Evening Star Newspaper, February 15, 1925, Page 89

FINANCIAL. “STEADY ADVANGES IN BOND MARKET More Conservatism Noted in Dealings in Rails—New Utility Problems. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, February 14.—The strength in the bond market continues o confound the experts. Gold is still moving out, and the effect is seen in the Federal Reserve Bank statements. Money Is a shade higher, not alone call funds on the exchange, but time accommodation as well, and yet there is no reflection of this in the bond market. The appetite for investment issues remains unappeased It has been suggested that com- parison should now be made, not with prices over the past 10 years, but Wwith levels prevailing prior to 1914 and the World War. It is true that bond prices have been much higher than they are today, but that was before the income tax complicated calculations. Steady Advances Made. 1t does not seem that Government &ecurities or the very highest grade of railroad obligations could advance much fartehr under present circum- stances, but the fact is that quota- tions show no sign of weakening, and there is a steady creeping up of prices for the middle and second-grade is- sues. The spread between the two classes is progressively narrowing ‘This goes on regardless of what may happen in speculative stocks or the extremely speculative bonds. More attention has been paid to the railroad situation this week than in some time. Not so much is heard about the benefits to accrue to hold- ers of rallroad securities from con- solidations. Rather the strength in railroad bonds has been based on their intrinsic merit, which is, of course, a very healthy condition. One reason for the lessened emphasis upon the merger developments is the fact that the greatest combination of them -+ all, namely, the Nickel Plate project, is still to be passéd upon by the In- terstate Commerce Commission. More Conservatism Noted. That body did approve the Missouri Pacific_aoquisition of the New Or- leans, Texas and Mexico, albeit with criticism of the banking methods, but it has still to expre: its opinion upon the larger combination. Meanwhile the matter has been brought up in Congress together with symptoms of a revival of legislative interest in corporate mergers, gener- ally, in both the railroad and utility field. It has served to remind the « speculative and investing public alike of conditions prior to the election All this has brought about a degres of conservatism which has been miss- ing in discussions of these matters in recent months. Another uncertainty which must be cleared up before the railroad situ- ation, as a whole, can be considered satisfactory is that involved in the refunding of the St. Paul's approach- ing maturities. The New Haven has successfully ranged Its own affairs about which at one time, although that was several years ago, there was as much doubt as there is about the 8t. Paul now. Problems in Utllity Field. In the public utility field there are #lso unsolved problems which make for caution on the part of investors. The outlook for the utilities, always excepting the tractions, has been so bright in the past year or so, and the securities of these companies have made such a ready response to the improvement, that a sp tive fol- lowing has been attracted and there are some signs that the advance in the quotations for utility obligations | has been overdone. This would not be very important to any one ex- cept speculators if it had not led to a feeling of overconfidence investors. The electric light and dustry is in an extremely favora sition, but it has reached point where di tion is necessary among sccuri is that the const supon these utiliti service have made mous additions on Bonds, debentures power in- the not necessary enor- capital account. and preferred stocks have been sold in large quan- | tities. In many case: pacity has not incre; rate with this incre tion, earning ca- d commensu- sed capitaliza- (Copyright, 1025 YEAR’S NEW FINANCING TOTALS $800,000,000 By the Associated Press. NEW YORK. February 14.