Evening Star Newspaper, March 3, 1927, Page 15

FINANCIAL. MEN AND MONEY By M. S. Rukeyser. (Copyright. 1927.) Title to world championship for bellicosity in the fleld of industrial re- lations clearly belongs to the coal trade. America's next regular battle be- tween capital and labor in the coal flelds is scheduled for April 1 next— this time in the bituminous coal mines, particularly in western Pennsvivania and Ohlo. The lost domestic coal le—staged in the Autumn of e vas in"the anthracite, or hard coal, flelds. In 1926 the periodic coal battie was staged in England and was the"immediate cause of the costly gen- eral strike. lagainst vour current income as your With the approach of Spring the harassed consumer is little alarmed about the threat of a coal strike. Soft coal, however, is the chief fuel of fn- dwstry, and an interference with the suppl~ might have a paralyzing effect on Industry. However, industry is Jooking forward to the battle with equanimity for a variety of reasons. In the first place, the bulk of soft coal has come to be mined by non-union companies, which will not be affected by the threatened strike. Whereas shortly after the armistice the non- unfon mines produced only about 30 per cent of the soft coal mined in this country, they now turn out close to 70 per cent of the aggregate, accord- ing to trade estimates. Jacksonville Agreement. The Jacksonville wage agreement, whose expiration on March 31 next. is the immediate cause of the present labor crisis, had the effect of requir- the operators of union mines to pay higher wages than non-union mines. Some who had signed the onerous loan assoclation by consulting your banker. In most States building and loan associations derive their income solely by making loans, secured by mort- gages, on real estate. In some commonwealths the regulatory laws are stricter than in others, and the rate of return promised depends on the degree of conservatism required by law and the status of local interest rates. has full information concerning the merits of a particular plan which he is considering, he should seek im- partial, outside advice. From the saving standpoint the &reat merit of building and loan shares is that they provide for regular, auto- matic thrift. The necessity of pay. ing in a stipulated amount each month or kubmitting to a fine tends to make thrift a habit. The contract which you make with a building and loan assoclation imposes an obligation on YOu to save a certain sum each month, and it becomes as definite a charge extra light or telephone bill. It” has the advantage of causing you to take funds out of your pay envelope for that specific purpose. If you fail to do this and save only what is left over after meeting the demands on your pockethook for necessary expenditures and whimsical purchases, it is likely to be nothing. Movement Develoning. In 1926 the building and loan move- ment in the United States developed at a rate twice as rapid as the rate of growth of savings in savings banks and savings departments in national banks. The higher return was no doubt an important factor in this de- velopment. Although the best man- aged building and loan associations have an excellent record for safety, it is true that the assets behind building and loan associations are not as well diversified as those behind savings banks. Building and loan associations should not be considered as substitutes for savings hanks, hut supplementary to them. The savings bank account agreement found legal loopholes and welched on it, and others, who at- tempted to live up to the agresment. either lost part of their business or were compelled to close down en tirely. The Jacksonville agreement provides for wages of $7.50, which at times during the last three years, during which it has been In effect, was substantially above the market. The recent Mjami conference was certain to fail, because the employ- ers insisted on a '‘continuously com- " petitive scale,” whereas the union followed the slogan of its lead- er, John L. Lewis, of the United Mine Workers, “No backward step.” Mr. Lewis said candidly that he was not certain that the union op- erators could reorganize on a more efficient basis and put their house in order, but added, “If you cannot, don't think the mine workers can lightly accept a wage reduction and @ lowering of the standard of llving merely because of your own short. comings.” Coal operators seemingly have caught nothing of the modern busi- ness policy of adjusting production to demand. The large producers are harassed by many freelances, whose surfaces mines become active as soon as prices turn up. Coal Demand Falls to Grow. Moreover, the demand for coal has mot grown proportionately to the ex- pansion of American industry. The reason for this is that there has been ce the war a revolution in the man- ner and efficiency with which coal is consumed. The power plants and the rallroads have taken the leadership in getting more energy out of a pound of coal. For example, according to the United States Geological Survey, elec- tricity has been the means of saving 76,000,000 tons of coal in the United States in the last six yvears. While the consumption of fuel has increased 15 per cent, the energy generation has risen by almost 80 per cent. The sav- ing is ascribed to more efficlent use of coal, to the elimination of inadequate equipment and the development of in- * terconnections. 