Evening Star Newspaper, October 17, 1926, Page 52

52 PUBLIC 1S TURNING T0 BOND MARKET Prices Hold Firm as Stock Values Tumble on Raids by Bear Traders. ° PYRON SELLE Zpecial Dispatch to The Star WEW YORK, October 16.—The bond market gave a remarkably good a cdunt of itself this week. Prices for socurities of investment grade held Zrm all through the weakness in ocxs. More signlficant still, quota- tions were maintained despite cumu- Jative evidence of the withdrawal of incr curity markets for business purposes. Testimony of the weekly statement ! was | of the Federal Reserve Bank: eloquent on this latter point. Tt showed rediscounts secured by other than Government collateral at the highest figure of the year to date, and a decline in the Reserve ratio for the system as a whole from 73.7 per cent a week ago to 73.1 per cent and for the New York bank from 82.5 per cent to 78.9 per cent. But bonds were little affected by money as they were by speculative sentiment. Turning to Bonds. The explanation that maturally oc- eurs is that investors are turning from stock to bonds because at pres- ent prices and dividend rates the vield on the stocks is no longer at- fractive in comparison with that on Ton An advancing market in stocks generally culminates when this position is reached. Prohably this is a partial explana- tion. “but it does mot clear up the whole matter, for the bonds which have heen strongest have been the highest grade. first mortgage rails selling on a 430 to 4.75 per cent hasisi, and, to some extent, securities vielding Arovnd §iper ent’ A, iehen, money Is going out of speculative Stocks into bonds it is going into the most conservative descriptions. It is too ear of course, to say how, far this movement ‘will go. It may Te only a temporary phenomenon and 4 may be checked by a further rise in money rates, but at least at pres- ent the demand is sufficient to more 1aan maintain quotations at prevail- 4ng levels More attention is being paid to the trend of commodity prices. Prob- #bly the break in the stock market helped to emphasize this feature of the situation. A prolonged down- ward movement in commodities would mean higher purchasing pow- er of the dollar and so enhance the ¥ate of return, that is to say, bonds. Wholesale Prices Down. 1t is doubtful whether the average man would admit that there has been any reduction in the cost of living, and probably, as far as reta g0, he would be right in den If. on the other hand, values at whole- gale are examined, it is difficult to find indications of an advance any- where, while signs of the opposite tendency are seen on every hand. If any particular commodity is taken there is always a good reason for the lower price. a reason that seems to apply in that case alone, but that does not_alter the situation. The advocates of the theory that common stocks in the long run are better investments than bonds, be- cause, granted sufficient diversifica- tion, they compensate for depreclation in buying power of the dollar, are not going to have the argument all ay for a long time to come. if movement now apparently gains momentum. All this has a bearing on the ques- tion of whether new financing shall be done by stocks or honds, some- thing of importance to the railroads and the utilities alike. The latter are in a far more favorable position than the former as far as their capi- tal structure is concerned. Compare, for example. two corporations have announced this week their in- tention of selling additional stock— Detroit Edison and Southern Rail- way. When the first named disposes of the proposed additional shares, the total of funded debt and of capital ktock will be approximately the same. After Detroit Bdison sells $5.000.000 fo its