Evening Star Newspaper, November 13, 1926, Page 29

FINANCIAL. BUSINESS QUTLOOK CONTINUES BRIGHT Usual Bear Stories Circulat- ing, But Many Factors Refute Them. BY J. C. ROYLE. Special Dispatch to The Star. W YORK, November 13.—The big train of business is all set to proceed on schedule. Business and industrial experts who have inspected the sit- nation closely in the last week have found no cracked wheels or ill-packed <les likely to cause a breakdown or i now has reached E year, where slow #peeds are maintained, but executives 1l over the country fail to see any sign of disaster ahead so long as business continues to run according to schedule. The usual “bear” stories are com- ng into circulation, even though decline in activity is seasonal and ex pected. The automobile industry is an example of this. The extra divi- dend of $4 a share declared by Gen rral Motors was an effective answer to the pessimistic rumors s company was conce A new record for Buick cars for the ¥ now assured, the 10 months’ total having reached 224,541 units deliver ed to owners Piackard has just delivered handsome honuses 1o old employes ranging from $30 10 $250 cach according to length of &ervier, accompanied by a_statement declaring the fiseal year just ed Lad been one of the most prosperous in its history. Production of s automobi smpanies, howev: doubtedly has len off Steel production in the various cen- a fairly high rate nes, which nor- mall should have made their appear- ance earlier. Rate of ingot production in the Pittsburgh district is about 80 per cent of e Some slacken- ing is due to smaller purchases from automobile manufacturers. Building contracts awarded in the first 10 months of this year have been any per cent ahead of those the previous banner year. Building activity in November and December would have to drop per cent to bring the year's totd down to the level of 1925. Contr: let in the last week have been §20,- 000,000 heavier than for this time last vear. Ci largely to the labor situation. Lumber fs “experiencing _its seasonal slow- down. Non-ferrous metals ‘have shown tmprovement, and the demand for copper from Germany has been en couraging. Soft coal production con tinues higher than domestic warrant, and some authorities hituminous prices have reached their top for the present movement, s Those prices In part represent e of large speculative purcha speculators now are rushing ad. The entire capitalization of $12.000. 000 for the Georgia cotton holding syndfeate, formed to withdraw 300,000 bales of Georgia cotton from the market for 12 to 20 months, has be rvaised by the Atlanta banks and become available at once. Similar success | met efforts to finance growers to enable them to hold some their cotton in other parts of the outh. Bankers 11 danger of DS} depression over low cotton is 3 to past. Washington Stoc| ALES. toma: R 1000 at 1 500 4 Rus rican Co. com.—4 AFTER CAL Ruy. & as 65 33— ashington 50 at 81 <hington ol $1.000 at 1023, 500 at 10315 'BONDS. Bid and Asked Prices. PUBLIC UTILITY. Did. Asked. N Washington Gas s Washinglon G, Wash. Rwy. & Wash. Rwy. & El hevy Chase C Cherimit 3 Tot, Joint Sto :\n“‘lhw\lilkx”ll\‘l 1 lf‘ e Bk Cold s tovige be Wardiman Park Hotel Biss. - STOCKS. PUBLIC UTILITY. Ame: o2 Canita Washingtor Norfolk & Potomac Wash. Rw Wash Rw Tel i armer ¥ederal-An Liberty Lincoln National " Metropolitan Riska : nal Bank of Wash. TRUST COMPANY American Securitr & Trust.. 347 optinental Trust Merchants B Commerce & Savin; Fast Washington Security Sav. & Com rm th Street.. .. nited States. . Waebiwgton Mechanics FIRE INSURANC ANatiopal Union.......... TITLE INSUR. !l!me Inv. of Md. com. - MISCELLANEOU aper pid.. . .\Dh"“‘ ofd. Fire ‘Insirance” ANCE RS o i J a0y Leopins “Eidrage SeiEinpton Mark Unlu(a 5 partment. ‘Theee securities not listed under Rules. BONDS. Last e Finy v and Navy Club 5s.... donm g Gy e ub 8. i ;(i'c‘(ropomm Club 4%s . STOCES. An (hapin-Sacks . hlp{n Sack ¢ napinSacke Conpectic Christian nk .. i National Bank. -ain” Control mtl o s Bank v poee. Bank erich Brewery. Iotomac Savinzs B Ralaigh Hotel Co ) T Lo Woodridee & Laug. Sav. Bk.. s are somewhat higher, due | needs teel | il | Received by Private Wire BY WILLIAM F. HEFFERNA) NEW YORK, November 13.