Evening Star Newspaper, January 11, 1930, Page 14

A—-14 = BONDS IRREGULAR IN-QUIET MARKET Trading Remains in Narrow Range—Price Changes Are Small. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 11.—While the trend of bond prices today was irreg- ular, there was increased interest mani- fest 'in railroad bonds and some prog- ress was made by worth-while issues. ‘The market withstood a moderate amount of selling—probably occasioned by the cashing of securities to buy new issues recently brought out at advan- tageous prices—without losing more than fractionally, and then only in a scattering of bonds. There was a higher range in the prime list in Baltimore & Ohio first 4s, New York Central 4s, Pennsylvania gen- eral 4155 and Union Pacific first 4s. Second grade rail bonds went along, the most activity being in St. Paul ad- justments and Erie general liens. The FINANCIAL UNITED STATES. (Bales are In $1,000.) les. Hich. Low. Close. 5 9914 9914 9914 16 100 24 10020 100 20 63 1013 1012 1013 10 1077 1077 1077 51118 1117 1117 FOREIGN. Sales. High. Low. Close. T 8T 8T sy 90% 90% 98 984 9T 9TH% 97U 9TH 9% 841 92 9214 Lib4th 4. . US481944.. UB4Y B2... ArgentineBs...... Argentine 5%s 62 Argentine 6 Argentine 6s B Australia 43%s 56.. Australia 55 1955. . Australia 65 1957. . % Austria 7s. 104% 104% Bank of Chile 61s. 94 94 Belgium 6s. 35 101% 101% 101% Belgium 6% 6 106% 106 106% 2 107% 107% 107% 10 115% 115% 115% 1 110% 110% 110% Bolivia 7s ct 69. 7 75% T6% 5% Bolivia 8s. 92% 92% Bordeaux 6. 2103 103 103 Brazil 6148 5 6% 5% T5% Brazil 614 192 76 5% 176 Brazil s 9T 9T Bremen S 2 99 99 99 Canada 5s 1952 4 103% 103% 103% 90 92 Belgium 8s. selling affected Florida East Coast 5s, down a point, and St. Louis-San Fran- cisco 415, Texas & Pacific “C” 5s and Boston & Maine 5s. Speculative descriptions such as Chile tional Dairy Products 5%s Rubber 5s were lower. Oils al Tractions were strong. Foreign dollar credits were affected by some special buying for foreign ac- count. is was chiefly apparent in Japanese and German issues. Japanese 6128 were active at a mew high level for this year and last. In the South Americans, Brazil 6';s (1926) were strong and active, Colombia 6s advanced a point, and so did Antioquia “A" 7s. Norway 5s, Copenhagen 5s and Finland 6s improved. MORE iNDUSTEIAL BOND ISSUES LIKELY THIS YEAR Bpecial Dispatch to The Star. NEW YORK, January 11.—Describ- fng the outlook for bonds as encourag- ing, the J. Henry Schroder Banking Corporation states that new industrial bond issues may be expected to appear in the market in some volume when the outlook for industry in the United States becomes more certain, and that upon settlement of industrial and po- litical conditions abroad high-grade foreign bonds may be expected to par- ticipate in the revival of investment in- | terest in bonds. | After citing reasons for e: ing relatively low interest rates during 1930, the firm States that as yet there has been no overwhelming diversion of in- 10 90 43 90% 90 1101 3 70 9 10 Colombia 6s Jan 61. Con Pow Japan Ts. . Copenhagen §set. . Czecho 8s 1951 Denmark 4% Denmark 6% Denmark 6s....... Dutch East I147. 2102 102 102 Finland 5%s. 5 85% 85% 85% Finland sf6s45... 2 93 93 = 93 Framerican 7s... 23 1041 103% 1041 French 7s. . 45113 112% 112% French 7%s. . 44 119% 119 119% GermanE1P6%s.. 2 90% 90 90 German 7s. 7107 106% 107 Ger Gen El 8 101% 101% 101% Greek 6s 19| 1 824 82% 824 5 100% 100 100% 5% 95% 93 95 102% 104 70% 70% Kreuger&To'l 5sct. 89 95% 95 954 + 3 102% 102% 102% . 12 1027 102% 1027 Mexico 4s10asnt.. 4 11% 11% 11% Milan 6%s. 1 87% 87% 874 Montevideo 7 1 99% 99'% 99 New So Wales 57 2 88y 88l 88y New So Wales58... 