Evening Star Newspaper, October 16, 1926, Page 31

FINANCIAL, THE COTTON DECLINES ONSOUTH'S SELLING Easy Liverpool Cables and Stock Market Break Are the Factors. By the Associated Press. NEW YORK. October 18.—Cotton futures opened easy: December, 13.18; January, 13.12; March, 13.35; May, 13.| July, 13.75. The market opened today at a decline of 24 to 36 points under continued Southern selling which had developed here late yester- day and further realizing by recent buyers for a rally. The selling was promoted by rela- tively easy Liverpool cables and the early weakness of the stock market, but after declining to 13.18 for Decem- ber and 13.33 for March, the market steadied on trade buying and covering. December sold up to 13.18 and March to 13.44 before the end of the first hour, the market at that time showing net losses of about 15 to 20 points. Private cables said there had been some trade selling in Liverpool, but that prices had declined under hedge selling, with local and continental sell- ing. New York cotton futures closed barely wteady at net decline of 30 10 44 Doints. December Junuary March May 3 July 3 New Orleans ‘\hrkfl‘ NEW ORLEANS, La.. October 16 (#).—Cotton future opened steady October, 13.10 bid; December, January. 13.20; March, 13.32; 13.49. The market opened low in sym- pathy with unfavcrable cables, first trades showing losses of 15 to 25 points. Prices continued to ease cff after the start on predictions for un- settled weather over Sunday in the Western belt, December trading down to 13.13, January to 13.17 and March 10 1331, Increased hedge selling was apparent on the decline, and there was also _liquidation on fears of better weather. New Orloans cotton futures closed steady 37 to 43 points at a net decline of E"w l.h'mml Quotations. LIVERPOOL, October 16 (#).— Cotton—Sy; good business done; prices e American strict good middling, good middling, 7.85 strict middling, 7.60: middling, 7.25. strict low middling, 6.90: low middling, 6:30; strict good ordinary, 5. good ordinary, 5.10. Sales, 8,000 bales, in cluding 4,800 American. Receipts, 22,000 bales; American, 19,500. Fu tures closed quiet. October, 7.04: De- cember, 7.13; January, 7.18; March, 1.25; May, 7.8 . September, Baltimore Markets October 16 (Spe- cial).—Potatoes, 100 pounds, 1.25a3.25: sweet potatoes, barrel, 1.00a2.5! bushel, 35a85; yams, barrel, heans, bushel, 1.00al bushel, 1.7 [ cabbage, 100, 5 15030; egg plants, caulifiower, crate, 1.5 100, 2.00a4.00; celery. 1 kale, bushel, 35440; onions, pounds, 2.00; peppers, basket i0: pumpkins, 100, 5.00a10.00; sq basket, 50a80; spinach, bushel, tomatoes, basket, 40a90; packing stock, bushel, 65a75; turnips, basket, 40a50. Apples, barrel, 1.00a8.50; $541.00; cantaloupes, crate, box, 4.00a4.50; damsons. busket, BALTIMORLE, 1.00a2.25; 50, 100 bushel, 1.50a1.75: bushel, 1.2 1.50a3. namper, quinces, basket, 1.25a1.50. Dairy Products. Live Spring chickens, Leghorns, 23a25; poor and 20; 0ld hens, 20a30; Leghorns, old roosters, 18a. 1 and poor, 1 45; pigeons, pair, 20a30; guinea fowl, Re ipts : native ts in free cases offered Butter—Good to creamery, fancy 4 pound, 43ad8; 0; blocks, 47a49; ladles, ; store packed, 26; d: 6a30: process butter, 36a3 CHICAGO LIVE STOCK MARKET CHICAGO, October 16 (U. S. Depart- ment of Agriculture).