Evening Star Newspaper, December 31, 1928, Page 13

.2 steady; ¢ i Jambs, steady, : & L Wash. Rwy. & FIN ' BOND PRIGES DROP 10 RECORD LOWS Many Issues Are Down in Final Session of Year’s Trading. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, December 31.—The contrast between the 1928 bond mar- ket and the market for stocks could not be drawn more strikingly than by the statement that totlay there were 235 separate bond issues selling at the low- est of the vear, of which 50 per cent were of foreign origin, while 125 differ- ent stocks were quoted higher than { they had been before the December 8 & break. In other words, the bond market this year has paid the penalty of excessive speculation in stocks. It has been pri- marily the absorption of money in stocks that has caused the high rates of interest and brought liquidation in investment securities and also placed an embargo on new offerings. Unfortunately this situation shows little sign of improvement, for while there will be easier money conditions after the first of the year, there can be no ease in money such as is required to stimulate the market for bonds so long as stocks remain active and strong. CHICAGO LIVE STOCK MARKET CHICAGO, December 31 (P).— (United States Department of Agricul- ture) —Hogs—Receipts, 53,000 head: il mostly 10a15 higher on weight averages under 200 pounds; heavier weights to 10 higher; to 9.15 paid for pounds; butchers, medium to , 250-300 pounds, 8.60a8.90; 200- ounds, 8.65a9.15; 160-200 pounds, 65a9.15; 130-160 pounds, 8.40a9.15; packing sows, 7.65a8.25; pigs, medium to choice. 90-130 pounds, 8.00a8.90. ! Cattle—Receipts, 16,000; calves, re- ' ceipts, 3,000 head: most killing classes strong to 25 higher on an active mar ket; best yearlings, 17.00; heavies, 16.5! bulk fat steers, 14.50 down to 15.0¢ Jower grade killers and replacement cat- tle active; slaughter classes, _steers, and choice, 1.300-1,500 pounds, 13.25a16.25; 1,100-1,300 pounds, 13.25a ¢ 16.25; 950-1,100 pounds, 13.25a17.00; _ common and medium, 850 pounds up, f9.00a13.50; fed yearlings, good and i choice, 750-950 pounds, 13.25a16.25; £ heifers, good and choice, 850 pounds = Gown, 11.50a14.00; common and me- 8.00a11.50 good and ; common and me= E dium, 6.7528.75; low cutter and cutter, 1 5.7526.75; bulls, good and choice (beef) £.50a11.50; cutter to medium, 8.00a9.50; _ vealers (milk fed), good and choice, 5217.00: medium, 13.50a15.25; cull and common, 8.00a13.50; stocker and feeder steers, good and choice (all * weights), 10.75a12.00; common and me- dium, 8.50;10.5‘& 000 0 Shee eceipts, 18. ea fully steads: bulk fat lambs, 15.00a15.25; closely sorted kinds, 15.40a15.50; sheep fat ewce, 8.00a8.50; feeding 13.50a14.00; lambs, good and choice, 92 pounds down, 14.40a 15.65; medium, 13.00a14.40; cull and : pommon, 9.00a13.00; ewes, medium to choice, 150 pounds down, 6.00a8.50; cull and common, 2.5086.50; feeder lambs, good and choice, 13.25a14.60. Washington Stock Exchange SALES. ‘Washington Gas 55—$1,000 at 103, $500 at 103 < Capital Traction Co.—10 at 106. & Potomac Elec. 5% % pfd.—10 at 108%, 70 at 108 Federal-American National Bank—1 33 6. Liberty National Bank—10 at 255. Commercial Nt'l Co. pfd.—20 at 103. Mergenthaler Linotype—1 at 104. “ AFTER CALL. Potomac Elec. 512% pfd.—5 at 108, Mergenthaler Linotype—10 at 104!5. ‘Washington Gas 55—$1,000 at 1027%. UNLISTED DEPT. Departmental Bank—1 at 612 . Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4% .. Amer. Tel. & Telga. 4127 Amer. Tel. & Tel. cil. tr. Anacostia & Pot. R. Ana. & Pot. guar. cows, at Potomac Elec. 6s 1933.. 107 Wash., Alex. & Mt. Vernon ctf. yash., Balto. & Annap. 55 Washington Gas 5s ... Wash. Gas 6s, series Wash. Gas s’ series B. Wash, Rwy. & Elec. 45 Wash, Rwy. & Elec. ge MISCELLANEOUS. Barber & Ross Inc 68 Cham.-Vanbit. Hotel & Club D. C. Paper Miz. 65..... Pot. Joini Stock L'd BK. 5 Wash. Mkt. Cold Storage iash. Cons, Title Co. €s. Wardman Park Hotel § PUBLIC UTILITY, Bid. Elec. ‘o’ Elec. pfd NATIONAL BANK. Capiial.. Wash. Ry National Columb: National M Riges s A Second .. (le255 National Bank of ‘We:liingioi..*300 TRUST COMPANY. American Sec Nationa] Savings Uplon Trust Wash, Loan & T SAVINGS BANK. Bank of Bethesda Cpmmerce & Savings ‘& 'C Seventh Street .. United States FRshReton hices Colum] g Tit] Wa: ate T Invy Cow of Md. com’ 'Cons, . Title_pfd. . MISCELLANEOUS. Barber & Ro: Chevy Chase iBooks closed snu'l mig 21,7 extra. 1% extra. SILVER QUOTATIONS. NEW YORK, December sllver, 57%, Mexican dolla Bar | Duquesne 4%s 67. ANCIAL) I ON NEW YORK BONDS STOCK EXCKANGEI l ffice ; o TP \v—-r‘ - : 2 THE EVENING STAR, WASHINGTON, D. C. MONDAY, DECEMBER - 31, 1928. FINANCIAT? Wy Received by Private Wire Direst to The Star Of UNITED STATES. (Saias are in 8 S 146 . 205 US4s1044. 30 Lib1st4%s 13 Lib 4th 43s 228 US3%s43. 12 US3%s47, 125 US4ysb2, 25 29 103 106 100 100 98 11 Argentine6sJuby. 6 Argentine 63 Oct 59 6 Argentine 5138 ‘62, 16 Argentine 63 A. 7 Argentine 6s B. Australia 4%s 56 Australia 5s 195 Australia 58 1957, Austria 7s..... Bank of Chile 6%s. Belgium 6s. Belglum 73s. Belgium 8, Bolivia 7s. Bolivia 8s. Bordeaux 65 Brazil 6%4s 1926 Brazil 6%s 192 Bremen State 7s. Canada §s 1931. Colombia 6s Jan'é1, 17 Con Pow Japan 7s Czecho 8s 1952 Czecho 83 1951 Danish Munic 8s A. Denmark 6s....... Dutch East 16847, Dutch East 1 6s 62.. El Salvador 8548 Finland 5%s Finland s £ 6 Finland 7s.. Framerican 7% French 7s. French 7% German 7s. Irish Free State b: Italy 7s..... Italian Pub 8 7i Japanese 4s. Japanese 6% Lyon 6s. Marseille Norway 6s 1944. Norway 6%s 1952, Orient Dev deb 6 Paris-Ly-Med 6s Peru 6567 wi. neiro 61%4s. 14 Rio de Jan 8s 1946. . Rio Gr Do Sul 8s... Rome 6%s.... Sao Paulo 85 1936.. Serbs Crot Slo Shinyetsu 6%s52.. Sw Swiss Confed 8: Toho El Pow 78 Tokio 5%s1961.... 3 Utd Kingm 5%s 29, 20 Utd Kingm 5%537. 11 Uruguay 8s 2 MISCELLAN Abram&Straus 535175 Ajax Rubber 8s.... AmAgriChem 7%s. Am Chain 6s '33 Am NatGas 63 An Smit & R 1st 5s. Am Sugar Ref 6s. Am T & Tecltr4s.. AmT&Tecl trbs.. AmT&Ts 16 Am Tel & Tel 5%s. 9 2 11 29 21 22 4 Am Wrtg Pap 65'47. Anaconda 1st 6s. Anaconda cv db 7s. Armour&Co4%s 39 Armour Del 5%s.., 12 Associated Oil 6s. Atlantic Refin 5s 8 Barnsdall 63 1940.. 39 Barnsdl 6s w 0 war Bell Tel Pa 53 B Bell Tel Pa 5s C. Bethlehm Stl pm Beth Steel rf 5s. Beth Steel 5%s 5 Bethlehem Steel 6 Bklyn Edison 58 Chile Copper 53.... 7 Colon Oil 6s'38.... 26 Col Gas&E| deb 5s.. 6 Con Coal Md 1st5s. 6 Con Gas N Y 53%s.. 22 Consumers Pow 55, 1 Cuba Cane cv Cuban Am Su | Denver Gas 5s hery (DG) 75 1 etroitEdison5sé0. 9 Dodge 68....... 26 ast Cuba Sug T%s Gen Cable 5%, Gen Mot Ac Cor 6s. Goodrich 6%s. Goodyear 58 Humble Oil 55 | Humble O& R & Illinois Bel 17t bs.. 1liinois S cel 4% 1 Inl~nd Stl 415578, 3 Tutl Cement 5s 48, Intl Mateh 58 47 Int Mer Marine 6s. . int P E | tnter Int Tel&Teleg 4128. 