1 88 Nord 6%s. Norway 5 Norway 5%, Norway 6s 19 . Norway 65 1944.... Norway 6%.s 1952, Orfent dev 5% 58 Paris-Ly-Med 6s Paris-Ly-Med 7s. Paris Orleans 6%s. 91k 91% 101 101 2 104% 104'% 104% 4 1031 1031 103% 5 103% 1081 103% 13 103% 1031 104% 9 89% 891 897 212 102% 102% 102% 1 104% 104% 104% 15 101 1004 100% 6 72% 2% T2% vestment interest from stocks to bonds. Washington Stock Exchange SALES. Capital Traction 55—$1,000 at 92%, $3.000 at 9215, wi n Gas 6s A—$400 at 1011, $100 at 10113, $1,000 at 101 ‘Washington Gas 6s B—8$500 at 10515, Potomac Electric 6% pfd.—5 at 111, ‘Washington Gas Light—20 at 96%. Riggs National Bank—2 at 516. Merchants' Transfer & Storage com.— 10 at 118, 6 at 118. Peoples Drug Stores pfd.—6 at 1041}, AFTER CALL. Capital Traction Co—10 at 821% Commercial National Co. pfd.—10 95, 10 at 95. Bid and Asked Prices. 28 233832808 FE sagEeg nE8 { 3 - Amer. Tel. Capital Traction Co. Washington Gas Light. N. & W. Steamboat. . Potomac Elec. 6% b Elec. 52% trict . - Federal-American . Second " Rd s National Bank of Wi TRUST COMPANY. American Security & Trust Co.. 4 st g : ank . rust Ao Washington Loan & Trust. SAVINGS BANK. Bank of Bethesda Commerce & Savings Eust Washington. . Potomac ... vings. Washington Mechanics FIRE INSURANCE. American . Corcora Firemen's " National Uniol TITLE INSURANCE. Columbia Title . Real Estate Title tle & Inv. of Md. Wash. Cons. Title pfd. MISCELLANEOUS. Inc., com Dairy’ ptd Federal-American pfd Lanston Monotype. Merchants' Trans. & Bto: Mergenthaler Linotype National Mtg ec! <o, Medica] Bldg. Co; ‘godward & Lothrop pfd. *Ex. dividend. Unlisted Department. BONDS. Asked. Army-Navy Club Ss. . Cosmos Club 4'; 25 Commercial Club 1st 3¢ Metropolitan Club 4'z5 Anacostia Bank 85588, BlaUs3Bes B8 Franklin Nationei Bai International Bank. . Miller Tratn Control Munsey Trust Co. i Bank. Announcement that the freight rate {AmSmit& R 1st 55 14 101% 100% 101 Peru 6s 1960. Peru 63 1961. Peru7s. 3 73% 73 3 THE EVENING STAR [ e BONDS e |NEW BOND ISSUES Direct to The Star Sales. B&OSWH6sE0.... 3 B & O Toledo 4s. 2 1 Close. 102% 86% 8% 96 85 934 94% High. Low. 102% 102% 85% 98'% Bklyn Un El 58 Can Nat 438 57. Can Nor 418 1935. Can Nor 6%s Can Nor 7s. Can Pac deb 4s Can Pac 434= 4 Pacific ctfs 5 Cent of Ga 55 C 59 Central of Ga 5%s. Cent Pac 1st bs 90 Ches & O Corpn bs. Ches & O cv 4%s. .. Ches & O gen 4% Ches & O 41593 A. CB&Q414s77B.. CB&QII3%s.... 6 Chi Gt West 4s 59. . Chi Mi1SP&Pac5s75 1 CMSP&Pac adj5s03 1 Chi & NW gen 4s 1 Chi&N'W conv 4% s 12: 1 1 1 7 2 8 6 5 3 5 3 2 4 4 9 9 2 1 2 7 9 9 6 3 Chi St P&O 65 30 Chi T H. 5 Chi T H Inc 6s 60 Chi Un Sta 4%s. Chi Un Sta 5s Clev Term 53s Colo & Son 4%s Cuba R R Bs. Cuba RR 7% Cuba Nor 5% Den & Rio G cn ¢ Erie Gen 4s. . Erfe conv 4= A. Frie cv 58 67. Fla East C5s 74. Gr Trunk st db 6s. . Grand Trunk 7s.... Gt Nor 4= 76 D. Gt Nor 5%s. . Gt Nor gen 7s Hud & Man aj 5s Hud & Man ref bs.. 111 Cent ref 4s Tl Cent 4% s 66 11 Cent Chi 4158 Int Rapid Trans §s. Int Rap Tr 5s stpd. Int Rapid Trans 7s. Int & G Nor adj 6s.. Towa Cent 1st bs. .. Kan City S 3s. . Kansas City S 5s Kan City Term 4 Lake Shore 41 31 Lehi Valcn 4s. TLouis & Nash u Louis & Nash 7s Man Ry 1st 45 90 Mil El Ry & L 55 61 M St P&SSM cn 4s. M St P & SSM 6%s. MK&T4sB. MEK&T 4ls MK & T adj 5s. MK&Toprinss Mo Pacific gen 4s.. Mo Pac 5s A 65..... T I T wa S Bawn 2 - Poland 6s 40. Poland 7s (rets)... 40 83 Poland 8s. . Rhinelbe Un Rhine Wst E! Rio de Janeir Rio de Jan 85 1946. Rlo Grdo Sul 6s48. 16 67% Rio Gr Do Sul 8s... 13 934 Rome 6%4s......... 24 88% 884 884 Sao Paulo 81936 3 100% 100t 100% Sao Paulo 1950 4 93 92% 92% Saxon (PW) 7s.... 4 94% 93% 94 Selne 78 42... 50 107% 107% 107% SerbsCrSlovTs... 10 76% 76% 76% Serbs Crot Slo 8s. 4 88 88 88 Soissons 6s 10 102% 102% 102% Sweden 533s....... 11 105% 105% 105% Swiss Confed 8s... 5 108% 108% 108% Toho El Pow 7s. 3 99 98% 98% Tokio 5%s51961.... 7 90 90 Utd Kingm 5%s 37. 37 103% 103% 103% UntSSCopen6s37 5 99% 99% 99% Uruguay 6s1960... 8 95% 95% 95% 3106 106 106 8 75% T5% 7T5% Yokohama 6s. .88 98 9T 9% MISCELLANEOUS. Alleghany Cp 6s 44. 7 100% 100% 100% Alleghany 6s 49. 