Evening Star Newspaper, October 18, 1926, Page 29

FINANCIAL. FINANCIAL. NEW YORK CURB MARKET Received by Private Wire Direct.to The Star Office Prompt Action. i First Mortgage Loaml | COTTON DECLINES INTRADING TODAY Renewed Southern Hedge GARDINER & DENT, INC. | Tel. Franklin 7300 Selling and Liquidation [ Depress Market Direet Private Wires to New York AE“ 4884 - 1409 L St. N.W. | Investigate Experience 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 RAaNDALL H. HAGNER & COMPANY Incorporated. .MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avgmle Telephone Main 9700 Stocks Bonds 0dd Lots Carried on Margin Buck & Company —BROKERS— Established 1916 312 Evans Building 1420 N. Y. Ave. N.W. Lowest Rates of Interest and Commission Thomas J. her Provident Mutual Life\ Insurance Company Funds to Loan In Small or Large Amounts at 53¢ Per Cent WM. H. SAUNDERS CO., Inc. Realte 1433 K St. NW. Main 10167 m YORK, October 18.—Follow- 6 Appal El Pow 5s 047 047 047 ing is a list of bonds and stocks A%0 G & E 6s. 100 97 100 traded in on the New York Curb Mar- ket today: nl:uln INDUSTRIALS. dreds. High TAla Gt South 1 Alb Pick Bar vir Ala —immediately available to% loan on business property. | ) Y 2855 F ex Ra o fontin Corp A" #% 8 Cuhan Tel 7% sA 111 % PIrR 2 T EEl By the Assoclated Press. W YORK, October 18.—Cotton 03 futures opened easy: December, 12.60; Gen Pl e %1018 10 January, 12 March, 13.00; May, & eme §0% Bl w1322 July, 1350. The market 108% 1084 | opened easy today at a decline of 11 to 29 points, active months showing net losses of 20 to 34 points during the first few minutes under rf_ne\_\'rd Southern hedge selling and liquida- I T tion. There also appeared to be some .8 10015 10013 1003 Jocal selling on talk of increased spot 7104 7 104 104 ) erorings in the South and relatively casy Liverpool nuary contracts sold off to 12.67, er level seemed to b Gatineau Pow 3 B Gatineau Fow s 077 Even the Janitor of Your Apartments —is a large factor. He must be satisfactory. Our Property Management service sees that he is. It also finds tenants when necessary, and holds them because that is always nec- essary. It gives you a bet- ter profit. B. F. SAUL CO. Main 2100 925 15th St. N.W. Equitable Co-Operative Building Ass’n JOHN JOY EDSON, President WALTER S. c! R 17 DT ORI R, G Sublcnphm for the 91st Issue of Stock Being Received PrTvevEvrse ey How Near Are You to Financial Independence? If you had started saving systemati- cally in the Equitable 20 years ago, you would have nothing to worry about. Start now, and provide for your later days, that you may be independent. 915 F Street 10 6 Cent Pin Cor 7 Commonw P ¢ 25 Commonw P 5 Con G Balt new. 1 Consnl Laund .. % ConG & F PG D _§ larly of March and May, and prices steadied up 8 or 10 points from the lowest before the end of the first ¢ hour. usehold” fumiture if you' The favorahble weather map prob- LE | S B S ably was a factor on the early de- cline, but Southern selling was less in evidence after the first few min- e 21! [utes and the appearance of an in-| 90% 99% |creased trade demand seemed largely | 100 * | responsible for the rally. o New Orleans Market. NI La., Octobher 18 —Cotton futures opened steady. October, December, January, March, -12. ) 13.00. The market opened weak to- owirg to continued good weath- in the belt and poor Liverpool ket being in- 3 - in the South and hedge selling. _First trades here | showed losses of 17 to 39 points and Bond Department the market continued to e off | s B il b gin | The Washington Loan 900 F Street 620 17th Street We Buy and Sell Liberty Bonds Treasury Notes Etc. Durant Mot 2Dz Co A Sa Southe Aswift & MORTGAGE SECURITY CORPORATION OF AMERICA Resources Over $38,000,000 Originators of “Insured Mortgage Bonds” 7% Cumulative First Preferred Stock % Cumulative Second Preferred Stock No Par Value Common Stock Dividends have been paid regularly on both