Evening Star Newspaper, December 20, 1929, Page 13

FINANCIAL THE EV BOND LIST STEADY DESPITE SELLING Support in Carrier Group Off- sets Sagging Tendency in Other Issues. BY F. H. RICHARDSON. 8pecial Dispatch to The Star, NEW YORK, December 20.—Today's bond market had to absorb a great deal of liquidation, but support that came into the second rail group following reports of the completion of the Inter- state Commerce Commission railroad merger plan and active buying of some Foreign Dollar credits served to offset the heaviness of the rest of the list. High-grade issues were quiet at un- changed to fractionally lower prices, most of the interest having turned to the junior carrier issues. Southern Rallway general 4s were actively traded at a level over a point higher on the day. Similar influences resulted from the merger plan rumors in Chicago & Eastern Illinois 5s, Chicago & Great ‘Western 4s, Florida East Coast 5s, Inter- national Great Northern adjustments and bonds of the Seaboard Air Line. Other raflroad bonds were strong. Canadian National 4145 (1 ) were a point higher. Atlantic. Gulf & West Indies 55 and Boston & Maine 5s im- proved. Convertible issues were off, reflecting & weak stock market. Amcrican Tele- phone’415s and International Telephone 418 both dropped over a point, and the Allegheny bonds, American I. G. Chemical 51s and others were also lower. Bonds with stock warrants, such as Remington Rand 5'5s and Southern Pacific 4'.s (1969) declined. Some strength was shown in sugar bonds. Cuban-Dominican Sugar Tlas| were 5 points higher in expectation of an improved earnings report due to Tecent financing. Foreign news was mostly favorable and this part of the list was highe: ‘The Argentine bonds continued the. recovery after the low dip of two days that followed the shuti*=g off of gold exports, although the embargo has not been lifted. Rio_de Janeiro 8s were 2 ints higher, Peruvian 7s gained a point and Sao Paulo 8s (1905) were 1% points up. Brazilian government issues continued to show weakness, the 9s_being off nearly 2 points. French bonds sold at their high levels for the year, the strength affecting all classes. German descriptions were dull, but United Steel Works A 6148 advanced a point. Japanese bonds failed to resist extensive selling. Berlin cables announced that the Reichsbank had decided to supply the German government with $79,200,000. The money is to be supplied from the Reichsbank’s New York credits. Another foreizn loan announced today was a spanish internal loan of $67,500,000. The loan was placed on sale by the government and the amount has been covered and the books closed. New domestic financing today totalled about $20,000,000, including $10,000,000 refunding 5s of the Milwaukee Electric Rallway & Light Co. and $7,278,000 City of Chicago 4 per cent improvement e Washington Stock Exchange SALES. Washington Rwy. & Electric 45—$1,000 at 8315, Capital Traction Co—10 at 75, 5 at 743, 1 at 75, 3 at 7 Riggs National Bank—5 at 525. Federal-American Co. pfd.—5 at 100, Lanston Monotype—10 at 110. Mergenthaler Linotype—10 at 106%. AFTER CALL. Washington Gas 6s A—$200 at 101, $200 at 100%. Mergenthaler Linotype—10 at 10612, Bid and Asked Prices. BONDS. PUBLIC DTILITY. Telga. 4%s '33 Teiga. 4v2s '30 tr, 55 58, Amer. Tel. & Amer, Tel. & aito. Washington Gas 5s.. Wash. Gas s, series Wash, Gas 6s, series & Elec. 4s. MISCELLANEOUS. ‘ber & ss, Inc., 93 B g e 8 i 5 "o ] 98 3 . oo’ STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel - A Capital Traction . 75 ‘Washington Gas 110 . & W. Steamb 205 Potomac Elec. 10 NATIONAL BANK. National Capital. .. 250 300 Columbia . 