Evening Star Newspaper, January 8, 1929, Page 11

FINANCIAL. THE EVENING STAR, WASHINGTON, D. €. TUESDAY, JANUARY 9. - FINANCIATL > - CONVERTIBLE BOND MBONDS@§ e MARKE i IN%%%%%%I\;SIISTASII{I\(I)GDUCTIONkf“-"d:mosil"g'?":m;""‘sz’"“‘?‘:g‘?‘l:’ si,fl°fi§¥t§2§es_> Received by Private Wire Direst to The Star Office with public interest since our national heritage of petroleum. UNITED STATES. High. Low. Ciose | i | Public Interest. (Sales are (0 $:.000.) Pathe Exchange T 8074 80!z RO BY W. S. FARISH each barrel of crude has been converted 1 . Lot People s Gas 53 104% 1043 1043 4 sl = tear| large or small as it may be, is our| ’ ? B‘ SHUW G e s o e 99 99 | | S8 (President, Humble Ol & Refining Co.) 'l:“"’ gasoline. Altogether the whole year | cyoqpast source of such essential prod- | No matter which it fs— Lib3%s.... 9926 9925 9925 | PhilaCo5s 67w 99% Been a constructive period, during a loan to build a privat . 2 1 5 il e s 5 2 | f & private Lib1st4%s 1007 1005 1005 | Phila&ReadC&I 5s. 90% 0% 9 Associated Press. Which aur proptems have been clearly | UCtS s gasoline and lubricants. HOuse; it AyAFEIEnE Botae LA We00 Saioe S0 6 B ek BRL : Hig i | BY KENNETH S. VAN STRUM. HOUSTON, Tex, January 8.—For|yisualized and their possible solution | tf auru;’\ul»angebflrr?;dozcfié?re;rffi:(rs'?r‘u‘1 S ers Mty ™ 3 3 - “or Ric 4 - 101 100% 100% E ' rica 28 | Rallying Tendency Follows| [j53%s4:- S e sk « ‘o4 80| NEW YORK, January 88— Last mc]};.'mfi neubot il By I?hm‘“.“,";f:‘,’,’fé”g,,g will be what the indus. | COmPetition with coal, t cannot con- e e At 2 a8 E I 981y | < . onth, | goy s i 2 s i y v us te | = US3ys... 10310 1031 1032 | Pressd Steel Car 981 for the first time in almost a m development of a potential current sup- | o AT P D B Bt eide oil 1 | tinue indefinitely to supply us adequate | any amount is available. iod: i US4s1944. 10610 106 106 | PublicService 4%s. 181 182 the market touched the. high levels | b1y oF orude oll” aactly. I excess of | try makes I G Periods of Recovery in US4yss2 i Punta Alegre 7s.... 8734 ¥74 | which it tried unsuccessfully to break | Bl Toiiee (OF Mastd e or |permitted to come to the surface than | IER UG PO BASE NC e hada live i e ; | ree W scember. | A1y possible current demand ¥ | is required to meet the current demand | P pub 3 Stock Market, Rem Rnd 5%s war. 9 941 943 | through for mu;:v weeks in ic?ay:;‘lr\;!qg success of the initial step of | fr g ential_products, the year will be interest in the conservation of oil and Your application will be . FOREIGN. Sinclalr Ol 6. ..vs. 99 98y 98y | And although the news aboul | the “industry as a whole toward real | 108 CS8ERURl, BOdut e Profits to| the control of productzon. given immediate attention balanced between the favorable and un- | o oo oot & o . With : { favorable, the. market after (rying for |COrrhedtion of s raw material {OT|{ne entire industry and by "gasoline R S ¢ Cl . % 100 100% alLCrutets 7.0 | two days to absorb the liquidation, E - 5 prices satisfactory to the public at large BY CHARLES F. SPEARE. Argenine¢aJuRd. 1001 100 1004 [Smelalr CrudeSiss. 97 90 9T ORI Bh Sharp reactions, one.at | giTe 1o Year Wil be prospereys, 18| ™ on the other hand. ratlure to control | Real Estate Loans Low Rate of Interest 8 bchil BRIl LOTINS Aar. Argentine 6s Oct 59 Skelly Ol . Friday's opening and the other at the | jngustry in conserving and restraining |Production during 1929 means inevitably [} e can assist vou in refinancing ma- SN S shoninhie NEW YORK. January 8.—Convert-|Argentine5is62.. 