Evening Star Newspaper, April 26, 1925, Page 35

FINANCTA NEW BOND RECORDS MADE DURING WEEK Power Issues Held to Be in; THE 'smm _BTER, WASHINGTON, D. 0. XPRIU 26, fiB(.?ND SUMMARY FOR THE WEEK |Full Employment of Cash o Is Now Bankers’ Problem Poor Demand for Loans Here and Else- SEVERE DECLINES IN SPECIAL ISSUES Commercial Solvents and “High 101-29 1028 101-14 101-30 10210 105-17 192 Hig Low. Last. Yield. 101-4 S84 10128 3 97 101-8 101-20 1026 39 105 16 391 Low T. §. BONDS. 100-28 Liberty 8358 1932-47. 10i-14 Liberty 1st 4% s 1932-47 100-20 Liberty 24 4% s 1927-42.. 101-1 Liberty 3d 43, s 192 101-20 Liberty 4th 43 1933-38.. 102-9 102-2 104-13 Treasury 4%s 1947-52... 105-14 105-6 Prev. week's Ciose. High, 96% 961 High. . 101 12 101-4 102.3 101-28 101-11 101-6 101-31 101-26 Metropolitan Housing Loans (Metropolitan Life Insurawce 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 ad- 10128 1926 Rich. Low 5 =) Last 96 8o Le 96% Low. 9614 FORES Argentina 65 A Good Position—High-Grade Rails Active. BY GEORGE T. HUGHES, Special Dispatch to The Star NEW YORK. April 23. been no mistaking the steady ward trend in bonds this week. The movement was most pronounced the yery high-grade issues, such as ve ‘lezal investments for savings nks, but it was not confined to this riddle and second grade obli- i cipating in the advan A part of the buying was doubtle; due 1o the efforts of dealers and pro- ional traders to take advantage e trend, but it was not all from urce. Banking and institu- al demand was prominent, indi- apparently, confidence in the e outlook, for bonds of this responsive far more to up- ntal ‘conditions than specu- | Iative secu New Some of made new High Records. these high-grade high records this week, not only for this year, but for 1924 s well, and the average now stands the high point there was the-same sort of buyir in United States ment ob! t 1so with high recorc some instances The gains here were not 8o sig- nif s far as Liberties are con- cerned, because this is a means’ for banks to employ tempc rarily surplus funds. A beiter Indi- cation of investment sentiment was the strength in the Treasury 4% and the Treasury 4s. The former do not mature until 1947 and the latter not until 1944, making them more de- sirable for permanent holding than the shorter term Liberties. honds new Main Point at Tssue. The vital question ahout all this is ‘whether the advance this week is going to he held over any long period and about this, of course, there are varving opinions, but a good many of the best informed au- thorities advance .the theory that bonds with minor fluctuations are initiating a long upward swing. For this belief two reasons are advanced rst, the money situation, as has repeatedly been emphasized, and, sec- ond, the downward trend in com- modity prices. As to this setond point the indica- tions so .far are meager, but there is nothing improbable in the idea. It will be remembered that prices began their long advance in 1896, culminat- ing in 1920 and 1921, since which time the .trend has been in the op- posite direction. The war was not re- sponsible for originating this com- modity. price advance. It simply ac- centuated it. The advance began long before the war. Tax Situation Also Vital. One other influence may be men- tioned in connection with the strength in bonds, and that is the prospect of substantial tax reductions next year. One of the reasons why investment bonds do not sell at high figures of two dceades ago is the high surtaxes which have forced investors of large wealth into tax-exempt securities, mainly municipals If there is to be a cut in these sur- taxes, if cannot but increase -the demand for bonds. The market may be looking ahead to some develop- ment of this kind. So far, however, there has been no let-up in the in. quiry for tax-exempt securities, of which supply in recent weeks has been hardly equal to demand. The Bond Outlook. As has been stated, it was the high- gradeé railroad issues which were most in favor ‘this week. The best of these bonds show a return of only 450 to 4.75 per cent. This is not especially” attractive, and so shrewd investors who are not bound by the restrictions applying to savings banks and to trust funds have been turn- ing to the utilities. High-grade first mortgage electric light and power honds are obtainable on a 5 per cent basis, and there is no reason why they should not be exactly as sound as railroad issues of the same grade. In some respects the outlook for the utilities is much better than for the rallroads. (Copyright, 1925.) BOND PRICES MOVE IN NARROW LIMITS More Speculative Rail and Indus- trial Liens Lose Some Ground. By thé Associated Press. NEW. YORK, April 25.