Evening Star Newspaper, July 26, 1923, Page 25

32500 MEN NEEDED OR BHOUR SHFT U 3. Steel Comnany Plan- ning for Better Work- ing Day. \ BY J. €. ROYLE, ispatels o The Star. YORK. July 26—The holding the men they ng an équal place with the question of securing more workers £t the conference of executives of the subsidiary companies of the United States Steel Corporation today in N preparation for eliminating the twelve-hour day from the steel in- dustry. At the basioc wage scale of 40 cents hour., tw hour wor been making $4.80 u day. eight-lour arrangement they would earn only a day, and steel execu- qtives indicated today that they do not consider that wage sufficiently la to hold those emploved or to attr others. The steel corporation, it is estimated. will require at least 42,500 additional workers to put the eight-hour day in fu ect in add ' 1o §3.000 to 70,000 men now working a twelve-hour shift Judge E. Tl Gary., chairman of t oard of the leading interest, est es that the cltange will add cent to the cost of Spec NEW tion of tak ques- Under ti 15 placed the But time be is 1 ed arking cent, it cut 33 1l exceed 10 r cent, and it may not be high. = Labor Supply Improves, "he supply of iabor has fmproved #lightly, due rather to 1 ‘n!ng of \pperations than inery of the T of workers, and steel execu- like other big employers of art turning their attention el to getting larger and better uits from those. they e than to ‘curing large numbers of others. = mplovers al!l over the country iring efficiency experts not only build up efficiency of workers eliminate machinery w e N. Bassett, industrial e neer, who se r\wlv on the Hoover committee for ’l elimination of waste in industry sserts that if proper measures are and the most improved ma. chine emploved to its fullest exte it will be possible to raise w per cent ‘and at the me ti crease production and profits 50 per cent. Bhis movement is =upported ther thai by big labor aders, muel mpers dec’ ed h n labor always had taken pride in its ability and h the right 1o be uncramped by ‘ineflicient man- azement Ford Output Increasing. AL reality, many manufacturers hiiing a leaf out bf Henr. Ford's book ot 3 agement. The domestic plants of the Ford co; any established Kly period end- Tuesday night with an outturn of 30 cars and trucks. The tractor output for the week was 1.8 The extent of the Ford export busi- ress and his plans for its expausion :1:4 |;L4Inl evident from the purchase 0f sites for large new assembly plants )‘ Norfolk "and Philad Iphia «ity had high hopes of taking care all the Ford shipments to foreign countries, but it is probable that each must he d with a part. New Move by Traction Lines. The of traction Interests to ohile truck rt of their freight busines long aiscussed all over the countr: dids fair_to be put in operation on Dig scalé in Michigan. The Detroit nited Railway has formulated a plan 4\‘, pick-up-and-delivery truck serv- ice to operate in conjunction with ¢lectric freight cars which may give the territory served by its 1,000 miles of track the equivalent of express service at v v v the rate: freight. The company h pet: ned lhz‘-unlt- authorities’ for permission 10 form subsidiary trucking corpo- ation, which will plek up merchan- se freight and deliver it in nearly ¥ community on the company's A tentative charge of 7 & Mundied pounds has been prope, \ re 10 but to William taken move COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CLEVELAND, July 26.—An advance | o1 one cent a quart will be asked t Ohfo milk producers before August according to Secretary Strong of \he Ohio Farmers' Co-operative Milk ssocaition !od.L\ Farm wages, the high price of feed. hot weather burn- | ing up the pastures are held respon- sible, ST. LOUIS, July 26—The Le Goldman Cotton company today re ported that the gotton crop of south- ~astern Missouri nd northeastern Arkansas would be la than in an previous vears. Weevils are reported everywhere, but the damage ha$ been held largely in check. The labor | supply is insufficient FORT WORTH. J of wheatat Texas if, due, it is believed, We farmers to sell at @ bushel. ST. PAUL. July and South Dakota are reported s cellent. Montanna wheat. 