Evening Star Newspaper, June 9, 1923, Page 21

FIN/ LULLIN BUSINESS - PARTLY SEASONAL Buying Power of Public Said to Be Undiminished—Auto Sales Holding Up. BY J. C. ROYC! Special Dispatch to The Star. NEW YORK, June buyers' strike have ceased to trouble Jevel-headed manufacturers, distribu- to1s and retailers. There is a lull in business. but it is a lull of buyers wholesale, not of ultimate con- sumers. Moreover, it is largely sea- sonal in character. The buying power «f the general public is undiminished a the buying urse not been Checked, but retallers in many lines have laid in immediate stocks and wholesalers are waiting for the “be- tween seasons” period to pass. Warnings of possible fading of ty have been found to have based on grounds more imagi- nary than real, as leading business men quoted in these columns have repeatedly stated. A. G. M. Frazer, president of the Frazer-Patterson Company, one of the largest depart- jent stores in the northwest, out- lined conditions today when he pointed out that the public was buy- | ing needed articles liberally and without urging. “Business is on he sald. “Good, conditions prevail without signs of # boom, but with every reason for expecting a_continuation of the im- provement in trade during the re- mainder of the year. April sales showed an average gain by the lead- ing department stores of more than 15 per cent over the same period last Vear, and the May totals were more than 12 per cent larger than in 1922, en in building construction the el, advertised check to opera- tions has been less widespread than was at first anticipated. Commodity Prices Stabllizing. Coal is moving in mormal volume, with prices on an even keel, and ~teel orders, especially those for ail; have ad a stabilizing effect on the markets. Wool prices are cady and in consequence manufac- rers foresee a narrow price range for finished products. Cotton cloths are moving auictly, but in a steady current., with mills well booked. The fact that less than ten Cuban mills are still grinding sugar cane has furnished a better basis for es- timating the raw sugar supply, with indications that present prices will obtain with little variation for some time. Raw silk prices are down to the levels of Jast February, but the demand for finished goods is keep- ing mills on the hunt for more workers. Automobile Construction Unchecked June may prove a banner month in Automobile sales and production The Ford company s maintaining its high schedule of about 6.700 cars a iay. The May business of the Chandler company exceeded 3,000 vars. the largest in the history of the "company, according to F. C Chandler. “The panie ast hus srospe Been healthy basi sound and normal handler and Cleveland com- shipped more than 5.000 cars month,” he said tod: We usually plan on Mav being our peak month. but. from present indications, T belicve June will be as good RAIL SHARES LEAD IN WEEK’S TRADING Public Takes Little Part in Stock Market—Sales Drop to 600.- 000 Shares a Day. Rr the Assaciated Press NEW YORK speculative enrities, April ear velopments week's June 8. Revival unusua heavy car erest hased on v good loadings dividend ure of this trading in There was a of publi averaging about | prospects of favorable the f listless Aull and the financial marked tion £00.000 markets, absenen participa- | stock sale shares A ] . e THE EVENING NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. BY WILLIAM F. NEW YORK, June 9.—Further sell- ing came into the market for curb stocks during the brief period of trading today, but it was not heavy ¢nough to have any material effect upon the price movement. The ma- Jority of the list held at or near the closing prices of Friday. Announcement of the instigation of bankruptey proceedings against the firm of M. S. Wolfe & Co. falled to HEFFERNAN. NEW YORK, June 8.—Following is an official 1ist of bonds and stocks traded In on the New York Curb Mar- ket today: Sales in thousands. Figh. 10°Aliea Packers Ss.. 6 Alum 7s oooel. 