—Bond prices fluctuated within narrow limits on a reduced volume of trading today. Erie Rallroad obligations were de- pressed by indications that the road would report a fairly large deficit for the first quarter. The convertible 4s D were forced down 1% pounts and other issues of the company declined fractionally Chicago and Terre Haute income &s yielded 1'% points on profit taking. With the St. Louis-San Francisco Rallway reporting a satisfactory quar- ter in eontrast to the unfavorable showing of. most western roads, Frisco income $s extended their gain another point.. Peoria and Eastern income 4s showed a sudden burst of strength, mounting more than 4 points above last night's close y Several heavy spots cropped out in the industrial list, losses of a point or so being recorded by Wilson & Co 71438 and Consolidation Coal 5c. Oil and sugar company bonds were ad- versely affected hy price reductions on these products. WALL STREET BRIEFS. Br_the Associated Press NEW YORK. April 2! ntent of 60,000 shares of Company stock, put aside by the ¥leischmann. family for subscription by emploves at $60 a share. has been heavily oversubscribed. the total sought be 000 shares. ~The allot- leischmann More, gold went to India today, $1.000,000 being shipped by the Farm- ers’ Loan and Trust dition to 83 to Singapore. Further shipments are contemplated. The St, Lonis Southewestern Rail- way earned $8.37 a share on the com- mon_ stock in 1 after preferred dividends, in contrast to $14.71 a share in 1923. Homer §. Orrvis has hought the | New York Cotton Exchange mem- bership. of W. S. Moore for $30.100 a decrease qf $400 under -previous transaction. | ad’s net | gained The Lehigh @ operating “income for 8 $40,064 ° over the month l:\.fl(‘ . year, dltough gross revenue de- ‘clined $97.668. Net for the first qua “ter was §2,411,488 against vear ‘ago.,. Gross fell to § from $18,534,379. me 198,409 | There has | in the weel | avorite | 108% 98 111 109 91 9914 104% 1045 | 1043, 10945 108 961 101% 101 1131t | 99 597 106 109 2444 85 93 9y 91 91 105% 113% 84 104 110 971 9015 108% 1174 107 101 T 1063 1023, 9RY, 10245 99% 10815 87 995 101% 813 100 112 9014 1011 107% 109% 4813 105% 102 110% 120% 100% 103% 90 88% 105% 941s 100 187 101% 91 101% 1144 102 97% 107% 99 95 94 103% 97 107% 106 984 101 87% 108% 105% 94 86% 8% 113 99 100 91% 92% £9 90% B84 103% 86 100 844 17% 82% 89% 96% 21 108% 43 102% 8% 62% 52 B4% 59 62% 112% 89 8o% 93% 118% 8% 104 106% 1% 85% 103% 83% 95 4% 66 66% 77 107% 1174 101% 110% 88% 69% 104 80 8¢ 70 82% % 91 99% 97 94% 107 88 108% 834 9% 8T% 65 100 86% 965% 100% 118% 56% 86% 108% 98% 106% 84k 95 104% 11 384 98% 3% 8T% 86 3% 87% 95% 86% 8l 61k 1% 87 98l 954 102% 58% 94 100 9% 101% 6544 w9s% Traffic increases on German water- Ways. % 100% 85% 9 97 1% o1 991 100% 102 101 101 39% 874 107 924 1095 65 991, 104% 87% 634 101% 1061 98% 82 92 101% 964 923 971 94t 945 83% 9673 71 874 93 99 86 874 104 106% 89 100 924 100% 1144 96% 997 T9% 8214 96% 88 97% 86% 7% 1097 984 93% 104 91% 0% 90% 99% 847 101% 100% 93 100% 8% 99 102% 7% 52 27 107% 79% 464 86% 864 81% 824 83 100% 8 96% 1% 111 78% 85 88% 84% 87% 32% 967 69% 50 62 1% 48% 52 106% 74 78% 89% 112% 71% 100% 102% 80% B1% 974 664 84% 61% 53% 54% 59% 102% 110% 964 106% 80% 584 100% 58% 824 40% 8% 67 86 94% 92% 884 104% E8' 101% 5% B1% 8% 514 8T% 2% 89% 96 103% 59 101% 924 101% 9% 90% 99 107% 21 91's 60 744 66% 8014 87% 72 58% T 43% 95% | 107% 101% 39% 88Y% 95% 92% Argentina ¢ Austria s f 75 1948, Belgium 65 1955. . Belgium 7%8 1945, Belgium 85 1941.. . Bordeaux 65 1934. Brazil 85 1941.. Canada 6s 1952 