Evening Star Newspaper, November 15, 1929, Page 13

- FIN In Nearby. Virginia 5140 egance co Coimwukh Investment Co. 17 315th . S4, N.W. Phene Natienal 2098 First Mortgage ~ Loans for, 3, 5, and 10 year periods on houses, apartments and busi- neess property in Washington, nearby Maryland and Virginia Randall H. Hagner & Company, Inc. 1321 Conn. Ave. N.W. Decatur 3600 Mortgage Loan Correspondent New York Life Insurance Co. §| .’ BUY NOW f FIRST MORTGAGE NOTES The safe and sure in- | vestment ISSUED un- | der the supervision of a | capable and experienced | organization. | Full 6% Vield [SHANNON - & LUCHY 1435 K St. N.W. Main 2345 WASHINGTON’S QWN ENVELOPE COMPANY Good envelopes are good business, and it's good business to let tl local factory quote on your envelope require- AMERICAN CAPITAL ENVELOPE ¥ ANCIAL. ADVANCE IN BOND PRICES IS RESUMED Market Points Upward on Favorable Turn in Credit t Situation. |ONNE W YO Received b e BONDS o sscnsve] Private Wire Direct to The Star Office 3 UNITED STATES. (Sales are in $1.000.) Bales. US 481944 US4%sb. W henever you have money 6% 1t is hard to know when to buy most forms of invest- ment. Any time you have money 1s ‘the time to buy 6% Guar- Mortgage notes And there never has been & " better time than the present for prudent people 0 invest their funds in this way. safe bonds are secured on im- proved real estate in Wash, ington suburbs ans backed by our $3,400,000 ‘re- sources. Denominations from $250 up Partial Payments, too. Send for Booklet, “The Success Plan” : REALESTATE - MORTGAGE & GUARANTY ; LORPORATION «Capital Resources $3,400.000 24 JACKSON PLACE = notes HmAm-=2Z= 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’ Cheques o e W e 8 Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Strects i e Security Savings & Gommercial 467 Seventh Street. .. 5 United _States. . Washington Mechanics FIRE INSURANCE. American 300 e g‘vfcorln ‘32 23 remen's "\’ National Union 20 2; TITLE INSURANCE. Columbia Title. B 1 Real Estate. .. 75 193 Title & 1nv. o Wash, Cons. Title ptd. . MISCELLANEOUS. 20 108 o 103 86 i03 125 40 Federal-American pl 10¢ Lanston Monotyp: 1 Merchants Tra 120 | Merchants' Trans. Bl Mergenthaler Linotype. .. 2, 103 Natl. Mtge & Inv. pfd. 3% 4% Peoples Drug Stores 109 Real Estate Mtge. 1% Security - Storage. 120 Ter. Ref. & Whr. 8 Woodward & Lothrop pf ‘Ex dividend. Unlisted Department. . Bla. Asked. Army-Navy Club 88 %0 Cosmos Club_4'%s. Commercial Club ity Cl 5 P Gelranoiats Clib 4% Anacostia WADE 8. COOPER. Presiden Capital, $1,000,000.00 L A Aihingion Tile Tneurance Base Ball Cht gar McCormck ER 6834 15 Midvale Steel 91 17 1 ‘o Nat Dairy 8%s. Nat Radiator NewEnglana Tel N Y Edison bs 44 High. Low. Olose. 262 9812 9723 9812 18 10017 10015 10017 487 100 24 100 60 9025 9925 99256 6 10818 1086 18 11218 1123 FOREIGN. Sales. High, Low. Close. 2 90 0 90 100 24 10818 1217 tine 8. ..... 2 o e s i sJu69.. 24 ¥4 95 95 Special Dispatch to The Star. Oct 69 8 i NEW YORK, November 15.—The Te- May ‘61. P duction of the rediscount rate, the s A Feen continued heavy decrease in brokers'| Argentine 6s B. 82 loans, the sequel of still easier time|Australia 43%s 56 ol money and the fact that bond prices| Australia 5s 1955 5 o8 88 88 were ‘at thelr lowest since 1925 com- | Australla 6s1957... 20 €8 - 88 08 bined today to cause an advance infA 18 7 e 10 83% 83% 83w the senior market. Bank of Chile 8% L 92 92 924 Investment issues, particularly United | Bank of Chile 6%.. o0 “9g% 9Bl6 994 States obligations, were the center of [ Belgtum 6s.. e e interest and made the most decided | Belgium 6% A e gains. United States Treasury bonds | Belgium 7a 1955.... 