Evening Star Newspaper, February 9, 1929, Page 15

FINANCIAL,” Mortgage Money Loaned At Low Interest Rates Lowest Rates of Interest and Commission Thomas _J. Fisher & Company, Inc. In Nearby Virginia 5%% lnl:rmr:ie:u A Commonwealth Investment Co. 917 15th St N.W. Phone Main 2623 Money to Loan Secured by first deed of trust o2 real estate. Prevailing interest and commission. Joseph L Weller 52,758 % $ V5! LOANS Let us have your applications ‘LOANS ON REAL ESTATE Immediate Action Courteous Treatment ° Our record of 35 years speaks for itself. Percy H. Russell Co. | | surance; invest- | | ments. BANKS ENCOURAC PLANS FOR SN Several Local Institutions Distribute Budget Sugges- tions to Customers. BY EDWARD C. STONE. The Community Chest drive 'gzvmo- ed the usual Thrift week in city, but several local banks have been dis- playing budget blanks and offering them to their patrons as a guide to home economy. the banks is lvre- senting a plan | based on & month- ly income of $200 for a family of two. j| | contemplates - sav- ing for six main | | purposes, as fol- | WS Maurice Otterback. 2. Shelter, $45. Rent, morigage pay- ments, interest on investments, taxes, fire d.nuunnm repairs and improve- ments. £% ting, $23. Heat, light, water, l‘:!!p, dry, phone, supplies and car are. 4. Food, $45. Groceries, meat, fruit, butter, eggs, milk, ice, board and extra 1731 K St. NW. Consult Us First It need money for your mlll Estate financing Iet us have your application today. . l’p Appraisal Fee The Commercial National Company Ineorporated 7ald wp Cash Capital, $900,000 [ - Money Available for FIRST DEED OF Ist & 2nd TRUST MONEY On homes, apartment properties. No appraisal fee. Prompt service. ' Resident Physician and Dentist at the Maycroft 1474 Columbia Road Near 16th Street Apply to Resident Manager or T. B. LAWLER 16 Jackson Place Main 864-865 First Mortgage ‘ and i Construction Loan || Applications Invited at | 5%% Glover & Flather | 1508 H St. N.W. We Will Lend You Money In Any Amount At 51/2% Interest For Periods of 3, 5 or 10 Years In Nearby Maryland, Virginia and the District of Columbi Apartments, Residences or Business Properties BOSLHELPS 1417 K St. Main 9300 Loan Correspondent Insorance Co. ) | 1,225,000 motor vehicles in the Unif meals cut. 5. Clothing, $24. Men’s, women’s and children’s wear, materials and making, repairs and cleaning. 6. Miscellaneous or welfare, $24. Health, education, pleasure, doctor, school, music, church, radio, auto, etc. Sees Bright Automobile Future. “We have only seen the beginning of the development of motor car use and motor rtation me in most chief of the automobile division of the Department of Commerce. “As the motor car is more generally recognized as the embodiment of a certain amount of potential transporta- tion, it becomes more definitely re- moved from the luxury class and spe- cial taxes and charges which affect the selling price. g 3 “United States automobile exports in 1928 exceeded 1927 by $117,398,369 fol- lowing the ‘increase in 1927 of $67 241,448 over 1926. “As recently as 1913 there were nalg did not reach 7,000,000 O. Smith, former |1 THE EVENING STAR, WASHINGTON, D. C. SATURDAY, FEBRUARY 9, 1929.’ RAILROAD HEADS PREPARING FOR MERGERS DESPITE BLOCK By the Associated Press. i NEW YORK, February 9.—] on the main line to Eastern railroad consolidation may be blocked by legis- lation and differences of opinion, but there seems to be plenty of traffic mov< ing on the branches. the Van Sweringens. ‘The Van Sweringen brothers of the Chesapeake nemesis of consolidation plans, to the idea that such purposes are in the required “public interest.” ‘This same “public interest” further has been drawn to the railroad business to invite the public to participate in any profits, somewhat on the invest- ment trust plan. Still more recently the New York Central: won commission approval to acquire the “Big Four,” Michigan Central and other subsidiary lines under lease, provided the Centrs would purchase six short-line roads. The coffee cup conferences of road heads, a feature of 1928, seems to have been abandoned. Moreover, elimi- nation of President Leonor F. Loree of the Delaware & Hudson, and his fifth trunk line proposal through purchases of his road’s Wabash & Lehigh Valley holdings by the Pennslyvania and for- feiture of his option on_the Buffalo, Rochester & Pittsburgh to the Van Sweringens leaves only four great lines dispute, or divide, the Eastern territory, Fifth Line Threat. Four great lines, perhaps, but a new lactor has come into the situation, all the earmarks of a new INVESTMENT TRUSTS ARE UNDER SCRUTINY By the Associated Press. NEW YORK, February 9.