Evening Star Newspaper, February 2, 1924, Page 11

v ‘STEADY ADVANEE ¢ INOILINDUSTRY ; Output Cause: Much Bet- B ter-Feeling:- BY J. C, ROYLE, Special Dispatel to The Star. \ NEW YORK, February i.—Repeat- cd increases In the prices of crude oil and gasolins continue to be re- ported at. frequent intervals from varlous sections of . the. country., These announcements have had an encouraging effect on the oll indus- try, the ofl regions and those indus- tries and businesses most closely al- lied with petroleum and its products. Nevertheless, the real bettorment in the oll .industry has been produced, not by sn ofl boom but by.the fact that there is no oil boom existing at present and none is in immediate prespect. Glad Becms Are Over. The oll industry has run out of booms and {s rejolcing accordingly. The output of crude has decreased as | stoadily .as prices huve advanced.| At present a dally rate is some- Where ' around - 1,890,000 barrels as agalnst a peak of 2,225,000 barrels carly last fall. Production of- crude il in i9:3, as estimated by govern- Clais, totals around 735,000,- 000 barrels. Consumption in this /. inclusive of cxports, amount- 000,000 barrels. This was ¢ of 26.7 per_cent above con- of 1922 xico sent us 4 sumption about $0,0 If cons| to incy rate as in . there seems no reason why fiould not, about 900.000,000 bar- Tels of ofl will be required in 1924, At the present rate of output, total domestic production would be 630, 000,000 barrels. If Mexico sent W& an amount equal to that of last year there would be avallable 770.000,000 * barrels to supply a 900,000,000-barrel demand. Heasons for Price Boosts. Those facts offer ~an explanation for the increase in oll and gasollne prices. extensive advance in market quota- tions, however, 1s Tound in the fact that there now is In storage enoush oil to meet requirements for six months. At this time a year zgo the daily output of crude was 1,745,000 barrels. a little over § per cfni helow what it is now. 1f thut rate had been main- tained. the drap in oll prices would searcely haveoccurred, but:oll booms dicrupted the * Industry. - The flush | production of the three great Califor- | i districts, Huntington Beach, Long Béach and Sante ¥e Springs, placed & flood of oll o the market. This as augmented by the discoveries in the Smackover and Powell flelds. Production in those districts now 1s falling off. Wells that once spout- ed Qerrick high are golug upon the pump. This drop n the California fields has bsen marked. The Cor- Sicana-Powell pool 1s far below Deal ouiput. Mexia i3 running atong st @ fairly constant rate, as is-the re- ira} Texas urea. Gulf Coast production and the Arkapsas- fana districts, in_whieh Smack- s jocated, are {alling off in out- put, although there was a trifi crease In Louls and Arkansa this weels. Output Might Increasc. Increases might possibly come lroml chut-in production in California out- cide the so-caliad Los Angeles pools. Montana and Wyoming have possi- Billties of greater output and the ! Oklahoma flow might be sugmented. | But. in general, thers is at present no indication ot an immediats flueh Troduction which would disturb vitally the general rate. Tt is doubtful, In view of develop- ments at Washington, the naval reserve Tands in California &nd Wyoming will De extensively explolted this year. How- ever, new operations have been greatly Stimulated, and drilling in unproved ferritory can be counted on to pro- ceed on an extensive scale. Consequently, oll. producers are be- .Zinning to feel that they are “sitting Pretty and will continue to.do so un- 101 another Boom eendd theni ecurry ing again for tankage facllities. There ire 25 per cent more gasoline-driven Velicles In operation today than a year %0. and more are being turned out ut tremendous Tate. This incroase is unted on quickly to eat up. surplus Bas. | Still Higher Prices Hinted. Word has gone out to contract A check- against an overly | NEW_YORK CURB MARKET. - Recelved by Private Wire BY WILLTAM F. HEFFERNAN. NEW YORK, February 2.