Evening Star Newspaper, November 2, 1929, Page 12

12 * TRADE SHOWS GAIN IN FIFTH DISTRICT Federal Reserve Report In- dicates Increase During Month of September. BY EDWARD C. STONE. Wholesale trade of the fifth Federal Reserve district in September showed a general gain over the like month of last year, as well as the normal increases over August of this year. Shoes, hard- ware, dry goods and drugs lines made _ increases ranging from 1 per cent to 12.5 per cent, compared with' a year ago, monthly report of the Federal Reserve Bank of Richmond disclosed, while sales of wholesale groceries declined from the levels of September, 1928. Five wholesale lshoe firme repm;ted eptember sales . Crene. 398 pevioentiabove. TR A(Crems. the month of last year; 14 hardware firms had a 6.3 per cent gain; 10 dry concerns showed a gain of 4.2 per cent, and 12 drug dealers reported a 1 per cent increase. Grocery sales of 26 firms were 4.1 per cent below Sep- tember, 1928. Dry goods showed the largest ex- pansion over August of this year, with a 19.6 per cent gain. Hardware sdles increased 7.6 per cent. shoes 2.6 per cent and groceries 1.5 per cent. Drug sales fell off 0.8 per cent. In total sales from January to Sep- tember 30, all lines for which informa- tion was available except drugs show lower figures than those for the corre- &ponding period of 1928. Gain in drugs amount to 0.8 per cent. Stocks on the shelves of reporting firms at the end of September this year were larger in groceries and hard- ware than on August 31 or September 30, 1928, but dry goods and. shoe stocks were smaller on September 30 this year than at the end of the preceding month or the corresponding month last year Collections in wholesale lines in Sep- tember were better this year than last in dry goods, shoes, hardware and drugs, but there was a slight decline in col- lections on groceries. Percentage of collections to outstanding receivables for September, 1929, varied from 59 per c;,nt in groceries to 20.6 per cent in shoes. Margin Reduction Announced. E. A. Plerce & Co., New York Stock Exchange brokers, have announced a reduction in margins from 30 per cent to 25 per cent. Bernard A. Smyth, manager of the firm's Washington office, said today that he did not consider the amount of the reduction in re%ulremenu nearly so important as the effect it will have on sentiment. ‘The fact that the heads of the con- cern feel that the situation in the New York stock market has improved suffi- ciently to lower margins is a definite indication that they believe prices are down to a far safer basis than they have been for many months, that the crisis in low prices was passed some such a panic will not be also cut mi flmmdnhexpecudt.hnt rrlctu:llly all exchanges will take sim- lar action. In ordinary times they have practically the same margin re- quirements, although some will deal in smaller lots than others. Waller to Address Ad Club. *Strike Up the Band—Here Comes SBanta Claus” is the subject that Presi- dent Wilmer J. Waller of the District Bankers' Association will discuss at the luncheon meeting of the Advertising Club of Washington next Tuesday at 12:30 o’clock at the National Press Club. Charles J. Columbus, the managing director, expects a very large attendance, as the speaker is expected to present many important facts bearing on the trade outlook. Other events arranged by the Adver- tising Club for the remainder of the month follow: November 12—V. A. Corcoran, New York, on “Selling to 2.400,000—anc How.” Mile. Sturkow Ryder, concert pianist. November 19—Louis Flader, Chicago, commissioner of engraving industry, *The_Picture Age.” FINANCIALS | GRAIN MARKET. CHICAGO, November 2 (Special).— Wheat prices were lower at the start today, due to an absence of buying or- ders, in spite of strength in Liverpool. After the first half hour December was 1.28'5, March 1.35 and May 1.38%. Corn was a fraction lower with wheat. December was 91';, March 967 and May 99%. Oats were easy. December was 487;, March 521, and May 5414, | Provisions were higher. NEW BUYING POWER IS NOW IN MARKET | Unfortunate Speculators and Investors Replaced by Army of Purchasers. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 2.