—The week closed with the upward move- ment on the New York Curb Exchange still in progress, but without any ma- terial change occurring in prices from those which prevailed at the end of business yesterday. It was not surprising, in view of all that has been said about oil de. velopments in the South American area, that this class of stocks should have continued active up to the end. Sales ke dreds, INDUSTRIALS. High. 138 ) L 5 A1 Pic Bar vie. m Cyana pfd. . LAm Gaskel. .01 L&Tr L&Tr pid Ray Prod.. Did Did 3 1 a2 Auto Fue HBon Ami A, 4 Celluioid Co’ wid elotex. Co. ... elotex Co pid Leather n A wi it Pip, Cor. - s ump iChi Nip“A... Com PC_new 4 Consol Consol G Conso! 1 2 Cont'l Tab In Cuneo Press Curtis _Put De F R C i Durant Mot ... 'y Bl B & Shopfd B & S n Corp Vi en Bak A Gen Bk 3 Gillette S R. 1 1 fosu 53 John 11 Leh 6 Leh 4 Lih MeN & 1 Mad Sq_G: i McCord Rad Mid W Tul Mid W U 1 Food_ Prod Pw & 75 Vi1 Pu sr Al th 0 Pow i Nor 5 North _Pow .. | 4 Ben WaPcC. Philip_Morris . Philip Morris A+ Pillsh FI A e I & L { E Mig. . | Kar Bur Mot. .. .. i Raud i 2 Rad " pid ack — Mot Co n wi. an " Bros. El Corp 2 Sou P & L TSou P &L + Sournw Bl IStz Mot.. NING STAR, WASHINGTON, D. €. SATURDAY, NOVEMBER 13, 1926. NEW YORK CURB MARKET Direct to The Star Office T Carib_Syndicate, Creole, American Maracaibo and Venezuelan Petroleum were actively bought around previ- ously prevailing quotations. Prom: inent standard ofls like Humble and Vacuum lost fractionally. Public Utilities shared interest with the oil stocks notably Commonwealth, Assoclated Gas, Southeastern Power and American Light and Traction. Warner Brothers Pictures came down from its closing quotation of Friday, while Victor Talking Machine Lon the other hand, was bid up a point. 1 Leonard Oil.. 2 Lion Oil. . 1 Livingston zdalene Syn IOl iex Panuco. & Mount _Prod." 1 New Mex Land.. 3 Ohio F € ofs dep 5 Pantepec 11 Re 00 Anglo Am_Oil. (0 Buckeye P Chesebrh b 200 Humble 200 Im 0 of Can 700 Pet C 00 Ohio Oil i rie 0 & G'n h_Penn O n Ld i 11008 O Am 14 Am W 1Am Wr 19 1005 n Stm Ltd 6 A 97 P& L b 048, 1 Corpt Am " & 115 10014 90 aR 1, 91 3l [ ic P s, 1140 Lt & Pui. | Pit Shar Gypsum. . . Tni nor Bros Pii t Dai P yie B 10 White Sew Ma B MIN in hundreds 10 Am Tin & Tun G An Chile Con wi 04 Lead Min ater M awthorne M 1 i Min rou Cap Cop Kav Cop Cor on_ Val New Cornelia wmont M ing vg Div Ari Apex ) Gold !Sales INDEPENDENT OIL - hundred 28 Am Con Oilfids i1 Am Maracaibo C 1 Brit-Am Oil. 8 Carib Synd. 0 Cit Serv n 4 Cit Serv pfd 20 Cit Serv pfd Bl Synd. % Crown Cent Peic iclid O1 Co ) Oil Cor 4 v Pet 18 * | heen hurt by the new popular anscont O 1US Rub 6y U 1 Badien 10 Buen + Denmark 5 64 Free FNEN 1001} SILVER QUOTATIONS. NEW YORK, November 13 () 547s; Mexican dollars, 417. BULL MOVEMENT CAUTIOUS: PROFESSIONALS HOLDING SWAY {Strong Market Makes Few Spurts During Week, But General Position Is Un- changed—Industrials Are Favorites. BY STUART P. WEST. | Special Dispatch to The Star. H NEW YORK, November 13.—Ana-| lyzing the Stock Exchange operations | for the past week: sharp advances have occurred in numerous industria {the public utilities have been strong | and steel shares have done better Otherwise, the general position I not heen much changed. At intervals the market has the ap- pearance of broadening out, but while there was somewhat greater activity 1% the close of the week. it s doubtfui A hether this involves much increase 5 interest on the part of the public. | Most of the buying and sellinz con- eed to originate in Wall Street quarter . il she \favors ymptom | ‘ur"t ¢ often means that stocks are| not distributed and that the position | 18 ctronger than it would be if out fders were rushing in the way they Sid in October and November, 1925.1 The forward swing which commenced | in the middle of Octeber has so far| been more cautious and dis minat- ing than that which went on during the Summer. Therefore. it has more marks of stability | Conservative Upward Trend July and August Wall Street/ n\“exn‘esumnu-d the trade position and| Jid not appreciate the facts about it. | Now it sees that, mixed up with generally strong sltuation, there are, Points of