Evening Star Newspaper, February 11, 1922, Page 17

! 1. RESERVE RATIO - SHOWS A DECLINE Now Stands at 76.1 Per Cent, Compared With 76.2 : a Week Ago. Due to an increase in deposit lia- Lilities, combined reserve ratio fm'l the federal reserve system declined 01 of a point during the past week, and now stands at 76.1 per cent, as compared with 76.2 pcr cent a week ago and 49.6 per cent a year ago. There w a further gain of $9,800,000 in gold, bringing the total now held to $2,921,352,000, or a gain of $799,374,000 compared with a year ago. Total bills on hand decreased about $10,000,000 and amount to $917,714.000. Decrease was exclusively in commer- cial paper discoynted. Bills bought in open market and bills secured b)’( government obligations both in- .creased slightly. _ Commercial bills now amount to $461,553,000, which compares with 3$1,393,839.000 a year ago. In other ‘words, commercial loans held amount of to about one-third of the commer- cial bills held a year ago. For the second week federal re- merve bapks increased their invest- ments in government paper. For the week under review the increase amounted to $36,684,000. Deposit Increase. Increase of $18,000.000 in deposits brings the present total up to $1.858, 496,000. This is an increase of $44,- 000,000, compared with a year ago. Federal reserve notes in actual cir- culation ' amont to 66.179.000, which compares with $2,178,053,000 a week ago and $3,050.416:00 a year ago. At the peak there were $3,404, 931,000 of these notes in circulation. From this figure there has been a shrinkage, therefore, of $1.2 Pinces Loan on Terminal. The Washington, Baitimore and Annapolis Electrioc Railroad Com- pany has pledged its Washington , terminal, including real estate, build- ings and trackage rights, under the indenture securing the company’s first mortgage 5 per cent bonds, ac- cording to an announcement. These properties, which eost the company in the neighborhood of $640,000, have heretofore been free of the first mortgage lein. It is pointed - out that this places the company in a pesition to issue ard withdraw at its discretion, $1,000 par value of first mortgage bonds for each $1,200 oxpended to date upon the terminal. Preliminary figures on last year's earnings of the company show net income after operating expenses and taxes of $790,499, as compared with $636,622 the previous year, an in- crease of about 24 per cent. After fixed charges, amortization and miscellaneous expenses there re- mained a balance of $230.530, as com- pared with $236,629 in 1920. Forum Dinner Success. As each of the forum dinners, recently fnaugurated by the Washington Chap- ter, American Institute of Banking, is held, the more apparent are their suc- cess. At the last one held Thursday at the Madrillon, William Clabaugh, cer- tifled public accountant, was kept busy answering questions from the bankers, and at the finish of his address, which was on “The 1921 Income Tax Law as Applied to Individuals,” he was roundly congratulated by all present. Made Cashier. Charles V. Etzler, recelving teller_at the Metropolitan National Bank, has been elected cashier of the Anacostia Savings Bank, and will assume his new duties at once. Bankers’ Association Meeting. Directors of all member banks are ‘being invited to_attend the special meeting of the District of Celumbia Bankers Association next Friday night at the Cosmos Club. In addition to the address by Eliot H. Goodwin, resident vice president of the United States Chamber of Commerce, there will be an of an address made by Francis at the association conven- ting Department tion on for a Modern Bank.” k Personal. R. Golden