Evening Star Newspaper, October 11, 1921, Page 21

UTILITY 1SSUES SHOW FIRM TONE Prices on Today’s Transac- tions Indicate Strength. Reserve Board Review. BY L A: FLEMING. Investors seeking public utility stocks and bonds do not find any large amount of these sécurities of- fered for sale and the tendency Is plainly to strengthening of priees. Today's transactions included Poto- mac Electric general 6s, at 97, and RNailway 4s, at 60%, with a good de- mand, but no transactlons in other bond issues. Capital Traction shares improved to 87, Lanston Monotype firmer at 72% and Washington Gas shares; firm. at 48%. The volume of business was some- what restricted by limited offerings. Tomorrow will be Columbus day. and as such will be a holiduy in-thc | security markets of New Y K and Washington. It is not al holiday and the banks will be open as usual. Rallway Earnings Large. The Washington Railway and Elec- tric Company passed through the month of August with a gain in net income of $51,835, the total net being $234,281. Potomac Electric lost about $26,000 in comparison with the net of August. reportinz but $47.027 for the net re- turns. A large part of the gross was set aside in the escrow fund for con-~ imers in the event of the company Josing its suit the cut in prices. eder’ f the Washington Tailway and Electric Company were suckers,” as usual, taking consider- ble from the profits of+ the company » maintain. Georgetown and Tenley- town_took vashington In- terurban § City and Suburban ear On Manufacturing. The Ha committee on eco- nomic resea i a hulletin Telating Wholly (o manufacturers n covering the years 1919-1920 and 1921 For the ypar 1919 the monthly aver- age index figure of 100 is ken in the comparisons. Irbn and steel activitios for 1920 on this basis tood at the end of December at 77.9 ¢ at the end of July of the current ar the figures were 34. Each month the present year has witnessed a reduction. [n ‘the lumber business reverse conditions have existed. for after getting down to 78 with March of the current 100. ear it v and rebounded to in June stood at Paper industry was repre- nted by 103 in July. 1919, and 93 in June’ 1921, Pet am’_industry closed the year 1919 with 107.6 as the index, clos and de- clined in activity in July of this year 1o 122 Food industry was repre- 108.8 at the close of 1919, $3.4 at the close of 1920, stood af %23 in June of this ye: Tobacco, one of the industries that are gen- erally active, ran upon production from S3.8 in February, 1919, to its hlzh point, 123.1, in March, 1920, and has since 'declined until with June, 1921, we find it pegged at 108. £ September Review. The Federal Reserve Bulletin for October says of September trade: “Further decided improvement in the | credit situation has been the note- Wworthy feature of the business situa- [ tion during September. In the south improvement in the wholesale and retail trade is expected as a result of the farmer being able to settle his debts. The advance in iron and steel, first noticed in August, has been sustained during September. especially in cer- tain lines. notably 4n pig iron and FINANCIAL, | Am Tobacco | NEW YORK ST,OCK EXCHANGE Received by Private Wire Adv Rumley Air Reductio: Ajaz Rubber. Alllnd Chemical Am Bank Note pf. Am Beet Sugar. Am Boach. 4% 264 Am Chlcle Co. Am Cotton Oil Am Druggists Am Hide & Lea. Am fce pf. Am International. Am Snuff. Am Steel l"dy. Am Sugar.... Am Sugar pf. Am Tel & Teleg. .. IM Am Tobacco. . 124% 12 Am W Wks 6% pf. 15 Am Wa Wo 1%pt.. 62 Am Woolen. . % Ann Arborpf..... 2% Anaconda. R Assets Realzn 1% Asso Dry Goods. .. 3% Atchison 5% Atchison pf. . B4 Atlanta Bir & % Atlantic Fruit Co.. 2 Atlantic Gulf..... 2% Atlantic Gultpf... 20% Atlantic Petrol... 