Evening Star Newspaper, January 4, 1930, Page 19

FIN BOND LT STEADY N UPHARD TREND Easier Credit Is Factor Improvement—High-Grade Issues Strong. BY F. H. RICHARDSON. Special Dispateh to The Star. NEW YORK, January 4.—Bond prices made some upward progress in a quiet trading session today. With easier money rates prevailing, and very little to mitigate against the advance except the quietness of the market, the whole list improved. High-grade issues were more in de- mand than has been the case in recent sessions and improvements -esulted in Atchison General 4s, Southern Pacifiz 4158, Great Northern 7s, Inland Steel 415s, Standard Ofl of New Jersey 5s, Duquesne Light 4%is and Philadelphia Co. 5s. Small declines were shown by Canadian Pacific debenture 4s and Union Pacific 4s. United States Gov- ernment bonds were unchanged. Unchanged or slightly better prices prevailed in the second-grade rail list— St. Paul adjustments, Denver & Rio Grangde Western 5s, Erie general lien 4s, International Great Northern 7s, Missouri-Pacific 5!5s and Boston & Maine 5s. Pennsylvania Dixie Cement 6 per cents advanced 8'2 points on the sale of seven bonds just before the market closed. These bonds, affected by the company’s difficulties with cement prices and the tariff, sold as low as 60 during 1929 from a high level of 97%;. They closed the year at 73'; and today sold at 82. The market for them was very buoyant, as a test of ‘the market after the sale at 82 revealed the next offering at 86. The company is ex- pected to publish an exceptionally strong balance sheet. Oils, sugars and tractions fractionally improved. Third Avenue Railway first 4s were up 3!3 points from their low registered yesterday, but dropped back 2 points in later trading. Certain-teed 5158 were off a point. Strength in German obligations fea- tured the foreign department. German reparations 7s, German Central Bank 7s (October, 1960) and United Steel Works “A” 612s were active and higher. Bavaria 6155, on the other hand, were 2 points lower, With few exceptions the balance of this section was higher. During next week $61,644,380 of new Mmunicipal issues are on the program, compared with $7,212,519 during the past week. The largest of the new is- sues will be $31,050,000 State of Ten- nessee highway bon Washington Stock Exchange SALES. Capital Traction 55—$500 at 913. Wl:h.glm Rwy. & Elec. 45—$1,000 at 82, District National Bank—10 at 217. American Security & Trust Co—S5 at 436. National Savings & Trust Co—10 at xu-'l;kmc Mtge. & Guar. ptd—20 A . AFTER CALL. Capital Traction 55—$2,000 at 92. ue?:ra:hnler Linotype—30 at 106'%, 10 o . Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Amer. Tel & Tel. & lec. "cons. 5 Potomac Elec. 65 1953.. Wash., Alex. & Mt. Ver cif. . Balto, & Arinap. 5. gton Gas 5 ash. Gas 8. series A MISCELLANEOUS. B Vi Rl oV Chevy Chase Club § Amer. Tel. & Telga Capital Traction Co Washington Ga: NATIONAL BANK. National Capital. Columbia Commereiai ", District coln National Metropoiita: Rigss Becond American Security & Trust Co..*435 Continental Trust Merchants’ Bank Tlon Trust, ni 3 ‘Washington Loan & Trust SAVINGS BANK. t Bethesda. e a e Title & Inv. MISCELLANEOUS, Barber & Ross. Inc.. com. 8 ieral-American Co. Federal-American pfd Lanston Monot | Japanese 615 ANCIAL. [oxsew o BONDSmoce senvc] |URCHASING POWER THE EVENING STAR, WASHINGTON, D. C., SATURDAY, JANUARY 4, 1930. y Private Wire Direct to The Star UNITED STATES. (Bales are in $1.000.) Bales. High. Low. Close. 60 9913 9913 9913 4 100 31 10028 100 31 27 1018 1016 1018 6 9916 9916 9916 1 9918 9918 9918 10 1041 1041 1041 T TG FOREIGN. Sales. High, Argentine 6sJu 9. 