Evening Star Newspaper, May 24, 1925, Page 89

FINANCIAL. NEW HIGH PRICES IN BOND MARKET «Nearly All Issues Advance| During Week—Demand Even Exceeds Supply. BY GEORGE T. HUGHES. ! Dispatch to Th W YORK, May another week of su str in the investment market. New h prices have been recorded for a classes of bonds except possibly some \ Of the foreign issues. In many groups ed supply, and-where inactivity’ it was n lack of sellers than on the part of the buy prevalling price. Nor are there an. signs of a cha in the trend, a though all experience teaches U sooner or later a movement of this kind comes to end and the in- evitable reaction in Tax Outlook Helpful. ‘The un ined nd exceed- there has been e because of of reluctance o pay den an sets rlying conditior iged from what they were a week ago—that is to say, there are still Breater reservoirs of pital on which to draw and there is an increasing , Prospect of substantial tax reduction # mext vear which will bring into the general market investor who now confine thy to tax-exempt se- curities. re signs reviv ing busin but not enough of a revival to make any large demand upon the banks for money for com- mercial uses The Feder rve statement this week shows lling off in bills bought in the open market, but what- ever sales have been made by the system has been without effect’ upon money rates, and the reserve ratio is-higher than it was a week ago. Member banks ure still buyers of Government bonds, and new high rec- ord ave been reached by several issues under the influence of these purchases. are un e Borrowed Money on Increase. All this has gone alons with a re- ¢ wival in speculative activity in stocks und bonds alike. Undoubtedly money orrowed to carry these speculations 4 larger in amount than a week ago and it is probable that there will be further increases as public participa- tion £ains in volume until this factor becomes an influence on the money market. That »may bring about a change, but that is a condition which corrects itself and is not likely to be as permane: character as would be a sustained commercial demand. Sterling exchange is m i around parity, but nobody is about any serious drain upon gold supply. London probably will become eventually a competitor for foreign financing, perhaps resuming her old position of pre-eminence, but that seems a matter of no immediate importance. War Debts Outstanding Problem. The big outstanding problem is the fnternational war debts. The action of the administration at Washington in bringing to the attention of our Pean creditor paid obligations has brought the Ject prominently before the fi world, but it h air, and what made is not apparent uation is, of course, the most import- and with that once cleared up th wuold be comparativel. ard to see, however, how, French finances in their present state, any real progr can be made toward nch war debt to the States on any basis at all satis- 1o both parties. It is this doubt which holds back the foreign bond list as a whole from showing an im- provement commensurate with that in domestic bonds. Politics Less Vital. _This is more important and more fur reaching in effect than all the po- litfcal changes in cabinet and policies put together. There are notable ceptions affecting _individual issues Swhere politics are the controlling fa tor, but this is not the rule. The fact 4s that economic conditior on the other side are steadily improvnig, even though the full effect has not yet ap- peared in quotations for foreign se- curities. But the war debts are still unsettled The railroad outlook i corable. Car loadings fi the week ending May 8, the latest available, were in excess of the corresponding week in any pre- vious year, and from January 1 to date loadings were the