Evening Star Newspaper, January 28, 1930, Page 13

7 ¢ ‘ < { FINANCIAL.) BOND-PRICES SAG " AFTER EARLY GAIN Railroad Issues Lower—Mu- |5 l nicipal Market Becomes Quieter. BY F. H. RICHARDSON, Bpecial Dispatch to The Star. NEW YORK, January 328-—Bond prices ranged higher at the opening to- day, and during the first hour volume was heavy. After that interest fell off, the market became dull and prices went irregularly lower. Rail bonds were the «center of interest. The market is still in the process of readjustment, incidental to the large number of new offerings put out in the past two weeks. Today and Monday have seen a respite, in that new offer- ings have been scarce. The municipal bond market is quieter, too, the neces- sity of marking down some issues to speed distribution having dried up the Supply of new flotations. Prime railroad bonds tended -lower. Atchison General 4s, Canadian Nation- al 5s, Southern Pacific 4¢s, Great Northern 7s, and Nickel Plate 4s were fractionally off. Baltimore & Ohio first 45, New York Central 4s, and St. Louis-San Francisco “A” 4s, were firm. In the rest of the high-grade list there was strength in Standard Oil of New York 41;s and Philadelphia Co. 5s. Convertible issues were quieter as stock activity lessened. Obligations of railroad companies ‘were the most active group of the more speculative section. In point of price fluctuations_there was little to draw attention. Chicago and Eastern Illinois 5s, Rock Island 4ls, St. Louis-San Francisco 4'¢s, Seaboard Airline 6s, Texas and Pacific “C” 5s and Boston and Maine 5s advanced. Losses were shown by Erie General Lien 4s, Erie Refunding 5s, Missouri-Pacific 518, Southern Rallway General 4s and West- em Maryland 4s. ©of & point was made by An- llo-C flean Nitrate 7s. International Mercantile Marine 6s were higher. American Natural Gas 6%s were off 2 Ppoints, o u15001000 Washington . Water was 000, af "Power Co. first mortgage 5 per cents «due in 1960. The bonds were offered at 815, were admitted to trading on ';.he b Exchange and opened [ Unusual quiet prevailed in the for- ‘eign department and prices were vir- tually unchanged, with as many frac- tional advances as there were declines. New -rail financing in prospect in- UNITED STATES. i : 3110 FOREIGN. 992 103 14 10814 lol ll 105 30 105 30 10530 10 110 .flno lmn. 9 10 9 13 Australia 68 1855, . Australia 58 1957, Bank of Chile 6%s.. Bank of Chile 6% s. Belgium 6s 1 90 89% 90 4 1031 '103% 103% 8 98 921 92% 3 95 ' 95 95 75 103% 102 102% -5 108% 1084 108% 12 109% 109% 109% 53 108 107% 108 8 115% 116% 116% 12 110% 110 110% 6 76% TAU T4% 8, 72 .12% .78 8 91y 01w 914 1 103 1084 108 8 77 6% . 76% 8 76% 6% T6% 14 80% 80% 80% S9 97 96N 96% 4100, 99% 99% '19 100% 100" 100% 18 108% 108% 108% 18 "89% 89 80% 15 88% 88u 88% 6101 101 101 4 T4 T2H 2% 3 981 98% 98% 17 91 90% 91 10 97 97 97 3 100% 100% 100% 2 110% 110% 110% 1 110% 110% 110% 1 110% 110% 110% '3 109% 109% 109% 6 92 9% 92 15 101 100% 100% 8 1041 104'%4 104% 23 103% 102 102 17 102% 102 102 1 86% 86% 86% 6 98% 98l 98% 10 107% 107 107 27 113% 113% 118% « 79 120% 119% 120% 13 89% 89% 89% 6 91% 91% 91% 34 107 106% 107 1102 102 102 3 84 84 84 20 98%. 97% - 98% 4101 101 101 14 97% 97U 9TH 88 97% 9% 9TH Brazil ¢ 93 Brazil 6381927, Brazil Canada 5s 193¢ G;nlfll 5% 1953 ] Cnlnmbll 68 Jan ll. Con Pow Japan 7s.. Copenhagen 43 53. cludes $18,000,000 Canadian National |y, Railways 5 per cents to nure an out- standing issue of nmuu' CHICAGO DAIBY MARKET. CHICAGO, January 28 (#).