Evening Star Newspaper, January 27, 1923, Page 19

FINANCIAL, RESPONGE ISPOOR TOMELLON APPEAL Only $32,554,560 Put Into . New U. S. Treasury Sav- ings Certificates. Up to January 20 only $404,199,83% of the $625,000,000 war savings cer- tificates due January 1 had been paid, or less than two-thirds. During the same period the Treas- ury had received only $32,5654.560 for new Treasury savings certificates. This is regarded as a disappointing response to Secretary Mellon's ap- peal to holders of war savings certifi- cates to exchange their investments for Treasury savings securitles. The Treasury deficit, which stood at $50,680,430 January 15, had de- clined to $35,766,961 January 20. The present deficit of $35,766,961 compares with a surplus of $160,072,762 a year ago. The net balance in the general fund of the Treasury January 20 was $371,- ,43‘1;3'6, On January 2 it was $332,- Riggs Addition Near Completion. All outside scaffolding at the new additlon of the Riggs National Bank was removed Thursday and accord- ing to Robert V. Fleming, chairman ot the bank’s bullding committee, the handsome west side of the institu- tion will be ready for use on May 1. Marble workers will begin work on the interior Monday, and about March 1 the bronze experts will be ready to install their fixings. Decorators will also be busy by that time and every possible haste will be made to have the entire structure finished on sched- ule. time. The exterior of the addition, which abuts the main bullding, Is similar n design to the old bank, and brebents a uniform appearance, filling | 4 much needed want from an archi- tectural point on the block, which is now complete in its entirety with at- Ira:'(l\'e structures. The ground floor of the addition will be devoted to tellers' ample lobby leading from the old build- An_ attractive ladies’ department, with rest room and all conveniences, occuples the Pennsylvania avenue end 't;; the room, while the north side will voted to private office { of the officials. e onimaia) . The entire basement of the two bulld- Ings is being done over and. modeen lavatories, shower baths, lockers, and rest rooms for male employes have al- ready been installed and are now In use.” Here, too, will be erected the bank's new vaults, which are now belng made at York, Pa., and which, according to the officials, will cost approximately $100,000. President Ailes' private office has been removed to the eastern side of the old bank to allow for the tearing down of walls connecting the twe buildings, and at present many changes of other offices have been found necessary to make room for workmen, When completed the bank will ‘be one of t ilbeton e most pretentious Lincoln's Branch Bank. Plans have been drawn for th, branch bank to be erected by ‘the lincoln National Bank at 726 17th street, and according to well informed circles the same will be adopted at iie next meeting of the institution's board of directors. Only the {liness rr:nl;;logd E. Davis, president of the bank, prevented this s thls week, it was e e new structure will b. - atory individual bank bul‘ldl:g.wltl‘;oa thirty-foot width, 140-foot depth arnd orty-five-foot height. The' entrance will'be in the center of the bullding, with corridor running directly through ihe center of the main banking room. offices and departments being on sither side. The vault will be in the [ear of the main banking room, cov- ‘ appre — pproximately a forty-foot A handsome mezzanine, with gl dome, will be Immediately above the vault, according to the plans. Tmmediately following the adoption of the building plans, work on the ~®tructure will start, it was learned. Tt 18 not beyond the realms of pos- sibility that the new structure will In time become the main office of the Tincoln National Bank, as it Is com- mon_knowledge that no expense will be spared in its construction. and when completed will represent one of the most elaborately appointed smaller banking institutions in the entire ciy. 3 The present quarters of the Lincoln National, at Tth and D streets, have proved rather cramped, due fo the steady growth of the bank, which now boasts deposits of $5,575.396 and total resources of approximately $6.- $00,000. ACTION ON CREDITBILL | HELPS WHEAT PRICES Wide Fluctuations in Market Dur- ing. Week—Foreign Affairs Vital Factor. TFr the Associated Press. CHICAGO, January 27.