Evening Star Newspaper, September 5, 1925, Page 11

FINANCIAL, BUYING ISHEAVY AT GENTER MARKET Double Holiday Needs Keep Business Lively—Hardly Any Price Changes. There was heavy buying in the Cen- ter Market wholesale trade today in anticipation of Sunday and the Labor day holiday Price changes were very few. Veal was a bit higher, while smoked shoulders were 1 cent per pound cheaper. The quotations: Today's Wholesale Prices. Butter—Fancy, tub, 49; prints, store packed, 29a31. Eggs—Fancy selected, candled, 38; average receipts, 35. Poultr: Alive — Spring chickens, large, 31a32: small, 30; heavy fowls, ; medium fowls, 24; small fowls, ducks, 15a20; keats, 40a70; turkeys, 5: geese, 12a Dressed—Spring chickens, large, 32; small, 33; turkeys, 28; ducks, 20; geese, 123, Live stock—Calves, 11a11%; lambs, Spri 13%al4; hogs, l4als. Meat—RBeef, 10a20; veal, 19a28; Spring lambs, 28a31; hogs, 21a22; loins, 37; smoked shoulders, 21; hams, 33. Fruit and Vegetable Review. Today's market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) said: Apples—Supplies liberal; demand steady; bushel baskets Maryland and Virginia, various va- rieties, medium to large sizes, 1.00a few fancy large size high as 2.00, small size low as 50c. Cabbage—Supplies moderate; de- mand slow, market dull; New York, bulk per ton, round type, very few sales, 35.00. Cantaloupes—Supplies liberal: de- mand slow, market dull; Maryland, Bastern Shore, standards 36s and 45s, Salmon Tints, poor quality and condi- tion, 50a75; Colorado, standards 36s and 45s, Salmon Tints, 1.75a2.00; few best, 2.25; wasty, 1.00al1.25; flats, 12s and 15s, best, 75cal.00; wasty over- ripe, 25a50; jumbo flats, 9s and 12s, Pink Meats and Hearts of Gold, 1.00a 1.25. 52; Grape Supplies Light. Grapes—Eastern supplies very light; demand light, market dull; Delaware, 12-quart, climax baskets Concords, best, 90; poorer, low as 65 Lettuce- n supplies liberal; demand arket dull; New York, 2.dozen crates, big Boston type, few best, 1.00; wasty, Western sup- plies very light; demand light, market firm; Colorado, crates, iceberg type, 3-4 dozen, 3.25a3.50. Onions—Supplies moderate; demand light, market dull; New York and Massachusetts, 100-pound sacks, Yel low, U o. 1, best, 3.00a3. poorer, Peache: light; de- mand moderate, market slightly stronger for good stock: practically nc good stock on market: holdovers: New ripe soft, me- very few sales, York bushel baskets fnferior quality bushel basket to large sizes 3.00. moderate m: New ipplies very demand York few boxes Bartletts ex 00. upplies i best, 2.50; tra fancy Oregon, a Potato Market Steady. Potatoes moderate, cks, United Irish Cobblers, 4.00a4 vania and Michigan Rus s moderate; demand 150-pound ew Jer- Pennsyl- Rurals, Sweet mand stronger; stave b 3.50a4.00; Potatoes—Supplies ; de moderate, slightly North ' Carolina, cloth-top ls, Yellows, No. 1. best, 1oth-top bar y few sales, 3.00 Supplies 3 plies cle up. trading moderate: mar good stock: mostly ordi dition; small size; dock ginia, bulk per 100 melons, and Thurmond Grays, sele few sales, 45.00a50.00; few culls, 5.00¢ Homegrown: receijjts light, market ste: homegrown, 14 bushel hampe: cumbers—Supplies light; demand market dull; New York, bushel baskets, very few sales, 1.00al.25. Oélery—Supplies light demand light, market dull; New York, crates Golden Self-blanching, % dozen, tly 4.00 —Supplies light; demand 1 et dull; Colorado standard crates, ephones, 6 liflow firm for con. Vir- cells ver: highe: 0.00. Ues B —Supplies 1i et dull; New Colorado, « ht: demand Yor 12s, BUS ORDERS HELD BACK OF PIERCE-ARROW RISE Special Dispatch to The Star NEW YORK, September remarkable rise continued in the Pierce Arrow stocks. Rumors are heard on every fresh upturn of new interests buying into the company, but ritativel denied. The whole explanation seem. to lie in the extraordinary improve ment in business. A few weeks ago it was given out that bus orders up to date were larger than for the entire 12 months of 1924 ssenger car business for June was over six times what it was in the same month last vear and the truck branch is in a strong position. TRAIN CONTROL DEVICE INSTALLATION RAPID W. J. Harahan, chairman of the committee on automatic train con- trol of the American Railway Asso- clation: “The work of installing automatic train control dewic on the class 1 railroads in accordance with the or- ders of the Interstate Commerce Commission, which will require the expenditure of approximately $2 000,000 