Evening Star Newspaper, January 30, 1930, Page 13

FINANCIAL. BflNflS IRREGULAR @EBONDSE _ INLOWER MARKET flrmor Tendency in Long- Term Money Rates Af- fects Trading. BY F. H. RICHARDSON, Special Dispateh to The Sta NEW YORK, January 30.—Influenced by a slight hardening in long term time money, bond prices worked ir- regularly lower today. The declines, while spread throughout the 1list, were orderly d small. A sprinkling of gains indicated a moderate amount of buying. Weakness in United Btates Government issues and in high grade domestic bonds was attributable %o the shifting of investors from these securities, with their small yields to more profitable lines. This movement is illustrated by an examination of prices of United States Government bonds. The short term $325,000,000 of Treasury notes put out early 1n December at 3% per cent are now bid at 99.16, or lpmximlulu 3.84 yleld. Treasury are 123-32 low ‘their high price of the month. 'n'!uu.ry s bave dro : 1,16 below | cn best_level g of the year. The as‘s are 1: fl dm the 8 (1947) are off 19-32 and the 3%s a fl) have dropped 17-32. high-grade domestic issues the decum has been about the same. Ten p\lbllc utility and mdmm-l lo-u of the highest type show an age high prlue for this month o( 94. 025 and & current average of 92.9. This is a drop of a little over & point. Today the most active of domestic issues was the American Telephone & ‘Telegraph 5s of 1965. These were un- c at 100’5 in a heavy turnover. %flnlon l.uurs of s, due in 1960, were s wn by Canadian Pa- em 4s, Utilities Power & Light 5% and New York Telephone 41is. Con- vertibles were affected by an active stock market and lh'enm.hul erican I. G. cheuied 5138 were “an ‘exception, down 1% poini Coast is- The _company’s nmmx- -ma- ent showed net cnerlfins ll fl""l.ln lm l!i.‘ll 1n 1928 and $592, interest totals lhout 33, 300 MW. Tractions sere still in the upward on Tuesday.. Inter- borough Rapid Transit issues were all active at their highest ‘levels since last Summer. iyn-Manhattan Transit 6s advanced as well. Fisk Rubber 8s rflmdlmnl touching .a new high for the year, and the 5!:s of the same company, traded on the Curb Ex- change, gained over 7 points. The iorelln list was quut. with few S, o mpe, ane: 5 po %l ‘were at their peak at 120%. Italy 7s improved a point from' their recent h lutl for the year. issués tdday totaled only $2.- "flm An auction of $9,000,000 St. Louis Improvement bonds resulted in the a of underwriting to a syn- dicate, hnded by the Bankers' Trust Co. and the Guaranty Trust Co. FARM BUYING POWER AT IMPROVED LEVELS Bpecial Dispatch to The Star. NEW YORK, January 30.-Purchas- ing ‘power “of the American farmer Direct te The Star Office Sales. High. Low. 7 101% 101 UNITED STATES. Tex Corp ov 5a 1944 (Sales are in $1.000.) Sales. High. Low. 32:1 318992 991 ” 5 100 28 10024 100 57 100 31 100 29 100 5 108 103 u 2 1061 10516 106 11101 1101 110 FOREIGN. Saies. Hish. Argentine 63Ju 6. Argentine 63 Oct Argentine5%s62.. 7 Argentine 6s A.... 24 Australia 4% 13 Australia §s Australia 55 Austria 7 Wll'url.h 68 45 Western Elee Westn Union White Eagle O Wick-Spen cv 1, Wilson & Co 18t 6 Win Repeat Ar 7 Youngstn S& T §s. 21 RAILIOAD. Atchison gen ¢s. . Atch deb 4% 843, At & Bir 4833 Atlantic C L 1sf Atlantic CL 4348 64 2 B&Ocviys s 1944 US4y 8. 100% 92% 133% Belgium Belgium Belgium 7s 1 Bet Steel Boston & Maine Bklyn Manhat 6 Can Nat4%s Ches & O Corpn Ches & O gen ¢%s. Ches & O 4%s93A. Ch&O4%sB1995.AM Chi&I 111 gn 68 51. Chi Gt West 48 59.. CM & St P Get l Chi MIISP&P; 75 CMSP&Pac adjbs03 29 Chi&NW conv ¢% s 105 Chi&NWT Chi Rys 6s. ChiRI&PTrf ChiRT&P4Ys Chi St P&O 6s 30. Chi T H. s. 13 1041 7 105 19 8% Finland 7s. 6 99 Framerican German El P 648 Ger Gen Elec 78 SeB oS nnmnennBen DRG& Wst 5378 East Tenn Va&Gats 5 Orlent dev 5% 58... Orient Dev'mt h 53 104% 109'% 95% 108% Paris Orleans 638, 10 100% Peru 63 1960, . Peru 63 1961..... 