15 Int Tel&Tel 4% wil3l Kayser J & Co 5%s. 20 Kelly-Spring 8s.... Lackawanna Stl 8. 16 16 Lorillard bs Lorillard ( Louisv G & E 5s ManatiSug st 7 Mid-Con 6%340.... Midvale Steel 55, Mont Pow 5s 43 . Mont Power deb 6. Mor's&Co 1st 4%s. | Naut Radiator 628.. NYGELH&PbS N Y Tel 4%s. N Y Tel 65 4 North Am Edis fs. | No Am Ed 5156 | Nor Ohio Tr & L 6s. * | Nor States Pow 5s. | Pacific Gas & El 5s. PacT & T 1st 5. Pan-Amer Pete 6s. Paramount 65 1947. Pathe Exchange 78. People s Gas 58...4 Phila Co 58 67 w1.. Philips Petro 5%s. . Por Ric Am Tob 6s. Postal Tel & C5%4s. Pressd Steel Car 53 RemingtonAr 6s 32, Rem Rnd 6%s war. Sinclalr O11 6s. Sinclair O1l 6148, Sinclair O1l 1s. Sin Pipe Line 58... South Bell Te! Southwest Bell & 000.) ales. High. Low. 9823 2 102 28 9920 22 108 21 22 106 22 9 1006 11 1009 9819 9822 11122 22 22 FOREIGN. Sales. High. Low. Close. 100 995 9515 1007 100% 9313 99% 873 100% 106 108 106 115% 109% 0 105% 115% 109% 102% 991y 941y 947 100, 108% 1001 107 102 100% 1031 100 9215 924 101 883, 98% 109% 100% 103% 103% 110 0% 100 106 107 112 100t 106 1074 112'3 97 100% 96 96% 95' 91% 100% 9914 994 8974 101 100% 102% 1024 102% 97 9% 89% 101% % 107 81 8749 97 105% 101% & 109% 92 94% 93Y% 105% 5% 1051 90% 105 106% 99% 105% 9 9% 91 93 % 102% 109 981 88% 118% 103% 108 105% 106% 99y, 89 118% 104% 108'% EOUs. 118 115 2 103% 103% 103" 105 974 96's 96 101% 101 104% 104 99% 99% 104 104 104 }?l 105% 104% 105% 3 106% 1064 106 Bid. Asked. | Am Water Wks bs. 10 97 < 97 102'5 101% 101 133 130 993 102% 104 1 104% 104% 104% Close 99 23 Close. Sales. High. Low. 024 102 102 22 1 1n 7 26 14 11 12 1 Stand OII N J §s Tenn Copper 6341, TennElecPow 6s 47 Transcontl Oil 6348 United Drug 58 53 U S Rub 1strf 5s. U S Rub 7%s. U S Steel s f 5s. Utah Pow & Lt 5 Vertientes Sug 7. West Elec 5s. . Westn Unlon s 51. Westn Union 6% s Westinghouse 5s. Willys-Ov 63 Wilson & Co 1s! Yngstn S&T ss wi. RAILROAD. 93 112% 106% 103% 97! 112 W 106% 10744 100% 97% 102% 1004 97 102% 1024 110 4 1044 102 103 6 2 5 1 102% 3 102% 5 24 2 100% 99%, 88 96 13 Atchison gen 4s.... Atlantic C L 1st 4s. Atl & Dan 1st 45 43, B & O Gold 4 B&Ocvalss. B & O ref 5s. B & 0552000 D.... B& O 1sthset B&Orf imp 6 B & O SW5s 5 B & O Toledo 4 Bdy&Tth. Brooklyn Brooklyn Elev 6138 Bklyn Mannat 6s. Canada Sout 1% 97% 100% 1008 © 8 106 115% 109% —ort 1005 108% 102 100% 104 e 100' | Canad North 61 92% { Canad North 7s. 92% | Canad Pac deb 4s.. 101 {Can Pac 41;s 46. 884 | Central of Ga 6s 98% | Central Pacific 4s.., 109% | Cent Pac 1st 55 90 Chesa Corp 63 w 1. Ches & O cv 4 Ches & O gn 47 Chi & smufemBhaRanSTonla 1034 103% 110% 904 | Chi B&Q gen 45 53. CB&Q IS Chi&E 111 gn 5s Chi Rys 5s. . CR1Pac4% Chi Un Sta 433 97 100% 96 9674 95% 9% 100% 9% 994 90 101 100 CCC&StLrf6sA. Clev Term bs. . . C&S 1st 4s 2! Cuba R R b: Cuba Nor 514 Den & Rio G cn 4s. Den&RioG 4%s 36. D Rio G West 5s. .. DRG & Wst5s'78 rie Gen 4s Eriecvt 58 Erie conv ext 7s. Fla East C5s 74.... Gr Trunk stdb'6s. . Gt Nor 4%s76 D... Grt Northn 4%s &, Great North 5s.. Great Nor gen 7s. Hud & Man aj bs Hud & Man ref 5 Ill Cent 4s 53 Lli Cent 4% s 66. Int Rapid Tran 5s. Int Rap Tr'és stpd. Int Rapid Tran 6s. Int Kap Trans 7s Int & G Nor 1st 6s Int&GtNor adj 6s 52 IntRysCA 55 72.. Int Ry CA 6%sret. Iowa Centrf 4s Kansas City S 3s Kan City Term 4s.. Lake Shore 4s 31 Lehigh Val cn 4s Louis&Nash uni 4s. L & N 415 200, Louls & Nash 7s... Man Ry 1st 4s 90 Market St 75 40.... MStP&SSMisi8gtd M StP & SSM 6%s. MK& T 1st4s MK & T adj 5 Mo Pacific gen Mo Pac 53 A 65..... Mo Pac 6s F 17... NR M 4%s 51as: N O Tex & M s B.. N Y Cent deb 4s. N Y Cent 45 98, NYCrfim4l%s NYCentrfss.. NY Cent deb 6s.... NYChi&StL 53gsA. NYC&StL6sA., NYNH&H4%s.. NY NH&H cv db 6: NY NH&H clt@s NY Ont W ist4s... NY Rys6s . N Y State Ry 43s.. Northern Pacr i 6s. Ore Short Lirfs 4s. Penna RR4%s'63. ¢ Pennsyl 53 64. 