Evening Star Newspaper, January 7, 1930, Page 15

FINANCIAL. CURB SHARES EASE " NEw YORK CURB MARKE /N BEARISH DRIVE Leaders Slip Under Attacks of Traders for Decline. Losses Small. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 7.—Slipping slowly, but steadily, the Curb Market | today reversed its early strength and activity. Traders paid little attention to easier money rates and virtually ig- nored news of a constructive character. ‘They used any unfavorable factor, how- ever, to attack specific stocks. ‘The reversal in sentiment in the first two hours was best shown by the two leaders at the opening. Associated Gas & Electric A shares, which normally moves within a fractional range, opened up 4% points at 41% on a block of 4,500 shares. Rising further to 43, they met profit taking which erased nearly half of their initial gain. Indian Territory Illuminating Ofl, which led the miscellaneous oils, opened at 26%, rose to 277, but later lost part of its momentum and bulge. Electric Bond & Share eased nearly 2 points. Motor shares moved more in response to specific news than to group tenden- cies. A few moments before the omis- sion of the common_gquarterly dividend of 50 cents, H. H. Franklin Manufac- turiug appeared on the tape at 24, or up 1 point. It later eased. Ford Motor of Canada B, which, be- cause of its non-voting character, has not been popular marketwise until the last two days—opened up 5 points at 55 and the A shares were nearly a point higher. Durant was the ;most active, and Stutz held gains of the previous session. Mining shares, spurting at the open- ing, receded at noon. Purchases of cop- per and a possible shortage of gold in the next few years, as pointed out by a leading economist, more than offset the decline in the price of silver as market factors in this division. Aviation issues maintained ins fairly well, but were relatively inactive. ‘The Supreme Court decision on the United Railways & Electric Co. of Bal- timore, although benefiting bonds and some securities on other markets, failed to influence curb traction stocks. Salesin . DOMESTIC BONDS. thousand« Hizh, 17 Alabama . Po 413h '67 5 Aluminum Co 5s " Bos m 33, Can Na R Eq 7s E '35 10813 55 '56 100 1 Federal Water 575 '54 91 B Farestone Cot M 5s '48 90'% zestone Tire 55742, 94 e: 6 Georzia_Pow 1 Grand_Trnk s '67.. 98 8ias ‘36 106% 33 Gult on Pa 35741, 1000 Pw_5 hila E1 81z i G&E 418 57 9Tis 1Pitts Coal Co 6x '#9101%4 18 Roch_Gent Pow 5 Bha W & P %35 A ‘67 92% 8 Bnell Un Oil 55 40... 987 2 Snider Pack 6s 3. 62 15 SEP & L s A 2025 xw 10434 B0 Cal £4 85 44.. - 1011 5 4 1 o g Y by ! LR 2og Gk S5, s sca Dei 65 ' est Tex Ut 55 A gri Mtge Bs 75 '46 gri Mtge Bk 7s ‘47 Air P 7Y hile Cons 7s '60 hile Mtge Bk 65 '62 Priv Bk 4 o Tunsamamen Qqur>. 5 3 29 8 T ret] SHORT-TERM SECURITIES. (Reported by J' & W. Seligman & Coy : Bid Offer Allis-Chalmers Co. 55 1937 99 Aluminum Co. of Amer. bs 1653 1 Rolling Mill 55 1948 .. American Tel. & Tel 513 1043. 10614 & Ohio 47z 1633 9 Pet. Corp. 4138 . 92% 1003, el A Calitornia Pet. Corp. 5125 193 Canadian Net. Rwy. 4'as 1930 Canadian Nor’ 4125 1935 pper Co. 5% e Cudahy_Packing Co. %23 i93 ¥dison Elec. TIl. Bost. 4125 1930. Gen_ Mot. Accep. Corp. 65 1937. General Pet . 55 1940....0 . Chi Phillips “Pet Pure Ofl Corp. 8123 1937 8hell Union Oil_Co. 5 Sinclair Crude Ol Standard Ol St. L. Ir. M. & 8. Soithwestern Ry. bs 1931 Ry. 45 1932 Sas 10 TREASURY CERTIFICATES. (R a4 by J. & W. Bellgman & Co. eported by gra O . FOREIGN EXCHANGE. ished by W. B. Hibbs & Co.) S . r'lol-:mn’l gold Selling checks —Prev. 1920.— Stock and Hish. Low. Dividend Rate. 5% Aero Sup Mfg B. . 48% 13 Aero Underwriters. 10 AirInvIncevpr.... 4% Allegheny Gas Corp. 1% Alexander Indust 14% 5% Allied Aviation. . 24% 10% Allied Mills (60c) 110 23 Allied Pow & Lt. . 110 103 Alu Coof Am pf (6). 49 25 AlumnInd, Inc(1%). 5 Am Brit& Cont..... 76 AmCIgarCo........ 10 AmCP&LB (b10%) 18 AmCwlth PAb10%, 1% Am Control Oil Flds. 20% Am Cyanam B (1.60) Am Gas & Elec ($1). 