Evening Star Newspaper, April 14, 1929, Page 35

- JARKET IMPROVES - ON EASIER CREDIT Prices Recover After Second- ary Reaction—Brokers’ Loans Still High. BY CHARLES F. SPEARE. Special Dispatch to The Star. - NEW YORK, April 13.—The contro-’ versy over credit conditions has been more subdued this week. Motions in stocks have been narrowing down to the proportions of earlier markets, prices have gone through a “secondary” downward movement and then have re- covered, and brokers’ loans have been weduced $135,000,000. An average call money renewal rate of 814 per cent for the week compares with that of 10', per cent the week previous. Time loans are mostly at 9 per cent, but the demand is smaller, with concessions mainly to the bor- rower. The bond market has shown greater resistance to the influences that have been producing successive waves of liquidation since the first of the year. It is only as current money rates mppear easy in comparison with those of last month that the credit situation seems to have improved. The quota- | tion of 9 per cent prevailing the second | half of this week is close to the maxi- mum for all of last year. From the record total of March 20, the decrease | in brokers’ i~1s has amounted to $366,000,000, but they had expanded | l;iDZ.OOU,OOO in the three months pre-i vious, Loan Figures Stll High. If it is the aim of the Federal Re- serve to reduce speculative borrowings $1,000,000,000 as ths first requisite of credit stability, there must be further liquidation of securities. Even should this loan readjustment be accomplished, | the total would only be down to the figure of last September, when stock averages were considered high. In his statement early in March, Paul M. ‘Warburg emphasized the fact that the market value of 90 corporation stocks had increased in two years over $15,- 000,000,000, “an accreticn,” he said, “quite unrelated’ to respective increases in plant, property or earning power.” Comparing_prices of stocks at their | low point this week with the high levels reached at different times dur- ing the first quarter of the year, it is qbvious that much liquidation has oc- cured and that quite a slice has been pared off the excess valuation of favor- ite issues. This does not mean, how- ever, that they have been reduced to &n investment basis. In this connec- Aion the statement of the president of e of the largest investment trusts is week is illuminating. His com-| pany, he remarked, had the same anount of its resources in cash or in qall loans now as it had during the arch break and did not take advan- ge of panicky prices then, for the ' peason that it did not believe them attractive. The popular share prior to the March break were the coppers, which benefited from the advance in copper metal from 17 cents to 24 cents a pound. The break in these stocks ahticipated the sudden decline in metal from 24 cents to about 19 cents. It was due more to an over extended speculative position than to conditions in the trade. The effect of it was a cut-off from 15 to 25 | per cent of the market valuation of the members of this smup. Earlier there had been a broad speculation in the motors. The operation in this active