Evening Star Newspaper, February 14, 1926, Page 95

FINANCIAL. BONDS ARE HIGHEST . FOR NINE YEARS 2 192 Tigh, " Tow, g 10129 99-15 10280 101-1 10119 100-16 THE SUNDAY BOND SUMMARY FOR THE WEEK High. 100-25 102-10 High. Low. §. BONDS. 100-25 9919 Llherly 318 1932-47..... 102-12 101-21 Liberty 18t 41,5 1932-47. . Liberty 2d 4%s 1927-42 5 Liberty 3d 4% 102-17 101-29 Liberty 4th 41§ 19: 108-2 106-9 Treasury 4%s lM‘I 52. m Two Liberty Issues Attract Attention—Good Gains in Foreign Group. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 13.—Once more this week the average price of a selected list of typlcal bonds, both domestic and foreign, listed on the New York Stock Exchange, has at- tained a new high level for nine vears. The steady rate of the ad- vance has been very impressive. There’ has been practically no setback and all grades have participated more or less in the improvement. The United States Government bonds, the two issues which reached new high levels for the year, were the s and the of the for- theory that tax the market for * hontaxable securities, municipal and State obligations as well as the Lib- erty 31ys. Evidently the price has discounted the expected cut in taxes some time ago. For another reason the demand for the sury 41;s was interesting. This is the Governmens bond of most distant maturity. Special Market Factors. term bonds are generally -1t only by those who have co e in the money outlook. Treas- 4s are the Government issue with tha longest period to run next to the 11, W it is significant that these U\n are nearer to thelr record highs ] time than any other United Government obllgation, factor which helps support the for Liberties and Treasury is- the slowly ening supply ahout by the operation of the Trading in All these n off sharply during the aking the period from 1 to February 10, dealing in t bonds on the New York hunge for was $37,487, 00 compared with $60 ind with $128 ong anuary over lh( u-un!m but there is no show the same in Government nt, the only would Speculation ) s almost none buyers being real investors who, when they enter the market, find a steadily diminishing amount offered for sale. ins in Foreign Group. In no part of the list have the gains been more uniform than in the for- Compared with those curities the on forelgn bonds are extraor- Excluding Canada— ded as foreign for se—Great Britain _and i, the vields on listed Euro- sues range from 5'2 to 6 per the obligations of northern S to 81, and 9 per cent on vly organized nations in and southeastern Europe. The rgnge in South America issues is from 6 per cent for Argentine Londs to 8 per cent and over for cer- tain Brazillan issues. Japanese bonds return around 7 per cent. In almost every case issues of corporations lo- cated in foreign countries give a high- er return than the bonds of the gov- ernments of those countries, and the number of foreign corporation bonds dealt in on the American market is beinz constantly augmented. Prejudice Ts Overcome. The temptation se attractive re turns present Qually overcom ing the lo prejudice #zainst foreisn stments and the fear of adverse political develop- ments ebroad. New foreign issues, too, ure meeting with a better recep’ tion. Tha way in which French bonds have held up against the weakness in franc exchange is still the wonder of traders. The recovery in Brazilian oblications despite the fact that new Hrazilian financing tends toward Lon- don rath than New York was another outstanding feature. (Copyright. 1926.) WALL STREET BRIEFS NEW YORK, February 13 OP).