Evening Star Newspaper, February 18, 1929, Page 15

FINANCIAL. : “irst Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 0000000000000000000000: Auto, Fire, Burglary, Bond. Compensation, Liability, Lif Harrell Bros. & Roesch We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street % NOTES Secured by First Mortgages Safe—Conservative Make your savings and surplus funds work for you at the highest inter- est rate consistent with absolute safety. Wm. H. Saunders Co., Inc. REALTORS Main 1016 41 Years’ Experience in financing homes and in the sale of these se- curities, 'Buck & Company fimmfll {/’Stocks” Bonds Grain Cotton Write or call for weekly market letter No obligations BUCK AND COMPANY Evans Bldg. 1420 New York Ave. Franklin 7300 Money to Loan Secured by first deed of trust on real estate. © Prevailing interest and_commission. e ——— ‘Where progress l #s a fixed habit § AtThe Service Shop cach step follows a logical path, without confusion, without waste. ... the heritage of half a cen- tury’s Printing experi- ence. You are surprising- ly free from bothersome details. - 2 BYRON"'S 4 / ADAMS 7,8 Ve Bgpois” MAIN 8203 51 ELEVENTH STREETN.W. Y ~ *10 ~ -~ -~ - Invest your Money to Earn 6% with Guaranteed Safety First mortgage bonds and first mortgage notes sponsored and approved by this corporation, and whose value is beyond question, are your se- curity. You have choice of type and location of your investment, Denominations $250 up. Our resources protection of assure principal and prompt payment of interest. Send for booklet, REALESTATE MORTGAGE & GUARANTY CorPORATION Capital Resources § 3,400,000 24 JACKSON PLACE _0’000000” Capital Traction Co.—20 at 106% from BOND PRICES MOVE IN NARROW RANGE Credit Situation Affects Trad- ing—-Convertibles Re- cede After Rally. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 18.—The bond market, like the stock market today, reflected uncertainty over the effect of the present restraints on speculation. The renewal of call money at 8 per cent, along with the present quotations for time loans and for bankers’ accept- ances, makes a difficult situation for the investment market to deal with. In view of the low prices prevailing for Liberty bonds and for Treasury cer- tificates, the latter having had an av- erage decline last week of over a point, there seemed to be technical reasons why this group should rally. Liberties were Ssomewhat firmer, but several of the certificates dropped below Satur- day’s closing. Nothing definite will probably be done for several weeks, as they must be in line with money at the time they are issued. On the basis of existing condi- tions it would seem necessary to refund the low coupon certificates about 1 per cent higher than the original rate. A better basis, however, may be estab- lished by stock market and money mar- ket developments before March 15. Convertible bonds rallied slightly early and were dealt in small volume, but later lost ground. The fluctuations in high-grade corporation issues were also insignificant and did not suggest that buyers were taking any advantage of the present low range of quotations. Some of the industrial 5 and 6 per cent mortgage issues, including Humble Oil 5s, Container 6s, Dodge 6s, Internation- al Paper 6s, U. S. Rubber 5s and also Remington Rand 5l5s, and National Dairy Products 51s, were slightly lower. In the railroad list an advance of a full point