Evening Star Newspaper, June 28, 1924, Page 15

FINANCIAL SLGHTREGESSN I NEAT PRCES Good Beef Sells Lower in Lo- cal Market—Chickens in Heavy Demand. A slight decline in the condition of fresh meats and a heavy demand for good spring chickens were the out- standing features of the Washington wholesale market today. Meat dealers were pretty well cleaned out, but the general price of about 17 cents for good beef weak- ened here and there, with the result that the figures of 15 and 16 were heard. Pork also was a little weak and had a range of from 18 to 23 cents, On the commission market, dealers were confident they could seil all the £0od spring chickens obtainable. This s~emed to be about the only product that had unusual life. Hens were dragging and live stock was the same as yesterday. Eggs with jobbers and commission men remained unchanged. Cabbage Supplies Heavy. Cabbage—Supplies hea demand ht, market dull; homegrown, un- vered barrels: pointed type, 1.00a Cantaloupe: mand good, Californi: 5s, 3.00a3) Supplies heav: market fairl almon tints, standards, 2 meats, flats, 6sads, Peaches—Supplies de- mand moderate, orgia, 6, moderat market steady Rose, small, 150a a. 6s, Red Bir 1a 3.00a3. mostly 3.50 Alexanders, small ze, wasty, 1.50 Greensboros, medium size, 2.00a2.25. Potato Prices Higher, Potatoes—New stock; supplies light; demand moderate, market stronger; North Carolina and Vir- nia, Norfolk section, cloth-top stave rrels, Irish Cobblers, U. S. No. 1, 4.25a4.50; fair condition, 4.00; stock, no sales reported. Tomatoes—Supplies moderate; de- mand good, market slightly stronger. Mississippi, fours, turning, wrapped, 1, 1.10a1.15; some leaky, 75al.00. South’ Carolina, _ sixes, turning. wrapped. wasty, fancy count, 1.50a 2.00; choice count, 1.00a1.50. Water- melons—Supplies moderate; demand : market slightly weaker. bulk 2r 100 melons, Tom ns, 26-28-1b. average, 65.00; 32- 24-1b. average, 45.00250.00. Georgia, bulk per 100 mleons, Tom Watsons, 8-30-1b. average. $5.00-90.00; 24-26-1b. average, 60.00a65.00. Cucumbers— Supplies moderate; demand moderate; steady. ' Virginia, Norfolk 7-bushel hampers, hot-bed ; cholce, 1.50a size, Plenty of Sweet Corn. Sweet Corn—Supplieg liberal: mand moderate; market Carolina, crates mostly Dewberries—Express toeeipts supplies light; demand moderate market stronger. North Carolina. 3 quart crates, 4.0026.04; mostly 5.00a . Beets—Home grown; supplies moderate; demand moderate; market slightly weaker. Home grown, 5.00 #6.00 per 100 bunches. Lettuce—Supplies, liberal; demand, limited; market, weaker; New York, 2-doz._crates big Boston tvpe, 1.50a 1 Washingto in crates Teebirg type, few 5.00; home- grown, apy doz. crates, Iceberg type, 1.00a1.50: ‘big Boston type. 50a1.00. String beans—Home- grown, supplies, liberal: demand, mod- erate; market steady; homegrown, uncovered slat barrels, 5.0026.00: Vir- ginia, Norfolk section, 5-peck hamp- ers, ordinary condition, 1.00a1.25. Raspberries—Homegrown, supplies liberal; demand, good; market, steady! homegrown, 32-quart crates. red varieties, 25a30, mostly 30 per quart. Cars on Track at § A.M. Today. Cabbage—1 Maryland freight, 1 broken and 1 unbroken cars on track. Cantaloupes—9 California, 1 Georgia freight, 14 broken and 10 -ubroken cars on track. Carrots crates South Carolina express, 5 baskets Vir- ginia boat. Celery—125 crates New York express. Sweet corn—35 crates Florida. 600 crates North Carolina ex- press, 1 broken car on track. Cucum- bers—152 crates Virginia boat, 1 un. broken car on track. Eggplant—60 crates Florida express. Lettuce—400 crates New York express, 2 broken and 1 unbroken cars on track. Lem- ons—3 Florida, 2 unknown freight, 4 broken and 2 unbroken cars on track. Onions—18 baskets Virginia boat, 1 unbroken car on track. Oranges—2 California freight, 4 broken and 4 un- Lroken cars on track. Potatoes_308 barrels Virginia boat, 3 unbroken on track. Squash—13 crates Virginia boat. String beans—122 baskets North Carolina, 56 baskets South Carolina_express. Tomatoes—2 Mis- sissippl freight, 40 crates Florida ex- press, 5 broken and 5 unbroken cars on track, Watermelons—2 Georgla, 2 ¥lorida freight, 3 broken and 4 un- broken cars on track. Peaches—550 crates North Carolina express. 