Evening Star Newspaper, January 23, 1929, Page 11

FIN ANCIAL. THE EVENING ANNUAL REPORT CONTINENTAL TRUST COMPANY Of the District of Columbia. tio 890, for the vear ended. Capital stock authorized...... Capital stock actually paid’in nings for vear ended enses for yvéar ended mount of debts 27 169.560.47 * Wi -ms.u COOPER, President, Leon 8. Oppenheimet, Directors COOPER, presidents M; I ¥ and NOR FISCHER. CHARLES B, BCOTT nd, DAVID Cortinen 1% ear that the the best of our knowledge WADE H. COOPER. President. J. "WINFREE. ‘Secretary. 18C! W. WARDEN. NAT B SCOTT 2nd DAVID A BAER, CHAS A GOLDSMITH. JAMES L. KARRIC! Directors. "”"’AT\ oo Nibstribed before me this 218 G o e \CF“TFU“ E otaty’ Public Total number_of directors o irusiees of this’ company, 17 —_—— n Mortgages Investments JAMES Y. PENNEBAKER Main 5328 1520 K St. N.W. First Mortgage and Construction Lean Applications Invited at 5%% Glover & Flather 1508 H St. N.W. Main 1753 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 THE EQUITABLE SECURITIES COMPANY NG A subsidiary of The Equitable Trust Compeny of New York 917 Fifteenth Street, N. W. WASHINGTON, D. C. There is every reason why you should invest in Guaranty First Mortgages| But_the main_reason OTECTIO! BO' FRINGIFAL RNp INrEREST Guaranty Mortgases are secured by fee-simple Dproperties in Washi and its suburs, and back- ed by our enormous re- sources of over 33,400,000 A 4250 First Mortgage can be purchased monthly pavments of 335, Consider the soundness of this type of investment let we mmk\m Buccess Plan. 6% REALESTATE MORTGAGE & GUARANTY Cum'unmun ‘c..,,.m Resources §3,400.000 . 24 JACKSON PLACE Your years to and the naught if entrusted to hands to_ir Liberty yNational the Caplcity of Trustee The same intelligent care exercise in the investment of our own funds would apply to the investment oi your funds. LIBERTY NATIONAL BANK Fifteenth and Eye Sts. efforts through the alate for wife will go for vou leave is inexperienced vest Ha the Bank act in accu (In]-\ en what to the Comp- iroller of the Currency. as required by Sec- 18, Act of Congress approved October 1. +1.000,000.00 2 NEW HGH MARKS E- 3.007.459.07 Wlxhlnllbh N & “The | BOND PRIGES REACH i |Easier Money Rates Have Further Effect on Trad- ing Activity. BY CHARLES F. SPEARE. | Special Dispatch to The Star. | NEW YORK, January 23.—New high prices for the year were reached today in & number of speculative bond issues. Their activity relieved the monotony of the market for high-grade issues, which has become extremely dull since the reinvestment demand during the first | two weeks of January was satisfied. This latter situation does not appear | to be relieved by the present easier rates for money, although dealers are beginning to scan the market for bar-| gains now that outside rates on call | | have dropped to as low as 5 per cent.| The general absorption by the public | in stock speculation continues to be the | greatest handicap to the market for | bonds. Among the issues reaching the highest of the year were International Tele- phone 41,5, which crossed 115 early in the day. There was a large turnover in them. Anaconda Copper convertible 7s went back during the morning to about yesterday's high prices of Anglo- Chilean 7s were well taken around par. ‘The demand for Public Service of New Jersey 4'.s eased off a little following the 10-point rise in them yesterday. Other members of this group were dull {and heavy. Steady accumulation of the Iowa Central and Minneapolis & St. Louis {bonds is said to be for the