Evening Star Newspaper, July 8, 1923, Page 23

. the FIN ANCIATL. Business Failures in District Display Increasing Tende_m:y ' Sixteen in Second Quarter—Reserve Ratio Lower~-Gain in Bank Cleariizgs—Priceé of Local Unlisted Securities. Business mortalities in the District of Columbia for the second quarter of the current year, amounting to six- teen and aggregating $674,625 of | labllitles, indicate an Increasing trend as compared with the corre- sponding period of the previous two Years, when commercial defaults num- . bered fourteen and ten, respectively. Examination of the record of the South Atlantic section by states shows fewer insolvencies in every Instance than last year, except in the District and in North Carolina, the decreases ranging from six in Delaware to 110 In Georgia. The total of 465 defaults, with liabili- ties of §1 in the section dur- sarter of the year failures, involving 3.943, the corresponding A of 1922. The exhibit as to in- debtedness, moreover, is In favor of this year, the amounts being smaller in most cases, and notably o In Vir- “ginia, Georgia and Florida. For the firet ‘halt of this vear the defaults in the south Atla c states numbered 1113 and Involved $28,616, 610 of liabilities, against 1,975 faflures 76 during a like period of | deral Reserve Ratio Lower, The combined federal reserve ratio now stands at 74.4 per cent, compared with 76.8 per cent a week ago and 76.8 per cent a yvear ago. The loss of 2.5 points in ratio was the direct ri sult of loss of cash, increase in de- posit HAMIIHM and increase in al rve motes in cireulation. hanges in the various Items were ally’ large, and were brought about by the heavy midyear money requirements. was brought | about by financing. only temporary, Bankers Slow in Payments, Fernand Petit, chairman of the hotel and transportation committee Tr the bankers' convention recently held at Hot Springs, is somewhat disappointed with the dilatoriness on the part of some members in the settlement of accounts, and prompt response In order that he may dispose of the accounts due and render final statement to the con- vention chairman. Returns of bank clearings during past week were for five days LITTLE NEW BUYING IN STEEL MARKET Mills Are Catching Up on Old _Orders—Copper, Tin and Lead Drop During Week. of midyear By the “Associated Press. NEW YORK, July 7.—Compara- tively little new buyving is noted in the steel market and a great many mills are closing down for summer repairs. Buyers are taking delivery on old orders readily, however, and values are well maintained despite the fact that producers are catching | ¢ne most successful held. thus: far | &t one Hm up cn their orders and the weakness in basic materials. Pig iron was ve and weak, with further re- ns in price and a general tend- | curtail production. has remained quiet. Fu tions were made in prices s and copper products iately stimulating d buyers of metal for d mestic consumption have shown Increased is s second hands are said to be small producers have shown more willing- | ness 1o sell below the 15 cent level, | and are said in some cases to have hardly enough orders in hand to abe sorb 4 --rnl[uu\mp of their present productior Tin hxs reached a new low for the year, due to the indifferent attitude of consumers, weakness in sterling exchange and the saggnig trend of other materials. Lead displayed sharp declines, the leading refiner dropping to 6.35. threat of foreign competition” and L Prospective falling off in consump- “tive requirements were largely re- sponsible for the cut in prices. Zinc was quiet but firm on account of the ere situation, about 90 per cent of the mines being shut dow is some inquiry from opera- tors but little sign of interest among consumers, Antimony ruled quiet but firm. Tt Is reported that stocks abroad are very light and that supplies here are in firm hands. LIVE STOCK MARKETS. BALTIMORE, Md., July 7 (Special). =The general live cattle market rules firm under ‘a good demand for top Erade stock and the current receipts ° s sort’ being moderate, - cially on the wharves, e All offerings of common to ordi- nary stock very slow to find favor even at sharp discounts. Spring lambs ily good demand: were ¢ and desirable weight. Quotations today at Light street wharf: Beef cattle. first quality, 8; medium, 1b, 6 to 7. quality, 1b, % to & fancy, .. 