15 running rrom 30°to 40 bushels to the acr Cattle are fat, the hay crop heav nnd pasturage excellent througheut the northwest. Minnesota grain is suffering from a dry, hot wave but| has matured well LANCASTER, Fa., overcome handi 26.—Receipts ors are falling to refusal of less than $1 “rops of North July 26.—Having aps of cold weather )} seeding. time, the cut worm and rn worm. .Pennsylvania tobacco tields are looking well, barring un- evenness due to replanting. PITTSBURGH, July 26.—The action | of the wheat market. is am.oumung extensively buying flour. Consum- «rs, especially. the: large ones,-expect lower prices. )/\] W QRLEANS, July 26.—The first | Yew rice of the 1923 season brought a fancy price. The real movement of the new crops will not be in full swing until the middle of August. DETROIT, July 26.—The Pere Mar- quette .railroad reports that coal moving freely through Buffalo today with an eastbound increase of 3§ per cent, and-w westbound trafic equally high. e ARSI LABOR UNIONS TO OPEN BANK IN INDIANAPOLIS INDIANAPOLIS, July 26.—The In- diana Labor Bank, being organized Dere by Harry E. Grube of South Bend, Ind., has leased quarters for- merly used by the Commercial Na- tional Bank, recently merged with the National City Bank. The stockholders include thirty- cight Tndianapolis labor unjons. The institution will be patterned after the trust company bank of the Brother- hood of Locomotive Engineers, in Cleveland. PARIS BOURSE DNEVEN. 'dants, July 26.—Prices movea ir- regularly on the bourse today. Three per cent rentes, 57 francs 156 centimes. Yoxchange on Tendon. 77 francs sentimen. ) loan, 76 o= 1y e dutlar was o8 ¥ilg centimes. have | although | on | er- | is | - ANCIAL. THE EVENING STAR, NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, July 26—Trading on the curb exchange today was quiet, with few features of note. Opera- tions in the oil group suggested that liquidation had been pretty well completed and small upturns were re- corded in a numbef of these shares as a result of short covering from professional sources. Public_partici- pation was again limited. Domestic crude oil production figures for the week ended July 21 continued to be discouraging, showing another in- crease. Standard of Indiana regained its loss. of the previous session, and Vac- uum moved up slightly. Among the Standard Pipo Line vhares Cumber- land attracted - attention when it NEW YORK, Ju an official list of traded in on the New ket today: —Following is bonds_and stocks York Curb Mar- Sales in BONDS thousands Allied ent Steel Hs . arcoal Co Am Ss.. Cit Sery 78 € Col Gir Ss pa Louisville Munitobi Morris & C New Orl Py Olio Po Roeh Shitvsheen Ivey et Cle 8 thern Calit Ed 55 S0 N Y S Vacuum O FOREIGN BONDS 12 Argentina 3 King of N # Russian ( 1 Russian ( in units. 100 Anglo Am_ 0l 100 Atiantic Lobos et P Iy STANDARD OIL 18 Olio Ol new 3 5 Prairic Ol & Gas. . Praicic P L, £ 0 Ohio Vacunn INDE n hundreds. 10 Altied 0t 0 & R'wi 10 Engineers Pet 6 Federal 0il 8 Guif Ol of Pa 10 Hu 3 Int 10 Keystone Ranger Mex 0l ual OIl vot cfs, New Brad Oil w Noble Ol & Gas.. 7 Omar 0 & 3 Peer 01l € Penn Beay Sou States Oil Turman 0l Wileox 0l & Gas Washington Stock Exchange. SALES. 3—$1,000 at 1011, $1.000 S 000 at llv!’ Waction Companyeto'at 00k 10 Washington Gas Light—2 at 50, Riges Nation X1 at 61 5 at 638, 10 at 653 Lanston Mouotype 1 at 6313, 5 at 74, 10 at 74, 10 at Mergenthaler—10 AFT] Wash.. B & Annap. Se—S1LO00 at Money ™~ Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bia. 2 Asked. Aumerican Tel. & Telga. 4x & Telgn. 4lyx ctl. tr. cony. Gs.... fomuc & Pot o8 Auacostia &P | ity ana | Metropoitan It Potomne Electric { Potomae 947, o g, 01 1% >t 1061y 25 = 2 10: Pot, Elec Wil 2 : Wash., Alex. & Mt Washington, Balto. & Washinkton' Gas j [Wash. Bwy. & Ele £ Wl Liws Paper Mfg. GS..... Kealty 95 (long) { liers Realty 08 (shor Soeurity Stor. & Safe Do | Wanh. Mkt. Cold Storage 3s. . | Wardman Park Hotel Gs.... STOCKS. PUBLIC UTILITY, | Amer. el & Tels [&abitar Teaction - | Washigton way | Norfolk & Wash & E Buy. § e D. Liggs sh. Capital Columbis | District { Farmers | Federal-American s Liverty - ol - {itigxs Riggs Fights W. Second Natonal .. { National Bank o TRUST COMPANY American Security and Trust. Coptinental