Evening Star Newspaper, December 13, 1924, Page 15

FINANCIAL HUGE SUMS MADE | IN LAND IN 1324 Secretary Mellon Said to Be Awaiting Larger Profits on His Holdings. BY J. C. ROYLE. Special Dispateh to The Star, "NEW YORK, December 13.—For- tunes have been made in real estate in the past vear in both city and suburban property and far-sighted individuals are preparing to r ture harvests of dollars by tion of large tracts hitherto comsid- ered of only nominal value, well away from present trade and indu: trial centers. Some of the holdings of New York real estate owned by families long identified with Man- hattan property, among them the es- tate of the late Baron Astor, have lLeen sold at record prices In late months. The Baron Astor estate is Teported to be disposing of eity prop- erty as rapldly as possible. So valuable has property become in Manhattan that many industrial concerns have been forced to move to Long Island, New Jersey or Con- necticut. This has stimulated prop- erty values in those sections. Open- ing of new residential subdivisions has added millions to the bank ac- counts of Philadelphia operators. Similar trends are being reported constantly from other sections. Big Profits Reported. “Confidential figures from our mem- bers,” said V. P. Brun of the San Francisco Real Estate Board, “show that a total profit of $347,000 was made In San Francisco during the past three years on an aggregate inyestment of $103,500 in eleven par- cels of business property picked at random from sectional business dis- tricts of the city. Some of the n- vestments producing this huge profit were as low as $6,000 and some as high as $75,000. The profits in in- dividual parcels of land ranged up to 136 per cent.” Prices per front foot in San Francisco have tripled in some districts. Property along Long Island Sound within commuting distance of New York, held for years at nominal fig- ures, now is selling rapldly at $45.000 an acre. Many of the most success- ful dealers in real estate in the metropolitan suburban section are women, Mr. Mellon's Land Holdings. New Jersey has more undeveloped land which is not mountainous than any other Eastern State and large holdings are being acquired there by wealthy investors able to wait for property values to increase. Among these are Andrew W. Mellon, Secre- tary of the Treasury; the estate of the late Joseph Wharton of Phila- delphia, represented by J. P. Lippin- cott, publisher, and the Bethlehem Steel Company. Most of the holdings of these owners are sandy land cov~ ered with a growth of scrub oak, pine and white birch of little value Tor lumber purposes. The Mellon holdings, recently ac- quired, are in what is known as the White Horse Belt near the main high- way from Philadelphia to Atlantic City. The Secretary s quoted as say- ing he will not sell until a profit of $100 an acre is obtainable. One tract recently was sold for $30,000, and real estate men arc reported to have offered double that figure for similar plots. Joseph Wharton, who made millions in iron and steel, secured his Jersey land holdings at 25 cents an acre. The Bethlehem Steel Company &e- auired a tremendous acreage during the war to use as a proving graund for big guns. The company paid all sorts of prices in order to secure the acreage intact. One man, who owned 150 acres near the center of the tract, declined to sell because he was interested in certain phases of horticulture and had never found soil so favorable for his pur- pose elsewhere. The company after long search found land equally ad- vamtageous for the horticulsurists’ purpose in New York State, bought it at a high price and induced the man to exchange. The steel company has ceased to require ground, a heavy profit from this land even- tually. H(enrtyDFord recehitly sold an im- portant Detrolt business property for $3,500,000, bue has advanced his hoid- ings in Detroit suburbs to about 7,000 acres. His real estate holdings now are valued at well above $50,000,000. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. STOCKS VERSUS BONDS. Capital obligations are of two kinde, bonds and stocks. A bond is a promise to pay a specified sum at a specified time and interest at a specified rate meanwhile. A bond- holder is a creditor. His interest in the corporation is confined to its being able to pay principal and in- terest promptly when due. Otherwise he has no share in the ups and downs of the industry, Stocks are shares in the business.” A stockholder is a partner. He takes what is left after the claims of the bondholder are satisfied and in return for this subordinate position is entitled to proportion of the surplus, if any. ussumes all the risks. Now a desirable capitalization in- cludes some of both these classes. It is impossible to operate entirely on borrowed money. There must be some one who is willing to take stock. Ono of the difficulties which h confronted the rallroads of the United States in the past decade is that so few people were willing to take the chances of ownership which g0 with holdings of stock. During all this time the railroads were obliged to provide their new capital the property as a proving | but undoubtedly counts on | BY WILLIAM F. HEFFERNAN, NEW, YORK, December 13.