Evening Star Newspaper, October 7, 1929, Page 13

LED BY UTILITIES Short Covering Aids Recov- ery, but Profit-Taking Appears. BY JOHN A. CRONI ed Wire to The Copyright, 1929.) NEW YORK, October 7.—Under the leadership of utilities and oils the curb market opened higher today. The bulges that early took place in the leaders, in- vited profit-taking in the second hour, but olls held firm and aviation and in- vestment trust shares continued their recovery. Cities Service common opened with a block of 10,000 shares at 62, a new high record price. Covering by shorts and the fact that terms of the new stock offering are to be announced Thursday, coupled with a big natural gas move- ment now under way, caused a huge demand for Cities Service. This com- pany, with the Insull interests and other natural gas companies operating in the mid-continent and southwest, are now carrying on important merger negotiations, ‘details of which may be made public soon. Other Gains. Electric Bond & Share, after opening with a block of 13,500 shares at 163 or up more than 3 points, encountered some selling, which it easily absorbed. Commonweaith & Southern, which may be transferred over to the big board at the end of this week, opened with & sale of 15,000 shares at 2314 and con- tinued in active demand. American Superpower, Associated Gas & Electric, Middle West Utility new, United Light & Power A and Allied Power & Light were active, The last stock remained soft. Marine Midland Corporation, & hold- ing corporation formed to hold shares in banks in various parts of the eoun- try, was a feature in the investment tzust list in point of activity. It made its initlal bow to the curb at 75, ‘which compares with the public offer- ing price of $60. Another interesting development was the brisker demand for the blue chip industrials. This sort of buying at in- tervals improved quotations of Dow Chemical old, Great Atlantic & Pacific Tea, Deere & Co. and Singer Manu- facturing Co. Crocker Wheeler old shares, however, opened lower. Most of the air shares, recently con- spicuous for their weakness, opened strong, although some of them drifted to lower levels after the first few sales. Bliss, for instance, opened more than 5 points above ‘ts Saturday's final. Aviation Corporation of America, Day- ton Airplane & Engine, Fokker,Irving Air Chute and Niles-Bremont, Pond also were given a twirl, Responding to the announcement that it planned to liquidate its wholesale subsidiaries and furtber expand its re- tail chain, American Department Stores opened higher and was firmer than it has been in recent sessions. DeForest Radio improved as a result of the 37 per cent gain in September sales. Durant Motors marketwise pald little attention to the gain of 21,818 cars pro- duced in the first nine months of this year over the same period of 1928. Trading Corporations. ‘The Goldman Sachs group of trusts, such as Blue Ridge, Shenandoah ana Goldman Sachs, were under less pre: This also was true of the N tional Investors group. Transamerica new pointed higher, but Mayflower Associates, Haygart, Tri- Continental Allied and Lehman Cor- poration were not entirely able to shake off the effects of thelr recent declines. Gleaner Harvester Combine, which is rather inactive, appeared on the tape comparatively frequently_following the report that its directors before Decem- ber 1 plan to split the stock. Net earnings were reported to be nearly double those of the fiscal year of 1928. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., October 7.—Poul- try, alive—Spring chickens, pound, 3 35; Leghorns, 24a26: old hens, 25a3: Leghorns, 19a21; old roosters, 18a20; fl‘xcks, 20;2.5: %ulnu fowls, each, 40a65; ns, Ir, 25. . B%Melpu, 1,208 cases; native and nearby firsts, 45; current receipts, 85a36: hennery whites, 48a50. Butter—Good to fancy creamery, m{!m: 1adles, 35a36: rolls, 31a3: butter, 40a41; store packed, 30a31. Vegetable Prices. Potatoes, 100 pounds, 2.50a2.90; bar- rel, 1.50a4.00; sweet potatoes, barrel. 