Evening Star Newspaper, September 6, 1925, Page 15

] FINANCIAL, BOND PRICES HOLD FIRM DURING WEEK Higher Than Month Ago. Money Rise Unlikely—In- terest in Foreign Issues. ? BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 5.—The in- vestment market has been steady all week, Iiven when heavy liquidation was going on in stocks there was no corresponding disturbance in bonds. \The average price, taking all groups, is about where it w seven days ago, but substantially higher than a full month ago, and there are no indica- tions of any weakening. Trading is very quiet, but there are more buyers than sellers, especially in the grade vielding around 5% per cent. Dealers are not taking on stocks, and there is a minimum of speculative purchasing, but when an order from a financial in- stitution comes into the market it is not easily filled if any large block is involved Lower Money Likely. There has been no change in quota- tions for time money notwithstanding | the easing in call funds. On the other hand, there are increasing evidences t money is beginning to pile up that lower rates rather than are in prospect is an extraordinary situation season of the year, but the fuct seems to be that transportation i~ so efficient and that hand-to-mouth buying is so popular that it takes ich less credit than formerly to wry on a large volume of trade. Al mtributory cause is the compara. tively small amount of new security flotations. This will pi bly be changed after the holiday, until which me much fresh financing has been d back, but the present indications are that any reasonable amount will be readily absorbed. No concern is expressed anywhere over the prospect of gold exports. On the contrary, it seems more likely that our gold supply will either remain sta- tionary or be increased. The big prob- lem relates to the measures to be taken by the British banking authori- ties to maintain sterling at gold parity. The American credits have not vet been touched and they are available for that purpose if neces: W If the present condition con tinues, it will sooner or later be re flected in prices. German Sevens at New Top. Doubtless it is search for profitable returns which has been responsible for the renewed interest shown In the outstanding foreign dollar loans. The German 7s, originally issued as part of the program to put the Dawes plan into effect, made a new record high price this week. French bonds have been higher and some of the other Luropean and South American obliga- further hardening of bond tions have been in better demand. This Inquiry cannot be ascribed to im- proved economic conditions outside the United States so much as to the at- tractive vields these securities offer compared with those obtainable at home. Any sudden development of an un- favorable ch: racter abr would check this movement, but of that there i8 no sign at present.” The steps taken 0 far by our various European debt ors to fund their war-time obligations 4 the United States Government have temporarily at least reassured invest- s hatever the long-term effect ma e. Railway Bonds Stronger. Testimony to the favorable outlook ‘for the carrlers came in the form of the raising of the dividend of the St. Louis-San Francisco stock the other day. There is much speculative gos- sip about other dividend increases or However this may turn out, position of the higher yielding railway bonds has been measurably strengthened There is, of course, the anthracite strike to be considered. If it is of long duration the revenues of the hard coal carriers would suffer, but, on the other hand, incomes of the roads prin- dividend resumptions. the cipally carrying soft coal will be bene- fited. And as a group the hard coal roads are among the strongest finan- cially. At any rate, so there has been no evidence of anxiety about the strike situation in the security market. (Copyright. 1925.) DRY GOODS AUCTION IS GREAT SUCCESS Sale of Carpets and Rugs Exceeds $5,000,000—Linens in Demand. By the Associated Press. W YORK, September 65.—The auction sale of carpets and rugs was reported by the selling agents today aving been the most successful distribution of the kind made in years. Sules exceeded $5,000,000, all ~cata ed goods being taken and some addltional offerings also being sold. Cotton goods sales of the week ached large proportions in gray ths, colored goods and sheetings. good business was reported in ted goods for the Fall. Burlap els were stronger but very little business owing to the observ Silkk markets were firm but inactive. Mare business is being done in household and fancy linens, and in linen trouserings of a fancy charac- ter. Flannels and embroidered or bor- dered dress goods are in active de- msnd for immediate selling. BALTIMORE LIVE STOCK. BALTIMORE, Md., (Special).