2 Pennsyl 6%s Pennsyl gold 7 Pere Marq 1st b PCC&StL 58 B 75. Portland EI P L 6s Port RL P 6s47... Reading gen 4345 A RioG W 1st 4s.. RIArk & L 4%s, 8015 | StL IM&S gn 6831, 1005 102% 102% 102 97 9914 90 102 107% 81 8714 9814 105% 101% 109t 9215 96 93% 106 105% 91 105 106% 9914 105% 9% 95% 91 98 102% 110 983 89 118% 104%4 | 1081 wew ek @ EET=r % PP~ D S S R =1k -1 T T C P -~ S~ - 96 9% 104 97 85 105% 1021% 101 132 99% | STOCK PRICE INDEX GAINS DURING WEEK trial Common Issues Is Revealed. Special Dispatch to The Star. NEW HAVEN, Conn., December 31.— Industrial common stocks listed on the New York Stock Exchange again point- ed upward by netting a 4 per cent rise over the previous week. The pfice index rose to 172.6 from 166.4 and all groups shared in the general buoyancy. Coppers were the week’s {avorites, rising to 228.9 from 213.6 through gains in Utah, Kennecott and American Smelting, while the motor price index accelerated to 279.2 from 2674, with rises in General Motors, Nash and Chrysler quotations. Auto accessories rose to 162.4 from 151.4 via Goodyear, Murray and Goodrich. Lesser gains were netted by stores, oils, steels, foods and miscellaneous common industrials. Rails, public util- ities and preferred stocks generally showed slightly higher prices. The most actively traded industrial common stocks rose in' price 6 per cent over the previous week's level. ‘The compact survey of New York Stock Exchange movements of common industrial shares is given below in price indexes (1926=100) for the week’s 50 most active stocks, and for all shares outstanding. The last column of the table gives the rate of return on the week's 50 leaders at current prices. Shares Market Outst's Leaders 650.0 6192 Rate of Return Week ended— Dec. 28 S323333323353327 2585532333233 TSRt Bana-ASmoANAS M 2 1 1 25! Sa 1926 High Low (1926-1028).. (1926-1928) .. 1786 = 656, 9 (Nov.'28) (Noy.'28) (July'26) S TBNG 5.6 7 (ADr."26) (Apr.'26) (Nov.'28) TIndustrial Stocks. Rises in industrial stock prices showed some discrimination among graded com- mon industrials last week. First or high grade stocks rose 3.7 per cent, second or medium grades, 3.7 per cent, and third or low grades, 4.4 per cent. High-grade stocks rose to 175.5 from | 169.3 through increased prices and | Commodity Notes Retail Trade. NEW ORLEANS, December 31.—The holiday trade of New Orleans fell under | expectations and is now estimated to| have been 10 per cent below the total of | 1927. Steel. | PITTSBURGH.—Steel wound up the year with a rush. The rate of ingot| production now is estimated at 160,000 | tons a day, which amounts to 85 per cent of nominal capacity. Forage. FORT WORTH.—Texas dealers an- ticipate a shortage of hay due to recent unfavorable weather in the prairie sec- tions of the State. Johnson grass was allowed to rot last Summer because of low hay prices, and too much moisture | reduced the alfalfa crops. Agricultural Products. ST. PAUL.