—The buy- ing movement which was resumed e Friday after two days when liquida- tion Wes having its effect, kept on in today's brief session. The most sig- nificant factor was that the ol shares, which had been reluctant to join In the Improvement, suddenly came to ers during the present bull movement. The action of Prairie Ofl d Ga NEW YORK, December 13—Fol- lawing taan dofl‘lcm 1ist of bonds and 8 traded In on the New Y Curb Market today: e Low. Close. ki) TN . BoabaomeSuaranioin .k ReotnBaniie® = B2 eSan 2l SenRelana Sales in_units. STANDARD OIL 188UES. 3y 2 100 Chesebrough Mfg. 1100 Humble Oll & 00 Imp Of 3 Creole Synd . 10 Federal 0 7 Gulf Ol of rhy Pet . - BabintEeash e F 5 Peer OI Corp . 30 Penn Beaver Oil 14 Royal Canad 0 & 9 Sait Creek Prod Roceived by Privete Wire Direct to The Star Ofice reflected bellef that directors at their meeting scheduled for today or Mon- would act favorably upon the dividend due at. this time. After selling at 204, it closed 2 points higher on the day at 202. Vacuum Oil ran up sharply wnd Standard of Indiana was taken at greatly Im- proved prices. Announcement that the executive committee of the Erie Rallroad had approved the terms of the lease to the Nikel Plate, brought no respongs in the market for Nickle Plate's new stock. Radlo shares retained their place of prominence, Thermiodyne 1ling above 16, Hazeltine up over a point, at 39, d Thompson Radio above 13. INDUSTRIALS. leor Ol & Gus. 04 0 8% m Hawailan 8 8. 14% 14% 14 ier L & Tra e e 137 gl i new. Conc Ind Corp it Ocean Rad Co e lml"‘ Val Coal.. 20 Leh Val 1 N C 18 Liberty o .... 13 Middle West Uul. t Dist Prod vtc ShanlantyEin * R SFRTEE FRGER PER Y LRI g T FETF e 2amat = ER2EREIARER ., [ elacasbiuldananiBim R AR # El T U T I LTI CLOTH TRADING SLOW. NEW_ YORK, December 13 (Spe- clal).—Trading 4n the cotton goods markets was slow today, with prices mostly unchanged. Print cloths were quoted at 9 cents for 64 by 60 and 10% for 68 by 72. The raw silk mar- ket closed the week on a quiet but firm note. LIVE POULTRY HIGHER. CHICAGO, December 13.—Poultry, alfve, higher; fowls, 16a20; Springs, 22; roosters, 14%4; turkeys, 26; ducks, PARIS MARKET HEAVY. PARIS, Decémber 13.—Prices were heavy on the bourse today. per cent rentes, 51 francs. Exchange on London, 87 francs 65 centimes. Five per cent loan, 62 francs 40 cen- times. The dollar was quoted at 18 francs 70% tim: Many Stock Losses During W eek In Spite ' of Wild Advances Money Rates, Sterling Exchange and French Francs Also Draw Special He | by sale of bonds. This resulted in top-heavy capital structure. Very recently there has been a change of public attitude toward railroad securities and a few of the stronger roads are now beginning to market stock. This is a very en- couraging development from their standpoint. How does it affect the investor? It, of course, remains true that bonds are more conservative in- vestments than stocks and yet stocks should not be ruled entirely out of an investment program, providing the capital of the investor is large enough to admit of the proper di- versification. The danger, however, {s that these stocks will be bought without realizing that industrial con- aitions are always subject to change and that the outlook which now ap- pears so bright may some day look just as dark. Then the stocks bought now at par are sure to be quoted in the market reports at a discount. This s not an argument against Luying common stocks, It is simply to point out that youcannot. hope to obtain the profits to which a stockholder is entitled in good time: without ming the risk of lol which comes in times of depression. The probabilities are that the time to buy common stocks is when busi- ness is bad and dividends are either suspended or in danger of being suspended. As human nature is con- stituted, that is npt “the time when most people buy them. £ (Copyright, 1024, by Congolidajed Presm). . Attention of Financiers. BY STUART P, WEST. Special Dispatch to The Star. NEW YORK, December 13.