Evening Star Newspaper, November 3, 1923, Page 15

‘EIN SWEEPING CHANGES INSALES METHODS Wholesale Dealers Now Forced to Sell Goods in Much Smaller Quantities. BY J. C. ROYLE. Special Dispateh to The Star ! NEW YORK, November 3.—Sales! policies that have been held sacred for years are being ripped as full of holes us & shirt gone too often to the laundry. This has resulted from efforts of merchants and manufac- turers of the United States to find methods by which the flood of goods now being turned out may be successfully retailed in the face of npetition widesp.ead and notlceable ffoc this revamping of sales et asTis the astabiishea fact that merchants are buying in small quan- tities. This does not indicate duliness of retail sales, for the merchunts are buying often. It does mean, however, that they zetting away from the old system of seasonal activity. Where formerly they laid in stocks in an- ticipation of the needs of an entire season, they now are buying for m- mediate turnover, or for a few weeks in advance at most. eater Care Shown. This tendency undoubtedly is an outgrowth of the lessons learned in the periods of inflation just after the war. and the time of dep sion which followed. But the movement has been furthered by the fact that 10 do business against present Keen competition it has b neces .‘lr.\ :u; the merc ake m‘"‘”‘lld ‘”\rA e discounts given cash pay- i n'h.!(nhl\u-r\ .L\d manu turers are so liberal in offering lon -Irr!'n credit as in former years. One large wholesale grocer said today n:."wer‘y hotel, restaurant BT chich did business wit e B or "plethoric. proportions to get even thirty days’ time. Larger Cuash Business. nt is doing and he has handling his customers. ere 'he mo; retait merch .t cash busine " protection i When you catch me is watching the 1 and b often and in small quantities & fhem. This is adding both to hix ex Pense and that of the manufacturcr Rna wholesaler. ~Those who buy in Ml quantities pay something a imating 4 per eent who purcha say tha ver the A for bookkeeping, haula other handling cost er alluded to above as policy has raised b 19 to 13 cent © eceipts - T lanufacturers and _whol however, are benefiting from { frentng out of seasonal penks and des Prosstons, This enables them 1o Utilize their plants and forces ateady rate throughout the e dditional &nd overhe Der f his grC NCIAR.” Recelved by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, November 3.—A re- vival of interest In the new Hartman Corporation shares on the curb mar- ket today followed announcement by bankers who had handled the issue, that of the 120,000 shares of no par stock, 119,000 had been subscribed for publicly. When it became known that only 1,000 shares remained in the hands of the bankers the demand quickened, resulting in advance of about a point to around 41, The greater part of the industrial list maintained the improvement made earlier in the week and traders were inclined to carry their commit- ments over the week end rather than to take profits. American Gas and Electric “new was exceptionall strong, advancing 1% points over- NEW YORK, November 3.—Following | is an official list of bonds and stocks traded In on the New York curb market ay Sales in thousand Am Gas & Blec 6s.. 2 Am Light 6s w w Am Rolling Mills 65 Am T & T 08 Anaconda Gs . Anglo-Am O Tige. m Hard 6% G & W IS S5 verboard Sy verbourd 8 h t Ry Eq 75.. BONDS. High 935, 101 073 10018 1007 1011 Low. 03% 101 07 10008 1007 101% i THE EVENING STAF, WASHINGTON, NEW YORK CURB MARKET Direct to The Star Office I night, while Dubilier and Goodyear Tire 'were prominent again. The rise in Brooklyn City Rallway was resumed after a day of com parative dullness. This probably was in better appreciation of the earnings for the first quarter of the fiscal year, which showed a substantial margin for dividends on the $10 par stock. 1t was stated that the road Would place in operation immedlately new cnrlequlnmse::\;osag‘;ghand at a st of close to $3,000,000. ©OPhe demand for Mutual Ofl subsided somewhat, with the majority of sales | occurring at 10%. At this price it compared with a low of 87 last week. Standard of New York and Indiana were higher most of the time and reached their best prices in the last | half hour. hio Copper remained the leader ot 'the Clow-priced mining shares. Buying of this stock was in response to the report that the new 1,500-gal- lon pump now is in operation. 1N Y oil 5 Omar Oil & G 10 Pennock Oil K s 7 Sapulpa Refin 27 Seaboard 01l 24 Sou Ntates O1l1.0. 