Evening Star Newspaper, May 15, 1921, Page 39

g FINANCIATL. THE SUNDAY STAR, WASHINGTON, D. C, MAY 15 1921_PART 1. " MONEY SUPPLY FOR ALL DOMESTIC NEEDS Cuts Comparatively vailing Conditions Busy on Home and Foreign Securities. BY L A. FLEMING. Tt is a peculiar proposition, but none the less true, that money cuts com- paratively little figure in the domestic | American business conditions of today. There is no question but that the lack of it in the European countries and the depreciation of their currency is largely responsible for the lack of export business that would keep our - factories busy and market our exce agricultural produc Nor i< th any question but that money or its synonym, credit, ix sadly needed by many great industrial concern loaded with fat inventories which they are, it is to be hoped. gradually reducing. Unfortunately many cor- porate credit lines are cxhausted inemployment s Keeping mone from tens of thousands of individu whose buying is thereby restri ed. But for all of this, there seems to be a great abundance of money in the banks and with the people The regional ban reserve system have 5% per o serves. The Federal Reserve has been grilled time and agair cause it has not taken the initiative and forced member banks to lower rates. * Whether a let-up in rates would help ~ericulture or bring any relicf to our forcign trade is a matter that is open to argument 1t is unfortunate, but none the less true, that there is stll much liquida- tion to be put through. and the sooner t is undertaken in the interest of urrying the recovery of normal the better. There seems to be plenty of money. After a short cessation—just a breathing spell—the printing presses re again running day and night urning out bonds and other securi- E&-no! alone in the United States. t in the chief cities of the world and all intended for distribution in the most prosperous country on| rth—the U. S. A. Belgian. Italian and scores of other jssues of foreign bonds are daily traded in‘on the New York Stock Exchange. together with many of the leading city municipal issues of Europe. Billions of dollars of foreign se- | eurities are offered in the Amer market, and the success of one bix il domestic industrial loan is encour- agement for another, piling up debt nd increasing fixed charges. And the American market trades in thess bonds in daily averages of about $9,000,000. Moreover, there is a market for everything at a price, and some of the prices are heartbreaking (o in- westors who considered that they were especially conservative when they acquired stocks or bonds in re- tugn_fortheir cash. Press reports are full of the bit- terness of Japan against America. and yet we have listed on the New York Stock Exchange. and are daily trading in, £137.677,000 of Japanesc bonds. Evidently world financiers, who un- derstand conditions better than the politician or the layman, have small fear of any ruction between the Unit- ed States and Japan. Civilization would not stand for it; England, or rather, Great Britain. on the other end of the alliance with Japan (which still has some months to run), would ‘mot permit. Conservative investors of today, and there are thousands of them, who will not take market chances, and to whom the 7 and 5 per cent invest- ments of today are not attractive. turn with eagerness to government Treasury 5% per cent certificates as they are issued periodically. That this is a fact is evidenced from the speedy subscription to the latest issue, by wire.and within an hour or two after the books were opened. Attractive 8 per cent rates of many foreign issues do not appeal to the conservative investor. Liberty bond issues are moving wery freely. and here again the con- servative operator is placing his money for safety. When 8 per cent investments are passed up for 5! per cent, short-term issués, it is i- dent safety is a consideration. Every one admits that there has n some improvement in business, | st as they will admit that the difference between the mnormal of years ago and today is still far, very far away. In the first great famine on record Seven fat years were