Evening Star Newspaper, February 8, 1925, Page 33

BONDS HOLD FIRM NEAR BEST LEVELS Present Average Highest in|™* . Recent Years—Gold Ex- ports Slacken. BY GEORGE T. HUGHES. Spect® Dispatch to The Star. NEW YORK, February 7.—Bonds hold firm ar~und the best prices, not only for 19iL to date, but for all of 1924 and the year before that. Here and there an individual issue is lower, but taking the list as a whole and including all grades, the average is at the high point of recent years. In fact, this past week the strength of the bond market has been the sub- ject of surprised comment throughout the Wall Street district. Most dealers and many investors came to the conclusion some time ago that bord prices were at the peak, and that the prudent thing to do was to sell long term issues and reinvest in the short maturities. Perhaps this view was and Is corecos, but there is nothing to substantiate it In the course of quotations so far. Much lias been made of the gold export movement as forecasting higher money and so unfavorably affecting the price of bonds. Gold Exports Slacken. But this week the gold export tide has slackened and the matter for the moment is not given so much im- vortance. The truth of the situation is that we have been importing gold on balance for so long & time that we can lose a good deal of our sur- Plus stock before there Is any visible effect in the money market. It must «lso be remembered that these ex- vorts of gold do not represent a so- | called unfavorable balance of trade; that is, the gold exports are not going out to pay for an excess of imports of goods, but rather they are the re- sult of our enormous loans to Eu- rope and, to a less degree, of the re- turn of capital, to the other side, which had taken refuge here during a period of the greatest uncertainty as to the future of European finances. Loans Considered Assets. As_ was recently pointed out by New York Federal Reserve Bank, these European loans are assets and as they increase in volume so do the returns in the form of interest. It is very hard for most people to visualize the change in America's position, the war, from a debtor to a reditor nation and yet, without grasping this fundamental fact, it is impossible accurately to comprehend the present situation. As for the re- turn of capital to Kurope, there is a limit to the amount involved and nditions over there are not yet so stabilized that this movement may not at any time be interrupted. Sterling exchange is approaching par, but has not yet arrived at that point, nor has Great Britain re-es- tablished a free gold market. Sweden, Whose exchange is on a parity with the dollar, has found that her posi- tion is not without difficulty, while the great majority of the other states of Europe have been unable to follow her example. French francs are still greatly depressed and the French finances are not greatly im- proved. Trade Expansion Slow. The other ordinary course of events, bring about higher money, Is busi- ness expansion, and this is going ahead very slowly. The weekly state- ment of the Federal Reserve Bank shows an increase of rediscounts over the preceding week, but the total is still far below the corresponding period in 1924. Railway traffic keeps up at a very high rate, but there is & lull in pig iron buying, which may or may not be significant. In any case there is no boom, which is a matter for congratulation rather than the opposite. The conclusion is that the investors who are selling their bonds in the expectation of high money, caused either by the outflow of gold or increased business activity, may be making no mistake in th long run, but that they are probably premature. Rigid Rules Gratifying. would factor which, in the| —1em High. 101-28 102-20 101-81 102-22 102-28 106-29 024—— 1025 Low. figh. 1..- 5"% 108% High. Low. .+ 101 20 101-12 101-27 “-‘ 99-8 98-8 99-8 Liberty 4th 4 Treasury 4%s1947-52... 