weakness which may show | Phemselves more foreibly as time goes on. The upward movement in conse Quence has been proceeding along| Snservative lines with few excesses, a9 compared with three months ago. | \fuch has probably -been made of | the recordbreaking railway carload-; ings as indicating the very large vol-| ume of ness throughout the coun- | try. But railway shares have mnot| been responsive. What this group| seems to need to provide for a stimu- | Jant is some other striking announce- ment of a dividend increase like that of the Pennsylvania. Then Wall Street | would start taking again about the possibilities of dividend advances in general and of stock going on the divi- dend list which are not on it now. Meanwhile the industrials and the| public utilities have been the favorites | in the buying. Steel shares ignored the tonnage report of the United States Steel Corporation, which show ed a @isappointinzly small increase. | Tt is recognized that production v come down during the cursent mouih, but this will be no more than a sea. sonal decline. General Motors has conspicuous exception in what was an unfavorable third quarter for some other automobile makers. The presi- dent of the company has stated that the $4 extra dividend represented, in the judgment of the hoard, not only satisfaction with existing conditions, ut confidence in the future. furnished a Cotton and Sugar Low. Two leading commodities, in which the public is much interested, are sell- ing below cost of production. One fs cotton, the other sugar. But an im- pressive illustration has been given of the economic law, that where prices fall below the level at which the pro- ducer can expect a proflt, they au- tomatically approach stabilization. It d that a cure must be found since producers cannot afford indefi- nitely to operate at a lose. This cure in the cz probubly come in & reduced acreage for the new season. In the case of sugar it will come partly through a custing down of the area under cultivation and tly through increased con- 1y low prices, The cotton market did not go down the face of the huge estimate nearly 18,000,000 bales for the 1026 crop.” Sugar stocks have risen in the market, although there ‘have been no immediate signs of improvement in sugar prices themselves. These are examples of two markets having ad justed themselves pretty well to the worst possible news. Money Surplus Grows. During the weel further s have been offered of the piling e of the money surplus, and this at the season of the vear when under the old conditions used to be high Rates on time ¢ ds and on banker: acceptances have been reduced fo the lowest in months. The reduction in the latter is of the most significance | because bankers' acceptances are based fundamentally upon commer- cial operations and the inference is that lowering of these rates reflects expert opinion that there is to be nothing like a business boom. n the meantime United States Treas- ury obligations have reached new high figures for all time, as Liberty bonds have been going up. This is the re- sult chiefly of bankers buying. In- vestors are readily taking new issue: but they arve not inclined to go ar rther about bidding up the old-lir ent=, which already are selling Gloss W the top fgures of the year. .| New England fo the verge of se of cotton will | MEN AND By M. S. Rukeyser. (Copyright. 1926.) MONEY The sun rays of prosperity diffuse their light unevenly on different in- dustries. At this time, when lead- ers in most trades in the United States are wondering how long the current era of good times will last, the textile industry is making con- jectures as to whether the long spell of depression, which has confronted it for five years, is over. Frederick Kelsey Rupprecht, presi- dent of the Consolidated Textile Cor- poration, whose group of mills con- titute the largest single factor in the industry, told me that he believes the cotton textile trade is on the threshold of a marked recover I asked Mr. Rupprecht what, in his opinion, will be the effect on the goods trade of the recent collapse in_prices of raw cotton. “The cotton textile will benefit, T think.” replied Mr. Rupprecht, whose company owns textile mills