6% Am Invest Inc B. 62/ Am Laundry M (14) 190 Am Lt & Trae (10). 1% Am Maracaibo 15 Am Superpowe: 89% Am Super 1st pf (6). 19 Am Yvette... 5 5 Am Yvette (new) wi. 20% Amster Trad (114).. 14 Anglo-Am vot (73¢). 3% Arkansas Nat Gas. .. 614 Arkansas Nat Gas A. 5% Asso-Elec Ind Ltd 354 Asso G & 2. 34 Asso G&E A debrts.. 7% Auto Voting Mach. 16% AutV Mcvprpt (2). 201 Aviation Corp of Am 12 Aviation Credit..... 30 Axton-F Tob A 3.20. 14% Bickfords, Inc (1) 314 Blue Ridge Corp. . 2314 Blue Rdg cv pf (a3) 27% Blumenthal (S). 314 Brazil Tr & Lt (2) 1% Bridgeport Machine. 313 Br Celanese Ltd rets 319 Burma Corp (131¢).. 18% Butler Bros (1.20) 4 Bwana M Kubwa.... 3 Cab&Wire LtdA rets 3% Cab&WireLtdpf rets 14 Cab&Wire LtdB rets. 1% CAMCoetfs Can Marconi. Carib Syndicate. . Carnation Co ($1%3). Celanese Corp. Celan Cor 18t pf (7). Cent Atlantic States. Cent PSv A (al.75).. Cen States El ($40c) Chain Stor Stk (b6) . Cities Service (130c) Cley Tractor (1.60). Club Alum Uten. 4 ColonOil..... 12% 1% Com 4493, 210% Com" 104 4 . 168 ES Ran Jowne - @ runRveanonnhan - = ) 1th Edison (8) 93% Comwlth Pow pf (6). 1% 13 Comstock Tunnel... 18 4 Consolidated Copper. FO% 1214 Con Dairy Prod (32). 160 71 Con Gas, Balto(3.60) 104% 100'%: Cont G&EI pr pf (7). 10 Cons Laundries. .... 5% Copeland Prod Inc A. 10 Cord Corp. . 124 Corroon & Reynolds. 5% Creole Petroleum. 4% Curtiss Flying Serv, 1% Curtiss Wright war 1% Cusi Mex Mining. ... 2 Davis Drug Stor cfs. 5% De Havlland (50c) De Forest Radio. Deere & Co (6) 54 Detroit Aircraft Cor. 8% Dix Gas & Utilities. . 12% Douglas Aircraft, 20 4 Dubilier Cond&Rad. 324% 120 Duke Power (15) 20 3% Durant Motors. Duval Tex Sul w. 1 1 lec o R El Bond & Sh (b6)... 305 EFBond & Sh pf (6). 5 1 Elec Pow Asso (1) Elec Pwr Assoc A... 941 EIP&L2dpfA (1). 10 EIP& Lopt war.... 3% El Sharehold (31)... 45% El Sharehold pf (6). 14 EmpireFirelns..... 25% Empire Pwr Corp(2) 147 Emp Pub Sv A(1.80). 314 Evans Wallow Lead. 50% Fajardo Sugar.. 10 Falcon Lead. 5% Fansteel Products. .. 207 Federal Screw (3)... 4% Finan Invist, N Y .20 First Nat Copper. 100 Florida P&Lt pf 8 Fokker Aircraft..... % Foltis Fischer Corp. 15 Ford Motor Can A... 30 Ford Motor Can B 10% Ford Motor Ltd..... 914 Foremost Dairy Pr.. 20 Fourth Nat Inv 41 Fox Theat Cl A 21 Franklin Mfg ( 8% Gen Am Invest ne 24 General Baking. ..., 45 General Bak pf (6).. 7% Gen E Ltd rets (50¢) 13% Gen Gas & El (A). 10 Gen Indus Alcohol. . 40 GenPrintInd (21;) Gen Rty & Utilities Gen R & Util pf (6). ien Theat Equip vts be Underwriters. 2% Golden Center...... % Gold Coin : Gold Seal 68% 23 Graymur Corp...... 114 GrA&P Teapf (7).. 162 GrA&PTnv (5) 4 1 GriMthDW)A..... 18 Ground Gripper (1). 5% % Happiness Candy. 82% 27% Haygart Corp. .. 22% 6 Houston Gulf Gas. .. 6 Hudson Bay M&S. . 74% Humble Ofl (2)...... 82 27 Hydro Elec Serv (2). 49% 10 Hygrade Food Prod. 340% 260 Illinois P L (20) 6% Imp Chem (Ind).... 6% Imp Tob GB&I(1.25) 26 Ind P L new (12%).. 5 Indian Terr Illum 52 InsCoNA (12%).... 17 Insurance Sec (1.40). % Intercontinent Petn., 15 Intl Petrol, n(62%¢). 3 Internatl UtB.. 10 Interstate Equitie: 40% Interest Eq cv pf (3) 11% Irving Air Ch (1.50). 6% Italian Superpow A... 2 Jonas & Naumburg. 10 Jon & N cum pf (3) 1% Kirby Petroleum. 24% Knott Corp (2.40) 1 Kolster-Br (Am Sh). 30 Lackawanna Sec(4). 23 Lefcourt Real pf (3) 63 Lehman (The) Corp. 36% Lerner Stores (2) 11% Libby McNeil & L 124 Lily T Cup (150). Lion Oil Refin (2) % Loews Inc deb rts 2 Loews Inc war. 28 Lone Star, new (80c) 2% Louisiana Lan & Ex. 20% Mac Marr Stores. 28 Marine Mid Cp (1.2 Sales— Add 00. Open. High. Low. 2 108% 108% 2 26% 27 26% 16% 69% 69y 18 118 10% 63 . 2508 229 230 s 4 10s 239% 239% 4 102% 102% 4 % 5% 2 174 17% 3 4w 4% . 258 449% 449% 16 6% 05% 105 23 23 344 34m THE EVENING STAR, WASHINGTON, ~—Prev. 1020.