Evening Star Newspaper, April 19, 1925, Page 87

FINANCIAL. NEW ISSUES FIND READY ABSORPTION Easy Money Rates Leading Reason for Advances in Bond Quotations. BY GEORGE T. HUGHES. Special Dispateh to Star, NHW YORK, April 1 nd this week not only in ready absorption of at. tractive mew issues, but in the slow ady price appreciation for sea- urities, especially those of ade. New high records for the vear have heen est °d in more than one of Liberty maturities and in the sury 4s and 4%s. One or two of -grade so-called “savings bank have equaled ) levels this year, has been good inquir middle and second grade bonds giving her yiel Taking investment and —Investment shown itself, During all' the time that the stoc market was breaking in the readjust 1t of a month ago, bonds yielded y slightly and it looks now as ihough even that loss would be made up shortly. Money Is Chief Factor. Joor this steadiness in investment securities the commonly accepted ex- ation is the ease in money and is is doubtless largely responsible. ime funds were obtainable this week for long as six months at 4 per cent, and the offering rate of 4% per cent in effect a few weeks ago has completely disappeared. The Federal S ank statement maintains strong showing, notwithstanding radual loss of gold and smaller hases by the banks of acceptances in the open market. When the di- vectors of the New York bank met this w the meeting was not pre- ceded by rumors of an increase in the rediscount rate. New Incentive Possible. It cannot be denied that the natural sequence to these evidences of abun- redit would be a firm bond There is, however, another actor which may enter into the sit. uation over the longer period and t is decline in prices for commoditie: 1f the general price level Is trending downward, and there is some indica- tion that it is, such a condition would increase the purchasing power of in come from fixed rate securiti and so sive another incentive to the accumu- ition of investment bonds. This in- fluence makes itself felt very grad- ually and probably it is the minor factor in the strength of the bond market. But it might easily become much more effective if the commodity price average should continue to de- cline. It is too early to say whether this price trend is to be kept up over any long period, but the subject is one that well deserves the attention not only of investors, but of business men, arket. More Efficiency Needed. Merchants and manufacturers this country have been for. so long to assoclate with rising prices that the idea of having to conduct their operations when the tendeney is in the other di rection may dismay them. Yet busi- ess can be done, and done profi during a pereiod of falling prices, it must be done more efficiently. lHowever that may be, as far as the market goes, there is noth- ) indicate a reversal in its pres- ent strength. ‘What has been said so far applies to securities which have been tested by time. The situation as to new capital offerings is not so clear. In some cases new bond and stock issues have beew put out at prices which in the judgment of many bankers were higher than conservative investment banking warranted. Bad Effect of Breaks. Repeatedly in recent months it has been announced that a new offering was heavily oversubscribed and the price in the open market has gone to! 1 premium, only fter a few da to fall back, losing all the gains. As on, the syndicate agreement was in force, the security would be sup. ported at the original quotation, but when the syndicate was dissolved and the stocks or bonds, as the case might Le. were left to take care of them- selves, there was a sharp break of Denefit to no one except those daring epeculators who had ventured going “short.” This always has an unfortunate ef- fect on an investor who bought in zood faith for permanent holding. Perhaps there is no way by which this inti-climax can be avoided altogether, but a periodical recurrence of in. stances of this kind is extremely dis concerting. E ve commi: paid to dealers is one of the this trouble. That, at least, ter that could be remedied. WALITSTREE’T BRIEFS. YORK, April 13.