Donaldson, president of the Commercial National Bank, as gone on his usual winter vacation to Phoenix, Ariz. Ezra Gould, president of the Washing- ton Mechanics Savings Bank, re- turned to the city, after a tion spent at Palm Beach, Fla. Phipps Heads Forgery Department. Robert T. Phipps has been appointed manager of the check alteration-forgery department of the Maryland Casualty Company, according to a Baltimore an- nouncement yesterday. - Mr. Phipps has had wide experience in tais line of work, being for two years ew England representative of the Globe Indemnity Company in the same department. COTTON MARKET’S TREND WAS UPWARD THIS WEEK NEW YORK, February 11.—The gen- eral trend of the cotton market was upward this week and at one time prices showed advance of about $4.00 to $7.00 per bale. Western interests figured largely in the buying at the high levels of the week, inspired part- 1y by the strength of the grain mar- Kets. There was also a good deal of Wall street buying and support from the south, the latter based on indica- tions of a better spot demand in some sections. Although the full advance was not sustained and the market be- came somewhat irregular late in the week under profit-taking influenced by less favorable political news from Ireland and India,’sentiment remain- ed more bullish than otherwise. There was a tendency on the later reactions from top to buy new crop positions on accournt of the reports about a probable lighter use of fer- tilizer this season and the threat of extensive boll weevil damage which gave the impression that unless the season’s weather should be better than normal, another amall copy may be expected. As the world’s carry- over of American at the end of the season is likely to be only half of that at the beginning of the present season, and that similar partial ex- haustion may be observed in India, Egypt and Chiha as well, advocate of higher prices pointed out that another small crop might spell disaster. Aside from the disquieting foreign news, one of the most bearish in- fluences of the week was the dull- ness reported in local cotton goods centers and the gloomy outlook for any immediate revival of business, ac- cording to the views of some of the larger goods merchants. —_— REVIEW OF TRADE. NEW YORK, february 11.—Dun's review of. trade says: 7 “The movement toward better busi- ness cogtinues, but it is still slow 2nd uneven. and encounters various obstacles. Efforts to reduce produc- tion costs through adjustments of wages and working hours meet with yresistance in some quarters, and labor | P! troubles at certain points have further restricted the public consum- ing power., Results of retail distri- bution disclose the. ififluence of econ- omy and discrimination in purchas- ing and the effect of variable weather, ‘while dgmands in different primary channels' reveal an unmistakable undercurrent’ of hesitation and cau- tion. The gains which appear, how- ever, are of a wholesome character, it moderate, and the improved posi- tion of the steel iridystry is especially encouraging. . “At prices much below the previous highest levels, some buyers who had deferred commitments. as far as pos- sible during the period of deflation are now more disposed to operate, and the trend is steadily In the direc- tion of increased outputs at some Il.ll'-lwul’lfi.nrhgn .k.n‘l’"'l!)lmon(lfi = eekly clearings, 713, $29,000." : 4 FINANCIAL. S LS 0 O _ THE EVENING STAR, WASHINGTON Received by Private Wire Direct to The Star Office. Open. High. Low. Close, " . Open. High. Low. Close. Adams Express... 58 61 8 61 |Royal Dutch. 6 60% 80 60 1 Alr Reduction §1% B1% 6% B1%|StJosephLead.... 