Evening Star Newspaper, January 2, 1929, Page 11

Money to Loan Secured by first deed of trust on real estate. Prevailing interest and co Wi Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Bepresenting Mutual Benefit Life Ins. Co. 1520 K Street Main 475 On Improved Property in Maryland and District " of Columbia 6% Interest No Commission Charges WE&’E.B__BRO REALTORS 809 15th Street N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company | > Mortgages Investments JAMES Y. PENNEBAKER Main5328 1520K St. N.W. LEHMAN'S TIRE SHOP 12th & K NW. M= ith, Over a Third of a Century’s Experience A —yourself with the details of property management when you can put the bur- den of it in our hands, knowing that we will watch your interests closely. It is probable that we can pl it on_a better paying by than it is at present —through our experienced service. B.F. SAUL-CO. ain 2100 925 15th St. Investment Suggestions Each month The Equitable pre- pares a list of bond suggestions suitable for business and per- sonal investment needs. This monthly publication sup- plements a Bond List with several features devoted to the interests of Bond buyers. Send for a copy T*F EQUITABLE SECURITIES COMPANY ING- A subsidiery of The Equitable Trust Compemy . of New Yook 917 Fifteenth Street, N. W. WASHINGTON, D. C. Money for First Mortgages _We make it a rule to give very prompt con- sideration to every ap- plication for loans with which to undertake new construction; or to refinance a maturing mortgage. The moment it is approved, the money— much or little—is im- mediately available. Low of Interest Rate and Commission B. F. SAUL CO. REAL ESTATE LOANS 5%% Homes, Apartmen Business Properties 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. INVESTMENT BOND ISSUES ARE HEAVY High Money Rates Continue to Hamper Trading Today. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 2.—With money rates starting the new year at the maximum figures of 1928, there was not much opportunity for improve- ment in investment issues today. From the price changes that occur- red it was evident that money rates and the internal conditions of & num- ber of corporations whose bonds have been under pressure had had more to do with the break last month than selling for income tax purposes. High-grade issues, including Govern- ment bonds and certificates, were heavy. In some of the former there were declines of quarter to half points. ‘The Treasury 4s were off “%. Short- term issues of high-grade quality were weaker in tone. Among the various 4% per cent rails there were fractional losses, suggesting a further readjust- ment to the return on money. In a few issues the removal of year end selling brought same recovery, such as 2 points in Buffalo, Rochester & Pittsburgh 4!58, a point in Lorillard 5'>s and American Ice 58 and 2% points in Cuba Cane Sugar. On the other hand, Certainteed Products 51'us, Consolidation Coal 5s, Hudson Coal 5s and the Seaboard Air Line issues fail- ed to rally and were, in fact, lower than they had been before. This was also true of several foreign issues, notably the German Central Bank for Agriculture s and the Electric Power of Germany 6!2s, bonds that rank among the choicest in the German group. The latter did not respond to the very favorable report on German economic and financial conditions made by Agent General for Reparations Gil- bert. With a stock market of such buoy- ancy, it was natural to look for strength in the convertible issues. While this was not so pronounced as it had been recently it was one of the features of the day. The strongest of this class were Barnsdall 6s, which Jersey 4l;s at a new high record, International Telephone 4l4s, Abra- ham & Straus 5lps, J. Keyser 558 and Loew 6s. Anaconda Copper 7s were quieter but strong. So were In spite of the fact that the cur- rent dividend and interest disburse- ments are the largest on record, there were no new offerings of stocks or bonds today. The reinvestment de- , 80 far as the bond market is concerned, is & negligible factor this year. Washington Stock Exchange SALES. . 