Evening Star Newspaper, February 1, 1930, Page 13

FINANCIAL, ™= FRIDAY DISCUSSES BOND PRICE TREND Economist Tells D. C. Club Market Is Influenced by Reserve Policy. BY EDWARD C. STONE. ‘The policy of the Federal Reserve Board dominates the trend of the bond market, David Friday, economist and writer, told 80 members of the Wash- ington Bond Club at yesterday's monthly meeting at the Carlton Hotel. ‘The Reserve Beard's policy is by far the most important fac- tor in bond prices ~—more important than all other fac- tors put together, 29 speaker assert- on the erll lu- serve open-market policy in the mat- ter of purchase lng sale n!u bonds . and acceptances,” Samuel M. Thrift. he said. The price index of bonds has moved in a most in relation ml:l:! back to 1920 and presented with review the curve in bond prices. Among other factors to be considered in connection with bond prices, is the present business recession. Dr. Friday expressed the jon that this will be severe but brief, much the same as it ‘was in 1924. January output was higher _than December’s, mfllufing that the worst may already be behind us, he said. The reason he believes the busi- ness recession will be shortlived is be- eulle there is nothing !undnmenully wrong. In amplification of this asser- tion he added: “Pirst, commodity prices did not go up during the business boom. In fact, were actually lower in 1929 than un or 1921. in the management nnd r e matter of cost product! “Thirdly, there was no u(hhnlnz of the fundamental credit situation as re- . necnd by the Federal Reserve Board's The meeting was one of the most in- hrenln‘ yet hlld by the Bond Club. ‘The attendance—81, to be exact—was close to the record. ‘Thrift Unusually Young Cashier. Samuel M. 'rhrm, who was recently cashier of Pranklin National Bank, becomes one o youngest bank cashiers in Washin . Mr. Thrift was born and reared in the National Capital and has never worked anywhere else; in fact, has never worked outside the four walls of a bank. He started his banking career with the old Merchants & Mechanics Sav- o history. A 'l'h‘r‘l?t me connected with the United States Trust Co., afterward joining the staff of the United States vings Bank. a‘!!l first position with the Franklin National was as a teller. Some six years ago he was advanced to assistant cashier and '? elllgl';l:r ;ME the directors organized for . He & graduate of Technical High School, has a very pleasant persannllty and :xia’j.oy! mnnfir contacts in the financial President Thomas P. asked to be relieved of part of hlx duties. Tax Cut Will Help Stocks. Business profits in 1929 for the sum total of industrial and merchandising corporations, railroads and utilities, should be 10 per cent over 1928 and the highest ever achieved, even allow- ing for the slowing down in the last quarter, says the American Eankers' Association Journal. In 1930 these profits might very likely recede by 10 to 15 per cent. Th: cut in the tax rate will allow eorporations to retain 89 instead of 88 per cent of their profits for dividends or surplus and thus automatically in- crease the net profits as reported by over 1 per cent. ‘This will increase the earning power of stocks and the security beliind bonds, both of which should enjoy octter mar- kets this year in view of the liquidated cfedlt structure and normal interest n.nnn Hear Routine Reports. At the meeting of the council of ad- ministration of the District Bankers' Association late yesterday, many rou- tine matters were discussed and some suggestions made