Evening Star Newspaper, September 29, 1923, Page 15

FIN RETURN ONMONDAY T0STANDARD T Stock, Bond and All Other Markets End Period of Daylight Saving. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, September 29.—Busi- ness and industry throughout the . United States will be less affected ! Monday by the return to standard | time in varlous communities than at any similar perlod since daylight saving was Introduced. In general the country communities will rejoice, while the city dwellers will view Jthe change with regret. The prin- cipal activities to be affect®d will be the ‘moving picture theaters, the banks and the stock, bond and com- modity markets. Above the mourning cry of the golter, deprived of his extra hour on the links, will arise the joyous shout of the movie theater manager who opposed the daylight saving plan as vigorously as the farmers. “For every hour of daylight gained in the afternoon we lose an hour of business,” said ond Chicago theater owner today, “In districts where children form the bulk of the audience the loss is greater than that.” More Trading Expected. Many people in the south and west. where standard time has been ob- served, will feel that the change in the east will remove a source of irritation | and_probably materially increase the trading in Stocks, cotfon, sraff and | other commodities. In the smaller towns in those sections telexraph op-; erators normally do not go to work until 8 a.m, and close their offices from 12 to 1 p.m. As the stock and com- + modity markets have been advanced to conform to the daylight saving hours | ©of New Yorl, this fact, taken in con- u on with the difference in time in ihe west, has deprived traders of e: market news and il « for tradi or getting quotation ‘With the chan srain and financial markets will return . to normal hours. This will affect, ‘fnr example, markets in St. Louis, New ‘Orleans, Kansas ClI Clevelana_and Chicago, aithough in the first three dayljght-saving time was not generally used. New Time Tables Out. In some cities, like Rochester and Philadelphia, banks and brokerage fims were the only houses to observe | daylight saving, although in Cleveland the banks remained on standard time. Railroads operating suburban traina in and out of centers like New York, Chicago, Boston and Philedelphia have issued revised time tables for their short-haul passenger trafiic and expect no_difficuity in effecting the Through trains which were on standard time will not aff ed in any way. We will put suburban trains back edule just as easily daylight-saving aid an official of orthwestern rail- | 1 be lost and { mighty few passen will even miss their accustomed _trains. Railroad | in the stations will be re a terrific amount of ex Means Little in Steel Centers. + 1In the steel centers where daylight saving has been in operation the change to three eight-hour shifts and the abolition of the twelve-hour day has relieved the time schedule of epecial significance. The day night operation of factories ar plants in other industrials under the spur of increased production has had | a similar effect i The change in Detroit and other| Michigan manufacturing centers will make little Gifference because most of | them run on daylight-saving time the year round. During the summer months Detroit time is _an hour slower than New York, but in the October to May period it is the same as New York in | spite of the difference of longitude. | Detroit Has Own Method, Detroit adopted daylight saving be- fore the war, when representatives of | the larger industries got together an arranged working hours so that no two ! large plants in the same locality begin or cease work at the same hour. On| the west side of that town, for example, gome plants open at 7 and others at | fifteen-minute intervals until % with a corresponding difference in closing. This has prevented overcrowding of strect cars and congestion of streets. | With some plants like the Ford facto- ries working three eight-hour shifts, there s an almost continuous proces- sion of men going to work and com- ing off. 1t was found that by using daylight saving continuously every workman in the course of a year got an equal amount of daylight recreation whether he worked on an early or late shift. This was not true under standard time. . More Buying Predicted. Merchants expressed the bellef to- day that business would pick up with the change, as many of their cus- tomers from the country resented the hour lost when they came to the city to_shop. The sale of sporting goods, especial- Iy_golf equipment, is expected to fall off somewhat, e=specially in the Bos- ANCIAL, Received by Private Wire BY WILLIAM F. LUEFFERNAN. NEW YORK, September 29.