Evening Star Newspaper, March 5, 1929, Page 15

SHINGTON, D. €, TUESDAY, MARCH 5 1929. FPINANCIAL.” BUSINESS CONFIDENT | IN HOOVER REGIME | | Financial Leaders See Continuation | of Prosperity—Tariff Changes Due. THE EVENING STAR. W [ovmew v BONDS s rmver] REDISCOUNTS DROP remne ameer i 5| AT RCHMOND BANK ‘.’3".‘.‘5.2 :TATES' Nor Ohio Tr & Lsi“’f{ 105" 15 Sos Sales. H, Close | Nor States Pow fs.. 4 100 997 A Volume Declines More Than $3,000,000 From January 15 to February 15. FINANCIAL. |CONVERTIBLE BOND ISSUES SHOW GAIN Industrials Continue Heavy, With Price Changes in Narrow Limits. "Money Available for FIRST DEED OF TRUST LOANS On Completed P for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. F. B. KEECH & COMPAN Members ' ew York Rubber Exchange “hicago Board of Trade ew York Cotton Exchange New Orleans Cotton Exchange New York Coffee and Sugar Liverpool Cotton Exchange, Ltd. Exchange (Assocta’e members) 1510 H STREET N.W., WASHINGTON, D. C. BRANCH OFFICE—CARLTON HOTEL anine Floor) Philadelphia The Ritz-Carlton New York Stock Exchange Washington Stock Exchange Chicago Stock Exchange Lib 3%s. 08 3 3 9 Nor States Pow 6s. 105% 105 L New York Curb Market Lib 1st4%s Pacific Gas & EI 5s. 10013 100'% Lib 4th 4148 123 PacT & T 1st58.... 4 102% 102 US3%s43. 15 Paramount 6s 1947, 99% 99ty US3%s47, =2 Pathe Exchange 7 80ts R0 SN ' @ People s Gas bs. 105% 1 BY J. C. ROYLE. | Business donned its long-tailed coat and silk hat for Herbert Hoover's in-| auguration without a shiver over the pospects or even the weather. Representatives of the key indus- tries are unworried about the outlook. g 9 10018 100 14 100 14 103 16 103 16 10316 10810 108 10 10810 US 451944, Phila Co 63 67 w 1. 931, Philips Petro 5%s, 0% Pierce Oil deb §s Por Ric Am Tob Posta) Tel & C 64s. Pressd Steel Car 53 US4yuss2, FOREIGN. Argentine 8sJu 5y, 5 100% Argentine May '61. 100t Providence Grosvenor Building New York 52 Broadway | 'THE IDEAL INVESTMENT | By the Associated Press. 100 RICHMOND, Va. March 5.—A de- 100% BY CHARLES F. SPEARE. 100 100% | |Standard Collateral Trusteed Common Stock Shares TRUSTEED INTEREST in 100 ading American Corporations. 1V ENDS of 48058 cents per re paid for 6 months ending Jan. YIELD at the rate of low_price of the perfod | i@ Dl‘\;‘fish:nl’e) and of 5.82% for Be il ($16.50). |t tihued growth in principal and {yield over a period of years may be el EBCEA0h Tots as small as 5 shares. For Particulars and Price, Call Standard Collateral Shares Corporation i T Bldi Members of the New York Stock Exchanse Baltimore Stock Exchanst Cinetnpati Stock Exchang Chicago Board of Trade WOODWARD BUILDING Telephone Main 5500 * Private Wires to AL Important Points EXPERIENCED BUSINESS PROPERTY, SALESMAN "A N exceptional oppor- tunity for man who knows business properties to fill vacancy in this de- partment one of Wash- ington's largest and oldest established real estate offices. Excellent leads. tising. listings' and Call or write : Mr. Chas. W. Steers, £ Manager, Business Preperties Department 'N. L. SANSBURY CO. Inc. 1418 Eye St. N.W. National 5904 CompLETE FINANCING ~1st & 2nd TRUST MONEY On homes, spartment # buildings and business @ . properties. No appraisal $7%. fee. Prompt service. eal Estate Mortgag & Guaranty Corp. g 124 Jackson Place Main 1403 On Improved Property #n Maryland and District of Columbie LSAL 6% Interest No Commission Charges JEAVER BRO | REALTCRS 809 15th Street N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company I To Anticipate Future Profits | Requires Knowledge of the Fundamentals that Create them We have prepared an article on this subject which should be fof value alsoas a summary of the basiclelements that make for per- manent investment safety and permanent investment profits. Ask for Pamphlet “S-11" Name Address___ DETWILER & Co. INCORPORATED Financing — Engineering | Management of Public Utilities 11 BROADWAY, NEW YORK g1on Baltimere Newark New Haven s . 