Evening Star Newspaper, February 10, 1923, Page 19

FINA NEW STOCK ISSUES REACH HUGE TOTAL $400,721,830 in Preferred Shares Put Out in 1922. Local Bank Doings. Tn 1027 new preferred stock issues totaled §400,751.330, nccording to com- | pilation by tho Wall Street Journal.} Close to 123 corporations announced, such issues, which probably estab- lishes a new high record for a sin- gle year. New issues included $10.920.600 61 par cent preferred by Tllinols Ceu-, tral, $18,000,000 7 per cent by Libby, MeNeil & Libby, $20.000,000 6 per cent | Shell Union Oil, $25,000,000 6% per cent New vork Telephone, $12,558.500 613 per cent Chesapeake and Ohio, $12 ©00,000 7 per cent Gimbel Bros., §1 ©00,000 § per cent Consolldated Gas of New York, £12,000.000 7 per cent M. A and $14.000,000 7 per aghilin. preferred stock issues will| be numerous, as_they are | with investors. Good pre- ferred issues have been readily ab-| ®#orbed. Some unusually attractive 7 | and § per cent issues were put out at ! par, many of which are now selling | at a substantiai Farmers and 5 lianna C cent Jon In 192 no doubt hopular premiun Mechanies’ Plans. Apnouncement was made yesterday } hy/Jlarry V. Haynes. president of the Parmers and Mechanics' Bank of | Georgetown, that Henry W. Sohon, ! ocal attorney, and former president ! »f the Distric Rar Association. had cen elected counsel and trust omvr'rl of the institution. Mr. Sohon suec-| ceeds Charles H. Cragin, who had acted in the capacity of counsel for the bank for more than thirty years. Mr. Cra; resigned recently. I It the plan of the Farmers and | anics’ Bank to develop its trust | dcpartnent to its fullest capacity. id Mr. Haynes. Under the amended federal reserve act the bank has had | st company powers for more than a vear, but it was unable to take | \dvantage of them in the old bank | huailding, because of lack of space | i and proper facilities. In the new Huriding provision has been made for xoreising all the functions of aj trust company Owing 1o this amendment to the| federal reserve act, several other| local banks have taKen advantage of the provision permitting them to take on trust company functions. The District National Bank. which recent- Iy acquired such powers, also is about | 1o elect a trust officer and to feature his department. In_connection with tne plans of the District National Robert N. Harper, president, said that it is purposed to construct a mezza- nine in the main banking room to allow space for the new department. Banks Cloxed Monday. A1l banks and financial institutions, brokerage firms and the local Stock | Fxchange will be closed Monday in respect to the anniversary of the birth of Abraham Lincoln Security Savings Expands. Owing to the growth of the Securi- ty, Savings and Commercial Bank, the | largest savings Institution In the Dis- ‘rict, the banking room hae been en- arged, and, according to Francis ¢ Addison, jr.. vice president, additional space of fifty-five by twenty-six feet i* now being made avaflable to pro- vide for a lunchroom for employes d more spacious quarters for the ookkeepers. About 1,000 safe de- posit boxes were recently instalied. he bank deposits now total $3,- 715,000, an increase of approximate iy §230.000 since the beginning of the year, Mr. Addison said. National Metropalitan Booklet. “What a Trustee Should Be" is the NCIAL. THE EVENING STAR,. WASHINGTON, D. NEW YORK CURB MARKET Roceived by Private Wire Direct to The Star Office. BY WILLIAM F. HEFFERNAN, NEW YORK, February 10.—Taking the week as a whole, the upward | movement on the curb exchange has been more rapid than ip any like period in several months. New high records were common among indus- trial favorites, while - advances In crude and refined ofl have stimulated an active demand at rising price for most of this class of stock. The curb market today was very active, with price changes varying. One of the most noteworthy oceu rences In the ubward movement of in- dustrials was the sharp rise in Good- year Rubber stocks. Thesc sharee were In demand from the outset of the week as a reflection of the great- | ly improved financtal position of the company. This was brought about by the retirement of a large block of the prior preference stock. Today the common crossed 16, a gain of over ¢ points from Friday's close .and up Over § points on the week. The pre- ferred rcached 50, NEW YORK, February 10.