Evening Star Newspaper, January 20, 1930, Page 13

FINANCIAL. - IN ACTIVE MARKET UNITED STATES. (Sales are in $1.000.) Sales. High. Low. 30 9912 994 Close, 994 61 10112 10030 101 FOREIGN. Sales. High. Argentine May 61.. 5 98% Argentine 6sJu 9. 20 98 Argentine 6sOct59 8 97% Argentine 5%s8632.. 1 Argentineds ... ’ rgentine 6s B.... BY F. H. RICHARDSON. Australia 4%s 19 Special Dispatch to The Star. Australia 68 1955.. 9 NEW YORK, January 20.—There was | AUstralla 681987, 23 93 = 624 824 . i Austria 7s...... a considerable lessen of tl res- sure from absorbing x:-‘w lmueh:t}:dly. B'"k“c""u*' ’,Z 22?; S;“ ::% and bond prices made some headway. 101% 102 Especially was this true of prime rail- 106% 107 road, public utility and industrial bonds. Even last week's large total of new offerings was insufficient to take care of the funds available for investment. ‘There was some buying as a result, although other investors are still hold- ing back in order to be ready to buy new flotations in prospect. However, insurance companies, which have been securing much new busi- ness of late, and the savings banks are in the market. So legal bonds are much in demand. This was shown by the strength in such issues as Bal- timore & Ohlo first 4s, New York Central 43, Pennsylvanis szs"m Southern cific 41;s, St. Louis-San Francisco 4s, Standard Oil of New York 4% A eIt Standard Oil of New Jersey 55, Du- o quesne Light 4}5s and Columbia Gas & Electric 5s. 97 97 Irregularity featured the second-grade 8 o1 o1 o7 carrier issues. Denver & Rio Grande 12 log “ }m\fi lm‘s Western 58, Missouri-Pacific General | C: AR i 4s, Wabash 4155, Western Maryland 4s | Czeche bt i and International Railways of Central | Danish Muni # America 5s were strong, while fractional | Denmark 43 losses were shown by Rock Island 41ss, | Denmark 6s. Erie General Lien 4s, Erie Refunding|DEI5%sNo s, Missouri-Pacific 512s, Seaboard Air- [ Dutch East I 8s 62 line bonds and Boston & Maine 5s, | El Salvador 8s 48 Elsewhere the domestic list was quiet. | Fiat 7s ex war 46. . Buying for foreign account, which |Finland 5igs.. bolstered up prices in the foreign dollar | Finland 7s... credits last week, slackened somewhat, | Framerican 73 and prices were irregular in quiet trad- ing. The chief strength was in French, German and Central European descrip- tions, while Japanese and South Amer- 21 107 106% 107 ican bonds were inclined to weakness. 2 87% 874 & Today's new issues totalled $3,640,000, 291 all municipal. Cameron County, Te: 83 and Austin, Tex., both put out $1,00( 000 of new issues. 1 97% —_— 95% 93 “MENDER” GIVEN AS NAME 13 95% 95% 95% 3 56 103% 103% 103% 4 MK T 2% 6 94% 94% 94% 15 103% 103% 103% 1 103% 103% 103% 13% 18% 134 87% 87% .. Ko Dearth of New Offerings Re- sults in Better Demand for Older Groups. 91 11 102 16 107 13 116 115% 116 15 110% 110% 110% . 31 6% 75% 764 Bolivia 8s. cee B 021 91% 92 Bordeaux 6; 20 104 103% 104 Brazil 6148 1926.., 45 77 7% 75% Brazil 6%s 1927. 6% 76% Brazil 7s Brazil 8s Bremen State T Cln-dl n nn Belgium 7%s. Belgium 8 Bolivia Ts et 69. 18 100% 100% 100% 22 103% 103% 108% 1 89% 89% 89K 6 89 89 89 55 114 113% 114 57 120 119% 119% 1 91% 9% 914 Furniture Man Dresses Fantas- tically and Has 0dd Ways NEW YORK, January 18 (N.AN.A)). —“Call me Mender,” he says, whel asked his name. He mends furniture, is an expert cabinet maker and is forever paint pictures on boxes and dolng !zln thn'. bring in no money. tic. He wears rul bcn m phca o( shoes, and they are several sizes too large. But they stay on all right, because he has rings of rub- 12 103% 103% 103% ?;: ho]dlnkt "l‘l‘limfu)t h‘:fl‘ln%k" or over | Norway 6%s1952.. 