Evening Star Newspaper, February 18, 1925, Page 25

THE EVENING. STAR, WASHINGTON, D. IPINCHOT'S POWER LANISATTACKED Giant System Claimed to Be Impracticable by Some Electrical Experts. BY J. C. ROYLE, FINANCIAL, FINANCIAL. e e —— ANOTHER DECLNE | . YoRe, cure Rt N PRIE OF RS | Decided Drop in Local Ma?’- ket Reported Today—uvive Hogs Still Lower. C., WEDNESDAY, FEBRUARY 18 1925. LEAD CHEAPER TODAY. . Prompt Action . : NEW YORK, February 18.—The Jmw vomw iy 15— |Firgt Mortgage Loans Lowest Rates of Isterest and Commisslen reduced the price of lead from $9.50 folsan oerty per pount Thomas J. Fisher & Company, Inc. 738 15th Street X FIRST MORTGAGES FOR SALE Denominations of $250, $500, $750, $1,000 and upwards 6%2% All Loans Made on Property Located in the District of Columbia JAMES F. SHEA 643 Louisiana Ave. N.W. Money to Loan Secured by first deed of trust om resl estate Prevailing interest and commission. ‘Wash. L. & Trust Jqu L Welln' ! 4 FINANCING wnm.- syz% Business Propenty Unltmited Funds Avaflable FRED T. NESBIT BY WILLIAM F. HEFFERNAN. NEW YORK, February 18.—The professional element working for lower prices had gone too far in their operations on the preceding day, and had to pay the penalty when they tried to cover in their contracts today. This buying, coupled with a renewed demand from the public, carrted prices up sharply from Tues- day’s closing level. Pools in specialties got busy again and with the technical position of the market strengthened, found lit- tle difficulty in bringing about sharp rallied well above 17%, Electric Bond and Share was carried up more than 3 points, and Glen Alden at 125 com- pared with the previous close of 119. Public utilities generally, which had been under pressure for. some time, shared to a larger extent than most others in the improvement. At one time Lehigh, Poyer gained § points, Commonwealth more than 3, Tennessee Electric 2 and National Power and Light over 4 points. The recegt advance in Engineers’ Gold and the further sharp rise to new high prices today was signifi- FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F st. JOHN POOLE, Prusideat Real Estate Bonds Center | Today's wWholesale prices at ket, which showed another drop in eges and 1 , were quoted as fol- Jows: Today's Wholesale Butter—Fancy, tub, 47, Ri4; store packed, 20a2: gBs—Fancy selected, candled, 43a44; mverage receipts, 40a41. Poultry—Al roosters, 16: chickens, 30a32; fowls, 25; ducks, keats, voung, 50a70 each; 15a20. Dressed—Fresh-killed chickens, 32a33; roosters, 30 Prices. 50; prints, 5 Spring 15a 5; capons. 40a4 Live stoc alves. dium, 10a11; thin, 63 23 live hogs, 91sal1} M Beef, 1218 Jamb, 26230 ; hogs, 14a16; hams, 20a22, and shoulders, Today’s market report on fruits and the Market Agricultural Fruit and Vegetabe Review. .1 yegetables News Service Bureau Economics) says. Apples—Supplies light; moderate, market steady; Maryland, Virginla and West Virginia, inches, Staymans and I 6.50a7.50; some slightly s €.00; Yorks and King 7.00; A2Y% inches up, 7.30; Maryland, A21: inc win 5.50; boxes, nor medium to extra_fanc Winesaps Deliciou mostly, 4 Cabbage—Supplies moderate: de mand light, market steady: old stock, no sales reported; new stock, Florida, 1 hampers, pointed and round type, 1 00; Texas, no sales reported: bulk per ton, flat type, ask- ing, 65.00. ‘elery—Supples moderate: demand moderate, market strong; Florida, 10- inch crates, 4 doz., 3.75a4.00; 3-6 doz., (compiled by of sizes, 4.00; rge mostly, Lettuce Bit Cheaper. Lettuce—Supplies nd moderate, market slightl weaker: California, Imperial Valle: erates Iceberg type. 6 dozen moderate: de- fair quality, 1 bushel hampers, Big mostly 2.50. Onions — Supplies light moderate, market steady; > and Ohlo, 100-pound sacks, Yellow: Tnited States No. 1, medium to large sizes, 3.25a3.50. Potatoes. pplies liberal; demand moderate, market fairly steady; Mich- igan, 150-pound sacks, Russet Rural United States No. sack; New York, Round Whites, United Stat 2.35a2.40 per sack pinach—Supp'ies moderate, market bushel baskets, higher. 