Evening Star Newspaper, February 8, 1930, Page 21

FINANCIAL.. TRADING 15 BETTER | -~ ATD. C. MARKET! Dealers Display Ample Sup- plies .of Fruits and Vegetables. Opening of houses in the whole- sale market district this morning was under conditions to suggest more active trading, retailers being out before sun- Tise to get first pick of commodities for the week end trade. “And there was no question about their ability to get just what they wanted and more,” observed a dealer, “Receipts of practically every com- modity were in excess of quantities needed to meet demands, and the qual- ity was so good that selections were made easy. “And,” he added, “prices were right.” Among the early arrivals, it was stated, were merchants in nearby Maryland and Virginia and those in the outlying sections of the District, many of those in far distant places get- fin&r their supplies and returning to the places of business in time for the breakfast trade. They were closely followed by merchants in the city. Vegetable Displays, One of the interesting features of business in the commission house dis- trict was the immense displays of vegetables and fruits from various sections of the country, as well as some from other countries, including Mexico, Chile, Argentina and Belgium. Poultry dealers also had attractive displays of receipts from Maryland, Virginia and far distant States. 2lso were able to obtain turkeys shipped here from Argentina, but no announce- ment of such supplies being on hand was made. Dealers on the farmers' line, havin mmy recovered from the effects of severe weather last week, were out in larger numbers than last Saturday, but did not have exceptionally heavy supplies of farm commodities to offer. It was reported by some of the haulers tl country roads in some sections of Maryland and Virginia are still next to impassable and that the road condi- tions continued to Ererenc some of them from making their trips to the local market. According to statements of haulers on the farmers' line this morning, i is probable that a few days of good ‘weather will result in increased re- ceipts of commodities, especially coun- try butter, eggs and poultry, reaching <here shortly. “And 5o many eggs may reach here that the market will be overstocked and prices take a tumble,” was re- marked by one of the haulers who managed to reach here for today's market. e M lerable extenf e week, but those quoted this morning were not much different from prices quoted the first of the week. Some commodities were slightly higher, others being lower. Today's Wholesale Prices. Jobbers' Prices Slightly Higher. Butter—One-pound prints, 3912a40%; packed, 20302 1 tub, 371,381%; store ‘oms—flmnery. 41; fresh selected, A 1 Poultry, alive—Turkeys, young, 32033; . old, 27a28; Spring chickens, large, 30; medium, 30; broilers, 32a33; horns, 28; fowls, 2 20. Dressed—' old, 32a33: Spri Izz;otleu. 38: 40:’ ; capons, 3 ducks, 28a30; keats, 50a60. killed- ) 22a23; ; in packages, 13%. es, 16; lambs, 13. There was no scarcity of commodities of any kind reported this morning. Eggs were not as plentiful as they were a week ago, dealers said, and prices ‘were slightly higher, but supplies were am {e to meet ‘d;mnb' ds. i “It appears & weather market 80 far as 8 merchant. Poultry dealers continued with fairly heavy recelpts of turkeys, chickens, ducks and geese to offer the retal trade. Turkey receipts continued heavier than usual for so late in the season, prices being cheaper than during much of the holiday season. Live ti quoted from 27 to 33 cents, dressed stock being quoted from 32 to 38 cents. Spring chickens, plentiful since the Christmas holidays, were not quite so abundant this morning, but prices did not advance to any material extent. Keats were reported fairly plentiful at 50 and 60 cents. Supplies Are Ample. Commission merchants this morning had supplies of fruits and vegetables enabling them to meet demands of re- tallers for almost every variety of both products. “It really is surprising that we are getting practically every varisty of vege- tables found at any