1 broken car on track. Blackberries— 165 crates North Carolina express, Behind in Alimony; Jailed. Alexander Farhood has been. sen- tenoced to serve ninety days in jall by Justice Stafford in Equity Division 2 for failure to pay alimony, court costs and counsel fees In the divorce proceedings brought ~zainst him by his wife, Zatue Farhood. The hus- pand owed a total of $350. He may be released sooner on settiement of the aceount. Attorneys Hardison & Howard appeared for the wife. 349 COMMERCIAL FAILURES. NEW YORK, June 28—R. G. Dun & Co. reports 319 commercial failures this week, against 412 last week and 292 the corresponding week last year. Ask Your Banker. How much real value stands back of the stock you are asked to buy? Are you sure that the nice, honest- looking stranger s telling you the truth? Ask your banker to look into what he claims. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY WALTHAM, Mass, June 28.—The Gardner branch of the Waltham Watch Company, which was used as an assembling plant, has been closed and the equipment is being brought to the main plant here. SANTA BARBARA, June 28.—Owing to dry weather, California’s bean crop this year will be less than 60 per cent of last year's crop. Acreage of both lima and field beans has been materially cut. HOUSTON, June 28.—Cotton - | showing such improvement in Texas at present that cotton men are be- ginning_to talk of a five million-bale crop. The first bale of the season, whfi:h always brings a big senti- mental auction price, is expected next week. . PITTSBURGH, June 28.—There has been further and heavier buying of pig _iron recently making a strong contrast to inactivity which prevailed for manths. Valley foundry iron un- der competition is. down to $19.50 and $19 could be done. THE EVENING STAR, WASHINGTO FINANCIAL 15 % Babson Thinks Suburban Property NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, June 28.—The ad- vance which has been going on In chain store organization shares in the curb market, showeéd no sign of abatement in today's closing session of the week. Under the leadership of McCrory Stores, these stocks were bid up another 2 to 5 points on an unusually small amount of buying. McCrory Stores warrants just under 33 were up almost 3 points. National Tea advanced 5, byt Grand Stores merely held firm around last night's final. The advance In this class of Stocks reflects the low operating costs and the substantial margin of profit enjoyed by these companies, along with the prospect of expanding business In the retail distributive lines. A sudden demand for Ward Baking Direct to The Star Office lCanlny issues carried the class B above 18, the common up two points to 80 and the preferred a point to 85%. There was nothing new in the situation of the company to account for the buying. These stocks were taken up on beiief that they, had not shared to the extent of othefs of the recent improvement. Week end covering _orders - made themselves felt just before the close in the active oil stocks, notably in Prairie Oll and Gas, Mutual, Cacuum and Gulf Oil of Pennsylvania, Traders who had gone short on announce- ment of the govesnment ofl suit, be- came uneasy over failure of these shares to react more than they did, and hastened to even up their outstanding contracts. ¥ The sudden revival of interest in copper shares on the stock exchange vas communicated to a number of these stocks in the curb market. Unlited Verdi Extension was actively taken at 233% and Canario Copper reached 314, where it was at the top for the present move. e e e e NEW _YORK, June 28.—Following is an official list of bonds and stocks traded in on ghe New York Curb Market today: ) Sales in * BONDS. thousands. Low. Close aan At G & WISS 3 Reaverboard fs .. Beth Steel 7 Can Nat Ry Eq 7 Cit Sery 7n C . Cit Sery T D .. Childs 65 ... Con Gas Bait 6 OP B M Deere & Co s Detroit Edison 6, Dun Tire' & Rub i PTSIOPNI P “auls-u-Cam Fisher Tiody Fixher Rody G Fisher Hody s en Pet B ... rand Trunk Bis Intl Match B4 wi 3 Kan Oity Term Kennecott Cop 7s.. Leh Val H Ry 5y wi 3 Libby McN & L 7 Lix Win L r e Ts. Mo Pac Ry fs wi Morris & Co 73 New Orw Pu § s orthern St Po 61 North § Po 8%s C.. Penn Pow & Lt 5. 2 Phila Elec 6o 2 hila Elec Ko irg Ry 5s wi &0 0 FOREIGN BONDS. 1 King of Nether 6 4 2 Russian Govt 5%, 8 Rus 634n nat ot Sol & Co s "34 B 100% Swins Govt 5ia ... 100 2 Swiss Govt 5w . 100 STANDARD OIL ISSUES, 30 Ruckeye Pipe Line. 200 Nat Transit... 200 Ohio OIl_new. 400 Prairie 0il & Gi 20 Prairie Pipe Lin 10 South Penn Oil. 5300 8 0 Intian: 300 8 O Kandas new.. 900 8 0 708 0 N 800 8 O New York new 40 8 O Ohie..... 10 8 0 Ohlo >td. 3700 Vacuum (%1 ny 10- Washingtou Oil. bndrds. INDEPENDENT OIL 2 Rarrington_0ff 3 Carib_Ryndi 1 Cit Service. $1.000 Cit Serv $1.000 Cit Berv Serip. 