Evening Star Newspaper, November 26, 1925, Page 31

FINANCIAL. MOTORS HAVE LOST . HALF OF BIG GAINS Marked Readjustment Has Followed Two Months Wild Speculation. BY STUART Special Dispatch to T NEW YORK, market wound W star, yvember Thanks —The siving up on eve i a more cheerful mood than it | had snhawn at two weeks readjustment any It after time in felt the the last that the speculative eptember was gances of October had heen The favorite motor shares at their low prices were off anywhere fro half to two-thirds of their entire since the end of August. Other speculative leaders were down corre- ndingly, In other word market, about wh so much sensation r but ext and pretty thorough. the great bull h there had beer 1 writing was not its consequences had e extent heen undone. situation as_busjne The Wednys ural rebound decline. There was covering and a he mor tocks went the lot of deal of new b industria points 1e shipm 10 Canada was toward the end of the % much spec n s ase. The compet ade Canadian whe: the reasons for going ne; sensi- ahead 3 t made know 1924, ime former had unde to d had f NEW 1 Steel YO I | are | the san | the | By the | eral { bench RAILROAD MOVE DENIED. But Sensational Action of Stock Baffles President Taplin. NEW YORK, November 26 (&).— Frank K. Taplin, president of the Pittsburgh and West Virginia Rail , has denied that any negotiations in progress for the sale of the rty, despite reports that both the :l Plate and Pennsylvania rail- were angling for control. At » time he said he knew of no »pments which would account for ‘ent strength of the company's stock market. Pittsburgh and West Virginia was the sensational feature in the rail Eroup vesterday, soaring 12 points to @ new high at 12015 on reports of com. petitive buying for control. Atlantic Coast Line closed over 7 points higher at 226, while Atchison, New York Cen- tral, Southern Railway, Canadian Pa- citic, Rock Island, Chicago and North- western, St. Paul preferred, Missouri Pacific 'and Delaware and Hudson were among the many issues to show net gains of a point or more. rouds deve CHARGE ON CHECKS 1S RULED ILLEGAL Supreme Court Upholds Georgia Tribunal’s Ban on “Exchange” Fee. Associated Press The regulations issued by the Fed Board prohibiting na- tional banks and non-member clearing from charging exchange on wn upon them and forward- ed through Federal Reserve banks for lection, and the law under whick action taken, were in effect sustained yeste by the Supreme Court The par clearance controversy came ¢ the court in an appeal by the Bank of Moss goula, Miss., which injunction v B tates Court for Northern Georgia, where it first challenged the coustitutionality of the law and the regulations under’ which the Federal Reserve Bank of Atlanta. required it to remit in full on checks drawn upon it. Counsel for frequently ¥ Reserve the Pascagoula Bank interrupted from the he presented his oral argu- ment, the members of the court | | | nver bal: 1t cu on u- the red W Chicago and > the road's su tober was Auirements and that creased before the end of the y October surplu 02,000 for the Tlinols Central System brought the for the 10 months this year ,603,000, equivalent to $10.30 a share on the common stock. This was $446,000 than for the first 10 months of 1 Octol=r surplus ex- ed that of Octobe . by 1d was $400,000 September this year Baldwin 1 T booked orders in presid. been rece embers Cotton pef taken on a January ra three mas and New Year rece NEW STOCK ON CURB. Chrysler Starts at 44 and Move Up to 46. November #P).— the Chrysle: > division of th of four for nting present shares at tk one, was traded in erday on the New York curh and con most important feature of that mar- ket. The new consisted of proximately ,928 common shares of no par Tra th contracts were on a large scale ing at 44 and moving up to 46 this range the new shares were close to the level of the present st which was traded on the New Y §tock Exchange from 174 tc 180. when-issued i % . 