4 14 1% 13% Ajax Rubber. 16% 164 18 16 [StL&SanFran... 2% - 23% 2% 2% Allied Chernicai... 68% 68% 88 88 IStL&SanFrpf.. 4% 4% 41 41 Allied Chemical pf 193% 103% 108% xm‘s StLouisSouthwrn. 25 25 25 25 Allls Chalmers. u‘!: ‘t:% s“: < W% W% W% 8% T Am AgrChem.,.. 8 e ) N s AmBeersugar, .. w4 W % W 2 = 2w 24 Adjustment of Foreign Debt m Bosch. %« 4! AmCan.. 31% %1% 86% 36%) Seaboard A Lpf. 9 9 9 9 " o Am GCar & Fdy. 1% 16% T | Sears Roebuck. ... 63 65 ol% & and 0il Tax Predicted AmCottonOil.... 20% 21 204 2l |SenecaCopper.... 154 16% 16% 16% A FideaLtne.. wh W% IM 1% Shatwck-Ariaona. 8 8 8 8 Next Week Am Hide & Lthr pt % 6% 6% Sinclair Oll....... 19% - 19% 19% - Amlcs..... ;oo o it BoutlernPacing. | S i34 426 % By the Aociated Prese 8 Am Icepf.. 8% atlway 19 19 19 19 X i A e el oW @4 A% 2 |StandOHofCalit, 8k 3% 8 80 | Mosiore Aesmorss ox February 11 Aaterduey % % 9% 9% |Stand ONN Jpf... 18 1o 05 116 co's financial affairs will be set- Am Locomotive. . .103% 107% 108 10 %] Stewart-Warner. s1% 8o 1 |tled by the end of next week, accord- AmSafety Razor.. 4 4 8 4 |StrombergCarb.. 38% ss% 8% 38% |in& to information given the corre- Am Ship & Com... 8% - 8% 8% 8%/ Studebaker.. 4% 9% 9% 9 |spondent by a high official of the Am Smelting % ok B | Suadebakerpf. ... 1024 104 104 10: | Treasury Department. Am g‘x;:::r,. % 6 | Buperior Ol . on G 44 4%l The settlement Involves adjustment ity % 9 9 |'Tenn Copper. 10% 101 10% loha|Of the nation's forelgn debt, a pro- Am Sumatra. 2 % 24 2% TexasCompany... 4% ¢ % % [gram of national rehabilitation and Am Sumatra pf s b4 8 8 |TexnsQuifSulphu % % 2 2% |Feorganization and a definite under- e daTons. us 1% 13 | Texas& Paciflc... 3% W% 30% o |Standing with the American oil men Am Tobacco. 183% 183 183% | Texas & PC&OIl. 25% b 5 % regarding ofl taxes and their payment. Am TobaecD By.. 13 10 % B0 | Third Avenue..... 3l @ % 2 |gJihether Secretary ot the Treasury Am Woolen 's2v 82% G2 8% | TobaccoProd..... 5 & 2k e2h|ocart diente will go to New York to A ool " 1ook 0% 109K 109K |TolStL&E WnB... 28 21 51 2| e i i e he, ankers and A Weiting Prpf. 28 2 25 3 |TOIStL&EWnpfB. 0% sk 3 3ik i ons ara tandectded, butithe Ju: Am Zinc & Lead 18% 18% 1% u: ‘Trans Contl Oil... %% 10 9% 103 |more than l"wm weoke- ‘:he :::Eetgx?; ‘Anaconda. o aw A & T::.';',.Cn".’,}z'fi'n 4 84 & 3:u[has been In daily conference with his .. A personal adyv - roedatie e 0% 9k 9% Unon Oil ... D e i o |sentatives of e ofl men and % 15 Atchison pf....-.. 86% 8% 8% 8% | Union Pacin, 185% 129% i29% anderstood the negotiations have A aiine. 88 8% 8 8%/ United Drug v 'aave ots 6114 | reached a stage where a final settle- Atlantic Gulf 2% 2% fi:: !:% United Fruit. % e 1B 1% | TRt r:;’s;l&em::xr‘l‘nstteg‘:nly qay‘. Auto Sales... Pl B ot 10 Se 9 Bk 9 |debt is closely linked with Dayment Baldwin Loco. ... 104 108% 106% 2% 2% BWh UKlof the export taxes by the American Baldwin Loco pf.. 106k 106% Foon 5% % ss% 64k |oil men, inasmuch as the government Balto & Ohio wh Bk 4 6% 2% 25% 26% | has announced that the sums received Beth Steel. SM|USCastIrP pl... 6 6ih &8 6% under thig tax will be applied to the Beth Steel (B) . % USFKoodProd.... 3% 3% 8 8 |debt. Although these taxes are al- ki Rapld T2 B N8| uine Aokl e g @ |Iedg otder phvmeat la Seng, b Tre ealty. 2 & consent of the Sfi‘,’,’,’.‘fi:.?.m... e 16 1% 18 | US Rubbor... . s e :" fi government until the debt question e s (B, ah 1% 3% 3% USRubberistp. sus oo o ooy |l “ottled: Butte Copper. l;": ,';:: ,& ‘{“ 5§:m:t&m1...m WY 3% W% e e ick. ... 8l 8 5 Steel. .. « Californta Poi. 2 s Wk e Utah Copper...... &% i% on i BANK SYSTEM ATTACKS ! \a Petrol. tah Securities. .. 13% 1% 1 Al e .. 