Evening Star Newspaper, August 2, 1925, Page 33

FINANCIAL. 1988—— THE SUNDAY! STAR, WASHINGTON, D. C, AUGUST 2, BOND SUMMARY FOR THE WEEK (Mortgage Companies Clarified DOMESTIC BONDS | Bone o= (Voo frpenaniliod. MOVE DOWNWARD Talk of Higher Money Chief| Cause—Funds Drawn Into Stock Market. By GEORGE T. HUGHES. Epectal Dispatch to The Star. NEW YORK, July 31.—While trad- ing has been very slow, the trend of the investment market this week has been downward in domestic issues. Forelgn securities have been a shade higher, but they are more responsive lative sentiment. For the gen- | sagging, the prospect of higher ney remains the most plausable ex- or but the absorption of in- in speculative stock 1 adverse effect as w As far as money goes, the signifi- thing is not the weekly state- of the Federal Reserve Banks, reveal an _extraordinarily strong position, but the hardening of time money. The bank statement showed outstanding note circulation 8t the lowest figure since M 24, 1918, and the ratio of reserves the highest percentage of the vear Money In Keen Demand. is, however, was without ef- gainst the indications that im- ving business in the Fail would ke larger demands upon credit. At the week. six-month was in keen demand at 413 .. and it was to this condition investment market paid the ntion that the banks foresee a greater demand for business money is « favorable development in the in- dustrial outlook. In preparation for this demand they have been reducing their holdings in bonds and the result has had | has been a slight decline in the aver: 8 price, but there is no reason why is should disturb the individual in wastor who is concerned about the se- curity of his holdings. Improvement in business will have no adverse effect upon second grade bonds or other securities which are responsive to trade conditions. Fewer Foreign Loans Seen. On the contrary it will_help them Some of the recently offered loans which were brought out at high prices when money was not quite €0 firm as it is today have not gone verv well, but that, too, is a matter of gmall moment_except to traders and kpeculators. Probably additional new offerings will be made at prices to correspond with the new money level There are indications of some let-up in the flood of forefgn financing. Bank- ers are inclined to look a little more into the purposes for which the borrower desires the loan. Along ine it was reported this week that regarded with di. Vvor an ap- plication by the Brazilian government for a new loan to support the coffee market. There are only a few commodities for which the United States is en- tirely dependent on outside sources, but it is not proposed to finance price advances of these commodities at the expense of American consumers. has been too much agitation ar rise in rubber to allow that. Paris Market Improves. On the other hand, seasoned foreign loans have been fairly steady, al though close watch is being kept upon developments on the other side, as for example, the friction between Poland and Germany. As a rule the forelgn exchange market is regarded as a barometer Another point to which close at- tention is directed is the progress or lack of progress in the funding of the n_war debts to the United Generally speaking, the na- tion which h: arranged to meet its obligations in this respect is regarded as g better risk than one that has n The Paris market for French inter- nal Joans has reflected increasing con- fidence in the success of the finance ministry’s plan, but there has been no corresponding improvement for quo. tations for French dollar issues on this side. That awaits action by France on her war debt to this country, and there {s not too much optimism about lly satisfactory arrange ng made. iere has been some complaint of lders of the German old mark n icipalities as to new dollar loans being floated in ry by the same cities. These are not likely to have much either in Germany or with the investment bankers who ing out the new German Domestic Situation. Returning to the domestic situation, news touching on the railroads is v satisfactory. Carloadings crossed million mark for the first time vear ended July 18 available nd net, now being re highly favorable three exceptions is reports this June nth last year. tinued coal strike, have satisfac- as at time and Southwestern roads sly prosperous—the St. neisco and Missouri, to take only two reorganized poor capital they serve ch rapid progress and op o icient t the mposed has been overcome. overlooked op: both of theoreti The ter: NEW ORLEANS, La.. (®).