list of stocks has amounted to from 10 16 3315 per cent and to even higher percentages among some of the smaller producing concerns. ‘The companies manufacturing motor accessories have seen their stocks reduced in market Walue by one-quarter to one-third. Utilities Stocks Shrink. Coincident with the great public de- mand for coppers was that for the hold- | ing companies of public utilities, with the relation between earnings and prices per share becoming much distorted. | Naturally, therefore, in the readjust- ment there had to be a radical shrink- age in public utility stock. This ranged | from 20 to 40 per cent. Another group that experienced an extravagant over- | appraisal was composed of the radio companies. One of these stocks this | week was down 60 per cent from the high of the year end another over 30| per cent. The airplane issues lkewise | had to be deflated. Two of the most important in the listed group were off 18 and 24 per cent respectively. It has also been a period of recasting of opinions concerning the worth or some of the amusement company shares. In going over the list of taem, one finds such declines as 30 per cent in one, 40 per cent-in another, 45 per cent in a third, and nearly 50 per cent in a fourth. Others are down from 25 to 35 per cent. This is correcting over- valuations with a vengeance. Trade mark securities that have been popular and have been selling at more times their earnings than pects justify, have likewise settled to_a closer | parity with actual worth. The na-!| tional distributing company stocks are off from 20 to 3¢ per cent. Among the railroads that have had the widest market, the declines range from 8 to 13 per cent. Many of the stocks in these different groups had previously increased ln| market value from 100 per cent to 300 | per cent and although the declines from the high level of this year appear large, they still leave a majority of specula- tive shares at figures representing con- sidc:sahh discounting of future pros- pects. New Factors in Situation. For months Wall Street has operated on three major facts; namely, high money, which was bearish, and indus- trial prosperity and the recapitalization and the consolidation of corporations, which were bullish. From now on there are likely to be other factors entering the situation to divert attention from those that have ~been controlling. Among them are the new Congress| which convenes Monday, cmr eon- tions in the Winter wheat cotten Its, evidences. of over production in e motor industry, over stimulation the price of copper and flnms ‘f#down in the pace of the iron and trade. b ‘The decision of the United States sweeping character. FINANCIALD. il Hich. Lib 8% 1932-47 Lib 1st 4% s 1532 Lib 4th 4% s 18333 19 3., 1920 High. Low. 00% 98 986 92% 101% 954 98 112% 108 87 98% 91y 105% 101% 99% 85 Argentine 5s June Argentine 6s A '57. Austratia b Austria 78’43 Bank of Chile §%3s 6’ Belgium 68°55...... Belgium 7%5°4 Belgium 88 '¢1. Bolivia 7s ct " Bordeaux 63’34 Brazll 615 s 1921 Brazil 8s 41 Canada 5s ' Canada 5% Chinese Govt Ry Copenhagen 58 °52 Czechosiovakia 8s Denmark 65 42 % Dutch East Indles 6347, Dutch East Indies s '62. Fiat 7s 46 war 50 Greek 63 1968 Irish Free State 58 '60. . Italy 7s'51.. Japanese 615554 B Kreuger&Toll 58 ct wi '59 Mexico 45 1904-5: & Milan 6138 °62. Netherlands & 4 Norway 5%s.... Orient Dev 535 57 Paris-Lyons-Med 68 °58 ., Paris Orleans 5%s 1968, . Peru 65 '60. Peru 7s.. Pirelli Co of i Poland 8550, ..., Queensland 6547, Queensiand 7s '41. i Rhinelbe Ts. .. 