Evening Star Newspaper, February 7, 1929, Page 15

{ Lo b = L FINANCIAL.) 0 THE EVENING STAR, WASHINGTON, D. C., THUKSDAY, FEBRUARY 7, 1u29. CONVERTILE BOND | C=xo=_BONDS o s SIPRLES F FISH - ISSUES SELL OFF = Market for Speculative Shares Drops on Reserve Bank Warning. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, February 7.—The pros- pect of firmer money rates, as presented in the Bank of England advance in its rediscount rate todas to 5!, per cent and in the warning given by the Fed- eral Reserve Board, influenced heavy selling of speculative ponds today and had a mild effect on -grade issues. Convertibles were under pressure from the opening when stocks into which they were exchangeable broke sharply. Declines ranged from 1'2 to 3 points. ‘These losses erased a considerable por- tion of the gain that had been made Tecently. American International 515s dropped back to about their issue price of 105, after selling last week at 111. Alleghany Corporation 5s, which had been up to 1101, a short time ago, dropped to about 103';. International Telephone 4l3s, from their recent high of 120, were quoted this morning under 115. Offerings of these issues were heavy. In such convertibles as International Cement 5s, Porto Rican Tobacco 6s, Anaconda Copper 7s and Public Service of New Jersey 4.5, the supply was light. Prices reacted from 1 to 3 points. Fear that money rates are to be ad- vanced influenced some liquidation in high-grade rails and public utilities. Atchison General 4s sold at the lowest since 1927. New York 'Telephone 4158 dropped below par. Small fractions were shaved from the prices of other strong mortgages and United States Govern- ment issues were down, the Liberty 3!2s Teaching a new low for the year. In the junior rails, important losses cecurred in St. Paul adjustments and in the gold 5s, in New Haven convertible 6s, Erie refunding 5s, Missouri Pacific general 4s, Seahoard Air Line 6s and in the issues of the short line roads. Dodge 63 were lower than for some ‘Wweeks. Hmdson Coal 5s sold close to 80. The feiture in the foreign group was the strength of several issues of South. eastern Buropean countries. This may have been in anticipation of thé Ru- manian loan, which is to come out soon under strong governmental auspices. Whether (he Federal Reserve will, meet the advance in the Bank of Eng- land rate is still a debatable question. It is certain, however, that the money situation will show no carly improve- ment, uniess heavy stock liquidation occurs. This being so, the outlook for &ivh-sradc bond issues is not promis- 8. % INCREASES CAPITAL STOCK. JACKSONVILLE, Fla., February 7 UP).—Stockholders of the Naval Stores Marketing Association, meeting here yes- terday, authorized an increase in its kapital stock from $500,000 to $2,000,000, making it one of the largest concerns of its kind in the world. The company, organized less than a Yyear ago, maintains headquarters at Savannah, Ga., with the principal office here, and has offices in other cities and abroatl. Washington Stock Exchange SALES. Washington Gas 6s B—$200 at 104%, $100 at 10415, Washington Rwy. & Elec. 45—$1,000 at 893, $1,000 at 89!z, $1,000 at 893, $1,000 at 89% rber & Ross 6%45—$1,000 at 94. (klpol(lgl Traction Co.—10 at 10634, 10 at Washington Gas Light—3 at 110, Washington Rwy. & Elec. pfd.—10 at 9955, Riggs National Bank—20 at 578, 25 at 578, 10 at 578;, 5 at 57813, 10 at 57815, 10 at 579. Bank of Bethesda—10 at 77. Mergenthaler Linotype—50 at 1041;. National Mtge. & Inv. pfd—50 at 5%, 50 at 5%. AFTER CALL. Capital Traction 55—8$1,000 at 10033, $3,000 at 100%%. tomac Electric 6% pfd.—5 at 113. tomac Electric 51;'« pfd—5 at 10915 Washington Gas 6s “B"—$500 at 106%;. Capital Traction Co.—10 at 1063, 10 at 10612, 10 at 10614 E‘eéi;gal-.