Evening Star Newspaper, August 30, 1924, Page 11

FINANCIAL. NEW YORK CURB MARKET POULTRY CHERPER DURNG PAST WEEK Slighf Advance in Eggs Also Noted Here—Meat Has Remained Unchanged. A slight weakening of the poultry matket was the feature of the market this week. The weakening brought only a slight decrease in Prices, but dealers say they expect a further drop in prices in the near future. The egg market throughout the week Yight and high prices in the West Swere reflected here. It is believed that increased demands later in the #8as0n will serve to further increase prives. A slight tizhtening was reported fn the condition of the butter market the closing of the week. There has Beén no real change in prices, how- ever, dealers stated. but a change may “occur the coming week. Meat “prices have remained about stationary. Top beef continued to bring good prices and the for - common beef was lzht Famb market continued steady, the veal market was Strong. Frults and Vegetablex. daily market report on fruits Zetables, compiled by the Mar- ervice Bureau of Agricul- tural Economics today said: Cantaloupes —Supplics moderate: de- mand and .trading slow, market dull; Jumbos, Salmon Tints continued firm Receipts were while fair condition, 50a Onlonsi—Supplies moderate slow: market weak. ana New . 100-pound . No. 1, 3.00a3.20 Peach Market WeaX. Peaches—Supplies very heavy: mand_ slow t dull and weak very few sales; Virginia, 6s, Elbertas lurke -size, good color, best mostly around 2.00; ripe, 1.00a1.50: overripe, wasty, low at . best. 1.50a 2.00; overripe, wasty, 5 0; bushel baskets Elbertas, best, ripe, 1.00 al:253-overripe, wasty, 2f Belles, small size, ripe, 50a1.00. Watermelons pplies moderate; demand moder- mdrkef strong: Virginia, bulk 100 melons, Tom Watsons and ;. mostly amall to medium 6.0043.00: primes, 15.00a 40.00#40.00. Suppiic- libaral. Demand Market steady. New Jer. sacks frish Cobblers, ( No. 1, 2.30 per rack. Dock sales— Virginia cloth-top stave bbls. Irish €obblers No. 1, _Sweet Potatoex Cheaper. Sweet potatoes—Supplies moderate Demand slow. Market weak. East S yland, cloth top stave bbls. yellow varieties No. 1, 6.50a7.00. Applés—Supplies moderate. tically no de Too few establish market Lettuce—Supplies liberaf. slbw. Market weak. New erates blg Boston type, quality - and cohdition, poorer, 1.00. Cabbage—Supplies light: demand slow: market dull; Virginia, barrel crates, round type, wide range qual- 100a2.00; New York, bulk per ton ate per Trish moderate 150)-1b. Prac- sules to Demand best, Tomatoes plies moderate: de- mand slov ket steady: home- srown, half bushel hampers No. 1, 50 al.00. WHEAT SELLS OFF INWEEK'S TRADING Corn Aiso Lower—Provi- sions: Higher After Sharp _ Break on Drop in Lard. By the Associated Press. CHICAGO, August 30.—Wheat today Seems to. be struggling between a strong .world's situation and the im- pending movement of the new spring wheat crop which would increase hedging pressure on the market. With the exception of the July de- livery, which is% higher, the market this morning is down % to 1%, com- pared to the finish a week ago. Corn 18:2% to 4% lower; oats unchanged to % off, and provisions 2% to 1.00 higher. Weather conditions in the North- west of late were generally favorable for maturing the late grain, it hav- ing been feared heavy rains this side of the international line would dam- age the crop. Apprehension regard- ing the new Argentine wheat crop, which is urgently in need of rain, has come to the fore and some trades be- lieve that any serious damage there will result in a material change in the statistical position, especially in view of Russia’s request for offers of wheat, which confirms reports of crop failures. Recovery In Coin Values. Estimates on the Canadian and American Wheat crop generally show ari increase. It is belleved that with continued favorable weather the movement in the northwest will get well under way before long. Unfayopable crop reports from the corn belt did gnuch to bring about a recovery”in corn values, which had hit_the toboggan because of liquidat- ing sales. Tmproved investment buy- ing was largely responsible for the recover: were reports from Ne- braska which told of hot weather and need of rdin. Other portions of the belt showed no material improvement under favorable weather. Threshing of oats has made rapid progress under favorable weather conditions, although a liberal percen- tage of the new crop shows damage from recent rains, Provisfons broke sharply on selling of lard hy commission houses, but later hardened with hog strength. A big demand for hog products is ex- pected In the near future as a result of Germany’s action in approving the Dawes plan. CORN CROP FAR SHORT. Virginia’ Yield Lowest in Ten =Y Years, Says Official. +RICHMOND, , Va.,. August 30.