Evening Star Newspaper, February 25, 1923, Page 25

FINANCIAL. WEEKLY BOND SUMMARY FOREIGN GOVERNMENT{ STATE AND MUNICIPAL. Prev. week's o T e * FNDSINPLENTY " TOADBUSNESS Higher Rediscount Rate Does { Not Mean Serious Money i Shortage. CHANGE IN TREND SEEN Commodity Prices Advance Fur ther—Outlook Helped by Consumptive Demands. BY BYRON SELLER. Special Dispateh to The Star. NEW YORK, February 24.—The outstanding event of the week, finan- cially speaking, was the raising of the discount rate by the Federal serve banks of New York and Bos- ton. As far as the general money situation is concerned the increase is mot important, simply bringing. as it does, the eastern banks into line with the rest of the federal reserve sys- tem. The significance lies in the oM- cial rcognition of a change in the trend. If this change is more than temporary it means two things. first, that the rise in high grade investment securities which has been In progress for the last couple of years has been definitely checked and, second, that the demands of business for more funds are making some impression upon the supply. Effect in Hond Market. ‘Taking up the first point, Friday's bond market showed that investors and speculators alike took the same Vview. Liberty bonds and prime in- Yestment rails were all reactionary. Highly speculative issues continued to be affected by conditions peculiar to their respective properties. Tha losses {n quotations for high grade securities were not large, as the mar- ket for some time has been discount- ing some such development. In fact, the action of the bank governors was only a recognition: of conditions which have been prevalling in the epen money market. It should not be inferred, however, that any great additional decline in bond quotations is in prospect. Nor is there any indication of any étrin- gency in the money market. The Bupply of funds for legitimate busi- ness purposes s extraordinarily large. ‘The effect of further advance in com- mnodities is, of course, a factor that cannot be overlooked. Such advances sometimes have almost as much of- fect on bond quotations as the raising ©° the money rate. But these ad- Yances in commodity prices may themselves be checked, at least as far @8 speculation is concerned, by the wume stiffening in money charges. Good Business Certaln. In the last analysis the problem centers upon the consumptive de- inand. It the demand continues good Loth raw materials and manufactured #oods will be produced to supply it &nd eventually prices will be fixed so as to assure the producers a reason- able profit. The best criterfa of con- sumptive demand are bank clearings and carloadings. While these continue on their present scale no concern need be felt as to a continuance of good business, and this without much regard to the money market. Sooner or later there comes a point at which consumptive demand is checked, but when that point will he reached no one can predict. All this is said as to the industrial situation generally, and without regard to any particular in- dustry. Conditions in any one trade or with any one commodity may change with great rapidity while the zeneral situation remains practically unaltered. If, for instance, sugar yrices should continue to advance un- der the dual impetus of speculation and fears on the part of consumers of a scarcity it might happen that the experiences of the last sugar boom would be repeated. Sugar s a commodity produced in many coun- tries and high prices quickly stimu- late