&mcflcan National Bank—5 at Washington Gas Light—30 at 110, 20 at 110, s | Bid and Asked Prices. | BONDS. PUBLIC UTILITY. Amer. Tel. & Telza. 4% 032 |Am T & Teltr 4s.. 45 , (Sales are 1 1b 1st 4348 b 43, 101 s. 4 4 s s 4 1 3 1st 4th 3% 3% 3% 4 4 L L L U U U u U s s El S4s19 S4eyuss2. Argentine Bs...... Argentine 6s Ju 59. Argentine May "61. Argentine 6s Oct 59 Argentine 548 '62. Argentine 65 A. Austialia 4%s 66 Australia bs 1 Australia 58 1957 Austria 7s. Bank of Chile 614s. Belgium 6s. Belgium 6% { Belgium 75 1955, Belgium 78 1956 | Belglum T%4s., | Belgium 8s... | Bolivia 7s. Brazil 6%s 1927 Brazil s Brazil 8s. Bremen State 7s Cauada 551931, Canada 5s 1952 Canada 5%s 192! Chile 65 '60. Chile 6s'61. Chile 78 1943 Chinese Gov Ry 5s. Colombia 6s Jan'61. Con Pow Japan 7s. . Copenhagen 4%s 53 Copenhagen s ct. Cuba 5%s. Czecho 8s 195 Czecho 8s 19 Danish Munic 8s Denmark 4348 Denmark 6s. DE15%s Mch53., DEI5%s Nov§3.. El Salvador$s "48. Fiat 7s war "46 Flat 7s x war 4 Finland 6%s..... Finland s f 6s "45. Finland 7s. . Framerican 7%s. French 7s. French 7%s. German 7s. Ger Am Ban| Greek 7s... Hungary T4%s. . Irish Free State 5s. Italy 78..... Italian Pub S 7 Japanese 4s. Japanese 6%s. Lyon 6s.. Marseille 6s. Mexico 4s 04 asntd. ‘Mexico 4s'10 asnt Milan 6%s. Montevideo Netherlands 6s 5 New So Wales 57; New So Wales 58s. Nord 6%8....c0000 Norway 55 1963. Norway 5%s.... Norway 6s 1943 Norway 65 1944 Norway 6%s 191 Orient Dev 5%5°57. Paris-Ly-Med 6s... Paris-Ly-Med 7s Paris Orleans 5148, Peru6s$7 wi..... Peru 6s ctfs. Pirelll 7s'52. Poland 6s 40. Poland 7s (rets). Poland 8s.... Queensland 6s. Queensland 7s. Rhinelbe Un 7 RhineWst EP RhineWst EP 6s'53 Rio de Janeiro 648 Rio de Jan 8s 1946.. Rio Gr Do Sul 8s... Rome 6%s... . San Paulo City 8s. Sao Paulo 1950, Se T Si Serbs Crot Slo 8: Sweden 6s. . Swiss 5% s 1946 Swiss Confed 8s Toho El Pow 7s. Tokio 55 Tokio 5% 1961 Utd Kingm 5%s 29. Utd Kingm §%s 37. Utd SteamCopen 65 Vienna 6852 Yokohama 6s W 1... Am Chain 6s°33. Ah Smit & R 1st 55, UNITED STATES. Sales. High. Low. 51 100 4 %s 265 100 7 51 1022 . 313055 29 110 FOREIGN. Sales. High. Low. Close. Argentine 6s B..... . 14 954% Bank of Chile 6%s. 2 . 15 106 L 21 100 .108 97% 23 100 9 12 100% 100% 100% 36 88% 17 100%4 100 14 884 27 142 ;40 s8n 1% 14 98 21 941 30 91 91% 91% 32 107% 106% 1064 30 80% 79% 804 13 881 50 103% 103t 103 | Green B & W deb 16 88 MISCELLANEOUS. Abram&Straus 5%s 11 113 . 11214 1124 Alleghany cv 55 w i 445 1031 102% 103% 259 106% 105% 105% Am NatGas 6%38'42 15 92 Sales. Pacific Gas & El §s.. PacT & T 1st bs Pac T& T s 62, 0 $1.000.) Close 9918 99i8 9918 1001 1001 1003 1003 9724 9722 9724 9724 9724 9724 102 102 105 1055 109 30 109 10 People s Gas Phila Co 5: Philips Petro 5%s. Piefce-Arrow 8s. Por Ric Am Tob 6s. 1 Postal Tel & C 5%s. 30 Pressd Steel Car 68 18 | Public Service 4148, 14 Punta Alegre 7s.... 10 RemingtonAr 6s 32, Rem Rnd 5% s w: Sinelair Ol1 6s 11 924 91% 10 100% 100 21 100% 100 11 100% 100 100 28 96% 96% 964 2 100% 100% 100% 12 100% 100 100% 30 87 87 87 95% 954 17 95 94 95 1 102% 102% 102% 5 9 964 96% 98t 98% 100% 100 100! 106% 106% 106 108% 108% 1087 106 105 10 115% 114% 115% 1092 109% 109% 93 93% 9% 100 100 Sinclair Crude 5% Sin Pipe Line 6s. Skelly Ofl 5%s Southwest Bell 6s. . Stand Oil N J s 46. Stand OIIN Y 4348 SugarkstOriente7s. TennElecPow 65 47 Transcontl Oil 6348 United Drug 68 63 U'S Rub 1strf 6 US Rub 73%s. 31 102% 102 102 | US Steel st 6s. 100% 100 100 [Utah Pow & Lt 5s. 31 95% 96 | Utilities Powr 534, 5 96 96 96 Walworth 6s ’45. .. 3 100's 100t 100% | Walworth 614s'35. 12 108% 108% 108% | Warner Sug is 3 5 101'% 101 101 | Warner Sug s 41. 93 100% 100 100% | West Elecss. ..... 8 105 105 105 |Westn Unionbs61. 