71¢ Rhine Westphalia 6s Rio de Janeiro §s '46. Rio Grande Do Sul Tome 6143’52, .....i.t 4 Sao Paulo State of 85 ‘36. Seine Dept of 7s. .. Serbs, Croats&Slav 13 104% 93% 107 92 91% 10! 108% 81% 9% 103% 103% 998 104% 100 85% 96% Sweden 68 " Swiss 5% s 4 Toho Elec Pw Utd Kingdom 5148’3 Uruguay §s 196 Warsaw 7s 1958 4 Yokohama 6s°61.. 120 1104 1063 11 97 107% 98 104 101 5% Abram & Straus 51¢s'43. . Alleghany Cocv b3 44... Am Agri Chem 7%s "41... Am International 514549 Am Natural Gas 6%s " Am Sm & Ref 1st 5547, Ain Sugar Ref 6337 Am Tel & Tel el tr Am Tel & Tel s { §: Am Writ Pap 634 Anaconda Cop Anaconda cv deb 7; Armour & Co 4% Armour of Del 5% Atlantic Ref deb 5537 Bell Tel (Pa) ref 5548 4 Beth Steel p m 53 ‘36 Beth Steel s f 6s'48. Certain-teed 535 1948, Chile Copper 5847 Colon Ofl 63 "38. . . Comm Invest 5%s'49. .. Comm Invest deb 6x '48 Con Coal (Md) 1st ref Cuba Cane Sug cv deb 85 Detroit Edison ref 6s '40 Dodge 63°40.... Dugquesne 1% s 196’ East Cuba Sug 7%s ‘37 General Cable 5155 1947. Gen Motors 6s'37. Goodrich (BF) 6%;8'47.. Humble Oil & R 5148°32.. Indiana Steel 58’52, Inter Cement 55 *48 Inter Match 58 "47...... 4 Inter Mer Marine 68 "41. 5 Inter Paper 55 A "47. Kendall 513 pringfield 35 Lackawanna Steel 53 '50. Laclede Gas 5145 - Lizgett & Myers 55'51. .. 5 Loew's Inc 65’41 war.... Lorillard 518 '37. ‘e Manati Sugar s f 73842, Midvale Steel 58 '36...... Nat Dairy Prod 5%s 48, at Radiator 6155 1947... ew England Tel 55 '52. . Y Edison 15t 61 N Y Tel4%s'39. N Y Tel 6541, orth Amer Ed 4 Northern States Power 58 Pacific Gas & Elec 53'42.. Pacific Tel & Tel 58’52 % Pan-American 68 Paramt-Fam-Lasky Philadelphia Co 58 '6 PhilakRead C&I Philips Petrolm 58 '39 4« Postai Tel & Cable 5s°'33 Pukiic Service ¢%3°48 Sinclair O11 65°30.... Sinelair 011 7837, Sinclair Crude Oil1 5% Stand Oil N J 5 i Stand OIl N Y 415351, Tenn Copper 6s'44 B. Transcon Ofl 6% '38. United Drug 55 '53 U S Rubber 15t & ref b U.S Rubber 7345 '30, U'S Steel s £ 5563 103% 97l 103% 100% 103% 104% 97% 92% 102% 109% STOCKS IRREGULAR IN PROFIT-TAKING Many Industrials Decline -at Short Session—Credit Outlook Easier. By the Associated Press. P! NEW YORK, April 13.—Extreme ef | Commisston of Pennsylvania, about 200 's bri nounced effect on & large body of local vy traction securities and a sobering one where there are attempts being made to establish higher surface line fares. body of jurists are likely at vn-lual for years to come. "stfl! anoth:rntln&mee :?lt;e le oul pian repas~ rations cgmmlme. for this mwplln successful without assistance from . All of these situations stringency ital mid-month turnover of funds. ar industrials tocks | plants were on a higher plane than in : | i g i | i i i i il { giia £ £8 i i 19720 96 10021 1000 1003 . cesne 1 Italy 7s°'52.. Pt L — Net Mich. 101 Utah Power & Light 5s. .. Utilities P& L §% 5”47 % P2 41 5 89%, -t 9 +1% 