Evening Star Newspaper, December 20, 1924, Page 15

FINANCIATL." PRICES HOLD FIRW AT CENTER MARKET Turkey and Chicken Growers Greatly Pleased by Cooler Weather. This morning’s change in tempera- ture gave the Christmas turkey mar- ket a much more attractive appear- nnce. It also will enable poultry ralsers to kill and ship turkeys without fear of the warm weather spoiling them. “There will be scenes of actlvity on poultry farms tomorrow,” remark- ed a local dealer, “raisers who have delayed their killing on account of weather conditions having lveady started preparations for the work. Rates Same as Friday. Prices today were the same as yes- terday, and dealers are unable to farecast the probable change in prices before the holiday rush. “They may go higher or lower,” 1id a dealer, “but this morning it is vossible to tell which way the pen- m will swing.” &g and chicken prices remain un- changed, and prices of most other odities were reported as haviag change the past d; Today's Wholesale Prices. Fancy, tub, 47a30; prints, 54 selected, candled, 57a d cream, ters, 15 per pound ; THE EVENING STAR, NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, December 20.—De- splte considerable difficulty experi- enced by wire houses owing toc the storm in the central part of the coun- try, the market continued active and strong with many issues soaring to new high prices for the year. How- ever, traders discriminated in their operations on the buying side. Those who had favored Radio stocks In the present upward move- ment were highly elated over the new stock distribution plan of the Du- bilier Condenser and Radio Corpora- tion. This brought out rumors of im- pending action along the same lines NEW YORK, December 20.—Fol- lowing is an official list of bonds and stocks traded in on the New York Curb Market today Sales in thousands. 15 Allied Packers 6s 8 Allled Packers 8s .. 8 Alum 7s '25 . : 2 Alum 7s new '33". 4 Am Gas & Elec 6s .. 2Am Ice 78 .......... 7 Am Pow & Lt 6 old 8 Am Thread Ca 6s. 2ALG & W IS8 24 Cent Leather s wi 9 Ohilds Co s . 12 Cit Berv 78 O 9 Oit Berv 78 D 11 Cudahy & 8 Detrolt Edlson 6 8 Dunlop Tire & R 78 6L Den & R G W bs wi 18 Ny M 638 C 26 Pub G & F Co b%s 8 Pub Serv of N J s 12 Pure 0il Co 6lgs. k: ya20; geese, 15 Spring chickens, fowls, 1820 ; 70 each. Dressed— ed Spring chickens, 25a26; , 30; roosters, 18; fowls, 24a25; turkey 40a42; keats, 70a80 each; ducks, 25; geese, : capons, 40a45. Live stock—Calves, choice, 113 ; me- dium, 10all; thin, 6a7; lambs, Spring, 3. live hogs, 11al? Meats—Beef, 12al5; lamb, 25a27. Fruit and Vegetable Review. Today's market report on fruits 1 vegetables (compiled by the Mar- News Service Bureau of Agricul- 1 Economics) Apples—Supplies moderate; demand moderate; market steady. Barrels, ginia and West Vir- inches up Staymans, 5.50 4.50a35.50. Delicious, va- 2.00a4.00 214 up, Hubbardstons, 5.50a6.00 Washington, medium to large extra fanc ymans _and Spitzenburgs. 3.00 Romes, 3.00a 3.19; Delicious, 4.00a4.25. Bushels, d and Virginia, No. 1, Stay- 00a2.25: unclassified various veal, 18, and moderate; narket dull. New ton, Danish type, de- York, per 00a lery—Supplies demand “alifornia, Yor! 3 liberal New| berg type Onions— jemand York and sacks, Russet per sack; Mountains, per sack Tomatoes—Suppiies light; demand ood for good stock, market steady; ‘uba turning, wrapped, fair qual. fancy count, 5.00a3.5 choice 4.00a4 ; Nassau 6=, ripes, wrapped, fine quality, fancy count, 2.00; choice count, 8.00; Ohio, 10-1b. askets, medium size, 4.00; small size, 3.00. Caulifiower—Supplies light; demand 1t, market steady; California, ates, 2.50a2.75. FOREIGN BONDS. 8 City of Bogota Rs wi 873 8 French N Mail 88 7s 91 2 Ind Mtg Bk Fin 043 4 King of Weth s "S4s 103 1 Lo Aus H B P 6iis 851 13 Rep of Peru 8s "44 29», 4 s n 134, y & Co 65 '34 B 1003} Govt Bs...... 100i Sales STANDARD OIL ISSUES. in_units. 800 Anglo-Amer Oil ... 181 18% 100 Atlantic Lobos pfd. 7 7 260 Buckeye P L @ ey 100 Crescent P L 13 20 Eureks P L 8¢ 20 Gal 8ig Ol . 57 RiE 13 57 Humble 01l & R... 41% Imp OU of Can ... indiana P L . ter_Pet Co, Lid. Onio OH1 . Pena Mex Fuel Prairie Ol & G Prairie 0 & G nw wi 527% Prairie P L ...... 