Evening Star Newspaper, November 17, 1923, Page 15

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- FINANCIAL. MELLON TAY PLAS B 154 FACTR Business Expansion in Scores ;' of Lines Hinges on Possible Changes. BY J. C. ROYLE. Epecial Dispatch to The Btar. NEW YORK, November 17.—Future plans of scores of industries are hanging on the tail of the Mellon tax rovision kite. Bankers, manufacturers, merchants end industrial leaders have extended @ remarkable approval of the pro- posal, declaring that its adoption would set new blood coursing through the arteries of commerce and industry. They are not however, counting their chickens until Con- zress and the President bave hatched the Mellon egg. Many plans for ex- vansion in 1924 therefore are held in ubeyance. Opposition Expected. Indications are that the Mellon proposal will not lack for opponents. Some of those against the measure take the stand that the revision the secretary outlines would not lift the burden of taxatlon from those least wble to bear it, but would lighten the load of the rich, Still others facl that the majority of the members of Con- ress are bound by thelr pledges to constituents to a course of action which would make reduction of tax- ation impossible and which might even require additional government financing. Scores of business enterprises are contemplating expansion in 1924 Their plans undoubtedly would be furthered by adoption of the Mollon policy, but their attitude should the proposal meet defeat la cxpressed by Lowis L. Clarke, president of the American Exchange National Bank, Who said: “With taxes as they are now one cannot expect business to +xpand.” This stand was conflrmed by Judge E. H. Gary of the United Stutes Steel Corporation, who de- “lared the effect of the adoption of the Mellon plan would be larger rev- erues and increased prosperity, add- ing that burdensome taxes had been o great hinderance to development progress and proeperity. More Liberal Yurel The effect of the operation of the plan which business men see, 1f it should be made effective, is on the altimate consumer. They expect the saving in income tax to individuals would be translated into more liberal purchases. The $325,000,000 swhich Secretary Mellon states would remain in pos- session of the taxpayers and in gen- cral circulation If his policy is fol- Jowed, is the smallest factor business men see in the situation. What they chiefly count upon {s the volume of capital which would be released from fax-exempt sccuritios to move into industrial {nvestment. Industrial se- curitics carrying a normal rate of interest have been unable to compete in attractiveness with Investments in tax-exempt securities with people of ereat wealth Charles M.V, . president of the Philudelphia: Chumber of Commerce, that the reilef which those of rate incomes would recelve from tax revision weuld send a_fine flow of capital into channels from which it will reach industry, and Industrial ‘end raiirond bonds mor« attracttiy More Funds for Investment. The railroads and other. great basic industrics of the country will be com- pelled to o to the public for funds in 1924, us they have determined to con- tinue the tremendous campalgns of expansion and equipment buying of the past year. The release of capital under the tax revision plan. it Is felt by raiiroad men, would provide funds for these expansion programs at a moderate interest rate. The program of the electric rail- roads {5 even more extensive. E. E. Loomls, president of the Lehigh Val- ley rafiroad, outlined the attitude of the carrlers by asserting that there was a tremendous opportuni§y for le- citimate expansion if taxes could be <o adjusted as to restore eonfidence and attract capital TEST CASE UP WEDNESDAY Judge Announces Next Move in Piggly Wiggly Suit. MINEOLA, N. Y. November 16— Frank Milton and Waliter L. Smith of Memphis, Tenn. plaintifts in a 100,000 damage suit against the New York Stock Exchange as an out. &rowth of the Piggly Wiggly corner last March, have been dirceted by Su- preme Court Justice Carswell to show cause on November 21 why service of a summons on the exchange should not be sct aside. The sult was brought to test the legality of the authority of the exchange to post- | pone the detivery of stock sold short. Counsel for the stock exchange con- | tended that because the organlization | was not incorporated, the action chould be brought against the presi- dent, treasurer or all the assoclated membors and that servico on the president, Seymour L. Cromw, vi HEen mwell, wags COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY KANSAS CITY, Mo., November 17.