Evening Star Newspaper, May 30, 1929, Page 15

FIN FGURE 10 SHON TRUST OPERATINS Brokers’ Loan Report To- morrow Will Reveal Extent of Their Buying. BY CHARLES F. SPEARE. @pecial Dispateh to The Star NEW VORK. May 30.—If thers is any merit in the clalm that buving by investment trusts was responsible far the rally in stocks last should be verified when the brokers Joans figures for the waek Are pub- lished tomorrow. The investment truzia are believed to have between $400.000.000 and £500.- 000.000 nut on call. Many of them have invested bnly & small proportion of the | proceeds of common and preferred + stocks sold to the public in the first four months of this year. The loans of the trusts are estimated at about 15 per eent of the total for the account of “others.” 1f they have been buying &tocks on the scale reported such loans would thow & material decrease. Lenders Were Awaiting “Breaks.” Another condition that ought to bring [ this “‘others” total down from the pres- ent amount of 55 per cent of All Brokers' Ioans is buying for the aceount of cor- E:nunm and wealthy indiviGuais who ve had their monsy out in Wall Street pending a break in stocks of large enough proportions to justify them in making purchases. for nearly a week, or at a rate which,ix not Mttractive either fo the class f domestic and foreign lenders who are Iargely responsible for pyramiding the ioan &eeount. Altogether the Inan total fomorrow should not only suggest the degree nf liquidation that has taken place, but the extent to which ths power under the markat, about which mueh has been said. has bseome an actual. rather than a potential fastor. There is much speculation eoncern- fng the effect of the break in stocks re- eently 6n the numerous investment trusts or trading companies which were formed primarily to spaculate in stotks and not to hold them “for a long pull.” Not a few of thesk trusts went into the market and Aeoumulated stocks when they ware at A much higher aver- age than prevails today. If they were 1o liquidate on the basis of present quo- tations their junior shares would show & material shrinkege from the prices, paid for them by an eager publie. A majority of the Investment trust reports for and for the March quarter of 1929 showed the benefits of Profits taken or accrued on atocks dur- ing thoss piriods. ‘Thess profita were tly in ex~eéss of those derived from #4dends or interest on securities held. TR also included the high return from loening call maney out in the Street. Call Money Faetor. Earnings for the June quarter may feflect a different set of conditions. ‘These have been unfavorable both for th trusts that make long-time invest- ments and thosé that trade in and out of the market. The most favorable factor during this period has been_the high average rate for eall money. This average is now being pulled down by 6 per cent rate quoted during the latter pert of this month. BANK COMMITTEE PROBES LOCAL RADIO SITUATION ‘The sdvertising committee of the Dis. triet of Columbia Bankert' Association is obtaining information relative to the uss of radié broadcasting and has a: tained that there are 100,000 tube ree gelving sets in the metropolitan area of Washington and 21,000 moré in the rural distriets adjacent. Questionnaires answered indicate an Average eudience for each set of 4.3 rmns or an aggregate of over 500,000 or this territory. Of these, not less than one-fourth “listen in” each eve. ning, or 125000 fer any chosen pro- eram. The planning committee of one of the broadcasting companies s working out a tentative 'am for the committee's of e distinetive Washing- ton hour upén lines which would make 1} of commanding intersst in this sec- lon. All information bearing upon the plan for & combined radio and newse Per danking and thrift eampaign will nted fo the coming convention at Montauk Point. NORFOLK & WESTERN HAS LARGER APRIL INCOME ‘The Norfolk & Western reports tu{plus. after charges for April 808,754, againat 81, year. Net operating income i ereased from 81,765,351 in 1928 to $2,- L 486, while 58 _inereassd from 486,643 to $0.016,229. For the first four months, surplus after charges was 810,470,874, against 86.650,774. — CANADA GREATEST BUYER OF AMERICAN RADIOS By the Associated Press. Canada is buying almdM thalf the eurzgnt exports of radio receiving sets froM the United States. The Department of Commerce says #& during February 3,302 sets were t to Canada, compared with a total o ll countries of 8,246 Costa Rica, Panama, Barbados Java, British Oceania and Morocco bought ome set each from the United States during the month, AIR MOTOR EXPORTS HOLD AT LOW LEVEL Br the lisociated Press The UnitecP States har ooly eight for- | eign customers for airplane motors dur- | 18 the month of Feb: ! in Department of Commerce statistics. | The total number exported was 323, valued at 8116,694. over half of which sHipped to Japan | jarmany bought five. Belgium. Can- add, Chile, Peru and New Zea- | land purchased one ecach LOCOMOTIVE WORKS ACTIVE. NEW YORK, May 30 (#).