—Hogs — Re- ceipts, 8,000 head: generally steady: top, 14.00; bulk desirable 160 to 200 pound weight, 13.25a13.80 310 pound butchers, sirable packing sows, larg T1.25: few light welghts, 11.5011.7 heavies downward to 10.00 and be! o bulk strong weight slaughter pl 12.00a12.75; few selected 130 pound averages upward to 13.00; shippers took 0 head: estimated holdover, 8,000 head: heavy weight hogs, 12.60 214.00; medium, 13.25a14.00; light, 12.80a13 light light, 11.75a13.40; packing, 10.00a slaughter m‘( 1,000 head: com- pared week fed steers and vearlings 50 to 75 higher; grassers, feeders and stockers 25 to 40 up: up- turn stimulated by smaller receip run this week about 68,100, against 80,000 a week previous, extreme top yearlings, 12.50; within 25 of sea- son's peak: medium elght, 12.00; heavy bullocks, 11 fat she stock unevenly to 50: mostly 25 higher: all cutters and bulls, 15 to 25 higher; vealers, 1.00a1.50 lower. Sheep-—Receipts, 1,000 head: run | principally direct odd load of natives, 14.00 straight, for week 20,400 direct; 262 doubles from feeding stations fat lambs, closing 15 to 40 lower: cull lambs, 75 to 1.00 lower; fat vearling wethers around 50 sheep and feeding lambs steady: week's top. fat <, 14.40; fat native lambs, 14.30; fat vearling wethers, 11.00; fat_ewes, T range-feeding lambs, 13.75. — e GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) Bid ked r Gt (w In) Ba 1914-18 155000 1800.00 ambure 48 1910 13500 150.00 (Quoted_1n” dollare per’ muu-um mlrkl Ger Gen Elec 438 prewar. 2 MR DR fiu...m..n‘g» resiear ‘rankfort-a-M 4! P ar. . Munich 4s DY » 1.00 \ 50 1180 grn Elec) 100 128 10800 112.00 BUTTER IS LOWER. CHMICAGO, October 16 (#).—Butter lower; receipts, 10,630 tubs; creamery, b4 Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, October 16.—The week closed with the selling' move- ment still in progress on the Curb Exchange, with little or no attempt belng made to support onT;Ih(' reaction. L et ¢ heavy losses sustained as the result of the decline in prices during the past two weeks naturally neces- sitated liquidation of accounts which “(;'da th:mme ei&npfllred and this was ppeared to be | the week end. Z e One of the outstanding incidents was the offering of large blocks of Pennsylvania Dixie Cement, a com- parative newcomer. No apparent rea- Son was disclosed in the outside news development to account for the throw- ing over of this issue, which declined from the previous closing quotation of 41% to a new low record below 38. NEW YORK, October 16.—Follow ing is a list of bonds and stocks traded in on the New York Curb Mar- ket today: Sales in INDUSTRIALS. nundzeds. High. Low. Close. Ala Gt Souh.. . 118 118 11 AXI Gt !UH"I ptd 119 119 llg v Bau A8y 33, i Bt Aah A8 0y 30 Hu 2033 201 2018 3% a4k aei 2 ;g% " 23& 2 = . 04 94 .. 101 101 X 41 41 '3 i 5 i 5 4 (03 ; 17315 17 fi, g ek i 7 B e e r. 55' 2& '/l . 2{‘ g‘“ :4'. 13 . 130 N e HE ¢H Fol iu 1 4 4 4 v"" + "1’3 Shae 100 Bond & Sh pt 1001 3% 108% 1 Estey Welte © S A 3 Fageol Mot Co. > Fled % Fatnrdo S . s Fall River & I, 3% 3 Eoundut™Foc 20 Pox Theaters A- Fid 8 Freshman Chas. i v Houston El i 414 e o 18 My 8 2 Gleasd Prod ¢ Fin 1 Glen Alden Coni. 13617 15518 1343 RGoodst T & R 3113 b 5 Happiness C S 4 a1l g1 by 1 Ha rnlnm\n CS P 6% o 1 Hellman R pid. 31 3 Hiren €n By, 3 i 1' D) a Jofna: Qt‘.v.\' G A W% 8 5 4 o e PR G 3 = Tl 4 (uh awk "1 i e £l Mohaw! Val By North O Pow (¢ 2 Nor States P ¢ 12 103% Washington Stock Exchange SALES. qmmuux Traction 65—$1.000 at 101%, 8 lects 20 2t Ton 3G o8 inlnn Trust Co—10 at 226, Lanston " Monotys e 10 Bt D1%. 10 at ©1 ¥rrenthater Linotype—6 at 1051 AFTER CALL. fagtion 5s—$500 at 101%. feton Biv & B £4.000 at 81, Washington Ga F Canital, 0 e 45—$6.000 at 500 Figs: 1..m.f'n‘13 10 * fabital o — % 1053 .nn io’l‘ar(ar’!g‘n Co—10 at 103%. 