Evening Star Newspaper, January 22, 1930, Page 13

FINANCIAL. AFTERDUL START Prices Become Firmer Fol- lowing Lower Opening. New Offerings Large. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 22.—After a lower opening due to overnight selling orders, bonds steadied during the first hour today, but in the quieter trading that followed offerings were in the ma- Jority and the list, with the exception of United States Government and high- grade domestic issues, sagged. The gauge of the market's power of absorption -has been closely defined by its apathy after the $400,000,000 or so of new bonds it has had to digest in the past 10 days. A total of close to $74,000,000 of new issues today did not help any. Recent flotations have not gone o well, and a great many of the distributed bonds have found their way back to the mar- ket. Municipal bonds, of which $41,- 000,000 were® offered today, are soften- ing and there has been some marking down of prices in order to move them. Since the investment trend has been toward high-grade legals, this has re- sulted in a weakening of speculative issues and foreign dollar credits. The latter, however, are still buoyed up to some extent by foreign support. Chicago advices that tax bills for 1928 and 1929 will probably not be sent out until after the April primaries indicate that payment of the May 15 maturity of Chicago tax anticipation warrants may be delayed. While this, if it should oc- cur, might be classed as a technical de- fault, yet the notes carry the phrase, “Payable * * * solely from said taxes when collected. and not otherwise.” Some three weeks ago, the city made a check-up with its different taxing au- thorities and stated that some $270,000,~ tax warrants were outstanding inst 1928 and 1929 taxes, none of which have been collected. Warrants have been issued by the city proper, the Chicago sanitary dis- trict, the Chicago parks bodies, the Board of Education, Cook County and the Public Library Board. The city has $72,965,000 out, the Board of Education $77,400,000 and Cook County $17,809,- 560. In addition to these and the war- rants of the other taxing bodies, there | are many other obligations of a short- term nature “payable when taxes are collected.” One Chicago bank is sald to hold 840,000,000 of these warrants. About $110,000,000 were floated in New York. This week will see the offering of $3,000,000 Montreal Tramways Co. 5 per cents and $2,500,000 St. Paul Rail- Toad equipment trust bonds, probably on ': basis of about 5.15 to 4.50 per cen Prime issues such as Atchison gen- eral 4s, Southern Pacific 41:s, Union Pacific first 4s, Standard Oil York 41:s, Standard Oil of New Jersey of New | Pt e i thoon) " Close. es. High. Low 44 991 9826 991 16 100 19 10010 100 10 59 10031 100 :8 100 28 99 996 2 10320 1036 2 10626 1066 10 11012 1105 FOREIGN. D les. High. Low. Close. s S0 %o %o 98 97% 9% 974 97% 9% 98 97% 98% 9T% 83% 83% 925 B1% 9215 92% 104 103% 94% 9618 103% 108 110% 108% UNIT (8ale Copenhagen bs ct. Cuba 5%s. Czecho 8s . Czecho 83 1952. .. Denmark 43%s Denmark 51 Denmark 6s DE15%s M Dutch East I 6s 62 » - LT TTT PRSI - PP Oy Japanese 4s. Japanese 6% Kreuger&To'l 5. Mexico 45 10 asnt. Milan 6%s. Montevideo Norway 6s Orient dev 5% Paris-Ly-Med Ly-Med 7 58, Columbia Gas 5s and Utah Power & Light 5s were her today. juesne Light 4148 were a point with an- nouncement of new financing by the company. Chesapeake & Ohio general 4155 were weak. The company - | Rhine West 58, up over a point. American Natural Gas 65 dropped 3!; points. Dodge 6s and Goodyear were also . Pisk 8s advanced 2 points, Pathe 7s a similar amount. French, Belgian and German credits ‘were on the advancing side, while South Americans were off. Washington Stock Exchange SALES. ‘Wash. Gas 6s B—$500 at 105, $1,000 at 105. Pot, Elec. 5% pfd.