Evening Star Newspaper, August 23, 1925, Page 35

FINANCIAL. REVISED INTEREST IN BONDS SHOWN Market Buoyed by Big Res- ervoir of Funds Available for Investment. Spectal Dispatch to The Star. NEW YORK. August A better feeling was evident in the investment market at the close of the week than at any time so far this month. Activity this week was still on a small scale, but there was no pres- sure to sell, even from the banks. The fact {s that there is still an m mense reservoir of funds available for investment and this tends to sup port prices whenever they give signs of yielding. Money Enough for Needs. Early in the Summer, it looked as though money would harden substanti- ally, but expectations along this line have been realized only to a very moderate degree. The reserve ratio of the Federal Reserve Banks as a whole is practically unchanged on the week, while that for the New York bank is more than 2!; points above what it was a week ago and less than a point helow where it Wi rear ago. London advices e in the week had It that the Bank of England rate would be cut from the present 4% per vent to a 4 per cent level. This did not happen, but apparently there is still a bellef that when a change does come, it will be downward and not u ward. If that opinion is well founded, no upward revision of our own rate is In sight for it is the common under standing that some spread will be malntained between the British and American discount charges, otherwise the funds would flow back from Lon- don to New York, making more dif: ficult holding sterling exchange to its gold parity. New Offerings Absorbed. New offerings, which have not been in particularly large volume, have been well absorbed. The $25.000,000 International Telephone & Telegraph debentures, which was the most im. portant new issue of the week, was a conspicuous success. Probably the large oversubscription was due to the attractive conversion privilege the bonds carried, but, even making al lowances for that feature, it exercised a stimulating effect upon the whole market. It pointed also to a favor able attitude on the part of the in vestment public toward the utilities, an attitude which was a little more cautlous, perhaps, than it was before the warning of a prominent Middle West operator against reckless specu lation in these securities, but was still ready to glve the preference to this class of investment. The president of the leading utllity of Baltimore added his word of warning this week against extravagant speculation in utllity stocks. The more of this sort of sal, however, the better for utility s curities from the investment stand. point. In foreign bonds the week's improve. ment has been greater than in do mestic securities. In fact, the aver age for forelgn dollar bonds dealt on the New York Stock Exchange is not only higher on the week, but on the month and the full year to date The development of most importance in this connection was, of course, the conclusion of negotiations for the funding of the Belglan war debt to the United States. Announcement that this had been accomplished was reflected at once in the market for Belgian securities. French bonds, too, have been higher. Once the French and Italian debts to this country have been funded the way ought to be clear for considera- tion of these foreign securities on thelr merits. If the international war debts are to be acknowledged and regular payments made thereon, it is unreasonable to suppose that the loans privately floated will not be honored. There remains the doubt about the financial situation of these American debtors, but it does not appear likely that there will be any default any: where along the line. Financing Is Retarded. A good deal of foreign financing has heen held back pending the clearing up of this International debt situation. American bankers will be responsible for the placing of the bulk of these new offerings unless the London ban against foreign loans Is raised. Gen- erally this kind of business is very profitable for the banker, and it may be profitable for the investor, but the fact that the general foreign situation looks brighter does not imply that there is no risk to be taken or that discrimination is not necessary. The record to date is good. People who bought French Republic bonds in 1920 and 1921 have had a high rate of in- terest all this time and can sell their holdings in the open market for more than they originally pald. Those who purchased more recently have not fared so well as yet. Any Investor temperamentally inclined to worry about market fluctuations ought to take forelgn bnnds only in small lots. CLEARING HOUSE REPORT By the Associated Press. NEW YORK. August 22 (£).