—Farm income from cash crops in this sectipn now is declared to be 17 per cent smaller than in 1927 but prices for butter, poultry, butcher“ cows and steers, feeder steers, veal calves and hogs are higher than a year trading in General Electric, Montgom- ery Ward, Sears-Roebuck and Wool- worth. Medium-grade stocks rose to 158.5 from 1529 owing to increased values and trading in Anaconda, Briggs, Good- rich, Simmons and National Cash Reg- ister. The most speculative issues showed, on the average, the highest percentage gains, moving up to 172.3 from 1650, contlnu“:—:g the rapid value appreciation begun in October. Increased values were registered last week by Goodyear, Mullips, Magma Copper and Yellow Truck, Altogether, last week’s change again reflected the tendency of low and high grade stocks to maintain their average relationship to all stocks listed. Medium- grade stocks continue to lag in values behind the general run of stocks. Below are shown index numbers for prices of three groups of stocks traded in the New York Stock EX- change, graded in accordance with their seasoning dividend history, credit size. strength and i @ Grade Grade (1926-100) (High) (Medium) PSR st December Year ago . November ave: october avera September _ave Algust_average July average . June average May average . April average March average February average January average !"27| R\;l:‘rksll‘ T High (1026 '21. 28, '20) weekly, ... 1808 1 ik (Dec'28) (Nov ow (1926, 721 105, 158 weekty 5 Bomsmmomeesnsn 2 BRHoSESRsE2EAIY! 5 SEOSIERIISIRANES 2 B . 921 953 938 (Apr'26) (Apr'26) (May'26) he average daily trading value of coglmch lndfistrlals listed on the Mew York Stock Exchange increased last week to $266,100,000, as against $207,~ 000,000 for the preceding week. Turn- overs of all stocks together averaged $200,900,000 a day, reflecting a daily trading gain of $63,000,000 from the previous week's figure. Chief trading declines last week were registered in the motors and steels groups. The former's average daily trading slipped slightly from $41,400,000 to $41,000,000, and the steels trading dropped to $13,100,000 from $14,900.000. Lessened interest in General Motors, Packard and Chrysler - shares eased the motors trading, while fewer United States Steel, Central Alloy Steel and Youngstown Sheet & Tube shares changing hands caused the steels ac tivity drop. A\:ternge daily tradings in oils jumped to $20,500.000 a day from $14,000.000 via renewed interest in Standard Oil of New York, Atlantic Refining and Inde- pendent Ofl & Gas issues, while the stores- activity average $21,400.000 a day, as against $14,300,000, through more Sears Roebuck, Schulte Retail and National Bellas Hess trading. The foods turnover pegged up to a daily average of $11,000,000 from $6,400,- 000 the previous week because of Bor- den, Kroger Grocery “B” and National Biscuit activity. Auto accessories trad- ing registered $17,400,000 a day, a turn- over gain of $7.400,000, effected by de- mand for Goodyear, Murray Corpora- tion and Goodrich issues. (Copyright, 1928, by Irving Fisher.) MARYLAND TOBACCO SALES. BALTIMORE, December 31 (Special). —The Maryland Leaf Tobacco Market being practically closed during the holi- days, there was little business passing last week in receipts and sales, only 24 hogsheads being received and sales of 66 hogsheads reported. Trading will be resumed on January 2 with a stock in State tobacco ware- houses of 15,152 hogsheads, and a fairly active market is looked for. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior, 6.00a 7.00; trosted, 3.00a4.00; sound common and greenish, 8.00a15.00; good common, 16.00a25.00; medium, 26.00a40.00; good to fine red, 41.00a50.00; fancy, 50.00a 51.00; seconds, common to good com- mon, 6.00215.00; medium, 16.00a23.00; seconds, good to fine, 24.00a35.00; upper country, Burley, nominal, and ground leaves, 3.00a25.00. Copper Price Advanced. NEW YORK, December 31 (#).—Cop- per Exporters, Inc., has advanced cop- per abroad to 163 cents a pound c. i. f. Hamburg, Mavre and London, an in- ago. crease of a quarter cent. Cle STORY OF THE GEMS The Diamond Its Characteristics N addition to its uses for purely ornamental purposes, the diamond ‘Farm Buying Power Special Dispatch to The Star. NEW HAVEN, CONN,, December 31. -~With a turn for the better in all staple stock quotations and apprecia- tion in corn and oats and only small reaction in eggs and wheat prices, the farm price index cathe up three-tenths of a point to 96.8 last week, accom- panied by continuation of non-agricul- tural price increases. The latter index pegged up four-tenths of a point to 98.0. Meanwhile the farmer's dollar purchasing power went down another tenth of a point to 98.8, continuing the gradual decline of the past month to the lowest point of the year. Index numbers of farm purchasing power and of agricultural and non- agricultural prices for various periods are given in the following table in ;\b}alch the average for 1926 represents Farm Agricul- Purchasing " Lural Week ended— oo reet Non-Agri- cultural Prices 98.0 976 975 9711 94.4 983 96.4 1092 96.2 96.6 9. average. August average July average. .. June ave; Sinrwnancaoenas 1927 1926 ... * 100 1 (Copyright, 1928, by Irving Fisher.) BALTIMORE GRAIN EXPORTS. BALTIMORE, December 31 (Special). —Grain exports last week included one full cargo dispatched aboard the steam- ship Driebergen for Rotterdam. It was made up of 314,515 bushels of wheat. Flour was shipped ‘to the amount of 3,430 barrels. The total grain ship- ments for the week amounted to 716,872 bushels, made up of 349,395 bushels of wheat, 214,171 bushels of corn and 153,306 bushels of barley, according to the reports of the Maritime Exchang ing, Room 324, or N REMOVAL OF SUGAR BAN IS DISCUSSED By the Associated Press. NEW YORK, December 31.—Because of the large outstanding amount of bonds of Cuban sugar producing com- panies and the low prices at which these issues are at present selling, Wall Street took a deep interest in the announce- ment that the Cuban government had decided to remove all sugar restrictions from the new crop. Temporarily this may be a bearish factor. It has already had an effect on raw sugar prices. Bankers for the various Cuban sugar companies, how- ever, are more concerned over its future than its immediate reaction, as it will be necessary during the next 12 months to adopt policies toward the financing of the Cuban properties depending on the long-range outlook of the sugar industry. As the situation stands it would be difficult to sell any new Cuban sugar bonds or to refund old issues. The prices at which existing bonds are sell- _6% NOTES Secured by First Mortgages Safe—Conservative Make your savings 41 \Vearsv and surplus funds work tor you st Experience in financing the highest inter- est rate consistent homes and In the with absolute gaje of these se- safety. curittes. W H. Saunders Co., Inc. REALTORS 1433 K % Transportation Building 17th & H Sts. N.W. Most desirable office building in Washing- ton. Near the principal Government depart- ments and U. S. Chamber of Commerce. Rooms Single or En Suite Six elevators, 24-hour service. For further information apply Representative at Build- Main 1016 Randall H. Hagner & Co. (Incorporated) 1321 Conn. Ave. Phone Decatur 3600 X \J \ A\ JOHN JOY EDSON, President Organized 879 Assets........oiiniin....