Evening Star Newspaper, January 24, 1925, Page 15

LOWER EGG PRICES FEATUREOF WEEK Fruit and Vegetable Demand| Slow—Weather Still Hampers Sales. Only light supplies of the country. Supplies to demands, however, the demand belng high prices and a plentiful of canned goods. are equal nay, A slight drop in egg prices was the week's were of the consumers prices increased interesting feature market, so far as concerned. Poultry while prices of most dities remaln practically unchanged The sun's eclipse had no upon the market s early as usual, but ‘purchases were made. only Today's Wholesale Price Fancy, tub, 4 store packed Fresh, selected receipts, 56a57; Rutter- as0 Boas7 EaEs average Cheese—Longhorn mild 25 old sharp, 35 per pound Poultry roosters, 17 pound; 35a38; ducks, 1 koose, Spring chickens, 2 towls, keats, young, eich Dressed— jens, 27a28: candled storage, 60 cream turkeys 20 25a26; Fresh-killed Spring chic roasters, 30; roosters, Yowls, 26a turkeys, 40a keats, 70480 ench; ducks, geese, 15a capons, 40245 live stock—Calves medium, 10a11; thin Spring, 13: live hogs. § to 12 Meats—Beef, 12a18; veal lambs, 26a30; hogs, 14a16; loins 24 hams, 21322, and shoulders, 14a16 Fruits and Vegetables. 12814 lambs, cho 6a7 12220 Today's market report on fruits and vegetables, complled by the Market News Service Bureau of Agricultural ¥conomles, savs Apples—Supplies moderate: demand | Woderate, Maryland market steady: barrels Virginla and West rintas, A2} inches up, «7.00; few, 1.50; Delicious, Yorks, 5.5026.00; few, 6.50 4 Delicious, 8.0088.50; 6.5027.50; few, 5.00; boxes ern, medium to large sizes, burgs and Staymans, 3.25; mostly 3.50; Delicious, mostly Cabbage—Supplies moderate mand moderate, market steady atock, New York, bulk, per ton ish type, 35.00; new stock 1% -bushel hamp 0; South Carolina, pointed type, 3.00a3 Celery—Supplies ligh moderate, market steady; Florida. 10- inch crates, 3 to 6 dozen, 3.25a3.50; dozen, 2.7588.00; few 3.25 Lettuce—Supplies = light; moderate, Florida market 1. -bushel hampers. 50a2.00; California, market strong 4502475 6.50a aymans, 4.50. de- Dan- barrel crates, steady Imperial Valley crates Iceburg type. Onion Market Steads. O Supplies light: demand moderate, market steady; New York and Ohio, 100-1b. sacks, Vellows, United States, No. 1, med sizes, mostly .60 few Potatoes—Supplies mand imoderate Michigan, 150-1h. Rurals, United States, No. 1, mostly 250 per sack; New York. 150-1b #acks, Round Whitez, United States No. 1, 2.30a2.40 sack Spinach moderate; mand moderats, market firm; ginia, Norfolk section venear barrels Savoy, 4.5085.00; South Carol barrels, some dir mostly 5.00; Texas, bushel Savoy, mostiy 2.00. Tomatoes—Supplies limited: de- mand moderate, markel slightly weaker; Florida, 6s, ripes and turn- tng, wrapped, fancy count, 6.00a7.00 chaice count, 5.00a6.0 Caulifiower—Supplies moderate: de- mand modeTate, market firm; Califor- nia, crates, 2.75a3.00. low as 3.40. moderate: market steady sacks, wcet Vir- bask Few String Beans Recetved. String beans—Supplies very light demand good. market firm: Florida 7;-bushel hampers, green, 4.50a5.00 Peas—Supplies very light, demand good for good stock, market steady Florida, %-bushel hampers, fair qual- 1ty 5.0026.00. ggplant, pepper gouash—Supplies %ales to establish market Atrawberries—Supplies lizht niand moderate, market steady fda. pony refrigerators hest, 35; poorer, n quart crates, best, mostl Carrots—New stock eral, demand light bushel basket Eeets reported cucumbers light; and very too few Flor- holdovers, quart; 32 35 quart. Supplins market dull 2.00a2.25 Supplies very Tib- Tex- light YOUR INCOME TAX Expert Advice Given by United States Internal Revenne Bureau Based on Latest Changes in Legislation. ARTICLE NO. 13. Rusiness expenditures are not #ays business expenses within meaning of the income tax law. For example, & marchant may build an addition to his warehousa at a cost of $100,000. This is a eapital ex- penditure for an addition to his as- se's. Capltal expenditures ara not deductible. Distinetion fs mads be- tween expenditures for an assst and expenditures connectfon with an sssat. 