—S5 at 10615, Coml. Natl. Bk.—10 at 245, 30 at 245. Riggs Natl. Bk.—10 at 515, Merch. Tfr. & Stge. pfd—10 at 100%. Mergenthaler Linotype—5 at 106%5. lea‘Dfll( Str. pfd.—10 at 104, 10 af g Real Est. Mtge. & Guar. pfd.—50 at 7. AFTER CALL. Wash. R. & E. 4s—$1,000 at 83, $2,000 at 831, $500 at 33‘»;: Cap. Tract. Co.—5 2t 8i Bid and Asked Prices. BONDS. Amer. Tel. & Telss ‘Amer. Tel. & Teis: Am. Tel. & Tel. cti. tr. ‘Anacostia & Pot. R. R. 58 Anscostia & Pot. guar. C. & P. Tel. of Va. 5s.. Capital Traction E. R. City & Suburban 5s. Georgetown Gas 1st Pootmac Elec. 3338 223323 Amer. Tel. & Tel a3 Taction Washington Gas Ligh Ne 3 Wi Bolomac zie s .283stas & Annap. pfd. NATIONAL BANK. jum| Commerciai District Federal-America. iberty ...... 5 Becond " 2 21 National Bank ‘of Washington.. TRUST COMPANY. American Security & Trust Co. Continental Trust. Merchants' Bank National Savings Union Trust s Wasbington Loan & Trust... .. SAVINGS BANK. Bank of Bethesda rce & Bavings ngton reor TITLE INSURANCE. Title & Inv. of Md. com. American Corcoran Ciremen's ational Union. Columbia Title. Real Estate Titie. 'MISCELLANEOUS. Barber & Ross, Inc. com hase Dairy pfd... usInEe BUS2 BT ERE i EE o 83,3583 3RS 5 Rhine Wst EP Rhine Wst E Rio de Janeire Rio Gr do Sul Rio de Jan 8s e - NBHASING NRSRasna LR~ Sweden 5%, Swiss Confed Toho El Pow 7 Tokio 5%s 1961. Utd Kingm 5%s 37, Unt S 8 Copen 6s 37 Uruguay 6s1960... 22 9 96% Urug 8. 2 105% 105% 15 85 84y 3 9 95% MISCELLANEOUS. Abram&Straus5%s 3 98% 98Y% 4 Am Smit& R 1st6s 13 101 AmT & T 5565 wi. 186 Am T&T cv 434839 192 AmT& Tel trbs.. AmT&Tsfbs. Am Tel & Tel 5%.. Armour&Co 4%s 39 Armour Del 5% 4 Atlantic Refin 5. Bell Tel Pa 58 B. . Bethlehem Steel Bush Term Bldg 5 Certn-Td 5%s rets Chile Copper bi Col G&EI 5s M Com Invest 538 49. Com Invest 68 °48. Con Coal Md bs. ConGasNY 6% Consumers Pow § Cuban Am Sugar 83 Det Edison 6 East Cuba Sug 7%8s Fisk Rub 8s.... NI P EN Inter Paper 6s Int Tel & Tel 4% s. Int Tel&Tel 4%scy Kan G & E6s 52 Kendall 5%s 48 Laclede G 5%s52.. . o $im RSN E e RS Manati Sugar 7%s. Midvale Steel s, Montana Pow 43. Montana Pw deb 5s. 8 oa Neor Ohio Tr&L Nor States Pow Nor States Pow Pacific Gas & E! b Pac T & T 1st bs. PacT&T 6852 Pan Amer Pete Pan-Amer Pete 7s.. 2 1 Paramount 6s 1947, l: Pe Phila Co bs 67 Phila & Read 65 49. Phillips Petro 5%w. Postal Tel & C5%s Pressed Stl Car bs.. % Otl 68 44.. id. e 'THE _EVENING BONDLSTSTEADY | (o e BONDS o] INCREASEIN STEEL Sinclair Of1 Sinclair Ol Tex Corp cv 68 1944123 Transcontl Ofl 638 22 United Drug 6s 63.. 10 U8 Rub 1st rf 5s. War Quinland Warner Sug 7s Wi Willys-Ov 638 33. . Wilson & Co 1st 6s. ‘Win Repeat Ar 7%s Youngstn S & T 6s. 23 RAILROAD. Ann Arbor 4s. . 