—The Virginia-eorn crop will be the short- est.in ten years. This was. the. declaration here last night of Commissioner George W. Keiner of the State Department of Agriculture and Immigration. The commissioner . attributed the - short crop to the unusually late spring and to" unfavorable weather conditions for the €rowing:season. - “The-Teport by the United States Department: of Agriculture that seed corn ‘will> be Scare next spring is partly true. for Virginia,” the agri- cultural chief continued, “as farmers \ report te me that whole flelds are yet undeveleped, an@ only.a late frost 'can “insure - production. All other oreps in. the State'are from ten days to two weeks late.” demant | The | York | wide range | 2.00; | | will BY WILLIAM F. HEFFERMAN. NEW YORK, August 30.—The curb market today was influenced by the strength of the stock exchange and practically all groups moved foerward under an unusually heavy demand for Saturday session, especially in view of the holiday Monday. The Standard Oils were strong from beginning to end under the lead of Standard of Nebraska, which opened up 7 points from the Friday final. Prairie Oil and Gas at 211% gained over three points and similar ad- NEW YORK, August 30.—Following is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in BONDS. thousands. High. 5 Allied Packers 8x.. K3 4 Am Gas & 104t G & Atlantic Fruit 8 I & 0 R R 58 wi. Beaverbos Low. Close y ot 18 Cons Textiles Sx 4CT B M 6ls A 8 General Pet 6w Inter Match 815 Kenny 8 i = Lo ALy e ok Morrix & Co Tis.. Xt Bispe o A 2 Nat Leather Sx ... 1001 North St P M 614s'C 1008 Ohio Power N7 Pure 01l Co 08 M n B, 6148 4 Swift & Co fw L. TUn ELL & P ok A 7 Virg Ity o8 A wil. Tex nits 200 An T A¢ 40 Toue Hub ¢ mp O STANDARD OIT, ISSUE 1o Am 011 13 Lobos ... agnolia et 10 N Y Transit 80 Ohio 01 new ] 0 Prairie Ofl & Gus. 1100 Penn Mex Fuel 50 Prairie 1 L 100 8 0 Kansas 60 8 0 Keatucky 100 S O Neb 4008 0 N'Y new 3 0 onio . aciam 01 new 11 G4t Sales INDEPENDENT OIL STOCKS. hundreds 10it Sery . L1443 144 1 Cit Serv pfd 55 $4.000 (it Ners C serip. 70 ties Sere scrip. 83 1 Gulf Ofl of Pa 26 Tago Pet ...... 100 Latin-Amer 0il X Livingston Pet 3 Mount Prod nomic Recovery BY STUART P. WEST. Special Dispatel: to The Star. | NEW YORK. August 30.—The past | week will go down in financial his tory as notable for having seen the acceptance by France and Germany of the Dawes plan, which, it is hoped, be the stepping stone for the economic recovery of Furope. A | great deal has been writter about this subject and outside of a small minority the conclusions have been | optimistic. Presumably evervbody wants to be- |lieve that with provision made for | the gradual payment of reparations, and with international loan to re- store stability to the German cur- rency system, Germany will set on her feet, with a resulting favorable reaction in the rest of the industrial world. Germany Needx $200,000,000 Loan. Certain practical considerations, however, have to be taken into the reckoning. One is that a $200,000,000 loan may suffice for its primary pur- pose of re-establishing a £old base for German paper circulation. it will require much more help to put back German industry to any- thing like normal. One of the most interesting reports of the week, although not fully con- firmed, is that the German shipping lines have been negotiating private credits. This is what the German in- dustrialists will have to rely upon in order to build themselves up. They will have to obtain loans from the United States and Great Britain, over- coming the old-time prejudice in this country against granting long-term credits to forelgn customers. Unless this is done, internal recovery in Ger- many will be very slow and recovery in German buying power abroad will be slower still. Germany May Flood World Markets. The second consideration is what will happen if the Dawes plan accom- plishes what is expected of it and puts Germany back on the business map. . The Germans have grown accus- tomed to hard times. Their laboring class will work for much less than the wage-earners in the United States or those in Great Britain. The pos- sibility of the market being flooded with low cost German goods is raised again, therefore, and much more FEAR NOW EXPRESSED OF GERMAN COMPETITION By the Associated Press. - NEW YORK, August 30.