41 1074 107 107K | made new high marks for the year Belglum 75 1966..... 2 e 114 1108 {in heavy trading, while some of "the|Belgium 7%s...... 62 I14:4 1170 L3R | Liberty ‘issues sold at prices close to|Belgium 8s... 66 55 BB their high marks. Bolivia 7s ct S 8% 87 8TH High-grade descriptions of railroads | Bolivia 8s... He Lot and public utilities and industrials made | Bordeaux 63, ...« 10 99 7000 7/ fractional gains, Atchison General 4s, | Brazil 63s1928.... 37 7% 75% og New York Central 5s 2013, Southern|Brasil¢}4s1921.... 43 78 72 J0 o P AT T e s Brasii 35, D88 90 85 90 A 4s and Great Northern 7s were 5 3 » So were Standard Ofl of New York 41gs, | Bremen State AR S e Philadelphia Co. 5, Colymbia Gas 58, | canads 651931..... 26 99 984 9844 May, 1952, and North American 95 53 100% 100% 100% Edison 51bs. 39 87% 86 86 The better grade of traction issues 2 874 8T B8TK were - sharply up, Brooklyn-Manhattan 96% 961 964 Transit 6s_opening up 2 points and 25 25 26 adding to the gain later. Hudson-Man- W 9T% hattan Refunding 5s and Income 6s|Copenhagen4%s63 3 87 8 87 were a point higher. Other bonds of [Copenhagen 5sct.. 19 94% 941 9% a more speculative nature to partici-| Cuba6%s......... 3 101 101 101 pate in the improvement were Good- |Crecho 8s1961..... 16 108% 1084 108% year 5s, American Sugar Refining 6s, | Caecho 831952..... 13 108% 108 108 National Dairy Products 54s, Armour | Danish Munic8sA. 3 108 107% 108 of Delaware 5158, Texas Corporation 5s, | Danish Munic8s B. 4 108% 107% 107% Pan-American Petroleum 6s, 1924; Colon | Denmark 434 s. 88 874 814 6s, Humble Ofl 58 and the entire range | Denmark 6%8'65... 13 99% 994 99% of issues carrying stock conversion priv- [ Denmark §: .y 15 103 101% 103 ileges. An exception to the general |Dutch EastI6s47.; 33 101% 101% 101% trend were Hudson Coal 55, down 414 | Dutch EastI6s62.. 5 1014 101% 101% points, Pl i o | P Salvador 8s 106 107 105 Buying was quite heavy second- grade railroad bonds, including St. Paul | Fiat s war Y adjustments, Chicago & Eastern Illi- 844 531 4% nois 55, Chicago & Great Western 4s, el Denver & Rio Grande Western 5s, Erie o B+ General lien 4s, Missouri Pacific 48 and 100% 99i 100% 51,5, New Haven 6s, the Seaboard Air 100" 10ae 108 Line obligations, Wabash 41¢s, Western | g 13 1124 1124 Maryland 4s, Southern Railway 4s, Rock | g, . 90% 90 S04 Island 4158, Chesapeake & Ohio 43, 106% 104 104% and Canadian Pacific debenture 4s 98% 98% 98% —_— 5% % T6% . 98 9TH 98 Washington Stock Exchange g oe 97w 92K 92K 924 SALES. [TS T 7 Washington Gas 6s A—$1,000 at 100. 934 931 934 Washington Rwy. & Elec. 45—$1,000 at 1024 101% 102% 8115, $1,000 at 81':, $1,000 at 82'%, 91 89% 91 $2,000 at 83, $1,000 at 82. 99 98n u9 | Capital Traction Co—10 at 75. Norfolk & Washington Steamboat Co.— 9 98y 98y 5 at 260, 6 at 260, 108: 20 T 10 Potomac Electric 6% ptd—5 at 108. 29 1w o4 Potomac Electric 514 % pfd.—b5 at 102%. Al Washington Rwy. & El. pfd.—10 at 93. e Commercial National Bank—10 a4 258, gl e Federal-American National Bank—10 at ro i) , 10 at 290. . Commercial National Co. ptd—5 at N LaowH 301%, 9% 994 99% Mergenthaler Linotype—10 at 102, 5 at 102 101% 102 102, 10 ::fl)t;x%, 10 at 101%, 10 at 102 101% 102 , 20 at 102. Norway 6%81952.. 24 101 101 101 Peoples Drug Stores pfd.—2 at 101. grltnl dev6}4s8., 36 864 B854 5% aris Orleans 6%8. 