Evening Star Newspaper, November 14, 1927, Page 13

FINANCIAL Offices Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec- tion invited. B. F. SAU-L CO. Main 2100 925 15th ST. N.W. Mortgage Notes Consult Us —for safe investment of your surplus funds. Look to the future by invest- ing NOW. We have specialized in the sale of such sccurities for 40 vears. Wm H. Saunders Co., Inc. Founded 1887 1433 K St. N.W. Main 1016 oney to Loan Secured by flret deed of trust on ren) estate | Wakh. b a'rnm & Prevailine intercst and- col Joseph I. Weller 435, 9th We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street ||} be made on | consolidated AT-TEN-SHUN! ! Surety—BONDS—Executed Geo. H. Price Co., Inc. F. H. Deland, Pres. 815 15th St. Main 4793 REPRESENTATION WANTED BY CASUALTY INSURANCE AGENCY Write full particulars. in you reply. Strictly confidential. Ad(lrcss Box 459-K, Star Of Buck & Company BROKEKS Established 1916 Stocks Bonds Grain Cotton Write or calt 1or weekly mar- ket letter, No Obligations BUCK AND COMPANY Evans Blde. 1420 New York Ave. _Frankiin 3300 APPLICATIONS INVITED for First Mortgage Loans On Improved Real Estate —for three or five year terms at prevailing interest rates. Lincoln National Bank Washington, D. C. INSURED Mortgage Bonds fInsured with the Equi- table Surety Company (under supervision of the New York State Insurance Department), which pledges its two millicn dollars of resources to the payment of principal and interest. flUnconditionally guaran- teed by the Federal Se- curity and Mortgage Com- pany with $1,000000 re- sources. {Sec servatively owner-occupied in the District. Maturities 1 6'4% 10 years. e e e e e e e e e e e FEDERAL 1 b= < ccts on con- appraised, property Security & Mortgage Co. | 1412 K Street N.W. Washington, D. C. Please abosi®,2end me more tnformation sured Mortgage Bonds, Name | INBOND MARKET New Highs Numerous—Gov- ernment Issues Make Further Progress. BY CHARLES F. SPEARE. November 14.—Trad- | ing in listed bonds today slowed down somewhat, though prices for most do- mestic issues held steady and there were numerous high scattered through demand for prime rails was o urgent as at the end of last week, and in this oup there was a shading of quota- tions where bonds had been bid up to 1 to 1% points on Friday The supply of this type of is searce and c HI]H| be inc of the n are nticipated vhx\ nearly per cent senio around par were quoted tod 99. The ues were rong, are sell- ing at a premium and the few that are still at a discount of 113 to 31 points, Government Bonds Gain, In spite of the low return which they give, United States Government bonds made further progress. The asury 41;s sold up to 115, and the J‘ per cents well above 102. The fourth Liberty 41is advanced to the best price on this movement. There were some active operations in the semi-speculative industrials, J zroup with ‘.l Humble Oil s | Writing Paper h Terminal ar, Mercantile Marine 6s to and Tnternational Telephone their previous high figure. American Beet Sugar 6s failed to re- cover from last week’s decline of 81 points, which brought them down to 81. United States Rubber 5s, Good- vear 5s, Armour 52s and Dodge 6s ere all heav The announcement that default-will ter & Delaware first | due June 1, 1928, caused a break of points in these bonds to 60. This is another small road tragedy caused by the present- day competition with the automobile. German Municipals