Evening Star Newspaper, October 18, 1924, Page 24

FINANCIAL. PRICES HOLD FIRM AT GENTER MARKET Pork Higher During Week. Eggs and Poultry in Strong Demand. Buying has been active this week and it is expected that a further im- provement will follow the November election. Dealers already are making preparations for the Thanksgiving holiday trade. Celery and cran- berries, turkey accompaniments for the Thanksgiving dnmer, are ex- pected to be plentiful and fairly reasonable. Pork products experienced increased prices this week, but most other com- modities continued at prices reported the first of the week. The egg mar- ket continued steady with practically no change in prices and the poultry market continued firm, the market closing stroni. There is no scarcity of vegetables Continued dry weather has had its effects upon growing products in nearby trucking sections, but grow- ers are able to furnish supplies equ to the demand at prices that are re- garded by dealers as being re sonable. Fruit and Vegetable Review. Today's daily market report on| fruits and vegetables (compiled by the Market News Se ce, Bureau ot Agricultural Econom H Appl Supplies light, market dull; land, Virginia and Wes 2% inches up, Grimes, best, fair quality, Oad A up.. Delicious, best, Washington, medium to extra fancy, Delicious, 4.25a4.50; Jona. thans, Winter Bananas and Spitzen burgs, 3.00 bushels, and Virg 1.25; some Cabbages—Supp! mand light, market York, bulk. per ton type, 20.00425.00, mostly ¥y low moderat steady; domestic 20.00. round Grapes Cheaper Today Grapes—Supy moderate; demand moderate, market slightly weaker; New York 2-quart Climax baskets, Delawares and Niagaras, Concords, 24a mostly 25; Michigan and New York, 12- quart Climax baskets Concords, 1.00a1.10 Onjons—Supplies moderate; demand light, market steady ew York, Ohio and Massachusetts, 100-pound sa Yellow varieties, U No. 1, large size, 2.1022.15; medium to small sizes 175 Pe upplies light; erat rket steady: Dbushel baskets, Bartletts Dbest, 3.00a3.25; some fair quality 2.50. Washington, boxes, ext Boses and Anjous. mostly 5.00. Potatoes—supplies liberal; good, market about ste: York, 150-pound s, Rou U. S, - per sack gan, U. s. No. demand mod- York, and Seckels ripe fancy demand d Whites, Michi- Rurals, 1 sac ! Sweet Potatoes Dull. Sweet potatoes—Supplies moderate; demand light, market duli; Maryland, cloth top stave barrels vellow varie- ties No. 1, 3.25a3.50; homegrown, un- covered barrels, Naney Halls No. 1, ., few 3.75: North Carolina, cloth top stave barrels, Porto Ricans No. 1, wide range quality, 2.00a3.00. | Lettuce—sSupplies moderate; demand moderate, market steady; New York, Big Boston type, best, 1.75; poorer, leafy, 75al.5 Celery — Supplies light, market dull; crates Golden Self Blanching rough, 2.25a2.30; full cra Hearts, bunched, mostly varieties, 4.0025.0 demand York, 2-3 in the Golden | other light; W 6.00; MOHAIR SALES HEAVY. UVALDE, Tex., October 18.—About 700,000 pounds of mohair sold here | and at Kerrville in the last few days brought an average of b r than 66 cents a pound. These sales completely disposed of the Texas Fall mohair pro- duction, estimated at a trifle above 3,000,000 pounds. The prices paid ranged from cents a pound for kid hair to 64 cents for grown hair, with the average about 70 cents for kid hair and 60 cents for grown. ‘WAGE INCREASE GRANTED. ., October 18 (Special).— The increase of cents awarded employes of the Boston Ele vated System recently by the State board of arbitration makes the basic wage 72% cents, as compared Wwith 63 cents for the surface lines of New York, 70 cents in Detroit, 681 cents in Philadelphia and 67 cents in Pitts- burgh and St. Louis. Only Chicago has a higher rate. The schedule is retroactive to July 1. BY WILLIAM F. HEFFERNAN. NEW YORK, October 18.