2 RAW SUGAR ADVANCES. NEW YORK, Novemper 25 (&) The raw sugar market advanced 1-16 vesterd: to the basis of 4.15 for ban, duty paid, with a better in- quiry. Sales were reported of 14,000 of Philippines, due next month, v at 42512, and upward of Cuba to local . prompt shipment, at 4.15. y refiner COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETI igan Po r prices s about are gettin READING, Pa The potato market h settled and has dropped 10 $2.25 a bushel basi BOSTON, November is consuming American yate of 2,500.000 bales ing to H. Garside, stat the Merchants ional ¥ who has just returned from He said that at present prices for cotton the Lancashire mills may short- Jy be able to increase their output nearly to capaci ATLANTA, November ment store executives day buying rush November ~The Mich- hange predicts high- present price her $3 a bushel. The grower: November is badly back to un ngland i—Depart- ite the holi- ha - been DENVER, November 26, dard Oil of New Jersey h 40,000 acres of oil shale lands in rfield County, Col., at a cost of ‘hout $1,500,000, making it the larg- st holder of oil shale lands in the State. BARNESVILLE, Ohio, November §.—Scarcity of workers is curtailing fetivities of some of the Ohio cigar <uctorfes, many of which have rush ers for the holiday trade. The Stan- acquired tion | $2) begun. | | | tested provision of | as exc | I | | , . | ! , | ftuted the | ;:“’ ap- | { ments was pi jann rt- | equipment ! quart nini >wing their inability to sup. his contentioms that the law and ulations took property from his ent without compensation. When he had completed his argument Chief Justice Taft, after a hasty conference with his associates, announced that it would not be lanta 1 in defense of the sttute or the regu- latic The eff this announce. ment., under the practice of the court, will be to bring a dismissal of the ap- peal, thus giving full effect to the n of the Geor ourt Attempts by the agou atte to discuss the op Federal Reserve system, the relations which he thought d be maintained between it and mal banks, were cut short—mem- court bringing the argu Xk each time to constitutional s with their questions al bank the Federal E tem, he d, had not *d all their inherent rights, ined a constitutional power quire compensation for rvices »d and could not be compelled P: bank's ation of surrende but to r ances them. vrincipal purpose to pay checks drawn of the con- w and the regu- lations was to enable the Federal Reserve banks to build up reserves he rted, estin banks throughout deprived of about § which _they would han, harge $80,000 IMPROVEMENTS ARE PLANNED BY PEPCO Company Files asse countr; 00,000 a year, oth collect Application for Modernizing Service in Mont- gomery County. Special Dispatch to The Star. BALTIMORE, November 26.—Appli cation of the Potomac El c Power ‘0. to modernize its service in Mont- ry County was filed with the ce Commission vesterday Ham, president of the com- he compan asked permission to at 1 Grove from a 25 to 60 cycle serv- The estimated cost of the fmprove- ed at $50,189. Mr. Ham inced that the company will pay alterations in customers’ made necess by the for ary change. ‘WALL STREET NOTES. W YORK, November 26 (#)— ¢ offering yesterday of $7,500,000 Commercial Investment Trust Cor- 62 per cent first preferred t ersubscribed Atlantic Coast Line Railroad the market for 9 ssenger cars. is in freight cars and DIVIDE“ CU'J-Z‘V IN }iALF. ovember 26 ().— hip and Engine ing Company declared a quar- dividend of 50 cents a share, vable December 31 to stock of record December 17. In previous $1 a share had been paid. WALL STREET CLOSED. NEW YORK, inksgiving day Street today with ew York Stock 1 other markets, the bank November — observed in the closing Xchange and ecurities and commodities As it is a le holiday, also suspended business for | the a BACK DIVIDEND RUMOR. NEW YORK, November 26 (#)— Reports were current in Wall Street vesterday that a plan for funding accumulated dividends on preferred res of the Willys-Overland would be considered by directors at their meeting on December 2. Pay- ments now in arrears to 29% per cent. These may he liquidated, it is under. ood, through the issuance of new common stock valued at about $25 a share. 144.315 PENNSY INVESTORS. SW YORK, November 26 (Spe- cial).—Thd stockholders of the Penn- sylvania _railroad on November 1 numbered 144,315, a decrease of 1,268, from October 1 and a decrease of 2,125 from November 1, 1924. PLANTS ARE TO REOPEN. SCOTTDALE, Pa., November 26 (4), —Operations will be resumed Sunday night at the two plants of the Amer- ican Sheet and Tin Plate Co. here, giving employment to 1,400 men. Both mills have been idle several months. Y particu- | Co. | THE EVENING STAR, WASHINGTON, D. C, THURSDAY, NOVEMBER 26, 1925. FLAX MAY CHANGE TEXTILE INDUSTRY Fiber Likely to Be Far More Generally Adopted in Auto Upholstery. Special Dispatch to The Star. NEW YORK, November 26.