Evening Star Newspaper, December 29, 1923, Page 17

FINANCIAL, ‘—r—————_——— L MEN WATCHNG| " CALIFRNIA FLOW " Outiook for 1924 Depends Largely on Conditions in Far-Western Fields. BY J. C. ROYLE. Special Dispatch to The Star, NEW YORK, December 20.—As a result of the increases in the prices for erude ofl put into effect this week in various sections of the ountry, the industry is watching Caiifornia and the thermometer and holding fts breath. The outlook un- doubtedly has brightened for the vetroleum producers, but many be- lieve that the course of prices in the next few months will be dependent largely on the condition of affairs in the California fields. The advance in prices has followed rectly on the heels of the reduction n flush production in the Powell field of Texas and the Huntington licach, Long Beach and Santa Fe Springs fields of California. Tha 1eak of production in the Powell dis- 't was reached In November, when .000 barrels a day was coming irom the wells. This has now fallen 10 about 125,000 barrels a day or less #nd many wells are under pump. The total Callfornia ofl production for 1923 will be approximately 2 018111 barrels, or an average of 720, 600 barrels ¥ for the entire vear "l liis statement is based on actual pry tnction for the first fifty-one weeks of the year, with 5,047,113 barrels al- Iowed for the final week. Daily pro- duction, however, has declined from 00 barrels in August by 16.5 per and most of this decline has noted in the three flush south- n_California fields,. The reduction in the output from thess four great flush fields is re- rarded as a most favorable factor for higher prices, according to men in the trade, but It'is pointed out that this reduction fn supplies may not con- tinue, It fs an unquestioned fact that be Jow oil prices which have ob- tuined for some months have restrict- ed new drilling operations. There is Jittle doubt that more oil would be | fortheoming if higher prices stimulat- | v, completion of new wells i 1S true of other sections as s California and Texas. » great Oklahowa flelds, organized restriction has been in operation. The nldcontinent production and _the Pennsylvania output have been held down.” Many producers in California outside the flush flelds have kept their oil under ground when they might have brought it to the surface. Production Decreasing. The total dally production of this country now {s down mearly to 2.000,000 barrels or ov 5,000 bar- s daily from the high polnt of the here is, however, that it will “stay the s of the fixed Calitornta Torrance-Redondo fleld has reached t production of 30,000 a day and if the ti blg southern lifornia | nools reverse their recent falling off output, surplus stocks may con- inue to pile up despite the promised increase in consumption. The consumption of California oil ring the year, with a portion of the December consumption estimated, will amount to 11,231 barrels, leav- oil world The ne In| no definite | there. | NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, December 28.—Inas- much as the day's transactions were the last to appear upon the books for 1923, a good part of the trading on the curb market represented the clearing up of contracts with a view to starting the new year afresh. Aside from the oils, price changes were ir- regular. Further buying came into coal stocks, but the improvement was only fractional. Gold Dust and Uni- versal Pipe preferred were exceptions, advancing a point or more. The chief incident of the day, hos- NEW YORK, December 2 ing is an official list of bonds and stocks traded in on the New York Curb Mar- ket today : Sales in thousands. & Allied Packers 8s... 877 11 Am Gas & E 65,0 9414 2 Am Light 6 wt wts 101 G Am T & T 0 2. 1 4 Avaconda Ga . 1013 1 Anglo-Am Ol 7 1013 BALG & WIS S s 10 Beaverboard Ss. & Beth Steel BONDS. High. Low. [ Close. 06 30 Col Graph S par cfs 5 Cuban Tel 7, 1 8 Deere & Co 1 Detroit City G 2 Detroit Edison 3 Federal Sugar 1 Fisher Body 6s 8 Fisher Hody 6s 1 Gair, Robt 7s. 1 Galena Sig Oil 2 Grand Trunk 6las. 4 Gulf 01l of Pa 3 9 Intern Match 6! 10 Kennecott Cop 7 1 Muanitoba Power 5 Morris & Co 7% 6 Nat Teather Ss. 27 Nor Biates Pow dize Pub Ser of N'J Pure Oil 6l4s. Ser El Pow Sloss-Sheff 65 Solvey et Cle ONYTs Unit Ry of Hav 7' Virginian Ry &x. Webster Mills 8i4s. nt 6s W Russian_Naticnul Swiss Govl Os... Sales STANDARD OIL T 1o units. $00 Anglo-Am_0Oil 300 Atlantic Lobos . 20 Borne Scrymser Buckeye P L.. Oontinent 011 Gal Sig 0l flumh\;-‘ o (&({1 new o S 0 Nob_! 0N Y mew. 90 £ O Ohlo 2800 Vacuum Ol new Sales INDEPENDENT OIL STOC in bundreds. 