Evening Star Newspaper, June 15, 1924, Page 48

WASHINGTON, D. C. JUNE 15, 1924—PART 1. 48 FINANCIAL. < THE SUNDAY STAR District Bankers’® Convention Best Ever Held in Many Ways Handling of Small Accounts One of Big- gest Issues—New Head Given Hearty Support-—Mellon Gets Ovation. BY I A FLEWING, The sixth annual convention of the District of Columbia Bankers' A clation hus passed into history recently that a little comment an onlooker is stiil pertinent From muny viewpoints the conyen- tion was more interesting. more in- | structive, more largely attended and a greater success than any of its pre- | decessors There many presiden ance while the ors present far exceeded Moreover, young and_made the a aittle more tertainment life to the but so by neve been quite s of bunks in attend- number of bank dire t that of any previous convention people predominated Convention sessions lively while in the features they Ruve a Various functions specehes Highly Specches at the vention w tiresome president of New writer sable, essions uf the con- vies Ban! knuwi of the York city on e on George J. Seay. gu.e cral Resarve Bunk of livering the principal adi claimed close attention drlegatss and were loudly Mr. Roberts literally dissccted the reparations question and the Dawes plan, making all matters pertaining thereto plainly understandable Two very INteresting reports wers furnished—one u dissection of the de- pOSit accounts of twenty-two banks in Washing in the agzregate. by W. J. Waller, and the oiler an ¢x- planation of various forms of bonds in use in the same instituons, by ¥ G_Addison Mr. Waller's strated that the deposit ace ways start! productive thousands of them to keep on b never will re payi 700 Accourts Total One bank _official admitted that there were 700 deposit accounts in his bank that showed a total deposit of but $2.300, somewhat mitigatad by the fact that many of them w dormar Othe Both trom _the celaimed azain demon- -profitabl > on ha Tt was somewlat ng to hear the array of nea- accounts—hundreds, ¥ns, that co rds review small attention to the fact accounts rarely be- eame important enough to be Paving. When a small percentage reach fair proportions—say a few hundreds of rethe depositors immediately Jout interest and very t from the checking gs account for the r cent S0 that there is little ¥ n to the bank for the nursing called that thesr small Jducation was ested as the best method of brin the depositor to a realization of the accommodations and service rendered by banks in ion with handling of small ac- literally keeping buoks for of their depositors: in makingz income tax returns, for which many banks hire experts at counts, many out purpose ldown and out after v cashing coupons, collect- ing interest, giving drafts, to say nothing of the giving of advice which frequently takes yp much of the bank official’s time “Service will not be curtailed.” said one speaker, “but the time has come when the laborer is worthy of his hire, and those who take so much of our time should really offer some recompense.” 50-Cent Charge Still Maintsined. In the meantime at least two na- tional banks are still maintaining the 50-cents-a-month charge on posit accounts of less than $100—that is on deposits allowed to fall below the required $100, Just why banksrs will permit the opening of ecking accounts with original deposits of $10 is a mystery. The fixing of a decent minimum would do much to avoid worthless ac- counts that are always more less troublesome, frequently overdrawn and otherwise annoving. One large bank in making an anal- ysis of its deposits discoverad that 36 per cent of the deposits pail 96 per cent of the profits. And then the leading officials stopped to think. A reduction of deposits to the 36 per cent would wipe out but 4 per cent of the profite, while it would enable the bank to do its business with ma- terially less than half of the number of employves: the official staff would have much more time for recreation other expenses would be slashed in half and less office space would be required. But all this was theoreti- cal and business goes on in the same ol dway with 64 per cent of the de- Posits paying 4 per cent of the profits. And_the question of non- paving accounts will intrude itself with more persistency in the future These are days when banks paying interest on checking accounts—and | practically every bank does to a greater or lesser extent—are finding | it difficult to make both ends meet. Banks Buying Liberty Bonds. Money is accumulating in banks; indeed ‘it has been practically ever since the buyers strike of some years ago. There is no question but what | there is a haze in the future, that it | is difficult to see clearly what is| ahead of the business