Evening Star Newspaper, January 6, 1929, Page 37

FINANCIAL. PRICES ARE STEADY ON D. C. EXCHANGE Moderate Trading Marks] Week End Operations. Traction Stock Active. BY EDWARD C. STONE. Tn moderate trading on the Wash- fgton Stock Exchange yesterday the| first_week of 1929 closed with prices steady. Capital Traction was among the more active is- ___ sues, the stock opening at 1033 and advancing on three small ot sales to 1057, Po- tomac. Electric Power 513 per cent preferred closed the week at 108'«. Merchants Trans- & Storage common appeared on the board for the first in several weeks. It opened with 10 shares sell- ing at 128, four more going at 127 and two more at 125. Twenty shares of the same company's preferred stock | changed hands at 107. D. C. Paper Manufacturing Co., preferred figured in five transactions involving 30, shares 88 “Tvn bank stocks appeared on the Wpard, National Savings & Trust sell- %‘u at 510 and Washington Loan & st at 523. In the bond division Po- tomac Electric Power 6s sold at 108 Washington Gas 6s, serles B, moved st 106, in small denominations, while $2,000 and $1,000 Washington Railway & Electric General 6s changed hands at 10215, The opening week of 1929 started out | well on the exchange. volume of sales | comparing favorably with those at the | close of the old year. The surprise of | the week was the advance of 100 points in Washington Railway & Electric common to 525. A particularly important announce- ment was made during the week by Malcolm Gibbs, president of Peoples Drug Stores, , of the outright pur- chase of the Kennedy chain of drug stores in Pennsylvania. This purthase gives the Washington concern 98 drug stores, is of special interest to the local exchange where the stock is actively traded in, and is one more step in the company’s steady expansion plans. Advocates Higher Bank Salaries. In a recent issue of the American Bankers' Association Journal Craig B. Hazlewood, president of the A. B. A, said: “Good management in other lines of business has discovered that it can reduce its total salary costs and in- crease its individual salaries simply by increasing the efficiency of employes. ‘Well paid workers are a company’s best investment. I bels«:veh::ekmight well ln; corporate in good bank management the principle of having the best paid, most eficient employes. “Many businesses have yet to lesyn that the highest salaried employes, do- ing the most work, in the least time and space, with the least equipment and supervision, yield the greatest net profit. Many industries could prob- ably step up their present personnel efficiency 100 per cent to 200 per cent.” ‘Weekly Bank Clearings Heavier. Bank clearings in Washington for the week ended January 3 totaled $27,923,000 against the lower figure of $22,453,000 for the previous week. The clearings were one-tenth of 1 per cent Malcolm Gibbs. BOND SUMMARY FOR THE W High, Low. 10214 100 23 103 30 102 28 10412 103 13 104 —1 100 94k 1014 9T% 98% 96 106 101% 100 925 114% 111 110% 107% 100% 93% 9% 89 108% 104 109'% 104 1021 100% 30% 24 964 954 110 1054 105% 103% 106% 1024 105% 1024 107% 99% 116% 105 109% 105 96 96 99% 92% 102 98% 34% 21 94 89 108% 1054 1025 98% 97 &7y 9% 91% 104% 984 101% 93% 116 111 126% 106% 108% 1024 94 894 104% 9T 102% 97 105 1034 106% 102% 99% 94M 107'% 108 97 924 105 974 1034 1004 106 1044 100 98% 107 101 95 83 105% 108% 1164 1064 93 881 9 8619 1034 100' 106% 96 107 1024 102% 981K 105% 101% 961 92 