Evening Star Newspaper, December 19, 1929, Page 13

s FINANCIAL UNITED BONDS ARE HIGHER Argentine and Other Obliga-| o i tions Improve After Recent Drop. Bales. 6 Lib 1st 4% FOR BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, December 19.—Chief (Sales are tn 61.000.1 &9 100 31 Ab 4th 4% e 230 10112 1017 110417 2 10717 53 11117 Sales. High. Low. THE EVE SOUTH AMERIGAN | Coxee v BONDS oc s | bl Phila Co 53 67. Low. 3:15. | Phila & Read 6 997 9912 |Philips Petro 6%s. Por Ric Am Tob Postal Tel & C 6%s Punta Alegre 7. Rem Rnd s %s Richfield O1l'6s Sinclar O11 & Sin r O1 Sinclatr O1) 7, Sinclair Crude 6% Sin Pipe Line Skelly Otl 6% s South Bell Tel bs. High. 99 12 100 27 100 27 1017 9922 9522 9922 9922 10417 104 17 1072 1072 11026 11026 99 22 99 22 EIGN. 3:15. 85 45 35 2% 8o 9% 924 b interest in the bond market today was again with the Argentine and other South American issues. Following Tuesday's extreme decline in the Argentine government and pro= vincial bonds, they staged a rapid come-back which in different descrip- tions ranged from 3!; to 5 points, but did not hold all their gain. It was felt that yesterday's selling had been somewhat 1ill-advised. Its effect would not have been so pronounced had there been the sort of support in these is- sues that was to have been expected. Other South American obligations had a somewhat heavy tone, although trading in them was slight. Chilean and Peruvian issues declined fraction- ally. There were also small losses in a number of the poorer European credits, but on the other hand a strong market for the better ones. In the domestic list the volume of transactions was in keeping with the general lethargy that has come over all markets this week. Without any leadership, prices were inclined to sag slightly both in the convertible and the mortgage issues. Municipals Improve. In no other department has the im- provement in bonds been so great as in municipals. These have moved out rapidly during the last two weeks. Evi- dence of this was given today in the in- formation that one-half of the New York City issue of $65,000,000 4'2s had been sold and approximately the same proportion of the $45000.000 offering of the City and County of San Fran- cisco. Deep inroads have been made into the Detroit and Montreal issues, with large portions of other smaller municipal loans marketed. The demand has been not only from this country, but from abroad. It is understood, for instance, that $1,000,000 of the New York Port of Authority 4!4s were re- cently sold in London, and that $500,- 000 City of New York 412s went to Ger- many. ‘The same excellent demand has taken place in corporation issues that have come into the market lately. The $30,000,000 Canadian Pacific collateral 6s moved out rapidly. There was a heavy oversubscription for the $15,000,- 000 Union Electric 5s. The difficulty in obtaining short-term notes has had the effect of turning corporations and individuals toward the long-term mar- 88 93is 93's 831 90 |Stand OIl N Y 4%s. 45% | Tenn Elec Pow 63 4" £315 | Transcont] O11 648 92 924 | United Drug 6s63. 91% 92 [0S Rub 1strf bs. 103% 104 |11 8 Rub7%s...... 13 94 93w 94 [Utah Pow & Lt6s.. 2 96 a6 96 Utilitles Powr 6 %8 6 100% 100% 100% | Vertientes Sug 7 1054 106 | Walworth 6148 36. 5 108% 108+ 1084 | West Elec bs. 5 106' 106% 106 | Westn Union 6s 61. 3 1161 1164 116% | White Sew Mach 3110 110 110 | Willys-Ov 648 33. 