Evening Star Newspaper, December 30, 1928, Page 27

FINANCIAT. THE .SUNDAY - BULLS HOLD SWAY N STOEK HARKET Public Interest in Trading Slightly Reduced, but Prices Are Forced Up. BY CHARLES F. SPEARE. Special Dispatch to The Star. 1 NEW YORK, December 29.—In fls' buoyant and boisterous aspects, the stock market at the end of December is a miniature of that at the end of November. The public is not in it to the extent it was a month ago, but those who are propelling prices up- ward show the same confidence as at other times during the year and are as little concerned over 12 and 15 per cent money rates as they were earlier with rates at 8 and 10 per cent. The handicap of the current high charges is partially balanced by the improvement in ti technical position of the market, and this carries the greater weight, for a period of credit relaxation in some degree is antici- pated shortly. Scores of stocks today are higher than they were during the movement Jeading to the top average of Novem- ber 30. In fact, the general level of the market is nearly back to the point at which the average decline of about 22 points took place early this month. On the first rally following this de- cline there was an average gain of 8 points: then a secondary decline of 5 points; later an almost perpendic: lar rise from December 17 of 17 po: Return of Confidence. There have been few periods in the | present bull market when it showed the vitality and the recuperative power of the past two weeks. This may or may not be reasonable or traditional, but it must be accepted as fact and dealt with accordingly. It represents the speedy return of confidence in securities that ‘had gone through one of the most sudden and extensive declines in market history without producing any effect on business or causing fatal injury to those who participated in it. What it did do was to reveal more strikingly than ever the enormous cash resources of the public that is interested in stocks as Well as the latent buying power con- ‘centrated in various groups of corpora- tions and individuals whose faith in the future of the country is stronger at the end of 1928 than it was when the year was young. A market such as that now under way may break sharply without caus-|— ing serious damage, for never has the average of brokers' margins been so | high or the prices at which banks lend on securities so low in relation to mar- ket prices. Between the one condition and the other, representing a policy of ultra-conservatism toward market ap- praisals, active shares have been mar- gined at from 40 to 50 per cent of their going prices. The wonder is that the public, whose cost this month for money to carry stocks will be between 9 and 10 per cent, retains its bullishness in the face of the highest charges in near- 1y nine years and approximately the highest average for industrial stocks on record. Credit Sources Ample. | These two factors constitute the only bearish elements in the situation. Eventually they must lead to another reaction if the public resumes the spec- ulative pace that was maintained dur- ing October and November. It will be difficult, however, to unsettle the mind of this public so long as business con- tinues to show such strong features and while lenders of all sorts and con- ditions from all over the world are willing to supply Wall Street with . -credit to carry on this speculation. The craze of the people for indus- trials is exemplified in the demand for the new Ford Co. of England stock. Nearly the total amount of the 2,800,000 shares issued has already been turned pver at a 400 per cent premium. Cash purchasers of this stock, in odd lot amounts alone, in the first three days after it was listed here, were 300,000 ‘shares, Every time the market breaks there are powerful interests standing by to pick up what they consider “bargains.” It is safe to say that nearly every investment trust in existence bought stocks on December 6, 7 and 8. A con- siderable portion of the purchases made then have since been resold and the profits taken into the income account of these corporations. Their potential buying power may be illustrated by the returns from a questionnaire sent out this week to 200 trusts. This showed that these trusts have between $350,- 000,000 and $400,000,000 out on call awaiting a favorable opportunity for in- vestment in stocks or in bonds. 