Evening Star Newspaper, February 9, 1924, Page 15

FINANCIAL NEW YORK CURB MARKET UT0 SALES PAS . RECORDS OF 1 January - Business Muocis Above Estimates—Foreign i Tire Demand Is Slow. BY J. C. ROYLE. Special Dispateh to The Btar. NEW YORK, February 9.—Wheels and tirve are the two parts of an auto- mobile that now are attracting the ut- most attention of the forefnost tech- nical experts in the automotive industry. Some of these men do not hesitate to state that the greatest changes in the immediate future in motor car design- ing will be in those two features. The possibilities of the low pressure tire, some of the engineers assert, have fonly been touched incidentally, if mere easy riding qualities are considered. They declare the most wonderful possi- bilities exist in_prolonging the life of the metals used in automobile manu- facture, obviating strains and cracks in bodies and chassis and keeping mechani- cal joints intact. Auto Sales Very Heavy. The complete figures on January production and eale by the larger De- troit makers were even larger than pre- liminary estimates Indicated.. Chevro- let and Overland factories almost doub- led their January, 1923, records, and Ford turned out 50,000 more cars and trucks than a year ago. The figures which have just become available at Detroit are almost as indicative of the trend of design a8 of actual factory outturn. More than 10 per cent of all the automobile makers hhve switched from four- cylinder to six-cylinder engine con- struction. Of 104 makers in business Jn this country this vear, 65.4 per cent are making six-cylinder lines, as against 54.8 per cent of all makers in 1920, although there were forty- two more companies in existence in that year than in 1924 twenty-four makers of four-cylinder cars and twelve makers of —eight- eylinder cars, but there are no long- er any factories making twelve-cyl- inder cars, although there were three in 1920. Analyais of Recent Sale Equally siznificant is the analysis of the recent sales of Paige Detroit cars. These show surprising in- «reases of to_farmers and wom- wn_in January. The company sold approximately 5.500 cars, the largest January in its history. The sales to farmers increased from 2 per cent in Deocember to 6.3 per cent last month. Sales to women increased in the same period from 2.1 per cent to 5.9 per cent. _Salesmen bought more Palge cars than men in_any other emplpy- ment, with shop workers second and merchants third. Farmers fifth. Farmers, according to the National Lumber Manufacturers, have to buy automobiles fast since avoidable de- terioration to cars, trucks, tractors and other farm machinery is equal to one-half all the taxes paid by the ag- riculturists. Engineers of the asso- ciation in investigation through Illinois found that damage to farm machinery and implements left along- side roads amounted to $650 a square a vear, or sbout $1 an acre. In tance of 126 miles they observed tractors absolutely protection. These machines, bullt to give twenty or more years' service, it was estimated, would be on the junk Beap within five veare. It the Illinois stimate holds good in other agricul- tural sections, the annual loss to the country would approximate $370,000, 000. However, automobile manufac- turers expect to be able to build cars \ an and tractors as fast as the farmers ean buy them. Forelgn Trade Quiet. While tire manufacture in this country is expected to improve with increased production of vehicles in 1924, figures for the last year do not indicate any surprising advance in the capture of foreign trade. The larger portion of original tire equipment on British cars, trucks, motorcycles and bicycles continues to be supplied by British manufacturers, with the Dun- op Company leading. Similarly ichelin and Pirelli supply the manu- facturers of the French and Italian cars with most of their tires. Amer- fcan tire manufacturers, of course, have benefited to the extent to which sales of American cars of which their tires are attached have broadened in foreign countries. On_the other hand, German prod- ucts have become a serious factor in * the British markets as the exchange situation_and other conditions have enabled (German makers to undersell the English. It is claimed bicycle tires from Germany are being retailed in England at prices which would not cover cost of material in Great Britain. r Banker How much rea alue 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 claime. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PITTSBURGH, February 9.