—Invest- ment trusts, which got their start in popular favor abroad and have been increasing in number almost daily r which has and there are today ap- proximately 7,500,000 motor vehicles in use outside of the United States. “It will only be a few years until motor vehicles in other countries will out or drop out will call for as many cars as are now being produced in the United States.” Four Exchange Seats. ‘There «are four applications for seats on the Washington Exchargs, ac- to announcement by C. J. Gockeler, the secretary. At present no seats are for sale, although the member- ship of the late John W. Brawner will in this country, are drawing to them- selves the close attention of Govern- ment regulatory authorities, Only recently the National Associa-~ tion of Securities’ Cammissioners, rep- resenting the authority of 37 States, a code of ethics, or a standard g;elm the dependability of such trusts could be measured. times confining their investments to se- curities of corporations within one ma- Jor industry, benefit their stockholders through profits accruing from apprecia- soon be placed on sale by the cstate. owned or dividends paid. During 1928 they increased rapidly in number, capi- tal and , and became for the first ‘The code of the security commission- ers’ association provides, in brief, that securities offered by investment trusts be marketable ible | COCA-COLA COMPANY hen | 120.71, i stagtement, . A number of the important wire hous:a ;:::MI we‘;h ago petitioned th; Stocl hange to close every Saturda) . ‘This matter 'f referred Te) to the conference committee m?“m step would be inadvisable, but sug- gested that it would be a good thing to ose the exchange on Saturdays occa- account of the “flu” epidem- pressure of work on clerical . It is postible the exchange may February 23. Morris Plan Entertains Visitors. ‘Walter H. Johnson, jr., president of the Buffalo Morris Plan Bank, also vice uffalo, and Victor Holden, vice presi- | nfanufac dent of the Buffalo Morris Plan Bank, recently visited the Morris Plan Bank of Washington to make a survey of the operations of the latter bank. R. G. Plummer, cashier of the Balti- more Morris Plan Bank, spent a day in Washington this week making a survey of the bank. ‘These visits indicate that the local bank is beginning to be accepted by the othar Morris Plan banks in the country as & model for operating sf h Thinks Sale Volume Overdone. Department stores in the race for sales volume increases have brought the business to a state of “profitless Dr. Paul H, Nystrom, ro; of Business of Columbia University, told delegates to the National Retail Dry Goods Association convention in New York. Dr. Nystrom sald that the period of sales volume increases during the World ‘War had been followed: by a slow flat- ter of the curve of increase and that for the past five years department stores had not been making the same gains nor had they kept pace with the chain stores. Checks Indicate Business Gains, ‘The volume of business during the week ended February 2, as indicated by check payments, was greater than in the corresponding week of 1928, ac- cording to Department of Commerce. Operations in steel plants were on a higher level than in either the previous week or the same week of the preced- year, m'O\ltpub of bituminous coal during the 1~*>st reported week showed a gain over both the previous week and the same week in 1928, Lumber produc- tion, however, showed declines from both periods. The general index of wholesale prices show a fractional de- cline from the preceding week, but was higher than & year ago. s 8 U. 8. TREASURY RECEIPTS. T receipts for February 7 were $6.475,04083; expenditures, §24,086,+ 69%.05; balance, $104,189%28.65, PROFITS AT NEW RECORD By the Associated Press. ATLANTA, Ga., February §.—For the fourth consecutive year :‘l?