—At no time durinz the week on the curb was the upward movement as pronounced as in today's ciosing session. It was evident that political developments were being taken more into account and that speculative sentiment had been favorably affected. Middle West Utilities, se'ling almost three points above Friday's final, was responding to publication of the report for the year ended June 30. This showed net income of $4,418,117 after all charges, and compared with a net of $2.742,706 in the year ended Decem- ber 30 last. Adirondack Power, East Penn Electric and other leading utili- ties were up a half point to two points. Trading started on a when-issued NEW YORK, October 18.—Follow- ing is an official list of bonds and stocks traded in on the New York “urb Market today: . Packers 5 Am Gas & 3 Am Tow & 1 Am Sumat_Tob 1 Am Roll Mills 6 Am 0il 110 10214 ugar Gs Grand Trunk 6 7 Gulf 0l Corp 6 Inter Match N Kan City Term 4 Kennecott Cop Lenixh Val R X iy MeN & L 2 Morris & Co Tls. 1 Nat Leather 8 New Or Tub Serv Nor States Pow 615 o benn Tow & Lt 5e.. Phila_El, 5 Pub Serv of N J 6% awsheen 7s.. ... lly Ol Co 614x wi 180N Y7 6 Swift & Co Tn Ei Unit 31 B 1015% 1007 o units. 400 Anglo A 10 Cumberland T L 10 Eurekn P L . 50 Tilinois P 0,000 120 Tmp 0il of Can . 400 Inter'] Pet Co Ltd @ Magnolia Pet ... 1 0il oin & 12015 104 1 201 “Gan )8 O Ke VS0 N Y 0§ 0 Ohbie ) Vacuum Oil ales ENDE nh 10 om0 Atk Nat Gas vod .. 1 Cit Serv Lago Pet i Mount Prod = 8 Mutual Oil vot of: 1 New Rradford ¢ New Mex Land © Penn Reaver Ol Pennock 01l 1% Red Bank Oil. 105 RIALS. W 44 3 Woodley Pet . INDUS 2 Am Gas & El new. 1Am I & Tract... 16 Am P & Lt new wi 4 Wat Wks El nw wi Bur Add Ma new pf 1 Common Pow Cor.. 4 Cuba Co 7 Cons G Rai new wi 10 Dubilier € & Radio 4 Du P e 4 b ¢ 2 oo Nolether. Power sec 40 315 \Caution Prevails in Business as National Election Approaches NEW. YORK CURB MARKET Received by Private Wire Direct to The Star Office | be square,” Trade VolumeHeavy—HighFarmPrices| Good Omen—German Loan Means Much to Export Revival. basis in the new American Water Works and Electric stocks of $20 par value, first sales taking place at 23%. Oil shares continued prominent, Prairle Oil and Gas advancing to 215 while special strength came into Ohio Oll and South Penn. South American issues were actively taken, especlally International Petroleum and Lago Petroleum. Radio issues were in demand at the highest prices of the week, notably Rova, Ware, Jones, Inter-Ocean and Dubilier. The better” demand at slightly in- creased prices for the copper metal had a stimulating effect upon this class of stock. National Tin at 14 doubled the price at which it was quoted yesterday morning. Rad'Co tF ot &'T new 1.0 Swift Tntt Swift & Co Tni Retall €2 MIN Canario Conper.. mondfend B B0 . e Croenun. - - Twtnorne Sin ié Hecla. Mine. b Cone Lot sty Synd Lid: . Nitional Tin Nipinsing Darm Pore’Sin Lid Flimouth Lead Min Premier Guid Min: " Tiin Florence. Ied Warrior - iverdale . o Am-Gold & T Peahead told S Continenta. Wenden Caper e His Best Trick. From the New York Herald. The famous ventriloquist, Arthur Prince, was once asked to give a specimen of his art at an open char- ity bazaar. So he took his stand be- neath a big chestnut tree and peer- ing up into the branches called out: “Young man, what are you doing up there?” “Nothin’, mister,” faltered a childish voice. I just climbed up here to see the show.” Mr. Prince was amazed, for, of course, he hadn’'t the slightest idea that any one was up the tree. But he was| equal to the occasion. He waited for the applause to cease and then said: “Will you behave yourself, sonny, if Ilet you stay up there? | h, yes sir,” said a frightened | voi More “loud applause. “Well, stay there, tight Yes, sir, [ will” Renewed applause. 10 then, but hold Then Mr. Prince turned and bowed | to the audience. It was the most suc- cessful exhibition of his career. Cost of Living. From the Los Angeles Times. The fancy prices charged for fruit in some of the Hollywood stores daze the out-of-town rancher. Some fine red apples displayed in a vegetable stand on Hollywood boule- vard caught the eye of a man from the apple-growing State of Washing- ton, and he thought he'd buy a couple. ‘Gimmie two of those,” he said to the clerk, hnldml. out a $5 bill. “How much are th The clerk thought he knew a hick when he saw one Two dollars apiece,” he said, quick- 1y, producing the dollar change. “Just keep the dollar, son, and we'll said the stranger. “I tried | a grape when you weren't looking." Except in the Movies. From the Country Gentleman. On the screen a husky at a lumhl’rl camp mess table had just pinched the new waitress on the check, and she had retorted by breaking a plate | over head. “Why mamma! penetrated _th theater. “That's the dinner tabl A child’s voice darkness of the no way to act at 17’ | new prices were STEEL TRADE HURT BYLULL IN ORDERS New Price System Not Yet Perfected—Independent Concerns Worried. BY J. C. ROYLE. Special Dispateli to The Star. NEW YORK, October 18.