Evening Star Newspaper, January 5, 1930, Page 35

FINANCIAE. INVESTMENT BOND 'ISSUES ARE STEADY Few Soft Spots Uncovered inSpeculative Group~—Con- vertibles Firm. " By JOHN L. COOLEY, Associated Press Financial Editor. NEW YORK, January 4—The bond market had a quiet Saturday session today. Issues of investmsgt caliber, ‘where -most of the tnmn.{ being done in these days of firm prices, showed little chapge from the Friday close. United - States Governments, which make “the quickest response to the temr:r of the money —market, steadied in sympathy with the easier undertone of time accommodations. Turnovers involved only a few bonds. Offerings of some of the more specu- lative loans' uncovered soft spots here and there, mostly in the foreign sugars and low-priced industrials. Early Josses of about a point appeared in Certainteed 5';s, Camaguey Sugar 7s, Punta Alegre Sugar 7s and scattered foreign listings. St. Paul General 4s and Atchison Convertible 4s rose about 115 each in the rail group. Atlanta & Danville second 4s lost 4 points on @& small sale. Convertibles were firm to higher. American Telephone 415s made a little ess and Commercial Investment t 5155, which have been dull in recent markets, advanced a point. BETTER BOND YEAR SEEN BY BANKERS Belance Between Stocks and Senior Securities Expected to Im- prove in 1930. Special Dicpatch to The Star. CHICAGO, January 4.—That 87 per cent of the investment bankers of the United States look forward to improved conditions in the bond market during 1930 and that 60 per cent of such in- stitutions have already enjoyed sub- stantial increases in business is indi- cated by a summary of replies to a eetionnaire sent out by Lawrence em & Co. investment bankers of Chicago and New York, to more than 2,000 investment institutions through- out the United States, Ithough the majority of security lers foresee an active. and rising bond market in 1930, the replies to the questionnaire indicate a belief in finan- cial circles that the investment mar- ket in the future will be better bal- anced between stocks and bonds tHan heretofore. The majority believe that ™ read public interest in invest- ment stocks has become a permanent feature of the securities markets. but that, at the same time, there will be Tenewed increasing interest in bonds. One of the interesting features brought out through this survey is the territorial distribution of the improve- ment in the bond market which has taken place bslnce the m;cknl\m‘;:fl break. The brightest spot in the Na- tion from the standpoint of the bond dealer, according to the replies tabu- lated. is found in New England. where 33 per cent of those reporting mte that their business in bonds has m_u;dmlm per ‘eent. il‘ll:‘::t to Nev: n percentage of improvemen! m sales is the South, particularly the Richmond and Atlanta Federal Re- serve districts. New York and the Pa- cific Coast report a fair measure of fmprovement, while a lesser degree is noted in the Chicago and St. Louis ter- ritories. The smallest percentages of wvement are shown in the Cley and Minneapolis Federal Reser districts. —_— IRREGULAR STOCK MARKET FORECAST IN NEXT FEW MONTHS (Continued From Eighth Page) ° ferred shares of about 50 per cent be- tween September and the middle of No- Yember, there was a shrinkage of nearly 10 per cent in this newest family group of securities. The