by the 45 roads named in or der No. 1, is eressing rapidly and effort being made to com- plete the work at the earliest possi- date. p to August 1 miles of t 1 carriers named in its o installation of t lation had ur totaling 5,044 mi of the total mil order.” —The this vear, out of of the 45 class the commission der, designated for n control devices, either been com- r way on divisions s, 0 5 per cent age covered by the k h DXIRY PBODU(ESA BALTIMORE, Md (Speci: ens, pound, 25a3 hens, 20a39: Legho! roosters, 16ai7; duc ;. pair, 25a30; guinea fowls, each, 70a80. Eggs—Receipts, 187 ¢ native nd nearby firsts, dozen, offered at a33. Bufter—Good to fancy creamery, pound, 42a46%: prints, 46ad8; ladles 36a38; store packed, 34a34%; dair: prints, 34a36; process butter, 39a40; rolls, 34a36. September Young chick- leghorns, eons, The climate of South Africa is much like that of California. THE EVENING NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNA! NEW YORK, September 5.—The closing session of the week on the Curb Exchange saw the recovery still in progress following the sharp reac- tion of Tuesday and Wednesday. The utilities were "features in point of strength under leadership of United Light and Power, class A, which rose 4 points, and Commonwealth Power, which was also in demand. The motor shares continued to re- flect the highly favorable reports con- cerning record operations at this sea- NEW YORK, September 5.—Tol- lowing is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in N thousands. - DstKh 3 Alliede 13 Am GnP:(*fl o8 Gam vov % m Sum 8 Am Roll M 3 Anaconda G Asso G 2 » an N 7 Medi' 8 20 it Serv 6 it Serv o118 TS i 0005002301 SARRE g 1 3 5 o EETERY) R SSehieEoroe: SeasEE3S =S5 & ) am BB B S rsmstorasis e S s 1o B F AR S oS o ¢, FEPE Otz Edce— E FOREIGN BONDS. ty Graz Ss st R R France rench Nat 7a ng Denma 54s.. or BK Denma. 63 uni Medellin 8s rov 7 , 3 Sn IRCT % ] 000, £ " FoooHooocEes EE3EERE22EN3 3 Tol Salesin STANDARD OIL ISSUES. singloshares. tlantic Lobos pt 30 Buckeye P 16000 Cont Oil ne 25 Galena Signal Oil 30 Galena Six O pf n 1¢ 300 Himble 00 & & 40 Ilinofs P L. 800 Imp Oil of 1700 Int Pet Ltd 5000 Prairie 0 & &'n 100 Prairie P L. .. .. 20 South Penn’ 0il.. 31008 O Indiana. 1008 O Kansas 2008 O Kentucky 100SONY, .. 400 Vacuum Oil Sales INDEPENDENT in hundreds. 1A 3 FEE FRE PERTEER 2o Bustk LS a e WORR SRS GEEESRELEEERREES., v ) (it P Fl b st L d o (55 < 1 Guif Oil ot Pa 1 Kirby Pet 6 Lago Pet 2 Livingston 3 28 R o o O S R AEE R RPN PR ES R wins i EEn ) Cong a o rtura Cong Cenezuelan Pet 2 Wilcox O & G n b Aero Sup Mix A 1Aero Sup Mig B Pow & L pid m Rayon Prod son of this year, when ordinarily cur- tallment of production is looked for. Durant Motor gained almost 2 points and Yellow Taxi moved up a point to 10. Fageol Motors continued to be bought despite the announcement of the president of the J. G. Brill Co. that his company and the American Car and Foundry had not purchased stock In either the Fageol Co. of C: ifornia or Ohio. Galena Signal was a weak spot among the oil shares, but this was due to the passing of the divi- dend announced by directors yester- day. . m Superpow A. m Superpow B. rmour Co B vie w50 Gas & Eloe. Schwar Cig A an D G Alo new L5 Sy o 998, b ommon P C néw ommon P ris Gommon P C wi ‘on_ G Bak Davies W D Durant Mot D C @ coSsiom e G- T i aae Duz Co A 3 B850 & SR nra g 0”& Sh' ptd 104 % s3E B8 $uow B0t 108 Y BEI Invest Ine <. 583 2 Eisenlohr Bros | 14 § Eng Pub S PP pf 100 53 Fageol Motors o 11% Fed Tetegrapn. .. 3 Eqd Motorrick 33 im Inapec 5% Ford Mot €o Can 478 11 Fox Pictures A Frank HH Mfx ¢ i Ereed Eisem R ¢ 1 1 1 1 i i $ 3 1 2 Goodyear Tire T. 2 Goldwan Pie’ nw 2 Inter Contl Iutl Coner 1 1 ntl Match Kelvinator Ind G C ptd ntl Util B 5 SELEESEE 15 Pow Corp N 1 Purity Bak B 1 Rem Noise TC 6 Reo Mot »f 106 1Rova Radic " " EF & 28 Southeast P & L1 10 Southeast new wi s Reciaim ek 8 C. ot wi ick Chem Rt S s Is & Cn ptwi 3Yel Taxi C N Y MINING STOCKS 20 Ariz_Globe Cop. : Copper . s ne... Kay Copper’ Cor. J Zinc ng T Goid M pe: # 2 Tonopah Ext Tni Verde Ext U 8 Contl Wenden Cop . {Money Easy in Spite of BY STUART P. WEST. Special Dispatch to The Star. W YORK, September 5.