10510 104-27 Prev. week's FOREIGN. Austrias f 7s 1943. Belgium 6s 1956 Belgium 7%8 1946. Belgium 32 1941, 4 Chile 85 1946. Chinese Govt Ry 58 1961 Copenhagen 515 1944. 4« Czechoslovakla 8s1951. 104% Denmark 65 1942 Denmark 8s 1946 Dutch East Indies 6s 1947 t Indies 65 1962, . French Govt 85 1945. German 7s 1949, Holland-American s £ 6s 1947 Japanese 45 1931. Japanese 6%s 1954 Jergens Utd M.rnrxnu 681 Lyons 6s 1934 = Marsellles 68 1934, Netherlands 6s 1972, Norway,8s 1940. . Paris-Lyons-ed 65 1958. Queensland 68 1947 U Queensiand 7s 1941 Rio de Janeiro 8s 1 Sao Paulo, State of, §5 Seine, Dépt of, 7s Serbs Crotes Slovenes 88 1963 Sweden 651939, Swiss Blas 194 United Kingdom 551929 United Kingdom 53%s 1937 INDUSTRIAL AND MISCELLANEOUS. 1% Amer Agri Chemical 7%s 1941, Amer Smelt & Ref 1st 53 134 Amer Sugar Refining 6s 1937. Amer Tel & Tel cl tr 45 1929 Amer Tel & Tel cl tr 5s 194 Anaconda Copper 6s 1953. Anaconda Copper cv deb 7s Armour & Co 4%s 1939 Atlantic Refining deb 65 1937. Bell Tel (Pa) ref 53 1948. Bethlehem Steel p m 58 1936, Bethlehem Steel s f 65 1943, Central Leather 6s 1925, Chile Copper 65 1932. . Cons Coal (Md) 1s ref 55 1950. Cuba Cane Sug cv deb 8s 1930. Detroit Edison ref 6s 1940. . Du Pont de Nem 7%s 1931, Empire Fuel & Gas 7%s 193’ General Electric deb 5s 1953 Goodrich (B F) 63%s 1947. Goodyear Tire 85 1931. Goodyear Tire 8s 1941. Humble Oll & Ref 514s 1932, Indiana Steel bs 1952..... Inter Mer Marine 6s 1941. Inter Paper 68 B 1947.. . Kelly-Springfield 85 1931. Lackawanna Steel b5 1950 Liggett & Myers 5s 1951 Manatl Sugar 8 £ 7ts 1942 Midvale Steel 55 1936. .. New England Tel 5s19€2. New York Edison 1st 6%s 1941 NYGasELH& P 551948 New York Tel 41451939.... New York Tel 65 1941.... North American Edison 6s Pacific Gas & Elec bs 1942 4 Pacific Tel & Tel 55 1952.. Philadelphia Co ref 6s 1944. Sinclair Ol 7s 1937 Sinclalr Crude O1l 5145 1925 South Porto Rico Sugar 7s 1941 Union Bag & Paper 6s D. U S Rubber 1st & ref 55 1947. U S Rubber 7181930 U SBteels f 551963 Va-Carolina Chem 71%s 37 Western Union Tel 6%s 193 Wilson & Co 1st 65134 Wilson & Co cv 7%s 19 RAILROAD: / Atehison gen 4s 1998 Atlantic Coast Line 18 8 1953. Balto & Ohlo gold 4s 1943 Balto & Ohlo ev 43 Balto & Ohlo ref 5s Balto & Ohlo 6s 192 B&OPittsLE & W Va 451841 B & O Southwn div 3%s 1925, Brooklyn-Manhat s f 63 A 1968. Canadian Northern 633 1946. Canadian Pacific deb 4s. . 4 Central Pacific 45 1949 Chesapeake & Ohlo ev Chesapeake & Ohlo gn 4%s 18 Chesapeake & Ohlo ov 58 1946. . Chicago & Alton 3%81 Chi B & Quincy 1st ref Chi & Eastern Ill gen bs 1951, Chi Great Western 48 1959 Of D. C. Christmas Samngs Clubs Institutions to Observe Simultaneous Dates If Members Concur—Other Local Financial Notes, BY CHAS. P. SCHAEFFER. An attempt to attain uniformity in regards to Christmas savings clubs operated in this city is being made by Victor B. Beyber, president of the District of Columbla Bankers' Asso- clation. The attempt was made, it was said, after w number of banks had expressed willingness to co-oper- ate with member banks as to the date of opening, closing and date of dis- bursement. If uniformity can be attained checks will be disbursed on December 1, 1925, simultaneously with the opening of the next years clubs. Membership would cease on and after January 16. Attempt is also being made by Mr. Deyber to put in use uniform equip- ment, whether the coupon book sys- tem, the punch card system, pass book or other forms, the idea being considerable economy by pur- chasing the equipment in quantities. Christmas savings clubs are now operated on any basis dictated by the institution maintaining them. Herotofore, they have been payable at periods beginning with December 1 and continuing to a week before Christmas, while they have been kept open for memberships sometimes un- til the end of January Bank Ruling Interpreted. Counsel for the Federal Reserve Bank of Richmond has advised mem- bers that in accepting any