—The actual condition of clearing house banks and trust companies for the week shows excess reserve of $25, 125,200. This is an increase In re- serve of $20,057,930, compared with last week. The statement follows: Loans, discounts, etc., increase, $14.374,000. Cash in own vaults, members of Federal Reserve Bank, $44.907,000; in- crease, $342,000 Reserve in Federal Reserve Bank of member banks, $595,184,000; in- crease, 090,000. Reserve in own vaults, State banks and trust companies, $8,286,000; in- crease, $123,000. Reserve in depositaries, State banks and trust companies, $11,492,000; de- crease, $419,000. Net demand deposits, $4,385,656,000; increase, $10,641,000 (United States de- posits deducted, $5,424,000). Time deposits, $588,438,000; increase, $12,734.000. Circulation, $23,067,000; $359,000. Aggregate reserve, $614,962,000. Excess reserve, $25,125,200; increase, $20,057,930. Summary of State banks and trust companies in greater New York not included: Loans, discounts, etc., $1,096,665,100; decrease, $3,628,700. Gold, $4,675,300; increase, $27,000. Currency and bank notes, $22,098,- 400; decrease, $818,100. Deposits with Federal Reserve Bank of New York, $95,192,900; decrease, sits, $2,281,700. $1,124,132,200; 15.000. Total _de] crease, $15, Total deposits, eliminating amounts due from reserve depositaries and other banks and trust companies in New York and United States: Deposits, $1,075,577,800; decrease, $10,728,400. Banks—Cash in vault, $32,709,100. Trust companies—Cash in vault, $89,257,500. FLOUR PRICES UNCHANGED. MINNEAPOLIS, Minn., August 22. —Flour unchanged: shipments, 39,966 barrels. Bran, 24.00a25.00. Wheat, N 1 Northern, 1.60%al.63%: September, 1.59%al1.59%; December, 1.60%; May, 1.63%5. Corn, No. 3 yel low, 993a99%. Oats, No. 3 white, 87%a38. Flax, No. 1, 2.5%25L $5,267,861,000; increase, de- THE SUN | BOND SUMMARY FOR THE WEEK 96 8ui mav. 100% V. 8. BONDS. 100-19 Liberty 3% s 1932-47 101-14 Liberty 1st 43s 1932-47.. 100-20 Liberty 2d 4% s 1927-42 101-1 erty 3d 43 s 1928 101-20 Liberty 4th 4% 1983-38 104-13 Treasury 448 1947-52. Low. FOREIGN. Argentina 85 A 1957, Argentina 7s 1927... Austria s f 7s 1943 Belgium 68 1955. Belglum 7%8 1945 Belgium 85 1941. Bordeaux 63 1934. Brazil 83 1941, Canada bs 1952 Canada 5%s 1929. Chile 8s 1926 Chile 85 1941 Chile 85 1946 Chinese Govi Ry 55 1951 . Copenhagen 515 1944. Czechoslovakia 8s 1951 Denmark 6s 1942, Denmark 8s 1945 Dutch East Indies 65 1947.. Dutch East Indies 6s 1962. French Govt 7%s 1941.. French Govt 83 1945. German 7s 1949.. Holland-American's f 65 1947 Japanese 4s 1931. Japanese 6345 1954. Jergens Utd Margarine 6s Lyons 65 1934. Marsellles 68 1934. . . Netherlands 63 1972 Norway,8s 1940. Paris-Lyons-Med 6s 1958. Queensland 6s 1947 Queensland 7s 1941. Rio _de Janeiro 8s 1 Sag Paulo, State of, $3 19 Seine, Dept of, 7s. Serbs Crotes Slovenes 8s 1962 Sweden 63 1939, : Swiss §les 1946 115% United Kingdom 5148 192 104% United Kingdom 5%s 1937 INDUSTRIAL AND MISCE 94% Amer Agri Chemical Th%s 1941, 95% Amer Smelt & Ref 1st 55 1947. ... 103% Am. Smelt 1st 6 1942 9914 Amer Sugar Refining 6s 1937, 96% Amer Tel & Tel cl tr 45 1929 100 Amer Tel & Tel cl tr 55 1946 991 Anaconda Copper 6s 1953, 100 Anaconda Copper cv deb 7s 38. £5 Armour & Co 41481939, 97% Atlantic Refining deb bs 1937 100% Bell Tel (Pa) ref 6s 1948. 80 ~ Bethlehem Steel p m s 1936 93% Bethlehem Steel & f 65 1943. 4 105 Chile Copper 65 1932 78% Cons Coal (Md) 1s ref 5s 19 94% Cuba Cane Sug cv Aeb 85 1930 4 106% Detroit Edison ref ds 1940 108 Du Pont de Nem 7145 1931. . 974 Empire Fuel & Gas 7%81937.. 101% General Elcctric deb 5s 1952, 100 Goodrich (B F) 6%s 1347 108% Goodyear Tire 88 1931. 