—The largest shipment ever sent from Pittsburgh on the Ohlo river by the Carnegle Steel Company is now on | poto It consists | P9 its way to New Orelans. of twelve barges of steel and three barges of finished products. Ship- ments will be dropped off at Evan vilte, Memphis, Louisville and Vicks- burg. PORTLAND, Oregon, February 9.— For the first time in history, Oregon carzots are being shipped to New York and Chicago. This territory never had such an abundance of this yegetable; hundreds of acres still are undug. Sacked carrots for shipment east are bringing $15 to $18 a ton 1.0.Db. cata. There are | were Recsived by Private Wire BY WILLIAM F.' HEFFERNAN, NEW YORK, Pebruary 9.—Oil shares attracted most attention in today's brief session on the ourb 'market. Covering orders for the pur- pose of evening accounts brought about higher prices in those which had been under pressure recently, but new buying was on a small scal, ch ¢ontinued to domi- ot, in{ 2 nts lower at 57, then rall yln:'kn 62, -‘K'm it was only 2 points under its top price of Friday. B Buying operations in Chesebrough Manufacturing kept on, the stock ad- v,xmln 8 :olnu to & new top at 360. e feature of the low-priced of was Latin-American, which reached the dollar level, also & new hi Amalgamated Leather was for the first time in several days, get- ipnthy wit] er stocks cn ‘half hour'a heavy de- mand appeared for Dubilier Radio, carrying the stock across 20 to a new NEW YORK. Februa is an official list of bonds and stocks traded in on i A the New York Curb Mar- Rales in 3 Close. e o o SoncoBmrormntcnd S0ennn it n i amam comasil I} oungs 5% Pub Sery of N J Pub Serv El Pow o Gl4s e 80N Y oy Bun Oll 7s . Switt & Co - BT FOREIGN BONDS. 10 King of Nether 6s. 12 Russian Govt s 30 U S Mex 4n of of Sales ~ BTANDARD in unita. 400 Abglo-Amer Ofl ... 4 Burkese Pl hexebroug 3 400 Continent Ol ne A berland P L. h e 8214 52 OIL 1S8UES. 17 7y 18% 1% 71 reka P L 0L ) Gal Nignal 01100 1600 Humble 0 & R o) 60 liinois P L 3 Imp Oil of Indians P L Inter Pet o' Ltd. agnolia Pet ... Nat Transi Ohio Ol new Prairie Ol & Prairie P 1, 10 Solar Refin onth Penn Oii 80 Indiana .... P L 10 4100 200 100 2 G000 Vacunm Ol new Sales IND! in hundeeds, Carib’ synd . | 24 Citlen Rervied oo 2 Cities Service pfd. 22000 Cit Rerv ¢ ser) { Mex Pannco 5 Mount Prod Moun | 2 Roval Canad 08" R 37, 1% | - = 2 i { Tarman Oil . Wilcox 01l & Gan. SO i INDUSTRIA! 7 Amal Leather . Washington Stock Exchange. | SALES, Unfon Trust Co.—10 at 166, Washington Mechanics' Baviogs Bask—10 at 30, 10 & AFTER 'CALL, Washington Rwy. & Elec, com.—10 at 70%, | 10 at 70%, 10 at 71, 20 at 71, 30 at 71, 10 at 71,20 at 11, 60 at 71, 50 at 71, 20 at 1. Washington Market Cold Storage Ss—§2.000 ¥ Capital Traction Co.—5 ut 953;. Washington Gas 65 '83—$200 at 101%, $300 at 101%. BONDS. ” Bid and Asked Prices. PUBLIC UTILITY. ™ Bid. Asked. Tel; American Tel. & 1085 EgSx sslisis c. 3 Capital Trael City & Suburban Be.. town Gas 1 Georgetown Metropolitan B. B. ‘Elee, 1st -Following |. 117 MUTUAL SAVINGS BANKS’ ASSETS GROW | {of the seventeen mutual sav i high record. Fibd gh 29 i % 1 26 24 oo g biller C unhill u 22800 e, 25 85! 107 len Alden Co ioodyear Tire s ud & Maon R R 111 ter Cont Rubber 41 Cone Ind_Corp 1215 resge Dept Storew. 457 SREREZEEES & My iy ndium Steel wi rory Stores 7 Crory 8t war cf 82 wabi Iron 2 Vie Aust wi 18 Dair Pr Co wi 85 Co ped... s £ ZZERER: e Repetti 4 OB ww et helton Looms Bty T2 Exj Tnion Carbide Cn Baker Ns pfd. Un_Retail L akes SEF FE i m DB B B i B s B o i e Boas i E ner Bros Pic .. Yellow Taxi Co rts MINING. Belcher Extens . 1y 341, 2 o es 1a Devel 0 Goldfield Deep Mine .06 Goldfield Florence. .40 0 Goldfield Jackpor d Zone . Hardshell Min 0 e West End Ext . Wett Lorrain Silver Maryland Also Reports Healthy Conditions in 186 Other Finan- cial Institutions. Speeial Dispatch to The Star. BALTIMORE, February % —Assets g banks of Maryland increased $9,537,0948.02 during 1923, according to the bank commissioner’s report giving the result of the last semi-annual call for these institutions. On December 31, 1923, they were $156,329,265.86; due depositors was $143,431,532.42. Deposits showed a gain of $8.564,148.86. Of special interest Is the fact that $7.442,664.38 more was invested in mortgages than at the end of 1922, as evidence that the savings banks are devoting a larger share of their re- sources Many Baltimore bankers have felt that this would be desirable from the standpoint of the institutions them- selves and real estate development in the city as well. Resources of the 186 state banks and trust companies and thirty-eight branches of Maryland as of Decamber 31 last amounted to $338,891,270.45. The institutions had $20,885.173 capital stock, $24.003,798 surplus and $5,396,- 338 undivided profits, according to the ort. Changes on December 29, compared :rlem the corresponding date last year, Increase in total resources, $25,510,- 668.66: increase in total deposits, $20.