note, bond or other instrument secured by a mortgage on real estate in South Carolina it shall fail to secure a good title unless it requires that an assign- ment of the mortgage be executed in accordance with the statute and re- corded before it accepts the mote, bond or other instrument. Falling to do this the institution would be run- ning considerable risk, the counsel opines. The opinion in question is the out- growth of a recent statute of the State of South Carolina which pro- vides that “No assignment of a mort- gage upon real property or other written instrument affecting real property as security for the pay- ment of money, or of the note or bond securied thereby, or of any interest therein, shall be good or effectual in law or equity, against either a sub- sequent creditor or a subsequent pur- chaser for a valuable consideration |’ and without notice of the same, or agalnst an owner of the mortgaged property without notice of the same, unless it be recorded “according to provisions.” In view of the opinicn of counsel, therefore, the Richmond institution hereafter, on account of this statute, will not be able to dis- count paper of the character described for members, or accept it as marginal collateral, unless the terms of the statute have been fully complied with in respect to such paper when it is offered. Likewise, all member banks of the Fifth district are urged to adopt a similar attitude. Settlement is Far Reaching. Local bankers are interested in a settlement reached between the In- ternational Bank and the National Burety Co. on a judgment in the sum of $8,000 returned in favor of the former. Suit was instituted on a bond given by the surety company to the bank indemnifying It against loss occasion- ed by accepting forged collateral se- curity. The company contended that the loss was not ‘covered by the bond and suit was brought by the bank to inforce liability. The action was tried last term be- fore a jury in the Supreme Court of the District of Columbia, and a ver- dict, in full, was returned favoring the bank. The case attre much attention because it was t rst adjudication of @ large number ot similar casem. Loeal Securities Prices. The following latest bid and asked prices are quoted for the guidance of holders of miscellaneous lssues: BONDS. acceptances already have been re- celved from invitations sent to the chapters of the Institute throughout|BY the Associated Press. the country. Mr. Burnside announced in this section will be represented. A record attendance is forecast by Donald R. Cameron, treasurer, who reported prompt response to invita- tions sent to the chapter membership. Principal addresses will be deliv- ered by Victor B. Deyber, president of the District of Columbla Bankers' Assoclation; Harry V. Haynes, chair- man of the Washington, D. C., Clear- ing House Association, and Mr. Burn- side. Robert Lawrence will lead the singing and Happy Walker's Golden to play the dance music. The com- mittee withholds definite announce- ment of the entertainment program, but indleates arrangements are be- ing made to have several headline at- tractions for the occasion. Members of Committees. Membership of the various commit- tees comprise: Reception and advisory-—Victor B. Deyber, chairman; Harry V. Haynes, Joshua Evans, jr.; F. G. Addison, E. J. McQuade, Laurence A. Slaughter, James C. Dulin, jr.; W. J. Waller, C D. Boyer, W. A Dexter, George O. Walson, C. H. Doing, John Poole, W. W. Spald, George W. White, W. McK. Btowell and E. P. Wilson. Entertalnment—F. P. H. Siddons, chairman; Lee Poe Hart, W. H. Taylor, C. F. Schats, G. M. Van Hoesen, John Fletchall and Huntington M. Turner. Seating—Frederick H. Cox, chair- man; Robert T. Highfleld, James A. Soper and Willlam G. Winstead. I Decorations—Miss Lois A. White, chairman; Mrs. H. D. Reed, Mrs. L. M. Sloat and Miss Lillian A. Mitchell. Publicity—Miss Florence M. Willer, chairman; T. Hunton