96 95% | S0 Por Rico Soki L5 105 close of the week. production; a flood of crude oil, demoralized prices. ||l urine " maftenges *and” it placing new ible bonds, which at yesterday's low | Argentine 63 A TS0 00 TO0K | St by e, - bk AT For the first time in its history, the |8 profilless vear for the mdustry and ||| lmny “promst replies g0 ricel prices were off 7 to 12 points from the | Argentine 6s B. 1004 100% 100% | Stand O11 N J 5s 46. 10275 102 Stocks are meeting resistance to the | industry deliberately refused last ar | both economic and actual waste of pe- 3 1 high level of the previous week, showed | Australia 4148 56 88 B3 83 |SugarEstOriente7s. 98 97 98 |, oot AR TOREHCE Prices ) to produce and sell each day every troleum. - i THOS. E. JARRELL CO. a moderate rallying tendency today |Australia 551955 962 96% | TennklecPow 6 4 00 T0B | merd ot duwoward,|bestel of cil #f could posaibly Wemg| 10 Bt peuductin SEC S8 SObiRL Realtors g 925 15th St.—M. 2100 during the periods of recovery in stocks. | Australia 58 1957 96% 96% ‘9B | Trenssonti ol 8%y L {are moving upward of down¥erd|i,Fthe ‘surface. serve petroleum for essential uses is in | [| 521 10th Street N.W. Main 766 y s 2 ing the | Austri 021 102! . Cyentually, YLey. il e sane ' line with the long-standing plea of all They have been less active during the | Austria 7s. 10215 1 GlEs Sol oy | ccutanlly tBe ol . - g 5853.. 96 97 |which they try several times to brea Detrolcuins Tvkervex downward trend than when markets for [ Bank of Chile 8145. 97% 97% 97%|US Bubistitbe... 90% 90 90 |ihrough. If they : g them were buoyant Bank of Chile 6%s. 100% 99% 100% | 'S Rub 7155, o150 | o b otes v _ Today, also for the first time in The first prices in this group were | Belgium 6s 5 100% 100 100 | () S Steel s f 5s. 107% 107'% | they fail to overcome the opposition a |1 story, the industry can point én generally lower, with Anaconda Copper | Belgium 6%1...... 106 105% 106 1 1itah Pow & Lt 5s. . 100% 1004 100's | change in trend occurs. Sometimes the known reserves of petroleum in the 3 points, Barnsdall 6s 2, J. Kay- | Belgium 7s 1955, 108 1074 1077 | Utilities Powr 513s. 93% 93% 2| force of a move is so great t it takes | ground, de\l'lnpr“(l‘ but not being p'l‘o}»] 5. a point, and International | Belgium 7s 1956. TR L i W i davs, weeks, or even montns to deter- | duced, in quantity commensurate with Sement 5s about the same. Interna- |Belgium 73s 1151 135% 115k | WarmerBug Ts 39 s e \hether. the buying o selling | the Nation's ‘anticipated requiremen tional Telephone 4',s moved within a |Belgium 8s 10915 109t 1091 | (LETRER SRS e | force 1s the stronger. Often, however, !over a period of years. narrow price range although trans- D% 191 98 ] IALTIE SR i b | when the change comes it i abrupt | In past years oil constantly has beex: tions in them were relatively large, 103 102% 103 | \weorn Union 614s. . 1100 that one must be prepared in advance. | produced and forced on to the marke! Public Service of New Jersey 41,s | Bordeaux 6s. 9nie G001 90k o SR e PSR Eah e | PResistance pomts for the entire mar- | under fiercely competitive conditions as opened 3 points higher. All showed a | Brazil 61481926, 4 s White Eagle O %8 105 13 | ket cannot be determined by \\'a(rmng‘mp;_dla _slw it \:;l!s h‘;l(marr;l); ::;“. e e Ehtes A ehe iy Brazil 6%s1927... % - odta M|\ GFEONS" o2 1oz 1oz |an individual stock, because each stock | to find it regardless of PEER SIC T0 INVEST In the miscellaneous list of in-|[Brazills 1000 100% 100% | \yy100n & Co 15t 63 102 Y does not Teach exactly the same price , gardless of demand for essential tses. £ /{UV STMON Motors Accepta s, 0 7 212 102 v s he resistance int 2 2 spread _co- . iy ;'g‘,,{f».""’g““f“; ?;fi;‘,‘::',;‘,‘,fl'{'pi;:: Canada 5s1931.. 