—While trade news has been pes- simistic_in_tone during the last few week 1l Street observers find en- o t'in the huge export sur that has been built up in the first few months of this year. prosperity Preparation for the usually heavy consumption of gasoline in the Sum- months brought a sharp incr barrels in stocks of re. rch. East of -the . was an indicated g 2,353,344 barrels, but Rockies a di of Stock of domestic crude ofl increased barrels, gas and fuel oil and kerosene 491, barrels. Lubricating and miscellaneous oils also showed ine crude ofl decreased 155,802 Hale Holden, president of the Chi- Burlington and Quin i r earning: than last vear, owing to favorable con ditions in the Northwest. Agricul- tural conditions were satisfactory, he aid; miscellaneous commodities were ving in substantial volume with en- couraging gains in the volume of agri cultural implements and manufactur- ing commodities beard Air Line in increased 17.8 raffic on the he first half of A per cent over the corresponding period ast year, 97,263 cars of revenue freight having been handled in contrast to 0 a year ago. The week’s bank clearings, as com- piled by the Financial and Commercial Chronicle, show an increase of 13.6 per cent over the corresponding week last v, the total of $9,697,936,997 comparing with $8,637,135.447. New York City's increase was 10.5 per cent. The Holland-America Line experi- enced a more profitable year in 1924 than in 1923, net profits amounting to 232 guilders, a gain of 1,209,527 nd equivalent to more than wice the annual interest require- ments of the 6 per cent sinking fund honds outstanding totaling 30,000,000 guilders. —_— - NEW YORK, April 18. can Brass Co. of sheet bras: The Ameri. today reduced prices % of a cent a pound 10 17% cents; seamless brass tubes Tz cent to 221, cents; sheet copper, cent to 21%, and brass wire, % & centto 18%. ——1926— THE SUNDAY STAR, WASHINGION, D. C., APRIL 19, BOND SUMMARY FOR THE WEEK |Closer Relations Urged Among i : Stockholders and Officials High. Low. U. S. BONDS. 101-29 100-28 Liberty 3%s 1933-47... 102-8 101-14 Liberty 1st 4%s 1932-47 101-14 100-20 Liberty 2d 4% s 1927-42. . 101-30 101-1 Liberty 3d 435 1928..... 102-10 101-20 Liberty 4th 4% 1933-38.. 105-17 104-13 Treasury 4%s 1947-52 108 High. Low: 967 95 103 101% 974 94 83 83 110% 106% 108 106% £5% 80 983 95% 104 101% 108% 102 108% 102 108% 106% 108% 106 G 41y 9TH 94k 101% 984 108 994 111 109 103 98w 1021 98% 100% 93 104% 98% 9Bk 93% 874 79 83 81 92 90 96% 88 864 £0% 85% ®0 107 118% 805 105% 1124 FOREIGN. Argentina 55 A 1957. Argentina 7s 1927 Austria s f 7s 1943. Belgium 6s 1955 Belgium 7%8s 1945. Belgium 8s 1941 Bordeaux 65 1934 Brazil 85 1941, Canada 6s 1952. . Canada 6%s 1929 Chile 85 1926 Chile 85 1941 Chile 85 1946 3 Chinese Govt Ry 58 195 Copenhagen 5%s 1944. Czechoslovakia 8s 1951. Denmark 6s 1942. Denmark 8s 1945. Dutch East Indies 6s 1947 Dutch East Indies 65 1962 French Govt 7%s 1941 French Govt 8s 1945. . German 7s 1949... Holland-American s f 65 1947. Japanese 4s 1931, Japanese 614s 1954. Marseilles 68 1334. Netherlands 6s 1972. Norway,8s 1940. save Paris-Lyons-Med 6s 1958. Queensland 6s 1947 Queensland 7s 1941 971 Rio de Janeiro 851946. ... 103% Sao Paulo, State of, 85 1936. a1 Seine, Dept of, T 90 Serbs Crotes Slo 104% 103 Sweden 65 1939. 103 1004 Swiss 5is 1946, 117% 115% United Kingdom 55 1929. 106% 104% United Kingdom 6% s 1937. High, , Tow. Last. Yield. 