Evening Star Newspaper, September 9, 1924, Page 23

FINANCIAL. OUTLOOK IS BRIGHT FOR DAIRY PROFITS Farmers Facing Good Times for Long Period—Cost of Production Lower. BY J. C. ROYLE. Epecial Dispateh to The Star. NEW YORK, September 9.—The only real worry in the minds of the dairy men of the country today is the birth rate. And none of them are exhibiting any new wrinkles over that. The reason of their freedom from worry is that they have finally grasped the truth that high and low costs of production are equally as 4 important as the high or low prices paid for their products. There is going to be plenty of milk. At the same time prices for dairy products can be expected to continue on a profitable basis for some years to come, provided expansion of the industry does not proceed more rapidly_than the growth of popula- tion. Gains in production, according to a survey by the Blue Valley Creamery Institute, probably will not be so extensive as in the period since 1920. But higher cost of forage may cut the margin of profits in the next year. Milk Output Increases. The low cost of feed and efforts to diversify agriculture in the grain- producing States resulted in a heavy increase in the last three vears. 1In 1923 gross milk production in this country showed an increase of 21 per cent over that of 1920 and the per capita production, allowing for incre in population, was 15 per cent higher. Last year the milk pro- duced was sufficient to furnish 52 gallons of milk, 17 pounds of butter, 3.9 pounds of cheese, 13.25 pounds of condensed and evaporated milk and 2.66 gallons of ice cream for every individual inhabitant. The 1 production, unless all predictions go awry, will be even larger. Even so thé dairy products turned out will not be quite sufficient for the American consumers. Last year America imported milk products. Next year this condition may be re- placed by an export balance. A sur- vey by the Department of Agricul- ture shows that in the middle of this Year there were 24.6 per cent as many one and two-vear-old heiffers on dairy farms in this country as there were dairy cows in milk. This is more than a replacement percent- age and as these heifers come into production, they will tend to increase milk production. Butter and Cheese Down. On the other side of the picture, wholesale prices of butter are 6 cents a pound lower than they were a Year ago and cheese is nearly 5 cents a pound cheaper. The country-wide average of prices paid to producers for fluid milk is about 6 per cent under that of September, 1 At the same time, corn prices are 38 per cent higher than last year, oats are up 30 per cent and bran 18 per cent. These facts may tend to check the advent of new producers into the daily field, especially since the in- crease in output has been due not so much to more cows but to lower pro- duction per cow due to liberal feed- ing and better care. But the number of milk cows added to dairy herds has not been much greater than the long-time average rate of increase. Lower prices will result in closer culling of herds to eliminate cows which might produce profitably at higher level of prices but which would show a loss at present cost of feeds. Enormous Butter Stocks. Production is still large, however, and this has resulted in the accom- modation of enormous stocks of butter, cheese and condensed milk in sforage. The important thing is that these products held in reserve were pro- duced at low cost as a result of good pasturage so that net returns to dairy- men even at present prices are as large as they would have been at higher prices and present feed costs. Therefore the public faces the probability of securing dairy products at