Evening Star Newspaper, December 4, 1927, Page 55

’ FINANCIAL,S BOND SUMMARY FOR THE WEEK “TRADING RECORD ON CHANGE TOPPED Close to 1,500,000 Shares Dealt in in Enthusiastic Short Session. By the Associated Press. NEW YORK, December 3.—All Sat- urday trading records on the New York Stock Exchange were broken to- day when nearly 1,500,000 shares changed -hands in a wild outburst of bullish enthusiasm which carried scores of issues up 1 to nearly 9 points. Some Irregularity developed at the close when heavy profit-taking and bear selling developed in a few re- cent speculative favorites, but both the rail and industrial averages closed higher on the & Considerable ¢ 'usion was created by the introduction of the new quota- tion recording system in the last hour, when only the final numbers of prices were printed in an effort to speed up the ticker. Because of the tremendous volume of trading and the novelty of the experiment, the success of the plan was somewhat in doubt. The i minutes late in record- quotation, but offi ange expressed the belief ther delay of § or 10 min- old plan of quoting the prices in full had been used throughout the morn ing. Rails in Forefront. Price movements in the stock m: ket bore little relation to the day's news developments, although a drop of about 5 points in Canadian Pacific presumably was on selling inspired by official denlals of a segregation and e 1936 Low High 10125 103 2 99 11010 106 105 100% 105% 102% 102% 101% 109% 107% 109% 107 48% 234 100% 98% 105% 99% 104% 102 106% 103 106% 1034 100 B6% 105% 92 108% 984 107% 101% 93% 8% 194% 88% 0% 92% 109% 106% 99% 95 874 73% 94y 824 106 104 114% 110 119% 95% 104 97% 106% 102% 98% 84 98% 87 106% 103 106 102% 99 90l 119 117T% 106% 103% 105 101% 99 109 107 105% 102 98% 96% 103% distribution of non-railroad assets. S. H. Kress advanced nearly § points “despite denials of a contemplated merger with Kresge or any other chain store concern. Recommendation of & 2for-1 splitup of F. & W. Grand Stores stock with a_proposed dividénd ot $1 a share on the new stock fea- tured the day's dividend announce- ments. Railroad shares were again in the forefront of the advance despite the poor traffic and earnings statements now being published. The demand centered largely in the issues of proved investment merit, leaping to the belief that a substanial portion of the month’s half-billion dollar dividend and interest disbursements was findings its way into the securi- ties markets. Delaware & Hudson soared more than 6 points to 198% and then slipped back to 197. Atchison, At- lantic Coast Line, Baltimore & Ohio, “S00” preferred, St. Louis South- western, Wabash and the Western Pacific issues all showed net gains of 1% to 3 points. Northern Pacific crossed 102 to a new peak. New Peak Prices. New peak prices for the year, or longer, were recorded in the indus- trial group by American Agricultural Chemical preferred, Coty, Congress Cigar, Nash Motors, Nevada Copper, United States Smelting and several others. Greene-Cananea Copper was run up more than 5 points to a new record high at 115 and then broke to 106. Seling pressure was particu- larly effective against Devoe & Rey- nolds, General Railway Signal, Kelly- Springfield 6 Per Cent Preferred and ‘Worthington Pump B. Foreign exchanges held fairly steady in quiet trading, with demand sterling quoted around $4.8711-16. BOND PRICES STRONG IN HEAVY DEALINGS Little Competition Is Offered by New Issues—Rail Liens Move Well. By the Associated Press. NEW YORK, December 3.