—Follow - ing Is an official list of honds and stocks traded in on the New York Curb Market today: Bales in thousands. 8 Alum, BONDE. fiigh & D63, [N . 88 D 100% .1 Am Gas & Elec 6s.. Light 6 . Am Ol Tysl 10 Armour & (o Ta . 16 Armour & o Del 515 AU G & W T 858 1 Beaverhoard Ss 3 Reth Steel Reth Steel Boston & Ma' Canadian P Servies 74 D s Balto 5138 E « Balto 65 A. Cons Textiles 8x Kignal Oil 75 en Asphalt 8 ... G ¥ond Rubber 7a .. Lig, Weh, L re es i 1031 80 101 12 Penn Power Plerco-Arrow Sa w | Pub erv of N J Ts. uthern Cal Td 5s. SON YT R = 1R w21 108%8 w5 108 107 10214 037, SONY 6l Soutnwest Rell 7a. Swift & Co Ba ..., Tidal Osage Ts ... . 1031 Tnited Ol Frod . 8 Tait Ry of Hav ks 105% FOREIGN BONDS. rgenting 73 ’23... 1008 King of Nether 63.. @iy Mexican Gost 35 ‘86 Mexiexn Govt Ba ‘84 n Govt Os Gov Blis Sales in units 100 An, 400 100 10 Crescent P L 5 75 Cumberland P L 0 500 Gelena Signal 0110 4500 Humble 01 & Ref. 90 Tiitnois P L 500 Imp O1l of Cana 25 Iudians P L . 2000 Inter Pet Co, Ltd. 10 Magnolia Pet . 100 ¥ 10 100 35 40 100 2000 1200 Prairie P L _. South Penn Ofl Southern P L . S O Tndans . S O Kaneas oew § O Kentucky . 100 8 0 N Y new . 108 0 Ohln ....... 2100 Vacuum Of1 new. .. Sales INDEPENDENT OIL STOCKS. in hundreds. an advance of 3! | points from the previous close and a gain of over 12 points on the week. Both stocks reached new high records. Wilcox Oil and .Gas. one of the active independent oil stocks, reached its high for the present movement to- day and was in urgent demand at top ! prices. The company now has about twenty-five wells being drilled on proven acreage. The recent advances in all grades of midcontinent crude practically assures the company of greatly {mproved earnings on their rapidly increased productions. . Realizing sales were encountered in some of the Standard iOls. but the recent gains were for the most part maintained. Standard of Indiana was firm around 65, while Vacuum Oil reached its best prices for the present | movement above 45% The Improvement in the sugar trade was reflected In new high records for the sugar stocks, Great Western new made a new top today at 85, up almost 5 points from last weck's close, while the upward movement continued in Cuban Dominican Sugar, and this stock, up almost a point on , was also at a new high for the year. 10 Divide Extension.. olddeld Jackpot 4 Coln Hardshell Mj Henriotta Silv Till Top Hollinger ... Tndependence Lead Mehican Cop ational Tin ew Cornells New Dom Cop . Y Porcupine.. Nevada Opbir Ohio Cop ... Ray Hercules 1nc Sil Queen Min corp .40 evadn 1% United Bast Cnited West End Consol West End Ext 0 White WEEKSEESSTOBKS INSHARP UPSHING Breaking Away From Narrow Trading Area Sends Prices to New Highs. ‘ BN i% 4 JL'!" . 04 By the Associated Press. NEW YORK, February 10.—Br ing away from the narrow trading areas within which they have been fluctuating for two months, prices of stocks moved to new high ground for the vear this week in a sustained buying movement lated by greater activity on the part of speculative pools and a resumption of public participation on a large scale. Sales this week averaged more than 1.000,600 shares dafly. Foreign news developments. which had been having a restraining in- fluence on business, were largely ignored. the market taking its cue from another series of construe trade developments, which included extra dividend dlébursements, an- nouncements of higher prices for a ptimistic feeling on tha part of busi- ness men and financlers as to the Im- medlate trend of domestic busines: Steel Shares Come to Life. Trading in steel shares, cak- | which was stimu- | number of commodities and a more | C., SATURDAY, Markets Breaking Away From European Restraint Great Expansion Not BY STUART P. WEST. Special Dispatch to The Btar. NEW YORK. February 10.