public attitude to- ward them has so completely reversed itself in the past 60 days that many of are quoted much below their liguidating value. Even at this level their markets are nominal ones. As an illustration of how the siren song of the stock ticker fascinates and draws to it men of mature judgment, the published reports this week of the three companies identified with the Na- tional Investors’ Corporation are fil- luminating. They all cover the year ended December 31, 1929. The second corporation secured its capital of $10,- 600,000 on November 26, 1928. About 85 per cent of this was invested in 31 prominent industrial and public utility stocks and a small group of foreign bonds. The remainder was put out on call. This company took advantage of market conditions to the extent that, during the year, it realized profits on the sale of securities of $1,125,825. At the end of December the excess cost of securities purchased over current market value was $1,176,717. The third corporation financed itself &t the end of Jast July with a paid-in capital of $10,400,000. Its funds were available when the market was mate- rially higher than on the date when the second corporation was formed, but still lower than in subsequent months. It invested about 90 per cent in se- curities at the higher level and left the balance on call. Before the market col- lapsed it had taken $467,757 in profits on security sales. At the end of De- ecember, however, it showed an excess of cost over market value on its port- folio of $1,612,055. Light Shed on Stock Buying. Now we come to the period of the intensest speculative excitement, the highest price level of the year and the unsatisfied demand of the public for finance company stocks, with the Fourth National having available in the middle of September a paid-in capital of $27.- 000,000. Of this it apparently invested bout 65 per cent, or slightly over $18,000,000, and held $7,700,000 in re- serve in call loans. It bought practi- cally the same stocks as its sister cor- rations, but in double the quantity— all, over 200000 shares—and pre- sumably at much higher prices, Con- sequently, we find in its income ac- ecount of December 31 a loss of $1,147,~ 055 on securities sold, or more than three times income from interest and dividends,” and a shrinkage in the market value of its portfolio of $2,608,- 759, or gbout 15 per cent. ‘These facts throw some light on the character of the buying of stocks late last Summer when they were so high. What was done in this series of cor- porations was duplicated many times over in others. It is a healthy sign, however, to find finance company man- agers to e: their errors and to-acquaint their shareholders with cur- rent conditions. For this the National Investors Corporation is entitled to 7 much credit. ‘The probable efTect of a common mis- dgment of the market situation at hat time will be a pericd of undue conservatism, from which many good stocks will suffer, although intrinsically they may be worth more than ever , before. —_— fus! Mlol;gn ing to eat herrings Austria 7 8315 Bank of Ch Bank of Ch! Canada §s ‘52 Chile Republic Chinese Govt Ry bs Colombia 6s 1961 Jan Copenhagen 5s Czechoslovakia 8s ‘51 % Denmark 6%s 1955 100! Denmark 68 42.......... 