Trust. | Merchants' Bank tional Sav | Union Trust Washington SAVINGS BANK STOCKS, lagton, Saviags. iissi A'.na Com,“ank American Fire Tsurance { Gorcoran Fire Iusurauce iremen’s Fire Insurance. A Kational Unlon Fire lnsurance. TITLE INSURANCE STOChS. Colymbia Title Tnsurance. Real Estate Title Insuran MISC Columbia Graphophone com Clumbia Graphophooe pfd. D. C. Paper pfd. Merchants’ ‘Tran: Mergenthaler Linotype ©Old Dutch Market com. 01d Dutch Market ptd Lanston Monotype Security Storage . Security Stor, & Safe Deposiiet n Market ... ¢ | selting in Direct to The Star Office gained 4. points, although there was nothing new to account for this ad- vance Dealings in- the South American group were greatly curtailed as the result of the transfer of Maracaibo to,the stock exchange, The outstanding feature in.the- in- dustrial section was another. sharp rise in the new Reading coal stock, which advanged some 3 points. , The rights to subm‘rlbe to the new stock were _persistently bought, and reached a new high record. Professional operators, having . in mind the sharp break six months or so ago in Durant of Delaware, and selzing upon every opportunity to depresy the stock whenever the mar- ket position appears vulnerable, were unsuccessful when they renewed their efforts today. In fact, the stock was slightly higher most of the time. INDUSTRIALS Alum 2 gme ¥ v 5 Amer Multi Co... Armour Co Del pfd 2 Bridgeport Maeh wt Am_ Tob Cou. Brit-Am Tob Co res Buddy Buds . Colorado 3 Dubliier © & Radio Durant Mot . Radio e Teadin ¢ Jewdinge Coul w1 Keo M Standard M Tob Prod lumm arin Ml ock Tannel. . . Con Cop Min tem cf sk Prov Mines.. Cortez Silver ... Cresson Gold ortuna Mine Hardshell Hill Top Nevada .. Hecla Mine Home Cres Dev Tin MeNamar National New o Nevada ¢ Y Porcupin Nipissing Tri Bullion 3 Eastern ... = United Tmp Mines TN Contin new w Venden Copper Yukon Gold' MARKET FLASHES. Reynolds Tobacco B has been con- itly in the class of stocks which withstood well the w. of the general market. people ed toward the ] view that favorable developments in the, way of dividends are imminent, perhaps an extra of $1 a share | sist have some are inc | Talk of a copper merger has cropped out again, but the fact that no an- nouncement has been made has led some to don the idea. The merger, it was said. would include Phelps | Dodge, Inspiration and one or two { other companies, and would go far | soward completion of a program of ‘.\uhvhzml copper metal fell off today in re- sponse to the announcement that the lilinois State Commerce Commission had ordered a cut of 5 cents per thou- nd cubic feet in gas rates in the ago district, effective August 1. spite this gas rate reduction, it is said that theré will be no change in the dividend unless it is in the direc- tion of an increase People’s Gas from Tampico state that r Oil Company’s well, No. Cacalilao, which has been the rate of ten thousand as the result Repor the Sinc 1. lot No. | flowing a! fharrels, has been closed of salt water invasion oard of d tors of the Stand ing Company has declared a quarterly dividend of 11, per cent on the common stock. A quarterly divi- dend of 12 per cent on preferred w. also declared. | Thnei ard Mi Copper exports in June were 66, 000 pounds. Bxports fo half of 1923 amounted to pounds: 650 Net earnings of Sloss Sheffield Com- pany in the first half of 1923 are said to be in the neighborhood of $1.70 000 for the stock, or approximately $15 a share on the 100,000 shares of common outstanding. New York bank clearings, $ 000,000. New York bank balances, £64,000.000. New York Federal R serve Bank credits, $63,000,000. Bos- ton bank clearings, $51,000,000 NEW YORK CURB MAKES ATTEMPT TO CLEAN HOUSE | Members Forbidden Connection With Firms Having Stocks \ Listed on Exchange. | By the Associatea Press NEW YORK, July 26.—The New .