Evening Star Newspaper, June 1, 1924, Page 88

FINANCIAL., Higher Trade Volume Marks The Yearl Washington Stock Exchange Transactions in Bank Shares and Bonds Show Noteworthy Advance—Increases Business W hile N BY 1. A, F hile business on the k e has fallen off eatly as a rule, have sought lower levels, the Washington Stock Exchange is to be congratulayse m o the large in volume of trade This hond tran nt, while ‘ransactions ser cent. ¥ sHght concessions to mod but there hav vances Bank seption, New York w Stoc! very and prices ine is represented acti of the inere; have by a gain in nearly 100 per in the share t declines, some ad- e, without Ty higher i have been traded in freely., Heturning Confidence. At times there have members in attend ex- levels, been but few at the daily T of the buy- a return of conti- purt of the people in the | aflway and Eleetric fully in the common iud preferred shares. There has been th s lation and investment buy- with tl vreferred having taken s place as one of the steadiest of our uthitics. It pays 5 per cent and I doing this docs not seem to arouse the antagonism of the luwmakers or the bubdic, while the © ent pa s difficult to approsimately, n Company. < of common pany. and their sub- s, have played in turn- oint advance and the in- creased activity in the lust That the have purchased 11 buyers of th belie i to be a interests would ha tinued local domination of the com- pany, they admit that the new owner- ship represents a very strong finan- cial interest It is impc . through the difii- culty in trac ownership through the stock transfer books, sdte the ldings of this but it is evident that it substantial one, able to back future problems of interest In extension work should it seem desirable. It Makes a Difference. It makes a difference in the volum ot busin whether or not there is e full attendance of active brokers and traders for the ry on that some are willing to take a chance either way—to buy or sell—without direct while others are strictly ‘haser tock of pu the rallwiy cquent b ing the and are common stock is . and, while loeal preferred con- aby member,” James O'Don- erstwhile ‘Why ' pay more,” is s welcomed on ’'change be- he will buy or mell and in- o trading materially it he is in the mood for it. Kugene Thompson. representing also the North American syndicate; W. B. Hibbs and John L. Hidwards "also are inclined to be itberal in actlo: Time was when there were many more traders on the daily sessfon and the sales records were of very less consequence in the aggregate than they are today. Buniness Conditionx. £ conditions in the finan commercial world would let-up in_ activitles there reason for golng far vlausible excuses. These are readil al and suggest a is small afield for visible and ample rnough in numbe: when given con- sideration, to nmke one thankful that business is really as good as it is. rirst, it is an off year-—a presiden- tial year, when conventions, Sern- sions, cont ious and polit un- certainties upset and disturb. And this vear is the more “off" be- eausc each day brings its developments, ~uen adding more ingredients to the do- ininant problems, muking them so dense as to prevent any pre-analysi Discord between the President and b en the members of S0 thut the control held by the minority, to the enactment of laws which busi is generally accredited a8 Oppos- , has ed hesita and doubt in bus nd future plans. Con- Kress vestigations have pre- vented eded legislation, blackened reputations and, justly o otherwise, have caused protests of inactivity and a lack of confidence in our lawmakers. Weather Man Meekly Submits. Our old friend. the weather has been pilloried so frequentl January 1, that he is getting used to it and apparently doesn't care o way or the other. People that while June has just cros calendar theres has been little trade and business is sure to be on restricted lines until the November elections, perhaps afterwards