— lLocal representatives of the Pacific Fruit and Export Company, owned jointly by the Southern Pacifioc and Unlon Pacific roads, have received notice that the company is purchas- ing 3,057 refrigerator cars, to be de- ivered before July 1, 1924. BOSTON, November 17.—Reoeipts of cotton at the five principal consum- ing centers in New England in Octo- ber totaled 80,591 bales as agalnst 59,159 last year. Receipts '0';" the wason to date have been 146,458 ales, as against 125,200 & year ago. As a number of mills had part of their equipment {dle in Ootober it s belleved receipts were in excess of consumption. DETROIT, November 17.—The ob- servance of Armistice day had ‘the effect of cutting Ford production this week by 616 cars and trucks. Thi total turned out was 39,177, PITTSBURGH, November 17.—Plate glass production continues at capac- ity, manufacturers having orders on their books for months in advance. Window glass demand is not o strong. THE EVENING STAR, WASHINGTON, D. 'Markets Appea NEW YORK CURB MARKET | Recelved by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, November 17.—Indus- trial stocks were subjected to more selling pressure on the curb market today than they had been at any pre- vious time of the week. Standard Oll Pipe Line 1ssues, while somewhat lower, were not as weak as they had been. Durant of Delaware played a prom- inent part, breaking over’d uoixu to 20%, the lowest this year, and was off over 8 points on the week at 30%. Universal Pipe preferred sold 1% points under Friday's close. Vacuum, Prairie Oll and Gas and Standard Oll of Indiana were frac- tionally lower, but Seaboard Ol and Gas and Southern States, in the in- dopendent group, retained their re cent improvement. Lone Star Consolidated Mining was the center of interest in its group. Homestake Extension broke over 20 points on rather large offerings. ————. NEW YORK, November 17.—Foliow- ing is an officlal list of bonds and stocks :m;d in on the New York curb market Sales in thousands. 1 Kan City Term 8 Kennecott _Cop 1 Manitoba Pow T 1 Morris & Co 7% B Nat Leather £a 1 New Orl Pub 1 Phila Elec 6s 2 Phila Elec Siaw 8 Phil Elec 5is 13 Phillip Pe Tigs w W 2 Pub Ser K1 Fow Ga. 25 Reading Coal s .. 80 03 FOREIGN BONDS. 1 Gov Argentine 6 wi 993 10 Mexican Govt s ... 4975 5 Russlan Govt cf 3 0y 7 Russian Gov_8igs cf 8% 2 Bwiss Govt O . o7 17U § of Mexico 48 1 20% Sales STANDARD OIL ISSUES. tn uaits. A 400 Anglo-Amer ONl ... 1i% 143 70° 10 107 107 8T 20 Buckeye P L .. 30 Cumberiand P'L. €0 Eureka P 1 €0 Tilinofs Py 70 Imp Oil of C 70 Ind P I . 800 Inter Pet Co, 10 Magnoii Pet 200 Ohlo Ol new . 235 Prairle Ol & 290 Prairie P L 53 South Pen 2100 8 O Indiana .. 10 Bouthern P L 800 § O Kentucky 1000 8 O N ¥ new 1200 Vacuum 011 new| Sales INDEPENDENT OIL STOCKS. in huadreds. 14 Carib Synd 1 Cit Serv B Cit Serv ptd 9 Cit Rers 3 nginee: wck O ulf Oil of Pu 20 Gult 8 0 & Re w 1 30 Hudson Ol ..... 50 Kesstone Ranger... 80 Livingston Oil Corp 11 Mount Prod &1 Mount Gulf 18 Mutual Ol v 1 New Bradf Ot w | 20 Pennock Ol .. 3 Royal Can O 9 Sait (& Prod 7 Bapulps Ref 8 Beaboard Oi ... 1 97 Bouthern States Ot 17% 20 Wilcox Ol & Gas.. 4% INDUSTRIALS, 1 Am Gas & Flnew wi 8 Atlantic Prut w i 3 Adirondack Pow .. 1 Borden & Co.. 8 Bkin Shoes. Inc. 1 Bridgeport Ma w i 1 Brit"Am Tob Co Te 2 Bklyn City R R 17 Car Light .. 10 Candy Prod w i B e 1t B entrifugal I Pipe 1 CBecker Cab Mtd A B Chi Nip new w i. 2 Cni Nip B tc aw wi 3 Colorado Pow & Lt 10 Cos 1 Cul 8 Dubilier C & Radio. 61 Durant Motor ... 4 Durant Mot of ‘Ind 1 Elec Bond & 1 ph. y Maz 257 1 Gleasonite Prod Co 11% 4 Hudson & Man R B 11 2 Hudson Co ptd ... 2 1 Imperial Tobacco . 4 Intl Concrete . 2 Mesabl Iron . © Maranbank w i . 1N Y Tel Co ptd 2 Park & Tilford 1 Peerless Mot . 8 Pyrel I3 10 Radio Corp 5 Radio Corp pfd . ittt 05 e s PR e eetri=tel {4 SEFFFFRESE & T BEFFRGRERE & @es B! TREASURY CERTIFICATES. (Quoiations furnished by Redmond & Co.) —C Rate—Maturity. Bia. Ofter. 48 December 15. 1023. 99 31-32 100 1-33 4s March 15. 1924, 100132 100382 100 8-32 100316 100 29-82 101 1-32 I3 100 13-16 101 1-18 44s March 15, 1008 4138 June 15, 192 100118 s December 9 1016 100 11-16 4 Y oo 100 1318 o 100116 4138 December SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Alminum Co. of Amer. Aluminum Co. of Amer. American Cotton i1 Gx 1024 American Sugar. 