Evening Star Newspaper, August 23, 1924, Page 13

FINANCIAL ' THE EVENING STAR, WASHINGTON, D. C, SATURDAY, AUGUST 23, 1924 FINANCIAL * 13 v——-—————%’—.—’i__&% FOR SALE FIRST MORTGAGE NOTES LOWER POULTRY PRIGES EXPECTED Pork and Eggs Advanced During Week—Butter Demand Poor. Closing of the week's market found Mmost_prices about where they were the first of the week. Pork prices advanced, however, while beef and Jamb prices weakened, the demand for the two meats being slow. Veal market closed firm. 1:gg prices showed a slight advance, due to light receipts and losses in candling. Butter price: showed a few slight fluctuations. The market closed without any material change, how- «ver, and with the demand anything but brisk Poultry prices remained stationary during the week. Prices increased lust week and high prices continued. Diealers expect lower prices in the near future. Fruits and Vegetables. The daily market report on frui and vegetables compiled by the mar- ket news rvice Bureau of Agri cultural Economics today says: Cantaloupes—Supplies limited. De- mand good for good stock. Market steady. Eastern Shore Maryland and Delaw standards, and 45 1- : jumbos, 3 higher. A ¥ Dews, ze, 2.00a2.25. Demand steady. 3022 1 mon tints, tes medium upplies liberal. Market fairly te. 1 Carolin 1.00a2. land. bushel Other Maryland naz.zd Onion Market Firm. light firm; market R sacks, yellow varieties, No. 1, few sales Potatoes — Sup| ht, demand et du shore Vir- p sta Irish > NO. bulk 1 vera; £.75; 18- lim firm; Dy and condition, d demand York | te w lity — Supplies n moderate, rket about ste round type. rown supplies me moder: half bu megrow 1.00a1.5 de and Oregon, ancy, 1 artiett fancy, 1 Corn Prices Steady. Corn—Homegrown receipts vers lght: demand good. market firm: homegrown n bags sugar corn und atoes— sderate ar Supplies mod- arket dull and mode Maryiand Virgi kets, va varieties mostly 1.504 Northwestern Greenings, MONEY RATE RISE FEATURE OF WEEK Revival of Activity in Motor| Stocks Also Draws Wide Attention. By the Associated Press, NEW YORK. August 23.—Heavy profit-takin es brousht about a sharp reaction of prices in this week's stock market after an early period of impressive strength in which scores of issues mpunted to new high Jevels for the year. Bond prices also lost ground, the reaction in that mar- ket first making itself felt in the United States Government issue Stiffening of money rates, presuma- bI¥ in reflection of the increased com- mercial demand for funds incidental 1o the crop moving season and the growing revival of trade, was one of the most significant financial devel- opments of the week. Call money Zield steady at 2 per cent, but there was a marked decrease in the funds available bLelow this figure in the g de market” Time money rates advanced 1 per cent. Trade News Favorable. Trade news was largely favorable although it indicated that the recov- ery in many branches of business was slow. ports from the steel a slight increase in operations at the principal plants, but it was accompanied by a further easing of prices for many important products, United States Steel common as- sumed the leadership of the upward movement in the early part of the week by touching 111%, the highest price in five vears, but it sold down more than 3 points from the top in Friday's reaction. Revival of speculative activity in the motors, based on the belief of greatly increased sales in the agri- cultural rregiond and a more wide- spread use of motor trucks for short- haul passenger service, was one of the features of the stock market. Mack trucks, White motors Nash motors and several other issues sold At their highest prices of the year. Shippings held firm on predictions that the adoption of the Dawes plan would stimulate foreign trade. Cop- pers turned reactionary on a slight shading of metal prices. Adverse trade news, the latest being another cut in Pennsylvania crude prices, con- tinued to have a depressing effect on the oil shares. Southern Railway at New High. Sporadic bullish demands took place among the public utilities with Amer- ican Water Works, the most violatile jssue in that group, soaring to a new record at 120. Better buying power was in evidence in the tobacco and rubber groups. Rails were mixed. Car loadings and earnings of most roads continued to run slightly below those of last year. Southern Railway was one of the dozen or more issues in that group to break through their previous top prices during the week. ¥ centers showed Poisoning cotton plants in the fight against the boll weevil has caused considerable 10ss of bees in the cotton belt and reduced the amount of honey ordinarily produced there, market applies moderate, | 1 > sizes, slow for | sizes, market steady: carlot 5 per car, ur- | 3 | | in hund dy; [ | 2 Recelved by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, August 23.