1 Wileox Ol & Gas. 1 Am G & El new wi 2 Am Hawaiian § § 2 Am Multigraph Co. 2] 20 Brooklyn Shoes Ine 10% ¢ Bridgeport Mach wi 10% 21 Hrookisn City R K. 1% il - uds rod W i t Rwy 5 Charcoul Co al Sugar Fisher Body Gu Isher Body 6 Fisher Tods 6a Glair Robt 78 ... Sig Oil 75 . alley’ 0.0 K| Libby MeN racaibo 0l w Orl Pub Ohio Power 28 58 N Y Gls...l Oil' Prod Sk FOREIGN BONDS Govt of Arge B w 1 90% Bwiss Govt Gys.... 99 2 Swise Govt Bn 97 U S of Mex 45 STANDARD 0IL Tn Sales i units. 10 Buckere P L Continent Oil Eureka P L. .. e 0 & I ne Oil _of Magnolia Pet Northern P I Oito 01l new.. 3 i & Gas 183 Fue 18 New Methods in Hat Business. 3 ound in the xample of this is foun 3 lI women's “" ll‘{nl;m ) . « the transitions from sea son Caon are far less clearly marked than for The 3 b g In many into &he b cons on 1 line £00d and out the am., Little tock is kent in the shop on_one busi- | Sa in low @ hurry cail to the factory brings . “small new consignment by ex- P i e s ight with * on his he is abl busin, cutting dem can e of in a lior rents material- | G e slogan. | joint presen tion of Hat Manuf Nationa |t f Retail’ Clo merican Assocl Hatters has ask - ion e half time iting hats nd shipped in cor- t fiber board s in wooden containers now nd those in fiher b o first-class rating, Packing in ted comtainers. it is claimed Y save ht of the shipped _and Tnder present claimed, it is to ship in wood CUT $109,000,000 IN RAILWAY COSTS classification, 11.4 per cent ch Enormous Reductions in Operating 't Expenses Made : Since 1920. { Ry the Assaviated Pre CHICAGO, November simmer of 1920 the duced operating expe 400,000 a month and ha tenths of the sav 3. —Sin cost of transportation. accordin d by the Raily mmer and fail the operating expenses of the reached the highest level to which th evel Ivanced,” the Railway Age | stated. *In the four months, May to | nst, 1920, inclusive, the total op- | ting expenses were | 117,000,000 statement jssu In the of the r n averag month inclusive, the public pai 1920, was $2.0 aized by de in rates May-August 000,000, this bein ruarantees to $2,15 “In May-Au, paid In rates w cost of trans 2 May-August, )0. This was less than $51 # month, or over $47 COTTON GOODS FIRM. Government Report Imparts Better Tone to Prices. | Tidewater 011 | 1 Dispatels to The Star. YORK, November 3 —Cotton Jods market closed the week better than firm on the strength of the low #overnment cotton report of Friday. Buving, however, was only modera ers insisting they could not sell | ®e quantities of goods at high prices. The 64 by 60 print cloths | were up another % cent today at 10%. | The 68 by 72 held at Friday' re of 12%, A slight incre; inquiry in the raw silk market sent pric there up from 5 to 15 cents pound. E SRR S | Beauty Branded by Scar. 1 From the London Mail. Beauty is at a discount in British | Guiana. So much is it despised that if | a young girl shows any promise of Jooks she is relieved of such gn unfor- tunate acquisition by a hideous scar. This {s branded upon her mouth and cheeks by some male relative. They are not content with changnig her ex- pression like the poor unfortunate boy in Hugo's “The Man Who Laughs.” They go further. Into this wound a herb {s rubbed. When the scar is healed 1t has a bluish tint. ——— Purity Is not fanocence, quest. but con- e 5 fatual O Vot cfs New Bradf Oil w i 7 New Mex Land BOSTON STOCK MARKET. ROSTON, N 1 lowing is a list of st and \& prices for active stecks dealt in here: —F st, Tow most oday the Am Tel Hardy ( Inland € Isle Rosule Ny N1 ! North put o1a 1 olony Utab Con Ventura Oil Walworth Warren I TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) demand, Centrifugal Ir Pipe 21 40 Chie Nip new wi & 1 Chi Nip B tr nw wi & Dubfller C & Radio 14 Durant Motor 2 Dupout Motors llette Satety ifaz 248 6% casonite Prod Co en Alden Coal .. Kresge Dept s 8 Lebigh Power sec Liggett Int A ptd. 3 N'Y Tel Co pfd ark & Tiltord rless Motor Fire o Mfg . Radio Corp . ® Radio Corp pfd ... ding Coal rts wi ding Conl w 1 1 Repettl Candy - 10 So C & 1 ne 1 Standard Motor ... = 2! 1 Stude Wulft Rub.. 45% 14 Tobacco Prod Expts 4% 2 Unit Retall Candy. 4 4 Univer Pipe pf w | 17% 1 Univer Pips pf w § 57 2 Wayne Cval ...... 1 11 Willys Corp 15t pta 4 MINING 10 Arizona_Globe Cop. 10 Black Hawk Cons. . 20 Boston Mont Corp.. 10 Butte & Western 9 Canario Copper - 1 laria Min Awer x Cop Mines oy Corter. Siver. Cresson_Goid 1 Crown King 08 @y A Cons i 1 ndma 30 Hardshell Min 6 Homestake Extens a0 10 Ollo Copper Red HilL ¥ 50 R FOR (Quotations fur: London treal pon dollu eriin, mark. per trillion. Rome, " lira 0440 Athens, d Madrid, pe Vienan 2 rown. . matk: erown ates dollars): 4.453 bills ¢ nand .057 demand, .0445; na §000000! s 3 Holland,” demand. Norway, demand. 2628, mand, . mand. i Czec Jugoslavia. . demand, .00001 0048; Argentina azil, demand, Montreal, . 1. Clos ofrer. 