1f the merchant during the year should spend $500 for repairs to his warehouse, such as painting the Toof or replacing broken windows, he guav deduct such amount from gross income as a business expense, pro- vided his plant or property account is not increased by this amount Medical, 1aw or other professional books, machinary, tools, implements or surgical instruments purchased by a taxpayer for his use in his business trade, or profassion and which are of a parmanent character ara capital ns- and their cost is not allowabls as a deduction. A farmer may not deduct the cost of a threshing ma- chine or tracior, tuese being capital expenditures, but is allowed to deduct the cost of hoes, rakes and small tools which are used up in the course of a year or two in farming operations. The purchase price of an automo- /ile, even when used wholly for busi- ness or professional purposes, Ia not deductible, but is regarded ss an in- Vestment of capital. The cost of gas- oline, repairs #nd upkeep of an auto- mobile 18 deductible If used wholly in husiness. If used partly for business and partly for the pleasure or con- Venience of the taxpayer or his fam- tly, such cost may be apportioned Oniy the proportion of such cost at- tributable 1o husiness purposes is de- ductible #s a necessary expense al- the in (The next article In this serfas will appear in The Sunday Star) fruits and vegetables are being received due to frough weather conditions throughout about dealers lessened by supply other commo- effect Buyers were out limited prints, | 48| per 50270 15 20a Vir- aymans, .00 A23% inch-| orthwest- Spitzen- Winesaps, | old Florida, rs, pointed type, 2.00 demand demand Big Boston type, | im to large | an- | cloth-top | no sales | ANCIAL BY WILLIAM F. HEFFERNAN. restricted session change. With future of the industry definitely as- sured, traders lost no time in switch- ing from other industrials into this class of stocks. The most favorable item In the oll trade news of the day concerning the olls was the announce- ment that the Prairie Ofl Co. would buy at present prices all the remaining oil stored during the prorating period last year. on the curb ex- NEW YORK, January ing s an official lst stocks traded in on Curb market today: Sales in BONDS. thonsands High 5 Allied Packers Sa.. 92 9 Am & Elec 6a. 98 12 Am Pow & Lt 8 old 8 Am Rolling Mill 13AH G & W 18 10 Beaverboard Ss 1 Betn Steel 7a 35, 1 Can Nat Ry 7a, 10 Chi Union Sta B wl 49 Central Leather 8a 15 Cuilds Co 6s..... 81 Citles Service 78 C.. 30 Cities Servl D Cit Serv P & L. 68 wi 24 —Follow- the New York n Pei fa Fried Krupp 7s tulf 01) Cor S 5 1 bby MeN & L Manitoba Pow 30 Pl E & Pure O ¢ 1 Shawshieen 21 Stand Gas & Ei 8iy8 )£ 0 N Y 03 8 Sum 01 8 Switt & 3 Vacoum 5 o FOREIGN LONDS Rogota Sx wi 907y 1 7e wi.. a0 3 King eth Bx 54 105 108 40 Rues Govt 61s n ¢ 16 I6% STANDARD OIL ISSUES 01 ies 1u unite 100 Anglo Am Oil “| 10 Borne Scrymuer 156 Ruckeye 100 Crencent 10 | 100 cal” Sig on 900 Humble 0 & R 10 Tilinois Plpe Line 1700 Ohio | 200 penn o1 Mex Fuel 200 Prairie 01 & Gax. 1800 Prairie 0 & G o wi 1430 Prairie P 1 10 Kolar Refin 1683 South Peon Off 0 Southern P 1. 10 South W Peon P I 10900 S 0 Ind 200 8 0 Kansss 3008 0 Ky 608 0 Neb 1[MS 0N Y 0 & 0 Ohlo 160 Swan & Finch 1700 Vacuum Of) <niesin INDEPENDENT OIL STOCKS Lundred: 2 A g L3 s 11 2 Clit 8 Citi £24000 Citles ulf Oil of Pa Kiroy Pet Tago Pet Latin_ Amer 0l Mex Ol Monut Murust Of New Mex Land Pesr 011 Co. onn Reaver Oil Pennock Oil Roysl Can 0 & Re Kran Con Savor Ol Wilcox Ol & Gas erpower A Superpower B.. 3 Co e Revealed in Show ings BY STUART P. | Special Dispaten to The 8tar WEST. NEW YORK. January 24.