- 647,722.25; increase in bills payable and notes and bills rediscounted, $2,332,- $22.19, and increase in mortgages and Jjudgments of record, $4,425,164.51. STORMS CHECK TRADE. Dun’s Report Shows Pig Iron Mar- ket Is Extra Good. NEW YORK, February 9.—Dun's Review today says: “Forces that have retarded busi- ness in some sections have not ob- scured the good points in the situa- tion. Severe storms in different lo- 28333238253 (2 g aazi'“g FER D. O. Pay Wash. Wardma sas3s 228 ST. LOUIS, February 3.—Purchases Wflhfim of ¢lothing for spring are backward. owing to uncertainty as to style trends. have stimulated some Women's wear lines, however. Cloakings of large designs are especially active. —— DENVER, February 9.—Preliminary steps have been taken by the forest service for the sale of 400,000,000 ‘board “féet of western yellow pin from the Montezuma national forest in the southwestern pi o state, The sale will mean the largest lumbering operations in the history of Colorado, extending over eighteen New designs and patterns | was B o ofl -lnbc: December have totaled X 55 cents rrel and in_the two states now is $1.70 a bar- rel.” Drilling operations are becoming more active. top price | U Eas SPATTLE, February 9.—The Sea Merchants’ A.uo'ulnnun HW:P;I !:zn.l -~ it retail rnclr{ 'allures mounth were less eor- lod year and now responding period last have been reduced to normal figures. ATLANTA, Feb: . alon of Tertiliner Ta The Moathensy indicats that 1934 farm will be on a more intensive than ever before. Three Ji one anuary ever, delayed soil ton at a time in o in this month, how- reparation for cot- en an early start advantage agsinst .un orchestra. calities this week notably in the mid- dle west, impeded operations, but A thi; was & temporary influence and aid not affect all activities. Against the Testraints imposed by weather draw- backs, there has been the first gain in pig iron output in seven mon demand for steel. - pansion in the great basic 13::-::7 Wwhich has a large bearing on con- ditions generally, has come mainly buyers’ stocks had run low and were in need of replenishment. “Much _the same phase as to sup- plies has existed in some other im- {des &nd leather, and In'Thoic?,sad and in those lines transactions have also broadened. Th o current wWth of business is ir. ut it is clearly discernible quart e ' tro 002188 | Ol (ed” recently,. an "i STILL ON INCREASE | tions in supply and demand factors to this form of financing.{ STOCK PRICES DRIFT TOLOWERLEVELS Higher Money Rates and Heavy Profit Taking Cause of Setback During Week. By the Assocfuted Press. ; NEW YORK, February 9.—Securi- tles prices drifted lower this week under the weight of a large volume of profit-taking and a temporary strengthening of money rates result- ing from the withdrawal of funds by interior banks from this center. Group movements were agdin the feature, operators for.the rise shift- ing from one to apother when the old leaders showed signs of faltering. Public interest in the market is in- creasing, according to commission houses, but it has not yet reached sufficient proportions toematerially influence the price movements. Temporary Strength in Steels, Steel shares developed temporary strength on reports that January pig fron productiop had shown the first monthly increase since last June and that reill_operations were expanding. United States Steel common, the leader of that group, touched 109, the highest price since last March and only % below the 1923 high estab- lished that month. Indgpendents ad- vanced in sympathy, but the gains were not maintained. Oil shares were adversely affected by the announcement of a federal in- stigation of zasoline prices and the publication of the weekly report of the American Petroleum Institute showing an increase in crude oil pro- duction and exports. Trading in these Issues also been_under re- straint as g result of the disclosures made by the Senato committee inves- tigating naval oil leases. Open Winter Helps Metals. Constructive stock market forces pointed out that the open winter has been beneficial to the metal {ndustries by permitting considerable construc- tion work and to the oil industry be- cause of the increased consumption of gasoline by passenger cars. { Sugar shares have been buoyant decently in speculative expectation ot | increased earnings from refinery ope: ations. Coppers have also shown a somewhat firmer tendency. Tempor: strength. of the motor issues was based on reports that the January production of cars was 40 per cent in | cxcess of that of the same month last | year, BUTTER PRODUCTION | Prices Slightly Higher and With- drawals Heavier Than for Previous Week. ¥ the Assoclated Press. CHICAGO, February 9.