Evening Star Newspaper, December 27, 1928, Page 15

FIN ANCIAL. THE EVENTNG STAR. WASHINGTON, D. €. THURSDAY. DECEMBER 7 FINANCIATL. SPECULATIVE BOND ~ TRADING IS SMALL High-Grade Issues Also Dull, Due to Credit Situation. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK. December 27.—Bonds marked time today waiting for the fac- tors of high money rates and year-end liquidation to work off. A combination of the two affected prices moderately, both in the high grade and speculative issues. Trading was in small volume. There has been a steady drying up of the market for. several weeks, with many bonds unquoted for days at a time. ‘There is almost no evidence of the usual re-investment demand, which occurs at the end of December. About all the market is able to do it to absorb the current liquidation of those who wish to establish losses for income tax pur- poses or for the account of institutions that still find it a better policy to lend out their money in the Street than to hold investment issues. The Government list was again heavy, with the Fourth Liberty 4lss and the Treasury 33g per cent certifi- cates of 1943 dropping to the low prices of the year and then rallying a little. There were small concessions made in the prices of legal rails and public util- ities, with weakness in the short-term corporation group. It is a trying time for low coupon bonds, especially those that have been recently marked up to rather extravagant levels, like Standard Oil of New York 4! which have de- clined 2 points. Most of the new rail 4',s are back to within a short dis- tance of their lows of last Summer. ‘There has been a steady decline in the junior 4 and 5 per cent rails. Seaboard Florida 6s were weak, with the B series Jower than ever and 30 points under the high of 1928. The convertibles were generally, reac- tionary. The copper company 7s de- clined 1 to 6 points. Various members of the oil group were down 1 to 2 points. Public Service of New Jersey 4!.s lost 2 points and International Cement 5s and International Telephone 4!5s each about a point. New York Traction ad- Jjustments were soft on poor earnings. In the foreign list year-end liquida- tion was the main influence, as the re- turns on these issues are high enough to protect them against competition with the current money rate. There were a few small issues of bonds of- fered today. The year is closing with almost no activity in the wholesale and retailing of new securities. CHICAGO DAIRY MARKET. CHICAGO, December 27 (#).—But- ter—Lower; receipts, 8,519 tubs; cream- ery extras, 47%: standards, 47'2; ex- tra firsts, 4615a47; firsts, 4584512; sec- onds, 43a44. sptal B0 Eggs—Lower; receipts, 8. cases; extra firsts, 34a35; firsts, 32a33; ordi- nary firsts, 28a30. Poultry—Alive, firm; receipts, 3 cars; fowls, 23a271>; Spririgs, 22a31; roosters, 20; turk 2! DIVIDEND DECLARED. ALEXANDRIA, Va, December 27 (Special) —The directors of the First Lib3%s.... Lib1st4%s Lib 4th 4% s US3%s43. US3%s47. US4s1944. US4uss2. 11 123 3 Argentine 65 Ju 5y, Argentine 6s Oct 53 Argentine 538 '62. Argentine 6s A. Argentine 6s B Australia 4 Australia Australi Austria 7s..... Bank of Chile 6% Belgium 6s. Belgium §%s. . Belgium 7s 19 Belgium 78 1956 Belgium 73 Belgium 88 Bolivia Brazil 6348 1927 Brazil 7s. Brazil 8s... Bremen State 7s. Canada 53 1931. Canada 58 1952..... Canada 5%s1929... Chile 6s'60. Chile 6s'61. Chile 78 1943. s Colombia 6s Jan'é1. Con Pow Japan 7s.. Copenhagen 438 63 Copenhagen 5s ct, Cuba 535 Czecho 85 1951, Czecho 8s 1952, Denmark 6s. ..., Danish Munic §s B, Dutch East1 6s 47, Dutch East I 6s 62. Finland 5%s. . Finland s £ 65 45... Finland 7s French 7s. Ger Am Bank 7s Ger Gen Elec 78 Hait! 6s. Hungary 7% . Irish Free State 58, Italy 7s..... Italian Pub S 7s. Japanese 4. Japanese 63 Lyon 6s. Marseille 6s...... Mexico 4s 04 asntd. Mexico 45 '10 asnt Milan 63%s. . Montevideo 7s Netherlands 6s New So Wales 57s New So Wales 58s. Nord 6%s.... Norway 551963, Norway 5%s. .. Norway 63 1943, Norway 631944, Norway 6348 195 Orient Dev deb 6; Paris-Ly-Med 6s Paris-Ly-Med 7s, Peru 6867 wi, Peru 7s, Peru7is. Un7,.... RhineWst EP 6s'52 Close 9914 9910 9914 51 100 6 446 100 6 9812 98 9811 11064 38 1118 FOREIGN. Sales. Hieh 1 .19 998 9915 95% 2 6 & 9 5 100 04 9615 9615 1023 965 1005 106 108 106 115 10974 16 o 94 94 10214 1071 101 100% 1035 100% 921, B 101% 285 97 88 95% 1017 109! 1091y 104% 109'5 1034 1 303t 6 904 5 96l 7 100% 51 107% (U i) 3P P~ Baxm .17 1124 100 4 9811 106 4 111 10075 100% 100 87y 100 6 1003 9812 98 11 106 4 1118 )3 Low. Close. 