Evening Star Newspaper, April 11, 1926, Page 45

FINANCIAL. THE 'SUNDAY STAR, 'WASHINGTON, D. (. APRIL 11, 1926—PART 1. FINANCIAL. Iz “H Yaw, 1. 8. BONDS. 1019~ 99+19 Liberty 3%s 1982-47 102-16 101-21 Liberty 1st 435 193247 High. 102 5 101" Main P trust notes Intely oarb; Viand | 1925 — Tield: Futures Unchanged to 10 Points| NEW YORK, April 10 (P).—The | broperty. Seo o -’°'¢Ph e““ : ! 1 10055 100 | H)'h, propert) See Mr. Rmnl Local A nt, at k.. }“2 oA ‘02-12 "s Lower at the Closing. gray goods market today reported a | Fundamental Conditions Fa- William K. )( ‘01 fair total of small print cloth and '8 10th 8 Sireet NS & Com vor Continued Strength for Investments. BY GEORGE T. HUGHE! Special Dispatch to The Star. NEW YORK, April 10.—At no time thiz year has the investment market Deen =o strong as it was this week. At 210 time has there been such im- pressive buving of high-grade bonds. The upward trend was in evidence ! all the week, but it gathered momen- | tum at the end, when not only the so- called leg: but sound invest- ment _issues h do not qualify technically ngs bank holdings, Jolned in ¢l advance. en some of the foreign obliga- tio about the security of which there is no reasonable doubt, were in active demand. The line was drawn | only at the point where the specula- tive feature was involved. The scope of the movement may be better understood if a few examples are used. Take three bonds which made new 1926 high records this week —-Atchison general t. Louls- rancisco prior lien 4s and Commonywealth of Australia 5s. Highest Degree of he sents the vailabie Atchivon issue rep securiiy woetgaze. It s con wered the leader in fts i a legal investment for | in cticwlly all the 1t sells a yield well under 3z Fluctuations in its market | verned entirely by the harge for money and the outlook for commodity prices, und not by the ngz trend in the earn- i chison Railrond. Bonds are always the first to generally advancing mar- of this type respond in a g (. Louis-San Francisco obliga. in quite u different class. The bond is well secured by plup?r() value, but it is only in recent years that ear have become stabilized | at a su margin_over fixed charges ¢ the require- ments of exacting bul\d buyers. It is only within a comparatively short time | that the nmon stock has been put upon a dividend basis. In other words, this bond is the obligation of a cor- poration with an improving financial outiook. which gives every promise of being permanent. The Australian bond ranks high aniong forelgn loans. The market rates | it inferior on to Dominion of Can ada and United Kingdom 1»l\ll).utlun\ B Lerest principal \n\nunan bond are for ali pi i s just as well assured i are on the obligations of either of the © two countries. Moreover, the Austr: in issue carrvies per coupo ells below par, and cent bonds below par as secure as these are no longer plentiful. Not of Speculative Nature. It will be observed that there is nothing of a speculative nature about either of these three issues. Tt is true that a good deal of the buying this week probably came from dealers who expect to retail the bonds later to fndividual investors, but this does not take away any of the significance. It is hazardous to forecast how far any such movement us this will go. but at least it can be said that all fun.