400 450 Commercial 255 265 istrict 217 230 T 208 213 90 440 5 400 5 548 FI0E S gfon. 285 300 TRUST COMPANY. American Becurity & Trust Co. 430 465 Continental Trust. SRR il rchants' Bank 30" 140 5 600 Union Trust. & 0 300 Washington Loan & Trusi....!! 405 550 SAVINGS BANK. Bank of Bethesda.. § es. ;.. Washington Mechatiics'. . ' FIRE INSURANCE. American . Corcoran .. Firemen's *. .. National Union TITLE INSUR. Columbta Title. | Real Estate.. B Title & Inv. of Md.'com. 1l 25 [l MISCELLANEOUS. Barber & Ross, Inc., com. Chevy Chase Dairy pfd Col. Sand & Gravel pfd Commercial Natl. Co, . Paper Mig. pid . Bist Natl Becuriiies pfd Federal Storage pid..... Natl. Mige. & Pl Pecples Drug Stores pid i Real Est. Mtee. & Guar. pfd. . Becurity 'Storal s Wash, ge. com . Wash. Medical Blde. Corp Woodward & Lothrop pfd... “Ex dividend. 417 extra 227 extra §30 cents extra. “No Smoking” on London Streets. The residents of London have been startled from time to time during the past few years by many explosions of gas which do considerable damage and often injure pedestrians, and the ex- planation is found in the great number ot pipes, tubes, conduits and tunnels under the streets in the busy sections of the city which permit the accumu- lation of gas. This condition has be- come 5o alarming that squads of work- men are constantly engaged in investi- gating leaks reported. When they en- counter one which seems to be of se- rious proportions the first thing ‘they do is to put up “No Smoking” signs throughout the Immediate vicinity. Visitors and others who are not familiar with the circumstances cannot under- stand why they must refrain from smoking on the streets. Brazil 6168 1926. Brazi] 6%s 1927, Brazil 7s. Brazil 8s. Bremen State 7. Am Smit & R 1st 68 Am Wrtg Pap 63 47, Aromur&Co4%;s39. Nat Radiator 6% NewEngland Tel 68 N Y Ediron 634 NYG&EHP4s NYG&EHPGs N Y Tei 4} N Y Tel 6s41.. No.th Am Edi No Am Ed 6% e Nor Ohio Tr&L 6s. Nor States Pow b Paramount Pathe Exchange 78 Peoples G: Phtla Co bs 67 Phila & Read Philins Petro 6% Plerce Oll deb 8s. Postal Tel & C 6%s Pressed Stl Car b Punta Alegre 7 RemingtonAr 6s 33. Rem Rnd 5148 war. Ricnfield OU ITED STATES. 40 100% 100% 100% Am Sugar Ret6s.. 1 103 102 103 | Leht Val Am T&T cv 4%s 301366 137'% 132 133 L:hqu‘e::“zn 5 1031 108 103 | & N 4%s2003. 80 103 103 103% | Long Isrf 45 49. 53 107% 107 107 | Long Isdeb bs 2 100% 100% 100% Int Tel&Tel 4148 cv 231 122 KanG& £6s62... 17T Kendall5%s 48 war. | Lackawa Stl 68 1 Laclede G 6%s62.. 2 Lautarc Nitrate 6s. 6 .17 Loew’'s 6s w o war.. 3 Lortlllard 6% .15 Lou Gas & EI 6862 23 McCormek ER 6534 20 Manati Sugar 1%s, 14 7 b at Dairy 6%s..... 99 5 1 23 8 17 2 €2 8 Sinclatr Of1 AS&SF evt 4s 05. Atchison adj 4s Atchison gen 4s Atch deb 4% 543, B & O Gold 4s. Lake Snore ¢s 31, Long 1855 37. 69% 69 €9% | Louis&Nash uni 90 89% 89% | Louls & Nash 7s 831% 83% 3% 734 104 Bethlehm Stipm 6s 2 100 100 Beth Steel 6% 63.. 26 105% 105 Bethlehem Steel 63 35 1 1047 Bklyn Edison 68 1 103% Bush Term Bldg 68 1 104 Certain-Td 5%srcts 6 60 Chile Copper 58.... 4 95 ColonO1165°38.... 14 72 704 70% Col G&EI b3 May 52 27 1004 99% 100% Com Invest 6%s°49138 834 &3 &3 Com Invest 6s°48.. 15 95 95 95 ConCoal MA6s.... 17 62 61% 61 Con Gas N-Y 6% a.. 11 106 105% 10504 | Momeverm,ref 65 41 Cuba Canecv7s.... 20 39% 38% o S SHETEE Cuba Cane 8s. 87 41 39% 39y | Nash Chat&StL ¢ Cuban Am Sug 3 99% 99% 99| Nassau El 4561 Den Gas 6s. L 93% 99% 9915| N O Tex & M b; Det Edison 1 107% 107% 107% Dodg: 14 93 93 93 Duquesne 4%s67.. 