Evening Star Newspaper, December 30, 1929, Page 15

FINANCIAL. STOCKS DECLARED | ON FRWER GROUN the rate of return on the week's 50 leaders at current prices: Week ended—, December 37 December 20 December 13 Dece Yea: Noves Octol I;assing of Secondary Reac- | " tion in Market Seen. Tone Better. BY IRVING FISHER. Special Dispatch to The Star. NEW HAVEN, Conn, December 30. «~The general tone of the stock market tmproved last week. The secondary re- aetion appears to have been passed and, ‘with fair Ivusinexi: rather than declin- ing trend in stock quotations. Except in the case of the cop- pers, the secondary reaction failed to carTy any group as low as the bottom of the crash. ‘The following table shows in the first column of figures the per cent which the low on the secondary reaction during last week was above the low of the crash. The second column of figures is the percentage of gain made later in the week from the bottom of the sec- ondary reaction: Irving Fisher. Per cent Per cent of “advance secondary from low above secondary h low. Speculative Issues Gain Little. ‘The speculative grade of common in- dustrial stocks participated very slightly in last week’s price gains. The first and second grade issues showed advances of about 3 per cent each, the third grade only 1 per cent. Below are shown index numbers of rices_of common _industrials on the New York Stock Exchange, arranged in classes derived from Moody’s ratings: 15t frade (1926 — 100) (invest- g5REERaEEE (Copyright, 1 RAILROAD EARNINGS. NEW YORK, December 30 (#).—An- other series of November railroad earn- ings was announced today in Which most of the roads showed decreases in net operating income when contrasted with the figures for November, 1928, The Rutland R. R. was an exception, reporting an increase of approximately $18,000. Included among the roads reporting and their net for last month and the corresponding month a year ago were: Railroad. 1929 1928, 889,195 31,401,350 324,135 303,243 Corporation News NEW YORK, December 30.—The fol- lowing l-'_lwwdu'n summary %f hsn‘x:or;ln: corporation news prepared by Standare Statistics Co., Inc ted, New York, for the Assoclated Press: | News Review. Reversing the trend of the previous week, securities markets .in the past week displayed moderate strenigth. Al- most all groups participated in the ad- vance, utilities and equipments show- ing the largest gains. rnover was small, averaging about 3,000,000 shares daily. Because of the improved tech- nical position of the market at this time prices promptly responded to buy- ing, which in the past week, it is be- lieved, was due to covering operations. Brokers’ loans showed only a moderate change m the preceding week, declining $58,000,000. Total loans outstanding as of December 24 amount- 8,000,000, the lowest level ce September, 1927. Loans by “others” showed a decrease of $37,- 000,000, reflecting further withdrawals of corporation funds. ‘Toward the close of the week call money rose to 6 per cent, the highest level reached since November 14. This firmer tone in the money market is the result of large withdrawals by “"{:' rations for year end dividend and in- terest payments, which are expected to total more than $1,000,000,000. Another factor which no doubt had some in- fluence on the raising of the rate was the rec:lmn" etthem.noo.m ?yflmn apparently for purpose of 8y-. h?