Evening Star Newspaper, August 13, 1924, Page 25

FINANCIAL. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office TIBERAL REGEPTS i1 OF CANTALOUPES Rush of Local Shipments L ower Prices—Meat and e Eggs Steady. scarce and high two more plentiful _and in the Coan River and Bastern sending in supplies Cantaloupes, days ago, ar cheaper. Grower section of Vi nia Shore of Maryland re supplics. North Carolina tinuin fairly liberal. There are rades of the fruit that a of prices prevails. supplies of watermelons continue to be received. This fruit LE been rticularly plentiful this son, w a moderate demand at s lower than the past few years. meat market continues dull, howing on slight fluctuations. Top beef was quoted at 1 the low est being Lamb was 25 and 2 and calves 13 and 14 Butter, egg and poultry prices were the same as vesterday's quotations. Peachesx Slightly Higher. "he daily market report on fruits and vegetables compiled by the Mar- ket Ne Service Bureau of Agricul- tural Economics says: Cantaloupes—Eastern supplies lib- eral. Western supplies moderate; de- mand moderate, market steady. North trolina. Ridgeway section, Salmon Tints, standar: few best. 2.50a ry quality and condition, Shore, Maryland, Salmon Tints, ; California, Turlock sec- tion, standards, 4 lmon Tints, 4.50a4. standard 2.50: Arizona, ndard crates Hone: ze, 1.50a2.00. pilies moderate, mand good. market slightl North Carolina and Georgia, baskets. lilbertas, best. mostly 6s. Elbertas and Hales, best, 3.00; Georgia, bushel baskets, fine quality and condition, mostly 3.25 Virginia 6 hest. 1 some small size ordinary | quality, 75al.25, i Today's Potate Prices. liberal, demand s Virginia, . cloth top slat barrels, United States No, 1 Jersey. 150-1b. sacks, United States No. 1, prices mostly de- Potat light, Norfo Irish mostly Watermelons—Supplies moderate, | demand moderate, market sules direct to retailers; Georgia and “arolina, Thurmonds nd averag ountains, 24 and 50465 each. ing beans—Home-grown supplies moderate: demand moderate, market eady: home-grown, uncovered bar- rels, green, mostly 6.00. 2 pplies moderate: market steady: New York, skets, Telephones, 2.00a2.2 Heavy Tomato Suppliex. Home-grown supplies liberal; demand moderate, market about ste home-grow half- bushel hampers, No. 1, T5al.50. Cabbage—Supplies moderate; de- mand limited, market about steady; Virginia. barrel crates, round type, 1.9022.00; mostly 2.00 i Carrots—Home-grown supplies mod- erate; demand moderate, market firm: home-grown, mostly .00 per 100 bunches. Corn—Home-grown supplies mod- erate; demand moderate, market | firm: hom. wn, 5 dozen bags sugar | corn, 2.00a2.5 Lettuce—Supplies liberal: demand mode ket steady; New York, crate Boston type, 1.00a1.50. 60a75; pound demand Tomatoes Big SHORT-TERM SECURITIES. (Quotations furnished Uy Redmond & Co.) —Noon.— | Bid. Offer. | Aluminum Co. of Am. 103 103% Tuminu 1073 Alum g | | i ed Oil 6s 19 Tel. of Canada Canadian Northeru Central Leatl Chi., Mil. & St Chil Colum Du Po Fisher R Fidher Body Goodyear (Great Northern T Cuif 0 ¢ Humbi Kennecott Copp M. St P. &S, Morris_ & Co. 3 New York Ce *t Oregon Short Line is 1 Penna, R. R. 75 1930. Union Tank Ca UL 8. Rubber 7 Western Unio ‘Westinghouse E. Whecling Steel ENORMOUS SUMS LOST BY FORGERY| Survey Shows $1,600,000,000 Dis- appears Every Year Through Fraud. . By the Associated Press. NEW YORK, August 13.—With 95 per cent of the business of the United States being transacted by means of instruments made valuable by the signature of individuals or firms, losses from embezzlements and for- geries have reached the total of $200,000,000 annually, says the American Institute of Accounts in a bulletin issued tod: Approximately six billion checks are used annually in the United States, the institute 8a About $1.600.000,000 is the total annual amount of business frauds, including losses from embezzlements and forgeries, the repdrt says. Credit frauds represent a loss of $400,000,- 000 annually to American business, the institute finds, while losses from stock frauds take a toll of $1,000,- 000,000 each year. A Fool Ind His Money. The fact that a stock certificate is 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 monéy if they simply had asked their banker to tell them what he knew of some supposedly wonderful investment. TEXTILE MILL OUTLOOK CALLED MUCH BRIGHTER BY WILLIAM F. HEFFERN AN, NEW YORK, August 13.