99! a5 o 99% 100 87 102% 1 61 100 100 0912 109'% 94 EELTY 10214 102t 995 99% 94 94'y 9314 102 1 106% 106% 101 101 100 100% 103% 1035 1004 1004 92 92y 92 92 100% 101% 88 88 9T 9TH 870 87% 95% 101 1 1091 1091, 10913 109'% 1041 104% 10915 109%; 103'¢ 10314 1031 103% 0% 904 9612 96's 100 100 1067 107 1124 1124 1 57 106% 105% 106% 3 9 4 10 7 100% 1 100 9° 96 25 97 43 100% 100 7 95% 4 9%, 995 993, 20% 20% 3 1004 8 1003 97% 9T% 1017 102 100 100 100 100 95 96 96% 963 95 954 9% 9134 100% 99Y; 991 20% 9914 991% 201 201y 891y 8934 100% 100% 100 100! 9; 102 963 10 100% 100': 1003 19 1024 1024 102 18 102% 102% 102% 1 1102t 9 9915 10245 102% 96% 96% 99 99% 12 103% 108% 103% 23 904 9 10115 1107% 2 80 8915 891y 101 1015 107% 107% 80 80 27 87% 86k 87 33 971 1 105% 5 103% 2 90% National Bank of this city have de-| RhineWst EP 6s'53 12 9214 clared the semi-annual dividend of 10| RhineWst EP 7s'50 3 101% 101% 101% per cent, payable January 1 to stock- holders of record December 31. Washington Stock Exchange SALES. Capital Traction Co.—15 at 106. Chestnut Farms Dairy com.—10 at 197, 10 at 197%5. Potomac Electric 5%% ptd—10 at 108%5. Washington Rwy. & Electric pfd—S at 9915, 125 at 99%, 10 at 99%, 5-at 9915, 5 at 99%;. Rio de Jan 85 1946. Rio Gr Do Sul 8s. Rome 6%s.... San Paulo City 8s., Sao Paulo 8s 1936. Sao Paulo 1950, Saxon (PW) 7a. Seine 78 42.. Serbs Cr Slav 7a. .. Shinyetsu 6345 52. Solssons 63 Swiss 5%, Toklo s....... Tokio 5% 1961, Rio de Janeiro 6345. 15 933, 1 106 96% 9714 106% 105% 103'% 103% 90% 90% 92 924 931 93% 106 106 10 105% 106% 105% 1 . 16 6 91 1114 2 105 2 106% 7 99% 9 90% 1 98 5 102% 1025 1023 | Market St 7s 40 4 98 90% 90% 114 114 105 105 I ON NEW YORK BONDS STOCK EXCHANGEI Received by Private Wire Direct to The Star Office UNITED STATES, (Saes are In $:.000.) Sales. High. Low Sales. High. Low. Close. Southwest Bell 5s.. 3 104 10315 108 Stand Oil N.J 5s 46. 11 102% 102% 102' Tenn Copper 6s'41. 11 111% 110% 111% TennElecPow 6347 21 1062 106% 106% Transcontl Ol 61s 21 102} 102 102 United Drug 5s 53 96% 96'3 963 U S Rub 1st rf 58, 0% 8913 B9l U S Rub 74s. 101 101 101 U S Steel s f 58. 1074 107 _ 1075 Utah Pow & Lt 5 100 100 ~ 100 West Elec 5s. 1024 102% 1021% Westn Union 6s 51. 102% 102% 102% Westinghouse 5s... 1 1037 1037 1037 Wilson & Co 1st 6s. 103'2 103's 1031 WinRepeatAr 71;s. 107% 107% 1074 Yngstn S&T 5s wi. 37 100%s 100! 100 RAILROAD. At&SF cvt 45 05.... 10 90 Atchison adj 4 10 88 Atchison gen 4s 31 93 B &0 Gold 4 192 021 92 B&Ocv44s. 59 9315 9T Y B & Oref 5s 21 100% 100% 10 B &0 552000 D 1 104% 101% 101% B& O 1st 5sct 1103' 1081 1031 B&Orfimp6s.... 7 109'% 109 100 B&OPLEWY 4s.. 934 B & O Toleao ts. 851 Boston & Maine 5s. 974 1 Brooklyn Klec 614s. 923, Bklyn Mannat 6s. 9814 Buff R & Pitt 4%s 92 Can Nat 414530, Can Nat 4%5 57. Canad Pac deb 4s. Can Pac 4145 46. Central of Ga 6s. . Central Pacific 4 4 90% 90% 90'% Cent Pac 1st 58 90.. 13 102% 102% 102% Chesa Corp 5s w1..105 99 97% 99% Ches&Ocv4ss,.. 3 99% 99'% 99% Ches & Ogn4lzs... 4 99 987 98% Chi B&Q gen 45 53 9315 9315 93l CB&Q4%STTB.. 9815 9814 98ty Chi B&Q1strf 2 1047 104% 104% CB&QINA 1 % Chi&E 111 gn 5 Chi Gt West 4559, C M & St P gn 89 CM&SUP ret 41588 ChiMIISP&Pachs?5 242 CMSP&Pacadj5s03.122 Chi& NW gen 4s... 5 Chi NW 4143 2037 Chi & NW 7s. Chi Rys 58 ChiR1&P . CRIPac4%swi.. Chi Union Sta 5s 44, Chi Union Sta 6%s. Chi& W Ind cn 4s. C&WI5%s62. CCC & StL 55 D CCC& StLrf6sA. Clev Term bs. . C&S 1st 4329 Colo & Sou 43 CubaRR 5s. Cuba Nor 5% Del & Hud 1st rf 4 Del & Hud 53%s. Den & Rio G en 4 D Rio G West 55 DRG & Wst 58" 20 88 923 20 88 923 98% 95% B5%% 9814 . 100 100 1 2 1017% 101% 101% 32 81% 80% 80 9 9% 94% 94 1 934 93 93% 1102 102 102 2115 116 115 5 87% 8% 8Tk 2 103% 103% 103% 36 1024 102 102 2 100% 100% 100% 1 104% 104% 104% 9915 991 9914 97% 974 93 93 931 93 934 1 1043 1045 104! 10 90% 90% 90% 9 93% 9313 934 12 925 92 2 8 . 8 4 80's 80% 80% 1 84y 813 1 83% 53% 45 95 94w 95 5 102% 102 102 2 7 7% % 14 106 105 105 8 1124 112% 112% 957 64 83% 97 924 1 91 997 1004 955 95% 0215 102% 8% 79 97l 97 Erie ovt 58 67 w L. ». Erie conv ext 7s. Fla East C 58 T4. Gr Trunk stdb 6: Great Nor gen 7s. Grt Northn 4% s & HavEl Ry 5%s6l., 7 Hud & Man aj §s... 30 Hud & Manref6s.. 5 Ill Cent ref 4s...... 10 111 Cent 4s 52 il 111 Cent 4% 66 13 100% [LCent Chid4%s.... 2 95% I1I-C-C-StL&NO 58, 5 102% 1 Int Rapid Tran 6s.. 43 79 Int Rap Tr 5s stpd. 32 79 3% 8% Int Rapid Tran 6. 9 9 K3 Int Rap Trans 7s. 99%5 98N 994 Int&GtNor adj s 90% 90% 90% Int Ry C Am 63 41.. 