—Butter steady; receipts, 10,558 tubs; prices un- ‘changed. unsettled; receipts, 15,- 173 cases; prices unchanged. Poultry, alive, firm; .receipts, trucks; fowls, 25; !prl.n‘l. 26; broilers, 30a32; roosters, 18; 25; ducks, 20; small, 16; KEB! PLANT CHANGES HANDS. BALTIMORE, January 28 (Special). =—The Baltimore plant of the Bentz Ovrpontt: of Newark hu mmd by Maryland g Corporation, a new Bnm- jmore industry. The Bentz Corporation is one of the oldest and best known firms in its line in the United States. It is the l.nmrh- tion of the new firm to extend its fleld ‘of operations. Stock Increase Planned. NEW YORK, January 28 ().—Stock- holders of the United States Gypsum 5y 13" Vote on " increasing the ary Vol authorized common stock from 1,250,000 to 3,000,000 shares of $20 par value, Washington Stock Exchange SALES. 5.103% 103% 103% 7 103% mau 1034% 4 88 87% 88 99 9 99 9 87% 85% 85% 13 86 85% B85% 1 104% 104% 104% 30 9T% 97 97 4 101% 101 - 101% 28 103% 103% 1084 9 108% 103% 108% 4 102% 102% 102% 14 89 88% 89 3 9T% 97 9T 82 104 103% 104 4 106 105% ;06% Norway 5s 1963. Norway 6%s. . Orfent dev 5% Orient Dev'mt 65 63 Paris-Ly-Med 6s. Paris-Ly-Med 7 Paris Orleans l’;h.. 16 10"% 107% lg‘l% as sau 83% !8 95% 95 95% 2 105% 106% 105% 2 106% 106 !’05% 60 7 lom 1’¥K 102 Rio de Janeiro Rio de Jan 8s 194 Rio Gr do Sul 6s 48, 99 l 68% C'IK ““ Rio Gr De Sul 8 6 96 Sel Potomac Electric 6% pfd—4 at 111, 1 at 111, antgom:n.l6 Bn;“k of Washington—10 at collm:bl-l Sand & Gravel pfd.—S5 at 86. Mergenthaler Linotype—5 at 108%, 10 at 1065, 1 at 106%, 1 at 106%. Peoples Drug Stores pfd.—5 at 103%. AFTER CALL. Bank of Bethesda—10 at 65. Washington Gas 6s A—$100 at 10234, Capital Traction Co.—S5 at 88. Folomac Electric 5% % pfd—5 at 108, 5 at 108. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. ;;et & Telea. 4132 23 on: Em [t &ML Verig' et A 5 Wash: Gons. Tirie 8 STOCKS. PUBLIC UTILITY. Amer. Capitil Traction % Wash., Balto. & Annap. Wash., Balto, & Annap. pfd NATIONAL BANK. National Capital. lumbia TRUST COMPANY. Amerfean Security & Continental Trust. Merchants’ Bank National Savine & Trust * | Laclede 5s. . ‘Naticnal SouBetats” Title & Tnv. of M. éom. MISCELLANEOUS. Ross, Inc. FUEURR T TR ; ) 1 102% 102% 102% !wlll Confed 3 108% 108 108% Toho El Pow 96% 96 , 96 1 105% 106% mm 9 86% 864 17 6 96 MISCELLANEOUS. Alleghany Cp s 44. 18 99% 99 Alleghany 65 49. 25 99% 99% Am Agri Chem T%8s 5 108% 103 AmChain6s33.... 5 99% 994 99% AmChem 5%s cv 49 76 lDl 102% 108 Am Cotton Oll bs 99% 99% 3 18 72% 70 2% s 28 101 100% 100% 7 103% 108% 1083 228 100% 100% 100% 415 143% 141 141% « 6 103% 1084 103% « 56 101% 100% 101% 56 105% 104% 104% 2 100% 99% Am Tel & Tel 6% Am Water Wki Associated Ofl Atl Guif 5 69. Bell Tel Pa s B. Bell Tel Pa bs C. 84% 13 102% IMV. lozu 10 76 5 104% INK 1'0‘\( 2 106% 106% 106% B8 101% 100% 101% 5 101% 101% 101% 14 104% 104% 104% Bush Term Bldg b 1 100% 100% 100% Certn-Td 5%s rets. Chile Copper b: 2 TTh 1TH TTH 62 5 99% 99 99 86% 6 62 61% 62 . 1102% 102% 102% +. 18 107 106% 106% 93% 93% 93% % East Cuba Sug 7%s Gen Cable 55 47 Gen Mot Ac Cor Gen Stl Cast 5% 548 6 102 Goodrich N Goodyear bi 102 35 91% 91k 91% o W Pl 8 100% 100 100% Humble O & R 5%s 10 101% 101% 101% 111 Bell Tel b «+ 5 103% 103% 108% Inland St14%s78.. 20 92 91% Intl Cement 6848.. 2 94% 94% | Intl Match s 47 Int Mer M: Int Paper KanCity P& Lt Lackawanna Stl 5 103% 103% 103% 2101 101 101 6 100% 100 1 94 16 90 5 106% 106% 106% 5 100% 100% 100% 4 100% 100 100 5 100% 100% 100% 1 .