Evening Star Newspaper, December 22, 1923, Page 11

FINANCIAL, SUGAR BEET MEN PLAN EXPANSION Enormous Increases in Next Year’s Acreage Likely. Cuban Mills Start. BY J. C. ROYLE. £pocial Dispateh to The Star. NEW YORK, December 22.—Now that the Colorado sugar beet growers have agreed with representatives of the Great Western Sugar Company on their contracts for 1824, the planning and preparation of additional acreage is progressing rapldly in tho west.| The new contract guarantees the grower a minimum of $5.50°a ton for his beets and a siiding le based on the price at which the factories dis- pose of the sugar manufactured from them will give him from 60 cents to ‘$1.60 a ton more from the next price raceived by the company for the sugar a growers are expected to agree to a like contract and the set- tiement ‘undoubtedly will have a stimulating cffect all through the in- ter-mounta region. The stimulation wward planting additional acreage has been Intensified by the successful invasion of the eastern markets by beet sugar manufacturers this year. although this move tended to keep ¥ »r refined sugar down to rea- limits rather than to boost cwceer, it opened markets hitherta closed (o the beet sugar pro- ducers and stabilized the industry to no little degree Big Yields Predicted. is estimated that the increased ge in Colorado alone next ¥ d 2,000,000 tons of beet that under the new contract gro will receive from $1.000,000 to $1,500,- 000 more than they were paid this year, if presest price levels are main- tained and the sugar content is ap- proximately the same. Under the system employed at re- cent conferences, the growers for the first time_had a direct hand in shap- ing the 1924 contracts. These are based on the average net price and the averago sugar content realized by the company over the last ten years. and make it possible under certain conditions for the grower to realize £3 p the proceeds from a ton sonable of sugar. Methods in Michigan. The Michigan factories, which turn- od out about 112,000 tons of sugAr this year, alro are expected to have yields from an increased acreage to handie in 192 ontracts in that state in are on the #0- oalled fift; That s, grow- ers ara pal pets on a scale < to what the manufacturer: produ n wells for during the Oc tober-January period. So far in this perind this year have Been about two cent than in 19 This means that s and manufacturers each will to tho extent of one cent a pound. Tn that section the increased production this year was handled with but a elight Increase in labor, hauling. handling and overhead costs over 1922 Acreage will be planted and culti- vated {n 1924 which has never been utilized before, because of the success growers have had In transporting their crops to the factorles in light motor trucks. In the delta district the increase expected to be be- 50 and 70 per cent. Colorado given payments on pLeats, amounting to ap- $2,500,000, just before "0 W benefit tely nas. Cane Crop Harvesated. harvesting of the Loulsiana rop is nearly completed and i» estimated at more than nds less than that of agents of the bure They 1 y 8, 0006 pounds. A few months ago it was ertimated at 522.- 000 pounds. Last yvear's produe- tion was 312,000,000 pounds. The e received for raw Louisiana su- zar has dropped since the opening of e season from 7.25 cents a pound to *nts, And the price of granu- 8.60 conts. About crop has been mars t of this amount cents a pound, as ents last year. ars in Cuda have v state 3 © g mission to import thou- rkere from the West In- a shortage of labor. for new crop, which mills "TREND OF BUTTER PRICES IS HIGHER Slump in Fancy Offerings Noted During Week—Few For- ¢ign Receipts. ! By the Associated Press. CHICAGO, December 22.—The high- er prico trend In the butter market during the week was caused by sup- plies of fancy. butter running short of immediate needs. Although production increased, the quality of domestic receipts was not particularly fancy, and was of un- dependable keeping quallty. Grow- ing shortages of storuge butter made it necessary to return to use of fresh, especially ‘in the esstern markets. Tatal withdrawals from storage at .the four principal markets were much hter than the week befére and a Year ago. Developments in the forelgn situa- tion were few. Arrivals at New York amounted to 150 hoxes Irish, 3 casks_Swedish. 