Evening Star Newspaper, January 24, 1924, Page 27

FINANCIAL, INPROVED BUILDING SERVICE DEMANDED Incompetent Contractors to Be Put Under Ban in Drive to Stop Delays. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 24.—Service ts going to be put into the bullding in- dustry as a major requirement it the General Contractors of America can bring it about. Defaults and delays on construction projects not only have caused a huge economic loss in the iast year, but are serving to check the volume of building in prospect for 1924, according to delegates to the con- vention of the organization in session now at Chicago. To remedy this situation, a commit- tee of the contractors decided today to create conditions which would cause bonding companles to bar incompetent and irresponsible contractors from un- dertaking operations and reduce the price paid by the public for contract #uarantees, according to a speclally authorized dispateh to the writer today from officials of the organization. Road Bullders to Help. struction companies, engineers and representatives of bonding organiza- tons will take part. Should some co- operative action fail to modify exist- ing conditions, the committee decided a drive would be started for the reduc- tlon of bond premium rates and estab- lishment of competition in the contract surety field. Members of the American Road Builders Association and of the Association of State Highway Officials are expected to co-operate. These figures indicated an increase of more than 1,000 per cent in twenty years in the on contract bonds, and delegates declared this was proot of the increasing number of “bad risks” that are given bonds. More Winter Building Desired. Methods by which difficulties en- countered in winter bullding are overcome were exhaustively dis- cussed by the delezates. Engineers declared that methods of construction hind ®o improved that even reinforced concrete construction could be car- ried on without loss of time except under most severe weather condl- tions. Winter building, pointed out, gained advantage from the better supply of labor in the win- ter months, while the men emploved Lenefitted through steady, continuous work, and the contractor is able to lighten the burden of overhead which becomes oppressive in dull periods. A tremendous volume of work is expected in the next three months i order to complete apartment hou: now in course of construction 'for renting and occupancy by May 1, n the renting season is at its height. In the Chicago district the most comprehensive construction pro- kram_ever known will be begun at the first possible moment that the continued scarcity of building trade workers there will permit. Just at the close of last year skilled men be- came so scarce in that section that work had to be suspended on several hig projects. Contractors expect more than - $500,000,000 worth of building will be begun in Chicago this vear. Southern Contracts Rushed. The south is taking advantage of the presence of skilled men who have sought a warm climate for the win- ter. " Building material prices are stif- fening in Atlanta, owing to this ac- tivity, and the numerous inquiries for spring work on houses in residential districts, Real estate operators have mapped out plans for extensive development of subdivisions_outs the present city limits, Wholesale and retail yards are accumulating extensive stocks of materials to. meet this de- mand. British Strike Influences Coal. Coal men here, at Philadelphia and Hampton roads are watching closely the progress of the British railroad strike. Should thls cause a suspen- sion of mining and transportation of coal in Wales, it is expected a fairly keen demand for American fuel will result throughout Europe. Charter and freight rates on colliers are stift- ening. - - Are You a Sucker? Too many people put their money in day dreams and wake up broke. Never put your name on the dotted line un- til you have inquired of some one in your bank what he knows about some stock issue that Is oftered to you privately. Washington Stock Exchange. SALES. Washington Gas 8+ '33—$100 at 100%; ‘Washington Rwy. & Elec. 4a—8$1.000 at 71%. Capital Traction Co.