1 Atchizon gen 4s Atch deb 4148 43. Atlantic C L 1st 4s. Atlantic CL 43s 64 B&O0Gold és B&OSW 6s550.... Bang & Aroos 4s 51 Brdway & Tth Av 5s Bkiyn Elev. 6%s... Buff R & Pitts 4%s. Bush Term con 5s. Can Nat 434830 Can Nat ¢%s 54 Can Nat 4%s 57 Can Nat 418 68 Can Pac deb 4 Ca Cent of Ga 53 C 69 Cent Pac 4s. . Ches & O con b8, Chi B&Q gen 4 CB&Q4%s71B CB&Q1strf5 Chi&E Il gn & 5 Chi MiISP&Pac5s75 CMSP&Pac adj5s03 Chi&NW conv 4%s. CCC & St L 58 CubaR R 5s. Del & Hud 7s 30 o " LRND ARND AT AN HRERONBANRRRI SN Fla EastC5874... Gr Trunk stab 6s. . Grand Trunk 7s Gt Nor4%s 76 D. Great Northn 1st s Gt Nor 5%s Gt Nor gen 7s. Hud & Man ref bs. Int Rapid Trans bi Int Rap Tr bs stpd Kan City Term Lake Shore 45 31. Lehi Valen LehiVgen 4% . Lehigh Valley bs 20 &N4 003 o a poSl oBRNeBnmmrannd oo Mont Trm ref 6s 41 Nash Chat& StL 4s. » S Cent 45 98. s 3 o QZ7Z0nn0Qa P P R R ] M g AHnPerr - 9B PANBOBB R RBEOR R~ Nor Pac 4% 2 Nor Pac rf Penna 45 1948 stpd. Penna con 4%8. . Penna Gold PortEIPL Port RL & . Port RL P 6s47... Reading gen 4%s A RIArk&L4%s... StL IM&S R&G ¢ StL&SFpldsA.. SIL&SF 4%s78 StL & San Frin bs. StLS W 1stds. St L&SW con 4s 33, StLS Wbsb2. 9 'S BrrBeRrnuaBrnaRonah nemononan SanA&Arn Pds... SeabA L @ w 0 Sou Ry gen Sou Ry con Sou Ry 6%s. Sou Ry Mo & O ¢s, Term Asso S L 4s. Tex & Pac5sC 79.. Tex & Pac bs B 1977 Texas & Pacific 1st, Third Ave ref 4s 60 Virginia Ry 1st 6s.. Whash 43%s 78 rets oy AUNARAREN NNEORARI=AND ANNO 101% 6% 100! STAR, WASHINGTON. 100% S . Low. Close. 100 4 101% 974 95% 102 104 101% 96 100% 99% 93 83% 9018 100 9315 93 937% 854 100 113% 4 101% INDUSTRY SHOWN Both Demand and Production Reveal Gains During Last Week. By the Associated Pre. NEW YORK, January 22.—The week has brought the steel industry a fur- ther gain in both demand and pro- duction, Iron Age will say tomorrow in its weekly review of the iron and steel industry. - “Improvement in business,” the re- view says, “is not spectacular and, in view of the caution of buyers, mills still have difficulty in arranging their rolling schedules, but the encouraging fact is that specifications in the ag- gregate continue to increase. Current orders, in the main, are small, and pressure for prompt deliveries indicates that much of the steel is destined for immediate consumption. Some buying undoubtedly has been for replenish- ment of depleted stocks, but price un- settlement has tended 'to hold such purchases to a minimum. “Steel specifications in the New York district thus far in January are double those for the corresponding period in December, At Cleveland, where heavier automobile business was a_factor, the January bookings of several mills show a gain of 40 per cent over those of the previous month. Releases from the railroads are increasing, and Chicago rail mills have raised output to 87 ger cent of capacity. Rallroad car uilders are taking more steel, while the requirements of farm equipment plants are well sustained. “Steel ingot production in the Chicago district now ranges ffom 70 to 75 per cent, compared with 65 per cent a week ago. Independent mills at Cleveland have reached'a 70 per cent rate, and Youngstown production has shown an impressive recovery, ngw being between More than a third of a century's experience Difference in —of apartment house property means the difference between debit and credit on your investment account, It’s the knowing gencies that makes our service valuable, B. F. SAUL CO. National 2100. Service * * Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President $5.662,549.55 Subscription for the 98th Issue of Stock Being Received $2.50 SI?AEfiE 915 F 1508 H STREET WASHINGTON, D. C. Metropolitan Life Insurance Company REAL ESTATE LOANS D0 Mackubin, Goodrich & Co. Bankers Established 1899 Members New York Stock Exchange Baltimore Stock Exchange Associate Member New York Curb Exchange Private wires and telephenes to principal markets 