—The steel industry today Is in the position of an automobile stopped by a lowered grade-crossing gate. It is not moving forward, but the engine is running, and those in close touch with the si uation believe the bar to progress will be lifted shortly, There is every reason to believe that consumers in various sections have been holding back orders 10 days or two weeks to determine just how the abolition of the “Pittshurgh plus” basis of sales is going to affect them. It is felt, however, that these orders must_come into the market in the near future. Buyers of steel products in general have followed the policy of buying only for immediate shipment. A cessation of buying now must se- riously affect their stocks, for manu- tactured articles in which steel is used are moving into consumption at an unprecedented rate. Smaller Concerns Worried. Some of the Independent steel manufacturers who have plants only in the Pittsburgh territory feel that the abolition of the Pittsburgh plus basis of sales has mitigated against them and in favor of the leading in- terest which has plants in many sec- tions. They are making desperate efforts to hold Western customers. The Jones & Laughlin Steel Corpo- ration and the Pittsburgh Steel Co., for example, are meeting the new Chicago delivered prices on_wire products. This means th Pitts- burgh mills arc absorbing a freight differential of $3.80 a ton as com- pared with manufacturers with mills in the Chicago district. Many steel men believe this indicates the inde- pendents will build Western plants in the near future and hope to hold their old customers in the meantime Similar policy has prevailed in the cases of other mills in the Pittsburgh Wheeling and valley districts, but whether these makers will continf indefinitely to absorb the extra freight charges to meet the delivered prices in the West, is uncertain. Barge Boom Seen. It is evident t it will continue long enough, however, increase the use of river transporta- tion. With freight rates a dominant factor in steel selling, manufacturers in the Pennsylvania and West Vir- ginia districts will use barges more than ever before. The Ohio River is now navigable for such craft only about eight months of the year, but within a short time every dam and improvement necessary to make it an all-year-round route will have been started In the meantime Pittsburgh is taking full advantage of the natural advantages which that section pos- sesses to equalize the advantage of Western mills in the latter territory Chief of these are the extensive coking coal deposits in Pennsylvania and West Virginia and the cheap river transportation of such fuel from mine and oven to mill To illustrate how large a factor the latter is, the net cost of transporting a ton of coke from Pittsburgh to a plant on the lower Ohio River by privately owned barges is 15 cents a ton, which compares with a freight tarift of $1.50 a ton on the railroads between the same points. Big Order Helps Plant. Increased tonnage is expected at the Farrell and New Castle works of | the American Sheet and Tin Plate Company as a result of a recent order for 1,500 000 boxes of tin plate from the American Can Company. Tin plate will be rolled the remainder of the year for shipment to Western points and to Hawaii. The order will also benefit the Farrell works of the Carnegie Steel Company, which will roll the tin bar for the tin mill. The increase in employment in both | mines and steel mills in Pennsylvania has been more extensive than even in the Chicago district MORE GASOLINE CUTS. NEW YORK. October 18.