52 Int & G Nor adj B IntRysCASs... Int RysCA 6s 1. Towa Central ref 4 Kan City Ft S 48 % 8% Saxon (PW) 17 954 954 stands at a higher level now than at any time since the period immediately following the World War, according o ® survey made by Pask & Walbridge. dustry, Accompan; an - anal; uflulmm t firm points out that ying lmpkmt hmou -uflered less severely as a re- sult of last Pllll securities deflation than did the public in general, and that 1930 should see an abnormal de- mand n;r (urx: machinery. “Despite the smaller crop in 1929, sales of hine Washington s.tock Exchange | A SALES. AFTER CALL. Merchants’ Transfer & Storage pfd.—5 at 10035, » at 83. m.fifll cs‘-—umnl —b 8t 108. _MMWM ., Balto. & Annap com.. + Balto, & Annap pfd... NATIONAL BANK. t TRUST COMPANY. sarity & Trust Ce. o b E e o R Fervs Seine 18.42... Serbs Cr Slov Serbs Crot Slo Kansas City 8 (99K, PO 29 26% 98% 8T% N T Man Ry 1st 43 90. 2:15. 101% Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. One of the odd quirks of the tariff wmhovenv came into the discussions this week, when Senator Smoot, in the course of a routine action, present- ed and got mdopted an amendment abolishing countervailing duties on com- modities enumerated on the standing free list of imports. The action was ited by th- State Department. ‘hour vote the coal industry of the Unlud States decided, somewhat to the astonishment of many of its operators, that it was in danger of being rather seriously hurt by the step. It is & llHKllln hct thlt though the United 15 test coal lucer among the nlflons and ex- ports or furnishes ship bunkers with about 40,000,000 tons per year, which means that l tariff on coal has never been st in the regular way, munurv-mn roucuon seems to be demanded. country has been willing to let ln coal from anywhere in the world free, provided the country !l of origin le~ied no tariff on the Ameri can product. Under this arrangement American co‘l is. moving free of duty into nearly 1 portions of the world, exeept Can- dl which country imposes a duty of 50 cents per ton on ‘the American product, and consequently incurs a like ducl-on its codl exports to the United Under - the balance in trade bullt up by this equalization of duties, Canada, though an importer of Ameri- can coal at most points, has developed a big coal mpl{ to New England from Nova Scotia mines, and another im- f portant trade to Northwestern States from mines. The American producers from West Virginia northward, and clear across the country, say that the aboli- tion of the countervailing provision would cut into their markets to the extent of millions of tons, In a memorandum immediately got- ten out by the National Coal Assoc tion for eirculation among Senate mem- bers, it is complained that “No person engaged in the bituminous mining in- dustry was given any notice of the pro- posed action or any opportunity to pro- We Solicit THE DAY Our Rental Department is Most Complete and 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. Efficient. Alberta and Rrit'sh Columbia | Mr. inst l'-." and thu it is ‘ml randum _continues. give Canadian mines almost exclusive control of the markets of the Pacific Coast and the border States and rectly affect every American eou.l-pm- ducing fleld 'hll:h now_sends coal into either Canada or the Northern States|ing évery lan line.” bordering on the Canad! It is considered rather certain that the Senate action will be rescinded, |the though in the complex economic situa- tlen! upon which the tariff impinges there are always doubtful points. From the point of view of the State Deplfl- ment, the countervailing provisions a) Al plying to commodities which are on the American free list interfere sometimes annoyingly with attempts to negotiate commercial treaties. Also nther few of the countervailing provisions are re- garded of importance by the producers of the commodity to which they apply. | Wil But the protest from the coal questionably places the impost as to that product on a different bull. Fenton B. Turck, vice president of the American Radiator Co. and head of the national building survey confer- ence, spent time in ashington this week closing up lines of organzation in the campaign of the country’s material men to stimulate building expenditur in the country during the coming ye: All of the principal organizations fected by building have