Canada 5% 1929, Chile 851926 Chile 85 1941 Chile 851946 Chinese Govt Ry 5s 1951 Copenhagen 5145 1944. . Czcchoslovakia 85 1961. Denmark 651942, Denmark 85 1946..... Dutch East Indies 65 1947 Dutch East Indies 65 1962 French Govt 7%s 1941 French Govt 85 1945. . German 7s 1949, Holland-America: Japanese 48 1981, Japanese 6% s 195 Jergens Utd Margarine 6s Lyons 651934..... Marsellles 69 1934 Netherlands 6s 1972. Norway,8s 1940. . Paris-Lyons-Med fis Quecnsland 68 1947. .. Queensland 7s 1941. . Rio de Janeiro 8s 1946. Sao Paulo, State of, §5 1936, Seine, Dept of, Ts Serbs Crotes Slovenes 88 162 Sweden 65 1939 Swiss bles 1946.. United Kingdom 518 1929, United Kingdom 6%s 1937. 102% 947 B6% 108% 107% 81% 95' 103% 10274 1027 108 108 44 97 994 L1014 1947 1104 1004 100% 93% 101% 94 844 824 91k 957 83 B4 T104n $it 76 " 104 110 INDUSTRIAL AND MISCELLANEOUS, 9% 9514 103% 991¢ 9615 100 99t 99% 85 97% 100% 90 93% 105 81% 9% 106% 3 106% 90 934 90 1037 88% 100t 88% 118% 80% 89's 97% 90% 109% 58% 1024% 9% 65% 60% €37 b4 59 112% 88 88% 93 117T% 80 104 106% 95 91 108 854 66% 93% 2% 66 69 6% 107% 117 102% 111 90 3% 103% T4% 95 78 85% 3% 1% 987 97% 95% 1084 89 104% 827 89 93% 6614 102%4 96% 96 102 17% 60% 92 0% 91% 974 1013 100 108% 119 99% 101% £8 87% 90 89% 9% 13 99 874 99 112 100% 95% 106% 96% 9315 9245 101% 88 107 102 935 100% 85 104% Amer Agri Chemical 7Ti%s 1941 Amer Smelt & Ref 1st bs 1947. Am. Smelt 18t 6s 1942, ... Amer Sugar Refining 6s 1937 Amer Tel & Tel cl tr 4s 1929, Amer Tel & Tel cl tr 5s 1946 Anaconda Copper 65 1953. ‘Anaconda Copper cv deb 78 ‘3. .. Armour & Co 4%8 1939 Atlantic Refining deb bs Bell Tel (Pa) ref 55 1948 Bethlehem Steel p m bs 1936... Bethlehem Steel s £ 65 1943. Chile Copper 6s 1932. Cons Coal (Md) 1s ref 5s 1950 Cuba Cane Sug cv Aeb 8s 1930 Detroit Edison ref 65 1940 Du Pont de Nem 7%s1931... Empire Fuel & Gas 7%s 1937 General Electric deb 65 1952. Goodrich (B F) 6%s 1947. Goodyear Tire 88 1931..... Goodvear Tire 8s 1941 Humble Oil & Ref 53 Indiana Steel 65 1952 Inter Mer Marine 6s 1941, Inter Paper bs B 1947. Kelly-Springfield 85 1931. Lackawanna Steel 55 1950. Liggett & Mycrs 65 1951 Magma Copper 76 1932.. Manati Sugar s £ T3%s 1942.. Midvale Steel 551936....... New England Tel bs 1952 - New York Edison 1st 63%s 1941. NYGasELHG&P 651348, New York Tel 43%s 1939 New York Tel 65 1941 North American Edl; Pacific Gas & Elec B Pacific Tel & Tel bs 1952. . Philadelphia Co ret 68 1944 Sinclatr Ol1 78 1937 Skelly 6l%s 1927.... South Porto Rico Sugar 7s 1941.. Union Bag & Paper 6s D United Drug 6s 1944. U S Rubber 1st & ref fig U S Rubber 7%81930. U S Steel s f 55 1963. Utah Power & Light 65 1944. . Va-Carolina Chem s f 7s 1947. Va-Carolina Chem 7%s '37 war, . Western Union Tel 6325 1936 Wilson & Co 1st 65 1941. Wilson & Co cv 7%4s 1931.. RAILROAD. Atchison gen 451895... ,. Atlantic Coast Line 1s s 1952 Balto & Ohio gold 48 1943 Balto & Ohlo cv 438 1933 Balto & Ohlo ref 55 1995 Balto & Ohio 651929...... B&OPIttsLE& W Va 4s 1941, B & O Southwn div 3335 1925 Brooklyn-Manhat s f 65 A 18 Canadian Northern 6345 1946 Canadian Pacific deb 4s. Central Pacific 45 1949 Chesapeake & Ohio cv 4168 1930 Chesapeake & Ohio gn 4% 5 1992, Chesapeake & Ohio cv 58 1946. . Chicago & Alton 334s 1950. Chi B & Quincy 1st ref s 19 Chi & Eastern 11l gen 58 1951 Chi Great Western 4s 1959. ChiM & St Paul cv 4%5 193: Chi M & St Paul gen 4 }%s 198 ChiM & St Paul ref 4%s 2014 Chi M & St Paul cv 58 2014. Chi & Northwestern 638 Chjcago Rallways bs 1927 Chi R I & Pacific ref 4s 1934. Ghi Unioh Station 4325 1964 Chi Union Station 6%s 1963. Chi & Western Ind con 48 1952 CCC&StLref6sA1929..... Cleveland Term 5%s1972. . Colorado & Southern 4%s 193] Cuba R R 58 1952 Delaware & Hudson 5%s 193 Den & Rio Grande con 4s 193/ D. & R. G. West 5s 1955, Detroit United 4%s 1932, Erie 1st con 4s 1936. Erie gen lien 45 1996 Erie cv 4s A 1953. Erie cv 4s D 1953. e Grand Trunk s f deb 65 1936, Grand Trunk 78 1940. Great Northern gen 5%s 1952, Great Northern gen 7s 1936. Hudson & Manhattan ref bs 1957, Hudson & Manhattan adj 6s 1967 llinois Central 5%s 1934..... Inter Rapid Transit 55 1966. Inter Rapld Transit cv 7s 1932, Inter & Great