season,” commented @ dealer, “and most varieties of fruits.” Plentiful supplies of kale. spinach, Collards and other green vegetables were Teported from nearby States, Virginia, while peas, string squash, beets, cabbage, caulifiower, celery, cucumbers, eggplant, lettuce, peppers, potatoes, tomatoes and mush- Tooms were received from various places in this country, Mexico and Cuba. Honeydews from Chile, grapes from Belgium and pineapples from Cuba were among the fruits to claim the attention of retailers this morning. “But the Florida strawberries are not to be discounted,” remarked a commis- sion merchant, pointing to a shipment from that State. ‘Top quality berries sold around 50 cents a quart, some not so good selling at 30 and 40 cents. Apples continued in plentiful supply, much of the re- ceipts coming from the Shenandoah Valley of Virginia. Oranges and grapefruit, product of Florida growers, continued plentiful and in good demand. Oranges, as to size and quality, were quoted at $3.50 and 84, the grapefruit selling from $3 to $5. Alligator pears, not so cheap, were offered around 89 and $11 a box. Dealers had supplits of cranberrie; grapes and pears to offer retailers at ices about the same as those quoted ' the past week or more. products for the day and week end trade, while not extremely plentiful, were received in quantities sufficiently large to meet demands. beans, They | chiefly | { | Sales— Add 00. High. Low. Close ! 1 27% 27 2% 7 18735 185 50 381 1105 88 31% Norfolk Southern Norfolk&Westn (1 1 Norfolk&Wstn pf(4) 20s North Am(b10%stk) 30 North AmEApt (6). 1 Northern Pac (5).... 48 North Pac et (5) 27 Oliver Farm Equip. Oltvr Fr Eq ov pt(3 Olivr Fr Eq pf A(8 Otis Steel pr pf (7) Owens 111 Giass(n4), 2 S 1stpt.. 608 2dpf.. 408 &E(2).. Pacific Lighting (3). Pacific Mills. 1y Py 4BUIP: 17% 4 People's Gas Chi (8). 20 Pere Marquette (18). 2 Pere Marq pr pf (6). 1008 Pet Milk (1%).... Phelps Dodge (3) Phila Company (7). Phila& Read C& L Philip Morris (1).... Phillips Petrm (n2). Ejerce Ofl. : - BY-1=F YEPISIOE 1T T Poor & Co (B) (2). P Rican Am To (A) P Rican Am To (B). Postal Tel & C pf(7). T o Prophylactic Public Serv, NJ 3.4 5 Reynolds Tob A (3). 808 Reynolds Tob B (3). 441 Richfield Ol (2).... 22 Rio Grande O11 (3).. Rossia Inc (2.20).... Royal Dutch (a3.20). Safeway pf (8) St L-San Fran ( St L-San Fran pf(6). St L Southwestern. . Schulte Retai) Sitrs Seaboard Alr Line. .. Seaboard Afr Line pt 214 Sears Roebuck (32%) Second Natl Inv, Seneca Copper. Sharp & Dohme. .., Shattuck(FG)(t1%). Shell Union (1.40). Shubert Theatr Stmmons Co (g3) Sinclair Con Ol (3) Solvay Am In pt 8o Por Rico Sug (3).. Southern Cal EA (2). Southern Pacific (6. Southern Rwy (8)... Sparks Withngtn(1). 20% Spencer Kelg (1.60) 21% Spicer Mfg aor 35% Splegel-May-St (3).. & 26% Stand Brands (1%).. 818 29 2! 123 109% Stand Gas& El (3%) 68 11 UTILITIES PREPARE FORNEW BUSINESS Reports at Hand Reveal “Striking Gains Last Year. Expansion Necessary. Special Dispatch to The Star. NEW YORK. February 8—The sta- bility of the public utility industry and of the earnings of its leading operating and holding companies stands out con- spicuously just now, when corporation reports for the months of 1920 reflect the severe slump in manufactur- ing, in merchandising and in s ransportation. ' During December, When the iron and steel industry recorded the lowest level of pruductloq for the month since 1922 and there was stagnation in the auto- mobile trade and large percentages of decrease in the turnover of retail stores and of jobbers in nearly every sec- tion of the United States, as well as the sharpest fall in railroad earnings for any month in two years, the output of electric power for the country as a whole exhibited little change. Utilities Reports. Reports examined today of a number of the prominent public utility com- panies indicate that the business reac tion was felt by them to some extent, and reflected in smaller gross earning for December in parts of the industrial ized Middle West, including the Stat of Ohio and Indiana; also in the De- troit district, in sections of the Pit burgh territory; in Montana, where copper production was reduced; in Dealers reported a fairly good demand | TeXas, owing to smaller ginning oper: for fish and an increased demand for | tons, and in some of the ind hrimp was plentiful, but 'Ccenters in New York State. . 