104 Dutch East Indies 65 '47.. Dutch East Indies 65 '62. . Fiat 78 "46 war..... 93 Finland 7s 50 1055 French 7s '49 119 109% French 7%s'4 108 102 German 7s'49 92% 80 German Bank 5% Greek 6s 1968 95 Irish Free Sta: 92 Italy 7s°51. 98% Japanese 6 8514 Kreuger&Toll 5sct wi ‘59 Mexico 4s 1 102 Netherlands 6: 87 New South Wal 98% Norway 5%s. 83 Orient Dev 5%s ‘57 97% Paris-Lyons-Med 6s '5: 93 Orleans 6%s 1968 68 Peru 6s'60. 89 Peru 7. 874 Pirelli Co of Italy 7 81 Poland 8s'5 100 Queensland 6s *47 105% Queensland 7s 41 94 Rhinelbe 7s.. 71 Rhine Westphalia 6s '53.. 88 Riode Janeiro 8s 641% Rio Grande Do Sul 81 Rome 64s's2,. 90 Sao Paulo State of 102% Seine Dept of 7s 70 Serbs, Croats&Slav 7s '62 79 Serbs Croats Slov §s'62. . 100 Swiss 5148 '46..... 95% Toho Elec Pwr 78 '55. 101% Utd Kingdom 5%s'37 91% Uruguay 6s 1960 80% Vienna 6s1952. 67 Warsaw 781958 89% Yokohama 6: MISCELLANEOUS. 93% Abram & Straus 5% 93 Alleghany Co cv 68 "44. $ 103 Am Agri Chem %8 '41... 93% Am Chain 6s1933..... 95 AmIGChmbis1949.... £8 Am International 5%s 49 64% Am Natural Gas 6%s 42, 98 Am Sm & Ref 1st bs 100 A Sugar Ref 68" . 115 Am Tel & Telcv 4%s ‘39 100 AmTel& Telsfs 67 Am Writ Pap 86 Armour & Co 4%s 79% Armour of Del §%: 997 Atlantic Ref deb b 102 Bell Tel (Pa) ret b 97% Beth Steel p m b: 102% Beth Steels 54 Certain-teed b 92 Chile Copper & 59% Colon O11 6 103 109 Con Coal (Md) 1st ref 37 Cuba Cane Sug ev. 104% Detroit Edison ref 8712 Dodge &b 95% Duquesne 438 1967.. .. 60. East Cuba Sug 7%s'37. 94% General Cable 538 1947 98 Gen Motors 68 '37. 104 Goodrich (B F) 6%8 '47... 85 Goodyea®Rubber 68 1987 98 Humble O1l & R %833 89% Inland Steel 41451978 88 Inter Cement 55748, 9215 Inter Match bs 47 90 Inter Mer Marin 84 Inter Paper bs A ‘47 109% Inter Tel&T cv 4%s 39, 86% Kendall 53 '48 (war) 96 Lackawanna Steel s ‘60 99% Laclede Gas 53s. 98 Liggett & Myers b '6i... 96 Loew's Inc 6341 war.... ¥3 Loew's Inc 63 ex war 1941 Lortliard 6%8 3. ....... Manati Sugar s T8 ‘42, Midvale Steel 55 ‘36. . 1 Montana Power 65 1943 92% Nat Dairy Prod 5%s ‘48 20 Radiator 6%48 1947 2 3 104 N Y Tel 65°41 .e 95% North Amer Ed b8 '67 97% Northern States Power bs 99 Pacific Gas & Elec 5 100% Pacifio Tel & Tel 58 ‘52, 101 Pan-American 65 34. .... 91 Paramt-Fam-Lasky 6541 95% Philadelphia Co 55 67 0 Phila&Read C&1 65 wi " 85 Philips Petrolm 6%8°39.. 884 Postal Tel & Cable 68 ‘33, 135 Public Service 435 '43. . 88 Remington-Rand 5% 98 Sinclair Ofl 961 Sinclair O1l 9215 Sinclair Crude Ol 8912 Sinclair Pipe Line 58 19 101 Southwesn Bell Ti 4 100 Stand Oil N J bs. 91% Stand Oil N ¥ 47 Sugar Est Orien 88 Tenn Copper 6544 B. 92 ‘Transcon Ol 6% '3 87 . United Drug bs '63. 8) US Rubber 1st & rei 96% U 8 Rubber 73%s ‘30 95 Utah Power & Light THE SUNDAY STAR, WASHINGTON, BOND SUMMARY ‘:FOR THE WEEK i -25| " b 3 ~.30 107, 111, 948, 95% 943 96% 92% 94 103% 1034 94 94 96% 97 100% 101% 116 1164 109% 109% 0% 784 1021025 9% "us 93 98Y 102% 103% 89 89y 28% 231 65 70 96% . 9714 109% 1091 99% 100% 103% 1041 101% 1013 1011 10114 104 107 9T 9TH ¢ 1124 118% 11815 118 106% 1061 Can: % iy Utilitles P& L 34847 Walworth 68 °¢ Walworth % s ‘35, Western Unlon Tel 6% Wlison & Co 1t 641 ngatown Steel 58 ‘78. Atlantic CL 1st 4s Atl Coast Line 448 ‘64 B &O gold 4548 B&Oretbs'5. . B&Ore Balto & Ohio 58 48. Balto & Ohlo B&OPItLE& W B&OS W Div b Boaton & Maine Broadwy & 7th Av bs Brooklyn Manhat 1, dian Natl 4%s ‘3 a National 4% Canadian Natl 43 ‘Canadian Pacifl Central Pacific Central Pacific Chi Great West Chi MStP &P ChiMStP &P Chicago Northwest 7, Net Hirh. Low. Clese. Chse. 87% 87 87T + 4 874 883 85% — W 90 89% ‘90 — % 110 1083% 110 181 100% 100% 101% 100% 101 (8 s D 20 95 [+ V) b4 441011 s55 wus A+ . 