in Missouri Pacific general 4s, rwards lost, compared with the decline of % in Rock Island 4%is and fractional losses elsewhere. Italian convertibles were off 1, to 114 and Chilean bonds were higher. The completed figures of January financing, which amounted to over $1,- 000,000,000 showed less than 15 per cent for refunding purposes and over twice as much volume in common and pre- ferred stocks as in bonds and notes. The largest proportion of $178,444,000 of miscellaneous stock issues was rep- resented by those of investment trusts and trading corporations, of which there were no less than thirty new ones during the month. Power Budgets Increase. NEW YORK, February 18 (.— Budgets of electric and gas companies controlled by the United Gas Improve- ment Co., Philadelphia, call for ex- penditure of $34,500,000 in 1929 for ex- pansion and improvements. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par), Londcn, pound. 54,8065 Paris, franc. Warsaw, zloty .. nhagen, crown. Oslo. crown Stockholm, Washington Stock Exchange SALES. Chestnut Farms Dairy com.—10 at 219, 10 at 218. Potomac Electric 6% pfd.—5 at 111%. Potomac Electric 5% % pfd—20 at 108%%, 30 at 10814 ‘Washington Rwy. 98%, 10 2t 983}, Colu"l‘ibh Sand & Gravel pfd.—10 at 9515, Mergenthaler Linotype—50 at 104, AFTER CALL. Potomac Elec. Cons. 55—8$2,000 at 101%. Mergenthaler Linotype—50 at 104, Georgetown Gas 55—$2,000 at 10115, Potomac Electric 6% pfd.—12 at 111%. in setting the rate for the March notes Ci THE EVENING STAR, [ BONDS == ) TR PREEINDEX Received by Private Wire Direct to The Star Office UNITED STATES, (Saias are n $1.000.) Bales. High. Low. Close. 9718 9721 9923 9925 9928 9930 9624 9624 Lib3ys... Lib1st 4%s Lib 4th 4 %8 US3%s 43, US3¥%s... US4s1944, US4yss2. Argentine 5s. Argentine 6s J Argen | Argentine § | Argentin Argentin Australia 4%s Austria 7s. Con Pow Ja Czecho 8s 1951 Czecho 8s 1952 Danish Munie Danish Munie Denmark 4 Denmark 6s. Duteh East 1 6 EI Salvador 8s Fiat 7s war '46 French 7%s. German 7s. .. Hungary 7%s. Mexico 48 '10 Milan 6%s. .. Montevideo 7 Orient Dev 5% Rio de Janeiro Rio de Jan 8s 1 Rome 6%s.... & Elec. ptd.—20 at | S¢! Utd Kingm 5 % Utd Kingm 5% Capital Traction Co.—5 at 106 Bid and Asked Prices. BONDS. Amer. Tel. & Telg Amer, Tol, & 4 3 ‘el. ctl, ‘tr. Anacostia & Pot. . Ana & Pot. gua; C. & P, Telephone & P. Tel. of V; Cap. Traction R. City & Suburban MISCELLANEQUS. Barber & Ross. Inc., 8Yar Cham-Vanbit Hotel " 8158 Chestnut Farms Dairy 8'4s. Gheyy Chase Club 81z G M WM o1 St e rage Wash. Cons. Title Co. STOCKS. PUBLIC UTILITY. 83223322 . & Flec. c Wash. Rwy. & Elec. pfd NATIONAL BANK. National Capltal. . Golumpia P! 350 Commercial District ..., Lincoln National Riges .. Second i3 National Bank ‘of” Washington.. TRUST COMPANIES. American Security & Trust Co. 470 5 S AN 1 Metropol Contjnental Trust Merchants' Bank...). . National Savings & Triis Union Trust. ... Wash. Loan & Trus! BAVINGS BANK. Bank of Bethesda Commerce & Saving: Fast Washington. . Washington Mechanics’ FIRE INSURANCE, American Firemen National Union TITLE INSURANCE. Columbia Title : Real Fstate Titie Title & Inv. C Wash. Cons, Wi Australia 5s 1955 Australia 681957 Bank of Chile 814 Ts.. Copenhagen 43%s 53 Copenhagen bs ct.. DEI5%s Nov53.. Dutch East I 6s 62.. Utd SteamCopen 68 133 #8721 59 9925 154 9921 9y 97 136 10020 100 10 10010 10 103 4 103 4 1034 67 108 18 10806 108 10 FOREIGN. 