—The American co ton crop fo nced August 1 nmercial cot the 19 season was teday by H. G. Hester, of the New Orleans Cotton 14,695,000 bales, com- | 90,397 bales the previous y-over was announced | compared to 2,319, GRAIN MARKET HIGHER. CHICAGO, August 1 (P).—Undfficial rop estimates to be given y)nday were expected to be bull- ind continued rains in Europe helped the wheat market upward in The close was net_higher. Septem- 4 : December, 1.537% 1.54. The close in corn was steady 'x to 1 net advance, September, 10474 to 1.04% TEXTILE LOSS REPORTED. YORK. August 1 (P).—Net 3 reported by (‘nnaoh—l tile Corporation for the six | months ended June 27 fter interest, depreciation and reserves, compared ! of $906,518 a year ago. | had a profit of $56,458 | in the first quarter of this year, but net loss of $990,259 in the second quar- High. Low. U. 8. BONDS. 101429 100-19 Liberty 334s 1933-47. . 102-30 101-14 Liberty let 41(s 1933-47 101-19 100-20 Liberty 2d 4%s 1 4! 102-1 101-1 Liberty 3d 43(s 1928 108-9 "101-20 Liberty 4th 43 1 108-10 104-13 Treasury 4% 19 b 5 108" 1oi-zs 1ot 1013 100-26 100-27 10122 101-12 101-14 10215 1028 102+4 > FOREIGN. | Argentina 7 Chinese Govt Ry bs 19 Copenhagen 535 1944 Czechoslovakia 8s 1951 Denmark 6s 1942. Denmark 85 1945. % Dutch East Indies 8s 1947. Dutch East Indies 68 1962. French Govt 7% 1941... French Govt 8s 1345, German Ts 1949, Norway,8s 1940. .. Paris-Lyons-Med 6s 1958 Queensiand 6s 1947, Queensiand 7s 1841. Sao Paulo, State of, 8s 1936, Seine, Dept of, 7s. Berbs Crotes Sloven Sweden 68 1939. Swiss 5i4s 1946.. United Kingdom 5148 1929, # 104% United Kingdom 5%s 1937. 108% INDUSTRIAL AND MISCELLANEOUS. 94% Amer Agr! Chemical 7 941... 1084 984 Amer Smelt & Ref 1at 58 1947.... 984 Copper cv deb 78 '38. 85 Armour & Co 4%s 1939, 97% Atlantic Refining deb 5s 1937.. 100% Bell Tel (Pa) ref 5s 19 90 Bethlehem Steel p m s 1931 Steel s f 65 1943 Chile Copper 6s 1933 .o Cons Coal (M4) 18 ref 53 1950 4 Cuba Cane Sug cv Aeb 85 1930 Detrolt Edison ref ds 1940 Du Pont de Nem 738 1931 Empire Fuel & Gas 748 19. General Elcctric deb 5 Goodrich (BF) 6% 1847..... 4 Goodyear Tire 8s 1931... Manati Sugarsf 7%4s 1948, Midvale Steel bs 193¢ New York Tel 4%s 1939 New York Tel Pacific Gas & Elec bi Pacific Tel & Tel bs Philadelphia Co re: Public Service 8s 1944. Sinclair Ofl 7s 1937, Skelly 68 1927. South Porto Rico 8 Union Bag & P United Drug 6s U 8 Rubber 1st & r U 8 Rubber 7348 1930, U SSteelsf5s1963. Utah Power & Light Va-Carolina Chem & f 78 1347 Va-Carolina Chem 7%s '37 war. Western Union Tel 6%s 1936. ., Wilson & Co 1at 65 1941. . Wilson & Co cv 7%s 1981, RAILROAD. Atchison gen 45 19%0... Atlantic Coast Line 1s ¢s 1 Balto & Ohlo gold 4s 1943 Balto & Ohlo 68 1929 B&OPIttsLE& W Va B & O Southwestern Div 5 cfs § Brooklyn-Manhats Chicago & Alton 8348 1950. Chi B & Quincy 1st ref 55 1871, Chi & Eastern Il gen Chi Great Western 45 1959. €hi M & St Paul cv 4348 193 Chi M & St Paul gen 4% s 1989 Chi M & St Paul ref 43%s 2014 ChiM & St Paul cv 68 2014. Chi Unlon Station 6% Chi & We Cleveland Term 5% s Colorado & Southern ¢4s Cuba R R 581962 4 Erle 15t con 45 1996. 4 Erie gon lien s 1996, Erie cv 48 A 1953 Erie cv 48 D 1953 Grand Trunk s f deb 65 1936, Grand Trunk 78 1940, . Great Northern gen 534 s 191 Great Northern gen 7s 1936 Hudson & Manhattan ret Hudson & Manhattan adj Illinois Central 638 1934. Inter Rapid Transit Inter Rapid Tranait Inter & Great Nor adj City South Lake Shore 28 Lake Shore 4s 1931 Louis & Nash unified 4s 1940, Louis & Nash 1st ref 5igs New York Central deb 6s 1931 New Haven deb 45 1957 Northedn Pacific 3s 1947. Northern Pacific 4s 1997 s Northern Pacific ref imp és 2047, Ore Short Line ref 4s 1929 Ore-Wash 1st ref 4s 1961, Pennsylvania gen 43481 Pennsylvania gen 5s 1968 Pennsylvania 6% 1936. Peoria & Eastern Inc 45 199 Pere Marquette 1st Reading gen 4s 1997, St L & San Fran 53%s B 19, St L & San Fran adj 6e 19 St L & San Fran inc Seaboard Air Line ref 4s Seaboard Air Line adj 6s 19 Seaboard Air Line con 6s 1945. Southern Pacific cv 4s 19 390 % Value to District Accentuated in Special Report. Schiavone’s Bank Will Celebrate Its Birthday. . BY CHAS. P. SHAEFFER. The recent convention of the Dis- trict