—4 ut 963, 4 at 9614, AFTER CALL. Capital Traction 55—$1,000 at 96, ‘Money—Call loans, 5 and ¢ per ceat, BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tol. & T American Tel. & Te'g: Am. Tel. & Tel. ctl. tr. ¢ City & Suburban Georgetown Gas 1at Metropolitan R. R. etomne Elec. st Foto lec. del Potomnc Elec. 6 1053, Fot. Elec. Pow. g. m. & rel R Alex. & Mt. Ver. Alex. & M. Ve Riges Realty 5s (long) Riges Realty 08 (short Wash. Mkt Cold Storage Gs. ‘Wardmen Park Hotel 6s.. STOCKS. PUBLIC UTILITY. ' American_Tel, & Telga. Capital Traction Washington Norfolk & Wash. Steamboat. h. Rwy. & Elec. com. itaf [umbt Farmes ¥ederal Liberty Lincoln Natlor Rige! COMPANY, rican Security & Trust..... 302 Sontinental Trust .. : %8 Merchants' National Savh Talon Trust. Wash. Tral - SAVINGS BANK, Commerce & Savings. . ¢ Washington. Becurity ‘Savings & Com Taited ‘Washington Ameriesn Vircmen's National . 9% TITLE INSURANCE. Columbia T ¢ tle... Teal Estate Title 0ld Dutch Market ptd. o S Wa ‘Mar Yellow Cab. *kxdividend. i NEW YORK CURB MARKET Recelved by Private Wire BY WILLIAM F. HEFFERNAN, NEW YORK, January 24.—A de- cided change in sentiment was noted in the dealings on the ‘ourd exchange today. The market was more active than in some time, and, although strength was not as pronounced as on the stock exchange, the upward move- ment predominated. Oil stocks failed to move forward as a group, but buy- ing operations were concentrated in a number of selected issues, which were bid up for special reasons. Prominent among these were Contl- nental and Mutual. The active buy- ing at improved prices appeared to be in anticipation of an early announce- ment regarding the proposed merger of the two companies. The feautre of the Independent oils, however, was the persistent strength in New Mexico and Arizona Land. This stock became active last week following word that develop- ments were nending in the company’s holdings in Northern New Mexico and NEW YORK, January 24.—Following s official Tist of bonds and stocks traded in on the New York Curb Mar- ket today : & T 6 "2 1Am Turead Co 6 & Anaconda 6s . Anglo-Amer O Thia Aswoc Sim_ Hdw 8133 AUG & WIS 5 Betn Steel 7a ‘85, 1 Can R I & P S Chi TUnion Sta Cltles Service Detrolt City § Detroit Edison s, 2 Dunlop Tr & Rub Federal Sugar 64 Eisher Tody s R s Lig Win Lix r e Maracaibo 01l 7 Diio Pow X ¥ un 0N Gs Swift & Co 5w L. 2 Tidal Ow Ofl Gy B2 1 ited 01 Prod & um_Oil Ta . r Ry 5w wi Lol eb Mills 6lys Wi FOREIGN BONDS. Govt of Argen 6+ wi 109 2 King of Nether 6s. o 21 Swiss Govt 3 2 4 U S of Mex 45 col. Sales n units, 1 9778 3% STANDARD OIL ISSUES L. 60 0il o5 800 Tumble 0 & 1 new 3815 A1 onn. oo 1% at Trans) Y Transit Ind 20 Southern 50 K Sales INDEPEND in hundreds. 1 Brit-A 5 S m Ofl 18 Creale Synd 3 erby O & B pf'w i 120 Engineers Pet .... .01 8 Gen P E % | cases; i 2 Tidal Osage Oil, @ Wilcox O1f & 20 = on. 5 9o INDUSTRIALS, 1Am Gas & Elec. 7 Am Gas & El new % Am Power & L. Am Tsps Fdrs. orden % Co. 4 Blyn Shoes Ini FE SRIE S NSRERSEER. 3 220,82 [ RUESRE. 322K et 20 giosEgm RS T el 12% 13y g R 1 Direct to The Star Office Arizona, It advanced to well across 7 before there was any check. Bout! American olls were especially active but with changes comparatively small. Pennock was another spe- clalty, while Pan American rights 80ld above the doliar level in sym- pathy with strength in the A. and B. stocks. Glen Alden Coal continued to be bought on talk of favorable dividend action, but other coal shares were subjected to more or less profit tak- ing. The strength in gas and elec- tric stocks on the big board brought about _sympathetic buying in Ameri- can Gas and Electric, new, which moved up 4 points to 54, Todd Ship Yards, Lehigh Valley Rights, Na- tional Dairy Products and British- American Tobacco also were favored. The new Issue of 40,000 shares of Ludlum Steel Company common, re- cently offered for public subscription at $21 a share, opened at 213. Bank- ers handiing the fssue announced it had been oversubscribed. The buy- ing of Brooklyn City rallroad was abruptly checked on_publication of the report for the first halt of the fiscal year, showing net after (lxeul only siightly in excess of that in 1922. 