—The of the past week on the curb marke! Wwas the increasing reluctance to con- tinue operations on the short side of the oll shares. These stocks appeared to have dis- counted the worst that can be known 1s substantiated by the latest figur: on crude production. Oil stocks were merely firm in the market today, with Standard of In- dlnnn:::und the level of a week ago. This 80 true of Vacu FPrairie O " 8as” which moid "ex NEW YORK. Septemb lowing 1 ¥ ¥ ne 10wing 1a an oficlal list of bonds Market today Sales in . thousands, T 4 Am Cot Of1 6s 2 Am Gus & Bled Fol- ana in on the New Yorlg Curb Low. (343 & Co of Dei Sigs Teaverhoard ts o Beth Steel 7o '33.. 1 Charcoal Co' Am, 8s Cit Serv 7w B 7... 1 rv Ta O Cons Gas Balt Cons_Textiles fg Deere & Co Detrolt City Gas Dun Tire & Rub Federal Sugar de Federal g e Morris & Co 7is.. 10 New Or Pub Sery 8 N 8 0N Y Tem nion Pacific 7 cuum 0!l Ty Swirs Govt T S of Mexico Snles STANDARD OIL ISSUES. in units. 10 Ruckeye P I 1100 Hum 011 & Ret 1mp Oil of Can . inter'l Pet Co Ltd Magnolia Pet W0 Nat Transit Northern P L on 140 10 5 Sonthern P L 80N Y new 7 Bwan & Finch 400 Vacuum Oil new Sales. INDEPENDENT OIL STOCKS. in hundreds 6 Carlb Synd 1 Citlex Service ... 130 5 Cities Sorvice pfd. 3 Cit Sery B cfw $2.000 Cit Serv 8 nerl] 8100 Cit Sery_serip 64 Creole Synd 2Derby 0 & B I 40 Tudson _Oil 2 Humphreya_0il 260 Keyatone Ranger. 2 Latsyette OIL 1 Mex Pamucc : 9% Mntual Oil vot ¢fs 9% & New Brad Of w i 4 sonBou=3% & ¥ CORN LEADS RISE IN GRAIN PRICES Reserve Supply Low and Frost Damage High—O0ats and Wheat Also Gain. By the Assaciated Press. CHICAGO, September 29. — With farm reserves of corn the smallest in !twenty years, except once, and with .wet weather increasing the damage that frost recently did to the new corn crop, all grain has risen rapidly in price this week, aided to a material extent by reports of government plans for farm relief. week ago, wheat this morning was 23% to 4% higher, corn 4 to 7% up and provisions ranging from 7 decline to 47 advance. Offerings of wheat were light, and the fact that hedging sales at Winni- peg were small in proportion to r ceipts was also a bullish influence. ermany’s surrender in her economic strugkle against France had consid- erable stimulating effect. The discomfiture of traders on the bear side was capped by new Cana- dian crop estimates that 1923 produc- tion of wheat in Canada is 57,000,000 bushels smaller than the Canadian government's latest figures. It was gossip that a noged specu- lator was leading a bull campaign in corn and oats, and that stocks of gon section. The effect on electric | light and gas consumption will be | moderate. Oniy a slight increase over the advance due to the shortening of the autumn days is expected. . BRADSTREET NOTES GAIN IN WHOLESALE BUYING NEW YORK. September 29.—Brad- street's Review today says: While there is a_considerable degree of irregularity still reported in trade, crops and industry, the general trend of distributive trade, responding to stimulating _causes hitherto noted, is still forward. Fall buying in wholesale and jobbing iines is slightly better than & week ago, whereas retail buying gains more slowly Industry, too, shows a slight gain on the whole, and collections are rather better. Free marketing of cotton at good, though not peak prices for the season has given more snap to gouthern trade, especially in Texas. Atlantic seaboard states report gains in |} - vetail trade due to crop marketing and the ending of strikes. Cooler weather, crop marketing and fall festivals help western trade, and cific coast reports are rather more ¥ cheerful in such lines as lumber. The apparel trades. as usual at this season, note especial activity, clothing, cotton, , woolen and silk goods, shoes and jewelry noting a good volume of turne over. "FORD MAY SOON ENTER LAKE TRANSPORTATION Special Dispatch to The Star. . CLEVELAND, Ohio. September 29. >-Henry Ford will venture into lake Iransportation if reports that he has ‘ccep!ed bids for the building of two 00-foot freighters for delivery in 924 are borne out. The boats are o be used for transporting iron ore §rom Lake Superior ports to the ¥ord Furnaces on the River Rouge. One of the vessels, it is declared, wiil be builE~by the American Shipbuilding Company at either Lorain or Cleve- dand and the other by the Great Lakes Engineering Works at Ecorse yard. WOOL AUCTIONS END. LONDON, September 28.