2 92% 62 100% u 59, ine May ‘61, 12 100% Argentine 6s Oct 59 Y%e'62, A 1 100% 27 96% 12 100% 16 100 28 8T% 33 95% 2 101% 13 98 % 14 16 4 1 10 6 12 3 5 109% 6 109% 6 109% 20 88% 26 104 2 103% 11 1034 11 103% 5 110 33 160 A, 8sB. 847, 48.. Fiat 7s x war 4 points. Brazilian, Argentine, Peruvian | 3erman EI P 6%, Irish Free State 5s. Norway 6s 1943.. Norway 65 1944. ... Norway 6%s 1952.. 20 103% 15 88 13 100% 57. RbineWst EP 78'60 648 941 Rio Gr Do Sul 8s. Sao Pauio 8s 1936, 829, 837, 1 98% 2 108% 11 87% 2 9% 914 9% 100% 96% 100 81w 101% 977 109% 109 109 109% B8% 103% 103% 103 103% 9814 108% 8% 9% MISCELLANEOUS. Abram&Straul Ajax Rubber Alleghany ev 5 AmAgrIC] Am Chain 6 Am Cotton O11 Am Int Cor 5% Am Sugar Ref AmT&Teltr Am T & T cl tr Wi Anaconda 1st Armour Del AtlGult S Bethlehm Stl pi Chile Copper Gast Cuba Sug Gen Asphalt Gen Cable 5% Humble Oil 58 Iilinois Steel 4 Inland Stl 4% Int Mer Marin Inter Paper 6s Laclede is. Laclede G Barber & Ross. Inc.. com, Chevy Chase Dalry Bfd... . Chestnut Farms Dairy’ com. Chestnut Farms Dairy pfd Columbia Sand & Gravel Commercial Natl. Co. Federal-American pfd. Lanston Monotype Merch. Trans & Storage. Merch. Trans & BStor. 3 Mergenthaler Linotype Natl. Mtge. & Inv. pfd Pf,nnl;: %v;ul Btores pfd. Ter. Ref. & “’h"» Corp. “’lbgv &an}\;. 5:" pld. i, Meilel el B *Ex dividend. 110 104% 123 "534 98 14 ManatiSug st 'l;/.l Mid-Con 6 Midvale St Mont Pow Mont Power Nat Dairy 5% 375 | NewEngiandTel 5 N Y Edison 6% H&Pbs NYGEL NY A%s N Y Tel 6a41. Anaconda cv db 7. Armourkcn(a 39 11 .. Atlantic Refin bs. Bell Tel Pa s B. Beth Steel rf 5s.... Colon Ofl 63’38 Col Gas&E| deb 5s. Con Coal Md 1st ConGas N Y 6% Cuba Canecv 7s.... Intl Cement 6s 48.. Intl Match bs 47... §%e 5 114 + 3 103% swi. 87 103 47 99% 13 103% o 34 104% 14 106% 48 91 .26 91y T & 12 104% m 68 11 100 2 102% Bethlehem Steel 6s. 15 105 Bklyn Edison b Certain-Td5%srcts 65 75 1 104% .« 25 96 17T 99% 4 % « 16 105% 5 14 3 2 4 101% 5 102y 2 99% T%hs 1 90% Gen Mot Ac Cor veses 38 100 21 104% % 78, 3 924 40 111% 24 97% Int Paper 58 47, 4 9% 1 104% 3 105% 1 100 7 104% 6 100% 5 109 11 100 10 105 3 99% 3 102% 16 99% 39 95% 7 106% 3 114% 81 101% 113 103 102% 99% 103% 103% 106 0% i 104% 994 1024 104% 104% 5 9% 7 105 72 101% 102 99% 0% Humble O & R 5%s. 52 101% 101% I1linois Bel! 1st 1044 9244 111 97 934 Int Tel&kTeleg 4%s8. 45 93% 93 Int Tel&Tel 4358 cv380 114 Kan City P & L 68, Kan G & E 63 52 112y 1044 105% 100 1035 100% 109 100 105 99% 102% 9% 95 106% 14 100% Sales. High. Low. Close. 92 . High. 3 100% 0 100% 2 102% 8 Nor States Pow 5s. Pacific Gas & EI §s. 1 100% 100% Pan-Amer Pete 7s.. Paramount 6s 1947, Postal Tel & C5%s. Pressd Steel Car bs Public Service 448, Punta Alegre 7s. ... RemingtonAr Rem Rnd 6% Simms Petm 6s '29 Sinclair Of i | Sinclair O11 Sinclair O11 7 Sinclair Crude 6% Sin Pipe Line 5s... Skelly Of1 5%48. ..., Southwest Bell 5s. . 4 O11 N J 68 46, Btand OfIN T 4%;s. TennklecPow 68 47 Transcont] Oil 6% s United Drug 58 53.. {US Rub 1t rf bs. .. USSteelafbs.... 4 | Utilities Powr 634 100% 954 % | Int & G Nor 18t 6, 14 | Man Ry 15t 45 90 y | M StP&SSM cn bs. Y% RIArk&L 4% Vertientes Sug 7 Walworth 6s '45 Walworth 6% s '3 Warner Sug 7s 41. White Eagle O 5%s Willys-Ov 6 Wilson & Co 1st WinRepeatAr 7%s Yngstn S&T s wi. 12 RAILROAD. 