10013 10015 1001, | YABStN S&T5s w1, 100% 100 100% | Guie'when an average is taken of a large | active assistance of State and Federal ant 6 Coer cent dssaes, U. S, Ribper |Canada §s 195 104 10715 104 group of stocks are these resistance | governments, in restraining and hold- OST shrewd snd 55 and some of the oil bonds. Canada 551929 1004 100 20001 ‘R‘“'-ROAE’- g1 | POIRLS in evidence. |ing production nearly in balance wit i ol o N 3 93 9314 ¢ Ccons| . The high-grade bond murket was | GiL2 82.e) b % S |AtmnteClusés. o o o Selling Pressure. ORARCCE result of these efforts con- By o e owiEas) 10213 102 102 | Atlantic C Licl4s.. 90 90 | At the present time both the rails |ditions within the industry actually im- B ELENL. S& wnd Diion]Cowmbin 201 90% 90% | B & O Gold 4s i and industrials have advanced to the | proved a little as the year advanced, in i ot gl I | 9 99 |B&Ocv4%s. 9 point where they may meet with the |spite of the potential overproduction of Pacific 45 were prominent. A free MAT- | Gopanhcen ba or.. 96% 96%|B & Oref bs Lone 100rs | heavy selling resistance which was in | far larger proportions than the indu: 3 tagesssiavesem, B e e [covesa.. i 102'¢ | B & O G5 2000 D 1007 1007+ | evidence over & ‘month ago. At that|ry ever has faced before. ) p ~EH R?Y. ents. The It i L oo et @ and ain | X B 1097 1097 109 [ B& O 1st 58 et 1044 103s | time when the market approached these | *Gryde and products soid at or below y Vi @ tesponsiple : at 99 and Sold f 1,41 1sh Munic 85 A. 110% 110 110% 1093 | levels the volume of trading incre ccst of production during the first six ’ S ot bankiog houses, give e today at one-half point discount. These . N . . e | SAfe feinio | ; ¢ 8 2 : the .. Y A, et i Denmark 4335 89 K81, 89 927 927 927y | sharply and prices as a whole made N0 | yonths, Jeaving only transportation and 8D | income yield; ¢he inveseo, it Maken ot ol s ey iyt 1045 104's 104% s L 5y doy | progress Einaly. 13 per cent cA% MODSY | aisteibution on a modedt: proftiuies : aip BT alrlc stable iy SiEe Snsi 2 102% 1028 1023 | Bang & Aroos 4s 8 L sell” | gyt as control of supply came e /) 4, ip ase of necessity, and, fipally, Value life insurance companies at & Ume|pygieNovs3,. 103 108 103 | Boston & Maine s. asig 98! ing side and the decline of early Decem- | ro¢ quring the second haif refiners were I PR i ad worry, 7 they relicye when money rates were excessively | p © 85088 No¥ S8, 103% 108% 108% | Brookiyn Elec 635 p ber resulted. able to balance runs against current de- ; of mantfe high. o this fact i due the smll| Duch EastI6s622 103 1035 108% | Brookiyn Elev6s. 0213 ¢ Since then stooks have sualied Xt |mand, and thus secure a Teasonably § goodsin general represnt direce ccline e clos of thel. # ward to their old resis s with | mand, sotine. There fol- ; ; ; Finland 5%s. 91 a0, 91 |Bklyn Mannat6s... 9 g e t | profitable price for gasoline. . coptracts, €0 Pay a fixed syndicate. > iagic B! P, n speed suggestive of extensive shor J ioht, inorease in the price 4 con! ! tate Foceigs, i ol Ghll bl SNsgR. 96 96% 06w |BUTR&Pittaiis.. 928 92% 92% | WU N ther than real buying power, ‘:y”‘“i?“;‘:"a’hssf"e‘t to e s : acpal 1t 2 given date. \se which 1EPIESCOt 2 partnersh High, Low. Close. | Sinclalr Oil 6155, 101 101 . 91 91 91 |Sinclair O1l78.. 