1 Creole Sendfeate 12 Gulf Oil of Ta Hudson_0il Lago Pe Liviogxton Mex -0il Mount Prod | Mufaal 0il ol STOCKS. % 3% 3" 13 70 1«1"‘ New Rrad Oil wi. New Mex Land & Ga Sia-Fazns S, Roy Can 0il & Ref Salt Ck Prod Sunstar Of . Weat States Oil... . Wilcox Oil & Gas. 54 Woodley Pet 10% INDUSTRIALS. 3 Adirondack Fower Am G & E ow w Am L & Tract T & T nw wi Appalac Pow & 1 Borden & Co 3 Bridgeport Mch wi 7 Cand Prod Corp wi . 1 Qentrifug Iron P eon eS8 _%‘A 1387 03 o8 wi 18% 6 Dubilier © & Radio 39% 1 Dunhill Intl Inc . 1 Dn Pont Motors. 1 El Bond & Sh pfd. 2F&W G5 108wi 1 Gillette 8 R ... 9 G Motors new wi. 1 Com Por 78 Glen Alden Coal Hall Switeh pfd .. Hazeltine Corp wi Hud & Maon It R. Hudson Co pfd Kerstone Solether. Landover Ho Cor A 2 Lehigh Power sec.. Leh V Coal new 3 McCrors Stores McCrory Stores w ¢ 3 Nat Téa Co. 5 Radlo Corp. Radio Corp pfd, Pines Winter A o8y ard Bak Cor pfd. are wi ! Western Power.. Yale & Towne ne MINT 3 Rik Oak Gold Min.. nario Copper - Cons Cop Miuy new Harmill Div ... Cons . R Aft Sm & Rf pt Ruby Rand Mines United Verde Ext. 4 West Utah ; LOAN REPORTS HELD UP. NEW YORK, June 28.—Information recelved intermittently by bankers and money brokers from the stock and loan department of the New York Stock Exchange of the amount of money received daily by the exchang for lending purposes and the quantit actually lent, has been discontinued by order of E. H. H. Simmons, the new president of the exchange. He explained the information wa dential and the practise of out has become too general the last aBaom BALTIMORE, —Potatoes, whi 3.50; 150 pound: tatoes, barrel, dozen, 1.00a2.50; . 100 pounas, . 1.00a3.00; ne 1.5024.00; asparagus, beans, bushel, 1.50 a2.50; beets, 100, 4.00a8.00; cabbage, basket, 45a75; s. 100, 3.00a5.00; cucumbe 25: eggplan crate, 2 . 1.00a2. lettuce, 50a1.00; lima bean. ring _onions, peas, bushel, 1.50a2.25 basket, 1.50a2.00 i 50; spinach, bushe squash, basket, 1.50a1.75 crate, 60a2.00; grapefruit, 3.25; strawberries, quart, blackberrics, quart, Sal5: cantaloun: 1.00a3.50; cherries, pound, 3a gooseberries, pound, 5a6; huckleber- ries, quart, 15a20; peaches, crate, 1.00 a250: pineappl crate, 2.50a4.00; watermelons, 100, 40.00a50.00. Sett| Prices on Gra Wheat—No. 2 red winter, spot, 1.19: No. 2 red winter, garlicky, domestic, 1.17; no quotations on No. 4 or No. 5 red winter. garlicky. Sales—None. Corn—Cob, new, 5.00 per barrel for yellow and 4.85 per barrel for white; No. 2 corn, spot, 96; No. 3, 93; track corn, yellow at 1.10. Sales—None. Oats—No. 2 65; new, 64. Ry spot, Hay—Receipts. 25 tons. The bulk of hay on sale here at present consists of low-grade and undesirable hay, for which there is very little demand. For the beter grades of timothy and light clover-mixed hay there is no surplus and prices remain steady, under a fair demand. Quotations—No, 1 No. No. bushel, white, No. 3 white, earby, 75 and 80; No. 2 rye, timot 2, 27.00a27.50; No. 3, 25.00a26.00 1'light clover mixed, 26.00226.50; No. 2 light clover mixed, 21.00a25.00: No. 1 clover mixed, 25.50a26.00; No. 2 clover, 23.00a24.00. Straw—No. 1 straight rye, 23.00a 24.00 per ton: No. 1 tangled rye, 13.00a 20.00: No. 1 wheat, 17.00a17.50; No. 1 oat, 16.50217.00. DEMOCRATIC CONVENTION FAILS TO SHAKE FINANCIAL MARKETS Election Fears Lacking—Money Rates Biggest Fac- tor—Farmers Helping Themselves—W eek of Big Advances. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, June 28.—Through the first week of the Democratic conven- tion prices on the stock exchange have moved forward on increased transactions, the bond market has been enthusiastically golng up, money rates have reached new low levels and an extra®rdinary advance has oc- curred in parts of the grain market. There is no connection between these episodes, of course. Wall street has not been afrald at any time of what the Democrats would do any more than it was afraid of what the Republicans would do. The invest- ment market has not been concerned over polities: it has been interested chiefly in money rates and in what ef- feck the extremely low quotations now prevailing for money would have upon security valuatiens. Election Fears Lacking. The speculative market, likewise, has at no stage been able to get up an election scare. It paid no atten- tion to the declaration by the Cleve- iland convention in favor of lower freight rates. It has ignored the Democratic position: that the