Evening Star Newspaper, January 7, 1924, Page 23

FINANCIAL. -PEACE PLAN FAILS . ! T STIR BUSINESS !'Bethleliem Steel's Dropping of Munitions Making Is Held More Important. G SHOW HELPS AUTO SALES Motor Car Dealers Facing Year of Keenest Competition. BY J: C. ROYLE. Epecial Dispatch to The Star. NEW YORK, January 7.—The busi- ness world today apparently found little stimulus in the announcement Yof the plan for promotion of ‘world “peace which won the Bok peaco prize. " Leaders of various industries indi- cated that whether or not the plan “glven the prize was proved effica- | “clous in preventing war between ma- tions, no plan had been. advanced or suggested among the 22,165 sent|] in to the Bok jury which would bring .10 an end the bitter battle for busi- ness which faces those engaged In American industry this year. The financiers and business leaders found more encouragement in recent announcements regarding the aban- . donment of the manufacture of ord- nance by tho Bethlehem Steel Com- pany and its newly acquired property, the Midland Steel Works, and the in- creased activity in the artificial silk production end of the du Pent fac-' tories than in the plan brought for- ward as a Tesult of the Bok offer. These indications of a turning of | swords into plowshares, they say, have come about through a sound judgment of domestic and world Londitons by level-headed business- men, instead of as a result of theo- yetical discussion, and therefore may “he depended on to indicate the true trend of the future. z Show Helps Auto Sales. As to business warfare as repre- | -eented by savage competition, the | automobile industry joined battie to- | day with the opening of the New York automoblile show. Sales showed un immediate response to the appeal made by the exhibits and efforts of | gales representatives, and its =eems! fikely that the amount of busine @one during the exhibition will sur- pass ‘any vear since the holding of the show has become an institu- “tion. "The Ford company is supplementing | its other efforts by a separate ex- hibition which shows the Ford prod- uct in all stages of manufacturing. *What the other makers must face when the Ford concern gets down to tighting for business in 1924 may be judged by the fact that it is esti- iuated that the profits for the com- | ing year on the schedule of produc- tion now outlined will exceed $200,- 000.000. The profits of the cothpany for the year ending June 30, 1923, amounted %0 $124,193,062, but this was piled up -on ‘s daily output far lower than is belng maintained at present. In ad- dition the increased numbers of cars tyrned out has enabled the company to manufacture each car cheaper and glven an added margin of profit. Mark’s Drop Is Ignored. The failure of the business world t show response to the peace plan w: rather the more remarkable since the reactions of commerce and industry to the announcement of the Mellon tax reduction program had been so marked. However, the fall of the franc received almost as little at- tention. Normally this would have exerted considerable influence from -its effect on French demand for American materials and French com- petition in the fleld of manufactured goods. However, the business men of this country found out that the drop in the value of the mark had not cxercised a tremendous influence on American business and now seem to feel that the situation France is facing will have equally little effect. CUBAN RAIL STRIKES END IN COMPROMISE | ‘Full Services to Be Resumed at’ Once—Walkout Began ! December 19. By the Assoclated Press. HAVANA, January 7.—The strike on the Cuba railroad, which not only Ctied up that line, but the northesn railways of Cuba, was eettled on a compromise basls through con- forencss in Camaguey. Full services will be resumed at once, according to announcement from the offices in Havana of the president of the Cuba railroad. Sub-Secratary of the Inter- ior de la Torre also announced that the agreement would end trouble on the northern rallways. « The strike began December 19 on - the Cuba railroad, which is an Amer- dcan “corporation.’ Several days later employes of the Northern railway, a ! -Cuban concern, went out. There have - been varlous acts of violence, includ- ing the wrecking of two trains. 'CRUDE OIL PRICES AGAIN GO HIGHER By the Astociated Press, PITTSBURGH, Pa., January 7.— Fifteen cents a barrel was added to the price of. three grades of crude ©fl at the opening of the market here today, the new prices being: Penn- sylvania grade ofl in New York Tran- it Company lines, $3.40; Bradford aistrict ol in New York Transit Gm- pany liney, §3.40; Corning oil 1n ?l“§!‘ey0 Pipe Line Company lines, 55 'MOTOR CARS IN IRELAND. | American Makes Fayored for Sev- eral Reasons. An encouraging feature of the mar- | ket for automotive products in Ire- land, according to Assistant Trade Commissioner W. J. Park, London, is the .present Irish sentiment in favor of American maukes. - Dealers | in the Free State maintain, Mr, Park reports to the Department of Com- merce, that, other things being equel, American automoblles and trucks will now sell in Ireland largely om the hasis of their American origin and ‘will meet successfully the competi- tion of perhaps better known British and continental makes. l'"‘ movement broadened at the start of a new week on the curb market under the leadership of ‘the olls and motors. Realizing sales.ap- DPeared to have been pretty pleted, and with most of this selling crease of a 1Washington Stock Exchange. THE EVENING NEW YORK CURB MARKET "Recelved by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK; January 7.—The buy- ell com- out of the way the market resumed the upward movement. Advances in a number of eastern grade crude olls, along with the in- cent a gallon In expo: soline, were the only new devex;wxl: fents in the oll trade situation. he rise took In a number of stocks hich had not shared much,in the cent advance. Mutual Oll, Moun- ain Producers and Arkansas Nat- ural Gas were prominent In the in- dependent group, but gains were not more than a point. South Paun led NEW YORK. January 7.—Following is an official list of bonds and stocks traded in on the New York Curb Mar- ket today : Hales in thousands. Allied Packers 6s.. Alum_ 7 BONDS. High 85 2 105% 6 Am Roll Mills Am T & T 6s Anaconda 6s ... Avglo Am 0N “7ije Awo Bim Hdw dize AtG&WISSEs ot Cit Serv 7s D. Cons_Textil Deere & Co 7% Detrote clty Detroit_Edison Fisher Body 6% Fisher Body 6s Flsher Body 68 Gair, Robt 7s. Gen 'Asphalt ‘Sx. rand Truok 63 Gulf Oil of Pa 5 Hocklng Valle: Hood Rubber Keanecott Cop caibo OIl 7s Morris & Co 734 New Orl Pub Serv 58 North Sts Pow 6l4s. Phila_Elec 5s-68n.. Phil Pet 715 wt wis Pine Oll 013, Pub Sery of N I 7s. Pub Serv El Pow 6s.. Iteading Conl 4 B ISBBTTISIOR. [P} P PTRL (U9 IO ST P I OTOTOP oY 32822555 Fed g B ercsa e bt E 528 68 Uulted Oil Prod Un Ry of Hay 7 Vacuim Oil Ts. 30834 Virginian Ry Co da. 923 Webs Mills 6%s w 1 101% FOREIGN BONDS, Govt of Argen 6s wi 907 Rep of Peru 8s 078 Russ Govt 6s... . 103 Russ Govt 64 uatl 101y Bwim Govt 5izs.... 98 Swiss Govt 5 U'S of Mexico 31 Sales ~ STANDARD OIL ISSUES. in units. 1400 Anglo Am Ol . 100 Atlantic Lobos 10 Rorpe Ser; 20 Buckeye p 50 Chesebrough MF, 1000 Continent Ofl ne: 20 Cumberland P L B0 Eureka P I . 30 Gal &g oIl 11000 100 Hum O & R new 20 1l P L 210 Imp Oil ‘of 70 Ind P L 4500 Inter'l Pet 80 Magnolia Pet . 20 Northern P L . 1200 Oblo Oil new 910 Prairie Ol & G: Penn Mex Fuel Prairle P L . 16900 8 O Ind . 30 Routhern P L. 1700 8 0 Kansas ne 200 § O Kentucky . 380 S O Nebraska . 21008 O N Y new 1] 10 % W Penn P L .. 2 3900 Vacuum Oll mew... 58% Sales INDEPENDENT OIL STOCKS. in hundreds. 1S 6°Ark Nat Ga & Boston Wyo Ol 1 Brit-Am Ol 2 Carib Syod Cit Serv Cit Serv pfd . $2,000 Cit Serv seri] 10 Creole 8ynd 1Derby O & R'w 4 Derby 0 & R pf 70 Engioeers Pet i1 Federal Oil . 21 Gult Ol of ¥ B A e 6 1 - 8 2 10 2 1. wi AFTER CALL Commercial Natlonal Bank—10 at 140. Capital Traction 5s—$1,000 at 95, $1,000 at 05, $1,000 at 5. Chesapeake and Potomac Telephone 5s of Va. —$1,000 at 931, $3,000 at 83, $3,000 at 931,. 