2 100% 100% 100% Am Agri Chem T%s 2 103% 103 103% Am Chain 6833.... 5 98% 97% 97% AmChem 5%secv 49 13 103 102% 102% AmIntCor51%s49 1 94% 94% 94% Am T&T cv 438 39 128 139% 138% 138% AmT&Tecltrbs.. 7 103% 103 103 AmT&Tsf6s....204 101% 101% 101% Am Tel & Tel5%.. 9 106% 105% 1051 Armour&Co 4%s39 7 89% 89 Ry Armour Del 53 2 83% 83% 3% Atl Gulf 55 59, 3 4 T4 74 Atlantic Refin 5s. 7 100% 100 100 Bell Tel Pa 5s B. 5 104% 104% 104% 1106 106% 106 1103 103 103 1 106% 106% 106% 21 104% 104% 104% 28 964 95% 96k 1 76% T6% T6% 13 100 99w 99w ConGas N Y.5%s.. 8 105% 105% 105% Com Invest51%849. 15 84 84 Con Coal MA bs.... 5 Bethlehem Steel Chile Copper b: Colon Ol 6s 38 Mo Pac 5s F 77, Mo Pac5sG 78..... Mo Pac 55 49 evt. Nassau El 4= 51. NOTex&M5sB NYT&MS54%s N Y Cen gen 3%s N Y Cen deb 4; Y Cen rf 5= N Y Cent 4s 98. 99 99U% 109 108% NYC&StL 518 R NYNH&H 4%s67. NYRyé6s... . N Y State Ry 44w . NY StateRy 6145 62 NYW&B4%s. Norfolk & W en 4; Nor Pac 3s 2027, 2 Nor Pac rf 6: Ore Wash 1st 4n. .. Penna 4= 1948 stpd. Penna con 414s. Penna gen 4%s Penna gen b Penn 5= 64. Penna 614 s. Penna Gold 7s. Pa Ohlo & Det 4 Peo E 1st 4s Pere Marq 1st 5 Port El PL 6s. Port RL P fedT... Port RL&P 7T1;s 46. Rio G West ¢l 4 RTArk&L 4% StL TM&S R&G 4 SIL&SFpldsA.. SIL&SF4%=78.. St L&SW con 4s32. » M © muRReeRen-uRao N ANANNARAARNANN SHNAHALOSNNVHLNRNND =Y FARNDANNNANNN BNBND ~am Sano SBAIIFla6s35A.. Sou Pac ref 4 A Sou Pac 418 69 ww Sou Ry gen 4s. Sou Ry con 5 Sou Ry 6%s. 0 M Cuban Am Sugar 8s Dodge 6s. . : Duquesne 415 67.. Fisk Rub8s....... Gen Cable 5148 47. . Gen Mot Ac Cor 6s. Goodrich 6%s. . Goodyear 5s rets Humble O & R bs. . Humble O &R 5%8. 111 Bell Tel 5 - Inland St] 4148 78. 1 9114 8 100% 100% 1001 3 101% 101% 101% 2 104% 104% 104% 14 925 92 Int Paper 5s 47. Inter Paper 6s Int Tel & Tel 43s. . Int Tel&Tel 4%sc Laclede G 518 52, Lorillard 5%s. Lou Gas & El 58 52. Midvale Steel 5s. .. Montana Pow 5s 48, Mor's & Co 1st4%s 14 822 Nat Da‘ry 5%s.... 110 987 6 40 1 9 10 2 7 5 41 123% 123 9 101% 1013 101% 8: 98% 98%, 30 1 9 s 3 106% 106% 106% No Am Ed 53 36 10214 10135 10114 Nor Ohfo Tr&L 6s.. 1 100% 100% 100% Pacific Gas & E1 5% 13 1011 101% 101% PacT& T 1stfs... 18 102% 102 102 Paramount 65 1947. 3 9874 987 Pathe Exchange 7s. 36 d4d% 44% Phila Co 58 67. . 9815 9814 Phillips Petro 5%s. 13 9214 9215 Postal Tel & C5%s 107 9415 4% Rem Rnd 6% war.. 12 94% 94 Richfield Oil 6s 44.. 1 95% % 8 Sinclair O11 68 8 100% 100% 10014 1 99% 99% 993 8 101% 101% 101% 8 9T% 9T% 97% 88 102% 102 102 14 102% 101% 101% 1 96% 96% 96l Tex Corpcv 58 1944 86 101% 101% 101% Tenn Copper 68 4 9 99 5%y Tenn ElecPowés 47. United Drug §s 63.. | US Rub 1strf 5s... U S Rub 7%s. . Utah Pow & Lt Utilities Pow 5 Vertientes Sug 7s Walworth 6s 45 Western Elec 58 Westn Union 5s Westn Union 6s. . White Eagle 05%. 13 85 Bd% 4 100% 100% 85 8714 8714 3 60 59 2 86'% 861 86! 10214 102! 5 109 109 19 1031 103% 1031 Wick-Spen cv 7 1 26% 25% 25% Wilson & Co 1st 6: 4 100% 100 100 Win Repeat Ar 73%# 4 101% 101% 101% 101% 100% 30% 54 94 89 Tex & Pac 5s B 1977 14 Tex & Pac58C79.. 21 Third Aveadj 5s... Ulster & Del 4s 52 Union Pac 1st 4 Union Pac 4s 68. Virginia Ry 12t § Whash 4148 78 rets Wabash 15t 5s..... West Maryland 4s. West Md 518 77... West Pacific5s.... —_— Bank clearings for the first week of the new year continue to make an un- favorable comparison with the returns for the corresponding period of 1929, although they are substantially the same as the amount Teported for this period two years ago. The total for all leading cities in the United States for this week. as compiled by Dun's Review, of $12,325,693,000 is 15.0 per cent smaller than that for last year. At New York City, clearings of $8,370.000,000 show a Joss of 18.9 per cent, while the aggregate for the principal centers outside of New York or $3,955,693,000 is 5.1 per cent Jess than last year's. The daily average for the first seven business days this year of $2,207,787,000 compares with $2,742,596,000 for the corresponding period last year. and $2,221,764,000 in 1928. Losses still predominate at most of the cities of the country, and at many of them, especially in the West and South, they are quite large. Figures for the week, as reported to R. G. Dun & Co.. and average dally bank clearings for the year to date, are compared herewith: 4 105% 105% 105% ' By 14 94% 94% 94w !p 100% | § 3 99% 99% 99% | Kk, 2 102% 102% 1021 | N a5 8a Los Angel ortian .756. Seattle .. 