Evening Star Newspaper, June 22, 1923, Page 29

FINANCIAL PUZZLING TEXTILE PROBLEMS STUDIED Experts Consider Prices, Production and Sale of Goods. BY J. €. ROYLE, Bpectal Dispateh to The Star NEW YORK. Juna 23.—Textile men .. of the south, gathered at Dalias and Asheville, N. C., ¥oday discussed, the serious problems/ that face them as a result of the condition of the present cotton crop uvd the possibility of a shortage. Jast how serious that situ- ation is from the standpoint of prices, production and sale of cotton goods may be jathered from the fact that one of /e foremost crop experts of the souAh today fixed the condition of the crop at The ten- vear. averape 5.9 per cent An increase of 7.7 Té&e over last year fooraing 1o this expert. ‘probable vield based ment of from 36.660,000 acres compare with a conditioy cent and an acreage increase mate of 11 per cent by the correspondents as of May 20 Unfavorable weather over much of the belt since that date has caused the abandonment of some acreage al- veady planted. The government esti- mate of May_25 fixed the condition of the crop at 71 per cent Conditions Below Normal. Every cotton producing state except Texas showed a loss in condition, the statistician said, and Texas just about held its own. Some improvement in the last few days has been shown in the eastern and central belt, however. Weevils are reported in many parts of the belt and some sections are Padly infested in the east. while grass- hoppers and cut worms are active in the west. Labor is generally scarce. The statistician quoted and the gov- arnment experts alike fixed the condi- tion of the Texas crop of 77 per cent with an_indicated yleld of 4,006,000 bales. Texas businessmen are prepar- ng to take every advantage of their good crop. West Texas representatives today presented a factory program (o the state textile conference at Dallas. which involves both domestic and for- eign markets. “El Paso business men are going to erect cotton mills_to supply the Mext- can trade.” R. E. Thompson, vice presi- Aent of the Kl Paso Chamber of Com- merce, said today. “They are going to have the profit that formerly went to the eastern rhanufacturers and they are going to save freight charges both on their raw cotton and on the finished goods. This will enable Texas mills to compete with the world in Mexico." Increased Mexican Trade Predicted. Confidence that the expected recogni- tion ,of Mexico would result in heavier volume of business to and from the southern republic from Texas and mid- dle western cities, was expressed today by officials of the International and Great Northern raflroad. In prepara- tion for such increased traffic, the In- rernational and Great Northern is lay- ing sixty-five-pound steel rails on heavy ballast from San Antonio to the border at Laredo from whence the road is again operating its joint San Antonio- Mexico City train in connection with the ational of Mexico road. Ninety-pound eel rails are being laid by the Inter- national and Great Northern from San Antonio north. Graln Plan Discussed. 7 of normal for this month is per cent in acre- was indicated ae- | pointing to a | on teh govern- i s formula 10,500,000 haleaz These fgures of 69 per! esti- slmpl a HE EVENING STAR. WASHINGTO NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNA) { NEW YORK, June 22.—The return of confidence continued to show in the dealings on the curb market today. Oil shares were the active leaders, but a good deal of buying back of stocks thrown over earlier in the week occurred | in the more prominent industrials. The advance, however, was not as pro- nounced as in the late trading yesterday Improvements of a half point to two points was shown in the ‘Sllndlrd Olls during the early dealings and these gaina for the most part were main- l tained throughout NEW YORK. June 22.—Following 1s | an official list of bonds and stocks | traded in on the New York Curb Mar- ket today: Rales in thousands. 1 Allied Packers ds. 5 Alum_ 7s new 17 Am Cot ONl bs - BONDS High 108 Charcosl Co Am " R1&FPS Service DerraltCity o & bunlop T & R 7 Federal Sugar 6s. ed Nugar A% "33 2 Galena Sig Ol Tx. i Ceneral Pet 6s # Hood Rubber 7 1 Manitaba 2 Manitoba Pow Tx W 10 Morris & (o Tias 1 Nat Leather N« ® New Orl Pub Ser 5% 3 Niagara Fs Pw 65 u r 2 0hio Power 53 B 2 Pub Serv 2 Tub Ber 4 Ntulhfln alit_Fd b 1 Toa% |8 1081, 1088, 1071, 1053 a1 o1, ! wity 1081, 1034 .