—As a result of recent manufacturing devel- opments, the flax crop of the countr: gives promise of revolutionizing large section of the textile industry within the next few years. Agricul- turists and textile men declare the Ford Motor Co. soon will be prepared to contract for flax production on a vast acreage in Minnesota and the s week of the shipping at Lakes, at Duluth, which point the heaviest flax flaxseed shipments _originate, it certain that the 1925 crop is ¥ 8,000,000 bushels of sced below of 1924, But production ¥ wn from 10,770,000 bushels to 320,000 bushels in the last five years and a still greater increase is antici- pated. Ford Gets Patent Rights. The Ford Motor Company has re- | cently acquired complete patent rights to machine invented by James McAdam of St. Paul, which, it is claimed, will the use of flax fiber in American textiles on a big scale and revolutionize the linen and cotton textile markets. The machine combs the fiber, separs the 1 and conse the str her products formerly wasted At present the manufacture of lin- seed oil is the big money item in the field of flax production. The mills of St. Paul und Minneapolis. located near the main source of supply in the Northwestern ites, produce about 25 per cent of the linsesd oil of the country, but mills have grown up sround New York, Philadelphia, | oledo and Buffalo. Until now the seed has been the main source of {revenue to the farmer. With the new machine, however, the grower would be able to market other prod- uets of flax advanta usly. The total linseed oil made in country amounts to about $113,2 in money value a vear Seed Consumption Heavy. Consumption of flax seed in this| country is larger than production and large quantities are imported from Canada, Argentina and Manchuria. The long continued activity in build ing construction has been a sustain ing factor to linseed oil prices which are higher than last year, but the purchase of the McAdam machine by the interests is expected to be as much for linen The Ford Co. uses hundreds o sands of vards of fabrics a vear seat cushions, tops and curtains. erection of the new $12,000,000 Ford plant between Minneapolis and St. Paul is expected to result in centering | the fabric end of the Ford p fin that ion, which | the source of supply | May Outdo Corn Crop. 1 A. R. Burr, secretar of the St. Paul Federal Land Bank, today pre- | dicted that the fi crop would soon e producing mo revenues for the Northwest than corn. | The Ford Co. has a unique method of testing upholstery fabrics for strength and wearing qualities. The company employes a “rubbing” test { by which two-seat cushions are auto- | matically rubbed together. one standard cushion taken from stock and the other trimmed with the cloth to be tested. The mechanism permi a rubbing stroke » and one- ches, and the test continues the cloth of one or both cushions is { worn out. The standard cloth usually nds up for 130 hours. The cloth stands this test is then place a machine which pulls on it until the tearing point is reached. A milestone on the roud to pros-| perity for New England's cotton | plants has been passed, according to | textile engineers. by the arrangement | reached by the Pepperell Manufactur- | ing Co. of Biddeford, Me., with its| employes for the introduction of the multiple loom system. This means, in | substance, that the number of looms per operative will be increased without | adding corresponding cost of labor. (Copyright, 19 GAINS IN AGRICULTURE , AID UNION PACIFIC| | NEW YORK, November 25 (P)— The improvement in agriculture in the territory served by the Union Pacific | and reduced maintenance of way e penses enabled the road to report an increase in Octol neét operating income totaling $7,652,187, compared | with §6,228472 in October last year. | Gross operating revenue gained 12| per cent. Net operating income for the 10 months this year was $31,,958,- 3 inst $31,085,441 a vear ago. Transportation expenses were $1,394, 9 ss than in the first 10 months last year. this 21,318 | RAILWAY REPORTS GOOD. October Trafic Statements Help | Stock Market. | Special Dispatch to The Star. NEW YORK, November 26.