100 100 | Westn Union 6% 92% 92% | Westinghouse 5s. 93% | White Eagle O 5% Willys-Ov 6%s 33 Wilson & Co 1st 6s. Yngstn S&T 6s wi. 7 93% 29 12 4103 103 108 16 109% 109% 109% 2 109% 109': 1091 8109 109 109 891 894 104'% 104% 102% 102% 1 102% 102% 102% 5110 110 110 13 164'% 162% 164% 98% 0% 96 7 100% 100 100% A 10476 105% 108 108 112% 112% 107% 107% 98% 99 19 98% 98 98% 8 100'a 100% 100% 14 96% 96% 96% 9Thh 9T 5 94 93% 91 2 9215 92% 92% 15 101% 101 101% 1 99 99% 99% 99% 99% 21 21 20% 20% 89% 90% Atchison adj 4s. Atchison gen 4s. Atl & Dan 1st 4s 43, B & 0 Gold 4s. 8 5 9 &L H 3 13 . 14 7 3 6 2 b5 1 2 Boston & Maine 5 19 Brooklyn Klec 634s. 5 Brooklyn Elev 6%s. 10 Bklyn Mannat 6s... 43 Bklyn Un El §s sta. 12 Buft K& Pitta%s.. 14 Canada South §s...: 5 Can Nat4%s30.... 2 Can Nat 435 67.... 24 Canad North 7s.... 1 Canad Pac deb 4s.. 27 Can Pac 435 46...0 5 Car Clinch & 0 6s.. 1 Car Clinch&O 6s 62, 27 Central of Ga 6s.... 1 Central Pacific 45.. 39 Cerit Pac 15t 58 90.. 6 Chesa Corp 5s w 1., 61 Ches &0 cv4%s... 19 Ches & O gn 4%8... 7 Chi & Alt 3% sctfs. 2 CB&Q4%s17B.. 40 CB&Qllldiv4s. 1 Chi&E 111 gn 55 51.. 27 4 | Chi Gt West 4s59.. 8 97 |G 1 6 Chi M&StP 4%s B, 1 ChiM1ISP&Pac5s75. 70 CMSP&Pacadj5s03. 99 Chi& NW gen ds... 1 10 55 5 4 102% 102 3 102% 102% 102% 9 103% 103 103% 88% 88% 100 4 104% 103% 103% 5 957% 95% 95% 88 884 83 884 140% 140% 82 82 88% 97 97 1 104% 104% 104% 4 111% 111% 111% 1104 104 104 3 924 92 ' 92 1 934 93% 93% 94 94 2 106% 106% 106% 6 1051 105% 105% 102% Chi& NW 7s. Chi Rys bs. ChiRI&Pgn4s... b ChiR1&Prf4s... 54 CRIPac4k%swi., 1 ChSitPM&O 55'30.. & ChiT H inc 6s 60... 1 ChiUnSta4%s.... 1 Chi Union Sta 6%s. 2 CCC&StL 4%sE77 3 CCC& StLrf6sA. 8 Clev Term 5S...... Clev-Term 5%s.. Colo & Sou 4% Cuba R R §s. Cuba Nor 5% Del & Hud 1st rf 4s. Del & Hud 5%5S...4 Del & Hud 7s 30 Den & Rio G cn 4s D Rio G West 5 DRG & Wst bs Erie 1st cons 48 Erie Gen 4s.. 9 88Y% 7 82% 2 7 2 1 3 28 2 1 4 13 1113 113 113 8 106'% 106'% 106% 2 99% 99% 99% 9 94% 93% 6 91k 914 9% 5 984 98% 98% 6 104% 1047 104% | Erieconv4s A, 6 10214 102t 1021 | Erieconv 4s B. 5 2 103% 103% 1031 | Ertecvt 55 67 w1... 39 4 110% 110% 110% | Erieconv ext 7s.... 1 6 98% 98% 93% |FlaEastCss74 6 1 78 8 78 |FondaJ&G 4%4s" 8 884 88% | Gr Trunk stdb 6s... 7 100 100 |Great Norgen 7s. gt 24 3 941 1 100 98'%: 98% 93%|Hav ElRy 5s52.... 87% 87% | Hav Kl Ry 5%s51.. 1 95 95 5 1 95 Int Gt Nor 58 1956.. 11l Cent ret 4s 111 Cent 4%s 6! I11-C-C-StL&NO 58, Int Rapid Tran §s.. Int Rap Tr s stpd. Int Rapid Tran 6s. . Int Rap Trans 7s... IntRysCA 587 1 97% 97% 97% 9% 9% 2 101% 101 101 2104 104 104 995 99% 99% 8 100% 1001 100% 101% 101'% 101% RAILROAD. High, Low. Close. 101 100% 100% 102% 102% 102% 105% 105 105% 103 103 103 100% 99% 99% 105'% 105% 105% 99 98 98 92 924 92% 9215 91% 92 107 107 107 104 103 103 9315 934 93 953 95'% 190 190 85! 85'4% 100 100 100 94% 94 94 99'y 994 99%; 103% 96% 10319 103 97 96% 94% 94% 94% 219 92% 924 v 104% 1043 1025 102 96 967 9315 94 106% 106% 106% 1003 100 100 96'5 94% 96 92 9N 92 102 101% 101% 1085 108 108% 102% 102'% 102% 109% 109's 109% 104% 104% 104% 100% 100% 100% 102% 102% 102% 100% 100 100 854 85% 90y 91 73 18 91l 91% 98% y8k 101% 101% 101% 10145 101%, 101% 104% 104% 104% 1087 108% 108% 93% 93% 93% 101% 101% 101% 82 82 82 0% 0% 105 105 105 99% 99% Y9% 95% 95 954 112 85 97 100 108% 108'3 108'% 100 997 99% 91 90' 91 103 102% 103 100 99% 99% 99% 99 99% 96 96 96 68 68 984% 93 98U 92% 921% 92% 81 81 81 68% 68 68% 84 84 84 94 94 94 93i% 937 93% 9% 91% 9% 1% T TT% 90% 90 90l 104 104 104 109% 109% 109% 10214 102% 102% 79 8 79 8% 88 B83% 9% W4 9 91l 91% 9l 984 98's YBl4 9% 9% 9% 98l 98% 98% 116 114% 114l 95% 95% 95% 100% 100 100 4 104 104'% 104% 105'% 106 6% 964 94 94 88% 88% 93% 93 93 104 104 104 101% 101% 101% 90% 90% 90% 97% 97 97 9l 90% 90% 84 84 84 i 7 7 82 81% 82 82 82 82 95 94y 94Y% 1024 102% 102% 6% 5% 76 