24 %0% 50 80 | Wilson & Co 1st 6s. 9214 92% | Win RepeatAr 7%8 102% 103 | Youngstn S & T bs. 4 7% $7% &8 |As&SFevt4sOo... 951 95 95 |Atcnisonad) Yy, 99% 993 | Atchison gen deb ¢ 10 100% 100 100% | A¥SD deb 4% 0% | Atlantie C L 20 108% 103 108 | Atjantic C L 4s. 26 0% S0 90% Atlantic CL 4%3 64 320 gosssgo son | ATmRUISC B 4100 100 100 |B&OGold 4 22 2 70 69N Austraita 4% Australia bs 1955 Australia b8 1957 24 92 3 104 Brazil 6148 Brazil 6%s 1927 Bremen Sta [ 631931, Canada 6s 1952, Chile 65 60. Chinese Gov Ry § Colombia 6s Jun 61 12 Con Pow Japan 7s. Copenhagen bs ct. Cuba b%s.... Cazecho §s 19562, Danish Munic 83 A. Danish Munic 8s B. Denmark 4% 6% : 961 6 100% 100% 100% 11 109t 109% 1093y [ B & O PLEWY ¢s.. %111 111 111 |B&OSW6s50.... 3 110% 1i0% 110% | Boston & Matne Es. 19 90% 0w S0v | Brooklyn Elev 648 12 100% 100% 100k | BKlyn Manhat 1 104%s 1043 10414 | BKlyn Un El 68 50. 1 1011, 10115 1017 | Buff R & Pitts 4 s, 10 102 102 102 |Can Nat4% . 1102 102 102 Can Nat4%s 2107 107 107 |Canada Natl 2 85 8414 843 CanNor 4% 5 97% 97% 974 |Can Nor 6%s 1 104% 1047 104% | Can Nor 7. 28 111 110% 111 | Can Pacdeb 28 117% 1173 117% | Can Pac 4% 11 s54% &5 54 |Can Pacbs ‘44 rots German EIP63%s.. 1 §1% 9i% 91%|Cent Pac4s....... German 7s. 20 106% 1064 106% | Cent Pao 1st 68 90. Ger Gen El 5 991 994 99y Ches& O Corpn 5s. Greek 63 1963 4 i b2 b3 |ChendOdinsla. o f e s 200K, 5% 9| Ches& O gen eium.. L v7 et Ches & O con 58...+ 20 4% 8¢ Chi & Alton 8s. % 03 Chi & Alton 3%s. . .. Cni & Alt 335 ctfs, CB&Q4%877B.. n 68 51 Dutch East 1 El Salvador Finland 6% Finland 7s Karstadt 65 1943.., 10 Chiaks 1 Kreuger&To'l 6set. 11 941y | Tex Corp cv 58 1944151 ket, though so far only in the way of inquiries rather than actual purchases. This market depends for its future on & continuation of low interest rates. Opinion as to rates in the next few months is much divided. Pacific Lighting Issue. An issue of 20,000 shares of Pacific Lighting Corporation 6 per cent pre- ferred stock at par was the chief offer- ing today It was announced that the Chesapeake & Ohio has asked author- ity of the Interstate Commerce Com- mission to sell $5,088,000 refunding and improvement bond, probably with a 41 per cent coupon, of which the largest part is to retire the 4l2s that mature next February. A $2,000,000 three-year 6 per cent note issue by the Cond Nast Publications has been placed pri- vately. CHICAGO DAIRY MARKET. CHICAGO, December 19 (#).—Butter ~Steady; receipts, 4,645 tubs; prices un- changed. Eggs—Steady; receipts, 1,276 cases; extra firsts, 50 to 53; graded firsts, 46 to 48; ordinary fi 38 to 43; refrigerator extras, 3812; refrig- erator firsts, 37%. Norway 6s Norway 6%s 1963 Paris Orleans 5, Paris-Ly-Med Peru 65 1961 Peru 7, Poland 63 40. . Poland 7s (rcts) Poland 8s. Porto Alegre §s.. Prague 7%s. Qi 5| 2 Phine Wst £ P 68 6 RhineWst P 78 60 Rio de Janerio 6348 Rio de Jan 88 1946 Rio Gr do Sul 6s Rio Gr Do Sul Rome 6%43.. Sao Paulo 85193 % Sao Pauio 1950. .. Sazon (PW) 7s. Washington Stock Exchange|se 5 SALES. ‘Washington Gas 6s A—$200 at 1011, $600 at 101, $1,000 at 102. ‘Washington Gas 6s B—$100 at 102%. Capital Traction Co.—20 at 75. Fotomac Electric 6% pd -5 at 10914, |3 . Potomac Electric 814% pid.—3 at 10435, | 7oLk, §1 00 Commercial Naticnal Co. pfd—5 at|Jtd Kingm s4s 101%. Security Storage Co.—10 at 116. AFTER CALL. Capital Traction 55—8$1,000 at 92. ‘Washington Gas 6s A—$200 at 100%. Mergenthaler Linotype—10 at 107. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. Amer, Tel. & Tels a8, Am. Tel. & Tel. ctl. tr. 5s. Anacostia & Pot. R. R. 5§ Anacostia & Pot. gua) . & P. Tel. of Vi Abram&Straus 6% s Alleghany C 4135 '33.. 