Evening Star Newspaper, October 6, 1921, Page 29

“ LOGAL BONDS ARE | NE¥_YORK. STOCK EXCHANGE () ¢ ARF RAIDE]; ~ 4 3 FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., THURSDAY, OCTOBER 6, 1921. FINANCIAL. By INGOOD REQUEST “Foreign Trade -Financing Paramount”—Predicts Great Future for U. S. BY L A. FLEMING./ ‘Business was a little better on the local stock exchange, strength being shown in Washington Gas 71 per cent notes, with sales of quotation lots at 1021, and $100 notes at 103. Capital Traction 5s were strong at 87%. The sale recorded yes- terday at 87% was reported on the exchange sales record as an error. Capital Traction shares firm at 863, with some small lots at $6%. Lanston Monotype sold at 72%, a distinct strengthening. A sale of Commercial National Bank shares was recorded at 167%. Dividend Declared. The one hundred and seventeenth regular quarterly dividend of the Washington Loan and_ Trust Com- pany, 21% per cent, has been declared and will be payable November 1 to shareholders of record October 22. Forelgn Trade Financing. John McHugh, chairman of the com- merce and marine commission of the American Bankers' Assoclation, de- lared this morning at th A convention that “the subject ign trade financing has continued paramount “The facts of the long before bankers” he continued. “business men and producers as well s weneral investors of the country. Adequate financial machinery to provide on a sound for long term credits to_enhancéPermanently our foreign trade, can be established when a sufficient number of bankers, husiness mon, producers and fin- vestors appreciate these facts to a point of acting practically en them and when, and only when. the American public comes to & full vealization of the very important and helpful influence on our domestic se have been conditions and values which proper investment in forcign securities will bring to bear. Readjustment After War. This waas the subject of an address delivered today before the A. B. A. convention at Los Angeles by Alex- wnder D. Noyes, financial editor of the New York Times. Noyes admits that there is time in the record of the past “when the currency of so many pow- erful nations has been simultaneously so far depreciated in terms of sold, 4nd never in history has the problem of restoration of national credlt, re- mption of gold payments and the bringing of international credit to a 1 basis been apparently so im- possibie of solution. But he draws encouragement from the manner in which Great Britain met her obligations following the in- rease in the debt of the nation from £50,000,000 to £800.000,000 after Water- 0o, and the resumption of specie pay- ment by the United States after the «civil war, when the total federal rev- enue before the war was but one- third of the requitements for interest alone after the war. He furthermore cited the fact that F ce was declared to be economic- ‘ly ruined, three times within two centuries, doomed to pay heavy in- Jemnities and to lose part of her ter- itory<but she is still far from ruin- ~d after a most disastrous wa “My point that if, in the of Great Pritain and the United States, each destined to a future ca- reer of unexampled financial prestige, the mere preliminaries of economic recovery from a great war were de- layed for seven and fourteen years fter peace had been declared, may it not be that we are unreasonable in our despair at the absence of a pectacular recovery from a far reater war within three years after the termination of hostilities? Bank for Chevy Chase. At a meeting of representative citi- zer f Chevy Chase held at the Elizabeth V. ‘Brown Public Sehool Monday evening, plans were perfected tor the establishment of a savl pank in Chevy Chase, D. C. ‘The bank will