2 1 Obligay, ions, of ing Ie, H o crese zugd The Japanese members of this group | J 0013 10014 100 | Can Nat 414 30 99 9 which is nceded to force the market |0 : were heavy. as were some of the !k K 106 104% 106 | Can Nat 4158 54 6 95 | through present levels. | control of supply. f i e < A Constructive Period. S o the busiess after the interese on Italians. Elsewhere there was not 1074 107 107 |Can Nat4%s57.... g cnough trading to develop & positive | = 118 - 11244 1124 | Can Nor 415 1935.. 9% S U tts to o ’ : ko g to develop & Posttive| G orman k1 B 6350, 93% 93 93 |Canad North 6%s.. 54 115 While the market today is on a| Important pmgrv:zvn%:dggc;{me e y imdilir's TGRS 3t prior to the tights of et ;I}- % 106'% 106 106 |Canad North 7s. E much_higher level than ever bernn-:"mt‘g;er:{‘:fl;‘n g“;;“;”m Likewise, re- d & e of failare 10 pay cither pring; .‘o’o m Bank 7s 98% 984 98% |Canad Pac deb 4s. ; and hence fluctuates over & wider | cost of FOUaiCRE TECC oy f o che skoldns may be levied oo :n, Poa by coy, Ger Gen Elec 7s. 108% 103% 103%% | Can Pac 4%s 46 R 9815 range, it is not unusual for stocks to - P LOST GOODS STAY LOST. |uiies. 100% 100% 10014 [ Central Pacific 4 90% Suffer a sharp reaction and then rush | A larger proportion of _g;l‘rmgflcsr‘;lg(‘f 1o utisly the bodbolders’ claims TEmmess Hungary 7% . 100 100 100 |CentPac 1st5s90 25 102 21 | suddenly back to the old high. The | has been sccmedflbyt]; S Backion of Only One-Fifth of Articles Re-|Irish Free State 5i 95% 95% Central of Ga 6s 100 chart shows that this occurred on a |ing processes, and a larg 3 d to Paris Poli laly 7s.... 9T 9TH (C:eszhcgrpssw o 99% 99 turned to Paris Police. ltalian Pub 8 78 9% 95 9514 |Ches cv4lg 99 9 Th ari i 5 5% | Ches & O gn 4} . 98% ere ate vatious kinds o, PARIS (#).—Only one person in five | Japanese ¢s 8% 924 99% | i BaQ gen 48 53, % ¢ DISTILLERY MERGER. e securities) come f bonds Firse, of who finds a_lost article in Paris returns 102 101% 101% | Chi B & Q 1t rf 58, ! NEW YORK, January 8 (#).—A mer- Fes imabiond S ) 17 ) Of ra it to the police. . 99% 994 994 | Chi&K I gn 68 51.. : There are more than 2,000 “lost” Te- 901 901 90k |Chi Gt West 4559, ‘ ger of several Can ports at the police headquaiters every B4t St 9 | CMESIP ret 4% nid. a5 ¢ | Hiram Walker-Gooderham & Worts, s i of he year, but only a of the 4 93% 3 ChiMIISP&Pacis75. 9 9 Toronto, giving the latter con- ive advan is 7 about 160,000 a year, are 1011 101% 101t | CMSP&Pacadsss0: ™ % 17 L. oL T, e oly. Injapirit and the yeiative | tages a“d.d,‘“d‘a“’ “found. 974 96 967 | Chi& NW gen ds. 9 o ctial alcohol manufacture in Can- tages of buying foreign securities— The list of things lost grows each year v 8 100% 100's 100% | Cht NW 4%s 2037 96% 96% 96 a was reported today in Wall Street. and so does their value. Pearl neck- 102% 1024 102% | Chi & NW ref 5s. 2 106 6 American financial interests who recent- why real estate bonds return a higher laces really are lost and sometimes are 1027 1024 1024 | Chi & NW 633s. 3 110% INDUSTRIALS Amerlcn ot s substantial interest in : i zeturned. ot counting those habitually 103 10274 10 W is 20 102 e erham. were said to be spon= yield than most other securities of Jeft in odd places by pretty actresses, 9T 97H « [Chi Rys 58....... 21g 82 roject. : -_— The bulk of articles, "however, are | Paris-Ly-Med 6. 9% 99% 99 |Chi RI& P gn ia. B 88 OE e D e Mackay, English banker, equal safety Pocketbooks, umbrellas and modest | Paris-Ly-Med 7 o ChiR1&Prf4s 935 ¢ s vith 2 ; Jewelry. ParisOtlsscisie;. | ook ook b lCR tracwsaw 3 5 o recently conferred ““2»2"?533? e what collateral trust bond issues are? S Sk Peru 65 67 w 1 9% 89% gon |Chl TH&SE b ests regarding & PrOROeECicred Distll . : % 8915 s9is | Chi T H inc 6s 60 9 9 Walker Co., with Consoiidated Distil- Horse Knew His Traffic. 