—Heavy buy- ing of Lago Petroleum and Creole Syndicate featured the dealings in the oil group on the Curb Exchange today. The former stock at 5%, and the latter above 8, were at new high prices and in better demand than at any time during the present upswing. Buying followed the unofficial report that Creole Syndi- cate had brought in a large well on property adjoining that of Lago Petro- leum in the Maracaibo Basin. Listing of the new Baltimore and ©Ohio 5 per cent bonds of 1948 at- tracted attention. Buying started at 98% and 98% THE EVENING STAR, WASHINGTON, D. C, WEDNESDA price at which they were offered for public subscription. No attempt was made to renew the general upward movement, but the important changes were again on the side of the advance. National Tea new was a feature among high-priced specialties, advancing 6 points. The rise in Foundation Company preferred was not carried further. Directors today declared the regular quarterly dividends of $1.756 on the preferred and $1.50 on the common. Copper shares were slow to respond to the improvement in this group on the stock exchange, but here and there slight advances occurred. —_———— Sales in BONDS, thousands. High 2 Allied Packers 6s.. 6314 T Allied _Packers 8s.. &2 4 Alum 7% new ‘3300 107% 2T Am Gax & Elec s 1Am Qe Tnowi ... Am Pow & Lt 6a wi A Roll “Mills 6. 32 Anaconda s ...... 1 Anglo_Am _0il ks 1 Awso Sim_Rdw 613s 5AUG & WIS 190 B & 0 5 wi @ Beaverboard Low. 5 C P&B M 6ls A wi 1 Cubap Tel Tiux Cudahy 5iax and Trunk 61k, 5 101% 10113 o 995 1003 5 Hood Rubber ) Intn Mtch 63 .gh Val RR Lgh Val Har Libby, MeN & 3 Mani 9 Morrix & Dstl Pd 7s A wi t Leather § ew Or Pub Ser en 5% A wi 4 Southern Cal 3% Ntand, 07N Tidal Osage WInEL&D To ONl 6x B Tn il Indus King of N Russ Govt cfx 4 B 101 L1013 in units. N0 Anglo-Am 0l 60 Atlantie Lobos 100 ¢ H Tmn Ol of Can Ind P L 2 wrl Vet Co Lud.! Magnolia Pet io Oil new. S0 Indiane . S 0 Ki 8 0 Kentucky S 0 Ohio . Vacuum Ol new. INDEPENDENT OIL ia hundreds 20 2 ¢ i 1 Cit S $1000 Cit S1000 it S Creole Washington Stock éxchange. SALES. —$700 at 981, 33— $300 at 1005 75—$1,000 at 1071, . g & . 100 at C Traction Co.—100 at 94, o, RES National M. & at 85 ional Bank—10 at Tuv. pfd. AFTER CALL. National Bank—10 at ‘apital _Traction $1.000 i, $2.000 at 981, Washington Rwy. & Elec. ptd.—10 at 753 Money—Call loans, 5 and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY. —$300 ut ORi,, American Tel. & Telga. 4s. American Tel. & Telga. 4 & Tel, ctl. tr. 5s. Tel. & Tei. con & Potomac Anacostia & Potomac C. & P. Telephone C. & P. Telephone of Capital Ti City and Georgetown Gas Ist e Metropolitan R. R. 58 lectric 1st guar. D. C. Paper Mfg. 6s ity bs (long). Rigss Realty 5v_(short Southern Bidg. 6%y itora, STOCKS. PUBLIC TTILITY. American Tel. & Telga. Capital Traction . Washington_Gi Noefolk & ‘Wasb, Steamboat Wash. Rwy. & Elec. com. Wush. Rwy. & Elec. pfd Terminal Taxi com. NATIONAL BAM pital Columbia. Commercial District Farmers Federal-American . Liberty Lincoln " National Metropolitan Rigm iecon 5 National Bank of Washington. . TRUST COMPANY. American Security aad Trust... 300 Continental Trust - D8 Merchants’ Bas National Saving: Union Trust . Washington Loa: SAVINGS BANK. ‘Comme and Savings. Special Dispatch to The Star. BALTIMORE, August 13.—South- ern cotton mill operators believe the worst of the depression in the textile industry has been seen and that from now on gradual improvement will be in order, according to Auville Eager, member of the banking firm of Mac- kubin, Goodrich & Co., just returned from a business trip to North Caro- lina. Mr. Eager said the more confi- dent feeling among Southern mill operatives is due to the small stocks of goods in the hands of manufac- turers, Jjobbers and retailers, better agrieultural conditions and brighter outlook abroad. American Corcoran Firemen's . National Uni . TITLE INSURINCE. Columbia Title 8¢ Real Estate Title e MISCELLANEOUS. e Cnan Branster & Siorage ii0” Mergenthaler umr . 