clauses protecting the rhllway investor In the present transportation act should be abandoned. Similsrly, it has given little heed to the possibilities of a third party, committed to an anti- railroad and anti-corporation policy. It is difficult to understand why rallroad shares should have been favored as they have been during the last three weeks had there been any serious idea that the coming election would result in changing the Ksch- Cummins law. This law: as is well known, maintains in principle that the roads are entitled to a 5X per cent return on capital invested, and that rate schedules must be adjusted 50 that they will bring about this result. As a matter of fact, it has only infrequently happened during the last three years that the carriers have earned what they were allowed te under the law. Operating costs have overbalanced the increase in frelght charges. Guarantee Clanse Held Vital Under present conditions rates on farm "products, for example, could perfectly ‘well be reduced, {f compen- eation were given the shape of hl er rates on other commodities. is is what the conservative element in politics had in view. But to abolish the guarsatee clsuse in the rallway act would epén the way for an_unlimited reduction, not only in agricultural produets, but in all other articles. The whole ‘situation would become chaotic. Not knowing what rates were to be, capital could cer- tainly not be found to go into new issues intended to ralse funds for the maintenance and improvement of raflrond properties. And if the transportation industry were thus brought to a halt every other-: line of business in the country would beohlt. n the subject of agricultural re- lief, the political platforms are equal- 1y 'perfunctory. ~With corn selling above §1 a bushel, the highest in four years; with wheat up 20 cents a bushel, from the beginning of 1924, and with a corresponding jump in oats, rye and other farm commodltien, the ery that the farmer needs arti- ficial help is unfounded. The farmers have helped them- selves in the only logical way, through reducing acreage and diver- sifying the planting. As compared with this natural mode of procedure the idea of the government using its funds on a large scale to buy up unsold surpluses is fantastic. It makes good material for a presi- dential campaign and that is all. Demand for Securities Holds Up. | Under the stimulus of further de- cline in money rates, the advance in investment securitles has continued With many new high prices. There is no immediate limit apparent in this movement until either new security issues are poured out in, such volume as to absorb the money surplus or until it is diverted again into trade channels. In the meantime current buying of bonds is by no means all for Investment account. A lot of it has been speculative. ‘The incentive here lies in, the dif- ference between what the purchaser receives and what he Has to pay out on the interest item. He is paying 5 per cent and recelving 7 to § par cent on securities, including for- elgn government issues and the sec- ond and ‘third grades of domestic mortgages. There is, of course, the risk of shrinkage in market values, but in- asmuch as these classes of securities have successfully passed through the recent period of depression, the con- tention is that this risk is small. STUDEBAKER Just Drive It; That's AUl KEEP ORDERS DOWN . TO AVOID LOSSES Retailers Explain New Meth- ods in Trade Which Alarm Manufacturers. BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, June 28.—The chance to avoid big mistakes in business is held responsible by business men in other sections of the country for the policy now In vogue of buying from wholesalers and manufacturers in smull quantities for immediate needs and repeating orders frequently. This policy continues to bring pro- tests from the manufacturers, but these protests fall on deaf ears, ac- cording to merchants now here as delegates to the Democratic national convention. New Trade Methods Noted. “If & man puts money on a losing horse at the track,” said one retailer from the far west today, “he does not get his money back. But that, in effect, is just what some manufac- turers aré asking when they mis- judge styles or public demand. It used to be the custom for the west- 'n merchant to send his buyers or e himself to the big eastern trade nters once or twice a year and buy sufficient koods for his requirements for six months or more. When the did_that, he stood or fell not only by his own judgment, but that of the nanufacturer. 