be located in the new building, just approaching com- pletlon. at the southwest corner of Connecticut avenue and McKinley street. The institution will have a apital of $50,000, divided into 1,000 hares of the par value of $50. tock will be sold at $60.00 a share in order to establish a surplus of $10,000 with which to commence business. It-1s the purpose of the promoters of the enterprise to make the bank a dainmunity affair, and to this end seaddt subscriptions to stock will be in order that the stock widely held in the communi- At the meeting Monday evening a comtiderable pirt of the capital was sabseribed and it is expected that the T der of the stock will be quick- 19 %Aubscribed by residents of Chevy Ch3se, who are evincing great in- téest in the establishment of a bank in #hat part of the District. »i¥hen fally organized it is expected tha® the bank will have a large board of 9 directors, composed entirely of Ch#vy Chase. citizens from both the land and District sides. *Emong those interested in_the for- tion of the bank are Fred W. %ken:la. Paul Sleman, William J. MoNally, Edward L. Stock, Frederic E.-“Farrington, H. Edward Jones Menald D. Simpson, Frank Simpson, C. | B. ‘Penney, Horace E. Troth, jr. L. ¢, Van Fossen, Hrederick Hatcher, Gertrude Hatcher, ney N. Hatcher, Blanche F. Hatcher, John M. Williams, Levi T. Johes, W. M. Imlay, Jos. A. Burkart, Thomas W. Perry, Fred S. Lincoln, Truman Abbe, J. Ezra Troth, Robert H. Simpson, E. J. Murphy, D. V. Jones, King, A. B. Leet and Clarence F. Waters. € Would Go Further. Members of the House District com- mittee expressed themselves as favor- able to the fight for the enactment of the bill for the prevention of fraud with respect to securities offered in the Dis- trict of Columbia. One of the members, of the committee asked if a measure could not be introduced that *“would stop the issuance of bonds on a build- ing and site for a greater amount than the cost of site and structure.” The members of the committee evi- denced their intention to give support of anything that would give real pro- tection to the investing public. Charles H. Sabin Retires. W. C. Potter, late chairman of the board of directors of the Guaranty Trust Compan: now changes places ith Charles H. Sabin, becoming presi- ent, while Mr. Sabin becomes chair- man of the board. Edward Stettinius and George Whitney of J. P. Morgan & Co. have been chosen as directors of the Guaranty Trust Company. Easfer Money. Bankers are looking for an easier money market and a continuation of the demand for bonds at higher prices. Every drop in discount rates has been quickly reflected in the in- | vestment market. Bond houses now find that municipal issues are espe- cially favored, while the better earn- ings of utility companies is helping these issues. The federal reserve bank of Phila- delphia has reduced its discount rate on all maturities to 5 per cent, get- ty}ngk in line with Boston and New ork. ‘The Mark in the United States. In a severe criticism of the finan-! cial policy of Germany, the Wall Street Journal says: “The transactions by which marks have been traded for dollars have passed through several phases. In the first stages of the game much actual paper left Germany and passed into the hands of bankers in the countries not engaged In the great war, where marks_ were speculated in at the close of the war and prior to Germany's post-war _inflation. Shrewd Amsterdam investors who were caught began over eighteen months ago to see into the motives of the Berlin inflationists, and wrote Off their losses, selling marks at what they could get, or throwing especiaf| g8 G. F. Mikkelson, R.! f . § Adams Express. Allied Chem pf. Allis Chalmers. ... 