$5,513,051.63 posits. cumulating money. the thousands of thrifty folks Equitable Co-operative Building Ass'n Subscription for the 96th Issue of Stock Being Received I 1 WALTER S. PRATT, Jr., Secretary | 49th YEAR COMPLETED Surplus & Profits. ..$1,601,704.98 ' | Start the New Year by Saving | Systematically in the Equitable Resolve now to start an account with the Equitable and make regular de- You'll find the Equitable’s sys- tematic plan of tremendous help in ac- Are you one of using our plan? Come in and let us explain. 915 F St. N.W. ing are so low that they prohibit addl- tional offerings except at prices which would be ruinous to the borrower. Therefore, it is hoped that the removai of the sugar restrictions will improve trade conditions and make the investor more agreeable to such proposals as may be placed before him during 1929. Investments JAMES Y. PENNEBAKER Main5328 1520K St. N.W. Mortgages We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street REAL ESTATE NOTES Secured by First Trusts Conservative Appraisals Chosen Locations 6% | Interest REALTORS 809 15th Street N.W. Main 9486 REAL ESTATE LOANS 5%9 Homes, Apartmen Business Prope: In District of Columbia and Nearby Maryland-Virginia 3-5-10-Year Terms Prompt Replies Randall H. Hagner & Co. (Incorporated) Decatur 3600 1321 Connecticut Avenue Mortgage Loan Correspondent New York Life Insurance Co. SAFEGUARD YOUR JANUARY FUNDS Sinciair Crude 5348 12 Certain-Td5%srcts 21 80'% 79 947 111 9915 71 106 103 3 101% 101% 101% 0% 104 34 102'% 10: 9974 28 102% 102% 102% | 1 107% 107% 107% 971, 15 160% 100 4 102% 10 9 104 10 9 1091 9814 100 9415 94 H111% 136 110 103% 9774 105 5 100 103 99% 6 10114 101 1011 102'5 102% 100% 102% 1021 1024 106 14 57 17 Public Service 4%%s 164 Punta Alegre7s.... 7 4 19 101 94 99% 101 103 94 103% 10313 103! 103%s 14 BT% BTle 874 97% 9175 | St L IM&S R&G 4s. StL&SFpl4sA. StL&SF prin bs. StL&S Fra%s 78, StL S W con 4s 32, StP & KCShL 4% 94% 110% 110% a 104 104 SeabAL ad) 5s 1949 Seab A L con 6s.... SBAIlFla6s35 A, SB All Fla 65 35 B Sou Pac 45 29. u Pacific ref 4s. . 0% 1031y 1€ 93 100% 102% Third Ave adj 58 Union Pac 1st 4s 9 Union Pacific 4s 68. 9215 109 1 97% G Wabash 1s| Wabas| Wabash 5158 7 West Maryland 4s Western Md 5. "2 | West Shore 4s 2361. Wilks-B & EI 1st 5 935 94 109% 110% 35'% 1 110 110 103% 1 Alum, Amer. Ballo. '%“i of % 49 ¢ 1 99 99% 7 jc l('l)‘A“ C 1074 101 101 | Gen. Mot. Acc 102y | Geners 100% | nbia Gas & Fl 101 & 55 100% Cann o % Humble Ol Michigan Cent Oregon Short Line 4 Pure Oil’ Corp. ‘%) Shell Union Gil Co Sinclair Grude Ol R 106 u. Pac g Standard Oil N. St. L., Ir. Mt_ & 100" 9314 100% 103 97 91 103 100% 10 California, plants Calike 91 & Ohio 41,5 1933 1 il Co. R. Co. 4 S Jersey 55 1946, 10: So. Ry. 4s 1920 s iy Firms Are Merged. Kelly Dry-Pure Juice Corporation has been gbsorbed by Matzka Products Cor- poration of California, organized as a junit of the Shewan group controlling National Ice & Cold 25 30 20 2 13 1 10 4 7 1 3 1 2 1 1 9 9 2 6 4 [ 55 4 SHORT-TEEM SECUE}TIES. (Reported by J & W. Seligman & Co.) Allis-Chalmers Co. 55 1937 195: Col s ec. 55 1952, Cudahy Packing Co. 5125 1937 Fdison El 11 Boston 4135 1930 et cee 57 s 1 193 s 5 19! 