Soft. | German municipal bonds wer Declines of oneRalf to & point. ac: curred in Cologne 62:s and Heidelberg | A 7s. German Central Bank 7s sold off to 99 and the 6s to 94. The public utilities, on the other hand, were steady. There was not much activity in the rest of the forelgn list nor were prices greatly changed from Saturday closing. ' An analysis of the financing for the 10 months ending October 31 shows that in that period the issues by pub- lic utility corflorations aggregated $22,216,000,000, of which 20 per cent was for refunding purposes. The tota; amount of new capital raised for power and light companies was 315 times greater than for railroads, and nearly 40 per cent of all money repre- sented by new flotations of stocks and bonds in the 10-month period. Issues of foreitnn securities. " exclusive of ose for Canada, appr $1,075,000,000. pha et —. Washington Stock Exchange SALES, Georwet, w9 “‘;“T's fi-;o:—sx -600 at 103, $1.000 otomac Elec. 63 1951 000 Wi ion Gas ol 5000 at *To8: 0 at 1033 51,000 401G ashington’ Gas 6s 0 Wiashirkton Rws. & Bleo der8i.008 i 10§apital Traction Co.—10 at 108%. & at Potomac Elec, 5% e nfd.—3 at Washington Gas LT 2 4870 a al Bank—2 a ftars Crocery Co bta—5 %1025, 1 bonds | closed. T all of the rails will very soon ber of them 9813 and AFTER CALL. Potor El o —S$5 lUN mleoml E’lr’l 8 lh 1953—$5.000 at [ Bt ‘;’lfl at 104, P to Fl 1 7 LoFotomac ectric 5% ra 1073 nd' National Bank—7 Washington Ghs BeosB00’ ot 109, Money—Call loans. 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY American Tel. & SaNked :nams:m Kil":l R. R Dacostia & Bot. v GEE Telonone 5’7 G & P. Tel. of Va. § R Geareeto PBotomae Fotomac Potomic Fiec 0 Wash.. Alex. & M! Wash. Alex. le &mk Balt. & ‘hington Ga wam' G ol Waeh. Gan tn “'avh Ru Wash. Rwy. & Ele MISCELLANEOUS. . Ine.. 63s.. n K, City & Suburhan Bs. wn Gas 1 Ver Annap A series B per. lmnl st Mkt Cold Stor Warlmn psat How | n ot & Wash. Rwy. & F ational Capital.. olumbia Ins: Go” of bd o, MISCELLANEG | Rarver & Ross. Inc. com.. a5, -Americas Lanston Monoty n. Mech om. al e Cor A & LothtoD id AN idend Shmosnn S56! SEEIRRFSTRAESEEEE & Clean Slate. He's going to turn over a and shake the old bunch, Marjorie—Yes, he’s wiped all of the * hAnaconda 1st 6 rivate Wire UNITED STATES, (Salos_are (n $1.000.) Sales. High Low. 11 10117 10114 9 10313 103 11 21 100 31 100 28 185 1043 104 US 3% 43-47 101 1022 101 30 Us3y 128 106 US431944. 511 US4%s52. 113 115 FOREIGN. Sales. Hizh Low Argentine5s...... 1 90% 90% Argentine 6s Ju 69. 9914 Argentine 63 Oct59 18 99t Argentine 6s A Argentine 6s B Australia 5s 195 Australia 5s 1957, . Austria 7s. Bank of Chile 6%s Belgium 6s. . Belzium 83s. ..., Belgium 75 1955, ., Belgium 7s 1956 Belgium 71%s Belgium 8s...,.. Bolivia 8a. Bovdeaux fis. Brazii %s Brazil 7 Brazil 8 Bremen, State, 7 Buenos Alres 7s 57 Buenos Alres 7s 58 Canada 531931 Canada 5s 1952 Close. 10117 10313 100 31 1043 101 30 108 26 109 27 11328 11426 Close. 1064 1001 96 95 102% 107% 102 101% 109% 106% 100t 9518 95 102% Chinese Gov Ry 5s. Con Pow Japan 7s Coganhagen 58 ¢ Copen: agen 5%s. . Cababun. . vsonss Czecho 7 Tota Czecho 83195 | Crecho 8s52.. Danish Munic 8s A Denmark 6s..... DET5%s Mch 53, Dutch East 1 65 47. Dutch Rast I 6s 62. Finland s f 6s 45 Finland 7s.. Framerican 7%s. French 7s. French 7%s. French 8s. German El P 6%; 1021 105% 1085 8% 1% 1 104% Italy Pub7s. Japanese 4s. Japanese 6les. | Jergens U M 6s Lyon 6s... Marsetlle 6s. Mexico 4s 0 asntd. 