—Fur- ther cut in gasoline prices which came to light yesterday were consid- ered nothing more than attempts to correct local situations where the amed. Within a 45- mile radius of Wall street it was ob- served that no one-price gasoline prevailed, as motorists were able to replenish their empty tanks at from 15 to 17 cents a gallon. By n— to materially | in the last few | 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.— l Query the Promoter. make him prove it. REPORT OF THE CONDITION e MOUNT VERNON SAVINGS BANK. At Washington, in the District of Columbia, at at the close of business on October 10, 1024, RESOURCES. 1. a Loans and discount ing rediscounts, acceptances. of other banks and foreign billy of exchange or drafts, sold with indorsement of this bank ... 2. Overdrafts, wecured, $1,488.18 unsecured, $167.89 . 8. goverument ‘owned: b All other United States Goy- ernment ecurities (includ- ing premiums, if any) .. 5. Other bonds, utock: ties, et Furnify Cash in from na . Amount i sccurities 9,871.25 475722.79 4847187 333,031.92 nd amount due o siate” b bankers and' trust companies e Crtted Htaten P ather than'Sacinded tn Toem 10y Exchanges for clearing house. Checks on other in the s e - e Sreier Das e T Total of eeins 10, 11 ¥ 13 . .$396,208.74 & Chocks“ani " draten S beaks “(incinaiag R CRmaE Bankr: tocated "ot SaRtar 555168 come of reporting bank..$2,712.51 b Mis laneous cash 14,015.78 | 49,241.14 (other wnd 2,866.00 . Other assets ................. 16,531.28 e $3,240,317.08 LIABILITIES . Capital stock paid in. . Surplus fund . Undivided profits & Reserved for inter- est a taxes Total $160.000.00 65,000.00 tingercies cLess current ex- penses, interest and taxes paid.... 3.1 Amount due to pational banks Amount due to state banks, bankers and trust companies in the United States and for- eign countries (other than 22 56687 iother than Ject to re. serve (deposits payable with- in 30 days): . Individual K posits subect to k . 1,258,644.01 loxs than 30 dass (other than for money borrowed) nds unpaid .. : Other demand _deposi Total of demand deposits (other than bank depositx) subject to reserve, items and 31 -.31.340, Time depoxits subject to re. serve (pavable after 30 days. or subject to 30 days or more notice, and postal Kavings) : Certificates of deposit (other than for money borrowed).. . Other time deposits ........ Total of time deposits knbject o reserve, items 32 and 24 2 $1.534.622.66 4. Liabilitie other than those above stated ............ 933.88 00 40,317.08 District of Columbis, Rington, ss I WILLIAM R R hier of the sbote-mamed bank, do wolemnly swear that the ove statement ix true to the best of my knowledge and belief. WILLTAM R. BAUM. Cashier. Subscribed and_ sworn to before me this 16th day of October. 1924, (Seal) - ALEXANDER R. VARELA, Notary Public. Harry W. Hahn, H. 8. Walcott, B. L Rioehart, E. C. Day.son. Hayden Johnson, A.J. Berres. B Zaotzinger, Total Correct—Attest: R, Golden Donaldson, Wm. H. Johoston, Charles P. Ford, GO, Bugninzet, Fred Hewitt, Wm. Muehleisen, | E v Ko, 0] H_Glenn Phelps, ik REPORT OF THE CONDITION of the SEVENTH STREE1 SAVINGS BANK. At Waghington, in the District of Columbi at the close of business on October 10, 192 RESOURCES. 1. aloais and discounts, includ- nge or draft sement of th ccured, $59.90; up- _secared. $10.83. ... S, government securities owred: b AIl other U. secarities ( miums. if any). Other bonds, stocks, ties, etc.... 3o 6. Banking house. $44.512.11; fur- nitnre and fxtores, $4.200.. 10. Cash in vault and smount due from national banks. 2 12. Fxchauges for clearing house.. 13. Checks on other banks in the same city or town as report- ing bank (other than item S. government pre. 5. securi- 127,144.18 48,712.11 85875 ) Total of items 10, 12 13 . $174,013.37 14. b Miscellaneous cash items.. Total ... LIABILITIES. 