3% Am Agr Chem. Am Car & Fdy pf.. 110 Am Chicle Co. Am Cotton Ofl. Am Druggists. sEnzzzagegsf E & Am International. Am Linseed Am Radiator. Am Tobacco. . Am Tobacco (B).. 122 Am Wa Wo 7% pt. Am Woolen Am Zinc & Lead. Anaconda. . Assets Realzn, Asso Dry Goods. Asso Dry G 1st pf. Asso Dry G 2d pf Associated Ofl. Atlantic Cst Line. Atlantic Fruit Co. Atlantic Gulf.... Atlantic Gulf p! Atlantic Petrol Baldwin Coco. Balto & Ohio. Balto & Ohio pf. Barrsdall (B) Beth Steel (B). Beth Steel 8% pf. Bklyn Rapid Trn Burns Bros.... Butte Copper. Butte & Super! Caddo Oil. California Pckg California Petrol. 37% California Pete pf. 76 Canadian Pacific. . 118 Cause Plow Works. 4 | Central Leather. .. 27% i Central Leather pf 63 Cerro de Pasco. 29 Chandler Motor. Ches & Ohjo. . Chi Great Westn. . Chi Mil & St Paul. Chi Mil & St P pf. Chi & Northwn. Chi & Northwn pf. 10.3% ChiR 1 & Pacific.. 33 ChiRI&P 6%pf.. 61% Chile Copper. Chino Copper. Cluett Peabody Coca-Cola Colo Fuel. Colo & Southn 1st. Columbia Gas. Columbia Graph. . Columbia Grph pf. 14 Cons Gas of N Y. Cons Intl Cal Min. 4% Cons Textile...... 17 Cont Can. Corn Products. Corn Products pf. Cosden & Co Crucible Steel Cuban-Am Sugar. Cuba Cane Sugar Cuba Cane Su pf. Deere & Co. . Del Lack & Wstn, Elk Horn Coal. 18 Endicott-Johnson. 64 1% 0% 6% Famous Players. ... 56 Famous Players pt 79 Fisher Body of O pf. 61% Fisk Rubber. 10% Freeport Texas | Gen Asphalt. Gen Cigar. Gen Electric { Gen Motors. | Gen Motors pf Gen Mot 7% deb i Goodrich { Great No Great Nor Ore | Guantanamo Sug { Gulf States Steel. | Haskell & Barker. | Houston OI1 Hupp Motors. Illinois Central { Indishoma. { Inspiration. { Interboro Me | Interboro Met pt. Intl Agr Chem. Intl Agrl Chem pf. | Intl Harvester.... 17 { Intl Mer Marine, | Intl Mer Marine pt Intl Motor Truck Int} Track 1st pf. Int] Nickel. Intl Nickel p! | Intl Paper. | Intl Paper (sta). | Invincible Ofl.. | Island Ol Jewel Te: | Jewel Tea pf. Jones Tea. % Kansas City Sou. . ! Kennecot! Keystone Tire. Kresge (88). i Lackawanna Steel Lee Tire & Rubber Manhattan Elev.. (Market StRy..... Market St Ry 2d pf | Mo Kan & Tex pf. ! Mo Pacific. ..eeeee Mo Pacific pf. : Montgomery Ward 18 | Natl Biscuit pf. .. . 110% Natl Enameling NatlLead. ... Natl Rys of M ada Copper. iNew Or Tex & M. . IN Y Air Brake. {N ¥ Dock. .. {NYNH& Hart NYOnt& West. | North America. North America pf. Northern Pacific. . Oklahoma Prod. | Pan-Am Pete. ... | Pan-Am Pete (B). , Pennsylvani; — e e them, figuratively speaking, at least, into the waste basket. When buying began in the United States at the time marks were selling for a nickel apiece, much paper pass. ed into the hands of American indi- viduals and dealers. At a later period the paper was held by the German banks for the account of American purchasers. A shift in German policy was indi- cated a few months ago, when Ger- many began shipping great quanti- ties of paper money in connection with dollar credits. This movement was accompanied by a new mark buy- ing wave. At the time marks dropped below the point where they were 100 to the dollar, sales in New York had grown to enormous proportions, one concern alone admitting a business of $5,- 000,000 in one week. There is good opinion that nothing can save the mark from falling to point that will result in its losing its exchange value. Interested rs ‘wonder what the rgsult will be, | Open. High. Low. Olose. Penn Seabd Steel.. % 9% 9% G 1% 61% 61 . WU 204 Pere Mrq prior pf. Phila Company. Phillips Petroleum 9% 33 19% 8 8 0% 9% ”n% % . .- % 10 S % % 2% o 2% &% % 18% 'HK( 3% “a% 2% 5% Pressed Steel Car. Pullman Co. . 954 Punta Alegre Sug. Pure Oi1. . Railway 8t1 Spr. Reading 2d pf. . Remington Type.. Rep Iron & Steel. . Rep Iron & Stlpf.. Rep Motor Truck. Santa Cectlia Sug. Savage Arms. Seneca Copper.... .1 Shell Trad & Tran. .. 