'The real strategic weakness in the position of the United Mine Workers has been their inability to unionize the ‘workers in the West Virginia and Ken- tucky mines, where lower than union wage scales have prevailed. The union now opposes the smuggestion that the non-union wage acales should set the standard for the remainder of the in- dustry. It seems likely that some of the ‘weatern Pennsylvania and Ohio oper- ators will take advantage of the exist- ing deadlock to try to introduce the | open-shop principle in their territory. Operators in Indiana and Illinois, . however, are more disposed to desire to find some common ground for con- tinuing their relations with the union. Storing Large Reserves. Meantime the large consumers of soft coal, especially the railroads and ! the public utilities, have been storing | up reserves for many months and| likely to be found ready for eventualities. The soft coal industry itself, how- ever, is wretchedly organized, and a way out of the present difficulties| has not vet suggested itself. The union may resort to the 1922 policy of making separate agreements with individual companies. 5 Temperamental differences in vari- ous sections of the country help to explain the failure of the union com- pletely to organize the soft coal work- ers as they have the anthracite miners. The individualism of the mountaineers of Kentucky and West ' WVirginia, backed by the guns of un.|= compromising operators, the efforts at unionization. As a result, the hulk of the business in recent years has drifted from union | operators with higher labor standards | to non-union operators with lower | scales. { e soft coal industry s sick, suf-| fering from had management and | poor organization. If any trade needs & Judge Landis or a Will Haves it s the bituminous coal industr: has blocked | | Building and Loan Shares. | In spite of the backwardness of dbuillding and loan associations In bringing the merit of their services | ‘before the general public. the move. | ment has been growing with remarka- ble rapidity because of the inherent ap] of the idea. | uilding and loan associations are | co-operative thrift socleties, run for the | benefit of their members, who are us-| ually individuals of moderate means. In most instances the operating costs should be looked upon as an emer- gency fund, which can immediately be | used in case of necessity. The build- ing and loan fund should be regarded as a nest egg for the future—either for the pufchase of a home or for a competence during old age. Last vear the assets of building and loan aseociations in Ohio and Pennayl- vania alone were greater than the ag- | ¢ gregate assets of all the associations in the country in 1917. The first build- ing and loan association in the United States was established in Philadelphia in 1831. Incidentally, income on building and loan shares up to $300 a vear is free from Federal income taxes. TRADE WITH RUSSIA. NEW YORK, March 3 (®.—A trade turnover of about $70,000,000 between the United States and the Soviet Union in 1928 iz reported by the American-Russian trading com- panies, which include the Amtorg Trading Corporation, the All-Rus- slan Textile Syndicate, Centrosoyus and Selskosojus. The principal Amer- ican exports were: Cotton, $30,224,- §74: non-ferrous metals, industrial equipment, : agricultural machinery, including tractors, $5,931,085: automobiles and motor busses, $2,089,527. Are You a Bucker? Too many people put their money in day dreams and wake up bruxe. Never put your name on the dotted line until you have inquired of some one In your bank w he knows about some stock issue that is of- fered to you privately. REAL ESTATE LOANS BUSINESS, APARTMENT, CHURCH. HOTEL, THEATER, RESIDENCE AND GARAGE PROPERTY. CONSTRUCTION LOANS. FRED T. NESBIT 1010 Vermont Ave. Main 9398 Money to Loan red by flst deed of trust on oyd E. Davis Company 733 Twelfth St. NW. Main 352, 3 Mortgage Money Loaned at 5% to 6% Tyle;“ & Rutherford 1520 K Strst ™ Main 475 Real Estate Securities Income Producing Properties UNITED STATES SECURITIES CORPORATION 313 Southern Building frusf. Bring in what paners ve have to vour propertv. Fr. A Real Estate Small Loan 702 District National Bank Blds WRIGHT SLADE & (0. Members New York Stock_ Ex ghanke—New York Coffes & Sugar Exchang. York Cotton Ex- change—Chicago Board of Trade a Unless the prospective saver | | buy the securi | price, an excellent yield of more THE EVENING STAR, WASHINGTO! STATEMENT OF THE CONDITION o NATIONAL CAPITAL JNSURANCE COM- AT i i nyggp!’umln n the 31t dav of December. 