followed by a like number of lean. This country has had its fat years, and it is now in the lean-year chart, but that it will take anything like the seven- ¥ year term to pass through is not be- b iieved by the American people. though | they will remember the shift from | the fat to the lean for seven times. seven years. Blaming the eFderal Reserve Board for the heavy deflation forced ar the senith of the expansion, is not espe- eially popular with the banking fra- ternity. though some fault ix still Jound that the attack on credit ex- 'tension was so acute, and more, on the fat profits of the regional banks. If the same results could have been es- tablished by a gradual curtail nf!ll.fl. w | Tinct eredit, then the jamming on of brakes was harsh, to say the least, but there s of the federal | i apanese, Norwegian. Canadian 1in buyers is a world movement, SEEMS AMPLE Little Figure in Pre- = Printing Presses | sfdered as partially responsible for the showing. i Notice to Liberty Bondholders. All 4 per cent temporary coupon honds of the second loan pres tafter Mayv 14 and all 4 per cent cou- | pon ds of the first loa presented [ After June 14, 1921, for axchAnge into | manent bonds. with all subs coupons attached. will. unless sed in_ writing. be presented for con- atherwise oxpr considered to i | version into 4% per cent bonds, and should e wccompanied by in terest adinstment the delivers of =4l iy per cont nt hond the 1 per ecent accrued interest the 43 rate becoming will be adjusted by separate 1 and e 151 per cint ir Bache on Freight Rates. Riche Co.. of N s toos stion: movement or prop ht rates reduced ich York, on the freizht rate azanda 1o much nmerce <sion re teadily, with the re of bankruptey to many roads and of putting transportation in this extension, ut the public got very littie bene- fit from the reductions of that period —they were absorbed apparently somewhere along the line, and never _one fan consider the wage situation calmly and not believe that expenscs here must be reduced, and uniess such reduction is quite dras- own freight rates will question, except here for special reasons. e of labor costs on meri- 4 rouds w untii 1916, a atural rise along with that of other labor. due to the increased cost of living. Then the Adamson law took effect, and from ound $1.648,000.000 per annum. a vear later the compen- tion stood around $1.739.000.000 his was increased by the R Administration. Tn 1918, to $2 000, and in 19 2.8 43.00 1 d, in 1 1 labor cost on the railroads $3.698.000, his me that the labor costs the carriers of s& 1 were actualiy greater in 1920 than in 1917 by more than 115 per cent. “March was the fir: month since ember last that the roads did not suffer a deficit, and for March only a rate of per cent r the year was shown—short by over $30.000.000 of the amount contemplated by the transportation act. “That amount must be arrived at and_exceeded bef rates can he justly reduced, and when demand re- vives the rate will not be felt. It may be positively stated that the freight rates have only nesligihly affected the demand. The falling off which, however, is already beginning to correct itself. as shown in the transportation business by increa: carloadings.” Local Securities. The week has witnessed one of the slowest markets for local urities of the vear to date. However, there is cause for congratulation in the fact that prices hold their own with more or less steadiness—if under the high level of 1921. then not far aw ted | 3 country | behind in upkeep, equipment | Week’s Price Range New York Stock Exchange|s:: & 915 15% 1934 6475 4995 79 53 119} 8% % 20 Cag 6574 The traction shares have acted well and are at the high point of the year. Local interests_belicve there is small chance for any merger of street raii- way literests in this city, and that the present attempt will fail, as have previous efforts in the same line. The typesetters have been very steady, but slow. Bank stocks gen- erally neglected. with the exception of restricted trading in Continental Trust shares. The week in the money mar- ket has developed the fact that there was money to be had on call in Washington. but rates were not close enough to bring borrower and lender together. Strenzth In Bonds. 