126 126% LK 126% | Vanadium Corp 2 % = ARE LAID TO IGNORANCE Carson Hill Gold.. 15% 158 15 18 | Vivadou X Central Leather. .. 82 & L Wabash.... 7 Leath pf,. abash pf (A). Central Lizireiny ::2 :“ :2 Westorbao ) 2;% |American Association Head, in Talk ~ 64% 68V Western Pucific at RBichmon ns s% 8% 8% 6% Western Union. .. S d, {CundomnsSome 5 I:K ‘fi“ 1:% yv:-unusgu X 5 Who Speak in Senate. u% eeling & L E. G 6% 6% 6% White Motor.... Sl eoND s ak Wk 1% B | whiteoll. %! - Yo Lebinany Al %% 8 3% %] wilson Cor { Thomas B. McAdams, president of the Chi & Northwn,.. 6% 6% €% 6% | wisconsin Centr 24 21 21| AmerTan Bankers' Association and| Chi & Northwn Df. 106% 108% 106% 10% | Woolworth. 19 9 u9 [head of the Richmond Clearing House o o uw | Yorthinstol 4 & @ ]Assoclation, made a vigorous defense o e federal reserve system in a) B W BB HOURLY, SALES OF STOCKS. address at the banquet of the Rich- 16% 16% 16% 16%| llam..... 130400 12m.......2680 [mond chapter of the American In- Chino Copper 5 6% z“ - stitute ofiBankingiIastinight; Nearly Peabody [ - -~ guests were present, Gov. E. Lee Coeatotm o, & ws ws @i Washington Stock Exchange, | Tipkis beine amone them Colo Fuel. . o sALES. 7" | tnat ignorance as well as prejudice i3 e e touthern.. @ a% € €% Ington Gas 7i5e-$1.000 at 106% largely res Mo attackn w tau—$L.4 S ponsible for the attack: Columbla Gas.. l:!(: li:: ‘m ‘:: at apiial Traction—35 at ¥5%, 3 at W%, 20| that have been made against the b Tabutator.. 6% 67 €% | orFE Pe—l0at 142, 10 at 12| rens and made financial statements Cons Cigar. 20 20 20 AFTER CALL. that are untrue, not maliciously, but| Cons Cigar pf. 41 41 | Potomac Electric cons. 55—§1,000 at 91. | because, Mr. McAdams declared, they Cons Intl Cal Min. 8% ::: _S’: ,;2 BONDS. d‘o,n't! know what they are talking Cons Textile. 2% 12% 0 about. Cont Can. . % G B G2 Bid and Asked Prices. LTI Se5 the Tederx) reserve Bauic 5 y would have bee g::::::dél:u. %Vn 1&* 0% 101% PUBLIC UTILITY. plunlsec;l‘ into the greatest panic the 3 world has ever known. As it is, he Crucible Steel. 1% American Tel. and Tel continued, the system has been the Crucible Steel pf.. 8% salvation of business, making Dos- Cuban-Am Sugar. 18% sible its rejuvenation after a very Cuba Cane Sugar.. 9% trying period of depression. Cutsa Cane Supf.. 2 Oavidson Chem... 8% ot Lack & Watn. U1 Dome Mine: 28% Elec Stor Ba! 139 Elk Horn Coal. Endicott-Johnson. 80 Endicott-John pf. 106% Erie 10% Erie1stpf.... 16% Famous Playe % Famous Playrs pf. 2% Fisk Rubber. 2% Freeport Tex 1% Gen Asphalt. 0% Gen Cigar. 68 Gen Electric. us Gen Motors 92 Gen Mot 6% deb... 0 Gray & Dav .. 18 Great Northern pf %% Great Nor Ore.... 35% Guantanamo Sug. 7% Guif States Steel.. 78 Harbishaw Cable. 1% touston Oll. . Interboro Metro. Interboro Met pf.. 7% Int Combstn Eng. 2:9‘: Intl Harvester. Intl Mer Marine... 16% Intl Mer Marine pf 68% Intl Nickel 12% ews Inc. n% ll::fl Inc. 10% 1% Lorillard. . 152 162 Market St Ry... 4% 6% Market St prior. “n % Market St Ry pf. 2 4% Marland Oil. 2% % Martin-Parry..... 81% 31% Mathison Alkill... 82% 82% Maxwell (B)...... 1% D% May Dept Stores. 07 Mclntyre Porcu. Mexican Pete. .. Miami Copper..... 2615 26% Middle States Oil.. 12% 12% Midvale Steel. 0 0 Minn & StL (n). 9 9 MoK & Twi.. 10%~ 10% MoK&TpPIWi... 21% 1% 2 “% Montana Power. .. 7 Montgomery Ward 13 13 Mullins Body. UM% Th Natl Conduit. 1% 0% 13% 5% %% 2% (3 g 21 13 North American.. 56% 56% North American pt 41 a Northern Pacific.. 19 79% Oklahoma Prod... 2% 24 Orpheum Circuit.. 16 16. Otis Elevator. 127 Owens Bottle. gfi 28 Pac Gas & Elec. 1% 6% PacificOil.... ©% Pan-Amer Pete... 3% 6% Pan-Am Pete (B). 