9 96 Argentine 6s Oct 59 27 Argenti 1 Argentine 6s A 53 | Argentine 6s B. Australia 435 56 Australia 55 1955 Australia 551957 Austria 78........0 Bank of Chile 6%s. Belgium 6s.. . Belglum 6. i Lib3%s. Belgium 7145 Belgium 8= Bolivia 7s ct Bolivia 8s. . Bordeanx 6s. Brazil 6155 1926 Brazil 6158 1927, Brazi) 8s. Canada 5s 1 Canada 5= 1952 Chile 65 60. Chile 65 61. Chile 78 1943, Colombia 6s Jan 61. Con Pow Japan 7. . Copenhagen 4% 53. Copenhagen 5s ct Denmark 43%s Denmark 53%s Denmark 6s. . Duteh East 147 Dutch East 1 6. El Salvador 85 48 Fiat 7s ex war 46 Finland s 65 45. Finland Framerican 7% French 7s. French 71;x German Bank s German E1P 6%s . German 7s. . | Ger Gen Elec T Haiti 6x. Holland-A; Irish Free State § Ttaly 7s.... Ttalian Pub § o ~ o BB a R nt o3 muntiraulanoeue S S nnmeasee Karstadt 651943, Kreuger&To'l 58 ct. vons 6s. . g M: Mex 451904 asnd. .. Mexico 45 10 asnt Milan 63%s........ Montevideo 7s..... New So Wales 57... New So Wales 58... Nord 6% . Norway 5% 1963.. Norway 5138, Norway 6%s Orlent dev 5 58 Paris Orleans 5% is-Ly-Med 6s. Paris-Ly-Med 7s. Peru 65 1960 Peru 65 1961 Poland 7s (rets) Poland 8§ Porto Alegre 8 Queensland 6s 0 = ot B Rav~ossanablBopnnBonasSa Rhine Wst EP 6s 52 Rhine Wst EP 6s 63 Rhine Wst EP 7s 50 e Shineyetsu 6% s 52. Soissons 6s. 2 0 O 1 Tokio 51485 1961. 29 Utd Kingm 6%s :‘11 l; Vienna 63 5: Warsaw 7s Yokohama MISCELLANEOUS. Alleghany Cp 5s 44. 1 100% 100% 58 49. 1 100% 100% 6 103% 103% Am Chain 65 33 1 97% 97 Am Cotton Oil 1 9 AmChem 5%scv 49 15 103% AmNatGas6%s42 3 T1% Am Smit & R 1st 58 20 101 Am Sugar Ref 6. 7 104% Am T&T cv4%s39. 92 141% Am T & T el tr 5 1 108% AmT&Tst5s.... 13 104 Am Tel & Tel 5%.. 13 107 Armour&Co 43539 1 Armour Del 5% Associated Oil 65 Atlantic Refin 5s. Bell Tel Pa 5s B. Bell Tel Pa bs C Bethlehm Stl pm Bet Steel 51;853... Bethlehem Steel 6s. Bklyn Edison 5s Certn-Td 5% ret Chile Copper 5s.... Col G&FIL bs May 52 Com Invest 5148 49, ConGasN Y 5% Det Edison 5s 40 102 100% 105% 108 99% 1067% 104% 105 102% 100% 106 106 99% 106% 105 105 52 9414 100% 861 105% 102 Brnenl o Duquesne 433 67.. » wrBsonveadaSuavonroanntiase Intl Mate! Int Mer M: Tnt Tel & Tel 4% Int Tel&Tel 4353 15 Kan City P & Lt 5s. Kendall 5% 48 war Laclede 5% 108% Lautare Nitrate 6 Loew’s, Inc 63 Lorillard 55. Lorillard 5%s. . Lou Gas & I bs » 81 102% 9% 86 101 100% . Mtge. rity “Storage Ref. & Whr. Carpel Corp. ech.” Mtge. al Blde. Co ard & Lothrop pfe *Ex dividend. Unlisted Department. BONDS. Real Becu The Raleigh Hotel Co. % ‘Washington Savings Bank shington Title Insurance Ce ‘Washington Base Ball Club.. ‘Woodridge-Lanydon Sav. Bank . e Church Music Society Founded. FRANKFORT-ON-MAIN (#). — The International Society for the Regenera- tion of Catholic Church music was founded hore by representatives from Germany, Italy, France and Austria. The society aims 1o influence church music development through composers, scientists and choral associations. Belgium, Hungary, | Tel 65 41. N Y Tel 6549... North Am Edis 5s No Am Ed 5%s862.. Pacific Gas & El bs. PacT & T 58 52. . Paramount 65 1947. 17 Phila Co 58 67.. Phila & Read 65 4 Phillips Petro 5 %! Postal Tel & C 5% Pub Ser 4}4s Punta Alegr Richfield Oil 6; Sinclalr Ofl 6% inclair Oil 614 aSnasadnnamen-Seaen 100 101 9714 941, 931, 102 in Pipe Line 58 Skelly Ol1 5 101% } German Gen Elect 4 9674 47 983, % 101% 9 99 Sug Es Orlent 7s. Tenn Cop 65 B 44. .. Tex Corp cv 58 1944 Transcontl Ol 6% s United Drug 6s 63. . U'S Rub 1st rf 5 US Rub 7%=, 42 Vertientes Sug 75 Walworth 6s 45 w 1102% 102% 5110 110 5 102% 102% 3 36 2% Westn Unfon 6%s. . White Eagle 0 5%. ‘Wick-8pen oV 8. ¥ - bi | Sales. High. Low. Close. 1100 100 100 102 102 Youngstn S&T5s. 6 101% 101 101 RAILROAD. Atchison gen 4s. 1 93 Atchdeb 4155 43... 