Evening Star Newspaper, August 17, 1921, Page 19

| papudseboth. Del. ua “NEW FINANCING BY | ™= o mEgnatter ot I POTOMAG ELECTRIC Maturities of Local Public Utility Companies in Near Future—Notes. ' BY L A. FLEMING. The Potomac Electric Company. in all probability, will be the first of the local public utilities to undertake needed new financing. The company has expended considerable sums in ex- tensions and betterments, and muet continue to make further extensions if it is to keep pace with the demands of the District's needs. With 1923 the general mortgage € per cent bonds mature and wll! have to be refunded. There are $4.691,000 of this issue, and provision will have to be made in advance for caring for this block of bonds. 5 With the money market in its pres- ent condition it might be easier to float a refunding issue at this time than later on. Investment bankers give their indorsement to this view. It is understood that the directors will consider the new financing dur- ing_the fall or winter of this year. Estimates of the amount of the flo- tation authorization run from $7,000,- 000 to $10.000,000, with probably not over $3.000,000 as the maximum for immediate issue. The success attending the placing of the $1,200.000 Washington Gas 7'z per cent notes encourages the belief that Washington investors would ab- »ri the offering at a satisfactory in- t rate. Washington public utilities have a number of maturities within the next few years. The Potomac eral mortgage as stated, in 1 e ectric Company gen- . $4.691,000, mature, . the same year $1.- 000,000 general 6s of the Washington Railway and ctric Company _will be due, also $300,000 short-term bs of the Ri Realty Company. $750,000 debenture 6s of the ctric Company will ma- may be provided for in financing of the near future. In the same year $1,850,000 Metro- politan railroad 5s mature. Their vrice, around 92': bid, suggests that they will be taken care of by the Washington Railway and Electric Campany. in 1 the first mortgage 58 of the Potomac Electri Company to the amount of 0,000 mature, after which few issues will be matured for cme years, other than the 7i: ner it notes of the Washington Gas “ompany, which will be payable in 1924 Evans on “Nature of Credit.” Joshua Evans. jr. vice president of the Riggs National Bank, lectured before the officers’ . 'School Abplication of the Suoply Corns. Na Department. yesterda: “The Na- ture of Credit and Its Uses.” . Lectures in the course now being delivered by local bank official mimeographed and sent broadc: all schools in the service. Mr. Evans, in summarizing on his topic, said: “We have seen that, in the progress of civilization, there naturally de- veloped a faith and trust among peo: ples which have formed the founda- tion of a great facilitating power in the production and exchange that this power is called that with it the tremendous development which e United States the finest country in the world in which to live has been made possible—that without it there would be a retro- grade movement and a return to the exchange and barter stage; that this credit. classified as to its uses, may be termed individual or personal, mer- cantile or commercial, banking, in- vestment or capital and public; that banks, as the largest dealers in credit, become machines of exchange and the great distributors of credit; that this distribution takes place through the use of credit instruments, auch as checks, drafts, promissory notes, bills of exchange, bank cur- rency and acceptance credits; that of these credit instruments, “loans and discounts.” the short term obligations held by the bank. are the most im- portant, as they give rise in most in- stances’ to increased deposits. and. therefore, the available funds for checking purposes are largely de- pendent upon the volume of “loans and discounts.” “In fact. deposits and loans are in- terdependent. a marked rise or fall in one being reflected in a material increa or decrease in the other. as the case may be: and. finally, that upon good and sound bank loans much of the hzppiness of mankind is dependent, #nce bad loans jeop- ardize the safety of the depositors’ funds and frequently cause losses to depositors as well as to stockholders. TUnsound loans, even though good, often give rise to inflation, with a €onsequent abnormal rise in prices, thus imposing a hardship upon the community at large.’ Local Securities Steady. re was very little change in the of prices in the stocks or bonds local corporations traded in on to- y’s session of the local stock ex- ehange. Capital Traction shares sold rather frecly at 86. while Railway preferred was firmer at 56, as compared with 55 the ast previous sale. <, Continental Trust stock brought 10115, as compared with 100 the last previous transaction. The Bonds were steady, but less active, ‘only two issues figuring in the day's trades. 2 Mergenthaler Dividend Declared. Directars of the Mergenthaler Lino- 1ype Company have declared the regu- Jar_quarterly dividend of 214 payable September 30 to .@f record September 6. Peraonal Mentlon. Willlam B. Orme. secretary of the Washington Gas Light Company, has returned from a vacation spent ai Re. o George E. Whitwell, as- sistant secretary of the same company is leaving today to join his family af Portland, Me. st Fi Passes Dividend. The Cuban-American Sugar Com- _pany directors passed the usual Qivi- 7 dend declaration today. National Sugar reduced its dividend _from $2.50 a share to $1.75. . Tax Bill en Libertfes. “Changes in taxes on liberty bonds as pgposed in the new tax measure are sy indicated: = Seéction 1010. The various acts au- thorising the issues of liberty bonds are amended and supplemented as fol- lows: (a) On and after January 1, 1921, 4 per cent and 4% per cent libertv bonds shall be exempt from graduated additional income taxes. commonly known as surtaxes. and excess-profits and war-profits taxes, now or here- after imposed by the United States upon the income or profits of indi- viduals. partnerships. corporations, or assocfations, in respect to the Inter- est on ageregate principal amounts thareof as follows Until the expiration of two years after the date of the termination of the war between the United States and the German government. as fixed by proclamation of the President. on $125,000 aggregate principal amount; and for three vears more on $50,000 aggregate principal amount. (b) The exemptions provided in subdivision (a) shall be in addition to the exemptions provided in section 7 of the second liberty bond act. and in addition to the exemption provided in snhdivisior (3) of section 1 af the supplement to the second liberty bond act. in respect to bonds issued upon conversion of 3% per cent bonds. but shall be in lieu of the exemptions provided and free from the conditions and limitations im- pasad in snhdivisions (1) and (2) of s-ction 1 of the supplement to second Th v bond act and in section 2 tory liberty loan act, e Mrs. Emmeline Pankhurst, orce lebrated as leader of the militant firagists in England. bas taken up )or permanent residence in British Columpbida e of | Allis Chalmers. Am Agr Chem. Am Agr Chem pf.. 83 y.... 12 Am Car & Fdy pt... 100% m Druggists. . 4% Am Hide & Lea pf. AmIce........... Am International. Am Radlator. Am Smelting. Am Tobacco. . ... Am Tobaceo (B).. 1% Am Woolen....... 66% Am Writing Prpf. 22 Anaconda. ... fn Ann Arbor........ 11 Ann Arbor pf.. 20 Asso Dry Goods. .. 1% Asso Dry G 1st pf. .l::; Baldwin Loco. Balto & Ohlo. Beth Steel (B).... Booth Fisheries Bklyn Rap Trctfs. 7% Rrunswick Term.. 2% | Buff Roch & Pitts. 25 | Burns Bros 8% Butte Copper..... & Butterick. 20% Caddo Oil. 9% California Petrol.. 31 Canadian Pacific. . 112% Central Leather... 26% Centrai Leath pt.-. 58% Chandler Motor. :h % 16% 2% 8% Chi & Northwn. 65 Chi R1 & Pacific.. 31 ChiRI&P1%pf.. 7 Colo Fual. Colo & Southern 2d 45 Col Ga .- L) Col Graphop 3% Col Graph pt. . . 15 Comp Tabulator... 81's Cons Distributors. 