Evening Star Newspaper, July 10, 1924, Page 28

FINANCIAL.™ hotels where headquarters of the politiclans were located. The theaters suffered severely. Many productions which were held over for the convention, or which opened with the idea of obtaining convention patronage, were forced to close, and even the out- standing successes in the theatrical fleld noticed little additional rush for tic- BUSINESS SLUMPS; 2 THE EVENING STAR, WASHINGTON, D. C, TH'URSDAY JULY 10, 1924. . - - ——-——————.——_—_————7——_——J_—_______—__“—__“ development in the textile situation. Such an agreement would put the French designs before the public here at a price based on quantity output. It is expected that other American manufacturers will meet this move by development of exclusive new de- signs of their own, worked out either by French or American artists. EVERYMAN’S INVESTMENTS By George T. Hughes DUE TO CONVENTION Merchants, Hotel and The- ater Men Complain—Wom- en Best Buyers. Epecial Dispatch to The Star. NEW YORK. July 10. — “Never egain.” That was the mutual senti- ment expressed by some New York merchants and some delegates to the Democratic national convention " as the latter departed for their homes today. New York merchants and amusement men and hotel proprietors in many instances were disappointed at the volume of trade which followed in the wake of the convention, while and anxious homes. The first week of the convention un- doubtedly brought a fine volume of business to the retail merciants, pecially those dealing in women's wear, but the number of visitors at- tracted to the city did not come up to expectations and the sales directly attributableb to the convention fell off after June 28 Delegates who had not counted on a long drawn out stay began to conserve their resources shopping excursions were abandoned Small Hotels Suffer. The larger hotels were full, but the number of out-of-town arrivals failed to fill a large part of the accommoda- tions provided by the smaller hoste ries and in apartment houses. Apart- ment owners who counted on obtain- ing large revenues from the rental of furnished apartments for a week or ten d: in nearly every case. The restau- rants did not do well, with the ex- ception of the dining rooms in the to get back to their Charter No. 19, REPORT OF suffered disappointment | kets. Speculators who had taken over large blocks of tickets for the first week of the convention were left with them on their hands. Other Visitors Kept Away. In addition to their complaint over the amount of money spent by the dele- gates themselves, merchants, both wholesale and retail, complain that the convention kept other bona fide buyers away. They declare the general im- pression was prevalent throughout the country that New York was crowded by convention visitors and that it was better for prospective buyers to post- pone_their trips to the metropolis until he Democratic candidate was named. This also affected the hotels and amuse- ment enterprises. Installation of radio receiving sets in _many of the wholesale and retail stores during the convention was deeply regretted by some distributors. Difficult to Make Sales. They declare that it was impossible for a salesman to secure the attention and arouse the interest of a buyer on a I bill of goods while the radio was re- delegates were thoroughly worn out| pe.ting bama casts 24 ich became the line, votes for Underwoo almost as prevalent as “Yes, We Have No Bananas” of last yvear. Salesman sighed with relief Wednesday when the nomination of John W. Davis gave as- surance that thereafter they could ap- proach a customer without the cheers and vells in Madison Square Garden ringing in their ears from the ether. However, the attitude of the mer- chants and hotel men and business men throughout the country in gen- eral was more hopeful today. There was a general feeling, since uncer- tainty as to candidates and platforms was a thing of the past, busine would be free to run in normal chan nels for a time at least and that buy- ing postponed until the convention should be over would make itself evident. The report that an agreement has been consummated by which H. R. Mallinson, Inc., American silk manu facturers, acquired the exclusive right to manufacture by machine looms the silk designs produced on hand looms by Rodier, the great French maker and designer, is re- garded here as marking an important Reserve District No. 5 CONDITION OF THE Farmers and Mechanics’ National Bank of Georgetown At Washington, in the District of Columbia, at the close of business on June 30, 1924. RESOURCES. 