36 12815 Atl & Dan 24 45 48.. Atlantic C L 4s..... B&OGold 4s AS&SF cvt ds B&Orf5s B&Orf imp 6s. B&OSW 58 50. B & O Toledo 4s. ... Boston & Maine 5s. Brdway & Tth Av 55 Bklyn Manhat 6s. .. Bklyn Un El 55 50 BKlyn Un Kl 58 sta. Bush Term con 5s. . 92% 128% 55 938 128% 92 92% 89 101% Canada Natl 5s. Can Pac deb 4s. Can Pac 418 46 Can Pacific ctfs 5s. Cent Pac 1st 5s 90, . Ches & O Corpn 5s. Ches & O cv 43gs... Chi B&Q gen 43 53.. CB&Q4%s8iTB.. CBB & Q111 div 4s. Chi Ind&L ref 5s. .. Chi&E 111 gn bs 51. Chi Gt West 45 59 CM&StPGen8o., Chi MilSP&Pach: CMSP&Pac adj5s03 1 Chi& NWgen4s... 3 Chi N W 43582037, 1 Chi&NW conv 4%s 332 Chi& N W 7, Chi Rys b8 ChiRI&Prf 4s. ChiRI&P4%s Chi St P&O 65 30. ChiUn Sta 4%s C& W 15%s 6 CCC & St L 5s D, Clev Term 58 1 Colo & Sou 4%;s 10 Conn Ry&L 434 sta 18 Cuba Nor5%scts.. 1 Cuba R R 5s Cuba R R 651936 cf Del & Hud1st rf 4s DRG & Wst 5565 Den & Rio G cn Erie Gen 4s. Erie conv 45 A rie cv 55 67. . Erie Genessee Rs 65 Fla East C 55 74. . Fla East C 74 new Gr Trunk st db 6s Gt Nor 4368 76 Gt Nor 5%s. Gt Nor gen 7. Gulf Mo 55 B 50 Hud & Man aj 5s. Hud & Man ref 5s. . T Cent 4s53..... HiCent 43,5 66. 111-C-C-StL&NO Int Rapid Trans 5s. Int Rap Tr 5 stpd int Rapid Trans 7 Int & G Nor adj 65 Int Rys C A 6% sret Towa Central ref 43 Kan City Term 4s Karlsas City S bs. .. 8412 98 101% 9 8 7 13 12 i 100% 9914 H . 2 102% 3% 0 aRs Louls & Nash 515 Market St 7s 40.... Mil El Ry & L 55 61 M St P&SSM cn 4s. M St P&SSM 5lis. . MK&TprinisA Mo Pac 55 A 65 Mo Pac 55 F 77. Mo Pac 55 G 78. Mo Pac 548 49 cvt. Mont T°rm ref 5 41 Nat Ry Mex 45 77. Somammar narw manws I &StL4%sC & SIL6sA.. & St L deb 45 c Q) c RonmpfvaSaciasnnara wa N Y State Ry 4%s.. Norfolk & W en‘és. Nor Pac 38 2027. Nor Pac rf 6s. Ore Wash 1st s Penna gen 4%s. 6414 112% 112% 90 985 981, 4 103% 100% 4 1068 Penna Gold 7s. PCC&StLEsA Port ELP L 6s. Reading J C 45 51 Rio G W 1st 4x RIATk&L 4% StL TM&S gn 5831, ST, IM&S R&G 45. SIL&SFplisA.. SIL&SF4%s78..1 St L&SW con 45 32 StP Un Dep Seab AL con 6s.... SBAIFla6s35A. Sou Pac ref 4 Sou Pac 41 rets Sou Pac 4155 69 ww Sou Ry gen 4. Sou Ry con 5s. Sou Ry 65 56.. Sou Ry 6% Tex & Pac5sC79.. Third Ave ref 4s 60 Third Ave adj 5s... Tol Tr L&P 5%530. Union Pac 15t 45. .. Unfon Pac 45 68 Un Pac 1st rf 4s Virginia Ry 18t § VyRy&P5s.... Whash 5576 B Whash 53 75 West Marylan BANK CLEARINGS. A marked reduction continues in the volume of bank settlements. Total bank clearings this week at all leading cities in the United States, as reported to Dun’s Review, of $10,669,681,000 are 22.9 per cent smaller tl those for the corresponding week of last year. At New York City, learings of $7,219,000,- 000 show a loss of 26.7 per cent, while the total for the principal centers out- side of New York of $3,450,681,000 is 13.3 per cent less than last year’s. The week in both years included only five business days and for the current year there is only one day in which the heavy yearly settlements are shown, whereas in the week a year ago there were two days. The decline in the volume of bank clearings this week is quite large at many leading centers oo & > anaBEaaansafiven Sea e 1221% 100% 4514 2814 100% 935, 88 9 103% 10015 993, 103% 8 100% 45 = EYSE ISR 1037% 100% 100 1031 80% %1 throughout the country. U. S. TREASURY RECEIPTS. By the Associated Press. Treasury receipts for January 2 were $142,743,530.87; expenditures, $147,- 245,550.83; balance, $168,494,067.29. GERMAN BONDS AND STOCKS. NEW YORK, January 4 \snxmclkll— Ger Gt Red Loan with d ctfs aitacked per 100 R Ger Gt Red Lot ing_ctis per 1. it (Quoted in dollars per ‘mii Hamburg 4'u5 1919. ... . (Quoted in dollars Fer (hou 28 pre-war 2 German Gen Elect 4'2s 1919 Lin 4 : ican Line 47 e Lioyd 41as. ' 20 BuSISBESSAES L wwd 8323333333883 #kShiskess 8 & o5 P 23323233238 55zkikibgtss2E e #BaB238E | , | dent Hoover when i 1S TEST OF WAGES International Labor Office in Geneva Compiles Statistics on World Scales. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 4.—The Na- tional Industrial Conference Board brought out recently that while the purchasing power of industrial workers in the United States was greater than of workers abroad, and during 1928, on the basis of hourly earnings, was 44 per cent greater than before the war, and on the basis of weekly earnings 35 per cent greater, the relative increase in the purchasing power of wages in some European countries appropriates and in some instances even exceeds the cor- responding increase in America. So you see it depends on other things than the wage return. The commodity price level and rents are two important elements. “Real” wages are based on purchasing power. Workers through- out the world are familiar with this problem. Take Deumark. The purchasing power of wages there on the basis of hourly earnings in 1928 had increased 46 per cent over 1914, as against the American increase of 44 per cent. The increase in the “real” wages of Danish unskilled workers on the same basis advanced 56 per cent as against only 50 per cent for the same type of workers in the United States. Skilled workers in the United States, however, gained slightly more in “real” hourly wages, while the “real” wages of women gained in about the same de- gree in both countries. Industrial work- ers in Sweden on the aerage, in 1928, enjoyed “real” hourly wages 58 per cent higher than in 1913. The International Labor Office, Ge- neva, Switzerland, is quietly compiling valuable data and statistics dealing with the subject of “rea)” wages. No Government body in Washington is busier than the Federal Trade Com- mission. It is carrying on a dozen or more big investigations now. It is con- tinuing scores of trade practice confer- ences in different sections of the coun- try, and is ordering hundreds of differ- ent corporations to “cease and desist” from seme practice in which the com- mission found a violation of law. For example, a certain individual in New York this week was ordered to “cease and desist from representing: “That garments sold by him in inter- state commerce are sold at wholesale prices, unless such prices be wholesale prices. “That his business is that of a whole- sale fur house, unless and until he shall bel engaged in the business of a whole- saler. “That he is not a wholesale manu- facturing furrier® or a manufacturing furrier of any kind, unless and until he shall be engaged in manufacturing furs and garments sold by him.” This man is a selier and distributer of fur coats and other garmants and has been advertising in a way to come to the notice of the commission. The manufacturers of set-up paper boxes—370 of them—whose total pro- duction exceeds $100,000,000 annually, have asked the Federal Trade Commis- sion for permission to hold a trade prac- tice conference. Among subjects to be discussed at that conference are: False invoicing, secret rebates, price discrimination, inducing breach ¢f con- tract, sales below cost, commorcial ¢ | bribery, defamation of comperitors, en- ticement of competitors’ employes, terms of sale, warehousing, system of account- ing and cost finding, uniform order form, . description of goods, dumping, misrepresentation, overruns, contracts without mutuality, arbitration and reg- istration of original products. 