—Changes in the butter markets this week were due more to temporary varia- than to sny apparent basic change in the general position of the mar- kets. There was a general harden- ing of values and prices worked to slightly higher levels. Sentiment was somewhat more confident, but the signs of nervousness ‘which had pre- vailed for some time were still evi- dent, and there was much conjecture as to the trend of the markets during the next few weeks. Perhaps the strongest feature was the continued acute shortage of me- | dium and undergrade butter. With| a price range of only 1% cents be- tween 88 and 92 score butters at three of the four importadt markets there did not appear much likelihood of a break in prices of fancy butter until the shortage of undergrades were relieved. Withdrawals for the week ran ap- proximately 50 per cent larger than { for the corresponding week last year. | This has prepared the trade for the shortage shown in the preliminary cold_storage report of holdings in the United States on February 1 of nearly a million pounds under last year. The total holdings amounted to 15,290,000 pounds, less than one- half of the five-year average. With- drawals during the month of Janu- ary amounted to 15,259,000 pounds. Production, according to the ma- jority of reports. is still increasing. For the week ended February 2 the Minnesota Co-operative Creameri and the American Creamery Butter Manufacturers’ Association show in- creases of 2.5 per cent and 3.83 per cent, respectively, over the previous week, and in the latter case, 1126 per cent over the corresponding week last year. Consumption so far has been fully ample to absorb the receipts and, had it not been for the foreign butter, would undoubtedly have forced prices materially above present levels. Dur- York. CAR LOADINGS INCREASE. Revenue Freight More Active Than at Same Time Year Ago. Revenue freight loadings on Amer- jcan railroads for the week which January 26 totaled 891,326 cars, SR Tneriosn Railway Association announced today. Co d with the ®orresponding week year, this was an increase of 21,362 cars, and was an increase of 150,940 e same week in 1922, cars over th Due principally to a decrease in the loading of miscellaneous freight, the total for the week of January 26 was a decrease of 3,950 u-.r-& compared -with the preceding weel. s —_———————— ACTION IN SUGAR CASE. Philippine Court Vacates Receiver- ship on Big Estate. By the Associated Press. February 8—The district court of the twenty-second judicial SImt et Gocldentar, on. the Jeland of len 0 e ro. vacated th \ Negros, h e receivershi, of the Binal pme, l.'g? e estate in charge of Enrique Echause, ‘who Tl sald to have seized it {orclbley a . i right to goritrol of the cen- tral is uted by the Philippine Na- o lciats ot the basik declared th e wate mystified by the court's sction, The su; te property is valued at more Hoan$1,000,000; LIVERPOOL COTTON. MX:.‘:. bus! i middling, 1 ml‘d‘}l’m..p.‘ll ?},‘;’aflfn ordinary, 1 Sales, , 6,000 bales, can. tures closed Fel 19.36 T anuary, 18.05. 3 bl The uu::: repul ~u i9 twelve Check in Stock Advances Called [seies Trs & Hortgrgs co. Wise Move Against Inflation Market Flooded With New Securities. Great Interest BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, February - 8.—The check to the stock exchange move- ment toward the close of the week was altogether a healthy and de- sirable thing. Wall street was in danger of getting into the same state of over-enthusiasm which It reached a vear ago. With stocks up in little more than three months, 15, 20 and even B0 points, the speculative rank and file were talking as if the rise had just begun. Heads of big busi- ness were appearing in the dally ress and on the news tickers with highly optimistic statements, and there was much talk about the in- flation of security |values that must ultimately occur as the result of the accumulation of unemployed money capital. In a word, it was the speculative setting of February and March, 1923, over again, in somewhat reduced in- tensity. " It was precisely the reverse of July and October, 1923, when the same composite elements so cager on the buying side of lat re painting NEW HIGH RECORDS INGRAIN NARKET, Corn Proves Leader in Lift- ing Values During Week. Pit Flooded With Orders. By the Associated Press. CHICAGO, bruary 9.