89% 891 89 . s . : lers, Ltd. and Brewers & Distillers, 5 . 101t 101% 101% |Chi Un Sta 43 | Canad: ou 11 ind he d 1 SAMBRIDGE, Mass. (P)—A driver- | Poland éa 83 8ll3 811 |Chi Union Stas ‘102 102 L w1 nd your answer to these and many less horse hauling a milk wagon wan- 'oland 7s (rects) 8813 88 88 Chi Union Sta 6%s, 5 3 5 & ke i . . - - Gered into the churning trafic of Har. | Poland § o o os|chiawinacnis.. e 8 in the event of the consolidation. other questions in a clear, easily readable guide g 984 9 s vard Square. Ted O'Hearn, traffic of- 105% 105% 105% [C& W15%%s62.... 104 | C [ > * gcrr. Méw his whistle '{',’,d ut up his g"flem- s | Saubac 105 5 ool | ECCE SELToen = 100t | This Dog Knows French. entitled “How to Invest Money’ . This booklet and. O'Hearn swears the horse stop- | Queensiand 7s . 10 oCCy L 4%s 7% 97 | . e from foree-of habit RhineWst BB 6563 92 925 9us | o0 SO 4%S. e v o7 LIEW ORLEANS (61 Vel o e takesonlyhalfan hour toread.If youare serious- _—— RhineWst EP 6s'53 96 95% 954 | Supa RR 71 95 § e Y e 3 - “Here" . . 0 . f thineW st EP 7s' ot T 7345 37 107 orders spoken in French. “Here" o Washington Stock Exchange|ShaswsiEeisse bhu 1bhi soiid |G R T2 Ts 108" 108 RO i e it e ly interested, it will be sent you without charge. SALES. Rio de Jan 85 1945 106 105% 106 |Del& Hud 1strf4s. 92 ; o RAILROADS R o L BOOKLET 584-G 0 Gr Do Sul 106 106 106 |Den & Rio G cn 48, - White for VARIOUS KINDs o Bonps booklet 584-G adian distillers with Chestaut Farms Dairy 615—4100 at | Rome 66s..... 91% 91 914 DRG&Wstss'8. 93 9l 9 SHORT-TERM SECURITIES. : A 20 Paulo 8 1936.. 107 106% 107 |DRio G Went5 ;s 5 B S 106 105% 106 | Det United 435 k Allis-Chalmers Co. §s 1937 s TRAUS & O 4 9! o is-Chalmers Co. 5s .. Barber & Ross 6155—8$500 at 94. Seine 78 42.. e U I Gy Amer o3, 1852 o ° /3 : 3 R RN R T Capital Traction Co.—10 at 10614 Serbs Cr Siay 3% "Hox 81 1033 Potomac Electric 6% pfd—'5 at 112._ |Serbs Crot Slo 95% 95 95 |[ErieconvisB Baiavian Ket Coth fateise s 1in 1 National Bank of Washington—3 at 312. | Shinyetsu 6143 52 91 90% 91 [Erlecvt5s67wi. 5 Calii & Sorp. 51% 2 2 103 National Sav. & Trust Co.—10 at 318, | Soissons 6s... 988 9814 954 | Ila East C 58 T4 7 ; Gahiorein e Ry 123 1050 5t i 929 FIFTEENT}? PS/.T' P‘I"W'}‘JYASHINGTON Ci elephone Main 10 at 517, 10 at 517. Sweden 5% 104% 104% 104% | Grand Trunk 7s. ; 5 i e vy, ‘472 1556 Mergenthaler Linotype—4 at 1033, 10 |Sweden 6 1024% ! Grt Nor 6 i < 4 5 - ¥ at 103%. Swiss 5% 1946.. 103w 1028 10808 | Great North tyea. 96t |oes | somewhat smaller scale in September, | CBICTES, ROCS 1IN, s "l0is" ESTABLISHED IN 1882 National Mtge. & Inv. pfd.—200 at 5%. | Swiss Conted 110 110 110 |Great Nor gen 7 2 1927, January and February, 1928, and | columbia Gas & Elec,, 9 Barber & Ross com.—5 at 20, Toho El Pow 7 9% 99 99 again in May and June, 1928, And (’;:;d(nhypl"x\;‘kll\sxo“}r:“ Slas 1987 = % 99 99% )| Hav El Ry 53%s51.. 391 | each time the real test came when | Edison T ep. Corp. s 1937 AFTER CALL. TOKIO 5%, +ovvoes M TN TN rices returned to their old highs for | Genaral Pet. Carp, 5% oy , | Tokio 5%s1961. 904 89% 904 # o g ghs 5 Washington Gas 6s A—$100 at 1023, the second or third time. Last week Washington Gas 65 B—$100 at 1051,. |Utd Kingm 5%s29.. 118% 1184 118% | 11l Cent ref 4. 91 |two sharp reactions occurred after the e Potomac Electric cons. 55—8$2,000 at|Utd Kingm 5%s37. 