428 139 Am NatGas 6%s 43. Am Smit& R st b8 Am Sugar Re MISCELLANEOUS. rber & Ross, Inc.. 6'zs... Barber oss. Inc.. 628 Club 5138 Atlantic Refi Bell Tel Pa MISCELLANEOUS, 426 139% 136 16 74 £514 | CMSP&Pac adj5s03 1. 4744 | Ch1 & NW gn 3%s. . 89 | ChI&NW conv 4 %s.1 3 100 100% 100% | ChI R 1& P 4% 11 103% 102 103 | Chi Un Sta bs. 101027 102% 102% 6 91% 9% 91H 5 101 101 10115 | S 1L g 10dn [Tt L dAb R, L 1% 73 18 | Cuba R R 6s 1936 cf I 1% 11| cuba R R 1348 3% | Cuba Nor 638 et 20 | Del & Hud 1st =t 4s, 0% | Del & Flud 5%s. 6% | Del & Hud 7s 30 Den & Rio G cn CCC&StL 4%s E 40 9% 98% 98 5 854 &5 85w 2. 804 9y 3 1024 101 10 7% T6% o ALL :f s;w Erie Gennessee R 61 2 95 Fla East C6874... Fonda J&G 4%s 63. B3 8% o8 5 974 9% Gr Trunk st db 1 sk 92 ke 9 94'a 94% 21 1084 108 4 77 T6% T6l4 Det United 4%s 4 104% 104% 104% 10 102% 1020 1025 14 104 104% 101% 2 105% 108 108% 5 Y9l w9 ¥ 4 89% 88K 881 4 102% 10z 10: 5 97w 9T 954 12 95% 94y uv4n, 2 1065 105's 105% 111 Cent ¢s 52 111 Cent 43 63 11 Cent 4% s 66, Int Rapid Trans Int Rap Tr 6a stpd. Int Rapid Trans 6s Int Rapid Tran: Int& G Noradj6s§ Iowa Central ref 4s lowa Cent 1st i Kan City Ft S 4 9515 vg | KanCity Term LehiVgen 4% 2003 Long Is deb 5s. . Long Is deb & N 5 100% 100% 100% 82 100 99% 99% 43 100 99% 99%y 2005 787 96 8 95 94 94 27 103% 108% 103% 4 78 1w 18 19 100% 100 100 8 1034 103% 103% 137% 1103 103 103 30 104 1031 1031 21 107% 107 107% 5 100% 100% 1004 2 1 n 1 7 89% 89 89 6 B3n E2Y% ¥34% 73w T4 7 1003% 100% 100% 9 104% 104% 104% 15 1054 106% 1054 11 101% 100 1102 10z 6834, Louls & Nash s Man Ry 1st 45 90 M1l El Ry&Lt 4%8 Mil E1 Ry & L 68 61 Nash Chat&StL ¢ NOTex& M 6s 24 67 10 25 . Low. 3:15 98 93 92% 98% 98 100% 100 100% 100 1014 101 9T 97 4% 9% 94% 941 94k 944 5 1028 1013 102% 10315 103% 1033 103 103 9% 97 97 105% 105% 1051 102 101 101 91y 48l 9RLG 95% 95l 95% 824 BN RI% 100% 1004 100% 100 100 100 88 83 88 65 65 65 92% 924 921 164% 1044 104% 102 102 9% 9% 9 99 101 101 101% 101 101 100% 1007 1007% 100% 100 101 97 10 13 18 RAILROAD. 1 9 90 90 2 90% 90% 90% 15 u3% 93% 130 94 91 1 98% 98% 1 92% 924 924% 9 99% 99y 993 22 101% 101% 101% 6 102% 102 102% 71035 103 103 3 108% 1087 93 w3l % 10275 10278 9T 97H 86y 941y 130 94 91% 984 28 3 94% 94 944 16 100% 100% 100% 5 98 95w 98% 2 1144 1144 1144 11 111% 111% 111% 1 B4y Bdl4 84% 2 9% 97U 9TH% 13 101% 101 101% 10 92 1% 91% 27 102 101% 102 98l Y9 96 96 997 100 3 98 5 1024w 1024 102% ¥ 65% 6! 5 60 59 98" 5% 65 951 94 9l 72% 1 77 46 100% 100 3 BBM ExM B84 81 95% 95% 95% 15 93% 93 83 3105 104% 104% 75 21 1100 99% 99% 9 105% 105% 105% 1 90% 90'% 90y 6 98% 9% 98% o7 67 3 044 94 94y 22 103% 1034 1033 9 101% 101% 1014 93 9% 91% 928 2% 1§84 E8l4 8Bly 25 25 1 96% 96% 96 T 804 80% BOW 17 96% 96K Y6% 712 111% 111% 21 2% 51 51 5 28% 28% 28% 104 16 110% 110 110% 10 84 84 8¢ 17 7% 7% 7% 5 $7 964 u7 3 90% 90% 904 3 88 874 £8 Y usy% 981 6l 6215 61% 74 62 61 14 b1 504 504 b 86 8614 86iy 6 B8t BHls EBY 22 8% 8% 8% 52 344 38% 34l 19415 9416 94 b 9% 89% B89 4 98% 98% 98Y 13 #8 &7% 88 20 9T% 975 9TH 8 984 984 2100 99 1 103% 1034 103% 8 106 105% 106 1 100% 100% 100% 66 5412 66 99%, 89% 2 874 2 103% 103% 103% 10 76 76 76% 98% 9B% 98N 99 981 981 45 9914 987% 99 16 108 106 106% 5 90 90 90 5 97 97 97 2 1021 102 1023% 13 & 9 9% NG STAR., WASHINGTON RAIL VALUATIONS REVISION EXPECTED 2| Reopening of “Recapture” Case by I. C. C. Follows Court Verdict. BY CHARLES F. SPEARE. Spectal Dispatch to The Star. NEW YORK, December 19.