Evening Star Newspaper, February 13, 1929, Page 11

FIN Investments JAMES Y, PENNEBAKER Main 5328 1520 K St. N.W. We Will Purce SECOND TRUST NOTES _ Secured on Improved D. C. Property Prompt Action UNION FINANCE CO. 834 Woodward Bldg. Main 8838 Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. LOANS Let us have your applications for LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itsclf. Percy H. Russell Co. 1731 K St. N.W. % NOTES Secured by First Mortgages | Safe—Conservative 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’ perience in finanecing homes and in the sale of these se- curities. 1433 K LEHMAN'S TIRE SHOP 12th&KNW. Mo 77777770 T LT 7 Z T 122 TP T T A 7777 Money To Loan On 2nd and 3rd Trust and for Home Improvements Quick Action No Red Tape D. C. Property Only + Apply Penn Improvement Co. Inc. 911 7th Street N.W. Main 512 K N N \ N N N § N N N N N \ First Mortgag and - |Construction Loan Applications Invited at 5%% Glover Q Flather 1508 H St. N.W. Main 1753 is the tone of voice in Printed Advertising. It will speak for you appro- priately and eloquently at The Service Shop « « « « Byrox S. ADAMS Printing That Achieves MAIN 312 Fleventh 8203 3 'AAAAAA, | figures of 1928. ANCIAT. THE EVENING STAR, WASHINGTON, D. O, WEDNESDAY, FEBRUARY 13,” 192%. | CONVERTIBLE BOND ISSUES ARE AGTIVE Market Responds to Early Buoyancy in Stocks—Soft Spots Apparent. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 13.—Trading in bonds was speeded up today by the early buoyancy in stocks, with the ac- tivity and interest confined during the first part of the session to convertible issues. during last week’s slump in stocks. To- day they had an equally strong rally. American International 5':s, which had | dropped recently to 105, were up a point to above 108. International Telephone :8, from their low price of 11315, were back to 117, compared with their high |of the year of 120. Anaconda Copper 7s opened 5'; points higher and in- creased their gain to 6 points and then lost half of this, with the other con- vertibles also reacting 1 to 1'> points. With a smaller volume of transactions such convertibles as Alleghany Corpor- ation 5s, Colon Oil 6s, Abraham & Straus 525 and International Cement 5s rose from 13 to 215 points. In the speculative rails a rise of a point in St. Paul adjustments and of 115 points in Minneapolis and St. Louis refunding 45 were outstanding features, A number of weak spots developed in today’s market. Hudson Coal 5s broke below 80 to a new low price. Cer- tainteed Products 5!,s declined 214 points, also to a new low. Cuba Cane Sugar 7s and 8s were off 1 to 34 points, but still substantially above the bottom International Paper 6s were heavy. The renewal rate of 715 per cent for money and expectation of stiffer rates | in various forms of commercial paper | caused some liquidation in high-grade bonds. The United States Government list rallied very little from its low level of Monday. It is significant that near- ly all of the short-term Treasury cer- tificates are selling around a 415 per cent basis. The March 15 certificates, which will soon have to be refunded, bear coupons of 333 and 37; per cent. Obviously the rate on new issues must be higher than this in order to attract institutional buyers. The foreign market was preparing for the issue of Rumanian bonds to- morrow which will be the test of the demand for a bond of this rating. French bonds were higher, as were fome of the Italians and Japanese descrip- tions, with reactions among the South Americans and in Germans. Washington Stock Exchange SALES. Wash. Gas 6s “A"—$1,000 at 1043, $1,000 at 1043 Wash. Gas 6s '—200 at 10415, 400 at 104, 500 at 104, 100 at 104, 200 at 104, 300 at 104. Cap. Tract. Co.—10 at 106'5, 25 at 10612, 50 at 1061, 15 at 106%, 10 Pot. Elec. 6% pfd.