108% 3 Alum 75 new '33.. 106 11 Am Cot Of) 6s .... 08 s 2015 ‘o of Del 5l 9010 34§ &oWIINCRE B Teth Steel 7a Deere & Co Tln . Detroit City Gas s Dun Tire & Rub 7s Fed Sugar 6a '33.. Fisher Body 6s '26. Fisher Body 6s "28. and Trunk 8%s.. 1f Ol of Pa fs.. Kan City Term .. Ohio Power fw B Pub Sery El Pow s United 0l Prod Vacuum 0l 7s . FORE] 7 King of Nether 6 Russian Govt Bigs. > Russ Govt Blgs ofs Sales in_unite, 700 Anglo Am Oil 100 Atlantic Lohos 10 Continent Oil mew. 10 104 Eurcka P L ...... 1013 245 Hum Oil & Re new 31 340 Imp 011 of Can ... 103 325 Iuter'l Pet Co Ltd 1% 0 N Y Transit ..... 117 15 Prairie P L .00000 1054 5608 0 Ind “ 2008 0 Kansis new O N Y new Swan & Finch 30 Vacuum 01l new . BONDS. Low. ry 1035 106% 03 0 e Close. 10014 815 078 s 1004 - 1081y BONDS. 1015 100 0% 07ty 100 108, 1011, 12% 121 2y a2y, STANDARD 0OIL ISSUES 1011, 121 121 1001y a0ty 104 17 n2 1051 B85 asig 39 = - i Sales INDEPENDENT OIL STOC! in hundreds 1 Ark Nat Gas ... & Barrington 01 1 Big Iodian Oil 131, o 107, 18 61y 108, 16 pld. 671 Creole Ssnd Z Derb 0 & R pf w i Cuginesrs Pet . Federal Ol .. Gilliland_0il Glen Rock 0il Hudson 0il Interstate Keystone Ranger. . ingston Pet .. racaibo Ol ..l. Mex Ofl ... 2 Midwest-Tex 0il .. Mount Prod ..... Mutual Oil vot cfs New Brad Ofl w i Noble Ofl & Gas.. . Omar Ol & Gas Pennock Ol ... Ror Can 0il & Ref Rsan Con Salt Ck Cons Salt Ck new . 9 Santa Fe 0 & G SapulpaRefin Seaboard 0il Sou_ States 01l Turmar 0il Wilcox 0fl & Gas. INDUSTR! Acme Coal new Am Loco new w i Arch Dan Midland Armour & Co Appalach Pow Ca. Ar & Co of Del ptd 2 Atlantic Fruit 1, Borden & Co $11,000,000 OUTLAY ON ROADS PLANNED Program of Railroad Im- provements. tie Associated Press. CLEVELAND, Ohio. June for raising the standards of service on the newly affected railroad system 9. —Plans Sweringen brothers of this clity call for new equipment and improvements on the Nickel Plate, which will amount {to $11,382,500, J. J. Bernet, president, announced vesterday. a day. Speculative uncertainty as to future | siness conditions and the ultimate | trend of the market was reflected in i © narrow and irregular price movs tv. There were signs of profit- | \ing wnd experimental short selling | the industrial shares, the avera which showed a net point on the week Sugars turned heavy towanl the «ud of the week on reports that the ! demands of Luropean buyers for this ! vear had been largely satisfled. Food i «nd merchandising shares enjoved | luvge period of strength in reflection ! £ inercased earnings. Leathers we reavy a result of poor trade (‘('I\-, ditions 4 TODAY’S COTTON PRICES. Week-End Reviews Cause Brief | Gains in Quotations. NEW YORK 9.~ tures opened ex October, 2 2.90 n_futures 7.7%a ecember hYl a ges | Cotton fu-| sed very steady.| ober 24.40 5 January, £pot cotton quiet, mid reh, 23.2 &, 29.10. NEW ORLEANS. futures opened steady October. 21.50; Dece nary, 22.84; March, 2 opinion of week-end meneral business of the country caused advances of 4 to (! points in the early trading in cotton ‘.day, but rains in Texas, considered to be high- 1y beneficial to _the crop, resulted in| selling which, hefore the first hour| was over, carried prices 7 to 23 points | under the close of vesterday. July e to 27.79 and feil back to 5. Octoher Tose to 22.60 and fell back | June 9.—Cotton July, 27.73; ver, 23.04; Jan- .70, Favorable | reviews of the futures closed steady at ce of 24 to 30 points—July, | ober, 23.50a23.85; De- 9: January, = 23.04; Spot ~cotton, Nales to arrive 164 bales: | 29.00; goo FINANCIAL NOTES. Directors of the Corona Typewriter Company have resumed dividend pay- ments on the common stock by order- ing a distribution of 50 cents a share. This is the first dividend on the com- wion stock since April. 