— Satlsfaction with the outlook for the sbipping_industry was expressed to- day by W. A. Harriman, banker and chairman of the United American Lines, on his departure on a Euro- pean business trip with R. H. M. Robs inson, president of the company. First and second class passenger traffic last vear was about 25 per cent ahead ot he said, and improvement in the the United American vidently was greater. ‘‘Pros- ,mm for the shipping business this 1y brighter than at ihis time in because business generally ap to ent a much wore favorable outlook. those of caster is .ceptance Corpo- ) reports net earnings of $2,356,- 25, after ull charges, against 7 the year before, The week’s bank clearings through tha country, compiled by the Commer- ial and Financial Chronicle, amoun ed to $8,501,903,230. an increase of 2.2 per cent over the $8,406.549,000 for the corresponding period of 1925. New York City gained 0.2 per cent. The Standard Oil Company of New is understood in the financial t to have had the second best - of its history in 1925, estimated in advance of the official report, which is nsually made public in May, placing yrofit avaflable for the common stock 1t about $100,000,000. The rompany's record year was in 1920, when a bal- -ance of $154,135,888 was reported, or about $7.50 @ share on the common. The figure for 1925 is calculated after preferred dividend payments of about $14,000,000, and would be equal to about $5 on the $25 par value com- mon now outstanding. Balance avail- able for the common in 1924 was $67,- 418,467, or $3.30 a share on the com- mon. Export business of the PaigeDe- troft Motor Car Company in 1925 was 100 per cent greater than the year be- fore, exclusive of Canadian business. Lurope and South Africa each took _three times as many cars as in 192 Germany was the best individual ropean customer. SOVIET TRADE GAINS. Advance Claimed in First Quarter of Fiscal Year. NEW YORK, February 13 (#).—The foreign trade turnover of the Soviet Union for the first quarter of the fiscal vear, October 1 to Junuary 1, was $104,567,000, compared with $113,408,- 000 in the previous corresponding period, the Russian information bu- reau reports. Exports wer%fll,BQZ.» 000 and imports $105,575,000, giving an unfavorable trade balance of $16,- 583,000, The unfavorable balance was dus to heavy imports of industrial and agricultural machinery, a marked de- line in grain exports in December and ymaller seasonal decreases in cxports of timber, fure and oil products. 9215 919 95 94 108% 901 981 92% 104% 100% 113 106% 51% 84% 94% 99% 101% 108% 100\6 98% 94% 69 63% 96% 90% 86% 81% 98 FOREIG 99 1021-. 1018 Argentina 7s 1 Australian Gov Austria 75 1943 .. Belgium 65 1955 Belgium 7158 1945. Belgium 8s 1941 Bordeaux 68 1934. Brazil 8s 1941. . Canada 55 1952. ... Canada b%s 1929.. Chile 85 1926 Chile 8s 1941 Chile 85 1946 Chinese Govt Ry 55 1951. 9734 Frenc 100% French G 101 German 7s 1949 83% Holland-American s f 65 1947 83% Japanese 43 1931. Japanese 618 1954. = Jergens Utd Margarine 8s 1947 i Lyon 651934 Marseillo 85 1934 ... Netherlands 6s 1972 Paris-Lyon Med 65 1958. § Queensiand 6s 194 Queensland 7s 1941. Rlo de Janeiro 83 1946 4 Sao Paulo, State of, 85 1936 Seine, Dept of, 117% United Kingdom 5% 104% United Kingdom 5335 1927. INDUSTRIAL AND )II\CFLL\\ 103% Amer Agri Chemical 7138 1941 99 Amer Bmelt & Ref 15t 58 1947. 107% Amer Smelt 1st 65 1942. 103 Amer Sugar Refining 63 1937 96% Amer Tel & Tel cl tr 48 1924 . 100% Amer Tel & Telcl tr 58 1546. 101% Anaconda Copper 68 1953 104% Anaconda Copper cv deb 90% Armour & Co 4.5 1939.. 99% Atlantic Refining deb §s 19, 100% Bell Tel (Pa) ref s 1948. . 93 Bethlehem Steel pm 5s 193 95'% Bethlehem Steel s f €5 1943 Chile Copper 6s 1932 Cons Coal (Md) 1st ref 58 3 Cuba Cane Sug cv deb 8s 1930 Detroit Edison ref 65 1940. Dodge §5 1941 Emplire Fuel & Gas 733s 1537 Goodrich (B F) 6158 1947 Goodyear Tire 8s 1931. Goodyear Tire 8s 1941... Humble Oil & Ref )‘7! 