1. a Loans and_discounts, including rediscounts, acceptances of other banks and foreign bills of exchange or drafts sold with indorsement of this bank.. o 2. Overdrafts, unsecured..... € U.S. government securities owne, a Deposited to secure circulation (' value) ... b All other United States gove (including premiums) Total Other bonds, Banking hous S. bonds par ... 3$250,000.00 43,198.35 lent securities 293,198.35 . Real estate owned other than banking house | Lawful reserve with federal reserve bank... | Jtems with federal reserve bank in process of colle . Cash in vault and amount due . Amount due from state banks, in the United States (other and 10) 12. Exchanges for clearing house. 1& Checks on other banks in the same city or town as reporting bank (other than item 12) Total of items 9, 10, 11, 12 and 13. . 20 3 Checks and drafts on banks (including federal from national banks. : bankers and trust companies than included in ltems & 9 4.695.20 33,584.69 5.948.10 . $205,813.89 reserve bank) located eumde or city or town of reporting bank b Miscellaneous cash items . Redemption tund with U. S. treasurer and due from U. S. treas- urer ... . Other assets . Total . . Capital stock paid in . Surplus fund .. . Undivided profits . a Reserved for interest and ta b Reserved for losses, dep., etc . Circulating notes outstanding. . Amount due to federal reserve b Amount due to national banks. . Certified checks outstanding.. . Cashier’s checks outstanding. Total of items 21, 22, 24 and 25. Demand deposits (other ‘than bank 6,859.40 524.26 7,383.66 12,500.00 2,930.89 ..$3,867,839.48 $252,000.00 298,000.00 0 eposits) subject to re- serve (deposits payable within 30 days): . Individual deposits subject to check........ . Dividends unpaid . Other demand deposits. . 1,142,505.88 20,892.00 6,727.69 Total of demand deposits (other than bank de- posits), subject to reserve, items 26, 30 and 31.$1,170,125.57 Time deposits subject to reserve (payable after 30 da: subject to 30 days or more notice, and postal savings) . Certificates of deposit (other than . Other time deposits..... 5 . Postal savings deposits. . Total of items 32, 34 and 35 2,000.00 . 1,698,559.34 28,992.73 for money borrowed) $1,729,552.07 time deposits subject to reserve, - Bills payable (including all obligations representing money borrowed other than rediscounts)..... 40,000.00 -$3,867,839.48 District of Columbia, city of Washington, ss: Companies Not Affected by Slump| from utility operating corporations in all that the slackening of general busi- ness has not affected the earnings of these companies, net inc steadily and Light Compa May inge of 2 and an net. May 31 the gain in gross was 23.58 per cent over the precding year and net revenue of $1,315,915 was an in- crease of more than 38 per cent In day dreams and wake up broke. Never put your name on the dotted line until you have inquired of some one about some stock tered to you privately. Charter No. 2038. 6. Banking house. $379,409.20; furniture an 1, H. L. SELBY, cashier of the above.named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. H. L. SELBY, Cashier. Subscribed and sworn to before me this 8th day of July, 1924. (Seal.) FREDERIC W. SEIBOLD, Notary Public. Correct—Attest: R J. WISE, CHAS. H. CRAGIN, ROBERT D. WEAVER, Directors. REPORT SF CONDITION Reserve District No. 5. COLUMBIA NATIONAL "BANK At Washington, in the District of Columbia, at the close of business on June 30, 1924, RESOURCES. 