\ll. . 1084 N BONDS 28 King of AT Mexican wiss Gort Blge ... S of Mexico 4 STANDARD OIL ISSUES 1 101 3018 Sales in units 300 Anglo-Am Oil 260 Gal Rig Oil.. 100 Humble 0 & B new 30 75 Tllinols P L. L 1591y 805 Tmp 011 of Can. .. 101 ind P L. Inter Pet Co Lid Magnolia Tet Nat Transit Ohfo Ol new Prairie Oil & Gas % Prairie P L. Solar Refin . South Penn 0il S 0 Indiana.... S 0 Kansas new 8 0 Kentucks. . 8 W Penn P L i Vacuum Oil new. . 48% NEW YORK TRUST COMPANIES. 10 Bquitable L1 Sales INDEPENDENT OIL STOCKS in hundreds. 4 Ark Nat Gas 7 Barrington Oil . 1 Ros Wyo Oll...... 1475 "0 30 158 10413 L7 140 3T 411 300 A0 50 8500 . 108, [ 51y 104, L) The. plan advanced by Bernard M Baruch for the securing of greater profits to the wheat grower through ownership by producers of a large grain weling concern, which would market surplus wheat abroad, was widely dis- cussed by traders and grain growers to- day. Some of these pointed out as an objection to the plan that even 35 per cent of the grain output were 80 pooled by the farmers and the marketing methods materially improved, the plan provided no means by which countries at present financially unable to pay could absorb this wheat on a basis sat- isfactory to the producer. Street Rallway Earnings DETROIT. June 22 (Special).—The net income of the Detroit street rail- ways was $73.114 last month after sinking fund and interest deductions. Gross revenue from transportation an average daily in- 60 over the preceding | Operating expen, were The total car op- 1.504.337. an of month e increase Building Permits Slump. PITTSBURGH. June 22 (Special).— Building permits issued recently in this section are showing a reaction from the high figures reached earlier in the vear. For the first half of e seventy permits for dwellings e issued here, compared with a total of 193 for May. Records show a lack of commercial and industrial construction on any large scale. This i= attributed to the high costs of Jabor and materials Heavy Demand for Boxe PORTLAND, June (Special).— The box manufacturing business in the Pacific northwest is better than it has ever been. according to leading manufacturers here. Prices are high, lumber is scarce and orders are piling up at the local box factories. This demand, it is believed, is caused the expectation of an extremely heavy fruit crop this year. The demand is not confined to this section. for the eastern orders are heavy and ex- port business is picking up. (Copyright, 1 OIL MEN PLAN CUT IN OIL PRODUCTION Operators in !nmou- Smackover District Alarmed by Present by Price Depression. Br the Associated Press ELDORADO. Ark.. June 22.—Oper- ntors in the Eldorado-Smackover dis- trict will meet tonight to discuss the ourtailment of production during the present price decline. Joe Elam. sec- of the Midcontinental Oil As- sociation. will be present and discuss overproduction and the present de- pression in the price of crude .oil. Operators here are generally agreed that drilling shoufd be curtailed until orude shows a tendency to rise again. The Eldorado-Smackover produc- tion averages little better than 100,000 barrels daily. $30,000 IN FEED BURNS. #Short-Circuit” Blamed for De- structive Lynchburg Blaze. LYNCHBURG, Va. believed to have ori, short-circuit in electrical wi night destroyed stocks of ha: and feed in the plant of the Farmers' Seed and Supply Company. The dam- age was estimated at $30,000. DRY GOODS MARKET. NEW YORK, June 22.—Business slack in the Worth street cot- ton cloths market today and the strength of the raw cotton opening did not serve to Increase trading. Some print cloth construction slipped slightly in price. Quotations for 64 by 60s remained at 9%, but 88 by 72s dropped to 11% cents. Sheetings were quiet and sateers, pajama checks and fine combed gocds were u Thé raw silk market was quiet to- day and Yokohama recorded a drop of 20 yen a bale on light trading, but some grades here showed incroased strength, 1 Rrit-Am_ Ol Carib Synd Cit Serv ... Cit Serv pfd Cit Bers 8 3214 41 Der 6 & T prd w'i Engineers' Pet . Humphrers _Oil. .. Interstate Royaities Keystone Ranger {fo:; Pet . a : Maracaind 01 . xga;;.ga.s;“:_:,:uh EE8N.A5 e &5 New Eng Fuel Oil NY oil Omar 0il & Gas. Peer 0il Corp Pennock 0il Phillipe Pet new. . Red Rank Ol new I Canad 0 & R sun Con ... 