Evening Star Newspaper, March 5, 1927, Page 15

FINANCIAL. COTTON HASRALLY INTODAY'S TRADING “Opens Lower, But Prices ; Gain on Week End Cover- ing and Buying. By the Associated Press. NEW YORK, March 5—A further decline of one to five points at the opening of the cotton market today attracted considerable buving and prices rallied on covering for over the week end. The initial selling was pro- moted by relatively easy Liverpool and reports of better weather in the South, but offerings were not heavy after liquidation of the past two days and appeared to be readily absorbed. After selling off to 14.19, May ral- lted to 14.27, while October advanced from 14.53 to 14.58, the general mar- ket showing net gains of some three or four points by the end of the first hour. The rally was encouraged by reports of increased activity in the domestic goods markets and there were also reports that Southern spot holders were resisting declines in the basis. Private cable reported hedging and continental liguidation in Liverpool. New Orleans Market. NEW ORLEANS, La., March 5 (). —Cotton prices showed an inclination to advance early today after opening 2 points down and losing another point soon after trading started. Trade buying was encountered on the ‘decline, bringing prices back to the opening levels. May traded at 14.22 and July at 1436, 3 or 4 points below yesterday's close. TIRE BUSINESS 600D, RESERVE BANK SAYS Operations in Many Lines in Cleve- land Area Still Below This Time Last Year. By the Associated Press. CLEVELAND, Ohjo, March 5.—1In contrast with most other industries, which are lagging behind, tire manu- facturing is going forward distinct- Yy better than a year ago, savs the monthly business review of the Fourth Federal Reserve Bank. A canvass of all industries in the district comprising _Ohio, parts of Pennsylvania, West Virginia and Ken- tucky shows that operations in many lines are still running behind the cor- responding period of 1926. However, the seasonal Increase in business activity in the district con. tinued to manifest itselt during Feb- ruary. Possibility of a strike in April has confused the coal sitnation. Retail trade was shown to be a little disap- pointing, while business in clothing anA_ various other lines was falr to good, even if behind th» exceptionally active levels of 1926. The Kentucky burley tobacco prices ha been fairly stable during the Jast two months' although very Jow In comparison with the price of about 21 cents a pound received a year ago. Credit conditions, the review says, remain sound, with the supply ample to cover requirements. February sta- tistics were not available to the bank, but a comparison made of January figures in the three important indus- tries of the disirict—iron and steel, automobiles and building—threw con-{ siderable light on the decline in gen- eral business from 1926. Automobile output, the bank found, ran over 20 per cent behind last year during Jan- uary: pig iron output was 6.6 per eent lens; steel ingot 6.3 per cent less, and building contracts awarded, 16 per cent less. . S o CRURE OIL GOES LOWER. DALLAS, Tex., March 5 (#).—Mag- nolia Petroleum Co. last night posted another slash in crude oil prices, ef- fective at 7 a.m. today. The cut amounts to 10 cents a barrel for ail ofl bought on a gravity basis and test- ing 28 degrees; Baume, in Oklahoma, Kansas and Texas. For oil of 28 to 28.9 degrees the cut is 12 cents a bar- rel. A differential of 3 cents obtains as the gravity scale ascends, reaching 86 cents on ofl of 52 gravity and above. Pas- Stock of able. record Apr1s Mar 24 Mar gl ar 15 Mar 31 Mar 18 June30 Junels Jan 22 is oo 00: Fon33333 Apr Avr pr Apr Apr Apr EE SRR E ey mmons C: ar-Quin Co. .. York Railways. Do. pf.... COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY MINNEAPOLIS, March 5.—The Minnesota Legislature is considering a measure providing for a 2-cent tax on each package of cigarettes sold. The object of the measure is to raise funds for northern Minnesota counties bur- dened with excessive delinquent tax lists. PORTLAND, Oreg.. March 5.