Evening Star Newspaper, February 8, 1929, Page 15

Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 In Nenby V:rgmu 5% Wi, Commonwealth Investment Co. 917 15th St. N.W. Phone Main 2628 | Mortgages Investments JAMES Y, PENNEBAKER Main 5328 1520 K St. N.W. Money to Loan !le‘r‘l i first deed of trust oa real estate. commiss! Jouph 1. Weller £, %2 % ¢ Ty . s ' i e P A M Rt Real Estate Loans ured by first deeds of trust on T:%’.&, i Washington and _nearby Biam Viang, e con réfinance’ your, ma: turing. joan. Prompt and courteous “THOS. E. JARRELL 0. %721 10th St. N.W. Main 766 Buck & Company Eetetinned 116 Stocks Bonds Grain Cotton Write or call for weekly market Tetter No obligations BUCK AND COMPANY ns Bldg. New York Ave. Franklin 7300 uze SN % NOTES Secured by First Mortgages Safe—Conservative Make your savinss 4] Years’ and surplus funds 1. o G work for you at [EXxperience the highest inter- et rate consistent with absolute safety. * W H. Saunders Co,, Inc. REALTORS Main 1016 in financing homes and in the sale of these se- curities. 1433 K WANTED Resident Physician and Dentist at the Mayeroft Apartment 1474 Columbia Road Near 16th Street Apply to Resident Manager or T.-B. LAWLER FINANCIAL, THE EV NING - STAR, WASHINGTON, D. €, FRIDAY, FEBRUARY 8, 1929, CONVERTIBLE BOND PRICES SHOW GAIN List Moves in Sympathy With Recovery in Stock Issues. BY CHARLES F. SPEARE. Epeclal Dispatch to The Star. NEW YORK, February 8.—Respond- ing to the higher price level in stocks during the first half of today's session, convertible bonds rallied moderately. * There was also a slightly better atti- cline recently has produced an average loss in the domestic bond list of half & point since the first of the month, with zl:e average % under the high of Jan- The convertibles, lacked snap. They advanced cautiously, and, like stocks, ‘made a small recovery rel- ative to the decline that has occurred in them the past week. International Telephone 412s and American Interna- | tional 515s were each up a point, Alle- ghany Corporation 5s rallied 5. Ana- conda Copper 7s were 3 points lower at the opening, but later regained most of this loss. - Fiat, 78 were down 2‘? nts eomplred wlch @ rise of about 2 poinis in Pirelli There, u a moderate reaction in United States Government issues. The Fourth 4Y%s hovered around par. It is fortunate thnt there are no immediate involved 'n'euury operations to be car- ried throug! Developmen'.s in the mortgage rails and industrials were uinmportant, On the whole this group of bonds was lower. The St. Paul gold 5s touched a new low and at today's price gave a di- rect yleld of nearly 5‘,& per cent, with the present equity much grenter than when they sold last year close to a 5 per cent basis. l"ruco prior lien 4s, the 4158, Rock Island 4s and 4138 and the same coupon issues of the Missouri- Kansas-Texas all present fairly attrac- tive investment ibilities for those who are willing to carry along to the end of the existing confused money situation. Washington Stock Exchange SALES. Potoxx;n;c Electric 6s 1953—$1,000 at 108, ashington Gas 55—$1,000 at 101%, $1,500 at 10114, $500 at 101%;. Was] n Gas 6s “A"—$100 at 104. Capital Tuct!on Co.—10 at 1063, 10 at W%é 20 at 1063, 40 at 106%, 20 at Chestn Dairy com.—10 at 227, 10 lt fll. 10 at 225, ID at 224. Electric 6% pfd.—5 at 113%5. Potomac Electric 515 % pfd.—3 at 109%. ‘Washington Rwy. & Electric pfd.—10 at 99%, 10 at 99 Bank of Bethesda—10 at 78, District National Securities Co. ptd.— 10 at 10215. Federal-American Co. com.—10 at 547, er Lin 10:at 104%, at 1043, 8 at 1041, 0% 20 National Mtge. & Inv. pfd.—60 at H00 8t 350 o e % AFTER CALL. ergenthaler Linof at 104Y,, 50 at 104%}. Do e N.