78 9% 98 100% Boston & Maine Brdway&Tth Av Brooklyn Elec Bklyn Manha But R&Pitt 4% |Can Nat 4% 30. Car Clinch & O 5 Central Pacific 4 CCC&StL 4%s E 17 CCCAStLrfésA, CCC&StL deb 4%s, Cuba Nor 548 cts. Del & Hud 1st rf 4 Den & Rio G en 4 Den&RioG 4% 8 "a8n wmanSem=Sanare oEme Eriecvt 5867 w Erie (Pa) cit tr 4s, FlaBastCoaT4... Fonda J&G 4%s'52. Gt Nor 4%8 76 D. Grt Northn 4%s &, Great Nor gen 7s. Hav El Ry 618 51 H M o BeZomar e Y P 111 Cent 48 53 m t Chi 4% [1-C-C-StL&NO Int Rapid Tran 5 Int Rap Tr 6 Int Rapld Tr Int Rap Trani ] 28 e Int&GINor adj 6s 62 IntRyCA6%s - t. Kan City Tern b Louls & Nash 58 B, Louis & Nash 6%s. Louls & Nash 7s... Market St 78 40. Ml El Ry & o . R L T - Mo Pacific 68 G New Or Term 4s NYCentrf N Y Cent deb 6 Seama NYCRI&StL 6%48A. NYC&StLé6sA.. New Haven 338 64. . b = o= Soennnan NY Rys6s A 65 N Y State Ry 4%#.. NYW&B4% Nor Pac 38 204 Nor Pac 4%s 2047., Northern Pac 58 D, Ore Short Lirfs és s t0 wowarnE B~ S8an5 awh Philippine RR 4s., PCC&StLb6s A, Reading gen 4 48 A St L IM&S 45 29 StL IM&S gn 68 StL&SFplésA StL&SFrils T StL&SF prin bs. StLSW 1st4 St L 8 W con 4 ¢ 1S(L'& Sown 5 108 101% 6103 1021 108 St P Un Dep Tex & Pac 5sB 1977 ‘Third Ave adj bs. Tol Tr L&P & 3 41 WASHINGTON, D. Low. Close. | 100% 100% 102% 4 104% 100 9% 105% 109% 104% 100% 101 102% 107% 100% 90% y8Yy 100 101% O, REGISTERS LOSSES Three Per Cent Drop Noted in List—Coppers Show Three-Point Gain. Special Dispatch to The Star. NEW HAVEN, Conn., February 18.— Stock prices on the New York Exchange turned about for a 3 per cent fall last week. With the sole exception of a 3- point average gain in coppers, all groups shared in the reversal. Declines were shared uniformly by auto accessories, motors and stores, as also by oils, sieels and foods. Ralls and public utilities shared in the gen- eral price decline, while preferred stocks | passively receded a fraction of a point. MONDAY, FEBRUARY 18, 1929.' Money and Prices Special Dispatch to The Star. NEW HAVEN, Conn., February 18.— The downward tendency which has characterized commodity prices during 1929 was rather sharply reversed last week, resulting in more than a half- cent decrease in the purchasing power of the dollar on the 1926 base. European commodity prices also showed a strengthening movement. It is interesting to note that price levels in the United States and Europe re- | main very close to the January level | and about 1 per cent under the average level of 1928. Fluctuations in the general wholesale price level and in the purchasing power of the dollar are given below for the United States for various periods, based mainly on Dun's quotations. The ave- rage for the year 1926 is the base used Whole- Pure! power: cts. ihdex. trom 1950 Week ended-- é February 15 The market leaders showed a per-|Oc centage of decline about equivalent to | 192 that of all stocks. The compact survey of New York Stock Exchange movements of common industrial shares i3 given below in price indexes (1926-==100) for all shares out- standing and for the week's 50 most active stocks. The last column of the table gives the rate, of return on the week's 50 leaders at current prices. Shares 50 Market Rate of Outst'd’z. Leaders. Return. Week ended— = e R s February Year ago.... January averag December average November average e EE R 2IRSE52322! v ('26-29)..... 88. 