3oston libera steady mostly 1 Slow Tomato Demand. Tomatoes—Supplies light: demand light, markes ~steady; Florida, 6s, ripes and turning, wrapped, few best, fancy count, 6.00; mostly ordinary to fair quality, fancy count, 4.50a5.00; cholice, 3.0023.50. Cauliflower—Supplies moderate; de- mand light, market steady; California, crates, fair quality, some ricey, 1.50a String beans—Supplies light; de- mand good for good stock, market ateady; Florida, %-bushel hampers, green, few best, 7.00; fair quality, 5.00a6.00; some ordinary quality low as 3.50. Strawberries—Supplies very lght; demand good for good stock, market steady; Florida, pony refrigerators, holdovers, 45 per quart. Peppers—Supplies light; demand moderate, market steady; Florida, crates, fancy count, fair quality, 5.00a 6.00; cholce, 3.50a4.00. Peas—Supplies light; demand good for good stock, market steady; Flor- ida, 7%-bushel hampers, 4.00a5.00. DAIRY PRODUCTS. BALTIMORE, February 18 clal).—Live poultry—Young pound, 22a32; Leghorn: 282! chickens, 3a35; old hen 28; Leg- horns, 2a23; old roo 17a18; capons, 32a38; young turkeys, 40a4 old, 35; poor and crooked breasts, 2 ducks, 24a32; geese, 22a26; pigeons, pair, 35a40; gulnea fowls, each, 40a85. Dressed poultry—Turkeys, pound, 35a43; poor and crooked breasts, 25: ohickens, 26a32; old roosters 17a18; ducks, 25a30; geese, 20a25; capons, 32a43. ggs—Recelpts, 936 cases; native and nearby firsts, dozen, 39. Butter—Creamery, good to fancy, pound, 39a423; Drints, 42laddl; Jadles, 27a29; store packed, 20: process butter, 33; dairy prints, 20a25; rolls, (Spe- ickens, Winter EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. OTHER LESSONS FOR WOMEN. A woman ought to know some- thing about the care of securities as well as their selection. She ought to know the difference Between the dividends on stocks and interest on bonds. She ought to know that, while checks for dividends are malled by the corporation to the registered holder of the shares, the owner of & coupon bond must cut off the coupon when it is due and col- Ject it through the bank. The uses of a safe deposit box should be ex- plained to her, at the same time pointing out that if a stock certificate is misplaced or lost it is possible to have a new one issued, but when a coupon bond is lost it is negotiable. She ought to have enough familiarity with the financial page of the news- paper to keep in touch with the quo- tations of her securities and yet she ought to be warned of the dangers of speculation. None of these les- gons is a difficult one and yet some day they may prove very helpful. Certainly every woman who has the handling of money, no matter how small an amount, ought to have a checking account. That in itself 1s an education along the very lines we have been discussing and ac- quaintance with banking methods is »ighly desirable. A woman who is in the habit of making regular visits to the bank for the depositing of mmoney and the cashing of checks is 2 good deal more apt to go there for advice when she needs it upon in- vestments than is one who has never stepped inside & bank door until after her husband has left her a widow un- trained in financial affairs. Finafly, 2 woman ought to know a little, but not too much, about the making up of an income tax return, a subject which is more or less of a mystery to men and women allke. It 1s not necessary to go into great de- tafl in any of these instances, but it is necessary that a woman, as well as a man, should know where to go for financial guidance when.she needs it (Copyrighty 1925, by Consolidated Press.) | demand | gains in many instance: Profit Sharing s actively through the 9 level, Durant Mot ing Is an official stocks traded in on Curb Market today: Sales in BONDS nds. Allied Packers 0y .. 20 Allied_Packery Ky the New Auglo Am Ol 7 Asso £ Hard WAl G s Wi 3 Beaverboard % 1 Beli Tel Can 4 Beth Steel Truuk $15 I Rubber 7x.... ity Term 5 Nth Stx P M 61gs Pennock Ol Corp G 3 Phila Elec s 60 w 66 Krupp Fried 1 Swiss Govt 3138, Sales fo STANDARD OIL ISSUES, W Anglo-Am’ 0 191 19% 100 Atlantic Lobos.... 3 3 200 Clesebrough Miz.. 60% 58 10 Eureka P L0 8 @ &3 100 Galena Signal Ofl o 1800 Humble Ofl & R. 2000 Tmp O of C new w 11600 Tut Pet Co Ltd. 10 600 Obfo Ofl. 1500 Prai New York 1200 Vacuum 0il Sales in INDEPENDENT OIL STOCKS hur dreds. 