11 102% 102% 102% tops of ee rousers are held up by tope and his buttons are| SUSTLENIR 30 1P (60 100 100 missing. But his mind is on the 12 106% 105" 108% conmol and he will discourse kno ly 1 101 mw 100% 27 3% 7 Norway bs 1! 3., Norway 6%s. 25 101% 101% 101% 10 103% 103% 103% of systems philosophy withn, fldeflt‘ velvet d.rlperiel on West Houston 841 84% BUTTER LEAVES FOUND. |E 3 B o ohw French Spinach Discovered in the N West. RENO, Nev. (#).—A new vegetable found mwlnl in Nevada, south of Reno, has been classified as French spinach and declared edible by Unlvermy of Nevada horticulturists. How it found its way into the State is unknown. Known as artiplex horten- sus, it is called by the simpler terms muln spinach, French spinach or It bears'all during the growing season and attains ® height of 5 to 6 feet. A mv of this vegetable 25 feet long, TaTuly with a1 the preen Jeuf vepetabie all the green leaf ve e it needs, although Itis chlulncfifll‘: “ornamental plant.” - Utd Kingm 6%s 37, Washington Stock Exchange s SALES. m:tofl%c l:tdonl.l Securities pfd.—10 at af Federal-American Co. pfd—5 at 100. Re:&l_’Efll Mtge. & Guar. pfd.—100 Rhine West 6s53. . lRRhln-’WnEP'l 50 6 101 96% 974 1% 94 87 8% 100% 100% 88% 884 88y 88% 103% 103% 105% 105% 102% 102% 108% 108% 99 o 89% 89% 7 )03% 103% 103% 6 961 96% 98% 4 84 84 84 B T4% T4% TN 18 97% 96% 96% MISCELLANEOUS. Abram&Straus5%s 5 981 98y Alleghany Cp 5s ¢4. 12 100 99% 99% Alleghany bs 49 21 99% 99% 99% Am AgriChem 7%s 5 103 103 AmChem 5%scv 49 41 4 102% 103% Am IntCor 6%s49 18 93% 93% AmSmit&R1stbs 4 100% 100% Am Sugar Ref6s... 7 103% 103% AmT&T 58 65 wi. 284 100 100% Am T&T cv 4%s 39 298 137% 139 AmT& Tecltrbs.. 103% 103% AmT&Tstbs.... 101% 101% Am Tel & Tel 5%. 106% 105% Am Water Wks 100% 101 Armour&Co 4% 89% H9U 84U K4 i 102% 102% 101 101 104 104 106% 106% 100% 100% 101% 1013 107 1074 104% 105 105 105% 4% Sweden 5%s. . Swiss 5%s 194 Swiss Confed AFTER CALL. Washington Gas 6s A—$1,000 at 102%. W Gas Light—10 at 10. w:x’\mmn Rwy. & Elec. pfd.—10 at A Bid and Asked Prices. BONDS. PUBLIC UTILITY. Nos Bid. Offer. Atlantic Refin 5 Bell Tel Pa 55 B Bell Tel Pa 68 C. Bethlehm Stl pm B el of Capital Jraction City & Buburl Wah: Ru3. % E Sk —— S Cram.-Vanderbht Hotel ¢ @' ....1| Col G&EI 55 May 52 [E SN S DA, ..o s “oa-+ | Com Invest 535 49, Bi Com Invest 6a ‘48 ConGasN Y 6% Consumers Pow §s. Cuban Am Sugar 8s Den Gas bs. Det Edison 6s. Dodge Duquesne %ll1 Paver Mig. 6r Btor Wi Mkt Cold !tuuu 8. Title 65 ‘Wash. Cons. STOCKS. PUBLIC UTILITY. Tel. & Telga At Fraliion Washingt, 102% 102% 99% 100 100 100 107 107 931U 93% 98% 984 | Green B& Wdeb 10 25 7, | Nash Chat& StL ¢s. k(] % 100% 1005 101% 101% Fisk Rub . Gen Cable b%s 47 Gen Mot Ac Cor Goodrich 6%s o & A id Goodyear sarcts. NATIONAL BANK. lumble 8. .. Naftonal Capital. 2t Humble O &R 5%8. Golumbi 30 | Inland Stl43%s 8., Int] Cement bs 48... 95 9! Piswetcs 18 230 | Inu Mateh 6s47. 9% 9% iberty Inter Paper 6s. 87 88 Int Tel & Tel 4% 92 Int Tel&Tel 4%8 ¢ 19 119 21 e Kan City P & Lt §s. 103% 103% anmnll ‘Bank ‘of Washington.. Kan G & E6s 62.. .. 