greatest on record for that perfod of the year. Moreover the American Railway As- Sociation estimates that freight traffic for 1925 will equal, if not exceed, that of any previous vear. Bureau Reports Good. other words, as far as volume of business goes, there is nothing but good reports. Whether or not this can be translated into good met earnings 4s not so sure, nor is rate of return on property investment satisfacto the first three months of 1925 this rate was 4.48 per cent, compared with 4.61 per cent for the corresponding period a year ago. These results are computed on “book value.” If the In- terstate Commerce Commission’s ten- 1ative valuation is taken the return for the first quarter this year is per cent, again whereas the *‘fair retur by the commission is 5.75 per cent. All these matters will be taken up in the pending general rate investigation to be undartaken by the commission under the congressional resoluti adopted in Jan It may be, too, that when the commission gets around to investigating the St. Paul receiver- ship some facts of value with regard to the prevailing rate structure will be brought out. Earnings Partly Overlooked. Meanwhile as far as investment in railway securities is concerned there §s no reason to expect any lower sta- tus for railway securities as a whole. This is not to say that present prices are in all cases justified, for there has been a good deal of bidding up of quo: tations on merger prospects rather than on demonstrated earning power. (Copyright, 1925.) e PREDICTS TIRE ADVANCE. y 23 (A).—FErnest Hopkinson sident of the Tnited States Rubber Co., sailing for Europe today, said he looked for the present high price of rubber to con- Tinue for some time, and that advances i Ylire prices were inevitable. The company business was running well ahead of last year, be said, and he ex- Pected better than'$5 a share would be earned on the common stock in 1925 FOB.EIGN EXCHANGE. {EW YORK, May 23 (#).—Foreign exchanges steady. Quotations in cents: Great Britain, demand 4.8511-16; ca- 1-16; 60-day bills on banks, demand, 5.10%; ca- demand, 4.03; cables, Demand—Belgium, 4.99; Ger- 23.80; Holland, 40.16; Norway, Sweden, 26.73; Denmark, 18.80: vitzerland, 19.333 Spain, 14.55; Poland, 19%; Czechoslo- 6; Jugoslovia, 1.64; Austria, our NEW YORK, M THE SUNDAY BOND SUMMARY FOR THE WEEK High. 10128 10221 102 102 23 103~ 93.8 10708 99-5 — | e | 96 8oy | 103% 1008 Low. 96-5 984 99-8 umania, .47%}%: Argentina, 10.50; Tokio, 42; Shang- hai, ©5; Montreal, 1.00 164 98.22 103 99 83 110% 12— 1925 High. 101-29 Low. V. §. BONDS. 100-28 Liberty 3% s 1932-47 10i-14 Liberty lat 43,8 1932-47. 100-20 Liberty 2d 4% s 1927-42 101-1 Liberty 3d 4% s 1928... 101-20 Liberty 4th 4% 1933-38 104-13 Treasury 4%s1947-52... . 102-13 High. 101 4 101-14 101-30 102-22 106-15 Prov. week's FOREIG) Argentina Os A 1957 Argentina 1927. Austria s f 7s 1943 Belzium 6s 1955. Belgium 7%8 1945 Belgium 8s 1941.. Bordeaux 6s 1934. Brazil 8s 1941 Canada b5 1952 Canada 6%s 1929 Chile 85 1926. . Chile 88 1941. . Chile §51946. Chinese Govt Ry 55 1981.. Copenhagen 515 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-America: Japanese 48 1931 Japanese 6%s 1954 Jergens Utd Margarine 68 1947. Lyons 65 1934. Marseilles 65 1934. Netherlands 6s 1 Norway,8s 1940. Paris-Lyons-Med Queensland 63 1947. Queensland 7s 1941. . Rio de Janeiro 8s 1946 Sao Paulo, State of, 8s 1936 Seine, Dept of, 7s. Serbs Crotes Slovenes 88 196 Sweden 65 1939 gen Swiss Bles 194 United Kingdom § United Kingdom 5%s 1937 101% 93 £3% 1063% Close. 96% 102% 97% 857 108% 107 84% 96% 104 103 102% . 108% 108% 47 974 99% 101 110% 102% 102% . 9Th 101% 4% 864% 83% 3% 9% 84% 2% 106% 111% 6% 104 110% 94% 100% 86 87% 103% 102 117% 107% INDUSTRIAL AND MISCELLANEOUS. 