Evening Star Newspaper, December 11, 1929, Page 13

FINANCIAL, Real Estate Investments JAMES Y, PENNEBAKER Nat.5291 1520K St. N.W. The Commercial National Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and earned to DAY of withdrawal. Come in and let us explain Resources Over $20,000,000. 14th & G Streets B. GOLDEN DONALDSON, President First Mortgage Loans for, 3, S, 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 Loan Correspondent Morrga g Ce. New York Life Insur 5% Interest on Savings Compounded Semi-Annually U.S. TREASURY SUPERVISION COLUMBIA PERMANENT BUILDING ASSOCIATION 733 12th St. N.W. FSARERVEREDS JRTHORICA Start Now and Buy 6 7 FIRST MORTGAGE DENOMINATIONS OF $250 AND UPWARDS NOTES INTEREST onEcRs REC i ORS THE DA BOSSEHELPS 1417 K St. BY Contact with the Center of Financial New York Our direct communication fa- cilities by wire with our main office in the center of financial New York provide a ready means for the rapid transaction of New York banking business. TEE EQUITABLE SECURITIES COMPANY A Subsidiary of The Equitable ‘Trust Company of New York STaNLY CARR, Representative 922 Fifteenth Street, N. W. ‘WASHINGTON, D. C. 6% FIRST MORTGAGE NOTES —in convenient denomina- tions, secured by carefully selected, conservatively appraised residental and business properties in the District of Columbia and nearby Maryland. We offer the facilities of a competent organiza- tion eager to counsel you in the profitable ple<ing of your investment funds. - H. L. Rust Company 1001 15th Street N. W. Nations) 8100 Eetablished 1689 BOND PRICES SAG ON HIGHER MONEY | Profit Taking Also Affects the Market—Sales Volume Small. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 11.—Under | the influence of the firmness in time | money rates and the necessity of ab- | sorbing a quantity of profit taking, | bond prices were lower again Wdafu | but volume dropped off considerably | below that of yesterday. | With a few exceptions, where some | special interest ran counter to the mar- ket trend, domestic bonds were off from fractions to over & point. The center of activity shifted to the foreign department, where a considera- ble amount of buying for foreign a count tended to offset local selling. Shortly after the opening United States Government issues resumed their rally of late Tuesday, but before noon they had dropped and showed a slight loss on the day. This applied to the high-grade list, where most of the rals, industrials and public utility. issues haa fractional declines. Exceptions here were Youngstown Sheet & Tube and Dugquesne Light 4!%s, both strong. The early dullness was to some extent due to unwillingness of dealers to make new commitments until prices on the New York City new issue were an- nounced. The activity of the speculative list was at & temporary halt, with the tractions, oils and second-grade industrials sag- ging. However, the declines were small here also. Brooklyn-Manhattan Transit 6s had a small gain. Cubin Cane Su- gar 8s_were up nearly 4 points. St. Paul adjustments were extremely active among the second-grade rails and at a high price for the current move- ment. Chicago & Great Western 4s gain- ed a point, but losses were shown by Chicago & Eastern Illinols 5s, Erie Gen- eral line 4s, International Great North- ern adjustments, St. Louis-San Fran- cisco 4135, Rock Island 4';s and the Seabord Air Line loans. Bolivian and Peruvian bonds were the high lights of the foreign list. Bolivian 7s were 4 points higher and Peruv! 