4 New Financing Restricted. With the stock market absorbing more credit again and only a small percentage of the year's increase in brokers’ loans contracted by reason of the liquidation of three weeks ago, there is not much prospect of easy money. This will have a deadening effect on the bond market and prevent new financing except as it may be done through the medium of stocks. From one or two directions the in- ability to borrow and to sell securities has restricted development and pro- duced quiet conditions in industry. ‘There is always the fear that a sus- tained period of high money rates, growing out of an extravagant specula- tion in stocks, wil, in the end, develop some unfavorable conditions in the com- mercial world and that out of these will come pronounced liquidation in se- curities. Railroads Show Gains. Industrial developments this week have not had the importance that has been given to the November statements of railroad earnings. The latter have been brilliant and fair reason for an advance in railroad shares. While 1928 will not realize by about 1 per cent the Teturn on railroad property investment obtained in 1926, it will be decidedly higher than in 1927, and with the momentum that trafiic has gained, the comparison of figures in the first half of 1929 with the similar period of 1928 will be as favorable o5 thi, between the ~~ond six-month period of 1927 and Che efficiency with which the rail- pads are being operated accounts for (he much greater increase in net than in gross earnings, in fact, not a_few lines have been able recently to enlarge their net while their gross has been de- creasing and without injury to their physical property. If the courts are fair and logical in their decisions next year and if the new administration breathes some life into the Interstate Commerce Commission, it would be reasonable to expect a de- velopment of public confidence in car rier securities that would place them nearer parity with the public utilities and the industrials. Reparations Question Important. ‘There is one situation with which th> markets must take account shortly, for it will demand a great deal of them. It is that of reparations and the prob- able flotation in this country and abroad of an issue of German bonds. The expected arrival in this country next week of S. Parker Gilbert, the reparations agent, should coincide with the appointment of the American rep- resentatives who will sit in at the con- ference at Paris In some ways the conditions are as unfavorable for florting the German loan as they have heen this year for refunding our Government debt. The success of the proposed operation can only be assured in a season of easier credit conditions than those facing the domestic borrower at the opening of the New Year, R 102 14 103 30 10412 103 2 116 =—1927. High. 100% 101% 97% 98% 96 100 23 102 28 108 13 100 8 92% 114% 111 110% 107% 100% 93% 96 89 1085 104 1109% 104 30% | 964 1110 116% 105 | 109% 105 | | 915 104% 101 1116 106% 1024 94 89w 107 105 102% 105 106% 102% 99% 4% 107% 103% 9T 2% 105 9T 1034 100% 106 104% 100 98% 107 101 9 88 105% 103% 116% 106% 218t% 108% 934 B8l 96 86% 103% 100% 106% 96% 107 102% 102% 98% 105% 101% 96% 92% 6% 76 102 95% 109% 107% 96 82Y% 108 102% 104 €94 108% 104% 103 " 101% 105% 103% 108 95% 102% 57 107% 95% 109% 99% 103% 