943, 951 103% 991y 9644 100 a9t 99% 85 7% Amer Agri Chemical Tis 1941, Amer Smelt & Ref 1st 55 1947. Am. Smelt 1st 6s 1942..... Amer Sugar Refining 68 1937. Amer Tel & Tel cl tr4s1929. Amer Tel & Tel cl tr 55 1946. . Anaconda Copper 6s 1953. Anaconda Copper cv deb 75 '38. Armour & Co 4%s 1939 Atlantic Refining deb 55 1937. Bell Tel (Pa) ref 55 1948. Bethlehem Steel p m 6s 1936 Bethlehem Steel s f 65 1943 Chile Copper 6s 1932. Cons Coal (Md) 1s ref 5s 1 i Cuba Cane Sug cv Aeb 85 1930, Detroit Edison ret ¢s 1940. Du Pont de Nem 71%s 1931. Empire Fuel & Gas 7%81937... General Elcctric deb 55 1952 Goodrich (B F) 6%s 1947 Goodyear Tire 8s 1931 Goodyear Tire 8s 1941 Humble Ofl & Ref 5%s 1932. Indiana Steel 55 1952. . Inter Mer Marine 65 1941 Inter Paper 6s B 1947.. Kelly-Springfield 8s 1931 Lackawanna Steel 55 1950. Liggett & Myers 5 1951. Magma Copper 75 1932... Manatl Sugar s £ 7%s 1942 4 Midvale Steel 55 1936..... New England Tel 55 1982. 100% 99 107% 1024 97l4 101% 99% 101% 887 99% 102% 91's 94% New York Edison 1st 6%s 1941. NYGasELH& P 551948 New York Tel 4%s 1939, New York Tel 65 1941 North American Edi: Pacific Gas & Elec 5s 1942. Pacific Tel & Tel 55 1952. Philadelphia Co ref 65 1944. Public Service 6s 1944. Sinclair Oil 78 1937. Skelly 6ls 1927 South Porto Rico Sugar 7 Union Bag & Paper 68 D United Drug 6s 1944. U S Rubber 1st & ret A U S Rubber 73%s 1930. U S Steel s f551963. Utah Power & Light 55 1944, 1941 i Va-Carolina Chem s f 7s 1947... Va-Carolina Chem 7%s 37 war. . Western Union Tel 63%s 1936 Wilson & Co 1st 6s 1941 ‘Wilson & Co cv 7%s 193 RAILROAD. Atchison gen 45 1998 Atlantic Coast Line 1s 48 1952, Balto & Ohio gold 48 1943, Balto & Ohlo cv 435 1933 Balto & Ohio ref bs 1985, Balto & Ohio 65 1929. B&OPIittsLE& W Va 4s B & O Southwn div 345 1925. Brooklyn-Manhat s f 6s A 1968. Canadian Northern 6%s 1946. Canadian Pacific deb 4s. Central Pacific 4s 1949. Chesapcake & Ohio cv 4%s 1930, Chesapeake & Ohio gn 4%s 1992, Chesapeake & Ohio cv 58 1946 Chicago & Alton 335 1950. Chi B & Quincy 1st ref 5s 19 Chi & Eastern 111 gen 5s 1351, Chi Great Western 4s 1959. Chi M & St Paul cv 4% s 1932 Chi M & St Paul gen 43451989, Chi M & St Paul ref 4%s 2014. ChiM & St Paul cv 55 2014. Chi & Northwestern 6%s 1936. Chicago Rallways 6s 1927. Chi R 1 & Pacific ref 4s 1934. Chi Union Station 43%s 1964 4 Chi Union Station 63%s 1963. Chi & Western Ind con 481952 CCC&StLref 65 A 1929 Cleveland Term 63%s 1972, Colorado & Southern 4%, Cuba R R 651962 Delaware & Hudson §%s Den & Rio Grande con 4s 1936 D. & R. G. West 5s 1955. Detrolt United 4% 1332.... Erie 1st con 45 1996. Eric gen lien 45 1996 Erie cv 45 A 1953 Erie cv 4s D 1963 Grand Trunk s f deb 6 Grand Trunk 75 1940. Great Northern gen 5%s 1952, Great Northern gen 7s 1936. Hudson & Manhattan ref bs 1957, Hudson & Manhattan adj 6s 1967 Tilinois Central 51s 1934 Inter Rapid Transit 55 1966. Inter Rapid Transit cv 7s 193 59% 66 80% 704 88 977% 954 1% 8474 102 80 6% £6 6255 99 92% 93% 99 106 54 87 597 8814 125% 59% 837% 105% 96% 103% 81% 93 101% 109% 31% 97% 94% 1% 84% 83% 71 85% 93% 84% 76% 59% 734 8454 6% 84 88% 3% 100% 106% 34 90% §8% 95 Kan C Ft Scott & M 45 1936. Kansas City Southern 3s 1350 Kansas City Sauthern 5s 1950, Lake Shore 45 1928, Lake Shore 4s 1931. Louis & Nash unified 4s 1940 Mil Elec Ry & Lt 18t ref 55 . MStP&SSMG6%s1931. Mo Kan & Tex 1st 43 1990, Mo Kan & Tex adj 65 1967. Mo Kan & Tex prIn §s A 1962, Missourl Pacific gen 4s 1975. Missouri Pacific 65 1949. . . N O Tex & Mex inc 53 1985. New York Cent deb 45 1934. New York Cent ref imp 58 2013. New Haven deb 4s 1957.. . NYNH&H cvdeb 6s 1948, N Y West & Boston 43%s 1946. Norfolk & Western con 4s 1996. Norfolk & Western cv 6s 1929 Northedn Pacific 3s 1947. Northern Pacific 4s 1957, Ore Short Line ref 45 