— High. 2% 11 24 % 1 84 1% 5 18 98% 15 29% 8 Mesabi 5 % 16 24% * 26% 16% 10% 63 1% 25% 95 27 Orange Penn O 0 % 5% 6% 10% Seeman 26% 20 4% 84 % Stein(A Stinnes Tr-Lux Tri T Walker Wilson So. Cal. 13 .07 Trans payment. *Ex-dividend. sh or stock Marland of Mexico. . Mavis Bottling. . Memph Nat Gas Co.. Met & Min Inc (1.20 Mid West Ut (b8). .. Mid W Ut cv pf xwé. Mid Royalty cv pf 2. Miller & Sons (2).... Mo-Kan P L (b5%).. Moh H P 1st pf (7).. 50 Morison Elec (1) Nat Amer Co (2) 8 XNat Baking pf (7)... 50s Nat El Po A (1.80) 1 Fam Strs (1.60) 1Fam Spf (2)... at Investors (new) t Pub Sv A (1.60). Nat Screen Serv 1.60, at Steel Corp x w. Nat Sugar N J (2) Nat Transit ($1%).. at Union Radio. ... uheim Phar pf. .. Nehi Corpn (1.30) . ew Brad Oil (50¢).. ew Eng Fueln.. ew Jer Zinc n (14). ew Mex & Ariz Ld. ewmont Min ($4).. Y Invest (1.20). Y Tel pf (81) gara Hud P(40c) iag Hud Pw A wa; jag Hud Pw B war iagara-Shars b1-40 iles Bement Pond. . oranda Mines (3).. North Am Aviation. . North St Pow A (8).. W Engineer (2). Novadel Agene (2).. Ohio Copper Pennroad Corp. . Peop Drug Strs (1).. Pepperell Mfg Co (8) Petrol Corp (114). Pierce Govern (113) Pilot Rad T A (1.20). Pitney B P n (20c) Pittsbgh Plate G 13.. Plymouth O11 (2).... Polymet Mfg (31). Pratt&Lambert (i5) Premier Gold (24¢).. Prince & Whitely. Prince&Whitely nf3. % Prudence Co pf (7).. Prudential Inv. Pub Util Hold war Radio Products (2).. RainbowLumProd A RainbowLumProd B & Red Warrior . Reliable Stores b1% . Reynolds Bros Inc... Reynolds Met n 2.40. Richman Bros (3). Roan Antelope Min. . Rochester Cent Pow. Rockland L & P. Rolls Roy Ltd ret: St Anthony Gold St Regis Paper (1) Salt Creek Prod (2).. Schlet & Zan(11.75) .. % Schutter J Candy A.. Seiberling Rubber. Selected Indu: 4 Select Ind pr ( 4 Sel Ind allot cfs 5 Selfridge Prov S 27c. Sentry Safety Cont.. Shattuck Den Min. Shenandoah Corp Shenan Corp pf (3 Sisto Fin Corp. Sonora Products. ... So Am Gold & Plat So Cal Ed pfB(113).. % So Col Pow A (2) So Penn Oil (12%4).. S'east P&L pr pf(5). uthland Roy (1) S W Dairy Products. S W Gas Util Sple May S pf (615). Stand Inves pf(5%). Standard Motors Stand Oil Expt pf Stand Oil, Ind (12 Stand Oil, Kan 121 . Stand Oil, Ky (1 St Oil of Ohio p Starrett Corp. . Stein Cosmetics Inc. Stutz Motor Car. Sun Inv anray Oil (40¢) Swift Intern'l(2%).. Syrac Wash M B (1), 4 Taylor Milling (13). Tampa Electric (12). % Texon Oil & Land. Thermolid Co (2) Third Nat Inv (1 Thomp Prod A 1 Tonopah Min (15¢).. Transamer (31.60) Tran Con Alr Tran “ontinental Cor. -Cont Corp pf(5). Tri-Utilities. ....... Trunz Pork Stores Tub Art Silk B (10). 12 Ungerleider F Corp. Union Tobacco. ... Utd Carr Fastnr 1.20 United Ch pt pf (3).. “nited Corp war. nit Carbon pf (7).. "nited Gas Co. .. nit Lt&Pwr A(60c) td Lt & Popt (6).. Init Molasses Ltd. . nit Reproducers B. S Shares Unit Sh Mch (3% United Stores....... Unit Verde Bxt (4).. United Wall Paper. . Unity Gold % Utah Metal & Tunnel Util Pow & Lt (31).. Utility & Ind. . Util & Ind pf (1% Utility Equities..... Vacuum Ofl (+4%).. Van Camp Packing. . Venezuela Ptm(20c). Vick Fin Corp Walgreen Co..... Walzreen Co war. Watson (JW) Co Wenden Copper. West Air Exp (60c). Jones (3). Zonite Prod (1.60). RIGHTS Edison. Corp, ... Dividend rates in dollars based on Partly extra. $Plus extra in stock. b Payable in stock. d Payable in preferred stock. Received by Private Wire Sales— Add 00. Open. High. Low. OClos N Iron... 1 11 . 1 - San Crush (1.50) Otis Elevator new Overseas Sec (1) Pac Western O Pandem Oil & Pantepec Oil.. Param Park Davis (11.6 Patterson § Pender(D)GroBR(t2) Penn Ohio Ed pf (6). 1 (240). argnt (2) Ed pr pf(7).. D. C., TUESDAY, JANUARY 7, SYNDIGATE LOANS | -SHOW EXPANSION Company Formed by Tappen in 1894 Has Enjoyed Steady Growth. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 7.