471 €% Pennsyivania. . U% 85 Penn Seabd Steel.. 8% 8% People’sGas...... % 176% Pere Marquette... 22 224 ‘Pere Marq pf.. 58 88 Phila Company... 8% 8% Phillips Jones. Pitts & W Va... Pond Creek Coal.. . Pressed Steel Car. 6% Producers & Ref\ . 26% Public Servof NJ. 8% 78! 5% ) , 8% | United States Steel Corporation, for % 29! &1 5 - bonds has 3 | .‘g‘ Stage: whete arguments In scoring the income tax system, as now being operated in America, Mr. McAdams said that both business and personal initiatives were being destroyed as a result, and that some new system should be introduced .{whereby the government ‘would se- cure its revenue and at the same time no‘t place itself as a barrier to enter- prise. Potomac Electric Potomac_Electric deb. s. 10% | Potomac Elec. Fowar g. m. 6 163 | Pot. Elec. Pow. g. m. & ref. 7s. 1 98; 04 a0% | WaSh" Beits, “ead As. ‘e 94 | Washiogton Gas Bs. SUSPENDERS COMING BACK. 12% | Washington G 1 15% | Washinglon Ruy. b Galluses are due for a comeback, as 0% ‘Wash. Rwy. and Elec. g. m. Gs. 96% ..... MISCELLANEOUS, belts are causing indigestion, and it 68 | Riggs Realty Bo (long is up to salesmen to notify their trade 16 | Riggs Realty 5 (suor 97 that suspenders may not be so nobby, 8% | Washington " Market Ss, Washiogton Market be. 1047 but they are more healthful than the (3 t belt. This was the idea given to the 17% | W- M. Cold Btorage Bs......... 80 joint convention of clotheirs and fur- Un TOCKS. nishers here. “The suspender is not ity PUBLIC _ UTILITIES. a thing of the past,” it was declared. 7% | American Tel. and Telga. n7% ... “Far from that. The demand for 22 " | Cepital Traction .. 95% "96% | them is rapidly increasing, as it has | Washingtos G 4813 4913 |been found that belts caused indi- SEtol a1 8% -3;-|gestion. Medical authorities agree %y 3y |that suspenders are better for the health.” —_— A Philadelphia exporter and im- porter, a visitor in South America for six months, says there is prej- udice to be overcome there because of methods used and inferior products sold during the war by a certain class of American brokerage houses. . 1 w |/ TRUST COMPANY. 2% | American Security and Trust., 223 Gontineatal, Trust ty Savi 47% | Seventh Street 0% an:n s!.lvhll‘l 8. 8av 8% | Wasbiogton - Mechasicy D. ATLANTIC CITY, February 11.—, " What Is a Panic? _Those who remember the great panic of 1873, natural C.. SATURDAY, IDLE FREIGHT CARS DROP. NEW' YORK, February 11.—Rail reports show that 489,843 freight cars were idle January 81, or a reduction of 65,511 compared with the preced- ing week. “The tabulaiions showed that of the total 330,681 were surplus freight cars immediately avallable for for service, while the remaining 159.- FEBRUARY 11, 1406 H St. N.W. — 1922, —INSURANCE— BOSS & PHELPS, Main 4340 Money to Loan Secured by first desd L3 All Lines—Expert Service - l! 1 trust on real estate. 161 were in need of repairs. Surplus Prevailing interest a8d comm| box cars numbered 132,174, & reduc-) Joseph 1. Weller £ Wtk L& Toom tion of 26,935 within the pericd fron = = January 23 to the end of the month, Wwhile surplus coal cars numbered 145,913, a reduction of 38,086. EXCHANGE SEAT, $88,000. NEW YORK, February 11.—Three memberships in the New York Stock Exchange were posted for transfer lor.l consideration of $88,000 each. This is a dec Iastreaar ey r::l.l: of $1,000 from the David F. McConnaughey West Ualimited Feads Tor T Frast Losas o "Waskitgton Bosi Eviats First Mortgage 1% “INVESTMBNTS” can be se- cured now in amounts of $250 Up to $10,000 The only absolutely safe form {ovestment yleldiag e "a Tiberar ot | COLORADO BUILDING 111 Broadway New York Washington Office 0 ST Telephone Main 1603 G.B.Chipman Manager I e same courteous. prompt and eMicient "E“":l' consideration given to all in- ‘ertified Certificates of - Title ac- ompuy each note without cost o ta: Chas. D. Sager 933 Fifteenth St. N.W. ‘Jlnl.l 36—Loan Dept. Real Estate Notes for Sale C Loan Consult Specialtst 5 HARRY 8. 