Evening Star Newspaper, November 22, 1924, Page 13

s PRIGE OF TURKEYS STILL UNGERTAIN Plenty of Thanksgiving Birds Already Received in Lo- cal Markets. Thousands of turkeys, unaware of the fate that awalts them the next day or two, are roaming sbout the upper floors of houses in the whole- sale dlstrict. They are of numerous breeds of ordinary barnyard stock, shipped here for the Tranksgiving holiday trade, many of them being heavyweights, and others being young stock welghing less than 10 pounds. - Because of the weather conditions, dealers explained, it will not be a £0od business proposition to kill them before Monday, the time the demand for Thanksgiving will begin. Dealers today were not quite sure of prices for next week's trade. They say there certainly will be no scarcity of turkeys or other poultry. Rabbits ting more plentiful and Not much thought is given 1o anything but turkeys at this time, according to dealers. Practically no changes in prices of butter, eggs. cheese and poultry the past two days. There has been no break in the egg market, the mar- ket remaining firm at 60 and 65 for selected stock. N Today's Wholesale Prices. selected can- average re- fresh, and 65; Eggs— dled, do: ceipts, Butter— pound, 20. “Cheese. cream, 2 Poultry Strietly "n. 60 ound, 47a50; store packed, Long Horn, pound, 25; mild old sharp, 35. live, roosters, pound, 16; turkeys, 25a30; Spring chickens, 26a fowl 23a34; keats, young, each, 5 0aT70. Dresse fresh-killed Spring chickens, 28a30; roasters, 28a3 old roosters, 19; fowls, 20a26; turkeys, 8ad0; keat ung, each, 60a75. Live stock—Calves, choice, 12; me- dium, 10a11; thin, 6a7; lambs, Spring, 13; lve hogs, 11a12. Fruit and Vegetable Review. 2 Today's market report on fruits and vegetal complled by the Mar- ket News Service, Bureau of Agricul- tural Economics, says: Apples—Supplies liberal; demand moderate; market steady. Barrels, Maryland, Virginia and West Vir- ginia, A2l inches up Grimes, 5.00a 5.50; few fancy, 6.00; Stayman Wine saps, AZ%% inches up, 4.50a5.50. Boxe! Washington and Oregon, medium to large sizes, extra fancy Stayman Winesaps and Spitzenbergs, 3.00a3.2 Delicious, 4.00a4.25. Bushels, Mary land and Virginia, No. 1, Stayman Winesaps, Grimes and Winesaps, 1.26a L75; few, unclassified various varleties, Cabbage—S light; demand market slightly stronger. New York, bulk per ton Danish type, 20.00 Celery—Supplies moderate; demand moderate, market steady. New York, 3 crates Golden Self Blanching in the rough, mostly 3.00; Californla crates l;o‘l’den Hearts iIn the rough, mostly Other Prices Steady. Lettuce—Supplies moderate: de- mand moderate, market about steady. California crates Iceberg type, Cali- fornia, Watsonville sectlon, 4-5 doz- mostly 4.00; 3% dozen, mostly 5; 3 dozen, 3.50a3.75. Onlons — Supplies light; _ demand light, market steady. New York and Ghlo, 100-pound sacks, Yellow varfe- ties United States, No. 1, medium to large size, 2.00a2.15; small size, 175 al.90. Potatoes—Supplies moderate; de- mand moderate, market steady. New York, 150-pound sacks, Round Whites, United States 1, 1.90a2.00 per sack; Michigan, 150-pound sacks Rus- st Rurals United States No. 1, 2.00 a2.15 per sack. Caulifiower—Supplies moderate; de- mand moderate, market firm. New York, Long Island crates, 2.75a3.00. String beans—Supplies light; de- mand moderate, market steady; South Carolina, bushel hampers, green, 3.50 a4.50; mostly 4.00; Virginia, Norfolk ction, 5-peck hampers, green, poor condition, 2.00. Eggplant Receipts Light. Eggplant—Supplies light; demand ®ood for good stock, market steady; Florida, pepper crates, 5.00a5.50. Squash—Supplies light: demand light, market firm; Florida, pepper crates, whites, 4.00. Peas—Supplies light: demand 1ight, market steady; Virginia, Norfolk sec- tion, b-peck hampers, 4.50a5.00. cumbers—Supplies 1ight; demand moderate, market steady; Florida, square bushel crates, No. 1, 5.00a5.50; some fair condition, 4.00a4.50. Sweet potatoes—Supplies moderate; demand moderate, market steady; custern shore Virging, cloth top stave barrels, Yellow varieties, No. 1, mostly 4.50; North Carolina, cloth top stave barrels, Porto Ricans, No. 1, medium size, 4.0084.25; large sizes, 3.00a3.50 Grapes—Eastern supplies light; de- mand moderate, market about steady; New York, 2-quart Climax baskets, Catawbas, 18a20; Concords, 20a22. Oranges—Supplies liberal; demand moderate, market about steady; Flor- ida, boxes, Brights and Goldens, Par <on Browns, medium size, 4.50a4.75; small size, 3.50a4.00; other varieties, fair_quality, medium size, 3.50a4.00; small size, 2.75a3.25. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PORTLAND, Ore, November 22.— Two hundred thousand dollars will be paid turkey growers of Oregon, ldaho and Montana this week for Dbirds shipped East. Shipments will total around 750,000 pounds. Prices to growers range from 25 to 30 cents a pound. SOMERSWORTH, N. H., November 22.—The Great Falls Manufacturing Co. has resumed operations in its plants here after 10 weeks' shut-down. PHILADELPHIA, November 22— One thousand cigars are made here each minute of the working day. This necessitates a large trade in boxes, labels, bands and other acces- sories, providers of which are pros- pering. KANSAS CITY, November 22—Bus transportation is assured here by & decision _of Judge Kimbrough Stone in the Federal Court instructing re- ceivers of the street rallways com- panies to install auxiliary motor bus transportation. CHICAGO, November 22.—Purchase by the Illinois Central Railway of $5,000,000 worth of electric locomo- tive and trailer cars for the electrified suburban service to be commenced in 1926 is taken to presage general elec- trification of rallways running into ‘ Chicago. Rt 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. Recelved by Private Wire BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, November 22.—The closing two hours of the week in tl curb market was another period of a tive trading, but with the general price movement highly irregular. Profit- taking had its effect upon a great many stocks which had been bid up rather sharply recently, while on the other hand the demand was heavy for xome of the olls and a few industrial specialties. Among Standard Oils special strength ‘was noticed in the high-priced Stand- ard of Ohlo, carrying it to 331, wher NEW YORK, November 22.—Follow- ing is an offictal list of bonds and stocks traded in on the New York Curb Market today: Sales in BONDR thousands. High, 23 Allied Packers 6s .. 73 10 Am Gan & EI 8s .. 93% 13 Am Pow & Lt G olt 9ty 8 Am Rolling Milla te 100% 8 Amo Simi Hard 03n "84 1 Atlan Fruit 8 Inc.. 20% 11 Beaverboard_8s 85 1 Heth Stecl 3 Bkiyn Ed 4 Can Nat Ity 1chic RI&D 5 (hilda Co 6s 13 Cit Serv 78 © § Cit Serv Ta D 4 Cons Gas Mal 6 Cons Textiles Kx . 2 Cuban Do 8 Tis wi 6D &R G W Low. T4% 95 Close. 73 9 94 100 l-wl Detrolt Idison 8 2 Dunlop Tire & It 4 2 Fisker Body Os 18 Guit Oil Corp 3 Gult o1l Corp 1 Hood Rubber T 4 Intern Maten 10 P ser B & 0 Co 54 1 Tub Serv of N J'Gs 4 Pure Ol Co 8s, 2 Shawsheen Ts . 18O0NY 27 280 N Y 7 '80. 68 0N Y oy 31 Swift & Co Oy Un 0Oil 8s lI Unit 01l Prod 8 Unit Ry of Hav 7% uum Oil 7s. 1vorine Ol 7 ebster Mills 63 alian Pow 6lgs. w Aus y E s RS 2 Hep of l'nlnnd“xl 78 B4 1 Rus Gov. e 10 34 B 100% 1 0 1 2 1 1 1 i 5 Russtan_ Govt 8 4 olvay & Co 08 900 Anglo-American Of 100 Chesebrough Mfg. 491 : 140 55 34 - 184" K2 208 341 10417 2104, 142 w014 a un 8221 B0 reka Pipe Line Humblo 01l & K Imp Ol of Ca Intl Pet Co Itd.. Magnolia Pet. Northern Pipe L Prairie Ol & Gas.. 200 Penn Mex Fuel Prairie_Pipe 60 Solar Refin. 200 Soyth Pen 4000 Stand Oil Ind. 400 8 0 800 8 0 ) 270 8 0 Ohjo.. 900 Vacuum OI1. Sales in : hndreds. INDEPENDENT OIL STOCKS. 48 48 19 Allen oll, 48 11 i ‘01 ‘o1 33 160 B8 161 13 108 Ko, 1045 114 13 Creole 8nyd . 1014 7 Derby O & Re 40 1 Dominten “oil 8 & 1840 Hudson Ol 44 Kirby Pet . 6 Lago Pet "4 Red Bank Ofl 6 Roysl Can 0 & R & Sait Creek Prod. atar 031 INDUSTRIALS. 4 Am Gas & Fl new 103 28 Am Pow & Lt new 47% 17 Am Bup Pow A 7Am T Co B new 8 Atlantic Fruit 8 1 Borden Co e...,. 129% 120 ‘entritug Pipe 'Co 161 1615 2 Chatterton & Son. 126 1 10 Childs Co new ... 30 37 Is Considered BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, November 22.—In referring to the stock market of the last week Wall Street writers have pretty much used up their vocabulary of adjectives. The public has been informed by a mass of stories that transactions have surpassed all pre- vious records for a similar period of time, that the price average has gone beyond everything since 1916; in fact, that the financial community is in the midst of one of the greatest booms it has ever known. The causes back of this remarkable movement have been carefully an- alyzed. The first impulse came from the presidential elections—a very de- clsive victory for conservatism fol- lowing & llke achievement in Great Britain. More than this, the ma- jorities rolled up for the Coolidge administration were such as to eliminate from the new Congress all obstructive elements and_ give the regular Republicans the balance of