in the South as well as in New England. “Our business has been suffering, particularly during the last three years, from the high cost of the raw material—high in relation to what the finished product weuld fetch. In the recent slump raw cotton prices declined about 10 cents a pound and cotton goods 5 cents. That is as it should be. In past years, when we would figure our goods at the rate of 20 cents a pound for raw cotton we frequently had to pay as high as 22 cents.” I Take Inventory Losses. Asked whether the textile mills would have to take inventory losses on the raw cottoh in proc during the weeks of declining pris Mr. Rupprecht answered that they would. His company, he indicated, had writ- ten off $120,000 to cover the shrink- age in the market value of a month’'s supply of cotton which was on hand. This, however, will be averaged off during the next few months. Mr. Rupprecht explained that the |textile industry had been suffering | during recent “years primarily from overproduction. The manufacturers, he said, were bearing the market against themselves by accumulating enormous stocks, and thus in effect giving buyers an opportunity to name the price. This practice has resulted in the bringing of a dozen mill 2:\ nk- he thought that the mills were tired tem which resultel steadily osses instead of profits. “I think the textile trade,”” Mr. Rup- | precht added, *has learned its lesson, land is now making up goods only for near-term delivery, instead of piling up stock: The lack of large inven tories is the chief factor which make: me more optimistic about the business than 1 have been in five years. Vogue for Cotton Goods. “In my opinion, the country is on | the verge of a new vogue for cotton { fabrics, The new Cotton Textile In- | stitute will attempt to dramatize cot- {ton as a commodity, and also will en- jable manufacturers to get together and exchange viewpoints, The cotton textile industry recent 3 He said neing rupt bankers of a bu in | tificial silk, which looks gool, but | does not, in my opinion, stand up o \ell. Moreover, the nature of fem- |inine fashions, with short skirts. has | greatly reduced the consumptiv - | mand for cotton goods. I think we lare at a turn in fashions also. The process of shortening skirts has gone about as it can, and 1 now ex- pect a period of longer skirts. Styles cannot stand still. The dressmekers have to change them to keep up inter | est “In the future, novelties and : elements will determine the : of cotton testlle manufacturers, p | ficutarly in New England. The time ed when an continue W the years in operation at ca- on three staple numbers. H il be a new opportunity for x‘:xfllhln-eh;d\::u P think women will vome to the fore in the styling of cot fon fabrics, We are about to offer a hew line of textures and colors which Will mark the beginning of the rew era. The style elen:eg;ror‘;i]} e X nore than eve 3 E’ml J:\:it(;’ Mr. Rupprecht whether the | aritt of mills to the South threatened the permanence of New England as a textile manufacturing center. South Tmproving Quality. can make the | “Where the South th ‘:Nun\\" moods,” said Mr. Rupprecht, “it “An produce G cents a pound cheap- |er. The South is partciularly good on { quantity worlk, but New Iingland still | dNeels in making the finer fabrics. | The South. however, has been improv {ing the quality of its output. And yet ths movement to the South can be overdone. There is a lack of skilled Jabor in the South, and the artisans of New England will not move South- ward, New England therefore has an assured place in the tuture of the industry, and will find its opportunity in creating new designs, fabrics and | appeals. AP tked concerning the probable effect of the slump in cotton prices ‘demand in the South for cotton Mr. Rupprecht said: here is mormally a good cotton | goods market in the South, and the resent setbaclk will be felt. However, P though current prices are not pifit able for the cotton farmer, consider- able cash purchasing power will be distributed in the South to those who pick and gin the bumper crop.” As for the effect of the expected recovery in the cotton goods trade, Mr. Rupprecht said: “The improve- ment will be