86%h 176 102 954 109%4 107% 96 821 108 1024 104 L9y 108% 104% 103 101% 105% 103% 08 95% 024 97 107% 954 109% 994 103% 99% 106 103% 1064 102 109% 102% 102 94 107% 103 1174 114% 102% 98% 110 107% 108 100 104% 99% 106% 101% 106% 102 98% 98 1 1 99% 96 102% 97% 101 99% 104% 101% under the total for the corresponding week the previous year. As noted a 96% 88 106% 103 1032 100 8 116 1105 27— Tighe Low: High, g Low: 100% 99 101% 99 99% 95% 101% 9874 116 114% 111% 109 101% 99 9913 93 113% 1 1084 1024 102% 99% 40 254 101 94 112 108 106% 103% 105% 103 1054 102% 110 1054 119% 112 107% 104% 97% 944 100% 96 105% 100 30% 20% 5% 89 109 1044 1025% 981 1004 96 94 8B 104% 100 101% 954 115% 1084 113% 102 110% 108 96y 89% 108% 104 106% 103% 101 4% 104% 1017 105% 101% 100% 98 106% 103 100 94 101 26 989 103 15 100 1009 9920 98 10310 987 116:6 109 30 US 4%s1947-52 THE SUNDAY STAR, WASHINGTON, D. C, JANUARY 6. 1929—PART 2. High. 99 31 100 9 100 12 98 23 98 22 111 26 Low, U S 33%s1940-43 US3%s1943-47 FOREIGN. Argentina 68 A. Australia 68 1956 Austria 18 1943. . Bank of Chile 6%s 1957 Beigium s 1965. Chinese Govt Ry Copenhagen 5s 1952 Czechosiovakia 8s Denmark 8s 194 Milan 6%8 1952 Netherlands 8s 1 Norway 5%s Parts-Lyon Med 65 1958, Peru 65 1960. Rome 6%s 62 I Sao Paulo State of, 85 1936.. Seine Dept of, 7s. Serbs, Croats, Sloven Utd Kingdom 5%s 1937 Yokohama 6s 81... IXDUSTRIAL AND 120 115 106% 104 1024 95% 106 102% 100 981 109 103% 934 83 1064y 104 199 110% MU H0% 94 &% 103% 49% 1364 99 109% 104 103 99 105% 102% 9% 93 3 994 83% Tla 97 68n 110 106% 109t 86% 105% 79 104% 1014 1085 106 103t 100% 106' 10219 100% 96% 1084 99% 102% 934 113 108% 148 1064 110% 106% 105% 99 106 10:% 105% 99% 109% 91 102% 98% 111% 1054 119 113% 103% 99% 109 106 104 100% 104% 100% 108 102 103 102% 101% 97 97% 93 180 118 100% 9T% 104% 100 99% 96% 104 102 1074 99 1004 95 961 85 105% 1004 few days ago, clearings for the full | 109% 1064 109% 106 ;an hu ational Capital. It is now announced 114 1114 up a new record for the|102% 97% 103% 98% 112% 108% by Bradstreet's that reports telegraphed | 102% ,974 1064 100 from 160 cities all over the country show that clearings for the Nation as a whole also were larger than in any previous year. Reports Millionaires Galore. 101% 101 98% "92% 00 98% 99 934% 100% 97 101% 99% 99 9% 98%4 9lu 98 9% 101 96% Carl Snyder of the Federal Reserve|105% 100% 105 100 Bank, says there are between 30,000 and 40,000 millionaires in the country, com= pared with 1,000 in 1900 and 7,000 in 1914. If the average wealth of each millionaire is $3,000,000, that would mean $105,000,000,000. And that is rather a low estimate, says the Wall Street Journal, as there are a few hun- dred financiers in the country with for- tunes g from $10,000,000 to $1,- 000,000,000. Also there are a few hlun- dred thousand people with fortunes 98ls 92 107% 101% 101% 95% 101 99% 92 83 6% 9% 100% 95 101% 99% 103% 97T 103 97w 94% 80% 4% 69% 97% 91 107% 101% 100% 964 102% 96% 93 B5W 9614 8ok 1004 964 101% 97 105 97% 103% 96% 93 83% 2% 66 ranging from $100,000 to $1,000,000. | —— = 98% 924 The big fortunes of a few look large, but they are small in comparison with the aggregate wealth of 115,000,000 people. # Group Insurance Growing. According to James E. Kavanagh, second vice president, Metropolitan Life, 114 111% 89 T4n 96 82% 97% 95 1024 97% 118% 118% 93% 86% 9% 61% 114% 107% 88 8% 964 93% 97% 91 10314 97% 119% 114 931 B4% Abraham & Straus 5 %8 194 Atner Agri Cheniical 