—In the face of considerable week end profit- taking, bond prices followed a strong trend in today’s market. Enormous amounts of reinvestment capital con- tinued to pour back into the market, end with money conditions easy, there was no_ great increase in the amount of bonds offered for sale. Comparatively little competition was offered by new issues. Although the gregate was more than $100,000,000, tfle offerings were well distributed over five days, and promptly taken by deal- ers. United States Treasury issues, sell- ing at high record prices, were bought in unusually large amounts. These securities have improved their pre- vious best quotations three times in the current week, some of them yleld- ing less than 3 per cent. Liberty bonds also were active, but prices showed #ome irregularity. Buying of railroad liens continued brigkly, Erie 5s, Illinois Central 4%s and Missouri Pacific 4s changing hands in large volume at or just un- der their high levels for the year, while ‘Western Maryland 4s established a new maximum. Chicago Great West- ern. 4s inclined to heaviness. Porto K n American Tobacco 6s pad an extreme gain of more than 2 ints, and scld at 107 for the first ime. New highs were reached by Jew Orleans Public Service 5s and ‘ederal Light & Traction 5s. Foreign bonds were steady, but transactions were comparatively few. COTTON GOODS STEADY. NEW YORK, December 3 (#).—Cot- ton goods were steady today, with trade light. Expanded curtainment of production in cotton mills was report- ed North and South, probably reach- ing 15 per cent of some divisions in the next two W s. Yarn inquiry was better, but sales were slow, owing to iow b Burlaps closed steady. Raw silk ed more strength at the week end. Reorders of small volume on dress good: re reported. The metropolitan retail trade has been ac- tive largely of a holida e DUKE POWER (0. NEW YORK, December With apprc side emn Power Co. Co., have be Co., which w Duke Power nearly al 1wo comy zed into the Duke nduct their business. heretofore owned the capital stock of the nies. PULLMAN EARNINGS. NEW YORK, December 3 (P).—Pull- man Co. reports earnings of $168,610 for October, against $368,722 a year and for 10 months this year, $10,212,648, against $9,392,970 in the corresponding 1926 period. LISMAN FINANCING PLAN. NEW YORK, December 3 (#).— Financing for the 26-story clubhouse to be erected by the American Wom- an’s Realty Corporation for the Amer- jecan Woman's Association, Inc., will ¥ be handled by F. J. Lisman & Co. L0SS IS REPORTED. NEW YORK, December 3 (#).—The ‘Buffalo, Rochester & Pittsburgh re- ports net loss of $152,149 for the first nine months this year, in contrast to 102% 9% 104% 101% 109% 102% 92% 90K }03% 102% 108% 107% 9% . 92% 104% 101% 107 104 103% 101% 105% 102% 98 84% 98 9% 108 102% 100 96% 105 102% 103% 100% 118 114% 102% 98% 112% 103% 101% 100% 102 101% 107% 103% 95% 91% 108% 105% 108% 105% 99% 95 90 56 113% 110% 102% 95% 98% 89% 9 107% 102% 81% 8% 0% 64% 5T% 4T% 96% 90% 58% 48% 57% 4T% 114% 111% 81 65% 98% 94% 119% 115% 87% 81 104 99% 103% 101% e 97% 96% 96% 88% 106% 102% 92 85% %% 62 116% 114% 98% 93 109% 102% 116% 110% 8% 92% B4% 5% 96% 96% 95% 110% 105% 98% B9m 104 101 88 B4% 97 90% 103% 96% 77 65% 97w 4% 06 101% 109 1064 58 70% 9% 22 69 61% 864 108% 96% 3% 94k 106 36% 80 66% 91% 114% 98% 88 100 108 113% 104% net income of $938,202 in the same period of 1926. Third quartet net loss was §162,407, AR S 100% WBTH 101 21 10117 100 25 10318 101 29 e | 92T . High 92% 87% - His . Tow 1028 100 23 103 80 102 28 101 21 100 22 104 12 103 13 118 110 & 0 8 BONDS 19 Liberty 3%s 193341.... 933 1998 .. Liberty 4th 418 1933 38 Treasury $1s 1947-63... FOREIGN Argentine June 58 19| Argenti s 57 Australia 58 1955, Austria T 1943 Beigium 6s 1958 Belglum 715 1946, Belgtum 8s 1941 Bordeaux 6s 1934 Brazi) 8148 1957. Brazl 88 1941 . Buenos Aires Buenos Alres a 68 1952 9 igh Low 100% 97% 101% 97% 98% 97 108 101% 100 92% 114% 111 110% 107% 100% 93% 96 89 108% 104 96% 95 96% 94% 109% 104 102% 101% 106% ovince 7s 1957 ovince 7s 1958. Chile 8s 1941 Chile 8s 194 Chinese Govt Ry 68 1951.... Copenhagen 518 1944. Czechoslovakia 8s 1951 Denmark 6s 1942 . Dutch East Indies 8s 194 Dutch East Indies 8s 196! French Government 7s 1949. French Govt 7%s 1941. 