—Ra way stocks were helped yesterday b the publication of the first of the Octo- ber traffic statements. The striking again is that, with the increase in gross earnings over the month a vear ago, there has been no corre- Sponding increase in operating ex- penses. Net income is feeling the effect, as it has been for the last four months, of the abandonment of | the program of extraordinary main- | tenance, which was such a feature | from 1920 on. This, however, is re- flected differently in particular roads. What Experts Buy. Trained investors always buy secu- rities that have a substantial loan value. One of the surest methods of | determining the value of any stock is to seek a loan on it. If your banker declines to consider it as collateral you can rest assured its marketability does not amounn't to much. | v- Stack of Corp. rd. am Bk Note pf. |Am Tob pf. Bildwin Loco Do, pf.: Bklys' Un Gas Chi' M & L pf Cramp Shib. . Domes Mines. East N Y U | Eisenlobr_pf. | Eigin N Watch' Gt West Sugar. Do. pf. ... ol Bel] Tel. ! o Sal. o Intl Ve Do.. Dt J Laiighlin, pf | Lehiien' v Coal Ligget Tob pf. Mackay Co 55" (1] B 5¥ : FFTEEEYTRY) B85 EEE R e B: 33338332 e 5 H s FERGaRaRD BHHHOOOSHS R O R EECXES KRS risoo [y S Do. 1" Carh-Carton . th Pump A Do., Class B Totsmn FEYTTRYEY. FOAeRL RS [t j contin, 'WIDE VARIATIONS | Shortage in Some Cities as Birds; | other forefgn sugars out of the United | here | 56 to 60 cent age | States | cars, STEEL ORDERS IMPROVE. Piling Up on Books Faster Than Present Shipments. NEW YORK, November 26 (#).— “Leading steel companies continue to put new business on their books in excess of current shipment,” Iron Age says. “In the case of the Steel Corporation orders have averaged for some time 10,000 tons a day more than the production of finishing mills, and taking the industry as a whole No- vember ‘will show a substantial gain in unfilled orders. The outlook for December is that steel works opera- tions will be at substantially the pres- ent rate, which is 83 per cent for the Steel Corporation and 80 per cent for Bethlehem, with other leading inde- pendent companies on about that basis.” FISK RUBBER OFFERS NEW FINANCING PLAN Directors Would Pay Back Divi- dends on Preferred by Short- Term Note Issue. By the Associated Press. NEW YORK, November 6. ~Direc- tors of the Fisk Rubber Co, today sub- mitted to stockholders a plan for the payment of accumulated preferred s dividends and recommendations to provide additional working capital. ! Stockholders will vote on the proposal on December 11 nd at the same time will be asked to'nuthorize the issuance of $10,000.000 in short-term notes. The accumulated dividends on the first preferred stock now amount to o share and on the second pre- ed stock to about $31 a share. In settlement of the dividends on the first preferred stock it is proposed to offer stockholders $1 in cash and $: in first preferred convertible A which will be entitled to 7 per cent dividends, ranking qually with the present first preferred stock and will be convertible into four shares of com- mon stock at any time up to Decem- ber 31, 193 When all the dividends on the first prefe »d stock are paid, it s propo: to offer to second pre- ferred stockholders in payment of their accumulated dividends common stock, to be t N a valuation of not less than § v share. The company pointed out that in view of the increase in the price of sde rubber to $1 a pound, working quirements would be greatly and although it has net ets of $28,000,000, of which 000 are in cash, it was consid able to procure additional capital as. insurance against sncies which might arse. IN PRICE OF TURKEYS Were Not Ready for Marketing. Special Lispateh to The St PHILADELPHIA, November 26— The wholesale price of tu on the hoof for Thanksgiving fell 1 cent a | pound in this section for choice birds, | but this was not reflected in retail prices. ST. PAUL, November 26 —Turkeys were more scarce for Thanksgiving than in several vears, due to circulars from Philadelphia and East- ern houses offering more than local quotations. mber nanks: s this vear ranged from retail, owing to a short t that v s BOSTON. and the from Kansas, homa, mont and Canada did not mature early enough for marketing. SAN FRA *0, November hort supplies forced consumers to pay around 65 cents a pound for tur- keys here today. The wholesale price of choice young gobblers was 60 cents. RUMANIA WOULD DRAW AMERICAN CAPITAL Finance Minister Declares Budget Is Now on Sound Busi- ness Basis. By the Associated Press, BUCHAREST, November 6.