3 1 Chicago Rys b8 101% 102% 91y 931y 13 12 5 ReY BT 104 1044% 87 9+ 100% 100% 861 88 101355 102% 103Y% 1084y 108t 109 100 100 41, 8615 874 934 94ly 64% 661y 88 894 9% 9915 1074 108 75 6% s 88 10814 8% 99 102% 103 3 94 84 3 96 "~ 984y 9914 100% 100% 108 103 964 97% 101% 103's. 9412 95 70 1% 100 101 102% 104 136 134% 103% 104 68% 69 8815 100 998, 99% 104% 104% b 54 e 10615 106 s 92% 98 929 66 70 99 9% 100~ 101 106 105% 0% 91% 100% 101% 92% 92% o1 91 97 96 96% 96% 0% 904 120 125 89 .89 100% 102 103 103% 9815 98l 102 102% 92 92 83 86 89% 69% 100% 100% 101% 102 97% 984 21 21% 105 106% 111% 1124 2222222222 L4+ids+44 SexssFessd 4 —a 100 105 + U 4+ + U * &N - u +3 + % 1% 100% 100% 100% 102 103 103% % 103 103 96 99 9815 94 1% 94% 189 +22% 92 +2% 99% 100 100% 101 6% 97y 9413 94% 103'% 104 100% 101% 967% 57 9814 64% 85% 86% 864 83 100% 1094 u7 4% 25 55 9% 82, 85 99% 974 Southn Waba W 81 5 100% 100% 98% 99 + % Chi R I & Pacref 4s “ ChiRI& Pac4%s w.i. Chi Unfon Station 4%s. .. Chi Union Station 6%s. Chi & Wesern Ind 6% CCC&StL5sD Cleveland Terml Cleve Term Colo & Sou r Cuba R R s ‘62 Cuba North 5% Del & Hudson 5% i Den & Rio Grande cn Den & R G West bs 'b| Den&Rio Gr-Westn & on 78 °30. Florida East Co; FondaJ &G 4% « Grand Trunks f Grand Trunk 78 Great North 4348 'l Gi Great North gen 7s 3! Havana Elec Ry %48..... 4 Hudson & Man ad) 58 '57.. Hud & Man ref 6857 Illinols Central ref 4s '55. Illinois Central 4%s '66. . Y Centdeb g 3 2 & Norfolk & North Pacific r 1 65 2047 Ore Wash 1st ref 4s 1961 Penna cn 4% Penn gen bs Pennsylvan Penn 6%s StL &S F prind4s A5 StL&SF 4%s'7l St Louis 8 W con StPKCSLined4 Seaboard A L Seaboard A L ad) 5549 Seaboard A L con 65 ‘45 South P’acific col 48"49. South Pacific ref 4s '65 Southern Pacific 4 %s Southeru Ry gen 48 56 Southern Ry Ist 659 Soutnern Ry dev 6448 Third Ave 1st ref 4s "60 Third Ave adj 65 '60 Ulster & Del 65 Unlon Pacific 1 Union Pacific Union Pacific Virginia Ry 1st Va Ry & Power 55'34. sh 4348 1978 tn Maryland 63s 17, Western Pacifi West Shore 18 +1 A+ 28 FF n al 6 £ 4 44+ 1 104% 109% 9674 108% ‘Frs sEess s iisssisss 4 A L Inter Rapld Trans 6s ‘32, Inter Rapid Trancv 7s.. Inter & Great Norad) 6 _Inter Ry Gent Am 6% fowa Cent ref 4s'b1... Kan City South 38 1950 Kan City South 50 Mo Kan & Tex 1st 48°90., Mo Kan & Tex adj 5s *67., Mo Kan & Tex pr in 63 A. Mo Pacific gen 4s'765. Missouri Pacific 65 A "6 E ] FEFFEEE " - b £ im)| $s |+ F& [N ENPFELES S EPXE EESL STERELLE & B W en L4447 44 R e Rw? gen 63 1! 100% 9015 101% 99% 101% T8Y 96% 96 98l 68 89 86 Stock and dividend. Western Maryland. 87 Western Pacifie pf...... 155 Western Union Tel (3).. 36% Westinghouse Alr B (2)’ 100 Westingrouse E & M(5) 19% Weston Klec inst (1)... 3215 Weston Elec Inst A (2). 30 West Vaco Chlorine(2). 19 Wextark Radio (c2). 25 White Eagle (2). 274 White Motors (2) 27% White Rock Min Sp 1 White Sewing Machine 27 White Sewing M pf (4) 12% Wilcox Oil & Ga 19 Wilcox & Rich 12% Wilcox Rich, B (2) 5% Willys-Over (1.20) 65 Willys-Overland pf (7). 3 Wilson&Ce... 6% Wilson & Co (A). 35% Wilson & Co pt. 52% Woolworth Co (2.40) Close. 