0s 1937 ‘American Tel, & Tel. s 19 American Tel. & Tel. 6s 1825, lo-American Ao rer s Ohlo te 1024 Canadian Northern 5: Central Argentino Rwy. 6s 1 Central Leather Gu 16 ., H. 4" & Bl’ll:‘lllr Chicago o 197 Du Poat T 1601 1. Til. of Bos. T r Ref. 6s 1! . & Great Northern 7s 1988 Hocking Vailey € 1924 B opter o i en: MeNell & Libby 78 1 Hieny s 1924, Mientgan, State Tel M. 8L P &S, 5 1 P Depot B¥u 1023. Bwift & Co. 5s 19&0.. Tidewater Ol 6%4s 1081.... Union Tank Car 18 1080. U. B. Rubber T3%s 1880 Western Union 8348 1636. ‘Westioghouse K. & M. BOSTON STOCK MARKET. BOSTON, November 17.—Following is a list of today’s highest, lowest and closing prices for the most active stocks dealt in here: ST. LOUIS, November 17.—8t, Louls | So0pe! ianufacturers and distributors first ten months of this yesr‘n-z’:; commodities in Cuba to the value of $8.451,200, the larger portion of which ‘was devoted to dry goods and cloth- SPRINGFIELD, 1., November 17. —The Iilinols white potato erop will total 10,948,000 bushels this year, as compared with 7,449,700 bushel in 1932, The average yield is 92 bushels An @ore, as against 62 last year. the best since 1915, The corn’ crop is ostimated at 311,877,000 bushels, or 25,000,000 under last year, with an average yleld of 37.5 bushels an acre. PORTLAND, Oreg,, November 17.— Large shipments of prunes in bags are now being made to Belgium, local shippers having discovered that the Belglan customs regulations favor chipments in bage rather than packed hg boxes. Hood Rubber Island Creek . Ysland Creek pfd Mass Gas .. dower 0 Tnvestme =2y .;gsss 1y Winone ,... 28 Mw.l 35 preside, 12 * 7 Reading Coal rts wi 21% @ Repetti Candy’ 4 Roamer Motors 20 Bo C & 1 new > 9 Bwift Internatl’ ... ‘17 1 Studebaker Wif Hb 48! Exp.. 4 * FFF L2 prd wi 85 Qorp N Y123 W J new. 40! MINING. 4 Alasks Rrit-Colo 2 Amb Exploration G0 Arisons Giobe Coj 10 Bost Moo _Corp 6 CanarioCopper 5 Cent Amer_ . 2 7 Cons Cop Mns new 50 Cortes Bilver . 1 Crown King Cor 1 Crown Reserve 270 Fortuna Mines 10 Forty Nine Mines.. . 30 Goldileld Deep Mines ¢ 10 Goldeld Florence... . 10 Goldtield Jackpot 140 Gold Zone, 20 Hill Top N 26 Homestake > Howe Sound 40 Independence Lead. .: 3210 Lone Star . 1 Mason Valley | ational Tin . 7 New Dominion’ Cop. 1 New Jersey Zin X Forcupine . Nevada Bl Horn Nixon Nevada Ohio Copper Red HUI Florence. 8t Crolx Mines Silver Horn Mia. Siiver Pick .. Spearhead Gold ' onopah Belmout Tonopan Divide i A Univ_P) Xel Taxi 505 Wrigley, shnuB.g. 058! £ & R & FEE SRR T N o E 70 40 10 White Caps ...... 1 White Knok Cop pt 1 Yukon Gold BABSON ADVISES CARE IN BUSINESS !Fake Optimism of Today Dangerous, He Tells D. C. Leaders. “The need of the hour is to cut our fake optimism and false standards and return to old-tashioned hunesty, industry, thrift and service,” declared | Roger W. Babson at @ meeting of the Babson Statistical Organization yester- day at the New Willard Hotel under the auspices of the Merchants and Manufacturers' Association. “There never was a time when Americans were 80 divided as to the business outlook. This very fact. | however, should cause you succesaful | busine: men to take your task very serious: during the next few hs,” he said, urging his hearers to “cut out frills, collect your bills, keep down inventories, reduce costs, nvold getting into more debt and get out of debt as fast as possible.” We must all work together for lower taxes, greater confldence, more efficiency and fundamental rather than superficial remedies,” he de- clared. He sald great care should be exercised to prevent unemployment and poor business in 1924. . Fears European Situation. Describing the European situation and the maintenance of large armies 2s a reason for watchfulness over business conditions here, Mr. Babson declared, “Something wiil break ulti- mately. Europe will either disarm or fight” While he held that an- other European war would temporari- 1y help business here, it would mean the bankruptey of Europe, with harm- ful results later. Four other reasons were cited by Mr. Babson for business care. This year is developing unsatistac- torily for producers of coal, olls, cop- per, leather, rubber, wheat and many other basic raw materials. The tremendous amount spent on automoblles makes