Evening Star Newspaper, November 8, 1925, Page 97

FINANCIAYL, STRIKING ACTIVITY + BOND THE SUNDAY STAR, WASHINGTON, D. (. OVEMBER &, 1925—PART 6. FINANCIAT. SUMMARY FOR THE L. 8. BONDS. TOTAL STOCK SALES. SW YORK, November 7 (Speciai WEEK |U. S. Steel Common | High, Last. Yield. Lo . N BOND MARKET Height to Which Stocks Have | s L Soared May Be Causing | &, Transfer of Funds. "? {109 91 9915 1044 The | 104% 1045 BY GEORGE T. HUGHES. Bpecial Dispateh to The Star \ _NEW YORK, Noveml T rast week has witnessed a striking improvement in the hond market, 109 striking in contrast the lethargy | 108 f the past month or more, and strik- | 47% aNg In the testimony it gave that the| 964 demands of the record-breaking specu- lation in sto 1d not diminished ma- supply of investment | 9% mprovement Wide range of issu did United States § duiddle and second grade railroad bonds | and, finally, forelgn government obliga- | , tion. Foreign List Holds Well. With respect to this last named ! Eroup, the interesting feature was that the sagging tendency {n French bonds was without disturbing effect upon the balance of the foreign list. It wou have been reasonuble expect that | the very isis in French | finances " w have discouraged in-| vestment buying of foreign loans gen- | erally, but such was not the case, at the close of the week the a price of the foreign dollar bonds listed | ©n the New York Stock Exchange was | Within a small fraction of the high of the year. | Tor t vor shown to foreign in-| Yestments, a partial explanation is to e had in the sment that the | unofficial ban upon foreign financing | had been lifted in London. and th British banker: >w free to par. “ticipate with nvestment houses in distributing offerings | ¢or account of F Amerfcan governm rporations. ulating effect upon the ket for this class of Change Since World War. One reason was that foreign bonds have alw: industrial The news had a stim- ondon simply because Br s have for stomed to out of the investors iring nd &in e of bonds floated | 4 few vears ago, partly in the London and partly in the New York market. | The corresponding London issue de- | mands a higher price than does the Amierican. This situation has not bean changed by the somewhat money rates prevailing on the =ide. ¢ The concluslon Is ding their mone. while : n . entered e the higher { other that when issues are offered simultaneously both markets it will be at a lower turn to the investor t the rule during the this is so it must resu ment {n prices for outstandin loans. The French situ menace. it 1s true, wh calculations, but, as there has been no adve; new in | foretgn | tion is still a | might upset | has been said, | effect yet. | Money Situation Good. Turning to the domest _the money situation It 1s true that Lelng emploved in speculation that there has been a moderate in crease {n demand for commervial pur. | poses, but rates zre still compara- | The slight decline in the | reserve ratio of the Federal Reserve | #ystem as a whole and of the New York bank, even though for the 12 vanks the ratio is at the lowest of &he vear to date, does not seem sig- nific: The volume of new financ- ing is not large, the total for October being the emaliest of the vear with the exception of August. The large number of bond issues being retired ts evidence of the com. fortable position in which most of the great industrial corporations find themselves. The seiling of Liberty bonds on the theory that a reduction in income taxes would nake them less attractive and which resulted in varrying several of the fssues down to the low of the year was appar-| ently completed during the week and | some recovery followed. Bonds