112% 108% French Govt 8s 1945. 109% 105 German 78 1949. . 91% Holland-American s f 65 1947 99% 92% (taly 781951 ... 102 987 Japanese 6%s 1954. 108% 105% Netherlands 6s 1972 102% 98% Norway 5%s... 97 874 Paris-Lyon Med 6s 19 101% 93% Poland 8a 1950. 108 104 Queensland s 116 111 126% 106% 106% 102% 94 894 107 104% 105 97% 102% 97 105 103% 106% 102% 9% 94w 105% 103% 105% 102% 105% 102% 107% 99% 1168 105 Swiss 5148 1948 Toho Elec Pwr 7s 1955. 1197% 116% United Kingdom 5%s 1929, 1073 103% Utd Kingdom 518 1937 97% 92 Yokohama 6861..... S INDUSTRIAL AND MISCE! X 105 97% Amer Agri Chemical 7%s 1941, 103% 100% Amer Smelt & Ref 1st 5s 1947 109% 107% Amer Smelt 1st 65 1947 106 104% Amer Sugar Refining 100 98% Amer Tel & Tel cl tr 4 107 101 American Tel & f 105% 103% Anaconda Copper 6s 1963, 111 106% Anaconda Copper ov deb 7s 1938. 93% 88% Armour & Co 4%s1939. 96 8614 Armour of Del 5383 43. 103% 100% Atlantic Refining deb 106% 96% Barnsdall Corporation 106% 102% Bell Tel (Pa) ref 58 1948, 101% 98% Bethlehem Steel p m bs 1938. 105% 101% Bethlehem Steel s f 6s 19 86% 76 Cons Coal (Md) 1st ref 68 102 956% Cuba Cane Sug cv deb 8s 1930 109% 107% Detroit Edison ref 8 1940...4e%. 82% Dodge 6s 1940.... Inter Paper 58 A 1947. International Paper cv 6s 1941, International Paper cv 6s (sta) International Tel and Tel 4% Kelly-Springfield 8s 1931. Lackawanna Steel 53 1960 Laclede6%s Liggett & My Midvale Steel 5s 193 New England s Pacific Tel & Tel 63 1953. ... Pan-American 6s 34 Philadelphia Co ref Publio Service Sinclair Oll 78 J 6 United Drug 6s 1944 9 77 114 -.111% 102% . 9T Wi o 98% 92% Atchison T & S Fe gen 48 Atlantic Coast Line 1st 48 Balto & O 1st gold Pltts LE& W Va is 1941, B & O Southwestern Div 5s ofs 50 100% 95 Chesapeake Corpn 68 w . 101% 99% Chesapeake & Ohloov ¢ %8 1930. 108% 97% Chesapeake & Ohio.gen 4?- 69 61 Chicago& Alton 3%s 195/ 103 97% Chicago Bur & Quincy 4% 110 105% Chi B & Quincy Lst ref 68 1971, 94% 80% Chi & Kastern L1l gen 68 1961 74% 69% Chi Great Western 4s 71 56% ChiM & St Pov 4% 102% 94% Chi M & St Paul gen 44 71% 57% ChiM & St Paul ref 4%, 70% 664 Chi M & St Paul ov 96 92 Chi R 1 & Pacific ref ¢s | 97% 95 Chicago Rock Island 4%s w.! 102% 97% Chi Union Station ¢ 118% 116% Chi Union Station 6 %s 1963 93% 86% Chi& Western Ind con 48 105% 102% Clev Cin Chi & St Lo 103% 102% CCC & St L ref 110% 108 Cleveland Terminal §: 100 96% Colorudo & Southern 94% Cuba R R 58 1952. %8, %8 1935, .. 100% 91% Fla EC6s74. 116% 114% Grand Trunk 7s 1940 101% 94% Great Northern 4%s 197 114 108 Great Northern gen 5%s 1963 115% 113% Great Northern gen Is 1936.,... 102% 98 Hudson & Manhattan ret 6s 1967 93% 84 Hudson & Manharttan adj 68 1957 102% 96% Illinots Central 4%s 66 . 75% Inter Rapid Transit 58 191 .o 96% Inter Rapid Transit ov 7e 1933, 83% Inter & Great Nor ad) §s I Kan C FtScott & M ¢s 73% Kansas City Southern 99% Kansas City Southern 98% Lake Shore 48 1928 97% Lake Shore 4s 1931. 92% Louts & Nasb unified 103 98 Mil Elec Ry & Lt ist ref 68 61, 103% Y7% MStP&SSM6%s 193 93 86% Mo Kan & 108% 96 Mo Kan& 105% 101 - Mo Kan& $2w T4% Missouri Pacific gen 48 1976 102% 97% Missour! Pacific 68 I 99% 96% New York Cent deb 48 1934. 111% 105% New York Cent ref imp 68 2018, 109 106% New York Central deb 6s 1936 80' 69% New Haven deb 4s 1967 114'% 105% N Y N H & H ov deb 6s 1948, 30% 18% N Y Ry 6s 1965 .. 90 8% N Y West & Boston 4%s 194 73% 65% Northern Pacitic 3a 2047 98% 91% Northern Pacific 48 1997 116% 111 Northern Pacitic ref tmp 6s 3047 100 98% Ore Short Line ref 4s 1929 94 86% Ore Wash Ist ref s 1986] 108 99% Pennsyivania gen ¢ 1 114% 106% Pennsylvania gen s 1968, 113% 111% Pennsyivania 8ls 1936 . 