1024 ap re- quired under the District of Columbia Coog, smended June 301002, and” Aurust i8] Capital stock % .$100.000.00 Capital stock. paid up. n cash. . 100.000.00 Cash in office. .. Lol Cash in bank. .. : EE estate mortaages (Aret ien) 2283 tocks and bonds (market value) 14, miume uncollected and hands of agente. ... ... Interest Aue and accrued All other assats: Office furniture and fixtures ..............- 56.10 4.802.08 3.642.12 500.00 Total aseets ....$257.578.88 LIABILITIES. Reserve as required by law Salaries, rents. expenses. {axes. $72.514.20 3.500.00 10986668 10,000.00 Total liabilitles $186.014 20 A Character of business transacted during the O Tnsa: Fiva. hreakage of piate ¥lam and mirrors and apital stock i All other liabilities: Conflagration reserve fund ......... 1tomaobile theft insurance. Amount of _risk _sasumed during the vear 1926 Losses sustained during the e T 22.490.88 o year 1926 . £4.724.83 Expenged — durinx ' the * year i 35 ORGE R. REPETT] Presi *during " tha poretary. Subseribed and sworn to befors me this 1st e M PR ARLES A, McCARTEY, = Notars Publte. Member of the Insurance Club of Washing- n STATEMENT OF THE CONDITION UNITED STATES FIDELITY & GUARANTY INSURANCE COMPANY December. 1 auired under the District of Colu: amended June 30, 1902, and August 18. 1 Capital Mock.. ... .. . $6.000.0 Capital atock paid ip. in cath. ~6.000.0 Cash in offica. . ash in hank imarket Ands of agents. . Interest due and ancrued All other assets...... : Total assets .$51.210.563.78 LIABILITIES. et unpaid claims.. . .. eserve ar required by einsurance premiums. ) Capital stock. ... Surplus over all il All other liabilities Total labilittes. . aracter of ese ear 1028 Flaciity am o d_casualty ineurance. = - ned Ghring “the 1 16.062.755.30 40.928.628.88 . 36.160.830.72 o Vice Procidnnt. GLOVER C. TRENHOLM. " * B Asat. Secretary. Subscribed_and sworn befors 160 dax of February. fogt oo fmajile B 628 xpended " diiring " the M L. WAl Noary Peblie. Real Estate Financed L M o n e mediate action. e PEOPLES FINANCE CO. 1010 Vermont Ave,, Rm. 508. Main 2008| Provident Mutual Life Insurance Company Funds to Loan In Small or Large Amounts at 51, Por cont, WM. H. MU?DERS CO., Inc. 1003 K St NW"" Main 1016.7 The Money is here —plenty of it—to loan for buying, building or re- financing a matur- ing trust. It’s only a matter of your getting to- gether with the manager of our Loan Department. He'll give your application prompt attention—and quick decision. Deal With a Realtor 1415 K Street Main 4752 Safety and Over 7% For Your Money Your investment in the 7% Pre- ferred stock of Empire Gas and Fuel Company gives you, if you at its present than 7% on your money. | Your income is protected by the /large net earnings of an organize- tion with $300,000,000 in assets— an organization which is a leader in the natural gas and petroleum industries. BT e 803 Wilkins Building THE MAYFLOWER HOTEL WASHINGTON, D. C. Telephone Main 1581 Clients of other houses stopping in Washington are invited to avail them- are low and the return to co-opera-|lll seives of our facilities. th members s correspondingly high. Bullding and loan associations make loans on real state to owners of individual homes, with the provision | for regular reduction of the amount | - of the mortgage through periodical payments. The plan enables the borrower to follow a rigid program for getting out of debt, and at the e time the steady reduction of h loan tends to heighten the se. gurity behind the shrinking mortgage. Allow Home-Buying In effect, the loan associations en. able a thrifty worker to buy his own home and pay for it on the install- ment plan. The building and loan associations get funds to lend from individual savers. In some States these funds can be augmented by bank loans. Savings and loan associations are iriterested in the thrift funds of the little fellow. They will accept depos- its of as low as §1 a month. Associa- tlons that work on a 6 per cent basis will fn 12 years pay $200 to depos ftors of $1 a month. Usually the best building and loan association is the one nearest home, particularly if vou can get acquainted with the officers and assure yourself of their integrity ! Main Office 71 Broadway, w York, In District of REAL ESTATE NOTES First and Second Trusts Purchased on 8 IMPROVED REAL ESTATE Columbia and Nearby Maryland International Finance Corp. 400 Commercial and ebility. Usually you can supple- ment your own judgement concerning the management of a.