Evening Star Newspaper, February 14, 1925, Page 15

FINANCIAL AT CENTER MARKET Small Advances Today in| Eggs, Chickens and Fowl. Meats Unchanged. i Today's wholesale prices at Center Market are hizher as the week ends. The quotations: Today's Wholesale Price: Butter—Fancy, tub, 47a50; store packed, 20a25. —Fancy selected, candled, average receipts, 46, Poultry—Alive. rooster: chickens 20; keats, 0. chickens, fow's, 26; 28; wee. I4ve stock—Calves, cholce, medium, 10a11: thin, 6a7; Spring, 13: live hozs, SalZ. Meats —Beef, 12al8: v ambs, 26a30; hogs, 14al§; hams, and shoulders, 14a15. Fruit and Vegetable Review. Today's market report on fruits and egetables (furnished by the Market News Service Bureau of Agricultural Economics) says: Apples—Supplies moderate; demand light, market steady ; barrels, Maryland, Virginia and West Virginias, A 2% up, Staymans and Black Twigs, 0; Yorks and King Davids, 6.00 A’ 2%-inch Yorks, fair quality, tew 5.00 s w, : New York, A 2l;-inch Baldwine, )a6.00 ; boxes, Northwestern, medium large sizes. extra fancy Staymans, 8.80: Win . mostly 4.00: Yel- low Newtowns, : Delicious, 4.50 2500 Cabbage—Supplies liberal: demand light, market dull: old stock, New York, | bulk, per ton. Danish type, 30.00a35.00; | new atock, Florida, 1'2-bushel hampers, Tound typs, 1.788%.00 ; pointed type. 150 0: Texam, Bulk, ner ton, flat type, | 60.00270.00. i Celery light, market firm; crates, large sizes, size, some fair quality, 2.50a3.00. Lettuce.—Supplies moderate; de- mand moderate, market steady; Cali- fornia, Imperial Valley, crates, Ice- berg type, 6 dozen, 3.75a4.00; 5 dozen, 4.50a5.00; 4 dozen, 5.26a5.50: Florida, 11;-bushel hampers, Big Boston type, 3.00a3.50; 1l;-bushel hampers and 2-dozen crates fair quality, 1.75a2.50. Omion Market Stead. Onions—Supplies light: demand moderate, market steady: New York and Ohio 100-pound sacks, Yellows, U. S. No. 1, medium to large sizes, tly, 3.50. Rotatoes—Supplies liberal; demand noderate, market steady; Michigan 150-pound sacks, Russet Rurals, U. §. No. 1, 2.50a2.60 per sack: New York 150-pound sacks, Round Whites, 2.40 50 per sack. pinach — Supplies moderate; de- mand moderate, market fairly steady; Texas, bushel baskets, 1.50a1.65; South Carolina, barrels, Savoy, 5.00. Tomatoee—Supplies light; demand moderate, market steady; Florida, sixes, ripes and turnimg, wrapped, fancy count, 5.00a6.80; choice ocount, 1.00a4.50; few, 5.00 Cauliffower — Supplies liberal; de- mand light, market dull; California, orates, mostly fair quality, ricey, 2.25 22.50. String Bean Suppliex Light, String Beans — Supplies light; de- mand moderate, market firm; Florida, Ta-bushel hampers, green, fair qual- 1ty, 5.00a6.50; wax, 3.00a4.00, Peas—Supplies very light; demand good for good stock, market firm Florida, %-bushel hampers, fair qual- ity, 6.00a7.00. \ Esgplant, Squash—Supplies &ht; no sales reported. Peppers—Supplies very light; de- mand moderate, market steady; Flori- da, pepper crates, best, 7.00. Strawberries—Supplies moderate; some express receipts, late, not clean- ed up; early demand good, market steady; Florida, pony refrigerators, best, 45a50 per quart; some fair qual- ity and condition, 30240 per quart. Carrots—Supplies moderate; demand moderate, market steady; Texas, bushel baskets, mostly 1.75, few higher. | Beets—Supplies moderate; demand moderate, market steady; Texas, bushel baskets, 2.75; Florida, bushel baskets, 2.00a2.50. prints, 47a 16; Spring ; ducks, 15a young, each; geese, ed—Fresh-killed Spring 13a14; lambs, light; demand Florida 10-inch 3.25a3.60: small pplies very FRENCH FRANE:S TUMBLE. PARIS, February 14.