6% Cons Intl Cal Min. 4% Cont Can. .. . 38% Corn Products.... 6% Cosden & Co. %% Crucible Steel. Cuban-Am Sugar. Cuba Cane Sugar. Cuba Cane 8u pt. Davidson Chem Denv & Rlo G pt Emerson-Brant Endicott-Johnson. Froeport Texas. iGen Asphait...... 42! Gen Clgar. - B Gen BElectric. 110% Gen Motors. - 10% G..s Mot 11.‘:“; e sray & Davis..... t.;r:il Norl;:;: of. a% ar. Haskell & . o Hupp Motors. Ilinots Central... 8 indiahoma... % Inspiration. % Intl Agr G Intl l!:n—u-ur. -’%% t] Mer "l:u aer Marine pt 3% 1Intl Motor Truck.. 30 Intl Nickel 13% Intl Paper. = 1nvincible Oil el Island Ofl. 2% Jewel Te: 0% Jewel Tea pf- e Kansas City Sou.. 2% Kansas C Sou pf... 4% Kelly-8Spring Tir ::Vn Central :; Chi&StL.... 81 N Y Dock... 2% N Y NH & Hart. 16 Nortb America. ... §8% Northern Pacific. Pere Marq pf. Phillips Petrol Plerce-Arrow Plerce-Arrow pf.. Plerce L tts & W Vi . 3% gnd Creek Coal.. A% Pressed Steel Car. 54 Pullman Co. - Pure Oll. Rallway Ry Steel Sprpf.. Ray Con Copper- SPUTIR T Studebaker. . aker pf. 8% Submarine Boat. L Superior Oll 3% Tenn Copper. % Texas Company... 3% Texas & Pacific 8% Texas & PC&OU. 1T ‘Third Avenue " Tobacco Prod. Tobacco Prodmx;f e 8 8% » 19 1 8 % s |WORL e F T a8 & §° au=g==!=§§=l§§I E;E 14 16% | their recent high of 52%. United Ry Inv.... United Ry Invpf.. 18 . 18% 18 . kil 7% iy W YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Open. High. Law. Cluse. 38 Ope Gnited Retall Stra Vivadou. . Wi Western Union Weathouse E & M. Wheeling & LE.. White Motor. Willys-Overland Willya-Ovid pf Worthington Pmp Call Money. i 1 .15 . 15 L 15 ‘1 is .19 D’S WHEAT CROP MORE THAN LAST YEAR Statistics from gixteen countries, in- cluding the United States, which nor- mally produce about 50 per cent of the total wheat crop of the world in- dicate that a production this vear of approximately 1,953,000,000 bushels, or about 7,000.000 bushels more than last year, the Department of Agriculture announced today. The estimate is based on reports up to August 15. In making the announcement the de- partment said no definite approxima- tion can be made until after the re- turns from more of the remaining countries are received whether the to- tal production of wheat in 1921 will be greater or less than in 1920, The Canadian crop was reported as progressing favorably, while _in northern, central and western Eu rope, despite the continued drought. the outlook is generally spoken of in favorable terms. The Russian agricultural situation was reported in a serious state with no exports expected from that coun- try. Crops in India were reported suffer- ing from drought. but in north Africa the harvesting turned out somewhat better than last year. In the southern hemisphere, includ- ing Australia and Argentina, condi- tions were reported as favorable. BONDS ARE FIRM: NEW ISSUES SLOW NEW YORK. August 17.—The in- vestment market was further tested today by two new issues of rather small dimenslons. however. One was the $2,80,000 offering of City of Columbus school district -6 per cent bonds, maturing serially and yields varying from .50 to .75 per cent. 3 The other, the 2,000,000 offering of City of Detroit public utility 51 per cent bonds, exempt from all federal ‘These bonds were put to yleld 5.30 per cent, t at price ;‘:lf -o! nthom maturing in 1844 and 1f in 194! h.Al alate hour this afternoon neither Detroit lssue bus nor the the Colnmpre ‘Subscription had been fully taken. books were still open. The general bond list was dull, but with price changes more up than do Big Four 6s got back yester- day's loss and sold again at 90, but later reacted to 89. Iron Mountain 4s and Chesapeake and Ohio convertible 41,8 were up %. while Atchison gen- eral 4 jold at T , a8 against yes- terday's close of 77. The St. Louis and San Francisco adjustments were slightly easier, and 50 were income 6s. St. Louis and Southwestern Terminal 58 dropped a half point to 67. Kisewhere in the railway list there was scarcely any change. In the industrial group Duquesne