Evening Star Newspaper, June 30, 1923, Page 15

FINANCIAL Entire Year’s Stock Advances + Are Wiped Out in Market Drop Wall Street Professionals Spread Pessi- mism in Face of Many Encoura ing Financial Signs. ment of the last few months. It has lost sight of everything on the other side of the picture. No really hard time for industry and finance has oc- curred in the past that has not been introduced either by overspeculation, price inflation and consequent credit overstrain, or else, Ly an overpro- duction of goods with subsequent fall in prices and more or less vialent curtailment of productive activities. Thres months ago there was a dan- ger that merchants and mnnun]nct‘xrfi ed o e re since | - ¢ in *heir eagerness to replenis! Wiped out the entire guin since 4y 1 Cupplles and provide for the fu- spring of 1922, | tuve, Wouid force prices up unduly ‘The upward swing from March last | and ' bring about an excessive pro- vear to March this year was a move- | ductlon. . But this danger, h‘&uu;;n:e“dd 0 sco z | Prices have ceased goln 5 ment discounting the trade expansion | Frices have ceased SCUE VEL Ll with all it meant for company earn-|down, The average price index, com- ings, which was plainly foreseen. piled by the bureau of labor. shows Now that this advance has been ' a decline of 2 per cent during Wwholly _undone, the question arises and the first three weeks of June whetlier the moderately prosperous | It does not need more than a_casua period through which the business of | reference to _the ~ federal reserve the country has | e for the Statements to dispel any notlon about TRt tacalve months % & false | the sufficiency of present credit re- prosperity, and whethe ' recognl- | Serves or to get rid of any idea that tion 'of this that is behind the recent | the business increase of the last year fall in stocks. has involved a strain upon bank re- an § ; sources. Well Steeet/Qowes [Eenslontomm, Absence of Speculation Streaned. On no other assumption than that . On the question of whether thera the p ade gains have been pgg been an over production of me andise the week end review of R. G. Dun and Company makes the following statements, which may be taken as authoritative, A favorable aspect und one that is being rather widely stressed, Is the absence of speculative excesses recession | in merchantile circles and of over t appeared, | stocking of merchandise. The heavy s shortly to set|demands of the first quarter of the the situation | year were almost wholly to cover outset of 1922. definite needs, and the outlook now still timid and|is the more reassuring because of still poor. this fact.” for any such| The shortage of labor, for which professionals | the ill advised immigration restrice e con- | tion laws are wholly responsible, is tented with predict a eason of | perhaps the most serious factor In depression and with talking blue the situation. This is tending to about the future of the stock market. force up wages and In certain lines Yet they give no adequate explana- to reduce seriousiy the profit margin tion why these things should happen. available for the reward of capital There are \agu s investment. But the fact that com- labor situation s modity prices have been coming down even ber L that it i removes the argument of a rising cost account of th inereases which | of living which was the main stay of have occurred and the her the labor demands years ago. cres which are th The one dang: appears at the representatives of present writing that the business j community will take what has been { bappening in Wall street too sericus- ly. If they construe the stock market decline as a forerunner of business depression and begin to cancel orders. then the Wal street passimists »av |see accomplished the end which they {ng their swollen Bay rolls and paying | Pretend to beileve s in view their high transportation charges New Secarities Big Factor. they will have nothing left on the| But so far there has been no sign credit side trat the stock market turmoil is re- If this is 8o, it is contended, it will acting unfavorably upon trade condi- be bound o affcil . vudiing powe tions except that it may have con- of the farming districts, and thus | firmed the natural inclination of busi- show in the general business move- | ness men, after the overactive buying BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, June 30.