119~ Goodyear Tire 83 1941.. 99% Humble Oll & Ref 5145 19 101 Indiana Steel 55 1952. .. 82% Inter Mer Marina 65 1941. 87% Inter Paper bs B 1047, 90 Kelly-Springfield 8s 1931. 89% Lackawanna Steel 6s 1950 97% Liggett & Myers 58 1951 .. 99 Manati Sugar s f 7% 1942 874 Midvale Steel 551935, .. §9 New England Tel 5s 1952, . 112 New York Edison 1t 6%s 1341 100% Gas EL H & P bs 1948 95% New York Tel 415 1939. 106 New York Tel 6s 1941. . 6% North American Edison 63 1952.. 93% Pacific Gas & Elec 5s 194 14 Pacific Tel & Tel 65 1952 .. ... 101% Philadelphia Co ref 65 1344. 95 Public Service 6y 1444 s 88 Sinclair Oil 75 1937, . 106% Skelly 6ls 1927. 102 South Porto Rico Sugar 7s 1941 93% Union Bag & Paper 6s D. 100% United Drug 6s 1944. . & U S Rubber 1st & ret As 1947 104% U S Rubber 7%s 1930. 1043 U S Steel s £ 55 196 91 Utah Power & Lig 73 Va-Carolina Chem s f 7s 194 44 Va-Carolina Chem 7%s ‘37 war 1081 Western Unlon Tel 63%s 1936. 91% Wilson & Co 1st 65 1941. 63% Wilson & Co cv 7%s 1931 RAILROAD. £8% Atchison gen 45 1993 £9 Atlantic Coast Line 1s s 1952. £6% Balto & Ohio gold 451243 89% Balto & Ohlocv 43481933, £5% Balto & Ohio ref 55 199 1021 Balto & Ohlo 651929.... 83% B&OPIttsLE& W Va 45 194 95% B & O Southwestern Div 5 cfs 50. 82% Brooklyn-Manhat s f 65 A 1968. 116 Canadian Northern 6%s 1946. 79 Canadlan Pacific deb 4s. £6% Central Pacific 45 1949. . 94% Chesapeake & Ohlo cv 4%8 1930 §7% Chesapeake & Ohio gn 4145 1992, 102 Chesapeake & Ohlo cv 58 1946 44% Chicago & Alton 3% s 1950. 100% Chi B & Quincy 1st ret 5s 1 71% Chi & Eastern I1l gen 58 1951. £9% Chi Great Western 4s 1359 44 ChiM & St Paul cv 4345 1932 77% Chi M & St Paul gen 43%s 198 43% ChiM & St Paul ref 4%s 2014. 44 ChiM & St Paul cv 65 2014. 107% Chi & Northwestern 6148 75 Chicago Rallways bs 1927. 83% ChiR I & Pacific ref 4s 1934. 91% Chi Unfon Station 4%4s 1964 116% Chi Union Station 6%s 1963.. 76% Chl & Western Ind con 48 1952 10244 C CC & St Lref 65 A 1929 104% Cleveland Term 6%s 1972 80% Colorado & Southern 4%s 8314 Cuba R R 651952 101 Delaware & Hudson 6 82 Den& Rio Grande con 4s 1936 66 D. & R. G. West 6s 1955, 86 Detrolt United 4%s 1932, 70 Erle lst con 45 1996. 61% Erle gen lien 45 1996. 63 Eriecv4sA1953. . 69% Erle cv 4s D 1953. 4 106% Grand Trunk s f d 114% Grand Trunk 781940 99% Great Northern gen 5%s 1952 108% Great Northern gen 7s 1936. 86% Hudson & Manhattan ref 6s 1967, 67% Hudson & Manhattan adj bs 1967 102 Illinois Central 5%s 1934.. 59% Inter Rapid Transit 5s 1966. 85 Inter Rapld Transit cv 7s 19 66 Inter & Great Nor adj 6s 1952. 80% Kan C Ft Scott & M 48 70% Kansas City Southern 883 97% 954 91% 84% % 102% 80 76% 86 62% 99 92% 934 99 106% 54 87 59% 884 125% 60 83 104% 96% 102% 81 91% 99% 109% 1% 974 71 84% 3% 71 8% 101% 9314 83% 108% 106% £0 95 101% 102 102 106% 106 404 94% 98K 99 109 98% 9874 93 98% 918 9 81 90 88 80% 80 6 102% 110 0% 101% 109 93% 100 824 84% 103 100% Lake Shore 48 1928, Lake Shore 4s 1981. . Louis & Nash unified 4s 1940, .... Mil Elec Ry & Lt 18t ref 5861 MStP&SSM6%s1931. Mo Kan & Tex 1st 45 1990. . Mo Kan & Tex adj 5s 1967. Mo Kan & Tex pr In 65 A 1962 Missour! Pacific gen 4s 1976 Missouri Pacific 65 1949 N O Tex & Mex inc 55 1935 New York Cent deb 45 1934. New York Cent ref imp 58 2013. New York Central deb 6s 1936. New Haven deb 48 1957 NYNH&H cvdeb 6s 1948 N Y West & Boston 43%s 1946. Norfolk & Western con 48 1996 Norfolk & Western cv 63 1929... Northedn Pacific 3s 1947.. Northern Pacific 4s 1 Northern Pacific ref imp 65 20. Ore Short Line ref 4s 1929 Ore Short Line gtd bs 1946 Ore-Wash 1st ref 45 1961. ... Pennsylvania gen 4%s 1965. Pennsylvania gen b5s 1968. Pennsylvania 6% s 1936. Peoria & Eastern inc 4s Pere Marquette Ist &s 1950. Rio Grande Western clt 45 1949, . RIArk & L 4%s 1934, StLIM&SR&G 451933 St L &San Fran prn 4s A 1950, St L & San Fran pr In bs 1950, 93% St L & San Fran 5%s B 1942 84% St L & San Fran adj 63 1956 76% St L & San Fran inc 6s 1960 591 Seaboard Alr Line ref 4s 1959 73% Seaboard Air Line adj bs 1949, 84% Seaboard Alr Line con 68 1945. 9615 Southern Pacific cv 4s 1929 84 Southern Pacific col 48 1949. . 87% Southern Pacific ref 4s 1955 73% Southern Ry gen 4s 1956. 