Evening Star Newspaper, December 10, 1923, Page 25

U, MONDAY, DECEMBER 10, 1923. FINANCIAL. HUGE 1924 AUTO FINANCIAL. el THE FEVENING STAR, WASHINGTON, D. — —T—————_— NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star. Office POLTICS BRGEST [T o e The Margin of Washington's Oldest National Bank Security We Demand to Safeguard IN HEAVY DECLINE QUTPUT CERTAIN: Rush of Raw Material Orders Is Amazing—Prices Are Problematical. BY J. C. ROYLE. Epecial Dispatch to The Star. NEW YORK, December 10.—The amount of steel, copper and other raw Mmaterials ordered from producers by automobile manufacturers in the last ten days has beén amazing. There seems to be m unanimity of opinion 8MONg manufacturers that 1824 is 80Ing to be a year of tremendous au- tomobile production. - What cffect the prices of these raw materials will have on motor car prices is being vigorously debated. Supp iers of automoblle parts as- Bert prices for their products have been forced below fair profit margins and that prices must be advanced or many of them must go out of busi- ness. ‘Some of the manufacturers of cars subscribe to the view that the t‘n‘hfl of r prices must be upward. Financlers, on the other hand, who have been actively identified with the securing of capital for financing the industry, declare that the ambitious plans of the stronger makers will re- sult in terrific competition and con- sequent price cuts when- the battle waxes hot. Ford Output An Index. There can be little doubt as to the heat of the fray. Tne Ford Motor Company may not reach its projected 10,000 r day production mark be- fore next May or June But Its out- put during the first quarter of 1924 is sure to exceed materially that of the corresponding period of last year. If the present output of 7,000 cars a day is continued during the first quarter, production of 500,000 cars and trucks will be completed. Th daily output for ‘he first three months of 1922 was 8.000, and the total for the quarter, 386,500, Ocher leading companies are equal- 1y ambitious in thefr programs. The Hudson-Essex output for 1924 s planned to reach 100.000 cars. The Studebaker Corporation_ expects to turn out 150,000 and Dodge Bros. have set sail for an equal total, The Chevrolet goal has been fixed at 800,- 000 agafnst 500,000 cars this year, while ‘the Overland factories will be called on to make 250,000 ca compared with 205,000 in the current year, Investors Study Outlook. The so-called winter sales cam- paign of the Ford Company' was so successful last year that it 1 be followed even more strenuously this winter. Iu the six months from Octo- ber to March, inclusive, Ford expects to sell 1,000,000 vehicles, or 250,000 than were disposed of in the sponding period a vear ago. estors who have made a spe- the motor industry are offerings with more care Each year. since the wai bredicoed tiat ano: season would see the elimination of half the manufacturers. Examination of records showing the accomplish- ments of the particular companies doing the lion’s share of the business in 1923° shows little ohange from a year ago, however. In 1922, the lead- ing thirteen of the 124 active makers sold 93 per cent of the cars. Figures now available make it appear that this year the first thirtéen producers will ‘have sold 94 per cent of the motor vehicles purchased. The list of active producers, however, has drop- ped from 124 to 100. The preliminary figures for the year show that Ford is holding his own, with 50 per cent of the num- ber disposed of. He has maintained this approximate ratlo in.cvery year of the last decade except in 1921, when his proportion rose to 56 per cent. The trade, however, fully expects to see further mortality among the producers. Financlers say it is grow- ing harder each Year to raise capital for new motor manyfacturing enter- prises, But the annual crop of in- vestors. who think the fleld is still fertile for new makers s still amaz- ingly large. MEXICAN BONDS DROP. Vera Cruz War News Sharp Declines. NEW_YORK, December 10.