45,889,000 3,955.693,000 70,000,000 Youngstn S& T 5s. 10 101% 101 101% RAILROAD. Ann Arbor 4s. . 5 T6% T6% T6% Atchison adj s 1 90% 90% 90% Atchisongen4s... 13 93% 93 93 Atchdeb 4%s43... 10 129 128% 129 2 93 93 .93 “war” among the British steamship companies had resulted in the smallest Decembe! T gold coast in six years, caused a firmer tone for coco futures on the New York Coco Exchange during the past, week. Atlantie CL 4 5 91% 9% 9N B&O0Gold ¢s. . 9 98 93 . 45 99y 99! B&OTrtH B&Obs2000D, 2 102 6 110 991 first ti 2 101% 101% 101% & new issue of 102 102 1 100% 109% Total .. New York . 370,000, Total .. $12,325,603,000 P T The annual statement of A, G. Spalding & Bros. shows net earnings of $2,050446.63 for the year endea October 31, 1920, as compared with $1,845,535.12 for the eding yeur. ‘The directors repor the company enmel{ out of debt to banks for tne me in 37 vears as a result of 50,000 shares of common stock last February by which it acquirea $3,050,000 additional capital. \ WASHINGT WILL APPEAR SOON A. T. & T. Offering to Be First Test of Invest- ment Market. BY CHARLES F. SPEARE. Specizl Dispatch to The Star. NEW YORK, January 11.—The in- vestment market is about to be tested for its capacity to absorb new issues and for a yield basis that will attract the public fo popular offerings. Houses of issue and dealers believe that the time has arrived when recogni- tion should be made of the easier money conditions, the improvement in senti- ment toward long-term obligations and the increase in the deposits of national and State banks and trust companies and of savings banks. Consequently there are in the making new bond issues aggregating between $200,000,000 and $300,000,000, which will be presented to the puablic for subscription in the next few weeks. First Test. ‘The first test is to be through the medium of a $150,000,000 sale of Ameri- can Telephone & Telegraph 5 per cent sinking fund bonds, for which subscrip- tions were being taken today. It was reported that though ‘‘Street” bids as high as 100!, were heard this after- noon the price of these bonds will be a shade under par. Bonds of the same issue are now listed on the Stock Ex- change and were selling there today at 101%;. On Thursday they touched 104, but have dropped in a readjustment in their quotation to that for the proposed issue. A year ago they sold at 105%. The policy of the banking group which has these bonds for sale is to “sweeten” the issue by making the price well be- low that of the old bonds and in this ‘way make it “go over big” and so create a foundation for a broader and stronger bond market. ‘The success of the $60,000,000 issue of Insull Utility Investment, Inc., 6 per cent convertibles previously had made a good impression in investment circles, which was supplemented by the quick retall sale, mainly to banks, of the province of Buenos Aires 6, per cent six-month notes and the $30,000,000 three-year note issue of the Boston Edison Illuminating Co. Another large issue in immediate prospect is that of $35,000,000 Chesa- peake & Ohio Railway 4!z pe it bonds which have just been authorized by the Interstate Commerce Commis- sion. It is understood that there are four or five important railroad bond offerings now under negotiation and that the subscription price will be fixed later, depending on how the market