Neglected for Stocks. | More important than any of these | temporary factors is the trend of | commodity prices. Recently a theors ained ground that diversified elock holdings are more satisfactors investments than bonds over a period of years simply } hold ‘lég er is guar at. that | 104 sng dollar. The argument is while the fncome of the bondholder is | 91% stablo in dollars it is unstable in pur. | 8% chasing powe 1t | 1081 has been tru | 838 9 e 66 6 In a measure for the neg! f bonds in fav mtocks, which Lus been so c aracteristic of recent mmodity 2; .ere no longer trending upward, but | 96% §n the opposite direction, und there is | 107% ®00d ground for the oplrion that this | 117% now, the hondholder is no | 104%# a disadvantage compared | 110% stockholder ss far as the | 8% asing power of his income goes, | ‘83"" Dangerous Time to Buy. | 80 buyer ! - how sue e in the long rur s correc N the the time 1o begin to prac _ subconsc realization of vrinciple m sponsible for the week’s revival 1 bonds November 9,706 stand: Butter mery rds, 44a443s nchanged; receipts SERMAN BONDS AND STOCKS. | Quoted fon marke.) 3y upn 5 1821 nseidort 42 pre- nikfort a-M 4s p; s-.ieaif-»- b CHICAGO GRAIN MARKET. - 94— Low. {1034 100% Low. H 26 Liberty % s 1952-47 Liberty 1st 44 s 1932-. 100-20 Liberty 2d 43s 1927-42 101-1 Liberty 3d 4348 1928. 101-20 Liberty 4th 43 1933-38.. 108-10 194-13 Treasury 4%as 1947-52 1025 High. Low. 97% 95 FOREIGN., tina 85 A 19 tina 7s 1 Gov : Austria e f 78 1945, Belglum €8 1955. . Belgluni 7%s 1945 Belgium 8s 1941 Bordeaux és 1934. Brazil 85 1941.. Canada bs 1952. Canada 5%8s 1929, . Chile 88 192 Chile 85 1941 Chile 85 1946 i Chlnese Govt Ry 5s 1951 Copenhagen G35 1944. Czcchoslovakia 8s 1951. Denmark 68 1942. . .. Dutch East Indtes 65 1 Dutch East Indles 65 1962 French Govt 735 1941 French Govt 83 1945 German 7s 1949.. Holland- Americ: Japanese 4s 1931, Japanese 6n 1954 Jergens Utd Marg: Lyons 63 1934 Marsetlles 681534 Netherlands 65 1972..... 4" Parfs-Lyons-Med 6s 1958. Quecnsland 65 1947. .. Queensland 7s 1941. .. 1o de Janelro 8x 1946 Sao Paulo, State of, Ss Seine, Dept of, 7s....... Serbs Crotes Slovenes 531982 Sweden 6s 1939 wiss lan 1946 A United Kingdom 5t 1929, United Kingdom 5145 1937. . INDUSTRIAL AND MISCELLANE 94% Amer Agri Chemical 7%s 1841 954, Amer Smelt & Ref 15t 53 1947. 1083 Ami. Smelt 65 1942, .. 99's Amer Sugar Refining 68 193 961s Amer Tel & Tel ol tr 4s 1929 100 Amer Tel & Tel cl tr 5s 1946. ' Anaconda Copper Gs 1953 100 Anaconda Copper cv deb 7 "38. £5 Armour & Co 4181939 z 97% Atlantic Refinjug deb 58 1337, 1003 Bell Tel (Pa) ref 551345, . 90 Bethlehem Steel p m o5 1936 i Bethlehem Steel s f 6: 1943, Chlle Copper 63 1952, 781, Cons Coal (Md) 1s ref 63 1950 94'% Cuba Cane Sug cv Aeb 8s 1930.. 106% Detroit Edison ret o3 1940. . 94% Dodee 6511 975 Emplre Fuel & Gas 1%s 193 100 Goodrich (B F) 6338 1947. 107 Goodyear Tire 83 1921. 119 Goodyear Tire 851941 " 6915 Humble Ol & Ref 5148 Indlana Steel 6s 195 897, n's 68 1947 y-Springfleld §s 193 89% Lackawanna Steel $3 1930 97% Liggett & Myers 55 1951 Manat! Sugar s £ 7155 1942 87t Midvale Steel 58 1936. .. 99 New England Tel §s 195 112 New York Edison 1st 6148 194 100% NY GasELH & P 53 1948 8515 106 New York Tel 63 1941 9674 North Amer £3i3 Pacific Gas & L1 4 Pacific Tel & Tel 55 1952. . 4 Philadelphia Co ref 65 1944. 420 South Porto Itico Sugar s 1941 Union Bag & Paper 6s D.... 5 1944 = 85 U S Rubber ls: & re 53 1947 10415 U 5 Rubber 7148 1930. . 104} USSteelsf5s1963..... 91 Utah Power & Light 53 1944 78 Va-Carolina Chems f 7s 1947.. 1091 Western Union Tel 6%s 1936. . 915 Wiison & Co 1st 68 1941.. . RAILROAD. 