—The past week in the business world repre- wenta & distinct gain compared with a week ago. On the Stock E change prices completed a ver necessary adjustment and started 1 rward again on A sounder basis. | Tha remarkable advance continued in the grain markets and wheat futures reached the highest for all time. Sterling exchange got nearer parity than at any stage since the early months of the war | The mercantile raviews referred to ! an uncommonly large consumption of goods taking place throughout the cauntry, and this statement was sup- ported by 2il the recogmized datnm, such as rafiway frelght loadings bank clearings and the record of salak by merchandising and ofher cor- porations engaged in the distributive trade Sharp Midweek Deel At the low lewels of the midweek many industrial stocke which had been leaders in the excited specula- tion at the outset of the month were off 10 to 15 points. Railway shares were down anywherd from a third to the entire gain aince election da This was enough of a elecline to sat- fsfy the criticism that the market had been going mhead too fast, and that it had introduced an elemyent of =pec- ulative infiation which spelled danger, if carried on. Hence, when the ma. ket started upward once move toward the end of the week, it had \the sym- pathy of many who had peviously been antagonistic Wheat Production Lagw The broad fact about the wheat sit. uation—and this applies quite ad well to other grains—is that the proviue- ace with the increase in populatfon. @uring the last times an Americak more marked vears. In former wheat yield of § that of 1924, would have been consid- ered extraordinary. But with the Ca- nadian harvest short, with only nor- mal crops in the Argentine, Australia and India, and with Russia having nothing for export, it represents an inconsiderable gain when set beside the population growth. In the cases of corn, rye and the other principal grains the posnition is essentinlly the me. Now that the ravages of war are Being repaired and Europe is gei- ting back its buying power, a de- ficlency in foodstuffs ia threatened. American farme: after two vears of depression were glad to mccept In the Summer and Autumn what, by January 24 —Heavy R came into the oils in today's the outlook for the and Gas of bonds and 40 per cent in numenaus instances of | ing area of the world is not keeping This disparity has become more md E) ,000,000 bushels, lika NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Indlana Pipe, Prairie Pipe, South Penn, Prairie Ol and Gas and Stund- ard of Indlana were bid up in some instances sharply, while the volume in the group generally was greater than at any time during the present upswing. Midcontinent issues In the independent group Wwere actively taken, but advances were mited. A number of specialties continued which was bid up al- most another point on-pool buying and Electric Investors warrants which advanced a half point. tion Machine, _— 3 Chapin-Sucke 19 5 Childe C ‘e 1 Com Power Cor.. . 122% 2 Com Power Cor pid 0L 3 Continent Hak A wi 1105 § Continent Bak B wl 2 Cout Rak pfd wi... 925 3 Cortiss Aero Motor. 148 13 De For Rad ste wi 20 @ Dochler Die Cast... 181 3 Dublller new 3% 1 Durant Motor. ) 3 Duplex v ¢ 1 3 Dus Co A iy 22 Blee B & 8 aew wi 7115 37 Riec lav. P ) 25 Kilm Iep M 1 Ford Mot Co 11 Freshmen 4 Freed Eis Radio Cor 3 darod .. 2 Glen Aldes Coal 5 Iutl Mateh ptd 12 Intern Utilitien 8 Jones Radlo 5 Leh Val Coal 13 Liberty Radio Oh 8 5 Long B Lu Co A wi 2 Mid West Util 8 Music Master wi 4 Nat Dist Pr v t cfv 2 Nat Pw & Lt 30 Rova Radio C T cf 8l Gel Pra v e cf 5 Sleeper R yic 30 S0 C & 1 new 40 Stand Tub Co A 3 Swift Intl . > Thermiodyne RC wi 211g hompson R C vre 20% Tobacco Prod Expts 4 Unlon Carblde A3 it Lt & Power . 