power. Four Years of Conservatism. As much as this had scarcely been contemplated, and the great display of enthusiasm shown in Wall Street since November 4 has been founded, more than anything else, upon the realization that radical legislation of all kinds, and particularly anti-rail- road legislation, is out of the question during the next four years. It goes without saying that big business wishes to keep “things as they are” while promoting efforts for tax reduc- tion, and these are precisely the man- dates which are seen in the over- whelming vote for the Republican can- didates. The stock market has the well known function of moving a good ways ahead of trade. Nothing which has developed in the trade situation since the first week of November could have immediately warranted the jump of 10 to 20 points, such as has been seen in stock exchange prices. These have been the forecast of what Wall Street belfeves is likely to be the situation in the business world six months from now. Advances Tn Ralls Overdome. The criticism against the present market does not lle in the current trade data which are indeed nearly all favorable, and which support the idea that outside business is on the upgrade. Rather, it lies in the mag- nitude of the advance in stock prices in so short & space of time. If past experience counts for anything, some of these advances have been overdone. It will undoubtedly be found, for instance, that the up- ward rush in low-priced railroad stocks has taken too much for granted regarding what ‘they will be worth under the consolidations projected by the Interstate Commerce Commission. NEW YORK CURB MARKET Direct to The Star Office it compared with the previous close of 327. South Penn Oll moved up & point. South Amerfean Olls continued to be bought, probably because of the steadily declining do tic crude pro- duction which must eventually mean a larger market for South American pro- ducer! The radio group held firm, but was not disposed to do much either way. Dubilier, ho an exception, and was taken at fractionally better prices. Radlo Corporation old common sold off in sympathy with the new stock on the big board on failure of directors to take action on the common dividend. [ A — 1 Com Pow Co ptd.. 80 2 Com Pw Co war wi 25 Cont Bkg A wi 35 Cont Bkg B wi 8 Cont Bkg pfd 3 Con Gan Bal nw wi 10 Cuba Co 7 Dubilier C'& Radio M 6 Durant Motor S Wus (0 A 1 East Pean Ei 1 El Bond & Bh pt 102 1 Gillette 8'R ..... 837 3 Gillette 8 B n 29 Goodyear Tire 31 Haseltine Corp ... 38% 3 Inter Cont Wubber 480 5 Lehigh Power see. u;tln " Cear N 4 lddle West Util.. !‘H & Moo Tt Sew w10 3 Paige Motor + 8 Radio Corp . ¢ Rova Rad Cor 2 Stand Pub Co A 11 Swift Intl 20 Thermiodyne 13 T Raaio Cor V' ¢ 131 1483 1 Caited Jraxeries pid ut 8 United Lt & Pow A 39 Ward Bak Cor B.. @ Western Power. ... 14 Canarlo Copper. 8 0% 1008 22 First Thought G M 20 Florence Golafel 80 Goldfield Develop. . 70 Harmill Div.. 28 Copper Corp. .. 4 New Jersey Zine.. 1 43 Premier Gold Min. 15 Touopah Extens ... ' e PARIS MARKET STEADY. PARIS, November 23.—Prices were steady on the bourse toda: ‘Three per cent rentes, 49 francs 95 centimes. Exchange on London, 87 francs 30 centimes. Five per cent loan, 60 francs 78 centim The lar wds quoted at 18 francs 831 centimes. o RATES ON BAR SILVER. LONDON, November 22.—Bar silver, 33%d per ounce. Money, 2% per cent. Discount rat Short bils, 3 §-16a 8 11-16 per cent; 3-month bills, 3 11-1¢ a3 3-4 per cent. “EXTRA” ON CANNERS. NEW YORK, November 23.—A stock dividend of 3 per cent on the common stock of New York Canners, Inc., was declared today, payable February 2, to stock of racord January 15, in ad- dition to the regular quarterly divi- dend of 50 cents. After the stock dividend Mas been paid the annual rate of $2 a share will be continued. e e CUBA’'S DEBT REDUCED. HAVANA, November 22.—Cuba public debt was dlminished by $36 520,620 during the period between May 21, 1921 and October 31, 1924, the secretary of the treasury today fi formed the cabinet. At present tim theroe is 325,089,598 In the treasury he sald. T HOLDERS LOSE $2,500,000. ST. LOUIS, November 22.