Evening Star Newspaper, July 14, 1922, Page 17

e - FINANCIAL, ® e S|, Money o Loan | , oo L Wt B e FIRST TRUST NOTES - Issued Under Our Supetvisig?n Are S oot FE = 0LS SOLDFREELY, [CURB O WEAK: SREAKING MARKET| MOTORS ARE SLOW NEW YORK, July 14.—The market for the ofl shares on the curb ex- change today was affected adversely, 1ike that on the stock exchange, by the expectation of a cut in crude ofl prices and by the supposed legislation preventing mutual stockholding in the Standard Ol subsidiaries. Standard Ofl of Indiana was per. sistently sold from the start. It was down at one time near 2 polnts on the day and was off 8 points from | its recent high. Indiana Pipe Line, | in the speculative stock market. Imperial Oll of Canada, Standard of Renewal rates of standing lfllnfl,}{entucky and Ohio Oil all followed ’ ! FINANCIAL, " ke THE EVEN&G; 8 iC |PROMISE OF $5.000000 LOAN BANK []F ENGLANI]‘Georgia -Asdociation Assured of Aid in ‘Financing Crop—Many Products, In- _cluding Melons, Reported Failure. 80,000,000 yards a month. July ship-! ments are not expected to be up to standard, as less than a dofen ships ure en route to,New York from Cal- cutta. American Money MarketI - Dominates—Lanston Active—Notes. BY L A. FLEMING. It is but natural that the reduction in the Bank of England discount rate should have no_ effeet on, rates of our federal reserve banks. X After Liquidation Ends Other Stocks Show Rallying Power. BY STUART P. WEST. WALL STREET, NEW YORK, July 14.—The important developments in Fruit. today’s situation luy rather in the SEATTLE, July 14 (Special).—Prune ' investment and money markets than orchards in western Washington and Oregon give promise of a record- BY ESTES DOREMUS. ATLANTA, July 14—Notification from Washington that application for loan of $5,000,000 by the Georgla Cotton Growers' Association, to be The Bank of England practically |USéd in helping finance the cotton controls all bank rates over there,|crop, had been approved and the in- but the reserve banks here do not. |crcase of about $5 a bale in recent 1st. Permanently Safe, eliminating all worry. 2nd. Give Maximum Yield, better than other forms of equally safe investments. 3rd. Require Least Attention—we look after every detail for you. For some tlme the open rate for money in the magket has been below the banks’ average rates and money has been so plentiful that the ap- plications for loans were smaller than for years. The earnings of the reserve system emphatically prove this statement. Lowering of the English rate us- vally stimulates a slight increase in business, but a lowering of discount rat by the reserve institutions would not have even a passing tem- porary effect. There is no scarcity of money. Time was when the United States baid some attention to the acts of the Bank of England, etc., but New York city and the United States is the Pacemaker these days. Another London reduction is said to be due within a few days, A Second Meeting. A second meeting has been held in connection with the possible sale of the 27,500 shares-of railway common stock held by the protective commit- -tee of the utilities noteholders. No Progress Was Madg in the Matter. Noteholders not members of the DProtective committee are taking some part in the negotiations, urging the | committee to go further in the mat- ter and if possible conclude a sale, as they can use the money to good ad- vantage and want the old score off their books. Moreover, they *are not receiving | one cent of interest on the notes, and See small chance of getting anything better than 60, the reported tentative tender of the proposed buying syndi- | cate. List of Corresponden . The Washington Loan and Trust Jompany has just issued in pamphlet form a list of all foreign correspond- ents, the world over, showing the ability of the company to do an ex- change business with all centers and to the ufmost parts of the earth. Rallway 4s Leader. cotton prices has had a heartening effect throughout this entire section, particularly in the rural districts. The failure of - cantaloupes and