—The ~ general market rules steady to firm on most lines with specially good demand for top quality beef cattle, which stock s scarce in the daily arrivals, especially on the wharves. Common to ordinary cattle slow to find favor, even at the lower values. Good and constant de- mand noted for the smooth, fat veal es. Quotations today at Light et Wharf A pr September § live cattle Beef cattle, first quality, 1b., 10 to | 11: common to medium, Ib., Bulls, as to quality, 1b., 4 t s cheice to v, 1b., 4 to 6; common 1o dair, 1b., 2 to 3. Oxen, as to quality, 1b., 4 to 6. Milk cows, choice to fancy, head, 50.00 to 75.00; common to fair, . head, 30.00 to 50.00. Calves, veal, choice, Ib., 13; ordinary to medium, 1b., 10 to 6 to 8; small culls, Ib., 6 to 8. Sheep, choice, 1b., 5 to 6; old bucks, 1b,, 3 to 4; common, 1b., 2 to 3. Lambs, Spring, choice, 1b., 14 to 143%; fair to good, 1b., 12 to 13; common, thin, Ib., 8 to 10. Hogs, straight, 1b., 13 to 14: sows, 1b., 10 to 12; stags and boars, Ib., 5 to 7. Live pigs, Ib., 14 to 15. 1b., 10 to 12. WEEKLY BANK REPORT. NEW YORK, September 5 (#).—The jual condition of clearing house nks and trust companies for the veek shows a deficit in reserve of 18,617,270. This is a decrease in re- serve of $18,897,810 compared with last week, when excess reserve of $380,540 was raported. Calcutta, | done here | nce of a holiday. | 2; rough and common, Ib., | Shoats, | D. ¢, SEPTEMBER 6, 1925—PART 1. THE SUNDAY STAR, WASHINGTO 10— 1985 T e e v, s noDs High Low Tast Yiew, AMPLY PROVIDED IN CAPITAL JO128 98-22 10129 100-19 Liberty 3%s 198! 100-23 10024 3 38 ; 101-19 100-20 Liberty 2d 4%s 1927-42.. 101~ - £ . s 10223 99-8 102-1 101-1 Liberty3d 4is1928..... 101:20 101-13 375 | Banks, Merchants and Corporauons Find Profit in 108 98-8 103-9 101-20 Liberty 4th 4% 1933-38.. 102-14 1026 394 10708 99-8 *108-10 104-13 Treasury 4%s 1947-62... 106-25 106 18 383 h——stl‘ong Efforts Made to Con- 1924 1905 Prov. woek's X High. Low. - 3 Close. High. Low. Last. . . [0 S S e ORI W S e tinue Prosperity. |gal€ 100% 103% 101% Argentina 7s 1927. 102% 102% 102% 10(:;% ¥ 85% 100 93k Austriasf7s1943. 99% 100 99% 100 A . ; 3 e 11 sew 25 E8% Belzium 6s 1955. e R BY I. A. FLEMING. ment in the nature o Deopagas n 96% 110% 106% Belgluni 7%s 1945, 109 109% 108% 109% | the Interest of big business has re- 109 97 1084 106% Belgtum 8s 1941 1. 1074 107% 1074% 107% | ~Notwithstanding the enormous vol- [ cari1 ' been started, Whether with the 91 T1% §7% 80 Bordeaux s 1934 85% B87% 85% 87i|ume of installment sales and ""‘KJum and consent of business men or 991 91 99% 95 Brazil 8s 1941 97% 98 97% 98T | eranted, there is not the slightest evi-| a5 a plan for turning an honest dol- 1044 99 104% 101% Canads e 19 102% 102% 102 102% | dence of any money stringency. lar on the part of so-called business 104% 100+ 29 103 103 102% 103 A real estate operator may dispose |y, s not been indicated. % 103% 102 Canada 53s 1929, writers has not 1043 102 10214 102% 102% 102% | of a home with a small cash payment 2 r or no these writers are % 103% 102 Chile 851926 Whether o 109% 101 110 * 106% Chile 8s 1941 109% 110 109% 109% | down, balance in small monthly pay- | using prominent business interests to 108 101 1104 106 Chile 851946 109% 109% 109% 109% | ments, secured by first mortgage and | further thelr efforts in publicity, fol. 4T 39% 481 404 Chinese Govt Ry bs 1951 41 41 40% 41 | place the first-trust notes for the peri- | Jowing Literary Digest style of quo- 964 8T 100 944 Copenhagen 53s 1944. 98% 98 97% O7H | odical payments in a bank and ob- | tation on quotation of manufacturers 101% 85 1011 981 Czechoslovakia 85 1951, 100% 101 =~ 99% 101 | tain a loan, thereon, provided the |in various lines of industry, remains 101% 93% 105 D Tk B IEY: 103% 1084 1021 102% | transaction looks good and the holder | to be seen. 111% 107 111 Denmark 8s 194 110% 110% 110% 1104 | of the notes even better. Back of it all, unless it be an hon- 9% 92% 1034 Dutch East Indies 65 1947 103 1027 102% 102% | Notes given for installment pur-|est dollar effort, is a wide desire for lggis 92% 1031 Dutch East Indies 6s 1962 . log% ::;5'; %g(.“i }852 r‘hflses of merchandise are not in|the repeal of the Sherman anti-trust 89% 100 French Govt 7%s 1941 104 = | themselves first-class security for [act and also of the act creating the 109 92 106 o French Govt 8s 1945. . 105% 106% 104% 105 | fiscal accommodations, even though | Federal Trade Commission. e = 9¥% 91% German 7s 1949... 