—Unfilled orders of Baldwin Locomotive Works are vow approximately 65 per cent| ater than at this time & yeer ago. 'd orders of Standard Bteel Worke, wholly owned by Baldwin, shew an in- crease of 25 per cent | 't Briefs The Standard Oll Co. of Louisiana on Juns 1 will take over the Humble Oill & Refining Co.'s producing prop- erties in Northern Louisiana, where the Humble Co. is now producing_ 40,000 barrels of crude oil daily. The Humble Co. will retain its Wildcat acreage in Louisiana. Sales of Willys- automobiles for the of 1929, estimating t expected to total 171 . A record for such period and an increase of 11,000 units over the 1928 perfod. Gold movements at the port of New York during the week ending Mav 23| eomprised imports of £123.000, chiefly from Latin American countries. The stock of earmarked gold in the New York Federal Reserve Bank showed no net change. There were no exportd. night and Whippet five months y stles, are More than this, eall | money has been lending at 8 per cent | cushion” of buving | ANCIA WHEAT PRICE DROP DISTURBS FARMERS AS HARVEST NEARS THE EVE | Harvest activities, such as wheat. Below: Overflow from granaries await market ontlet or go to waste. By the Ambeisted Precs KANBAS CITY. Mo. May 30—-A distinet priee worry perturbs the mind of the fArmer in the Winter wheat beit as he grooms his machinery for the an- nual harvest. His urpnmu;lnn a8 1o what the new crop will be worth is aggravated by the | existence of one of the heaviest carry- overs of ald wheat thiz country ever has experienced | _Forty million acres, an area excecded only five timés in history, soon will go | to harvest. Against this year's yield, es- timated by the Department of Agricul- ture at 505,000,000 bushels, iz set 2 stnck of old wheat estimated to total 300,000,000 bushels. Harvest to Begin Soon. | _‘The normal disappearance of wheat |in commereial channels is estimated at from 70,000,000 to 80,000,000 bushels a month. Theré may be 20 per cent more vheat in the country than there was Iast year at this time. With normal weather, the wheat harvest is expéctad to start in the Texas Panbandle about June 5. Cutting usually moves northward at a rate of 20 to 25 miles daily, reaching Southern Kanzas, under average conditions, about June 16, Imported harvest hands probably will be less numerous thi¢ year than ever before. No special preperations have been made for the harvest. 'same period the previous Vear. |can be definitely checked at terminals | The farm- | NG 5] R. WASHINGTON FARMBAND WAGES NARIE PRODUCTS " ON HGHER LEVEL N LARGE SUPPLY | Survey Shows Pay Compares D. C. Market Receives Big | i Tord who started t ) are <oon te start en 40.000,000 acres of Winter being piled on the ground in Kansas to Favorably With That of Industrial Workers. BY JOHN F. SINCLAIR. &pecial Dispatch to The Star. NEW YORK. May 30.—It waa Henry move towards the higher wage scale in America. Years 2g0 when he announced a five-dollar minimum_ daily wage, meny other em- ployers of labor declared he was head- ing for disaster. But it was not long before they fol- lowed cuit and today high wages Are championed by most of the larger 2m- plovers of Jabor on the ground. pri- that increased purchasing power results, which In turn brings on more prosperity. The question now is, will Henry Ford dn the same in Europe as he did in the United States. térnational labor office at Geneva for data giving comparative wage scales, costs of living and all other factors dealing with the standard of living, for . it is said, of establishing ' wages for All Ford em- heré are many economic observets who believe the business will show an expansion in Europe over the next decadé comparablé to that which has boen 8hown in the United States during the 18kt ten years. This new Ford move mav be the en- tering wedge in that development. How do industrial wages and farm | wages compare? blem largely has been pread Adoption of im- proved harvesting machinery, prinei- | pally the tractor and the combine. Drawn by a tractor.. A combine can cut and threeh 25 to 50 acres a day. In Kansas last year there were 16,000 imported laboretk and nearly 20.000 combines. Ten years ago the State needed 80.000 men for harvest crews, Export