1 The rapid rise in the value of the pound sterling, in francs, lire and other foreign money has caused sat- isfaction and, if kept up, will even- tually help our foreign trade, now languishing because of the ri tive difference in favor of the dollar and the poverty of Europe GRAIN AND PROVISIONS. CHICAGO, May 14.—Grain traders, influenced by the passaze of the Tincher bill by the national House and the prospects of restrictive leg. islation in lilinois, drove at the en-| tire list of prices on the hoard of trade today. But when wheat reach- | ed a point 6 cents under yesterday's high figures, export buyers poured orders into the pit and practically all losses were recovered in the final fifteen minutes of the session. May wheat closed at vesterday's final of | 1433 to 1.43%. and the rest of the only fractionally lower. 240 Sentiment that the effect of the | r bill would be to restrict trad- are those who claim that it was nged- | Ing and result in lower prices was @d and none too drastic. Hand-to-mouth buying continues mnd 18, perhaps. ¢ oycle of declining costs. not in the wpturn, in the larger supply of mer- ehandise and not the period of scarcity. Buying as n the ability to antic to give the public the benecfit of such Price concessions as Soon as they are made. The public seems to anticipate | W i st {th the | and look for concessions. Wise business men in these will seek less the profit and mo avs dable for | some time to come. We are in lhl-' ds require encourages | and the Te pate declines and | Vices that wintry weather in the chief factor in the wheat pit. y started down grade at the open- evidence. Some local commission houses which bought early switehed their trade fect of this m: ports of beneficial rai panh and to the ef- cuver were adde s in Okl ndle and braska had not done great d age Toward the the ek end covering only rted when biz buying entire list rd Corn, und oats were gene with wheat, but the for tu security of safety reduction of {nventories and the lessening of bank Joans. A Matter of Dividends. On the stock exchange today th question uppermost in the minds of traders seems to be the ability of corporations to meet their dividends Many eorporations have passed their distributions; others have reduced Cutting of dividends is n serious| proposition to those who depend on what some are pleased Lo term “un earned income™ even though Th money to pay for the investment h . been earned by toil Directors of corporations have to consider the safety of the corporation, whether or not the quarterly or semi- annual distribution can be made with safety, and. more now than ever. the need of keeping cash resources well in hand as against cvent This is especially true of d who honestly endeavor to manage their corporate affairs in the inter- est of shareholders and not in their own Interest The Rail Problem. Some progress has been made in the general reduction of wages. but the railroad situation is as much a problem today as ever. The earnings cannot keep up when the traffic is below normal. and the higher earn- ings from freight rates and passen- ger fares are absorbed by mounting costs. In the meantime maintenance is not kept up to normal standards, and when,the accounting comes the bill will be a heav Rail shares have shown some ad- vances on the theory that the prob- lem is such a vital. important one that it must be solved and, there- fore, will be Clearings Decreasing. Clearings in the chief cities indi- eate that the business of leading distribution pointx still fallng off, But the lessened values must be con- some support on scaboard that served to narrow price fluctuu- tions puntry offerings reased Provision! or w fairly firm sed off in with durum to arriv hipne | No. 1 white, | changed REFINED SUGAR STEADY. NEW YORK. May 14.