—Corn has proved itself the leader this week in lifting grain values to mew records for the season. Rough weather ham- pering the corn movement and in- creasing the demand from feeders was chiefly responsible. Compared with a week ago, the corn market this morning was % to 1% higher, with wheat a shade to 1 up, oats varying from % to % decline to % gain and provisions showing an ad- ance that ranged from a shade to 3. Both in volume of business and in greater rallying power corn sur- passed wheat. That wheat had been on the advance nine consecutive days tended to make many traders in that cereal incline to be cautious and to look for something of a reaction, although shrinkage of the domestic visible supply, prospective curtaliment of spring wheat acreage and renewed gossip about likelihood of higher tariff rates were accorded a good deal of notice. Widespread snowfalls, meanwhile, relieved anxiety ng protection for the winter crop. Corn prices moved up so repidly at times that standing orders to sell at certain_levels were impossible of execu- tion.” Most of the time, rural offerings were limited, and there was much com- ment that the period of accumulation of stocks of corn at terminals was draw- ing to a close. Toward the end of the week, enlarged export demand for corn from this country, atf attention as Argentine exports of corn showed a notable falling off. Oats were eased to some extent by a little more liberal receipts. Provisions advanced with corn and hos!; EARLY AID LIKELY FOR BANKS IN WEST Private Capital to Amount of $10,- | 000,000 Is Soon to Be Available. By the Associated Press. NEW YORK, February 9. —Tangible plans on which financial and business intreests of the east and west will unite to extend aid to northwestern banks will be laid next week at a meeting in Chicago, at which organ- ization of a $10,000,000 service cor- poration, created by private capital, will be completed. C. T. Jaffrey, president of the First k' of Minneapolis, tenta- ization, which will be supplied with additional funds exceeding $100,000,- 000, if necessary, the ' War Finance Corporatibn, will rest with him and other Minneapolis and Chi- cago interests. While New York members of the banking committee which conferred with President Coolidge last Monday will take an active part in formation of the service corporation and con- tribute to its financing, they indicated their desire to have the actual man- agement rest with western men. The e of this arrangement, they expl ed, was to set the rellef ma- chinery in motion as quickly as pos- sible. GASOLINE IS HIGHER. Price Boosted Another Cent Today in Philadelphia. PHILADELPHIA, February 9.—Gas- oline will advance 1 cent a gallon foday. This announcemeht was made by the Atlantic Refining Company and the Sun Oil Company yesterday. Other large companies are expected to_increase the price also. 0 Curb prices of gasaline, including this increase, is 23 cents, to which is added the state tax of 2 cents & gal- lon, bringing the total to 26 cents. Advancing price of crude ol is given the cause of the increase. tracted particular | in Wheat—Franc Again Turns Weak—The Outlook. a dark x(etnr- of the industrial out- look and asserting that there was no limit to the Wall street decline. There was danger the way the market was | going a week ago and up to the mid- of last week, of stocks getting ahead of the business situation of | over discounting the improvement which has occured in recent months. Flood of New Securities. There is no guestion that, in the investment market, the constant out- pour of rmew securities has had a dampening effect. For the last month } or more these offerings have been thrust upon the public in volume fully twice as large as they were during the second six months last year. They have touched the finan- clal “situation in two ways. First, they have provided active new com- petition for existing issues and there- by stopped the investment advance. | Second, they have helped take up surplus money supplies which the up- holders of the inflation theory were counting upon to go into the regular market channels. Money rates have been somewhat affected by this wholesale outreach- ing on the part of corporations and banking syndicates, for investment funds. But this is not the serious side. Nobody belleves for a moment that with the federal reserve ratio | above 82 per cent—the highest since | the spring of 1917—there is any dan- Eer of a money stringency. But it will be recalled that one of the causes cited for the decline which set in | last April, was that the security mar- kets had become overstocked by rea- 