Situation. Numerous factors are held to ac- count for the glutted wheat market, Elow export demand is A prominent | one. Exports from last July to Mareh chrunk 50,000.000 bushels. statistics show, eompared to exports over the er'e Iabor p solved by wi Speculation. in the hope that an up- turn in values would follow enactment of farm relitf legislation. which has kept prices above the world basis, has | been blamed by some authorities for | the huge carry-over. Actunlly, an official of the Kansas wheat pool points out. there is no ghit f wheat from a world standpoint. He estimates there is only enough grain over world requiréments to last approx- | imately 12 davs. Visible Supply. | ‘The visible supply of wheat, which | week by week, is not balisved to be mova in, fast enough to clean out old stocks before new wheat reaches the market. TRADERS HOPEFUL OF EASIER CREDIT End of Decline in Stock Prices Seen as Situa- tion Clears. Bpecial Diepatch to The Star. NEW YORK, May 30.—Finencial and eommodity markets remained closed 1! day in observance of Memorial day, with the trading element in a more cheerful frame of mind to enjoy the holiday because of the further reco: ery in stocks yesterday and the sul uent news that the Federal Rescrve jank rate had been kept at 8 per cent. This announcement had bsen expected. Meanwhile, the money market dic- played eontinued ease and the disturb- ing effect of the break in wheat prices appeared to have been replaced by mtore sober reflection. | By the Associated Press. | cent c | dollars Btate of Wi | bonds, due June 1, 1030 to 1940, End of Decline Nearer. Whatever elation the rank and file of traders may feel over the unchanged bank raté will not be known until trad- ing is resumed tomorrow. But at the time the fact remains that the anxiety over the matter has been prolonged another week. Many industrinl stocks were near their low prices when the market closed for the holiday and there is no doubt that in spite of its outward pleasure over the recent performance of the market, the Street is very mweh puzzled over the immediate trend despite that The liquidation since Monday has probably brought ths end of the de- cline nearer. The current phase of #he readjust- ment process which started the middle down about 38 points, or within 1 point of the size of the March break which amounted to 39 points before stabiliza- tion was attained. ‘The slump two dicular drop of 15 points on a turnover | of 8,000,000 shares. 1In the present in- stance it required only a 4.000,000-share day to carry the averages down 14 This indicates, et least, has been less distress selling than on | the previous occasion and might mean | that the stock market is again clo: 1 he stabilisetion point on purely technical grounds. Investment Demand Seen. For one thing at least the decline in priceg §he past week has been of sufficien? Magnitude to place numero issues within a range where investmel demand might easily bs attracted. The shift of activity from industrials into the seasoned dividend-paying rails and utilities strengthens that view. Less alarm is being. felt over eredit although month-end settlem still to be Arranged tomorrow may temporary stringency. However, idea of a shertage of funds appears to have vanished. COMPANIES ARE MERGED. CHARLESTON, W. Va, May 30 (#) Merger of the Rubber Service Labora- Co. of Nitro, W. Va.. and Akron. and the Monsanto Chemieal Worke of 8t. Louls, with a capitaliza- tion of $£15,000.000, was announced here today by C. O. North of Nitro, secretary and treasurer of the Rubber Service Laboratories Co. Both concerns | manufacture rubber goods and phar- maceutical products. Nerth said the merger, which flective June 1, was made to consolidate sales forces of the two concerns. FREIGHT CAR LOADINGS. Raifoad freight car loadings, for the latest week estimated, as reported by the American Railway Association. indicate rail traffic to be heavier than aurlnf the same period Iast vear. but slightlv bslow the level of immedintely priceding weeks this year. The total cars loaded with revenue freight are till well exceeding the million-total meekly. Figuves are Wsck ended Mog 8. Preceding weelw ~ . Same wegk last year ...%1.047,822 cars 293,288 cars | Dodge Corporation reports new build~ of May has carried industrial averages| MONLNS ggo terminated with a perpen- | FHCH 95 centimes. points in a single session, last Monday. | that there | 1,046,179 cars | New Securities NEW YORK, May 30.