—With the stock exchanges of the country closed today and brokers and their clerical forces working to clear up before Mon- day the accumulated business of the most critical week through which Wall Street ever passed, those who were sold out in Tuesday’s panic and the more fortunate who had resources to apply to bargain purchases of stocks on that day and in the two following sessions had time to think calmly over their re- spective positions. The tragedies of Tuesday have been | intensified by the fact that many of them could have been avoided and also by the sequel of a rise in prices of such a sensational nature that about 40 per cent of the losses in market values oc- curing between October 24 and 29 have already been recovered. This has em- bittered thousands of sufferers who feel that they have been the victims of a plot to get their stocks cheap and 80 add to the fortunes of those who al- ready possessed them. Warnings Recalled. This has undoubtedly caused much ill feeling against Wall Street in spite of the constant warnings that were is- sued to the public to trim its sails and to cease following & market that was heading toward the disaster tha finally overtook it. . It was one of the common observa- tions on Tuesday that the public had been “wiped out” in the decline and that Wall Street would now have to go along without the assistance of the great army of little speculators and investors who had made up such a large percentage of its supporters. This turns out to have been another error of judg- ment and an underestimate of the latent buying power of the country. The facts are that when stocks drop- to a level that represented about the average prices of a year ago and were again on a basis where those who could buy them could realize an income return of 40 to 100 per cent greater than during August, a new public with apparently unlimited means immediate- ly took the place of the old one. It was a public that bought primarily for cash. It had to. Brokers would not deal with it on any other basis. Banks would not lend against collateral loans, as they had just been through experiences with former security holders that had turn- ed the hairs of their officers gray. So this public came down to Wall Street on Wednesday morning, but in even greater numbers on Thursday, with currency and certified checks and bought those stocks which it had seen soaring for months, but were now on the “bargain counter.” There is no question but that the statement of John D. Rockfeller that he and his son, John D. jr., were b;fix‘ang ea;nmm; ldto::nks n:a would go on iem, had more to do with exciting Jfl& public than any | other factor. Enormous Savings. ere did this money come from wm had been withheld from the market for a perlod of several years while American stocks were attracting the interest of the entire world? If one had gone into any savings bank, safe deposit company, national bank or trust company, life insurance company, loan department of mortgage company, on these days he would have d the answer. ‘m'll:he savings banks had to pay out money at a faster rate and in larger totals than at any time except when a “yun” was in progress. So did all of the national and State institutions in nearly every section of the country. ‘The life insurance companies had the biggest demand for loans on policies at any time in their history. Holders of mortgages THE EVENING STAR, WASHINGTON, D. C. SATURDAY, VEGETABLE SUPPLY 15 PLENTIFUL HERE i Retailers Do Brisk Business at Wholesale Market—Poul- try Receipts Large. Retailers were very much in evidence in the wholesale district early this morn- ing, each anxious to get the first pick of commodities for the week end trade. Commodities were so plentiful, how- ever, that there was no occasion for such early morning efforts just to get the pick, it was stated by merchants, receipts of all foodstuffs being fairly heavy. Along the commission house line the wholesalers had tl usual attractive displays of fruits and vegetables, most of them in the best possible condition, and they also had supplies of figs, dates and nuts, suggestive of the a proching holiday season. Poultry dealers had immense quanti- ties of chickens and fairly heavy re- ceipts of turkeys, the demand for the king of the barnyard fowls having been heavier the past two weeks than is usual so early in the season. Vegetable Supplies. Dealers on the farmers’ line had large quantities of vegetables and few apples to offer the retail’ trade, many of the windfall apples having been reduced to cider and the beverage offered in their stead. Interest in the condition of the but- ter and egg market was being displayed by both dealers and consumers. Butter prices had dropped earlier in the week, while egg prices this morning were the same as prices quoted most of the week. Meat prices continued about the same and during the past several days, de- mands for meats having increased since the first frost of the season. Business this morning was reported fairly active, prices of practically every commodity being the same as prices reported yes- terday. Today’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound _prints, tub, 44a45; store packed, 30a32. Eggs—Hennery, 55: fresh selected, 48a 50; current receipts, 45. Poultry, alive—Turkeys, young hens, 40; toms, 40: hens, old, 35a36; young, 35a38; Spring_chickens, large, 