108 al Mortg. & Invest. pf.. 0id Duteh Market Lanston Momotype. Security Storage . Washington Market Yellow Cab .. ulf Ot of Pa.... 58% go Pet.. 31, Tatin-Amer OH.. . .02 Lance Creek. g 01 Livingxton Pet..... Mex Ol . Monut Prod Mount Gulf z 5 Mutual OIl Vot efs New Rradfd Oil wi New Mex Land Noble -0il & Ohio Ranger 2 Omar Oil & G Peer 0il Corp ... Penn Beaver Oil.. .. Pennock 0il : Pierce Pete : 2 Red Bank Of new Ri 1 Turman 01l £ Union Oil of Cal D INDUSTRIALS. 1 Amal Leather pfd. Am Stores new . Am Type Fdrs pf Appalac Pow & Lt Atlantic Fruit wi.. Borden & Co ... Brit-Am_Tob Cou. . Burr Add Mch wi Bure Add M Bkiyn City R Chatterton Chatterton pfd -... Chic_Nip new wi & Ch Nip B tr ow wi hilds (b nw wi .. ‘om Power Corp.. om Pow Corp pf Dubllier C & Radio Durant_Motor Du Tont Motors. East Penn Elec Co lec Hond & Sh pt 1 Railway Sec o Ford Motor Co Can Foundution Co pfd sillette & R 2 inter Co ....... en Motors new wi oodyear Tire uzeitine Corp Heyden Chem Hud & Mann RR.. Hudson Co pfd.... Intl Contl Rubber Kesstone Sole andover Hold Lehigh Lebixh ehtgh V Mengel Box.... Mexabi Tron Midvale Co Nat Tea Co new wi N'Y Transportation Omnib Cor A. pf wi Omni Cor v t ¢ wi Pyrene Mfg Kadio Corp . & Radio Corp pfd . Rudio_new A n Elec Power. n I ctofr of wi Rak Co pfd Yet Taxi Corp N Y MINING. A Esploration . Arizona Gl X Rlack ¢ per Conx Cop Mins new tez Silver Cresson Gold : Crown King Cons Diamondfid Blk But Dolores Esper Hardshell M Harmill Di Hill Top N Hollinger Independenc Jib_Cons 7 Jumbe Extens ... Kay Copper Corp.. Lone i 07 Lorrain Mason Pis Premier Ieed HI1 Florence. Red Warrior Reorz Kewanas .. . Rek Mt Sm & Ref S Rek Mt S & R pf Ruby Rand Mines .: So Am God & P Spearhead Gold 1 Tono Delmont . Tonopah Extens Touopah Min T Bullion . United Eastern T S Cont nmew Unity Gold . Walker Mining ‘Wenden Copper West End Cons West End Ext West Utah EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. BBl b p BEaxi-838 BER L8523 RATE OF RETURN. Fifty-sixth Article. A good many people make the mis- take in selecting an investment of con- sidering first of all the rate of return. This is, of course, important. Every one wants to get as much as he can for his money. But it should not be the first point to be looked into. Especially is this the case with stock investments, al- though it applies to bonde also. Now stocks do not sell primarily on the present yvield basis. The only ex- ceptions to this rule are high-grade pre- ferred issues, the dividend on which is limited to a fixed sum. The market price of common stocks, however, is gov- erned by expectation of the future, and the more speculative the stock the more sure is this to be the case. So when you find a common stock selling to give an income return out of line with the rest of the market it is a sign that there is some condition affecting either the in- dustry represented or that particular se- curity which demands examination. As a rule a high yield is a danger signal. In the same way when you find a stock selling to give a very small return it is an indication that purchasers ex- pect some as yet unrealized benefit. This may be an increase in the dividend rate, a etock dividend distribution or some other favorable development. As a re- sult of this “discounting” it often hap- pens that when the dividend rate is raised or the other good news comes to pass the stock instead of advancing ac- tually declines. In the same fashion after the dividend on the stock which has been selling suspiciously low is passed the shares instead of going down £o_up. From an Investment standpoint one of the best recommendations sound dividend-paying common stock can have is market stability. Specu- lators make their profits or incur their losses by fluctuations in prices. If then you are in a position to take the business risk which goes with all investment in common stock, t conservative course is to select one which gives neither an excessively high nor an excessively low returm on the mon. - invested, but rather a good average ‘ield, not too much above that afforded by a bond of the same grade and a stock subject to & minimum of marke. fluctuation. (Oopyright, 1924, by Consclidated Press.). EYES OF INVESTOR ONLONDON SESSION Easy Money Here Cause vof Closer Watch for Fine-In- vestments Abroad. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, August 13.—Hundreds of thousands of Americans have been watching the progress of the London conference, not as & result of a gen- eral or academic interest, but from the point of view of personal invest- ment of funds. At present there is a tremendous volame of money and easy credit avallable. This has been shown in the easing of the money rates. It has tended toward the expansion of -business operations and the under- taking of new business and industrial enterprises. In the last month 508 g00d sized new enterprises were started, with a capitalisation of $572.- 000,000. This was an increase in capital outlay of $127.000,000, as com- pared with the corresponding period of last year. All Eyes om Eurepe. The easiness of the money market has also bettered the demand for high- grade bonds, and since America en- tared the war, the United States has bacome a nation of bond buyers. In- vetitors are scanning closely the candi- tious which will dictate the loans to be floazed for the rehabilitation of Europe if the London conference attains its ob- ject. Their eves have been on both the:lacing of their own surplus money and'on the effect which European loans may \have in stiffening rates on money available for business enterprises. The investments of the average Amer- ican have undergone a complete change in theilast 10 to 15 years. Twenty years ago there were approximately 100 houses in the: country devoted to imvestment bankina. Most of these had relatively few large customers, such as insurance companies, estates and banks. A part- ner of wne of the largest New York bond homses said today that 15 years ago the unit of sale of his company was around $43,000. Swarping Chamges Noted. In 1921 their unit had declined to $2,300. buy the total volume of busi- ness had increased tremendously. The widespread distribution of lib- erty bonds changed the whole trend of ‘the borgl business. Prior to the war, 99 per cent of the people of this country did not understand what a bond was. but the sale of liberty bonds, accompanied by an educational campaign, muude bonds popular with the small invastor. Bond houses have multiplted and intansive sales methods such as those used in life insurance have come into u During the perfod of low interest rates just after the war bond houses became almost i thick as corner groceries. There was a stampede to get into the bond. business. This re- sulted in unheall hy conditions and unsound sales me thods. Many were induced to buy bonds on the theory that the securitics would be sure to &0 up in Price and that an immediate profit could be tajien. In fact, there was an orgy of speculation in bonds. Better Invesi ments Sought. That condition had to come to an end and the readtion began in 1922 and lasted until the fall of 1923 Weak, unsound aompanies general! were weeded out, and, with the shak- ing-down process, investors secured a more thorough ‘knowledge of bonds, their value and the effect of their flotation on the money markets of the world and its relation to busi- ness. This knowledga has been strength- ened by the statistical and advisory staffs of the successful houses which survived. The wnodern investment banker makes a specialty of diagnos- ing the situation of the prospective investor, analyzimz his requirements and _explaining the ramifications of the financial situmtion. Hence, investors and business men of every class ame deeply interested at present in the 