reflected to some extent In 1926 earnings, and 1927 will be a falrly good vear if the industry ad- heres to its present policy of avoiding huge accummulated stock : | Mr. Rupprecht said that the mills | of his company are working at capac- ity preparing for first of the year | huying. Purchases, he said, have been | delayed as the trade has walted for further indications of the course of raw cotton prices. Mr. Rupprecht ed the opinion thst virtual - has been reached at present Jevels. Tn spite of the low prices, he | said, British buying was light on ac- | count of depressed conditions in Eng- lland. Japanese buying has been | sumption stimulated by the abnormal- | heavy, but the aggregate of such pur- | chases have not made much dint in |the general balance of supply and | demand. THE BUSINESS OF GETTING AHEAD. ‘When Is an Individual Well Off? Irwin Edman, well known university professor of philosophy and author, says that he is as well off as a mil- lionaire, for he has enough money to live as he wishes to, and does not have to worry about money matters. for he is doing precisely what he wants to do. He is express. ing his inner needs in his every-day work, not compromising to meet the | monentary whims of the market place. millionair | The millionaire must worry about the management of his funds. Moreover, he frequently stays at money-making pursuits long _after accumulation ceases to interest him, merely because he loathes inactivity and is fitted for no other work. There is a creative thrill in doing what you,want to do. Only the for- tunately placed experience it. There is tragedy in the way men and women drift into work which is alien to their inner desires. Those who wish to be portrait painters become bankers or brokers because of the economic ur, |They arc never completely happ ‘Lhis problem is ongq of the most com- H Prof. Edman is better off than most | BUTTER IMPROVES | IN WEEK'S TRADING Price Advances at All Big Markets Reported for the Fresh Product. By the Associated Press. CHICAGO, November 13.—The outter markets during the week showed considerable improvement which resulted in price advances on fresh butter on all the larger mar- kets with the exception of Boston, where operators, at this period of the year, use large quantities of storage butter. Fancy butter was in light supply and demand showed considerable im- provement over the previous week. At the close of the week all markets were firm and supplies were limited. The statistical position of the mar- kets for several weeks has been quite fft\'orable, but effects of this firm p tion did not influence the markets pes ceptibly until this week. The receipts at the four markets for the p: S eral weeks have been showing d_eclmes. and have been running co siderably below the receipts of corr sponding periods for 1925, The daily net out-of-storage move- ment at the four markets for some | time has been exceeding the last year's movement by a large margin. rst 11 days of November, 1926, the net out-of- ge movement amounted to 7,068,654 pounds com pared with pounds for the ! {corresponding period last v In {spite of this very faverable out-of- storage movement the December op- tions at Chicago have shown very lit- tle change, advancing only 13 of a cent ce November 1. The holdings for the countr: November 12, showed a total on hand November 1 amounting to 100,589,000 pound s compared with 94,916,000 pounds on November 19; Production shows little if an; change from the past several week although reports available for th ding November 6 show slight from last week and last the centrali . while the Land-O kes Creamer show a of 8.03 per cent vear, but an increase of .18 per cent over the previou th, n butter being off t 43 cents, dut v Zealand offered to arrive ch offered at 49 year amo s purchased at this figure. As a| t of the price advance during the week foreign markets are having sentimental effect on the domestic uation, as it is possible to import but- | ter to advantage at present prices. RETURN TO GOLD BASIS BY JAPAN IS INDICATED)| NEW YORK. November 13 (#).