1 Milan 6358...0000. 33 Montevideo.s. ... Netherlands 6s 54.. Netherlands 6s 72. Nord 6%s. Norway 5%s. Norway 6s 1943. Norway 63 1944. Norway 6s 1952.., Orient Dev deb 6s.. Paris-Ly-Med 6s.. Paris-Ly-Med 7s.. Paris Orleans 7s... 1078 8218 99% 104% 4 106% A 114% 108 106 105% 91ts 106% . 1064 99% 10316 99% 984 105 104% 103% 112% 112% 98% 98% 6%~ 6% 89 89 118% 118% 107 107 | 94 94% | % 109 9% MISCELLANEOUB. Ajax Rubber 3s.... 1 107 Am Agri Chem 7%s 17 lum Am Cotton Oll 5s.. 2 100% Am Smit & R 1st 58 18 102% Am Sugar ref 6s.. 11 105% AmT& Tcltrds., 42 AmT& Teltrbs.. 20 AmT&T st bs 38 Am T &Tdebb Am Water Wks b Am Writing Pap 68 gt; Anacondacvdb7s. 8 Andes Cop 7s rets. 82 Armour&Co 4%s 39 8 Armour Del 5%s.. 37 Associated O1l 68 Atlantio Refin 5s Barnsdall 6s 1940.. 49 Bell Tel Pa 58 B.... 2 Bell Tel Pa 68 C.... > Beth Steel pm 68.. Beth Steel rf 5. Beth Steel 6148 53. 16 Beth Steel 63, 27 Bkiyn Ed ge; Bklyn Union 5%s.. 12 Central Leather 6s. 18 Chile Copper 58.... 20 Con Coal Md 1st bs. 1 Con Gas N Y 6%s.. :u Cuba Cane cv 8s. Cuban Am Sug 8s. Dery (D G) 7s. Det Edison ref 6s.. & Dodge 68.... . 42 East Cuba Sug 7%s# 28 Fisk Rubber 8s 6 Goodrich 6%8..4.. 17 Goodyear 68 rets... 49 Hershey 6%s #umble Oil 5s. .. Humble O & R5%8 Lilinots Bell 1st 6s. 1 Illinols Steel 4% Int Mer Marine 6 Int Paper s 47 Int Paper cv 6s. Int Paper cv 6s sta Inter Paper fd 6s Int Tel&Teleg 4% J Kayser & Co 5% Kan CP&L 68 A 62. Kan G & £1 6352 Kelly-Spring 8s Prague 7%s. Queensland 6: Queensland 7 Rhinelbe Un 7s RIo de Jan $8 1946, Riode Jan 8s 47. Rome 6%s. Sao Paulo 8s Sao Paulo 1950. Saxon (PW) 7s.... Seine7s42......00 Serbs Crot Slo 8s Solssons 6s. Sweden 5% Sweden 6s... Swiss 5%s 1946 Swiss Confed 8 Toho Elec Pow 7 Tok106S..... Toklo 5% 1061, Utd Kingm 6348 29 Utd Kingm 5%s 37 Utd Steam Copen 6¢ Uruguay 1 Yokohami 103% 94% 104'% % 864 8 102% 1 102% 100 105% 107% 100% 101% 101% 103% 106% 225 4 105 95 84 ll)fi'r’. Liggett & Myers 58 Liggett & Myers 78 Louisv G & IS 68 62 Midvale Steel 6s. .. Montana Pow 5s. .. Mor's & Co 18t 4%s N Y Edison 53 44 .. NYGELH&P4s. N Y Tel 4%s.. N Y Tel 68 41 N Y Tel North Am Ed % 103% 100% 103% 86%% 104% 96 1 Phlll& Rflct 168 Plerce-Arrow 8: 1 Public Service 5%s 10 Public Service fs.. 3 PServGas5%s69 4 PServGasblks6s 12 Remington Arms 6s 6 Sinclair O11 6 13 Sinc| Oll 6%s... 6 names and pictures off his slicker. Stomach contents of over 4,000 coyotes in Oregon showed that they had fed almost entirely upon useful birds and < Stinclair O] 18. ..., 47 Sin Crude Ofl 6 7 Sin Pipe Line 68... 28 Skelly O11 5% 8. 2 94% 94% BSouthwest Bell bi 2 106% 105% 105% Standard O N J 6a 16 104 103% 103% % INYCaStLEsA. TRADNGIGTER_[ == = BONDS e Direct to The Star Ofice Sales. High. Low. Close. Sug East Orfent7s 7 100 99% 100 Tenn Elec Pow 6s. 11 107% 1074 107% 4 107% 107% 107% 92 92% 103% 103% 108% 108% 101% 101% 99% 99% 85% 85% 106% 105% Vertientes Sug 7s. Warner Sug 7s 39, Warner Sug 7s 41 West Blec 6. Westinghouse 5s. Willys-Ov 8148 33. Wilson & Co 1st 6s. 12 102 Youngstn S&T 6s.. 17 106% RAILROAD. Atchison gen 4s 98% Atlantic C Lcl 4s. AtlanticC L 1st 4s. 9 At1 & Dan 1st 45 48 At] & Dan 2d 4s 48, 106% 103% 104% 102% 98% 106 BRI 987% 100'4 99% B & O SW 5350 B & O Toledo 4s Bklyn Manhat 68 Buff R & Pitt 4%s. Can Nat 4%830... 10 Can Nat 4%s 54 Canada South 5s. 5 106% 887x 96 98% 100% 999 1110 100 Can Pac 4%s 468 Car Clinch&O 6s 62 Centof Ga 5%s Central Pacific 43 Cent Pac 1st §s 90, Chesa Corp 58 wi. . 