3 Wil Corp 1 pf of dp 11% MINING, ny 1y Iron B Kelly Lone Star La Rose Mine. Spearhead Gold . Tonopal Min ... U. S. STEEL PLANNING $15,000,000 OUTLAY sociated Press | YORK. January 24—Con-. Dprojects totaling more than 5,000,000 were announced today by the United States Steel Corporation. The projects include rearrange- ments and improvement of the Home- : stead works at Homestead, Pa., for which $6,000.000 has been appropri-| ated; completion of the tube plant at Gary, Ind., to cost $¢ 900,000, and con- struction of 140 additional by-prod- 3 |uct coke ovens at Gary, Ind, to cost $3.000,000. H In making the announcement E. H. Gary, chalrman of the corporation, said “These, of course, do not include all the work that is being done or is contemplated, but they are the lead- ing Items. } DIVIDENDS. Pr. mm.r M Mill & Lo, tin H. H. pf. Gen. Asphalt pe... Ham. Brwn. 8hoe. m n 3 Standard Milifog Standard Mill. pf.. Stern Rros 8% pf.. Van Rasite 1st pf. PARIS MARKET SPOTTY. PARIS, January 24.—Prices moved | irregularly ©on the bourse today. | Three per cent rentes 53 francs 70 | centimes Exchange on London, 94| 20 2% » 1 1 francs 50 centimes. Five per cent loan, 70 francs 70 centimes The dollar was quoted at 22 francs 381 centimes. NEW YORK DAIRY PRICES. | NEW YORK. January 24.—Butter | —Strong:; receipts, 1,304 tubs; cream- | ery, higher than extras, 523a63; creamery, extras (92 score), 52; do., firsts (88 to 91 score), 48ab1%. Eggs—Stead: receipts, ,826 nearby hennery browns, ex- tras, '52; Pacific coast whites, extras, 52a52%; do., firsts to extra firsts, 48a " Cheese—Steady: — receipts, es. 11,838 WIDE FLUCTUATIONS IN COTTON MARKET Price Rise Above Previous Close * After Early Slump—For- eign News Better. By the Associated Press. NEW YORK, January 24.—A further advance In the cotton market during today's early trading met a good deal of realising, and, after selling at 33.98, March reacted to 33.70. The general market opened steady at a decline of three points to an advance of ten points, There were a few overnight selling orders around the ring, brought in by the advance of yesterday, but Liverpool made a very firm showing, and prices here soon showed net ad- vances of ten to twenty-two points on the active months as a result of cover- ‘lnl:. trade and commission house buy- ng. New Orleans Prices Erratic. NEW ORLEANS, La., January 24— After small advances on the opening today, in response to higher cables than due, the cotton market fell off to losses of fourteen to twenty-oi ints under what looked like rele: | ng sales by recent buyers. As prices | softened a new demand, came in, and by the end of the first' half hour of business the list was three to ten points over the close of yesterday. March traded as low as 33.79 and as | high as 34.10. October fell to 27.65 and reacted to 27.82. Much of the buving was based on the wet weather over nearly the entire cotton region and on more cheerful | English accounts of political conditions and trade conditions in that country. | Noon Bids on Cotton. NEW YORK, January 24.—Cotton futures, 1145 a.m., bids steady; Jan- | uary, 33.80; March, 34.13; May, 34.37 July, 33.25; October, 28.41. NEW ORLEANS, January 24.—Cot- ton futures, noon bids, steady. Janu- ary, 33.99: March, 34.08: May, 33.75; July, 32.85; October, 27.70. v Money to Loan Secured by first deed of trust oo resl estate. Provailing interest and commiesion. Joseph I. Weller 423, If You Believe in the United States—You Believe in Washington! Investors! We are offering a ment, secured by a real estate development that is certain to be very profitable—that is, in fact, already a demonstrated success. This is an op- portunity for the investor of moderate means to participate in the profits of a large real estate development. Full Information on Application ALLAN E. WALKER INVESTMENT CO. J. E. White, Manager Securities Department. very attractive invest- Main 2690 Southern Building Invest in Waéhington 6%% and 7% OU need not seck beyond your own city for investments that combine assured safety of principal with a decidedly profitable interest re- turn. Our constant aim is to meet the demand of investors for a diversity Coupon Bonds secured of First Mortgage by business, apartment and miscellaneous properties in Washington, D. C. 61% and 7% on Monthly Savings Make every