—The drop yes- terday in exchange, which closed at 90 francs for sterling and 18.83 for the dollar, caused no surprise in financial circles, according to financial newspa- pers issued after the close of the stock exchange. L'Information says: “The Chamber of Deputies yesterday voted budget expenditures amounting to thirty-four billion francs, to which | must be added at least a billion and a | half for the increase in pensions. The | effect such large budget expenses will have upon a total circulation of forty billion francs in bank notes Is causing unrest in financial circles and a conse- quent depreciation of the franc.” EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. SEASONED BONDS, Attractive new investments are con- tinually oftered, and when sponsored by responsible banking houses may prove desirable additions to any list. | Whatever is #aid here is not Intended to reflect upon the merit of new of- ferings as a class. There are, how- ever, many equally good securities originally issued a decade or more ago which have the additional qual- ity of being thoroughly seasoned. This applies especially to railroad honds, many of which carry coupons of 33, 4 and 413 per cent, whereas the bonds the carriers are selling at present range from 5 per cent up, the lower figures being marketable only | by those roads of strongest credit. Now there are advantages in buying low coupon rate honds which the in- experienced investor is apt to over- look. He only sees that the current return is lower than he could obtain from a bond of equal rating with a nigher coupon rate. He fails to take into account what is called the “ma- turity return.” which is figured not only upon the coupon rate, but I;lflcml the amount the bend is selling below | 'u.r and upon the length of time to Tmaturity. For illustration a ¢ per cent bond| with 20 years to run selling at 76% | Rives a maturity return of 6 per cent, or the same as a 6 per cent hond =ell. ing At par maturing at any time, For! the man who can afford to sacrifice something in annual income for the sake of eventual appreciation in capi- tal these low rate coupon bonds should not be ignored. Banks and insurance companies Tecognize these facts and are steady purchasers of these seasoned railway bonds. The private investor might do worse than follow the example of strong finan- cial institutions in this respect. (Copyright, 1825, by Consolidated Press.) Query the Promoter, Determine how much of his own oney the promoter fs putting into | PRICES GO HIGHER | BY WILLIAM F. HEFFERNAN. NEW YORK, February 14.—Bidding up & few selected Issues falled to check liquidation In the closing ses- sion of the week on the curb ex- change. The desire was prevalent among the Wall Street clientele to even accounts wherever this could be done profitably. The result was that the market had to absorb heav: ing orders and pools and profe operators found difficulty in main- taining the price level of Friday's close. The 25-cent-a-barrel advance in Pennsylvania Crude Oil passed un noticed 5o far as acting as a stimu- lant for buying of the ofl shares. Losses of half point to a point oc- NEW YORK, February 14.—Follow- ing is an oflicial list of bonds and stocks troded in on the New York Curb market toda: Bales in € Sug 65, 15 Am Fow & Lt 6s oid Am Sumat Tob T%s Axso ¥im Hdwe 85 TALG & W 5 Atian, Fruit > 1 Beaverboard & 2 Bell Fone Ceut Leatiier 68 Wi.. Chllds (0 68 .o 51 it nerv T8 D 3 Cit Beiv Po & 3 Con 4 Cont 1 Con Gus Bult 8%s 4 Cons Textes 88 42 Cudaby Obs X 1 Deere & Co Ths .. 1 Detroit City Gus s 1 Detroit Edison 0s .. 4 Duslop Tire & Iu 7 i Power 6s... 4 Manitoha Power s ¢ By Bx... 0 wi.. Tias New Or Pub Sery 5% Nor 8 1 A Oliio Tower Penu_ower & L Pennock 01l Corp 20 bPub G & E Co 3lan 33 Pure 0.1 Co_ 6%y 1 Sonthern Cal bs 11 8tand G & E 6%4s.. 4 Krupps-Fried POl Poru 8 1 Swiss Govt Bx Sales in STANDARD OIL ISSUES. unitn. 500 Anglo-Am Ol 10 Borpe Scrymnel 50 Buckeye P L 200 Chesebrough Mfg. . 30 Cumberland P L... 163 10 Eurcka P L. : 100 Galena Bignal Oil.. 900 Humble Ol & R 30 Tllinols P L. 2300 Imp 0 ot C 200 800 Ohto Ofl.... .. 0000 300 Pean Mex Fuei. 340 Prairie O & G..... 800 Pral O & G new wi 50 Prairie P L....... 160 South Penn 011 50 Southern P L 9800 8 O Indian 700 8 0 Kansa 8 0 Ohlo . 30 8 O Ohio pfd 800 Vacuum 0il 2 Ark ‘ Am Maracaibo Carib Svad . Cities Serv new wi Oft Serv . v 2 Cit Serv pfd Cit Sery pfd ‘B Cit_Serv “B” ¢ Columbia Synd Contin Creole 8ynd.. Derby Ol & Engineers Pet .... beon Oil Corp ... leu Rock Oil ... . alf Oil of Pa . Kirby Pet . Lago Pet .. ... Latin Amer 0il Marine Oil B Bl g B Red 4 Roy Canad 0 & Rran Con .. 