—In presenting the 1926 budget yesterday for ratification by Parlfament, the nance minister, Vintila Bratiano, as- erted that Rumania’s financial equi- ibrium was definitely established and that the government was ready to ne- xotiate foreign loans for the economic development of the country. This statement is interpreted by the press as indicating that the debt funding mission now in the United has been instructed to do everything possible to attract Ameri- can capital to Rumania. M. Bratiano estimated that the budget would have a surplus equiva- lent to $5,000,000. ROAD BUYS 45 ENGINES. Atlantic Coast Line to Expend $6.000,000 on Equipment. WILMINGTON, N. C., November 26 (#).—In order to care for its in- creasing business the Atlantic Coast Line has placed an order for addi- tional equipment amounting to $5,000, 000. The new equipment includes 45 locomotives, 1,400 freight cars and 72 passenger equipment cars. Five of the locomotives are to be of the Santa Fe type, 30 of the Pacific type and the remaining 10 are eight- wheeled switchers. The freight equip- ment is to consist of 500 all-steel gon- dola cars, 600 steel underframe box 300 allsteel coal cars and 100 ballast cars. October production of motor vehicles was 406,569 passenger cars and 45,823 trucks, according to the Department of Commerce. Motor output for the first 10 menths of 1925 was 3,196,067 cars and 422,587 trucks, against 2,876,322 cars and 321,897 trucks in the same period in 1924. CASH EXTRA DECLARED. NEW YORK, November 26.—An ex- tra cash dividend of 25 cents a share has been declared by Elgin National Watch Co., payable January 20 to holders of record January 4. DIVIDENT OMITTED. NEW YORK, November 26 (#).—Di- rectors of Lancaster Mills have omit- ted the quarterly dividend on the com- mon stock due at this time. Three months ago the company declared a dividend of 11, per cent after having made payments at the annual rate of 10 per cent since Juse, 1919. DIVIDENDS DECLARED. DENVER, Colo., November 26 (#). —The Great Western Sugar Co. has declared its regular quarterly divi+ dend of $2 a share on the common and $1.75 on the preferred stock payable January 2 to stockholders of record December 15, l I plete control of prices is the | Louisis | lack | Mexico, FINANCIAL, 31 GUBA SEES BIGGEST SUGAR YIELD YET Mills Has Started Grinding on About 25 Per Cent of World Outturn. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, November 2 has begun grinding what is expected to prove the largest sugar crop in his tory, President Machado declared that the 1925-26 Cuban_production would represent nearly 25 per cent of the world outturn. The island has only fust comvleted the grindinz of a crop which totaled 5.12 long tons. so far the record annual yield of the pearl of the Antilles, This year the weather has been such that the sugar content of cana now | being ground is higher than at the beginning of last season. Rains have fallen In regions which needed them and wenither is favorable for grinding ks at Cuban shipping ports are .00 tons higher Prices for raw sugar are the lowest they have been in years. uro pean beet sugar production is high With these factors in mind, Cuban sugar producers are seeking advan- tages in dumping this huge outturn on the American market. Demand Tariff Removal. Cuban growers, headed by the Cham ber of Commerce of Santiago de Cu amoring for the removal of t American tariff on raw sugar. The argument they nee is that if they £et more for their sugar in the Ameri can markets through the removal of the duty they could buy more freely n goods The Cuban grower elimination of the t the price of sugar lower to the Ameri can consumer, but economists point out that if the burden of the t talls upon the consumer need not wory. The statisticians sert that this is one of those instan where the tariff is falling upon for- eign producers. Cuban product leaps and bounds despite the tariff. 2 the close of the Spanish-American War the island was turning out about 00 tons of sugar a vear and it was claimed that 2,500,000 tons repre sented the maximum possible produc tion. The coming sxason Cubi is ex pected to produce someth like 6,000,000 tons. Cuban planters, In dumping 192425 crop on the market, forced ar prices below the average of the vears before the war. American ( ar producers declare no other com- modity price compares with this. “uba now has a preferential tariff on The full duty on this com modity is 2.20 cents a pound, but Cuba pays only 1.76 cents. The (‘u ban producer, therefore, can keep ali | also declare the riff would make n has incr ates, and the only block to com Ameri and ‘the can heet sugar production na cane crop