23,000 ut §3. Continental Trust Co.—45 at 88, 10 at 86. Washington Market Co. t 45. ‘Washiogton Gas 6s '33—$100 at 100. ] 1 Wi .Ihln‘wn R & Elec. pfd.—10 at 744, st A% Meru:lhller Hnnuge—-c at 154, 4 at 154%. Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices, PUBLIC UTILITY. Bla. Askod. American Tel. & Telga. 4s. American Tel. & Telga. 4 Am. Tel. & Tel. ctl. tr. Am. Tel & Tel. conv. 6a.... & Potomac bs. Potomac guar. & P. Telephono bs. C. & P. Telephone of Capital Traction R. City & Buburban bs. Georgetown Gas 1st Bu. Metropolitan R. R. 5 Potomac Elec. 1st Bs. Potomac Flec. cons. Bi. the Standard Oils, advancing- 10 voints to 170, but failed to maintain #ll the gain. Standard of Kansas and Imperial Oil of Canada were sub- ti»ntia'ly improved. Increased activity stocks had a stimulating effect. upon the rubber and tire shares, notably Goodyear and Intér-continental, and these were In better demand at frac- tionally higher prices. Durant led th. motors. crossing 35 again, while Stutz, after getting above 15, fluctu- ated uncertainly. The company has introduced a new six-cylinder line known as the Speedway Six, with prices ranging from $2,685 to $3,600. Mohican Copper featured the min- ing group, bfeaking sharply to 30, where it was down 15 points from last week's final. The new issue of Lehigh Valley Harbor terminal 5 per cent bonds was admitted, but attract- ed little attention. These bonds were offered for public subscriplon at 95% and interest, to yield 5.30. in the motor o TAGuf 8t O & R wl 10 Hudson 0Nl 50 Keystone Rang 3 Latin-Am Oll 2 Livingston Pet 4 Marland 2 Mex Panuco . 32 Mount Prod 4 Mount Guie .. 55 Mutual OIL Vot cfs 18 New Bradr Ol w i 8 Omar 0il & G 16 Pennock Ol 20PAmMP&T 19 Royal Canad 20 Rysn Con . 22 Mroyw()ll FEr, ol Sl ol 3 3a EBRR FEEFE R o 53 2 28 BiZesm ! s PO Fes! o > 10 Amal Leather 4 Am Hawalian S 8. 2 Bkiyn Shoes Inc .. 1 Brit:-Am Tob Cou.. 15 Cand Prod Corp wi 10 Centrit Tron P Co, roromy R2E0 SERPE 1 Curtiss Aero cf dep DL & W Coa Dubilier 0 & Radio 1 Dushill Intl lac 38 Durant Mot. iy Biec Bond & 13 Ford Motor 0o C 123 Gillette 8 R . 1 Gleasontte Prod 0o, 5 Glen Alden Coal .. 10 Gold Dust Corp w 1 57 Goodyear Tire . ¢ Sug new. ‘obaceo ‘cont. Rubber. 2 Totl Coneret Ind Cor 12 7 Kresge Dept Stores 44 2 Liggett My vew wi 60 1 McCrory Rtores B.. 6 & Mesabl Iron T Leather .10 3 1 Nat Dairy Prod wi 33 % N Y Tel Co pfd 1 Paige " Motor 3 Peerless Motor 1 Pyrece Mfz 32 Radio Corp 42 Kadio Corp . 3 Repetti Candy . 2 Reo Mot .. . 1 Roseab Grain Corp 80 C & 1 new. B2 8. g2 B3y FE ETEREES P CE 357 ‘obacco Prod Exp. Uni Pft Shiae new. e £ n o) e litys Corp 1 illys 1ut pf. fs dp m Commander Min Rk} 20 Boston Mont Corp. 22 Butte & Western. 15 Canario Copper 1 Cent Am Mines. 36 Con Cop Mines new 38 Cortez Siiver 5 Cresson Gold 20 Eureks Croe 30 Goldfield Develop. 10 Goldfield _Florence. 130 Gold Zome .. 250 Hardghell Min .. ! 70 Hawthorne Min foc 2) Hill Top 5 Hecla Mine 2 Howe Sound 10 Indian Mines 10 Lone Star - 100 Mohican Cop 50 Natioual Tin fa " i 21 Onlo Cop .. 20 Ray Hercules I 10 Red Hill Fl 30 Bilverdaic 70 Siiver Horn B 0 Bily Kiag DIv Min. 2 liv King Coaln M 10 Bilver Pick. 10 Bimon il 1 Bouthwest Mines... (95 3 Booth Am Gold & P 3 Tonopah Ext ... 31 United Eastern 2 Un Verde Ext 3 Toity Gold . 18 Walker Mine 20 Wenden Copper .. 11 West End Cons .. 220 West Fod Ext 10 West Utah ‘Workers Start on New Six-Cylinder STAR, WASHINGTON, D. C, MONDAY, JANUARY 7, 1924 PEERLESS MOTOR .PLANT. REOPENED Models—B. & 0. Shops Are Also More Active. NEW ORLEANS PROSPERING Conditions in Northwest Appear) More Favorable. : Special Dispateh to The Star. CLEVELAND, January 7.—The Peerless motor plant resumed today after a shutdown of three weeks, during which time the plant was re- modeled for manufacture of & new six-cylinder car, which s expected to be ready to ship about March 1. About 1,200 {dle men have re-engaged at the Baltimore and Ohlo repair shops here, and the Erle tire plant at Sandusky has resumed after a close- down of sixty days. The United Al- Joy Steel Company has re-opened ten | heet mills, giving' employment to . 