10 Allied 011 vew ing & total surplus of California of 20,959,050 barrels on Weather Big Factor. The weather will have a very de- cided effcct on consumption in the | t few months. It Is estimated that | there will be nearly 20 per cent more | motor vehicles in operation in the arly part of 1924 than the first part this year. If the season is un open | one, the consumption of gasoline will be lary If the winter is long con- ‘inued, Surplus stocks will continue | 10_increase. It s true that p for the country is only about 21 per cent higher than at this time last vear, and that consumption probably has increased to an equal extent, but there are now surplus stocks in stor- age sufficlent for at least sIx months' consumption ent production | Federal OIl n Pet . igand 0l vot ¢ 0 Rock Ol 13 Mount Prod . BALTIMORE SECOND | IN GRAIN SHIPMENTS | Handles Liberal Amount Wheat for Export in Spite of Competition. of Special Dispatch to The St i BALTIMORE, December 26.—De- spite the loss to American ports of 1he export grain business caused by the exportation of Montreal during the past vear, Baltimore retained its vosition as the second port in the United States in the volume of grain exportation handled. Shipments of grain from this port have decreased 50 per cent during the vast year. Other ports suffered more severs losses. New Orleans has dropped to fourth place from third in tavor of Philadelphia in the volume of business handled. Shipping men here point out, how- «ver, -that the aggregate of grain ex- ported from the continent this vear is much less than that of the pre- ceding year and the figures are not se low as it would seem. The Canadian port has the advan- tage of lower water rates via the zreat lakes in comparison to the ligher freight rates by rail to other ports, one shipper explained. With the general recovery of Furope and the increase In exportations through- out this country the grain figures will be more favorable to American ports, it was said. — DUN’S TRADE REVIEW. Distinct Note of Confidence as Year Nears End. NEW YORK, December 29.—Dun'c Review today says: % Despite the continued irregilarity in business there is a distinct note of confidence in many quarters as the vear closes. Buying in some indus- tries, as in steel and lumber, has taken on new vigor at a time when an absence of Iimportant demand would not seem unnatural, and there are signs of a turn for the better in leather and footwear markets. Al- though regular retail distribution has been restricted by exceptionally moderate weather, results of holiday 1 Mount ‘Gulf M peer 011 Corp. Pet ris wi 6 Tidal Osage O N 10 West States Oil 19 Wilecox Ol & Ga INDUSTRIALS. 1 Allied Pack mew.. 1% 1 Am Gas & Elec. 8 Am Hawaiian § 14m L & Tract. 1415 u7 COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CHICAGO, December 29.—An early tabulation of the results of the holi- day trade in this city indicates that all previous buying records have been broken. SAN FRANCISCO, December 29.— Five of the largest department stores here reported today their holiday business had been from 12 to 22 per cent better than in 1922, and 10 per | cent better than in any previous | season. The Emporium, largest of the local stores, reported the largest sales in_its history, averaging $160,000 a day for the fifteen days before Christmas. HAVERHILL, Mass., December 29.— Plans for the conslidation of the Haverhill Shoe Workers' Protective Union and the United Shoe Workers lof America have been accepted by {both organizations. The Haverhiil union has just concluded ‘an agree- ment with the Haverhill Shoe Manu- facturers’ Association for a five and one-half day week for six months of the year. The combined unions have invited the Lynn shoe workers to join them. NEW ORLEANS, December 29.— Hardware orders booked for January and February delivery by retailers have been unusually heavy. This is especially the case .in agricultural implements. DETROIT, December 29.