—News dispatches from Mexico reciting the loss of the.capital of Vera Cruz by the government forces caused a sharp decline {n Mexican bonds at the open- fng of today’s market the 5s los- ing 2% and the 4s 1. Rallroad ortgages were In demand and a wide assortment changed hands at moderately higher prices. There was notable improvement also in some of the domestic industrial liens, Mar- land Oil 7iss. with warrants, for in- stance, gaining two points. Active U. S. government bonds were practi- ©ally unchanged. —_— CLOTH PRICES CUT. Lower Raw Cotton Causes Slight Reduction. Special Dispatch to the Btar. NEW YORK, December 10—Soft- ening of raw cotton prices was fol- lowed today by slight reductions in some lines in the cotton goods mar- kets. The reductions, however, were not great enough to stimulate a great wave of buying. Print cloth quota- tions were cut a_quarter cent from 113 to 11% on 64 by 60 and from 13 to 12% on 68 by 72. Further re- ductions of 5 to 10 cents were made today in the raw silk market, where business continued only moderate. - | ATCHISON- RAILROAD CO. TO SPEND $70,000,000 Brecial Dispatch to The Star. L SAN FRANCISCO, December 10.— The Atchison, Topeka and Santa Fe railroad ‘will spend $70,000,000 on im- provements and new. equipment in 1924, or $10,000,000 more than this year, ac- cording to President W. B. Storey. Of this sum $6,300,000 Wil be pald out for elghty-nine locomotives, $15,405,000. for 7,500 freight cars and $1,144,000 for other rolling stock. The remainder of the appropriation will go for improve- 4 ment of roadbed, - More than haif the sum spent In 1923 was for extensfons, Bew yards, icing plants and_shops. WALL STREET NOTES. NEW YORK, December 10.=~Surplus - of $1,630,151, after taxes and. charges, wasg reported by the Delaware and | Hudson rallroad for the third ayarter, | as compared with deficit of-$1,957,845 in the same period last year. Thé Treasury’s announcement’ of December financing cointided with. expectation of local bankers. Bapkers, state they are not con- cerned with the large amount of American dollars now in_circulation in Germany. No il effect is antici- pated- in the currency situation in this country because of the use -of dollars abroad, it was said. NEW YORK EGG PRICES. NEW YORK, December 10.—Eggs, unsettled; receipts, 5,867 cases. Fresh gathered, extra firsts, 56a59;:d 50a55; do., seconds and poorer, New. Jersey hennery white, 'closely selected, extras, ..60a69; nearby hen- nery whites, closely selected, extras, $8a69; state;, nearby and nearby. wes ern -hennery whites, firsts to. extra: 58a67; nearby hennery browns, e: tras, 66268;. Pacific coast whites, ex- tras, ‘65a67; do., firsts to extra firsts, 58a64é; refrigerator, firsts, 28%a30. —_—— ‘1o ‘@e Janeiro, the. Brasillan met- yopolis, - has 120,000 woman wage- parners. =) Starts ! American Tel. & Telga. | East Washi BY WILLIAM F. HEFFERNAN. NEW YORK, December 10.—What weakness appeared on the curb mar- ket today was due for the most part to the desire to take profits. by those who bad been active on the buying side. But while this selling was in prog- ress throughout a good part of the industrial list a number of special stocks went into new high grounds. Included among these latter were Dunhill International and Durant Motors of Delaware. Buying of the former, which set in late last week, wWas even more pro- nouneed and was based on reports that Dunhill will be inciuded in the new tobacco concern now being or- ganized by the Schulte interests. Dunhill International was admitted to trading on the curb market two weeks ago and has moved over a —_— - | NEW YORK, December 1 ing is an offics traded in on the New York Curb Mar- ket today : Sales in thousands. 