Light 6s reached a new high at 93%. Rubber issues were firmer, especially the 5 per cent bonds, doubtless be- cause the publication of the un- favorable report for the half year, is to be deferred a week or more. Tide- water 6%8 were up a half point, and so were American Agricultural Chemical 7%s. Steel sinking fund 68 sold at 94%, as_against 94, the final of yesterday. estern Union 6%s_continued to be activity traded in, the bulk of the trans- actions at 99% against 99, the low of the previous day. Sugar issues, however, were weak, especially the Cuba Cane 7s, and Mer- cantile Marine 6s, keeping pace with the preferred stock, got down to a new low of Weakness in_Mexican Petroloum shares was reflected in some selling of the § per cent bonds. In the public utilities section, Inter- borough Rapid Transit 5s held their ground at 55%. the Third Avenue ad justment 4s were down to 50, as against Liberty bonds were unchanged. There was little incident in the market | 5o for foreign governments, except ac- tivity in city of Tokio 58, which reached a new high for the year at §4. Japanese 48 were down %, to 51%. . —_— MONEY AND EXCHANGE. NEW YORK, August 17.—Prime mercantile paper, 6a8%: exchange heavy; sterling 60-day bilis and com- mercial 60-day bills on banks, 3.59%; commercial 60-day ‘bills, 3.59%; 3.63%:; 1.67%; francs, demand, guilders, deman lire, deman marks, demand, 1. Greece, demand, &. mand, 21.23; Norway, .00; Argentine, demand, 29.50; Brazilian, demand, 12.50. Montreal, . Government bonds irregular; road bonds steady. Time loans firm; 60 days, 90 days, 6 months, 6a6% per cent. —_— CHICAGO LIVE STOCK MARKET. CHICAGO, August 17 (United States Bureau of Markets)—Cattie— Receipts, 11,000 head; beef steers and she stock, steady to 15c lower; others steady; top yearlings, early, 10.75; some held higher; bulk beef steers, 7.00210.00; bulk fat she stock, 4.00a Sol. Suiln, £5086.00; ligneweigne. veai bul .5026.00; welght v calves, $.35a8.75. . Hogs—Receipts, 19,000 head: mestly 35 to 750 lower t! ing sows. 8.75a9.15; pigs, lower; bulk desirabies, 9.00a9.25. Sheep—Receipts, 15,000 head: most- 1y active: native lamb:, strong spot: 25¢ higher; top, 10.50, to city butcher: bulk top packers, 9.50a10.00; cull 5.5026.00; western lambs steady; top, 10.75, ranging down to 10.00: sheep steady; bulk fat native, 3.25a4.50. — FOREIGN EXCHANGE. Belling checks—dollar London . .3 Paris Hrussels Berliu Rome Madrid h edmond & Co. .99 15-16 100 o 1063 D1 New York-Washington wire by ity of Paris 6s, 1921 . rench Government Ns . ta United Kingdom merican d Olfo 8 hlehem Ktoel refq. ton P, and Btation { Canvolidated Gax 7s Delaware and Hudson g0, R. I 20" Union Loutsville and Missouri, Northern Pacific Packard Motor Car Co. Pen; 1968 Ivania R. R. ks, Pennsylvania 76 of 180 | 10a% Pennaylvania gen. mort, » Reading gen. "fu . 5 Kt Louis and San 8134 8t. Louls and San ¥ i St. Louis and San Fran. inc 3 Seaboard Alr Line refd. 4 Seaboard Alir Line ad. Grain, Produce GRAIN AND PROVISIONS, BALTIMORE, August 17 (Special).— Potatoes, white, barrel, 1.75a4.50; 100 pounds, 1.0 weets, barrel, 2.50a 6.00. Yams, barrel, 4.0024.50. Beans. bushel, 76a1.35. Beets, bunch, 2a3. bbage. head, 4as. Carrots, bunch, 2a3. Celery. crate, 3.50a4.00. Corn, dozen, 8a25. Cucumbers, bas- ket, 30a45. Eggplants, basket, 25a35. lima beans. bushel, 76al.00. Onions, bushel. 1.25a1.50. Peppers, basket, 20a 25. Squash, basket. 20a30. Tomatoes, basket, 40a65; bushel, 1.00a1.15. Apples, barrel, 2.50a4.00; bushel, 1.50 Cantaloupes. basket, 40a50; crate, 75al.50. Damsons. pound. 7. Grapes, common, basket, 1.25a1,50. Peaches, basket. 1.50a1.75: crate. 50a5.50. ' Pears. Bartlett. basket. 1.00 al.25: sickles, 75a1.00; common, 50aT. Watermelons, selc per hundred. 