(p. strong cash balances in their year end re, . > Statement of the Federal Reserve THE EVENING STAR, WASHINGTON, banks as of December 24 shows in- D. C.. MONDAY, deficit for final quarter operations, pres- creases for the week of $25,700,000 in'ident reports. holdings of discounted bills and $45,- 000,000 in bills bought in the N mar- ket and a decrease of $48,200,000 in United States securities. Reflect] in- creased Christmas week activity Federal Reserve note circulation increased 100,000, while gold reserves decreased $61,200,000. These changes are chiefly responsible for the decline in the re- serve ratio to 67.6 per cent, 1.7 points below last week. Evidence of any change finw!.he trade Bltulttlun klaued to ma- terialize in the past week. The Interstate Commerce Commis- sion’s final consolidation plan for the uping of railroads, released last week, m met was considerable criticism. This, however, was evidently anticipated, as Commissioner Eastman stated at the time of publication that there would be nothing compulsory about the plan, nor even any assurance that authority will be sought to carry out the consolida- tions it proposed. The principal benefit of the plan is that it puts the I. C. C. on record in the matter of :mu%l.nz, thus enabling the railroads to share their merger proposals in substantial agreement therewith before attempting to take advantage of opportunities to effect a purchase or sale of securities or negotiate leases or other operating agreements. ‘The Companies. American & Foreign Power acquires Mendoza Empresa de Luzy Fuerza Utility Co., which serves city of Men- doza, Argentina. Have also concluded negotiations for the acquisition of prop- erties owned by Companiade Electrici- dad de la Provinca de Buenas Aires. Canadian Pacific Railway November net o;ldn per cent; 11 months, 18 per cent below year ago. Continental Motors to show sizable Begin the New Year —by opening an interest-bearing account in_this strong, old bank. Persevere in adding to it Every Payday, and 1930 will be a period of brighter pros- Ford Motor Co. plans expenditures of $30,000,000 for plant expansion in 1930. Company produced 1,914,842 cars and trucks in first 11 months of 1929. Gulf, Mobile & Northern Railway November net off 40 per cent; 11 months, up 13 per cent over year ago. Hershey Chocolate—proposed plan for merger with Kraft-Phenix Cheese and golg:’lc Palmolive Peet reported aban- ioned. International Railways of Central America formally open Zacapa-Santa Ana Line, connecting Guatemala and Salvador, Pittsburgh & Lake Erie Railway No- vember net off 34 per cent; 11 months, 6 per cent below year ago. PARIS DOUBTSE PRICES. PARIS, December 30 (#).—Trading was quiet and prices were steady on the Bourse today. Three per cent rentes, 84 francs 30 centimes. Five per cent loan, U07 frames 60 centimes. Exchange on London, 123 francs 8914 centinies, The dollar was quoted at 25 francs 39 centimes. Bankshares Co. Expands. NEW YORK, December 30 (#).—Con- trol of the Bankshares Corporation of the United States and through it the Bankstocks Corporation of Maryland, incorporated in 1925, has been acquired by Banks<hares National Corporation of New York. Il ] DECEMBER 30, 1929. POTATO MARKET. CHICAGO, December 30 (#).—(U. 8. Department of Agriculture)—Potatoes— Receipts, 97 cars; on track, 196; total U. 8. shipments Saturday, 869; Eun-l day, 24 cars; trading good, market firm; Wisconsin sacked round white, 2.45 to | 2.65; Minnesota and North Dakof sacked round whites, 2.25 to 2 sacked Red River Ohlos, 2.60 to Idaho sacked russets, 2.85 to 3. 3.15 to 3.25. 6% NOTES Secured by First Mortgages Safe—Conservative Make your savings 41 Years’ and surplus funds work for you at Experience in finaneing the highest inter- est rate consistent homes and in the with absolute qic°0r"these se- safety. curittes. Wm. H. Saunders Co., Inc. ‘ REALTORS. Dist. 1016 1433 K SILVER QUOTATIONS. NEW YORK, December 30 (#).—Bar silver, 562; Mexican dollars, 3434, FINANCTAL. Retirement Annuities ing_Pol 15 U. S. TREASURY RECEIPTS. Treasury receipts for December 27 wfl-:ngl'l 53,710.65; expenditures. $31,« balance, $1 Life Insurance icies V. F. Bourne, Representative, Shoreham Building Without eommitting myself to any action, I shall be pleased to receive particulars regarding the new Equitable Policy bearing annual dividends, Dear Si . Month. 