2 Am_Maracaibo. . 2 Carib 8 Cities Servic Cities Service pi 9 Cities Serv B cfs.. $1000 Citi rv C serip $1000 Cities Service scrip 203 70 Columbian Synd 11 113 Cont Oil. 9 Creole Syndicate. Noble Ol & G P 1 Ohio Fuel Corp. 11 Peer Oil Corp 4 Pennok Oil Corp.. 10 Royal Can 0 & 3 Ryan Con.... 1 Salt Creek ‘Cons 4 Salt Creek Prod 1 Bavoy Oll... United pushed NEW YORK, February 15.—Follow- list of bonds ani York Washington Gas Light 10 at 573, 5 at 57 Federal-American 3 Mengeathaler Linotype 10 at 17615, Nafional Mtge. & Inv. pfd.—: at 9%, 240 at 9%, 400 at 9%, 1 AFTER CALL. Capital Traction Co.—10 at 92! 50 at 92. ., 10 at 9% % UNLISTED DEPT. epartmental Bank—5 at 6% Money—Call loans, G and 8 per cent, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. American Tel. & Tel ‘American Tel. Am. Tel. & Tel. American Tel. & Tel. ‘Apacostia & Potomac Bs. Anacostia_& Potomac gu & P. Telephone Bt & P. Telephone of +1 Traction R. R. Bs.. City & Suburban 5 Georgetown Gas 1st Potomac Potomac Elec. Potomac Elec, 65 1953. Elee. Porw, &, m. Washington Wash, Itwy. Wash. Rwy D. C. Paper .. Pot. Joint Stock L'd Bk.' 3s. Riggs Realty Us (long) Riggs Reslty bs (short) Southern BIdg. 6las . Wash. Market Cold Wardman Park Hotel 8. STOCKS. PUBLIC UTILITY. American Tel. & Telga. Wash. Terminal Taxi com... NATIONAL BANK. t'onal Capital . Columbli Commercial . District Lincoln National ‘Metropolitan . American Security & Trust. Continental T: Merchants' . National Savi Union Trust Washington Loan & Trus Cammerce & Bavi East Washington . Becurity Sav. & Beventh Btreet United States. Washington Mechanics’ FIRE INSURANCE. TITLE INSURANCI Columbia Title . . Real Estate .. ':lmzmnmns_" ennater Cinosyoe s MerEenthaler inotyve %) National Mtge. & Tnvest. pfd ,zz 014 Dutch Market com.. 1 0ld Dutch Market pfd. » Lanston Monotype T Security Storage. at 9%, 50 . 10 at 923, | cant in view of the fact that the | company is not as yet on a producing Wileox 01l & Woodley Pet . "ol INDUSTRI Am Gas & L & Tract Pow & Lt n w & Lt pfd Superpower A Appaae Fow & Li Appalac Pw & Lt pf 5 Armour & ¢ Armour & Armour . Burr Add M, Car Light L3 Centrif Pipe Corp. Sacks & Co, onsol Gas K Gatineutal Continental Wak B Continentsl Buk pf Dubilier ¢ & Kadio Duubill Int Ine ... Durant Mota bup € & Rad vie Duz Co A .. Bond & Supl Film Iosp Ford Motor 5 Freed Else ¢ Cy Hazeltine Corp Intl Mateh Corp Intern Utdlities I Tones Rad s inator wi . - Lehigh Power o gh Val €1 N ¢ Liberty Ra Ch_ St Middie West Util.. Music Master ... Mot Wheel- Cpinew Motor W C new wi Nat Dist Prod v t ¢ & Lt.... new pt wi Corp vte ige Motor . Pathe Exch In: Pow Corp N Y 3 Pratt Lambert 2 Pyrene Mfg Reid 1 C Reo Mot ... b Gr Cor pfd. ift Intl ... on EI Pow . Thermo Radio Corp Thomp Rad Co vte 2 Tower Mfg . 5 Tulip Cup . Union ~ Carbid nited G & E nw United Lt & Pow 4 US Lt & Heat ... U S L¥& Heat pid T M : D rn Power . . Wh Rek Min Cp ow 2 W R Mn 8p ow vte Wick Spen St Co wi Yel Taxi Corp N Y MININ izona Globe Cop . nario Copper Cresson Gold Diam Black Butte. . < Goldtield Develoy Goldtield Deep 8 Heeln Mine Howe Sound ...... ndence Lead. . Statd Silver Lead.. . Teck Hughes Tintec Std Mine Tonopah Extens . 1 Tonopah Min 10 Tri-Bullion . 10 U S Contfuen: T Apex .. 39 Wenden Copper ARMOUR_ ISSUE OUT. Offering of 750,000 Class A Shares on Market Today. NEW YORK, February 18.—Public offering of 750,000 shares of class A participating common stock of Armour & Co. of lllinois was made today at $23 a share by a syndicate headed by Blair Co., purchasers being given the privi- lege of subscribing for class B shares of the same company at $14 a share. This is the first public offering of any common stock of Armour & Co. It rep- resents part of the stock already issued and outstanding, and is not new financ- ing. CHICAGO LIVE STOCK MARKET .,CHICAGO, February 18 (United States Department of Agriculture).