94 94 9 IntRyCA 6% 96% - 95 Iowa Centrf ¢s Iowa Cent 1st 58... 6, 3 KansasCity Sbs... 12 98% 9815 98l 106% 106% 99 997% 10515 1054 105% | Lehigh Val cn 4s. 9 8% Bl 84 |youisgNash unl és 90'5 - 9035 93 98 98 98 Kan City Term 4s.. 56 90% 89% 90% Lake Shore 4s31... 11 98 97% 97% 9 87 8612 86% 1 95% 95% 95% 1 101% 101% 101% o« 1 96% 96% 96% <11 20 20 20 Louls & Nash 7. Minn & StL ref 19 89% 88% &g |MStP&SSMcnds. 10 881 884 8Bl American Fire Insurance Co.—1 at 330. | Utd Kingm 534337, 27 104% 103'% 103% Columbia Sand & Gravel pfd—10 at 92, 10 at 921, 5 at 9213, 20 at 925, 10 at 9212, 5 at 9215, Mergenthaler Linotype—10 at 10414, 10 at 10415, AFTER CALL. American Fire Ins. Co. at 335, Capital Traction Co.—10 at 106. Lanston Monotype—10 at 11915. Washington Gas Light—10 at 104%, 10 at 107, 10 at 105. Bid and Asked Prices. BONDS. Amer. Tel. & Telga. 4%. Amer. Tel. & Telgn. 4las. Am. Tel. & Tel. ctl. tr. 8k, Anicostia & Pot. R. Apa. & Pot. guar. 5 C. & P. Telephone 55 Tel of Va. 58 Traction R. R. 55. Buburban 5s C & P. Capital City & Georgetown Gas 1st Potomac Elec. 1st 55. Potomac Elec Cons. 5% Potomac Elec. 6s 1953.. Wash., Alex. & Mt. Vernon Balto, & 55 zton 3 . Gas 8s, series A. . Gas 6s. series B. Rwy. & Elec. 4s,. . RWY. & Elec. gen. 6s. MISCELLANE Barber & Ross Inc 6%53. am.-Vanblt. Hotel & estnut Farms Dais evy Chase Club , -C. Pi M 10 108 Annap. : 58 i 108% 107 m 102% o iy 6Yas. : % 08 91 Ld’ Bk, . .Mkt Cold Storaws 85. sh: Cons, Title Co. 6. Wardman Park Hotel 5480 ! STOCKS.’ PUBLIC UTILITY. ioa 104% id Wash. Rwy. & Efcc. co Wash. Rwy. & Elec. pfd. NATIONAL BANK. National Capital lumbia Second ", National ‘Ban! TRUST COMPANY. American Sccurity & Trust Co. 455 st 135 BAVINGS BANK. Bank of Bethesda Commerce & S merican rcoran Firemen's ' National UR TITLE INSURANCE. Columbia Title eal Estate Title. """ tle & Invest. Co. of Md. tom. Wash. Cons. Title ptd. MISCELLANEOUS. t d Federal-Amer o deral-American Lanston_Monotype Merch. Trans. & Sto Merch, Trans. & Storage pid Mergenthaler Linotype Natl. Mtge. Inv. pid Peoples Drug Stores pfd Security Storage . & Whrs. Corp.. Il pfd.... Uruguay 8s. Yokohama 63 w 1. AmAgriChem 73s. Am Chain ‘3. Am NatGas 6158’42 Am Sugar Ref §s AmT&Teltr 4s., AmT&Tcl tr b AmT&Tst6 Am Tel & Tel Bell Tel Pa 58 B. Bell Tel Pa 55 C, hiehm Stl pm b8 Beth Steel 5%s 63 Bethlehem Steel Bklyn Union 53s. Bush Term Bldg 6s. Chile Copper 6 Colon 01l 6s °38. Col Gas&EI deb Con Coal Md 1st ConGas N ¥ 5% Consumers Pow 6s.. Cuba Cane cv 7s.. Cuba Cane 8s. Cuban Am Sug 8: Denver Gas 6s. Dodge 6. Duquesne ¢1%s 6’ East Cuba Sug 7%s. Fisk Rubber 8s. Gen Mot Ac Cor 6s. Humble O & R 5%s. Iliinols Bell 1st 6s., Illinois Steel 434 s, Indiana Steel s, Intl Cement bs 4! Intl Match 6s 47 Int Mer Marine Int Paper 5s 47 Inter Pape Int Tel&’ Kan G & E 6562 Kelly-Spring 8s Laclede G 5% Lorillard (P) 7s. ManatiSug s 7% Midvale Steel 58 Mont Pow 5s 43 Mor’s&Co 18t 43%s.. NewEnglandTel bs. N Y Edison 63%s. NYGELH&Pbs N Y Tel 4%s. N Y Tel 6s 41. N Y Tel 65 49 North Am Edis bs.. NoAm Ed 5%s'63. Nor Ohio Tr & L 6s. Nor States Pow 6s. Pacific Gas & El bs, Pathe Exchange 7s. PhilaCo 6867 wi.., Phila&ReadC&I b8, Philips Petro 63 s. Por Ric Am Tob 6s. Pressd Steel Car 58 Punta Alegre 7 Sinclalr Oil 6 Sinclair Crude 5% Sin Pipe Line § * y ' Skelly O11 533, 5 108 2 95% 8 ] 3 97 Washington Gas 6s “A”—$500 at 105%. | Am Cotton Oil 5s.,. 3 99 10 99% 99y 34 104% 104% 1043 | NOTex&M 4% 5l 43 106% 106'% 106% (NOT &M 5%s 52 105% 105 1 19 216 212 3 104% 9 104 7 180 108 108 9% 95% MISCELLANEOUS. 97 99 99 104% 104% 9% 104 104% 106 180 214 178 19 9216 92 16 9015 90 I 6 1024 102% 102% | N Y CentLS cl 3338, Barnsdall 6s1940.. 19 129 Barnsdl 6s w o war 145 99% 995% 995 0 105 1 107% 107% 107% |NYC&StLésA 18 1 a0tk 101 N cRakivI gente 8 1 02 4 106 1374 1103 Certain-Td5%srcts 8 82 121 95% 94 21 111% 110% 110% [N Y Rys 634 65. 127 129 104% 105 101% 102 104% 105 374 374 103 103 82 82 95 29 991 99 11 3% 72 18 101% 101% 101% DetroltEdison5s40. 10 104% 103% 104% 98 102% 101% 101% 12 100% 100 11 102% 102% 102% 13 100% 100 Mont Power deb 5s. 10 3 105% 2 102% 7 76 8 1% 6 104 1 93y 1111% 4 107 . 27 93 5 85% 4 101% 2 104% « 10 105 Inland Stl 4%s'78, 21 £ 4%s. 14 94 Int Tel&Tel 4% s wi206 109% 109 Kayser J & Co 5%s. 34 13215 13214 13214 20 104% 104% 102% 3 1104 72 106% 105% 102% 102% 5% 75k TH TT% 103% 104 100 8% 93% 111% 111% 106% 107 92% 92% 8614 854 100% 10i% 101% 104 104% 9T 9375 93% 109% M StP&SSMen 5s.. 6 94 MStP&SSM5%s. 15 92 M StP & SSM 6%s. 9% 91 92 3 100% 99% 99% MK & T 1st 4s. 8 8515 854 854 M K & T ad] 6s. 18 104 103% 104 MK&TprinbsA. 