281, Atchison gen ¢s 1938 . €9 Atlantic Coast Line 1s s 1] 64 Balto & Ohio gold ¢s 1943, $9% Balto & Obio cv 4148 1933 £6% Balto & Ohto ret 55 1995. 102% Balto & Ohlo 6s1929.... 83% B&E&OPIttaLEE W Va is 1941. . 95% B & O Southwestern Div 5 ofs 50. 824 Brooklyn-Manhats f 65 A 1968, 116 Canadian Northern 6345 1946. 79 Canadian Pacific deb 48 $6% Central Pacific 4s 1949, = 94% Chesapcake & Ohio cv 4138 1930 7% Chesapeake & Ohio gn 4345 1952 4 102 Chesapeake & Ohfo cv 68 1946... 44% Chicago & Alton 3%s 1950. 100% Chi B & Quincy 1at ref bs 1 7 : Eastern 11l gen 53 1951. % Chi Gredt Western 4s 9 Chi M & St Paul cv 438 1932 ChiM & St Paul gen 4148 1989 1 ChiM & St Paul ref 4%s 2014, 44 ChiM & St Paulcv 65 2014.. . 107'% Chi & Northwestern 6348 1936. 75% Chicago Rallways bs 1927. $3% ChiR I & Pactfic ref 4s 1934. 91% Chl Union Statlon 4328 1964... 116% Chl Union Station 6345 1963. . 7% Chl & Western (nd con 48 1952 10214 CC C & St L ref 65 A 1929.. 90% Colorado & Southern 4145 1935. §3% Cuba R R581952......... 101 Delaware & Hudson 538 193 82 Den & Rio Grande con 4s 1936 66 D. & R. G. West bs 1955, 86 Detroit United 438 1932, 70 Erle 1st con 4s 189 61% Erie gen lien 48 1996, 63 Erlecv 4s A 1962 69% Erle cv 48 D 1953 98 FlaECS5s74.... £ 106% Grand Trunk & f deb 6s 1936 114% Grand Trunk 7s1940. 991, Great Northern genb 108% Great Northern gen 7s 1936..... $63% Hudson & Manhattan ref bs 1967, 67% Hudson & Manhattan adj 63 1957 Ilinois Central 5%s 1934... Inter Rapid Transit 53 1966 Inter Rapid Transitcv 7s1 Inter & Great Nor ad) 6s 19 Kan C Ft Scott & M 43 1836, Kansas Clty Southern 38 1 Kansas City Soutiiern 68 1950. Lake Shore 4s 1928, Lake Shore 48 19381, ey Louis & Nash unificd 48 1540 Louts & Nash 1st ref 5i5s 200, Mil Elec Ry & Lt 1st ref ba ‘61 MStP&SSM6ks 1931, Mo Kan & Tex 1st 45 1990. Mo Kan & Tex adj bs 1967. Mo Kan & Tex prin s A 1962, Missour! Pacific gen 45 1975. N O Tex & Mex {nc 58 1935. . New York Cent deb 45 1934 44 Prev, wesk's Cloe: 5 1000 114y 103% 106% 100% 10131 399 | 'HEAVY SELLING HITS 12 SATURDAY MARKET 21 3 88 8 . | Prices Decidedly Reactionary | 10241 as Week Closes—New 101 S| Peaks Also Touched. 107% - 84t s e 1087 | NEW 102% | Wearied 102% | the past 109% | prices to new peak levels and 109% | smashed records for the volume and 5;% breadth of trading, the stock market 98% R ssociated Press. YORK, by the November intense activity of end reallzing sales. Prices ledJy reactionary as the to a close, but not until ter United States Steel and a score lor other lesding industrials lspurted forward again to new j planes. | Th 1015 Koty reaction was « clopment after the excited st few days. De- the speculative wed slgns of exhaustio: the market still retained ses of its earlier buoyancy. representative shares gave way before the onslaught of selling, new speclulties were ushered into buy- Ing favor with a few net gains o 88% | 91y 105 102% | Rumors Flood Market. 117% | With United States Steel common 105% | selling at the highest level fn fits | history it was inevitable that a flood of rumers regarding tavorable de- velopuaents for 1 corporation’s stockhviders should e These revolved about the possibili w4 distribution of the company’s hige undivided surplus and attract- d unother flood Into the market soon after the oper ing. After running up point to a new peak at 13934, how- ever, the stock finally crumbled to 13, closing at 1377, with tional loss for the Encouraged by the carly buoy of the premler Industrial issue, rep. resentutives of other industrial groups followed its leadership to new high i ground. Among them were Generul Motors at 149%, Allled Chemical at 114%, United States Rubber at 891, exas Gulf Sulphur 1213 ar Schulte Clgar Stores at