404 40 40 106% 105% 105% 112's 111% 112 264 26 26 82 82 82 6315 63% 834 83% 97 9T% 95% 95 92 92w 99 98% 98% 102% 102% 102'% 8 T 1% % 1% 811y 81k 994 99% 804 80 88% ARE SGARCE HERE Oyster Receipts Are Also Less Plentiful—Trading Reported Light. Fresh fish from nearby waters were not very plentiful at Municipal Fish Market today. Oysters also were scarce, the best shucked stock, it is stated, hav- ing been recéived from packers at Sol- omons Island. Because of their scarcity oyster prices advanced, standards sell- ing at $2.50 and selects at $2.75 a gal- lon, while shell stock sold at $2.75 a bushel. There were quantities of frozen fish from the North and fresh stock from the South to enable dealers to supply demands of retailers. Catfish at 10, yellow perch at 20 and carp at 25 cents a pound constitute supplies received from the Potomac. Roe shad from Florida were quoted at 40 cents, the bucks selling at 25 cents a pound. King mackerel, Spanish mack- erel, trout and red snappers were the other varieties of fish received from Florida. King mackerel were offered at 18, Spanish mackerel at 20, trout at 28 and the red snappers at 30 cents a pound. Fish Supplies Received. Dealers had small quantities of rock- fish from netters on the Chesapeake Bay to offer at 35 cents, while receipts from the Great Lakes included yellow pike and pickerel at 25 cents and white fish at 30 cents a pound. Frozen fillet of haddock was plenti- ful at 18 cents a pound, the fresh fillet selling at 30 cents. Halibut and salmon, received from the Pacific Coast, offered this morning at 25 cents a pound. Smelts, some imported from Holland and others received from Ca- nadian packers, were quoted at 25 cents. There was not a heavy demand for crab meat. The white meat was quoted at 60 and the claw meat at 30 cents a pound. Fresh shrimp was plentiful at 30 cents a pound, the cooked shrimp selling at 60 cents. Lobsters were scarce at 75 cents. A generally draggy condition of the market was reported this morning. Dealers had supplies of all commodities more than ample to meet demands, they reported, and prices were not high. ‘Warmer weather enabled fruit and vegetable dealers to display their sup- plies to a much better advantage. Increased receipts of numerous va- rieties of fruits and vegetables were reported. Strawberries, reported not so plentiful early in the week, were much more plentiful and cheaper today, choice . berries selling at 40 and 50 cents a quart. Prices of most commodities this morning were substantially the same as prices quoted yesterday. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 501a51%%; tub, 4915850!%; store packed, 30a35. Eggs—Hennery, 40a42; fresh selected, 38a40; current receipts, 37a38; storage, 30a32. Poultry, alive—Turkeys, 35a36; Spring chickens, 35a36; Leghorns, 30; fowls, 28a29; roosters, 19a20; ducks, 25; geese, 20; keats, young, 56a60; old, . Dressed—Turkeys, 40a45; Spring chick- ens, 38a40; Leghorns, 30a22; -fowls, 30a32; capons, large, 45a46; small, 36a40; ducks, 32a33; geese, 25a30; keats, 80a1.00. Meats, fresh killed—Beef, 18a25; veal, 27a28; lamb, 28a30; pork loins, 25; fresh hams, 23a24; fresh shoulders, 16; smoked hams, 25a26; smoked shoulders, 16; bacon, 20a22; lard, in tins, 1312; in packages, 14. % Live stock—Calves, 17a17l2; 14a14%. 