8| mhmmut was scarce and high. o INSURANCE GAINS NOTED IN CANADA Paralleling the gains ngoncd by in- surance companies of the United States, i Canadian ice life tions 1929, in' of $51,000000 o1 y reports a gain of ,000, o! ;"Mufi for the year and increase of @ssets to about $100,000,000. Anot! disn company closed |light, as well as geographical diversity, | the Seat with an increase of $10,000,000 | permit the utility companies to. suffer | n paid-for insurance. | | Owing to the marmm distribu- tion of the modern public utility hol ing company with respect to its opera the losses in one have been covered by the gains el where. This brings formance with respect to earnings to the public utility industry in seasons of industrial depression. ‘The main factor, however, has been t increases g'g business ' the steady growth in the lmuun'trh ol.l so-called domestic use of power. has increased so rapidly since the busi- ness crisis in 1920-21 and in the less severe reactions in 1924 and 1927 that the diversity in the use of power and considerable loss among the industries A third Canadian company reported (and still maintain a strong position. @ total in force at the end of 1929 of 000,000. It is estimated that the domestic use of power and light has now reached 8 !in 1928, a- ustrial | (Continued From Page 8.) 6 132% 182% 1324 9% 284 9% 118% 119% | i situation and t | February 6 continued sharply below a 1se- | Year & fairly even per- ' THE EVENING STAR, WASHINGTON, D. C., SATURDAY, FEBRUARY 8 193, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Offce. Btock and Bales— Dividend Rate. Add 00. Righ. Stand G& Ept (4).. 644 Stand O of Cal (23). Stand Ofl Expt pe(5) Stand O1I N J (12).. Stand Ofl N Y (1.60). Starratt (L 8) Co(2) Sterling Sec A, ..., Sterling Sec p£(1.30) Sterling Sec ev pf(3) Stewart-War (h33). Stone & Webster (2), Studebaker Co (5) Submarine Boa Sun Ofl (f1). Superior Ol Sweets of Amer (1), Symington. , Symington ( Telauto Cp (11.25) Tenn Cop & Ch (1) ‘Texae Corp (3). Tex Gulf 8ul (4)..., TexPC&O (b10%). Texas Pac Land Tr., The Fair (2.40). Third Avenu, ‘Thompson J R (3.60) Tide Water Asso §0c. Tide Water Oil pf(5) Timken Det Ax 1800 Timken Roller (3 Tobacco Products. .. Tobacco Products A. Transcontinental Of1 Transue & W (1).... Truscon Stl (g1.20).,, Und-Ell-Fisher (5)., Union Carbide (2.60) Union Ofl of Cal (32) Union Pacific (10) 4 Unlon Pacifie pf (4 2 Utd Alrcraft& Trans. 1! Utd Afrcraft®T pf 3, Utd Carbon (2 Utd Cigar Story Utd Corporation. ~Prev 1930.~ High. Low. 84 594 . Close. C! 641 641 1864 37 38 105 108 80% 814 574 5T 45 18614 141 109% 80 290 116% 14% 2 19% 253 84 1024 1015 Utd Gas & Imp(1.30) Utd Paperboard. United Stores A. U 8 Ind Aleohol (17). S Leather......... 8 Pipe & Fary (2). S Pipe 1st pf (1.20) S R S Ri 8 s s Smelt Ret (3%). Steel (T).cveveee 1pt (7). U 8 Tobaceo (4) Univ Leat Tob (3) Univ Pipe & Rad Util Pwr&Lt A (e Vanadium (4). ccagaaaa o 2 I © -3 ). e Waldort Systm (134) Walworth Co (2). o 2 EBaT kS Torasl SannoInal anBanne @ -4 o (913108 10: 108 Penn El of (7). 408 Penn Pw pf($) 1008 Penn Pw pf (7) 108 rev. lose. 64 59% 98y, 62% 324 88 14% 144 42 41% 95 46% % | FURTHER BUSINESS GAIN IS PLANNED Leaders of Industry Prepare for Continuance of For- ward Movement. BY JOBRN F. SINCLAIR. 5;:’: Special Dispatch to The Star. 10% M 10% 17 15% NEW YORK, February 8.—The eco- nomic and business world usually 1lis- tens to what John Maynard Keynes of England has to say. He belongs to the newer school of British economists, i§ 531 | awake to the difficulties of the present 63% | economic world programs, and has a 9% | trenchant, powerful style of writing, 15% | which commands immediate attention. 