10 at Bid and Asked Prices. BONDS. PUBLIC UTILITY, Amer. Tel. & Telga. 45, . & P Tel 5 (anltll Trn(‘lhm R. R v and Su 1013 burban’ s AR1L o8 e 161k % 10i 1069 - 1057, i Mt. tts] V\uh k Almnp Fu e Wn!hmxlnn Gas Bs. Washington Gas _6a. h Ry, Chevy Chase Club ln#nnlll Fai U:. D ‘y L {:‘)‘1‘1 JC“‘I';I“ ihfk ul BI STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga. Qapital_Traction Washington Gax Norfolk & Wash. Ste: Putomag Elec, BL 5 Wash & Eiec. com.” A Wath. Rwy. & Eieo. pio. 8% 90 NATIONAL BANK. National Capital . 270 Coumbia ! 870 Commercial 225 District ... bt Farmers & Me¢ 270 Federal- American 12 Liberty 07 Lincoin . . 300 National )lelrum)llun . 400 Riges .. 440 Second .1 250 Natlonal ‘Bank 270 . TRUST COMPANY. American Security & Trust.. 3x7§ o 1 % ol i 'nion ‘a Wash. Loan o & Fom W .nhnulivn arity !:umll\‘s‘:lefl §E‘:fi'nx von MecBabic FIRE INSURANCE A",‘fsx‘;'n“ i TITLE INSURANCE. \umml\u“e e o 1 % Fue Tnv. of Md. com. 50 ll:.t.lLLANEA)Lfl &3 Lln-luxl Monotype . . Merchants' Tran. & Storage.. Iin l\mu- Lran. & \lur nld haler Linotype. Inv. ¥ ul)lel g Siores D |l\ Storaxt ll\lllm Mlx’kal Ex dividen Unlisted Department. BONDS. Last Last b5 ].171;1 Asked. d Navy Club 5s. . ",'-"3.\.."\ h"u. k23 S 7 \{rlmvolxlln Club 4% 85 !MKS nacostia Bank " ‘. En.fi:’.’m. % pi el L sl extras, 45; standards, 40%; extra firsts, 4234a 44; firsts, 3815a 4034 : sec- onds, 35a37%. Eggs unchanged, re- ceipts, 3,765 cases. Direct to The Star Office Evidently orders which have bol- stered the market for the stock fad been canceled, and once this element ot support was withdrawn the mar- ket gave way readily. Another fea- ture developed in the market for du Pont and Warner Brothers Pictures junior shares, both of which were un- usually active In declining prices. In the case of the former stock the offer- ings were nothing more than a re- flection of the weakness of General Motors on the Stock Exchange. Be- cause of the large holdings of the lat- ter stock by du Pont the market was sympathetically affected. Warner Brothers Pictures was tak- ing ite cue from the movement of the A shares on the big board, which were under considerable pressure. The re- cent speculation in both the A shares and the junior issue has left the mar- ket susceptible to professional manip- ulllloni flh 3 % 15% :’.‘r & f 7. 5 % 20 nl 13 xp:::fl Wat p- cwm mna m(’v& 244 Penn Dix 40" ‘ard g8 1 Feon_ Brue_ 2 ?;hlllp Morris 0% L1 BRIliD Morria A ‘lzfi roct & Qo ’} i gor ?.‘.5; K 53 7 1 X‘u\!ily Bak A. 4 45 45 3 Rand K ‘Qi‘h 1§§ 1) S @ Reo igw g 19y 5 Ri 5 .‘& 4 Se 184 184 15 1 ; 24 24 24 X% 360 30 3'8'0 13 S o8y 2 2% o7 o7 674 L W o7, 107 18% 16% 19 18 i 13 4 1% g 1, 38 11 101 33 4% 4 171 11% 11 1y a% a7 ‘} {V gfl 29 ER: 7 = 1 Vi q o8 Dg ¥ 73 Wan v 8 0% é 3 w S 83‘6 i‘i { Vates A MR ot 30 80 1 Yel é 12% 12% 12% gales in, xmwa STOCKS J 07 b; #r'l‘,l Gl&h‘ EC. % Y :2 5 Crosson _Goid i 20 Eureka Croesu .0 15 Efor*% fif‘é 08 lor Goldfid_N k &) Kay Con . % i ingl 18 ta £ 03 % Sy Weet Fnd Bei 7 087 03" 03 Sales INDEPENDENT OIL STOCKS. in Rindreds $4m ‘con Olfields 7009 1 A RO 3 1% 1 Beac IT‘Z 104 5 Ifi?z 1 Cit Serv pfd . i 8) 18 Columbla Synd: 238 13 23 Creole Synd 185 12 ’fru\\n Cen Pet 1 lz: Darby Pet % 3l 3 20 Enelid_0il Co 1 93 B8 Gulf Oil of P 0 LI 2 Leonard Oil. -7l Tion Of1... " 2nfi Marland 8 0 Mex Qil ex Pantco ount Prod. 24 1 Nex Mex Land.. 10 10 lf)hlll Fuel CUI‘D 43 43 [ Pantl!m ' ol lfl K} ‘!2‘7 4 mer Fulll'l Oil 18% 18% z%m 1 (7 fi dl) E‘i) b 22" 20 1501 e 22 3 7 Tid Ny 1l 10y 8 Tide “"Ilfr OH 22 21t JTue W ON ptds 67y 073 i Venezuelan Pet. 58 1 Wilcox O & G n. 28 ales STANDARD OIL STOCK: in_shares. 