27a28; broilers, 30; Leghorns, 22a23; fowls, 28a29; Leghorn fowls, 20a21; roosters, 18; ducks, 15a20; keats, young, 40a65; old, 30. Dressed—Turkeys, young, 45a 46; old, 40a45; Spring chickens, large, 34a35; medium, 33: broilers, 37a38; Leg- horns, 35; roosters, 24a25; ducks, 28a30; keats, 70a80. Meats—Beef, 20a22; 24a28; 45246 veal, 22a25; fresh shoulders, 20a23; smoked hams, 25a26: smoked shoulders, 18a20; bacon, 28; lard, in bulk, 14; in pack- ages, 15. Live stock—Calves, 1412a15; 1215213, Both dealers and consumers are dis- playing an unusual interest in receipts of various varieties of vegetables from nearby farms, more especially tomatoes, vegetables continuing in heavy supply so much later than usual, a direct 7e- sult, it is stated, of delayed frost. Sev- eral light frosts have been reported, but vegetation was not seriously affected. Tomatoes offered on the farmers’ line this morning were in exceptionally good condition, some being extra large and presenting much the appearance of the vegetable offered in the height of the Summer season. The extra large to- matoes brought around $1.50 a basket. Condition of kale, spinach and turnip greens offered the retall trade this morning was suggestive of conditions much earlier in the season, being in as good condition as during the early :;ln,‘l. HSptfi‘:nc:n.lwn sold around $1 .25, the le and turnj| ulg:x I“m 75 cents. i B celpts of lima beans were too light to report quotations. String beans, l‘re- celved from the Norfolk, Va., section, Louisiana, Eastern Shore of Maryland and Virginia and nearby, were offered, ;sus:;’condltion, from $1.50 to $2.50 a lambs, Other Receipts. Artichokes made thelr aj rance in the local market this weel p:l.ld found ready sale at $6 and $6.50 a crate. Brussels sprouts, beets, carrots, celery, cabbage, caulifiower, onions, cucum bers and peppers were among the nu. merous varieties of vegetables reported. Mushrooms continued plentiful at $1 | and $1.25 a basket, some not in such , xoo& condition selling as low at % cents, | 2.50a2.75; NEW YORK COTTON. NEW YORK, November 2 (#).—Cot- ton_opened steady at an advance of 2 to 5 points today on trade buying and covering, which was promoted by rela- tiveiy steady Liverpool cables. The ad- | vance to 18.08 for January was checked by Southern selling, however, and prices later eased off a few points under liqui- dation and local selling promoted by higher private crop figures. January sold off to 17.99 and the market showed net losses of 2 or points at the end of the first half hour. A private crop report was published placing the indicated yield at 15,215,500 bales, compared with an estimate of 14,833.000 bales from the same author- ity a. month ago. Liverpool cables said trading was much restricted, but that further con- tinental buying and trade calling had | absorbed hedge selling. Futures_closed steady, unchanged to 5 points lower: December, 17.86a17.88: January, 17.98a17.99: March, 18.28a 18.30; May, 18.55a18.57; July, 18.66. Spot 'steady; middling, 18.05. NEW SHIPPING COMPANY IS FORMED IN BALTIMORE Special Dispatch to The Star. BALTIMORE, November 2.—L. Van Bokkelen, Inc., a new shipping com- pany, has been incorporated under the State laws of Maryland. The main office of the company (which is said to be one of the largest in the company) will be located here and the authorized capital stock is 45,000 shares, of which 15,000 shares, with a par value of $100, are preferred and 30,000 shares, with- nut par value, are common. R. E. Lee Marshall of Baltimore and Walter Van Bokkelen and James G. Graves, New York, were named as in- corporators. The purpose of the new corporation, the certificate explained, is “to engage in the business of importing and ex- porting products of every kind and de- scription into and from the United States and toreign countries.” L. Van Bokkelen, Inc., is a Dutch concern operating an export commis- sion house and acting as manufac- turers' agent and as branch for foreign concerns. The head office also oper- ates ships touching many great ports of the world. No indication was given that Balti- more would be made the home port for the company's vessels. light; market dull. pound sacks, Danish type, pound sacks, Danish type, 1.65. Celery—Supplies light; demand light, market steady. New York, two-third crates, mostly 2.75. Onlons—Supplies light; demand light, market steady; New York and Michi- gan, 100-pound sacks, yellow, U, S. No. 1, medium to large size, 2.00a2.25. Potatoes—Supplies liberal; demand light, market dull; New York, 150- pound sacks, round whites, U. 8. No. 1, 4.2524.40; mostly 4.25; few, fair condi- tion, 4.00; Maine, 150-pound sacks, Green Mountains, U. S. No. 1, 4.40a4.50; poor ‘condition, wide range prices, 3.00a lamb, 26a27; pork loins, 28: fresh hams, | § g0, Sweet. potatoes—Supplies