—There has been a cessation of contracting for wool yet to be clipped on the Oregon and Idaho ranges. Growers are standing out for 2 to 3 cents a pound more than bidders from Boston are inclined to pa FORT WORTH, March 5. Texas- grown strawberries are on the market thres weeks ahead of the usual time, owing to the mild weather which has prevailed in the Rio Grande Valley The fruit now is moving rapidly in car load lots and the quality s better than normal. NEW ORLEANS, March 5.—A fleet of 16 barges loaded with steel products and shipped by the Carnegie Steel Co, are expected to arrive here this week. ‘This is the twelfth shipment made by way of the Ohio and Mississippi Rivers by the company, but the first con- signed direct to this port. The steel 18 for Louisiana, Mississippl and Texas points. PHILADELPHIA, Pa., March § Retall buying of automobiles in this Atetrict i& showing a distinct improve- ment especially in the demand for the medium priced cars. The number of cars selling for $2,000 or more, shows only slight advances as compared with recent months. Public offerings is expected shortly THE EVENING NEW YORK CURB MARKET , Received by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, March 5 ary tendencies in the oil group, active speculation in Citles Service {ssues and several new high records for in- dustrial specialities made up the out- standing incidents at the close of the week on the Curb Exchange. Trading, however, was light in' volume with the general disposition to take down | profits, Supporting orders were in the mar- ket for Citles Service common, but professional liquidation by those who had taken advantage of the recent drastic break caused the price to drop another two points before it had been completed, es Service § per cent bonds were well maintained above the 101 level although they were freely offered at a fractional decline. The offerings which followed the publicatton of the annual report of Following is a list of bonds and stocks traded in on the New York Curb Market today. Sales in hundreds 1 Aero Sup Mfe A 1A Piek INDUSTRIALS. High! 10 Low. 10 13 1 1 Close. S 1 11 1 o Gas & El pfd Hawaiian & S Pow & 1. nfd Ravon Prod Rolling M Seat vie . Superpow A Superpow B Super pr ptd y Fhread © ofd n vie pd wi P nd 2041 BoD ErEEPe . RSSO W ¥ 2008832307 T SR P n ofs wi 28 5 Auburn Auto o Bamberger nfd wi R Baneitaly € ris wi 114 Baner J & Sona . Barns war deh ris 14 Biyn Shoes Inc. . 4 Bohn Alum Saamw Saam e B DEERES e e S w T 12323538 s 11 Brit-Am 1 Can “Mareoni 1 Cent Pin Cor % Commonw Ed 13 Commonw P ¢ 1 2 Common P n pfd 1 Consol G Balt n CGXNYnopdwi 23558 r Diws. Ears Swin S 25353228352 3258wa 5. Py A P FRESE & oD DNDen Didmd 25308228S: sopisomDak e £ o wwaD wa 528885, 23, 3580822232.,2055..2 R 1393 FERE F TR B 3 - Fox_Theat Fom R ola jon' S Garod. Coron:” SERE8%us G Gen Pub_Ser Gleason Pro €. G Ge G > Toma aaeiiBoe 355265 g len Alden Coai’ 1 ohel A" st oodyear Habir El n ‘ - Hapoiness ¢ s o Co % Hercules Pow 81nd Ravon Cor ‘A 3% Tnenr Co N Intl Siver . Int T&Tn 2 Intern Ttil ‘A ZIntern T01 B 3 Johns: 3 JohneManv "n [T S UEHONR - e et o 183552, 52 - > H 3 s o3 St RN 8. = S-S rPie =5 P w ey - E=02R252.332 ¥ 3 ¢ & R 2Ro550252.8 SRR 7 =2z 1 232088253, SanuSacs 33Samubena i 3 annban, e 33 o SHRR-3 [ IS as g iy S»35omo SmBi PSS FE rotm Dt 023 ety 5 B e i pate ) RE3Fo0E 1 4 1, § 2 [ R 1 8 i i 5 1 Sy 1 ¢ & Drug S'DNI Morrie o lish FI M Inc itnes Boews P M ttehurg & I E 1 ullman wi. . lfls R'!Né'n n Siee b i) oot T o R ch Rad pfd. " i e y Mot afe ¢ B & Te M Reel Fe Serv B Con E% R o palt N I R R AT ou P 4L war outhw Bell tand ‘com o tand b & Of iz et Wit Ing i hatcher Mg en pt imicen Axle " 1Tob P, Bort Bvic 1 D, 24, R S W s Tegis, P .., ) 2510 B3 e o3 BB dmss e & SEN =" 7 w3 B Thon 2 S SRR % [ & ¥ = B " ey aios DD 1sens =B SBonsaDmaIIn) ey 3 e o o S5 ! = ou EPEEE e > I 13100900 = B3 S8 o1 D213 B onDB opp “w PR P T e L e TN Pt L en e i 3 pigis Sioe S B RRA NGNS S0 BB LIk SO PNBRDIE D szt FEEREESEFEITE FEERES PP FEEEEE W i SRR F FEEES 2 R R R AR 2 o R R0t 88k 2050858 53 23RS TS BRI U R0 S 0 D: B B0 Nt 5 D DS DI S P s OB bBLD —oR RSB DB DD s h BB 0% RO 2938 AL FEORE R FEa 3 Sales in MINING STOCKS | hundreds. 