Evening Star Newspaper, December 13, 1925, Page 109

Flf\'.’\f\'(‘TATI. THE SUNDAY STAR. WASHINGTON, NEW BOND ISSUES INGOOD DEMAND Threatened Congestlon Has| Now Passed as Investors Speed Up Purchases. BY GEORGE Dispatch to Th YORK. De soned iny v sm hut T. HUGHES, Speeia Prices g the or new | ially rtened | fresh nd for roved substar which thr sappear well as s The tic financin investment | utility obli- | there was 1 such good compara- but all he old | Action Vital. { the Southern's “rom an inves dividend or imor, This dpe R ilway | 7 per stock tron cent means 1 capital s had advanced to 5 Payment for It was proveme warrant di paid by ind Long W to expect earr any im :s did not record is Passe 0 bright the iths in- | P ago Now, | 1093 { BOND SUMMARY FOR THE WEEK Tow. High —1924. T 108% 100% 9 854 TR 109 91 91, 1104y | 104% 100% 10215 101 10414 | 109 sy 105% 84 104 110% a9y, 103 9714 201 i 106% 174 he [ 107% th l1nv hecause er price. which follows e (erestin; French turaily enough, > lowes h when 1 of the bonds vear, but the I were the fall of the riot ministry en i reve that French note circul ceeded the 1 limit wit ion had ex nout ln» fact K wtement the | emed to prove | 10 holders of French | than the pr intlation | French currency, which has been all the year. AL one time | French repul | bonds of on week than up the They all when the but, as her X save the | tin and in the | gave npt t ation ve later, can we this w been Xtreme Outlook Is U here is little ch, for hizh-ziade ir weekl tement banks showec owest changed. the same On the the New | cave their was true other ha York bar discount dey York rate per tio of th the reserve nths mport has re opinion after the t there is weakenir high-gr pecting market any | price o SPOT COTTON PRICES W ORL N. (22 1mtm~ down middling, 1633 WEEKLY BANK REPORT. NEW YOF The hanks week 72,430, of $11.97 is an inc compared with 1. excess reserve totaled 1en 105 rease in reserve | 62% 56% | 108% ORANGE MARKET FIRM. N FRANCISCO. December 12 pecial).—The orange industry is well ca up on shipments he new navel crop and prices are likelv to be steady untl next year. Growers are receiving 4.25 to 4.50. RATES ON BAR SILVER. LONDON, December 12 3111-16 pence per ounce. Money per cent. Discount rates, short and |« three-months’ bills, 4% per cent. NEW YORK, December 12 Bar s [} Mexican b2%. Bar silver, ). — “ dollars, PDTATO MARKET SLOW. CHICAGO, December 12 (#).—Pota- toes—Trading rather slow, confined mostly to Idaho sacked; receipts, 61 | cars. Total United States shipments, | 328 cars; Canadian, 8 c: sacked round white: fancy, ; Idaho 3.20a3. according condition. kacked to qua . London has a university for butch-| ers where they may be taught cuts nfl meat. ysk 106% 84% 9b 104% s 384 98% 93% 94% T30 7% 86 3% % 95% 86% 81% 614% 7% 87 98% 86% 91 95% 58% 94 100 9% | 101% 66l W 9% BA% 524 High U. S. BONDS. 9 15 Liberty 3us 1932-47. 101-1 Liberty It 4% s 1932-47.. 100-20 Liberty 2d 438 1927-42.. 