1 have enumerated these various sub- Jects to show the scope of the modern trade conference, first started by Presi- he was Secretary of Commerce. One subject is conspicuously absent from these conferences. Many believe that the time has arrived for its in- clusion. And that is the subject of labor. More about that labor. Who is the dullest person in the world? Gertrude Atherton asks the question in a magazine article, and answers by saying—the business man. From the observation of this author, one gains the impression that the busi- ness man can talk only his particular line of business. He is dull because he *|knows only finance if he happens to a banker. He is dull because he knows only merchandizing if he is a merchant. He talks nothing else. He thinks of nothing else. He has no leisure for anything else. Mrs. Atherton lays out the profes- sional men, too—lawyers, physicians— although her pen is not so vigorously used against them. But her contention is that they specialize so thoroughly that they are interested in few sub- Jjects outside their daily routine. The exceptions are far more frequent in this class than among average business men, however. > Mrs. Atherton gives the palm to Washington, D. C., because there busi- ness men do not predominate in the social intercourse of the day. Her solution is to induce men, who follow the arts, writers, musicians, journalists, architects and painters, to leaven the lump. Let me quote from Mrs, Atherton: “Even the most esthetic of them will always accept an invitation which as- sures them of being well fed. They are consumedly interested in life, they can talk on any subject. No longer do they affect flowing locks and untidy clothes. Today you cannot tell a novelist from a man of fashion.” There you are—there's even the novelist attempting to become a man of affairs. The business man may be dull, but he is leading the procession, with most artists running to join the parade. “Ah, and that's the tragedy of the mm‘d sadly commented my poor artist friend. iht, 1930, by North American News- (Conrrieht, 10 oy Aishoe SPEECH BY COOLIDGE Special Dispatch to The Star. NEW YORK, January 4.—The finan- clal district is interested in Calvin Cool- idge’s coming speech on “The Eco- nomics of Life Insurance,” his first pub- lic utterance since he left the White House. The address, which is to be delivered at St. Petersburg, Fla.. Jan- uary 9 before the annual convention of the New York Life Insurance Co., is regarded as a timely and reassuring contribution to the countrywide eco- nomic discussion following the late c lapse of the stock market. That epi- sode apparently has not shaken Mr. Coolidge’s confidence in the inherent capacity and good sense of the Ameri- can people, Regional Savings Parleys. NEW YORK, January 4 (#).—Four reglonal savings conferences will be held during the Spring of 1930 under the sponsorship of the savings bank division of the American Bankers' Association. ‘The dates for three are scheduled as follows: Tulsa, Okla., March 5 and New York City, March 20 and 21; De. troit, March 27 and 28. At Salt Lake City a conference will be held at a time to be announced later. Gaelic échool to Get Million. GALWAY (#).—The Irish Free State has decided to spend $1,000,000 in mak- ing University College here a real Gaelic institution. Instruction will be given. in “tongue, ing paid and all the accumulated back | What Fixes Bond Prices BY GEORGE T. HUGI’I‘S. Income Bonds. Another adjustment bond which fl- lustrates the peculiar provisions appli- cable to these issues as a class is the 5 per cent income bonds of the Hudson & Manhattan Railway Co. These bonds originally were issued under a plan for readjustment of the company's debt back in 1913 and for many years were an extreme speculation. The mortgage provides that interest is payable only when declared by the board of direc- tors out of available income. In other | words, it is not a “fixed charge,” as