2.50a3.50; yams. barrel, 2.00a2.25; beans, bushel, 1.00a1.65; cabbage, hamper, 60a 90: carrots, 100, 4.00a5.00; celery, crate, 1.262.00; lettuce, bushel, 75a1.25; lima beans, hamper. 1.2522.00; onions, 100 pounds, 1.75a2.00; peppers, hamper, 35 835; peas, bushel, 4.2584.50; squash, hamper, 15a35; spinach, hamper, 40a 65: tomatoes, hamper, 25a60; canners stocks, bushel, 40a75; turnips, hamper, 35a50; apples, bushel, 75a2.80; canta- loupes, hamper, 75a1.15; grapes, bask 50a55; peaches, bushel, 1.25a3.00; pears, h’l!’hlel. 2.5084.00; quinces, bushel, 1.25 82.25. Live Stock Market, Cattle—Receipts, 600 head; fair sup- ull. choice to choice, non: , 11.25 to 12.25; fair to medium, 10.00 to 11.00; plain to fair, 9.00 to 10.00; common to plain, 7.50 to 9.00. Bulls, choice to prime, none; good to choice, mone; medium to , 850 to 9.50; fair to medium, 7.50 to 8.50; plain to fair, 6.50 to 7.50; com- mon to plain, 6.00 to 6.50. Cows, choice to prime, none; good to choice, 8.00 to 9.00; medium to good, 7.50 falr to medium, 6.50 to 7.50; plain to fair, 5.50 to 6.50; common to plain, 4.50 to 5.50. Helfers, choice to prime, none; good to choice, none; medium to good, 9.00 to 9.50; fair to mediu 8.00 to 9.00; plain to fair, 7.00 to 8.00: com- mon to plain, 6.00 to 7.00. Fresh cows and springers,, 60.00 to 150.00. Sales in hundreds, 3 Aero e 2R et N e Bead S bg > 3233 3 >>>5>>; 338 HEE T ! >>>5; 222 Amer. Buper) iAm 8 552 8z Tr & it-Celanese "Ltd { N & E P ptd Watch H reo war bles & Wirele: n Marconi apital _Admin At Ber vi 22! 0! 99, 35 ueapeilogusitaendtis cusinanras QO ! T 5 98858288 PR @ o e . i 2 ueoBenRawaccu-tomsulsuu-seanennd S0t 5 ...-::;E.-;;%;?g =l SRR JUTPTOOTL W . nee & ice & 1 lential Inv. & Y i nolds Metal A. 1 B @i @ saisa e 3 Sheep and lambs—Receipts, 600 head; moderate supply; market higher. 8heep, 2.00 to 6.00; lambs, 6.50 to 13.75. Hogs—Receipts, 2,800 head ply: market spotty. Lights, 10.80 to 11.05; heavies, 10.65 to 10.90; medium, 10.90 to 11.20; roughs, 7.55 to 9.25; light pigs, 8.00 to 10.25; pigs, 10.60 to 10.80. Calves—Receipts, 600 hea supply: market steady. to 16.50. Hay and Grain Prices. Wheat—No. 2, red Winter, spot, 1.30%: No. 2, red Winter, riicky, spot. 1.26; October delivery, 1.2612; No- vember, 1.26%. Bag lots of nearby, none. Cargoes on grade, none. Corn—~No. 2, export, October delivery, no quotations; No. 2, domestic, yellow, 1.15; cob corn, 5.50a5.75. white, domestic, .lpot. fair sup- ‘Hay—Recelpts, none. hay is about over. A little new crops is arriving, but hardly enough upon which to establish quotations. by . Where in good order mew hay sells at from 13.00 to 16.50 per tons, according to its quality and condition, receipts by truck taking care of most req ents. Straw—Little demand for straw. Re- ceipts generally ample. Wheat straw, . No. 1, per ton, 9.00a10.00; oat straw, No. 1, per ton, 9.00a10.00. —_— A total of $18,617,155 in new munici- pal and State bonds will be offered nfil / week. An offering of $4,037,000 by the city of Baltimore is the largest to be made, Tast week's total was §18,080,716. gEneae i peC e 2 DE@Ead 285 125, 288U R L RSB nE SN S: INDUSTRIALS. High, Low. Noon. % 88 SEEEE = s S5a882e P S P B e e L e 5 SRS e -—-un-——E pees o 2as855us L3 et 553 ek o uoudas RBLSSI i poriment finds that only 33 =2 u"s_:-” = SEE OSSNV /s | governments in the 1% | $38,000,000.000 SRt S S uEsYE! Gk t ) "2 were being obtained FEAs THE EVENING STAR, WASHINGTON, .D. C. Pks THp s 1 Wi Dent 1 Wendon Cop .. Salesin INDEPENDENT OIL STOCKS. s, 'AmCon Olifids Am Saracaivo Colon OIl 1 H 1 Washington Ticker By the Azsociated Press. The present position of the public finances of European governments as shown in recent reports to the Com- merce Department strikingly reflects the economic recovery of that continent. In a survey published today thle ‘d‘el- of the European governments now have bud- getary deficits for the current fiscal year of 1929-1930 and that the budgets have become stabilized to such a degree as to make unlikely any radical alter- ation of their present form in the future. On this side of the Atlantic, the bud- get of the United States Government now is in the annual stage of