1932 Indiana Tnter Mer Ma Inter Paper 58 B 1947. . awanna Steel 55 1950. Liggett & Myers 58 1951. . Manati Sugar s £ 7148 1942 Midvale Steel 53 1936 New England Tel 58 1952 Y Edison 1st 6145 1841 Y GasEL H & P 55 1948 Y Tel 4138 193 g Y Tel 65 1941 i North American Edison 6s 195: 971 Pacific Gas & Elec 58 1942 987 Pacific Tel & Tel 58 1852, ... 1031 Philadelphia Co ref 65 1944 ... 100 Pubiic Service 65 1944. 93% Sinclair Ofl 75 1937. 120 Skelly 6155 1 107 South Porto IUN) slll:ur s l“fl 104% Union Bag & Paper 65 D. 108% United Drug 6s 1944... ... 91% U S Rubber 1st & ref 107 US Rubber 7%s 1930. 105% U S Steei s £ 55 1963 95 Utah Power & Light 65 1944. 106% Va-Carolina Chem s f 75 1947 111 Western Union Tel 6%s 1936 98% Wilson & Co 1st 65 1941. . 68 Wilson & Cocv 73481931, RAILROAD. 893 Atchison gen 45 1935. 9214 Atlantic Coast Line 15t 45 195 89% Balto & Ohio gold 48 1943. 94 Balto & Ohio cv 4145 1933, 9315 Balto & Ohio ref 5s 1 1023 Baito & Ohlo 6s 1 . . §9% B& O Pitts LE & W Va 45 1941 98 B & O Southwestern Div 5 cfs 50. 9214 Brooklyn Manhat s f 65 A 1968 117 Canadian Northern 615 1946. 801 Canadian Pacific deb 4s 89% Central Pacific 45 1949 977% Chesapeake & Ohto cv 4355 1930. 92% Chesapeake & Ohio gen 4345 1992 127% Chesapeake & Ohio cv 55 1946 51% Chicago & Alton 3% 1950. 108% Chi B & Quincy 1st ref 55 1971. 76% Chi & Eastern 111 gen s 1851. 64% Chi Great Western 48 1959. 51% Chi M & St Paul cv 438 1932, 90% Chi M & St Paul gen 43 1989. 52 ChiM & St Paul ref 43482014 52 ChiM & St.Paulcvss 111% Chi & Northwestern 6% 76% Chicago Railways 58 1927 87% Chi R 1 & Pacific ref 45 1934. 84% Chi Union Station 4¢14s 1964 116% Cht Union Station 65 1963 81 Chi& Western Ind con 48 1952, 108% C C C & St L ref 65 A 1929 106% Cleveland Term 5% 197 95% Colorado & Southern 4%s 1935. 88% Cuba R R 68 1962. ... 108 Delaware & Hudson 5%s 1937. 86% Den & Rio Grande con 4s 1936 66 D&RG West 5s 196 90 Detroit United 4%s 1932. . 74% Brle 1st con a 198 Erie gen lien 48 1996 89 Eorlecy s 1963, 821 Eriecv 4s D 1953. 971 FIAECos74.... 106% Grand Trunk s deb 8s 1936 114% Grand Trunk 7s 1940.. .. 102% Great Northern gen 6% 110% Great Northern gen 7s 1936 921 Hudson & Manhattan ref 5s 75% Hudson & Manhuttan adj 55 195 102% lilinois Central G148 1934..... 62 Inter Rapid Transit 65 1966. . ... 85% Inter Rapid Transitov 7s 1932.... 72 Inter & Great Nor adj 6s 1952 Kan C F't Scott & M 45 1936 Kansas City Southern 2s 1950. Kansas City oSuthern 65 1950. Lake Shore 45 1928 . Lake Shore 4s 1931 Louls & Nash unified ¢35 1940, Louis & Nash 15t ref 6% s 2008 Mil Elec Ry & Lt 18t ref 65 61. .. MStP&SSM6%s1931. % Mo Kan & Tex 1st 48 1990 Mo Kan & Tex adj 68 1967 MoKan& Texprinbs A1 Missour| Pacific gen 4s 1975. i N O Tex & Mex inc 58 1935. New York Cent deb 48 1934. New York Cent ref imp bs 2013 w York Central deb 65 1935 New Haven deb 48 1957 . . NYNH&Hecvdeb 65 1948 NY West & Boston 4% 1946. .. Norfolk & Western con 4s 1996 Norfolk & Western cv 65 1929. Northern Pacific 38 1947. orthern Pacific 45 1997. Northern Pacific ref imp 6: Ore Short Line ref 43 1929. Ore-Wash 15t ref 4s 1961 Pennsylvania gen 4%8 1965 Pennsylvanta gen 55 1968 Pennsyivania 616s 1986 % Peorla & Eastern inc 4s 1990. . Pere Marquette 1st 55 1950 Reading gen 45 1997.... Reading 4148 Rio Grande Western clt 4s 1949 RIArk& L 4%s 1934, StLIM&SR&G 48193 8t L & San Fran pr In 45 A 1950 St L & San Fran 5%s B 1942. Bt L & San Fran adj s 1956 8t L & San Fran inc 68 1960 71% Seaboard Air Line ref 4s 19! 868 Seaboard Alr Line adj 55 1949. 9413 Seaboard Air Line con 68 1945. 967 Southern Pacific cv 48 1929 864% Southern Pacific col 45 1949 90 Southern Pacific ref 4s 1955 81% Southern Ry gen 48 1956. 