—Two di- rehabilitation on American business. 1t is generally conceded that, for a time at least it will stimulate Amer- ican business through the heavy pur- chases here of raw materials, par- ticularly cotton, copper, silver and other metals. One group of ob- servers believe, however, that Germany, by reason of lower produc- tion costs, will be able to compete successfully with American manu- factured articles in other countries. ‘While the tariff may prevent the dumping of German goods into the American market, it is pointed out that it will not prevent their ship- ment to South America and other countries which absorb our supplies. The other group believes that the threatened German competition has been exaggerated and that the in- crease in the purchasing power of Central Europe is bound to Lave a favorable influence throughout the world. DRY GOODS SALES STOP. NEW YORK, August 30 (Special).— Business was practically at a stand- still in both the cotton goods and raw silk markets today, most of the dealers and buyers adding Saturday to their holiday. Prices nominally were unchanged. BERLIN BANK REPORT. BERLIN, August 30.—The state- ment of the Bank of Germany as of August 23 shows an increase in gold holdings of 8,920,000 to 507,004,000 marks, whereof 67,603,000 is deposited abroad. Silver coin reserve increased 2,379,102,000 marks. . » But | vergent views are held in Wall street | on the ultimate effect of Germany's{ THE EVENING STAR, WASHINGTON, D. C, SATURDAY, AUGUST 30, 1924, Recelved by Private Wire Direct to The Star Office vances occurred in other high-priced standard issues. The pool back of the buying in Dubilier Radio got busy again and bid their favorite into new high ground for the move just under 50. Another outstanding feature was United Bakeries, which gained 3 points again. Weakness in Consolidated Textile § per cent bonds. featured the dealings in this quarter. At 74 they were oft almost four points from Friday's high on talk of refinancing. uostar il Wileox Ol & Woodley Pet INDUSTRIALS. Acme Alliea Am I & Tract Am Tower & Lt Appalac Pow & 3 Atiantic Frait'w Hordea & Co Chic_ Nip new ‘wi. . Ch Nip Bt ow wi Burr new . Rure prd . Com Power 'Cor Daldlive C & B 3 Durant Motor ... 1N% East Penn Elec Co 471 Foundation Co pfd 1001 en Motors new wi 601y oodyear Tire ... 1215 Kesstone Solether. . Lehigh Val - Coal . To Val Coal nw wi fonal Tea Co N Y Tel Co ptd. ! Omnibux Cor vie wi 3 Pines Win Ft Co A Radio Corp % Rosenbaum G G pfd Rad Cor trofs & 1 new.. 2 Ward Bak Cor B Ware Radio Cor wi 3 Western Power.... 2 Yel daxi Corp N Y MINING. Bl Oak Gold Mines Canarlo Copper Conx Cop Mines Cortez Silver 2 Crown King Cons. . Fla D W cf rts wi Harmill Div ...... Independence Lead. . Jib_Cons iy Kay Copper Corp.. e Star ........ Sily 85nd da Hilly ipising . 5 Ohlo Copper _..... Ply Lead Mines. Reorg Div Anonex.. Kek Mt Sm & Ref Rek Tono Cas 2 Tonopah 2315 313, f 14 4 w 4 S 1s 1% 3 153 2,8 _Bila 3 Wenden Copper ... West \Financial Help to Germany May Unsettle Markets of World ’Fear of Cheaper Goods Looms as Eco- of Europe Grows Brighter—W eekly Resume. plainly than it was in other years. Then Germany was prevented from getting advantage of her cheap labor |and low standard of living by the | constant depreciation of the paper | currency which made it unsafe for | outside countries to do business with | her. With a new and stable currency | system this difficulty will be removed. No Concern Over Election Ontcome. The markets have continued to take. outwardly at least. little in- terest in_politics. The presidential canvass has now begun. It finds Wall street s feelnig comfortable about the result, from its own par- ticular point of view. The idea