101-1 Liberty 3d 435 1928 101-20 Liberty 4th 43 1933-38 104-13 Treasury 4%s 1347-62. Low. 95 101% 96 934 £33 106% 106% £0 a5 101% 102 101% 106% 106 40% 4% 984 994, 98Y OR Argentina fs A 1 Argentina 7s 1 Austrian Govt 5 Austria s f 75 1943 Belztum 6s 1365 Belgiun: 7%8 194 Belgium 85 1941. Bordeaux 65 1934, Brazil 85 1941. Canada bs 1952. Canada b%s 1929, Chile 85 1926 Chile 85 1941. . Chile 85 1946 . Chinese Govt Ry s 1951. . Copenhagen 5145 1944. ... Czechoslovaklia 8s 1951 Denmark 6s 1942, Dutch East Indies 65 1947.. .. Dutch Indies s 1962. French Govt 7% 1941.. % French Govt §s 1945. German 7s 1949... . Holland-American s f 65 1947 Japanese 4s 1931 Japanese 6%s 1964. Jergens Utd Margarine 63 1947. Lyons 6s 1934. Marseilles 681934 % Netheriands 6s 197 Paris-Lyons-Med 63 Queensland 65 1947. Queensland 7s 1941. Rio de Janeiro 8s 1946 Sao Paulo, State of, 53 1936. Seine, Dept of. 7s. Serbs Crotes Slovenes 881962 Sweden 651939, Swiss blas 1946, 1151 United Kingdom 5i4x 1 104 United Kingdom 5%s 1937 INDUSTRIAL AND MISCELL 94% Amer Agri Chemical 7168 1941, 951 Amer Smelt & Ref 1st 5 1947. 103% Am. Smelt 1st 6s 1942........ 991, Amer Sugar Refining 65 1937, Amer Tel & Tel cl tr 45 1929 Amer Tel & Tel cl tr 55 1946. . Anaconda Copper 63 1953 Anaconda Copper cv deb 73 Armour & Co 4%81939. - Atlantic Reflning deb 58 1937. Bell Tel (Pa) ref 55 1948. Bethlehem Steel p m 68 1 Bethlehem Steel s f 651943 5 Chile Copper 6s 1932 784 Cons Coal (Md) 18 ref bs Cuba Cane Sug cv Aeb 85 1930.... Detroit Edison ref 65 1940....... Dodze 6s 41 % Empire Fuel & Gas 7%8 1937 Goodrich (B F) 6%s 1947 Goodyear Tire 851931 9 Goodyear Tire 831941 5 Humble Oil & Ref 5%s Indiana Steel 55 1952. . .. Inter Mer Marine 63 1941 Inter Paper 5s B 1947. International Tel 5s rets. Kelly-Springfield 8s 1951 Lackawanna Steel b5 1950. Liggett & Mycrs 58 1951. Manati Sugar s f 715 1942, Midvale Steel 58 1936. . New England Tel 5s 1952, New York Edison 18t 6% ¢ NY Gas EL H& P 53134 ew York Tel 415 1939, ew York Tel 65 1941. .. North American Edison 6s 1952 Pacific Gas & Elec b3 1942.. Pacific Tel & Tei 5s 1952 Philadelphia Co ret 6s 194; hlic Service 63 1944. Sinclair Ol 7s 1937, Skelly 6les 1927, South Porto Rico Sugar 7s 1941 Union Bag & Paper 6s D. United Drug s 1944. U 'S Rubber 1st & ref 5y 1947 104% U 5 Rubber 7148 1930. . 1044 U S Steel s f 551943, 91 Utah Power & Light 65 1944 . 73 Va-Carolina Chem 8¢ 75 1947 109%: Western Unlon Tel 6%s 1936. ... 91% Wilson & Co 1st 68 1941.. RAILROAD. Atchison gen 48 1990 ., Atlantic Coast Line 1s 4 Balto & Ohio gold 45 1943 Balto & Ohlo cv 4348 1933 Balto & Ohlo ref 5s 1995. Balto & Ohio 65 1929. B&OPItsLE& W Va 451341, . B & O Southwestern Div 5 cfs 50. Brooklyn-Manhat s f 65 A 1968. Canadian Northern 6%s 1946. Canadian Pacific deb 4s Central Pacific 48 1949 Chesapeake & Ohlo cv 4 %8 1930 Chesapeake & Ohlo gn 4%s 1992. Chesapeake & Ohlo cv 58 1946.., Chicago & Alton 3345 1950..... Chl B & Quincy 1st ret bs 1971 Chi & Eastern Il gen 65 1951. Chi Great Western 45 1959 Chi M & St Paul cv 43%s 1932 Chi M & St Paul gen 4%s 198: ChiM & St Paul ref 4%s 2014.... Chi M & St Paul cv 52 2014. . Chi & Northwestern 6is 1936 Chicago Rallways b8 1927. Chi R 1& Pacific ref 4s 1934, Chi Union Station 43ys 1964 Chi Unlon Station 6%s 1963. . Chi & Western Ind con 451952 CCC&StLref 65 A 1929 Cleveland Term 5%s 1972 Colorado & Southern 4%s 1936. Cuba R R 65 1952 = Delaware & Hudson 5 %a 1337 Den & Rio Grande con 451936 D. & R. G. West bs 195 Detroit United 4%s 1933, Erie 18t con 45 1996. . Erfe gen lien 45 1396. Erie cv 48 A 1953 Erle cv 43 D 1953 1941.. 100% 8 584 9 £64 Grand Trunk s f deb 6s 1936. Grand Trunk 78 1940. ... . S Great Northern gen 5%s 1952. . Great Northern gen 7s 1936..... Hudson & Manhattan ref 5s 1957. 