1047 105 THUBE OOMBANT, Kendall 545 48 war 90 90 sonu;f,;":_,“%‘;‘{‘] . Laclede 5s. 1 99% 99% Merchants' Bank 3" | Laclede G 538 52 103% 103% National Savings & Tiist.!!!! Lautare Nitrate 6s. 6% 1% P L am Lo & Frust. Liggetayers 6s 61 xg;v‘ 0L SAVINGS BANK. 88% 88Y% 92% 92% 102 102% 5 1011 101% % 100% 100% M N EUANNONBEN AR NDRATN - DTN Elec. L Potomac Elec. 8157 pid wumnwn Rlym& Elec. com . Ansiab: com 101% 101% % 9Nk 5 TS PR N-.xon-l Risse Potom Pt:vm'ly S8 mp United State: Washington Mechanics. FIRE INSURANCE. Montana Pow 43, Mor's & Co 1st 4348 Nat Da‘ry 6%s. Nat Radfator 6% N Y Edison 63 NYG&EHPs N Y Tel 4%s. N Y Tel 6841.... North Am Edis 5s. No Am Ed5%8 62. Nor States Pow 6s. Nor States Pow. Pactfic Gas & EI b TITLE INSURANCE. Columbis Title. Real Estate Titie Title & Inv. of Md. com.. . MISCELLANEOUS. Barber & Ross, Inc. com.. Chevy Ci airy ‘ptd Colymbi E-nfl,& o:a\el i g 102 102 Securities bid Lol R 99% 99 99% 98% 981 98% 9% 9% Paramount Phila Co 58 67 Phillips Petro 5% s 10 92 Por Ric Am Tob 6s. : g i urity ‘atorage () Richfield Oll 6844, 12% * Sinclair ON : Sinclair Ol 6 13 100 1015 101% | o THE EVENING STAR WASHINGTON, " BOND PROES GAN | - o= BONDS oz ] Wire Direct to The Star Office Seles. Hish. Low. Close. Sinclair Crudal% 97 97% 954 95% 91% 91% 102% 102% 1041 104% 101% 101% 961 961 43 43 98% 98% Tenn ElecPowss 4 105% 106 Tex Corp cv 58 1944 100% 100% ‘Transcontl Ofl §%s 9915 99% 99% United Drug 94 93 93 847 B4 Bd% 100% 100% 100% 9874 Utiliti Vertients Walwort] Warner Sug 103% 103% 102% 102% 102 102 102 108% 108% 108% 103 103 103 White Sew Mach 78 e Willys-Ov 6%s 3. 981, 981 08l YoungstnS&T 101% 100% 100% RAILROAD. Atchison gen 4s. 14 93% 93 93% Atch deb 4348 43 129 129% AtlanticCL ds 98 03 92% 92% B&Ocv 4% W 99 994 B&OTfss 101% 102 B & O 632000 D. 101% 102 B&O1stbsct..... 12 104 104 104 B&OTrfimp 12 109% 109 109 B&OPLEWY4s.. 1 9 9315 9314 B&OSW6850.... 4 101% 101% 101% B&OToledods.... 16 8 85 8 Bang & Aroosdsbi. 6 861 Boston & Maine 6s. 19 973 Brdway & Tth Avés 2 357 Bklyn Elev. 6%s. 88 Bklyn Manhat 6s 50 100% 100% 100t 1 118% 1131 113% 2 110% 109% 110% 8 854 8d% B4% 11 101% 1008 101% Car Clinch & O b; 108 108 Cent of Ga 55 C 59. L 99% 99y Cent Pac 4s. Cent Pac 1st 58 90, . Ches & O Corpn bs. 2 Ches & O gen 4%s.. 11 Ches & O 434893 A. 11 Chi B&Q gen 45 63., 1 CB&Q4%877B..: 1 Chi&E 111 gn 58 ll. . 3 Chi Gt West 4s59.. 18 A 65% 4 Chi Ind&L ref 5s... 5 101% 101“ 101% CM&StPGen8d., 3 85% 854 ChiM&StP4%sC89, R 5% DBK 95% Chi M&StP 448 E.. 4% 94 94% Chi MilISP&Packs75 ‘B 92% 921 92% CMSP&Pacadjbs03 56 72% 72 724 Chi&NW conv 4%s. 18 99% 99%; 105% 1051 918, 92 4 101% 101% 9 9 101%: 101% 85% 85% 104% 104% 103% 103% 2 106% 10615 9% 97% 80% 80% 92% 92% 9285 92% 95% 95% 93 93 Det United 96% 96% Erfe 1st cons 48 8615 86% Erleconv4sA. 84 84w Erie conv 4s B. 84% B4% 80% 808 951 957 Erle & Jersey 6s. 1z 112 Fla East Cbs74. 51% B51% Gr Trunk st db 6s 3 105% 105% 105% Grand Trunk 7s. 15 110% 110 110% Gt Nor 4%s 76 D. 1 95% 95% 95% Great Northn 1st5s 4 954 95 954 108 1084 110% 110% 25 25 Chi Union Sta bs 44’ C& W Icon4 C& WIbE%s62. CCC&StLb6sD. Colo & Sou 4%s. Cuba RR6S...., Del & Hudist rf s 64% 64% % T 95% 95% 97% 97N 102% 102% 62 62 621 624 87 87 HavEIRy5%s51.. 10 64% Hud & Man aj 61 15 7% Hud & Man ref bs. 1 95% Tl Cent 4% s 66 3 98 111-C-C-StL&NO 6s. 7 103 Int Rapid Trans bs. 10 62% Int Rap Tr 6s stpd.. 10 62% Int Rapid Tran: 5 Int & G Nor 1st Int & G Nor adj Int RysCA l%ml Int Rys C A 6 Towa Cent 15t § Kan City Ft S ¢ Kan City S 3s. Kansas City § Kan City Term Lake Shore 4s31... Lehi Valen 4s. LehiVgen 4% 2003. Louis & Nash uni 4¢ L&N4%82003.... Louls & Nash 7, Man Ry 1st & . 22 Mill E] Ry&Lt 4%s 1 MIIEIRy & L 63 61 ll M 8t P&ASSM cn 4s.. MStP&SSM bs gtd. 6 . 1041 104% MK&TprinssA. 1013 102 Mo Pacific gen 48 4 75 75 98% 98% 98% 98% Mo Pac 5%8 49 evt. 19 108% 108 108% 2 90% 904 90% W 1025 1023 81 8l 98 98 M 9TU 105% 1058 105% 105% 9413 941 106% 106% 9% 9% 82 82 121 121 !0"& 104% 4 % 22222272 L 2, g 4 tate Ry 4%s.. 3 NY StateRy 638 62 13 NY Sus&Wn gen 58° 5 Nor Pacés..... Nor Pac rf 6s Ore Wash 1st 4 Penna con 4% 101 101 Penna gen 4% 97% 98 981y 981 106% 106% 104 104 108% 108% 100% 100% P Penna Perq PCC&SIL6sA... PCC&StL6sB75 Port RL&P 7%s 46, 105 105 Readinggen 4%sA 4 984U 97% 98y Reading J C4s 51 3 9214 924 924 Rio G West cl 4 2 B4% Rd4% B4M RIArk& L 4% T 96% 964 96 StL IM&S gn 58 31. 