148 1941... Amer Smelt & Ref 1st 53 1947, Amer Sugar Refining 8s 1937.. Amer Tel & Tel cl tr ¢s 1929, American Tel & Tels 5. . Amer Writing Paper 63 (1047). Anaconda Coppgr 6s 1953. ... Anaconda Copper ov dab 7s 1988., 13 Armour & Co 4 %8 1939 . Armour of Del 5%s 48. Atlantic Refining deb 535 1937 Bell Tel (Pa) ref 58 1948..., Bethlehem Steel p m 65 1936. Bethlehem Steel s f 68 1948 Chile Copper 5s (1947). Colon Oil Bs 1938 Cons Coal (Md) 1st ref 58 196! Cuba Cane Sug cv deb 88 19! Detroit Edison ref 6s 194 Dodge 68 1940 General Motors 6s 1937 Indiana Steel 68 1952 International Match 5s Inter Mer Marine 6s 1941 Inter Paper 68 A 1947.. Int Tel & Teleg 45 '39 wi. Kayser Julius 514s 1947, Kelly-Springfleld 8s 1931., Lackawanna Steel 53 1960, Northern States Power 6s. Pacific Gas & Eleo 65 1943 Pacific Tel & Tel 6s 1963, Pan-American 6s 34.. Philadelphia Company s 1967, Postal Teleg & Cable 55 (1933)... Public Service 4%s 1948, Sinclair Oil 631930, 4000 Sinclatr O1] 78 1937, Sinclair Crude Oil 5%s 1938.. Standard O1I N J 6s...... ‘Transcontinental Ofl 6%s 38 United Drug 5s 1953 U 8 Rubber 1st & ref U S Rubber 7%s 193/ U S Steela £ 521963 Utah Power & Light Western Union Tel 6 % Wilson & Co 1st 1) Youngstown Steel Ba! B&OPittsLE&E W B & O Southvrestern ChiMStP&P5s'7T Chi M St P & P adj bs 200 Chi Unlon Station ¢ %48 Chi Union Station §%s 1963 Chi & Western Ind con 4s 1! group insurance to an amount estimat- | 1054 102% 106% 100% g“’ Cin Chi & St Louis 5 D. ed at more than seven and a half bil- lon dollars is now in force in Ameri- 108%_102% 110% 7108 103 100 110% 104% cen and Canadian companies. In all|100% 96% 100 there are 57 companies, 10 of which are( 98% 94% 100% 56! Cuba R R 681968, in Canada, that have issued this kind of insurance. Statistics show that the total num- ber of lives covered is approximately 5.000,000. The average coverage ber life is a little less than $1,500, hardly equal to two-thirds the average annual income of the American wage earner. Approximately 17.000 employers of labor in the United States and Canada have set up programs whereby their employes are provided with group life insurance. ¥ Heard in Financial District. President John B. Larner of the Washington Loan & Trust Co. will en- teriain the officers and directors of the company at dinner at the Metropolitan Club on January 10. This dinner fol- lows the annual election of the com- pany. which takes place on January 8. Milton T. Schwab, William L. King and Miss Ruth L. Newman have been admitted to the firm of Boss & Phelps. ‘The three new partners have been con- nected with the organization in official capacities for some times. The 8. 8. Kresge report sales for De- cember of §24,843,952, as compared with $23,043,911 in the 1927 period, an in- crease of 7.81 per cent and the 12 months of 1928 of 10.16 per cent over the 1927 period. The company had 506 irq)]rnu in operation on December 31, The W. F. Woolworth Co. reports December sales of $45439,131, as com- pared with $43,888427 in the same month a year ago, an increase of 3.5 per cent. Cumulative sales for the year were $287,313,687, against $272,748,532 in 1927, an increase of 5.3 per cent, Company Makes Good Report. ‘The Real Estate Mortgage & Guar- anty Corporation of this city has issued a financial statement as of November 30, 1928, for the stockholders. It re- ports assets and liabilities of $4,228,- 460.65. Net earnings for the 11 months end- ing November 30 amounted to $207.