linked the: selves in the endeavor ngc some W sure behind an effort te building started early, whlch u one of the supplemental enterprises President Hoover suggested in calling wgeum- business leaders of the country. Inquiry since the survey was set on foot has disclosed one interesting fact, Turck commented, which is that in the lut eight weeks the reserves of build; nd loan associations over the tnde un- ted to local bul in totals available for the purpose is, naturally, gratifying to the industries which utilize them. “There is a widespread willingness to co-operate with any sound efforts we have tried to de veon," Mr ‘Turck said the Rental Management of Your Property Whether Apartment, Residence or Business Prompt Collections RENTS REMITTED CONSISTENT RECORD In choosing a channel for in- vestment you can select our 6Y,% FIRST MORTGAGES of his activities. “The basi are confronted with is pmnerly to allo- RECEIVED Phone Decatur 3600 CAPITALIZE ic purpose we | || cate sesponsibilities and duties to indi- grest industries—sutomobile manufac- vidual factors which are so important |ture and steel where production facts mdhb 1h¢ general prosperity program.|are well organized sre known to have mummmunm:hwn recovery from “e %+ 1t "would | bjal es nt Hoover this week from the Labor Department incorporate the es- timate that in mid-January lndlu'.rm plan pay rolls had 3.3 per cent more workers on them thm were listed at the ths ow ¢ M 1! arrived at be- How thi comes a mm« of interest in view of the occasional questioning of the find- . There is no complete account of emrlflymmt. in the United States and be none until next April, when the Census Bureau is chas with making & definite find! However, for some years the Labor rtment has kept a complete record of the numbers of workers employed at several thousand representative plants, The returns from th-u concerns have sought more ainenr.ly during recent weeks, because terest in the progress of bunnul, md in a considerable number of in- stances have been put on a weekly It ic agreed that the findings from these individual institutions are not as sufficient a quantity of data as would be desired, put nevertheless the hrople mm concerned with them ins! give by far the best representation situation that can be had. It is opinion that the country is not en- countering a serious amount of unem- ployment this Winter. At least two Organized n IQI 4 3% COMPOUND INTEREST PAID ON SAVINGS OFFICERS: GEORGE W. WHITE, P O. H. P. JOHNSON, A. A. HOEHLING, Vic Trust Officer & Gen. c-nnnl. C. F. JACOBSEN, Cashier R. P. HOLLINGSWORTH, Asst. Tr. Officer C. E. BRIGHT, Asst. Cashier A. H. BEDFORD, Asst. Cashier C. L. ECKLOFF, Asst. Cashier . National Capital, Surplu.r and Undivided Profits, Oz FINANCIAL. mm YORK. Jan nw m—n-vy cthmu 13 to w.m«u&:‘&‘fi” tn”. “AN OPPORTUNITY” to provide for a future of financial independence through the best known me:ns—mvestmg your sav- ings, or your surplus. Let this organization guide you in the selection o¥ safe in- vestments, We Recommend First ‘Mortgage Notes Yielding 61/2% Promptly HANNON- & LUCH 1435 K St. NW. OLDEST National Bank in District of Columbia You Don’t Have to Be a Big Depositor —to enjoy the many advantages at the dlsposal of “Metropolitan” customers, The prestige of association ‘with the ,dean of Washington’s na- tional banks is as available to Payday and other individuals with small checking accounts, as to big business firms and corporations. { You're invited to join forces with us THIS ‘PAYDAY. Open Until 5:30 P.M. January 31st DIRECTORS: Arthur T. Brice Arthur A. Ql'hlrl.n Walter Brownley hor Walter R. ?:eknmm John C. W ch? A. Wllllr‘, 2nd Wimsatt Geo. W. White Metropohtan Bank er $2.300,000.00 Kcllt y I Leonard a 15th St., Opposite U. S. Treasury—116 Years Old MISCELLANEOUS. Abrama&Straus 5%s 10 98 Alleghany 63 49.... 5 99% %e 4 103% 146 101 44 9% 9 100% 13 104 A & Potomac R. R. 55—$1,000 Am Tel & Tel §%.. Am Water Wks bs. ., Am Wrtg Pap 68 47, Armour&Co 43 s 39 Armour Del 5% Atl Gulf bs 59 Bell Tel Pa 55 B, Bell Tel Pa 58 C Bethiehm Stl pm b Beth Steel rf 58. Bethlehem Steel 6 Certn-Td 53 s rets East Cuba Sug 714 Fisk Rub 8s.. Gen Cable 5% 47 Gen Mot Ac Cor 8s. Gen Stl Cast 5% s 41 Goodrich 63 Goodyear §s ret: Humble O & R bs. Humble 0 & R w.