20 Southern Paciffc... Southern Raflway. Southern Ry pf. Studebaker. Submarine Boat Superior Ol1. Tenn Copper. Texas Company. Texas & Pacific... 2 Texss & PC&OIl. Third Averue. . Tobacco Prod. Tol St L & Westn.. TolStL& W pt... Trans Contl Of1 19 United Retail Strs. 5% US Cast Ir Pipe... W4 U8 Food Prod.... 12% U S Indus Alcohol. 44 US Realty. . 2% U S Rubber. .. 48 U S Rubber 1st pf. % USSmelt & Ref.., 84 U 8 Steel. . W% U 8 Steel pf. « 110% Utah Copper. 51% Vanadium Corp... 30% Va-Car Chem. . % ValronCoal&C.. 77 Vivadou. Western Md 2d. Western Pacific. Western Pacpf... 62% Westhouse E & M. 44 Wheeling & LE... 8 Wheeling & LE pf 4% White Ofl. . 10 Willys-Overland.. 5% 26 26 14% 62% 624 " TH High. Low, Last. Call Money...... &% 4% 4% HOURLY SALES OF STOCKS, 1lam.. 152900 12m. 269 700 ipm.. 342 100 2p.m.... 419 100 LIBERTY BONDS AT NEW HIGH PRICES NEW YORK. October 6.—Dealings in liberty bonds overshadowed every- thing in the bond market today.” This group had the most important ad- vance of any day £o far. The fourth 4138 got to 92 and the others likewise made_new highs for the vear. Vie- torys” were not changed. A single block of $1,000,000 Victory 4%s ll] 99.40 was an incident of note. Foreign governments were gen-| erally steady. The French govern- ! ment issues, both the 85 and the 7%s, remained at their levels yesterday. | 26 1% Worthington ) Wright Aero... % New high prices for the year wArel ! reached by Missouri, Kansas & Texas 4s at 66, and Rock Island refunding ! in the railway section. ! Advances in this made also i Mountain, River ! sot to 7215, and ! 13 @ point | bonds, . were almost a to 83, Erooklyn hought at a rise of % point on the day and 2 new high for the year. The Manhattan refunding 58 at 70% equaled their top price. There was pronounced activity in International Mercantile Marine 6s, which reached 83%. Cerro de Pasco 8s ‘I'::I;e ltfl:’ngol“! 111, thti:'r ;op for the year, an uesne United States | 1) 1 recovery. Further strength was dia- played ‘in’ American Telephone and Telegraph 5s, which advanced slight- ly. A gain of one-half point was also made in the Pacific Gas 5s at 823. In view of the weakness in Minne- apolis and St Louls stocks, a sale of the 5 per cent refunding and exten- | sion bonds at 39 was a matter of in- terest. These bonds sold as high as 41 last week and today's price was a new low record. New Haven issues Were weak, the debenture 6s off one. E‘e‘s?fl?o‘m& and the New York, West an ostons wi of their ‘extreme fow, " " & Point S—tee SUMATRA PASSES DIVIDEND. NEW YORK, October 6.—American Sumatra directors decided to omit the quarterly dividend on the common stock, due at this time. The company has been paying quarterly dividends of $2 a share on the common stock since last May. prior to whicl the rate was $2.50 a share quahrt:‘rrlnya. In 1919 and 1920 10 per cent was paid on the, common shares. . In 1918 the u:]tfl.]xudlv:defll was 8% ‘per cent, in a lon to p fadition to 15 per cent in stock, paid — FOREIGN EXCHANGE. NEW YORK, October 6 —Ft exchange {rregular. Great l;rrft‘a%: demanded 3.77% ; cables, 3.77% ; sixty- day calls on banks, 3.74; Prance de- manded, 7.23; cables, 7.23%: Italy de- manded, 4.02; cables, 4.023: Belgian demanded. 7.12: cables, 7.15%; Gere many demanded, 82; cables, land demanded, 334 lorway demanded, 12.00; Swed manded. 22.65: Denmark dem..:dde:l .66; Switzeriand demanded, 17.67. Spain demanded, 13.10; Greece da. manded, i30; Argesllnn demanded, .87; Brazil de: : < e 'manded, 13.25; Mon- _— OFFICIAL NOTICES. OFFICE OF THE SUPERINTENDI licenses, District of Columblia, leINlE‘gfl.: D. C., October 8, 1921. Notice is here hat on the THIETY-FI 34 1821, all of the following license aries, auctioneers, auto- public parks, livery stables, Faunaricn, Hind 'ae o Joan brokers, railroad rant and eatl TOBACGO WEAK BY STUART P. WEST. NEW YORK, October 6.