- 472.86. Net earnings from July, 1923, the date of incorporation, to November 30, 1928, were $1,289,116.41. Dividends paid stockholders during that period amounted to $811,369.93. The company has $2,951,848.05 capi- tal stock and surplus and reserves amounting to $477,746.48. Trade Conference Date Set. Complying with a request of the Na- tional Fertilizer Association for a trade practice conference for the fertilizer in- dustry, the Federal Trade Commission has set January 29 as the date, it is announced by Charles J. Brand, execu- tive secretary and treasurer of the association. The conference is to be held in Washington. 1064% 103 94 90% 89% 3% 9Tk 92% 91y 8l 85% 3% 99% 91k 100% 87 109% 106% 116% 114k 101% 944 114 108 115% 113% 9% 79 93% 84 102% 98 102% 96% 97 5% 99% 96% 981 83% 92% 90 50 3% 103 99% 9% 9Th 92 98 974 86% 9% 96% 105% 101 83 Té% 108% 97% ¥9% 96 1097 106% 107% 104% 1074 104% £l 69%2 0w 11w 91% T84 99% 924 3% 65% 98 9l 111 1084 1164 111 100 98% 94% 86% 106 99% 106% % 111% 98 8 6 106% 119% b6 4% 102% 103 103% 6% Four of every five matches pro- duced in Japan are being made by the ©wedish Matoh Trust, 98 9% 6de . 9T% 91 6% 17w 99 93 9l 5% 109% 106 117 110 101% 96% 118% 106% 115% 111% 78! 95% 103% 1024 86 103% 99% 100 T9% 103% 100 9% 1034 99'% 103 99% 92% 8i% 109% 101% 105% 99 83% 6% 102% 98 Yo% 9% 111% _105%, _110% 104% 109% 100% 107'% 105 107% 104% 83 T2% 116%_105% _118% 111% 32 13% 92 83% 98% 897 2% 64w 9T% 89 109% 103% 116% 111 100 98 4% 864 1044 9T 114% 104% 113% 10874 104% 98 90% 83% 9% Bdw 9% 92% 934 Bbw 97% 874 98 9% 2% b7'% 374 3 Y8l CC&St Lref6s A 1929 Cleveland Terminal 634s. Grand Trunk Great Northern ¢ %s Great Northern geo 6 ¥ Great Northern zen 7a 1936 Havana Electric Rallway § Illinols Central 4%s 66 Inter Rapld Tra: 4 Inter Rapid Transitcv 7s l"!: ': Inter & Great Nor adj 68 1983.... Int Rwys of Cent Am 6%s 1947,.. sas City Southern 3s 1960, 194/ Mil Eleg Ry & Lt 1st ref 6s 61 StP& s 193 Missouri Pacific zen 48 1975. Mtissour! Pacific 6s F. New York Cent deb ¢# 1934 .o New York Cent ref tmp 6s 3013,,. New York Central deb 6s 1936, ,,, NYChi&StLref5%8A'T4 NYChi&StLref5%sB 75 New Haven deb 4s 19567.. NYNH& Hcvdebés 1948 N Y Ry 63 196 . N Y West & Boston ¢%s 1948 Norfolk & Western con 4s 19! Northern Pacific 3s 20¢° Northern Pacific 48 199’ Northern Paclfig 5s D 204 Northern Pacitic ref tmp Qre Short Line ref 4s l:l 1 Pennsylvania f%s 19 Heading 4348 1997 Rio Grande Wester St L& San Fran or ip 48 A 1950.. St Louis San Fr 4%s 7 StPKOB Line ¢4y 1961 Seaboard Alr Line ref 1969 Seaboard Alr Line ad] 58 1949, Seaboard Air Line con 6s 1945, Southern Paclfic ov 877 § 91 93 85% 117% 106 127 117% 2% b5% 929 93% 1094 100% 106% 101% 107% 99 87% 8% 1014 87 934 8% dj 6 Union Pactfic 1st Virginian Ry 1st 65 1962, Western Pacific 58 19 ‘West Sliore lat ¢a 236) NGTON STOCK EXCHANGE YEAR 1929 TO DATE (Reported by W, B. Hibbs & Co., Hibbs Building, Washington, D. C.) COTTON PRICES STEADY. NEW YORK, January 5 (#).—Rather an irregular opening was followed by advances in the cotton market t.ods{. but prices weakened again under liqui- datlon, closing at the lowest levels of SALES OCCURRING ON THE WASHINGTON STOCK EXCHANGE FOR 1928 UP TO AND | ¢n i “Crdfn" contracts, after seiling INCLUDING FRIDAY, JANUARY 4. BONDS, PUBLIC UTILITIES. C. & P. Telephone 1st 5, 1929 . Potomac Electric Power cons. 5s, 1036 ... 