679 casks Danish and 81,780 pounds Canadian. All found falrly ready outlets. Range and closing wholesale prices, a2-score butter, follow: Chicago, % higher at 5313; New York, 1 higher at 55: Boston, 1 higher at 54; Phila- delphia, highegat 55. —_ By the Associated Press. NEW YORK, December 22.—Excep- tionally large purchases of dollar ex: change in Paris, combined with an ab- sence of franc requirements in New York, carrted the French franc down to 5.01% oents, the lowest price on record, #t the opening of today's for- eign exchange market. New York bankers asserted there was no evidence of liquidation of French Lills in the local market, but that, on the other hand, commercial require- ments for French exchange were un- usually small just now. Dispatches from Parls stated that rear-end settlements in France called for an unusually large volume of dol-. . lars, and that the decline of the franc in America was directly traceable to that situation. EX-DIVIDEND TABLE. . Ask Your Banker How much real value stands back ©f the stock you are asked to buy? Are you sure that the nice, honest- looking stranger is telling you the truth? Ask.vour banker to look into What he clalms. 3 BY WILLIAM ¥. HEFFERNAN. NEW YORK, December 32.—A few solected stocks were bid up in today’ curb market, but the genersl iist was dull and little changed. Consolidated Gas new crossed 60 in sympathy with the rise in the stock on the big board, Durant Motors of Delaware was another leader, cros ing 30 for a gain of 2 points. il _shares continued to respond moderately to the deoldedly bett showing made last week in crude production and imports. Imperial ot NEW YORK, December 22.—Follow- ng is an ofctal list of and stocks traded in on the New York Curd Mar- ket today : Sales In thousands. BONDS. High. Low. Close. Bu. . et o p 20 (ol Graph FIEE 2822223232 Klee § 9c Blgw ‘88 et Cle Bu.... 104 X 2.0 180N Y 7'29...0] 100 BKONY 64 . 108 3 Ualon 011 68 B 0! 1 Unit Ry of Hav Tie 106 14 Webster Mills 83gs.. 100 FOREIGN BONDS. 0 Gov of Argant 6a w 1 100 Mexican Govt Os. 1% 3 Phila 2 Phila B Salve; 680 120 Maguolia Pot 00 X ¥ Traosit . 800 Ohio 01l sew 840 Py 20 Praitle P L... 100 South Pena Oil cl 300 Vac OIl nmew... Bales tn INDEPENDENT OIL BTOCKS. bundreds. 67 Carib 8ynd . B e £3 t 223.2888.1u3 FES et FELES 4 Pennock Oil....... 8 Pan-Am Pet Ris wi Roy Canad 0 & R. INDUSTRIALS. Allied Pack new... Am Cot Fatieic pfd.. Huwailan & 8., Archer Dia Midisod Co pfd Armour Atisatie Fruit w n X liette 8 R . ... leasonite Prod’Co. oodrear Tire ... B! Muym Mot new 'w i 18 Inter Cont] Rubber 2% Washington Stock Exchange. BALES, [ashington Gas Light—4 at 8%, Lanston Monotype—i0 at 70, AFTER CALL. .—‘4‘1‘& at 0Ty, 3% 431,000 at o, 10 at 483, 10 at "BONDS, Bid and Asked Prices. PUBLIC UTILITY. 32823 Potomac Votomac Flec. dab. 8e. Potomac Elec. 6a 1903, Elec, m & FFE 38288 asianEE q33832 . C. Paper Mfg. 6a. Riggn Healty 08 (long). . Riggn Teaity Ob (short Market Cold Btora; Wardman Park Hotel 6s. STOCKS. PUBLIC UTILITY. Ametican Tel. & Telga. 3 Norfolk & W a ton Rwy. & Elec. Wasn.fowy. S ik, ol Termiaal Taxl com Eazlisy’ F * NATIONAL BANK. Capital Capital 588 BAVINGS BANK. nd Sav! s¥3388 . PAper Pfd....... Bosshants: Transier & Wtorusi ergenthaler Linotspe.. arkét co THE EVENING STAR, WASHINGTON, NEW YORK CURB MARKET Recolved by Private Wire Direct to The Star Office Canads sold at 113, where it was up 2 points. Special buying ket on in Carib Byndicate just under 8. The recent strength in Gillette Bafoty Rasor and the further advance of 2 points In the stock today reflect- ed opinion that earnings for Novem- ber and December will be in excess of thowe of October, Which was a rec- ord month, Walker Mining, in which 56,700 were dealt In yvesterday, were comparatively mneiflected, and held around 3%, where it had closed Iri- day. Hawthorne Minos changed hands at (ts best price, around 74. 