—Dealings on the stock exchange this week have fully borne out the signs which had begun to appear previously that the security markets were breaking away {from the European uncertainties. | Those uncertainties had held them in more or less restraint for a month. Business has expanded to the largest dafly average volume since the cul-| wination of the upward movement last summier, and this expansion been attended by a general rise in prices. With all fear of a war in the near east removed by the agreement reached between the allies and the Turks, one of the two forinidable Kuropean ques j tions is now out of the way. There | remains the situation in the Fuhr, the | qutcome of which Iu quite as much in doubt as it has been at a stage since { the French began their military move- | ment u month ago. Tuhr Coal Output Shrinks. rmany's passive resistance stiffened rather than weakened. The output of the Ruhr coal mines has shrunk to 1) per cent of normal as the result of the sfrike. and German railway operatives have maintained their attitude of refusal to work under French bayonets From the standpoint of France the tuatlon is complicated by the walk- ! out of many of her ¢wun miner: She is threatened with a coal shortage | and a further increase in the cost of 1living, which has already been mani- festing itsclf in the prices of other | commoditics. ! ""So far the effort to force reparation | | peyments by seizing more and more | {German territory has been a failure. The further the French have ad- vanced into Germany the stronger, apparently, has become the determi- | nation of the German people not to} give in. French Taxation Increas Meanwhile, the latest estimates; ace the deficit in the French budget | ear at between 3,500,000.000 and | } 4,000,000,000 francs. ‘Taxation has been pushed to the limit. The con-| tinued piling up of new internal loans 16 o desperate expedient to con- template. At all events it cannot be, | resorted to indefinitely. Hence the | | enormous stake which France has iny ! the reparations problem is more clear- | {ly defined than it has ever been soj far. ) { The only wonder is that Frenchi {exchange should have held as steady {as it has during the last week, espe- | cially according 1o the latest| statement of the Bank of France.| nearly the whole of last autumn's d {flation in the paper currency has now | i been undone i | Domestic Trade Aficcts Stock | The domestic trade data, indicating continued enlargement of production and constantly more profitable con- ditlons as regards prices, have been } {he whole incentive back of the rise | in the stock market It {s not gener- | ally appreciated how extraordinary | have been the exports of sugar rom | this country during the past twelve in\onlhfl They reached during 1922 total of almost 2,000.000.000 pounds. imore than twice the outward move- {igent of the previous year and nearly | three times the average yearly ¢ 1 pol befere the wa To be sure Furope now has her 0Wwn sugar crops {back pretty well to normal, so that {demand won American refineries has i i ol it has I | cita. | the Tron {plus ‘the sugars |the recent upward | Here lies {to an | Joseph 1. ed—Sugar, Steel and Oil Stocks Extra Active—Home Trade Cause of Growing Activity. fallen off. But the 1922 figures suffice to show how the huge surplus of the Cuban sugar crops was worked off, paving the way for the recent ad- vanos in raw sugar to 41 cents a pound, #s against the extreme low of 1% cents during the worst of the great trade slump. Steel Prices Rise. As regards the eteel Arade, two remarkable contributions were made in the news of the week. One was ths report of the Republic Iron and Steel Company showing that earnings during the last quarter of 1922 were | running at the rate of nearly $10 @ share on the common stock. after almost two years of continuous defl- The other was the statement by Age that the rise in steal prices was becoming so rapid as to be positively dangerous This stutement, taken along with the Republic Tron and Steel figures. naturally affords ground for very optimistic predictions as to the earn- tngs of the steel companies for the first quarter of 1 In the ol trade the overproduction lof twelve months ago has completely disappeared. The latest figures make it plain that, outside of the Pacific coast territory. the current output imports has fallen hehind con- sumption. Consequently reserves have been drawn upon and prices have nat- urally gone up. quipment Companies Prosper. Thus it appears that In three of the mMoSL representative security groups— the steels and the ofls— »vement has had n_entirely logical ground. The same can be #aid of other classes of stocks. 