Evening Star Newspaper, September 22, 1923, Page 15

. Strength in Cotton and Sugar No General Trend in Business Situation of Past Week—Views of Finencial Ex- perts Differ on Immediate Future. BY STUART P, WEST. Epecial Dispatch to The Star. NEW YORK, September 22.—To get & true picture of the present business situatfon one has to look at it in- dustry by industry. There is no such thing &8 a general tendency one way or the other, Occurrences during the week just past heve emphasized the unprofitable wcondition fn the oil trade and have exposed more clearly the fact that orders are not coming into the steel mills the way it was expected a month ago. The demand for cer- tain lines of Woolen goods has proved disappointing and price-cutting his continued among the tire companies, indfeating an excess of output. The decline In wheat has been checked, but with the unusually large Canadian yield and assuming normal surpluses in other exporting coun- tries, Burope will be only dependent o an exceptionally small degree upon the American drop. To retain an outlet for our surplus at all it ‘will be necessary to keep prices down to the low level occesfomed by an un- «pmmonly_severe international com- petition, The meaning of this fs that the American wheat farmer must reconcile himself to a losing season. Several Favornble Fuctors. As against all this is to be t the new high prices for cotton, with all this implles for general business in the wsouth; the accompanying r vival in the demand for cotton £00d the remarkable rise In sugar and t unprecedented =activity in- electrical, supplies. of a lét-up in general trade. The chain store companies continue prosperous, so do the de- partment stores. Latest car loading figures have shown that the railroads handling the largest volume of *business in their history. Expinnation of the Decline. There are two different ways of in- terpreting the recent decline on the stock exchange. Bither it is a pre- Jude to & ®eneral business recession or it is merely a supplement to the main reaction of the late spring and early summer—a check due to the fact that hopes of a fresh forward swing fn the business world when it came to the autumn have so far not Leen realized The first and more serlous view Is held by some Wall street crities whose opinions command respect and carry an influence upon the da: day ‘market. But it is not the publicly expressed by men of promi- Denoe in the business and financiel field. STOCKS NEAR LOW PRICES FOR YEAR Break in Oils During Week Car- ries Other Market Leaders Also to Tumble. By the Associated Press. W YORK, September 22.—Stock yrices reacted to within two points of the yvears lows this week in re- eponse to heavy selling for both ac- counts. Bond prices also gave way, but showed-a tendency to strengthen Jater when money rates turned notice- ably easfer. The reaction in the stock market was precipitated by the heavy liguid- ation of the oil shares, which was based on reports of continued over- production of crude oil in the Cali- fornia fields, the appearance of the seasonal deciine ih gasoline consump- tion, the reduction or omission of div- idends by some of the smaller com- panies and the need of new financing by others to tide them over what ap- pears to be & temporary crisis. Speculative sentiment was confused during the week by the publication of conflicting opinions by_two of the jeading producers. E. H. Doheny, chairman of the Pan-American com- panies. expressed the belief that the orest of California production had not vet been reached. Harty F. Sinclair declared that the peak had been pass- ©d, that mid-continent crude ol prices had touched bottom and that an early stabilization of the industry should result. Z'Steel shares were depressed on re- ports of lessened production and cuts in prices by some of the independents. Rubbers yielded to lower tire prices. American Woolen broke badly on ru- mors of unsatistadtory trade condi- tions. Equipments, leathers and many other leading industrials also Jost ground. Sugars were strong. Rails were inclined to strengthen on reports of high loadings and good current earnings, but some of the Sorthwestern carriers sagged on pub- Jication of Secretary Mellon's