97% 98% 9T 93%|the title to the merchandise does not | Times have changed. A few years £9% 79 Holland-American . 89 RR:- 88 F;' pass from the merchant to the buyer | ago any advocacy of repeal for the 85 764 84% 81 Japanese 4s 1931. - 83% 83% 83% 83U |until the final payment, that is, in|sacred Sherman act would have 93 881 954 90 Japanese 6%s 195 . 92% 914 (\\‘ most instances, save when backed by | brought floods of oratory down on the ot %% 107 8R Jergens Utd Margarine 65 1947.. - o 100 | high-grade credit. heads of its advocates. The Federal 24 87% KON Lyons 6s 1934 . 8b y i Land and houses do not show Trade Commission has not had very ?,’ 72% 87% 80 Marsellles 68 1934. . R aTr S.:vs xSét wear within a 1':“-l n\o!:;‘sin(:v\: ’l‘:‘: leuny rrljendn n;’ any time since its 105% 9% 109% 102% Netherlands 6s 1973, . 109 108% 1 \ ' Kind that secure mortgages—but mer- | formation, the general opinion credit- 118 p 101 110% 110% R.u 109% 1131 110 Norway,8s 1940..... - 110% I,qi 7814 79w | Chandise and even automobiles are |ing it with being a trouble maker m: 65 80% 70% Paris-Lyons-Med 6s 195 . 78% -«1:: 1043 104'% | Second-hand once they are used, even | without thorough investigation, a 106s 129% 107 1014 Quecnsiand 65 1947 gl carefully. sinecure for lame ducks. It was not 9w 104% 112% 109 Queensland 7s 1941 . u e without some good, however, as wit- ok gz‘fi lg:lw l:gv. glopde.lllnselro s;[l;u‘.‘“ o eadily Discounted. ness the furniture explosion. 3 a0 Paulo, State of, 85 1936. . 3 The money plethora, which gives 97% 73% 91 82 Selne, Dept of, 78, eee BO% promise of continui ina. Prosperity Is Great Aim. g g T8 omise of g finitely, 904 634 90 84% Serbs Crotes Slovenes §s1963.... 8% y yeaponsible) TaE. the This seems to be a big business era, 107 1014 105% 103 ° Sweden 68 1839, logw iom G socene o o e e e e 105% 100% Swiss 51s 1946, 102% aggrega apita . lawmakers generally seems to be to ggregate capital for the purpose of 107% 106% 118% 115% United Kingdom § E 1180 discounting installment and credit ac- | 40 anything that will make for con- 8% 104% United Kingdom 5% 1937... .. L counts and they are making large | tinued prosperity. The President of INDUSTRIAL AND MISCELLANEOUS. percentage of profits on the transac- [the United States is said to be heart 101 s 94% Amer Agri Chemical 7%s 1941... 108% tions. and soul influenced by the same dis- 7% 92 951 Amer Smelt & Ref 1st 85 1047.... 98 Some of the larger merchants are | Position. 2 1014 1035 Am. Smelt Tt fe 1942 107H Declectiy ¥iing and.igije fo piyey || REE WRRISSET . L atiitans 964 9912 Amer Sugar Refining 65 1937. Y% their own credit accounts and install- e A 92% 9615 Amer Tel & Tel cl tr 4s 1929 . 9T% ment sales, which they generally in. | f the United States at this time. The 9T, 100 Amer Tel & Tel cl tr bs 1946 - 101% sist shall ba paid within days, | influence that it exeicls a1l over the 84 £9' Amaconda Copper 63 1963..... 1L 10014 which, after all, means practically|worid in fling necessitjes and in 3 94Y 100 Anaconda Copper cv deb 7s " - " cash, nancing the rest o o Wi s of 187 san €5 Armour & Co 41%s 1939 Ce. 89% | The mronts: are’ Bsttoriba A the greatest benefit to all in helping 2% se 97% Atlantic Refining deb 5: - 99% or other corporation, hut the saie | the nations of the earth to regain 1% 97% 100% Bell Tel (Pa) ref bs 1948. . - 101% [ price permits of it, while the ability | thelr balance, lost in the turmoil o B 90 Bethlehem Stecl p m 55 1936 ... to quickly discount keeps the mes.|the great war. 93% Bethlehem Steel s £ 651943.. 4% chants in ample ready money to take | TaX reduction, one of the big es- 111% 105 Chile Copper 65 1932..... 107% Ivantage of opportunities in the | SeNtials to big corporations, that they 1084 100 Detroit Baison re ga 1940, -+-+.. 107% 8 | e taraasoins for spot cash:'” | 8r'the hour, and both of the leading 108% 105% Du Pont de Nem 7%s 1931. 106 104s | Jobbers are all doing the same thing | Political parties are pledged to work 105~ 97% Emplre Fuel & Gas 748 1937...... e 1057% | in the interest of big business, which | foF it. And here agaln they are as- i e e e I 1044 | has more friends now than at any|Sured of the aid of the Nation's Ex- 11100 110% 108% Goodyear Tire 8s 1931. . 110% 110% 110% 110 | time since the Sherman anti-trust | ecutive. 121% 119 = Goodyear Tire 85 1941, ... L 120% 121% 120% 120% | act was placed upon the statutes and Money Stringency Days Gone. 1021 991 Humble Ofl & Ref 5145 1932 . }gis {g;\ :gm :gh.g lh;!z!;gde Trade Commission or- Where all seem to be working for 104% 101 Indiana Steel 5s 1952. ., . 102y ' 102 2% | g the same cause it must prosper. 91% £2% Inter Mer Marine 6s 1941.... 