Evening Star Newspaper, January 17, 1926, Page 45

FINANC BONDS ARE HIGHEST IN PAST SIX YEARS Average Levels Lifted During, Week by Buying in First- Grade Issues. BY GEORGE T. HUGHES. Special Dispateh to The Star SW YORK, January erage price level of domestic bonds, again this week as last, was at a new high, not only for this year to ¢ and for 1925, but for the ps vears. With only minor re quotations for high-grade securiti have been slowly advancing under the stimulus of an unsatistied investment demand greater than any one had an- ticipated. The buying this week has been im. pressive in that it was not for the most part in securitles where the yleld was higher than the current charge for money, but in those seasonsd, un derlying liens which sell attractive only to financ tions and the most « vestors. Certain bonds of this type sold at the highest price they have ever reached. It must not be understood, however. that the galns were at any time nu- merfcally large. Price changes in this Kind of security, the trend was unmistakablle 16.—The av Money Money Remains Cheap. emains atively « as easy vear ago at this time, but still low. The reserve ratios of the Federal Reserve banks as a whole, d of the New York bank in particular, show increases on the week, in the former case from 70.2 per cent fnr the week ending January 6, 7 per cent for the week ending January 13, and In the latter from 80.1 to $1.8 per cent as of the same dates. The fact is that commercial marids upon hanking resources have t been sufficient to bring about any enlargement of recourse by member banks to the discounting facilites of the Reserve system Part of the current decline in at count holdings {s undoubhtedly ed- sonal, but it serves to emphasize a condition which makes possible the strength in the bond market. An- other factor is the extraordinary large amounts of cash carried by prosperosu Industrial corporations which must have at least temporary employment. Hard to Get 6 Per Cent. rning to bonds of the second grade, it is becoming move and more difficult to get 6 per cent on a secured obligation protected by demonstrated earning power. In the railway group the junior liens of such roads as the Seaboard. the New Haven and St. Louls and San Francisco, nd the bonds of certain tractions that yield this much. Whenever scrutiny veals a bond which < a return higher than the and at the same time is the on of a cor poration thar reports margin of safety, that ported, no matter what to other seml-speculative descrip- tlons. In general. honds this grade move or less in sympathy with their respective stocks. but this s not true when the conditions are ted Type of Bond Desired. At the same time, the speculative attr: n is still looked for but prin- efpally in bonds which car vertible privileges or wa stocks ut fixed prices which offered any features kind have been pa placed. With the al average of stock prices so igh and with widespread uncert. v about the future of the purely speculative market, bond purchasers are eager for ‘thing that combines the security of a bond_with the chance to participate in the profits of the enterprise if it proves profitable. This combination appeals espe- efally to those who have accepted the new theory about the antages of stocks over bonds for term in- vestments. In this connec and more the trend in com number of author that over the longer period there is more apt to he a price decline than an advance is increasing. If this view is correct the principal argu- ment in favor of the common stock as against the bond is nullified. St there is enouzh doubt about the mat- ter to make the convertible issue ~asily salable. Foreign Bonds Less Active. Foreizn bonds have not displs any great strength as domestic, not- withstanding their much higher aver- age yield. Thev remain more respon- sive to polit development: with more doubt shown ubout the French situation than anything