Evening Star Newspaper, March 22, 1929, Page 15

FINANCIAL, BOND PRCES MIAE IN RACEY MARKE | Credit Situation Continues to Buck & Company BROKE] Established 1916 Write or cell for wmaiiy market letter BUCK AND COMPANY Evans Bidg. 14206 New York Franklin 7300 We Will Lend You Money In Any Amount At 51/2% Interest For Periods of 8,5 or 10 Years Nearby Meryland, and the District of Apartments, Residences or Business Properties OSSTEPHE Main 9300 Loan Correspondent John Hancock Mutual Life Insurance Co. | | | = for construction or refinancing. Consult us for prompt considera- tion and action. i Low rate of in- terest and com- B. F. Saul Co. M. 2100 925 15th St. TN 0L Busin Is Movement —Of money, of men, of ma- terial, Printed forms startthese movements, follow them, di- tect them, and record them GOut of the store-house of our experience, and from our com- plete sample files, the Service Shop can help you to conceive printed forms which will speed and control the operations of your business. Phone M. 8203 —BYRON & — DAMS I Never Disggooins™ $12 ELEVENTH of a Century's Show You —how the facilities of our he net —especially a ment houses. SAUL CO. Main 2100—925 15th St. N.W. Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers' Checques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Adminisirator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 B THE - EVENING STAR. WASHINGTOX. FRIDAY, MARCH 22. 1929. FINANCIAL, * 15 Affect Trading in Secu- ruties Today. BY CHARLES F. SPEARE. Special Dispatch to The Star. failed to indicate a definite tendency. | number of domestic and foreign issues. ‘The fact that'no change was made in peared to have little bearing, for the threat of higher rates constantly over- hangs the market and was indicated in today's meeting of the Federal Re- experience difficulty both in buying blocks of bonds and in selling them, due | decidedly opposite trends of thought § | among their clients as to the future of prices, One straight mortgage issue wa: ment was made to the effect that the Electric Bond & Share Co. proposes to issue an additional $25,000,000 of its 6 zer cent preferred stock at 106. This a 5.70 yield and compares with a 6 per cent return on many other preferred issues of public utility holding com- panies. There was a quieter market in most of the convertibles. On limited pur- chases Anaconda Copper 17s rose 3 | points. International Telephone 4s were {up about & point while Public Service | b |of New Jersey 41;s declined 4 points, | | Walworth 6128 were back to 98, after | selling at 103 a few days ago, and Atchi- | !'son 418 went belo 14. Weakness in | | stocks this afterncon subsequently af- !fected this entire group unhvongly..‘ The junior rails were heavy. Rock | | Island 4135 touched 2 new low. They have been selling 3 to 5 points | | other issues of their class. The s«i‘fl; L | group was heavy. Preliminary negotia- | tions have been started in connection | I | with _the , Carolina & North- {ern first 58 which are due on July 1. | In the foreign group the only wide | change was a decline of over a point in | the Est railroad of France 7s, with frac- | tional losses in Italian, Japanese, Ger- | man, and some of the South American | proposed in Paris to Germany is ex- | pected to bring development to a head |\ {in a few weeks and start’active discus- { sion of the flotation of an international | | loan. | Heavy Construction Awards. NEW YORK, March 22 (#).