that the third party might make sutticient headway in the Northwestern States to throw the election into the House of Iepresentatives {S something which the financial community re- fuses to entertain. If it should be brought face to face later on with such prospect there would unques- tionably be a reversal in sentiment. Business Improvement Forecast. Virtually all authorities agree in their diagnosis of the business posi- tion. The period of overbuying in the early Spring was followed by a sharp reduction in output under the |urge of declining prices. This reaction reached its climax in the early part of July. Since then there has been a moderate recovery in production and in prices, the main animus being supplied by the extraordinarily improved outlook for the grain and cattle raisers. Most critics are predicting that this re- covery will continue, and hence they say that the present price level of stocks is not excessive, even l- though it appears to be ahead of actual conditions. Autumn Renction Feared. The attitude of the opposing side is that traditionally a Midsummer upward movement on the stock ex- change has been followed by some sort of reaction in the Autumn. The claim is further made that despite all the optimistic statements and predictions from high quarters, the business pick-up has fallen below ex- pectations. Also there is the re- minder that this is a presidential year and that while Wall street has not thought much about the subject so far it may be more concerned about it later on. BUSINESS TOPICS. PORTLAND, Ore., August 30 (Spe- cial).—There is a surplus of labor from all lines of industry and all sections of the State, according to the seasonal employment commission. Much of the excess has been caused by men attracted from other States by the harvests. DETROIT, August 30 (Special).— Industrial employment here reached a new low point for the year last week, falling o 194,000. This com- pares with 218,996 a year ago and a high this year of 242,331 NEW YORK DAIRY PRICES. NEW YORK, August 30.—Butter— Steady; receipts, 11,333. Eggs— Steady; receipts, 13,141 cases. Cheese —Steady ; receipts, 76,141 pounds. - ’ CHICAGO STOCK MARKET. CHICAGO, August 30.—Following is a report of today's sales, high, low and closing quotations at the Chicago Stock Exchange: Sales. 130 Armour of Del pfd 300 Armour of 1l ptd 50 Bassick Alemite 200 Beaverboard B . 85 Beaverboard pfd .. 400 Boone Wool Mills! 5 Borg & Beck ... High. Low. Close. 901 00 90% 80% KO ROK AT 40 Midwest Prior Lien. 981, 950 Middle West Util.. 625 50 Middle West Util pf 91 10 Moatgm Ward 50 Nat Leather . 5100 Pines Winterfront. . 50 Pick & Co.. & 120 Public Serv pf. 10 Pub Serv n p. 200 Real Silk 50 Reo_ Motor 1130 Stewart Wi 278 Swift & Co 3350 Switt Int 5 160 Lo Carbide & Carh m 70 Wan oo 860 Wrigley . 400 Yellow Cab .0 B75 Yellow Mfg B Total sales, 15,000 TRACTION MEN RAP FREE AUTO RIDES Street Car Managers Note Loss in Profits Due to Pub- lic’s Good Nature. BY J. C. ROYLE: Special Dispatch to The Star. NEW YORK, August 30.—Ride free- 1y, but not free. That s the request that traction interests all over the country are urging on the public. The street rallway companies have at last come to recognize the loss and danger to their interests represent- ed by the cadgers of automobile rides and are asking motorists to abandon the attitude of easy good nature so frequently imposed on for considera- tion of the rights of others in the transportation fleld. The “gimme-a-ride” contingent. numerous in_every heavily traveled street and thoroughfare, has grown {to the proportions of an annoyance {and a menace to motorists, according to many®car owners. The latter are perfectly prepared to co-operate with traction interests in abating this nui- sance. The American motorist is no- toriously unselfish in sharing his ma- chine with wayfarers. The majfority of them want to be “good fellows,” but they are coming to resent being imposed on. Free Rides Cut Profits. This attitude has been strengthened by the number of holdups and rob- beries which chance pickups have perpetrated the more easily since the driver with his hands on the steering wheel has been thoroughly at their mercy. In addition some of these riders, who have been injured in ac- cidents unavoldable in