| York curb market today made public a resolution of the board of Kov- ernors forbidding members of the ex- change from being connected directly or indirectly with any organization in New York city whose securities are listed and traded in on the curb. Violators of this rule are subject to suspension for ‘not more than one vear, or expulsion, as the board may determine. — FOREIGN EXCHANGE. By the Associated Press. + NEW YORK, July 26—Foreign ex- changes irregular. Quotations (in U. S. dollars): ‘Great Britain—Demand, 459%; .cables, 4.591-16; _ sixty-day bills_on banks, 4.56%. France—De- mand, .0596: cables, -0506%. Italy-— Demand, .0440; cables, 0440%. Bel- glum—Demand, .0493; cables, .0493%, Germany—Demand, .00000135; ‘cables, .0000014. Holland—Demand, .3927; ca- bles, .3930. Norway—Demand, .1621. Sweden—Demand, .2665. Denmark— Demand, .1779. Switzerland—Demand, .1791 Spain—Demand, 1432. Greece—. Demand, . .0205. Poland—Demand, .000005%. . 'Czechoslovakia ~ Demand, 10299 Austria — Demand; _,000014%- Rumania—Demand, 0052, Argentine— Demand, .3412. Brazil—Demand, ,1045. Montreal, 97 15-32. ——— BUMPER FRUIT CROP. SAN FRANCISCO, July 26 (Special). —California's fruit crop this year will be the largest ever. Already 10,000 ‘vars of fresh fruit have been shipped east, as compared with 3,000 at this time last year. This increase 4s.about equally distributed between peaches, apricots. cherries, grapes, plume ;nd vears. About ¢ $00.cars of plume have- beea Shopp ana}’ LAY NARKS SLUNP 10 LONDON REPORT Berlin Calls “Run” Impossible on Reichsbank as Word Is Usually Understood. By the Associated Press. July 26.—A news agency report from Berlin, printed in Lon- don yesterday, to the effect that there was 2 “run” on the Relchsbank, is blamed in official and financial cir- cles here for the highly unfavorable quotation of the mark reported from New York yesterday. While foreign currencies were not listed, bourse experts assert there between Berlin's rate of Tuesday and vesterday's New York quotation. hey therefore are inclined to ac- count for the slump in the unqualified repoft, which misrepresented the “run”’ on the officlal bank, wholly concerns itself with private banks and business demands for sup- plies of currency. It wags pointed out that a the customary sense of the word would be out of the question in the case of the Reichsbank, because of the. character and functions of this { institution. Bills Shipped 10 Provinces. The sudden dearth of big bills is due to their having béen shipped into {the provinces with a view to saving transportation and bundling charges, and, pending the appearance of new one, five and ten million mark notes, 11 be obliged to content itself nall bills. nds of bundles of small notes promiscuously baskets or motor lorries being checked off. They are sub: quently paid out to bank patrons or {tourists with the same indifference of surplus tim the bulky wad or patience, he tucks under his arm and |walks a without counting them. i Many 20,000-Mark Tips The surfeit of small bills is Gentally responsible for ext tipping, which is becoming popular | throughout Berlin, as the possessor of 21 million marks in small denom- nclined to unburden him- selt of their bulk, and it is no unusual {sight-to see a tourist pass out a ten or twenty thousand mark tip, where a tenth of the amount is custo gant L. & N. MAKES PLANS { FOR COAL OUTLET Associated Prews NNATI, Ohic eastern outlet for fields distriet of fa July 26.—an the Hazard coal entucky was pre- when reports becume current ¥ that the Louisvil » raflroad is to build a con- link from its eastern term McRober Y. to E y. thirty-five miles awa { would connect with the northern ter- us of the Carolina, Clinchfield and ilroad recently acquired under se by tne Atlantic Coast Line. con- trolling the Louisville and Nashville road. CORN CROP OUTLOOK o July 26.—Now nd_business men have {time to study the situation res from the recent decline in the price of wheat, business in the middle west is getting k to normal again. Mer- chants do not anticipate extensive buying in the wheat belt t vear, ibul the clouds do not appear 8o dark as at firs There will & throughout : that had »d corn Missouri Rains have crop s the Colorado | ave begun to work out p {ing the best of the wheat price tion and many will feed wheat their hogs. PACIFIC COAST TRADE | SHOWS MARKED GAINS | { Special Dispatch to The Star, SAN FRANCISCO. July check on elev different whole i 1 jern Califo t while ther !was a slight falling off in the last tw for the first es over 19, months, the totals of the year were inc ranging from 11 to 34 per cent goods leads with the latter figur | with furniture and hardware close be- hind. Farm impiements and drug the smallest galps, while grocerie with 143 per cent increase, is onl slightly higher. Automobile! Zained 26.2 per cent: tires, cent; electrical equipment supplie shoes, USED AUTO SUPPLY CUT Special Dispatch to The Star. i VELAND, July 26.