101 14 "101-10 10110 331 102+8 101-29 101a29 397 101-14 101-4 101-10 379 101-30 101-26 101-80 373 102-10 102-3 102-5 396 105-17 104-31 105 12 390 Prov. week: High, Low. Tast. 96% 961 96% 10213 102% 102% 95 94 - 94% 8615 84% 86 108% 1074 108% 108 107% 107% 83% -834 96% 957 104 103% 108 102% 102% 102% 108% 108 108% 108 444 44% 978 97 99% 9914 102 101% 110% 1104 100% 100% 100% 100k 98% 98% 1017 101% 2414 94 844 84% 8244 824 9% 914 95 96 95% 811 83 83 81 834 #3% 108% 104% 104% 11l 111 T 6% 103% 104 1048 110 110% 110 % 95 94 100% 100% 100 84 87 87 88 88 87% 103% 103% 108% 1024 102 101% 116 116% 116% 106% 1065 Close. 96% 102% 94% 84% 108% 107% 80'a 95% 108% 102% 102% 107% 107 44 974 9% 101% 110% 100% 100% 934 994 94% 82 81% 81w INDUSTRIAL AND MISCELLANEOUS. 101 9785 1084 108% 978 1013 94% Amer Agri Chemical 73%s 1941 96% Amer Smelt & Ref 1st 55 1947.. 103% Am. Smelt 1st 6s 1942 9915 Amer Sugar Refining 6s 1937, 964 Amer Tel & Tel cl tr 48 1929 100 Amer Tel & Tel cl tr 55 1946 99% Anaconda Copper 6s 1953 100 Anaconda Copper cv deb 7s 85 Armour & Co 41481939 97% Atlantic Refining deb 5s 1937. 100% Bell Tel (Pa) ref 55 1948. . 90 Bethlehem Steelp m 5s 1936. 98% Bethlehem Steels f 63 1943. 105 Chile Copper 65 1932. 81% Cons Coal (Md) 1s ref 5s 99% Cuba Cane Sug cv feb 85 1930 106% Detroit Edison ret ss 1940 106% Du Pont de Nem 7T%s 1931 97% Empire Fuel & Gas 71481937, 101t General Electric deb 58 1952.. 100 Goodrich (B F) 6%s 1847.. 108% Goodyear Tire 83 1931. 119 Goodyear Tire 8s 1941 99% Humble Ofl & Ref 5%s 101% Indiana Steel 55 1952. . . €8 Inter Mer Marine 65 1941. 874 Inter Paper 5s B 1947....... 90 Kelly-Springfleld 8s1931.... 89% Lackawanna Steel 55 1950 97% Liggett & Myers s 1951 113'2 Mazma Copper 75 1932 99 Manati Sugar s f 7%s 1942 874 Midvale Steel 55 1936. . 99 New England Tel 55 1962 112 New York Edison 1st 6%s 1941 100% NY GasEL H & P 55 1948. 95% New York Tel 435 1939. 106% New York Tel 6s1941....... 967% North American Edison 6s 19 93% Pacific Gas & Elec 53 1942 923 Pacific Tel & Tel 5s 1952 101% Philadelphia Co ref 6s 1944. 88 Sinclair Oll 7s 1937. 107 Skelly 6ls 1827.. e 102 South Porto Rico Sugar 7s 1941 93% Union Bag & Paper 65 D. 100% United Drug 6s 1944 85 USRubber 1st & ref 1043% U S Rubber 738 1930. .. 104% U SSteel s £581963...... 91 Utah Power & Light 5s 1944. 73 Va-Carolina Chem s f 7s 1947 44 109% Western Unlon Tel 6%s 1936. 91% Wilson & Co 1st 65 1941. 53%- Wilson & Co cv T3%s 1931, RAILROAD. 884 Atchison gen 451995.,. . 89 Atlantic Coast Line 1s s 86' Balto & Ohio gold 4s 1943. 89% Balto & Ohlo cv 435 1933. 85% Balto & Ohio ref 5s 1995, 102% Balto & Ohlo 65 1929..... 83% B&OPIitts LE& W Va 45 1941 99% B & O Southwn div 3%s 1925, 82% Brooklyn-Manhat s f 63 A 196! 116 Canadian Northern 6%s 1946 79 Canadian Pacific deb 4s. 87% Central Pacific 45 1949, 94% Chesapeake & Ohio cv 4%s 1930., 874 Chesapeake & Ohio gn 414s 199 102 Chesapeake & Ohio cv 58 1946. 44% Chicago & Alton 3% 1950. . . 100% Chi B & Quincy 1st ref 5s 1971, 74% Chi & Eastern 11l gen 65 1951. 69% Chi Great Western 4= 1959 44 ChiM & St Paul cv 435 1932 77% ChiM & St Paul gen 4%s 1989 431 ChiM & St Paul ref 4%s 2014. 44 ChiM & St Paul cv 55 2014... 110 Chi & Northwestern 6348 19; 75% Chicago Railways bs 1927 83% ChiR I & Pacific ref 4s 1934 91% Chi Union Station 43%s 1964, 116% Chi Union Station 6%s 1963 76% Chi & Western Ind con 48 1952, 103 CCC & St Lref 65 A 1929. 104% Cleveland Term 5%s 1972, 90% Colorado & Southern 43s 83% Cuba R R 5s 1962 101 Delaware & Hudson 5%s 1937, 82 Den & Rlo Grande con 4s 1936 55 D. & R. G. West bs 1955 86 Detrolt United 4%s 1932 70 Erie 1st con 45 1996 61% Erie gen lien 45 1996. 63% Erie cv 4s A 1953, 71 Erie cv 45 D 1953. 