Evening Star Newspaper, February 17, 1929, Page 36

SPECULATORS FEAR U.S. BANK'S POWER WWarning of Federal Reserve Results in Heavy Selling. Prices Sag. BY CHARLES F. SPEARE. @peclal Dispatch to The Star. NEW YORK, February $ear of what may happen, rather than &ny tangi proof that the Federal Reserve will use its power to curb speculation by advancing its rediscount Tate or filling the market with Govern- ment securities and acceptances, has cast a shadow over Wall Street this week and produced a ragged price list for_stocks. On Monday about one-third of last ‘week’s average loss was regained. Sub- eequently the market experienced riods of heavy liquidation, though vith counter movements in some of the public utilitics and coppers, losing all of its early improvement and Friday ning up against the obstacle of 10 r cent call loans. The month of February so far has Been true to tradition as being & period of umkettlement in securities. At the xu time it has gone contrary to er years with respect to rates for money. Scope of Trading Narrowet. The nervousness exhibited is an ad- gflswn that the prices of stocks are eh und that many of them have been overexploited. Protective measures in the way of high marginal requirements P:\vc had their cffect both in produc- ing liquidation and in narrowing the scope of tradine. It will be difficult to disturb the multitudes of speculators 80 long as they are fortified by equities of the present size. The only concrete development in the money situation has been the rise this 16.—The | FINANCIAL WEEK ENDING FEBRUARY 16, 1929, Last Week. 18,687,650 Total sales....... Same period a year ag0......... Last Week, High. Averageprice of 50 stocks. 240.80 Same period a year ago. ——1929— High. Low. Stock dividend. 54% 40% Abitibi Power. .. 88% 83 AbItibi Power pf (8). 159% 128 Abranam & Straus. 12 424 Adams Kxpre: ).iae 926 93% Adams Express pf (5).. 35% 31 Adams Millis (2 . 74% 48 Advance Rum! 3% 58% Advance Rumley pf. 4% 3% Ahumade Lead. 114% " 96% Alr Reductin (13) 11% 9 Ajax Rubber... 10% 7% Alaska Juneau. ase 216 2155 Albany & Susque (111). 25 20% Albany Wrap Paper(2). 37 29% Alleghany Corp.... 105 101 Alleghany pf A (5%) 301 241 Allted Chemieal (6).... 123 121 Aliled Chem&Dye pf(7). 194 168% Allis-Chalmers (7)..... 11% 8 Amalgamated Leather.. 73 60 Amal Leather pf....... 42% 31 Amerada Corp (2)...... 23% 18% Am Agricultural Chem. 73% 61% Am Agricultur Chem pf. 134% 122% Am Bank Note (13) 62 60 Am Bank Nofe pf (3). Am Beet Sugar.... 47% 40% Am Bosch Magnet 62 45 Am Brake Shoe (1 . 122% Am Brake Sh&Fy pf(7) 28% 15% Am Brown Bov Elec. 74% 49% Am Brown Bov Elec 120 108 American Can (14). 141% 140% Am Can pf (7).. 106% 95 Am Car & Foundry 120 116% Am Car Fdry pf(7).. 82 72% American Chain pf (1).. 581 47% Am Chicle (2)...cuiuuns 11 9 Am Druggist Syn (60c). 98 83 Am Encaus Tiling (4)... 302 280 Am Express(6).... 125'% 75% Am & Foreign Power. 99% 95 Am & Forn Power pf(6). 108% 105% Am & Forn Powr pf (7). 101% 96% Am & For Pow 2d pf(7). 