Evening Star Newspaper, April 13, 1924, Page 37

FINA / GRAIN MARKET DULL CASH PRICES FIRM, / Department of Agriculture Sum- mary of Conditions Prevailing the Past Week. 'WHEAT FUTURES UNCHANGED Oats, Rye and Corn and Other Products Noted. #ho grain market situation con- tinued dull during the week ending \pril 12, states the United States 'spartment of Agriculture in its weekly grain market review, but cash prices were held fairly firm by zht receipts. Wheat future prices in all the aarkets closed the week on Friday ractically unchanged from those of he previous week. The government eport, which showed the condition winter wheat to be about 83 per <ent of normal, apparentl ad but ittle effect upon the market, it about what was expected by the trade. This condition would indicate w“ erop of little less than 550,000,000 Tushels, assuming that the average bandonment occurs (his year and 1 the averuge weather conditiun revail until harvest. The 5 the hard winter wheat state reported as especlaily good, whi he condition in the soft red winter | wheat territory ind d considerable damage. Conditions in the spring wheat st v said to be in sev a see ward Abeve Export Basix. aintaine fon that the | ng reflected Wheat still exports, of Wheat h_prices wer there was creased tariff the cash i he Cash En waport basis, 2 the Pac volume dark northern spring wnced 1¢ to 2c durin d the high protein grades firm in_the hard winter Red winter wheat cally unchange ather limites ntinues light, are being and coast, were exeept fro yrices |deductions totaled | NCIAL. Income of Capital Traction Slightly Lower in F ébruary! Local Company Receipts Compared With Same Month Year THE SUNDAY i e exi Ago—Uneven Situ- ation Shown in General Business. Income of the Capital Traction Com- pany for the month of February, 1924, fell off approximately $10,000 from the corresponding month of the pre- vious year, statement of earnings filed with the Public Utilities Commission shows. The report was delayed sev- eral weeks due to arbitration hear- ings under way with the carrier’s em- ployes. A loss of 96,069 in revenue passen- gers during the period was primarily responsible for the adverse showing, the report indicates. In 1923 the com- pany carried, in Maryland and the District, a total of 5,330,739 pay pass this number decreasing to for the latter month. Total railway operating revenus amounted to $389.5 during _the month with expenses totaling $ 7o Taxes assignable to rail operations aggregated $30,160, and 15.83. The n operating income amounted to $1,00 February’s net approximately $17,000 in arrears of the sum reported for'the previous month of this year. General Business Situation. An uneven situation in bu xists with sharp Consumption remai there vely ing: output reaking, yet order: reased: notable ac ing industry is ind: thoug! yome poinuts of a'let-up Seen: cotton goods trading has lat increased, btit curtailment of produ tion go ; and similar irregulari- ties appear in other quarters. Some gain in retail sales has ne with the approach of Easter. yet in- clement weather been a drawback and the same influence has impeded farm work and the of crops s very larg forward buy- in the bu ther e arket and prices | of the mar prices a waterial incre: expected pleted commer: mor kets x- | shipments | ption cor and corn | aking good their | a1l volum stries are mounts Oatx Market Steady. The oats ket continued steady. here was a good demand for good grades of at_ practically ail | markete. Stoc + Minneapolis were raduced 480,000 bushels, and stocks In | 1l the markets are materially below those at the corresponding time last wear. Seeding is about completed in {ha central west after considerable delax by wet and cold weather. L ued inactive. Prices were | (bout nged from those of the previous week. Receipts were light Tndustries and shippers were 3 but the dem: at ) { n ilwaukee, and choice Wisconsin grain sold at the highest | price on the crop at the latter market | during the wee i | Flax seed prices at Minneapolis lost part of the advance of the previou Teek, the May future closing on Friday | ut §2.40. The receipts were light. and spot seed sold lc to Se over the| May future price at tha . TRADE FAILURES LESS. Dun Reports Decrease for Week, Second Recent Showing. W _YORK, April 12.