it impossible Tor people to buy other things, The presidential election, with very radical groups in both parties. Indi- cations of & drive against the rail- roads in Congress, with harmful re. sults on the stock market and the 1 bor and farm situation were also in- cluded in this heading. The attitude toward iife on the part of many who desire merely to be tak- en care of by thelr governments, fed and amused. Maj. Gen. Anton Stephan, president of the Merchants and Manufacturers' Assoclation, {ntroduced the speaker. BUTTER PRICES FIRM. CHICAGO, November tant changes In either ditions were lacking in the butter market during the week. Under- grades weakened at Chicago and Philadelphia, and at New York and Boston undergrade prices advanced to a point more in line with Chicago. Closing pricés and range, 92 score butter, at the four principal markets tollow: Chicago, unchanged at 51%; New York, 1 higher at 53%; Boston. un- changed at 51%, and Philadeiphia, 1 higher at 53%. —_— BUILDING CONTRACTS UP. PHILADELPHIA, Pa., Novéember 17 (Spectal).—Building contracts let in this city last month amounted to $6,486,100, an Increase of 35 per cent over the preceding month and of & per cent over October, 1922. These contracts included $3.624,500 for dwellings, $1,222,000 ~for ' busines: structures and $864,800 for factories. Thé total amount of bullding started in the first ten months of this year aggregated $81,418,900, or 21 per cent le‘sgslghzln for the corresponding period o 3 PASSENGER TRAFFIC GROWS. ATLANTA, November 17 (Special). —The street rallways of this city are carrying 250,000 more passengers each month than they did in 1922, ac. cording to reports just flled with the Georgia public service commission. 17.—Impor- rices or con- -Prices moved irregularly on the bourse today. Three per cent rentes 33 francs 25 centimes. Exchange on London, 81 francs 60 centimes. Five per cent loan, 69 francs 10 centimes. The dollar was Quoted at 18 francs 98% centime . WOOL PRICES FIRM. BOSTON, November 17 (Special).— Boston raw wool markets closed the week on an optimistic note with the lower grade wools moving in good quantities and with many dealers pre- dicting an_early increase in the de- mand for better grades. Prices were slightly firmer, —_—— REDFIELD TO SPEAK. NEW YORK,November 17.—Former Secretary of 'Commerce Willlam_C. Redfleld will be the principal speaker et the luncheon meeting of the Broad- way Assoclation om Tuesday at the flotel Astor. George L. Slawson will MUCH SWITCHING 10 RAIL STOCKS Industrials Forfeit Part of Recent Gains During Week. Coppers Aotive. By the Ausociated Press. NEW YORK, November 17.—Switch- ing of speculative interest from the industrial to the rallroad shares was one of the features of this week's stock market, which continued to ig- nore the unfavorable political devel- opments abroad. Demand sterling and all the principal continental ex- changes collapsed to new low levels for the year in response to the dis- solution of parliament and the aban- donment of the proposed reparations conference. Industrial issues, which had been bid up rapidly since October 21, for- feited part of their gains on profit- teking and a renewal of bear selling, but the recognized leaders offered £0od resistance to selling pressurs the widest breaks taking place In t! specialties. Ol Skargps Held Thetr Own. The further reduction {n unfilled orders of the United States Steel Cor- poration was counteracted to some extent by the activity in the pig iron market and the {ncreasing inquiries regarding new business. Oils were inclined to improve on the further reduction in crude ofl production, ai- though the extension of the gasoline price-cutting war to the eastern sea- hoard and further downward read- justment in crude prices had a some- What depressing effect on some shares. Coppers were bought on the strength of the quarterly statements of the porphyry companies and the reports that sales of the red metal in the first two weekg of this month had ex- ceeded 200,000,000 pounds. Heavy production schedules for neéxt spring announced by some of the larger au- tomobile companies brought fresh buying Into the motor and motor cessory stocks Crep Report Helps Buying. Mall order and farm {mplement ls- sues benefited by Secretary Wallace's statement that the value of eleven principal crops had Increassd from $5.200,000,000 {n 1921 to mbout $7,00 000,000 this year, indicating fncr purchasing power of the farmer. WHEAT AND CORN DROP DURING WEEK Grain Traders Scared by Sharp Break in British Ex- change—Lard Prices Firm. By the Assoclated Press. - CHICAGO, November 17.