sharcholders, outstanding stock capital - will be about $8,600,000, against the total of mortgage bonds of $84.484.000. ition Vastly Tmproved. Southern Railway proposes to sell £10.000,000 new common stock out of an autho the comparison in the c yoad is hetween a present funded debt of about against a total of cap yon and prefer not counting the pi Sonthern Rail so vastly improved that it will have no difficulty in_enlisting new part- ners in its husine t. like all other railroads, is ter need than are the utilities. the foreizn feld, the ropean obli- se of the rail- total of 000,000 k. com- of $180,000,000, posed new offer: o position 15 confused. gations have found ed favor this week. but South American obli- gations have felt the competition new offer In the former grou: some of the French honds have sold this week at the highest of the vear and this notwithstanding the beliet that ratification of the debt refund- ing agreement with the United States Government is still doubtful. It Jooks as if the question of the inter- national war debts is not as im- portant a v in determining the market valuation of the dollar bonds of the countries concerned as has Leen generally supposed. BUTTER DECLINES. M-vket Rules Steady., With Trade Dull and Nervous. CHICAGO, October 16 (#).—Sup- plies of fine hutter were more liberal and prices declined s cent on e decline the market idy, with trade dull nervous and un- centralized car market was shout steady with prices 'y cent lower. Offerings of 89 and 90 score cars were fairly liberal but as buye howed little interest, trade was dull. Fresh: 92 sc 3 ai Sk score, 1 ST score, 371a. 90 score, 40 , 38, 2; 88 score, 89 score, RBUYS EXCHANGE SEAT. NEW YORK, October 16 (#).—The ¢ York Cotton Exchange seat of Sidney J. White has been bought by Edward E. Bamen. jr., for $26,750. BUYS ADI OINIRG TRACT. YORK October 16 (#).— fining Co., has bought a’ res adjacent to its plant in Pittsburgh which will be improved immediately with modern oil refining equipment. Motorists and gasoline importers of Australia are protesting against the proposed gasoline tax to raise funds tor pew highways. ' singly large sums from the se-| hich | d total of $30.000,000. but | 91 score, 41: 90 | FINANCIAL. BOND SUMMARY FOR THE WEEK High 102 30 1021 1039 Himn. 9% 103% 978 101% 881y 110% 108% 8915 103 1043 1037 1037 90ta 9814 92% 118% 104 {1072 961 i 89 [ 112 i | 98’ 69 i 10129 99 15 1011 10119 100 16 1011 101 20 10810 104 13 1925— | Low. 95 101% 96 93% 634 High: O Low, U. S. BONDS. 101 20 99 19 Liberty 3128 1932-47..... 102 26 101 21 Liberty 1st 4%4s 1932-47., 100 31 100 13 Liberty 2d 4% s 1927-42.. 101 15 100 25 Liberty 3d 41,s 1928. - 103 7 101 29 Liberty 4th 4% s 1933-38. 108 20 106 9 Treasury 4%s 1947.5: 926—— Illzll. Low. FOREIGN. 100% 96% Argentina 6s A-1957. 102% 100% Argentina 7s 1927. 99% 96% Australian Govt 5s 103 Austria 7s 1943 87% Belgium 6s 1955 110% Belgium 7158 1945. 108% 105% Belgium 85 1941. 8915 Bordeaux 6s 1934 105 Brazil 85 1941. .. 105% 102% Canada 58 1952. 1031 Canada 5135 1 102% Chile 85 1926, 1097 Chile 8s 1941, 1097 Chile 85 1946. ... 487 374 Chinese Govt Ry 5s 1951 10014 Copenhagen 5155 1944. 103% Czechoslovakia 8s 1951. .. 1043, Denmark 6s 1942 B 106% Dutch East Indies 6s 1947 1067 Dutch East Indies 6s 1962 9%, French Govt 7155 1941.. 105% French Govt 85 1945, 105% German 7s 1949 93 % Holland-American s 945 Italy 7s 1951. 