1t 1s known for example that the rail- way equipment companies arc booked to capacity all the way from six to nine months ahead. It 18 known that car loadings dur- g January averaged 870,000 cars a week, excecding even the remarkable performance of December. The in- ference is, therefore, that good as the December railway earnings were, those for January will be better still. the incentive back of the market for railway stocks and bonds. Advance Not Excessive. The danger. of course, is that, founded as the rise on the sto change has been, it will be « extreme jugt as was the case last May and again last August. On he whole it may be said that the ad- vance so far hus not been excessive, but that in some quarters operations for the rise have been pushed at too rapid a pace. This sums up the Wall street situation as it stands at the close of the week. One striking feature is that the in- creased stock exchange demand upon the money market, to the much larger volume of business and the rise in prices, has so far involved not the slightast st First Mortgage Lowest Rates of Interest and Prompt Action g::hl:{hg Company, Inc. Money to Loan Secured by firat deed of trust on real estata Prevailiog interest and_commissios., Weiler 420 Wash. L. & Tron bldg.. Oth & ¥ aw, Room for Rent 5th Floor Commercial National Commixston. Thomas J. FEBRUARY 10, 1923 Loans! FINANCIAL.® —have ready for delivery a limited amount of 7% Gilt Edge First Mortgage Investments In Amounts of $250 Up ‘Take Advantage of Thim The opportunity to get your savings invested on a basis of 1% interest is rapidly passing. Chas. D. Sager 923 Fifteenth St. N.W. Main 3¢ Loan MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST APARTMENTS No. 1915 16th St. New Building Fire-proof Construction Elevator Service Apartments of 2, 3 and 4 rooms with bath Ready March First For floor plans and reservations See Thomas J. Fisher and Co., Inc. Rental Agents 738 15th Street N.W. SECURITIES First Mortgage Notes Secured on Improved D. C. Real Estate by Experts of 35 Years’ Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes Warehouse Receipts, and Make Construction Loans ational Mortgage & Investment Corporation 811 Vermont Avenue NNW. Appraised The Safe Six Per Cent 6. HERE is no more reason why you, as a prospective investor, should believe one man representing one investment house any more than one representing an- other, except that the personality of one may uncon- sciously win you over. But do not trust this instinct; ask a banker before investing—one who may judge without bias. Go to the banker who has no personal interest in the investment house, and his advice will be sound. And ask him what he considers the prevailing rate of interest on what he believes to be absolutely safe 30 Allen 0il . which be- | 10 Allled 011 8 Ark Nat @ 10 Big Indian Oil ... Boston. Wyo Oil.. 5 Carib Syndicate Bank Building title of the annual booklet sent out by the National Metropolitan Bank, which has just been recelved by its ast "quariey. repertor- e Chited| | COMMODITY NEW'S WIRED STAR FROM States Steel Corporation showing that | the dividends had not been entirely | many depositors. The booklet is at- tractively gotten up and shows in a voncise, well-written manner the im- portant functions devolving upon those who operate trusts for others. — Washington Stock Exchange SALES. Washington Gaw 55-§1.000 at 95 Commercial National Bank—5 at 1181 ferchauts' Rank and Trnst Compan; 10wt 127, Tanston Monotype AFTER Washingion Gas Light Washington Rwr. & F 10 8t 30 at WRY 10 at 10 at at A8y 10 ut 10 at 6917 10 at 14 10 at €815, 10 at LN d Trust Company—10 at R jec. pfd.—10 at 758 his exchange will stand sdjourned Tuesday, Februsrs 13, 1023, ! BONDS Bid and Asked Prices. PLBLIC CTILITY. . & Telgu. 43.... American Tl & Telga. 415... Tel. & Tel. etl iy Tel & Tel. conv American Wush., Alex. & Mt. Ver. 5 Wash!! Ales” & Mt. Ver. et alt. & Annap. Washington Gas Bx....... Washiogion Gas 7158, Wash. Rws. & 5 Wash. Rv.5. & Elec. g. 