regarding the work of the new sections. The committees for the next annual convention at Ash- are nearly completed and will be announced shortly. The association’s insurance commit- tee will have a meeting next Friday. Prederick P. H. Siddons of the Ameri- can Security & Trust Co. is chairman of this group. Many bankers attended the meeting of the rative Building Association, at 2400 Sixteenth street, last night and heard an interesting summary of the g"uenz bullding situation in Washing- The association’s monthly bulletin, ‘which appeared this week, contained a summary of the activities in the finan- clal district and several recent court decisions of importance to the banking fraternity. Leaves Banking for Advertising. Col. E. J. W. Proflitt, (or many years active in the investment banking busi- ness in New York, Baltimor: d Wash- n, is returning to the advertising field on February 1 as vice president of Dorrance, Sullivan & Co., Inc., New York advertising agency, and has re- signed as president of the Investing Corporation of New York, which office he has heid since 1925. Col. Proffitt remained in Govern- ment service after the war with the United States Treasury Department as executive assistant to Gen. Charles G. Dawes, director of the budget. Returning to civil life in 1923, he be- came manager of the Baltimore district office of S. W. Straus & Co., New York and Chicago investment bfnkers. On invitation of Admiral Leigh C. Palmer, then president of the United States Shipping Board Emergency Fleet Corporation, Col. Proffitt again returned to public service as Admirai Palmer's executive assistant at Wash- ington, with the title of assistant to the President. McNally Joins Advertising Firm. Associate Advertisers, Inc., with offices in the Tower Building, announced to- day that the firm has enlarged its busi- ness and made James J. McNally man- ager of a department which will fea- ture the advertising of public utilities and allied industries. Mr. McNally has recently been connected with the Wash- ington Railway & Electric and Potomac Electric Power companies and is well known in the local financial district. fecemper profit of American Ice Co. and subsidiaries was $89,896 after in- 'Aru“ it, but before dlgnpm‘\“k’ncn ;?%zged- taxes, comparing with $1 December, 1928. Net ndw-y operating mwm of the Pennsylvania Railroad established an all-time record in 1929 ‘at $133,139,- 826, which compares with $117,297,686 in 1928, with $103,977,303 in 1927 and with $106,423,757 in 1926. Childs 1929 earnings $2.56 a common $1,80 a share (including rom sale of Savoy-Plaza hold- it i ) in 1928, which last week h‘ box cars, has asked according um nfl-‘ bids on 2,000 cars, T HE EVENING STAR, WASHINGTON, D. C, SATURDAY, FEBRUARY 1, 193 NEW YORK STOCK EXCHANGE Received by Private Wire Direct tc The Star Office. ~Prev. 1930.—~ High Low. Stock and Dividend Ra 33% 22 Abitibi Power & Pnp 62 45 Abraham Strau: 29% 234 Adams Expr (1 IO)- 23% 23 Adams Millls (2). 23% 11% Advance Rumley.., 1 Ahumada Lead..... 118 Alr Reduction (3) 21 Alr Way El AD(!%). 1% Ajax Ruboer. 714 Alaska Juneau. 