106% 115% 100% 109 863 67% 102 59% 85 Grand Trunk 78 1940. Great Northern gen 5% s 1952 Great Northern gen 7s 1936. , Hudson & Manhattan ref bs 1! Hudson & Manhattan adj Illinois Central 53s 1934. Inter Rapid Transit 5s 1966 Inter Rapid Transit cv 7s 1932, 66 Inter & Great Nor adj 6s 1952 80% Kan C Ft Scott & M 45 1936. 70% Kansas City Southern 3s 1950. 88% Kansas City Southern 5s 1250, 97% Lake Shore 4s 1928, 95% Lake Shore 4s 1931, 91% Louls & Nash unifie, 104% 84% 1025 80 6% 86 62% 29 92% 93% 29 107 54 87 59% 884 Mil Elec Ry & Lt 1st ref b8 '61. MStP&SSM6%s 1931 Mo Kan & Tex adj 5s 1967. ., Mo Kan & Tex prIn 53 A 19 Missouri Pacific gen 4s 1975, Missour! Pacific 65 1949... . N O Tex & Mex inc 65 1935 New York Cent deb 45 1934. . New York Cent ref imp 65s 2018, New York Central deb 6s 1935 New Haven deb 4s 1957. NYNH&H cvdebésl N Y West & Boston 4%s 1946 Norfolk & Western con 4s 1996 Norfolk & Western cv 6s 1929, Northedn Pacific 3s 1947 Northern Pacific 4s 1957 Northern Pacific ref imp 6: Ore Short Line ref 4s 1929, . . Ore Short Line gtd bs 1946. Ore-Wash 1st ref 4s 1961. ... . 93 Pennsylvania gen 414s 1965. 101% Pennsylvania gen 5s 1968. , .. 109% Pennsylvania 635 1936, 32 Peorla & Eastern Inc 4s 1990, 97% Pere Marquette 1st b3 1950 94% Reading gen 4s 1997, . 71% Rio Grande Western clt 4s 194! 84% RIATk & L 43481934, . 83% StLIM&SR & G 451933 71 StL&San Fran prin 4s A 1950 85% St L & San Fran pr In 5s 1950. 93% St L & San Fran 53%s B 1942, 84% StL & San Fran adj 651956 76% St L & San Fran Inc 6s 196 59% Seaboard Ailr Line ref 4s 1959, 8% 845 8374 1064 96% 103% 81% 68 8% 2% 9% 96% 87 84 91 884 8 3% 102% 100% 110% 106 51k 34 93% 90% 99% 8% 98w 95 101% 674 Seaboard Air Line con 6s 1945, Southern Pacific cv 45 1929 Southern Pacific col 4s 1949 Southern Pacific ref 4s 1956 Southern Ry gen 4s 1956 Southern Ry 1st 6s 1994. Southern Ry dev 6%s 1956. Third Ave adj 55 1360.. ., Unlon Pacific 1st 4s 1947 Union Pacific cv 4s 1927 Virginian Ry 1st 55 1962 100% Wabash 1st 5s 1939 6314 Western Maryland 50.... Va-Carolina Chem 73%s '37 war.. Seaboard Air Line adj 5s 1949, , . 100 97k 107 103% 9% 101% 100 101 E7% 99% 102%% 914 95 106% 8414 101 108% 108% 103 105% 105 109% 120% 101% 102% 88% 594 96% 93% 100% 1201 9954 90% 100% 11d% 1025 967h 107% 101% 96 96% 1043% 93% 109% 105 95% 103 86% 106 " 105% 94% 903 59% 110% 9813 2% 997 97T% 4 1064 108 97% 101 99% 100% 86% 98% 101% 91% 9414 105% 825 100! 108% 107% 103 105 104% 1094 120% 101% 102% 88% 89 98% 93 100% 113% 99% 90% 100% . 984 . 9% . 106% 102% 9674 101 . 99% - 100% . 86% . 99K 101% . 9k . 9% +o 105% 834 . 100% . 107% . 107% vee 102% < 104% - 104% 109% . 120% . 101% . 102% . 88% . 88% . 96 . 93% . 100 .. 118 99% 0% 100%s 114 . 1024 . 96% . 107% .. 100% . 9% . 95% . 1043 . 92% .. 110 .+ 105% 102% 96%s 107% 100% 95% 964 104% 92% 107% 104 95% 103 86% 105% 105% 93% 894 584 110% 88 96% 2. 89 102% . b2% 100% 74% . 61 . 45% 8314 46 453 110% % .« B7% . 92% - 117 . 1% 1084 .. 87 seee 108% . 94% wee 101% 108% 65 87% 6314 89% 129 60 . 83% - 108 965 105% 82y 9415 «e 102% 110% 32% 994 95 3% 86% 864 T4l 106t 974 105% 825 9415 103 110% 314 99% 954 3% 87 87 5% 898 994 88% 81% 68 76% 913 974 _ 85% 90% 78 6% 7% 1021 101% 101% 110% 108% 110 38% 344 88% 98% 98 98% 99% - 991 993 98% 97% 98y 101 100% 100% 63% 64% 63% 64W 921 98% 52% 933 764% 9% 113% | Initial Move to Make Reserve Banks More Useful to Members—Florida Real Estate Boom—At Home. BY L. A. FLEMIN The meeting of representatives of national banks of the fifth reglonal district, stockholders in the Federal Reserve Bank of Richmond, held in the latter city a few days ago, may be said to have been the initial effort in a campaign of education for the betterment of the Federal reserve system and for the enlargement of its opportunities for service for the bene- fit_of member banks. That the