Bankers' Assoclation did more to clarify the mystic air and remove the degree of coldness which has always enshrouded . mortgage com- panies in Washington than any event g combination of events held hereto- ore. Mortgage companies in the past have performed a rather thankless task here. Several years back they Sprang up here, there and everywhere almost overnight, and usually were started by men lacking in experience and commendable purpose to make their lot @ worth-while mission. As & consequence many people, but mainly the uneducated in matters financial, lost considerable money. All this is now ory. Inten: educational campaigns conducted for the gullible, the inception of the Better Business Bureau and caustic magazine and newspaper articles brought about an almost complete extermination of the menace. Valuable Help in Building. In the report of the committee on commercial trade activities submitted at the recent convention by Robert V. Fleming, vice president of the Riggs National Bank, that section of the report devoted to finance and mortg: companies and prepared by Fernand Petit, cashier of the Citizens Savings Bank, found “the campanies are certainly lending a valuable help toward the development of building operations in the District of Colum- bia and have made it possible for the bullder to make turnover, thereby alding in a continuity of operations to meet the evident demand for homes.” Exhaustive inquiry made by the ecial committes centered on three, any one of whose paid-in capital and surplus accounts is equal to the com- bined total pald-in capital and sur- plus of the combined total of twenty- % 044 doing business here a few years ago. These companies, while not called by name, were the National Mortgage and Investment Corporation, the Mortgage, Bond and Guaranty Corporation and the Real Estate Mort- gage and Guaranty Co. Methods Very Important. The principles under which mort- gage companies are operated are a very important part of the commer- olal banking system of today, super- seding by scientific operations th unique position of the individual money lender. The committee found that these companies, organized by men of financial standing and having broad experience in the field of their specialty, were in reality the offshoots of banks and by virtue of this picked up the really desirable business. The prominent District companies were found to enjoy an excellent credit rating at the banks. A sur- vey of the principal companies’ pres- ent borrowings indicated that they are at this time obtaining additional capital through the medium of bank loans, which means of obtaining ad- ditional capital to meet their needs is undoubtedly more profitable, it w | being possible for them to hypothe- 90 99 22 Bk 1% 81% 1% 103% 94% Wabash 5% "75. 63% Western Maryland 9K 924 82W 825 2w 8K » 110 40 % e54% 924 82% cate their real estate notes and bor- row against the same on & basis of 6 per cent. Further report was made that none of the companies were ex- tending their borrowings beyond their reasonable requirements, and this far below the credit limit al- lowed. This report, an analysis of a branch of one of the biggest industries in this city, namely the real estate fleld, by acutée bankers and business men ‘who advance the money to carry on, should go a long way in restoring the well meaning mortgage company to the prestige and position it really de- serves. District Deposits Gain. Deposits of district banking insti- tutions gained $28,696,461 during the fliscal year ending June 30 last, ac- cording to recent reports prepared for the controller of the currency. Official compilation of these reports show that on the last day of June, this year, there was a total of $229,632,- 527 deposited in Washington banking houses as against only $201,036,066 on the corresponding day of last year. National banks, on June 30, 1924, had deposits of $104,251,065, where: this year they had increased to $12i 150,208, showing a galn of $15,899,. 142, or 58 per cent of the total gain shown. Savings banks, by virtue of a galn from $28,948,282 in 1924, to $32,- 692,032 this year, were responsible for 13 per cent of the total gain, while the remainder, 31 per cent, was es- tablished by the trust company sec- tion, which grew in deposits from $67,836,719 on June 30, 1924 to $76.