water- melons to bring better prices as the season advances has cut down the revenue aceruing to the farminggdis- tricts matefiaily, but peaches stiff ar, proving profitable and the marke shows no signs of being flooded. ‘The effect of the coal strike and the walkout of raliroad shopmen' has been more of a moral than an actual na- { ture thus far in this district, but busi- ness men who have been watching the situation closely express fear that a general tie-up Is inevitable unless these controversies are settled soon. There has been no perceptible slack- ening of industry as yet. This section of the south estab- lished a new record for building con- struction in June, showing an increase of 6 per cent over May and of 77.6 per cent over June, 1921. The total {amount involved was $22,375,400. The effect of the building of homes is seen in_“for rent” signs in many of the larger apartments. Rent reductions of 15 ta 20 per cent are forecast for | September 1. Fewer ‘Marked Down’ Sales,I | Detroit Merchants Report | BY PHIL S. HANNA. DETROIT, Mich., July 14—Several | days of muggy weather this week | temporarily emptied department stores and other retail establishments, but | merchants are practically sold out of summer. goods, and there are fewer marked down sales going on than for many years past. “Our business for the first half of 1922 was very satis- factory,” was the uniform answer re- turned ‘today by heads of mercantile houses in response to questions about | their progress. Wholesale dealers in clothing, hats, | caps, shoes, gloves and haberdashery declare country customers are making ) $19,000.000. New open hearths and a breaking yield. This is certain to tax dryer capacity, which is estimated at 55,000,000 pounds of finished products. | * Shoes. NEW YORK, July 14 (Special).— The June sales for the Endicott John- son Company are reported to have | been 45 per cent in excess of those | for June, 1921. - oL OKLAHOMA CITY, July 14 (Spe-| cial).—Oil producers in this state, ! paid into the state treasury, $3,492,4857 during the fiscal year ending June 30. These payments were made under ! the law providing for a 3 per .cent| gross production tax. — { Silk Ribbon. P NEW YORK, July 14 (Special).—A decided decrease in overhead expense | is expected to result from the consoli- | dation of four leading silk ribbon producing companiess the Johnson, | Howden & Co., Walter Emmerich & | Co., the Hayview Ribbon Company and the Tremont mills. Steel. | : . July 14 (Special).— British Empire Steel Corporation outlined a program of additions | and repairs to its steel plant, which will cost in the nelghborhood of | SYDNEY, N. The ha blooming mill will account for ten | millions of this sum. YOUNGSTOWN, Ohio. July 14 (Spe- cial).—June_salaries in this district totaled $4,676,976, the largest month figures recorded in a year and a half. Youngstown mills are now employing 40.000 men, which compares with 45,- | 000 Guring the wa Coal. CHICAGO, July 14 (Special).—Al- though the’ coal strike has ducreased | the coal output and lowered the total number of cars loaded, it has not re- | | was were reduced to 3 per cent and trans- actions in call money were reported outside the stock exchange at 2% per cent, the lowest figure of the year and below anything seen in Wall street since the spring of 1918. Time money .and commercial paper were nominally unchanged, but there was increasing unwillingness of bor- rowers in both these markets to meet { the terms asked by lenders. Call loans on bankers' acceptances meanwhile were fixed at 2% per cent, a new low for the season. All classes of liberty bonds made new high records. Railway bonds of the first rank were selling well up to their best for 1922, There was de- cidedly more of an inquiry for rail- way and industrial preferred stocks and other shares of a strictly invest- ment character. Oil Shares Under Pressure. For the first hour the stock market unsettled by another outbreak 1ling of the oil shares. . Partly this was the result of the Federal Trade Commission’'s recom- mendation to Congress that