18 Baldwin Loco. 8% Baldwin Loco pf... 9% Balto & Ohio Balto & Ohio Barpsdall (B) Reth Steel (B) Beth Steel\7% pf Beth Steel 8% pf Bklyn Rapid Trn. Bklyn Union Gas. Burns Bros. Butte Coppér. , CaddoOfl...... 12% California Pckg 65% California Petrol.. 4t Calumet & Ariz... 61 Canadian Pacific. . 113% Case (J 1) pt .7 Central Leather pf 62 Cerro de Pasco.... 3 Chandler Motor. 33 Ches & Ohio. Chi Great Westn.. T4 Chi Great W pf. 1% Chi Mil & St Paul. 2% Chi Mil & St Ppf.. 3% Chi & Northwn. ... 6 Chi Pneu Tool Chi R I & Pacific.. ChiRI&P 6%pf.. 61% ChiStPM&O. 53 Chilé Copper 1% Chino Copper. 25% € C ¢ & St Loul 9% Coca-Cola. Colo Fuel. Colo & Southermn. .. 35% Columbia Gas..... 80% Columbia Graph.. 3% Cons Cigar....... 21 Cons Gasof NY... 9 Cons Intl Cal Min. 4 Cons Textile. . 1% Cont Ca. . . 41 Corn Products. ... 6% Cosden & Cq . 29% Crucible St 63 Crucible Steel pf.. 85 Cuban-Am Sugar. 1% Cuba Cane Sugar.. 6% Cuba Cane Su pf.. 15% Davidson Chem... 38% Del Lack & Wstn.. 107 Dome Mines. Durham Hosiery. Elk Horn Coal. . Emerson-Brant pl 24\( Endicott-Johnson. 64 Famous Players. Famous Players pf 79 light products. such as wire and |y Body of O pf. 64% ;heeln. in which price advances have e g een made. “‘Easier ' money conditions have | Fisk Rubber. - --- 0 srown out of thé gradual liquidation | Freeport Te: 5% of the south and east and two banks | Gen Asphalt. have reduced their rates of discount! | Gen Electric - 126 The shrinkage in bills held is a nat- | Gen Motors. .10 ural outgrowth of the credit situa- | Gen Motors pf 8% tion. Taken all in all, the month has ! Goodrich. . been. in the main. a’ period of dis- | tinet encouragement and gives prom- 18e of better conditions as the autumn and winter advance.” far this vear each month has| sed the Tretirement of victory | the monthly purchases in- | ing as the position of the Treas- improved. For nine months the tota: retire- ment has been $516,819,100. In the month of Sept. ber the Treasury purchased $97 50 in the open With the exception of the month of June, when $108,168,750 were 'pur- chased. last month's purchases iwere the largest of the vear to date. Sep- tember 30 there were outstanding § 709,106,600 of victory notes. Granby Consol. Great Northern pf. 73% Great Nor Ore. Gulf Mo & Nor Gulf States Steel.. 37% Haskell & Barker. 57% Hendee Mg. Houston Oil. Hupp Motors Indiahoma. i Indian Refining % Inspiration. % Interboro Metr 1% Interboro Metf.. € Intl Agr Chem g Intl Harvester Intl Mer Marine pf 47 Intl Motor Truck.. 26% Rolf E. Bolling, president of the |Intl Truck 1st pf.. 66% Commercial National Bank, is enjoy- | Intl Truck 2d pf... % Jng a vacation at the old home in |Intl Nickel 14 e Intl Paper. . 4% R e Intl Paper (sta)... 69 CURB STOCKS. Invlncl[l))}laOIL . % otati v Island Oil. Quotations furnished by W. B. Hibbs & Co. SesaiTia Jewel Tea pf. Astna Explosives Jones Tea. ... 25 Allieg o1 Kansas City Sou.. 26% Kansas C Soupf.. bt Kansas & Gulf Co. 6% Foston and 3 Roston and Wos Caledonia . Calumet_and Carbon_ Ste €arib Syndicate «emmonwealth Finanee ¢omsolidated Copper D Drant Motors Eik Basin Fumpire Food x " Petrolenm - Frurekn Croesux Farrell Coal Federal 0il Fensiand Oil G iland 0t aiien Alden ¢ Glenrock 0il ey Gilleapie Sntortontinegtal ‘itibher Interpational Petroleam Kar County Merrit 0il Midwext O idwest Oil pfd. dwest Refining ountain Producers . Ophir . w Corneli Nipiesing Mines Co. Neahie Oil and Gas. North Amer. Tennok Oil . Ferfection Tire Producers and Refiners. Radio com. pfd. mr “Birciles . Rran_Consolida Salt Creek Produch Balt Creek (mew) Sapulna_com. Kimms Potrol . ily Ot Swift International “Torepah Divide . %] Pere Marque! Steamship. hited Rotafl Tnited Texas. 5 Wartand ol 5 124 91y i s aaeern 08 Casbidhessasrmrors b ) | Manati Sugar. { Martin-Parry. 15 | Otis Steel. Kelly-Spring Tire. & Kelsey Wheel. . 