104 Southern Ry 1st b8 1994 112 Southern Ry dev 6% 1966.. . 41% Third Ave adj 58 1960 921 Unlon Pacific 1st 48 1947. 99% Unlon Pacific cv 4s 1927 100% Virginian Ry 1st 55 19632. 101% Wabash 1st 68 1939. 991 Wabash 6%s 75. 67% Western Marylan 95% Western Pacific 55 1946 88% West Shore 1st ¢s 2361. Low. 100 4 102-3 100-23 100-30 10212 107-22 . Low, 101% 102 97% 98 102 102% 875 878 110% , 108% 86 Last. Yield. 107-22 873 Last. 98% 101% 10244 115% 10444 978, 1084 103% 987x 1014 1048 | 102% | 2" |LOAN REPORTS CAUSE | figures | stock col: STAR. WASHINGTON, D. C., ICURB STOCKS WEA AFTEREARLY GAINS Saturday Market Lead by Coal Shares—Record Week’s Trading. By the Associated Press. NEW YORK, February 13.—FEarly strength that developed as a result of a large accumulation of buying orders over the holiday and the favorable impression created by developments in the coal situation and at Wash- ington was of short duration on the Curb Market today. At the opening Glen Alden rose 6 points above the preceding closing price and Lehigh Valley Coal certifi- cates rose almost 4 points at 48% in the opening transactions which amounted to 10,000 shares. General Baking A opened up 3% but followed the reactionary tendency that took place In the other active {ssues. In the later selling movement American Seating dropped from 820 to 308. Public utility shares were somewhat | neglected and the oil shares were also reactionary, although price move- ments in the general list were with- out market significance. The week's trading included a great- er number of stocks and heavier deal- ings in bonds than had previously been recorded in the history of the curb exchange. Movements in many issues swung over a wide range dur- ing the week. Pillsbury Flour Mills rose 51, points to 39, Proctor & Gam- ble ranged from 166 to above 1680, Glen Alden Coal from 1561 to 160 and Pheips, Dodge & Co. from 121 to 130. There was heavy selling of the bak- ing stocks following the announce- ment of the Government suit against the Ward Baking merger, which in- cluded the Continental Baking and neral Baking compantes. After the st few days, however, these stocks showed a firmer tone, rallylng 2 to & points from their lowest levels. ‘A feature of the industrial group was the decline in Deforest Radio from 91z to the new low record of 6. The strength in the copper metal mar- ket was effective in creating an in- creased demand for many of the cop- per stocks. Oil issues were irregular. . i | STIFFER MONEY RATES NEW YORK. February 13 () .— The publication of the New York sc] change and Federal Reserve on brokers' loans. showing the use of $3,000.000,000 credit in the securities markets, was one of the outstanding developments of the week, but hecause of the fact that it afforded little basis for comparison, its effect on the stock market was generally regarded as negligible. Tt undoubtedly was responsible. how- ever. for the withdrawal of some In- | terior funds from this center. re- stiffer call money more careful scrutiny eral, particularly that em v professional pools I.IVE POULTRY WEAK GO, February 13 (#).—Poul- weak; receipts, 2 cars; | sulting _in {and for ployed b ! CLOTH MARKET ACTIVE. End of Strike and Other Factors Help Inquiries. NEW YORK, February 13 (®).— Cotton goods market were steady to- day with an underlying firmness traceable to better inquiries following the settlement of the coal strike and other features affecting general trade. Prints for wash fabrics departments were active and domestic bedding material sold readily. It was announced that fancy. worsted lines in men's wear would be opened by the American Woolen Co. February 22. Scarcity is developing in fine dress worsteds owing to the extension of a strike among Passaic mill workers. Bllks were in steady demand, but in view of the large production staple goods were said to be closely priced. EARLY BOND GAINS ARE SOON REDUCED Market Appears Tired in Late Sat- urday Deals—Many Favor- able Factors. By the Associated Press. NEW YORK, February 13.