éom m—a st 7. i 10 A w/. it & Elec. pfd—10 at ‘Washington 99, 40 at "%, 10 at 9975, thaler Linotype—15 at 104 R Chesapeake & Potomac Tel. 58 of Vir- 00 at 100, $200 at 100, vings Bank—6 at 78. l—'l'hh exclunca however, Bid and Asked Prices. BOND S. - 16 Jackson Place Is Movement ==Of'money, of men, of ma- terial. mm& forms startthese movements, follow them, dx- rect them, and record the: GOut of the store-house of out experience, and from our com- plete sample files, the Service Shop can help you to conceive printed forms which will speed and control the operations of your business. Phone M, 8203 —BYRON § — DAMS 9 Never Disancorns” 512 ELEVENTH Will Sell | 100 International Bank at 112 (All or Part) Thomas L. Hume 1412 G St M. 1346. M. 4733 Over a Third of a Century's Ezperience It’s a Distinct Business of Its Own The successful mana ment of property—whether residential or business—re- quires the ;udgment that is born of experience, and the facilities of organization. ‘We have had over a third of a century’s successful ex- perience—and have perfected & competent organization. It’s at your service. B. F. SAUL CP. 7% Eleo: s : Rvy. & Elec. sen American ontinental T, erican reora, iremen’s National® Union .. TITLE nllvmcl. Columbia_Title Estate Titlg Wasn cim. SBuat s A B dpbi chlmnnt Farms Da Sommerchl S Fog o T s Bist. Nati, Securities Fedéral Storage pfd MISCELLANEOUS. Merch. Merch. T ergenthaler, Natl. Mtge. m Woodward & lnthwn vm . 109 Unlisted Department. BONDS. Arm.v-ll lub Bs. B AL K Sietropolitan "Giub "§id Main 2100 925 15th St. tude toward mortgage issues, whose de- | 5 | onnew vore B()INDS srocx excaan l Raceived by Private Wire Direct to The Star Office UNITED I‘I’ATM (Salan are tp $1.000. Sales. l!llh Tow 84 9918 6 110 FOREIGN. - P T P T T L Denmark 6s. Dutch East I Dutch East 1 Fiat 7s war '46 Finland 6% Finland 8 £ Finland 7s. o & s oERHe Marseille Mexico 4s 04 lsnnl. Milan 6%s. Montevideo Norway 5% Norway 6s Norway 6s 1944 Norway 638 19 Orient Dev 5 will close | gp Utd Kingm 6%s 37. Utd SteamCopen 6s Vienna 6a'52.. Yokoham Wi 25 MISCELLANEOUS. Abram&Straus 5%s 12 }12% 111% 4 Al AmAgriChem 7%s. 105 Am Beet Sug 65'35. 3 89% 894 49 372 106% 105% 2 9% 914 7 101% 100% 2 104' 104 28 99% 994 2 103% 103% 21 104% 104 l 10“‘/3 102% 72 72 l 100% 100% 2 105% 105 3 107% 107% 7 101 100% 7 102% 102% 3 103% 103% 17 104% 104% 2 1024 102% 29 95% 95% 2 109w 109 71 99% 99% 2 2% 124 8 1054 105 Atl Gulf 8 5s. Atlantio Refin b Bell Tel Pabs B Bell Tel P Bethlehm Stl pm Beth Steel rf 58 Beth Steel 5348 63 Bethlehem Steel 6 Bush Term Bldg b Chile Copper Bs. Colon Oil 63'38 Col Gas&E| deb bs. Con Coal Md 18t §s. Con Gas N Y 6%8.. 2 100% 100% 1100 100 7 108% 108 119 102 101% 8101 101 9100 99% 2114% 114% Gen Asphalt Gen Cable 6%48°47, 1 10214 5 108% 108 . 50 92% ‘92 8100 100 4 101% 101% 5 104% 104% 3 95% Humble O & R Illinois Bell 1st Inland Stl 4%, Intl Cement 58 48 Kan G & B Kelly-Sprii Ligget&My Liggett & Loew's Inc 6 Loulsv G & K b “. Midvale Steel b Mont Pow ba 43 Mont Power deb Mor's&Co 18t 4% 1 106% 106% 1106 106 2 110% 110% 21 101% 101% Close 9814 9816 9930 100 30 9930 100 9716 9716 9724 9722 9724 10130 10128 10128 7 104 26 10420 10420 109 26 109 28 . Close. 100% 100% People s Gas bs. Phila Co 68 67 wi.. Phila&ReadC&I 5s. Philips Petro 6% Por Ric Am Tob 6s. Postal Tel & C6%s. Pressd Steel Car 58 RemingtonAr 8s 33, Rem Rnd i %8s war, Sinclair Of1 87 |Sinclair Ol 95% | Sinclair O1117s. 954 | Sinclatr Crud 103 |Sin Pipe Line 97% | Skelly O11 6% 9% | South Bell Tel b 100% | Southwest Bell 58.. 2 104% 104% 1061 | Stand OfI N J 68 46. 20 1021 102 108% | Stand OIIN Y 4%s. 21 96% 96 1057 | SugarkistOriente7s. 1 94% 94% 115% | TennElecPow 6s 47. 6 106% 106% 110 | United Drug6863.. 