1929.. Ore Short Line gtd b5 1946. Ore-Wash 1st ref 48 1961. . Pennsylvania gen 4%s 1965, Pennsylvania gen bs 1968 Pennsylvania 6%s 1936 Peoria & Eastern inc 4s . Pere Marquette 1st 5s 1960, Reading gen 4s 1997, Rio Grande Western clt 43 1949, RIArk & L 4%s 1934. StLIM&SR &G 4s1933.. St L &San Fran prin 4s A 19 St L & San Fran pr In 6s 1950. St L & San Fran 5%s B 1942 St L & San Fran adj 6s 1956. . St L & San Fran inc 6s 1960. Seaboard Air Line ref 4s 1959. Seaboard Air Line adj 6s 1949 Seaboard Air Line con 6s 1945. Southern Paclific cv 4s 1829 Southern Pacific col 4s 194 Southern Pacific ref 4s 1955. Southern Ry gen 48 1956.... Southern Ry 1st bs 1994. Southern Ry dev 6% 8 1956. . Third Ave adj b5 1960 Union Pacific 15t 48 1947.. Union Pacific cv 4s 1927, , Virginian Ry 1st 6 1962 100% Wabash 1st bs 1939. 94% Wabash 53 '75. 63% Western er]lt.nd 45 1983. 90% Western Pacific 65 1946. 81% West Shore 1t 48 236Lesssssssan 84 . 56% Inter & Great Nor adj 6s 1952. .. New York Central deb 6s 1935. ... Northern Pacific ref imp 6s 2047.. Low. 100-31 102-2 Last. Yield. 101-2 335 102+13 390 101-10 379 101-26 3 75 102.17 392 1068 384 Last. 97 102% 9814 87% 109% 107% 85 98% Low. 96% 102% 954 867% 108% 107% 84% 98 104 108 4 103% 1024 102% 100 108% 056% 88% 84 03% 09% 86 86 108 ut 79% 104% 112% 96 102 901 88% 104 108 118% 107% 103 9% 108 103% 97% 102 101 102 £9% 99% 108 92% 95 1077% 83% 101 108 108 103% 108% 109 47% 984% 99% 101% 110 101% 101% 99 102% 95% 88 83% 934 98 84% 86 105% 110% 7% 104% 112 94% 100% 8%, 87% 103% 102% 117% 107% 100% 984 107% 102% 97% 101% 100 101% B8k 99% 102% 91 94 107% 834 100 107% 107% 103% 105 104% % 109 120% 101% 102% 884 90% 100 92% 100 119 99% 1% 100% 114% 4 103% s 102 97% 107% 101% 974 93 104% 98% 91% 111 104% 87 103% 83 106 105% 96% 91 6214 111% 98 69's 914 93% 91 9% 90% 102% 89 9% 87'a 118% 80 894 97% 91% 108 52% 101% 4% 63% 5044 85% 50% 503 110% T 884 944 117% 9% 1084 107 5% 87 843 58% 90% 1% 63% 661 714 108 116% 101% 1095 91% 76 10244 86 834 2% 874 3% 913 984 96% 954 9015 1035 841 85% 9434 65% 101% 1 97 954 101% 108% 591 91 67% 913 130 61% 85 107 974 106% 834 931 1025 110% 33% 99% 95% 4% 88% £8% 7% 918 994, 9144 874 70% 81 94y 97% 8618 91% 9% 108% 110% 37 98% 994 100 101% 95% 86% 94% 844 STAR, WASHING'TO N D. €, MAY 24, PEAK WAGES AND MATERIAL COSTS FACTORS IN HOUSING SITUATION Effort to Supply Homes for U. S. Employes Not Halt- ed by Lack of Loanable Funds—Higher Salaries Greatly Needed. BY I. A. FLEMING. There seems to be a revival of in- terest in the old housing problem just now, being more largely directed to the possibilities of supplying homes for employes of the United States, working in this city and presumably desiring homes immediately adjacent thereto. Various causes have been advanced tor the high cost of property and rentals of desirable property in equal- ly satisfactory locations. One reputed authority has gone far affield to put the onus of the burden on the broad shoulders of the banking fraternity, ignoring a varlety of much more palpable and self-evident reasons for the existent conditions. Since 1917 values on practically everything have advanced enormously, in many cases the increase passing the 100 per cent mark, not only in Washington, but all over the country. Included In the advance, perhaps leading the procession, paced the wages of the skilled artisans in the building trades, and as years have gone by they have not only held to the war-time peak, but have steadily tried to push for a little further advance. Real estate itself has increased in price with almost each passing day. Some Interests have refused to recog- nize the estimated value of realty in certain favored districts, but there seems to be not the slightest chance for concessions that would stimulate