is interest on the ordinary bonds. However, now the regular rate is he- interest has been liquidated and the bond ranks high in its class. In rating a security of this type much the same considerations apply as do in the case of a preferred stock. Such bonds take precedent over pre- ferred stocks and have the additional advantage of being a direct obligation of the company, the principal of which must be paid at maturity, whereas a preferred stock has no maturity and represents only an equity in the busi- ness. The owner of an adjustment bond is a creditor, but a creditor with 2 junior claim on earnings up to the amount of interest rate. If dividends are being paild on the stock which follow the adjustment bonds it is a reasonably good indication of merit in the bond and that is the case with the Hudson & Manhattan issue. Rule on Exchange. ‘The rule on the New York Stock Ex- change is that income bonds sell “flat” and not “with interest,” as do bonds representing a fixed charge. However, when an income bond has paid its coupons regularly over a long period and there is no falr doubt about its continuing to do so, the Exchange makes an exception in that issue and such an exception has been made in behalf of the Hudson & Manhattan adjustment incomes. This, too, is ad- ditional assurance to the purchaser. DONATE TO COMPANY $6,250,000 IN STOCK Special Dispatch to The Star. NEW YORK, January 4—R. S. Rey- nolds and C. K. Reynolds of the stock exchange firm of Reynolds & Co., who own all except 250,000 shares of the stock of Reynolds Brothers, Inc., a hold- ing company for the Reynolds enter- prises, announced yesterday that they had donated to the company for re- tirement 1,000,000 shares of their per- sonal holdings. The retirement leaves 1,583,334 shares outstanding. The value of the donation, at yes- tercay's closing price of 61; for Rey- nolds Brothers, Inc., was $6,250,000. An offering of 250,000 shares of the stock at $10.50 a share was made privately by Charles D. Barney & Co last Sep- tember. The stock has a par value of $7.50 a share. When the stock offering was made the company had a diversified list of investments in railroad and industrial stocks, and large holdings in the invest- ment companies with which the Rey- nolds brothers are identified, including Selected Industries, Raybarn Co. and Reynolds Investing Co. These invest- ments are still held by Reynolds Brothers, Inc, it was announced yes- terday. Net asset: of the company on August 22 amounted to $29,400,000, equivalent to $11.35 a share. DRY GOODS TRADING INACTIVE THIS WEEK Special Dispatch to The Star. NEW YORK, January 4—Dun’s Re- view says: | Inactivity in dry goods trading over the year end occasioned no surprise, such a condition having been clearly foreshadowed. Some increase of in- terest in supplies wanted for early use was noted, but broad operations were lacking. A promising feature, however, was the t that more buyers appeared in the markets than in recent weeks, | while a note of confidence was mani- fested in different quarters. The trend of prices has an added significance now and the steadier un- dertone shown this week was considered encouraging. Few actual changes in published quotations occurred, yet sell- ers seem to be firmer in their views and a popular construction of print cloths was a shade higher. As a supporting factor in prices, the curtailment of outputs is of significance, there being a strong inclination to reg- ulate production and prevent accumu- lations. WEEK’S TRAfiSACTIONS IN FIFTH DISTRICT Special Dispatch to The Star. RICHMOND, December 4.