—Awards on heavy construction and engineering Projects in the United States in the past week were valued at $55923,000, against $160.916,000 in the preceding ! I::e;’;rsxd l"l:.fll,m in the correspond- week, Engineering News-Record | Teports. In view of the big total in the | previous week, the decline was not con- | sidered significant. Awards since Jan- compared with $689.750,000 in the cor- | responding 1928 period. | | Washington S'tock Exchange SALES. Chevy Chase Club 5145—$1,000 at 10135, l;gflomle Electric 6s 1953—3$500 at 108'5. at 8715, Capital Traction—5 at 96, 10 at 9615, 20 at 96, 5 at 961}, 15 at 96Y, 1 at 96, 10 at 96. Potomac Electric 6% pfd.—10 at 113. ‘Washington Rwy. & 98, 10 at 98, 7 at 98. Union Trust Co.—10 at 352. Bank of Bethesda—10 at 80%. Pederal-American Co. com.—4 at 53Y. Mergenthaler Linotype—2 at 107Y, 20 at 10715, 5 at 107%;, 10 at 10735. National Mtge. & Inv. pfd.—61 at 53, af 95, 10 at 9515, 10 at 95 ital | | | Chevy Chase Club 5%;5—$1,000 at 101 Capital Traction Co.—1 at 95. !’nlwfluc Electric Cons. 55—8$1,000 a . Bid and Asked Prices. BONDS. Gas Wash: Gas 6 sories B Wash. Rwy. & Elec. 45 Wash. Rwy. & Elec. gen. 6 MISCELLANEOUS. arber & Ross. Inc. €lar ... am-Vanderbilt Hotel 6154, Chestnut Farms Dairy 6 | Chevy Chase Club S%a.... D..CyRuper Mix & Pot. Joint Stock L'd Bk. Bs... 91 Wash. Mkt Cold Slorags Cons. Title Co. . 100 STOCKS. | Distriect ... Federal-American National Savings & Trist s Union Trust 8a East Wachington...... Potomac SRS Becurity Savings & Com. Beventh_Street. : United States. . Washington Mechanics s g 1m0 '] n b TITLE INSURANCE. Columbia Title................. 13" BenlBatate Titie .00 aag ¢ adg Tille & Tnv. Co.'of M 'com. || 40 41% Md. Wash. Cons. Title pfd g MISCELLANEOUS. | Barber & Ross. Inc.. com. | Chevs' Chase Dairy pfd sl | Chestnut Farms Dairy com .. | Col. Band & Gravel ptd .. Co. ptd D.C. Dist. Nat. Secur Federal Storage . ‘ederal-American C"a c ederal-American pi Lanston Monotype ston_ Monot Merch. Tri Mergenthaler Natl, M & In oo BOND Recelved by Private Wire Direct UNITED STATES. (Saine are ip $.000 ) Snles. High. Low. S remer] PRCES OF BUTTER | * ONINCREASE HERE Brisk Demand Develops at D. C. Wholesale Market. Poultry Unchanged. Careful buying for immediate needs continued to hold the wholesale market for poultry and meats at general price levels prevalept here for several days 1 Sales. High. Low. Close. | Punta Alegre 7 7 7 {Rem Rnd 6%s war, 1 % | Sin Pipe Line §s. Skelly O11 6% Southwest Bell 6s. . Stand Ol N J 68 46. Stand OJIN Y 4%s. TennElecPow 68 47 Transcont] Oil 6348 | United Drug 58 63.. U'S Rub st rf 68 U S Rub 74s.. USSteelstbs... Utah Pow & Lt 5s.. Utilities Powr b8 Vertientes Sug 7s.. . High. Low. Close. Argentine 8s. .. 90! Argentine 63 Ju NEW YORK, March 22.—The bond market made little progress tod Its volume was small and fluctuations | toward the close of the week is lack- ing, particularly in so far as poultry land fresh-killed meats are concernea. Prices of poultry, alive and dressed, remained unchanged today. ter market showed the greatest activity, opening today with a brisk demand and an upward trend of prices. Today's Wholesale Prices. Butter-—One-pound prints, tub, 47a48; store packed, 30a32. Eggs—Hennery, 28a30; fresh select- ed, 30; current receipts, 27. Poultry, alive—Turkeys, 35a38; Win- ter chickens, 38a40; Spring It has now had a week in which to recover from che severe reaction that took place coincident with the Govern- ment financing. Buyers are more in- clined to watch developments than to follow up the advances in a limited Walworth 6%s'35. Warner Sug 78 39.. Warner Sug 7s 4l.. B the Federal Reserve rediscount rate ap- | g Wiison & Co u|‘¢ i WinRepeatAr 7%s. i Yngstn S&T bswi. 41 RAILROAD. ia | At & Birm 4s 33, Atchison ad) 48 Atchison gen 48 Atch deb 4138 48, . AUl & Dan 15t 45 43, Atlantie C L 1st 4s. serve Board in Washington. Dealers to the thinness of the market, and find | Canada bs 1031, Canada %3 1929, Chile 686 ; geese, 20; keats, 3 