100% Southern Ry 1st bs 1994. 106% Southern Ry dev 63%s 1966. 3415 Third Ave adj 61 1960 408 Union Pacific 1st 4s 1947 3% Union Pacific cv 43 1927 95 Virginian Ry 1st 55 1962. 1001 Wabash 18t 58 1939 84% Wabash 515 63ta Western Maryland 4s 1952. 901 Western Pacific 58 1946. 1014 102% 97% 674 964 High Close. 964 1024 98'3 85% 108% 1074% 83% ANEOUS. . 103'% 981 1074% 100% 9514 97tn 103%, 93 92 110 104% 961, 10413 59 . 1067 105% 9415 100 79% 111 9874 70 75 102t 103% 83 91 94u 6Gdle 100% 96% Low High, s 1181 118% | Last . 4 106e25 lox-u 387 108% 107 81 109 10914 40% 98 ] 10215 110% 104% 96, 88fs 8% 528 844 109 1074 109 109% 40% 03% 99% 102% 110% 105% 974 R8% [3% 92% 104 84% | 84% NDAY STAR, WASHINGTO STOCK MOVEMENT Prices Forge Ahead forl Week, Despite Profit Tak- ing and Bear Operations. oclated Press. NEW YORK, August 22.—Stock prices forged stead: upward this week despite a large volume of profit- takings and bear selling, particularly in the motor issues. The average of 20 leading industrial stocks attained another new record high level for all time, and the average of 20 leading railroad issues mounted to the high- est level since March, 1917. Reaching of an agreement for the funding of the Belgian debt to this country was one of the outstanding 11 developments of the week. By the financ 108% 108% | It was followed by a slight improve- 110% TT% 104 101 101 i |in the advance in stock prices. 88 5814 1044 1024 105% 1014 100% 101% 88%, 106 1037 107% 104'5 1101 5 1004 w1 100 907 100 113 10 106% 100% 914 107% 104 104 8815 106% 105% ll 7“- 8% 102% 1054 93t 87 102 3% 60% B9l 70% 1064 115 1007 1094 90 744 102 6645 89% 748, 84 Tl 9014 97% 96% 934 8914 108% 83 91 93% 6414 100% 95% 683 4 100% 6% 1% West Shore 1st 483361, 0. 00asan 1% 108% 60 91t 67% 88 136% 59% £31 105 96% 103 81% 91% 100 110% 5414 97% 2% 86% B9y 5% 901 981 91% 95 70% 82% 93% 96% 845 7% 843 102 109 381k 917 987 98 1013 96% 65% 984 110% | 784% | 10454 | port. 105% 110% | of easy money and prospects for tax 8%, e 10274 105% 101% 1004 10174 88% 997% 101% 106 104% 107% 105% | 1104 12015 1003 101 8% 904 102 94 1005 100 a1 1007 1134 1067 100 92 110% 104% 96 1044 89 107 106% 1175% 79% 103 10 62 N 107 115 120% 109% 903 89% 78 86% 2% 90% 98y 97 931 90 103% 833% 924 94% 65 100% 95% 934 101% 1084 60% 91% 67% 90 136% 59% 85 105% 97% 103 B3k 924 101 110% 844 988 3% 88 BT % 92% 99 92% 95% 70% 824 93% 97% 85% 881y 79 10274 109% Yl to bus $21% 981y 101% 97% 6% 944 4 1034 | 'WHEAT YIELD GAINS, { mand was also noted in other non-fer- ment in Belglan exchange and a mod- erate rally in Belgian bonds. Re- of expanding trade, continuance reduction this Fall all were factors 0il Shares Show Reversal. pite further crude oil and gaso- price cuts, oil shares showed a reversal in form, rallying on what appeared to be the hasty retreat of an overextended short interest. A sharp reduction in crude oil output last week and a grow- ing belief in the ofl trade that no fur- ther downward revision of prices was ttracted fresh buying into ues. h the weekly steel trade re any marked it in forward business, the | shares nevertheless developed a m tone on the theory that expand- mill tions and stiffening for certain fron and steel products would be favorably re d in third quarter earnings statements Coppers responded to the hardening tendency of red metal prices and the publication of a report showing that copper stocks on hand were the low- est of uny time since the war. American Smelting led the advance in group by crossing 112 to the highest price since 18 A good de. D line marked briskly rous metal stocks cular Advances Noted. Spectacular adva es again took ce in some of the high-priced pub. and electr 1 equipment other alties. Ha- ric, General Electric, Can’ and a few others the highest prices ever re f the motors was inspired business, itomobile price of the ralls was of a selec. , with the Southern and Southwestern {ssues, particularly those which favorable merger or divi nd_developments are believed to be pending, making the best showing. ESTIMATES REVEAL ‘ Department of Agriculture Reports 2,222,000,000 Bushels for Year in 22 Countries. Wheat