23 Alleghany Corp..... 951 Alleg Corp pf (5%).. Allied Ch & Dye(n§) Allled C& D pf (7).. Allis-Chalmers (3). . Alpha Port Cemt (3) Am Bank Note (13). Am Beet Sugar. Am Bosch Magneto. Am Brake Shoe(2.40) Am Brown Bov Elec. Am Brown B E pf(7) Am Can (4).. Am Car & Fay ( Am Com Alco(n1 60) Am Encaustie (2)... Am European See Am & For Power. Am&Forn Pwr 2d pf. Am Hawallan S 8 (2) Am Hide & Leather. . Am Home Prod(4.20) Am Ice Co (14). Am International (l) Am La F & Foamite, Am Locomotive (8). Am Mach & Fdy (7). Am Metal (3) Am Power & Lt (31) Am Pow & Lt pf (6). Am Ra&Std San 1%. Am Republics. ...... Am Rolling Mill (2). Am Safety Razor (5) Am Seating (2)..... Am Sm & Ref (4). Am Snuff Co (13%4). Am Steel Fdy (3)... Am Stores (2).. Am Sugar Rfg (§) Am Sumatra (3) Am Tel & Tel (3).,, Am Tobacco (8) o L= {00 PAIVIN - Sy - » weaBeSaa 9 a and BeaRE Wks (n1) Am Woolen. .or Am Writ Paper clfl. Am Writ Paper pf (3 Am Zinc Ld & Sm... Anaconda Copr (7).. Anaconda W&C (3). Anchor Cap (2.40) Archer-Dan-M (2) Armour Il (. Armour Il (B), Armour 111 pf (7). Arnold Constabl Asso Dry G (2%)... % Atch T & S Fe (10).. AtIG & W Indies. ... At1G & W Lipf (4).. 4 Atl Refining (12). Auburn Auto (§4) Austin Nichols. Aviation Corp Del... Baldwin,Loco (1.76). Baltimore & Ohio (7) Bang & Aroos (33%) Barker Bros(2). Barker Bros pf( Barnet Leather. Barnsdall. A (2) Beatrice Cream Bendix Aviation (2). Best & Co (2). e 8- TP [PPSO -FURPAYE (= JOroP » Bon Ami A (4) Booth Fisherie Booth Fish 1st Borden Co (k3). Borg Warner (4, Bucyrus Erie (1), Bucyruscv pf (2%). Budd (EG) Mfg (1). Budd Wheel (1) Bush Term (g2) Eutte Copper & Zi Butte & Superior (l) Butterick Co. Byers (A M) Byers (A M) Calif Packing (4). Callahan Zine & L. .. % Calumet & Ariz (10). Calumet&Hec(a4%) Canada Dry G A (5). Canadian Pac (10)... Cannon Mills (2.80). Case (J I) Co pf (7). 54 Caterpillar Trae (3). 62 Cavanagh-D pf(6% 35% Celotex (3) 25 Cent Aguirr 34% 30% Cent Alloy Steel (2). 800 279 CentRRofNJ (+12) 65% 5914 Cerro de Pasco (). . 13% 11 Certain-teed Prod. 44% 36 Cbecker Cab (4.20).. 215% 203 Ches & Ohio (10).... 691 631 Chesapeake Corp (3) 47 36 Chi&EastIllpf.... 15% 13% Chi Great Western. . 25% 24 Chi Mill St P& 45% 41% Chi Mill St P&Pac pl 87% 84 Chicago& N W (5).. 32% 22% Chl Pneu Tool. ...... 53% 51% ChiPneu T pf (3%). 119% 114 ChiRI& Pac (7).... 28% 27 Chi Yellow Cab(3).. 62'% 57% Childs Co (2.40) 88% 33% Chrysler Corp (3) 10% &% City Stores (1), 41 32 Cluett Peabody (5).. 145 133% Coca-Cola (4).. 50 48% Coca-Cola A (3)... 26'% 14% Collins & Aikman. 47% 36% Col Fuel & Iron (2)., 84% 70% Col Gas& El (2)...,. 107 104% Col Gas & El pt A(6) 31% 24% Columb Graph (87¢c). 194% 1684 Columblian Carb (16) 30% 23% Com Credit (2).,.... 12 39% 31% Comm Credit A (3).. 1 24 22 Com Cred pf B (2)...1008 81 76% Com Crd 1st pf (6%) 50s 47% 364 Coml Inv Tr (g1.60). 32 31% 27% Comm Solvents (1).. 80 15% 12% Comwlth&Sou(60c). 49% 48 Conlle Nast Pub (2). 13% Congoleum-Na 73% 67 Con Cgrprpfx whig 23 16% Consol Film (2).. 111% 96% Consol GasN Y (1) 1 Consol Textile Y Container Cor A 1.20. 6 4% Container Corp B 46 39 Contl Baking A. 65 5% Contl Baking B, 90k 88 Contl Baking pf (8). 5615 50% Contl Can (2%) 305 28 Contl Dia Fibre (3 6674 59 Contl Insur (2.40) 6% 5% Continental Motor; 23% 21% Contl Oil o . 33 27% Contl Shares (1)..... 95% 8714 Corn Prod nlm. 29% 24% Coty Inc (82).... 29% 26% Cream of Wht(12%) 22 10% Crosley Radio (1)... 53% 43 Crown Cork & Seal. . 9214 86% Crucible Steel (k5).. 2 110% 110 Crucible Steel pf (7) 1108 1 % Cuba Cane Su‘u. 13% 9 CubaC Cudahy Packing (4). 115% 114% Curtis Publish p£(7). 84 6% Curtiss Wright Corp. 15% 13% Curt Wright Corp A. 66 64 Cutler-Hammer 34% 28% Davison Chem 100 Duquesne 1st pf (5). 194% 175% Eastman Kodik (18) 36% 27% Eaton Axle &8 (3).. 934 7% Eitington-Schild,,.. 1 196! 16 36 193% 35% ~Prev. 1930.