account of bankers identified with the reorganiza- tion who regard these issues as too low in comparison with other railroad se- curities. The bonds of both roads were considerably higher today. The new 4'; per cent issues of the Wabash, Rock Island, Frisco and New Haven have all been heavy recently. Utilities Power and Light 5'4s have taken a prominent position in the market after being bid up several points. It is re- ported that they may be called. Among foreign bonds, conspicuous strength was again shown in the Ar- gentine 6s, French municipals and rails, Japanese governments and public utili- ties, Bolivian 7s, German public utilities and in the Italian convertibles. City of Budapest 6s were off about a point, ap- proximating their low price. Today’s new- issues of securities amounted to nearly $164,000,000, of which about 70 per cent was represent- ed in the stock of a new investment trust and the remainder in public utility and municipal bonds. SALES. Chestnut, Farms Dairy pfd—S at 109. Wash. R. & E. pf t 993 Riggs Nat! Bank Amer. Sec. & Tr.—1 at 475 Col. Sand & Gravel pfd. at 95, 5 at 9515, 10 at 9515, 5 at 9575, 10 at'96, 10 at 97, 10 at 97, 10 at 9815, 5 at 9875 Natl M. & Inv. pfd.—540 at 5%, AFTER CALL. Col. Sand & Gravel pfd.—10 at 9815. | Wash. Gas 6s B—$200 at 105. w’i'fmx Gas 6s A—$100 at 103, $200 at | Wash. ‘Gas Lt.—10 at 120, 20 at 120 Merch. Tir. & Stge. pfd—11 at 109, Bid and Asked Prices. BONDS. PUBLIC UTILITY. mucau.nn:ous. Barber & Ross. 61is. ar Ehevs™ Crnaa s oY 8158 STOCKS. Washington Stock Exchange|¥ N STAR, WASHINGTON, | [on wew xomx_ BONDS stocx sxcanves] UNITED STATES. (Satas are (D $1.000) Sales. High. Low. Lib3%s... K1 997 994 Isib 1st4%s 19 1004 1003 Lib4th 4%s 115 1005 l"fl. US:K"IQ'I. 29 400 111 lflnl-i 1059 81 11016 1109 FOREIGN. High. 100% 100 5 100% 100% 2 100 Ta 965 100t 100t U S asia. US4%s 52, Low. Argentine s Ju 59, 1 Argentine May '61. Argentine 6s Oct 59 26 Argentine 5% s ‘62 Argentine 63 A. Argentine 65 B. | Australia 4%s Australia 651955, . 68 1957.. Belgium 7s 1955 Belgium 78 1956 Belgium 748 Bollvia 7s... Bolivia 8s... Bordeaux 6s. . Brazil 6148 192 Brazil 6%s 1927, Brazil 7s. Brazil 85 Bremen State 7s. Cauada 5s 1931 Canada 55 1952 Canada 5%s 1929, Chile 63 '60. Chile 6s'61. Chile 75 1943 Chinese Gov. Colombla 6s Jan' Con Pow Japan 7. Copenhagen 4% s Czecho 85 Danish Munic 8s A. Denmark 414 Denmark 6. Dutch East I 68 47, Fiat Ts war '46 Flat 7s x war 46 Kinland 5%s.. Finland s f 65 '45 Finland 7s.... Framerican 7%s. French 7s. French 1% German EIP 6% German 7. Ger Gen Greek 7s. 110% 110 89 104%% 103% 1654 100 9014 96% 1004 106% 1074% 112% 93 1067% 101% 9T 1008 Italian Puh s s, Japanese 4s. Japanese 6% Lyon 6s. Marseille Mexico Mexico 53 asntd. Milan 6%s. Montevideo “ee Netherlands 6s 54.. Netherlands 6s 72.. New So Wales 57: New So Wales 58s.. Norway 6%s 1952., Orient Dev deb 6: Paris-Ly-Med 6s Paris-Ly-Med 7s. Poland 7s (rcts)... 65 Poland 8s... 17 Queensland 6s. Queensland 7. RhineWst EP 6s'52 RhineWst EP 65’53 16 Riode Janeiro 6%s. 87% 9813 104% 109% 92 964 954 S Shinyetsu 6%4s52.. Soissons 6s Sweden 5138, Sweden 6s. Swiss 5%8 194 Toho El Pow 78...s 1 Tokio 5%81961..., 13 Utd Kingm 5%s 29, 37 Utd Kingm §%s 37, lD Uruguay 8s. Vienna 6s°52 Yokohama 6s w 1. MISCELLANEOUS. Abram&Straus 5%a 41 116% 116 AmAgriChem 7%s. 2 1063 106% Am Chain 6 4 98 Am NatGas 43 7 95% PUBLIC UTILITY. & Telg: Capital Traction C Gas Amer. Tel. Potomac, Eleck %‘x” pid lec. Wash. Rwy. & Elec. pfd NATIONAL BANK. National Capital..... Colu Commere District . ederal-, Foderal-American Bank Lincoin National Rigas Second National Bank of Washington. . TRUST COMPANY. American Security & Trust Continental s it . 