&% Dl% ::K Bl 9’ 95% 98% 6103 103 103 2 112% 112% 112% 8 9 93 93 29 5 106% 106% 106% 8 110% 110% 110% "9 100% 100% 100% 15 100% 100% 100% 2 100% 100% 100% 100% Nor States Pow bs.. 4 u T4% 3% ms cce 98% . 20 102% 1024 :DZ'A s 2 105% 106% 105% | Ni 190 100/, 8¢L&Ban Frinbe, 1 THE EVENING STAR, WASHINGTON, D. C, TUESDAY, JANUARY 28, 1930. Con v soix BONDSsmoax memwve] |Gy PRIGES DROP Sales. High. Low. Close. 4 105% 105 105 27 104 101% 102 3 102% 102% 102% 17 99% 9% 99"' 17 51k 49% l 101% 101% 101% 9% 94% olx 94% 91 90 90 944 Nor States Pow & Pacific Gas & E1 ldnmm.m Close. | Rem Rnd 96 96 1100% 100% 100% 100 9% 99% 101% 101 101 9T 9TH 9TH 95% 954 95% 9134 914 914 105 105 105 102% 10283 102 108% 103% 108% 101% 100% 100% So Por Rico Suk 78. South Bell Tel bs. .. Southwest Bell bs. . Stand OIIN J 46.... 4701 105% 105% 106% Tex Corp ev 651944118 101% 101. 101% Transcontl Ofl 634s. 4 100 100 100 94 98 94 9% snv. ssv. 84 100% 100% lO(M 88 87T% 88 884 87k 8RL 93% 93% 93% 87 87 87 106% 106% 105% 103% 103% 103% 101% 101% 101% 1081 1081 1081 102% 102% 102% 28% 28% 28% 30 3 Utilities Pow 5%s. Walworth 6s 45. ‘Westn Union us B White Eagle O 5% Wickw Spen 1st. ‘Wick-Spen cv 0 Wilson & Co 1s 3 100% 101 Youngstn S& T 6s. 27 100% 100% 100% RAILROAD. LS el 2 90% 90% 90% 93% 92% 92% 134 133% 133% 91 91 Ann Arbor 4; s AtlantigC L Atlantic C L 91% AtlanticCL 96% 54 54 2% 92% 92 98% 98%° 98% 101%: 101% 101% 102 '101% 101% 109 °109 10! 101% wm 101% 84 91% 96% 915 96% 54 95%' ete high, 38 9K 9514 87 86 90% 95% 93% DD 14 11 841 841 84y 9% 9TH 9T 101% 101% 101% 1108 108 108 981 98% 98% 9% 9% 91y 101 101 101 99 © 98% 98% o7 . 9TH. 9TH 944 94, 94 94 94 94 105% 105%.105% T T TTH 65% 654 65% 101X 1018 101% szu 92% 1% 91% 2% 1% % 1% % Bush Term con b: CanNat4%s54. Can Nat 43%86%..00 5 Canada'Natl bs, 22 Can Pac 4345 46... Can Pacific ctfs bs.. 4 CarClin &0 6s52., C.nt ofGabsCBH9.. P CMSP&Pac adj IDI Chi & NWgn 3%s.. Chi & NW gends... 1 ChiNW43%s2037. 7 Chi&NW conv 4%s 250 Chi& N W 7s, 00% 27 CMRILPOMI... 27 e 92! Chi St P&O 6s 3 mm INK IW'A -~ 93 ll 102“ 102% 1024 % 114% 114% 103% 102% 104% 104% 7% 9% 87 68% Chi Union Sta 58 44. Chi vnan Sta 64s.. of Cub.Nm'IMlcll.. Del & Hud 78 30.... Den & Rio G cn Den&R G W 43%s 36 DRG& Wstbs b DRG& Wst bs Tl Erie 1st cons 4 80% 95 110% 52% Fonda J&G 4%s 62 26 Gr Trunk st db 105% ‘Hud & Man aj Hud & Man ref 5i % | 111 Cent 4s 53 Int Rapid Trans ll.llB Int Rap Tr 6s stpd. 156 Int Rapid Trans 6s. IntRysCA 6s4l..: Int RysC A 6%srct Iowa Central ref 4s. Towa Cent 1st bs. Lake SBhore 4s 31 LehiVgen 4% 2003, Louis & Nash uni 41 Louls & Nash §%s. Man Ry 1st 48 90. .. MIIElIRy &L s 61 M St P&SSMcn 4s.. M Stp & SSM cn bs. MStP&SSM 5s gtd. . M St P&SSM 6%s. . M M M M - - S K K& K wuunESumholonsnaninane BnlaraSnanSatre nEne nhed avwme » 90% 53% 814 7% 191 98 105% 106% 101% 78 9014 106 125 45 60% = e Nor & 8 gen Norfolk & W cn 4s Nor Pa 027 104% 118% 89% Ore Wash 1st Penna gen 4% Philippine RR PCC&StL Port Bl PL . Port RL&Pbs 42, StL IM&S gn §s 31. StL IM&S R&G ds. SIL&SFplds A, BIL&SF ¢%s 7 SR amnsmane 9914 Sales. St L&SW con 4832, 31 AT D. C. MARKET Dealers Expect Further De- creases in Price in Next Few Days. Trading in the wholesale market dis- trict this morning was not heavy, ac- cording to reports of merchants, weather cond.