6% Kennecott. Keystone Tire Kresge (S8) Lackawanna Steel 41 Lee Tire & Rubber w/. Lehigh Vall Loews Inc. Loft Inc. Louis & Nas| Mallinson & Co. Manhattan Elev Marland Oil. ... Mexican Pete. Miami Copper. 2 Midldle States Oil, Midvale Steel..... Minn & StL (n)... MinnStP & SSM. Min St P & SSM pf. Mo Pacific pf. Montgomery Ward Natl Acme. Natl Biscuit. Natl Biscuit pf.... 111 Natl Cloak & Suit. 17% NatlCloak & Spf. 48 Natl Enameling... 4% Natl Lead pf...... 108 Nevada Copper.... 11% NYOnt& West... Norfolk Southern. Norfolk & Westrn. 95% North America. North America pf. Northern Pacific. . Oklahoma Prod. Otis Elevator. Owens Bottl Pac Gas & Elec. Pacific Oil. Pan-Am Pete. Pan-Am Pete (B) . People's Gas. Pere Phila Company . Phillips Jones Phillips Petroleum 2% Pierce-Arrow..... 10% Plerce-Arrow pf.. 28% Pilerce Oil. ) Pierce Oil pf. . u% Pitts Coal... . 59 Pitts & W Va. Pressed Steel Car m Producers & Ref.., 21% Pullman Co...ccon 8% Punta Alegre Sug.—31 ., % | ol shares. THE EVENING Direct to The Star Office. ! Replogle Ste Rep Iron & Steel.. 51% Rep Iron & Stlpf.. &2% Rep Motor Truck fl Sown pt.. Saxon Motors. Seaboard Air Line. Seab. Sea Ennllllrn Pume. Southern Ratlway. Standard Milling’ Stand Oil of Cal. Stand Ofl of N J, Stand OfIN J pf. g:aw;;l-wnnor romberg Ca., smaah;:r e . Submarine Boat. ., Superior Of1. Superior Steel. Texas Company. Texas & Pacific. 2% Texas & P C & Oil. E Tide Water Oil. ... 19%% Tobacco Prod 2% Union Pulfle Unton Paeific p; .o United Alloy § United Fruit. o o Food Proa. us Indus Alcohol. U S Realty. U S Rubber. Vanadium Corp. Vivadou Wabash Wabash pf A Western Md. Western Md 2d Western Pacific. Willys-Ovld pf .28 Worthington 1&). 9% Call Money...... HOURLY SALES OF STOCKS. 1lam..... 124 500 1p.m..... 289 600 STOCK LIST SOFT: DIL SHARES FIRM Independent Steels and Food Specialties Weak—Money Higher on Withdrawals. BY STUART P. WEST. NEW YORK, October 11.—Prepara- tions for tomorrow's holiday were the governing influence in all the mar- kets today. The natural speculative impulse to even up outstanding con- tracts led to many cross movements in prices—in commodities and ex- change, no less than in stocks. The short Interest in sterling having been pretty well run in during the re- markable upturn at the close of last week and carryiing throush the great. er part of yesterday, the tendency was_toward decline. On the other hand, speculators who had been sell- Ing cotton short on previous dayvs were Inclined to cover. The stock market was a mixtu tween small losses in soma di tions and gains in_others. strength of the main body of stocks, however, was at all times unques- tionable. An advance in gasoline and kero- sene prices by Standard Oil of New Jersey was announced after the close of business yesterday. It was an extremely important news item, not that the rise of a cent a gallon wax of so much consequence in itself, but that for the first time the Standard Oil interests in the eastern district, which had taken the lead in all the stic price readjustments of the winter and spring, had felt justified in reversing its attitude. Wall street logically expected the announcement as confirmation ‘from the highest quarters that the turn in the oil trade is a real turn and not a mere flash In the pan. Fresh confidence was imparted all around to the buying movement in the Standard Oil of New Jer- sey on the stock exchange and other members of the Standard Oil group on the curb exchange took the lead. Thelr strength was.imitated by Pa- cific Oil, Texas Company and Califor- nia Petroleu The Mexican oils, as is becoming more and more realized, are in a wholly different position from the American oils. Their rally later in the day, after another perfod of weakness at the start, seemed to