350 Washington Loan & Trust . .l SAVINGS BANK. Bank of Betheads. Commer s Washington Mechanics. FIRE INSURANCE. American Corcoran Firemen TITLE Columbia Title Real Estate Title Title & Inv, Co. of Wash. Cons. Title pfd. MISCELLANEOUS. Barber & Rogs. Inc. com . Dist.” Natl. securmu ks Federal Storage Fodersl- smerieen "Go. Gor Federal-American pfd Lanston Monotype. . Trans.“€ Siorage Merch. Trans. & Stor. pid Mergeithuler ' Linotype Natl. Mtge. & Inv. pfd. Peoples Brius Siares pid. Ter. *Ex dividend. 15% extra. Copper Price Advanced. NEW YORK, January 23 (#).—The price of copper has been advanced Y of a cent to 17 cents a pound. Aelivered in the domestic market and to 1714 cents cif. Hamburg, Havre and Lon- don. Foreign sales in good volume were reported at the new level. NEW YORK BANK CLEARINGS. NEW YORK, January 23 (Special).— New York bank clearings, $1,690,000,~ 000; New York bank balances, $134,000,- 000; New York Federal Reserve credit balances, $125,000,000. Bituminous Coal Production. NEW YORK, January 23 (®).— Bituminous coal production in the United States In the week ended Janu- ary 19 totaled 11,780,000 tons, against, 11,763,000 tons the previous week and 6 1011 AmT&TsL6s.... 28 105 Am Tel & Tel 5% Anaconda 1st 6s. Barnsdall 6s 1940.. 30 138 Barnsdl 6s w o war, h Steel 5% Bethlehem Steel 65, Bklyn Edison 58, ... Certain-Td5%srets 1 104% 8 81% 59 95% . 66 119 Col Gas&E! dlb Ss. ll 9985 Con Coal Md 1st bs. 73 30 105% % East Cuba Sug 7%s Fisk Rubber Gen Asphalt 6s 3 Gen Cable 6%s Gen Mot Ac Cor Goodrich 6%s. Goodyear bs rets. 1 94 2114 6 106% 13 98% 18 1034% 5 107% 86 931 a1 100 100 . 100 Humble O & R 5%s. 17 101% 101% Illinois Bell 18t 55,, 10 104% 104% Illinofs S 4% » Inland 8tl 93 4% 8 wil831116' 113% yser J &Co 6 Loulsv G & E 68 52, Mid-Con 6%s5 40... Midvale Steel 68. .. Mont Pow 55 43. ... Mont Power deb os. Mor’s&Co 1st 4%s. Nat Dalry 5%s Nat Radiator 6 9% 106% 106% 114% 114% 106% 106% 100% 100 b 107% 106% 101% 101% 101% 100% 102 102 101% 101% 105% 105% 101% 101% 1027 1027 104% 1043, 10415 10415 Pacific Gas & El 55 PacT & T 18t bs Pac T & T bs 52 Pan-Amer Pet 0,854,000 tons the week ended Janu- Nlb nal anl Assocmion Pan-Amer P Paramount 6s 1947, 1045 10415 100 9974 R 008 19 22 1 1S 105 10 110 16 Close. 100 100% 100's 9674 100% 4 103% 110% 110 891 104% 1038 165% 100 90'% 965 100% 106% 107% 112% 93 107% 101% 9% 100% '[’hlla Cob5s67 wi Phila&ReadC&! 5t Philips Petro 6%s. Por Ric Am Tob 6; Postal Tel & C 5%s. Pressd Steel Car Public Service ¢ Punta Alegre 7s.... RemingtonAr 6s 32, Rem Rnd 6%s war. Sinclair O11 6s..... Sinclair Oll 614 Sinclair 01l 7s. Sinclair Crude 5%4s. Sin Pipe Line 5. South Bell Tel 5s..,. Southwest Bell 58. . Stand Oil N J 58 46. SugarEstOr{ente7s. Tenn Copper 6s'41. TennElecPow 68 47 Transcont] O11 6%4s United Drug 68 53 Warner Sug 78 39.., Warner Sug 7s 41.. West Elec 58...... Westn Union 6s 51, Westn Union 6%4s. . Westinghouse 5s. .. 2! White Eagle O 5%s Wilson & Co 1st 6s. WinRepeatAr 738, Yngstn S&TSswi. Atchison ad] 4s Atchison gen 4s. Atlantic C L 1st 4s. Atlantic C L 4%s 64 B&O SW5s 50. B & O Toledo 4s Boston & Maine Brdwav&7th Av 5s. Brooklyn Elec 6%4s. Brooklyn Elev 6148 Bklyn Mannat 6s. Bklyn Un El 55 sta. Buff K & Pitt 4%s.. Can Nat 4%s 30 Can Nat 4%s 57 Canad Pac deb Can Pac 4%s 46 Car Clinch&O 6s Central of Ga 5348, Central Pacific 4s. , Cent Pac 1st s 90.. Chesa Corp 5s w 1.. Ches& Ocv4lgs, Ches & O gn 4%4s..., CB&Q4%s 17 ChiB&Q 1strf CB&QIlldiv4 Chi&E 111 gn 6s 51 Chi Gt West 45 59 CM&StPgnso... Chi M&SP 4%4s E. ChiMiISP&Pac5875. 