1. a Loans and discounts, including rediscounts, acceptances of other banks and foreign bills of exchange or drafts sold with indorsements of this bank . Overdrafts, unsecured . U. S. government securities owned: a Deposited to secure circulation (U. 5. bonds, par, value) b All other Total. . Other bonds, stocks, securities, etc. Banking house, $73.336; furniture and fixtures, $1%,337.40. Lawful reserve with federal reserve bank. . 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 and 10) . Exchanges for clearing house . Checks on other banks in the same city or town as reporting bank (other than jtem 12). Total of items 10, 11, 12 and 13. 1$411,321.57 treasurer and ‘due’ from~ 2,415,485.11 115.16 -$250,000.00 . 213,521.49 463,521.49 405,020.00 $5,673.40 225,412.43 220,793.71 4,151.95 172,797.80 13.578.10 3,090.49 12,500.00 . b Miscellanecus cash items . Redemption fund with U. treasurer ...... 5 Total. . UTILITY EARNINGS UP. Forty-First Article. Book Value. A stock salesman dropped in on me the other day. He had a beautiful proposition. To clinch it, he leaned forward confidentially and said: “You know, I am offering you this stock at $50 a share and its book value s $10 “How do you estimate the book value? I asked. “That's simple,” he answered. “Just divide the total net value of the prop- erty by the number of the shares of stock outstanding. The result is-the book value. Reaching Valuations. “Yes, but how do you get that total net value of the property? Who says it is worth a certain figure? How do they determine its value? Is the prop- erty carried at its original valuation— that is, do they figure what the prop- erty originally cost and then allow for depreciation, or do they value it on a basis of what it would cost today to replace, or do they value it at what it would bring at a forced sale?” “There's little or no difference in the in General Business. NEW YORK, July 10.—Reports parts of the country indicate as both gross and eases in earnings vcontinue to be made. Central Power v of St. Louis for re or(ed a gain in gross earn- 2.38 per cent over May, 1923, ‘increase of 9.40 ‘per cent in For the twelve months ending e Are You a Sucker? Too many Deople put their money in your bank what he knows issue that is of- REPORT OF CONDITION Of the SECOND NATIONAL BANK At Washington, in the District of Columbia, at the close of business on June 30, 1924. RESOURCES. . a Loans and discounts, including rediscounts, acceptances of other banks and foreign bills of exchange or drafts sold with indorsement of this bank. - $3,705,744.09 Overdrafts, unsecured . 5 149.89 U. government securities m\ nld a Deposited to secure clrculation w. value).. b All other Uni (including premiums Reserve District No. 5. bonds, par, : . .$500,000.00 Total . Other bonds, s 980,916, 297,836, 421,392, 347,795.51 27,955.44 550,739.12 tocks, securities, etc. e fixtures, Lawful reserve with Federal Reserve Bank Items with Federal Reserve Bank In process of collection . Cash in vault and amount due from national banks. . Amount due from state banks, bankers and trust companies the United States (other than included in items 8, 9 and S . Exchanges for clearing house. . Checks on other banks In the same city or town as reporting bank (other than item 12). - Total of items 9, 10, 11, 12 and 13. $798,846.07 . Checks and drafts on banks (including Federal. Beasrvo Hank) locatedl autelde of eity or fown of reporting bank : . b. Miscellaneous cash items. 3,218.83 161,602.79 55,329.89 $8,300.98 15.301.42 23.602.40 25,000.00 17,641.98 . $6,618,925.38 Redemption fund with U. 8 treasurer..... . Other assets. treasurer and due from U. S Total LIABILITIES. Capital stock 5 Surplus fund . Undivided pre E a Reserved for interes! $500,000.00 300,000.00 and taxes accrued 81,263.95 492.217.50 13,167.54 140,754.49 . Circulating notes outstanding. : . Amount due to Federal Reserve Bank (deferred credits). . Amount due to national banks. . . Amount due to state banks, bankers and trust companies in the United States and foreign countries (other nan in- cluded in items 21 or 22). B . Certified checks outstanding. . Cashier's checks outstanding. 5 = Total of items 21, 22, 23, 24 and 25. $368,336.86 Demand deposits (other than bank deposits) subject to re- serve (deposits payable within 30 days): . Individual deposits subject to check. 