20 96 954 95 ARNER CAXZ. Paris-Ly-Med 99% 9015 oov Washington Gas 6s B—$500 2t 101%. | Paris-Ly-Med 7 1014 100% 1003 Capital Traction 55—$1,000 at 80%5. Peru 63 1960 7 15 8 Washington Rwy. & Electric 4s—$1,000 | Peru 7s. 9% 91% 91% at 81%. Poland 6s 40 7% 33 .9 Washington Gas 6s B—$2,000 at 10213, | Poland 7s (rets) % 95 98 $2,000 at 1021, A Poland #s. 8 824 BN 824 Potomac Electric 8% pfd—1 at 108%4. | queenstand gs 3102 161 102 Washingten Rwy. & Elec. 4—2 at 93%4, | g 9 108 1074 108 al . - e Un 6 95 % 95 Washingion Gas 6s A—$3000 at 99%. | Ihine War EEdwiz o b1 b4 © 3 1000 af 8. PhineWst EP6s¢i 4 58 83 88 NOTICE—This exchange will be | Rhinewst EP 15 100 100 100 closed tomorrow. l;lloznl erio6%s 16 72 70 72 x " 0 de 20 90 89 60 Bid and Asked Prices. R D 4% BONDS. 2% 83 K3 PUBLIC UTILITY. Sa0 Paulofa1sss 95 94 94 20 Paulo 1950. 27,388 80 Amer. Tel. v -g:{'k&%.,:‘,‘a_' Swxon (W) 1 sou 904 vow a & Pot. 843... o‘fl. & fat. guar. 8s. Serbs Cr Slav L o o SR el B Ve, 4 Capital Traction £04% 8O E0W City & Suburban 86 85 86 Eotomac Blec- co e L ‘Fotomag Eiec, 6 133 103} 103% 103% ash., Alex. . Ver K aah Bito & Knnan. 3 1945 10 1ot ‘Washington Qas 5s. Witk Gar g il 4 et i 158 Wash. Rwy. & Elec. 3% 73% 13% MISCELLANEOUS. Toklo 51451961 874 BT% 81y Barber & Ross, In Uruguay 6s 1960, 94 94 Utd Kingm 5%837., 44 102 101% 102 Utd Setam Copen 68 6 96% 96% 96% Warsaw 7 671 67 67 Yokohama 9% 98 98y MISCELLANEOUS. STOCKS. Abram&Straus6%s 8 96 96 96 ik ety Alleghany Cp 68’44 28 98% 97 97 i PUBLIG 3 Alleghany 6849 wi. B2 98% 98 93 Amer. Tk & Telw AmAgriChem 7%s.. 12 105 104% 104% ‘Washington = Gas AmIntCor5%s49. 66 96y 85 964 N.& W, Steambo Am Chem 6%scv4d 81 100 99 99 (1A AmSmit &R . T 99% 99 99 Wash Ry & Blec. toms Am Sugar Ret én.. 16 1035 1034 1030 ash. Rwy' & Elec. pfd. 4 Am TET ov 4%s 4 138 138 Wk paito: g frnay. som... + 4 AmT&Tcltrbs... b1 1014 1004 101% NATIONAL BANK. OIS 0t National Capital a8 218 e L olumbia 400 75 9 ¥ 29 Gommeretal 1358 265 | Am Wrtg Pap 4 7 o District . %15 38 | AromuraCos s 8 85 85 Liverty - 8 215 | Armour Del B 79% 9% Lincoin 10 £00 | At Gulf 68 59 65 65 E;;m:-l Meti E%E 415 | Atiantic Refin & 100% 100% econ §ip* | Bell Te1 Pasa B 10214 102% Natlonal Bank’ of Wastiiniston:. 283 310" | pe)) 71! DA B8 1084 208 TRUST COMPANY. Bethlehm Stl pm 68 35 99% 99U 991 American Security & Trust Co. 420 460 | Beth Steel 5%8 63.. 11 104% 104% 104% Sereinenie! 133% 1ioi; | Beth Steel re 6m.... 22 101% 100 = 100 National Savings & Ti 525 550 = | Bethlehern Steel 63. 40 104% 104% 104% Upion frust’ i 310 300 | BKlyn Edison 68 ® 102 1014 102 ‘ashington Loan & Trust 490 525 Bush Term Bldg b 1 98 98 98 SAVINGS BANK. Certain-Td 5%srcts 18 661 66 664 Bank of Bethesda " 20 Commercial & Savi et 8 East Washington. . 5 Potomac 350 100% 100% 104% 1054 8714 89 102 102 98 99 104' 105% 89 90 99 99% 1004 100% w1024 1021% 98 98 4] 5 e 23 - 124 100% 100% 80 80 79 % Tiw 4% 101 101 10046 1004 N Y Edlon 68, . 4 nou(uo 110 . PCC&StLisB Sales. High, Low. Close. 97% 9T 9% 104% 1043 104% 109% 109% 109% 1 97% Southwest Bell 3 101% 101% 1014 So Por Rico Sug 78.. 3 104 103% 103! Stand O1l N J 46. 53 6 Warner Sug West Elec bs. Westn Union White Eagle O b 5 96 96 96 Wick-Spen cv 78 25 30W 30 804 Willys-Ov 6348 98% 98 98% Win RepeatAr 7 Ann Arbor 4s, Atchison adj Atchison gen 48. ... Atchdeb 44843, .0 32 120 1284 129 AtlantieCL1stén, 7 91% 91 01 AtlanticCL Bush Term con 4 Can Nat4%s o T 99% 99% 99% Can Nat 4348 6. « 10 91 a1 91 CanNat4%s67.... 18 91% 9i% 915 CanNor 41,81935.. 3 98% 98% 95% Can Nor 6%s. 12 112% 112 112% Can Pac deb 4; .29 83 52 83 Can Pac 5844 21 100 99% 100 Car Clin&Ohlo 8 1 2 6% 96% ChiUnion Sta 6%s. 8 1117% 111% 111% C&WIbs%s62.... 