—The only difference between today's stock mar- ket and that of yesterday was that, while the general list in both cases went lower, there were today a larger number of stocks developing positive weakness. For the most part this weakness was to be accounted for on special grounds, that ls, by reasons relating to individual properties rather than to the situation as a whole. Thus, there is no doubt that the delay in giving out anything official concerning the recent conference be- tween the American oil representa- tives and officials of the Mexican 4| government has made an exceedingly bad impression. It has raised the suspicion that the agreement. whatever it may have been, on the question of the export tax on ofl has not met with the ap- proval of the ones in authority, and consaquently the whole matter of a settlement is up in the air. Peraistent selling of Amerfcan Pe- troleum, Pan-American and Royal Dutch was the feature of the market. Tobacco Weak. Next to these indications that some- thing was wrong with the Mexican ofl situation, the incidents which counted most against the market was the break in the tobacco shares. Here again the explanation was of an entirely specific sort. American Sumatra fell, in response to the pass- ing of the dividend, which came as a surprise to many, although it was 9% | clearly enough foreshadowed by the heavy loss reported in the company's operations during the second half year. Retail Stcres was sold because of doubt regarding the maintenance of the present dividend, and Tobacco Products because of disappointment that nothing has come of the “deal” stories which accompanied the ad- vance in the stock a month ago. Tobacco Products. Tobacco Products went up from around 55 as high as 72 on the strength of a story that some myste- FOR SALE 90 sharex Citizens’ Savings Ban| Stock. Address Dox 311-A, Star LOANS ON LIBERTY BONDS Bonds bought and Sold. ., Registered or Coupon. Liberty Bond Exchange 604 14th St. N.W. The Investment That Has Earned PRESTIGE FIRST TRUST NOTES Convenience In denominations of $100, $250, 3500, $1,000 LOAN DEPT. SHANNON & LUCHS =Ll 713 14th St. 2345 1 EQUITABLE Co-Operative Building Association Organisea 1879 41ST YEAR COMPLETED Asnetn Surplus . Systematic Saving Leads to Big Results —Make up tahle an the war to Subscriptions for the 81st lssue of Stock Being Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Presideat FRANK P. REESIDE. EERELERETN7EAEIRRMAALTTRSNIZARENARRRRRARIN, rious developments were impending which would make the stock much more valuable. One of the hints thrown out was that a deal was on foot for a closer union with American ‘Tobacco. Time went by and still the rumors failed to materialize. Tobacco Products had oneers in the September advance. It Wwas at its top when the general mar- ket became so strong, and what ap- parently happened was that Tobacco Products was quietly unloaded under cover of the buying movement olse. where. Of course, the “deal” was off. It could be reserved for another o casion. For this time rumor ;erved the purpose quite as well as act. . The Short Interest. Those who usually make it a point to try and keep tabs on the short in- terest were of the opinion today that the bear party had increased its fol-| g lowing during the last two weeks. There is only one stock on the 1 ho®ever, which is loaning at a pre- mium, and this is American Sugar. DIVIDENDS DECLARED. Stock of Record. n Grain and Feed Corp Pay- able. Ameri 1% p ept. 15 Oct. Arsocluted Dry’ Goods Co, a, 1 L0ct. 15 Associated “Dry Goods Co 1nt pf, q, $1.50 3 e Amer ¢ Federal Sugar Ref Federal Rugar Htef igar ¢ 1. Homestake Mining Co Ingersoll Raud Co, q. $2.50 Pere Marguette Hailwa. . q United Nov. 25 LIBERTY BOND NOON PRICES. NEW YORK, October 6.