20 1 6 3 4 9 1 4 R 15 2 2 . 88 CMSP&Pacadjss03. 701 Chi NW 4%s 2037 Chi & NW ref 5s Chl & NW 6%;s. Chi& NW Ts. Chi Rys 6s... Ch(thPrfls... CRIPac4%swi ChiUn Sta 4%s. . Chi Union Sta 5s 44, C&WI15%s62.. CCC&StLrf6s Colo & Sou 4% Cuba RR 7% Cuba Nor 5zs Del & Hud 1st rf 4s. D Rio G West bs. DRG & Wst 5878 Des M & Ft D 4s... Det United 43;s.... s | EastTennVa&Ga 58 ,' l B & _agh, Erle 15t cons 4s Erie Gen 4s. Erie conv 45 A. Eriecvt 58 67 w1, Erie conv ext 7s Erie & Jersey 6s. Fla East C5s 74 Grt Northn 4348 Great North bs. Great North 5% 111 Central rf 58 65.. Int Rapid Tran bs.. 2u 2 17 4 'S o e iwmmeBe R nnaaalosc-a 25 Int Rap Tr 6s stpd. 109 Int Rapld Tran Int Kap Trans 7; Int & G Nor 1st Int&GtNor a lowa Cent 1st 5s... Kan City F't S 4s, Louis&Nash uni 4s. L &N4%s2003... Louls & Nash 58 B, Louls & Nash 7s.... Man Ry 1st 45 90... Man Ry 2d 4s 2013, Minn & StL ref Minn & StLcn § M St P&SSM cn Minn&StL £d bs 62. MStP&SSM 6% MK & T adj bs. . MK&T prinbs A. .1 Mo Pacific 58 G '78. Mob&O 4148 77 cts. Nassau El 48 61.... N Y Cent 4s 42, N Y Cent 45 98 N Y Cent deb NYCrfim 4% N YCentr 16 NYC & StL deb 48 NYChi&StL 6%sA.. NYChi&StL 5%4s B, NYC&StLésA. New Haven 3145 56, NYNH&H 43 5 NYNH&H4Ys., NY NH&H cv db NY O&W gen 48 55. N Y State Ry 4%4s.. NYStateRy 6% 6 Northern Pac is Northern Pacr 1 6s. Ore Short L rfs Ore Wash 1st nnsylvania 4s 41, nsyl con 4% Pennsyl gen 44 Pennsyl 6%4s. .. Pennsyl gold 7s. . Pa Ohio & Det 434s. Peoria & E inc 4s. .. Port RL &P bs 42, Port RL P 6s47... Port RL&P 7%s 46. Reading gen 4%s A Reading J C 4s51.. RioG W 1st 4 R1Ark& L 4% St L IM&S 48 29.... StL IM&S gn 6s 31 StL&SFplisA StL&SFr4%s Tl StL&SF prinbs.. StP & KCShL 4%5. San A & Arn P 4s... Seab A L ref 4s. SeabAL adj 55 1949. Seab A L con 6s.... SBAIlFla6s3bA.. PISTH1=PR-TCT- [T L AN R - ® - o - N e ronnsemunlabBE ey e ce— 1 7 Received by Private Wire Direct to The Star Ofice -!nln High. Low. Clo: 1085 113% 99y, § 4 65 15 1 -4 694 0k 90k g_ 991" 911y v, |35 and 36 cen D. C, WEDNESDAY, POULTRY SUPPLIES 4 |mas holiday season,” ARE LARGE IND. C. 5Attractive Displays of Tur- keys, Chickens and Ducks Seen at Market. Clearing weather this morning was welcomed by dealers in the wholesale market district, good weather always assisting in bringing out early-morning buyers in large numbers. Pavements in front of commission houses were banked with supplies of fruit and vege- . |tables from Mexico, Cuba and various sections of this country, prices of most commodities being reported reasonable to_cheap. While poultry was not especially plentiful, dealers reported having sup- plies more than ample to meet demands, They had fairly large quantities of tur- keys on hand to meet the demand of the retail trade, live turkeys selling at dressed stock bringing 40 and 45 cents “Turkeys received since the Christ- said a dealer this morning, “have been of the finest qual- 1ty and more plentiful than usual at *lthis season. 