else. French honds themselves are little changed on the week, but their low selling srice compared with the high coupons they all carry is a constant remind- er of the uncertainties of foreign in- vestments. This week, for the first time, the ginking fund provided for when the French Republic 8s were first_sold, operated to redeem bonds by lot to & price approximately 9 potnts above the ket. It would seem the large profit accruing to the fortunate holder of the bonds so drawn for redemption would serve o strengthen the market for other ssues in which there are similar op- portunities. (Copyright, 1928.) NEW ENGLAND POWER CO. WILL ISSUE NEW STOCK BOSTON, January 16 (#).—Share- nolders of the New England Power Co. at a meeting here today approved re- orgenization plans calling for the is- sue of $20,000,000 new capital for acquisition of new plant and property. F. L. Carlisle & Co., Stone & Webster, S affiliated with In- ternational Paper Co. will take up the new shares In the reorganized New Iingland Power Association. The plan provided for the exchange of the present share capital of the New England Power Co. for shares of w new Massachusetts voluntary asso. ciatfon to be known as the New Eng. 1and Power Association. The new In- terests coming into this assoclation were to subscribe for 400,000 new com- mon shares at $30 per share. as it was of the list re- of tlarly and_the FOREIGN EXC}{ANGE NEW YORK, January 16 (#).—For- elgn exchanges steady: quotations in cents: Great Britain, demand, 485 11-16; cables, 4863, 60-day bills on banks, 4817-16; France, demand, 3.76 cables, 3.77; Italy, demand, 4.03% cables, 4.04. Demand: Belgium, 4.533; Germany ; Holland, 40.15; N way, 20.36; Sweden, 2 24.88; Switzerland, 14.16; Greece, 1.37 (zechoslovakia 86; Jugoslavia, 1.77: Austria, 14 ania, 45; Argentina, 41.44; Bra Shang- bal, 76 CHICAGO STOCK MARKET CHICAGO, January 16 UP).—Ar- mour preferred, 9%; Balaban & Katz, 68; Middlewest Utilities, 125; Real Silk, 56%; Swift & Co., 114%5; Swift Inter- national, 20; Union Carbide, 79%; United Light and Power A, CUnited States @ypsum, 147, fon more { believe | 1oz 23 103 10708 96 1084 9% 111 109 91 9915 1044 1043 104y 1091 {108 4Ty 9644 110184 CIAL. wo\ 5% 6% 97 1% 91 891 1008 10235 101 101 39y 874 &5 101 High 97% 108% 970 10114 81y 110% 108% K9l 163 104% 1087% 108% 110 1104 103 b, tow 1928 - 9915 Liberty 3% s 1932-47. . 102-80 101-1 101- 102-1 103-8 105-10 19 1025 Low. 9 19 95 101% 96 9816 i 106% 106% £0 95 1015 101% 1013, 106% 106 404 94y 98K 994 98, AR a3 98% 91% 79 81 90 88 £0% RO 102% 704 1013 109 93144 4 100 B2y B4% 103 1004% 115 104 U. S. BONDS. Liberty lat 448 1932-47.. 100-16 Liberty 2d 4% s 1927-42 101-1 101-20 Liberty dth 43 1933-3: Liberty 3d 4348 1928 )4-18 Treasury 6%s 1947-62 FOREIGN. Argentina 6s A 1957 Argentina 7s 1927 Austrian Govt 5 Austriasf 7s 1943 Belzium 6s 1965. Belglum T%s 1945, Belgium 83 1941. . Bordeaux 6s 1934. Brasil 8s1941... Canada bs 1952 Canada 538 1929 Chile 85 1 Chile 8 Chile 88 1. Chinese Govt Ry Ba 19 Copenhagen 548 1944... Crechoslovakia 8s 1951 Denmark 68 1942. Dutch East Indles 65 1947. Dutch East Indies 8s 1962. French Govt T%s 1941. French Govt 45 German 7s 194 Holland-American s f 6 1347. . Japanese 48 1931. .. Japanene 6%s 1964. Jergens Utd Margarine 63 1947. - Lyons 6s 1934 Marsel Paris-Lyons-Med Queensland 6; Queensiand 7s 1941, Rio de Janeiro 8s 194 Sao Paulo. State of, Seine, Dept of. 78 Serbs Crotes Slov. Sweden 65 1939 Swiss Bls 1948.. United Kingdom 6% s 192! United Kingdom 6%s 1 SUNDAY 99-26 101-22 100-18 100-27 101-80 106-14 BOND SUMMARY FOR THE WEEK Last. YieM. 100 3 50 101424 895 100-19 391 100-29 8 87 398 10: 106-16 381 Low. 8640 101% 963 100% B6Y 109% i 107 INDUSTRIAL AND MISCELLANEOUS. 