benefits which the system has conferred on member and non- member banks alfke have clearly demonstrated the hecessity for the continuation and broadening of the system is admitted by the banking fraternity almost unanimously. ‘Without the system the financing of the World War would have been an awful and almost unsolvable prob- lem, while the old national currency act was entirely inadequate to the business of this day and age. Greater Freedom Sought. It has been the effort of friends of the system for some vears past to free it from certain restrictlons that hinder its actlvities and to prevent, in every way possible, political inter- ests from exercising any control thereof. Many national banks have found the handicaps of the system as they exist today too great and have sur- rendered their charters, one of the latest being the old Irving National Bank of New York City. In the case of this institution and others of like character inability to make real estate loans, coupled with the large reserves carried with the regional Reserve Bank of which they were members, upon which they were allowed no interest, are matters of criticism. Par collections cut no flgure, save with little institutions in country and in Southern districts, -where the charge for check coilections furnished a large part of the small revenue of the bank. Methods Greatly Tmproved. The collection and transfer system bas been so perfected that it would be a serfous matter for the banks of the country to do business without its ald, while the saving in cost since the old’ and sluggish methods of sending funds by express, registered letters and by bills of exchange have given way to the wire and instantaneous action is considerable. It is probable that each of the 12 regional banks has either called or will call a meeting of its stoc holders, member banks, for the pur pose of forming such associations as followed the call to Richmond. This would create a strong organi- zation of shareholders back of each reserve bank, prepared to study the needs of the institution, to approve or deny ald to proposed legislation, according as they believed it would benefit or harm member banks, and tc advise with officials of the reserve institution on policy. National bankers do not want Fed- eral reserve banks to compete with them in the open market for desirable investments, and yet they do want the reserve bank to pay 6 per cent divi- dends on their stock continuously. Six per cent of the capital of national banks forms the entire capital of the Federal reserve banks. Special Groups Formed. There were 155 bankers‘af‘thé Rich mond conference, in addition to the Richmond delegation. After examining the home of the Richmond Reserve Bank, meeting the officers and directors, being enter- tained at luncheon and listening to some important addresses anent the subject of the gathering, general dis- cussion was engaged in. A number of groups of bankers were organized, with a chairman, he to name an assistant, each to work and report to the general meeting and to the officials of the regional bank, all to be at call of the general chair- man_of the shareholders’ meeting, H. M. Vietor. Victor B. Deyber, president of the Second National Bank of this city, is chairman of one advisory board, and John Poole is assistant. It does not require an expert to rec- ognize the advantages of a united sup- port of all sharehclders and of co- operation and harmony with reserve bank officials. Bankers believe that the enactment of the McFadden bill, which will again be brought before Congress at its next sesslon, would, if enacted, remove many of the handicaps now existing through the restrictions of the Fed- eral reserve act. It will have to work its way through both the House and Senate. It