108 Bouth Penn_Oil 13114 Southwest Penn P L 6% § 0 Ind 5 82 S O Kansas SO Ky 0N Y § 0 Ohio 8 0 Ohio pfd . Swan & Finch . Vacuum Oil so% INDEPENDENT OIL STOCKS. nareds. Cities Service 1715 Cities Serv pfd 80ty 1.000 Cit Kerv O serip.. 13,000 Cit Serv serip . 113 80% 13 803, 92 127 ary 0il of P Por - ual 0l ¥ot cfs INDUSTRIALS Allied Pack zew... 104 Am Gas & EI new 123% Am Lt & Tract.... 182 Am Pow & Lt new B8% Am Superpower A.. 8213 10 0 152 Justified by ring Beans in Demand. String beans—Supplies light; good Ktock scarce; demand good for good stock, market stea Florida, %- hushel hampers, was, fair quality, 5.00 Peppers—supplies ht; demand P Florida pepper, ght; demand light, California, 45-pound fancy stock on mark uare bushel crates, choice, 4.00a5.00. Strawberries—Supplies light; de- anand limited, market weaker; Flo da, pony refrigerators, 1.00a1.25; 3n0stly, 1.00 per quart. Florida, GINNING REPORT OUT. Census Bureau Gives Status for Year Up to December 12. Cotton ginned prior to December 12 totaled 12,796,216 running bales, in- cluding 293,366 round bales counted as 1alf bales, compared with 9,549,015 yunning bales, including 232,643 round bales, ginned prior to that date last . the Census Bureau announced This year's crop was estimat- ‘ 13,153,000 equivalent 500-pound ales on December § by the Depart- ment of Agriculture. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ROSTON, December 20.—Hallowell, Jones & Donald have purchased the ungrown wool from 60,000 sheep raised by Utah growers, at 50 cents a pound on the sheep's back. They have advanced $1 a head to the flock masters. HOUSTON, Tex., December 20—Five million dollars’ worth of new equip- ment, including 2,000 refrigerator cars and 50 express cars, are bsing ndded to the rolling stock of the Gulf Coast Line. This equipment will be used to serve the lower Rlo Grande Valley. The company now has 9,500 rofrigerator cars. NEW ORLEANS, December 20.— Banks throughout the cotton belt are encouraging the holding of spot cot- ton by offering the cheapest money producers have ever been able to ob- tain. Exporters and shippers who noed cotton to flll eontracts are find- ing it hard to buy. — MANCHESTER, N. H., December 20. f'he Amoskeag Company is electrify- ing the Stark Mills to avold closing down when water in the river fails. HOUSTON, Tex.,, December 20.— Outlook is flne for a prosperous strawberry season if the recent cold snap has not damaged plants. First shipments of the season sold ut $13.50 « crate, —_——— Query the Prometer. Determine how mueh of his own money the promoter is putting into his scheme before you decide to risk Sours. Don't take his word for it oFmake him prove it. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, December 20.— The stock market continued its advance this:week under the same general surroundings that have prevailed since election day. This rise has satisfied the highly speculative ele- ment in ‘Wall treet, which at times like these can never ses any limit to an upward swing. It has struck more dispassionate and more conservative observers as being excessive. Accord- ing to their view it has been solidly enough based upon business and credit conditions, but has set too swift a pace. All this doessnot constituts a pre- diction as to when the advance will culminate. These movements always carry far beyond reasonable calcula- tlons. Prices are taken as much above the line of true values as in times of panic they are taken below the value line. Some of the figures reached by individual stocks during the last week .or so cannot possibly be justified on grounds of earnings or dividend prospects. They - have simply been the product of a market under a tremendous momentum, which does not stop to consider the ultimate merit of things, but is simply in- terested in how high stocks can temporarily be put. Investment Market Secondary. There can be no pretense about the present market being anything but extremely speculative. The Invest- ment element has sunk into a subor- dinate position. New security issues ke the Greek and Belglan loans have apparently gone off well, because of the high yleld which they have of- fered as compared with the current money rate. But there is a profound contrast between the regular invest- ment bond market as it is now and as