2 Special Dispatch to The Star. practically no change in the situation ||| affecting the investment market today. ||| Trading in listed issues was the smallest I|{s0 far and price movements continued {|{ uninteresting. H Small offerings in some cases caused |]| Quite sharp reactions. This was espe- clally true in one or two of the high- grade first mortgage rails. Moving ahead with its stock, Ana- conda convertible 7s_spurted on the r port of a recapitalization plan, simil to that announced by the United Stat Steel Corporation for the retirement of its funded debt. The program calls for an offering of Anaconda stock and it is possible that part of the debt reduc- tion will be financed out of cash on hand. Interest in United States Government obligations was at a standstill, with only the fourth 4';s appearing in the early trading at practically unchanged prices. Foreign government bonds were a trifle steadier, but failed to hold early mod- erate gains. ‘The feature in the railroad group was a decline of a point in Southern Railway 4s on light selling. Missourl Pacific 4s, Chicago Great Western 4s, Northern Pacific 4s and the Frisco prior lien 4s “A" were also heavier in tone. Atchison 415s were actively bought and there was also a good demand for Al- leghany Corporation obligations. Industrials continued heavy, with spe- cial weakness in International Cement 5s and a further decline in some of the other convertibles. International Tele- phone 412s were supplied after a frac- tional opening rise. Mexican government obligations, ‘which broke badly Monday on the revo- lutionary news, continued weak, al- though selling was less active. Among the public utilitles Phila- delphia Cb..5s ‘were up half a point and the American Telephone issues held steady on the proposed increase in stock capital to pay for further ex- pansion. - nanrim CONTRACTS. NEW YORK, March 5 (#).—An in- crease of 27 per cent in contracts awarded in the week ended March 1 on new building and engineering work in the 37 States east of the Rocky Mountains over the previous week is reported by F. W. Dodge Corporation. The total was $114,236,700, bringing the new construction started since January 1. to $785534,800. The daily average now is $16,031,300, compared with g:...‘)fl,m in the first two months of FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling chiecks value (or par). _today. London. pound. $4.8665 §485's ‘193 .0390% 1388 ome.” lira. . Zurich, " franc drachma peseta Vienna. schilling. Budapest. pengo. Pr Warsaw. zloty nhagen, crown Sl crown. Stockholm, Washington Stock Exchange : SALES. Washington Gas s “A’ Wasnington Gas 65 Washington Rwy. & Elec. 45—$1,000 at 887, $16,000 at 8835, $4,000 at 8834, $8,000 at 88%. Powmac Electric 5142 % pfd.—5 at 1081, wgl;/lnflon Rwy, & Elec. pfd.—10 at Riggs National Bank—5 at 571. Second National Bank—10 at 236. Union Trust Co.—5 at 351. Bank of Bethesda—5 at 8215 Ter. Ref. & Whrs, Corp—10 at 54%, 10 at 54%. AFTER CALL. Washingion Rwy. & Eee. pld—10 at Capital Traction 55—$500 at 101. Capital Traction: Co.—10 at 105, 10 at 1043, 10 at 104%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. American Tel. & Telga. 4%..... Amer. Tel. & Telga. 