10 (Salas are i $:.000.) Lib3%s.... Libist 4%s Lib4thaks UB3%s847. US3%s... US4%sb2. 44 501 1008 8 9817 981 15 10317 1031 FOREIGN. Argentine 5s...... 1 9% Argentine 6s Ju 69. 12 100 Acgentine 6s Oct 59 6 100 Argentine 5%s'62, 25 94% Argentine 68 A 7 100% Argentine 6s B 4 100 Australia 4%s 27 Aus 1a 68 1955 17 Australia 6s 19567 11 | Austria 7s. 5 Bank of Ch! Belgium 6s. Belgium 6% Belgium 7s 1066, Belgium 7s 1956. 54 Belgium 85 Bolivia 7s. Bolivia s, Bordeaux 6 Brazil 648 1926, . Brasil 6381927, Canada 5s 1931 Canada 6s 1952 Chile 6s'61 Chile 7s 1943, . Colombia 6s Jan'61, Con Pow Japan 7s.. Copenhagen 4345 63 Czecho 85 1961..... Danish Munic8s A. Danish Munic 8s B, Denmark 6s..... Dutch East16s 4 Dutch East 1 6s El Salvador 8s 48, 103's 110 904 96% 2 100% 106% 107% Finland 7s. French 7s French T%s. German EI P 6%s.. Ger Am Bank Ger Gen Eleo 7s. Haitl 6s... Hungary 7% : Irish Free State bs. Italy 7s. Italian Pub 8 7s. Japanese 4s. .. rose 6 points; Public Service of New | Norway bs Norway bls. Norway 6%s 1952, Orlent Dev deb Paris-Ly-Med 6: Paris-Ly-Med 7 Peru 68 67 w Peru1s.. Perulis. Capital Traction Co—10 at 105%, at 1051, 14 at 1051, 44 at 105)2. Chestnut Farms Dairy pfd. at 106%, 15 at 107, 10 at 107, 20 at 107, 30 at 107, 30 at 107, 10 at 107. Potomac Elec. 5!2% pfd.—10 at 108, 3 al t 108%. Wash. R. & E. pfd.—10 at 991, Rh{sfi;‘fl. Bank—5 at 550, § at 550, 1 al . Barber & Ross com.—3 at 20. Fed.-Amer. Co. com.—20 at 5 Lanston Monotype—15 at 120. Nn.:;, 6):4 & Inv, pfd.—130 at 5%, AFTER CALL. Wash. Gas 68 A—$200 at 103, $1,200 at 103, $800 at 103. Wash. Gas 6s B—$100 at 108%. Pot. Elec. 6% pfd.—5 at 112, 5 at 112. Union Trust Co.—15 at 355, 10 at 356. Wash. R. & E. 45—8500 at 91. Chestnut Farms Deiry pfd.—31 at 107, Pot, Elec. 6s 1953—$2,000 at 107%. Pot. Elec. cons. 55—81.000 at 102. Pot. Elec. 5% % pfd—5 at 108, 5 at 108%, 5 at 108%. : Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4% Amer. Tel, & Te Georgetown e el Potomac Biec. 68 1953 ... ... . Was Alex. & Mt. Vernon ctf. Balto_ & f.nm 58 h. , sel | Wash: Gas 6" seriee Wash. Rwy. & Elec. 4 Wash. Rwy. & Elec. gen. 65.. MISCELLANEOUS, Barber & Ross Inc 638 Cham.-Vanbit. Hotel 6 Chestnut Farms Dairy Chegy Chase’ Club Siss gk, G e Wardman Park Hotel 8135 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel St Trabuion o, e Washington Gas . Norfolk & Wash. i Potomac Elec 67 pie Fotomag Elec. 512 2 ash. Rwy. ec. co) Wash Rwy. & Elec. pid - NATIONAL BANK. National Capital.. Coiumoia Commerc District Federal-American Aberty Becond ' ot National Bank ‘of Washington: TRUST COMPANY, American Security & Trust Co. Continental Trust. bt Meichants, Ban ational Savin Union Trust . ‘Washinglon Loan & Trust. SAVINGS BANK. Bank of Bethesda.. mmerce & Bavings. ngton Security Sav.' & Seventh Street nited States. . Washington Mec! 3 FIRE INSURANCE. American Corcoran Firemen's National Union TITLE INSURANCE. Title te | of ' Md. " com. Wash. Cons. Title pfd.. MISCELLANEOUS, ry ‘Com Ghestout Farms Datry pr Columbia 8and & Gravel pid Gommercial Natl. Co, pid. ;i r Mfg. Hatlonal Becur *dividena Books closed. . Auto Frame Orders Gain. NEW YORK, January 2 (#).—Mid- land Steel Products Co. of Cleveland has more than double the orders on its . | Am Chain 6s'33. 