100 100 10 100 3 1011 10017 Rate—Maturity 45x | dls SHORT-TERM SECURITIES. (Quotations furnished Ly Redinond & Co) Bia. Ofter. | 10245 nn "o . 182 Aluminum Co. of Amer. 7s 102% | minum Co. of Amer. a3 3 905, Cagar, G 10872 1001 1. & Tel. ; 1004 r 58 cifle 51 19 Humble 0il Kansus € s i Such a Romantic Lover. | From the Boston Transeript. ! The professor of mathematics and his young fiancee were out roaming in the fields when she plucked a dalsy and 10oKing rouguishly at him be- | gan to pull off the petals, saying: “He loves me, he loves me not— | “You are giving yourself a lot of unnecessary trouble,” said the pre-| cise professor. “You should count up the petals and if the total is an even number the answer will be in the negative; it an uneven number, in the afrmativ P How He Knew. From the Philadelphia Bulletin. Clergyman—There was a stranger in church today. Wife—What did he look like? Clergyman—I did not see him, but 1 found a dollar in the contribution box. - { By th s |and SOUTH AMERICA TAKES TRADE FROM AUSTRALIA Premier’s Conference in London Shown Data on Changes in Ten Months. Associated Press LONDON, November 3.—Foint was given to the statement of Premier Bruce of Australia before the impe- ! rial conference on October 9 that w imperative for hisx country find markets for iis products similar remarks by Premier of New Zealand concerning his coun iry Dby the publication today of Smithfield market figures for the ten months of 1923. These reveal a strik it ng decline in imports from Australia | a big increase in imports from | Seuth America. Of a_total of 218,345 tons of beef handled by this market, the largest meat market in the world) 15 tons came from South America and only 12,409 tons from Australia, be- ing an increase of 15,000 in the South American imports and a decrease of 9,239 in the Australasian. Of a total of 114,161 tons of mutton 73,105 tons came from Australia and 21,460 from South America. an in- crease of 5,619 tons in the South American imports and a decrease of 11,252 in the Australasian. Pork im- portations from North America showed an increase for the period of 1,685 tons. — Ingenious. From the American Legion Weekly. .Private Blimp was a modest and sensitive man, who dreaded a rebuff. He had fallen desperately in love with the prettiest girl within a mile of the camp, but hesitated proposing for fear she would turn him down. At last, when he could stand the sus- pense no longer, he was struck by an inspiration. Hastily seizing a pen, he wrpte her an aponymous letter asking her to marry him. e The New Collector. From Sunbeams. “Rastus, how is it you have given up going to church?” asked Pastor Brown. / “Well, sah replied Rastus, “it's dis way. 1 likes to take an active part, an’ I used to pass de collection basket, but dey’s give de job to Brothah Green,” who just returned from ovah tai-ah.” “In recognition ‘of his heroic serv- ice, I suppose?” “No, sah: I reckon he got dat job in reco-nition o' his having lost one o' his hands.” BUYING SPLURGE ‘ " HELP TO WHEAT Prices for Week, However, Show Only Small Market Advances. By the Assoclated Press. CHICAGO, November 3.—Chlefly as the result of one big but transient buying splurges, wheat prices have scored some net gains this week, not- withstanding that nearly every day witneséed declines. The buying re ferred to wag assoclated with a wide- ly circulated bullish opinion regard- ing general business conditions. Com- pared with' a week ago, wheat this morning was ata shade lower to%a% advance; corn varying from '4a% setback to %a% gain; oats, % to %a% down, and provisions 15 to 35 up. Houses with eastern connections took the lead in the exceptional buy- ing movement. A constant factor in bringing about declines was atten- tion gliven to imports of Canadian wheat into the United States, duty paid. A liberal incre: of the United States visible supply of wheat this week and another increase looked for on pext Monday counted a8 an evi- dent welght on prices. 