old, 35a40. Dressed— ‘Turkeys, 40a45; Winter chickens, 40a 45; Spring chickens, 47a48; fowls, 34a 35, Leghorns, 30; capons, large, 45346 small, 38a40; ducks, 32a33; 25; keats, 80a1.00. fresh killed -— Beef, 20a24; lamb, 30a32; veal, 25a28; pork loins, 30a31; fresh hams, 26; fresh shoulders, 20; smoked hams, 26a28; smoked shoul- lard, in bulk, | packages, 14'2a15; compound lard, 13a13%5. Live stock—Calves, 17; lambs, 18. Fruit and Vegetable Review. The daily market report on fruits and (compiled by the Market News Sesvice Bureau of Agricultural| Sales to jobbers ex- ) | offered today. A significant announce- | B&OPLEWY 4 B & O SW5s 50 Boston & Maine §i Brooklyn Elec Brooklyn Elev 6348 Rklyn Mannat 6a. .. Bkiyn Un EI 6350, Buff K& Pitt 4% Bush Term con §s.. Con Nat4%s20.... Can Nat 4148 54, Can Nat4las§ Canad North 78, | Canaa Pacdeb 4s.. Central Pacific 4s.. Cent Pac 18t 58 90.. 20 Chesa Corp b8 wi.. Cnes& Ocv4s... 17 Ches & O 44593 A 208 Chi B&q gen 4s 53. CB&Q4%sTTB.. 15 Chi B & Q 1st f 68, CB&QIildiv4s.. Chi&E 11l gn 58 61.. 14 Chi Gt West 4569.. 17 Chi Ind&L gen 6. . CM&StPgnsy... ChiM&StP415C89. ChiMiISP&Pac5s?5. 41 | CMSP&Pacadi5s03. xfa R e T German EI P 638 Economics) says: | cept where otherwise noted. Apples — Supplies moderate; demand light, market steady. Barrels: Virginia U. 8. No. 1, 2'; inches up, | sales, 6.00; scalded, 5. 3 234 inches up, Black Twigs and Romes, | slightly scalded, ‘Washington extra fancy Winesaps, me- dium to large size, 3.00; small size, 2.50a extra fancy Romes, large size, 2.50; extra fancy Delicious, me large size, 4.00; extra fancy Staymans, ‘Bushel baskets: Virginia U. S. No. 1, Romes, 3 inches, 1.90a2.00; U. 8. No. 1, 2% inches up, Romes, 1.75 No. 1, 2!3 inches up, Romes, 1.50al. 2| , 23, inches up, Paragons, {1.9022.00; U. S. No. 1, 2!3-2% inches, | Delicious, 2.00a2.25; Virginis 1, 234 inches up. Delicious, 2.50; U. S. . 2'2 inches up, Winesaps, few joans. Ger Gen Elec time 1 Orfent Dev 5148 '57. Asparagus—Supplies very light; too w sales reported to quote. Cabbage — Supplies liberal; moderate, market steady. 1!2-bushel hampers, CR1Pac4lsw | Paris Orleans 53 Peru 6367 w 1., Peru 6s ctfs., Chi T H inc 6s 60 Chi Union Sta s Chi & W Ind en 4 C&EWIbkat2, CCC&StL6sD.... CCCaStLrfésA. Clev Term 5% Colo & Sou 4% Cuba R R 6. Cuba R R 63 1936 ef Cuba Nor 54scts.. Del & Hud 1st rf és Del & Hud 6. Del & Hud 78 3 Den & Rio G en —on o1 Poland 7s (rets) .65. upplies limited: demand | market firm; Florida, s | crates, 3 to 4 dozen, 3.00a3.15. Lettuce—Supplies moderate; demand | light, market steady; California crates 5-doz., 3.50a3.75; 4-doz., , 112-bushel hampers. ‘wide range quality an 50: North Carolina, 5- peck hampers, Big Boston type, ordinary quality leafy, 75. market dull; T Emo RhineWst EP RhineWst EP §: RhineWst EP Rio de Janeiro 6% Rio de Jan 85 1946, Rio Gr Do Sul 8s. uary 1 were valued at $1,056.683,000, e @ lies light; demand light, hio and Indiana, | %und sacks, yellows, U. S. No. 1, medium | large , 4808 5.00. jupplies of old stock mod- erate; demand light, dmlrket steady -poun: whites, U. 8. No. 1, 2.10a2.15; Maine, Green Mountains, 150-pound _sacks, | AAL2 Ng‘.hl. 2.15a2.25. | t; moderate, market Florida, double-head barrels, Spaulding Rose, U. 8. No. 1, 7.75a8.00. Spi light, market kets, Savoy t: ipplies mand light, Tuket steady: Florida, 6s, count, best, 6.00; fair dition, 4.0085.! quality and condition, 3.50a4.00; green ripes and turning, wrapped, fancy and | choice counts, ordinary q ¥ conditiop, 2.00a3.00; some poor mndt-! tion low as 1.50. Sweet potatoes—Supplies light: mand light, market steady; East Shore , | Maryland, bushel hampers, Nancy Halls | and yellows, No. San Paulo City 8 Erie 1st'cons ¢ I SrumaSunrmrunannen Eriecvtéaél wi Erie conv ext 7 Rwy. & Electric 4s—8$1,000 ~ Fonda J&G 4%8'53. Russet Rurals, Grt Northn 4 48 E. - Swiss Conted Elec. pfd.