130.921.26 10.315.14 78.43 2,493,186.73 12,046.10 20,120.00 27. Certificates of deposit due In less than :w daya (other than for money borrowed) . Dividends unpaid Total of demand deposits (other than bank deposits) subject to reserve, items 26, 27 and 30). $2,525,352.83 Time deposits Subject to 30 days or more motice, and postal Savings): . Certificates of deposit (other than for money borrowed) . State, county or other municipal deposits secured by ple of assets of this bank or surety bon . Other time deposits . Postal savings depo Total of time dep 3 Items 32, 33. 34 and 35.. ©$2,247.499.99 . Bills payable (including all obligations representing money borrowed other than rediscounts) 5 . Liabilities other than those above stated. 142,451.48 500,000.00 1,569,382.91 35,665.60 100,000.00 4,254.25 $6,618,925.38 1. W. W. MARLOW, cashier of the above-named bank, do solemnly swear District of Columbia, ss that the above statement is true to the best of my knowiedge and belief. W. W. MARLOW. Cashier. Subscribed and sworn to before me this 9th day of July, 1924. (Seal.) GERALD E. KEENE, Notary Public. Correct—Attest: V. B. DEYBER, WM. M. HANNAY, JOHN C. ECKLOFF, G. M. EMMERICH, SAMUEL J. PRESCOTT, ALEXANDER WOLF, R. WATERS, E. F. COLLADAY, J. SACKS, FRANK S. HIGHT, A. J. SOMERVILLE, F. W. MACKENZIE, WALTER H. KLOPFER, JOHN W. HULSE, FRED. DREW, JACOB SCHARF, Directors. CONSOLIDATED Rg}P%RT OF CONDITION the RIGGS NATIONAL BANK Washington, in the District of Columbia, at the close of business on June 30, 1924. RESOURCES. 2 Loans and discounts, including rediscounts, acceptances of other banks and foreign bills of exchange or drafts sold with indorsement of this bank $16,853,085.18 . Overdrafts, secured, $22,035.80; unsecured, $10,427.60. 32,463.40 . U. S. government securities owned: a Deposited to secure circulation (U. S. bonds, par value) $100.000 b All other United States government -ecurme- (ncluding premiums, if any). Total ... . Other bonds, stocks, securities, etc. A Banklng house, $1,618,518.14; furniture and nxv,uru $404, $98,000.00 4,807,044.01 et AANEEADY 3.018,550.93 2,023,464.86 1,980,630.15 69,851.40 1,757,121.82 365,572.45 1,244,107.46 443,199.80 . Lawful reserve with federal reserve bank. . Ttems with federal meserve bank in process of collection 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). . Exchanges for clearing house . Checks on other banks in the ing bank (other than item 12).... Total of items §, 10, 11, 12 and 1 . a Checks and drarts un banks (including eral reserve bank) located outside of city or town of reporting bank. : b Miscellaneous cash items.. $87,621.41 97,027.90 5,000.00 464,839.88 $33,759,959.24 Redemption fund with U. 8. treasurer and due from o s. treasurer . Other assets . $2,500,000.00 o... '1,250,000.00 $513,886.16 48,797.16 180,330.75 . Capital stock paid in. . Surplus fund ... . Undivided profits a Reserved for interest and tnxu accrued.. b Reserved for contingencies. . 743,014.07 99,700.00 . Circulating notes outstanding. . 506.532.61 three forms of valuation, is there?” he asked. “We]l, if you bought equipment at prices prevalling ten years ago you would quickly find a great deal of difference if you tried to replace it today. So, you see, if your ‘book value' were figured on cost of replac- ing the property at today's prices it might be $100 a share. If it were figured on what it cost ten years ago it might be $50 a share. If figured on a forced sale basis it might be only $10 or $20." Makes Big Difference. “I never realized,” he sald, “what a difference the basis of valuation made—- “The important point is,” I inter- rupted, “how much the property will earn. 