2 333 board Oil . Southern P & R South States Oil . Turman Oil . West States 0il Wilcox 0il & Gas.. 6% INDUSTRIALR Acme Coal new . 3% Am Cot Fabrics ptd 101 Am G & Blec nw wi Am L& Tract ... Ar & Co of Del Borden & Co . Bridegport Mch w Brit_Inter Corp A Brookiyn City R l Puddr’ Buds . Cent Az Rugar Centrifug_Tron Pipe Checker Cab Mfd A Hm ago Nipple .... o Nipple B tr ¢ Bteel Wheel.. i, u l '4 Curtiss Aero O & D Daniel Motor , Dubilier ¢ & Durant Motor Durant Mot of maoannms3anar it ua u\fi n’i 13, (S 4 1 Glen Alden Cos! Goodyear Tire. Heyden Chem . Hudson & Man RR Hud & Man RR pf Hydrox Corp .. Inter Cont] Rubber Midvale Co ... N ¥ Tel Co pf.. Patter Bros Tob i 3 e ‘l\su ki 5 146 51 a2y 4 1% 2 @ Rld!n Corp ... Radio Corp pfd Repettl Candy % C & 1 new Stutz Motor .. r,;_,,fim;_;a..--s- Underwood Type Tn Pft Shar new. . Un_Retall Candy pid !fi it U 8 Met Cap & le .58 Feed Mfgrn.. 8% s Corp 1st \"’ 5 axi Corp N Y 130 MINING. Alvarado Min . 2 Am Lead Zinc: Smeit Copper. & Boicher Bxtens PR TON 3 “" Saa F3 5215208 n 52500 [ e ® Davis Daly . 20 Divide Extens 20 Bureka Croesus . Mines ° Mine Deen 148 Goldfield Florenca 20 Goldfield Jackpot 10 Goldfield Oro ..... 20 Gold State . ne : ‘5'2.::%';;;3--’;? # 835353322535 & F 1 Howe Sound 100 Independencel 20 Kewanas Mining Za 9 ohican L‘op‘?ér 60 National Tin . a New Dominion Cop By *nu: inc. ) LTS EER M I EEEEEELERES ;sn.:es 3 | Tsoston & Maine . it jtwo-year agreement Direct to The Ster Office. Mutual was prominent among the independent olls crossing the 10 level again for a gain of about a point. The erratio fluctuations in Southern States were again manifest. Gulf Ol of Pennsylvania, recently exercised its option with Maraciabo to develop a substantial part of the latter company's hold- which | ings in Venzeula on a royalty basis. displayed Increased activity. But after going higher the stock lost most of the advance. A better feeling in the copper | stocks was noticeable and the ma- Jjority were active at improved prices. 80, too, were the goid mining shares. a1 o8 31 11 04 80 14 0 a2 1w 2% Ohlo Copper 10 Portland Gild 4 Ray Hercules Tns 10 Red HIll Florence . 8 Balida Mines 3 8t Croix Cons ... 50 Nandstorm Kendail. 30 Rilver On Mine Oo 30 Silver Mines Amer 20 8il Kg Dv Min reor 80 Silver Pick 380 Spearhead, G 5 Teck Hughes e 2 Tonopah Belmont . 37 Tonopah Divide 1 Tonopah Extens ... 20 Tuolumne ....... 15 United Fastern . 3 United Imp Mine 10 U 8 Contin new wi B Unity Gold . 40 Verde Mive M. 60 West End Consol 2 Yukon Gold 2 STOCK MARKET. June 22 —Following 18 & list of today’s highest, lowest and clos- ing prices for the most active stocks deait in here Arcadian Cons Arizona / igh S 108, b 0y 81 33, Toston Elevated In & Ariz.. rson Hill Min Connor J T.... Davis Daly Hardy Coat Tnland Creek Isle Royale | Libby MeNeil & me it v Cornelin orth Butte . ola Mill Marsland Mach & o & Walworth { Warren Tros Woiverine ZINC PRICES LOWER. BOSTON. June 22—Zinc prices broke to 5.90 cents & pound foday. off about 2 cents from high in March Drop is due to sharp Increass in production and slump in May _ship- mente. Zinc umk- June 1. 83,019 tons, against Tis is first month smco Navember. 19 #tocks have not decreased May production of 47,347 tons is largest since armistice. ~Exnort de- mand has shown falling off past four weeks. There is little profit for zinc producers and smelters at current price. 2 PLAN BIG BOND ISSUE. NEW YORK. June 32.-—A special meeting of stockholders of the Kirby Lumber Company has been called for July 5. in Houston, Tex., to author- ize an issue of $11.550.000 fifteen- year 6 per ecnt mortgage bonds to retire outstanding preferred stock Public offering was made today of $3.000.000 Beattie Sugar Company twenty-year 7'z per cent firat mort- gage gold bonds at par. |BRICKLAYERS’ DEMAND OF $12 A DAY GRANTED $175.000,000 Bullding Program, Tied Up by New York Strike, to Be Resumed at Once. | By the Associated Priss. NEW YORK, June 21.