83% 81 83 8| Finance Company Methods. Tat s hawe hot Reus et s 94 87% Inter Paper 53 B 1947. e 1o 100w 1o1w| On credit sales of this character | the war, and every one seems to have 103 90 Kelly-Springfleld 8s1931. . 13;‘« | there are large finance corporations | plenty of money, as evidenced by re- 4% 89% Lackawanna Steel §s 1950 i | which do business on an entirely | tail activity and the continued heavy 102% 97% Liggett & Myers 54 1951 = | different basis not c trading on Wall street. 102 99 Manat Sugar s f 7%s 1942. R thing like as | interest More money than ever required D214 SS1 MIIValsSitacl beasal .. .- . loans, limit the life of the loan, say | before is being used on Wall street, i) i RS e e 200 to 90 days, with one or two exten- | because It takes more to finance the }éfz 1 ey ok E",}’:“P‘;‘fl;"“;" 108% sions for equal periods, upon which | broadening trading. Money rates 99 95% New York Tel 4348 1939. . ... 97y the charges may increase slightly.| may become firmer, but the string- o 5 % Then if not pald the finance cor-|ency days have gone and are for- Josisdtne ST SOrE TaNSetec 1952 }32‘ poration looks to the manufacturer, | gotten. 1021 96% North American Edison 6s - 102 pors i = % 90 S33% PucifioGon A Bioe to ott 964 jobber or wholesaler for the return Grosh Cabgos Noted T . 99 964 of the money advanced, plus interest 1004 924 Pacific Tel & Tel b5 1952, . - Joie o Thi i e Wduaton tn o lgg’h ‘gé* )“"E::]?ge.\‘lgrr"\";‘csos:efus:ll’ = 99 This is a safe operation for the|as marked as anywhere. Stocks have 9744 88 Sinclair Ol 7s 1937. 91% fnance company and has removed|made sharp and substantial advances, 120% 106% Skelly 6%%s 1927... 7108 some of the risk from the field of | with everybody an relatives ut- 106 102 South Porto Rico Sugar 78 1941.. 104% dangerous financing that threatened | terly at sea with regard to possible 9% 93% Union Bag & Paper 6és D. 96 in the earlier days of these corpora-{or probable developments in Wash- % 104% 100% United Drug 6s 1944... 1044% tions. ington Railway and Electric shares. 901 &5 U S Rubber 18t & ref An1947..... 88% Men in business, with many excep-| No one even cares to hazard an 108 104% U S Rubber 7148 1930, ........... 106% tions, no longer sell only slow-pay [opinion. Insiders are mute, admit- 106% 104% U S Steel s £ 551963. . 106% accounts to finance corporations, but, | ting nothing. ©815 91 Utah Power & Light 53 1344 95 on the contrary, they are inclined to| Fifteenth street people in the finan- 1014 73 Va-Carolina Chem s f 7s 1947. 991 realize on all accounts quickly, | clal district do not believe that forc- | a5 4 ueZossolinaChe GRS i through finance corporations. ing of a merger by law is one of the 112 109% Western Unlon s 1936. % g ve- | possibilities. Son "ST% Wison & Ca I ta1sdr o1 aa It is plainly evident that a move-|p AD. 9215 £8% Atchison gen 45 1990 89% NVESTMENTS GA]N 94 #9 Atlantic Coast Line Is s 1953... 91% MORTGAGE 1 91% £6Y% Balto & Ohio gold 4s 1943, w884 ) M mmegones et B S B2 8. IN FAVOR IN WASHINGTON FIELD 9214 Balto & o ret 58 90 | 103% Balto & Ohio 6s 1929, coe 3 102% 90% 83% B&OPItts LE& W Va4si94i.. 7% 871 &7 874 Placed 98 95% B & O Southwestern Div5cfs50. 96% 95% 96% 864 i i 91% 82% Brooklyn-Manhatsf6aA 1968... 9% 90% 89% 90 sgoo’mo’ooo m Flmt Mo“gages Alone ace on 118% 116 Canadian Northern 63%s 1946.... 1175% 117% 117% 117% . 81 79 Canadlan Pacific deb 4a.... 80% 81 80% 81 $800,000,000 of Privately Owned Land, 90 E6% Central Pacific 48 1949..... 87 88 87w 8T% 5% 4% Chesapeake & Ohlocv 4%s1830.. 9745 97% 7% 6748 Company Asserts—Other Notes. 93 £7% Chesapeake & Ohlo gn 4%s1992. 911 91% 914 9isy 1i8% 102 Chesapeske & Oblo cv bais46... 116k 110% 113% 118k 5%14 44% Chicago & Alton s 1950. . 50 49% 49 49 - 3 <) { 103% 100% Chi B & Quincy 1st ref 55 1971.... 1021 1024 101% 103 e s b snghiing: the Insfitation: (o Sasialow 79% T1% Chi & Eastern I1l gen 5s 1951. . 5% 175 74% 74%| Mortgages on District of Columbia | d€pos o offset slo - 68% b69% ChiGreat Western 4s 1959... 64 64 631 63%|real estate are rapidly becoming a Good Business Prevails. 60% 44 ChiM & St Paul cv 4%s 1932 49 49% 48% 48% 2 = S0% 7% ChiM & StPaulgeni%s 1983, s s &8 g9 |fuvorite form of investment locally. ~The August 31 sales and credit map 4% 431 ChiM & St Paul ref 43%4s 2014. 49 45% 484 g% | This is due to the rapid growth of | of the e e ey 59 44 ChiM & St Paul cv 58 2014 ;. A8 49k 484 49%|the Nation's Capital, its prestige as|phowre ETaPhically the prosent good 112% 107% Chi & Northwestern 6%s 1936. 110% 110% 110% 110% e its desirability as a fi. th hout the United States. 