—The Ford i Motor Company has let contracts for | 60,000,000 feet. of beech, birch and maple logs to various logging com- anies in northern Michigan. The ogs will be milled to automobile body sizes near where they are cut and shipped to the thirty-two, Ford as- trade have disclosed a large public purchasing power, and the heavy movement of goods to consumers is shown by statistics of freight traffe. The year now ending has been un- usual In various respects, with un- precedented car loading, an unequaled pig iron output, a record automobile production, and building construction operations’that have had no parallel. Weekly bank clearings, $5,968,492,000. PERSIAN OIL DEAL DENIED. London dispatches reporting that the Persian government has given the Anglo-Persian Oil Company ex- clusive rights to exploit one of the five northern Persian provinces were denled here yesterday by the Persian Jegation. A concession for four of the five provinces, it was sald, had been given to the Sinclair interests, while the fifth was reserved for pure. Iy Persian interests iIn line with the poliey of shaking off the influence of the Anglo-Russian monopoly. G S e We have not been born for our- selves alone, but to assist onme an- other, sembling plants. As the annual log requirements are several times this amount, it is expected additional con- tracts will be let shortly. SHREVEPORT, La., December 29.— The daily average oil production in i i | president, THE EVENING 1 i ever, was the continued strength in the oilz. South Penn advanced almost ten points, while Penn Mex Fuel, which is owned by the former com- pany, moved up in sympathy. Re- garding reports which were in eir- culation Friduy that the Mexican Bagle Ofl Company had contracted with the Penn Mex Fuel to take all its production from the Alemo Field, the president of South Penn Oil stated today that no contracts had been signed for the sale of its crude. Prairie Oil and Gas moved up 13 points and Standard of Ohlo was ex- ceptionally strong, up 7 to 310. Others of the group reached their best prices of the week with gains of from 1 to ¢ gints generally. Arc fels Mid. 1 Armour & Co pfd.. 7 ° Blyn Bhoes Inc..... 10% mpbell Sovp pfd 108 14 314y 30 ndy Prod Cp w 1. nt_ Iron Pipe. Checker Cab Mtd 'A. 2 Chi Nip new w 1 1 G Nip B Tr new 4 Davies W A 1D L& W Co 9 Dubilier C & Radio, 10 Durant Mot.. 8 Durant Mot of Tnd. t Steel... - Bond & Bh pfd ette 8 It ...... 2 Gleasonite Pr. enChem ontl Rubber. 1 Ind Corpi » Tor Boat.... Lehigh Val Coal Lupton, ¥ M, A exam| Tron nal Leat Dairy Prod w i Y Tel Co pfd. rk & Tilford Peerless Mot 38 Radio Corp ..... 3 Corp 'ptd D Reading Coal 2 Rep # Reo Mot ... 7 United Bakerles.... 54 Uni Retall Candy. STAR, | MARRIAGE IN 3 U 8 Distribut..... 38% B Universal Plpe w | 1815 18 Univ Pipe pfd w i 621 2 War Hat Mfg wi. 815 31 Wayne Coal .. 80 § Yel Taxi Corp M1 30 Harmil Diy a4 Hawthorne e Brt Howe Sound 70 Lone Star 8 Mason Valley . 30 Mobican » 1 New Jersey Zioe .. ¥ “Porcupine Nipissiog - 0 Pismouth 1 United Eastern ... United Verde Ext. Unity Gotd S Wenden Copper ... Walker Mining End Cons '$1,250,000 DRESS CO0. FORMED IN NEW YORK WASHINGTON, SURANCE FUL IN TEXAS UNLAW AUSTIN, Tex., December “Marriage insurance” is unlawful in Texas, the insurance department of Texas has held, in refusing to grant a permit to the National Thrift As- vociation of Houston. Under the plan certificates would be issued to unmarried persons upon payment of annual dues of $24, payable monthly, and payment of a assessment whenever any member married. A polloyholder was to be given $1,500 upon proof of marriage. In the case of two members mar- rying each other, $250 in cash would be pald upon proof of marriage and $50 a month thereafte: until the total amount received from ment of members was paid. Should the parties to the marriage become separated or divorced the balance due would be forfeited. WEEK SEES GAINS IN MANY STOCKS Low-Priced Over—Money Rates Up. Exchanges Weak. By the Associated Press. NEW YORK, December 28.—Stock prices resumed their upward move- ment this week despite the absence of many traders over the holida 3 heavy selling of low-priced ues for the purpose of .establishing income tax losses and relatively stiff money rates. Steel shares were again brought forward on reports of a broader d mand for steel products. United States Steel common, which has been lagging behind most of the other active {ndustrials, was taken in hand jn the latter part of the week and bushed up above 99. Several inde- pendent steels also gregistered good gains, OUl Trading Restrained. Unexpected advances in mide tinent and gulf coast crude pric Lelped the ofl shares, but buying w somewhat restrained the weekly report of the American Petroleum Institute showing that production for the week ending December was slightly above that of the preceding week, the first increase in several weeks. Rallroad shares displayed consider- able irregularity, although the first batch of November earnings reports which made their appearance this week were generally regarded as favorable. The first forty-six roads to report show combined net ope ating income of $64.526,000. as com- pared with $75,986,000 in October and 357,360,000 in November last year. ome of the hest gains were record- ed in the specialty group, active bu ing being noted in such issues as N tional Lead. Corn Products, United States Alcohol, United States Cas Iron Pipe common and preferred, the TUnited States Realty issues and Com- puting, Tabulating and Recording. Favorable 1924 Forecasts. Business forecasts for 1924, also have been making their ppear- ‘W YORK, December 29.