re- sponds to the issues now being offered. High-grade Bonds. ‘There is a notable scarcity of high- grade bond issues. Dealers in railroad equipment trust certificates and in underlying mortgages are hnvlnf dif- culty supplying them to their cus- tomers. They find that the individuals and institutions that are buying bonds want issues of the very highest grade. Many buyers have recently been in the stock market, and after their experi- ences with speculative issues have gone to the extreme of conservatism in the placing of their funds. Equipment trust certificates that only a few weeks ago were hard to sell on 2 5 per cent basis are now scarce on a 4.65 basis, with the prediction of specialists in this field that they will soon go to a 412 per cent yield basis. Since the first of December deposits of banks in this part of the country [SCHULTE STORES SHOW have been picking up gradually. Most banks seem to have recovered from drain that came during the stock mar- ket panic and in the two or three weeks following it. This has improved the de- mand for institutional bonds. The savings banks in New York City and in the suburban areas almost ail report substantial gains since the first of the year and many new accounts in_this period. This has started savings bank trustees again thinking about invest- ments, although it will take some time for them to recover the losses in de- posits of the months of October and November, with some of them losing ground even up to the middle of De- cember. What Fixes Bond Prices | | BY GEORGE T. HUGHES. Yield vs. Risk. ‘The time-tested rule is that the greater the yield on a bond the greater the risk. Various influences affect yields besides the risk, such as familiarity or unfamiliarity of the investing public with the security, investment fashions of the moment, etc., but the principle is well established. Other things being equal, the warning that a high yield im- plies should be taken more seriously when the bond is of nearby maturity than when it has a long term to run. For pus of illustrating we may | take an actual case, as it existed late in 1929. An industrial company. fairly well known, which had operated under | difficulties all the year because of con- ditions in the trade represented, had two bond issues outstanding actively | dealt in on the exchanges. One of these was a 7 per cent mort- gage secured issue with 11 years to run and the other was a 5 per cent deben- ture, unsecured, maturing in 12 months. The 7 per cent mortgage bond at the time was selling around 80, which is a maturity yleld of over 10 per cent. That in itself was indication of a situation unsatisfactory, to say the least, but it was not so arresting a signal as the market for the 5 per cent notes. The latter sold at 50, which is $500 for a $1,000 par value denomination. This debenture, as stated, falls due in a year. In other words, an investment of $500 made then would return $1,000 in 12 months besides $50 in interest. Meeting Principal. | ‘To express this in per cent would be | fantastic, and bond tables do not carry out ylelds to any such ridiculous heights. Obviously neither buyer nor seller believed that the bond would be paid off at par at maturity. They fear- ed, if not receivership, some form of re- organization, and this fear was expressed more in the market for the short term low_cou note than in that for the longer term higher coupon mortgage bond. It is not that the interest was in danger £ much as that difficulty would be met in meeting the principal. SHARP SALES GAIN Special Dispatch to The Star. NEW YORK, January 11.