5101 101 101 CCC&StL deb 4% 1 984 984 98y Clev Term bs. 9 101 100% 101 Clev Term 5%s. 1 106% 1067 106% Colo & Sou 4% « 19 96 95% 95% Cuba Norb¥sets.. 1 79% 70% 79% 5 97TWh 974 914 9 102% 102% 102% 8 1004 100t 100% 46 88 B4l 88 20 88 88 88 5 81k f1y% BlW 8 80K 80 80% 8 T9% T9% 79% 66 7 % 73 Ol 94% 91% 94y Eriq conv 6 101 100% 101 Erle Genne: 5108 108 108 Fla East C b8 74 13 62 62 & Fonda J&G 4% 2 28 28 zg Ga & Ala 1st 1 8 10 32 21 1 9 80 18 15 111 Cent 48 63 « 15 Il Cent 4% s . 69 Int Rapid Trans §». itpd, Man Ry 1st 48 9 Market St 78 40. ... Mill El Ry&Lt 4%48 Minn & StL ref ¢s. , - Montreal Tr6s B Nassau El 48 51 & StL6sA.. NH NH&Hart 4% NY NH&Hdeb 48’ NY NH&H ev db 22222222222 Mg g z = ® -1 « t3 w, o = » 102% 102% 88 88 INYW O Ore Wash 1st & Penna con 43s. Penna gen 414 Penna 4% €3, Penna gen NOVEMBER 15, 1929.. WALL STREET POOLS BY A POOL MANAGER, AS CHAPTER VL unning Polls”; “General Market Pools.” (A “running pool” that ran 30 years without showing any signs of evaporation and only revealed its viciesitudes in the jorm of checks to its participants is descflbtd”m this article. Just how general a “general market pool” usually is is also dealt with as well as the pools made just for the sake of excitement.) - There is a brokerage office in the Wall Street district, which consists of two rooms located at the end of a dark corridor in a bullding erected over 50 years ago, ‘The outer room is furnished With an old leather sofa, a table cov- ered h an accumulation of letters and newspapers, & huge black iron safe, and a couple of chairs. The door to the inner office is always open; wlthll’& are two old-fashioned high bookkeepers’ desks at which two gray haired men sit on high stools, turning out correspond- ence and statements in longhand. Across the room stands a dilapidated roll-top desk; on one side of it is ticker; on the other side is a brass spittoon of the vintage of 1870. The one telephone in the place rests on the shelf of the desk, alongside a silver water bottle—and the water bottle is used more than the telephone. ‘The head of this establishment be- came & member of the Stock Exchange the year I was born. He is now more than 70 years old, and still active—in fact, he does a considerably larger busi- ness than many firms who maintain elaborate offices equipped with all the modern devices which are supposed to facllitate business. The old gentleman handles orders for a number of very wealthy investors and for a number of very important pools—just who hi; cli- ents are, however, is a secret known only to his' old bookkeepers, and the clients themselves, and none of the par- tles are loquacious. This 70-year-old broker has never “run an ad” or printed an announcement of any kind; he tells me he has never asked any man for business—or anything else, He has no ers. No one seems to be in posi- n to estimate his wealth. The guesses run into a fairly large number of millions. The venerable old war horse, who is Wall Street Briefs By the Assoclated Press. An additional $1,000,000 in gold was exported to France from New York during the week ended yesterday. The movement of the preclous metal to Paris in the previous week was $6,500,000. The only other gold export of the more recent period was $203,000 to Mexico. Imports totaled $468,000, all from Latin- American countries, while gold ear- marked for foreign account showed a $6,000,000 increase. ‘The protective committee represent- ing minority stockholders of the Cleve- land, Cincinnati, Chicago & St. Louis Rallway (the Big Four) has recom- mended