light: de- mand slow, market dull; Eastern Shore, Va., cloth-top barrels, yellows, No. slightly frosted, 2.00a2. Eastern Shore, Md., bushel hampers, yellows, No. 1, fine quality, 1.25a1.50; poorer, 90a1.00. String beans—Supplies moderate; de- mand light, market slightly weaker; Norfolk section, Virginia, bushel hamp- -ers, Green Round type, fair quality and condition, 1.50a2.00, few 2.25; South Carclina, bushel hampers, Green, 2.00% 2.25; poorer, wide range prices, 1.50. ‘Tomatoes—Supplies light; demand light, market steady; California lugs, ripes and turning, wrapped, 6x6 and larger, 2.25a2.50. Cauliflower—Supplies moderate; de- mand light, market steady: Long Is- c‘rn;s, 2.75a3.00; Utah, pony ges—Supplies light: _demand moderate, market steady; Florida, boxes, Parson Browns, 3.50a3.75; few, best. 4.0 Oflices for cht in the Chandler Building 1427 Eye St. N.W. I the heart of Washington's financial district. Single Offices and Suites FEATU‘R!NG free secretarial service, public stenographer, ice water on each floor, high- speed elevators, excellent outside light and Venetian blinds at all windows. S_HANNO & LUCH S | Baltimore Market Special Dispatch to The Star. BALTIMORE, Md., November 2.— Potatoes, white, barrel, 1.50a4.10; 100 pounds, 2.50a2.90; sweet potatoes, bar- | .el, 75a2.25; yams, barrel, 1.7582.25: | beets, 100, 3.0024.00; beans, bushel, 2.50 |83.00; cabages, hamper, 60a80; carrots, 100, 4.005.00; caulifiower, crate. 2.25a 3.00; celery, crate, 1.50a3.00; tmltnl_. crae, 3.00a3.75; lettuce, bushel, 75a1.00; Lima beans, hamper, 1.2541.75; onions, 100 pounds, 1.50a2.00; peppers. hamper, 25a35; peas, bushel, 5.00a5.50; pump- | kins, 100, 6.00a12.00; spinach, hamper. | 40a70; tomatoes. hamper, 40a1.00; tur- nips, hamper, 15a20; apples, bushel, 75 a2.75; grapes, basket, 15a19; grapefruit, box, 3.00a4.00; honeydews, crate, 1.25a | 2.50; orAnges, box, 2.50a4.25: pears. | | bushel, 2.00a4.50; quinces, bushel, 75 | a1.50. i i Dairy Market. ) Poultry, alive—Turkeys, pound. 35a | 38; Spring chickens, 23a28: Leghorns, | 24; old hens, 23a29: Leghorns, 18a | poor and thin, 17a19; old roosters, 18a20; ducks, 19a24; guinea fowls, each, 40a75; pigeons, pair, 25. Eggs—Receipts, 1,403 cases; native and nearby firsts, 50a53; current re- ceipts, 43a45; hennery, white, 58a60. Butter—Good to fancy creamery, pound, 42a48; ladles, 35a36; store| | packed, 27; rolls, 31a32; process, 40adl. | COMMERCIAL CREDIT CO. BALTIMORE, November 2 (Spe- cial).—The Commercial Credit Co.'s! earnings for the first nine months of | this year are $3,608,750 in excess of pre- | ferred dividends. This is at the rate of $497 on the common stock, compared ith $3.75 for the corresponding period of last year. Net income was $10,211.- | 565, compared with $5,713,634 for the | same period of last year. Officials said the stock market defla- | tion will not appreciably affect collecta- | bility of the company's outstanding | loans because the losses are widespread, | | vocationally and geographically. Wall Street Briefs By the Assoclated Press. New York Federal Reserve Bank has reduced its buying rate from 5 per cent to 4% per cent on bankers’ acceptances up to the 90-day maturity. Howard B. Smith, chairman of the | New York Stock Transfer Association, | announced today that owing to the | large number of certificates being is- | sued to individual investors all over the country, transfers may of neces- First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. CompLETE FINANCING Ist & 2nd TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Natl. 1403 Real Estate Loans Applications invited at lowest rates and commission —econom- ical consideration for borrowers. Both large and small loans mnegotiated— prompt replies. Moore &Hill, Inc. NOVEMBER 2, 1929. FINANCIAEL. T ity in some cases be somewhat delayed | tificate for every three held. beyond the usual schedule of trans- ferring securities within 48 hours. Out- of town banks and brokers are re- quested to be patient during the current period of stress. Stockholders of Kreuger & Toll have approved a plan to .issue additional | Holders of the | kroner debentures. ‘The National Cash Register Co. re- ported today that October business broke all records, with a gross volume of domestic, Canadian and overseas sales exceeding $8,000,000. R. C. Force, president of the Cater- pillar Tractor Co., announced today that application was being made for American participating certificates have | the listing of the company's stock on the righ: te subscribe for one new cer- the New York Stock Exchange. In Nearby Virginia 5%% Prudential « Insurance Co. Loans Commonwealth Investment Co. l| 917 15th 81 W A Word of Thanks TO OUR CLIENTS WE take this opportunity to pub- licly thank our clientele for their co-operation and