40% ties A.... b1 ern Power. . 39 w Sp 8t Co wi a4 MINING 10 Arizona Globe Cop % Canario Copper “hino Ext Mines omstock Tunoel 3 Cresson Gold a0 Eureka Croesus oldfield Cons oldfield T v T il W W 4+ Howe Sound &0 Independence 1 80 Jib Cons 46 Kay Copper Corp 2 New Jdersey Zine 18 Ohlo Copper Plymouth Lead M; Premier Goid Siiver King DI 4 United Eastern Min 20 U 8 Continental 13 Cran Apex T Wenden Copper 90 West Ctalb o0 T8 24 20 WHEA‘TV A-BEA 7INCREASES. Official reports of the Winter wheat area in France, just received by the United States Department of Agricul- ture, bring the total for 10 countries in the Northern Hemisphere up to 9.000 acres, as compared with 0,000 acres in 1924, These 10 countries, which inciude the United States and Canada, represent more than 40 per cen‘ of the total wheatl acreage of the Northern Hemisphere outsids of Russia and China Canada Bans U. S. Fowls. Canada has prohibited import of live chickens, turkeys or geese from | New York, New Jersey or Pennsyl- | vania, unless accompanied by certifi- | cates from the Bureau of Animal In- | dustry that the poultry is free frzm | European fowl pest or similar €on- tagious poultry disease and hzfe not been exposed to such diseases. Query the Promder. Determine how much of his own money the promoter is putting inte his scheme before you decide to risk yours. Don't take his word for it— make him prove it | i [ ‘Heavy Consumption of Goods | Trade Reviews |Sales, Car Loadings and Bank Clear- | Up Well—Stock on Firmer Basis. | statistical conditions which constitute | something like a naturai corner. | The end is not easy to forecast, but {at leamt it may be seid that thers are | no indications of artificial efforts on the part of mpeculative operators to make the situation more tense. There is ximply being exploited in a legiti- mate way what appears to be an ac- tual shortage in supply. The remedy in the shape of en- larged production cannot be applied until next season. and then its effi- cacy would be doubtful. The more ef- fective cure would seem 1o be along the line of reduced consumption brought about by very high prices forcing economy in use. Gold Basis for Br Sterling exchange has come within such a short distance of the inter- national par that the prospect of Great Britain returning to a gold basis in the near future has become a lively subject of discussion. This discussion h. developed nothing | particularly new. it has been re- peatedly stated for the last year that the fundamental requirements for a return of sterling to normal had been | fulfilled—the balancing of the budget | the decrease in taxes, reduction of the indebtedness created during the war, and the assumption of regular wervice on the American war loan. To these essentials are to be added the stabilization of Euro- pean currencies following the adop- tion of the Dawes plan, the decline in British commodity prices, and the | eutlook thus suggested for increase jin British trade. Banker Reviews Trade. The chairman of Barciay's Bank in | London has estimated that the total | inceme of British investments abroad | amounts 4o $750,000,000 & year. This | covers ? per cemt of the defleit in the British merchandise trade as re- ported for 1924. It must be assumed that the remaining 57 per cent fe more than cogpterbalanced by the credfts—that is, expenditures nbroad by American tourlsts, ocean freight charges and loans of Ameriean cap- jtal. Decreane in Discounts. The lstest bank statements have pA‘tty well demonstrated that the meanbers of the New York Clearing HouSe have been able to finance the big - Wall Street speculation without any jhelp Trom the Federal Reserve. The