—0ld stock. holders in the Indiahoma Refining Co., will lose a $2,500,000 interest in the company under reorganization plans virtually completed, F. C. Winters, secretary, has announced. e Because of the change of prices, estimates made in 1919 of the cost of reclamation of the Pontine Marshes, in Italy, are about one-fifth of what the actual expenditures will be. Advance in Railroad Shares Much Overdone Uprush in Values Based on Mergers With Big Roads. Which Are Still Only Problematical. The only way in which additional value can be given to rallroad shares of this class {s through the econ- omies to be effected under combina- tions and through a larger share of traflic which now flows over the b ger roads. These are highly im portant considerations, but on the other hand so, too, is the astonishing ad- vance which many of the stocks hAve hAd since election day. One must offset the other, and it {s a que tion whether in some of the low- priced ralls taking current quota- tions the balance does not rest against them, No Action to Check Speculation. ‘The commercial record of the week is that buying orders held in abeyance over the elections have been released in large quantity, and have gone to make up a growing volume of busi- ness. Consumers who for months past had been buying for immediate requirements only are now buying more with a view to future needs. This demonstrates confidence in the existing commodity price level and a desire to forestall any such sudden uprush as occurred in the early part of 1923, when, like the present, buyers had been careful about committing themselves ahead. Money rates rose slightly in the wake of the enormous stock exchange turnover, but as yet it {s hard to see & check along this line. There was some talk about the Federal Reserve putting up dizcount rates for the pu: pose of calling a halt upon an over- exuberant speculatios But nothing came of this at the usual weekly meet- ings of the reserve institutions, and the comparison was emphasized be- tween the present reserve ratio of 76.8 and the approximately 40 per cent of November, 1919, when the central banking authoriti out of self-de- fense, suddenly raised rediscount charges and broke the big ‘*bull mar- ket” of that period. Banks Independent of Discount Rate. It the Federal Reserve banks were to put up their quotations now it is doubtful whether they could en- force them—that is to say, the sur- pl vailable for lending purposes, outside of the central system,-is still large enough to make the mfember banks, not independent, but free enough to enable them to resist ad- vances in official discounts. The most effective way In which the reserve banks can enforce control over the money market is through the sale of their security holdings. It would compel the market to shoulder & considerable extra bur- den and would thereby put the Fed- eral banks in better position to say what rates should.be ' This is the method which was practiced in England and on the continent of Eu- rope hefore the war, and it has be- come an accepted un. of sound baak- ing policy. EASTERN APPLES IN WIDE DEMAND better A‘\dvertlslng Methods Prove Great Boom to Business. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, November 22.—The Pacifio Coast not only told the world but showed it the advantages of ad- vertising its products and grading and packing them attractively. The Atlantio Comst has just begun to learn. that lesson and has absorbed it 80 well that growers have captured a good part of the business of their instruotors. Today there is not a high-class grooery from Fourteenth street to 126th street in New York along Fifth, Park, Lexington and Madison avenues which Is not featuring New York apples, graded accurately as to size and color and packed in a car- ton holding a dozen samples of the fruit which can be opened to show to customers. Eastera Apples in Demand. For the first time, Eastern apples are being asked for under a trade name,and the growers are only sorry that their output was so small they cannot fulfill the demand. Florida is emulating California in grading oit- rus fruits with excellent results and the failure of Georgla peach growers to make a profit from a crop unexcel- led in size and quality, has shown producers that they cannot “go it alon That is the reason Ralph P. Merritt was appointed to the commission to improve the financial condition of the farmers. Mr. Merritt is head of the California Ralsin Growers and has made a thorough success-of the co-operative movement in his fleld But that fleld s not a new one al- though it now takes that position in the public eye. The Mormon church instituted this movement and bullt up one of the greatest mercahtile institutions in the country through its means over 75 years ago. The Co-op, as it {s known in the West, has held a dominating position during that time and has withstood the tests of time and changing con- ditions. It is an abbreviation of the Zions