—The two foremost features in the financial situation at the week end are the great ease in money at a season when in the past there has ordinarily been increas- ing tension, and seeond, the evidence of an industrial production breaking all records for this time of year. With these fundamentals there can be no ground fur apprehending much of a setback eicher in or out of Wall Street. The stock market went ahead too fast in sore directions early in the mmmer. This called for correction, and so there came a gradual sagging during the latter part of August, fol- lowed by two days of active selling at the beginning of the past week. Rise Gradually Resumed. It was an adjustment within the market itself, without reference to gen- eral conditions. It put the Stock Ex- change situation on a sound basis again, and in the second half of the week operations for the rise were, in a lerate way, resumed. Too much has been made of the magnitude of Wall Street loans, as if these indicated an overspeculation. The increase in this class of credits has simply conformed to the iperease in the number of Stock Exchafige is- sues which have to be carried with borrowed money. Price Average Well Up. Along with this is the raising of the general pricé average, due to the big advance in high-priced industrials where a split-up of capital into smaller units has either occurred, or else is ex- pected to occur. From the low of the year, which s $61.57, on March 30, the price verage rose with scarcel any inter- iption to $73.62 on August 25, It went_down $1.40 between August 2 and Septemiber 2, and has since recov- ered nearly $1. Consequently the present average is well up to the top. | But the high levels have been brought about by exceptional advances in in- dividual stocks and not by any great Irise in the market as a whole, such as occurred in the Autumn of 1919 and the Spring of 1923. Inland Banks Cut Loan Rates. The curious thing about the money market during the past week is that the decline in call loan rates from 43 to 4 per cent has been effected chiefly by offerings of surplus funds by banks in the Interior. These banks, prepar- ing for the crop moving, had drawn down their New York balances, only to find that there was more mone) available in their own localities than they had counted upon. Now, at the time when evidence multipiies of a superabundance of funds for home uses, the international money markets are moving in favor of gold shipments to this country. The first result of Great Britain's return to a gold basis was an accumulation of gold holdings by the Bank of Eng- NDUSTRIAL PLANTS SMASHING ALL RECORDS FOR TIME OF YEAR Crop Moving Demands. Stock Market Price Average Rises. The Outlook. land. But within the last month ster- ling exchange has been slowly coming down, and has about reached the point where it will be cheaper to send gold in settlement of American debits than to remit in the form of drafts. Lira and Frane Move Up. The rise in the Itallan lira to around the 4-cent level is ascribed to the efforts of the Italian government, with the help of the American loan, to get its paper currency back on & basis where a proposal for devalua- tion, say in the ratio of five to one, will not be so much of a shock. That a similar solution confronts France has long since been believed. If the opinion needed any confirmation, it was found in the inflation to new maxima reported this last week both in the French note circulation and in jloans by the Bank of France to the government. The remarkable rise in Norwegian and Danish currencies which started a fortnight ago is taken to mean that these two countries are about ready to joln the other non-belligerent na- tions, such as Switzerland, Sweden and Holland, whose exchanges stand at or—as in the case of the first named—better than dollar parity. Trade Volume Big; Prices Low. The difficulty with the trade situa- tion is that while all the accepted data, such as rallway car loadings, bank clearings and sales by the big retail distributing concerns, point to a very large volume, demand is not running ahead of supply. Therefore prices do not go up. Dun’s index number of wholesale quotations, on the contrary, moved downward during August and is now only slightly above the low point of the vear on May 1. The same au- thority in its weekly review, speaks of there still being ‘“complaints of close profit margins in such impor- tant lines as steel and textiles.” Rail Securities Strong. Railway securities have been re- ceiving more attention since the dis- covery that the increased business of the carriers reported in July was done with no corresponding increase in transportation costs. Gross ton- nage that month was 14 per cent larger than July, 1924, but operating expenses were only 3.5 per cent larger, and this increased outlay took account of an added 4.4 per cent for maintenance of way and equipment. The saving has come in the item of conducting transportation. This saving is not, of course, the result of wage reductions. Only slightly has it been due to lower prices of materials. Principally it has occurred through the greater efficiency and the econo- mies effected by the abnormaily large expenditures on roadbed and equip- ment made necessary by the run- down physical condition in which the roads found themselves at the end of the period of Government operation. (Copyrght. 