99% 106 103% 106% 102 109% 102% 102 97% 107% 103 117% 114% 102% 98% 110 107% 103 100 104% 99% 106% 101% 106% 102 98% 98 99% 96 102% 97% 101 99% 104% 101% 96% 88 106% 103 109% 106% 102% 97% 114 1114 102% 97% 101% 101 98% 92% 00 98% 99 93% 100% 97 105% 100% 98le 92% 107% 101% 101% 95% 101 99% 92 834 96% 91% 100% 95 101% 994 103% 9T% 103 9% 110 105% 94% 80% 4% 69% 89 T4 96 824 97% 95 102% 97% 118% 116% 93% 86% 105% 102% | 108% 102% 100% 96% 98% 9% 106% 103 94 0% T8% 92% 81k 3% T8% 89% 9T Y114 85 88% 99% 9% 100% 87 109% 106% 1164 114k 101% 944 114 108 115% 113% 93% 102% 9 109% 105% 101 53 T4% 108% _ 97% 99% 96 111% 105% 109 106% 107% 104% 1075 104% Bl 69 116% 105% 30% 114 91% T8 99t 92% 3% 66% 98 9l 116% 111 100 Y8 94% 86% 106 . 99% 114% 106% 113% 111% 106 98 89 84 99 94% 97 9 93% 84% 95% 92% 69% 8% 94% 98 88 934 86 106% 119% 56Y% 100 94% 110 102 1054 103 1074 103% 88 6% 101 8% 60% 64% 114 128 166 High. 0126 989 103 15 100 1009 9920 98 10310 987 116 6 109 30 U S 43%s1947-62... 8 104 U. 8. BONDS Liberty 3%s 1933 . Liberty 1st 4 %s 1 1., Liberty 4th 4% s 1933.3 US3%s1940-43... U S 3351943-47 . Low. FOREIGN. Argentine, June 58 195! Argentina 68 Austria 7s 194 Bank of Chile 6%s Beiglum 6s 1965. Belgium 7%s 1946.... Belgium 8s 194 Bordeaux 6s 1934 Brazil 6%s 1926-57. Brazil 83 1941 2% Canada 6s 1952 Canada 6%s 1929 Chinese Govt Ry Copenhagen bs 1952. Jzechoslovaklia 8s 19| Dutch East Indles French Government 7s 1949 French Govt 7%s 1941 (Jerman 7s 1949.. 4 Irish Free State 55 '60 1taly 781951 ... 0ue Japanese 6%s 1954 .. Mexico 4s asst small Milan 6%s 1952 v 1 Norway 6%S.....0 Paris-Lyon Med 6s 195 Peru 65 1960. Peru1s...... Poland 8s 1950 Swiss 618 1946 Toho Elec Pwr 7s 1955 Utd Kingdom 5%s 1937, Yokohama 68 61..... BOND SUMMARY FOR THE WEEK High, Low. High. Low. Last. Yield 9924 9910 99 24 100 10 100 3 100 12 100 3 98 24 98 9823 987 9823 111 24 110 81 111 24 High. Low. Last. 100k 99% 100% 994 100% 45% 96 102% 9% 100 15 109% Prev. week's Cloge. 106% 112 105% 100% 99% 95% INDUSTRIAL AND MISCELLANEOUS. 104 102% 984 103% 84 104 110% 120 90% 87% $9% 99% 104 929 102% 93 997 Tl 68% 106% 86% 79 101% 106 100% 102% 4 96% 99% 93% 108% 105% 106% Araer Agri Chemical 748 1941... 96% Amer Smelt & Ref 18t 58 1947,... L Amer Sugar Retining 6s 1937 Amer Tel & Tel ¢l tr 4s 192! American Tel & Tel s f 58 Amer Writing Paper 6s (1947) Anaconda Copper 8s 1968..... Anaconda Copper ov deb 7s 1928, Andes Copper 7s 1943 Armour & Co ¢%s 193 Armour of Del %3 43...... Atlantio Refining deb 68 1937 Barnsdall Corporation 6s 1940. Bell Tel (Pa) ref &8 194 Bethlehem Steel p m 6s 1! Bethlehem Steel a f 63 1948, Chile Copper Colon Oil 6s £ Cons Coal (Md) 1st ref 58 1950 Cuba Cane Sug cv deb 8s 1930. Detroit Edison ref 6s 1940, General Motors 6s 1937 Goodrich (B F') 6%s 19 International Match 6s 1947. Inter Mer Marine 6s 1941 Inter Paper 63 A 1947, Int Tel & Teleg 4s'39 w Kayser Julius 538 1947.... Kelly-Springtield 8s 1931 Pan-American 6s 34. . Philadelphia Company 5s 1967 Postal Teleg & Cable 5s (1933). Public Service 4%s 1948 Sinclair Oil 65 1930 Sinclair Oll 7s 1937 Sinclair Crude Ofl 5%s 1938... Standard Oll NJ 68........ Transcontinental Ofl 6% United Drug 551953, U S Rubber 1st & ref Youngstown Steel 5s 1978. RAILROAD. B & O Southwestern Di Brooklyn Mauhat s f % Canadian National 4 Central Pacific 45 1949.., Chesapeake Corpn s w 1. Chesapeake & Ohio cv 4 %8 1930 Chicago Bur & Quincy 4%s 77 Chi B & Quincy 1st ref 58 1971, Ch1 & Eastern [11 gen 6: Chi Great Western 48 1959 Chi MStP & P5s'75 104% 101% 104% 99% 104% 100% 103% 104% 101'% 104% 101% 101% 103% 103% 9% 9TH 99y 9% 94% 9% 109 109 132 135% 110 110% 100% 100% 104% 104% 1024 102% 97 97 99% 100 106% 106% 114% 114% 99% 100 4 106% 107 101% 100% 102 101% 104% 104'% 104% 103% 98 934 163% 99 101% 97 102 Chicago Rock Island 1%s wi.... Chi Union Station 432 1963 Chi Unton Station 6% Ch! & Western Ind con 4s 19 Clev Cin Chi & St Louls 6s D. [ Erlfecv 4s A 1963 Erie ref 55 1967, Fla BCbs 7 Great Northern gen 7s 1936 Hudson & Manhattan ad 68 1957 Iilinols Central 4%s 66 Kan C ¥t Scott & M 48 Kansas City Southern 3s 196 Kansas City Southern 68 1950, Lake Shore 43 1931, Mo Kan & Tex pr In Missour! Pacific N Y Chi&StLref5%sB'76 New Haven deb 45 1967, b Pennsylvania gen 4%s 1965 Pennsylvania gen 6s 1961 Pennsylvania 6%s 1931 St L & San Fran or I 48 A 1960 St Louis San Fr 4%s'78.. 