— Wheat prices have gone down hill this week hand in hand with forelgn exchange. Successive new low records for ster- ling, In particular, had & decided bearish effect. Compared with a week 8go, Wheat this morning was 1a 1% to 3% down, corn 2% to 3% off, oats at Hal{ to % decline, and pro- viglons varying from a 15 setback to 30 advance. Spreading operations. selling of wheat here against simultaneous buy- ing in Winnipeg, attracted special attention during the week. Predictions that receipts of corn would become larger and that de- mand for feeding would be curtailed pulled down the corn markets. Oats were easler with corn. Scarcity of lard here gave firmness to that commodity, but other provi- slons were weak, Owing to excessive arrivals of hogs. PAR CLEARANCE 1S BLAMED BY BANKER diven as Reason Why Many Banks Stay Out of Fed- eral Reserve. By the Associated Prass. ATLANTA, Ga., November 17.—Par clearance was again given as the main reason for the failure of eligi- ble state banks to come Into the federal reserve system at the hearing by & joint congressional committee here yesterday. Clarification by congress of the ex- change provisions of the federal re- serve was recommended by John K. Ottley, president of the Fourth Ni tional Bank of this city. Represen- tative Wingo of Arkansas, in dis- cussing Mr. Ottley's proposal, sald he belleved such an attempt would meet fatal opposition in the Senate. where he declared the notlon pre- valls that the country banker is & person expected to render service to the city banker and the wholesaler. Limited return from investment or cost of membership also was cited by Mr. Ottley as a reason for the state banks' not joining the reserve system. In this connection Representative Lewis T. McFadden of Pennsylvania, chairman of the committee, suggested that larger distribution of earnings among member banks would be tan- tamount to putting the federal re- serve system into competition with member banks. This was not Mr. Ottley's view, he said. REFUSAL TO BARE COSTS BARS RIGHT TO IMPORT Treasury to Deny Singer Manu- facturing Company Rights to Use Customs for One Year. Forelgn manufacturers who refuse to submit for examination their books on production cost may be denied the right to import for one year, according to Information sent o;lnt yesterday to customs officers by the Treasury. ‘The power authorized in section 510 of the tariff act may thus be in- voked for the first time. Instructions were sent to customs collectors by Assistant Secretary Moss with an opinion by Attorney General Daugh- erty saying the Treasury's authority was absolute. The opinion referred directly to shipments by the Singer Manufacturing Company, Limited, of Clydebank, Scotland, and _declirea that denial by the company of the inspection privilege constituted valid grounds for use of the provision to close the customshouse doors to the concern for one year. DIVIDENDS. Company. _ Period. Rate. bls, R of Nove Scotia, Q n. Orucible Steel pf. Cast Iron Pipe. Cast Iron Pipe Cheser. Mg, Bp. Chesbrough ~MTg. Chesbr. Mfg. pf. Mengel Co. pt. Tex Gulf Sulphur.. LD TREERE =8 b El E 3 i3 2 R BRBEEEEL, ©" 00! *£ § SATURDAY, NOVEMBER 17, ~1923 Bgtween» England and F rance Reparations - Likely to Hold Nations Together—Strength in Cotton and Drop in Wheat BY STUART P. WEST. 8pecial Dispateh to The Btar. NEW YORK, November 17.—The matter of primary interest at the close of the week Is the probable practical effect upon political and financial conditions of a break be- tween England and France on the Question of European policy. Nobody is able to put forth -more than a conjecture, but two thini stand out clearly. The first is that such a rupture . would still further indefinitely postpone the settiement of German reparations, and therefore indefinitely delay the restoration of Europe. The second is that the mar- kets have not given the conventional signs that would indicate fear of serious consequences. : It {s true that there has been & demoralized decline in the forelgn, ex~ changes, carrying them to much the lowest of the year, and it is true that French and Belgian government securities have been under severe presaure. But the other