interests of the | country. Merchants have been stung | again and again when carrying large | stocks, and they just will not do it| again—not now They buy as they! need, the unseasonable weather be- | ing a continual threat or worse, and | presaging clearing sales that wiil eat | up profits. So they are not borrow- ing: the public is not buying securi- ties freely and where thev are in the market safety is unquestionably the first consideration. with yield or re- turn on investment secondary Under this stimulus Liberty bonds have come into their own. Banks are free b TS, They ean not get their money out to better advantage. Their usual _market for surplus cash, the New York call loan field, is practicaily closed to them by rates of 1% per cent. large cost Hats Off to Secretary Mellon. Tvery one is doffing his hat to Secre- tary Mellon these days. At Cleveland he received a great ovation and every- Wwhere the bankers are giving him cred- it for marvelous astuteness in his read- ing of the money market conditions and possibilities, He has astonished succeeding issue of Treasury certifi- cates, in that he has so beautifully sensed the prevailing conditions In the monéy market. His latest venture, the 2% per cent interest-bearing certificates of indebtedness, surprised bankers but they knew the secretary was right, and the entire sale of the issue confirmed his judgment. And bankers have subscribed to this issue. It's better than the call loan rate on Wall street. More than that it has been responsible for renewed buy- ing in large blocks of Liberty bonds them with each [ sprin of tha various issues, all selling at bet- ter thsn par. The Chapter at the Convention. ‘Three young men, members of Wash- ington Chapter, American Institute of Banking, read papers on “Service,” all splendid apd replete with valuable sug- gestions. Two of these papers were delivered fairly well, but with some timidity while the third, read by J. F. Hillyard of the National Bank of Wash- ington, was certainly worthy of special comment. This young gentleman walked up to the speakers’ platform, threw his manuscript on the table, advanced to the front and with splendid oratori- cal effect delivered an off-hand ad- @ress, picked up his manuscript, read &1” minutes and then closed his kafrom memory, winning for him- 4elf an unusually large amount of ap) - growth of-the s0 much so that there were few among the delegates und attendants who did not spend their afternoons on the links, fighting their way over on- of the sportiest courses in the ountry. “nings were given over to| e<. dancing, card playing and “community singing.” led by George Connor and Matt Horn The nily Dinner. Iy dinner, the chief func- from the convention ses- was entirely different from all | dinners. This was largely to the changed character of the attendunts on the convention. Young P ople. as ated before, furnished per ceni 4 the guests —young mar- | committee was headed Neuhauser as chairman. The | us stat-d before nnor and Matt Horn -dance. u jazz evening of rousing scngs. in - joined One skit was | Roy attractic ieorge O0°C as a dinne scheduled, but tor B, Deybor, the new president de an address. in which he pre- tted Hurry V. Haynes with & beau- | watch. The recipi nt made a nitied and beautiful resyonse The great dining room of the sreenbriar Hotel was tuxed (o its ca- | ¥ to accommodate the diners. | Hrart and Harmony. | cre was real genuine harmony in | the conventions. with all action of | unanimous character. When the time came for the elec- tion of new officers there was & strong show wé %eart feeling between the members of the last administra- | tion in parting with their president, | Harry V. Haynes, who now ste ars of activi vber. his suc- * pe ‘ches were not as an official Mr. T Cessor. showed real feeling in h farewell address” to Harry and th latter responded feelingly So. too. each of the others of the last admin- istration as he pledged fealty to Mr. Doyber paid tribute to Mr. Haynes who certainly gave to the assoclution | 4 yvar of most able administration. The Tiger's Lair. There were rumors around the ho- | tel of & ereat tiger in A cave near | the (ireenbriar. | On two evenings hunting parties wore organized with intent to b”“gl home the tiger's hide. The hunters located the wild bea and came out of the fray sadly soak- “d This tiger was not blind by any means. Hoth eves were wide —open The hunters were welcomed wnhi 4 glad smile and introduced to the big table with the small wheel with| thirty-eight compartments, including a single o and a double o. This tiger dos not maintain its lair for the purpose of risking its hide it prefers to do the skinning. Harry V. Hiaynes has promised to at- tend the next )nvention, in marked contradistinction to the group of con- vention presidents who succeeded him, and who have since found it next to im possible to be present. Messrs. Rosen- Larner and Evans were | by their absence ‘Spaid. the newly elected sec- | of the association, was absent | his first convention. Blame Ed Bridgeport, Conn. He tempted | the latter yielded to | retary from Wolfe, Mr. Spad and golf. Mrs W. W. Spaid and Mrs. C. A.