prepara- tion—at present for the fiscal year of 1900-1931. Director Roop of the Budget Bureau contemplates no marked changes from previous budgets of recent years, except a continuance of the policy of paring down the governmental expendi- tures to the last penny. With the White House setfing the Fnce of lopping off » sizeable sum from its estimates, it is expected that each department and agency will do away with every unneces- sary or debatable item in an effort to hold down the Government's expendi- ture below $4,000,000,000. In discussing the European govern- mental budget situation, R. M. Stephen- son, chief of the European section of the Commerce Department’s division of regional information, sald that “until as recently as two years ago financial instability was a major problem of many European governments.” The roblem, while not completely solved, e added, at present is only in a very few_cases “still a serious issu “Budget totals in European govern- ments,” he continued, “are in general much’ larger” than in pre-World War days, the outstanding change being the heavy increase for debt service ex- Ipmdlt.uru. ‘These have increased, for example, in percentage of total expendi- ture for Great Britain from 123 to 45.3 per cent and for France from 18.7 to 48.8 per cent. “Appropriations for social services also have markedly increased. Prob- ably the most general decrease is in the proportion of expeditures for de- fense. On the revenue side heavy in- creases in taxation are universal. American Government officials, in- cluding Mr. Stephenson, who are ex- pert analysts of the European economic situation, believe that material reduc- tions in expenditures by the European near future are ractically impossible because of the eavy outlays for debt liquidation and for reconstruction purposes. “But with the gradual amortization %|of public debts and a slackening of capital needs,” said Stephenson, “the tendency toward lower expenditures may be expected to become more marked.” Interesting comparisons can be drawn from the European budget estimates for the current fiscal year of 1929-30 with that of the United States. America, with its program of diminishing its pub- lic debt, approximately $16,500,000.000 | at present, by a billion dollars a year, appropriated $1,190,000,000 for that fis- cal period, while Great Britain appro- priated $1,795,700,000, to be paid on its debt. France allotted $867,000,000 for payment on its $11,481,- 000,000 debt, Germany $109,000,000 and Italy $233.400,000. In expenditures and revenues Great Britain topped the list, with $3,908,- 000,000 of the former and $4,070,300,000 in receipts, compared to the United States’ revenues of $3,841,200,000 and $3,780,700,000 expenditures. Soviet Rus- sia during the 1930 fiscal period came third, with $2,943,000,000 revenues and $3,240,000,000 expenditures, a deficit of $207,000,000, and Germany with $2,398, 000,000 for both. France spent $1,77! 000,000 and had $1,780.000,000 receipts and Italy $1,127,000,000 and $1,104,- 000,000, respectively. An advance in recent months of American agriculture to & more satis- factory economic position is depicted in presidcnts” Just Taade. to. the " Pederat ust made hl:rl:‘d Loan B':lrd. nae ler a statement authorized today from the board, the reports were cited |as having shown in the 12 land bank Idumeu the status of farm lands was much more improved than was previ- ously forecast, having reached a stage of betterment which had been augured 5«:: ::.f‘orel 1:;:! yurr.