1f either guessed , he had to take a hir loee ."however, before he involves @ blg sum he consults the auvice v his customers, which is infallible. In the present state of the express, parcel post and freight services there are few losses from failure to have enough goods in stocks, and these are more than counterbalanced by the fact that the merchant's shelves are no longer loaded down with goods he has paid for or must pay for and which his patrons will not buy. Renident Buyers Popular. “Under this system if a manufac- turer misjudges the public taste, it is his mistake and he must stand the consequences. Under the old sys- tem the retailer was forced to take part of the manufacturer’'s bet and stand a part of the loss whether he wanted to or not. Nowadays mer- chants in other sections of the coun- try are coming to depend more and more on the services of a_resident buyer in cities like New York and Chicago, or are making more fre- quent trips to the distributing centers.” Merchants from Georgla, Texas, Utah and Tennessee expressed sim- ilar opinions, declaring that the whole country was being knit more closely together by the speedy dis- tribution of business and fashion news, which had made it impossible for manufacturers to unload on mer- chants in distant sections goods which had proved ‘stickers” fn lo- calities nearer the factories. Manufacturers Suffer. The manufacturer's angle of the controversy was outlined by a state- ment made by S. B. and B. W. Fleish- Inc., of Philadelphia, one of the rgest manufacturers of hand and machine knitting yarns in the coun- try. This statement shows that the greatest net sales of the company 1909 were in 1919, amounting to 0, which yielded net profits 35 This latter amount was more than $200,800 less than the net profits in 19 when sales were but $5,679.896. In 1920 sales were up to $9,064.946. Dbut the company had a deficit of 083. With smaller sales profits in those years were over $1,000,000, bnt last vear, with male of $7.035,170, the profits amounted to only 84 uch figures indicate, manufactur- ers say, the vicissitudes which even the best managed manufacturing company has to face. They assert these troubles are being multiplied by refusal of the retailers to order their requirements in advance. FARM PRODUCTS SLUMP; 50,000 MEN LOSE JOBS | Special Dispatch to The Star. W YORK, June 28.—The value of agricultural products in Great Britain in 1923, at par of exchange, was $1,259,- 077,000, as compared with $1,271,242,000 in 1923. As reported to the Bankers' Trust Company the difference in value between 1923 and 1922 was due partly to changes in price and partly to varia- tions in yield. The total estimated out- put for 1923 was 1 per cent less than for 1922, The cost of working an arable farm of 200 to 300 acres in Great Britain is esti- mated to have been about twice as much in 1923 as it was in 1910, while the realizable profits were only 25 per cent above those obtaining in 1910, so that the farmer had to meet a deficlency of 75 per cent. It is estimated that 50,000 agricultural laborers have lost their em- ployment within the last two years. — The boll weevil production of more bales of cotton a year. is preventing the than 6,000,000 B. F. SAUL CO. 1412 Eye St. N.W. First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action Fisher & Company, I 73 150 svrigl e Money to Loan Becured by first deed of trust on real estate. Prevailing interest and commission. Thomas J. Joseph I. Weller £, 30 & # ¥ FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY ONSERVATIVE IN- VESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F, SHEA 643 Lonisiana Ave. N.W. Wanted Second Trust Notes We have clients with funds to purchase good SECOND TRUST NOTES in denomina tions of from $500 to $10,000. Low rates if security is good Apply at Once to Our MORTGAGE DEPARTMENT D. C, SATURDAY, JUNE 28 1924 Best Real Estate Investment Would Buy Land on Finest Auto Roads—Qutlook Bright for Next Five Years. Analysis BY ROGER W. BABSON. Special Dispatch to The Star. WELLESLEY HILLS, Mass., June 28.