Subscribers enjoy higher page view limit, downloads, and exclusive features.
FINANCIAL, COAL STRIKE STILL MAY BE AVERTED Five Weeks More in Which to Adjust Wages—0il Men Seek Relief. BY J. C. ROYLE, 1 Dispatch o The Star. " YORK, July 28.—The “ges- involved in the adjournment conference of coal miners and opecrators seeking to reach a wage agreement in the anthracite fields are not final. Practically five weeks stfll remain in which to reach a settle- ment before the present agreement expires, September 1. In fact, they may be preliminary to agreement, for such moves have been incidental to practically all previous adjustments. cestures,” however, will to bring out answering ges- s from the public and the United States Coal Commission. In the meantime the operators continue to up coal, the miners continue to pile up wages and the Coal Commis- &ion continues to pile up documentary d. he city of Boston has already made an answering gesture by send- ing a representative to bargaln for 50,000 tons of 1, the part above municipal needs to’ be sold at ¢ to citizens. During the strike year some operators in the anthracite ficlds are known to have declared privately that they would welcome government operation of the mines along the lines on which the govern- ment took over control of the rail- rouds, provided they were assured of an adequate return on thelr invest- ment Oll Men Seck Reltef. In the meantime oil men, with mil- Hons of barrels of ofl in storage, are grily at the markets now anthracite dealer: il producers ir the mid- fields saw little hope for immediate relief in announcement that some twenty refiners in the mid-continent field would close their refineries during August. This move, the producers of crude intimated, mizht permit the absorption of gas- oline by the trade and maintain “the price of that product, but would do little toward reducing the tremen- dous surplus of crude which is taxing every storage capacity or toward checking further production and drilling. John' D. Reynolds of the Western Tetroleuni Refiners’ Association at . said_that recently worked out for the reduction of ofl output the mid-continent field now are per cent in effect. The reduction cents a barrel for crude in the ment and Healdon fields and of cents in the coastal fields also is expected to help the industry cut down production. New England Employers Pleased. The complete collapse of the tele- Phone operators’ strike in New Eng- land is felt by large industrial em- Pployers in that section to have had a stimulating effect on the labor sit- uation. They feel that had the strik- ers gained their demands for a six and one-half and seven hour day it would have had far-reaching conse- quences. Wool Buying Resumed. The sales of 000 pounds of 1923 wool at Sanderson, Tex., to Draper & Co. of Boston marks the resump- tion of wool buying on western rangts, which has heen almost at a standstill. Now that the American Woolen Company prices for spring lines have n" made public other large deals are expected, as manufa turers’ stocks arc known to be any- thing but heavy. (Copyright, * continent 1923.) COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CLE D, July 28.—Tinplate and pipe are in strong demand in market, and steel company executlves declared today they expected demand | for these products to continue through the year. ST. LOUIS, July 25.—The first of the new’ wheat' crop shipped by water from here, amounting to_ 107.000 bushels. is on its way to Memphis ¢ Orleans. At least six barges one 2,000-horsepower towboat in this service by the Warrior barge line. Mich, July 28.—The in_corn crop is 8 per cent bet- » far as condition goes, than last year, but there was a heavy decrease in acre due to abandonment of farms lack of farm labor. The yicld 1s about 6,022,000 bushels. PHILADELPHIA, July 28.—Yarn markets here have briskened in the last three days, and representative spinners agree that an increase in prices is probable if the volume of business indicated after the American Woolen Company’s opening of spring lines holds up. H NEW ORLEA July 28.—Orders for pine lumber at southern mills have increased 23 per cent from the | Jow point touched early in June, and now they are running nearly 90 per cent of production. SACRAMENTO, Calif., July 28— Scarcity of labor 1s hampering the resumption of lead silver mining on a normal scale in the famous Mother Lode country. It is almost impossible to obtain skilled miners. Workers re- fuse to stay long, no matter how fa- vorable are working conditions or high the wages pald. Many proper- this | community outside are !pnssing of some of the surrounding NEW YORK CURB-MARKET Direct to The Star Office Standard of Indiana heavily offered until it reached new low Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, July 28.