—Look- ing over the stock exchange list in comparison with a week ago it will be surprising to the ordinary ob- server how many net losses there have been. The market has the outward appearance of buo: Much has been said about th ing business of the country, and all the way up to the Chief Executive predictions have been made regard- ing future prosperity. The writer has no disposition to take an opposite view. The elements underlying business and finance are unquestionably strong. There is no inflation in commodity prices or in upon bank credit the way there five years ago. There is no over- production or oversupply of goods on hand. More than this, it should be admitted, regardless of differing po- litical attitudes, that the outcofe of the November elections was pleasing from the Wall Street viewpoint. It held out the pledge that nothing rad- ical would be done in the way of leg- islation; that the whale tendency would be to reduce rather than in- crease individual and corporate taxes and that the provisions of the rail w ct of 1920, guaranteeing an ad- equate fncome, would not be disturbed. Most Rapid Rise in History. All this made up surroundings cal- oculated to produce a powerful buy- ing movement, a movement in which the so-called “Wall Street insiders” pagticipated and likewise the outside public In greater degree than at any time since the Spring of 1920. But 28 against this was the fact that prices rose 10,16 and 20 points within little more than a month, and that nothing more violent has been seen in a similar space of time in all the history of Wall Street. There was no question that the up- ward movement which went on dur- ing the greater part of November and at the start of December was well founded. Bat there was a Question as to whether this upswing had not been -cxcessive, that is, had not gone too far in discounting a - trade ex- pansion which was expected, but which had only begun to show. The markét during the last week has beeri endeavoring to “answer this question, and the result is thst quite o part of the list is lower, ‘despite the surface indications of great ac- tivity on the side of advance. Outside the Stock Exchange, the Ghief incidents were the new high prices ‘for ‘wheat and corn, the ad-|h vance in money rates, the new high record-for the year in wterling ex- change and the moderate, &ithough significant drop in the French franc. Reasens for Graim Advance. Thore 18 nothing new in tha grain trade.. - The:simple reason why prices have been climbing is that the.corn supply is undoubtediy short and the wheat supply in countri with the United States is below the average. At the same time Europe's ability to buy is greater than at any time since the war. The cotton posi- tion has become Increasingly inter- esting with the publication of the latest bureau flgures, estimating a crop of over 13,000,000 bales, as com- pared with 1 than 12.500.000 at the beg!nning of October. There was a carry-over from last season of more than 2,000,000 bales, thus bring- ing up the supply in sight to more than 15.000,000, as against the actual corisumption, demostic and foreign, last year of 12,500,000 bales. The statistics, consequently, are all against higher cotton prices. But the market has been sustained by the hope that, in the first place, Europe after the recent changes, will be able to do more buying, and in the second place, that in the course of general prosperity at home there will, be a heavier demand at better prices for cotton goods. Money Market Feeling Preavure. It was not altogether clear how far the higher money rates wore due to the temporary influence of the big Investment operations that were being put through, more especlally the French Joan and the new issue of United Btates Treasury 4 per cents, and how far they were reflecting the Wall Street speculation. There was perhaps more remson to suspect the latter as the main f{nfluence. The bank statements of the last two weeks have shown an increasing de- Dendence upon the factlities of the Federal Reserve institution and’ they have shown a moderate decline in feserve ratios. But there is, of course, no comparison with periods like November, 1919, where there was an overexpansion of credit. The most that can be said at the present time is that the money market has begun to feel the prussure of the larger speculative demands, but not a8 yet to any serious degree. Pound Likely to Reach Par. At the high point of the w sterling had Tisen over 17 cents fram where it stood just before the British elections. An ‘advance of a similar amount would bring the pound back to par. The prediction of a restora- tion to parity does not, therefore, ap- pear at all far-fetched. The notable fact {s that sterling has been able to go up the way it has during the last month and a half in face of the preparations for meeting the semi- annual installments on the American ‘war debt, which on previous occasions proved a depressing influence. The marking ‘up of the Bank of France discount rate from 6 per cent to 7 was another extraordinary epi- sode. It was recognising the truth that, the failure of all efforts to de- flate the French paper currency is the most vita] thing in the French finan- cial situation at the present time. It competing . the new American loan. was of particular significance, com- ing Immediately after the floating of (Copyright, 1924, by Consolidated Presms.) Three | Overlapping Taxes Threaten Estates, Roger Babson Say Financier Points to Inconsistencies and Dangers of Inheritance Tax System as It Now Stands. = BY ROGER W. BABSON. Bpectal Dispatch to The Star. WELLESLEY HILLS, Mass., Decém- ber 13.