—What is going to happen to real estate during the next five or ten years? The tenant, the home owner, the builder, and the investor, are all pondering the question. Developments in the business fleld tend to compli- cate .the problem. The present real estate and building boom as been going on for almost ten years. During the war it ran to factory sites and industrial build- Ing. We increased our productive ca- pacity by about 68 per cent and the building of plants ran 190 per cent’ of normal. Industrial property shot up and the shortage of labor and materlals doubled building costs. High prices and conservation practi- cally stopped residential building for the time being. Bullding Peak Reached in March, In 1919, however, the shortage of housing facilities forced activity here in spite of high prices. Home build- ing started with a rush from a low of $10,274,612 in Novemper, 1918, to record figures of $206,089,300 {n March, 1924, according to Dodge figures. Real estate for residential purposes has enjoved a market that has more than made up for the lean war years. High rentals have attrac ed much speculative capital. Pub- lic works, suspended during war times, have been undertaken in record volume these last three years, a high point of $79,161,600 being made in July, 1922. At_present wo find the situation as follows: Industrial building is running at $18,000,000 per month, as compared with $80,528,000 in October, 191 residential building shows $165,375,600 for May, 1924, a slight recession from the high of $206,089,- 300 in March, 1924. Public buildings total about a'million dollars a month, as compared with a four-year aver- age of two million. e Present Activity Decidedly Good. Present activity as a whole Is de- cidedly good, but here, as elsewhere, it is a question, not of where we are, but which way we are headed that is important. The tenant is won- dering whether he should buy land and build now, or wait for lower pri The owner is thinking of selling with the possibility of buy- ing or building later on. The build- er, rushed at present, asks himself how long it will last and the in- vestor is turning from the industrial field, where things are quiet (the Babson chart shows present activity at 13 per cent below normal), to real estate as an investment Nor is this uncertainty and ap- prehension groundless. ~We have enough manufacturing capacity to | make almost 50 per cent more goods | than we consume. World markets today do not offer a very ready out- | let for the balance. There will be | no factory building in _quantity for some time to come. Office bulldings. likewise, have about caught up with | the demand. The program of econ- | omy undertaken by the federal g0 ernment i due to become the style with state and municipal administra- tions during the next twelve months and it is highly probable that the publio buflding program will return to somewhere near its average pro- portions. Expects Drop in Rents. TResidences, however, are different. because there is more than economics and arithmetic in the matter of build- ing a home, Yet it is doubtful that anything like the rate of the last two years can be maintained on higher priced residences. The speculative builders who have come into this field expecting to get from 380 to $100 a month for houses that have brought $40 to $50 a month under fairly normal conditions are likely to EQUITABLE Co-Operative Building Association Organized 1579, 44th YEAR COMPLETED Aswets eees 5,170.52 Surplus . - ¢ 8,320.95 Do Your Saving Right Now The opportunity to save Is not to be Join the Equitable and save systematically. Subscription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY FRANK P. REES Trends. be disappointed, if not financially em- barrassed. In analyzing these figures on home building I find that 75 per eent of the houses bullt since the war have cost over $6,000, that is, 75 per cent of the houses 'built have been available to only about 10 per cent of the people. Nothing to speak of has been done to relleve congestion and provide fit housings for those who cannot pay $60 to $100 in rent or its equivalent in upkeep costs. Parallel to this pertinent fact we find the influence of the automohile. Our cities used to be bound within the ‘iron ring of “practical transportation.” People had to live where they could get to work. We developed slums by packing workers into crowded quarters under the smoke stacks of our factories. Cities grew along the trolley lines, but slow going forbade great dis- tances. Cities Fant Spreading Out. The automobile has broken these barriers and our cities are spreading out. From the real estate point of view every good automobile road has the significance of a trolley line. Five miles as a practical limit has been stretched to