26% 26 28 28 21 22% 40% 42% 184 106% 42% x46 133%x145 20% 31% 33 33% 3% 39% 22% 22% x27% 3% 39% n 4% 1in stock. Pl ock. d Paya) 1 Plus 10% 1n stock, in stock. k Plus 1%% Fl++ 44444 Coal Firm Changes Officers. NEW YORK, January 4 (#)—The Berwind-White Coal Mining Co. an- { nounced today that Edward J. Berwind is retiring from the presidency to be- come chairman of the board of direc- tors and is to be succeeded by Charles E. Dunlap. H. A. Berwind and Thomas Fisher also retire as vice presidents, but continue as directors, hlfl? G. hmuof el been with it in | 558 last week. $51,644,380 IN BONDS READY THIS WEEK After a lull of two weeks during the holiday season, activities in the State and municipal bond marke{ during this week promise to quicken ‘consid- erably, according to the Bond Buyer, whose regular weekly compilation lists 53 new bond offerings, totaling $61,- 644,380. This r:w-i.h with 1’.'2‘12.- e larger. ms listed are $11,667,000 State of Ken. tucky bridge boris “and $3,150,000 % 11725 of 'a share in stock. Stock and dividend, Wortnington ¥ Worthngton Pump A (1) Worthngton Pump B(6) Wright Aero (2) Wrigley Wm (4).. i Yale & Towne (15). Yellow Truck & Coacl Young Spring (3).. Youngston Sheet & T (5) 110 % Zenith Radlo (3)..aue.. RIGHTS—EXPIRE. Am Rolling Mill.Feb 15 Columbn Carbon Nov 8. N Y Centra Penna Ry.. Peoples Gas & C.Jan 15 [ % Reynolds Spr | Dividena rates as | payments based on the latest quarterly or nal *Unit of trading less thu: m, Desisy M Jan 31 .Jan 15 i 1% 1% "o % " 1ven In the above tabie are the annuai casn yeariy deciaretions 1} ...Jan 24 100 shares. tPartly extra. in stock. nPlus 3% in stock. m Plus Oklahoma City (Okla.) school district bonds to be offered on Monday; $2,500,- 000 City of Trentori' (N. J.) school funding bonds on Tuesday; $31,050,- 000 State of Tennessee highway bonds on Thursday; $3,358,000 - Provinee of New Brunswick road and refunding bonds and $2,000,000 State of Arizona tax anticipation notes on Friday. SILVER QUOTATIONS.' NEW YORK, Jant 4 (@) —Bar siiver, 45%; Mexioan , 303, ‘ BUSINESS 15 FAIR INNEARBY STATES Marylan‘d,. Virginig_ énd West Virginia Report: Spotty Trade Conditions. Business in Maryland is running at a fairly good rate, although curtailment is_noted in some lines, especially steel mill activity, says the Credit and Sales Bulletin of the Alexander Hamilton In- stitute. The canning factories have shut down for the year, thereby increas- .ing _unemployment. Retail trade for staples is ahead of a year ago, although luxuries are moving- slowly. Building Activity, cits 1020, Nov 1938 Chatge, A . Nov.1928. Change. Baitimiore . ... 15390400 35063060 " ¥ Cumberland 15,603 Hagerstown States' total . 2,319,175 32, 4 | bis wife had separated. Virginia,: | _ Business in general is only fair. Re- tail trade for staples is above a year ago, while luxuries show a decrease in sales from the same period in 1928. Novem- ber- building activity in eight, chief cities was 35,3 per.cent lower than a year ago. With the larger tobacco crop and with. prices slightly higher than a year ago, the income from this source will be greater. The crop is estimated at 118,370,000 pounds, as compared with 104,864,000 last year, an increase of 12.8 ger cent. Cotton mill actiyity for No- Vember increased 40.6 per cent over a year ago. This is in marked contrast to the,decline in .other States, Lum- bering shows curtailment from last year. & West Virginia. Industries are‘runining a fair rate, al- though slightly below last year's level. Curtaliment is noted in lumber and textile mills, Steel foundries are run- ning at approximately 65 ‘per ¢ént of capacity, gonmlmptfi)n in- the oft in- dustry, however, has. now. caught up with production’despite the recent in- crease of 2.3 per cent in the output. Coal’output shows'a gain of 4.6 per cent over the same period a year ago. Bullding Activity. Nov. 1929. “Nov. 1928, .fllvllr#l “ulb,sfll Per cent Change, + 1.0 State's total. 