—The wool auction sales closed today with of- ferings amounting to 7,885 bales. It was & moderate assortment and was steadily absorbed. The sales closed steady. Coarse cross breds and in- ferfor merino advanced 5 to 10 per 4ent, but_Cape of Good Hope and Natal declined 5 per cent. During the series America bought 1,000 bales, the home “trade, 95,000, and the continent, 96,000, ‘while §1,000 were held over. oats were the smallest In six years. Provisions reflected corn strength as well as better export demand. PENNSYLVANIA’S NET UP. NEW YORK, September 29.—Net oso ting income of the Penn- ailroad €ompany for August Increased $3,142,876 over last yeur, last | month's total being $7,774,400. Gross for the month was $64,833,927, an in- f $7.463,260, while expenses 101,833, a gain of $4,334,189 year. ' Freight revenues in- $6.333,480, while increased $1,400,558. maintenance of way and structure the outlay in August was $1,215,298 more than last year, whils for maintenance of equipment’ the expense increased | $2,287,308. For the eight months ended August 31 last gross amounted to $484,735,655, an increase of $79,938,983 over 'last year, while expenses at $396,871,083 were $67,187.564 above the outlay for Net railway operating income amounted to $56,612,012, an increase of 36,035,635 over the corresponding period of last year. —— FOREIGN EXCHANGE. September 20. 1923—11:30 a.m. YQuotations furnished by W. B. Hibbs & Co.) Nominal Selliug checks gold value. today. e g pen| Christfania, crown Stockholm, crown . By the Associated Press. NEW YORK, September 29.—For exchanges irregular (guotation United States dollars). Great Britain, demand, 4.54%; cabll day bills on banks, 4.52. mand, .0814%; cables, demand, .0466%; cables, .J457. jum, demand, .0522%; cables, rmany, demand, .0000000065; cabl .0000000085. Holland, demand, cables, .3933. ‘Norway, demand, Sweden, demand, .2649. Denmar < mand, ,1787. Switserland, demand, 71755, Spain, demand, .1368. Greece, demand, .0165. Poland, demand, .000003. Czechoslovakia, demand, .0300. slavia, demand, .0112. Austria, de- mand, .000014. Ruwbania, demand, 0046%. Argentina. demand, .3350. Brazil, demand, .1000. Montreal, mand, .97%. about the oil Industry, and this nue" 'es e Compared with a NEW YORK CURB MARKET" Direct to The Star Offic dividsnd $2.during the week, was up 3% pofats from last Ba.urday's closing. Several new industrial lssues were days, but were welcomed with only slight consideratfon by the outside public. The recent advance of 3 points in Sprinefield Body was followed by-the official statement that the company has $1,000,080 in orders on the books, which is eufficlent to keep plants op- erating at capacity for at least six months. Hopefu] statements regarding cop- per have been reflected in a slight in- creake {n the demand for copper ttocks, but price changes have been unimportant. outstanding feature in the deumn’udmmca to trading in the past few t was a leader of this up about 10 points on Kl g2 5 o FEFEE 7 Sapuipa Refin . 1 Heaboard Ol 26 Bou States OIl 310 Turman- Ol . B INDUSTRIALS. 2 Acme Coal new °.. 1 Am Muitigraph, Co 2 Ar & Co of Del' ptd 1 Atlantfe Frait w i 4 Bridgeport Mch w | 10 Brit-Am Tob Cou.. 3 Brit-Am To Co re 1 Brit Iat Corp 8 Bkiyn City R 4 Buddy Buds 1 Cent Terean pfe Centrifug Iron Pipe Dubilier C & Radlo Durant 3fotor . Du Pont Motors El Bond & Sh Glen Alden Coal Prod P ERFELE 5 - A -3‘58.5-3;&3'5-6.’2- BoaB3ai SR td a2 2 Kreage .. Knppen B & Co ptq Mesabl fron R Reo Motar 8o C & I new a2 Hpringtield Body o Studebaker WIf Rb 1t 3 k £3 550 1 R 1 t BO e 8 Alvarado Min ... mal Lead Zinc Sm Ari . * * Ext 30 Independence 1 Kerr Lake & 2 ;‘s.;:b.;iz-..‘as‘az's'a.'s’a; B COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, September 29.