38 80% Am Hide & Leather pf.. 85% 756 Am Home Products (3). week in the rates for bankers’ accep- tances. These rates have moved up steadily since the first of the year and now stand from quarter to half cent above the Federal Reserve - count rate. This is an anomolous con- ition ‘and one that ordinarily would dow an early change to a higher el in the bank rate. However, tra- itions and old practices in banking, #s in speculation, have been going by the board for so long that what may Bave been a probability in other years may now be only a new way of taking eare of a-distracting situation. There is no denying the fact that the Siomalfax ‘on Dusiaces, cspecialty bt on ess, ®f an international character, and that they are one of the ways in which the trade of the country is being handicap- ped by the absorption of such a large of liquid capital in the market securities. Rediscount Policy Is Problem. The Federal Reserve is between two fires. Eliminating the political phase of the controversy over its policies a5 re~ Igted to speculation, and which i5 an- moying, but not serious, the rystem must decide very soon whether it will adopt a higher rediscotint policy, and by this is meant a 6 per cent and not & 515> per cent rate, and so produce a sufficlent volume of liquidation to ease money permanently, or maintain the status quo in a 5 per cent rate in order to mollify business interests, ‘There are many who feel that it ‘would be better to have a high bank rate, and with it a temporary dis- turbance in business, that continue Tanr ol T e Yhi dusf go along fairly well, would always be fearing the eventual Fesults of overspegulation and the em- ployment of more money and more time and aitention in the market than it ‘There is another side of the question w:m be concerning the Federal il eilct of epecalation, and.thrciors effect crefore of high money rates, on the investment market. This week bonds have steadily declined in price until reached an they average a full point under the high of January. Many issues are even lower than they were during 1928 and it is necessary to go back two or three years to find prizes wmurnble to thoss that have bezn quol lately on numerous standard mortgages. The remaining Liberty bonds and the long term United States Treasury certificates are all considerably lower than they were 1n the silent panic in securities of this group Tast Summer. institutions and estates have bonds because of the un- specu- tive issues are having difficulty in ob- taining satisfacipry bids on offerings. Speculative condlf are going to cost the United States Gov- Tenges ts March xefunding operations. ranges its March refunc 3 ‘There have been no important refund- ing loans by corperations in months. Maturing obligations that carry the old low rates of interest will have to be taken care of on a higher interest basis, which is in marked contrast with the situation a year ago this month on the eve of a $1,000,000,000 cmission of 4 and 4% per cent replacement mortgages by railroads and public utilities, Course of Trade Smooth. 43% 38% AmIce (12%) . 94 90% Am Ice ptf (6).... 76% 64 Am International (2). 8% 6% Am La France & Foam.. 115 ¥4 Am Locomotive (8).. 118 114 Am Locomotive pf (7).. 188% 170 Am Machine & F'y (4)... 116% 113% Am Mac & Fypfew (7). 81% 60% Am Metals (3).. 135 117 Am Metals pf (6). 98% 85 Am Natural Gas pf(7).. 17% 13 AmPlano........ 38 Am Piano pf.. 120 81% Am Power & Light(f1). 84% 80% Am Pow&Lt pf A sta(5). 73 AmPow&LtpfA (2%) 122% (4). 138 )en 208 200 Am Snuff (12) . 112 108 Am Snuff pf (6).. 79% 64% Am Steel Foundries(3). 112% 110% Am Stl Foundries pf(7). 94% 82% Am Ssgar Refining... 111 106% Am Sugar Refin pf(7) 60 52 Am Sumatra (3).. . 22% 17 Am Telegrh & Cable(5). 222 193% Am Tel & Telegraph(9). 186% 173 121% 119% Am Tobacco pt (6 155 186% Am Typefounders (8) 110% 107% Am Typefounders pf(7) 92% 67% Am Water Wks&El(c1). 