Co-operative Mercantile Insti- tution, and operated a department store whon John Stewart and John ‘Wanamaker were still unknown. Much to Be Accomplished. ‘The commission appointed by Presi- dent Coolldge has ceased delibera- tions until fresh data from govern- mental departments is made avail- able to it, but the co-operative mar- keting of farm produce has not ceased bringing increased income and buying power to the tillers of the soil. There s stlll room for much improvement. Terminal mafket facil- ities for fresh fruit and vegetables need -wide readjustment, which many feel can come only by Federal leg! lation. The taxation question fs also bothering agriculturists. California, for example, pald in taxes in the last year over $500,000,000, or more than 1l the products of the smoil of that state ylelding to its owners. Worry Over Tax Burden. It s estimated that about one-sev- enth of the income of the country now s diverted to tax payments, adding cost to every food product consumed by the people of the country. Ac- cording to Paul Shoup, vice president of the Southern Pacific Rallroad, taxes are 13 times as high as they were in 1880, while States and municipalities have mortgaged their future prosperity for vast sums which eventually must be pald by property owners. Land owners, therefore, are looking to the new commission for suggestions for a reduction of this burden and a defi- nite program which will enable tiliers of the soll to market their products in an orderly way and at a profit. A. M. Mortensen, manager of the California Prune and Apricot Growe! Association, declared today there had | never been a clearer demonstration of the value of co-operative marketing than the present prune situation, which, by restraining dumping of the crop on an unready market, had opened the possibility for growers to take advantage of a world shortage. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. BANK STOCKS. There is one form of Investment generally overlooked except by the large capitalist. I refer to bank stocks. The reason for this is that shares in banking institutions, as a rule, sell at high prices per share and the return is comparatively low. In compensation for this small yleld as the fact that such stock over a period of years appreciates in market Price aa the profits of the institution accumulate. Rich men who can afford to sac- rifice present income for the sake of future increase in principal are partial to bank stocks. In recent years some of the larger banks have endeavored by raising the dividend rate on their stocks to enlist a greater public interest in thelr shares and a wider distribution. But the rule is, as I have stated, that in the main bank stocks are overlooked by the small investor. Now there are certain advantages in bank stocks over other for of stock investments. The business is stable and in well managed Ingtitu- tions profitable in good times and bad times alik Bankers as a cl are highly conservative in the con- affairs. They seldom ary risk There is always a demand for their services. In & sense a bank is a public utility. There are also certain disadvan- tages inherent in an investment of this kind. For one thing, stockhold- ers of & bank are llable for the debts of the bank in proportion to thelr holdings. Under our present bank- ing system, however, this is not particularly important, for failures in banking are rare compared with those in other lines of busine: Another disadvantage is that the market price of banking stocks varies over a wide range, and the inexperenced investor may easily find himself buying at a high price and, seeing the quotation decline, becom frightened and sell out at a loss when there is no occasion for any real concern. 1f, having weighed all these con- siderations, you are favorably dis- posed toward bank stocks, the safest procedure is to. take either shares in a large and old established insti- tution, preferably one with a na- tional reputation, or shares in your own local bank with which you do business. Merchants in small towns would often find it helpful to be stockholders in their own home bank. . (Copyright, 924, by Conselidated Press.) PROPOSALS JEALED ALS, in duplicate, will be re- stlvd hw)m of the Chiet Clerk, De) rl- ment of Commerce, Nineteenth st. and l,l'llll ave. l('.. ‘Washington, D. C. nlil & ociock p.m, Detember 18, 1624, niLmn ‘tranamitters, ‘sigaa! s Conmeree. Blaaks evpiieation ta the Ch ment at the above BY ROGER W, Special Dispateh to The Star. WELLESLEY HILLS, Mass, No- vember 22—The abllity of