—Bricklayers who had tied up the metropolitan building construction program of §175,000,000 since they went out on strike on May 21, vesterday won their demand for a $2 a day wage increase when the Mason Builders' Association agreed to give them $12 a day on a The settlement was reached at a meeting of union leaders and members of the associa- tion. and both organizations will ratify the agreement today. The building program will sumed at once, it was said. _— SUSPEND COASTING LAWS. Canadian Commons Takes Measure Against Ship Combines. OTTAWA, June 22.—A resolution au- thorizing the government to suspend the coasting laws as a remedy against ship- ping combines on the great lakes was adopted by the house of commons late last night. Commons also adopted a resolution giving the board or grain commissioners control of the grain freight on the lakes. CANADIAN DIVORCES JUMP! 544 in 1022, Compared to 59 for Year 10913. OTTAWA, June 22.—An enormous increase in the number of divorces in Canada, said to have been caused by unrest of the war, was disclosed to- day by the bureau of statistics. Di- vorces numbered 59 in 1913; in 1919 they jumped to 376; last vear 534 decrees were granted. Divorces are granted in Canada only by the Do- minfon senate on limited grounds. TOWN GETS SHOE PLANT. Special Dispatch to The Star. OAKLAND, Md., June 22.—It is an- nounced that the Oakland chamber of commerce has secured the location of a shoe factory at Oakland. A good portion of ‘the Bradley farm, located on the western suburbs, has been secured and ground will be broken within the next few weeks and the erection of the factory be- gun. When completed and in opera- tion, it is expected about 200 work- men will be employed. Leroy Horton of Cumberland, Md., connected with the Lang & Horton tannery. located at Hutton, six miles from Oakland. is one of the principal promoters of the company. be re- DIMENSIONS FIXED ON BRICK SIZES |Commerce Department Reports | Adoption of Standard Meth- ‘1 ods for Trade. Manufacturers, consumers and build- ers using brick have agreed to the adoption of two standard dimensions for that product, it was announced to- day at the Department of Commerce, and will eliminate all of the remain- ing thirty or forty brick dimensions now in manufacture and use. One of the new brick sizes will be 8 by 214 by 3% inches, while the other will be 8 by 2% by 3% inches. The !latter size will be used for the smooth types of face brick. The standardization, it is believed, will simplify manufacturing practice and (nstallatfon methods to a degree that will cheapen the product for con- sumers. e WOOL PRICES EASIER, "l‘rldo Resents Government Price Cut Predictions. | BOSTON. June 22.—The Commer- cial Bulletin will say tomorro “The wool market has p; through another dul! week, w Yrices rullng irresuiar ang 5 shade fer on the whole. The trade fis sturbed and resentful over govern- ent wool experts’ unofficial predi tion of lower prices here and at Lon- don. Further exvorts are being made. “In the west the market has slowed up, but some consignments as well as anles at the lower level are re- pvorted. The foreign markets are general- ly steady, Sydney being practically on the bLasis of Brisbane sales. “The goods market is ady. ident Wcod of the American Woolen Company is very optimistic cutlook " and predic for lightweight goods. ——— TODAY’S COTTON PRICES. Private Crop Reports Big Factors in Today’s Markets. YORK, June 2 tures opened steady; Jul: tober, December, 24.35; Janu- | ary, 2412; March, 24.03. The market opened steady at an advance of 5 o 14 pofats in response to steady | { Liverpool cablcs and bullish private | crop reports. Two of these reports | were issued, one of them making tne condition 6§.5, the increase in acreage 6 per cent and the indicated vield 10,450, while the other e {timated the condition at 71. the in- ll ease in acreage K3 per cent and the indicated vield 10,740,000 bales Futures (11:45 ds)—Firm; | July, 27.47; Octohe December, | 49 January. 