it was all summer. Prices have long ceased going up. Lately they have rather been disposed to sag. But the main difference is in the volume of business. With all the succession of 2,000,000-share days on the Stock Exchange, bonds outside the speculative class have been dull. Strictly investment stocks, like the preferred industrials, have also been neglected. The significance of this is that the {nvestment background which stood behind the security mar- ket from June to October has vir- tually disappeared. In its place has come a speculation of larger propor- tions than anything seen since the Autumn of 1919 and which outranked, measured by actual transactions, any speculative era which Wall Street has ever known. Reaction Is Certain to Come. Nobody of experience can look upon these facts without a certain feeling of uneasiness. The upward move- ment may run for some time longer before the break comes, but it is safe to say that the further this movement goes from present price levels the more violent will be the en- suing reaction. The elements tending to prolong the advance are powerful. In the first place a number of big operators have made a great deal of money and have made it quickly. Naturally this las given them supreme con- fidence. In the second place, actual Direct to The Star Office Thermoidine Radlo by other companies. Corporation and Thompson were among other leaders. Improvement was grea‘est, how- ever, in stocks of public utility com- panies. The features were American Power, over the b points; Common- wealth up 3, Midwest, Southwestern, National up 2 and Tennesses Electric up 1. The market for the oils did some- what better and the coal shares moved forward with the great strength in Philadelphia and Reading on the stock exchange. Yellow Taxi was taken in hand and pushed for- ward 2 points to 20 and Goodyear and Durant came in for attention. 51 Am Superpower B.. 133 Am Forelgn Pw wi Atlantic Fruit . Borden Co .. . 15 Centrifugal Pi Cor. 15 Commonw! Pw Cor 1 1 Comm Pow Cor pf 17 Cont. Bak B. 1 Comm 3514 Pret 95 . 289 w_Cor wis 48 12 Cons Gas Balt new 828 18 De For RO v t ¢ wi _26% 1DL&W Coal..... 131% 30 Dubiller C & io 04 Ford Motor Co Can Freed Eise Rad Cor Gillette 8 R . Goodyear Tire . Heppiness Candy' 4 24 80! Bolg 8% 43 13 e 13! m‘i 82 Tatl Cor Intl Match pfd wi. . erOce Radio Cor Lehigh Power sec ehigh Val Coal Lehigh Val Cl Liberty Rad _..... iadle Weat Ttill. Pow & Lt.... Vick Pl new wi.lll 8 Nick Pl new pt wi 10 Reo Mot . 6 Rova R C tr ofs Sleeper Radio vie 8o C & 1 new a Southern Pow hermiodyne RC wi MIN: Canario_ Copper. First Thought G M .60 Harmill Div....... .10 Kay Copper Corp.. 1% Metals Prod Co ... .17 Parmac Porc M Ltd .30 Plymouth L4 Mines .18 Ray Hercule: Teck Hughes Weznden Copper BOSTON STOCK MARKET. BOSTON, December 20.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: High. Low < 2614 14 53 Ringham s Boston & Maise Calu & Ariz Caly & Hecla Carsoa Hill Min e Libby McNell & Libby CLOTH MARKET STEADY. NEW YORK, December 20 (Special). —The cotton goods market closed the | week quietly, with few price changes { Print cloths were quoted at 9% for 64 by 60 and 10% for 68 by 72, the former a decline of an eighth. Raw silks were quiet and unchanged. Becausa he was blind In ones eye and his wife a habitual drunkard, an infirm old bootmaker's plea that he pay only a penny a week toward her | support, was granted recently in Marlebone Court, making a low main- tenance record in England. Many Stocks Far Above Point Their Earnings Market Momentum Carrying Shares Up- ward Regardless of Merits and Dividend Yields—The Qutlook. holders of stocks have been reluctant to sell, despite the rapid rise, simply because thev can ses nothing else to put their money Into. In the third place, there is no question of credit difficulties Itke there was five vears ago. Fourthly, there s greater assurance of political stability than there has been at any time in years. Finally, there {s the astonishing change in the agricultural situation, with the highest prices since 1920, and with the promise of a larger buying power to operate upon the industrial markets than anything 8seen since the war. Prosperity Well Discounted. But despite this comblnation of extraordinarily