—At the close of another week the statement may properly be made again that nothing like so extensive a decline as that of the last three months has been seen in Wall street with so little apparent cause. Stocks have come down in| this time, 15, 20 and 30 points and street has been talking this last week, one might e Heve that this w and that while admittedly no signs of Worth speaking of have v & decline in trade w in that would as it stood at when business wus when carnings we Pressed for rcasons view, the Wall have very littie to s of Farmers Cited. ruch is said about | s of wheat and ' of the western farn ¥ et through meet- low about the cl ers that wh ment of the next twelve months. Als movement in the first three months of it is said, it will add greatly to th cear, to g0 slow with present pur- determination of the farm b | es. Congress to push through a measure | The analy briefly made of the reducing freight rates otherwise ' fundamentals shows that there s no amend n ! weakness in the industrial structure. act to f T £ ! The elements which have produced Fina the consideration | depression in the past are not here of the political uncertainties lying |now. It remains for the country's ahead, the con ¢ Congress | business leaders to recognize this und with & much la by recent radicals, @ of a president Issues of great ion of [nOt to be carried away r | €vents in Wall street When it bas come time to write the final history of the 1923 stock market will undoubtedly be found that R SN S much of the trouble lay, as was the Aok (51 Sfiver Lining. case two decades ago, with the exces- n trying n\ll(el,~1\'r' output of new securitles, tying campaign ir ment for A business will Le prominent it “street” € e unfavorable fea- | up much capltal and overtaxing the » downward mov normal b BUTTER PRICES HOLD MOTOR STOCK SALES WELL DURING WEEK ARE HALTED BY COURT _ ‘Attome_v General Reports Carrm Peak of Production Has Been Corporation Has Not Com- Reached—Hot Weather Factor Pleted Single Car. in Receipts. ng power. 5 the Associated Press. NEW YORK, June 20.—Arthur H. Kliesrat and the Carrm Motors Cor- e poration were enjoined yesterday In June 30.—There were | Supreme court from issuing or sell- its of both strength and weak- | I8 any more of the company's capi- s in the butter market this week. | talstock. A very small perc ge of the receipts | Although the concern has issued Sias fainsy Butter, ovnE o ithe resent 00,000 in stock and sold about hot spell, and since demand at this |$70,000 in the last four or five months, time of the year is principally for the | not a single car has been completed, higher scor ing qu was | according to Attorney G 1 Sh. ¥ & | man, an the only income has be the top of the market|from the stock sales. = supported. The under-| et ek e | PURCHASE OF STEEL COMPANY COMPLETED i wider outlets far | | By the Associated Press. be NEW YORK, June 30.—Negotiations for the purchase of the Steel and| 1 thar Tube Company of America by the B ched, | Youngstown Sheet and Tube Com- Turther In- | Pany Were completed today by the expected. | Pavment in full of $33,000,000, which rematned | ML be used to retire the Stesl and D he thatern | Tube preferred stock at $110 a share e o the | and accrued dividends, Bére Wire Signs t| Funds for the purchase were pro-! e esale hiices of | Vided by “a " syndicate of bankers butter during the |headed by the Bankers' Trust Com- ehowed 1 cent less | Pany, which will maeke a public of- e the close was at|fering Monday of a $40,000,000 bond Reports from Boston, | 188ue of the Youngstown Sheet and 2 and New York being re- | Tube Company to provide funds for 4 the purpose and for other corporate purposes. While no official announce- ment haw been made as to the de- talls of the fssue. it is understood ! that it will be in 6 per cent debenture bonds. s pro itie well ally suppl harder to obt are reluctant to us tore the until obtainable at barga was entire! 