—10 at 114, 2 at 114, 1 at 114. Pot. Elec. 5155 pfd—6 at 109%, 5 at 1093, 3 at 1093, 5 at 10915, Wash. R. & E. pfd.—10 at 993, 100 at 997%. Riggs National Bank—§ at 578, 2 at 578. Merch. Bk & Tr. Co.—10 at 15315, Wash. Loan & Tr, Co—2 at 525, 1 at 527. Merch. Tfr. & Stge. com.—5 at 1271 5 at 128. Merch. Tfr. & Stge. pfd.—10 at 1091}, Mergenthaler Linotype—10 at 10415, 5 at 10414, 10 at 104, 10 at 10375. AFTER CALL. Pot. Elec. 6s 1953—$2,000 at 109, Bank of Bethesda—10 at 78, 10 at 77%, 10 at 78, 10 at 79, 10 at 79, 10 at 80, 10 at 85. Wash. Gas 55—$1,000 at 101, Mergenthaler Linotype—9 at 104%. UNLISTED DEPT. Cosmos Club 425,5—$500 at 90. Park Savings Bk—5 at 81, 10 at 82, 10 at 8213, 10 at 83. Correction.—The sale reported on sheet Monday of Capital Traction Co., 10 at 1063, should read 15 at 10612, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. Amer, Tel. 5_}:}: C. & P. Tel. of Va. 55 Capital Traction R. R. City & Suburban Georgetown Gas 1 Potomac Elec. lst b Potomac STOCKS. PUBLIC UTILITY. Commercial Distri TRUST COMPANIES. American Security & Trust Co. Continental Trus : Merchants’ Benk . Natione] Savings Union Trust ............ Washington Loan & Trusi. SAVINGS BANK. Bank of Bethesda. omac .. A Becurity Savings' & Com Beventh_Street United States Washington FIRE INSURANCE. American . 4 Corcoran Fireme; n's National Uhion TITLE INSURANCE. Columbla Title Real Estate Titl Title & Inv. Co. Wash. Cons. Title pid. MISCELLANEOUS, Barher & Ross. Inc., com. Cheyy Chase Dairy pfd. Chestnut Farms Dairy ¢ Chestnut_rarms Dairy pid. Col. Sand & Gravel pid. .. Commercial Natl. Co. pid D. C. Paper Mfg. pfd. Dist. Natl. Securities Federal Storage pfd.. Federal-American Co. com. Federal-American pfd e ns, & Stor. Mergeithaler ‘Linotype . Natl. Mtge. & Inv. pfd Peoples Lrug Stores pf Security ~ Storage. Ter. Ref. & Whrs. Cori Cony. Hall pfd. Co Woodward & Lothrop pfd. Goodyear Stock Rights. NEW YORK, February 13 (#). Stockholders of the Goodyear Tir Rubber Co. ere offered rights to sub- scribe to additional common stock at $80 a share in_ratio of 3 shares for each 10 - held. Rights are worth about $14 at Monday's closing price of $128. All convertibles had a sharp decline | + Dodge 6s. .. W YORK Received by UNITED STATES. (Snise are to $1 000.) Lib3%s.... Lib1st4%s 76 14 174 32 130 2 10410 FOREIGN. Sales. Argentine 5s. Argentine 63 Ju Argentine May "61. Argentine 6s Oct 59 Argentine 5%, Argentine 6s A. Argentine 6s B. 10 13 100! Bank of Chile 6%s, 3unk of Chile 6% 8. Belgium 6s. Belgium 6148, Belgium 7s 19 Belgium 78 1956 Belglum 7143, Belgium 8 Bolivia Ts.. Bolivia 8s. Bordeaux 6s. Brazil 6145 1926 Brazil 6%s 1927 Brazil Is, Braz| 8s Bremen S Caunada 63 1931, Canada 58 1952. ... Canada 51651929, 11 21 35 2 15 99 107 100! 105, 100 Colombla 6s Jan' Con Pow Japan 7s. Copenhagen 43 5; Copenhagen §s ct. . Cuba 6%S......... Czecho 85 1951, Czecho 8s 1952 Danish Munic $s A, Danish Munic 8s B. Denmark 4%, Denmark 6s. Dutch Bast 16847, 2 Dutch East I 6s 62.. El Salvador 848, Fiat 7s war 46 Fiat 7s x war ,46 Finland 63%s Finland s f 6 Finland 7s.... Framerican 73%s. . French 7s. .. . 152 French 73s. . 4l German EI P 61s.. 11 German 7s.........105 Ger Am Bank 7 5 Ger Gen Elec 7. 14 Haiti 6s. .. 11 Hungary 7% o Irish Free State 5. 10 ftaly 7s....... 57 Italian Pub 8 7s.... 11 Japanese 4s Japanese 6% Lyon 6s. . Marseille 6: . Mexico 4s 04 asntd. Milan 63s. . Montevideo 7: Netherlands 6s 54. Netherlands 6s 72.. New So Wales 58s.. Nord 634s..... Norway 5s 1963, Norway 5145...... Norway 651943, Norway 65 1944. Norway 615 195 Orlent Dev 5%s '57. is-Ly-Med 6s... Ly-Med 7s. .. Paris Orleans 5% s. Peru 667 w1, 101 100 Poland 7s (rets) Poland 8s..... Porto Alegre 8s. Prague 73s. Queenstand 6s. Queensland 7s. Rhinelbe Un 7. RhineWst EP 65’52 RhineWst EP 6s'53 Rbine\st EP 7s'50 Rio de Janeiro 6%s Rio de Jan 8s 1946. . 