Evening Star Newspaper, December 7, 1923, Page 29

FINANCIAL, FINANCIAL. w 991 Safe Investment PITTSBURGH PLUS _ THE EVENING STAR, WASHINGTON, D. C, FRIDAY, 'DECEMBER' 7, 1923 NEW YORK CURB MARKET Y EES I.[]WER PRIGE |MERCHANTS BUYING = ———1i ! QUITABLE A well established financial or. ganization would welcome substan. tial business man or one who has PLAN ABOLISHED Chicago Concern May Cause Revolution in Prices in Steel Industry. By J. €. ROYLE: I spatelt 1o The Star: YORK, December 7.—An- cement today by the La Sallaj ¢l Company of Chicago that eo’ r as its products were concerned the “Plttshurgh plus” system of prices had been abolished was re-| ed today as having opened the door to wider competition in the| ol trade of the country. This was first formal gnnouncement by.an important steel producer that this ancient trage practice no longer | would ‘be observed in the midwest! steel center. & “Pittsburgh plus” feans simply | that steel in other centers, Chici 3 for example, has bben sold on a basis | the price at millg In Pittsburgh | freisht rage from Pittsbursh ale, although the| heen produced point of steel sold ¥ ha ut the paiut’of s A sult to force the hment of this practice now ix ¢ the Federal Trade Commis- for consideration Chiengo's Largest Producer. alle Steel Company is the r in the Chicago dis-| rold drawn screw and alloy | <hafting, turning out about nually, or about 10 per country’s outturn of this! The Pittsburgh base clags of products has ired pounds, or $60 a £o price under “Iitts- has been $66.80 a ton, from Pittsburgh to The La_ Salle ces that hereafter it “Chicago + price presi ¢ company, added that this stitute the settled policy of he i€ goods Chief Uses of Produets, e products made by the La Salle are lar| used in the pro- of engine ricultural im- ., Eas engines, automobiles nd screw machine products. One of e larger markets for such products etroit and western manufacturers today expressed the belief that as n' result of this change of policy they would be able to enter that market 2nd others on equal terms with east- ern manufacturers. | 1 western users of steel point out that while the products of the| 1 alle Company are speclalties, the new practice probably will affect | the steel trade generally, since they | are manufactured lar ¥y from steel bars. The latter have not taken the full “Pittsburgh plus” rate for nearly two years. For a time plates, shapes and bars were sold in the Chicago district on _“Chicago base,” or an lity with Pittsburgh. This, how- , was not announced to the pub- but mply was practiced in ! trade circles. Later a differential of a ton was adopted on plates, apes and bars instead of the freight e from Pittshurgh to Chicago, or $6.80 a on. Other steel products, however, hive maintained the full cifferentiul of $6.80. Others to TUp Plan. Several manufacturers of epecalties wrn to be contemplating the fol- ;) set_ by the La are de- ir basic it 18 re- possible that the La Salle t may have been a feeler , test out possibility of com- ndonment of the “Pittsbur. 3 m, in view of the wide oppo- sition to it. There now are thirty-two ttates banded together trrough their vernors and attorneys general in an iation to fight the continuation of practice. e Compan, dent for al implement manufacturers - interested, since t markets have been seriously affected . by the low prices obtaining for farm ' 5, while their costs of produc- rapidly for both As a consequence, m implements has seemed igh to the agriculturists, purchased only us necessity mounted demanded SEND TICKER WARNINGS. Members of Cotton Exchange Would Check Leaks. 