—The an- nouncement that the Interstate Com- merce Commission has reopened “lor further argument the celebrated “re capture” case of the St. Louis & O'Fal lon Railroad is of great interest in rail- road and banking circles, in that it is expected to lead to a revision of the commission’s ideas on railroad valua- tions. Last May the Uniteq States Supreme Court handed down a notable decision in which it held that the methods adopted by the Interstate Commerce Commission for ascertaining the value of American railroads for rate-making purposes was improper. It declared that the commission had not given sufficient consideration to “present reproduction costs” in estimating the value of carrier property. The latest instance of this is the tentative valuation of the Wabash Railroad, which is in dispute. The val- uation placed on the Wabash by the commission was $103,616,951, but the railroad contends that it should be $161,545,948. As an {llustration of how far the commission has refused to con- I sider present costs of reproduction the | petition of the Wabash protesting this valnation states that the official valu- ation was only $3,556,706 in excess of the total additions and betterments since the year 1871 and included no charges for the original cost of the road. Procedure Criticized. ‘The opinion of the Supreme Court in the famous St. Louis & O'Fallon Rall- way case contains sweeping criticisms of the procedure of the commission in setting up its valuation figures. Not only had it denled the factor of present costs, but the majority members of the court stated that the commission had “disregarded the approved rule and has thereby failed to discharge the definite duty imposed by Congress,” which re- quired that this body, in determining values, “shall give due consideration to all the elements recognized by the law of the land for rate-making purposes.” It also pointed out that it had indi- cated what these elements of value were, but that the commission, in its re- port, carefully refrains from stating that any consideration whatever was given to present or reproduction costs mt:st\mnung the value of carrier prop- erty.” The United States Supreme Court % [ took the view in this case that Congress had directed that values should be based as much on present costs as on all other facts, and that whether or not the Interstate Commerce Commis- sion was in agreement with this aca- demically, its line of procedure had been indicated and that the mandate of Congress must be obeyed. This idea was further conveyed to the commis- sfon by the court in plainspoken lan- Sales. Tol Tr LAP E%830 12 Unton Pac 1 .- Union Pao 4 . Onion Pac 18t rf 4i Union Pae 4% Virginia Ry 1st VYRy& P 5 Whash 4%s 78 rets. Wabash 18! West Marviand Wilks B& E 1st 6s. Wis Cent gn 4 & Money to Loan Secured by first deed of trust on real estate. Prevailing_interest and commissi oseph 1. Wer .“f — REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Advantages incldent to direct representatior 1520 K St. NN\W. National 0475 TRUSTEED SHARES The IDEAL for_tne vestors who _demand — BAFETY. YIELD and GROWTH of principal clally “sujted to ™ & it loni %o fanas "ol oreanizations Sold in_Lots—$100.00 Up Call or Write Standard-® Collateral Shares Corporation Woodward Bullding. We Buy and Sell ALL ISSUES Bank and Insurance Co.'s Beneficial Loan F. H. Smith Co. Investment Trusts S. W. Straus & Co. Mehlman & Co. Woodward Bldg. Dist. 8848 7 N D. €, | gu in which it indicated that it was nof e function of this body “to act as an arbiter in economics.” A con- siderable portion of the decision was reprinted in the