A'eserve Bank in the New York distrigt showed a drop in bills dis- counted to ¥89.679,000 as compared with $3\7.707,000 the week before and $125,6954'00 % Year ago. ‘The present total is, ©of course, insignificant. It & money the member in- in demand, among them Film Inspec- | the gradual | other items constituting the invisible of the OLNENDECLARE | CORNERIS TURNED Higher Prices in Face of Huge | Output Are Considered Very Encouraging. By Special Disp NEW YORK, January 24—Oil men professed fo see their industry com- mencing to emerge slowly from eclipse today. This feeling has been fostered by the lightening of the shadows which possibilities of heavy production from the California and Wortham flelds have cast on the xit- uation, the increased demand for gasoline and the prospective reduc- tion in storage stocks. The Igiproved trend has been re- flected in advances in the prices of crude oil and gasoline in various sec- tions of the country which took place despite the fact that country-wide production for the week of January | 17 ran well over 2.000,000 barrels Experts in the Texas flelds declare the falling off in the production of |the Wortham fleld has been due pari- Iy to bad weather and a labor short age which has interfered with driu- ing. But they admit that the capa- bilities and extent of the field have now been pretty well defined and that the peak of production there seems (0 have been reached or passed 4. €. ROYLE. to The Star. California Field This Flooded. Is also true of the California fleids, which flooded untry with oil for months and which wers re sponsible to a large extent for the depressed condition of the Industry Nevertheless, California ofl com- panies now have approximately 19.000.000 more barrels of oil and 126.- 000,000 more gallons of gasoline on hand than was in storage at this time last year. There has been an in- creased consumption of naptha dis- tillates, however, and only 13,114,490 barrels of these products are held.| The total atorage of crude in Cali- | fornia si 93,000,000 barrels, and of gasoline 460.214.375 gallons The drop in California production | ihas been due to a terrific slump in the output of the famous Springs. Long Beach and Huntingto Beach fields, attributed to over-drill- ing. The new fields found or pros- pected in the last 12 months have not replaced this flush pro There now exists in this country fleld | which threatens production above | ordinary, and If such a fleld were dis- | covered it would be three months or| more before it puld menace the| technical position of the indusiry | Larger Se tion lifornia hopes for some of its surpius America, and the first of tanker to find an ol of a run outlet in South new fleet between | financed | by British and Argeniine capital, has | Just been launched | | | ng Arem Needed. | | | hich will Los Angeles and Buenos Aires. The Texas Co. has just bought a nwmber of propertiss in Archer County, Tex. from the Panhandle Re-| | for $1.500.000, and the Phillips Pe-| | trotewm Co. has acquired heavy in | terests in the Humble Ol and Refin- ling Co. properties in Stephens County {Oil men regard these deals as con- {crete evidence of the improved trend Consumption By Alrplanes. | | The oll industry not only is counting | | on increased automobiie production to use up @ large part of the excess gaso |line stocks, but is taking cognizance of | the development and increased popu- |larity of airpiane travel Willlam B. { Stout. airplane manufacturer and auto mobile engineer. declares Detrolt has entered the aircraft industry in earnemt nd with a policy involving standariza- tion of » suitable type of plane which |can be produced on a quantity basis and | soid at a quantity basis price. GAS UP IN MARYLAND. BALTIMORE. January 24 (Special) —Gasoline prices have been