4 —Members ange, at s con- anch W YORK. December T New York Cotton Exe gestion of the busin mmi today pycut-of-town Corre; ond- \g them ‘to prevent unau ividuals or firms from ob on quotatiuns furnished | by the exchange. | The s was taken as a part of | st odd-lot cotton | have defrauded | mall traders in the south | of millions of dollars. The letter recalled that membe were under a written as well as mor: ohligation to protect the quoiations, and that leaks must be ented. e MEXICAN BONDS DROP. Reports of Revolution Start Break; in New York. W YORK, December 7. fell off sharply at the opening | of the arket today, reflecting the in- | fluence of news dispatches of a revo- lution in five Mexican states. The. 4 per cent issues declined nearly 2. points to 28 and the is fell off 3% pola New$ of the Mexican difficulties ar-| rived here on the eve of an expected announcement looking to the early operation of the Mexican debt agree- ! ment. Bankers declined to comment | on the situation. { BALE WEIGHTS COMPARED. . December 7.—The . H. G. Hester of the Cotton Exchange on ghts of 4156464 bales of cotton d at out ports and across the ppi, Ohio and Potomac rivers d 10 American manufacturers outside of the cotton belt during the | :Hun{l) of August to November, in istve, 52180 pounds, ageinst the same period last year. DIVIDENDS. ce, wiote Mexican Orleans .52 for Am Pub Ser pf Bur & Q ham & Pi t Peabody Nat Lunk. xQ 4% Ve G SLT3 Qi or Bartery, ex $1.00 n Co of Pa 1st p. udson Trust .... ount. Producers, ount __ Producers... Nunnally Co . 158 e, . e Paige De ae Tel & Tol ol ynolds (R J) T.. eyn (R J) Tob B, Reyn (R J) Tob pt. Tea aotor vy 1B RS E ! Q. 314 a4 L. Q 2% 050 asats S Un L &R 'n 1. 3 }i: A.n‘r:vvts | Potomac | Potomac Elec. Con | Potumac Elec. howed an average, per bale, | Recelved by Private Wire Direct to The Star Office BY WILLIAM ¥. HEFFERNAN. NEW' YORK, December 7.—The most noteworthy incident In today's upturn on the curb markeét was the Sharp sise in United States Dis- tributing. The stock cltosed Thursday at 36%, where it was up 2% points on the week. Buying operations then sud- denly increased and the stock re- sponded to the jump above 42%. The authorized common amounts to $2 000,000 of $50 par value, of which only 85,000,000 are outstanding. Some time ago it was reported that there would be formed an important |combination of anthracite producers through the taking over by a sub- sidiary of the United States Dis- tributing the entire anthracite ton- mage of the Pennsylvania Coal Com- pany and several other concerns. However, the deal is not expected to_be consummated until April mext. Reading Coal was prominent in the advance and reached a new high ove 61. The rights to subscribe to th‘l new stock also sold at their best price, Another feature was a sharp braak in the various Mexican bonds. This followed reports of rebellion in many parts of Mexico. The 6 per cents suffered the largest decline, opening 6 points lower and recovering only slightly. The 4s fell to around 34, agalnst Thursday's final of 37%. Thursday's decline in Reo Motor was made up. But it was evident that the declaration of an extra divi- dend of $1 had been discounted. Realizing sales appeared in the ofl shares early in the day, but were eventually absorbed, and higher prices were again the rule. Imperial Ol of | Canada_continued its remarkable ad- vince, while International Petroleum and Ohlo Oil were among the leaders of the standard group. The inactive Swan and Finch rose over four points on only a few transactions. Southern States crossed 24 to a new high, but profit-taking later slowed up the movement \ NEW YORK, December 7.—Follow- ing {s an official list of bonds and stocks traded in on the New York Curb Mar- ket toduy : i Salen (n thousands. 