Evening Star Newspaper, January 3, 1925, Page 17

THE EVENING STAR, WASHINGTON, D. C, SATURDAY, JANUARY 3, FINANCIAL, TRADE ADVANCE * WELL DSCOUNTED Real Values Lost Sight of in| Orgy of Buying—Break Sure to Come. 1925, i7 MONEY TO LOAN 5 1/2 0 Any Amount Apartment Houses Business Property BUILDING PROJECTS FINANCED FRED T. NESBIT Investment Bldg. Main 9392 T Industrial Stocks At Highest Level ! In-Past 27 Years the Associated Press. EW YORK, January ~Rising =tock prices signalized the passing of the old year and the beginning of the new. The market, in defi- ance of a tradition s calling for dull and irvegular hollday mar- kets, swung upward in vigorous fushion, carrying the average of 20 leading industrial stocks to the highest level in the 27 years that cords have been kept ablishnient of the highest for sterling exchanges sinee abandnoment of the wartime “pegged price” in 1919, was the outstanding feature of the foreign exchange market, demand bills on ondon being aueted just below within 12 cents of parity. When You Need a Loan, Think of WELCH, Loan Specialist Money to Loan At 6 and 6727 Interest Befors Placing or Renewing Your 1st or 2nd Trust Consult WELCH, Realtor Loan Specialist 15th‘'and N.V. Ave. Main VERYMAN'S INVESTMENT! BY GEORGE T. HUGHES. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office * MEAT CLOSES WEEK AT HIEHER PRICES Egg Receipts Lighter, Owing to Storm—Poultry Un- changed Today. BY WILLIANM ¥ NEW YORK, in any previous two hours of trading HEFFERN AN, Freed Thermiodyne Cot s From b i e voration. ova T Coutiti- | Sha cates, Thompson., Hazeltine and the | evident Wall lnew Charles han Co hecome ad.” | shot ward their highes th New |while Radiy Txch its velling connee st erc Advancos to nts, » anu 3. the COMMON STOCKS AS INVESTM This article ix devoted to a dis-| cussion of common stocks as y||\-/-<:'~! ments. There are authorities who would d that stocks had ! any eclaim to investment rating. But this, opinion, fs going too far. There stocks representing ximply 4 share ia the profits of the business! which have paid dividends for so lon | of years that they are en-| by genuine in- truc that the market| price these stocks varies over al wide 1 and that profits of the| business involved are also subject to uations. Yet, because of | conservative management and large || surpluses stored up in good times for use in depressions, stockholders receive about the return one | Year as another. i The great majority of common | stocks are mot of this class. ~ Most| of them are pufe speculations and| this is invariably the case with shares unless you are prepared to take ex- || treme: risk Apply the same 1 u.l‘ shares in enterprises which do not} cater to an ential human need. In| “hard tin people get along with- | wut luxuries whether they want to or || Rate IS Géo/o not and the incomes of the corpora- Homs which suppts the tuxuries melt| ||| From Date of But there are certain services | E h Pfl nt ach Payment— Notes Issued NT'S. f the it ad T Stock was | business, v v s that “radio curb whica vith carricd fo a tush of buying orders precedented. With 1e rti stocks lishe [ volu L fo ] ! the nge. 1d in common When You Have Funds to Invest, See WELCH, Loan Specialist Entablished 1500 ‘Real Estate Notes for Sale in Amounts from $250 Up to $1,000 or More. Consult Welch, Realtor Loan Spe 15th & N. Y. Ave. Reference Title Co. to an | way | ward und » at was u & P bl o < 3l - Vollow- | Ston oot Donds_and | S0M cie i Xc s « lass estab = new of Rough Jish the &inia condition in Maryland kept many home today and redur was no v BY STUART I, WEST. o Speeial Dispatcli to NEW YORK vear of 1925 opened outhurst of specuiation, the t violent of any since the period fo lowing the armistice in November and | December, 1918 Nobody with a remembrance of the | past can’ look upon such advances| as have oceurred during the last week | on the stock exchange without mis- givings. They have represented the speculative movement ut an extreme sluze. Wall Stareet, accepting the prophecies of the business leaders is looking forward to a prosperous time in the next 12 months But even with full allow this, it has done a tremendous amount of discounting. It has lost sight of real values. The impelling force has becn derived from profits easily made. |'which have been taken out of one | &roup of stocks and put into others | pushing these upward as fast and as | | far as they could possibly be made to go. On the one hand is the con- | fidence derived from money quickly | made in a very large way. On the B transactio than Secured Savings— That’s the Kind You Get Here— When You Deposit Your Money On Account of A First Mortgage Note— The Interest e Ntar is January at ceipts ¢ arcit the NEW Yo 3.