advanced two cents a gallon by the Standard Ofl Co., it was announced at the com- | pany's offices here. Most of the inde- | pendent companies made the same in- | creases fn their prices, thelr man- agers said. This will make the retail price of straight gasoline at filling stations 20 cents a gallon, including the two-cent State tax, It was said. EVERYMAN'S | INVESTMENTS | BY GEORGE T. HUGHES. { HARACTER OF THE MANAGE- MENT.” A banker was asked the other day what was the most imporiant con- ideration in a stock investment, pre- ferred or common. His reply was “The character of the management.” | management is not competent. | aid. you do not need to look at ce sheel Or income state- | | This | rience is something which inexpe- inventors almost invariahbly | ok. The brightest prospects may be wrecked by incompetent man- agement, and, contrarywise, a dubious | proposition may be brought up to high earning power by skilled and | experienced executive direction. Now the rules which &pply to balance sheets and income statements, al- though technical, can be mastered by any one with an_elementary knowl- edge of accounts, but it is not so eas 1o appralse & management. If the enterprise is & mew one and its offi- cers are comparatively unknown there is no way in which this point can be established. This is one of the things which make Investment In securities of the new companies so hazardous. There 1s no record on which to base a judg- ment. It is not enough to say that other corporations engaged in the sama line have made large profits and that Investors who went into them when they were first organized have reaped rich rewards, Because Henry Ford made & success of the low- priced motor car, a success which is one of the wonders of business ht tory, it does not follow that other newly organized automobile com- panies are going to do the same. Promoters oftering for sale stocks of @oubtful werth use the argument of success in the same line by others continually and with effect. Never- theless it is a fallacy. The only sure ground is to look back over the rec- ord, snd the longer the record the better. When the management of a corporation has shown the ability to weather the storms which accompany periods of great business depression then only ix it safe to consider the merits of thei securities. The same liie of reasoning applies to investment bankers who have bonds or stocks to sell. Have they a | long and honorable record for offer- ing sound securities? Has fheir judg- ment peen tested by time? If the an- swers to these two questions are in the affirmative, confidence may be re- posed in their recommendations. ATURDAY, JANUARY 24 FINANCING Apartment ]/2 % Houses Unlimited Funds Avallable FRED T. NESBI extment Butlding M. 9302 First Mortgage Loan Applications Wanted Interest Rate 6% and 6% Apply Loan Dept C. L. O'DONNELL, Mgr. D. SAGER Reait r NW CHAS. 36 Main 37 ] — W fining Co. and the Consolidated O] Co. | | E FINANCE Resldence Property Hote| Mortgage Notes Appiy Loan Dept. €. L. O'Donnell, Mgr. Chas. D. Sager 36 Realtor M.37 924 14th St. NW. 38 Every offer investment our clients has passed a most exhaustice examination as to safety Consult our Trust Department or send for valuable booklet con Mort investments. cerning our First gage 7% 1925, FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F St. JOHN POOLE, President ONEY. TO LOAN 1 Any Amount 5% Apartment Houses Business Property | L.E.Breuninger & Sons Colorado Bidg Main 6140 Virginia Loans Approved Residential and Business Properties lLoan Department CKEEVER =< GOS R Ao Sy 1415 K St. Webster Says: SECURITY l'e put beyond hazard of losing; to make fulfill- means certain the went of an obligation Shannon & Luchs Say —that this definition may be applied with emphasis to the FIRST MORTGAGE NOTES