—12 at | Toho El Pow 17 Tokio 5% 196 Great North 5%, Great Nor gen 78 - ipplies moderate; demand dull; Texas, bushel bas- HavEl Ry 548 61.. e Yokohama 6s w MISCELLANEOUS. Abramé&Straus b3 Ajax Rubber 3 Alleghany ev 58 w1 134 102 AmAgriChem 7%s. Am Chain 6s'33 Am Int Cor 5% Am NatGas 6%#'43 4 88 AnSmit& R 13t Am Sugar Ref ¢ uality and con- choice count, ‘c-mw ‘Traction 95, 10 at 95, 10 | 111 Cent Chi 4% 4 111-C-C-StL&NO Int Rapid Tran §: Int Rap Tr bs st, Int Kap Trans 78 Int&GtNor ad) 63 §3 InLKysCA5s73.., Kan City Ft S 4s. .. Kan City Term 4s.. Pluummeaiier Orasra s - 6 6 4 1.75a1.90, mostly o ight; demand | moderate, marke Florida, %- bushel hampers, Green Refugees and stringless, best, 2.7523.00; and condition, 2.00a2.25; Black Vulen-‘ tines, best, 2.50. Eggplant—Supplies light, market steady: Florida, srates, fair quality and conditio; Peppers — Supplies light, market steady: baskets, fancy, 1.50a1.75; pepper crates, | fancy, 2.75a3.00; few best higher. Squash—Supplies] ight; too few sales ipplies light; demand LehighVal con 4 %s Lehigh Va) 58 2003, Louis&Nash unt L &N 4%s2003.., Louis & Nash 7 Market St 78 40. MIIEI Ry & L Minn & StL ref Anaconda cv db Armour&Co 4% Armour Del § Beli Tet Pals B Bell Tel Pa 6a C Bethlehm Stl pm b» lorida, bushel 13 NN S 3 N D e B reported to quote. Strawberries—Su, light, market steady, Florida, crates and pony refrigerator, various varieties, mostly 50; fair to ordinary ight! demand light, market about ;geldy; Mexico, 45-pound Beets—Supplies light; demand light, market steady; Texas, b\mchc%, fair quality and condition, Carrots—Supplies moderate; demand light, market steady: Texa: mol!ly_':.w: bushel baskets, bunched, mendous flow of loans tightened credit conditions, inter- est-bearing investments suffered heavily. The Reserve banks tightened credit still further by throwing Government securi- ties on the market. Mo Pacific gen Mo Pac 6s A 6l Mo Fac 6s F 77 Mo Pacific 58 G NOTex&M 4 %8 b condition, 35a45 Com Invest %8 4 Peas—Supplies Com Invest 6s 48 Con Coal Md 18t 5| ConGas N Y 6%4s bushel baskets, Cuban Am Sug 8s Denver Gas §s. Detroit Edison =t R R B mn » NY C&StL ¢%4sC.. NYChI&StL 6%8A . NYChI&StL 5%~ B, NYC&StL6sA. NY NH&H db 48 b’ NYNH&H%4s. NY .‘\'Bch"db o R ‘ TREASURY CERTIFICATES. (Reportea by J. & W. Seligman & Co.) Humble Q& R 6% Illinols Bell 15t b Tlinois Steel 4% Inland Stl 4%s Int] Cement b8 48 | Int] Match b3 47... int Mer Marine Int Paper 68 47. inter Paper s Int Tel&Telez 43 Int Tel&Tel 4348 cv 723 117% Kan City P& L 6s. Kreuger&Toll 5y ct 134 Nor Pac 3s 2047, Nortnern Pacific 4s. Nor Pac 4% 8 2047.. el Anaconds Copper Min 6s 1 | Pennsyl gold Rwy. 0 Rock Island 4s 47 Portland EIP L Port RL & P §i Rio G W 1st ¢s. St L IM&S 45 29... StL IM&S gn b 31. 2 St L IM&S R&G ¢s. StL&SFpl4sA.. 3 StL&SFrasis. StL&SF prinbs. St LS W con 4s 32. St P Un Dep 6. Seaboard AL 4s 8 Seab A L ref 4s.... SeabA L ad) bs 1949 proved on the Bouse toda pel cent rentes, 71 frémcs 90 centimes; 5 1 Sinclair Crude Oil Sias 1933 Bouthern Bac R 'R, da. 45 1936 46 per cent loan, 98 francs 95 centimes. North Am Edis Standard Ol'N. Jersey No Am Ed 6% A Nor Ohto Tr & L 6s. Nor States Pow Nor States Pow Pacific Gas & EI 3 53 tric Co. Ba 1944 el Corp. 5 Va Southwn con Pressd Steel Car estern Pacific 974 se Public Service 499, B4 Suopcrown Uniga Pac 18t 45, -il\' KENNETH S. \'AN‘ STRUM. NEW YORK, March 22—At this time, when the future of the stock mar- ket seems rather uncertain, there is a general tendency to point out the more generous yield and greater stability of bonds. Two statements are often made, how- ever, which