6s gained 2!, points. Bonds of the co! | fee States, Rio de Janeiro and Brazilian government credits were up from their lows of Tuesday on news of a recovery in the milreis. There was strength in French and British government bonds, with the balance of the list irregular. REVENUE FREIGHT LOADINGS. By the Associated Press. Loadings of revenue freight on class one railroads for the latest week for which statistics are compiled, and for comparable periods, are reported as fol- ;(‘a:a by the Ameriean Rallway Associa- n: Week ending November 30, 837,107 cars. Preceding week, 950,280 cars. Bame week last year, 900,556 cars. General industrial eclosing, incident THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, DECEMBER 11, 1929. I ON NEW YORK BONDS STOCK EXCHANGEI te The Star Qffice | Received by Private Wire Direct (Balen are 1 Belgium 8s. . Bolivia s et” Bolivia 8s. Bremen State Canada 6s 1931 Chile 6560, Chilg Chil Chine: Christiania 6s. Colombia 63 Ja Con Pow Japan 7s.. Copennagen 438 63 Copenhagen 6s ct. . Czecho 85 1951..... Danish Munic 83 B. Denmark 4148 Denmark §%s'65. . Denmark 6s....... DE16%s Nov 63, . Dutch East 1 6s 62,. Finland s £ 6s'45. .. French T4s. German Bank German 7s. Ger Gen Elec 7s. Greek 6s 1963, Liait1 6s. Hungary 1 irish Free § Italy 7s.. Itatian Pub S 7s. 7 S%s Karstadt 6s 1943, Mexico 45 10 asnt. ., to Thanksgiving holidays, the associa- tion noted, was the chief factor in caus- | ing the drop in loadings between the lut‘ D;eported week and the preceding | period. PARIS BOURSE PRICES. | | | PARIS, December 11 (®).—Prices | were firm on the Bourse today. Three per cent rentes, 81 francs 50 cemtimes. ‘{"we per cent Joan, 106 francs 20 cen- | tims. | Exchange on London, 123 francs 97'% | centimes. The dollar was quoted at | 25 francs 39 centimes. | . Washifigtt_in Stock Exchange SALES. Pot. Flee. cons. 55—$1,000 at 101, Wash, Gas 55—$2,000 at 100. | Wash. Gas 6s B—$100 at 1021, | Wash, R. & E. 45—81,000 at 84. Cap. Tract. Co.—10 at 75, 7 at’75, 10 | ap. at 75, Pot. Elec. 6% pfd.—10 at 109, 10 at | +1091, 10 at 110, 2 at 110,710 at 110%, | 8 at 1103%. Pot. Elec. 5'3% pfd.—5 at 1045, | Wash, R. & E. pfd—1 at 943, Riggs Natl. Bank—10 at 530, 5 at 530. Amer. Sec. & Tr. Co.—10 at 435. Col. Sand & Gr. pfd.—20 at 90. 1. Bk—10 at 202, 10 Fed.-Amer, Natl Peoples Drug St. ptd.—10 at 107%, 10 at 107. at 292, After Call, City & Suburban 55—$4,000 at 81, Oap. Tract. $s—$1,000 at 92, 33,000 Al . Peoples Drug Str. gldv~10 at 107, Ana. & Pot. R. R. 55—$1,000 at 90, $4,000 at 89. Mergenthaler Linotype—25 at 107, 25 at 107, 15 at 107. Unlisted Department. Chapin-Sachs 8% ptd—40 at 100. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4'2s Am. Tel & Tel cti. tr Se City & Suburpan St Poio: llec. cons. 5% 6s 1953. . Ver: Cham.-Vanderbilt Hotel Chevy Chase Club 5%s D. 'aper Mg, 6s. .. Pot. Joint Stock Ld. BK. 35’ W. ‘M. Cold Storage b Wash. Cons. Title 68 STOCKS. PUBLIO UTILITY. Amer. Tel. & Telga Capital Traction Co Washington G N. & W, Ste y. & w. c. com Wash: Rey, & Elec o cond . National Bank of Washington.: TRUST COMPANY. American Security & T Continental Trust... Washington Loan & ‘Trust SAVING BANK. Bank of Bethesda 5 omac Security 8 Seventh_Str Cnited States . Washington Meehanics' ... ] PIRE INSURANCE. ! American . el | Corcoran | Firemen's ~..... National Union Real Estate ... Title & Inv. of Md. ol Lanston Monatype. ... . 