report of the Interstate Commerce Commission published about two weeks ago. The effect on railroad securities of the 'Fallon decision last May was to brini about a pronounced rise in them, an especially in the shares of roads with earnings that were previously subject to “recapture,” as where the earnings were in excess of 6 per cent on prop- erty investment. e systems most benefited were the Atchison, Chesa- geuke & Ohio, New York Central, Nor- olk & Western, St. Louis & San Fran- cisco, Atlantic Coast Line, Reading and Baltimore & Ohio, whose individual lia- bilities for payments to the Govern- ment of the recapturable half of ex- cess earnings ranged from $7.000,000 to more than $36,000,000. The total amount recapturable has been estimated THURSDAY, DECEMBER 19, 1929. heavy buying of railroad stocks developed as the importance of the United States Supreme Court decision was revived. At that time many mem- bers of the rail group sold at the high- est prices in their history. Basis of Valuations. Under the proposed reopening of the O'Fallon case there will be an oppor- tunity for representatives of the rail- roads to indicate to the commission their views on valuations, and specifi- cally to present figures showing the wide variance befween valuations as set up by the commission and those to which application of more businesslike methods has been made. It has been argued that if valuations were based on reproduction costs they would add $10,000,000,000 as a mini- mum to the total value of all of the FINANCIAL. out of this would develop a much higher rate structure and one that would be inimical to the interests of the farm- ers and large shippers of freight. Rail- road stocks were slow today to recog- nize the importance to carriers of the reopening of the valuation case. sy Standard Gas & Electric. NEW YORK, December 19 (#).—The Standard Gas & Electric Co. has noti- fied the New York Stock Exchange that it proposes tc increase its authorized common stock irom 3,000,000 to 10,- 000,000 share A Christmas Gift That Railroads Keepson Giving ARTICULARLY for growing son or daughter, your at $300,000,000. 1435 K St. N.W. Late in the Summer Reserve FIRST MORTGAGE NOTES for your JANUARY REINVESTMENTS Make sure of safety and security for principal and interest. Backed by high-grade home and income-producing properties, this investment re- lieves you of all risk or worry. Full P Yield Be Sure to Get Our Booklet Nat. 2345 G. M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond London MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange Noo VorkProdusei Baihuage New York Curb Exchange Copy of our “Fortnightly Review™ on Request roads in the United States, and that (el duPont_(E. & C American Tel. & Tel. Co. North American Trust shares constitute an ideal gift—a gift that keeps on giving a gener- ous income, and that should grow in intrinsic value with the growth of American industry. North American Trust Shares comprise, in a single security, an investment in the common stocks of the 28 great American corporations listed at the left. All of the 28 stocks are listed on the New York Stock Ex- change, and all have paid divi- dends continuously for 13 years or more. You may purchase North American Trust Shares in units from 10 shares upward, at ap- proximately $10 per share. Further particulars upon re- quest. W. W. LanaHAN & Co. BANKERS Members New York & Baltimore Stock Exchanges Associate Member New York Curb Market Oils Royal Duteh Company (New York Shares) Standard Oil Industrials American Radiator Co. American Tobaceo Co. & mpany Woolworth (F. W.) Ce. Utili Cons. Gas Co. of N. ¥. Western Union Tel.' Ce. WASHINGTON OFFICE—HILL BUILDIN 17th & I Sts. N.W.