—Opera- tlons for the rise kept on lh & fow industrial speclajties on the curb market today, principally in stocks. which had not shared to any extent in the recent improvement. 5 Cuba Company was eclally ac- tive nround top prices, where it was up almost tliree points from the low 0. According to latest es- the 34 dividend ts being morg than twice earned by the Cuba Rafl- 18 an_official list of bonds and stoc! traded In on the New York Curb Mar- ket today ; Sales in > thousands, 1 Allled 13 Am O rl&‘" 2 Al 1 Am Threa s0Sim 1840 I 1 feaverfonra m ve t { Pa On Inter Match 8%s w i 94 cfid‘ s 105 clede G %1 A h VI He By Sswi 06 i tles & Inq 106 i Lig F ¢ : ba Pow Ta. o 971 Ohio Pow fs R.... 27 Pub Serv EI Pow 6 99 Pure Oll Co 8%s. 94 25850 N Y 6% 14 Bwitt & FOREIG 2. Govt of Argen 8 19 Rursian Govt 35 84 Rus Gort Gigy 1 & Swiss Govt'ds Sales STANDARD OIL 18§ in units. Amglo Am 01 Atiantic Labos en- My i o “res P . 55 Varen F o oo ure 1300 Hlll!ll)'l' Oli . R new }fl: o P L . 1 181 s INDEPENDENT OIL STOCKS. 1 bugdreds. s 12 Carib Synd . % Citlew Servic 3 Citles Rervice oo G Sery © we 1000 Cit Sery scrip 67 Creole Send .. Derby 0°& R w ingston 9 Mouat Pre 41 Mount Gull Co 24 Dubilier 3 Darant-Met Washington Stock Exchange. BALES. Wasntugton, Baltimore & Aanapolis Se— a7l | 81.000 AFTER CALL. at 96 holaers on the Pacific coast that Cal- | 96, ifornia fuel oil will be advanced from ! £1.32 to $1.50 a barrel to contract Tiolders within ninety days. This s covers dellvery. - Contracts held-{ industrial concerns with the five ge Calitornia producing companies most instances are subject to can- lation after ninety days' notice, ijome such contracts already - have been canceled in”the Pacific north- west, with the statement added that 10 new contracts would be entered into for the time being. ST A i e Ask Your Banker ilow much real value stands ‘back of the stock you are asked to buy? Are fou sure that the nige, homes looking stranger is telling you the truth?” Ask your banker to 100k iato what he claims. LIVERPOOL COTTON. LIVERPOOL, February = 2.—Spot prices easler: good mid fully middiing, middiing, 19.07; low middling, 18.07; zood ordinary, 17.07; ordinary, 16.57. Sales, 4,000 bales, Including 4.500 American. Receipts, 19,000 bales, In- cluding 1,000 American. _ Futures c’'osed steady; February 19.35; March, 19.46; May, 19.42; July, 18.90; Septem- ; December, anuary, 15.95. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY: KANBAS CITY, February 2.—A trainload of short-horn - cattle, con- taining 731 head, and valued ot $50,000, is now on the way from this city to New York for transshipment to Bel- glum. This is regarded as the fore- runner of a steady stream of business overseas. ° HOUSTON; February 2.—Exports-of cotton from Houston in Junuary were 80,000 bales,. bringg the total since August 1 to 896,000 bales: A greatly increased 1924 cotton acreage.is ex- pected in Texas. 4 g BOSTON, February 2.—Sentiment in * the woolen trade here is that the prices named at the American Woolen Com- pany opening of fall lines are sufficient- 1y attractive to insure a.revival of ac- tivity in woolen mills. The tter will depend on-quantity output to make up for smaller profits. £3 P&R D, Ore., February 2.—An advdnce. of 20 ocents a.-barrel in the price of family patent flour' places that grade at $7.60, with graham flour at $6.40 and whole wheat at $7 t0.37.20../ SAN FRANCISCO,. February..2.—i proximately 65 per cent ‘of the 550,000 ages of peaches packed by the Cali. fornia. Canning Peach ‘Growers’ Asso: tion in 1923 have been sold. RICHMOND, Va., February 2.—The Seaboard Air Line railroad has placed orders with Virginia factorles for 933 ar bodies. The Riclmond Car Works | bulld 466 flat car bodies and the yrginia Bridge and Iron Company of Norfolk an equal number. Washlogton Bwy. & Eltc. com.—5 at 70%. BONDS. Bid and Asked Prices. PUBLIC UTILITY. American Tel. & Teles. 41 American Tel. & Telgs. 4 Am. Tel. & Tel: ctl. Am._ Tel. & T Anscostis & Georgel Metropolitan R. ‘R. Potomae Blec, st Be. TRUST COMPANY. i SAVINGS BANK. rce & Baviogs. o W aahisigton. 