104 97 AmWatW&EI-1st pf(6). 27% 22% American Woolen..,... 58% (50, American Woolen pf. .. 16% 11% Am Writing Paper otf 44 41% Am Writing Paper pf... 44% 36 Am Zinc Lead & Sm.. 108 101 Am Zinc Lead & Sm pf.. 136% 116% Anaconda Copper (7)... '58% 53 Anchor Cap. . 119 112 Anchor Cap cv pf 57% 48 Andes Copper (% 104% 94 Archer Daniels (4. 115 114 Archer-Dani 95 91% Armour&Co 1(6).. 191% 169 AtianticCoastLine(110). 43% 32% Atl Gulf & West Indi 56% 45% Atlantic Guif pf (3). 68 53% Atlantic Refining (1). 117% 115 Atlantic Refining pf(7). 115 100 Atlas Powder (4). 106% 103 Atlas Powder pf (6) 11% Atias Tack. .. 60% Austrian Credit (4.49).. 29% 22% Auto Sales..... . 43% 37% Auto Sales pf (3). . 50 43% Autostrap Razor A (3).. 248 230 Baldwin Locomotive (7) 120 115% Baldwin Locomo pf(7) 131 118% Baltimore & Ohio (6 80% 78 Baltimore & Ohlo pf 110% 108% Bamberger pf (6% ) 7 65 Bangor & Aroos (3% . 108 THE SUNDAY Year to Date. 169,210,800 88,440,502 Year to Date. High. Low. 251.54 228.38 183.33 174.85 Net High. Low. Close. Chge. 49% 45% 454 — % 84% 84% — W 128 128 —14% 111% 110 111% + 1% 4143% 390 392 —3 95% 95% 95% + 1% 33 31 31h — % 66% 55 554 — % 64% 58% b68% + % 4% 8% 3% — K 110% 102% 102% — 3% % 9 9 - % 8% ™ - % 216% 216% 2156% — % 23 20% 20% — 2% 32% 29% 30% — % 102% 101% 102 + % 300 275 277 2% 122% 122% 122% + % 180 168% 169% — T4 9% 8 8 - % 60% 60 60% <dllbs 34% 31 31% - % 18% 18% = 61% 61% ~ 24 125 8,609,890 Low. 236.64 141% 140% 141 97 95 95 117 116% 116% 2 82 82 51% 9% 9% Y% 94% 86l 86% — 2 802 290 290 125% 94% 114 96 9% 95 3 108% 106% 107% + 1% 100 99% 99% + U 82% 31% 31% + % T9% T6% xT6% — 1% 42% 40 40% — % 91 90% 91 69% 64 64 —5 % 8% N 4y 108% 106 106 — 2 116% 114% 116% — % 180 170 170 ~ 7 115 115 116 8% TI% 2% — 2% 131% 126 126 — 1% +20% 1364 135% 206 200 108 3% 66 112% 111% 8! Am Tobacco (8)..eenees 1 188 173 Am TobaccoCl B (8)... 3 173% — 1% 20 148+ 1% 10 +2 81% + % 102% 22% — 1% 50% & 1% 110 102% 102% 2% 1% 1% % 3 3% % 2% I+l++ 141 - 23R gesey - - LI+l 14444000011 [ - L1+ y Lt 230 280 118% 117 % 125% 120 1% 9% 179 ki % 109% 109%x109% + 1'% 68 656 65 — % 108% 108% ~ 1% +t1 Stock and dividend. Certain-teed Products. . Certo Corporation (t4). Chesapeake & Ohto(10). Chesa & Ohto Corp(3). Chicago & Alton.... Chicago & Alton pf... Chicago Great Western. Chicago Great Westn pf Chicago M1l & St Paul. .. Chicazo M1 & 8t Panl pf Chicago & Northwn (4). Chi & Northwestn pf(7) i Chicago Pneu Tool 225% 4 107% 6% 27% 9% 1 89% 93 26% 103% Chicago Pneu T pt(3%). Chi, Rock Island & P(8). Cht Rock 1si&Pac pf(6) Chi Rock Is1&Pac pf(7). Chicago Yel Cab (3). Chickasha Cot Ofl (3 Childs (2.40).... Chile Copper (3% Chrysler Corp (3) City Ice & Fuel ( City Stores (new). ‘luett- Peabady (5 Cocoa Cola (6) Coca-Cola (A). Collins & Atkma Colorado Fuel & Irol Col & South 1st pf(4) Colorado & Sou 2d pf Columbla Gas & Elec(5) Col Gas & Elec (new)... Columbia Gas pf A8 Columbla Graphone. ... Columb Carbon (t4%).. Commercial Credit (1).. Com Credit 1st pf(8%). Commer Cred pf (1%).. Com Credit pf B (2).... Comm Invest Trust (4). Com Investmt warrants. Com Inv Tr pf (6%). Com Invest Trpf (7) .. Commercial Solvnts (8). Commonwlth Power (3) Conde Nast Pub (2).... Congoleum Nairn. . . Congress Cigars (5).... Conley Tinfoil (stampd) Consolidated Clgars(7). Consol Cigar pr pf(6%). Consol Film pf (2)..... Consol Gasof N Y (3). Container Corp A (1. Container Corp B (60¢ 9 4 Cont Baking 4; 1 Cont Cont