15th ‘& N. Y. Ave. Main 4346 Reference: Any Bank, Trust Co. or Title Co. in_the District. Established 1889 In_amonats from $250 u T Fra00’ o mere, "7 | = bl 885) /821 15tk St., Washington, D. C. ALL LISTED STOCKS AND BON| MARGIN ACCOUNTS GAIIRI:E"I;! Also. Bonds Issued by At most E th i Gue’ Atiractive prices from a specula- tive t of o ;r:l , l'l:- &r'-':l:: For instance, we own ENNA Ss at 50¢ ens: per 1,000-kronen HAMBURG 4s at $6.62 ,000- ek bond, i IAMBURG 4%s at $6.87 1.000-mark bond. et hese securities are iy named. which were untosched by be et and have intact their warterworks and other municipal properties, wiich have ex- actly the same value as before the war, regardless of the exchange rate. i Money In Any Sum Our connections” locally and lnl:. ther eltleln enable us to fi‘:r- Twney in any amount for Warhiugton Real Estate En. terprises. glone & Fairfax 1342 Y. Ave. Mal FORMERLY INTERSTATE BLDG. 1319-1321 F St. N.W. A Few Very Desirable Offices Left Reasonable Rents McKeever & Goss : Rental Agents 1405 Eye St. Main 4752 International Building i { Established 1809 MONEY TO LOAN In Bums of $250 to $300,000 Before Placing or Renewing Your lst or 2nd Trust Consult WELCH 'up:m“m' = (HARRY 8.) 15th and N. Y. Ave ~ Main 434 Lowest Rates Quick Replios 1% | American I e g,:};:g;;fl result of the Civil War, can iremen’s . R W i walige =T Re R Y > ‘gk National uu;rfi. e % tell what a panic is. Also, ;;::32 %:B".'E’.‘..Z"él:m... ® those of us who have lived ELLAN R R el R Y R S o g%:é';&":w‘:’;:”“""fl: o through the depression fol- 100 | Merchants' T lowing the World War think Mergenthaler Linots ——————— — u% ;,;E'::ggio:-;:“m we know what the word ] Lo AL stands for. Panics - mean S 5 : financial crises in which £+ MORE HOPEFUL FEELING el e «-| IN WEEK’S STOCK MARKET W and ey powiy 5. - ] 17% | NEW YORK, February 11.--The Y e y‘ 1% | strength of international exchanges, 2 man owns is in jeopardy. 4% | in which sharp reactions were quite X s'ene_mlt Lner, t:nd‘me comparative s Rh & H ease of domestic money rates were wartzell, eem ensey were 85| IO prevalied in Shancial Cireles doing a well-established_and impor- this week. . . o A ~ - i) Buying ‘of rails, ‘especially the ~ tant investment business in Wash- 21 | cheaper shares and bonds, on the 13 | most extensive scale in many months, 66% | was another noteworthy develop- 41 | ment, although-accumulation of these 9% | issues seemed to be founded largely 214 | on potential values and hopes of fed- 16 | eral financial relief. . | ‘There seemed to be material in- crease of public interest in the stock market, however, the greater part of 68| the - advance. being -accomplished at 46%] the ‘expense’of an overextended short % | account. Weekly reviews of mercan. 47% | tile authorities referred to the fur- 85 | ther decline of ¢omm%g!ly Drlcfi but 8% | business ‘improvement, it is ‘added, 781 |'still_encounteys various obstacles, 5214 | notably produCtion costs and wage adjustments. "storm without a maintained - an 5% | *Conditions in_the basic inaustries. \ S particularly -steel and iron, Showed %1 Jittle~ change from long sustained 91%| apathy.- The-January tonnage of the 1% | example, indicated no recovery from 29% | the low production and reduced arg- 9| ings disclosed in the last quarterly Notes. 