5 99 Oss, 98% East Cuba Sug7%s 10 68 63 68 Gen Cable 6% 4 9816 9815 Gen Mot Ac Cor 6 101% 101% Goodrich 6% 15 105 105 Goodyear 6s rets 3 91 91 StL 638 A Humble O1l 68 28 100% 1004 100% StL 5%sB. Humble O & R6%s. 14 101% 101% 101% 11t Bell Tel 6s..... 12 103% 103% 103% i 11l Steel 4% s 5 98 97% 98 CH&Hart 4348 intl Cement 6s48... 11 93 93 93 NH&H cv db 68 Intl Match 63 47 49T 9TH 9TY Int Paper 68 47..... 6 90% 904 90% , Inter Paper 68 11 89 8 9 :\ysffl:'fl';’d‘“'u‘ Int Tel&Teleg 4%.. 10 u4 Nor & S gen 6s 54. . 118 . o3 100 105 | NYWa D aa ik Norfolk & W en 4 ‘g"" 100t 100% | Nor Pac 3s 2047 10214 1024 1023 | YOF Fac ! 91t; 9its 911 | Penna zen 4% 8% 84 w4 |Penna4%se3 101% 10t 101 | Penna gen 6 100% 100% 100% | Penna Gs 64. 63 63 63 |Penna6% 100% 100 100 | Penna gold s 99v Y9% 99 | Pa Ohlo & Det 4%s. o o73 | PO & Bt 45 40 Y So3 | Peoria & E inc 45 Pere Mar 1st 45 66 Pere Marg 1st 6, Port E) P L 65 Port RLP 6s Reading zen 4%s A Reading J C4s61.. R1IATKk& L4%s. .. Stl, IM&S gn 68 31, StL IM&S R&G ¢s. 105 1 " 105 98% 98% 106% 106% 991y 99% 101 101% 98% 98% 102 102% 105 105 101% 101% 102 102 103 104 91k 9% a5 87 10284 102% 97% 9T% 92w 93% 9% 9% 103 93% 79 10244 102 104 94y 38 102% 98K 98 Sou Pac 4%4srets. . Sou Pac 4%s 69 ww Sou Ry gen 14| Sou Pac ref 5| Se e 0w Sou Ry Mo& O Tex & Pac 68 C179.. Third Ave ref 48 60, Sales. Hish. Low Close | Sinclair Oll LAb3%s... 102 9913 9910 9913 |Sinclair Ol s Liblst4%s 11 10031 10029 10081 | Sinclair Cru | Lib4th4ige 178 10110 1011 1011 [Sin Pipe Line | US3%s43. 38 9921 9920 9921 |Skelly Ol 5l | US3%s47. 28 9920 9920 9920 |South Bell Tel | vssus.. 1040 1046 1049 |Southwest Be US4s1044 350 1077 1075 ln'zg S:an;g::x{““ 3 3 11 an ¥ US4y%s52. 53 11156 111 et FOREIGN. Tenn Elec Pow 6s4° 5 Sales. High. Low. Close. | Tex Corp cv 68 1944170 o 6sJub9. 20 95% 94k 9a% | United Drug 6863.. b ::5::::“ s Oct 69 2 95% | 1S Rub st rf bs... 44 Argentine May 95% | 11 8 Rub 7%s...... 12 Argentine 6%8'62.. 894 | Utah Pow & Lt bs.. 16 Argentine 63 A us7% | Utilitles Powr 5%s 14 Argentine 6s B Walworth 6s *45. 4 Austraita 4%s 66 Walworth 6%s35.. 18 Australfa 5s 1955, . War Quiniand “s 3 Australfa 68 1957 Warrer Sug 7841.. 3 Bank of Chile 6%s. West Elec ba. .. 1 Bank of Chile 6%s. Westn Unfon 68 61. 1 Belgium 68. % Westn Unfon 634s.. 2 Belgium 6348, ..... 20 1051 105% 105% | White Eagle 063, & Belgium s 1955, 108% 108% | White Sew Mach. .. 10 Belgium 75 1956. Wick-Spencv 7s... 1 Belglum 7%s Willys-Ov 6%833.. 2 Belgiam s, Wilson & Co 1st 6s. 15 Bellvia s e Win RepeatAr 7%s 23 100 Bolivia 8s | Youngstn S& T 5s. 36 101 Bordeaux 6s. e Canada 6s 1931 3 1004 100% 100% = Canada 6s 195 21 1028 102 10216 5 Chile 6s 60 . 15 90 8’3 8|9 :7 Chile 65 '6: 8 89 7 Chile 7s 1943. 2 1004 Colompta 68 Jan 61 16 70 i Con Pow Japan7s.. 1 984 9 CopennagenSmet.. 15 96% & Cuba 53s. . . 15 101 ! 1 C"cho‘sfis s 9 109% 109~ 109% | Bang & Aroos 45 1 84 o 100 | Boston & Matne 6s. 14 97% Czecho 88 1952 9100 109 109 | Boston Danish Munic 85 A~ 4 111 110% 111 | Breokiva Eleveks 1 86 Danish Munie8sB. 4 110% 110% 110% | Bilvn Un B 6aB0. 1 83% D s 2 1015 101 101%] BKiyn Manhat€s.. 51 96 Denmark ¢14s 2/ 0% 90% | Can Nat 41 Denmark § 100 100 | Can Nat4%s 54 Denmark 6s. 55 4 104 104 | Can Nat4%s67.... DEI 6%sMch53.. 1101 101 101 | Can Nat4%a68.... DEI6%s Nov 53 1 1C1% 101t 101% [ Canada Natl bs. Dutch East 16s47., 4 102 102 102 |Can Nor7s..... 1 111% Finland 7s 4 98% ORI 984 | Can Pacdeb 6 B4 Framerfean 7% 104% 104% | Can Pac 4345 4 1 97% 111 111% | Car Clin&Ohlo 6: 1 107y 117% 118% | Cent of Ga 5sC 69 2 99% E5's €54 Cent Pac 1st 6590.. 2 1014 1 92 92 |Can Pacbs’44 rcta. 6 101% 3 1064 1064 3 99 B 98% 98% 9 100 Greek 65 1963 14 8214 8216 82l 15 96 Haiti 6s. . 2 1024 Irish Free State 5s. 13 97 9 [ Italy 78.... o .o00 49 94% S4Y 94% 1 66 Italian Pub S 7s. 10 924 92 92 |Chi& Alton3%s... 11 59 Japanese 63%s 20 102 101% 02 |Chi&E Il enbsbl.. 