Nor ad) 6s 1952, Kan C Ft Scott & M 45 1936. . Kansas City Southern 35 1950. Kansas City Southern 55 1950 Lake Shore 4s 1928 Lake Shore 4s 1931 Louls & Nash unified 45 1940 Louis & Nash 1st ref 54s 2003, Mil Elec Ry & Lt 1st ref ba ‘61, MStP&SSM6%s1931. Mo Kan & Tex 1st 4s 1990 Mo Kan & Tex adj 5s 1967 Mo Kan & Tex prIn 5s A 1963, Missouri Pacific gen 4s 1975. Missourl Pacific 65 1949 N O Tex & Mex inc 55 1935. New York Cent deb 45 1934. . . New York Cent ref imp bs 2013. New York Central deb 6s 1935 New Haven deb 4s 1957. NYNHG&H cvdeb 6s 1943, N Y West & Boston 4%s 1946. Norfolk & Western con 4s 1996. . Norfolk & Western cv 65 1929, Northedn Paclfic 3s 1947. . Northern Pacific'4s 1997. Northern Pacific ref imp Ore Short Line ref 4s 1929, Ore Short Line gtd 55 1946 Ore-Wash 1stref 4s1961. ... Pennsylvania gen 4%s 1966 Pennsylvania gen 5s 1968, Pennsylvania 6%s1986...... Peoria & Eastern Inc 4s 1930 Pere Marquette 1st 55 1950 Rio Grande Western clt 4s RIArk &L 4%s1934...... StLIM&SR &G 451933, St L &San Fran prin 45 A 1950. St L & San Fran pr In 5s 1950. St L & San Fran 6%s B 1942, St L & San Fran ad)j 65 1956, St L & San Fran inc 960.... Seaboard Air Line ref 45 1959. . Seaboard Air Line adj 6s 1949. Seaboard Air Line con 6s 1945 Southern Pacific cv 4s 1929. Southern Pacific col 45 1949. . Southern Pacific ref 4s 1965. . Southern Ry gen 4s 1956, Southern Ry 1st 55 1994. Southern Ry dev 6%s 1956 Third Ave adj 6s 1960, . % Union Pacific 1st 4s 1947, Union Pacifie cv 48 1927. Virginian Ry’ 1st bs 1962. Wabash Ist 55 1939. . ‘Western Maryland 4, ern Pacific bs 1 102% 94%, 85% 109 107% 83% 96 104 108 108 108 108 444 97% 100 102 110% 101% 101% 99 102 041 86 83 91% 968 83% 834 1045 1% 6% 1044 110% 9419 100% «7 875 103% 102 174 1074 100 98 107 103% 974 101 100 100% 7% 991y 102 91% %5 105% 8412 100% 108% 107% 104 105% 105% 109% 120% 102 102% 88% 8% 97 93% 101 117 99% 90% 100% 114 102% 974 107% 1014% 97 97 105 92% 109 104% 95% 103 8613 106% 106% 95 92% 102% 93% 841 108 107% 825 95 108% 102% 102% 107% 107 444 97 99 1014 110% 100 102% 9 864 108% 107% 83 9bk 108% 102% 108 107% 107% 4w 27 99 101% 1105 101% 101 97 101% 9816 86 82% 91% { banking business as for making a BY 1. A. PLEMING. There is more money in the banks of Washington than ever before, and the bankers, whose chief aim in busi- ness is the accumulation of deposits, ought to be very happy. While they admitted that they are in fairly good humor, there is a small fiy of large proportions in their honey that prevents their perfect enjoyroent of the situation. Now they are asking, first them- selves, then each other, and finally discussing freely the question, ““What are we going to do with it?" It is a fact that there isn't much demand for loans, other than from real estate operators and their e —an inquiry that national banks are not permitted to meet to any great extent. These loans are by their very nature non-liquid, and must be more or less restricted, for the acceptan: of a deposit carries with it the under standing that the cash will be avail- able when desired. Merchants Light Borrowers. Merchants are not in the market as borrowers to any extent: business is fair with them, but they have not for- gotten the lesson of the buyers’ strike and the losses sustained in the en forced liquidation following the infla- tion period. They are still replenish ing stocks from day to da They do some little borrowing, but not much. Usually in times of business activ- ity merchants are accustomed to carry fair surplus stocks in warehouses, pending the depletion of their shelves to a condition requiring replenishing. Such a condition is now non-existent and the merchants are counting on less sacrifice when clearing sales are needed. The ‘“secondary loan market," meaning the Wall Street demand for call loans, is also disecouraging these days. Rates are around 3% per cent and the demand is not sufficiently con- tinuous to keep cash constantly em- ploved. Trust companies generally are pay- ing 2 per cent on checking accounts and national and savings banks 3 per cent on savings, while time funds and some savings deposits call for 4 per cent. Hence