—The ¢ automobile dealers only half what it was a year tocks in salesrooms are un nall This is 4llxlh\xl~ T of guaranteeing used reputable dealers. Representatives of skipping compan running a line of | boats between Duluth and Montreal, istated today that a part of this fleet would land at Cleveland next month. I Direct communication between Cleve- land and European ports is expected to result. CAR LOADINGS STAY UP. Car loadings for the four week June were, rvespectively 3 .00 40 and 1,021 g is p e to the estim. 11,080,000 . forecast for the Octo- Iber peak, and is said to set a June record. The average for June, 1922, was around 850,000 cars, and in 1921 around 775,000 cars. Loadings for the first week in July have fallen off, the 'flgure being 854,748 cars, but this is said to be a seasonal decrease, to be expected at the time. in excess of loadings for the corre- sponding week of 1922 and 1921. S BOSTON STOCK MARKET. BOSTON, July 26.—Following is a list of today's’ highest, lowest and closing prices for the most active stocks dealt in here Low. Ahmeek .. Am Tel & Tel ...... Amoskeag . Boston & Maine .. Close. Roston-Elevated Calu & Ariz Calu & Hecla . Copper Range East Butte Franklin . Gardier X Hardy Coal Hood Rubber Island Creek Isle Royale . Libby MeNeil & Libby.. Maws Gas . Mohawk Nat Leather . New Cornelia NYNH&H North Butte . Osceols ;. Pacific, M Quincy Shoe Ma Shoe Jiach pfd. was no reason for the wide disparity | which | “run” in | into laundry | without | nd, unless the recipient is possessed | nd | CONFRONTS FARMERS‘ ting | alf | Dry | show | 19.3 per Norwegian | It is still far ! WASHINGTON, D. C, THURSDAY, FRENCH BANK REPORT. PARIS, July 26.—The weekly state- ment of the Bank of France shows the following changes: Gold in hand, increased 1,000 francs; silver in hand, increased 56,000 franc in, circulation, decreased 304,373 5 treasury depo. increased 19,846,- 000; general deposits, 684,000: bills discounted, Increpsed 19.820,000; advances, decreased '24,- 537,000. CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building D. ¢ Main 6189 EQUITABLE Co-Operative Building | Association i Organized 1879 434 YEAR COMPLETED Annets 84,750,762 ||} surplus .. 81,207,281 | Avail Yourself of the i Opportunity to Save K 'S saving plan of the omed Y ou win e s o et i Subseription for the 85th Issue of Stock ! Being Recetved I Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. obtain the best results from rental properties it re- quires the services of an ex- perienced organization, RENTS Over a Quarter Of a Century Experience B.F. SAUL CO. Mortgage Loans 1412 Eye St. N.\W. Phone Main 2100 To Secunty Dealers { e loeal dealer wanted, jnnrll pate in expansion issue of very old New England textile mills with subsxtantial record of earnings over nw period. Phone Main Si11. Home Furniture LOANS Tom £30 10 $300 on 1) ¢ hand Tet us o small loans. and | GILT-EDGE % First Mortgage Notes Se Appraised by decreased 34,-% 'Lm:»ph I. Weller 0w red on Improved D. C. xperts of 33 Years’ JULY 9’3 Money to Loan ANY AMCUNT Reasonable Charges Trade Acceptance: ‘Warehouse Recelpt: Manufacturers’ Accoun: Short-Term First and Seco Mortgages or Approved Ceol Interal. American Finance Corporation Commercial National Bank Bldg. AT Continental Trust Company Capital One Million Dollars 14th & H Streets First Mortgage Notes Are carefully selected and placed on an absolute margin of safety. The Service We Give Insures prompt collecting and re- mitting of interest. All details cau- tiously supervised, ‘that the property is properly cared for, adequately in- sured, taxes pald. Certified insured titles' furnished without cost. Our experience extends over many years withont the los penny iz either princips Notes of $250 Up to $5,000 Now on Hand Chas. D. Sager 925 14th St. N.W. Main 36—Loan Dept. Money to Loan | -’:‘n. L. & T: FOR SALE—Desirable income paying business and investment properties. Investigate some of our large offerings of apart- ment houses and downtown busi- ness buildings paying attractive rates of interest. Wm. H. Saunders & Co. 1433 K Street N.W. 10% Prefefied Stock Of the Lenox Office Duilding Owners, inc., sperating the 7-story office building known Lenox Office Bldg., 1523 1. Street Northwest 000 authorized. 