1921, when a | quarterly dividend of $2 a share \\'as‘ | i steady: unchanged. ; salcs on the spot. widdling, 28.25; middling, midd}ing,” 2 paid. The regular dividends of $2 on the first preferred stock and $1.75 on dihe second preferred stock were also ared Sales of stock on the New York tock Jxchange last month totaled .000 shares. a decline of 5.000 compared with a year ago. nd an increase of 6,557.000 shares over 21, During the period there were cleven days with transactions of over 1.000.000 shares. against twenty-one list year and three days in 1921 During May the Paige-Detroit Mo- tor Car Company reports the largest month In its history, having built 186 cars and shipped 5,030, with orders for the entire number, _— y Many railroad engineers dislike to «drive an even-numbered locomotive, so strong is the superstitious belief ju thalr Il luck. The budget made up for the Van Sweringen system, which includes the Hocking Valley, gradual rejuvenation of the Lake Erie and Western and the Clover Leaf. Amounts already budgeted for 1923 on the Nickel Plate, President Bernet s 0f ahout | Guid, are 36,066,000, to cover trackage, | !vard and storage improvements. and | 3 for new equipment, sched- uled delivery in time for the ex- pected record-breaking freight move- ment this fall. U. S. STEEL REPORTS TONNAGE FOR MAY Br the Associated T'resk NEW YORK. June 9.—Unfilled or- ders of the United States Steel Cor- poration on May 31, made public to- y. totaled 6,981,351 tons, « decrease 307,158 tons under those at the end of the preceding month. WALL STREET NOTES. Interest in Piggly Wiggly Divi- dend—Bank Clearings. Special Dispateh to The Star. NEW YORK, June 8.—Wall street was interested today in the fact that no action has been taken on the divi- dend of Piggly Wiggly Stores in class A common, which was due to be declared in May. The last dis- bursement wasx made February 8. Steel and Tube Company of America reports net after taxes and all charges of $2,207415 for the first quarter this vear, The United Kingdom imported ap- proximately 17,000,000 imperial gal- lons of petroléum during the week ended June 4 New York bank clearings, $630,000.- 000: New York bank balances, $54.- 000,000; New York Federal Reserve Bank credits, $48,000,000. The activity of St. 'Paul stocks to- day was in line with the movement in the low-priced rails generally, but particular attention was paid to the St. Paul situation for two reasons. In the first place, the road has been showing decided improvement in operating income, and. secondly, it is believed that the iarge amounts charged off to maintenance in the first four months of 1923 will not be duplicated during the remainder of the year. EX-DIVIDEND TABLE. June 11 2.1 Case Thres: Tilinois Contral 1 Natlonal S ts., Ft Pittw., Ft. Tteynolds Spring n Reynolds Spring nf., June 13 American Can pf., q. Associnted Oil, .. Beth. Steel 76 pf.. a. Beth. Steel 8% pf., q Montana Power, q. Montana Power pf., q. Jupe 14— American Express, q. Trooklyn Union Gas, 4. Inspiration Copper. Lehigh Valley Coel 8 New York, Lack. & We Shell Union Oil, . 16.550 Mach. pf.. q... Lines, s. a... Ref's. . engineered and controlled by the Van | provides for complete | attract the interest that attached to Friday’s failure. The Standard Ol shares wera prac- tically neglected throughout the deal- ings.” Standard of Indlana went fractionally higher, but New Yorl In- ternational Petroleum and Standard of Kansas were unchanged. Neither was there any feature to the move- ment of independent shares. The new issue of Cuba Company ained the leader of the indus- advancing another half point or so. Buying also came into Bridge- rort Machine and Midvale Company. Stutz was the only motor stock to do anything, getting up to 17. | Bridgeport Mchwi 16 | Buddy Buds Centrifug Iron Pipe Check Cab Mfd A Chicago Nipple Chicago Trust Clevelana Auto Cox Cawh tores Cuba Co Douglag Pectin ... er € & Radio nt Motor ... Eaton Axie Goodyear - Tire Heyden Chem Hydrox Corp ... Inter Cont Rubber Libby MeN & L... Midvale Co ... t Pow & Light N'Y Tel Coptd ... Prima Radio Co .. Radio Corp Radio Corp ptd Repett! Candy . Reo Motor . S0 & T new Stutz Mator ... Switt Tnt Timken Axie 4 Tob Prod Exports Tnderwood Type... 3 Un Pft Shar new Tn_ Retall Cands.. US Lt & Heat. U S Lt & Heat pfd pYis Am Lead Zinc Sm Am Fin & Tungsten Ariz_Globe Copper Relcher Extens ... Black Tawk Cons. 153 Tiy 147 Continental Mines. Con Cop Min te cf Cortez_Silver Cresson_Gold Crown Reserve Daly Croesus Fortuoa Mines ldfield Jackpot .. 