Leith, A. E. Heénze, F. E. Yllek, Harold Seeley, Ellsworth Moyer, Raymond Lochte, Miss Grace Bromley, Miss Mildred C. Woodcock, Miss Mabel Royce, Miss Katherine Kreig and George M. Ire- land. Menu—Eliot H. Thomson. Teating Utility Bonds, Public utility bonds are respons for the bulk of trading on the Wash ington Stock Exchange. These bonds are the obligations of corporations engaged in furnishing electric light |and power., gas, telephone, traction, etc, as distinguished from railroad and industrial - corporations. are usually secured by some kind of issuing corporation. The demand for the services of public utilities has grown very rap- idly since 1870, with the result that property values in al‘ growing and gone considerable enhancement, situation may be expected fo con- tinue, so important are public utility corporations in cit¥ development and in ralsing the standard of living. Consequently, their extensive proper- | | ing ample and increasing security for | | bond issues, which, although not so| well known as Government, municipal | and railroad bonds. are in high in- | vestment favor, with generally high- er yields. Except Delaware, Towa and Texas, each State in the Union, in addition to the District of Columbia, has created a public service commission (here the Public Utilities Commission) for the purpose of regulating the public utilities within its jurisdiction. It is the function of these commissions to have supervision over operations, to| exact regular statements of earnings | and expenses, and to pass on issuance of new or additional securities. Se- curities thus issued are reasonably certain to bear the stamp of a thor- | oughly sound Investment. There are certain points with which the investor should familiarize him- self pertaining to Iinvestments in pub- lic utllities. While there are many They | mortgage upon the properties of the | ties are normally capable of provid- | that several local banks also have firm tone was maintained in the major invited out-of-town guests and it s portion of industrial issues dealt in on expected that all of the large citles|th® curb exchange today, there were a Pheasant Orchestra has been engaged | o¢ confusing movements, many stocks progressive communities have under- | | This | CURB TRADING LED BY GOODYEARTIRE Oil Shares Fail to Reflect Further Advances in Crude Quotations. NEW YORK, February 7.—While a few isolated movements scoring ma- terial advances. Goodyear Tire quickly | rose about 2 points, selling to a new high at 34%. The petroleum list failed to reflect the day’s advances in crude and high- grade oil reported in some sections. There was an easier trend to the gen- eral list. Ohio ofl and cities service is- sues were exceptions, those stocks ris- ing substantlally in the early dealings. Consolidated Gas 5%s appeared in the trading, seiling on a when-issued basis, sales being reported at 1013 and 102%. The market during the week was one with violent fluctuations traveling over a wide range, and the market position of a number of stocks was radically changed as a result of the week’s deal- ings. The radlo issues as a group were un- settled to a considerable extent, and | many of those stocks were without a demand at even an approach to their re- cently prevailing levels. Hazeltine in- | dicated a general action of this group, falling from 45% to 31%. A sale of Victor Talking was made at 90, a decline of 15 points from its last preceding sale. All Issues GERMAN BONDS Bought or Quoted Lane Rowell & Company 435 Star Bldg., Main 2867 Before You Invest, Investigate First Mortgage Loan Applications Wanted Interest Rate 6% and 2% Awly Loan Dept., QDONWELL. Mer., cras D 8R0E Realtor, 924 14th St. N.W. WE FINANCE | A tment Houses Business Property Residence Property Hotels, Ete. Higbie & Richardson, Inc. 816 15tk St. N.W. FRQM $50 TO $100 Can Be Obtained by Using Our Certificate of inventory, Appraisal and Title. CHATTEL TITLE