17. Capital stock Our 6%% GUARANTEED First Mortgage Notes Every one of these notes is safe- guarded by our system of rigid Investigation vixton—by the fact that these notes are purchased with our own funds for our nccount, making our inter- ent identical with yours. Written guarantee, backed by $1,500,000 remources ax to security of principal, income, prompt inter- ent payments, full return of prin- al and freedom from all care and wanagement. Real Estate Mortgage & Guaranty Corp. Resources Over $1,500,000 L. E. BREUNINGER, Pres. 26 Jackson Place Mo to Loan At 6 and 619, Interest Before Placing or Renewing Your t or 2nd Trust Consult WELCH, Realtor Loan Specialist -$30,300.39 15th and New York Av Second Trust Notes Bought Our clients are ready to pay cash for SECOND TRUSTS in any amount. The rates will please you if the security is sat- isfactory. MORTGAGE DEPARTMENT (SHANNON & TUCH) 713 and 715 14th Strees N.W. Frempt Actier First Mortgage Loans Lowest Rates of Thomas J. Fisher & Cofl-wny Inc (nterest and Commisston 738 15th Btrest WE MAKE LOANS On Improved D. C. Property Current Interest Rates Prompt Service N. L. SANSBURY (CO., INC. 1418 Eye St. N\W. Phone Main 5904 Established 1899 Real Estate Notes For Sale amounts from $250 up to $1,000 and more WELCH Realtor Loan Specialist 15th and N. Y. Ave. Main 4346 References: Any Bank. Trust (‘n or Title Co. in the District In Consult 3-100,000th of 17 —represents an exceed- ingly small fraction of loss out of an investment of more than ONE BIL- LION DOLLARS. But this was the per- centage of loss from First Mortgage Loans negotiated by Realtors as reportcd at their Na- tional Convention in m improved D. C. property at prevailing rates of interest. See Mr. Field Hedges & Middleton, Inc. REALTORS 1314 H St. N.W. Franklin 9563 perty Residence Property Hotels, Ete. & R 816 15th St. N.W. Money to Loan Secured by first deed of trust o Prevailing interest and commismion " Joseph I. Weller 33 Web. L. & Trust Inc. jolc———]a]c———]o]c———|n] Invest Your Money Without Risk irst trust loans secured on Washington Real Estate when placed by reputable firms, never exceed Fifty per cent of the actual value of the security. of safety therefor is atways a guarantee against any possiblle loss. We have notes on hand for immediate delivery pay- ing as high as 7% interest, secured by first mortgages on high class Northwest property. Will Be Glad to Furnish Particulars. MOORE & HILL, Inc. 730 17th St. N.W. The margin @ [! Member Waskington Real Estate Board SAUL BUILDING Office Space for Rent A Building that meets every requirement of the Jlscnmrnabng tenant. An ideal location for a Lawyer, Archstect or Builder. B. F. SAUL CO. 1412 Eye St. N.W. National Permanent Building Association 929 9th St. N.W. Assets, $3,043,693.58 Surplus, $200,000 Pays Five Per Cent Interest, Compounded Annually John Shughrue, President M. T. Dixon, Treasurer William Neuland, Vice President William Briggs, Secretary Directors Adolph Levy John G. Meinberg Henry T. Ries Harry V. Lansdale John B. George Menke Geier J. Leo Kolb Robert E. Buckley Harry M. Packard [ojc———lolc———|oo|c———[o]——— |0} Charter No. 10316, Reserve District No. 5. REPORT OF CONDITION OF THE Federal-American National Bank Washington, in the District of Columbia, at the close of business on October 10, 1324. RESOURCES. . a Loans and discounts, including rediscounts, acceptances of other banks and foreign bills of exchange or drafts sold with in b and c) > 2. Overdrafts, unsecured, $23.67 indorsement of this bank (except those shown . S. Government securities owned: a Deposited to secure circulation par value) ... (U. S. bonds $500.000.00 b All other United a(ntes Government securities (including premiums, . Other bonds, stocks, securities, etc........ 7,000.00; furniture and fixtures, $26,625.30 Real estate owned other than banking house. a5 Lawful reserve with Federal Reserve BanK............... Items with Federal Reserve Bank in proces: . Banking house, $457, 3e Tany). ..o 1.112,488.87 1,912,488, 1,147,356.51 483,625.30 475.502.00 808,878, 115,32 of collection.. 18, Surplus fund . 