98% 4 Japanese 6125 1954 116 110 99 81 91 106 114% 112% 104 106 9114 94 106 ‘etherlands 6s 19’ Norway 5%s. Paris-Lyon Med s 1058. . Poland 85 1950 5 Queensland 6s 1947 Queensland 7s 1941 Rhinelbe 7s Rio de Janeiro 8s 1946. Sao Paulo, State of, 85 1936.. Seine, Dept of. 7 Serbs, Croat 1061 105 1017 1087 1052 987 101 1043 107% 927, 102% 1037 981 101% 109% 86 100 108% 974 10313 107 112% 122 103 105% 99% 973 116% 1 1031: Amer Agri Chemical 7% melt & Ref 1st 55 194 melt 1st 6s 1942 Amer Sugar Refining 6s Amer Tel & Tel ¢l tr 4s American Tel & Tel s { Anaconda Copper 65 193 Anaconda Copper cv deb Armour & Co 4%s 1939 Atlantic Refining deb 5s 1937 Bell Tel (Pa) ref 5s 1948. .. Bethlehem Steel p m 5s 1936 Bethlehem Steel s f 6s 1943 Chile Copper 6s 1932. . ... Cuba Cane Sug cv deb 8s 1930. 4 Detrolt Edison ref 6s1940. Dodge 65 1941. Empire Fuel & Gas 1‘19 1937 Goodrich (B F) 6138 1947. Goodyear Tire 85 1931. Goodyear Tire 8s 1941. Humble Oil & Ref 5145 indiana Steel 55 1952. . Inter Mer Marine 6s 1941 Inter Paper is B 1447. . International Tel 58 ret Kelly Sprinzfield 8s 1931 Lackawanna Steel 58 1950. . Laclede 5. ¥ Gas B L H & P b 1048 N Y Tel 4155 193 2 107 N Y Tel 6s 1941 10114 North American 9713 Pacific Gas & Elec 9874 Pacific Tel & Tel 55 19 103}z Philadelphia Co ref 6s 1944 100 Public Service 6s 1944. 2 93% Sinclair Oil 7s 1937. lnw Sinclair Crude Oil 6s. Skelly 6125 1927 U S Steel s f Utah Power & Light Warner Sugar 7s 1939 Western Union Tel 6125 1936 Wilson & Co 1st 65 1941 R 3 Atchison gen 4s 1935. ‘Atlantic Coast Line 15t 45 1952 Balto & Ohio gold 4s 1943. Balto & Ohio cv 4153 1933 Balto & Ohio ref 5s 1995 Balto & Ohio 65 1929 B&OPitts LE& W Vads1941.. efs 50. B & O Southwestern Div Brooklyn Manhat s f 6s A 1968 Canadian Northern 6125 1946 Canadian Pacific deb 4s Central Pacific 4s 1949 Chesapeake & Ohio cv 413 Chesapeake & Ohio gen 4155 1992, 950 Chicago & Alton 312s Chi B & Quincy 1st ref 5 Chi & Fastern 111 gen 551951 Chi Great Western 4s 19 Chi M & St Paul ev 4155 Chi M & St Paul gen 41%s 198 Chi M & St Paul ref 4155 2014. Chi M & St Paul ev 55 2014. Chi & N W 435 1087. 4 Chi & Northwester Chicago Railwa Chi R & Pacific ref 4s 1934. Chi Union Station 4145 1964. Chi Union Station 672 1963. Chi & Western Ind con 4s 1952 € CC&St Liref 6s A 1929, Cleveland Term 5 Colorado & Southern 41s Cuba R R 5s 1952 4 Del & Hud s Delaware & Hudson 5155 1937, Den & Rio Grande con 4s 1936. D& R G West 5s 1 : Detroit United qv,x 193 G‘bfl 1”36 Erle ov FlaEC . 3 Grand Trunk s f deb 6s 1936. Grand Trunk 7s 194 Great Northern gen 5 Great Northern gen 7s 1936 Hudson & Manhattan ref 5s 1957, Hudson & Manhattan adj 5s 1957, Tllinois Central 5%2s 1934 Inter Rapid Transit cv 7 193 Inter & Great Nor adj 6s 1952. Kan C Ft Scott & M 45 1936 2 Kansas City Southern 3s 1950. . Kansas City Southern 55 1950. Lake Shore 4s 1928. Lake Shore 4s 1931. Louls & Nash unified 45 1940 Louis & Nash 1st ref 5%s 2003. Mil Elec Ry & Lt 1st ref 5s 61.. MStP&SSM6%S1931... Mo Kan & Tex 1st 4s 1990. Mo Kan & Tex adj 5s 1967 . Mo Kan & Tex pr In 5s A 1962. Missouri Pacific gen 4s 1975. N O Tex & Mex inc 5s 193 New York Cent aeb 15 1934 New York Cent ref imp 5s 2013. New York Central deb 6s 1935 w Haven deb 4s 1957 YN H& Hev deb 6s Northern Pacific 4s 199 orthern Pacific ref imp 65 2047 Ire Short Line ref 4s 19 Ore-Wash 1st ref 4s 19 ylvania gen 413 s Ivania gen 5s 1968. Pennsylvania 62s 1936 Peoria & Eastern inc 4s 1 Pere Marquette 1st 5s 1950 Reading 413s 97 Rio Grande Western clt 45 1949. RIATk & L 41281934 StLIM&SR&G 4s St L & San Fran prIn 4s A St L & San Fran pr In 55 1950. St L & San Fran 513s B 1942 St L & San Fran adj 6s 1956. StL & San Fran inc 6s 1960. Seaboard Air Line ref 4s 1959. Seaboard Air Line adj 55 1949. Seaboard Air Line con§s 1345 Southern Pacific cv 4s 192 uthern Pacific col 4s Southern Pacific ref 4s 1955. 4 Southern Ry gen 4s 1956. Southern BY 1st bs 1984 Southern Ry dev 6155 1 Third Ave adj 55 1960 Union Pacific 1st 4s 194 Unlon Pacific cv 4s 1927, Virginian Ry 1st 5¢ 196 Wabash 1st 5s 1939. i Wabash 5138 1975 66% Western Maryland 4s 1252.. Jergens Utd Margarine 6s 1947. .. Slovenes 85 1962. .. 