Evening Star Newspaper, May 7, 1924, Page 29

FINANCIAL." FIRMNESS IN PRICES NOTED IN D. C. MARKET Meats and Dairy Products Active Factor, But Commission Business Duil ’ RANGE OF PRICES IN GRADES Vegetable Supplies Reported by U. S. Department Bureau. While de: in meats and job- hers in dairy products were disposing of their goods at firm prices this morn- ng, commission merchants trading in poultry and live stock found the market rather du The hen and broiler market, which | started out yesterday morning with v prices around 27 and 50 to 55 cents respectively, had to give way before [t the day was over, and before noon today were offered cents lower. The was 45 to 50, acco ces 1 to § for broil ding to grade, at pr ge a few exceptional spring chickens even bringing a few cents hen market seemed to quarter. Spring lams at about 15 and calves | at 10 o prevailing | £ES contin cents th w higher. The be around a usd weak about 22 nas, rep brought Vege Partme Appl made land, V Northwes extra fan ow Newt 1 f Supplie t tyr light, <ot steady; new d erates Y s No. 1, most- 100-1b._sacks | Yellow v poorer, 1 Potatoes tock, dem Flori new market | b Spaulding ¥ stocl: ork, hites, U. ionarys, Suppl mark upplies 1 % _bushel crates, £50. Tor fancy, toes—sup- crates, I Cars on Track at § AM. Today. App 1" . inia freight, rs t “arolina, York express: freight, 2 br on track; heat boat; cabbage, broken and s, 1 bre Florida, frei 1 Texas fre: cars on trach I broken nd 1 unbrok irida freight ida express; pota- chigan freight, 10 cars on track ; toes, broken an radishes, press, 76 baskets Vi barrels Virginia crates A beans, kets South ) 4 express; . lorida_fre 40 crat Florida express, 2 broken and 1 broken curs on track; turnips, 200 crates North Carolina express. FOUR BANKS IN WARSAW STOP BUSINESS TODAY[ Bankruptcy Results From Specula- | tion, Mostly on Fall of French | Franc, Is Report. WARSAW. May 7.—Four Warsaw banks suspended payments today, their bankruptcy being caused by apeculation, mostly on the fall of the French franc. The, present improve. ment in Poland’s financial situation is expected to be follow fail- ures of numerous bank v of which profited through Speculation | during the financial chaos of the last two years. Failure of a number of Viennese banks is also expected to affect Polish houses connected with them. Several textile houses at Lodz have failed, partly because of the hi taxation and the high cost of credit, \which has reached 10 per cent month- 1y, but largely because of specuiation, s the dealers speculating on the fall of the mark closed their transactions for the spring calculating on a dollar worth 30,000,000 marks. while begin- ning with January the dollar has re- mained steadily under ten million marks. BANKERS OPTIMISTIC. ‘See Clearing of Business Situation to Follow Tax Legislation. BALTIMORE, May 7 (Special).— bankers are beginning to feel more optimistic over the business sit- uation. They say that trade has been Awalting a change in the tax legisla- tion. When this Is settled they be- Jieve there will be a quick resump- tion of pruduction and trade, with corresponding demand for credit in al} forms. Money market was never so favor- able to development in every direc- {ion. The government, the banks, in- dustry and the people are all well suppiled. Money and credit are in excess of present demand. Hence money Tates are ruling low. —— A Fool and Hix Money. The fact that a stock certificate 13 printed In fancy green scroll work is no proof that it is worth any more than ordinary wallpaper. Thousands of people in Washington would have saved their money if they simply had asked their banker to tell them what he knew of some supposedly wonder- ful investment, | an official list of bonds and stocks led in on the New York Curb Market today: ‘ Washington Stock Exchange. | National Ameriean Tel. & Telga. ds.. 4G American Tel & Telga. 4%a. 0 ..... 108 Am. Tel & Tel. ctl. tr. 88.... 98 8% Am. Tel. & Tel. conv. 6a....... 118 118 Avscostin & Potomac B8....-... 86 88 Anacostis & Potomac guar. bs.. 88 88 C. & P. Telephone ba... 97 C. & P. Telephone of Va. 031 Capital Traction B. R. 58... 