dollar pon interest allowed on all | partial peyments. These bonds are sold in any amount in de- nominations of $100, $500, $1,000 and $5,000. You have a choice of maturities from two years to fifteen years. Mail the coupon below or telephone Main 6464 now for circulars de- scribing our current of- ferings. No Loss To Any Investor In 51 Years Clhe F.H.SMITH COMPANY CPounded 1873 SMITH BUILDING 815 FIFTEENTH ST. Please send me, without obligation on my part, full particulars alsut your current offeriags of 6% % and 7% Pirst Mortgsge Conpon Bot is. A Man’s Duty is But H&M Done —when he accumulates a fortune to pass on to his heirs. It is equally obligatory upon him to insure its proper administration. Our Trust Department is authorized by law to act as your Executor and Trustee. * Make this month your Will month ERICAN S]ECU]R]ITY 15th and Penna. Ave. FINANCIAL. Mortgage Money to Loan On Real Estate. Let ue fisance your ‘property. FIRST MORTGAGE NOTES or sale. Comsult us if you have available funds for iavestment. THOS. E. JARRELL Member Washingtoa Real Estate Board 837 Woodward Bldg. Main 766 FIRST MORTGAGE NOTE FOoORrR SaLE IN DENOMINATIONS OF Capital, Surplus and Undivided Profits Central: Over $6,000,000.00 BRANCHES Northeast: 8th & H Sts. N.E. Southwest: 436 7th St. SSW. Northwest: 1140 15th St. N.W. 7th & Mass Ave. NW. S00 DOLLARS ANPD UPWARDS 1207 %lmné&a( .S%am FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. | se=—mne——nEmne——ae—= We Buy and Sell Liberty Bonds ” $1_WIiil Open a Savings Account Open at 8:30 A.M. DIIXZ a8 Treasury Notes The Columbia National Bank Etc. ! 911 F Street Surplus Capital, 7 $250,000.00 $250,000.00 8 Business Confidences §It is his close touch with all lines of commercial activity that gives value to your banker's counsel —that peculiarly fits him to guide you when you desire counsel. fWe enjoy the business confidence of innumer- able individuals and will be glad to know you and your particular problems. “Columbia™ facilities provide for every legitimate banking want. Our Savings Dept. Pays 3% | i Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street Compound Interest Investment Year Sclect a security combining Safety Large Earnings Salability Purchase for monthly income Cities Service Preferred Now yielding over 8% fl @ l!.] l] ““NICE GILT EDGES Did you notice what that modest (7) okd philosopher, “Andy Gump,” said recently? After he had been most beautifully ‘“trimmed” by a promoter who involved him to the point of bankruptcy, he delivered himself of this truism: “Bulls, bears and wildcats are too dangerous company for my cash; henceforth, my money will associate only with Government Bonds and FIRST MORTGAGES with nice gilt edges.” _ No sage or savant ever spoke wiser advice to any investor, except there is no necessity to sacrifice the difference in interest rates between U. S. bonds and our FIRST MORTGAGE NOTES. We are offering today several lots of such First Trust notes, which are amply safeguarded against loss or depreciation, and to yield the buyer 61, mi 7% Get in touch with us at once, and we will cheer- fully submit details. Mortgage Investment Department SHANNON - & LUCHS 713-715 14th St. N.W. Circular on Request Thomas W. Brahany & Co. 510 Evans Building Main 6159 EQUITABLE Co-Operative Building Association Organized 1879 41th YEAR COMPLETED ... BAT55,170.52 - . $1,24%,320.08 Assi Surpius : Accomplishes Most Srstematic saving e means ot accmmalatiog ¥ Joint the Equitable and save it “best resaltn Subscription for the 86th Issue of Stock Heing Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. We Are Now Offering 6%2% Firet Mortgage Notes feel particularly fortunate in being able to 3\ N JE offer these Notes which are so well secured and which yield such a good interest rate. As many of these First Mortgages are sold and many more of them held on reservation, we suggest that you communicate with us at once so that you may take advantage of this opportunity for the safe investment of your funds and get the present yield. If*your funds are not available at the present time, we will be pleased to make a reservation for you. Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 54 Years Without Loss to An Investor