—Liberty bonds at noon: 3lzs, 88.60; first 4s, 91.10 bid: second d4s, 90.90 bid; first %s, 91.70; second 4%s, 91.42;; third 4345, 94.78; fourth 43s, 92.00; victory, .38; victory 4%s, $9.38. Why 3% when & your money will earn 7% for you and you will en- joy Bank Safet. Invest your sav- ings in our First Mortgage Notes and sccure only the safest form of invest- ment, but the most profitable as well. In denominations of $100 and up. E H = = CRLECD not Cal, Phone or Write for Our Booklet “Owning an Income” William S. Phillips First Mortgage Investments 1409 N. Y. Ave. Main 98 “The Partial Payment House” Buy Bonds At Once In seversl recent letters to clients, our Bo & ke ad- vantage of the opporfunity to invest safely in good bunds ylelding a high interest re- tarn. A rapid advance in bond prices hax come about even sooner than we expected, thus decreasing the income yield. As we believe tie rise in bonds will con- tinue, we advise you to buy at once—out- right’ for cash, on protective margins, or under our Vartisl Payment Plan. Tpon request, we will be glad to submit & list of bonds which we recommend. Smith, Lockhart& Co. ESTABLISHED 1911 Continental Bldg, Baltimore, Md. Members Baltimore Stock Exchange “Safety, Convenience, Profit” “The Future Holds | Nothing but Dark Apprehensions” —and all because I have always thought that to get rich I must earn big :;l‘mny. ever stopped r:n i h: that '¢ more & man earns the more usu- ally spends. | never hesitated a moment to consider the future. | never realized that & small amount invested at regular intervals was the only sure way to finan- lependence Kriebel's Gial T il age. book, Getting Ahead.” telis all this more. an'nwmixviuhg nd 5 sent you free of charge. » KRIEBEL & CO. Investment Securities 137 South La Salle St, Chicago Kanses Clty Indionepelis Milwsches Rookierd Anglo-As 3 .. 18 Bofe Beryiaues. Ob..orre s 83 been one of the pi-|G OIL STOCKS. Quotations farnished by W. B. Hibbs & Os. Prices at noon B . 80 145 . 108 26 =1 i FEEE PETEPEEL —without the loss of a single penny in either principal or interest is only one of the many reasons for investors to buy good 7 Gilt-Edge First Mortgage Loans No_Investment Bstter, Few As Goed. end for full details.” Certi- fled titles and Insurance pol- icies furnished with notes. Conservative, courteous con- sideration to all our clients. Notes from $250 up to $10,000 Now on Hand Chas. D. Sager Loun Dept. M 36 023 15th Over a Quarter of a Century Experience —your rental property will be given close supervision by our own organization, which has specialized in this business for over a quarter of a century. During this time we have improved our methods con- stantly as a result of experi- ence obtained, and we offer this zxfierieuce to you at no additional cost when we man- age your rental property. B. F. SAUL CO. Property Management 934 N. Y. Ave. N.W. Are you aware of the tremendous assets behind many securities traded on New York Curb Market 2 A remarksble 40-page book published by New York Curb Market gives partial list of companies whose combined assets run into billions of dollars — and & great deal of other useful in- formation for traders. ‘WE will give a copy without obligation Ask for UU499 JonEs & Baker Members New York Curb Market Direct Private erre‘ New York Chicage Boston Pituburgh Detrot Balumore Cle 'YOU Can Demand Protection Even all First Mortgages can not be bought and put away without a certain amount of vigilance and care necessary on your part. But in these days it is your right and privilege to demand pro- tection from the house through which you