classes of Pre- ferred Stock. Dividends amounting to $3 per share have been paid on the Common Stock since December, 1925. : Earnings for 1926 are running at the rate of more than 6 times Preferred Stock dividend requirements. After allowing for dividends on the Preferred Stocks, earnings applicable to the Common Stock are at the rate of about $6.50 per share. OLDEST NATIONAL BANK IN DISTRICT OF COLUMBIA It’s To Your Advantage —to maintain the best banking connections pos- sible, and that’s the type of affiliation The Metro- politan offers. We have been meeting the public's banking requirements successfully for over a solid Century. 3% Interest Paid on Savings National Metropolitan #0713 | to good weather and an accummu- p Frd Lote s 0613 495 | ation of hedgesselling orders over 1€ 3% S L t% Ge '35 10015 1001 1001 | Sunday. After the selling had run v M0 Sr e lpars 123" T84 | i course the market rallied, recov- o 0., | ering 9 to 15 points from the lows. ot s maaa® St 2 D 0 e e ol al € Sales Tih Owens Sh G 1 Lih R Ch St Money to Loan Becured by first deed ¢ trust on real estate. as0n, WH EAT valling intarest and commu ON LIVERPOOL NEWS reph - Weller 585 v Bigger Advances Abroad Than| Were Expected Bring About Substantial Gains Today. FoEEre ) Pow 'y - States’ PCA 1037 Nor Sta PC pfd 101 % Pender D Groe B 22 Y Penn Ohio S ptd & Penn Wai Pow C1 5% Penn Dix Cem.. ' |G. M.-P. MURPHY NEW YORK PRODUCE. & CO. NEW YORK, October 18 (Special). —Increased receipts of State Concord grapes have weakened :the market. Wholesale business on 12-quart cli max baskets was transacted at 60 i i i Members New York Stock CHICAGO, October 13.—Bigger Exchange St B & B | p 112 112 i atpuneer of Trencl Bl e €n Dros. oyce va: Bank - JOHN L. EDWARDS Established 1853 T Old (O _The market for celery in the rough| ;. (oday in wheat values her was_without material change. Two. Action of the Liverpool market W 211 w d d B Ildl Capital, Surplus and Undivided Profits, & COMPANY °°M‘.Va;'"3 uilding B over $2,000,000 : lam 1416 II Street third crates of the very best offerings | qucribed to scantiness of stocks. of jobbed out at 2.0022.25, while ordinary | preadetafrs. anrand and to falling o : PRSI 15th St., Opposite U. S. Treasury Northwest Please send me descriptive Circular M-1. brought 1.50a1.75. BORTE 8l Supplies of Blg Boston: lettuce were “'r'_.‘k}.mffi,',g”e\ s e 8 X limited. Crates of two dozen heads | % higher, ¢ Sleat &Co 3 from the western part of the State|jjces continued strong. Corn and | 1 Stramb caris i 3 realized as high as 1.75_while 150 |oats were firmer, corn opening at % § was obtained for Oswego County ship-|to 1; gain, but subsequently reacting ments. omewhat. Provisions tended down Good quality Bartlett pears from |ward. western New York met a prompt out- | Snow and sleet in Canada, as well let at 2.2522.50 per bushel basket. No. | as further frost reports from Argen. | 2 stock dragged around 1.25. Seckels [tina, attracted considerable notice | ranged from 2.75a3.50, among wheat traders today. One of Western New York Elberta peaches |the Argentine reports was dated | were in moderate receipt. Trading |Rosario, which is in the center of the | was limited and sales were made at|northern district, where wheat is now 75 to 1.00, at the blossom stage. The Rosario Catskill Mountain fancy cauliflower | report, however, mentioned only light | sold at 1.50a1.75 per crate, where-|frost. Advices from Buenos Aires told | as Long Island offerings rarely | of heavy frost in the sout exceeded 1.50. Mushrooms were in rtage of the potato crop in cen- { abundant supply. Hudson Valley emphasized as | 52 Broadway, New York Richmond, Va. Newport News, Va. Name ......... 1 Tpav The rumbul Address ... ¥ic ite Sew_Mach Am M pp s SN 20 Am Co M&M Ltd .06 20 Aviz Globe ( 07 Getting Ahead How are you equipped to meet an emergency which requires financial resources? Isn’t it time you started to save and make Judicious Investment? Our Partial Payment Plan provides a $l,500,000 Secured Stock fhrcepound baskets of fancy whites | Wkels fo result in larger uso of grain. 