—The with another [ing vy serp AIf Ol of I B Kliby Pet { Lagu 1 Mount 1-oq 197 Mutua! 0il ot New Brag New Mex 1 Nl Cor e Bank Ol Al Can ol . and I stocks . Ne | n it was | Curb oy ; BONDS alist Main 4346 Co. <ame &T et & s 16 Ven * Wilvo: e Bank the nvesto Trust Distri in 25 INDUSTRIALS, 1o 10 Am Gas & 1 Am L& T 49 Am Pow & Lt 8 Am Superposer 5 Am Supernowe. 8 Am Foreion Pow Car Lizht Ceatrif Pips Co Common Pow (‘o Cons Gas Bul new Cont'n Bak I w De F I C vt Dociler Die Ca [ nce for Wash., D. ( D) Pay to the order of Mrs. B. Thrift $35.00 for 6 months’ interest, due Dec 1924, on $1.000 1=t mortzaz purchased through our Mortgage Department. Dec 124, Present Corn and Wheat Prices Will Make Profit Margins Close. i and certain products which the civil-} ized world cannot get along without. | When you find a corporation engaged | {in these activities and which has been | n ioai This is a facsimile o hickens, 1801 C ! | sosters, 18; fowls 70a80 each 40a4d. capon: S Spring, Meats lamb Fruits and Vegzet Today's the Ag narket report (comyiled by Bureau of vegetablc News Service cultural Foonomics) Apples—Supplies moderate; demand 1derate, market barrels. Maryiand, Virginia and West Virginia, A,21 ayman'’s, 6.00a6.50; A, 2% a7.00, few highe Delicious boxes, Washing- large Winesaps and 1.00; bushels, steady inches up § inehes up, 6. medium to Sizes itzent 5a4.5 o) anc most Delicious, ported Cabbage oderate. pet demand York 40.00: —Supplies limited; market firm; »n, Danish barrels. a3 00, “Supplies moderate firm: New 00a3.25 ty crates South Ca ed type. Celery moderate two-thirds fornia Lettuce d market crates, 6.00a8.50 Supplies mc -bushel est, 1 Iceberg orida ton via, crates, mall siz Onions—Supplies light; de moderate, market steady: New York and Ohio, 100-pound sacks, yellows U. 'S 1, medium to large size, Fiem. it Michigan, Rurals, sack; New d whites, U higher; Maine Mountains, 2.75a2.85 per sack pplies light; Potate Market 10 ; No -pound sacks 1, mostly 50-pound omatoes wederate demand steady: rning, wrapped, £z ch count, 5 turning, wrapped, count, 4.005.00% a4.00 decaved, sthouse. 10-pound 3.5 small 1 medium size e: market weak cloth-top veneer bar- muddy, mostly 4.00. <ulifiower—Supplies moderate oderate: market firn Suppl ra Virginia ‘ de- Cali- fornia .25a3. Strawberries Come Dow ioderate aker 40250 per rries Supplies 1 market liberal el hampe refugees, S mand ep- moderate; Florida 4£.00. Squash 3 ipplies ¢ light K c sty moderate steady per rrot [ v Texas, hel demand Texas, ots—Supplies 1 oderate ark shel Vepper. Pract on market; wlies «ales reported TREASU «© f RY CERTIFICATES. ns shed by Itedmond & Co.) Close. Ofer 1009 1007 SHORT-TERM SECURITIES (Quotations furaished by I | Tel. of Canada 5a tral of Georgla €< 1 entral Leather os 18 Mil. & St Pay R L& Pocifs 5 Colymbia Gas & FI. Tst Continental Gas & Ele T Pont 7lgs 1931 Fodecal Sngar Ref. Flaher Body (orp. Fisher Body Cor Goodyear T. & direat Northern . ™ - - | P. & 8 Marris & (e ow York Centr [T 1001, 61 te of T'a 162 Corp. stinghouse F Wheeling Stesl 6 . DIVID. Pd. Rate Q s Q $200 ENDS. o £ Carporation. record Atlantic_Ref. pf. Comw._Edison. Cbl. Wil. & Frank Coal pt Cout. Motors. . Harriman Nat'l Rank 3 Do e Int. Shoe pf.... \oon Motors X. Jersey Zine Simmons Co. i ‘entura Cons. Oil BUILDING PICKS UP. ATLANTA, January (Special).