5 96% 954 92 |US Rub1strfbs 47 924% 9% 102 |US Rub 7hs « 7102% 101% 100% | U S Steel s £ 6s. 18 108% 108% 96's | Public Service 4%s. 3 193 193 96 |Utah Pow & Lt 6s. 1100 100 100 |Utilities Powr 5%s. 43 967% 98 108 | Walworth 634s8'35. 10 96% 96 1013 | West Elec 6s.... 9 108 102% 100' | Westn Union 4 102% 102 105% | Westn Union 33 109% 108% 100 | Westingho 8 2105 105 92% | White Eagle O 5%s 24 100 99% 92% | Willys-Ov 6% . 4 101% 101% 10215 | Wilson & Co 1st 6s. 12 102% 102% 100 | WinRepeatAr7%s. 2 107% 107% gg"y/: Yngstn S&T Ss wi. 18 100% 100 88% RAILHOAD. 96 | At&SF cvt 48 06 6 90% 108 | Atcnison ad) 48 1 ES 85 109% | Atchison gen 13 92 91 109% | Atlantic CL 6 96 96 89% | B & O Gold 7 91% 91% 3 6 93% 98% 9 101% 101 3 1014 101% 7109 108% 1 82 82 8 83y 83% b5 97 97 100 |Brdway&7thAvbs. 4 74 T3% 105% | Brookiyn Elec 6%s. 9 93% 93 108% | Brooklyn Elev 6%s. 1 93 93 112 | Bklyn Mannat6s... 40 98% 98 983 | Bklyn Un El §s lll. 2 90 90 1007 | BUT R& Pitt4lis.. 14 90% 90% 983 | Bush Termcon5s.. 5 93% 98% 102% | Can Nat 4%s 30 12 99% 99% 97 |Can Nat 4%s 67 21 95 914 993 | Canad North § 6 116% 115% 100% | Canad North 7s! 3113 12 96Y% | Canad Pac deb 20 84 3% 967 |Can Pac 4%s46.... 3 97% 97 94 |Central Pacific 48 4 9 91 921 { Cent Pac 1st 58 90.. 11 108 1024% 101% |ChesaCorpbs wi.. 24 99% 99% 100% Ches&Ocv4élse.., 6 99% 99 00% Ches&Ogn4}4s... 1 98 96 10041CB&Q4%sTTB.. 1 98% 94 2% (Chi&E 11 gn 5s61.. 16 8l 81 ChiGt West 4s59.. 52 68% 68 Chi M&StP 4%8E. 2 93% 93% ChiMiISP&Pacbs?s. 81 92 91% CMSP&Pacadj6803.300 78% 77% Chi NW 4%s 2037.. 18 964 96% Chi & NW ref b: 4 106% 104% 1us 93% 106% 106 110% 101% ChiStPM&O 5s sta. ChiStPM&O 6s'30.. Del & Hud 1strf4s 23 92 92 Del & Hud 5%8.... 2 1044 104 Den&RioG 4%s36.. 19 93% 93 D Rio G West § 42 97 96% DRG& Wst5s'78 16 91% 90% DesM&FtD4dscts 9 31 30 Det United 4% 2 91 o Erie Gen 9 -8 17 Erie conv 4 1 824 824 Ertecvt5s 67 w 20 95 944 17 76% 76 8 39 .38 Ga & Ala 1st bs 'u. 1 85% 854 Gr Trunk stdb 1 105% 105% GtNor¢%s76D... 19 94% 94 GrtNorthn4}%sE.. 8 93% 934 Great North 5s. . 2 103% 103% Great Nor gen 7 Hav El Ry 68 52. Hav El Ry 6% Hud & Man aj & Hud blu of Int Rapid Tran 6s. . Int Rap Tr s stpd. Int Kap Trans 7 Int Gt Nor 58 19/ Int & G Nor 1. Int&GtNor ad. IntRy CAm Kansas City 8 3 e wRo- o = e - DR CEE T PO~ YOI~~~ = Mo Pacific 68 G Mont Trm ref 58 ¢1. Nash Chat&StL 4 Nassau El 48 61.... NatRyofMex 4s 77. NRM 4% '57 asst., 2 i S BRSO~ » = NYChi&StL 5%s B, New Haven 3%s 66, NYNH&H 4s 66, NH&H flbl;l'l. Northern Pacific 88% Northern Pac bs 103%° 103 Northern Pacr ! uz 112 Ore 8hort L rfs 99% 99 Ore Wash st 87% 87% Pennsy) 6%s8. Pennsyl gold Portland 1 P L 6 101% Reading gen 4%s A 98 98 Rio G West cl 4 8% 844 RlArKhb‘%.l. . SBAIIFII““FM 3 “ 63 . Cl 100% MARINE PRODUCTS INLIVELY DEMAND * | supplies of of Fresh Fish Not > Very Large—Eggs in Greater Demand. There was the usual Friday morning demand for marine products registered at Municipal Fish Market this morning. Much of the ice in the Washington channel had disappeared, making it possible for small craft to reach the market, but not many boats were in evidence, catches in the creeks below the District having been exceptionally small yesterday. Supplies of fresh fish were not very hemv?,p dealers reported, and there also was & scarcity of oysters. Receipts were more than ample to supply de mands, however, but prices were not what dealers termed cheap. Eggs also were in greater demand thu morntnl. ‘The market continued firm, however, with falrly heavy re< ceipts, but supplies were not much in excess of demands. Most of the eggs from Maryland and Virginia are brought here in trucks, one hauler from the Shenandoah Valley arriving with 125 cases of the