passed the House in the last Congress, but never reached ac- tion in the Senate. Wanted Radios, Many of Them. There was a good customer on the street for radios Saturday night a week ago. He was a big fellow, weighed about 220, and in place of A. B. A. checks carried certified checks of his own—"just as good as actual cash, sir.” The first merchant approached was perfectly willing to seli a radio—sev- eral, in fact—but he had to have the cash; so he took the big fellow to his bank—the Bank of Commerce & Sav- ings—where John Riordan, cashier, is on_guard. “Write your name on the back of the check and I'll cash it, otherwise nothing doing,” sald Riordan to his customer. “But this is a_certified check,” argued the merchant. After several blunt refusals, the owner of the alleged check picked it up with the statement that “you're neither of you doing me any favor, this is just the same as cash, I'm going.” = At three other stores certified checks were exchanged for radios, and the right_change, between $75 and $100 and $400, the face value (?) of the check. And the merchants mourn the change, but will probably get their radios back, if they haven't, for they had chance enough to stop delivery. Florida Real Estate Boom. Everybody is talking of the boom in Florida real estate, but no one quite as much as the real estate men of the Floridian beaches. . And their every effort is being directed toward bringing in the beaches, in a frantic effort to get the property to sell. The success of Coral Gables, Holly- wood and Miami, with milllons back of them, has been the inspiration for realtors and speculators. As a result every effort is being made to develop that half-mile strip of land between the Atlantic Ocean and the Halifax River and the At- lantic Ocean and Indian River below New Smyrna. For years the strip re- ferred to was given over to palmetto, snakes, rabbits and ruin. It was sold by the Government at $1.25 an acre, it now sells by the square foot. ‘And in all the little cities no less than in the larger ones, real estate is worth (?) more today than it ever was_before. Some Washington peo- ple have made some money in Florida sand, and others hope to. How They Do in Florida. Realtors have a little way all their own in-Florida, at least some of them. Into & quiet town comes the boomer. Before long he has secured options on several of the most- desirable pieces of property in the city. Advertisements setting forth the ad- yantages of the sites selected were ” inserted. ‘“Money makes the mare g0"—in the same old way, and the papers need it. Then sales are made —that is, they are reported, and at high prices—and then another sale all wash—but in the meantime if some one wants the property around the first price they get it hook and line. Otherwise the option would 14 renew- ed and the boosting process carried further until the sucker passed that way—or the option has expired. And the city press would publish the vari- ous gales, “‘thus establishing a price of $700 a front foot for property in the business district on Main street.” Options warely cost more than a few hundred dollars. Solid growth follows the boom's collapse. Florida is popular enough with the tourist and with the cold- weather dodgers to use all available lands in desirable sections, for the boom is on the west coast, the east coast and in the center of the State as_well. 3 Washington is also in the boom dis- trict these days. Sections of the city that have not heretofore been consi ered especially attractive are being consldered by builders as locations for fine, expensive apartments and homes. In the northwest section Rock Creek Park and the broad highways of Mary- land are attractions enough to draw homes and thousands. Wardman Park Hotel and the