24.17. March, 24.08. NEW ORLEANS, June 22— After a | period of hesitation around the open- ing today the cotton market strength- ened for small advances under low condition reports from private | source More active months fell for net declines of 3 to 6 points moon after the opening, mainly because of | the poor showing of Liverpool. but at the end of the first hour of busi- ness were 11 to 2% po:nts higher than the close of yesterday. Julv | fell off ta 27.25 and reacted to i Futures (11 a.m. bids)—Quiet October, 24.36; December, Jnnu-r 23 i March, 23.60. YORK. June 22—Cotton (uret closed steady NEW December, 42488, January. 242822435 z a24.2 ‘otton t = dling. 28 9» pot steady; mid NEW ORLEANS. June 22 —Cotton futures closed very steady at net ad- vances of 33 to 38 points. July. October, 24.5 December. 24.16; .97; March, 23.90. ORLEANS, June 22 cotton‘steady, 100 points higher. on the spot, 130 bales: to arrive. 313.! Low middiing. 28.25: middling, good middling. 29.50. Receipts, =tock, 75.197 NEW RATES FAVORED. Revision of western freight rate on coal from mines in New Mexlico, Colorado, Wyoming and Montana, was recommended today by the Interstate | Commerce Commission. No order was | issued. but the commission gave the | railroads concerned ninety days with- | in which to flle new schedules. RUSH TO PAY BILLS. DES MOINES, lowa, June 22— Pay- ment by the state of $5,000,000 bonus ! money to former service men in the | castern section has had a marked | effect on business conditions. A ma- | jority of the men received $350 each There was a general rush to pay outstanding obligations. TIRE PRICES REDUCED. AKRON, June 22.—The General Tire and Rubber has notified dealers that prices on_tires and tubes revert to tJanuary 20 list, annulling increase of approximately 10 per cent made in March. I PARIS MARKET FIRM. PARIS, June 22.—Prices were firm on the bourse today. Three per cent rentes, 56 francs 50 ; centime: Exchange on London, 74 francs 70 centimes. Five per cent loan, 74 francs 90 centimes. The dollar was quoted at 16 francs; 21 centimes. LIVERPOOL COTTON. LIVERPOOL, June 22.—Cotton—Spot in fair demand: prices firm. Good mid- diing, 16.82; fully middling, 16.72; middiing, 16.57; low middling, 16.32; good ordinary, 15.82; ordinary, 15.52 Sales, 6,000 “bales, including 2.500 American. Receipts. 2,000 bales, in- cluding 700 American. Futures closed steady. June, 15.57; July, 16.06; Octo- ber, 13.56; December, 13.18; January, 13.00; March, 12.88. Home Fumiture LOANS From 190 to, 3300 on resl seuate or echattels. 7 eent hhfll No brokerage echa and let ws !lpllll our me If You Believe in thc Uni!ad States, You Believe in Wu!nnmnl Per + Cent Real Estate First Trust Notes From every standpoint these securities are nca‘nind ty large and small investors of long experience, as investments of the hi type, combining perfect’ safety with gemerous Snle—-Secure—Ceriain ! A ‘AnD 813 15th !L N.W. {ioeegh D. We Specialize in Property Management RENTS Over a Quarter Of a Century Experience B.F. SAUL CO. 1412 Eye St. N.W. Phone Main 2100 To Investors Ap institution of high standing. that has g.m dividends without' interruptiion on_ both referred and Common Stock since organiea- tlou, wants 1o interest & few additional stock- holders and will be glad to furnish complete information 1o those who are interested. No brokers ‘Address Box 148.V. Ster Ofice. First Mortgage LOANS Trom $1.000 to 82000 secured on your Home o Farm.' T per oent ia- tere: Srokersge cnamved: Goms (3740 Tt b Sxpliin our methed of ‘making small loans. Commercial _Lean and Finance Cerporation Room 211, 921 15th Btreet N. W. ystem Copyrighted & Patent Pendingd Bx- tensive experience in responsible administra- tive capacities in raiiroad. munufactoring, as- sociation and Government work. 1f initiatwe, thoroughoess and combined with proved are essentiuls T can be of vulue —Executive position of trust. EQUITABLE Co-Operative Building Association Organ:zed 1879 434 YEAR COMPLETED Assets $4.657,050.58 Surplw $1,180,880.91 Savings With Best Results. Our_systematic plan has prove be the most effective method of Join the Equitable mow. scription for the 85th Issue of Stock Being Recclived Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Seey. " Money to Loan Becurs2 by first deed of trust on real estats. Prevalling Interest :;'W;-'!