favoring influences, to which may be added the impressions that the Dawes plan will bring about economic recovery in Europe, it has to ba remembered that the stock market of the last slx weeks has had an advance almost unprecedented for a similar space of time. Undoubted- ly Wall Street has been right in pre- dicting a perfod of {ndustrial pros- perity, but it has been discounting this prosperity with a vengence. Particularly has it gone to ex- tremes in its estimate of raflway values, now that the way is open for increased dividends and for carrying out the combinations which were con- templated under tha transportation act. Some of the rail stocks which have risen 10 and 15 points in the last two months are without doubt going to find the advance justified, as was that in Southern Railway, St. Louis-San Franclsco and Missourl, Kansas and Texas preferred, by the inauguration of dividends. But where the rise has been based upon the notion that consolidations are going to bring about a big addition to val- ues the whole thing has been over- done. Grain Markets Reach New Highs. The grain markets at a new high for the vear, sterling holding firmly around its top, the copper metal up, sugar down to a new low—these have been the principal features of the week in trade lines. The cotton mar. ket is still unable to make up its mind which will prove the more im- portant ' influence—the largely In- creased domestic output, which is now iplaced above 13,000,000 bales, or the prospective picking up in mill con- sumption, both here and abroad. Time money has grown firmer. More use has been made of the rediscount facilities of the Federal reserve banks. Rediscounts for the system s & whole increased last week nearly $30,000,000. These are symptoms which have to be considered. They represent a bellef that money wiil work higher and also they set forth the fact that the member banks are no longer able to finance the huge stock exchange speculation without the help of the Federal reserve. On the other hand, they are symp- toms which have not yet become suf- ficiently pronounced to be character- ized as premonitions of a credit strain. Speculative Wall street has attached more importance to the dropping off in call money quotations, asserting that this denotes the friend- liness of banking Interests . toward the present stock market position. (Copsright, 1926, by Consolidated Press.) INEW RALROADS ARE BIG FACTOR N 1924 Program Involving Millions to Extend Through Much of Coming Year. BY J. O. ROYLE. Special Dispateh to The Star. NEW YORK, December 20.—"T've been working on the raflroad.”” That haif-century-old song accurately de- scribes the business of thousands of men uring the past year, and there 15 every indication that fully as many handlers of the pick and tam ing bar wlll be found along the rights of way in 1925. The present cam- paigns of construction undertaken by the carriers of the United States rep- resent about the best insurance against unemployment of itinerant labor that could be presented today. Western Rallronds Spread. Construction and betterment work has been active in all sections, but the West has witnessed more new construction of rall lines than all the remainder of the country combined. Lines are being built Into hitherto untapped territory and moving ple- ture directors have had to abandon some of the “broad open spaces where men are men” for fear of getting a crowd of 1925 tourists into an 1847 background The construction program of the Southern Pucifio called for the ex- penditure of $49,000,000, and about half this sum will be carried over for disbursement during the coming year. Altogether 382 miles of new road Were started by the company in Ore- gon, California, New Mexico, Nevada and Lower California. The construc- tion in the latter distriot will serve to link the West Coast of the United States with Mexico City and prom- ises to develop valuable trade with Mexico by tapping a region rich In possibilities. Outlay by Santa Fe. The Atchison, Topeka and Santa Fe road laid 133 miles of new ralls this vear and will spend $11,000,000 for 119 miles of additional double track the coming season, providing a doubls-track system all the way from Los Angeles to Chicago. Each