be due to nothing more than the re- tirement of short contracts over the holiday. Steel Shares Heavy. The market for steel shares was getting ready today for the reports for the third quarter. There was quite a bit of pressure for awhile against Midvale, Bethlehem B and Republic, all in anticipation that their statements will be very poor, not omly by comparison with pre- vious years, but also with the first two quarters of 1921. The Lacka- wanna Bteel, the first to report, lo: $1,208,000, or nearly as much in three 14% | months ending September 30 as in the six months ending June 30. This probably represents about how most of the independents came out. They have been doing a larger business in the last thirty or forty days, but are not yet making money out of it. This is the essential point. The Steel Corporation is in a different po- sition inasmuch as its business is much diversified. It has benefited more than any ather coneern by the recent advance and greatly increased demand for the lighter gteel products —wire and sheets. It s altogether likely that its figures for Septsmbcr will reflect this improvement. If September is shown to be a better month than August and a much bet- ter month than July, it is doubtful if the street would regard the quarterly report as anything but bullish, regard- less of the fact that for the entire three months the Steel Corporation might have failed to cover dividend Tequirements. Sugar Stocks Weak. On the eve of the American Sugar meeting, at which action is to be taken on the preferred dividend, a great variety of opinion was ex- pressed. American Sugar stocks were weak and the tape thus seemed to say that the dividend would be passed. On the bther hand, some people who had been inclined to predict the omis- sion of the dividend swung around at the eleventh hour and declared them- selves the other way. -Other sugar stocks were disposed to be heavy, al. though not pariicularly weak. Cuba Cane Sugar preferred had one of ‘its false run-ups, now become fa- miliar, which was followed. as usual, b{ a prompt dec| a8 & bleck uock was thrown Zoon, the mar. 2;%"!252%’9’%! g United Kingd A 0. 414 2 | DR 'l"lll\'(N 5§-§§§’§§§§' STAR, WASHINGTON, D. C. TUESDAY, OCTOBER 11, 1921 TODAY’S BOND PRICES. reported to The Star over alm-t Beaboand Alr Line refdg. 4 Redmond & r Fine o wa Drices re numo- wire by City of Parts 6s Erchch Government 8a. i Frénch Government 7 0<|vurl'nenta of Bwitser] LIBERTY BOND NOON PRICES. NEW YORK, October {1—Liberty nds at noon: 318, first 4s, b ‘bevond 1, 3268 bhd: fient second 4%s, 92.36; third fourth, 4148, 92.66; victory iotory tie, 55,36, n} { United Kinj American When You Invest in FIRST | MORTGAGES They give you freedom from worry and annoyance and 0 In Denominations of $100 and Up Safety is unquestionable when placed by Shannon & Luchs Main 2345 713 Mth St. Money to Loan Securad by (rst doed et trast on ves! astate. ]oscph I Weller "’ . ‘h‘::;"‘_"': SHORT-TERM !Eclml‘!lEl. Bal n.mmr. nc ‘Ohio d On (Reported by Redmond & C€o.) Haltim American American as la Central Argentine 6a 1927. Chleago, 1L T. & Paciic 0s 1 i DuPout 73 Brie genea Covper Exnort A Copper Export * Copper Export * Copper Export * I‘\fluh! Packing Co. 7 Goodrich 7n 192 Ulill ‘ont Corporation H. 1. Heinz 75 1930. Hocking \IHN' s 1924, Humble Oil 7« 1923 in hi in a Miswows Bacite 1 48 New York Centedl 1o I New York Central deb, phone fe. 3;3:353533*;:; k & Sears. Rochuck & Co. Tn Sonthern Railwa & | | mx?