American growers maintain reduction of the tariff w nate American production the control entirely in Cut | They point out that when Cuba tem-! PO ily had control of the market some five years ago, the price was run | up from 5% cents pound to cents. that Hard Season in West. Some of the sugar beet producers ! have had a hard season this vear. The | California yield was reduced and prices were anything but satisfactory | to growers. In the Michigan fields | unfavorable weather made it ex i | ingly difficult for farmers to haryest their crops before frost injured beets and factories were hampered b. of beet supplies. The heavy November rainfall in| | Louisiana has furnished a setback to | cane-grinding operations. The Cuban crop still may or unmade by the weather, but the | general indications are that prices to | American _consumers will _continue | low in 1926, since the continental Eu- | ropean crop, now estimated at | metric_tons, is expected to be in-| creased 500,000 tons. Java will turn | t 300,000 tons and plans are under | way to increase sugar production in | Jamaica, Japan and Great | be made ! Britain. | (Cop; ROAD'S EARNINGS GAIN. NEW YORK, November 26 (#).- The Southern Pacific had a prosper- ous October, both gross and net revenues showing an incre: October last year. Net operating in- | come was $7.482,541, a gain of | 7 ss was $29,118,645, an | increase of $468,978. Declines were shown for the 10 months of 1925, net | operating income falling $3,290,212 to | $29,279,401, compared with a year ago, while gross of $243,004,284 was | $958,330 le EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. ht. 1925.) Czechoslovakia Bonds. | Two Czechoslovak cities have sold | bonds in the American market, one | the city of Carlsbad. The Prague| issue carries a 7% per cent coupon, | is due May 1, 1952, and is secured by a first mortgage on the public util- ities owned by the city. These bonds were first offered in June, 1922, at 92% and this year to date have sold as low as 89 and as high as 9 At a price of 94% the maturity yield is just 8 per cent. The sinking fund operates to buy bonds in the open market up to par, but if they are not obtainable at that price they may be drawn by lot for re- demption at par. Therefore, as far as the sinking fund is concerned, there is nothing to prevent a price advance to the nelighborhood of par provided financial and economic con- ditions in Czecholovakia generally, and in the city of Prague in partic: ular, show improvement as time goes by. ¥ The Carlsbad city obligation is an 8 per cent issue, offered in April, 1924, and due January 1, 1954. The offering price was 9414 and the bonds have sold more than 2 points above par this year. The security is a generaly llen on all municipally owned property and a specific charge on the income from these properties. In this case as a_mar- ket factor the sinking fund provision is even more important than in the case of the Prague bonds. It does not begin to operate until July 1, 1927, but at that time it is to be applied to the purchase of bonds in the open mar- ket, if obtainable at not over par; and to semi-annual drawings at par in case they are not so obtainable. Theoretically, this would work to hold down the market price two years hence. Both the Prague and_the Carlsbad bonds are available in $500 pieces and the Carlsbad in $100 denominations besides the standard $1,000 unit. Ina general way it may be said that the risks attaching to all the Czechoslo- vak bonds, both the obligations of the central government and of the vari-| ous municipalities, are more political, than financial. Assuming political stability in Central Europe, Czecho- slovakia may e relled upon to w;'))r: its financial problem sat. 0) o {Cobshah. 1926 . MAY RELEASE STOCK. New Reports Heard Regarding Coca Cola Plans. NEW YORK, November 26 (#).— The Street hears the directors of | Coca-Cola International Co., are con- sidering release from its treasury of 261,000 shares of Coca-Cola of Dela- | ware common stock. Coca-Cola Inter- | national was formed in 1922 as a hold- ing company for Coca-Cola Co., and acquired its 251,000 shares of com- | mon, representing control, and issued | the samq amount of its own no-par | common Stock against these holdings. | The remaining 249,000 sharzs of Coca- | Cola Co. common are in che hands of | the public, 1 BRITISH FIRM SHOWS MARKED IMPROVEMENT NEW YORG, November 26 () — Official data received by the Bankers' Trust Co. of New York shows th not all of Great Britain's indus are in a depressed condition. of the industrial co-operative socie ties of Great Britain, with member- ship of 4,960,000, have amounted in 24 to 971,039,000 pounds sterling, nd net surplus 21,287,000 pounds be fore deduction of interest on shar capital. The improved trading re- sulted in a surplus for distribution larger by 5 1,000 pounds than in the previous’ yedr, THREE' LARGE CHAIN GROCERY STORES UNITE Spectal Dispateh to The Star. BOSTON, November 26.