also Less need for money in business is reflected by the large supply rates are the result of the above con- ditions. ‘There d the spring are restrictions of bank loans not imposed by bankers and in| speculation, not by tightness in money plethora in rates. Safety first, interest a secondary matter, reflect the prevailing uncer- tainty. By the proposed reduction in taxes and the enactment of the Lonus law the government may be made a larger borrower, hut where safety first is such a dominant plea it will find its market unlimited and will continue to_dictate rates, Stock trading will move along re- stricted Unes until the problems awaiting solution have ftinally been ettied. Now It Will Be “President DeyBer.” If the schedule is followed out at White Sulphur Springs this week— and it is a thousand-to-one shot that it will be—Victor B. Deyber will be- come the twenty-third president of the District of Columbia Bankers' As- soclation. The list preceding Mr. Deyber in- cluded 'vef¥ many of the leading bankers of Washington. There is. a provision in the present constitution of the organization which prevents an executive from immediately sue- ceeding himself, and in the record of 1901-24, inclusive. therc have been but two executives in office for dou- ble terms, they probably having been chosen before the prohibitive feature was inserted in the constitution. In 1908 and 1909 F. J. Stellwagen, head of the Union Trust Company, was president. and in 1910 and 1911 W. A. Mearn of Lewls Johnson and Co., was president, the following have of thelr election, the following have served as executives: Thomas Hyde, F. C. Stevens, Charles J. Bell, Tohn H. Moore, A. K. Parris, Who com.piat- ed the 1904 term of Mr. Moore: John Joy Edeon, C. F. Norment, W. V. Cox, B J. Stellwagen, W. Mearns, George W. White, Harry H. McKee, B. F. Saul, George E. Fleming, W. T. Galiher, John Poole. Corcoran Thom, Maurice’ D. . Rosenberg, Robert XN, Harper, John B. Larner, Joshua Evans, ir., and the incumbent, Harry V. Haynes. The five last named executives have presided at conventions. Active Convention Period. This convention geriod has been marked by more Yntense activity, more effort to get together and more real harmony of action than all the previous vears in the history of the organization. It has been something more than the mere reading of the minutes of the last meetings, listen- ing to & speech or two and devoting the rest of the evening to the pro- Jonged discussion of some wminor reason of any as there is a wll money at very low re wearing winter gouds, so | and low | ew York: Declines.. problems, closing with a buffet bite. The first conventionl at Deer Park produced good results and each suc- cessive one was instructive and at- tended by developments of Interest- ing_ facts for the benefit of local banking. . Mr. Deyber has been trained for yvears and has of late developed an executive capacity of a dominant character. demonstrated by the man- ner in which he has conducted the affairs of the Second National Bank, an old institution firmly established, and yet needing the young. ambitious and aggressive management that Mr. Deyber gave . Local young men who have risen to become presidents of banks made splendid records for themselves, and their training and experience gained in servic d at the conveutions of are ftting. them to | for future effort in executive Addixon for Vice Prexident, ¥rank G. Addison. jr. will become president upon Mr, Deyhe: Hues, secretary for two year: e second vice pres The posi- of secretary is the in which there is doubt, but it ix believed It will be offered. and on a r, to one of | the leading junior exe 1 is the renom i Albert the Lincoln urer without smpe 3. counse ) the sed s Association * » the second vic | presidenc ction to this posi- tion is « 1e to the presi- ker Deyher inducted inty of cabinet will. when liave an opportunity rd, but admittedly it 1 ds full if it ke | wit! retiving { Harry V. Hayne | LIVE STOCK MARKETS. BALTIMORE. Md. May 51 cial).. he 1i cattle market rules Steady under a fairly active demand for the better grades of stock. but slow and easy on common to ordinary cattle. Receipts on the wharves mostly of the latter class and trade wants are being supplled at stock- yards. Demand for spring lambs is easing off and it takes handy-welght stock to bring values. Quotations today at Light street whart Beef cattle. first quallty, 9; medium, b, 6 to 613 Bulls, quality, 1b., 4 to 6. we, cholee to fancy, ‘b, 4% to common to fair, ib, 2 to 4. Oxen. as to quality, Ib. 4% 'to 6% Milk cows. choice to fancy, head, 50.00 to 75.00: common to fair, head. 30.00 to : Calves. veal, choice, ib, 10% to 11; ordinary to medium, b, 9 to 10; rough, heavy, common. Ib, & to 8 'Sheep, choice, b, 7 to old bucks. 1b.. 5 to & common, 1L 2 to 4. Lamb: fall, cholee, ib. 14 'to 15; fair to good. 1b, 12 to 13; common, thin, Ib, 9 to 10; epring, as to quality, ib, 15 to 16, Hoge, straight T to & sows Ib., to boars, 1b.. to's. L s, 48 to size and qual ity, 1b. 10 to Shoats, as to siz and quality, 1b.8 to o CHICAGO, May 21 (United States Department ' of Agriculture).—Hogs— Receipts. 00 head: desirable kind igher: others slow: steady 0. to 225 pound welght, packing sows, 6.5046.60 strongweight killing pigs, 5.80u estimated holdover, 9,000 liead: ight hogs, medium, light, D: ughter pigs, . Cattle— Receipts, pared week ago, all grad steers. active, 15 to 2; and - yearlings sluggish; weak to lower: extreme top matured steers, 11.50; best vearlings, 11.00: few above 10.00 50 to 1.00 lower; cutters, s and bulls about steady .50 lower; stockers and 50 lower; week's bulk prices follow : Fed steers, £25a10.50; stockers and feeders, 6.00a beef beef heifers, a8.00 ; r 00a4. veal head: com- weighty fed to ves, 8.60a9.50. Sheep—Keceipts, 5,000 head: todax around 2,000, direct; market gen erally steady: eleven doubles, pound Idaho springers 5 tive springers, 16.15 around 14,000 direct; 7 lots; compared week ago, 1 trong to shade higher; sheep, 2 0 lower, heavy fat ewes showing most declin fat lambs, © | week. 15.00 springer. prices follow: Fat lamb spring_ lam! 16.0 stern springers, 1 17.45 g wethers, 1 fat 6.6027.00, YORK, May rereipts. 690 bulls, cows, . Caly n receipts, 1,860 head. Veals, 11.50_to culls and little calves, 5.50a buttermilks and fed calves, 4.0026.00. heep and lambs—Steady: receipts. 80 head. Sheep, 4.00 5; culls, 2.00a4.00 5 9.00217.00; spring iambs, ° clipped, 12.002 60 head. 8.0028.20; cars feed ewes, 31— head. 3 irregular; tt) Steers h s, 8.00a9.20. Hogs—Steady; receipts, Light_to medium weight: heavy hog: —_— | AMERICAN PRELATES GET POPE'S PALACE By Kadio tp The Star and the Clicago Daily o News. Copsright, 1924, ROME, May 31.—Castel Gandolfo, the Pope's private palace. in the Al- bano mountains, is being thoroughly repaired and eguipped with modern |plumbing and heating appliances to house the American bishops who will come to Rome next year—the vear of pllgrimage. N | The housing shortage in Rome con- tinues serious. As in other Itallan cities, any considerable influx of | visitors overcrowds the hotels. It | frequently happened this spring that | tourists arriving late at night liter- lally had to sleep in the open air. | Next year's influx is likely to be unprecedented, the prrobable num- bers, as now estimated, being placed at between one and two million per- Sons. The newspapers already are pointing out the seriousness of the prospect, and asking what the munic- ipality is going to do about housing the visitors. So far nothing has been done. There has been talk of erecting Eigantic temporary hotels, but the first steps have not been taken. Vatican Plans Early. The Vatican authorities, however, began planning early for the comfort of the American prelates by setting aslde Castel Gandolfo for their enter- tainment. This is one of the three buildings with extra terrjtorial