B Continental Can (2%). Continental Can pf(7).. Contl Insurance (2).... ContinentalMotors(80c) . Corn Products (13%) Corn Prod Ref pf (7) Coty, Inc (g2). Crex Carpet..... Crown Wil Paper 1st(7) Cuban-Amer Sugar(1).. Cuban-Amer Sug pf(7). Cuban Dom Sugar. Cudahy Packing (4).... Curtiss Aero (1)....... Cushman's Sons pf (7).. Cushman's Sons pf (8).. Cutler-Hammer (3%5).. Cuyamel Fruit.... Davison Chemical De Beers Mines (a97c).. Debenhams Sec (2.91).. Del Lack & West (17). Den & R G Western pf. Detroit Edison Co (8)... Devoe & Rey A (13.20)., & R Drug Inc (4). cesan Dul, 8o Sh & Atlanti Duluth Superior. ..... Dunhlll Internatl (34).. Duplan 8ilk (2)... Dupont de Nem (new. DuPont de Nem deb16). Duguesne Lt Lst pf (5). Eastman Kodak (18) Eastman Kodak pt Eaton Axle (3).. Eitington Schild (2%). Electric Auto-Lite (4). Electrio Boat.......... Eelectrio Power & Lt(1) Elec Pow & Lt pf (7)... EIP&L pf ctf 40%pd(7). Elec Storage Bat (5). Elk Horn Coal... Elk Horn Coal pf. Emerson Brantgm A Emerson-Brantgm B Emporium Capwell (2). Endicott-Johnson (5)... Endicott-Johnson pf(7). Eng Public Serv pf(m1). Enginrs Pub Serv pf (5). Equit Off Building (2).. lérqulllhlt Trust (12)... Eureka Vaccum (4). Fairbanks Co pf. Fairbanks Morse Fairbanks Morse pf(7). 1 Fed Light & Trac (3%) Fed Motor Truck (80c) Fidelity Phoenix (2) Fifth Avenue Busi64c). Filnes (Wm) Sons Co. Filine's Sons pf (63). Firt Nat Plc 1st pt(8). First Nat Stores (1%) Fisk Rubbe Fisk Rubber 1st pf Fisk Hubber 1st pf cv... Fleischmann Co (13%) 18 46 107 ki 46% % 18% A Y%x107% % 19 96 12% 89% 106% 105% 66% TP v+ ERERE S RL YD STAR, WASHINGTO! H F+&l | 1 E++ tf+ +11 b R RSN oo B B R IR B I R I O B LTlti=i+T1 b1 1+1+ =1 % +11 & - SEF 16% — 64 63% 146% 124% 1 4 Kinney (G R) & Co (12). Stock and dividend. Hackensack pf A (1%).. Hahn Dept Stores....... Hahn Dep Stors pf(6%). Hamilton Watch pf (6). Hanna (M A) 1st pf(7). Hartman A (2).....e..0 Hartman B ¢1.20) Havana Elee .. Havana Elec Ry pf (6).. Hawaiian Pineap (1.80). Hershey ChocolateCorp. Hershey pf (4). s Hershey prior pf (8). Hoe R & Co Cls A . Holland Furnace (2%). . Hollander A & Son. . Homestake Mining (17). Howe Sound Hudson & Man| Hudson Motors (5) Hupp Motor (£2). Industrial Rayon. Ingersoll Rand (16) Inland Steel (3%) . Inspiration Copper (3).. InterboroRapidTransit. Intercontinental Rubber Internat Agricultural... Int Agricul Chem pf (7). Int Business Mach (5).. Internat Cement (4).... Internat Comb Eng (2). [nternatCombEng nf(7) Inter Harvester (2%4) Int Harvester pf (7) Internat Match of (3. Internat Mer Marin Internat Mer Mari Int Nickel of Cana Int Nicl Internat Internatl Paper pf (7).. Int Papr & Pow A (2.40 Int Paper & Power (B).. Int Paper & Power (C).. Int Paper & Powr pf (7). Int Printing Ink (2%) Int Rw; Jewel Tea (15). Je;ul Tea pf (7 Jones & Laughlin pf (7). Jord: K C Pow & Lt B (6) Kansas City Southern Kaufmann Dept 8t(1%). Kayser Julius (5) . Keith-Albee-Orpheum. . Keith-Albee-Orph pt(7) Kelly Springfield Tire... Kelly Springtield 6% pf. Kelly Springfield 8% pf. Kelsey-Hayes (2)...... Kelvinator Corporation. Kendall Co pf (6).. Kennecott Copper (8) Kinney G R pf (8) Kolster Radio. . . Kraft-Phoenix (1%).... Kraft Phoenix pf (6%) Kres Kreuger & Toll. Kroger Grocery Lago Oll & Transport Lambert Co (17) Lee Rubber & Tire, Lehigh Port Cemt (234). Lehigh Port Cmt pf (7). Lehigh Valley Coal Co.. Lehigh Valley (3%).... Lehn & Fink (3) Life Savers (1.60) Liggett & Myers (15)... Liggett & Myers B (15). Liggelt & Myers pf (7). Lima Locomotivi Link Belt Co v Liquid Carbonic (14%). Loew’s Inc (13) Loew’s, Inc (13) Loft Ino. Long-Bell Lum Ciasa A. Mac Andrews&F(12.85), Me Call Corpn (4) pt(6), McGraw Hill Pub (2) Mckeesport Tin Plate(4) McKesson & Rob (1.60). McKessn & R pf A(3%). MacTrucks (6). Mackay Cos pf (4). Macy Company (c2) Madjson Squ Gar (1%). Magma Copper (4). i # LI LERUPESV+ Lt LT+ L EES L4 ) L4+ 4+ [+ 1] {v4+t 1+ +++1++1++1 11111 Tget+I+ LY 1+ Manhattan Electric Sup. Stock and dividend, ew Or Tex & Mex (7). 'hi St Louts (8) Chi & St L of (6). Dock. . ZZ2Z22222ZZ22227 e e g, v 0 North German Lloyd Northern Pacifio 15). ... Northern Pacitic efs(5) Norwalk Tire & R. . Nunnally Company Ofl Well Supply... Ofl Well Supply of (1) Omnibus Corp ..... Oppenheim Collins (4). . Orpheum Cireult pf (8). Otis Elevator (6). . Otis Elevator pt (6 Otis Steel....... Otis Steel prior pt (7)... Outlet Co (4)... Owens Bottle (c4).. Pacific Coast....... Pacific Coast 24 pf Pac Gas & Eleo (2) Pacific Lighting (3 Pacific Mills. Pacific O11 St Pacific Tel & T Pacific Tel & pfe Packard Motor (13%4)... Pan-American Petroleun Pan-Amer Petroim (B). Pan-Amer Western B... 4 Panhandle Prod & Ref.. Paramount-Fam-La (3). Park & Tilford (23)..... lP’:rI Utah Min (80¢) Pationa Mines (a3.89). .. Peerless Motors. Penn Dixie Cement. ‘PennDixleCement pf(7) Penna Rallroad (3%)... People’sGasChicawo(8). FINANCIAL.) High. 136 49% 170 127% 41 40% 14% 9% 60 T0% 11% 11% Pere Marquette (18).... 1 Pere Marquette pt (5) PereMarquette pr pf(5). Pet Milk Co (1%). PhilaCo 6% (3). Phila & ReadingC & I Philip Morris & Co (1) Phillips-Jones pf (7)... Phillips Petroleum (1%) % Phoenix Hoslery Pierce-Arrow (A Plerce-Arrow pt, Plerce O11. Plerce Ol pf. Plerce Petrol Pilsbury Flour (1.6 Pirelli Co of Ital; Pitts Coal. 2 Pitts Steel pf (7). Pitts Terminal Coa Pitts & West Va (6) Porto Rico Tobac A(7).. Porto Rico Tobaceo B. .. Postal Tel&Cable pf (7). Postum (3). Prairie Ofl & G Prairie Pipe Line (3). Pressed Steel Car... Pressed Steel Car pf(7). Producers & Refiners Producers & Refiners pf. Prophylactic Br (14 Public Serv of NJ (2.60), Public ServiceN J pf(6) Public ServiceNJ pf(7). Public ServiceNJ pf(8). PublicSerEl&Gas pf(6). Pullman Co (4). Punta Alegre Sug.... Pure 01l (1)...... Pure O1l pf (8) . Purity Bakeries (3). Radio Corp or Amer Radio Corpn (new). RadioCor ofAm pf(3%). Radio-Kefth Orph (A).. R R Sec 111 Cen ctfs(4).. Rand Mines (a1.52). ReadingRallway (4) Reading 1st pf (2) Reading 2d of (2). Real Silk Hoslery...... Real Silk Hoslery pf(7). Rels (R) &C0...vvueees Reis (R) & Co 1st pf (7). Remington-Rand....... Remington-Rand 1st (7) Remington Rand 2d(8). Reo Motors (11)........ Republic lron&Steel(4) . Ropubliclron&Stl pf(7). Reynolds Spring. ...... Reynolds Tob A (16%). . Reynolds Tob B (1614). . Reynolds (R J) B new. .. Rhine West E P (1.92)., Richfleld Ol ¢2)........ Rio Grande OIl. . Rossia Insur (16%)... Royal Baking Pow (1) Royal Dutch (a3.222). Safeway Stores (3). Safeway Stores pf (7) St Joseph Lead (13 St Louis & San Fran (8). St Louis & San Fr pf (6) St Louts&Southwestern. StLoulsSouthwst pf(5). 43% Savage Arms (2)... 23! 112 23 PLANTS COMBINE. NEW YORK, February 16 (#).