with a Paid-up capital of $600,000, SURPLUS $75,000, offers First Mortgage Loans drawing SEVEN per cent., both Principal and Interest FULLY GUARANTEED. Also 6 per cent. ten-year Debenture Bonds, secured by 105 per cent. of First Mortgage Loans held in trust by the Mercantile Trust Company, New York. 5 per cent. certificates of deposit for periods under one year.

7⅔% CAN BE REALIZED BY CHANGING
4 Per Ct. Government Bonds
Into 6 Per Cent. Debentures.

Write for full information and reference to the Company at

150 Nassau Street, New York.

A. L. ORMSBY, Vice-President and Gen. Manager.

STATEMENT.

PHENIX INSURANCE COMPANY

OF BROOKLYN, N.Y.