10 Atom ONDS. Aigh. Low, 10234 108 100 101% 102 48 o1 102% Ta 2075 ey i Auaconda 65 .. Anglo A 0N 7%y AUG & W IS8 5 Belgo Can Pap G, Steel Tx Nat Ry Equip Cutan Tel Tix e Detroft City’ Detiolt Edison 6 Fed Sugar fu 3 Fisher Tody e Inter Mateh Btgs wi 4% Kan City Term 56 Libby, McN & L 1% aracaibo Of Ta ‘25 2 Morris & Co Tigs.. N “Orlaw Pub Ser 54, Onio Power 5 B. Phil Elec Pab Serv of i Serv EI Yoy et Cle B S s St X1 7s. et Srommesrn’ Tidal Osa 5 Tuit 01l Prod x.... 17 Webst Milis 81on wi 9% Govt Argent o& w | By King of Nether Gx... 8 Mexican Govt 3s ‘86 8% 101 9 TLUS of Mex 4x TS Mox 4s ef dep. STANDARD OIL ISSUES. glo-Amer Ol . 100 Atlantic Lobos 50 Buckeye P L ... 400 Continent Ol new. 1 Crescent P L - 2000 8 O Indiana o 208 0 240 X 0 N 2000 Vacuum Ol new Sales INDEPENDENT OIL STOCKS. in hundreds. B Ark Nat Gas Cities Service pfd 2,000 Cit Serv C serip 000 Columbia Ssnd 1 Creole Syod .. 240 Engineers Pet 18 Federal 01l 4 Guit Oil of Pa .. DG S0 &R W ) Hudeon 011 120 Ke. 10_Living: 1 Mex Eagle 7 Mex Panuco. 3 Mount Prod 40 Mutusl Ol vig 15 107 Washington Stock Exchange. SALES. ~ Fiec. cons. 55—$1,000 at 7%, 071, $1,000 at 97, $1,000 at 974, Capital Traction Co.—5 at 98, 5 at 08, 10 at 95. Washirgton Gas Light—2 at 483, 2 at 4815 10.ar 48ty 10 at 451, Miergonthaler Linotype—10 at 15214, 10 at 152%. AFTER CALL. G450 at 031 1 at 201. a5 6s '83—$100 at 100, $100 at 109, §1.000 &t 1003, Capital Traction 5e—§1.000 at 843%. i Washington Gas 6s '83—31,000 at 100, $1,000 at 100%, $100 at 1003, $100 at 100: 1001, ] e Nashington Gas—15 at 48%, 5 at 4815, Mouey—Call loa and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Pato $1,000 2 at American Tel. American Tel Awm. Tel, & Tel. ctl. tr. Ss. Am. Tel. & Tel. conv. 63. Anscostia & FPofoma Anucostia & Potomas C. & P. Telephone 35, & elephione of ¥ pital Traction K. R. City & Suburban Ts. Georgetown 1st Metropolitan R. K. 5 Elec. 1at 35 e Koiomae Eire. on 103311 Forbiee ow. k. ; \Wisiv, Alex. & . Ver. 35 Wash., Alex. Mt. Ver. « Bt & Anowp. On. MISCELLANEOUS. D. C. Paper Mfg. On Riggs Realty o8 (o Kiggs Reaits 5s (short) Wash. Mnrket Cold Storage. Wardinan Park Hotel 6. STOCKS. PUBLIC UTILITY. American Tel. Telg Capigal Traction Wshington Norfolk & Wash. Bteamboa Wash. Rwy. Elec. o Wash, Rwy. & E Terminal Taxi com. Capital National Bank. Cojumbla District | Furmers Federal-American . Liverty . Lizcoln Natioual Metropolits Riggs .. Becond National | Amerlcan Security & Trus Continental Ti Merchant Nationsl Savings & Trust. Trust. . Commerce and Savings.. East_Washington. Becurity Suv. & Com, Beventh treet.. TUnited 8 W TITLE INSURANCE. Columbis Titl Real Estate Title..... Mergenthuler Lisotype 0ld Duteh Market com. 0ld Dyteh Market ptd. Lanaton Monotype. Becurity Storag: Washington Marie! Yellow Cab. s, | only with moderate success. Bradtd Ol w1 4% 4% Mex Land. e 4 3 B 18 Trank 01l ¥ Can 0 & R. Sult Ck ) 187 Suputpa Refin L 88 Seubonrd 0111 2 Bou 2414 LI v L o4 Wileox Oil & Gas.. 6% INDUSTRIALS. Wi 310 31 14 4 4% Amal Leather. Amul Leaths 1 Am Hawn W Am L & Tract Am L & Tract prd 3 Arcler Daniels Mid. Much W s Prod Cor w i Fif Tron Pipe ke A id 21% 101 p B troow Auto Durunt Mot 5 Duni Heyden Chem .. Hud & Mano R R Hudson (i Imperlal Tater Cont Int Conc Ind_Corp Kreage Dept Stores 2 Libhy MeN & L ow 2 Mexabi 1ron 5 13 128 4 2 Reading Coal w 2 Reo Mot ...... Ko C & Ipew. . 