production in 22 counties re- ed up to August 19 amounts to 400,000 bushels ainst 2,156, for the same countries ing to information Depart- e countries cent of the p outside of ent of a and ment of Agriculture. epresent about 83 per Northern Hemisphere c Rus and the world crop outside China in crops in the Southern Hem- and a record acreage is indicated It is still sev- month: however, until the be- ginning of harvest in these countries and the outturn of the crop will de- pend largely upon favorable growing conditions during September and Oc- Argentina’s preliminary re- of 18,500,000 acres sown to wheat is the largest acreage recorded for that countr: No officlal estimate is yet available for the total acreage of Australia, but information from private sources indi cates an acreage as large as that of , with probably slight increases in some sections. Last year, the har- vested area was estimatel at 10,755,000 res, which wasconsiderably above that of any preceding vear with the exception of the war years 191516 and 916-17. he 72 pes of Ri condition f the wheat. crop is considerably above average. Although seasonal dry weather has prevailed for the past few weeks, the moisture supply is sat- isfactory as a result of unusually heavy rains several weeks ago. Aus- tralian conditions have continued fa- vorable, the crop is well advanced and the plants are healthy and strong. The Polish wheat estimate has been raised slightly, while the rye esti- mate is below the previous forecast. The reduction in the rye crop of Po- land, however, is offset by an increase in the Lithuanian rye crop. CANADIAN TRADE GAINS. ‘OTTAWA, August 22 UP).—An in- crease of more than $45,000,000 in Canadian_ trade during the four months of the present fiscal year, as compared with the same period last ar, is shown by figures issued through the department of customs and excise tonight. The grand total of Canadian trade during the four months just ended was $647,865,208, while during the corresponding period last year it amounted to $602,636,714. Imports from foreign countries during the Argentine | four months ended Jily 31 amounted to $292,083,091, as compared with $271,258,586 last year. Domestic exports also increased, their total value this year being $351,- 407,904, as against $327,309,594. BUSINESS BRIEFS. ROCHESTER, N. Y. August 22 (Special).—The_shipping and business interests of Rochester continue to make vigorous protest against the Chicago Drainage Canal, which, they say, has lowered the level of Lake Ontario until navigation is impeded here. ST. LOUIS, August 22 (Special).— The United Railways of St. Louls re- port 3,000,000 fewer passengers were carried in the second quarter of this ear than for the corresponding period of 1 The decrease is attributed competition. NEW YORK, August 22 (Special).— Crude rubber was slightly off today being quoted at 83 cents a pound, which compares with $1.20 a month ago and 213 a year ago. 815 8% | Aqditional Financial News Page 33 D. C, AUGUST 23, BREADTH OF THE STOCK MARKET| PAY LESS FOR COAL. BROUGHT ABOUT BY NEW FACTORS STEADILY UPWARD | abusdance of Money, tcreased Poputation. Securities and Disposition to Aid Big Busi- ness Among Them. BY 1. A. FLEMING. Wall Street, representing the New York Stock Market, has never known such breadth of - trading, continued strength and such spurts of activity here and there throughout the list as at_the present time. It is also a fact that loan lines of brokers are extended even beyond the wild days preceding the 1919.20 panic, when the market's leader, Steel common sold down to 70, and perhaps a little lower. And with these conditions have come some rather wonderful changes in the general character of the trad- ing. In the olden days, if one may refer to a comparatively short time ag: in this manner, there were many groups of leaders, speclalizing in this or that group of stocks, this was be- fore the hard sledding season in the ralls and the great development of the industrial group to the extent that there are scores of shorts, where here- tofore there had been but a com- paratively few, such as the steels, coppers, sugars and some food