15 100% 99% 100% 96 764 754 754 6 991 9915 9% 981a 984 Mo Pacific 58 G '78. 67 98% 974% 97% MontrealTr 5s B 55 1 98% 98% 98% NRM4Y%s51asst, 4 13% 184% 184 6 95 95 95 9 104 108% 103% 5 80% 80% B80% 4 90 9 90 2 96% 96% 964 8 991 9915 99% 8 106% 106 106 1 78% 8% T8% NYC&StLdeb4s.. 5 97% 97% 97% NYChi&StL 5348A.. 8 106% 106% 106'% NYChi&StL 5%s B. 22 106% 105% 106% 3 101% 101% 101% 1 71 7L 71 NYNH&H4s56. 10 83% 83% 83% NY NH&H db 48 57, 11, 75 5 5 NYNH&H4% 12 90% 89% 90% NY NH&H cvdb 1 115% HN5% 115% NY NH&H cit 6s. 2 104% 104% 104% 9 N Y Cengen3%s.. NYCentds98..... NYCentdeb 4s.... RAILROADS TURNING 0 ELECTRIFICATION Increased Use of Current May Affect Prices to All Consumers. BY J. C. ROYLE. Spectal Dispatch to The Star. NEW YORK, December 27.—Further electrification of steam railroad lines is 1in prospect. It is known that the Read- | ing Railroad is looking forward to the ! electrification of its line to Bethlehem, Pa, where it connects with the Lehigh Valley for Buffalo and it is anticipated in well informed railway circles that the latter road also will electrify its lines. ‘The Delaware, Lackawanna & West- ern road will let contracts for as far as Buffalo. Electrification of the Hoboken Terminal will be completed early this year and the work gradually will be ex- tended to Scranton. The Central Rail- road of New Jersey is expected to elec- trify its lines from Boundbrook to Jersey City. ‘These plans in connection with the electrification of the Cleveland Union Terminals and the work projected by the Pennsylvania and Reading in East- ern Pennsylvania and New Jersey are of utmost importance not only to the traveling public, but to makers of rail- road equipment and supplies, labor em- ployed by the roads, the stockholders of the corporations and many allied interests. Huge Expenditure. The work for the Pennsylvania and Reading will involve expenditure on an- nounced plans alone of $220,000,000. The roads say the electrification will mean greater speed, the moving of longer trains and the maximum use of tracks and terminals as well as of train crews. This will mean larger gross rev- enues, they assert, and with the natural increase of population in the territory to be served will yield higher net in- come. The increase in number of trains operated is expected to absorb any surplus labor. hé effect on producers of raw ma- terials and manufacturers of railroad equipment can be realized when it is known that $132,000,000 will be spent for line and terminal work and $88,000,- 000 for cars and motor equipment. In letting. contracts for material and equipment, the roads will follow the usual procedure of favoring plants on their own lines, since they get the haul- age of necessary materials. About 365 electric passenger and freight locomo- tives will be needed by the Pennsylvania alone. Bids will soon be asked on the work outlined above and actual work will be begun early next Spring. The period of construction, three years for the Reading and seven for the Pennsyl- vania, it is believed, will permit com- pletion of the work out of earnings with a modicum of new financing. Other Projects. The Cleveland Terminal work in- volves electrification of 17 miles of track and purchase of 25 passenger locomotives, being built by the General Electric Co., which will handle 1,275- ton trains at high speed. The current to operate these trains will be bought from a local power company. Extreme interest is being manifested in the sources from which various other electrified track units will draw their power, It is believed the Pennsyl- vania and Reading will buy current from the Philadeplhia Electric Co., which controls the output of the Con- owingo Dam on the Susquehanna River. TRADING ON PRODUCE EXCHANGE INCREASES Special Dispatch to The Star, NEW YOREK, December 27.—The produce exchange securities market was more active at the opening today than at any time since trading started. However, total transactions in the morning were only 9,005 shares. More than 2,500 Assoclated Gas & Electric rights were dealt in from 7 to 1%. Losses of a half point were recorded at the outset in Allied Power & Light common and Hayes Body. PACKARD PROFITS GAIN. "NEW YORK, December 27 (#).