| Camalier were very much present at the convéntion. Ben W. Guy of the Columbia National was in evidence at the famiiy dinner, swaying in the dizzy jazz with a bunch of young ladies and gentlemen. T. C. Dulin of the Federal-American Bank spent the late evenings playing bridge The W. W. Hibbs cup goes to the Metropolitan National Bank this year. through Director Shannon. Mr. and Mrs. Peter A. Drury of the Merchants' Bank and Trust Company motored to and from Bluemont to White Sulphur. Messrs. Walson, dison and W. J panied by their wives at the convention. Austin C. Waller of the International Bank brought his mother to the conven- tion, Mrs. Mary E. Waller. She was the center of much interest with her two manly young sons. Robert V. Fleming. as chairman of the convention, received much praise and commendation for the smoothness with not & Kick. 2d J. McQuade, newly elected mem- ber of the executive council, received an ovation on his nomination and elec- cion. e BALTIMORE PRODUCE. BALTIMORE, Md., June 14 (Spe- cial)—Strawberries, blackberries and cherries from native and nearby continue in good demand and elling readily when of first but strawberrics showing of rains have to be sold to the nners at the lower values quoted. ative strawberries are bringing § to 16 quart, while Eastern Shore stock 1l mos to 10. Blackberries are good demand at 10a15, while cher- ries bring 8 to 15 a pound, as to size and quality, but sour cherries will not bring oyer 4a ason for apples closing and with eipts running lighter, the market rules steady to firm at 250 to 6.00 a barrel for packed stock and 1.00 to 150 per bushel Whil- native and nearby vegeta- bles are increasing in receipt, the market generally rules firm under a more or less constant demand at the following quotations: Asparagus. 2.50 to 4.00 dozen. 1.50 to 2.00 for No. 2 stock and 1.00 to 150 for culls; beans, 1.50 to 2.25 bushel: Lima beans, 4.00 to 4.0 bushel: beets. 3.00 to $.00 hundred; bage, 90 to 1.00 bushel; carrots, to 4.00 hundred; kale, 40 to 60 iettuce, 50 'to 1.00 bushel; onious, 1.25 to 1.75 hundred; peas. 2.00 to 3.00 bushel: radishes, 1.00 to 250 hundred; rhubarb, 1.50 to 3.00 hundred, and spinach, 40 to 65 bushel. New potatoes from Virginia made their first appearance this week and cleaned up rapidly at 3.25 to 3.75 barrel and 1.50 to 2.00 for No. 2 stock. Receipts of new stock potatoes have been running more liberal, however, and the market closed easy. Old po- tatoes are in ample receipt, under only fair demand at 150 to 2.00 per hundred pounds and 75 to 1.00 for No. 2s. Maryland and Virginia Mc- rmicks sell mostly 1.25 to 1.75, while reds. all sections, will not bring over 1.25 to 1.50. The live poultry market rules steady on spring chickens, but easy on all other lines. Receipts of spring chickens have shown some increase | the past week, but many shipments have been mostly of White Leghorns, which are not so desirable and will not bring top quotations. All offer- ings showing an average weight of 1% to 1% pounds move out steadily at 40 to 45 a pound, but smaller birds re 3.00 bushel; las a will not bring over 35, and Leghorns sell mostly 30 to 37. Market for old hens continues easy, as receipts are running ample for the demand, which is centered on large, fat stock at 24 to 27, while rough, poor stock and Leghorns will not bring over 31 to Siie Gt 18 Shring ducke, 3 pounds e at 15. Spring ducks, poun and over, are scarce, and all such find Teady sale at 28 to 30. Demand for old ducks only fair at 18 to 22, while small and poor stock draggy at 15a 16. Pigeons in lighter receipt and the market firm at 40 to 50 a pair for young and old. Recelpts of native and nearby eggs are only moderate, and under a good and constant demand from both the consumptive trade and the packers the market rules firm at 27 a dozen for firsts in free cases, with the sum- mer season at hand shippers are ad vised to use more care in grading and packing their eggs and making prompt and frequent shipments, as all offerings must e as firsts to draw full quotations. Small, held and dirty eggs have to be sold at a dis- The Year 1924 to Date on the Washington |BIG BUSINESS LAUDS Stock Exchange. Furnixhed by W. B. Hibba & Co., Hibba Bldg. - Up to BONDS $16,000—Ches. and Pot. Tel. of Va. b 47.300—Pot. Elec. Power 6s, 1953 11.000—Ana. and Pot. River R. R. 42,000—C. and P. Telephone 1st 5s 168,500—Capital Traction 1st 58 §,000—City and Suburban Ry. 58,000—Georgetown Gas Lt. 1st 14.000—Metropolitan R. R. 1xt 58 23,000—Pot. Elec. Power ist 58.. 