104' 104 1044 11l Cent 45 53, market first touched the old resistance | Humble Oil 5'2s 1932 10 10134, Yokohama 6swi... 964 95% 96% | Ll Cent 4% 66. 99% | points of late November. If it re- | Michigan Cent' Ruwy. 4 193] Washington Mkt. Cold Storage 5s— 111 Cent Chi 4% 9 5 s | peatedly refuses to break through the | Qc%on Short Line 45,1329 - $40,000 at 9674 MISCELLANEOUS. [11-C-C-StL&NO 3 3 old highs, experienced traders consider | Sheil Union Oil Co. 55 194 Barber & Ross, com.—20 at 20. Abram&Straus 5% 114% 114% 1141 | Int Rapid Tran 5s q this & warning to lighten their loads. | Sinclalr Crude Oil Stus 1038.. 92, Calr:_‘l;al Traction Co.—10 at 108, 9 at :mghnlln GS:?; gg 974 98 Do January Markets Rise? i‘tundnr}d QN Sm.i’gy' 5 1043 130 3 m Cotton 8.0 . " 5 r ¢ S0. 9 3 Barber & Ross 61525—8$2,000 at 941, Am NatGas 6% 8'42 96 32 32 Int & G Nor 1st 6s 3 3 3 Since many are flfncctmg blenshfl' Switi & Co, bs B SK?: Potomac Electric Cons. 55—$1,000 at|AnSmit& R1stss. 101 100% 100% | Int&GtNor adj 65 52 stock prices during January because | (Ra%, DlelCe;, Vs s 1944:0 10214 5. £y of the combination of easier money 5 46, 104712 10134, $1,000 at 101%. Am Sugar Ref 104% 104 10413 | Int Ry CA 6%srct. % 96 Pates and investment demand created | Wheshng Stecl Corpe 8! 0 Bid and Asked Prices. 29% D9l 99% |KanCity FtS s 4| by a billion and a half dollars of div 8 3 BONDS. i T t | iend payments this quarter, it is of in- | REPORT OF CONDITION UTILI] 107 106 1081 | terest to eaxmine previous January ko PUBLIC UTILITY. <9 1313 lgg“: Iltl:lC:ll("x;erm‘« stock markets. Since both easier Northeast bavmgs el o f ehigh Valcn 4s... ‘ ividend. payments e e o e c:r:7 | Anaconda 1at €. 1084 108K 105% | Lehighval con 435 N a1 Bank Armourh.ccovt%l; 2 91 ]9 o o would be expected, if this reasoning| or washington, District of Columbia, at res i bl el e ST T IS true, that rising stock prices could | the close of business. December 31, 1935, 14 913 |1, %5 2003. .. W 987 983 ay. SOURD 1024 102% 1024 | Louis & Nash 55 B. 108 "Bf,’;";g“:‘n,fi‘;g; et 16 RESOURCES. Avcursss... KO ule..,mu‘ Nash7s.. 101% uary stock markets since 1914 shows | 3 é?-:,"a‘;.‘ng ".:s.‘f’.'f'gf_" = 092108 80 ) (49 b 04 (44 by ook L 7% 67 ey |that during only two Januarys did) i o e 18991 | e e Ore an er 6. 451929 INVESTMENT BONDS ’ INCORPORATED y, 1922, stocks | & o Bell Tel Pata B .. stocks rise. In January, 1922, s other bonds. stocks and o000l Minn & StL ref 4s.. were just recovering from the severe securities owned o | of the Investment You Make Bell Tel Pa 53 C . i house.'$160.000; h StP&SSM5 . 1921 deflation and carried their rise 0 Beth Steel rf 53.. 102% 102% 102% fl%&“;%‘é’;{:fl::fl e euen Jenusy, and i Jan- Trniture "“ana Mxtures, Beth Steel 5348 63.. 103% 103% 103% | 1 ¢ & m ady bs, oih | Uary, 1924, the industrials rose moder-| o cash and' 130808 63 o sy NoE o o s A 3% | Wtely, while the rails did very little. (14" Other assets 11 Eklyn Edison 58 104% 104% 104% | A K &Tprinss A 101 sions the market ; MK&T43B....., 6 On_ two other occasions the ma Total .. T X 4 L MISCELTANEOUS e I AL 10 g pacseAYs. 4 101% 101% | both rose and fell sharply during the = NDERWRITING an the companies whose securities s I i R ) Certain-Tds%srcts 82 814 814 yo pacific gen 4 LG 101K 201K | B0 e two. times it moved Hitls n] . ol o DTABITEES. ool o - L Cham-vanbIt Hote) 8ios. 11 o] e 95 9% 95 Mo LacbsF17..... 