—Con- solidation of 23 construction ‘materials plants in southern California into a new to be known as the Consoli- k Products Co, was an- e Suppiying 15 et cent su| cen! £ derials’ ~11% | of the basic construction mal 170 128 23% 112 128 x128 +11+1+1 REEREE SR S at s (RE AR E AN FEIHAF+1 00000+ 1+ 000004 Ble = #B5s EYeT 2 57 2%Re " srsrerssa®iis o 86% 80 824 + 111% 110% 110% 173% 158% 158% 107 104 110 108% 103% 0% 0% 90% 49% 43% x43% t+1ttd 107 their territory. Among companies in the merger are the Union Rock Co., Consumers Rock and Gravel Co,, Inc., and the Reliance Rock Co. The combine will own an® lease properties with estimated sand and rock content of more than one billion tons. Public financing will be undertaken with the co-operation of California bankers. Steel Consumption. NEW YORK, February 16 (#).—The automobile industry for the.first time has taken the lead away from the rail- roads in consumption of steel. In 1928 automobile manufacturers used 17.76 per cent of the finished steel produc- tion, compared with 1702 per cent by the railroads and 15.2 per cent by the V construction_industry. WE WILL BUY mes C tion 1% nd Debentures B 9975 tock @ 243 Uptsh Rl Bought—Sold—Q: Edison Garland & Company T R roetan sTiLa" D U* General sinking ‘om: uoted OPPORTUNITY —for men and women. all or part ployment _ with responsible nkers. 1 WILL SELL ssogg Beimin e, 1t g, o0 Dl M rain Control. Sfanies Crandath pras Bid Hgmith A vl @ 90, bl H. Smith 7% p ! I‘Y-‘.!l""“:rflnll Investment 7% 1% "erl S ts Piate G Plate Glass V, tificates. Bid. THOMAS L. HUME 1412 G St. Main 1346 LOANS Let us have your applications LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. - %5 Virginia Commercial National Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of it and is earned to DAY withdrawal. Come in and let us explain, Resources Over $18,000,000 14th & G Strects R. GOLDEN DONALDSON, President First Mortgage | and Construction Loan Applications Invited at 5%2% e ManhatElevated gtd(7). Man-Elev mod gtd(d5).. Manhattan Shirt (2).... Maracaibo Oil Explora. . Market St Ry. Market St Ry 313 Schulte Stores (J314) ..+ 105 Schulte Retall St pf(8) . 16% Seaboard Air Line. .. 89% Barker Bros pf (6%). 29% 20 Barnet Leather, 46% 39% Barnsdall A (2).. 49 38 Barnsdall B (2) 113% 106 Bayuk Clgars (2 . 106% 104 Bayuk Cigars 1st (7). 28% 20 BeaconOll... - 40% Beech Creek RR (2).... 87 Beech-Nut Packing (3). 11% Belding-Hemingw. 81 Belg Nat Rys pf (16, 88 Best & Co(3).... 93% B2 Bethlehem Steel (4).... 93% 87 123 121% Bethlehem Steel pf(7).. 122% 121% 54% 42% Bloomingdale Bros..... 48 45 111 110 Bloomingdale Bros p£(7) 110% 110% 118 97 Blumenthal pf (7)...... 97 97 89% 81% Bon AmiClass A (4). 11% 7 Booth Fisheries.. 63% 52% Booth Fisherles Florsheim Shoe (A). Florsheim pf (6. Follansbee Bros (12%). Foundation Company . Fox Film Class A(4) Freeport Texas (4) Fuller G A prior pt(6) Gabriel Snubber C] A. 34% 32% x321% Glover & Flather 1508 H St. N.W. Business moves along on an even keel. Outwardly it shows no symptom of be- ing disturbed by the events in the money market or in the market for stocks. Here, as in Wall Street, it is the anxiety over what may happen to affect temporarily or permanently its course that is beginning to affect new commitments and to develop a state of mind that might quickly be reflected in smaller trade volumes. The business of the Federal Reserve is to preserve t.hl:u n:cmflc.ierx:'ctfI of the cummet mr:h.l ‘world While repairing some o damage done by its earlier policy of low inter- est rates. It is in the position of a navigator, who, in order to make time, has gone off his course and struck a reef and who must in the midst of troubled seas repair his ship and get his passengers safely ashore. ‘There are elements in the business b3 situation that may well lead to higher . Em; for certain groups of securities 5% British Em Steel 2d pf.. 11 spite of a general reactionary tend-| 73% 59% Brockway Moter (3).... 