52 RhineWst EP 6s'63 RhineWst EP 7s'50 Rio de Janeiro 6%s 10 Riode Jan 8s1946.. & Rio Gr Do Sul8s... 3 Rome 6%s..... 112 Sao Paulo 8s 1936, Sao Paulo 1950, Saxon (PW) 7s, Seine 7s 42... Serbs Cr Slav 7; Soissons 6s. . Swiss 5148 1946 Swiss Confed 8s. Toho El Pow 7s Tokio 5s..... TT% Tokio 5%s81961.... 4 89% Utd Kingm 5%s29. 60 118% Utd Kingm 5%837. 66 104% Uruguay 8s. 3108 Yokohama 6: ..o 18 95% MISCELLANEOUS. Abram&Straus 5335151 120 1 AmAgriChem 7i%s. 6 97 1 98 96 Am Cotton Oil 5s... Am NatGas 6135’42 11 An Smit & R 1st 5s. 9% 104% 105% 108% 97 105% 192 924 90% Am Tel & Tel 5%s. Am Water Wks 5s. Anaconda 18t 6s... Anaconda ev db 7s. Armour&Co4¥s 89 Armour Del 5% Atlantic Refin 58... Barnsdall 65 1940.. 7 Barnsdl 6s w 0 war. 2. Bell Tel Pa 58 Cu..o Bethlehm Stl pi Beth Steel rf 5s Beth Steel 53 s Bethlehem Steel Bklyn Edison bs. Bush Term Bld| Certain-Td5%srcts Chile Copper 5s.... Colon Oil 6538 Col Gas&E! deb b Con Coal Md 18t bs. ConGas N Y 5%s.. Consumers Pow 5s. Cuba Cane cv 7s... Cuba Cane s .2 Denver Gas bs. Detroit Edison 6s.. Dodge 68......0000 Donner Steel 7s Duquesne ¢%s 67.. East Cuba Sug %8s Gen Cable 5% 847, * | Gen Mot Ac Cor 6s. Goodrich 6% * | Goodyear 5s rets Hoe & Co 6% Humble 01l §8. Hum| L1linots Bel! 1st 5: Inland Stl 41,878, 12 Intl Cement 53 48.. 86 Int] Match Int Mer Marine 6 g 4%8. Int Tel&Tel 4% 8 will67111% | Kayser J & Co 6% | Kan City P& L 68, Kan G &E6862..4 Kelly-Spring 8s. Laclede G 5%s 52 Ligget&Myers5ss1. Liggett & Myers 78 Lorillard 58,0000 Lorillard () 7 3 Loulsv G & K 6s b2, 3% 1 ManatiSug st 7%s. Mid-Con 6148 40... 1 Midvale Steel 63... Mont Pow 58 43..., 1 Mont Power deb s, 1 Mor's&Co 15t 43s. . Nat Radiator 6%s., Nat Tub 1st 53 1 NewEnglandTel 6. N Y Edison 58 44, .. N Y Edison 6%s. NYGELH&P NYGELH&Pbs N ¥ Tel 6s 41. 2 N Y Tel 68 49 s North Am Edis 5s.. No Am Ed 5%s'63. Nor Ohlo Tr & L 6s. Nor States Pow 5s. Pacific Gas & El 5s. 5 1021 1 PacT & T 1stbs... 8 102% 1 Pac T & T 5862.... 1 | Pan-Amer Pet 1 Paramount 6s 1947, Pathe Exchange 7s. People s Gas 5s.... Phila Co 6367 1., 102% 101% books for automobile frames than at the lmn of 1928. Operations at the Cleve- lond plant are at maximum, against 30 per cent & year ago. R 9 Phila&ReadC&I bs. 90! Philips Petro 51§8.. 14 92% Sales. High. Low. 9931 9926 9931 1008 515 10012 1007 100 7 Close 1008 7 9817 710817 30 11126 11120 11120 91% 99% 99% 17% 3 106% 105 96% 98 96 100% 100% 1047 104% 9% 104 104% 108% 13 3 113 03% 103% 99 05 99% 02% 00 87% 75 03% 106% 100% 01% 02% 043 05% 903 2% 92h IS X Sales. High. Plerce-Arrow 8s 3 Presad Steel Car &8 Public Service 4348 104 Punta Alegre 7 11 RemingtonAr 6s 32, 3 Rem Rnd 5%s war, 58 Stand Oil N J 58 SugarEstOrienteTs, Tenn Copper 6s°41. TennklecPow 68 47 Transcontl Oil 6%s United Drug 68 b U8 Rub 1strf 68 US Rub Ths UBSSteelsf68. .40 Utah Pow & Lt 5., Warner Sug 7s 41.. West Eleo 58.....0 Westn Unlon 68 61, Westn Union 6 % Westinghouse bs. Willys-Ov 6% s 33 Wiison & Co 1st Yngstn S&T Sswi. RAILROAD. Atchison gen ¢s.... 19 93% AtlanticCL 1st4s. 10 93 AtlantisCLeclds.. 5 90% 1 924 12 984 11 101% 32 100% 4 108% 58 2000 D, 18t 58 ct. r2imp 68. .40 OPLEWY ds.. B &0 BW5530. . B& O Toledods. .., Boston & Maine 5. Bdy&7thAv bscfs. . Brooklyn Elev 648 Bklyn Mannat 6s But R& Pitt 4% Canad Pac deb 4s.. Can Pac ¢%s8 46. Car Clinch & O 5s. Central Pacifio 4s., Cent Pac 1st 58 90, Chesa Corp 58 w 1., Ches & O ov 4148, Ches & O gn 4148.., Chi B&Q gen 48 53, CB&Q4%s77B., Chi&R I gn 63 51 Chi Gt West 48 59 CM&StPgn 89, CMA&StP ret 4% s! ChiMiISP&Pac5s?5, 81 CMSP&Pacadi6s03.227 77% Chi & NW gn 3%s.. Chi Union Sta 6% Chi& W Ind cn 4s, CaWIls%hs Del & Hud 1st rf 4. Del & Hud 6%8.... Del & Hud 7s 30. Den & Rio G en 4 D Rio G West