road has ordered thousands of new refrigerator cars and other equipment to handle the traffio which these tmprovements will open up. - A number of entirely new lines in the Pacific Northwest will open lum- ber territory hitherto untouched and will mean the bullding of whole towns and employment of thousands of men. The effect of these and simi- lar projeots on merchants, manufac- turers and producers of raw material all cver the country can scarcely be estimated. The crushed rock neoes- sary for ballast by one carrier alone has necessitated building of at least three new rock-crushing plants dur- ing the year. Gold Mines fn Sand Pits. A gold mine has always stood as symbol of riches and prosperity, but the rock quarries and sand banks of California in the past vear vielded more than the entire gold production of that State. Gold production from California mines yielded approxi- mately $14,000,000 in 1924, but the amount of cement produced there was valued at $26,000,000, sand, gravel and crushed rock totaled $15,000,000. Development of lime de- posits for Industrial uses increased 100 per cent In Epite of the fact that thers was a general revival of mining in the late months of this year, the part piayed by colnage in case of the pre- clous metals was minor compared with other years. The value of the gold used in tue arts and sclences to- taled $10,000,000 more than the total ‘amount produced during the year In the United States. Copper Values Advance. Copper owed its advanoce in value to industrial consumption during the large part in development of new uses, and this was true also of lead and zino. Silver mine owners made a determined and successful attempt to increass the use of the white metal, and production was pressed in oconsequence. Alaska alone turned out $4,200,000 worth of gold and sil- ver and $10,321,641 worth of copper in the first 11 months of this year. DAIRY PRODUCE. BALTIMORE, December 20 (Spe- clal).—Live poultry—Young chickens, per pound, 14223; Leghorns, 14a20; old hens, 14a22; old roosters, 14a15; turkeys, 37a38; old, 33; poor crooked breasts, 25; ducks, 17a23; geese, 19a24; pigeons, pair, 30; guinea fowl, each, 40a85. Dressed poultry — Turkeys, pound, 33a38; poor and crooked breasts, 25; chickens, 20a25; old roosters, 15al6; ducks, 20a25; geese, 20a25. Eggs—Receipts, 220 cas and nearby firsts, dozen q 56. Butter — Creamery, good to fancy, pound, 40a46; prints, 45a47; nearby sreamery, 37242; ladles, 30a32; store packed, 24a25; process butter, 33ad4; dairy prints, 25a27; rolls, 25a27. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. native tations, Review Your Holdings. T want to emphasize again the ne- cessity of a periodical review of any investor's holdings. A good many people say that they buy stocks or bonds “fo put away and forget.” Sometimes that may turn out all right, but sometimes it doesn't. In any case it is foolish not to take precaution when it can be done 5o easily. This matter was forcibly brought to my mind by an inquiry I received the other day from a woman who held a few shares of a certain railroad pre- ferred stock on which she had not been receiving dividends for thres or four years. Now it happened that this road has passed into -control of a larger eystem under a lease arrange- ment and that interest paying cer- tificates had been issued to the hold- ors of the smaller road's preferred stock. This woman had never turned in her shares for exchange and so had lost the Interest on her money. This loss was entirely unnecessary. Any competent banker or trust company official could have ascertained the facts by a few minutes’ work and ad- vised her accordingly. There are plenty of other instances of investors sustaining losses through fgnorance or lack of reliable guidance. The moral is that no matter how con- servative may have been vour inten- tions and how far from your thoughts it may have been to indulge in a speculation, it s the prudent course at least once a. year and preferably once every six months to have some one qualified for the purpose examine your investment list and recommend any advisable changes. (Copyright, 1024, by Consolidated Press.) COSDEN BRINGS IN WELLS. NEW YORK, December 20.