—After fall- ing to the lowest price since the first week in December, the wheat cages and anl THE "NEW YORK CURB MARKET | Recelved by Private Wire Direct to The Star Office. BY WILLIAM ¥. HEFFERNAN. NEW . YORK, January 27.—The strength that has featured the curb market throughout the greater part of the week was again manifest in the two-hour period today, although there was not as much activity. In the motor group the Durants were the whole center of interest. NEW YORK, January 27.—Follow- ing is a list of today's highest, lowest and closing prices for the most active bonds and stocks dealt in on the New York Curb Market: Sales in thousands. 1 Allied Packers 88 3 Alum 7s '25 . 13 Anaconda 6s 3 Anaconda 7 * 2 Anglo-Am Ol 7%s. 4 Armour & Co T - 31 Armour of Del Bigs. 117 Beth Steel 78 '23 1 1 1 2 Charcoal Co 1 Cons Gas Baito Ts. 5 Cons Gas Balto 64 A 2 Cons Textiles 8s . B Galr Robt s . Gen Asphalt 8s . Kan City Pow ki Kenneott Cop Ts Laclede Gas 76 Libby McN & L T8, Lig Win Ley R E 78 Louis G & E 3s . Morrls & Co Tis Nat Acme T%s . N Y& 8t L e Ohio Power 58 B Thila_Elec 6 Pub Serv of 3 Shawsheen SO N Y 78" Southwest Beil Swift & Co Ts " Swift & Co 58 Tidal Osage 78 United Oil Produ acuum O1l 7s . FOREIG 28 @ [ETRIN P SO = P S rererey Argentina T % Prench dn i Italian Con 58 i King of Nether 6u Repub of Peru 8s . & Russ Govt 8las cfs. 07, 17 Swiss Govt 5is ... 1085 Sales STANDARD OIL ISSUPS. ia units. 300 Atlantic Lobos 10 Continental Ol 40 Crescent P 1 . 40 Comberlana P L I 30 Gat Sig 01 660 Tmp Off of € 25 Ind P L . 700 Interna Pet Co Ltd. 100 Ohlo Ol new 120 Prairie O1l & 140 Prairie P L.. 10 South Pean Oll 12100 8 O Indiana . 300 8 0 Kentucky new. 400 8 0 N'Y new . 1400 Vacuum Ofl new Sales in INDEPENDEN hun dreds. 20 Alifed O1l . 1 Atlantic Gult Oil 70 Big_Tndian Oil. 10 Cardinal Pet 3 Carib Synd 1Cit Serv ... 2 Cit Serv pfd 1 Cit Serv B cf 5 Creole Syndica 1 Equity Pet 20 Engineers 17 Federal 01l 1 Fensland OIL. 2 Guiiland Ol % 78 Glen Rock Oil 3 Granada Of1° 12 Gulf Of of 10 41 0% 111 6 108% 1 Kirby Pet . 5 Latin Amer Oil 8 Livingston Pet . 1 Lowry Ol .. 18 Mammoth Oii 1 Marland . 4 Maracaito 60 Maracaibo Oil 8 Merritt Oil 231 Mex OIl ... 80 Midwest-Tex Ofl .00 . 8 Mountain Prod . 7 Mutual 01l vot 10 Noble Oil & 18 Omar Oil & G 21 Penn Beaver Oi 1 Kalt Creek cons Ralt Creek new 19 Sapulpa Refin - _34 Seaboard Oil 300 Bouthern P & R 21 South States Oil. 190 Tezon Ofl & Land 8 Turman 206 West States Ol INDUSTRIALS. 74 Acme Coal. 40 Acme Pack. Washington Stock Exchange SALES. %)mlc“,!’leclrlc 5. m. 65—$300 at 100, B asbington Rwy. & Elec. pfd.—S at T5%. APTER CALL: Washington Gas Light—3 at 58%. BT oaction—11 at_103, 10t 1023, Washington Gas 7%s—$300 at 104, . Whshington Rwy. & Elec. 46—$1.000 at 72%. Washington Rwy. & Elec. com.—25 at 69%, 69, 10 69 at 69K 4. ‘Washington 5s—3500 at 94! Washington Gas Light—2 at 56! BONDS Bid and Asked Prices. POBLIC UTILITY. Amer. Tel. & Telga 4 American Tel. & Tel Am. Tel. & Tel. Am. Tel. & Tel. ;i Anscostia and_Potomac Bs. Anacostia and Potom: Chesapeake & Potomi & P. Tel. of Va. b Capital Traction R. R. City and Buburban Georgetown Gas 1st Metropolitan R. R. 5 Potomac Electric 1st Potomac Electric cons. 51 Potomac Elec. deb. 6s. Totomac Elec. Pow. g. m. Pot. Elec. Pow. g. m. & ref. 7 W Alex. & Mt. Ver. 5s. Wash.. Alex. & Mt. Ver. ct Wash., Bait. & Annap. ashington Gas 5. Washington Gas Washinzton Rwy. & market this week has shown some rallying power, alded by a Senate committee’s favorable action on the 1ill to provide an ecxport credit fund of $250,000,000. Piling up of the United States visible supply of wheat was previousi¥y acting as a welght on values. Compared with a week 2o, wheat this morning was % to 173 down, corn varying from 1§ de- cline to % gain, oats % off to % up and provisions varylng from a set- back of 27 to 10 cents advance. At the extreme low point reached - the wheat market prices showed e than 11 cents a bushel drop rom recent top figures. With ex- rt business meager and with fur- er shrinkage of European buying vower in prospect as a result of the strife between Germany and France and, because of other European dis- :ensions, the wheat market was un- der heavy selling pressure before re- actlons began. — Rainy weather