900 Anklo Am Oil.. 18% 18% 100 A A O vtcefsde 1 IR 800 Continent 01l n. 187 18% 110 Cumberland P L 107 108 e 1 10 S ¢ 8ia n:,z 700 Stamote ol &R 845 B4y 00 Imp O of Can n 34 ;uxi 4800 Inter Pet. € Ltd 303 30 Transit. .. 31 31 0 & G n b0 80 ral P L...1%8% 124% 10 S¢ Réfin 105 195 430086 A 61% 1008 O ; 177 47008 ON Y. A 30 708 S Zomio” pra 11 118 600 Un Tank Car I, 04 Sales BONDS, in thousands 4 Allied Pk 68 . 714 3 Alum 7o 03 1058 Am o1 007 no ¢ et FEFISSRSES EE 55p2omobsSonxossaooohns soson0o: FEIF FEAS oS e oa-R33%. i 8 ? 4 9 fl 1 f 8 1 i3 1 1] 1031, 162 3 164 i 05 737 7 7 T 1 111 L 4 %3 T0a% iR 3 23, K1, 8R% BRI, | hobd thd Pet 6 ]fll‘yz 101 10113, Gul O Corp bs. . 10014 10012 1001y 23 Hav EU'Ry 8%hs ol 01w o1 I5T01 Cent 4%8 -. 081 0813 00 10 1na Times s ©© 0772 075 77 i 0% G un bl o1 et 19ind B &L 00"A 1000 103" 108 It & %or 80 808" 08 PiRdhET By B 0P DS Ea o aseh 03l Bu DAk Lib McN & L 78104 104 104 L ] CEPEEEERE S F ORI SE AR v B RREE EE () 22055 nooocDDos: ESERREISRSI3323, 2 3 22! o 23ghsssoeonsosSoncotans SEEEERSERSSRSIERRNS3ARR2223 PR S =SS T Y Se3oroosonony 2233533533333 555 Be0li00 13 s 1 2 1 U o G DA A Lot b > 3, ® AR oS00 g EEERERER & 255550500, 2555505000 50! - Sales in lnouundl 200050z & 23333323353335% S 5525002 & naton Mono o Y ¥ d=] 2 EEEEe e armon Mot C.. 30 Nov. 10 erc Store Co. Nov. 18 &t 30 Do. pf..... v. 18 t. 30 ohawk Mini .1 Oct. 30 lewberry J J 1 Nov.18 cotten-Dillon 5 Nov. 1 Oet.’ 2 BREAK IN STOCKS ONE OF WORST ONRECORD IN SUCH SHORT TIME Optimism Over Business Outiook Failed to Take Into Consideration Low Level of Commodity Prices-Forecasts Belied. BY STUART P. WES' Special Dispatch to The Star. NEW YORK, October 16.—Taking the last two weeks together, stock exchange prices have had one of the worst declines that has occurred in a similar short space of time in re- cent years. A good many people higher up have been very wrong on this situation. In this category may be found promi- nent officlals in Washington, repre- sentative bankers and business men and a number of heavy traders. It was the fashion through the Sum- mer to talk about business outlook as if it were very optimistic, with no_qualifications. There were qualifications and they have been showing forth during the last month or so. The one which these articles have chiefly em: sized is the low level 6f commo prices, seling for many industries at unsatisfactory profit margins. ‘This has been for a majority of man- ufacturing corporations an offset to big production. Rallway Earnings Not Affected. It has not entered into raflway earnings, which have been built up on an unusually large volume of gen- eral trade throughout the country and upon a reasonably remunerative rate structure. Nor has it entered as a factor into the general dis- tributive trade, where in most lines there has been success in earning a substantiai return efther through a more economical handling of a great business total or through raising prices sufficlently to meet higher costs. But in the case of the railroads and merchandising stocks almost every- thing favorable that could be said about the business of these companies had been discounted by the extensive advance of the Summer months. Some of the dividend-paying rails were put up to levels which meant a lower interest return than was offered