1024 67 39% A |tub, 461504715; Poultry Receipts Large. Dealers also are receiving top qual- ity chickens, ducks and geese to offer the retail trade. Small quantities of keats find ready sale at 80 cents and $1, and a few rabbits continue to come from the West. Good quality rabbits are finding ready sale at 30 and 35 cents. Increased receipts of tomatoes and strawberries, products of Florida grow- ers, are attracting attention of buyers. ‘The strawberries are reported of excep- tionally fine quality, and dealers hear that a bumper crop is expected this season. A light demand made the mar- ket dull at 50, 55 and 60 cents. Butter prices were a fraction of a cent higher this morning, but the in- crease did not affect retail prices. In- creased receipts of eggs the past week have resulted in an easler market. Wholesale prices have not changed this week, but most retailers announced slight reductions. Lamb and veal prices continue high, while beef prices are lower, receipts being in excess-of a light demand. Prices of most commodities this morn- ing were- substantially the same as prices quoted yesterday. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 47/5a48%2; store packed, 30a35. Eggs—Hennery, 38; fresh selected, 37 a38; current receipts, 36; storage, 30a32. Poultry, alive—Turkeys, 36a37; Spring | chickens, 35a36; Leghorns, 30; fowls, | 28; roosters, 19a20; ducks, 25 geese, 20; keats, young, 50a60; old, 30. Dressed —Turkeys, 40a45; Spring €hickens, 38a 40; Leghorns, 30a32; fowls, 30a32; ca- pons, large, 45246; small, 38a40; ducks, 32a33; geese, 25a30; keats, 80a1.00. Meats, fresh killed—Beef, 18a24; veal, 27; lamb, 30a31: pork loins, 32033; fresh hams, 22a23; fresh shoulders, 16 al7; smoked hams, 25a26; smoked shoulders, 15a16; bacon, 20a22; lard, in_tins, 1212a13; in packages, 13';al4. Live stock—Calves, 16'2al7; lambs, 13al4. Game—Rabbits, 30a35. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says (sales to jobbers ex- cept where otherwise noted): Apples—Supplies moderate; demand light, market stsady; boxes, Washing- ton, medium to large sizes, extra fancy, Delicious, 3.2523.50; -Romes, 2.50; Stay- mans, 2.50a2.65; bushel baskets, Vir- 7| ginia, U. 8. No. 1, 2!, inches up, Stay- mans, 1.75a1.90; unclassified, 214 inches up, Ben Davis, 50a75. Cabbage—Supplies moderate; demand light, market steady: South Carolina, barrel. crates, pointed type, 3.5083.75; New York, sacked, per hundredweight, Danish type, 2.75a3.00, mostly 2.75; Florida, 1'4-bushel hampers, pointed Lype and round type, mostly around 2.2 Celery~5upplles moderate; demand light, market steady; California, crates, 5.5026.00, few higher: Florida, 10-inch crates, 4-6 dozen, 3.25a3.50. Lettuce—Western, supplies moderate; ! demand light, /market unsettled; Ari- zona, crates, Iceberg type, 4-5 dozen, fair quality and condition, 3.00a3.25; poorer, 2.50; California, Imperial Valley, crates, Iceberg type, 4-5 dozen, 4.50a 4.75. Southern, supplies light; demand light, market steady; Florida, 1 4l bushel hampers, Big Boston type, 1.00a 1.50; some poor condition, 75; some dumped; bushel baskets, Big Boston type, 90a1.00. Onions—Supplies moderate; demand ? | light, market steady; Ohio, 100-pound sacks, Yellows, U. S. No. 1, £.50; Hol- land, 112-pound sacks, Yellows, No. 1, 5.25a5.50. Potatoes—Supplies moderate; demand fllghc market steady; Pennsylvania, 150~ pound sacks, Round Whites, U. S. No. 1, mostly around 2.25. New York, 150- | pound sacks, Round White, U. 8. No. 1, 2.35a2.40. Michigan, !io-pound sacks, Russet Rurals, U. 8. No. 1, 2.25 a2.40. Texas, 100-pound ncks ' Bliss % Triumphs, U. S. No. 1, 4.75. 