1d_Coin Minl 11l Top Nevada. Tollinger Homestake Ext Howe Sound Independenc Lor Silver S Lead. National ' New Dominion Cop N Y Porcupine A Ophir Premier Gold Mine Ray Hercules Inc Ked Hill Florence Rex Cons e Richmond _Copper.. St Croix Cons San Toy Silv_Queen Min Co Sii Mines of Amer i1 K Div Min reor Stand Silver Lead Simon Sfiver Spearhead Gold Suther Des Minex Tono Relmont Tonopah Divide Tonopuh_Ext Calted Eastern ‘n Imp_Mines Verde Ext S Cont new w i Unity Gold t End Comsol. . Wett Lorrain Silver ;BUTTER PRICES GAIN AT END OF WEEK ‘oo i Van Sweringens Announce Huge Imports Influential Factor in Mar-! ket—Consumptive Demand Very Good. | Ry the Associated Pross CHICAGO. June 9.—Butter markets were firm at advancing prices at the | close of the week ending today after several days of unsettled condition | Trading became much more active and changed in character from that | of supplying current needs to the !.smrmg of considerable quantitjes of | butter. Both buyers and sellers op- erated in such a way as to indicate more confidence in the market Imports were probably the most in- | fluential factor on the market during {the week. Foreign competition in May and June. when domestic prices | are lower, was considered surprising and had a bearish effect. The lo asking prices for foreign butter earlicr in the week are helieved to | have assured further importations. Duc to the lateness of the season, production and receipts, while show- ing increases from week to week, ran short of a year ago. The consump- tive demand is very good. due to ex- cellent industrial conditions. Wholesale prices of ninety-two seore butter on the Chicago market ciosed | at 39, a loss of one point. Quota- | tions from New York, Boston and | Philadelphia markets arrived too late | for compilation. WILL RESUME TRADING. Cottonseed Meal Options on Mem- phis Exchange. MEMPHIS, Tenn.. June 9.—Spot options. discontinued in 1914, will be resumed on the Memphis Merchants' ¥xchange July 1, according to an announcement made toduy by the xchange Clearing Assoclation. Tlans adopted by the exchange pro- vide for two calls each day with trading in units of 100 tons for deli ery during either the spot month or jone of the succeeding seven months. — e SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ——Close. Ofmer. 103% 106 92 102y Aluminum Co. of Amer. Alnminum Co. ot Amer. American Cotton 01l 8y American Sugar fu 1937 American Tel. & Tel. American Tel. & i Anaconda Copper 8s 1629... Anaconda Copper 7s 1020, Anglo-American 0fl 71s 1 Bell Tel. of Canada Canadinn _Northern Cent. nt Tis 1991 Goodyear T. & R. x 16310000 Great Northern 7s 1938, Hocking Valley s 1924. Humble OIl 53w 1932.. ' Kansas City Term_ &5 1023..00 1003 Kennecott Copper 7s 1030 ... .. 108% Livby, MeNell & Libby 7s 1631 109 M., 86 P& 8. 8. M. 64s 19810 1081, Morris & Co. Tis 1930, 1001, Penna. R s 1930, 10774 St. Paul Union Depot 35 1004 Sears, Rocbuck & Co. 7s 1923.. 1001 { Standard Oil of Calif. 7 1931.. 105 Tidewater Oil 61s 1631, 103 ar 7s 1930... 103% U. S. Rubber 7ix 1930, .. 10615 | Western Union €ize 193 109 Westiaghouse . & M. 7s 1931.. 107 O mmT oy TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ——Close Rate—Maturity. B%s June 15,1925 | 34 September 1 4% s Reptember 15, 48 December 15, 48 Mareh 13, Sn June 15, 192 L5 Xeptember 438 March 15, a%s June 15, 1925. 4% December 1 4%» Mareh 15, 4145 September 15, 1020. 435 Mareh 15, 1927 4%# December 15, L1928 1923 923 24 100 101 5-16 101 716 101316 101 5-16 and future trading in cottonseed meal | TAR, WASHINGTO IF all Trade Requirements Now Biggest Issue in All Markeis Buyers Waiting to Get Line on Consump- tive Demands—Crop Outlook Also Studied—Normal Yield Expected. BY STUART P. Special Dispatch to The Star. NEW YORK. June 9.