3t L & San Fran inc 6s 1960, STAR, WASHINGTON, DECEMBER 30, 1928—PART l Baltimore Markets BALTIMORE, December 29 (Spe- clal).—Due to generally light receipts of both dressed and live turkeys and a good demand, values on these lines have ruled higher this week than for the Christmas holiday. A good demand prevailed the latter part of the week and all desirable stock cleaned up read- ily, but a number of live old toms, as well as poor and crooked breasts, for which it is more a guestion of a buyer than price, are being carried over until next week, and shipments of this sort are not advisable, as they only tend to lower- the values of the better class. Shipments of dressed poultry should be limited next week, as the demand will ease off and values probably show a decline. The market closed today at 40 and 45 a pound for good to fancy dressed turkeys and 35 to 36 for old toms. Choice young chickens are bringing 30 to 32 and old and mixed 25 to 30, while choice to fancy ducks and geese are selling at 25 to 30. Capons made their first appearance of the season on the market this week and cleaned up readily at 40 to 45 a pound for birds welghing over six pounds and 35 to 40 for medium, with smaller fow] bringing 32 to 34. Live young hen turkeys, nine pounds and over, closed today at 43 to 45 and 40 to 42 for young gobblers, but old toms will not bring over 35, while poor and crooked breasts moved slow at 25 to 30. Mixed colored Spring chickens are selling at 28 to 30, but Leghorns will not bring over 27 and 28, while all poor, thin stock is slow sale at 20 to 22. Old hens are in better demand and fowl weighing 312 pounds and over will bring 25 and 30, but lighter fowl as well as Leghorns move slow at 20 and 25. Capons scarce and wanted at 35 and 40, but old roosters in ample supply at 17 and 18. Market for ducks and geese rules firmer under light receipts and good demand for choice fat fowl at 26 to 28, but all poor thin stock under 4 pounds is neglected at 20. Guinea fowl and pigeons holding steady at 40 to 80 each for the former and 30 a pair for both young and old of the latter. Dairy Products Steady. Market for native and nearby eggs has ruled steady but quiet the past week, but better demand is noted and under only moderate receipts all fresh laid eggs are meeting with prompt sale at 40 cents a dozen for firsts in free cases and 33 to 38 for current receipts. Too many small undersized eggs are noted in daily arrivals and this class of stock is undesirable and prices have to be shaded to be moved out. Careful grading and prompt shipments are desirable to bring top values. Receipts of white potatoes from all sections are lighter and under a fairly good demand the market holds steady and prices are a shade higher. For well graded round stock there is a good de- mand at 1:25 to 1.35 per 100 pounds, but, McCormicks and Reds, which are arriv- ing mostly ungraded and mixed, will not bring over 1.00 to 1.10. Sweet potatoes and yams also in lighter receipt and the market is firmer and values show advance at 2.50 to 3.00 a barrel for sweets and 2.50 to 3.50 for yams. Over- large rough dark stock, however, not desirable and generally slow sale at 1.50 Native and nearby garden truck in only moderate receipt and under a good demand the market holds steady at the following quotations: Beets and carrots, 4.00 to 6.00, 100, brocoli, 