84 79 sm 6973 9% Spinach—Supplies moderate; demand light, market about aleldy, Texas, bushel baskets, Savoy type, 90al.15; mostly around 1.00; ordinary qusmy and condition to poor quality and con- dition, 50a75. Tomatoes—Supplies moderate; de- mand light, market about .lwady, re- packed, unknown origin, 3s, ripes, wrapped, fancy ‘count, 2.00a2.10; 6s, ripes, ‘wrapped, fancy count, 4,00a4.25. Originals, Florida, 6s, ripes and turning, wrapped, good quality and condition, fancy count, 3.75a4.00; choice count. .5 : 8s, ripes, wrapped, soft, fancy count and choice count, 1.50a1.75. String beans—No supplies on market, Peppers—Supplies light; demand slow, market steady: Florida pepper crnm fancy, 5.5026.00, few higher. plants—Supplies very llght no enrly sales reported. Squash—No supplies on market. Cucumbers—suppllas vtry light; too few sales reported to strnwberrles—suppl es Hwht demand light, market dull; Florida, pony re- frigerators; varlous varieties; holdovers, 45a50; few low as 35 per quart. Caulifiower—Supplies liberal; demand moderate, marKet about steady, Cali- dornia, pony crates, 2.00a2.1 Carrots—Supplies light; demund light, market steady; few sales; Texas West~ lelxln. lettuce crates, bunched, 3.50; few igher. Grapefruit—Supplies moderate; de- mand moderate,,market steldy. Florida, boxes, No. 1, medium size, 3.50a3.75. Peu—supplles light; demand light, mlrket dull; Mexico, 45-pourd crates, Ornngcs—suppllea moderate; demand light, market, dull; Florida, boxes, No. 1, medium large size, 3.5 small size, 3.00a3.25; very small size, 2.25a2.75. Sou Pacclt 4s. Sou Pacific ref ¢s. Sou Ry 6%s. Term Asso S L 4s.. Tex & Pac 6B 1977 6 Whash 4%s 78 rc(s. Wabash 18t 6s..... West Maryland ern Md 534 = JANUARY 99 23, 1929. FINANCIATIL" w X ITIME-MONEY RATE FEATURES PRESENT MARKET SITUATION| Special Dispatch to The Star. NEW YORK, January 23.—Bankers are not so much interested in the fact that call money is again around the 6 per cent figure, with the supply of funds liberal, as in the tenacity with which time money rates hold up at 7% per cent, the highest figure for this season, and in the growing spread between the rate on acceptances and the Federal Reserve rate of rediscount. The latter situation is perplexing and unusual. Normally the rediscount rate ! rules half per cent above the quota- tion for acceptances. Since Friday the rate on the latter has been advanced quarter per cent for 30-day bills and is now nearly at parity with the bank rate. However, for the longer periods, running from 60 days to 6 months, acceptance rates are quoted from a parity with the Federal Reserve rate to 13 above it. This is a condition that may shortly compel the Federal Reserve to change its rediscount policy and restore the old banking tradition of maintaining the rediscount rate well above that for® paper In the open market. It is just a year ago that the Chi- cago Reserve Bank raised its redis- count rate from 3!; to 4 per cent, to be followed within a few weeks by the other 11 banks in the Federal Reserve NOTICE OF WARDMAN PARK FIRST MORTGAGE A D GOLD DUE FEBRUARY 1, 1941. The Wardman Park Hotel, Inc.. in accordance with Section 5 of Article 3 of its Mortgage to the Pennsylvania Company for Insurances on Lives and Granting Annuities dated February 1, 1926, hereby gives notice that it has elected to redeem on February 1, 1929, all of its outstanding First Mortgage 5!5% Bonds secured by said Mortgage, at'105 and accrued interest to the date of redemption. Said bonds will be redeemed at the may be to some extent determined by | office of the Pennsylvania Company ‘{' this week's figures of borrowings by | Insuranees on Lives and Granting Ah- member banks. Should these continue | nuiti Trustee, at the redemption to decline, even though brokers' loans | price, upon surrender of said bonds for expand, there will be less occasion | payment on or after February 1, 1929, for putting pressure on borrowers | after which date all interest on sajd through higher rediscount rates. An- bondx will cease to accrue. other factor in the situation is the ; prospect of a renewal of gold imports COMPANY from England. Today it was an- ON LIVES AND nounced that $2,500,000 gold had been engaged for shipment from the English market tomorrow. Reports from France are to the effect that the Bank of France has temporarily completed its withdrawals of gold from New York. | These influences would tend to partially balance some of those that have been operating to produce high time money rates and the extraordinary conditions that prevail in the maraet for banl ers’ acceptances. system. This gives occasion for the rumors that again Chicago will take the lead and raise its rate from the present figure ®f 5 per cent to 51z per cent. One of the problems in this much discussed readjustment is that of the four interior Federal Reserve banks that are still holding their rate at 41, per cent. as against 5 per cent i the other eight districts of the country. The policy of the Federal Reserve Real Estate Loans We can assist vou in refinancing ma- furing morteazes and in placing new Promnt replies and ewcellent Prevailing interest rates. THOS. E. JARRELL CO. NEW ISSUES HEADED BY COMMON STOCKS Figures Show They Lead Financing Plans of United in States Corporations. Special Dispatch to The Star. NEW YORK, January 23.—When one jvefers to the New York Stock Exchange and says that the market is going up | or going down, obviously what that ob- server means is that certaln stocks are going up or going down. For today there are 1,177 different stock issues listed on the market, aggregating 757,~ 301.677 shares. ‘The total market value of these shares on January 1, was $67,472,000,000. This is an average of $80.09 for every one of these shares. Of course, some are higher priced and some are lower, but this is the average. Now how much money is borrowed in New York on this security? On Janu- ary 1, there was $6,439,740,511, or an increase of a little over $48,000,000 dur- ing December. So according to the official records of the New York Stock Exchange, “The ratio of exchange members borrowing to listed share values decreased from 9.66 per cent on December 1 to 9.54 | per cent on January 1.” The ' grand total of securities—that is bonds, notes, preferred stocks and common stocks—issued in the United States for 1928, is stated by the com- mercial and financial chronicle to be $9,927,736.770, a slight increase over the preceding year. Of this unthinkably large amount, $1,877,421,537 was for the refunding portion and $8,050,315,233 was for strict- Iy new capital. How was this dividend? Long term bonds were $3,168,000,000, a decrease of $1,300,000,000 under 1927, while short- term issues totaled only $264,868,600, a decrease of about $40,000,000 under 11927, But looking at the preferred stock record, we find that there was issued $1,383,466,362 in 1928, an increase of nearly $135,000,000 over 1927, while the common stock issue floated jumped to $2,048,162,219 for 1928 as against $675,- 474,649, in the preceding year. ‘These figures show one thing very plainly—that common stocks have been in unusually heavy demand, followed closely by preferred stocks, while bonds and short term obligations have had to play second fiddle in the orchestra busi- ness. (Copyright, 1920 by North American News- Alliance.) T LOANS On Improved Property in Maryland and District of Columbia 6% Interest No Commission Charges EAVER BRO REALTORS 809 15th Street