the in- vestment market to absorb a tre- mendous _and almost _continuous stream of new issues has puzzled many students of finance. There Is at least one good reason for this ap- parently insatiable appetite for bonds—and more bonds. ‘We are rapidly becoming a nation of Investors. New bond issues are very largely put out in $100 and $500 as ‘well as larger denominations in order that they may have a more widespread appeal. The flotations of recent years have reached truly ex- traordinary proportions afid the ease with which new bond issues have been distributed indicates that the market for investment wecurities ha by no means reached even a tempo- rary saturation point. Small Investors’ New Statuw. Years ago Investment by the masses was carried on through a relatively indirect route. A number of investors put amall sums into the savings bank. The bank then in- vested these combined funds in bonds. This same procedure is, of course, going on today. More and more, however, the increased' attention glven to the small investor is result- ing in direct sales and the joy of clipping coupons is today by no means confined to the man whose large Income puts him in the surtax group, The situation brought about by war conditions must be given credit for supplying the greatest impetus to bond buying among the lower- salarfed and laboring classes. For tens, if not hundreds, of thousands of residents In the United States Liberty bonds constituted the first investment purchase. The sales cam- paigns of 1917 and 1918 in connec- tion with finanoing of the war almost overnight added tremendously to the number of prospects for investment houses. No other method of educa- tion in finance could have given any- thing approaching the Impetus to bond buying received through the Liberty bond campalgns. Saloxmen Learn Lesson. Today American industry in its ability to obtaln readily funds for improvements and extensions is reap- ing the benefit of this teaching. Bond syndicates have learned. that the small Investor of today is the big investor and valuable customer of to- morrow and every effort is made to appeal to the man with limited funds as well as to the wealthy individual, insurance company, banking institu- tion and trustees of estates. An interesting experiment has re- cently been inaugurated in one of the largest cities of the country. A store for bonds, similar to a store for pro- visions, dry goods, furniture or any other product, has been opened. The man on the street {s invitéd, through advertisements and window displays, to come in and buy any bond of any denomination that he may desire, The salesman behind the counter is prepared tosshow his wares and ex- plain the worth of his offering. Naturally the goods on display must be relatively limited, but the cus- tomer can express his desires for later delivery as the “store” is able to fill his order. Help to Industry. Such developments, coupled with the plan of customer ownership so largely used by utility companies in connection with preferred stock of- ferings, cannot but have a salutary influence on investments as well as on fndustry. In spite of the mouth- ings of certaln soap box orators, it ts difficult to dissociate the ordi- nary individual from some form of capitalism. The man with a $100 savings deposit inevitably owns a $100 bond In a railroad, utility or industrial concern or, more exactly has a fractional inferest in hun- dreds of such companies. By that very fact he is just so much more interested in political and social de- velopments calculated to safeguard his_investment. The course of investment *securi- ties since 1920 has been most en- couraging to the novitiate. The old- time bond buyer or financial student will recognize that the security and yleld of his bond and not the market fluctuation is the important factor. The newcomer in the ranks, how- ever, is as yet unduly influenced by temporary market fluctuations. The fact that such fluctuations have re- cently been greatly in his favor en- courages him to add steadily to his investment holdings. Through Au- gust the year 1924 has Seen almost a steady advance in bond prices. While the market has shown no ad- Vance since, neither has it declined. It has stmply been marking time. Extreme Ense fn Money. Extreme ease in money is an er- couraging factor to the man who has been delaying purchase bécause of question as to possible reaction. In this connection thers are such factors to be considered as heavy prospective ~flotations of forelgn bonds in our market, transfer of cer- tain