00 Sthandard G & B0 5 Btutz Motor 3 Swite Intl . Tenn Eiec P Tobse Prod 183 er.. 18k Tn Retail Candy 4T 8 Light & Heat U 8 Distribut Universal Pipe % i Wayne Coal ... Wh Rk Min §p nw € Wil Corp 1st pfd.. W Co Ist pf of dp Wr W Jr Co ow wi Yel Taxi Corp N Y i Alaska Drit-Colo .. Alvarado Min ...l Ariz Globe Copper. . Boston Mont Corp. 17 Canario Copper .. Central Amer Min Con Cop Miues new Cortez_Silver . Cresson_Gold Crown King Cons.. Ressrve 2 Jerome V ‘err Lake Lone Star Mason Valley Mohican Cop ational Tin. ew Jersey Z Y Porcupine. eveda Oph 3 Nipissing hio Coppr 83383 Spearhend Goll Teck Hu 28,3, > United Verde Ext. 2 U S Contin aw wi . Tnity Gold Utah Apex . Wenden Coppet Wett_Lor Siver .. . - 34 Yukon Geld ... s WOOL MARKET CHEERFUL ‘Worsted Interests More Active. Mill Buying Improves. | Special Dispatch to the Star. BOSTON, December 7.—Worsted manufacturers who have been prac- tically out of the market for the last six monthe again are placing some business, the Boston representative of the bureau of markets announced today. This fact, coupled with con- tinued buying in falr volume by | woolen mills, gave the market some- | thing to be happy about. Domest prices have sHown little change, al- though the new buying is taken to indicate that manufacturers are be- ginning to feel that prices will _go higher before they are lower. Re- ceipts Thursday were 1,616 bags of domestic wool. _— DRY GOODS UNSETTLED. Raw Cotton Fluctuations Xeep Buyers Cautious. Special Dispateh to The Star. NEW YORK. December T.—Cotton 8oods markets continued 'their ir- regular course today, trying to keep up with the fluctuations in the raw material market. Print cloths again were quoted at 113 for the 64 by 60 and 13 for 68 by 72. Trading was light. In the raw silk market dea ers went after reluctant busin: with another reduction of 23 (o cents a pound. meeting, however, =X E .- 131 TODAY'S FINANCIAL NOTES. Special Dispatch to The Star. ‘ NEW YORK, December 7.—It was { unofficially reported today that a banking syndicate will offer in the (near future a $15,000,000 issue of Pure Oil Company notes to mature in three years. This will be the sec- ond oil company to offer new financing in order to take care of the hu oversupply of ofl. Arbuckie Brothers, American Sugar and National Sugar today reduced re- fined sugar quotations 10 points, to 9.15, and Federal announced a cut of IID points, to 9.05. Cars loaded on the Pennsylvania system in the week ended December 1 were 145,461, against 161,409 the preceding week and 147,875 in the same week in 182! NEW YORK EGG PRICES. NEW YORK, December 7. Firm; receipts, Jorsey, hennery whites closely select- ed extras, 63a69; nearby hennery whites, closely selected extras, .68ag9; state, nearby and nearby western hen- nery white, firsts to extras, 58a67; Pa- a‘rfl? ctu‘" ‘wmé::hoxm:. “‘ ; do., sts to extra , 58a65; refrigerator firsts, 29%a3l. COTTON MILLS CURTAIL. WARE, Masa, December 7—The Otis Company, cotton goods man facturers, announced today curtall- ment of operation in its clothing de- ent from five and one-! to our days a week. - The change is effective tomorrow. - S FOR NEXT DECADE W. R. Basset Declares Fac- tory Capacity Now Greater Than Needs Require. Spectal Dispatch to The Star. NEW YORK, December 7.—"The factory capacity In nearly all Indus- tries is much greater than the pres- ent consuming power of our mar-| ‘kets,” says Willlam R. Basset, presi- dent of Miller, Franklin, Basset & Co., industrial engineers and account- \ants. “The result” continued Mr. Basset, “will be Increasingly bitter competi- tion, with falling prices to the con- sumer, accompanied by faflures among those manufacturers who do not reduce costs to a point where | they can still make a profit at the lower prices. “In one important branch of the | |garmont tndustry there is, [ estimate, | an overcapacity of at least 50 per cent. In spite of this contracts have | Just been let