9713 Grorgetown Gas 15t Of.... #7153 Metropolitan R. R. Ba. 100 fee 97 ¥ 3 100 Potomae Elec, 6s 1853.....0..0 102 | Pot. Elee. Pow. g. m. & ref. Ts. 106% BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, May 7.—The upward tendency predominated on the curb exchange today, but buying opera- tions centered in the higher grade securities’ notably a few public utilities, carefully selected dividend- paying oil stocks and several in- dustrial specialties. American Power and Light common featured the public utilities with an advance of 19 points to 254. At this fizure the stock had more than re- traced the 1i-point loss of two weeks ago, which followed the offer of $5,000,000 additional 6 per cent de- benture bonds, Vacuum featured the Standard Oil early rise of a point group with on the declaration of another extra ! ‘W YORK, May Sales in in thousands | SP&SSM Marris & Co T G Iuh Serv of Fare 0il Co 6 + Southern Cal L Nun O 6s Switt & Co 2 Tidal Osage 15 Kiog of 4 King of 5 Russian 5 Ru = Govt cH S of M 45 efs of d Sales STANDARD OIL ISSUES. in units. 50 Buckeye P L 500 Chessbrough ne 0 Inter Pet_Co. 2 Northern P T 200 Ohio 0N new . 890 Prajrie 0l & SALES. Georgetown Gas 5e—S$1.000 at 8T%, $3,600 t 573, $2.000 at 573, Washington Gas 6e '33—$300 at 100%, $1.000 at 101%. $500 at 101%. Anacostia & Potomae R. R. 55—$1,000 at 88. Pou Bleetric cons. 5s—$1.000 at 97. Capital Traction Co.— at 93i, 10 at 93%, aL 93%. Wasiiingion#Rwy. & Hlec. com.—10 at 72, Washington Rwy. & Flec. pfd.—10 at 74, 10 at 74, 15 at 74, 10 at 74 Washington Gas Light—10 at 48, 10 48, 20 ut 48, 10 at 48. tional Bank—10 at 288%, 2 Continental Trust Co. Lanston Monotype—10 10 10 at 5%, S0 @ AFTER CALL. Capital Traction Co.—50 at 83%. hington Gas 6 '33--100 at 100%. shington Gas Light- Potomac Blec. cons. 56—§1.000 at 97, $1.000 at 9 tional M. & Tmv. pfd.—20 at 8%. ‘Mmq—(hn loans, 5 and 6 per cent. BONDS. X Bid and Asked Prices. PUBLIC UTILITY. Wath., Alex. & Mt. Ver. 58 Wash.. Alex, & ML Ver. ctf... Washington Gas 5s. Washington Gas Wash. Rwy. & Elec. MISCELLANEOUS. D. €. Paper Mt r ea = Rifks Bealty 5o (short) G Southern Bldz. 6%s » Wash. MEt. 3 dman Park Hotel 68.. C T STOCKS. PUBLIO UTILITY. American Tel. & TelgR...commee 1B% o Capital Traction. L 63 481 218 3 Ting 125 ‘Capital Co'umbia. € mercial Diatrict National Baok of Washington. . TRUST COMPANY. 310 90 135 Union _Trost... - i7" Washington Losn & Trust. %00 SAVINGS BANK. Commerce & Savings.. AR — Gareoran, - ¥ men's = National ® Uiion. “ = TITLE ISSURANCE. Columbla_Title. s 1 Real Estate Ti — X td. SRR TR Derchants mhansicr & Btorage, 10" .ooe. Mergenthaler Linotype .....i.. 154% 165 National Mtg. & Invest. pfd... 8% 8% 014 Dutch Market com. Y 4 01d Do Mukel B TIUID 84 8 Security Storage ... = e Washington Mark o 5 Yeliow Cab - S NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office | of $10 THE _EVENING dividend of 25 cents in addition to the regular quarterly 50 cents. Swan & Finch recovered more of the ground lost following announcement of the proposed recapitalization plan, and Standard of Indlana was taken at advancing prices. Among_higher-priced issues, Stand- ard of Nebraska made fair response to the declaration of the semi-annual $5 dividend, and Prarie Oil and Gas gained more than 2 points during the course of the session. Brooklyn City Railroad was dealt for the first time this week at better prices. It was an- the regular quarterly had been declared. partment Stores crossed to a new high on the move bul and Stores lost more than a point profit-taking. Motor common stock par value was admitted but attracted no attention. in slightly on Rickenbac Sales INDEPENDENT OI, STOCKS. in hundreds. serip. ... ral Oif .. 11'd_Oil vt tr o It Oil of Pa.... & Kirby a1 10 Latin-Am Oil 2 Livingston Pet . 