3 falt Ck Conms %, S S - & BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, February 14—The most unfavorable feature in the Wall Street situation during the past week has been the extravagant upbidding of certain industrial spec- jalties. These belong to the class which are not commonly held by the public and which, on account of the small floating supply, are éasy 1o move. This sort of thing always at- tracts a good deal of motoriety. There are sensational estimates of the paper profits made by one or an- other wealthy operator. In &an at- tempt to explainj the advance, all manner of statements are played up in news articles as if they were facts, when in reality they are nothing more than the merest rumors. The essential thing Is that the general Stock Exchange list has not Joined in with the wild trading In the “Cast Tron Pipes” and the “Amer- joan Cans.” On the contrary, it has mostly gone down. It is hard to escape the conclusion, in the light of experlence, that these protechnics in a fow highly speculative were designed and have been _u:zd as a cover to selling In other direc- tions. i “atreet’s Optimizsm Overdeme. Business news continues on the whole tavorable. But Wall Street Is realizsing more and more that in the forecasts of two and three months ago it was altogether too enthusias. tic. The steel mills have fnaugurated a new price schedule involving an ad- vance of between $2 and 36 a ten over the prices at which most of the business for the first quarter of 1925 was written. Are they going to be uble to enforce these new prices? On the answer to this question, which will come in the course of another month, depends the outlook for steel company earnings during the r mainder of the year. Certainly the action of the steel shares, especlally those of the so-called Independents, indicates a considerable degree of his scheme before you decide to risk vours. Don't take his word for it— make him prove it. doubt. Figures of railway car-loadings are breaking records for this time of NEW YORK CURB MARKET Received by Private Wire Direct to The Star Ofice e e Wild Rise in Specialty Stock Covers Selling Elsewhere in List Wall Street Optimism Declared Over- done—Many Losses During Week. Trade Margins Close. issues] THE EVENING STAR, WASHINGTO. curred in the popular-priced Standard issues before selling was completed, while higher-priced shares came off 1 to 4 points. Eelling of Hazeltine Corporation caused a break of 1% points in that stock, Freed Eisemann lost anothe) half point at one time, De Forest down similarly, while Charles Fresh- man, on the other hand, galued another point on the rather large turnover. The upward movement continued in Durant Motors, carry- ing the price close to 20, but others of the group were neglected. Engineers Gold rallied to the previ- ous high of 35 and large blocks of Howe Sound Copper changed hands at improved pric INDUSTRIALS. 5 Am G 4 Am L & Tract Am Superpor Am Buperpower K. Appalac Fw & Lt (VISPRTBErRvp: e 12 ab Mfg A Co_mew..... 2gRts ameammmnd FFE T 44 Contl 42conti Bax B i FHE (‘M}l! De Forest i (o vic 8 Doehler Die Ca Cu Dubilier ¢ & R . Durant Mot .. Duples C & Rvve Du Pont Mot . Dux Co A .. El B & 8 nw Cor wi Elec Inv lue ... Blec Rwy Sec Co . 2 Federated Meta's T Film Inspec M Ford Mot (o Cun Freed Eis Radio Cor Freshman Chas wi.. atch ptd wi. Inter-Ocean Radlo. Int Utllities B. Rad| Fenww-Booual = 1oL 1e Liberty Ra Ch Strs Mengel Box % Middie West Utii.. Nat Distll Prod vic 34% Nat Power & Light 193 Nick Pl new wi... BT% Omnibus Lor A pfd Omaibus Cor “vtc, Paige Motor ... Pathe Exch ime 8il Gel Prod n_vte hattock F . Tenn El Pow 2d pf. Thermio Rad Corp. 12 Thomp Rad vt tr cf 3 Tobacco Prod Expt Tower M Tnlon Carbide. .. . Unit Lt & Pow A United Pft Shar. e T T [ Teraere T Western Power ptd Wick Sp St Co wi Yel Taxi Corp N Y 1 Arizona Globe Cop .2 & Weatern.. | Canario_ Copper 2 Chino Ext Mines Comstock Tunael Cons_Cop Mines.. Diamondiid BI But . Croesus. .. .15 GoldBield M . Devel K Goldfield Desp M. E E Gold State K K o | Harmill Di Hawthorne M Inc... . 3 Heela Mine . 