the longer list of losses for the Many Gains Canceled. i Many of these fssues, their exceptional strength. gled out as targets in the sell Ping attack, which canceled most of the early advances and drove the ma rity of s below ht's Closing figures. Iecessions were most marked. however, in the high-priced specialties, with' Dupont. ~(eneral Electric, Brown Shoec and United States Cast Iron Pipe sagging 7 to 11 points below the day's maximum prices. . Undiminished | an impo market's re few minutes o were again under wuy. cal showed susiained strength |ing with a gain of more than 4 points. and some of the raflroad shares which had escaped the w profit tuking and bear sellin given additional support. Halian Lira Stronger. Indications that the French govern- ment considering new pluns (o support its currer possibly with the ald of a new American credit, brought ubout a further recovery in the franc to about 4.05 cents. The | Italian lira was strengthened by re- ports that an accord on a debt settle- went was neer, while sterling ex change held firm around $4.843. sin outside b ng was tor in stiffening the stance, and in the final trading brisk rallies Allled Chen ere wa Markets at a Glance NEW YORK UP).—Stocks irregular; United States Steel touches record high: then reacts. Donds steady; French fseues firm. Forelgn ex- { changes mixed; French francs con- tinue recov Cotton lower: spot houses selling. Sugar easy: Coffee steady: importers buy- 0 Whe: WODLiMARKET STRONG. | Mills Taking More Domestic and Foreign Stock. Special Dispateh to The Star | BOSTON, November ~Reflecting trength in _foreign wool markets, | apot wools of foreign type in Doston ¢ |are strengthening., Cables from Gee- {long this week have indicated further ! es in the market there and 98% | the Sydney market s firm. Mont!- 106% | vedeo wools of zood quality have sold 0 | ar higher prices. Mills are taking 3% | iy increasing amounts of both do- 1104 | mestic und foreign stock. 91k i 102 61 203 | ——— FOREIGN EXCHANGE. NEW YORK. November 7 (#).— + | Foreign exchanges steady; quotations $8% |In cents: Great Britaln, demand, '« | 4543 cables. 434 11-15; 60-day bllls on 9o%, [banks, 480%. Yrance. demand, ‘.‘Hhi 1.051g 961G | 3.9815 93 | gium, 106% . 14.29; Greecy Czechoslovak et Austria, 14 mania, 47%; Argentina, 41.4! 15; Toklo, 42i;; Shanghai, treal, 100 1-32, week, which had carried | succun:hed to the pressure of | had | nhigh | dered u! As | to 4 points standing out in contrast | Lroadcast | of buving orders a trac- | ney | clos- | ve of | Cuban ¥y, 20.37; Sweden, | 8%: 'Switzerland, | How Is Business? GENERAL BUSINESS ACTIVITY far the cosntry @ o whele, lodicstad by Beat Debite -«—I-N-Y-t,—.-(-aad-—--u.«r-;-.h ACTIVITY BY FEDERAL RESERVE DISTRICTS Chack: Tramsactions compared witi the corresponding week of laxt you: Up Over 10 Points In Week’s Advance By the Aesociated Press. W YORK, November =i With records of many yeurs | standing broken in the breadth and volume of stock trading, as well ag {n the price levels of pre- mier industrial shares, financlal interest this week was almost ex- clusively occupled with the epec- tacular show staged on the New York Stock Exchange. As it to celebrate the first anni- versary of the so-called “Coolidge boom,” which had its inception af- ter the election just a year ago the public vied with professio: traders in 2 mad scramble to push the prices of their favorite stocks to new peaks. United States Steel common, recognized . beliwether of the market, swept forward more than 10 points during the week into new hLigh ground above 139, taking with it a flock of such popular {ssues as General Motors, du’ Pont, Hudson Motors, Allled