3 Cons Coal (Md) 1st ref 5s 1950. Low. Last. Yield. 100 20 100 13 100 16 3 41 102 101 25 101 29 389 100 20 100 17 100 19 3 89 1015 1013 1013 368 102 8 lose. High. Low. 99% 98 98Y 9T% 1023 1026 369 - 107 28 107 22 107 27 372 Prev. week's Last. 98% % 102% 101% lOZV i 87 86 87 108% 107% 8815 104% 104% 107% 107% 87% 104 103% 1 ¥ 08 07'% 877 104 1 102%. 101% 102 101% . 10914 108'3 108's 108% 101% 109' 37% 4 100 102% 104 105% 105% 100 105% 105% 93 92' 98% 107 107% 98Y% 114 111% 103 106% 92 94'% 105% 108%a 117 105 1043 101% 108% 104% 98° 100% 1084 106's 91 1007 1021 98 4 1007% 105% 8274 970 107% 3 95 103% 10815 105% 1057 11011035, 1201 101% 102 103% 103% 881, 89k 96% 109% 104% 98% 103 98% 96 101% 115 106% 987k 10814 10315 1004 101% 104 1031 9714 1007 138 106% 9. 107 106% 97 6012 111% 99% 10&!". 103 99% 100% 104% 1 9The 100% 92 931 91t 96 98"y 103 91t 100% 96 118 5% 911y 99 Ry 601 105% 7815 6812 537s 9215 55 5334 10278 111% 6% 9% 97 101% 108% 37% 991 101% 103% 1047 104% 98 104% 105 89 91"A 98 107 107% 98% 9% 88% 114 110% 102% 105 91 9 105 103 1172 104% 104 100% 108's 104 981a 1003 1027 105 90% 100t 101% 97l4 100t 104% 8219 95% 107% 94'% 103% 1041 i 1 1 1 1 1 1 110 119 101 102% 881 95'4 108%2 104 98 103% 98% 96 10112 114% 105 98%, 108 102% 99% 160% 1037 103 97 100% 13314 106 93 106! 1 110% 9874 a1 92% 90, 96 97% 1027s 91t 100'% 9514 117 10515 818" 531 1017 111% 513 907 97 3% 998 102% 1 1 1 1 1 04 04% 05 00 05 N 1 1 1 1 1 1 1 93 92% 98% | 03 04% | | THE SUNDAY STAR, WASHINGTON, D, 0 MORAN IS NAMED TOBIGA.B.A.POST Local Banker Is Member of Executive Committee of | National Body. BY EDWARD C. STONE. Howard Moran, president of the District Bankers' Association and vice president of the American Security and Trust Co., has been made a mem- ber of the executive committee of the savings bank section of the Ameri- can Bankers’' Association, according to information brought back from the Los Angeles convention. The honor is significant as it makes him elegible to attend the semi-yearly meetings of the natio association’s special com- mittees. lection of a trust company man by the savings bank division i understood to be partially due to Mr. Moran's position as head of the local bankers' association, which will be called upon before long to entertain a section of savings bank members of the national body. The Washing- ton Clearing House Association is al- ready making plans for this meeting. The recognition given to Washing- ton was very gratifying to the dele- gates from the Capital. 17% | 04% 04 o1 08% 00% 027 064 90% | 00'3 ¢ |of the McFadden banking bill situa- “ | musicians, sculptor: 00% 34 06% TR 117% 8584 103% 107% 964 96'% 116'% 104 107 97 81 £5 103 107 95, 958 113 104 89 687, 9% 823 971s 1 1 1 1 855 03 074 96% 961% 13% 04 82% 977 1065 106% 1147 114% 1145, 106% 105% 1053, 5 113% 1131 11314 9613 8014 963 807 11\2‘: 101% 10215 9874 974% 95'4 71 95% 8% 913 71 954 78% 913 T2 T2% 97% 981 988, 97y 9515 98%, 9Ty 95% 107% 107% 107%; 97%, 977 102% 102% 102% 86% 86% 98 87 0 961 921 92% 100% 100% 2% 991, 95% 72% 994 96 1037 103% 1035 ~107% 107%_1071 67 66% ¢ 67%% 103% 102% 103% 27y% 6% 924 2674 5% 91ty 260 76 159% '159% 71597 65% 894 112 98%, 86 981 1051y 1124 40'a 1027 97% 8215 94y 101% 101% %o 974 90% T2% 79% 9% 98% . _8Th_8Th | 91745 92 8415 651 651y 89% 89, 111 1113, 98 85% 9778 1043, 111% 40 1028, 97% 82 93% 101% 9614 87% 72! 