5 Howe Bound Tndep Lend ... Jerome V. Desel Kay Copper Cor Lone Star . . Mason Va! . New Jersey Zinc. Nevada Hills Min . Piym Lead Mines. Premier Gold Mi San Toy ... Siveranie " Spearhead G tand Sil Lea s Mine h Exte Florenc 2 United Verde " Ext I S Continental 5 Utah Apex ..... enden Copper ett Lorrain Sil year. But they are not being re- flected correspondingly in gross earn- ings. The results for January may be different, but there is no use blink- Ing the fact that for December the com- parisons were disappointing. Net rev- enues increased as a rule, but only because of the abandoment of the ab- normally high maintenance approa- priations which were a feature through most of 1922 and 1923. Trofit Margine Disappointing. The general volume of trade ia large, even allowing for a certain amount of slowing down after many consumers had filled their require- ments for the first quarter. The trouble, however, lies with the profit margin. What is true of stael is true of some of the other important lines —namely, that while output has been raised to a maximum, it is doubtful whether prices can be advanced suf- ficlent to cover increased costs and permit of a satisfactory return. The stock market during the t week has been reflecting misgivings on this score. Oil shares have furnished an exception. partly because the statis- tioal position of the oll trade has for some time been on the mend and partly bacause there was no over- speculation in this c'ass of stocks last year, Hke there was in other groupa. Investment Market Steady. The investment part of the situa- tion has altered very little. Bonds and stocks of the strictly investment class are neither gaining nor losing. They are awaiting developments . in the money market. On this matter no light has been thrown during the week. The market for time funds appears to have worked more in favor of those having money ¢o.lend. Call money has been rather firmer. The best opinion is that while the process ‘I be very Eradual, interest rates higher. Gold shipments con- tinue a feature, yet the January total of $73,000,000 was less than had been calculated upon. A further severs reaction in wheat prices may be tet down to recovery from the fright regarding a world scarcity which swept over the grain trade a month ago. It does not affect the strong position of the old crop, where there is little question that re- serves will have to be drawn upon quite freely in order to make good a deficiency. But wheat dealers have been taking more note of the prob- ability that under the stimulus of the recent very high prices the general demand will be curtalied, while extra efforts will be put forth to develop new supplies. Geld Basis Talk Premature. The Aiscussion taken up in the for- elgn cables regarding a possible re- turn of Europe to a gold basis has had no reaction in the movement of exchan; rate Sterling has given no evidence of a resumption of its advance and is still selling nearly 10 cents in thé pound below old-time parity. The proposition regarding continental currencies is that they be cut down to the basis of approxi- mately present quotations, and then that efforts be made to keep the new Paper money exchangeable for gold. It looks as if such a situation were still some distance off. The paper note Issues of central Europe have quite likely gone through the fire, assuming that the League of Nations' backing of Austrian finances will hold and that the safeguards for Germany under the Dawes plan will be successful. Italian lira recently have stood up well, under & considerable political strain. Bat the French franc has been slipping again nd for this there are two clear rea- sons, one that the new French ministry 1s still having serious difficulties in try- ing to balance the budget, and the other, that no progress worth while has been made so far toward reducing the infla- tion in the paper currency. (Copyright, 1925, INCREASE IN COLD STORAGE HOLDINGS More Poultry, Meats, Butter and Cheese, But Fewer Eggs Now Being Held. Increases in cold storage holdings of frozen poultry, meats, creamery butter and cheese and decreases in egg stocks were reported today by the Department of Agriculture. Frozen and cured meats, including lard, totaled 1,021,304,000 pounds Feb- ruary 1, compared with 987,773,000 pounds on the same date a year ago nd 930,178,000 pounds as a fiv. average. Poultry totaled 