{ damental conditions favor continued strength in pure investments. | The' downward trend in commodity | prices has been emphasized in this correspondence in previous letters. This week the influence which was most potent was the fall in rates for time wmoney to the lowest since last Autumn, Probably a contributing factor was the let-up in stock specu- lation and the diversion of funds from that market to investment bonds. A change is possible in any of these quarters, or all of them, but at pres- ent it looks unlikely. Then. too, is always the theoretical o favor of a long time bonds founded on the historic: dent of what has always happened after great wars. In the field of foreign affairs, the most interesting development of the week has been the statement of the American section of the International Chamber of Commierce on the situi- tion in Germany as it affects the p vate dollar loans floated in ‘t United States. It is estimated Amer- stors have ubsorbed in the or so about $230.000,000 in corporate and government The question is now raised | s it has be sually for | inonths past, how the exchange is to | Le secured for the service of nmef loans. i Associated Electric Issue { The problem will not become press ing until 1925 or 1929, when the Ge: man bajance of international pa sents under the Duwes plan reach the muximum. The man dollar bonds paid no 1his analysis and. as a matter of fact, the economic situation in Germany in yecent months his shown marked ir- provemer The chunces ure that Lefore the time comes this diffl v will have been surmounted. Two pieces of new financing this have comminded unusual at- One was the sale of § B of Philadelphia Municipal to_vieid the investor This is slightly high- New York tion is i formally ttention to week tention. 000 Uity bonds priced 4.175 per cent. than the So favoraide 10 indicate cipal bond v rength of the muni- even under the 00,000 As est electric cord bout t showed toward a sim- he financial structure of Jarge holding companies. light and power bond Aside from its size, this offering was BALTIMORE LIVE STOCK BALTIMORE, April 10 (Special)— The live cattle market rules steady 1o firm on most lines under an im- proved demand since the end of lent. | Demand, however, is centered on first yuality cattle only, and all common 10 ordinary stock moves slow at the lower values quoted. Spring lambs in very light receipt d wanted at full values. Quota- tions at Light street wharf: Beef cattle—First quality, 1b., 8 to common to medium, 5 to 7; bulls, as auality, 4 to 6; cows, choice to 5 to 6 common to fair, 3 to 4; milch cows, to fancy, head, 50.00 to 75.00; common to fair, head, 30.00 to 50.00. Calves—Veal, choice, Ib., 13; ordi- nary to medium, Ib., 11 to 12; rough and common, Ib., § to 10; small culls, 1b, S to 10. Sheep—Choice, 7 to 8; old bucks, 5 10 6 common, 3 to 4; lamb: 2 choice, 14 to 15; fair to good, 12 to 13; common thin, § to 10; Spring, as to and quality, 18 to 20. St ':.m 12 to 1 10; stags, § to 7; old boa pigs, 20 to 25; choats, sows, 8 to Bank country clearings throughout the for the week are calculated 050,644 by the Commercial 1 Chronicl compared Axith $8.090,550,749 a vear ugo. New Sork City guained 16.7 per cent, 1119 | 99 104 10119 100-1 1021 1011 ]03 9 101-20 810 104-1 ,—m Low. 97% 45 108 1013 97% 96 101 934 885 833, 1104 106% 1084 106% 8914 80 103 95 104% 101% 103% 101% 103% 101% 110 106% 110% 106 51% 404 944 1024 1014 105 9915 105 1041, 1017, 106 10215 893, L 5k 9071, 89% 89% 109% 1028 81 704 107% 101% 112% 109 98% 93y 1041 100 9%, 82y 921, 84% 16 13 105% 100% 1151 107% 104 1040, ogy 108% 106% 100 4% 105 97% 106 100 11 1074 | 121% 119 1102 99y, 104% 101 o1y 824 854 87Tl 110 1013 109 90 99 89% 1021 ¢ 7% 102 97 1 K7L, 102 09 115% 112 110415 10013 99 95y 108ty 106 103 967 9315 9244 101% 1004 105 106% 104 984 91 1028 73 112 109% 100 91% 921y EBly 941 B9 916y B6L 95 89 85% 94 1037 102% 90, 83% 98l 95% 92% 824 118% 116 98'5 143 B8 ddle 1081 100% T9% 6812 90% 5o 69 112t 106% 834 9114 831 764 1041y 1023y 1074 104% 90% 83l 101 9615 89 151% 125% 6214 60 87 88 835 104% 108" “oen 107 102% 85 81 95 9% 1837% 9% 109% 31% 9TH 94% 92% 71 mm 100% 98% 94% v e 96% 90% 86% Blu 6 100-81 100-17 Liberty 2d 4% 101+9 100-25 Liberty 3d 4% s 1928. . 8 108-2 106-9 Treasury 4%s 1947-52.. —1926— High. Low. 100 96'4 Argentina 6s A-957. 102} 100% Argentina 7s 1927. . 