- 790,287 at the end of fiscal year 1925. The number of reporting institu- tions during the year under discus- sion failed to show material change. There was a decreass of one national bank, the Standard, taken over by the District, while the Central Savings made its debut, the latter being offset by the discontinuance of the North- west Savings Bank, which was ab- sorbed by Riggs. The number re- porting on June 30 last consisted of 13 national banks, 23 savings institu- tions and 7 trust companies. Bank Notes Anniversary. The fourth anniversary celebration of the International Exchange Bank, begun yesterday morning, will be culminated today by a street parade followed by a picnic tendered the bank’s friends at Riverdale, Md. It was on August 1, 1921, the In- ternational Exchange first opened its doors, then an obscure vehicle with only $47,000. Under the able tutelage of Joseph Schiavone, who is a real credit to the city in every respect, the {nstitution has grown by leaps and bounds until it is now on a defi- nite dividend basis of 6 per cent, has deposits In excess of $750,000, re- sources of around $850.000, and a sizable surplus and undivided profits account. The growth of the institution is all the more remarkable when consider. atlon is taken of its location, at Fifth and H streets northwest, supposedly a barren sector, and the fact that its patronage is drawn mainly from the local Italian colony, although business is solicited from every class. In ad- dition a steamboat ticket agency is maintained solely as a convenience to the foreign clientele ,who return from time to time to their native heath. Popularity of the bank and its att practically every mem. ber of the District Bankers' sociation, the Washington Clear ing House Association and by the presence of leading bankers, business men and public officials, many speakers, each of whom institution and to its president un. stinted praise. The capital off,the bank is §103,949. JOSEPH SCHIAVONE, President of the International Ex- change Bank, celebrating its fourth h::ll';thy today with street parade and plenic. The American Telephone & Tele- graph Co.'s net operating income for June was $3,052,354, against $2,309,204 in June last year. The half year's net amounted to $18,657,406, a gain of $3,346,642 over the first six months of 1924. Gross earnings were $41,606, . 960, an increase of nearly $5,000,000. R. G. Dunn & Co.'s report on the country’s business failures during the week shows a total of 350, which is 67 less than the weak before and 7 more than the same week of last year. The Pacific coast was the only seotion to show an increase. Despite numerous irregularities vis- ible in crops, trade and industry—spot- tiness is stiil a frequentlv used char- acterization—the feeling of cheerful- ness (In some sections optimism is the word) is very oaoticeable, Brad- street’s weekly review of business points out. As to crops it is admitted that few of these promise as large yields as a year ago, but the prevailing levels of most prices seem to more than offset any disappointment felt at the smaller than expected returns so far indicated. As to trade and industry, there is reason to believe that the rally in tone from the disappointment of the Spring s still operative, aided by the knowledge that things generally are better than they were a vear ago, al- though none the less evidently below the best of some earlier years. Finally, there seems quite considerable growth of the idea that the turn for the bet- ter, some time ago merely hoped for, is now well under way, and that the future holds a fairly satisfactory busi ness prospect. The Jewel Tea Co., Inc., through president M. H. Karker, reports sales for the first 28 weeks of 1925 were $7,447,818.3¢, as compared with $7,. 808,497.48 for the same weeks in 1924, an increase of 1.91 per cent. For the same weeks the average number of sales routes was 1,018 in 1924 and 1,036 in 1925, an increase of L.57 per cent in selling units. BALTIMORE PRODUCE. BALTIMORE, Md., August 1 (Spe- clal).