—Unreasonable or exorbitant taxation ordinarily tion of the taxpayer uation {s brought home to him forei- bly when he must pay such a tax. We have a form of tax, however, which does not come under this rule and yet should have most careful thought and al fon. A situation exi our estate and Inheritance taxes as they are levied and administered to- day which threatens to cut down, perhaps totally destroy, & man’'s hon- est and lifelong effortm to provide sufficiently for his family. Mesults Oftem Unfair. ‘These taxes, both Federal and State, are individually sound and, for the most part, just and reasonable. The combination of them, however, produces unusual and often unfalr results. At the recent convention of the American Bankers' Assoclation it ‘was stated that our present system of estate and inheritance taxes might impose & tax of more than 100 per cent—in other words, in an extreme case the taxes may eat up the entire estate dnd the heirs may owe more :lxl after recelving absolutely noth- ng. ‘The first tax to be levied is the Federal estate tax—a fixed percent- age levied by the Federal Govern- ment on all estates of $§0,000 or over before any distribution is made. The rates are graduated so that the large estates pay a proportionally larger tax. Under this tax all property is treated alike. The situation is gen- erally understood and the levy is rea- sonable, Vailed Tazes Become Due. The moment that an estate s pro- bated and ready to be turned over to the helrs several forms of State in- heritance taxes may become due and The State in which the de- been a resident ordinarily collects a tax on the entire estate. Complications set in here, howeéver, since the rate of taxation varies with the relationship of the heir to the deceased, and varies with the kind @nd location of the property. Chil- dren may be taxed more ti hus- band or wife, and heirs outside of the fmmediate family almost invari- ably pay & higher rate than the im- mediate family. Real estate and CHRISTMAS TURKEY PRIGES UNSETTLED Expected to Be 50 and 55 Cents at Retail—Today’s Wholesale Charge. | )i | Poultry dealers are giving most of their time and attention to the ques- tion of turkey supplies for, the ap- proaching Christmas holiday trade. A slight decroase in shipments this | week was naturally to be expected, |aceording to dealers, and the slight advance in price may have no bear- ing on prices that will prevail when the Christmas demand is on. “It is {m ble to forecast pric for the hofjday trade,” remarked a dealer, “asvadvance information for turkey raisers Is not definite enough to give an ‘idea of the guantities of the fowls ‘that may be expected to reach here. > e, the dealer stated, it there will be a whole- of 40 or 45 cents. This should give“ a retail market of 50 or 55 cents. Dealers think shipments of turkeys will begin to arrive early the com- ing week. Many of them will be fed on the premises of local merchants until & few days before time to lead them to slaughter. Shipments of live turkeys will be received later in the {week, and dressed stock awlill come later. Buyers are so busy doing their Christmas shopping that they are not glving much thought to the purchase of the necessaries of life, according to market dealers, making the' latter buying slow. Normal conditions are expected to prevail as séon as the holiday season is over. The butter market wasa trifle easier this week, and egg shipments in- creased, but prices did mot change to any material extent. Prices of most commodities. today were practicaly what they were at the beginning of the week, as follows: Today’s Wholesale Prices. Butter, 45a48. Eggs, fresh, selected, candled, 60a 65; average receipts, 55a58. Cheese—Long horn, 26; mild cream, 28; old sharp, 36 per pound. Poultry—Alive, roosters, 16 per 30a32; ducks, 15220 pring chickens, 24a25 keats, young, (0a70 tresh killed Spring oasters, 30; roosters, turkeys, 28a40; keats, ducks, 25; geese, 25 geese, 5 fowls, 20a22; each; _ dressed, chickens, 30 18; fowls, 243 70a80 eac capons; 40a4 oo Live - stock—Calves, choic 10a11; thin, . 687 hogsc, 11a12. e ENORMOUS TURKEY SUPPLIES ON HAND 9,000,000 Pounds of Dressed Birds | Awaiting Sale at Christmas. 