102 102 Potomae Electric Power sen. s, 1953 Washington Gas series A 05, 1033 . Washington Gas Light serles B 6s, 1936 . Washington Railway & Electric cons. 4s, 1051 91 o1 91 STOCKS. Par. Div. value. rate. Open. PUBLIC UTILITIES. Capital Traction ... $100 Potomac Electric Power ... Potomae Electric Power . Washington Gas ...... Washington Raflway & Elec. com. Washington Railwey & Elec. pfd. NATIONAL BANKS. Capital .... Riges o TRUST COMPANIES, American Security & Trust... Natlonal Savings & Trust . Unlon Trust Co. ....... Washington Loan & Trust . MISCELLANEOUS, Barber & Ross com. Chestnut Farms Dairy Columbia Sand & Gravel pfd Federal-American Co. Lanston Monotype Co, Mergenthaler Linotype .. Natfonal Mtge. & Inv. pfd. Peoples Drug Stores pfd. UNLISTED DEPARTMENT. Cosmos Club 4!zs (retired annually) ......... STOCKS. 40 Chapin-Sacks Ist pfd. ........... 5100 $8.00 107 107 up from 19.82 to 19.96, or 13 points P ngove yesterday’s final quotation, closed AP9acts |at 10.80, or 3 points net lower. The Open. High. Low. Close. maturity. | general market closed barely steady at 997 997 99% 99% 5.25% |net declines of 1 to 6 points. 10112 101'a 4.78% e 107% 108% 107%; 108% 5.38% 103 0w 103 103 512% NOVEMBER GROSS UP. 106'; 108%; 105%: 108'; B5.08% | ‘The Virginia Electric & Power Co., 4.05% | including subsidiaries, reports November gross and other earnings, as follows: 1928, 1927, . $1.421.368 $1,337.334 X 554.810 16,155,804 15,440.586 5,077,778 4,701,121 Approx. | November gross Balance after tax e i Twelve months' gross. 10875 1087 . Bal. aft. tax. and ches. Rubber Stocks 108'a 108'a 108%2 105% 520 525 9% 9% m What outlook for these stocks? 360 Are they still a purchase, now— Goodyear? Lee? 452% djax? 807 Norwalk? i 356 60% Goodrich? Firestone? Lo Our latest market analysis covers all these. Sample copy free. Write name 20 and address on margin and send to— 014 AMERICAN SECURITIES SERVICE o : 266 Norton-Lilly Blds., New York 120 ‘ 104'% "WE FINANCE —all classes of income-producing property O g Large Loans a Specialty Current interest rate and commission. Higbie & Richardson, Inc. Financial High Lights of Past Week Brought Out in Nutshell by Statistics Special Disnatch to The Star. NEW YORK, January 5, 1929. Stocks (average of 50 issues).... Bonds (average of 40 issues) Foreign bonds (average of 10 Issues). Federal Reserve ratio Money rates in New York: Call .. Time Unfilled steel orders. Pig fron production.. | Building permits: Number of cities. Amount . Number .. Liabilities Revenue car loadings: All commodities......... Grain and grain products. Coal and coke.. . Forest products. Miscellaneous products. h. sevesenny 23407 - 587 . $313,281,775 Commercial failures (R. C. Dun & Co. repm'lts»3 :s 1 $40,601,435 ‘Week of Dec. 22, 1928. Previous week. Year ago. | 897,81 816 15th St. N.W. SEIBERLING ALL’-TREADS LEHMAN’S TIRE SHOP 12th &K NW., Jizin 184 Last We;:. | High. w. | 22391 220,61 | This Week, Last Week. 90.07 89.92 . 105.43 105.25 This Week. Last Week. Year Ago. 61.9 61.6 67.2 Hig Money Available for FIRST DEED OF 3,751,030 3,454,444 | TRUST LOANS 108,800 83270 || On Completed Properties and | for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. LOANS Let us have your applications | Last week. | to 12 ‘This week. .6 tol2 o . to 1% 1% Month of Month of Month of Nov., 1923, Oct., 1928. Nov., 1927. 585 587 | $293,006,606 $268,373,574 2,023 1,864 | $34,900.474 $36,146,573 | . 