—Reporting consolidatel gross sales of $19,954,101 for 1929, Schulte-United 5c¢ to $1 Stores, Inc., which began operations a little more than a year ago, achieved a place among the 10 largest chain store companies engaged in similar business. Sales for December, 1929, totaled $3,- 911,050, compared with $1,500,483 for , 1928, which marked the com- pany’s first full month of operation. Based on monthly sales for December, the company ranks seventh in size u.m the junior department store cl Rapid expansion during 1929 brought the number of stores in operation at the end of the year to 111, compared with about 56 actively operating at the close of 1928, includes stores in Canada and steres of Miller’s, Inc., op- erated independently of Schulte-United While the com pany n&\mber of its stores rapidly, it achieved rn the same time units. increased the e & larger percentage crease in sales, indicating that each new store had its efficiency bettered. D. C, SATURDAY, JANUARY 11, 1930. New security financing in 1929 was the largest in history, aggregating more than 13 billions of dollars, ac®rding to the annual investment review of Law- rence Stern & Co., investment bankers, of Chicago and New York. Of this amount about nine and a half billion dollars was publicly offered in the form of stock, bond and note issues, while the remainder represents an estimate of the amount distributed in the form of rights to stockholders and other methods of private subscriptions. Public stock offerings showed an in- crease of more than a billion dollars over 1928, but this was offset by a dras- tic decline in the volume of bond issues. The outstanding feature of the large volume of financing during the year was the emergence of the investment trust as a new major classification. In- vestment trust offerings totaled more than two and a quarter billion dollars, which was about 25 per cent of the total volume of all publicly offered investment issues. In the stock list, investment trust issues comprised about 47 per cent of the total volume of new issues. Comparative Statistics. Statistics showing the volume of new |J publicly offered financing in 1929, as compared with 192‘59.29(0“0"1: Stocks 07.000 $: Bonds 953,000 Total . $9,403,060,000 _ $9.822,948.000 Of the total volume of public financ- ing during the year, New York invest- ment_bankers underwrote $4,469,742,702 —including 368 stock issues totaling $2,- 304,096,000 and 289 bond issues totaling $2,165,646,000. Chicago houses placed a combined total of $1,142,894,530—com- prising 92 stock issues totaling $519,.- 970,000 and 235 bond issues totaling $622,924,000. The volume of stock issues publicly offered during the year was the largest in history, showing an increase of more than 30 per cent over 1928. All classi- fications, with the exception of rail- roads, showed substantial gains over the previous year. Industrial financing was second in importance to investment trusts, aggregating $1,426,184,000, com- prising about 32 per cent of all stock financing. Public utility issues totaled $781,442,000; foreign, $91,819,000; real CHECKS SHOW GAIN IN U. S. BUSINESS Department of Commerce Survey Reveals Increase in Paper Payments. % 1928, 3.425,293,000 6.397,655,000 Commercial transactions during the week ending January 4, as measured by the volume of checks presented to the banks for payment, were sub- stantially larger than during the previ- ous week, although less than a year ago, according to the weekly statement of the Department of Commerce. Steel plants were operating at a lower level than in the corresponding period of last year. Receipts of wheat, cotton and hogs at the principal markets were smaller than for the corresponding week of 1928, while receipts of cat- tle exceeded those of a year ago. The distribution of goods, as indicated by the volume of freight-car loadings for the latest reported week, was lower than in the same period of a year ago. The general index of wholesale prices was fractionally less than during the preceding week and considerably lower than a year ago. Cotton prices also declined from the previous week, while the price of wheat increased and was