& Coca Cola Co. during 1928 earned net profits whi broke all amounting to $10,189,- s or l“I:)l.lo & share, it wl;uiuelued annual report made here, Sales, likewise, for the lwvul:'th consec- utive year surpassed all previous high marks. Growth in domentg:ml.nd Xureml:n consumption and in virtually every other factor related to the company’s prosper- ity were reported. Nfi: m&'rfir the yu:r represented an increase of per cent over those of 1927, when $9,163,155, or $9.16 a share, was earned. Sales jumped 6 per cent to $34,743,758.44 and gallonage manu- factured increased to 23,212,519 as con- trasted to 25 gallons of syrup which marked the first annual output after organization of the company in 1888. Current assets were placed at $20,- 151,302.42. iy, ELECTRICAL BUSINESS GOOD. NEW YORK, February 9 (#).—Gen- usiness in the electrical indusf continues at a satisfactory level and the outlook for February is decidedly good, says Electrical World. From the stand- point of volume, ?ower company re- quirements appear larger than those of turing industries. Middle West rallroads are grovldlng & substantial portion of the business. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 9.—With the average of stocks off nearly a-.dozen points for the week when the market opened yesterday, representing a large slice taken out of the paper profits of the speculating public, there were strong technical grounds on which to expect either a further reaction or a substantial advance. ‘The fact that neither occurred for several hours suggested the confused state of mind in which Wall Street finds itself on account of the Federal Re- serve warning and the Bank of Eng- land advance in its rediscount rate. !t also gives color to the suggestion that the closing of the New York Exchange today was an act of caution rather than one looking to the well-being of the clerical forces in the financial district. Directors’ Meeting Monday. It is difficult to obtain a clear picture of the events that are likely to have most to do with the course of security ces in the next few weeks. Of most ediate interest is the meeting Mon- day of the governors of the Federal Re- serve of New York, which has been put forward several days and, therefore, suggests an emergency to be dealt with, is naturally gave rise to the rumor that at that time the re- discount rate may be raised on agree- ment made with some of the other banks in the system, as Chicago and Boston, which have previol taken initial action to advance their rates. On the other hand, the argument still holds that if the Federal Reserve -is to maintain a stable rate for business tion in the market value of securities, ich | to be at near tern, 3 burgh & Shawmut, Buffalo, Rochester a;.l;lmmh and a number of smaller roads. The Baltimore & Ohio has demon- ion of Western Maryland and a third of the ‘Wheeling. "Attitude of Central. The New York Central has shown less disposition to take over lines other than d | those in which it already is interested, Patrick E. Crowley appar- uired a third & Lake Erje, and might be expected to seek invasion of New Eng- land through closer affiliation with the Boston & Albany or New Haven. Gen. W. W. Atterbury, doughty presi- dent of the Pennsylvania, has the repu- tation of being the greatest unknown human factor of the situation. His line, having already the advantage of strate- gic location, has made striking appeals for passenger and freight patronage, developed extensive electrification proj- ects, taken control of the Wabash and nflulred half ownership of the Lehigh Valley. It appears to be in a position to share the Middle Atlantic area with the Baltimore & Ohio and to seek Canadian business by taking over the Delaware & Hudson. Close relations with the New Haven would give wide access to New England. " Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, February 9.—Po- tatoes, white, 100 , 1.00a1.35; sweet potatoes, barrel, 1.50a3.50; bushel, 75a1.85; yams, barrel, 2.00a4.00; beans, bllls';lsel. 2.00‘;.,6%1}317&30, hamper, 1.00 al.75; carrof ushel, 1.50a1.75; celery, crate, 2.00a3.00; cucumbers, bushel, 5.00 28.00; eggplants, crate, 4.0085.50; kale, gc‘;’rel, 3.00a5.50; lettuce, hamper, 1.25a _Onions, 100 pounds, 3.00a5.50; oyster ; squash, crate, 3.0024.00; parsnips, basket, 65a75. 