trade. One Need Plentiful. One of the most needful supplies in any forward venture is in ample sup- ply, and that is money, noted for abil- ity to “make the mare go.” It was never in better supply; rates were rarely easier than they are and every banker and investor is anxious to get the dollars down to hard work, where there will be a resultant in- come. Rates are generally between 514, the minimum, and 61 per cent, the average, steady rate of brokers and others who take into conside: tion the one-half of 1 per cent iniangi- ble tax which is passed along to the borrower. There are some rates still higher, but the loan cannot be as de- sirable. It is the borrower's own fault if more than 614 is paid on first trusts. It is true that the great resources of the national banks of the city are not available for real estate and build- ing loans, other than for loans for one vear or in the purchases of loans orig- inally for a longer period that have but ear to maturity. Bankers Are Insistent. Bankers are insistent that their esti- mates of the value of realty and build- ings be accepted and that their loans shall be limited to 60 to 65 per cent of their valuation. Then, too, they want first trusts. The home buyer has lit- tle trouble making arrangements for first-trust loans and for original s ond-trust loans, which also carry fair interest rates, but on renewal rates vary very materially. Bankers are also making consistent efforts to remove the handicap from national institutions that their re- sources may also be brought to the aid of the money market—or, more to the point, that the realty and build- ing fleld for the employment of mil- lions may be made available. Bankers paying interest on savings and time money on deposit with them, and not infrequently on checking ac- counts, find that a 6 per cent intere: basis is practically necessary. ~They make many loans for the account of their institutions, and they also make loans for customers. The intangible tax, wisely or otherwise, has imposed one-half of 1 per cent tax on all mort- gages, and it is invariably passed along to the borrower, even though the banks do not have to pay it, but are taxed on their gross earnings. In the enactment of the intangible tax law exemption was tendered the stocks of corporations doing business in Washington, with offices here, and subject to local tax assessments. This law has made favorable in- vestments of local utllities’ shares and the stock of some few other corpora- tions, but has not been applicable in any way to bonds. The same exemption granted to mortgages would mean much to real estate mortgages, for there is one of these plasters on practically all prop , and not infrequently more than It would be an aid in the line of reducing direct taxation, and certainly make for a help to home builders if this tax was repealed. It is almost in the ‘“‘nuisance’” class, Realtors are not enthusiastic or optimistic when speaking of plans that have been considered for wholesale housing of Government employes. They recognize the difficulties of such @& movement, with location anywhere in the city proper. It may be within the possibilities that such a movement might be car- ried to a successful conclusion when a location some distance from the city proper has been chosen. The chances even then would seem to be much brighter when such a movement was undertaken with the aid of a master builder who buys his supplies In great quantities, his properties in the sub- urban line by the acre rather than by the square foot and whose employment of skilled and unskilled labor is con- tinuous and large. Chief Reason Ignored. Government workers have recelved a comparatively small advance in sal- aries to meet the added cost of every- thing