'prospective foreign loans and America's participation in them, realizing that they have an in- {timate bearing not only on future foreign commerce and trade, but also on the money situation which will confront cach business man when he lays his plans for future development before his own banker. COAL MINERS GREATLY IN NEED OF WORK Unemployed throughout the West- ern States gained some relief due to the demand for harvesters and a slight increase in employment was reported for July today by the De- partment of Labor. A summary issue by the department shows that due to continued quiet- ness in the textile and shoe industries in New England, there are many un- employed i those States, although the shoe industry has slightly im- proved during the past month. Coal minlLg States, the report stated, are suffering most, because the coal min- ing industry is now at its lowest sea- sonal ebb. CANNED GOODS BUYERS EXPECT LOWER PRICES Specia) Dispatehito The Star. CHICAGO, August 13.—The West- orn Canners’ Assoclation reports that buyers are holding back on purchases of canned goods in anticipation of lower prices. Michigan is reported to have advanced prices on black- berries and red, sour pitted cherries, with the result that a number of packers have withdrawn from the market. CASH WHEAT PRICES HIGHER THAN OPTIONS Special Dispatch to The Star. MINNEAPOLIS, August 13.—Eleven cars of 1924 Northwestern wheat which came into this market this week sold at $1.43 to $1.45 a bushe! on the cash market. Nine cars graded No. 1 dark northern, the top grade, sold at 16 cemts over the September Minneapolis option. FORD BUILDS EIGHT HYDROELECTRIC PLANTS Special Dispatch to The Star. DETROIT, August 13—The Ford Motor Co. now has eight hydroelec- tric plants in course of construction or in operation. These are the Menominee River plant of 9,600 horse- 5,050 940 Nankin Mills, Mich., 80 horsepower; Phoenix, Mich., 80 horse- power; Plymouth, Mich., 40 horse- power. PEAR CROP VERY POOR. GRAND RAPIDS, ‘August 13 (Spe- clal).—The Michigan pear crop is es- timated at from 40 to §8 per cemt of normal. QGrowers, shippers and ag- ricultural experts are considering es- allbhment of fo:r_..“m for bl.fi':h. pears so as o er ¥, AUGUST 13, 1924. FINANCIAL. * 2 5 C. & 0. STOCKHOLDERS | , 227 Prrostms 047K, |First Mortgage Loans| Money to Loan Lowest Rates of Interest and Commission MAY FIGHT MEBGER Minority Gmoup Opposed to Ex- change of Shares as#So Far Outlined. By the Awsociated Press. NEW YORK, August 13 —The first note of dissension among ‘railroad in- terests involved in the proposed $1, 500,000,000 Nickel Plate me:rger engin- eered Dy the Van Sweringen brothers .of Cleveland has been sounded by mi- nority stockholders of the Chesa- peaken and Ohio railroad. Dissatis- factiom with the terms semi-officially outlinel for an exchange of stock has led the minority group to comsider formation of a protective committee, but action is being withheld pending the submission of a formal offer. The controdling interest in the Chesa- peake nad Ohio Railroad is held by the Van Sweringens. GERMAN WAR LOAN BONDS IN DEMAND Heaviest Speculation Since Signing of Peace Treaty Noted in New York. By\the Associated Press. NEW YORK, August 13.—The ‘re- sumption of speculative transactions in German municipal and industrial securities on a broad scale here has brought with it a speculative demand for German imperial government war loan bonds, which, according to homses specializing in German secur- ities, is the greatest since the signing of 'the peace treaty. Present prices are quoted in the | opu:n market by these specialists on a purely speculative basis, the prices being made indirectly by German home market quotations, which are received in printed form and kept on fike in the specialists’ offices. ©One of the dealers, who has been buying and seliing German securities ! in New York for upward of twenty | years, said today that his transac- | tions in German war loan bonds have | ranged from a million to a hundred | million marks, all made this year and | many of them within the last two mamths. STEEL PRICES LOWER; PIG IRON ADVANCES | Bythe Amociated Press. NEW YORK, August 13.