1925.) STAR, WASHINGTON, D. VERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Are Your Stock Dividends Mort- gaged? One of the most important things a prospective investor in stdcks ought to consider is the' position of the stock This is & point often overlooked, at- tention being concentrated on the div- idend and the investment return ob- tainable at the current price. But there is a vast difference between a stock ahead of which there is no fund- ed indebtedness, no bonds of any kind, and one of a company with large mortgage obligations, even when each stock same dividend and 3 e return. In the case of the company the shareholders of which have the first and only claim upon earnings the position of the stockholder is much more secure than when large sums must be first set aside to pay interest on bonds. In times of prosperity lit- tle attention 1s paid to this subject, but once let depression set in and the distinction becomes vital. Another point too often ignored is the amount of capital stocks outstand- ing. If this amount is very small earnings per share may appear very large, but by the same token wher business is not good the amount avail able per share drops off as rapidly as it went up. On the other hand, when the amount of outstanding stock is very large a decrease in total earn- |ings makes only a relatively smail difference in the amount per share. It is also true that the stocks of a company with small share capitaliza- tion are easily manipulated by stock. market speculators to their own ad- vantage, but to the peril of investors. 1 do not say that all stocks pre- ceded by large mortgage indebtedness are not sound investments. The out- standing exception is that of the American Telephone & Telegraph Co., stock of which is entitled to invest- ment rating, notwithstanding the large funded debt ahead of it. I do not say that all companies with small stock capitalization are risky invest- ments. There are ny exceptions here also. It is necessary, however, to look into both these subjects care. fully when considering purchase of common stock for permanent holding (Copyright, 1625.) POWERS CONSENT T0 CHINESE PARLEY Willing to Consider With- drawing Foreign Courts, Note to Peking Says. ine nations have | China they are willing to appoint com- | missioners soon to consider any possi- ble steps which will enable them to give up extraterritorial rgihts. They inciude all the governments which signed the Chinese treaty formulated t the Washington con. ference in 1922, The decision of the powers invalving readiness to undertake the investiga- tion of China's judicial system, to ap- point delegates to the special confet- ence on Chinese tariff matters and to consider any reasonable proposal that may be made by the Chinese author- ities for a revision of the treaties on the subject of tariff was announced in an answer to the Chinese note of June 24, | Must Protect Foreigners. | At the same time each of the powers | said it desired “to fmpress upon the Chinese government the necessity of giving concrete evidence of its ability ngness to enforce respect for y of foreign lives and prop- lerty and to suppress disorders and anti-foreign agitation which embitter feeling and tend to create conditions | unfavorable for the carrying on of | negotiations in regard to the desires which the Chinese government has presented for the consideration of the treaty powers. In" this connection it was made plain to the Chinese government that the mere establishment of courts and the enactment of laws did not meet the requirements of the situation. “Courts cannot function and de- velop properly or consistently,” the identic notes read, “without the aid of stable government, capable and willing to maintain them and enforce their findings and decisions. It is regretted that the inability of the Chinese government during the past few years fully to enforce the man date of its authority has made it difficult for the courts and judiciary already established to function in a normal manner.” Minister John Van A. MacMurray presented the reply of the Washing- ton Government to the note of June 24, and his colleagues in the Peking diplomatic ~ corps, representing the eight other governments, acted like- wise for their respective home offices. The American reply was made pub- lic last night by the State Depart- ment. NEW YORK CENTRAL SEEKS FREIGHT LINK Road Not Interested in This City as Passenger Terminal, Lat- est Report Says. notified |the s Special Dispatch to The Star. BALTIMORE, September 5.