Evening Star Newspaper, February 15, 1927, Page 15

FINANCIAL, MEN AND MONEY By M. S. Rukeyser. (Copyright, 1927.) At this period of midwinter Iull in trade American business men have expressed keen: interest in the ques- tion, “Hw long will prosperity last? Unfortunately, no one has vet heen able to formulate an infallible time tabla concerning business movem-nts of the future. Ten thousand and more individual fortunes and the welfare of tens of milllons of workingmen are tied up in the answer to that simple inquiry, which was raised by several thousand business men who were asked what problem was uppermost in their minds, A. W. Shaw, publisher of System, fn attempting to find the answer sought the co-operation of ) key business men. 1lis formulation of an | answer is, therefore, a composite | viewpoint. | “It seems,” says Mr. Shaw, “from & bit of analysis of the underlying trend that the fac ¢ respon stble for the well b 1926 are to. in the main, prevail dur | ing this Likely to Continue. | “And therefrom 1 think it is pos-| aible to shape an answer to our ques. | tion: ‘How long will prosperit: a would he about to continue no one can | wer in terms such an answer does el to establish that the prob- | able degiee of b activity in | 1927 Wil be exactly as superlative as} valling in 19 Probably 1t | 1« a matter of fact, prove | supertative but 1t can turn | out to he that | the degree of activity indicative of | 1 yvear . barring the totally unex- if it would continue—that and still be well above | o be 0 “A good year for good management.” | . domestic business and continent of Europe werw v stimulated by the with-| drawal of the British from production | for a period. The Rritis strike in the Spring but the coal strike last end of the year. It diverted business | to competing countries, and gave arti ficial stimulus which will no dmxh” be lacking this vear. While the Brit-| ish miners remained inactive foreign- | ers literally brought coal to New-| castle. | Another variable factor Is likely to be the construction trade. There is gome evidence of an attempt to slow up the construction of urban building, but, if this develops. it may to some extent he offset by r types of con- struction activiti as road build- ing. the extension and development of public utliity plants and of public works, The automotive trade, which reached eak sales in 1926, is anather pivotal ndustry. Can it keep up the record- breaking pace of last year? The opti- mists are stressing the large replace- ment demand, the tendency of well-to- do families to use more than one car and the increasing foreign demand. In all discussions of business pros- pects the holstering effect of continued | easy money needs to be emphasized. Thus far_cheap money has not been used to inflate commodity prices. Wholesale prices actually declined 10 | per cent last year, and thus far have shown no tendency to stiffen. Credit has been used to finance con- sumption on an unprecedented scale. || ‘The whole system of business enter- | prise has been radically changed. Con- | sumers are holding the country’s in- || I i i ventories, instead of the producers. Business men are buying from hand to mouth, and manufacturers are at- tuning production to demand. ) By means of credit, applied in the form of instaliment |mn§na. S, C sumers are taking over the countr goods, using them before they fully | pay for them. i As long as the circle is_complete, the system functions smooihly. The rising standard of living, facilitated by cheap money, ix the driving force behind the enormous volume of busi- ness during the present period. Prosperity Overexploited. One of the keenest observers of cur- rent conditions, whose name may not be used, told me that the one aspect which he not like is the evidence being overexploited rush to keep up n volume, even at of profit margins. It trend continues, conditions in the | forthcoming months will be in general | move favorable 1o the railroads than to industrial corporations, because the railroads have the benefit of fixed prices, and will prosper as long as the regate volume of business is maintained. Incidentally, one of the principal rail- road operators of the