984 96l Australlan Govt5s... 1024 100 Austria 7s 1943, 87% 81% Belgium 6s 1955 110% 106 Belgium 7%s 1945 108% 105% Belgium 8s 1941 86% 814 Bordeaux 6s 1934. 104 100% Brazil 8s1941.. 104% 102% Canada 5s 1952 102% 101% Canada 5%s 1929. 102% 100% Chile 85 1926 109% 10714 Chile 88 1941 109% 107 Chile 8s 1946 48% 42% Chinese Govt Ry 58 1951... 100% 98% Copenhagen 6%s 1944 1:2% 98% Czechoslovakii 1951. 103% 102 Denmark 6s 1942. 105% 193% Dutch East Indles 65 1947. 105% 103% Dutch Hast Indies 6s 1962. 99% 9214 French Govt 7%s 1841, 108% 984 French Govt 8 1945 103 101% German 7s 1949. 79% Holland-American 83% Japanese 4s 1931.. 9415 92% Japanese 6148 1954. 110 100 Jergens Utd Margarine 6s 1947 86% 81% Lycn 6s 1934. . 86 81} Marsellle 651934 . 109% 106% Netherlands 6s 1972 78% 73% Paris-Lyon Med 65 1958 106 104% Queensland 6s 1947. 118% 110% Queensland 7s 1941. 102 714 Rio de Janelro 8s 1946 106 102% Sao Paulo, State of, 85 198 i 85 Seine, Dept of, 7s 87 Serbes, Crotes, Slo; 119 117% United Kingdom b 106% 104% United Kingdom b INDUSTRIAL AND 105 108% Amer Agrl Chemicul 735 1941. 1011 108% 107 Amer Smelt 1st 65 1942, 104' 102% Amer Sugar Refining 6s 1937. 98 967 Amer Tel & Telcl tr 451929 102% 1007 Amer Tel & Tel cl tr 5s 1946 104% 1013 Anaconda Copper 68 1953. . 107% 102% Anaconda Copper cv deb Ts 927 901 Armour & Co 4% 1939. 101% 99% Atlantic Refining deb 58 1937. 103% 100% Bell Tel (Pa) ref 53 1948 96% 92% Bethlehem Steel p m 58 19! 99% 954 Bethlehem Steel 3 £ 631943 109% 105% Chile Copper 6s 1932. 86 80K Cons Coal (Md) 1stref 5 1050. 100 97 Cuba CaneSug cv deb 8s 1930 1084 107% Detroit Edison ref 63 1940 97% 93 Dodge 65 1941. 103% 101% Empire Fuel & Ga 106% 104~ Goodrich (B F) 63w 1947. 112% 109% Goodyear Tire 8s 1931 122 120 Goodyear Tire 8s 1941 1025 101% Humble O} & Ref 515 1932 104% 102% Indlana Steel &s 19 90% 84% Inter Mer Marine 6s 1941.. £5% 91% Inter Paper 5s B 194 116% 1084 International Tel 5s rets. 108 1031 Kelly-Springfleld 8s 1931. 9813 96% Lackawanna Steel bs 1950 103 99% Liggett & Myers 5s 1951. .. 103 100 Manati Sugar s f 7%s 1942, 954 b Steel 5s 1936. ngland Tel 5s 19 { Y Edison 1st 615 1941. NYGask L H&P Gs 1948, 9815 97% N Y Tel 41551939, ... 109% 1073 N Y Tel 63 1941. 104% 1011 North American Edison 6519 100 971y PacMlc Gas & Elec 55 1942 102 98% Pacific Tel & Tel bs 1952 105 108% Philadelphia Co ref 6s 19 103% 100 Public Service 65 1944 974 93% Sinclalr O1l 7s 1937 181 111% Skelly 8% 1927, 108% 107 South Porto Rico Sugar 78 1941 106% 103% United Drug 6s 1944. 941 91% U S Rubber Ist & ref 53 1947 108% 108% U S Rubber 715s 1930. 107 105 U S Steel s f 55 1963 : 97 95 Utah Power & Light is 1944 107% 106 Va-Carolina Chem s f 7s 1947, 113t 111 Western Union Tel 6135 1936. 101 98% Wilson & Co Ist 65 1941... RAILROAD. 921, 89% Atchison gen 45 1935 94% 921 Atlantic Coast Line 1st 48 19 92 89% Balto & Ohlo gold 45 1943, 97 94 Balto & Ohlocv 41581933, 96% 931 Balto & Ohioref 5 103% 1023 Balto & Ohio 65 1929. . 91'; 89% B&OPitts LE& V 101 98 B&O Southwestern Div 961 92) Brooklyn Manhat s f 6s A 1968. 118% 117 Canadian Northern 6143 1946. 54 80t Canadlan Pacific deb 45 9115 B9% Central Pacific 45 1949. 99 9774 Chesapeake & Ohlo cv ¢} 943 92 Chesapeake & Ohio gen 414s 199 50% 124 Chesapeake & Ohio cv &5 1946. 51% Chicago & Alton 3'3s 1950 102% Chi B & Quincy 1st ref 5s 1971 7814 Chi & Eastern 11l gen 55 1951. 64% Chi Great Western 45 1939... 484 Chi M & St Paul cv 43s 1 90% Chi M & St Paul gen 4145 19 484 Chi M & St Paulref 4328 2014, 531 47% Chi M & St.Paulcy 5s 2014 113 111% Chi& Northwestern 63%s 1936 66% Chicago Railways bs 1927 87% Chi R 1& Pactfic ref 4s 1934. 