5on of the excessive cutput of new ssues. It is well to b recent example In mina . o VoY Explanation of High Wheat Prices. ! One of the curios and almost - alleled points about the wheat magiet is that at this time of year the July {@nd later options representing the new crop should be selling so close to a parity with the May option repre- senting the old crop. This is to be explained on two grounds, one that there s an abundant carry-over from the 1923 harvest, the other that the gTain trade expects the wheat farm. | ers of thenorthwest to follow the ac. | tion of the farmers to the south, and cut their acreage substantially. The idea of how this is going to affect prices s expressed by the fact that | the July, 1924, option is selling now some 12'cents a bushel above where the 1923 option was selling when it reached maturity last summer, The high prices of corn promise -to be one of the outstanding features of the agriciiltural sitaution, the same as they were last season. Ten years ago a three-billion-bushel corn crop would have meant unprofitable prices for the grower. Now we have seen three years in succession,' where the harvest has averaged three billion bushels and yet prices have stood at record levels for everything outside of the abnormal war times. The truth is, of course, that world consump- tion of corn,’ directly of itself, and indirectly through its conversion into meat products, has permanently increased and what a decade ago would have been considered an exces- sive yield now is barely sufficient to cover requirements. Weakness of the Frane. H Toward the end of the week sell- ing broke out again in French francs sufficient to lay emphasis upon their failure to have any real recovery. This failure may be set down to two | causes—first, uncertainty regarding the fate of the government’'s program for increasing taxes, and, second, the continued expansion in paper note issues. The financial measures de- signed to balance the budget and stabilize the franc may pass the French parliament, but whether they will be approved by the country at the coming election is quite another question, (Copyright, 1924.) | Co-Operative Building Association i Orgunised 1879 i 44th YEAR COMPLETED Ansets Surplus 86th lssue of Stock Being Recetved Shares, $2.50 Per Month EQUITABLE BUILDING } 915 F St. N.W. ! JOHN JOY EDSON, Presideat FRANK P. REESIDE, Seey. FIRS FOR SALE THE TYPE OF SECURITY CONSERVATIVE _IN- VESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. ON FIRST MORTGAGES 8, y {llohldlfll’ 3,200 American. 0,000 ;‘t‘ln',’ including 4,900 A.ln:rtl.: f 5 5 ; FINANCIAL, Money to Loan Sacured by firet deet of trumt Prevaning tatoress. st eomes sk Joseph I. Weller £ Wus L & Te First Mortgage Loans Lowest Rates of Interest and Commission. Thomas J, th"tmln:. ) * T30 15k Btewet 4 nd Second Vicinity— We want First Trusts in Wl.::l'nghn ln: ble Terms—Prompt Investiga- Reasonable tions. Call or write. Banking Trust & Mortgage Co. #Rooms 20-21 1416 G St. N.W. Phone Frankiin 5784 6% and - 7% and SAFETY Whether you can get these rates of interest and be cer- tain of the safety of your principal depends entirely upon what is back of the investment. The First Mortgage Notes we are offering at these rates of interest are ample security for the loans, because they are backed by our own conservative appraisals. Consult Our Mortgage Ipvestment Department SHANNON- & LUCHS Our First Mbrtgages Are Now Yielding 612 % IT is extremely easy to get the maximum re- turns in safety and satisfaction in 1924. Be- come an owner of Swartzell, Rheem & Hensey Company First Mortgage Notes. They have demonstrated their qualities year after year. . The same sort of security we have offered for the past 54 years and which has enabled us to maintain a record unique in investment circles can be had for a definite time only with an in- terest rate of 6%%. We unhesitatingly recommend each Note as an investment of the highest type. Swartzell, Rheem & Hensey Co. 727 lSth Street N.W. 54 Years Without Loss to an Investor In Convenient Denominations For Investors Interest 6%2% NLFPoerth Stest ~ Main 6388 BE GUIDED BY PRECEDENTS Time has proven the sta- bility ‘and dependability of the First Mortgage. Through hard times and years of prosperity they have maintained their un- wavering and non-fluctuat- ing value—they have sur- vived countless speculations that have greater promise " —they . have weathered financial depressions and world wars. Our FIRST MORTGAGES —insure safety of principal and render adequate return. In amounts of $250 and up. ' B. F. SAUL CO. Main 2100 1412 Eye St. N.W. of a Century Without a Loss