20.00235.00; primes, §.00a15.00; culls, 8.00a5.00. & Prices at Noon: 1 red winter, spot, No. 2 red winter, red winter, gar- August 1.25% per bushel: September, cargoes on grade, No. 2 red winter, garlicky, 1.24%: No. 3, 1.17%; No. 4, 1.13%; No. 5, 1.08%. Sales—Bag lots of new wheat, as to quality and condition, 1.12, 147 and 1.18 per bushel. Corn — Cob, new, yellow, 3.80a3.85 per barrel; for white, 15 to 20 per barrel lower in carload lots; contract corn, spot, 66; track corn, yellow, No. 3 or better, domestic, 77 and 78 asked. No_s Onts—No, white, new, 39%. mium, Rye—Bag lots of nearby ry quality. 80 to 1.15 per bushe western expcrt, spot, 118 per | No 3. ne quotation. Hsy—New timothy hay of fair to good quality is meéting with a fair sale at 16.00 to 20.00 per ton. mon and bad order hay has no definite narket value. Straw—No. 1 straight rye, nominal No. 2 straight rye, nominal; No. 1 tan- gled rye. 16.50; No. 2 gled rye, 14.50; No. 1 wheat, 13.00; No. 2 wheat, 12.00; No. 1 oat, mominal, 14.50 to 15.00; No. 2 oat, no quotation. NEW YORK. August 17. —Lard — Weak; middle west, 11.25a11.35. Other articles unchanged. CHICAGO, August 17—Wheat un- derwent fresh declines in price to- day, largely owing to continued weak- ness in the New York stock market, iand to unfavorable reports about gen- {eral business conditions. The marke was also bearishly affected by as- sertions that yesterday's export busi- ne: amounted only to 0.000 bush- els. Hesides. pit tronsactions this morning lacked volume. Opening quotations, which varied from un- changed figures to lower. with September at 1.22 to 1.22% and De- cember 1.23 to 1.231, were followed by a material general setback. New low figures for th were made on corn and oats. of support was a feature. opened unchanged to 3 lower, in- cluding September at 54% to 55, and afterward declined all around. Oats started % to % off, ber. 33% to 33%, and weakene farther. Potatoes—Weak; receipts, 47 car: Minnesota early Ohios, sacked and bulk, 3.0023.15 cwt.; Nebraska, 3.35a3.45 cwt.: Colorado, Idaho and Washington white, sacked. 3702380 cwt.; Kansas rly Ohios. 3.00 cwt. i ies falled to hold. The wheat market closed heavy, 21 to 3 net lower. with September 1.19% to 1.19% and December 1.20% to 1.21. Rural offerings continued liber. and the corn market closed weak, to %al net lower, with September 54%adéls to 54l — Open. WHEAT— Oper 1.3 4% 3y 4 aoE* wheat, ales ts 3 2 white, n:w, 42 Old oats wo. at’ pre season Lack Corn Septem- still x4 —_— DAIRY MARKETS. S ,TIMORE, August 17 (Special). —g}?i‘c‘kenp—Allve. springers, pound. 26a33; white leghorns, 24a26; old hens, 23a27; old roosters, 18; ducks, 18a24; pigeons, pair, 25; guinea fowl, 5. Ry Al t 17.—Butter— YORK, Augus ] Cf:imed: receipts, 11,680 package: Creamery higher than extras, uu_ 44; creamery, ext (92 score), 43; creamery. firsts (88 to 91 score), 38a 42; packing stock, current make, No. 9. * egs — Irresuar: receipts, 26293 c Fresh gather extra firsts, 38a41; firsts, 34ad7; state, Pennsyl- vania and nearby western hennery whites, firsts to extras, 47a53; state, Pennsylvania and nearby western nery browns, extras, 46a4s; do., hered browns, and mixed colors, firsts to extras, 36a45; refrigerator, marks, 37a38; refrigerator, 6. receipts, 1.973 boxes. flats, fresh, spe- %: do., average run, 20a milk, twin 1; do., average rum, s, 31821 : state, 21a21 0% .'P:?lllry—uve irregular; broilers, 25a31; fowls, 28233, Dressed poultry quiet; prices unchanged. SUGAR MARKET QUIET. EW YORK, August 17.—The raw sugar market was quiet early today with no sales reported. Porto Ricos were offered at 4.75 for centrifugal, while Cubss were quoted at 33, cost ln? frelght, equal to 4.86 for centrifu- gal. . There wai sure in ra Increased selling pres- ugar futures and prices vere 4 to 6 points net and prices were unchanged at 6.00 to 6.15 for fine granulated. with the bulk of the husiness going to the lower riced refiners. Com - l TODAY’S BOND PRI Noon prices reported to The Star over direct)Southern Railway g ! st t ! mi ja x ! early trading. CES. way bk outhern Rail: Tacif 1ol Wilson and ( : 1 SHORT-TERM SECURITIES. (Reported by Redmond & Co.) Hocking' Van locking Valley 7a 1 Humble 011 7 1023, Kennecott Copper 7s 1830, tt & Myers fa 1930, . Rey e 1 Sears, Roebuck & Co. Tn Sears, Roebuck & Co. 7n Sears, Roebuck & Co. Te Southern R i 1 Co. s 1 100 100; Unlon Tank Car Co. 7x 1930, 101 o1 Western Electric Ts. 1925 I b Westinghouse E. & M. 7s 1081.. 