... 1434 4% 5%+ %|54% 47 3 Owens Bot Mach. 5234 12% 127 — 126/ 19% 13% — Pacific Devel. 14 17 8% 84 — 134148 46% 5 PacGas& Elec. s 4 51 53 +2 | 17416/ 1 PacMail. 17% 16 38 41 414 343 — Pacific Oil. 3154 364 90 9%+ 1 |84 71X 6 Pan-AmerPutro... 76% 73 5 5 = %713 67 6 Pan-AmerPetroB. 0% 67 13 134+ 3] 144 124 — Parish& Bingham. 14% 14% 163% 18% — M| 4134 40X 3 PennRxt. ay a% 15% 17%+ %617 9 — PennSeaSteel..... 163§ 143§ 625% 644 + 1%4] 39 33% — PeoGas& Coke 39 35 353% 36%+ V4| 19% 174 — Pere Marquette % 17 75 75 — 3%| 354 32 3 PhiladelphiaCo...... 33% 33% 4% 18 +2 |31 273 — Phillips Petroleum 8% 21% 843 8%+ Xl 21% 19% — Plerce-Arrow. 26% 4% 39% 41 + %| 1% 10% — PlerceOil.... 1% - 10% 9234 92— 1%/ 78 747 8 Plerce Oil ptd 6% 76 30 303+ 14 62% 57 5 PittsCoal.... 62% 60 6 724+ 3% 32 8% — Pitts& West Va.... 30% 29 5% 60 + % 14 12% 1 Pond Creek Coal 4% 13 816 84+ 2| 9% 8% 8 PressedSteelCar... 96 9074 18% 19% + 34111% 105% 8 Pull PalaceCar..... 1113 106 21% 2%+ %| 514 45% 8 Punta AlegreSu 8% 47 42)5 4% + 124 3674 34% 4 Pure Oil Co. 36 344 613 684+ % 8734 82 8 Ry Steel Spring.. 874 854 66% 693+ 3%| 144 1134 1 Ray Con Cop... 13% 12% 6% 20% + 2| 89% 81 4 Reading........... 853§ 83 62)4 62§ — Y| 525 48% 2 Readinglstpfd.... 50§ 48% % 74 + %| 57% 53% 2 Reading 24 prd. 5 83% 134 1256+ % 3% 26 — RemType.. 35 - 334 22% 22% + 3%% 32% — Replogle Stesl. 344 32 45 45 —1 |24 18 — RepMotor Truck... 2% 51% 53% — 3% 734 603% 6 RepublicI&S. [ 6214 520 Royal Dutch. 12 213 25% 363% 3% 2% 6% 8 Y 4% 413§ 22% 50% 0 9636 19%¢ 2% s1% 158 10134 b 314 4334 23 8% 12 % 4255 16% 26% 13 125 M55+ 3 51y 514 W% 18 4 %136 T 4 84— Ka 3 613 63% + 54l 39 3614 1065 10835 — 14| 2438 2004 505 59% — 4122 1174 128% + 3k 673§ 6435 15 + 5f34 31 68 6815— 14106 944 80 80 + Y| 45 4% 40 404 207 101% 2% BY% 2% 19% 5% 8% + 2%| 58% 513 8K 20 — uf 145 1134 14 14— 2% 46 39K 245 1 (a4 20% 30 35454 5 N1 643 5536 503 + 3k 51% 414 T 11 2% 624 50 50 1037 101 B B 41|35 3B 12%{ 13+ 1 | 8434 803 19 19 — wuz ‘w7 90 +1 |54 48% 6% — ¥ 10% 9 35 * 4 32 495 Pi— %l 2% 344 1205 13 — 1% 9 84 0 50%—1%| 8% 7 9% 96 + 24 84 T4 4y 144 — 3| 8% 20% 54 5%+ 315 13y 3. 34— 12 9% 15 15% + %Iu% 10% 533 61 + 2%} 1% 17% Y B—1420 2 2By UK+ M| 8% 84 35 35 -2 |9%% 93 9 S+ u 8% 2% 9% B4 aell B4 13% 20 + 8 |40 354 19% 243 + 6| 17% 1434 19% 0%+ %| 4 38% 45% 4% +1%| 9 5% 05 s+ %[0 30 40 406 — 24[113% 100% 199 1% — W8N B Ilnlolvmuuavavaanl laBal @1 1ol ) 111 aol b liateaad L ET ) oe s loaomnononl ol aleloafdsssicesls St Joseph Lead. 125 12 StL&SanF. Stlouls & SW..... 26§ 2534 StL&SWptd..... 39 37 Santa Cecilia Sugar.. 4% &4 Saxon Motors...... 5§ L1 Eeaboard Afr Line. 6% 6% Sears Roebuck..... 93)§ 891 Seneca Copper. . 18% 18 Shattuck & Aris, 6% 6 Shell Trans Ter. 451 -4134 Sinclair Ofl........ 24§ 22% Sloss-ShefS & I... 53 52 8 Porto Rico Sug. 9 98 Southern Pacific.... 88§ 97) Southern Pacrights. 23 20% 28 22% 59 58% Stand. OIN.J. new.. 159 159 Standard Ofl, NJpt 109% 184 Stewart Warner.... 37 33% Stromberg Carb.... 40§ 37 coeeee B9 553 Studebaker pfdeees. 947§ 92 Submarine Boatee.. 94 84 Superior Oil....ceees. 12% 124 Tenn Cop & Chem.. 9 84 ‘Texas Co (new).. 4y 0% Tex3s & Pacific...... 213§ 19 Texas & PacC&O.. 36% 33 Third Ave R R. 18% Transue Will & Wig. 403 40 Twin City Rapld Tr. 39 35} Union Ofl. . 8% 22 Union Pacific. 1203 119 Unfon Pacifiopfd... 67% 66 U S Indust’l Alcohol U S Realty & Imp. .. U 8 Rubber...... U S Rub 1st pfd. U S Smelt & Ret. 38% 3784 VaIC&C.rrevenes: 95 R Vivadou (Inc).eeees %6 7 Wabash. .. 8% 8 Wabash pfd A 213§ 0% Wabash pfd B. 4 13% Wells Fargo Exp... 6614 60l4 Western Md. .. 1024 1054 West Md 24 ptd. 18 17 Western Pacifio 2 B West Union Tel..... 86% 853§ Westinghouse AB.. 95} 043 ELI s B ‘3034 8% White OfL. 18 1434 W1IB0D COsoeseeene: 4345 43 Willys Overiand. 