300 men. The plant of the Ashtabula Steel Sheet Company will be enlarg- ed by a 100-foot addition early this year. £ 47 New Plants Started In New Orleans in 1923 Special Dispatch to The tar. NEW ORLEANS, January 7.—Forty- seven new Industrial enterprises were established here in the last year, and twenty-five others enlarged thelr plants. Over 2,000 men were added to the yearly pay rolls. Bank clear- ings Increased from $2,405,000,000 to §$2,781,000,000. while bank resources | galned $32,000,000. Imports here in- creased $40,000,000 over tha preceding years. Exports fell off about $100,- 000,000, due largely to a decrease in grain shipments. Business in St. Paul Is Better Than Year Ago Speclal Dispatch to The Star. ST. PAUL, January 7.—Twin clties banks successfully weathered the storms of 1923 produced by difficulties in the spring wheat sections. De- posits and resources are approximate. Iy the same today as a year ago, while loans have decreased § per cent. Bankers aud business men say condi- | tions In the northwest are more pro- | pitious than they were last January. $100,000 MOST PAID FOR SEAT IN 1923 Stock Exchange Memberships Vary According to Strong or Weak Markets. i | i NEW YORK, January 7.—Prices of ' memberships on the stock exchange ! invariably fluctuate with the trend of theAnarket. When security prices are high and dealings are active there is @ strong demand for seats. On the | other hand, says the Tribune, when | the market ‘trend is unmistakably downward, brokers evince a dispo-| sition to sell thelr memberships and this results in an oversupply in re- lation to the demand. Stock exchange seats during 1923 commanded thair best prices early in the year. or before the slump In the markct that etarted in March and April. A membership sold on Feb- | ruury 1 brought $100,000. the high of | the year. On October 11, or when stock prices had reached the bottom | of the slump, a seat brought only | $76,000, the low price of the vear. The following table shows the high and low prices pald for stock cx- change membershipa during the last ten years: ¥ 1913 1914 19015 1016 M7 20 White Caps iWEEK SEES BIG DROP IN GRAIN EXPORTS 1,330,000 Bushels Shipped, Against 1,868,000 During Previous Seven Days. Grain exports from States last week amounted to $6,330,000 bushels, compared with | $1,868,000 bushels the week before. i Figures made public by the Depart- | ment of Commerce today gave the following comparisons between grain , exports last week and those of the previous week: Corn, 496,000 bushels, against 235 000 bushels; oats, 44,000, against S.- 000; wheat, 790,000, against 1,528,000, Canadlan graln exported from United States ports last week amounted to 3,469,000 burhels, com- pared with 3,164,000 during the previous week. No exports of flour, the United | MISCELLANEOTS. D. C. Paper Mg, s, Riggs Realty 5s (long). Riggs Realty s (short] . “Cold_Storag: STOCKS. PUBLIC UTILITY. American Tel. & Telga. i Tractior Washington_Ga rfolk & Wash. Steamboal Rwy. & Elec. com. Wash. Bwy. & Elec. pfd. Terminal Taxi com. 2 & Capital Commere! District YERUERERASHE & “There is ‘also a marked pre on the part of Irish importers,” con- tinues Mr. Park. “for dealing direct with manufactureres and shippers in the United States, Instesd of British ugents, as has been tho custom In the IR Befere Yoi Iuvest—Investigate. Ivs queer how careful a maan c be after he's lost his money. A?:: Martin saye that @ man who Is not ‘satisfied with 6 per: cent and his money are soon parted. BRANCH OFFICES-GROW. NEW YORK. January 7.