4 In the corn market readjustmient of prices from an old crop to a new crop basis was under way. Oats were inclined to sag in the absence of any special demand. Provisions were higher, owing mainly to a reduction of stocks on hand here. 1 SUDDEN REVERSAL IN STOCK MARKET Weer Finds Reactionary Trend Over Long Period Brought to Halt. By the Assoclated Press. NEW YORK, November | sudden reversal of form shown by the stock market, which bounded upward after exhibiting a reactionary trend {for six weeks or more, was the chief financial development this week The unexpected declaration of an extra dividend by the United States Steel Corporation, which was widely con- strued as an expression of faith in the {mmediate future of business and a bullish forecast by one of Wall {street’s most prominent speculators, {who was generally regarded as a icader of the bear faction, provided |the chief impetus for the upward | movement. ins of 3 to 5 points. which were | registered by the leading Industrial lissues on the first day of the advance, \were fairly well maintained during {the next two sessions, despite inter- | mittent profit-taking and a renewal of short selling. Earnings of the United States Steel Corporation for the third quarter were much larger than was generally ex- 1 Elbert H. Gary, chairman of | the board. declared after the directors’ | while new bookings ) per cent of productive inquiries were unusu- | > about acity, the arge | Oil shar failed to participate as {extensively as the other seotions of | {the list in the upward movement. | Foreign developments were watched with much interest, but had little ef- fect marketwise, except on the for- which improved. WOOL EXPORTS JUMP. One Week's Shipments Exceed To- tal of Previous Month. STON, November 3.—A material e in the export of foreign wool in bond in Boston has been shown in recent weeks, according to an announcement by the Boston office of the M ket News Service on wool, United States bureau of agri- | cultural economies. During the week ending October 23, 2,750000 pounds of wool was cleared from this port, hich is approximately 200,000 pounds excess of the total exported during the four previous weeks. Of the wool shipped for the week fof October 23, the report sald, over 500,000 pounds of Chile wools went ito ' London: 250,000 pounds of {Uruguayan stock was sent to Liver- pool: about 1,300,000 pounds of vari- ous South American wools was ship- iped England and continental | points, and over 60,000 pounds of was billed to’ Bradford and erpool. HUGE GRAIN SHIPMENTS. Great Lakes Vessels Pass All Rec- ords for Season. FORT WILLIAM, Ontarlo, Novem- ber —Carrying the record quantity aln for any twenty-four hours 15 the present season, seventeen | s cleared local elevators yester- | with 3,089,000 bushels of grain, f which all but 215,000 bushels were wheat ven of the cargoes cleared for Buffalo. One vessel took 120,000 {bushels of wheat to Duluth, where it will be absorbed by United States \mills. With the regular navigation | {season closing November 30, the grain | |movement has jumped from an aver- | jage of 1,600,000 bushels a day to about | | £:500,000 bushels, and it is expected | en this will be increased as the son draws to an end. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CLEVELAND, November 3.—Loco- | motive manufacturers in Ohio expect | a brighter outlook for orders. One| officlal said today that while rafl-! roads have been buying cars in large | | auantities, they have not purchased| locomotives to handle them. One car- maker near Youngstown now is ship- ping twenty box cars a week on @ | 1.000-car order, and 1s working on 500 tank cars for Ford. PHILADELPHIA, November 3.—A large department store here which hitherto has never handled groceries has offered an innovation by selling ten-pound bags of sugar at 79 cents each. TURLOCK, Callf.. November 3.— Buyers are paying the highest prices | ever recorded here for Persian and Casaba melons, The former are bringing $60 a ton, while the latter lare selling higher than $30. The shortage of melons throughout the state, caused by heavy shipments to eastern markets, is the cause. ST. LOUIS. November 3.—The Rice Stix Drygoods Company, large whole. salers, predicts a strong market for cotton plece goods; basing this on the fact that there were more buyers in the last week than the week before, with an increasing volume of busi- ness. BOSTON, November 3.—Bituminous coal prices now are fixed at $8 a ton wholesale, a reduction of 50 cents a ton from the previous price, and the eighth successive reduction since Au. gust, 1922, Recelpts are large. KANSAS CITY, November 3.—Deal- ers report a fine demand throughout the southwest for wool shirts, sheep- skin lined vests and coats, and blan- kets. The demand for Atmy shirts and blankets has held up, but other so-called Army goods have fallen off in demand, In some cases as much as 20 per cent. S b, v, ERTORDEY, NovewrEE 3, 1o tocks Regain Most of Ground | | Lost During Past Eight Weeks FurtherWild Risq Is Considered Unlikely Many Factors Reveal Business in Healthy BY STUART P. WEST. Special Dispatch to The Star. b NEW YORK, November 3.