1 price: unsettled, if cies low- production hax because no receipts need be zo market HIGHER MONEY RATES DUE TO WITHDRAWALS Associated Press. NEW YORI, June rmness of money rates this wee attributed to withdrawals of interior funds from this center in_antieipation of midye: settlenents. Call mone TODAY’S WOOL MARKET. BOSTON, June 30 (special).—The wool market today conflned its ac- tivitles to filling in orders In prepa- | tlon for the week end and the holi- e eent on Thureday and Friday for' day next week. The market was pen<enton § in~ many months. 8teady but not active, and prices Mankers demanded 3% | for tima'showed little change. Activity in s ith hia’ and business| buying on the ranges has almost 0.—¥ THE EVENING STAR, WASHINGTO! W YORK CURB MARKET Received by Private Wire Direct to The Star Office. on_the other hand, { operations, but, ymall. BY WILLIAM F. HEFFERNAN. buying was unusually NEW YORK, June 30.—The curb| Some further liquidation was in market during today's brief session |evidence in induscrial leaders 'Re; ports t Stutz lotor mpal moved In sympathy with generally PilaQ Lholication to list its shares on ower levels for the majority of {the stock exchange falled to have 8tocks on the big board. As has been [any effact upon the selling price of th the stock. the cate In. previous week end ses- | NS Stock | . L sold down 5, the professional element Was!pfractionally gnd Midvale Corgoration reluctant about renewing selling 'declined further. NEW YORK, June 30.—Following is| 2 Salt Ck pew ..... 10% 18 10%, an ofMelal list of bonds and stocks| 8 Saata Fe© &Gl 5% % gax traded in on the New York Curb Mar- 6 o 2% | ket today: % Sales In 27 Tprman Of . .68 J0 thousand ® Wileox 01l & L - ght fx INDUSTRIALA. Am Roll Mills 2 Acme Coal mew ... 34 Am T & T 6 2 Amal Leather ... 143 Anaconda 6s 1 Am Cotfon Fub pfd 101 Ar & Co of Del fijs K73 87 87% | % Am L & Tract.... 112 ALG&WISRTs 48 48 4% 1 Arch Dan Midland 27 Awso Sim Hd'e 6%s 90 06 98 1 Brit luter Corp B 13 Reth Steel 7w 1 Bkiyn City R 9 10 Budy Buds Uy 4 Cent Teresa ...... 1 Centrifug_Iron Pipe 14 Cent Steel 88 c 2 Chicago Nipple A% Balt 1 Cleveland Auto 28% 3 Detrolt City Gi % 1 Cuba Co . 35 Detroit Edison 6s.. 1004 2 Dubiler © .:'\s Dun Tire & Rub 7s 5% 5 Durant @iotor ] Gen' Reonats sen o> Sk & R A are ot 9L G PPt ‘6 05 150 Clivete B B oeioe 250 Hood Rubber Glen Alden Coal.. 66 Kengecott Copper 14 Goodyear Tire ... 11 Libby McN & L 7a 9% Lonaville G & B bs 877% Heyden Chem ... Ohlo Power s B .. BR1, 1 4 .1] Hanna M A 7-pc pf 3 Hudson Co ptd .. Niag Fall Pow 6n.. 108 3 Lehigh Power sec. Pub Serv of N J 7u 1021 3 Lebigh Val Coal .. Pub Serv EL Pow s 078 3, Lebigh Coal & Nav Nhuwaheen Tx ... 1 Libhy MeN & L .. Sloww-shert 6x 3 Mewal Houthern Cal 7 : 1 Prima Radio Co . Radio Corp ... Radio Corp T 1 Repetti Candy idal Osage Tnited Ol vl 2 Reo Motors 1vel i BONDE. 1 Rosend Grain Corp 3 Kiug of Nether 6a. 100% 3 Roamer Motors ... 10 27 Mexlean Govt s 55 5% s Ck L e Swiss Govt & w0 1 Statz_ Motor ...... " . 3 Tob Proa Bxports. 3% Salés BTANDARD OIL ISSUES. 1 Tod SHIp ... Pee Shar pew.. 8 1 Un Retail Cand. 5 1 Un 8hoe Mach Corp 38 9 U S Lt & Heat. 14 4 Wayne Coal ...... 1% 276 Tmp Ol o 70 1Ind P L : 8500 Inter'l Pet 200 Nat Transit 110 Prairie 01l & 120 Prairie P L 20 Solar Refin 10 South Penn Of 12000 § 0 1nd Southern P/ MINING, Alvarado Min . Boston Mont Corp. Butte & Western. Cavdelaria Min Continental Mine “on Cop Mine te cf ter Nilver g INDEPENDENT OIL STOCKS. in hundreds | Ark N 4 Darrington Ol . 5 Carib Synd ' Cities Rervice .. Citles Service pfd. 4 Cit Serv B cfa $2,654.00 Cit Berv scrip. 13 Creole Synd .. 2 Equitr Pet pfd ol Croesus Mines Hermill Div Hill Top Hollinger . 