—The course of the steel trade still indicates a| measurable increase from week to week in the output of rolled products, the Iron Age reports today. Opera- tions for the industry as a whole are estimated at nearer 50 than 45 per cent. Expectations of further im- provement at the mills, says the re- view, are based rather upon a re- bound from the inadequate replace- | ment buying of June and July than on | any new developments in important | consuming lines. The Iron Age composite price for finished steel this week fell from | 2524 to 2.517 cents per pound, the | lowest figure since Januaty, 1 The pig iron composite price, however, ad- vanced to $19.38 from $19.29 last veek, which was the lowest figure in 28 months. SELLING NOW CAUSES “MILLION-SHARE DAY” By the Associated Press. NEW YORK, August 13.—The re- action in vesterday's stock market brought indications that the strength of the rail group at the opening of the week had served as a cover for liquidation in many industrial shares. The advance in the rails, based on prospective merger developments, | soon spent its force, and selling of these issues, combined with further| liquidation and profit taking in other | sections of the list, gave the market | a decidedly uneven tone. For the first | time in recent sessions, selling rather | than buying orders were responsible | for the “million share day. HIGHER FARES ASKED. PITTSBURGH, August 13 (Special). —The Johnstown Traction Company, furnishing street railway service in the city of Jobnstown and vicinity, has filed with the public service com- mission a tariff effective September 5, which increases the car fare from 7 cents to 10 cents or four tickets for 30 cents, on all city line FOR SALE FIRST MORTGAGE NOTES . Consult Us If you have funds for investments THOS. E. JARRELL Membdor Waakington Real Estate Board. ‘Woodward Bldg. Main 766-3370. NATIONAL BANK RESOURCES $13000.000 IS F ST Jown PooLt Paeseem ~_CONDITIONS OF THE GERMAN MARKET TODAY Make it imperative that you protect Your interests by REGISTERING YouR STOCK AND BOND CERTIFICATE NUMBERS. Address FOREIGN BANKING SERVICE, 203 Investment Bldg. Franklin 3978. Qur First Mortgage Notes Are the type of investments that appeal to conservative investors. I . Comp-:llemn surance s 5 Prefer Them Courts Advise Them (the thres most comservative institu- tions ome cam go to for advice.) Buy them and the thought of ‘worry can be dismissed from your mind. We have on hand a limited amount in denominations of $100 and up Bearing 7% Interest Chas. D. Sager Loan Departmest P 924 14th St. NW. Mawm &2 FORT WORTH, August 13 (Spe- cial).—The condition of 949 Texas State banks shows a material im- provement with an increase in I dividual deposits of over $34,000, over this time last y Tax Exempt and Legal for Trust Funds in New Jersey Union Terminal Cold Storage Co., Inc. Fizst Mortgage 6% Bonds, 1839 Inasmuch as the cold stor- age business is a necessary element in the food supply of large cities, it is as es- sential as a public utility and is but slightly affected by the varying conditions of general business. Price 96!, and interest to yield 633% For further information regard- ing this Company and earnings of the business send for circular W-491 E. H. Rollins & Sons Founded 1876 Il 16 Woodward Bidg., Washington Boston, New York, Philadelphia, Chicago, Denver, San Francisco EQUITABLE Co-Operative Building Association Organized 1879 44th YEAR COMPLETED Assets . . .. .94,755,170.52 Surplus ven...