they must have, including, of course, housing. They have not been able to save to such an extent as they once did. But even at that nearly ail the larger uptown banks carry adver- tisements urging deposits of part of the semi-monthly pay, and stay open after hours that they may receive the savings. Five bankers made answer to the two querfes: “Do Government em- ployes save?” and “Do the men do their share of the saving?' Four held that 75 to 90 per cent of their savers were women or girls and one that the men outnumbered the women. The argument of the four was that the man clerks did not have enough salary to enable them to meet expenses and accumulate; that the women were closer, that they were always considering the ‘“rainy day” when perhaps they would be sepa- rated from the job; that many of the women were from out of town, and that while they would hold on to the job as long as possible, they did not contemplate residence in this city for any length of time. Many Have Homes. Many old-time employes of the Gov- ernment have their homes fully paid for; others have been paying for vea and have years to go before they can read their title clear. One real difficulty is in getting a sufficient nest egg for the initial pay- ment, after which the next knot in the wood will be found to be the up- keep. Original cost is frequently low compared with upkeep, which in- creases as the passing years take heavy toll from buildings none too well constructed in the first place. Moreover, it is the record of cities that population s continuously shift- ing and as domiciles become less and less attractive, or neighborhoods change, property becomes less and less valuable and the home owner live to régret his investment. Not Infrequently the home buyer on the installment plan tires of the constant, apparently never-ending payments. His chief trouble seems to come from neglect to provide for the maturity of the second trust, and this does not lie at the door of the Government employe more than at the door of the home buyer in gen- eral. Does Home Buying Pay? Arguments, and telling ones at that, have been advanced against the own- your-own-home doctrine. One of the leading financial promoters of great office and manufacturing structures contends it is better to rent in the long run than to own property. Government employes, if paid wages on a scale with other wage or salary earners, would be the better able to solve thelr own housing problems, in a manner_satisactory to themselves at least. Relief in this direction is even more promising than any eleemosynary contemplations. The Women Speculate. “I see,” said the old-time trader to the old-time broker, “‘that you have quite a number of woman'customers in your trading rooms “I'll say so0,” said the old-time broker, ““and they are very welcome. Yes, 1 know,” he continued, “in the olden days we did not want their trade, took umbrage when it was given and EOL rid of the customer 4s 8001 us pos- sible. “That time goes back to the days when women did not know how to trade. When they were poor losers, uged various arguments against their luck and not infrequently wanted their money back—when it was gone. “Now it is entirely different. Woman traders have learned that if they would | The Year 1925 to Date on the Washington Stock Exchange. Furnished by W. B. Hibbs & Co. Up to and including Saturday, May 23. Sales. BONDS. $17,000—C. & P. Telephone 1st Gs. 20,000—C. & P. Tel. of Va. bs.. 91,000—Capital Traction 1st 5 31,000—City & Suburban Ry. 1st bs. 18,000—Georgetown Gas Lt. 1st bs 32,000—Pot. Elec. Power st 5s 56,000—Pot. Elec. Power Cons. 17.700—Pot. Elec. 21,700—Pot. Elec. Power Ref. 7s. 6,000—Wash., Balto. & Anna. 1st 5s. 74,000—Wash, Gas Light Gen. 5s. 115,500—Wash. Gas Light 6s 216,500—Wash. Ry. & Elec. Cons. 4s Open. 100% 97% High. 100% 973, 9914 Power Gen & Ref 6s. 231,500—Wash. Ry. & Elec. Gen & Ref. 6s... 5,000—Dist. of Col. 7,000—Riggs Realty (Long) 5 2,500—Southern Bldg. Co. 6%s 5,500—Wardman Park Hotel 6s STOCKS. 