reasonable prices which still will vield satisfactory margins of profit to _the producers. The immediate outlook for prices is dominated by seasonal conditions. The seasonal decrease is coming, but cocl weather and ample rains have helped keep milk flow going in the Middle West. Dry weather in some of the fluid milk districts of the East and Far West are offsetting this to some extent. If weather conditions continue favorable it is probable the usual Autumn advance in dairy prod- ucts will not appear as early as usual and i likely to be less abrupt than r. Watch Marketing Plan. Dairymen are watching closely the progress of the Grain Marketing Com- pany, formed by merging five large er: marketing concerns. If this proj; successful, there is every probability that a similar corpora- tion will take over the marketing of dairy products by absorption of ex- isting marketing agencies which eventually will come under producer control. Sponsors of this plan are now engaged in ironing out problems of territorial distribution. BEET SUGAR HARVEST IS SOON TO BEGIN Special Dispateh 1o The Star. DENVER, September 9.—The sugar beet harvest in Colorado will start September 15 with prospects for the largest crop in the history of the State. The 18 factories of the Great Western Sugar Co., .will commence slicing about September 30. Approx- imately 8,000 persons will be em- ployed in and about the factories during the season in addition to the thousand who will find work in the fields. It is anticipated that initial pay- ments_on beets will be somewhere near $15,000,000 and that additional sums to be paid later as the sugar is sold, will raise this total to $30,000,- 000." An effort will be made to pro- long the harvest to late November, weather permitting, as a slower rate of harvesting will reduce the loss of sugar in beets piled to await slicing in the factories. WALL STREET BRIEFS. Erie Earnings Off—Atchison Out- look Bright. EW YORK, September 9.—Net in- come of the Erie Railroad, excluding the Chicago and Erie, for the quarter ended June 30, was $855,832, after taxes and charges against $4,781,405 in the second quarter of 1923. W. B. Storey, president of the Atch- ison, Topeka and Santa Fe, considers the outlook good for the road the rest of the year. August traffic was heavy, he said, and he expected earn- ings for the month to show up corre- spondingly well. Nothing was being done actively in regard to railroad consolidation while awaiting action by the Interstate Commerce Commis- sion, he asserted. Received by Private Wire BY WILLIAM F. HEFFERNAN., NEW YOR! September 9.—Today’s upturn in the curb market, which was most pronounced at the outset, was attributed to the change in specula- tive sentiment brought about by the outcome of the Maine election Mon- day. Traders who had been active on the short side hurried to cover in their contracts today. But after the de- mand from this source had been sup- plied, prices slipped back from the early highs. ‘The oils went higher on buying believed to be for long account. In some quarters the feeling prevailed that the oils would Ge favored in any remewed upward movement. It was reported today that an inde- pendent purchasing agency at Oil Direct to The Star Office City, Pa., was offering a premium of 25 _cents a barrel.on all crude. Prairie Oil and Gas gained mose than_a point when it sold at 214. Standard of Indiana moved up more than a half point and Penn Mexico Fuel Buckeye Pipe Line and Im- perial of Canada were taken at ad- vancing prices. Reo Motor made fair response to declaration of an extra dividend of 3% per cent in addition to the regu- lar quarterly 1%. At 17% the stock was a point higher on'the day. Gen- eral Motors new did better, crossing 59, but improvement was limited. Another outstanding feature was an advance of 2% points in Grand Stores” following publication of in- ———————— NEW YORK, September 9.