—Bond trading was enlivened today by an outburst of buying following a series of favorable developments over the holiday, including termination of the anthracite strike, passage of the tax bill by the Senate and the smaller volume of brokers' loans reported by the New York Federal Reserve Bank. compared with the figures made pub- lic by the New York Stock Exchange last week, The market, however, seemed tired and early gains were not fully maintained. Primary {interest centered in the upturn of the coaler bonds in re- sponse to the settlement of the long and costly anthracite strike. Dela- ware and Hudson convertible 5s reached a 1926 high level at 115 be- fore encountering profit-taking, and brisk bidding developed for New York, Ontario and Western, Wilkes- Barre and Eastern, Erfe and other Eastern rail issues. Bonds of Northwestern ecarriers, including Paul convertible 58 and Northern Pa- cific 4%s and ©s, were the only out- standing strong spots. Profit taking continued to reduce the gains of the local transit com- pany liens, with Third Avenue Rall- way adjustment ing more than 5 points below the year's peak price. Liberty bonds and other high-grade investments were firm. STEEL DEMAND SPOTTY. Buyers Evidently Hope for Reduc- tion in Values. NEW YORK, February 13 UP.— The buylng of stec] improved a trifle during the past week, but, at best, the demand was spotted and buyers were cautious and evidently hoping for a reduction of values as the mar- ket displayed an easier tone in some directions. ‘The state: nt of on the books of the Steel Cor’ confirmed a disappointing | business, but comparfsons with peak np?hfllnnfl were considered mislead- ing. Plg iron was quiet but firm, ow. | ing to high fuel prices and with the | coal strike settled revisions were ex pected. Reports that a new copper export | association was being organized had a stimulating effect on the market. the |Financial Highlights of Past Week Brought Out in Nutshell by Statistics Epecial Dispatch to The Star. NEW YORK, February 13.— Stocks (average of G0 issues)....... Bonds (average of 40 issues)..... soe Foreign honds (average of 10 issues). Federal reserve ratio. Money rates in New \ork Call l.nm Month of Dec., 0,033,364 illed Steel orders . iron production Building permits Number of cities ‘Amount Commercial failure: Number . Liabilities Revenue car loadings: All commodities ....... Grain and grain products Coal and coke. Forest products. .. Miscellaneous producu Wak 391 $330,489,044 1,878 $36,528,160 This week High. Low. High Low. ... 13845 136:8% 137.08 136.36 This week. Last week 86.69 £6.50 104.05 103 This week. Last week. Year ago. .. 742 74.5 76.9 This week. Last week. 412 tobl 4 tobl: 4% t04% 41 to4n, nlh of Month of 192 Last week 1925 \o 4,51 104,853 mo,nm 402 $340,552,424 $288,598,557 1,672 2,040 $35,922,421 $45,279,281 of Jan., 30' '28. Previous week. Year ago. 925,263 921,734 891,368 45,699 199,297 69,930 319, 42:! 45,1 201,268 | 12634 HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week a Year Ago ACTIVITY for the oy “‘u»ub.-— eomids Mow Yesk, aaxprond wish the cams weak of et pons. ACTIVITY BY FEDERAL RESERVE DISTRICTS Chack Trensactions compased with Seock Mkt. Vol. D Tt ~ t.-_pu..—hfl-,- LRI ~47.880 | 3 FEBRUARY 14, 1926— PART 6. WAVE OF SELLING CUTS STOCK GAINS Devoe & Raynold Tumbles 37 Points—Very Heavy Saturday Trading. By the Associated Press. NEW YORK, February 13.