—New securities offered yesterday include: Eight million dollars Associated Tele- phone Utilities Co., 15-year Bl; per nvertible gold debentures, series 97 million five hundred thousand est Virginia 414 1S cent ?lu bonds, due January 1, 1932 to_1048. Ten million two hundred and geventy- four thousand dollars City of Toronto. canada, 5 per cent gold bords, due from 1 to 30 vears. One million thirty-five thousand dollars City of BSchensctady, N. Y., coupon or registered 4.35 per cent gold PENNSY’S APRIL SHOWING | BEST OF PRESENT YEAR i For April the Pennsvivania Rallroad Co. makes by far the best showing for | any month so far this year, with the largest gross and net reported in any | month, while the increases in both gross and net over the eorreaponding month of 1928 were also larger than aAny pre- ceding month this year. Gross revenues : for April were $56,020.623, compared | with 81,226,863 in April. 1628, increass | $4,802,782, and net rallway operating | income was $12,231,873, agninst $8.4: 417, increzse 83,786 456, NEW BUILDING CONTRACTS. NEW YORK, May 30 (#)—F. W. ing and engineering work contracted for during the past week in 37 States, east of the Rockies, totaled $104,585,800, 18 per cent below the preceding week and 30 per cent under that of the eor- | responding week last year. The largest job contracted for last week was for | construction of a $3,000,000 rayon silk | plant in Tennessee. PARIS BOURSE PRICES. | PARIE, May 30 (#).—Prices were firm on the Bourse today. ‘Three per cent rentes, 74 france 25 centimes. Five per cent loen, 100! I Exchange on London, 124 franes 6 centimes. The dollar was quoted at 28 francs 58 centl | Holiday Cash Demand i.u-n. NEW YORK. May 30 (#).—The country's demand for cazh to tide pleas- ure-saekers over the holiday, which for countless numbers of tend until next Monday, by bankers at between $50.000.0f B $78,000,000. Fourth of July requirements | will be even larger. Philli] Petroleum Co. has au- thorized construction of three ne natural gasoline plants in Gray County, Tex. and additions 1o three existing plants in Hutchinson County, Tex. The added facilities will increase the com- pany's natural gasoline production about 70,000 gallons a_day THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares 8LTEUHTERR, Ol i American Corporations. St will be to sour interest to investigate. Standard Collateral S| Franklin 3783. Wo The Commercial Naticnal Bank Pays interest on DAILY BAL ANCES on Savings Accounts. Interest starts from DAY of deposit and is earned to DAY of withdrawal. Come in and let us explain. Resources Over §19,000,000 14th & G Streets R GOLDEN DONALDSON, President | States Depa | ministration of law, | P8, A survey just completed by the Bureau of Aeri¢uitural Efonomice of the United ment of Agriculture, cave ering 2.117 farm employers widely irs | cated. Rhows that the avArage wage, cluding “perquisites,” amounts to $76.10 a month. This compares very favorably with tha Average wage of the industrial workers throughout the Nation. Farm hands re- ceive the highest compensation in the Pacific States—about. $104.08 A month, Inclnding perquisit The - mountain States are next wilh 380.94, and the New Enzland States follow with 888.15. The American igfmstrial worker, it is true, receives ma## actual cash, but at the end of the year, it is doubtful if he receives more real wages than the aver- age farm worker in the United States Higher farm wages have developed rapialy with the expansion and growth of farm machinery. Before the machine era it often took 10 men to do what two can do today. Naturally wages are higher under such conditions. But when the prosperity of the farmer becomes mote pronounced than it is, 8o that he, 00, will more equitably share in the merrnv of the Nation, for farm abor will doubtiess share in the rise, Judge J. M. Proskauer of New York, who has had large experience in er! INAl cates for the New York bar, said that “the object of criminal law is not to punish erime, but to protect society from the depredations of the criminal This judge believes paychiatry will be of very At aervice in the futar He believes tha the functions of the court should be to determine whether the person commit- ted the act—and when that is done the oourt's duty i1s over. And, no jury should be allowed to determine Wwhether & person is sane or insane. when the wisest of the medical profes elon would themscives be unable to de liver such a eategoric judgment. “It is not ths sentimentalist who is interested in the facts of psychiatry, but the scientist,” says the judge. “Certain- 1y it is not too mueh to sk that with respect at least to youthful offenders, the administration of justice should be- gin to work hand in hand with the hiatrist for the reclamation of val- uable human