—Phe reac- tion in the curb market went further in todays’ short session, and was pronounced in stock which had been favored in the recent advance. It took in the public utilities, which were offered down freely, while lead- ing Standard Oil shares came off another point to 2 points. Selling for the most part repre- sented a desire to take profits and to be free of commitments over the week end. American Light and Trac- tian was an outstanding feature, breaking 8 points, to 117, before sup- port was encountered. American Power and Light lost 10 points on the . NEW YORK, August 23—Following is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in thousands. 2 Am Gas & Elec 65 5 Am Sumat Tob 10 Asso Sim Hdw 6%: AtG & WIS835s 174 B & O &x wi Beazerhoard 8 . ! Ch Rock I & P & Cit Sery Ta 0.0 Cit Serv 7s D | Cons Textiles Ss CP B M 6l A Cnban Tel 7lyy Cudahy 3iax . Deere & Co 7l Detroit’ City G Detroit Edison Os .. Dun Tire & Rnb Fed Sugar 6s '33 General Pet s BONDS. High. g BT Low. 055 Close. 5% 80 87 3% 2o P~ ST OSOIPRIN ot o St P Min Gl ¢ Serv of N 3 6 Sery of 0il Web Mills Btes wi. FORE BONDS. Gt Cons Elee 01 Tank of Finland s Y 903 Rank of 2 Russian ( 18ty 10 Rus Gyt 1% 10 Solv & Co 6s 101% ales STANDARD. OIL 188 units. 200 Anglo Am Oil.. 1800 Vacuem 0 INDEPENDE; ods. Sales 3 Cit S £1000 Cit Serv 18 Creole Latin Amer il Mount Prod 5 Mutual Oil Yot ¢fs.. New Mex Land.. Pierce I . Red Bank Oil new Ros Canad 0 & R. Eren 87, Woodley Tet ol INDUSTR ed Pack Tr new w Auto Durant Motor - Pont Motor Du 4 ast Penn 4% Bond & Sh pfd. 101 d Metal ;3 Toig Heyden Chem . Hudson Co pfd .. Inter Cont Rubber Keystone Solether.. Slight Advance La BY STUART P. WEST, Special Dispatch to The Star. NEW YORK, August 23.—The week just passed has seen a series of confused fluctuations on the stock exchange which have left opinion divided regarding -the immediate future. Those who were interested in the side of advance made a good deal of the fact the general price average early in the week broke into new high ground. They reasoned from this that the market was started on another forward swing. The happenings of the last few days, however, rather upset this theory. Stocks came down as easily as they had gone up. In many in- stances they more than lost the pre- vious gain. One view taken was that this was merely a temporary check like the one of three weeks ago. The other was that it meant that a lot of important selling had occurred and that consideration was being given again to the question whether the Wall street rise since the first of June had not got too far ahead of improvement In conditions outside. Higher Money Weighs Against Bonds. Higher quotations for time money and bankers' acceptances have had a decided effect upon the investment market. They have brought a great deal of selling into United States Government securities and have weighed against bond prices at large. It has been demonstrated that there was a limit to the decline in interest rates, even with the country's gold supply continuing to increase, and without any such expansion in in- dustrial demands as would take up the slack. But the inference is not warranted that the era of cheap money and high investment values is over. This is the season when funds are withdrawn from the reserve cepters to the coun- try districts where they are used to pay for the crops. This year these payments will be larger than usual, owing to the increase in farm prices under which wheat and corn are sell- ing nearly 30 cents a bushel over a year ago, oats over 12 cents and rye, 25 cents, while hogs are quoted at NEW YORK CURB MARKET Direct to The Star Office first sales, while East Penn Electric was offered at 47%, agsinst the Fri- day final of 50. Weakness In the oil group was checked toward the end of the first hour, and a good part of the early los were retraced. Standard Oil of Kentucky, however, received the brunt of the selling. ! Film Inspection Machine, which has been consistently bought during the past two weeks, also felt the effect of realizing sales, and came off a point from Friday's high. Diamond Field Black Butte, among the min- ing shares, changed hands in large blocks following the recent an- nouncement that the company had contracted to ship ore to a smelter. e eee— 83 83 40 4% B by 3% Om'Co vt tr cf wi Paige Motor ... Pines Win Fr Co A Radio Corp .. 