bs. .. DRG & Wst 53’78 ErleGen 4s... Erieconv 45 B Eriecvt 5s 67 Erie (Pa) clt tr 4 Fla Bast C 58 74. Gr Trunk stdb 6s.. Grand Trunk is. Gt Nor 4348 76 D. Grt Northn 4%s B, 27 % 2 104% 1 103% 9 90% 81 94 2 92 Green B & W deb B, Hud & Man aj §s... Hud & Man ref 5s.. 11 Cent 4353.....4 1l Cent 448 66.... Il Cent Chi 4 44s... [11-C-C-8tL&NO bs Int Rapid Tran bs.. Int Rap Tr 5s stpd. Int Rapid Tran 6s. Int Kap Trans 7s Int & G Nor 1st 6 Int&GtNor adj 6s b: IntRysC A 6872, Int Ry C A 6%s ro Kan City Term 4s Kansas City S 3s. LehighVal con 4 L & N 41452003 Louls & Nash 5% Louis & Nash 7s Man Ry 1st 48 90 Market St 78 40.... Ml El Ry & L 6s 51. Mil 11 Ry & L s 61 Minn & StLref 4s. . M St P&SSM cn 4s. M StP & SSM 63s. Mo Kan&T 4%s ‘18 MK &Tadj 5s.... MK & T prinbs A, N ¥ Cent deb 6: NYChi&StL 5 NYC&StLésA. NY Sus&Wn gen b8 New Haven 45 55... NYNH&H 4s 56, NYNH&H4% NY NH&H cv db 6s. NY NH&H clt 6s. N Y Ont W 1st 4s. NY Rys 65 65. NY Rys 63 A 65 N Y State Ry 4%s. Nor Pac 3s 2047. Northern Pacific 4t Northern Pac r16: Ore Short L rfs 4s Ore Wash 1st 4. Pennsyl con 4%s. Pennsyl gen 4 %, Penna R R 4% Pennsyl gen Pennsyl 58 6 Pennsyl 6%s Pennsyl gold PCC&StLbs PCC&SLL 58 B T Portland EI P L Port RL&P 7448 46, Reading gen 4348 A Rio G West ¢l . StL&SFprin StLS W istdi St LS Wcon 4s 32, St P & KCShL 448, Seab A L ref 4 o1 SeabAL ad) 55 1949. Seab A L con 6s.... 2 SBAIIFlaés35 A, SB All Fla 63 35 B. Sou Pac 4829..4 Sou Pac clt 4 Sou Pacific Third Ave 1st Third Ave adj Tol Tr L&P l'/: s Low. 107% 100% 9 [ ww o BONDS e o] | Received by Private Wire Direst to The Star Office UNITED STATES, Close. 107% 101 944 9844 4 181% 100% 904 101 3 100% Wabash 5%s 75. West Maryland 4s. Western Md 5% ‘West 8hore 452 G9% 103% 87% 100% % | and it was widely proclaimed that soon | B 103% 102% 98 113% 106% 104 7% 0% 102 107% 100% 106 102% 102% 110% 104 102t 102% 100% % | duction in Venezuel BY KENNETH S. VAN STRUM. NEW YORK, January 2.— The oil scare of 1915-1918 is now seldom re- membered, although it is largely re- sponsible for present conditions in the industry. During the war there was not enough petroleum to meet demand the country would have to rely on for- eign sources for oil. The prosperity of the industry attracted huge sums of new capital. Thereupon new flelds were discovered and more efficient means of producing invented, with the result that after 1918 there were many perfods of protracted overproduction of oil. Production Ahead of Consumption. Today no thought is given the pos- sibility of ofl becoming scarce. Pro- duction has been increasing at such a pace that the one concern is to keep it down to consumption rate and thus prevent, disastrously low ofl prices. The chart shows how the industry | St i suffers when oil is produced faster than it is used. With the possible excep- tion of 1925 and 1926, the industry suf- fered yearly from erratic over-produc- tion, and in 1927 the situation became acute. ‘While conditions improved somewhat last year because of tremen- dous increase in demand, production-at present is again forging ahead. Difficulties of Co-operation. Co-operation has been the watch- word in the industry since discovery of Seminole field in 1927 brought about over-production and precipitated & sharp deflation in prices. Advantages of co-operation to regulate flush pro- duction were soon apparent and meth- ods were extended into West Texas and California. Since then co-operation %1has spread further into transporting and marketing of oil. At a recent American Petroleum In- stitute meeting it was apparent that 63.3 CONSUMPTI M | 797 /PRODUCTION PRICES 18 28| the co-operative spirit was popular among large producers and refiners. but, it has not taken so well with small producers. The Standard Oil of New Jersey has just pointed this out in “The Lamp" by saying that operators and royalty owners are showing signs of restlessness at being held back in their production programs. 