2! Ches & Ocv4k%s.. Ches & O gn 434s.. Chi & Alt 3% s ctfs Chi B & Q gen 4s 63 CB&Q4%s77B. Chi & K 111 gn 58 61 Chi Gt West 4s 69 CM&StP4s25 CM&StPev4l% CM&SPev4 5s32cfe CM&StPgn4ys CM&StPevbs... CM&SP cv bs cfs.. CM&StPés.. {Chl & NW gn 3%!« Chi NW 4345 2037, Cht & NW 7s. Chit R1&Prf4s. CRIPac4%swi. ChiTH&S E bs. Chi T H inc 6s 60.. Chi Union Sta 5s 44 Chi & W Ind cn 4s. C& W I15kaf2... 1054 9643 96Y% 1013% 95% 104% % 100% 10415 4 102% 105% 99' CCC&StLrfésA. Clev Term 5s. .. |C&S1st4s29, { Colo & Sou 4143 Cuba RRbs.. . Cuba Nor 5%scts.. Del & Hud 1strf 4s | Del & Hud 6%s. ! Den & Rio G cn 4s. D & Rio G Imp 58.. D Rio G West 55 | Erte 1st cons 43 Erle gen 4s. Erieconv 4s B. Frle ovt 5 o7 i, 113 Erie conv ext 7s Erie & Jersey 6s. | Erie Genessee R 6s Fla 5C5874. Gr Trunk stdb 6s. Gt Nor4%s76 D.. Great North 4%sw Great North 5s. ... Gr Nor gen 7s Hocking Val 43s. . Hud & Man ref 6s. Hud & Mana) bs. Ll Cent rer 4s. Int Rap I'r 68 stpd. | int Rap Tran | Int Rap Tran 7s Int Gt Nor 58 1956. Int Rys C A 68 72 Int Rep C Am 6s 41 {Int Ry C A 6%s rot | Kansa~City 8 3s. . . Kans® Kan | Len* | Lout Lo, Long 18 rf 45 49.... Market St 7s 40... Mil Kl Ry & L 65 61 Mil El Ry & L 5s 61 M St P & SSM cn 48 M St P&SSM cn 58, % | M StP&SSM 6%s MK&T4sB. MK & T adj 6 MK&Tprin | Mont Trm ref 6s 41 NOTex&Mb5sB 4 100% 105% B6% 96% 98% 105 110% Bdly 106% 106% 103 YCrfim-4%s. ¥ Centribs. N YCanr.Lsclhu NYChi&StL 6%sA. NYChi&StL 6% sB. NY N Hav&H 45 56 NY N Hav&H clt 62 N YOnt Wilst4s,. NY Rys6s65..... N Y State Ry 4%s. NY W & Bos ¢%4s., Nor & S gen 58 54 Nor Pac 38 2087... Northern Pac 48 Nor Pac 4%8 2047., Northern Pac 5s D. Northern Pac r 1 6: Ore Short L rs 4 Ore Wash 1st 4s. Pennsyl gen 4% PCC&StL 6s B 76.. Port RL&P 7%s 46 Stl L M&Sgn 58 31 St L LM&S R&G 48 StL&SKPl4sSA. StL&SF prin b StL&SKbHs StL &S Kad) 6s.. StL&S ¥ ing San A& Arn P Seaboard A L 4s. Seaboard AL 4s sta Seab A L ret 4 3! Seab A L adj 6s. Seab A L con 6s SB All Fla 63 SB All Fla 6s & Sou Pac 4323, Sou Pacitic clt Sou Pacitic ret ¢s. + Sou Pac 4454 77 | Sou Ry gen 4 Sou Ry Con bs v4. Sou Ry 6366, Southern Ry 6%s.. Sou Ry Mo & O 4s. TexArk 'S 5%8 60. ‘Tex & Pac 68 17 rts Third Ave ret 48 60 ‘Third Ave adj 6s. . Tol Tr L&P b%s 30 Union Pag 1st 48... Union Pac 1st rf 48 Un Pac 4%s 67, Unton Pac cv 68. Virginla Ryfi 18t 68, lUl'n 102% 15 lg" . ::; West Shore 4s 2361 1 924 Wheel & L Bends., 1 92% 92% Wis Cen gn 4349, —_— A new Rumanian stamp will bear the head of the boy Michagly D._C. MONDAY, NOVEMBER 14, 197. IGROWER HAS EDGE | INWOOL MARKET Holds Whip Hand for Once in Contest With the Manufacturers. BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, November 14—The wool grower ha ned a technical advantage in the never-ending contest with the woolen goods manufacturer. He declares he sees higher prices for wool in the offing, and, whether he does or not, he is demanding higher prices. He Is strengthening his po- sition daily, but whether he can main- tain his advantage ufter the new clips commence to come on the market next Spring remains to be seen. It may be that the present contest, like many chess games, will turn out a dr: At the moment, however, the grower is firmly intrenched. Many raw wool producers felt that the prices so far this year were thoroughly unsatisfac- tory, and consequently held a sizable poundage off the market. They have been able to do this, because their general financial