31 12 39 1% Balto & s 16% 16% o Tekul & Faante i stoc 5t stoexholders: *10K: is unsatisfactory makes little difference to the domestic consumer of power and light, though it may temporarily slow up sales for new electrical devices for domestic use. Another stabilizing fac- tor is the service charge which many of the industrial users of power have to p:‘f. irrespective of a decrease in the unit of power employed. Expansion Necessary. ‘The stability of public utility earn- ings, with the 11 per cent increase in production of power in 1920, has en- ed public utility managers and| their bankers to go ahead with plans for the sale of additional bonds and | preferred stocks in order to garry out | programs made up long before the stock market collapse developed. They ex- pect general business to be about nor- mal again within six months. Unless they proceed with their expan- sion plans, they will be uhable to meet the requirements of their consumers in 1931, The reduction in money rates comes at a time when negotiations for new financing were under way, but in some cases deferred by an inabflity of corporations and their bankers to agree on rates of interest and subscription prices for new issues. With the lower rates the borrower can now come to better terms with his banker than pre- | viously. . In some respects he is in a | stronger position than he has been since | the early part of 1928, NEW YORK, February 8.—The fol- lowing is today's summary of important | corporation news prepared by Standard Statistics Co., Inc,, New York, for the | Associated Pr News Trend. Week end reviews of industry and trade report further gains in industrial actlvity. Best progress continues in the steel industry, which has been stimu- lated by an increase in automobile manufacture and demands from rail- roads, building construction trade and farm implement makers. Wholesale and retail conditions contnue unfavorable, due principally to the unsettied price d weather conditions, Bank clearings for the week ended 0, but were slightly larger than those the like week of two years ago. Total for the week for principal cities of the country was $11,113,002, a decrease of 23 per cent from those of a year Ag New York City clearings amounted $7,670,000,000, & drop of 26.2 per cent from last year's total, The Companies. | American Bakeries Corporation earned $2.67 on class B stock in year 1029, against $2.99 in 1928. American Department Stores Janu- ary sales off 2.4 per cent; 12 months to | January 31, up 48.4 per cent. American Seating earned $2.38 on common stock in year 1929 against $2.99 H. C. Bohack January sal~s up 9.6 per | cent; year to February 1, 1930, up 10.3 | p.r' cent over previous fiscal year. lers _ January _ tonnaj 875, in Deeemh.'r. White Sw Mch pf (4) Wilcox 01l & Gas. ... Wilcox Rich (A) Wilcox Rich, B (2). Willys-Over (1.20) Willys-Over pf (7) Woolworth (2.40). Worthington Pum) Wright Aero (2) Tellow Truck & C. Young Spring (3)... Zenith Radlo. . . RIGHTS EXPIRE % Am R Mills. .June 15 Ohio.Mar 11 the anaust cash tly _ exi able in cash or stock. f Plus Plus 3% in stock._ j Plus nPlus 5% of $5,083 before depletion for year 1929, against profit of $81,453 in 1928, Canadian Pacific application made to permit reduction of par value of stock to $25 from $100, thereby splitting com- mon on a four-for-one basis, Celotex Co. earned $5.43 on common stock in 1929, against $6.57 in 1928, Chicago, Milwaukee, 8t. Paul & Pacific elmalinlo.i cen‘;l“on’:l;n}mon stock in year , agal $2.81 in iod Jan- uary 15 to December 31, 132{“ Cmnecm':‘l)l: P;anzr eln;;g’ $1.80 on common rear , against ‘236 in ‘nglaih ym e urtiss Wright re d merger nego- tiations pending with Sk , Ine., and East Coast Aircraft. i DeForest Radio earned 64 cents on common_ stock in 18 months to De- S General Clgat’ 1929 output 1 neral Cigar output uj cent from lblga. ” 2 i Goodyear 'Tire & Rubber reported company is now controlled by Cyrus 8. Eaton, Otis & Co. interests, G. R. Kenney January sales up 5.8 per cent over year ago. 8. H. Kress Co. January sales up 1.4 per cent over year ago. Mengel Stores January sales up 10.3 | per cent over year ago. Melchers Distillers earned $3.76 on class