3 Hecla Mine Homestuke Ext Independence Lead. al Jib_Cons < Hudson 01 Interatate Keystone Kirby Pet .. Lafasette O 00 Livingston Pet .. Mammoth 011 Muriand ... PO Maracaibo Oil ... Mex Ol .. Mount Prod Mutual Of! ¥ ww Bradford Ol oble ONl & Gas.. Omar Ol & Gas.. Peer 01l Corp . Penn Beaver O] Pennock Oil . Phillips Pet Mvrn 2 0 i1& Re L Ryin Conr.s Chited | Verde Ext 3 Salt Ck Cons 9 West End Cons & g BBt Ck Com e e —_—_—_—_—onon— FRANCO-AMERICAN TRADE 200,0’::\)“3;3&1]:%] 00 BALANCE AGAINST FRANCE Increased Cost of Cotton Causes Great Change in Figures in | Five Months. By the Assoclated Press. PARIS, June American trade balance for the first five months of this year went against ! France to the amcunt of 448,000,000 francs. During the same period of Me Nationsl Tin . New Cornelia New Domision ‘Cop N'Y Porcapine . Rtay Hercules Inc. Red Hill Florence. Rex Cons ....... t Croix Cons ... 8l Mines of Amer .12 Spearhead Gold k Tonopah Exteos Tuolumae ... CUnited Eastern ... Un Imperial Mines . SeradEnE Further Collapse Follows Increase in Berlin Note Cir- culation. By the Associated Press. Trade A A Better Article ataPre-War Price Our Service— RENTS B.F. SAUL CO. 1412 Eye St. N.W. Phone Main 2100 ‘Warehouse Manufacturers’ Accounts, ShortTerm First and Second Mortgages or Approved Collateral. American Finance Corporation | Commercial National Bank Bldg. ANY AMOUNT Ressonable Charges on nces, eceipts, cent _fnt ATTENTION, PLEASE Thoroughly experienced in- surance man, controjling sub- make change, or would con- sider partnership with respon sible firm. ‘Address Box 182-H, Star Office let us expis hattels, $50 to $800 on D. O real estats, household goods or 7 _per’ No_brokerage charged. in our me & ¥ $1,500 to All Papers Furnished William P. Irvin 1410 G St. N.W. Phone Main 3908 nce Corporation’ 021 160 K. W 8% First Trusts 8% A Few More First Trusts While The, Last 2500 business, desires to_ Secured by first Of Our First Mortgage are placed on the most con- servative valuation; ncver has one of our clients lost as much as & single penny In elther principal or interest. We collect and remit interest the day due, title certificates. Can accommodate investors with amounts of $250 up to $5,000 or more, bearing 7% in- terest. “Invest {n Chas. D. Sager Loan Dept. 4 924 14th St. | “® All” Investments Assets furnish insured Surplu muc] Equit firsi mortgages sad be safe.” ]M.Jé June 80.—Nearly | j.g¢ year France imported 228,000,000 NEW YORK, ;\omlnnl value of $47.600 before the war, could be purchased in the local forelgn exchange market today for| January to the end of May amounted $1. The officlal rate aquoted for ‘t;: 508,000,000 f(r(:.n Alppmxln:lllglly e same 'quantity was imported this marks was .0005% cents each, the year, but the ocost nmount!ed to lowest ever recorded. 3 ,0002000 francs. The further collapse in the mark e B omne. chowine. 5| BALTIMORE & OHI0 SELLS THREE SUBSIDIARY LINES weekly increase In note clrculation of nearly 2,200,000,000,000 ml;kl‘ BALTIMORE, June 30.—The Balti- bringing the total to more than| more and Ohlo Raliroad Company has sold to the Consolidation Coal Com- 13,000,000,000,000. the, Consolida ¢ 3 rency has ai 4 be- | pany the Sandy Valley and Elkhorn e i 1 and Millers Creek railroads and to low that of every other country in Europe, except Russia, which i3 not | the Chesapeake and Ohlo raflroad the Long Fork railway. quoted In the local market. The present German rate is about one-| These roads all connect with the Chesapeake and Ohio's third that of the Austrian crown, increased cost of cotton. which has been pegged at .0014 | branch and are known as tap lines conts since the league of nations|and have been separately operated. assumed financial control of that|The amount involved in the trans actions is approximately $8,000,000, the company's announcement stated. country Kentucky coal flelds. The Miller BALTIMORE TO HAVE Creek is five miles long and the two NEW $1 00.000,000 BANK ?r‘xh?:.nx.{!? about thirty-two miles each Firm Will Be Known as American BUSINESS AT GLANCE. Bank and Trust TONOPAH, Nev., June 30.—Ship- of builion for the firat half of June, as compared with shipments for Company. = the same period of May, show an in- BALTIMORE, June 30_—Baltimore |crease of $17,353, despite the fact that Is to have a $100,000,000 financial in- o o 5 . - purchases of silver by the government stitution. It will be known as the | RURCLavEn 08 CUNIE bY WG Boverntent American Bank and Trust Company | ¢niC and will open its doors for business > shortly. PALM BEACH, Fla., June 30.