— The midwinter building program here is far heavier than last vear. Per- mits calling for expenditures of more than $3,000,000 have been issued in the last month. Prices for materials are stiffening, but labor is plentiful at the old scale. Peh, Jan. Jan. Jun. Jan Jan. 15 me- demana | niern Mat 1 Kar k 2 Lix W i Nat Lenther EL' ata 1041, 3 Shawsheen 4 Sinclat 19 Swift & Co 38 6Un EIL & T FOREIGN RONDE 13 1005, 100 ISSUES STANDARD 0IL Anglo Am 011 Lobos Tohos pd keve S Gal 1700 3 South Py Southern P 1 W Penn a0 S 0 ¢ 0 S 0N Y. © Obio’ .. pid 30 Swan & Fine §00 Vacuum Oil Sales in INDEPENDE hundreds, Cit WEEK SEES SHARP . SETBACKINWHEAT Reports of Foreign -Ship-! ments Break Prices—Corn and Oats Also Down. | | By thie Associated Press CHICAGO, January current that vessel gating a huge total are in force to !bring supplies of wheat from the| Southern Hemisphere, wheat ~ this | | week has undergone a decided set- | back in price. Compared with a week |ago, wheat this morning was lower > to 3¢ a bushel, corn 2% to 2% down. 28 to 3% off and provisions from decline to 12 ad With reports charters aggre- varying vance. Advices about heavy chartering of | vessels for wheat shipments from | south the Equator were accom- panied by assertions that Argentina and Australia were underselling United States wheat in Europe. Fur- thermore, one of the largest ‘grain companies here issued a statement suggesting that producers in this| country should accept present prices | rather than see Argentina and other ympeting countries successfully sup- r the needs of Europe. larged estimates of the Australian crop were also of some bearish effect, and so likewise were reports of drastic Eu ropean economies. Declines in wheat values led to! sudden enlargement of export busi- ness at times, but of insufficient total vol to make price rallies hold we Word that 32 a bushell had been paid for No. 2 red Winter wheat at St Louis failed to check persistent Selling out of future deliveries here, and 100, did announcement that some choice wheat at Minneapolis had hre ht high as $£2.21 a bushel Continued anxiety, however, was ex- about the effect of ice re- ! ported as covering a broad stretch of | domestic Winter crop territory Increasing stocks of corn and oats tended to pull down the price of both creals. A greatly improved outlook the Argentine corn crop was | notea. Prov ong, in line with the hog market, reached new peak prices, but | later were eased by big deliveries of lard of as pressed RECORD BANK CLERRINGS. Year End Operations. Reach Amaz- ing Total in New York. NEW YORK. January 3.—The New | York Clearing House was called .on | vesterday to handle a record volume of hank clearings, The total was| | $1.655.000,000, topping by $50.000.000 | | the previous record set on Wecember | 15 last and coming within $207,062,000 of cqnaling the total value on all paper currency in circulation in the United States ) | “The record was attributed to the'ex- {tremely large year-end operations, which called for the cashing and ex- changing of more checks in New York City than ever before had heen turned into the bank of any city in the world | in a business day. The nearest approach to the New York record was made in London. | where the total clearings reached 100,000,000 pounds, or about $1,000,- 000,001 even times last year. FACTS ON STOCK BOOM. } NEW YORK, January 3.—The boom in railroad securities before and after election carried the percentage of trading in these issues to 23.08 per cent of the total volume of transac- tions on the New York Stock Ex- change during 1924, the highest for any year since 1915, when it was 2681 per cent. The percentage of trading in industrials for the year wag 76.93. |after the | by further | pound, | nouse Alden Coal tine Co Inter-Ocean Match pla Power Yal Coal Lehigh Val (1 N( Lib B C ¢hn Str Long Bell Lum wi Niddle West Util Nat Distil Pr vel At Pow & Lt Nat Tea Co Nick PI new 8 Radio Corp Rova Ra Cor ir ¢ Tehigh Swift In Switt & Co Tenn Elee Tower S t TS Lt & Heal Ware Radio ¢ MINING i Copner stock Tunne wus Cop Mines Diamond Hlk Kutte Goldfield Devel Staute 11y a1 iy o Howe Kar Comy in Dar Piymout) Le: S0 Am Gold & Spearhiead Gold onopab Extens WHEAT SELLS AT $2.21: HIGHEST PRICE SINCE 1920 By tha Associated Press MINNEAPOLIS. January load of wheat sold Commerce here vester: bushel, giving the first da here in 1925 the highest mark reached for wheat since 1920. The previous high post-war cash price was $2.181, established December 26 last BUTTER PRICES HIGHER. Wholesale A_—Mn_rke—!—s- Increase Charges During Week. CHICAGO, January 3.