1io Gr Do Sul 8s... Rome 63s.. 3 San Paulo City 8 Suo Paulo 85 193 Sao Paulo 1950 Saxon (PW) 7 Seine is 42.... Serbs Cr Slav 7s Serbs Crot Slo 8s... 1 Shinyetsu 63%s 52.., Sweden 6s. Swiss 5%s Tokio 5%5 1961. Utd Kingm 5%s8 29, 5 Utd Kingm 5%s 37, 83 Utd SteamCopen 6s 7 Uruguay 8s 3 Vienna 6s 52, . 24 Yokohama 6s wi... 15 Ajax Rubber 85. Alleghany cv 5s AmaAgriChem 7%s. Am Beet Sug 6535, Am Chain 6s'33. ... Am Cotton Ofl 58... 2 98 Am Int Cor 5%s '49 412 108! 7 104 4 105 An Smit & R 1st 63, Am Sugar Ref és. 28 101 19 104 Am Tel & Tel 558, Am Water Wks 5s. Am Wrtg Pap 6s'47 Anaconda 1st 6s..., 101 105 Armour&Co4%s39 10 92 Armour Del 6%s. Assoctated Oil 6s. Atl Gulf S 5s. Atlantic Refin 5s. Barnsdl 6s w o war. Bell Tel Pa6s B Bell Tel Pa 5s C. Bethlehm Stl pm bs Beth Steel rf 5s. Beth Steel 5%s 53 Bethlehem Steel 6 Bush Term Bldg 5s. Certaln-Td5%srcts Chile Copper bs Colon Oil 6s '38. ol Gas&El deb 5s. Con Coal Md 1st 5s. ConGasN Y 5% Cuba Canecv 7s Cuba Cane 8s. Cuban Am Sug §: DatroitEdison5s40. Detroit Edison 6s. 41 103 42 105 40 100 .11 78 it ‘3 101 1 102 54 102 2 100! 11 100 Donner Steel Dugquesne 4%4s 67 East Cuba Sug T%s 1 Fisk Rubber 8s. 10 113 Gen Asphalt 6s 36 2 Gen Cable 548’47, 8 Gen Mot Ac Cor 6s. Goodrich 6% Goodyear 58 ret Humble Oil 5s. Humble O & R 5%s. [llinois Bell 1st 6s., . lilinois Steel 4%s. . Inland Stl 4387 Intl Cement b8 48 Intl Match bs 47 Int Mer Marine 6: Int Paper 5347, Inter Paper 6s. Int Tel&Teleg 4%s. Int Tel&Tel 4%scv KanCity P& L bs. . Kan G & E 63 52 Kelly-Spring Lackawanna Stl 5 Laclede 5s. . Laclede G 618 52 Ligget&Myers5sb Liggett & Myers 7s Loew’s Inc 6s. . Loew's 6s w o war. Lorillard 6s.. Lorillard §%s. , . Loriliard (1) 99 52 101 1 93 3 95 93 2 5 103 3 1051 3101 17 100! 23 104 7101 4 110 2 92 22 100 100% 100 96, 100% 100% 100% 8% 95k 95k% 95 102% 102 97 100% 106% 106% 108% 1081 100% 96 96 5 100 100% 312 103% 108% 112% 935 106% 9% 1001 MISCELLANEOUS. Abram&Straus 5%4e 28 11415 113 317 104% 104 3 89% 2 974 % Y% Am NatGas 6%s'42 13 91% 14 104% 36 991 29 104 Anaconda ev db 7s. 120 209% 11 100% 3 102% 1 102% 9 721 26 105% 1 1077% 92 107 41103 58 10014 17 104% 10414 17 97, 92 115 25 9% 11 100 13 95 4110 32 1201 24 11y Private Wire Direct to The Star Ofice Sal Louisv G & E 5552, ManatiSug st T3%4s. Midvale Steel bs. Mont Pow 5s 43. Mont Power deb b Mor's&Co 15t 4%s. Nat Dairy 5%s. Nat Radiator 6%s. NewEnglandTel b: N Y Edison b8 44 N'Y Edison 6%s NYGELH&P 'N Y Tel 4%s.. N ¥ Tel 63 41. N Y Tel 65 49. North Am Edis 5s. ., No Am Ed 5%s'63. Nor Ohio Tr & L 6s. Nor States Pow bs. Nor States Pow 6s. Pacific Gas & ElI 5s. PacT & T 1st 5s.. PacT & T bs 52. Pan-Amer Pete 6s. Paramount 6s 1947, Phila Co 58 67 w1.. Phila&ReadC&I 5s. Philips Petro 514s.. Por Riec Am Tob 6s. Postal Tel & C 5% Pressd Steel Car 5s Public Service 4%4s RemingtonAr 6s 32, Rem Rnd §%s war., Sinclatr OIl 6 103 100 100 102 100 87% 985 0410 % 92 % 100 % 100 1 11 45 10 1 12 5 10 964 1004 1011 101 103% 101 1054 101 102 105 102% 5 100 98%, 87 944y W 97 o 106% 100 944% 99% 10012 103 i % %s Sin Pipe Line 6s... Skelly O11 5%s So Por Rico Sug 78, Southwest Bell 5s. . Stand 01l N J 5= 46, 2 Stand O N Y 435, SugarkstOrienteis. Tenn Copper 6s'41. TennElecPow 65 47 Transcontl Ol 6%s United Drug 55 53.. US Rub Istrf5s... US Rub 7%4s.. USSteelsfbs.... Utah Pow & Lt 58. . Utilities Powr 5% Vertientes Sug 7s. Walworth 65 '45. .. Walworth 6145 '35 Warner Sug 7s 41.. West Elec5s...... Westn Union s 51, Westn Union 6%3 ' | Westinghouse 5s. Willys-Ov 6% 33.. Wilson & Co 15t 65, WinRepeatAr 135, 3 107% Yngstn S&T 55 wi. 11 100% RAILROAD. Atchison adj 4s. 3 86 Atchison gen 4 2 AtlanticC Lci4s.. 1 AtlanticC L 4%s6¢ 1 Atl & Dan 2d 45 48.. B&OGold 4s... 109% - 109% 109% 110 8914 1037% 103% 103% 110 162% 98le 94 9215 97 106 103 102% 109% 104% 101% 103 4 103% 110 162% 9814 100 1047 108% 112 9314 106% 974 101 99% 100% 964 97% 935 4 92 101 1004 100% 24% BO% 102% 100% 4 106% 9349 103% 968 99% 102% 102% 103 88Y% 100t 104% 4 B & O Toledo 4s, Bang & Aroos 4s 51 Boston & Maine 5s. 20 Brdway&7th Av5s. 7 Brooklyn Elec 64s 153 Brookiyn Elev 6148 25 Bklyn Mannat 6s... 45 Bklyn Un El 58 '50. Bklyn Un El 6s sta. Bush Term con 5s. Can Nat 4%s 30 Can Pac 4%s 46. Car Clinch&O 6s 52. Central Pacific 4s.. 3 Cent Pac 1st 5s 90.. 