—Speculative activity on the curb exchange today centered in oll stocks. The heavy selling in the last hour Friday con- tinued this morning until these stocks were forced down to new low prices. At the conference of leading oil refiners, now in session at Chicago, It was recommended that refiners in the mid-continent discontinue oper- atlons during the month of August. If this proposal is accepted it will affect practically every refining com- pany in the mid-continent territory. NEW YORK, July 28.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- | ket today: Bales In thousands. Close. 80 108% 1004 1011 BAY 95K | 0% b bid 102% Reg, 044 100 vy | 1008} o7 Anacondn 0x . Ar & Co of Del Awso Sim Hd'e Oias ALG & WIS SO Reaverboard Sx Reaver Prod_7% Both_Steel Cit Serv Cons Textil Deere & Co T Federal Sugar 6x 33 Fisher Bods O Fisher Body 6y ' n Asphait *s Libhy MeN & L Morris & Co Thx . New Or Pub Bery Ohio Power 3 R Tub ters of N J T Pub Sers El Tow 6x 80 N Y 8ign Bua O 7 ...000 Fwilt & Co Gx . Tn OI Prod fs ... Un Ry of Hav iigs 106 FOREIGN BONDS. T BB .. 100% vt By B3 Sun D o0lg St Mexico $x.. 3 STANDARD OIL 1SSUES. SSkmmanesSannn s nnpazrel Seuane Argentina Mextcan 8 Rwies Go 10 U Sales in unite 1500 Anglo Am OIl 10 Rorne Scrymeer i 20 400 218 500 10 150 20 100 1416 131 Buckeye P I, .00 mY Chesebrough Mtx Continent 01l new. Gal Sig Ofl ...... um Oil & Re new MmPL... Imp 0il of Can 1 Fet Co 53 Magnolia Pet 500 Ohlo Ol _new 70 Prairie 01l & 100 Penn Mixed Fuel 80 Prairie P L 10 Nouth Penn Ol . 17100 & O Ind . 11008 0 Ky ... 1400 S 0 N Y _new . 800 Vacuum Ol new .. Sales INDEPENDENT OIL STOCKS. in hundreds 1 Atk Nat Gas .. 3 Hareiugton Ol . 3 Toaton Wyo ol o 4 Citles Service " § Citlen Service pfd 3 Cit Ferv pfd B ... 9 Cit Ferv B efs $2,000 Cit_Serv scrip. 4 Creole Synd . Passing U. S. Trade Can Pr German Matket BY STUART P. WEST. Special Dispatch to The Star. I NEW YORK, July 28.—Dullness of| investment operations during the past week and the slackness of buying power on the stock exchange indicate | that Wall street and the business awaiting the! uncertainties before taking any posi- tive stand. European affairs continue to occupy a good deal of attention, but there is much exaggeration, much lack of common sense In this discussion. Some extremists try to picture Europe as a house of cards which will fall with the collapse of a single unit. They are saying that It Germany goes to the wall, the other continental na- tions will face disaster and that there o ipe' Severe repercussion felt in Great Britaln and the United States. German Crisix Overemphasized. ¢ these predictions were being takon seriously in Anmancial circles, what has happened in Germany dur- Ing the last week would have pro- duced a crisls in all the markets of the world. Whatever the sequel to the recent uprisings, they are symp- tomatic of wldespread discontent growing out of an intolerably high Sost of llwing and in many places of tage. o ritish premier's warning about a possible political and social Tevolution has been made’ to_appear quite pertinent. The sensational downward filght of the mark to a Jevel which makes it virtually worth- less points clearly to the financial and industrial structure. having reached the breaking stage. Gloomy Prophecies Discounted. Had serious-minded people believed that a ruined Germany would drag down the other nations in its fall, would the foreign exchanges have stood up the way they have the past week? Would the investment markets have ties with large ore bodies blocked out are idle. 5 CHICAGO, July 28 — Excellent + weather conditions indicate an ex- tremely large vield of cucumbers in this section Barreled pickles are quiet but firm in the local market. BUTTER PRICES HIGHER. Decreased Production Leads Sharp Advances. CHICAGO, July 28.—Repor:s of de- creased production of butter sent the market sharply higher during the week. The reaction started at the end of last week, coincident with rés ports that hot, dry weather over many producing sections was caus- ing a decrease in the make. Con- firmation came later from many large creameries that production this week showed a decrease of approxi- mately 10 per cent over the previous week. Wholesale prices on 92-score showed an advance from 38 at Chi- cago on June 20 to 39% on July at New York, from 39 to 41% on the same date; at Boston, 39 to 41, and at Philadeiphia, 39% to 42. DRY GOODS REVIEW. ‘Wholesale Distribution Than Year Ago. CHICAGO, July 28.