4 P e Direct to The Star Office ang‘a substantial share of the ferred. e ¥ hl ‘The wdvancing prices for new crop sugar have also an. important bearing mpany’s earnings. Of} shares: made only. slight response, to the fresh advance of 15 to. 25 cents a barrel in midcontinent cruda oll. At 257 Pralrie Oll and Gas wi Ve points above Friday's clo: while Vacuum and South Penn were higher. Pipe line stocks displayed a firmer tendency, but advances were modera The heavy absorbed most attention in-the bon group. All three of these ‘issues be- mé deoidedly strong on the announce- Dge- road Company, of which the former nt Friday that England hud recoge 'la owner of the entire commpn stock knized the soviet government. ? NEW YORK, |l RK., February 2. "0l ’fi 8, 08 i r Tire . 1 lnlern(‘nnl Rul T 1D Kreoss Depe Stobes pEe Pt 1] 2 Jilavale G5 . “3 Mur Vieo Aust- wi N+ ir Pr Co wi NI 4 32! 48 Pt sEENsE ;- Boa 2aEs £/ SELLS %! Romanoce of Finance Just Revealed aBgs esmana 5“2"# New Dominiou Cop. Teck Hughes . 12 United Eastern 20 U 8 Contl new 4 Walker Mining . w58 3= 3% -— $25,000 CITY BLOGI( FOR $1,000,000 i -Began in Pioneer Days in West. { By the Assaciated Press. SAN FRANCISCO, February 2.—A {romance in finance that had its begin- ning In ploneer days, culminated here sesterday with the purchase by W. B. {Bourn of a Sun Francisco business iblock for more than $1,000,000. | Back in the fifties, Mr. Bourn's father paid $25,000 for the block and mort- jBaged it to obtain funds to invest in a Nevada mine. The mortgage was foreclosed and the mining vensure was not u succees.. Recently the mine has pald and the Bourn fortune was re- couped. As @ consequence, the vourger Bourn bought back the block from the heirs of the late Robert Sherwooil. Mr. Bourn, who is chairman of the |board of a large water company, a building twenty-five or thirty storics high would be erected on the site in the near future, DEMOCRATIC WOMEN END 5-DAY SCHOOL Sevenb States Represented at Po- litical Study Course in ‘ Cleveland. | By the Assoclated Press. 2 CLEVELAND, Ohio, February 2.—A five-day school, at which democratic women from Ohlo, Kentucky, Indiana, 1ilinols, Michigan, Minnesota and Wis- consin sought practical . knowledge of the methods of politics, closed here today. withfinal Instructions in publle speaking and party organization. Be- sides their regular instructors the Wwomen were to hear Mrs. Pcter Olsen, Minnesota senatorial candidate in 1922, and Senator Dill of Washington expound on methods used in thelr states. An expression on the question of DO4cs also wus expected to come fro the assemblage during the day. Y. terday the gatliering took a stand for democratic candidates of the highest qualifications” and coupled | it with the declaration that women would not support those who fall to meet the test. Condemnation of the sale of arms to Mexico and indor: ment of the work of Senator Walsh of Montana in the Teapot Dome in- vestigation were contained in other solutions approved. YS IN CHINA- ASK TRADE MARK RIGHTS | Outline Acceptance of Proposed Law in Note to Foreign Office. By the Associated Press. PEKING, February 2.—The diplo- matic corps has submitted to the for- eign office & memorandum outlining the baais on -which it is willing to | accebt the proposed. trade mark law promulgated last May. The law pro- Vided for a ‘new sy trade marks, superseding their regl :{:tlan with the cu-umg Admlnllel‘rl- n, ‘The memorandum asked for the em- ployment of a foreign expert in the nreposed new trade mark bureau, as well as other guarantees for the con sclentious administration of the law and the giving of priority to trade inarks that already aré on registra- tign. It aleo asked that registration facilities be.established at Shanghai and Tientsin, s BUTTER 1§ LOWER. CHICAGO; lower;. ards, 1 | { Bggs, lawer: recel 6,995 cases: firsts, 38; ordinary x:.uls, 34a35; re- frigerator firsts, 27a28. ¥ £ UEEEe ~——— CLOSING SUGAR PRICES -NEW TFORK, February 2.—Siigar futures cloeed firm; - approximate sales, 3.000: March, 5.41; May, July, ; Séptember, 55! d 3 - - DRY GOODS TRADING DULL. NEW YORK, Februery 2 (snec\u).