do not seem to fit together. In the first plaee, it is inferred that be- cause of the spread between the yield on high-grade bonds and on most stocks, bond prices may be expected to rise as investors realize this fact. This seems rather far fetched, how- ever, for yields on stocks have been falling for the past year, while bond yields have been rising. It is also stated that money rates will probably remain high or perhaps rise still further. If these two forecasts materialize we would have falling bond yields and firm or rising interest rates. Stocks Forecast Business. In recent months the differences be: n stocks and bonds have been es- twi pecially well demonstrated. In a broad way stocks are dependent upon money rates simply because credit is needed to create a bull market in stocks. But the final vield on stocks is impossible to de- termine, since it Is dependent upon| future business conditions. When business prospects are bright stock prices rise; when they are poor prices fall. Thus, although tight credit may act as a dum?r to speculative 20a | enthusiasm, the stocl affected by business prospects than by money rates. ‘market is more Bonds Reflect Credit Conditions. On the other hand, when one invests in bonds there are fewer uncertainties as to yleld. A certain yield may be re- lled upon from any high-grade bond. The problem of investing in fixed return securities, therefore, resolves itself into a decision between bonds and any other form of investment where the yield is equally definite, such as commercial paper, bank acceptances and call or There is a close relation- ship between these forms of investment, so that here, much more than in stock | § buying, the investor must watch money rates. That bond prices do move in close | gor! sympathy with money market condi- tions is apparent from the chart, which » shows the average vield on 60 high- grade bonds, together with the rate on time money | Time loans made against stock and bond collateral are for a definite period of time as contrasted with call loans, {which are “callable” at any moment. | Not only during the period shown on the chart, but for a much longer period, bond yields have never fallen materially unless time money rates were also low or falling. Open Market Operations. The chart also shows the amount of Government securities held by the Re- serve Bank. It will be recalled that in 1922 an open market committee was formed by the Reserve Banks to control conditions in the money market. This|,, was to be accomplished by the Reserve | banks easing credit by purchasing cer- tain kinds of securities and tighten it by selling them in the open market. Government. securities are one used for this purpose. Conditions in | money market are tightened when Gov- d | ernment securities are sold for a large | volume of credit is thus thrown upon BOND YIELDS 1 1 ] 23 24 25 26 27 2829 the open market which must be ab- sorbed. Naturally, the opposite is true | when these securities are bougl Reserve banks. The chart shows that this system of control has been effective. Whenever the Government security holdings of the Reserve banks were sold time money . | rates and the yield on bonds and all | other classes of fixed interest securities ||| would rise. Whenever Government se- ||| curities were purchased the yields dropped. During the past , when the tre- mdl into brokers’ The very severe decline in bond prices (bond yields reversed) which oc- curred during the early months of 1928 has been repeated during the past few weeks. The chart shows that during both these periods the Reserve banks sold great quantities of Government securi- ties in an attempt to_tighten credit and thus prevent the flow of Reserve funds into