88 73% Chicago Railways bs 1927 98% 95 % 76 | = ooctal canter, it ¥ Ot e O e e T acionsidt - SN 81 ssl gy busiuess loestion and jast-tm nf . SRCRNHA SRREEIRES IOE 94% 91% Chi Union Station 414s 1964. 93 ~ 98% 93K 93% | no means least, the high yleld of real heavier than a year and the fore- 184 112% 1184 116% Chi Union Station 6%s 1963...... 118% 118% 1174 118% s 1 e D Cils wauminn s e 1o 118% | estate securities. cast sees still further mprovement, T 906 104 1024 CCC & StLret 654 1925 oo’ 103 103% | , There really is no reason why this | namely, “the general outlook is much 104 100% 104% 3 198% ] class of security should not be among | improved and it can be definitely 1074 104% Cleveland Term 5%s 1972.. 106 106 10 1ow 'Sl 90% Colorado & Southern 4%s 1 94y '94y | the leaders.” Washington is o rapid- siated that New England will, this Y ly growing center, with population |vear, be in a greatly improved posi- AL e e e e R e TR Y 1ois | mearing the haltmillion merk, its |tion, especially the agricultural sec. TR T e L 834 831 &3y 83y |real estate values enhancing by leaps | tions. Massachusetts and Connecticut 3% 66% Co% 65 D & R G. West 5s 1956, 611 64 |and bounds—all with the result that [are the best States in this group. o5 84% 93% 86 Detroit United 4%s 1932, 8914 91 | investors are, in large m;‘mt,en. avail- 5 lLxln th? Nm;thb“,:;'lla.nuc’ st]u the 7 1st con 4s 1996. ing themselves of the happy oppor- | dollar value of ess in July was 74% 61% 73% 70 Erle 0% 1% i L o 5 9 3 . 6 - & " £ g S5 6% Erle ov 4s D 1963 5 74% 73% %54 o3 |forted by the thought that the worst | offer the most ‘"'é":‘ te"'““;y for 107% 102t% 108% 106% Grand Trunk s f deb 631936 1074 1074 1074 107% | that can befall them in event of non- |sales. | Current conditions and the 1175 110% 117 114% Grand Trunk 781940..... = 115 116% 1154 115% | payment of the notes i foreclosure | fay ook Ychant Increaw |10i% 96% 103 99% Great Northern gen b s 1952 1014 101% 100% 131 | proceedings on the property securing f:r:'fltm Py w:nge et — 110% 106% 111 1084 Great Northern gen 78 1936..... 109% 109% 109% 109% | the mortgage, which will enable them G "',{’u tosedhios e Yt: 88w 80% 93% 86% Hudson & Manhattanref 5s1957. 0% 91% 90% 91% | in nine cases out of ten to resell the S o GO0 t":‘:“%mh,m prist 69% 58% 7% 67% Hudson & Manhattanadj5s1967 76% 76% 75% 764 | property at a higher fizure than Contral States: only in Wyoming, New 104 1008 e 1 e aa Tranalt ba 18 05, 1924 | called for In the mortgag e nates by |Mexico and parts of Nevada is bust. T4% nte 66% 67 According to recent estimates by o gg.v: 95 85 Inter Rapld Transitcv 89 89% | W. P. Richards, District appraiser, gfi:fl‘;’g‘;&“‘“"r"’ Pacific coast. 70 40% 79 66 Inter & GreatNor adj 6s 1953, 77 77% | there is in excess of $800,000,000 worth e 82% 73% 88% 80% KanCFtScott & M 4s1936. 85% 86% 8614 86% | of privately owned real estate in Stock Payment Asked. 7% 67 715 704 KanmasClySoulherngs1ssd-.. 7% 724 72 72 | Washington. In that this amount is| The West Woodridge Theater Cor. 91 86 92% EB:A E::uslha“y"?;nern s 0 so:«, 90% 90% 90% | arrived at for purposes of taxation |poration has issued a call for ‘payment S Siw %o $7% Lake Shore ¢a 1923, E s8% e Y8% 98% | it can readily bo assumed that the | o¢ the first quota of capltal stock of 97 92% 5 1 6 % | sales price of this property would be e tober 1. saw B8 S6% oLk Louls & Jeeh unined dn 1040 sics 2 S3% 93 9% | ubmantially in exoess of $1,000,000, | e corporation, dus October B 107 104% 108% 104% Louls & Nash 1st cef 534 208 % ooy 195 105 | 000. Against this property it is es. | sorRoT* PR 08 B8, authotaed capitall e o 100 MSiPE SEM oHe 150 13\{: \SZ:: 1%2& 1051, | mated, by the Mortgage Bond and | $40.000 ‘has been subscribed, due in 103% 101% o o 2% | Guaranty Co., a concern that deals |fegular quarterly payments. Purpose ga6 ok, K 80, MOERDS IaxTeds T Son 53% 83% 8% |only in first mortgages, and conse- | of the fovue 18 10 ecect a tharerole 9% 1% ok & MoKan& TexprinbsA 1 o i - Uantty (it SORon (Lo know, that | this suburban district. Par of the 87% 18 4 # 5% | there are presently outstanding more | stock is $10 a share. R I e o0 85 |than $300,000,000 in first mortgages |~ Col. J. 'W. Oehmann is president of 100 87% l“% 92% N O Tex & Mex Inc 5s 1935. 954 95y | AlONe. Any estimate as to the prob- |the company, and T. L. Edmiston, 8% %% 96 934 New York Cent deb4s 1934 S5 5o | able amount of second or other mort: | sesretary’ T * 5 9 New York Cent ref imp bs 2013. gages could not be other than a haz- | The National Mortgage and Invest- 1008 S8 1024 20k New York Centraldets tu 1935 b 100% 100k | 4rdous Suess, due to the aimost in: |ment Corporation takes exception to eon as s EICECU I NeR B SBbIRE s Sarr 535 | Torma of mecurityr o e i, * Abaerre e Aocoine 87 gg% 70% 59% N Y West & Boston 4%s 1946, 67 68 67% 673 | These figures are all the more im- |actually paid was $32,845.10, instead 3% 86 92% 884 Norfolk & Westerncon4s1996... 