\tlcxu probably having a bu.flnx upon business. There were ample su) plies of all varietles of foodstuffs o?ernnuuern. however, at a wide range ces. Much interest was displayed in the g market, prices of the product of the nery ,nduuly dropping, and deal- ers anticipate further decreases the next few days. Receipts today were re- ported greater- than demands, current receipts selling around 37 cents. Hen- nery and fresh selected were quoted a trifle higher, around 40 cents. “Eggs are much higher than they ‘were this time last season,” remarked a wholm!er. “and the market is due for a ecu? *T' a drop of 20 cents a dozen over the week end several years ago, the merchant added, “but hardly ex- pect a repetition of that drop this season.” Hennery Eggs. Hennery eggs were quoted around 40 cents, some dealers quoting = still higher price. Fresh selec sold at prices quoted for hennery stock. A continued steady condition of the butter market was reported, prices con- tinuing the same as prices quoted yes- terday. Meat rJ)‘rlCu also continued the same as yesterday's prices, and plentiful suppllen of poultry were offered at prices bstantially the same as yesterday's quommns Strawberries, one of the leaders in the fruit market at this season, were scarce and higher this morning. Re- ceipts were exceptionally light, dealers reported, and r.hc price went up to 75 cents & quart Onnzu. All)‘lmr puh. pineapples, % grapefruit, _grapes Ars . wer umm(q rmmoflenrthanuu morning. ' Alligator pears dealers re) &md and pine- ples, product of Cuban growers, were large and of splendid quality. They were reported reasonably priced. Hothouse cucumbers, mostly from Terre Haute, Ind., was the attractive offering in the vegetable market. They came from a plant where there are 33 acres under glass and were offered at $5.50 and u for crates of two dozen of the fancy stock. Commission merchants had plentiful supplies of moab vnmun of vegetables to offer the retail Spinach, not so plentiful, brought tl 5 md $2 a bushel basket, whfle nk more plentiful, was to be had f 1.75 a barrel. Collarda lold at $1 a b\uhal basket. an nr other A.hipped-ln ‘vegetables quoted as follows: Lettuce, $5.50 o se beets, $3.50; peas, $4.50; car- Tots, $4.50. The several varietles of vegetables came from California, Texas and Florida, Today's Wholesale Prices—Jobbers® Prlu- sl.huy Higher, prints, 4ladz; tub 40-41 -wn mxed 5830, fresh Cucum} plies light; demand light, market d Indiana, 2-dozen cartons, hothouse, llncy, 5.50; No, 1, 5.00. Squ ash—Supplies very Illht' dunlnd moderate, market firm; Florida, bushel hampers, white, mwed. few sales, 4.00. ‘Tomatoes—Supplies light; light, market about steady; Florids, lug ripes and turning, ‘wrapped, 5x5 and 5x6, 5.00a5.50; some inotud. SOOMW repacked, unknown = ’ wnmnd, nncy, count, H nhol 25a3.50. Spinach — supvpl!u llahc' demand llflht market steady; Texas, bushel baskets, Savoy type, 1.75a1.85. Cauliflower—Supplies lis light, market about steady; Dogz crates, 2. fil'fl. lght: ppers—Supplies very 2 mnd light, market steady; F'lorld crl!d fancy, mostly, 6.00;fe" 850 cholce, 5.00. Pm—Sup'Dllu moderate; demand demand moderate, market steady; Mexico, 45- pound crates, 4.00. Carrots—Supplies moderate; demand light, market steady; Texas, Western lettuce crates, bunched, 3.50a3.75; Florida, from mixed car, celery crates, 230 New York, 100-pound sacks, cut, Beets—Supplies moderate; demand light, market steady; Texas, Western lettuce crates, bunched, 3.