funds from investment tg busi- BABSON. ness channels in case of any worth- while business recovery, and gold ex- portations. It does not appear, how- ever, that any of these matters will £0 to such extremes as to worry the bond buyer. The man with funds avallable should put them to work earning an Income. Aside from any temporary movement, he can feel as- sured that the progress of invest- ment conditions over a period of years will be in his favor. The path of the small investor is not wholly free from thorns. Ob. viously there are bad, as well as good bonds. Attempt to get more than a conservative yleld, now around 5.50 per cent to 6.00 per cent, inevitably means acceptance of risk. It is folly for the sake of 1 or 2 per cent extra return to jeopardize safety of principal. It is not in bonds, however, to any such degree as In stocks that the greatest danger faces the buyer. More Protection Needed. Fly-by-night promoters are al- ways on the trail of the unwary. Through various laws different States “Insured Safety” Is a strong phrase that characterizes every dollar invested in our First Mort- gage Notes. You have a ’safe, satisfactory and lu- crative income when you ‘make a Sansbury invest- ment. N. L.SanaburyCo 1418 Eyo St. N.W. Phone M. 5004 Redlters Investment Market Growing Rapidly, Roger Babson Asserts Small Investors Buying Bonds Much More Freely—More Protection Urged by Economist—Bond Store Opened. have attempted to cope with this situation, but usually with rather in- different’ success. So-called “blue sky laws” exist in many States and unquestionably have their favorable influence. On the other hand, they do not, as a class, go far enough nor have sufficient teeth in- them. Moreover, this is really a matter for Federal actlon. While perhaps locally beneficlal, it 18 of no great advantage to the people of the Unit- ed Btates as a whole that the frabd- ulent promoter, kicked out of one State, can hop over the border and be undisturbed in peddling his cer- | tificates in adjoining territory. In- cidentally, at the thirteenth gnnual | convention of the Investment Bank- ers’ Association, September 22 to 24, a committee report recommended, in | view of most States now having blue sky commissions, that arrangement should be made “whereby when any security s disbarred from any one State or any seculty is investigated in any one State and found to be fraudulent, a notice could be sent to all other groups.” Hard to Catch Swindlers. National and State laws are de- signed to protect the citizen in his!| banking relationships. On the other hand, unless definite misrepresenta- tion can be proved, it is too often true that the wily promoter can ply his trade without interference. The result is a loss of hundreds of mil- lions annually to United States in- vestors. The money that is thrown away is clearly just so much lost to legitimate business. In ads dition it has the two-fold effect of wiping out a portion, and in some cases sll, giving them a false perspective on the matter of the stock and bond business. If only a matter of personal ad- vantage It {s but common sense that reputable banking houses should do what they can to clean up this type of offering. It would be difficult to find a more pernicious or low-down business than that of taking the life savings away from a gullible public and at the same time destroying con- fidence in a legitimate line of busi- ness. Bcth from the standpoint of common decency and of the security business in general, efforts looking toward the operation of blue sky laws, National in scope, very much worth while. BUTTER PRICES HIGHER. Larger Storage Withdrawals Prove Help to Consumers. CHICAGO, November 22.—Scarcity of fresh buttér caused advances in all the principal markets during the week, in Chicago. Decreasing production and the heavier demand brought larger storage withdrawals, with a consequent bullish effect on the mar- ket as operators saw a possibility of reducing the excess now stored to a | point somewhere on & par with pre- vious years. Closing wholesale prices and range, 93-score butter, at the principal mar- | kets, follow: Chicago, 4% higher at| 44; New York, 13% higher at 43%; Boston, 3 higher at 43, and Philadel- phia, 234 higher at 44. FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 1315 F ST Jonn PooLe Presmem % First Mortgage Notes Invest Your Money Without Risk We offer you an opportunity of purchasing First Mortgage Notes, secured by first deed of trust, on improved Northwest property, where the security is more than