12! e LW 124 1:32 2 Intl Con Ind Corp.. 1 Kreage Dept. Stores 2 Laader Produce 1 Lahien row wec tores 21 Mesabl Tron - 1 Bwift Int . 1 Bwift & C ob _Prod Exports. Bakerl : Hat Mfg w i. ne Coal . J Taxi Cor N Y 37% MINING 11 Alvarado Min ... 70 Artsons _Globe ' Coj 10 Black Oak 10 Roston M Bl Adl 56, 5 Heat.. . . 8 7y ex A ... 20 0 3 3 8 TR 3 < it d ine ...... z ‘ 30 Mohlean Cop - E ] g J 'S ad ... E A8 m K @ 40 1 o o s o A i K wart, Mines E k 1 Tonopah Extens > e 2 Tonopah Min 1 7 United Bastern 7l 4 1 United Verde Ext.. 20 Union Mi cfs M 4. .01 SHORT-TERM SECURITIES. (Quotations furaished by Redmond & Co.) Algminym Co. of Amer. Te 1023 Aluminum Co. of Amer. 7 1833 Cotton Ol 6« 1924.. Sugar, 03 1987 Tel. & Tel. Tel. & Tol. s 1923.. Anaconda Copper 85 1920 301 Anglo-American Ol Tigs 1823.. Aablam s Onto oa 1024, N dlan Northern Siys 102 . 8s 10! Central Leather 5 = Chl., R. I. & Pac. Glgs 1928.. Dy Pont Tias IW1.... Edison El Boston Federal Sugar Bel, te ¥isher Bouy Corp. Fisher Body Corp. e 1028 T. & R. 8 1601 orthers Ts 1030. y American American American American MeNei & Lubby n State Tel. 0s 1024 P& 8. 8. M Oye 1081 1030. 5 . Tlan |, Ta 1038, s 1982 Western o 48 Westinghou: 8t B & BOSTON STOCK MARKET. BOBTON, December 22.—Following is . :Ilu nr‘ lml?rl highest, lowest and osing prices for the most active 0 deait in here: AEiVRTgetks g Are Cons Arisona Com . Boaton & Aivacy oston alne . Boston Bl Calu & Hecls . Carson Hill Min . Connor J T ...... 4 Bwitt Tater . Ttlnity . Tualumoe 8 Emeit pid ine b Con . DOLLAR AT NEW PEAK. Paris Bourse Reports Record Mark at Today's Opening. PARIS, December 22.—The doll opened today at 19.60, the highest peak it ever reached on the Paris bourse. The explanation of the continued rise in exchange during the past waeek, it is belleved, 15 to be found in the legitimate requirements of the year end, tho settlements having caused the great volume of transac- tions. Exchange all this week has en above 31,000,000 daily, in contrast to the normal average of between $400, 000 and $600,000. POTATO MARKET. CHICAGO, December 22.—Potato steady; receipts, twenty-four cars. total United States shipments, 387, practloally no offerings account holi~ day and unfavorable weather; Wis- consin bulk round white, 1.20. RATES ON BAR SILVER. LONDON, December 22.—Bar sliver, 33% pence per ounce. Money, 1% rer Discount rates, short ~bill 3% per cent; three-month bill, 18 per cent. LIVE POULTRY PRICES. CHICAGO, December. 22 alive, unsettied; fowls, 13a 12%; geese, keys, 24 SANTA IN WALL STREET. NEW YORK, December 22.—Wall street joined yesterday afterncon in the first real community Christmas celebration held in the “street” for years, In past vears two od ebrations ave been held, one inside the New ork Btock Exchange and the other n Bowling Green, the latter under the guspices of the Boy Scouts. Both weré combined. —_— RUBBER FIRM BANKRUPT. CLEVELAND, Ohio, December 22— The Tuscora Rubber Company of New Philadelphia, Ohlo, was adjudged bankrupt by Harvey H. Hostetter, federal referee in bankruptcy for that district, today. Willls Bacon of Akron was appointed trustee by the cred- itors. It is said that $3,5600,000 worth th‘!t'ck of the concern was ®old in 0. PRICESGOLOWER (e INGRAIN MARKET Hurts Chicago Rates. Corn Holds Firm. —— Dy the Assoctated Prens. CHICAGO, December 23.—KEvidence of the pressure of supplies and of the Canadlan surplus in particular has been effective toward bringing about lower prices for wheat this week. Compared with a week ago, the mar- lket this morning showed % to 1% decline, with corn unchanged to % down, oats 1% to 1% off and pro- visions varying from 20-cent l0ss to a gain 6f 10 cents, Loan Gosaip Also Faotol General selling which w wit- nessed in the wheat market as the week drew to an end appearsd to be assoclated with enlarged deliveries here on December contracts and with notice taken of the huge amount of wheat estimated to be coming into this country from Canada and enter- ing into domestic