63 964,086 829,710 51,722 45,013 209,468 186,640 61,802 53,116 | 347,042 276941 10,377 8,171 | 31,691 23,876 43,085 202,448 58,343 315,127 10,946 26,371 STOCKS IRREGULAR AFTER EARLY GAIN Market Sells Off Sharply Toward Close, Due to Profit-Taking. By the Associated Pr NEW YORK, January 5.—The stock market displayed a complete reversal of form today, selling off sharply after a spirited opening rally. There was noth- ing in the day's news to explain the selling movement, which was generally described as a natural correction of a topheavy speculative position. Early gains of 3 to 15 points were cut down, or wiped out, and a number of issues sank 1 to 5 points below yesterday's final quotations. Preliminary estimates of the United States Steel monthly tonnage statement to be issued next Thursday indicate a in of between 75,000 and 100,000 tons g December. Announcement of a five for one stock 5Y‘llt by A. G. Spalding & Brothers was the only important busi- ness development of the morning. After an opening bulge in each stock, Radio and Victor Talking Machine broke sharply on the traditional “selling on the good news,” following the announce- ment of merger terms. opened 15 ints higher at 410 and then slumped E? 384, Victor Talking Machine con- verted an early il\n of 3% points into & loss of 4. Wright Aeronautical dropped from 273 to 265 and Curtiss from 153 to_149. Fears of an early increase in Federal Reserve rates were stressed in several of the week end market letters. Con- srvative bankers were of the opinion that a higher rate would be necessary unless there was a marked reduction in speculative activity in the securities market, and it was thought in some quarters that a rise in the Bank of Englnnd rate would precede any change ere. Motor stocks were under pressure on the theory that recent price-cutting foreshadowed keener competition among the leading manufacturers this year. and a reduction in unit, profit. Coppers also fell back sharply on liquidation by pools which had marked up several of these issues to new high records on the strength of the recent advances in the price of the red metal, ‘The closing was irregular. . Platinum Brooches in Paris. Platinum brooches with diamonds of varied sizes sunk into the surface of the metal are in fashion in Paris for those who can afford them. The effect is unusual, and diamonds set in this way wre much more attractive than when arranged in graduated sizes, the wearers declare. Diamonds combined with rock crystal are used for a single plece of jewelry, so that the brilliance of the gem may be enhanced by the comparison. —_— Ram fighting and buffalo fighting is extensively practiced in some parts of India. The shock of two rams meeting in tull charge is terrific and there is small doubt that the idea of the ancient battering ram was derived from wit- nessing these combats. New York Stock and Bond Averages. SATURDAY, JANUARY 5. STOCKS. 2,839,680 sh: ustrials averaged 209.8; net loss, High, ‘1528, 207.7; low, 140.0. Twenty raliroads averaged 134,9; net loss, 3.1. High, 1025, 133.3; low, 117.0, BOND! Total bond sal - Tatal ! sales (b Tue), $5, Ten first-grade ralls averaged 93.18; loss. .05. net . ndary ralls averaged 96.10; 96.93; no ehange. month ago, “LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. NW. Money to Loan Secured by first deed of trust Prevailing interest and Joseph I Weller 5ii;" VIRGINIA FIRMS GAIN IN NUMBERS DURING 1928 By the Associated Press. RICHMOND, Va., January 5.