acceptance of an offer by the New York Central of $240 a share for all stock deposited with or represented by the committee. The offer was made yesterday. New York Central already owns & minority interest_in the Big Four. & Awards of structural steel contracts during the past week totaled 26,000 tons, compared with 232,500 tons in the pre- vious week. Inquiries totaled 19,000 tons, as against 23,000 tons in the pre- ceding week. The New York Curb Exchange has been designated by the Virginia Securi- tles Commission as a stock market en- titled to full recognition under the Vir- g;nll law, thereby allowing securities 1ly listed on the exchange to be freely bought and sold in that State without requiring further sanction by the com- mission. @ The Central Baking Co. is offering for sale properties in six cities which it has replaced with more up-to-date plants. The properties, having an ag- egate value of $2,000,000, and includ- fi[ land and buildings, are located in Philadelphia, Rochester, N. Y.; Norfolk, Oklahoma City, Wichita and Allen- town, Pa. Stockholders of the Duval Texas Sul- hur Co. of Houston and Corpus Christi, l;'ex,, have authorized a change in capi- talization from 100,000 shares of $10 par stock, now outstanding, to 550,000 shares of no par value. TOLD TO JAMES ABELLE. g:tly loved by the few men who know at all well, has a caustic and witty tongue and very little patience with sap-headed young fools who ask ques- tions.” He is credited with being the originator of an ancient retort which has been laughed at by three genera- tions of traders: On a day when stock prices were “skyrocketing” at a rapid rate a fellow broker asked his opinion, “Do you think there is any top to this market?” “L am waiting, sir, for you to buy some stocks!” replied the old man, who must have been a very young man when he placed this remark in circulation. No Loss in Thirty Years. Some weeks ago I dropped into his office in the late afternoon and risked an attack of his wit by asking what ‘“running pool” that he knew of had been longest in existence, He ran his fingers through his white hair and after some minutes decided to enlight- en me. “Well,” he said, “I look after a little | arrangement for some old friends, I| don't know that you can call it a pool, which has continued now for over 30 years.” ““Tell me about it.” “Hum. Well, my friends have confi- dential relations with the controlling in- terests of several companies. They have a pretty good idea of what the stocks of those companies are worth. Some time back in the last century they came in here and -opened*accounts, Wwhich have never since been closed. Whenever the price of their stocks be- gin to drop down near the right figures, I begin to pick them up. When prices 80 up, I hand the stuff out again. Every so often, when profits accumu- late, I send them checks, but the orig- inal balances still stand. I believe the - . FINANCIAL. T of trading is light and the trend of the market u’zumm. In many cases such “covering moves” in a few stocks are produced by ‘the ennui of big specula- tors, who concentrate on some selected stocks in order to enjoy & “little private party among themselves” for no better reason than that there is not enough activity to keep them otherwise occu- ied. pled. (Copyright, 1929, by Current News Features, nc. able on request. ®¥y 13 Real Estate Investments JAMES Y, PENNEBAKER Nat. 5291 WE have prepared a list of Common Stocks with estimated earnings per share which we are recommending for investment purchase at this time. The list