34 Chesa Corp 5s w1.. 35 Cnes& Ocvi%s Ches & O gn 4%s Chi & Alt 3%s ct CB&Q4%sT1B.. CB&QIlI3%s. CB&QIldivds.., 7 Chi&E 111 gn 6s 61.. 14 Chi Gt West 4559, CM&StPgnsd Chi M&SIP 4%s E. " 51 ChiMIISP&Pacbsis. ST CMSP&Pacadjbs03.163 Chi & NW gen 4s, 10 2 Chi Rys 5s. Chi R1& P gn Chi R1&Prf4s CRI1Pac4k%sw ChiStPM&O 65 '30 ChiTH&SESs Chi Un Sta 43%s. Chi Unlon Sta 5s... Chi Unfon Sta 5s 4 Chi& W Ind cn 4 C& W 15%n62. CCC&StL5sD... CCC& StLsf6sA. Colo & Sou 4143, Cuba R R 7%s. Cuba Nor 5% cti Del & Hud 1st rf 45. Del & Hud 5%5. Den & Rio Gen 4 | D Rio G West bs. .. DRG& Wst 5s'78 Des M & FtD 4s cfs Det United 4%s. Erie 1st cons 4 Erie Gen 4s Erleconv4s A.. Erie conv 4s B. Erlecvt 5367 w Fla East C5874... Fonda J&G 4%8'52. Gr Trunk stdb 6s. . Grand Trunk 7s. Gt Nor 4143 76 D. GrtNorthn 4%s K Great North 5% Great Nor gen Hav El Ry 5%s 51 Hud & Man a) 5s... Hud & Man ref 6s.. 111 Cent ret 4s. 111 Cent 4%s 66 111 Central rf 58 55. 111 Cent Chi 4%s 111-C-C-StL&NO ‘| Int Raptd Tran & 103% 100% 874 104 101 100 9514 1024 8% 9214 104% 1 109% 98% s 88 9974 114% 103 104 105 108 105 e e nmD BB BRI S~ Seaare Int&GtNor adj 6s 52 Kan City Ft S 4s Kansas City S 3s. Kansas City 8 §s. | Kan City Term 4s. Lake Shore 4s 31... Lehigh Val 5s 2003. Louis&Nash uni 4s. Louis & Nash 5%s. Louis & Nash 78 Man Ry 1st 45 90. Market St 75.40. Mich Cen deb 4s 2. Mill El Ry&Lt 4%s Mil 11 Ry & L 63 61 Minn & StL ref 4s.. M St P&SSM cn 4s. MStP&SSM5s38gtd M StP & SSM 6%s. MK&T 1st 48 MK&T4sB... Mo Kan&T 4%s Ser Ve Y - Rua-nacanZasmenen % 100Y; 99 92 113% 106 99 102% 1071 924 9974 M 10145 9 o Mo Pac 58 A 65 68 F 17 Mo Mo Pacific 65 G " Nas: El 4s 61, NatRyofMex 48 77. New Or Term ¢s NO Tex & M 6s B. o =23 97 Ya 2 NYCentrfbs N Y Cent deb 6 NYC & StL deb 4 NY C&StL 4%s C. NYChi&StL 6%sA. NYChI&StL 6%s B. NYC&StL6sA.. New Haven 3%s 66. New Haven 48 55. .. NY NH&H ab 48 57, NYNH&H4%s.. NY NH&H cvdb és P e L L LT Tereyey Th T Y by % 88 110 103 100 99Y 102 99% 87% 95% 82 106 104% 113% 107 998 106% 110% 101% 100% 103% 100% 105% 101 97 106 102% 102% 109% 104% 10 102 107% 100'%% 86 91% 490 66 91 98Y% 100% 100% 87 103% 101 100 9514 102'% 8% 9245 104% To% 37%4 1054% 112l 9374 93% 107 110% 947% 105% 102 663% 904 9914 9815 100% 28 [orren wex_ BONDS o i) es. High, Low. Close. 103 100 99% 102 99% 8% 95% 82 106 104% 114 107 99% 106% e 1 101% 1007 103% 101 105% 101 100% 86 913 90 102'% 881 9214 1044 0% 96% 9l 30 9% 84 374 | 106% 112% 91 111% 61% 104% 67 50%. JARINE PRODUCTS INLIVELY DEMAND Beginning of Lenten Season Brings Business to D. C. Market. ‘Today being Ash Wednesday, first day of the Lenten season, marine products were in greater demand at Municipal Fish Market. Dealers had ample sup- | Plies of fish to offer the retail trade this morning, not many of them from Potomac River netters. Yellow perch, | carp and catfish were the principal | fish from the Potomac. Oysters continue scarce and higher than earlier in the season, although dealers had ample supplies to meet demands. They also had crab meat, | lobsters and shrimp. There were plenty ifrozen fish from the North and West, and fairly heavy receipts of fresh fish from Florida to offer the retail trade. An increased demand for eggs also was reported. Receipts the past few days have been somewhat heavier, ac- cording to dealers, but prices have not | changed. It is believed, however, that slightly heavier receipts will result in decreased prices. On account of the continued cold | weather wholesale dealers in fruits and vegetables this morning were unable to make outside attractive displays, and care had to be taken to prevent freez- ing of the more tender varieties. A fairly good demand for poultry was reported this morning, while the meat market continued slow and draggy. Prices of most commodities this morn- ing were the same as prices quoted yesterday. . Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 5072a51; tub, 50a501%; store packed, 30a35. Eggs—Hennery, 40a42; fresh selected, 38a40; current receipts, 37a38; storage, 30a32. Poultry, alive-—Turkeys, 35a36; Spring chickens, 35236; Leghorns, 30; fowls, 29 a30; roosters, 19a20; ducks, 25; geese, 20; keats, yourg, 56a60; old, 30. Dressed—Turkeys, 40a45; Spring chick- ens, 38a40; Leghorns, 30a32; fowls, 35; capons, large, 45a46; small, 36a40; ducks, 32a33; geese, 25a30; keats, 80a 1.00. Meats, fresh killed—Beef, 18a24; veal, 25a27; lamb, 26a29:; pork loins, 23a25; fresh hams, 23a24; fresh shoulders, 15a 16; smoked hams, 25a26; smoked shoulders, 16; bacon, 20a22; lard, in tins, 13a1312; in packages, 14a14! 14Ll\'e stock—Calves, 16; lambs, 1 3. 14a 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 light; demand light, market dull; barrels, too few sales re- ported to quote; ~boxes, Washington, medium to large size, extra fancy, De- licious, 3.2523.50; Staymans, 2.50a2.75; Romes, 2.25a2.50; bushel baskets, Penn- sylvania and Virginia, U. S. No. 1, 2% inches up, Black Twigs, 1.65; few high- er; Virginia, unclassified, 2'2 inches up, Black Twigs, 1.35a1.50. Cabbage—New stock, supplies liberal; demand moderate, market firm; Florida, 115-bushel hampers, pointed type, most- ly 1.50; old stock, New York, sacked, per hundredweight, Danish type, 2.50a2.75, mostly 2.50. Celery—Supplies moderate; demand i light, market stéady; Florida, 10-inch grzsstes, 3-4 dozen, 2.50a3.00; 6 dozen, Lettuce—Western, supplies moderate; demand light, market steady; Califor- nia, crates, Iceberg type, 5 dozen, 3.50a 3.75; 4 dozen, few sales, 4.00a4.25. Onions—Supplies light; demand light, market steady; Michigan and Ohio, 100. pound sacks, yellows, United States No. 1, medium to large size, 5.7526.00; Hol- La‘r’:éi 110-pound sacks, yellows, No. 1,! - i Potatoes—Supplies moderate; demand | light, market about steady; New York, 150-pound sacks, round whites, U. S. No. 1, 2.25a2.35; Michigan, 150-pound sacks, Russet Rurals, U. 8. No. 1, 2.25a 2.35; Pennsylvania, 150-pound sacks, | round whites, U. S. No. 1, 2.10a2.25. Spinach—Supplies moderate; demand light, market firm; Texas, bushel bask- ets, Savoy type, 100al1.15; few higher; few low as 80. ‘Tomatoes—Supplies light; demand light, market steady; originals, Florida, sixes, ripes and turning wrapped, fancy count, 4.50; fair quality and condition; fancy count, 3.00a3.50; choice count, 2.0082.50; poorer, both sizes low as 50. Peppers—Supplies light; demand light, market dull; Florida, pepper crates, fancy white, 4.50a5.00. Cucumbers—Supplies very light; too few sales reported to quote. Strawberry—Supplies light; demand| light, market dull; Florida, pony refrig- | erators, various varieties, and 32-quart crates, mostly 50 per quart. Caulifiower—Supplies moderate: de- ! mand light, market steady; Colifornia, ! ponlyzgntcs, 1.50a1.75; fair quality low | as 1.25, —_— - = | . High. Low. Close. 