<| —The market for cotton cloths was remarkably quiet today, but prices wers. ‘practically “unchanged. Raw sjik aufterdd another 2%-cent drop 1 pride”in three grades, ‘The marke! was’ quiet, both “here and In Yoko- hama. - $T. PAUL, February -2 ¢Special).— Deposjts in tlie state banks of Min- uesota in the last year have increased $9,000,000, whils cash reserves are néarly dotible the legal requirements. DIVIDENDS. Pay- Stock of able.. record. eb. 18 1T Boup ‘Bt . 5ERe Col Consumers R B L F. 1 3 . 31 .23 San. Mf White, J. G. B. te. Duying of Russian bonds|. s a market leader, wheat resumed the &ttracted wide notice wap that there is Employe of Bteinmetz Motor Car closin; b: 38| dealt in here: INGTON, D. C., SATURDAY,' FEBRUARY 2, 1924.° APRICE OF WHEAT INSHARPADVANGE Purchase of Corn - During Week Checked by Report of Feyver Hogs on Farms. By the Associated Press. CHICAGO, February 2.—Helped by developments regarding financial re- lef for the northwest, wheat has scored a sharp advance thls week. Compared with a week ago, wheat this morning.was 2% to 3% higher, With corn varying from % decline to % 'gain, oats % to 1% up and pro- visions 7a10 to:42 down. Instead of being eclipsed by corn foremost place and gave evidence of broad speculative Interest, espectally on.the buying side. An opinlon which no burdensome supply of wheat in this country and that should any- thing adverse happen to the 1924 crop, Which 1a starting out with consider- ab] of acroage, heaval of price would result. It was | 2lso contended that wheat recelpts at terminals during ihe remainder of | the present season -would be the lightest seen in many years, and that successive thawing and freesing weather has alrsuly inflicted damage. Something of a check -on the pur- | chase of corn resulted from woverr- | ment reports that the numbeg of hogs | onnflrml nuary 1 h decreasd 2.926,000 as compared with a year Le- fore.” Country holders of corn, more- over, showed a.disposition to loosen their hold in sgue veotions. Subse- quently there wWere indicationy th the crest of the enlarged movement of corn had passel quality of rural stocks would de- terlorate was also given attention. Reports of abnormal scarcity lifted | the outs market. Provisions were depressed by heavy marketing of hogs and by « lull in shipping demand. o DISHONEST BROKERS QUICKLY PUNISHED Stock Exchange Head Declares Jus- tice Comes Faster Than Through Courts. By the Awmociated Pre . NEW YORK, February 2.—Seymour L. Cromwell, president of the New York Stock Exchange, In an address at the annual dinner of the Associa- tion of Stock Exchange Firms, last night declared the exchange had meted out to dishonest members “punishment far swifter than could have been meted out in any court of ! Justice. Mr. Cromwell drew attention to a prediction he sald he made two years g0, that hundreds of brokers doin, an irresponsibe business would fad 45 the upward movement In prices developed. “The prophecy came true,” he sald. One by one methods of dishonest dealing " were disclosed. Throughout this development the stock exchange remained untainted of any breath of scandal, as in every case where its members were involved punishment was swift, far swifter than could have been meted out in any court of Justice.’ Mr. Cromwell, officially announced that he would not be a candidate for re-élection as president of the ex- change next May. péaker, t eventually “bi, B 'ss wWould become the rule of the ay. He aseerted he was opposed to and would vote against any tax-exempt security bonds, whether of the United States or of a township. Referri to the oil scandal in Washington, Sena. tor Ashurat sald there was no to be troubled over the fact that “a fow public men dabble in oil, for most of them are honest and diligent.” BOND PLOT BARED BY TWO ARRESTS New York Reports Effort to Work Off Worthless Italian Gov- ernment Paper. By the Associated Press. NEW YORK, February 2.