60 and 65 per cent, compared with 50 to 55 per cent a fortnight ago. The a erage for the entire greater Pittsburgl area is slightly above 65 per cent of capacity. The two leading steel com- panies remain on a 70 per cent basis. and the average rate for the country at large is estimated at 67 per cent. “Pressure on prices is still severe, par- ticularly in the Detroit district where the operations of the automotive indust: are slowly gathering momentum, wit! the makers of low-priced cars in the van. Efforts to hold bars at $1.90. Pittsburgh, have been complicated by the existence of a lower base price at Cleveland. Cold-finished steel bars have declined, Irregularities persist in sheet prices, with black sheets more common-~ ly quoted at $2.60, Pittsburgh, a reces- sion of $1 a ton following the $2 drop of a week ago. . Leslie Ames, a popular cricket player, was best man at the wedding recently at Folkestone, En, d, of his gr: father, Harold Ames, aged 77, and Miss Kate Maycock, aged 57. Money to Loan Secured by first deed of trust o Prevailing interesi and commission Joseph 1. Weller i Wash T, & Trust T#: EQUITABLE TRUST COMPANY OF NEW YORK 11 Broad Street Total Resources over $900.000,000 —_—- Real Estate Investments JAMES Y. PENNEBAKER Nat5201 1520K St. N.W. _— First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. | Manag:ment how to meet contin- 925 15th St. N.W. * Management 80th YEAR COMPLETED WALTER 8. PRATT, Jr., Secretary Surplus & Profits. .....$1,705,130.78 SAVE AS YOU EARN THE Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistently followed will even- tually lead to financial inde- pendence. Start now while you have a steady income. Come in and let us explain about our systematic plan. St. N.W. 111 EAST REDWOOD STREET BALTIMORE, MD. WEDNESDAY, JANUARY 22, 1930. NEW BUILDING. NEW YORK, January 22 (#).—New bullding and engineering work con- tracted for in the 37 States east of the Rocky Mountains from January 11 to January 17 amounted to $84,- 969,500, according to the F. W. Dodge ration. Although less than the amount for the preceding week, it brought the total from the first of the month up to $209,690,800, a daily av. erage of 23 per cent above the dailj for December, 1929 The Commercial National Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and earned to DAY of ithdrawal. Come in and let us explain Resources Over $20,000,000 14th & G Streets R. GOLDEN DONALDSON. President We Invite Applications for FIRST TRUST LOANS on Improved Property BY MONTGOMERY CO. DISTRICT OF COLUMBIA Perinds of 3, 5 or 10 Years BOSSEIHELPS Founded 1907 .oan Correspondent utual Lif Natlonal 3300 John Hancock Insurance 1417 K St First Mortgage Loans for 3, 5 and 10 year periods on houses, apartments and busi- ness property in Washington, nearby Maryland and Virginia Randall H. Hagner & Company, Inc. ~ 1321 Conn. Ave. N.W. Decatur 3600 Mortgage Loam Correspondent New York Life Insurance.Co. Syndicate plan ot Cash 10 eur vault munteipsl and corpors e market velues First llonn“t Loans..... Consists of First ‘?:\'f on . mors. than able in mortization Iz the margin of security. Properties earried st eon or loss and at values the total of which s “irrest easervative appraisais. socurity_being sul total obligations, Accounts Receivable ... Consists of Tax Certificatas pus on property upan which we have intarest and ntially in AVAILABLE Long Term Low Interest Rates Consule WEEE RO 809 15th Se. N.w. Districe 