in the domestic winter wheat territory counted meanwhile as a further bear- ish -influence. Evidence to show that wheat was low, as compared with other com- nndities, togethermgwith talk current that Russia would be out of the ex- port business for at least a genera- tion, were contributing factors in helping the market to recover some- what from the weakness which was hecoming acute. Subsequent changes n price hinged largely on varying npinfon as to whether the proposed foreign credit legisiation would fail of enactment and the chances other- wise_for Germany to get money to pay for foodstuffs. Corn and oats were steadied by the sovernment report that the number of hogs on farms greatly exceeded the total a year ago. Packers' selling led to declines in most of the provision list. PORT TRAFFIC RUSHING. SAN FRANCISCO, January 27 (Spe- clal.)—The last six months were the lest in the history of San Francisco harbor traffic. According to reports available today, 9,140,824 tons of cargo were handled acros te- owned piers, as compared with 7, 780,230 tons for the corresponding perio@ a year ago. Wash. Rwy. & Elec. MISCELLANEOUS. D. C. Paper Mfg. 6s. Riggs Realty s (long) Riggs Realty 5s (short) Becurity Storage & Bafe Dep 6s. Wash. Mkt. Cold Btorage 0s. Wardiman Park Hotel 6s.. STOCKS PUBLIC UTILITY. American Tel. & Telg: 1= ital Tractiox it Washington G * Norfolk and Wash. 196 Wash. Rwy. & Elec, com...... 603 Wash. Rwy. & Fiec. pfd. Y% Termitin] Taxl com. 7 Terminal Taxi pfd. 2 NATIONAL BANK. Capitai Columbia. Commerelal . District Federal Liberty Lincoln Washington : TRUST COMPANY. American Securlty and Trust. Continental Trust... Merchants' . Natlonal Savings and Trust. Union Trust . Washingion Loan an SAVINGS BANE. Commerce and Bavings..... East Washington... . Securlty Bav. and Com Seventhh Btreet., s Natiopal Upion. b TITLE INSURANCE. Columbla Title. Columbia Graphophone Columbia Graphophone com. td.. 4 | Sales on Their action was quite a surprise. In view of the offer made by the Durant Corporation to take back FisHier Body stock, it had been expected the market for Durant motor iesués would be halped. . Instead these stocks broke sharply. Then supporting orders &p- peared-and both stocks rallled. Mammoth Oil was the active leader S gihe oll group, selling substaptiaily B w0 118% 120 ® [} 1% rden & Co. Brklyn ¢ Brkiyn Cley R Chicago uyamel Dubilier © & K Durant Mot Durant Mot of letschmann Satanie. Fiction Pub Co York Cwnners. eerless Motor . Prrene. Mfg © Hadlo Cotn Tadio Corp o chuite 8 ey Horks ndard Stutz Soter . Techufeal Prod” " bacco P o qs'fi"'m Expts ‘nitec etall Ca; USLe & Heas 007 aBatieanSERenanSnne 2 Alas-Brit Col . 180 Arizous Globe 70 ALros - 11p A {ommander 3ia 20 Hison Gold’ 7 Canario Copper 30 Candelaria Gin Columbla E; 00 Cortez Siiver .- 1 Cresson Gold Goldfeld Devel 5 Goldfleld Dieep Mine ‘20 Galdfleld Florence Goldfield Jackpot Hardshell Min Henrletta Siiver Hill Top Nevada ' Independence Lead. . ational umnond. Cwpin S Gueen M Corp 143 St Si5es of Reor? pearhead Gold ... Success Mines Teck Hughen Tonopah Ext 37 Tuolumne o 16 United Eas o\'ponl:'i, an{\,flr.\' 27.—Cotton ened steady; March, 27.6 May, 27.80; July, 27.45 October, D‘ejcember. £25.00. ‘otton futures closed stead: i 27.63; May. 27.88: July, 2187; Octapor. .15; December, 24.8: NEW ORLEANS, La, January 2 Cotton, opened steady: March, 27 May, 27. . 27.157 October, 24. December, 24.42. Ctoon futures closed steady at net {advance of 2 to 10 points. Closing i bids: March, 27.40: May, 27.41; July. 27.25; October. 24.78; December, 24.53. . La., Jahuary 27— ull, 25’ points lower. the spot, none; to arrive, none. Low middling, 27.25; middling, 28.00; good middling, 28.50; receopts and stock later. ! Spot " cotton, PARIS BOURSE FIRM. PARIS, January 27.—Prices were firm en the bourse today. Three per cent rentes, I8 francs 50 centimes. | Exchange on London, 73 francs 40 centimes. Five per cent loan, 75 francs 75 centimes. The dollar was quoted at 15 francs 79% centimes. WOOL MARKET HIGHER. BOSTON, January 27 (Speclal).— The wool market here wound up the week with quotations up perceptibly and with most grades in excellent demand. The firmness of the local | market was aided by the tone abroad, which still is plainly upward. BAR SILVER PRICES. LONDON. January €7.