427 .".100 Am. Tel. & Tel. ctl. tr. 5s... /1] stia_ & Pot. R. 5 & Pot. gi . & P. Telephons . & P. Tel of Va. 5% Capital’ Traction R. City & Suburban .. ofter. o Gas 65, series A. ash. Gas 6. series B . Rwy. '& Elec. 4s.... ... . Rwy. & Elec. gen. 6s.... MISCELLANEOUS. her & Ross. T Chevy Chase Club 5 D .C.pu . 5s. kt. Cold Storage 5s. Cons. Title Co. 6s... STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga Capital Traction Washington Gas. Norfolk & Wash. Steamboat Potomac Elee. 67 pfd. Potomac Eectric 5127 Wash. Rwy. & Elec. com. Wash. Rwy. & Elec. pfd. NATIONAL BANK. National- Capital.. g Co.. Lincoln “""" " = Naticnal Metropolitan Bigas ..o National Bank of Wash TRUST COMPANIES. American Security & Trust Co.. 468 Continental Trust.. 1135 Merchants’ Bank nion Trus . Washington Loan & Trist. ... SAVINGS BANK. Bank of Bethesda Commerce & Savings East Washiugton. Potomac _ . s Security Savings & Com... Seventh Street. 5 United States. . Washington Mechanics FIRE INSURANCE. American Corcoran Firemen's . National Union TITLE IN Columbia_ Title. .. Real Estate Title Title & Inv. Co_of Md Wash. Cons. Title pfd MISCELLANEOUS. Barber & Ross, Inc.. com. Chevy Chase Dairs 'ptd com.’. D. C. Paper Mf&. pfd s Dist. Natl. Securities pid Federal Storage pfd.... - Federal-American Co__ com Federal-American pfd . Mergenthaler ' Linotype Natl Mtge. & Tov. pfd [l] Peoples Drug Stores prd...", Securily Storaxe Ter Whrs. Corp Wash. Conv Hall pfd Wash. Mech Stamford Reading Faston Pots Argentine 6s Oct 59 100 100 100 NEW YORK, March 5—There was | Argentine 5%s 62, Argentine 6s A.... Argentine 6s B..... Australia 43s 66., Australia b 1955. .. Australia 58 1957, Austria7s.... Bank of Chile 6 Bank of Chile 6% Belgium 6s. Belgium 6%s. Belgium 7s 195! Belgium 78 1956 | Belgium 73 Belgium 8. Bollvia 7 Bolivia 8s. Bordeaux 6s. . Brazil 6145 1926 Brazil 61651927 Brazil 7 Brazil 8s.... Bremen State 78 Canada 5s1931. Canada 55 19 Canada 5% Chile 65 '60. Chile 661, Chile 7s 1943 Chine: Christianta 6s Colombia 6s Jan'61., Con Pow Japan 7s. . Copenhagen 4%s 53 Copenhagen b= ct Cuba 5%s. Czecho 8s 1 Denmark 4148 Denmark 6s. DE15%s Nov 63 Dutch Duteh Flat 7s war '46. Fiat 7s x war 46, Finland 5%s Finland s £ 6 Finland 7s. . Framerican 7% French 7s. French 7%s. German E| P 63 German 7 Greek 7s. Haitl 6s... 192 Irish Free State b Italy 7s..... Japanese 4s. Japanese 6 Marseille 6s. Mexico 4s 04 asntd. Mexico 45 '10 asnt. Milan 63%s. . Montevideo 7s. Netherlands 6s 54 New So Wales 57s New So Wales 58s, Nord 6%s... Norway 55 1963. Norway 51s.. Norway 6s 1943, w0 Poland 7s (rets) Poland 8s... Porto Alegre 8s. Prague 714S...... Queensland 6S...... Rhinelbe Un 7..... RhineWst EP 6s'52 RhineWst EP 6s'53 RhineWst EP 75’60 Ri0 de Janeiro 63%s Rio de Jan 8s 1946, . Rio Gr Do Sul 8s Rome 613s.. Sao Paulo 8s1936.. Sao Paulo 1950 Saxon (PW) Seine 7s 42.... Serbs Cr Slav Serbs Crot Slo 8s Shinyetsu 6%s 52. Soissons 6s. Sweden 5%s. Sweden 6s...... Swiss Confed 8s. Toho El Pow 7: Tokio 6%s 1961, Utd Kingm §%s 37, Uruguay 8s. Vienna 6352 Yokohama 6s wi... et Sasaloaluncn: o Alleghany ev 55 w1 448 AmAgriChem 7%s.. 1 Am Beet Sug 6535, 2 Am Chain 63°83.... 1 Am Int Cor 5%;s 49 142 Am NatGas 6138'42 Am Water Wks bs. 19 Am Wrtg Pap 65’47 1 Anaconda 1st 8s... 27 Anaconda cv db 7s. 160 Armour&Co4%s39. 11 Armour Del 5% Associated Oil 6s. AtlGulf S bs. Bell Tel Pa §s B Bell Tel Pa 63 C Bethlehm Stl pm 5s Beth Steel 5%s 63.. Bethlehem Steel 6: *2 | 3klyn Edison 5 Bush Term Bldg 5s. | Certain-Td5% s rets Chile Copper 6s. Colon Oil 65 '38. Col Gas&El deb 58 Con Coal Md 1st 5s. ConGas N Y 6%s.. 1 Consumers Pow & Cuba Cane 8s. Cuba Cane cv 78, Cuban Am Sug Denver Gas §s. . DatroitlEdison5s40. Detroit Dodge 6s..... Duquesne 4%s 67. East Cuba Sug 7%s Gen Asphalt 68 36.. Gen Cable 5%8"47. Gen Mot Ac Cor 6s. Goodrich 6%8..cee. Goodyear 58 rets... Humble Ol 5. ...