8% ‘Willys Over pfd.... 38% Week eading Jazuary 29, 1021, Not. Close. Chge. 13% + 1% 5%+ % 464 + 5% 1B 8 28 +2% 19% + % 53% + 1% 6 + %% 16% u%+ % 0 +4 141 10134 + 3% 1736 + 136 86 + 5% 53 -3 10 —4% 17 -2 5% 8% — 3% 2K - 1% 158% + 1% 18% + 13% + 313 + L% — 2% + 4% — 19% + ¥ 0%+ 2 16% + % 5%+ % 25 4+ 1% 107 + % 120 +11 3% — 2% 4 - % 6%+ % 2% 14+ % 2% + 1% 81 — % 2%+ 1% 24 +2% “wy—- % A%+ % 18— ¥ 01 +1 864 + 4 35K + 1% 3% — % 5%+ % ME— % 125 +5 45— 3% 524+ % 7 -1 - % 16— 13 3% + 134 B+ % 6 + 1% 14% ax+ X% 14— % 38% + 3% 1%+ % B+ % B — % 26% + 1% 14+ % 8%+ % 61 +1 305 + 1% 1B -1 943 + 5% 1105 + 44 4156 — 3% 35% 8534 1B%+ % 8%+ ¥% 5074 5356 — 2% 35 + 14 33 — 1% 2%+ 1% 67 + 2% 66% + 14 12 + 2%+ REXRKXX Exend §§suu§ w 2 B L I [ = i ey R R R -§-283 e e e Bzsfusezgzsazs xR T ¥ex xS 8w ncarcerateLanE 82955 RET0RER=E I 4+ +++++++++t++t+tttt &5 R REL L FUr s EEEExnx T 8nEsSy BEfe~® o S R3S PI+1 0 14+11 EEggnrgoszgs | BxTxe wxsxswxdx America’s Inmense Purchases of Foreign Suggests an International Agreement. BY L A. FLEMING. Germany has just announced her in- tention of restoring all property belong- ing to civilian owners seized during the war, as the property of aliens. So far as known, no other state participating in the war has announced like action or intent thereto, in the same matter. Only a day or two ago, and before this “announcement from Germany, Charles J. Bell, president of the Ameri- can Security and Trust Company, called attention to the fact that the United States should make some movement look- ing to the establishment of the samctity of private property of aliens during wars which might develop. He pointed out that this nation, as the big creditor of the rest of the world, was buying the securities, to a large degree, of the world, in an effort to aid the rehabili- tation of other countries, as well as for the interest return, and that the safety of these holdings should not be put in Jeopardy through failure to come to an understanding. On the list of the New York Stock Exchange, in the bond scction, are quot- ed the securities of Belgium, Canada, city of Bordeaux, city of Christiana, Copenhagen, Lyons, Marseille, Tokio, Paris, Zurich, Denmark, Dominican Re- public, France, Japan, Norway, Cuba and the United Kingdom. With the broadening of foreign trade will come further security offerings on this side. But this is not all. Millions of dol- lars of American money have been invested in pounds, marks, francs, lire and other foreign moneys. ' The United States government is creditor of many foreign nations for billions of dollars in the aggregate. Mr. Bell contended that so long as olvilian alien owners act within their rights they should be protected even in the event of war between the United States and the nation or na- tions whose securities they own and carry. Properties of German aliens selzed in the United States must have pos- sessed @ value many times the value of the takings of American property in Germany, but England also had larger interests in Germany. Germany perhaps intends to win the approval of alien property holders through the return of seized proper- ties, or may hope for like treatment from the allies, or even to set a prece- dent for the future. On the face of the porposition it should appeal to investors in inter- national securities, that the stability and safety of their investments from seizure would be assured, to alarge degree, with an international agree- ment on the lines indicated. Morris & Co. Morris & Co., ore of the oldest and best known of the great packing com- panies of Chicago, closed its fiscal year October 20, 1920, with a profit of $4,270,000 as compared with $6,- $45,471.94 in 1919. The company in 1919 had a surplus of $53,227,505.65. A matter of $2,900,000 was taken from the big surplus fo pay-the expenses of admrinistration, interest on bonds. and taxes, insurance, interest on bor- rowed runds, etc., Local Maturities. Washington utilities will have no re- funding to do until 1923, at which time the Washington Railway and t board of tax exemptions of New York city, argued for exemptions of new buildings. “It is said that this is unfair to owners of existing buildings to ex- empt new buildings. The owners of existing buildings have seen the value of these buildings doubled by no act of theirs.” The Prudential Insurance Company in 1920 made 11,000 real estate mort- gages, «§40,000,000 city and $44.000,000 | country loans. A matter of 3.400 loans were made on private dwellings and apartments. 