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 except where otherwise noter): Apples—Supplies moderate; demand light, market steady. Barrels: Very few sales; Virginia, U. S. No. 1, Paragons, 23 inches up, 5.00. Boxes: Washing- ton, medium to large size extra fancy Delicious, mostly around 3.50; Stay- mans, 2.50a2.75. Bushel baskets: Vir- ginia, U. S. No. 1, 2, inches up, Stay- mans, 1.75a1.90; 2% inches up, 1.85a 2.00; U. S.yNo. 1, 2%, inches up, Black Twigs, 1.50a1.65, mostly 1.50. Cabbage—Supplies _liber: demand light, market dull; Flofida, 1'-bushel hampers, pointed type, 1.1581.25; few higher; round type, fine quality and condition, 1.40a1.50; South Carolina, 115-bushel hampers, Wakeflelds, fair ‘quality and condition, 1.00a1.25. Old stock: Too few sales reported to quote. Celery—Supplies moderate; demand light, market dull; Florida, 10-inch crates, 4-6 dozen, 2.7523.00. Lettuce—Supplies moderate; demand light, market dull; California, crates, Iceberg type, 4-5 dozen, 3.50a4.00; Ari- ——— Sales. High. Low. Close. StL&SFr4%s78. 35 8T% & StL&SF prinb 19 99% 98% lambs, 88% STOCK PRICE BREAK IS‘-I(AID TO BANK OF ENGLAND ACTION Spectal Dispatch to The Star. NEW YORK, February 7.—The most severe decline' in stocks since the De- cember break was precipitated today by the unexpected and radical action of the governors of the Bank of England in raising their rediscount rate from 412 per cent to 5'% per cent. The sequel of this may be another movement toward higher rediscount rates by the Federal Reserve in order to maintain a parity between the Lon- don and the New York money markets. Whether this will take place at once or is deferred during a test period, was a question that brought out varied an- swers today. The action of English_bankers is zona, crates, Iceberg type, 5 dozen, 2.50 a2.75. Onions—Supplies light; demand light, market steady; Michigan and Ohio, 100- pound sacks, Yellows, U. S. No. 1, me- dium to large size, mostly 5.50 Potatoes—Supplies moderate; demand moderate, market steady; Peunsylvania, 150-pound, sacks, round whites, U. S. No. 1, 2.25; New York, 150-pound sacks, round whites, U. S. No. 1, 2.35; Michi- gan, 150-pound sacks, russet rurals, U. S. No. 1, 2.25a2.35; Texas, 100-pound sacks, Bliss Triumphs, 4.00. Spinach—Supplies moderate; demand light, market dull; Texas, bushel bas- kets, Savoy type, 75290; few, 1.00. Tomatoes—Supplies moderate: de- mand light, market steady; Florida, sixes, ripes and turning, wrapped fancy count, 3.50a4.00; few, fine quality and condition, 4.50; fair quality and condi- tion, 3.00a3.50; choice count, 2.00a3.00, according to condition. Carrots—Supplies moderate; demand light, market dull; Texas, Western let- tuce crates, 2.50a3.00; few, 3.25. Beets—sSupplies moderate; demand light, market slightly weaker; Texas, Western lettuce crates, bunched, 2.50a 2.75; few, 3.00. Peas—Supplies light: demand mod- erate, market steady; Mexico, 40-pound crates, 6.00. 4 String beans—Supplies light; demand light, market dull; Florida, 7s-bushel hampers, green holdovers, 2.25a2.50; fair to ordinary quality and condition, 1.00a1.50; few sales, fresh arrivals, 3.00. Peppers—sSupplies light; demand light, market steady; Florida pepper crates, fancy, 3.50a3.75; few higher. Egeplant—Supplies very light; de- mand light, market dull; Florida, pep- per crates, 4.50a5.00. Squash—Supplies very light; demand light, market dull; Florida, pepper crates, fancy white, wrapped, 4.50a5.00. Cucumbers—Supplies very light; de- mand light, market dull; few early sales reported; Illinois, hothouse stock, 2 dozen cartons, extra fancy, 6.50; fancy, 5.50. Strawberries—Supplies very light; demand moderate, market weak; Flor- ida, pony refrigerator, various varieties, 40a45 per quart. Cauliflower—Supplies moderate; de- mand light, market slightly weaker; California, pony crates, 1.50a1.75; most- ly 1.50. yoranges—supplles moderate; demand light, market steady; Florida, boxes, No. 1, medium size, 3.50a4.00; large size, 4.00a4.50. Grapefruit—Supplies moderate; de- mand light, market steady; Florida, boxes, No. 1, medium size, 3.00a3.50; few higher. WHEAT CLO-SES LOWER. CHICAGO, February 7 (Special).