hennery product yesterday, There was no scarcity of any products this morning, according to reports, and there were numerous retailers on ‘hand in the morning getting supplies for 'ad-y and tomorrow’s tri Frult and vegetable dealers had their usual displays to attract attention of buyers, poultry dealers were able to of- fer all varieties of poultry, while meat, butter and egg dealers had evemh.lng in their respective lines that could be desired. Butter prices were slightly advanced, while price of most other commodities were the same as prices quoted yester- day. 'l'od:yu ‘Wholesale Prices—Jobbers’ Prices Slightly Higher, . S0Tsas1s sore ul S Eggs—Hennery, 4 ruh selected, 38a40; current nceipu, 37a38; storage, 30a32. Poultry, alive—Turkeys, !5-!611;:1“ chickens, 35a36; Leghorns, 30; fowls, 28a29; roosters, 10820; duckl. 25; geese, 20; keats, young, '56a60; old, 30. Dressed—Turkeys, 40a45; Sprlnl chick- | g ens, 38ad0; Leghorns, 30a32; fowls, 30a32; capons, large, 45a46; small, 36a40; ducks, 32a33; geese, 25.30. knu 80a1.00. Meats, fresh killed—Beef, 18a25; veal, 27a28; lamb, 20:8(}; ;. fres) p.f.lve smk—cflvu, l‘hl‘l‘,fi: lambs, 1481425, Fruit and Vegetable Review. The daily market report on {rulu l.nd vegetables (compiled by the News Service Bureau of Alrlcununl Economics), says: Sales to jobbers ex- cept where otherwise noted.) Apples—Supplies moderate; demand light, mu'kal nndy barrels, very few sales’ , U. S. No. 1, Paragons, 2% inches up, 5.00; boxes, Washington, medium to large size extra fancy De- liclous, mostly around 3.50; Staymans, 2.50a2.75; bushel baskets, Virginia, 8. No. 1, 21 inches up, Staymans, 1.76 1190' 2'/‘ inches up, 1.85a2. . 1, 212 inches up, Black , 165 mostly, 1.50; U. S. No. 1, 2% inehes up, Dellctous, 2.75a3.00. Cabbage—Supplies _liberal; demand light, market weak; Horldl. ll/,-bushel hampers, pointed type, 1.00a1:25. Old stock—Supplies moderate; demand light, mlrkn dull. New York, sacked g‘r cwt., ish type, 2.50a2.75; mostly Celery—Supplies moderate; demand light, market dull; Florids, 10-inch crate, 4-6 dozen, 2.7523.00. Lettuce—Supplies moderate; demand moderate, market steady; California, mus. iceberg tyg 4-5 dozen, 3.50a 4.00; Arizona, cral laber[ type, 4-5 dozen, 2.50a2.75; few, 3.00. Onions—Supplies light; demand mod- erate, market s%huy stronger; Michi- and Ohio, 100-pound sacks, yellows, s No. 1, medium to large size, 5.50a Potlwes—-supplies moderate; demand moderate, market steady; Penmylvlnh 180-pound sacks, round whites, U. No. 1, 2.25; New York, 150-pound swll, round whites, U. S. No. 1, 2.35; Michi- , 150-pound sacks, Russet Rurals, ..8. No. 1, 2,25a2.35. Bptnach—suppdes moderate; demand light, market steady; Texas, bushel bas- kets, Savoy type, best, 1.00;: fair condi- tion, 75a85. ‘Tomatoes—Supplies llght. demand modente market steady; Florida, sixes, ripes and tumlnl" 'wrapped, fancy count, best, 4.2524.50; fair quality md condi- tion, 3.00a3.50; choice count, 2.00a3.00, according to condition. Sweet potatoes—Supplies Illht' de- mand light, market dull; East {bzr%and ‘bushel hnmpexs, yellowa, Nc 5 2.00. Carrots—Supplies moderate; demand light, market dull; Texas, Western let- tuce, crates, 2.5023.00; few 3.25. Beets—Supplies moderate; demand light, market dull; Texas, Western let- tuce, crates, 2.50a2.75; few, 3.00. Peas—Supplies light; demand mod- erate, market steady; Mexico, 40-pound crates, 6.00. smng benns—supplhl of stock light; demand moderate, market steady; orida, 7g-bushel hampers, green, fresh arrivals, 3.00a3.50; holdovers, 2.00a2.50; Ta-bushel h l's, ‘wax, practically no demand ur 2 g, Peppe! guu moderate; demand light, mrkez dul P'lorldn pper crates, fancy, fresh arrivals, lun 3.50a3.75; fair