5 Merchants' Trans. & Storage Merchants' Trans. & Stor. pfd.. I Mergenthaler Linotype Natl. Mtge. & inv. pfd. . Peoples Drug Stores pfd Est. Mtge. & Guar. of Norway 6 1944 Norway 6148 1953, Orient dev 6% 68 Paris Orleans Par), Prague 7%s. Queensland Sao Paulo 85 193¢ 8ao Paulo 1950. Saxon (PW) 7 1 Alleghany 68 49 AmAgriCl Am Chain 63°33..., Am Chem 5% 5 cv 49 Am Int Cor B Am NatGas 6% s 42 Aromur&Cod %539, Armour Del 5% hlehm Stl pm Beth Steel 6341 63, , Bethlehem Steel 63 Bklyn Edison 6 Bush Term Bldg bs Certain-Td 6% s rets Chile Copper bs. Gen Cable b % . Gen Mot Ac Cor 6a. Goodrich 8% Goodyear bs re Hunible O11 5 int Tel&Tel 434 KanCity P& L Kan G & K 65 6. Lackawa Stl Laciede g Laciede & 634 Lautarc Nitrate 6s Ligget&Myers bs61 Montana Pw deb bs Mor's&Co 18t 4 %8 Nat airy 64s.... Nat Radiator 648, N ¥ Edison 6a ¢4, NYG&EHP4s., N ¥ Tel6sdl. N Y Tel 68 49 North Am Edi, High, 99 8 1018 100 1056 108 6 1085 FOREIGN. 84 High. n $1.000.1 9y 100 105 126 112 1 100% 4 100% 9 8 1024 10 110% 55 91 1 100% 7 104% 1 1C1% 19 117% 87 854 14 109% 9 106% 16 104% 5 104 7 102% 8 991 81 101 36 i 6 1004 B 1004 5 100, 6 KL 13 97% 6 22y NewEngland Tel b8 6 106 4103 2 92 13 107 2 110% UNITED STATES. Low. 3 6 W96 10024 100 24 10114 101 11 10113 . High. Low. 3: 102 10z 1017% 101 101% 15. 100 105 Low. o 100% 100% 102% $0% 91t 102% 24 101% 6% oxiy i 4% 108% 1i0% 90 100% 104% 101% 964 108% 734 104% 10514 . 101 105% 104% 0% 1004 N . 1 NoAmE4b%s's3., 5102 102" 102" Nor Dag £t bauseneiy 43 ° Phila & Read 68 Philips Petro §%s. Por Ric Am Tob Postal Tel & C§ Pressed Stl Car Pub Ser 448 RemingtonAr Rem Rnd o % war. Richfield Ofl 63 '44. Sinelatr 011 . Stand OIIN Y 448 Sug Es Orfent 78 Tenn Cop 6s B "4 Tenn Elec Pow 654" 11 Tex Corp ev 58 1944201 Transcontl Ofl 6%s 8 -United Drug 65 63. 22 U S Rub Istrf bs. . 18 Rub 7%s Utah Pow & Utllities Powr 6 Vertlentes Sug 7 Walworth 6s '45 War Quinland West Ele Westh U, Westn Unfon 6% White Eagle O 6% White Sew Mach \Wilson & Co 1st 63, Win RepeatAr 7%3 Youngstn S& T bs. 35 Ann Arbor 4s. . Atchison gen 41 Atchdeb 449 43... Atl & Dan 2d 4s 48, AtlanticC L 1st AtlanticCL ¢s.... 7 AtlanticC L 4%s 64 50 100% U4y 101% B & O Toledo 4; Boston & Main Brdway & Tth A’ Buff R & Pitts 4%, Can Nat 438 3 45 Can Pac 68 44 Car Clin&Ohio Cent of Ga 65C 48 Chicago N W 4% Chi & NW 6348, Chl & NW 7s, Chi Unfon Sta. Chi& W Ind cn 4 C& WIb%s62. CCC&StL 4%s E CCC& St L 6s D. Clev Term Colo & Sou 4% Conn Ry&L 43 sta Cuba Nor 6% ct: Del & Hud 1st rf ¢s Del & Hud §%s. DRG & Wst bs 75., Det United 4% EastTenn Va&G: Erfe conv Ex Erie Genne: Green B & W deb B. Hav El Ry 58 62, Hav El Ry 6% 61 Hud & Mana Hud&Man ref ba. 111 Cent ref 4 11 Cente¥s 744 | TN-C-C-StL&: 1047 | Int Rapid Trana 1054% 101 1054 lowa Cent 1st 58 Kan City Ft Kan City 8 3 Kansas City 8 Kan City Term & Lake Shore ¢s 31 Leh1 Val cn 4 Long Is deb Louis&Nash un 4 Louts & Nash 7a Man Ry 1st 48 : » Ravnornas Rmad eate ~rcagn s M1l 1 Ry & L 68 61 o Montreal Tr 68 Nash Chat&StL 2204 | NYState Ry 6 :gg + NY Sus&Wn 6 1054 118% 115% 112% LAUDS LAND BANK LOANS T0 FARMERS Commissioner Bester Tells Federation of Assistance Given in 13 Years. Special Dispatch to The Star. CHICAGO, December 11.—Pointing out that the banks of the Federal farm loan system are created not merely to function under gooe conditions, but to operate and serve the needs of the farmers of the Nation during the fu- ture, under any and all conditions, and that the actual experience of banks operating under proper management has demonstrated the ability of these institutions to supply long-term first mortgage credit for farming, Paul Bestor, commissioner, Federal Farm Loan Board at Washington, said, while addressing the annual convention of the American Farm Bureau Federation here this morning, that “in the 