status remaining to the Pope. No Pope has occupied it, however. since 1870, be- cause it is necessary to traverse Ttal- ian territory to reach it. Castel Gandolfo is an imposing structure, three centuries old, stand- ing on the summit of a rock precipice above the magical Lake Albano. | The crowded conditions which will | attend the coming pllgrimage also | perhaps furnish one reason why re- ports that the ecumenical council | will be held next year must be con- sidered as unfounded. Such a coun- cil—or, more properly, such a con- tinuation of the ecumenical council interrupted by the entrance of Italian troops Into- Rome in 1870—will re- quire several years' preparation. The belfef here in that it will not be held before 1930, AR their work and to help others | N eleva- | will | Hoga as | her : light kind | to 6.00: 1 50a7.50: | THE SU Sales. . | $16,000—-Ches. and Pot. Tel. of Va. 5s. 46,800——Pot. Elec. Power 65, 1953. 6.000—Ana. and Pot. River R. R. b8 133:000—C. and . 53,500—Georgetown Gas Lt. 1st os.. | 14000—Aletropolitan R. R. 1st Gs. 23,000—Pot. Bl | 132,000—Pot. | 5,000—Pot. 2,000—Wash 133,000—-Wash, c. Power 1st Os. cc. Power cons. 5s. lec. Power deb. 6s.... Balto. and Annap. 1st Gas Light gen. os. 168,500—Wash. Ry. and Elec. con 149,600—Wash. Gas 6s | 16:300—Pot. Tlec. Power ref. 7s. 7.000—Dist. of Col. Paper Mfg. 16,200—Riggs Realty (long) 10,000—Wash. Market Cold Stora 5,900—Wardman Park 6s.... 15,500—Southern Bldg. 614s... Shares. STOCKS. 2,499—Capitul Traction : 68—Washington Gas ...... 132—Nor. and Wash. Steamboat. 2.543—Wash. Ry. and Elec. com 460—Wash. Ry. and Elec. ptd. 3—Terminal Taxi com. 1.000—Wash., Alex. and Mt. Vernon 96—Capitai Natlonal Bank. 20—Columbla Nationa] Bank Commercial National ~District National Bank. ‘ederal-American National B —Lincoln National Ban t. Bank of Wash 1--Nat. Metropolitan B 310—Riggs Natlonal Bank Necond Natlonal Bank.... Amer. Security and Trust. ‘ontinental Trust ... Nutional Sav. and Trust. “nfon Trust aiser ash. Loan' and Trust Merchants® t Wash. Sav. . Mechanics. S5k s Fire Insuranc tlonal Unlon Fire Ins 204—Columbia Title Tnsuran 70-—Real te Tit $1—Mer. Trans. and thaler Li Lanston Monotype curity Storage Co. Washington Market Nut. Mort. and I v is i Bank . Bank. — Chapi —Chapin-Sacks —Iepartmental rict Tit Bank Insurance. Base Ball. R Title Insurance. iSpe- | ‘Sharp Distinctions Drawn ‘ In Choice \Market Closely Sepa | sitive to Earnings 924 to Date on the Washington Stock Exchange. | rnished by W. B. Hibbs & Co., Hibba Bldg. | ;sl.elullll ‘Thursday, May 0. Bank. and Trust... NDAY STAR, WASHINGTON, D. C. Open. 931, 1013 28 96 941y 9% £ 991 971, 97 997% 71 93 0% 1001 106% 85 93 93 391, 9L, High. 95 103 8 971y 98 9 893 100 Low. 93 1013 Close. 95 102% 86 97 | 974 791y 87 100 97 971 100% 68 951 3% 013 06% 84 90 93 1003 991 933 48 214 o8 95 . 50 . 216 .0 T2t ctty. ] ank . JUNE 1. 1924—PART " 6. LITTLE NEW TRADING IN STEEL PAST WEEK Production Adjusted to Meet Pre- vailing Conditions—General Metal Market Reviewed. between Norfolk and Boston, on the American side, and , the principal ports of Sweden and' other Scandi- navian and Baltic countries. Eight fast freight steamers have been as- signed to this route and will sall on regular schedules. The American end of this trafiic is to be handled entire ly by Moore & McCormack of New York City. This new shipping service in addi- ‘tion to that of several steamship companies fiylng the Swedish flag, places Swedish exporters in a highly favorable position for making prompt deliveries on short notice. (!n-orerl.tlnn in distributing com.- mercial informaton of importance to exporters and importers is the aim of the American Chamber of Commerce in Gothenburg, an institution which has just been established, with Eric Anderson as president. This is the first chamber of its kind organized in Sweden. By the Associated Press. NEW YORK, May 81.