—Cosden & Co. has brought in three wells in the Cromwell pool, Oklahoma, with combined dally production of 4,500 brarels. The Tulsa refmery has been oparating at a daily average of 35,000 | barrels, a gain of 5,000 barrels dally over November. WASHINGTON, D. while sales of |regularity as to time. C., BUSINESS NORMAL, BABSON DECLARES Economist Traces Path of Trade Recovery to Healthy Condition. BY ROGER W. BABSON. Spectal Dispatch to The Star, WELLESLY HILLS, Mass., Decem- ber 20.—Business {s again at normal General activity as reflected by the | Babsonchart is shown at “par’ for the first time in eight months. The final November figures, just in, bring the line up from a point 8 per cent below normal, whers business stood at election time. The readings | by months trace the path of decline | during the early part of 1924 and | picture clearly the advance that has taken place since the election. On the eve of the election business stood at 8 per cent below normal. Today it has made up this loss and things | stand at an even balance. | ‘What Normal Means. You may wonder just what is meant | by ‘“nmormal busines: and an expla- nation {s certainly due. We ~have| heard of normalcy in business and we have heard about pre-war condi- tions. Other comparisons have been | made with the boom year of 1918, | and still others with the depression | year of 1921. So many different bas have been used and the term “normal has been applied loosely to mean ko many things that our present use should be carefully defined. In study- | ing business conditions and the changes In the business weather here we show the fluctuations.on a | large chart which combines all the 26 | leading barometers of business into one picture. So far as general activity is con- cerned, the path of business fs do-| fined by two lines on this chart. The | central one, or so-called X-Y line, | follows the path of national growth, regardless of the immediate situation It pictures total transactions and re- flects the real expansion of business, commerce and finance. Present Status of Trade. The second line, which runs alter- nately above and below it, shows the exact present condition of trade. In their jnterpretation these two lines | might be likened to a tree. Thetree | grows a little each year, as is shown by the rings you see in the cross- section of its trunk. At certaln sea- | sons of the year, however, the tres | does show activity on the surface that changes the appearance of things. | In the Bpring, when the leaves are | budding. it seems to be growing rap- | tdly, but in the Autumn, when these | rame leaves shrivel and fall, the tree looks as though it were dving. It is| somewhat the same with businessand | these two lines that measure its two kinds of progress. The X-Y line traces the gradual growth, regardiess of season, while the lina of present activity reflects the surface develop- | ment of the individual season Constant Changes Noted. Qur business and financlal worlds are beset by “seasons,’ even as the tree s, except that the changes from | prosperity to decline, from decline to depression, from depression to im- provement and from improvement to prosperity do not occur with an Business se sons are of varying length and of different intensitics. These changes have made money for many people and have carried others to their graves. In fact, the presence of ex- treme fluctuations in conditions pre- sents one of the greatest problems in our entire commercial and eco- nomlc worlds today. Abnormal pros- perity gives us false ldeas of values. FEasy profits due to rising prices and speculation undermine our habits of work and thrift. We become infer- ested in spending rather than earn- ing: then the great basic law of action-reaction steps in and a de- pression results. Losses wipe out business profits. the bread lines form, and by suffer- ing and by want we again learn the | fundamental lessons of industry and thrift. As our overdraft on the bank | of prosperity is gradually pald back | by the hard process of working mor and spending less things graduallv improve and business comesack into balance. Business Now Henlthy. By normal business, then, we mean | that activity is neither running ahead nor lagging behind the X-Y line, but Is running at the