~ High. Low. 5% 60% 108% 5% 5 % 109% 48% 41 60% 37 23 9% 39% 25% 95 84 378 364 1Tl 334 4% 49% 106% 69% 4 3% 107% 394 39% 564 35 18% A% 20% 20 o1 % 324 29 65% 20% 50% 3 13 37 60% 1614 38% 3% 12 Stock and Dividend Rate. Electric Boat. ElIPwr& Lt (1). El Pwr & Lt pt (7).. Elec !mnn Bat (l) Elk Horn Coal, . Emmerson-Brnt A. . Endicott-John pt (7) Eng Pub Serv (31).. Equltlhll Blag (2%) ErleRR....... Eureka Cac Cl (4). Evans Auto L(Xf*). Fairbanks Co. Fairbanks Co pf. Fash Park Asso (2% Fed Lt & Tr pf (6) Fed Motor Tr (80c. Fed Water Ser A 3. Federated Dept Strs. Fid Pho Fire 1(2.60). Firestone T&R(1.60) First Nat Strs (3 Fisk Rubber. Follansbee Bro Foster Wheeler fl Fox Film A (§4). Freeport, Texas Gardner Motor. Gen Amer Investors. Gen Am Inv pf (6).. Gen Am Tnk Car(34) Gen Asphalt (4)..... Gen Cable A (4). Gen Cigar (4). General Electric Gen Elec spec (60¢). Gen'l Food Corpn (3) 4 Gen Gas&EIl A (te2). ] ll'lVl 82% Gen Mills pf 6) 2 Gen Moto VI "). .1108 Gen Motorspf (7)... 41 Gen Outd Ad vte (2). 3 Gen Public Serv (b§) Gen Ry Signal (5)... Gen Refrac (t4%) Gen Theat Equip vts Gl Saf Raz(n). Gimbel Brothers. . Gimbel Bros pt (7).. Glidden Co (h2). Gobel (Adolf). 28 Gotham Silk H (l*) 3 Gotham S H pf (7).. 30s Graham-Paig . 4 Granby Copper Grand Si1 4 Grand Stores (1) 2 Grand Unfon........ 2 Granite City Stl (4). 1 Grant (WT) (1).... 18 GrtNorthpfet (5).. 1 GtNctfsOP (a3%). 3 Grt West Sug (2.80). 1 Grt West Sug pf (7).100s Grigsby Grunow (2). 24 Gulf Mo& N pf (6).. 1 Gulf Sta Steel (4). 2 Hahn Dept Stores... 40 Hahn Dept S pf(6%) 2 Harb Walker Ref (!)100. Hartman A (2).. Hartman Corp B 1.20 sa Hav El Rwy pf (6).. 20s Hawalian Pineap(3) 2 Hayes Body......... Hershey Choe (5)... Hershey Choc pf(t5) Hershey Ch pr pf(6). Hocking Val (10). Hollander & Son. ... Homestake Min (7). Houdallle Her B (2). Household Prod(t4). Houston Ofl........ Howe Sound (143%).. Hud&Man Ry (3.50 Hudson Motor (5)... Hupp Motor (£2) Ilinofs Central (7) Indian Refining. Indian Refining et. Interboro Rap Tran.. Interlake Iron (1) % Intl Agricultural Intl Bus Mach (ni Intl Cement (4) Int Combustion. Inter Comb Eng p! Intl Harvester (2% Intl Harv pt (7) Int Hydro E1 A Intl Mateh pf (4) Intl Mer Marine % Int Nickel of Can (l) Intl Pap & P A (2. Intl Pap & Pwr B, Intl Printing Ink (fl % Intl Rys Cent Am. Int Salt (6) Intl Silve; Dept 8t (2).... Dpt St pf x w(7 Laugh pf(7) Jordan Motor Car... Kan City Sou (5).. Kaufmann)D 8 (l“) Kayser Jullus (4)... Keith-Albee-O pf (7) Kelly-Spring Tire. Kelsey Hayes (). Kelvinator Corp. Kennecott (5). Kolster Radlo. Kraft PhCh (1 Kresge(SS)Co(1. Kreuger&Toll (1.34 Kroger Gr&Bak(n1, Lambert Co (8). Lee Rubber & Tire Leh Port Cem (2%). Lehigh Valley Coal. . Libbey Owens (1)... Liggett & Myers(t5) Liggett&Myrs B(16) Lima Locomotive... 4 quuld Carbonie (I). Louisiana Ofl Louls Oil pf ( LouG&ELA (1%) Louls & Nash (7) Ludlum Steel (2). McK'port TP (14%). McKes & Rb pf McLellan Store; Mack Trucks (6) Macy (RH) & Co(n2) Madison Sq G (1%). Mallinson & Co...... Man Elec Supply.... Man Elev mod (d5).. Marlin-Rockwl 143 . Marmon Motor (4) Martin-Parry. . Mathleson Alkili (3). May Dept Strs (n3).. Maytag Co (13) . Meiville Shoe (3).... Mengel Company (2) Mexican Seaboard. .. Miami Copper (4). .. Michigan Steel (23). Mid-Coutinent P (2). Miller Rubber. Missouri Pac pf Mohawk C Mills (3 Monsanto Ch (1% 11 Montgomry Wrd (3). 275 Moon Motors Mullins Mfg. . Mullins Mfg pf MurrayCor(b2 %stk. Nash Motors (6) Nat Distillers (3). Natl Lead pf A (7) Sales— Add 00. High. Low. 26 6% b4 i 36 139% Prev. Close. Close. 64 4N 60% 59 108% 108 5% PINANCIAL.’ 1 STOCKS GO HIGHER | [ wone BONDSmocx mcanca] |BONDS IRREGULAR IN BRISK TRADING Market Again Forges Ahead, Absorbing Week End Prof- it-Taking Sales. BY GEORGE T. HUGHES. 