—Actual new buying of steel during the week showed 1little if any Improvement, and production was further adjusted to meet prevailing conditions. Prices were irregular and the market was still a good deal unsettied. There was, however, less disposition on the part of producers to make conces- sions, and leading steel Interests ex- pressed decidedly more confidence relative to the future., Pig fron was more active, especlally in the east, and the undertone was steadler, as stocks were not large. A somewhat steadier feeling de- Money to Loan | Secured by Srst deed of trust on real estate. | Prevailing interest and commisalon. Joseph 1. Weller 58 Wask & & v We Loan Money on veloped in the copper market due largely to an absence of selling pres- sure and firmness in London. There Wwas no improvement in the general demand. aithough buyers showed a disposition to absorb offers readily Hotels. Sez Us About That Big Loan when small concessions were named | Hi & Inc. v 816 15th St. N.W. New export buying was lacking and resellors abroad were said to be of- | fered below American pric Tin was steadler owing to far east offerings and the better! showing in London. Buyers, how- | ever, showed no disposition to take hold. as prospective needs were smaller. with tin plate demand par- ticularly backward. | Lead “was in _somewhat better re- | quest at “the 7-cent level, with Steadier tone apparent as prospective ! Apartment Houses, Ofice Buildings, ;'WHEN" ;;lying ourr FIRST MORTGAGE 7% lighter | Insurance . . i turther of I nvestments rates Securities Sen-| From Those Sub- | ject to Business Fluctuations. BY GEORGE T. HUGHES. Special Dispatel to The Star. | NEW YORK, Ma: ture | which stands out in the fnvestment market as the week ends is the in- creasing inclination to make a sharp distinction between securfties sensi- | tive to earnings and those o strong | us not to be aftected by the ups and | downs of general business. More and | ;mon-. bonds und preferred stocks in the latter classification have been in demand and more and more bonds and stocks, in the former category lost favor. This is best illustrated in the case | of railroad securities. April earnings statements of the carriers for the | most part have been disappointing. | Out of sixty-four .class one roads so | far reported, groes revenues show a | falling, off over the same month a| year ago of 10.9 per cent, while net | operating income shows a decrease of around 7 per cent. This is partly ac- counted for. but not altogether, Ly the fact that April. 1923, was an un- | usually good month for the rallroads. | {It is true, however, that, taking the {country as a whole! there has heen a {falling off in traffic sufficient to effect i unfavorable net results, | Improvement im Car Londings. | | _Some improvement was noted in the | {Teport of car loadings for the week {ending May 17 over the preceding i but the total was still far be- | of the corresponding period have lof_18 N a fact that an investment ntiment toward railroad se- |curities in recent months has been avorable thun toward in- igutions. The demonstra- © which the railroads conducting their affairs sinee “the roads were returned to their owners after government con- trol hag brought about a better mar- | ket for both railroad stocks and rail- | road bonds than in a long time. This applles both to speculative and to |investment issues. This week, how- {ever, it has heen noticeable that the line separating the speculative from the investment classifications had be- come easier to define. Bonds of roads such as the Atchison, llinols Central and New York Central, the market prices of which are responsive only LABOR PARLEY CALLED OFF. LONDON. May 31.—The impertal | labor conference, which was to have been held in Aggust, has been post- poned Indefinitely because of the political situation in verious parts | of the empire, where the Labor par- ties are more or less unsettled in connection with general elections. | This is said to be the case in South Africa and Newfoundland and to a certain extent in Australia. Repre- sentatives of Labor in these places informed the British party that it would be inadvisable for labor lead- ers in the Dominions to leave their homes this summer. —_— NEW YORK GRAIN MARKET. NEW YORK, May 31.