Chemical, American Can and American Smelting. LEADING BAROMETERS Showing tremd of imporcent facvers Fresent Trani from Year Ago Increasing - 7.7 - 83 2.7 39 Employment Dept. of Latert . . Wages Dercoilabart o o . . Cost of Living 1lad. Cent Baard; . Wholesale Prices tFiers tades icultural Prices Depe. of Agii! ement of Goods (Cur Leadiaga: Rewail Trade ed. Res. Beaard! . Wholesale Trade Fed. Res. Beard Business in Dollars Chects cashad! Failures weaw . . . . . Bond Prices Awaaiari . . . . Stock Prices Anmie . . . . i Stock Mkt. Vol. Thews. skares tadeds | Increasin Stead; Steady Declining Steady Steady Increasing Increasing Steady Increasing Increasing Heavy Compias exd Copwipitet by Conbrides Asxciaics, Besioe LOCAL BANK DEPOSIT 101 PER CENT SINCE GREAT WAR |Total in 1917 Only $110,895,346 us Against | $226.587.143 Today—Other Timely Financial Notes. BY CHAS. P, SHAEFFE prosperity of ed by available doubled ay preferred. which the closing sessfon uf Potomac Elec- i was first nofsed ailway preferred s beginning 1t 85 11 When the new is Terorieta iric Power prefe specifica ince Ame: nto the grea On May 1 s o Jscript liotments to tive shares tv a customer, and it is now belleved (raders are reinvesting thelr funds in the carrier's preferred stock. Intertm receipts of Potuin erred again strong 103 ith sules of 791 shares Denles Seeking W. R. & E. Stock. The North American Company not considertng nor has it at any tme considered acquiring control of approximately $19.00 in the first | the Northern Ohio Power Company, R Southern California Edison Compar: | pyBanks. numerically. have undergone o Maclflc Gas and Llectric Company, but little change since that time. At |- L. Dame. president of North Amer. the moment there are 43 banks report. | Ian announces, nor do ing perfodically to the controller of P&ny contemplite acquistt the currency. while on the earller date | ditlonal common stock of there were but 39. National instity.|Ington Rallway und Electric tions, which now number 13, show a | ©f this city. single loss over 1917, while savings| The National Metrop, banks have been augmented Ly four | this clty relterates that andlitrst Companies by Ohe; [trustee of the Wasiington Central Ml : iy Tust, which {s erecting the Washing. anking Changes Since 1917. ton Building here at Fifteenth and & ince 1917 the Liberty has made its which ut into national banking circles, while the present amulgamated l'ed: cral-American was then operated two separate institutions. The Dupont ational, now a b Hank and Tr this count ftively in the confliet, 1 banking | institutions had on deposit w totul of $110.895,345.40 us showr by reports sub mitted as of troiler of the ’$ last, whe e ' report. was shown. | e date do not include the | first heavy withdrawal of funds used in | participating in the first Libe: | which took away from the loc: tmpression, Unlisted Securities Pri following prices tor re quoted for the ers of these issues BOND latest eight years ago. costia, « These are the Ana- mmerce and Savings, North Capitol, Seventh Street, Park, Se. curity ~ Saving: Commerelal, | & United States, I ngton, Po- | tomac, Washington Mechanics, Mc- | Lachlen, Industrial and Northeast. ! 