9 Mount Prod Mount Guif ... Mutual 0il vol efs New Rrad Oi wi Eng Fuel 0il ¢ Mex Land Noble 0il & Gas leox O Wood! Am Cy INDUSTRIA Am Cotton Pab ptd Gas & FL pfd.. Al Am Haw Am 1 ten & t-Am’ Tob Con. tAm To Co Re ¥n City R R Candy Prod Cor wi Chie” Nip new wi Nip It tr ne wi ado Pow & Lt wonwealth P C s W ALo.. 5 Doetler D €O 'wi Dubilier (' & Radio Dushiil Intl Inc... nt Mot Hudson Intl G Kresze Dept Stores Lohigh Power sec, Teh V (val new Lapten ¥ M A . Mesabi Iron Midvale Co orp . orp pfd. .l Repoblic Rickmd I Ricken back Motor SIGPnvtew S0 € & T new tandard Motor Plate Gl Carbide T'nited Rukeries Tn Pft Shar new Tni Retail Cands S Lt & Heat... Pine wi vor Pipe pf wi 1 Dak Co B wi Bak Co pfd. Waring Hat Mfg wi MINING. Canarip Copper ... Cent Am Mines.. . Cons Cop Mins new Cortez Silver ...... . Diamondfid BIK But . Divide Extens Hardshell Mining Harmill Div Howe sound. Jerome v Devel. Ky Copper Ce Kerr Lake Thi oo ew Dominion ‘Cop. ew Jersey 7Zinc.. vada Hills Min, ot Standar 20 Touopali Cash Boy. .06 .06 .08 4 United Fastern .. 50 .57 1 Unity Gold ... "1% 1% 1 Walker Mining .. 34 34 5 Wenden Copper .. 14 14 20 West End Ext e .08 .04 .04 2 Yukon Gold ...l 165 .62 .66 CHICAGO LIVE STOCK. CHICAGO, May 7 (United States De- partment of Agriculture).—Hogs—Ré- celpts, 21,000 head ; fairly active, strong to 5 higher; mostly 5 higher; light weight, 5 to 10 up: big packers inac- tive; bulk, good and_choice, 250 to 325 pound butchers, 7 top, 7.60: better grades, 150 to 225 pound weight mostly, 7.25a7.50. desirable 140 to 150 pound ‘averages largely, 6.85a7.20; bulk packing sows, 6.7526.90; Kkilling pigs, steady to etrong; spots, higher: bulk, good and choice, 120 to 130 pounds, 6.00 a6.50 ; heavy-weight hogs, 7.30a7.60; medium, 7.25a7.55 ; light, 7.00a7.55 ; light light, 0.00a7.35; packing Sows, smooth, 7.00; packing sows, rough, 6.60a 6.75. slaughter piga, 5.00a6.50. Cattle—Receipts, 12,000 head; better | grades beef steers; she fat stock steady; others steady to weak; spots lower: early top matured steers, 13.35; several loads, 11.75a12.25; best yearlings, early, 11.00; some held higher; bulk fed steers, 8.75210.75; choice heavy steers scarce; yearling beef heifers in liberal supply: few early sales, $.00a8.75; canners and cutters very slow; few strong weight canners, 2.75a3.00; bologna bulls, largely steady, quality considered, at 4.25a4.65, according to weight; vealers, steady to 25 higher; bulk light and handy weight calves to packers, 8.00a9.25; few choice kind, 9.50; outsiders selecting upward to 10.50 and above; stockers and feeders scarce, firm. Sheep—Receipts, 3,000 head; fairly ac- tive; early sales fat lambs, steady to strong; sheep arcund 25 higher; very scarce; choice wooled lambs, early, 17.00; cholice clippers, 15.50 to 15.65; few spring lambs, 16.75; wooled ewes upward to 9.25; bulk clipped ewes, 8.25a8.50. WHEAT— Open. —eeee 10T July Septembor OATS— May .. July Septem Markets at a Glance NEW YORK — Stocks—Irregular; rails firm; ofl shares heavy. Bonds—Firm; public utllity ens in demand. 3 i Foreign exchanges—Lower; French francs lose yesterday's gain. Cotton—Near months higher: spot house buying; late months lower, hfi\:lx‘gr—wol.k; increased Cuban of- mcmrel_un; weak Brazilian ca- es. CHICAGO—Wheat—Declined; bet- ter Argentine labor news. Corn—Easier; lower cash markets. Cattle—Steady to lower. Hogs—Active and highee, STAR, WASHINGTON. SOFT DRINK MAKERS CHEERED BY OUTLOOK Manufacturers, Celebrating Cen- tennial of Industry, See Prospect of Improved Business. LOW SUGAR PRICES A FACTOR Invest Heavily, in Readiness for Soda Water Season. BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, May 6.—Manufactur- ers of carbonated beverages—soda water, in other words—ars celebrat- ing today the 100th anniversary of the starting of the industry in this country. They are far more cheer- ful over the present low prices of sugar than over the fact that the in- dustry is a hundred years old. So are the manufacturers of bottles, botting supplies and soda fountain equipment. . With Cuban raw sugars down to hout 412 cents a pound, cost, jnsur- nee and freight, and with refined sranulated well under § cents, the jority of the makers of soft drinks nd confectionery in this country al- iy have laid in heavy supplies of p sugar, which commodity plays avy part in their manufacturing Cuban Unrest Not Serious. Interests in this country in eclose touch with the Cuban political situa- declare the unrest now evident is not serfous. Iven should it ar enough to interfere with roduction and shipment, v declare, would not be