—The au- tomobile industry is watching closely for the results of today's announce- ment of a new Oldsmobile light six- cylinder car at a very low price. Au- tomoblle manufacturers who recently reduced prices are almost unanimous in deciaring that the cuts do not nify a price war, but represent econ- omies in manufacturing or lower ma~ | terial cocts. | ATLANTA, September 29.—Georgia cane growers will market thelr larg- est production of syrup this fall Prices are good and there is little competition. PORTLAND, Ore., September 29.— | Montana hard wheat flour has ad- vanced to barrel, while bakers’ blue stem been reduced 5 cents more than was anticipated, to $6.50. Pastry flour has been pushed up 20 conts, With a new top of $5.90. ST. PAUL, September 29.—The Cut Glass Manufacturing Corporation wiil build & new plant here at a cost of $75,000. The expansion may involve a still larger investment, as & new deposit of high- e sand has been discovered near High Dam, and it is reported Henry rd contemplate securing his glass for car production from the nuw plant. MADISON, Wia, BSeptember 29.— The ~Wisconsin _potato warehouses have opened for fall buying. The market Is short and good p'#en are prevalent. Few farmers have begun to dig, but the orop is due to move in large volume next week. TULSA, Okla., September 20.—A tre- mendous falling off in the production of Oklahoma crude ofl was recorded last week. The daily average output s 7 barrelg less than for the week previous. RECEIVER IS APPOINTED FOR VIM MOTOR TRUCK By the Associated Press. PHILADELPHIA, September 29.— Federal Judge McKeehan has ap- pointed Kern Dodge temporary re- celver of the Vim Motor Truck Com- pany; Inc, on a n equity filed b: V" W Surre of New York, a credits or for $5,000. The company consented to the recelvership. Its assets were placed at $2,468,081 and its debts at $1,301,277, with an additional $650,000 capital stock liability. The bill in equity declared the com- pany was solvent, but lacked work- ing capital. DURANT IN NEW MOVE. Motor Acceptance Company to Act as Brokers. DOVER, Del, September charter was partment today Acceptance Corporation, having & capital of 3,000,000 shares without nominal or par value. The incor- rators are W. C. Durant, Deal, . J.; Carroll Downes, Narbeth, Pa., and C. F. Daley, New York city. The company, it is understood, Is * of the Durant Motor he purpose of the new concern, arcording to its application, is to aid in the manufacture of auto- mobiles and to act as brokers. U BOSTON STOCK MARKET. BOSTON, September 29.—Followin, is a list of today's highest, lowest an closing prices for the most active stocks dealt in here: #igh, Low. Close, 1 1% 1 & 29.—A a Company. Jugo- | P ra de- | Waiworth Wol {ever. The way Is now open for France Business Outlook Is Now Main Concern of ‘Domestic Markets Conditions Vary Widely in Different In- dustries—Ruhr Reports Most Impor- tant Outside News of Week. BY STUART P. WEST. Special Dispateh to The Star. NEW YORK, September 29.—There have been few developments in the general business situation’ during the past week. The stock market has of- fered, on the whole, more resistance {to efforts to force it down. As prices have drawn near the low level reach- ed, once in the first week o July and again in the first week of August, a greater degree of stability has been shown, The most important outside event was the final anpouncement thal Ger- many had given up passive resistance in the Ruhr. The military dictatorsfilp at the moment hay quieted fears of communist uprising. French and Bel- gian currencies rose sharply to the Dest figures reache® since the middie of June. Foreign government bonds | were favorably influenced, for a time, | but in the end gained no ground as compared with a week ago. Situation Abroad Stfll Involved. In fact, outside the exchange mar- ket, in which there was an extended short interest to reckon with, the Ruhr surrender has scarcely cotnted as a factor. The reason is that the sequel, so far as regards the repara- tions problem and European rehabili- tation. is quite as much in doubt as to prove her contention that Germany is quite able to pay in full. Or the result may be to demonstrate,.as the | English belleve and as most outside | economists feel too, that