'm. fs.. MISCELLANEOUS, Rigze Real Riggs Realt ity Stora Wardman Park Hotel 0s....... STOCKS PUBLIC UTILITY. American_Tel. & Telza Capital Traction...... Washington Gaw Surfolk & Wash. Wash. Rwy. Wash. I 1 crminal Terminal T apital . slumbia Commereial . Distriet Farmers Federal-Amer Liberty Tineoln National Ligge evond Washi and Mechanics™... an Metro, American Sccurity und Trust. Continental Trust. Merchants' Bank e National Raviogs and Trost. Tinion Trust.. s washingtou Loan & Trust.. SAVINGS BANK. Fis Citien Rervice ... Cities Service pfd. Creole Syndicate . Federal 0il Fensiand O Giililand 011 Glen Rock Oil Granada Ofl. it Ol of Pa. Kerstone Ranger Kirby Pet . Tatin Amer 07 Livings Towry Ol b 5 Mariand .. Maracaibo 0ii Merritt 01 Mexlcan 03 west-Tex tain Prod fountais Guif . futaul Ol .. New Mex Land Nople Ofl & Gas. 4 Omar 0il & Gar... 3 Pena Reaver O Pennock Ol Red Bank Off Ryan Cod > Salt Creek new Turman O ... Wilcox 0il & Gas. TR INDUSTRIALS. Acnie Coal . Acme Pack Amal Leath A Am ¢ Armoor Arnold Cons Co w L Atlagric Fruft ... Bkiyn Ci Ruddy Bude ... “ampbell Roup pfd. Car Light . Centrifugal Tron Pi Central Teresa ... i Teresa ntd y Ribbon Mill Columbia (Teveland Motor .. Curtiss Aero Cox Cash Stares suban Dom Sugar. . Fruit ... Dubllier € & Radio 15 Durant Mot ...... Durant Mot of Tnd. Fielschmann & Co Ford Mot Co (anad rdner Motor . Tayes Wheel . Heydem Chem| n & Man n ‘Co pfd ... Imperial Tobacco. . Hydrox ...... Hydrox pfd 3 ppen‘er. B'& Co Lehigh Power scc.. Lupton, F M....0 Mercer’ Motor 1110 Mercer Mot vot cfs fasabl Tron ..... Natl Dept Stores & Natlonal Teatber. . Nat 8up Co of Del. New Fiction Pub Co N Y Canners, Inc.. Oselda Corp ... Prima_Radio C: 13 i Base FEEE B3 Wt FOF 2B ot Mfg Radio_Corp Rep Tire & Repetti Candy Reo Motor ... 3 Nchulte Stores «ommerce and Navings, iast Wasafogton. ... Security Savings and Commerclal Seventh Street.. <=00s 185 Tiulted States.. 270 hington Me IR American TITLE 1INSURANCE. Columbta Title.. ... ... Real Estate Title. L1 MISCELLANEOUS. «olumbia Graphophooe com. ... « viumbia Graphophone pfe Merchauts® Transfer and Btorage Mrrgeathaler Linotype. id Dutel Market com 1114 Duteh Market ptd. Lanston Monotype Necurlty Bl vashington Tellow Cab. ] Bo ¢ & I. Stutz Motor ... Swift Internat] Technical Prod ... Tenn FElec Power. Tood Bhip .. Y Unit Prof £h new. United Retail Candy Uni Shoe Mach Cor US Lt & Heat ... U S Lt & Heat pfd ne Coal ... Yale & Towne new. 5 Yellow Taxl ...... MINING Ariz Globe Copper. Big Ledge . Bion Gold . Rost. Mont Corp. Caledonia Min .. Candelaria Min ... Continental Minex. Con Cop Min tem cf Cons_Nev Utah Cortes_ Sflver 2e¥ond E > I00K] 48 ko o E 3% . A8 % | earned, assumed new vitality when | the 1922 report of the Republic Steel |and Iron Company showed a net profit of $418.216, as against a deficit of $5.665.242 in 1921, wnd January pig iron production reached the highest level sin October, 1920, Railroad shares were bought heavily on official reports of a continuance of record carloadings, which, it is be- lieved. will be reflected in the next monthly carnings statements, and on the incrs e in the New Orleans and Texas rallway dividends. Higher prices for raw and refined sugar found reflection in the increased activ- |ity at higher prices in those shares President Harding’s renewed ap- peal for action on the ship subsid bill revived interest in the shippi | sroup. \ Great Activity in Oilx Advances in crude oil and gasoline prices and higher dividend disburse- ments by the Standard Oil Company of Indiana_and the Imperial Oil | Company of Canada stimulated the buying of the oil group. while buy- ers of copper shares found encourage- ment in the steadily rising price tendency of the red metal and the better export demand. Merchandis- ing shares leaped into prominence when the annual report of F Woolworth Company disclosed ings of $27.11 on common stock in 1922, as against $20.40 in 1921. The decision of the Packard Motor Car | Company to call for payment, April {15, about $8,000,000 in outstanding notes, dus in 1931, testified to the im- provement In that industry. PARIS MARKET FIRM. PARIS, February 10.—Prices on the bourse were firmer today. Three per cent rentes 58 francs 50 ccntimes. Exchange on London 75 francs 58 centimes. Five per cent loan 76 fracs. The dollar was quoted at 16 francs 11 centimes. INCOME TAX FACTS. No. 13. & Business expenditures are not al- ways business expenses within the meaning of the income tax law. For example, a merchant may build an iaddition to his warchouse at a cost of $100,000. This is a capital ex- {'penditure for an addition to his as- Isets. Capital expenditures are not deductible. Distinction is made between ex- penditures for an asset and expendi- ‘tures in connection with an asset. If the 'merchant should, during the