Evening Star Newspaper, September 13, 1925, Page 49

o FINANCIAL. REVIVAL AMAZING IN FOREIGN BONDS Confidence in Conditions Is Clearly Shown by Buying Wave of Past Week. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, September 12.—The feature of the week in the investment market has been the remarkable re- vival of interest in foreign obligations. Not at any time this year hitherto has there been such a demonstration of confidence in the foreign situation as was evidenced by the buying of foreign government and industrial se- curities the past six days. The move- ment has not been confined to any one geographical group. South Ameri- can, as well as European, bonds have been in vigorous demand. Buying Is Impressive. Without doubt, the bulk of this buy- ing has been for professional account, but it was impressive, nevertheless. It would not have taken place if those concerned had not been convinced that this was an opportune time to gain a following in this part of the investment field. There is, of course, & good deal of new foreign financing to come, some of it dependent upon a successful conclusion of the interna- tional debt-funding negotiations and some of it to be attempted regardiess of these negotlations. Moreover, a better market for outstanding foreign dollar loans will help all these new offerings, but that is hardly convincing explanation of the week's develop- ments. It has a long time been true that nowhere outside foreign securities could anything like the income there obtainable be had, and yet only a lan- guid interest was manifested. Some- thing may be attributed to the pre- vailing ease in money and the pressure of investment funds seeking employ- ment. Chief Factor in Advance. Perhaps this is the chief factor and the wide scope of the activity would indicate that this was the case. At any rate, whatever the reason, the fact remains that the average price of listed foreign bonds is now at the high of the year and only a small fraction below the record high of 1922. In support of the conclusion that it was not new conditions in any one country that were responsible for the improvement in the foreign bond list, it has only to be pointed out that bonds of two governments, as widely separated and in as different positions as those of France and Brazil have participated in the week's advance. There has been no im- provement in the financial affairs of France. The success of the new gold guaranteed loan is still in the bal- ance and, meanwhile, outstanding bank circulation of the Bank of France is at the highest point in history. The French flnance minister is about to sall for the United States personally to conduct debt negotia- tions, but the outcome is just as un- certain as it ever was. Still, buying of French bonds has gone on as though the matter were already set- tled and as if there had been real bet- terment in the French financial out- look. Improvement in Brazil. Take the other case, that of Brazil. Here there has been actual improve- ment ; the course of the exchange testifie For several weeks past the Londoy narket has recognized this conditic . in higher prices for Brazil- fan securities, but it is only this Wweek that there was any response in our own market. It must not be understood that the net advance in any of these quota- tions for foreign bonds has been large, or that they do not still sell to bring large yields. French obligations, for instance, return around 735 per cent, Brazilian issues well over 8 per cent and the German 7s, the loan floated prepara- tory to the putting into effect of the Dawes plan, at least 7 per cent. Ar- gentine securities return around 6% per cent. Argentine issues always have been regarded as more conserv. ative than the bulk of South Amer- ican obligations. Nor is it here sug- gested that the present favor shown to the entire foreign group Is perma- nent. No one can be sure about that. It may be only the traditional “flash in the pan.” That s a question that only the future can answer. Domestic Bonds Steady. Strictly