mutual stock ownership be prohibited in the Standard Oll subsidiaries and other interests representing former com- ponents of industrial combinations that have been dissolved under the anti-trust Jaw. Partly it was in preparation for a cut in crude oil prices. While the selling movement was going on in the oils, other stocks looked heavy and some of them were weak. But as soon as the oils stopped go- ing down, the general market picked up quickly of Rally in List. Public utility Issues, especially the stocks of gas companies, were the leaders. Their rise foreshadowed higher dividends_either in the near future, as with Consolidated Gas, or before the end of the year, as with sofe of the other companies. In- other industrials where pools are supposed to be working, prices {1y changed. Trading in Hayes Wheel FIRST MORTGAGE § 'NOTES SECURED BY FIRST DEED OF TRUST ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE the lead of the Indiana shares. Standard Ofl of New York was an {exception. It ran up 6 points early in the day, but substantially lost most of its gains. e Skelly Freely Sold. Skelly Off, in the independent ofl group, suffered the most. It got down bélow 11, or more than a point off from the price at which the new stock was offered to the publie. | Mutual Oil was actively dealt in, but was little changed. Benver dispatches reported that the | Mountain and Gulf 0Oil Company. o000 00000 owned jointly by Mutual Oil and by o e Midwest Oil, had brought in a fif- Denominations teen-hundred-barrel well -in _the northern part of the Salt Creek fleld. Cities Service common broke sharp- $1,000—$500—$100 CLPPPOLPeT ly with th® other high-priced oil shares. = Motors Slow. 5 James M. Carter & Co., Inc. Less interest was shown in the 1311 H St. N.W. motor stocks. Reo, Durant and Tel. M. €57-638 Daniels were all of them only slight- | was active at a fractional advance. Radio stocks had a better market than in some time. Radio common reached the best prices it has touched since the early part of June. {" Glen Alden Coal lost ground on moderate selling. Aluminum manufacturers regained i nearly a point of its recent loss, and American-Hawaiian Steamship at 25 Wwas up a point and a half. The bond list was virtually changed. e TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) Let us manage/ your Rental Prop- erty. Over a Quar- b ter of a Century Experience. B. F. SAUL CO. 1412 Eye St. NW. Main 2100 un- ——Noon.——, g0 Atked. 1008 Bia. Let Us Have Your Reservation at Once Wiils Drawn With- out Charge When We Act Thereunder Loan Department | { 713 14th Street Capital and Surplus $2,000,000.00 cises rigid superv We'll Act as Your General Agent While You're Away Depositors fThe U. S. Treasury exer- sion over banks and trust companies, this institution included. {/But what gives us greater satisfaction as a “talking oint” is the evidence of On today’s session of the local Stock e Lottt ) = ; volv itions y pere " 111y 8588000 ¥ d service and estab- change, the leader in volume of |PUMerous ‘inquiries involving fall | business conditions as shown by bank | Were pushed forward rapidly as soon March 15 seasoned s ll;ldl“n'g was (he 4 per cent bonds of n:‘ellizg:m;lrllm:hbec‘zuue_oéthe promising [ glearings " and commodity Shipments |83 the general market gave the | ¥sMarch 13, 1 NO VACATION Tiohed solidity fonnd in the the Washi : Seotrie | © k. e farming sections. Al- | here. chance. s March 15, 5 102 16 2 S CONFIDENCE Company. " Fony alway and Electric | though ‘the fruit crops were injured . tudebaker, American Can and In- FOR YOUR s s PUBLIC CONFIDENCE extent of $20,000, face value, all sold |In Some sections by rains, they still Jewelry. dustrial Alcohol were among this| __.——'o'r TN l 2 Zov: Over 41 = at 75. These are the first mortgage [EIVe promise of ecord Suroyortions | NEW. FORIC T uly 14 (Spectal) | cin O s teihRve thequickest [ R _,“,m“ Al_.:::}“' e fibarn we enjoy: Over 41,000 Rorde s excep producion of apples. As | ) . July S — | recoil. i . July 14.—Foreign bar . eel iv now .,.