—A new |ance in numbers this week, were, in dress company, with a capitalization of $1,250,000, sald to be the largest in the dress indust has been in- corporated at Albany under the name of Ulman-Jessel Afiiliates, Inc. A cording to Joseph D. Jessel, vice the Ulman-Jessel Affiliates, inc., organization is the holding com- pany for five subsidiary companies. With the inventory season at hand, combined with other factors which trend to slacken trading, the week Just ended has been one of the est of the-vear in the Fall R cloth market. F the week were pleces. Lines of the next fall to the trade mated placed sales 40,000 fine dress ginghams for season will be shown during the next two weeks, although no new prices will be named until some time later. A large number .of buyers are expect- ed to visit the market during Jan- vary, «nd it is confidently belleved they will place good volume of orders. 5 Co-operative buying of supplles is being contemplated by the Associated Flower and Fancy Feather Manufac- turers' Association. A committee has been appointed to investigate the pos- sibilities of co-operative purchasing and to formulate a plan of operation. RAILROADS TO PLACE BIG EQUIPMENT ORDERS Special Dispatch to The Star. BALTIMORE, December 20.— The Baltimore and Ohio, Western Mary- land and Seaboard Air Line railroads will be heavy buyers of equipment during 1924, according to regorts in rallroad ofrcles here. Some of the carriers already are making inquiries of builders, and a considerable volume of new orders may be expected dur- ing the first quarter of 1924. The greater part of the new buying may be expected In the motive power fleld, rather than of new cara The reason for this is that there is a substantial surplus of cars on hand at the present time, while the pro- gram of the roads to steadily in- crease their heavy motive power may cause a number of light engines to be discarded. —_— BUSINESS TOPICS. Building Financing May Be More Difficult Next Year. Special Dispateh to the Star. PHILADELPHIA, December 29.—As the first of the year draws near, real estate speculators are scurrying around to -meet_interest payments which fall due. Rents are high and there is considerable space in high- priced apartments and business build- ings for rent, Some bankers expect that building will be financed with increasing difficulty in 1924. MINNEAPOLIS, December 29.—The total money value of the business transacted in this territory in the last month was normal for the time of year and better than in 1922. Lumber manufacture, out turn of linseed products, and copper_and iron mining all showed gains. Savings deposits have increased 11 per cent in the last year. ————— LIVERPOOL COTTON. LIVERPOOL, December 29.—Cotton— Spot, moderate business; prices stead American middling, fair, 22.31; good middling, 21.51; fully middling, middling, 20.51; low middling, good ordinary, ' 18.51; ordinary, Sales, 3,000 bales, including 1,800 Ameri- can. Receipts, 30,000 bales, including Louisiana and Arkansas _dropped 6.819 barrels to a total of 165,495 this week. However, better prospects are expected by oil men here in 1924, Eighteen new wells in' the two states added: 2,235 barrels initial production during the week. ST. LOUIS, December 29.—The St. Louis' and Southwestern railroad plans to spend $500.000 for tools and machinery in the near future. FITCHBURG, Mass., December 29.— For the first time in thirty years, the plants of the Star Worsted Compan: have been obliged to close for a wee because of lack of orders. JACKSONVILLE, Fla., December 29. —The first shipment of this season's Florida pineapples now is on the way to New York, The celery crop is moving and shipments of citrus fruits have been heavier than in any recent < o 20,000 American. Futures closed steady. January 20.83, March 20.83, May 20.60, July 20.10, September 17.63, October 16.78, December (1924) 16.28. Official. noon closing, December (1923), 20.81 value. ’ NEW HANDBOOK OUT. Announcement that the “Merchants' Manual” is ready for distribution has Just been mlxl:!by the National Retail Dry Goods oclation. The manual has been written and edited by a large group of practical merchandis- ing experts under the. direction of Lew Hahn, managing director of the Nationai Retail Dry Goods Associa- tion, and Percival White, a prominent research engineer and writer on retail subjects. Let us remember that Justfee must 1o Gbserved even to inferiors, Gk to ol { H | !