—Fol- lowing is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in BONDS. thousands. igh. 7 Allied Packers 6s.. 1% 11 Allied Packers Ss.. 8o 3 Alum 75 new 63 Am 5 Am 1Am 7 Am 7 Am 5 Am 1103 : N Power Oil Power 65 . Thread Co 2 Anglo_Am_Oil 9B & O Ry & Reaverboard 8x Beth Steel 7s Detroft City Gax Dunlop Tr & Rb Ts & bed Metals 75 Fisher Body 6s '28. 01y 10i% nd Trunk 6143 08 ° 108 If_Oil Corp 07% 97% )‘ ch_6lgx. 07l 9T% 6 Kan City Term 5ix 0135 101% 16 Kennecott Copper Ts IM\ 106% 106% 1 Lehigh Power 6x.... 100% 1007 1007 Lehigh Val 1 R: 1 1 Mo Pacific Ry 1 g 7 2 31 8 1 Pure 0il 2 Shawsheen Tx.:..... 3 Skelly 01l 63 Wil e £ 2§ 3 @ Tn Ol Gs B Tn 0il Prod_Ss Yacuum Oil 78 ; Webster Mills 6i4s. 1015 FOREIGN BONDS. Gt Con EI Pow 7s A 1% Ind Bk Finland 7a.. 98 Ind Bank Japan s Kgm Neth'nds Bs 30 Lw Aus Elec I’ 6 48 Kums® Gort 6%y 4 15 Russ Gov 6%s S 7 Swiss Gov 5 1005 1003 Sales STANDARD OIL ISSUES. in_units. 100 Atlantic Lobos . 190 Buckese ¥ L 10 T 40 ¢ PErS 14 43 33 7 1100 Humbie Ol & 70 Ilinois P I, 210 Imp Oil of Can Inter'l Pet Co Lt N Y Transit Northern P L Ohio Of . Prairie 0il & G l‘enn Mex Fuel airie P L INDEPENDENT OIL STOCKS. undreds. = "Gy syn 1 Cit Serv pfd . 2 Cit Serv pfd B . 1,000 Cit Serv scrip 90 Creote Synd 1 Gulf Oil of Pa Washington Stock Exchange SALES. City & Suburban 5s—$1,000 at 82. Potoma Electric 1st 55—$1,000 at 99, $1.000 10 at 91% 5 at 91%, at 91%. 10 a¢ 817, 40 20 at 91%. National AFTER CALL. Washington Rwy. & Elec. §. & r. 6s 1933— $2,000 at 99. v ital Traction Co.—10 at 91%. P hibinston Rwy. & Elec. 45—3$5,000 at 75. Potomac Electric Cons. 55—S1.000 at 9} Washington Gas 6s '33—$2,000 at 101 As of yesterday Riggs National Bank—35 at 298, Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Asked. & Telga. 4s. 9! A n Tel. merica & Zelga. 4 American Tel. & . Telephone 5. " & P! Telephone of Capital Traction R. R. Ss. Potomac Electrlc Cons. lec. deb. 6s.. ash v Wi :r: Alex & Mt. ‘Ver. ctfs. Wash., Balt. & Annap. 5s. Washington Wash. Rwy. & Elec. Wash, Rwy. & Elec. MISCELLA! D. C. Paper Mfg. fs.. Riges Realty 58 (long). Riggs Realty 5s (short). cuthern RId 014 Semne T Gt Sorass 22 Wardman Park Hotel 6 D106 i00% PUBLIC UTILITY. American Tel. & Telga. 5 Capltal Traction Washington folk & Wi Yerminal "Taxi com NATIONAL BAN Capital. National Columbia Commerc! District Farmers Federal-American Liberty Lincoln National Riggs Second National Bank of Washington. TRUST COMPAN American Security & Trus Continental Trust. Merchants’ Tank tional Savings & Trust. jon Trast. . Loan & Tru SAVINGS BANK. Commerce & Savings.. Melmf-omlu 310 i69 100 w East Washingtor - 28 [ Security Savings & Com. 1 280 Seventh Street. . 180 United States. 320 Washington Mechanic 31 FIRE INSURANCE. American . 200 Corcoran Lip Firemen's % ational Union. 9% TITLE wsunA\c: The financial district is expecting directors of the Pacific Coast Co. to resume dividends on the first pre- ferred shares at their meeting today. The last dividend on the first pre-| ferred was paid August 1, 1921, Columbia Title. 0% Real Estate Title. 107 | Merchants’ Transfer & Storag =, Mergenthaler Linotype. Natl, Mtge. & Tav. pfd. ,;2 0l Duteh Market com. 1 0ld Duteh Market pfc 3 Lanston Monotype. 791 Security Storage. s Washington Marl 53 Yellow Cal *bx dividend. 434s December 1. %% creased sales for the month of Augyst. 28 Lago Pet 4% A% 150 Latin Amer Oi... .04 .03 10 Livingston Pet 11 14 Nount Trod {184 2 Mount Guif. % 82 Mutual Ol Yot K% 10% New Bradford Oil.. 4% 4% New Eng Fuel Ol 2 New Mex Lan 515 Noble Ol & Gax. .01 Penn Beaver OIl... (30 25 Pennock Oil 6 16 Pierce Pet. 7. 