—Trading was quiet, although the volume of butter moved was fairly large and storage withdrawals were heavy during the week. At the close more contidence was expressed and all markets were reported steady to firm Heavier receipts were forecast effects of the recent savere cold weather has passed. the out-of-storage movement expected to continue to be hel with the storage situation pro- nounced better now than it has been for months. Closing wholesale prices butter, and price range follow: Chicago % higher at 413%; New York 1 higher at 45: Boston 34 higher at 44%, and Philadelphia 3 higher at 45%. A car for $2.21 a was 92 score for the week e CHICAGO GRAIN PRICES. CHIC ), January 3 —Indications of & larger export business overnight led to a materfal upturn in wheat prices today soon after the opening. The rise in values here w ilities the fact that the spread betwees Chicago and Liverpool quotations on ay delivery of wheat was the widest weeks. considering advances in terling exchange rates. Upward swings of the market were accom- panied by a good deal of covering on the part of shorts and by rein- statement of lines recently unloaded The opening, which ged from decline to 1 with May to 1.76% and July to 1.51%. was followed by an all-around advance about 2 cents above yesterday's finish Corn and oats pathized some- what strength, hut were some 1.76 with wheat tunder considerable selling pressure on | high mark of 320,046,100 share: account of increasing stocks After opening unchanged to 3 off, May L28% “to 1281, fhe corn market scored moderate gains, but soon eased back. Oats started unchanged to May 621 to 623, and then lower. Provisions s down averaged were heavy easier, influenced deliveries of lard here. DAIRY PRODUCE. BALTIMORE. January —Live poultry — Young pound, 25a30; Leghorns. (Special) chickens. 0azs: old roosters, old, 3 duck ong, pair, 17a18: young turkeys. poor and crooked breast 20a30; geese, 25a30; pige: guinea fowl, eac Dressed pound, crooked 0: old geese, poor and kens, Egge—Receipts, 1,025 tive and nearby firsts offered 56; quotations, 56. Butter— Creamery. na- bid, good fo fancy, 40a45: prints. 45a47; nearby creamery, 35a40; ladles, 30a32; store packed process butter, 33ad4; rolls, 25a28: dafry prints, 25a23. FINANCIAL NOTES. YORK. January Klectric and M Co. has bought the ent stack of the Wetmore-S: Supply Co. The transaction. however, does not include the compan tomobile equipment business. The Chicago and Alton has ordered 9,300 tons of rails. covering its .re- quirements for 1 distributed be- tween the Illinois Steel Co. and In- land Steel. F! NEW Westing- nufacturing £3,000.000 age Eleetriz PEARL 0 The rock of Gibraltar is about 1,437 feet high. the Chamber of | trading Meanwhile | BY J. C. ROYLE. 1 Dispatch to The Star. W YORK, January 3. Hens are “to called upon attend more strictly to business the coming | it probable the ham and eggs on the Amer- will Egz production did not | in the last| vear, although there twere more chickens on the farms when the period started than ever before. On the 1st of last January the {chicken population numbered 474,000,- 000. an_increase of 32 per cent since 19 This trend toward enlargement of flocks was furthered by the desire of farmers to diversify their products. Owners and dealers not only counted their chickens before they were | hatehed. but the eggs before they were laid. A record production .was forecast and prices held very low since storage men were reluctant to buy, having lost money for the two previous years on thelr holdings. Low Prices Paid Fi he oversupply never arrived. how- The cold, unfavorable Spring down production and receipts at ke warehouses totaled only 36 cases. Moreover, holdings dropped a million and a quarter cases {in the early Winter, as compared with 1923, Prices ran about the same as in that- vear, averaging 2.6 cents at the farm, compared with 25.8. Premium prices, however, were paid for eggs of superior guality and this new quality basis tended to stabilize the industry to a greater extent than ever before. A good many farmers got disgusted with the efforts of their hens and dis- posed of them, but there was no flood | of fowls coming to market. Receipts of