8 | report of that company. A e L e ) 52 Y ears Without 3 Gl i Stockof Pag- |” 28 | Atlantic Refining Co., q.. 35..Feb. " 78% | Federal Usilitis, Inc., pid.. usk - Feb, 15 .50° ‘: 0i1:Co. reached the . and Qfl.‘:l ll: being reiterated. - - ington'during the panic of 1873. The investments made by them on Wash- ington real estate in the form of First Mortgage Notes weathered the same stability and vigilance have through the panic of 1907 and all the ‘ensuing years. If Mortgage Notes have come through these trying days - without a loss this, then, is the time - to take advantage of the conservatism . ¢ -and safety which stand back of suc! Swartzell Rheem . 727158 penny’s loss. That unvarying record &HenseyCo. Stregtm Become Quickly Rich Systematic saving and conseérvative investments are the surest road to finan- cial independence. which _may now be pur- chased on the Partial Pay- ment Plan, offer an unusual opportunity for the saie placing of funds, and yield an adequate returc. B. F. SAUL CO. Over a Quarter of a Century Without a Loss But Few Men Our 7% First Mortgages, \Vrite for bookl.t. Mortgage Loans 1412 Eye St. N.W. Main 2100 T The Value of Systematic Savings 1s in evidence on every side. contain (e mames of thousanda of men and women with modest incomes Who have accumulated substantial sums. Subseriptions for the " 82d Issme of Stock Shares, $2.50 F: Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. Presi NE. E dent FINANCIAL. property. REESID) conditions. Hughes Finance Corporation Shannon & Luchs First Trusts On Washington, D. C.,, Real Estate ‘DIVIDENDS The American Audit Company reported, after an exafination of the affairs, books and records of the National Mortgage and Investment Corporation, that the net earnings and profits of the corporation were in excess of 8% per annum on the total amount paid in on the preferred stock by subscribers thereto. The National Mortgage and Investment Corporation, therefore, paid a dividend as of December 31, 1921, on the amount paid in for the preferred stock, at the rate of 8% per annum from the respective dates of payment by the subscribers. In addition to the dividend, the corporation earned a sub- stantial surplus, which accrues to the value of the common stock. Stock Is Sold by the FISCAL AGENTS Why thousands are changing their wills RUST company records throughout the nation prove that farsighted men and women are changing their Wills and naming a trust institution as executor $ and trustee in the place of friends and relatives. 2 History attests the many weaknesses of ' individual executorship. The remarkable growth of the Trust Companies of the United States is indis- putable evidence of the satisfactory char- acter of the service they render. » -Why not arrange today to have Wash- ington’ largest Trust Company - your &xecutor. act as Have a talk with our trust officer— there is no charge, no obligation. He will gladly co—operat?'with your attorney in this matter. 1. Absolute safety. 7% | FIRST | 7% MORTGAGES The Safe:t Security on Eearth Every mortgage is less than 50% of the market value of the 6. Prompt payment of interest. 7. Repayment of principal in full at maturity. Choice First Mortgages $100 $250 $500 ‘Write for Booklet “S.” It's Free, WILLIAM S. PHILLIPS Safe Investments 1400 New York Ave. An Investment —that frees you from worry as to safety, annoyance as to collec- tions or other details, and the ne- cessity of follow-up of stock market or business 1418 Eye St. N.W,, Sansbury Building, Washington, D. C. 15th and Penna. Ave. HOME SAVINGS BRANCHES -7th St. and'Mass. Ave. 8th and H Sts. N.E. 436 7th St. SW. CAPITAL AND SURPLUS $5,400,000.00 Safety Deposit Boxes $3.00 Per Year . 17 depre-