—Bar silver, 32 and 3-16 pence per ounce. Money, 134 per cent. Discount rates—Short bills, 2% per cent; three-month bills, 23%. NEW YORK, January 27.—Foreign bar silver, 66; Mexican dollars, 50%. e SINGER’S PLEA UNDECIDED NEW YORK, January 27.—Supreme Court Justice Tierney has reserved decision on a petition for a permanent injunction sought by Mme. Luella Meluis. a concert singer, to prevent Jules Daiber, an agent from manag- ing Mme. Ganna Walska-McCormick of_Chicago. Mme. Meluis. who maintains that by handing Mme. Walska's bookings Daiber. violated a contract with her, recently obtained a temporary in- junction order from Justice Tierney, after withdrawing proceedings for a federal injunction. Daiber’s counsel contends that Mme. Meluis, the wife of a New York broker, herself broke the contract with Daiber by advertising in theatical azines that he no longer was her manager, after bookings he had obtained’ for her over a period of a year- netted less than $3,000. He charged that the latest legal pro- ceedings were instituted by Mme. Meluis solely to obtain additional publicity—an assertion which was denied by counsel for the plaintiff. MONEY TO LOAN (FIRST TRUSTS) L.W.Groomes, 1416 F S % “We will” 7 —have ready for delivery in about ten days a limited amount of Gilt Edge First Mortgages Investments - In Amounts of $250 Up Make your reservations now ‘The -opportunity to get your vings invested on a basis of 7% interest is rapidly passing. Chas. D. Sager 923 Fifteenth St. N,W. Loan Dept. Secured by first deed ol J Preval .ll Interest l‘nr:’ 420w eller [ GTON, D. C, SATURDAY, JA! SECURITY MARKET; GAIN IN SPITE OF RUHR CRISIS, H@lders of Stocks and Bonds Calm Over -Prospect—Acfion of French Bonds Significant. BY STUART P. WEST. NEW YORK, January 27.—The samse | gener; i ful tage of safety conflicting movements have occurred [ may be reached later on, but there is In the markets of the world in the |70 Suggestion of 1 last week as in the week before. The | 11 fresh ous value of European continental cur-)still rencies has continued to depreciate | from d ith the unfolding of the French|ngj: program in the Ruhr. this French and Belglan public securi- tles have kept on with their decline, and the external dollar France have sold on the New York Stock Exchange well below the lowest on record. The security markets, on the other hand, have remained calm and on the whole have gained ground. This Is true of London as well as New York. | ot ¢y} It is plain that whatever possibilities | $yio ity & ult, of | per cent may be conjured up as the the French attempt to collect in- demnity claims by force and the en- suing German r over the prospect. Low Price of French Bonds. The low selling prices of French government bonds may not, in the end, prove to have been significant, but’ at the moment, it must be ad mitted that the position is dublou To be sure Anglo-French bonds, guar- anteed jointly by the two govern- ments, sold well below the present prices of the two JFrench external {ssues dealt in here, 'and Yet substan- tially were pald off at par. But their decline occurred at a time of serious financial crisis, when all securities of whatever rank were belng thrown over by hard-pressed corporations and individuals. The French securitles are selling at their present heavy discount under conditio where _the investment market is showing aimost unexampled Vitality, where industrial compani which two years ago could not have borrowed at ‘any figure, are able to float their securities on less than a 6 per cent basis, and where even new offerings of industrial stocks are snapped up with such eagerness that the subscribers receive only a small percentage of their applications. Therefore the present prices of the French bonds cannot be renlrdedrten any other way than as a serious re- fletion upon French credit. They mean that the international banking community is decidedly skeptical over the outcome of events in the Ruhr. That community does not share the confidence expressed in official quar- ters in France that the Germans will yleld to French coercion. Compromise Is Hoped For. It would be hazardous in the ex- treme to venture a prediction as to the outcome of the situation across the Rhine. The best to be hoped for is that some sort of compromise will result, under