high-grade domestic 1in- vestment bonds have been steady but dull all week. Money continued in sbundant supply. - The fixing of 3% per cent as the rate on the Govern- ment’s September 15th financing, and the fact that nine months’ certificates of Indebtedness were selected instead of long-term bonds, shows that the Becretary of the Treasury, who has proved himself an accurate judge of money market conditions, has no ex- pectation of any substantial rise in rates in the near future. This has contributed to the firm tone of the general bond market. (Copyright. WALL STREET BRIEFS. NEW YORK, September 12 (#).— Reports received in Wall street from London say Sir James Currie has con- cluded important details concerning Lago Petroleum, the understanding be- ing thata new company will be organ- ized to take over the present Lago Petroleum Co. and Lago Ofl and Transport, which will be under con- trol of Pan-American Petroleum and Transport Co. 925.) A split up of the common stock of Devoe and Reynolds Co., on the basis of three shares for one, will be voted upon by stockholders at a special meeting September 22, two shares to be class A non-voting common and one share to be class B voting com- mon, both shares sharing equally in dividends and having identical rights in distribution of assets. The com- mon stock wiil be fncreased by 30,000 additional shares of class stock, of which 16,000 shares are to be {ssued now. With funds taken from surplus, the new capital will be used to acquire the Wadsworth-How- land Co. of Boston. A visit to Detroit by W. R. Morris of Morris.Cowley, Ltd., large British motor manufacturers, has created rumors that he is negotlating with officlals of General Motors Corporation concerning possible absorption of his company. The British concern made about 20,000 motors in 1924 and this year’s production is said to be at rate of 45,000. WEEKLY BANK REPORT. NEW YORK, September 12 (#).— The actual condition of clearing house banks and trust companies for the week (five days) shows an excess re- serve of §9.984,530. This is an in erease in reserve of $28,501,800, com: ared with last week, when a deficit Yeserve of $18,617,270 was reported. BUTTER PRICES LOWER. CHICAGO, September 12 (#).—But- ter lower; recelpts 11,887 tubs; cream- ery extras, 45; standards, 45; extra fivats, 44add1;; firsts, 4115a43; seconds, :ll‘zoi)'z. Eggs unchanged; ,70: receipts o BOND SUMMARY FOR THE WEEK PERSONAL INVESTIGATION MAY B S p— Hieh Low Higy e High. Tow. Last. Yield 10128 9e-22 10126 1007 100-25 100-i8 100-i9 8 38 10521 965 102-80 101-1 Liberty lst 4%s 1933-47.. 102. 3 101-27 10123 391 10593 S8-4 101-19 100-20 Liberty 2d 418 1937~ 101-2 100-29 100-81 384 10328 $9-8 102-1 101-1 Liberty 3d ¢%s 1928. 101-16 101-9 101-14 375 0708 L3-8 108-9 101-20 Liberty dth 41 1983- 102-9 102-1 102-9 394 08 99-8 105-10 104-13 Treasury 44s1947-62... 106-18 106-6 106 16 383 J1o24— 1925 3 's e o Hien Low. FOREIGN. BT e High. Low. Last. 108% 1008 9T% 86 Argentina 0s A 1957.. 96% 97% 86U 964 oa " 100% 103 101% Argentina 7s 1927. 102% 102% 102% 102% _85% 100 9314 Austriasfls 1943 108 100 99t 100 m - 83h 83% Belzium 6s 1955. . 874 105 26% 1104 106% Belgium 73481946 o7 U7 1084 106% Belgium 8s 1941. 107% 107% 107% 107% 99y 1% E9% 80 Bordeaux 874 89V 87% 89% 104% 9; 9% 95 Brazil 88 1941. 98 98% 9% 98 104% 100 104% 101% Canada be 1952 102% 108% 102% 108 10015 oas Canada 6%s 19; 103 102% 1023 102% 109 % 102% 102% 102% 1024 et 109% 109% 109% 109% P - 109% 109% 109% 109% 964 sg“ Chinese Govt Ry bs 1 LAl 44 4z% 44 i e 94% Copenhagen 535 1944 . 9T% 9% 9Th 98k 101% o5, 101 98k Cacchoslovakia 8s 1951. L 101 101 100% 100% i 93% 106 99% Denmark 6s 1942 102% 103 102% 102% 99:4 107 111 109 Denmark 85 1945 . 1104 110% 1104 110% 991¢ o2 103 98% Dutch East Indies 6s 1347 102% 103 102% 102% 108 gg‘fi 1034 98% Dutch East Indies 6s 1962 . 102% 103 102% 102% i % 101% 93 French GovtT%s 1941 100% 101% 1004 100% 92% 106 98% French Govt 8s 1945.. 105 106% 104% 105% Taw 75 9% 1% German 7s 1345, 98% 99% 98% 9% &= £9% 79 Holland-American'sf631947.... 88 §8% 88 £8 95 76% 844 Bl Japanese 451931 A . B3% 84 88% 83% 88% o3 Japanese 6% s 19654 5 92% 924 921 93K 1004 100% 994 99% K% K9l BT BOW WTW% 59% BTWw 89% 10614 106% 1064 108% 110% 110% 110 110 9% 9% 19 T9% an 104% 104% 10446 104% 9 Queensland 7s 1941. ... 1114 111% 111% 111% i €814 9314 Rio de Janeiro 8s 1946, . 931 9814 03% 97 Ofw Say 104 100 Sao Paulo. Stateof, 8a1936...... 1094 104 108% 103% S0 %% 914 821 Seine, Dept of, Ta. 80% 914 S04 91k 1ogy 1534 80 R4% Serbs Crotes Slovenes 88 1962 K94 891 88% B89 1% dob 103 Bweden 65 1935. st % 100% Swiss 5les 1946...... 1175 10684 118% 116% United Kingdom bia 192 T 98% 107% 104% United Kingdom 5%s3 1937, 105% INDUSTRIAL AND MISCELLANEOUS. 101 82 104% 4% Amer AgriChemical T3%s 1941... 104 104% 108% 104% T% 92 99% 9614 Amer Smelt & Ref 15t 63 1947 984 98% 9T% 98% 106% 101% 108 103% Am. Smelt 1st fs 19 1074 107 105% 107 !22% 964 103% 99% Amer Sugar Refining 102 103 1024 102% 984 924 677 964 Amer Tel & Tel cl tr 4 97U 9TH 9TU 9TH 102% 7% 102% 100 Amer Tel & Tel ci tr 101% 102 1014 102 98% 944 101% 69% Anaconda Copper 6s 1953 100% 1014 100% 1014 108% 94% 105 100 Anaconda Copper cvdeb7s'38... 101% 103% 101t 108% 87 B8% 91 85 Armour&Co4%s1935.... . 884 89 884 89 99% 6% 1004 97% Atlantic Refining deb 58 1937 99% 99% 99% 99% 101% 97 108 100% Bell Tel (Pa) ref bs 1948 « 1017% 102% 1017% 102% e 93% 90 Bethlehem Steel p m b8 19! . 9214 93 921 92% 97 934 Bethlehem Steel s f 65 1943. 944 9414 3% 94 112 99 111% 105 Chile Copper 6s1932..... 107% 109 107% 109 80% 86 934 78% Cons Coal (Md) 1s ref bs 1950 82% 83w 624 83 1013 87% 102 941 Cuba Cane Sug cv Aeb 83 1930 98% 99% 98% 99 107% 104 108% 106% Detroit Edison ret 68 1940. . 108 107% 107% 98% 89 105 973 Empire Fuel & Gas 7%81937..... 104% 104% 103% 104% 102 923 100 Goodrich (B F) 6%s 1947 L1044 105 1044 104% 108% Goodyear Tire 85 1931 110% 110% 110% 110% 119 Goodyear Tire 85 1941 120% 121% 120% 120% 99% Humble Ofl & Ref 5%s 101% 1013 1014 101% 101 Indiana Steel 5s 1952. 102% 102'4 102% 1024 82% Inter Mer Marina 6s 19 83% 844 83% B4y 7% Inter Paper bs B 1947. 91k 9l% 904 91 80 Kelly-Springfield 85 1 . 101% 101% 1014 101% £9% Lackawanna Steel 55 195 . 924 934 924 98l 97% Liggett & Mycrs 5u 1961 L 10214 102 101% 101% 99 Manati Sugar s f 7%s 1942, 100% 100% 100% 100% 874 Midvale Steel 551936........ 914 91% 9IK 91% 89 New England Tel 55 1962 100% 101 100% 100% 112 New York Edison 1st 6% 114% 115 113% 118% 1004 NYGas ELH & P 65 19 . 103% 103% 103% 103% 95% New York Tel 438 1939.. L 9T 9% 9T 91w 106 New York Tel 65 1941. . 1074 107% 107% 107% 6% North American Edison 65 1952.. 101 101& 100% 100% £3% Pacific Gas & Elec 53 1942 §2%% Pacific Tel & Tei 5s 1953 101% Philadelphia Co ret 6s 1944 95 Public Service fs 1944. 88 Sinclair O1l 7s 1937 120% 106% Skelly 6l%s 1927 106 102 South Porto Rico 8 £9% 93% Union Bag & Paper 104% 100% United Drug 6s 1944. 90% 85 U S Rubber 18t & ret 108 104% U S Rubber 7%s 1930. 106% 104% U S Steels f 55 1963. 9814 91 Utah Power & Light 65 1344, 95 96k S4is 94y 101% 73 Va-Carolina Chem s f 7s 1947 994 101% 99% 101% §3ta 44 Va-Carolina Chem 7%s’37 war.. 80 86% 80 864 112 109% Western Union Tel 6%s 193 99% 91% Wilson & Co 1st 68 1 77 3% Wilson & Co cv 7%s 1931, RAILROAD. 9214 E8% Atchison gen 41990 = 94% #9 Atlantic Coast Line 91% £6% Balto & Ohio gold 4s 1943 95 89% Balto & Ohlo cv 4%s 1933 9214 E5% Balto & Ohlo ref bs 1995 < 103% 102% Balto & Ohio 65 1929 e 102% 103 102% 102% 90% 3% B&OPItts LE& W Va4s104i.. 874 £8 5715 87% 98 95% B & O Southwestern Div5cfs50. 96% 964 964 964 91% 821 Brooklyn-Manhatsf6sA1968.., S0 904 89w 8 118% 116 Canadian Northern 6%s 1946 7% 118% 117% 117% 81 79 Canadian Pacific deb s 81 Bl 80W 80X 80 86% Central Pacific 45 1949. 8T 874 BTH BTY 98% 4% Chesapeake & Ohlocv 4%s1930.. 9714 97% 98 7% Chesapeake & Ohlo gn 4%s 1 1184 102 Chesapeake & Ohio cv 58 1946, 584 44% Chicago & Alton 335 1950. 103% 100% Chi B & Quincy 1st ref 5s 1971. 79% 71% Chi & Eastern Iil gen 58 1951 684 E9% ChiGreat Western 4s 1959. 60% 44 ChiM & St Paul cv 4355 1932, 90% 77% ChiM & St Paul gen 4345 1989 b4l 43'% ChiM & St Paul ref 43%s 2014 59 44 ChiM & St Paul cv 68 2014 112% 107% Chi & Northwestern 6. $8 73% Chicago Railways 68 1927.. £9% 83% ChiR I & Pacific ref 4s 1934 94% 91% Chi Unlon Station 43%s 1964. 1184 116% Chi Union Station 63%s 1963 118% 117% 117% 117% 831 76% Chi & Weatern Ind con 481952... 79 79% 179 79y 104% 102% CCC & St Liref 65 A 1929. 107% 104% Cleveland Term 5%s 1972 108 961 90% Colorado & Southern 4%81935... 4% 94% 94K 94% 88% 88% Cuba RR581953....... 87 874 86% 564 103% 101 Delaware & Hudson 6%s + 101% 102 101% 102 85% 82 Den& RioGrandecon4s1936.... 83% B4K 83Kk 84K 70 85 D. & R. G. West Gs 1985, 84 70 864 68% $8% 86 Detroit United 43451932 B9% 89 8714 875 731 70 Erie 1st con 4s 19! 7% 18 Tk 2% 66% 61% Erie gon lien 48 1996 63% 64% 63K 64w 69 63 Erieov4sA 1953 67 674 66% 671 75% 69% Erle cv 4s D 1953. . 78 T4 T34 74 108% 106% Grand Trunk s £ deb 68 1936 107% 107% 107% 1074 117 114% Grand Trunk 7s 1940, 116 115% 1154 1157% 103 99% Great Northern gen 101 101% 100% 100% 111 1084 Great Northern gen 7s 109% 110 109% 109% 98% 86 Hudson & Manhattan ref 68 1957. 91% 1% 91t §ire 77%, 67% Hudson & Manhattan adj5s 1957 764 76% 7T5% 769 108% 101% Illinols Central 53%s 1934. 743 59% Inter Rapid Transit 5 196 68% 67 68 95 85 Inter Rapid Transit cv 7s 15, 89% 904 B89% 90u 79 66 Inter & Great Noradj 6 MR T8% 114 8% g8t 0% Kan CFt Scott & M 42 1936, 8% 7 863 dew 75 720 72% 2% 2% % 88% KansasCity Southern 6s1950.... 90! -+ 33/' 97% Lake Shore 4s 1928 % 9l 90% 91y 97% ©6% Lake Shore 43 1931 97 96% 917 Louis & Nash unified 45 1940, H G e 108% 104% Louls & Nash 1st ref 5%s 2003.. 105 105 1047 100 92% 84% Mil ElecoRy & Lt lstrefbs’6l... 89% 89% 89y 8oy 104% 102% MStP & S8 M 6%s 1931 - 102% 103 10214 10214 §5% 80 Mo Kan & Tex 1st 45 1990 .. B3% B3% 83y g3 927 76% Mo Kan & Tex adj 68 1967 90 90% 89K 9o° 95% 86 Mo Kan & Tex prin 5s A 19 95% 95% 95 95 67 62% Missourl Pacific gen 4s 1975 65 66 643 05“ 106% 87 59% 884 60 83 4 104% 86% 81 1% 99% 109% 81% 7% 71 84% £8Y 1 85% 93% 8% 76% 58% 78% 84% $6% 84 87% 3% 100% 106% 34% 90% 94% 6314 90% 81% Wesk Shore 1st ¢s 3361.... New York Central deb 6: New Haven deb 48 1957.. NYNH&H cvdeb 6s 194 TS oo it 5" N Y West & Boston 434s 1946 6T% 68% 6714 63% Norfolk & Western con 4s 19! Northedn Pacific 3s 1947. Northern Pactfic 48 1997..... ... 8¢ Nettbare Pacific rht e S5 W00, 100" 13212 1%;% 108 Ore Short Line ref 4s 1929 9 3 97% 97% Ore-Wash Ist ref 48 1961. . B2 8210 B Pennsylvania gen 4%s 1965..... 9274 93w 9214 934 Pennsylvania gen bs 1963 1024 1024 1011 101% Pennsylvania 6%s 1936 110% 111 130% 110% Peoria & E: 33% 34 33%, 838 Pore Marqustte st 631350 98% 99K 98K 99w Rio Grande Western clt 4s D oisu 7 : RIATk&L 4%81 b StLIM&SR&G 88% StL&San Franprinds A ' 60 T St L & San Fran pr In bs 1950 91 91% 90% 91w StL & San Fran 638 B 1042, 99% 100 99i 99 St L & San Fran adj 681956 93 '98% 925 98% StL&SanFraninc6s1960...... 96% 97 954 oon Seaboard Alr Line ref 4s 1959 71 70% 7 Seaboard Alr Line adj 58 1949. Seaboard Air Line con 65 1945. Southern Pacific cv 4s 1929 Southern Pacific col 4s 1949 Southern Pacific ref 4s 1955 Southern Ry gen 48 1956.... Southern Ry 1st bs 1994 Southern Ry dev 615 1956. Third Ave adj 55 1060 Union Pacific 1st 4s 19 Wabash 5% '75... ‘Western Marylan ‘Western Pacific 55 1946, 93 83u|ls PREVENT LOSSES IN FLORIDA| Develop During Unseen Buying Held Dangerous—ManyFine Devel- opments—Many Not Desirable—Some “Don’ts” For Interested Investors. BY 1. A. FLEMING. The “boom” is on in Florida and with a vengeance! Miami is the real storm center and from there it radiates throughout the southern half of the State and is re- flected to a greater or less extent in every city and hamlet in Florida. There are more real estate agents to the square acre in many sections than there are visitors—and real estate Is about the only business open- ing avallable for the intending set- tler unless he is possessed of a trade or mercantile training or knows how to care for an orchard or for the highly specialized “farming” of the State. Mechanics forget their trades in Florida, drawn by the lure of easy money in buying and selling realty, chiefly selling realty. Vast Acreage Available. There are thousands of acres of farmlands in Florida—finest truck farming sections scattered all over the State—thousands of acres in cel- ery, in berries, in Spring vegetables, in tomatoes, in peppems, etc. An imaginary line drawn from Cocoa, in Brevard County, on the east coast,’ to Clearwater, on the gulf coast, practically marks the northern boundary of the great citrus fruit belt of Florida and you will nearly have bisected the State. This would include the great inland citles, pop- ulous and prosperous Orlando, Deland, Stamford, Lakeland, Kissemmie and Tampa. There is not a city south of the line that has not feit the influence of the boom and is sharing In it. Matter of Recent Years. Up to a few years ago regular Win- ter visitors considered that these towns were taking themselves too seriously. They would not believe the storfes that came up North. Agents seeking to make land sales found it herder to get small prices than the inflated figures of today. The general improvement seemed to start at St. Petersburg on the gulf coast, and then in Tampa, Clearwater, on down through Bradentown, Mani- tee, Sarasota, San Marco and Fort Meyer, where the fishing is so good one doesn't have to wait long be- tween bites. Miami Makes It Unanimous. Then Miami jofned in the chorus, intensified in volume. Standing room space became almost a premium and fabulous prices were pald over and over again for the same pieces of property. Hotels found the crowds too great and inflated prices while constructing larger establishments. New developments, backed by wealthy real estate corporations, were brought forth, much money was ex- pended in making showy improve- ments, In building artificial islands and waterways, in operating fleets of busses free of charge bringing peo- ple from the North to note the progri Famous lecturers detailed the beauties of Florida in general and of the development in particular. Echoes of Miami and of the ad- jacent developments were heard all over the State. Acreages out on country highw miles from the towns were opened as suburban sites; small town property boomed and throughout the land the chorus of the realtor was heard in jubllant har- vest song. Show places, homes of millionaires and great estates were used as ad- vertising. Rivalry Between Two States. There has been much rivalry, much bitter interchange of opinions, be- tween partisans of Californla and Florida—but it has been over the question of frost, with the Floridians ignoring the guestion of dryness, the greatest handicap of the fruit belt of the former State. In the matter of frost, Providence alope dominates, but throughout cer- tain sections of Florida, as in New Mexico and probably California, pyres are kept constantly ready over fruit belts for the warning by the agencies of the Government of the approach of a storm of damaging in- tensity. Florida has few frosts in the belt. If California had half of the aqua of various degrees of pura that Flor- jda has it would be the garden spot of the world, a perfect American Italy—that Is, southern California would be. Florida gets entirely too wet some- times, but the sofl there and out West fairly drinks down the rain in satisfy- ing draughts. tondest dreams of Barnum in his hey- day. But it has much to back it, a8 it is only three miles from Miami, but not_on the ocean. Hollywood has also been well ex- ploited, thousands of travelers having been carried South in the busses op- erated gratis by these two develop- ments. Further up the coast is a_develop- ment of a Detroit man known as Indialantig, between the Indian River and the Atlantic Ocean. Thousands of acres have been cleared, hundreds of miles of paved streets prepared, a golf grounds, swimming pool and board walk constructed and a new hotel will open there this Winter. There is a bridge nearly two miles long across the Indian River at this point. Development of the mid-river and ocean land is going on at a fast pace and bridge after bridge is being built over the river to offer access thereto. Mainland Betterments Made. Many of the small towns along the Florida East Coast Line have felt the impetus of new blood and new money and have rTesponded with booms, sometimes to the extent of 1,000 per cent. Towns of small import have taken themselves seriously and dolled up with water and sewer service, chalked stations for autos on their streets, paved their streets and found the re- turns so satisfactory that they have literally made hundreds and thou- sands of dollars. Then comes suburban development. Acreage is purchased on the main highways leading to and from the city and frequently a little ornamental gingerbread work dome around the entrance—the lots platted off and without further adieu offered at auc- tion and usually sold off at a hand- some profit—cash down. This method has advantages over the long-drawn- out method, where the picking and choosing goes on and leaves some un- sold lots of the poorer varlety. There 1s Always a Buyer. It seems as If there was always a buyer in Florida. One who has been fed up on tales of fortunes made and who is not going to wait any longer. Florida has many real estate men that honestly seek to do business on a fair and square basis. The State Legislature is endeavor- ing to control and keep them within legitimate boundaries, but the man who buys the pig in the bag is going to wish he had sized up the porker practically to a certainty. Moreover, there are tricks in all trades and some of the tricks of Flor- ida real estate brokers, in selling over and over the same plece of property at higher prices and giving it great publicity through the press—when there has not been a single transac- tion—helps along the boom. “Miami, the Marvelous. Miami, the marvelous, is in the dst_of jts first full Summer—hotels WM. H. KYLE Loans—Insurance Room 21—1410 G St. N.V M. 6193 I have some excellent First and Second Trust Notes for sale. 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. Money to Loan Secured by first deed of trust on real estate. Prevalling interest and commission. b L Joseph I. Weller 420 Wash. L &Trust 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 B. GOLDEN DONALDSON, PRESIDENT Study of Locations Needed. It is poor policy for any person to buy a plece of land merely on a de- scription of its ‘elegant location,’ coupled with some statement that it will “advance $30 a foot & week from next Thursday.” A study of actual conditions, on the spot, shows many splendid develop- ments that will, in all probability, in- crease somewhat in value as the days 0 by. !L'nder high sounding names, with a Spanish tang or a beautiful word played on for a high-sounding title, thousands of acres are being sold “‘un- sight and unseen,” also unimproved and unworthy of being considered a development. Much of this land has been fenced in, some not even that; some is still under water; some has undergone a partial development on & highway, but {s neglected for two miles or more in the rear, where lots are being sold by mail. Some of this land is held as high as lots in Chevy Chase. ‘Where Boom Is Buslest. The boom in the east coast towns is chiefly south of Cocoa. Miami, of course, leads all other cities in growth of population, In amazing beauty of the surrounding developments and in the wondrous prices charged for apartments and hotel accommodations. Miami is going ahead by leaps and bounds, and only those of large purse need make application for anything trom fishing to buying nearby acreage. But there are other places. The wise man who goes to Florida and sees, weighs and measures, may re- ceive quid pro quod. But wisdom is a rare jewel. Practically from St. Augustine all the way down, there are rivers and canals connecting them making one continuous in'and water way, with the Halifax and the Indian rivers as the main channels. Between the ocean and these rivers is a strip-of land varying one-half to five-eighths of a mile and in some sections to much more. This strip of land is now being rapidly cleared off and the lands be- tween the rivers and the sea pl and brought under ‘developments.’” Plats are prepared, lots numbered and the seiling starts soon after. First the sale of acres, then the ripping of 14 | brush, palmettos and small trees by the tanks, clearing more in an hour than the black labor could grub out in weeks., Then the boom! Some Charming Places. The Atlantic beach is wonderful in many places and ocean front is highly valued. Some of these developments have been carried to a high degree of perfection and promise to give satis- factory returns to investors, in time. Probably Coral Gables, near Miami, the chiefest of these, with an ad- yertising campaign the =4 For Investors 7% First Mortgage Notes Denominations of $100 and Up— All Details Given Prompt Attention See Mr. O’Donnell, Mgr. Mortgage Department FRITZ COMPANY ji 14th & K Main 9080 Offices for Rent Saul Building 925 15th St. NW. A limited amount of desirable office space in the Saul Building is available for desirable tenants. Immediate oc- cupancy. B.F.Saul Co. Main 2100 ‘ 995 15¢h St. NW. THE SUNDAY STAR, WASHINGTON, D. €, SEPTEMBER 13, 1925—PART 1. Many High Spots Week in Markets By the Associated Press. NEW YORK, September 12—Re- sumption of a broad upward move- ment in stock prices which carried the industrial average to the highest price on record, a relaxation of call money rates, a brisk advance in cot- ton features and a sharp decline in Wwheat for future delivery were out- standing developments In this week's financial and securities markets. Out- side the markets, chlef Interest cen- tered in the establishment of a new high record for all time by freight traffic in the week ended August 29. that closed with April are opening again, trains and steamers are bring- ing in their thousands of visitors, with money in their hands, seeking to purchase something and getting it—if they have enough. From June 3, 1925, to August 31, not a full three months, bank de- posits of the city have increased from $102,000,000 to $180,000,000, &nd are still gaining. Much of these $78,000,000 have been sent down from Northern States for the purpose of buying “pigs {n pokes,” to ppy for lots in block, section, range and township, without knowledge on the part of the buyer as to the char- acter of the development. Unquestionably thousands of pur- today, moderate. FINANCIAL. 49 — RAW SILK IS CHEAPER IN DRY GOODS MARKET NEW YORK, September 12 (&), — Cotton goods market continued firm although buying was more Raw silk eased off 5 cents to 10 cents a pound. market indicated prospects for an ad- vance in spring silk dress goods and many additional Fall lines, due to the Phone or write and give us a chance to explain detalls. Are You Ever Tempted? We know the pressare is sometimes very great to buy uestionable stocks, to get in “on the ground floor,” etc. ut, turn a deaf ear to all such entreaties and invest your money in the most substaatial securities of all time, namely: 713 AND 715 14th ST. N.W. sustained high prices on raw sllic Burlap continued very firm. House. hold and fancy linens sold more freely. Additional lines of fine wors teds were offered. Wool markets were firmer, and worsted lines in men's wear were in better demand. Great Britain has 150 electric steel furnaces, Germany 100, France 70, Italy and Sweden 50 each, and Canada 40, while n this country there are 3 Reports in the FIRST-MORTGAGES ON IMPROVED REAL ESTATE IN THE NATION’S CAPITAL We have such notes for sale in denominations to suit your pocketbook, and they yield 614 %— payable semi-annually Mortgage Investment Department & LUCHS| NE MAIN 2345 chases of Florida land have been made by speculators, pure and simple. They never intend to settle in Florida, never intend to find homes there but | seek profits, seek some of the easy | money concerning which they are tully informed. There {8 s much of this kind of buving that one wonders who will hold the bag in the long run. See Exactly What You Buy. Florida needs millions to develop it | and finds it hard getting them. Wise men seeking investments in Florida make the journey and secure | as nearly as possible a dollar's worth for their dollar. Land under swamps, | land under undrajned levels, land fa: afleld, has sold in Florida at out- | rageous prices, some on a par with northwest Washington valuee. Spy out the land! Do not make excessive deposits for options. Make every deposit contingent on good title. Do not take any one's word, least a Limited Number of First Mortgage Notes Secured on High-Grade Business Properties 62 % Interest Purchasers of these notes derive the benefit of our service in collec- tion of interest, etc. MOORE & HILL, Inc. 730 17th St. N.W. Over a of all extravagant advertising Iter- Quarter FIRST MORTGAGES ature. Be;w:lre of “gardens,” unless vou of a wa 0 y 1 R %, e b e R oM s of this company are based on Stop! Look!! Listen | i conservatively appraised im- Without P gt - proved Washington real estate. We Offer for Sale a Loss B. Main 2100 THE FINAL TEST OF FIRST MORTGAGE INVESTMENTS Not all first mortgage invest- ments are alike in safety. The final test of safety is the security of the loan and the character of the company back of the invest- ment. The They have stood the test of time. F. SAUL CO. 925 15th St. N.-W. new land been million acre: read his stirring years—and he tells what he sees ahead. Don’t miss it. Barron Collier, capitalist, has been buying Florida land since 1910. He tells why he invested, and what he sees ahead —in September 15th Forbes. Don’t miss it + - for investors. ers ict that the g ’ will the Florida‘Boom"last ? Thatis why B. C. Forbes, editor of Forbes Magazine, asked Barron G. Collier to write this article. Mr. Collier, a North- ern Capitalist, has invested a huge fortune in Florida lands, and even now is spending millions in improvements. How long will new cities continue to spring into being and populations multiply? How long will real estate prices soar, making new fortunes almost over night? Is the Florida “Boom” really a “bubble” or is there a solid basis for - Florida’s expansion? 1If any man can speak with authority, it is Barron G. Collier, who has in Florida for g s of land. If you want the truth about Florida, be sure to fifteen years—and who has accumulated & article in Forbes. He is playing a long game—over the Forbes is unique in the Business Ficld Other articles of timely interest in this issue: “How Busy Business Men Can Keep Fi “How to Build a Big Business in a Small Town.” “Henry Ford’s Activities in Commercial Aviation.” FORBES *“Who Gets the Money You Invest?” is out today o every issue of Forbes you will find:—opportunities for investors— Copies may be obtained buildin| mortgage survey—digest of corporation news—section at important newsstands to new moves in business — editorial comment on current w:- —news of public utilities — new industrial methods — Wall pointers—and other features. EBvery month finds Forbes’ circulation list rapidly increasing. Execu- tives in o:ll branches of industry are coming to rely on Forbes as a chief in all the larger cities. l Go to your newsdealer quickly, as many people were unable to secure source tion and guidance on timely topics of business. Every copies of the August 15th {ssue is rich with facts and authoritative comment on leading questions. issue after it was sold out. If you are not now a regular reader of Forbes, you will find the coupon on this page a convenience. FOR BUSY BUSINESS MEN Edited by B. C. Forbes Published 15t and 15th of the month Member of the Audit Bureau of Circulations Tearof, 1L i and matl o— COUPON FORBES MAGAZINE, 120 Fifth Avenue, New York, N. Y. 1 don’t want to mise this interesting article on Florida—or the other good things. O Enclosed is $1. Send me the next EIGHT issucs of FORBES, under your special offer. O Please enter my subscription for FORBES for one year, and bill me ($5.00 per year). % AL L S SR MR, | STATE. ‘Twenty-five cents exrs for Canadian