any attempt to compel the acceptance of the max- | imum indemnity, and start collect-| ing It, will fail because it will} threaten breakdown of the German | industrial Structure. | Deadlock Over Steel Prices. The main concern in the home markets is still the business outlook in this country. As was sald a week | ago, this is & subject which cannot | be treated as a whole. In some lines conditions are profitable, in_others they are not. The deadlock remains i i i unbroken between buyers and sellers | of steel, the former disposed to hold | oft as long as possible before agree- ! ing to pay prices which represent a | 10 per cent average advance over; what they have been ing on old | contracts. The outcome will be elther that the steel companies will begin | to cut prices In their efforts to stimu- | late new business or that consumers | will come In at the present level, | rather than let their supplies run | down to the danger point as they did a year ago. | The position is not satisfactory in the metal trades and some producl‘rs] of sinc and lead have shut down rath- | er than operate where they cannot; make money. The cotton mWis are holding off to see what effect the ne government report on cotton will! have upon quotations for the staple. On the other hand, with the rise in sugar prices, carrying them not far from the high of the year, the pros- ects for this industry are bright. true of the tobacco trade BEARS POUND WEAK | SPOTS ON EXCHANGE | Week Also Sees Better Response to| Constructive News—B. & 0. i Dividend Big Factor. By the Assoclated Press. NEW YORK, September 29.—Stock prices made a better response this week to constructive news, but spec- ulators for the decline continued to attack various secttons of the list.( and succeeded in uncovering & num- | ber of weak spots. Bond prices moved within narrow and firregular | limits, with a better demand noted for some of the eastern and middle western railroad liens. One of the outstanding domestic developments was the resumption of dividends on the common stock of the Baltimore and Ohia railroad. This brought about sympathetio ad- vances in other railroad shares, buy- ing being Influenced also by another report of weekly car loadings in ex- cess of 1,000,000 car: ries of favorabls August state- ment, The first thirty-nine class one roads to report showed combined net in- come of $5.616.000, as compared with $51,422,000 in July and $37,917,000 in August of last y@ar. Officlal ahandomment of passive r sistance in the Ruhr had a tonic el fect on the foreign exchanges, par- ticularly th of the continental al- lies, but the gains were modified later by wserious political action in Bavaria. Weekly steel trade reviews reported ' slight quickening in interest, while the United States Steel Corporation reported an increage in operations from 87.3 to 90.3 per cent. Sugars moved to higher ground in sympathy with higher commodity prices. — To- baccos also were Strong on reports of increased production and sales. Heaviness of the motors reflected the speculative fear of intense competi- tion ‘next year. WEEK SEES SLUMP IN BUTTER MARKET Lighter Demand With Decrease in Receipts and Increase in Storage Supplies. d a rnings By the Associated Press. CHICAGO, September 29.—Sharp de- clines featured the unusually weak butter market durind the week. prices at the four principal marke! taking drops ranging from 1 to 3% cents. Overconfidence, which has cnrrled' the market higher during the sum- mer, was given by Operators as the reason. Production reports indicate that the decrease in the make has been check- ed, and su supplies are reported. ecelipts owed & decreasé and Tocaibe noldings showed an increase, caus by the movement of surplus stocks to storage. A decrease In con- sumptive demand was considered to were no arrivals of foreign Chicago, 3 2 less at 451;; Bos! Philadelphla, 1% NICKEL PLATE'S NET UP. CLEVELAND, Ohlo, September 29.