an inflow of imports. But all this might happen without any ad- verse effect on the general industrial eltuation. Demand Maia Facts. As examples of the proposition that consumptive demand is the main fac- tor in the present situation the in- stances of cotton and copper may be taken. Cotton maintains its present | high price and copper has risen to{ its new level with buying power in Y.urope, and especially Germany, at a low ebb. It is hard fo eo how any- thing else than & genuine domestic demand can account for present quo- tations, and if so the whole business outlook is still bright. Turning to the foreign situation © which the American financial mark- ets still ignore, we find condit 1f no better, at least one no worse, It is true that the deadlock between the French and the Germans shows no signs of breaking, but the explo P! sion which is fully anticipated is not likely to do a great deal of damage to innocent bystanders. For one thing they have plenty of time to get away before the fuse burns out. It is becoming more and more evident that tho European situation cannot be considered as a whole. The foreign exchange market shows thie. Progress Abroad Seenm. Otherwise how account for simul- taneous strength In sterling and ‘weakness in francs? An illustration of this was afforded this week by the report from abroad that the republic of Czechoslovakia was conl!derlng the funding of its debt to the Unite States. The administration of the finunces of this new mid-European republic has long commanded the ad- iration of conservative observers. It is certainly re Ing to eee prog. ress toward financial stability in any continental quarter, as well as to have 1he assurance that, no matter how the French adventure may turn out, the result will not necessarily be dis- aster to all Europe. Meanwhile it ought to be observed that French bonds have been remarkably firm, and that the panio which seised in. vestors & few weeks ago seems to have abated. Situation in Congress. Yo review of the week could be complete without some reference to the situation in Washington. As the session draws to a close threats of legislation detrimental to the rail- roads are no longer as terrifying as they were when the election returns began to come in last November. It looks now as thi the much-beset transportation systems of the coun- try would be left In peace, a while at 1east, to work out their own sal- vation. ‘And judging from the earn. ings statements and the car-loadings rcplrl;r\ most of them are doing very well. Whether the session will end with- ;i crip! or handicap the federal reserve s tem in the guise of agricultural remains to be seen. (Copyright, 1928.) ——— COTTONSEED OIL EASIER. NEW YORK, February 24.—Cotton- seed oll was & shade easier under liquidating sales In against tender day and in sympathy with the decline_in ootton. Sales, 00 bar- vels. Prime cruds ; prime summer yellow spot, 1 10.99; May, 11.33; July, 11. COPPER AT 186 1-2 CENTS. NEW YORK, February 34.