country m con versation expressed the belief that raflroad earnings in 1927 will probably be xomewhat under the 1926 summits. the sacrifice Business Womens' Investments. According to the old-fashioned Wall Street credo, woman's financial place is in the safest of investments. A now defunct brokerage house used to base its claim to virtue on the fact that it would not accept accounts for women. Thus, despite the demonstration by Alice Duer Miller's question, “Are Women People?” The old superstition that it was sinful to sell & woman anything that was more hazardous than a United States Government bond s fast dis- appearing. The woman who intelli- ontly reads financial pages of well adited newspapers and who earns her living in the world of business is usually capable of holding a diversi fied list of investment securities. How- ever, even she should lay the founda tion of her investment structure with securities of the highest grade. Bonds with a slightly smaller degree of safe. ty and good preferred stocks and some common stocks may be acquired later | in_the order named. Women without dependents fre quently can best provide for their own financial future through the pur- chase of income bonds or annuities from life insuranew companies. Build ing and loan shares, too, have the | merit of making the (heift habit regu s and automatic, The woman who must depend on her own Cffort for a lving should also provide against the hazards of illness | and accident with non-cancellable | dent policies Mortgage Money Loaned at 5% to 6% Feonomie Conditions Tyler & Rutherford Loan Correspondent Mutual Benefit Life 1520 K St. N.w. Phone Main 473, Capital, Surplus & Undivided Profits, Over $2,000,000.00 For Pay Day Depositors’ Convenience —this bank will remain Open Until 5:30 P.M. TODAY National Secnred Jos:;h 1. Weller THE EVENING STAR, WASHINGTON, D. ¢, TUESDAY, FEBRUARY 15, FINANCIAL. Money to Loan firat deed of trust an real estate. "llln interest and commis Wl W 420 Wash. Blag.. 9th We've Plenty of Money for Loan on real estate in the District and nearby counties. If you want to buy or build. or refinance a maturing loan we hall be glad to confer with you. We'll give your ap- plication prompt at- tention. There'll be no “red-tape.” Consult with the Manager of our Financial Dept. e PEIYERGOAG || 1415 K Street Main 4752 (L1g 11 1 | 11 gy Nanan —113 Years Old Metropolitan Bank PAID ON SAVINGS 15th St., Opposite U. S. Treasury Harriman & Company TRINITY BUILDING, 111 Broadway, NEW YORK MEMBERS NEW YORK STOCK EXCHANGE TRANSACT A GENERALL BROKERAGE AND STOCK EXCHANGE BUSINESS WASHINGTON OFFICE 729 15th Street N.W. Telephone: Main 1603 PERSEVERANCE When Benjamin Franklin first oper- -ated his private press in the Chateau de friends at the French court. Beginnings have alw cult. But the result of Franklin’ proven diffi- per- severance has been the greatest factor in international education and progress. The first few dollars are always the most difficult to amass—then the incen- tive to save increases. The inevitable result is financial independence. Our partial payment plan of purchase has enabled many people to own our safe and dependable FIRST MORTGAGE NOTES on Lmproved Reol Estute plun Ask us about it. SAVINGS BANK 310 13th St Near G BOND SALES'!VIAN Experienced hond salesman desires connec- .-nz-u’«l« in and nearby Wash! -‘m--l“-," Best o nents, oo 13 o Ad 6% =SAVINGS Our ssvings lite Pituraner: Provident Mutual Life Insurance Company In Small or Large Amounts at 5% Per cent. Kealtors 1433 K St. NW. Main 1016-7 FIRST LOANS 51,%-6% age loans promptly acted upon y our Loan and Investment W. H. West Company Founded 1804 tion 'with reliable bond hou own ‘Address Box 218K, Star Ofee. combines safely Funds to Loan WM. H. SAUNDERS CO., inc. MORTGAGE Applications for first mort. Department. 