—Rye—barely steady: No. 2 wester, 9% f. o. b. New York, and 77% c. i f. export. Wheat, spot steady: No. 1 dark north- ern spring, c. i. f. New York, lake and rail, 1.45; No. 2 hard winter, f. 0. b. lake and raii, 1.22; No. 1 Manitoba, lake and rail,'1.19%. and No. 2 mixed durum, lake and rail, 1.193 Corn—Spot steady; No. 2 yellow and No. 2 white, c. i. f. track New York, domestic, all by rail, 97%, and No. 2 mixed, c. i. f. track New York, domestic, all by rail, 86%. “Oats, spot quiet: No. 2 white, 08a58%. Lard, steady; middle west, 10.70a10.80. GAIN IN BOND OFFERING. NEW YORK, May 31.—New bond offerings for the week ended yester- day. despite the fact that the week was cut short by =« hollday, totaled $107,955,000, against $91.114,560 the previous week. The total was one of the largest of the year. Rallroad financing accounted for more than half of the new business, the largest single issue consisting of $35.000,000 Baltimore and Ohlo bonds. Another large issue was $20,000,000 of Cleve- land, Cincinnati, Chicago and St. Louis Rallway Company refunding and improvement bonds, series D. —— INTERNAL REVENUE RULING. The commissioner of internal reve- nue has ruled that if & corporation did not pay a dividend in 1923 it is not required to file an information re- turn setting forth that fact, accord- ing to a statement made public yes- terday in New York. —_— About 13 per cent of the whole population of Australia belong to| T unions, : {mous surplus of fund: | merefal purposes. {seasoned iasues. {values. that are in demand. i ploy. | bonds. | tax | but to changes in the money rates, have | drawn farther away from the bonds | of Toads which have ouly recently re- covered earning power. The trend toward casier money. chich has been so pronounced for | the pust month or so. was again in | evidence this week. Both call money | and time funds were easier. The | t that on Thureday money loaned | at 2% per cent over the triplé holiday was ‘convinelng proof of the enor- | nd suggests | lack of demand for com- | This state of af- results in a strong | highest grade of in- It is the old line secured on pre-war | The rate | of return is a secondary considera- tion to that of security. It ought to| be added that it is perfectly possible | that this sort of timidity may be! the opportunity which more coura- Keous' investors may profitably em- | The best opinion is that no| major depression is in sight and if so “there are many bargains to be | had among the at least a fairs invariably market for the vestment bonds. The point to be emphasized | here, however, is that the tendency this week seems to have been toward extreme conservatisi. Surface Indications. Probably the uncertainties of poli- tics at home and abroad have had much to do with the present attitude of the investment public. Apparent- | Iy the wmarket has paid little or no attention to the vicissitudes of the | reduction program at Washing- ton, nor does there se face at least, to have been undue con- cern about the delay in the applica- tion of the Dawes plan to the repara- tions problem in Europe. But both| these situations must have had a restraining influence. Only in one group confidence seem to be | established on a firm basis and that is public utilitis i There is still a vigorous demand for | speculativ & well as investment | utility stoc and bonds, and a de- mand seemingly justified by the facts. There has been no falling off in earn- ings of the electric light and power, the gas or the telephone companies. On the contrary, thesc utilities all r port larger profits available for divi dends. No inventory problems worry the managers of these rflrporat(onx.