8 T5% Karstadt 6s1943.., 25 71% 70 70 [ChiGt West4s59.. 19 654 Kreuger&To'l Gsct. b3 9315 9216 9214 CM & St PGen89., 34 &5% Lyons 6s. . 3 102% 1025 1025 | ChIM&StP4%sC89. 6 454 Marsetlle 63, % 102% 1027% | Chi MIISP&Pacbs76175 93 Mex 48 1904 asnd. 11 11 |CMSP&Pac adjss03 210 73 ::elxlct;:;u?lunt 35 104 104 10%| cppanw : llan 63 s, 58 864 85 £6%|cmia 108" Montevideo7s..... 5 0813 93 93 | i Nw j i loiw Netherlands 6s 72 104 104 | ChiRysbs 2 76 New So Wales 57s. 88 9 {ChiRI1&Prfis 5 a5y New So Wales 68. 89 89 |ChiRI&P4%s 3 9314 Norway 6s 1963 13 9615 96% 96%|ChITH&SE b8 1 97 Norway 6143, 10 100% 100% 100% | Chi T H tne 63 60 7 89% e T 200K Norway 63 1943 5 102% 102% 102% | Chi Un Sta bs 0 105 Norway 6s1944.... 14 102% 1025 102% | Chi Unfon Sta 6348, 10 115 Norway 6%s1953.. 16 1027% 1024 102% | Chi & W Ind cn 6 §9 Orfentdev6y4s58.. 8 €6% €6 86%|CCC&StL fsD 1 102% Paris-Ly-Med 6s 7 101% 101% 101% | Colo & Sou 43 15 97% Peru 65 1960 13 74 72 124 |CubaRR5s 10 81% Peru 6s 1961 oo 14 75% 74 74 [CubaNorflgmcts.. 1 65 :‘,}.n::,,a 3 75 74% 74%|CubaRR6s1936cf 1 90% oland 7s (rets) 579 19 19 o e T i oo |DetsHudistrtds. 1; L Porto Alegre 8s.... 10 96% 95% 95% 110 Queensiand s 1102 102 102 2 nelbe Un 7s. . 6 984 984 98u Rhine Wet EP 6563 2 6% 86% 861 Bnis o Woses A Phine Wst EP6s6: 3 90 90 90 |DRG& Wstb Riode Janerio 6%8 21 77 764 764 RindeJan8s1946.. | 98 05% Ry | Erle 1stcons ¢ 70" 7o |Erleconvds A 94% 4r | Erleconv4sB 7% w7 e Ot 72 96% Sao Paulo8s1936.. 5 95% 95 95 itk i Sao Paulo 1950 4 500 83 a¢ |[THERRCRAGLA 38 &2 Saxon (PW) 7. 7 94% 941 943 |Gt Nor4%sE. 3 96% Seine 78 42.. 31108 108 108 |Gt Norbs. 13 104% 26 77 78 77 |Gt Nor 53y 2 108 11 89 814 s | Gt Nor zen 7 14 110% 12 91 90% 91 |GrTrunkstdb 6 2 104 5 101% 101% 10i% | Hav El Ry 6%861.2 3 6! 6 105 104% 105 Hud&M-n-‘?s- HE Swiss 6148 15 104% 1044 104% Swiss Confed 8s.... 2 108% 108y 108y | Il Cent 48 63. Hae ] Toho El Pow7s... 15 99w 99 yox| L1 Cent4%ss ] Tokio 6148 196; 237 R8% | BN G ot Cul ... L 9O Utd Kingm 5%s $7. 19 102% 10214 1023 | f1-C-C-StL&NO Lo Uruguay 651960... 6 941 o4 94 |intRapld Trans Vienna 6s ‘62 .22 B4 834 E3u Yokohama 6 10 95% 95% 95% H MISCELLANEOUS. AU O xRy Abram&Straus6%s 62 1003 98% 98y | Int& G Norad Alleghany Cp6s*44 55 100 984 981 |IntRysCA Alleghany 6s49 wi. 15 100 99 g9 |Iowa Cent st 5s AmintCorb%s49. 12 95 93% 93| K. Am Chem 5%s cv 43 56 103 102~ 102 | Kam Grey orm 3 AmNatGas6%s42 2 77 77 77 | KansasCity § b o Rowannmaiann~ ananvat Py ES Gl B - Rowora~Be on QrronSRrSnallin © «2» aBolia 9 99% 2 50 High. 00 1 Low. 83% 94 100 9474 947 9313 100% 1% 95% ] NING STAR | [ o BONDS o s Received by Private Wire Direct te The Star Office Sales. Close. 0 90% 99% 49 Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. Since Owen D. Young and Maj. Gen. J. G. Harbord, respectively, chairman of the board and president of the Radio Corporation, proposed to- Con- gress last week the withdrawal of all legisiative bars to unification under a single system of all types of American communication with the foreign world. there has been considerable attention given the idea by legislators. That does not mean that there !s no opposi- tion to the program sketched. It does mean that the idea will constitute something more than a minor issue for the present session, 5 Disregarding detail, Mr. Young's pro- posal is that cables, radio, and any future established means of long distance communication can best be developed for public service if a single organization directs the whole. Present legislation in the United States clearly bans that, and is based on the theory that competition