23“‘ Special Dispatch to The Star. av. 364 354% 30 Sl 19 43 66% 0% 02 ISV 9314 '! NEW YORK, February 1.—Absorb- ing the usual week end realizing, which had been expected to press particularly heavy on the market, because of its recent substantial advance, stocks moved up again today under the leader- ship of the communication shares. ‘The first hour trading was at ir- regular price changes, but before the close the advance had been resumed. Western Union was the first of the communication stocks to respond to in- creased demand. American Telephone & Telegraph swung jnto line a little later and there was more short cover- ing in International Telephone. Both Western Union and American ‘Telephone made new 1930 highs and the strength in these two stocks stimu- lated the rest of the list. Most of the utilities were higher. but demand centered about Consolidated Gas at the best of the month, Standard Gas & Electric and American & For- eign Power. New York & Harlem. New York & Harlem, in which the unit of trading is 10 shares, had another spectacular upturn, following its gain of 47 points on Friday. The stock closed at 265 on that day and was bid ap over 35 points more today as it crossed the 30 mark. A demonstration in this stock is always accompanied by reports of developments in the attempt of the minority ~shareholders to revise the lease with the New York Central. Hudson & Manhattan, which at- tracted attention Priday by its sudden display of strength, forced ahead into new high ground today. There was again & heavy turnover in Allegheny Corporation, still without much change in price. New Haven was in demand for a time, but many of the r‘lll eased somewhat during the general realizing. Most of the the dm. the standard industrials fluctuated within a narrow range, consolidating the gains of the week. This was true of U. S. Steel and General Electric. However, East- man Kodak was taken up and Colum- bian Carbon and numerous lower- priced stocks were made the objects of lish activitles. There was a good market for the oxll. although they made llma gu was predicted At- ( would make a favorable Lhowln: in its annual statement, even allowing for some falling off in fourth- quarter earnings. Buyng in Motors, As the session drew to a close hu(e buying orders in the motors made their appearance. Chrysler and General Mo- tors were taken in lots of from 5,000 to 10,000 shares, and the latter went to & new top for the year. Along with this activity in the automobile stocks there was quiet buying of Mack Trucks, also at the best of the month. An- other feature at the end was the re- covery in United States Industrial Al- cohol. The close was strong. ‘The turnover was larger than on any Saturday in a long time. Corporation News * NEW YORK, February 1.—The fol- lowing is today's summary of important corporation news, prepared by Standard Statistics Co., Inc,, New York, for the Assoclated Press: News Trend. Week end reviews of trade note further improvement in industrial activity. Although betterment in the steel industry is not represcntative of the situation in general, it does indi- cate improvement in other manufactur- ing branches, especially automobile pro- duction. Weather conditions have been decidedly adverse to activity in the building trade and have hindered to some extent wholesale and jobbing business in the West. Bank clearings for the week at lead- ing centers throughout the country totaled $9,680,402,000, a drop of 23.6 per_cent_below last year. Exchanges at New York City were $6,555,000,000, a decline of 26.9 per cent from a year ago, while clearings at other principal cities were $3,125,402,000, or 15.6 lower. All cities reported showed declines. The Companies. Allis Chalmers Manufacturing—Pre- liminary 1929 earnings $3.79, against $282 in 1928, on common shares. Orders booked December 31, 1929, totaled $48,493,817, an increase of 35 per cent over 1928. American Founders—Income from in- vestments only for year ended Novem- ber 30, 1929, was equivalent to 27 cents on common stock. Profit from sale of securities for year was $17,609,949. American investors’ income from in- vestments only, equal to 11 cents on class B stock in 1929; indicated loss on securities held $2,073,981. Atchison, Topeka & Santa Fe net December, 1929, off 44 per cent; year 1929, up 25 per cent from 1928. Burroughs Adding Machine declares quarterly dividend of 25 cents, placing stock on $1 annual basis, formerly 80 cents annually. hain store stocks earned 68 cents a share on investment income in 1929; indicated deficit for year, including loss on securities held, was $4,692,465. t $3.26 in 1928, euned $2.56 on common 1929, against a loss of u 12 a lhna in 1928. Cleveland Electric muml.munl g:;ned $4.26 in 1929, against $3.23 in Denver & Rio Grande Western earn- ed ,$20.86 on preferred shares in 1929, against $11.96 in 1928. Devoe & Reynolds Co. earned $4.52 on combined and B common shares in year ended November 30, 1929, against $5.95 in like previous fiscal year. Duluth Superior Traction earned 85 cents on preferred stock in 1929, against §: in 1928. Federal Knitting Mills earned $5.06 in 1929 l’lh‘lt $5.29 in 1928. Gulf Oil subsidiary meets new gaso- line prices of Standard Oil of New York recently put in effect in New York and New England States. International Securities income from investments only in 1929 equal to 21 cents on Class A shares; indicated loss on securities held $1,665,000. International Telephone & Telegraph earned $3.01 in common shares in 1929, against $3.42 in 1928, Lane Bryant, Inc, earned $2.14 in six months to November 30, 1929, against $2.33 in 1928 on common stock. Market Street Railway earned $2.52 rxl;l lprlor preferred in 1929, against $1.12 Mayflower Associates income from in- vestments only in 1929 ezull to $2.63 on capital stock; indicated loss on se- c\lr"lel held $775,776. National Aviation income from in- vestments only in 1929 equal to 41 cents a capital share; indicated loss of se- curities held $: 315,00& less Motor Oar earned 20 cents in quarter to December 31, 1929, l‘ll.nl". a loss of $545,622 in 1on e Pm:'fio‘ against $1 " in ;:zl' year A Phelps Dodge Coxmmn to reduce per cent at copper pmducuun 5% | Morenci -~ smelter. oumut has been 37% 37% 189% 139 5,100,000 monthly. Pittsburgh Steel urned $3.15 in six monnu to December 31, 1929, against $5.43 in like !-nmhco.nlnlmum UNITED STATES. (Sales are in $1.000.) Sales. High. Lib3%s..... 5 992 Lib 1st 4%s. Lib 4th 4%.. US4s1944., US4Y% 53... 7101 FOREIGN. Low Close. 992 992 79 100 31 10030 10031 100 80 100 30 3 10612 1064 1064 11 11012 1105 1105 Sales. High. Low. Close. Argentine 6sJu 1 Argentine 534 3 Argentine May 61.. 1 Argentin, Australl Australis {ie 8¢ Australia b8 191 Austria 7s. Bank of Chile 634 Bank of Chile Canada 63 1952, Canada 5s lsn. Colombia 68 Jan | H Con Pow Japan 7s. Framerican 7%s. .. Finland s f 6s 45 Finland 7s German Bank German E1 P 6%s . German 7s... Nord 6% Norway 5s 1963 Norway 6%s 1952, . Orient dev 53 §3 Orient Dev'mt 6. Paris-Ly-Med Poland 8s.... Queensland Queensland Rhinelbe Un 7: Rio de Janeiro 6%s Rio de Jan 85 1946. Rio Gr Do Sul 8s Rome 6%s Sao Paulo Sao Paulo Saxon (PW) Seine 7s 42. Serbs Cr Sloy Sofssons Sweden § Swiss 534s 1 46 Swiss Confed 8s... 20 Toho El Pow fs32. 