—John L. Tappen, young Minneapolis lawyer, con- ceived the idea in the hard times of 1894 that money could be loaned to home owners, paid back on the install- ment plan, and certificates loaned against the mortgages on the basis of $110 of motrage for- every $100 certif- icate issued. Just an idea, but Tappen couldn’t get rid of it. So-he ornnmd “The Investors Syndicate” to try it out. During the first 15 years he drew no salary—for the first 10 years he even paid the rent of the tiny office of the company personally. ‘Then it caught on. He expanded and developed it until 1927, when John R. Ridgeway, then an executive of the Western Bond & Mortgage Co. of Port- land, Oreg., became president of the Investors Syndicate. That year $39,- 000,000 of the syndicate’s 51> per cent certificates were sold, while $104,000,000 were sold in 1929. These certificates are purchased by investors for three distinct purposes— (1, to provide children’s college funds; (2) old age retirement; (3) business re- serve funds. “Our program for 1930 calls for a sale of $150,000,000 of these certificates. No, the stock market did not hurt our sales. In fact, the week of the stock market break was the best week we ever had in our business,” said Mr. Ridge- way. “Just how do you make your loans?” I asked this quiet-talking Westerner, who was born in Columbia, Mo., 44 years ago. “We .have loan offices in 20 cities of the United States. The men who Bros (3) PSS - IR - e 10080 e RO B 0 3 v e e o= FowBat~ 20). )& Co (1.60) . (Hugo). £ ISR ot=1 - LE T pf (3). 2.40. DLPS(A). oo woxkremRcoNn BEe 0, 1 12 2o N RARARNG DU BT A D BB c) . Fin o (H) (1). 5414 ; 19% Expire. Apr.12 Mar. 5 10 2% 2% 2 2 4% 08 .09 .08 .09 last_quarterly or semi- Payable in Wall Street Brief: By the Assoclated Press. The National Steel Corporation, formed recently through consolidation of the Weirton Steel Co., Great Lakes Steel Corporation and subsidiaries of the M. A. Hanna Co. of Cleveland, will expend $32,000,000 in expansion and new construction during 1930. The corporation’s budget for the new year includes $7,000,000 for expansion of its present plants and $25,000,000 for the new Detroit plant of the Great Lakes Steel Corporation. Preparations are now being made to supply natural gas to more than 20 cities and towns of Arkansas and Mis- sourl from the Mississippli River Fuel Corporation’s new 526-mile pipe line supplying the St. Louis industrial dis- trict from Northern Louisiana fields. Many of these communities are being equipped with gas mains for the first time. — ports, e: Class 1 raliroads of the country in ! stock of earmarl the first 11 months of 1929 had an aggregate net operating income of $1,201,172,558, which was at the annual rate of return of 5.04 per cent on their property investment, according to re- ports filed by the carriers with the Bu- reau of Rallway Economics of the American Rallway Association. In the first 11 months of 1928 their net op- :;;qg;;; income amounted to $1,008,- or 4.68 per cent on their Property investment, Stockholders of the General Gas & Electric Corporation today approved a 5-for-1 split-up of the common stock, Classes A and B, already voted by the directors, authorizing a capitalization of 1,000,000 shares of preferred stock, 10,000,000 shares of Class A and 4,000,- 000 of Class B. Directors have indi- cated that the new dividend rate will be such as to equal the old. The dally report of the New York Federal Reserve Bank showed: no im- or net cha the ked goia, 6® 1a the Business Notes By the Associated Press. NEW YORK, January 7.—While few | important transactions occurred in the machinery and machine-tool markets of the Nation in the past week, section- al reports from dealers indicated satis- factory sales levels and a steadily in- creasing volume of inquiries, American Machinist reports. Orders were chiefly for replacement items and single tools. European sales of American radio sets have shown rapid expansion, according to Pablo Homs, manager of the ex- port department of the Colin B. Ken- nedy corporation. The North Star Insurance Co. has been sold to the General Alllance Cor- | poration. | effect | erated in Cansda | horsepower per person. originate our loans are on a salary basis. Our 4,000 agents, who sell the certifi- cates, are all on commission basis. A man will protect his home above every- thing else. That's why, in spite of the fact that we require monthly payments on all our loans, we have less than 3 per cent delinquent.” I was_ interested particularly in the thousands of people who have bought these certificates, timing them to ma- ture when their children enter college. 