65 to 85 bushel; cabbage, 2.00 to 2.25° hamper; kale, 50 to 60 bushel; onions, 1.50 to 4.00 per 100 .pounds; oyster_plants, 6.00 to 8.00 100; pars- nips, 50 to 60 basket; savoy cabbage, 50 to 90, bushel; spinach, 85 to 1.25 bushel, and turnips, 25 to 40 basket. Cattle Market Quiet. Market for live cattle continues quiet with no special snap to the demand, and little improvement is looked for until the latter part of next week. While receipts have been generally light on the wharves and only fair at the stockyard, they are ample for the limited demand which prevails around the holiday season. Quotations today at Light Street Wharf: Beef cattle, first quality, pound, 12 to ; common to medium, 8 to 11. Bulls, as to quality, 7 to 9. Cows, choice to fancy, 8 to 9; common to fair, 5 to 7. Oxen, as to quality, 6 to 8. Calves, veal choice, 15%; large fat, 13 to 15; large rough, 10 to 12; thin, 9 to 10; rough and common, 7 to 8. Sheep, choice, 5 to 6; old bucks, 3 to 4. Lambs, choice, 13 to 14; fair to good, 11 to 12; common thin, 8 to 9. Hogs, straight, 81¢ to 83%. Sows, 7 to 8. Live pigs, 10 to 11. Shoats, 8 to 9. Closing Grain Prices. Closing grain quotations: Wheat, No. 2, red Winter, garlicky, spot, 1.28%; December delivery, 1.28 corn, No. 2, export, December delivery, 98!%; No. 2, domestic yellow, -spot, 1.02a1.03; cob corn, 4.80a4.85 per barrel; oats, No. 2, white domestic, 58a582; No. 3, white domestic, 56a57; rye, nearby, 1.15a1.25. Rabbit Season Closes. Shippers of rabbits for the local mar- ket are advised that the season for sale of rabbits closes Monday, December 31, and nothing should be shipped to ar- rive later than Monday morning. There will be no outlet after Monday and all shipments will be a total loss. Choice nearby rabbits are bringing 3.50 to 4.00 a dozen, and fair to good, 1.50 to 2.50. CURB PRICES FLUCTUATE. NEW YORK, December 29 ().—Ex- tensive week end readjustment of spec- ulative accounts imparted some irreg- ularity to prices in today's curb market, but the main tendency appeared to be upward. With the ~credit situation causing less concern than expected, pools confidently went ahead with their operations in a number of specialties. Ford, Ltd., was agaip the most ac- tive feature, dropping back more than a point on a resumption of profit tak- ing in that issue. Marconi Interna- tional Marine Communications and Canadian Marconi fell back on profit taking, but Spanish & General, a Mar- coni subsidiary, was bid up a point. Oils displayed a firm undertone, with Humble and Vacuum in the forefront of the advance. In the public utility group, Electric Bond & Share stood out, by advancinq to a new_high above 180. Newmont Mining, St. Regis Paper and Transcontinental Afr Transport also were in good demand. SELLING IN FORD, LTD. NEW YORK, December 29 (#).— Further selling developed in the Ford issues on the Curb today after their recent spirited advance. Ford limited sold down to around 18 as against a recent high of 2315. Ford of Canada closed a point lower at 658 after fluctu- ating between 660 and 654. Auburn Auto closed 2 points higher. WASHINGTON STOCK EXCHANGE YEAR 1928 TO DATE (Reported by W. B. Hibbs & Co., Hibbs Bullding, Washington, D. C.) OCCURRING ON THE WASHINGTON STOCK EXCHANGE FOR 1928 UP TO AND INCLUDING FRIDAY, DECEMBER 28. BONDS. PUBLIC UTILITIES. Anacostia & Potomac River R. R. Ist 5s, 1949 Capital Traction 5s, 1947 .. C. & P. Telephone 1st'5s, 1929 C. & P. Telephone of Virginia 5s, 1943 City & Suburban Ry. 1st 5s, 1948 . Georgetown Gas 5s, 1961 . Potomac Electric Power pfd Potomac Electric Power co; Potomac Electric Power gen. s, 1953 . Washington, Alexandria & Mount Vernon ctfs. Gas Light gen. 5s, 1960... ‘Washington Washington ‘Washington Washington Washington Gas Light series A 6s, Gas Light series B 6s, Railway & Electric gen. MISCELLANEOUS. Barber & Ross 6%s, 1937 Chamberlin-Vanderbilt Hotel 6%s Chestnut Farms 6%s, 1041 .... Chevy Chase Club 1st 5%%s, 1076 District of Columbla Paper Mfg. 6: Potomac Joint Stock Land Bank' Ss, Wardman Park Hotel 5}s, 1041 ‘Washington Arcade 6l4s, 1042 . ‘Washington Consolidated Title 6s, 1t ‘Washington Market Cold Storage 5: BT Par. valie. rate. PUBLIC UTILITIES. Capital Traction Co. .. 