941 Chi Union Station 414s 1064. . Chi Unlon Station 6135 1963 Chi & Western Ind con 4s 195 CCC&StLref 65 A 1920, Cleveland Term 5% 19 Colorado & Southern 433 1 Cuba R R s 1852. . Delaware & Hudson 5%, 1937, Den & Rio Grande con #s 1936. D& RG West 55 1955 Detroit United 43 Erie 1st con 45 1996 Erle gen lien 45 1998. Erfecv4s A 19 rie cv 4s D 195 1a E C 58 4. ; Grand Trunk s f deb 6s 1936. Grand Trunk 7s 1940. Great Northern gen 5% 195 Great Northern gen 75 1936. Hudson & Hudson & Manhattan adj 58 1957. Illinols Central 53 1934. Inter Rapid Transit o6 1966. Inter Rapid Transit cv 7s 19 Inter & Great Nor adj 6s 19 Kan C Ft Scott & M 4s 1936. Kansas City Southern 3s 195 Kansas City oSuthern 5s 1950 Lake Shore 45 1928, o Lake Shore 45 1921. Louis & Nash unified 45 1940 110% 106% Louis & Nash 1st ref 5135 2003 89% Mil Elec Ry & Lt 1st ref 58 61. « MStP&SS M 6lgs 1931.. 84% Mo Kan & Tex 1st 4s 1990, 90% Mo Kan & Tex ad) Gs 1967, 96% Mo Kan & Tex pr In 55 A 196 66 Missouri Pacific gen 4s 197 96% N O Tex & Mex inc bs 1935 94% New York Cent deb 48 1934. 104 © 101% New York Cent ref imp 6 2013, 1087 108% New York Central deb 6s 1935 62% 68 New Havendeb 4s 1967... 99% 97% N Y N H& Hcvdeb 631948, 76 69 N Y West & Boston 435 1946. 93 90% Norfolk & Western con 4s 1996. 156% 138% Norfolk & Western cv 65 1929 6414 61% Northern Pacific 3s 1947 88% 861 Northern Pacific 45 1997 112 108% Northern Pacific ref imp 65 2047 97% 96% Ore Short Line ref 4s 1929 106% 106% Ore Short Line gtd 5s 1946 86 B3% Ore-Wash 1st ref 45 1061. 98% 94% Pennsylvania gen 4145 1965. . 106t 102% Pennsylvania gen 58 1968. 112% 111% Pennsylvania 63%s 1936. 41y 85 Peoria & Eastern Inc 45 1990. 103% 101% Pere Marquette 1st 58 1950, 90% Reading gen 45 1997, 94% Reading 438 97. 74% Rio Grande Western olt 4s 1949, 88% RIATk& L 43451934, ... 89% StLIM&S R&G 451933 77% 8t L & San Fran prIn 4s A 93 St L & San Fran pr In §s 1950. 99% St L & San Fran 5%s B 1942. . 92% St L & San Fran adj 6s 1956. . 823 St L & San Fran inc 6s 1960. 69% Seaboard Air Line ref 4s 1959. 76 Seaboard Air Line adj 55 1949 91 Seaboard Alr Line con 65 1945 96% Southern Pacific cv 45 1929. 86% Southern Pacific col 45 1943 08la 684 834y 86 81 103% 102% 108 105% 96% 951 934 88% 105 102% 88% 85% 0% 62 96 90 8% T 78% €8 85 3% 97 " 0 114% 102% 110% 92% 6% 102% 3% 62 94 86% 8% 66 92 89% 76% T4 9T 98% 99 984 7% 964 95% 934 102 99% Virginian Ry 1st 6s 1962 104 1014 Wabash 1st 55 1939... 101% 99% Wabash 5%s 75.. 704 66% Western Maryland 4s 1952 99 95% Western Pacific bs 194 86 83 West Shore 1st 4s 2361 . 108« 99 Amer Smelt & Ref 15t 65 1947. ... 101.9 104% 104% 100% 107% 108 9% & 102 1024 103% 90% 100% ¢ 1024 108% 103% 89% 100% 104% 1015 95% L 122n cfs 0. . I 10w 100% 87% KUy 69% Tl 764 €0 974 98% 107 1071y - 114% 115 - 104 106 « 111% 118 anhattan ref 58 1957. . . 10815 103 Bbl 864 914 9314 99 100 656% 6By 99 1004 95 954 £108 104 - 107% 106 58l 60% 99y 0% 74 9K £2 136% 1425 627 63 874 w8l 110% 112 9% 9774 105% 106% 8% 2545 97 58y 101% 103% 67% 68% 9% 99 844 85 95% 97% 107 B'IK LI 927-42... 10031 100-25 100-29 881 1019 878 102-28 101-29 Liberty 4th 43¢ s 1933-38.. l02~!l lM-lE 102-32 Sls 107-27 107-29 87 Last, 99% 101% 98% 101 84% 108% 106% 83 101% 103% IN QUIET DEALINGS Industrials Inclined to Yield and Rails to Advance Slightly. By the Associated Press. NEW YORK, April 10.—The regu- lar readjustment of quoted values which has been going on in the stock market since the drastic dechne of ™ | last month continued today. No defi- nite price trend was apparent, al. though, in general, the industrials were inclined to yleld and the rafls to advance, Trading was again quief. total sales for the two hours falling below 500,000 shares. The principal news development of the day was the tonnage statgment of the United States Steel Corporation, showlng a decrease of 236,887 tons in unfilled orders last month, which was made public after the market closed. United States Steel common closed a point_lower at 12035, out Bethlehem and Crucible broke t) new low levels for the year. General