13 years since the system was established the banks have closed 624,335 loans, for a total amount of $2,481,015,285. Of this amount the 12 Federal Land Banks loaned $1,595,342,765, and the Joint Stock Land Banks closed $885,672,520. “This system of financing fills a definite place and need in our national life. It provides the type of loan best suited to the former where the long term is needed for agricultural pur- poses. It has demonstrated its sound- ness h’urlnclple and in practice. It hi rovided an amortized loan which elim. nates the old problem of refinancing. It has decreased and stabilized interest rates to an extent that even the framers could hardly have anticipated. It has become the modern method of financing a farm. It is the desire and the firm purpose of the Federal Farm Loan Board to see that the management of the banks and the supervision by it be such as to insure the permanence of the system for the future service of Amer- ican agriculture.” Postal Plans Expansion. NEW YORK, December 11 (F). Stockholders Committee. NEW YORK, December 11 (#).—For- mation of a stockholders’ committee o’luxt:e class A“O stockholders of ?w Corporation was announce ay by Farrar Lazarus, who has been named | chairman. In a letter sent to stock- solders, it 18 pointed out that the com. mittee has no intention of embarrassing the recently appointed trustees of the corporation, but plans to constructively co-operate with them. The committee states that prior to the recent break in securities prices it was voted to in- crease class A stock from 900,000 to 4,900,000 shares and to increase the directorate from 8 to 12, giving the stockholders the right to elect 5 direc- tors, and the protection of these rights is sought by the committee. STATE BONDS SCLD. Award of a new issue of $900,000 State of West Vi ia road bonds, due July 1, 1938 to 1952, has been made to Otis & Co. and L. F. Rothschild & Co. The price paid was 100.12 for $480,000 of the bonds, due on July 1, 1938 to . 8s 4%s, and $420,000, due 1946 to 1952, as 4s. A group headed by the Guaranty Co. of New York bid 100.62 for the entire issue as 4'4s. A group represented by Phelps, Fenn & Co. bid par for $515,000 of the bonds as 4%s and $385,000 as 4s. SILVER QUOTATIONS. NEW YORK, December 11 (/)—Bar silver, 49%; Mexican dollars, 36% First Mortgage Loans Lowest Rates of Interest and Commission Thomas -J. Fisher & Company, Inc. A PROFITABLE CONNECTION —is offered td salesmen, par- § ticularly those having a clientele, with’' an Institution offering an attractive, gilt-edge bond issue. Satisfactory references required. Apply 817 Denrike Bldg. 1010 Vt. Ave. NW. 00049000000000000000. :Qomommooooo Col. A. H. QGriswold, executive vice president of the Postal Telegraph & 4 | Cable Co., announced yesterday that the | company will undertake a $10.000,000 expansion program in 1930. This is $2,000,000 more than was spent on a similar program during 1929. No details of the program were an- nounced. Penna gen Penna 4% Penna gen 6 Port RL&Pbsd2., Reading zen d%s A Reading J C 48 b RIATK&L ¢ Stl, IM&S gn 68 3 StL IM&S R&G ¢a.. &SFplisA., 138 4 29 SIL &S F 4% StL&SForin S ¥ Sou Ry con bs. . Sou Ry 6s §6. Sou Ry 648 4| Term Asso 8 L 4 Texas & Pacific Pa B it Maryland t M 6348 77. t Pacifie 't Shore : Money to Loan o o We Buy and Sell ALL ISSUES Bank and Insur: Ben“efic In S. W. Straus & Co. Mehlman & Co. Woodward Bldg. - Dist. 8848 Exempt From Federal, State, Municipal and Local Taxation FEDERAL LAND BANK BONDS 4149, Due 1942-32 FINANCIAL. SAFE FERST MORTGAGES BEYOND THE REACH OF PASSING INFLUENCES There is one stable and sure investment that no market con- dition can affect—nothing dis- turbs your calculation of income —and pays liberal interest, too. Our 69, FIRST MORTGAGES The principal is secured on income-producing real estate— which we have fairly and impar- tially appraised—and the loan is made for a term of years. All the while you draw 6% interest. Quer a Third Century of a Without a Loss May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. 