813 94 981 877%__¢ 918 84 981 855 9814 | + | mostly " 35a 105 111% 40 1023, 1 94w |30 dozen; ‘egmplants, 75a1.00 basket: 978, 8215 9415 923, 83 98% 106% 105% 1061 117% 118 524 941 99% 1017 103% 103 3% 1178 50 93% 99% 101% 1027 102y K £ 94 99% 101% 1 10: 03 2% 3% 1048 |and study of several Western rail- 981, | road: s all the clearing house sessions. studio: | | delighted % |1.75a2.25 bushel; onions, 1.25a2.00 for , | for 100; peppers, 25a50 basket: pump- land 1.00a1.25 |garden truck rules steady with | packing stock, | basket. Other Convention Echoes. Lanier P. McLachlen, president of the McLachlen Banking Corporation, and Mr. Moran were guests at a din. ner given in honor of Otto H. Kahn, New York banker, which was attend- ed hy about 80 financiers. Mr. Kahn went to the convention after a four The veteran banker made an address in waich he praised President Coolidge for his “sound and unsensa- tional management of a great house- ¢ V. Haynes, president of the s and Mechanics Bank, and Victor B. Deyber, president of the Second National, president and secre- tary, respectively, of the Washington Clearing House Association, attended The largely routine, various improving clearing house d discussed. work was plans for service being suggested George O. Walson, president of the Libe#ty National, who is a member of the A B. A. public relations commit- tee, was on hand at all the meetings, and at the close of the convention, Mr. Haynes took the place of Joshua Evans,"jr., as a member for three cars of the executive council. The local delegates say that H. H. McKee made a splendid presentation tion. Watch Movies in Making. Practically all the local banke visited Hollywood and saw motion | pictu in the making. They learned | that production live in Hol per cent of whom appear on screen. The others are camera men, costume designers, stage carpenters, film ‘developers, art printers, electricians, scenario, title and pub- te. The visitors were o told that about 500 fea and 00 short reels are made ev: in Hollywood. Hollywood is 20 times larger to than when the first studio was es! lished there in 1911. It has 33 banks today when there were but two 15 years ago. There are about 250 pro- ducing companies working in 19 The Washington bankers aw several stars in action and were with the d: entertain- art titlers. scene MeLachlen took some moving { es of his own on the way to the | Coast through the Panama Canal. These have not vet been developed but his friends say they will surels surpass anything they saw made at Hollywood. Plenty of Room at the Top. R. Golden Donaldson, president of | the Commercial National Bank, de- clares it is untrue that there are at present fewer opportunities in the Washington banking field for vouns men than there were years ago. In- sisting that the exact opposite is true, he explains: | “We were never so prosperous and so secure as now. American business has made enormous strides in every direction. All classes of business have developed and succeeded way beyond the fondest expectations of their founders, and in nearly every instance the men who direct the affairs of these institutions have risen from the ranks. “Much could be said to exemplify and prove this statement, but it only necessary to illustrate it by point- ing out that every president of every financial institution in this city, so far as 1 now recall, won his place by virtue of his ability, indus and painstaking devotion to dut i Local Bankers Meet Tomorrow. The District Bankers' Association will hold the regular Fall meeting tomorrow afternoon at the ¥ street 1eadquart, The members will vote ing the constitution that ng president yill always be a member of the next year's execu- tive council. In this case the mem- bers will be Francis G. Addison, jr. It is believed that the association will gain much by following the ad- vice and experience of a man who has been in the chair. Bank Moves Into New Home. Yesterday afternoon the Chevy Chase Savings Bank moved into its new home in time to do business there in the evening. It required some very rapid work after the doors of the old bank were closed at noon. Customers are profuse in their congratulations over the new home which was built by Charles Wolgemuth, jr, and planned by Arthur B. Heaton BALTIMORE MARKETS. BALTIMORE, October 16 (Special).