53 The Home, Union, Merchants, - | Chspin change, Northwest and Equity have | Cl all pasged from, the pleture since 1 4 efther by merger or con in thetr stead has come tutions, namely. Bankin, | Crapin. {1 Ciizens’ cersion, but | Connec: new insti. | {hrists the Bank of Bright-| b wood, Central vings, Chevy Chese, | Franklin N Citizens, Departmental, International | {pleruat: | Exchange. Mount Vernon, Prudential, | Notth Cainias Savings i Washington Savings and Woodridge- | Northeast sav 4 Karudon Parle suvings % | The trust company section of the | hae otel Go. oo local financial field has had but one new member in the last elght years, namely the Merchants Bank and Trust Company. s converted savings | Progress of Land Banks. Institution. py I & TepOt of the . = Iby the various Joint Stock L Railway Common at 122. Banks for the third quarter of 105e ile issue was the feature ofy. G. Taylor & Co., Inc., of New e week's closing session on the|York. Lankers for Jolnt Stock Land Washington Stock Exchange, namely, | Bank Securities, quote offlefal figures Rallway common. — This = security, | to show that total resources on Sep. with a ‘present market level of double | tember 30 amounted to $580.809.511, its par, was held at 220, an unprece- [an increase of $26.695,000 as com- dented peak, with a recorded “bid”|pared with the preceding quarter. price of 195. The present spread of |Capital stock outstanding September In A sl | the 3 | divided Iy board a | lower, progress made | WALL STREET BRIEFS NEW YORK, November 7 (#).— Steel operations in the Youngstown district next week will average more than 90 per cent fc | approaching what steel men in ley term ‘capacity schedules.” | Republfc Iron and Steel is near 90 cent production. et profits of the I'ou pany for the % months t creased to $512 $549,409 in the it Rescurces $17.000,000 ation Com- 1s vear i compared same period of 1924, | This was equal to $6.31 a share on 190,000 conmuon shares, no par v | against { mon shares a year ago. | Petroleu; Southern Gas and Power Corpora- | tion is completing negotiations for the purchase of several important gas v York State, Pe; vlvanla and Maryland. It now ce s gas companles in Georgla, West ginia, North Carolina and Ala ha. New finuncing will be don “unne{'lh»n with these pure! is expected additional issu. A stock d convertible notes will b }vfl'red in New Y within the | few week Carnegie Steel has recefved an order for 5,000 tone of rails from the \Wheel Lake Erfe and is expected to of the Reading C this 3 in_a report by C. G Ta ‘0., bankers for this type showing total mber 80 amountis crecse of quarter, Cay cas $40,804,000, The statis. wnnual earn tio: 1 ted average net vings of § per cent in addl { dends declared or pa MARKET IS BUOYANT IN FACE OF REACTION NEW YORK, November 7 (). —Al- {though a natural reaction in stocks tool place ut the close of the week the market stiil retained its sp! buoyan Trom many consery quarters came warnings that spec 1 for the rise had been overex Lut evidence remained reet was jubllant over the in prospect further tay the d flood of {dends and the many corpora to pass o to thelr belter that wili be d sul pluses tons { holdes FRENCH BONDS RALLY. tul field of 5 of Yrench rich indications rthcoming 1 th the aid of fea Reopening of market to emiergency borrowing for this support was tavorably viewed in | inanctal circles, although the measures outllned to relieve French flnancial situation at | wwere ecanned with skepticisni. ign honds merely marked e small turncver fon lines held price 1 1in narrow lmits. Secondary rails, ! such as Eric prior lien 4s, West Sh {4s and Wisconsin Central 4s, secmned {to be the favorites of traders. Sea- St. Paul issues worked per, oil and independ tions were firm, w o s and Otis Sieal T showing the rost conspicuous activit development t of neent | strengthened support was ! tranc, probabl; were that the new home Other time. { bonds outstanding will likely be ! duced by from to ten milljon 1 within the next 45 days, the report | says. These refunding ogerations have proven profitable to such of the Joint | to call 5 per cent bonds at par to be refunded by 413 per cent bonds on get a premium. Interest charges to the banks are reduced one-haif of one he first time this | [ which the banks have been able to! | —The total number of shares unom clally_reported as traded in on the New York Stock Exchange today was 1 00, against 2,782,200 vesterda: 1.392,500 a week ago, 1,460,400 a yea: ago and 487,000 two years ago. ¥rom January 1 to date sales were 363,246,325, against 20 nd 162 REM fter November 0. 