90% 90% 904 90y | Pressive when it is remembered the of o Jemorisd simounl of SeS0nS 125% Norfolk & Western cv 6s1929... 135 133% 131 4 | major portion of real estate mortgage | This return places the company 130% 1008 B 150" Northedn Pacific 3s 1947, . 60% s 60" ‘soit | investments are mecessarily obtained |among the leaders in local fnancial 624 20w 87 83 Northern Pacific s 1997, 84% 4% 3% 84y, | from this city where a knowledge of | houses. xs:;: 101% 108% 104% Northern Pacific ref imp 6s 20 105% 106 105% 106 |the Security binding the mortgage is Unlisted Securities Prices. 106 92 97% 96% Ore Short Line ret 43 1929.. 97% 97% 97% 97y | easily obtained. The following latest Bid and asked 844 79% 85 81 Ore-Wash lstref4s1961.. 824 834 82K 82y New Savings Bank Ides. prices for unlisted securities are 5 90% 95 91% Pennsylvania gen 4%s 1965 92% 93 928 923 & quoted for the guidance of holders of o0 99 103% 99% Pennsylvania gen bs 1968. 1014 102% 101 102 | A plan formulated with the idea of | thege jssues: 104% 107% 111% 109% Pennsylvania 6%s 1936. « 111 110% 110% 1107% | €nabling savings banks to meet com- " BONDS. o 36% 31% Peoria & Bastern inc 451990...., 33% 33% 3% 33y, | petition extended by building and 3 Bid. Asked §1w 100% 974 Pere Marquette 1st 551950, 98% 98% 98 93y [loan associations for savings accounts | Army and Navy Club 5 et o5% 87%H 96 92% gfagln:::xw:uxlnm gg‘é glgv, gm 921 h;w“:-e!e‘n putTi‘:\lo fifecl hy‘an othm e ey ot 54 | o5% © 75% 71 Rio Gran ern c % 72% 734 | institution. e plan consists of a % 90 8% B4% RIATK &L 4%s 1934. 88 87% 87 8714 |new department created by the Dol- | Anacostis Bank.. oo, . 225 78 ¥ e % 176% | Youngstown, titled the investment | Gnanin: 55 iin O 3% 86% StL&San Franprinbs1960.... 911 91% 905 oo deposit department, which pays a § 97 95% 87% 101 gs“: g: t: g:n g::: n‘;i?f;’s‘: 3?;: gg*‘: gg 99% | per cent rate of interest on funds de- 8% 98% 84 n .- 93 | posited in it. This is 1 per cent more | Departoenial Bank. < r 7 fisd Te% 98 76w StL & San Fran inc 6s 1960, 9T% 97% 95% 96%|than the rate given on strictly sav- | District Title Insurance Co... 1845 Sl &% 734 59% Seaboard AlrLinerefds1985.110 71 72 71 71 |imew fande P ampa, veak.it. 180 | Si% Lo ek Tk Seaboard AlrLineadiEa1sds... §5% 86 85 85%| Substantially, the president of.the | Minma foan 307" 7 68 95% 84 Seaboard Air Line con 4% 95 94% 95 | institution points out, the bank sim- 12% 874 23 ST% 96% Southern Pacific cv 4s 1929, 974 974 97 97u{ply adopted the principles of the|porieast, sa 36 3% Sl% 85% 84 Southern Pacific col 451949 851 8% 8 8 |bunlding and loan associations and | Potomac Sa 200 s 42 87% SouthernPacificref 451955...... 8S% 89 88y g9 ot o net Raleigh Hotel Co. . 09 | 91 8 78% Southeri By ends 1958 78% 0% 1 started a new department within the | {FIGEb Foter, £0- -0 714 95y 86% 80w % Sou 9% 718 78%|hank to operate along similar lines. | Washincion Base Bail' Cai 80 102% 95% u;-vu 1004 pmeapecions %; A 5;;”;« iggg }‘}3” }33“ 102% | By reason of the fact that it may % 1t1% 106% Southern Ry dev 6%s % 110 12 0T 100% bl 344 Third Avead) 6a 1960, 3% 42 38k 4p |CEITY @ T o s perve and| © PRUNE CARE ORDERED. =94 88% 94% 90% Union Paclfic 1st s = 924, 93% 92 92 lnguid condition to ‘pay. off ‘depos:|’ SAN FRANCISCO., September 5 95% 99% 8% Union Pacific cv 45 1927. -+ 99 ' 99% 994 99% H 3 100 5w 1013 85 Virgintan Ry 1st b5 1963 98% 9K 98y 9y | itS @s demand is made, the bank cal- |(Special)—The California Prune and e B b e e 101% 101% 1011 1014 | Culates that it can afford to pay the|Apricot Growers' Assoclation has in- 101% 9 g e v . "96% 0714 961 ‘974 |2dditional interest. structed all association packing houses 67% 63% Western Maryland 4s 1952 66% 66% 661 66y |, L0 & Word, the bank's plan glves a|not to accept prunes from members 19 higher rate of interest in return for |unless properly binned.and sweated 964 90% Western Pacific 65 . 93% 94 93% 93% iy 825 53% 82% 83y |the sacrifice by the depositor of his|so as to protect eastern and European right to withdraw funds at will, thus consumers. SHARP ADVANGES INMOTOR SHARES Pierce-Arrow and Dodge Are Saturday Leaders—Nash Jumps Eight Points. By the Assoclated Press. NEW YORK, Beptember 5.