twenty-five. As more reasonable building costs develop we shall “trade our slums for wealthy suburbs, and suburban property will enhance in value at the expense of the older residential districts that are 100 far out for business purposes and not far enough for the new order of houses, would suggest that the clopment of the next five 3 in the real estate mar- kets will be a spreading out into the suburbs. Here the tenant will find lower rents and enough room to raise his family decently. The owner will know that he has a sound invest- ment that is being strengthened by the broad trend of fundamental con- ditions. Thinks Suburban Move Best. The more astute builders are al- ready planning to go in for small home building as the rush for fancy houses at fancy figures slows up. It would be ridiculous to say that all suburban land is a good investment but 1 would suggest that the man with money pick the best automobile roads in his city, follow them out until land can be bought by the acre rather than the lot, then buy at a WE FINANCE Apartment Houwes Business Property Residence Property Hotels, Ete. Higbie & Richardson, Inc, 816 15th St. N.W. Invest Your Savings In Our First Mortgages “The Safest Security on Earth” D"enominn'tiom $100 to $10,000 JMORRIS CALRITZ: CQ 1416 K Street N.W." Main 617 Northwest Residential and Business Property Only When Buying Our 7% First Mortgage Notes You Can Be Axsured very careful and con- appraisal has been First.—A servative made. econd.—The is less than 50% price. Third —After you have purchased one of our notes you get a serv- ice that assures you interest the day due. Notes on hand in amounts of $100 up. Chas. D. Sager 924 14th St. Loan Dept. loan we recommend of ‘the market 38 Main 37 38 42,000 Degosltors Safe Deposit Boxes Be a Steady Paymaster Capital and Surplus * $2,000,000.00 OFFICERS: WILLIAM D. HOOVEE. Woodbury Blair Jam, —to your Savings Ac- count. That’s the quick- est way to gain financial footing—create your own opportunities— GET AHEAD. ' This strong, time-tried bank is backing the thrift efforts of over 42,000 individuals, and would like to see you increase the number THIS PAYDAY. Deposits welcome in any amount — Same Rate of Interest Paid on large and small accounts. DIRECTORS: Wi, A. Buchsnan William A, H. Chureh FRANK STETSON. CHAS. C. LAMBORN. E.. PERCIVAL WILSO! F.R.ULLMER. Asst. Sec. & Asst. Tr. BRUCE BAIED. . Asst. Trust Officer DAVID BORNBT, Aust. Trust Officer Frasulin H. Froderick A.' Feaning H. Prescott Gatiey Rbeem ronk W, W i et Heory K. Willard Ellis Ofen until 5:30 p.m. Monday, Tuesday and Wednesday National Savings & Trust Co. S 713 ond 715 1éch Sereat NW, Hain 5368 57th Oldest Savings Year Cor. tgfln Depository in V&;ashington and New 3 New York Ave. fair price vestment. Good suburban land bought at the right price should be the best real SELECTED LIST 64-7% First Mortgage Notes for JULY INVESTMENT for a long swing In- estate investment during the next five years. Mr. next Babson's Dext article will appear in urday' Star. years to come. Conditions are changing and we cannot sy how much longer we will be able to maintain this liberal interest rate. Those who realize that a change is coming are not only invest- of $100 to $100,000. Invest meco and earn 6%-1% interest with 100% safety. Swartzell, Rheem & Hensey Co. 27 15th Street N. W. 55 Years Without Loss to An Investor hipher property security than the face value of each Note is part of your pro- tection. 6Y5% First Mortgage Investments Denominations as low as $100 WA MAN Construction Company 1430 K Street 'NC. Main 3§30 MONEY TO LOAN - ON FIRST MORTGAGES ; AT CURRENT RATES OF INTEREST Rondeld H Hogner ¥ . 7207 Conneclicut SHsenus Office Space for Rent New Building Now Nearing Completion 923-925 15th N.W. Long Lease Reasonable Rent B. F. SAUL CoO. 1412 Eye St. N.W. The Force That Produces Good Will Is Integrity— to Which Must Be Added Satisfactory Service— We have earnestly striven through all the years of our operations to make these essential characteristics the bone and sinew of our busi- ness in every department. That we have succeeded is attested by the GOOD WILL of thousands of patrons who have placed all their investments through us. You may join this noble army of satis- fied clients in full assurance that we have never lost a dollar for an investor. Consult our Mortgage Investment Dept. for details about our 61/2 and 7% Notes SHANNON: & LUCHYS| 713 and 715 14th Street N.W, Main 2345