1Am Explora .. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES, 3 2 3 3 H = Questionable Practice. There is a legitimate use for put and call trading discussed in the two preceding articles in this series and there is an illegitimate use. The latter is when the buyer of either a put or a call has no intention of de- livering or accepting stock, but is simply betting with the option dealer on the market and the transaction is settled by the payment of the differ- ences. Tt is this misuse of the priviloge which has brought it into disrepute with many people and is back of the prohibition that prevents the making of offers and selling puts and calls on the floor of the New York Stock Ex- change. There is, on the other hand, a per- tectly proper function involved. Sup- pose the speculator is long of a block of stock in which he has substantial profits. He is of the opinion that the market price will go much higher and that his profits will be increased ac cordingly. Still he is not aure of it and he wants to limit his risk, so he buya a put on the number of shares he holds at such price below the market as the put and call dealer is willing to sell at To_ illugtrate: Suppose a speculator has 100 #hares of U. S. Steel common which cost him 150 and which is now selling at 157, showing a 7-point profit. If he can buy a put at 154 he knows that no matter how sharply Steel com- mon might break he can at least get that price for his shares and ®o save some of his profit. In this case the buying of the put is somewhat similar to a stop-loss order. Or turn it around and suppose that the speculator is short of U. §. Steel at 165, the market price now being as before, 157. This short seller has an 8-point profit. He thinks the price will go still lower, but he isn't sure of it either, so he buys a call on the stock at a certain num- ber of points above the market. If the call is quoted 5 points up that would make the call price 162 and the speculator knows that for month to come he can always huy { of part of an issue of $4.500.000 Huy. ler's 7 per cent cumulative preferred stock, guaranteed by Schulte Retafl Stores Corporation, which recently ac- quired control. S. Steel at least 3 points below the figure at which he originally s=old it. This, too, 18 a form of insurance de- signed to protect profits, Reaction- | | continued to have their effect on the | seliing price, but the lose was limited. Imperial of Canada and Humble were subjected to further profit taking. strials Auburn Among the other ind again, ad Auto came to the front gain of almost 2 points. Curtis Aero went forward to its best prices in sympathy with strength in Wright Aero on the Stock Fxchange. Safe- way Stores featured industrials, establishing a new high for a gain of 2 points. Higher | prices were the rule for Rand Kardex but other industrials were unchanged or fractionally lower. It was a typi cal Saturday market, with traders counts preparatory to the week end suspension of business. 10 Cortez Silver ... 2 Creeson_Gold 10 Divide Extens . 1Eng G M L 100 Enreka B0 Firat Thot 50 Golden State 20 Hawthorne M 1 3 Hecla Min Hollinger New Cornelia 214 08 3% 0 03 08 05 i v g 4 Teck Hughes 19 Tono Balmont R Utah Apex 3 Wenden Con 30 West End Consol .1 10 West Ttah .... 08 Sales INDEPENDENT OI1, STOCKS. in hundreds. 9 Am Con Oilfids 2 Am Maracaibo Co 1 Bencon_ 01} Serv n Serv pral .l Serv pfd R t Serv B R pfd 0 Columbia _ Synd Synd Peta ° e o ST e AP PP iony e ees © . m w Tt i) - oA 5 B S E FEPPER SELEPIE ZoCHOD! W LS Gn axdal Synd ex Panuco. ount " Prod ew Bradford 0. hot i > 2; 3 FFE B AFEE 2 o) a9t s Reiter-Foster 0il - ] FEFE dal Osage 12 T4 Osage O X'V = S Tide Water Oil. Tide Wa Oil_pfd. Veneruelan Pet Wilcox 0&G Woodley Pet n Salesin STANDARD OIL ISSUES. singie shares. 