—Net profit of Packard Motor Car Co. in quarter ended November 30 totaled $8,204,607, equal to $2.76 a share on 3,004,264 shares, against $5,533,268, or $1.84 a share, in corresponding quarter of 1927. Shipments of cars for 1928 are placed at 50,000. MADE VICE PRESIDENT. NEW YORK, December 27 (Special). —At a meeting of the directors of National City Co, Willlam R. Mor- rison was elected vice president. Mr. Morrison’s entire business career has been spent with the National City or- ganization, he having entered the bond department in 1904 as an office boy. ‘When National City Co. was formed to take over the bond business of the bank NYRys6s65..... 142 21 20% 20% 8 88 88 45 45 7 84% 84% 81k 6 67% 67% 67% 89% 9 112% 112% 22 98% 98 98% 2 88% 88 88 1 100% 100% 100% 23 99% 98k 99% 48 991% 99 994 5 108'% 108'3 108% 15 103% 103 103 21 102% 102% 102% 3 83% 83% 83% 1 107% 107% 107% 6 99 98% 99 1 107% 107% 107% 10 98% 93% 98% 60 85% 85% 85% 7 96 96 96 4 Northern Pacific Nor Pac 4745 2047 Northern Pacr 1 Ore Short Lirfs Ore Wash 1st 4, Pennsyl con 4%s Penasyl gen 414 Penna RR 4% Pennsyl gen 6s, Pennsyl 53 64 Pennsyl gold 7 Peo & E 1t 48 40. PCC&StLbsA. Port RL & P 55 42. Port RL&P 7% 46. Reading gen 448 A Rio G West cl 4s. RIATK& L 4%s... St L IM&S 45 29.... 98% 98% 98% StL IM&Sgnb5s3l, 7 99% 99% 8t L 1M&S R&G 48, 6 94 94 StL&SFpl4sA.. 66 87 87 StL&SFr4%s 78,253 8815 88% StL&SF prinbs. 5 100% 100% 100% StLS W 1st ds. 50 87% St LS Wcon ds 3 Seaboard AL 4ssta. 8 45 68 Seab A Liref 4s.. Seab A Licon 6s.... 65 1104 110% SeabAL adj 68 1949. SBAIllFlat6s35A. 19 5 104%4 1043% 104 10 113 % | SB All Fla 6s 35 B., 28 1 97% 97% 974 |Sou Pacclt 4s. 9 99% 99% 994 | Sou Pacific ref 4 7 102% 102% 102% | Sou Pac 4%s ret: 99% 2 8T% 87% 874 |Sou Ry 6566 1 106% 106% 106% |Sou Ry 6%s 2 115 1 107% 9 100% 5107 3 110% 6 100% 11 101% 8 1005, 1 78% 78% 73% |west Shore 432361, 9 25 85 98% 1 9% 36 93 22 101 Postal Tel & C 5%s, 61 93% 5 96% Public Service 4148 110 165% 1634 165 91 7 112% 113 99% 99 115 115 1074 107% 100 100% 107 107 110% 110% 100% 100% 100% 100% 98% 984 s 91% 92 98 100% 1008 9315 938, 964 961 90 90 Rem Rnd 5%s war. 32 94 _ 93% 931 |$26,154,000, bringing in net 13 991y 99 995, 3 10012 100% 100t eee 21 102% 102 L. 2 93 ‘Soush Beil Tel s | 10854 A 102 bt S Al Sou Pac 48 2! 63 Sou Ry gen 4; % 87 87 14 114% 114% 114% 212 121% 121% 121% 52 89% 574 89% 1 103% 103% 103% 5 64 6414 64l 17 6% 61% 6l MM 94N 9% 90% 90K 901 885 83 88k 98 9T% 97T 8., 11 103% 103% 103% 1 101% 101% 101%% 3 103% 103% 103% 29 814 81 81 98% 984, 99% 85 83 Term Asso S L 4s TexArk F'S 5155 50. Third Ave ret 4s 60. Third Ave adj 5s. Union Pac 1st 48 Un! 2 WisCengn s 49. Tire and Rubber Report. AKRON, Ohio, December 27 (#).— Net sales of the General Tire & Rubber Co.. dyging the last year amounted to profits to stockholders of $2,002,000. 3 Net earnings amounted to $18.40 a share. After absorbing inventory losses of more than $1,000, the gross earnings for the year amounted to $2422 a roviding & n b of $18.40 and shipments in 1916 he was made head of the trad- ing department, and in 1919 he was promoted to assistant vice president, EXCHANGE SEAT SOLD. NEW YORK, December 27° (#).—A membership on the New York Stock Exchange was sold today for $550,000, a drop of $40,000 from the previous sale and $45,000 from the record price. ‘WILKINS DIVIDENDS VOTED. ‘The board of directors of the John H. Wilkins ‘Co. of this city have de- clared the regular semi-annual divi- dend of 4 per cent on the outstand- ing preferred stock, and a dividend of $1.50 per share on the outstanding common stock, both dividends payable January 10. Bituminous Coal Production. NEW YORK, December 27 (#)— Bituminous coal production in the United States in the week ended De- cember 22 is placed at slightly under 11,000,000 tons by the National Coal Association. This compares with 11,- 024,000 tons reported by the United States Bureau of Mines for the week ended December 1 Commodity Notes Automobiles. DETROIT, December 27.—Leaders in the automotive industry today predicted that 1928 production of cars and trucks would exceed the total of 1927 by 1,000,000 units, or a total of about 5,250,000 units. The 1929 production is set tentatively at 6,250,000 units. Hats. PHILADELPHIA. —Hat manufactur- ers here declared today that while they had not experienced a record season, they had done well considering this was a presidential year. Fish. HARRISBURG.—Over 1,500,000 trout of legal size are wintering in the State hatcheries and will be “planted” by the Fish and Game Commission next Spring. The planting was delayed un- tE}l h LSprmx because of low water last al s Lumber. NEW ORLEANS-—Reports from the mills of the Southern Pine Association in the last week showed a decrease in new of 15.45 per cent to 41.