--Except or the uisition of neighborhood anks for branch offices. the trend of banking toward comsolidation into larger units made little progress last year. The ruling by the controller of the currency on branch banking has, however, given impetus to the ‘establishment of .branch offices. by $ae lurger Wall street institutions, N Talon Tt ‘Washington i BAVINGS BANK. Commerce and Byviags. ‘Washington. Eecority Savings and Com. Heventh Btreet. United States. Wastiogton Mechazics. FIRE INSURANCE. e85dug Yo E atvidend. P barley-or rye were reported. TREASURY CERTIFICATES. (Quotgtions furaisbed by Nedmond & Co) Bid. Offer. 100 132 100 3-32 100 1-16 100 5-32 100 ... 1001116 1926.. 99 3 ... 7100 s December 15, 1927. 1924, 100 13-16 11-16 901318 SHORT-TERM SECURITIES. (Quotations furmshed by Redmond & Co.) Aluminam Co. of Amer. 7 1825. Aluminum Co. of Amer. 7s 1983, American Cotton OIl 6s 1924, American Sugar 6s 1637. American Tel. & Tel. 68 American Tel. & Tel. 6s 1025.. Anaconds 6s 1929, . Alrlwlurltu Oil 7i4s 1925.. Haltimore & Ohio s 1924 Canadian Northern 5%s 192 Central Argentine Rwy. 6s 1 Central Leather Ss 1925. =it §eS8RZsEzEEs EREFFE (3 02 U. 8. Rubber o Western Unlon e 1005 1 Westinghouse E. & M. 7s 1951 107 . -SBEES BOND ISSUE. The Ann Arbor.rallroad asked the Interstate Commerce Commission to- day to.approve an issue of $1,092,000 In equipment trust certificates to help pay for 50O stécl box cars. % 105,000 100,000 100000 13 1 o © 100,000 The sale of a seat in 1920 for $115.- 000 set a new price for all time. The | low of recent years was the transfer | of a membership for $34,000 in 1814, | or the year in which the world war started. Following the outbreak of hostilities between Germany and the allies, the rush to unload securities on this market became so great that it was voted to close the stock ex- change, in order to prevent a panic that might casily.have been the worst in_history. . COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SEATTLE, January 7.—Fears that a slump in prices of canned salmon would follow the opening of the new year have proved unfounded. PHILADELPHIA, January = 7.— “Speed up production” is the order in a numbér of the larger cigar factories here. However, there is a lull in buying of leaf tobacco, indlcating manufacturers are well supplied. AKRON, January 7.—The Mason Tire and Rubber Company has re- sumed operations on a twent. hour basis at its Bedford plant and expects to bring its Kent plants to maximym production by January 15. Ford is reported to' have ordered 50,000 casings, The Selberling com- pany s working a part of its force three shifts at Barberton. PORTLAND, Ore., January 7.—Little damage seems to have been done wheat by the recent cold snap. It is expected a normal acreage of spring wheat will be planted in the Paclfic northwest. ST. LOUIS, January 7.—The fac- torles of the International Shoe Comy pany in the last year produced 42,° 515,875 palrs of shoes, compared with 38,376,117 pairs the year before. ATLANTA, January 7.—The Georgia Cotton Growers' Co-Operative Asso- fation is disposing of none of its spot otton and will not do so at present price levels. There has been no slack- ening of mill operations in this sec- tion, although some manufacturers are contemplating curtaflments. PETERSBURG, Va, January 7.—The peanut crop in this district totaled {,mna,v.u bushels and sold for $2,904.- NEW ORLEANS, January 7.—Retail dry goods trade is showing a material improvement. Merchants are buying freely for spring and summer. PORT FIGURES JUMP. NEW YORK, January 7.—A gain of $504,435,566 in the total value of mer- chandise, exports and imports, mov- ing through the port of New York is reported for the calendar year 1923, a® contrasted with 19. Exports are placed at $1.498,445,500 and imports at 1,833,874,636 for 1923, Customs re- ceipts and duties collected are placed at 3336,335,461, as compared with $280,659,879 in 1922, STATE BONUSES ARRANGED. NEW YORK, January 7.