19, Undivided profi b Reserved for pi Washington last June. Even this infinitesimal risk is not involved when you purchase our First Mortgage Notes, as we have NEVER LOST A Cash in vault and_amount due from national banks. Amount due from State banks, bankers and trust companies in the United States (other than included in items 8, 9 and 10) 3 it . Exchanges for clearing house.... Checks on other banks in the same city or town as report- ing bank (other than item 12).. Total of items 9, 10, 11, 12 and 13. SINGLE DOLLAR FOR . a Checks and drafts on banks (including Fed- N ; eral Reserve Bank) located outside of city A CLIENT. Besides or town of reporting bank 5 this absolute safety, the 25 rate of interest is liberal Redemption fund with U. S. Treasurer and due from U. S. e o Treasurer ...... —6%:%. . Other assets . It doesn’t take large sums to participate in these su- perior investments. Don't experiment. Play safe. Consult Our MORTGAGE INVESTMENT DEPT. {SHANNON_ & LUCHS) 713 & 715 14th St. N.W. Main 2345 MONEY TO LOAN Improved Property ta D. O. and M4. m flflvfl—m FIVE aad TEN l.n.a Rates. BUILDING PROJECTS FINANCED. FRED T. NESBIT 563,228.70 All of That. From the London Punch. o Mistress—What kind of person was it who called, Mrs. Higgs? Cook—'E were a perfick gentleman, 'm; ‘e rose 'is 'at at me. what artificial. But as against nhis' suspicion is the fact that users of 18—With | Taw_cotton have been buying more freely and that idle spinning capa- city is on the decrease. The mer- cantile reviews report that the in- creased agricultural buying power |due to the rise in prices. has al- ready began to make itself felt in business _ conditions through the | West. The full effect will not be experienced, however, until the crops have all been paid for and the money is in farmers hands, Succexs of German Loan. The remarkable success of the German 7 per cent loan in all the markets has been the outstanding episode of the week. So much has been written about this transaction that the subject is well nigh ex-| hausted. days, or subject to 30 da. The remarkable part is that these or more notice, and postal foreign bond issues, present and pro- 2. Certitentes spective, are ceemingly making no im- || MONEY TO LOAN [ Citactis st timttonestes - pression upon the supply of funds| 34. Other time deposits. aveilable for investment. 1In the| We have First Trust funds to Total of time deposi week which witnessed the enormous ||| loan on D. C. property in amounts from $2,500 to $150,000. Quick action. to reserve, items 32 and subscription to the German 7 per THOS. E. JARRELL 34 oiieeilae... $845.999.18 cents the United States Treasury 4%s Realtor . Total . reached the highest at which they | 721 10th Street N.W. District of Colui have ever sold. Main 766 VERYMAN’S INVESTMENTS BY GE‘ORGE T. HUGHES. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, October the elections only a little more than two weeks off. this has been the ab- sorbing topic this week in both Wall street and in outside trade. During the early part of the weck the stock market was more or less depressed by talk of the choice of President be- ing put up to Congress. The speeches of the Secretary of State, whatever their animus, promoted misgivings along this line. In the last few days, however, the financial community has plucked courage and has been more inclined to express in terms of mar- ket operations the prevailing opinion that the election results will be satis- factory from the Wall street point of view. In buiness circles the disposition has been pretty much the same. The underlying feeling is hopeful, but nowhere are chances being taken. Purchases are being made for imme- diate requirements only. In certain branches of the steel industry new or- ders have been booked with the pro- that they can be canceled if de- sired after November 4. 