—This is the in-between season period both in ) trade and finance, and the markets of the past week have moved with the indecisiveness that Is characteristic of such a time. The mercantile reviews lay stress | upon the fact that buyers are holding | off as long as they feel they can. in order to get a better line upon con- sumptive requirements, Had there been excessive stocking-up with | goods. this slackening of the new ; demand might have involved a much more important decline in prices than has actually occurred | But the main noint is that the rush of buying in the early part of the year was not buying to provide for future neesd, but to replensih s=up- plies, which, for the previous year and a half, had been allowed to fall dangerously low. Tl Hence the present condition in m- portant lines is that consumers will before long be forced into the mar. ket to cover thelr wants for the third and fourth quarters of the year. In the meantime, industrial plants have enough old business to keep | them busy. No Slump in Prospect Apart from the seasonal slowing down which always comes with the | hot weather, there appears no likli- hood even of a temporary slump be- tween the time when old orders are {used up and new orders are coming in to take their places Even in the steel trade, where, until recently, there was more doubt than in other directions, the situation ig shaping itself in support of the pre- diction made gome time ago by Judge Gary, that while no boom was to be | expected. business would continue in very fair volume for the remainder of the year at least. Farm Buying Important Factor. In former times te question of ePoPs was uppermost at this par |tlcular seas Now it is not the isize of the harvests that is the im- {portant thing, but the prices which the farmers of the country are to receive. With production ci high and with the export demand below normal, owing to the unsettied con- {ditions” abroad, it is better that we {should have moderate crops, which can be sold at a fair profit than bumper crops that would have to be 1so0ld for little or no profit. Inasmuch as the buying power of the agricultural regions is the most fmportant single consideration for the busin outlook and for the financlal market, too, we are actually in a |state where high crop estimates {would not be welcome | Certainly there is no |return to the situation of ingo, where the farmers their surplus corn for fu 'BIG FLOUR MERGER IS BEING ARRANGED Pillsbury Company Expects to Buy t Pillsbury-Washburn Com- { pany of London. WEST. wish for three years were using be Brt M1 inted Pross APOLIS. Minn. June 9.— | Purchase of the properties and assets {of the Pillsbury-Washburn Flour {Mills Company, Limited. of London zngland, by the Pillsbury Flour Mills of Minneapolls, an organ- zation of a $12.500.000 American hold- ng company, is expected to result {from a trip to Europe by A. C. Loring, ipresident of the Minneapolix Operat- ling Company. Mr. Loring will leave Minneapolis for London tonight | Th {time {erated A jCompany owns the propertics i under lease by ]l-‘ our Mills Company of Minneapolis. That lease expires in 1928 and the {present program is being udvocated to hring ahout a closer amalgamation between the two ibefore September 1, 1926, the when the operating compan 1give notice of its desire (o discor operation of the mills or renew lease, now op- the Pillsbury date must inue the DIVIDENDS. Par. abie. Chal. MF. pf. July 18 Exprese Cent. Coal Cont. Conl El Paro EL pfe.. If 0l deneral Tuking Gen. Raking pf upp Motor pf. Intern. Sh Tntern. Shoe pf. Lone Star Tane Star. M Lo & T Magen Fur. Co... 8 Morck & Co. 1 Magor C. €. Dol Magor Car Co. pf. 1.C. Pen'y C. pf Penr. €. L. & P, Penn. € I & P. Penn. C.L.&P. DL Penn. C.L.