47835 7,346 64,846 48,168 ™4 188,088 270,300 337,448 389 908 m-ak o pects for you and yours. w2 | fDeposits of any size are welcome. anrbouwannwIaRd ! o o All_bonds *Below previous iow during crash. ‘The compact survey of New York Stock Exchange movements of common industrial shares is given below in price indexes (1926 = 100). There are two indexes of market price movement. ‘The first (“Shares Outstanding”) rep- resents all common industrial shares listed on the exchange, the importance of each stock being considered according the shares in existence, or outstand- g second index (“50 Leaders”) shows the price movement of the com- mon industrial stocks most heavily dealt in during the week, this list ufll':n(ing weekly with the shifts in trad- Tl popularity. he “Shares Outstanding” index shows what a substantially representa- tive $100 worth of stocks in 1926 would now amount to if held unchanged since that year. The “50 Leaders” index shows the result of reinvesting the $100 every week in the market favorites of that week. ‘The last ecolumn of the table glves R TeLernone Ao TeLecwien Cowpane L] Fuad PR, T e For Individual and Institutional Investors EVERY investment account, whether made up entirely of fixed interest- ¢ bearing securities or including a proportion of equity issues, should have a foundation of high-grade bonds. Government, State, Municipal and the best Corporation bonds are the recognized media for the conservation of capital, and are just as suitable investments for individuals as for savings banks, insurance companies and other institutions, For the employment of current surplus funds or funds to be available for January reinvestment, we offer and recommend the following bonds: & Surplus $3,500,000 Guaranty Bonds The safe 6% first mortgege notes and bonds sponsored by this corporation mean an assured income and GUARANTEED safety of principal and interest of every dollar. Why net incl these high yielding safe securities in your January investments? Secured on rea} esta tm backed by our $3,400,000 resources. Denominations from $250. Deferred payments if desired. MORTGAGE & GUARANTY _CoRPORATION Copital Resources $3,400,000> 2¢ JACKSON PLACE Same Rate of Interest Paid on Large and Small Accounts Deposits Invited In Any Amount Open Until 5:30 P.M. Tuesday, Dec. 31 and Thursday, Jan. 2 OFFICERS: WILLIAM D. HOOVER, President. WOODBURY BLAIR, lIst V. Pres. FRANK W. STONE, 24 V. Pres. Officer D R S: s PEIRA DBURY BLATR Lrdn 6. CrerANE FRANK STETSON, Trust %a"!' -F:" AN I CHAS. C. LAMBORN, Treasurer. oft catley E. PERCIVAL WILSON, Secretars. A D20 R SLLMER, Aut, Tress. ALVERT, 'D uct UI. “Pll g e i ) ) National Savings & Trust Co. 63rd Oldest Savings Institution in the District of Columbia Year Corner 15th and New York Ave. Coupons of these debes Boabie o anary 1 30 il paid in New atthe. of the Treasurer, 195 Broad- Wy, or in Boston st his office, 125 Milk Sereet. 2 H. BLAIR-SMITH, Treasurer.( ® ‘The INVESTMENT _for ine vestors demand — 3 ZIELD and OROWTH of principall ¥ Jestments for | individu rust and funds of organizations. . Int, Rate % % 4 4% 2% % % 4 4% %4 5 Maturity Jan.-July 1, 1940 & 44 Mar. 1, 1941&46 Jan. 2,1958-59 1, 1937:38 1, 1939 ; 2, 1979 Opt. '49 1, 1944 1,1979 1, 1943-76 1, 1941 Jan.