‘ Only such a general falling off in business as would decrease demand | for their services Avould have any effect upon their financial -statements, | and of such a falling off there ap- Pears no present prospect. s BALTIMORE PRODUCE. BALTIMORE,® Md.. May 31 (Spe- cial).—Demand for native and nearby garden truck shows improvement right along, with increasing receipts as more lines are added almost daily, and the market is rapldly turning to nearby Instead of southern stock. No, 1 stock meets with ready sale, and | the market has kept closely cleaned up this week and firm at the follov ing quotations: Asparagus, to 4.00 a dox. and 1.50.to 2.00 for culls; beets. 3.00 to 5.00 hundred; cabbage, | 1.00 and 1.50 basket: carrots, 5.00 to | 7.00 hundred: kale, 60 to 75 bushel: | lettuce, 50 to 1.25 bushel; spring on- | ions, 1.25 and 1.50 hundred; radishes, 2.00 and 3.00 hundred; rhubarb, 1.50 and 3.00 hundred, and spinach, 50 to 75_bushel. Eastern shore Maryland and Vir- ginia strawberries have been in more | Jiberal receipts the past week and the market rules easy at 8 to 10 a quart. Considerable of the daily re- ceipts have shown effects of the re- cent heavy rains and all such has to be sold to the packers &t sharp dis- counts. Demand good, however, and | where of good qquality all arrivals| meet with ready sale at full quot tions. The white potato market con- tinues easy as demand Is turning to new stock undgr towering prices and it takes first quality to bring top prices of 1.25 to 1.75_per 100 pounds, Maryland and Virginia McCor- micks will not bring over 1.50 while No. 2 sells mostly 76 to 1.00. The general live poultry market rules steady under only fair receipts of large fat stock and with good demand prevailing for the better qualities of all lines with the exception of old ducks, which are draggy at 15 to 22 a pound. Spring chickens. 14 to 1% pounds each, meet with ready sales at | 40 to 45, while smaller bring 35. Leghorns are in more liberal recei and sell mostly 30 to 40, demand g0od for fat old hens at 25 to 27, while small and leghorns bring 22 and 23._Old | roosters plentiful at 16 and 17, Mar- ket for pigeons a little quiet but holds | firm at 40 and 50 a pair for both young | and old. Under more liberal receipts the general egg market has ruled & | shade lower the past few days, which coupled with advices from other mar- kets gives the local market an easy tone. The demand while not as brisk as could be expected during the stor- age season, has been sufficient to keep current supplies down to a normal ba- sis. The market closed today at 233 & dozen for native and nearby firsts in free cases and % to 1 cent less for eggs | supplies speculative rallroad | § . on the sur-| showed no signs of en- i INVESTMENTS Jou are assured due precaution has been taken to safeguard your iuterest. A Dpereo: inspection and conservative valuation are two of our strict requirements Promnpt and courteous service fol- low the purchase of our securitivs Notes now on hand in amounts of $100 up. Send for Booklet CHAS. D. SAGER Loan Department E7) a7 a8 924 14th St. N.\\ Mr. O'Donmell, Manager Mr. Hughes, Assist. larging. Antimony quiet and some reseliing caused slight further decline. Zine was firmer owing to str abroad, but not much domestic quiry was repor — NEW SHIPPING SERVICE. Eight Steamers Handling Trade Between U. S. and Sweden. NEW YORK. May 31.