5 Radio Corp pfd Rad Corp pf nw A Reo Motor ....... 2 Rova Rad 0o’ tr et tutz Motor . Tenn_Elec Power. Ten El Pow 2d pf Thomp Rad Co wi United Bakeries ... ni Rakeries pfd. ni G & B new . Uni Retail Candy.. U S Lt & Heat ... Ward Bak Cor B wi Ware Radio Cor wi Western Power.. Yel Taxi Corp N MINING. 3 Rlack Oak G M 1% Canario Copper a3, Cons Cop Mirs new 8% 3% Diamondfid Blk But .19 ' .18 4% 14% ing GA Mns Ltd In Harmill Div ...... Hollinger . Independence Lea Jib Cons g Kay Coppe D Lorrain Silv Syp 1d Ohio Copper........ Plymonth Lead Min @0 Reorgan Div Annex 51 Trinity_ Cop.. B 100 West E PLANS NEW FINANCING. Maryland and Delaware Railway Gets I. C. C. Approval. The Maryland and Delaware Coast Railway today recefved authority from the Interstate Commerce Com- mission to issue 17,500 shares of capi- {tal stock, to be delivered to Jesse Rosenfeld in part payment for ap- proximately 40 miles of railroad and other property formerly owned by the Maryland. Delaware and Virginia Railway Company, and to issue $300,- 000 of first-mortgage 20-year sinking " | fund 6 per cent gold bonds. | STOCKHOLDERS TO MEET. | SW YORK, August 23.—A meet- | ing of stockholders of the Carib Syn- | aicate, Limited, has been called for | September to approve the action of the directors in walving a second payment of $300,000 by the Texas Company on an option held on the { Carib properties. The Texas Com- pany had notified the Carib Company that owing to the genral conditions in the cil industry it would withdraw from the option as it had the right to do under the contract, if payment was insisted upon CLOTH TRADE SLOW. NEW YORK, August 23 (Special).— The anxious wait for the Government crop report sufficed to check trading in cotton cloths today until the short half day's business usual on Saturday ended. The 61 by 60 print cloths dropped 3 cent to 9%, but €S by remained at 10%. he raw silk market was firm and with evidences of activity both here and in Yokohama. Prices were un- changed except for extra, which fell off 5 cents a pound to $6. - NEW YORK DAIRY PRICES. NEW YORK, August 23.—Butter— ceipts, 9,965 tubs. “irm; receipts, 13,346 crates. oast whites, extras, 49ia do., firsts to extra firsts, 40a49. e—Weak; receipts, 135420 pounds. Era of Cheap Money Expected To Remain for Long Period rgely Due to Crop Needs—German Recovery to Be Slow Even With Dawes Plan. mensions as will make heavy inroads upon the vast surplus of lendable funds now available, or an exporta. tion of gold. Neither one of these contin, appears likely in the near fu(uf:.n;'lfi: forecast commonly made of a gradu- ally growing business volume may duite well be accepted, but no trade boom is conceivable which would draw sufficiently upon bank credit to entail a substantial lasting rise in interest rates. As fora possible gold movement, there have been periods during the last month where this has been seriously discussed. British financial critics have talked about sterling getting back to parity and England returning to a &old baasis. Predictions along this line have not been !g keeni however, since sterling came down from its rece: ] $4.57 to below $4.50, e et London Conference Discounted. The decline both in sterli francs during the last Wlele"kg ‘:I:‘: meant something more than realizing on the good news from the London conference. It has indicated a feel. ing in international banking quarters that there has been too much enthu- siasm over what will happen with the Dawes plan in effect. The second and calmer judgment is that eyen with a loan to restore the German currency system, recovery win be very slow. The German population schooled to hard times and cconomy, will be in & mood to accy ices in the world market. ~~"" [0 Prices The competition which was feared three years age, pus waich did mot occur then because of the collapse in the market, may now ma- terialize. The British have already begun to think seriously along thiy line. It has not yet become much of a consideration in America. Check Considered Logieal, The check to stock exchan, - tions toward the end of &i"-'f::k was quite understandable, on the three-fold ground that the impulse of very low money rates had been ex- hausted, that the picture of European recovery had been overdrawn, and that while indications pointed to im- $9.75 a hundred pounds against $8.40 last year at this time. No Fundamental Change Imminent. The slight raising of money rates during the last week was apparently anticipative of these agricultural de- mands, but this