2 Allled Packers 6a... Allfed_Packers 83 Alum 7s new '83.... & Elec 6o Lt Gs wt wts Sumat Tob 746 Relling Mills Gs T & T 66 ‘24 Anacond 65 . Beth_S Can Nat Ity Bauip 78 Cle Serv s D. Cons Gas Ralto 64 & Cons Textiles 8.... Deere & Co Tias. *.. Detroit Edison 6. . Fisher Body 8s '25. Galena Sig Ofl Tu.. General,Pet Gs. . nd_Truok & Hood Rubber Ts Inter Mach 6in w i Kan City Term 548 Keanecoit Cop 78« » o G BONDS. 2:18. 50 0% S -SRI PO OTUPNE EI —FI OISR Motor Prod Nat Leather 8u. Ohlo Power Tn Phila Elec 5lgn. PhilaElec_ 53 Phil Petro Tigs Pub Serv of X 4 Pub Sers El Pow 65 oss-Shefl 6s : Solvey et Cie % BONY S0 S 0 Sun_ 011 Switt & Co'8s. 1 0l Prod Gort Argent 65 w 1. 3 Kgdm Netl'nds & Mex Govt 3% '80. Mex Govt 5s 'Bi. Huss Govt efs Sig Russ Govt @les cfs. Swiss Govt Sa..... S1U S of Mexico 45.. Salesin STANDARD OIL ISSUES. units. 1500 30 100 10 1000 535 20 3900 830 70 1800 1200 100 36 Anglo Am Ol Buckese P L...... Continent Ofl Dew. . Gal Sig Ol - Imp Oil of Can Ind P L..... Intl Fet Co Magnolia Pet Nofthern P L. Dhio Ol mew...... Prairie 01l & G: Pein Mex Fuel Prairie P L. olar Refin . South Penn Ol S 0 Ind ... Southern P L S 0 Kan new. 0 Ky Sales in undrds. 1 Ark N 5 Carib 1 Cities vie 4 Cities Ser 1 Cit Sery “B" efl 1 Creole Syod 60 Engineers Pet . 3 Federal 01l 4 Gen Det ... en Rock O ulf Ojl of Pa.... ulf St 0 & R wi. 700 Keystone Ranger.. 10 Livingston 011 Cos 33 Marland . 20 Mex 01l 10 Mount Prod . 89 Mut 01l Vot 2N Mex Land. 10 Northwest 0! 5 Omar 01l & 1 Peer 0N Corp 2 Pennock Ofl 15 Roy Can O 6 sait Ck Prod. 10 Sapulpa Refin 7 Seaboard Ofl . 501 Sou_States Oil 10 Texas Ranger . Washington Stock Exchange. AFTER CALL. Washington Rwy. & Elec. pfd.—6 at Tid, ® Saunisiton Byr, X B com.—100 at 63, 5 figme Sat st 295, 5 ‘Washington Rwy. & hington Rwy. & Elec. com.—5 &t 67%. Money—Call loans, § and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid, 9214 104 983 at e merican Tel. & Telga. 48..... American Tel. & Telgs. 4% Am, Tel. & Tel. etl. tr.58. Am. Tel. & Tel. couv. 68.. ‘Anacostia & Potomac 5 Anacostia & Potomac gu! ©O. & P. Telephone 53, & P. Telephone of Capital Traction B. R. City & Suburban Geargetown Gas fot S Metropolitan 2 Totomac Elec. 1st 3. Potomac El Potomac El Flee. Pow. g m. n., Alex. & Mt. Ve . Rwy. & Elec. MISCELLANEOUS, . C. Paper Mfg. 8. H Hexity 5a (long] Realty 58 (short). Waan. Market Cold Storage. Wardman Park Hotel 6s.. STOCKS. PUBLIC UTILITY. ‘Traction. 8% 8% 125 Columbls Commercial . istrict .. Purmers & Mechanici . Federal-American = Lincoln . National Riggs_ - Second Natioual TRUST COMPANY. jcan Security and Trust Eoncipentay Trust ¢ Bank. SAVINGS BANK. Commerce and_Savings, ton. rity Sav Seventh Street. Bes 3 9"1': Diteh Market pd g Yobington Markst ...\ range of more than 3 points. The recent rise of 7 points in Durant of Delaware started with the improvement in motor shares on the big board and was set down mainly to covering by shorts who had been active on this side for some time FACTOR IN NARKET Views of Nation’s Leaders Just Now Largely Direct- ing Trend of Prices. Kresge was another specialty which reached new high prices in response to the greatly Increased volume of business. At 45 it was up almost 12 points since its listing on the curb market. The consistent strength in Southern States was the outstanding incident . in the oil group. The stock was ac- | Special Dispatch to The Star. trely bought at Its best price abéve| NEW YORK, December 10.