- ?59‘. Teet. Pmdualm: was 45,248,780 ee MAY BE PROLONGED Continued High Rate for Time Loans Is Factor in Situation. Special Dispatch to The Star. NEW YORK, December 27.—The much-discussed year-end money strin- ‘gency made its first definite appear- ance yesterday, when call funds, for the second time this montn and, incident- ally, for the second time in several years, went to 12 per cent. ‘The renewal rate for call loans was announced in the morning as 9 per cent, but calling of loans by the banks took about $25,000,000 out of the mar- ket before noon, and thereafter the rate was stepped up, 1 per cent at a time, until it reached 12 per cent, 15 minutes before the close of the securities mar- kets. The rate moved to 10 per cent at 12:13, 11 per. cent at 2:19 and 12 per cent at 2:43. Time funds were unchanged from Monday's levels, the highest of the cur- rent year. Thirty-day funds were quoted at 8% bid, while other maturi- ties up to four months were quoted at 7% bid. The time money market, at least so far as 30-day loans was con- cerned, was a nominal affair, with a very small volume of funds in sight. There was reported to be an unusually good market in bankers’ bills following the holidays. A substantial amount of money was said to have been diverted to that market from the call money market. ‘The market for commercial paper was unchanged, as were quotations on ac- ceptances, call loans against acceptances and Federal Reserve funds. % The principal influences making for the tightening of call money are the calling in of loans by corporations in anticipation of first of the year re- quirements, the reduction of reserves on the part of member banks at the regional reserve institutions as a re- sult of increased currency require- ments, and preparations by State and National banks generally for end-of- the-year “window dressing.” Neither the stock market nor the bond market was affected particularly adversely by the high money rates. From the standpoint of the latter market the most ominous portent in the money situation is the continued high rate charged for time loans. This, it is felt, argues against the probability of an easing of the credit situation after the turn of the year, an eventuality which hitherto had been regarded as foreordained. CONTROL OF RUBBER OUTPUT IS URGED Firestone Plans Production by U.’S. Interests—Ford Has Same Goal. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 27.—Harvey S. Firestone wants American rubber interests to take steps to control their own production. While he has started on such a program in Liberia, his friend Henry Ford has begun to de- velop his plantations in Brazil. Mr. Pirestone, who is 60, Was gradu- ated from high school in & small town in Ohlo, and went immediately to Cleveland, where he comgleud a course in a business college. Like many other young men he did not know what he wanted to do. He remained in Cleve- land as a bookkeeper in a coal office. This became dull and monotonous. He left the job to sell buggies in Michigan. It was there that he got the idea a rubber tire buggy was needed. ith his friends he raised $1,000 and started in Chicago, but in 1901 he moved the plant to Akron, Ohio. So the great plant of the Firestone Tire & Rubber Co. of Akron really sprang from the idea of a rubber tire on a buggy in the days before the automobile. ‘Today the Firestone company has an output of 10,000,000 tires a year, em- ploys 10,000 men, and has a gross tire sale of approximately $80,000,000, of which $2,000,000 a year {s put into ad- vertising. Today Mr. Firestone's large rubber plantation development in Li- beria is expanding on a scale which will require ultimately the expenditure of $100,000,000, but to Mr. Firestone this is just another job. 4 “I attribute any success I may have had to the fact that at the beginning I had no capital” said . this rubber manufacturer. “Then I had to watch every expenditure Men fail, I believe, because they have no goal and work aimlessly in life. Every successful man has a definite aim, and his efforts are given over to accomplish that end.” (Cobyright, 1928. by North American News- paer Alliance.) o New Telephone Equipment. BALTIMORE, December 27 (Special). — The Chesapeake & Potomac Tele- phone Co. of Baltimore spent $3,436,- 866 for new plant and equipment dur- ing the first 11 months of 1928, accord- ing to statistics filled with the Public Service Commission. Retirements were $1,961,931, making net additions $1,~ 474,935, For the year ended November 30 net additions to the plant were $2,157,065. The Public Service Commission fixed value of the company’s property in the State of Maryland on December 31, é:g‘. plus additions to date, at $42,618,~ o ea it ionio Ford Motor Sales. NEW YORK, December 27 (#).