dressed poultry were very light during the Summer, byt Increased rapidly during the Fall and early Winter, and when the new year ap- proached there were about 16,000,000 pounds more dressed poultry on hand than at the corresponding time last vear. N going be to year and even then is that ican breakfast talle cost more than in 1 live up to its reputation ruers. Some Severe Loswe: ie spread of disease among flocks in some sections, which was followed by embargoes from many markets, checked shipments to a con- siderable degree, and resulted in some severe losses. Prices in many of the leading markets maintained a level as high as that of 1923, and there is evidence that good figures will obtaln in the early months of this year. The increase in the prices of poultry feed is expected to affect the market and while chickens are responding well to their feeds, and putting on relatively more flesh for their rations than other live stock, dealers will have to pay more attention to eg® ! production per hen to keep the chickens on the right side of the road | to profits P Cont of Feed High. In relation to price: of eggs and hogs. corn prices tremely high. Not only do farmers prefer to sell their corn for cash at present levels rather than feed poul- try and hogs with a ration costing well over $1.10 a bushel, but more corn is required to produce the same nutriment value than when the quality was better and included less moisture. 1t is even more diflicult to see how the poultry men can afford to buy wheat near the $2 mark to feed chickens selling at present prices. If demand does not keep prices up, it is probable that a large number of hens {will be soid before midyear. This will tend to keep down egg produc- tion and sustain egg prices, although it will have an opposite effect on prices for dressed poultry TRADING IN STOCKS FAR AHEAD OF 1923 By the Associated Press NEW YORK, January ock | transactions in 1924 on the New York Stock Ixchange aggregated 288,195.- 1000 shares. the second heaviest yearly ! traa on rccord and an increase | of 45.330,700 shares over 1923. The was | established in 1919, The daily aver- {age trading in 1924 was 954,283 shares, [ the heaviest five-hour session was 2, 16,400 and the smallest 305,600. The largest two-hour day reached 1,466, 400 shares and the smallest 214,100. RATES ON BAR SILVER. LONDON, January 32d per ounce. Money, 2% per cent. Discount rates, short bills, 3%a3% per cent. Three-month bills, 3 15-16a 4 per cent. the poultr; are ex- 3-—Bar silver, COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY { NEW ORLEANS, anuary 3.—All local department stores are holding pre-inventory ~and clearance sales, with heavy cutting of prices on heavy apparel, novelties and millinery, re- ductions in_some Instances running from 25 to 50 per cent. SAN FRANCISCO, January 3.—The oil production of this State has slumped about 200,000 barrels a day, as compared with last year, and total drilling operations in the last year fell off slightly. LANCASTER, Pa., January 3.—Lit- t1e of the 1924 crop of tobacco has vet reached consumers. Huyers have been holding off only to meet firm demand on the part of growers. ATLANTA, January 3.—The Georgia Co-Operative Cotton Growers’ Asso- ciations have 100,000 bales on hand, with several thousand more still to be warehoused. Contracts for at least 150,000 bales are expected to be written this season. ST. LOUIS, January 3.—One-third of the 12,000,000 fruit trees of Missouri were damaged by the recent blizzard, other hand. there is the Knowled that the big holders of stocks c not afford to sell, no matter what the rise, for income tax reasons. Stock Market Riding to Fall. Under these circumstances predic tions as to how far the upward movement will carry would be futile. But it is safe to sa that if prece dents ure of any use, stocks are be ing forced ahead too fast, that the rise is getting beyond outside b ness conditions, and that in the this will demand its penalty In the meantime the trade news is favorable. The steel mills last Au- gust had sunk to 45 per cent of op- erations, as compared with full ca- pacity. They are now up to from 80 to 85 per cent ‘The copper metal at 15 cents holds out a pro for the