3 « oot | either divection, and 8 times it declined. | i St *'° i SRR | offering and distributing they have purchased. mee ol Gas&El debu.. Dot 195 | MoPacifosaG7s. sew gwa 9w | According to recent experience; TR | b Doty Beitding i | the securities among in- G; i i e ConConl M lstbs. 704 70w 704 | oD% Ohlo4%s11. P Tl e A e BT g Gillet & Company recognizes this - o B e cal an 5 act, s outstal o . ,361.9 A . . S A > sl g s | s s % 93| marked tendency for stocks to Teact|3. pemand dcposis L. peted vestors is only a midway point in qyal responsibility to investors, Cuba Cane 8s.... 7 Tew 7 [NYCemLScl it 81y |10 JANUAKY: o iant. 1920 A s the procedure of a dependable in- apd the growth of the house is Denver Gas bs 100% 100% 100% | N Y Cent deb 4s. i 6% 96% oo G W birlimans . £ . DotroltEdisonsaid.. 10t 104 104 |N X Cent r 1 55 5 10T%| pomano MARKET STEADY. srasesseneees $LATET0A | vestment banking house. attributable in no small measure troit 107y 07 - 4 2 106's Vi , Disf 2 2 2 s Dodge 8.vsereerss 103% 103 10308 NYChIEStL 5% {106%| crIcAGO, sanuary 8 (P).—(United | "RURECR: ROGTLE SHBRIAR or e Ahead of a publicfoffering go to our sincere effort to fulfill our Donner Steel 7s 100 99 100 C& StL6SA.. 102 s Department of Agriculture).— | above.named bank, do solemnly swes - i 2 sl g Duguene 43§ 100 Sory o |Now Haven DiGs 8L i 7in s ?-t—,:;‘;;es:g,eceipts,‘ 81 cars: on nz‘r:‘clt.';fl’; ;.‘::;.",,;:':".",‘.f,"'\,,‘,:(;éfo“;w“ il el months of painstaking study, in- responsibility by providing safe : o TNVt - 9w 0k g NENHEU b : L T | 08 CarE: ol e CraciSE O BOCOUNL | ¢ s e sworn b KeroE e s quiry and analysis of business, investments and continuous, de- NATIONAL BANK. Gen Mot Ac Cor 63.. 103% 103 1031 | Ny Hiaes ireas 91K 90% 914 | oy weather: market steady; Wisconsin | 7 'day of January, 1920 | property, management and earn- pendable statistical service. ;i Goodrich 6% 203141107 M0TIEN N S D Ao 104! | Saoked round whites, few sales, 90a1.00; |~ (Seal) . paToLiprE, I : Goodyear 53 r 93y, 93 93 DL Watan. , He car, 105; I",‘}“&’:fi‘é‘{,‘ifi"jfi:‘:fi’fifi1 My commisslon expires July Bt | ings to determine —_— Humble Oil 55 100% 100% 100% | » i 4 “11.65; fancy, shade B o = v \ s L \ Humble O & R5%s. 101% 10155 100%5 | N ¥ Wi B 15t ‘ toms, 1.4081.45. 1 YR ml;::om | theinherent sound ) We have ready Illinois Bell 1st65.. 104 103% 103% | Nor & § K pm—_— — WM. H. ERNEST. 1\ i THlinoleBteel 43m. - 99 081 98% | Nortelk oW sate.. 2% 92 g2 TREASURY CERTIFICATES. s R irestor, Ll of the fina{xc- \ now fordistribu- Indiana Steel 55.... 104% 104% 104% | Nor Pac 3s 2047 REFORT OF CONDITION ingand toestablish tion a“January e 1 Bank of ‘Washington, Inlind Stl4%s'78. 92% 923 92% | Northern Pacific 4. 9 SReported by J. & W. Sellgman Contmental THUst. ssoveeeooor 138 Int Mer Marine 100 101 |Ore Wash 1st 4s.... 2 i 00 possible the safety Guide,” which Prehants h s p 192 2 orp. uide whnic erchan b Int Paper 55 47 984 954 95 |ponii cen gnke 1 99 22-33 °99 ! " of the securities ? National Eavt 3 : ¢ - 3 2 v . in tae DI bin, | o e Uyt A | e er %y, o% o1 o |PennaRR4xs‘es. 9 g far. i griogs o1k G ahinetof s on December 31, 1028 suggests sound 8AV: ANK. Int Tel&Tel 4%swi 110% 109% 109% | Lennsylos64.. 3% 314 | 3178 &l : 7 9716 RESOURCE! Following the ac- investments for Bank of Betiy R KayserJ & Cob%s. 133% 133 1338 | penney) €205 3 s - | 1 zoans and discounts $1,201,228.13 5 & S i |KanClty P& Lss.. 103 1045 103 ;::,'::;::,:fi;',_ ¢ q FOREIGN EXCHANGE d ORI e ik e il tual offering comes your funds and Kan G & E6s52.... 106 106 106 |p, = 2 £ cecurities owned 851,736.01 | . . . . Kelly-Spring 83, 110 a0 fnotESIOUECTRERES . (Quotations furnighed by W B Hibbs & O Furniture s Axtured L ARG the obligation of gives current in- Lackawanna Stl 5 100% 100% 100% v O oat Sy, | 10. Outside . checks and. oti R 7 - Laclede G 5% 62... 