condition has been better than for some years. Not Finding Cheap Wool. In the meantime, manufacturers have been seeking cheap wool and not finding it. The grower has had his stand strengthened by the foreign markets. The Australian markets are firm, and very little wool is being of- fered at Brisbane, and the other wool centers which is suitable for Amer- ican needs. Bradford, Liverpool and London are strong, with prices up ma- | terially since the September auctions. Montevideo prices are advancing. The manufacturers on the other hand aver that they fear to pass on any increase in the price of raw wool to the buyers of woolen goods for fear of checking demand. The cutting up trades have been buying on a hand-to-mouth basis, but their requirements have been increased steadily by the number of re-orders which have come in for both men’s and women's Winter apparel. There is a distinct demand for Winter cloth- ing and underwear and for wool and wool and silk or wool and rayon stockings and sweaters. Hand-to-Mouth Buying. The hand-to-mouth buying seeming- | ly has spread panic among the fabric manufacturers. They never have un- derstood it or gotten used to it, ac- cording to textile experts, although it is a standard policy in nearly every industrial line and seems bound to continue. They complain that wool- ens are not so generously used now as 10 years ago and that one can buy a fur coat almost as cheap as a woolen one. They overlook the fact that there are a hundred-thousand pairs of woolen golf trousers made today, where 20 were made 20 years ago. The truth of the matter is, ac- cording to the efficiency experts, that the capacity of the wooblen mills, ex- panded to furnish woolen uniforms during the war, is far in excess of present requirements and that this capacity is not curtailed to meet re- quirements. The leading interest in its latest report showed a total defiuht after payment of preferred and subsidiary dividends of $1,843,414 for the first half year. A score of woolen mills have been forced to liquidate this vear and others are facing that pros- pect since their maehinery is obso- lete. The woolen fabric business has turned into a struggle of the survival of the fittest and every elimination of an unfit unit is bringing the. in- dustry closer to a satisfactory basis. . READING COAL SALE PLAN IS DENIED BY WILLARD Special Dispatch to The Star. BALTIMORE, November 14.—A story from New York that directors of the Baltimore & Ohio Railroad had approved of a plan to sell Philadelphia Reading Coal & Iron certificates for stock at $50 is denied by Daniel Wil- lard, president of the railroad. Mr. Willard said: “There is no truth in the story.” The Baltimore & Ohio Rallroad owns 303,300 certificates entitling it to that number of shares of the Phila- delphia & Reading Coal & Iron Corporation. - These tertificates came to the Baltimore & Ohio through segregation of the railroad and coal and iron properties of the Philadelphia company. Under decree of the court these cer- tificates must be disposed of by Jan- uary 1, 1928. . NEW YORK MARKETS. NEW YORK, November 14 (P).