105% 103% Pere Marquette ist 68 195t 98 Reading 4% 1997 ..........e0 84 Rio GGrande Western olt 48 1949 94% RIArK & L 4% 1934 .., 92% SILIMESR&G 481933 84% St L & San F'ran or In ¢s A 1950 104% 99% St L & San Fran pr In 68 103 101% St L & Sun Fran 5s D 1943, 99 St L & San Fran ad) 6s 19 95% St L & San Frap ino 6s 1960, 92% St PK CSLine 4148 1941 ., 691 Seaboard Air Line ref 196! 81% Seaboard Air Line adj 65 1949, 94% Seaboard Alr Linecon 6s 1946, 98 Southern Pacific av 4s 1929, 88 Southern Pacifio 0ol 4s 1949, 93% Southern Pacific ref ¢s 1956, 86 Southern Ry gen 4s 1968 . 106% South Ry st 58 1994. 119% Southern Ry dev 6148 56% Third Ave ads 80 94% Unlon Pacific 102% Virginlan Ry Wabasb st b 98% 98% 114 128 66 100 110 Hign - Low 1028 101 24 103 14 103 9 100 29 100 256 104 2 103 32 118 115 4 week » Close digh 997% 100t 101 101% 9Th 9RY < 102% 103% 984 99 1134 114% 109% 110 90% 99% 934 93% 106% 1074 96t 96% 95% 96% 109 109% 101% 102 109% 116 109 109% 254 25% 100% 100% 1084 108% . 104 105% 106 105% . 105 10B% 1064 106% 1164 115% 110% 110% 105% 106 100% 100% v7 9% 101% 101% 107 108 . 100% 100% 95% 954 99% 99% 106% 107 114% 114% 107 108% 103% 108% 103% 103% 99 99 18 118 10714 1061 94n 94N 104 105 102% 102% 109% 109% 106% 105% 99% 99 106% 106% « 105% 105% 110 111 cooe 100% 101% 106 106% 101% 101% 104 104% 84 84 9% 9Th o 108% 108% . 88% 88% 104% 104% e 107% 108% 102% 102% o 104% 105% 107% 107% .+ 100% 101'% 114% 116% « 114% 116% 96% U6% 108% 108% 102% 103 105% 106% 104% 106 « 100% 100% 106% 106% Th 106% 107 = 96% 121% 121% 90 90 956% 96% 99% 100 . 100% 100% + 102% 102% « 109% 103% 100% 101% 118% 114 . 116% 116% . 10i% 102 . 92% 93% o 101% 1024 7% 8% 98% 98% 9T% 9Th 95% 96 9% 7% 102% 102% 9% 99% Yok 59% 98l 9s% 109% 109% 102% 108 102% 102% o 92 93 - 107% 108% 104% 104% - 81 824 101% 102% 98% 9% 1104 1104 105% 108% 9% oo 116% ] « 104% 105t 114 114% 113 113% 104% 104% 103% 103% BT% ¥8% 104% 104's 105% 163% 106% 106% ‘87! « 863 874 « 100% 100% 2% 2% Last. Yiela 028 103 14 100 27 104 1 115 20 Low 99'4 102% 97 103% 1 103% 9854 11T% 105% 4% 104 102 108% 106% 99% 108 NERAL BUSINESS ACTIVITY for the e e Clty. Shaded aroan show weeks of the previous year. earlier. Buslness in dollars (checks cashed) .. Employment (Department of Labor) . Wages (Department of Labor) Wholesale prices (Fisher’s Index) Agricultu Movement of goods (car loadings) ... Retail trade (Federal Reserve Board) Wholesale trade (Federal Reserve Stock prices (Annalist) .. .. Stock rl:urket volume (shares traded) (Al righte reserved. HOW IS BUS Black areas indicate declines from same weel Cost of living (Industrial Conference Board) . cosene Up rices (Department of Agriculture) . Board) INESS? Showing Current Business Actlvity Compared With Same Week a Year Ago. ["oec [san ] ren [ aan | arm [hiav] e [ns] ave Jsmrl oct [mov] ceceser ] Ll PRESENT BN i A A RIE country indleated by bank d its outslde of actlvity above the correspo . ding weeks 12 months ACTIVITY BY FEDERAL RESERVE DISTRICTS. tions compared with same week a year ago. EADING BAROMETERS. Bhowing trend of Important factors. Present trend. Upward Steady Steady % Changes from -’flr = - 46 - 5.3 -—19 —19 —11. - 33 - 6.1 - 33 4309 +76.2 Cambridge Associates, Boston.) BY I A. FLEMING. Current trade reports from various sections of the country have been somewhat at variance, although there has been, according to late records, an improvement in the last 60 days. The average of the year in the retail trade will be brought up strong by the holiday business, which promises to be a record breaker and, of course, certain kinds of manufacturing and wholesale lines will be bettered. The Fidelity Trust Co. of New York has just recently issued its analysis of trade conditions for the first nine months of 1927, as compared with the figures same period of 1926, showing a wide variance in different