—The reported plan of the New York Cen- tral-Western Maryland interests to ac- quire the Washington, Baltimore and Annapolis Railroad do not include pas- senger traffic into Washington, accord- ing to reports in railroad circles. In- stead, it is said, the New York Cen- tral desires a_connecting link with our National Capital for freight pur- poses. Through control of the W., B. & A. the New York Central could draw heavily of citrus fruits, hard- woods and other Southern products, which are in demand in the West and which could be transported to .Balti- more and thence over the Western Maryland to the latter’s junction with the New York Central in Pennsyl- vania and thence westward over the latter's lines and those of the Pitts- burgh and Lake Erie. As_to_the actual acquiring of the W., B. & A. by the Aldred interests and elements friendly to the New York Central, that is accepted in the local financial district as a foregone con- clusion. . LIVE POULTRY LOWER. CHICAGO, September 5 (A).—Poul- try—Alive—Lower; receipts, 1 cai fowls, 18a24%: Springs, 24; broflers, 29; roosters, 16: turkeys, 20; ducks, 18223; gegse, 15a17. AR ol oy COTTON MARKET CLOSED. NEW YORK, September 5 (Special). —The cotton exchange was closed to- day for the Labor day week end. Ac- tivity also was suspended in the dry {oodn. raw wool and crude rubber mar- kets. C., GOAL STRIKE FAILS TORETARD TRADE Fuel Price Boost Only Result: Yet of Mine Suspension. Business Spotty. BY J. C. ROYLE, Special Dispatch to The Star. NEW YORK, September 5.—Trade volume undoubtedly has been affected this week by preparations for the Labor day holiday. The check will become even more apparent next week, but the dip reflects in no way a real break in prosperity. The an- j thracite strike has not yet served to | diminish carloadings, which continue at extraordinary heights. So far this year they have exceeded those for the corresponding period of any other year. - Retailers have increased the price of anthracite to consumers in some centers, as was predicted in these columns, but the strike so far not rufffed the surface of busine: terest being kept alive’ mainly “you're another” statements from the miner and operator leaders. Retail Trade Spotty. Retail trade is somewhat spotty, and seemingly is better in other cen ters than In New York. But it is well ahead of the business of last year, both in volume and margins of profit, and is expected to show a decided spurt after the coming holiday. Announcement that the Amoskeag Mills, one of the large textile pro- ducers, will open their Fall lines shortly and will feature rayonized cotton fabr! is taken in the trade to indicate that the vogue of the arti- ficial silk goods is firmly established, and that New England mills must make them a part of their production if they are to lift themselves out t‘(l the textile slump. The mills in the | New England district will reopen after Labor day on schedules provid: ing for operations at about 60 per cent of capacity. Silks in Great Demand. Demand for real silk goods is un- precedented for the season of the year, and mills expect activity to con- tinue throughout the Winter. About 44,000 bales of raw silk a month are going Into construction, On the basis of orders already placed and those now pending, the shoe manufacturers will have the busiest Fall experienced for many years. July was better than June, Au- gust was better than July, and the in- crease is expected to manifest itself again this month. Business in wool ens and worsteds is improving, but the gain is gradual. New lumber business is coming in at a rate which exceeds both produc tion and shipments at most mills. Building material costs are fair stable, with wages for common labor for the country as a whole, at 53 cents an hour. Auto Output Heavy. 