‘ entern Blectric Tn 1925 101 % Wextinghiouse E. & M. 7n 1931 um,i Gram, Produc:; and Live Stock! GRAIN AND PROVISIONS. LOCAL WHOLESALE MARKET. BALTIMORE, October 11 (Special). | Eggs—strictly fresh, per doz. —Potatoes—White, 160 average receipts, 46ad’ Live poultry—Roosters. per "’ turkeys, per Ib., 40; chickens, ) 30; h(-n.' per 1b., each, 35a50. Dressed nou]lry-l“renh killed lpr|n¢| i chickens, per 1b., 30a34: hens, per Ib. 32; roosters. per Ib., 22; turkeys, per | 1b.. 40ad5; keats, young, each, 60a7s. Pork—Dressed, small, per Ib., 15. "Ll\e stock—Calves, choice, per Ib., 122124 lambs, choice, per Ib., 9; llv:‘ hogs, per Ib., 9i. Oreen Irllll —Apples, per hb 11.0 bushel baik 32 ‘and Han' Francisco. e 1020 and San Francisco inc. carrots, bunch, 4a5; cauliflower, bbl., 2.50a3 50; crate, 2.00a4. Doz.. 108 eggplants, basket, 60a1.00; lima beans, b onions, basket, savoy cabbage. —Make our mi 2, Tabia ‘and save ench pes Sur. hndh the way to get ahead flnluhlu Subscriptions for the 81t lssue of Stock Being Recelved Shares, $2.50 Per Month 4 Per Cemt Imterest EQUITABLE BUILDING 915 F 5t. N.W. JUHN JOY EDSON, President FRANK P. REESIDE.’ Secy, pumpkins, bu., 60a tomatoes, turnips, al.0 hasku 40a65 60a1.10; basket, 60a70. Apples—Packed, bbl.. 7.00a9.50: No. . bushel, 1.20a2.50; loos box apples, 2.50a bulhel 3«0&4 Grapes—Basket, 26a28: 20 Tbs., 1.15a 1.25; grapefruit, box, 4.00a5.50; pears, and prunes, bushel, 1.50a Vegetables—Potatoe: per bbl., 4.00a4 Sweet Ppotatoes, lettuce, nearby basket, 40a60; quinces, 3.50. § Prices at Noom. . 1 red winter. spot. no red winter, spot, No. 2 red winter, eggplants, tomatoes, per box, 7 40 ver dozen: beans, 3502450 per. bbL; lima beans, 35a45 per quart. DAIRY MARKETS. 1.17%: No. 8, 1. t.' gar"rky spot. 1.11%. October wheat, 1.113%. November wheat, no quotation. Sales—900 busheis of No. 2 red win- ter, garlicky. on grade, at 1.10% per 15 Years —without the loss of a single penny in either principal or interest is only one of the inany bushel. Bag lots of nearby, by sample, T‘ALTX“URE October 11 —Chick- reasons for imvestors to buy at 95 per bushel. e"n (alive)—Springers. per pound, 25 1] good Corn—New _ yellow cob corn is » 282 Whlle leghorns, 21a24; old hens, cy quoted at 2:65 per barrel for deferred 20a28: old roosters. 15a16. Ducks, shipment. “Contract corn, spot. 51%: | per u(qn':' 18a25. ‘Plxe;mxo per pair, o track corn, yellow, No. 2 or better, Guinea fowl, each, 50a7a, . 3 Gomestic oftered ai 60, 2 agEs (loss off)—Native and nearby. Gilt-Edge First B: lot of white, at wharf, at 50 per rsts, dozen, a47; southern, 42a43. bushet. (Butter—Criamery. fancy, per pound, Moflme Lonm Oats—No. 2 white, new, 45: No. 3 a- prints, 48al nearby cream- : Mo Investment Be row &s v . a8 to weight, 42% and|[ery, 43!4‘ ladles 30a32: rolls, 4 white, new, a L4 % Souad 30 store packed, 55 Send for run dnun- Certi 43%%. Rye—Bag lots of nearby rye, as to quality. 5290 per bushel; No. 1" wes ern export, spot 95% per bushel; Ne 3, no quotation. Hay—Receipts of new hay today were 76 tons. The demand for hay is centered on the better grades of timothy and light mixed, which are selling at a range of 16.00 to 21.00 per ton for fair to_good quality of new’ mixed hay dnd timothy. While receipts are light, they are sufficient for all de- mands. CHICAGO, October 11.—More buyers were in the wheat pit today, and prices tended upward on the early trading. The opening was % to % higher, with December 1.1113 to 1.12, and May 1.16% to 1.16%. Scattered buying at the start en- countered few selling rders, and the initial advance amounted to around a cent over yesterday's finish. The early bulge was lost when pressure increased, but this did not prove per- sistent, and some encouraging signs in the cash market, coupled with weather bureau prédictions of killing frosts, re- suited in recoveries, which took De- cember back to 1.12 and May to 1.16%. Corn futures advanced early, when hedges were removed on liberal sales of cash corn imade late yesterday. Country offerings. were smaller, but trade was light, and the market re- sponded to every light wind that blew. Initial prices were unchanged to % lower, with December at 4613 to 46% ind May 52% to 53%. In the first fied titles and insurance pol- icies furnished with notes. Conservative, courteous con- sideration to all our clients. Notes from $256 up to $10,000 Now on Hand Chu. D. Sager Loan Dept. M 36 923 15th prints, .ha process butter, 33a34. NEW YORK. October 11.