| bushel baskets, bunched, fair quality, 2.25a2.50. anuleles moderate; demand moderate, market steady; Florida, boxes, No 1, medium llle 4.5084.75; No. 2, medium size, 4.00a4.25, Onperrulb-su plies light; demand moderate, market steady; Florida, boxes, No. 2, medium llle 3.7524.00; mostly, 4.00; large size, PIPE LINES INCREASE OIL FIRM PROFITS Natural Gas Companies Also Bene- fit by New Marketing Method. ‘The old adage that water will not run uphill is being discounted in_ the oll industry, Oll and its bz)product natural ges, is being made to reverse its flow, thereby adding profits for ?mduuu through decreased produc- ‘This has been due to the tremen increase in pipe llns hcflmu in v,he last two years. There are now 99,000 miles of ofl transmission lines extend- ing from as far West as Parco, and El Paso, Tex., to Bayonne, N. J. ‘There are tremendous gathering and trunk lines devoted to similar purposes between Los Angeles and San Fran- cisco. Fully 18,000,000 barrels of oil are contained within these lines in g_h rocess of transmission, at this writing. e total length of the natural gas lines, according to Arthur D. Little, Inc., chemle‘l and Dl’flductlon engineers of Cambridge, Mass., 57,000 mil u' this some 17500000 ,000 cubic feet of gas is ';‘ transported weekly. The con- struction of new gas lines in 1930 will cost approximately $500,000,000, of which perhlpl one-half will go to steel emin the! ly di industrie Io- n the early days industries were lo- cated within the natural gas territories. Today those territories by means of Ppipe lines are expanding to every sec- tion, no matter how remote. Gas from Louisiana flelds near Monroe is being forced to St. Louis and Atlanta, and extension to Chicago is a mere matter of time. In the early days of the oil x{E lines were laid from the v- flem. to the Atlantic tide- the transmission of mid- 20: contient ey Sl from Gult , 15818, keys, young, 36a38; old, 32a33; Spring ohickens, 35 a37; brollers, 38ad0; Leghorns, 35; fowls, 30a32; roosters, 22a23; capons, 35240; ducks, Ill”. keats, 50a60. m h killed—] Bcdh’;:ZB vn;; 28; pork loins, 28; fres ms, i lders, 20; hi 27;. 258 smoked shoul 22; bacon, 25a26; md,mbulx 12%:; in packages, 13%. [ves, 17; Jambs, 13. MC“V.MO Review. ‘The dally m and vegetables, cultural Economics) says: Aprleuppllu moderate; demand ul A dull. Barrels, Virginia, Shtel No. 1, 2% inches up, 50015 50, some ordinary condi- 4.0084.50; United States No. 1, 2% tnymm. CBOIO 'IS United | & ‘Twigs, 1, 2% inches up, Bl 5.50a6.00. Boxes, wuhmm ‘medium 10 large sizes, extra fancy Romes, 2.758 3.00; extra !ul:’. large , Staymans, 275! extra fancy medium sizes, Stay- mans, 3.00a3.25. Bushel baskets, Vlr- ginia, United States, No. 1, 2% inches 1.5081.85. Pennsylvania, 1, 2% inches up, ted States No. 1, 2% ‘orks, 1.65; United States . 1, 2Y%-2% inches, Grimes, 1.00a bbage—New stock; supplies mod- erate; demand light, market steady: Florida, 1%-bushel hampers, pointed type, 1.75a2.25; old stock, muesl tht; demand moderate, market _slightly stronger. New York, 100-pound sacks, .50, Celery—Supplies moderate; demand ‘mar) Florid: ia, 10-inch 5 o a3, u dozen, Lettuce—Supplies modmw demand moderate, market slightly weaker; Arizona, crates, Iceberg type, 5 doszen, 4.65084. 15 6 dozen, 3.00a3.25; few 3.50. Florida, 1"&3 _,b;uhzl hampers, Big Boston 2.50: i tona-Supplies moderate; demand light, market firm; New York Michigan, 100-pound sacks, U. 8. No l medium to large size, 2.15a2.25, moally 2.35; Colnudo, w -pound sacks, Val- anch type, U. 1, large size, 1.25. tatoes—Su vpllu moderate; demand modenu, market about steady; Maine, 120-pound sacks, Green Mountains, U. 8. No. 1, 3.8584.00; lfio-poundllckl, Green. Mountains, U. 8. No. 1, 4908 5.00; New York, 160-pound sacks, round whites, U. 8. No. 1, 4.75; Michigan, 150-pound sacks, Russet Rurals, U. 8. No. 1, 4.75; Idaho, 100-pound sacks, Russet Burbanks, U. 8. No. 1, 3.75. Sweet potatoes—Supplies moderate; dmnnd mht, market steady; North Carolina, bushel baskets, Porto Ricans, No. 1, l‘lBll 25; few best, 1.50; nurby Maryland, bushel baskets, Nan icy Halls, No 1,:1 .6581.75; fair qufllty. 