—Another] usc' in the number of al failures was registered eek for the second week in suc- on, following several weeks of | steady increas Dun & Co. this week . compared with 401 last week | in the like week of last year. | ast and the Pacific coast showed decline in failures this weel the | west unchanged, but the south | showed a small gain. The failures with liabllities of 100 or more in each case this week tormed 59.7 per cent of the total, compared with 59.6 per cent last week. year ago, however, the ratio was 63.5 per cent. | —— COFFEE IS IRREGULAR. Advance at Opening Quickly Fol- lowed by Reaction. NEW YORK, April 12.—~The market for coffee futures opened at an advance of 12 to 21 points on buying for New Orleans and local trade account pro- ed by firmer Brazilian bles. The and was limited. however, and ces reacted from 13.00 to 1 for | july_and from 12.00 to 11.85 for De “omber later under a little realizing. «¢ close was 2 to 10 points net higher, ales estimated 20,000 b Closing | uotations: May, 1385; .90: Sep- Decem- Mareh, 11.63. offee quiet. Rio 7s, 151 ; San- 105 45, 18% to 19%. Cost and freight of- sars were not definitely quoted, but were +aid to be % cent higher in Some cases. Rio exchange on London unchanged. Dollar buying rate 40 reis lower. Rio narket 130 to 250 reis higher. Santos, met. 550 to 1,000 reis higher. Brazilian receipts, 44.000 bags; Jundiahy, BONDS QUICKLY TAKEN. Pennsy Equipments Overscribed, N. Y. Bonus Offer Absorbed. NEW YORK, April 12—Quick over- subscription of the $20,100,000 Penn- tylvania railroad equipment trust certificates supplied evidence to bank- ers that another division of the in- \estment market is in good shape. The credit standing of the Pennsyl vania and yield basis of the offering were regarded as assuring ready dis- tribution, but the success of the sale was, nevertheless, as a gratitying test of the market and other equip- ment issue may follow. Another anuoncement reflecting the the cleaning up of the week's offer- ings, which aggregated more than $100,000,000, was the statement of the bankers that the entire $45,000,000 New York state soldier bonus bonds had been sold and the books closed. "It is the first time in many years, bankers said, that so large a state or municipal issue had been absorbed s0 quickly. N. Y. GRAIN MARKET. NEW YORK, April 12.~Wheat—Spot wteady; No, 1 dark northern spring c.i.f. track New York domestic, 1.43%: No. = hard winter, £.0.b,, 1.19%; No. 1 Man itoba. 1.14% ,and No. 2 mixed durum Mapitoba, LU o o ** Corn—Spot_firm; No. 2 ¥ ; 5 i track Ne“;"vm domestic all by rail, " %3; No. 2 white, do., 99; and No. 2 mix- «d, do, 97. Oats—Spot firm; No. 2 ‘white, 58%a59. Lard—Stady; middle west, 11352 Other articles unchanged. | look was reflected this week In heavy | but the volume of new offeringy ex- | this year. | mediate stock market factor. The Year 1924 to Date on the Washington Stock Exchange. Furnished by W, B. Hibbs & Co., Hibbs Bidg. Up to and including Saturday, April 12. and P. Tel. : Pot. Elec. Power 68, 193 Ana. and Pot. River I R.& . and P. Telephone 1st 00—Capital Traction 1st 5s... $,000—City and Suburban Ry. st 14.000—Georgetown Gas Light 1st 5s n R. R. 1st Power 1st i Power cons, 5 Power deb. 6s. Bait. and Anuap. 1st § Light gen. § 00—Metropolita 00—Pot. Ele Power ref. Ts. 00—Dist. of C 15.000—Riggs Real 10,000—W 1,900—Wardman Park s Ehares. STOCKS, 4—Capital Traction —Washington and W. ash. Ry. and . and Elec. 00—Wash B it 93_Commerctal National 74—District National Bank 10—Lincoln Nationa Bank Rank nal Bank and Tri pfd. Ver.” etf: Bank. . 55—Second 416—Amer 87—Contin §—Nation. vings a 123—Union Trust G 2_Wash. Loan and Trust. Merchants' Bank. and Trust 5 Rank of Com. and Sav.. 2 0—Washington Mechanics' remen’s Fire Insurance. d Trust. 20— 7—National Union Fire Insurance 4—Columbia Title Insurance.. 10—Real Estate Title Insurance.. 41—Merchants’ Trans. and Storage Mergenthaler Linotype ,anston Monotype 10—Security Storaze Co 383 —Washington Market 3,118—Nat. Mort. and Tnvest. pfe UNLISTED DEPARTMENT. 1—Departmental Bank . 