—James . The recovery in others of this,p B atal group was checked from time to time, | 5, Clews, in reviewing the figan due to profit-taking, but the majority | Situation, say: subrequently got above Saturday's| “An easentially political market United Verde Extension, among the | 148 developed, with affalrs at Wash miaae Ahaee. gained & point, follow: | InEton overshadowing business con- ing the report. that Xovember produc; |ditions and practically directing the on amounted to 3,242970 pounds of | course of events as to prices. Presi- opper. S, it was selling only 1% | 8 oes. e ot TR R Eyear, | ¥ | dent Coolldge’s message and the re- port of Secretary Mellon relative to points above the low of the year. Treasury finance have naturally oe-{ cupled a place of first significance, and have on the whole exerted a calming and conservative Influence upon the trend of affalrs. | “Many careful observers are now iof the opinion that there will be but 2if 'little done during the present ses- Pipe. 2" (slon of Congress and that, on the Checker Cab nf;J\ 40 | whole, the situation Is likely to by Cut Nip mew w i... 433 % 33% | unsatistuctory from the standpoln e BTE new ¥ g1 lof comstructive work, but, on th Qube Co o . 8 jother hand, such as to prevent the Dubilier 6 » {development of hasty or dangerous Db Bont Motors. .. {legislation that would cause dis- B e eh: 1 | turhance to business. The President’'s 2 | message has been viewed with par- 1 Tidal Osuge Ofl % 30 Wilcox 01l & Ga 65 0 Vacuum G & 0. 05 INDUSTRIALS. Am L & Traet ... 118 Atl Fro w1 U R, 1 Beech Pk Co nw wi Bridgep Much w 1. Bklyn City R R.. Candy Prod Cor wi Car Light ... Ceutrif_Iron ks & ns 16 1y 1 =3 e e Eleanaseiioems 5 Duaiii ol Ioc 4 . Gillette a: E ticular ravor rallroad investors, Gleasonite Prod (6. {Who are disposed to think that they jwould do well to leave matters in: the hands of the admintstration and let them take their course along the ilines foreshadowed by President {Coolidge in his m. g Whether they can do so or not re- mains to be seen, but there is un- doubtedly a more hopeful attitude. {particularly in view of the fact that !ll\'*{l‘ is an increasingly good earnings showing so far as the October returns of 8 1 roads are concerned. “As for taxation, the outcome of the proposals of Secretary Mellon is #till in doubt, but there is abundant reason to believe that they will have at least a fighting chance, in view of the general support that they are now getting from the business world and from the conservative elements | in the community generaily. Thus |(:¢r the best observers of the legis. lative outlook are not disposed to give very serfous Importance to other pro- jecied plans for attacking the present Bystem of business and finance, al thougl they recognize the hazardous | possibilities of interference with the federal reserve system, or with bank- ing in general, in the supposed in- | terest of the farming community, as 1s now planned by not a few persons. .|EXPORTS OF GRAIN i DOUBLE IN WEEK 3y | W o8 | Commerce Department Marked Increase in Flour Shipments. Glen Alden Coal.. Gold Dust Corp w 1. Hud & Mann R R.. Intl Cone Ind Corp. Kresge Dept Stores. Leader Produc. Leligh Power sec . Minsiasip River Pow 2 Mot Pro Co ew wi rrene Mg Radio Corp Radio Corn Reads Coal rin w i Reading Coal w i.. Reo Mot ... Rosentaam ( Sheltan’ Lo So O & 1 new Stutz Motor .. Switt 1ntl Tenn E Tobaceo Prod Exp.. Todd Ship ... Union Carbide Tn Ufe Shar_new Tni Retail Cand: L 8 Distrib .. srans B ewr [ Heicher Extens Boston Mont Corp. .. Canaro_Copper delarix Min Amer Mines. | dfelt Developm. Goldfieid Deep Min Goldfield Florence. . . Hecla Mine ... Homestuke Ext .. . Independence Lend. Jerome V Devel. Lone Star ... o8 Ly Mobican Cop 2010 dawihorne Mines 3 Grair e TUnite Sevona 2 : rain exports from th [nl} d ) ew Dominion ¢ {States last week amounted to $2.0 New Jersey Zinc 00 bushels, 7N Y Porcupine . = 1 ¥ 95 Ohto Cop ...... the week 4 Premier” Go 3 Figures made public by the Com- | 8 Gt eesiy merce Department today gave the! 10 Sitverdale following comparisons between grain | exports last week and those of the week before. 