197 be,located {n Room WM. H. KYLE LOANS—INSURANCE uppose You Have a Fire 1 WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let n: explain | Commercial Nat'l Bank 14th and G Streets E. GOLDEN DONALDSON, PRESIDENT 4 Tpect WILLIAM H. KYLE || Louns-tnsurance. Washington, D. 1410 G St. N.W., Room 21. M. 6193 e, + share on 67,510 com- | ‘ter preferred dividends, The third quarter's net declined to $251.240, or $2.80 a share on the common, trom $326.548, or $3 « share, in the preceding quarter, compared with $194,46Z, or $ share, 1 1 quarter last year. merger of Phillips 1d the Texas Co were denled today by Frank Phillips, president of Phillips Jetroleum. He sald no negotiations were pendin id scrap steel prices | advanced $1 a ton in the Birming. {ham district, Leavy smelting belng quoted at $14 a ton. The Atchison, Topeka and Santa Ve { has ordered 74,000 tons of ralls from the Colorado Fuel and Iron Co. FIRST MORTGAGES FOR SALE Denominations of $250, $500. $750, $1,000 and Upwards 1.0 2% Loans Made on Property Located in the District ot Columbia JAMES F. SHEA 643 Louisiana Ave. N.W. All WE FINANCE Large Loans a Specialty ¢ int ommission Higbie & Richardson, Inc. 816 15th St. NW. Money to Loan S alIine Rterest an l‘\“r'h.alm&‘rr 20 Wash. T.. & Trust Joseph I Weller [ioWuh i £ 1% We Aim to Please Phone. write Clarenes L. 0'Donneli, M Mortzage Dept. 14th & K Main 9080 AILS con- stantly cropping up to | annoy you cease when we are responsible for your Apart- ment House Management. Stock Land Banks as have been able | | / taught us the] W profitable manage- | | ment of rental prop- | New York Cent ref imp bs 20 4 New York Central deb 6s 1935. . Y Chi & St L 51874, New Haven deb 4s 1957 NYNHG&H cvdeb6s1948.. N Y West & Boston 4%s 1946. Norfolk & Western con 4s 1996. Norfolk & Western cv 6s 1929 Northedn Pacific 35 1047. Northern Pacific 45 1997 4% Northern Pacific ref Imp 68 204 Ore Short Line ret 481929, Ore Short Line gtd 6s 1946 Ore-Wash 1st ref 45 1961. . i Pennsylvania gen 43%s 1965 Pennsylvania gen 58 1968. Pennsylvania 6%s 1936 Peoria & Eastern inc 4s . Pere Marquette 1st 5s 1950. ReadIng 43597 .. ....ouuee-nnn Rio Grande Western clt 4s 1949, RIATK&L 4%481934...... StLIM&SR &G 481933. St L &San Fran prin 4s A St L & San Fran pr In 63 1950. St L & San Fran514s B 1942 St L & San Fran ad) 68 1956. St L & San Fran inc 6s 1960. ... Seaboard Alr Line ref 45 1959. Seaboard Air Line ad) bs 1949 Seaboard Alr Line con 68 1945 Southern Pacific cv 4s 1929, Southern Pacific col 48 Southern Pacific ref 4. i Southern Ry gen 48 1956. . Southern Ry 1st 55 1994 . Southern Ry dev 6%s 1956 —Flour unchanged 8.60a8.70 a barrel. 044 barrels. Shipme: FLOUR BIT LOWER. MINNEAPOLIS, November 7 to 10 lower at 5 points represents the widest chasm since the hectic days a few months ago when the stock was registering gains of as much as 35 points a day. ‘Traders are nonplussed at the issue's action and can offer no explanation. ‘Another bright feature of the mar- ket's action during the week was an ®). nts, 50, Special Dispatch to The Star. NEW YORK, November Stocks (average of 50 issu Federal reserve ratio .. AMoney rates in New York: ) Gal . . | Time . | | Uniilled steel orders. | Pig_iron production. Bullding permits: Number of cities Amount Commercial fallures: Number 7 Financial Highlights of Past Week Brought Out in Nutshell by Statistics Bonds (average of 40 issues). . 