serious to n consumers be- of er production in this year and the steadying (n- e of the big beet sugar outpe® within this country. n those factors in the sugar trade who declare the available sup- plies have been overestimated admit there will he sufficient for Americ consumptive needs. So far about on third of the Cuban centrals or cane | mills hay ted grinding. Their outpu n heavier than expect- The entire Cuban crop for 1 is_estimated at above 3,800,000 Deducting _amounts already ent to the United States and other untries, the consumption in Cuba eIf and the estimated requirements countries for the remainder ear, there remains, according uthorities, 1,716,000 tons of n sugar which is a ble for country up to Ja 25. Sugar Supply Outlined. unt which will be available Lou cane crop, the ar Porto _Rico, the es and the| cin Tslands is placed at 1,899,000 | tons. The net requirements of the | country are estimated at 3.641,000 | {tons; but the difference between re- | quirements and supplies from' the | sources mentioned is expected to be | wiped out by the unknown quantit of su in_ refiners hands and the imports of full duty sugars. | Both the requirements and the sup- | plies for the remainder of the vear are estimated. O ption is sub- | ject to violent cl s as the re-| finers found out last year, when the i shot skyward pri of granulated Production is governed to Some ex- tent by weather conditions and it| also is subject to revision. However, the canning trade is making prepara- | tions for an active son, and the demand for fruit jars and other glass and tin receptacles indicates the housewives will preserve large quan- tities of fruits and vegetables this| summer. | With these facts in mind, some of the larger Cuban producers are mak- ing no effort to crowd their raws on the market at this time and are willing to wait in the hope of some- what higher price level: MORE BUILDING IN VIEW. Steel Price Drop Forerunner of Skyscraper Construction. NEW YORK, May 7 (Specfal).— The drop of $10 a ton In the price of structural steel in the east from the peak prices of the year is counted on to stimulate construction of large | buildings of the skyscraper type. On | a building of this characrer the saving | is estimated to be about $20,000 on this tone item. If some other costsgyalso recede it is felt that considerable com- mercial building which has been held back will be pushed. Large morigage bond jovestment houses, however, especially in the middle’ west, are urginz builders to- ward a cautious attitude on further construction. One such house declares that while the country as a whole i still behind tith building require- | ments, some sections have completely caught up with the shortage. DURANT AUTO MERGER. Consolidation to Follow 1,000,000 Increase in Capital Stock. NEW YORK, May 7.—Consolidation of two Durant automobile enterprises— Durant Motors, Inc., and Star Motors, Inc.—will follow an’ increase of 1,000.- 000 shares in hte former company’s capital stock, which stockholders have been asked to approve on May 23, it is announced. Durant Motors, it was explained, would acquire the Star Com- pany by an exchange of stock on a one- for-two basis. The output of Star Motors, Inc., has been marketed by the parent Durant company under a contract whereby the former received a percentage of the profits of distribution. The merger of the two companies is expected to re- duce overhead and marketing costs. STOCK OFFERINGS TODAY. NEW YORK, May 7—A new issue of $10,000,000 6 per_cent cumulative preferred stock of Southern Califor- nia_Edison Company is offered today at 90 and accrued dividends, to vield §.67 per cent. The stock is redeem- able at 115 a share. in whole or in part, and has equal voting power, share for share, with all other stocks of the company. - Other offerings in- clude $3,250,000 Pictorial Review Company first mortgage convertible 6% per cent gold bonds at 99% and interest, to yield about 6.55 per cent; $3,000,000 Public Service Company of Colorado 6 per cent one-year gola notes, priced at par and redeemable at 100%; $1,850,000 United Power and Light ~Corporation (Kansas) ~ first mortgage twenty-year 6 per cent gold bonds, series A, at 97%, to yield more than 6.20 per cent. and $1,160,- 000 of Oklahoma City gold 5 per cent waterworks bonds, priced te yield 435 per cent. —_————— BANK OF GERMANY REPORT. BERLIN, May 7.