—The merg- er of the three large New England chain g s firms under the title | of First Natlonal Stores, Inc.. may re- sult_in establishment of more stores | finally, but for the time at least it will mean the closing of many branches in communities where there has been severe competition among the merging companie claimed, will result in a larg in operating expenses THREE CONCERNS MERGE. NEW YORK. November 26 (#).— national Combus poration has acquired t Water Tube Boiler Co. and obtalned balance of the ing st f the Lopulco Inc. Di International Com bustion - 19 authorized shares 1o b »-par value also has utstand Systes, w Ladd com- ||| FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President REAL ESTATE LOANS 107 ANY AMOU 37 AraRTMENT 2 /0 BUSINESS PROF RESIDENCE LOANS AT LOW RATES FRED T. NESBIT \VESTMENT BLDG. Main 9 First Mortgage Notes For Sale In Denominations of $100, $250, $500, $1,000 AND TP 6347 Interest Secured on D. C. Real Estate Wm. H. Saunders Co., Inc. Established 1887 1433 K Street N.W. 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 JAMES F. SHEA 643 Louisiana Ave. N.W. RealEstate Loans— We have money to loan on real the nearby counties of d v If you are ady cash, tell your in the Loan Department If he puts his 0. K. on it th be mo Diteh to your money. We charze the rates on short-term buildin and those extend from three to five CKEEVER 24 GOS! CREALTORSSH] 1415 K Street __ Main 475 > will the iling notes 2 Different— Saul Service differs | from many other rental services. It is more compr: hensive. Every detail apartment house manage- ment is supervised .by an officer of thi company. B. F. SAUL CO. 925 15th Street N.W. Iflp 2100 Secured by first deed of trust on real estate. Joseph I. Weller Money to Loan MONEY TO LOAN ON REAL ESTATE GEO. W. LINKINS Prevailing interest_and commission_ 420 Wash. L. & Trust Bldg., 9th & F N.W. Btocks Bonds Toternatl. Bank. st Mtz. Bonds . Bond-Guar. WE BUY—SEL Amer. Coal Tarp. Banke. Tr. Mte. Bie Vein Anthr. Reneficial Loan Chnpin Eacks Collutl. Bau Durani-Star Mts. | U German Bonds Unien Finance Internatl. Wardman Mtg. MEHLMAN & CO. 1319 F St. N.W. Ph. Main 8847 SECOND TRUST NOTES Funds avallable for the pur- chase of all kinds of secon: trust notes. secured on D. C. or nearby real estate. Prompt action in every case. Washington Investment and Transactions Co. %15 14th St. N.W. Main 3662 00460665000 The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland Suburbs for 3, 5 or 10 Year Periods. 5%:% ON APPROVED SECURITY Houses Business Propertics Apartments Office Buildings Apply RANDALL H. HAGNER & COMPANY MORTGAGE LeAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent Subwrbs in Montgomery County, Mé- S ‘_fl pply vo- H. L. RUST COMPANY LOAN CORRESPONDENT e PRUDENTIAL INSURANCE COMPANY o AMERICA 912 15th Street N. W. Main 6888 ) Taking Profits TOCKS today*are selling at high fig- ures. Are you one of those who have participated in this rise and are consider- ing taking profits? If so, would it not be wise to place those profits in securities which do not fluctuate and which will, therefore, protect the profits you have made. Our First Mortgages are worth one hundred cents on the dollar every hour of every day in the year, and at the present time yield the considerable return of 6Y:%. Swa Rheem 727-15 Street. NW WashinglonDC. 56 Years Without Loss to An Investor. We Are Deeply Thankfu —not only for the ever-increasing volume of our business and the consequent enlarged opportunity to serve the public and our many patrons, but for the additional satis- faction derived from our ability to state that no investor has ever lost a dollar Ehrg‘;wh the _purchase of our I7irs€§l(1(§§3gé ecurities. On this National Holiday we re-pledge ourselves to this same conservative and painstaking policy of safeguarding the fidu- ciary interests of our patrons. * MORTGAGE' INVESTMENT DEPARTMENT 713, 715 and 717 14th Street N.W. Main 2345