1In this article it is said that the industry is in greater danger of over-production than on January 1, 1928. New Fields Threaten. Another threatening factor is the new flelds which may suddenly show serfous_ gains in production. At Santa Fe Springs and Kettleman Hills on the West Coast, as well as in Okla- 1| homa and West Texas, there are good possibilities of large production from new wells. Of the foreign sources, de- clining production in Mexico should be more than offset b{ increasing pro- a. “The Lamp" then explains that “these factors em- phasize the necessity of not only con- unum? present conservation efforts, but of increasing the effectiveness if the industry is not to suffer from a serious oversupply both of crude oil and gasoline.” Possible over-production, with lower s)‘rlcu, is menacing the industry today. ecent figures have shown steady gains in production, with daily output INVESTMENT 9 =y ARY 1929. for week ending December 22 uj 550,750 barrels, compared wif 1927 peak of * 2,586,100 rrels. So far prices have held well. Producing ofl companies will obviously benefit if larger production comes to the fields in which they operate. But the re- cent progress of the larger well inte- gnmr companies would be slowed down by over-production and lower prices. (Copyright, 1920.) . SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Bid. Aills-Chalmers Co. 5 1037, 10014 1 0. of Amer. 58 195: 3 Amer. Tei, & Tel. Co. 48 Balto. & Ohio 4.3 1933 atavian Pet. Corp. 4! Bell Tel. Canada 58 Galifornia Fet. Corp. t0 2, Cudahy Packing Co. 5!as 1937. Edison El. 11 Boston 4}as 1930. Gen. Mot Accep. Corp. 6s 1037. General Pet. Corp. 6s 1940.... 1 Goodyear T & R. 58 1987.... Grand Trunk of Canada 68 936 108 o Michigan_ Cent. RWwY. Oregon Short Line ds Pure Ol Corp. 5t shell Urton Ol Co. 8inclair Crude Oil Co. 5! Sou. Pac. R. R. Co 4s 1929.... tandard Oil N. Jersey 5s 1046. 1 Mt, & So. Ry. ds 1920 s 1933 of Ci : Western Eleciric Co. 55 1944, .. 1 Westinghouse E. & ‘M. 58 194l Wheeling Steel Corp. 5'as 1948. . FOREIGN EXCHANGE. 992 FINANCIAL. . Stockholders to Meet. STAUNTON, Va.,, January 2 (Spe- clal) —A special meeting of the stock- holders of the Miller Train’Control Cor- poration has been called for January 16. It is stated that the purpose of the meeting is to effect a reorganization of the corporate structure by a change to no par value stock with a less number of shares, making a more attractive se- curity, d to meet the demands for the company’s expanding business in con- nection with its system for controlling traffic signals and grade crossings. The plan of reorganization is sponsored by William Dupont, jr., the executive and financial head of the company. —_— CHICAGO DAIRY MARKET. CHICAGO, January 2 (#).—Butter— Higher; receipts, 16,249 tubs; creamery extras, 46%; standards, 46 firsts, 45',a46; firsts, 44'2a45; seconds, 43a44. Eggs—Higher; receipts 5,808 ca: extra firsts, 36a36; firsts, 32a34; ol nary firsts, 28a30. Poultry—Alive, firm; receipts, 2 cars; fowls, 25a30; Springs, 29; roosters, 20; turkeys, 25; ducks, 26; geese, 19. Lead Price Advanced. NEW YORK, January 2 (#)—The American Smeltiiig & Refining Co. to- day advanced the price of lead from 6.50 to 6.65. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (01 var). _today. London. pound. 