—Marshall Field Company, in their weekly review of wholesale dry goods trade, says cur- rent wholesale distribution of dry goods shows 4 slight improvement oveér a year ago during the corre. sponding period, and was consider- ably greater than last week. There were more customers in market than during same period in 1922. Collec- tions were not equal to same week & year ago, . i to Better shown no sign_of lquidation? Would the money markets have remained un- ed? n'g‘he answer is, first, that lurid prophecies of disaster 'following a German collapse are being heavily discounted; and, second, that the markets are pretty well prepared, after all that has been going on dur- ing the last six months, for anything that may happen in Germany. Fair Prosperity Possible. All this is not to say that the troubled conditions on the other side are not a big influence in the situa- tion here, for they are. But they are an influence holding the markets in check rather than an influence pro- moting uneasiness in financial and business affairs. Always it comes back to the proposition that without a normal foreign outlet for our sur- plus produce and merchandise we ean not expect an old-fashioned trade boom. But we can have a very fair measure of prosperity on the strength of our home markets alone, plus the gort of export trade that we have been having during the last two years. This has been demonstorated by the events of the past elghteen ths. M 00 much stress has been laid our European commerce, is if it Were the whole of our forelgn trade. Actually, on the export side, it amounts to only about 40 per cent. Not enough attention has been paid to the growth of our forelgn busi- ness outside of Europe—our business with ada, with Mexico, with South America, with the far east—a growth which to quite an important degree has offset our losses. Wheat Growers Misjudged Market. Too much emphasis, likewise, has been lald upon the reduced buying power of Europe, 8 if it were the whole cause of the plight of the American wheat farmer. The truth is that as urope’s OWn Crops are ex- ceptionally good, there is not the usual dependence upon outside sup- European for the year but later regalned most of the decline. South Pennsylvania Ofl dropped 4 points to & new low record and Prairie Oil and Gas at 175_was at its bottom figure. Mutual, when it broke through 9. #and Salt Creek Producers at 15% were at their lowest of the year. Cities Service was another that came getting down! 4 Some further selling came into Durant of Delaware while others of the motor group were for the most art lower. » Hill Top Nevada again featured the mining department and touched a new low for the present movemen off s points. stantially, Y ] Gulf 0il of Pa Interstate Roy Latayete Ol . Marland Mex 01l Mount Prod 3 ntual Ol vot cfs New Brad Oil w | Omar Ol & Gas.. Penn Reaver Ol Pennock Ol Roy Can Oil Ryan Sl Con Ck Con Eanta Fe 0 & G Seaboard 01 ... Sou_ States O . Texax Ranger 3 Torman_ofl Wileox Oil & G INDUSTRIAT, Bridgeport Mch w i Rudy i 2 Cheek Congol Buds Durant Motor Gillette 8 R . Glen Alden Conl Lehigh Val Coal.. 177 at Rup Co of Del 528 Y Tel Co pfa ... 110% ige Motor z 0 20 a3y 246 81y 2134 20% it 3 Reading Coal Rts. Toamer Mator S0 € & T new Swift & Co Toh Prod Exports. Todd Ship ... E n Ret Can Fd shr 4% niverstal Pipe w | 12% Western Power ... 26 MINING Reloher Extens ... Butte & Western.. ledonia Min Canario Copper Candetaria Min . Con Cop Min te cofs Cortez Crexmon G ardshell Min il Top Neva Hollinger ndependencs Cornelia Dominlon Cop ersey ZinC.. Copper ... Hercales Tnc. ines of Amer Financial World Awaits of Uncertainties osper Even Without s—--0il Situation Gloomy—Car Loadings Heavy plies. Secondly. the wheat growers in general, havinz misjudged world re- quirements, are producing to exgess. How far the American farmer has been led to do this by false hopes re- garding the effectiveness of govern- ment relief is a question. But he at least has had the chance to see the futility of the special credit exten- sions put through Congress as the favorite measure, of the farm bloc, Assurance of credit facilities to hold wheat back from the market has not availed and will not avail to stop the workings of the law of supply and de- mand. Favorable Factors Ignored. It was aifficult to connect the re- newed weakness is stocks toward the end of the week with developments either abroad or at home. The mar- ket, the same as a month ago, was evidently giving heed only to the un- favorable elements in the situation, while ignoring those that were en-j couraging. The failure of repeated price cuts to check the overproduction in oil admittedly has been disappointing and has changed the outlook for earnings and dividends of many of the ofl companies, as compared with what it was in the early spring. Another weak spot In the situation is the prospective curtallment in the buying power of the western wheat farmer. Railroads which are de- pendent upon other crops than wheat for most of their traffic will not be much affected, for the