'The chances are that If the company had to liquidate—that s, quit business and convert its property into cash—there would be little left for the stockholders. Book value is essentially a liquidating proposition, as far as the stockholder is concerned, and then it's a guess how much it will be. As far as the market price of a stock is concerned, book value has little to do with it. “For example, United States Steel stock sells for about one-third of its book value, and the market price of Woolworth' is nearly four times its book value. So many other factors HEPOKY OF THE CONDITION POTOMAC SAVINGS BANK At Washinzton, in the District of Columb, the close of business on June 30, 1924. RESOURCES. a Loans and discounts, includ- ing rediscounts. acceptances of other banks and foreign bills of exchange or drafts sold with indorsement of $2,571,560.72 Banking " ‘house. "’ $93,515.1 furniture and fxtures, 364 te owned other than banking house . Cash in vault amount due from national hanks . Amount due from state banki bankers and frust compani in the United States (other than included in item 10) Total of items 10 and 11 $196,324.3 . b Miscellaneous cash items. . Other assets . Total ... LIABILITIES. . Capital stock paid in Surplus fund ... . Undivided profits. ... . Certified checks ontstanding. . Cashier's checks outstanding. Total of items 24 and $22,091.95 Demand ts (other than bank depoxits) subject to reserve. (Deposits payable within 30 days) Individual deposits subject to check -+ 1,117,105.04 . Dividends ‘unpaid. . 5000.00 Total of demand deposits (other than bank deposits) subject reserse, items 26 and (payable after 30 days, or subject to 30 days’ or more notice, and postal wavings) : 32 Certificates’ of deposit (other than for money borrowed). . 34. Other time deposits Total of time deposi| Lo reserve, items 32 Ject 59.317.02 ... 172743732 ect and - -§1.886.754.34 . Bills payabie (ifindine o ob- ligations representing money borrowed other than redis- 140,000.00 £3.380,680.94 of Washington, ss.: Cashier of the above- 1y swear that the above statement is true to the best of my kuow edge and belief. B. A. BOWLES, Cashier. Subscribed and sworn to before me this §th day of July, 1924 (Seal. €. IRVING WOOD, Notary Pubiic. Correct—Attest: i Samuel Arts. George W. Offutt, Alphonse M. Baer, Henry W. Offutt, Emory H. Bogley. M. Willson Offutt, Elgin. ‘Anthony M. Ray, W. £ rretmin, 3. Wm. Stohl; Wm. H. Magey, W. Shormaker, Directors. MEFORY OF THE CONDITION AMERICAN SECURITY AND TRUST CO. At Washiogton, in the District of Columbi the close of business on Jue 30, 1924 RESOURCES. 1 a Loans and discoun cluding rediscounts, and foreign bills of excuange or drafts eold with indorse- ment of this bank $14,764,965.51 2. Overdrafts, secured, $3,24¢ unsecured. $4.5 4TS gorernment securities owned 5 5. Other bonds, stoc ties, etc. 6. Bankiog houses, $1,340,956.05; forniture and fixtures, 4,535,791.08 6,127,649.24 1,533,838.00 banking houses ..... 113,494.2 10. Cash in vault and amount due from pational banks....... 11. Amount due from state banks, bankers and trust compa- nies in the United States (other i in 11 and 12 $3,852,801.65 14. 2 Checks and drafts on banks (includ- ing federal reserve Total of items 10, 13. Redemption fund with U. S. Treasurer and due from Treasurer. ssets . Total LIARILITIES. 17. Capital stock paid in 18, Surplus fund... 19. Undivided ~profits.§5: 2 Reserved for in- terest and taxes accrued . 125,183.87 b Reserved expenses 281.19 Reserved clerks® fund d Reserved dividends r pension 22. Amount due to national banks 23. Amount due to state bank: bankers and trust comp: nies in the United Stat and foreign countries (other than included in jtem 22) 2. Certifed checke outstanding. . Treasurer's checks outstanding Totals of items 22, 23, 24 and 25. -$973.267.06. Demand deposits (other than bank deposits) subject to reserve _(depox! enter into the problem of appraising the worth of a stock that book value is often very misleading.” (Copyright, 1924, by the Consolidated Press Assoctation.) BANK DEPOSITS GROW. MINNEAPOLIS, July 10 (Special).