for wnother enormous mill. Several other industries which supply articles of everyday use are equally overbuilt. “When modein methods of produc- tlon are adopted in other industries that are not yet overbullt the ca- pacity of the plants will be increased | sufficlently to force the les economi- | cal concerns out of busin, “Excess productive capa results in lower prices may be short upward flurries, T am satisfied that for a decade or more manufacturers wlill face _ falling | prices. They must prepare for It if they hope to survive.” always | COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ST. LOUIS, December 7.—Toys In the stores show an increase of 30 per cent in the volume of forelgn-made articles, although the amount retail- ors have pald s about the seme last year. The reduction in the cost of German toys is held acoountable. — | BOSTON, December distinct feeling in_ busin here that Boston will become a maj factor In shoe manufacture as the result of migrations here of firms formerly operating in Lynn and Haverhill. Efforts are being made to provide advantages in the way of raw material facilities and labor. AKRON, December 7-—An increase | In’ production by certain tire com- | panles has necessitated employment | of additional workers Production now Is estimated at 70.000 to 75,000 tires a day, a8 compared with 110.000 last summer It is figured 45.000,000 tires will have been told this year And plants are arrancing echedules | Ito produce that number in 1924. ATLANTA. December 7.—Fireworks manufacturers and distributors re. port a fine business from cities and country towns throughout the south, | where it is the custom to use fire. works in the Christmas and New Year celebratlio: SAN DIEGO, Callf.. Dacember 7.— A survey of the Imperial Valley shows that 20,000 acres there have been planted ‘to lecttuce, which will com- mence to come on the market next | week. The first shipment eastward | is expected to amount to fifty car| loads. { WARREXN, December 7.— | What is said to be a world's record | for pig_iron production was made | by the Trumbull Cliffs Blast Furnaces | in November, when 25,303 gross tone, | an average of 843 tons a day, were | turned out. i PITTSBURGH. December 7. | mand for structural steel is very; good. Local concerns have booked | large orders re ch of this' materfal is going Into new buildings and bridges. PHILADELPHIA. December Anthracite operators have started a campaign to induce the use of the smaller sizes of coal, through ex-' nibitions of methods and machin for utllizing the cheaper grades. They are working with manufacturers of such equipment, and will supplem exhibits in various cities by active participation. SAN FRANCISCO. December 7.—! Cold-storage warehouses reported to- day that a large quantity of turkeys, held over from Thanksgiving have boen added to stocl here. NEW OCEAN SERVICE. THILADELPHIA, December 7 (Spe- clal).—Direct passenger service be- | tween this port and Londonderry and Glasgow will be resuned next June, | when the Cunard-Anchor jine steamer i Columbia will make the first voyage. ! ays of the old clipper ships | & favorite route by which | s of Scotch and Irish came to America. LEAF TOBACCO RECEIPTS. BALTIMORE, December 7 1and leaf tobacco receipts continued | to decrease during the past week.| being 455 hogsheads. of which 7i| hogsheads were ground leaves. Sales totaled 685 hogsheads, with 56% cents De- | being the top price. { The active demand continued for all old crop tobaccos, and quite a lot of | ground leaves also found buyers. Maryland prices per 100 pounds— Inferfor and frosted, 3.00a5.50; sound common, 6.00a8.00; good common, 8.50 | 835.00; medium. 