also considerably above last year's level. Interest rates on time money re- mained at the same level as during recent weeks, but rates on call money were considerably above recent levels. Bond prices increased fractionally, but were substantially lower than a year ago. Business failures were somewhat more numerous than during either the previous week or the corresponding week of last year. REGULAR AND STOCK DIVIDENDS DECLARED | Special Dispatch to The Star. NEW YORK, January 11—The di- rectors of Dictaphone Corporation have declared the regular quarterly dividend of $2 per share on the preferred stock and a regular quarterly dividend of 75 cents per share on the common stock of the corporation. Previously the quarterly dividend on common stock was 50 cents per share. In addition, the directors declared a stock dividend on the common stock of 1 share for every 10 outstanding. All dividend checks and stock certifi- cates will be sent March 1 to stock- holders of record February 14. NEW SPRING DIRECTOR. NEW YORK, January 11 (Special). —At_a special meeting of directors of the Reynolds Spi Co., A. N. Town- send, chairman of the board of the Raybestos Co., was elected a director of Reynolds Spring. Investment Securities Real Values, Inviting Income Courtland Nixon 1518 K_St. N.W. Natfonal 1926 First Trust Notes Now Available JAMES F. SHEA 643 Louisiana Ave. N.W. Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan T r National 6110.6111-6213 (Telephone Directory Omission) 77 MORTGAGE 7 0 " NOTES 0 Secured on Well Located Homes SAFE CONSERVATIVE ROBERT E. FH”NKHOUSER ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly James F. Shea Prestdent Secretary [SECURITY FINANCING IN 1929 | WAS LARGEST IN U. S. HISTORY More Than Thirteen Billions of Dollars Represented in Sales of Bonds and Stocks, Survey Shows. estate, $112,750,000, and railroad, $4,- | 000,000. Public bond and note financing dur- ing the year comprised 1,022 issues ag- gregating $4,879.953.000, which is 24 per cent less than the 1928 volume of $6.397,655,000. All classifications in the list, with the exception of tax exempt and railroads, showed substantial losses from a year ago, ‘Tax exempt bonds constituted the largest class—the Bond Buyer of New York reporting offerings aggregating $1,- 443,008,693, comprising about 30 per cent of the entire bond total. Public utility offerings aggregated $1,010,611,- 000, _industrial $794,712,000, ' foreign $760,363,000, railroad $463,940,000 and real estate $407,318,000. Monthly Offerings. ‘The following table compiled by Law- rence Stern & Co. gives the month-by- month total of stocks and bonds pub- | licly offered in 1929: 1 January .. Bonds, $439.385,288 February 45 August " September October November December Total New December Offerings. The survey showed that new stock,| bond and note issues publicly offered in December aggregated $673,107,912, as compared with $178,237,275 in Novem- ber and the huge total of $1,051,335 lost December, 1928. This drastic decline from a year ago was due to the heavy loss in stock offerings, which totaled but $56,798,000, as compared to $686,~ 305,982 registered in December, 1928. ‘The volume of bond and note offer- ings in December aggregated $616,- 309912, as compared with a total of $364,990,353 in December a year ago and with the total of $141,610,025 in November. In December New York investment bankers underwrote 23 stock and bond issues aggregating $241.444,750, and Chicago houses distributed 17 issues totaling $58,742,500. Boston was third, with a total of $28,131,000, followed by Hartford, Conn., and Los Angeles. Canadian Financing. ‘The survey said that new Canadian | offerings during 1929 aggregated $645,- 754,302, as compared to $440,414,519 in 1928, a gain of approximately 57 per cent. Of the total this year, $382573,- 802 was sold in Canada, $236.854,500 in the United States and $26,326,000 in Great Britain. Charter No. 10316. REPO! Reserve District No. 5. RT CF, CONDITION of the 10! Federal-American National Bank Of Washington, in the District of Columbia, at the close of business on December 31, 1929. RESOURCE! . Loans and discounts . $9,104.910.68 769.48 507.527.80 452,256.42 1,582.285.16 648.918.69 843.245.42 1,286.465.57 cash 25,267 . Redem b Tre 2,500.00 91,733.69 | .. 