— Ford Motor Co. of Canada, Ltd; re- ports almost as many unfilled orders for Spring delivery as had accumulated be- fore deliveries were started on the pres- ent models. The company’s plant will return to a six-day week basis in Feb- ruary. S g Copper Sales Make Record. NEW YORK, December 27 (#).— Copper sales to domestic consumers were of record proportions in the past week despite the holiday, the business volume being even larger than that re- ported for the exceptionally active p-riod of early September, Engineering and Mining Journal reports. Other non- ferrous metals remained quiet, though there has been no indication of price weakness. Shipbuilding Gains. GLASGOW, Scotland, December 27 (#)—Government figures today re- vealed that the Clydeside this year had the largest shipbuilding output since 1920. Vessels launched numbered 220, with a total of 602,000 tons, against 274, representing 462,000 tons, last yeag, Prospects for the coming year were said to be gven brighter, though present methods of construction make a steady flow of orders essential if employment is to be maintained at the present level, . DIVIDENDS. Pay- Stock of able, - record. Jan.35 oty Stats " Bank .o Tt @ $1.50 Ra feet, o™ 4o IMONEY STRINGENCY |RAIEROAD LAWYERS EXAMINE ’U.’S. BRIEF IN OFALLON CASE Special Dispatch to The Star. NEW YORK, December 27.—Rail- road lawyers who today had read the complete brief of former Attorney Gen- eral George W. Wickersham, special counsel for the Government in the St. Louis and O'Fallon Railroad valuation case, were concerned over the refusal of Mr. Wickersham in his argument to accept the legal precedent of the Indianapolis water case as one ap- plicable to the railroads in their con- tention for better treatment. The carriers have insisted, and will undoubtedly press the point before the Supreme Court, that the attitude of this judicial body in the various de- cisions rendered in favor of the public utilities should also apply where rail- road valuations are concerned. Mr. ‘Wickersham takes a contrary view and claims that the roads have miscon- strued the Indianapolis water case de- cision in setting it up as a precedent for “spot reproduction” valuation. ‘Water Case Opinion. In the Indianapolis water case opinion, rendered in 1926, the Supreme Court stated that “the present value of the land is much greater than its cost; and the present cost of construc- tion of those parts of the plant is much more than their reasonable orig- inal cost,” and further it said: “If the tendency of trend of prices is not definitely upward or downward, and it does not appear probable that there will be a substantial change of prices, then the present value of lands, plus the present cost of constructing the plant, less depreciation, if any, is a fair measure of the value of the physical elements of the propert In the Consolidated Gas case in 1909 the Supreme Court made this declara- tion: ¥ “There must be a fair return upon the reasonable value of property at the time it is_being used for the public. * * * If the property which legally enters into the consideration of the question of rates has increased in value since it was acquired, the company is entitled to the benefit of such increase.” Three years later, in the Minnesota rate case, this same legal body made this pronouncement: “It is clear that in ascertaining the present value we are not limited to the consideration of “the amount of the TROLLEY REVENUES GAIN. BALTIMORE, December 27 (Special). —The United Railways Co., which con- trols the trolley system of Baltimore, report for November showed an increase of $26,634 in revenue, compared Wwith the same month of 1927. In November this year the company hauled 15,885,297 less passengers than for the same month of 1927, and the difference in revenue was made up through increased fares. The increase for the periods com- pared was from 7} cents to 81-3 cents. The United, on December 1, obtained a further increase to the present four- for-35-cents basis, but this increase does not figure in any tabulations be- cause there has not been a complete month service under this fare. PARIS BOURSE PRICES. PARIS, December 27 (#).