lines of business endeavor. The following comparisons are made: ' Build material or related 19 Building 8.9% nes . isise _Call to Watch Investments. “It is surprising,” says the circular letter accompanying these figures, to find such a wide difference between recent decinies in some flelds of indus- try and increases in others, but this contrast, at least, serves to draw at’ tention to the careful supervision of all investments in the face of con- stantly changing conditions. “Highest grade of industrials, rail- road and public utility bonds of course, but little affected, but semi- speculative or equity investments must reflect the rising or falling tide of earnings. “‘One hundred and ninety-two indus- trial corporations have made quarterly reports for the quarter ended Septem- ber 30, 1927, showing an average de- crease of 12.7 per cent compared with the third quarter of 1926. For the first six months of the year the declines in net income of these same corporations were but 3 per cent, causing bellef that the rate of decrease in the las quarter of 1927 will be heavier. One consolation can be found, if needed, in the fact that the compari- sons are made with 1926, the fattest year of a large number of fat years and then, too, the Iufi three months in the current year may give a better ac- count of themselves than the Fidelity Trust Co. seems to consider possible. Some of the decreases noticed are due to other losses in production. Some other lines are in a good position to stand a let-up after years of extrava- sant pmdult:vgon.h ven wi these talking figures speaking out loud, the reu:uon':ny m lr(wthlnx more than a healthy set- ck, Gross revenues of 123 class 1 rail- roads show a decrease for the first nine months of the year of 2.3 per cent, Net operating income is off 9.2 as com- pared with the same time in 1926, but 1 | Slghtly better than in the same 108% 86% . 100% 2% months of 1925. Bank Advertising, Advertising has been a sub which bank men have given’e:tre:? attention and over which they have spent many anxious hours, A cer- tain amount of publicity of the kind that is not an especial business getter e e An Exceptional Business Progerty Bargain K Street NW. Between 14th @ 16th Strests SUBSTANTIAL Brick Building suitable for re- modeling. Frontage of 25 feet by a depth of approxi- mately 80 feet to wide alley. This property can be pur- chased at a most attractive price and is bound to INCREASE RAPIDLY IN VALUE LUCHS Business Property Dept. 1435 K Street Main 2348 STATE OF BUSINESS DEMANDS MORE CARE IN INVESTING MONEY Bank Advertising, When Properly Placed, Good Trade-Getter—Newspapers Are Be_st Mediums.- is essential In all lines. All banks are usually represented in the advertis- ing columns of the daily press in this city on the 16th and 30th of each month in an effort to obtain a share of the Government's large pay roll. ‘Various amendments to the national bank act, especially that giving trust company powers, have offered bank- ers a larger opportunity for display in their advertising not only in the press but through numerous brochures issued periodically through one bank in a city, prepared by expert profes- sional talent, Much of this stuff is of the highest order and is sure to be a business getter. ‘Within the near future the banks of ‘Washington will co-operate in the issu- ance of their second annual Christmas savings advertisement, showing the advantages to be obtained through this special method of saving, which has now reached the $6,000,000 annual stage here and gives promise of in- creasing with each succeeding year. Christmas savings have long since passed in importance all expectations of the founders of the system. Early patrons were not of the most desirable sort and a number of banks were forced to abandon the plan because