84,864.07 226,724.51 cLess carrent ex- penses, interest and taxes paid. o 34,327.04 $1,024,472.86 — 24 Certified checks outstanding. Cashier’s checks outstanding.. Total of items 24 and .. $3,620 (other than subject ~ to payable Article. LIBERTIE: the Eighty-Fourth GETTING RID OF Tn an address to bankers at Cleveland not long ago a United States Treasury official pointed out what seemed to him to be the objections to advising Liberty bondhoider: to exchange their honds for other securities giving a higher vield. He put emphasis upon the unfortunate consequences of break- ing up the great mass of investors in Government securities so pains- takingly built up during the war. Now, as a ter of fact there are very few reputable investment bank- ors who suggest the sale of Liberty bonds to their ciients. . Almost fn- variably the initiative comes from the other side. It is the individual investor who insists upon a higher return than his Government bonds give him, and sometimes he can ad- vance good reasons why a larger in- come is essential. The problem that confronts the in- vestment banker, then, is whether it would not be wiser to suggest some highly conservative securities than te allow the investor unguided to ex- change his Liberties for some specu- lative or even worthless stocks. The trouble is that unadvised the ONE-YEAR Second Trust Applications Wanted Immediate Reply Given. Herman Schmidt 729 15th St. N.W. Main 2811 Demand deposits bank deposits) reserve (deposits within 30 days): 126. Individual deposits subject to check . i 27. Certificates of deposit due in less than 30 days (other than for money borrowed... 30. Dividends unpaid .. Total of demand deposits (oth- er than bank deposits Ject to reserve, ite investment 56.7 40,000.00 99,845.70 -$13.283,67 637,104.81 Total .. 8.956.32 B 73,00 IJABILITJES. Capital stock paid in . Surplus fund .. Undivided profits a Reserved for interest and accrued .. b Reserved for depreciation on bonds and securities .. P - $1,200,000.00 650,000.00 taxes sererrecececaiieaae.. 44,99855 Jescadabiss 4117699 21,800.45 §27,198.73 ¢ Less current expense, interest and taxes paid 247,497.90 794,750.00 130,022.45 505,014.55 . Circulating notes outstanding .. Amount due to Federal Reserve Bank (deferred credits).. Amount due to national banks... Amount due to.State banks, bankers and trust companies in the United States and foreign countries (other than included in items 21 or 22)...... . Certified checks outstanding Cashier’s checks outstanding.... % Total of items 21, 22, 23, 24 and 25.... 58 Demand deposits (other than bank deposits) subject to reserve (deposits payable within 30 days): . Individual deposits subject to check. o Dividends unpaid . Other demand deposits Volume of Business Heavy. There is no doubt that the general | distributive business of the country is continuing in extraordinary vol- ume. The raflway freight cap load- ings show this most emphdbically. Never before has the movement of merchandise and miscellaneous freight been as large. The question g 1, JOHN D. HOWARD, cashier of the abo It is the familiar experience that named bank, do solemnly swear that the very high-grade securities having a e T ol i 5 s 5 short time to run are bought on occa- Subscribed .,a".l’s,n“‘iffi‘r‘é;ecfl“im- sions where higher money 1s expected. | 17th day of October, 1024, But this practically never happens in (8eal.) W. T. KERFOOT, Jr., the case of very high-grade long-term s NotsyiPublic issues. The fact. then, that the Germat=Atmt Treasury 4%s, which have anywhere from 23 to 28 years to run, are being 213,854.1 11.485.90 15,093.25 7,055,993.53 4,397.00 12,248.04 JOHN A. SCHAEFER, JOHN R. WRIGHT. AUGUST H. PLUGGE, average investor wants to jump from the security of a United States Gov- ernment obligation, with its small but sure return, to a stock or bond with an abnormally high vield. I do not know how to explain this trait of human nature, but I have had it illustrated over and over again .in my experience with investors. It is the same when they are planning io withdraw money from the savings bank. With few exceptions, they can see no middle ground between 4 and 6 per cent. And yet nothing is more certain than that when one feels he must sell his Government bonds or withdraw his money from the bank he ought to stop With 5 or 6 per cent at_the most. So it is my opinion that the in- westment banker is fulfilling his mis- son when he suggests conservatve securities to those who. are deter- mined upon disposing of their hold- ing of Liberties. One word more to the