26.00a35.00; fine red, 6.00a56.00; fancy, 56.50; sec- | onds, common to medium, 6.00a24.00 seconds, good to fine, 00835.00; ground leaves (new), 5.00a25.00; up- per country (alr-cured), 5.00210.00. Unsound and badly mixed packages from 1 cent to 3 cents lower. EMPLOYMENT HOLDS UP. DETROIT, December 7 (Special). The total of workers employed In De- troit industrial plants this week amounted to 214,377. This compares with 212,397 for the previous week, an increase of 1,930. Last year at this time the employment total was 181, 325. The prospect for continued ac- tivity in the industrial plants here is | excellent, despite the fact that the inventory season is approaching. While there | 1! IN SMALL LOT — By the Assocluted Press. CLEVELAND, Ohlo, December 7.— [ Unfillled order books are showing the ' thumb marks of careful study, accord- ing to the Monthly Business Review of the Fourth Federal Reserve Bank, is- sued today, and the stories they tell vary somewhat, but taking into consid- eration present seasofial tendencies the final pages for 1923 are not gemerally disappointing. Smaller lot, chasing. is much In evidence, the re view continues, and the prinicpal rea son back of this policy may be surmmed up in two words—eflicient transporti- tion. Buyers know that they can have goods delivered on comparatively short notice; therefore they put off buying longer than was customary a few ycar ago. While production in certain lines has slackened during recent months, busi- ness certainly is not at a low point. SHORT-TERM SECURITIES. (Quotations furnishied by Redmond & Co.) ~—Noon.—— Hie. o 102, 2 e loall . w9l 100 11005 100% D100% 1004 118 DT 01 1015 102 1015 00 100% 100" 1004 918 98 oy 0y 0y o8l 1087 10Ky 1005 81 Almminm Co. of Amer. Tx 10 Aluminum Co. of Amer. 7x 19 American Cotton Ofl 6a 192 American Rugar 6s 1837. American Tel. & Tel. 85 1921 American Tel. & Tel 6x 1025 Anaconda Copper s 1979, American O 7% 15 re & Ohio 6x 1024 n Northern Argentine Rwy. Gs 1 Central Leather 5x 1925 . Chi. R T & Pn Dy Pont | Fisher Body ¢ Fisher Body Corn. 6% Goodyear T. & R. Bw. ent Northern 7a 1036, 8t. Paul Bwift & Co Tidewater 01l 8 | Calor, Tank C TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) ——Noon. Rate—Matrrity Ria ber 1 11118 9% 10070 To0ie FOR INVESTMENT | MORTGAGE LOANS Denominations $100 to $6,250 Interest Rates 6/4% and 7% All loans secured on modern homes and busi- ness property in best northwest sections of the city. Ask for Information 4 Money to Loan Secured by first deed of trust on real estate Prevalling interest &nd com:iniusion. oseph I. Weller g ‘o & & xw 5., Oth & F X Invest Your Xmas Saving In our first trust notes. They will yield you a generous rate of interest. Loan Department Boss & Phelps 1417 K St. N.W. The Margin of Security We Demand to Safeguard Clients Investing in Our % First Mortgage Notes beolute safety under auy aud sl f conditions. il Upbnlds also our established record of ng lost in either principal or i Much as & ringle pency. (Gomruiteed titien ind insucance policies forn's? 4 with all notes. | Notts of $100, §250. uo to $5,000 § Now on Hand *ppiy ent. CHAS. D. SAGER 024 14tk St. N.W. Main 36. We Offer for S-nle FIRST MORTGAGE LOANS Bearing 6%2% Secured on HOME PROP- ERTIES at less than one- (| half of value. This Is the Safest LESS COTTON FOR SALE. ATLANTA, December 7 (Special).— Much lighter offerings, with a firmer price tendency, have been the reac- | tions in Georgia and Alabama to the sensational decline In cotton futures. Co-operative marketing associations are not selling at present prices. Spot centers report tha demand is much greater. than the spot eupply at pres- ent levels. d BANK CLEARINGS RECORD. ATLANTA, December 7 (Special).