it became a distinct disturbance to business generally on pay days, Now, however, everybody is par. ticipating, the rich and the poor, and the importance of the aggregate is such that but few banks have with- lh}odhltl ll‘ll'u.ed t has proved to be one of the boosts to the holiday trade andm dially welcomed by the merchants of ::’:"th::d favear:‘ O“'I:t melty where this 5 of a e trade vol und the 10th of ‘the current month banks will start to distribute the savings of the various “clubs,” as they are termed, and immediately thereafter announce the plans for the 1928 clubs. There has been no better adver- uudm lmnvu;unt bl‘l:l any city than e class of pul ity given to the District Bankers’ Association in its various movements for the reason that it has received and is encitled to much publicity in the news columns of the daily press. Pay More Attention to It. Formerly bankers paid little atte tion to their advertising, being satis- t | fled with the plainest of publicity, many of them turning over the work to junior clerks. They are now using the services of trained advertising men much more freely and as a result really accomplishing much in the way of education. Practlcally every one understands the services available at a bank and how to take advantage of them, but the publicity today, dealing largely with trusts, wills, bonds and stocks, and exchange, has a strong appeal when presented in such a way as to bring the subject-matter pressing home on the reader. Trade Marks, Considerable use of the trade mark has been made effective in a number of cases where simplicity is desired. One has come to recognize that won- derful likeness of A. Lincoln, in our local papers &¢ an advertisement of ‘the Lincoln National Bank without being called upon to read the text. “The Ooldest Bank in Washington,’ however, suggests more than one in- stitution, but the brightly burning electric lights given the long years of the age of the National Metropoli- tan Bank leaves no room for doubt. One of our national banks has been pounding away on the fact “it pays more interest than any other bank in the city.” All local banks seem to have made one discovery, program advertising does not pay and neigh- borhood papers are a poor medium for general advertising. Chicago bankers discovered that in 1890 and refused to spend money for space. They did establish a charity drawer and occasionally gave out- right when there was no other way out of it. Nowadays this kind of ad- vertising and the charity drawer do not exist. Banks still use slogans as an aid to advertising. Brochures offer, as stated before, excellent advertising tor special work, but the same amount of money expended in newspaper space will give better returns in en- larged circulation. . NEW YORK TELEPHONE. NEW YORK, December 3 (P).— The New York Telephone Co. has authorized additional expenditures of $4,845,340 for new construction, bring- ing the year's appropriations to $81,- 106,409, Various associated companies of the Bell System and the long lines department of the American Tele phone & Telegraph Co. appropriated $98,000,000 in the third quarter for additions to plant, a total of nearly $300,000,000 for nine months of 1927. CONSTRUCTION CONTRACTS. NEW YORK, December 3 (#).