5 106% 114% 9% 108% £6% 673 101% 59'% 1llinois Central 5%s 1934... . Inter Rapid Transit 5s 1366. Inter Rapid Transit cv 7s 1932.". Inter & Great Nor adJ 6s 1962, Kan C Ft Scott & M 4s 1936 Kansas City Southern 35 19651 Kansas City Southern 65 1950 Lake Shore 45 1928, Lake Shore 4s 1931, Louis & Nash unified Louis & Nash 1st re Mil Elcc Ry & Lt 1st ref 65761, . MStP&SSM6%s1931., Mo Kan & Tex 1st 45 1990. Mo Kan & Tex adj 68 1967, Mo Kan & Tex pr In 5s A 1962 Missourt Pacific gen 4s 1975 N O Tex & Mex {nc 65 1935. New York Cent deb 4s 1934. New York Cent ref imp 53 2013., New York Central deb 68 1935, N Y Chi & SUL 518 74. New Haven deb 48 1957 NYNHG&H cvdeb 6s 194 N Y West & Boston 4348 1946. Norfolk & Western con 4s 199 Norfolk & Western cv 6s 1929 Northedn Pacific 3s.1947 Northern Pacific 45 1997. Northern Pacific ref tmp 68 20 Ore Short Line ref 4s 1929, Ore Short Line gtd 5s 1946, Ore-Wash 1st ref 4s 1961. . Pennsylvania gen 43%s 1965 Pennsylvania gen bs 1968, , Pcnnsylvania 63 1936. Peoria & Eastern Inc 4s 1 Pere Marquette 1st bs 1950. . Reading gen 45 1997. teading 41z s Rlo Grande Western cit 4s 1949, RIATk &L 4351934, StLIM& SR & G 451933 St L &San Fran prin 4s A 1950, 4 St L & San Fran pr In 6s 1950. St L & San Fran 5%s B 1942 St L & San Fran adj 6s 1958. St L & San Fran Inc 65196 Seaboard Alr Line ref 4s 195 Seaboard Air Line adJ 5s 1949 Seaboard Air Line con 6s 1945, Southern Pacific cv 4s 192 Southern Pacific col 4s 194; Southern Pacific ret 4s 1955, Southern Ry gen 45 1956 Southern Ry 1st 5s 1994. 94% 98 3% 88 9% 9% 884 92 81% 104% 1ns 51% 94% 9974 101% 102% 98% 69 8% 84% 96% 8¢ 8T% 3% 100% 106% 34% 20% 58 95 100% 940 6 634 96% 90% Western Facific bs 864 81k West Shore 1at ¢s 3361, Third Ave adj 55 1960 Unlon Pacific 1st 4s 1947 Union Pacific cv 45 1927. ..., Virginian Ry 1st b5 1962 Wabash 18t 55 1939 Wabash 53 L 101 Hudson & Manhattan adj 5s 1957 Low. 100-25 100-20 1018 102:3 . 106+19 106-8 Prev. 100-40 10130 ook’ Close. High. 964 Y63 102 102 974 9T 99% 100% 864 564 109 109% 107% 107% 86 B5% 103 1033 103% . 101% 102% . 102% 102% . 108% 108% 108% 109 44 n 99 99% 1004 101% L 1034 103% 103% 104 103% 103% 99 99% i 102 101% 1 107% 108 7844 T9% 10574 107 110% 110% 98% 103'4 83 884 914 9% 104% 105 103% 1014 L1184 118% 104% 104% NEOUS. 108% 104 08 ' 99% 106% 107% 102% 1024 9718 974 100% 101 101% 1014 104% 105 90% H0% 100 99% 100% 1014 9314 94 95% 108 821 83 93% 987 107% 1074 95 964 102%4 103 104 104% 110% 110% 1207 12 1014 101% 108 100 100% 99 100% 931 923 100% 1017 114% 115 975 « 107 1073 103+ 9974 101 91 9l 125% 125% 106% 106 108 104% 104t 11 1114 9% 99% 8814 9 0% 7% 80% 89 934 92% 131 136% 514 524 102% 103 144 5% 635 63% 534 53 194 894 58% 04 534 53 1114 1 80 sw 91% 1174 £07 89% 988 92% 80% 5Th 8TH 9. 9414 117% 118 80% 89% 1034 104 107 107% 16 116 102% 10215 1104 110% 93 4% Tan 1025 1033 67t 684 B9 90 5% 8% 3% 92 9814 8% 3% 92% 98Y 9615 9614 93 9314 106% 108 89% 90 103% 1034 B4y 92 96Y 66% 96% 94% 101% 1024 - 104% 107 984 991 6% 6214 97 8 68 69 89% s0% 147% 149 G2l €13 E5% 86 - 108% 1084 9Th 97y 104% 10414 88% 83y 94% 94 102y 102% 1114 112 364 371 1004 101 951 951 945 948 74 Ty 894 R9u 89 sey % 7T% 924 92 99 99y 9% 924 80% 86% 2% 72 88% 87y 95% 96 9% 97H 86% 86% 834% 89 81 8l% 103% 104" 18 13 4% 4% 924 924 991 99% 100 101 101% 102 93% 98Y 67% 68 , 964 964 8 864 Last. Yied. 8 3 652 9 3 92 100-21 3 89 100-3) 375 | 102-3 396 106-16 3 82 Tow. Last 964 964 101% 101% 91 97 99' 100 85'a 85% 109 109% 107% 107% Bl AW 100's 102% 1013 102% 108 108% 424 9549 100% 1031 103% 103% 98 101 1005 86 8315 9214 100% 5% 814 107% 1% 106 110% 9715 102 87 