COMPANY 805 Firth St. N.W. WhenYonNeedaLoln Think - of WELCH, Loan Speualnt Money to Loan At 51, 6 and 6129 Interest || Before Placing or Renewing Your 1st or 2nd Trust Consult WELCH, Realtor Loan Specialist Sth and N. Y. Ave. Main 4346 ' The le to Go Ir Your Loan 6% Money Available On approved Real Estate Security, Residential, Business. FIRST MORTGAGE LOAN DEPT McKEEVER & GOSS 1415 K Realtors M. 4752 FIRST MORTGAGES FOR SALE Denominations of $250, ssoo $753, $1,000 and upwards 612% All Loans Made on Property Located in the District of Columbia JAMES F. SHEA 642 Louisiana Ave. N.W. BONDS GERM STOCKE Bought—Sold—Quoted Full New York and Berlin Market Received Daily Send for Special Market Letter Peter Whitney 203 Investment Bldg. Telephone Franklin 3078 Now 52 Years of Proven Safety THE acid test of 52 years has been applied to the first mortgage investments sold by The F.H. Smith Company. ‘They have come through this test without ever causing any investor the loss of one cent of principal or interest. 7% SMITH BONDS are sold in $1,000, $500 and $100 denomina- tions, Outright or under our In- vestment Savings Plan. Every partial payment earns the full rate of bond interest. No Loss to Any Investor in 52 Years The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS Smith Building, 815 Fifteenth St. THE F. H. SMITH COMPANY ‘Smith Building, Washington, D. C. Please send me your new booklet and information about Smith Bonds pay- ing 7%, WERE (Reasonable Brokerage) Approved Residential and Business Properties LOAN DEPT McKEEVER & GOSS 1415 K St. 4752 Money to Loan Bocured ey, frat deed of trust en real estate Prevailing interest and_commis Joseh 1. Weler 555 F 33 Guaranteed 6%2% First Trust Notes Real Estate Mortgage & Guar- anty Corporation 26 Jackson P1. N.W. Guarantees its first trust notes as to payment of interest when due and prin- cipal at maturity of note. Denominations $100 $500 $1,000 Resources Over $2,000,000 E. BREUNINGER, Pres. 1dequately ed Rate of 7% Our First Mortgage Notes in amounts of $50 and up. May be pur- chased by monthly pay ments. Your invest- ment begins earning its interest rate imme- djately. Consult Our Trust Dept. or send for Valuable Booklet Goldsmith Building 8405-7Ese SENW, M 9670 | “LISTENING IN"— When we serving your funds and, “announced” that the best method of saving and con- at the same time, liberal income, is to_purchase FIRST MORTGAGE NOTE have them produce a on Im- Funds Available for First Deed of Trust Loans points that could enter into such a| test, if the issue measures up favor. ably with the following specifica- tions, it is almost certain to possess attractiveness. These points are, the possibility of growth of the territory In view of the new foreign financ- ing under negotiation, the action of the stock exchange this week in es- tablishing a standard set of require- ments which must be met before new foreign bonds are listed, is gratify- ChiM & St Paul cv 43458 19 ! Chi M & St Paul gen 434s 1989. Chi M & St Paul ref 438 2014. ChiM & St Paul cv 55 2014.3.... Chl & Northwestern 6%s 1936. Chicago Railways s 1937, proved Real Estate? guarded and pay worrisome details safe- Nothing better and no Those we are (\'Tcrmg are absolute at least per cent. let us explain. Mortgage Investment Department Army and Navy Club _Gs Commercial Club Ist 5x. Metropolitan Club 4%4s. ing. These foreign issues have now become so numerous and are so read- ily sold that the need of some pre- utions for the protection of the In- vestor is apparent. quotation is not a safe guide and,| while the circulars of the underwrit- | ers give a great deal of information, it is not uniform for ail offerings. Of course, no one needs advice about a British loan and the facts about nce are matters of common knowl- edge, but the case is not so simple for some of the newly established governments of Central and South- western Europe and for some of the less well known countries of South Amerlca. (Copyright, 192 BOND PRICES STRONG. Sale of $80,000,000 in New Is- sues Helps Market. NEW YORK, February 7.