81% 81 8L 9k V0% 90% 65'% 65% 651 88% 88%, 108% 10384 112% 112% 99 99 104 104 864 101 08% NYW&B4%s. Norfolk & W cn 4s. Nor Pac 3s 2047, Northern Pacific Northern Pac 5s D. Northern Pacr16s. Ore Short Lirfs 4s. Ore Short L cn 5 Ore Wash 1st 4 Pennsyl con 4%s Pennsyl gen 4}4s.. Penna RR 4%s'63. Pennsyl gen 5s. Pennsyl 5s 64 Pennsyl 6%s. Pennsyl gold 7 Pere Mar 1st 4s 56 Philippine RR 4s PCC&StL6sA.. Portland El P L 6s. Port R L & P 5s 42 Port RL P 63 47... Read!ng gen 4% 8 A Reading J C 48 51.. Rio G W 1st 4s. Rio G West cl 4 RIArk & L 4%s. St L IM&S 4529 StL IM&S gn b St L IM&S R&G 4s. StL&SFpl4sA. StL&SFr4%sT78. StL&SF prin b8, St LS W con 4s 32, StL & Sown 58 °'62.. StP & KCShL 4%s. Seaboard AL 4s sta. Seab A Liref ds.... SeabAL ad) 58 1949. Seab A L con 6s. SBAIFla6s35 A Sou Pac 48 29 Sou Pag clt 4s. Sou Pacific ref 4s.. Sou Pac 4%s rets.. AR AR NE N~ GNP e SN ae TexArk FS 5%s 50. Tex & Pac 68 B 19‘707 Ulster & Del Ulstr&Del 5 Union Pac ist 48 Union Pac 1st rf 4s. Union Pacific 4s 68, 2 Unlon Pac 4%s 67.. VaRy&P6s..oees Whash 413 78 rets. Wabash 1st 68. Wabash 6876 B. Wabash 2d b8 Wabash 5%s 76, West Maryland 4s . tern Md 6% w Western Pacific 5s, Whoel&LErf 418 Wilks-B & i 1st Wis Cen gn 45 49 BANKING BUSINESS SHOWS GREAT GAIN Controller Pole Discusses In- crease in Volume and Va- riety of Activities. The last two decades have witnessed a remarkable development in the vol- ume and variety of the banking busi- ness, Controller of the Currency John W. Pole told the Ohio bankers at Co- lumbus yesterday in discussing “Pro- fessional Bank Management.” Demands for financial services unheard of by the last generation are now required to be met by banking institutions. The old simple form of banking in which the banker relied almost entirely upon his personal knowledge of his customers is no longer adequate to meet the present- day situation. “‘Modern banking,” said Controller Pole, “is a highly complicated and technical business, and it is exemplified primarily by the city banks which have been compelled to meet the varied financial demands of commerce and industry. It is in these commercial cen- ters that the competition in all lines of business is so keen as to compel the utmost economy in operation and the most efficient management control. Out of the experience of these city banks there has developed in the United States a fairly definite’opinion in financial circles as to what consti- tutes sound banking. This standard of bank mangement has not been theo- retically arrived at by any manner of means. It has grown up through hard knocks until finally the best method has been found to meet a given situa- tion. Features of Modern Banking. “Let us pass briefly in review some of the principal features of modern banking. First let us take the loans and discounts. The old-fashioned char- acter loans have almost disappeared. This does not mean that character is not a valuable asset in the transaction. It simply means we are no longer in the pioneer stage of our civilization. We have reached a stable development where the instrumentalities of credit are ample. Great emphasis now is laid upon adequate credit information and analysis. Nothing is left to chance, guesswork or favoritism, “Now let us look at the business of buying and selling investment securities by banks. This is largely a post-war development. It is well known that the Liberty loan campaigns during the war served to educate the public at large in making small investments in sound securities, The tremendous commercial expansion in this country following the war has been financed in increasing volume through the issuance of invest- ment securities in which the “general public is invited to invest. It is natural that the banks should participate in this development, because their custom- ers turn to them for advice. Not only must they have adequate financial and statistical information with respect to each issue but they must be in a posi- tion to interpret this information and to apply it to the particular transaction in hand. “Turning to the fiduciary operations of the modern bank we find a similar growth and development. For every is- sue of securities for corporate financing, whether in the form of stocks, bonds, debentures or notes, a bank is required to perform some