5,704—Capital Traction . 3,094—Washington Gas . 2/995—Wash. Ry. & Elec. Com.. 3,215—Wash. Ry & Elec. Pfd 65—Capital National Bank. 169—Commercial 1—District ... . 25—Federal-American . 12—Liberty e 36—Metropolitan 850—Riggs 80—Second . 265—Washington 224—Amer. Security & Trust 149—Continental Trust ........ 270—Merchants’ Bank & Trult 13—National Savings & Trust. 82—Union Trust 60—Washington Loan & Tru 10—Washington Mechanics 6—Corcoran Insurance 413—Firemen’s Insurance .... 581—Columbia Title Insurance. 46—Real Estate Title Insurance. 40—D. C. Paper Mfg. Pfd. 4,258—Lanston Monotype . 998—Mergenthaler Linotype . 15,584—National Mtg. & Inv. Pfd 62—N. & W. Steamboat... 2—Security Storage . 30—Washington Market. Paper Mfg. st 6s. 52 UNLISTED DEPARTMENT. 57—Chapin Sacks 8s Pfd. 4—Chapin-Sacks 7s pfd. 5—Chapin-Sacks com. 400—Citizens’ Savings Bank. 43—Departmental Bank., 12—Munsey Trust........ 50—Washington Base Ball Club. 22—District Title Insurance... 24—Washington Title Insurance. b5—Bankers Trust & Mtg... $100—Army and Navy Club bs. $3,000—Metropolitan 94 2 13 % 121 4% 19% 8 12 mm-mu 1925—PART play the game they must do it as the men do. They have found that their signatures on a stock certificate will not be accepted as a good delivery on the New York Stock Exchange; that they must stand up to the rack when they buy and when they sell, and they are doing it, playing the game strictly on a business basis, with ample mar- gin and no whining, and we are glad to have them in our cunometu’ room: YARN MAB.KET WEAK. GASTONIA, N. C., May 23 (P Continued weak yarn market, charac t?rlzed by small-lot orders, resulted in light sales by spinning mills in Gas- tonia County during the past week. Indications are that mills soon may enter upon a partial curtailment over such & period as may prove necessary to avoid any accumulation of stock rn Commercial Adjustments The Finance Adjustment & Realization Company undertakes to negotiate for additional capital for busi- ness institutions requiring and deserving it, WHER- EVER LOCATED; for the merger or consolidation of <s, financial or public utilities companies; for agreed written EXTEN- SIONS by creditors, of manufacturers, merchants and other business enter- prises, when it may be to the mutual interest; for settlements or reorgani- zations. Business confi- dential. Address FINANCE ADJUSTMENT & RE- ALIZATION COMPANY, Box 14-V, Star Office. STOCKS BONDS BUCK & CO. Established 1916 Evans Bldg. Tel. Franklin 7300 Main 8673 We Buy and Sell Listed Securities Outright and on Margin Our marginal requirements are reasonable and attractive for small traders. 5-Share Trades Accepted Write or Call for Weekly Market Letter Direct Private Wires New York Baltimore Philadelphia Washington BUCK & CO. Without Risk or Worry EVERY dollar of interest paid promptly when due; every dollar of principle paid promptly when due--that is the 52-year record of The F. H. Smith Com- pany. Our First Mortgege Bonds, in de- nominations of $100, $500 and $1,000, now enable you to get 7% for any period from 2 to 10 years. ‘You may invest outright or un- der our Investment Savings Plan, which pays the full rate of bond interest on all payments. MAIL THE COUPON NOW TheF. H. Smith Co. Founded 1873 NoLoss to Any Investor in 52 Years Smith Building, 815 Fifteenth St. THE F.H. SMITH COMPANY Smith Building, Washington, D. C. Please send me your booklets about 7% Smith Bondsand your lavest- ment Saviogs Plan. 1 Electric Light & Power The North American System Includes the Electric Light & Power Companies serving Cleveland St. Louis & Milwaukee and adjacent territories. The North American Company is one of the oldest, I most successful Utility Companies . in the country. Statement just issued shows Record Earnings and CRANE, PARRIS & CO. 823 15th St. N.W. FINANCIAL. CHICAGO, May 23 (®).