91 1043 10344 117% 1047 1024 owtmide New Yosk, exnpered D. C., DECEMBER 13, 1925—PART 6. wich the same wesk of Last yoar. ACTIVITY BY FEDERAL RESERVE DISTRICTS Mrmm%hmdau_ Now Yok +58% | +26% 242% LEADING BAROMETERS Showing trend of importent factors Business in Dollars (Chade Caed] s..d, Bmployment [Dwe. of Libec] Wages [Dwe. ofLabec] . . Cost of Living (Tad. Got. Beeet] * MPrm(m-'.ud Prices (D of Agi.] ent of Goods [Cur Leadings] Retail Trade [Fed Ren Bousd] . Wholesale Trade (Fed. Ren. Bosad] 103 1044 1097 121 101% 1024 | 85 9514 104% 1034 | 94 100 100% | a2t | 1044 | Failures wsl . Bond Prices (At Stock Prices [Asssial .77, Stock Mkt. Vol. [Shm Tadt] Som From. +33% | +34% Presest Tomnd pEH L) Complind amd _aprrightad by Combridgs Arsociate. Hostes THE YEAR 1925 TO DATE ON GTON STOC Furnished by W. Up to and Including S bates. BONDS. 000—Ana. & Pot. River R. R . & P. Telephone 1st 5: &P.T of Va Capital Traction City & Suburban ¥ eorgetonwn s Lt Pot. F Power 1st & st 1000 5,000 000 79,000 000 1500 100 100 '».l-«[ i | 3% 000 1000 000—Dist. of Col. 000—Pot Joint 0—Riggs Realty (Long) s 1300—Southern Rldg. Co 300—Wash. Market Cold S ,700—Wardman Park Hotel 6s.. com. . pfd Power ational Bank. | National Bank ational Bank Mechanics N: Nation Potomac pid. . sfl-nunml tropolitan ional Ba ational Bank. nal Ban & Trust Trust. 471—Merchants Bank & $3—National Savings & 'l —Union Trust.. 145—Washington Loan & Trust. 17—Commerce & Savings .. ashington n Mechanics Insuranc Union Insurance. itle Insurance. e Title Insu Securi ntal 10—Washing 458—Firemen 13 onal mbia 8—Lanston G2—erchants Tr —Mergenthaler vational Mig. Linotype & Inv. 400—0ld Dutch Mkt. Security Storage ashington Market 20—Yellow Cab Co. THE K EXCHANGE. B. Hibbs & Co. urday, December 12, 19 Os. ance. . preferred. . 7% preferred —Chapin- s common ... 50—Washington Base Ball Club. 5—Banking Trust & Mortgage 1,210—Citizens’ Saving Bank. 48—Departmental Bank 12—Munsey Trust District Title Ins 36—Washington Title nce. Insurans $100—Army and Navy Club $5,000—Metropolitan Club 47 ¢ | Financial nghllghts of Past Week Brought Out in Nutshell by Statistics| Special Dispatch to The Star. NEW YORK, December 12.— Stocks (average of 50 issues). Bonds (average of 40 issues). Foreign bonds (average of 10 issues). Federal reserve ratio . Nov., Unfilled steel orders Pig iron production Building permits: Number of cities .. Amount ... Commercial failure Number . Liabilities . Revenue car loadings All commodities . Grain and grain products. Coal and coke . Forest products . Miscellaneous products. ore TRUCK PLAN SPREADS. Railroads Delivering More Freight by Latest Methods. | Special Dispatch to The Star. BALTIMORE, December 12.—Not only are savings in operating costs be- ing realized by the use of gasoline power by the railroads, but the adop- tion of ‘these’ services in a number of instances has enabled them to cope with the growing competition of inde- pendent motor truck and bus com- panies. The short glistance freight and pas- +. $340,552,4: This week. High. L 13488 Last week. Low. 13110 st week 84.85 103.06 go. his week. $4.98 103.30 This week. .5 tosl L 4% t05 Month of Oct., 1925, 4,109,183 144,186 Month of 1925, 4,581,780 100,516 4 395 02 24 $411,145,164 $260,605,041 1,581 5 $29,543,870 3620 '25. Previous week. Year ago. 1,057,674 53,)21 204,415 67,897 396,007 32,089 35,735 923,213 48,696 187,269 65,199 344,404 15,912 29,681 49,324 senger traffic