1 Pig iron prices hav and the steel mil production averaging about per cent of capacity. Further motor car price reductions have spurred automo- bile output, and industrial employ- | ment in Detroit rose 8,980 to a new | high for all time of 241,002 worker: This was an increase of 1,871 over the previous high mark made in February 1924, and a gain of 46,000 workers | since the first of the year. { In general the situation in the agri cultural districts improved during the week. It was rather significant that | the Joint Stock Land Bank Associa tion, which met at Colorado Spring: announced its plan to reduce interest on loans to farmers to 51 per cent or less at out the same time income tax figures were made publ nd Bapnk Bonds. the banks of the asso ation is to market bonds of the anks, which are tax exempt, at a te not exceeding 4% per cent. It was indicated that about $75,000,000 of joint stock land bonds would be floated In the next four months. Cuts in gasoline prices continued in spite of the fact that the daily peak consumption of the year probably will be reached Sunday or Monday. The destruction of the dirigible Shenan- doah undoubtedly applied some check to commercial lighter-than-air avia tion planes, but promoters of lighte: than-air freight and passenger mu chine routes are going ahead as fast as possible. (Copyright. G0OD TRADE NEWS FEATURE OF WEEK Break in Stock Market Held Largely Due to Weakened Technical Position. begun to stiffen are well engaged More The plan, ¢ By the Assoeiated Press. IW YORK, September 5.—Stock prices underwent a Sharp reaction this week on selling originating with bear traders. Although some uneasiness was felt over the possible adverse economic effect of a prolonged suspen- sion of anthracite mining, there nothing In the week's news to bring about the decline, which was generally interpreted as a correction of a weakened technical condition result- ing from speculative excesses of the past few weeks. As a matter of fact, news and trade developments of the week were largely constructive in character. They included the lowering of call money rates and the retention of the 31 per cent discount rate by the New York Federal Reserve Banks, re- ports of expanding steel mill opera- tions, raising of the Frisco common dividend from $5 to $7 annually and the announcement that class 1 car- riers had earned nearly $100,000,000 in net railway operating income in July, an increase of over $25,000,000 above the month before, IRELAND PLANS SHIPPING Company Formed for Line Between Mayo and Canada Port. DUBLIN, September 5 (#).—The for- mation of a company to establish a new transatlantic shipping line, with Blacksod Bay fn County Mayo and a Canndian port as the termini was an- nounced by a meeting at which Brig. Sir Bdward Bellingham presided. The report issued after the meeting states that an American financial magnate who was present was selected as chair- man of the new company. This Ameri- can's name was withheld. Sir BEdward Bellingham said the new line would be & main artery of traffic between Burope and America and Australia. Strikers Fail to Block Liner. SOUTHAMPTON, England, Septem- ber §5 (#).—The unofficial strike of British seamen suffered another blow today when the big liner Berengaria, with a full crew, sailed for New York on scheduled time. The strikers had triéd hard to persuade the Berenga- ria’s crew, which had signed on Wed- nesday, to desert. SATURDAY, SEPTEMBER 5, 1925. ROADS HAVE DIVORCED MANY COAL PROPERTIES NEW YORK, Sept. 5 (#).—In view | of many recent statements linking the raflroads with the ownership of the | anthracite mines, E. E. Loomis, presi- dent of the Lehigh Valley Railroad, has called attention to the progress made in segregating the coal holdings formerly held by the carriers. The Lehigh Valley, Lackawanna, Central Railroad of New Jersey and several other roads have divorced their coal properties and in some instances the railroad stockholders has been for- bidden to own securities of the coal | companies so separated. WILL PAY $5,000,000 FOR AUSTIN MOTOR CO. NEW YORK, September 5 (#).