pur- chase them. A good ‘honm will give you this.' This company is ready to back its judgment, because the caution and experfence we exert in the #election of the mortgages we sell. is the same as ing them for -ourselves. ‘m:ornymnmtmhum vindicated. Swartzell Rheem&Hensey it we were Buy- Co. 727 15 Street NW. Asked. En!i FOREIGN EXCHANGE. Belling checks—Dollar values at noon today: Budapest 16 Warsaw " Copenhagen Chriatianis .37 Money to Loan; Becured by first deed of triwt eu resl entsfe, Premailiag interest s34 oomil ncien. Joseph 1. Weller 4%, Web. L & Trort Stockholm . Amsterdam GUARANTY PICKS OFFICERS. NEW YORK, October §.—W. C. Pot- ter was elected president of the Guar- Company Mr. chosen chairman of the board. ward R. Stettinus and George Whit- ney, both of J. P. Morgan & Co., were | anty Trust Charles H. Sabin. elected directors. Byl 39 Paid n Savings Bought, Sold, Quoted ° THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building i ngton, 1. C. 6189 to succeed bin was Ed- | Organized in 1814 »—The Metropolitan Bank has played a conspicuous role in the upbuilding of District business, and expects to be as useful to coming generations. We want to serve you if you want to grow and want to help make your city grow. Open an account with Wash- ington’s OLDEST Bank now. National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,500,000 15th St., Opposite U. S. Treasury—107 Years Old at The New Safe Deposit Boxes Ready October 31st Make Your Reservations They will give us another opportunity to render you a real service in the protection of your valu- ables at a minimum cost. range from $2.50 per year up, according to size. The Second National Bank “The Bank of Utmost Service” 509 Seventh Street N.W. an EARLY DATE The box rentals will Call, ‘Phone or Rrite for it Will it be like the “Flying Dutchman.” the phantom ship of legend which appeared to many men on many seas. but never reached port— Or like the modern liner carrying its cargo to be delivered at the appointed time and place without failure or delay? If your funds are invested in our well se- lected First Mortgages on Washington Homes paying 7% interest, your ship will come in when you expect it. Ask for descriptive booklet “A” its FREE. William S. Phillips First Mortgage Investments 1409 New York Ave. Main 98 Capital, $250,000.00 ALBERT F. FOX BENJ. W. GUY... Joshus W, Curr W. Clarence Duvall Joba J. Edson L. Whiting Estes One of the many Open at 8: Columbia National Bank CHAS. B. BAILEY. CLARENCE CORSON. A. N. MITCHELL...Asst. Cai DIRECTORS: ©. Fenton Fadeley D. J. Ksufman Jas. A. Messer Theo. W. Noyes Chas. W. Bay B. Francis Saul John N. Swartzell You can open a 3 ¢7 Compound Interest Paid- on Savings. othh convenient Bank with as little as 30 AM. Every Banking Day Surplus, $250,000.00 911 F Street Banking Service That Meets Business Men’s Requirements OFFICERS: 1 Our location is especially handy, but it’s not conven- ience so much as good service that causes busi- ness men to favor this bank. T We offer every facility for prompt financial trans- actions. 1 Our officers invite you to bring your needs to their attention. .President Vice-Pre .Cashler ier Savings Account at TAX FREE attractive features of our present First Mortgage offerings is the TAX-FREE covenant, relieving the investor of the normal federal income tax and the D. C. intangible tax. Every ‘requirement of the careful investor is met by our standard of safety. Through our system of safe- guards we have made possible our record of forty-eight years without loss to a single investor. 5 Our Safeguarded First Mortgages ‘merit your investigation. Safety and prompt pay- ment of principal and interest when due are assured. H. SMITH COMPANY Founded 1878 T 815 Fifteenth Street