7% Non-Callable, Participating Preferred Stock hihred hAnTsHEE BG Hto: 1700, Dispatches today referred to com. 7 Ta V% e s plaints of potatoes rotting in Prussia P i < 4 . Other advices at hand confirmed re- 4 ;:L‘yv::':’ sl;‘o':;n i:‘::“s'l:.‘.’:: DRY GOODS QUIET. duced yields and poor quality of Eu- ropean wheat and rye crops this year. ) Cop Copner’ Cor Wail Ty Hughes 1Ttah Apex les INDEPENDENT OIL STOC| in hundreds. 1TAm Con Oifd: racatho I 1 Oil of Pa Honoluln O Wile STANDARD OIL 1SSUES in_single shares 200 Ansio Am 100 A A O Vic Buckeye P'1 [ 400 Vacuum i1 000 "0i7y Sales in BONDS, thonsands. 16 Am 19 Am ¥ 5 Am Seating 6 1 Am Thread € 1Am W W G A 8A Wr Pabsnwi K Construction LOANS D. C. and Maryland FRED T. NESBIT 1010 Vermont Ave. M. 9392 LOANS On improved real estate in the D. C. Prompt attention to applications. Current rates of interest. NHANNON & LUCHN " 713 14th Street Main 2348 NEW YORK, October 18 (Special).— The market for cotton cloths con- tinued quiet today, with no change from week end quotations. ‘The 64x60 print cloths were quoted at 7 cents and 68x72s at 7%. Raw silk was quiet and dull here and in Yoko- hama, with price reduction ranging around 5 to 10 cents a pound through- out most of the list. Best X and extra grades were weakest. Tonsorial Trade Becomes Giant Of U. S. Industry By the Associated Press. CHICAGO, October 18.—The tonsorial business and its accesso- ries, since the advent of flappers and their elderly imitators, has moved into the billion-dollar rank along with steel and motors, N. S. Sherman of Indianapolis told the Barbers' Supply Dealers’ Assoc tion of Amel today. “Vogue of the hob has added $150.000.000 vearly to the revenue of the American barbers,” he said. “Kive million women in the United rber shops regularly. the main support The Cure HE cure for vested in gages—for TERRITORY WOOLS ACTIVE. BOSTON, October (Spectal).— Business in the territory wools con- tinued to he foundation for most of the business on the Summer Street market today. The more abundant supply of these wools as compare with foreign wools and the advan tageous basis on which they can he bought are factors serving to keep them prominent. Prices are strong, but the upswing is gradual. French combing s now being held for $1.10 a pound, while three-eighths stable is strong, with sales as' high as 95 cents. St afens WRIGLEY PROFITS. NEW YORK, October 18 (#).—-Net profits after deductions for deprecia tion and taxes for the nine months ended September 30 of the William Wrigley, Jr., Co. totaled $7,609,022 profit for the third quarter 2,810,107 BUTTER UNCHANGED. CHICAGO, October 18 (P).—Butter ery extra firsts, 4214a44; firsts, onds, 35a3712. Eggs higher; receipt 5,247 Y firsts, 391a41; ordinar firsts, ; refrigerator extras, 3 refrigerator firsts, 3315a34. for Worry worry is money in- safe First Mort- it makes for steady nerves and restful nights. In these times of abundance the wise man lives well, but not too well, pays as he goes, and provides him- self a snug nest-egg for the proverb- ial rainy day, if it should ever come. Our 6% % First Mortgage Notes afford an excellent investment for those who would be prepared for life’s financial struggles. Morgage | mefl TUTI5T. Street, V.. Woshingon.DE. ?57; Years Without Loss to An Investor =3 W . R AMERICAN REALTY & IMPROVEMENT COMPANY (Tncorporated under the laws of the State of Delaware) Apnlleatlan will ba mada In due eovrse to list this stock on the Washineton and New Fark Staek Frchanees. Tn the eninion af Councel. thic ctack fa exemnt from normal Federal Income Tax and from the Distrlct of Colum: bla Intancible Tax in hands of individuals. Business and Location—The American Realtr & Tmprovement Comnanv i< engaged