11%: medium, e Spring, 13; live Nearly nine million pounds of dress- Qfl\:l‘lrk’Cy were held in cold storage throughout the country December 1 awalting the Christmas market. The foures, nade public todiy by the De- e tment of Agrlculture—8,984.000 to DA eact—ls more than 2,000,000 pounds aboye the total a year ago Poi i nearly double the November 1 flgare. g6 stocks of fowls, beef, butter and . American cheese Increased over She December 1, 1923, figures, while &k and pork supplies decreased. All fomts In storage totalled 87,975,000 Pounds as compared wWith 63,274,000 orage totalled 100,336,000 t year; 496, . eef in ® po?lndl against 93,166,000 pork; 427,492,000, againgt 87 cheese, 58,718,000, against 85,1 reamery butter, 100,743,000, & 51,608,000, and eggs, 3,101,000 agatnat 4,028,000 last year. | ? CerS e Query the Prometer. | tax of $691,000, or 23 per oent of the securities are taxed upon different schedules. The location of the prop- erty in either case has much to do with the tax that must be paid. Next, the inheritance taxes of other Stats may become due and payable. Certain States, for fi nce, levy a tax on the inheritance of the securl- ties of all corporations formed within State. An Ohlo corporation, for tance, may be represented in ti securities making up part of the estate of a citizen of New York. Unw der these circumstances, Ohlo collects a tax from ths heir who receives those particular securities. If a cor- poration is organized under charters in three or four different St in the case of some of our it 1s possible that the same might be subject to three or four State inheritance taxes. 5 Laws in Other States, Some States even tax the securities of a forelgn corporation -willed to forelgn heir if the transfer office of the corporation is within the State, Others levy taxes on te transfer of securities of any corporation dolng business within the States, no matter where it is organized, where the securities are held or where the heir resides. Securities held In a safety deposit vault in certain States are subject to taxes by the State for that reason alone. To illustrate the difficulty arising from this overlapping of taxes we might take a block of railroad stock on which the Federal estate tax must be paid because it is a part of the original estate. This stock in be- ing transferred to an heir might be subject to a tax in the State of res- idence, to & tax in the several States in which the rallroad wag ineorpor- ated, to a tax in the State where legal transfer office of the corporation was located, to the State in which a safe- ty deposit vault holding the security was located and to possible taxes by other States in which the rallroad might do business. System Obviously Unfafr, The unfairness of this system is ob- vious. One security may bear one or two taxes, another may be subject to | six or more individusl levies. Omne helr's share may be taxed lightly another's, due to the form in which the property éxists, may suffer heav- fiy. X Massachusetts estate of approx- imately 33,000,000 was subject to & entire estate. These taxes were pald to the Federal Government and eight- een different States. A large Illinols estate, amounting to approximately $23,000,000, was left to a daughter and two sons, but the will provided spe- cifically that the two sons should pay all taxes. Their shares in the estate amounted to $1,800,000 and $2,800,000 regpectively, the residue of the estate golng to the daughter, but the tax on the estate came to $6,400,000. This left the two sons about $2,000,00 in debt. Certainly if the deceased had known what his taxes were he would not have included this provision in his will, ae he did not Intend to han- dicap his boys with such a tremen- dous debt. i Incomes Greatly Hampered. | Nor is the small estate entirely free from these dangers. Federal tax ap- ' plies to estates of only $50.000 or more, but the individual State taxes ‘may apply to very small inheritance Not only do these collective often represents an exorbitant burden on the estate itself, but in the ma- jority of cases they also tend to cut down certain shares more than others, 80 that the heirs actually benefit 1n | an entirely different proportion than that intended by the deceased. Be-| cause we never personally pay our| own inheritance taxes many men be- | lieve that they have provided ade- quately for their families, and as a matter of fact this complicated sys- tem and the overlapping of several individual taxes may cut the portion recelved by heirs so that the inheri- tance no langer represents the com- petence intended. | Urges Fairer Taxation. While we are r-. .sing taxes this situation shoulC L gone into, and if the American Bankers' Association, the Investment Bankers or 8o other public-spirited group of bus ness men would codify a yaiform and fair system of inheritanée taxation, it is probable that the Individual State could be brought to adopt it and the widows, orphans and dependent helrs would be greatly benefited. In the meantime it is every man's duty to his famlly to check his own