96.81 109 + % 96.28 97, 101% 100% 101% -+ % 100% 100% 100% -+ % Net Migh. Low. Close. Chge. B4% B6W + %% % Atch,To & San F 4% ¥ Atlantic C L 1st 4s'5% B & O gold 4848 B&Ocv4ls'as B &Oref 58'95. B & O ref 55 D 20 Balto & Ohio 55 48 Balto & Ohio 65’95 B&OPRILE&WVa B&OS W Divis 50 Bangor & Aroos 4s '61 i Boston & Maine &6 Brosdwy & Tth Av5s 43 Brooklyn Manhat 1st 6 A Canadiun Natl 4= °80. .. Canadian Natl 4% 557 % Canadian Pacific deb . Central Pacific 48 °49..... Central Pacific 55 1969. .. Chesapeake Corp 53°47... o & Ohiocv 438730, Ches & Ohlo gen 4145 '92 % k3 % % %4 Y% T4 dd++1 0+ SEEd P | Ay Chi Great West 4s'59. 4 ChiMStP&Pb5s’75. 4 Chi M St P & P adj b e Chi & N W 615536 Chicago Rys 58 °27 Cil RT& Pac ref 4s'34. ChiRT& Pac 4%sw.i Chi Unlon Station 4%s. Chi Union Station 6128 4 Chi & Western Ind con 4s., Chi & Wesern Ind 5% "82. CCC&StLISD......un CCC&StLref6sA’2y. Cleve Terminal 5%=. . Colo & Sou ref 413 '35 Cuba R R 5= "52. Cuba North 5%s'4 Del & Hudson 5%s'37.. Den & Rio Grande cn 4 Den & R G West bs ¢ Detroit United 4% Frie 1st con Erfe gen lien Erle ref 55 '67. Erie con 78 '30 Florida East C Fonda J & G 4% Grand Trunk s f deb Grand Trunk 7s"40. Great North 44876 Great North gen 5 s 5 Grl North gen 7s '36 Havana Elec Ry 5% Hudson & Man adj §s '57. Hud & Man ref 5s '57 TNiinois Central 4 % Inter Rapid Tran sees 22 #2F seres Rt e I e - FE ¥ +l+140hd Frexr #2 #F RewpyE r L4+ 110 108% Inter Rapid Trancv T Inter & Great Nor adj 6s. Inter Ry Cent Am 8%s. .. Kan City South 3s 1950 . Kan City South §5°50. ... Kan City Ter 15t 48 '60. Lake Shore ¢s°31. Louis & Nash uni ¢s'40. . Mil El Ry & Lt 1st ref 6s. Minn & St L ref 4549 i MAtP&SSM6ls 31, Mo Kan & Tex 1st 43 "90 Mo Kan & Tex adj 58 °67.. Mo Kan& Tex prinss A. Mo Pacific gen 4s°75.... Missouri Pacific 55 A "85. . Mo Pacifie 68 F...... Missouri Pacific 58 G. Nassau El 4s '51 N Y Cent deb 4s°34. N Y Cent ref imp 55 2013. N Y Cent deb 68 '35, ..... NYChi&StLrefs%s A NYChi&StLref6is B. NYNH&Hcvdeb s NY Ry6s'65... 4 NY Siate Ry 4% N Y West & Bos 4% Norfolk & W cn 4396 North Pacific 3 2047, North Pacific 4s'97. North Pacific 58 D 2047... 4 North Pacific r 1 68 2047 Ore Short Lref ¢s°29.... Ore Wash 1st ref ¢s 1961 Penn gen 4%8"65. Penn 438’6 Penn gen 5s Pennsylvania Penn 635 '36 Pennsylvani; Reading 41597 RIATk& L 4% St Louis, I M & S 4s StL Iron Mt gen 55 193 % StLIM&SR&G4'33 StL&SF prinds A0 StL&SF 4%s'78..., StL & San Fran 5s B’ St Louis S W con ¢s°32 StPKCS Line 4%s'41 i Seaboard A L ref 45’59, Seaboard A Liadj 53’49 Seaboard A L con 6s 45, South Pacific ev 4s 29 South Pacific col 4s 49 South Pacific ref 4s'55. .. Southern Ry gen 4s '56. Southern Ry 1st 58 '94. 4 Southn Rwy gen 651956, Southern Ry dev 8% '56. Third Ave ist ref 4s'60... Third Ave adj 6’60, Union Paclfic 1st 4s"47. Union Pacific 45'68. Virginia Ry 1st 58 '62 4 Va Ry & Power 58'34. Wabash 1st 55'39 Wabash 58 B 1976. Wabash 613 '75. ‘Western Maryland 4s '52. 92% Westn Maryland 5%3°77. 95% Western Pacific 58°46. ... 8414 West Shore 1st 45 2361.... I F ++ 10+ RREES o L o ) e EEE F+ESESER 90% * 85 . 106'% 106% 113% 112% 120 119 61% 60 93% 87% oY + % et =1 +1 +1% 97 864 85% 4+ Il HlER L+ FlEHEH e+ 100% 98 108 86% | i Motor products was marked up nearly 6 points above last night's close and Stromberg Osrburetor crossed 88 to WHEAT PRICES GAIN. CHICAGO, April 13 (#).