— | Hogs—Receipts, 32,000 head: mostly |10 cents lower than Tuesday's aver- 5 |age; few sales 10 to 15 off; light light |and slaughter pigs, jtop, 11.25; bulk good and cholce;, 200 to 325 pound butchers, 10.90a11.20; {140 to 170 pound welght, largely 9.65 al0.65; bulk packing sows, 10.15a 10.40; 110 to 130 pound slaughter pigs, largely 8.50a9.25; heavyweight hogs, 10.80a11.25; slaughter pigs, 8.00 29.50. Cattle—Receipts, 10,000 head; fed | steers trade spotty; generally steady; yearlings and light-welght beef helfers strong to 25 higher; killing quality medium to good; welghty steers in fairly urgent demand on outside account; big weight upward to 1100 averaging around 1,550 pounds; best yearlings, 11.25; good to choice light heifers, upward to 10.00; numerous lots, 7.5029.00; bulk steers of quality and condition to sell\at $.50210.25; two loads of Nebraskas averaging 1,279 pounds, 10.75; fairly active demand for well bred light and medium weighty steers on coun- try account; others slow; supply scarce; bulls steady; heavy bolognas, 4.75a5.00; vealers uneven, mostly 50 lower ‘to packers; light kinds showing decline; packers largely 12.50 down- ward; outsiders selecting choice handyweight at 14.00a14.50. Sheep—Receipts, 15,000; extremely slow; few early sales fat lambs to shippers and city butchers weak to 17.50a17.76; packers talking lower; tew bids 17.00a17.25 on good to choice lambs; looks 25 or more lower; fat sheep weak; early sales f&t ewes, 8.50a8.75; best held higher; feeding lambs_dull; talking 25 or more lowe few bids of desirable feeders, 16.50a 17.00; no early sales. 3 15 to 25 lower; | mines. | cent lon or near large bodies of water. { transmission Special Dispatch to The Star. NEW YORK, February 18.—Practi- cal electrical engineers today ex- pressed considerable doubt as to the feasibility of the plan for a glant power system under State regulation, us proposed before the Pennsylvania legislature and sponsored by Gov. Pinchot. The Pinchot plan involves exten- sive use of current to be generated at or near the pit mouth .of coal Englneers pointed out that | the generation of large quantities of | electrical ¢urrent by means of coal- | burning steam plants s not commer- | cially or mechanically profitable, ex- | when the plants are located | Much Water Required. It is as necessary to have amounts of water for a steam as for a hydro-electric plant. modern steam-generating unit gains power from steam turbines. The economical and efficient operation of those turbines Involves the condensa- tion of the steam as It comes out of the turbines. This is secured only by the circulation of immense quantities of cold water, producing a condensa- | tion so complete as to establish a| partial vacuum in the condensing chamber. Unless this is accomplished, al, steam power and money are large plant The Some coal mines of Pennsylvania are far removed from bodles of water which would fill this one need. Many of those which have the water are in inaccessible regions far from centers where the power would be used, in- volving expensive transmission. ¥Faver Transmitting Coal. Engineers declare that while the transmission of energy contained in coal in the form of gas or electric power is advisable whenever com- mercially possible, the cheapest method of transferring such energy sometimes is by putting the coal in a freight car and carrying it to fits destination, . Electrical power men say, further, that if the building of plants and lines such as Gov. Pinchot proposes is to attract private capital, profits of considerable size must be in sight, whereas the gov- ernor proposes that all such com- panies shall be compelled to operate on the lowest possible margin of: profit. They concede that lower rates for electric service are probable, but assert that these will come from the more equitable adjustment of rates and the improvement in the power factor situation on individual lines rather than by State regulation or control. Traction Armistice Signed. As was predicted in these columns, the appointment of Luclus C. Storrs as mentor of the electric street rail- ways of the country has been fol- lowed by a fairly satisfactory work- ing agreement with bus manufac- turers, indicating that the tractions will themselves enter the bus fleld. Assurance was given the street rail- way men that the bus manufacturers in ‘general were opposed to egcour- 4ging competition with street rail- ways which themselves operate aux- iliary bus lines by financing new bus compan/es. DIVIDENDS RESUMED ON ARMOUR STOCK Last Payment on Class A Common in 1921, When 2 Per Cent ‘Was Voted. By the Associated Press. NEW YORK, February 18.