1 asked Mr. Ridgeway what per cent of “About 30 per cent,” he replied. “We estimate that of our 165,000 investors nearly 50,000 are buying certificates vhich to send children through college. Today more than 10,000 young people are in universities on funds provided by our certificates start- ed 10 or more years ago.” ‘The Investors’ Syndicate is now the Iargest of its kind in the United States. When Sir Henry Thornton accepted the job of hammering into a smooth | railroad unity the six railroad prop- erties that went into what was called the Canadian National railways he said, almost from the beginning, that the properties were overloaded with capi- tal and that some day the painful process of squeezing out the water would be necessary. Word has just come from Ottawa that this pressing “squeczing matter” in all probability will be taken up at the next session of Parliament. It means the writing off of about $830,- 000,000 and reducing the obligations w around $1,600,000,000. Since Sir Henry took charge, in 1924, the mileage has been shortened and the net earnings have risen from $3,000,000 to_more than $60,000.000 annually. "The present capitalization of the Canadian National Railroad (in mile- age, the world's largest) is $2,555,000 000, But the huge debt to the Domin fon, now standing at $1,577.000,000, would isappear as an item upon which interest payments would have to be made. Of this $830,000,000 would be written off completely, and the balance turned into income bonds, bearing 4 per cent, when the income was av: able. 1928 Based on the the earnings, company would have been able to pay fJ the inteérest on such a bonded debt to the government. In other words, the Canadian gov- 1930. FINANCI AL. #¥% A—15 STOCK AND BOND MARKET AVERAGES From Yesterday' s 5:30 Edition. By the Associated Press. STOCKS. 50 Industrials. veel1701 .169.7 .165.4 L2071 . 148.0 Today .. . Previous day. Week ago. Year ago. Two years ago. Three years ago, .107.5 High (1929). .252.8 Low (1929) . L1413 Total sales, 2,166,900 shares. BONI 10 Industrials, 2.5 Two years ago 97 Three years ago, weekly aver.. High (1929) . 5. Low (1929) . Total sales (par . 904 value), $7,557,00f 20 20 Utilities. Total Com. 211.4 170.7 212.5 204.1 193.2 (Copyright, 1930, Standard Statistics Co.) FINANCIAL ADVERTISING GAIN IS FORECAST FOR YEAR 1930 Special Dispatch to The Star. CHICAGO, January 7.—A. E. Bryson, president of Financial Advertisers’ As- sociation, declares that 1930 gives every indication of being a good year for financial advertising. Responding to the demand for in- creased efficiency and renewed vigor characteristic of all business as we en- ter the new year, financial advertisers may be counted on to accommodate themselves to the new situation. Aside from the stimulus of general conditions, several factors within bank- ing circles should contribute to better— if not more— financial advertising during 1930. Nineteen bhundred and twenty-nine was distinctly a year of concentration of banking facilities. Mergers, branch and chain banking gained their greatest impetus during tne year. To establish their new position and to promote these great financial insti- tutions, increased dependence on the force of advertising appears inevitable. Their greater size justifies better or- ganized advertising departments, more capable advertising men and larger ap- propriations. Investment advertising is likely to move forward, too—not so much through the impulse of integration as reversion to the fundamentals of the business. To re-establish their position as invest- ment distributors