is only a temporary matter. No fundamental change can occur in the money situation, and by implication in the investment: situa- tion, until one or both of two things happen—a. irade revival of such di- proving domestic business, Wall Street had been discounting this at too rapid a’ pace. In the weekly reviews of the Iron and Steel trade, the sobering state- ment was made that although busi. ness had picked up and mill opera- tions raised from a minimum of 42 to 50 per cent of capacity, this had been accomplished at the expense of further price concessions. {Copyrights 1924, by Congolidated Press.) Road Building Will Be Busiest Industry in 1925, Says Babson Statistician Reports Appropriated for BY ROGER W. BABSON Special Dispatch to The Star. WELLESLEY HILLS, Mass., August 23.—What will be the most active in- dustry during 19257 Road building! Roads must not only be built but must be rebuilt—they wear out. In spite of the fact that we ex- pended $361,837,000 in 1923 on new road construction, and set a record at about three and one-half times 1913, present indications point to a new high mark and an even greater vol- ume of road building during the next 15 months. An analysis of the pres- ent situation leads me to belizve that it will be a most active Industry dur- ing 1925. Plenty of Money at Hand. Much of this road building just is due to the fact that money is ailable for this purpose at low rates, and the Government ald can be enlisted to carry a large part of the burden. Since 1916 the Government has made available the total of over half a billion dollars for this t of construction. An additional § 000,000 has been appropriated to be apportioned to the various States for highway construction during the coming 12 months, Some 32.000 miles of such road has been completed, with 17,000 miles un- der construction at this time. Twen- ty-five hundred miles has been ap- proved. but is not yet in the process of building. 175,000 Miles of New Roads. The total system of roads which will bo completed under the provi- sions of the Federal highway act of 1821 will constitute a network of approximately 175000 miles. Less than half of this work has been com plated and the balance still to be built argues for a tremendous activity along this line 5 It may seem to some of you who live in fairly populous districts that road building is nearly completed and that we will soon have only the work of maintaining our highways. The statistics, however, do not bear out this point. We have in our sum total of surfaced and paved roads some 430,000 miles at the present time, The entire road mileage of the country however, is reported at about 2,940.- 000. In our most densely populated States a maximum of 40 per centsof roads have been surfaced. In many important States less than 1 OL OUTRUT IS FAR AHEAD OF DEMAND Gasoline Stocks Still Pile Up in Qpite of Recent Price Reductions. ne BY J. C. ROYLE, Special Dispatch to The Star. NEW YORK, August 23.— stop Captain, ship; T want to get off and walk.” That time-worn jape still represents the situation of the oil in- dustry in the United States. For the oil industry cannot walk while oil and tion is_running at its efforts at curtailm, pre in one are nullified in most part in- creased activities in others. The present rate of production is around two milkion barrels highest level of the year. Consump- tion is higher than ever before, but not so high as output. Stocks of oil and gasoline in storage, therefore, ontinie o pile up undetérsed by recent cuts in prices of crude and occasional reductions in the quota- tions for gasoline. More automobiles are running on the streets and roads of the United States than ever before. More ves- sels are being changed from coal to oil burners, but there is little indi- cation that consumption will be suf- ficient even in the height of the touring season, close at hand, to make serious inroads into these re- serves. Clines and anti-clines, deep- er oil sands and shales are being pursued relentlessly by the pros- pectors of the oil industry, and new producing wells are being opened up despite the fact that the large com- panies have reduced new drilling operations to a minimum. Drillers Refase. Prices still are averaging some- what higher than at this time last Summer and profits of some com- panies undoubtedly are greater. Short tenure of leases is the difficul- ty the industry has to contend with at present. When holders of leases have only a limited timé in which to draw the black gold from beneath the surface, they are unwilling to halt whether the market for