—Tt was nounced today that the United St Fleet Corporation has effect co-operation between com mercial interests in Sweden and- th United States in the handling of the Erowing trade between the two coun- .t_rlan through the establishment of The Scantic Line” a direct servi'e neth n . The Corporate Name of Wm. P. Lipscomb Co., Inc. Contractors and Builders was changed June 1, 1924, by an amendment of State Charter to Davis, Wick, Rosengarten Co. Incorporated Contractors and Builders 418 District National Bank Bldg. Wm. P. Lipscomb retired as a memb c ] in March, 1923, The other three members of the firm. E. W Davis. E. H. Rosengarten, J. H. Wick, together with E. L. T who subsequently purchaséd the one-quarter interest of Wm. P. Lipscomb, will continue the same personal service as heretofore E. W. Davis, J. H. Wick, E. H. Rosengarten, E. L. Davis Tel. Fr. 6832 of this corporat ‘ Applications Invited for Loans on Improved Property In District of Columbia and Chevy Chase. Md. INTEREST, 5% % Apply to . H. L. Rust Company Loan Correspondent The Prudential Insurance Company of America 912 15th Street N.W. Main 68838 Have You Looked Over the Papers In Your Safe Deposit Box Recently? Well, Do So Today— ’ Possibly “you'll be surprised” to learn that you have lost some money in one or more of the following ways: 1st Failure to have cashed in some “called” bonds and cou- pons which you did not present for payment when due. thus causing loss of interest to you. 2d You may discover a “monument to your folly” in the shape of valueless stacks which you bought thought- lessly or upon a rosy promise of abnormal returns. A semi-sentimental attachment to certain securities which do not properly compensate you for investment therein and which should be sold ‘and re-invested at once. . 3d Now, permit us to advise that you profit Jmmediately by this “exhibit” and rearrange %onr investments by pur- chasing some’ of.our FIRST MORTGAGE NOTES paying 6%% and 7%, and secured by first liens upon improved Washington real estate of proven value where each loan is absolutely safe from loss or depreciation. Do not permit this matter to leave your mind until you have made a thorough investigation. MORTGAGE INVESTMENT DEPT. HANNON - & LUCH e 713 and 715 14¢h St. N.W. Members Washington Real Estate. Board and Nat'l Aw'n of Resl Estate Boards Main 2345 YOUR SAVINGS In Our FIRST MORTGAGES “The Safest Security on Earth” 7 % lntel'est Denominations $100 to $10,000 Northwest Residential and Business Property Only JMO0RRS CAFRITZ: CO 1416 K Street . Main 617 SERVICE and SAFETY National Mortgage & Investment Corporation 811 Vermont Avenue N.W. Deals in the Best Real Estate Securities First and Second Trust Notes and Ware- house Réceipts are purchased at fair rates Its 7% First-Mortgay District of Columbia INVESTMENT irom SECURED by Improv Iistate, Are GOOD Ofiered in denominations .00 UP IN THE LONG RUN hear about some one who has made a whole ot of out speculation. that once. Sometimes you money of a lucky Perhaps he has— Over o period have vou made money on specula Has your best iriend or ol yvears tion? anybody else who will really tell you the whole truth? Generally one loses or at best only breaks even and has less to shoaw than had he inves: - ed in FIRST MORTGAGES at 7 per cent and made no losses. B. F. SAUL CO. 1412 Eye St. N.W. LADIES' DEPT. o s Washington’s OLVIIST National Banl. “Where the Money Goes” {1 To the iniprovident. “where the money goes,” remains forever a mistery. and progress an impossibilify. I With the thrifty, a fixed sum goes regularly into a savings account tu hasten the day of success. YOUR success fund should get started THIS PAY DAY. i Our Savings Dept. Pays: 3% Compound Interest—Invites Initial Deposits of $1.00 or More Gas and Electric Lfg]lt Bms May Be Paid Here OFFICER! GEQRGE W. WHITE.......... 0. H. P. JOHNSON.. . . FREDERICK DeC. FAUST. C. F. JACOBSEN. . ...... CHAS.'E. BRIGHT ALBERT H. BEDFORD. C. LOUIS ECKLOFF... J. GALES MOORE.... .. .. .. . . DIRECTORS: ARTHUR T. J. H. RALSTON FRANK P. REESIDE HUGH REILLY E, FRANCIS RIGGS WM. H. SAUNDERS HERBERT T. SHANN H, G SHERIDAN THOMAS SOMERVILLE W. R. TUCKERMAN JOHN C. WEEDON TOWNLEY A. McKEE W. A. WIMSATT C!'F. R. 0GILBY GEORGE W. WHITE Open Until 5:30 P.M. Monday, June 2 Nationa Metropolitan Bank Capital, Surplus and Undivided Profits. Over 1.700,000.00 110 YEARS OLD 15th Street, Opposite U. S. Treasury ... President Vice President Trust _Officer BRICE WM. ¥. GUDE OHARLES JACOBSEN 0. H. P. br. J. HENR A. LISNER N