use. Pronounced declines of wheat prices at Minne- apolis received wpecial attention as significant in this respect, pointing to big stocks easily avallable despite semi-orop fallure in nearby spring wheat territory. Bearish sentiment 150 Increased owing to obstacles Posed against any loan to Ger- many based on food payments having priority over reparations. Crop Reports Surprise. Government cfop reports from Washington had & further depressing influence on the wheat market, Inas- much as the production estimate for 1923 was larger than the trade had looked for. ~Nevertheless, for a liqui- dating market the declines were much more orderiy than might have been expected, and the maln selling ap- peared o be on the part of miscel- laneous holdera than from con- centrated Intere although optnlon on this point varied. Unfavorable weather, together with assertions that farm feeding of corn was about equal to last years record, tended to uphold the corn market. Demand for oats was slack. Provisions averaged lower in sym- pathy with the hog market. WEEK SEES CHECK INSTOCK ADVANGE Washington News Big Factor in Wall Street—O0il Shares Heavily Bought. Bs thA Associated Press. NEW YORK, December 22.—Stock prices met with more opposition in thelr movement to higher ground in this week's market. Business was on a reduced scale, due to the ap- proaching holidays, although odd lot dealers reported an fnorease In that business, which was generally con- Atrued as a reflection of wider pub- lio_participation. The market recelved a_sharp set back on Tuesday when Washington dispatches indicated that » soldiers’ bonus bill might be Lassed over the Pregident’s veto and that it would bo given preference over the Mellon tax-reduction program. Prices made substantial recovery later, however on the decision of the House ways and means committes to take up the pdministrative features of the tax e for bl beforo coneldering the bonus Hone,Tax Selliag” Reported. eaviness in many fss: - tion ecliing,” several of the broker- age houscs advising their customers to take losses this year on the theory ((‘I"\‘llcvuglglltlltk]vnl on the amounts de- or losses in the new tax Toasure, ¢ noruded Speculators for the de succerded in foreing angl:i-‘;‘.rq:l llhfln in some of the western rallroad Shares on rumors that some of the other large roads were likely to fol- low the action of Chicago and North- weatern by reducing thelr dividends Confidence in these {ssues was partly festored, however, by the declaration ;r“x|lr:1: "‘.m" payment on Northern Oll shares were the weekly report Petroleum Iustitute, ther reduction tion, and t heavily bought on of the American fute, showing a_fur- (. e o produc- e prediction the ‘leading ofl authoriiles. thor o sumption would equal production about the middls of next year, o Store Sasues Strong. partment store faa of other conoerns llknl;e:o‘:nfln the heavy holiday trade were sharply during the week. Streng.n also “developed in a number of tae f00d. leather and chemical {ssues The successtul flotation of a §40,- 000,000 issue of preferred stock Que. ing the week was generally aecepted as proof of the fact that large sums of ey are sl k o amoney are stll sceking invest- stocks efit by bid up 1138 CHRISTMAS TREES EXPECTED TO DROP NEW YORK, December 32.—The re- tall price of Christmas trees in New York city from the beginning of the season on December 1, had until yestorday anywhere tr;:v?'gdo cents to $8 a tree. Retall men gener- ally agi thet on Monday the trees wliil be almost given away, and that & good percentage of the 300 carloads of evergreens in the New York Cen- tral frelght yards will go to waste. 8ince the wholesale price of the Christmas tree {s anywhere from $1.75 to $23 for a bunch of three or five trees, the wholesale men conclude that the retaller, In many cf profiteering on Prices for tre and floris vary neighborhoods. A grocer in Flatbush advertised on a placard in front of the store: “Help yourself, 50 cents fece.”” Trees in some part are selling for 25 cents. O t side the prices also are com- tively low. But on Amsterdam énue and Broadway, in the uptown otion, the charge is often as much - Btock of . Becord. su. 31 . 