10 Silver oru Min Barley, 322.000 against comypared with $53.000 before. H 15 %o Am Gold & P.. 30 Spearhead Gold 60 Siewart Mipes. 000 bush- 356,000 bushels against 4,000 bushels against 400 against 131000, 10 Sutherland Des 3 oats, bushels against 520,- 10 Tonopah Jim Butler 19 United Eastera. 8 United Verde Ext. 10 U S Contl mew w 1. . = | LYON PARK. LYON PARK, Va, December 10 (Special).—The regular meeting of the Lyon Park Civic Association will | be held next Tuesday evening at 8| jbe held tomorrow evening at &' Fitch. The general water situation will be discussed and an attempt will be made to initiate a definite pro- !gram looking toward the obtaining | of an adequate supply for the use of | the community. The long continued dry spell this jfail. coupled with the increasing | number of houses being baflt, has caused many of the wells in the com- munity to become dry. The move- ment inaugurated last year for an | extension of the District of Columbia { water supply to serve the residents of | ¢ the nearby Virginia communities is; parig to concentrate business in wheat, 1,316,000 000 X Canadian grain shipped from United States and Atlantic ports last week amounted to 4,246,000 bushels against i the previous week. ur exports from American ports ! were 656,400 barrel t 299,300 barrels the previous week. WOULD ABANDON LINE. The Kalamazoo, Lake Shore and Chicago rallroad, which operates six- teen miles of line_between Kalamazoo and Lawton, in Michigan. asked the terstate Commerce Commission to- for permission to abanrdon and its property, because it never paid expenses. OIL MERGER DELAYED. DENVER, December 10 (Special).— Negotiations for the orption of the Continental Ofl Com by the Mu- tual Oil Company have been discon- tinued for a time, owing to the ili- ness of President E. T. Wilson of the tinental. But the Mutual is pre- ! TERRELL & LITTLE, Inc. Clients llveqtln' in Our 7 -~ First Mortgage Notes Insures absolute safety onder any aud all | tions. condi It § Uphiolds also our established recora of never haviag lost In either principal or single peany. insurance policles farnisb-d with all notes. | Notts of $100, 5250, up to $5,000 Now on Hand ¥or full particulars apply 0'Donnell, Loan Department. CHAS. D. SAGER 924 14th St. N.W. Main 36 Investor ] I I | I i polis Company Would Build No More Extensions Un,er Present Conditions. Speelal Dispateh to The Star. ST. PAUL, December 10.—Merchants in this sectlon generally reported good holiday buylng today and pre- dicted that the 1923 salgs volume would exceed that for 1922, but Wwould fall below early season expec- tations. The*Minneapolis City rail- road has asked the municipal council to relleve it from further extensions of lines, as recent expamsions have brought an_increase In operating ex- penses of $238,000, while trafic has decreased by 1,765.000 passengers £o far this year as compared with 1922 This Is attributed to motor vehicle competition. LIVE POULTRY PRICES. CHICAGO, December 10.—FPoultr: alive, unchanged: fowls, 14a20 springs, 18; roosters, 12%; geese, 1 turkeys, 22. to Ar We are paying from 7to 10% bonus on short term First Trust Building’ Loans Washington Home Builders’ Association, Inc. 1406 H St. N.W. | Phones Main 6894 & 4713 FIRST MORTGAGE NOTES For eale. Conwalt us if you have avaiiabie funds for investment. THOS. E. JARRELL Member Wushington Real Estate Board Woedward Bldg. Main 766 Money to Loan Secured by first deed of trust on real estats. Prevalling interest and commission { Joseph I. Weller 3%k L & Tt We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street Safe Investment | Firt mortgaze toans ‘o demominatlons of | $200, $300 and 31,000, secured on lmproved, - e L e 3 b - " AA st oo v _ feal esate; latercat 63 por cwnt. pardie| Pirgt Mortgage Loans ! Lowest Rates of Interest and Commission. Thomas J. Fm“fis{} £ ":q-ny. . 