-bullding-#84- Nat’l Bank Bldg. D. O, 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 Sa% v Business Property Avply RanparL M. HAGNER & COMPANY MORTGAGE LoaAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Harriman & Company TRINITY BUILDING, 111 Broadway, NEW YORK MEMBERS NEW YORK STOCK EXCHANGE TRANSACT A GENERAL BROKERAGE AND 8TOCK EXCHANGE BUSINESS WASHINGTON OFFICE 729 15th Street N.W. Telephone: Main 1603 Absolute Stability The fact that the improved Real Estate secur- ing each of our First Mortgage Notes is located in Washington, the National Capital of the United States, doubly protects each investor and insures absolute stability of medium. First Mortgage Investments Assured Annual Yield Mortgage Investment Department HE investment record booklet which we have just completed provides a simple and convenient form for keeping a record of your invest- ment holdings. It will serve both for your own information and for income tax purposes. Provision is made to record month by month the income that your invest- ments produce, together with such essential facts about each security as the purchase price, date of purchase, interest rate and dates, yield to ma- turity, Federal and local tax provi- sions, maturity, etc. A table for use in computing accrued interest and a page for recording your insurance policies also are included. The booklet is in loose leaf form, and is of a size that will slip handily into your coat pocket. We shall be glad to for booklet number 1.7, No Loss to Any Investor in 54 Years have information about our current offerings of 6%4% ply mention that fact in writing to us. THE F. H.SMITH Co. Smith Building - Washington - [Main 6460] NEW YORK CHICAGO PHILADELPHIA BOSTON ST. LOUIS send you a copy upon request. Ask 61 If you would like also to 2 0 First Mortgage Bonds, sim- Founded 1873 PITTSBURGE BUFFALO ALBANY MINNRAPOLIS Seen: Ji - R G. M.-P. MURPH Members New York Stock JOHN L. EDWARDS A copy of oux Fortnightly 52 Broadway, New York THURSDAY, MARCH 3, 1927. Money to Loan = lm‘:dfi:ul ;'%: on RY CLEANIN T WOODRUFF'S 1t 3, the Wieness Quallty and it costs eas ite. PSe "3460 14th N.W. o. 4 410" 18th X.W. Estimates, Main 1400, 1401, 7. ing_or enciose this ad with pp—— & CO. Exchange Successors to & COMPANY Review sent ow request 1416 H Street Northwest Richmond, Va. Dedicated to the Service of the Capital —over a solid century ago, The Metropolitan has suc- cessfully and continuously satisfied the city's banking requirements, and patronage ever growing. I your broad-gauge facilities, you should be a “Metropolitan™ depositor. 3% Paid on Savings Metropolitan 113 Years Old Capital, Surplus and Undivided 15th St. o 'Organized in 1814 its prestige needs demand Safe Deposit Boxes National 113 Years o Ban Profts, Over $2,000,000.00 . U. S. Treasus SAFE A Third of a Century Without a Loss Main 2100 THERE FINANCIAL. MORTGAGES 34 YEARS OF PROVEN SAFETY BEHIND YOUR MARCH INVESTMENTS The successful experience of a Third of a Century of realty ap- praisal and mortgage manage- ment is your assurance of safe- ty in our 6% FIRST MORTGAGES To the investor demandin absolute security for his Mar investment funds, plus depend- able and attractive gain, we of- fer these securities of proven protection and productivity. B F. SAUL GO 925 15th St. NNW, IS NO SUBSTITUTE FOR SAFETY 5 Billiom Dellers! Nearly $5,000,000,000 of the funds of the great American life insurance com- panfes are placed in real estate mort- gage investments. Isn’t it a significant fact to YOU—s discriminating investor—that these life insurance companies have chosen Real Estate Securities for the la; proper- , tion of their investment funds? / Our First Mortgages are a sound, .’ conservative and stable investment, in- ;iurll;ng maximum safety and liberal eld. - ; Ask for List of Current Offerings 3 Swartzell, Rheem & Hensey Co, Mortgage Bankere' - TIPISM. Street, LV, VashinglonDi. 57 Years Without Loss to An Investor ~ Leasing Specialists Business Property Owners Weaver Bros. are rendering to owners of busi- ness properties in Washington, Baltimore and Alexandria a Rental Service which entitles them to the position of Specialists in this field. Owners of business properties, trackage, ware- houses, etc., are invited to inquire about this service. Numbered among our clients are local and nationally known concerns, who demand the utmost Service and Satisfaction. (See partial list below). REALTOR Chain Store Leasing Dept. 809 15th Street N.W. The Foster & Reynolds Company, Owners of the chain of Mr. Foster’s Gift Shops Charles L. Casterlin, Operating Charles Gallery The Willard Shop Footer's Dye Works Peoples Drug Stores, Inc. T Nunaaily Com e Nunnally pany Oehmler Floral Company Lioyd-Roy Millinery Company Maryland Dikeman, Ine. Artcraft Shoes, Iac. Barton's Vanity Hat Shop od Rhodes Underwood Typewriter Com| ""V\? l."nlobml o JEAVER BROS | S » Main 9486 S. Treeger & Soms D. A Schullt_t, Ige. Sh ueen Qualit oot gni:‘:’d %nsfinyLine;“ i Standard Sanitar: EC J. C. Penney ('onfpany' Seibinad Piggly Wiggly Company Dann Millinery Company American 1ce Company The Fashion Shop Hood Rubber Products Compan: The Autocar Sales & Service C’;mnw Mack International Motors, Inc. Dikeman Orange Beverage Store ' ‘oodruff Dgem' and Cleaning Company ll;:dm‘m\-ton_rlnsc Company emington Typewriter Company Plfiuf‘-‘Bfl 't Company Bertram Company Frytid z&“'fin Compeny e o ea gnhd! no.;' o tion oruan W. Company P Supply &m Shates! Com, Arthur R