135,000—Pot. Elec. Power cons. bs 5,000—Pot. Elec. Power deb. 68 2,000—Wash., Balto. und Annap. 141,500—Wash s Light gen. b .500— Wash. Ry. and Elec. cons 159.400—Wash. Gas 6s s 16.500—Pot. Elec. Power ref 7s 7000—Dist. of Col. Puner Mfw. #s 16,400—Rigks Realty (long) b 10.000—Wash. Market ("o'd Storage 5.900—Wardman Park 6s 00—Southern Bldg. 8l4s Shares. STOCKS. Amer. Tel. and Tel. rights.. 2.807—Capltal Traction 2.3R0—Washington Gas 132 —Nor. and Wash. Steamhos ash. Ry sh. Ry. minal 1,000—Wash., Alex. and Mt 110—Capital tional 442—Commarcial 112—District Sales. and and Taxi 4 Bank National Bank. National Bank. including Friday, June 13. High. 95 Vernon ctfs —Federal-American Natlonul Bank. In National Bank Bank of Wash Metropolitan Bank al Bank 1 Bank y and Trust Trust Sav. and Trust nd Trust hants Bank an; Waush Suv. Ba Mechanics Fire Insurance ational Unton Fire Ins olumbia Title Insurarce 41-—Mer. Trans. and rage Mergenthaler Linotype —Lanston Monotype —Security Storage Co 413—Washington Market 8,3783—Nat. Mort. and Invest. pfd.. UNLISTED DI i icks 8s pfd. . —Chapin-Sacks 78 pfd.. 1—Departmental Bank st 33—District Title Insurance 5—Franklin National Bank Standard National Bank h. Loan 1 FORD PLANTS NOW | ON FIVE-DAY BASIS Twenty-Five Officc Employes Join Others in Having Satur- ] day Off. By the Assoctated Press. DETROIT. June 14.—Offices of the | Ford Motor Company plants at High- |1and Park, River Rouge and Dearborn | were ‘closed today and will be closed every Saturday until further notice result of an order issued late yesterday. The order serves to put the three Ford plants on a five-day work- ing basis, the factory employes hav ing been on a five-day schedule for some time. No Ford official was found would substantiate the widely lated report that the Saturd davs were to take the place cations” for those entitied to - tions with pay and that the Satur-| day holidays would continued for | twelve weeks, cach Saturday counting 85 a day_on the two weeks' vacation | customarily allowed. Other reports were that if conditions remained un- changed at the end of the twelve- week period, the five-day week would | be continued, but pay would not be | given for the Saturday off. Heretofore, Saturday has been a half holiday at the Ford offices. | Twenty-five thousand department heads, clerks and other office em- | ployes are affected by the order. ’ who circu- | ho “va- TREASURY ALLOTMENTS | ANNOUNCED BY MELLON The Secretary of the Treasury yes- | terday announced that the total| amount of subscriptions received for the issue of 2% per cent Treasury | certificates of indebtedness of serie TD2-1924, dated June 16, 1924, ma. turing December 15. 1924, was $609.- 00, and that the total of sub- ptions_allotted was $193,065.500, | of which $124,605,400 represent allot- | ments on subscriptions for which | Treasury certificates maturing June 16, 1924, or Treasury notes maturing June 15, 1924, were tendered in pay- | ment. Of 'this last amount $1,133,000 were exchanges for Treasury account. All| exchange subscriptions were allotted | in_full, while allotments on other subscriptions were made on a gradu- ated scale on the basis already an- nounced This district's subscription $17.957.000. The allotment is §3, 000! was e ERIE GETS I. C. C. PERMIT. BRailroad Will Issue $8,200,000 6 Per Cent Mortgage Bonds. The Erie Railroad Company today received authority from the Inter- state Commerce Comm! on to is- sue $8,200,000 of refunding and im- provement mortgage per cent bonds, and to pledge with the Secre- tary of the Treasury $4,000.000 in bonds as additional collateral secur- ity for loans. | ‘Authority was also granted for the | Erie to pledge from time to time any | part of $9.192,000 of refunding and improvement mortgage bonds as col- lateral security for note. and to| pledge temporarily with the Secretary | of the Treasury $2,300,000 of first consolidated mortgage general lien bonds. e L e DRY GOODS MARKET. NEW YORK, June 14.—Cotton goods and yarn markets were quiet today. Wool goods showed no change. Burlaps were quiet, with prices steady. Linens held firm in primary markets, but were irregular in sec- ondary channels. CHICAGO STOCK MARKET. CHICAGO, June 14.