575,328 - 317,696 WHOLESALE MARKET ACTIVE IN HOLIDAY TRADING SEASON (Continued: Fromi Eighth Page.) light, market steady: Ohio, 8-pound baskets, hot house, medium size, 2.50; small size, 1.50; repacked, 3s, ripes, wrapped, fancy and choice count, 3.00a 3.50; 6s, ripes, wrapped, fancy count, 6.00; choice, count, 5.00; ba, 6s, ripes.. and turning, wrapped, fancy 6.50x7.00; choice, count, 5.00a .50a4.50, according to con- Spinacti—Supplies moderate; demand | light, market_dull; Texas, bushel bas- kets, Savoy type, 1.50a1,60; poorer low as 1.40; Virginia, Norfolk ‘section, bushel baskets, Savoy type, poor quality and condition, 50. Caulifiower—Sipplies moderate: de- mand Jight, market steady; Callfornia, pony crates, 2. 25, mostly 2.15. Peppers—supplies . light: demand light, market steady; Florida, pepper crates, fancy, 5.00a5.50; few 1ty,-.-6.50; . choice, 4.00a4.5 hampers, . fancy, 3.5024.00. Peas—Supplies very light: ¥ demand light, market steady: few sales; Mexi- co, 45-pound crates, 4.50a4.75. Carrots—Supplies light: demand light, market steady; Texas, Western lettuce crates, bunched, long, 3.00a3.25. Strawberries—Supplies light; de- mand light; - market fitm; Florida, pony refrigerators, Missionaries, 35x45; few fine quality, 50a55 per quart; 32- quart crates, various varieties, mostly rordinary quality and condition, 25230 per quart; few higher. Oranges—Supplies moderate; demand moderate, market - steady. Florida boxes, No. 1, medium “size, 4.25a4.50; few higher; No. 2, medium size, 3.75: 4.25; large size, 3.25a3.50. Grapefrult—Supplies. light; demand | light, market steady. Florida boxes, No. 1, medium size, 4.00a4.50; few fine quality, 5.00; large size, - 3,7524.00. | DESERTED BY HIS WIFE. Millionaire and Spouse lepnrlte' Upon Arrival From Honolulu. SAN FRANCISCO, January 4 (#).— Newspapers yesterday said -Edward D. Tenney, 70, million: ire chairman of the | board - of the Matson Navigation Co., and his 36-year-old wife, the former Catherine Nicholson-Vernon, had stray- | ed in different hotels after their arrival here , Jast month from Honolulu and that Mrs. Tenny.: since: had departed alone: for Southern California to visit friends. “I have nothing to say,” was Tenney's only comment when asked if he and The Honolulu shipping man’s first wife died in 1927, and he ‘and Miss Nichol- son-Vernon, who had been a San Franeisco stenographer, were married the following year. THE SOUTH GROWS. ‘The Southern Bell Telephone Co., which owns and qperates the telephone systems in mine Southern States, is celebrating the - fiftieth anniversary of its founding on of its Established 1899 INVEST YOUR FUNDS IN First Deed of Trust Notes Bearing 61,9, Interest In Denomi $250.00, $500.00 15th & N. Y. Ave. NW. National 4346 National Savings & Trust Building Consult WE WILL SELL 1,000 Investment Blds. 614 88 @ 85. (Ehifa.) | Genl. Morts. & ‘Discount 1,000 