75, Q Lt ol o (APF.'26) (ADr.26) (Jan.'20) Market Shows Little Favor. Aside from the leniency of the market toward semi-investment issues, which suffered least, common industrial stock prices declined quite uniformly in all grades. The downward readjustment of speculative values was as great as that in investment issues. ‘This lack of quality discrimination may be attributable to general indeci- sion or to unwillingness of speculators generally to dispose of their holdings at the lower quotations which pre- vailed last week. If so, the result is an indication of underlying confidence in the near-term future. Below are shown index numbers for prices of three groups of stocks traded on the New York Stock Exchange, graded in accordance with their season- ing dividend history, credit strength, and size. First Second Third grade grade grade (invest- (inter- (specu- ment). mediate). lative) S S 533! o= 3385283 Do 2 170.6 184, (Feb.'30) (Feb'39) (Peb.'39) (Apr.’28) (Apr.'26) (May'26) Many Holding Their Stocks. Last week's activity on the New York Stock Exchange again revealed the re- luctance of the market to speed a de- eline in prices. Trading in common in- dustrials fell off on the whole to an average daily value of $276,900,000 from $305,200,000 for the previous week. Trading was mixed, however. Rises i coppers, steels, automobile acces- sorles and olls were overbalanced by falls in stores, foods, motors and mis- cellaneous stocks. A 50 per cent cut was experienced by rails. While utill- ties strengthened, preferreds declined in favor. Increased activity was noted partic- ularly in Anaconda, Electric Auto Lite and Sinclair, while diminished activity was experienced by Hahn, Borden, Chrysler and General Motors. Appearances of spectacular exchang- ing of shares during sharp rises or falls were missing. \ I ight. 1920.) (Copyrisnt. ToFo. by 1rving Fisher) B. & 0. REPORT. BALTIMORE, February 18 (Special). —The greuminnry report of the Balti- more ‘& Ohio Railroad for the year ended December 31, 1928, shows net income of ,$29,100,930, after taxes and charges, equivalent, after deducting 4 per cent preferred dividend require- ments, to $1243 a share earned on 2,151,878 shares of common stock, This compares with $22,632,345, or $9.42 a share, in 1927 The preliminary income account for 1928, compared with 1927, is as follows: Gross, 1928, $236,818,681; 3 078,510, expenses, $172550,868, $186, 168,521; tax, etc., $14,880,007, $15,002,: 1762; net operating income, $49,387,716, $44,817,227; other income, $8,570,687; total income, $56,766, $53,387,914; interests, rents, etc., $27, 665,111, $30,755,569; net income, $29,- 100,930, $22,632,345; preferred dividends, $2,354,528, $2,354,528; common divi- den:sa. $1 8335222 2RBS! S hommonmoim Low ('26-29) S Union Pacific 4s 68. Union Pac 1st rf 4 Union Pac 4%s 67 Virginia Ry 1st bs, 9 1045 103% 3 100 9% *1100 100 4 87% 8ThH 1 804 ¥0'4 2 98% 934 T 98% 984 5 72 72 A 7% Short-Term IncomeProducer LN’VBSI'OIS who desire diversification in their dings together with a bet- ter-than-average income .. . will be especially interested in_these attractive SHORT- TERM 7% Collateral Trust Gold Bonds. DENOMINATIONS: $1,000, 3500, $100; Interest semi-anni 24) :m Federal and State tax features. Send in your name and ad- dress on the form below for descriptive circular of these attractive 7% Bonds and in- formation about other types of investment opportunities. Bidg., Wum D.C. e G & 3o Name..cceascreosasersersascorenes AJAress. .eeescsssscssssssssasseree Oceupat 241 average Foreign Commodity Prices. Cable reports from abroad indicate ments: (1926 = 100) Week ended — February 15 February bruary Year ago . Janusry avera December ~aver: November ave ober 1928 avera England. France. 