—One of + the most Interesting developments of recent weeks has been the large amount of new stock financing, which has embraced much widely diversified lines of business, as oll refining, elec- trical refrigeration, meat packing, radio, drug cotton manufacturing and _department stores. Meanwhile, the flood of mew bond offerings has continued, bringing the vear's total to date to around $800,000,000 The feature of the foreign ex- change market this week was the sharp reaction in French francs, which carried them down to around 5.15 cents. Demand sterling sold low $4.77, or neaxly 4 cents under its recent Wk level LIVE STOCK MARKET. Special Dispateh 1o The Star. BALTIMORE, February 14.—The live cattle market rules steady under only fair receipts at the stock yards and verv light wharf receipts. De- mand fairly good for first-quality & cattle, but there is not much call for common to ordinary stock, which moves slow even at the lower values quoted. Handy weight veal calves continue in good demand. Quota- tions today at Light Street Wharf: Beef cattle—First quality, Ib. 8; medium, 4 to 6; bulls, as to 2'to 4; cows. choice to fancy common to fair, 1 to 2; oxen, quality, 3 to milk cows, choice 2o fancy, head, 50.00 to 75.00; common o fair, 38.00 to 50.00: calves, veal, cholce, 1b., 1312; ordinary to medium, 11 to 13; rough and common, § to 10; small culls, § to 10. Sheep—Choice, 7 to §; + & to 6; common, 3 to cholce, 17 to 18; fair . 16; pomwon, thin, 10 Hogs—Straight, 10 to 11; sows, 7 to 8; stags and boars, 4 to ive pigs, 3 to 10; shoats, 8 to old lambs, & good, bucks, Spring, 14 to FOREIGN EXCHANGE. By the Associated Press. NEW YORK, February 14.—Foreign exchanges easy. Quotations, in cents: ireat ain, demand, 4.77%: 60-day bills on bank France, demand, 5.16; c ltaly, demand, 4.10; cables, 4.10%. Belgium, demand. 4 cables. 5.00. Germany. demand, 2 Holland, de- demand, Denmark, de- Switzerland, demand, .. , demand, 14.1 Greece, {demand, 1.63; Poland. demand, 19%; Czechoslovakia, demand, 2.96% ; Jugo- slavia, demand, 1.64; Austria, demand, 00143 ; Rumania, demand, .51%; Ar- gentina, demand, 39.75; Brazil, de- mand, 11.35; Tokio, demand, 39%; Jontreal, 99%. & among | le po- | increased 88% 69% 104 80 9 70 82%4 W% 91 i 99% 97 94% 107 103% 96% 47 B85 % 91 9915 100% 10215 101 101 394 874 9% THE 1925 High 101-28 102-20 101. 102-2 102-26 106-29 1025 — High 97w 8T 110% 108 86% 984, 104 1033, 1081, 108%; 108 a4% 97% 101% 103 111 10134 101 100% 104% Low. 88 87 1083 105 81 96 101% 102 102 106% 106% 1% 94u 981, 991 109 98% 9874 98Y 102% 98 79 82 90% 88 & 84 104 102% 8% 101% 109 94 100 894 85 108% 1004 116 104% INDUSTRIAL 94 96% 991, 96% 100% 994 102% 85 97% 1005 90% 93% 100% 109 86% 99% 106% 10614 7% 101% 100 108% 4 119 89t 4 Union Bag & 2 Liberty .o Liberty 1st 43 s 1932-47 Liberty 2d 4% s 1927- Liberty 3d 41451928, Liberty 4th 43 1933-38.. Treasury 4%s 1947-52.. 102 101-5 101-16 101-11 101-24 105+ 3 104-24 102+ High Prev. week's FOREIGN. Austriast7s1943.... Belgium 6s 1955. Belgium 7%8 1945. . Belgium 83 1941. Bordeaux 63 1934 Brazil 8s 1941 Canada bs 1952. . Canada 6%s 1929 Chile 85 1926, Chile 851941, Chile 85 1946. Chinese Govt Ry 5s 1951. Copenhagen 5s 1944. .. Czechoslovakia 8s 1951, Denmark 6s 1942 Denmark 8s 1945 Dutch East Indies 65 1947 Dutch East Indies 6s 1962, French Govt 73s 1941 French Govt 8s 1946. jerman 7s 1949...... ceee Holland-American's £ 651947, Japanese 45 1931... Japanese 6s 1954 Jergens Utd Margarine 65 1947.., Lyons 6s 1934. . Marseilles 