—Farm re- tief developments at Washington vir- tuslly monopolized attention of wheat traders today, and ht about sub- stantial advances which were after- ward ‘shaved down 3 profit-taking. | Dealings were fll: a fairly !arl:.uacali preferred also sold at new peak prices. Ford shares gave a fairly good demon- stration of strength, with Austin Nichols preferred and Postum in the forefront of the advance. Revival of activity and strength in International Combustion was generally attributed to William C. Durant, who sails for Europe next week. ‘The closing was irregular. Plans Pipe Line Sale. NEW YORK, April 13 (#).—Southern Pipe Line Co., member of the old Standard Oll group, today announced lans to sell, subject to approval of ders and tie Public Service eat of sprea m:mn export demand for wheat from North rathe: r slack, but there was miles of pipe line between the West Virginia and Pennsylvania State lines and Millway, Pa., to the Manufacturers c&ht & Co., subsidiary of the umbla Gas & Electric Corporation. "00“" CHECK PAYMENTS GAIN. ts i endeq Apri 6 showed. & ghin gver both |3 o year, Depart- ‘ment of Commerce. itions in steel ither wezk or the - e theme:fl‘h;ln.‘ or corre- New York Stock and Bond Averages. SATURDAY, APRIL 13, STOCTKS, % ‘Hich, LY lew, 1986, 721 10th St. N.W. Taa bond sales (par valwe), $d- m’l Nea 'b’ VIr—'l:ill- o Bt . wain. .18, Commonwealth Investment Co. ry rails averaged 94.711 fi*’ ulilities averaged 9485 917 15th St N.W. _ Phone Main 2023 rials averaged 99.03: metl ‘average, 95.14; met gain, St TR menn e onfined from Page Thirty-four) _ Steck and dividend. i Stromberg Carbu (3).... Studebaker Co (35) . Studebaker Co pf (7 Submarine Boat Sun OIl (g1) Sun Oil pf (6) Superior Oil. . Superior Steel High. Low. 89% T3 i+ ¥ Symington Class A. Telautograph (13 tE+1+4+110 The Fair pf (7). Third Avenue Thompson J R (3.60). Tidewater Asso Oil. . “Tidewater Oil (80¢) Tidewater Oil pf (5). ‘Timken Roller B (3).... i Tobacco Products(1.40). ‘Tobacco Products (A). . Vit+d 441 Transue & Willlams Trico Products (2%). Truax Traer Coal 1.60 ‘Truscon Steel ($1.20) Tiin City Rapid Tr Underwd-Elliott-F (4 Underwd-Ell-F pf (7)... Union Bag & Paper..... Union Carbide (6) Union Ofl of Cal (2) Union Pacific (10)..... % Union Pacific pf (4)... 4 Union Tank Car (5)..... 1 Utd Afrcraft & Trans. .. Utd Afreraft & Tr pf (3) United Biscult (1.60)... United Biscuit pf (7).... United Cigar Stores (1). United Cig Stores pf (6). United Dyewood. ....... United Dyewood pf (7). United Elec Coal (3). United Fruit (c4) United Paperboard. U S Cast Iron Pipe (2). USCIrP1stpf (1.20).. USCIrP2dpf (1.20). U 8 Distributing. ... U 8 Distributing pt (7) U S Express. ... U S Hoffman (4).... U S Ind Alcohol (6).. US Leather U S Leather A (4). U S Leather pr pf (1) U S Realty & Imp (4)... U S Rubber. ... U 8 Rubber 15t p g U S Smelt Ref&M(3%).. U S Smelt REMDPI(3%). U 8 Steel (7). U § Steel pf () U S Tobaceo (3). U S Tobacco pf (7). Universal Leaf Tob (3). Univ Pictures 1st pt (8). Univ Pipe & Rad. Utah Copper (16) Util Pow & Lt A (e2) radasco Sales. .., asco Sales pf (7) dium Steel (t4). Raaite. . Van Raalte pf. w ER R AR + 120% 125 34 2191 52% T+1++1 2 Rests oo Pl++te+tind # xF Pl 44+ 14+ + il + 2% n ». 