—Butter— Firm; receipts, 8,77 ubs creamery higher than extras, 4:247‘ ; creamery extras (92 score 6% creamery firsts (S8 to 9I s ora) Jillb‘fi packing stock, current make, No. 3. Eggs—Firm; receipts, 21,535 cases; fresh gathered. extra firsts, 49a53; fresh gathered. firsts, 42a47; New Jer- sey hennery whites, extra fancy, can- dled selections. 52: nearby and neag- by western hennery whites, firsts to average extras, 58a76; nearby and nearby western hennery browns, ex- tras, 57a62; nearby gathered browns and mixed colors, firsts to extrasd, 44ab7; refrigerator. special marks fancy, 37a39; do.. firsts. 34a36. Cheese—Firm; receipts, 2.793; state, whole milk, flats, fresh, specials, 1 a23; do., average run. 213%a22; state whole milk, twins, specials, 22a22i3; do., average run, 21l Poultry—Live, easier 18a28; roosters, 13; dressed, prices unchanged. CHICAGO LIVE §TOCK CHICAGO, November 11 12,000 he: yoarlings, ateady: best lights and me- Qium-weight steers, steady: others slow to lower: top vearlings, 11.50; bulk beef steers, 6.0089.75; she stock, bulls and calves, steady; stockers and feeders, weak. Hogs — Recaipts, 26,000 head: steady: bulk of saies, 9.5029.75; top, 9.00; heavy weights, 8.15a8.90; medium 00000000 A fowls, steady, Federal LandBank 5% Bonds Due May 1, 1941. Optional May 1, 1931, Exempt from Federal, MARKET. ' ( Un;ted Recelpts, 'z’:"s':._me Sexaer Went To-476 and My eights, 5.65a9.00; light weights, 8.50 State, - Municipal and Oats were firmer on scattered buy- ; light local taxation. ing and lessened pressure. The open- | packing sows. Price 100 1 Packing sows, rough, 7.00a7. 7.7528.50. Sheep—Receipts, 26,000 head; fat sheép and native la 25 higher; feoder lambs firm; early Sgles fat na- tive lambs to packers, largely 9.00; to .city butchers, 9.25; choice’ 127- pound fat_ewes, 4.75; feeder lambs, ing was % higher, with December 73% to 33% and May 38 to 38%. Provisions were firm, with a strong undertone, due to a steady market for ive hogs. Evening up thp shorts for over to- morrow’s hollday and prospects of a bullish government report later this week on stocks of grain led to further wheat rallles. TFe close was mors than 3 cents over the inside figure, with December 1.15 to 1.16% and May 1183 to 1.19%. Improved export trade and wheat's strength made for higher corn prices. The close was strong with December 8% .to 48% and May 54% to 35. WHEAT— December Interest Yielding 5%, Circular on reguest for KL-:ZS The National City Company Washington—741 15th St. N.W. Telephone Main 3176 RETAIL STORES A survey of this organization’s Ope: 1 1187 115% 2 i e, gy affairs is available through the a2, B A2 medium of our complete report, 8% 4% my now ready. L 3 34 Copy sent Free on request. —_— R QUOTATIONS, NEW YORK, October 1i.—Foreign bar silver, 73%; Mexican _dollars, 56 5. LONDON, October 11.