shares. Harriman, Hill, Morgan, Kuhn, Loeb & Co.; Vanderbllts, Flower, Baker and @ number of minor the lea dominating factors. They frequently manipulated the market to suit their will, it is declared, which generally included a large gath ering in of stocks at relatively low prices, and when the advancing fig- ures consequent upon their absorption had induced the dear public to go in on the buying side they gracefully per- mitted them to take their stock off their hands. Then Came the Reaction. After the leaders had sold as much as they desired they would remove all support from it and the declin that followed would “skin the public and drive it out, and it would stay out for a long period—at least until the leaders had started another bull cam- paign, when investors were usually induced to come in again. This was repeated ab lib. Nowadays, there are but few groups, Morgan, Baker and the First Natfonal crowd, Kuhn, Loeb & Co. and Jesse Livermore and the big factors in the market, and all are practically equally as active on one side as the other. Livermore at one time was the biggest bear trader on the Street, but conditions have chang ed and he has changed with them. Welcoming Big Business. At the present time encouragement to big business seems to be the rule and the urge of the day, in contradis tinction to the “get after blg busi ness” of previous presidential admin istrations. Talk of railroads pooling their in terests in the old days brougl resentment and adverse leg Now, consolidation is openly advocated and efforts are being made through out the rails to bring them together in groups, to the great saving In operation and the abandonment of many useles sand expensive trains, the operation of which does not bring proper returns. This very fact Is one of the reasons for the wonderful activity in rail shares and has brought about an ad vance that is even now being mac an excuse for some “warning signal from conservative houses. Public Al ys in Market. It has come to the time when the public is in the market all the thme, in ohe group of stocks or another. It also is a fact that the market is too big for any one group of men to dic? tate to. The population of the United States has increased by leaps and bounds. The people have more money than they ever had before and on every hand one sees the evidence of these facts. Moreover, while they have in creased mumerically the desire to handle easy money has in no wise de- reased, but Is rather intensified More Woman Traders in Evidence, There are also many more women traders in stocks today than ever. In the days prior to the great war, women customers were not especlally welcome in customers’ rooms. They were poor losers and not infrequently offered plea after plea to save them- selves from & sustained loss and at the brokers’ expense, tears being & favorite weapon. They sometimes succeaded, but received the warning to “stay away hereafter,” but the “bug had bitten them and mayhap they made money at another broker's or worked the tearful game or at least tried to do so. Today, brokers welcome the custom of women. A new generation, gen erally knowing exactly what they want: students of the market, and in- fluences likely to affect it. They do not hesitate to sped time during the session of the Exchange in the cus- tomers’ rooms of their brokers, to watch each fluctuation in shares in which they are interested and act without asking half the questions that men usually do when deciding on a purchase or sale. ‘Women Classed as Game Traders. Brokers say that women are game traders. They take thelr loss or gain without comment, are not weepers or kickers—iri fact, they are just as safe and reliable as any of the men, it is held. Woman investors have their ad- visers, as a rule, and give a more or less thorough examination to stocks or bonds taken on for the dividend or interest return, but the trader in Wall Street generally has no idea of mak- ing an investment—speculation pure and simple, call it gambling if you The New York Life No 321 Gonmecticul Hoenus; | ers and supposed to be lhe‘ Offers to Make First Mortgage Loans on Improved Real Estate In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods 5Y2% ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MORTGAGE LeAN GORRESPONDENT 1925— PART 1. lore will—and they of the time. The buying power of the well-to-do is increased to a much greater extent than it was in the days before the big war, and th are exercising this power materially. Earning power of the average man has doubled. His expenses have doubled, too, in many cases, but there i still a large vol ume of money avalilable for margins. It also is true that a very much greater percentage of Wall Street pur- chases are pald for outright today than ever before. The panic, spreading with appalling results, smashing stocks and break- Ing banks, is a thing of the forgotten past, although there may be severe declines in this or that group of stocks, but the panic In all its terror, the kind that used to send Secretaries of the Treasury hurrying to New York and frequently to loaning mil- lfons to bankers of t! died with the incoming of the Federal Reserve system. Lawmakers should be very careful how they tinker with that won derful measure that was responsible for financing the war and, with it helping the great boom movement in business generally New Methods of Doing Business. New methods of doing business may be credited in large part for the con tinued so of money, one of the greatest factors in thé Stock Market and also in general business. Of these new methods more anon, as it really another story. or months money has been plentiful that the F 1 Reserve Banks ank and file of na tional fnstitutions have found it difficult to keep their h fully employed—a necessity to good profit. The cutting of taxes has been a great help to large corporations, and they have been able to make more generous distributions to their share holders, adding to the strength of the market. The promise of further excess and | normal income tax reduction is ex tremely encouraging, and is another evidence of the desire of this ministration to boom big business little business as well Much satisfaction is found general bellef that the teeth of the Federal Trade Commission will not threaten much longer. In other words, that they have been pulled, and that the commission, which busi ness ever disliked, might be legislated out of existence. Sentiment is sald to favor abolition of Its endless in vestigations Utilities Out of the Dumps. As a general rule public utility shares, deep in the dumps during the war, have recovered and have made | wonderful progress rd stabilt and higher prices. er stocks cluding those of | Iy all develop: ments, are leaders in advances. They have risen to such a point that slgnals of danger have been evident from brokers' offices and the predic tion made that the reaction would be in the nature of a smash Other Markets Strong. | In other markets the same degree of " activ in lesser degree has beer witnessed and the upward trend has been more or less genuine. Right here in Washington we have had a number of sensati al gains in shares, Railway common has paced all local shares in its sensational rise to 1 with a 20 points dividend, in addition to regular distribution to be consider- ed, which would make the gain mich more. The typesetter: bonds of all des good gains. It has been the broadest kind of a | market—perhaps the end Is not vet. perhaps the reaction past due may de- velop, but no one fears it in the way they used to, when there was less buying support to the market, now buzers appear in one group of stocks with practically every show of weak. ness in another. No one dr mash— watch their steps all ad- | and in the bank stocks and riptions h made s such a thing as a may come. PAIGE MOTOR COM PANY SAYS: “The En ir experi s s Spark Plugs Paige Detroit tor Car Monohan . Diece easy to clean —xive high speed and driving power. -—end_allspar] plug troubles or years When aicplanes depend upon them they are good enough for any car. Express Plugs last 10 vears pleasure cars trucke and tracio They gtop engine trouble, give more power, and are m: in all sizes for all care. Be good to motor and give it new life ___ Write or wire dept. EXPRESS SPARK PLUG (0. Alexandria Virginia