—The cop- ner market has shown continued firm- ness during the past week. Offerings of electrolytio at the 16%-cent level appeared to be quickly absorbed or cithdrawn and producing intercsts orted sales at 161 toward the end «f thg week, Iron was firm. - . EEED s F 3333§refgozgagngsgzal 8 - sggasauly g3afgasegsysgaange=anasiy 288 3 Argentine 7s 1927, Belgium 7%s 1945. Belgium 8s 1941, W Copenhagen 58 1944. Czechoslovakla 8s 1951. Denmark 88 1945. . Denmark 6s 1942 4 Dutch East Indles 6s Dutch East Indies Cs 1962 Framericap Ind Dev 7Tis 1942 French Govt 8s 1945.... French Govt 73s 1941.. Holland-American s f 6s 1947, . Japanese 18t 438 1925 102% Japanese 2d 435 1925 Japanese 4s 1931 Jergens Utd Margar! Lyons 6s 1934 Marsellles 68 Mexlco 58 195 Mexico 48 1964 Netherlands 6s 1 Norway 8s 1940. Paris-Lyons-Med 6 Queensland 7s 1941 Queensland 65 1947 Rlo de Janeiro 8s 19! Sao Paulo, State of, 88 1936 Seine, Dept of, 7s. Sweden 65 193 Swiss Confed s 0. United Kingdom 538 1929 United Kingdom 58 1937 INDUSTRIAL AND MISCELLA 1028 89 102 ot Ny ¥ ot 0% 891y 9% 107 s 1804 5BE83 9614 128 & €04 10244 1074 10834 934 101% Amer Agri Chemical T1s 1941 Amer Smelt & Ref 18t 58 1947 Amer Sugar Lefining 6s 193 Amer Tel & Tel cl tr 58 1946 Amer Tel & Tel cl tr 4s 1 Armour & Co 4148 1939... Atlantic Refining deb s 1937. Bell Tel Pa 7s 1945 Bethlehem Steel s f 68 1948, Brooklyn Edison 7s D 1940. Central Leather 6s 1925, Cerro de Pasco 8s 1931. Chile Copper 6s 1932 Chile Copper Ts 1932 Cona Coal (Md) 1stref 5s . Cuba Cane Sug cv deb 8s 1930, Detrolt Bdison ref 6s 1940 Du Pont de Nem 78 1951 Duquesne Light 718 1936. Empire Fuel & Gas 71;s 198 General Electric deb 5s 1952.... Goodrich (B F) 618 1947 Goodyear Tire 8s 1931.... Goodyear Tire 8s 1941.... Humble Of} & Ret 518 1932 Indiana Steel 6s 1952. ... Inter Mer Marine 63 1941 Inter Paper 58 B 1947..... % Kelly-Springneld 8s 1931 Lackawanna Steel 58 19 Liggett & Myers 5s 1951 Manati Sugar 8 f 748 19 Midvale Steel 5s 1938. New England Tel 5s 185! 9% ew York Edison 1st 6148 1941. 110% Y Gas EL H & P 53 1948. (X3 ew York Tel 68 1941... New York Tel 4148 1939, Nor American Edison s 1952... Northwest Bell Tel 7s 1941 Pacific Gas & Elec bs 1942. Pacifio Tel & Tel bs 1952. Philadelphia Co ret 6s 194 % Public Service 58 1959 Sinclair Oil 7s 195 Sinclair Crude Oil South Porto Rico Sugar 78 19 Standard Ofl of Culif 7s 1931 % Union Bag & Paper 68 D. United Drug cv 8s 1941. 8% U S Rubber 1at & ref 5s 1947. U S Rubber 714s 1930. U 8 Steel s f b3 1963 Va-Carolina Chem o £ 7s 194 Va-Carolina Chem 7%s '37 war. Western Union Tel 6148 1936. Wilson & Co 1st 63 1941 ‘Wilson & Co cv T%s 1931. RAILROAD. Balto & Ohio gold 4s Balto & Ohio 6s 1929 Balto & Ohio cv 43§s Balto & Ohio ref 58 1995. 83l B&OPItsLE& W Va 481041, 7% B & O Southwn div 3%s 19 Brooklyn Rap Tran 7s 1921. Central Pacific 4s 1949.. Chesapeake & Ohlo cv 55 1946... 84 Chesapeake & Ohio gn 4%s 1993 883 Chicago & Alton 3s 1949 Chi M & St Paul'ref 4%s Chi M & St Paul cv 58 2014, Chi M & St Paul cv 4148 193; Chi M & St Paul gen 4%s 1989 Chi & Northwestern §%s 1936. Chicago Rallways bs 1937, Cht R I & Pacific ref 4s 1934 Chi Union Station 4%s 1964 Chi Union Station 635 1963 Chi & Western Ind con 4s 1952.. 74% CCC&StLref 6s A 1929 Cleveland Term 5lts 1972, Colorado & Southern 4 %8 1933. Cuba R R bs 1952 i Delaware & Hudson 5% 4 Erle 1st con 48 1996. s Erle cv 45 A 1955 s Great Northern gen 7s 1! + Hudson & Manhattan adj 6s 1957 Den & Rio Grande con 48 19; Den & Rio Grande 1st ref Detroit United 4!4s 1932, Erie gen lien 4s 1996 $3ze8e Grand Trunk 7s 1940.... Great Northern gen 5%s 1952. ., 101" Hudson & Manhattan ref 6s 1057 83z Iilinote Central 63%s 1934 Inter Rapld Transit 5s 19| Inter Rapid Tranait cv 78 Inter & Great Nor adj Kan C Ft Scott & M Kansas City Southern Lake Shore 45 1928.. Lake Shore 48 1931 » &5 Louis & Nush 1st ref 5%4s 2003, Market St Ry con bs 1924 Mil Elec Ry & Lt 1 % Mo Kan & Tex pr In Mo Kan & Tex adj 5s 1967.... Missouri Pacific 6s 1949, .. 68% N Y West & Boston 4%s 1946... 45 Norfolk & Western con 48 1996. 