3 100—Standard National Bank.. 10—Chapin-Sacks 5—Chapin-Sacks, 100—Washington Base he number Te- | et CONCERN IN MARKET OVER INDUSTRIALS Speculative Uneasiness Expressed Regarding Heavy Professional Selling During Week. By the Associated Press. ; NEW YORK, April 12.—Speculative uneasiness over the industrial out- professional selling of stocks,” which carried most of the standard indus- trials to new low records for the year. Bond prices eased in sympathy, ceeded $100,000,000 for the fifth time reign exchanges, always a sensi- olitical and eco- I ive barometer to p Homio development abroad, stiffened perceptibly on publication of: the Dawes' report and its acceptance by, the reparations commission. I"rench | francs closed the week around. the | year's high level and French g0 ernmental and municipal bonds ad- | Anucost in some sections. These-phases have | had an effect upon sentiment, but price uncertainties and political con- ditigns account for most of the pres- ent_hesitation and disinclination to anticipate future needs. Even with supplies at a low point in various in- stances, moderate-sized eommitments, covering current or nearby = require- ments only, are the rule, and the cau- tious purchasing has led to sharper competition - for business in several ai tions. As pressure to sell increases, price concessions are made more fraquen Jun's list of wholesale . quot for the sIXth consecutive weck, an excess of declines. Despite ricted forward buying an ce of price reaction, ho: underlying conditiol are con: Sound, and the report on C tions, which is of international significance, may have a cunstructive , influence. xts STA "PROTECTION Oldest Health and Aocident Insarance Co. in Amerios. $48.00 yearly premium pays $40.00 weekly. every' sickness and accident covered. $10, Killed, also do indemnity and ras. ¥or both men a ~4 nd women; no m amjnation o 5] s, NORTH AMERIOAN ACCIDENT INSURANCE 0. OF CHICAGO Washington office, 1022 Vermont Ave. N.W. At prevailing Interest rates. Secured on First Trust Notes Various Denominations Loan Department Boss & Phelps Realtors 1417 K St “Bid” and “Asked” Prices. The following latest +bla” and asked” prices for unlisted securi- ties on *“Washington's Curb” are printed for the guidance of Holders of theso issues: Bidi Asked. | a¢ Army and Na Metropolitan Club 4155 1. Hotel Co. Departmental ‘Bank. District Titie Insurance Franklin_Nationa k. Munsey_Trust Co..... North Capitol Savings B vings Bank Savings Bank tonal Bank Wathington Title Insarancs 00, ‘Washington Base Ball Club. 1. 1. 1. 17 18, i | {19. 24 ¢ . £ at the close of business on March 31 6. Banking hou: REPORT OF THE CONDITION of the WASHINGTON SAVINGS BANK, Washington, in the District of Colambi 192 RESOURCES. # Ioans and discounts, inciud ing rediscounts, acceptan of other banks' and fore bills of exchange or drafts {old, with jndorsement of this 0K el $303,929.84 Overdrafts, " unsecured . £y J. 8. government securitios owned (imcluding premiums, if any) 2 . Other 189,670.00 ture “and fixtures, $8.775.53. GLITS.S3 10. Cash iz vaglt and amount due from mational banks . Amount due from stats banks, bankers and trust companies in the United Stat, than meluded in i Checks on other bank same city or porting bank . g Total of items 10, I35 0 -§108,636.42 b Miscellanecus ‘cush items. Total LIABILITIES, . (wpital stock paid in. . Surplas fund . Undivided profits . ¢ Less current - penses, interest and taxes paid .... Certified checks outst Total of item 24 Demand deponits o cposits). - (Deposita within 30 days)o D JJodividaal deposit subject Total of ‘demazd deponits (o Than’ bank depoits): wubs to reserve, ftem 8 $252.11 Time deposits subject to (payable after 50 'day. subject o 30 days’ ‘or inort notice, and postal avines Certificates of deposit (other han for meey borrowed) .. Other time ‘duposits .- Total of time depost District of Columbia, City of 1. JOH | At 2 PRICE LEVELS UNSHAKEN. | . Report of Securities Market Notes | . ‘ Few Changes. NEW YORK. April 12—The attion of yesterday's bond market offered further | Proof that the edge is off the movement | started by the mid-March cheap money | 1 hoom. Intsrest lagged and trading ex- perienced @ further contraction. Price levels were usually firmly held, the | changes which occurred being frregular and within narrow trading limits. There were few movements in the semi- speculative descriptions to give relief to the monotonous tone of gilt-edged is- sues. —_— SUGAR SURPLUS HUGE. NEW YORK, April 12.