20 100% 100% 100% StL&SFpl A 20 8 88 89 89K 89% 101% 10114 100% 101 4 97% 117% 117% Sou Ry 122% 122% Tex Ark FS 534 105 105 Texas & Pacific 1st. 105% 105% Tex & Pac uBn'n |D 9l'a 9% 99% 99% 100% 48 48 28%° 28% Union Pao 1st 4; 12 9 Union Pac 4%s 67. E L 3 96% 95% 95% yp pac 1st ref bs. . 16 100% 100% 100% Virginia Ry 1stbs. 99% 99% Wbash 41378 rcts 901 90% 7 101% 101% 101% 15 | rumors. Bonds vs. Stocks BY GEORGE T. HUGHES. Insurance Companies. ‘When the stock market was breaking in panic fashion i t Autumn a propo- sition was advanced, with semi-official sanction, to allow New York State life insurance companies, now restricted as to their investments, to mortgages, se- lected bonds and certain preferred stocks of the highest grade, to pur- chase common stocks of the better sort. At _that time the idea was to provide buyers for investment stocks, which seemed to be almost entirely without support. Of course, to accomplish this result would have requu-ed legislation, and that would take time. Meanwhile, the plan has been discarded. There never was any such strong argument for life insurance companies being allowed to buy common stocks as there was for similar investment by individuals. The insurance company has obligations pay- able only in dollars. It is unaffected by any depreciation in the purchasing power of the dollar, which has often been a serious matter to individual hold~ ers of fixed-rate securities. Moreover, mature reflection has convinced advo- cates of the new idea that, as far as it relates to the life company, the danger of violent price fluctuations in common stocks largely outweighs the advantages of such ownership by those financial institutions It seems likely that these buyers will in the future, as in the past, confine themselves to bonds, mortgages and the few preferred stocks they now purchase. The insurance companies have long been the largest buyers of bonds and the mainstay of the bond market. In- cldentally. the men who do the bond buying for these companies are ad- mitted to be the best judges, not only of values, but of the market, of all those who deal therein. Also, incidentally, there is no pros- pect whatever of any depreciation in the buying power of the dollar which would make it advisable to substitute common stocks for bonds in any in- vestment list. On the contrary, the commodity price trend is distinctly downward and to that extent the ar- gument is all in favor of the bond D. C, MONDAY, JANUARY 20, 1930. GAIN IN BALTIMORE Special Dispatch to The Star. BALTIMORE, January 20.—With all the statements for Baltimore banks now compiled, it is disclosed that deposits rose in a moderate extent during the year in spite of the disturbances m the stock market and that most of the in- grel:c was contributed by the savings anks. The total stood at $605,631,543 for all the banks at the end of 1929, according to statements filed with the State bank commussioner, compared with $602,525,~ 282 a year previously. The commercial banks reported an aggregate of $414,226,006, as against $514,331,457 on December 31, 1928, while the savings bank total was $191,405,538, compared with $189.193,825. Resources of all the local banks stood at $726,144,236, compared with $719,- 542,651 a year previously. Those of the commercial banks amounted to $514,- 893,970, against $511,684,636 at the end of 1928, while the assets of the savings banks totaled $211,220,266, compared with $207,858,015 a year ago. Capital of the commercial banks was $29,050.000 at the end of 1929, surplus being $32,032,911 and undivided profits $10,542,446. 