outlook for corn is unusually good, and farm prices, as a whole, are well above those of a year ago. Rallronds Carriers Will Suffer. But roads traversing the northwest- ern states where wheat I3 the big harvest and where the relative profits of the wheat grower have more to do with determining the general traffic volume, are likely to be hit. have been affected already by the competition of the Panama canal. They wHll be injured still more if the next Congress succeeds In jamming through a bill reducing rates on farm products. It is easy to understand why for these reasons oll shares and stocks of the northwestern roads should have been freely sold. But it is hard to understand why the weakness in these two groups should have been communicated the way it has to the general list. The labor situation continues a troublesome element, but employers have an argument against granting demands for increased wages which they did not have four months ago, namely, a much lower level of com- modity price and hence a lower cost of living. Car Loadings High. The favorable points in business conditions, however, stand out more strongly at the close of the week than they did a week ago or a fortnight ago. First, the figures of rallway car loadings brought up to the mid- dle of July show a total next to the largest of any week in the history of the country. The Federal Reserve Board_ states that while production came down 4 per cent in June as compared with May, it was because of the falling off in certain industries like cotton Foods, steel ingot and building construction, The general volume of wholesale and retall trade continued heavy and this along with the car loading statistics, seems clear enough proof that there has been no serious let-up in gen- eral trade. PARTIAL-PAYMENT PLAN IN STOCK SALES RAPPED By the Associated Press. BOSTON, July 28.—A ban against the sale of stocks on the partial-pay- ment plan will be sought at the next session of the legislature, it was snid yesterday at the state department of public utflities, which has ch; of the enforcement of the blue sky law, s MEREDTH REVEWS HEATTUATIN Ex-Secretary of Agriculture Sees Hope for Farmers in Spite of Price Drop. By the Associated Press. DES MOINES, Iowa, July 28.—Gen- eral effect of the drop in wheat prices to below a dollar a bushel has been exaggerated In the minds of many people, both as regards its eftect upon farmers generally and upon business other than farming, declares E. T. Meredith, Secretary of Agriculture during President Wil- son’s administration, in a statement to the Associated Press. “Those that grow wheat exclusive- ly or nearly so, ana consequently are dependent upon ihe return from their wheat crop almost entirely for their income,” he said, “have had their Incomes cut by the recent de- cline fn wheat prices, and the seri- ousness of the situation, so far as they are concerned, s a matter of interest ang importance to other Interest of the nation, labor and business being concerned as well as the farmer. Certainly steps should immediately be taken to prevent such a situation being again forced upon a group of people who are pro- ducing one of our staple products. Corn Oftxets Wheat Lonsen, ““The entire income American farm- ers receive from wheat, however, rep. resents but 10 per cent of the total income of the farmers as a goaup. Then that commodity which repre- sents 10 per cent of the total income is only 10 per cent lower in price than it was a year ago. It appears, then, that so far as the price of wheat alone fs concerned, the present price of corn I8 as much higher than the price for that grain a year ago as wheat is lower, and inasmuch as there arc more than three times as many bushels of corn produced as there are of wheat, this very increase in the price of corn greatly exceeds the shrinkage in wheat. Whether corn will maintain its high price I do not know, but if it does, those who are both corn and wheat growers, which is a large number, are, at least, in no worse situation than they were a year ago, and many of them are in a much better situation. “It I8 interesting to note that a 10 per cent drop in wheat (10 cents a bushel) 18 only equal to but 3% per cent of the weaith produced each year by our dairy cows, and that the | new | American hen wealth than alone, Seen Better Times Ahead. produces the total more wheat crop “I firmly believe that a practical method can be devised and put into operation whereby wheat growers and other farmers can produce their crops with af assurance of receiving at least a certain price per unit of their production, as is the with those who manufacture products, &o that those who produce at that price may know it in advance rather than afterward. certain “In other words, the law of supply supply, | productive possibilities and consump- | and demand. which means tive demand, shall be interpreted to the farmers in advance, rather than obliging them to operate in the dark as is now the case. It is a pressing demand of national importance.” ANOTHER BREAK IN COTTON PRICES Heavy Selling Takes Place Again Today—October Is Extra Weak. Special Dispatch to The Star. NEW YORK, July 28.