—Receipts of live poultry the past week have been liberal and as a consequence the market rules easy and values on most lines a shade lower. Demand generally is light and it takes large fat desirable fowl to bring top values on Spring chickens and old hens, while small and poor stock and Leghorns are slow sale, even at the lower values quoted. Large Spring chickens, over 2 pounds, will bring 32 to 84: medium, 1% to 2 pounds, 28 to 80, and smaller, 25 to 27. Leghorns and Minorca Springers sell mostly 22 to 28, as to quality and condition. Cholce old hens, 315 pounds and over, sell 25 to 28, while Leghorns and rough and poor fowl will not bring over 20 to 22. Spring ducks of desirable size are In good demand at 25 and 26, but for small poor birds there is hardly any outlet, even at 25, while old ducks move slow at 15 to 20. Pigeons in little demand at 25 to 30 a pair for both young and old, with receipts light, but ample for all trade wants. The local egg market rules steady, but trading is quiet on the exchange under only moderate receipts of na- tive and nearby stock. Western eggs are showing better quality than near- by stock and as consequence the trade has been paying a premium of 1 cent a dozen over prevailing prices for nearby eggs. Eggs must be shipped promptly and weil graded to bring top values, as buyers are critical and all held stock must be shaded. The market closed today at 32 and 33 a dozen for native and nearby firsts in free cases. The market for new potatoes con- tinues firm under a good demand, and only moderate receipts. Well graded round stock selling best at 6.00 to 6.50 a barrel; patch run, 450 to 5.00: No. 28, 2.35 to 2.50, while even culls bring 1.50 and 2.00; bushel stock, seiling mostly 75 to 2.10, as to quality and condition; new sweet potatoes and yams are increasing in receipts and values rule a shade lower at 6.00 to 8.00 a barrel for the former and 5.50 to 6.60 for the latter; No. 2 sweet potatoes sell 3.00 and 4.00 a barrel. Nearby ripe tomatoes are in good demand at 80 and 85 per 14-quart hampers, while green sells 40 and 50. Other native and._nearby garden truck coming in more freely and re- placing Southern stock at the follow- ing quotations: Green beans, 25 to 50 a bushel. stringless, 75 to 1.00; beets, 2.00 to 4.00 a hundred: cab- bage, 8.00 to 12.00 a hundred; carrots, 8.00 to 5.00 a hundred: corn, 15 to 25 dozen:; cucumbers and squash, 15 to 25 per 4s baskets; eggplants, 1.00 to 1.25 a basket; lima beans, bushel, 1.75 @2.75; onions, 1.75 to 2.75 per bushel and peppers, 40 and 50 a basket. Market for early June apples is very dull and values rule lower under liberal receipts, especially of small, common apples, which are not wanted and practically unsalabe. No. 1 apples will bring 3.00 to 3.50 a varrel, and 1.00 to 1.50 for No. 2 stock; bushel stock selling mostly 50 to 1.50, while hamp- ers bring 20 to 60. Elackberries and huyckleherries in good demand at 15 to 18 a quart for the former, and § to 25 for the latter eastern shore Maryland and Virginia. Cantaloupes are brinsgng 1.00 to 2.25 a crate and 75 to 125 a basket. Nearby plums selling fairly well at 50 to 75 per 4-8 basket. CAN LOAl YOUR MONEY IN ANY o will ou 8 per ‘cent 3 ‘Mmorteage rea A Metropolitan Ban PHoRg tais 1336 P K Notes Absolute Dlli‘l—‘fl:pk Sefll;ad on $100—§250—$500—$1,000 W. H. WEST COMPANY 916 15th St. III “ 1925—PART 1. CAUTION PREVAILS IN CURB MARKET Saturday Trading Quiet—=28 New Foreign Bonds Appear During Week’s Deals. By the Associated Press. NEW YORK, August 1.— Markst operations on the Curb Exchange proceeded in a cautious manner today. There was renewed buying in some sections with resultant advances of 1 or more points but the majority is- sues ranged narrowly around the previous closing level. In the public utilities division United Light scored an early gain of 2 points and Lehigh Power improved 1% points, while the remaining list reported only oc- caslonal transactions. Business in the industrial group.was also in reduced volume with few price variations of marked importance, Serv-El Corporation made a further gain of 5% of a point, selling to a new high figure at 25. Mengel Box moved up a point and a gradual fm- provement developed in several picture concerns. Oil shares were better after an early display of weakness. Humble Ofl ‘rose 23 points to 65 and moderate advances occinred elsewhere on com- paratively small dealings. Business on the Curb Exchange during the week was again on an extremely large scale In both stocks and bonds, a feature of the market being the appearance of 28 foreign bonds in the trading. Many industrial stocks traveled over a_wide range, a number making new high records, but gains were maintained only in a few issues, advances being quickly followed v