Smith Blds. 25 F. H. Smith 7% T Washington Bank' Stool _Capital City Co. 7 | made s | Suga D. C. JANUARY 5, 1930—PART TWO. PENNSY TO EXPEND +. $95,000,000 IN'YEAR ‘W. W. Atterbury, president of the Pennsylvania Railroad, speaking of 1930, says: “We have- every intention of: going ahead with our entire program.of im- provements as originally planned, without any slackening, retrenchment or postponement. Next year this com- pany expects to spend about $95,000,- 000 for mew equipment, for extensions to and improvement to property. Noth- ing that has happened in the security markets has altered this intention, and we see nothing in the general business situation to warrant our deviating from this course. We believe with President Hoover that the country and its funda- mental business conditions are sound.” NEW BOND ISSUES FIND READY SALES IN BETTER MARKET (Continued From Eighth Page.) by- examining a few of the net losses in 1929; Atlantic Fruit and r 8s, off 17'2 points; Camaguy Sugar 7s, 36 points; Cespedés Sugar 7138, 12 points; Cuba Cane Sugar 7s, 36%; Cuba Cane Sugar 8s, 41%; Cuban Dominican Sugar 7lzs, 5715; Eastern Cuba Sugar 7'28, 28%,; Francisco Sugar 728, 10%; Maniti Sugar 28%; Sugar Estates of Oriente 7s, 52 Ver- tientes Sugar 7s, 36, and Warner Sugar 18, 347, points, Bond men were much encouraged by the proposal put forward by the New York Stock Exchange governors in an amendment to the constitution of the exchange that bond commission rates be put on a higher basis. This has been an ambition of bond traders for a long time. The proposal, which must be approved by a member body, would raise the $2 rate per $1,000 par value to $2.50, the 80-cent rate per $1,000. par value to $1.25, and the 50-cent rate per $1,000 par value to 75 cents. The rest of the commission rates would re- main the same. B CARDINAL GASPARRI UP. ’ Papal Becretary of State Much Bet- ter After Influenza Attack. ROME, ry . 4 (#).—Cardinal Gasparri, pi secretary of -state, who suffered an attack of influenza was up yesterday and lunched .in his dining room. He was somewhat weak but his doctors believed that he soon would be completely recovered if proper care is exercised. When the cardinal's assistants in- timated that the visit of the Belgian royal family and Crown Prince Humbert to him next week might.well .be dis- pensed with in view of his condition, the cardinal reported: “I will be perfectly well by Sunday and for nothing in the world would I forego the pleasure of again meeting the Belgian sovereign who made such a fie impression eight \years ago.” - ‘The cardinal’s temperature tonight wos _normal. e e al Councilor & Buchanan Certified Publie Accountants _Wm. Gordon Buchanan . Tower Bullding National 6110-6111-6213 (Telephone Directory Omission) INVEST YOUR -SAVINGS IN SAFE FIRST TRUST NOTES Prineipal Protected Return Certatn THOS. E. JARRELL CO, Realfors o 721 10th Street N.W. National 0765 . Endowment Solicited for Educational Institution Fil'ling Need. Investigation Invited Interested Persons ‘Sddress Box 298-H, Star office, Offices for Rent in the Edmonds Building 917 15th St. N.W. Qpposite MacPherson Square The Wall Street of Washington Desirable suites of two to six rooms now available. Very Low Rentals SITANNON. & LUCHS Managing Agents 7435 K St. N\W. Nat'l 2345 61/2% NOTES |! Secured by « First Mortgages Nafe—Conservative 41 Years’ Experience in finaneine homes and In the sale of thess se- curities. Mike your savings and surplus funds woik for you at the highest inter- est rate consistent wilh absolute safety, Win. H. Samders Co, Inc. Dist. 1016 1433K I WILL SELL $500 Jefferson Apt. 6% 1st Mort, 934, 3 z $500 Fairfax (Pittsburgh) 1st Ref. 614%, 1943, @ 65. $1,000 Chatham Apt. 1st Ref. 614 %, 1931, @ 65. 