—| The steady rising value of the ven on the forelgn exchange market and the heavy purchas apunese govern- ment dollar bonds on the stock e change are taken as an indication of | irly return to the gold standard | 1. The Japanese 61 per cent honds that were sold here after the | Japanese earthquake at 92, touched | and then crossed vesterday under | buying said to have ome from Jap: As the Japanese inte nal bonds net the investor about 53 per cent the Japanese turned to this market and accumulated the dollar | bonds, which pay a higher rate of in- | terest. i Japan purchases of dollar honds | were held back in the past because of the_depreciation of the yen, which sold a vear ago at 41.88. The yen, whose par is 49.80, sold yesterday ac 49.1 WESTERN MARYLAND’S EARNINGS SHOW BIG GAIN Special Dispatch to The Star. BALTIMORE, November 13.—A per cent increase in gross earnings over the corresponding period of last vear is reported by the Western Mary- land Railway for the week ended No- vember 7. The total for the week was $621,133, compared with $414,060 last year. This brings gross for the year to November 7 to $20,537,758, compared with $16,787,906 in the same period of 1925, an increase of 22 per cent. Coal revenues, running 52 per cent above those of last year, are responsible for most of the gain this year, other freight revenues showing an increase of only 2 per cent, while all additional revenues decreased A Have You Been Stung Yet? Some men have to get stung good and hard before they learn to be cau- tious in making investments. Before you invest—investigate! DIVIDENDS. : Paz- Stock of able, Record Dec 24 Dec 9 Dec Nov 21 Jan Dee Jan Dec ¥eb 3 Jan Dec 2 & Bu D Pender Forhan Co. Do A Gen Mot & Gul States Stl:. Ky HydroE pf. font-Ward A Simme_ Petrol Std GE 8s Stand 0 ot tq 01l of Ohio! Tnjon Mill fod. Ry od. Rate. fo'Cor & 2. .80 o Do. pf. . I'n Ry Inv pf. Verta Batpt Wabash Cot Lt. Do. . plicated which the average human be. | ing faces. Broadly speaking, it is de- sirable to get into work that best fits | vour tastes and desires. However, it | is well to recognize that many are not equipped with the talent necessary to hring success in the fleld wher, might lead them, but might succeed in another. The problem is to reconcile desire with competence. Ambition and Money Making. Ambition in this country is too frequently _identified with mere money making. After a given point accumulation is unimportant. The precise point depends on each indi- vidual's determination of how well he wishes to live. After an indi- vidual has reached this basis and provided mgainst contingencies, money making should become less fmportant as a motive than attain- ing perfection in one's work and ren- dering service to the race. An individual who, like Prof. Ed- man , takes this viewpoint, has suffi- clentincentive to attain further ad- vancement, but is not perpetually sapped of energy and joy by invidious comparisons with the prosperity en- ! joved by others. The incomes that Teally count are expressed in satis- faction, not in dollars, and each indi- vidual must set up his own standards of value. g On the materlal side, 4 man who has an assured income sufficlent to meet the wants of himself and his tamily is well off, irrespective of the actual amount of his income in dol- lars and cents. He is succeeding far better than another individual with twice as large a money income, who is living beyond his means. The average man does mot consclously set up goals to attain, but perhaps he would heighten his chances for happiness if he took a leaf from a philosopher's book and did so. A fumily with sufficient noney in- come to live as well as It wishes to {timore firms are “putting their houses desire | is well o do. BALTIMORE IS WATCHING SITUATION [N SOUTH Special Dispatch to The Star. BALTIMORE, November 13.—Local bankers and business men ave watc ing with interest developments in the South. This city, always closely identified with Southern trade and in- dustry, is regarding with closer atten- tion than usual, probably, the expan- sions now in progress. While the cotton situation has given some worry to the Southern States, local business men are confldent that the final outcome will find this handi- cap minimized. In the meantime Bal- in order” to take care of business de- velopments of all character in the South. MASSACHUSETTS LEADS. BOSTON, November 13 (Special).