—Armour pre- ferred, 73; Hurley Machine, 52; Mid- dle West Utilities, 54%: Swift & Co., 100%; Swift Interpational, 20% Union Carbide, 57%; W: | dect | which | tion to sel Trust 4315 4 PARTMENT. STEADIER FEELING IN STEEL CIRCLES Believed Price Declines Have Run Course—Demand for Copper Still Weak. | By the Ascociated P NEW YORK, June 14—A somewhat steadier feeling prevailed in steel cir- cles attended by buving inter- ests and a belief that as production is now about 45 per cent of capacity and net likely to go much lower price s have about run their course Unless they improve considerably, however, there a possibility of ge reduction being established quite generally in the fall Copper ruled easier. with no im- provement in demand either export or domestic. May statistics showed an unexpected increase in production was estimated at 0.000 pounds for the month against 216.- 000,000 for April and compared the total deliveries of 222,000,000 pounds pointed to an increase of 4,000,000 pounds in surplus stocks. There are more | rumors of further reselling by man interests and business in finished products in the domestic markets is reported in small volume. Tin was firm and higher, although consuming demand lagged. due to the slack business among can manufac- turers as a result of the backward fruit season. Lead ruled firm, with little disposi- beyond July, as the trade anticipates higher prices in the near future. Zinc advanced on a better export tnquiry and light offerings. Antimony had a declining tendency following reports of depression in the Chinese market. 75 STOCKS AT NEW TOPS. NEW YORK, June 14 ust_ended no less than seventy-five tocks reached new high levels for the year. Nineteen registered new high prices for the vear in today's abbre- viated session. Among them were twelve railroad _shares, including Colorado and Southern Chicago, Great Western, Western Pacific, Great Northern preferred, Pere Mar- quette and Chicago Northwestern. In- dustrials which registered new tops included Consolidated Gas, Universal Pipe, Mack Truck and United States Steel preferred. » -In the week FLURRY IN COTTON. NEW YORK, June 14—The census bureau report showing domestic mill consumption of only 413,649 bales for May, compared with 620,854 for the same month last year, an unexpectedly small figure, was followed by a flurry of selling today which sent the cotton market down to 28.68 for July and 2 for October, or 34 to 38 points net lower. At these figures the market steadied on covering for over the week d. Despite rallies the close was easy at net declines of 15 to 18 points. NEW ORLEANS, June 14.—Cotton futures closed barely steady at net un- changed to 20 points down. Close: July, 2%.63 ; October, 25.10: December, 24.84; January, 24.82; March, 24.82 Spot, quiet and unchanged; middling, 30.00. FLOUR PRICES STEADY. MINNEAPOLIS, Minn., June Flour unchanged; shipments, barrels. Bran, 18.502a19.00. No. 1 porthern, 1.19 1.18%; September, 1.18%; December, 1.1935. Corn, No. 3 yellow, 76%a76%. Oats, No. 3 white, 46%ad47%. Flax, No. 1, 2.33%a2.37%. - BUTTER IS HIGHER. CHICAGO, June 14 creamery extras, 4 extra firsts, 384239 ; firsts, 37a38; sec onds, 34a35%. Eggs—Higher ; recelpts, 24,792 cases; firsts, 25a25% : ordinary firsts. 24a24% orage packed extras, 27% ; firsts, 27 In Our ) FIRST MORTGAGES “The Safest Security on Earth” % Interest Denominations $100 to $10,000 1416-K-Strest N.W. | but the foregoing planks furnish the PLATFORM OF 6. 0. P. Twelve of Thirteen Desired Planks Put Into Party Statement at Cleveland Convention. BY HARDEN OCOLFAX. High priests of organiszed business in ‘Washington have taken fresh heart from the week’s events at Cleveland. Tweive planks out of thirteen they presented to the Republican national convention have been written into the party platform for 1924 ' One plank failed, but not entirely. Even In ite falure the representatives of the country’s major industries are not downhearted. They do not count it wholly as a loss, but rather as a non- | antagonistic declaration of principles. That plank concerns the so-called child | labor amendment, which the platform mentions in terms of commendution with the further thought that “we urge the prompt consideration of that amend- ment by the legislatures of the various states” Organized business, moving as & unit through the medium of & committee of cores of the chief business men of the United States. presented at Cleveland for consideration a sing'e “platform of American industry” which it had spent nearly nine months in drafting. In its final.” concise form, that “p'atform’ represcnted the views, bolled down. of virtually every major business under- taking in the country Business Plankw Organized business, in ite “platform said, “We urge more reliance upon pri- vate energy and character und less upon public law and appropriations.” The Cleveland platform says, “The Repub- lican party stands now, as always, against all attempts to put the govern- ment into business.” Orgunized business said, “American fndustry requires the highest stand- ard of ‘public and private