— Prices eased off under local selling in the late trade in wheat and at the close the market was !, to 3 lower. March, 1237 May, 127% to 1.27%; July, 1.28% to 1.29. Corn closed unchanged to 1 lower. March, 96%; May, 99% to 9912; July, 1.01% to 1.01%5. Oats closed % lower to i higher. March, 52'%; May, 52%; July, 49% to 49%. Kress & Co. Sales. NEW YORK, February 7 (#.—S. H. ress & Co. chain stores’ sales in Jan- fary increased to $4,143,377 from $3,- 759,947 in January, 1928. W. T. Grant & Co. chain stores report January sales of $3,328,489 compared to $2,624,161 in January, 1928. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 . Will Sell 100 International Bank at 112 (All or Part) Thomas L. Hume primarily '» protective one. The Bank of England needs her gald in order to keep her gold reserves at ¢he minimum required of $750,000,000 to ¢arry her in- creased currency liability. Due to the heavy withdrawals recently, and expe- cially to the purchases made this week in London by American bankers, this reserve has been drawn upon and today dropped below the necessary amount. As there was every reason to expect further losses of gold with the rate for sterling at its recent low level, the Bank of England directors took the bull by the horns. The new rate is half of 1 per cent above the rediscoung rate of most of the Federal Reserve banks. ‘This admittedly puts an end to gold imports. Sterling today was 4.853;. At the same time it shuts off a supply of credit that has been used to the ad- vantage of the American market, espe- cially the speculative market. Obviously the Federal Reserve Board and Cov. Norman of the Bank of England have been working together to effect t%e most “equable arrangement that couid be created in the interest of credit in\ this country and in England. Closely related to the action today of :he Bank of England was the pronounce- ment by the Federal Reserve Board, in yesterday’s statement, to the effect that fhe demands of speculation and the growth of speculative loans were seti- ously interfering with legitimate busi- ness and intimating that the board would not permit business to be sacri- ficed because of the present stock mar- ket excesses. The reaction of Wall Street to this phase of today’s unusual money market developments was true to form. The professional operators took the position that the Federal Reserve has talked a great deal about overspeculation and the overexpansion of brokers’ loans, but has been unable to correct these conditions. Therefore, it is in no better position today to effect reforms than it has been since it put up its rate to the maximum of 5 per cent, last July. It has already admitted that the crux of the situation is in the loans of “others,” over which it has no control. ‘The more conservative element, on the other hand, maintained that the Federal Reserve is now showing its teeth and is in a highly exasperated frame of mind toward Wall Street and may use radical rather than mild measures to bring the speculative de- bauch to a halt. Consult Us First If you need money for | your Real Estate financing | Iet us have your application today. Prompt Service No Appraisal Fee The Commercial National | Company e Incorporated Cash Capital, $900,000 reial National Bank Bldg. 14th G i THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares —represent 8 TRUSTEED INTEREST in 100 leading American .Corpora- tlons They are certain of paying DIVIDENDS, are MARKETABLI and, above ail. SAFE. Both DIVIDEND:! and PRINCIP. H AL have an sssurance of _growth over a period of years. corporations excecded TWO BILLION ex Dlgm“. 