—There will be more than 1,000,000 tons of sugar car- ried over at the end of next September, according to the Federal Sugur Refin ing Company, which believes that be. cause of the expected increase in pro- duction and carly harvesting here and in_Burope producers of Cuban and other “ingide” sugar will endeavor to dispose of this year's crop before Sep- tember or Octobe vanced to new peak prices. . Cotton rallied briskly on increased trade buying and the running-in of an unwieldy short interest. Except) for the slightly better tone Of the, | copper shares, the Dawes report fail-, ed to have any influence as an im- | Con- | Sidorable stress was laid by stock | market operators, however, on re- | ports of curtailment of operations in; fhe steel and motor industries, shares | in those groups bearing the brumt of selling pressure. : N. Y. Stock and Bond Averag Saturday, April 12. STOCKS. Total stock sales, shares. : Twenty industrials averaged 91.72; net loss, .f1. High, 1924, 101.24; low, 91.64. Twenty rallroads averaged $1.68; net loss, .15. High, 1924, 86.32; low, 8125, BONDS. Total bond sales (par valuey, $4,886,000. Ten first grade ralls averaged $6.51; net loss, .0¢. Ten secondary rails averaged 54.66; net Toss, .11 : Ten public utilities averaged $7.73; net loss, .03, Ten industrials average 93.33; net unchanged. . Combined average, $8.06; net Toss, .04. 5 Cembined average mon! 87.43; year ago, 86.44. 382,200 m.“' Notes— Secured by " Improved Real Estate ‘In Washington Worth Double’ The Amount Of the Loan— Interest Rates Today, 6% and 7%— Denominations of $100 to $1,000— Partial Payments Received— 26 b3 30, 3L U LY “ i above-named bas above statement knowledge and belfe! Subscribed and sworn to ' before me Subscribed and 11th day of April, 19 Correct—Attest: at the . 2 Checks and draf LEONARD. % | Eowtedse v belte. iSigned) JOHN D. LEONARD, Treas swors (0 before me this (Seal.) JAMES H. MARR. Notary Public THOS. ¥. JARRELL. J. REDMOND WALSH, GEO. B. BRYAN, Directors. REPORT OF THE CONDITION MOUNT VERNON SAVINGS BANK. Washington, in the District ot Columbia, at close of busivess on March 31, 1t RESOURC! # Loans snd discounts, includ- ing rediscounts, acceptances of otber banks and foreign billa of exchange or draft oid with indorsement meecured $303.79 mers’ liability account eceptances™ * executed by this bank and by other banks for aecomnt of this bank, and now outstanding. . S.' government securitiss owoed_(inclodin Forniture and fixtures . > Cash in vault and amount doe from natiopal banks . Amount due from state bamks, bunkers and trust companies I e Usited States {other than incloded o item 10).. Exchanges for clearing house Checks on other baoks in the same city or town as re- porting bank (other than item 12) . = Total of items 10, 11, 12 and 13 $153,352.01 s on banks (includi Federal Teserve Bank) located ont- side of city or town LIABILITIES, Capital stock paid i Surplos fund . . Undivided profits . .$80, a Reserved for inter- est and Amount due to natienal banks Amount due to state banks, bankers and trust companies in the United States and for- eign countries (other than incladed in item 22)... Certified checks outatanding Cashler's checks outstanding. Total of items 22, 23, 24 and 25 340,282 13 Demand "dcposits (other than bank deposits) subjeet to re- finfi(fltlflllu payable with- s Individual deposits subject to oertineates’ of der ia 5" of deposit doe in less than 30 days (other than for moaey horrowed).. Dividends unpaid .... Other demand deposits Total of demand deposits (other than bank deposits) subject STy T ngfl";'rhs: a .-$1,237,075.1 Time - deposits subject to re- serve. (payable after 30 days, or subject to 30 days or more notice, and postal 7 Borromed Other time deposits . Total of time deposits fo reserve, items 34 ... . Bills payable ohligations” 32 -$1.286,003.86 inclnding _att 6,988.55 18,233.61 . and to furnish dollar exchange. Liabilities other than those above stated .... T Cotubis, of . WILLIAM _R. nk, do DAM, Casmer of the solemnly swear that the lm- to the best of my WILLIAM R. BAUM, Cashier. this 10t day of April, 1924. 