94% 951 103% 991y 96k 100 994 100 86 87% 100% 90 93% 106 78% 44 5 106% 94% 9714 100 10749 119 99 101 82% £T% 1015 20 £95, 978 87 874 9 112 100% €514 Amer Agri Chemical 7% 1941. Amer Smelt & Rof 1st b8 1947. Am. Smelt 1st 6s 194; Amer Sugar Refining 68 1337 Amer Tel & Tel cl tr 4 19: Amer Tel & Tel cl tr 6s 1946. Anaconda Copper 6s 1953. Anaconda Copper cv deb 78 Armour & Co 4#s 19 Atlantic Refining deb Bell Tel (Pa) ret 6s 1948, Bethlehem Steel p m Ba 193 Bethlehem Steel s Chile Copper 6s 1933 Cons Coal (Md) 1a ref 65 1950. Cuba Cane Sug cv Aeb 83 1330. Detroit Edison ret ¢s 1940. Dodse 6s'41. Empire Fuel & Gq Goodrich (B F) 6%s 1947 Goodyear Tire 851931 Goodyear Tire 85 1941 Humble Of] & Ref 5%5 1933 Indiana Steel 55 1952. Inter Mer Marine 6s 19 Inter Paper bs B 1947, International Te' bs rets. Kelly-Springfield 81 1931 Lackawanna Steel §s 195 Liggett & Myers 5a 1951, Manati Sugar s f T8 1943, Midvale Steel 55 1936 New England Tel 6 New York Edison 1st 6% NYGasELH& P s 194 New York Tel 4381939 New York Tel 68 1941. North American Edlson 6s 1952. Pacific Gas & Elec s 1942, Pacific Tel & Tel b5 1952. Philadelphia Co ret s 194: Public Service 68 1944.. Sinclair Ol 7s 1937 Skelly 6les 1927. . South Porto Rico Sugar 7s 1341, Union Bag & Paper 68 D. United Drug 6s 1944. U 8 Rubber 1at & ret is 1947, U 8 Rubber 7% 1930. U SSteel st bs1963. Utah Power & Light Va-Carolina Chem Western Union Tel Wilson & Co 1st 6s 1. Wilson & Co cv 734s 1931.. RAILROAD. Atchison gen 45 1391 s Atlantic Coast Line 18 «s 1353 Balto & Ohio gold 45 1943 Balto & Ohlo cv 4343 193 Balto & Ohlo ret 24 Balto & Ohio 68 1 3% B&OPittaLE& W Va 48 B & O Southwestern Div 5 cf Brooklyn-Manhat s f 65 A 191 Canadian Northern 6145 1946. Canadian Pacific deb 4s Central Pacific 48 1949 Chesapeake & Ohio ev 4 7 Chesapeake & Ohlo gn 4%s 1992, 92% 71 8% 8% 71 86% 98% 84% 6% 59% 8% Bd% 26% 84 % 100% 106% 34% S0% 58 95 100% 94% 63% 0% Chesapeake & Ohlo cv 58 1948. Chicago & Alton 338 1950. . . Chi B & Quincy 1st ref 5s 1971, Chi & Eastern 11l gen b8 1951 Chi Great Western 48 1959..... ChiM & St Paul cv 43451933, Chi M & St Paul gen 4% 19 Chi M & St Paul ret 4% s 201: Chi M & St Paul cv 63 2014. Chi & Northwestern 6%s 1936 Chicago Rallways 68 1927 ChiR1& Pacific ref 451934, Chi Union Station 4%s 1964. Chi Unlon Station 6%s 1963 Ch! & Western Ind con 481962 CCC&StLref6sA 1929, Cleveland Term 6%s 1972 Colorado & Bouthern 4%s 1935. Cuba R R 62 196 Delaware & Hudson 5%s 1937. Den & Rio Grande con 4s 193 D. & R. G. West bs 1956, Erie 1st con 45 1996. Erie gen lien 45 1996 Erie cv 48 A 1968 Grand Trunk Grand Trunk 78 1940. Great Northern gen 5%s 1953, , . Great Northern gen 7s 1936 Hudson & Manhattan ret bs 19| Hudson & Manhattan adj bs 1 Illinois Central 6%s 1934. Inter Rapid Transit 5s 1966 Inter Rapld Transit cv 7s 1 _Inter & Great Nor adj Kan C Ft Scott & M 45 1936 Kansas City Southern 35 1980 Kansas City Southern b8 1950. Lake Shore 45 1928 Lake Shore 31 Louls 4 Nash unified ¢ 1940 Louis & Nash 1st ref 5%s 2008, Mil Elec Ry & Lt 1at ret 5a ‘61. MStP&SSM6%s1931. Mo Kan & Tex 1st 45 1990 Mo Kan & Tex adj bs 1967 Mo Kan & Texprinbs A Missouri Pacific N O Tex & Mex Inc § New York Cent deb ¢s 1 New York Cent ret imp 85 2013, New York Central deb 6s 1935, NY Chi& St L 5%s 74 New Haven deb 48 1957. . NYNH&H cvdeb 6s 19 Nortolk & Western con 4s 19 Norfolk & Western cv 6s 193 Northedn Pacific §s 1947.... Northern Pacific 45 1997. Northern Pacific ref fmp 6a 20. Ore Short Line ref 481939, ... ... Ore Wash 1st ref.4s 1961 Pennsylvania gen 53 1968 Pennsylvania 638 1936. . . Peorin & Bastern inc 4s 1950 Pere Marquette 1st s 1960 Reading 4%s97.... Rio Grande Western cit RIArk&L 4%s StLIM&SR&G 451923, St L &San Fran prIn 4s A 1950 St L & San Fran pr In 65 1950, StL & San Fran 6%s B 1942, St L & San Fran adj 6s 1956 St L & San Fran inc Seaboard Alr Line ret 4s 1953. Seaboard Alr Line adj bs 1949, . . Beaboard Alr Line con 6 Southern Pacific cv 4s 19 Southern Pacific col 45 194; Southern Pacific ref s 1955. Southern Ry gen 48 1956. . Southern Ry 1st 68 1994 Southern Ry dev 6 Third Ave adj 55 1960. Union Pacific 1st 4s 1947, Union Pacific cv 4s 1937 Virginian Ry 1st 65 1963, Wabash 18t 68 198 Wabash 5% 75 Western Maryland Western Pacific 65 1946.......,. 