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Decatur 3320 - il LOANS On Improved Proferty in Maryland and District of Columbie 6% Interest We Will Lend You Money In Any Amount At 51/2% Interest For Periods of 3,5 or 10 Years In Nearby Maryland, Virginia and the District of Columbia Apartments, Residences or Business Properties BOSSEFHELPS Founded 1907 1417 K St. Main 9300 Loan Correspondent ohn Hancock Mutual Insurance Co. No Commission Charges /EAVER BRO REALTORS 809 15th Street N.W. Main 9486 Life * G. M.-.P. MURPHY & CO. New York - WASHINGTON Richmond MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Market Copy of our “Fortnightly Review™ on Request ’ 1508 H Street 3, Connecticut at K ¢ Main 9660. Private Wire and Telephone to New York WE TAKE PLEASURE IN ANNOUNCING THAT, MR. BENJAMIN J. MILLS WASHINGTON MR. N. HERBERT LONG MR. LAWRASON RIGGS OF J. BALTIMORE MR. JACKSON R. TRETHAWAY WILKES-BARRE HAVE BECOME ASSOCIATED WITH US J-A. ML Iglehart & Co. Investment Bankers 719 FIFTEENTH ST., N. W.: WASHINGTON, D. C. Baltimore, Md. Clarksburg, W. Va. ‘Wilkes-Barre, Pa. Richmond, Va. Charleston, W. Va. StLSW 1stds. . StL S W con4s3z.. San A & Arn P 4s... b A Lref 4s. . SeabAL adj 53 1949. Seab A L con 6 SBAllFla 6835 A. SB All Fla 6535 B.. Sou Pac 48 29. Soy Pacific ref 4s.. ou Pac 4%s rets. Sou Ry gen 4s.. Sou Ry Con 58 Sou Ry 65 56. s Sou Ry Mo & O 4s.. Term Asso S L 4s.. TexArk FS 6%s 50. Texas & Pacific 1st. Third Ave ref 4s 60. Third Ave 1st 55. TFhird Avead] 5 Tol St L & W 48 50. Tol Tr L&P 5%s 30. Ulster & Del 48’ Union Pac !st 4s. Union Pac 1st rf 45. Union Pacific 4s 68.. 1 VaRy&PEB . Va Southwn con 5 Wabash 1st 5. Wabash 5876 B Wabash 5%s 75 WestMaryland Western Md 6% Western Paclfic West Shore 43 2361, w Int Ry C Am 6s 41. Int Ry C A 6%srct. Iowa Cent 1st §s. Kan City Ft S 4 93% 93% 9814 98l 49 49 92 92 98% 93% AmT& Tl trbs.. 25 104 103% 103 . 65 104% 101 104 37 106% 106% 106% 11 98% 98 9814 5 83 8% 8% 56 106% 104% 105 10 197 196 196 1492 4% 9% 9% 9% 98 ene 100 100 104% 105 100% 101 3 103% 103% 103% 104% 105 1 104% 104% 104% 11 8% 78 T8% 23 96 95% 95% 11 109% 109 109% 34 99% 99% 99% 3 T2 T2 T2 8105 105 105 12°%7 A0 §ay 4100 99% 99% 3 102% 102% 102% 2 108% 108% 108% 89 1024 101% 101% 20 93% 93% 93% 2 114' 114% 114% | 1106 106 106 3 9% 99K 99% 40 103 1024 1023 8 107% 107% 10 16 925 924 10 100 99% 8 . 24 101% 10) 5 7 104% 104% 104% 22 96% 93% 95% 8 10213 10214 102% 7 92% 924 92% 91 114 112 1124 6 98 97 97% 5100 ° 100 100 Int Paper 5s 47 28 96 96 96 Inter Paper 6s. 15 961% 96% Int Tel&Teleg 4%8. 52 93 .93 Int Tel&Tel 455 eV 653 115% 114 114 |[NYNH&H4%s.. Kan City P & L 6 1 104% 104% 104% | NY NH&H cv db Kan G & E 63 52 12 105% 105'5 1051 | NY NH&H clt 6s. .. Laclede G 5%s52.. 13 104 103% 103% | NY O&W gen 4855, Liggett & Myers 78 1 120% 120% 120% | N ¥ Rys6s65... T.oew's Inc 68...... 13 116% 116 116 | N Y State Ry 4% Loew's 6s wo war.. 6 991 99% 99y | NY Sus&Wn gen 5s Lorillard 58. 861 86l | N Y W& B 4las. Loriilard 5% 881 881, | Nor Pac 352047, ..., Lorillard (P) 7 110 110 NorthernPacri6s, 1 Loulsv G & E6s52. 9 103% 103% 103y | Ore Short L rfs 4 ManatiSug s£ 7%s.. 17 100 100 100 |Ore Wash st 4 Mid-Con 6%840...o 1 104% 104% 104% | Pennsyl con 4%s. Midvale Steel 58. 5100 99% 100 | Pennsyl gen 4% Mont Pow 58 43. 1102 102 102 | Penna RR 4%s’63. Mont Power deb bs. 15 99% 991 99% | Pennsyl gen 58 Mor's&Co 15t 4%s.. 1 87% 87% 87% | Pennsyl o3 64 Nat Dalry 5%s.... 47 95% 95l 95% | Pennsyl 6%s. Nat Radiator 6%48.. 3 8L 81 81 |Pennsylgold N Y Efison 58 44... 1 10414 104% 104% | Pere Mar 1st 4s N Y Edison 6%s 2 114% 114% 114% | Pere Marg 1st 5s NYGELH&PbS 5 106% 106% 106% | Portiand EI P L 6s. N Y Tel 4%5.0000.. 33 100 100 100 |Port R L &P 5s 42. 18 106% 106 106% 'Reading gen 4%s A 4 11013 110% 110% R1Ark& L 4%s 19 101% 101% 101% St L IM&S CIZD"I 1412 G St. M. 1346. M. 4733 CompLETE FINANCI Ist & 2nd TRUST MONEY On homes, apartment buildings and busine Am Water Wks 5s. Am Wrtg Pap 6547 Anaconda 1st 6s. .. Anaconda cv db 7s. Armour&Co4%s 39 Armour Del 53%8... At Gulf 8 5s. iy o4, | Atlantic Refin i 9 42| Bell Tel Pa5sB. 10755 | Bethlehm Stl pm 68 -7+ | Beth Steel 535 53.. 