—The ac- quisition of the East Coast Utilities Co., which operates ice, telephone, water, | gas and electric properties in several States in the fifth district, by the Em- pire Public Service Co., was the out- stlnkdln[ industrial development of the | week. Another important transaction was the agreement reached by the Title In- surance Co. of Richmond with the New York State insurance commissioner for taking over the business of the North MUNICIPAL BONDS INCREASE AT BANKS Total Held in Nation by Fis- cal Institutions Is $2,000,000,000. Special Dispatch to The Star. NEW YORK, January 4.—Substan- tial increases in the holdings of State and municipal bonds by banks through- out the country which have thus far announced statements of conditions as of December 31, 1929, are expected to bring total holdings of such bonds by these institutions over the $2,000,000,- 000 mark. As of June 30, 1929, report- ing national banks owned $1,746,112,000 of State or municipal bonds, compared with holdings of Government bonds of about $4,000,000,000. ‘The next statements issued by in- surance companies are expected to show a corresponding increase. Cur- rent holdings of four of the large life insurance companies in proportion to their invested funds are as follows: Travelers, 57 per cent; Northwestern Mutual, 32.per cent; Prudential, 22 per cent, and Metropolitan Life, 17 per cent. New York savings banks as of De- cember 31, 1928, held $559,775,000 of State and municipal issues, constituting 37 per cent of their total investments. The statement as of December 31, 1929, is expected to show a considerable in. crease. Indicative of the demand for muni- cipal bonds in November, when prices of corporation bonds suffered from liquidation, is the experience of one of the largest dealers in the municipal fleld who was asked to dispose of a block of $10,000,000 various State and municipal issues. The bonds were im- mediately placed on the market and were all sold and taken definitely out of the market in less than 24 hours. Although a few municipal issues, ro- tably those of New York City, are listed on the New York Stock Ex- change, trading in these issues in the FINANCIAL. GASOLINE PRICE WAR LOOMS IN MARYLAND Standard of New Jersey Announces Reductions in Fuel Co Special Dispatch to The Star. BALTIMORE, January 4.—A gasoline price war loomed in Maryland as the Standard Ofl Co. of New Jersey an- nounced general reductions, including a steep cut in the price of gasoline being sold throughout the Eastern States. Beginning Monday Standard straight gasoline will be sold in Maryland at | 15.2 cents a gallon, while the blended gasoline will be sold for 3 cents more. At present straight sells for 17 cents, plus the 4-cent State road tax, and the new price sets a new low price record for Standard gasoline in this State. The slash in gasoline is a part of the Standard's general price-cutting scheme, which will affect the Atlantic Seaboard States and a number of Southern States. An official of the Standard Ofl Co, in Baltimore said that the decimal system- being used in the present price of Standard gasolines is new in this sec- tion of the country, although it is not new to the industry. Those famfliar with the gasoline market say that it is almost certain that the price cut by the Standard will be met by other large oil companies. This has been the course followed in the past and has led to some of the 900000000000 00 FESEH Liberty Industrial Bankers INC. CHARACTER LOANS 927 15th St. N.W.