65 1934. Netherlands 6s 19 Norway,8s 1940 Paris-Lyons-Med 6s 1958 Queensland 6s 1947. Queensland 7s 1941. Rio de Janeiro 85 1946. Sao Paulo, State of, 85 1936 Seine, Dept of, 78 Serbs Crotes Slovenes Sweden 6s 1939, Swiss Slas 1948 ited Kingdom § United Kingdom 535 1937.. AND M Amer Agri Chemical 73%s 1941 Amer Smelt & Ref 15t 55 1947, Amer Sugar Refining 65 1937 Amer Tel & Tel cl tr 451929, Amer Tel & Tel cl tr 55 1946, Anaconda Copper 65 1953. Anaconda Copper cv deb 7s '38 Armour & Co 41381939 .. . Atlantic Refining deb 5s 19 Bell Tel (Pa) ref 55 1948. Bethlehem Steel p m 5 1936.. Bethlehem Steel s £ 65 1943 Central Leather bs 1925 Chile Copper 6s 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 71481937 General Electric deb 53 1952 Goodrich (B F) 6%s 1947, Goodyear Tire §5 1931. Goody Tire 8s 1941 cee Humble Oil & Ref 51431932 Indiana Steel 5s 1 Inter Mer Marine 6s 1941, Inter Paper 5s B 1947. Kelly-Springfield 8s 19 Lackawanna Steel 5s 1950. Liggett & Mycrs bs 1951 Magma Copper 7s 1932, Manati Sugar s £ 7%s 1942. Midvale Steel 55 1936. .. New England Tel 5s19€2....... New York Edison 1st 6%s 1941, NYGasELH & P bs 1948, New York Tel 435 1939 New York Tel 65 1941. 2 North American Edison 6s 1953.. Pacific Gas & Elec 5s 1942 Pacific Tel & Tel 5s 1952 Philadelphia Co ref 6s 1 Sinclair Oil 7s 1937 g Sinclair Crude Oil 5%3 1925 Skelly_6%s 1 . South Porto Rico Sugar 7s 1941.. raper 6s D. United Drug 6s 1944 U 'S Rubber 1st & ref 5 U S Rubber 718 1930 U S Steel s f5s1963.. ah Power & Light 5s 1944. -Carolina Chem s £ 7s 1947 Va-Carolina Chem 73s '37 war.. Western Union Tel 63%s 1936.... Wilson & Co 1st 65 1941....... ‘Wilson & Co cv 73%s 1931. RAILROAD. Atchison gen 451995... . Atlantic Coast Line 1s s Balto & Ohio gold 45 1943. Balto & Ohio cv 4345 1933, Balto & Ohio ref 5s 1995 Balto & Ohio 63 1929. . SIS B&OPitts LE & W Va 4s 1941.., B & O Southwn div 3145 1925 Brooklyn-Manhat s f 63 A 1968 Canadian Northern 61s 1946 Canadian Pacific debds........ Central Pacific 48 1949.......... Chesapeake & Ohio cv 4155 1930, Chesapeake & Ohlo gn 415 1992, apeake & Ohio cv 58 1946, icago & Alton 3%s 1950. Chi B & Quincy 1st ref 5s 1971.. Chi & Eastern Ill gen 5s 1951. .. Chi Great Western 4s 1959. 4 ChiM & St Paul cv 41451932, . Chi M & St Paul gen 4145 1989, Chi M & St Paul ref 41%s 2014.... Chi M & St Paul cv §s 2014. Chi & Northwestern 6%s 1936, Chicago Railways s 1927 Chi R I & Pacific ref 45193 Chi Union Station 434s 1964. . Chi Union Station 6345 1963 Chi & Western Ind con 43 1952. CCC&StLref 6s A1929. Cleveland Term 5%s 1972. . . Colorado & Southern 4345 193 Cuba R R 551952 Delaware & Hudson 5%s 1937. Den & Rlo Grande con 4s 1936. 7% D. & R. G. West 53 1955, Detroit United 418 1932 Erie 1st con 4s 1996 Erie gen llen 4s 1996, Erie cv 4s A 1953, Erie cv 4s D 1963.......... Grand Trunk s £ deb 6s 193 Grand Trunk 7s 1940 Great Northern gen 5%s 1952, Great Northern gen 7s 1936 Hudson & Manhattan ref 5s 1957. Hudson & Manhattan adj 58 1957 Tllinois Central 5%s 1934. Inter Rapid Transit 5s 1966 Inter Rapid Transit cv 7s Inter & Great Nor adj 6s 195 Kan C Ft Scott & M 4s 193 Kansas City Southern 3s 1950. Kansas City Southern 5s 1950. Lake Shore 4s 1928 Lake Shore 4s 193 Louis & Nash unified 45 1940. . ... Louts & Nash 1st ref 5165 2003, Mil Elec Ry & Lt 1st ref 58°61. MStP&SSM6%s1931 Mo Kan & Tex 1st 4s 1990 Mo Kan & Tex adj 55 1967 Mo Kan & Tex pr In 55 A 1962 4 Missouri Pacific gen 4s 1975 Missouri Pacific 63 1949. . New York Cent deb 45 1934. New York Cent ref imp 6s 2013 New York Central deb 6s 1935. New Haven deb 4s 1957. .. NYNH&H cvdeb 6s 1948 N Y West & Boston 4%s 1946 Norfolk & Western con 4s 1996, Norfolk & Western cv 65 1929. Northedn Pacific 3s 1947 Northern Pacific 45 1997 Northern Pacific ref imp 6s 2047. Ore Short Line