between _different means of communication should be maintained. Principal European coun. tries, however, maintain no such legal bnrriersltollmkxge of all forms of communication. “Nevertheless, I think there will be opposition and substantial opposition to any merging of radio communication with cable service,” Chairman Couzens of the Senate interstate commerce com- mittee said. “I rather expect some of this to come from operating heads of the principal American cable interests, though personally I haven't been told as to their position. We expect to hear directly from representatives of the Western Union and Postal companies as to their views. “But aside from the people in the business, there will also be heard in- dividuals with a general nterest who doubt the advisability of authorizing a complete fusion. In our committee hearing where the plan was first broached, it did not seem to me that Radio Corporation witnesses were able to show any substantial point on which the European competitors in communi- cations were hampering American corporations because of the situation. We shall get all the viewpoints heard after the holidays, however.” One of the perennial rail-industrial controversies seems to be getting roused again by President Hoover's appoint- ment of R. M. Jones of Nashville, ‘Tenn., to_the interstate commerce com- mittee. That is the difference between Southern and Northern coal producers over the comparative levels of bitumi- nous rates in Eastern territory, and particularly the key adjustment, which bears on shipments of coal to the Great Lakes for boat distribution through the center of the country. There has been a temporary truce for more than a year in the matter, but with a closely bal- anced and highly competitive situation, in which rate decisions directly deter- mine whether business shall go to .| Northern or Southern mines, the con- test always breaks out again. Judge " Jones' Tennessee origin is about all that any of those interested have to suggest against him, and there has been no open mention of coal is- sues in the matter as yet. Nevertheless, the Senate is temporarily withholding his confirmation, and the final roll calls will probably disclose the varying opin- ions of the competing coal territory rep- resentatives on his appointment. Though the Senate did reject the reappointment of John J. Esch of Wisconsin to the Interstate Commerce Commission largely because of his votes on lake cargo coal cases, it would be surpris- ing if sufficlent opposition could be mustered to reject a newappointee sim- ply because he comes from a State with a ‘:nm interest in a particular rate ght. ‘The national toy bill for 1929, the heaviest portion of which falls due about Christmas, is estimated by the Commerce Department to be running considerably in excess of $100,000,000. Practically all of this expenditure is for the entertaniment of American children, because further estimates place the amount of exportation of toys from this country at around $4,000,000 for the period. “While it is true that the trade may be considered somewhat seasonal, be- cause of the heavy Christmas demand,” a departmental discussion of its phrases says: “Toys are sold throughout the year. Because of the advent of new toys which can be used best during Summer months, such as flying air- planes, playground amusement devices and boats, the manufacturers can now maintain a more balanced schedule than in former years. The growing air- mindedness of children has brought about great developments this year of all air-toy lines.” From July 1 to December 16, Euro- Third Avead) b % Tol Tr L&! Ulstr&Del Union Pao 18! Union Pao 4s 6! Union Pac 4% virginia Ry 1st §s, Vy Ry & Pbs 1 100% 100%4 100% Wbash 4%s 78 rets. 4 90% 90% S0% Wi b 18 1102 102 102 West Maryls m.. 37 80% 80 80% West MA6%877... 