Petroleum opened 1% points higher at 60% on the an- nouncement that the directors of the Standard Oil Co. of New York had ap proved the plan for tha acauisition of that company, but it lost about half its gain on subsequent-profit taking. Atlantic Refining dropped 2 points on a few sales and Pan-American Western B advanced 1%, but most of the other oils moved within narrow and irregular limits, Renewul of bear attacks on the motor shares was followed by extreme losses of about 4 points each in Hud. son and Jordan. General Motors sagged 1'2 points, but the net losses In most of the other active issues were held to fractions. Marked heaviness also developed in General Electric, General Rallway Signal, International Combustion En- gineering and United States Cast Iron Pipe, all off 2 10 5 points. California Packing, International Paper &nd United State Distributing wore among the few Industrial strong spots. ! Early gains of a point or £ in a number of standard rai such s Atchison, New York Centr: nd Bal- timore and Ohio were not maintained. Delaware and Hudson, Missouri P’a cific preferred, Texas and Pacific and “Nickel Plate,” however, closed a point or more higher. WE FlNANCE ~—all classes of income-producing property Large Loans a Specialty Carrent int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. [ SECOND TRUST LOANS I have money to purchase such loans on Residence Property occu- pied by the owner with reasonable margin. WM H. KYLE 1410 G St. Main 6627 CAPITAL i through the sale of eritorious_enterprises that r Honal working, capital, for e pansio: interested in going con. corns that h.\e criginally been fnanced ot Mdrm Box wflc We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of ' Thirty-Five Years —insures your protection. Percy H. Russell Co. COLUMBIA PERMANENT BUILDING Assets Over $700,000 733 12th Street NW. Melvin C. Hazen, President Floyd E. Davis, Treasurer Clarence I. Gessford, Secretary: Money to Loan We now have funds available to be loaned on any desirable im- proved . property in the D. C. We also have money for con- struction purposes. Current Rates Prompt Reply 713, 715 and 717 14th St. Main 2345 NEW YORK, April 10 (®).—A fur- ther decline in the market for coffee futures, which was 10 to 18 points lower at the opening today in re- sponse to lower Santos cables, was followed by partial recoveries on cov- ering. May sold up from 16.10 to 16.25 and September from 14.95 to 15.10. The market closed net un- changed to 10 points lower. Sales were estimated at 32,000 bags. Clos- ing quotations: May, 16.25; July, 15.60; September, 16.10; Decemher, 14.63; January, 14.63; March, 14.25. Spot coffee quiet; Rio 7s, 17%; San- tos 4s, 22 to 22%; cost and freight offers included part Bourbon 3s and 4s at 20%. Rio exchange on London 1 1-16 pence lower; dollar buying rate 90 reis higher; Rio market, 50 to 150 reis higher; Santos, 225 to 400 reis lower; Brazilian port receipts, 29,000; Jundiahy receipts, 15,000. BUTTER MARKET WEAK. Has Nervous and Unsettled Under- tone—Supplies Ample. CHICAGO, April 10 (#).—The but- ter market today ruled weak, with a very nervous and unsettled under- tone apparent in most quartérs. Sup- plies were ample to meet the night demand, and buyers might have been able to obtain slight concessions had thev shown any interest. The centralized car market also ruled easier, with demand slow and trading dull. Buyers lacked confi- dence and showed pract terest unless concessions were obtain- able. Fresh b\xlh-r— 92 score, 39 Centralized 89 score, 3813 EARNS ’20 10 PEB. SHAB.E NEW YORK, April 10 (#).