91.8 9 Italy. Pt ataen Sgaaaaaa, S8FIAITE: Soiskmooom Ssgg=nes 1 g Fisher.) o el TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity 338 Mar. 15, 1920 37ss Mar. 1 4'as June 4348 Bept. 15, Sept. Dec.” 15, Mar. Sept. Dec.” 15, SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. 5s 1 Aluminum Bid. 99 27-32 99 30-32 100 100 2-32 100 1-32 100 3-32 99 22-32 99 24-32 9922-32 99 24-32 96 20-32 96 26-32 Offer. 99 31-32 100 195; . & Tel. 4s Anaconda Cop. Mining 8s Balto. & Ohio 4%as 1933. Batavian Pet, corp. 41 Califcrnia 3 Canadi s 1942 of Canada 8 1955 Pet. Corp. §1as 1 1937 98 1930 98% 937 102! ] 9 1938 96" Southern Pac, R. R. Co. 45 1930 993, Standard Ol N. Jersey 5s 1048. 101' it Ir. Mt. & So. Ry. 4s 1920 99 | THE IDEAL INVESTMENT | ‘ Standard Collateral Trusteed | Common Stock Shares I TE! T in 100 American Corporations. IDENDS of 48.058 cents per share pald for 6 months ending Jan. is is & YIELD at the rate of for the low price of the period 5 r share) and of 5.82% for the « Continued in principal and yield over of years may be “*Befd"%h lots as small as § snares. For_Particulars and Price Call Standard Collateral Shares Corporation Franklin l?l!. ‘Woodward Bl Pittsburgh Securities Inquiries Invited Bought—Sold—Quoted EDISON GARLAND & CO 1002 National Press Bldg. Metro. 5771 ). growth period o Over Third Iig of a Century’s Ezperience 1y Profitable A host of owners have found it very much to their advant to entrust the management of their properties — especially Apartments—to us. The profitable income from property nds upon how it is managed— and we DO know how. B. F. SAUL CO. Main 2100 - 925 15th St. Safeguarding Your Estate After your efforts te accum- ulate an estate, a safeguard should be thrown around it. Name the Liberty National Bank in Executorships Trusteeships and Other Trusts The same intelligent care we exercise in the investment of our own funds would ap- ?l’dl: the investment of your LIBERTY NATIONAL BANK FINANCIAL" ELECTRIC CURRENT DEMAND INCREASES BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, February 18.—The elec- tric light and power companies will spend at least $950,000,000 in 1929 in providing for the increased demand for current. Sale of power today is progressing at a rate higher than has ever been reached before in history. The output is fully 12 per cent higher than at this time last year and there is every indi- cation it will go still higher as Spring opens up new activities, The sums to be expended are in the ratio of about seven parts for transmission and dis- tribution facilities and three parts for ccnll(‘ll station construction and equip- ment. The gas industry is equally prosperous. | 5 The sale of gas to consumers in 1928 gained 4 per cent as compared with 1927 and the g=in since January 1, as 4 | compared with a year ago, is well above 5 per cent. The gas companies have | programs which will involve expenditure for expansions and betterment of about $100,000,000. It must be remembered in the case of both the electric light and gas in- dustries that plant expansion in reality has not been so extensive as appears on the surface. Many plants which ten or even five years ago were producing ac- the following European wholesale move- | tively now are in the obsolete class. | They are not operated regularly and those not serapped are being