5 to 7 Ib, 8 to Bulls,"as to Cows, choice to ommon_to fair, to quality, Ib., \\ choice of fancy ; common to- fair, 30.00 lo 5000 Calves, veal, to 10: ordinary to b.. 8 to 9: rough, common, 6'to 7. Sheep, choice, 1b. Ol bucks. b3 to'4; com Lamb, spring, fair to good, common, thin, 1b, 9 to Hogs straight, 1b., 7 to 8. SOWI tn 6. Stags and boars, i ” Live pigs, s to size and qual- ity. 1b., 10 to 12. Shoats, as to size and quality, 1b., 8 to 10, NEW_ YORK. July 7.—Cattle—Re- oelpts, 336 head: no trading. Calves—Recelpts, 670 head: easier. Pennsylvania veals, 15.00; Virginia yoals.” 10. 00a14.00; western calves, = Sheen and lnmblv—-Rernlpln. 8,000 hesd steady: sheep. 3.50a6.50; oulls, 11.00a16.5 culls, i lloxs*—Recelma, 2.060 he-rl steady: medium weights. 6.00a8.2 and heavy hogs, 7.76a8.00; 5.50a 6.00. lambs, roughD: —_— CHICAGO GRAIN MARKET. CHICAGO. July 7.——Conditions likely to develop black rust had a bullish influence on the wheat mar- ket today, and so, too, did gossip that farmers were selling more slowly thani usual at this time. Prlcea closed unsettled a shade to % lll.‘h- er, with September 1.03% to 1 and December 1.06% to 1.06%. Corn inished % to 1% up, oats showed % to % main and provisions were un- changed to § off. N ——— : Waterproof-paint, giving an enamet finieh, Bas been invented: that dries in half an hour. ankers regard the loss as | only, owing to the holid twenty cities of the United States port an aggregate of $7,350,942, This total is considérably in excess parently settlements. Comp: statistics of five day gain of 12.5 per c disc! while the past week's clearings 368 per cent larmer than those of the same period of 1921. Push Work on New Offices. Contracts for the consummation of the various work fn connection with the new uptown office of the Wash- ington Loan and Trust Company have all been let-and the work is progressing rapidly, Vice Preaident Charles H. Doing sald yesterday. However, the new bullding will not be ready for occupancy before the first of the year, owing to the elabo- rate plans of the edifice. Local Ofice Wins Lawrels. The local office of the National City Company is leading all other branches of the parent Institution in the campalgn for new customers inaugurated on January 1, last. The drive is of one year's duration, and the prestige gained by the win- ner is the only reward. Unlisted Stockn Bon The following latest bid and asked prices for securities on the unlisted department of the Washinkton Stock Exchange are printed herewith for the guldance of possible holders of these securities. :mm.-»umn Club’ 43 STOCKS! Anacostia Bank. Tanki Pie | Chiitian Heurich _ Brow'y: | Columbia Hotel Cy | Departmental Bay ‘lflnlrlrl Title Ins. Co. Exchange Bank urges | 3 Ball X Woodridge & Tangdon Sav's BANKING STUDENTS 10 GET DIPLOMAS About Sixty Resldents of | This City Passed Examina- ‘? tions, J. C. Dulin Says. The year 1922-23 for the local chap- ter, American Institute of Banking, officially closed yesterday when James C. Dulin, president of the body, recelved the results of the final examinations from the parent organization in New York. During the past vear, which was { thirty-one men and women received | standard certileates, which indicate | successful completion of the chapter's ourse of two years or more, while twenty-nine successfully passed ex- aminations for elementary ocertificates after one vears study. from New York to the Washington chapter just as soon as the national officers’ signatures have been affixed, and will be distributed at the first fall meeting. ‘Those receiving standard oertifi- | cates are: Willlam W. hdfle | Lewls W. Bealer, Burnetta Blac | William® &, Bolls, William 4. Cady. | Rafael Del Carmen Calvo, Aubrey B Carter, Robert C. Danfel, John De La Mater, 8. Wilson Earnshaw, Elbert