—The New Orleans & Northeastern Rail. road, controlled by the Southern Rail- way, earned $20.10 a share on the capital stock in 1925, compared with | $14.67 a share in 1924. Net income | was $1.206.230, against $880,362 the | vear before. | American Car and Foundry has an | order for 500 gondolas, from the Chi- cago, Burlington and Quincy. sheeting orders booked at quotations which ruled all week. Every branch of the textile market appeared to be | interested in yardage, but feared to make commitments for large quanti- ties. Some of the largest operators were | not disposed to cover their require- ments except on a week-to-week basis. The silk market continued un- changed locally and weak in Yoko. hama. Broad/silks in this country were quiet, though silk coatings were reported selling well. A nomical cut of 1% cent in coarse cotton yarns was reported. Burlaps quotations | were firm locally and in Calcutta. | The fur market is on the eve of two important auction sales, with $8,500,- 000 of furs included. We Will Loan at 5%2% Economic Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. M. 475 Second trust notes secured on income producing Wash- ington real estate. Money available for first mortgages and construc- tion loans in any amounts. Resources Over $2,500,000 REAL ESTATE MORTGAGE & GUARANTY CORPORATION 26 Jackson Place L. E. Breuninger, President. Insurance Company Funds -and OR many years a very large e companies, cessful with their investments, ha on real estate without additional security. Now the individual investor, with $500, $1,000 or more, can secure a 6% yield and obtain exactly security, plus the guarantee of Guaranty Company with resources of $41,000, These 6% Real Estate Bonds, have been endorsed by the inves 200 National Banks, State ‘Banks and Savings Banks. Tax refund up to 4:% mills in any State. These bonds are offered in our local cor 924 14th St. NW. THE BALTIMORE TRUST CO. The Largest Trust Company offering complete banking, trust and investment services CAPITAL & SURPLUS $7,000,000 70,000 DEPOSITORS “ircalar Will Be Sent Upon Reques which are notabl which are recommended by CHAS. D. Yours part of the funds of leading in- conservative and suc- ve been placed in first mortgages the same type of real estate The United States Fidelity and 000. us, tment committees of more than Washington and vicinity by rrespondent SAGER Telephone Main 36 indicato hette ok market. Tence send a T the | business this yoar. ponder with care, ofir_special report on the stecls just issued | stocks to_sell but are secu analysts, with ln exceptionally | cord” for being right. forecast, without charge, rese— American Securities Servic: 1889 Corn Exchange Bank Bldg. For this amp] smply WE PAY MORE INTEREST ON SAVINGS ACCOUNTS | Than Any Other National Bank | in Washington Interest on DAILY Balances Come in and let us explain | Commercial Nat'l Bank i4th and G Streets Resources $17,000,0 R. GOLDEN DONALDSON, PRI r. and e ESIDENT ew York Metropolitan Life Insurance Cempany OF NEW YORK FIRST MORTGAGE LOANS Apply to WEAVER BROS. 809 15th Realtors St. NW. Main 9486 The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District oi Columbia and Nearby Suburbs i FOR 3, 5 Houses Business Properties 5Y2% ON APPROVED SECURITY Apply 1 RANDALL H. HAGNER & COMPANY MORTGAGE LoAN GORRESPONDENT l 1321 Connecticut Avenue Telephone Main 9700 in Montgomery County, Maryland. OR 10 YEAR PERIODS Apartments Office Buil in the South Atlantic States TOT\[; RESOURCES A Third of a about twenty Steel Corporation. Today we into close relationship witl Greater banking facilities and The creation of the Federal the recognition that And yet relatively few men those who have managerial respon They continue their way, attempt, the solution of a problem, when few principles would enable them business progress and success. In a Decade From L busine; of Busin greater bu The pri these woh ness progress. of business labeled anxious to hear it. urposéfulness and honesty? ge(ng pleasant but forceful? 