6 Red Dank i 4y 2 Rowal Can 0 & e e 5 Sait Creek Prod.... 23% 23 3 2 Turman Ol........ 2= 2 2 8 Union O o Do 182 12 1 Wilcox 0il & in 4w an 3 Woodley Pet. 10% 10% 10% INDUSTRIA Adirondack Power. ax & KL pd 43 Ei new ity 1Am 1 & Tract 1 13 Am Pow new wi 1Am Power & 4 Am Stores new 2 Am Fgn Power wi 1 Appaiac Pow & Lt 18 Atlantic Fruit . 8 Rurr Add Mac r Light Centrifug_1r 1 Checker Cab M 1 Chie Nip A p B Trust Power Corp.. 107 i1 Bind & Shre PR 100 Fed Metal ... & W Grd 5102 Film Inspetn Mi Ford Motor Co 1 Hail Switch ptd. . 5 Hazeltine Corp. 7 Heyden Chem. 11 Jones Rad 3 Keyatone Hoietier . 93 Leh Val 1 McCrory ' Tea ¢ 1N Y Tel 8o pta 1% Nickel TI new wi 10 Nick Pl nw pf wi Om Co vt tr of wi Pite Wext Ca rt wi 8 Pite Term wi ... 11 Pitt Term pfd wi 2 Pre Brosh wi 18 Radio Corp 4 Radio Corp b 2 Radio Corp new 8 Reo Mot . 46 Kova Ra Crp tr cfs lu 1 Singer Mfg ... B vt te via eriex pfd Ward Raking 3 Ware Radio Cory 4 Western Powe Arizona Globe Cop Minex. Blk 02k G X Copper... Mines. Bl Butte . 8 Eng Gld Ma 1td_ind 20 Flor Goldeld Min oldfield Cons ... oldfeld Dp Mines Hardshell ~ Min. 10 Hawth Mines Inc. 190 Independ Lead.... 60 Jib_ Cons.. = 91 Kay copper Corp.. Ohio_ Copper Parmac Por Mns Itd Plymouth Lead M. Reorgan Div Annex Reor Kewanas Min. | Rocky Mt 8 & K. Rocky Mt S & R pt 40 Silverdale . 10 Tonopah Divid 5 Tonopah Extens . 16 Tono Jim Butler 16 Tonopah Min 24 Trinity Cop .. 1 United Verde Ext. 10 U_S Continental 19 Wenden Copper 1 West End Consol.. . 100 West End Ext . 2 20 White Caps — PRINT CLOTH LOWER. NEW YORK, September 9(Special). —The decline in raw cotton following Monday's Government crop report was felt slightly in the cotton goods markets today, prices easing off frac- tionally. Print cloths were off % cent at 8% for 64 by 60s and 9% for 68 by 72s. Arrivals on the West coast of the biggest shipment of raw silk ever received by one vessel helped send raw silk prices down here. All Japanese grades were oft 10 cents a pound in a quiet market. NEW YORK EGG PRICES. NEW YORK, September 9. —Eggs— Irregular; receipts, 25,763 cases; nearby hennery whites, closely se- lected extra, 57a60; nearby and near- by Western hennery whites, firsts to average extra, 43a56; nearby hen- nery browns, extras, 45a52; Pacific Coast whites, extra, 52%a53; do.. firsts to extra firsts, 42a52. . S TREASURY CERTIFICATES. (Reported by Redmond & Co.) -Noon. — — Maturity— Bid. Offer. 435 December 15, 1924... 100% 1001932 43 March'15, 1925 * 100 23.32 101 27-32 4%s March 15, 1 J101% 101 s June 15, 19 1101316 1017-16 43%s December 1: <oty ooy 4%s March 15, 1 . 102316 102516 4%s September 15 MBS o 101916 101 1116 102 1932 102 2332 1029-16 102 11.16 1003-32 100 3-18 P FOREIGN EXCHANGE. (Quotations furnished by W. B, Hibbs & Co.) December 1 Nominal Selling checks gold value. today. London. pound ¥aoes 4433, Montreal, dollar . 100 Paris, frane ‘o527 Rrussel 0494 Rerlin, 12385 tril'n Rome,’ lira 0436 Zurich, 1 (s Athens, dract 0180 Madrid, peseta. 511 Vienma, crown. 00001414 Budapest, crown “0001314 Prague, crown.. ‘0299 Warsaw, mark 100001925 Copenhagen, crown ‘1605 Christiania,” crown. 350 Stockholm,” crown. 12660 By the Associated Pre NEW YORK, September 3.