“ It was said that of the reports would be trans- ‘mllmd u"n P.r‘efldd:nc Hoover. n the le and Far West the land bank officials feel that the 1: cultural industry is on the upswin; According to their reports better price: land sales and new demands for agricultural properties were arising every week and apparentl; in increasing amount. Among the btni presidents, F. H. Klawon of St. Paul, E. M. Ehrhardt of Spokane, Wash., and Willard Ellis of Berkeley, Calif., ex- ressed & view that the call for lands as been unprecedented in recent years. R. M. Thomson of the New England bank l‘; g:flnrneld. Mass,, held a simi- ‘The buying demand for the land, in the opinion of the 12 bank heads, is of a most healthy sort, as their records show in most cases the purchases were made by persons residing in the same community and for the purpose of re- constructing the properties’ produc- tivity. This indication was interpreted as meaning that farmers have con- cluded the depression has ended and the future promises an icultural ascendancy and stablility. move- ment of land buying, the bank officials averred, was an index of renewed co! fidence in farming, a psychological re action which has been felt in Wash- ington to have been one of the greatest needs of agriculture in recent years. ‘While the first question of radio legislation to come before the regular session of Cen in ber will Govern- ssional leaders, during N T une e mt law on De- cember 81, 1929, ek regulaf powers would revert to the Radio Division of the Commerce De- partment, A number of members of Congress believe the commission’s life Received fi; Private Wire Direst te The Star Office antel oll . Y 8 % Elt&rml!'l ; 3 i $ Tton ol e Land n 1315 188 141 3 Venezuelan Pet 3" % in units. MER SUBSIDIARIES—BT TR 1180 110 2% “abls a6l ci Sal's STANDARD OIL 18S8UES AND POR- "O0KS. 26! ki 4008 O Ky 400 Swan & P pf Sales in 5 e bow 41 m::lu 907 ia Pow 4'2s " “as s 20 Alim ©o ‘Amer 85 32 100 2 Alum_Ltd 8s ' oy 27 Am" Commonw ‘85 'é4 118 12 Am Ges & EI 55 3028 ':"4 o> =308 2 o Y ann Q00! 2595t 42 MONDAY, CALIFORNIA GAS CO. SHOWS EXPANSION Firm Plans Addition of 300 Miles of Pipe Lines Soon. BY JOHN F. SINCLAIR, % | #pecial Dispatch to The Btar. LOS ANGELES, Calif., October 7.— Natural gas, so long wasted, will soon be piped into_every eity and town in California. It should reach much farther. “The Pacific Gas & Electric Co. has constructed alres 300 miles of high- fieuure transmission lines to meet e situation,” said A. F. Hockenbeamer, president. “We are piping gas frem Kettleman Hills up the San Joaquin Valley to Richmond on the shore of San n- are already receivin gas, others mixed gas. hen ond pipe line, 22 inches in diameter, is completed, say in seven or eight months, 14| we will be providing Northern Cali- 28335353 - & £ w o8 A hw Dairy P 6l gtand Invest 8 and 5! & y Dl’: POREIGN BONDS. aunes duie, A ; Wk ; 1Pree 8t Pru 3 H 78 48 8 2Uni EI Ser 7 A '56 108 xd—Ex dividend. wi—When issued. NEW YORK COTTON. NEW YORK, October 7 (#)—Cotton opened steady today at an advance of 1 to 5 points in response to relatively steady cables. Three more private crop reports were published. One of which made the condition of the crop 54.1 and the indicated yield 15,025,000 bales, while another made the condition 54.5 and the indicated yield 14.971.000 bales. ‘The third, however, placed the condi- tion at only 514 'and the indicated crop 14,494,000 bales, and seemed to offset the effects of the larger figures. ‘Trading was moderately active and the market held fairly steady during the first half hour. The active months showed net advances of about 3 to 5 ints on covering and trade buying. dverpool cables reported that hedging and covering had been absorbed by continental and Bombay buying. bul said the demand for cotton cloths in Manchester was limited. GRAIN MARKET. CHICAGO, October 7 (#).—Sharply higher quotations at Liverpool, with re- ports of poor crop prospects and dim- inishing stocks in Argentina, caused fresh early upturns today in wheat values here. Continued good export demand for wheat from North America also was noted. Starting ap 5% to 1 ad- vance, Chicago wheat later showed further gains. Corn and oats were easy. With corn atarting unchanged to l4-cent higher, and then rising & little more, but subsequently receding. CHICAGO LIVE STOCK MARKET CHICAGO, October 7 () (United States Department of Agriculture).— Hogs—Receipts, 35,000 head, includin 16,000 dire: market mostly 10al higher:; top, 1 ulk, 170-250 pounds, 10.00a10.35; 250-300 pounds, 9.65a10.0 packing sows, 8.0088.75; butchers, dium to choice, 250-300 pounds, 8.85a 10.15; 200-250_pounds, 9.65810.40; 160~ 200 pounds, 9.75210.40; 130-160 poun: 9:36210.35; packing sows, 7.60a8. pigs, medium to choice, 90-130 pounds, 8.75210.00. Cattle—Receipts, 25,000 head: calves, 3,500 head. Strictly rood choice fed steers and yearlings steady to strong; others steady to 25 lower; stockers and feeders fully 25 down; early top fed steers, 16.00. Slaughter classes: Steers, good and choice, 1,300~ 1,500 pounds, 12.50a16. 1,100-1,300 pounds, 12.50a16.50; 950-1,100 pounds, 12.50216.50; common and medium, 850 pounds up, 8.75a2.75. Fed yearlings, good and choice, 750-950 pounds, 13.00a 16.00. Heifers, good and choice, 850 pounds down, 12.50a14.75; common and medium, 7.50a12.50. Cows, good and choice, common and medlula!.s and choice (beef), 8.65a10.0 medium, 6.7528.65; vealers (milk fed), good and choice, 12.50815.50; medium, .50; cull and common, 7.008 1.50; stocker and feed and choice, all weights, mon and medium, 7.75a9. o INCREASE IN CHECKS. By the Assoclated Pre Checks \wn national banks in leading cities of the Nation for the week ending October 2, as reported to the Federal Reserve Board, ftotaled $22,716,524,000. ‘This was an 11 mr cent increase over the check with- drawals of the preceding week. In the New York Federal Reserve district the checks during the October 2 week aggregated $14,722,256,000, com- pared to $13,241,918,000 for the previous week. The Chicago district reported $2,100,052,000, inst ~ $2,091,117,000 and the £an Francisco district $1,047- 012,000, against $996,637,000. The comparative figures on the total check debits were: Week ending October 2..$22,716,524,000 Previous week . $20,396,4¢1,000 Same week, 192 9,000 BANK MERGER HINTED, BERLIN, - of some sort of combine National City Bank of New York and the “Darmstaedter und National Banx,” the largest in Germany, was hinted in financial circles today. President Charles E. Mitchell of the National City has already had conver- sations with President Jacob Gold- schmidt of the German Bank and the board members have been invited to Berlin for an important meeting to- morrow, to be followed by a dinner in honor of Mr. Mitchell, — Crude rubber London on’ Oc- tober 5, totaled 43478. an increase of preceding week, " | should go hand in '!'Ilfld in the fornia with natural gas. It will not be long before 95 per cent of our half a million gas customers will be receiving straight, natural gas service.” Inereased Output Expected. ‘The Pacific Gas & Electric Co., when its second unit is completed, will have 750 miles of ’u mains to the important s It will have cost them more than $27,500.000. Its delivery capacity will reach 320,000,000 cubie feet of geu per day. “We have been in the gas business a long time,” continued Mr. Hocken- beamer. It was, however, only five years that the first unit of our present 'm, the San Fran Gas Co., be- gan operations. This was 75 years after the discovery of gold in California. In 1879 we installed the first electric gen- erating plant and distribution system. 1t probably was the first electric station in the world. We have ploneered in the transmission of high-voltage electricity. ‘We probably were the first super-power company in the field. So you see, we believe that both electricity ll\: [l eve! opment of industry.’ It was Mr. Hockenbeamer also who in 1914 inaugurated the customer owner- ship E of selling securities. Billlons of dollars have been brought into public utilities companies since that time by the method, but Hockenbeamer was the originator. “We expect to build a network of gas mains throughout Northern Californi which parallels in principle, if not geo- graphically, the vast network of el trical smission and distributing Iines, aggregating upward of 18,000 miles in length, through which we serve our 540,000 electric customers,” concluded this public utility president. ‘Wastage of Gas. It was the tremendous wastage of natural gas in the Ventura flelds which attracted the Pacific Gas & Electric Co. first. Then they determined to bring that gas, which was then being wasted, through 350 miles of pipe to San Francisco. Just about that time was discovered