—The raw Sugar m rket mer and_prices Ars were higher. ed of 47.000 bags of very prompt for contrifu- gal. N re reported and prices © 2% cents cost and 4.95 for centrifu Raw =u were and closin to 3 high although trading was light and business principally in the form of evening up for over the week end. July closed at 3.54, September at 5.90 and December at 5 The market for refined was un- changed at 6.30 to 6.60 for fine granu- lated with some of the higher priced refiners said to be accepling orders below their list quotations. There was a moderate inquiry noted, but the de- mand is not as active as earlier in the week. Refined futures were steadier on covering and closing prices were un- changed to 10 points net higher. July and August closed at 6.40, September at 6.50 and October 6.40, ail bid. Futures closed steady; sales, 650 tons. July, 3.84; September, 3.90; Octo- ber, 3.85; November, 3.50, | | 1 { p ! ing. and there was little support in | 1 i 1 i 33y 10005 174 i Am Locomotive. 7 Am Woolen..... Am Writing Ppr pf. Asso Dry ¢ A Atchison Atlantic Petroleum. Calif Petrol pf..... 7 T Calumet & Arizona. 52lg 51 Canadian Pacific... 118 114} Central Lea pf. Central of N J Cerro de Pasco. Chandler Motors, Ches & Ohio. .. Chi Gt Western Chi Gt Western pf. Chi Mil & St Paul Chi Mil & St P pf Chi & Northwn. Chi Pneu Tool Chi R I & Pacific. ChiR1&P6%Dpt Chile Copper. Chino Copper. Colum Graphonet pf. Consol Distributors Il wal Corrected to the Close of Business May 14, Saturday, at thei)flice of The Evening Star. Week ending May 14. 1921. High. Dis. ~—1921—, Rate Hizh. Lew. Close. Chge. 46 Adams Express. 46 2 1935 Adv Rumiey.. 177% Air Reduction. ubber Ajax Allied Chemical.... Allied Chemical pf. Allis-Chalmers. ... Am Agri Chemical.. Am Bank Note... ugar. h Magneto. hoe. ... Am Can.. Am Can pf. Am Car & Fdy Am Cotton Oil.. Am ¢ pro. Drug n Am Hice Am Hide Am Ice Am Ice pf. Am Internation Am La Fran Am Linseed Am Linseed pf. Am Radiator Am Am Am Am Am S Am Am Am Sumat Am Tel & Tel Am Tobacco. ... Am Tobacco (B) Am Zine. Am Zine pf. Anacon 1031 101 8115 8134 6y 375 3214 1825 18 A774 Oil.. Atlantic Cst Line. Atlantic Fruit. Atlantic Gulf... Atlantic Gulf pf.. Balto & Ohio. Ealto & Ohio pf Jarnsdall B. Beth Steel Eeth Steel (B). th Steel 8% pf. . 2515 6115 641y 1045 104 Bxlyn Rapid Tran.. | 2 Bkiyn Union Gas... 064 5% Burns Bros........ 8 8 Butte Copper & Z. . Sy 5 Butte & Superior... 15 14 ddo Central. .. 18 17 Calif Packing...... 61} 5 Calif Petrol... 4055 46'% 3775 entral Leather.... 4! 7854 iR1&P7%Dpf Cleve CC & St L. Coca-Cola (olo Fuel & Iron Colo & Southern. Columbia Gas...... Columbia Graph. .. Comp Tabulator. ... Consol Cigar....... Consol Gas. ... “ons Inter Callahan Consol Textile. . ContCan....... Cont Candy Corn Products. . Cosden & Co....... Crucible Steel. Cuban Am Sugar. Cuba Cane Sugar (‘uba Cane Sug pf. 4 Davidson Chem. 31+ Del & Hudson...... 1013 + 1 Del Lack & West... 2 240 Denver & R G pf... 1% Dome Mines. ...... 194 + Duluth $§ & Atl 85+ Eik Horn Coal. 81 — Endicott Johnson. 6435 — 2 13% — 2045 — Erie 2nd pf. 14 — ~amous Players. B = Fisher Body W+ Fisk Rubber. . 16% 1614 11y 035 1053 60 13634 13 ¥recport Texas. Gaston Wilims. ‘n Asphait. -n Asphalt pf. en CigarCo... Gen Blectric. Gen Motors. ... Gen Mot 6% deb. 68 Goodrich (B F). 37% Granby Consol 2495 Gray & Davis. B 1215 eat Northern pf.. 70 Great Northn Ore. . 30 Greene Cananea Guantanamo Sug... Gulf Mob & Nor. ... Gulf States Steel. .. Haskell & Barker.. Hendee MTR....... Houston Ol.... Hupp Motor. 1llinois Central Inspiration. . Interboro Con. Interboro Con pt Inter Agri Chm pf. 47y 46Y Inter Harvester. 963 883 Inter Marine. . 1504 143 Inter Marine pf. 5 53l Inter Motor Truck. 38% 3613 Inter Nickel. 16% 1515 Inter Paper.. .. 69 62 Invincible Ofl. 19855 173 Iron Product: 32 3 1sland Oil... 9% 3% Jewel Tea. 0% 8% Kan City Sou. 2875 2614 Kan City Sou pf. 52 5074 Kelly-Springfield.. 503 43}4 Kelsey Wheel. 62 5455 Kennecott Copper.., 22%§ 214 Keystone Tire.eeee 16 154 | / Weck cnding May 14, 1921, Net, High. Low. Div. ~—1921— Hate. 6 Lackawanna Steel. Laclede Gas. Lee Rubber. Lehigh Vall rett & Myers Lorillard (P). Louis & Nash. Manati Sugar. Martin-Parry Midvaie Steel M P& SSML Mo Pacitic pf Natl Conduit Nat] R R Mex N O Tex & Mex, . NYC&RStL | e ] ¥ New Haven N Y Ontario & ¥ orfoik South Norfolk & W, Northern Pucific. 