—Sixty The new fnstitution will be backed|thousand acres of Everglade muck by some of the most influential finan- |land have been purchased by the cial interests in the country, and it|Brown Company of Portland, Me., will be capitalized at $7,500,000. of | which intends to grow peanuts to be which $5.000.000 will be capital stock fused in manufacturing oils and other and $2,500,000 surplus. products, Starting with deposits of approxi- SHEFFIELD, Ala., J: 3 3 'une 30.—There mately $35,000.000," the sponsors of |, SHEEFIELD. Ala, June 30 There Big Sandy ! All three roads lie in the eastern| 200,000 German marks. which had a| francs more of roods than she ex-| ported. The diffrence is due to the The tmpor- | tation of this staple last year from | l neisting largely of renewals. | ceased and {s not expected to broaden ¢ the Federal R out until after the middle of next for the week ended June week, in spite of the stimulus fur- the lowest this vear. and nished by the result of the London totul earning assets were the lowest| sales. since 19 | —_— STOCK BRO. SCHWAB WANTS STUTZ | srorns, SBOKER ASSIGNS. 93| member of the Montreal Stock Ex- STOCK ON “BIG BOARD” | chianee. fias assigned with 1ianiicics ot about $300,000. No estimate of assets {s yet available. The assign- it Ih:‘:ll‘un ment, it W“ls sald, was brought about tutz Motor |as a result of - personal b on the New York Stock | relatfons fn New: York. usiiens from which it was strick- i 2 T £o after the corner = 2 by Allan_A. Ryan, was submitted by BOSTON STOCK MARKET. Charles M. Schwab, chairman of the! BOSTON, June 30.—Following is a s_highest, lowest and clos- Loard of directors of the Bethelem!'list of tod: Steel Corporation and a large stock- | ing prices for the most active stocks High. * Low. 00, 2 NEW YORK, to ikt the stc car Comp: Exchange, three holder in the Stutz Company. The ap- | dealt in here: plication was submitted to the go erning committee, which, it was sald, would report favorably next Wednes- day. Arcadlan_Cons . O Arizona Com . 1 Boston & Maine . 14 u & Hecla 2 ‘arson Hill Miniag . kS NEW YORK BANK CLEARINGS. | &onner 3.7 % 10 S8 . 3 i 2 NEW YORK, June 30 (Special).— “ New York bank clearings, $878 000,000, 4 New York bank balances, $83,000,000 1% New York Federal Reserve Bank | fjeua’ Creek B4 credits, $58,000,000. Boston clearings, | sase Gan. ... - " $78,000,000. Mayflower 0 Mobawk . New Cornelia 0la Colony BUTTER PRICES LOWER. CHICAGO, June 30.—Butter lower; creemery. extras, 351i: standards, §7; extra firsts, 36%:al6lz; firsts, 331 3435; second Eggs lowe: firsts, 201522 miscellaneous, 20a20; storage pack extras, 23%; starage pack firsts, 23%. Wisone Shor ‘Mach Swift & Co Telnity ...... Venturs Oil . Waldorf .. the new bank expect that its line of de- sit accounts will reach $100,000,000)!n the iron and steel trade in this dis- athin a year. * i trict. Sloss-Sheffleld Steel and Iron Company Is now overating three stacks, having capacity of 30,000 tons BAR SILVER QUOTATIONS. LONDON, June 30.—Bar silver, of pig iron a month. CHARLOTTE, N. C, June 30.—Con- 31 1-16 pence per ounce. Money, §|siderable improvement in the employ- per cent. Discount rates: Short bills, | ment situation is -reported by the 23 per cent; three-month' bills, 23 |state employment gervice. The exodus per cent. of negroes from North Carolina is NEW YORK, June 30.—Foreign bar | 521d 10 have passed its crest. silver, 63; Mexican dollars, 48. AUSTIN, Tex., June 30.—The state tax commissioner has placed the in- angible valuation of railways, bridge DRY GOODS MARKET. |and terey companice In Tosue ar $75- NEW YORK, June 30.—Trading in|141:130. This is $518,582 greater than the market for cotton cloths today |in 1922. was largely confingd to transactions in preparation for the holfday mnext week. Prices were practically un- changed, with 64 by 60 print cloths at 9% cents and 68 by 72at11% cents. ‘The raw silk market showed addl- tional price declines here today, with slack trading both here and in Yoko- hama, July 86— FIRE IN STEEL PLANT. e BIRMINGHAM, Ala., June 30.