7 Toklo5%s1981.... & 103% 'td Kingm B‘/gl 7. 6 2 04% 3 104 5 95 108% o8 9% 931% 9 102% 108% 110% 107% 115% 110% MISCELLANEOUS. Alleghany Cp Alleghany 6s 49 3 9 Am AgriChem T%s 3 103 Am Beet Sugar AmChem “/.Icv 49 ll Am Sugar Ref Am Tel&Teleg 556! Am T&T ev 6%-!"!14 AmT& Teltrbs.. AmT&Tstbs.... Am Tel & Tel 6%.. Am Water Wks bs. . Am Wrtg Pap 63 47. Atlantic Refin b Bethlehm Stl pm Beth Steel rf bs.... Certn-Td 5%s rets. Chile Copper 6s.... Col G&EI bs May 52 ®©S mon sRaaam swns Gen Cable 5% 47.. Gen Stl Cast 5% s 4§ Goodrich 6% Goodyear s rets... 26 Humble O & R 6%s 136 Inland Stl4 ©S Int Tel&Tel 438 ¢ 1203 Kendall 5%s 48 war 2 Midvale Steel Montana Pow 43. Nat Dairy §%s. 1 New England Tel 62 North Am Ed! No Am Ed 6% Nor States Py 6 1024 103% Paramoun! Pathe Exc Phila Co b Phila & Read Phillips Petro § % Postal Tel &C § Pressed Stl Car Rem Rnd 5% war., %s Stand OII N J 48... Stand Ol N Y 4 ¥s. Tenn Cop 6s B ‘Tenn ElecPo ‘Tex Corp ev Wilson ICB 1st Win Repeat Ar 7 Youngstn S& T §s. RAILROAD. :lnnlnn gends... 6 921 99%, 9% 103 9% 100 95 T0% 100% 97 1% 96% 965 89% 80% 894 108% .| many. Brdway & 7th Av 58 Bkiyn Manhat 6s. .. Bklyn Un El 65 sta. Buff R & Pitts 4 4. Can Nat 4% 54. Can Nat 435 68. Canada Natl 58 Can Nor 4% 193 Can Pac deb 4 Can Pacific ctfs bs. Car Clin & O 68 52.. Cent of Ga 68 C69. Cent Pac 4s. Cent Pac 1st bs Ches & O Corpn b Ches & O 4%893 A. Ch&O4%sB199%. Ches & O con bs. ... Chi Ind & L gen 68. Chi&E 111 gn 68 51.. Chi Gt West 45 59. . Chi MilSP&PacssTs CMSP&Pac adj5303 Chi N W 4%s 2037, Chi&NW conviks - cBnanatan SranmaBunn o or~Buao 108% 100% 96 % 103% 114% 85% 91% 103 92% 93% Chi Un Sta Chi Union St: C& W Icon 4 Del & Hud1st rf Del & Hud 5%s. Den & Rio G en DRG & Wst 5 Fonda J&G 4% Gr Trunk st db Grand Trunk 7 4 104% 109% 1088% 11 2614 95 8% 4% 67 6514 NB% 99% 88% 99‘4 108‘& 99% 95% Lehigh Valley ll l. Long Is 5s 37 L & N 4%s 200 Louls & Nash 7 MIIEIRy &L MeANBD CEaNmo- - ANARAN PRI ONNANRANNNHHNN S NHA NRARANAN T 91% 98Y% 99% 98Y%. 9T% 109% 95% 102 I‘o}‘u"jliim Mont T"rm ref - 106% lfl\M 81% 90% 127 60 23 28 6‘% 9014 - Norfolk & W en Nor Paec 3a 2027. Nor Pac rf PCC‘![LII!TI RIArk&L4%s... StL IM&S gn 6531, SIL&SFplesA.. » 2 Sou Pac l‘lfll..... Sou Pac 4% rets... Sou Pac ¢%5 69 ww Sou Ry con & Sou Ry 68 56 ‘Tex Ark F'S 5%s 50 Tex & Pac §s B 1977 Third Ave ref 4s 60 Tol Tr L&P 5%s 30 Virginia Rv 1st 8. % West Maryland ll. West Md 5%877... Wall Street Briefs By the Associated Press. Gold movements at the port of New York January 23 to January 29, in- clusive, comprised imports of $5,304,000, of which more than $5000,000 came from Brazil and the remainder frow other Latin American countries. Ex- ports totaled $34,000, of which $24,000 was sent to Mexico and $10,000 to Ger- There was a decrease in gold under earmark of $2,501,000. The dally gold statement of the New York Fed- l’ll Reserve Bank today showed im- of $1,000,000 in gold from Colum- gl.:.umre were no exports today and no change in earmarked gold. ‘The net operating income of the Michigan Central Railroad for Decem- ber amounted to $1,171,391, as against $1,9 o.sna for the corresponding month last ye The aggregate was fll 989,377, as contrasted with $23,- 155,967 for 1928, ‘The Terminal Cab Corporation, which will operate taxicab service at railroad terminals and other private concessions, has been organi by the Yellow Truck & Coach Manufacturing Co., a subsidiary of General Motors. The new company has placed orders for 1,000 cabs with the General Motors Truck Corporation. The Home Life Insurance Co. of | New York in its seventieth annual| statement reported total assets as ot . 