state- mment that rates on agricultural prod- ucts should be revised downward. Call money dropped to 3% per cent for the first time ®ince last January, and time rates also eased. STATE WARNS POSSIBLE BUYERS OF OIL STOCKS By the Associated Press SACRAMENTO, Calif., tember 22-—A warning to citizens who may be contemplating investment ini oil securities was made public here yes- terday by the state corporation de- pa-tment, which declared that "from authentic sources we are receiving almost hourly confirmation of the re- Dort that the curve of decline in pro- Auction in three territories (the Santa Fe Springs, Signal Hill and Hunting- ton Beach districts), is much more precipitous than the average geolo- Pist has heretofore flled with the corporation .department. —_— CHICAGO STOCK MARKET. Also ‘there is no evidencys distributive] ‘Within the last week or so high representatives of the steel, the cop- per. and the weolen trades have de- glared ‘chglr optimisi regardi future. ‘Heads of the oil industry have asserted that the present over- supply and low prices are temporary, that ‘thelr gravity has been exag- gerated, and that the oil market will pull up, &s it has under similar ‘cir- cumstances fn ‘the past. Supportink these statemerits author- itfes fn Washington have declared that business conditions are sound, and by this it may be taken to mean that they sée none of the elements, such ms overproduction and price inflation which are the foreunners of a perfod of depression. Buylig Moventent Misinterpreted. The truth of 'the present gituation can be mude elear if only proper ‘recognition ‘fs ‘given to the excessive character of fhe buylng movement of sfx months ago. This was not, es. was thought at the time, tiie be- ginining of a new advance. It Wwas merely a sudden rush by merchants and manufacturers to replenish ma- terials and stocks of goods which had Dbeen allowed to run down. This in- pour was carried to the extent where many consumers made their pu chases for months and, in some in- stances, almost a year ahead. The Iron Age, in itz latest review, reported the very striking result an nvestigation in _the eastern steel territory, where 50 per cent of | the buyers canvassed answered that |they were fully provided for until the end of the vear, while the other 50 _per cent expected to be in the market later. This is an illustration of the excess of last spring's abrupt expansion and it shows how what has occurred since then s a necessary return to a reduced state of activity for a while. 4 No Oredft Strain at All. One of the great objects in found- ing the federal riserve systern was to do ‘away With the perennizl ‘money crisis by mobilizing the full credit supply of the nation and making it easy ‘to fransmit furis from sec- tions where the need was small to sections where the need was great But now the federal reserve institu-, tion has not been called upon to help out at zll. On the contrary, in .a week, when formerly the New York money market had_begun to feel the train, the New York banks have |'pald off to the federal reserve bamk $67.000,000, the reserve ratio has jumped to §7.7—the highest in over |twelve months, and money rates have dropped off to the lowest of the year. The chief explanation for this transformation lfes in the fremendous accumulation of gohl. Our gold sup- ply has doubled in the last elght vears; that is, ft stands now at more !than $4,000,000,000, as agaiust little more than $2,000,000,000 in 1915. COSDEN’S DIVIDEND CUTTING ANTICIPATED Complete Suspension of Payments Had Been Feared by Many Traders. Spectal Dispatch to The Star. NEW YORK, September 22.