ref 43 1923 Ore Short Line gtd 5s 1946. Ore-Wash 1st ref 45 1961.... Pennsylvania gen 41%s 1965. Pennsylvania gen 5s 1968. Pennsylvania 6%s1936.... Peoria & Eastern Inc 45 1990..... Pere Marquette 1st 5s 1950. Reading gen 45 1997.. Rio Grande Western clt 45 1949 RIATk &L 4%s1934..... StLIM&SR&G 481933... St L &San Fran prIn 4s A 195/ St L & San Fran prin 65 1960. StL & San Fran 6%s B 1943 % St L & San Fran adj 68 1956 0% St L & San Fran inc 6s 1960 Seaboard Air Line ref 4s 1959 Seaboard Air Line adj 6s 1949. Seaboard Air Line con 63 1945. Southern Pacific cv 4s 1929 Southern Pacific col 4s 1949 Southern Pacific ref 4s 1955 Southern Ry gen 4s 1956 Southern Ry 1st 6s 1994. . Southern Ry dev 6%s 1956. Third Ave adj 55 1960 Union Pacific 1st 4s 1947 Union Pacific cv 4s 1927... Virginian Ry 1st 55 1963... ‘Wabash 1st bs 1939 ‘Western Maryland 4s 1952 Western Pacific bs - 2% 834 80% West Shore st 42 3361.... Cloge. 96 874 109% 107% 854% 96% 103% 1034 102% 1084 107% 4% 96% 101 102% 1104% 100% 100% 1004 103% 9474 85 82% 9l 93% 85% bk 105% 110% 8% 103% 110% 95% 10215 904 €5 104 101% 116% 106% ELLANEOUS, 100% 97 101% 96% 10034 SUNDAY STAR, WASHINGTON, D. C, Tow. 101 24 101-10 101-26 101- High. 9613 874 110 107% 85% 98% 104 10R% 108 10814 107% 441 97% 101% 108 110% 101% 101 1004 104% a5 85l% 82% 91% 93% 85% 85ty 106% urk 5% 104 110% 104 BOND SUMMARY FOR THE WEEK Last. Yield. 101-1 101-14 386 101-28 4 00 104 26 392 Low. 94% 8% 109% 107% 85% 96% 103% 108 1025 107% 107% 44 96% 100% 102 110% 1004 1001 9914 103% 94k 83 824 91¥ 924 8: 85'a 105 110% 78U 108% 110 26 102 90 861 104 1013 116% 106% 100 96% 101% 96% 1004% Tast. 5% 87% 109% 107% 8b% 96% 103% 103% 102% 108% 107% 44 97 100% 108 110% 100% 100% 100 103% 94% 854 82% 9174 934 8518 864 108 111 78% 104 110% 96% 102% 90 86% 104 102% 116% 106% 100% 97 101 96 100% 100% 100% 1031% ST8 987%4 100% 922% 9613 100% 109% 85% 101 107% 106% 100% 102% 103% 109 119% 100% 101% 903 89 991 914y 98% 125% 100% 9% 99% 114% 101% 96% 106% 99% 96% 93% 104% 93 100% 116 102% 95% 108 86 106% 105 93% 85% 49 111 93% 6564 88% 90 87w 91% 89 103 85% 9974 88y 116% 9% 874 963 £9% 5T 10135 78% 64 55% 80 505 56 112 831 86, 924 116% 79% 103% % 105 93% 85% 1024 84 59% 9144 1% 65 68% 3% 107% 115% 101% 104% 87y 72% 102% 1% 94 T4 1% 89% 98Y% 96% 9314 106 87 103% 82 86 90% 651 101% 95 100% 116% 57 88% 61% 887 128% 61% 844 107% 974 105 82% 93% 103% 110% 35% 99 oK% 4 86% 85% 8% 87% 96% 87 81 65% 76% 924% 96% 85 83% 77 103 109% 47% 92 994 96% 105% £8Y% 99% 101 92% 96% 100% 110 89 101% 107% 107 101 102% 103% 109 120 101 101% 90ty 904% 100% 1% 99% 1254 101% 91 99% 114% 101% 96% 107% 100% 954 94% 104% 94 100% 118, 1024 96% 108% 8T 107 106% 941 861 49% 111 94% 67 89% 80 8T8 9% 90 103 86% 99% 87% 117% T9% 7% 96% 90 104 57% 101% 8% 64 567 80 504 564% 112 84% 86% 92y 116% 9% 103% 105 93% 855 1024 8454 59% 91n 1% 65 68% 73% 107% 116% 102% 110% 89 72% 10275 2% 94% T4k 83% 72 90% 98% 9% 9314 106 87 104% 82 86% 1% 651 102 95% 100% 116% 574 89% 61% 89 129% 64 85% 107% 9715 105 827% 9a 103 110% 35%% 99 1% T4% 87 867% 8% 89 9% 87% 81 66 7 1% 97 5% 89% 77% | 101% 109% 48 92% 994 5% FIGURES LAY BA TREND IN BUSINESS Weekly Summary Gives Spe- cial Insight Into Most Vital Factors in Finance. BY STUART P. WEST. Specinl Dispatch to The Star. NEW YORK, February 14.—Wall Street long has valued what the aver- age citizen is just beginning to rec ognize as an accurate business ba- rometer—weekly summaries of finan- clal and business statistics. ' Far from being merely heavy, dry reading, these summaries disclose at a glance the trend of business, affecting the cor- ner grocer and small Investor, as wall as the great banker and Industrfal magnate, For Instance, in the statistical table published In The Sunday Star will be found comparative figures on rallway car loadings, which In themselves present a picture of progress up or down in business conditions. The volume of traffic passing over the railroads of the country i{s accepted as the most accurate measure of the riso and fall in trade. 