automobile traffic have attempted to hold their hosts responsible. The practice of dispensing free rides in sections also served by bus, taxi and electric railway lines un- doubtedly has hurt the profits of companies engaged In operating those faciltiles and is directly responsible in some cases for urgent demands for fare increases, which have been felt by the whole community Including the motorists. The traction men take the stand that the great majority of those who ask so freely for lifts from motorists would resent keenly the implication that they would beg for 5 or 7 cents for a ride on the street car, although their requests result in taking that sum from the gross receipts of the company if the motorists is com- sant and picks them up. So extensive has the habit of beg. ging rides become that such service in some cases is almost demanded as a right. One wealthy woman resi- dent of Long Island, who enjoys driv- ing her own car, said today that of all the hundreds of boys and girls she had picked up and given a lift on the road, only one youngster had left her car with a “thank yo Students Have Good Luck. The habit is not confined to the poor or needy. Stadents at eastern universities are bragging they can ride free over practically any road in the country, and have become so accustomed to being granted these favors in the neighborhood of New York, Philadelphia, New Haven and ride is not terminated by an invita- tion to luncheon or dinner. In discussing the effect of the habit of turnishing free rides to persons who otherwise would patronize street railways, B. C. Cobb, vice president of Hodenpyl Hardy & Co., prominent in financing of public utilities, said today: “The degree of financial suc- cess attaingble by any business Is regulated by two factors: “First, there must be a market for the product. Second, the price re- ceived for the product must be suffi- clent to pay all the costs of supplying it, plus a reasonable return to those who represent the capital invested. On them rests the permanency of the electric railway as a public servant.” | It was further pointed out by trac- tion experts that the public at last was beginning to realize by the de- cisions of public service commissions and other official bodies that riders must pay the whole cost of the serv- ice, no matter what that might be, and that as a result of this “cost of service” policy fares are up all over the United States. From a rate of 5.09 cents in 1918 the average fare has risen above 7.33 cents at present, and there is every indication that more than 16,- 000,000,000 passengers will be carried before December 31 this vear. A total of 173 cities have a 7-cent fare, 150 have a 10-cent fare, 83 a 6-cent fare and 52 carry passengers for 5 cents. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. SPECULATION IN FOREIGN EXCHANGE. Sixty-second Article. In the last article in this series T named some of the considerations affecting the investment rating of foreign bonds. There are still things to be said along this line. The first is that to buy a foreign bond payable in a foreign currency involves an additional uncertainty in that the currencies of other nations ever since the World War have lacked stablility as compared with the dollar. To a degree a foreign government bond payable in any other money than our own is a speculation in foreign ex- change. For most people this is inadvisable. Plenty of Foreign Issues. There are plenty of foreign issues payable in dollars_and traded i daily on the New York Stock Ex- change to which this speculative feature does not attach. As a rule also the dollar bonds of foreign countries do not fluctuate over so wide a range as do sterling or franc bonds. It is very important to keep. this distinction in mind when esti- mating the risk involved in a foreign security. Taking the case of Ger- many for instance there is no possible comparison between the mark bonds of German municipalities and the proposed international German loan, the American portion of which will be payable in dollars. The two belong to entirely different classifications. It is pretectly possible for a foreign government bond payable principal and interest in American currency to be entirely sound and a desirable in- vestment and a bond of