5 Bache Review. The Baché Review this week turns from the argument in favor of a sales tax, @ turnover impost, to im- migration, telling of the manner in which Canada has quieted fears of a flood of undesirables by the necessity of the immigrant being possessed of $250 plus cash to see“him to his desti- nation. The influx of hundreds and even thousands of English women and some Irish girls direct from the mills is also mentioned at length and precedes the reparation, ex- change and other comment. The imgortance of the migration is commented on at length, America could stand eome immigration of this character. Weekly Stock Review. In their weekly stock review Messrs. Thomson & McKennon make this comment: “During the past week we have had only a moderate volume of business on the stock exchange, but the action of the market has been in many re- Spects very interesting and indicates a soundness in fundamentals, as well as n its technical position. > “On several days selling was aggres- sive, but It had all the earmacks of professionalism. It was got accom- panied or followed by any commis- sion house liquidation. On the con- trary, on each of these periods of weakness buying orders through commission houses increased and offerings were quickly absorbed, and as a consequence the sellers in their effort to recover stocks sold were obliged to bid aggressively with the result of price recovery. “There were a number of factors which helped to strengthen the pub- lic view of the soundness of the market and encouraged continued buying. We had the reports of the United States Steel Corporation and the Bethlehem Steel Corporation, both of them showing a surprisingly profitable year, and were especially encouraged in view of the fact that pessimism had taken such a strong hold of the public mind during the closing months of last year, and this naturally leads to the thought that Wwe had overdiscounted the depression in business. In view of the showing made by these companies are we not justified in looking for surprises when other corporation reports are published? Then we have had the announcement that some progress had been made by the stockholders in their fight against the foreclosure 6t the ‘Denver and Rio Grande railroad, and this fact in itself encouraged further purchases of railroad shares. “The Northern Pacific was a distinct Electric Company will have {o pay or refund $4,691,000 general mortgage 68 of the Potomac Electric Company and $1,000,000 6s of its own immediate issue. In 1925 $750,000 Potomac Electric debenture 6s will mature, and $1,850,- 000 Metropolitan Railway 5s. favorite during the week and prom- ises to continue so, as there are in- teresting possibilities for the road growing out of the development of the company’s oil properties. “Some of the buying of railroad shares was credited to English in- vestors, and with the continued rise in sterling exchange this should be- OFFERINGS OF NEW CAPITAL ABSORBED Securities and Debt Due United States Stocks, However, Incline to Dyllness—BeIgian Loan Oversubscribed. NEW YORK, January 29.—The line of demarcation between speculation and investment phases of the secuti- ties market became more clearly de- fined this week. Stocks, as a whole, showed increasing dullness and irreg- ularity, while new capital offerin, in large volume were readily ab- sorbed. These contrary conditions found their most tangible expression in the heavy oversubscriptions to the Bel- gian government loan, the Pennsyl- vania railroad bond issue and various other undertakings of scarcely less importance. It was apparent, however, that in- vestors continued to measure their commitments in terms conforming to new offerings yielding interest rates of higher living costs, all the 6% per cent or better. Money Market’s Firm Trend. The money market confirmed by its firmer trend recent forecasts of con- servative openly discouraged the hope of easier rates, during the first quarter, or the “critical period” of the current year. Movements of stocks were govern- ed to an unwonted de; banking interests, to-day operations o i tone of railway shares under expectations. British Remittances Advance. ‘International credits were tions. French and other continental rates were influenced mainly by the ulti- mate findings of the_reparations com- mission. SHOWS VIGOROUS RISE. Exchange on France and Belgium . Gains Largely. ~ NEW YORK, January 29.