81% West Shore 1st 48 3381.000s00sa 1087 QD’« 108 lu.!h 9T 101% 101% 105 91 897 100% 934 9544 w2 1013 108% 102 1024 108% 1083 Last 974 1017 97 101 864 109% 107 #3% 101% 1035 102% 1023 108% 108% 6 8% 101 1028 104% 1043 98 » 101% 1010 H5%y 854 934 104% K34y 43% 108 76% 105 111% 984 108% 88 924 104t 1037 1184 104% 105 100 108% 108% 97% 101% 102% 104% 9% 99% 101 95% 97 107% 3% 9844 107% 96% 102 105 110% 121% K 1013 151% 62% 563 108Y 87 837 9455 103% 111% 3874 101% 2434 74% 87 9% 7% 93% 99% 94% 87 1% 86% 8% 974 £6% 90 /1% 1043 1120 42% 921 983, 101 101% 99% 68% 96% 3% 103 86% 94% 109% 108% 974 101% 100% 8443 1007 115% 1044 97% 1084 1024 98 99%, 1034 100% 95 1225 1084 105 106 93 107y, 1064 95k 1064 12 70 90K 151% 623 874 109 97 8415 95% 10644 12 40% 101% 95 6% 80 80 8% 24% 20% 94k 874 73 86% 95 9% €64 20% 81% 105 118% 47 92% 993 | OAT: 101% 101% 29% 69 2% 83% | Other Financial News on Page 48.: STAR, WASHINGTON IREACTIONARY PRICE TREND IN STOCKS Heavy Selling in Motor List Is Feature of Brief Sat- urday Session. By the Associated Press NEW YORK, January 16.—Reac- tionary price tendencies again pre- dominated in today's brief session of | the stock market, which was featured | by a renewal of selling pressure against the motor shares. Trading was in relatively heavy volume,, the day's sales running just short 6f ul million shares. The sharp break yesterday resulted in a rather heavy accumulation of overnight selling orders, the execu- tion of which gave opening prices a heavy tone. When these had been disposed of, operators on the long side attempted to rally the general list by bidding up some of the Easte ralls and a few industrial specialties. The rally, which was aided by the covering ‘operations of timid bear traders, failed to hold, however, and prices sold off again in the last hour. Final quotations disclosed consider- able lrregularity, both the rail and industrial averages showing slight re- cessions on the day. Reason for Sellin Selling of the motors was based on the theory that the stiff competition and increased sales effort, necessary to maintain the heavy production schedule of 1925, would result in de. creased earnings. Hudson again was in free supply in further reflection of speculative disappointment over the fallure of the directors to in- crease the dividend stock, closing 2% points lower at 1081 after hav- ing sold as low as 1073. Nash Motors broke 4 points, Chrysler sold off 1% and General Motors, Studebaker, White, Willys-Overland and Jordan vielded fractionally. Mack Trucks closed a point higher. United States Steel, which was pressed for sale in large blocks yes- terday, recefved better support, clos- ing 5% higher at 133%. Other stand- ard industrials were mixed, with most of the active issues showing only slight net changes. Assoclated 0il Strong. Persistent accumulation of Assocl- ated Ofl, which touched u new record high at 53, was associated with re- ports that two powerful groups were seeking control of the company. United States Rubber advanced 3 points to 8313, on what appeared to be a running-in of the short inter- ests. Substantial advances also were recorded by Devoe & Raynolds, Fair- banks Morse, Famous Players, Howe Sound, May Department Stores, Otls Steel preferred, International Com- bustion Engineering, Schulte Stores, West Penn Power and \Western Union. Atchison, Baltimore _and _ Ohio, “Katy" common, New York Central and Texas and Pacific advanced a point or more in the early trading, but the gains were reduced or can- celed in the late wave of selling. Nor- fork and Weestern, in which special developments are belfeved to be pend- ing, closed a point higher. Other Markets Mixed. Commodity markets were mixed Wheat futures reacted 1% to 23 cents a bushel, in reflection of speculative disappolntment over the export de- mand. Cotton options advanced 4 to 18 points on the response to heavy covering by early month shorts. Cof- fee sold off 16 to 25 points in sym- pathy with an easing of Rio Exchange rates and reports of slackening Furopean rates. Raw sugar was un- changed. Foreign exchange trading was quiet, with no important changes in rates. Demand sterling sold around $4.85 1116 and French francs around 37613 cents. Japanese yen touched the highest price in about three vears at 44% cents. WALL STREET BRIEFS NEW YORK, January 16 (P).