double the amount of the loan. Furthermore, these notes pay 7% interest, which is unusually good, considering the excellence of the investment. Denomina- tiona—3250, $500, $1,000. MOORE & HILL Incorporated 730 17th Street N.W. Member WasMngton Roal Estate Board Scores Millions of Dollars —have been invested in FIRST MORTGAGE NOTES through our house. EVERY PENNY of the principal and interest on these securities has been paid without delay and in full when due. ‘We have no intention of lowering the standards which have made this rec- ord possible. When you invest here your money will be SAFE, and also yield a liberal in~ terest rate. Write for Booklet Mortgage Investment Dept. SO & T0CHy 713 and, 715 14th St. NW. thus | of the savings of people léast able to bear the loss and of should be | the highest being a 414 raise! | | { | | FIRST MORTGAGES FOR SALE 6Y2% THE TYPE OF SECURITY CONSERVATIVE INVESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. TO FEDERAL EMPLOYEES AND_ALL OTHER PEOPLE W oo New v EsTORS I THE SAVINGS DEPARTMENT oF “YOUR BANK” To get your investment we will foan you ONE HUNDRED DOL. LARS WITHOUT INTEREST OR ENDORSEMENT, The only condition Is that you will leave it on deposit in a sav- ings account for one year and pay us back ten dollars a month, Your one-hundred.dollar inve ment will bear interest at 4% per annum, compounde® seml.an- nually. At the end of one year your $100 Investment will be worth $104.04, Under the usual 4% savings plan, it you save $10 a month for ten months, your $100 at the end of one year would be worth $102.52. in and talk with us about this new investment plan. Banking Hours—8:30 a.m. to 3 xcept 1st, 2nd, 15th, 16th, it day of each month, 8:30 a.m. to 6:30 p.m. Saturdays, 8:30 a.m. to 1 p.m. Second T otes 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 HANNON_ & LUCH 713 and 715 14th Street N.W. Main 8345 Prompt Action First Mortgage Loans Lowest Rates of Interest and Commissien Thomas J. Fisher & Company, Inc. 738 15th Street THE DEPARTMENTAL BANK |- “YOUR BANK" 1714 PENNSYLVANIA AVENUE N.W. T United Btates Goverament Bupervision Money to Loan ' Secured by first deed of trust on :eal Prevailing i nterest wnd commussion. 420 W, L. & T > Jouph I eller Bitg., oth & F B WE FINANCE 'ment Houses Business Property Resldence Property o Ho}ell. Ete, Higbie & Richardson, Inc. 816 15th St. N.W. tate. “When Buying"” Our 7‘70 First Mortgage Notes ur {nvestment is secured on carefully selected improved properties and placed a sound, conservative valuation. Notes now available in amounts of $100 up. Apply Loan Dept. Mr. 0'Donnell, Mgr. Chas D. Sager Realtor 924 14th St. N.W. Any Amount MONEY TO LOAN 51, % o BUILDING PROJECTS FINANCED FRED T. NESBIT Iavestment Bldg. Main 9392 When You Need a Loln, Thmk of WELCH, Loan Specialist Money to Loan At 6 and 6149 Interest Before Placing or Removing Your 1st or 2 Trust Consult WELCH, Realtor Loan Speci 15th and N. Y, A PUT part of your Chri mas Savings check into our strongly safe- guarded First Mortgage Bonds, which have behind them our record of no loss to any investor in 51 years. You may invest outright or under our Jnvestment Savings Plan. When you use the latter plan every payment that you make to- ward a $100, $500 or $1,000 bond earns the full rate of bond interest. Use this simple, safe and sure plan systematically to get 7% on your savings. Call, write or phone Main 6464 for our free booklet giving full details. NO LOSS TO ANY INVESTOR IN 51 YEARS e F. H. Smith Co. Poundod 073 FIRST MORTGAGE BONDS SMITH BUILDING | #15 FIFTRENTH ST, We Will Buy GOOD SECOND TRUSTS Banking Trust & Mortgage Co. 1410 G 8t. N.W., Room 20, Franklin 8784 When You Have Funds to Invest, See WELCH, Loan Specialist Established 1899 Real Estate Notes for Sale in Amounts from $250 Up to $1,000 or More. Consult Welch, Realtor Loan Speclalist 15th & N. Y. Ave. Main 4346 Reterence: Any Bank, Trust Co. or Title Co. in the District. No 1088 to an invextor in 23 years. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Rodsll S Hogner ¥ G 7327 %""“*"",’ Saerus UP or DOWN? L] Do you pick up the paper in the evening to see whether your investments are worth as much today as they were when you purchased them ? OUR First Mortgages are always worth one hundred cents on the dollar, every day, every hour of the day—and any day. @ During over fifty-five years they have always maintained that record. Would not an investment of this character be a great satisfac- tion to you? EEM&HENSEY (0. %b&l&?wt AW 55 Years Without Loss to An Investor.