‘.',c.:?:;",t‘,’gng‘l;'y""“ else. and | rryit is the principal crop of elghteen | There has been a steady rise in dia- | Railway stocks were comparatively | silver, 70%: Mexican dollars. 535 They never loaf, but keep tive accounts are | mond prices, and diamond cutters in le right on working, no mat- Lanston was the most active stock, | CQUnties In the southern peninsula the {01, prices, & 5 g neglected, no doubt because of the| LONDON, July 14.—Bar silver, 35%d handled by this old bank. well engaged. Manu- | jahor uncertainties. 2 100 shares selling at 78%. with inig |CfTect of this condition can readily be ! price bid at the cloge. ~Mergenthaler sold A lot of Railway preferred brought 7913, but $0 was the asking price for quotation lots. Buyers and sellers were apart on the common stock, decidedly, 51 being bid and 55 asked. Under the circum- stances this is to be expected, and until some definite announcement is made or all negotiations for the sale of the 27,500 shares of sequestered stock are off, it is not likely that there will be much doing. No prog- ress has been made in this line. Capital Traction was firm at 101. One may buy shares in the Wash- ington Loan and Trust Company, the American Security and Trust Com- pany or the Natlonal Savings and Trust Company, one or all, at $290 a Asking prices on other bank shares have been advanced material- 1y in the last month or two, From the Ofl Field. Thomas W. Brahany, interested in oils, etc., was Interviewed this morn- ing on the reports of salt water in Tampico oil fields. Tampico Tribune frog his pocket and called attention to the leading first- page story—the greatest oil pools of all being closed in on account of increasing quantities of salt water, which forced lessened production and "may bs very serious in results. Money in the open market loaned at 215 per cent and call loans were re- newed at 3 per cent, showing most conclusively that at this ,ime the open market for the cash afid not the ruling discount rates of federal re- serve banks i3 the diminant influence. Late in the spring of 1918 Wall street had a taste of 232 per cent cash. S ————— Washington Stock Exchange Zistem sm g ipassed the worry stage. He extracted the | be called normal buying, due to in- seen. Prices are steady and the crops are moving fast. Although formal announcement has just been made that the Ford com- | pany will establish a string of plants in Mexico, it is known that Mr. Ford decided on this course in 1918, when a party of Mexican newspaper pub- lishers, brought to this country by | the United States government, visited | the Ford plant. Signs of Summer “Slump” | in St. Louis Business Area | BY J. N. FINING. ST. LOUIS, July 14.—Although| wholesale and retail traSe remains| active, signs of the summer “slump | have been apparent this week and it ! is expected business will be lighter | for four or five weeks to come. This | | duliness {s usual in midsummer and | as trade has been better than normal for over a month, merchants have It is notice- able that there is more of what may creased employment and confirmed confidence. Volume of business is being maintained right now by bar- | gain sales. Manufatturing which has been im- | proving steadily Is standing still for the moment, due to hesitation caused by the shopmen’s strike, and the If- creased fuel costs due to the coal situation. There is a general feeling at this transportation center that the railway strike may be settled at any time and that If it is not, condi- tions will not long be serious. Close investigation at division points in this territory indicates that the |l:xrge majority of the men want to return to work. Factories, however, will have to close In a few weeks If the coal strike is not terminated, Prospective natlonal legislation is attracting wide attention lmongl both large and small business men, | Washington Rallway and Electrle pfd.—6 at { who frankly are not in accord with | TLanston Monotype—8 at 7845, 20 at 78%, 20 at 78%, 20 at 78%, 20 at 8%, 20 at 78%. AFTER CALL. 