— The Liggett & Myers Tobacco Co. has made an additional purchase of about 30,000,000 pounds of the 1925 crop of tobacco from the Burley Association, a total of about 6,000,000 pounds in the last few weeks. Other transac- tions included American Tobacco Co. 5,000,000 pounds of the crops; P. Lorrilard Co., 700, 000 pounds of the same crops; United State To- bacco Co., 600,000 pounds of the 1925 crop; Larus Bros. Co., 1,000,000 pounds, and the Kentucky Re-Drying Co., 000,000 pounds Sales of Kroger Grocery and Baking Co., the second largest grocery chain in the country, are estimated at $116,- 200,000 for 1935, in contrast to $90.- 124,798 in 1923 The company was operating 2,856 stores at the cluse of 1925, an increase of 737 during the year. Nine vears ago annual sales were about $12,500,000. A ‘proposed amendment to the charter of Flint Motor Co., subsidiary of Durant Motors, Inc., authorizing the directors to mortgage the com- pany's property in Flint and Lansing, will be acted upon by stockholders next Monday. It is understood the directors plan a bond issue of about $4,500,000 to provide additional work- ing capital of which more than half has been pledged to W. C. Durant and his associates. Charles M. Schwab asserted today he did not share any belief that the automobile industry’ might surpass the railroad industry in the use of steel. “I never expect to see that come to pass,” he added. G. R. Parker of Parker, Peebles & Knox, Inc., has been elected president of the American Exporters’ and Im. porters’ Assoclation, an organization embracing the leading export and im- port commission houses of the coun- try. Private dispatches received in Wall street from Tulsa state that Independ- ent Oil and Gas has bought a half interest in about 1,800 acres in Lion County, Kans., for $250,000, of which $150,000 was cash, the balance to be paid in oil Motion Picture Capital Corporation reports net profit of $281,776 for 1925, after interest and taxes. Net profit D. ., JANUARY 17, : s Bank Clearings For Week Ahead e Of 1925 Figures By the Associated Press, NEW YORK, January 16.— Bank clearings throughout the country for the week, compiied by the Commercial and Finuncial Chronicle, were $10,773,061,514, compared with $10,719,671,573 a vear ago. New York City showed a decrease of 2.6 per cent. COMING NEW ISSUES CHECK BOND TRADING Saturday Market Steady, But In- vestors Appear to Be Hold- ing Back Funds. i By the Aseociated Press NEW YORK, Junuary 16.—Interest in forthcoming new financing dulled the edge of the bond trading today, with Investors withholding funds from the market in anticipation of attrac- tive new offerings. Selling pressure, which was evident in several quarters of the st yesterday, was lifted today, paving the way for recoverles in these issues, although buying power gener- ally was at a low ebb. Interborough Rapid Transit obliga- tlons, which recently have been de pressed by public discussion of the| compuny’s financial problems, were bolstered up by assurances that no drastic remedfes were contemplated The bonds rebounded 1 to 2 points today, but closed several points lower on the week. Trading was quiet in the railroad group, but several substantial price ing were recorded on small turn- overs. Frisco 4s “A" sold more than 3 points higher on a single sale, and New Haven 4s of 1855 scored a simi- lar advance. Other issues which dis played e firm