phenomens ot a war scare have not appeared. A violent upturn in wheat is one of the first traditional signals of impending trouble, and wheat prices within the iast day or two have been making new lows for the season. The rule is that political disorders abroad should cause lower prices for cotton, n that they suggest the pos. aibility of a shutdown in the foreign | demand: But cotton has kept on mak- ing now high records. Bimilarly, the statlonary tendency of money rates and the firmness of investment se- curities ars two further bits of tes- timony that there is not as yet any Decline of Exchanges. The decline in the exchanges is due to m number of causes, the rela- tive tmportance of which I8 the sub. ject of widely differing opinion. The Storling market has been peculiarly sengitive because the political com- plications came at a time when Graat Britaln was preparing to meet the next installment on the American war debt, when large sums were due on high-priced American cotton and when the approaching election was casting its_shadow over all English markete. Had it not been for this unfortunate combination it is diffi- cult to believe that the dfsturbing developments in European politics would ~ have caused any such decline. Sterling has stood up all along because the coliection of Great Britain's 22 per cent of the total tndemnlty assessed agalnst Ger- many was not vital to British finance. Engiand was able without any {n- demnity money to balance its budget, reduce taxes and begin payments to the United States. French Attitude May Change. ‘The position is wholly different in the case of France. Here the budget Is not being balanced except by a constant plling up of the already huge fnternal debt. The theory is that these domestic loans will sooner or later bo pald off with German roparations and that the French peasant investor will be patient under the load in the meantime. It Is confidence in this which causes French statesmen to stand out againet the united governments of the world, and there seems to be no reason to hope for any change in their atti- tude unless the franc continues to depreclate, increasing the already high cost of living to the French. It is conceivable that such pressure ‘would cause preper recognition of what has been demonstrated for the last ten months, that it {s {mpossible to collect reparations at the point of the bayonet, and that the true inter est of France, 83 of-the rest of t world, are In putting Germany on her feet. ‘The more immediate aspect of the break In the exchanges which has been general all over Europe, iy that the latest political crisis has made holders of forelgn currencies feel like selling out and transferring to American dollars. Rival ‘Views on Business Outlook. Our own security markets, while more or less affected by the occur- rences abroad, have had their atten- tion fixed mainly upon the business outlook at home. The recovery of the first two weeks of November put prices back to a reasonable level after the depression of the early autumn. The general run of stocks were satis- fled with this, and settled down to & peries of small fluctuations, the theory belng that It was well to wait until a better line could be obtained upon business conditions in 1934. On this subject there are two rival of opinion. One believes that the tisfactory, and indeed very lar, volume of general trade will be m tained, because there is no prospect of wages coming down and emplo: ment diminlshing, hence no likel hood of & let-up in the general buy- First Mortgage Loans| Lowest Rates of Interest and Commissios. Prompt Action ‘ pt A The Margin of Securit, ‘We Demand to S‘h‘w’ rd Clients Investing in Our % First Mortgage Notes Insures absolute safety under any and all conditions. o It \ aleo our established resord of 2 los! eitber principal or e S e SET T B i R S CHAS. D. SAGER 4th St. N.W, 824 3 £ J In Convenient - Far Investors - " : Interest Support View. ing power. The other side‘dwells upon the unprofitable conditions e: isting in certain basic lines, and as- erts that this depression will grad- ually extend to the rest of the bu neas structure. v Evidence Favors Optimists. At the moment the bulk of the evi- FINANCIAL, r to Doubt Break | ONR¥-PRICES HOLD-CR. | Orderly “Marketing ' Big ! Factor, | i Milk Expert Declares. | Bpecial Dispateh to The Bta PITTSBURGH, Pa., “Dairy products hav ance to .the