consideration dur- ing the unprecedented conditions which have prevailed during the past week. Although our organization is equip- ped for a very large volume of busi- ness, we were called upon to handle several times that capacity, with the resultant congestion expetienced by all active houses. Our bookkeeping and office forces, as well as those of our correspondents, have worked day and night to keep up with the work, but we must beg your further indulgence for a few days. Phone Natienal 2023 Mackubin, Goodrich & Co. BANKERS Established 1899 Members: New York and Baltimore Stock Exchanges Associate Member: New York Curb Exchange 1508 H Street ‘Washington, D. C. 111 East Redwood Street Baltimore, Md. After All-First Mortgages After all experimenting is over with the dif- California persimmons were added to | the already long list of fruits offered by commission merchants. Boxes of | 60 sold around $5. Pomegranates also were included in this morning's offer- ings. Dealers had plentiful supplies of Nofember 26—Editor Taft of Phila- der to l&hu Public Ledger, “Washington | offered them at a discount in or del had e tain immediate cash. Those who ha Ry N, ot cautions and. had bought bonds Crone Expert on Curb Stocks. while they declined went to their safe In connection with the expanded New | deposit vaults, withdrew them and of: York Curb Market table of quotations| fered them for sale, so that the bon ferent forms of investment, one fact stands out preeminently: First Mortgages are the safe, profitable and stable means of investing. This Manaoing Agents 1435 K St. Nat. 2345 (Since 1900) 730 17th Street N.W. now being printed in The Star, some- thing about John A. Crone, who "writes a daily dispatch on the Curb Exchange, 1s of special interest. Mr. Crone is a graduate of Columbia University. He is now connected with the Consolidated Press, has spent most of his business life in Wall Street and has made a specialty of the Curb Market, He is a contributor to many financial magazines in addition to his daily re-| ports. The Star is now presenting the high, market suffered the greatest decline in three days that it had since bonds went to a discount with the beginning of the high-money period. This slump was also intensified by liquidation on the part of savings banks and others who had o have cash to pay their depositors. New faces and new names by thou- sands appeared in Wall Street offices. ‘Brokers were dumfounded over the e’ dence of untouched wealth that cai to the surface after the stock market began to rally and it was realized that the worst of the crisis had passed. several varietles of pears and apples. They also had plentiful supplies of oranges and grapefruit. Pineapples, product of Cuban growers were offered this morning at $5 an Quinces and cranberries were other fruits offered the trade | ay. | A fairly heavy week end demand for | marine products was reported by deal- | Fish were not exceptionally plen- , according to reports, and prices were not particularly che: | The daily market report on fruits and | vegetables, (compiled by the Market | Of Proven Profitable Efficiency There are innumerable examples of the bene- fits accruing to owners of property, especially has always been a fact, but in the mad scramble of the little investor to get big profits out of fluctuating securities, mortgages have been shuttled aside as something too conservative to bother with while there was a chance for a “killing.” low and close in the Curb Market daily and also the close of the previous day,| They had no conception of the as well, and the high and low quotations | enormous buying power that was in for the year, a comparison always con- | reserve or the numbers of individuals sidered ‘of great value. Furthermore, | that were still anxious to get into the total daily sales are printed, the volume | market in spite of what had happened | of trading in any issue always being of | to the great army of “sold-outs. vital importance. Monday Prospect. News Service Bureau of Agricultural Economics) says: Sales to jobbers ex- | cept where otherwise noted. | Apples—Supplies moderate; demand | light, market steady: boxes, Washing- ton, ‘extra fancy Delicious, medium to large size, 3.65a3.75; extra fancy | And now, after the last few hectic weeks, those investors, who have resisted temptation, stand today in the same position they did six months; a year; five years ago. Their principal apartment houses, through our management. We take every detail of responsibility off your shoulders. More Than a Third of a Century's Experience Natl. 925 Heard in Financial Distriet. Directors of the Park Savings Bank have declared an extra dividend of 5 per cent, payable on November 10. ‘The first of a series of addresses to ‘Washington women on “Finance” will