1.40a1.50, String bflnfi—.:“fp! light; demand light, market steady; Florid ‘hampers, , ity and condition, 2.7583.50; % hampers, green, fair quality and con- dition, 2.50. 89% | Eggplant—Supplies light; demand . High. Low. Close. % 97% StP & KCShL 4%s. 25 San A & Ar! 1 Seab AL re Seab AL con Sou Pac clt 4: Sou Pac ref 4 Sou Pac 43 rets... Sou Pac 4% 69 ww Sou Ry gen 41 Third Ave adj Third Ave ref 45 60. Tol Tr L&P 5% 30 Un Pac 1st rf 4 Sepo moaso MAb%8T77... 18 lsu n'm sm'w.-:snoru-u 4, ‘Wheel & L Een ¢s. 100% 1003 10015 Wi Cent &7 48 4 and Pacific ports to the Atlantic sea- board has caused these pipe lines to Teverse their flow instead of pum oll from Pennsylvania and District to the seacoast. Gasoline and finished prodi et Lhreugh the same lines from the seaboard interior points for distribution. 'l'hl.l has enabled the wunfir] to absorb the tremendous ex- production of crude oil in Cali- forn!.n with only & moderate disruption of market conditions. (Copyright, 1930.) —— POTATO MARKET. CHICAGO, January 28 (#).—(United States De ent. of Agriculture).— Potatoes—Receipts, 92 cars; on track, 285 cars; total United States shipments, 741 cars; trading just fair, market about steady; Wisconsin sacked round whites, 2,55 to 2.70; Minnesota sacked round whites, 245 to 2.50; Idaho sacked rus- sets, 3.10 to 3.35. More Than a Third of TAYLOR INCREASES STEEL FIRM SCOPE[E Finance Committee Head In- terested in Research and Patent Departments. Spectal Dispatch to The Star. CLEVELAND, Jam 28. — The United States Steel Corporation, ac- counting for 24,500,000 tons of steel an- nually, or 40 per cent of the country’s capacity, is just now beginning to fzel the effects of the new zeal brought to it by Myron C. Taylor, chairman of its finance committee, a banker and a tex- tile man, says Iron Trade- Review. Cyrus Eaton, Cleveland investment banker, is the dominant figure in the New Republic Steel Co. merger, involv- ing 5,000,000 tons of steel capacity, which will be doubled by the addition of companies to be merged with it. A phase of the new flnancial man- agement of steel is the new policy of the industry toward patent rights. The new stainless steels, the continuous roll- ing of wide, flat steel at a great saving, the continuous process for tin plating, the new methods of electrically welding pipe, the rolling of wide structural beams, all involve patent rights. The United States Steel Corporation, giant of the industry, in the past year has taken out two important licenses from smaller competitors. There is scarcely an important producer not now licensed by another maker. Effects of Management. For the stockholders of steel enter- prises financial management should mean greater profits ultimately. Sta- bilization of markets is being effected, new products offered to consumers and the encroachment of competing mate- rials is being met. For the consumer of iron and steel financial management promises to bring better products, more promptly, at lower cost. Finance is bringing a new leweflhlp to steel. . Long a partner in the indus hyé it !!nmned ul&lent ‘while uchnlnl and operating staffs were scoring im- portant advances. Now, at & neemlngly mflpltloul moment, when experimen work has culminated and steel has ths most in years to offer 1n products and in service, finance has been quick to grasp the situation. It has actively ln- Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan Tower Building National 6110-6111.6213 (Telephone Directory Omission) -pproxtmloely = m als, t unds and funds of organizations. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Bullding. Met. 8783, First Mortgage Loans Agplications Invited Glover & Flather 1508 H St. N7W. National 1753 a Century’s Experience Efficiency —in the management of property means an increase in income, a decrease in expense and a supervision that prevents deterioration. Those are the benefits you will enjoy when you put your property under our management, B. F. SAUL CO. National 2100 * * * Service Columbia Building Association Pays 5% 20 Years' Successful Business Without the Loss of a Dime e e $1 or More Will Start Your Thrift Account See Us When You Want a Real Estate Loan . o (Under Government Supervision) 716 11th 925 15th St. NW. * Management Compounded Semi-Annually o resio b !!’N"KNC!KE.’ terested itself in mmumznfi ting the potentialities of fll! e 'Itll:h:hlmolm!’rd!ln assuming new lines and tnmulgu mn is scarcely a large producer it is not attempting ';’mifi."fl'""“ scauiing produciisa” st cts or acquiring luction af strategic shipping points. Research and Patents. Leading independent producers are in roce- of being integrated, and some are ing correlated with consumers. mmrch already broadening, has re- ceived & mjor unpulne ltolll the wide- of patent rights. L nt eanslnm and better- ments are being budgeted, in instances as far ahead as three years. Larger sums have been appropriated for adver- tising and publicity. Consumer require- ments. are being forecast. Finance, is indeed, inspiring steel with a new man- agement, belleved by some to be the most intelligent in several decades. Orders 2,300 Cars, NEW YORK, January 28 (#)—The Chicago, Milwaukee, St. Paul & Pacific Rallroad has placed orders for 2,300 cars with the Pressed Steel Car Co., American Car & Foundry Co., Beten- dorf Car Co, Pacific Car & Foundry, Ryan Car Co, and the Pullman Car & Manufacturing Co. e s A_13 Mon to Loan i Joreg %‘g‘w % tANAHAN & CO. MEMBERS INEW YORK STOTK EXCHANGE BALTIMORE STOCK EXCHANGE ASSOCIATE MEMBER NEW YORK CURB EXCHANGE WASHINGTON OFFICE Hill Building-17th & ISts, N.W. Telephone: National 6997 Edwin D. Flather, Manager Y - | Complete Investment and Brokerage Service Copy of Our “Fortwightly Review” Furnished om Request G. M.-P. MURBHY & CO. Members Nw York Stock Exchange 1510 H Street New York Philadelphia F. B. KEECH GRAIN COFFEE NEW 'flmwm a Yield of.... 1435 K St. First Mortgagé 'Notes With safety—and ON: & LUCH Connecticut at K WASHINGTON Telephone National 9600 Richmond London & COMPANY We maintain complete departments and private wires for the execution of orders in COTTON SUGAR RUBBER H CORNER 17TH ST., N. 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Especially where sought it is safe and dependable —with interest definitely fixed and principal assuredly guarded. supported by Washington real estate which we have carefully appraised. Consult with us. May be purchased in amounts from $250 up. B. F. SAUL CO. MORTGAGE'S income is FIRST MORTGAGES improved 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY