Evening Star Newspaper, October 4, 1925, Page 37

FINANCIAL, ENORMOUS TRADING " INSTOCK MARKET Motor, 0il and Baking Shares Lead Wild Saturday Half- Day Session. $y the Associated Press. NEW YORK, October 4—With the volume of business exceeded in half- licliday seesions only a few times in the history of the exchange, today’s stock market gave another impressive demonstration of strength in the early trading under the leadership of the motor, ofl and baking shares. The vapldity of the advance, for which no new reason could be found in the day’s news, invited heavy profit-taking, which caused considerable irregular- 1ty in closing quotations. Dividend Talk Helps. Reports of large current earnings @nd rumors of speclul dividend dis- iributions provided the basis for lh§ further advances in the automotiv issues. Dodge Bros. A was bid up nearly 4 points to a new high record. wt 38, on a total turnover in excess of 135,000 shares in apparent anticipa- tion of the stock being placed on a 33 dividend basis tn the near {uture. General Motors duplicated its high of 1127. Studebaker, which veports 1hat third-quarter sales were the larg- est of any corresponding peried in the company’s history, moved up nearly 2 points to within & fruetion %of the vear's high. Eaton Axle and Chrysler preferred A lettered their previous 1925 high prices. Interest Revived in Oils. Revival of speculative interest in the oils was based on the recent de- cline in crude production. Marland established another new 1925 high, and most of the other popular issues improved fractionally. Reports of marked improvement in the packing industry were reflected in the steady accumulation of these stocks, Armour A and Cudahy mounting to new high jevels for the vear. Talk of further mergers stimulated the demand for the baking issues. Ward Baking B soared 11 points to a new high record, at 9512, and then fell back to 86%: under an avalanche of reallzing sales. General Baking held firm around 225. Fleischmann moved up 3 points to a new high, at 143, and then sagged to 141. Other New High Marks. Other stocks to attain new maxi- snum prices were American Agricul- tural Chemical common and preferred, ‘Mathieson Alkali, International Paper, Freeport Texas, New York Shipbuild- ing and Woolworth. Trading in the Tails was rather quiet with prices fluctuating within narrow and irregu- lar limits. Chesapeake and Ohie w one of the few features, closing nearly a point higher, at 10813, after having crossed 109. Jersey Central jumped nearly 4 points on two sales. Reactionary tendencies prevailed in the foreign exchange market. De- mand sterling held firm around 4.83 11-16, but French francs ruled a few points lower, around 4.63 cents. Moderate recessions also took place 1n most of the other continental rates. STEEL ORDERS IMPROVE. Copper Market Also Does Better at End of Week. NEW YOR, October 3 (#).—The steel market has been somewhat ir- regular, but on the whole gave a zood account of itself and® a slight gain in unfilled orders is expected in the next statement of the Steel Cor- poration. Transactions in fabricated struc- 1ural steel during September were estimated as high as 225,000 tons, with further large projects develop- ing in the New York district. Sep- tember railroad orders also took 100,- 000 tons, while a large export tin plate business was reported. Pig iron was quiet as recent advances in some district have made consumers cautious. Tn copper. some further price shad- ing was reported early in the week, but the tone improved later owing to allies in London, a little export in quiry and some buying for domestic consumption, mainly for November delivery. TOURISTS CROWD TRAINS Florida Trafic Big Help to Pennsy and B. & O. Roads. Special Dispatch to The St: BALTIMORE —Passen- ger agents of the Baltimore and ©Ohio Railroad and the Pen Railroad say hundreds of southward- bound tourists are passing through Baltimore daily on their y to Flor- ida. All regular Flori 8 the Baltimore and Ohio carrying close to their capaci cording to H. B. Saroat, general pas- eenger agent of the road. Between 300 and 400 passengers a day are passing through Baltimore en route to the semi-tropical climate of the Southern States, Mr. said. During the Winter the r increase. Trafic southward over the Pennsyl- vania Railroad is far above normal and extra trains already have been J ed in service to carry the over- flow from the regular trains, 1. B. Xeakle, passenger agent of the Penn- ‘ania Rallroad here, declared. TOTAL STOCK SALES. NEW YORK, October 3 (Special).— ! The total number of shares unofficlal- 1y reported as ded in on the New York Stoc and 326,200 two years ago. ¥From January 1 to date sales were 318,407,922, agal 185,103,200 a year ago and 177,68 'S ago. CHICAGO CASH GRAIN. CHICAGO, October 3 (#).—Wheat, 0. 2 mixed, 801,a80 80%a811;. Oats, No. 2 0. 3 white, 38%a Barley, 53a76. Tim- ''NEW YORK DAIRY PRICES. NEW YORK, October 3 (#).—But- ter firm; receipts, 2 higher than extras, (92 score), 50 ggs unsettled; receipts, 10,101 cases; fresh gathered, extra firsts, 44a48; do., storage, 35a37: fresh gath- | ered, firsts, 40a42; do., storage, 33'za 34140 fresh gathered seconds and voorer, 32a38; do., storage, 31a33; Pa- cific coast whites, extras, 631:a65% do., firsts to extra firsts, 50a62%; nearby hennery browns, extras, 64a62. FEDERAL LAND BANK BONDS. e b Other Financial News on Pages 38 and 39. BOND SUMMARY FOR THE WEEK [ BANKERS MAKE STRONG FIGHT TO SAVE FEDERAL RESERVE ACT Want Charter Renewed for Long Term or in Per- petuity—Also Seek Removal of Handicap on National Institutions—Other Notes. High, 10221 02 10223 vania | 03% 101% lsav. 76% 79% B1% 8% e 93% 79! B4% 824 Tow, ——ime o, &, 0128 High. _Low. T. 8. BONDS. 101-29 100- Liberty 3vs 1932-47 102-30 10i-1 Liberty lst 4%s 19! 101-19 100-20 Liberty 2d ¢3(e 1937-48. . 102-1 10i-1 Liberty 3d 43s 192 108-9 101-20 Liberty 4th 43 193 lo‘u-m 104-13 Treasury 4%s 1947-| FOREIGN, 934 Austriasf 7s 1! 881y 83% Belglum 1956 110% 1.. Bordlallli €s 1934, Denmark 6s 1942. Denmark 8s 1945 French Govt 7%= 1941, French Govt 8s 1945 % German 7s 1849... A 8% .. 'td Margarine 65 1947. 1934, 19 Paris-Lyons-Med 6s 1 Queensland 6s 1947. . Queensiand 7s 1941. Rio de Janeiro 8s 1946. . Sao Paulo, State of, §s 1936, Seine, Dept of, 7s. Berbs Crotes Blovenes Sweden 68 Swiss s United Kingdom United Kingdom 6% INDUSTRIAL A 94% Amer Agr! 99% Anaconda Copper 6s 1953 100 Anaconda Copper cv deb 7s '38. 85 Armour & Co 4%81935... 97% Atlantic Refining de 100% Bell Tel (Pa) ref bs 19 106% Detroit Edison ref ¢s 1940. 94% Dodge 654 97% Empire Fuel 100 Goodrich (B F) 10743 Goodyear Tire 119 Goodyear Tire ©9% Humble Oll & 101 Indiana Steel 58 1952. 101 International Tel s re 80 Kelly-Springfield 8s 1 89% Lackawanna Steel bs. 97% Liggett & Myers 68 1951. 99 Manati Sugarsf 7%s 1942. 871% Midvale Steel 53 1936. 99 New England Tel 58 1962 4 112 New York Edison 1st 6%s 1941 % 100% NYGasELH & P 65184 95% New York Tel 4348 1939 106 New York Tel 63 1941. 98% North American Edison 6s 1852, 101% Philadelphia Co ret 95 Public Service 6s 1944. 88 Sinclair Oll 75 1937. 106% Skelly 614s 1927. 102 South Porto Rico Sug: 93% Union Bag & Paper United Drug 6s 1944. U S Rubber 1st & ref fs Va-Carolina Chem s ‘Va-Carolina Chem 7%s ‘3’ ‘Western Unlon Tel 6348 1936. . Wilson & Co 1st 68 1941 ‘Wilson & Co cv 73%s 1831, RAILROAD, Atchison gen 4s 19 : Atlantic Coast Line 15 ¢s 1953 4 Balto & Ohlo gold 4s 194 4 Balto & Ohio cv 4%s 1938, % Balto & Ohio ref 63 1995 Balto & Ohio s 19; B&OPittsLEEW B & O Southwestern Div 6 ofs 50 Brooklyn-Manhat s f 63 A 1968 Canadlan Northern 6%s 1946. . Canadian Pacific deb 4s. Central Pacific 48 1949, Chesapeake & Ohlo gn 4335 1992 Chesapeake & Ohlo cv 68 19 Chicago & Alton 3%s 1950, Chi M & St Paul cv 4148 1932, Chi M & St Paul gen 4%s 1989, ChiM & St Paul ref 4%s 2014 ChiM & St Paul cv 68 2014. % 100-6 102-2 101-28 10128 101+ 103-13 101-8 101 10210 101-29 102-6 10616 Low. 09-80 1002 High. 100-28 100-: 106-4 108 9 's Chi & Northwestern 6348 1336, Chicago Railways s 1927 ChiR I & Pacific ref 4s 19 Chi Union Station 43%s 1! 69% Ere cv 93 FlaECb8 T4 106% Grand Trunk s f deb 65 1936, 114% Grand Trunk 781840. .. . '99% Great Northern gen 5% s 1953, 108% Great Northern gen 73 1936 86% Hudson & Manhattan ref 6s 67% Hudson & Manhattan adj bs 1957 101% Illinois Central 6%s 1934. 59% Inter Rapid Transit 6s 1966, 85 Inter Rapid Transit cv 781 66 Inter & Great Noradj 6s1953. .. 80% Kan C Ft Scott & M 45 1836. . 81 Kansas City Southern 6s 1950, 977% Lake Shore 4s 193! 95% Lake Shore 451981, 91% Louls & Nash unified 4s 1940 % 104% Louts & Nash 1st ref Gl4s 2003. 4+ B84% Mil Elec Ry & Lt 1st ref §u’61. 90 76% Mo Kan & Tex adj 5# 1967 86 Mo Kan & Tex prinbs A 1952, 62% Missouri Pacific gen 4s 1975. 99 Missouri Pacific 68 1949. . 92% N O Tex & Mex inc 55 1935. 93% New York Cent deb 48 1934 99 New York Cent ret imp 106t New York Central deb 93% NYChi &St L5%s 884 Norfolk & Western con 126% Norfolk & Western cv 6s 1i 60 Northedn Pacific 3s 1947. 83 Northern Pacific 451937 104% Northern Pacific ref im| 96% Ore Short Line ret s 102% Ore Short Line gtd 5: 81 Ore-Wash 1st ref 45 1961. 91% Pennsylvania gen 4%s 1965. 99% Pennsylvania gen 63 1968 109% Pennsylvania 6%s 1936, 31% Peoria & Bastern Inc 4s 1990 71 StL&SanFranprin 4s A 1950 86% St L & San Fran prIn 65 1950, 93% St L& San Fran 5%s B 1942, 84% St L & San Fran adj 6s 1956, 87% Southern Pacific ref ¢s 19| 78% Southern Ry gen 481 00% Southern Ry 1st 997 58 Union Pacific cv 101y 95 Virginian Ry 1i 10214 100% Wabash 1st 5 978 94% Wabash 5% *75.. 67% 63! Western Maryland 4s 1 96% 90% Western Pacific §s 1946, Eesl 966 816 [ 9314 . 107 90 108 84 90% Last. Yield. 847 3 o4 8 388 BY L FLEMING. Overshadowing 2ll other subjects for consideration, debate, and action at the session of the American Bankers' Assoclation at Atlantic City during the past week was the permanency of the Federal reserve act, enacted 12 years ago next month, chartered for a 20-year period only and one of the Breatest pleces of legislation ever passed by Congress. The late Thomas R. Marshall, for- mer Vice President of the United Ktates, in one of his most, interesting essays, but recently published, cred- ited the debate and study incident to the passage of this law as “‘most care- ful and interesting,” and at the time of its enactment he sald in substance, “this act will, if necessary, finance a war.” Act’s Value Quickly Proved. Mr. Marshal was wise in his day and generation. The Federal Reserve System did finance & war. Not ony did it finance the part played by the United States in the World War, but without it the allles would never have been able to carry on untll the entrance of the :“:ued States into that titanic strug- More than that the passage of the Aldrich-Vreeland emergency currency act prior to the enactment of the Federal reserve act saved the country from more serious losses in the gen- eral slump in values following Mr. Wilson's first election to the presi- dency, and the reserve act took up the Durden and relleved the strained banking situation soon after. A few months later the great war broke out. Had the reserve act not been on the statutes the panic that attended the throwing over by foreign countries of all American securities ‘would have been even more disastrous than it was. Representatives of for- elgn governments would not now be visiting Washington seeking to ar- range a settlement of their debts to this country, for our Government would not have been able to have made the loans of billions to the allles at the time they did. The war would have been lost long before 1917, while the United States would have been in a quandry to finance her own share of the war had she entered sooner or even when she did. Industry Would Have Suffered.’ Not only all this, but industry in the United States would have been smashed. It would have continued in the deep dumps that it found itself before it was discovered that Amer- ican securities dumped by Europe had a real value, and that banks could finance their purchase and re discount all other assets through their Federal Reserve banks, giving busi- ness full sway. An offering of $17,000,000,000 Lib- erty bonds might have been largely subscribed by patriotic men of wealth, but it took the milllons of subscrip- tlons from the public. repeated ore and ore, through the partial payment plan of banks made possible by using the bonds themselves to secure loans from the Federal Reserve banks. Charter Should Be Extended. There should be no question over the extension of the charter of this great system, either in perpetuity or for a perfod of 99 years. Speaking before the District Bank- ers’ Association at the New Willard Hotel on the Federal reserve act, fol- lowing its enactment, the late Sen- ator Shaforth and Senator Owen re- ferred to the measure as ‘‘a panic preventor,” the latter adding that “a bank may rediscount and rediscount its assets just as long as it has any thing to redicount—hence no failure.’ He did not mean that a bank could overload with high-priced commercial or commodity paper and rediscount when values had broken badly, as was the case with Northwestern banks and their wheat commodity paper later on. Objections Are Expected. Objections to the extension of the charter of the Federal reserve act are expected from hundreds of Southern and perhaps some Far Western and Southwestern banks, who object to the par collection system in use in the reserve banks. They object to paying checks, drawn on themselves, without exchange fees, a profitable source of income in the days past. There may be other objections, per haps some from trust companies, which find their monopoly of trust company privileges encroached upon by the provisions of the reserve law which permits national banks to act as trustee, registrar and executors. under certain rules, regulations and restrictions. Branch Banking Important. There is & way by which national banks may establish branches in any part of their home citles, by gently beating around the bush. avings bank may be acquired by “interests friendly” to a national institution. The savings bank may then apply for a charter under the national banking act, after which a merge of the na- tional banks, or rather a.sale of the former savings bank to the older na- tional institution ends the transaction and completes the establishment of a branch. Where a purpose can be attained by beating around a bush there should be a plain and simple method of per- mitting the same accomplishment. This, an amendment of the Federal reserve act will make possible, if adopted, permitting branch banks in cities in which the parent institution doeg business, but not elsewhere. Such an amendment passed the House last year, introduced by Repre- sentative McFadden, and will be re- introduced this year, with the back- ing of bankers and with the support of a group of independent State bank- ers who are bitterly opposed to State- wide branch banking as now practiced by the Bank of Italy in California. Want Handicap Removed. There is no reason for handicaping the national banks. Handicaps exist today, and bankers want them re- moved. One- of the chiefest of these is the present limitation of one year as the time limit of time that a national bank may hold a real estate mortgage, mak- ing it impossible for national banke to participate in the great mortgage investment business, except so far as| they are able to acquire mortgages with one year to run to maturity. This handicap is a serious one. National banks are at present char- tered for 20-year periods. They should be given longer charters. Other Vital Factors. The Federal reserve act has freed the business community dread of the frequent recurring money panics caused by the restricted, in- elastic currency of the days prior to its adoption. In many other ways it has been of indescribable benefit to the business and banking community, and to al- low its charter to lapse would be a national calamity. The people will not stand for it. The American Bankers' Association convention recommended the abolition of the inheritance and gift taxes and | also transacted other business, but the one dominating sentiment of the convention was to extend the Federal Reserve Bank act charter and do it at_the coming session of Congress. Bankers generally look with favor on the new issue of $2,000,000 of outbarised $2096,000 £% preferred from the!| | | stock of the Potomac Electric Light and Power Co., the first that will be offered to the public. A reason for the issue is_ found in the fact that the Potomac Electric Co. is overweighted with bonds. There is now but $6,000,000 of common stock, all of which is held as addl- underlying security for the Railway 4s, the original bond issue nf‘tha Washington Raflway and Elec- tric Co. Issuance of the new Potomac shares, preferred, can only be made to re- imburse capital expenditures. which the Public Utilities Commission may approve, 75 per cent to be reimbursed by bond issue and 25 per cent in pre- ferred 6 per cent stock. Bankers to Handle Issue. Bankers will be glven the right to accept substriptions for the new stock at 9813 on which they will be allowed a small commission. Having adopted the new policy of issuing part of preferred stock in- stead of all bond financing, the chances are that the Potomac Electric Co. will soon announce plans for the retirement_of its 7 per cent bond is- sue. The Public Utilities Commission would probably glve approval to a plan for retiring this issue with 6 per cent preferred stock. to the amount of $1.065 on each $1,000 bond, the call price of which is 106.50. § Knowledge that the preferred stock would be issued did not affect the other securities of the company, other than the 7y, which showed an easier trend with the price at which they are callable freely bid Lowden’s Address. Frank O. Lowden, former governor of Illinois, addressed the A. B. A. convention, urging remembrance of the fact that the condition of the farmer had not been very greatly fm- proved by the better conditions last year and this. He urged the organi- zation of farmers, not for the co- operative work of farming but for the solution through investigation and unaminity of action in solving the problems connected with marketing their products and for the “restora- tion of the proper relationship be- tween the prices they receive for their products and the prices they pay for commodities.” BALTIMORE PRODUCE. BALTIMORE, Md., October 3 (Spe- cial)—The egg market continues firm, the receipts being light of fresh-gath- ered eggs from nearby points. and all stock grading first meets with ready sale at full quotations or even better, as buyers do not hesitate to pay a premium for desirable quality eggs. Careful grading and prompt shipments are advisable to command top prices, as buyers are critical and will not take hold of eggs of doubtful quality. The market closed today at 42a3 cents a dozen for native and nearby first in free cases, an increase of 3 cents a dozen over opening prices Monday. The general live poultry market rules steady to firm under a good de- mand for large, fat fowl of all de- scriptions, especially Springers weigh- ing 21; pounds and over. which are 30 1032 a pound and 8 to 30 for small to medium. Leghorn Springers el to 28. while poor and thin | Springers of all kinds bring 20 to 22 Heavy old hens, 413 pounds and over, meet ‘with ready sale at 29a30, while medium-sized fowl sells 24 to 28, but small and poor Leghorns are slow sale at 15 to 20. Market for ducks has a firmer tone and values rule a shade higher at 24 to 26 for large, fat stock, but small and poor ducks are neglect. ed at 20. Guinea fowl and pigeosn continue in light receipt and meet with ready sale at 70a80 each for the former and 25a30 a pair for both young and old for the latter. The white potato market shows lit- tle change, holding steady but quiet under ample receipts and a fairly good ent on well graded round stock at 2.25 to 2.40 per 100 pounds and 1.00 to 1.25 for culls and N Run-of- the-patch potatoes not desirable and on this sort prices have to be shaded. Receipts of hoth sweet potatoes and yams have been light the past week and under a good demand for No. 1 stock values rule higher at 4.30a3.00 a barrel for the former and 4.00a for the latter, but No. 2 stock of both will not bring over 1.50 to_ 2.00 a bushel. Hampers sell mostly 50 to 150, as to quality and condition. Movement on native and nearby garden truck continues fairly good and, with receipts running only mod- erate, values are well sustained at the following quotations: Stringless beans, 1.50 to 2.00 bushel; beets, 2.00a per dozen; eggplants, 30a35 basket; a2.50 per 100; peppers, 20a pumpkins, 5.00 to 12.00 per spinach, 60a65 bushel; squash, 35a40 basket; turnips. 30a40 basket; tomatoes, 25 to 50 per hamper and 50 to 60 per bushel for packing stock. FOREIGN EXCHANGE. NEW YORK, October 3 (#). — For- eign exchanges irregular. Quotations (in cems): Great Britain, demand, 483 1i-16; cables, 484 1-16; 60-day bills on banks, 480 11-16. France, demand, Italy, demand, Demand: Belgium, 23.80; Holland, 40.16; weden, 26.83; Den- mark, 24.08; Switzerland, 19.28%5; Spain., 14.4 Greece, 1.44: Poland, 16.75; Czechoslovakia, 2.96: Jugoslavia, 1.77%; Austria, 14 Rumania, 48; Argentina, 40. 4.25; Tokio, 40%; _Shanghai, Montreal, 1001-32. 4.46; German: Norway, 20.05; BUTTER PRICES LOWER. CHICAGO, October 3 (#).—Butter lower; receipts, 9,413 tubs; creamery éxtras, 49%; standards, 48; extra firsts, 4415a45%; seconds, 41a43}; Eggs unchanged; receipts, cases. e e —— WEEKLY BANK REPORT. NEW YORK, October 3 (#).—The actual condition of clearing house banks and trust companies for the week shows a deficit in reserve of $21.532,990. This is a decrease in re- serve of $40,761,730, compared with last, week, when excess reserve of $19,228.740 was reported. Investors THE SUNDAY STAR, 'WASHINGTON, D. ¢, OCTOBER 4, 1925—PART . Three High Spots Feature Finance During Past Week By the Associated Press. NEW YORK, October 3.—Marked expansion in the volume of stock FINANCTIAL, WM. H. KYLE Loans—Insurance Room 21—1410 G St. N.W. M. 6193 I have some excellent First and Second Trust Notes for sale. trading, reminiscent of last year's post-election boom, & resumption of the upward movement in the bond market and the development of a reactlonary trend in the principal foreign exchanges were the out- standing features of this week's financial markets. Speculative enthusiasm ran high in the stock market following re- tention of the local Federal Re- eerve bank rate at 3% per cent, reflecting a_general feeling of re- lief in the financial district at the QUICK LOANS On Your Real Estate Equity $100 to $5,000 No Waiting—Courteous Service District Loan Procurement Co. 1417 F St. NW. M. 4438 Branch Office: Potomac Bank Bldr.. Wisconsin Ave. ‘Oben Eventngs 7 o 9 0 prospect of no immediate change. Sustained strength of the motor shares, which seemed finvulnera- ble to attacks of profit taking and bear selling, distinguished trading. ‘General Motors, Hudson and Chrys- ler, which had been speculative favorites, ylelded their leadership late in the week to Dodge. IN BROAD MARKET New High Records Made in Brief Trading—O0il Shares Prove 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 4th and G Streets Resources $17,000,000 B. GOLDEN DONALDSON, PRESIDENT Feature of Week. By the Associated Pres NEW YORK, October 3.—Dealings on the New York Curb Exchange in today’s short session Indicated de- cldedly the resumption of the broad and vigorous operations that had been increasing in scope in the past few days. There was persistent buying in numerous issues around the newly established high quotations. United Light was prominent in that group, selling to a new high at 1603, which compares with its low last Spring at 44. During that period val- uable rights were allotted to stock- holders. Continental Baking “B” stock was an active feature, moving up about 2 points. 01l shares made further progress in the upward movement, lifting quota- tions in some stocks to the year’s high levels. After being inactive for a long time the ofl stocks as a group came into the greatest prominence during the past week and these issues became the strongest features of the market. The greatest gain in the leading stocks wus made in Vacuum Oil, which rose from 87 to above 99. Humble made a gain of 7 points to above 68 and a wide movement on smaller trading was made in Mag- nolia, which rose more than 14 points to above 150, RAIL ORDERS INCREASE. Four Southern Railroads Placing Large Contracts. NEW YORK, October 3 (R).— Larger rail orders totaling 109,000 tons have been recetved recently by Tennessee Coal, Iron and Railroad, subsidiary of the United States Steel Corporation, including 72,000 tons for the Loulsville and Nashville, 25,000 tons for the Florida Last Coast Rail- way and 6,000 tons each for the Caro- lina, Clinchfleld and Ohfo and the Ala- bama and Vicksburg. The New York Central is inquiring for 175000 tons and the Atchison, Topeka and Santa Fe is expected to be in the market soon for 100,000 tons. ' Money to Loan Secured by first deed of trust on real estate. Prevailing interest and 120 Commisaton: 1. Wel W 2 ‘ash, L. & Trust _Bids., Oth & F N.W. When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 51% and 6% INTEREST Before Placing or Renewing Your 1st or 2nd,Trust Consult WELCH, Realtor Loan Speelalist Quick Replies Reasonable Charges 15th & N. Y. Ave. M. 4346-4347 | For Investors FIRST TRUST NOTES | FORSALE - In denominations of $250 and| upward, bearing 6% interest.| Secured on improved properties. | See Mr. Field 'Hedges & Middleton, Inc. 1412 Eye St. N.W. Franklin 9503 6Y2% First Mortgage Notes Denominations of $100 and Up— All Details Given Prompt Attention See Mr. O’Donnell, M, Mortaage Department When You Have Funds to Invest, Consult WELCH, Loan Specialist Established 1899 6%% and 7% Real Estate Notes for Sale in Amounts from $250 up to $1,000 or More. Consult Welch, Realtor Loan Speclalist 15th & N. Y. Ave. Main 4347 | JOSH BILLINGS once ssio: “I love the rooster for two reasons: one ss lis crow; and the other ss because e has the spurs to back up that crow This Ts Our Exact Position When We “Crow™ About Our First Mortgage Notes Paying 6% Per Cent— We Are Fally Able to “Back Up” Our Claim That No Better Investment Can Be Found When the ABSOLUTE SAFETY of the Security is Considered— LET US PROVE THIS TO YOU Mortgage Investment Department [SHANNON. & LUCHS 713 and 715 14th Street W, Main 2345 Improve Your Home Today— A Year to Pay Install a Model—Know that Bath-Room comes with a session in your home’s fully room. vear to pay. Burners Finance C following plumbers will equip your home with modern can pay for on easy payments. W. L. GARY & CO. 3111 14th Stree W. J. MOONEY, 726 11th Street FREDERICK W. QUINTER, 1461 P Street N.W. Mantles and Tiles EDWIN E. ELLETT, 1106 9th Street N.W. Oil Burners installed on G. & H. HEATING COMPANY, W. fatic) Re-Roof —Put it on now and pay for it later on the Par- tial Payment Plan. Re- 917 H Street N (0il-0-1 NoOw roof with no delay a to pay through: THOS. B. BELLER. Plulhhers; 2nd trust notes have proved safe in Washington. They yield from 10 to 16 per cent more. Many fome owners ' retire them as quickly as possible, making a greater return on your money. ‘We offer the best for your consideration. Lists mailed by request. Anchor Realty Corporation Southern Bldg. Install it today and have a Through 1236 8th St. N.\W. shareholder in this Corporation. feeling of fit- that every morning equipped bath- ness stem. the Oil orporation the improved plumbing vou Install Improved—\ Heating necessity of an improved heating Struggle antiquated heating equipment. one of the up-to-the-minute steam- fitters listed below. inter's first chill urges the more with See no Pay for your heating system or oil burner on the Partial Payment Plan through their affiliation with this Corporation : , E. J. FEBREY COMPANY, t N.W. 616 New York Ave. N.\\. WILLIAM CONRADIS, VWL 917 H from: Electric nd have a year 1013 12th Street 1 G. & H. HEATING COMPANY VWL Street N.W. H. R. KING, Hot-Water Heating 717 5th Street N.E. partial payments by : KLEEN-HEAT SALES CO., 1013 12th Street N.\V. (Kleen-Heat ) L Equip Your—Psttsburg Home Washers Hoowver Vacuum Cleaners. on partial Water Gas) Apex Ironers ; Heaters ; Ranges; and payments from: EDGAR MORRIS SALES CO., 1305 G Street N.W. Steamfitters, Electricians, Oil Burner Dealers, Roofers, Painters, Paperhangers Plan for increased business—extend to your customers the partial payment plan for purchases of home improvements. Become a dealer s 1 : O Share in the profits that accrue irom financing your own increased business. Get Prospectus today. Investors I nvestigate To investors seeking a field for the placing of funds in a safe. profitable business the Oil Burners Finance Corporation offers a splendid opportunity, with ever-increasing earning possibilities. ane and highly An especially inter- esting proposition is assured those who come in on this first allotment of stock. Get the full details today—write or call for Prospectus. Oil Burners Finance Corporation International Bldg. President, CLAUDE W. OWEN, Pre Vice President, MERRITT 0. CHANCE, Phone Main 5874 1319 F Street N.W. s. of E. G. Schafer Co. Vice Pres.of Griffith Coal Co. Treasurer, WILLIAM H, GOTTLIEB, Pres. of C. & H, Heating Co. Secretary, WILLIAM CONRADIS, Pres, of William Conradie Co.