1 5 Oklahoma Prod Orpheum Circuit Otis Elevator. Owens Bottle. 2 8 2 acific Gas & Elec. . Pat Am Petrol Pan Am Petrol (B). Parrish & Bing. Penn Seabd Steel Pere Marquette. ... PPere Marq pf Philadelphia Co. ... Phillips Petroleum. Plerce Arrow. . Pitts Conl. ... Pitts & West Va. Pond Creek Coal. Public Service N'J.. Pullman Co. . Punta Allegre Sug.. Ray Consol. Reading 1st pf. Reading 2d pf Remington Typr. Replogie Steel. Rep Iron & Steel. .. Rep Motor Trk. Royal Dutch St Joseph Lead. . St L & San Fran. St L & San Fran pf. St L Southwestrn. t L Southwn pf. avage Arms. . Saxon Motors. . . eaboard Air Line. . Seaboard Air L pf.. Scars Roebuck. . Seneca Copper. Shattuck Ariz Cop.. Shell Trans & Trd. . Sinclair Consol. Sloss-Sheflield. Southern Pacific. .. Southern Railway. . Southern Ry pf..... Standard Oil N J. Stand Oil N J pf. Stern Bros pf.. Stewart Warner. Stromberg Carb. Studebaker. .. Submarine Boat. Superior Oil. .. Tennessee Cop. . Texas Co...... Texas & Pacific Texas Pac C & Oil... Third Avenue Tide Water Oil Tobacco Products. . Transcontinental Union Bag & Papr. leralevgoanl ol Union Pacific. . Union Pacific pr. United Alloy Stl. United Drug United Fruit. United Ry Invst. United Ry Inv pr... United Retail Strs. U S Cast Iron Pipe.. U § Food Prod. U S Ind Alcohol US Realty. .. lowm!l aBlmlas =1l (| U S Rubber 1st pf.. U S Smelt Refin. ... TS Steel pf. Utah Copper. . Ttah Sec Corp. 5 Vanadium Corp.... Va-Carolina Chem. . Va-Car Chem pf. lawol ool ol | | ol Wabash. ... Wabash pf A. 49'4 250 Wells Fargo Exp. .. Western Maryland. Western Md 2d pf.. Western Pacific. ... Western Pac pt Western Union. . Westinghouse Elec. Wheel & Lake Erie. Wheel & L Erie pf. ‘White Motor... lagal ‘Wilson & Co ‘Willys Overland. ‘Willys Ovind pf ‘Wisconsin Central ‘Woolworth. . ‘Worthington Pump. * Ex dividend. lealal 18 123 — 1% et NEW YORK BOND LIST. coupon. . . Panama &x, eoupon. American Smelting and R: American Tel and Tel. cv. s Armour &0, 41us " 1~ 1. and Pac. 5 and Northwestern ge trust 6e.. tColormdo and Sonthern ref. | Denver and Rio Grande consol { Tominion of Canada 5s 1931 or. Rapid Transit Lo tIn Mer, Marine 6x... 13, | Kt o0y Sonthorn ref 5 % & My PRy - and 4| el il o N S N i As. Iron and St Loni< nnd San Fran NEW YORK. loil was auiet. wi owing to light closed 2 1 harr : summer vellow spot, tember, fecured by first deed 1 2% 1 of trust on higb-class = propertics. Responsible 2 makers. 13, 4s GLOVER & FLATHER 737 15th St. N.W. 37 | —— _ = 7 Established 1857 A DAVID J. HOWELL & SON, % Engineers, Union Trust bldg. 41| Town pl deselopment of suburban properties 1 {and pa ntion, 3| win hetp vou bur §7. Ling securities, pasiog & [ statiments. {or on conservative margin. 15 SCOTT & STUMP Investors and This book—sent on reques t—eplain: The General Rules of Trading—The Rights of Stock and Bond Holders —The Deposit Require- ments for Carrying Stocks—How to Give a Broker Instructions— Broker's Commission Charges—How to In- dorse a Stock Certificate ments. Oall —phone-write for No. UU-425, Muke our Board Room your market headquarters r call ux on the telephone. Tell us the active New York Curb Market stock in which you are interested and let us keep you posted. NPT —————— BALTIMORE Telephone St. Paul 8451 Direct Private Wires o | Ladies’ % Dept. ‘ I Trust | Dept. Safe - o Peter Perkine was not a brilliant 10 years be accumui: ving and investin Phonth: it Tre know tow Brdidie. sk Torn FR BGeting Ahen exceptiunaily good tme he Perer Perl Low berter why when you read the Book. KRI N » lle St CHICAGO IICT"S I“:. o ed by Prevattug imterest and comm! geemh LW eller $20/Weh 1 Invest Now COTTONSEED OIL QUIET. 14—Cottonseed | b prices hoiding DILLON 355 CO. Leading deliverie higher to 2 net lower Prime crude 32 Broadway New York T61; 79 REAL ESTATE NOTES The Average Investor & | Conservative Valuations vestor a concrete picture of what ix behind it. Our First Mortgage Notes ure proved real estate purc Citizens of the District for . 