and to re-collect their scattered flocks of investors—no less than to resell the solid principles of investment—renewed and improved ad- vertising effort may be expected from | investment advertisers. A development of recent years, which should show further progress in 1930, is the advertising of non-financial in- stitutions, done, however, to_influence the financial or credit side of the ad- vertiser’s business. Commercial adver- tisers are learning increasingly of the power of advertising to build public favor, not only for their products, but for their businesses. The great public utilities perhaps more than most oth- ers, sequence of their rapid expansion and slow turnover, have utilized advertising to strengthen their credit position and to attract added security holders. Sev- eral of our great industrial organiza- tions are likewise conducting: effective institutional campaigns. land, has a total of 43,000,000 horse power available, of which only 121, per cent has yet been developed. There has been some talk about build- ing enormous power plants in Canada to transmit power to centers of industry in the United States. So far nothing has come out of it. (Copyright, 1930, by North American News- paper Alliance.) 2ok GRAIN MARKET. CHICAGO, January 7 (&) —Influ- enced largely by persistent reports of Russian sales of wheat abroad, wheat prices here tumbled down today to the lowest level reached since before Christ- mas. Another bearish factor was com- ment that the United States visible sup- ply, although now reduced to but 36,- 500,000 bushels below the total of a year ago, is more than 100,000,000 bushels larger than the average of five years previous. Toward the end of the day, however, considerable buying of wheat future deliveries took place on the ground that selling was being a good deal overdone. ‘Wheat closed nervous, 133al7s bushel lower than yesterday's finish. Corn closed 35 to 1:a%; down, oats unchanged to 12 off and provisions un- changed to a rise of 5. T— 5 987 1010 1020 « 1030 10.40 ernment—the people—are the loser: real cash losers. No such fantastic amount has ever been written off be- fore for such a purpose in any country. But the Canadan National structure is financially topheavy and Canada will have to face the issue sooner or later. Ontario towns, villages and cities— 608 of them—are being supplicd_with electricity by the Hydro-Electric Power Commission of Ontario. “Partner mu- nicipalities,” as chairman Magrath calls them, in this public ownership develop- ment claims a total investment of $315,~ 000,000, and a resirve fund of about $88.,000,000. The average kilowatt hour cost to domestic_consumers has been reduced slecessively from 5 cents per Killowatt in 1914 to 2 cents in 1923, to 180 cents in 1927, end to 1.71 cents in 1928. In 1914, an average of 21 kilowatt hours were being used monthly for domestic consumption. In 1928, it reached 115 1929, reductions in the rates for power service have bcen put into in no less than 150 municipali~ said Chairman Magrath. Private utility companies are rapidly expanding, too. D. C. Durland, presi- dent of the Canadian General Electric C~., says that th> electric power gen- has doubled every seven years. At the beginning of the past year, 5,350,000 horscpower had been developed and 375,000 additional during the year, bringing the total to. 5,700, 000 horsepower—a little over one-haif ties, But Canada, according to Mr. Dur- Money to Loan first deed of trust on r Ming_interest and Joseph 1. Weller ‘&, Secured Councilor & Buchanan Certified Public Accountants ‘Wm. Gordon Buchanan Tower Luilding National 6110-6111-6213 (Telephone Directory Omission) Potomac Savings Bank OF GEORGETOWN. D. C.. of Washington, in the District of Columbia, at the close of business on December 31, 1929. RESOURCES. . Loans and discounts . Overdrafts ... . United States Go curities owned . e . Other bonds. stocks and ‘se- curities owned s Banking _house, 3 furniture $66.861.92 ... i al estate owned other than than banking house . Cash and due from b . Other assets . 