Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-21

lions, Mr.. Steven / A. Fleming.
son does not hesi-
tate to predict the end of the depres-
sion period as at hand and he believes
that the improvement, although prob
ably slow, will soon be under way.
In his opinion Iowa, Illinois and In
diana viii have large corn crops and
will get high prices for the grain.
while the Western Coast States have
enormous wheat crops, so that there
will be reasonable prosperity through
out the farming district, despite the
drought.
Mr.. Stevenson believes that industrial
activity will soon be nuder way, grad
ually as sentiment improves and people
generally get over the hard times feel
ing that has dominated for year and
start buying again.
I'm the panic of 1929 in stocks per-
haps 100000 or mayhap matter of
Is, 600. 600 people were more or less sert-
ously hurt" said the next president Of
the A. B. A., but that leaves a host
Of los 900 900 unframed so far as Wall
Street is concerned.
Then, too, many Of the 1929 suf-
ferers lost large paper profits, but not
much actual cash, and in my belief the
time is near at hand when conserva-
tive purchases of good dividend-paying
stocks will reward the purchaser"
John PooIe's Persimmon Pole.
once again, John Poole's long per-
simmon pole has knocked ripe fruit
off the tree just about the time it was
ready to fall into other hands. 1t will
be recalled by those familiar with the
matter how this same pole was brought
into action just as the American Ma
tional Bank-a choice plum, was about
to be absorbed by the Merchants Bank
&c Trust Co., but when all but the
final ARRANGEMENTS had been made Mr..
Poole got busy and changed matters so
that the name of the old F street ma
tional bank was added to that OF
Federal"
Investigation among bankers and real
estate houses handling real estate notes
and bonds secured by trust deed or
mortgage would seem to indicate that
recent unfavorable developments in
connection with overmortgaged build
ings and structures given a fictitious
value in the preliminary estimates and
then overbonded has not hurt the
legitimate mortgage business of the
District
Said the head of one big trust COM
pany when approached in the matter
II do not believe the disclosures Of the
last two years. or even legal proceedings
against certain interests, have hurt the
conservative bond and note business
Indeed the life insurance companies Of
New York City and other places are
anxious to buy our mortgages and we
are often unable to get the usual sup
ply for our own need and the require
ments of our clientele, so keen is the
competition for conservatively issued
securities.
There are certain houses that have
long been in the business of making,
buying and selling real estate paper,
they are known as conservative, care
full men, practical in the extreme,
holding to about so per cent securities
issues on valuation of property and
buying and selling real estate paper:
to three years. Bankers know them
and will gladly pass along the informa-
ton to any one seeking in. estment in
conservative, safe, real estate mortgages.
A Serious Condition.
All over the country the habit of
generalization has been rampant for
some years-it was an easy, though
crooked, way of getting money. They
do say that "easy come, easy go" and
the aftermath is not pleasant to con-
slider.
One Bond Circular.
A circular offering real estate mort
gage bonds, issued by Dunno 81 Co.,
Broadway, New York, contains great
many offerings of bonds, which from
their quotations, would be judged as
not conservatively issued. There are is
sues quoted in the lsit covering property
from New York to Chicago and be-
tween the two cities, showing that the
practice was by no means confined to
Washington.
There are some Straus bonds offered
in this circular, but not at bargain
counter prices, 90 and 95 being asked.
Bonds on the Mayflower Hotel of this
city, maturing in 1919, first IS, are Of
fered for sale at So and the seconds,
maturing a year sooner, at so.
The first mortgage issue on the May
flower, put out in Chicago, was for ST.
500 900 and the second for $2500,000.
On the circular in question many is
sues of defaulted bonds are quoted. 1t
is a fine commentary on the gullibility
of humanity and on mans inhumanity
to man.
Many crooks and bank workers are
coming to this city from other large
towns, where the activities of the po-
lice have made it too warm.
There is one thing, however, that
may surprise thern-the banks here will
present q united front against them,
and as soon as an attempt is made on
one bank the entire membership of the
local associate ton will be warned and
posted as to when, how and what
Bankers must watch their STEP" as
Rome G. Stevenson advised at the
Montauk convention two years ago.
Investments for Women.
This is to be the title Of a book
| TO be published early in October by
Harper Bros. There are countless
publications on finance in plain enough
| language for the woman of today and
especially for the woman who has been
| burdened by her husband with the care