1If gross ton- nage Is on the decrease, then business is ®oing down hill. If it is on the in- crease, then business is moving for- ward. The state of the coal industry, for example, can be EOt at more ex- actly by the variations week hy week in the amount of coal hauled than in any other way. Value of Comparisons. Why does every big Wall Street house make such a point about keep- ing these records? Simply hecause It can go back over its flles and see by comparing car loading figures with those of a year and two years ago just what was the relative business activity of the two perfods Statlstics on stock and bond aver- ages, included in the same table, tell briefly but fully the course of the markets. One wants to know how present prices compare with those of the big boom of 1919. These tables of averages give him the answer. There s unusual Interest, since the recent German, French and Belgian issues in forelgn government bonds. Never before have American inves- tors held this class of securities on any such scale. They will be asked to buy probably a good deal more within the next few vears. Accord- Ingly they are very much Interested to sec how these average up from week to week and how they com- pare with a year ago. Close Watch on Money. The money market is being watched with more than ordinary concern because many think that the period of very low interest rates Is over. If this is true, then bond values and investment values generally have seen the top. Hence, the weekly comparisons of call and time money rates and of Federal Reserve ratlos are of much consequence. They do not mean so much, perhaps, to the person who is following the market day by day, but they do mean a great deal to the holder of investment bonds and- stocks who check up his position at the end of the week to see if anything has happened. Every month when the United States Steel Corporation puts out its statement on unfilled orders, it ab- sorbs for the moment, the interest of the market to the exclusion of every- thing else. Steel Orders Held Vital. The reason is that steel has always been known as the key note indus- try and, over the entire 24 years since the organization of the United States Steel Corporation, these figures on orders on the books have not failed to give a true idea of condi- tions In the steel industry, more often than not pointing ahead what was going to happen. Therefore special interest attaches to records of un- filled orders week by week. FRANCE’S TRADE GROWS. Both Volume and Values Make Notable Increases. a1 Dispateh to The Star. W YORK, February 14.—France's foreign trade during the year 1924 shows a notable increase, both in value and in volume, as compared with 1923, according to the latest official figures issued by the French customs authorities and just received by the Bankers' Trust Company of New York. France's trade balance last year showed an excess in ex- ports over Imports amounting to 1,321,663,000 francs, while during 1923 the value of Imports exceeded exports 2,256,219,000 francs. MOTOR PLANT PASSES RECORD OF 28 YEARS By the Ausociated Press. NEW_YORK, February 14.—Olds Motor Works, a division of General Motors, produced in 1924 the largest number of cars in any of the 28 vears the company has been manu- facturing. The year's output was 10,000 more cars than in 1923, a gain of nearly 30 per cent. SILK INDUSTRY IMPROVES. Prices More Stable Than at Any Other Time in Ten Years. By the Associated Press. NEW YORK, February 14.