of the railroads serving Maryland and_vicinity has been re. duced materially, raiiroad men here say, as a result of the increased use of | motor cars, busses and trucks by the | public generally. The Pennsylvania Rallroad spreading out its use of freight motor trucks and has just inaugurated a service from the Maryland line south- ward. In the case of the Baltimore | and Ohlo the use of motor trucks is still confined to a service maintained ; between Baltimore and Washington. For every four women in New York State one works for wages. $31,123,910 | 879,131 | is | FEDERAL RESERVE AID TO FOREIGN NATIONS| NEW YORK, December 12 ().—The world-wide financial influence which | the Federal reserve ks of this | country are exerting refiected in their latest plan to assist in restoring { Belglum to a sound monetary system. | Although the banks have always been | empowered to invest in forelgn bills, | it is only within the past few years | that they have found this an effec- tive means of opening credit facilities to other natlons Under the | York bank the dership of the New institutions are now quietly ating with Great Brit-| 1in, Belgium, Poland, Japan and other countries in the matter of exchange stabilization. BUSINESS TOPICS. | "ON, Mass., December 12 (Spe- | Massachuseits now has practi one automobile for every family ording to the report vehicles. In| ended November 30 764,338 motor vehicles were registered, or one for every 5.2 persons. BOS’ cial), | cally ATLANTA, Go., 1. CGeor during G ble prody The. electric plants showed a heavy . December 12 (Spe mineral production as worth $16,423,683. v and in mar- State's hydro- gain, FOREIGN EXCHANGE. NEW YORK 12 Foreign exchar tions (in mand, 485 n_banks 3,65, cab 4.03%; cab | ziun 30, | e December )| s irregular. Quota- | ts): Britain, de cables, 60-day bills 180 demand, g Italy, demand Demand: Bel- | 23.80; Holland, | weden, 26.74 na, 19.28 Poland, | via. | 461,y Tokto, | | 485; France inia William H. Kyle Loans—Insurance Room 15, 1410 G St. N.W. Thone Main 6627. Res., Frank 5191 I have some excallent first and sec- ond frust notes for sale at a liberal discount. 8% First Mortgage Notes For Sale In Denominati $250 to $1 500 Address Box 206-D Star Office Business Property Owners— Apartment Owners, Attention! We want vour properties for | Mave buvers with the mone: Inrze. Merchant' Realty & Finance Co. 977 Woodward Bldz. M. 2119, Col. 2206.J. Ie at onee None too INSURANCE —in all its branches. Let ua know Sour reauirements. We can serve you. THOS. E. JARRELL 321 10th St N.W Main SAFE 6149, and 79, First Mortgage Notes For Sale GEO. W. LINKINS 1733 De Sales St. ablished ' 1886 SALESMAN One of Washington's oldest specialized Banking Houses will trmin you to develop its clien- tele. Earn $10,000 to $15.000 a year. Previous experience in our line not necessary. ficatio: Qua Consistent pro. period of vears; integrity —commanding nd personality— <on for changing wi to work ceed in a big way rliing hard in detail for interview, D, Star Office. Repl Box 18 s | ' Loans Made | to Builders AT CURRENT RATE OF INTEREST | FLOYD E. DAVIS COMPANY 12th St. N.W. W WE PAY MORE INTEREST ON SAVINGS ACCOUNTS | | ‘ Than Any Other National Bank | | in Washington | | Interest on DAILY Balances | | Come in and let us explain Commercml Nat'l Bank | 14th and G Streets | Resources $17,000,000 | | llL GOLDEN DONALDSON, l'lu:smr.x'ri First Mortgage Notes fully secured on