—Fire | Amer. Ice'pf., q late yesterday partially consumed g— lomen Co. plant No. 1 of the Connors Steel Com- | jiriey ::tmu. [ pany. causing a loss of approximate- | Hurley Machipe. extra Iy $§00,000, according to carly esti- mate Beapl Picl Juiy 5— Usited Verde Bxt. M'g, Q. —_— DIVIDENDS. Pe- Pay- ioa. mate. boie. ‘WEEKLY BANK REPORT. NEW YORK, June 30.—The actual condition of clearing . house banks and trust companies for the week shows an_excess in reserve of $13,« 3 l;z: This is an increase of &~ ! | First Mort, Eamriet [ Batia "ut Tststcess bua' Cosmaion: Thomas J. Fisher & Company, Inc. %% FIRST MORTGAGES 3 4: Insurance Agai.st Loss. 1409 N. Y. Ave. N.W. WILLIAM D. HOOVER . WOODBURY BLAIR . FRANK W. STONE . PRANK STETSON E. PERCIVAL WILS F. B ULLMER, Awst. Sec. & BRUCE BAIRD ..Asst. Trust Officer DAVID BORNET..Asst. Trust Officer National Savings & Trust Co. gage l.oans Prompt Action 15th Street Reinvest Your Funds in 4 of trust on real estate Prevailing interest al Ilog('rxll, Weller § ~ Money to Loan yon will The Safest Security on Earth of the property Absolute Safety. Reliable Security. Liberal Income. Protection Against Depreciation. Prompt Payment of Interest. Subscription for the 85th Issue of Stock Being Reeelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JORN JOY EDSON. FRANK P. REESIDE, Secy. EQUITABLE Co-Operative Building Association Organizea 1579 434 YEAR COMPLETED 84,750,762 81,207,281 Save As You Earn. 1f you make up your mind to save systematically in a finaucial way. accomplish Join- the Prea %% Every mortgage is less than 507 of e ready market value Repayments of Principal in Full at Maturity. WILLIAM S. PHILLIPS First Mortgage Investments 42,000 Depositors reserve. tors. OFFICERS: .President William ¥. Cox LAMBO! Wm. Secreta: Woat 17, | Fragkiin 5. Eilis an r Walter G Clephane Convenient Denominations—Write or Call for Information Main 4600 Travelers’ Checks Your Day of Independence — will never materialize until you have achieved it through frugality and the creation of a cash 1 PAY DAY affords an opportune time to make a start in the right direc- tion—step in to this con- venient old bank and be- come a depositor. Safe Deposit Boxes DIRECTORS: * Willism D. Tloover p Regiald S, Huldekoper “Victor Kauffmann Charles Minshall Frank MONEY TO LOAN H. Rozler Dulany, Jr. Edmund D. Rhieem B pamonsion Erank Steteon Frederick A, Fenning Willlam I Walker T, Prescott Gatley Henry K. Willard Stone Oldest Savings Depository in Washington Cor. 15th and New York Ave. ON FIRST MORTGAGES W%:@ae&&a _. - 1207 Conneclicit Banae {Practically any amount will open an account. We are pay- ing interest to 42,000 deposi- AND NO ONE LAR OR WILL. SAFE INVESTMENTS MORTGAGE DEPARTMENT FINANCIAL. EV WITH A WIDE MARGIN OF SECURITY Paying 6 and 6%2% ' 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 INFORMATION | HANNON - & LUCHS Since 1906 713 14th Street N.IV. Our First Mortgages 100% Safe Since 1869 XTREME safety for invested funds has always formed the foundation for our First Mortgage Notes. precaution necessary to assure complete protection of principal is covered by defi- nite safeguards, drawn from the wide ex- perience of over 54 years of successful investment service. Through more than half a century, every dollar of interest on Notes offered by us has been fully paid on the day due. Invest your funds in Swartzell, Rheem & Hensey Company Notes and assure yourself maximum protection, substan- tial interest return and complete invest- ment satisfaction. Swartzell, Rheem & Hensey Co. 727 15th Street Northwest Washington, D. C. 54 Years Without Loss to an Investor Every l_9_12 Fifteenth Strect &stablished 1889 In Convenient Denominations Main 6388 I MORTGAGE MONEY or— in refinancing of present loans. “B. F. SAUL CO. Main 2100 GILT-EDGE SECURITIES 7% First Mortgage Notes Secured on Improved D. C. Real Estate 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 'VE got it to loan on new build- ings 1412 Eye St. NW.