—Another sharp break occurred in cotton this morning under the weight of hedge selling and llquidation following yes- terday’s sensational decline. This car- ried October to about 21.10, a centand a half decline in two days. Reports of showers in Texas amd lower tem- peratures operated against the mar- ket. But for on hour the feature was heavy speculative covering by inter- | ests that sold the past two days at higher levels. Sentiment against cotton has grown the past ten days as a direct outcome of increasing crop estimates. indications of 11,700,000 to 12.200,000 bales in private reprt is spread that a yield of this size can- not be marketed under present con- ditions without exerting a depressing influence on values. Futures opened steady. October, 21.25; December, 21.40; January, 21.30; March, 21.45; May, 21.46. Futures closed barely steady. October, 21.14 to 21.19; December, 21.02 to 21.04; Janu- ary, 20.88 to 20.93; March, 21.02 to 21.05; May, 20.87 to 21.03. Cotton spot, quiet; middling, 22.48. NEW ORLEANS, July 28.—Cotton futures opened steady. October, 20.85; December, 20.75; _January, = 20.80; March, 20.92; May, 20.85. NEW ORLEANS, July 28.—Spot cot- ton, quiet; 100 points lower. Sales on the spot, none; to arrive, none..Low middling, 21.00; middling, 22.00; good middling, 22.50. NEW OLEANS, July 28.—Cotton closed barely steady at net declines of 41 to 16 points. Close range: October, 20.43-47; December, 20. January, 20.51-65; March, 20.6: 20.57. MARKET FLASHES, Sinclair Consolidated will not close refineries in August, as numerous in- dependent companies in midcontinent plan to do. facilities for all the oil it is pro- ducing and has been drawing on stocks. Colorado Fuel and Iron Company has declared the regular quarterly $2 preferred dividend. Paris cable says France will soon suggest to America a new plan for arrangement of French debt to United Sthtes. Payment to United States is proposed proportionately as Ger- many pays reparations. J. P. Morgan of J. P. Morgan Co. will sall today for England. Mr. Morgan calls it a vacation he admits he will bankers while abroad. Southwestern Oil men meeting in Chicago approved plans to close mid- continent refineries during month of August to bring about a reduction in supply of gasoline. CLEARING HOUSE REPORT. NEW YORK, July 28.—The actual condition of clearing house and trust companies for the week shows an ex- cess In reserve of $28685,310. This is an increase of $6,426,060. TOWEL PLANT TO CLOSE. KANNAPOLIS, N. C., July 28.—The Cannon Mills here, id to be the Targest towel manufacturing plant in the world, will be closed down from the end of work to until Monday, August 6, to give em- ployes a vacation, every | situation ! annot | With | an Impression ! Sinclair has marketing,| While confer with other By the Assoclated Press. CHICAGO, July 28.—The Atchison, Topeka and Santa Fe rallroad today reported a decrease of nearly #1,000,- 000 in net operating income for 1933 as compared with the same month in 1922 ' Figures for six months of year; show net operating income has in- ! creased $9,193,567.83 over the same period las year. Although , total operating revenues of the Chicago and Northwestern railroad Increased nearly a half million dollars in June 1923, ‘over the same month last year, profits of total operating revenues | over expenses decreased nearly $1.- 000,000, according to the statement issued ' today by L. A. Robinson, ! controfler. i Operating revenues of the Northern Pacific for the first six months this ' year totaled $46.647.127, & gain of | $4,725,023. Expenscs were §41,489,965, an_increase of $4,781,067. Taxes took $4,177.487. Net rallway operating in- | come was $3,921,643, a gain of $1,203,- 404 June operating income of the Great Northern Pacific was $691,940, a d crease of $889,514, compared with $1 681,454 a year ago. * June operatisg income of the Great | Northern increased $950,765, to a total of $10,193,005. Il Money to Loan ANY AMOUNT Renwonable Churges on Trade Acceptances, ufncturers’ Accounts, Term Kirst and Second | or Approved Col- | || American Finance Corporation i Commercial National Bank Bldg. Money to Loan Becured by first deed of trust on real estate. Prevailing Interest l‘l!’