estate periodically to know what his tax will be and to make such changes in his property as may be necessary to eliminate unreasonable and un- necessary overlapping of inheritance taxes. Money to Loan Secured by first ceed of trust en eal estats. Joseph 1. Weller 5055 & § WE FINANCE Apartment Houses Business Property Rewnidence Property 4 Hotels, Ete. Higbie & Richardson, Inc. 816 15tk St. NW. The annual mn!ini‘nf the stockholders of The National Capital ‘Bank of Washington, D. C, for the election of direc- tors and the transaction of any other’ business that may be brought properly before the meeting will be” held at the' ank Tuesday, Jan. 13, 1925 —between the hours. of 12 o’clock noon and 3 o’clock p.m. H. C. STEWART, 3 Cashler. First Mortnje Notes wlactad. ':-nga""'"n'a' od o8 S ivaliadle Ta smeunts of $106 up Awly Loen Doy, Mr. O'Dennell, Mgr. Chas D. Sag: * Realter S 924 14th St. N\W. Wanted $250,000 5 or 10 Years —6% to be secured by first mortgage on operty. that will sell under the hammer for $500,000. Will stand fullest in- vestigation, both as to security and spplicant. Liberal com- mission. Principal only. Address Box 22-E, Star Office FRED T NESBIT. Tavestment Bids. W: Have Avdilable for Immediate Delivery A Limited Number of First Trust Notes 7% In Denominations of $250, $500 and $1,000 ] idential Property Chevy Chase McKeever & Goss Realtors 1415 K St. N.W.. Main 4752 Our 6V, and 7%2 —first mortgage notes on improved property repre- sent a gilt-edge investment. Notes available in amounts of $250 up. - Apply to our Loan Dept. W H. Saunders Co., Inc. REALTORS 1433 K Street N.W. Main 1016, 191 This ofice loans money upon real estate—and does nothing else—that is, It does not fol- low any other branch of the real estate business. We always have money § ~available and are loaning it at this time at 5%%. 1 E.Quincy Smith, Inc. 909 15th St. N.W. isfactory. Over a Quarter of a Century Without- a Loss Determine how much of his own money the promoter is putting into his scheme before you decice to risk yours. Don't take his word for it.— make him prove it “ Main 2100, alwa);s. KNOWLEDGE COMES FROM EXPERIENCE Investors in our FIRST MORTGAGES have the satisfactien of know- ing their investments are made on wide experience- and sound - judgment. First Mortgages offered by this house are safe— B. F. SAUL CO. 925 15th St. N.W. FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 I | | Our clients are ready to pay | cash for SECOND TRUSTS in || any amount. The. rates will please you if the security is sat- MORTGAGE DEPARTMENT NNON & LUCH 713 and 715 14th Streer N.W. 2348 We Sell Guaranteed Second Trusts The interest yield is much higher. You get all the safeguards that make a desirable investment. Banking Trust & Mortgage Company 1410 G St. N.W. Franklin 5784 17th and H Sts. For Rent OFFICE ROOMS Single or En Saite No Dari Rooms Ome Large Suite New Available Six Rapid Elovators, S¢-hour Service APPLY Randall H. Hagner & Co. 1321 Coon. Ave. Phone Main 9700 Prompt Action . First- Mortgage Loans Lowest Rates of Intecest and Commission Thomas J. Fisher & Company, Inc. ROMPT reinvestment of January funds is essen- tial if you are to realize the maximum earning power of your money. Make reservations now from current offerings of our 7% First Mortgage Bonds, arranging for pay- ment on whatever day in January your funds will be in hand: Our record of no loss to any investor in 51 years shows how completely the interests of our investors are safeguarded. Call, write or telephone Main ' 6464 today for de- scriptions of Smith Bonds paying 7%. SMITH BONDS ARE SAFE BONXDS The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS Smith Building. 815 Fifteeath Bt. Don’t Overlook This —in all your planning for friends during holiday days, don't fail to be practical. By so doing, two good things are ac- complisged: You avoid the temptation of extravagance in buying “baubles,” and you bring added delight to the re- cipient of your MORTGA&E NOTE, worth its ift when you present an excellent FIRST face value in gold, besides yielding interest at 6% for about three years. Let our Mortgage Investment Department explain the details—they are very simple. All Negotiations Canfidentwl’ i MONEY TO LOAN . ON FIRST MORTGAGES AT ~ CURRENT RATES OF INTEREST ' Rondll H Hopnen ¥ e #3827 Connecliout venus l —you believe that Washington is a fine city, and —you believe that it will continue its steady growth, untroubled by panics, as it has in the past, and —you believe in the growth of the National Government, which makes its home. here, THEN —you must believe in our First Mortgages, because they arc secured by improved property in this city, property worth about twice as much as the amount of the loan. B O 1L RHEEMHENSEY G s lgjfiryf. Mh.’“*'w' 1shington.D.C. 55 Years Without Loss to An Investor