in the real estate investment husiness principally in Washinzton. D. €. Real pronerty in this citv hae enhanced in value at a nearly constant averaze percentage vearly for the last 30 or 40 vears. Washington property. therefore, represents no doubt the saf:st form of investment. and offers the hest chances vv;‘] a very suhstantial increase in value as the yeass go by, in addition to a sure liberal income on the Investment. Assets The assete of the Companv consists of Buflding Units onned hv the Comnany in Wash- fnton. . € in fee simnle. namelv: Cliftan Terrace Groun. one of the lareest and finast swoups nf apartment buildines in the T'nited States: Hotel Brighton, the Argyle. the Wellington. the Plaza and the Tonsdale. (A complete descrintfon and views of the above hufldines will ha mafled on apnif eation) The buildings at npresent heldebhy the Comnany aceuny approximately 275.000 square feet of Iand and the fmprovements contain some 8,000,000 cubic feet, mostly of the highest type fire. proof construction. 4 A1l the ahove land and hnfldings. with the exception of the Fotel Brichton and the Tonsdale, are ‘carner propertles. lacated in ranidlv developing hnciness sactions. A1l the bulldings ave de. tached. There is a considerable amount of unimproved or partially iImoroved property mostlv ln- ed in the uptown hnsiness cection. forming a part of these pronerties. The' properties owned have heen verv earefnlly selected and are located in completely built-up, high-class locations, close in town and directly in the path of rapidly developing business zones. E Apnraisals—The prasent buildings of the Comnanv have heen annrafsed by such nationalle and Tncallv well known eoncerns as the American Annraisal Companv of New York and Milwaukeo. Mr. Tlarold E. Dovle, Vice President of Thomas J. Fisher & Co.. and Bovle-Robertson (‘nn-tmct‘inn’ Comnany. of Washington. T, €. The average apnraisal of the phvsical assets renresented by the bhufldinzs and ground of the Company shows ar valuation of about $6.000,000. (Detailed coples of the appraisals mailed on application.) Saferuards and Guaranties—Titlas to the properties have heen examined and are guarantee by well known titla comnanies of tha Distriet of Columbia. All properties are ndpqlmtfl\'"pflfi tected by fire, liability, plate lass and other necessary insurance. History and Farnines—Tho husiness of the comnany had fts incention about 12 veare agn. / Tt has heen built up fram comparativelv modest heginnings, hy re-fnvesting continuously all tha profits and earnines into additional improvements and enlarzements. During the entira perfad. the mam: agement of the concern has never made an unprofitable investment. The net rental income fram the huildines is amply sufficient to pav a substantial dividend on the entire valuation of its mron. erties. This. however. does not take Into consideration the valuable parcels of unimproved land. o cated Tarzely in rapidlv develoning business sections, nor the great possible enhancement fn valte of the properties. in view of the business exnansion in the fmmedinte neighhorhoods. as well ae the probable earnfngs which mav accrue throush profitable renl estate investments, which. when judged by the past record of the company, should be very considerable, . Finaneing—The present fonded debt of the company. secured bv deeds of trust of o v parcels aceresates loss than £2.950.00000 and there are practically no other llv’\h“lfinun\\';);fn‘v::‘m}: i provided that the present preferred sfock issus is to he secured by the entire equity in all the properties over and ahave the aforesaid funded indehtedness, The company can fssue no honds or morteaces on the present huildings to an amount sreater than what fs at present outstanding. and no preferred stock can he issned, having hr:zn\rflnvn over or equal richts with the present fssue, except for the purpoese of either acquiring