91 Norfolk & Western cv 6s 1920.. 116% Northern Pacific 3s 1947. Northern Pacific 4s 1997. Northern Pacific ref imp 6s 2047. Northern Pacific ref imp 5s 2047 Ore Short Line gtd bs 1946, Ore Short Line ref 4s 1929, g 317173 ) Southern Pacific ref Southern Pacific col 4. Southern Ry 1st &s 1 Southern Ry gen 4s 1! Southern Ry dev 6l4s 1956 Third Ave adj bs 196 Union Pacifio 1st 4s 1947, §5328533073 regszanlazgezrysyzeasggerzyiegyggesafytesy s3zgaiasagageggessgza ses3pzynigs 133 - F 2 & & & Last. w02 04 o 5 616 95% 1004 0% e 104 gEE 0% §T% 100% o b1 S am Sldg_ g EEEESH S = & Raagsanlezeeziysy Week’s Price Range New - S L B = (] (N (NE allollawl i 1Bqaal 1 lag IMwlove! Bawlvel lallllloal il IXesalel 1I883aleal laolaacveel lllllaslelalaslloloal laalaal 11111l laclal 18314918 lclal loacuaRillallclaocal ilal 1880l ey - 1083 et Close. Chge. U= 7% — 1% 4045 — 2% 6 — 2% 134~ 3 - % mk+ 1% 4934 ~ 135 3% + 2 0835 + 4% 46 % 453 + B 7 - Wi+ 3 15 + 3 182 -3 8% + 1% 163 = 14 33§ — 13 o+ 12— 3% 713 % - ‘Wosk eading February 84, High., Low. 73% 18% 1) 65% Alax Rubber. Allied Chemical, Allled Chemlcal pf. Allie-Chalmers.... Am Agr! Chemlcal. Am Ag Chemical pt. Am Beet Sugar..... Am Bosch Magneto. Am Brake Shos AmCan.... Am Can pf. Am Car & Pdy. Am Chicle Co. Am Cotton C11. Am Cotton O11 pf. Ari Radiator. Am Satety Rasor. Am Ship & Com. Am Steel Foundry Am Sugar.. 1284+ % 18834 = 2 154% — 3% 2% = 1% 546 — 1 103% + 3 S+ % 20 45+ 435 735 + 3% 1038 + 234 125 47 XY~ % 14434 + 2% 0 + 34 3%+ N 1374 — 2% B+ 1 31 % 19 -2 6315 — 14 6 — % 9% 10955 — !5 12334 1383 157% 313§ 55 10544 5134 Am Tobacco. . Am Tobacco (B) Am Water Works. Am Wa Wks 6% pf.. Axn Arbor. Ann Arbor pt. Asso Dry Good! Atchison..... Atlantic Cst Line, Atiantic Gulf. Atlantic Refg. Atlas Tack. Austin Nichol Barnesdall (A). Barnedall B.. Beech-Nut Pac Beth Steel (B)..... Beth Steel 7¥ pt. Beth Steel 8% pf. Brooklyn Edison... nss+ 4% Bklyn Rapld Tran.. 9% — 1% Brooklyn RT ctfs. .. 84 — 13y Bklyn Unlon Gas. 1213 + 1% Brown Shoe.... 61 - 13 Burns Bros B. 383 — 14 Butte Copper & Z. g - 24 Butte & Superlor. % Caddo Central. % Calit Packini ¥ Calif Petrol. % Calif Petrol p % Callohan Zinc & 14, % Canadian Pacific. .. % Central Leathe: 3% Central Lea pf. % CentralRRofNJ. 22415 4% 745 7% 3% Chi & Alton pt. [ Chi & Eastn Il Chi East&n Il pt. Chi Gt Western. Chi Gt Western pf. Chi M1l & St Paul... Ch! Mil & 8t P p! Chi & Northwn. Chi Pneu Tool.. Chi R1& Pacific. ChiRI&P 6% pt. ChiRI&P7%pL. Chile Copper. Chino Copper. Cluett Peabody. Coca-Col Colo Fuel & Tro! Columbla Gas Columbia Graph. Columbla Graph p?. Com Solvents A 37% 1L Mg+ 14 68 BY— % 85— 2% 9+ % 5 138 + 2% 59 - % 06 — 1% B + K4 18 + X% 58 + 1% A+ 1% 2%+ % 120 = 3% 127 41 ag- X% ndl4 — 33 12+ 5% 5884 + 13 1634 — 4 %6 — % 2%+ % 193 —])’ kY 9% — 3% 1 - % 5336 + 136 8 + % 184 +144 15% - % 19% — 3 6%+ % 463 — 1 92 + 13 18 — 34 15 - 3% a7 =1 115 — 134 & 84— % Consol Gas of NY.. Consol Textlle. Cont’l Can (new) . Contl Motors. .. Corn Products Del & Hudson. Del Lack & W' Dome Mines. Du Pont (BI). Eastman Kodak. Elec Storage Bat, Elk Horn Coal. Endicott Johnson, Famous Players pf. FedMines& S.... Fed Mines & Spt. Fifth Ave. Freeport Texas.... Gen Am Tank Corp. Gen Electric. Gen Motor: Gimbel Bros Glidden Co. Goodrich (BF). Granby Consol. Gray & Davis.. Great Northern pt. Great Northn Ore. Gulf Mob & Nor, Gulf Mob & N pt. Gulf States Steel. Hartman Corp. Hendee Mfg.. Houston Oll., #Hudson Motor Car. Hupp Motor.... Hydraullo Steel Tlinots Central Illinois Central pf