investor. Before vou sell your Liberty bonds ask vourself the ques- tion why it is that some one else 1s willing to pay what seems to you such a high price for these best of all investments. is, on the other hand, as to the suf- ficiency of the profit margin accom- panying this big turnover. One of the principal independent steel com- panies has reported that it operated at a loss during the third quarter. One of the representative copper pro- ducers disclosed profits for the first half year materially below those of 1923, A prominent Cuban sugar com- pany was only able to show earnings for its common stock half those of the previous year. These are some indications that while in volume business is satisfac- tory, in the matter of prices, in many lines, it is not. High Prices for Farm Products. The most fortunate feature in the situation continues to be the high farm prices. Wheat practically dup- licated during the last week the high points of early October, which meant an increase of 50 cents a bushel over the bottom figures of last Spring. Other grain products have moved similarly. Much difference of opinion exists as to whether, in view of the favor- abvle weather for the harvest and Copyright, 1024, by Consolidated Press Asso- § (Copyrigh! ation) the recent raising of crop estimates. the level of cotton prices is not some- taker. by banks and private investors at new top figures, can only be in- terpreted as an expression of belief that the present low money rates are not likely to be disturbed for some time to come. Americans Financing German Exports One piece of information coming out during the week did not receive the attention it was entitled to. This was that a group of American bank- ers had granted an acceptance credit of $2,500,000 to the Ruhr coal syndi- cate to finance the exportation of Ger- man coal. This is a small operation in itself, but it denotes what is bound to occur on a much larger scale if trade with Germany and the rest of central Europe is to be expanded. The German external loan of $200,-,| 000,000 is designed to.establish a new currency system with a gold base and to open the way for reparations pay- ments. But it is not sufficient to form a ground for private credits to be used in the expansion of trade with other nations. This must be depend- ent upon private initiative, with American banking and commercial houses furnishing the capital on which the new business 18 to be con- ducted, FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 1315 F ST Jonm PoOLE Pacsmem “When Buying” Ouwr 7% First Mortgage Notes r \nvestment is seeured on carefully ngm improved properties and placed on conservative valuation. Notes able is amounts of $100 up. Apply Loan Dept. Mr. O’Domnell, Mgr. Chas. D. Sager Realter 924 14th St. N.W. o e Directors. MONEY T AT Investment Bldg. 0 LOAN ON FIRST MORTGAGES CURRENT RATES OF INTEREST Rl H Hogrer ¥ . 7827 Conneclicat Snenus Total of demand deposits (olher than bank deposits) subject to reserve, items 26, 30 and 31....... $7.072,638.57 , Time deposits subject to reserve (payable after 30 days, or subject to 30 days’ or more no 2. Certificates of deposit (other than for Fimonsy borrowed. ... 34, 35. Other time deposits Postal savings deposits e, and postal savings): 451,471.52 1,892,773.36 90,567.71 Total of time deposits subject to reserve, items 32, 34 and 35 United States deposits cluding war loan 36. (other than postal deposit account and deposits of ... $2,434,812.59 savings), in- United States disbursing officers Total $13,283,677.63 District_of Columbia. City of Washington, ss: 1, CHAS. D. BOYER, Cashier of the above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. CHAS. D. BOYER, Cashier. Subscribed and sworn to before me this 17th day of October, 1924. (Seal.) Correct—Attest: BYRON S. ADAMS, LESTER A. BARR, WALTER A. BROWN, JOSHUA W. CARR, JOHN H. CLAPP, WM. KNOWLES COOPER, JOHN T. CROWLEY, T. C. DULIN, ‘W. G. GALLIHER, WILLARD S. YEATMAN, Notary Public. ISAAC GANS, FRED S. GICHNER W. F. HAM, JAMES B. HENDERSON, I. B. LINTON, DR. LOUIS MACKALL, JOHN L. NEWBOLD, E. D. RHEEM, LEON TOBRINER.