1 Pl 4% in stock. ! in_ st 1 Plus Steck and dividend. Viek Chemical (4) . Virginia El & P pf (7). Vulcan Detinning Vulcan Detin pf (7). Vulean Detinning (A3, Wabash....... Wabash pf A (5). Waldorf System (1%). Walgreen pf (6%). Walworth Co (1.20). Ward Baking (A). Ward Baking B. . ‘Warad Baking pf (7). ‘Warner Bros Picture: ‘Warner Bros pf (2.20).. ‘Warner Quinlan (2). Warren Brothers (15)... 141 Warren Fdy & Pipe. Webster-Eisenlohr. . Wesson Oil & Snow (2). Wesson Ofl & 8n pf (4).. Wesson Ofl pf (7)... West Penn Elec A (7). West Penn Elec pf (6). . West Penn Elec pf (7).. 108 West Penn Power pf(§). West Penn Power pf(7). 114% Western Dairy A (4).... 53 Western Dairy B.. Western Maryland stern Pacific. .. Western Pacific pf. . i Western Union Tel (8).. 196% Westinghouse Air B (2). Westinghouse E&M(4) . Westinghouse 1st pf(4). 143 Weston El Instrument.. 393 Weston Elec Ins t A (2 Wheeling & L Erie pf. White Eagle (2). White Motors (1). White Rock Min S (3). White Sewing Machine White Sewing M pf (4) 4 Wilcox Ol & Gas. .. Wilcox & Rich (A) 2% Wilcox & Rich (B).. % Willys-Overland (cl. ‘Willys-Overland pf (7) Wilson & Co. .. Wilson & Co (&) Wilson & Co pf. . « Woolworth F W (6). Woolworth (F W) new.. Worthington Pump Worthington Pump (A). Worthington Pump (B). Wright Aero (2).... Wrigley W Jr (13%) % Yale & Towne (4) Young Spr&Wire (24 Youngston Sheet & T Am Steel Fdry, April 15. Anaconda Copr, June 1 Atlantic Refing, Apr 2 Glidden O, April 25 Goodrich Rubber, Ap Int Paper & Pow, Apr 20. Jordan Moto, May 4..... ¥ Missouri Pacific, May 1. % Motor Products, April 15 Sou Cal Edison, May 21.. Southern Pacific, May 15 Warner Quinlan, Apr 23. e on, the payments basel *Unit J e 8 Paid Jast Jear ng TegUlar TaLe, © S Havavie ih cain o siock K T ale R o I stock. b Partly stock. ) Plus 3% High. Low. Close. 89 8™ 89 113% 112% 113% 5% 1L I+ #+1 i 48% 34% 19% 94% 39% 64% 110 106 98% | i 106% 29% tiia+ b+ttt 50 150% +iiTe FEFE EFI ¥& Money Available for FIRST DEED OF TRUST LOANS Qn Completed Prope: for Construction Use Reasonabls Interest and Commission Rates JAMES F. SHEA 643 Lo and Low-Priced Stocks? What possibilities in these stocks, at these prices— AMERICAN SECURITIES SERVICE 206 Norton-Lilly Bldg., New York ) *+iit1+i+L110 0 FRes"" 4 as HE aw @ &R A+ 4+ - = 5 3). (5) 128 RIGHTS—EXPIRE. 2% ' # 2 1% " % Lo 3 b %o k- % iven in the above tabie are the annual casn 1“.‘1 nulmrl&l or half-yearly declaraty than 100 shares. tP: ext) ferred stocl <Pl le in < 2 all or vart at Mr. 1018 14th St. BUILDERS—SPECULATORS 60 lots in fine N.W. section. Will se] an atiractive price. Cal "CAFRITZ Loans to 1529 14th St. N.W. Dee. 3320 Salaried People “Character Plus Earning Ability~ Our Basis of Credit” T OEEOVIYEVER WASHINGTON WIMSETT COMPANY ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 62nd Issue of Stock Now Open for Subscription ot 1016 14th St. Money Loaned to Members on Easy Monthly Payments James E. Connelly I President The Commercial Naticnal Bank mes ¥. Shea Secretary ] Money to Loan rust ey e interest Joseph 1. Weller 5 | "LOANS ON REAL r ESTATE Immediate A Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. Let us have your applications WE WILL SELL Subject to Prior Sale 10,000 Jeflerson 6s 1939 @ 93. 