condition, 2.50a3.00. a lssplanc—sugplm very light; de- mand light, market dull; Florida, pepper crates, 4.50a5.00. H Squash—sSupplies 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 nrlyulu Teported; illinots, hot-house stock, gofin cartons extra fancy, 6.50; x-ncy. Strawberries—Supplies light; demand moderate, market steady; Florida, 32- quart crates various varieties, 40242 per art; Pony refrigerator, various varie- tu h quality and condition, 35 per c:ullflower—sup lies moderate; de- mand light, market steady; California, pony crates, 1.50a1.76, mostly 1.50. [ Bond Issue Planned. NEW YORK, February 8 (#).—Nego- tiations are pendlnu between directors of the Boston & Maine Railroad and holders of $9,622,600 of non-assenting tamped first pre(emd stock, series | ;. uns A to E, for myment ot dlvldendl ac- cumulated since July 1 7, through & bond issue of $2,656, 239. Hl‘h Low. Close; 99% 99 Sou Pac 4829.. Sou Pacific ref 3 ols ot sim 28 86%. 85% 8614 9 108% 108% 108% . 111812 e Sou Ry 6%s. L7 g Third Averet4s60. 4 63% 63 63% 101% | Third Aveadi5s... 15 60% 60 GO 98 | To) Tr L&P 5%s 30. 7 1001 100 100 84% | lgter & Del 1 G5% 55% " B5% 95 | Unton Pac 1 5 94% 94 94 99% | ynjon Pac 1st 8 8T% 8T% 87% 99% | rnion Pacific 4 4 86% 864 86l 94% | virginta Ry 1 1 103% 108% 103% gga VaRy &P 58, 3 99% 99% 99% 98% | Wabash 1st 5; 2 101% 101% 101% 96% | Wabash 24 5. V2 99w o9k 99% 9% Wabash 5% 8 103 102% 108 West Maryland 4s.. 61 81 31 43;‘ Western Md 6% 6 981 981 98% 5% Shore 43 2! 8 86 85 85 sa% Wilks-B&El 1stbs " 2 72 - 12 12 &n eve % 844 68., WisCengnésé9ere L 84K 8iK 8 | 15 16 17 18 1920 21 22 " | Last year bears witness to this fact. FINANCIAL,? GAIN IN RADIO STOCK PRICE DISCUSSED AT BY ROBERT MACK. ‘Who's who in the Radio Corporation of America stock ownership and why of 1921—qnutlom that long have intrigued the publi an- swered to some extent by Col. Manton Davis, vice president and general at- T8 tmagination of the public, elght o pul - ened by the spectacular and rapid de- velopment of radio, is rnpomi le for the extraordinary increase in price of practically every radio stock, Col. Davis told & Senate committee. The rise R. C. A. stock, he said, was as much of a surprise to those inside the corpora- tion as to those on the outside. To have such high values placed on the stock is “embarrassing” to those wi wark for the corporation and have thelr noses to- the dstone endeavoring to make dividends for stockholders. Gives Stockholders’ Names. The names of several brokerage houm of New York and their holdings of R. C. A, stock as of last August were drawn from Col. Davis by members of the committee, but much against: his will. That the General Electric Co, and ‘Westinghouse control the mmt blocks was known and Col. Davis willingly gave to the committee his latest in- formation as to their holdings. Pushed by Senator Wheeler to name other large stockholders, he did so reluctantly. These he cited as follows: Jules F. Bache & Co., 10,373 shares common, 625 shares preferred; Arthur Braun and George C. Moore, New York, trustees under the will of T. H. Gibbon, 8,000 common and 12,600 preferred; H. Content & Co., 31,790 common; Domi= nick & Dominick, 18,138 common and 80 preferred; Hornblower & Weeks, 10,406 1-5 common and 1115-10 pre- ferred, and W. E. Hutton & Co, 13,110 3-5. common. General Electric, he said, owned 248,- 105 shares of common out of the 1,- 555,400 shares outstanding and. 27,080 in | last the R. C. A. re e $15,000,000; numnu bl SENATORS' QUIZ standing. Wentlnchouu held 27,760 shares of the common outstanding and 50,000 of the preferred. Col. Davis sald he gave the figures “under protest,. lest the conclusion of ulenmy in the ownership