65% 59% ency. One of these has to do with the | 145 121 Brockway Motor pf (7). 128 121 consolidations taking place in the pub-| 80% 724 Bkiyn Man Transit (4).. 78% 72% lic utility field, which are not limited | 92% 88% Bklyn Man Transpf (8). 90 B8% in scope to the United States. They in- | 200% 172 Brooklyn Union Gas (6) 183% 172 volve enormous transfers of property| 47 42% Brown Shoe (2%) . from one group of owners to another| 55% 46% Brunswick-Balke (3) and a readjustment in prices of stocks| 44% 35 Brunswick Ter&Ry S to fit the ideas of buyers and sellers, 1t| 42% 36% Bucyrus Erle (1)...... Is difficult to reconcile many of these| 50 ~45% Bucyrus Erieconv(23) ces with the advantage resulting| 115% 112 Bucyrus Erie pt (1) rom mergers. They scem as extrava-| 127 113 Burns BrosCl A (8). gant as those paid during the past few | 39 ~30% Burns Bros (B) years for control of certain railroad [ 105% 103% Burns Bros pf ( systems where the economies of con-| 250% 234 Burroughs Add M. solidation are moderate. Whether or| 89% 70% Bush Terminai (g2). not the judgment of those who are| 109 105% Bush Terminaldeb (7 asking theso trades Is good or bad it| 117, 11€ Bush Term Butld pt(7) gannot be dented that they have a great | (54 3% Butie Copper & 7ing. Influence on cerfain sections of the| 1% .3 Butted Superlor ( foteiet,and that this overflows into re- | 1951, 135% Byers (A M. 121% 110 Byers (A M) 7 Copper Situation Strong. 129% 106 By Products C&C (2).. ‘The copper metal situation also has| go 4% Callfornia Packing(4).. its strong features which protects cop-| 29% 27 Californ Puroh: (1). per stocks against the full force of at-| "4 3 Callihan 7ino & Lead... tack on less favored shares. With cop- | 136 121% Calumet & Arizona (6! per metal above 18 cents, & price has| 60 44 Calumet & Hecla (4). now been reached that will attract sup-| 86w 78 Ci plies from all of the high cost mines on this continent as well as from the new fields being developed in other parts of the world. The iron and steel Industry holds the gains made in the last quarter of 1928 and in January, while the purchases by the automobile trade of its various requirements indi- cate another year of high production. Car loadings by the railroads are satis- factory. There are rumors of an early decision In the O'Fallon case and on the ap- 112% 111 = Central Alloy pt (7). lication of the New York traction lines {or higher fares. Either one, if favor-| 20% 17% Century Ribbon Mil] itH 1% — could influence a great deal of new " 82 764 §t RIb MIll8 0£(7),,00 764 76% 76% — * ~ % 101% 20780 (5) + oxdpne 1054 105% — 2% | Amw‘ S Ao o 0 - 1.20).., Sears, Roebk & Co($2% 6% 5% Seneca Coppel 142 123% Shattck (Frank Q) ¢2). b55% 45 Shell Tr&Tra: i+t it +14+1 I T ot R e Haa sExsSxefF IREESREEENE S Gen Asphalt. Gen Asphalt pf Gen Baking pf 1ol 19% 19% — % 42% 37% 39 + 2% 09% 109% 109% 33 x33% - % 114% 114% — 3 107% 107 - 40% 33 Skelly Oll (2)... 125 114% Sloss-SheftSteel&ir(6) 112 105 Sloss-SheffS&Ir pt(7). 16% 12 Snider Packing Co. 50% 33 Snider Packing pf. 44% 38% So Porto Rico Sugar(2).. 