—The situation In the silk industry is much better than a year ago, E. S. Bayer, president of Julius Kayser & Co., said today on his departure for Europe. He expected his company to show $5 a share on its stock. Since October raw silk prices have been more stable than in the last 10 ye: he -asserted, and he thought they would remain firm, as the Japanese had realized the fallacy of slashing prices. CHICAGO EGGS CHEAPER. CHICAGO, February 14.—Butter— Higher; creamery extras, 40%a403;; standards, 40%; extra firsts, 38%a 39%; firsts, 36a37%; seconds, 32a3414. Eggs—Lower; receipts, 11,632 cases: r 40a40%; ordinary firsts, 37a38. Spe SERVICE and SAFETY FEBRUARY French Francs Off 20 Points Duringy Recent Reaction By the Associnted Press. NEW YORK, February 14— French francs dropped another 10 points at the opening of today’s: local foreign exchange market. - The new rate of 5.15 cents rep- resented a decline of more than 20 points In the last few days. BUSINESS STRONG IN STEEL MARKET New Orders and Prices Are Well Maintained—Review - of Other Metals. By the Associnted Prees. NEW YORK, February 14.—The statistical showing in the steel mar- ket during the past weck has been very satisfactory. The January book- ings were about as expected, and pro- duction has continued very actlve, especially in the West. New business was of good volume, and prices were well maintained. Some hesitation was|- displayed, however, and in some quarters there was a disposition to question domestic buyers' ability to continue to absorb present large pro- duction. Pig fron was inactive, but prices were steady despite increasing concern over forelgn competition. Copper Demand Quiet. Copper, steadier. Demand both for export and domestic consumption has remained quiet, but no selling pres- sure of consequence has developed, and offers reported at declines appear to have been well enough taken to help the tone of the market. It is reported that the copper and brass industry is well emploved, with out- put pretty well booked up for the next two or three months. Electro- Iytic was still available here at.14% cents, but most of the large agencies weks asking 15 cents for forward de- iveries. Tin moved up steadily in response to the strength manifest abroad, par- ticularly at Singapore. Buying has been slow, but consumption continues large. Lead Buyers Cautious. Lead has been cut by the leading producer to the level of outside com- petitors. Buyers remain cautious, as demand for some manufactured goods has slowed down somewhat. Zinc declined in sympathy with London, but rallied on the decrease in domestic stocks, which created a better domestic demand. Scarcity of antimony on the spot gave spot prices further strength, and futures were firm in sympathy g ER ”_ ON DS Bought—Sold—Quoted Full New York 'and Berlin Market Received Daily Send for Special Market Letter Peter Whitney 203 Investment Bldg. Teiephone Franklin 3978 Funds Available for First Deed of Trust Loans 5%:% Immediate answers Curtails not required Glover & Flather 737 15th Street Smith Gonds are Safe Bonds JFIETY-TWO years of proven safety--of prompt payment of principal and interest--are be- hind the first mortgage invest- ments sold by The F. H. Smith y. Every bond we offer is protected by the system of safeguards re- sponsible for this 52 year record. Every bond is secured by an ab- solute first mortgageonimproved, income-producing city property. SMITH BONDS sare 77 soldin $1,000,§500 and 05100 denominations, outright or under our Invest- mentSavings 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 me information about , National Mortgage & Investment Corpora;tiop 811 Vermont Avenue N.W. Deals in the Best Real Estate Securities First and Second Trust Notes and Ware- house Receipts are purchased at fair rates » Its 7% First-Mortgage Notes, SECURED by Improved’ {l District