oil is flooded or not. Adjoining property owners are therefore compelled to continue production in sclf-defense in order to prevent the oil lakes be- neath their ground from being drained through another hole. i Extensions of the Torrance and Dominguez fields in southern Cali- fornia and of the Buena Vista field in Kern County have served to check the steady decline in California pro- duction, which has been in progress since last October, when the flow trom the West was affecting[every market in the country. Huge Gains in Output. July production figures for Cali- fornia just available showed an out- put of 19,274,755 barrels, a gain of nearly half a million barrels over June. Estimates so far this month indicate that the increase over the June» figures has grown rather than diminished. Also the larger com- panies are engaged in vigorous wild cat operations, the most active of which are centered in the Kettleman Hills district, where deep test wells are being sunk. Consumptien of the California product has fallen far below produc- tion, which oil men in other sections regard as a dragging weight on the oil price kite. Stocks of crude oil on hand in California at the beginning of this month totaled 101,462,225 bar- rels, or about ten million above the surplus_available the first of this year. This is attributed in the West to less use of fuel oil by railroads and the smaller number of tourists which visited California early this Summer. Price Increases In West. Aaditional cuts in the prices of crude oil have been anticipated in the Midcontinent field. But, strange as it may seem, this prediction has served to strengthen the tone of gas- oline and kerosene in Oklahoma, Kansas and Texas. In fact, material increases in price are anticipated by those who allege that jobbers have held off in expectation of a further cut in crude and have been forced by increased demand to purchase hurriedly for temporary requirements. Reflners, however, are most com- ‘servatize-in their ideas over thelong- a day, the $75,000,000 Already Construction Work In AUl Parts of Country. per cent of the highways have been so treated. Boom to Cement Industry. This pending road building pro- gram will not only employ a great many men at good wages, but will directly benefit several important in- dustries. A quarter of the entire cement output, for instance, goes Into road building. The record made by this industry of 137,000,000 barrels in 1923 was largely due to tremendous volume used for this purpose. At the present rate of production it looks as though the output of cement for 1924 would total about 150,000,000 bar- rels. Between 35,000,000 and 40,000,- 000 of which will be used in road building. Road building machinery will, of course, benefit by this ex- tended activity and other industries supplying clothes and material for this work will be busy on generous orders. The insistent demand for improved Is is, of course, the result of the 15,500,000 automobile owners in this country. At the same time the im- provement of our highways reacts to help the sale of more automobiles. Would Spread Work Out. *Many sound economists have pro- posed that road building programs be nsed t of general governor on bu Such projects being ped during periods of general trial activity so as to rele labor nd capital for industrial purpos "his would tend to decrease the d. mand for labor at a time when shor! age threatens. Conversely when bus ness goes into a depression and in- dustrial plants close down it is pro- a so ndus- posed that the governments, states and municipalitics undertake an ex tensive road-building program with the idea of furnizhing employment to those out of work and of stimulating | general business. Sees Better Timexs in 192: Activity at present is still below normal—the Babson chart reflects it in the present position at 14 per cent, and would even be lower today were it not for our road building pro- grams. While it is too early to esti- mate the volume of new road con- struction for the coming yéar, 1 feel that its influe will be sum total of our activity and it is one of things that will 5 a better r than presidential elec- not thrown into Congress. tion i covering the re- 2 sbu nneth R. Kin president of | andard Oil of California, say cuts in Midcontinent and Gulf crudes will ve little effcct on the Cali- fornia situation, since prices for Cali- | fornia crude' and finished products | 50 low that they are not competi- with the Middle West oils and 11 afford suf it margin to allow lifornia to ship to the Atlant board. Such shipments are® run- ning about 100,000 barrels a day Improved methods have resuited in a greater yield of gasoline to refine fi he same amount of crude and active methods now are bein taken, through consolidations and in- tensive marketing methods, to in- crease consumption both of gasoline and fuel oils. WESTERN MARYLAND R. R. EARNINGS AGAIN DECLINE Special Dispateh to Th BALTIMORE, August 23.