the same government payable in its own cur- rency to be speculative in the ex- treme. Secondly there is the matter of diversification. No matter how at- tractive a forelgn security may be no one is justified in putting all his funds Into any one investment. He should not even put all capital prop- erly avallable for forelgn investment into any one nation's obligations. By dividing up the sum the risk is spread out. It is wise to diversify not only as between the different nations of Europe, but as between European and South American invest- ments. Political developments are not likely simultaenously to affect securities so_widely separated geo- graphically. Within these limitations there can be no objection to putting a proportion of ones funds into good foreign securitiles and such a course will substantially increase the income upon the whole. I (Copyright, 1924, by Consolidated Press.) o PROSPERITY AIDED BY PRICE EQUALITY Babson Finds Better Balance Between Industrial and Farm Commodities. BY ROGER W. Special Dispatch to The Star. WELLESLEY HILLS, Mass, Au- gust 30—We can never have any prolonged period of prosperity in this country unless all important groups have fair purchasing power and the disposition to use it. If industrial conditions are good, work plentiful and wages high in the large cities, many think this to be the basis of real prosperity, but such is not the cause unless the agricul- tural sections are also prosperous. If the crops are good, land values fin- creasing and grain prices high, many think that prosperity is assured, but this Is not true unless city wage workers are prosperous also. It is impossible for the country to be prosperous without both the indus- trial and agricultural groups happy. Two Go Hand in Hand. is the hatchet and the other the handle; one is the lock and the other the key; one group cannot maintain the present standard of liv- ing without the other group enjoying it likewise. Moreover, both are like a team of horses. The speed of the team is determined by the slower horse. When either farm prices are abnormally low, compared with city wages, or when a period of industrial unemployment exists, with satisfac- tory farmings conditions, there is a brake on prosperity. This inequality has been one trou- ble with the situation during the past two years, and is one reason why I was so bearish a year ago when every one else was optimistic. Any real prosperity must be founded on an active demand and adequate purchasing power on the part of all large groups. Rise in Farm Prices Vital. It is in the light of this economic principle that the recent rise in farm prices is most significant and hopeful. Beginning in 1913 we had a fair ad- justment between agricultural and industrial prices. Farm prices rose rapidly, and for the greater part of the war they maintained a level above that of industrial commodities. By June, 1920, agricultural prices were 200 per cent above the 1913 lev. Industrial prices meantime had risen to 150 per cent above pre-war aver- ages. Then the greatest price decline in modern business history set in, and if we compare prices on these two Eroups one year later, or in June, 1921, we find agricultural products only 10 per cent above 1913 prices, while indus- trial commodities rested at a point | 55 per cent higher than the pre-war | figure. This ve us a maladjust- | ment of almost 50 per cent, and farm products have labored under this handicap until this Spring. The low point was established dur- ing the closing months of 1921, when crops went even under the 1913 base. In 1922 agricultural products and commodity prices in general climbed upward, and the spread between the two groups remained badly strained. However, in 1923, commodity prices turned downward, while the trend of leading farm products continued to climb upward, closing the gap the| narrowest margin since 1921. Agri- cultural products had climbed to 40| per cent, while industrial products slumped to 60 per cent over the 1913 base. BABSON. One Levels Highest Since 1920. It s evident that legislative credit measures, co-operative marketing and other means of buoyance failed to re- adjusted ‘the radical difference be- | tween the price level of what the farmer bought and sold. However, | since June