F. Ellllfln, Bllnchn W. Fry, James Gray, jr. F. B. Goldney, A. E. Henze, Elmerc. Holt, Enoch G. John- son, George Morris Irelan, H. F. Kim-. ball, T. Hunlon Leith, Samuel H. Marks, Lawrence L. Powers, W. M. Rankin, jr.; Curenco F. Schatz, George Shisler, Demma O, Shumate, Oscar A. Thorup, Helen P. Wedde: burn, Rita Weller, Mildrel Wood- cock and Frank BE. Yilek. The names of those who lchh\od the elementary certificates ar fean Kenneth F. Brooks, E. Curtis, jr.; Btr!hl. Custer, Eleanor L. Dankmey ohn Paul _ Foley, Laura A. Forbe!, “ll"lm 8. French, jr.; Otls M. Hestér, Enoch G. John- mon, Anna’ D. Kiner, Margarst A. Laning, Raymond E. Lavole, Roscoe Thomas $. Mallon, jr.; Edna Viola L. Merigold, Joseph G. Motyka, Rohert B. Riley, Jr.; Fran- cis E. Robey, Walter G. Russell Laila M. Slul.l Florrie” M. Btacy. Charles K. Allce H. Whitton, d and Frank tlek. Mr. Dulin also advises that tickets for the annual convention of the institute, which 1is \rlln[ held at Cleveland this year, have been re- celved, and will be distributed the first of the week. ! LAKE TRAFFIC JUMPS. Marked Ingrease Reported in Ton- nage Through Looks. SAULT STE. MARIE, Mich,, July 7— Movement. of freight throu un locks here during the month of June aggre- gated 13,745,923 short tons, according to fho, monthly statement. of the. Dnjteq States engineer's office, made public today. In June of last year the move- ment totaled 8,066,117 short tons. - The movement of wheat was more than doubled, 25,505,699 bushels passing. through eastbound, last month, &8 com- pared with 12,438, « mumx. aurln: same period Grain, T than wheat, was |Immy lower lnt month, the total being 11,281,355 bush. els. against 12,932,438 bushels in m-. 1922. ~The movement of iroh ore in- creaud 8] y. SAY MARKET MAY HAVE DISCOUNTED BAD NEWS By the Mh(“ Press, "NEW _YORK, July 8.—S8tool k m bond prices offered - mors ° stubborn resistance " to selling pressure this k and disclosed a marked im- %v vement in speculative Sentiment. hile the absence of many traders from the floor and the re- sultantly decreased dealings made 1t difcult to determine whether the reactionary ‘movement which began in March had been definitely check- ed, market - observers agreed quite o generally that, barring unexpected and unfavorable . forelgn develop- ments, the market had discounted most of the bad news in sight. On several’ ocumm. uuu.n; the l & floating supp! and their lnort resuited in some mark These certificates wiil be forwarded | 4 and . quality. The chart above shows the high and low, [ !l !’fllll!!llllllllll Ul WTM c.m.';.E i mmiss eller 9 w-unn-nn .Otha ¥ N.W. eatablished institution 1t full growth e advieamiity its capital atock, and it offers u a limited number of foiing wnuasal to par- MIII.I.-'. mlfl pald dividends on both preferred and common wtock continueusly since organ- tsation. No brekers. Address Box 883-K, Star Ofice. ment Troubles to Us That’s Our Business RENTS B.F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 =DPORT OF, CONDITION MERCHANTS BANK AND TRUST COMPANY At Washingtrn, n the mndn o cfluu-. ot the close of business June 30, RESOUECES. 1. aLoans and dis- counts, including rediscounts, ac- by weeks, of forty representa- tive »,lackl dealt in on the New York Stock Exchange, frlm\lsllle first week of April, 1921, represents 2 volume of sales of all stocks. Wall Street Journal. STEADIER TONE IN BONDS. Saturday Session Sees Tendency Toward Higher Levels. NEW YORK, July 7.—Bond prices displayed a steadier tone In today’s quiet tradl with & more general tendency to higher levels. Forelgn bonds showed moderate improvement despite the heaviness of some of the continental exchanges. Mexican gov- ernment 4s advanced 1% points in expeotation of the call for deposit of all Mexican bonds under the Inter- pational debt agreement on Monday. es government issues re- eord-d nomlnl gains. There were several nlnl of a point or 2o in the rallroad list. including Rock Island, Arkansas md Louisiana 4%s, Kansas City Southern 5s, Erle general 4s, Chesapeake and Ohio con- vertible §s and Oregon Short Line refunding 4s. Forced liquidation of New Haven bonds appears to have been completed. —_— JULY COTTON STRONG. Other Nearby Months Also Rally in Baturday Trading. NEW YORK, July 7.