713 and 715 14th SLNW. {(Seal)) James H. Baden, ‘W Willlam Muehleises, 0. B. XANDER B. VARKLA. Notary Public. H. Johnstea, Directors. WASHINGTON, D. C, APRIL 13, 600,00 T James M 6,938.55 74,513.01 1924—PART: 1 l i1 We Loan Money on Apartment H':::"e,‘(:.-n Bulldiags, See Us About That Big Loan Higbie & Richardson, Inc. 816 15th St. N.W. Money to Loan g g G I Joseph I. Weller 420, Wasb. L. & Trust — ldg, X.W. MONEY TO LOAN At 6 and €%4% interest. Refore placing or renewing your 1st or 2nd Trust : Consult WELCH, Realtor (Harry 8.) 15th and N. Y. Ave. Main 4346 AEPORT OF THE CONDITION of the NORTHWEST SAVINGS BANK, At Washington, In the District of Columbla. af at the close of business on March 31, 1924. A —phase of our mon?gc in- vestments most_gratifying to us is the ever increasing de- sire on the part of our clients to recommend them to their friends. Our Investments Yielding 7% —cannot be too highly recom- mended. Write for Booklet Chas. D. Sager Mortgage Investments 924 14th St. N.W. Main 36 REPORT OF TITE CONDITION )t the Prudential Bank At Washington, in the District of Columbia, at the close of business on March 31, 1924. RESOURCES. 1. a Loans and discounts, includ ing rediscounts, acceptances of other bamks, and foreigu Titly of cxchange or drafie. Sold with” Indorcment of this hank o Overdrafts, unsecured .. L T. 8 goveroment securities owned “Cincluding premiome, if any) . Other bonds, ote. . . Banking hiture drafis sold with indorsement of this bunk .. . Overdrafts, unsecored ....... - Other bonds, stocks. wecurities, . Bankiog house, " $79,000: nmiture and fixtares 543.65 ... . Cash in vaul from uational ban) Total of item 10....$80,310.26 . b Miscellaneous cash items... Total .. e8er $561,795.97 6114 197.912.61 ,055.61 6218 $43, 96,543.06 50,510.26 529.11 200.00 25,802.12 65.635.34 26,891.59 LIABILITIE Capits? stock patd in. Sarpius fund Undivided $12.030.10 from natiooal banks . Amount due from state skers und trust com the United States (other n ineluded in item 10) anges for clearing houss. . 1 of items 10, 11 729,80 $100.000.00 £5.000.00 22.401.70 ©.436.60 4,588 $205,008. LIABILITIES. Capital steck paid in . Certified checks outstanding. Cashier's checks outstanding. Total of items 24 and =5 $1.120.08 Dems eposits (other than bank deposits) subject to re- serve (deposits payable with- in 30 days) Individuul deposits subject to check .. i Total of d posits (other than bank deposits) subject to reserve, item 26 ...$87.318.14 Time deposits subject o re serve (payable after 80 dase or snbject to 30 days ar more notice. and postal savingw) Certificates of deposit _(other than for money Lorrowed)... Other time deposits Total of time deposits, subject items 32 and B4 iii.oianens. ... §55,162.80 Bills ‘payable (including all obligations representing money owed other than redis 951.00 bank deposits) serve (deporits ramithin 30 dvm: . Tndividual deposits su to Chaek = T 4 deposits k_depoita) 8344 994 4 Time deposiis subject o re serve (pavable after 0 days, or subject to 30 days notice, and pogtal of deposit other money borrowed) . Other time deposits ... Total of time deposits to reserve, items reserve, | District ‘olumbia. City of Washington, &s. | 1. GREGG C. BURNS, cashier of the abore- | Total {vamed bank, do “solemnly swear that the | District of Col | above statement is true fo the best of my | 1. C. W. BANTON, jknowledge ahd beller. | named bagk, do solemuly GR €. BURNS, Oashier. tement is true to the best of my knowledge Subseribed and sworn to before ". W. BANTON, Cashier. 1t of April, 1924 before HUGH W. BARR - Notary Pubilc, VICTOR _R. DALY, Notary Public. M. CURTT: me this | correct—attest Francis M. Savage, Beall, T Hirdsall Charies W, Morris Hobbard Bryan. Birne: . Burn % Per Cent Money We again have plenty of money at 5)4 for satisfactory mortgages upon real estate in Washington. E. Quincy Smith, Inc. 909 Fifteenth St. N.W. Appfications Invited for Loans on Improved Property In District of Columbia and Chevy Chase, Md. INTEREST, 5% % Apply to H. L. Rust Company Loan Correspondent The Prudential Insurance Company of America 912 15th Street N.W. Main 6888 r THREE STEPS TO FINANCIAL SUCCESS ARE REQUIRED I—Making money. 