—Room 214 Phone District 4699 00000000000000000000000% 0000000 Secured by First Mortgages Safe—Conservative Make Your savings 41 roono and surplus funds work for you at ExpcrienCC the highest inter- est rate consistent with absolute safety. curities. Wm. H. Saunders_Co., Inc. REALTORS. Dist. 1016 1433 K greatest price wars in the history of the industry. Invest in FIRST MORTGAGE NOTES —and obtain them from a firm of good standing over-the-counter market is much more active than on the stock exchange. This,. of course, is also true of United States Government bonds, dealings in which in the outside market are many times greater than on the exchange. ELECTRIC OUTPUT GAINS. NEW YORK, January 4 ().—Electric output of the Associated Gas & Electric System for the four weeks to December 28 totaled 224,353,232 kilowatt hours, an increase of 19,699.810, or 9.6 per cent over the corresponding period of last year, Sells Tools to Ru: BALTIMORE, January 4 (Special).— The Black & Decker Manufacturing Co. of Baltimore has sent a carload of electrical tools to New York, where they will be loaded on a ship bound for Russia. This is said to be the largest shipment of tools ever made to Russia at one time. Councilor & Buchanan Certified Public Accountants ‘Wm. 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Single Offices and Suites FEATURING free secretarial service, public stenographer, ice water on each floor, high- speed elevators, excellent outside light and Venetian blinds at all windows, SHANNON - & LUCH Managing Agents 1435 K St. Nat. 2345 American Title Guaranty Co. of New York. 20 Years' Successful Business $1 or More Will Start 716 11th Columbia Building Association Pays 5% - —om—o See Us When You Want a Real Estate Loan ——e (Under Government Supervision) Compounded Semi-Annually Without the Loss of a Dime Your Thrift Account St. N.W. We Give Attentive Management —to every detail of the maintenance and operation of apartment house properties placed under our charge. You don’t have to worry if the janitor is not on the job; or whether the apartments are rented. All that constitutes part of OUR service. More Than a Third of a Century's Ezperience Natl. 2100 B. F. Saul Co. This organization h as shown a consistent growth and development since 1906—almost a quarter of a century. Safe 61/2% Prompt HANNON - & LUCHS 1435 K St. NW, Nat'l 2345 SAFE FLRIST marke and Over a Third of a Century Without a Loss National 2100 If you are a victim of an ex- cursion tate your finances, invest in our 6149, FIRST MORTGAGES —in which there are no losses therefore income. They are in denominations as large as you want them, from $250 up, earning the same lib- eral return, protected by the same safe and sound assets. May be purchased upon our convenient partial payment plan if desired. B. F. SAUL CO. THERE IS NO SUBSTITUTE FOR 'S:’\FETY MORTGAGE'S RECOUP into the speculative t and want to rehabili- insured good 925 15th St. N.W. Patch Up Your Christmas Stocking! B being thinned down. Soon it will be swelled in emptied , . . run holes through whi URSTING with goodness and appearance, your Yuletide stocking is merrily down . . . full of ch your Christmas money escapes and disappears be- fare you know it. And then . .. but why let it run down? Prolong its life instead! Let it bring you joy for the entire year, A portion of your bounty, put into a secure investment like the First Mortgage Notes sold through Swart- zell, Rheem & Hensey Company, will yield you a steady « . . paid to you 6 per cent interest regularly, unfail- ingly . . . no matter what the con- dition of the financial market, you will never have a moment’s worry about the safety of your investment, Through more than sixty years of widely varying conditions, these Notes have achieved this record of absolute security: Not a Penny's Loss to Any Investor. cure these Notes You may se- now in denomina- tions of $100, $500, $1,000 and $10,000. SWARTZELL, 925 Fifteenth RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W. WASHING ’a D.C.