—The feature In the cotton market today was the strength of the July position. There was buying of that month attributed to price-fixing by both forelgn and domes- tlo trade Interests, which started cov- ering or transferring of short accounts to later months. As a result, July sold up to 27.06, or 27 points net higher, and showed & premium of’ 330 points over October, com recent difference of aroun: u? to and including the n. caused rallies from an openl in the new crop positions, but they were lull{ maintained, and, sfter ad- vancing l‘nm 23.72 to 23.85, October The general market hr at a net advance of 22 uly and 30 points on Augus ut 16 to 22 points net lower on t later position: ——— BALTIMORE PRODUCE. BALTIMORE, Md., July 7 (Sp: clal).—Receipts of native and nearby corn, cucumbers. Deppers, tomatoes and other seasonable garden truck have been more liberal the past week and the market kas a lower ten- dency. All goods showing quality, howevef, are meeting with ready £dlé and prices are holding firm at the following auotations: Asparagus, 3.50 to 4.00 a dosen and 150 to 2.00, culls and - No. fee and wax stringle 6a: 25 to 1.50 a bushel, and 75 to 1.25 rin g llml.,bzl.nu ): 5.00 to 7. 3.00 to 4.00 a ¢ iozen for nativ Viv filn!a, cucumbers. bas| \urlonv. eggplants demand’ at 5:60 a crate; lettuce, t0 1.00 a bushel; onions. 1.00 to 1 a bushel; peas, .5 paspYeS hubarb, 1.00 ver 4 in fair 80 50 50 to 60.a bushel, and nativi matoes, 3,00 to 2.50 per 4-8 basket. Blackberries, huckleberries and where they arrive in meet with ready sale at 10 to uart, 16 to 20 a quart and 16 to 18 a quart, respectively. Red raspberries bring 8 to 12 & pint. Cherries and gooseberries are in fair demand’ at 10 to 20 a pound for the former and 6 to 8 for the latter. Early.June apples are In fairly good demand, but ehipments are not ad- Vicable, unless stock i of Receipts nd market -lndy at 4.00 to 4.50 & bar- rel and .00 for No. 28 Bushel llo’k ®selling ‘mostly 1.00 to 1.76 and 80 to 90 per 4-8 bask The geéneral egg mmrket steady, with values holdin 24 cents a dozen for native and nearby strictly, fresh under lllm r ceipts the past week. o Prompt and frequen shipment: dnrln. the symmer months ll in order to realize be buyers are critical And tuff’ has to be sold at & upL. genéral live poultry “market ull l‘ Steady to firm under {lll‘ly 11b- 8tal- reveipts and a generally good I prllpu nound: nd over find ready. sale, there is lal= snap to thl Iemlnd u 1 u-un.l -nar a houa wrisg i, - cxea‘uo &hd 16 nioted fob I 4% pounds ‘and over, 8 and modlnm 22 to 24, lut leghorns will not brln‘ over 20. - Old roost plentiful and ready. poor bl slow to Pl 1% dustrials and outline curve 20 ralls. Averages used are those compiled by the first week of Jul Solld curve Lower section indicates EX-DIVIDEND TABLE. July 10— Alabama Co., 1st pf., Allfance Reaity, a Plttaburgh Pittavurgh Coal uf., Juy 1 - Am. Coal of Alleghany, q e unrm,n- road of New Jersey, 4. July 12 sh-Empire Steel st o B, q. Halt. & Ohio pf. a River Gas, Gimbel Bros. pf., q 1. Nor. U1l bf. ! & Taylor 2 dle West Tt Nevport S ait: b GEEa Procter & Gambie, q. Procter & Gamble, Fere Maraustte pr. pr. o Pere Marquette Corp'n Units at Departmental Bank at... Fer-Sul. Corp'a at Chaj kn “A” at. ety Theater at. 10 Va. Plate Glass at. 500 Miller Train Control at. 300 Julian-Beggs at .. 3200 Wash. Ice 87 Notes at Thomas L. Hume, Broker l 1412 G St. M. 1348, (5§ REFORT OF Jus CONDITION NORTH CAPITOL SAVINGS BANK, ‘Washington, in the District M Dfl!-lll. at the close of business June 30, 1923, 'otal leans % gnm.m nsecured, $502.83 government securities ete. Banking Nous niture an $175,000; fur- B fxtures, Wb o ceptances of other Lanks, and foreign bills of exchange dratts, soid trust companies i lted " Btat (hef o the United’ States (othe pos 111,208:20 same elty of town de bank (other than Total t u ms 10, 11, of te i tem s 15,210.11 - 80,200.58 b b 130838 3 side of elly or tw' of re );Mfll bank and other ('Ilh . Othier assets 17,330.08 256,458.88 64.200.20 Total ... LIABILY . Capital stock paid in | Surpius fund . 