reactions, which in turn were succeeded by a resumption of bullish tivities. Money to Loan e A K KR Joseph I Weller g2 7on'; § Tt WE FINANCE —all classes of income-producing property || Large Loans a Specialty Current int. rate and commission. Higbie & Richardson, Inc. 816 15th 8t. N.W. First Mortgage Notes FOR SALE. CONKUL WAVE FCNDS 10 1Nvedr Y07 THOS. E. JARRELL Washlagton Savinks Bank Builein 71 m'n'n’-“x.w. 7 n WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than any other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 Re Golden Donaldson, President And No Bother Maximum earning power 61, % interest; and no bother —all details attended to by us without charge — Two good reasons for investing in our First Mortgage Notes. And above all—SAFETY. Some unusually attractive Notes on hand right now— convenient amounts. Come in and talk with us TODAY. Chas. D. Sager 924 14th St. Main 36 First and Second Trust Real Estate Notes secured on in- come-producing real estate in Washington, D. C. Construction Loans Made Real Estate Mortgage & Guaranty Corporation 26 Jackson Place N.W. Resources Over $2,000.000 L. E. BREUNINGER President Gilt Edge Investments 7% First Mortgage Notes Just a limited amount of these notes available. It is your op- portunity to obtain the maxi- mum rate of interest paid on good first mortgage invest- ments. See Mr. O'Donnell, Mgr. Mortgage Department AFRITZ COMPANY Main 9080 APARTMENT Owners! Today, as never be- fore, it is necessary for owners of apart- ment houses to have their buildings _man- aged by an efficient and competent organi- zation, Over 32 Years’ Experience —of personal and per- sistent attention to YOUR property! B.F.SAULCO. Main 2100 925 15th St. FINANCIAL. [o]——=[/]——=|a}| Announcement Herman Schmidt announces the removal of his office from 729 15th St. NW. to Room 941 Investment Buslding Telephone Masn 2611 MPLE Funds vailable for Loans pplications Invited On 1st and 2nd Trusts Lowest Interest Rates Call Main 5904—Loan Dept. N. L. Sansbury Co., Inc. 1418 Eye St. N.W. Your' Opportunity 7% First Mortgage Notes We offer a limited amount of 7% notes secured by a First Deed of Trust on first-class northwest residential property. AVAILABLE This is an exceptional oppor- tunity for investment. IN DENOMINATIONS See Mr. Kelly—Loan Dept. OF $250.00 AND $500.00 McKeever & Goss WM. S. PHILLIPS M. 4752 ""T415 K st. 1432 K St. N.W. M. 4600 TRUST NOTES AMPLY SECURED ON D. C. RESIDENCE PROPERTY A LIMITED NUMBER OF THESE 7% NOTES Bank Positions We may need a few more employees by the time we go into our new building, and therefore would like to receive applications from young men and ladies who possess those qualities of education, refinement and personality so essen tial to success. We lay particular stress on ap- pearance, pleasing personality and a sincere de- sire to do things right. Applications must be made by letter only. Federal-American National Bank JOHN POOLE, President RLEREREO VIR YRR TS The New York Life Insurance Company Offers to Make First Mortgage Loans on Improved Real Estate In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods Apartments Office Buildings Houses Business Properties 5%% ON APPROVED SECURITY Apply : RANDALL H. HAGNER & COMPANY MORTGAGE LoAN GORRESPONDENT TelyphoneMain 9700 S RRIRIRIRI R IR e Justifiable Pride OUR MORTGAGE INVESTMENT BUSINES: —brings us into active contact with every one of the entire 48 STATES OF THE U. S. A. —AS WELL AS ALASKA., HAWAIL. PORTO RICO, PHILIPPINE ISLANDS, HAITI, THE BRITISH ISLES, CANADA, FRANCE. GER- MANY, CENTRAL AMERICA, CHINA, JAPAN, CHILE, MEXICO, VENEZUELA, KOREA, ASIA MINOR, CUBA, DOMINICAN REPUBLIC AND OTHER FOREIGN COUNTRIES. Is not our pride to be pardoned in the face of such NATIONAL and INTERNATIONAL Reputation and Confidence Discriminating investors ALLL. OVER THE WORLD arc learning that FIRST MORTGAGES purchased through ou firm not only are beyond the realm of risk of loss of their principal, but that the interest yield is the very highest to be obtained with assured safety. THEN, too, our SERVICE for clients is the “talk of the town.” Try us for yourself and see if you will not be pleased. NEVER A LOSS FOR AN ESTOR Write or phone for descriptive literature—No charge and mo obligation MORTGAGE INVESTMENT ON-&LUCHY 713 and 715 14th Street N.W. Main 2345 feOjn. LRINVNRURIR L SRR LR QR E R AR I SRR SRR RIRICIE