—A con- tinued decline in estimated gross | earnings for the second week of this | month is reported by the Western | Maryland Railw: The toral for| week ended 14, as report- | v, was $324.605, as agal a decline of $114,116, or | per cent, compared with the like pe- | riod in 1923, Revenues received from coal al coke freight were off 47 per cent, as | contrasted with last year. Total earnings for the two weeks ended August 14 was $671,763, a de- | cline of 881, or 28 per cent | From January 1 to August 14, total | earrings were $11,731,333, as agalnst $14,680,486 for the corresponding pe- | riod a year ago. | == o PLAN CITY OF PULLMANS. ST. PAUL, August 23 (Special).— Arrangements for a “city” of Pullman | sleeping cars to house members of | the American Legion when they tend their annual convention here in September are now under w at the Union Station yards. Ten miles of storage tracks with lighting, water and sanitary facilities are be- ing provided. Sidings of railroads near the downtown section will be | equipped similarly SEEE e RETURN ON OLD SCALE. ST. LOUIS, August 23 (Special).— Electricians, who have been on a strike for three weeks, have returned | to work at their old scale of $1.50 an hour. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ST. LOUIS, August 23.—Outside mer- chants here, in greater numbers than in any previous season, are buying fear. lessly for Fall needs, being convinced that fair prices, fine crops and broader distribution of goods will offset the early season slackness of trade. An average of 8,000 persons have attended the fashion show daily. BOSTON, August 23.—The Argen- tine Ambassador, who conferred with textile men here recently, declares that New England cotton manufac- turing interests have entered nego- tiations with (Argentine bankers to establish factories in that country. DETROIT, August 23.—The Con- tinental Motors plant here has in- creased its production schedule to a marked degree this month, and Au- gust shipments are expected to be within 10 per cent of peak produc- tion. Automobile manufacturers ex- pect a most satisfactory Fall busi- ness. LANCASTER, Pa., August 23.—The tobacco growing in this section now is so far advanced that damage from pests, including the Japanese beetle, now seems to have passed. Harvest- ing has commenced in the southern part of the county, and the yield is spotty, some flelds being excellent in quality whife others are inferior. —_ ‘A Word to Speculators. | If you must speculate select a reputable broker who holds memberas ship In a recognized stock exchange. Exchange requirements, in selves, are some protection, members must comply with business ethics as provided by rules and regu- lations. If a member violates these rules, he hazards his membership, which is usually his greatest asset. [ —— _Adam was the first man to throw # Tace, after NEW HOT WAVES SEND GRAIN DOWN Temperature Changes Prove Miracle in Improving Crop Qutlook. By the Associated Press. CHICAGO, August 23.—Miracle hot weather which developed suddenly an official forecast that no more Summer temperatures need be looked for this year nas led to a violent downturn in grain prices this week. Compared with a week ago, the corn'market this morning was % to 7 cents a bushel lower, wheat 3% to 6% down and oats to 3 cents off, with provisions showing 35 to 55 cents decline. Downwayd Swing in Corn. Downward swings in the corn mar- ket took place only after all high price records for the season had been smashed again and again, as a result of almost panicky buying, due to ap- parent likelihood that a great portion of the crop would be made unmer- chantable by frost. The feverish buy ing activity partly curbed through heavy calls for margins to protect commission houses, but be- f meagure was wide- failure of one firm was announced. It was at this juncture, too, that indications of warmer weather developed, and that selling set in which later became something of a stampede. this safety pread the Talk about imports of Argentine corn for distribution 200 miles in- and from both the Atlantic coast and the Paci attracted some at- tention as a bearish factor. On the other hand, as the end of the week approached