65 1953 Alex. & Mt. % alto. & Ann iy i02 105, 107 10244 . Rwy. & Elec. gen. 65... MISCELLANEOUS. Barber & Ross, Inc., {Cham-Vanbit_Hotel : Chestnut Farms Dairy 8'4s Chevy Chase Club 5'as... D. C. Paper Mfc 65 Pot. Joint Stock Ld. W. M. Cold & Wash. Cons T STOCKS. PUBLIC UTILITY. Amer. Tel Tel Capital Traction C Washington_Ges & W, Louis & Nash 5s B. Louis & Nash 5%s. Louis & Nash 7s. Man Ry 1st 4s 90 Market St 78 40.... Mich Cen deb 4s 29. M1l Bl Ry & L 5s 61 Minn & StL ref 4s.. & Minn&StL fd 5s 62. M St P&SSM cn 4 M StP & SSM 6%s.. MK&TI1st4s..... 1 MK&T4sB...... 20 Mo Kan&T 4%s ‘78 10 MK &Tadj 58,0000 MK & T prin 5s A Mo Pacific gen 4s.,. 3 Mo Pac 5s A 65. Mo Pac s F 77. Mo Pacific 5s G Mob & Ohio 4%s 77 102 102% 102% 6614 66% 92% 93 99% 99% 100's 100% 100% 26% 26% 17 17'% #8% 89 99% 100 B4y 84Y4% 844 84w 9l 9% 91k 1047% 104% 104% 100% 100% 100% W% 525 | 99% 99% 99y 9THh 9T 9T% 974 9Ty 9T 9213 Y28 9214 9 90 90 Bethlehem Steel 6s, Sklyn Edison bs. .. Certain-Td5¥%srets Chile Copper bs. Colon Oil 6338 Col Gas&E| deb 5s. Con Coal Md 1st 5s. NYb%s.. Cuba Cane 8s. . Denver Gas 5s..... DatroitEdison5s40 Detroit Edison 6s. . DOAEe 68.0eeuuesee East Cuba Sug T%s Fisk Rubber 8s.... Gen Asphalt 6s 36., Gen Cable 518’47, Gen Mot Ac Cor 63. Goodrich 6%s. Goodyear 5s rets. Humble Oil 55..... Humble O & R 1llinofs Bell 1st 3., 1llinojs Steel 4%4s. . Indiana Steel & Inland St 4%s'78. Intl Cement 65 48.. Int] Match bs 47. Int Mer Marine 6 02" / To Anyone // ~ Who Can Invest $9.45 Monthly . . . The modest sum of $9.45 will accumulate for you the substantial amount of $1,500 in 120 months. Our unconditional GUARANTEE is that upon completion of our plan you get not only every dollar in- vested but substantial earnings. This is the ideal way to invest with the certainty of knowing what you will be worth in a definite number of years. i Steamboat Potomac Elec. 67 pfd. . Potomac Elec. 5957 pid..l Wash. Rwv. & Elec. com h. Rwy. & Elsc. pfd NATIONAL BANK. ational Capital.. olumbla ‘Commercial District {odnal-Amrn . " A 650 9% > 7 12 36 gl o 16 sherty ... & Guaranty Corp. Main 1403 ncoln e EFational Meiropoiitan . 24 Jackson Place 10 AN N RS 13% 102% 102% 102% 9644 96 961 884 881 B8Y 160 991 100 106% 106% 106% 1064 106% 106% 79 9 179 944 944 944 106% 106% 106% 101% 101% 1014 80 80% 80% 90 90 90 120'% 119 120% 12;'/. 104% 104% NOT&M5%s N Y Cent deb 4. N Y Cent 4 98..... NYCrfim4¥%s... N YCentrfbs N Y Centdeb 6S.... N Y CentLS cl 3%s. NY C&StL 4%sC. . NYChi&StL 5%s B. NYC&StL6sA.. NYNHG&H 4556, o RS R AR SAMIETR FIRST TRUST NOTES to yield 6%% “ _In Amounts From $100 Up WARDMAN 1437 K Street N.W. Main 3830 SIS BNNADHEEMIRCRAN —EABR DB A D B Our booklet, “The Guaranteed Way to Financial Independence,” pictures in simple language how you may start on the road to success. Send for it today. The coupon will also bring you our financial statement showing resources of over $25,000,000. Clip this Coupo STORS SYNDICATE Established 1894 932 Barr Building WASHINGTON 66 51 112% 112 994 99 99 874 81K 8Tk 101% 100% 100% 99% 994 094 9815 98% 98K 107107 103% 102% 103% 110% 110~ 110w 1017 101% 101% | 9% 91% 91%| 1024 1021 102% 102 102 102 95% 98% 98% Columbia B Real Estate Title e Title & Inv. Co. of Md. com. Wash. Cons. Title pid. MISCELLANEOUS, Barber & Ross, Inc., com Thevy Chase Dairy pid. . North Am Edis bs 99 99% 99% No Am Ed 5%s '63.. 33 101% 100% 100% StL IM&S gn b 100 99% 99% Nor Ohio Tr & L 6i 5102 101% 101% StL IM&S MURU 94 9K R&G 3 1 Not Staten Pow 55., 3 100% 100% 100% StLLASE Rl 40 A 24 _80H8RH -804 MME. o iesacaves rtaenn e reaecnennnennes AdTESS. . ciiiiiiireritiniii i aee e T e S ic T Woodward & Lothrop pfd.