of Columbia Real Estate, Are 2 GOOD INVESTMENT. -Offered in denominations from $250.00 UP. 15, 1925—PART 6. All Issues GERMAN BONDS Bought or Quoted Lane Rowell & Company 435 Star Bldg., Main 2867 Before You Invest, Investigate of Mteority A 79 interest yicld on the day due, protected by phys- scal values well defined. In amounts from $50 up our First Mortgage Invest- ments may be purchased by deferred .payments. Consult our Trust Dept. or send for Valuable Goldsmith Building 1405-7 Eye StN.W, M 9670 FINANCIAL FROM $50 TO $100 Can Be Obtained by Using Our Certificate of inventory, Appraisal and T CHATTEL TITLE COMPANY 805 Fifth St. N.W. Money to Loan Secured by frst deed of trust on real estate Proailing interest and commigsion. Joseph I. Weller Wash. L. & Trust Bidg.. 9th & F N.W. WE FINANCE H Apartment Hounes Business Property. Retldence Property Hotels, Ete. Higbie & Richardson, Inc. 816 15tk St. N.W. Large Loans Available 5Y2% Interest Insurance Company Loans Long Term Financing Building Loans Refinancing Weaver Bros., Realtors 735 15th St. N.W. Main 1821. Guaranteed 61%2% First Trust Notes Real Estate Mortgage & Guar- anty Corporation 26 Jackson Pl. N.W. Guarantees its first trust notes as to payment of interest when due and principal at maturity of note. Denominations $100 $500 $1,000 Resonrces Over $2,000,000 L. E. BREUNINGER, Pres. BUCK and CO. Established 1916 STOCKS AND BONDS For the benefit of our many clients and those following the stock market, we have arranged a Private Wire Connection, which gives us ifistantaneous quotations on listed stocks. Our Marginal Requirements are very reasonable and attrac- tive to small traders. Visit our Board Room and get a copy ket Letter. LADIES INVITED We have analyzed a Railroad Stock, now selling around $16.00 per share, which, in our opinion, will enhance very much in value. Write or call for Letter C. M. Buck and Co. Evans Bldg. 1420 N. Y. Ave. N.W. of our Weekly Mar- YOUR INCOME LEAKS! 41 1s=-You opght not to be " “satisfied-with a return of only 3 to 5% on your bonds and de- osit certificates WHEN you can ob- tain a 6% % yield by investing your funds in our FIRST MORT- GAGE NOTES. .. They are absolutely safeguarded, because *secured upon IM- PROVED real estate in the District valued conservatively at twice the amount of the first mortage. Send for descriptive booklet. Mortgage Investment Dept. HANNON & LUCH 713 and 715 14th St. N.W, —is the greatest money maker in the world. surplus is working on this plan your principal will grow steadily and surely. buying our— Century Without a Loss, F. SAUL CO. When you save with us by 612% FIRST MORTGAGES —under our Deferred Payment Plan, every dollar you deposit earns 6% % semi-annually from the day you bring or mail it in. INTEREST If your invested 925 15th St. N.W., OLDEST ional Bank in the City It’s a Payday Obligation f Something for your savings account ought to be considered as much of a fixed obligation as rent or any other item that you must meet on payday. Regularity in saving advances the day of financial independence—gives you a feeling of security that enables you to accomplish more, widen your activities. 3% Compound Interest Paid on Savings OFFICERS: George W. White, President o P. Johnson, Vice President Frederick DeC. Faust, Trust Officer R. P. Hollingsworth, Asst. Trust Officer (& . Jacobsen, Cashier Chas. E. Bright, Asst. Cashier Albert H. Bedford, Asst. Cashier C. Louis Eckloff, Asst. Cashier J. Gales Moore, Auditor A. LISNER TOWNLEY A. COL. ARTHUR DIRECTORS: C. F. R. OGILBY NK P. REESIDE H REILLY E. FRANCIS RIGGS WM. H. SAUNDERS SHANNON E. 0. SHERIDAN McKEE A. O'BRIEN W_A. GEORGE W. WHITE VNational Metropolitan Bank Capital, Surplus and Undivided Profits Over $1,800,000.00 15th St., Opposite U. S, Treasury—111 Years €1d