\ made the main, favorable. Leaders of the ol and ‘motor industrles generally look for good business next year. French francs dropped below cents for the first time in history, but ood recovery in the closipg days of the week. Reactionary tén- dencles were noted in the other im- portant European exchan CHICAGO TO HAVE NEW DEPARTMENT STORE CHICAGO, December 20.—One of the most unusual retail merchandis- ing plants in the world has been planned by Edward Hiliman, presi- dent of the State street department store bearing his name. ing to be erected next yvear will be twenty-two stories. It will be con side of State street over which a part of the Hillman storo now stands. “A basement and & sub-basement will be used for cash merchandising,” Mr. Hilman said today, “and seven teen of the twenty-two storles will be oonstructed for retall selling rooms. A bank of twelve or fourteen ecle- vators will make easy access to the various departments. The five sto. iries above the seventeenth will con. tain storerooms and offices. ‘The bullding will cost $3,500,000. FINANCIAL NOTES. Failures reported for the five bus- iness days this week to R. G. Dunn & Co. totaled 360, compared with 441 for six days last week, and 407 for the five days a year ago. Canad- ian faflures numbered thirty-eight against forty-eight for the six busi- ness days last week. Members of the Controller's Con- gress of the National Retail Dry Goods Assoclation are to vote on place for their convention, choosing among Los Angeles, St. Louis, Louis- ville and Cleveland. s D. C, assess- | Issues Thrown| -1 which | The build- | structed on his property on the west | SATURDAY, DE CONFLIGTING PRICE MOVES IN GRAIN December Weak, While May and July Show Much Firmer Tone. | i | | By 0 CHICAGO, December 28.—Hope that | the beginning of the new year would | witness higher prices for grain has | tended this week to lift the value of distant deliveries, but holders of De- e e e |ance. Compared with a week ago, wheat this morning ranged from 1 cent net lower to %al% gain, with |com and oats both at % cent off to 1%al1% gain, and provisions varying from 32 cents decline to 7 cents ad- vanc | | May and July Strong. Whereas December delivery of wh barely cscaped touching as {low as $1 a bushel. May and July | proved responsive to factors which | appealed to friends of higher prices. { This was notably the case after an- inouncement of “an unexpected de- j cre of the United States visible {supply total. It had heen generally {supposed that the ending of naviga- (tion on the great lakes would be fol- {lowed by sment of the amount of wheat in sight in this country, but even with arriv adlan Whe; !the stock at United States markets was decidedly curtailed, and cour ces indicated in any quart = movement December Heavily Sold. es of wheat contracts forced anwhile on the part of without ready fa- handising. No ex- ting sales by large in- however, were apparent, and that the new Argentine crop would move later than usual and that a reduction of Australlan estimates of yleld might be looked for w among bullish developments as th week drew to a close. s in the case of wheat, deliverfes n December contracts had some ef- ifect as u weight on prices of corn |and oats. Indications were plentiful, nevertheless, that farmers were fusing to make new sales of corn Lard continued to bt in de call for meats was lessencd PRICES HOLD FIRM IN BUTTER MARKET Production Increased, But New Supplies Were Readily sorbed During Week. on_Dei selling out mi | traders who w | By the Assoriated Press. ' CHICAGO, December 29 —The but- jter market during the week was | steady and price changes were small land inconsiderable, except at Phila- | delphia, where a slight increase was noted. The expected holiday decline was not pronounced and the trade output failed to show any decrease. Production {ncreased and fresh sup- plies were readily absorbed, while the demand was sufficlently large to take care of fuirly large quantities of storage buiter. Net withdrawals at the four principal markets during the weck amounted to more than 3,000,000 pounds and were heavier by a quarter-milllon pounds than the corresponding week of 1 | Supplies from important sources were not large and had little effect on the market situation. New York | errivals amounted to 2,467 casks { Danish, 6,500 boxes Argentine, jcasks Holland, 25 cases itallan and 23,700 pounds Canadian. Range and closing wholesale prices, | 92 score butter, at the principal mar- kets follow: Chicago, unchanged at G4; New York, unchanged at 56; Bos- unchanged at 54; Philadelphia, igher at 55%. BUILDING BOOM SEEN. CHICAGO, December 29.