—Telephone National 6997 EDWIN D. FLATHER, Manager. THE IDEAL INVESTMENT 1510 H Street Connecticut at K National 9600 Private Wires and Telephone to New York FERST Over a Third e of a Century Without a Loss National 2100 THE INVESTMENT TIDE HAS TURNED TO FIRST MORTGAGES The suspense of doubt has thus turned to the certainty that principal is secure and in- definite actuality. 6% FIRST MORTGAGES have appealed to hundreds as an investment profitably at- tractive without the nerve- wracking risks. May be purchased in amounts from $250 up. B. F. SAUL CO. THERE IS NO SUBSTITUTE FOR SAFETY MORTGAGES more than promise—a Our 925 15th St. N'W. Mortgage / _ Bonds UNQUESTIONED SAFETY BECAUSE the Bonds of the Federal Security and Mortgage Company are: Secured by small mortgages on properties in the District of Columbia. Guaranteed by a strong independent Surety Company, with resources of over $5,000,000.00, under State and Government supervision. Further guaranteed by the Federal Security and Mort- gage Company, with a capital and surplus of over $750,000.00. Trusteed by a large National Bank. Mortgages appraised by independent experts of known reputation. 6. Legal investment for National Banks and Insurance Companies. Federal Security ¢ MOrtgag‘e Co. 1522 K Street N.W. CAPITAL & SURPLUS OVER $750,000.00 7 An Ideal Christmas Gift i For Your Family— ; or Your Friends— Preposterous Propitiations SECURE blessings for his family or his tribe, prehis- toric man offered sacrifices to appease the gods. The greater the sacrifice, the greater the propitiation —the ultimate propitiation therefore was found in the preposterous and hor- rible custom of human sacrifice. Sacrifice as a means to virtue or achieve- ment is now condemned as unnecessary waste. Knowledge is the protection on 8 1067% 105 105 5 1047 104% 104% 2104 104 104 2103 108 108 8 60% 60 b0 17T 95 94% 94% 5100 99% 100 67 83% 83y% w34 95 9 9744 974 1 98u 98w 98% 3 105% 105% 106% 6 105% 106% 105% 1 Z; 78 18 98% 99 &StLE%sA. 5 106% 106% 106% &BtL6%8B. 6 106% 105% 106%, . o « 5 101% 101% 101 . 7 106% 106% 105% | NY NH&Hdeb 48’67 f g!‘i’i ggv. g:’ : & Asnag. pld.i; Consumers Pow 6s. 11 102% 101s 1024 | NH NH&Hart 4%s. 30 92 9l 91y < 1 NY NH&Hcvdb6s 19 128 Gtioh NY NH&Hart cit 6:15 Columbta ... Commercial Nationai Bank N Y Ont W 1st ¢ First Mortgage Notes 128 128 6% oot 2 04 Glover & Flather NYState Ry 6%8 63 13 1508 H St. N.W. PUBLIC UTILITY. Ames. Tel. & Tel 22 Capital Traction Washington, Gas N. . Steamboai Potomac Elec. 6% pf Potomac Elec Cities Service Securities Instead of money this year, why not give securities of the billion dollar Cities Ser- vice organization? Whether you choose Common stock, Preferred stock, or De- bentures of Cities Service Company, you get a generous return, for an investment of $1,000 in any of these securities gives you, on the basis of present yields, an annual income of $60 or more. Cities Service Preferred and Common B Certain-Td b Chile Cop, Col GEEL > — 4l 4lb LW T 99% ¥k Y¥% 1 9s% 991 99l 2 102% 102% 102% r~a, - . .1 5 INY Sus&Wn genbs 24 . 22 Y9yl 9BKLINY W&B4eNW 5 Netonai Bank ot Washington: * | Gen Mot Ac Cor 6s. TRUST COMPANY. American Security & Trust Co. 430 Continental Trust. 