it was gaid that various traders who had sold out holdings were buylng anew, the position #hat the bulk of the corn crop still needed six weeks of good weather to pe frost. Whent and Onats Fall. Wheat and, cats fell when corn turned downgrade. Reported im- provement. of the Canadian crop out- look, together with big receipts of wheat in the United States, tended also to pull down wheat values. Provisions were dominated Ry the action of grain. FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 1315 F ST Jonw POOLE Presmenr EQUITABLE Co-Operative Building Association 44th YEAR COWMP ‘;".TF.D Assets .. Surplus It’s Easy to Save Through Our Systematic Plan. —and you wiil eventually be f strong. Let us tell you more Subscription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President Money to Loan At 6 and 615, Interest Before Placing or Renewing Your 1st or 2a Trust Consult WELCH, Realtor Loan Specialist 15th and N. Y. Ave. Main 4346 Established 1899 Real Estate Notes For Sale In amounts from $250 up to $1,000 or more at 614 and 7%. Conmalt WELCH e Loan Specialist 15th and N. Y. Ave. M. 4346 References: Any Bank, Trust Co. or Title Co. in the District. No Loss to An Investor in 25 Years Wanted Second Trust Notes We have clients with funds to purchase goed 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 Ao & Loy 713 and 715 14th Street N.W. Main 2345, Our First Mortgage Notes Are the type of investments that appeal to conservative investors. Banks Recommend Them Insurance Companies Prefer Them Courts Advise Them (the three most conservative instito- tions one can go to for advice.) Buy them and the thought of worry can be dismissed from your mind. We have on hand a limited amount in denominations of $100 and up. Bearing 7% Interest Chas. D. Sager Loan Departmeat 924 14th St. N.W. their | taking || | WE FINANCE Apartment Houses Business Property Resldence Property Hotels, Ete. Higbie & Richardson, Inc. 816 15th St. N, Consult Us It you have funds for investments THOS. E. JARRELL Member Washington ool Estate Boord. Woodward Bldg. Main 766-3370. Prompt Action Mortgage Loans Money to Loan First Becured by first deed of trust on real estate | Lowest Rates of Interist and Commission Prevailing interest and commission Tho J her & Com, 1 Trust mas J. pany, Inc. Joseph 1. Weller 428 Wb 1. & % 738 15th 8 " CONSERVATIVE INVESTORS —have ALWAYS been consistent awners of FIRST MORT- on improved real estate as the sure foundation of security for their funds. This is equally true of the great insurance compa of the world, as well as the leading fina institutions. WHY NOT JOIN THIS SELECT COMPANY arrange to “play safe” in the future We can supply your nceds whether you have $100 or $100,000 to invest. MORTGAGE INVESTMENT DEPARTMENT HANNON - & LUCHS INC Main 2345 6'2 % and ISHANNOL 713 and 715 14th St. N.W. OUR FIRST MORTGAGE REAL ESTATE NOTES —invite the satisfaction of placing your funds in one of the safest and most attractive investments that money can buy. Every one of these notes is safeguarded by our system of rigid investigation and expert supervision—by the fact that these notes are purchased with our own funds for our account, making our interest identi- cal with yours. Written guarantee, backed by $1,500,000 resources as to security of principal, income, prompt interest payments, full return of principal and freedom from all care and management. Real Estate Mortgage & Guaranty Corp. (Resources Over One and a Half Million Dollars) L. E. BREUNINGER, President. 26 Jackson Place MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Your Vacation Check ERE you one of the fortunate ones to whom we sent our checks during the 1 two months in payment of interest on in- vestments in our First Mortgages? These checks probably came in very handy to some as a means of financing their summer vacation. When you invest in our First Mort- gages at 6159 —and more—you know the day you are to receive your interest and how much you will receive. You can pave the way for a vacation check next summer by making your invest- ment now, while we are receiving a high rate of interest. Next week or next month may be too late, so we sug- gest consulting us now. . Swartzell, Rheem & Hensey Co. 727 15th Street, N. W. 55 Years Without Loss to An Investor TO HOLDERS OF SPECULATIVE SECURITIES OUR FIRST MORTGAGES —are an anchor to windward in financial storms. They pay a Over a Quarter of a Century Without a Loss B.F.SAUL CO. Main 2100 1412 Eye St. N.\W. good return, mature at short intervals and are always worth par. In amounts of $250 and up.