31, 1929, of $71,979,347, against $67,243,656 at the end ot 10“ an increase of $4,735,691. insur- ance paid for dur;nos the year totaled approximately $61,500,000, a gain of 13 NEW YORK BANK STOCKS. ! National City, 225, off National, 5426, off ‘25, Cheze. R uo&m D K. “Ottiirs . n, » Up . ‘were un- changed. BALTIMORE l'l'ocll BALTIMORE, February 1. INNARROW RANGE French and Convertible Is- sues Featured in Week End Session. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, February 1.—The fea ture of bond trading today was the cone sistent strength in Prench obligations These issues nearly all hit new higl levels for the year. The rest of th( {oreign section and the entire domesti( list was irregular within narrow limits Convertible bonds, however, ran up t¢ new high leuln for the yea h in French issues was attributable to the action of the Bank of France in reducing the official rate to 3 per cent and Paris' announced intention to make herself an interna. tional financial center, While the ex. recud price inflation is much more ikely to have wide effects on equities the bonds have been steadily cllmbin for some weeks. The 7138 of th French government touched 121 today, A& new high level since issue. Thi bonds are non-callable and even al 121 give a substantial yield South American issues were as weal as the French were strong, the only exception being a 1, point advance in Argentine 6s (September, 1960), Tht Argenuna tuurnment announced the yon.\on of the lfl'l issue, included arranging ‘of a 5!2500000 loan te Siemens, Halske & Co. of Germany b) l New York eomoruum. Outstanding bonds of the company firmed slightly, It is reported General Electric is sub- scribing 80 per cent of the new lo&n. m tiations are in lor $60,000,000 long-term loan for Cuban {ovemment This will fund nons of the foreign debt, including $20, 000,000 of outstanding public wnru certificates serlally due in 1931, 1933 and 1933. These certificates are cure 5835 "bid and 100 ‘lered, e enesy % an or about points lbova their 1929 levels. di ilroad for instance, droppf low for ::u year. trength second-grade nlll v,he speculative mmfihnm mmmpu o Washington Stock Exchange !Al.ll. Washington Gas 65 A—$500 at 102%. c-nlul Traction cn—l at 90%, “"& al m lfi 'd—3 at 111, Bank—3 at Peoj d.—2 at 104, Rn?’ Estate Mtge. &p(‘:ur pfd.—325 at %, Ter. Ref. & Whrs. Corp.—10 at 50, AFTER CALL. ‘Washington & Elec. 45381, u%.:xm:{ua e o Insurance Co, o100 at 41, Washingion Gias 6s A—$100 at 102%. UNLISTED DEPT. Park Savings Bank—325 at 78, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Tel. & . 4las '33... Tel. & ;: 2 42 3 Am el K Fel Amer. - 3328 IFEF 235382, 3 W 2 ..=§§s'§§:a SgsEREs s SoEs E iSeciv BIZIED B GHOSUNGE %-'?r‘.’mm{ Loan ‘& “Trid & East Wumnunn Potom: American Corcoran . Piremen'’s National Union. Colymbla Title.. Estate Tie & Inv. of I BE8Z8.2.3UBYBLVLSIL2Y Rg"'l Storai 32 L3 2255288518282 Bk an e A Th! Oll 'W'nh u-alxnulax. ¥ SOpy 5! 3 & Unlisted Department. BONDS. Army- N-v‘y Olub b Commery Nettopoiitan 2282 ‘luh 4 3328 Apacostia’ Bank Sfl’m..j: & Connectiout Sonnectioy W BIALOS o Ertisi et 25 unu T Co.. .3 B8 533 !fl:h cl e-Langdon Sar. B