which, with an impar- tlal commission as umpire, the Ger- mans will resume reparations pay- ments in return for French evacua- tlon of the territory lately seized. But even this result would mean a very substantial lowering of the sums which Frence originally hoped to collect, and the deficit would have to be made up by increased taxation and by new French internal loans. Some observers, as yet unconvinced by the extraordinary composure of the security markets during the crisis of the last fortnight, maintain that in the end our business and financial situation must feel the effect of the troubles abroad. They have, however, nothing but the vaguest idea of how this is golng to happen. There Is some wild notion of one natfon after another falling. after the manner of a house of cards. Nations Wil $till Produce. It does not seem to occur to those people that America, and for that matter Great Britain, can only be {hurt through foreign trade. In the iextremely unlikely event of a general state of bankruptcy among the con- tinental nations that were par- ticipants in the war it would still be true that those nations would not {cease producing. The German mark may sink to the level of the Austrian crown, the French franc may have a further indefinite depreciation. But Germany and France will continue to turn out goods that they can sell to the rest of the world, that they lcan exchange for food and raw ma- terials. Consequently they will have a certain buying power in the Amer- fcan and English markets no matter what happens. China, Mexico and Turkey, all at times, have been unable to meet their | obligations. They haye been virtually bankrupt. But this has not affected the productive capacity of their citi- zens. They have maintained a trade with the rest of the world which. though less than it wauld be If their credit were normal, has still consti- tuted a very respectable total. | New Offerings Easlly Absorbed. The bond and stock markets closed the week in very much the same shape as they began it. The ease with which on the price. section, Along with | maintain, on the whole, a rising tend. loans of | tion. tance, holders of | faciljties. This stocks and bonds are not disturbed|the unemnloyme"l,\:‘x,;:og’:r; Igl“:.:e:; | | vet. for the stock market, there is lit. | de buying, but there is selling. Hence the situation to day is readily controlled 'y the ‘Wall street pools and large vidual operators, who are able to ency in prices. The underlying factor is, of course. the trade reports, which are favorabie almost without excep- Undersupply of Labor. The statement by the president of the Bethlehem Steel COI’Der.llfln in submitting the annual Teport gave a 8ood picture of the situation whole. He sald that there was enough work on hand to keep the plants busy acity, but that It was visable to maintain an 80 cale of operations, owing to the scarcity of labor and the dif- ficulty of securing adequate rallway ago we now have the problem of an undersupply of labor. It/means that in the steel trade and in many other lines the volume of business is larger than in_pre-war times. But it also indicates that while the deficiency of rallway car capacity has been considerably lessened with- in the last six months, the remedy has by no means been complete. (Copyright, 1923.) — Beattle {s the most important dis- tributing center for fresh and frozen fish products on the Pacific coast. As a fishing port it is exceeded In the United States only by Boston and Gloucester. [of LOANS From $100 to $300 on D. C. real estate and household goods or chat- tels. 7 per cent interest. No bro- kerage charged. Commercial Loan & Finanoe tion Room 311. 