— Flour firm; Spring patents, 6.85a7.25; soft Winter straights, 6.00a6.40; hard Winter straights, 6.60a7.00. Rye firm: No. 2 Western, 1.17% f. 0. b. New York and 1.15% c. i. f. export. Barley firm: malting, 94 c.i.f. New York. Pork firm; mess, 34.50; family, 40.00a Fisher’s Price Index ‘The following table shows the aver- | age movement from week to week | (1) of the wholesale prices of 200 re| resentative commodities (from Dun’s Review) and (2) of the purchasing| power of the dollar: Index No. ot prices in per Purchasiog | W 55 SCaecbIconbtsiila o8 e aas20a208aIne s B e R e ] < Dub kDD 3 S November— Second week Foreign Weakly Index. Crump's (London Financial Times) index number for England: index No. ot of pre-war, Date— [ uu-:o?i 19 1828 A 1926 Aver ¥ 'ub'nin'sb‘nbb-l Fourth quarter October November I b SN, L e EEEatt et =DRAICOI®! (Copvrisht. 1027.) CHICAGO LIVE STOCK MARKET CHICAGO, November 14 (United States Department of Agriculture).— Hogs—Receipts, 50,000 head; active, generally 10 to 15 lower than Friday on better grade hogs; packing sows steady to 15 lower; pigs around 25 lower; top 9.60; several sales of choice 260 to 290 pound weight at that price; bulk desirable 250 to 300 pound offer- ings, 9.35a9.60; 210 to 240 pounds, 9.10a 9.40; 170 to 200 pounds, 8.8529.20; 130 to 160 pounds, 8.25a8.90; most pige, 8.25a8.50; selected lots up to 8.75; bulk packing sows, 8.00a8.35; best light weights, 8.50a8.60. Cattle—Receipts, 25.000 head; steady trade on most killing classes; mar- ket on in-between grade fed steers less active than late last week; choice kinds strong; in-between grades she stock predominating; rather slow; cut- ters and good to choice fat cows and heifers moving; 18.25 paid for weighty steers on Eastern shipperq demand: medium weights, 18.00; vealers, 25 to 50 lower; mostly 12.00a12.50 to big pack- ers; outsiders, 13.00a14.00. Sheep—Receipts, 23,000 head; fat lambs around 25 lower than Friday; early sales of good natives and wooled comebacks, 13.50 downward; scatter- ing of choice natives upward to 13.75; best held higher: few 100 to 130 pounds, 11.0011 culls, 10.25a11.00; sheep steady; good and choice fat ewes, 6.00a : top light weights, 7.00; feeding lambs weak to a shade lower; medium and good offerings, 13.25a14.00, o POTATO MARKET DULL. CHICAGO, November 14 (#).—Pota- toes—Receipts, 584 cars; ments Saturday, 1,065: Sunday, cars; demand and trading very e market dull. Wisconsin sacked round whites, 1.60a1.70; Minnesota, North Dakota sacked round whites and Red River Ohios, 1.45a1.55; Idaho sacked russets, 1.75a1.90; partly graded, 150 alL.70. OIL OUPUT LOWER. NEW YORK, November 14 (#).— Crude oil pror]uc‘inn in California last week averaged 620,700 barrels daily, a decrease of 1,800 barrels daily from the preceding WRIGHT, SLADE & CO. MEMBERS New York Stock Exchange New York Cotton F: ‘Chicaxo Boaraof Trade™" Stocks and Bonds Bought and Sold for Cash or Carried on Margin 43.00. Lard firm; Middle West, 12.75a 12.85. Tallow_dull; special loose, 8%: extra, 8%. Wheat futures opened barely steady; December, 1.20%. PRICES ON BARIS BOURSE. PARIS, November 14 (#).—Prices were firm on the Bourse today. Three per cent rentes 55 francs 30 centimes; exchange on London, 124 francs {13 centimes; § per cent loan, 74 francs 52 centimes. The dollar was quoted at 25 framcs 45% centimes. VERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Investment Trusts. I. Investment trusts continue to be formed at the rate of one or two a day, indicating the ability of their promoters to sell the securities of these trusts to the American public. The last regord available indicates that about 140 of such trusts have al- ready been organized, involving a capitalization of between $700,000,000 