19 Undivided profits than inciuded in item 10).. s for clearing house tate baoks, -n;m o fof clasih Amount due to state bani bankers and trust companies in the United States aud for- elgn countries (other than included 1o item 22) Tte > . Other amdteHevenue stamps Asnl Demand ‘depodita " {other. than bank _deposits). ( ts payable within 30 days! . Individual "deposits ime “depos 30 days, or sublect o 30 days or more notice) asd postal e o aeg:n (other than for mones borrowed . Other time deposits Total of time depesics, 81 and lother. than, n.cnn derouite Bonds and securities other items 25 and posl 4 or subject to ors "notice) *and posit (other than for money borrowed).. . Other time deposits Tol of time" depositi: ligations representin Darrowed other than Tedis. iicine L, . Lisbiiicies obligations repreantl sbove stated . ey borrowed other U S Dlumct o Columbe e "r::,,::.; " AT N 1 Kiamea 5. W. POPKINS, Treasurer. Bubseribed and lvorn to before me this Tth day of July, 1923, Beal.) tal umm.n Districe of Coi iton, s 1, THEODORE uimlAlL. Dresident of ‘th sbove-ntmed bank, wolemaly swear that the lh\l't.dlllul:dl ..lll true to the best of my knowledge & 7 o MICHAEL, President. orn to before me this Tth nlvnml ROBINSON, Notary Public, D. C. 1 3. DONOGHUE, Lo Notary Publle. . BOLLING, HARMAN, 7r, Sabscrived day,of July, 1 Correct—Attest: Correct—Attest: F Theodore Michael, A0 D Ulm: Cns w Fno-cnm. R F J A ™ He: George Cla, George H. : The Year 1923 to Date on the Washington Stock Exchange. Up to and Including July 7, Furaished by W. B. Hibbs & Co., H BO! P. T f‘D%\ i 4000—0 and P. Tel. of Va. ’{oflo—An and Pot. River R. R. 5s 33,000—C. and P. Telephone 1st is 0—Capital Traction 1st 5s. 00—Georgetown Gas Lt. 1st Bs. 0n~nexropollun R. R. . E. P. Home Furniture Money to Loan ANY AMOUNT Reasonable Charges on Trade Acceptances, ‘Warehouse Manufacturers’ Accounts, Short-Term First and Second Mortgages or Approved Collateral. American Finance Corporation Commercial National Bank Bid; MONEY TO LOAN 6% or 63% Before placin, or renewing your First or Becond Trusts, consult WELCH ~—have on’ hand several very choice All nurln[ 7% interest and I In Jenomina- uon- nf #3850 and u Flec. Power gen. . Balt_and Annap. 1st & 0—Wash. Gas 73%s. !5 200——? E. P. 78... 500—Dist. of Col. Paper M(‘ 6s. 15,000—Riggs Realty (long) 6s 4,600—Wash. Market Cold Stge. bs. 11 Sofl—er\lmln Park 68........ BSTOC! 2,!04—Cnp|ul Traction 4231—Wuhln ton Gas . 106—N. and Steamboat. 4,985—Wash. Ry. and Elec. com 4.635—Wash. Ry. and Eiec. 208—Commercial Natlonal S Fereran Ameri G54—Arher. Security and Trust 324—Continental Trust 35—Natlonal Savings and ‘Trust. 23—Union Trust 42— Wagp. Loan and Trust. 229_Merchants' Bank and Trust :u—Euz ‘Wash. Savings Bnnk 0~<8ec. SBav. and Com’ lo—wuhlnnon Mech nlu 31—Firemen’'s Fire Insurance. 41—Real Estate Title Insurance 1,087—Mergenthaler Linotyps . 1;214—Lanston Monotype 273-—Becurity Storage Co 420—Washington Market .... UNLISTED DEPARTMENT, B0—American Com. and Savings Bank. 30—-Banking Trust and Mortgage. 3—du ru FIRST MORTGAGES Every mortgage is loss than 50% of the ready market value property and we have never sustained a loss e i o e T&mmdhm!mihmeud invest your funds now. Write of call our Loan Department and let us arrange for you to personally inspect the property. Denominations $100, $250, $500 and $1,000 WILLIAM S. PHILLIPS ’ First Morgage Investments . 15th and K .Sts. NW.. .- i 89 [16. Other assets.. 63 |35, FINANCIAL.” REPORT OF CONDITION Of the DISTRICT NATIONAL BANK At Washington, In the Dlalrlfl of Cclumbia, at the close of business on June 30, 1923. RESOURCES. 1. a Loans and discounts, including rediscounts, ac- ceptances of other banks and foreign bilis of exchange or drafts sold with indorsement of this bank (except those shown in b and c) Total loans ... 2. Overdrafts, secured, $3,336.91; unsecured, $2,408.8! 