on Kettleman Hills, gas which was 100 miles nearer to Prisco. | So the Ventura plan was abandoned and the Kettleman Hills region, one of the most important ofl and gas produeing | areas in the world, has been made the source of their gas supply. I asked & member of the San Fran- eisco Stock Exchange just how much of the business of the exchange. in his opinion. was carried with the New York Stock Exchange and its ally, the New York Curb. For it has been reported in the East that both the Los Angcles Stock Exchanges and the San Fran- cisco ones were doing s tremendous business in stocks which have originated in the West and which were owned by ‘Western people. “Somewhere between 90 and 95 per cent of all of the business done on the it | West coast is carried on in stocks which are listed on the New York Stock Ex- change and the Curb,” was his reply. Memberships More Valuable. Nevertheless, the memberships in the Western exchanges are becoming very valuable, Twenty years ago one could have secured & membership on the Los Angeles Exchange for $50 and the grlu rose to $3,600 in February, 1923. Since that time the cost of membership has increased rapidly. It was $22,500 in . 1928, and is now $210,000. This & membership on both the Los Angeles stock and curb exchanges. The reason for this is obvious when the figures are shown. In 1904 the total amount of business handled on the Los Angeles Exchange totaled just $455,000. By 1928 the figure had moved gg to the astonishing total of $840,- 0.000. As the broker receives & commission on all of the shares sold, brokerage profits in this fleld today must be very satisfactory indeed. Probably nowhere in the world has the co-operative movement in the dis- tribution of goods attained such an im- portant place as in Great Britain. In the little island the co-operative move- ment has a membership of 5,949,000 ‘These co-operators own 1,107 retall -!’m‘u v'hl: last year did a business dy made of this unususl or- OCTOBER 17, 1929. STOCK PRICE INDEX SHOWS DECREASE Average 3 Per Cent Lower Following Drastic Break in Market. BY IRVING FISHER. Dispateh to The Star, NEW HAVEN, Conn, October 7.— After a frantic Fridsy, the stock mar- ket closed the week about 3 per cent under the preceding week's c! and about 10 per cent below the year's high, on September 7. These figures are for the index of 225 common in- dustrials and rep- resent & severe col- lapse when com- puted on so broad & base. lnreiy has a ses- sion witnessed such mon thickes Pishor. tered sudden price b changes which. in normal times, would serve to enliven an entire week’s trading. The collapse was well nigh complete, although there was a substantial re. covery from the Priday lows, but of 32 common industrials used in the in- dexes, exactly 6 issues closed the week with ! ins; 192 registered losses, the other 27 closing less than a point away from the preceding week's close. ‘The story of the motors is o} saddest, the index of this group closing the week more than 90 points under its high on March 22, & group decline of nearly 30 per cent. The compact survey of New York Stock Exchange movements of commen industrial shares is given below i E""' indexes (1926=100). There are 'wo indexes of market price movement. The first (“Shares Outstanding”) rep- resents all common industrial listed on the exchange, the importance of each stock being considered aceord- ing to the shares in existence, or out- tanding. The second index (50 Lead- ) shows the price movement of the common industrial stocks most heavily dealt in during the week, this list changing ws]eE{ with the shifts in trading popularity. The “Shares Outstanding” index shows what a substantially representa- tive $100 worth of stocks in 1926 would now amount to if held unchanged since that . ‘The “S0 Leaders” index shows the result of reinvesting the $100 every week in the market favorites of | that week. “The last column of the table gives the rate of return on the week’s 50 leaders at current prices. Rate out- of Week ended— . October 1070 tember 37. tember 20. g & be! 5 amawmssnsssni STOCK OFFER MADE. NEW YORK. October 7.