—The statement of the Bank of Germany as of April 30 shows an increase in gold holding of 12,000 marks to 441,827,000. Silver coin. reserve Increased 1,013,000 marks, The report also showed the following changes in trillions of marks: ‘Treasury l.ngol‘gl.n association notes decreased 506, Ronten bank notes decreased 89,- 755,021 Notes of other banks decreased 25. Bills of sxchange and choques in- d 15,215,376. Henten mark bills and cheques do- oased 4,924,909. O Advances increased 148,910. Renten marks discounts vances increased 13,230,270, ents S lothn':ml-u increased 30,455,889. Notes in circulation increased 102,- 908,365 Deposits decreased 138,965,460, Other liabilities decreased 1,017,782, Renten bank loans, unchanged. D. C., WEDNESDAY, NORTHWEST TRADE DROPS Sharp Slump in Business Expected to Be Shortlived. ST. PAUL, May 7 (Special). orth- western trade has fallen off sharply in the last few days, although the slump is expected to be shortltved. The depression is attributed to the heated fight in the municipal elec- tions between the radical labor and conservative elements, the closing of one of the trust and sav- ings banks and the amalgamation of two other banking institutions, which, it s feared, have temporarily unset- tled public opinfon. As a whole, St. Paul and Minneapo- lis banks are in excellent condition, deposits having increased and loans and discounts decreased since ary 1. Buying volume in the north- west, however, fell off $23,000,000 last week, although total jobbing sales since the first of the year are about 8 per cent larger than a year ago. With a good agricultural yield, there is a feeling the nor! west is due for a substantial trad expansion late this summer. BOURSE PRICES HEAVY. PARIS, May 7.—Prices were heav on the bourse today. Three per c: rentes, 54 francs, 20 centimes. Ex- change on London, 67 francs. Five per cent loan, 69 francs, 75 centimes. The dollar was quoted at 15 francs, 23 centim A Public Utikity Security to Yield 7% The 6%% Gold Debentures, of Pennsylvania Electric Corpora- tion, due in 1954, offer an attrac- tive investment at the offering price of 933 and interest. Pennsylvania Electric Corpora- tion controls Penn Public System, which serves a population of about 700,000 in a territory cov- ering over onme-sixth the entire area of the State of Pennsylvania. We recommend for investment these Debentures, which are se- cured by pledges controlling stocks of subsidiary companies, at 9334 and interest to yield 7% Descriptive circular upon request. E. H. Rollins & Sons Founded 1876 116 Woodward Bldg., Washington Boston, New York, Philadelphia Chicago, Demver, San Francisco $25 a Month Will Buy You a inbeautiful FOXALL HEIGHTS. City water and sewerage — ce- ment sidewalks — graded and streets—gas and electricity. lots INlustrated Folder on Reguest C.C.Lace office on Property 710 14th St. M. 7787 Want to Borrow $15,000 —on high-class business center property. Investor will be well secured. Interest, 7%. Will not pay commission—that is the reason of this advertise- ment. Address Box 198-H, Star Office Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph I. Weller 320 Wb & & 1"“‘? OTICE Our —has organized a credit whereby investors can m our First Mortgage securities on a partial payment plan. A wonderful opportunity for government employes to ac- cumulate a substantial asset with their monthly savings and receive [ Chas. D. Sager Loan Dept. FUNDS PLACEDfi Conservative investors will gladly confer with any cuss loans on specific dwel properties., f:;iividuals. a trustees and guardians. A new item appeared in this state- ment, as follows: Liabilities result- ing_ from discounted bills payable in Berlin, 20,000,000 marks. Loan Correspondent 912 15th S forced | Janu- | wholesale and | SELECTED FIRST MORTGAGES turns plus safety of principal for amounts in multiples 6f $250 can place their funds profitably and conveniently through our mortgage department in sound first mort- gages on select Washington properties. The officers of this company, without obligation, E]:ospecfive investor and dis- If so instructed, they will place the investor’s funds in first mortgages on the same agent basis that the com- y is constantly serving its regul. for estates, banks, corporations, H. L. RUST COMPANY - of the Prudential Insurance Company of America MAY 7, 1924 FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE N« VESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. EQUITABLE Co-Operative Building Association Organized 1870 44th YEAR COMPLETED Annets .