314,545,880.29 LIABILITIES. . Capital stock paid in . urplus Undivided ‘profits—net .. dividends, - $1,600.000.00 * 7 900,000.00 329,277.35 40,000.00 15,544.38 50,000.00 crued and unpaid . . Circulating notes ou! 1.722.334.57 Total . District of Columbia. s: 1. CHAS. D. BOYER. cashier of the above- wear that the above statement is true fo the best of my knowledge and bellef. YER. Casher. D. BO Subscribed and sworn to before me this 9th_day of January. 1930 (seal)) MILLARD S. YEATMAN, Notary Public, 1 (My commission expires October 6, 1931.) Attest: C. G. Abbot, Louis Mackail, C. E. Galliher, Jto. Dolph, J Ww. P. John H. Clapp. . John Eynon, Leon “Tobriner, Directors. Byron 8 Harry King. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. CORPORATIONS DESIRING WORKING CAPITAL Going concerns, seeking ad- ditional working capital by the sale of their securities, can obtain the services of a security salesman sessing exceptional ability in selling and having a thorough knowl- edge of developing sales or- ganizations. Best References Box 266-K, Star Office You can't go wrong if you start right. Obviously the first step is to enlist the serv- ices of a reliable hou to purchase 2 0 NOTES FINANCIAL Money to Loan Tora Wi BT FOR RENT Furnished, One Room and Bath Non- First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15th St. N.W. PI Nai 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America housekeeping Apart- ment, with maid serv- i1ce. THE ARGONNE 16th & Columbia Rd. WE have several hew commer- cial investment prop- erties showing a re- turn of 10% or better. Call WE WILL BUY Great National Insurance Racquet Club Bonds Investment Trust (All Issues) Washington Bank Stocks H. L. Rust Company 1001 15th St. National 8100 New York Bank Stocks Federal Security & Mortg. Units National Mortg. & Invest. Pfd. National Mort. & Invest. Com. Security Corp. of America Bonds Bank & Investment Bonds Offices for Rent in the Chandler Building 1427 Eye St. NNW. N the heart of Washington's financial district. Single Offices and Suites EATURING free secretarial service, public_stenographer, ice water on each floor, high- speed elevators, excellent outside light and Venetian blinds at all windows. 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THERE IS NO SUBSTITUTE FOR SAFETY 1435 K St. Nat. 2345 The Silver Lining The adjustment of the stock market contains a “Silver Lining”—the huge credit resources of the Nation, ab- sorbed in the financing of speculative securities, are turning back to normal channels of industry. Building con- struction projects, needed in progres- sive American cities, like Washing- ton, which were delayed in 1929, are being completed now with the nor- malization of credit. .Above all, the American people have learned a lesson—to get to work— and to place their savings in secur- ities such as the safe and profitable First Mortgage Notes, always worth 100 cents for the dollar invested. For more than sixty years Swartzell, Rheem & Hensey Company, the old- est Mortgage Banking House in Washington, has brought security and assured incomes to its investing clientele, through war and panic, through prosperity and depression. That is why thousands of investors have chosen the First Mortgage Notes we offer, in denominations from $100 and upwards as the safest place for their savings to earn an assured 6 per cent return. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS F27 15 STREET N.W. WASHINGTON Dtco / be