— | Atlanta bank clearings will be llrltr‘ this year than at any time since 1920, according_to local financiers. -Busi- ness has been stimulated recently by 36 cent cotton and early and heavy holiday buxlnl. Clearing for Novem- ber reached over $265,000,000. NUT PRICES ADVANCED. ATLANTA, December 7 (Special).— Notwithstanding that the 1933 yield | of paper-shell pecans was the largest for several vears, prices are higher than In 1922, according to growers. Retalles welling at 50 cents o und, compared with 70 and 75 cents st December. #i- . Possible Security Guaranteed Title Investment from $500 upwards Waggaman & Brawner, Inc. Franklin 7483 732 Seventeenth Street N. EEE T e FIRST MORTGAGE INVESTMENTS 6Y2% Denominations, $1,000 and upward. Secured on Improved W. $500, 9730, | Properties Only JAMES F. SHEA but more frequent pur- | ! i | 1 s|E i Ca-Operative Building Association Organized 1579 434 YEAR COMPLETED urplus . -$1.207,382 Systematic Saving Tt iy the most effective way to get ahead financially. This has been demonstrated through years of ex- perience. Subscription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON. President FRANK P. REESIDE, Seey. i 7% First Mortgages $250 and Up Write or Call for “Booklet.” William S. Phillips 15TH ST. AT K N.W. Main 4600. Mr. Investor: We are paying from 7to 10% bonus on short term First Trust Building Loans Waskington Home Builders’ Association, Inc. 1406 H St. N.W. Phones Main 6894 & 4713 UNDER UNITED STATES GOVERNMENT SUPERVISION Safety and Interest Guaranteed 4%, Savings Deposits 4 % % Certificates of Deposit5 7o Free Checking Service Banking Hours: 8:30 to 5 P.M. THE DEPARTMENTAL BANK 1714 Pennsylvania Ave. N.W, business conmections group. First merigage loans in demomivatioss of' 200, $300 854 31,000, secured on improved real estate; fnterest 6% per cent, payable semt-annuslly. TERRELL & LITTLE, Inc. Realtors 1506 18th St. N.W. to join present Communications Confidential. Address Box 31-K Star Office SIX AND ONE-HALF PER CENT QUALITY FIRST MORTGAGES for Over a CONSERVATIVE INVESTORS Quarter of a Let us show you the properties. Century Without a Loss B. F. SAUL CO. Main 2100 1412 Eye St. N. W. MOST VALUABLE ASSET —is the successful operation of an extensive real estate, loan, insurance and building construction business, covering a period of seventeen years in this city, during which time NO INVESTOR HAS EVER LOST A DOLLAR through the pur- chase of our First Trust Securities. THIS FACT should assure you of the superior quality of our MORT- GAGES as to security and income, as well as the UP-TO- THE-MINUTE SERVICE in every department. GIVE US A CHANCE TO PROVE THIS SHANNON - & LUCHS 713 14th St. N.W. Immediately Available First Mortgage Investments 3 Years to 15 Years $100, $500, $1,000, $5,000 Backed by a record of no loss to any investor in 50 years Payable January ¢ January January January January January January January January January January January 15 15 15 15 15 15 15 15 15 1927, yielding 6%2% n 1928, “ 6Y2% 1929, 6Y2% 1930, 6v2% 1931, 6Y%2% 1932, 6Y2% 1933, 6v2% 1934, 6Y2% 1935, 6Y2% 1936, 6%2% 1937, 6Y%2% 1938, 6Y%2% or or or or or or or or or 15 or 15 or 15 or July 15, July 15, July 15, July 15, July 15, July 15, July 15, July 15, July 15, July 15, July 15, July 15, et « “« Federal, State and District of Columbia tax-free features bring the gross yield to 1.13% These First Mortgage Investments are eold eutright for cash or under our Investment Savings Plan. Call, write or phone Main 6464 for full information. Jhe F.H.SMITH COMPANY SMITH BUILDING CHounded 1873 FIRST MORTGAGE INVESTMENTS 815 FIFTEENTH ST.