there is no satistaction in 313 per cent loans. Local Conditions Noted. The investment demand for securi- ties locally is greatly restricted, this in spite of the firm appearance made by the market. It is but natural that the un- certainty that still surrounds the probable distribution of the Potomac Electric esecrow money to the Wash- ington Railway and Electric Co. common stockholders should prevent free trading in these shares. This and the high prices, due to steady gains in other parts of the list, have brought more or less dullness, re- lleved by occasional spruts of activity and displays of strength. The average man Seems content just now to leave his dividend and in- terest in the banks, awaiting a more propitious time—the settlement of unsettled problems—before investing In the meantime bankers are hold- ing as strictly ag possible to the 6 per cent rate on loans. There is no inducement for a cut in that as it would not increase the demand to any material extent. This limited demand for loans is nearly national in its character. The great Federal reserve system is supposed to earn its dividends and pay its expenses from the rediscount- ing of loans made by banks to their customers. There is so little re- discounting going on that the reserve banks are forced to compete with the member institutions in the open market for bills and acceptances. Margin or Cash Down? “Am I liable tb lose more, in the event of a break in the market, if 1 buy on margin than if I purchase for cash, ‘buy outright,’ T believe you call it,” said the new customer to the old-time broker. i And he, answering, said: “There has always been a difference of opinion in that matter. Most of the wise ones contend that it is foolish to ‘speculate’ on margins, while they hold that ‘in- vestments' for cash are by all odds the safest. “I differ from them entirely. From the standpoint of saving interest and the viewpoint of econoniy the pur- | chase backed by cash payment {s de- sirable, and vet the very fact that outright payment has been made. has often cost the trader much more than he or she would have lost had the purchase been made on margin. “This seems to answer your ques- tion in & but an illustration will press home the point I desire to make. “Mrs. Jones, an indefinite perso ality, places her order for 100 shares of stock and to guarantee her trade deposits a margin of $1,000. There is a raié against the specific stock involved, and a break of five points, with a call for additional margin. “It is possible that Mrs. Jones will respond with the needed cash, mayhap to a second call, but the chances are that the second call will take away all her desire to invest or speculate, and she will get from under with losses limited, while Mrs. Smith, equally an indefinite personage, will pay cash for her purchase, lock the stock up in her strong box, and per- haps go off jaunting here or there. “It is of course equally possible that she may stay at home and flinch at the first drop, cry on the second, stiffen her upper lip on the third and make up her mind that they can not take her stock away from her that way, and then when it has dropped 50 points or even more, throw the certificate on the broker’'s desk with the order to ‘get me ?'ut the best you can, you got me into it.’ lyll l‘{ml. continued the broker, “that an investment may be made on margin just as well as by full cash payment. The trader who borrows from his bank on one security that he may purchase outright another is practically trading on margin. “The margin tradér may lose his entire margin and also be responsible for further loss before liquidation of his stock; the buyer outright may hold on to his stock at less expense and ‘wait for it to come back,’ while the margin trader may regret his lost money or forget it and be back in something else, ‘getting it where he lost {t." “There really is not much difference | in favor of the cash as against the margin customer save in the matter of interest; both are legitimate: both may lose or either may win. Northwest Savings Bank. Memory goes back readily in 10-year jaunts, It is going on 10 vears since the