Inspiration. Inter Agri Chem... Inter Agri Chm pt. Inter Coment. Inter Nickel Inter Paper. Iavincible OL. e 2K 88l5 P 6% 5535 2243 199)4 0% 3034 * Bx dividend. York St High, Low. Div. 52 413 — 7% - 50 4 183 = “ 4035 — 0 6 B 3 85 — 18 7 8 52 2% 2 6635350 584 4 18Y% 1615 130 B84 298 345 16% 6% n 27 5% €0} 1345 a1’ 15% 415 2034 54 pvall laswal |1 ~ai) 120 wlllllpalolcoala “ 4215389 21 3 2% 6 1844 5§ 844§ 834 7% [ I I B | Low. Iron Product Jewel Te Jones Bros Tea. Kansas City Sou. Kayser Jultus. Kelly-Springfield. . Kelsey Wheel..... Kennecott Copper. Keystone Tire. Kresge (S 8) Laclede Gat Lee Rubber. Lehigh Valle: Lima Locomotiv Loews Inc. Manat! Sugar. Manhattan Ele Manhattan Shirt. Market St Ry pflor. Marland Ofl. Mathieson Alkall. Maxwell Motors A. Maxwell Motors B.. May Dept Stores. .. Mexican Seaboard. Mtamt Coppe: Mtddle States Ol Midvale Steel... Minn & StL (n). MStP&SSM. MoKan& Texw!. Mo Kan& Tpfwi.. Mo Pacific.... . Mo Pacific pf. . Montgry Ward Nash Motors Natl Biscuit.... Natl Cloak & Sult.. N OTex & Mex. N Y Air Brake. N Y Central. N Y New Haven. Norfolk & Westrn North American... North American pf. Northern Pacific... Orpheum Circuit. Otis Elevator... Pacific Gas & Ele Pacific Ol1. Pan Am Petrol.. Pan Am Petrol (B) Pennsylvania. Peoples Gas. Pere Marquett. Philadelphla Co. Phillips Petroleum. Plerce Arrow. . Plerce Arrow pf. PterceOll..... Plerce Oll pt. Piggly Wigsly. Pitts Coal. Pitts & West Va Pond Creek Coal Postum Cereal... Pressed Steel Car. Producers & Refin.. Public Service NJ. Pullman Co... Punta Allegre Sug. Pure O11 Ray Consol. Reading.. Reading 1st pf. Remington Typr Replogle Stesl. Rep Iron & Steel... Rep Iron & Steel pt. Reynolds Spring..... ReynoldsR J (B Royal Dutch. . StL & San Fran.... StL & San Fran pf. St L Southwestern. 5t L Southwn pf.... Savage Arms. B Seaboard Alr Line.. Seaboard Alr L pf.. Sears Roebuck Seneca Copper. 5 993 12634 5634 30 154 793 515 343 9234 Shell Trans & Trad. 31§ 2 Hlageltlall Nl lguallollalollsleSlauwlwlwlaw! |Sasacslolalall Sinclair Consol. Sloss-ShefMeld South Porto R Sug. Southern Pacific... Southern Railway.. Bouthern Ry pf.... Spicer Mfg........ Standard Oil of Cal. Stand Ollof NI w i, Stnd. Oll of NJ pt. Steel & Tube pf. Sterling Products. Stewart Warner. Stromberg Carb. Studebaker... Submarine Boat. ‘Tennessee Cop. Texas Co ....., ‘Texas Gulf Sulphur Texas & Pacifio.... ‘Texas Pac C & O1l. ‘Tide Water Oll..... Timken Bearings. . Tob Products. ‘Tobacco Prod A. ‘Tobacco Prod pf. Transcontinental. Union Pacific. .. United Alloy Stl., United Retall Strs.. U S Cast Iron Pipe. U 8 Cast Ir Pipe pt, U S Hoffman Mach. U S Ind Alcohol. U S Realty. U S Rubber. ‘Va-Car Chem pt. VaIron Coal & C. Wells Fargo Exp. Western Maryland. Western Md 24 pt. ‘Western Pacific. ‘Western Unlon. ‘Westinghouse A B. ‘Westinghouse Blec. Wheel & Lake Erle. Wheel & L Brle pf.. 1164 2)§ White Eagle O11 L] 8 ‘White Motoer... ‘Wickwire Spencer.. ‘Willys Overland Worthington Pump 382§ ung: ock Exchange Woeek ending February 24, 1933, Net. High. Close. Chge. s+ % 22 503 + 1% ] u o+ % - % 00— 3 + 1% 20— 34 6815 — X% 8%+ % 9% - % 18+ X% 1543 + 3% N -2 36% — 24 - 3% ko) % o114 - 14 9%+ % 4%~ 1 533 = 114 12 -1 205 - 134 3% - 4% 815 + 1% 6415 +H5% 6414 — 214 384 4335+ 5 180 -1 o4 — 3% 45 + 24 100 3 120 — 23 5 +2 30 -1y 168% + 134 0% — 14 5135 — 1% i+ 24! 