500 Anglo Am Oil 30 Buckeye P L. 1100 Contl “Oil n 20 Cumberiand P 200 Gal Sie Oil. .. 12 1500 Humble Oil & R 55 2700 imp. Ol Can n. 42% 3400 Inter Pet C Lid 32 1900 Ohio Ofl ... .. 50'a 3400 Prairie 0 & G n 51% 100 South Penn O n 3715 10000 8 O Ind AR MW 2008 0 Ky 1003 0 Ohin 2400 Vacuum' Oii Sales in BONDS. thousands of dollars. 24 Allied Pk 8¢ 54 18 Allied Pic & 1 1 2 P n. ey DSRIETILAACRENE SR R Fa S auanmeomizons S3RINTIZEILEY X 85 lum Co Amer Be 100 El 6 102 Lt 68 10 m Gas 2 0 85 5 3 m Pow mW P 6snwi ppal El Pow 58 %0 G & E B8 wo Sim H 61 acon Oil Bs. .. averboard 8s. 1l T Can b8 ‘A bt 0 Rt 595 >35> 5> q FEFE FESEE 2T £ S L3 Y 88 v B8 .. Command L 6s Cons G B 5= F n Cons G B 5%s B 1 Cudahy 5s % Cudahy 5 2 Duke P P 5 Fisk Tire 514s 31FlaP & LS 1 Gar. 56 oy DY 23 [ Q0 s & P 2. clede Gas 314 high Pow 8s Y% 1ot N 1 S 0 D LN T e ) S LS B S O FEFEEE Fers 222333, PEERRIISRRIRIRR3 223 SenonSoorooo35Dee 055 55! Sonon5e3005503! FE 9072 22 = = 59 5 ° SRR =H Bt 9300030005 x0nn352255 Pre 238333555 35095 00250935 2ND VSV, a5 W3 > 15 Solvay Am s 6 Sou € E Bs ‘51 24 Soueast P & b Southw P&L 4 Swift & Co' B 2 Tidal Osage 8 3 Transcont Oil 1Ulen & 1m0l >3 PELEFEGE PFE VS EF EEREER R EER E L LR o. &4 - 2355 EERERRN R S E PR e B R St S e TR FRE TIGR FRESEEEE R R RS E 25233333535 23333333322 V-, 222323355: 2333333322 FFSN FER SRR Sales in FOREIGN BONDS. thousands. 10 Batavia Pet 5 Buenos Ai 2 Buenos Ai 59 Buenos A 3 Buenos ‘At 14 Ber C F 12BEIET 3 Burmeis 43 Costa_ Rica 10 Denmark 53 Fre St Prus Ger Cons Mun r Cons El amburg Sta Id g o | S 235233 FSEEE 2 ¥ SEEE I PR 2330050500002 090D ST T o AT 222 33 or Bk Chile 6 Per TR ... uee Govt B1ps G ofs Bige 5323335 s-=Son355553050 000000D: S2523353355338333333353328553352 S + e PR FEES T RUni St W 6158 Exdvidend: 8 BUYS NEW STEAMER. Special Dispatch to The Ster. BALTIMORE, March 5.—The Green Line, which operates a freight line between Baltimore, Philadelphia and Camden, has bought the steel steamer Riverside from the Rock Creek Steam- boat Company. The Riverside is being reconditioned and will be ready to take up freight service next week. Built at Chester, |Pa., in 1895, she registers 452 tons gross and is 145 feet long. Bhe will have a capacity for about 600 tons of freight. The addition of the Riverside will give the Green Line a daily service, alternating with the steamer Frances Anne. COTTON GOODS ACTIVE. | NEW YORK, March 5 (Speeial) Cotton goods markets closed the week airly active, with prices steady. Print cloths again_ were quoted at e for 64x60s and 774c for 6Sx72s. Raw silks eased off 5cin a dull-markety Standard of Indlana two days ago vancing into new high ground for a | the high-priced chiefly concerned with evening up ac- | STAR, WASHINGTON, MEN AND MONEY By M. S. Rukeyser. (Copyright. 1927.) In the folklore of Gotham, the story is related about a man who tumbled | from the top of the Woolworth Tower. i _As he passed the thirty-eighth story |1n his rapid descent, he optimistically | zald to himself, “Well, I'm all right so far.” | It Is perhaps premature to begin to check up on forecasts for 1927, but an examination of business activity since January 1 indicates that the country’s trade has been “all w0 far, | As a matter of fact, pessimistic { forecasting about speculation and {business has been knocked into a ‘r‘nvkd‘d hat since the wide-open col- {1abse in the stock market in March, An optimistic economist of high standing remarked in private conver- sation that he believed 1928 would be a year of rampant speculation. { “By the end of this year,” he confl- dently predicted, ““the prophets of pes- |simism will have been so discredited that the public will no longer follow their advice of caution.” Business Money Demand. | The recent moderate increase iri in- | terest rates on commercial paper in- {dicates a seasonal increase in the de {mand of business for money, suggest ing a healthy trade expansion in nticipation of Faster retafl buying. Thus far this year there has been an increase in steel operations and the rate