take place Monday morning, at 10:30, at the Mayflower Hotel. The talks are being sponsored by the Continental Trust Co., the aim being to give women better information on all financial mat- ters. A general invitation has been ex- tended to those interested. For the week ending October 31 ‘Washington bank clearings were $28- 556,000, against $27,529,000 last week, and an increase of 7.1 per cent over the corresponding week last year, Eugene E. Thompson, head of Crane, Parris & Co., has returned from a short trip to New York. George O. Walson, president of the Liberty National Bank, went to New York last night to meet Mrs. Walson, who arrives home from & trip to Europe today. Fox Net Up 130 Per Cent. Fox Film Corporation reports income of $3,471,000 for the third quarter, com- ared with $1,500,656 in the correspond- fn; period of 1928, which is an in- crease of more than 130 per cent. Earnings for the nine months ended September 30 were $8,845,000, compared with $4,016,461 in the corresponding period of 1928. This is equivalent to $0.61 per share earned on the total 920,660 shares of class A and B stock outstanding, against $4.32 in the first nine months of 1928, Directors of F. & W. Grand 5-10-25 Cent Stores, Inc., declared a stock dividend of 5 per cent on the common stock, payable November 25 to stock of record November 12. Brokerage hauusmln New York re- rt they are opening many new ac- ‘c’gunu Which is helping to offset old osed_out_by_forced selling. ~ FIRST TRUST LOANS Peasonable Rates Courteous Treatment There have been many wealthy men who have retired from business and who have been nominally bears on the market, who appeared in Wall Street this week for the first time in several years. They bought stocks on Tuesday and Wednesday on a scale that amazed their brokers. When the market opened with such a rush on Thursday, however, they withdrew unexecuted buying orders feeling that the advance was going too fast and too far. The evidence today among brokerage houses was that the general public that could command buying resources was sending in its orders to execute Monday morning when the market will have the first opportunity to express its satisfaction over the reduction in the Federal Reserve rediscount rate in New York and the colossal reduction in brokers’ loans reported after trading officially ceased Thursday aft ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue ot Stock Now. Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly James F. Shea President Secretary First Mortgages For Sale JAMES F. SHEA THOS. E. JARRELL CO. Realtors . %24 A0t Btreet N.W, Rasionsl 0765 643 Louisians Ave. N.W. bushel baskets, Virginia, United States, , 2% inches up, Delicious, mostly | ;'3 _inches up, 2.00a2.25; United | States, No. 1, 2!2 inches up, Grimes, | mostly 2.00; unclassified, various varie- . ties, 1.00a1 rer, low as 50; United States, No. 1, 2'; inches up, Grimes, few fine quality and condition, 2.50; United States, No. 1, Staymans, 3 inches up, fine quality and condition, 2.50. Cabbage—Supplies_ moderate, ‘demand Money to Loan ea by first d Prevailing Int an Joseph I Weller §3, ™ Jonathans, medium to large size, 3.25: | Consult Us First If you need money for our Real Estate financing et us have your application today. Prompt Service No Appraisal Fee The Commercial National Company‘ Raleigh Hotel Stock 648 shares of the capital stock for sale to close an estate. Make offer to Stenley D. Willis, Attor- ney, Metropolitan Bank Building. FY 2100 it merely bids good-b come to stay.” ter and contentment neighbors. One Dollar or more COLUMBIA ASSOC B. F. Saul Co. Money talks, but speaks briefly. Fifteenth Management Interest Compounded Twice a Year To many y, to some it says “I've Systematic saving through this Association month by month not only lays the foundation for a successful career, but it develops charac- places you in position to be a home owner and a person who com- mands the respect and admiration of your will start your account. BUILDING TATION 716 11th St. N.W. UNDER GOVERNMENT SUPERVISION is intact, their income has been regular, and they have had no mental anguish to distract them from their ordinary habits of life. Today, as never before, First Mortgages stand out as the sensible, sane security. Will you, when you make your next investment, re- call these last few weeks, and, at the same time, be mindful of the sense of seenrity which thou- sands of mortgage holders have had during that period? And will you remember that, at the office of Swartzell, Rheem and Hensey Com- pany, there has been No loss to an investor in first mortgages in over Sixty Years SWARTZELL, RuEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET N.W. WASHINGTON D.C. / Conservative First Mortgages are always worth 100 cents the dollar!