‘:"l. L Weller 7% ._1‘ [ Al]” Of Our First Mortgage Investments are placed on the most con- servative valuation; never has one of our clients lost as much as a single penny in either principal or interest We collect and remit interest the day due, furnizsh insured title certificates Can accommodate investors with amounts of $250 up to $5,000 or more, bearing 7% in- terest. ““Invest in first mortgages and be safe.” | Loan Dept. | M. 3 924 14th S » | Chas. D. Sager | C., FRIDAY, JUNE 22, 1923 | Worth | la a recent advertisement we pointed out that among the things implied by good investment- service ares “Prompt reports as to The importance of this to security holders is so definite that we be- lieve it deserves the emphasis al further explanation. Scores of sscurities ave s0 widely heldand dealt in that their natwre is thoroughlyfamiliar, and the coadition of the ing cerporat, matter of genavel knowledge, to these in the investment ba ness. There ave, how- name: other securities whose quality is not se readily appar- ent, The comparative obserity of a large number of thes is often due to cir- cumstances iw no wise affecting the high degree of thair worth. The issus may have beem small and closaly held, or it may Mave been distributed originally in a distant locality. But other sectrities are obscurs simply because their valus has largely diminished or has dis- appearsd altogether. On almost every in- vestor's list, a num- ber of these less known issues occupy s place, through inheritance, perha long previous purchase, or some other means. Constructive sdvice as | to the best course to be | pursued in regard to i such securities often | results in the prevem- ! tion of considerableloss, | or in the realization of { unanticipated profit. tains,oftenat considerableexpense, sources of information and the means of properly analysing and disseminating it, so comprehen- sive in scope that any investment inquiry ~n the part of a customer can be promptly met in a menner in which all reasonable confidence may be had. | | A good investment house main- } | | GRAHAM. PARSONS | % Co. 405 Hisss BLpG. WASHINGTON Philadelphia New York Reading Harrisburg Pittsburgh Scranton Trenton Camden Baltimore T | MORTGAGE MONEY ‘VE'VE got it to loan on new build- ings or— in refinancing of present loans. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. { School and college graduates enter- ing the world of business will find it wise to form their banking connec- tions carefully. 1 Many of present Washington's “big” busi- ness men have “grown up” with the Metro- politan, and not a few of their grandsires did the same. “New blood” is ever weloome—we'll be glad to handle yowr account. Organised in 18314 Our Savings Dept: Pays 3% Comgpound Interest National Metropolitan Bank Capital, Surplus & Undivild Profits O 15th St., Opposite U. S. Treasury—1 $1,700,000 Years Old FINANCIAL. (irst Mortgage Loans Made On Improved Properties (Including Residences) In the District of Columbia 51/2% Interest Reasonable Annual Curtailments Required Loans for Less Than $50,000 May Be Paid in Whole or in Part at Any Interest Period Without Charge H. L. RUST COMPANY Main 6888 912 15th Street Loan Correspondent for the Prudential Insurance Company of America Your i Funds i 7% FIRST MORTGAGES The Safest Security on Earth Every mortgage is less than 507 of \e ready market}value of the property 1. Absolute Safety. 2. Reliable Security. 3. Liberal Income. 4. Insurance Against Loss. S. Protection Against Depreciation. 6. Prompt Payment of Interest. 7. Repayments of Principal in Full at Maturilty. Convenient Denominations—Write or Call for Information z. WILL!AM S. PHILLIPS Reinvest i sd st Mortgage Investments 1409 N. Y. Ave. N W. W.T. Chapman ~ Representing The Durant Corporation § Continental Trust Bldg. Main 5757-5587 Personal Bond Required/ In the New SMmitH BuiLping Next Monday The F. H. Smith Company will be iniits new home in the Smith Building, on Fifteenth Street between H and I, next Monday, June 25th. The new Smith Building has been erected on the site at 815 Fifteenth Street, where the Company had its offices for many years. In our greatly enlarged quarters investors will find every facility and convenience of the modern investment banking house. NO LOSS TO ANY INVESTOR IN 50 YEARS ke F.H.SMITH CO. CHounded 1873 FIRST MORTGAGE INVESTMENTS SMITH BUILDING 815 FIFTEENTH ST.