—Direc- tors of Armour & Co., Chicago pack- ers, today resumed dividends on the class A common stock, declaring two quarterly dividends of 50 cents, one pavable as of January 2, to stock of record on that date, and the other on April 1 to stock of record March 14 The previous payment on the class A stock was 2 per cent, in January, 1921. The regular quarterly dividends of 1% per cent on the preferred stocks of Armour & Co. of Illinois, Armour & Co. of Delaware, and the North American Provision Co., also were authorized. F. Edson White, president, said the directors had decided to resume div} dends on the class A common, lnl!-| much as the company's net profits for 1924 were $18,300,000, of which $9,000,000 was applicable to the com- mon stock, and as 1923 earnings also | had left about $5,400,000 for the com- mon. “This indicates the extent of the company’s recovery from the depre: sion of 1922, he added. “The addi- tional volume was secured through the purchase of Morris & Co., les- sened unit costs and made possible other economies which run into mil- lions annually. Results are apparent in our improved financial conditions.” CREDIT MEN CONFER. Latest Methods in Handling Pro- gram Reviewed at Baltimore. Special Diepatch to The Star. BALTIMORE, February 18.—More than 150 delegates attended the Tri- state Credit Men's Assoclation gon- ference here yesterday. Addresses covering the various phases of credit transactions were made by George J. Clautice, pres- ident of the Baltimore organization; William Gordon Buchanan, prefessor at Georgetown University, Washing- ton, and S, H. Wood of Lynchburg?| Va. Sylvan Hayes Lauchheimer made an analysis of the present bankrupt- cy law. He sald that there are a number of difficulties with the pres- ent law that can be remedied through co-operation of credit men. —_— VERDE REPORTS LOSS. ¢ NEW YORK, February 18.—United Verde Extension lost $147,489 in 1924 in contrast to net profits of $261,821, or 23 cents a share, in 1923. © Early Sweet Corn Being Tried as New Texas Experiment Bpecial Dispatch to The Star. FORT WORTH, February 18.— Texas this year is giving a trial to a new line of early vegetabl. About 3,500 acres have been plant- ed to sweet corn in the Rfo Grande Valley alone. The movement of this product to market has al- ready set in and growers report most encouraging returns. The general movement of truck garden products to the North {s well under way. Last week 589 carloads of ‘Texas vegetabless were shipped North. BONDS GERMAN srocc: Bought—Sold—Quoted Full New York and Berlin Market Recelved Daily Send for Special Market Letter Peter Whitney 203 Investment Bldg. Teiephone Franklin 3978 FROM $50 TO $100 Can Be Obtained by Using Our Certificate of Inventory, Appralsal and Title. CHATTEL TITLE COMPANY 805 Fifth 8t. N, Departmental Employees “Your Bank” Will loan you One Hundred Dollars to start a Four Per Cent Savings Account ‘Write or call for further information THE DEPARTMENTAL BANK 1714 Pennsylvania Avenue Usder United States Governmest Supervision Leadership g In Safety —can only be attained aiter vears of proven service, in which advice and accom- plishment unite in satisfac- tory and safeguarded results. For 20 years we have sold First Mortgage Notes to the public and have never lost a dollar for an investor. Today we are better equip- ped than ever to serve in- vestors and protect their funds, while supplying them with a highly liberal interest vield. GIVE US A CHANCE TO SERVE YOU. Mortgage Investment Dept. HANNO LUCH 713 and 715 14th St. N. Main 2345 Columbia Railway Gas & Electric Company First Mortgage 5% Bonds due July 1, 1936 These bonds secured by a direct first mortgage on properties valued_ at $7,150,000. Net earnings, year ended Nov. 1924, were more than 24 times annual interest charges on total funded debt. Price 95 and interest Yielding 5.58%, Send for- descriptive circular 4 E. H. Rollins & Sons Founded 1876 416 Woodward Bldg., Washington Boston New York Philadelphia CMcago ~ Denver San Francisco Booklet on Request Boy Crest Hotel Co., Inc. 912 15th St. N.W. STATEMENT' OF THE CONDITION Of the. Y COLUMBIAN PROTECTIVE ASSOCIATION OF BINGHAMTON, ¥. X., On the 31st 4 of December, 1924, 88 Pe- quired under the District of Columbia Oode. amended June 30, 1902, and August 18, 191! Capital stock.. . .