—Borrow- ings Ly the states and municipalities thig year are expected to s=how further decrease. A major part of the soldier bonus financing authorized by the states has already beer.done. We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street £20 17th Street FIRST MORTGAGE NOTES For sale. Comsult us if you bave availabie funds for ipvestment. THOS. E. JARRELL Wember Washington Keal Lstate Bosrd ‘Woodward Bldg. Main 768 UNDER UNITED STATES GOVERNMENT SUPERVISION Safety and Interest Guaranteed 49, Savings Deposits 4 % 5% Certificates of Deposit5 7% Free Checking Service Banking Hours: 8:30 te 5 P.M. THE DEPARTMENTAL BANK 1714 Pennsylvania Ave. N.W. Wn:]lfngton's Oldest National Bank Few Things Are g g (L1 [ER (L] (RIE (LLAE T nin —than i affairs ( loss of hardship upon an More Uncertain ife. Have you so arranged your made a binding will and decided ecutor or Trustee) that the their mainstay would bring no to your dependents? Now, while the year is young, is an excellent time to along these lines. no way ~ Organized in 1814 QOur Savings Dept. Pays confer with OUR TRUST DEPT. An interview will in obligate you. 3%, Com\paund Interest National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—110 Years Old Dean, Onativia & Co. Stock Exchange Building New STOCKS and BONDS York COTTON GRAINS COFFEE SUGAR MEMBERS + New Yerk Stock Exchange Chicago Stock Exchange New York Curb Market Association N. Y. Cotton Exchange Chicago Board of Trade N. Y. Produce Exchange Minneapolis Chamber of mmerce WASHINGTON OFFICE Main Floor, Woodward Building Phone Main 2040 JOHN CALLAN O’LAUGHLAN Manager | - P~ Money to Loan FINANCIAL. 2 ; First Mortgage Loans Lowest Rates of Interest and Commission. | Secored by first dedd of trust om real estats. Prompt \ction Prevalling interest apd commias.on. Thomas J. F’?&t Company, Inc. Joscph 1. Weller 420 Wash. L. & Trast nnlvé MF frat E‘ of tnn"u high D. J. new homes, fnations of $250 to $5,000 CORY. 907 15th N.W. | Bidg., Oth & ¥ N MONEY TO LOAN | Prevalliag Rates of Interest. See Mr. Field. Hedges & Middleton, Inc: REALTORS. 1334 H SLN.W. Franklin 9503 A LESSON FOR YOU The papers tell the plight of those who sacrifice security for PROMISED big returns. S s e O‘VC' a EQUITABLE ’{ - Co-Operative Building Association Organizsed 1879 44th YEAR COMPLETED Asnsets Surplus Save Systematically Tho et offective matked of se. a systematic plan A A ) Equitable. " Subscription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y Profit by their lesson and in- vest in an absolutely safe se- curity yielding an adequate return—like our of a Century Without a Loss FIRST MORTGAGES In amounts of $250 and up. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. No Loss to Any Investor ‘in 51 Years E F. H. SMITH COMPANY, founded in January, 1873, celebrates in January, 1924, the completion of 51 years of service in the field of first mertgage investments in Washington, D. C. During that time its offerings have never caused any investor a dollar’s loss of principal or interest. For the January investor this record stands as a depend- able guide to investments that combine safety of prin- cipal with a liberal and steady income. Our First Mortgage Coupon Bonds are secured by im- proved, income-producing property in Washington. They are sold outright or under our Investment Savings Plan, in denominations of $100, $500, $1,000 and $5,000, with a wide range of maturities. 62% and 7% A Call, write or phone Main 6464 for full infermatien <J%e F.H.SMITH COMPANY SMITH BUILDING 815 FIFTEENTH ST. Convert Your January Funds Into 6%% First Mortgage Notes RESERVATIONS are now being accepted for our January issue of 614% FIRST MORT- GAGE NOTES. Although this is the first time in a number of years that we have been able to offer our first mortgages at this higher rate of interest, they carry the customary margin of security and bear our full recommendation of safety and merit. The same security we have offered: for the past 54 years, during which time no- client has ever lost a single penny of interest or principal on any investment purchased from us, can’'be had for a limited time only with an interest rate of 614%. Reservations Will Be Accepted Until Your Funds Are Availaple Swartzell, Rheem & Hensey Co. 727 15th Street Northwest 54 Years Without Loss to An Investor