15 CHICAGO FINANCIAL HOUSES FORM CHAIN Special Dispatch to The Star. CHICAGO, January 20.—The Na- SAVINGS 1S SHOWN |Jorceb - Weier Money to Loan rst deed of trust on real estats. T:rn;l..inn First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. FINANCIAL. Councilor & Buchanan Certified Pubile Accountants Wm. Gordon Buchanan Tower Building Netional 611061116213 (Telephone Directory Omission) Loans for 3, 5 and 10 year apartments and busi- ness property in Washington. nearby Maryland and Virginia Randall H. Hagner & Company, Inc. 1321 Conn. Ave. N.-W. Decatur 3600 Mortgage Loan Correspondent New York Life Insurance Co. on houses, tional Bank of the Republic, fourth in the city in total resources, announces the first Chicago bank chain, National Republic Bancorporation, with 15 banks and investment companies, combined re- sources more than $250,000,000. Names of only 12 have been disclosed. Most of these are in Chicago. The Waukcgan State Bank, 40 miles out, is farthest re- moved geographically. National Bank of the Republic's plan of acquiring banks approaches branch banking more closely than do methods of some chain systems. Instead of mere- ly agreeing upon a price to buy control, a price for all stock is fixed. Any mi- nority stockholder in the bank bought can sell or exchange his stock on a basis as_ favorable as that of the largest holders. Most stockholders will make against the stock. Markets at a Glance NEW YORK, January 20 (#).—Stocks irregular; tobaccos raily on favorable Bonds steady; low-priced issues heavy. Curb easy; Electric Bond and Share firm. Foreign exchanges mixed: Spanish peseta drops one-sixth of & cent. Cotton easy; light Southern selling. Sugar steady: trade buying. Coffee higher; steady Brazilian markets. CHICAGO, January 20 (#)—Wheat easy; disappointing = export demand. Corn easy: increased stocks and larger receipts. Cattle irregular. Hogs higher, Sales. High. Low. Close. 5101 100% 101 2 103% 103% 103% 5 81 80% 81 6 96 96 96 3 98% 98% 98% 9 83 81% 8l% Wal 24 wbllh 5%8 75, Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets $5,662,549.55 Subscription for the 98th Issue of Stock Being Received SHARE 915 F National Metropolitan Bank 1814—Oldest National Bank in District of Columbia—1930 15th St., Opposite U. S. Treasury Opportunity to Work With You —is awaited by The Metropolitan. We've been co-operating business for over a century, and are always eager to make new friends. TRUST DEPT. 3% on Savings with local For Elasticity HE Metropolitan Life Insur- ance Company Real Estate Loan Plan was Home Buyer, and can be made applicable to many different cir- cumstances. Consult us about your problem. EAVER BRO! REALTORS 809 15th St. N.W. Mortgage Loan the exchange, it is thought. National Republic_Bancorporation has 1,000,000 shares, $20_each. Geotge Woodruff, moving spirit of National Bank of the Republic, has had a rapid rise in Chicago bankin. Iarge Genentor Order. NEW YORK, January 20—Four hydroelectric generators, said to be the largest in the world, are being manu- factured at the Schenectady works of the General Electric Co. for installation on the Dnieper River development at Kichkas, in the Ukraine. Each gener- ator is rated at more than 100,000 horsepower. $1,200,000 Locomotive Contract. NEW YORK, January 20 (P).