135 130% So Porto Rico Sug pf(8) 68% 53% Sou Calif Edison 63% 59% 60% + 42 35% Southern Dairies A. 351 Iba - l:: 16% 13 13 13 = el 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. Mais 5833 oo & F IEZEAREINES Frafissss - Ol et . 3 2% 2% MidlandSteelP pf(112).. 240% 225 228y Miller Rubber.... % 22% 22% Milwaukee Electrio (6). 104 104 Minneapolis & St Louls. 2% 2% Minneapolis St PRSSM.. 41% 40% 40% Minneap St P&SSM pf 80 80 80 MStP&SSM lsd lines(4). 656 656 65 Missour] Kansas & Tex. 50% 464 46% Mo Kan & Texas pf (7). 105% 104% 105 Missour! Pacific. . . 8% 0% 0% Missour] Pacific pf (5).. 131% 120% 130% Mohawk Carpet (2%)... 76% 70 70 Montana Power (5)..... 170 170 170 Montgom Ward (2%)... 134 120 120 Moon Moto: .. 6 Mother Lode (40¢). Motion Picture Corp. Motor Meter Class A, Motor Products (2). Motor Wheel (2) Mullins Mfg....... Mullins Mg pf (7). Munsingwear (3). slurray CorporatioBe.... % 674 69 + % SRS @ S+EFFEEF 138% 130 1304 — 2% 168% 146% 147% — 99 98% 98% + % maoa SesdE Gen Motors pf (7).... Gen Outdoor Adv A (4).. Gen Outdr nv tr cfs(2) Gen Rallway Signal(5) gen Rl}y Signal pf (6) Safety Raz (cb) Brothers. Gimbel Bros pf (7) Glidden Co (t1%). Glidden Co prior pt(7) Gobel (Adolph. . Gold Dust Co (2%)... Goodrich (B F') Co (4) Goodrich (B F) pt (7). Goodyear Tire . Goodyr Tire 18t pf(7). Gotham Hoslery (2%). Gotham non vot (2%). Gotham Hoslery pf (7) Gotham pf ex war(1) FLLIL I+ 4 1+ + 4+ » H ¥ Mfg. 7% Splegel May 81% Sta 82 Std Gas & Elec (3%) 65 Std Gas & Elec pf (4) 118 Standard Milling (6 113 Standard Milling pf(6). 64% Standard Oil of Cal (13) 48 Standard OII N J(t1%). 39 Standard Ofl N Y(1.60) 4% Standard Piate Glass. 17 ~ Standard Plate Glass 46% Stand San Mfg (1. 43% 37 Stanley Co of America. 145 121% Stewart-Warner (6).... g:% 52% Stromberg Carbu (3).... CHEr P+t ++1++1000+00+000101 (B % 131% 118 120 116 68 51% 48 48 41% 39 x39% it A SE5F FeU8 7777777777 27T 771007 Money To Loan On 2nd and 3rd Trust and for Home (177777177171 ITTHI7. RERESRNEESEANE SN TSR] A O S © it BERs | M H s 118 106 1% 4% 27 27 % 3 135% 126% 1% 19 191 -2 4% 31% 81% — ¥ Hess. 205 193 8% — 5% Natl Biscuit(17) - 188% 180 181 - 1% Nat Cash Register (14). 133% 118 121 — 23 Ni (13) - 131% 122% 122% — 3% . 33% 321 32y 39%. 2% - - FES 7% Grand (F W) Stores(1). 114% Grand Stores pf (6%). 24% Grand Union. . Grand Union pf (3)... Grant W T (1), Great Northern pf (5). Great North pf (ctfs(5) Great Nor Ore cfs (2% ). 36% Great West Su X Great West Sug pf(1) .. Greene Cananea (6 Guantanamo Sugar. A% Guantanamo Sugar pf... 75 Gultf Mobile & North Gulf States Steel (4).... 71% Guif States Steel p£(7). 109 HackensackWater(1%). 26% SagueaskWgler RS 2. 38 +++1 1 - - & +0t+ +10it0 - T FEEEE FEF 2R teel 20 15% Sweets Coof Am (1" 35% 36% % 5 Symington....,.. 68% 69% 12% Symington Class A .56 83" 58 - 19% Telautograph (1).. - 147% 141% 141% —~ 17% Tennessee Copper (1) « 140 140 140 57% Texas Corp (3). 118% 118 118 38 Texas Corpn 50% pal 58 56% Texas Corpn(full paid) 14% 72% Texas Guif Sulphur (4) 165 Texas & Pacifie (5). - 5 & 1 Flrrri+i Quick Action No Red Tape D. C. Proj and Maryland Apply Penn Improvement Co. Ine. 911 7th Street N.W. Main 512 254% 240% 46% 44 we 92% 89% Car Clin & Ohio (4 101 100 Car Clinch&Ohlo sta(5). 509 445 128% 124 C. 38% 34% Cavanah Dobbs Inc 104% 104 Cavanah Dobbs pf(6%). 79% 68Y% Celotex Co (3). 93% 89 Celotex Copf (7) 92 48% 37% Cent Aguirre Asso (2)... 43 52% 44% Central Alloy (2) - & OEFEF e 7l 112% 112% 18 17% Fae T A R e L IR REA R R * 4111 of stocks,