81 n Can n 3 BrEmp b1 19 B ity Investing. ity Tavest pi R o 5 Cudahy Pk 8% pf Cudahy Pk 7% pf BImia u 5% ot Fitth sy Bus sec Falcon Steel 2 it sy 99010 H H nro i e 2B R ion *# S 5 IR [ 8 Seore 2 228 =3 Fag EoBSE REER.ELEE BNNG 1] 0&: E 7 Bwtaion=eb! 21 R D The lu . __C, BATURDAY, DE Leading CEMBER 22, 1923. on of Foreign Exchange Incident of -Week; Demand for Cotton in Face of High Surplus of Canadian Wheat| Prices Also Surprise~Railroad Stocks and Bonds Remain Backward. BY STUART P. WEST. pecial Dispatch to The Star. NEW YORK, December 322.—The foreign exchanges and cotton have divided interest with securities in the Wall strect situation of the past week. The stock market had one day of sharply declining prices, the first real check since the upward turn began at the close of Octobe Rallway shares and junfor bonds have plainly besn discriminated inst despite all the favorable data on rallway traffic and earnin Never before in December has uso large a volume of frelght passed over transportation systems of the coun- try. It is known that the November statements soon to come out are llkely to make tho same good showing as thol of October. In fact, looking ahead, it is difficult to see anything but maximum gross earnings and fair nized net for so long general bus iness holds the way it now. Fear Depresses Raliway Stocks. The backwardness of rallway stocks must, then, be set dowh to some othe cause than earnings present or pr pective. It is quite possible “that some of the pressure against th highet pricad dlvidend payers has been coming from persons anxious to establish tax losses. How much of & factor this may have been will, of course, be disciosad after the firat of the ¥ There has also been some lquidation for forelgn account due to the unsettled conditions in politics and industry abroad. But mainiy the cause Is the uncer- tainty regarding the anti-rallroad campalgn. Nobody, even on the rad- ical side, belleves that anything aloni this line will be done at the presen session 0f Congress. The question is whether or not thefe Is to be lasung prejudice agains 1! investments on the ground that some day the poll- ticians may succeed in repealing the safeguard of the transportation On the other hand, the recent unsati factory action of the rails may turn out to mean nothing more than that active dealers are leaving thie class of stock alone until the session at Washington |e farther along, and un- til it is possible to get a better line on the political outlook. Cotton In Demand, Despite Prices. The egtraordinary lhlni about cot- ton is the way demand holds up in face of very high prises. A lot is belng said about the (nabllity of MAY URGE CHANGES INU. S. CROP REPORTS Secretary Wallace Advises Visitors to Study Present Methods With Care. N Recommendations for changes and improvements in the government's reports of cotton condition, acreage and production forecasts may be made today as a result of a confer- ence of planters. cotton exchanges, assoclations of producers, spinners, and the farm press of the cotton states, invited by Secretary Wallace to discuss the scops and methods of collecting and distPibuting reports re- lating to the cotton crop. Recretary Wallacs urged the par- ticipants in the conference to inform themaelves thoroughly on the methods of orop reporting now followed and the safeguards used to prevent leaks of information, and particularly re- quested them 'to consider the num- ber, tima of issuance and character of reports, and to offar constructive criticisms ' and suggestions for im- provement The conferees continued today thelr dizcussions begun yesterday and will make their recommendations before adjourning. Besides representatives of the entite cotton Industry. Senator Harris of Georgia and a number of representatives from cotton-growing states Are participating in the con- ference. ——e LIVERROOL COTTON. LIVERPOOL, December 22.—Cotton ; ful m in; 3; *h0ak; low middiin 5! good ordinary, 17.98; ordinar: .38 T Sales. 