2—Saving money. 3—Safe investment of money. OUR 7% FIRST MORTGAGES —meet every test of a Safe In- vestment. F. SAUL CO. 1412 Eye St. N.W. $36.445.40 | I FINANCIAL. FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE 1 VESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. or security salesman to handle | 250,000 8% preferred stock issue, with principal gumaran- teed by Ist mortgage bonds deposited with Trust Co. Ade dress Box 193-A, Star Office. TRANSPORTATION BLDG. Corner 17th and H Streets N.W. OFFICES FOR RENT Single or En Suite Apply Room 232 or RANDALL H. HAGNER & CO. 1207 Conn. Ave. N.W. Phone Main 9700 CONSOLIDATED REPORT Of the RIGGS NATIONAL BANK the OF CONDITION Washington, in District of « March lumbia, at the ciose of bus 31, 4 Loans and discounts, | of other banks and foreign bills sold with ipdorsement of this ban Overdrafts, secured, $3,942.10; u . U. 8. government securities owned: a Deposited to secure circulation (. S. bon par value) $100.000 .. b All other United Sta! (Including premiu acceptances or drafts 516,456,040 13,108 o $98.000.00 vernment se Total 5. Other honds, stock . Banking hot 735.24 .... R 5 Lawful reserve with fed, Items with federal rescrve Cash in vault and amount due from natio x 3 Amount due from state banks, bankers and trust companie United States (other t included in item serve n 7 f reportine ha laneous casih . Redemption fund with T treasurer .. Other assets Total ital stock paid arplus fund . Undivided proi s a Reserved for interest and ta b Reserved for contingencies Circulating notes outstandi: Amount due to federa . Amount due to . Amount due to s the United State cluded in ite “ertifi checks o shier's checks outs ‘Total of items 21 22, 24 and Demand depo: (other tha nk d serve (deposits able within 30 . Individual deposits subject to check... . Certificates of deposit due in less than 30 for money borrowed). . Dividends unpaid . . Other demand deposits Total of demand depos deposits) subject to res 3 and 31 veaiaa...$18,043,501.01 Time deposits subj (payable after 20 days. or subject to 30 days’ or more notice, and postal savings): . Certificates of deposit (other than for money bo gyiiss . Other time deposits e . Postal savings deposits Total of time deposits items 32, 34 an . United Statés dep: war loan deposit disbursing officers csecicansas . Bills payable (including all obligations represent borrowed other than red OUnts). . .o . Letters of credit and traveler outstanding .. s aisls =S s 4 . Liabilities other than those above stated.. nks. ey S banks, bankers and trust com and fore (other t or tandi te cou s) Subject to re- A5 dnaie s $4,181,364. ts (other than postal savings), including ount and deposits of United States money checks d and Total . A District of Columbia. City of W: L s 1, ROBERT V. FLEMING, cashler of the above-named bank. do soles swear that the above statement Is true to the best of my knowledgze and ROBERT V. FL NG, Cas! _Subscribed and sworn to before me this 11th day of ,{‘vm fozi (Seal.) WAL H. DORSEY, Notary Public, D. Correct—Attest: CHAS. C. GLOVER, M. E. AILES, WILLIAM J. FLATHER ANDALL H. HAGNER JULIUS GARFINKLE, FRANK J €. POWEL L. KEMP D CHARLE HOGAN. INNIGERODE 1 GLOVER, JR Directors. Build An Independent Income END today for our free illustrated booklet which tells you: S How both large and small investors can profit by using our Investment Savings Plan for buying $100, $500, $1,000 and $5,000 First Mortgage Bonds; How $10 a month becomes $22,000; How to invest monthly savings of $10 or more to earn First Mortgage Bond interest—6%,% and 7%; How men and women of moderate means can quickly get into the coupon- clipping class of bond investors. Fill om and mail the coupon below. It will bring you this interesting booklet and deserip- tions of our current offerings, without placing you under any obligation. e F.H.SMITH COMPANY, Founded 1873 ' THE P. K. SMITH COMPANY Smith Building, 815 Fifteenth St. Without obligation on my part please send me your free booklet, “‘How to Build an Independent Income.” MAIL THIS COUPON TODAY