—Bar silver, 423, pence per ounce; money, 3} per cent. Discount rates, ghort\bills, 4 per cent; three-month bills, 4%a4 3-16 Write for W-156 Kardos & Rurke ‘American Bidg. Baltimore Phone: Caluert 1990 N York Deeiira " Pusbartn ri0a1eW irgs umnaching All Uueces 9 —is said and done this FACT remains: That First - improved ‘Washingten real estate tisfactery “security it is possible to Phillips’ First Mertgage Notes are the type of security that appeals to people who play safe. They are g form of investment that for centuries has attracted thrifty peoples ‘They have land behind them. ‘They have bdldnn behind them. They have our entire organization behind them, mnrl:: uninterrupted ::mt on principal, an rfectly n, principal, as lm:z'e as lhl( principal is i:vu’td..'fr Ask for descriptive booklet “A" it's FREE. William S. Phillips - First Mortgage Invesiments 1409 New York Ave, Main lt the danger of loss. the highest rate of interest consistent safety. B. F. SAUL CO. National Savings- & Trust Co. |~ | IIIIIIIIlllllllllllllllllllIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIE Ll L FINANCIAL » 21 LOANS ON LIBERTY BONDS Bonds bought and sela Bqlllrnd or Money In Any Sum Our connections Iocally and in other cities enable us to fur- nish money in any amount for Washington Real Estate En- terprises. Stone & Fairfax 1342 N. Y. Ave. Main 2424 ‘“MOIISLNW. Over a Quarter of a Century Without The trader whowants _the latest news on Mining, Oil and In- dustrial securities and the trend of the market should read this week’s issue of the The law of compensation is certain, as infallible, as the w of gravity. For everything that we gain life we lose something. The igher the interest which an vestment promises, beyond certain point, the greater INVESTOR & TRADER —ecdited for the busy man— It contains an article “Are we in early stages of a Bull Market?" —thatwill interest all traders. A copy given on request. Ask for UU-501 Our t -Mortgages pay with absolute Jones & Baker Members New York Cui Market D res New York Chicago Boston Philadelphis Pusburgh Detrout Balumore Clov Mortgage Loans 1412 Eye St. N.W. Main 2100 BALTIMORE OFFICE | 433 Equitable Building | Telephone: St. Paul 8451 Capital and Surplus, $2,000,000.00; Keep It Busy With the nation’s in- dustries needing help so as to give employment to the jobless, not a dollar should remain idle these days. fKeep vour cash busy; that is to say. in bank. where it'll help provide credit for legiti- mate business and ease the employment situation, as well as earn vou interest. © This big, interest-paying bank welcomes deposits ‘in any amount. Oldest Savings Depository in Washington Cor. 15th and New York Ave. United States of Brazil 5% Sterling Loan of 1913 Before the war these bonds sol on the London Stock Exchange at prices to yield as low as 5.20%. Because of prevailing high interest rates and the fact that American dollars in London command a premium, these same bonds are now available at prices to yield about 7.60¢- at the present rate of Sterling Exchange. The possibilities of increased yield and a large profit at maturity through the advance in the price of the pound Sterling is shown by the following table: Assuming a Price of $485 per £200 Witk Exchaage at Annusl Iscomd Maturity Value Prefit $4.00 §40.000r 8.25%, $800 $315 430 43.000r 8.869, 860 375 436 (pnr) 48.60 or 10.029, 972 487 We have pnpanl a circular describing the -bou- issue in detail which we will send upon request. CRANE, PARRIS & COMPANY Investment Bunkers 823 Fifteenth Street Established 1883 fiumflllllllllllllllllllllllllllll!llllllllllllllllllllllllllllfllllIllllllllllIIIIIIIIIIIIImflIIIIIIIIIIIIIIIIIIIIIIHIIIII You Should Know of Us " When you have decided that First Mortgages are the safest form of investment, as eventually you will, there is one thing more for you to be sure of. . 34 Be sure you know how we handle OUR First = Mortgages; be sure you know that every interest = payment through us is sent in on the day it is - due; be sure you know of the many little safe- = guards we place around our mortgages, which were ' % originated by us and are exclusive with us; and s “above all, be sure you ‘consider fully that no X e investor has suffered a loss through our Notes in our fifty-two. years. Swartzell Rheem&Hensey 727 15 Street NW. 15¢ Whidhs