materi The National Law Enforcement Com- | mission might well make this one of | their major subjects. ‘The commissioners of Cascade Coyp, Mont., P;nve asked CA;‘I, Skelton, , muscular young cowboy, to round up AU of the 38 Rorses in the county. "‘&o 8kelton. born in the cow eoun- [ a g riders left in Montana “There are six or seven thousand wild horses on the Skelton declares. or_mere of them® It is one of the largest round-up g\ba ver undertaken. If the wild orees rounded up are branded, they will be advertised, and the owners can secure them by paying $5 a head round- up fee and the taxes. Others will be |sold to the highest bidders for work and saddle horses. The balance will be tamed by the heroic Skelton and his roup and shipped all over the United taten, Young Skelton's Summer work fs cut out for him, (Copyright, 1920. by North American News- paper Allisnce. ) He has asked the in- | Shipments—Prices at Fair Levels. MONEY TO LOAN NO couuTEfiiy;;l}n—l NEWALS COLUMBIA PERMANENT BUILDING ASSOCIATION 3 13th Straet N.W. ain s Loans on Autos Legal Interest Our Only Charge | “Plenty fish for evervbedy and prices| Quick Service—Confidential are right” was this mérning’¢: com- ment on the condition of business at Municipal Fish Market. Tomorrow. May 31, 18 the closing day of the season for shad and herring, the | Jaw fixing the open season from Janu- ary 1 to May 31. Dealers are civen| until June 10 to dispose of supplies. however, and it is highly probable that both ehad an? herring will be obtain- able until that time. There were plenty this mornin- to be had for 20 cents ngmmd.. bucks selling at 12i; cents, and her-| ring were in fairly” good demand at £1.50 per 100. Other Fish Prices. Rockfish, product of the Potomac River and nearby Chesapeake Bay, were not s plentiful. merchants re.| ported, and _higher pricés prevailed. | They were offered at 25 and 30 cents L3 gflundv luefish, caught in Chesapeake Bay and along the Jersey coast were plenti- ful at 25 cents a pound, while trout from the Potomac River and Chesa-| peake Bay were more plentiful and| cheaper. ‘The large trout sold at 10 and the small stock at 5 cents & pound. | Norfolk spots and croAkers weré éx- | ceptionally plentiful, selling as low as ! B eents A pound. Because of the plen- tiful supplies 6f fish from nearby, deal- | ers said, North Carolina shippers have sont practically no fish heré the past | few days. Florida shippers supplied quantities of tedanappers that were offered at 23 cents a pound. They Also supplied small quantities of Ahrimp that wers sold at 30_cents & pound. | “'Halibut. salmon, Boston maAckerel | cod. flounders, haddock and fillet of haddook, received from Boston shippers. were plentiful and cheap, sccording to dealers, Fillet of haddock. always & good seller, was more plentiful than usual and found ready aale at 15 cents & pound. the whole haddock selling a8 Jow as 5 centa. Flounders were quoted as low as 8 and cod at 15 cents a und, Salmon. the most expensive of the Boston receipts, were quoted at 38 s a pound. halibut 25 and the | Botton mackarél at 15 cent Crabs, both hard and soft | meat were in plentiful supplies and | prices, dealers said. were cheap. The | hard erabs soid low a8 $4 a barrel this morning. a low price for the erusta- céans, ‘prices during the World War period having gone as high as 813 or more & barrel. Plentiful suppiies of soft erabs resulted in prices dropping s& low as 35 cents a dozen for the small ones the larger ones selling around 81 a doren. | issippi erabmeat, rated of highes ity, brought 60 cents a pound, from other places selling as low oents, ! Immense quantities of flowers ahout | the markets this morning hid foodstufs | from view. Late shoppers sought quan- tities of flowers this morning, having waited until today, it is stated. hoping lower prices would prevail, and it was ‘rewrma they were not disappointed. etajlers were out early this morn- | ing, aome earlier than usual because of | the holiday, and wholesalers had ate | tractive supplies of all commodities. Fruit and vegetable displays continued | as attractive as earlier in the week, and | dealers {n other commodities had sup- plies more than equal to the demand. | Closing of the retall markets at 11| o'tlock was followed by the closing of | many wholesale houses shortly after noon. Prices of most commodities this morning were substantially the same as | prices quoted yesterday. Today's Wholesale Prices—Jobbers' Prices Slightly Higher. Butter—~One-pound xflnu, 44045; “ 3a44; store packed, 30a31. Hennery, 32033; fresh selected, | current receipts, 30a31. ! | Poultry, slive—Tur! hena, 30832 25226 sprlns chickens, small, 1a 45241 Leghorns, ucks, 15a20; fowls, 3383 60885: old, 35840. Spring chick- Leghorns, 40a45; fowl Leghorns, 34a38; ducks, 32433 Meata, fresh killed—Bsef, 22024: veal, 23n26: lamb, 30a32: pork loins, 31a32; fresh ham: 26; fresh shoulders. 