great Cathedral are added attractions and there are others that will continue the prosperity of the northwest. Some of the Boy Scouts tabulated 10 and 12 cars a minute in rush hours. If their pulses are attuned to 70 & minute they might make a correct count of the automobile rush on Con- necticut avenue in the rush hours, perhaps. The new southwest has changed its complexion from an industrial center, from a lowland district, from swamps and eeters,” to one of beautiful bridges, splendid golf links, artistic monuments with elaborate grounds. And the buildings are following. In the uptown business district the Mayflower Hotel is given as a reason for the advance in realty prices, although there may be some who can- not see just why. Other sections are enjoying ad- vances in values, and where there have been no great gains, owners are full of hope for a boom one of these days _ It is all the same, Florida or Wash- ngton. URGED TO FIGHT SWINDLERS. V YORK, April 18. a thousand ew York fore than representatives of the tock cha REPORT OF CONDITIO} Of the SEVENTH STREET SAVINGS BANK At Washington, in the District of Columbia, at the close of business on April 6, 1025, RESOURCES 1. Loans and discounts, inc ing_rediscounts, ces of other ban s of exch . s0ld with 426,399.31 8. Govern Iy owned Gding miums, if any) ..o Other bonds. stocks, secari- 11 fixtures, pre- ng house. $44.51 furniture S4.741 ... Cash in Vault and amount due from national Exchanges for house ... .. of 3.770.03 39.587.37 (including Feder- al reserve bank ) located outside ity or town of reporting bank .........$3.230.05 b Miscelianeous i cash items .... 44.00 s 4.95 19250—PART 6. who paid their annual visit to the' exchange today, were urged by Presi-| dent E. H. H. Simmons to aid in the national fight now being waged against security swindlers and bucket- shop operators. When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 54,9 and 6% INTEREST Before Placing or Toyr 1st or 2d Trust Consult WELCH, Realtor Lounn Specialist Quick Replies Reasonable Charges 15th and N. ¥. Ave. Main 43464347 Tl WANTED Second Trust Notes This company has funds available for the purchase of all kinds trust notes, real estate of second secured on in or close to Prompt Service Washington !nveslment Transactions Co. 713-15 14th St. N.W. We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of interest. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-Five Years —insures’ your protection. Percy H. Russell Co. 926 15th St. NW. A real investment with principal and interest pro- tected by bonding compa. Every First Mortgage Note offered our clients bears the unconditional guarantec of one of the largest bonding companies for the absolute safety and protection of the First Mortgage Note purchased. Interest will be paid on daily balance when buying by monthiy payments. Total . ... .$1.767.199.11 B LIABILITIES 17. Capital stock paid in .. Surplus fund . a Undivided prot. Tt o oo 940 ¢ Less current ex- penses. interest and taxes paid 18.776.71 $100.000.00 90,000.00 Certified checks outstanding . Cashiers' checks outstanding Total of items d 670,929.01 in less than er than for rowed) . ..... Dividends unpaid 11111 Total of demaud’ deposits other *‘than bank de- posits) subject to re. serve, items 27. 