9th & F N.W. UNDER UNITED STATES GOVERNMENT SUPERVISION Safety and Interest Guaranteed 49, Savings Deposits 4 7o 5% Certificates of Deposit5 7 Free Checking Service Banking Hours: 8:30 te 5 POI, THE DEPARTMENTAL BANK 1714 Pennsylvania Ave. N.W. iy Realtars 1208 1sth St. N.W. P Co-Operative Building Association Organized 1878 434 YEAR COMPLETED Anmnets 84,750,763 Surplus . . -$1.207.28 Systematic Saving at effective way to get ils. This has been through sears of ex- FIRST MORTGAGE LOANS Denominations $100 to $6,250 Interest Rates 6% and 7% All loans secured on modern homes and busi- ness property in best northwest sections of the city Ask’ for Tnformation MORRIS CAFRITZ perience. Subscription fer the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING | 915 F St. NW. JOHN JOY EDSON. President again being fostered and Representa- ' Denver shortly after January 1. The tive R. Walton Moore has reintroduced ! refining, marketing and transporta- in the present Congress his bill, ghv- | tion headquarters will be transferred ing the Commissioners of the District | here. the necessary authority to dispose of ' |any surplus water to the Virginia residents. Similar authority already has been granted for the communities in Maryland included in the joint; sanitary zone. Thomas R. Mecham has resigned as scotit master of the Lyon Park Boy | Scout Troop. A meeting of _the sponsors of the troop with Dr. Bar- clay, scout commissioner for the Dis- | trict of Columbfs, who has jurisdic- tion over this territory, was held at the home of E. J. Merrick last Thurs- | day. Plans for a_ reorganizati of the troop were discussed. eral | names have been proposed as likely | candidates to succeed Scout Master Mecham. The Misses Florence M. Kautz and ; Bessis Richley of York, Pa, who! have been visiting Mr. and Mrs. A. H. | Kautz of Spruce street, returned home last weel. BRENTWOOD FUND LOW. Treasurer Reports Only $24 on Hand for Road Work. Special Dispatch to The Star. BRENTWOOD, Md., December 10.— | The mayor and council met at the of- five -of Mr. Meyers last Wednesday :night. Report of the treasurer reveal- led that thero was but §24 in the road fund. More than $700 will be recelved from -the county commis- sloners to complete the town’s rebate 1fund. While the office of mayor and {council has been petitioned by many 1for street improvements, it is’ expect- ed that some of the strects will have to be closed this winter on account of the conditions resulting from new- 1y _laid sewer mains. The Brentwood Progressive Asso- clation met Friday night at the home of C. G. Sipes, president. Arrange- ments were made to have motlon pictures and a demonstration by the Chesapeake and Potomac .Telephone Company at the next meeting the first Friday in January. A committee was tormed to investigate the condition of Baker street, with a view toward of- feriug 2 plan to present to the state highwdy commission. Another .com- mittee was formed to plan a sldewalk campaign for locallties im Brentwood. e UNFILLED STEEL ORDERS. Dectease of 904,341 Tons Reported for. November. | NEW YORK, December 10.