138,253,000 pounds, compared with 99,486,000 last year and 99.364,000 for the five-year average. Butter stocks totaled 45,812,000 pounds at the beginning of this month. Last year's figure was 15,24 000 pounds, and the five-year aver- age was 29,262,000. Figures for cheese were 41,567,000 pounds this February 1, 40,506,000 a year ago and 31,432,000 for the five-year period. C eggs totaled 82,000 cases §00,000 a year ago, and 265,000 for the average. Frozen eggs totaled 16,- 289,000 pounds, against 27,682,000 last February and 20,746,000 for the av- erage. JANUARY U. S. TRADE BALANCE FAVORABLE Commerce Department Reports on| Imports and Exports and Money Values. Imports of merchandise into the United States in January were valued at $346,000,000, against $295,506,212 for January, 1924. Exports were $447,000,000, against $395.172,187 for January, 1924, The favorable trade balance for last month was $101,000,000, againat a fa- vorable trade balance of $99,665,975 for January, 1924 Tmports of gold for the month were alued at $4.223,187, against $45,135,760 tor the corresponding month last vear. Gold exports were valued at $73.488,505, against $280.723 for January, 1924 Silver _exports were $11,307,797, against $8,208,644. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, February 14.—The trend of motor car production is upward, as is shown by recent freight shipments. The Pere Marquette reports the Stude- baker, Paige, Lincoln and Buick com- panies are all shipping in good vol- ume, as is the Timken Detroit Axle ST. LOUIS, February 14.—The St. fouis and San Francisco raliroad is asking bids on 5 passenger and 15 frelght locomotives, which will cost about $1,200,000. and on 20 other loco- motives to cost 360.000 each. [ SHREVEPORT, February 1L—iIn spite of the substantial increasé in price, oil production in Loufsiana and Arkansas fell 783 barrels to an aver- age of 164,737 daily in the last week. Drilling activities show decided im- provement. MANCHESTER, N. H., February 14.— | The Amoskeag Cotton Bleachery here | is running a night shift on flannels and sheetings. There is also some night work in the cotton dye house. OAKLAND, February 14 —First shipments of caulifiower to Eastern and Midwestern districts are now being made at the rate of six cars daily. About 400 carloads will be shipped from this section. Growers are receiving a 10 per cent Increase over last year's early season prices. More than 252,000 workérs in north- ern Ireland are covered by unemplov- ment insuranc THE LARGEST FORTUNES —of today. were start notes. double the amount of the be no loss by depreciati Ask our Mortgage 1 | tering sessed only a few dollars, but who had the wis- dom to invest for the future. Start today by ‘buying our first mortgage They are safeguarded by first liens upon improved real estate in Washington, D. C., worth SURPLUS OF LABOR 1S NOW REPORTED Unemployment Held Largely Seasonal—Usual Winter Let-Up in Building. BY J. C. ROYLE. Special Dispatch to The NEW YORK, February 14.—Con- siderable unemployment is beginning to make itself apparent in various sections of the country. This, how- ever, is not worrying bankers, busi- ness men or economists, since it is garded as largely seasonal. They hold it carries no indication of a drop in industrial activity or in the prosperity of the country as a whole. Nevertheless, there is a surplus of common labor in Pen and the East, in the Midwest and Northwest. Texas ha an oversupply of farm labor and some excess Is reported along the Pacific slope. New England textile plants are not running at full capacity de- spite some improvement and bitumin- ous coal miners are out of work in several localities. Treudle Is Sectional. These facts are due, in many in- stances, not to lack of jobs for work- ers, but lack of jobs in the particular section where the workers are con- gregated. The severity of the Winter in some districts has put a _check on activity, even though conditions in the industries involved would natur- ally call for increased production. This has been true in the lead and zinc fields of the tri-State district. | Steel production also has been ham- pered by weather to some extent Floods