of production of automobiles has been well maintained. In spite of Midwinter hesitation in some manufacturing lines, hitherto depressed industries, especially cotton textiles and leather goods, were active. The boom in cotton textiles was in precipitated by the bargain ‘s at which raw cotton hecame available, particularly in view of the fact that the shelves of merchants and manufacturers of textiles were bare, The Association of Cotton Tex- tile Merchants of New York reported that sales of standard cotton textiles had‘reached an unprecedented volume in January. Sales totaled 386.000,000 vards, compared with an output of 227,000,000 and shipments of 250,000,- 000" yards. Accordingly, stocks, on hand declined 10 per cent in Janullry, when unfilled orders increased about 43 per cent. Because of this situation, cotton textile prices were higher rel tively than raw cotton quotations. Wool textiles also have participated in the recovery Leather Stocks Reduced. A recent spurt in leather production reduced the stocks of leather, both finished and in process, to the lowest figures on record. On the other hand, the Harvard index of production of basic materials declined from 110 in December to 105 in January, the lowest figure reached since last July, in spite of slight increase in pig iron output. The slump was chiefly in the output to signify a slowing down in construc- tlon activity. The momentum of the decline in commodity prices, which was substan- tial during the last half of 1926, has been checked. The recent average trend has been moderately downward, however, as a result of the break in crude oil prices. Other commodities have fluctuated within a narrow area, and cotton, cottonseed ofl, silk, rubber, leather and zinc have recently shown a disposition to move upward. Cattle prices also have advanced, but iron and steel, bituminous coal and oil are among the important commodi.ies which have declined. In spite of the threat of a bitumi- nous coal strike on April 1, there is no tendency at present to bid up coal prices. Coal quotations were abnor. mally high during the second half of 1926, on account of the British coal strike. Since that time most of the gain has been wiped out. Roads Buying Reserves. The present market has been sus- tained by heavy accumulations of soft coal by the raiiroads and public utility corporations, which wished to be ready in case of a strike. Inasmuch as about 64 per cent of the soft-coal output now comes from non-union mines, there seems to be no fear of an acute shortage. ‘And there is still the possibility, some industrial consumers seem to feel, that the United Mine Workers will make peace with mine operators in some districts, if not in all. Willlam Z. Ripley, professor of eco- nomics at Harvard, who became a front-page headliner by attacking cer- tain financial practices of public util- ity and industrial corporations, now appears in the role of defender of the railroads, urging higher rates. “The outlook for the railroads,” says Dr. Ripley, who was retained by the Interstate Commerce Commission to draw up,a tentative plan for rail- road mergéts, in his new book, ““Main Street and Wall Street,” “‘was never so bright as it is now in 1927. It has been no mean achievement to bring these properties up to their present high state of efficlency. Only two re- quirements remain to be fulfilled, namely, a slightly more generous rate levél, here and there, and a vigorous and consistent attitude toward con- solidation. Those things accom- plished, and our rallroad matters would seem to have been firmly estab. lished on a securé and lasting founda- tion.” The Harvard economic sage, it should be noted, is A member of the hoard of directors of the Chicago, Rock Island & Pacific Railroad. The force of his recent criticlsm of certain financial abuses was height- ened by realization that he is innately conservative and by temperament and disposition friendly toward legitimate business. THE BUSINESS OF GETTING AHEAD. How Much for Charity? When the