year, spend $600 for repairs to his warehouse, such 'as painting the roof or replacing broken window: : {deduct such amocunt as a business + expense. books, machinery, tools, implements or surgical instruments purchased by a taxpayer for use in his tradc or profession, and which are of & permanent character are capital as- sets, and thelr cost is not allowed as a deduction. A farmer may mot deduct the cost of a threshing ma- chine or tractor, these being capital expenditures, but is allowed to de- duct the cost of hoes, rakes and small tools which are used up in course of a year or two in farming operation. The purchase price of an automo- bile, even when used wholly for busi- ness or professional purposes, is not deductible, but is regarded as invest- ment of capital. The cost of gaso- line, repairs and upkeep of an auto- mobile is deductible if used wholly in business. If used partly for busi- ness and partly for the pleasure or convenfence of the taxpayer anu his family, such cost should be appor- tioned” accordingly. | 7 . | | ENTIRE COUNTRY | | ! | PORTLAND, February 10.—Wool | growers of the northwest are under! !4 seige of visiting buyers represent- ! ing eastern Few flock masters have contracted | for their unsheared wool as yvet. but | indications are that the scramble :or! flecces will be keen this year. ATLANTA, February 10—Automo- bile sales are more active today than at any tUme since the war. Demand is heavy for new models but dealers re experiencing difficulty in dispos- ing of used cars. CLEVELAND, February 10.—House painting this spring wiil cost more than it did a year ago. according to preliminary reports today of the Cleveland Paint, Qil and Varnish As- sociation. The advance, it was said, will be due to the Ligher price of white lead. which has increased 50 per cent in the last vear. CHICAGO, February 10.—Indications here are that there will be no falling off in the demand for steel in the next few months. Producers are ex- pected to allocate their tonnage for the second quarter at higher prices shortly. TOPEKA. Kan., February 10.—The alue of all fleld crops in Kansas tor 222 estimated today, totaled $289,- 96,000, an increase of $62,991 over the previous vear. The available value for the period from 1916 to 1920 was $406.071,000. NEW ORLEANS, February 10.—Mu- {sic dealers here reported today that business in their lines was fair, but ! that added sales effort was needed to close sales for more expensive in- struments. s [} 16: { 1 DIVIDENDS. i i 1 Stock of Tar- i Co, a. 155 Ten s Torder City Mfg . Q. ] ‘eb. 1 ‘ontinentai O Co, q, 30c "eb. " M: i Det-Mackinac & Bern Sors Co. 1, 1% n Sprg Co, q. 1% Stana 6 €o of Ohior q, ‘S‘A%Jeh. 18t L-San Fran 6% aaj. 3%, i mills and dealers today. | | $2.000. EQUITABLE Co-Operative Building Association Organized 1579 43d YEAR COMPLETED Ausets . .-84,857,959.50 Surplus ceeee-. $1,190,880.31 Systematic Saving A plan to make saving easy— Save a little each pay day and you will be surprised at the amount accumulated in a short time. Subscriptions for the 84th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F 5t. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Seey. From $100 to 300 on D. ‘estate and household goods or chat- 7 per cent ipteres No bro- Commarclal Lonn & FinanceCorporation Room 211, #31 13th Bt N.W. If you have money to invest, we can safely place it on gilt-edge first D. C. Mortgages. Our record of 30 years insures your protection. Courte- ous treatment. Percy H. Russell Co. SW. Cor. 15th & “K” Sts. 000.00 TO LOAN ON Hotels | Apartments Medical, law or other professional | Office | Construction or Permanent Loans i|| Amounts $100,000.00 and Upward Prompt Handling g Loan Department HANNON - & LUCH 713 14th Street Main 2345 investments. Swartzell, Rheem & Hensey Co. 727 15th Street Northwest Washington, D. C. 53 Years Without Loss to An Investor s We Aim High EN can render service only as high as their own ideals of service. So from the beginning we have aimed so high that even though, at times, we may fall short, we are able, still, to render, in the daily course of events, what scores of successful executives proclaim the highest in banking service. Every Banking Service 3 6% ON SAVINGS COMMERCIAL 15th -and Penna. ‘Av Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave, 8th and H Sts. N.E. 436 7th St. S.W.