—Stock prices displayed a complete reversal of form in today's market, bounding upward at the opening under the lead- ership of the coalers and high-priced Industrial specialties, and then turn- Mg heavy under the weight of a large volume of profit taking and bear sell- Ing. Closing quotations disclosed con- siderable irregularity with trading in unusually heavy volume for a session Total sales of 1,187,800 shares were the largest of any Saturday session this year. Encouraged by a large quota of bullish news over the hollday, fnclud- ing the settlement of the anthracite controversy, the Senate’s passage of the tax reduction bill, announcement of higher gasoline prices in the East, and the increase from $6 to $7 in the annual dividend on General Motors, operators on the long side began to bid up stocks in spirited fashion when the market opened. Coal Stocks Lose Gains. _Heavy buying of the coalers in an- ticipation of the early inauguration of hard coal shipments was one of the early features. Delaware & Hudson was quickly run up points to 16915, and early gains of 2 to nearly 43 points were recorded by Lacka- wanna, Reading, Lehigh Valley, Phil- adelphla and Reading Coal & Iron and Distributing, but these gaing were materlally reduced in the rsey Central onv-ned 15 points higher at 00 and then fell back to 291 on a few sales. n developed J hxgh priced industrial specialties. General Llectric soared 1633 points to a new peak at 384, a net gain of 39 points on the week, and {then eased to 3821. American Can jumped 4% points to a new top at 3203, but lost nearly half the day's gain on realizing. Allied Chemical was lifted to a new maximum at 142 before sagging to 137% for a net loss of 2% points on the day. | Stock Breaks 37 Points. General Motors responded to an ment of the higher dividend by climbing over 4 points to %. but settled back later to 1261%. Oil shares mw S| to a further ad oline prices. The vnauion.’u collapse of Devoe & Rd}nolds which broke 371§ points on bear selling, presumably !mlmred by recent publication of the report showing a small margin over the $2.40 annual dividend, was the outstanding {individual feature. Savage:Arms. another target of bear traders, broke 11% points to 87T The late selling accelerated by that the F ernment had brought proceedings un ct against the Na- Food Produets Corporation ational Dairy Products, a block of whose stock was acquired by National Food Prodiret; lLroke over 7 points to 63, and then rallied to 6515, Other Leading Weak Spots. Other outstanding weak spots. in- cluded American Brake Shoe and Foundry, American Locomotive, American Woolen, Baldwin, nia Packing, Kel ‘Wheel, Mack Truck, New York Canners and Stand- ard Milling, all off 3 to nearly 5% { Adding Machine, Continental Insur-| Iuue and the Ward Baking issues were stronger in comparison. ither <k d futures, bringing A | $1.66% a bushel at the close, featured | | the commodity markets. Cotton was {irregular and the coffee and sugar | markets were closed. Danish Krone Up 88 Points. An adva: of 8% points in Danish krone to 25.70 cents, attributed in jsome quarters to reports that the Danish government was endeavoring to restore its currency to gold parity {and in others to an exchange trans- jaction arising out of the sale of a rubber estate by the Danish interests, | overshadowed all other developments in the foreign ex rket. Nor- wegian krone points to 20.58 cents. ’ Demand | held | cents, TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) terling and French franes y around $4.85 and 3.69 Money to Loan first deed of trust on real ling interest and