—Bond prices maintained a strong tone today as the week closed with renewed ving of varfous rail and Indus- trial liens. Trading was stimulated by the successful sale of $80,000,000 in new bond issues, an unusual ac- complishment for Saturday’s brief business session. A revival of interest in one of the Southeastern raflroad securities was attributed to the current heavy traf- fic movement \to Southern resorts. Florida, Western and Northern 7s mounted 3% points to a peak price Louisville and Nashville 4s ced 1% and Atlamtic Coast Line 4s moved up about a point. Chicago and Alton 31:s extended their recent gain by 2 points broader demand for industrial ions Included American Smelt- Humble Oil 515, Laclede Gas Punta Alegre Sugar and , which scored gains 2 points. Skelly and Sin- bonds, however, reacted slightly on m’ur\blak‘ng SILK MARKET LIVELY. Dry Goods Buyers in New York for Convention. NEW YORK, February 7.—With many buyers in the markets to at- tend the convention of the National Retail Dry Goods Association and a merchandise fair, dry goods business continued to make moderate progress a Silks were active in all crepe Some finished cotton goods were advanced. y cloths were quiet and steady. Wool goods were advanced in openings of smaller mills, ranging from 10 to 15 per cent. Linens were in steady demand, Dbt prices appeared unsatisfactory to mills. RATES ON BAR SILVER. NE YORK, February 7.—Bar silver, 683%; Mexican dollars, 52 The open market | ChiR I & Pacific ref 4s 1934 Chi Union Station 4%s 1064. Chi Unlon Station 6%s 1963 4 Chi & Western Ind con 48 CCC&StLref 6s A 1928 Cleveland Term 6%s 197 Colorado & Southern 4%s 1935. Cuba R R 55 1952 Delaware & Hudson 5%s 1937 Den & Rio Grande con 4s 1936 D. & R. G. West 55 1955..... Detroit United 4%s 1932 Erie 15t con 43 1996. . Erie gen lien 4s 1996. . Erie cv 4s A 1953. Erie cv 4s D 1953. Great Northern gen 548 1982 Great Northern gen 7s 193 Hudson & Manhattan ref bs Hudson & Manhattan adj 5 Illinois Central 5%s 1934 Inter Rapid Transit 55 1966, Inter Rapid Transit cv 7s 1932, Inter & Great Nor adj 6s 1952. Kan C Ft Scott & M 4s Kansas City Southern “Kansas City Southern b8 1350 » Lake Shore 4s 1928 Isake Shore 4s 1931 Louis & Nash unified 45 1940, Louis & Nash 1st ref 53%s 2003 Mil Elec Ry & Lt 1st ret 6861 MBtP&SSM6%s 1931, Mo Kan & Tex 1st 451990, Mo Kan & Tex adj b8 1 Mo Kan & Tex pr In Missouri Paclfic gen 4s u'ls Missouri Pacific 65 1949. New York Cent deb 48 1934, New York Cent ref imp bs 2013. New York Central deb 6s 1936 New Haven deb 4s 19567, NYNHG&H cvdeb és 194 N Y West & Boston 4%s 1946, Norfolk & Western con 4s 1986. Norfolk & Western cv 6s 1929. .. Northedn Pacific 3s 1947 Northern Pacific 4s 19y7. Northern Paclfic ref imp 6 Ore Short Line ref 48 1929. Ore Short Line gtd 58 1946 Ore-Wash 1st ref 4s 1961 Pennsylvania gen 4% 1965 Pennsylvania gen 5s 1968, Pennsylvania 635 1936. .. Peoria & Eastern inc 4s 1900, ..., Pefe Marquette 1st 53 1980.... Reading gen 45 1997. Seaboard Air Line ref 45 + Seaboard Air Line adj 814 Seaboard Air Line con 65 1945, Southern Pacific cv 48 192! Southern Pacific col 48 194 Southern Pacific ref 4s 1868. Southern Ry gen 48 1956 Southern Ry 1st 68 1994.. .. Southern Ry dev 835 1956. .. Third Ave adj bs 15 i Unlon Patific 15t 4s 1947 Union Pacific ev Virginian Ry 1st ‘Wabash 1st 68 193 Western Marylana ern Pacific 5i Went Bhore iat taz 1., eings lllnk ngs Hia I Raleigh Hotel ‘Co. Washington Title TrsuranceCo Washington Base Ball Weodtiase and Leagdon Preparations are nearing comple- tion for the twenty-first anhual ban- quet of the Washington Chapter of the American’ Institate of Banking to be held at the New Willard Hotel Saturday evening, February 21, R. Josse Chaney, chairman, announced yesterday James B. Revnolds, vice president of the Commercial