—FEx- ceptionally heavy trading for a pr holiday session characterized today's brief session of the stock market, which continued the recovery begun on Thursday. Total sales were well in excess of half a million shares, de- spite the absence of many large traders. Low priced motors were again prominent in the upturn. Heavy buy- ing of Pierce-Arrow common sent that stock up over three points to & new high record at 43%, while the pre- ferred, recording an even larger gain, crossed 92 to a new peak. Dodge Brothers A was bid up over a point to 28, where it was still three points under the year's high. Nash Motors jumped nearly 8 points on two sales. Other motors moved within rather narrow and irregular Umits. Conspicuous Strong Spots. Public utilities also presented sev- eral points of strength. International Telephone was bid up nearly 4 points to 127%, Radlo Corporation closed more than two points higher at 57 and gaing of a point or more were recorded by Brookiyn Edison, Elec- tric Light and Power certificates, Montana Power, Philadelphia -Com- pany, Third Avenue Railway and West Penn Power. Brooklyn:Man- hattan Transit and Manhattan Guar- anteed certificates brought to new high levels for the year. Interna- tional Harvester was bid up nearly 5 points to $1293;, the highest price in five years. Certain-teed Products responded to reports of heavlly increased earnings by advancing over two points to a new high for the year at 56. Other conspicuous strong spots were At- latic Gulf and West Indies common and preferred, Coca-Cola, Dupont, Fleischmann, General Baking, General Electric, Postum Cereal and Westing- house Air Brake, all up 1% to 6 points, St. Paul Issues Move Up. Inthe rail group low and middle priced carriers attracted the largest speculative following. St. Paul issues were again taken in large blocks, the common touching 91 and the pre- ferred 17%, overnight gains of about a point each. Gulf, Mobile and Northern .common and preferred at- tained new peak prices at 36% and 109%, respeetively. Pittsburgh and West Virvinia common, which is ex- pected to benefit through increased shipments of bituminous coal, showed a net gain of 1% at 76%. Forelgn exchanges moved irregu- larly higher. Demand sterling climbed to nearly $4.84%, and French francs held steady just below 4.69 cents. Ital- ian lire held firm around 4 cents. Norwegian kroner rallied about 12 points to around 21.15 cents, but Dan- ish kroner fell back nearly 20 points to 25.08 cents. BALTIKO;E PRODUCE. BALTIMORE, Md., September 5 (Spe- clal).—Current receipts of native and nearby eggs continue very light, and with demand fairly active there is no trouble to place desirable strictly fresh stock at full quotationsand even better where the offerings are candled and show the grade. Market holds firm with a good inquiry for choice, well graded fresh eggs, for which buvers are willing to pay a premium. Prompt and frequent shipments are advisable, as all held eggs have to be shaded to move and will not bring top values. Market closed today at 32a33 a dozen for first in'free cases. Spring _chickens, especially small fowl and Leghorns, have been in more liberal receipt, and as a result the market rules easy on all except chick- ens welghing 2 pounds and over. Other lines of the live poultry market are holding steady to firm under a fairly active demand for chofce stock. Mixed springers, 21 pounds and over, sell 31a32 a pound; 2 to 2% pounds, 28a30, and small, 25a28. Large Leg- horn springers will bring 25a28, but small and poor have to be sold to the arab trede at 20a24. With the ap- proach of the Jewish holidays the market for fat old hens has firmed up, and values are a shade higher, closing today at 25a29 for medium to large hen and 20a22 for small and Leghorns. Market for ducks rules steady under fairly good demand for fat stock at 22a25, but thin ducks are slow sale at 20. Guinea fowl scarce and wanted at 70a80 each, but shipment of birds under 1% pounds not advisable, as it only tends to lower value of the better stock. Plgeons in fair request at 25280 a pair for both young and old. Demand for white potatoes only fair and centered on well graded stock, preference being shown for round over long potatoes. No. 1 stock sells 2.25a 2.50 per 100 pounds and No. 2 and culls, 75a1.00 as to quality and condi- tion. One - hundred - and - fifty - pound sacks sell 8.25a3.75, while run of the patch, No. 2s and culls bring mostly half price, as to quality and condition. Under a fairly good demand the mar- ket for sweet potatoes and yams rules firm and values a shade higher, the former selling 4.00a4.50 a barrel and the latter 8.00a8.50. No. 2 stock sells mostly 1.50a2.00 a barrel. Bushel baskets selling 50a1.50, as to quality and condition. Market for green fruits holds steady under a_fairly good demand for ail lines. Watermelons sell 25a30 each for extra_selects, 15a20 for. selects and 8al2 for primes. Culls are not want- ed #t any price and will not bring freight charges. Peaches bring 2.50a3.50 a bushel and pears 1.50a2.00. Cantaloupes moving better at 25a75 a basket. Native and nearby garden truck.in liberal receipt, and only desirable stock cleans up promptly at the following quotations: Green beans, 40a0 bushel; lima beans, 1.00a1.25 bushel; beets, 1.50a 2.50 hundred; carrots, 2.00a4.00 hun- dred; cabbage, 8.00a6.00 hundred; corn, 10a20-dozen; cucumbers, 25a35 basket; eggplants, 20a30 basket; peppers, 25a 30 basket for green and 50a60 for red; tomatoes, -25a40. hamper and 40a60 bushel for packing stock. FOREIGN EXCHANGE: NEW YORK, September 5 (#).