of the stock be drawn from silence.” Emp] that the statement from wmch he quoted was made in August of last year, he declared, “There is no prob- ability that any part of it is correct today.” Other Statements. Other mummu were that there are 18,000 R. C. A. swckholden nut erating profit of never paid » dlvldend except for the 7 per cent cn its preferred stock, and that the executives and directors of the R. C. A. itself are small stock- nolders. Committee members were r for more information and Col. Davis pro- ceeded, making clear that he was ex- freuhu personal opinions. Because of things peeping out of the radio llbonmflm and constant, sur- pfluu brought to the attention of the ic, he said, it is very asmmn mu.l'. actual radio, production to ' demand. Other developmenh incident to radio, like talking movies that large- 1y came from the radlo laboratory, com- bining talking machines with radio re- ceivers, and mevulon. which, he said, is still within the laboratory, but which | came out too soon, so that people ex- pect too much, have Quickened me! ubllcl mtgreut that is being reflected gl tock market. This develop- ment hls been so fast and so spec- tacular that the public evidently sees a possibility of a repetition of the Ford experience, and other great funda- mmmshwbcre people have made big money, he said. (July Davis agreed with Senator Wat- son of lndilnl that the price of radio stock i1s “a bit psychological.’ He concurred Senator Watson's ob- servation that “the prices have been raised on what radio will do, not on what it is.” preferred out of 395,597 shares out- BY KENNETH S. VAN STRUM. NEW YORK, February 8.—A, rising GENERAL MOTORS REPORT SHOWS GAIN New Stock Placed on $3 Dividend Basis—Profits Statement Given. bond market, which was generally ex- pected once the new year was well rted has not materialized. On' the cantnry bond prices have continued to fall, until at present they are close to the low point reached last August. One explanation is that.the attention of the investing public, even of those conserv- atives who have heretofore - invested 5 m’sely in bonds, has been fixed upon the stock market. Even Lnstlmtkmll bond buyers have preferred to avail memelvel of the higher return oflel‘ed in call loans rather than to purchase long-term bonds. As a result the stock market, wlth plenty of capital at its dis has been rising, ignoring the prices it has had to pay for its credit. The bond market has suffered and all concerned are looking hopefully for relief. Bond Prices Decline. It is now history that early last year the Reserve banks, becoming alarmed at the large sums of credit be used for stock market speculation, ' began to tighten crgdit conditions. They raised . | rediscount "rates and threw $400,000,000 e the | the worth of Government securities on market in order to make it more diffi- cult for member banks to borrow. Immediately the bmnd rise in bond prices which had been on with only minor Inurrupfions ce 1923 came to a halt and gradually the. trend was reversed. The tighter credit con- ditjons and the dumping of Governpent BOND h PRICES ,.mw M, BOND w1y, PRICES ... .-vr,' : \ hanae'| i ".' i 11 I 1 | | 1 23 24 25 26 27 28 29 securities . naturally affected Govern- ment, municipal nnd other highest grade bonds first, but the reaction soon extended to all sections of the list. Temporary Recovery. ‘Toward Midsummer the demand for funds to finance Fall expansion of trade made it necessary for nu e banks to hold-up their covernmenv. secyrities and to take steps to meet the legitimate Fall needs of trade, The Re- serve banks even found it desirable to purchase Government securities, all of whith, combined with the fact that much institutional bu; of bonds had been held up about as long as practi- cable led to a moderate recovery in bond prices. Beginning in late November and De- ‘;mw!y $176,000, cember, however, sneru credit wnd!