2.50a3.50; oranges. box, .00; tan- gerines, half strap, 1.25a2.25; strawe berries, quart, 40a50. Dairy Market. Live poultry—Turkeys, ind, 35a43; nld,fl 25a32; young chi exr"uuo an 10 sk, Tomss eione, S st ; ducks, 3 ea fowls, il poultry- .'m“:. pound, 36 a43; old, 25a32; young chicke i 20; capons, 33a42 Eggs—Receipts, 814 cases; native and nearby firsts, free cases, dozen, 38; cur-~ rent receipts, 33a36. Butter—Good to creamery, pound, 47a52; prints, blocks, 51 a53; 25; prints, 25a 28; process butter, 41a42. CHICAGO POULTRY PRICES. CHICAGO, Pebruary 9 (). —Pol &; fowls, 27 springs o, roosns tairkeys, 25; ducks, 30; geese, 33. fancy 52054; STEEL PRODUCTION. NEW YORK, February 9 (#).—Mid- west steel uction schedules for next ‘week call fof operations ave g near- ly 90 per cent of m. th higher schedules on full-| sheets. The Youngstown district mills are expected city the remainder of the quarter in flat rolled steel departs ments. C. & 0. Car Movements. An average daily movement of 34,651 freight cars on the Chesapeake & Ohio Railroad during January was reported mmy by W. J. Harahan, led cars and 16,155 empties, ith totaled ‘during the month from connections totaled 24,743. prstenes D ok New Source of Paper. Southeastern Alaska is regarded by Government foresters as & permanent source of pulpwood for paper manu- facure, with water power resources, tidewater transporation and a climate permitting of year-round operation of paper plants and shipping. Pulpwood production is estimated at 1,500,000 cords yearly, enough for 1,000,000 tons of news print annually in perpetuity, or more than a quarter the present Ameri- can consumption. MARKET WAVERS IN ATTACK AGAINST SPECULATIVE CREDIT p-&ar it cannot 1ift its own rediscount rate above 5 per cent. Gov. Norman of the Bank of Eng- land is returning home without har accomplished: the purpose that brought him to this country 10 days ago. It is recalled that when he came here in July, 1927, and, with the heads of other banks in Europe, conferred with Fed- eral Reserve authorities, he was able to influence them to reduce the redis- count rate in August to 315 per cent in order to assist them in carrying out the stabllization program. Since that time quite a strong anti-British element has developed in American banking cir= cles, especially among Western bank= ers, and it has its representatives among members of the various Federal Re- serve banks. Their iment i that this country has done its share in as- sisting Great Britain to get back on her feet and that it is now important that American business be the first consid- eration in all banking policles. It is doubtful if Gov. Norman sensed this change when he came here confident that ge could secure a credit co-opera- tion that would permit the Bank of England to hold its same time relleve it of the necessity of 3 ; poor | year, 2,400 thin, 20; old hens, 20a31; Leghorns, | made f ) ¢ ld and at the | Last D.C. RETAIL STORES SHOW TRADE GAING i Increase of 3.5 Per Cent in January Indicatde by Bank Figures. By the Associated Press. RICHMOND, Va., February 9.—De- partment store retail trade, as reported by 40 stores in the fifth Federal Reserve F district to the Federal Reserve Bank of Richmond, shows an increase in Janu- ary, 1929, of 1.5 per cent over the ag- gregate sales of the same stores in Jan- uary of last year, a_report issued by the Federal Reserve Bank here shows. Baltimore stores show an increase of six tenths per cent; Washington stores, an increase of 3.5 per cent, and Rich- mond stores an increase of 3.6 per cent, & | the report reveals, while Norfolk, Va., stores, with a decrease of 12.2 per cent, show the greatest January decline, as compared with the same mdnth of last year. Only 19 of the reporting stores sent in higher figures for January, 1929, but the decreases shown in the figures from the remaining 21 stores were small and the reported increases materially changed the dsitrict aggregate report. e e $ BY KENNETH 8. VAN STRUM. NEW YORK, February 9.—Whatever may be written today about the avia- tion industry will be out of date tomor- row. But with public interest in avia- tion securities again inspired by Lind- bergh’s first flight with air mail to Central America, and the New York Aviation Show now in progress, it timely to bring outselves further up to date on this rapidly growing industry. Lindbergh's Tours. exploit and triumph of since public imagination by his Paris flight. His country-wide tour for the cause of aviation in August, the Central American good-will tour, the announcement of cross-country pas- senger service boosted these stocks suc- cessively higher. With the tremendous increase of public interest in