—Ex< change on France and Belgium rose vigorously in this market today, be- lieved a result of announcement that egreement had been reached at Paris on the German tions. reparai Paris demand bills advanced to 7.18, a gain of 32 points over yesterday’'s the Belgian final quotations, rates were 7.51, 30 points higher. Dutch and Span showed no appreciable change. Open until 5:30 P.M. Tomorrow and Tu'esday e who ee by the day- professionals. Efforts of the bulls to convert paper profits into cash frequently failed, while the small available supply of certain of the more speculative is- sues rendered short selling some- what hazardous. Latest financial statements of such representative organizations as the United States Steel and Bethlehem Steel corporations offered additional proof of the transitory state of the ndustrial situation and the hesitant indicated that transportation earnings continue inter- esting for the further substantial ad- vance of British remittances, which seemed to be founded chiefly on bet- ter financial and commercial condi- sh rates also strengthened, but London qudtations eAd Rapid Expansien | NEW YORK COFFEE PRICES. NEW YORK, January 29.—The market for coffee futures was quiet today, with fluctuations correspond- INVESTMENT ¢ ingly narrow. The opehlng was 3 ik i 8 “Investment” is a magasine of ¥ points lower, owing to somewhat dis-| g o ® appointing Brasilian cables, but the reliable and up-to-date news had been selling yesterday in antici-| @ abouthigh-gradesecurities. Con- @ pation of their showing, and prices| g tains the information rallied later on covering. May sold up need, if you want to be well from 7.00 to 7.04 and closed at 7.03,| @ the Best stocks, and can invest & o with the general market closing net ‘more per Equal to an unchanged to 3 points higher. Janu- et Sarvice castive B9 ® 6130 ary, 6.36; March, 6.61; May, 7.03; July,| @ year. “;_""'Nm 7.43; September, 7.80; October, 7.92;| gg Askusfora December, 8.15. Spot coffee was reported in fair de- mand, with prices unchanged, at 7 to 7% for Rio 7s and 9% to 10 for Santos 4s. Cost and freight offers included Rio 7= at 6.60 to 6.80 American credits. ‘Throughaut'the East INVARIABLY the progress of a chain store system is marked by unusual strides, as has already been proved success of UNITED AUTO STORES, Inc., throughout Pennsylvania, New Jersey, Delaware, and New writers for by the=; ¥ York. As fiscal under- P UNITED AUTO STORES we have made an exhaustive analysis of chain store securities—all uniformly successful, yield- ing investors splendid incomes. This company’s policy is to encourage the hold.: ing of its stock wherever its stores are located: This gives the investor an advantage seldom. offered the public generally. Write for complete report on UNITED AUTO STORES, .t i a-p—f'-“ history, presest status : of s history, 2 and income CHARLES E. GLASSER & CO.,,In : 226-27 Bond Bldg. Most of the bonds of the local util- ] ities have years to run, and directors| come a more important factor. of these companies are probably con- gratulating themselves that the mar- ket for local utilities will have greatly improved before they or their successors are called upon to care for the obligations. Scores of corporations would like to take advantage of the first turn for ease in the money market since the end of the stringency, to care for their future needs, but these days they must needs talk long and earn- Money to Loan mnmn—adz:u-nmmn. Joseph I. Wellerf Yo L, & Tront No ' Investment —has ever established a record for safety that can compare with that of First Mortgage Notes ‘We loan on good improved ‘Washington real estats, and have on hand notes of $250.00 up to $5,000.00 bearing 7% interest. CHAS. D. SAGER 923 Fifteenth St. N.W. Loan Department Main 36 estly with bank presidents and chair- men of boards of directors to make 2 successful floatation. 