and $800,000,000. Just now they have captured the fancy of the small Amer- ican investor, particularly those who have been educated to the attractive. ness of participation in a diversified list of stocks and bonds. Some of these trusts, however, have gone far afleld from the original conception of an {investment trust such as has been successful for the past 30 years in England, Scotland and in some of the continental coun- tries of Europe. They have abused the idea and the consequences must be reckoned with, The weak feature of many of the newly forming trusts is the lack o! ln~ telligent ma: ent that goes them and the rigid form in whlch they have been constructed. Unfortu- nnhl{l some promoters of question- able honesty have seized on the idea of investment trusts as an attractive vehicle, and have sold ‘bankers’ shares” or ‘‘participating units” at prices that are entirely out of line with the market value of the collateral trusted inst these unit: It is necessary to impose a new set of laws to regulate these trusts If the American public is to have the protection to which it is entitled it haren, T Sgors of Connecticut Ave. at De Sales Pl Telephone Main 1581 Prompt Action Flrst Mortgage Loans Lowes' Ratees of ‘nterest and Commission Tllam' J. Fisher & Cmpnny. lu. ifis J"Ef’;y luv;srusuv Bankers¥ Woodward Building Washington, D. C. Main 2000 Investments with a Background Every day you are offered “Invest- ments with a Future” but this Insti- tution offers only securities that are prime investments today and wfll re- main prime investments until they mature or are redeemed. The reputation of this and its record for more organisation century speak for the MM"W of fieqncurl olm.* Lty s e e Booklet *1-8T cb,l(m-fll 'h Ve E EH.SMmH Qo Hflh(—wm (815-15¢hs St., N. W ~Main 6460) Brasch ; New York-Chicago-and Ly hflar Cities sont withous you this The Right Side of The Ledger ROFITS show and profits grow on the right side of the ledger. If you invest your personal funds in the 6% First Mortgage Notes offered by Swartzell, Rheem & Hensey Company the figures on the right side of your ledger will show a healthy increase year after year. For over fifty-eight years every “investor in our First Mortgage Notes has received his interest checks regularly—and had the assurance, at the same time, of knowing that his principal is protected by an or- ganization of integrity whose financial operations are limited to the mortgaging of improved Washington properties. If your business carries a substantial cash balance investigate the advisability of investing a part of it in these sound se- curities. Our staff will be glad to advise with you. 2 Swartzell,Rheem & Hensey Co, > Mortgage Bankers TZTA5T Sireet, LV, Washinglon.DC, 58 Years Without Loss to An Investor SOSY TRUCKS FOR EVERY PURSE & PURPO Truck Lease Service Plan You can no longer afford to own and operate your own trucks. Modern 6-cylinder Light Delivery Trucks— exclusive Painting and Art Work all your own. Also medium and heavy duty trucks—any size and any type. Cut your costs and eliminate buying trucks and worrying with them. S. O. S. 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Tuesday, Nov. 15th ,J’ Safe Deposit Boxes—TRUST DEPT.—Travelers’ Checks National Metropolitan Bank OLDEST National Bank in District of Columbia 15th St., Opposite U. S. Treasury Surplus & Undvnded Profits Over $2,000,000.00 113 Years Old Organized .in 1814