916 15th St. Main 9900 Continental Trust Co. 14th and H Streets Capital $1,000,000.60 Checking Accounts Savings Accounts Time Deposits Foreign Exchange Commercial Credits Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes 14th and H Streets Capital $1,000,000.00 Hector Berlioz 1803 - 71669 ECTOR II wae a man of many eccentrici- tier. At one time his peculiar mentality caused him to set Shakespeare in the place of God and worship him. BERLIOZ But despite his queer traits, Berlioz was a re- markable musician. His orchestration work was gigantic in conception and has yet to be sur- passed. In a treatise he described in detail an DRY CLEANIN AT WOODRUFF'S M For Estimates, Maln RBring or enciose { Money to Loan focured by flust desd of trust on istrict of Columbia real estate. Prevalling _interest commission, Floyd E. Davis Company 733 Twelfth St. N.W. Maln 352, 3. The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Md, for 3, 5 or 10 year terms on your 51/2% Avply RANDALL H. HAGNER & COMPANY MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 1401, 7418 ad’ with ord |onoooooooooooonn HOME FURNITURE LOANS HOME OWNERS Up to $200. within one day il you are o % Torereat and brok- 'E0wners, Attention! = 1 can sell or exchange your Apartment House or Business Property. For quick results see Mr. Neale Woodward Bldg. Main 567 Home Office Building Apartment Business Property 5 o o~ Bome we loga wp 10 3118 0 Ilu\rL.I iroiture. Al Shoney repald mmail semi- 1) meats. Fraokiin 8819 P el otate Small Loan Co. Furniture Lean Precurement Cou 1406 G Se. N. W, Room 702 opooooooooooooo coooooopoooo Ococooooooao 5,000 Shares THE DISTRICT NATIONAL SECURITIES CORPORATION 7% Cumulative Preferred Stock (Par Value $100 a Share) Dividends Payable Quarterly January 1, April 1, July 1 and October 1 Are offered to the public at par, redeemable at the option of the Corporation on any Dividend Period, after three years from date of issue, at $110.00 a share and.accrued dividend. CAPITALIZATION 7% Cumulative Preferred Stock (Preferred as to Assets and Dividends) OFFICERS Rebert N. Harper Prosident Horace G. Smithy g Authorized ...... - To be issued at this time. . 500,000 Unissued 500,000 Common Stock, 10,000 shares, without par value, held for the benefit of the stockholders of the District National Bank of Washington. Directors of the corporation are the same as the directors of the District National Bank L. Offutt, Jv. ecesdecos ice Presidents Charles C. Rogers Treasurer eeetitittitsecnstscnssssennnne c Becretary DIRECTORS BUSINESS—This corporation is organized for the purpose of purchasing notes secured by Deeds of Trust on real estate, builders’ loans, underwritings and such other legitimate financing as is authorized by the charter. This stock will be tax free as to District of Colum- bia intangible tax not to exceed 5-10 of 1 per cent. Ralph P. Barnard Sidney 1. Reanelievre A. P. Crenn John W. Chil Chas. W. Darr Joshua Evans, Jr. Atwood M. Fisher C. J. Gockele Robert N. Ha W. Chas. Heftmuller W. §. Hoge, Jr. Kenyon 1 L. King rton B. Lenter Robert Lee O'Rrien Wm. P. Lipscomb More than fifty per cent of the preferred stock has been subscribed by stockholders of the DISTIRICT NATIONAL BANK, and the unsold portion is now offered to the public, subject to allotment. \ * Stock allotted may be paid for in full or 25% upon request and 25% each month thers- after until fully paid. ' Application will be made to list the preferred stock on the Washington Stock Exchange. Price $100 a Share (Interest at 7% to be allowed on all payments from date of payment) Subscriptions Received at DISTRICT NATIONAL BANK OF WASHINGTON 1406 G Street Northwest Albert Schultels H. L. Thornton J. S, Tyree Leon 8. Richard H. Wilmer Unification OF Northern Pacific Railway Company AND Great Northern Railway Company A Plan an Commission, th To THE STOCKHOLDERS OF NORTHERN PAcrric RaiLway CoMPANY AND GREAT NORTHERN RAILWAY COMPANY: d Deposit Agreement, dated February 7, 1927, for Unification of Northern Pacific Railway Company and Great Northern Railway Company, have been adopted and approved by the undersigned Committee, which recommends your acceptance thereof and the prompt deposit of your stock. Reference to such Plan and Deposit Agreement, copies of which have been mailed to stockholders, discloses that it is proposed, subject to the approval of the Interstate Commerce at a railroad corporation now existing, or to be organized, called the New Com- capable woman bank officials and bond sellers of the d women to handle fi pany, will lease the properties