+« Ne Cash in office. ‘ash in bank. | Interest due and accrued... Al other assets— Furniture and fixtures. . Ady. and printing (in Total assets. LIABILITIES. Net unpaid claims. Reserve as required by Balaries, rents, expense: All other liabilities—Ad Total Habilits = Character of business transacted during year 1924-—] Accident and Life. Amount of risk assumed during $2,987,625.00 80,491.08 . 345,140.50 Expended during the year 1924 (Includes claims), .. 32267676 F. 1. ANDREWS, President. I. B. ANDREWS, Becretary. Subscribed_and sworn to” before me this of Februa 1925, L.'R. DAVIS, Notary Public. Money received 1924 Tl-l!clou supervision of this house over your investment continues from the time you in- vest your money until it is repaid to you at maturity. Our record of no loss to any investor in 52 yearsshows how o S s si ssssn o 7 ;o in $1,000,$500 05100 denominations, outright or under our Invest- ment SavingsPlan. Every partial payment ecarns the full rate of bond interest. oo Lot o oy Bt 3 Yeurs The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS Smith Building, 815 Fifteenth St. ‘THE F. H. SMITH COWA:YC‘ 1 Smith Buil ‘Washington, D. Please ‘me i nformation about of Business! Are there 12 origi rs in the U. 'llfd\ere:; ge_he Wall Street Journal is one of them. It is one of the few ORIG- INAL DAILY publications in the country. It covers the news of the world from stand- g)int of FINANCE AND JUSINESS. These are both continuous stories in this country. The successful men of affairs do not miss a chapter in this continuous story. < READ The Wall Street e ol o ou Wi lcar% whyyy:u should dv- ways read it daily. TheWall Street Journal publiched by DOW, JONES & CO. The Woerld's Greatest Financial New 44 Broad Street New York APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent Subucbe in Montgomery County, Md. 53 % INTEREST - Arply vo - - H. L. RUST COMPANY LOAN CORRESPONDENT ®5e. PRUDENTIAL INSURANCE COMPANY of AMERICA - 912 15th Street N.W. P JOHN JOY EDSON, Organived 1879 Shares Q.50 Per Month Equitable Co-operative Building Ass’n. President Subscriptions for the 88th Issue of Stock Being Received 915 F Street N.W. FRANK P. REESIDE, Sec'y 45th YEAR COMPLETED Surplus. .$1,317,011.44 Be Independent Not Dependent If you save now you can have something for old age. The Equitable will help you through their systematic method of saving. service. Main 2100 Office Rentals Before selecting your offices inspect the space in our new “SAUL BUILDING”— 925 15th Street N.W. Excellent location, plenty of light and air; elevator and good B. F. SAUL CO. 925 15th St. N.W Lower Interest Rates —now prevailing make it good business to refinance trusts on apartment build- 5%% ings or other large prop- erties. BOSS anvo PHELPS LOAN DEPARTMENT W. L. KING, MANAGER 1417 K Street NW Main 9300 Large Loans Available %% Interest Insurance Company Loans Long Term Financing Building Loans Refinancing Weaver Bros., Realtors 735 lS.th St. N.W. Main 1821. We Offer 30 years. Richmond Cedar Works First (Closed) Mortgage 629, Sinking Fund Gold Bonds Due January 1, 1945 Bonds are secured by .a first mortgage on over 187,000 acres of timberland valued at more than $9,000,000, and on manufactur- ing plants appraised in excess of $1,150,000. Earnings for four and one-half years, ended June 30, 1924, were approximately three times the maximum annual interest charges. The Company has shown a profit every year for over The RICHMOND CEDAR WORKS, whose products con- sist of ice cream freezers, packing tubs, washing machines, pails, etc., has been in successful operation since 1868. It Is Estimated the Sinking Fund Will Retire the Whole Issue Before Maturity Price, 100 and Accrued Interest Descriptive Circular Farnished Upon Request Crane, Parris & Company Investment Securities 823 Fifteenth St. N.W. Washington, D, C.