104% 104% 104% fi:;:,f;:,:‘,: .;;:',{ London, Yo Pides siety B b e s 966520 'the banker to 'keq’ formation onre Ligget&Myeraiasl, 102% 102% 102% | 1teading J C 45 51, . 2% 9% 93y |LorE T 1390 TOMRD, wvseiss . 32,303,469.09 | investors reliably y \ cent offerings. T.oew's Inc 6s. 114 113% 113% | Rio G West cl 48 ol [ T - s M [ J.08W's 6% W 0 WAr, 100% 100 100% ome, liTa. .. LIABILITIES. larly in- § Lorlllard 5%, veses 8% 8% 861 |StLIM&S gn a3l 5 Gopital stock” BAld n sy and regularly - A copy W’H~ be Lorlliard 8500 8T g6 86| StLIMAS K&G 4. Madnid, pesetn. 11101 Dndivited proiféiiéi 11170 zavy formed throughup- sent you with- Columbis T } . |LoulsvG&EEs52. 103% 1031 1031 |SIL&SFpl4sA.. va 871 8714 | Vienna, ‘schillingliIll (1406 s or dividends, ‘con= s Saae Sioal "Batate | ' 435 | MamatiSug sE7348.. 100 997 9% | StL&SFra%ss. i 8 G2 | Bilapesl U penspL. 1y LT T to-date reports on out obligation. o Call or Write for Booklet WS-1§ Title S a con i “ ¥ 5 %l . L Hath. “cons. T ot <o 27 | Mid-Con 638 40.... 105 105" 106 "[StL&ST prin s : SR ol T catiers Lehecks - Midvale Steel b 997 994 99% | 59 ‘ E 90 |Coperhagen. crown... . 3 i Ll ’ Seab A L ref ¢s. 6 Osfo, crown i 2 2 ; Barber & Ross. Inc., com Bout Pow 6y 25 1085 1004 1086 o FAT adS Ea 1048 . Stocknoim, erown 265 P denosits . Chevy Chase Dairy pfd... 010 Mont Power deb 100% 100% 100t | Sea adj 55 1949, Pills _ payable edis S Chestnut Parms Datry com 223 | Mor's&Co 1st 4%8. 87% 874 87| 8eab A L oon s 514 | = T L e ounts ... T 130001 “hestnut Farms Dairy pfd » SBAIFla6s354. 5 6 o Cor“ha’ & Gravel ptd ... 913 9374 | Nat Dairy 5%¢s. 9614 9:« 96 | SB Al Fla 6535 8. i Tol Tr L&P 53%s30. 100 100 100 teees..$2,343,463.60 f Commer Co. pid’1 103 ewkngiandTel § 106t 106% 10615 | 20 A0 e O 7 Union Pac 1st 4s... 955 944 94% | oot of Columbing a8 ILLE7 o D. C. Pap Y Edison 6%s 115 115 115 9 > " | Union Pac 1st rf 4s. % 90% 90% | 1 JOHN A cashier of the above- = S 1] trict National Se ities pfd. 100%. = " Sou Pacific ref 4s. 2 MA! o - 130 * N 100% 100% 100% | 2 a KRy KK smed bank, do solemnly sw hat the v 120 L L Iot 1o%1Son Paciltitn. 9 - Union Paclfic 45 65. 88% 8K | noined bank do solémnly ‘swear that ‘the BANKERS 1005 | Sou Pac 4% rets Jnion Pac 4% 67.. U8 Ol OKW | {ROAT bellet. L R : ] :‘l,\m 110k 110 {01 Ry gen 4s. - :\,Lm:xflmf - 1045 104% 104k JOHN A. MASSIE BALTIMORE, MD. INVESTMENT BUILDING Nor Ohto Tr & L 63 108 102% 103 [Sou Ry Con 5s. 1084 109y | WERER SIS £ L01% 101% 1014 | , Subseribed and sworn to before me ti Light and Redwood Sts. WASHINGTON, D. C. Nor States Pow 5s. 101% 1004 1013 | Sou Ry 68 G6. . 114% 114% | (G)hagh 24 5s. 100 100 100 Bt of T Y% meiNTYRE, Peoples Drus Stores pfd.... 11" 131 * | Nor States Pow 65 B A, <. 1224 122% | \Yupash 5a 76 B oure 09% 9| o S S Telephone Main 2460 Eectnity Siormee i s mapcasemiss. 1 TexArk FS5%850. 1034 103% 108 | Wabash 5%s 15 10374 103% 103 “CANIER P McLACHLEN, ST e 0% 8 |PacT&T1stss 1020; 10215 Tex & Pac 5sB 1977 101% 1011 101% | West Maryland 4s. . 81 8l R H 3 ? Vi Mech. Mige com 1 PacT&T5s5 . 105% 104% 105% Third Averef 4s 60. 65% 66l 65!z | Western Pacific 09% 09% 99 1‘«0;"{‘}.‘5»’7“’ B BT S «! Pan-Amer Pete 6s.. 105 1041, 104'; Third Avead) 5s... 6315 62% 62w West Shore 48 2361, B3 88 THOMAS R HARNEY. el ** Paramount 651947, 100 100 (100 TolStL&W.4sef. 90% 90% 90% WheeldLErf4l4s. %0 80 Diréctors. 10,531 1. 4479 1497.94 EASTON, MD. Stewart Building - Ral