—While there had been somie idea that Cosden directors would be satisfled with cut- ting the $4 dividend in two, the ma- Jority in the streets had looked for complete suspension of payments. Consequently ths overnight news that this is What had been done oc- casioned no surprise. Cosden stocks had closed on Friday at 24. It opened at that figure today, and held around there most of the subsequent time. In other words, the action had been well discounted. The statement that Cosden hag no debts which it could not easily han- ale and would not need to do mew financing, was taken as reassuring. The only earnings given out were those for the first six ‘months, which were published some time ago, and throw little light on conditions as they are now. During the first of the year divi- @ends at the old rate were covered about twice over, but the big item which the report could not take ac- count of was a shrinkage in inven- tory values. REPORT OF THE CONDITION NATIONAL SAVINGS AND TRUST CO., ington, in the District of Colymbia. t the close of bubiness September 14, 1928. i RESOURCES. . aLoans and discount cluding rediscounts, Ances of other banks, AnG foreign bills of exchange or drafts, sold with indorse- ment of thls bank (excopr shown 1 % Qrevarates, ecires . 85,748, 744.44 48T 613,150.00 owned 5. Other — 1,101,188.18 bonds, stociks, " secuti- Bies in the United States X‘(:fi"lfl)ml included ‘:: 15, Checks on ofi baik ame 3 porting hn: -W'I l\;(ll of items CHICAGO, September 22.—Following | s a report of today’ knd closing quotatio: JStock Exchange: Bales. sales, hlg clk": W optd. 8 Armost ot ToR'®: 138 331" 17 prigd BOSTON STOCK MARKET. BOSTON, September Zz.—l-‘ollowm . today’s highest, lowest qc’lo:‘lr:: ;;l,é« for the most active stocks dealt in hers: 83515 i!n!hn' 8 E3 588588 Biiess ot g o 4 i ¥ H of 55‘ i Subscribed and sworn oy e gep!u-her (17 Serl) ALSSAR R, ST ilhe “thie |3 BAR SILVER® RATES, ' OUT IN PATENT FLOUR. LONDON, September, 92--Bar wilver,| POR? , September 22.—Local 826-16d per 3 ey, 2% per|flour interests have notified the trade genlt,“l)heoun! Pt::fifhonfl&fl h'm" of a cntt of ¥0 cents bu'nlcl‘:\ the -18 per cent; -mo) s, | price o ent flour, ut no change 3% per cent. Bk bioun aads in. the nrlce of bakers SRS Tl o EECEEEEE EEEEES EQUITABLE Co-Operative Building Association 434 YEAR COMPLETED ‘Assets . 84,750,763 Save While You Have We ortanity ‘Prog: i finuncial L s on the mpthod You -s:.-c'l.nyk{ngwl% money. Most successful tesul A bf:n obtained by adopting our saving pian. Subscriptlon for the Befng Recelved Shares, $2.50 Per Month EQUITABLE BUILDING | 915 F St. NW. JOHN JOY EDSON, Preéstacat FRANK P. REUSIDE, Seey. First Trust NgEtTes REPORT OF CONDITION COLUMBIA NATIONAL BANK ‘Washt , in the District of Colymbia. at the close of business on e e gl September 14, 1928, exchange or drafts sold with indors " > this baffl( (except those shown in b and c). $2,281,552.37 $2,281,552.37 870.88 Total loans ....... .- Overdrafts, unsecured, $870.88. U. 8. government secutities owne a Deposited to secure circulation (U. S. bonds, par value) . % b_All other United (including premiums, if any). $250.000.00 212,721.49 Ptk - . Other bonds, stocks,. securities, etc Banking house, $73,836; furniture an: . Lawful reserve with federal teserve bank . Cash in vault and amount due from nationa .o . ‘Amount due from state banks, bankers and trust companies in the United States (other than included fn items §, 9 and 10) . Exchanges for clearing house . Choecks on other banks in th® same city or town &s reporting bank (other than item 12) 2 TR ARRE Total of items 10, 11, 12 and 13. $216322.03 . b Miscellanéous cash items : £ $961.58 . Redemption fund with U. 8. treasurer and due from U. § treasurer ... i 462, 1 $8.509.67 2151063.39 244,395.90 1.511.54 4,133.95 961.58 00.00 12 Total .$3.804,021.41 BILITTES. T 7 250,000.00 . Capital stock paid . 7250,000.00 . Surplus fund , . . Undivided profits s a Reserved for interest in e “ 407 and taxes ac- e S 6.000.00 $126.407 s: s curs ses, interest and taxes pald. 141 © Less current expen: ! Ahaindin 243,195.00 . Ctretlating notes outstanding. 54 Amount due to national bRmKS. . .............. o . Amount due to state banks, bankers and trust companies in the United States and forelgn countries (other than in- cluded in items 21 or 22 i £ . Qertifid checks outstanding 3 . Cashiér's clecks out#tanding N Total of ftems 22, 23, 24 and 2 $380,846.1 Demand deposits (other than bank deposits) subject to re- werve (deposits payable within 30 days) . Individual deposits subject to check.. ....§2,008,989.93 Certificates of deposit due in less than Cother than 207.00 82171288 4.016.08 49,265.98 for money borrowed) . Dividends unpaid .. SNy Total of demand deposits (other than bank posits) subject to reserve, items 26, 27 and 30.. 