N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company \ Real Estate Financing Second Trust Notes purchased at reasonable discounts, secured on District of Columbia and nearby Maryland property. We Solicit Your Application National Mortgage & Investment Corporation 1004 Vermont Ave. N.W. Main 5833 \. REAL ESTATE LOANS 519 Homes, Apartments and Business Properties In District of Columbia and Nearby Maryland-Virginia 3-5-10-Year Terms Prompt Replies Randall H. Hagner & Co. (Ine ated) Decatur 3600 1321 Connecticut Avenue Mortgage Loan Correspondent Western Pacific 5s. West Shore 4s 2361, 18 Gon 58 48 Aloen ~onsaSona 878 &k New York Life Insurance Co. it Realtors 321 10th Street N.W. Main 366 EXTENSION OF MARYLAND | ELECTRIC LINES PLANNED Special Dispatch to The Star. BALTIMORE, January 23.—Author- ity to extend electric transmission lines to Chesapeake Beach and neighboring | developments has been requested of the Public Service Commission by the Con- solidated Gas & Electric Co. of Balti. more. ) According to the application, there are 1,500 residences in the Bay Crest, Tyree, North Beach and Chesapeake Beach sections which are at present ! without electric service. The proposed extension will serve these communities, she application said. The new extension will tie in with | the proposed transmission lines of the Annapolis & Ghesapeake Bay Power Co.. which will terminate at Friendship, Anne Arundel Count; SILVER QUOT;HO—N& NEW_ YORK, January 23 (®). silver, 56%. Mexican dollars, 42 WE WILL BUY F. H. SMITH COMPANY STOCKS & BONDS MEHLMAN & COMPANY %03 Woodward Bldg. Main kot Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph 1. Weller Biae oo % ¥ ! Moxtgage Money Lcaned‘ At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life In<. Co. 1520 K Strect Main 475 First Mortgage Loans Lowest Rates of Interest and Commission | SEIBERLING ALL-TREADS LEHMAN'S TIRE SHOP 12th & K N.W. Main 161 Main 1430 REAL ESTATE NOTES Secured by First Trusts Thomas J. Fisher & Company, Inc. WE WILL BUY G. L. MILLER COMPANY STOCKS & CERTIFICATES MEHLMAN & COMPANY 901 wofldwll’d Bld'. Main 8847 903 Main 317 NOTES Secured by Conservative Appraisals Chosen Locations 6% Interest | WEAVER BRO First Mortgages Safe—Conservativ Make your savings and surplus funds work for you at the highest inter- est rate consistent with absolute " safety. Wm. H. Saunders Co. Inc REALTORS Main 1016 41 Years’ Experience in financing homes and in the REALTORS S 809 15th Street N.W. Main 9486 1433 K SAFE PR ST MORTGAGES FIRST IN APPROVED SECURITY Everybody concedes the defi- nite security offered in conserv- atively appraised real estate. Our 69 FIRST MORTGAGES Are backed by real estate of about twice the value of the loan —and the interest is most liberal —especially when the safety is taken into account. A Third of a Century Without a Loss Available in amounts from 250 up. B. F. SAUL CO. Main 2100 925 15th St. N.W. THERE IS 'NO SUBSTITUTE FOR SAFETY HIS imstitution has found im its long experience that most people are WILLING to put aside part of their earnings every month —but_that the lnek ofa DEFINITE PLAN, has prevented many from turning their wishes imto ac- tudlities. Mail ecoupon fer booklet y by which $9.45 invested monthly unconditionally guarantees $1,500 in 120 months with the same proportionate growth on larger amounts. Also ask for our financial statement showing our resources of over $25,000,000. . INVESTORS SYNDICATE —————=—=——=—= Established 1894 ————oeo—u— Barr Bldg., Washington Telephone Franklin 1879 Address.