&P. pf. Postum Cereal. Postum Coreal. ] Postum Coreal Savers & Scoville Teading Trae vers &_Seoville avors & Seov. pr. t L., R M. &P 4 T RN &P.pf.. ¢ Bank, ... .. Sou. Can. Pr. pf. Spr. Ry.&Lit. pf. Tobaceo Pr. Df.. Tenn. Cop. & Ch. Tex. Pac. C. & 0. UL S, Wor. 18t pt. BUTTER IS UNSETTLED. CHICAGO. June 9-—Butter tled; creamery extras, 381 ards, extra firsts, 37a38; 35%a ond: 34a34'% Jower: receipts. 31.719 cas 22a23: ordinary firsts, 20%a21: miscel- Taneous, 21a21% ; storage pack extras, storage pack firsts, 243 a24%. _——— BOSTON STOCK MARKET. BOSTON, June 9.—Following is a list of toduy's highest, lowest and clos- ing prices for the most active stocks dealt in here: Tune 16 Tune 20 Tune 20 Tuge 20 June 15 Tune 15 June 15 June 15 Tune 18 Tuiy 20 June 1% Tune 20 June 20 June 20 June 20 Tune 16 Tune 18 Tune 18 June 30 Tune 1 June 1 Tune 30 June & June 15 Tune 30 June 30 June 30 oco: Feik Hredc0 P Hfeicolofe ORCLORLOS unset- stand- firsts, Eggs. High. Toy. Close. 1241 4 1% 1015 150 Am Tel & Tel Amoskeag ... Areadian Cons ... Arizona Com . 5 Boston & Albany . Roston-Elevated Calu & Ariz Calu & Hecla Connor I T Copper Range Davis Duily East Butte . Eastern § & Franklin Hardy Conl Island Creek Isie R Libby MeN Mass Gas . z Mayflower 0°C .10l rth Butte 0ld Dominion ... hoe Mach wift & Co nity 8 Smelt pfd Ventura Ofl 1015 150 National Teather British company at the present ! existing companies firsts. | D. C., SATURDAY they could not dispose of it without a loss. Moderate Crops Indieated. ¥From present indications the har- vest of 1923 will not be excessive, but will be merely a good normal | vield. "The government figures for June 1 suggested a wheat crop of 817,000,000 bushels, against 856,000,000 | which ‘'was the final estimate in 19 Winter wheat Is pretty well made, and this is three-fifths of the total. | Spring wheat has to face the critical mid-summer period of drought and the frosts of ‘the early mutumn, but |there is room for considerable de- terloration before the final harvest | would shrink below the ten-year average. No reliable forecast is possible for cotton until it is known what was the. extent of the abandoned acreage The corn prospect is even more oh- scure. but the comparatively high level ‘of corn prices—one of the most agreeable features in the present! gricultural situation — shows that the grain trade is not looking for any abnormal production | Wall Street in Walting Mood. The stock market is in the same mood as the other markets, waiting to see how the fall trade require- ments will develop and whether or { not this i$ to be a remunerative sea- | £on on the farms. Industrials stocks, | having had a Substantial rebound | from the low prices of May, have| now fallen into the indeterminate ! movement which often in the past has | characterized the month of June and the first half of July. Railway shares have been taken up | in belated recognition of the record- | breaking car loadings and what thes will mean for the earnings of thel next few months. Wall street. how- ever, may be disappointed in its ex- | pectations that dividends are soon to | begin or increased in the numerous | instances which are being talked about. { Railway managers will not be anx- ious to dvertise their prosperity with | | the new Congress only six months off ' and with the presidential campaign llowing, when railway revaluatio {and rate reduction will be burning 1issues and the subjects of disturbing agitation (Copsright. 