2,000 bales including S00 Américan, receipts, 000 bales, in- cluding 16,900 American; futures, closed quiet: December, a4 uary, 20.36; M'lrth. ::i‘“ 19'15 July 19.62 leptem! 7.18; ber, 16.44; Decemaber, (1934), 159 e CRUDE OIL HIGHER. PITTSBURGH, Pa., December 42— ‘Threa s?wdtn of crude oll quoted in the market here were advanced 15 cants & barrel today. The new prices ara: Cabell grade oil in Eureka Pipe iine Company lines, 1.35; Somerset medium oll, in Cumberland Pipe Line Company lines, $1.30. d_Somerset light oil ‘\ln G{'{‘:’:"‘“ Pipe Line nes $1.45. cné"::‘;yrndo advanced early this week, were unchanged. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY RICHMOND, Va., December 22.— The automobile is ruining the Christ- mas tres business in Richmond. Deal- ers sald today that peoffle are motor- ing Into the country to steal, beg or| buy trees from the farme. The result) is that five-foot trees are selling here for 25 cents. The best treos for home, from $1 to $7. ETROIT, December 22.—A survey of the retall shopping district today | that the holiday trads wiil otween 15 and 36 per cent higher | than last year, and similar condl. tions are reported from Flint, Grand Raplds, SAF naw, Jackson and other Michigan citi SAN FRANCISCO, December 23.— | Cattle ralsers are facing an acule situation a result of lack of rain throughout the Foeding cun- | ot been g0 poor in many Siuooy h‘d" :uck men u’y0 this spells T. PAUL, December 23.—Farmers lnsnflulhurn Minnesota are out in ‘with teams and tractors doing thelr ring plowing. lakes are still open and lo; operations are being hampers mild weather. PHILADELPHIA, December 22.— Sales of plumbing lllpplg manufac- turers have increased about 33 per cent in the past year and tho rgnge of prices now is about 10 per cent above that for the corresponding period of 1932, SHREVEPORT. La. aily average o a4 Arkansas 0 uisiana &nd Ar 1,413 barrels this week to a t 172,314, ATLANTA, December 22 creased motor oar ssles in th tion are reflected in licenses fssued. Passenger car licenses totaled 154,000, against 1289 ast year. ‘here were 22007 trucks listed, against 16,937 in the cotton mills to pass the high cost on to the ultimate consumer, and the suggestion is constantly being thrown out that mill operations will have to be curtailed for lack of adequate profit. But so far the fig- ures do not support the idea of an impending latup in the production of cotton goods, elther hers or abroad. During the last week domestic spin- ners took 13 per cent more of the staple than they did in the same last year, while experts so far on are nearly 14 per cent of Franc Significant. The decline in the French franc to much the lowest in history has been the most significant incident of the In the chamber of deputi: Is there has been an animates fon about the state of the and for the first time a minority has had t e to connect the rapidly fal ing value of the curfency and cor- responding increase in the cost of living with the Ruhr policy and 1ts results for reparations. Total expenditures for recdn tion, pensions, etc., set down a coverable” through German indem- nity payments now amount to be- tween 120,000,000,000 and 130,000,000~ 000 france. France has had to cover this and to meet besides its prdinary budget deficienci b, increasing its natlonal debt untf fully 100 per cent above what it was at the end of the war. That the French authorities are afrald of the results upon French investment sentiment 6f indefinite piling up of new bond and note {ssues {8 Indicated by the polley which they adopted early in the year. Instead of offering directly all the securities needed to meet require- ments, the government has been handing over part to contractors and others engaged In reconstruction work. These construction firms thereupon have been issulng their own_ obligations, using the govern- ment bonds aw collateral. The effect upon the debt volume Is the same, but the public get the impression that they are being asked to absorb much smaller offerings from the treasury than they were in previou