—The tre- mendous activity in office building ronstruction throughout the United States is but another indication that 924 will bring a general increase in business, Earle Schultz, president | jof the Natlonal Association of Build- {ing Owners and Managers, declared | here. | Reports from twenty local associa- itlons In the larger cities indicate {a most favoradle outlool, he said, | jand show that in those cities where building operations have been con- ducted on a large scale there {s great activity In general lines of business. e Ask Your Banker How much real value stands back of the stock you are asked to buy? Are you sure that the .nice, honest- looking stranger is telling you the truth? Ask your banker to look Into ' what he claim: Convenient Denominations For Investors Interest 6%% | N2 Fiffeenth Strect CEMBER 29, FINANCIAL, THE NEW YORK MORTGAGE COMPANY, 17 Money to Loan | Secured by first deed of trust op” feal estate | Prevailing interest and commission, | Joseph 1. Weller 5 Wem: & & 2rune FIRST MORTGAGE INVESTMENTS 6%2% Denominntions, $1,000 and upward. Secured on Improved Properties Only JAMES F. SHEA 643 Louisiana Ave. N.W. rd of Directors of The Mortgage Compauy has this dey declared (he regular quarterly dividend at the rate of 7% | | 500, IXTEENTH TREET PARK In the chosen line of High-Class Development ¥For HOME or INVESTMENT | ‘ E Edson W. Briggs, Owner ! | M. 5974 1108 16th St. N.W. FIRST MORTGAGE NOTES || For sale. Consult us if you have avallable fands for investment THOS. E. JARRELL Member Washington Real Estate Board Woodward Bldg. in 768 First Mortgages $250 and Up Write or Call for “Booklet.” William S. Phillips 16TH ST. AT K N.W. Main 4600, EASILY MANAGED INCOMES You receive every interest payment on our FIRST MORTGAGES —promptly when it is due. And your interest is the highest possible, commensu- rate with absolute safety of vour principal. Washington real estate and absolute safety of both princi- pal and interest make our mortgages a preferred invest- ment for trust funds and for those who are providing for the future in one way or another. B. E. SAUL CO. Main 2100 79, First Mortgage Notes Secured by first deed of trust on high- class improved D. (. new homes, for sale in denominations of $250 to $5,000. “ CORY & CORY, 907 l!hhv'v. Over a Quarter pi of a One Million Dollars 14th & H Streets IIlIl!lIIIIIIIllII“fi i Century II!IIIIIIIIIIIIIIII? Without a Loss MORTGAGE LOANS Denominations $100 to $6,250 Interest Rates 61,7, and 7% All loans secured on modern homes and busi- ness property in best northwest sections of the city Ask “for Information 1412 Eye St..N. W. Choose Your Investments With Care Reservations Now Being M ape —FOR THOSE WHO WILL HAVE FUNDS AVAILABLE for INVESTMENT IN JANUARY— OUR. MORTGAGE DEPART- MENT would like to show you why vou should place your money in FIRST MORTGAGES on im- proved real estate in tbis city. Nothing Could Be Safer and pay such a LIBERAL RATE OF IN- TEREST. Just telephone Main 2345 and ask for the MORTGAGE DEPART- MENT and they’ll make reservation for you. . SHANNON - & LUCHY 713 and 715 14th Street N.W. Loans| Commission. , First Mortgage Prompt Action Thomas J. Fisher & Comj 8 15th Street | pany, Inc.| EQUITABLE Co-Operative Building Association Organized 1879 44th YEAR COMPLETED $4,755,170.52 most_effective method of sav- is to edopt a systematio plan and ck to it. Join the Equitable. Subscription for the 86th Issue of Stock Being Recefved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y . 6% For January Funds Main 6888 ON FIRST MORTGAGES AT CURRENT RATES OF Randall K Hagner & G 1207 Connecticat (Boonue FOR the first time in several years we have available for January investment several first mortgage loans which bear interest at a higher rate than 6%. These loans carry the same margin of security which we are accustomed to require; they carry our unqualified approval. We do not know how long this rate will continue, so we suggest you make reservations at once. We will be glad to set aside your investment for you until your funds are available. Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 54 Years Without Loss to an Investor