—Un- filled orders of the United States Bteel Corporation on November 80, made public today, totaled 4,368,584 tons, a decrease of 304,241 tons under those at the end of October. Immed of no loss to You can invest from 1927 to 1938. ducing real estate cash or under our mediately available SMITH BUILDING | . Please send me fnformation about your First Mortgage Investments which are im- FRANK P. REESIDE, Seey. Mortgage Department 913 15th St. NNW. Main 617 iately Available FIRST MORTGAGE INVESTMENTS, backed by our record any investor in 50 years, are now available for immediate delivery or January reservation. for any period from three years to fifteen years, the investments being payable any January 15 or July 15 As onli a limited amount is available for each of these dates, we suggest that you place your order or reservation promptly to obtain the particular ddte of payment that you desire. These First Mortgage Investments cn improved income pro- in Washington, D. C., are sold outright for Investment Savings Plan in denominations of $100, $500, $1,000 and $5,000. They yield 614,% net. ; Federal, State and District of Columbia & Tax-Free Features Bring the Gross Yield to 7.13% - - - Ve F.H.SMITH COMPANY - - - - FIRST MORTGAGE INVESTMENTS f 815- FIFTEENTH ST. Name ..,, R R e in maturi- ties of 8 to 16 years, Financing Santa Claus —is a big task if you're not pre- pared for it, but a Savings Ac- count faithfully built up through the year insures plenty of “where- withal.” gOne Dollar or more entitles you to a Xmas pass book in our Sav- ings Dept. Start saving now for Xmas 1924. 22 FOREIGN DRAFTS afford the best means of forwarding Xmas cash abroad. Our Savings Deft. Pays 3% Compound Interest National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. 5. Treasury—109 Years Old Organized In 1814 AN EXPERIENCED FINANCIER and business man said to us today: “Whenever 1 am asked for advice upon the subject of investments, par- ticularly by those. inexperienced in such matters, I in- variably recommend RT MORTGAGES upon IM- PROVED REAL ESTATE, or U. S. Government bonds. Of course, the preference is for first-class mortgages, be- cause of their higher rate of interest without sacrificing the security in any degree.” This unsought observation fully supports our repeated claims that there can be NOTHING BETTER than the FIRST MORTGAGE NOTES we are offering today—and the delight in ownership is enhanced by freedom from all care and responsibility of collection. We have some as low as $100—and they all pay 6%4% per annum. We can even arrange for time payments, should a purchaser desire. Why not purchase one of these notes as a Christmas gift for a relative or friend? Nothing could be more ap- preciated or intensely practical. Mortgage Department SHANNON & LUCHS 713 14th St. NW. Main 2345 Dean, Onativia & Co, Stock Exchange Building New York STOCKS and BONDS COTTON GRAINS COFFEE SUGAR MEMBERS New York Stock Exchange N. Y. Cotton Exchange Chicago Stock Exchange Ghicago Board of Trade N. Y. Produce Exchange New York Curb Market Minneapolis Chamber !01 Association Commerce WASHINGTON OFFICE Main Floor, Woodward Building Phone Main 2040 JOHN CALLAN O'LAUGHLIN Manager Your Maturing Invesments T you have an investment—bonds or other securi- ties—about to be paid off, you will want to get the highest return by keeping your principal con- stantly at work. Our organization is so planned that we can keep your money invested and reinvested in First Mort- gage - Notes on improved Washington real estate, so that your principal is earning for you without inter- mission. These Notes are obtainable in denominations of $100 and upwards. Call today and arrange to reinvest promptly the funds made available by maturing in- vestments or from January dividends. . Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 54 Years Without Loss to An Investor While rates are tightening and gen- erally speaking it is difficult to obtain loans at this time, we want our custom- ers to know that we still have plenty of money to loan upon real estate mort- . gages in Washington. Wm. H. Saunders & Co. 1433 K St. N.W. O = UV TTVIITR =Y