our Insurance Company Apartments Office Buildings NANCIAL. Railroads Report Decrease in Cost' Per Ton in June. Figures compiled by the Bureau of Coal Economics of the National Coal Association, from the monthly reports of class 1 raflroads to the Interstate Commerce Commission. show that the cost of coal, including freight charges paid thereon, used by those railroads ~in locomotives in transportation train service during the month of June was slightly lower than in May. The averages per net ton for June are as Yollows: Eastern district, ! Southern district, $2.19; Western dis trict, $3.04; the United States, $2.70. These averages represent a decrease from May of $0.06 per ton in the Eastern and Southern districts, and of $0.03 per net ton ughout the whole country. Comparison with similar figures for June, 1924, reveals a reduction in average cost of $0.36 per ton in the i : $0.41 in the Southern in the Western dis- for the entire United | NEW YORK, August 22 (P).—Cot tonseed ofl was quiet, though firm. A ing by the South and cover- | dvance of the Government | ton report, along with light offer- ings of both refined and crude, caused the advance. Closing bids were 7 to 15 points net higher. Sales 200 bar- rels. Prime crude, nominal; prime | summer veilow spot, 10.65a11.25; Sep- | tember closed 10.64; October, December, 10. nuary, 10. bid, WE WILL BUY STOCKS (ardman Mz & Dise Internat fite Mix. & Guar. Corporation. MEHLMAN & CO. _ Brokers International Bldz. Vioue 8815 WE FINANCE —all classes of income-producing property Large Loans a Specialty Current Int. rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. FIRST MORTGAGES FOR SALE Denominations of $250, $500 $750, $1,000 and Upwards 6%2% Loans Made on Property Located in the District of Columbia JAMES F. SHEA 643 Loui N.W. Al na Av ON SAVINGS ACCOUNTS Than any other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources $17.000.000 LDEN DONALDSON, PRESIDENT WE PAY MORE INTEREST | 35 Money to Loan Secursd by first deed of trust on real Prevatling interest and commissiol 'ellh L Weller 320 Vot & ¥ N For Investors 7% First Mortgage Notes Denominations of $100 and Up— All Details Given Prompt Attention See Mr. O’Donnell, Mgr., Mortgage Department CAFRITZ 14th & K COMPANY First and second trust real estate notes secured on in- come-producing real estate | in Washington, D. C. ! Construction Loans Made —for long-time periods amounts up to $700,000. Real Estate Mortgage & Guaranty Corporation 26 Jackson Place N.W. Resources—$2,500,000 L. E. BREUNINGER, President in - ""llllllll{ Invest Your Funds Where You Know They Are Safe We have guaranteed 63% first mortgage estate notes for sale in denomina- tions of $100, $250, $500 and $1,000. With these notes you get our unconditional guarantee as to the payment of inter- est and principal when due. Resources over $2,250,000 real Real Estate Mortgage & Guaranty Corporation 26 Jackson Place L. E. BREUNINGER, President. ‘.v\“‘ A to be ment. mand Owver a Quarter For of a Century there Without a Loss Main 2100 INTEREST MAKES INVESTMENT INTERESTING Interest is the promised re- turn on money invested. interest is not the only factor principal is far more important than interest bined with maximum security, than our 6'2% FIRST MORTGAGE But considered in an invest- Prudent investors de- afety, for security of ield. maximum yield com- is no better investment B. F. SAUL CO. 925 15th St. N.W, PERF ORMANCE 18 PREFERABLE TO MERE PROMISE WHAT we SAY we DO, we DO DO— “Actions speak louder than words,” which applies with great vestment. The smooth wrecked sajd—' many a life savi “‘what hath he DONE? The above proportion of one is an old proverb significance in the realm of in tongue of the promoter has gs -account. Napoleon once SRy to three “DOS™ is our objective o CHE e FIRST® MONTGASE TRvESTME N TEY We want to go the “second mile” when bandling the funds of our ('Henll roud of our ability to refer to THOUSANDS OF SATIS- e are FIED FATRORS WHY NOT BE ONE OF THEM ? The interest rate tfllv‘h and the dmominations are §100 upward, Il like our ce, MORTGAGE INVESTMENT DEPARTMENT 713 and 715 14th Street N.W Main GeliphomeNain 2345