—The Baldwin Locomotive Works has received an order for 10 large freight locomo- tives from the St. Louis & Southwest- ern Railway. The order is valued at about $1,200,000. . Argentina’s wheat crop this season is estimated 6,850,000 tons. 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits......$1,705,130.78 SAVE AS YOU EARN HE Equitable’s plan of sys- tematic savings encourages thrift in a_manner that if con- sistently followed will even- tually lead to financial inde- pendence. Start now while you have a steady' income. Come in and let us explain about our systematic plan. St. NW. - created for the District 9486 Correspondent Metropolitan Life Insurance Company Columbia Building Association Pays 5% 20 Years' Successful Business Without the Loss of a Dime Compounded Semi-Annually ot $1 or More Will Start Your Thrift Account See Us When You Want a Real Estate Loan e (Under Government Supervision) 716 11th St. N.W. THE DIRECTORS OF THE COMMERCIAL -NATIONAL BANK and CONTINENTAL TRUST COMPANY announce the consolidation of the two institutions as of the close of business January 18, 1930. Business of the combined banks is now being conducted at THE COMMERCIAL NATIONAL BANK located on the northwest corner of Fourteenth and G streets, where the depositors of the consolidated bank are being welcomed. . OFFICERS WADE H. COOPER, President. JAMES B. REYNOLDS, Vice President. JAMES H. BADEN, Vice President. FREDERICK H. COX, Cashier. LAURENCE A. SLAUGHTER, Vice Pres. WALTER J. HARRISON, Vice President. ROBERT A. CISSEL, Com ptroller. ASSISTANT CASHIERS ~ HERBERT V. HUNT. T. BLACKWELL SMITH. ALEXANDER R. VARELA. RALPH D. MICHAEL F. SHOWALTER. R. JESSE CHANEY. NATHAN B. SCOTT IL. QUINTER. Trust Officer. MARY J. WINFREE, in Cherge of the Ladies Df}nmml DIRECTORS JAMES H. BADEN. CHARLES CONARD. ‘WADE H. COOPER. H. BRADLEY DAVIDSON. E. C. DAVISON. W. J. HARRISON. CHARLES A. GOLDSMITH. JAMES HAYDEN JOHNSON. HOLCOMBE G. JOHNSON. KARRICK. PElCY H. RUSSELL. SHARP. LAURENCE A. SLAUGHTER. EMMONS S. SMITH, Je. NATHAN B. SCOTT iL * RALPH D. QUINTER. GEORGE TULLY VAUGHAN. BATES WARR Resources over $21,000,000.00 SWARTZELL, RHEEM anp HENSEY co. MORTGAGE BANKERS 727 \5 STREET N.W. WASHINGTON D.C While speculators dabble d men throughout every period in t CASHMERE TO CONNECTICUT RILLIANT silks from China—gaudy shawls from Cashmere — the wealth and glamor of the Orient came flooding into New England, brought in swift clip- per ships. For the shrewd Yankee trad- ers had seen an opportunity. With the resources of a new country and its growing wealth and population back of them, they seized the advantage when American shipbuilders designed the clipper, fastest sailing ves- sel ever constructed. So they brought new, valu- able goods to the growing American market. They knew their project was sound for it was based on a keystone of the nation’s prosperity—constantly increasing land resources and values. Today the same rule holds— the only really sound invest- ment is founded on land and its development. That is why securities such as the 6 per cent First Mortgage Notes of- fered through Swartzell, Rheem & Hensey Company are chosen for safe, worry-free and profit- able investment. These Notes are based on the soundest of land values—improved property in the Nation’s Capital. ornlly, wise this nation’s fi- nancial history have turned to one source for safe investment. The unvarying value of improved properties has been the firm foundation for many of America’s great fortunes. A particularly at- tractive opportunity to lly such a foundation is ‘ered by the situation of today. Washington property