—Char- ters to domestic corporations in Virginia last year numbered 1,226, as compared to 1,109 for 1927, an increase of 117, according to figures compiled by R. T. Wilson, clerk of the State Corporation Commission. Foreign corporations en- tering the State increased from 182 in 1927 to 205 in 1928. A decrease of $5539.50 occurred in the charter fees received by the State, the amount in 1928 being $39,856.30, as compared to $45,395.80 the preceding year, Entrance fees paid by foreign corporations increased from $79,027.60 in 1927 to $92,115.60 in 1928, Amendments for domestic corpora- tions decreased from 315 in 1927 to 310 in 1928. There were 3 revivals issued in 1927 to 8 in 1928 and 10 mergers in 1927 to 8 in 1928, CURB MARKET STRONG. Prices Hold Up Well Profit-Taking. By the Associated Press. NEW YORK, January 5.—The Curb Market, encountered considerable week end profit taking today, which caused some unevenness, but the undertone was strong, as many pivotal issues were well bo"\fi‘ht. e new Radio Corporation shares, resulting from the proposed five-for-one split-up, were admitted to trading on a When-issued basis. The first transac- tion was 40,000 shares at 84%, after which the price eased fractionally. nn% nsl;’x;:g:l"‘ !Zf! mlnas, motors, utilities made good progress. Ford of Canada shot up to a n‘l:‘fim at 800, and Hahn Department Stores issues broke into new high ground. Ford of England got up to 20, ; Electric Bond & Share was again a strong feature of the utilities, while }Jnm:ig ?nali clsml;‘rovemertlt turned heavy. ewmont, an%u rg_urandn improved. b SR ize was a soft spot, dropping 9 g:{:’ks. and a number of the ofig r\;sere _— T WILL SELL $1.000 Arlington Apt. 3o, 4 A4 it P 2 e 15 Units o¥ardman’ Mortgsce & oun 500 Miller Train Co 12 International Bank 12 st R s In Nearby Virginia Prudential 51/2% lnuun::: -Co Loans Commonwealth Investment Co. 917 15th Loans to Salaried People “Character Plus Earning Ability Our Basis of Credit” ERATOVRY M ENFR WASHINGTON WIMSETT COMPANY 903 N. Y. Ave., 2nd Floor. Despite OPPORTUNITY —to purchase an interest in an unusually promising local enter- prise is offered one or a few in- dividuals in order to take care of necessary expansion. Every in- dication points to quick and large returns. Will stand the strictest investigation. Address Box 85-S, Star Office First Mortgage Washiaz % "0, Construction Loan 65, Nat. Tasarance Comew, 4 Units Roosevel 12 Qur Home e T at. Press Bidg, Froduets tait 10 Vasco % THOMAS 1 LUME: 270 MzGs. Main 1346 |l Glover & Flather Overa Thira I'L”'“fll'“' 1508 H St. N.W. of a Century’s - Experience " gf Main 1753 Applications Invited at | Money for First Mortgages Tell us your loan re- quirements for con- struction or refinanc- ing and we will give you an answer without delay. The only time re- quired is to properly consider the proposi- tion. No limit to the amount of money available at once. erest B. F. SAUL CO. 925 15th St.—M. 2100 Tenant Changes —in properties we manage —because we look to their eomfort and in doing so render the owner profitable service, Put your apartment house under our management and get a maximum of income from it, B. F. SAUL: €CO: Main 2100 925 15th St. | a Demand deposits. . . FINKNCIAD: s 9 Reserve District No. 5. REPORT OF CONDITION Of the Merchants’ Bank & Trust Co. Of Washington, in the District of Columbia, at the close of business on December 31, 1928. RESOURCES. . $8,162,279.07 2,913.04 1,104,032.32 190,000.00 39,688.80 1,449,430.52 1,859.74 124,486.38 . Loans and discounts .. . Overdrafts .. . Other bonds, stocks and securities owned . . Banking house, $140,000; furniture and fixtures, $50,000 . Real estate owned other than banking house . . Cash and due from banks . . Qutside checks and other cash items . Other assets ... ceeessesssiesaaness..