morality." The Cleveland platform says, “W recognize the duty of constant vigil- ance Lo preserve at all times a clean and honest government and to bring to the bar of justice every defiler of the public service in or out of office.” Organized business said, pledge our continued support to the national budget xystem.” The Clev land platform savs, “The budget sys- tam has been firmiy estabiished * ¢ o | We commend the firm ingistence of President Coolidge upon rigld gov- | ernment cconomy and pladge him our earnest support to this end.” Tax Reduction Favered, Organized business asked for tax reform. The Cleveland platform pledges the party to further tax re- duction, “as rapidly as may be done with due regard for the essential ex- penditures of the government. and adds that progressive tax reduction “should be accomplished through tax reform.” Organized husiness called for & stable and constructive policy toward the railroads. The platform “we favor a stable, consistent constructive policy tbward our roads.” Organized business characterized “unrestricted immigration as an un- mixed evil” The plattorm indiyses the recently enacted immigretion law: the present tariff law and its flexible provisions. and the American merchant marine Business Observers Pleaxed. There are other minor similarities, in Platform. “we says, | and rail- | high lights It is significant that with their adoption by the Cleveland | convention there became manifest during the week the first stirrings of what business organizations here hope will grow into a new revival of industrial activity | Whether the upward swing stocks, the better tone of farm price the slight increase in business acti ity at the moment herald general business improvement or are but a flash in the pan remains to be seen. | But observers find significance In the that. the latest upward turn to the day, when the chief re- quests of organized business were written into the Republican party platform of 1924 E in fact came. =S FRENCH INCOME GROWS. PARIS, June 14'—The French gov- ernment's receipts for the month of May amounted to 168,611,200 francs, or 329,202,700 france in excess of the receipts in May of last year. ‘The increase receipts for the first five months this year is more than - JESLUUTHTTTT IO Established 1899 Real Estate Notes For Sale 1In amounts from $250 up to $1,000 or more. 15th and N. Y. Ave. Main 4346 References: Any Hank, Trust Co. or Title Co. in the District No loss to an investor in 25 years Money to Loan Becured by first deed of trust on resl es Preval interest and commission Joseph I. Weller Ao & £ te Mrx. Thrift $35.00 for months’ Interest due June 1924, on t mortgage te purchased -through our rigage Department. 3 This is a facsimile of the many Checks leaving our office daily to investors in our 7% First Mortgage Notes (2#°'Note the date due and time sent.) Once you invest in first mort- gages no other form of investment will appesl to you, Send for com- plete details. 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Offered in denominations from $250.00 UP. | » | Special Notice to AUl Having Funds From June Maturities or July 1st Dividends During the Washington of the National Associati of Real Estate Boards of America, reported by a famous statisticia losses from investments of OVER A BIL- LION AND A HALF DOLLARS in Firs Mortgages on Real Estate the actual losses had been less than THREE-ONE- HUNDRED-THOUSANDTHS OF ON PER CENT! recent conven 1t was J Can Any Other Character of Investment Present Such a Showing of Safety? Don’t take chances, but invest \vhrrr‘ vour money will be secure—and, at the same time, produce an interest vield that will average 1 6-10 per cent more than other forms of high-grade stock and bond investment securities. Request our Mortgage Investment Department [to send you booklet and other information on this | subject. HANNON - & LUCHY 713 and 715 Fourteenth Street N.W. Main 2345 Member Washington Real Estate Board and National A Real Estate Boards. ciation of LADIES' DEPT. Washington’s OLDEST National Bank SUCCESS 1 Success and Save begin with the same let- ter, and the similarity does not end there. Thrift is fundamentally the very essence of success, for it ingrains self-control, self- confidence and that keen sense of values in- dispensable to leadership. The lengthening list of OUR SAVINGS " DEPARTMENT'S patrons clearly shows that more and more people are giving heed to the importance of thrift. | PAY DAY offers you an excellent chance to start successward. ONE DOLLAR or more will open your account. 3% Paid on Savings Open Until 5:30 P.M. Monday, June 16 ~ National Metropolitan Bank Capital, Surplus and Undivided Profits, Over $1,700,000.00 110 YEARS OLD 15th Street, Opposite U. S. Treasury