organization of the ~Northwest Savings Bank, now nearing absorption with the Riggs National. Dr. George Havener was the first president of the $50,000 capital. State institution, although, unless memory be treacherous, it was organized net 8o much for the purpose of doing a market for the big brick house that is still part of the banking offic One-half of the bank’s capital was paid for the building and land, the bank thus acquiring one of the most desirable corners in the uptown dis- trict, one that will some day equal, for banking purposes, any uptown location. The bank examiner and the con- troller. of the gurrency in affice at; where—Northwest Savings Bank His- tory—Margin vs. Cash Trading. that time, made a big fuss over the price paid for the corner, but the transaction was closed. The new bank found it hard to make headway. Deposits came in slowly and the value of the shares, $10 par, declined to $6, attended later by some nervousness on the part of the management. Francls M. Savage, man from the West, acquired stock in the bank, became president, and soon had the institution in good shape. He brought into the bank some good business men as minority sharehold ers, he himself at the time. of the recent sale to ‘“interests identified with the Riggs National,” holding 76 per cent of the $100,000 capital, the stock having a book value of about $168 on each $100 of capital. In its campaign of extension the Riggs National Bank located a branch bank in the immediate vicinity of the Savage institution. Mr. Savage has been the most bitter opponent of branch banking, not only in the eity but all over the country, keeping up a continuous fight. The Northwest Savinge. under Mr. Savage, acquired $1,000,000 deposits, increased its capital to $100,000, with $65.000 surplus. The new building was erected, and Is carried at $79,000, its actual cost an aggressive The Northwest National Bank has never paid a cash dividend, and but one stock dividend, this being 25 per cent in an increase of capital from $75.000 to $100,000. The price paid for the stock, $28.60 a share, gives a good return on the investment. e DEMAND FOR STEEL REPORTED SPORADIC Decline in Price of Copper Raises Demand—Tin, Lead and Zine Reviewed. By the Associated Press. NEW YORK, -April 25.—The de- mand for steel during the past week has been sporadic. In some descrip. tions sales were of a fairlv good vol- ume, but business as a whole experi- enced a further falling off and the industry is slowly but steadily declin- ing_to seasonal proportions. The deciine to the 131;-cent level for copper brought in an increased de- mand for both exporters and domestic consumers. Tin has advanced sharply through covering on the steady advance in London. Consumers, however, con- tinued to hold aloof. Lead was further reduced by the leading producer. Consumers became active buyers and the market subse- quently developed a firm tone. Zinc was higher in sympathy with the advance abroad and a better ex- port inquiry, although domestic de- mand is still light. Antimony was a little lower owing to increasing arrivals, but there seems to be a better inquiry for nearby metals. i ROCK ISLAND RAILROAD SHOWS BIGGER EARNINGS By the Associated Press CHICAGO, April 25.—The Chicago, Rock Island and Pacific Railway earned the equivalent of $4.36 a share on its common stock in 1924, as com- pared with $1.22 a share in 1923, the annual report of the railroad revealed today Net income, after payment of inter- est, taxes and other fixed charges, s $6.835,220.97, out of which full dividends ‘amounting to $3,567,185 were paid on preferred stock, leaving a surplus of $3,268,035.97 Railway operating revenues were $130,880,512.13, an increase of but 37 per cent over 1923. Freight revenue increased 2.23 per cent, due to in- creased movement of grain and farm Products, which did not move freely n 1923. RADIO EARNINGS GRCW. Corporation of America Doing Bet- ter Than Last Year. EW YORK, April ~—The Radio Corporation of America earned $1.36 a share on the common stock in the first quarter of 1925 after allowing for preferred dividends. net profit amount- ing to $1,928,329. Gross income aggre- gated $15,229,923. At this rate of earn- ing the year's gross would exceed the previous vear's total by about §5,000, WOOL INQUIRY IMPROVES. Saturday Market Finds Dealers Far Apart on Prices. Special Diepatch to The Star. BOSTON, April 25.