— The white potato market rules steady under a fairly good demand with | preference being shown for round |graded stock at 3.00a3.25 for 100 | pounds. But ungraded and No. 2| stock, not so desirable' and slow sale, at 1.25a1.50. Market for sweet potatoes and yams is quiet and dull under ample receipts. and demand slow at 1.75a2.50 barrel, for No. 2 stock. Bushel | hampers_of sweets and vams sell as to quality and con- dition. Market for native and nearby de- active for all stock showing quality at the following quotations: Stringless beans, 1.00a1.25 bushel: beets, 2.00a3.00 for 100; brocali and kale, 35240 bushel; cabbage, 2.00a5.00 for 100; carrots, 2.0024.00 for 100; cauliflower, 4.00a4.50 barrel; corn, 15a mand lettuce, 50a1.25 bushel; lima beans, 100 pounds; oyster plants, 5.00a7.00 kins, 5.00a10.00 for 100; Savoy cab- bage, 40a50 bushel: spinach, 25a50 bushel; squash, 50a90 basket: tomatoes, 40a90 basket, and 65a75 bushel for and turnips, 40a50 Live Stock Market. The general live eattle market rules steady under a geod and active demand for top-grade stock of which there is no_surplus in_the daily ar- rivals. Wharf{ recefpts continue mainly of ordinary gmde, which is i thin Springe) OCTOBER 17, hard to place and of irregular value. Quotation today at Light street wharf: Beef cattle, first .quality, pound 8 to 9; common to medium, pound, 5 to 7; bulls, as to quality, pound, 4 to 6; cows, choice to fancy, 5 to 6; common to fair, pound, 3 to 4; oxen, as to quality, pound, 4 to 6: milk cows, choice to fancy, head, 50 to 75.00 common to fair, head, 30.00 to veal, choice, pound, 1413 to ordinary to medium, pound, 11 to 13; rough and common, pound, 8 to 9: small culls, pound, 7 to 8; sheep, choice, pound, 6; old bucks, pound, 4 to 5: common, pound, 2 to 3: lambs, Spring. choice. pound, 1 fair to good. pound, 11 to 13; mon, thin, pound, § to 10: straight. pound. 13 to pound. 10 to 12; Stags, 8: old boars, pound. 4 to pound, 15 to 1%; shoats, to 15. 6 to pound, Dairy Products. Receipts of native and nearby fresh eggs continue lighf, and with a good and constant demand prevailing for this gharacter of stock the market holds™firm at 45 cents a dozen, an of 3 cents a dozen over openine prices Monda . Buyers are very critical as to qual- ity, however, and to draw top quota- tions eggs must grade firsts, as all offerings of doubtful quality are slow to find favor and have to be sold at a discount. Prompt shipments and careful grading, therefore, are ad- visable. ~The general live poultry market has ruled firm all week and values show little change. All desir- able stock cleans up readily at full quotations, but small, poor fowl is slow sale and not wanted except by the huckster trade. Medium to large old hens continue to bring top values 27a30 pound, but small fowl and lo;:hml\' will not bring over 20a22 arge Spring chickens are selling at 7 and Lezhorns to but poor_and re neglected Fat ducks, 4 pounds and ove fair demand at 24a26, but mo ar; are of poor, under-weight which move slow at 18 s are in fair request at 40a43 for vou 140 for old. but ship- ment of anything under 9 pou advisable. "Guinea fowl in li ceipts and good demand at 60a for stock weighing 11 pound: and 40a50 each for smaller. Pigeons in ample supply and slow sale at 20a 30 a pair for both young and old. CRUDE OIL PRODUCTION NEW YORK. October 16 (P).