28 and 3L ... .. $684.358.14 Time déposits subject to re- serve (payable after 30 days, or subject to 30 days’ or more notice, and postal savinga) : . Certificates of deposit (oth- er than” for money bo rowed) . . State, county or other ‘mu- nicipal deposits secured by pledge of assets of this bank or surety bond Total of time deposits s ject to reserve. ftems and 34 -$866,206 Total 1,767,199. District _of Columbia, ss. e I. JOHN 'D. HOWARD. cashier of the gbovenamed bank. do eolemnly swear that above statement is true to the best o my knowledge and belief. ‘ J. D. HOWARD, Cashier. and sworn to before me this April, 1925. H. P, HOWARD. Notary Public. JOHN R. WRIGHT, WS CHESLEY . PLUGGE, Directors. o Loan 0 days (ot! money bor- 1342613 300 16.271.03 840.935.71 Subscribed 16th_day of (Seal.) Correct—Attest: Money Secured by first deed of ‘trust on real estate Prevailing interest and commission 420 Wash. L. & Trust Bldg.. Sth&F N.W. Joseph I. Weller Goldsmith Building B405-7Eye SINW. M 9670 | Bond Interest For Your Savings NY man or woman who can save $10, $20, $50 or more a month can become the owner of one or more of our strongly safeguarded First Mortgage Bonds paying 7%. The full rate of Bond Interest is allowed on every payment. 7% Ourfreebooklet, "HowtoBuildan ** tells how competence by systematic saving in these safe 7% investments. Ask for our booklet today The F. H. Smith Co. Founded 1873 No Loss to Any Investorin 52 Years Smith Building, 815 Fifteenth St. THE F. H. SMITH COMPANY 1 Bmith Building, Washingten, D. C. send free bool PO g st o e e Funds Available for First Mortgage Real Estate Loans on Improved Property in the District of Columbia Applications invited, ‘Every courtesy extended Park Savings Bank FINANCIAL. WE FINANCE —all classes of fncome-producing property. Large Loans a Specialty Current int. Higbie & Richardson, Inc. 816 15tk St. N.W. BONDS GERMAN 52658 Bought—Sold—Quoted % Full New York and Berlin Market Received Dally Bend' for Special Market Letter Peter Whitney 203 Investment Bldg. Toelephone Franklin 3978 rate and commission. FIRST MORTGAG]'S FOR SALE Denominations of $250, $500, $750, $1,000 and upwards 6Y2% All Loans Made on Property an Investor. Located District of olumbia Wm. H. Saunders Co., Inc. 1433 K Street N.W JAMES F. SHEA Phone Main 10161017 643 Louisiana Ave. N.W. First Mortgage Notes For Sale in Any Amount Security Carefully Selected 637 For Thirty-seven Years We Have Sold With Loss to BUCK and CO. Established 1916 Stocks and Bonds We Buy and Sell Listed Securities Outright or on Conservative Margins Direct Private Wire to Philadeiphia and New York Write or Call for our Weekly Market Letter This Week’s Letter Contains Comments Concerning Glidden Co. Hudson Motors Radio Corp. BUCK and CO. 312-13 Evans Bldg. 1420 N. Y. Ave. N.W. Fr. 7300 M. 8673 Metropolitan Housing Loans (Metropolitan Life Insurance Company) On homes in the District of Columbia and suburbs in Mary- land and Virginia. These loans may be made for 15 years and are very vantageous to the borrower for the reason that they elin nate extensions, or new loans at the end of short periods No life insurance requirement. Write for booklet. Unlimited funds for loans in the District of Columbia on BUSINESS PROPERTIES APARTMENT HOUSES OFFICE BUILDINGS AND HOTELS Lowest Interest Rates—Brokers' Applications Invited WEAVER BROS., REALTORS 735 15th St. N.W. Phone Main 1821 ONE OF THE BEST —investments we have ever offered, either for Financial Institutions, Trust Estates or Individuals, is the issue of FIRST MORTGAGE NOTES Secured Upon the New | Washington Medical Building Northwest Corner of Eighteenth and I Sts. N.\W. Washington, D. C. Total Issue, $450,000.00 Denominations $100 to $5,000 Interest Yield 6,9, Call, write or telephone for reservations and literature. MORTGAGE INVESTMENT DEPARTMENT ISHANNON - & LUCHY 713 and 715 14th St. N.-W. MAIN 2345 Never a Loss to an Investor 14th and Kenyon Sts. N.W. IS MY MONEY SAFE? This question is in every one’s mind. Would you con- sider a FIRST MORTGAGE Over a Quarter of a Century Without a Loss. on the house in which you live at one-half its fair value safe? This is the security that pro- tects OUR 6%% FIRST MORTGAGES B E Main 2100 SAUL CO. 925 15th St! N.W.