20 95% 954 954 West Pacific b 3 97w 974 97% INTERNATIONAL PAPER an: POWER COMPANY Boston, Mas., Dec. 11, 1929. The Board of Direciors hes declared o regular quarte of 1%% on the T Brererred Stock: of this the 6% Preferre payaoi. January 15th, 1930. record at the close of business December 26th, 1929. Checks to be mailed. ~Transfer books will not close. DD. First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15th N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America Money._to Loan d We Buy and Sell ALL’ ISSUES Bank and Insurance Co.'s Beneficial Loan F. H. Smith Co. Investment Tru S. W. Straus & Co. Mehlman & Co. Woodward Bldg. Dist. 8848 Constant Management Is Essential To Profitable Ownership No matter how attractive your apartment house property is, it is necessary that it be constantly under watchful and experienced management. Our management is successful because we know how. More Than a Third of a Century's Experience B. F. Saul Co. Natl. 2100 WASHINGTON, D. C, FRIDAY, DECEMBER 20, 1929, pean buyers of American wheat have taken out of this country 23,158,000 bushels, against 20,878,000 bushels so taken in the same period of last year. Further, the United Kingdom between the like dates in 1929 has taken 14,259~ 000 bushels, against 9,920,000 bushels last year. Since prevailing prices for wheat in all, American markets are slightly above the figures for similar dates a year ago, it is apparent that the export portion of the American crop is probably being taken up at very close to a normal rate, Aside from the influence on grain prices attributed to actual or expected policies of the Federal Farm Board created this year, the most important factor touching the markets appears at present to be the policy of the Canadian wheat pool. That organization, com- posed of growers, controlling a predomi- nant gmportlon of the Dominion crop. is still holding the bulkof its grain for higher figures. Since the vast propor= tion of Canadian grain goes into world trade, the policy of the pool is the im- mediate factor in fixing the European bread price. Few sets of statistics get more thorough compilation or study than those relating to world grain sup- plies, and the leadership in both the United States and Canada, through the wheat pool and the farm board, seems disposed to conclude that the grain fig- ures will be higher next Spring than they are now. A large part of this assumption has been based on the growing expectation of reduced wheat output in the Argen- tine, which has been circulating through the trade for weeks. Accom- panying this expectation has been an increasingly severe depression in the exchange value of the Argentine cur- rency, which has culminated this week in an official embargo in that country against gold exports. Probably the greatest single influence in forcing the Argentine currency down has been the increasing verification given to the cal- culation that the country's forei- | wheat sales would bring much less than the normal credits in Europe this year. I Commodity Notes Rubber. AKRON, December 20.—Higher prices | for automobile tires and increased sales | were predicted by William O'Neill, presi- dent of General Tire & Rubber Co., in a forecast for 1930. O'Neill declared an abnormally large number of new cars were sold during 1929, which put old cars out of use. These old cars will be returned to service, he believes, and naturally will require new tires, thus in- dicating replacement demand. Grain. ENID, Okla.