8 a Customers’ liability ‘account of ‘“acceptances"” executed by this bank and by other banks for account of this bank, and now outstanding $117,019.56 4. U. 8. government securities owned: a Danonltefl to secure c|rculluon (U. 8. bonds, par > . $503,000.00 b Al oth'r Lnllad Slflle! Kov(‘rnment accurl(les (Including premiums, if any) 612,525.00 $662,345.62; lurnuura and fixtures, $56,294.68... Real estate owned other than banking house. Lawful reserve with federal reserve bank. Items with federal reserve bank in process of collection 10 Cash In vault and amount due from national banks. Amount due from state banks, bankers and trust companies in the United States (other than included in items 8, 9 and 10) 12. Exchanges for clearing house. 13, Checks on other banks In the same city or town as bank (other than item 12).. Total of items 9, 10, 11, 12 and 13. .. § & Checks and drafts on banks (Including federal weserve hank) located outside of elty or town of reporting bank b Miscellaneous cash i 15. Redtemption fund with treasurer 294,579 on 135,877.64 184,063.67 66,405.12 reporting 79651661 $44,098.40 5,830.84 S, treasurer and due from 49,920.24 25,150.00 322! Total ... +.$8,894, LIABILITIES. 17. Capital stock paid in . 18. Surplus fund .. 19. Undivided profits . $550,000.00 400,000.00 c Less current expenses, Interest and taxes paid 83,335.07 20. Circulating notes outstanding . 21. Amount due to federal reserve b 22, Amount due to national banks 23. Amount due to state banks, bankers and trust companies in the United States and foreign countries (other than ln- cluded in items 21 or 22). 24. Certified checks outstanding . Cashler's checks nuutumflnk Total of items 21, 22, 23, 24 and 25 $1,107,967.03 Demand deposits (other than bank denolltl) subject to re- serve (depusits payable within 30 Individual deposits subject to l‘herk 38. State, county or other munfcipal dppolllu secured by piedge of ausets of this bank or surety bond 30. Dividends unpaid .... 31. Other demand deposits Total of demand deposits’ (other, ihan bank dey osits) Bubject to reserve, Ites 26, 2 28 and 31 2 Time deposits s (payable after 30 dnyu, ‘or subject (o 30 days’ or more notics, and pestal savinga): 32. Certificates of deposit (other than for money borrowed) 13. State, county or other munlcipal deposits secured by pledge of t8 of this bank or surety bond 34. Othér time deposits Postal savings depo 3 Total of time subje 33, 84 and 3 § 36. United States deposits (other than postal savings), including war loan deposit account and deposits of United States dis- bursing officers 5 37. U. §. government securitles borrowed . 39. Bills pavable (including all obligations representing money borrowed other than rediscounts) 40. Notes and bills rediscounted, including acceptances of other banks and forelgn bills of exchange or drafts sold with in- dorsement of this bank 43. Acceptances executed by other banks for account of this bank 44. Liabilities other than those above stated 3,514,176.83 5« su DG 233,996.53 100.000.00 1,165,055.53 S 22,340.26 deposits 180,000.00 703414 cs To ees 894,367.78 City of thln:lon District of Columbi. I H. L. OFFUTT, Jr. cashier of the above-named bank, do solemnly swaer (hat ihe above ‘aiaterment 16 cous 5o the best of my knowledge and bellef. OFFUTT, Jr., Cl-shler Suhucrlbefl and sworn to before me this 7th day of July, 192 (Seal, BENJAMIN ROBINSON, holnry Public. JOHN F. MAURY, RALPH P. BARNARD, H. L. OFFUTT, Jr. . J.. DAVIS, "Directors. 6%2% and 7% On Partial Payments ETHER you start with a partial payment of $10 or make an out- right purchase of $10,000 you get the same rate of interest under our Invest- ment Savings Plan. This pllt‘l offers you safety, convenience and the profitable returnsof 6%4% and 7% paid by our First Mortgage Investments. Denominations: $100, $500 and $1,000 Federal, State and D. C. Tax-Free Features S S S — NO LOSS TO ANY INVESTOR IN 350 YEARS Call, write or phone Main 6464 for the booklet describing our Invesiment Savings Plan ks F.H.SMITH CO. Doinded 1873 FIRST MORTGAGE INVESTMBENTS 13 FIFTRENTH ST.