on bonds which outrank them. There has been a lot of talk about dividend increases and stock dividends, but so far little has materialized. Conse- quently in the rallway section, despite the investment buying which went on two and three months ago, a sweeping readjustment was called for which would get prices back to an in- terest basis more In line with general conditions. Cotton Outlook Unfavorable. No let-up has taken place in the rallway freight movement, which re- maind close to record proportions. This insures another series of excel- lent earning statements for September and October. What will happen after that is open to question. ‘With all that has been sald by way of reassurance to the cotton growers, the fact is that cotton prices are very low, and in most sections probably below the cost of production. Banking ald can do a good deal to- ward holding the surplus off the mar- ket to awalt a propitious time. But no amount of help from the banks can force a more profitable price level. This was shown in the wheat trade three years ago and it promises to be made plain in the case of cotton now. 1ty South May Suffer. In the same way all the propaganda of 1923 and 1924 to diversify crops in the wheat sections and make these less dependent upon their principal staple accomplished little. The wheat acreage was not cut down to any great extent and again this vear there is to be a wheat yield well above the average. It is doubtful. in the light of this experience, whether the pro- moters of the curtailment of the cot- ton area will meet with any better success. How is all this going to affect the general business situation, especially in the South? It is this part of the country which led the way four years ago toward a restoration of trade pros- perity. If we are to have a continu- ance of very low cotton prices another eight months it will surely fall upon the buying power of the cotton States and in this way make itself felt upon the business total. Money Rates Steady. There is no trouble about credit conditions. Time money is more freely offered than it was a month ago. Call money .keeps about the same and this at the season when under the old regime New York re- serves were being exhausted by the crop-moving demand and money rates were accustomed to soar. French and Belgian currencies have done little during the week, but some interesting movements have happen- ed elsewhere. The continued recov- ery in Italian lira has denoted confl- dence in banking circles in the pro- gram of the Mussolinl government, which calls for the stabilization of the paper note issue through reduc- tlon of the amount outstanding. Brazilian exchange has fnllen sharp- ly, while a determined effort has been noticed on the part of Norway to re- turn to a gold basis. The Norvegian kroner has been going up at times quite rapidly. The three chief requi- sites for a resumption of gold pay- ments after a paper currency has been depreciated are a balanced budget, a favorable trade balance and a complete cessation of further paper issues. Norway appears to have sat- Isfied these requ(remenls EM’P’LOYMENT INCBEASES CLEVELAND, October 16 (Special). ~—There has been an increase of em- loyment in the steel and automotive ndustries here of 1.2 per cent in the last month. Employment index, fixed at 100 for 1918, now stands at 118.45, the highest point since 1923. A loss of 2.2 per cent has taken place in miscellaneous employment and the hiring rate for unskilled labor has dropped to 