2,710,851 35 627.52 1,000.00 583,069.38 161,525.65 118.429.60 379.281.97 3 Due to banks, including certi fied and cashiers' checks outstanding Time. depooi 26. Bills payable a Total ... Washington, D, s I, C.. W. AKER, cashier of the emcd bank. do solemnly’ swear that \esatement is true to the best of nd_be! W. SHOFLAKER. Cashier. . Subscribed and sworn to before me this 4th ey of January, 1930 (Seal.) IRENE B. ARENDES, on, | Denatured alcohol in less than car- load lots has been advanced about 5 cents a gallon in the metropolitan district. Attest; Notary Public, D.°c, "J. WILLIAM STOHLMAN, HENRY_ W. OFFUTT, B A BOW! Correct Directors. iance—the largest amount of ordinary MARYLAND IN HEAVY INSURANCE OUTLAY ' North Carolina in November bought $9,507,000 in new ordinary life insur- insurance purchased by any other of the South Atlantic States except Mary- land, reports show. Maryland people bought $11.030,000 of ordinary life insurance last month. Other purchases follow: South Carolina, $3.823,000; Georgia, $8,941,000; Virginia, $8,077,000: Alabama, $6.136.000: Missis- sippl, $5,037,000, and’ Tennessee, $10,- CONSTRUCTION CONTRACTS. NEW YORK, January 7.—Construc- ton contracts let in 37 States east of the Rocky Mountains throughout 1929 reached a total of $5.754,290.500, the F., W. Dodge Corporation reports. This figure was 13 per cent under the record year of 1928, but was only 7 pec cent less than the 1927 total. During the last week of December awardea contracts amounted to $78,450.700. an increase of $16,217,500 over the pre- ceding week, and compares With $95,396,300 for the corresponding week in 1928. NEW YORK COTTON. NEW YORK, January 7 (#).—Cotton opened steady at an advance of 4 to 7 points today and by the end of the first half hour was selling 8 to 11 points net higher, with March advancing to 17.12 and May to 17.36 on covering and trade buying. There also seemed to be a slight broadening of the commission house demand which was attributed to a bull- ish view of the Federal Farm Board an- nouncement warning cotton growers against an increase in acreage. Relatively steady Liverpool cables were another factor on the advance and while there was some hedge selling as well as realizing, the early offerings were readily absorbed. Liverpool cables said that trade calling and covering had absorbed continental liquidation in that market and reported rather more in- quiry for cotton cloth from India, al- though they said many offers were un- workable. Clearing House Statement. NEW YORK, January 7 (#).—Clear- ing house statement: Exchanges, $1,588,- 000,000; balances, $244,000,000. NEW YORK BANK STOCKS. New York, January 7 (Special.— Bid.Ask. America . 150 125 Seay Nat. Bryant Park Central Nat. Chase 15 Henix 113 . 55 Pl elsea ity Industrial X Int-Madiso Yorkville . Trust Companies. Interstate, n 32'; 33 It Ger. n.n 3 do Ltd Irving acturers. Murray Hill, N Y T&M cfs New York . Pacific ..... Plaza State T&M Times Sa.. Title Guar. TrCoNA .. 200 300 Unit States’ 3100 3300 Hibernia . 'V. F. Bourne, Representative | | The Equitable | Life of the U. S. x Home Financing Policies Retirement Annuities | i1 . I-otemone dunities | Inauiry Coupon | V. F. Bourne (Shoreham Bldg.) | Name Address Date of Birth.... ' 1508 H Street Washington, D. C. Complete Stock & Bond Records For the Year 1929 Also Moody’s Annual Review and Forecast for 1930 Will Be Mailed on Request MACKUBIN, GOODRICH & CO. Bankers Established 1899 Members: New York and Baltimore Stock Exchanges Associate Member: New York Curb Exchange 111 East Redwood Street Baltimore, Md. because they are more continu-| ously in the market for funds in con- | 5| ally it is expected that these ORDP N NTEREST | RATES I FORECAS Bankers See Further Reces- sion in Loaning Charge for Funds. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 7.