new conditions have | brought the agricultural price level | to the highest point since 1920. Ex- | panding agricultural purchasing pow- | er has automatically stimulated busi- | ness. Practically every agricultural product has participated in the re- covery. | The Babson grain price index, com- prised of wheat, corn, oats, barley and rye, is now 168, or practically 68 per cent over the extreme low of 1921. | The reason for the current price level is easily traceable to the sharp con- traction in output. The total produc- | tion of the same five grains on a ton- nage basis is the lowest since 1917, | and based on the August 1 Govern- ment report is 7 per cent under the previous five-year final average. The world production of leading | grains is low compared with the bumper crops of a year ago, Yet the total is not far from the normal com- plement. As, however, there is no in- dication of any world shortage of ag- ricultural products, there is no basis for now expecting any further marked advance from the present price level. More Normal Balance. The only serfous condition is in con- nection with corn. The crop has been handicapped by late Spring, inclement weather, retarded growth, and now the possibility of early frosts. With- out question this product is the strongest of the grain group. The main point is this, after nearly four years of hardship the farmer's in- come is now showing signs of ex- panding to the point where there is a more normal balance between the price of products sold and the price of products purchased. General business, as reflected on the Babson chart, still stands at 14 per cent below normal, and while 1925 will be a better year than 1924 it does not promise any great boom. This better adjustment between prices, however, is a corner stone of | the foundation for our next period of prosperity. Construction has begun. e BOSTON STOCK MARKET. BOSTON, August 30.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: High. Amer Tel & Tel. American Wool. Calumet & Arh Calumet & Hecla. Eastern § 8. Hardy Coal. Island Creek: Maine Central. Mohawk : w Engiand T & T. NYNHE&H North Butte. Superlor & Swift & Co. Swift Intern: United Shoe Machine. HAS 2,600 0OIL WELLS. NEW YORK, August 30.—The Barnsdall Corporation announced to- day that its properties now consist of 2,600 oil wells of settled production, 419 gas wells and 94 combination gas and oil wells! . Query the Promoter. Determine how much of his own money the promoter is putting into his-scheme before you decide to risk yours. Don't take his word for it— make him prove it. Branch Office DISTRICT WESTERN MARYLAND R. R. SHOWS LOSS IN INCOME Special Dispatch to The Star. BALTIMORE, August 30.—Estimated earnings of the Western Maryland Railway for the week ended August 21 were $302,416, compared with $468,- 722 for the same week last year; a decrease of $166,305, according to a report issued today. For the three weeks ended August 21 the estimated earnings were $374.- 179, compared with $1,406,168 for same period in 1923, a decrase of $431,986. For the current fiscal year ended August 21 the estimated earnings were $12,035,965, compared with $15,- 149,209 last year, a decrease of $3,113,243. FINANCIAL Trust Notes We have clients with funds to urchase 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 ISHANNON & LUCHS 713 and 715 14th Street N.W. Main 2345, FOR SALE FIRST MORTGAGE NOTES Consult Us If you bave funds for investments THOS. E. JARRELL Member Washington Kcal Estate Board, ‘Woodward Bldg. Main 766-3370. FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13000.000 Very Desirable Offices —in our bank building, fac- ing New York Avenue, now available. Reasonable rent. Apply main floor. CITIZENS’ SAVINGS BANK 1336 New York Avenue First Mortgage Notes You Can Be Assured and con- First.—A very careful has been servative appraisal made. Second.