im- proved real estate in the Northwest section of the city. Denominations $250—8$500 WM. S. PHILLIPS 1432 K St. NW. Phone Main 4600 | FINANCIAL. WE FINANCE —all classes of income-producing property Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th Bt. N. Mortgage Money to Loan on Real Estate. ‘Lot us finance Your praperty. THOS. E. JARRELL Member Washington Real Estats Boars 321 10th Kt N.W Main 366, UNION DISCOUNT 0., OF NEW YORK First Mortgage Bonds DENOMINATIONS: $100.00 to $1,000.00 tiractive Partial Payment Plan TLQUIN & FITZ.GIBBON. INC 309 SOUTHERN BLDG INC., First Mortgage Brokers Clarence L. 0'Donnell, Mgr. Mortgage Dept. w 14th & K Money to Loan Secured hy first deed of trust on real estate. tereat and commission Prevalling Jou[)h 1. Weller 40 First Mortgage Notes For Sale In Denominations of $100, $250, $500, $1,000 AND TP 637 Interest Secured on D. C. Keal Estate H_Saunders Co., Inc. Establiched 1887 1433 K Street N.W. First Mortgage Notes For sale Coneult us if you hav avallabie Tunds for thveerment " THOS. E. JARRELL Member Washington Real Estate Board 321 10th 8t What Our Guarantee Means i i to the Purchasers of Our 6 ]/2 WO First Trust Real Estate Notes Ist. The property has been apprai \rd by men of rience, recognized experts in v 2nd. You are relieved from all re looking after the insurance and taxes. 3rd. Each note bears our endorsement, which means that we guar- antee each note, both as to principal and interest when due. The guarantee of this corporation Lo berter antee, because its existence is perpe~ of it are over $2,250,000. REAL ESTATE MORTGAGE AND GUARANTY CORPORATION 26 Jackson Place N.W. L. E. BREUNINGER, President resources back AVAILABLE Small Unsold Portion of A. H. Dondero, Incorporated Cumulative Preferred 8% With Bonus of Common Price, $20.00 per Unit 2 shares 8% Cumulative Preferred, par value $10.00 1 share Common Stock, par value §10.00, with vot= ing power A high-class investment local established corporation For further information call or Unit i consists of | write A. H. DONDERO, Incorporated 730 Seventeenth St. N.W. Washington, D. Main 813 } | SAFETY IN CONSERVATISM To the conservative investor, safety of principal takes prece- dence over percentage of in- come. To the man who cannot afford to jeopardize his savings, vet realizes the wisdom of in- vestment in sound income-pro- ducing securities, we offer our 6'2% FIRST MORTGAGES Quarter of a Their® safety and income assurance are determined through careful investigation. Century Without ¢ Loss In amounts of $250 up. B. F. SAUL CO. Main 2100 Justifiable Pride— OUR MORTGAGE INV TMENT BUSINESS brings us into active contact with every one of our 48 STATES As Well as the Following Countries: Canada Venezuela France Korea Germany Asia Minor Central Cuba America Dominican China Republic Japan and Other Chile Foreign Mexico Countries We take pride in this NATIONAL AND INTERNATION Reputation and Confidence Discriminating investors ALL OVER THE WORLD are learning that FIRST MORTGAGES purchased through our firm not only are beyond the realm of risk of loss of their princi- pal, but that the interest yleld is the very highest to be obtained ‘with assured safety. NEVER A LOSS FOR AN INVESTOR ‘Write or phone for descriptive literature—No charge and no obligation . MORTGAGE INVESTMENT DEPARTMENT Alaska Hawaii Porto Rico Philippine Tslands Haiti The British Isles NAL 713, 715 and 717 14th St. N.W, Main 2345