43%4%, Due 1954-34 Yield About 4.85% Alex. Brown & Sons 787 15th St. N.W. Telephone National 1053 ! Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets ... $5.662,549.55 915 F rials—modernly stantial and beautiful. Pric; s59'50 Others from $30 up 1506 L Street These desks are attractively finished in the finest mate- styled—sub- 50th YEAR COMPLETED WALTER 8. PRATT, Jr., Secretary Surplus & Profits. +$1,705,130.78 Subscription for the 98th Issue of Stock Being Received SAVE AS YOU EARN THE Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistentl¥ 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. St. N.W. Xmas Bifts of Real Worth One of these fine, useful desks would make the ideal gift for a particular friend—a close business acquaint- ance—a loved one —some person you want to remember in a really worth- while way. Our Show Rooms are full of such splen- did gift suggestions —reasonably priced—a p p r O priate for home and office: " THE W.D.CAMPBELL COMPANY BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercial Interiors Met. 5660 1018 15th St. THERE IS NO SUBSTITUTE FOR SAFETY Old Yardsticks Still Apply N EVER have the old "yard- sticks for measuring invest- ment values—security of principal and assurance of satisfactory income—been more highly regarded than today. Talk of a new era in invest- mentsis heard no longer. The readjustment that has occurred has been regrettably drastic but to the extent that it has served to restore a gen- eral appreciation of invest- ment fundamentals—at no time lost sight of by the more conservative—we feel that it has not been in vain. Weare Continuing to Recommend Bonds for Investment INVESTMENT BANKERS Garrett Ruilding Baltimore, Maryland ‘Washington Office 501 National Metropolitan Bank Bldg, HIGH INCOME Plus Market Appreciation More emphatically than ever we recommend the purchase of INLAND UTILITIES, Inc. Participating Class A Stock (Listed on the Chicago Stock Exchange) Through its subsidiaries it supplies indispensable public utility services to thousands of homes and industries in Pennsylvania, Maryland, Virginia, and West Virginia. Its growth is constant. With this growth should come an increase in the Company’s earning power, to be reflected in the market price of its securities. Today this Com- pany’s Class A stock YIELDS 10% yearly in Stock, or a full 7% in cash Throughout the recent market break and subse- quently, the Class A stock shewed remarkable strength and continued to sell within price ranges 80 narrow as to be negligible. Meil coupon below for Special Letter giving complete interesting information E. R. DIGGS & Co. Incorporated Established 1914 46 Cedar Street New York Chicage Kansas City St. Louis Baltimore Newark Richmond Hartford E. R. DIGGS & CO,, INC. 46 CEDAR ST.. NEW YORK Mail me a copy of Special Letter regarding the Participating Class “A™ Stock of Inland Utilities, Inc. which you consider & strong investment with great possibilities for market appreciation. Name senen Address.....coreesescreccnrsenncastennnisistsesensansesssrssesssesaes