following on the heels of heavy storms and ice jams have caused plant tie-ups in several sec-| tions of the country and have played | @ part in the interruption of power| transmission from hydro-electric plants. Less trouble than usual has been experienced from failure of power this year than ever before, due to the hooking up In superpower systems of hydro-electric and steam plants. Seasonal Building Stump. In spite of the efforts of construc- tlon men and architects, building still shows & slump at this time of year. Censtruction programs are being held up temporarily, and this is affecting | the Industries which produce building materials. The cement milis, the out- put of which normally is used within a fortnight of shimment, are slowing down for a time, although stocks !n; reserve are not sufficiently large to cover more than about five !\‘ukklc‘v normal requiremen Lumber mills of the Northwest are going on a cur- talled schedule of five days a week. The large railroad projects are’ progressing slowly. All indications point to the speedy bettering of these conditions. At best, | even In time of extrems pro-perny,x from 7 to 10 per cent of the workers of the country are idle, and this in- creases to 12 and 15 per cent in times of depression. The figures may be at- tribyted In large part to the urge of the. Itinerant worker to move on rather than to the fact that jobs are not open. Textlle Trade Lmproves. The textile situation is slowly bet- | in New England and more workers are being added to payrolls. This is true of the steel plants and factories of Ohio and the midwest| also. The textile situation at present reveal one of the stuations which are the despair of economis Workers in the woolen and cotton mills of New England have been complainjng for months of unemployment and have | been begging for work. In the silk | milla of Paterson, N. whers manu- facturers now are pressing produc- tion, workers are complaining no less bitterly because work overtime at overtime pay. Places on Farms Soon. In a few weeks farm activities will be under way and will absorb hun- dreds of thousands of workers. The automobile factories are graduaWy adding to their working forces. But the work on the roads will be the| most potent factor in absorbing sur- plus labor this spring. The road-| building projects are innumerable in | nearly all sections. Millions of dol- lars will be spent on highways and! work will begin just as soom as the! weather settles. The sheep shearers who follow the clipping season north each year have already gathered in Arizona, where | shearing has started. Metal miners are well engaged and there is even a shortage in some camps. So long, | however, as production capacity of the bituminous mines remains far above consumptive demand there fs| sure f0 be some nnemployment among | the =oft coal miners. | Prompt Action First Mortgage Loans Lewest Rates of Interest and Oommivsion Thomas J. Fisher & Company, Inc. 15th Street Place to Go fom; Loan 6% Money Available On approved Real Estate Security, Residential, Business. FIRST MORTGAGE LOAN DEP'T McKEEVER & GOSS 1415 K Realtors M. 4752 ed by men who pos- loans—so that there can on. We have them in certain parts of |~ I M they are asked to] (Reasonable Brukerage) Approved Residential and Business Properties LOAN DEPT McKEEVER & GOSS 1415 K St. M. 4752 FINANCING Apartment I/Z % Businesy’ Houses Property Ualimited Funds Avaflable FRED T.-NESBIT Investment Building . LOANS FROM $50 TO $100 Can Be Obtained by Using Our Certificate of inventory, Appraisal and Title. CHATTEL TITLE COMPANY 805 Firth St. N.W. irst M_o:tn:e L:-n Applications Interest Rate 6% and 6%2% Apply Lean Dept., C. L. O'DONNELL, Mgr., D. 