101 101 LIBERTY BOND CLOSING PRICES. NEW YORK, August 17.—Liberty bonds closed: 33s, 88.70; first 4s, 87.70 bid; second 4s, 87.66; first 4%s, 87.90; second 4%s, ¥ third 4% fourth 4s, 88.00: victory 3 victory 4%s, 98.78. and Live Stock LOCAL WHOLESALE MARKET. Eggs—Strictly fresh, per doz., 38a40; erage receipts, 38. Live poultry—Roosters, per Ib., 1%; turkeys, per Ib., 33a35; chickens, spring, ber 1b,, 32a3¢; hens, per Ib., 23a26; keats, young, each, 35a50. Dreased poultry—Fresh-killed spring chickens, per Ib., 35a38; hens, per Ib., 27; roosters, per Ib., 22; turkeys, per Ib., 3£ad0; keats, young, each, 60a75. Pork—Dressed, small, per 1b., 15. Live stock—Calves, choice, per .., 10%; lambs, choice, per Ib., 1 per b, 11. _ Green frujis—Apples, per bbl, 3.00a 20.90; per buslil basket, 1.00a3.50: west- OnE. per box, 3.0041.00; California oranges, per crate, 6.00a7.00; peaches, Per crate, 6.00a6.50; cantaloupes, per crate, 75a2.00. Vegetables—Potatoes, new, N barrel, 5.0026.00; No. 2, 2.5022.% potatoes, per barrel, 6.00a7.00 nearby, per crate, 5al. crate, 1.50a3.00; cclery, Di lettuce, - 1.00a1.50; cymblings, spinach,” per barrel, 1.502.00; cabba; romaine —_— COTTON MARKETS. NEW YORK. August 17.—Reports of further showers or rains in eastern and central belt sections made rather a bullish impression on sentiment in the cotton market during today's Liverpool reported a very quiet trade there, but the cables were a shade better than due, and after opening steady at a decline of 1 point to an advance of 2 point tive months here sold about 5 to § points net higher, with December ad- vancing from 13.38 to 13.47. Spot houses sold a little cotton at the start probably against in the south late otherwise there was not much pre sure, and the market rallied on light scattering demand, which w; attributed largely to local covering. Futures opened steady: 13.00: December. 11.39; January, 13.45; March, 13.67; May, 13.77. LIVERPOOL. August 17.—Spot cot- ton in moderate demand: prices Good middling 9.31; fully dling 8.91; middling &.51; low mid- 1; good ordinary 6.46; ordin- 1. 'Bales, 6,000 bales. including American. Receipts, 2,000 bales, including 200 American. Futures closed quiet. August, 8.72; October, 8 ber, 8.83; January, 8.8 May, 8.9 uly, 8.94. NEW ORLEANS, August 17. ter cables th. due, -continued drouth and futher crop complaints from that state. and ex- pectation of unfavorable items in the weekly crop reporta from the govern- ment, put the price of cotton higher today, the trading months advancing 12 to 13 points in the first hour of the session. October traded up to 13.65. Futures opened quiet: October 12.59; December, 12.98; January, 13.02; March, 13.16; May, 13.26. GRATEFUL FOR FAMINE AID. Gratitude for the assistance ren- dered by foreign governments and by private individuals in combating famine in China has been formally expressed by the president of that country in a mandate tranamitted by the foreign office at Peking to the dling ry .| American charge d'affaires and just received at the State Department. o ——— AMERICAN TELEPHONE & TELEGRAPH CO. 138tk DIVIDEND. A quarterly dividesd of Two Dollars and Twenty-five Cents per share will be Daid oa Saturday. "October 15, 1931, to stockholders of e close Heptember 20, 1921, o O 4 H. BLAIR-SMITH, Treasurer. Over a ofa Century a Loss Just Telling the Truth From Day to Day Has driven may illusions away. The only real adver- tisement needed for First Mortgages has been the clear statement of what they are and what they accomplish for the investor. Our 7% First Mortgages offer absolute security of principal, certainty of yield, freedom from all worry and™; management, and are worth one hundred cents on the dollar at all times under all conditions. . Do you