'llblnw Rail and Electric 45—$1,000 at 75, $1.800 at 15, $1.000 at T3, $1,000 at' 13, 5. $1.000 000 $1,000 a 1,000 at 75, $1,000 at' 75, 2575, $1.000 at 75, 41000 't 75, $1.000 ¢ $1.000 at 75. asbington Eailwsy and Electrle general $1,000 at 995, Capital Traction—2 at 101, 25 at 101. Georgetown Gas 55—$500 at 89. Mergenthaler Linotype—5 at 149%, 2 at 14935 all loans, 5a6 per eent. BONDS. Bid and Asked Prices: PUBLIO UTILITY. American Tel. and Telga. 4s. 914 1 P Tt S T Am. Tel. and Tel. ctl. tr. 5 97% 98% Am. Tel and Tel conv. Gl 14 115 ' Notes of Commodities iover and no bargain sales in the late j the legislators. in the Business Centers Dry Goods. BOSTON, July 14 (Special).—Large mill agents and converters here are preparing to comb the country east of the Mississippi as never before in competition with the local jobbers in that territory. This s the result of the direct-to-retailer movement on the part of the mills. Hats. SEATTLE, July 14 (Special).—A practically complete clean-up of men’s straw hats is a featurs of the retail trade here. There will e no carry summer. The spring opening trade wl(s slow, but two solid months with- out rain’ brought buying to record proportions, exceeding any previous figures in the last five years. Clothing. NEW ORLEANS, July 14 (Special). —Nactories m.aking ‘light-weight sumi- mer suitings have had the largest business in their history this year. Some of them did nearly twice much business as last year. Several factories are preparing to enlarge their plants. ‘Weol. - PHILADELPHIA, July 14 (Special). —The wool market has quieted down since the buying in the west has eased off. Stocks are in strong hands and prices are likely to remain steady. NEW YORK, July 14 (Special).—The high price of raw wool hag brought a demand for waste silk from shoddy mlnufl::lfl;lfl, who uct to strengthen the weal = tiber wool. atoet { facturing jewelers are preparing for | uire this prod- |. a big fall season, and their work at present is devoted largely to standard lines. the | Business Toplcs. PHILADELPHIA, July 14 (Special). —This city is in uncertainty as to the | sesqui-centennial exhibition, Some large employers are said'to pppose the undertaking because it would upset their calculations as to labor, the supply of which would be far below demand. This they feel would mean an increase in wages and would make it precarious to bid for contracts be- cause of the indefinite cost of produc tion. A broader reason for postponing and perhaps abandoning the exposi- tion is the likelihood that by 1926 the affairs of the world still will be so unsettled that it will be_ difficult to procure foreign exhibits. Much of the local business boom this year has | been based upon expectations of bene- ficial effects from the proposed ex- position, and if it is abandoned a re- action is expected here in real es- tate. construction and business gen- erally. ~ BOSTON, July 14 (Special).—The United Fruit Company has let con- large passenger and cargo steamers, | which will ply between the Carribean ports and Boston. The boats will be completed In about a year and will be built by Cammell, Laird & Co., Ltd.. of Birkenhead, England. HARTFORD, Conn., July 14 (Spe- cial).—A survey of industrial condi- tions here shows that 1,700 more per- | sons are empleyed in the manufac-} turing plants of this county than in May. The total employed is now ap- proaching 4,700 workers. C0COS, TREASURE ISLAND. Said to Be Hiding Place of Pirates’! Rich Loot. i | Frank C. Bowen. in Lesle's Weekly. i Way out n the Pacific. some hun- dreds of miles off the western end of the Panama canal, is a desolate island, about five miles long by two wide, which nominally belongs to} Costa Rica. Ages ago it was thrown | up hy one of the earth’s upheaval it is” very hilly, consisting of ba volcanic rock interspersed with nu- merous ravines, clothed with the most luxuriant tropical vegetation, much of it, however, the dank and rotting un- dergrowth one always finds in al molst climate in these latitudes. Al- together Cocos Island is as depressing a spot as could well be imagined. Even the scheme to make it a settle- ment for Costa Rican