—The Gen- eral Gas & Electric Corporation has offered to exchange its $7 and $8 cumulative preferred stock for $6 cumu- lative convertible preferred, serles B which carries conversion privilege, be- into class A common stogk of 1 1-10 shares for each $6 preferred share. For each share of $7 cumulative ferred stock, holders are offered 1-10 shares of the new stock, while 1% shares of the $6 cumulative con- vertible preferred, series B, will be given in exchange for each share of the $8 cumulative preferred stock. ‘The General Gas & Electric Corpora- tion 15 a unit of the Associated Gas & Electric System. ganization by the Department of Com- merce shows that since the war a greater interest has been taken in co- operative socleties by the suburban resi- dents and by some of the clerical and rofessional workers in London and the large towns of midland and Southern counties. It requires 170,000 employes to carry on_ thelr work. Membership, sales and profits each showed about a 6 per cent increase over the preceding year, but eapital showed an increase of nearly 9 per cent and loan capital advanced by more than 16 per cent. The wholesale company which fur- nished a Inrge share of the to the retail storcs, called the Wholesale Soclety, did s as large as any American distributive unit last year. For its total trade, with the stores, ran ur to $423,000,000. In this fleld England and Scotland lead the world. (Copyright, 1020, by Narth American Nows- paper Al ) $1,500,000,000 We cannot offe ward for the return of of money to its former owners. r any adequate re- this vast sum This loss occurred on Thursday, October 3. The referred to represents that securities listed on the New It is impossible to state the changes. shrinkage in market value of York Ex- amount of the loss which occurred on that same day.in the so-called unlisted securities—that vast ocean of stocks, te., which attract so many hard- On Thursday, October 8, other day for the past actual proof has been given of the soundness, the stability, and the un- shrinking investment value of the 6% First Mortgage Swartzell, Rheem ixty yea: ing i Notes offered through & Hensey Company. rs regular continuous rest payments have made to every client. In all that period there never was a penny lost to any investor in these Notes. Aveilable in Denominations of $100.00 te $10,000 SWARTZELL, _ RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREETY N.W. / WASHINGTON D.C. FINANCIAL. Our Real Estate Loan Plan has appealed to hundreds in Washington and suburbs WHY Rensofiable Rates Long Term No Charges for Renewals Call EAVER BRO w R—EKI'.!’}"O'TS S 809 15th St. N.W. District 9436 Mortgage Loan Correspondent Metropolitan Life Insurance Company We Take Pride in Our Record of Over Forty Years: 6% First Mortgage Notes Punctual payment of interest— prompt return of invested funds at ma- turity, when desired ~ ... Our present offerings bear six per cent interest and amply meet the re- quirements that have made this record possible. Particulars of available notes will be mailed upon request H. L. Rust Company 1001 15th Street N. W. National 8100 EHE ST TANBYE O 8 B D 188y Not long ago, a congregation in New York built a new church. They did not have the title insured. In applying to a local savings bank for a mortgage loan, the bank’s attorney in- sisted on a title insurance policy before grant- ing the loan. Examination disclosed that there existed a 6 foot strip of land extending through the center of the building, to which the church had no title due to the failure of the two lots comprising the church property to join. A substantial payment was required to unite the “divided” church, which title insurance would have saved. Whenever you buy or lend on real estate a New York Title policy is always your best policy. CAPITOL TITLE AND GUARANTEE COMPANY 1425 Eye Street, N.W., Washington Real Estate Title Company Keyser Building Representing NEW YORK TITLE AND MORTGAGE CoOMPANY Capital Funds over 60 million dollars The Largest Title Guaranty Fund in the United States