—A plot to circulate spurious bonds of the Ttalian government totaling one mil- lon lire (about $200,000 on a gold basls) has been nipped, officials an- nounce, with the arrest in Pittsburgh of Dione and Calogero Battaglia, brothers, of New York. Secret service men sald the bonds probably were counterfeited in Italy. Their investigation began when the Irving Natlonal Bank rec:]hud a batch of the notes from the Allegheny Second National Bank of Pittsburgh. Agents found that the Battagliases had deposited four similar bonds for 20,000 lire each in the East River Na. tional Bank and had opened an ac- count. Through the Italian Discount and Trust Company the {investigators learned an attempt recently had been made to dispose of one million lire of the bogus bonds. which were de- nomipated “Debito Publico del Regno d'Italia” (Public Debt of the Italian Government). RECEIVER IS ASKED FOR ‘MOTOR CONCERN Corporation Files !ct}dcn in Court.., jpecial Dispatch to The Star. - BALTIMORE, February 2—A pe- tition for the appolntment of a re- ceiver for the Steinmetz Blectric Motor Car Carporation; & local firm, with an suthorized capitalization of $2,000,000, was_filed yesterdsy in eclrcuit court by William H. Holmes, an employe and stockholder, . Judge Walter I. Dawkins signed an ‘order whereby officers of the corpora- ton must_show cause by Fehruary 11 why the petition should not be Holmes in his petition declas the firm is now indebted to ¢! to! klolders to the extent of $42,000, that {t is now doing no real busineas and its assets are being eaten up by.overhead éxpenses and fixed charges amounting to $8,500 a month and that it {s selling its product at leas than manufacturing cost. S Ene e T BOSTON STOCK MARKET. - STON, February 2.—Followi is of today's highest, iv'lfll.n‘md prices for the most acttve stocks 4:.’2 ek 17% 1% 44 4% e 1 4w 108 High. 128 Eavters 5% astern S 8. Edison Bfec . Greenfid Taj Sohawk XYNH 1 Trinity P {the abu Gains in Foreig Big Financial Factor of Week £ Sur n Exchange prising Recovery Boost to Foreign. Owners Hold Cotton—W heat Out- look Brighter BY STUART P. WEST. Bpecial Dispatch to The Star. . NEW YORK, February 2.—The more {mportant incidenty in the financial situation the past week were the continued speculative ac- tivity on the stock exchange, the turn. for the better in the wheat trade, the sharp recovery in the for- elgn exchanges\ especially sterling. and the increase in the United States Steel extra dlvidend accompanied by a strikingly favorable report for the final quarter and full twelve months of 1923, Comment upon the Steel Corpora- tion’s action has been exhaustive, so that the sub; need not be gone into again at length. But two Im- 01 1 ind ough is further proof of urdity of Wall street's pes- simism last summer. Recalling_ the predictions of long continued depression at that time along with the discouraging accounts from supposed 1 trade authorities, And setting these beside tho 16% per cent actually _reported earned on United Btates Stesl common stock, one gots & better idea of the untru | worthiness of the present day market as a barometer of busin, tions. Outlook Better for Wheat Farmer. Thé advance in wheat undoubtedly s condl- Danger that the [reflects confldence that the wheat far- mer will get better prices for his product this year than last, and this is the only way _possible, namely through producing less. ' The fail plnnllnf was cut down 15 per cent and it s r the northwestern spring wieat raf ers will do the same, devoting more of their soll to other crops. If this occurs we sl have the desired condition where domestic output will be brougkt down somewhers near domestic needs, and where there will no longer be dependence upon for- eign markets in which competition has to be faced with low-cost produc- ert Cotton Presents Interesting Situa The cotton position is quite as In- teresting as that in wheat. Unless mill operations are curtalled & good deal more than they have been so far there will be difficulty during the next six morths in finding enough cotton to go around. This {s why a . ready demand springs up every time prices go off at all and y south- ern holders of the staple are in no hurry to sell. But the remarkable feature i@ the high prices for co futures representing tho new crop. Cotton _dellverable in October is selling above 28 cents a pound and cotton dellverable in December 1s nelling above 27 cents a pound, d