convicts was abandoned after a short time—partly because there were a number of sui- cides and partly because impoverished South American republics believe in making their malefactors pay for | their keep, and the jsland is abso= lutely unproductive. Yet. It has been visited by expedition after expedi- ( tion from all parts of the globe, and yet gmother, as this is written, is; about to set sail from Costa Rica. For it is the hiding place of two of the richest pirates’ treasures of which we have reliable infornmtion. The latest Cocos treasureseeker is Miss Jane Sands, whose father is a British diplomat. Miss Sands has a “map” on ancient parchment paper | which (she thinks) will lead her directly to the treasure.® But so had Christian Hemmick of New York and ‘Washington, who returned from Cocos empty handed not so long ago. And so have all those who for more than a century have descended upon the island to search its vitals for the for- | tune that lies there.. —_———— 5 SHORT-TERM SECURITIES, I (Reported by Redmond & Co.) oo . Offer. o fmpm s o e n 12y 1| KANSAS 3“;!”-‘ e-’dfllgo ]}:d (iuulll}n—fl American _}Hf & TC-xZ 3 1924.0 101 10h Herefords have 6old this)week on the | Auscesds Copper fe 1030 - Joase 103t Kansas “market for $1050 a 108! hundred. is the highest price | A 104 paid this year for cattle here. 104 Y, 104 s Paint. }%g SEATTLE, July 14 (Special).—Paing manufacturers and -jobbers declare 100 that prices will remain steady 102! throughout this year, but they pre- 1 dict a sHght fall in quotations next 108 spring. 3 los = i ' Automobfles. o i CLEVELAND, July 14 (Special).— |Kanss 101 Curtailment of operations in at least e two motor plants has been re- 102! this week, and one northern 105 o tractor has also cut’ rflb‘ 101 in 100 101 102! 102! ;fi BY 108 3 N K. July 14 _NEW_ YOR! (Special).— Burlap, shipments to this rt during June were abgut 43,000,000 yards less ‘Three thousand five hundred acres ©of pulpwood are required to furnished | the paper for one day's issue of the newspapers published in the United States. o8 . Coppers and related shares were steady, but the steels attracted less than the usual interest. VANY NEW HIGHS [N BOND MARKET Liberty Issues Make Record. Rail Securities Wanted by Investors. By Special Leased Wire vo The Star. NEW YORK, July 14.—United States government securities made the most impressive response today to the |1ower call money renewal rate amd: 3 i tracts for the construction of threeithe downward tendency elsewhere in the money market. All the liberty bonds rose sharply to new tops for 1922, the 4%s of the first, third and fourth loans getting to their highest for all_time. Under the stimulus of more active investment buying rallway bonds were firm, although in some instances slightly irregular. A few high-grade issues either sur- passed or at least equaled their pre- vious records for others fell the year, while back only fractionally jfrom Thursday s high quotations. The foreign government extcrnal loans and company bonds were litile changed. Ralis Also Move Up. In the railway section Great North- ern 5%s and general s, St. Louls and Iron Mountain 4s, New York Central general 3lis, Union Pacific first 4s and refunding 4s and Chesapeake and Ohio convertible 5s advanced to their best prices for the year. Atchison general 4s, B. and O. 6s, Illinois Central refunding 4s, Loujs- ville and Nashville temporary bis and unified 4s, Northern Pacific is, Oregon Short Line consolidated 5s, the Pennsylvania issues, Southern Pacific 4s, Southern railway 6ls and the Eries all held around their high prices reached on the preceding day. In numerous other cases prices stood close to the year’s record levels, | touched in the upward swing of last spring. Consolidated Gas Higher. The strength in Consolidated Gas Compuny’s stock was accompanied by. a rise of about 3 points in the com- pany's convertible 7 per cent bonds. There was no explanation for this display of strength aside from the fact that the bonds have been called in. American Sugar 6s sold at a new high, well across 102, and