fastest pace we can continue to hold. Normal business is healthy business, and at present busi- ness is in exactly this normal, healthy condition President Coolidge has emphasized the necessity for “stabilization” in the | present situation. Secretaries Mellon and Hoover are stressing economy and the dangers of inflation. The Gov- ernment {s awake to the tremendous advantages of this normal situation and the losses that will inevitably accrue if the present improvement is allowed to develop into a_spree of speculation. Personally T have spent the last 20 years in an effort to cut down these Jumps and bumps in American busi- nses, to lessen these extremes and to eliminate loss and suffering by helping business men to keep nearer to this line of normal growth. It fs improbable that these fluctuations will ever be completely eliminated, but as more business men and more wage workers recognize these changes in the business weather their results are modified and the penalties imposed by this economic law become less. e OILS SURPRISE OF WEEK. Burst Into Activity on Better Out- look for 1925. VEW YORK, December 20.—Oils developed a burst of activity in tho closing davs of week, reflecting. the more cheerful feeling regarding next vear's outlook in oil trade circles. Coppers made only & feeble response to the establishment of a new high price by the red metal. Chemicals, rubbers, sugars, textiles and leathers all developed points of strength in anticipation of better business next year. R Ay R L A diplomat {s any man who knows how to hold hi FIRM ADDS TO HOLDINGS. NEW YORK, December 20.—The International Utilities Corporation has acquired the Canadian Utllities Co., which was formed some time ago for the development of Ca- nadian natural resources, Interna- tional - Utilities recently annoqunced the acquisition of Southwestern Utili- ties Corporation, Kentucky Securi- tles Corporation and the Buffalo and First Mortgage Notes nvest socured on cerefully elontea Trnpraved propertios and pissed o & sound, conservative valuatios. Notes Sow avallable in amounts of $100 up. Apply Losn Dept. Mr. O’'Donnell, Mgr. Chas D. Sager Realtor " 924 14th St. N.W. 36 Maln 37 38 WE FINANCE Apartment Houses Business Property Resldence Property Hotels, Ete, gl e ™ Money to Loan First Mortgages 51/2% Large Amounts Apartment Houses Business Properties McKeever and Goss 1415 K St. Realtors M, 4752 "MONEY TO LOAN 5 1/2 % Any Amount Apartment Houses Business Property BUILDING PROJECTS FINANOED FRED T. NESBIT Isvestmant Bls. FIRST MORTGAGES FOR SALE [ 612% THE TYPE OF SECURITY CONSERVATIVE INVESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. Second Trust Notes Bought Our clients are ready to cash for SECOND TRUSTS in any amount. The rates will please vou if the security is sat- factory. MORTGAGE DEPARTMENT (SHANNON_ & LUCHY) 713 and. 715 l4th Street N.W. Main 2345 Continental Trust Company Capital One Million Dollars 14th & H Streets B L First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. | 728 15th Btreet MITH BONDS set a definite safety standard by which you may be guided in investing your Januar funds. For more than haf; a century our first mortgage investments have main- tained a record of no loss to any investor. Make your selection of our 7% First Mortgage Bonds now and arrange for payment at any time in Jan- uary, either outright or un- der our Investment Savings Plan. 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The owners of our Notes have enjoyed the advantages of safety, prompt payment of interest, and freedom from worry. Did your investment experiences in 1924 fall short of such a satisfactory rec- ord? If so, you may get maximum re- turns in safety during 1925 by placing your funds in our” FIRST MORT- GAGES—the type of investment which is the cornerstone of banks and insurance companies. These Notes are available in denomi- nations of $100 to $100,000. Call or Write for Detailed Information EEMsHENSEY O&% el A, éfi( g 35 Years Without Loss to An Investor. Saul Building 925 15th St. N.W. Reasonable Rent— Excellent Light and Air—Large and Small Units, Office Space—Attractive Rentals. In the Heart of the Business District For Immediate Occupancy B. F. SAUL CO. Main 2100 925 15th $t. N.W.