—Foreign exchange firm. Quotations in United States dollars. Great Britain, demand, 4.445%; cables, 4.44%: 60-day bills on banks, 4.41%. France, demand, .0527%; cables, .0528. Italy, demand, .043715; cables, .0438. Belgium, demand, .0498%; -cables, .0499. Germany, de- Holland, de- 1374, Denmark, de* mand per trillion, .23%. mand, .3819. Norway, demand, Sweden, demand, .2658. mand, .1699. Switzerland, demand, .1876. Spain, demand, .1314. Greece, demand, .0179. Poland, demand, .0019%. Czechoslovakia, demand, .0299% Austria, demand, .000014%. Roumania, demand, .0062% ; Argentina, demand, .3425. Bl‘l!llfl demand, .0978. Tokio, demand, .41%. lolu’ul, .99.31-32, S /THE -EVENING:-STAR; - WASHINGTON NEW YORK CURB MARKET {far this year of $49,000,000, provid- $8,000,000 Silk Shipment Being Rushed to East Bpecial Dispatch to The Star. SEATTLE, September 9.—Eighty- five hundred bales of Oriental raw silk brought from Japan on the steamer President Jefferson, are now on the way to New York in three special trains. Steamship officials say ‘this is the largest single cargo of silk ever brought to an American port. It is valued at more than $8,000,000. PEACHES STRONGER IN MARKET TODAY Sweet Potato and Tomato Prices Lower—Apples Hold Steady. The daily market report of fruits and vegetables, compiled by the Mar- ket News Service Bureau of Agricul- tural Economics, said today: Applies — Supplies moderate; de- mand moderate; market steady. Vir- ginia, bushel baskets, various vari- eties, 1.25a1.75; Grimes fancy, 2.00 ntaloupes — Supplies moderate. Colorado salmon tints standards 36s and 45s, 3.75a4.00; flats 125 and 15s, 1.30a1.40; flats 125 and 15s pink meats, e -25; jumbo flats pink meats, Peach Market Stronger. Peaches—Supplies liberal; demand good for good stock; market slightly stronger. Virginia and Maryland 6s, Elbertas, medium to large size, fair quality, 2.50. Maryland 6s, Hales and medium to large size, fine quality and condition, ; bushel baskets Elbertas, 2.00a2.75; half bushel baskets ordinary quality, 65a75; bushel baskets Elbertas, large size, Elbert: New Jers: fancy, 2.7 Potatoes—Supplies liberal; demand moderate; market firm. New Jersey, 150-pound sacks Irish Cobblers, U. S. No. 1, 2.65a2 per sack; Giants, S. No. 1, 2.35a2.40 per sack. Dock sales—Eastern Shore, Virginia, cloth- top stave barrels Irish Cobblers, U.S. No. 1, 2.40a2.50. Sweet Potatoes Dull. Swect potatoes—Supplies moderate; demand moderate; markt.dull. East- ern Shore. Virginia, cloth-top stave barrels Yellow varieties No. 1, 5.50a 6.00. Dock sales—Eastern Shore, Vir- ginia, cloth-top stave barrels Irish Cobblers, U. No. 1, mostly 5.00. Onions—Supplies moderate, demand moderate, market fairly steady; New York and Ohios, 100-1b. sacks yellow | varieties, No. 1, 2.7 Lettuce—Supplies liberal, demand moderate, market steady; New York, crates big Boston type, 1.75a2.00. Tomatoes Are Cheaper. Tomatoes — Homegrown liberal, demand moderate, slightly weaker; homegrown, half- | bushel hampers, No. 1, 60a90. Cucumbers—Supplies moderate; de- mand slow, market dull. New York | bushel baskets, dills, 1.00a1.50 Celery—Supplies ' light; _demand light, market steady. New York 2-3 crates Golden Self, blanching in the rough, best, 2.50a3.00. ADDS TO HOUSING LOANS. 1 Dispateh to The Star. | v YORK. September 9.—An in- | crease of $15,000,000 over 1923 is the | housing loan record of the Pruden- tial Insurance Co. for 1924. This company reports housing loans so supplies market Spe ing accomodations for 15,688 families. as against $34,000,000, for 11,340 fam- ilies in 192 The loans were made in the United States and Canada and form part of The Prudential's plan to reduce the housing shortage, which is still acute in many places. POTATO TRADING GOOD. CHICAGO, September 9.—Potatoes —Trading good, market steady; re- ceipts, 114 cars; total United States shipments, 655; Minnesota sacked early Ohios, 1.15a1.25; few, 1.30; bulk, 20; Minnesota sacked round whites, Nebraska sacked Irish Cobblers, 1.60a1.65; New Jersey sacked Irish Cobblers, 2.00; Kansas and Missouri sacked Irish Cobblers, 1.35a1.50. -— PARIS MARKET HEAVY. PARIS, September 9.