—The. raw wool market closed the week with consider- able inquiry, but little business, as buyers and sellers still are sharply at odds over prices. The London auc- tions next week are expected to add to the depressing irfluence of recent foreign sales. Domestic price levels still are maintained, but forelgn wools continue to decline, fine Australians now being offered at §1.10. FOREIGN EXCHANGE. By the Associated Press. NEW YORK, April 25.—Foreign ex- changes firm, quotations in cents: Great Britain, demand, 481%: cables, 48214; 60-day bills on banks, 477 French, demand, 5.21; cables, 5.21% Italy, demand, 4.10; cables, 4.10%; Belgium, demand, 5.051%; Germa; de- mand, 23.80; Holland, demand, $0.03; Norway, demand, 16.31; Sweden, de- mand, 26.93%2: Denmark, demand, 18.54; Switzerland, demand, 19.38; Spain, demand, 14.31; Greece, demand, 1.84; Poland, demand, 19 Czechoslo- vakia, demand, 2.96%; Jugoslavia, de- mand, 1.61; Austria, demand, .0014%; Rumania, demand, 451;; Argentina, demand, 38.38; Brazil, demand, 10.60; Tokit T4 WE FINANCE —all classes of income-producing property. Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc, 816 15tk St. N.W. Motor Stocks e Analssis just Buy or Sell ade for clients ot ‘our Complete Security Market Service discusses motor _stocks and what to do now. To acquaint Jou, with. our Servics. sou may ave sample copy without charge. Simply iress American_Securities Service Suite-830, 13 William St., |. New York Nash Motors Break—Other Shares Are Steady. By _the Associsted Press. NEW YORK, April 25—Stock prices developed a rallying tendency toward the close of today's brief ses- slon of the market after a perlod of extreme irregularity, during which violent declines took place in some of the high-priced specialties. Fluctu- ations generally represented ~ the usual week end evening up opera- tions of professional traders. Commercial Solvents A and B broke 15 and 18 points to 90 and 85, respectively, on reports of serfous German competition in the produc- tion of butanol, one of the com- pany's most important products. At lows, both stocks were off 100 points from the vear's highs. Nash Motors broke 16 points ;n 350 and then recovered half its oss. Rail Shares Firm. Rails displayed a firmer undertone, Reading standing out by moving up 215 points to 77 Union Pacific and Canadian Pacific, which were weak vesterday, each rallied 115 points to 135% and 1421z, respectively. Inter- naitonal Railways of Central America preferred advanced 1 point to a new 1925 high at 65. Northern Pacific sank to a new low at 581, but later rallied about a point from the bottom figure. Other strong spots In the rall st included Baltimore and Ohlo, Chicago and Northwestern preferred. Dela- ware and Hudson and Norfolk and Southern, all of which closed 1to 3 points higher. Gains Only Fractional. Standard industrials showed 1little change on the day. 8. Steel and Baldwin showed small fractional gains at 115 and 1 . respectively. American Can closed nearly a point lower at 1707. Good buying was noted in Air Reduction, Burns Broth- ers B, International Business Ma- chines, Ludlum Steel, Maxwell Motors A, Pierce Arrow preferred, Frank G. Bhattuc, U. 8. Cast Iron Pipe, U, S Realty and Western Union. Demand sterling sold within a small fraction of $4.82, the highest price in a period of 10 yvears, and more than a cent above last night's close. French francs held steady around 5.20 vents. Other European currencies showed only nominal changes in quiet trading. Clearing House Report. The weekly clearing house st ment showed a decrease of $39,085,000 in loans, discounts and investments, an increase of $43,288,000 in the re serve of the member banks in_ the Federal Reserve Bank: a gain of §86,- 553.000 in net demand deposits and a drop of $1,572,000 in time deposits. Aggregate reserve totaled $613,273,000, leaving excess reserve of $20,042.06! as