millennfum comes, char- ity, like taxes, will be abolished. Some millionaires confuse present conditions with those of Utopia, and bitterly oppose the idea of organized charity. Henry Ford has always been cold to charity, emphasizing his pref- erence for high wages which give men an opportunity to earn a decent living for themselves. J. B. Book, jr., outstanding realtor of Detroit, is also critical of organized charity, regard- vanity-satisfying agenc Apart from theory, ceedingly difficult. Frank A. Vander- lip once told me that he considers it easler to earn money than to give it away sensibly. The Rockefellers have been scientific and on the whole suc- fashion for creating expertly admin- {stered foundations for humane pur- are sponsoring the idea of community trusts, to which wealthy are encouraged to leave bequests for to them. Incidentally, the great uni- versities, which are supported largely by contributions, are exceedingl eager to attract gifts purposes” instead of for particular, specified uses. Some whose coffers are bulging with rich endowments for specialized purposes. are short of funds for general admin {strative purposes. Where to Draw Line. Although tunes to communities is a pressing problem for millionaires, it hardly confronts the average man, who is more concerned with the question ef where should-he draw the line in righ: | of cement and lumber, and is taken | ing it primarily as a job creating a| | the actual tech- | nique of giving on a large scale is ex- cegsful in the policy of giving. The | poses is growing, and trust companies | individuals | the general good without strings tied | “for general universities, | D. C., making contributions for philan- thropic purposes. If the average man meets every request, oral and written, for contributions, he can easily Ue- plete hia entire {ncome, and make it necessary for his own family to seek alms from others of equally generous impulses. Contributions for,charity should be budgeted like all other expenditures, and the individual is not justified in | giving away more than he can afford. | | This amount in each case will depend | | on the size of the income in relation | to the standard of living set by the | family, | There are, fortunately, some rough | Buides which help the conscientious | | Indtvidual to reach a decision. The Bible suggests the use of 10 | per cent of a total income for such | | unselfish purposes—having in mind | particularly the care of the needy. | Revenue Bureau Ruling. The ruling of the Internal Revenue | Bureau at Washington in this regard | is even more liberal. An Individual | can deduct from his taxable income up to 15 per cent for donatfons to | charitable institutions. IHowever, the Government allows deductions only for contributions to recognized insti- tutions: It takes no cognizance of per. | sonal help to needy individuals. The | average charitably inclined individual | wish to reserve part of fund for aid to poor | {individuala and\ families, giving only part of the available funds to insti | tutions. In order to simplify the average | man’s problem of} giving, progressive | administrators of! charity funds are| tending to get local institutions to | combine and make a federated ap. peal. Some of the more enterprising | ;!;1‘;:11 have community funds. to charitable MR Institutions look for Banks, finance companies and credit unions have machinery for providing {loans to individuals swho_appear to he ®0od credit risks. If a needy indi vidual applies to you for a loan, hav |ing failed to gat one on the busin merits of the case, you should regard your advance as a gift rather than a loan. You may be pleamantly sur. {‘v‘r,v:-md.!anngndmz that it will ba repaid, Pacymeantime youu will have kept your RESUMES DIVIDENDS. NEW YORK, March 5 " dian’ Fairbanks Morse Cor has e sumed dividends on the p:‘:{:rr?d stock with a disbursement cent, the first sinca the dividend wen omitted in June, 1924, It 1a payable April 15 to holders of record, March 31. Previous dividends were at the semiannual rate of 3 per cent. CUYAMEL FRUIT PROFIT. NEW YORK, March 5 A\ i 5 PN 2:(;;;5'3( 'Puy,xmel Fruit Co. for ‘:;; 0 $612,16 59,219 | | the vear bargre, 1 Trom $1.059.219 AR pe Have You Been Stung Yet? S0me men have to get stun, and hard before they learn to :— Kr:f::‘ | tious in mak i | aking investments, Ref | You invest—investigate! o | ENT OF THE CONDITION e AMERICAN SURETY COMPANY OF NEW YORK | On the 31at day of December. 