931 15th 8 W. EQUITABLE Co-Operative Building N\ Association Organised 1579 434 YEAR COMPLETED Asreis .. .84,657.950.50 Surplus «ee. §1,180,880.31 Systematic Saving A plan to make saving easy— Save & little each pay day and you will surprised at the Emount accumulated 1o & short 'me. Subscriptions for the 84th Lssue of Stock Belug Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Seey. INVESTIGATE" You can start with as lit- tle as $10 down, and pay as little as $10 per month on a unit of - DISTRICT GUARANTY CORPORATION stock. You will receive 6% per annum upon these pay- ments until they amount to $250, and your shares are issued. Thereafter your di- vidends will largely increase that return. At the present rate the dividend is 11.2%. BWestlake FISCAL ACENT DL, 728155t Tel. Main ¢TI0 GILTEDGE SECURITIES First Mortgage Notes Secured on fmproved D. C. Real Estate il Appraised by Experts of 35 Years’ Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes Warehouse Receipts, and Make Construction Loans ational Mortgage & Investment Corporatic 811 Vermont Avenue N.W. Building a Sturdy Estate R. D's own business takes most of his time. When he needs an en- gineer he doesn’t dabble in engineering on the side. He gets in an expert. And recently, needing financial assist- Over a Quarter of a Century Without ple. Mortgages. ance, he applied the same sensible princi- He has learned from bitter experi- ence that he doesn’t know investments. Yet he wants his surplus invested wisely, to build a sturdy personal estate. So he invested his funds in. our First He knows he takes no chances and that he will be free from re- a Loss B. Main 2100. sponsibility. The following 4 opportunities stand out: 1. A downtown business building, renting for $2,400—price $26,000. 2. Three 14th St. stores, renting for $5,600, showing a surprisingly good return F. SAUL CO. 1412 Eye St. N.W. ) i . You’re a Business Man-- s You know what to do with your money in your own line—but occa- sionally, in the natural effort to scatter your investments, you have occasion «to invest in other lines. Now—do you realize that Washington real estate.is the very best buy in the investment field today? It is—and yet Washington is only at the beginning.of the big development that is coming as surely as the United States will continue to prosper. Just as you are expert in the line of your business so are Shannon & Luchs expert in the real estate investment market. They ktiow their business—and their knowledge is yours to use—freely. AND REMEMBER THIS: Shannon & Luchs have never recommended a property they did not believe in, and they never will. \ 3. We recommend a 50-foot frontage near 18th and Columbia Road, for three stores under an apartment house, as the biggest paying chance in this growing 4, On Mt. Pleasant Street, for $23,000, a store, apartment and garage, renting for $2250. Note: Reasonable cash payments will handle any one of these opportunities— and all are located in the path of increasing values. Phone Main 2345 _Business Location Department FINANCIAL. We Have an Abundance of Funds for Real Estate Mortgages at 5149, Provided the Security Is Satisfactory Wm. H. Saunders & Co. 1433 K Street NW ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randald K Hagner & C. w7207 Crnecticat Denue $2,000,000.00 TO LOAN ON Hotels Apartments Offices Construction or Permanent Loans Amounts $100,000.00 and Upward Prompt Handling Loan Department HANNON - & LUCHS Reputation and Investments HERE is an insurance which infalli- bly protects those whose reason for buying is that they believe in a security and the firm behind it. The name of that kindly insurance is reputation First Mortgages have the reputation of constituting the soundest and most heav- ily sought after securities in the financial world. Swartzell, Rheem & Hensey Com- pany has earned the reputation of serving the public for more than 53 years without the loss of a single penny to any one of its clients. You may come to us with a feeling of security and satisfaction and find one of our officers ready and willing to confer with you. 83 Years Without Less te an Investor. SwartzelL Rheem& HenseyC. 727 15% Street NW. Q RN Ty T T LY A A e YOUR SAVINGS WBETHER you have $100, $500, $1,000 or more to invest, investi- gate our First Mortgage Loans on Wash- ington Homes before placing your funds. NEVER A LOSS Our ‘conservative business methods have so perfectly protected and safe- guarded the funds of our investors that not a single client has ever lost a dollar of principal or interest on any invest- ment purchased through us. Send for Selected List ‘We will be pleased to send you full information concerning our first mort- gages and our methods of handling them. 614% and 7% Interest Convenient Denominations INVEST This Booklet Will Help You Place Your Money Safelv XY Om An Incamed Call, Phone or Write for It WILLIAM S. PHILLIPS First Mortgage Investments 1409 New York Ave.