is avail- WESTHEIMER & CO. Members New York Stock Exchange Members Baltimore Stock Exchange Members Cincinmati Stock Exchange Membérs Chicago Board of Trade Ground Floor—Woodward Bldg. Telephone National 5500 balances are larger now than when the accounts were opened up." He turned to one of his old baok- keepers, 5 “‘George, those accounts I am aking of are somewhat larger now an they were, say in 1900, aren’t they?” George replied with an innocent gravity equal to his employer’s, “Yes, sir; they are rather larger now.” | I ventured another question: “You send checks to these clients when profits accumulate. But what do you do when they have losses? Ask for more margin, I suppose?” The old gentleman gazed at me in a sort of mild astonishment, with something like a smile forming on his lips. “Why, to tell you the truth, we haven't had any lesses so far. My clients, sir, are not speculators. They do not buy stocks they do not wish to hold. But you are mighty inquisitive today. What do you think about the world series?” “Running pools” are pools, like the “little arrangement” described by m old broker friend, which do not clos when one deal is “wound up,” but con- tinue In existence over indefinite pe- riods of time. Not many, however, “run” for 30 years. Some pools of this kind are nothing more than buying or selling arrangements whereby groups of investors secure better prices, on the average, than single invidiuals might obtain. Other pools, which run for in- determinate periods, are active specula- tive combines, some of them trading in and out of the market whenever oppor- tunities arise. “Short Swing” Dangerous. T know of pools which give the man- ager full discretionary power as to the stocks he shall deal in, the managers! usually being exceptionally able “short- swing” traders who have attracted a following of wealthy “backers.” This is perhaps the most dangerous type of speculative activity; yet many men ap- parently are able to make money at it year after year, Very few, if any, very large fortunes have been accumulated by this method of operation, but it seems to fit the ter rament of certain men capable of making good “rapid-fire judgments,” but who lack the patience and perhaps the courage for more in- volved undertakings. Such operators “cut losses” when the market goes against ‘them, and unless caught in a sudden break never hold any stock at a loss of more than a few points, The so-called “general market pool” is much talked of but rarely seen. ‘What is meant by the phrase is a gen- eral pool of important market interests for the purpose of affecting the action of the market as a whole, Such a “pool” was formed last month (October) on the 24th, when twelve million shares of stock were traded, and near-panic conditions prevailed for two hours. Leading bankers headed by Thomas W. Lamont of J. P. Morgan & Co. were Sa! Port RL&PEsdl.. Port RL P 6s 47, Port RL&P T%s Reading gen 448 A 118% 85,8 102 07% 9T 43 24 100 85% 93 Whash 4%s 78 rets. Wabash 1st §s. Wabash 24 b Whash 6% 6. West Maryland Went MA %8 77 West Shore 43 61, Wilks B& B 1sf Wis Cent gu 48 Steel Scrap Prices Reduced. NEW YORK, November 15 () — Heavy melting steel scrap-at Pittsburgh has been reduced 25 cents a ton to called together and reached an agree- ment whereby the market was supported e buying orders. Such “gen- éral market pools” are frequently men- tioned at times when the market de- clines rapldly, but seldom are actually formed. And when they are formed 1t is doubtful if the agreement between the parties may