44.7 cents an hour. Your Banker Knnw. When in doubt about a security consult vour banker. It is equally as your savings. You trust him with your deposits—why not trust him with your investment problems? Mon to Lun Becured hy first fl('Efl of I.ru:t on l‘flll !li 17 | Freviiting joees 40 S o Joseph I. Weller 432 Was WE FINANCE —all classes of income-producing properts| Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. ~ _ Prompt Action. First Mortgage Loam Lowest Rates of Interest and Commission laher & Company, Ine. 738 15th Street. The New York Life Insurance Company First Mor On Improved Real Estate tgage Loans in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Y == 3% ears, 10 Years Office Bnlldllll Business Properties RANDALL H. FAGNER & COMPANY Incorporated. MORTGAGE LoaN GORRESPONDENT 1321 Connecticut Avenue £ INSURANCE COMPANY 7 BOSTON, MASSACHUSEITS —invites applications for loans on Washington real estate. Prompt action, lowest current rates. OSS EEPHE FQUNDED 1907 1417 K Street—Main 9300 NO APPRAISAL CHARGES OR SETTLI MINIMUM TITLE EXPENSE Telephone Main 9700 Consult— LPS A Third of a Century’s Experience Main 2100 - B. F. SAUL CO. Properties Pay Profit —to their owners, regu- larly, assuredly, satisfac- torily—when our Man- agement Department is given full responsibility. Owners in every part of Washington have depend- ed on us for a third of a century. We can help you. much his interest as yours to protect i 925 15th St. N.-W. TRAFFIC TO GAIN. Increases of 10 to 20 Pct. in Final Quarter Estimated by Roads. Special Dispatch to The Star. BALTIMORE, October 16.—Rall- road officfals here estimate that ship- ments of industries will show in- creases of from 10 to 20 per cent in the volume of thelr business for the final quarter of the current vear. Although carriers have more equip ment in service than ever before, the indications are that it will be strained to furnish the necessary capacity Less than carload lots, which is the most profitable traffic. probably will expand 12 per cent and will require heavier loading of cars, it is said. To avold delay in shipments, the roads are calling upon shippers to co- operate in every way posunfle WOOL PRICES FIRM. BOSTON, October 16 (Special).— Raw wool markets closed the week firm, with special interest in foreign wools. The call still is for wool to cover immediate requirements. South American wools are the leaders among the foreign, Montevideo 53 being quot- ed at 29 to 30 cents and Buenos Aires Bs at 28 to 29 cent: POULTRY PRICES EASY. CHICAGO, October 16 (P).—Poultry —Alive, easy; receipts, 12 cars; fowls, 1a24: springs turkeys, 30; REAL BTATE LOANS ANY AMOUNT 51//2% APARTMENT HOUSES PROPERTY NCE LOANS AT LOW RATES FRED T. NESBIT 1010 Vermont Avenue N.W. Main 0302 Notice of Redemption First Mortgage 69, Gold Bonds The District Apartment Cor- poration Bond Issue. Public notire is heroly giten fo the hol gr_holders of outstan 30 be;‘ts e O ey ! ive hundred A% thou and Gonats (€506 Q00). executed by The District Apartment nrpnmmm a Delaware Corporation, on May 20,1019, ahd secured b riage of deed of thisg execnitesl by sald The Dists ct Apar ment Corj to” Nicholas herts o trustes. of even' dato with Vonds eeeietia on” ume e R ML IO Y Folio 162, in Land Records of the District of Columbia. cor i jocated in the City of Washin istrict of Columbia, n said mortgage bonds nave prepayment and redemption 6, at par. accrued in- 18, 1626."and a premium more Darticularly deseribe or deed of trust—that