—Winter wheat and other grains made excellent progress and are in excellent condition. Pastures are good and live stock in Northern Okla- homa is going into the Winter in much better condition than usual at this sea- son. Steel. YOUNGSTOWN, Ohio.—A slight im- provement in operations of steel mills | in the Mahoning Valley was noticeable | this week. Sixty-five of the 120 finish- ing mills and 20 of the 50 open hearths were scheduled this week. Rice. NEW ORLEANS.—Distribution of rice during November amounted to 1,133,769 pockets as compared with 1,277,000 pockets for this month last year. Stocks of rotigh and clean rice in the Southern States are decidedly lower than a year ago and prices strong. First Trust Notes Now Available 6% JAMES F. SHEA 643 Louisiana Ave. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue ot Stock Nov. Ofen for Subscription Shares of Stock, $1.00 Each Payable Monthly JamesE, Connelly James F. Shea President Secretary 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 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 JAMES Y. PENNEBAKER Nat.5291 1520K St.N.W. 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. 925 Fifteenth Management 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 placing of your investment funds. * H. L. Rust Company 1001 15¢th Street N. W. National 8100 Established 1889 FINANCIAL Organized 1879 ! Equitable Co-operative Bldg. Ass'n 50th YEAR COMPLETED JOHN JOY EDSON, President WALTER 8. PRATT, Jr., Assets .. Surplus & Profits. .....$1.705,130.78 Subscription for the 98th Issue of Stock Being Received Sg.SO ER SHARE Metropolitan 915 F St. NW. 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, Life Insurance Company REAL ESTATE LOANS AVAILABLE Long Term Low Interest Rates = €onsult 809 15th St. N.W. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company City of Philadelphia City of New York Pennsylvania Co. Federal Land Bank Province of Ontario Georgia Power Co. United Drug Co. Wheeling Steel Co. General Cable Co. Dodge Bros., Inc. sentative. Prince Georges County, Md. Standard Oil of New York Chicago & Northwestern R. R. Conv. Southern Bell Tel. & Tel. Co. Shawinigan Water & Power Co. Baltimore & Ohio R. R. Pittsburgh & West Virginia Ry. Texas & Pacific R. R. ( Canadian National Railways (Guaranteed by Dominion of Canada) Columbia Gas & Electric Co. International Tel. & Tel. Co. Narragansett Electric Co. Canadian Pacific Ry. Chesapeake Corporation Virginia Electric & Power Co. Shell Union Oil Co. (with warrants) Green Mountain Power Co. Postal Telegraph & Cable Co. National Dairy Products Corp. BALTIMORE securities below for Rate 4% 4% 4% 4% % H 43 4% 4% H [T N o> wi > » N “ivin ittt 5% 5% 5% 6 The season is approaching when many will benefit by the so-called “first of the year disbursements,” consisting of dividends, interest and profits from business. Any of the securities may bhe purchased now and arrangements made with us for payment in January, 1930 'ALEX. BROWN & SONS Present for consideration the list of JANUARY INVESTMENTS Approx. Yield 4.20% 4.30 4.30 4.70 4.75 4.80 4.85 4.85 4.90 4.90 4.90 4.90 4.93 Matarity 1979/49 193747 1943--68 1951 1949 1941 1963 1968 1954/34 1960 1995 1959 1979 1969 1952 1952 1957 1954 1947 1955 1949 1967 1948 1953 1953 1948 1948 1947 1940 4.95 4.95 4.95 5.00 5.00 5.05 5.10 5.10 5.15 5.25 5.25 5.35 5.35 5.37 5.55 6.80 Upon request we shall be glad to furnish detailed information regarding any of the above issues, either at our office, by mail or by call of our repre- ALEX. BROWN & SONS Oldest Banking House in the United States Washington Office: 737 15th St. N. W.