1957 9 rand da 65 1936 Gulf Oil of Pa. 55 1937........ 1 Bigs 1082........00 1 Rwy, ‘ds 1929 929, 194 as 1938 29 ity 1948 982 Storage Co. of The_company will have in New York City and Lodi, \: £ \/ V- VAY: VAV VA is the hardest known substance, and on this account is used exten- sively’ to cut other hard surfaces. It is interesting, however, that in spite of its hardness, it has no resiliency and, thus, can be smashed with a hammer-blow. With the increase in scientific knowl- edge, it has become possible to manu- facture diamonds by subjecting car- bon to sudden changes of heat and cold under enormous pressure. For diamonds are identical with charcosl or graphite, but in crystalline form. Thus, if you heat a stone in oxygen, it will burn brilliantly. The money you invest in some securi- ties will likewise burn up, if condi- tions become hot enough. This is the reason why cool-headed investors pre- fer the First Mortgages issued by Swartzell, Rheem & Hensey Co., be- cause for nearly sixty years they have remained safe and secure through burning times of wars and panics, as well as during cool times of peace and prosperity. If you are cold and calculating, you shouold choose these investments for vour funds. They are always avail- able and pay interest at 6%. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.w./ WASHINGTON D.C. In This Investment of Proven Safety VERY dollar of your January Funds should be invested in a non-fluctuating, stable medium which yields as great a return as is compatible with absolute safety and sound business practice. Shannon & Luchs First Mort- gage Notes, paying 67, a year, provide an ‘ideal investment for those Prudent Investors who insist that their Available Funds be kept constantly at work. Shannon & Luchs First Mort- gage Notes are secured by first mortgages on finer improved busi- ness and residential property in Washington—the one city in the United States where the absence of strikes, lockouts and other indus- trial disturbances causes Real Estate Values to be considered the soundest in the country. No Mortgages are for more than 609, of a fair, unbiased appraisal of the securing property. Thus a 409 margin of safety is always maintained. Shannon & Luchs, Inc., see to it that the property is fully covered by the necessary insurance, and that it is maintained at all times in first-class condition. Every note is signed by the bor- rower, who thus becomes directly responfiihle to !he note‘holdef fo‘ all payments. Shannon & Luchs have been sponsoring First Mortgage Invest- ments for nearly a quarter of a cen- tury, and have issued thousands of First Mortgage Notes on which none of its mnvestors have lost a penny; no interest payment has ever been late and no note unpaid at maturity. In view of the low returns now obtainable in the general bond market, the high yield of these notes, the soundness of the se- curity and the short-term feature makc 'hem more than usually at- tractive to investors. We suggest, therefore, that .you make your reservations from our highly di- versified list as promptly as possible. FIRST MORTGAGE INVESTMENTS BY SHANNON- & LUCHS 1435 K STREET4 NORTHWEST