5 Norfolk & Washington Steamboat Potomac Electric Power pfd. .... Potomac lectric Power pfd. . Washington Gas : Washington Rallway & Elec. com. Washington Railway & Elec. pfd. NATIONAL BANKS. Capital Commerci: District Farmers & Mechanics’ Federal-American Liverty ... 139 Metropolitan 1,007 Riges 382-161/265 Riges warrants . 213" Second 171 Washington TRUST COMPANIES. American Security & Trust Continental Trust .... Merchants’ Bank & Tri National Savings & Trust Union Trust Washington Loan & Trust . SAVINGS BANKS. Bank of Bethesda Commerce & Savini East Washington Savings Bank.. POLOMAC +evv.vvenes Security Savings & Commercls FIRE INSURANCE. American Piremen's Natfonal Union . 1 192 680 40 703 . 5 632 235 398 6 53 10 150 30 Columb 20 Real Estal Title & Inv. Co. of Md. com.... Washington Cons. Title Ins. ptd.. MISCELLANEOUS, Barber & Ross, Inc., com .. Chestnut Farms Dairy ptd. 1 Chestnut Farms Dairy com. Chevy Chase Dairy pfd. . Columbis Sand & Gr. pfd. ..... Commercial National pfd. . D. C. Paper Mfg. Co. pd.". District National Security pfd. . Federal-American Co. com. Federal-American Co. pfd. Pederal Storage Co. pfd. . Lanston Monotype Merchants' Transfer & St Merchants' Transfer & St Mergenthaler Linotype ... National Mtg. & Inv. pfd. Peoples Drug Stores ptd Peoples Drug Stores pfd. . Spnitary Grocery ptd. . Security Stor Terminal Ref. Corp. Washington Convention Hall pfd. Washington Medical Bldg: Corp. Washington Mech. Mtge. Co. com. Woodward & Lothrop pfd. ...... UNLISTED Army & Navy Club 5s. 1961 . Cosmos Club 4%as (retired annually) Metropolitan Club 4%s, 1936 . STOCKS. Chapin-Sacks 1st pfd. Miller Train Contro} Raleigh Hotel ...... Departmental Bank . Munsey Trust Co. & Fack Ssavigen Bask com. 1t ptd.. 1 Railway & Electric cons. 4s, 1951 « None Approx. ield to Open. High. Low. Close. maturity. 100 101 96 96% 530% 104 108 4.25% 100% 101% 5.25% 1047 104% 4.712% 99 100% 5.50% o 105 4.85% 108% 109% 5% 103% 104 4.80% 108% 109 2 2 106% 106% 100% 94V 105 1933 . 105% 1936. 6s, 1033. s, 1937, 1934-54.., 061 . s, 1 'OCKS. Div. 103% 108Y% 30013 304% 10 1M% 106 108% 84 105 425 428 9 9% 3.9% 5.4% 5% 3.4% 1.6% 5% 108% 8 457 101% 250 256 237 225 250 262 240 330 336 253 405 547 205 270 310 250 260 246% 325 338 248 402 498 205 265 310 246% 336 343 253 408 871% 320 270 245 400 498 200 265 450 135 151 515 310 506 456 135 75 330 35 100 FINANCIAC.” | DUN’S STATISTICS NOTE 1928 BUSINESS CHANGES Bank clearings, 1928 .3634.850,000.000 Railroad earnings, 28 118,000,000 351054800000 Farm crops, Merchandise exports, Merchandise imports Excess mdse, exports, 680,633,000 Commercial failures, $484,200.000 927. . 520,104,268 Bond sales (par value), 19 . 52.222‘000.001 Stock Sales (shares), s Pig Iron Output (tons), Unilled Steel Tonnage, 11926 5 Cotton Consum. (bales). yi;:g : Cotton Exports (bales), 192 Dun's Price Index,t 1928.. 1927 To December 1, both years. COTTON PRICES STEADY. NEW YORK, December 29 (Special). —Fluctuations in cotton today proved the smallest in the entire year, price changes being within a range of 7 points on January and 5 to 6 points on other deliveries. About the only fea- ture of an extremely quiet trade was the advance in March over both Janu- ary and May, whereas earlier in the count under both these positions. The list closed virtually unchanged on the day. Spots were unchanged at 20.55. 