tone included New Haven collateral 6s, New York, On- tarfo and Western general 4s, Penn- sylvania general Gs, Atlantic Coast Line 4s and Baltimore and Ohlo liens. A few heavy spots appeared in the public utility section although a quiet demand was noted for high-grade elec tric light and power issues by Mining 7s and International Agricul tural Chemical s were among the most active industrial issues. Prices of United States and foreign govern- ment obligations were virtually mo- tionless. NEW IRISH LAND BONDS ON MARKET TOMORROW DUBLIN, Ireland, January 16 () —The land bonds created under the Dail Eireann act of 1923 will be listed next Monday and dealing in them will begin forthwith. The bonds bear interest at 41x per cent and will be redeemed at par in British cus- tody. The minister of finance ix em- powered to arrange for their redemp- tlon within 80 years from December 18, 1924, by vearly or semi-yearly drawings. There are now four kinds of land stock quoted on the Dublin stock exchange. It Is probable that issues will continue until 1932, when the total bonds on the market are ex- pected to reach nn 000,000. TRUMBULL STEEL’S NET. Ohto, January 16 teel Co's net earn- ings available for dividends. but be- fore payment of Federal totaled $643,600.32 for the quarter ended De- cember 31, officials of the company announced today. After allowing $75,000 for Federal taxes, the figures showed preferred dividends earned 3% times and net earnings for com- | mon_stock of 68 cents per share on the 8 shares outstanding Officials said that with business for this year being taken at higher prices, better ecrnings may be ex- pected. YO TOW ) P) —Trumbull BUSINESS TOPICS ATLANTA, January 16 (Speciali- Georgla's road-building program this vear contemplates expenditure of $15,000,000 to $20.000.000. By Midsum mer the Dixie Highway will be com- pleted from Chattanooga through At lanta to Macon, and the road from Macon to Jacksonville hard surfaced all the way. SAN FRANCISCO, January 16 (Speciall.—An oversupply of common labor exists all over California, ac- cording to the Federal Employment Service. Skilled workers are in good demand, although there is a slight surplus of building trade artisans in the Bay region. WEEKLY BANK REPORI NEW YORK, January 16 (#).—The actual condition of Clearing House banks and trust companles for the week shows excess reserve of $25.210,- 560. This is an increase in reserve of $54.423,900 compared with the last weel hen a deficit in reserve of $29.213.340 was reported. William H. Kyle Loans—Insurance 1410 G St. N.W,, Room 15 Phones—Maln 6627. Res.. Frank. 5191 Consultation Invited to those hav- ing funds to Invest in real estate loahs. or Sell? Stocks for five weeks have backed and | filled™—at & high level—making no real rogress. Does this mean preparation | or 'a broad advance? Or distribution, with later a slump? | These questions are ansiered. &p cific advices piven in an impartial analy- | | sis jusr prepared for our clients. To ac- | \vmnt vou 1with our complete Security | arket “Service. you ave weicome 1o a| mpie copy of this latest analysis, free. | | Simply addre AMERICAN SECURITIES SERVICE 880 Corn. Ex. Bank Bidg. ExchangeatParBondsfor Exceedingly High-Grade Florida Building Lots w can take at par Mortgage Real Nz(c for December was $41,782. EXTRA DIVIDEND VOTED. NEW YORK, January 18 (#).