sai duly_called for gn November 1 tereat of 2% ‘ot the pri Special Announcement of interest to the INVESTING PUBLIC We B Offer the First Logical Plan for Public Participation in Real Estate Investments (Not a Co-Operative Plan) If you are interested in investing under the following conditions: (1) The practical safety and security of the mortgage bond; (2) Combined with the profit-sharing possibilities of a good real estate enterprise; (3) And without any kind of red tape, complications, tenancies, or obligations as are found in co-operative plans, etc.; then let us tell you about this new epoch-making plan which offers you a combination of safety and return seldom presented before. Detach and mail this coupon CAPITAL INVESTMENT & GUARANTEE COMPANY, Investment Bldg., Washington, D. C. Without obligation to myself, please send me information of your new realty investment offering Address Signature Keeping Faith Our clients come back to us Our customers will be clients for year after year. new many years to come. They have confidence in us. A confidence that is the out- growth of conservative ethics —"Absolute refusal to make excessive loans.” We Protect Our Clients First Mortgage Securities ol I erat are) ncuordingh nofthed to Bresent their Danda Tor pauMment. together with all coupons due on and subse: apept to November 15, 1620, at the office of 8 W, Straus & Coy Tncogporated. st 563 Fifth New “Yor] 310 Avenue, or} or South Michig lmm» cmn %, Tintis, on hich date sud November on bonds cease to Nlr nteres NICHOLA H.OBERTB te uk 15, 192 S R R T At lflml‘! !or ‘Truste Holders of lhr-ah_m~ i1l fing 1t to thei | | advantage to reinvest proceeds in | the current, first morigage bond lsauen un- dei S, Straus & Co.. Incor- e Bas ritin Kvenme ew ForcEor: A_descriptive list. with an attractive specific | [I| offering. will be mailed on request. | Provident Mutual Life Insurance Company il Funds to Loan In Small or Large Amounts at 5% Per Cent WM. H. SAUNDERS CO., Inc. Renltors 1433 K St. NNW. Main 1016-7 Members New York Stock Iixvchange Nuccessors to JOHN L. EDWARDS & COMPANY N 1416 H Street Northwest 52 Broadway, New York Richmond, Va. Newport \ews, Va. Lo, D s SECURED | | on oufllmk{l !‘"#‘ll if_you are ":'I";“E“{ 1 o salary o or _ more. { TITLE %O INC.. 805 bth“sl % 57 dears Without Loss - loan Investor First Mortgages It has been a good many years since the first man borrowed money from another, pledging his real estate as sccurity, and during that time the development of the idea of the First Mortgage has passed through many stages. of not so long ago, the transaction was purely a personal one between borrower and lender, with the necessity of the latter having to look after all the details, including the value of the property securing the loan. Today, the modern investor may purchase a First Mortgage note through Swartzell, Rheem & Hen- sey Company, with the assurance that all those details have been looked after, and with the knowl- edge that he will receive the in- terest promptly on the date due and that the principal will also be repaid without delay at the date of maturity. He knows his money is safe and being looked after with all the care which fifty-seven years of experience has afforded. And he also knows that the in- terest he will receive each six months will be at the rate of 614%. Swartzell,Rheem & Hensey Co,, In the days NMortgage Bank Mflmm’z;mw-;u EVENING STAR, WASHINGTON, D. O. SATURDAY, OCTOBER 16, 1926. FINANCIAT. L NEW YORK CURB MARKET