$1,248,320.98 Acquire the Habit of SYSTEMATIC SAVING The Enuitable for many years has been through their systematic saving pian. Come in and we'll tell you more. Subscription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, Prestdent FRANK P. REESIDE, Sec'y. Getting the Most Out of an Investment One of the most desirable securities to be had in the present market is Cities Service Company Preferred Stock. It combines an attractive income with unusual safety, and it is readily marketable. In the last thirteen years, or since Cities Service Preferred Stock was first issued, net earnings have averaged more than three times as much as dividend requirment This Preferred security 8% at its present price. Mail the coupon today for Pre- ferred circular and for informa- tion about our monthly payment plan. Thomas W. Brahany and Company ‘Wilkins Building, Washington, D. C. yields Telephone Main G189 Wilkinx Bldg., Washington, Please send me full particulars about Cities Service Preferred Stock and your monthly pay- ment plan. Arnold Guaranteed Certificates Arnold Guaranteed Certificates afford a safe profitable in- vestment for surplus funds. They are secured by first mort- gages on improved Mcome real estate and homews, and are a di- rect obligation of Arnold and Company. Issued in amounts of $100, $500 and $1,000, to run for term of 2 to 10 years. Send for Booklet K-1 ARNOLD AND COMPANY Incorporated Capital and Surpius, $1,250,000 1416 Eye Street N. ‘Telephone Main 2434 (% We offer to the careful investors a limited number of First Mortgage notes bearing 7% interest per annum. These notes are secured by first trust on approved Northwest property easily worth 50% more than the amount of the loan. The income to be derived from an investment in this offering is unusually good, considering the extraordi- nary margin of safety. Let Us Furnish You the Full Particulars Moore & Hill, Inc. 730 17th St. N.W. (34 years without a fereclosure) Prompt Action Thomas J. Fisher & Company, Inc. 738 15th Street 5% % M-O-N-E-Y We are the only office in town making REAL E LOANS exclusively—that is, we do not buy or sell or col- lect rents, or do any other branch of the Real Estate, business, BUT WE DO MAKE R and a lot of them. L.OA} 612% First Mortgage Notes Secured by Improved Real Estatc Every mortgage we sell STAT ] guaranteed—both principal and interest—and provides these five investment fundamentals: Security of Principal All the Time—Attractive Normal Incorse—Prompt Consecutive Interest Payments—Full Return of Principal When Due—Freedom From All Care and Management. Our written guarantee of fulfillment of all these fundamentals is backed by over $1,500,000 resources. Real Estate Mortgage & Guaranty Corp. (Resources Over Ome and a Half Million Dwllars) L. E. BREUNINGER, President, 26 Jackson Place Our supply of money is practically unlimited and is il- ways available—and, incidentally, we are now; loaningzour money at 514 % interest. E. QUINCY SMITH, Inc., 909 15th £it. N.W. Secured by first deed of trust on real estate Prevalling interest and commission 420 Wash. L. & Trust Joseph I. Weller 439 ek, o & \Toe Over a Without a Loss B. F. SAUL CO. Main 2100 1412 Eye St. N.W. NO RISK—NO WORRY—A SAFE INVESTMENT — PLUS INCOME If you are interested in en- joyving a high degree of security and a dependable income with- out worry, risk or loss of time, invest in our Quarter 6%2% FIRST MORTGAGES These safe Mortgages are offered in amounts suitable to large investor. satisfy the small as well as the e S worse—morally 1415 K St. N.W. HOW WOULD YOU LIKE TO WAKE UP SOME MORNING AND FIND YOUR MONEY ALL GONE? namely THIS CONDITION CANNOT HAPPEN IF__YOU INVEST YOUR MONEY IN OUR FIRST MORTGAGE NOTES LET US SUBMIT DETAILS Mortgage Investment Department HANNON - & LUCHS 713 and 715 14th Street N.W. Main 2345 No, not robbed by a “second-story artist,” but by one even the smooth-voiced, scheming promoter who persuades you to invest your money in a get-rich-quick stock organization. _They are always doubly safeguarded by conservative ap- praisals and wide margin of valuation. Notwithstanding the ample security they vicld 612% interest. Desirable Offices For Lease In the International Building 1319-21 F St. N.W. Modern ten-story high-class office building—~two high-pow- ered electric elevators. One room to suites of s and light. x—heat Ranging in Rental of $25 and Up Per Room Superintendent on Premises Realtors McKEEVER & GOSS Main 4752 e