B stock in 14 months to Decem- ber 31, 1929, Missouri Portland Cement earned $3.30 on common stock, excluding un- distributed equity in subsidiary earn- il;%!!. in year 1029, against $4.28 in Page Hershey Tubes earned $11.34 on common stock in year 1920, against $9.90 in 1928, Parke, Austin & Lipscomb earned $249 on common stock in year 1929, against $3.91 in 19! J. C. Penney Co. January sales up | 17.7 per cent over year ago. Spiegel-May-Stern Co. earned $7.22 in _year 1929, against $7.43 in 1928, nion Oll Co. of California earned $3.56 on ccmmon stock in year 1929, against $2.93 in 1028. Viking Pump earned $2.08 on com- mon stock in nine months to December 31, 1029, against $1.51 in 12 months to_December 31, 1928. White Motor earned $3.59 on commo: fiofik in year 1920, against $2.00 in White Star Refining Co. earned $9.22 on common stock in year 1929, against $4.76 in 19! NEW YORK COTTON. NEW YORK, “bflll!z! Though distressed liqu of May contracts carried that month to lowest levels of the year during the early trading, the cotton market rallied briskly over $1 a bale today. A from the house carrying sbout 200,000 bales on contracts for co-operative associations that these con- tracts had not been taken over for liquidation had a strengthening effect on near months. Covaring in the March position pushed it up 21 higher on the day, compared wif changed quotetions on January. Spots were advanced 20 points to 15.40. So last week when he made the stal ment that the control of natural re- sources would be the great struggle of the future, he emphasized a situation that is disturbing to those countries which have little natural wealth within their own borders. Said Economist Keynes: “The next economic storm will center—nay, it is already centering—neither in Britain nor in the United States, but among the great powers of raw materials over- seas. For significant signs of recovery from further deterioration, it may not be so important to consider New York and London as to watch Australia, South America, Asia and Central Europe areas, which ate being reduced to grievous distress by the combined cir- cumstances of a fall in prices for their products and the difficulty in obtaining funds in the international market.” This is not the first time this problem has been raised. The League of Nations has had a committee for years studying it. But neither of the two countries that have the greatest natural resources in the world—United States and Rus- sia—are members of the League of Nations. Still the problem will demand more and more attention as the unification of the economic world draws closer together. Use of Checks. No nation has a better register of total business transactions than the United States. The widespread use of the check in business transactions is responsible. Somewhere between 90 95 per cent of such transactions are handled in this way. Then the Federal Reserve Board issues a weekly report covering 80 to 90 per cent of the total check transactions in the United States. The Department of Commerce, in its & survey of weekly business conditions, states that check payments for the week ending February 1 were smaller than for the corresponding week of last year and for the preceding week, Prices for cotton, steel and iron were down over both periods, with wheat and copper prices remaining the same as_for the week preceding. In the agricultural fleld, the receipts of wheat and cattle were smaller than for the preceding week, while wheat receipts were less than they were a year ago. Receipts of cotton and of hogs, on the other hand, were lnrser than during the previor week, and hog reeeipts were much larger than the correspond- ing week of 1920. In the matter of freight car loadings during the I o':;: reported period, the movement of “through primary channels” was slower | than in the corresponding week of 1929. Business is marking time, surveying the field, checkln,n inventory closely, putting its house order, so that it will be ready when the real march forward begins, Public Debts. Most writers on business like to make comj with the easy quiet years preceding the war. In the fleld of public debts, the total figures then, in comparison with the present figures, were very small. The combined net bond indebtedness of State and local governments in the United States in the pre-war vear of 1013 amounted to $3.196,200,000.. This amount went to 4,000,000 by 1922 $7, Six Jears later the debt ggres reached Money to Loan o Established 1899 INVEST YOUR FUNDS IN First Deed of Trust Notes Bearing 61,9, Interest s250.06. 