-July 1, 1944-5§ . - 15, 1935-59 1, 1936-48 1,1938-39 15, 1935-59 15, 1936-43 1, 1932.35 1, 1931-32 1, 1936-65 1, 1954 1,1943 1,1941 1, 1952 1, 1950-53* 1, 1949 1, 1963 1, 1942-Opt. '32 2, 1960 1, 1952 1, 1951 1, 1947 1, 1967 1, 1953 1, 1947 1, 1957 ] 4.10 4.10 4.15 4.20 4.20 4.0 4.25 4.28 4.30 4.30 State of New Jersey. T To T oere e ree oo dhoes Baltimore, Maryland. ..ccceeeeerseeeecsorerecsnsees R ODDCRITONBEING o oo s b s s i i ORI IR . o o ioie s sivenunvvbunativnbiny Milwaukee, Wisconsin. ..., Philadelphis, Pa.... Standard Collateral Shares Corporation Woeodward Building. Met. 8788, Jul:; EY 206th Dividend on 2E¥ Jersey City, New Jersey ... o e e m e e e e e e e o State of North Carolina coss Detroit, Michigan. ... Cook County, Illinois, Forest Preserve Dist. .. ....... CRTEIOT BRI, ) o vt o o siovv i oo Detroit, Michigan A Doty MHCRIIINIG < o es s ns oo v om st s st o, Cook County, Illinois, Forest Preserve Dist... ... .o San Francisco, California San Francisco, California. . ..77T7o7 00 00000 East Bay Municipal Utility Dist., Calif. Los Angeles, California.. ... .o covet oo oo e e DRI, U L oo ocviiins woio wiumon v ooy e s s e Nosfoll, Virgitila ... o 50 o v s sossosimissss Port of New York Authority.....cceveieaiieieeennes Chicago and®Northwestern Ry. Co., Conv........ceou e Pennsylvania Company, Sec.. .. ceu e ueeecers e mvuee Provines ol ORtERID. (STt e tonsesrmon o s te Chicago, Rock Island & Pacific Ry. Co., Sec. . 770 New York Steam Corp., 1st Mtge........... International Match Corp., S.F. Deb.. ... Erie Railroad Co., Ref. & Imp........ Postal Telegraph & Cable Corp., Coll. Tr, Chile Copper Company, Deb. vice organization by Goodyear Tire & Rubber Co.; 1st & Coll, reading the booklet *Callable 1939 or thereafter at 105. mentioned in the | . coupon below. Send- ing for it will place you under no obli- gation, - 4.30 , 10 holders of vecord siness December 31, 1929. Cities Service Common Stock B £ ¥ Shared by Over 300,000 People ¥ " " o e o e e 0 o oo 0 —y g e < < N December 1, 1929, more than 300,000 investors, located in every state in the Union and in for- eign countries, received checks repre- senting the 206th dividend paid by Cities Service Company on its Com- mon stock. Total dividends paid in cash and securities on Cities Service Common stock now exceed $115,000,000. Between October 15th and Novem- ber 15th, 1929, the number of Citles ServiceCommon stockholders increas- ed by 55493 —bring. ing the total to 303, 727. This compares with 97,870 a year ago. More than 600,000 people now own se- curities of Cities Serv- ioe Company or its subsidiaries. . . When you own Cities Service Common stock you participate in the growth of one of the largest essential business enterprisesin Amer- ica—you share in its success and its earnings. If you had invested $1,000 in Cities Service Common stock on January Ist, 1911 and held all stock dividends, you would have, today, holdings worth $34,575. Atthe current market price your in« vestment in Cities Service Common stock yields over 6Y,9 yearly in cash and stock dividends. Your dividends are payable monthly. - . e o 3 An investment in Cities Serv- ice Company protects you against the risk of putting all s in one basket. Your come from the earnings of more than 100 Cities Service subsidiaries Nov. May July Jan. May You can learn more about the Cities Ser. eloctric light and power, manufactured and netural ® ges, and petroleum products. Al offerings are made strictly subject to prior sale and change in price, Descriptive circulars om many of these securities will be furnished upon request. o S BRAISY “Rhdhesomen: LOY Gases has put them in the forefront for. sales. B Correspond- M e e Protected From Dust, Mice and Fire The heavy channel fra strong_enough to allow DHing_case to the celling if - sary, “without “Causing the lower drawers to bind. Consider them for your office when or 19 you v STEEL TRANSFER UNITS STOCKETT- FISKE rn?gu ING _"J"A'Elgfl'la WASHINGTON D-C HENRY L. DOHERTY & COMPANY Fiscal Agents for Citles Service Company Washington Branch, 635 Southern Bldg. 60 Wall St, New York. Branches in Principal Cities The National City Company National City Bank Building, New York Washington—741 15th Street N.W. ‘Telephone National 8780 HENRY L. DOHERTY & COMPANY, Bouthern Bldg. Washington, D. Send eopy of book Cities Service ‘vestment pos: Offices in the Leading Cities throughout the World