?) tflmllnlulun. Joseph L. Weller 120 Wash T. & Trust | i FOR SALE—Desirable income- il paying business and investment properties. Investigate some of our large offerings of apar | ment houses and downtown bus ness buildings paying attractive ||| rates of interest. il Wm. H. Saunders & Co. i 1433 K Street N.W. 10% Preferred Stock | Of the Lenox Office Building Owners, inc., sperating the -story office bullding kmows “Lenox Office Bldg., 1523 L Street Northwest I £73.000 authorized (] 230.000 #otd 1n advance of public offering. Remainder for sale at par. $100. FEATURES. ulative; pre dividends, 107, icipates equally in Common Stock Dividends. Preferred as to only. Letirable at $125 per share. OBJECT. The proceeds of this sale are to be used solely for (a) the retirement of existing tonns, exclusive of 1st trust, and (b) to meet expenses of remodeling rest of build- ing. third to seventh flvors inclusive, for ice purposes. EXPLANATION, The owners of this building prefer to pay a large return to individual investors rather than stand the excessive cost of fnancing in the usual manuer. The uuder- writing _commissions, curtailments and in. terest charges under which second-trust loans can be obtained from the rees are undnly burdensome and iy more costly than even t ttractive Preferred 8ok i ets after 1st trust agh examination of this offs reveal this is a lutely sound invest. ment, without element of iuflation or ulation. il Fiscnl Agents Edmund J. Flynn Co., Inc. Matn 258 1893 L 8¢, N.W. First Mortgage Loans Lowest Rates of Interest and Commission, | Prompt Action H Thomas J. Fisher & Company, Inc. T38 15th Street gll"“ll" ||?l||||l||||"|| T Continental Trust Company From $30 to 8300 on 1. C. real est Liousehold_goods or chat e cent interest. No brokerage charged 1§ Come in and let us explain our method of making smail loan: Commercial Loan & Finance Corporation Room 211, 921 15th St. System Copyrighted & MONEY ON FIRST Co-Operative Building Association zed 1879 COMPLETED nanetn . 84,750,763 urplus . .$1,207,381 Avail Yourself of the Opportunity to Save The systematic sark m_of the Equitable should be adopted. You will find it the most effective way to get aliead fnancially. Subseription for the 85th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. Orga! 434 YEAF Our 7% First Mortgage Notes e e e The Service We Give Insures prompt colleeting _and re- mitting of interest. All detalls cau- y that the property operly cared for, adequately fn- taxes paid. Certified insured rolshed without cost. Our experience extends over & pe t many years without the loss of penny iz elther prineipal or 1 Notes of $250 Up to $5,000 Now on Hand Chas. D. Sager 925 14th St. N.W. Main 36—Loan Dept. Genuine Service To owners in renting and managing their properties. . RENT That’s Our Business B.F. SAUL CO. gage Loans Mort; 1412 Eye St. N.W. Phone Main 2100 Your Savings IN First Mortgages Our First Mortgages are the safest and most satisfactory form of in- vestment it is possible to procure. Never a Loss Our conservative meth- od of handling mortgages perfectly safeguards and protects the investor. Convenient Denominations $100 $500 $1,000 Send for Selected List First oflgage& 913 15th St. N.W. Main 617 TO LOAN MORTGAGES AT CURRENT RATES OF INTEREST Reanddall T Hagnon & C o 1207 Conneclicut (Boenue DGE SECURITIES | 7% First Mortgage Notes i 4 Secured on Improved D. C. Real Estate ; Appraised by Experts of 35 Years’ Exflerience 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 National Mortgage & Investment Corporation I 811 Vermont Avenue N.W. MONEY TO LOAN ON DISTRICT OF COLUMBIA AND CHEVY CHASE, MD., RESIDENCES 5%% Interest H. L. RUST COMPANY 912 15TH STREET N.W. MAIN 6888 LOAN CORRESPONDENT FOR THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 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 fluctuation of value. SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY. Paying 6 and 612% (PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Trust Notes Built on a Straight Line of Return Not a Fluctuating Value Sold in Denominations of $100, $500, $1,000 FULL INFORMATION Since 1906 MORTGAGE DEPARTMENT 713 14th Street N.W. OUR FirsT MORTGAGES WILL SAFELY NET YOU 7% Phillips® First Mortgage Real Estate Notes are secured on ‘Washington'’s best Northwest Homes—all unde® 50% of the ready market value. ;llll the maximum rate of interest, and the highest possible form of security, we also relieve you of every detail. Never a Loss to An Investor Denominations $100, $250, $500 and $1,000 Write or call for descriptive booklet “S” WILLIAM S. PHILLIPS First Mortgage Investments 15th and K Streets N.W. Main 4600 Phone Main 1403 | 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 Washington, D. C. Invest in Essential Enterprises OT only do you help your neighbor, 4 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. 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 L