3 oot 2$2,010,941.93 Time deposits subject to reserve (payable after 30 days. or subject to 30 days’ or more motice. and postal savings): . Certificates of deposit (cther than for moftiey borrowed) . Other time deposits.... i . Postal savings doposits S Total of time deposits subject to reserve, items 32, 34 and 35 R e . 52569138 18,687.00 $556,778.36 DobRY ..ove $3,804,021.41 City_of Washington, Di f Columblia, 1, JAMES A. MBSSER, president of the aboye-named bank, do solemnly ewear that the above statement is true to the best of my knowledge and belief. JAMES A. MESSER, President. Subscribed and sworn to before me this 19th day of September, 1923. (Seal.) HERBERT A. POOLE, Notary Public, D. C. Correct—Attest: CHARLES B, BAILEY. BENJAMIN W. GUY, W. CLARENCE DUVALL, DAVID J. KAUFMA! JOHN JOY EDSON. JAMES A. MESSER, JOHN H. MILLER, L. WHITING BSTES, C. FENTON FADELEY, JOHN N. SWARTZELL, Directors. ALBERT F. FOX, REPORT OF CONDITION Of ‘the NATIONAL BANK OF WASHINGTON Washington, in the District of Columbia, at the close of business on i e ‘September 14, 1923, RESOURCES. . $5,892,594.44 1. a Loang and- discounts. Sverdrat 315.13 2. Overdrafts, unsecured . 5 4 U._S. government securities owne aDeposited to secure circulation (U. S. bonds, par value) . PRRER .$1,059,000.00 b All other United States government securities (including premfums, if any) 1,910,000.00 “Total .... 2 5. Other bonds, stocks, securities, et 6. Banking house, $450,000; furniture and fixtures, 7. Real estate owned other than banking house 8. Lawful reserve with federal reserve bank. 10. Cash in vault and amount dué from national 11. Amount due from state banks, bankers and trus the United States (other than included in items 8, 12. Exchanges for olearing house vee ceo 121,659.83 13. Checks on other banks in the same city or town as reporting bank (other than ftem 12).... .. o 7,843.40 Total of ftems 10, 11, 12 and 13 $659,604.78 s 65,262.10 14 b Miscellgneous cash {tems............ Ly 16. Redemptlon fund with U. S. treasurer and due from U. B. treagurer . . .$11,663,708.68 2,960,000.00 732,751.49 545,000.0/ 200,644.81 652,688.39 481,560.62 and 10) 48,530.93 16. Other assets .. Total . 17. Capital stock pald in 18, Surplus fund ..... 19. Undivided profits . b Reserved for building and depre- ciation ... $1,050,000.00 800,000.00 15,000.00 © Less ourrent expenses, interest and taxes paid 20. Circulating notes outstanding. 22. Amount 8ue to national banks. " 23, Amount due to state banks, bankers and trust companies in the United States and foreign countries (other than in- cluded in item 22)...... B GRS, Onetks outstanaing 25. jer’'s chegks ou . Total of items 22, 23, 24 and 25. . Demand deposits (other than b&nk b reserve ( sits payable within 30 28, Individual deposits subject to oheck...... 27, Certificates of l»o:lt due in less than 30 days (o 87,541.70 g ils 17,949.95 5,600.41 24,781.27 85108 ject to sarea2TTT ?.MD.M . ,101.27 de- 27 . §4,4438,020.04 yable 30 days, or g and postal savings) deposits reserve subject to 20 days’ or more notice, 34. Other deposits vaaes 35. Postal savings Tetar"of time 3¢ and City ot of Columbia., s8. < t?'l E, ‘cashior of the above-named bank, do selemnly swear that the above statement is true to the Dest of MF kno and “Subscrived and 0 before ’:!E of mber, 1928 b a sworn to he . Senl) PROLHTS RS fiumme. D. ‘Correct—Attest : CLARENCE F. NORMENT, GEO. L. ST, 3 JAMBS TRIMB) - ‘BEPORT OF T CONDITION MOUNT VERNON _SAVINGS BAN ashington, in the District of Columbi close of business September 14, 1928, At at The Brncen Ban Inetgded i Hem 10) Tor clearing house. items 10, 11 and 12,00, §281,470.20 14. Checks on banks located, out. ¥ide of citx or tawn ot re W oths temp ... owids 16. Other wesats— venue stamps . 3 w;:m: xecolving tailers, . forelgn banks. Totat 22 Amount due to state Dauk Dankers and trust companies in the United States and for- efgn _countries (other than included fo ftems 21 or 27) . Certified checks outstandin Cashfer’s checks outstandin Total of ftems 21, 22, 23 and X <o, 820,438 36 Demwnd deposits (other thun bank _deposits). s phystls within 80 daye) 25. Tagividusl deposits sube: check . 26. Certificate: 1t for motey borowsa n for money borrowed). 