—Prices were heavy on the Bourse today. Three per cent rentes, 53 francs 95 cen- times. Exchange on London, 84 francs 90 centimes. Five per cent loan, 66 francs 95 centimes. The dol- lar was quoted at 19 francs 15 cen- times. .D. C, TUESDAY, SEPTEMBER '9, 1924 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY WILLIMANTIC, Conn., September 9.—The American Thread Co.’s plant here has been put on a five-day-a- week schedule. It has been working on a four-day basis. MILLVILLE, N. J., September 9.— Indicatlons point to an early resump- tion of work at the glass factories here. Most of the manufacturers are preparing to start up September 15. KANSAS CITY, September 9.—The last month has been the best in more than five years in this territory so far as tire sales are concerned, ac- cording to Jack T. Naulty, sales rep- resentative of the United States Rub- ber Co. Total sales in dollars exceed those of last year, although prices now are lower. MOGADORE, Ohio, September 9.— The new plant of the India Tire & Rubber Co. here will increase the out- put of the concern from 900 to 1,500 tires dally. The company Is two months behind orders. The larger part of the increase will be in truck tires. PHILADELPHIA, September 9.— Shoes have sold well &0 far this month and slippers have been actively bought for late Fall delivery to sup- ply the holiday demand. Higher prices for hides have laid the founda- tion for an upward movement in leathers and shoes. Canvas tennis shoes of 1925 have been cut 10 to 15 per cent in price CLEVELAND, September 9.—Ship- ments of iron ore to Erie ports so far this year have totaled 28,796,709 tons, or 8095827 tons below those for the corresponding period of last year. PITTSBURGH, September 9.—The McKeesport Tin Plate Company has placed 10 additional hot mills in operation. There are 32 mills now running, leaving only 12 idle. CONNELLSVILLE, Pa., September 9.—The Marion Coke Works, near Cheat Haven, have been fired, giving employment to many men who had been out of work for several months. Sixty ovens were put into operation and the schedule will be six days a week. SAN FRANCISCO, September 9.— The Alaska salmon pack this season will be 35 to 40 per cent under that of last year with no holdover supplies on hand, according to the California Packers’ Association. As a result, higher prices are anticipated, es. pecially in view of increased Euro- pean demand. A Word to Speculators. ! 1f you must speculate select a reputable broker who holds member- | ship i1n a recognized stock exchange Exchange requirements, in them- selv are some protection, as its| 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. Wanted Second STOP YOUR INCOME LEAKS! You ought not to be satisfied with a return of only 3 to 5% on your bonds and de- posit certificates WHEN you can ob- tain a 6%4% yield by investing your funds in our FIRST MORT- GAGE NOTES. They are absolutely safeguarded, because secured upon IM- PROVED real estate in the District valued conservatively at twice the amount of the first mortgage. Send for descriptive booklet. 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 Money Available for First Deed of Trust Loans 617 Interest Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. 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 HANNON 713 and 715 14th Street N.W. Main 2345, EQUITABLE Co-Operative Building Association Organized 1579 44th YEAR COMPLETED Ansets ... -$4,755,170.52 Surplus -$1,248,320.98 Save While You Have the Opportunity —Join the Equitable and save as you earn. 