1923.) WANTED Second Trust Notes i We have clients who Il have funds amounting from I $300 to $100,000 for pur- chase of second-trust Il notes. Low rates if secur- M 3ty is good. i lSHANNON & LUCHS Mortgage Dept. 713 14th St. Main 2345 ause | H -~ || GILT-EDGE JUNE 9, 1923. INANCIAL P ————————— American Telephone & Telegraph Co. 136tk Dividena unrierly dividend of two dol- ent per share will be 18, 1023, to stock holders of record at the close of business on Wednesday, June 20, 182 H. BLATRSMITH, Treasurer. —have on hand, ready for m- mediate delivery, about thirty thousand dollars in gilt edge 7 First Mortgage Notes in Amounts of $250 Up to $7,500 A splendid opportunity to in- vest your funds with absolute safety and get the maximum eturn of interest. Title certi- ite Insurance polictes issued to all our loans. For full particulars apply Loan Dept,, Chas. D. Sager M. 36 924 14th St. M. 37 Mortguge Investments First Mortgage Loans e sher & Company, Inc. EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Assets $4,857,059.58 Surplus 180,880.91 Save As You Earn Srstematic saving 13 most effective. We see it illustrated every day. Tt leads to financial strength and fnde. peadence. Subscription for th 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. LOANS From $50 to $200 on household goods or chattels. 7 per cent interest. No brokerage charged. Come in and let 'us explain our method of making small loans. Comuiercial Loan & Finanos Corporation’ a0 211, 921 18t Bt W.W. temu Copyrighted & Patent Pending, Money to Loan Becured by firat deed of trust oo real Prevailing fnterest and_commisn Joseph 1. Weller 43 Wess ON FIRST MORTGAGE i | AT CURRENT RATES OF INTEREST Randal K Hagne: & Ca s 2207 Gnnecticut (Boonue SECURITIES 7%, First Mortgage Notes Secured on Improved D. C. Real Estate Appraised by Experts of 35 Year: Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes 1 Limits 3. 4. Century Without a Loss B. Main 2100 6. 1. Protected by our 2. Continuous Safety. Warehouse Receipts and Make Construction Loans National Mortgage & Investment Corporation 811 Vermont Avenue N.W. | SIX REASONS IN FAVOR OF ! OUR FIRST MORTGAGES: “Safety Record of No Depreciation. Interest Without Fail. Substantial Return. Convenient Amounts. F. SAUL CO. 1412 Eye St. botablished 1889 First Mortgage Loans In;:Convenient Denominations 912 Fiffeenth Street lain 6338 Save and Invest We advise getting 6 interest with safety as against a promise of 9 or more. When you don't the 9 the chances are your principal is gone too. SAFE INVESTMENTS WITH .A WIDE MARGIN OF SECURITY Paying 6 and 61,% /PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Trust Notes Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, $300, $1,000 FULL INFORMATIO} [SHANNON-& LUCHS Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W. MORTGAGES The Safest Security on Earth (o] We offer, subject to prior sale, a limited issue of First Mortgage Real Estate Loans at 7% interest, secured on well selected, newly constructed residential property in Northwest Washington. Call or write us for full informa- tion concerning these loans. CONVENIENT DENOMINATIONS $250 $500 $1,000 Ask for Descriptive Booklet “S"—It's Free WILLIAM S. PHILLIPS First Mortgage Investments 15th St. at K St. N.W. $100 Main 4600 At The Nation’s Capital Dividends! Surplus! NATIONAL MORTGAGE AND INVESTMENT CORPORATION Authorized Capital $10,000,000 Dividends free from NORMAL FEDERAL INCOMFE TAX—Stock free from INTANGIBLE TAX of the District of Columbia. MANGAGEMENT The Expert Knowledge of Banking. Law,, Building. Architec turc and Real Estate is represented in the management. which i composed of men of integrity and recognized ability SAFETY . The “investments of the corporation, secured by improved i come-producing property and selected by experts known for their ultra-conservatism, assures absolute safety. 4 INCOME The preferred stock starts carning dividends immediately at the rate of 8% per annum, payable January and July. The carning power of the common stock. evidenced by the ever-increasing sur plus, makes it exceptionally attractive. OPERATING CAPITAL July 15, 1921 (at commencement of business) December 31, 1921 December 31, 1922 March 31, 1923 i There is NO PROMOTION STOCK The corporation has not sustained a single loss in principal or interest. The National Mortgage and Investment Corporation is making money, paying dividends, and is a PROVEN SUCCESS HUGHES FINANCE CORPORATION Fiscal Agents g 1418 Eye Street N.W. Washington, D. C. Success! $75.000.00 196.775.53 205,90 2,119,087.55