29. Dividends_unpaid 80. Other demiyng_deposits ... ‘Total of demazd deposits (other than bank ts), items 25, 26, 20 and 30, $1,343,844.77 Time deposits (pavalle afier 30 days, or subject to 30 aays' of more notice) and postal saviag: S1. Certificates_of deposit (other Than for money borrowed) . 5. Other time deposits ... Totrl of time deposits, {tems 31 and 33 ....31,228,806.62 $8. Bills payable (inclodiug anl ob- 1igations representing woney Torrowed other than redfs- connte) 1 5 3. Linbilities above stated. Special S 2,220.85 156,161.36 067,235.28 140.000.00 those Tealtan REPORT OF CONDITINN Dcpa.rm:‘cnml Bank A Wasnington, in the District of Columbfa, t the close of business September 14, 1023, @er bonds, wtocks, ‘securities, . Bavking house, $112,787,44; for- niture .M"mm. 37,1 98. . Cash in_vault and_amount due national banks . . Hxchanges for clearing T‘;fl“ of items 10 and . Checks on bag! ted outside of city or town of reportisg bank and other cash items. . Other assets .... . Totar . .§842,260.43 1,628.97 684,60, LTARILITIES. Capital stock paid in . Surplus fund . . L'rlflflefl profi & Rewerved for inter- est And taxes a crued . b Reserved for count. unearned 102,550.00 Mg . Certified checks outstanding. . Cashier's checks ousta Total of items Deéminad deposits (otbe depaits " otber ifs). Phyable within 50 . Individual deposits check . Diyidends i, Total of demand dep: than bauk deposits), items 25 and 20 '$50,831.58 Time deposits (payable ufter 30 days, or subject to 30 days’ or” more motice) and postal savi; . Certificates of depoait (othe: than for money horrowed) Ofher time deposits .. - Total of thme deposits, ife 81 and 83 .. - $44l g . Biila payable (ncioding ail obli- atlons representing © money Towed other than redis- 145,000.00 23,904.41 % $842,260.43 Digtrlet of Columbix, Gity of W s T MARSHALL O. BXNICION, chshior Ot the bo' bank, solemnly swear that the atement {s true to the best of my 1. 0. EXNICIOS, Cashfer. Subscribed and sworn 1o before mie this Zist dsy of September, 1 (Seal.) EDGAR W, BOWLES, Kothry Pubile. Correct—Attest: Rulph E. Potter. rankiin Meyer, W. Libbey, 3. 1. Sheppard, Herbert A. Filer, ®. H. Alcorn, abo knowledy Davia D, Caldwell, S. Bescn, W. H. Kervin, Louls A. Rosafy, E. J. Quinn. Directors. TR $2,009,456.80 Diatrict of Colutmbia, Oty of Washiugton, ss.: L TAM K. AN, cashier of the bove-named bauk, golemuly wear tha: the Rbove statement s true to the best of my knowledye ¥na beliet. WILLAM R, BAUM. Cashier. Subperibed and sworn to me this Z1st @ay_of September, 1928 ¥ (Seal) = ALEXANDER R. VARELA Notary Pu Harry W. Hahn, 1. C. Moses, H S Corract—Attel R. Golden Doualdson, ¥. Glenn Pheips, Hewitt, Walcott, % Henry, £ P. Ford, B, L. Rineharr, . Zantsinger, W, Muebleisen, A. B. Ungerer. Directors. REPORT OSFT';_“H!CONDI‘HON BANK OF COMMERCE AND SAVINGS, At Washington, in the District of Columbla, t the close of business September 14, 1923. RESOURCES. 1. a Loans und discounts, includ- iug_rediscounts, scceptances of other banks and forsign bills of exchnoge or drafts, #la with indorsement of . this bank (except those shows_fn b and c) $860,477.91 EX 1t 1821 66,864.90 200,099.89 100477 117.480.79 in the United Sfates (other than {ncluded fn items 8 or 10) ... R Total of ‘ftems 10 and 11 . 3 14. Checks on wide of city or town of re- porting bank and other cash items 16, Other asseis: Traveiers checks acconnt Tohal ... LIABTLITTES. 17. Capital ytock paid in. 18, Surplus fund . 10. Undivided profite. " 357,566:98 Reverved for terest and taxes wcerned . 2.780.00 0, c Less current ex- penses, {nterest 04 ta¥es paid.. 798882 21. Amount due to mational banks 2. Agount due to wate benks nkers and trost les thie United States and for- elgn _countries (other thmn incjuded in {tems 21 or 22).. checks outstanding . i N s 1l de it 1 "E;’e‘k"'. K 25300 ‘borrowed). . 67,883,857 37.80 Total . strict of Coiurmi iy ington, s.: D OB M, RIORDON. cashler of the abo ‘bank, solemnly SWear that the above Statement is troe 1o the best of my knowl- edge and beltef, o BRI, HARRY 8. WoLF, Notary Public. REPORT OF THE CONDITION ot _the NORTHEAST SAVINGS BANK, At Washington, in the District of Columbi the close of business September 14, 1923, RESOURCES. 