13 Merchants' Bank National Savini Union Trust......... Washington Loan & SAVINGS BA Bank of Bethesd: Commerce & Sav East Washington.. Humble O & (nland Stl 4348 78. , intl Cement intl Match Int Mer Mar int Tel&Teleg 4%, ot Tel&Tel 4 48 cv KanCity P& L 6 Kan Laclede G 6%8 3., Lautare Nitrate Ligget&Myers Liggett & Myers loew's Ino Lorlillard 6 %s. Lorillard (P) McCormck ER Midvale Steel b Montana Pw deb Nat Dairy 6%s U ates Washington Mechanics' i FIRE INSURANCE. American Corcoran Firemen's *_ National Unio TITLE INSURANCE. Columbia Title. oo Real Estate 3 Title & Inv. of Md. com. .. .. MISCELLANEOUS. Barber & Ross, Inc., com. Chevy Chase Dairy pfd . Col. Band & Gravel pfd Commercial Natl. Co. pfd D. C. P E 1g. ptd.. Bist Natl Securlites pid Federal Storage pfd.... ederal-American Co. cor. Pederal-American pfd. Lanston Monotype Merchants’ Tral Stor: L‘M‘tl’chl{\):-l" Tr.l:’l“ol“bellor. prd. Boty ufic’f"fi:s:.'i Inv. pid Nouth Am Edis bs.. rue No Am Ed 6348 63. o Nor States Pow bs. Nor States Pow Pacinc Gas & E1 PacT& T 1st Pan Amer Pel Stores p: & Guar. pid. & W g Wash. Medical Blde. Co: u'f“h"m pid. t Paramount 681947, 10 Pathe Exchange 18« 8 % 92 | Norfolk & W en 6 100% 100% 100% | Nor Pac 38 2047 1 101% 101% 101% | Nor Pac & 10 823 92 921 | Nor Pac 4382047 16 985 9315 981 | Nor Paort6s. 12 9% 97° 97 | Ore Short L 6s gtd. 9% | Ore Wash 1at 9006 9810 /0ni | Ceare Ean el 128 1235 121 121 1 102% 102% 102% 1 106% 105%s 105% 1 10 100% 219 19 19 |poriEIPL 3 102% 102% 102% L &b e Port RL&P 5 100% 100% 100% Z 99w 99 vy |StL IM&S gn bs 18- onyi 98 gpu | StL IMAB BAG Siies n20 SIL&SFplesA. 1 106% 106% 105% 4 108% 103 108 8 9 22 1074 108% 107% 211084 1108 110x [ BB AU FIRES N B, . 1 99% 99% 99 | Sou Pacelerats.. 11 101% 1004 1004 | 300 Pac $%s 60 ww 8 102is 102 102 | 300 Ry gen 1 105% 108% 4 101% 101% 101% 4102 £101% 102 | Sou Ry 6% 1 1083 103% 103% ' Tex & Pac 68 C 98% - 94% ~94% ~Third Ave ref 42 . 4. 4L Third Avead s kel % Hz ey 10 105 105 105 20 B9% 89 g9 15 98% 971 w1y 87 owm 9Bis oun 16 103 102% 1028, 18 109% 108% 1081 54 100% 100% 1005 1 96 964 961 14 84w 84 8¢ 16 103% 108% 103% 1 97% 9% 97y 2 9% 95% 95% 3 97 97 97 1 97 97 97y 4 96 9% 96 3100 100 100 L 95% 6% b 26 881 B84 ESw 102 90% 89% 8oy, 4101% 1014 101% 1 98% 98% 26 883 88l 9 107% 107% 107% 82 117% 117% 117% 6 122 1224 122 33 100 99% 100 "2 504 50 ° ' B0% 6 26% 26% Investment Securities Inguiry invited STROUD, KURTZ & CO. Incorporated TRANSPORTATION BLDG. WASH‘INGTON which modern man depends. The wealth 80 recently sacrificed upon the altar of frantic speculation might have been saved if only the knowledge of sound principles of investment had prevailed. Knowledge of the fact that the First Mortgage Notes issued by Swartzell, Rheem & Hensey Company had come through sixty years of the ups and downs of modern business, without a single instance of loss to an investor, might have saved many fortunes now irrevocably lost. And these notes are available in amounts as low as $100. An investment made to- day will protect you better than any pro- pitiation of the gods. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W. / WASHINGTON D.C. Iy - e stocks are owned by more than 385,000 persons; dividends are being paid g\o%n(;gloyium%e?n ‘::::i more than $190,- X as id in cash and stock dividends. Net earnings of Cities Service Company for the twelve months ending October 31, 1929, were more than $40,000,000— the largest in the history of the Company and an increase of nearly $8,000,000 over the preceding twelve months. HENRY L. DOHERTY & COMPANY Southern Building : @ ' Washington, D. C. & COMPANY “Rirhingion, BOE! securicies o e Ve ol hind lar_ organisstion be- them.