aviation, large sums of new capital have poured into the %dustry. helping to stabilize it so that can attract investors’ funds on some- what the same basis as other industries. | The ing This stabilization has only been possible, ver, with the recent f that commercial aviation is prac Once proven, financial interests can look for- ward to a definite demand for planes in the future, not a spasmodic demand to meet the needs of stunt fiyers or the Army and Navy. Progress of Aviation. In 1926, about 1,200 planes were pro- duced, yalued at $7,500,000; the 53:' lanes worth $15,000,000 were and year the output doubled with 5,000 es worth $30,000,- The year with production reaching 600 planes’ a month and mwnflnf rapldly. Last year there were about 15, e, 000. ,000 applications for pilot | man: , more than five times as many as in . And as a further indication of growth, there are 400 instruction schools. Just as the automobile ind\ula. or any other for that matter, defied ?:dflysu in its early d:’l&'h!e drplnge ustry today canno judged Piane stocks. e highly specuiative ‘and are ative an will continue to fluctuate over a wide + | be up L The problem of investors is to choose m.fim concerns those which will sur- Sompany that Wik Tepest. In ‘he. sl company Tepea - plane field the success of Ford, for ex- ample, in the automobile fleld. As one old trader remarked, here’s another chance for those who have never stop- ped bewailing the fact that they did not invest in Ford in the early days. The industry is so new and so many consolidations are taking piace that it is impossible to get adequate informa- tion about any company. Many have been formed so recently that any guess as to their future would be sheer specu- lation. There are a few, however, which have been in the fleld for some time. Curtiss and Wright. Curtiss s one of the older manufac- concerns has recently gone into air t rt business and has established a sci for pllots, Its busi- ness has kept pace with that of the in- &mry. but 3 ‘h;ve indicated 31;: e margin of profit has been somewhat smaller. In 1926, 97 ge‘;:u . during iaton, oeiuding Hoing sohools. and % ¥ schools a o a?cl.llnu“ml utlo:. In 1026 it and in tlfl'l. $3.77. raising its rediscount rate and, there- | incre fore, creating both business and politi- cal prublm’:n‘ in Great Britain, lationship in the ‘There i & certain rel p whole domestic raoney situation and its repercussion on Great Britain ta the reparations and debt questions Which come up in Paris today. The high rates of interest here and in land will make it increasingly difficult any plan for the flotation of reparations bonds in those markets | wm must absorb largest quantity of them if such & 15 to succeed. le, , b are that Wflmm will enter the fleld in due Puhtl. and Continental Motors. ‘Thus 1t 18 no sider .a_stock lm onh the basis of automobile business. Packe PRCESANDOUTRT OFCOPPERMOUNT Red Metal Stocks Now Less Than Demand, With Values Gaining. By the Assoclated Press. NEW YORK, February 9.—These are boom days for red metal, and back of the prevailing 18 cents & pound price for copper is a story of the failure of the 1928 record peace-time production to keep up with the heaviest domestic peace-time withdrawals in history. A decline in imports of the refined product and a wide gain in exports are com- bined with a depletion of nearly 100,- 000,000 pounds in - refined and blister stocks as contributing factors. Steady advance of copper stocks traded on the country’s exchanges give evidence of the beneficial effect upon earnings of the rise in the monthly average price of copper during 1928 from 13.96 cents a pound in January t0!159 cents in December. Today the oving their own in motor trucks in an effort to hasten delivery and to fill stockrooms scraped neariy bare. The total of new refined copper with- drawn on domestic account during 1928 is estimated by the United States Bureau of Mines at 1,588,000,000 pounds, an increase of 12 per cent over the 1927 withdrawals of 1,423,000,000 pounds, and the greatest in history with the one exception of 1918, a war year. A decrease of nearly 100,000,000 pounds in refined and blister stocks at the beginning of 1929 bespeaks the failure of production to overcome the handicap of three months required to transform ore into the refined product, although smelter production increased 10 per cent, production of new refined copper gained 6 per cent and the output is | of secondary copper in 1928 was 7 per cent above that of 1927, PARIS BOURSE PRICES. PARIS, February § (#).