— The net cash investment by General Motors Corporation in its proposed ac- iisition of the Austin Motor Co. of will _be approximately $5,000,000, according to details made public by President Alfred P. Sloan. The British company's capital struc- ture wiil be readjusted and the Gen. eral Motor Company will subscribe at par to its 1,500,000 new shares of com mon stock, having a par value of £1 each. AR i T Query the Promot. Determine how much of his own money the promoter is putting into his scheme before you decide to risk yours. Don't take his word for it— make him rrove it. Prompt Action First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 15th Street WM. H.KYLE Loans—Insurance Room 21—1410 G St. N.W. M. 61 I have some excellent First and Second Trust Notes for sale. REAL ESTATE LOANS Si% ANY AMOUNT Ap AT E bsme BUSINESS PROPERTY RESIDEN( LOANS AT LOW RATES FRED T. NESBIT INVESTMENT BLDG. Main 9392 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. There’s No Speculation —about these First Mortgage Notes They won't give you —for you can sit down 1y figure the return G ment. But they won on 'shocks.” either. Your money perfectly secured by double our ap- Draisal valuation rate—and number there of this Consult Mr. Kelley, tn charge of our Loan Department. M‘-'KEEVER-! GOS Realtors 1415 K St. Main 4 What Your Dollars Will Earn $100 earns. $250 earns. $500 earns.. 67 $1,000 earns 1.34 EVERY WEEK When Invested in Our 7% First Mortgage Notes AFRITZ COMPANY ji 14th & K Main 9080 $.13 33 Electric Light & Power The Norih Ameriean System Includes the Electric Light & Power Companies serving Cleveland St. Louis & Milwaukee and adjacent territories. The North American Company is one of the oldest, largest and most successful Utility Holding Companies in the country. Statement just issued shows Record Earnings Descriptive booklet on request. We suggest the purchase of North Anterizan"" Company " common Stack ai’ present prices. CRANE, PARRIS & CO. 823 15th St. N.W. Washingten, D. C. FINANCIAL. Money to Loan Secured by first deed of trust on real estate. Prevailing interost and commission. 420 Wash. L. & Trust ‘vi.ux 9th & ¥ N. SECOND TRUST NOTES Funds avallable for the pur chase of all kinds of gecond trust Dotes, mecured on D. C. or nearby real estate. bt action ia every case. Washington Investment and Transactions Co. 715 14th St. N.W. Main 3662 TR Continental Trust Company Capital One Million Dollars 14th & H Streets T A FEDERAL-AMERICAN | NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, Presidens The Magic Fower of a New Investment— U will be amazed at how rapidly your savings mount with In addition, you have the assurance ¥ this plan of investment. of safety with high returns. No matter how large or how small your income may be, in- vesting in First Moitgage Real Estate Notes on improved prop- erties in Washington not only earns for you as high as 614% on your money, but backed by unusual conditions which make for stability of values, you are relieved of all anxiety and Safety Supreme, vestment plan and shows why thousands of persans, Our Free Booklet, those with limited incomes, conside: tate Notes the most attractive affords. tion. Ask for your copy of this investment booklet. rorry. explains our new in- f especially r these First Mortgage Real that the investment market No obliga- Mortgage Investment Department Main 2345 i o TR placed, class of obtain. Over a Quarter - not shift affect centers. of a Century Without a Loss First Mortgages on real es- tate in our Nation’s Capital and nearby Maryland, when p to conditions which arise in industrial city—values are more stable and our population does the operly represent the highest investment possible to Our city is not subject an with conditions which industries in those SAFE 6'2% FIRST MORTGAGES B Main 2100 . F. SAUL CO. 925 15th St. N.W. The New York Life Insurance Company Offers to Make First Mortgage Loans on Improved Real Estate In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods Houses Buriness Properties 5% ON APPROVED 4pply RANDALL H. HAGNER & COMPANY MORTGAGE LoAN GORRESPONDENT g | g > 'ammmwimmmrammm»% Apartments Office Buildings % SECURITY Crossing the Chasm ‘ HERE is a wide chasm between employe and the ownership only a natural ambition some day. of a business. It is to cross that chasm The man who would take the leap must be prepared. He may know but little about the struggles that await him on the other side. Yet he must realize that sound investments will afford him a bulwark and financial protection in of mental assurance his struggles. Start now to invest regularly in solid se- curities. The 634 % First Mortgage Notes which may be purchased through Swartzell, Rheem & Hensey Company are an ideal invest- ment for your purpose. siw_\‘g%’w EEM&HENSEY Co. C@ashi WL AT ugton.D.C. 56 Years Without Loss to An Investor