few assets. or retiring existine mortzages. Spn Ahout 707 of the above stated funded debt is held bv nationally and lncally well known. con- servative institutions. such as life insurance companies, trust companies of D. € and Marvland ete. The ahove funded debt represents a small fraction of tha valuation. In practieally all cases the trusts have a number of vears to run. and whenever anv of the said trusts have matured. the company has usuallv heen able to readily replace them at a lawer rate of interest. Tn addition to the present issue of preferred stock. there is also outstanding 15.000 shares of no-nar value common stock. which has the exclusive voting privilege, the preferred stock being non-voting. Preferred Stock Provisians —The preferred stock is preferred both as to dividends and assets. The holders thereof are entitled to a dividend at the rate of ™% per annum. payable auarterly out of the net earnings of the companv hefore anv dividend shall be set apart or pald on the com. mon stock. The common stock is entitl-d to $7.00 dividend per share per vear out of net earnings after the preferred dividend has heen mald. Anv additional earnings or profits made by tha com. panv over and ahove the aforesaid dividend on nreferred and common stock are to he divided equally hetween the preferred and common stockholders, as and when such extra dividends may be declared hy the Board of Directors. Summary—The preferred stock and all eutstanding mortzazes combined constitute but slightly over 757 of the anpraised vnluation of the physical assets of the Companv. No allowance what- ever has heen made for mood will. earninz power. ete. Tn addition, the diversification of invest- ment over various proverties and the demonstrated earning abflitv are features that will commend themselves to the careful investor. This fssue, in effect, combines the security of most mort- gage honds with the earning possibilities of well-seasoned industrial stocks, Legal Matters—All legal matters in connection with the ahove issue have been passed upon by James B. Archer. Esq., former President of the D. C. Bar Association, former Assistant U. S. At- torney, and Advisor to the Recorder of Deeds upon corporate matters. S Depositories: National Savings and Trust Co. and Mount Vernon Savings Bank, Washington, D. C. Price $100 Per Share Capital Investment and Guarantee Company Investment Building Washington, D. C. ock has heen purch dividuals on the i containad in. ¢ advertissment white ToURtSarantced By b ue'fir& To bave Dech o iod "from soureen hich re rellitNe e tormert Iseue {nv@ives no new finan ; i way whereby you can regularly invest a part of your earnings toward the pur- chase of our Depenable First Mortgage Securities. Opportunity Walks Hand-in- Hapd With Financial Thrift and Resaurce 2 i I D004 D4 OIOID104040IOIDDIDIDIDIDIDIDIDIDIDIC 4D ' o0 T P P =P PP PSPy PPy Py PPy Constant Prosperity is Possible, with Experienced Counsel HE National Bureau of Economic Research has discovered that the United States is the most constantly prosperous nation in the world. Yet the United States, with 40% of the World’s wealth, with its unsurpassed in- dustrial system, its 280,000 miles of rail- roads, its 16,000,000 telephones and 20,000,000 automobiles,will be prosperous only so long as its businessleaders exercise all the experience and wisdom at their command. And individual Americans will continue prosperous only so long as they use all the facilities at their command to conserve theirwealth,after theyhavewon it,through safe and profitable investment. Since 1883 we have specialized in invest- ment, and we shall be glad to give you the benefit of our 43 years of experience. By consulting us you incur no obligation. I OIDIDIDID+0DIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDIDI DD DD CRANE, PARRIS & COMPANY Investment Bankers since 1883 823 15w ST, N. W. Telephane Moin 593