$11,074,689.87 .. $1,000,000.00 250,000.00 40,271.42 11,688.83 560.765.53 5,088,878.90 3.549,145.03 500,000. . Capital stock paid in . Surplus . Undivided profits—net . .. 18. Reserves for dividends, contingencies, etc. . . Due to banks, including certified and cashiers’ checks outstandin; I, HARRY J. DONOGHUE, treasurer of the above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. HARRY J. DONOGHUE, Treasurer. Subscribed and sworn to before me this 5th day of January, 1929. (Seal.) CHARLES J. CRUMP, Notary Public. Correct—Attest: PETER A. DRURY, R. E. BOLLING, FRANK P. HARMAN, Jv., FRANK E. GHISELLI, Directors, CLARK,CHILDS &% COMPANY 120 Broadway New York, N. Y. WASHINGTON OFFICE 1508 H STREET NORTHWEST NEW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGE BOSTON STOCK EXCHANGE CHICAGO BOARD OF TRADE CHICAGO STOCK BXCHANGE 5020 Telephone Metropolitan 5021 JAMES SLOAN, Jr., Manager Chrysler Tells How He Did It to B. C. FORBES No other man has come so swiftly, so darzlingly, so im- pressively to the front of American Industry in the last three years. In the eyes of the public, Walter P. Chrysler has been a miracle worker. Sixteen years after his salary was $6,000 it was over $1,000,000. How did this man rise from a locomotive round-house lad to third place in the motor industry? Mer. Chrysler’s experiences with Buick—Willys Overland ~General Motors and how the Fisher Brothers came into General Motors—Maxwell and how the present Chrysler came to be—the plans of Chrysler Motor—and what Mr. Chrysler sees ahead in the motor industry—these all form a vital fund of information useful to every man in the industry and to every investor in motor securities. Tells How He Did It” is B. C. Forbes at his best. Miracle America By BENJAMIN A. JAVITS in collaboration with Chas. W. Wood This is a first of a number of challenging articles which will interpret the New Economic Order and the new atti- tude toward business which must follow, if American pros- perity is to lead not only to a better living but to a larger life as well. Weritten by the authors of the Co-ordination in Industry articles, which has led to an industrial confer- ence to be held in Washington in March. JOHN MOODY Sees Industrial Boom The President of Moody’s Investors Service sees America after credit deflation. Not very far ahead there impends the most impressive business boom this country has ever experienced—if. Read what Mr. Moody says! ALSO— STOCK MARKET OUTLOOK WALL STREET POINTE FORBES’ QUIDE TO INVESTORS FORBES BUSINESS MAP FORBES TIME SAVING NEWS and many other important business and financial articles. In the January 1st Issue of FORBES The Megatine for Busy Business Men 1st and 15th of each month Member A. B. C, 25C ewsstanos Per Copy or $1.00 for 8 ISSUES—If You Use Coupon Below = o o o e o o = FHll [, Toar Off, and Maile o o e FORBES MAGAZINE, 120 Fifth Avenue, New York, N. Y, Enclesed find §1 (bill oe check). Send me the next § isanes of Forbes Magusine, commencing with the Janusry 1st issue. (Regular prics $2.00.) NAME .. .oootreaneensrassestosarsananasses tecseciveona ADDRESS ., 1 iuuceararsrasntsorssssiancasiacecscessaressessssesone L. 1-8-20