3 2 HOMES. Let us xhow sou the formation regarding this wecurh 303 N - of all Investments—the Invent- plan. which we will be ment for thoxe who cannot af- " ford to loxe. . Reports on and economical | atx. Water works and seweruge | %! Our 20-Payment Plan h-grade dividend-pa: n smali monthiy Wm. S. Phillips | 1409 New York Ave. N.W. Real Estate Build An Income With Your Savings et. We also buy for cash 9,'_2"-_1‘ Exchanze Bldg., Philadelphin FINANCIAL. 29 LIBERTY BONDS We Also Le l Liberty Bond Exchange a4 14tk St N.W. practical idea. Tn ed $25 per Safety, Stability, High Return e e Over 24,000 Holders of Record Cities Service -Company Cumulative Preferred Stock To Return 83,9 rvice Company in Tascinating story. EBEL & CO. Inrvestment Bankers urst Desd of Trust on Itisplainthatetocksand bords areathe bottore: Ingustry has turned the cortier’. The stack market is beinning to dis. count prosperiry. (It is not likely stocks will jbr: 25 ¢heap for years— if ever dgain. more than 43 times amplote details on request Inventment Sceurities 510-]11 Evans Building Washington, D. €, Maln G189 Under our plan tyou pay a small amount down and the balance over a period of 20 months. It is The Thrift Way To Invest Let us tell you about U. S. Rubber __ ields 10% American Weolen elds 9% Chandler Motors Yields 11% Ask for 27-W STOCKS—BONDS | Partial Payment Plan It is now possible for you Likes to mee hin to buy and pay for Saul he first ecurity. ~ . mortzage in aboue (1| First Mortgages in the h v - ! % 0 T it | same manner as you did et o Thlch e liberty bonds during the war, We have prepared a Washington im- ed b e 5 . ased by booklet giving detailed in- behind this, the xafest pleased to mail to you upon request. B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. Write for Descriptive Booklet K and List Investments Traders Guide Kelly-Springfield Tire Company —How to Group Invest- [T PSR S N JONES & BAKER Members of the New York Carb Market 433 FQUITABLE BUILDING Offices in 8 Principal Citles Are you utilizing your idle funds to best advantage? Remember that Safety, Marketability and Income are the test of bond investment. ‘We believe the following issues, yielding about 8%, meet these requirements and provide opportunities for the investment of your surplus funds in safe and con- servative securities: B Due Price Yield 8% Sinking Fund Gold Notes..........1931 99, 8.05% Porto Rican-American Tobacco Co. 87% Godd Bonds. ....................1931 100 8.00% Southwestern Bell Telephone Co. . 7% Coavertible Gold Notes. ..........1925 961, 8.05% Mexican Petroleam Company 8% Sinking Fund Convertible Gold Bonds 1936 98!, 8.15% Milwaukee Electric Railway & Light Co. 7Y2% Refunding & First Mortgage Bonds 1941 96 8.00% Descriptive circulars on request Crane, Parris & Company Investment Bankers 823 Fifteenth Street Established 1883 until 5:30 P.M. Tomorrow .|| Those Who Demand Safety —for their funds, first of all, will Small do well to weigh the fact that the Checking Metropolitan has successfully with- stood the financial storms and strain of Over a Century. 3% € Become a thrift partner of Wash- Open Afcounts Invited %) Deposit ington’s OLDEST National Bank Paid on W | Boxes THIS PAY DAY. Savings 5% Sl One Dollar identifies you with Our Savings Dept. U | OFFICERS : DIRECTORS 1 | | GEORGE W. WHITE ...President %‘u"mm‘ T. BRICE .’Yog lfln'glfl‘?:l I 0. H. P. JOHNSO ..Vice Pres. ~ FREDERICK De 0. FAUST HUGH REILLY A. A. HOEHLING, Trust Officer, Tous 5. HENDERSON TRANK B OREESIOE" il C. F. JACOBSEN .Cashier A. A. HOEHLING, Jr. ‘WM. H, BAUNDERS 1 J. GALES MOORE. Auditor omA ARLE :’o‘x‘:’upsoml EERSERT T SHAMNON CHAS. ¥. BRIGHT...... - Coalites RUDOLPH EAUFFMANN OHAS. 6. Ir. ALBE H. BEDFORD. .Asst. Cashier Dr. J. THOS. KELLEY, Jr. WALTER %‘ . C. LOUIS ECKLOFF... .Asst. Cashier A. LISNER W. A. WIMSATT C. F. R. OGILBY.. Asst. Trust Officer TOWNEY A. McKEE GEO, W. WHITE Open at 8:30 A.M. Every Business Day ~ National Metropolitan Bank Cafital, Surflus and Undivided Profits Over $1.500,000 15th St., Opposite U. S. Treasury—107 Years Old ] b g BOUGHT AND SOLD FOR CASH on Liberty Bond V further extablished jtself 1 the petroleum. gas rdusiries. Progress Auring the pas in annual report dividend requirements i THOS. W. BRAHANY & CO. Abont