of Spokane, Portland & Seattle Railway Company, all of whose stock is owned in equal shares by your Companies, and thereafter will exchange its stock, share for share, for stock of Northern Pacific Railway Company and Great Northern Railway Com- pany. As soon as feasible, the New Company will also acquire by lease the railroads and prop- erties of each of your Companies. Holders of stock of Northern Pacific Railway Company and of Great Northern Railway Company may assent to the Plan and become parties to the Deposit Agreement by depositing their stock on or before April 15, 1927 with the respective Depositaries. Fach stockholder is requested to execute and mail to the Secretary of the Committee the proxy enclosed with the Plan and Deposit Agreement. The stock deposited must be endorsed in blank or accompanied by proper instruments of assignment in blank, for transfer, and must be properly witnessed. Signatures should be guaran- teed by a Bank or Trust Company having a New York correspondent or by a New York Stock Exchange firm. Certificates of Deposit, transferable on the books of the issuing Depositary, will be issued for all stock deposited under the Plan. Application will be made to list such Certificates on the New York Stock Exchange. All dividends collected on deposited stock will be paid to the holders of record of Certificates of Deposit representing such stock. Deposits of stock will be without expense to depositors. orchestra of 467 pieces and 360 singers with ditional investn four “‘small” bands of to associate women h e and minor . wind and string instru- uld be no factor in the choos- - ments at the corners. He Tt el actually conducted an > > orchestra of 1,200 pieces FEIR ST MORTGAGES INVESTMENT FROM INCOME sume a hazard . tment problem | in i R oL i dhlem Paris in 1844, Twenty-five dollars a month for investment is a moderate amount—easily spared hy the average salaried man. As little as that purchases one of our secun in Each 1 shoul in the | pecial facts exist- | name of the sover let There are mno eccen- tricities about the busi- ness of Swartzell, Rheem and Hensey Company. The First Mortgages which we offer are based on sound and solid se- curity and are the result of a steady evolution of the safest type of investe ment. When you pur- chase a 62% First Mortgage through us, you know that behind it is a =ound house with a sturdy, progressive rec- ord for saneness. Swartzell heem & HenseyCo. Morigage Bankers the financial world realize that women are hetter equipped with capi- | tal and brains to accept higher-yield- | ing securities than innumerable men. Many Women In Banks. The theory was so long held that i« outside 1he stock e | Sinoe the wai ol workers tored the houses in o a rece womain bunkers, of executives. Apart the speciall hazard the dinse 5 reapective of whether thes be widows or orphan 1l sceniy Jority of peoy uld do better to in- | |f| Without a FIRST MORTGAGES nutbe | - 40,000 2,100 are In these securities of proved safety, vour principal is pro tected by improved real estate, conservativelv appraised at about twice the amount of our Mortgage on it. Your interest is regular. | A Third i GEO. F. BAKER, Chairman ARTHUR CURTISS JAMES, Deputy Chairman J. P. MORGAN LOUIS W. HILL HOWARD ELLIOTT Committee happen tr of a Vest in highgrade securities of prover worth than in alluring but evanescent prospects oo mn such mat ters, howeter ide without regard vious conditior intelligent financ wd ern wonsi servers tv should be i Lo to race. creed. color Walker D. Hines, Davis, Polk, Wardwell, Gardiner & Reed, Counsel. of servitude 10 the mode usiness world the mod | has compelled candid ol i the aftivmative Francis T. Ward, Secretary 23 Wall Street, New York adaptation In Amounts of $250 and up B. F. SAUL CO. Main 2100 925 15th St nswer J. P. MORGAN & CO., 23 Wall Street, New York City Depositary Northern Pacific Railway Company Stock FIRST NATIONAL BANK, 2 Wall Street, New York City Depositary Great Northern Railway Company Stock *1st Mortgage Loans | Qlli(?k Action 57 Years Without Loss To Brodie and Colbert, Inc. THERE IS NO SUBSTITUTE - FOR ...SAFEDY n Investor 1702 Eye St. Main - 0 N.W. February 15, 1927.