ministerial or fiduciary function. The bank has thus become an essential factor in the procedure of corporate finance and must act as trus- tee of bond and debenture issues and of long-term notes, as fiscal agent, as registrar, as transfer agent, as a par- ticlpant in underwriting syndicates, as depositary under plans of reorganiza- tion, as assignee and receiver, as cus- todian or trustee for investment trusts —in fact, in every fiduciary capacity which may be required by the machin- ery of corporation finance. “The future of the trust business of banks in.the United States would seem to make it one of the most important FINANCIAL.” » T TRACTION MERGERS EXPECTED IN MIDDLE WESTERN FIELD. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, February 13.—Impor- tant consolidations are in prospect among interurban traction concerns in the Middle West, which are likely to change the freight map of the country from the Alleghenies to the Mississippi River and from Northern Michigan to the Ohio River waterway. The interurban lines, which comprise some 5,000 miles of track, are a major factor in this territory. The consolida- tion of lines has brought this abeut to some extent, but it has also been due to interchange of freight between the trac- tions and also with the steam carriers. A tremendous business has been de- veloped. Surveys have already been made for construction of about 40 miles of in- terurban line from Crawfordsville, Ind., and Danville, Ill. When this is con- structed it will be possible to ship by interurban freight from Indianapolis, Pittsburgh, Cleveland, Toledo, Detroit, Columbus, Cincinnati, Louisville - and other Midwestern cities to St. Louis and from the territory tributary to the latter point to the centers lying to the East and North. This traffic is expected to be of special significance to Indianapo- Iis, since that is a big. interurban dis- tributing center. Competition Keen. The building of another short link will connect Chicago and Detroit. In- diana, Western Pennsylvania, Ohio, Tilinois, Lower Michigan and Wisconsin, Eastern Missouri and Northern Ken- tucky are gridironed with Interurban properties, which are enjoying a con- stantly increased freight business. Not only has much cut-throat com- } petition between the interurbatn rates H been eliminated but more satisfactory : arrangements have been reached with | the steam carriers. Working arrange- ments also have been completed with- many truck lines. H Freight-hauling electric lines in many cases have established their own store | door and house-to-house delivery sys- tems by means of trucks and some also | have arrangements for carrying on this service with independent truck owners. Truck competition is not regarded seri- ously since it has distinct limitations as to route lengths. The electric roads have established freight houses and auxiliary receiving stations at convenient locations which will insure prompt and economical handling of merchandise and produce. ‘The schedules of the fast freight trains, some of which are run under distinctive names, are as severe as passenger trains. Freight houses are kept open 24 hours a day. 400-Mile Stretches. Through cars now frequently are run without transfer for a distance of 400 miles, often passing over the tracks of five or six separate interurban com- panies. Small shipments are carried in baggage compartments of passenger cars as “dispatch freight” at a rate somewhat higher than the regular freight charges. phases of banking business. On the other hand, its proper administration makes it absolutely necessary that the bank equip itself with the most ad- vanced facilities for discharging these fiduciary responsibilities and obliga- tions. “The impressive growth of trust serv- ice in the banking field is illustrated by considering the expansion