properly be called a pool. What probably happens is that each group of intarests acts to protect the stocks sponsared by that group, the banks releasing funds on loan to carry the load. Another form of loose agreement is also referred to as a “general market pool.” In times of wavering and un- certain markets a/ number of pool op- erators may co-operate to advance a few leading stocks, thus giving a bullish appearance to the general market, under | cover of which each pool manager is enabled to ‘“unload” his holdings of other stocks. Or, conversely, when stocks are being accumulated, there may be a concerted agreement to depress the general market by sales of a few lead- ing stocks, in order that the stocks sought by each pool may be “picked up” at lower prices. This last operation is known in the street as a ‘“technical shakeout.” Bear pools sometimes sell active stocks short, which they must later repurchase at a loss, in order to break the market and severely depress the prices of the “weak” stocks in which | they are actually working. In these cases again, it is doubtfu] if & pool is ever formed to “handle the general situation.” What happens is | that each important pool manager does a certain amount of trading in the “key” stocks, charging off his losses, if these trades result in a loss, against his total operations. What seems to bei concerted agreement is in reality due to the fact that the keenest minds in | the stock market are apt to reach similar conclusions simultaneously. Most of the important stock market operators make the same decisions at the same time, Another factor of interest in connec- tion with these so-called “covering op- $16.50 and $17. Organized 1879 JOHN JOY EDSON, President Assets .. -$5,662,549.55 $9.50 ER SHARE Penna 6s 64 POHI’PI 18t & PCC&StLEs A (0 Equitable Co-operative Bldg. Ass'n Subscription for the 98th Issue of Stock Being Received 915 F St. N.W. erations” is that they most often take place on days when' the total volume 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits. . ....$1,705,130.78 SAVE AS YOU EARN THE Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistently followed will even- tually lead to financial inde- pendence. Start now while you have a steady income. Come in and let us explain about our systematic plan. 1520 K St. N.W. Real Estate Loans On =—-APARTMENTS 809 15th St. N.W. S5 AP E-..F LRST,. Over a Third of a Century Without a Loss National 2100 THERE terest—either time of payment. ~—BUSINESS PROPERTIES ~—OFFICE BUILDINGS Consultation Invited WESEERS Our Real Estate Loan Department is fully equipped to give prompt and sat- isfactory service on LARGE LOANS. District 9436 Mortgage Loan Correspondent Metropolitan Life Insurance Company Partial -MORTGAGES THERE IS NO WEAK LINK —in the line of investment of- fered by our 69 FIRST MORTGAGES They aré completely out of the class of speculation; inde~ pendent of changing condi- tions; with' ne chance for loss and no possible doubt of the in- in amount or May be purchased in amounts from “$250 up—and upon our convenient Plan if desired. B. F. SAUL CO. Payment 925 15th St. N.\W. experience in this - 1001 15th Street N. W, g §'PA B Eid 8 H Refinancing at Low Cost To those who are confronted for the first time with ‘home financing problems we offer the competent counsel of forty years service . judgment directs many who refi avail themselves of our low interest rate. FIRST MORTGAGE FUNDS (Thywe years or longer) 3% H. L. Rust Company National 8100 E D . sound inance to IS NO SUBSTITUTE FOR SAFETY 5