brokers' loans. Their sell- ing was halted last week, just prior to the Treasury offering, and only fu- ture bank statements can tell whether they are definitely through selling. As long as money rates remain at resent high levels there seems to be little hope that bond prices will rise, despite their present bargain levels ana attractive vields. If the Reserve banks continue to sell Government securities there is even less chance of a broad rise in the bond market. Future Bond Prices. Ordinarily, however, when security prices decline sharply high-grade bonds decline only about one-quarter as far as high-grade stocks. Since bonds have already suffered an average drop of 5 per cent from their highs, further sharp declines are held improbable, even if liquidation in the stock mar- ket takes place. Furthermore. when money rates { finally do decline bond prices should rise. Undoubtedly it is because of this situation that Secretary Mellon and other conservatives are today recom- mending investment in bonds rather than in stocks. (Copyright 1920.) PARIS BOURSE PRICES. PARIS, March % (&) —Prices im- Exchange on London, 124 francs 2613 centimes. The dollar was quoted at 25 francs 60’ centimes. FOREIGN EXCHANGE. (Quotations furnished by W. 8 Hibbs & Co. ominal gold Selling ehecks value (or par). E Londen, pound 54.8665 34.88' B 1 1193 K pes Vienna, rchijin udapest, sloty o |CREDIT TIGHTENED By the Associated Press. with the growth of speculative interest in cotton trading, the New York Cot- | ton Exchange has acted to tighten the | credit requirements for dealing on the | exchange. The board of managers has | posted a notice announcing that, begin- ning May 15, members shall not extend | credits to customers amounting to more | than $5 a bale or to a maximum of more than $10.000 to any one customer. credits, directly or indirectly, rson, firm, corporation or association | in excess of $5 a bale or exceeding & maximum of $10,000 is declared to be an act detrimental to the best interests | of the exchange and is hereby prohib- ited. Any member violating this rule | shall be subject to suspension or ex- pulsion. * * *” to restrict speculation in cotion futures, it was explained that its adoption was primarily in an effort to even up the business between members, since under the present conditions, with practically no credit restrictions, large Stock Ex- change houses with powerful financial | backing have a great advantage over the smaller houses trading exclusivel in cotton. It also will tend to save smaller houses from overextending themselves in an effort to serve their customers. must be approved by the members and | Austrian ht by the | ON COTTON EXCHANGE NEW YORK. March 22.—Coincident | he extension of to any ‘The notice states: ‘While this rule inevitably will tend At the same time the board announced that it had approved an amendment to the by-laws increasing commissions from $12.50 to $15 on each 100 bales | bought or sold for a non-member, in | the United States or Canada, when the price does not exceed 25 cents a pound. | The board also approved an increase from $1.35 to $1.50 in the commission on similar transactions when one mem- ber acts for another, These increases | LIABILITIES. | Reserve, as reaired by law (un- | » 27th day-of Pebruary, 1929, STATEMENT OF THE CONDITION of the | Mutual Protection Fire Insurance Company of the District of Columbia On the 31st dav of December. 1928. quired under the Distriet of Columb amended June 30, 1902, and August 18, 1 Cash in office Cash in bank Real estate m Interest due and Total assets .. s, or retu poliey holders ... Sonaniade Cash dividends remaining unpaid. Tetal Habilities ... .....ooooeeren Character of business transacted during the year 1928: Pire insurance on mutual 1 pian Amount of rigk sssumed durive ai The vear 1028 . oo % 4041.300.00 sses = 028 o 00 y 1928 e 3.628.02 Expended during the ye . 