— Reports filed with the Interstate Com- ‘merce Commission covering operation of ti Nickel Plate railroad for the month of August shows & net raflway operating income of $1.007,992, an in- crease of $178,537 over the same month a vear ago, company officials announced today. For the eight- month period endln“. August 31 the net rallway operating income was $7,671,118, an crease of il. 29,067 over the same period for 192 a! 18 upward and that it compares favor- | market of other exporting natlons. | }a high tariff duty. and of the chain stores and other re- tail organizations It is also apparent that when fit | comes to considering the outlook for | the Wall street markets, the same distinction mugt be obsefved between | groups of securities that is found in | an_ analysis of their corresponding industries. This —has shown al- ready during the last week or two in the highly irregylar price move- ment, stocks like the sugars, the to. baccos and the electrical company having gained, while shares automobile, the rubber and tire companies and the steels having most of them lost. Taking the general business volume, the enormous haul | over the railroads is a trustworthy criterion. Added to this is the state- the mercantile agencies that the main drift of distributive trade ably with a year ago. Pesstmism Not Justified Yet. 1f the pessimism which is still up- permost in Wall street professional circles is to be justified, it will be | because of changes in the trade situ- | ation of which so far there are no signs. Asked for reasons vehy stocks should go down from what is almost the lowest level of the year, the answer is that before long curtail- ment of demand will become more pronounced and that producers will ! elther have to cut their output or re- | duce prices, with the result that com- ! pany earnings will decline. This and the approaching session of Congress, with the presidential cam- | paign looming ahead, are the main | points of the present “bear” position. ! On the other hand, practically every | representative of big busjpess who, has_spoken publicly has expressed confidence in the future, taking his | stand on the extraordinary strength | of the credit structure and the ab-, sence of inflation and overproduction, which are the familiat antecedents of a period of depression. Rellef in Sight for Wheat Farmer. | The latest proposals for dealing with the plight of the wheat farmer are | mueh more conservative than Aany maGe so fer, The American wheat raiser finds it difficult, with arything like normal crops in other countries, | 0 meet the competition in the foreign Therefore, he must 100k to the home market chiefly, protected as it is by | The latest sug- | gestion, coming from the northwest- ! enr states, s that this could be dape | successfully by & government super- | vising body, which would tell the farmer how much of his land could be safely devoted to wheat, and how much siould be given over to other crops. This is the sensible way t deal with & state of things which ha been brought about by excessive pro- | duction. % 1 The business community rejects the idea of artificial price fixation. in- volving use of the public funds for the benefit of a single class. It is] gratifying to note that the commlueo; representing bankers, farmers and | congressmen from six of the leading northwestern states, who discussed the matter with the President this| week, came out against this false and dangerously unfair principle. STANDARD 0iL BUYS OKLAHOMA LANDS $8,000000 Involved in One of Largest Transactions in Recent Years. Special Dispatch to The Star. TULSA, Okla, September 28.—One of the largest oll land transactions in | recent years has just been concluded | here by the sale of all producing acreage In the Burbank pool and in Osage, Washington, Rogers and No- wata counties, Okla., and Greenwood county, Kan, owned by the Waite- Phillips Company. The purchaser was the Mid-Kansas Oil and Gas Com- pany, a_subsidiafy of the Standard Oil ‘of Ohlo. ' The price was about $8,000,000. Nearly 10,000 barrels daily productién is involved, mostl; g e ) stly from the LIVERPOOL COTTON. LIVERPOOL, September 29.—Cotton —Spot in fair demand; prices steady; good middling, 17.43; fully middling, 17.33; middling, 17.13; low middling, 16.68; good ordinary, 16.18; ordinary, 15.88. Sales, 3,000 Wale, including 1,300 American. Receipts, 5000 bales, no American. Futures closed quiet. Sep- tember, 17. 