1,000 Chatham Apt. Ist. Ref. 61s 1943 @ 90 1,500 Smith Bldg. 6i4s 36 @ 97. 500 Fairfax Ist. Ref. 6%s 43 @ 90. 1,400 Fairfax Gen'l. mortg. 6l2s 43 @ 80. 300 Law & Finance Gen'l Mortg. 6135 483 @ 80. 2,000 Wardman Coll. Trust Notes 6% 1931 @ 98. 50 F. H. Smith 7'gs Pld. @ 87%:. 100 Vasco Pfd. @ 7%. 100 Vasco Units @ 22. 100 Vasco Com. @ . 2 Wardman Mortg. Dise. @ 45. 20 W. B. Moses 8s Pfd. @ 87%¢. 5 District Invest. Pfd. Bid. 100 District Invest. Com. Bid. 10 Eastern Public Utility Pfd. Bid. 5 ;.'adflcrll Public Utility Com. CAPITAL CITY CO. 509 Washington Bldg. Phohe Main 8§291 Over Third of a Century's Ezperience Management —can prove very eostly. That's why it pays owners of property to give the management over to us. We know how and where to avoid ristakes. 8. P SAUL CO Main 2100 925 15th St. o Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and is carned to DAY of withdiawal. Come in and let us explain. Resources Over $19,000,000 14th & G Streets R. GOLDEN DONALDSON, President First Mortgage and Construction Loan Applications Invited at 52% Glover & Flather 1508 H St. N.W. Main 1753 GUARANTEED 6% FIRST TRUST NOTES Y T CAFRITZ Main 9080 WILL SELL . 400 Units Real Estate Mort. & Gty, @.. 110 F. H. Smith 7% % Pid @...... .. 8% 8734 200 Units Vasco Prod- ucts @ 100 Vasco Products Pfd. @ Mortgage Loans —for construction —for refinancisg Low Rate of interest and Comm on B. F. Saul Co. M. 2100 925 15th St. 100 Vasco Products Common @ ......... 6% 100 Washington Base Ball @..ccvunevnn 1,500 National Mortgage " Inv. Pdyeecseereree. Bid Tav. Cows @ vossi Do International 67% 1412 G St. Main 1346-4733 CLARK,CHILDS & COMPANY . by 120 Broadway New York, N. Y, WASHINGTON OFFICE 1508 H STREET NORTHWEST . MEMBERS NEW YORK STOCK EXCHANGE NEW YORK COTTON SXCHANGE NEW YORK COPFFER EXONANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGE BOSTON STOCK EXCHANGE CHICAGO BOARD OF TRADE Telephone Ilctnniihn % JAMES BLOAN, Jr, Manager tomers. \ Compound Interest Paid —_— Organized in 1814 GEORGE W. WHITE Presiden JOHNSON ice Pres. A. A, HOEHLING Vige Pres. and 'I'gnt '?fieor C. F. JACOBSE| Cashier DIRECTORS: ARTHUR T. BRICE WALTER BROWNLEY ;."21 C. FAUST R. J. THOS. MAJ. HENRY LEONARD A. LISNER ARTHUR A. O'BRIEN Capital, Surplus & Undivided Profits Over $2,300,000.00 15th St., Opposite U. S. Treasury OLDEST National Bank_in the District of Columbia This Veteran Bank Serves Payday Depositors —with the same thoroughness, zeal and willing- ness that mark our relations with other cus- Such being the case, there’s no reason why" your Savings or Checking Account need lack the protection of The Metropolitan—the Oldest National Bank in the District of Columbia. Open Until 5:30 P.M. April 15 National Metropolitan Bank OFFICERS: T Will Cpen a Sa Account 115 Years Old C. E. BRIGHT Asst. Cashier A. H. BEDFORD Asst. Cashier C. L. ECKLOFF Asst. Cashier HOLLINGSWORTH C. F. R, OGILBY H R WALTER R. TUCKERMAN JOHN C. WEEDON HENRY A. WILLARD, 2d. WIMSATT GEORGE W. WHITE e e EEAEATIT