1.2 Losns and_discounts Overdrafts, unsecured .... UL K. government securities owriea” .. = . Oher bonds. siockh, wechrises, 6. Banking house, $100, iture and fixtures, $20,000 . Canh 4n vault and amount due from national banks. . Amount dge from stat bankers and trust companies in the United States (other than included in ftem 10).. Exchanges for clearing house. Total of ftems 10, 11 snd 12. . $00,502.31 . Checks on ba Jocated out- side of city or town of re- rting bank and other cash ems. et Total at $1.110,085.12 LIABILITIES. $100,000.00 20,000.00 penses, interest and taxes paid. 254.804.55 | 22 the United S forelgn _countries (of! than jncluded in item 22).. . Certified checks outstanding. . Total of items 22 d 23 ....... $1,871.64 Demand deposits (other tlian bank deposits). Deposits : payable within 30 days): Individual deposits subect to heck depasits (other than benk deposit: items 25 and 20, $254,058.85 Time deposits (payable after 80_days, or_subject to 30 days' ‘or more motice) and 1 savings: cates of deposit (other than for money borrowed).. . Other time deposits . A Total of time deposits items 31 and 33 $725,325.21 B .$1,110,085.12 , Clty ot Washington, ss.: casbier of the above-nams bank, solemnly ar that the above state- ment fs true to the best of my knowledge belief. W. R. LEWIS, Casi Subcribed and sworn to before me this 20th day_of September, 1023. C. D. RATOLIFFE, (Seal.) Notary Public. Correct—Attest: L. P. STEUART, PERCIVAL HALL. CHAS. R. TALBERT, G. F. HOOVER, CHAS. H. POTTER, JAMES B. FL: D. W. HIGGI 91.912.47 630,412.74 " Directors. REPORT OF THE CONDITION Of the Prudential Bank At Washington, in the District of Columbia, at the close of business September 14, 1023 RESOURCES. 1. a Yoans and discounts, includ- ing rediscounts, acceptances of other banks, and forelgn bills of exchange or drafts. 0ld with indorsement of this bank (except those shown in b and c) . . $10,45 Overdrafts, unsecured, $10.10 10.10 e §. ~government fecurities 200.00 owned 5 . Banking house, $57,880.13; fur- niture and fixtures, $1,430.70 50,728.83 . Cash in vauit and amount due from pational banks 12,014.71 . Amount due from stat . bankers. and trust companies in the United States (other than included in item 10).... . Exchanges for cleating house. Total of items 10, 1 and 12 \. $38,522.78 . Ctiecks on Banks iocated outeide y or town of repert bank and other cash {tem: o . Other ifems of resource .. Total . . Capital stock paid in Certified checks outsta ! Cashier's checks outstanding. Total of items 23 and A .. . $200.08 Demiand deposits ~ (other than bank its). (Deposits pay- ot deponits” sublect o 3 sabjec R. WKINS, President. Sal and sworn to before me this 20th dl(’ of \ber. . Notary 3 “¥hen”, You Bay a Properly Placed v i A0 First Mortgage Note Have you thopght what advantage you have o{ef n!beur‘ marketed securities? Can you invest other than in mortgage notes where you are absolutely secured against Joss of principal or interest and receive your income on the date due? No- where in the investment fleid has such & safe satisfactory record been made. We, like many others & in First Mortgages, boast of the en- viable record of never a los of n single penny n either principal or interest. | Notes now on_hand in_amounts of $100 Up to $5,000 Funl_particulars apply Mr. 0'Donnell, Togn Dept., M. cuéus:? SAGER Chattel LOANS _ otiated in 24 hours, not to ex t 8 per cent interest. AIl we ask < * 2218 14th St. N.W., near Fla. 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But in these days it is your right and privilege to demand pro- tection from the house through which you purchase them. A good house will give you this. This company is ready to back its judgment, because the ‘caution and experience we exert in the selection of the mortgages we sell is the same as if we were buying them for ourselves. And for fifty-four years this judgment has been vindicated. Swartzell, Rheem & Hensey Co. 727 15th Street N. W. ‘54 Years Without Loss to An Investor If You Believe in the United States, You Believe in Washington! The Investment Pre-eminent Per 7 Cent Real Estate First Trust Notes : Interest Semi-Annually Safe—Secure—Certain! 8