— to tl:h n even further, and bond gradually. About the middle ol .hnunry the Reserve banks began once ‘more to sell Govern- men securitles, with the result that bonds are now selling almost as low as &t any time for the past two years. Bonds and Money Rates. ‘The future trend of borid prices de- pends to & very great extent upon fu- ture credit conditions. When money rates fall, bond Etn money rates continue at their present prices cannot be expected to rise. rates and bond prices is shown on the chart. Time money, representing loans for a definite period against securities, not so erratic as call money or as stable as commercial paper rates. Time money rates have shown a consistent dumytamovfln the opposite.direc- MXA uhthloi: xpected, I time trend mi 2 long- e trei of bond prices is determined by the growth in savings of the lation to the demand for will rise, but if | 3338 Mt high lead, or work even higher, bond |4 4 The relationship between time money ] ple in re~ Ath By the Associated Press. NEW YORK, February 8.—New $10 par common stock of the General Mo- tors Corporation, issued after the 2}z« for-1 stock split-up last December, has been placed on an annual dividend basis of $3 through the declaration of an initial quarterly dividend of 76 cenu. The “old stock -pald $5 annually, wif occasional extras. Plerre S. du Pont's resignation as chairman of the board of directors was accepted, but he will continue as a member of the board and of the finance committee, Lammont du Pont, presi- dent of the E. I. du Pont de Nemours Co., which has a large stock interest in General Motors, was elected chairman of the board. No announcement was made as to whether John J. Raskob, who resigned as chairman of the finance committee to accept the chairmanship of the Dem- ocratic national committee last Sum- mer, would return u:h:n active post in otors Corpora- tion sales and earmings for 1928 estab- lished new records for the fourth con- secutive The corporation’s sales, axcludlng all intercompany items, toe taled $1,459,762,906, an increase of 15 T cent. ve the previous. year. Pre- iminary res indicate that net earn- ings, including equities in the undi- vided profits of subsidiary corporations not _consolidated, * were $276,468, 10& which compares wflh $2 Sle the pncedl.n( year, a gain of 17.6 por Th!s is equivalent, after the payment of dividends on prelerred and deben- ture stock, to $15.35 a share on the common_stock outstanding on Decem- ber 31, 1928, immediately prior to the exchnnn of old $15 par stock for the new $10 par, and compares with $12.99 per share on the common stock in 1927, calculated on a com) ‘The amount earned on the common stock in 1928 is equivalent to $6.14 per share on the new common stock of $10 par value, of which there are now 43,500,000 shares outstanding. Mr. Sloan stated that sales and earn- ings in the closing months of 1928 did not fully reflect the demand for the corporation’s * products, because ship- ¥ 16 Public Utilities Special Dispatch to The Star. NEW YORK, February 8.—A new issue of 100,000 shares of Empire Public Service Corporation “A” common stock is bel marketed by Yeager, Young & Pierson, Inc.; ie, Simons & Co., lnc lnd Vought & Co., Inc,, at $25 per shary '-pymprhtlon of sn"mooo by lhe Buffalo, Niagara & Eastern Po r- poration has been made for new con= struction work during 1929. New con- struction work in the Niagara district alone will require um 140. CHAIN STOBE SALES. NEW YORK, February l (m .