000 #0ld in advance of public offcring. Remainder for sale at par. $100. FEATLRFS ‘ erred dividends, 105 qually in Common Stock irable at $125 per share. OBJECT. proceeds of this sale are io be for (a) the retirement of exist ive of st t. and () to of remodeling rest of Luild- seventh floors inclusive, for EXPLANATION. The owners of this building pr: return to individual stand “the e nsial investors nduly burdensome costly than even this s attractive Preferred Seock issae n of this offer will sound invest . without any element of inflation or latios. cal Age Edmund J. Flynn Co., Inc. Main 7253 1523 L 6¢t. N.W. SECURITIES Real Estate xperience Without a Loss Ofiered in Denominations of $250 and Up A Good Investment WILL PURCHASE First and Second Trust Notes Warehouse Receipts and Make Construction Loans 811 Vermont | | | i i —by i M 1 1] momen bility upon some important document or other valuable paper? National Mortgage & Investment Corporation Avenue N.W. Washs 's Oldest National Bank ONE-HALF FROM YEARAGO} k ashington s est Natrona, an, 158 oy | How Often Have You used | ||=E==—=== Been Inconvenienced to lay hands at a crucial Most of us have L i _had such experiences, and they are liable | i Tl to be repeated unless vou resort to the | . busine Bonds, icies, et ate cost. Organized in 1814 1 Stock Certificates, , in a SAFE DEPOSIT BOX. fWe offer SAFE DEPOSIT facilities at moder- Inquire about box rentals—it will not obligate you. ike method of keeping Deeds, Insurance Pol- Our Savings Dept. Pays 39, Compound Interest | National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—109 Years Old MONEY TO LOAN ON DISTRICT OF COLUMBIA Al CHEVY CHASE, MD., RESIDENCES 5%9% Interest H. L. RUST COMPANY 912 15TH STREET N.W. MAIN 6888 FIRST MORTGAGE NOTES FORrR SaLe IN DENOMINATIONS OF S00 DOLLARS ANR UPWARDS Randall H 3’{5/@, 7 G. 1207 %mmc/t’cu/ %mw ‘Save and Invest The purchasers of our First Trust Real Estate Notes lock them in a safe deposit vault and forget them Nothing to watch; nothing to worry about; no fluctuatiop of valuc SAFE INVESTMEN WITH A WIDE MARGIN OF SECURITY Paying 6 and 615" ¢ (PAYABLE SEMI-ANNUALLY) TS . Shannon & Luchs First Trust Netes Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, FULL INFORMATION SHANNON - & LUCH Since 1986 MORTGAGE DEPARTMENT 13 14th Street N.IV. kS 500, $1.000 - LUCHS)| OUR First MORTGAGE WILL SAFELY NET YOU 7% Phillips’ First Mortgage Real Estate Notes are secured on Washington's best Northwest Homes—all under 50% of the ready market value. Plus the maximum rate of interest, and the form of security, we also relieve you of every detai est possible Never a Loss to An Investor Denominations $100, $250, $500 and 31 000 Write or call for descriptive booklet WILLIAM S. . PHILLIPS First Mortgage Tnvestments 15th and K Streets N.W. Main 4600 We Have Ample Funds For the¢Purchase of First and Second TRUST NOTES And Collateral Notes Secured on Real Estate Construction Loans Made at Reasonable Rates Real Estate, Mortgage and Guaranty Corp. 26 Jackson Place Phone Main 1403 Washington, D. C. LOAN CORRE§PONDENT FOR THE PRUDENTIAL INSURANCE COMPANY OF AMERICA Invest in Essential Enterprises OT only do you help your neighbor, your city and your country by pur- chasing securities of an essential indus- try, but you, yourself, are benefited and safeguarded against the loss of your resources. ki Like every legitimate enterprise, build- ing operations in the. National Capital are essential and their securities—first mortgage notes—are safe, sound invest- ments, with assurance of regular and equitable returns. Our First Mortgage Notes are secured on essential improved real property and should appeal to you because they are safe, offer a liberal return and are at par every day in the year. Swartzell, Rheem & Hensey Co. 727 15th Street N. W. 54 Years Without Loss to An Investor