National Bank, who has been a mainspring in mak ing the affair successful in past years, has again consented to act as toastmaster, the announcement said. Harold W. Burnside, president of the local chapter, said a number of served; nature of the whether a first mortgage or a lien agement; satisfactoriness of the mortgage provisions; whether earn- ings show a fair margin of safety over operating expenses and interest requirements; whether the equity be hind the issue is sufficient to provide a fair margin of safety; whether the franchise situation is satisfactory, and the marketability of the issue. RECORD IN RAIL ISSUES. Business in 1924 Was Largest in Past Ten Years. NEW YORK. February 7.—Rail- road financing in 1924 approximated $940,269,989, the largest volume in years, of which $809,083,700 was in long term bonds and notes and $75,- 250,000 short term obligations. The emount of stock sold to the public was the largest for any years in the last 10. The volume of railroad slocks and bonds disposed of in the vear was about 14 per cent of all the pablic financing aggregating $6,- 227,085,941, The Year 1925 to Date on the Washington Stock Exchange. . Furnished by W. B. Hibbs & Co., Hibbs Buflding. Up to and including Sales. BONDS. 4,000—C. apd P. Tel. 1st 5s. 20,000—C. and P. Tel. of Va. 5s. 28,500—Capital Traction 1st 5s 2,000—Pot. Elec. Power 1st 5 3,800—Pot. Elec. Power cons. Saturday, February 7. Open. High. 100% 97% 9915 5s 5.000—Pot. Elec. Power gen. and ref. 6s 9,200—Pot. Elec. Power ref. 7s. 1,000—Wash,, Balto. and Annap. 1st 12,000—Wash, Gas Light gen. Gs. 28,300—Wash. Gas Light 6s..... 28,500—Wash. Ry. and Elec. cons. 4 126,500—Wash. Ry. 5s. nd Elec. gen. and ref. 6s. 1,000—Dist. of Col. Paper Mfg. 1st 6s 3,000—Riggs Realty (long) 6s.... 2,500—Wardman Park Hotel Shares. STOCKS. 11,362—Capital Traction 481—Washington Gas 666—Wash. Ry. and Elec. com.. 613—Wash. Ry, and Elec. pfd. 90—Commercial National Bank 5—Metropolitan 133—Riggs National Bank. 20—Second National Bank... $5—Washington National Bank 40—Amer. Becurity and Trust. + 43—Continental Trust .. 30—Merchants’ Bank. and 15—Union Trust : 60—Wash. Loan and Trus 253—Firemen’s Fire Insurance. 56—Columbla_Title Insurance. 713—Lanston Monotype ..., 4,725—Natlonal Mfg. and Inv. prd. 5—N. and W. Steamboat. UNL!MED 15—Chapin Sacks 8s Drd. 24—Departmental Bank ' 100—Citizens' Savings. Bank. 12—Muneey Trust #—Chapin-Sacks 7s pfd. National Bank. DEPARTHE‘XT lien, i e.| junior thereto; capability of the man- | 51,9, Immediate answers Curtails not required Glover & Flather 737 15th Street WANTE D—$50,000 TO BE SECURED BY FIRST MORT-| GAG ON DWELLINGS IN CAREFULLY RESTRICTED| SUBURB THOROUGHLY ESTABLISHED, ]JUST| NORTH :OF DISTRICT LINE. NO ARBITRARY RENT LAWS TO JEOP/ IZE INVESTMENTS. TITLES GUARANTEED. INDIVIDUAL. MORTGAGE $4.500 TO $6.500. ADDRESS BOX 326-T, ST MARGIN ACCOUNTS DIRECT PRIVATE WIRE CONSOLIDATED STOCK EXCHANGE BUCK & CO. 312-313 Evans Bldg. 1420 New York Ave. N.W. Phones Main 8673 Franklin 7300 Main 3353 Franklin 7301 When You Have Funds to Invest, Consult WELCH Loan Specialist Established 1899 . 637 and 79 Real Estate Notes for Sale in- Amounts from gsfl Up to $1,000 or lore. Consult Welch, Realtor | Loan Specinlint 15th & N. Y. Ave. M. 4346 References: Any Bank, Trust Co. or Title Co. in the District. No loss to anm investor in 25 years. 713 and 715 14th Street N.W. Main 2345 Dean, Onativia & Co. Stock Exchange Building New York STOCKS and BONDS COTTON GRAINS COFFEE SUGAR MEMBERS 'New York Stock Exchange Chicago Stock Exchange New York Curb Market Association. N. Y. Cotton Exchange Chicago Board of Trade N Produce Exchange muapolu Chamber of Commerce WASHINGTON OFFICE Main Floor, Woodward Building Phone, Main 2040 JOHN CALLAN O'LAUGHLIN, Manager ‘Large Loans Available 5%2% Interest Insurance Company Loans Long Term Financing Building Loans Refinancing Weaver Bros., Realtors 735 15th St. N.W. Main 1821.