350000208 "$1%00.00 Consult WELCH Realtors Loan Specialists 15th & N. Y. Ave. N.W. Natlonal 4848 Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Secured by First Mortgages . Safe—Conservative H| Make your savings and surplus funds Wm. H. Saunders Co. Inc. REALTORS Dist. 1015 1433 K Diversification reduces the possibility of loss to a minimum DIVERSIFIED . TRUSTEE SHARES Series C ~—represents broad di- versification as to types of business and eographical location. he portfolio of this conservative invest-, ment trust comprises common stocks in fifty leading American corporations. Write for complete information Waggaman, Brawner & Co. Sresianst Buntse a new peak—$12,578,900,000, accord- 0 & Tecent report of ‘the Nat; l‘:fiu’::-m”cm“l‘mnce Board. S Highwa: responsible for more than half of the debt. although the pro- portion for road-building purposes in ?efi years has shown a tendency to ecline. In the cities public school expansion has béen responsible for a large portion of the increase. The State and local per capita in- debtedness increased from $33.11 in 1913 to 810481 in 1028—more than tripled sincé the war. i1l the increase continue at its pres- ent pace? Magnus Alexander, prurdfflt of the Natlonal Industrial Conference Board, believes that it will, although at a less rapid pace. He sounds this note of warning: “The combined State and local gov- ernment net bonded indebtedness has shown & growth more rapid than that of tangible wealth over a period of at least le years, from 1013, when the combined State and local net bonded debt equaled 1.7 per cent of the tangible wealth, 10 1927, when it equaled 3.5 per cent of tangible wealth, or double the fon pertaining before the war.” 1i alth against which the bonds are issued grows at a faster rate than the debt, the debt burden becomes relatively less. But the opposite condition existed from 1913 to 1827. That's the danger! Production Problem. ‘Why should nine-tenths of the people live in comparative poverty in a country recognized as the most efficient on earth? This is a_query John Carter raises about this efficient but very paradoxical business era. Why equip production with machinery which cannot be worked 300 days a year “without producing & stock that cannot be sold in this or in any other country?” Labor has increased in productivity about 60 per cent since the war. But | with this eficiency has developed chronic_unemployment of about 10 per cent. Why? Mr. Carter questions America's boasted efficiency to produce desirable results in the fields of farming, transportation and employment. Perhaps such para- doxes exist in American business life because of the overemphasis on partic- ular jobs, without considering the ques- tion of the general welfare as a whole. “Because we ourselves make more things than we want or can dispose of, we are equipping the rest of the world to manufacture more of these things,” suggests Mr. Carter. “The whole ques- tion bolls down to this: What price humanity?"