held for reserves in case of damage or disaster to the most economically and effective- ly operated new units. These new units have improved wonderfully in efficiency and profits have been aided by low fuel costs and utilization of more energy from fuel than was thought pos- sible a few years ago. It now looks as though total produc- tion of current for 1929 would approx- imate 99,700,000,000 kilowatt hours, as compared with 87,900,000,000 kilowatt hours in 1928. It is also forecast that the public utility companies which now have over ten billions of dollars invest- ed, will offer approximately $1,750,000,- 000 in securities to the public this year to finance improvements. Special Dispatch to The Star. NEW HAVEN, ., February Last week's commodity fluctuations left the farmer’s dollar fractionally stronger in purchasing power. Potatoes, steers and milk were the more important agricultural to weaken in price, but these declines were more than offset by numerous ine creases in prices, including such ime« portant items hogs, lambs, hay, seve eral grains, cotton and eggs. Index numbers of farm purchasing power and of agricultural and non. ricultural prices for various periods are given in the following table in which the average for 1926 represents 100: Asricul- Non-Agy ng tural ricultural prices. B 2 H H i 2 33w ary February February ave verage. ... Nov. average... October average 1928 . 8353385588 <o First Mortgage Money We solicit applica- tions for money for construction or re- financing. Let us have the details — and we will give you a prompt report. Always Low Rate of Interest and Commission B. F. SAUL CO. Main 2100—925 15th St. (Denominations Secured on income-p: Suite 303-307 Ample W cover your First proved Real Estate. scientious, and thorough. Invest Your Surplus Funds in Our 6% First Trust Notes District of Columbia ll'ld nearby Maryland. Interest and Principal Guaranteed District National Securities Corp. of $250 and up) roducing properties in the Telephone Main 2994 District National Bank Building Funds! 0 MATTER how large your requirement, you a will always find available here the funds to Mortgage needs on Im- Qur service is prompt, con. The interest rate is 5% %. In the case of mortgages of less than $50,000 yor retain the privilege of pa; ving off the loan in whole or part on any interest date. First Morfgage Loans on Homes, Apartments a Buildings in D. C. and Business eardy sudurds in Maryland. HLRust Company 1001-15® Street, N.-W Green lights-and red The Light turns green. Off you go. Down the boulevard to your desti. nation. A red light flashes and you come to a stop. Power and sure brakes—your car has them both. Capita]l is a moto: r car which will carry you smoothly along Life Ave- nue. The same traffic rules apply: Green light of opportunity—Go; Red light of danger—Stop. Your savings provide power when opportunity sig- nals—and give you ger flashes. n_fety when dan- Confidence in your financial stand- ing, as in a motor car, is only ob- tained when your money is placed in the best possible investment—such an investment is the 6% First Mort- gage Notes sold by Swartzell, Rheem & Hensey Company. Our record of nearly sixty years without loss to an investor is the guarantee that your Capital Six will be out in front when the signal says: Green Light—Go ahead. SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS 727 15 STREET ~.w./ WASHINGTON D.Co