pite the expectation of a very large planting _and a much Increased yield. r three years running the cotton crop has been short on ac- count of the unfavorable weather condttions and on account of insect ravages. BSuch a succession of mis- haps has never occurred before in the history of the country. The odds | are wholly againet their continuing | through still another season. Textiles Fall to Share Prosperity. In cotton goods producers and deal- ers have not succseded {n_ passing on higher labor costs and the much | higher cost of their staple to the con- sumer. They have had to reconcile themselves. for this season at least. to a small profit margin. Precisely the same condition exists in th woolen industry. The price of wool has gone up. and o has the price of labor. mnd the slight increase in fall schedules announced during the last few daye Is quite inadequate to cover these extra expendes. The textile trades are certainly one exception to be noted when the prosperity of the country is spoken of. The clothing making branch is another exception, and still another {s the tire manu- facturers, who are finding that, de- spits automoblle production being at a maximum there are too many com- petitors in their line of the businees. Sterling’s Remarkable Comeback. The extraordinary reversal in ster- ling exchange has demonstrated that there was nothing wrong with Great Britain's financial position, but that the decline of the last month or so was chiefly due to a political scare. British exporters had been retaining proceeds of their sales to America over here in dollars, instead of cal ing for remittances involving the pur- chase of sterling. This meanth a weakened demand. At the same time theres was @ good deal of conversion going on_ of London balances into dollars. This required the purchase of dollars and the sale of sterling. Hence, the selling pressure was ab- normally increased. But these two processes—the hold- ing back of moneys due from other countries and the export of British capital-—were merqly temporary. They ceased as the financial community got used to the new labor government and saw that it was not likely to do anything radical. The upshot was the violent rebound which has been seen in sterling rates during the last week. French Finanelal Situstion Improved. The French position will be very much Improved {f it becomes reason- ably certain that the program of fiscal reform _will go through. A 20 per cent tax increase, plus a paring down of expenditures for reconstruction, is expected to balance the extraordi- nary budget with comparatively slight help from fresh internal lo; This puts France on the right track longer the very CONSERVATIVE INVESTORS —have ALWAYS been consistent owners of FIRST MORTGAGE NOTES on improved real estate as the sure foundations of security for their funds. This is equally true of the great insurance com- panies of the world, as well as the leading financial institutions. START RIGHT by resisting all invitations to . buy speculative -stocks and bonds, and JOIN the “éxclusive ranks” of wise and still earn— 65 and 7% THESE NOTES—ARE ABSOLUTELY SAFE, —DO NOT DEPRECIATE. —YIELD SUBSTANTIAL RE- TURN. —ARE PAID ON DAY DUE. DENOMINATIONS: $1 ‘We Can Arrange for Partial Payments. for Farmers. uncertain quantity of German repara- tions. ~ In the “meantimi the cost df the occupying army—ei timated at over $90,000,000 a year— were removed. ' (Copyright, 1834.) STEEL AND MOTOR STOCKS LEADERS Week Sees Rubber Shares Lose Ground—Southern Railway Soars. By the Aseoclated Pre NEW YORK, February 2.