—Price changes were mixed on the Bourse to- day. Three per cent rentes, 66 francs 75 || centimes; 5 per cent loan, 94 francs 75 centimes. Exchange on London, 124 francs. The dollar was quoted at 25 francs 523 centimes. Rolling Mills Reopen. NEW YORK, December 27 (#).—Fol- lowing the shut-down for the Christ- mas holiday, rolling mills in the Ma- honing Valley have resumed operations on full schedules. Mills are receiving pressure demands from automobile com- for_primary steel shipment: oney ainlor FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. OFFICES For Lease In the Edmonds Building Ld 917 15th St. ted in’ the center of the Fi- nanci and Realty Districts. Sev- eral desirable suites now available. Very low rentals [SHANNON - & LUCH) 1435 K St. Main 2345 Capital, Surplus & Undivided Profits, Over $2,000,000.00 ‘You’ll Employ Your Christmas Check & Bonus —to real advantage when y o u deposit them in a SAVINGS ACCOUNT, at such a bank as this. fCome in tomorrow, before you're tempted to dissipate your holiday money in useless spend- g, 39 Paid on Savings National Metropolitan me Bank = Oldest National Bank in District of Columbia 15th St. Opposite U. 8. Treasury actual investment * * *. So the making of a just return for the use of the property involves the recognition of its fair return if it be more than its cost.” Ball Telephone Case. Finally, in the Southwestern Bell Tel- ephone case in 1922, which was the basis on which much of the subsequent appreciation in public utility securities rested, the Supreme Court said: “Ob- viously the commission undertook to value the property without according any weight to the greatly enhanced costs of material, labor, supplies, etc.. over those prevailing in 1913, 1914 and 1916. As a matter of common knowl- edge, these increases were large.” With this background of prepon- derating legal opinion as to what con- stitutes present-day valuation with Te- spect. to rates of corporations engaged in public service, counsel for the rail- roads do not believe that the Supreme Court in its final decision of the O'Fal- lon case can avoid applying principles now operating in public utility valua- tions to those of the steam transporta- tion lines. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co 1520 K Street Main 475 LOANS Let us have your applications “LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph L. Weller 5% 4 1 I WILL SELL £1.000 Arling 10 Li 100 ust w ton Apt. ncoin Nat. Bank ount @ : Miller Train Control. International Bank @ @ 100. ngton Base Ball @ 62° Nat. Insurance ‘new THOMAS L. HUME 1412 G St. Main 1346 OF Lileiad Disgirty in Maryland and District of Columbia 6% Interest No Commission Charges JEAVER BROQ REALTORS \J 809 15th Street N.W. Main 9486 Mortgage Loan_Correspondent Metropolitan Life Insurance Company 1731 K St. N.W. S G. M..P. MURPHY & CO. New York WASHINGTON Richmond MEMBERS New York St Washington S Richmond St ock Exchange tock Exchange ock Exchange ‘New York Produce Exchange New York Curb Market Copy of our “Fortnightly Review” on Request 1508 H Stree’ Main Connecticut at K 9600. Private Wire and Telephone to New York Nearly a Quarter Century N since we sold the fi EARLY a Quarter Century has passed rst First Mortgage Note. Through two financial panics and a world war, Shannon & Luch s First Mortgage Notes have always qualified 100% in Value and 100% in Safety. Where else is there another form of security with such A Record? NEW ISSUES AVAILABLE TODAY PAYING SIX PER CENT Now is the time to determine where you are going to re-invest your new issues of Shannon Notes are Available t of $100 up. January Funds. Several & Luchs First Mortgage oday—in denominations CALL MAIN 2345 SHANNON: & LUCHS 1435 K Street N.W. Don’t Mark Time This January Januvary funds that stand idle while you select a new invest- ment mean January days of loss. Make reservation now to invest, the minute your funds are free, in the 6% First Mortgage Notes offered through Swartzell, Rheem & Hensey Company— and thus solve your re-invest- ment in advance. . The 6% First Mortgage Notes on improved Washington prop- erty which are purchasable through Swartzell, Rheem & Hensey Company combine the highest degree of safety with a most attractive yield—and they are offered by am organization which has given 59 years of service without a loss to an in- vestor. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 7207 15 STREET N.w./ WA‘I‘!IN!{I‘ON D:Co