copper and smelting companies very different from that of a year ago, when the price wsa below cents. Quotations for other meta ke zinc and brass. are higher than | they have been in the last two years. The position of rubber and tire an ufacturers has been greatly improved, by the recovery in crude rubber, | which has meant a large increase in the inventory values of these com- | end panies. There has been a pronounced change for the better in hide leather. Along with and 11 this, there the extraordinary fact of the increfse in farm prices, an advance of between 60 and 70 cents a bushel on wheat from the low of last Spring, a corre- sponding rise in corn. in other grains and in live stock. What this will in- volve for the buying power of the agricultural communities in the com- ing year i= a big consideration both; for manufacturing and distributive industries and for railway trafiic. Pound Almost Back to Pa Sterling exchange, above $4 where it was at one time during.the last week, was within little more than | 11 cents of old-time parity. It was | well above anything reached since | the British government pulled the| peg out of the market, which bhad been maintained during the greater part of the war. Those who have be- lieved all along that the British| pound was on its way “back to par'* were not at all surprised. The essen- tials for Great Britain returning to a gold basis have, indeed, been present for a long time. The only deterring influence was the experiment with | the Labor government. Fear of what might happen, yet which did not happen, drove capital away from England, and it was this which 12 months ago put sterling down from above $4.40 to around $4.20. The return of this capital has bee the principal factor in the 33-cen advance which has occurred since th. British elections. The second influ ence has heen the flotation of the various foreign loans in the United States. The investment of American funds in these Luropean government is n t e |and private securities has more than offset the credit balance in the mer- chandise trade, and for the first time since 1918 has brought about a con- siderable excess of gold shipments, as compared with imports. We are now | witnessing the beginning of the counter gold movement, which was phophesied from high quarters two and three years ago, but which was not realized at that time. Gold Outfiow Checks Easy Money. The result upom the investment markets of a gold outflow such as| is now indicated. is one of the most interesting questions before the mar- kets of 1925. Already, along with other causes, it has put a period upon the exceedingly low money rates which prevalled during the first three quarters of 1924. Therefore, it has set a limit upon any further rising tendency in investment bonds and in investment stocks. This 18 the sea- son of the year when ordinarily in- yestment securities go up, in conse- quence of the January reinvestment demand and the return flow of sur- plus money from the crop sections to the reserve centers. But there has been no sign during the last week of | these customary processes working out. ‘oreign Bond Investors Face Loss. One of the striking features of the moment is that investors who have subscribed to some of the recent is- sues of foreign government securities and of home corporations as well, find themsslves confronted with a loss. French government bonds have been golng down. first because of the un- | pleasant impression made by the ut- terances of the French finance min- | ister regarding the war debt, and second because of the persistent in- fation in the franc. But it ix not only a question of European government loans. The shelves are getting stock- ed up with domestic offerings, which, on the face of things, seem to have been sold, but which really have not been sold. (Copyright, 1925.) Query the Prowmoter. Determine how much of his own money the promoter is putting into his scheme before you decice to risk yours. Don't take his word for it.