—At the high points reached toward the end of the week a large section of the stock, market had regained all and somewhat'more than the ground lost in the two preceding months. In fully three-quarters of the railway list and In more than half of the in- dustrials prices were back to where they stood entering the last week of August. As this August price level meant a considerable recovery from July arfd the, latter half of June, the comparison is very significant. It bears out all that has been said about the misrepresentation and the exag- geration in the price movement of the last five months. Wall street made the mistake of thinking that the unfavorable condi- tions in certain lines of industry por< tended a general depression, It fas- tened its attention upon the over- production in ofl, in automobile tires, in copper, in leather products, at the same “time magnifylng the _cases where high labor costs were eating Into profits. It regarded these aspects as the only ones worth considering in the general outlook. Action at Paychological Moment. The declaration of the extra divi- dend on United States Steel com-! mon stock, accompanying a surpris- | ingly favorable statement of third- quarter earnings, is given credit for the extraordinary turnabout. This is true, but it is also a fact that the market for a month previous had been viewing the business situation more sanely. It had come to dis- criminate between stocks represent- ing lines of trade that were doing poorly and those representing other | lines where the volume of sales was large and the profit margin satis- factory. The action of the steel directors came at the psychological moment | when the speculative community had begun to realize after long experi- menting that the better class of stocks were no longer for sale. a result In many of these stocks all the loss of five months of widespread pessimism, persistent selling pressure and apparent Indifference on the part | of buyers_ has been retraced. That it should h@ve taken only a few days to bring about this recovery gives some idea of the artificialty of much of the recent selling movement Business Healthy Without Boom. Disappointment is still expressed in some quarters because fall trade has failed to pick up as much as expected. But the people who dwell upon this are continually thinking of the conditions of last spring and setting them up as a basis of comparison. The facts are that the let-down from the feverish expan- | sion of elght months ago is altogeth- er healthy and desirable. Certain industries which based thelr predic- tion at that time on the theory that the country was in for a boom, are paying the penalty. But the main| volume of business as represented | by the merchandising trade, is doing | well. We see the evidence of this| in the record-breaking carloadings | and in the very heavy sales of the mail order companies, the chain stores and other concerns engaged in the distribution of goods. Conditions Should Continue. There is no reason why these fa-' vorable conditions should not con-i tinue. Labor is fully employed at: high wages. This makes for a big buying power at the indystrial een- | ters. The advance in farm prices | has done much the same thing for | the agriculturists. There is no long- er complaint that agriculture is in| a state of depression. A certain | section in the wheat country of the northwest has had to learn an ex- pensive lesson, that it is unwise | to put all its trust In a single crop. | But clsewhere the farmers aré mak- | ing money and, as ®ompared with a year ago, are getting more in ex- change for other goods. In a word, | their buying power, too, has in- | creased i No Large Upward Swing Likely. | On the other hand, there is no war-, rant to expect more than a continu- | ance of normaily good times in the ! majority of business lines. Any great | expansion is not to be expected, hence | beyond making the adjustments re- quired by the excesses on the down | side, there is no logical ground for | any large further upward swing on | the stock exchange. The investment | outlook is propitious, with money | rates already easing and the time| drawing near when funds needed for | the crop moving will be flowing back ! to the banking centers. This should | mean an upward tendency for bonds | and other Investment securities. | Foreign Exchanges Very Erratle. | The foreign exchanges have been ' affected by the proposal for a Euro- | pean economic conference, going up when it seemed likely that some good | would come of it, falling back when the prospects of success were made to look dubious. But the foreign ex-' change market has become one of the | most highly speculative of all, and its fluctuations, such as they have beén | during the fast weck or so, reflect the speculative sentiment of the moment Money to Loan i i Secured by first deed of trust on real estats. | Prevalling interest and