Chile Cop- per 6s advanced above 91%. ~RAW SUGAR MARKET EASY. NEW YORK, July 14—The raw sugar market was easy early today and prices ‘declined to the basis of 3% cents for Cubas, cost and freight, 1equal to 4.86 for centrifugal for spot and July shipment. There were sales of 15,000 bags of Cubas for July ship- ment to a local refiner. The raw sugar futures market was easier, reflecting the decline in spots, and prices at midday were 1 to & points net lower under scattered liquidation. There were no changes in refined sugar, but the undertone was unset- tled by-the decline in raws and busi- ness was less active. Fine granulated is_listed at 6.50 to 6.60. Refined futures nominal. 1] 1wt avis MONEY TO LOAN - ON FIRST MORTGAGES Randolt H: Hagis & G 7207 Counictivit Poanite ter how hot the weather. Put some to work this pay day— Savings Dept. Open Monday and Tuesday, July 17 and 18, Until 5:15 Second National Bank “The Bank of Utmost Service” per oun Money. 1% per cent. Dis- count rates—Short, 113-16 per cent; three months’, 1%. ! We Offer for Investment Real Estate Notes Ot responsible makers secured on_improved property. TO AND 7%. i{| PRoMPT PAYMENT oF mTEREST GUARANTEED. Bank of Bethesda, Md. by st lien YIELD 6% LIBERTY BOND PRICES i For $100 Bonds Today 509 Seventh St. N.W. 2a 4% Bd 4%m 1] 4t v | Vietory 4%x . i NO DEDUCTIONS MADE. Bonds Bought in All Denominations, LIBERTY BOND EXCHANGE 604 14th St. N.W. || Hours, 8 am.to5pm. Main 2997, i The Star has censored the ad- vertising on this page for the ! protection of its readers. How- {] ever. if there shomia be any cause for complaint we will niake a full and impartial inves- tigation. The Star strongly recommends that you consult an officer of £ome bank or some member of the local stock exchange befors | :nmunz any investmeat at any . ON FUNDS LEFT WITH THE COMPANY /0 —the highest interest rate of any American Life Insurance Com- pany. INSURANCE COSTS LESS in the 710 14th Street EQUITABLE Co-Operative Building Association Organizsed 1879 42d YEAR COMPLETED Assets . Surplus . Learn to Save Systematically T e oo M - e systematic savl %:fih Equitable, with wonderful re- | $4,408,629.00 $1,144,464.69 estate? at any of our offices. Subscriptions for the 83d Issue of Stock . Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON. President' FRANK P. REESIDE, Seey. COMMERCIAL 8th and H Sts. LR A s E. S. BRASHEARS, Gen. Agent volves €xpert ackoun 3% Same Rate of Interest Paid on Large and Small Accounts Year The services of the American Security and T pany as executor and trustee are 'no more expensive than those of an individual. Is it not, therefore, advisable to secure responsible, efficient and certain administration of your . EVERY FINANCIAL SERVICE 15th and Penna. Ave. HOME SAVINGS BRANCHES CAPITAL AND SURPLUS 7th St. and Mass. Ave. N.E. ! 436 7th St. S.W. < ational 55th its in any amount. Travelers’ Checks, Letters of Credit and Foreign Drafts Savings & TrustCo. Oldest Savings Depository in Washington Cor. 15th and New York Ave. A Vital Part of YOUR WILL HO will settle your estate? That question is more vital than you may think. An individual executor may die, involving difficulties and even hardships for . your beneficiaries, but when a trust company is named as executor the work of settling the estate will not be inter- rupted and you are assured that every detail will be handled promptly, thorough}y and expertly. Some of the duties required of an executor are: 1. Offering the will for probate and securing testamentary letters. all property and making s invemtory. This in- knowledge. % . 8. Piling returns for all taxes. This necessitates thorough famil- farity with taxation. 4. Pa roven debts against the estate. This matter sometimen requires’ advertising And always Beeds trained attention. 5. Peying legacics promptiy—often a vital matter to those lnvolved. st Com- A principal of the company will gladly discuss the matter with you ON SAVINGS $5,400,000.00 . Safety Deposit Boxes at Low Yearly Rentals fJoin our growing famil of depositérs THIS PAY- DAY—we welcome depos-