$4,755,170.52 | Surplus .$1,248,320.98 Systematic Savings —Each pay day lay aside part of your salary at the Equitable. It is a method of saving that will prove most effective. 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 3SIDE, See’y. 1 | First Mortgages | $250 and Up William S. Phillips ||| 1571 s7. AT K N.W. Main 4600, | yi: Your i Own ‘ Interests— f| demand that your sav- : i ings be placed where | ||/} they will earn the maxi- |l mum consistent with 11 absolute safety. These conditions are ideally fulfilled in our Jfir\ \ First Mortgage Investments $100—$500—$1,000 1416 K Street Maia 617 | First Mortgage Loans | Lowest Rates of Interest and Commission. | Prompt Action | | Thomas J. Fisher & Company, Inc. | 738 15th Street Facts for Investors The Fourteenth Annual Re- port of Cities Service Com- pany for 1923, just issued, shows a substantial increase of $38752000 in property values, which now amount to more than $417,000,000. Net earnings for 1923 were $16602,562, as compared to $14,638971 for 1922, Sccurity holders of the Cities Service organization increased from 100,000 in 1922 to 150,- 000 at the close of 1923, Send for a copy of this Re- port and appraise for vourself the unusual gin of safety protecting ies Service Company Preferred Stock, which is now yielding over 8%. Mail the coupon. Thomas W. Brahany and Company Wilkins Bullding Telephone ‘Washington, D. C. Maln 6189 Thomas W. Brahany & Co., Wilkins Bldg., Washington, D, C. Please send me foll information apout Citles Kervices Preferred Stoek £hd about your monthly pian for bay- g it FOR INVESTORS' seeking liberal income re- gs, zpartment or business ar client-investors— Main 6888 FINANCIAL. Have you money to invest where it will be safe and produce the highest current rates of interest? Then _see us about our First Mort- gage Real Estate Securities. SHANNON & LUCHS Incorporated 713-715 14th Street N\W. Main 2345 WHAT EVERY INVESTOR IS LOOKING FOR Safety of principal, certainty of yield, an adequate return and a complete investment service that relieves them of all detail and worry Over a Onister OUR 7% FIRST MORTGAGES | of a i Century —meet every test. Without a Loss In amounts of $250 and up. B. Main 2100 SAUL CO. 1412 Eye St. N.W. Determination-- It has been often said that the pathway to a certain undesirable climate is “paved with good in- tentions.” Deciding to prepare now for the future is important —but definitely acting on that decision is quite as necessary. The time to commence owner- ship of one or more of these 67:% First Mortgage Invest- ment Notes is RIGHT NOW! Added to the property security is the unqualificd recommendation WARDMAN Construction Company INC. i Investments That Have Proven Their Worth More than half a century of prowven safety is behind our first mortgage in- vestments. When you buy a bond from us every dollar of your principal and in- terest is protected by the safeguards responsible for our record of no loss to any investor in 51 years. LIBERAL TAX-FREE FEATURES bring the gross yield on our current 614% offerings to 7.13%. You may buy our 6% or 7% First Mortgage Investments in any amount, in denominations of $100, $500, $1,000 and $5,000, outright for cash or under our investment savings plan. Maturi- ties range from one year to fifteen years. Call, write or phone Main 6464 today for descriptive circulars. -<he.F.H.SMITH COMPANY, i g?bunded 1378J‘_ THE F. H, SMITH COMPANY Bmith Building, 815 Fifteenth Without obligation on my part please send deseriy tloms of your carrent offerings of First Mortgage Coupen Name Address