1t is ot the wild public demand for bonds that made the Belgian, the Chemical and the Pennsylvania bond issues so wonderfully successful, as many think, reading the storfes of oversubscriptions and speedy closing books on the three big flotations of last week. It is the measure of success attained in securing the attention of a rich and powerful syndicate to undertake the @istribution of securities. Having secured such a syndicat they will see to it that the distribu-| tion is wide and satisfactory—they will oversubscribe. Mortgage Money. One hears considerable discussion among the real estate operators of the District enent the difficulty prev- alent in the matter of securing mort- gage money and the difficulties of the . housing proposition. One hears of | $30,000 Preferred Stock, to settls an estate the opportunities for investors to |mder Md. Banking Supervision. Pays 1% per render much-needed service, but the|menth: J. B. Parsons investor hfinself seems to be seeking 1300 Mass. Ave. 30° other than real estate security. K. V. Haymaker, formerly firancial adviser of the-United States Housing Corporation, read a very interesting paper at the national housing con- oy ey onitissssn T L e Ve Balt. & Ohlo He called attention to the fact that: | [ Calif. Pet. Cuba Cane Sugar “A large amount of monmey has ||Cdsden & Co. General Motors heretofore been invested in mort- gages by private investors. Under| existing tax laws such investmemts| when they reach a large sum must pay, such an exorbitant part of their earnings as taxes that the amount of money available from private sources is constantly decreasing. “The tendency of life insurance companies in making investments is || 364, sent free on gpquest. similar to that noted in banking, that % is, the ratio of mortgage investments has for many years been declining. The president of the - Metropolitan b g 4 g AS Life made the statement that in 1875 real estate mortgages comprised 58 = Rock Island R. R. Amer. Tel. & Tel. Crucible Steel Baldwin Loco. Sinclair Con. Loew’s, Inc. Un. Ret. Stores Plerce-Arrow An impartial review of above eecurities and others contained in Bulletin W. 8. No, w | Your Cash in Qur Care —has that which only “The Metropolitan” ¢in give, viz.: The protection and security of Washington’s. OLDEST National Bank. X * 9 Ally yourself with this “tried and true” financial friend of the thrifty This Payday—YOUR Checking or Savings Account. will be welcome. ” : We peil 3% .on S’avinge One Dollar or more will open a savings account. . OFFICERS: GEORGE W. WHITE. ©. H. P. JOHNSON.. A. A. HOEHLING, Jr.. C. ¥. JACOBSEN. . GALES MOORE «-President C. F. R. OGILBY....Asst, Trast TOWNLEY A. MoKEE Open at 8:30 A-M. Every Business Day National Metropolitan B Capital, Surplus and Undivided Profits Over $1,500,000.00 , 15th St., Opposite U. S. Treasury—107 Years Old Accounts Invited, $1,200,000 per cent of the assets of life insur- ance companies. In 1895 this had de- clined to 40 and is now ‘over 30" Some insurance companies have re- cently adopted a policy of making long-time loans ‘'on homes with 25 Broad Street, New York 44 Court Street, Brooklyn 4 Weeks’ Free Trial I Washington Gas Light Company amortfzed payments. High credit was given by the speaker to the building and loan asso- MOTION PICTURE clations, as having “measured and fitted themselves to needs of the INVESTOR American " people, and _to " have become a vital 'actor, w Com- | aApq cial report on any Company in which bined capital of 60 per cent|you may be interested. Subscription, $3 per greater than the combined capital o & of all national banks in America.” The speaker recommended co-opera- tion with the building and loan asso- | ciations of the city. Lawson Purdy, formerly head of the year. Great value to those interested business in which there are all the tie PEUia o cil with Rene of ofCs Rame. Write ay. Address MOTION PICTURE INVESTOR 120 North Broadway, Los Angeles, Calif. Compounded Twice a Year To become successful one must be: thrifty. Success means effort and oftentimes sacrifice, buj, success is the highest ideal of one’s ambition. Systematic Saving through this Association will in- still in you that spirit of thrift which will start rou on the road to success. One dollar will start your account. Come down and talk it over with us. \ Columbia Building Association 620 F Slrlunt 'N.w. Five-Year 7%2% Gold Notes " Due January 1, 1926 Denominations $1,000, $500 and $100 Having sold over $1,000,000 of these Notes we offer the unsold balance, subject to prior sale. Price 100 and Accrued Interest to Yield 73% Circular on request. CRANE, PARRIS & COMPANY 823 15th Street N. W. Telephone Main 593