30! | further contracts for rails and cars. week, March contracts sold at a dis- ' TICKER 52 MINUTES LATE. NEW YORI, December 29 (#)— ‘Trading was unusually heavy for a half- holiday session, total sales aggregat- ing 2,683,300 shares. So swift was the inrush of orders that the ticker fell half an hour behind the market in the last hour, the usual last-minute rush delaying the printing of the final quota- tion until 52 minutes after the closing gong had sounded. STEEL BUYING PICKS UP. NEW YORK, December 29 (#).—The feature of the steel market the past week was the continuation of heavy mill output despite the holiday period. some estimates were that the year’s total output will be the greatest on rec- ord. Prices were generally steady. Railroads were reported to have placed Frovailig, interest rhtes and com- :‘fl:l“‘ 3 ot to all ap- We can’ assist you in refinancing Thos. E. Jarrell Co. Realtors 721 10th St. N.W. Main 768 Loans to Salaried People “Character Plus Earning Ability Our Basis of Credit” REASONABLE RATES EASY PAYMENTS WASHINGTON WIMSETT COMPANY 903 N. Y. Ave., 2nd Floor. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. J°§,‘Ph 1. Weller 420 Wash. L. & Trust Blde, oth & F N W $1,000 Arlington 10 Lincoln Nat. 100 Units Real Es ranty ‘ In Nearby Virginia Rets | 51/2% lni::rln.:::u (Ilo. | Loans Commonwealth Investment Co. 917 15th St. N.W. F. % @ o5, 7 : Smith 3% ptd. @ 90. 10 Northern Virginia investm i 3% pfd. @ 100. 1 Washington Base Ball @ 63 50 Great Nat. Insurance ‘‘new.’ Ellery Stone, president of Kolster Radio Corporation of Newark, N. J.. before his departure for Europe said the company is completing an extreme- ly satisfactory year and activities will %oceed at & much increased rate in 29. WE FINANCE —all classes of income-producing property Large Loans a Specialty Current interest rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. Security Salesmen —of highest type. Financial Institution operated more than two years, paying divi- and showing good earnings, now in- creasing capital. Apply 200 Southern B ing, between 10 and 12. Ask for Mr. Sledge. Copper Stocks What outlook for these stocks? Are they still a purchase, now— AMERICAN SECURITIES SERVICE 26 Norton-Lilly Bide.. New York Money for ‘\First Mortgages / ‘There are ample funds here for loans on approved applications for construction of pri- vate houses, apartment houses, business prop- erties; or for refinanc- ust as quickly as consideration can be had an answer is given and the money made available. Low Rate of Interest and Commission B. F. SAUL CO. 925 15th St.—M. 2100 Over a Third of a Century’s Ezperience f i Profitably Rented This is one of the serv- ices we render—efficiently because the renting public knows that our management is consistently fair to both owner and tenant. Apartments, under our management, are always in demand. B..F. SAUL €O, Main 2100 925 15th St. SETBERLING ALL-TREADS LEI&MAN’S TIRE SHOP Geo. Y. Worthington & Son Real Estate Mortgage Loans 403 Wilkins Bldg. Announce That After Many Years of Service Mr. Geo. Y. Worthington, Sr. Wishes to Retire From Active Business First Mortgage and Construction Loan| Applications Invited at 5%2% Glover & Flather 1508 H St. N.W. Main 1753 pls Ty o 0 P Do his Office with 10 at 403 Wil- kins Bldg. The business will be continued un- . Geo. Y. Jiame by Mr. Geo. Y. Worthington and Geo. Y. Worthington, Jr. take this occasion to sineerely }hnnfi their many friends and clients for past relations, and to u that the Pirm wis eir interes CLARK,CHILDS & COMPANY 120 Broadway New York, N. Y. WASHINGTON OFFICE 1508 H STREET NORTHWEST MEMBERS NEW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGE BOSTON STOCK EXCHANGE OHICAGO BOARD OF TRADE CHICAGO STOCK EXCHANGE Telephone Metropolitan 8020 JAMES SLOAN, Jr,, Manager 5021 OLDEST National Bank in the District of Columbia January Returns Will Further Enrich You —if promptly placed in OUR SAVINGS DEPT. 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