mmmlum'l:‘“ Joseph 1. Weller 320 Bldg.. 0th & F Secuged by i = {WE PAY MORE INTEREST | ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON, PRESIDE! WE FlNANCE —all classes of inconte-producing property Large Loans a Specialty Carrent int. rate and commission Higbie & Richardson, Inc. 816 15th St. N. Smith Bldg.. 815 15tA St. "1 NO LoSS T0 ANY INVESTORIN 53 VEARS sandwiched in between two holidays. | u1% deral Gov-| | ifor- | | points. American Radiator, Burroughs | | FINANCIAL. WHEAT MARKET LOWER. Grain Prices Take Further Tumble in Saturday Trading. CHICAGO, February 13 (P).—All dellveries of wheat dropped today to | the lowest price yet on the present | downturn. Houses with Eastern con- nectlons were active sellers and buy- ers were more than filled up in the Jate dealings. The finish was but little above the day's bottom level. Wheat closed heavy, 13% cents to 2% cents net lower; corn, 5 cent to % cent off, and ots, unchanged to, ’fi cenl down. ] 5 3 “3 Y i .1 1 1 1 i Sod hhe 22X KLIDO AT SN T 3 333 s 333 82 & oo o iinia xixn woaa: 33 BRI BRE IR 5238 = b First Mortgage Notes For Sale In Denominations of 8100,16250, $500, $1,000 AND vP Gi% Interest on D. C. Real Estate Wm. H. Saunders Co., Inc. Established 1887 1433 K Street N.W. Main 1016-1017 Money To Loan —on improved D. C. real estats. Prevailing interest rates. Prompt. courteous service. Minimum charges. Gardiner & Dent, Inc. Main 4884 1409 L St. NW. ON REAL ESTATE FIRST TRUST AND CONSTRUCTION LOANS N. L. SANSBURY CO., INC. 1418 Eye St. NW. Main 5904 ® T FOOD STOCKS ‘Whlch Buy—Which Sell? 1 report just prepared. We i have no stocks to sell, but provide |the Complete Security Market Serv- ce, valuable to vou. The sample eport free. Simply addres American Securities Service, LB&! Corn Ex. Bank Bldg, N. Y. 'INVESTORS I have a number of emall’ second- trust notes f that will hear Close serutiny and yield an excelient return. Wm. H. Kyle First Mortgage Notes Secured by Washington Real Estate Pay an Annual Income of 6%2% They Are a Safe and Dependable Medium of Investment 713, 715 and 717 14th St. Main 2345 Over a Quarter of a Century’s Experience Main 2100 Management Relieves that take your personal time and attention, take up your profit, Let our experienced man- agement mize detail, vou of all supervisory re- sponsibility. costs little, but pay real profits. B. F. SAUL CO. Efficient Property You of Details— and too. methods mini- and relieve Our service u 925 15th St. N.W. PAID ON SAVINGS ACCOUNTS This Pay Day. OLDEST Ntwna’ Balz in District of Columbia Tested Capacity for Service {'This bank's ability to take care of its customers acceptably under a/ conditions is evidenced by one hundred and twelve years of uninterrupted service. f'YOUR PAY DAY savings and other funds protection of such a bank as this. deserve the Let's get acquainted [ Open Until 5:30 PM.. Monday, Feb. I5th | I3 GEORGE W. WHITE. 0. H. P. JOHNSON. J. GALES MOD ARTHUR T. BRICE WALTER BROWNLEY FfiEDFERICK DeC. FAUST WM. CHARLES JACOBSEN O H. P. JOHNSON D H KAUFFMANN D 08. KELLY, Jr. MAJ. HENRY LEONARD FIRST MORTGAGE Money at 51 Very Deunble Conditions Gran! Tyler & Rutherford Loan Correspondent Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Avenue Phone Main 475 LISNER cOL. ARTHUR A. O'BRIEN C. F. R. OGILBY FREDERICK DeC. FAUST B. P. HOLLINGSWORTH. " DIRECTORS Vice President Trust Officer Audltar FRANK P. REESIDE HUGH REILLY E. FRANCIS RIGGS WM. H. SAUNDERS HERBERT T. SHANNON H. C. SHERIDAN THOS. SOMERVILLE WALTER R. TUCKERMAN JOHN C. WEEDO HENRY A. WILLARD. 2nd W. A. WIMSATT GEORGE W. WHITE Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,800,000.00 15th St., Opposite U. S. Treasury Organized ing‘1814 112 Years Old