— Crude oil production in domestic fields from Janu: 1 to October 16, is cal- culated at 14,000 barrels by the oil. paint and drug reports, compared with 602,454,000 barrels in the corre- spending period of 19 Production now at the rate of v, against 2,079, nventors are manufac- most attractive labor- inexpen- v appeal- . office buildings, abs and hanks, all of have been sold this new and revo- ¥ device. One or two associates ncially able to assist in extending the sales of this popular price article by di- rect mail and ca interest in the usiness at the start, which is protected by three valuable pat- d promises u future comparable with and exceeding some of the great household ex now so widely wd- 3 eal directly with the ncipils by addressing Box 231-E, e sive to produc ing to homes, apartment housen Life Insurance As a Business Proposition Consultation Invited Without Obligation George E. Keeler 1130 Investment Bldg. Corner 15th and K Streets N.W. Telephone Franklin 9193 WE FINANCE ~—all classes of income-producing property| Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. We Will L;an at 537 Economic Conditions Tyler & Rutherford Loan Correspondent ‘of the Mutual Benefit Llfe Ins. Co. Newark, N. J. 1018 Vermont Ave. FIRST MORTGAGES FOR SALE 6Y2% TUE TAPE OF SECURITY VATIVE INVESTORS BUY In denominations of $250, $500, $750, $1,000 and upwards, se- cured on improved real estate situated in the District of Columbia. JAMES F. SHEA CONSULT US —for safe investment of your surplus funds. Look Lo the fature by fivesting Wm. H. \luumun Co., |‘ Fonnded 1887, 1433 K ot | n.w.. Washington, D. 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 |l. you. Our experience, ex- tending over a period of Thirty-five Years —insures your protection. Percy H. Russell Co. 1926—PART 1. MEXICAN OIL OUTPUT. NEW YORK, October 16 (#).—Pro- duction of crude oil in Mexico in- creased 2,286 barrels daily in week ended October 9, averaging 212,428 barrels daily. Light oil pro- duction increased 3,715 barrels daily and heavy oil decreased 1,427 barrels daily. BANK CLEAB.INGS i NEW YORK, October 16 (#).—Bank | clearings throughout the country for | the week are compiled by the Com-| 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 14th and G Streets 'sources $17,000,000 R. GOLDEN DONALDSON. PRESIDENT LOANS OF =0 1 on household fur eving AT . “CHATTEL FIRST MORTGAGE SECURITIES Safe Dependable Remunerative Anmnual Return 6Y2% Inzestment Dept. (SHANNON: & LUCHS 713, 715 and 717 14th St. Main 2315 Mortaage the |, FINANCIAL. mercial and Financial Chronicle at to Loan $9,287.783,762, a_decrease of 2.3 per | gecured b ”n deed of trast on real estate. Commisn cent under the $9,601,689,628 reported | = Prevajing iniarest az New York City Hhmu‘d}’fi'!ph 1. Weller ALY .}"Q’,“ per cent. The New York Life Insurance Company First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years RANDALL H. HAGNER & COMPANY Incorporated. MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Office Buildings Business Pr~oacties MORE POWER TO YOU Money earned is power gained. Money saved is power stored. TPower should he used. but not until it has achieved its fullest utility. Our safe 61,%, FIRST MORTGAGES —protect your “power” while it is being acquired. They in- crease it through unfailing, reg- ular interest. They give your surplus funds their greatest, sanest usefulness. A Third of a Century 1V ithout a Loss B. F. SAUL Main 2100 925 15th N.W. Suecessors to JOHN L. EDWARDS & COMPANY Richmond, Va. 1416 H Street Northwest Newport News, Va. WHEN BORROWING ON REAL ESTATE CONSIDER THESE IMPORTANT QUESTIONS LENGTH OF LOAN INTEREST RATE RENEWAL CHARGES The COMPANY W 926 lsu. St. NW EAVER BRO REALTORS 809 15th Street N.W. REDUCTION OF PRINCIPAL METROPOLITAN LIFE INSURANCE LOAN meets every requirement and will greatly assist in reducing expense to you. Inquire of Us Tomorrow <8 Phone Main 9486