'SAGER, saitor, 14th 8¢ cEAl -2 Funds Available for First Deed of Trust Loans 5129 Immediate answers Curtails not required Glover & Flather 727 15th Street Safe and Sane Investments in our sive Washington income- producing properties will multiply your estate more satisfactorily than renting your funds for a mere nominal rate of interest. clu- Absolutely Safe Quickly Marketable Increasing Values Over 12% Net Investigate our plan, State- ments on request. Personal inspections arranged. C. P. BARRETT 1502 K St. Main 9016 MEMBER WASHINGTON REAL ESTATE BOARD FINANCIAL Money to Loan Secured by first deed of trust on real estate Prevailing fnterest a mixsi W 420 Wash. L. t = I Bidg._9th & F N.W. FIRST MORTGAGES FOR SALE Denominations of $250, $508, $75J, $1,000 and upwards 6Y2% All Lomas M on Property Lecated in the District of Columbia JAMES F. SHEA 643 Louisiana Ave. N.W. FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F St JOHN POOLE, Prosident WE FINANCE Apartment Houses Restdence Property Heotels, Ete. & Ri 816 15tk St. N.W. Inc. Main 2100 Office Space for Rent Saul Building 925 15th St. N.W. Reasonable Rent Located conveniently downtown in the financial district—within a square of the all-day parking limits. Good service, mod- ern facilities, elevator service. able rents. Inspect these offices. B. F. SAUL CO. Reason- 925 15th St. N.W. The Bymbdol A standard of increasing security by reason of phys cal values conservatively ap- praised. Consult our Trust Dept. or send for valuable booklet concerning our First Mort- gage Investments. Interest vicld 7%. In amounts from $50 up. L Sttty Beos Goldsmith Building 1405.7 Eye SLN.W, M 9670 Smith Bonds are Safe Bonds FlF‘l‘Y—TWwa: of proven safety--of prompt payment hind the first mortgage invest- ments sold by The F. H. Smith Company. Every bond we offer is protected by the system of safeguards re- sponsible for this 52 year record. Every bond is secured by an ab- solute first mortgage onimproved, income-producing city property. SMITH BONDS are 77 soldin $1,000,$500 and 05100 denominations, denominations of $100, $250, $500 and $1,000— with highest current interest rates. nvestment Department for booklet—no cost and no obligation. . 713 and 715 14th Street N.W. Main 2345 outright or under: our Invest- mentSavingsPlan. Every partial payment carns the full rate of bond interest. e Low 1o iny Tmvestor 7 52 Years The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS Smith Building, 815 Fifteenth St. Please i 2 > -fi"-nnp--m MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST 7827 Connectiont Huenns To Achieve the success that is your heritage requires not only assiduous application to your daily task—it entails a systematic plan of saving as well. Financial Independence is the reward of the man or woman who links well- considered investment in solid securities with regular banking habits. the declining years. He or she is ascured of comfort in Invest YOUR Savings Wisely in thoroughly protected securities such as the First Mortgage: offered by Swartzell, Rheem & Hensey Company and increase the earning power of your capital. The interest rate—61% per cent per annum —doubles the value of your investmeént every eleven vears, SWARTZELL C EEM & HENSEY Co. K(ushinml.‘ D.C. 55 Years Without Loss to an Investor é Over 42,000 Depositors | OFFICERS: | WILLIAM D. HOOVER. WOODBURY_BLAIR V. Pres. FRANK W. STOXE 24 V. Pres. FRANK STETS0) rust Officer CHAS. C. LAMBO Treasurer E. PERCIVAL WILSO: Secretary FRANK R. ULLMER.. Asst. Treas BRUCE BAIRD. ..Asst. Trust Officer DAVID BORNET. .Asst. Trust Officer JOHN W. CALVERT... Asst. Treas. W. HILES PARDOE. ... Asst. Treas. HERBERT H. SMITH. . . Asst, Becy. ALEXANDER J. FANT. Asst. Secy. President _ Year Cor. 15t Woedbury Blair James A. Buchanan Willism A. H. Church Walter C. Glephane H. Rosler Dulany, Jr. Wm. E. Edmondston Franklia H. Ellis Frederick A. Fenning H. Prescott Gatley Capital and Surplus $2,000,000.00 | Your Future Foretold 1/ Success will never be your destination unless there is thrift in your make-up. Ability to save is what fore- tells a good future. {1 This old bank is paying interest to thousands of earnest thrift-workers and has facilities to serve many PAY DAY'S AT HAND—that’s a good time to get “in the running.” Deposits Invited in Any Amount; Same Rate of Interest Paid on Small and Large Accounts | Open Until 5:30 P.M. Monday, February 16 DIRECTORS: William D. Heover Reginald 8. Huidekoper Vietor Kauftmann Charles Minshall Edmund D. Rheem Fraok Stetson Frank W. Stone Wiltiam H. Walker Henry K. Willard National Savings & Trust Co. Oldest Savings Depository in Washington and New York Ave.