—Jan- sales of 24 chain s systems totaled $74, m 746, ml.mt m 57: 194 in .Yanulry 928, an increase of 22.7 wa'wly Stores, with sales ol slzmm against $6,903,237, re- & gain of 86 per cent, and Amer- Department Stores’ sales increased. totaling $1,517,167, com- 9,854 in Janu 192 X perme'egc. 78 Money for First Mortgages Ample funds are here for loans on first mort- gages on approved building propositions, or for refinancing. We will be very prompt in our consid- eration and report. anm Rate B.F. SAUL CO. Main 2100—925 15th St. of Interest Investment-wise People Choose Guaranty First Mortgages $1000 16 e h“‘&"%fi recommend anty Pl )lorauu e are Faaranteed * protection " o o ‘el Tacipal an mmm. they may ‘on_convenle Faont yumnu. Denominations from $250 6% £6% MORTGAGE & GUARANTY CoRPORATION Capital Resources § 3,400,000 24 JACKSON PLACE Throw a Safeguard Around Your Estate ments of the new Chevrolet, Pon'.hc and Olds models were limited by pro- duction. The first quarter of mo, ha explained, likewise will suffer from in- ability to fill accumulated orders. The corporation’s cash position con- tinues |tmn|. current mannnd ‘market- a , com] $170,000,000 on this date I e PATENT SUIT SETTLED. NEW YORK, February 8 (#)—A pat- ent infringement suit, which has been hanging fire in the courts for four years, has been settled out of court by the Gotham Silk Hoslery Co, New York, which brought the action, and the Cadet Knitting Co. Philadelphia. The suit involved patents covering man- ufacture - of pointed . heel stockings. william M. Pepper, president of c-det signed an agreement holding the pat- ents valid and a regular retall mill license to operate under the patents, which: return the Gotham Co. $1,000,~ 000 yearly in license revenues. . PARIS BOURSE PRICES. PARIS, February 8 (4).—Prices moved irregularly on the Bourse today. Three per cent rentes, 71 francs 75 centimes. Five per cent loan, 97 francs 25 centimes. Exchange on London, 124 francs 33 centimes. The dollar was quoted at 25 francs 58% centimes. . SILVER QUOTATIONS. NEW YORK, February 8 (#).—Bar silver, 56%; Mexican dollars, 42%. . TREASURY CERTIFICATES. (llemr!d { J & W. Seligman & Co.) Sate Maturity Bid. er. T 9259 90313 99 9 100 100 3-32 9922-32 '9925-33 o FOREIGN EXCHANGE. (Quotations furnished by W. B, Hibbs & Co. Nominal gold Selling checks value (fl‘l by business for expansion. “Buc short- | Madri term monzy nu- ha effects upon me trend of Future of Bond Prices. ' M far as ‘:lu mlmedl.d'Aummture o‘t d. prices is congern: wever, -mn-meukmcum “ Reserve banks to curtail further ers’ lum and as long A4 mchayizs nh mln high, bond prices cannot:. rise. far. it as.soon as credit oondkluons ease, althnr through stock R Reserve day banks; again be ex- and prices may pected ise. It is commonly believed that many-potential bond buyers have ; e B had their funds tied in {market either in afl% and that '-hev will -nln turh to bonds once stock liquidation takes place. At any nh. the nhdon between time money rates and bon prml red mains. As long as ey at 7! emt. u«, 0 will not rise, soon as money ratu begin to ease r! ing prices for bonds may be expected. - {Qopxz 18200 A —All your efforts to ac- cumulate an estate to pro- tect loved ones will go for naught unless you throw a safeguard around it— you can leave it to cur experienced judgment by naming The Liberty National Bank to act in Executorships Trusteeships and Other Trusts ‘The same intelligent care we exercise in the invest- ment of mn' own funds would apply to me invest- ment of your fun LIBERTY NATIONAL BANK Fifteenth and Eye Sts. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Checques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00