2834 — 24 3634 — 18 9B~ i 2616 + 414 8~ % 5315 — 1 usg+ 14 nyg -1 1435 + 234 I~ % 8 + i 1 +9 108 —-1 aK- % T - 1 2+ 3% 7 s+ 2 u + y 24 1854 % nr +1 Wy-2 8- % — 2)§ !8ales. FINANCIA 25 4 The Year 1923 to Date on the Washington? Stock Exchange. Up to and iaclading Saturday, February 24, 193S. Furaished by W. B, Hibbs & Co., Hibbe Bullding. % BONDS. $7.000—C. and P. Telephone 1st b 47.600—Capital Traction 1st b: 17.000—Georgetown Gas Lt. 1st 17,000—Pot, Elec. Power 1st §s. 46,000—Pot. Elec. Power cons. bs... 0—Wash. Gas Light gen. 0—Wash, Ry. and Elec. co 0,500—Wash. R: nd Elec. gen. 9.800—Wash. Gas T%s ... 2.400-—Pot. Elec. Power 7s Shares. 676—Capital Traction 515—Washington_ Gas 1—N. and W. Steamboat. 931—Wash. Ry. and Elec. c 1,842—Wash, Ry. and Elec. pfd 7—Commercial National Bank 3—District Nations] Bank ... 13—Far. and Mech. Nat. Bank. 30—Riggs National Bank. 10—Federal-American ec. and Tru 39—Continental Trust 21—National Savings a: 12—Union Trust . - S8—Wash. Loan and Trust. 194—Washington Market UNLISTED DEPARTMENT. These securities net lisjed under exchange rales: Shares. STOCK. 1—Munsey Trust Money to Loan Becured by first deed of trust op real estate. Prevalling interest and commission. Joseph 1. Welle of 1, 2 & 3 year maturity; monthly or annual pay- ments. Private funds. Herman Schmidt 729 15th Street Main 2611 & Troet | Open. Hi, Low. Clos 100 = 100 100 100 If you have money to invest, we ous treatmen Percy H. finmll Co. S.W. Cor. 15th & “K” Sts. Prom $100 to $300 on D. €. estate and homsehold goeds er chat-. tels. 7 per cent interest. No broker- Pay your bills and ows, age’ 5 oaly one i e - = Reom 211, 091 16ah Bt ..‘. Andrew Carnegie Wrote in His Autobiography: “I resolved not even to own any stock * * * bought and <old on any stock exchange * * * such a course should com- mend itself to every man in business and to all professional men * * * pnosound judgment can remain with the man whose mind is disturbed by the mercurial changes of the stock exchange.” Follow this sagacious advice by investing your money in our First Mortgages, which never fluctuate, require no watch- ing, and leave your mind entirely free from your business. Ask for Descriptive Booklet “A”"—IT'S FREE. WILLIAM S. PHILLIPS First Mortgage Investments 1409 New York Ave. 8. Baldwin, Northwesters TR Bl SPECIAL Zugene Coatinents] Issursnoe = "Company. & (Baldwin, Northwestern Mutual Life Ins. . 3 tt, Belianoe Life Insurence Co. Fose 3 Glark, Join Hancock Mutus Iasurance Co. Motropoliten Life Insur- Orville B, M' 'l"w 1ife Iasur- wace o, of Vormont, | n Tife Ta. surance x 1T Feaseen, Northwostarn Mutual Life Tasurazce Go. Co-educational SCH 1736 G Phone Main 4600 A COURSE IN LIFE INSURANCE UNDERWRITING OPENING LECTURE MARCH 1, 1923 at 6 p.m. T GRIFFIN M. LOVELACE f Insurance Training Course, Director of = 2 ‘x‘" i nder the supervision Gomese l‘). L?.'Lll' Insurance Underwriters’ Asssciation INSTRUCTORS Mutasl , New Y-.cllm“’, ‘W. Defenderfor, Presjdent o insurnos dept.. Distriet o d‘:ym Hams Life Iasureaes AR aa—— . N h { Lt s e S ,'n- 3 oy "‘.‘lnfild Zgwett Life ursase timers. Wi itable 1ife Assuriace T Y.M.C.A. OOLS Street N.W. DOES LOSS OF INTEREST, INTEREST YOU? Called Victory 43;% Notes of December 15th, 1922 ILLIONS of these notes called for payment December 15 last, at which time they ceased to bear interest, are still outstanding. If you are the holder of any of these notes we shall be glad to have them cashed for you without charge. You may then invest these funds in our 6%5% Quarter of & Century FIRST MORTGAGES They offer absolute safety of principal Without a Loss and yleld an adequate return. In amounts of $250.00 and up. B. F. SAUL CO. Main- 2100. 1412 Eye St. N.W.