they are offering lay—paying | 614% Interest What do you say o calling up their office wid asking for full snforma- free? tion—st 15 Mortgage Investment Department Goldsmith Building 1405-7 Eye SCNW. M 9670 SHAMNON_& LUCHY 713 and 715 14th St. N.W. Main 2345 FINANCIAL Prompt Action First Mortgage Loans Lowest Rates of Iuterest and Commimien Thomas J. Fisher & Company, Inc. 738 15th Street Second Trust Notes Bought Our clients are ready | cash for SECOND TRU any amount The rates will isfactory MORTGAGE DEPARTMENT 713 and 715 14th Street N.W. Main 2345 FROM $50 70 $100 Can Be Obtained by Using Our Certificate of Inventory, Appralsal and Title. CHATTEL TITLE COMPANY 805 Fifth St. N.W. We Have Clients With Funds Immediately Available for LOANS First, Second and Third Deeds Trust, Certificates of Deposit, Wi house Receipts and Builders” Loans. Prompt attemtion to all applicatic C. H. Neely & Co. 1313 H St. NNW. MONEY TO LOAN ON FIRST MORTGAGES CURRENT RATES OF INTEREST Handall H Nagner & Co. 7327 Lonsecliontd. Sweses Excellent Office Space for Rent Saul Building 925 15th St. N.W. An ideal location for business offices. Modern in every re- spect; elevator service. B. F. SAUL CO. 925 15th St. N.W. % Investment in Philadelphia BACKED BY 52 £ These 7% First Mortgage Serial Coupon Bonds are secured by an absolute closed first mortgage on the land and bulldl_l'.lg of the Pelham Terrace Apartment, now under construction at 6733 Emlen Street, in the heart of the beautiful Germantown residential sec- tion of Philadelphia. ] The building is of modern fireproof constr.ucti(.)n, nine stories in height, and contains 97 apartments, ranging 1n size from 3 rooms and bath te 6 rooms and 2 baths. Every safeguard which has contributed to our first m(y)vrfcgage investment record of “No Loss to Any Investor in 52 Years” is em- braced in this loan. ; The First Mortgage is for $600,000. The conservative valua- tion of the property is $975,000. Under our requirement of annual reduction of mortgages, this loan is reduced to $380,000 at the g TN final maturity. The bonds are offered in $100, $500 and $1,000 de_nqminations at par and accrued interest, to yield 7% net. Maturities 2 years to 10 years. Bonds of this issue may be bought outright or under our Invest- YEARS OF PROVEN SAFETY PELHAM TERRACE APARTMENTS 7% FIRST MORTGAGE SERIAL COUPON BONDS Recommended as a strongly safeguarded invest- ment for banks, trustees, institutions and indivi- dual investors whose first consideration is safety ment Savings Plan, which pays the full rate of bonq intergst on all payments. For circular giving further information, mail the attached THE F. H. SMITH COMPANY coupon now. Smith Building, Wash., D. C. Please send me your describing the 7% First Mort- age Serial Gold Bonds by the Pelham Terrace Apart- , Pa ments, Philadelph: circular secured Founded 1873 NO LOSS TO ANY INVESTOR IN 52 YEARS The F. H. Smith Company FIRST MORTGAGE BONDS means tWt with the return omparison, looked to be very attrac- Crop-mov e . SMITH BUILDING WASHINGTON, D. C. From the Progressive Grocer Magazise. Press Agent—I wouldn't have any- {hing 10 do with that actor; he's a Lad egs. Mangaer— Well, 1've known bad eggs to make theip @Mk on the Stage \ ' tive prices. Accordingly they sold out the great bulk of their holdings long ago and have not reaped the advan- tage of the additional big rise during the last fwo months. The money has heen made mostly by wealthy specu- lators who have béen working upon stitutions Aeve had sufficlent funds o | accommodaie the Stock Exchenge de- | thand at & Aecord price level and at the same tinie take care of an in- creasing ingyity from commercial auarters witheut making uwe of the rediscount vrln"lele. Joseph 1. Weller ‘Wash, Bldg., b 4 Philadelphia Office: 1524 Walnut St 522 Fifth Ave.