year. Fresh Bond Issnes Necessary. The simple reading of the decline in the franc is that French finances are depending upon a full collection of as extremely doubtful. Thers are three ways in which the French budget would have to be balanced in the absence of payments from Ger- many — through extra _taxation, through paper currency inflation or through further bond fssues. Addi- tlonal taxce are the most reasonable method of the three, but in order to sufice they would involve an extra burden upon French Industry too great for any government to contem- plate. A determined fight has been R D against meeting government eficits by expanding paper note Is- sues. The assumption is, then, that the budget deficiencics will continue to be handled as they have in the past, by fresh bond lssues. In this event the question is, how long the French investor, when he awakens to the un- certainty of reparations, will be will- ing to go on taking these govern- ment loans. (Coprright, 1023.) FIRST MORTGAGE NO ¥or sale. Comsult us If You bave avallable funds for {svestment. THOS. E. JARRELL Member , Washington Real Eistate Board Weedward Bldg. Mala T8 Becured by first deed of tust on redl estate. ‘ Prevailing ioterest &nd eommission. oseph I. Weller $3,%%a & & T Safe Investment Pirst mortgage losns in denominations of 50, $500 and 31,000, secured o improved real estate; futerest %4 per cest, parable semi-annually. TERRELL & LITTLE, lac. Boalt 190 18th Bt X.W, 79, First Mortgage Notes ed by first deed of trust om 1 o o nations "of"¥350" 1o $8,008, CORY & CORY, 907 15th N.W, T First Mortgage Loans Lowest Rates of Interest sd Commissiom. Thomas J. PPT:;:: fl"'c':_. Ine, " YBe 10 Arrent s $250 and Up ‘Write or Call for “Booklet.” William S. Phillips Denominations $100 to $6,250 Interest Rates 6}4% and 7% All loans secured on modern homes und busi- ness property in best northwest sections of the city. Ask’ for Intormatien Mortgage Department 913 15th St. NW. Maln 617 reparations and that this ix regarded | l FINANCIAL. 'EQUITABLE Co-Operative Building Association b 84,755,170.52 .$1,348,320.98 FORTUNATE Is the imvestor Who Is Content With 7 and Safety. Many, to thelr sorrow, permit themselves to seek the specu- lative market for a greater re- turn, sacrificing both principal and the anticipated high inters est rates. Be sat with safety. Your ultimate yield is greater. First Mortgage Notes —properly placed have stood the test of time for ety. Wa now have on hand a limited amount in small denominations. Send for hooklet giviag come plete detalls, Loan Department, Chas. D. Sager 924 14th St. N.W. o 8 s hum‘fim Beeription tor the 86th Issue of Stock Being Recelved Shares, $2.50 P_u Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, Presideat FRANK P. REESIDE, Seey. ON FIRST MORTGAGES . . In Convenient Denominations For Investors Interest 6%2% . What Is Your Invest- ment Plan for 1924 EAR after vear Swartzell, -Rheem & Hensey-Company First Mortgage Notes have demonstrated their sterling qualities. The owners of our Notes have enjoyed the advantages of safety, prompt payment of interest and freedom from worry. Did your investment experiences in 1923 iall short of such a satisfactory record? If S0, you may get maximum returns in safety in 1924 by placing your funds in our FIRST MORTGAGES —the type of investment which is the corner stone of banks and in- surance compahlee. These Notes are available in denomina- tions of $100 to $100,000, and may be pur- chaged either for cash or through our plan of SYSTEM SAVING. Call or Write for Detailed Information Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 54 Yeurs Without Loes to an Investor IT’S NOT TOO LATE —to arrange with us for a Christmas gift that will furnish as much satisfaction to the recipient as'money can buy. Stop in on Monday morning and let us supply you with a First Mortgage Note, secured by first lien®upon improved property in Washington. We-have denominations of $100, $250, $500 and $1,000, and you can arrange for partial payments if pre- ferred. . We will be closed all day Christmas.