54.8085° $4.850 Parls. frenc 039 Brussels, beiga Berlin, mark.. Rome. lira. .. Zurich, franc 1390 ‘2319 1052 ‘192 TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Matuity, Mar. 15, 1920 1 13, 1920 15, 1929 9720-32 Japan boasts 54,700 autos. There were less than 900 in 1914. WE LOAN MONEY FOR BUYING, BUILDING OR REFINANCING COM- PLETED PROPERTIES It is to your best interest to talk with us _about . first-mortgage money. We make loans in any amount, promptly and at reason- able rate of interest. £ Talk With Us FIRST In requesting loan, specify amount, also give a brief descrip- tion and approximate valuation of the property. REALESTATE MORTGAGE & GUARANTY CoRPORATION Capital Resources § 3,400,000 24 JACKSON PLACE S.W.ST Railroad bonds Public Utilities . Municipals Industrials Foreign bonds . o o AND FINALLY— BANK STOCKS ACTIVE ON PRODUCE EXCHANGE Special Dispatch to The Star. - NEW YORK, January 2.—The Pro- duce Exchange securities markst was' featured today by a heavy demand for | both Allied Power & Light and H. Ru~ ! { binstein issues. Total sales in the for- mer issue during the first half session | amounted to 3,890 shares, thereby mak- . ing it the most active issue dealt in. It | was generally conceded that the buying ;| was of a special character. } Bank stocks were in demand again ! with Chase National Bank 45 points . higher at 890. Later the stock jumped to 905 bi i Money Available for 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. VTV YW Income First The Investment Problem Created by Today’s Market TODAY’S most perplexing investment prob- lem is how to secure a satisfactory income from invested funds. What is an investor these days going to do who must have the largest present income possible consistent with safety? After the recent violent break in the market, the yield on the thirty Industrial Stocks in the Dow,Jones averages was as low as 3.38%,and on the twentyRailroad Stocks was aslittle as 4.86%. Though the bond market has been sagging for some time, the yield on the forty Dow, Jones listing of bonds was also but 4.86%. Must the investor who cannot afford to wait for equities to grow rest content with such modest returns? ‘Barron’s, The National Financial Weekly, un- dertakes to help solve the problem of this class of investor through a series of articles now ap- pearing. The first of these articles shows how to obtain a 7.30% yield. These articles are typical of the practical and important investment inforiation appearing in Barro continually. A year’s subscription at $10 will secure these articles, as well as a year of profitable financial reading. Write to Barron’s, 44 Broad Street, New York City, to enter your subseription, starting with the first number of this interesting series. BARRON’S The National Financial Weekly On All News Stands P VY W A Definite Program for Your January Investments A definite plan—a definite program—fitted to your own needs and your own par- ticular requirements—these should be your first considerations in the selection of your January investments. The current offerings of S. W. STRAUS & CO. give you a wide range of investment choice. They include: YIELD % 4.54 to 5.08 4.58 to 6.02 4.10 to 4.75 5.24 t0 6.95 5.14 to 7.35 First Mortgage Real Estate bonds, 5.50 to 6.15%, safe- guarded under the Straus Plan, (including bonds legal for trust funds in New York State). The officers of S. W. STRAUS & CO. are ready to aid you with advice and counsel, based on an experience of 46 years, in laying out a definite program and selecting January investments. Call and consult with us, or, if you prefer, write for our booklet, “How to Invest Money”. Ask for BOOKLET 58-G . - . BONDS RAUS 929 FIFTEENTH ST. N.W., WASHINGTON Telephone Main 5847 ESTABLISHED IN 1882 Y WO VIOV IYN LR E R & CO. INCORPORATED