2.596 30 B! TAMBIE, President. WM. A JOHNSON. Secretary and Treasurer. Subscribed and sworn to before me this LEE Notary Publ Mortgages Investments JAMES Y, PENNEBAKER Main 5328 1520 K St. N.W. Mortgage Money Loaned At Low Interest Rates will be voted on April 2. GERMAN BONDS AND STOCKS. Special Dispatch te The Star. NEW YORK, March 22.— Ger Govt Red Loan with di s att Der 100 R Moo 65.00 €000 Ger Govt Red Loan witheut S et mmiiion. markg) . Sruibees $a 00 5ér " ihotisand marks.) 22.00 3 (Quored in” dolla Ger Gen Elect pre German Gen Elect 445 = B 25 2= an i S5 EE (>3 33 3 332 Busseldort 4s pre-war Frankfort a-M unich 4s pr ® rinones 343 (Quote AEG (Ger AEG ( n 3 5 8 g - 5 § 3 BEBASBEES BB, 33333333333333 3833333333 Chem . Bank Vienn: North German Lioyd AEG (Ge Rudoiph Karstadt. DIVIDENDS. Pe- Pay- rp. Flod. mate. 3ble. SoGore. Btock of | < wBk S o ar. 31 125 Apr. 18 Mar. 31 grklyn ;f‘ru‘r{lufl(: Nachine Co. o 78 June 10 May 27 110 May H o ooo! oo § 3. 2 nit Q 1.78 B 108 3 s 350 200 Q 68 Apr. M [ar. 30 Mivad Gop. 60 § B A s N:"l?nflm?l'- Co. Q .50 May 1 Apr. 15 Northern _ Indian Q 14% Avr. 15 Mar. 3 1%% r. 15 Mar. 30 g IRI BB Q 3178 Apr. 1 Mar.33 .00 Apr. 1 . 30 g A MR e 1.00 al’h 1 Mar. 20 *No dividend paid respect to script certificate for fractional shares. ’Snl-hl" of 1 per c in stock, on com- mon. | Prob! | Reasonable Rates 1004 Vermont Ave. 56 years of experience. E— Smith Building ADDRESS i | | Bid. Asked. | Q 3175 Apr. 1 Mar.20 ; .35 ar. ar. gs 78 Apr. 1 Mar.28 : e 1 'Q *36.00 Apr. 1 Mar.33 173 June 1 May 18 1 Apr. 15 May 1 Apr. 18 First Deed of Trust Loans | We place first mortgage loans on District of Co- lumbia, Maryland and Virginia real estate. Also - 3 Purchase notes secured by P j Second Deeds of Trust Consult Us in Regard to Your Real Estate Finance lems ' NATIONAL MORTGAGE AND | INVESTMENT CORPORATION Buy Bonds ... yielding 61/2% BEFORE you invest your surplus funds, consider 6’3 % Real Estate First Mortgage Bonds secured by modern, income- producing city properties. If your | consist chiefly of railroad, public utility and indmfln.d you will do. well to become familiar with the attractive yield and convenience of bonds offered by The F. H. Smith Company which are pro- tected by a system of positive safeguards developed through We are serving investors all over the United States and in more than 55 foreign countries and territories. We can serve you, too, with equal satisfaction. We also offer other types of securities to meet various requirements. Dc-ou::fl,flu: 41,000, 8300, $100, Send your name end eddvens Investment Servie THE F. H.SMITH CoO. Investment Securities — Founded 1873 (815 - 15th Street, N.W.—Main 6460) & Branck Offices in— New York — and Other Cibies NAME .tiiecaninnniisictinidissisnsesssssarisiesese Tyler & Rutherford Mutual Benefit Life Ins. Co. Street Main 475 In Nearby Virginia 51/2% In:m:h éo. ’ Loans ||| Commonwealth Investment Co. Wfi 917 1k 8t NW. Phone Main 2623 6% NOTES Secured by First Mortgages Safe—Conservative our savices . 42 Years’ and surplus funds ) work for you at EXperience the highest-inter- in finsnelg® est rate consistent homes and in with absolute sale of these se- safety. curities. Wm. H. Saunders Co., Inc. REALTORS Main 1016 1433 K Guaranteed 6% First Morigage Notes Secnred on Income- Producing Properties in the District of Columbia and Nearby Maryland District National Securities Corp. Suite 303-307 Telephone Main 2994 District National Bank Building Prompt Service Phone M, 5833 edition of our Investment ond jor Washington, D. C.