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 FRANK P. REESIDE, Sec'y MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES-OF INTEREST Rt S Hogner % % 1207 Connesticut Avenus Capital & Surplus, $2,000,000.00 Advancing Years —often necessitate a respite from_ business cares and worries. In such circum- stances, a Voluntary Trust gives freedom from bu: ness activities without sacri- fice of direct control of your affairs. f Discussion of this matter will place you under no obligation to us. See our Trust Officer at your convenience. Natlonal Savmgs & Trust Co. Oldest Savings Depository in Washington Cor. 15th and New York Ave. Safety Combined With Liberal Yield Cities Service Preferred Stock has unusual safety features, and is now selling at a price to yield an income of 8%. Each share (par value, $100) has behind it $250 in assets. Dividend require- ments are being earned three times over. The 125 subsidiary com- panies of Cities Service Com- pany sell necessities, such as electricity, gas and oil prod- ucts. The company has total assets of more than $491,000,000. | and Company Wilkins Bailding, v Telephone | Washington, D. C. Main 6189 Thomas W. Brahany & Co., Wilkins Bldg., Washington, D. C. | Please wend me full informa- tion ut Citles Service Pre- | ferred Stock. | Address cooeaaane.no..o | | | Thomas W. Brahany | | | | i | | | | | i | SMITH BUILDING First Mortgage Notes First.—A very careful and con- Second.—The loan we recommend Third—After you have purchased Notes o hand in amounts of 924 14th St. NW. NATIONAL BANK RESOURCES $13000.000 1315 F ST " POOLE Pueswen When Buying Our 7% 8 Yeu Cam Be Assured servative appraisal has been made. is less than 50% of the market price. one of our notes you get a service that assues you inter- est the day due. $100 up. Chas. D. Sager Loan Department Metropolitan Housing Loans On homes in the DISTRICT OF €OLUMBIA and INANCTAE. FEDERAL-AMERICAN Czechoslovak Sinking Gold Fund Principal and interest payable in New York The National City Company Washington—741 15th St. N.W. Money to Loan Secrired by first deed of trnst on real Prevailiog interest and_commissi ]mph L Wellet Republic o Secured External Loan of 1922 Series “B,” due 1 Price at market yielding about 8% Circular on request suburbs in MARYLAND and VIRGINIA. These loans are particularly advantageous to the borrower, because money may be secured for fifteen years, eliminating ex- tensions or new loans at the end of short periods. Write or call for booklet. Business Properties Unlimited funds for loans on centrally located office buildings, hotels and retail stores. Apartment Houses These loans may be made for periods of 10 or 15 years— Low Interest Rates Weaver Bros., Realtors 735 15th St. N.W. Main 1821 SAFETY BY INVESTING IN OUR FIRST MORTGAGES - Your interest checks are mailed to months. No Detail No Worry Quarter of a Centiry Without a Loss. B. F. Main 2100 If you have funds to in- vest, write or see us. SAUL CO. you every Delay No Ri 1412 Eye St. N.W. 6%:% wa 7% OU can get these rates of interest with absolute safety on our First Mortgage Coupon Bonds, strongly secured by improved, income-producing property. Why take less for your money? ‘Founded 1873 Back of our Safeguarded First Mortgage investments, moreover, is the F. H. Smith Company’s record of no loss to any investor in 51 years. You may invest outright or purchase these bonds under our Investment Savings Plan in denominations of $100, $500 and $1,000, knowing that the strong, standardized safeguards of our bonds are an assurance of safety. Current offerings, paying 624% and 7%, are available in maturities from 2 years to 15 years. phone Main 6464 today for descriptive circulars. Call, write or tele- NO LOSS TO ANY INVESTOR IN 51 YEARS The F. H. Smith Company 815 FIFTEENTH ST.