39; D ber, 15.95; J 5 15.80; May, 15.26; July, 14.85. O noon_closing, September, 17.08 value. Money to Loan ecured by first deed of trust on real estate. Prevalling interest and_commis Joseph I. Weller 420 Wash. I, & “Trust Over 42,000 Depositors . It Saves " FIRST TRUST NOTES For Sale nvenlent denominations | of 9250 and upward, 2 See Mr, Field Middlet REAL’ 1334 H St. N.W. Frankiin 9503 Money to L ANY AMOUNT Reasonable Charges on Trade Acceptances, ‘Warehouse Recelpts, Manutacturers' Accounts, Short-Term First an Secon Mortgages or Approved Col- lateral. & American Finance Corporation Commercial —on household furniture negotiated fa 24 hours at 8 per ceat i t. € BENEFICIAL BUILDING AND LOAN ASSN. 2213 gflh’lt. :‘ Fla. ‘g— » First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. I Street % “When” You Buy a Properly Placed 0 First Mortgage Note Have you thought what have over other marketed Oan you jovest other than i notes where you are absolutel against loss of principal or Tecelve your income on t where in the favestment ‘i First Mortxages, boast of the ea- viable record of mever n loas of & single penny in elther principal or interest. Notes now on hand in _amounts of $100 Up to $5, particalars apply Nr. O'Donbell. CHAS. D. SAGER 924 14th St. N.W. Established 1899 MONEY TO LOAN In Large or Small Amounts 6% or 61% Before placing or renewing vour First or Second Trusts, consult WELCH (Harry 8. Loan Specialist 15th and N. Y. Avenue Main_4346~ Quick Replies. Reasonable Charges ARNOLD AND COMPANY INCORPORATED. Capital, $1,000,000.00 Real Estate First Mortgage Investments 1416 Eye Street NW. Phone Main 2434 EQUITABLE Co-Operative Building Association Organized 1870 43¢ YEAR COMPLETED Surplus ...... Systematic Saving Most, Effective Join the Equitable and a systematic saving plen that 80 successtul for years. Subscription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Presideat FRANK P. REESIDE, Seey. pt_our s been Capital and Su Sl Car Fare —time and inconven- fence to Bank by Mail, and many of our 42,000 depasitors do it. | The closest mail box serves as a National Savings & Trust Com- pany “branch box,” and your receipted deposit slip is brought to your door by the letter car- rier. 1 Ask about our Banking-by-Mail facilities when you come in to make your pay-day deposit. We furnish necessary stationery, envelopes, etc. Deposits Invited in Any Amount; Same Rate of Interest Paid on Small and Large Accounts Open Until 5:30 P.M. Monday and Tuesday OFFICERS 1| WILLIAM D. HOOVER ....President WOODBURY BLAIR Woodbury Blale James A. Buchanan Reginald 8. Huldekoper DIRECTORS: ‘Willlam D. Hoover ‘Willlam A. H. ChurchVietor Ksuffmann Walter O. Clepbane wi Frankiin H. Eilis Frederick O pClepbans Chacles Minaball Bamonsion” Betak Susioon Frank W. Stome Fennlng Willlam H_ Walker At Henry K. Willard bl;l";tionai Saving;m & Trust Co. S6th Year Oldest Savings Depository in Washington .. Cor. 15th and New York Ave. 1 FINANCIAL. Know Your Investment Housé! When you have decided that First Mortgages are the safest form of in- vestment, as eventually you will, there is one thing more for you to be sure of. Be sure you know how we handle OUR First Mortgages; be sure you know that every interest payment through us is sent out so that it will reach you on the day it is due; be sure you know of the many little safeguards we place around our mortgages, which were originated by us and are exclusive with us; and above all, be sure you con- sider fully that no investor has suffered a loss through our Notes in our fifty- four years. .Swnrtzell, Rheem & Hensey Co. 727 15th Street N. W. 54 Years Without Loss to An Investor FIRST MORTGAGES The Oldest and Highest Paying Investment Consistent * With Safety 1. Reliable Security 2¢ Liberal Income 3. Protection Against Depreciation 4.” Prompt Payment of Interest 5 Rep;lymeqt of Principal in Full at aturity Denominations $100, $500 and $1,000 S. PHILLIPS R 15th St. at K St. NW. Phone Main 4600 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randolt I Hogner & C 7207 Conmecticut (Boonus FL. Ruck Conpary In Convenient Denominations For Investors Interest 6%:% N2 Fifteenth Strect IMain 6388 FIRST MORTGAGES 1f ‘you are looking for SAFETY and not thrills—ifeyou want a steady income and your principal at ma- turity, then you will be interested in our 6%% FIRST MORTGAGES They are especially selected for the conservative investor — they offer no hope to the speculator. B. F. SAUL CO. Main 2100 1412 Eye St. N.W.