compared with a deficit in reserve of $14,596,130 the week before. Money to Loan Secured by first deed of trust on re Prevailing interest and commission 420 Wash. L. & Trust Joseph I Weller 3 state Bldg.. h&F N W. First Mortgage Notes For Sale in Any Amount Security Carefully Selected 637 INTEREST For Thirty-seven Years We Have Sold Without Loss to an Investor. Wm. H. Saunders Co., Inc. 1433 K Street NW. Phone Main 1016-1017 WANTED Second Trust Notes This company has. funds available for the purchase of all kinds of second trust notes, secured on real estate in or close to D.C Prompt Service E1Washington Investments and Transactions Co. Ine. 713-15 14th St. N.W. Main 3662 OUSANDS of invest- ors who have clipped coupons from Smith adver- tisements are now clipping coupons from SmithBonds. You too, will want to in- vest at 7% in Smith Bonds when you know the facts about them. ‘These facts are told simply - and brieflyinour new book- let, “Fifty-two Years of Proven safety.”” Mail the coupon today. The F. H. Smith Co. Founded 1873 - No Lous to Amy Investor in 32 Yoars Smith Building, 815 Fifteenth St. THE F. H. SMITH COMPANY (1) Smith Building, Washington; D. C. Please send me a copy of your ne, ‘booklet “52 Years of Proven E-hty.'r vantageous to the borrower for the reason that they elimi- nate estensions, or mew loans at the end of short perioda No Uife inpurance requirement, Writs 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 BUCK and CO. Established 1916 Stocks and Bonds Direct Private Wire to Philadelphia and New York We buy and sell Listed Securities Outright and on Margin. Our Marginal Requirements are Reasonable, Write or Call for Weekly Market Letter. Beginning Monday, April 27th, the Market opens at 9 o'clock. Our Office will be open from 8:30 A.M. to 5 P.M. BUCK and CO. 312-13 Evans Bldg. 1420 N. Y. Ave. NW. Fr. 7300 e IR A New Era of Safety for the Investor The average investor has neither the time nor the facilities to make an exhaustive investigation of the security back of his in- vestments. The time is near at hand when investors will only be satigfled with Real Estate Mortgage Investments, which are un- conditionally guaranteed as to principal and interest, and which, in being so guaranteed, every element of risk and danger has been eliminated. This House offers its clients Unconditionally Guaranteed First Mortgage Investments, in denominations of $100 up, secured by in- come-producing properties. In no instance does the amount of the mortgage exceed 50% of the appraised value of the properties. This is certified to by signed appraisals. Every legal and moral requirement is fully met and complied with. Every safeguard necessary to protect our client's investment is at all times maintained. A Surety Company Guarantees Every Investment We Offer Our Clients JM.N.Goldsmith Pres. Main 9670 Goldsmith Building GOLDSMITH & €O Goldsmith Bldg . 1405 Eve St. N.W. Please send information about your guaranteed First Mo [ Y 1405 Eye St. | Name... Address Gansieidn i Inquiries ,Solicited From Investment Bankers NOTHING BETTER! Can We Offer Today, Either for Financial Institutions, Trust Estates or Individuals, Than the FIRST MORTGAGE NOTES Secured Upon the New Washington Medical Building Northwest Corner of Eighteenth and I Sts. N.W. Washington, D. C. Denominations, $100 to $5,000 Partial Payments May Be Arranged Interest Yield, 647, Call, write or telephone to our MORTGAGE INVESTMENT DEPARTMENT [SHANNON: & LUCH 713 and 715 14th St. N.W. Main 2345 NEVER A LOSS TO AN INVESTOR HE architect in de- signing a- building first gives it the proper structural strength to meet its greatest load, and then to that strength deliberately adds a factor of safety to provide for any emergency. The Factor of Safety The prudent owner, likewise, provides his factor of safety in the operation of his building. He doesn’t wait for emergencies— idle Apartments, falling income— but insurés against them by em- ploying the trained man, re- sources and experience of - the Specialist in Apartment Manage- ment. We are essentially MANAGERS OF APARTMENT BUILDINGS B. F. SAUL CO. Main 2100.° 925 15th St. N.W.