in recent years of the fiduciary activities of banks in the national banking system. During 1928 these banks were administering 63,776 trusts, with individual trust assets aggregating more than $3,000,000,000 and were acting as trustees for bond and note issues totaling close to $8,000,- 000,000. “Compared with the year 1926, these figures represent an increase of 47 per cent in the number of national banks administering trusts; an increase of 145 per cent in the number of trusts being administered; an increase of 257 per cent in the volume of assets of indivi- dual trusts, while the bond and note issues outstanding for which these banks are acting as trustees aggregate in amount four times that in 1926. Savings Department. “There is another phase of banking which has made remarkable strides within the last few years and that is the savings department. The great in- crease in individual wealth affecting every class of our population has put before the banks of the country a po- Suite 303-307 Invest Your Surplus Funds in Our 6% First Trust Notes (Denominations of $250-and up) Secured on income-producing properties in the District of Columbia and nearby Maryland. Interest and Principal Guaranteed ‘District National Securities Corp. Telephone Main 2994 District National Bank Building tential opportunity to build up a large savings business. Here again the bank must know how to cultivate habits of thrift in its community and to carry on extensively an intelligent campaign for savings deposits. That this is be- ing done is evidenced by the remarkable increase in the aggregate total in the savings deposits in the country year by year. “While the need for a higher training is increasingly demanded for making commercial loans wupon the proper credit basis it is in the newer fields of banking—the trust business and the se- curities business—where technical train- ing and specialized experience are em- phatically the essential requirements for success. It is in these two fields that there is likely to be the greatest future expansion in banking and those banks will maintain the largest growth which equip themselves technically to meet this opportunity. It would be worse than useless for a bank to em- bark upon them with an amateur mans-\ agement,” Controller Pole asserted. o SILVER QUOTATIONS. NEW_YORK, February 13 (#)—Bar : 56; Mexican dollars, 42 3 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J, Fisher & Company, Inec. ! Kansas City Life Insurance Company Home Office-3520 Broadway Condensed Statement—December 31, 1928 RESOURCES First Mortgage Real Estate Loans Real Estate Owned (Including Home Office).. Loans to Policyholders Bonds ... Loans Secured by Collateral.. Cash and Certificates of Depesit.. Accrued Interest on Investments.. Market Value of Bonds in Excess of Book Value.. Net Premiums in Course of Collection and Deferred. i Less Credits Thereon . Admitted Resource: Legal Reserve Policy Claims... Present Value of Annuities and Installments. Interest, Rents and Premiums Paid in Advance. Unpaid Current Bills.. Set Aside for 1929 Taxes. Paid-up Capital.. Assigned Surplus to Policyholders Other Assigned Funds Unassigned Surplus $31,422,713.57 3,183,109.29 11,559,803.63 3,659,240.22 30,600.00 921,413.45 1,063,334.33 8,708.48 1,682,019.29 $53,830,972.26 136,069.07 $53,694,903.19 $44,655,663.51 239,989.20 739,172.31 279,608.75 120,344.56 280,000.00 1,719,636.87 500,000.00 Total Surplus to Protect Policyholders Total.. Insurance In Force $391,474,746.00 4,160,487,99 $7,380,124.86 $53,694,903.19 Insurance In Force Authorized and operating in 39 States J. B. Reynolds President and the District of Columbia J. F. Barr Vice Pres. & Supt. of Agents C. N. Sears Secretary C. CARL FINK, GENERAL AGENT FOR DISTRICT OF COLUMBIA 502 Commercial National Bank Bldg., Washington, D, C.