— make bim prove it. HIGHER MONEY SEEN. BALTIMORE, January 3 (Special). —The feeling prevails in banking cir- cles herc that higher rates will pre- vall for money gduring 1925. During the year just ended money on time loaned as low as 2 per cent, while in Baltimore the minimum rate was 4 per cent. In both cases rates were | much below the average of recent years. As a matter of fact, some lenders complained that the rate was lower than the cost of bandling the business. | Wmum;m;ummmr; § Continental Trust Company ; Capital One Million Dollars l4th & H Streets | 50 enzaged year in and year out, i 10t outside sound investment prac to consider Its shares from standpoint ble is that s ctive when high prices of eycle and look most when they are selling shrewd investor buys for investment, not else is buying e else his rule is exact followed by the successful speculator. I do not want to convey the that there no risk to shares in companies of the have described, but on the other hand I do not want it understood that al such stocks should be invarfably ruled out of a sound investment program. (Copsright, 1921, by Consolidated Press.) tice investmer The tro most attr g at the ich stocks 100k they are t the low. when he when every one nor does sell “when is sellin. In other words, The buy: sion is attached Joe—————— LOANS FROM $50 TO $100 Can Be Obtained by Using Our Certificate of Inventory, Appraisal and Title. CHATTEL TITLE COMPANY 805 Fifth St. N.W. FIRST MORTGAGES FOR SALE 6v5% THE TYPE OF SECURITY CONS ERVATIVE INVESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 1315 F ST Joun PooLe Pusmen N Se cond Trust Notes Bought Our cliengs are ready to pay cash for "OND TRUSTS in any amount. The rates will please you if the security is sat- isfactory. MORTGAGE DEPARTMENT SHANNON & LUCHSI 713 and 715 14th Street N.W. Main 2345 WE FINANCE Apartment Houses Business Property Residence Property Hotels, Fite. ie & Richardson, Inc. S18 15(h St. N.W. Hig the sell- market ttractive the reverse of that impres- kind 1 Checks leaving our office daily to nvestors in $100 to $5,000— Property Worth Double Each Loan— Never a Loss For an Investor— 7 o7 o First Mortgage Notes (84 Note the date d Once you inve gages no other will appeal to ¥ plete deteils. Notes 5100 u Apply Mort ment. C. L. 0'Donnell, avd time = \d for con o hand epart- Mortgage Investment Dept. Ma SPANNON_& LUCHS) 713 and 715 14th Street Main 2345 i n | 1 1 924 14th St IONEY TO LOAN ON FIRST MORTGAGES A CURRENT RATES OF INTEREST 7327 {Jmmer:/lbaf .,Q/flemu WHEN YOU INVEST —the margin of safety for your money demands your first con- sideration, a bargain which de- pends upon the amount and na- ture of the security, the legal and technical correctness of the transactions incident to it and the character of the company which stands behind it Our— FIRST MORTGAGES —are preferred investments because they are based on im- proved, income - producin \Washington real estate. con- servatively appraised. Quarter of a Century Without a Loss. BT saul CO. Main 2100 925 15th 'St. N.W. Prompt Action First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 _15th Street The National Capital Bank The annual meeting of the stockholders of The National Capital Bank of Washington, D. C, for the election of direc- tors and the transaction of any other business that may be brought properly before the meeting will be held at the bank Tuesday, Jan. 13, 1925 ~between the hours of 12 o'clock noon and 3 o'clock p.m. H. C. STEWART, Cashier. { || At Re-Investment Time January is the month for wise re-invest- ment of your funds. Doubtless you seck a security of permanent safety that offers an attractive yield. Remember that First Mortgage Notes purchased through Swartzell, Rheem & Hensey Com- pany are at par today, were at par yesterday —a year ago—that no investor has ever suffered loss during our fifty-five years of Money to Loan Secured by first desd of trust on real estate Prevailing intsrest and commission Joseph 1. Weller Bldg., 9th & F N.W. Washington Money for Washington People Interest Rates 6% and 612% Wanted " First Mortgage Applica- tions on N.W. Property Apply Loan Dept. L. O'Donnell, Mgr. 36 Chas. D. Sager ,, % Realtor 38 924 14th St. N.W. 420 Wash. L. & Trust successful business activity. Our First Mortgage Notes yield 65% per annum—paid the day that it is due. Ask Your Banker! SWARTZELL.RHEEM&HENSEY Co. WashingtonD.C. 55 Years Without Loss to An Investor.