— With an average per capita savings deposit of $518, citizens of Massachu- | setts lead the country, according to figures compiled by the Boston Cham- ber of Commerce. The New York de- posit is placed at $499 per capita, Ver- mont at $492 and Connecticut at §443. o] o] HOME FURNITURE LOANS3 From $50 to $118.00 if vour satary ls more than $100 month, One day to gei amail monthiy Furniture Loan Procurement Co. No. 3 Harlow Ave.. Rosssin, Va. SR Provident Mutual Life Insurance Company Funds to Loan In Small or Large Amounts at 573 Per cent. WM. H. SAUNDERS CO., Inc. Realtors 1433 K St. NW. Main 1016-7 REAL ESTATE LOANS 5%9 FRED T. NESBIT 1010 Vermont Ave. Main 9392, FOR SALE % First Trust Notes on New D. C. Property Anacostia Finance Corp. 2011 Nichols Ave. S.E. Line. 5500 Up to 8200 within one day HOME OWNERS OAN a | s | 6% Interest_and_brokerage. 'No red tape. We take 2nd. 3rd or 4th Bring In whi to_vour propert tate Small Loan Co. rict National Bank Blde. REAL ESTATE NOTES First and Second Trusts Purchased on Improved Real Estate In District of Columbia Federal Security and Mortgage Company 1412 K St. M. 1589 %00 Begin 1" Save NOW in the Columbia Permanent Building Association 733 12th St. N.W. Pays 5%, Interest compounded semi-annually Melvin C. Hazen, President loyd E. Davis, Treasurer rence 1. Gessford, Secretary A High-Class APARTMENT For Lease Apartment “E” 1155 16th St. N.W. Containing a reception hall, parlor, living room, 4 master bedrooms, din- ing room, kitchen, but- ler’s pantry and laundry. Also 5 servants’ rooms, including dining room and bath. Exceptionally large rooms and .ample closet space. o A A S S i S e CAN SECURITY' FINANCIAL. o Loans Made on i ,‘ Rentals First Mortgages Second Mortgages NO APPRAISAL FEES NO RED TAPE QUICK ACTION ’ Guaranty Mortgage Co. B 468 Louisiana Ave. N.W. S chney to Loan ecu) first deed of t Brevailine (nierent ang commisnone o Joseph 1. Weller {70 Wash L £Truat 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. _.—_‘"P:Ginriéuuu. First Mortgage Loans Lowest Rates of Intercst and Commission Thomas J 13.‘1‘5’11- mg:‘mpuy. Ine. 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 - 512% RANDALL H. HFAGNER' & COMPANY Incorporated MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Office Buildi H i3 bt Business Properties Apartments IF there is a reason for Investing, there is an equally good reason for Investing carefully: for just as soon as Investment lacks judi- cious caution it ceases to be In- vestment but becomes rank spec- ulation. DEPENDABLE FIRST MORTGAGE MORTGAGES THE BEST A DOLLAR CAN DO Secure, conservatively pro- ductive investment gives vouiy, surplus dollars their best work- | ing chance in our 61,9, FIRST MORTGAGES Your funds are protected by approved, improved local real estate. And through experienced management they earn assured, regular interest. In Amounts of $250 and Up A Third ofa Century Without a Less B. F. SAUL CO. Main 2100 925 15th St. N.W. THERE SAFETY IS NO SUBSTITUTE FOR Open Until 5:30 P.M. MONDAY & TUESDAY Nov. 15th and 16th Satisfying the Banking Wants of Over 47,000 ] The fact that this insti- tution enjoys the confi- dence and patronage of more than 47,000 cus- tomers evidences ability to render service of uni- formly satisfactory type. OFFICERS: William D. Hoover. Presidant Woodbury Blair, 1at V. Pres. Frank W. Stone, 24 V. Pres. Frank Stetson, Trust Officer Chas. C. Lamborn, Treasurer E. Percival Wilson, Secrotary Frank R. Ullmer, Asst. Treas Bruce Baird. Asst. Tr. Officer David Bornet. Asst. Tr. Officer John W. Calvert, Asst. Trea: 'W. Hiles Pardos, Asst. Tre Alexander J. Fant, Asst. Sec. 1 Your Pay Day and other funds deserve such se- curity as a bank of ourlf John M. Boteler, Asst. Sec. Audley A. P. Savage, Audit standing can give. DIRECTORS: \ ShBEER f[Almost any amount will JAM WQODBUAY BLAI wi A. H CHURCH b D ANY IR suffice to open your Pay Day account. Same Rate of Interes Paid on Large and Small Accounts onal Savings&TrustCo. Capital and Swurplus, $3,000,000.00 Oldest Savings Institution in Washington S | Nati 59th 15th & Penna. Ave. Year Cor. 15th and New York Ave.