™ It is much easier to champion a par- ticular kind of business efficiency than to prove that such efficiency in itself helps the “general welfare.” (Copyright, 1930. by North American Ne r_Alliance.) Investment Securities cond sielding 8.05 entirely convertible into COURTLAND NIXON, 1518 K St. Nat. 1926 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd lesue of Stock Now Open for Sabseription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly Prevident James F. Sh Secretary First Trust Money Available JAMES F. SHEA 643 Louisiana Ave. N.W. PINANCIAL. BUSINESS LEADERS START INTO ACTION Special Dispatch to The Star. p;:lw Yolll(fi Pehr: ry ‘a.,‘—:ho :’\,“,:" eaders who made reassuring - nmml for 1930 are transiating their prophecies into action. The executive committee of the Ni tional Business Survey Conference, which met January 23 in Washington, includes a large percentage of the men rged full speed ahead for the current 12 months. There are 21 members of the com- mittee. Nine are business and indus- trial leaders of the West and Middle West. The remainder are of the East and South, el{m being executives with headquarters in New York City. The men who make up this unofficial busi- ness cabinet are: Owen D. Young, Myron C. Taylor, John G. Lonsdale, James Simpson. Cornelius F. Kelley, Thomas W. La- mont, Walter C. Teagle, Henry M. Robinson, Stuart W. Cramer, Walter 8. Gifford, Lewis E. Pierson, Pierre S. District of Columbi. 1321 Connecticut Avenue Mortga, gn :i':r' Stlac Strawn, George N 'y al awn, Lorimer, Paul Wooley,” Elbert Che: David L Ourpester and Alvan Macauley, eomn‘ unif Grain Shipments Resumed. BALTIMORE, February 8 (Special).— The first full cargo of grain to lea here since early last year, will be taken when the steamship Zitella, proximately 280,000 bushels of wheat, sails today for Antwerp and Rotterdam The loading of the the Baltimore & O] grain and was shipped for London firms. India plans to spend $5,625,000 on civil aeronautics, Consult Us Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Homes, Apartments and Business Properties in the and Nearby aryland and Virginia RANDALL H. HAGNER & COMPANY, INC. Decatur 3600 Loan Correspondent New York Life Insurance Company AFE Over a Third of a Century Without a Loss MORTGAGES THOSE WHO ARE UNFAMILIAR WITH INVESTMENTS —can rest assured they are running no risks and taking no chances with our 614,% FIRST MORTGAGES They make definite promise of return and offer the substan- tial backing of improved real estate in Washington. are not speculating when you buy them. You Charles ¢ last seven weeks, since the po commerce during 1920 and the outlook for the current year have been received from all parts of the country. As far as can be learned by inquiry, the Wall Street banki expects the situation to enor- mously through the substitution of an analysis by experts for guesswork and TUmMo! T, with ap- was done at elevator, National 2100 SWARTZELL. RHEEM anp HENSEY co, MORTGAGE BANKERS 727 IS STREET.N.W WASHINGTON.D.C. [ May be purchased in amounts from $250 up. B. F. SAUL CO. * 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY ARTH! MERICA feared “the bot. tom had dropped out” in 1920—business men, spec- ulating on futures, had bought large stocks . and suddenly the era of sky-high war prices ended, ; “Frozen credits” loomed like a thunderhead on the horizon .+ But then a remarkable thing happened—all over the country, necessary building projects, halted by the war and retarded by post-war specula- tion, began to be pushed ... new markets, new resources were opened . . . Business in 1922 “came down to earth.” Likewise today those men who saw the “big bull market” as a danger signal, and not a beckoning hand of fortune alone can think calmly of the “Crash of °29.” They had invested in sound, non-fluctuating securities based on the foundation of American prosperity—develop- ment of the land. Recognized as leaders among such securities are the 6 per cent First Mortgage Notes is. sued through Swartzell, Rheem & Hensey Company — Notes based on lullvyv Ing‘n::zntod"rl:tl roperty in Washington with a Ir’e:::d 31 nearly 61 Years With. out a Loss in Interest or Prin- cipal to Any Investor. From the days of 1790 depicted in the first of thi series of advertisements describing our Critical Periods in Prosperity —to the days of 1930, the country’s prosperity has always been based on this factor: develop- ment of land and resources. In Washington today, there are particularly attractive oppor- tunities for the wi investor . . . statistics show a greater necessity than ever before for new housing facilities—all to be financed by sound First Mortgage Notes.