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company ol s ATATE OF MINNESOTA ) COUNTY OF HENNEPIN |* 2 aformation and boler FINANCIAL. We Solicit the Rental Management of Your Property Whether Apartment, Residence or Business Prompt Collections RENTS REMITTED THE DAY RECEIVED Our Rental Department is Most Complete and Efficient. We offer co-operation at all times in the solution of Ownership Problems. Randall H. Hagner & Co. Mortgage Loan Correspondent New York Life Insurance Company 1321 Connecticut Ave. N.W. Phone Decatur 3600 LIFE INSURANCE THRIFT LIFE INSURANCE is a sure means of sav- ing. Year after year your premiums increase the value of your insurance while you live. ‘Its value is unquestioned if you die. Thrift by Life Insurance is available to every man. But Is Your Insurance Thrift Adequate? Ask yourself that question and answer it honestly. There is hardly any man insured today who feels th his insurance is sufficient. Be fair with yourself. If a little thrift has paid you, what about greater thrift? Call In Your Life Insurance Counsellor Discuss with him the Life Insurance that you have today. Tell him for what you hope that insurance will be used—your own o}d ‘age, an income for yonr wife, education for your children, to remove a mort. gage from your home. Let him plan a_program for you, adding new insurance as you can afford it—each policy, no matter how small, being directed to a given purpose. Wednesday, January 22nd, is Life Insurance Day DISTRICT OF COLUMBIA LIFE UNDERWRITERS’ ASSOCIATION ASSETS Bonds and Securities................... Gevernmen tion bends R ik ‘censtantly Loans on Certificates............ holders. Real Estate Contracts of Sale...... Coniracts seeured by real ertate, the collsisral e bta i oo of the ! . belng frst duly gworn, Secretary and Treusurer of the Investors fnancial statement is true o the YOUR PROTECTION OUR PROSPERITY and happiness are protected under the Investors by assets of more than $32,000,000, which include first mortgages totaling over $27,000,000, on city residential property con- servatively appraised at more than $57,000,000. Reserves exceed $4,000,000. Our assets are increasing at the rate of more than half a million dollars per month. Find out how this simple, u}elwdei plan for accumulating large sums of money can help you get what you want. Write for convenient payment schedules and full information. 36th Annual Statement of Condition Capital, Surplus and DECEMBER 31, 1929 LIABILITIES $ 483,233.79 Certifieate Cash Surrender Val ereereese§22,654,136.04 1,247,993.60 oo et susrende el Contingent Liability ........ou... Ameunts set aside to mest additions te esh Turrendee values. Other Accrued Liabilities........... Ammund oo seite for ivn, rensaiomint o Due te Banks and Trust COMPERING i iisiiinnis Other Current Liabilities............ .III-I-.- fully funded 4,379,774.04 27,073,918.04 161,530.71 665,038.66 Certificate Reserve X A reserre ever and wbove eur lepul labitity set aside ont 801,752.10 e actaarial 304,336.37 loans: searusd other current items receivable. Furniture and Fixtures............... Other Assets ... 65,371.02 34,003.46 $32,206,338.78 and mye that st Fah Jofibeeribed and ewern to befors me this 14th day of Jesuars, Beal) A, ¥ Watter, B anision tipire Sepe. 30 10 Searstary and Tressurer. Publie, Heanepin Co., Misn, INVESTORS SYNDICATE WASHINGTON. D. €. OFFICES FOUNDED 1894 BARR BUILDING TELEPHONE: METROPOLITAN 1879 IN PRINCIPAL CITIES 51