8: 714 Foreign bonds (average of 10 is | i = 5 f = This week. Last week. High. Low. High. Low. 13549 133.51 13269 131.06 | This week. Last week. | s . 103.20 102.75 This week. Last week. Year ago. 5 2.5 78.2 This week. . 4% tod c 4% 1035 Month of Aug., 1925. 5,012,803 $7.241 Month of Sept., 1924. 5,085,750 68,442 369 | $272,085,007 97 90,873 369 $374,866,007 376 $391,438,707 1513 | visions 30 was $40,804,060, an fincrease of $2.422,880. Net worth increased $3.. 634,244 for the same period and the consolidated book value increased over I per cent after allowing for dividends declared in June and Sep- tember. This indlcates average net annual earnings of 8 per cent in ad. ditfon to dividends declared or patd. Bighty Joint have been chartered under the pro- of the Federal farm loan act. Eleven of these have been liqui- dated or consolidated with other Joint Stock Land Bunks. Of the 69 Joint Stock Land Banks now doing busi- ness all but five show increases in net mortgage loans In force. Mortgage Loans Increase The 64 Land Banks showing in- creases in nst mortgage loans for the current quarter added $17,564,000 to the $601,673,000 mortgage loans. in force June 30. “This would seem to indicate,” according to report, “a con- tinued demand for rural credit on the long term, low interest and no com- mission basis as provided by the Ied- eral farm loan act The aggregate amount Stock Land Bank farm lo:xs b‘i}ottt;\: was increased $18,209,000 to a total of $507,685,000 during the quarter. The excess of Increases in bonds during this quarter to the increase in net Stock Land Bunks | per cent annually, the premiums being available to surplus and reserves. Joint Stock Land Banks combined investments in Government bonds for the past quarter Increased from $:1, 481,000 to $25.560,000, cash having in- creased from $12.000,000 to $14,000,000. They had on hand September 30 cash and Government bonds in excess of the capital nding. erty. B. F. SAUL CO. 925 15th Street N.W. Main 2100 SERVICE UP TO THE MINUTE FOR INVESTORS— It professional advice is desired ulong uny line expert is, or should be, consulted. It is quite as important that a gimilar course be adopted in reference to one's finances. We boldly claim to be “experts” in values of real estate in the Nation Capltal, and are in position to supply investments th are always thoroughly safeguarded and, at the same time, yield liberal rates of Interest. Whether your savings be large or small, it will you to avall yourself of our INVESTMENT SERVIC It is FREE {o investors. MORTGAGE INVESTMENT DEPARTMENT an 1,284 041,388 Week of Oct 1,121.45! 1,277 | mortgage loans for the same period ,867 | is partially accounted for by reason r ago. of refunding operations being con- 1.113,053 | ducted by some of the Joint Stock 72,516 | Land Banks. 204,383 | It is expected, owing to & per 78,466 | cent bonds being called, which are re. 43;,!;1 funded by 41 m‘cen{h:)onda already outsganding, te 42,340 [amount of Joint Stock m:us Liabilities o Revenue car loading! All commodities ....... Grain and grain products Coal and coke... . Forest products < dle Miscellaneous products Live Stock cecsssssmassessesion 37,158,361 . Previous wee! e 1,106,114 45,300 199,769 68,174 423,421 55,790 43,840 Third Ave adj 5 1960.. . Union Pacific 1st 4s 1947. Union Pactfic cv 431937 Virginlan Ry 1st 5s 1962, . Wabash 18t bs 193! ‘Wabash 534 " ceseees »+ Western Maryland 4s 1962 CHANNON- & LUCHY 713, 715 and 717 14th Street N.W. Main 2345 434,726 50,810 41349 A