35 North American Development “Escrow Certificates” @ 90. 19 Units Wardman Mort. & Dis- count @ 25. ‘20 F. H. Smith 7%4% pfd. @ 30. 10 F. H. Smith 1% pfd. @ 25. 13 International Bank @ 65. 500 Miller Train Control @ 55c. 100 Washington Base Ball @ 55. 5 Virginia Plate Glass @ 274, 50 Great National Insurance @ 12. 100 Vasco Products 8% pfd. @ 6. 5 :!nlli International Finance @ 509 Washington Bldg. 'Phone, District -8291.8202 THOMAS L. HUME 1412 G $t. Nat'l 1346, 1347 FINANCIAR, rict No. 8. REPORT 8{1 e NORTHEAST SAV- INGS BANK Of Washington. D, lose of busi- Seaaon December 317 143,100 1% BUILDING ASSOCIATION 7th St.’ &' Lal 'A¥e. MW T Shares of Stock, $1:00: Each Payable Monthly -~ Jasiies ¥ Shen Aggreteny., . stoc] o from H ltfif';:‘ua‘:{'; 3 . .'.("%"ll 5 thejaksed pent o sy 4 my Enowieage end paliel” * ribed and.aworn to before me «;:2':{" Jof Janiass, 880, (Miummlan‘unlr!‘-fl: j]fl_fl 1) Correct—Attest: AL % M‘# JARGER. First Mortgage Loans ** In Arlington County’and Alexandria, Virginia Commonwealth Investment + Co., Inc. 804 15¢h.8t. N.W. Phone National 2028 Mortgage Loan Cos t for The Prudential Insurance Co. of America Established 1888~ - 1733 De Sales St. " ° The Commercial ' . orp National Bank - * Pays interest on DAILY BAL.? ANCES on Savings Accounts.: Interest starts from. DAY of . deposit and earned to DAY of - withdrawal. ot Come in and lef us éxplain . Resources Over $20,000,000 14th & G Streets * B. GOLDEN, nd_u!.mn, President Money to Loan ATine imterest o . Weller {26 Wash INVEST IN FIRST MORTGAGES ON HOMES Paying 67 & 6}% Interest NOTES OF $250, $500 & $1,000 Brodie & Colbert, Inc. 1707 Eye St. N.W. National 8878 8 estate. o'lr-'fl . First Méfigfiflc 5 . Loans .’ -First Trust Notes A”“°"“’.“‘-~ Lavited Now Available Glover & Flather .. .1508 H St. N\W. . »'N.ciugl_-ln_.: JAMES F. SHEA 643 Louisiana Ave. N.W. FIRST MORTGAGE oI WHAT IS A FIR MORTGAGE? Over a Third of a It represents mon;!y Joaned' , on income-producing ~ real : eg- tate. There is nothing .specu- lative about it—entirely differ- "’ ent and distinct from -unstible .’ stocks—for here-the: interest is:- definite and continuous. Our- 612% FIRST MORTGAGES Cf"'“"' —have behind them our con- Without a servative appraisement,” justify- ing the fullest confidence. Loss May be purchased in ‘amopv;rr.t‘;‘ 1 from $250 up. Y o B. F. SAUL CO- National 2100* : 925 15th' SE!NW, THERE 1S NO Y. SUBSTITUTE FOR' $i Mortgage UNQUESTIONED Bonds G .BECAUSE the Bonds of the Federal Secusity b Mortgage Company are: 1. Secured by small mortgages on proper! District of Columbia. 2. Guarahteed by a strong independent Snuty'(‘:‘vtn- pany, with resources of over $5,000,000,00, under State and Government supervision. PTG 3. Further guaranteed by the Federal Security and -« Mortgage Company, with a capital and surplus of over $750,000.00. 4 4. Trusted by a large National Bank. 5. Mortgages appraised by independent experts of known reputation. Federal Security ¢ Mortgage CG 15§22 K Street N.W