commission. | Joseph I. Weller 420 Wash. L & Trust Bldg.. 9th & F N.W. First Mortgage Loans Lowest Rates of Interest 4 Commission, Prompt Action | ‘Thomas J. Fisher & Company, I“"i 733 15th Street FIRST MORTGAGES FOR SALE Secured on Improved Real Estate in the District of Columbia Denominations of $250, $300, $750, $1,000 pward. JAMES F. SHEA 643 Louisiana Ave. N.W. as | Condition. rather than the underlying opinion of international finance. The markets in general have at no time allowed themselves to enthuse over an Investigating committee go- | ing into Germany, so long as it was bound to be absolutely hamstrung by France. French Premier's Views. The French premier has announced that no matter what the investigators may find regarding Germany’s ability to pay, France will not yieid a frane in its’ reparations claim. The fact that such a stand defies the united governments of the world appears to make no difference from the French point of view. Under these circum- stances it is hard to see what the proposed commission could possibly do toward settling the problems of Europe. (Copyright, 1923.) DIVIDENDS. Cempany. Period. Rate. Condent & Co. ol g ni Margin of Security We Demand to Safeguard Clients Investing in Our % First Mortgage Notes Insures absolute safety under any and all conditions. Upholds also our estsblished record o never having lost in elther principal o interest as much single penny. Guaranteed titles and insurance policies furnished with all notes. l| Notes of $100, $250, up to $5,000 Now on Hand For full particulars apply || 0'Donell, Loan Department. CHAS. D. SAGER 924 14th-St. N.W, in 36 to Mr. MORTGAGE LOANS Denominations $100 to $6,250 Interest Rates 614% and 7% All loans secured on | modern homes and busi- ness property in best northwest sections of the city. Ask for Imformation RIS CAFRITZ CO il Mortgage Department i 913 15th St. N.W. Main 617 We Will Buy: First Trust Notes se- cured on completed im- proved property hav- ing one year or less to run where property will appraise at 50% margin over loan. Prompt action on ap- plications. ~ Current interest rates. LIBERTY NATIONAL BANK 15th and Eye Sts. N.W. EQUITABLE Co-Operative Building Association Organized 1879 43d YEAR COMPLETED Assets . Surplus . Save Systematically The Mmost effective method of sav. ing i to adopt matic plan & 5 and stick to it. Join the Equitable. Subseription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF Randall K Hagner & Ca 2207 Connecticat (Lienue In Convenient Denominations For Investors Interest 612% 92 Ffteenth Strest Main 6888 NO RISK—NO WORRY— A SAFE INVESTMENT—PLUS INCOME If you are interested in enjoying a high degree of security and a de- income without pendable worry, risk or loss of time, invest in our FIRST MORTGAGES Quarter of a Century Without a Loss These safe mortgages are offered in amounts suitable to satisfy the small as well as the larger investor. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. Large Estates from Small Earnings T is rather the exception for a person to start with a good-sized investment, be- cause most estates are built up by starting at the beginning. To start now, with even $100, and to add to it, allowing the interest to accumulate, is the uowing‘of the seed. We have seen many such starts grow into fortunes of hundreds of thousands, because those who have invested in our First Mort- gages have never lost a penny of their prin- cipal or interest, and, therefore, have had a free mind to devote to the work of earning an even greater return in their own line of en- deavor. Let Us Tell You What We Have Seen! Swartzell, Rheem & Hensey Co. 727 15th Street N. W._ 54 Years Without Loss to an Investor A Great Financier once said: “The man who is a ‘bear’ on the United States will surely go broke” We heartily endorse this statement with the qualifica- tion that wisdom be displayed in the selection of the securities. WHERE can there be found a safer and saner place to invest your funds than at the “heart and head” of this great republic—WASHINGTON, D. C.—called by many keen observers the “World's Capital”? We wonder if you know that the building per- mits in Washington during 1922 were greater than those of all the New England or Southern States together, and surpassed many cities with much greater population. We have been responsible for a large share of these building operations and our loans on the properties have rarely exceeded 50% of their value. They are not subject to depreciation; are of assured safety and produce a liberal income. We ® have never lost a dollar for an investor. LET US FURNISH YOU WITH FULL INFORMATION Realtors 713 14th Street N.W. Main 2345 EFFICIENT SERVICE SINCE 1906