—With the return flow this week to the banks of currency used over the holidays and the deposit of interest and dividend checks, bankers see ahead the beginning of a season of lowest average interest rates since early in 1928. The extent of the period of low money, however, is still debatable. At present rates are being effected by the abundance of call money, which is re- lated to the decline in Stock Exchange transactions to the smallest daily volumes in months, as well as by the much reduced average level of prices of sccurities. It is also affected by con- tracting commercial demands. Up to date, the fact that nearly $100,000,000 gold has been exported, or approxi- mately one-third of the total amounf which 1t is believed may go out on this movement, has made little impression on the money market as it is so much overbalanced by other conditions. Purchases Postponed. ‘The difficulty in determining the ex- tent of the low money era explains the postponement of long-term investment purchases, particularly fixed intere: bearing securities. Individuals and in- stitutions that have funds available have not yet come to a definite conclu- sion as to whether the time is propitious for buying securities that fluctuate with | interest rates. This state of mind is | also apparent among borrowers. Appli- cations recently made to the Interstate Commerce Commission for new financ- ing have included more requests to issue short-term securities than were to be expected on the eve of readjustment In interest rates to a severe deflation in the prices of securities. Judgment concerning money rates and, therefore, prices of bonds, was so inaccurate in the early part of 1928 that there is hesitancy today in making long-term commitments based on the money market outlook, although condir tions favor low rates much more than they did two years ago. This is not only true of domestic but foreign mar- kets. Equally important from the standpoint of the underwriter of bonds and the borrowing corporations is the contrast between the last period of easy rates and large emissions of bonds and the technical surroundings of the in- vestment market. Those of the earlier periods were decidedly weak from a great excess of mew securities. Those today are strong through an absence of supplies. Numerically and in the total dollar | amount offered municipal issues lately have been taking the lead over those for corporation account. While the corporations were able to sell theit stocks to advantage last year and piled up an enormous sum of capital for which they have no use in the way of putting it to work in new buildings, new machinery, etc., the municipalities had to suspend improvements from an inability to borrow, except at very high rates of interest. The latter are now going ahead with deferred work and paying for it out of the proceeds af loans for which the public is anxious to subscrive and which they can sell | on a very satisfactory basis. Short-Term Credit. While there is almost no long-te borrowing for foreign account, !bnx:‘ksn that specialize in extending short-term credits to European countries have been 3 doing a lively business in the past six weeks and finding abroad a pr outlet for their surpius funds. © Brcan T will be refunded into long-term les but not until -the average of the for: eign bond list is materially higher than at present and the confidence of the American public, now badly shattered by its experience in South American and German issues particularly, has been restored to approximately the des gree of the years 1926 and 1927, —_— A new issue of $500,000 County, Tex., 5 per cent road baral maturing ficm January 15, 1931, to 1960, inclusive, is being offéred. The bonds are priced to yield 470 per cent, Listed Investment Securities Real Values, Inviting Income Courtland Nixon _1518 K _St. N.W. i F irst Mortgage Loans Applications Inyited Glover & Flather 1508 H St. N.W. National 1753 AT 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