downward sweep of prices to the farmers since the war | than most of the major farm prod- ucts,” declared John D. Miller of Sus- quehanna, Pa. president of the Ni tional Miil Producers’ Federation, yes- | terday. This he_attributed to “orderly | marketing, to Tlegirlation prohibiting the manufacture and sale of imita-| tlon products, to protective tariff rates and to educational campaigns | resulting {n. increased consumption, | all of which are the results of co-! operative marketing ciation dence is in favor of the optimlistic|" view, but this does not mean that the stock market is justified in launching into any discounting movement. Prices have-had a very generous re- bound, and there are too many un- certainties to warrant a fresh wave of speculation for the rise. But speaking only of the business outlook, one fails to see where in- dividual Instances of deprs on are tending to be more common. On the contrary, one basic industry which has been set down among the cases of over-production and exces- sive costs, has been made to Appear within the last week in a very d ferent light. This is the copper trade. It is seen now that demand has again caught up with supply, that unsold stocks of the metal have begun: to come down, that prices are moving upward, and that the copper pro- ducers _have shown their ablity to overcome what seemed to be unprof-. itable prices by reducing expense ac- counts. (Copyright, 1923.) MORTGAGE LOANS Denominations Tntoreat Rates 4% n! s and 7% X All loans secured on modern homes and busi- ness property in best northwest sections of the city, Ask for Intorma Mortgage Dej 913 15th St N.W. .~ Main &17 | Money to Loan 1. Weller £ Wass ion. L& r Trem RW. Mortgage Loans $1,000 to $10,000 at 6% ‘We have a million dollars to loan in sums of $1,000 to $10,000 on houses. These loans must not exceed 50% of ac- tual value of property and may be reduced at interest periods. Term: Five years or longer. Reasonable broker- age. 2 INVESTMENT DEPT. WARDNMAN Constn’agl IS Company ‘oK Stror W Main 4490 EQUITABLE Co-Op_elfl_tive qulding Association Saving With Best Results lopt our systématio saving plan god 7ou il dZemplian i Subscription fowr the 85th Issue of Stock Being Recetved Shares, $2.50: Per Month EQUITABLE ‘BUILDING 915 F St. N.W. JOHN JOY EDSON, Proaident -Denominations _ 644% FIRST MORTGAGES' Secured on. Improved Real Estate in the District of Columbia $750, $1,000 and wpward. JAMES F. SHEA 643 Louisiana Ave. N.W. ON FIRST MORTGAGES The Foundation of Large Estates T is not the fortune of many to achieve the success of Fords and Rockefellers, but there is opportunity for.every one to achieve a great success, nevertheless;:by fol- lowing their examples. Make a start toward saving now, be it ever so little, and remember that the limit of your fortune is only marked by the dili- gence and care with which you invest.your savings. That is why our First Mortgages have formed the backbone of so many large es- tates, because every dollar invested in them has earned a liberal interest return from the day it was put aside. And the interest has earned interest as well. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 54 Years Without Lass to an Investor Patromage is very semsitive—it usually goes only where it is wrgently invited, and its sojomrm is limited to the character of its treatment Our Business Has Been Built —not only upon this theory, but upon our ability-to demdnstrate that degree of human interest in every customer, which is is so necessary to.his peace of mind where investments are involved. We Invite You to Try Oux'Sérvu:e —~by investing your funds in our First Mortgage Notes —THEY ARE ABSOLUTELY SAFE— —THEY DO NOT DEPRECIATE IN VALUE— —THEY YIELD SIX AND A HALF PER CENT— —THEY ARE PAID WHEN DUE— We relieve you of every detail of collection and remit pay- ments on date when due, which makes these notes a most satis- factory form of security. Request Our Mortgage Department To Furnish Fuill Information HANN REALTORS 713 14th Street N.W. Main 2345 FIRST MORTGAGES Absolute safety, a maximum. of convenience, and the ‘most liberal interest _reiurn consistent. therewith, the three essential. features of an ideal investment, are combined in our + FIRST MORTGAGES Convenient amounts and maturi- ties are available as desired. B. F. SAUL CO. - Main 2100 " 1412 Eye St. N\W.

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