— Total value of engineering construc- tion contracts awarded throughout the United States in November was $257,- 822,000, an increase of 2.1 per cent over October and 20 per cent over Novem- ber, 1926. The total for 11 months of 1927 is placed at $2,875,922,000 by En- gineering News-Record, a gain of 9.7 per cent over the same period last year. NATIONAL SURETY CO. W. H. Ronsaville, Manager 719 15th St. Main 414-415 REAL ESTATE LOANS 5% FRED T. NESBIT 1010 Vermont Ave. Maln 9393 SAME SERVICES GIVEN —to ihare br oad lot units Lt "he ‘M0 vou in vour Investmens olans WRIGHT, SLADE & CO. MEMB! 2 g 1 e 100 Share or Odd Lots Connecticut Ave. at De Sales St. Telephone Main 1581 619 First Deed of Trust Notes for Sale Secured by Improved Real Estate in the District of Colambia Principal and Interest GUARANTEED REAL ESTATE MORTGAGE & GUARANTY CORPORATION Main 1403 26 Jackson Place ad ConstructionLoan Applications Invited at 545 % Glover & Flather 1508 H St. N.W. Main 1753 We Offer to Discriminating Investors: $150,000 6Y2% Insured Mortgage Bonds Federal Security & Mortgage Co. Cupiu! and Surplus, $750,000.00 Maturities 2 to 10 Years These Bonds are unconditionally guaranteed as to principal and interest by the Federal Security & Mortgage Co. and the Equitable Surety Co. of New York with resources of over a million dollars. Independently trusteed by a Local ational Bank. Secured by trusts on comservatively appraised owner-occupied property in the District. District of Columbia intangible tax refunded by the com- pany up to 5 mills. Yield 6,9, per annum. C. E. MORAN & CO. Investment Bankers 1716 H sc.‘N.'w.. Pleaso garding Insured C. E. Moran & Co., 1716 H St. N.W. send me information re- Mortgage Bonds. | [ FINANCIAL, WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Thank Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streeta Resources, $17,000,000 R. GOLDEN DONALDSON. PRESIDENT First Mortgage Notes BEARING INTEREST AT 6% Secured on Residences in D. C. and S Member l%r;:mxur Asen. Washington, D. C. Trust Shares RS e g bopo o .6.“ Der annum a period of ten vears. fe_and_conservative investment Government ite _super- on. CBUIl particulars upon reatest JAMES B. COCHRAN CO. 1010 Vermont Avenue Washington, D. C. A us v 1 | SECURITY SALESMAN ant Gass o buminees” hin "I Sult o Hon oAnimiied - apportanitise AdSoms Box 120°R " Star ot A CHURCH LOANS @ are in & position to handle ees- struction loans. tor Charches tionePhone Main 5645, " "0 nstite- WE FINANCE ~—all classes of income.produ proverty % i Large Loans a Specialty Current interest rate and commission 816 15th 8t. N.W. Money to Loan Secured by first deed of trust on real Prevailing interest and commission. Joseph | Weller §29 ash £f n N eaby irzini. 51/, % f’“"‘l:.‘f‘ Commonwealth Investment Co. A 917 15th N.W. PM' Main H MONEY for COND MORTGAGE LOANS Homes and Business Properties PHILIP MILSTONE 1104 Vermont Ave. Decatur 1681 The New York Life Insurance Company Offers to Make First Mortgage Loans On I roved Real Estate in the Distriet of jearby Suburbs in Montgomery County, N $ Md, for Apartment Home 3, 8 ot 10 year terms on your RANDALL He HAGNER & COMPANY Incorpora MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 COLUMBIA BUILDING ASSOCIATION 716 11th Street N.W. UNDER GOVERNMENT SUPERVISION 18 Years’ Successful Business Without the Loss of a Dime PAYS 5% INTEREST Compounded Twice a Year and Exempt From Income and Personal Taxes CHRISTMAS SAVINGS CHECKS ACCEPTED Money to Loan, Monthly Payment Plan. Payments Less Than Rent "Your Maturing Mortgage Loan Are your re-financing plans still incomplete? For quick action on applications involving amounts both large and small come to us. Low Interest Rates and Commission Immediate Answers on Applications B. F. SAUL CO. Main 2100 925 15th St. N.W. 5%2% Loans on Real Estate 3, 5 or 10 Years WE BELIEVE OUR ECONOMICAL PLAN OF MAKING LOANS WILL APPEAL TO YOU Res A idences, Apartments and Business Properties in the District and nearby Montgomery Co., Md. BOSSEPMHE(PS Founded 1907 Joha Hancodk MStuar EiRe Eburance Oo. Main 9300 Rentable Property To get the most out of it, there must be put into it more time and more specialized atten- tion than the average owner is free to give. That’s where our Property management Service may be used to advantage. It will pay you to consider it. F. SAUL CO. . 925 lStlg St. NW.