know of any better investment opportu B. F. SAUL CO Mortgage Leans 934 N.Y. Ave. NW. DAY, AUGUST 17, FINANCIAL E. H. Rollins & Sons || Founded 1876 | 1921. FOREIGN BONDS. Quotations furnished by W. B. Hibbs & Co. rlin German gov. 4s. 1'% German gov. Gs. 114 hal £ LOANS ON LIBERTY BONDS Ronds bought and Sold Rea on 416 Woodward Bldg. L S T Mt 15th and H Streets l Liberty Bond Exchange Washington. D. C. 604 14th St. N. Phone Muin 2027 : New York Philagelphia Deaver San Traneisco B ey EQUITABLE ench Freiy. i, 334 ° (Insuler Possession of United Sates) ritish vic. 45...286 ] 47 Ome-Vear Certificates of In- xunt 922, Price 98.17 and Interest, Lo Opaton o Association ware loan GaiS1 Toa: Italien v Mtalisn metcs 1025 Yielding About 6 Per Cent Organizea 1570 Principa A ter! i = e A i1st YEAR COMPLETED . C, Federal Reserve Ansets ..... Bank. Send for Descriptive Circular L5t Surplue Save for a Purpose din the Equitable feally. by putting s Amoit ut ur stated period of time. The Connecticut Mutual Life Insurance Company —has returned to its policy- holders more money than it has received from them in premiums, a record unique among Life Insurance com- panies. It offers a thorough Edu- cational Course to its Repre- sentatives. E.D. Sampson, Gen. Agt. Save meilod 2 definite intervals for Subacriptions for the 815t Issue of Stock Being Received Shares, $2.50 Per Month 4 Per Cent Inmterest EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON. President REESIDE, Seey, Depreciation on an Investment in First Mortgages They Mean Absolute TRedmond & Co. Investment Securities Safety, earn < ety 1516 K Street - e Telephone and require no etk I sain e attention Shannon & Luchs 1336 N. Y. Ave. 713 14th Street Raltimore Pittsburgh {New Tork Philadelphia Money to Loan § £50,000- incerest. in sums of 1,000 to §.- 1000, Secxired 1y firet deed of trust on real ectate 05! W 420 W, Joseph I. Weller {10 " { STOCKS—BONDS—COTTON GRAIN — SUGAR — COFFEE Bought and Soid on Commission lll t¥Sccurities and Commedities [l Review Free, Upon Request. | A.A.Housman&Co. 20 Broad Street, New York MEMBERS: w York Stock Exchange v York Cotton Exchamge Produce Exchange & N. ). Coffee and “hieago Bou Assoeinte Members Cotton Assoelat HE conservative man is unmoved by tales of riches derived through speculation. Chance propositions should not enter into questions of finance, and before making an invest- ment a man should do some hard think- ing and ask many questions. When our First Mortgage loans are the subject of discussion, questions are always welcomed. We can satisfy the investor of their safety from every angle. Conservatism is our watchword; the investor is protected in every re- spect. and the element of risk is elim- inated. The return—7%—is unusually attrac- tive for an investment oi such sound- ness. We would like to go into the subject more fully with you. The loans are in convenient denomi- ations. ++*H.L.RUST"-- 912~15ST.N.W. | GMC Model K 16 One-Ton Chassis Formerly $1,995—Now $1,495 A cut of SSOO—MGM 25 per cent—establishes a new standard of J value in motor trucks. ma....a..tsuss,.?.imameumm.umnam tires, is a real truck, built of real truck units—no passenger car parts used. It has the new GMC engine, with its Remavable Cylinder Walls, Removable Valve Lifter Assembly and other exclusive GMC feztures. For all kinds of hauling—city delivery, school bus service, ferm use, police patrol—in fact, it is well adapted for every kind of ome-ten work. Model K 16 is a refined and improved successor to the famous Model 16 which was adopted as the Government standard in its class during the war, particularly in ambulance service. See the mearest GMC dealer for complete description of this medel, also finz,3%M54n-odels:;(nuwl(ufiu,afl:lviflhnbm reduced im price. General Motors Trutk Co. of Washington 627 KStN. W. J. Jacobs & Sens West Motor Co. Galthersburg, Md. Alexandria, Va. Horngon, Va. See Our Exhibit at the Rockville Fair, August 23-26. Joha H. Carper McLean, Vo,