152 19; smoked hams, 27a28; smoked shoul- ders, 17a18; bacon. 26; lard, in bulk, 1214: in packages. 1315, 1321315; Spring roe shad Live stock—Calves, lambs, 18, -—— | | Rate-Making Valuation. | A valuation for rate making pur- poses of $132,586,089 as of June 30, | 1018 d by the Interstate Com- mere mis upon the Central Railrond of New Jerse: ! National Savings & Trust Co. 63rd Oldest Savings Institution in the District of Columbia Year Custodian for —than a bank that more than 50,400 customers pa- tronize? @ Such a volume of patronage argues well for the sort of service and security this sixty-three-year-old bank affords. other deposits. We'll app Deposits Invited in Any Amount Open Until OFFICERS: WILLIAM D. HOOVER, Prestdent WOODBURY BLAIE, 1st V. Pres. FRANK W. NE, 2nd V. Pres. FRANK STETSON. Trust OMcer CHAS. C. LAMBORN. Treasurer E. PERCIVAL WILSON, Secretary . Treas . Offieer . Officer s 4 IRD. Acst. t{‘ ',:}"; r‘.‘ 'im":?m e A P. SAVAGE, Auditor® May 31 for Payday Depositors’ Convenience Cor. 15th and New York Ave. Could You Demand a Better Your Money? reciate your Payday and 5:30 P.M. Same Rate of Interest Paid on Large And Small Accounts Capital & Surplus $3,%00,000 UNITED LOAN CO. Rosslyn, Virgini Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Matual Benefit Lite Ins. Co. 1820 K Street Main 478 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. 1731 K St. N.W. Consult Us First If you need money for your Real Estate financing fet us have your application Prompt Service No Appraisal Fee The Commercial National Company Ineorporated Paia wp Eash Capital, $900,000 - 'Money to Loan ylocs Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and Cemmission Rates JAMES F. SHEA 643 Louisians Ave. N.W. ! 1929 ALEX. BROWN «* SONS ;4 Underwriters - Distributors INVESTMENT SECURITIES Wasnincron Orrics 737 15th Street N. W, Telephone, Natioral 1553 Matx Orrice © Barrinons L | ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W, 62nd Issue of Stock Now Open for Subscription Money Loaned to Members on Easy Monthly Payments James E. Connelly James P. Shes Prestdent Secretary Ist & 2d TRUST MONEY On homes, apartment buildings and business properties, No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 W “Conreniently Located on 11th Street” 1529 14th St. NNW. Dec. 3320 Over Third of a Century’s Ezxperience An Expense Aside from the profit which our management will make for you—we relieve you from all the worrisome details connected with your apartment house prop- erties. Let us outline of what our service con: . B. F. SAUL. C€O. Main 2100 925 15th St. G. M..P. MURPHY & CO. New York WASHINGTON Richmond Philadelphia MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Market Copy of our “Fortnightly Review” on Requast 1308 H Street Connecticut at K Main- 9600 Private Wires and Te e to New York Prognosticating Peaches The old-fashioned farmer used to de- termine whether his peaches were ripe enough to ship, by examining the color and squeezing each peach with his thumb. He was often wrong and lost money. Today, the:modern farmer, walking through ‘his orchard, samples his peaches with a small plunger and pressure gauge. If the plunger rege isters three and a half to five pounds, off the peaches go to market; under three pounds, they’re too ripe. Scientific management has brought profits te farmers just as scientifie management of investments brings profit to those who put their money into them. Such investments are the First Mortgage Notes issued by Swartzell, Rheem & Hensey Company which have been scientifically investigated and tested and whose interest at 6% will pay the investor a regular and steady return. The benefits of this science are awaiting your service. SWARTZELL, ReEem & HENSEY CO MORTGAGE BANKERS 717 15 STREET N.W. WASHINGTON D.C. Organized in 1814 / Your Payday Funds Will Have Maximum Security When in OQur Care HERE'S over a century's experience back of “Metropolitan” policies. This bank has been serving the city continuously ever since 1814. National Bank in District of Columbia 3% Paid on Savings National Metropolitan Bank Capital, Surplus & Undivided Profits Over $2,300,000 15th Street, Opposite U. S. Treasury @Your PAYDAY deposits and other cash deserve the protection of just such a bank as this. How may we serve YOU? One Dollar e Savings Account Open Until 5:30 P.M. Tomorrow