192 auired under the Diateict of Columia foge. fmended June 30, 1902 and Auguat 18, 1911 1 Capltal stock. . . $5.000.000.00 . pai ash $5:000.000/00 | Cash in office. . A 2 | Cash in bank i ‘ Beal, estate . . g ocks a e nd " bonds " (miarkiet remiums ricoliected Infands ot aEents: S rest due ‘and accriied ALl Other assets. oo in - 1.525.441.25 91.601.04 18631365 | -$20,495.550.20 . $4.027.800.77 6. 30,38 158.410.13 34.305.42 20145800 | 5.000.000.00 Total assets. .. . . LIABILITIES, A\R,::: paid claims. ., . re an T Salaries. rents. expenses, taxes, e Character f_ b e ‘ o] pDllsineas transacted during 'l'!::n{:;:’f‘ 926 Fidelil Surety and }'Iurllnr)" e e R ‘ 8 year . %2, Losses wustained “during FhiolaE e 2.624.204.18 the vear 1826.. ... - Mone received during the | 6 10.812.512.60 236.419.70 year 1926. ... Expended during.ihe year 1926 5 i 9.23 . F. LAFRENTZ. Vice President. (Seal)) CHARLES W. GOETCHIS ecretary-Treasurer. Subscribed and n 20th day of January, 1027 T or° M this i i'P, Notary Publie. New York Counts Noo3i8: New York Co. Register's No. 7101. Com: mission expirés March 30, 1927. L. BERT NYE, Mgr. Branch Office Md, D.C., Va, N.C. 526 Southern Bldg. Washington, D. C. Statement of the Condition of the North Carolina Mutual Life Insurance Company of Durham, N. C. —on the 31at day of ber. 1026, reauired " under “the *Distrist . of Columbia {ade “amended June 30, 1002 and August ASSE’ Cash in office & Re; Real (first * B 614,088 84 ... 1.184.334.60 {market ¢ 485 eatate. . e mortgakes Tiens) . . . Stocks and bonds value) " . Policy loans ume uncol of agents. .. ih Interest due’and accrued. .. All other assets.......... Collateral loans. 3 Total assets. 3| Daun 3 3| 3358 3 LIABILITTES. Net_unpaid claims. .. .......$ Reserve. as required hy iaw. . Commissigns, ~ unearned pre- ums ~ and interest. . Salaries. rents, expense taxes. et e Surplus Total liabilities. f'hgr cter of business tra: year 10268: Life Insurance. Amgiieor ok g v W i i TS et ey during ted during 45.817.657.00 808.305.29 2,271.274.88 1.880.762.39 C. SPAULDING, President. M. AVERY. Secretary, ubscribed and gworn to befors ma this Mons the E vear mxo dfl s 3 b ihe " ‘vear SATURDAY, MARCH 5, | what below | proverent in buying from automobile | demand continues to | and | elghths blood at - g i {'fl’n}}xest‘\k. Notars, Punlic. Commission expires Oct. save. However, a habit. to many people. ment for their surplus. the wise return of for-| Initiative The first dollars are alw: aving, when once started, becomes The Investment Field Looms a mysterious maze We justly pride ourselves upon our ability to guide people in their choice of a safe invest- First Mortgage Notes Assured Annual Yield Mortgage Investment Department 1927. TRADE REPORTS SPOTTED Retail Business Somewhat Below Year Ago, Bradstreets’ Says. | NEW YORK, March 5 (#).—Brad- street's says trade and industrial re-| ports are irregular, not to say apotted, | March opens. Wholesale and. job- bing trade reports are of very gen- eral conservatism, although some lines | of textiles, notably cottons, report February better than Jan Retail | trade, so far as can be seen. Is some-| a year ago, mail order| trade in February marking the second monthly reduction below a vear amo.| Storms in the West and South, have | retarded buying this week. Industry, varies, with iron and steel leading in activity in buying and output. Pig! iron production is better than a year ago, t of this being credited to the | prospe of a strike of soft on April 1 and the fear of rest creased cost of manu ture. cheerful tone and r employment | is noted at some secondary steel manu- | facturing centers, which report im bank clearings. e of 2.2 per inters Weekly $11,159,097,000, a decres cent from last year. FAILURES SHOV‘I”GAIN. N YORK, March 5 (®).