—The loan we recommend 1s less than 50% of the market price. Third—After you have purchased one of our notes you get a service that assues you inter- est the day due. Notes on band in amounts of k3 up. Chas. D. Sager 924 14th St. NW. Mam § Loan Department Money Available for First Deed of Trust Loans 637 Interest Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. - Prompt Action First Mortgage Loans Lowest Bates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 _15¢h_Street EQUITABLE Co-Operative Building Association Organized 1879 44th YEAR COMPLETED Anzets . $4,755,170.53 Surplus $1,248,320.98, It’s Easy to Save Through Our Systematic Plan. nd you will eventually be financially strong. Let us tell you more. ubscription for the 87th Issue of Stock Being Recelved Y Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President FRANKE P. REESIDE, Sec’y. We offer a limited number of Trust Mortgage Notes secured on high-ciass north- . west property close to Six- teenth Street. These notes, in_de- nominations of $250, $500 and $1,000 bear 7% interest per anoum. 1t you are seeking a sound conservative investment for your surplus funds, yielding an unusually good return, investigate this offering. Moore & Hill Inc. 730 17th St. N.W. (Member Washington Real Estate Board) greater service greater business We are grateful to the public for recognizing and appreciating that the ele- ments of “safety” and “service” have been the foundation of our Mort- gage Investments, and have acoordingly rewarded us with “greater” and ever-in- creasing patronage. We would like to explain our service policy to you and show how your money can be absolutely safeguarded and still earn 6% %. NATIONAL BANK Conn. Ave. and K Street No Parking Restrictions “Park Your Car at the Door” Main 2345 WE FINANCE Apartment Houses Business Property Rexldence Property Hotels, Etec. Higbie & Richardson, Inc. 816 15th St. N.W. 1315 F ST Jowm PooLE . Perweerr Money to Loa;) Becured by first deed of trust on resl estate Prevailing interest and_commission Joseph 1. Weller s L ot 612 First Mortgage Notes Secured by Improved Real Estate Every mortgage we sell is guaranteed—both pri terest—and provides these five investment fundamentals: of Prin ipal and in- Security al All the Time—Attractive Normal Income—Prompt Consecutive Interest Payments—Full Ret f Princi| Vi Due—Freedom From All Care and Ma :g‘::e:t FeeesliWee Our written guarantee of fulfill: t of is backed by over $1,500,000 res';urc:,en of all these fundamentals Real Estate Mortgage & Guaranty Corp. (Resources Over Ome and a Half Million Dollars) L. E. BREUNINGER, President. 26 Jackson Place MONEY TO LOAN ON FIRST MORTGAGES AT GCURRENT RATES OF INTEREST Rondll H Hogner ¥ %, 7207 %muém/’ Aenue When You Come Home From Vacation HEN you went away you prob- ably were in too big a hurry to check up your idle funds, and invest them. But now that you have returned, do you not think it wise to attend to these affairs at once? Those who have purchased our First Mortgages at 6Y:%—and more—go away and come home with the assur- ance that their investments are being safely guarded, and with the satisfac- tion that their interest checks will reach them in the mail the day they are due, without fail. This is real comfort in investment. and we suggest you consult us soon, if vou have funds to invest, so that you may profit by the present high rate of interest. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 55 Years Without Loss To An Investor Capital and Surplus $2,000,000.00 Thrift Won’t Be Downed { Make systematic addi- tions to your nest egg as PAYDAY comes along, and your hold on success will be but a matter of time. Persistency pays sure profits where thrift involved. {We're serving over 42,000 individuals, and have room for YOU and many others in our growing family of depositors. Open Until 5:30 P. M. Sept. 2 WILLIAM D. HOOVER WOODBURY BLAIR. FRANK W. STONE. FRANK STETSON E. PERCIVAL WILSON R. ULLMER. BRUCE BAIRD DAVID BORNET Rate of Interest Paid on Large and Small Accounts F Woodbury Blair James A. Buchanan ‘William A. H. Church Walter C. Clephane H. Roaler Dulany, Jr. Wm. E. Edmondston Franklin H. Ellis Frederick A. Fenning H. Prescott Gatley Safe Deposit Boxes at Nominal Rentals OFFICERS: President ..First Vice President Second Vice President Trust Officer Treasurer ......Secretary ..Asst. Sec. & Asst. Tr. -.Asst, Trust Officer Asst. Trust Officer DIRECTORS: Willlam D. Hoover Reginald S. Huidekope Victor Kauffmann Charles Minshall Edmund D. Rheem Frank Stetson Frank W. Stone William H. Walker Henry K. Willard National Savings&Trust Co. Oldest Savings Depository in Washington Cor. 15th and New York Ave.