—Steel and motor shares, based on favorable trade conditions, was the outstanding feature of this week's stock market. Considerable readjustment of specu- lative accounts took place In other scctions of the list, giving it the ap- pearance of Irregularity most of the time. Declaration of an extra dividend of 0 the highest since 1918, unquestion- ably was the.most important item of trade news during the week. United States Steel common stock crossed 107 to the highest price sin April, and the indéependent moved up in sympathy. Motors Jump to Fr Motor shares, which had been the targets of bear speculators in the last few weeks, snapped back sharply | on rcports of increased production and sales. Trading In oll stocks was (| still somewhat restrained by the dis- | closures before the Senate committee | investigating leases on naval oll re- serves. . A slight Incr e in crude output i was more then offset by the further sharp reduction in imports. Cru oil and gasoline prices advances were announced in various eections of the country. Reports of tire cuts had a depre I ing effect on the rubber shares. American woolen broke below 70 on reports of poor trade conditfons. Tobaccos were helped by merger re. although Liggett and Muyer: issues broke badly on the announoce ment of an additional stock issue. Low Price Rafls Active. Speoulative expectation of an early dividend resumption on Southern raflway, Wabash preferred A and St. Louis southwestern accounted for the strength of the low priced rail- road shares. Southern raillway jcrossed 47, a new high for all time. A number of the high-grade dividend- paying issues, particularly New York Central znd 'Atchison, also were in gooul demand. Money rates gtrengthened slightly in response to. the increased month end requirements. = _— FOREIGN EXCHANGE. (Quotations furalshed by W. B. Hibds & Co.) Selllng ciecks Btockholm Amsterdam ") Beigrade Moutrea] receipts, 11,023 tubs ery firsts (88 to 91 score). 4 Eggs, dy; receipte, 16,224 n;e!\l extra firet 43; ! 8 Mortgage Money to Loan On Real Estate. Let us Soduce your FIRST MORTGAGE NOTES For sale. Consult us i you have availsble funds for investment. THOS. E. JARRELL Member Washington Real Estste Board 837 Woodward Bldg. Main 766 Money to Loan Becured by first dead of trust 1Y Prevaiing taterest asd commpmton ‘ Joseph 1. Weller £ Ve L & Toun investors who “play safe” 00, $250, $500 and $1,000 MORTGAGE DEPARTMENT 713 and 715 14th Street N.W. Main 2345 FINANCIAL. § i H : g Illllllllllllg 1% First Mortgages $250 and Up Write or Call fox, “Booklet.” William S. Phillips I5TH ST. AT K N.W. Mala 4600, ortgage Lowest Rates of Interest and Commission. Prompt Action '!'Immu J. Egfig‘.k Company, Inc. ‘We have on hand subj prior sale a few very choice 79 First Mortgage $250 —up. These are very desir- able, several on nicely located northeast property. CHAS. D. SAGER 924 14th St. NW.’ Loan Dept~Main 36 WE FINANCE APARTMENT HOUSES OFFICE BUILDINGS BUSINESS PROPOSITIONS CONSTRUGTION LOANS SUBDIVISIONS BROKERS PROTZOTED American Mortgage Service Beiry Yowall Bready, President, 818 Fifteenth St. N.W, Co-Operative Building Association Organized 1870 44th YEAR COMPLETED $4.758,170.52 $1,248,320.(% Accomplishes Most Systematic saving s the most eftective . memns of secumulating money. Joiot the Equitable and save with best results. Subscription for the 86th Issue of Stock Béing Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y. B. F. SAUL CO. M2 Kye $t. N.W. N Announcement Mr. E. Quincy Smith has purchased from the firm of William H. Saunders & Company its interest in the good will of the loan business of the Penn Mutual Life Insur- ance Company and the United Security Life Insurance & Trust Company, heretofgre done through this firm. In taking over this busincss Mr. Smith becomes sole correspondent of the two companies above mentioned for the making of real estate loans in Washington and vicinity. Myr. Smith Is Opening His New Office At 909 15th Street ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST First Mortgage Notes 615% With Safety OUR First Mortgage Notes now bear an in- terest rate of 6%%. These notes are all first mortgage securities of the same type we have been selling for over 54 years, and they bear our full recommendation as mvestments of merit and safety. We suggest that investors participate in these Notes to the fullest extent possible, as it is diffi- cult to predict how long this higher rate will prevail. We Will Gladly Reserve Your - Investment Until Your Funds Are Available Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 54 Years Without,Loss to an Investor 4 In Convenient Deriominations For Investors Intgré.t 6¥2%