3. Do you hlgh, degree of intelligence? advertisement? work? better type of business men on rather than nrm interest? h State. Zaacrolmu, Georgia and Florida. in letter addressed to F. E. A Position for You With La Salle Extension University and ve years ago with the formation of the United States e business expanding into larger and larger units Agencies for service have brought businesses of varied character each other, contact with fidancial institutions, business man and the business man a financier. States Chamber of Commerce, Local Boards of Trade, all testify to BUSINESS IS A SCIENCE that there are certain laws that govern the operations of a business. The men who today understand business as a science are moving up from relatively unimportant positions to positions of importance, responsibility and greater earnings. Man Will Be Given An Executive’s Desk Salle Extension University, the largest clearing house of wiormation in this country, has devoted itself for many years to the perfection of a training in management. day it is possible to understand the Science of Business and the Pro{flslon s Management, so necessary to those who would make iples of business have been defined in exact terms and business man to use them understandingly and skillfully, Space does not permit us to go into detail here, but it is this message we are bringing to the Business Men of America, who are We have in our new Business Management Department a po- sition for you if you meet these qualifications: 1. Aré you between the ages of 28 and 377 2. Does your personality suggest business culture, dignity, sincerity, Have you that rare combination of possess a reasonable amount of education, coupled with a 4. Have you a sales experience that would be valuable in promoting the sale of a business educational service such as described in this 5. Have yo\l a demonstrated earning capacity of $4,000 or more in sales 6. Have you the ability to and do vou take pleasure in interviewing the ‘We have nineteen branch offices from Boston to San Francisco, and the positiohs mentioned are oren in many large centers of Good positions are availa Telephone Main 8320 for appointment or give complete details LA SALLE EXTF.NSION UNlVERSlTY lnn.n Office) 604 Albee Bmldm. A Messfige for the Business Men of America Businegs has undergone a remarkable change. which started d service have resulted in a new and ' the banker has become a 1 Trade Commission, the United in_business (we are speaking of sibilities, however small) recognize ing endless variety of methods in a knowledge of a comparatively to make rapid and more certain Now No Untrained To in a way which will enable the a matter of their personal interest ble in Maryland, Virginia, the Basler, s Centur Without a Loss B. F. Main 2100 FUNDAMENTAL SAFETY FOR FUNDS Improved real estate—iun- damental security by its ver) nature of a universal need— safeguards your funds in our— 6%2% FIRST MORTGAGES They assure satet T'he in terest on the principal you entrust to this security is ar- ranged by our experienced or- ganization. It regu- larity. is assures SAUL CO. 925 15th St. N.W. The Road to Success Through First Mortgage Notes The n ucleus of wealth Systematic. Saving and Wise Investment—i« the first step toward. achieving Real Success. Our Pa Investme; to the av Annual Return 6%2% be a vital We have just had published a hookle: cally wit! Financial lution based on the Budget Income and letting Investment artial Payment Plan of nt provides a solution erage individual--a so- Secured By Liaproved Real Estate in the Nation’s Capital of 1 item of the budget. t dealing more specifi- h the Attainment of a Surplus. So that you may have the advantage of this, we suggest that you fill out and mail to us the attached form. NON-&LUCH Please send wie without obligation your publication, “The Road to Success.” Address 218, 118 T R R k l,um 1N Departm Washii