— Foreign exchanges {rregular. Quota- tions (in cents): Great Britain, demand, 48411-16; cables, 485 1-16; 60-day bills on banks, 4816-16. France, demand, 4.68%; cables, 4.69%. Italy, demand. 4.00; cables, 4:00%. Demand: Belgium, 4.46; Germany, 23.80; Holland, 40.24; Norway, 21.47; Sweden, 26.80; Den- mark, 25.08; Switzerland, 19.31; Spain, 14.29; Greece, 149; Poland, 18.15; Czechoslovakia, 2.96; Jugoslavia, 1.78%; Austria, 141%; Rumania, 49%; ‘Argentina, 40.25; Brazil, 13.12; Tokio, 40%; Shanghai, 80 Montreal, 100. FOURTH HAY.CROP CUT. FORT WORTH, September 5 (Spe- clal)—Texas is cutting its fourth crop of prairie hay for the season. Three crops were baled and sold by the end of July but rains in August brought ‘up more grass. e By writing life policies this year totaling over $100,000, Mrs. Z. B. Subers, widely known insurance agent of Bainbridge, Ga., has won a: free trip to the annual convention of her company in Springfield, TIl. FINANCIAL. ]WALL STREET- DESERTED | B‘rnken Start Off Early to Pass Double: Holiday. ‘NEW YORK, Septembeér 5 (P).— Wall Street today suspended its activ- ities at an early hour as workers in the financial district began an exodus to observe a double hollday. Al financial and commodity markets will be closed on Labor day, and some of them, including the New York Cotton and the New York Coffee and Sugar Ixchanges, suspended business today. With pre-holiday influences making themselves felt, little except routine business was transacted as the week drew to a close. FLOUR 10 CENTS LOWER. MINNEAPOLIS, Minn., September 5 (®).—Flour, 10 to 16 cents lower at 8.45a8.55 a barrel. Shipments, 89,061 barrels. Bran, 23.00a23.50. Wheat, No. 1 Northern, 1.50%a1.53%; Septem! ber, 1.60%al.53%; December, 1.52%; May, 1.55%. Corn, No. 3 yellow, 931%4a94%. Oats, No. 3 white, 36%a 36%. FIRST MORTGAGES FOR SALE Denominations of $250, $500 $750, $1,000 and Upwards 6%2% All Loans Made on Property Located in the District of Columbia JAMESF. SHEA 643 Louisiana Ave. N.W. —all classes of income-producing proverty | Large Loans a Specialty 1l Current int. rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. What Your Dollars Will Earn $.13 $100 earns $250 earns 33 $500 earns.... 67 $1,000 earns......... - 33E EVERY WEEK When Invested in Our . First Mortgage Notes [CAFRITZ COMPANY ] 14th & K Main 9080 Money to Loan Secured by first deed of trust on real estats. Prevailing interest and commission. Joseph I. Weller 420 Wah- L- & Trant The only spark plug which fires under the ““worst oil conditions GAGE REAL ESTATE NOTES. safety of the investment. for this—it's part of our service. Butiness Properties LI. GOLDEN DONALDSON, PRESIDENT WE PAY MORE INTEREST | 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 | “He Came To His Senses” —is expressive of the individual who had been investing money in stocks and bonds that only produced an interest return of from 3% to 5 per cent when he discovered the actual loss of revenue involved by not having purchased FIRST MORT- Why not WAKE UP to the fact that your money will earn 6% per cent with us without sacrificing one iota of the Then, too, we look after every detail for you. No charge Ask for Our Literature—Free Mortgage Investment Dept. APARTMENT Owners Personal and per sistent attention to your property., 32 Years’ —of successful ex- perience in property management, special- izing in the manage- ment of apartments. B.F.SAULCO. Main 2100 not invest your sav- ings in 7% First Trust Notes, secured on Dis- § trict of Columbia Real § Estate? : Denominations $100—8250 $500 William S. Phillips 1432 K Street N.W. Insurance Brokers. Offices for Rent On Second floor front. Approximate- ly 1,000 square feet Of floor space. Saul 925 15th St. N.W. Elevators—Modern Reasonable Rent B.F. Saul Co. Main 2100 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 Apartments X Office Buildings 5%2% ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MORTGAGE LeAN GORRESPONDENT