- 111 Bell Tel 6a. McC'rmick ER 6334 2 100% Midvale Steel Montana Pow 43. 1 100% Mor's & Co 1st 433 10 82 Nat Da.ry 5% Nor Ohlo Tr&L Nor States Pow Read Phillips Petro Por Ric Am Tob 6 Postal Tel &C § Punta Alegre 7 Rem Rnd 6% war, Sinelair Crud, Sin Pipe Line 80 Por Rico 8 Southwest Bell 6s. . 1Stand ONINJ ¢8... Stand Of1 N Y 4¥a. ***** TennCop 68 B 44... M!11 El Ry&Lt 4% - 8 BoBuneewreon=s aara Mo Pac 5343 49 ovi. NYT&MSY%s N Y Cen gen 3% N Y Cent 4s 98. Cen rt 5 - B 22200 mimm e » g g FEES e Sarnn wuBeBoalenlunenles- ZZZZLLLZ L2 '4-1'(7 ) s Penna Gold 7s Pere Marq 1st A RIATk&L4%s... StL IM&S gn StL& S Fpl B murnea St L&SW con 45 u. StL S WE5sb2 StP & KCShL St P Un Dep b San A & Arn P . RS Rmenamannd SBAllFla6s35 B - - %0 we=See Sou Ry Mo &0 ‘Tex & Pac 5s B 1977 Tex & Pac b3 C 'IL. Third Ave ref Union Pac 1t Union Pac 48 Union Pac 4% Un Pac 1st ref § Virginia Ry 18t ‘Wabash 1st 5. ‘Whash §%8 75, West Md 638 77. West Pacific b Wis Cent gn 43 49 VIRGINIAN RAILWAY co. REPORTS FOR YEAR 1929 Preliminary Teport of the Virginian Rallway Co. for year ended December ||| 31, 1929, shows net income of $5,752,784 | | after taxes and charges, equivalent atter allowing for 6 per cent preferred dividends, to $13.03 « share on 312.715 9% | shares of comm k. This com| on stoc pares with $4.337471 e 88 a share on common in 1928, Statement m December months compares as follows: with ' confidence inspired by their consistent record of more than a third of a century with- out a loss to an investor — in interest or principal. Over a Third of a Century Without a s May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY Interest Paid on Large and Small Accounts Ever-Growing Patronage Means Satisfactory Service WE enter our sixty-fourth year of public service with a larger famlly of depositors than ever —convincing proof that ¢ustomers of all types find here the attention and security they deserve. {YOUR PAYDAY and ‘other funds can. have no better custodian than this strong, old bank. Open Until 5:30 P.M. January 31st for Payday Depositors’ Convenience OFFICERS: WILLIAM D. HOOVER, President. B WOODBURY BLAIR, 1st V. Pres. .'c%- ROZIER' D ar. NKLIN BE FRANK W. STONE, 2nd V. Pres, 13 FRANK STETSON, Trust Offcer. CHAS. C. LAMBORN, Treasurer. TV, Same Rate of CRITICAL PERIODS OF PROSPERITY J CUTTING THE C SWARTZELL. RHEEM anp HENSEY co. MORTGAGE BANKERS . 727 IS STREET .N.W. WASHINGTON 0.C5 ISING grotesquely out of the plains, where buf. falo had roamed pre- viously, was a small derrick—- the first oil well in Texas. It had been built by the faith and courage of a new class of American - pioneers—the pio- neers of modern mineral pro- duction. . Following the - depression of 1884 men saw that the funda- mental opportunities for wealth lay in developing the country’s new resources . . . All over the country the crust of the new empire was being cut—men were going deep into the earth, extracting by new, efficient processes the iron, copper, coal and petroleum that lay hidden « ++ From 1880 to 1890 mineral production rose from $369,000,- 000 to $619,000,000. The wealth of the country was being put to work pro- ducing new riches . . . Just as today, following the stock market crash of 1929, the funds of investors are return- ing again to the only safe and nonfluctuating securities—those based on necessary develop- ment. Among the leaders in such securities are 6 per cent First Mortgage Notes sold through Swartzell, Rheem & Hensey Company. Investment in the country’s underlying prosperity atlonal Savmgs Year N U] . %fla aatt S F i & Trust Co. 64v Oldest Savings Institution in the District of Columbia Capital and Surplus, $3,600,000 » Cor. 15th and New York Ave. . Seey, has always ht steady, substantial returns— many of Am 's great fortunes have been Hll on this foundation. Td-y, after the wild market of 1929, as we are re- turning to wor our Iundn in the one fundamental factor which has never fluctuated - with the mlatwc wind—necessary develop- ment of land valu