+ Humble O & R 5%s. Illinols Bell 1st 5s.. Illinois Steel 4% Inland Stl 4%s'78. Intl Cement 5 48. [ntl Match 5s 47 Int Mer Marine 6s Int Paper 55 47. Inter Paper 63, Int Tel&Teleg 4%s. 1: Int Tel&Tel 4% cv 56 Kan City P & L.6s.. Kan G & E 63 62..0 Kelly-Spring 83 Laclede 58 Laclede G Ligzet&Myers! Loew's Inc 6s. Loew's 6s w 0 war. Lorillard & Louisv G & E 6s ManatiSug st 7%s. Midvale Steel 5s. Mont Pow 65 43. Mont Power deb 5s. Mor's&Co 15t 4%s. Nat Dalry 6%s. .. Nat Radlator 6%s. Nat Tub 18t 58..... NewEnglandTel 5s. 101 NY Tel4%s... N Y Tel 641, Y Tel 6549, orth Am Edis 5 NoAm Ed 545’63, 95 96 100 997% 870 947y 941 102% | < 95 99% 99t 100 10512 1054 108t 10 10515 10613 1140 114% 109% 109'% 9015 90 101 101 100 100% 9 91 94n 9 100 10674 100 997 1041 994 93 9% 100y 39 100 106% 100 100 Public Service 414 Punta Alegre 7s RemingtonAr 6s 82, { Rem Rnd §%s war. Sincla!r O11 6 Sinclair Oil 6% 8 nelair Crude 51 Sin Pipe Line 63 Skelly Ofl 5148, . Southwest Bell 6., Stand Ol N J 58 46. Stand OfI N ¥ 41 Tenn Copper 6s ‘4 TennlllecPow 6s 47 Transcontl Ol 6%4s 5. . ! United Drug 58 53 U S Rub 1strf 6s... US Rub 7%s... U S Steel s£6s.... Utah Pow & Lt 6s.. 12 1 Utilities Powr 548 122 Vertientes Sug 7s.. Walworth 68 *45... Walworth 6145 '35, Warner Sug 7s 9. West Elec 5S.....0 Westn Union 6s 51. Willys-Ov 6%833.., WinRepeatAr 7%s. Yngstn S&T s wi. 1 8 6 7 8 4 2 28 99 991 100% 10015 102% 102% 965 96 1041 102 964 108 4 106% 101% 107 100% 107% 100% RAILROAD. Atchison gen 4s. ... Atch deb 415548, B&OGold 48... B&Ocv4%s... B & O ref 6: B& O 18t5S Clesaoa B&Orfimp 6s... B & O SW5s 50 Boston & Maine 5a. Brooklyn Elec 6% Brooklyn Elev 6% Bklyn Un El 6850, Buff R & Pitt4%s.. Bush Term con 58, ?|can Nat 434s567.. & 100 100% 96 96% 921y 103% 879 914 100% 91 106'% 106 90'% 106 105 103% 109 6 86% 86% 1 934 93% MISCELLANEOUS. Ajax Rubber 8s.... 10 102% 102% 102% 103% 106 10315 106 Can Pac 4%s 46. Car Clinch & O § Central of Ga 5%3. Central of Ga 6s Central Pacific 4 Cent Pac 1st 5s 0. Chesa Corp s w 1. Ches & Ogn 4% Cnes & O cv 4%45. Chi B & Q 15t rf 58.. Chi&E 11l gn 6S 51.. Chi Gt West 4559, CM&StPgnsd... ChiM&StP41%4sC89. ChiMiISP&Pacb: 15 . 312 3 0 et (S =t~ PO~ Wi e na TR NS A RS- e 5. 34 CMSP&Pacadj5s03.191 Chi& NW gn3¥%s. Chi& NW gen 4s... Chi NW 4145 2037 Chi& NW 6%s. Chi& NW 7s, Chi Un Sta 4% Chi Union Sta Chi Union Sta 6%s. CCC&SIL 4%s E 77 Clev Term 53%s. Colo & Sou 4% Cuba R R 6s. Cuba R R 68 1936 cf Cuba Nor 6%s cts. Del & Hud 75 30. Den & Rio G en 4 D Rio G West 6s... DRG & Wst55'78 Det United 415, Erie 1st cons 4. Erie Gen 4s.. Ergecvt 5567 w Erie conv ext 7s. Fla East Cos T4..00 Gr Trunk stdb 6s. Gt Nor 43876 D Grt Northn 4%S E. Great North 5%8. Great Nor gen 78 Hud & Man a] 6s. Hud & Man ref bs. 11l Cent ref 4s. 1li Cent 4%s 66. 111-C-C-StL&NO Int Rapid Tran b Int Rap T'r 6s stpd Int Rapid Tran 6. Int Rap Trans 7s. Int & G Nor 1st 6s.. ~are o © ohieea SearnwsEaen 9 Pt 19 Int&GtNor adj 6s 62180 Int Ry C A 6%sret. Kan City Ft S 4s Kansas City S 3s., Kan City Term 48, Lake Shore 4s 31 Lehigh Val cn 4s. L &N 4%s 2003... + | Louls & Nash 5%s, Man Ry 1st 4s 90 Market St 7s 40. Mil EI Ry & L 55 51, Mil Bl Ry & L 6s 61 Minn & StL ref 4s.. M St P&SSM cn 4s.. o | MStP&SSM5s38gtd. 991 66 104% 1031 1% Ti% 100 9814 10 5 107% 100% h 1018, 1073 924 R 100's 100% 103% 1034 98 o8 911 111 9615 101 9y 1111, M St P & SSM 5%s. M StP & SSM 6%s, MK & T 1st 4s, MK&Tprin Mo Pacific gen 4 Mo Fac 58 ¥ 17, . Mo Pacific 65 G 78. NOTex&M6sB N Y Cen gen 3% NYCentrfbs NYC & StL deb 4s.. NY C&StL %5 C. YChi&StL 61%sA.. NYChi&StL 5%y By NYC&StL6SA.. New Haven 3%5 56. NY NH&H db 45 57, N Y Rys 68 65.. NYStateRy 6%s 62. NY Sus & Wn bs '37 YW&B4Ks...o Northern Pacific 4 Northern Pac bs D. Northern Pacr { 63, Ogden&Lake Ch 4s. Ore Short L rfs 48 4| Ore Wash 1st 4s... Pennsyl gen 4%S. « Penna R R 4%8'63. Pennsyl gen 68..... Pennsyl s 64. Pennsyl 6%s. Pennsyl gold 7 Pere Mar 1st 45 56.. Pere Marq 15t 58 Reading gen 4% Reading J C4s51.. St L IM&S R&G 45.. StL IM&S gn 68 31, SIL&SFpI4sA.. SLL&S Fr4%s78. StL&SF prin 6s. St LS W con 4s 32, StL & Sown 6 "52. Seab A L ref4s.... SeabAL ad) 65 1949. |Seab A Lcon 6s.... *ISBAIIFla6s36A. : Sou Pac 4s29. Sou Pac clt 4s. Sou Pacific ref 4 "1Sou pac 4%srets.. 110% 0% 1008 100% 100% Sou Ry gen 4s. Sou Ry 6356 Term Asso S L 4s. TexArk FS 5%s 50. Tex & Pac bs B 1977 Third Ave 15t 53 Unifon Pac st 43 Unton Pac 1st rf 4s. Unton Pacific 4s 68, Union Pac 4%s 67.. Virginia Ry 1st 58 Va Ry & P 8. Wabash 1st & 2 4 9074 118% 918, ¥T7% 1001 100 101%% 108% 1004 05% 2% 92 98 0% 92 96 102% 96% 92 94 100 100% 96 99 5! e 6514 99% 871 92 9% 8414 113% 113% 87 87 102% 102% 99% 9915 9945 102% 103 cline of $3,531.000 was shown in the volume of rediscounts for member banks held by the Federal Reserve Bank of Richmond on February 15, 1929, when $36,999,000 was held from the amount of $40,530,000 held on Jan- stated in {he month- Iy review of the bank just issued. A decrease of $6,857,000 in the open market paper in the bank's portfolio between the same dates, the de- crease in rediscounts, caused @ earn- ing assets to decrease from $35.898.000 10,000, a decline of $10.388,000, the review continued. Following & seasonal trend, the circulation of Fed- eral Reserve notes declined from $80,- 801,000 at the middle of January to $76,704,000. on February 15, but the outstanding circulation remains higher than in recent years at this season. Member bank reserve deposits dropped from $68,294.000 to $68,082,000 between January 15 and February 15, a daily | fluctuation only, said the review. The several changes in the items mentioned, it was said, with others of less fmpor- tance, raised the cash reserves of the Federal Reserve Bank of Richmond from $86.934.000 at the middle of Jan- uary to $98,264,000 on February 15, and also raised the ratio of cash reserves to note and deposit liabilities combined from 57.20 per cent to 66.63 per cent between the same dates On Feb v . 1028, rediscounts for member banks held by the Reserve nk totaled 319,00 on Feb vear, totaled $36,9 Total earning as. sets of the Federal Reserve Bank of Richmond did not increase in propor- tion to rediscounts during the year, the bank’s holdings of bankers' acceptances bought from member banks and in the open market, have been reduced by ap- proximately the amount of the increase in rediscounts. Total earning assets rose Xromwsf;g,suz.ooo on February 15 ast year 510,000 12 e on February 15 The circulation of Federal notes at the middle of February. jogs. totaled $66,176,000, but on February 15, 1929, notes totaling $76,704,000 were in actual circulation. Mémber banks reserve deposits decreased during the year, due to lover deposits in member e Teserve declining 1 e 323,000 on February 15, 1928 1o Soa.- 082000 on February 15, 1929, The total cash reserves of the Federal Re. serve Bank of Richmond rose from $92.264,000 on February 15, this year. and the ratio of cash reserves to note and deposit liabilities combined rose from 64.96 per cent to 66.63 per cent, PARIS BOURSE PRICES. PARIS, March 5 (#).—Prices im- proved on the Bourse today. Three per cent rentes, 70 francs 40 centimes; 5 per cent loans, 97 francs 40 centimes: cxchange on London, 124 francs 2414 centimes. The dollar was quoted at 25 francs 603 centimes. . but TREASURY CERTIFICATES, (Reported by J. o Rate—Matyriry, o % W Seligman & co) g T ggitay 0o OMerR. Sales. High., Low. Close. 99 08% 99+ Wabash 55 76 B. Wabash b%s 75. West Maryland 4s. . Wiks-R & El 1st ST% 9Tk 1025 103 81% 81 §1 f7—1 Unconditionall CUARANTEED, Financial Storms Can’t Affect These Securities Stocks have their ups and downs . . . book profits of today may show a genu- ine loss tomorrow, for no one can tell when a sud- den storm may strike. Compare this uncertainty with the assured yield of 6% which our First Mort- gage Notes bring you. Think also of the price- less peace of mind. Booklet on_reauest it’s Free, Continental Trust Co. 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 Continental Trust Co.| 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 Richmond | They logk for no startling or radical | change from the Coolidge administra- tion and the wheels of industry did not slow even for the ceremonies which in- ducted the thirty-first President of the United State: . o is due to come wh of Congress is session_will be called to afford relief to the farmers and aid American indus- tries through tariff revision. But a wide difference of opinion exists as to what will prove helpful and what will prove harmful in each of these directions. The farmers undoubtedly expect something radical to be done for them. The industrialists want to see the farmers prosper, but not at the cost of check to other lines of endeavor. As to the tariff schedules, the hear- ings by the House ways and means committee, which will draft a new tariff bill, indicate that practic posal for a change in du ponents as well as its adherents. It is evident that many lines of industry hope for a radical revision of duties up- ward. Those who buy products from abroad, or home products whose price is affected by foreign competition, with alarm” such a program. v the ‘tariff bill will not be ready before April 20, that no president could ask for a much better start to his administration from a business viewpoint. Th V] of the country never w some unemployement, ways is, with former President Coolidge now the.most eminent of the “wilfully unemployed,” but the Spring outdoor programs are absorbing the jobless rap- idly in both the cities and the rural dis- tricts. The stretches of bad road on the between. Coal, paper, oil, sugar and shipping are the soft and treacherous spots. Even these are firming up under the sun of general demand. ‘The steel industry seldom has run at such a high pace as it is now. The automobile producers are establishing new records. There is every reason to believe car output and will exceed those for the first half of 1928 by 30 per cent. The automobile accessory firms are straining every effort to keep pace with demands from the auto fac- tories. Profits seem likely to be at least 10 per cent heavier for the first quarter tl)’a’:; for the corresponding period of BOND ISSUE AWARDED. BALTIMORE, March 5 (Special).— An issue of $50,000 Pocomoke City (Maryland) 5 per cent bonds has been awarded John P. Baer & Co., locai in- vestment bankers, who submitted the highest bid. The securities are due serially 2,000 each year from 1933 on. Proceeds will be used for extension of water and sewerage facilities. The next Maryland securities scheg ed for sale are the $500,000 Baltimore County 4 per cent bonds, to be offered to the highest bidder on March 15, SILVER QUOTATIONS. NEW YORK, March 5 (#)—Bar sil- Ve 5615. Mexican dollars, 4215, The Careful Preparation Of Your INCOME TAX REPORT Is Our Specialty. See Us Now and Avoid the Last-Minute Rush 643 Munsey Bldg. 5% LOANS 5% On High Class Residential Property Write for Booklet Jos. W. Brooks & Co. Insurance—Frank. 2913 212-213 Transportation Bldg. The Commercial National Bank Pays interest on DAILY BAL~ ANCES on Savings Accounts. Interest starts from DAY of deposit and is earned to DAY of withdrawal. Come in and let us explain, Resources Over $19,000,000 14th & G Streets | 'R. GOLDEN DONALDSON, President Money to Loan *| Securea by first deed of trust on real estate. Prevailing interest and commisslon. Joseph 1. Weller {3 W5l ¥ ¢ ° Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fes The Commercial National Company Incorporated Paid up Cash Capital, $900,000 ! Commercial National Bank Bldg. 1ith and G % LOANS Let us have your applications OLOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. - Percy H. Russell Co. Chicago In the meantime conditions are such highway of business are few and far| 231 So. La'Salle St. Private Wires to Chicago New York Philadelphia Providence Richmond Baltimore Boston Telephone Main 245-6-7 Cable “Keechco” National Savings & Trust Co. The Oldest Savings Institution {n the' District of Columbia G Cor. 15th and New York Ave. Year Newcomers in Washington !—Are cordially invited to es- { tablish their banking headquar- | ters at this old institution. Capital & Surplus $3,000,000.00 “We are serving over 50,400 customers, and have facilities adequate for many more. fSame Rate of Interest paid on 31 large and small accounts, Safe Deposit Boxes at Nominal Annual Rentals You Can Have Too Much Marketability OU'RE check}ng over your bonds. You find that i with few exceptions they are listed issues. Then the 'y thought occurs to you that you. never have, and prmi bably never will, have to dispose of many of your bonds in a hurry. In other words, you have been sacrificing in- come for a degree of liquidity that you do not need. i Readjusting your list,-however, presents a considerable ! problem. But it is one that may be greatly simplified by S enlisting the cooperation of an Iglehart represntative. | You will find him a close student of investment trends | and investor’s needs, who will apply to the revision of * your list a broad experience gained in his everyday work ‘ | of helping other investors solve just such problems as ¢ | yours. His assistance is yours for the asking. , | J-A M. Iylehart & Co. Investment Bankers 719 15TH, STREET, N. W. - WASHINGTON, D. C. ‘Baltimore, Md. Clarksburg, W. Va, Wilkes-Barre, Pa, Wilmington, Del. MEmBERS saLTivoRE sTock || EXCHANGE Richmond, Va, associate memeens | Charleston, W, Vae i NEW YORK. 1 curn MARKET Dividends paid on Cities Service Common stock pass $100,000,000 mark On February 1, more than 100,000 investors located in every state of the union and in foreign countries received checks representing the 196th dividend paid by Cities Service Company on its Common stock. Total dividends paid in cash and securities on Cities Service Common stock have now passed the $100,000,000 mark. This unusual record is made possible by the steadily increasing earnings of Cities Service y. In the twelve months ended Decem- ber 31, 1928, net earnings were $33,584,000, the largest for any year in the history of the com- pany. Net to Common stock and Reserves for the same period were equal to 23.98% on the average amount of Common stock outstanding. By investing now in this 18-year-old, sea- soned security, you can still get a net yield on your money of over 7%. Clip and mail the coupon’ ;;L-------—--————-_---- & COMPANY Name— Southern Bulldi Washington, D. Please send me, sdien d (T. D. 8) 1731 K St. N.W.