—Price 3’;‘"‘“ were irregular on the Bourse y. Three per cent rentes, 71 francs 70 centimes. Five gx cent loan, 97 francs 20 centimes. changes on London, 124 francs 3215 centimes. The dollar was quoted at 25 francs 601, centimes. UNIFORM BROKER CHARGE. NEW YORK, February 9 (#).—A uni- form minimum commission charge, pos- sibly applicable throughout the coun- try, by big brokerage houses, is ex- pected to result from discussions by members of a number of leading com= mission houses in New York, Chicago, Cleveland, Philadelphia and other cities. creasing burden of handling odd- lot orders led to the discussions. A gen- eral increase in ma: requirements also is expected in brokerage circles. ard has been experimenting with air- plane motors for some un‘;‘ They. are ts, which, if perfected, {M engineers say will revolutionize ings Avetagiig 83,11 foF the Period 195~ a .17 for the - 1927 and touching $8.5¢ last year, many believe the stock has still further pos- sibilities from an aviation standpoint. Continental Motors is & straight motor g concern with long ex- perience in the automobile industry, and which supplics motors to many au- tomobile manufacturers. Lately thay, too, have become interested in airplane motors. Earnings for the past six years have been rather steady and have av- eraged $1.14 a share, The stock pays 80 cents in dfvidends. Such rapid progress has been made R P e of e 'S stocks have risen steadily with only kes | temporary setbacks. They move, how= A Third of a Century Without a Loss Main 2100 ever, over a wide range and must be considered speculative. (Copyright. 1920 B. FINANCIAD., "INVITING TO SMALL INVESTORS Our ‘8%, FIRST MQRTGAGES Provide opportunity for those with small sums of money to invest to enjoy the protection and equal return enjoved by large investors. Available in amounts from $250 up. F. SAUL CO. 925 15th St. N.\W. THERE IS NO SUBSTITUTE FOR SAFETY Inaugural Speeches There were no speeches made at the inauguration of the business of this company nearly sixty years ago and yet the principles for which the company was organized have been steadfast to this day. These principles were founded on furnishing the investor, both large and small, with a safe investment, and our record of nearly sixty years without loss to an investor is a re- flection on how these principles have been upheld. The First Mortgage Notes which are available as an investment for your funds today bear interest at 6% and we have them in denominations from $100.00 up. We would like the op- portunity of talking over your in- vestment plans with you the next time you are. seeking a safe market. SWARTZELL, RHEEM & HENSEY Co MORTGAGE BANKERS 727 15 STREET N.W. WASHINGTON D.C. / $43,960,751 in Dividends to be paid in 1929 LICYHOLDERS of The Mutual Life —the oldest life ixs:z- ance company in America—will receive $43,960,751 in dividends during 1929. ' More than $317,000,000 has been paid in dividends to policy- holders during the last 10 years, a larger amount than was paid during the Company's first 75 years. Since The Mutual Life first laid the corner stone of life insurance protection. in America on February 1, 184386 years ago—it has aimed first of all at Safety and Quality. Dividends to policyholders reflect skill—in management, in the insuring of lives, and in the investment of funds. Savings from margins for expenses, favorable death rate,’and income from investments, made possible The Mutual Life dividend scale for 1929. The Mutual Life seeks to conserve and normally increase its insurance in force. In 1928 $8,800,000 less insurance lapsed than in 1927 and the insur- ance in force increased $262,975,509. Since it was founded The Mutual Life has paid to policyholders and benefici. aries more than $2,500,000,000. “ INSURANCE IN FORCE DECEMBER 31, 1928 — $4,025,874,008 8 9247,732.14 + 240,857,013.38 . 133,247,813.63 ‘Total Admitted Assets. . ..$927,317,279.52 BALANCESHEET DECEMBER 31, 1928 3,718,956.98 43,960,751.14 5125,402.05 106,973.68 $927,317,379.52 The Mutual Life Insurance Company of New York David F. Houston, President 34 Nassau Street, New York THOMAS P. MORGAN, JR.,, MANAGER Southern Building, 1421 H Street N.W,, ‘Washington, D. C.