—Com merelal failures in the United States this week are placed at 480 by R. G. Dunn & Co., ag: st 444 the week be fore and 484 a year ago. sts. peia iy . WOOL QUOTATIONS. BOSTON, March 5 (Spectal).—Wool center on fine medium sorts, with special ac- tivity in three.eighths blood territory and fleece wools. Fine territory is steady at $1.10 to $1.12; half blood | brought §1 to $1.04, three-eighths| hload 80 to 92 cents and quarter blood 80 to 82 cents. Ohio grade delaine sold at 45 to 46 cents, grease basis; half blood at 45 to 46 cents, three 43 to 45'; and quar- ter blood at 44 cents LMITED AMOUNT OF STOCK —In " corporation' faanced . by bankers and husiness men for sale to & few conservative investors. Let us ex. viain this to vou ROOM YESTMENT BLDG. ain 1110, Phe MONEY TO LOAN At 514% and 6% Before Placing or Renewing Your Ist or 24 Trust Consult Welch, Realtor Charges. Quick Rej 15th & New York Ave. Main 4346-4347 Real Estate Fin;nced - Business and Residential Loans on 2nd and Ard Trusts. Reasonable rates. Im-| | mediate action. | L-PEOI’LFS FINANCE CO. 1010 Vermont Ave.. Rm. 508. Main 2008| REAL ESTATE LOANS BUSINESS, APARTMENT, CHURCH. HOTEL, THEATER. RESIDENCE AND 'GARAGE PROPERTY. CONSTRUCTION LOANS. FRED T. NESBIT 1010 Vermont Ave. Main 9302 Money to Loan Secured by first deed ol trust on real estate. Frovaiting nterest and commisslon b Joseph I Weller 5.3 av' WE FINANCE —all classes of income-producing proprety Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. M Mortg:ge Mo;ley Loal;e;l at 5% to 6% Economic_Conditions Tyler & Rutherford Loan Correspondgnt Mutual Benefit Lite ns. 1520 K Street Main 475 FIRST DEED OF TRUST NOTES ON HAND Bearing 635 Per Cent and 7 Per Cent Interest In Amounts of $250.00 Up See WELCH, Realtor 15th & New York Ave. Main 43164317 Established 1809 No Loss to an investor in 27 years. Prompt Action. First Mortgage Loans Lowest Rates of Interest and Commission. Thomas J. Fisher & Company, Inc. 738 15th Street. Money to Loan Secured by flist deed of trust om BIR 7, , Sealeal® Floyd E. Davis Company 733 Twelfth St. NW. Main 352, Provident Mutual Life Insurance Company - Funds to Loan In Small or Large Amounts at 515 Per Cent. WM. H. SAUNDERS CO., Inc. * Realtors 1433 K St. NW. Main 1016-7 HOME OWNERS LOANS 8% ge. No red rd or 4th Up to $300 withi Interest and hroke tape. We take 2ud. rust. Bring in what papers vou ave to sour propert. Pr. 8819, Real Estate Small Loan Co. 702 District onal Bank Bl one d the most difficult to FINANCIAL. The New York Life Insurance Compan Offers to Make " " _F irst 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 5I/?% Appl Ranpary H. IAGNER & COMPANY, MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Home Apartment Office Building Business Property | | 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 Money to Loan iy on improved real estate located in the District of Columbia. Prompt attention to applications. Rates of Interest 57, & 6% Main 2345 THE “GILT EDGE” SECURITY A} There is nothing spectacular about our 6% FIRST MORTGAGES No attempt is made to create an irresistible lure around them. They are simple, straightfor- ward, established in value. Century . Without a Loss B. Main 2100 F. SAUL CO. 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY Nearly $5,000,000,000 of the funds of the great American life insurance com- panies are placed in real estate mort- gage investments. Isn’t it a significant fact to YOU—a discriminating investor—that these life insurance companies have chosen Real Estate Securities for the larger propor- tion of their investment funds? Our First Mortgages are a sound, conservative and stable investment, in- ;uggg maximum safety and liberal Ask for List of Current Offerings Swartzell, Rheem & Hensey Co, 57 Years Without Loss to An Investor