—Rall- way and Light Becurities has declared an extra dividend of $6 a share on the common in addition to the semi-an- nual disbursement on $3, also the semi-annual of $8 a share on the pre- ferred, all payable February 1 to hold- ers of record January 15. CHICAGO uum MARKET. uJEEAT - O oy ay (new! ¢ May (old July ... September COR! May July . &7 e (54 Prrenne | xxx ‘-mll E35 223 &S R 233 22 R 8 B Bonds of recognized bond houses in exchange for a few high-grade building lots in Florida. These are lake-front lots, to be highly developed by Com- pany amply able financially to carry out a magnificent devel- rmem, and are located in one the most beautiful sections of the State, with R. R. station on property. At this time a few lots can be acquired at prices that make them de- cidedly attractive either as an investment or for Winter . homes. mmediate ‘action necessary. Titles are perfect and maps, snap shots an: general information “will be mail at once on request. e will be furnished. P. O. Box 516 Tallahassee, Florida 1926 — PART FINANCIAL WE FINANCE ~—all ciasses of income-producing property Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.\W. WE PAY MORE INTEREST ON SAVINGS ACCOUNTS | Than Any Other National Bank Washington Interest on DAILY Balances Come in and let us explai Commercial Nat'l Bank Denominations of $250, $500, | 14th and G Streets $750, $1,000 and Upwards | s $13,000,000 1 K. GOLDEN DONALDSON, PRESIDENT 6"2% | All loans Made on Property Located in the District of | Columbia JAMES F. SHEA 643 Louisiana Ave. N.W. $400 000 Immediately Available For Purchase of Well Secured Second and Third Trust Notes Also funds available for first trust loans. Prompt Action Reasonable Rates Donald M. Earll 507 Insurance Building 15th W, FIRST MORTGAGES When You Need a Loan FOR SALE Think of WELCH, Loan Specialist Money to Loan At 5%, % and 6%, INTEREST Before Placing or Renewing Your st or 2nd Trust - Consult Welch, Realtor Loan Speelalist Quick Replies Reasonable Charxes 15th & N. Y. Ave. M. 4346-4343 Resour Money !n Loan Secured by first Prevailine i Joseph 1. Weller nission & Trust We gladly receive and give vxmmyx attention to applications for Loans on Washington Real Estate Current rates of interest. Should you have Money to Invest —we can also take care of vou. Our expe ce, €xX- tending over a period of Thirty-Five Years —insures protection. Percy H. Russell Co. 926 15th St. N.W. D S SRS S SRR SRS NS S8 S g 2 g 1st Trust Loans On Improved D. C. Property Made A Construction Loans ble Interest and Rates N. L SANSBURY CO., INC. 1418 Eye St. N.W.—Main 5804 S I I T e First Mortgage Notes For Sale In Denominations of §100, $250, $500, $1,000 AND UvP 637 Interest Secured on D. C. Real Estate Wm. H. Saunders Co., Inc. Established 1887 1433 K Street N.W. 907 Washington Busi- ness Properties are Growing in Value-- “He Should Properly Invest His Money 1f He Would Have Money to Invest.” Careful investment of vour money will vield you an income that will in time give you more prin cipal. Place your 1926 funds where th will vield an annual income o 6% Our First f\lo;tgage Notes on Washington Real Es- tate pay that. [SHANNON_ & LUCHS| 713-15-17 14th St. Main 2345 Hedgey & Mjitetr REALTORS When You Have Funds to Invest, Consult WELCH, Loan Specialist Established 1899 612% and 7% Real Estate Notes for Sale in Amounts from $250 up to $1,000 or more. Consult WELCH, Realtor 4 Loan Specialist 15th & N. Y. Ave. Main 4347 Real Estate LOANS —to build homes! —to build apartment: —to build business properties! —on homes already built! Terms arranged to conveniently meet the requirements of the borrower B. F. SAUL CO. Main 2100 925 15th St. NN\W. ! Moore & Hill, Inc. 730 17th Street N.W. ; I | P Fmt Mortgage Notes ‘ Secured on D. C. Improved Real Estate In every instance these ] loans are based on our usual conservative valuations, and we have invested our money ‘L_mm..mm We Beg to Announce That Subscriptions to Our Offering of $500,000 Merchants Transfer & Storage Company . 7% Cumulative Preferred Stock Having Been Received in Excess of $1,000,000 The Books Were Closed at 1 P. M., January 16, 1926 Crane, Parris & Company 823 Fifteenth Street N. W. Washington, D. C. Commercial National Bank Merchants Bank & Trust Co. Continental Trust Company Merchants Transfer & Storage Co. District National Bank Mt. Vernon Savings Bank Federal-American National Bank Munsey Trust Company Ldberty National Bank National Bank of Washington Park Savings Bank