—Repor snow in Canada and freezing perature in part of Minnesota North Dakota led to a sharp adv: in wheat prices today at the Wheat closed strong, 1 to 2% higher, May 1.69% to 1.70 and 1.66% to 1.568. There v/as a rise in corn p when the wheat market turned grade. Corn closed firm. % higher, July 1.16% to 1.16%. GRAIN PRICES JUMP. 0 1% net When You Have Funds to Invest, Consult WELCH, Loan Specialist Established 1890 6'2% and 7% ts of tem- and ance last. net July rices up- yooney Advanced for' Pavment of Ta Financing District Loas Company Tel. Main 8070 Quick, Courteous Action Money to Loan on 1st, 2nd and 3rd Trusts ned for Individual and Corporate n Procurement 219-223 Kellogg Bldg., 1422 F St. N.W. Consult Welch, Realtor Loan Specialist 15th & N.Y.Ave. Main 4347 Reference: Any Bank, Trust Co. or Title Co. in the Districf. No loss to an investor in 25 years. xes Real Estate Notes for Sale in Amounts from $250 up to $1,000 or More. HOME OWNERS Can Secure Up to $500 In THREE DAYS Fidelity Guaranty Co. 202 PHILLIPS BUILDING Secured by first deed of trust on real Jo-q:h‘l. WE FINANCE Current fnt. rate and commission. 816 15tk St. N.W. LOANS | Money to Loan ? Prevalling interest and commission 420 Waah. L. & Trusi Weller 5750 % ¥ 3w H Higbie & Richardson, Inc. This company has funds ble for the purchase all kinds of second trust notes, secured on real estate in or close to D.C [a] estate Prompt Service Washmgton lnvestmentEI —all classes of income-producing property. Large Loans a Specialty Tra'lsachons Co. 713-15 14th St. NW. Main 3662 Wanted, loan of $25000 in one or separate irst-class real estate curity on church Address Box 220-) Office Wanted—Money loans. se- property, 1 to 3 years at 7 per cent. Guaranteed 6v2% First Trust Notes Real Estate Mortgage & Think of WELCH Loan Specialist At 5.9, and 6% INTEREST Before Placing or Renewing You: st or 2d Trust Toan Epeciaiine aielc Replies bl 15th sna W5 Ave, Mat” (Metropolitan land and Virginia. BUSINESS PROPE! APARTMENT 735 15th St. N.W. When You Need a Loan Money to Loan Consult WELCH, Realtor ‘Ave. Maln 43464347, Guaranty Corporation 26 Jackson P1. 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 Resources Over $2,000,000 BREUNINGER, Pres. Metropolitan Housing Loans Life Insurance Company) On homes in the District of Columbia and suburbs in Mary« These loans may be made for 15 years and are very ad- vantageous to the borrower for the reason that they elimi- nate eztensions, or new loans at the end of short periods. No life insurance requirement. Unlimited funds for loans in the District of Columbia on Write for booklet. RTIES HOUSES OFFICE BUILDINGS AND HOTELS Lowest Interest Rates—Brokers’ Applications Invited WEAVER BROS., REALTORS Phone Main 1821 YOU CONSIDER an investment that is ABSOLUTELY SAFE and which will pro- duce immediate return? If **" FIRST MO secured by first liens on f§ Capital. The interest rate Payable semi-annually on Notes $100 up. 50, come in and purchase one or more RTGAGE NOTES mproved Real Estate in the Nation's will be 612% the date due. Let us explain details. Mortgage Investment Department on Impro Houses Business Properties S The New York Life Insurance Company Offers to Make First Mortgage Loans ved Real Estate In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods Apartments Office Buildings ¥2% ON APPROVED SECURITY Apply RANDALL H. HAGNER & GOMPANY § MORTGAGE LoAN GORRESPONDENT TeliphoneMain 9700.