— The betterment of conditions in the northwest is indicated here by an increase of $7,500,000 in demand de- rosits in the district banks In the last six weeks and a decrease of $5,000,- 000 tn loans. = The European demand for auto- matic telephones is heavy and 150 switchboards or systems have recent- 1y been installed by one German firm in_seventy-two German and thirty foreign citfes. BEFORT OF THE CONDITION DEPARTMENTAL BANK Reserve District No. 5. At Washington, in the District of Columbil the close of business om June 30, 192: RESOURCES. # Loans and discounts, fnclud ing rediscounts, acceptances of other banks, and fore bills of exchange or dra sold with indorsement of this bank o 3542,960.59 Overdra: cured” . bU. B. government securities owned (including premiums). . Banking | house. - $112.787 44; foraiturs " and " xtures, 52,521.58 rom national - Total of item 10 $47.076.25 b Miscellaneous Other assets. Total .. LIABILITIES. . Capital stock paid in. Surplus fund. . Undivided ~profit & Reserved = for est and tazes tazes paid . Certified checks ontstanding. Cashier's checks outstanding. Total of items 24 and Demand depontts” ioiberans bank deposits) subject to re- serve (deposits payable within 30 dass): 26, Individ check . S . Certificat, deposi less than 30 days (other than for money borrowed. Dividends unpaid . Total of demand deposits (other than bank deposits) subject 1o reserve, items 25, 27 and 30 o .. '$133,883.73 pos! pavable after 30 days, or subject to 80 days® or more notice, and postal savings): . Certificates of _deposit (other than for money borrowed). Other time deposits. ... Total of time’ deposits subfect to items 32 and 133,330.13 300.00 3360 including all oh- s representing money borrowed other than redis- counts) 3 Mortgage, . Liabilities real estate other than bank, do solemnly swear that the above state- ment is true to the bst of my knowledge and beltef. H. C. BOCK, Cashier. Subscribed and eworn to before me this 9th day of July, 1924. EDGAR W. BOWLES. Notary Public. Correct—Attest: Directors Money to Loan Secured by first deed of trust on real estate. Prevalling interest and commission. Joseph I. Weller 4 Wash. L. & Trust EQUITABLE Co-Operative Building Association Organized 1879. 44tk YEAR COMPLETED Asnets . $4,755,170.52 Surplus $1,248,320.98 Systematic Saving Most Effective Join the Equitable and save each pay day. It is the sure way of get- ting abead fnancially. Subscription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSO! At Washington, in-the District of Columbia, at 44. Liabilities other than those abov emnly swear that the above statement is true to the best | and belie: (Seal.) ‘FINANCIAL Reserve District No. 5. REPORT OF m wP«’DmON MERCHANTS BANK AND TRUST.. COMPANY the close of busine on June 30, 1924, RESOURCES. . & Loans and dfscounts, including rediscounts, acceptances of other banks and foreign bills of exchange or drafts soid ' with indarsement of this bank. S $5.672.690.0 . Overdrafts, sevured, $78.00; unsecured, $5.655.05 S e 5.767.03 . U. S. government securities owned: b All other United States government securities (including premiums . Other bonds, stocks, securities, etc. . Banking house. $120,000: furniture ur . Cash in vault and amount due from national banks. . . Amount due from state banks, bankers and trust companiecs in the United States (other 'than included in item 10) Total of itegs 10 and 11. . b Miscellaneous cash items . Other assets ... 3 256.09 1.488.263 24 Total . Capital stock, paid in . Surplus fund ' . Undivided profl a Reserved for intar: b Reserved for depreclation. +-$1,000,000.00 ... '250,000.00 .943.12 1.130.06 16,562.61 . Amount due to national banks. 23. Amount due to state banks, bankers and trust companies in the United States and foreign countrles (other than cluded in item 22). . Certified checks outs 3 . Cashier's checks outstanding. Total of items 22, 23, 24 and 1$484,334. Demand deposits (other than bank deposifs) subject to r serve (deposits payable within 30 days): Individual deposits subject to check. . Dividends unpaid . Other demand deposits. Total of demand depo: posits) subject to and 31 ... - .$3.904,679.43 Time deposi reserve (payable after 30 days, or subject to 30 days’ or more notice, and postal savings Certificates of deposit (other than fof money borrowed). . Other time deposits Total of time depo: 32 and 34.... . Letters of credit an standing in- 3,798541.13 225.00 s s an reserve. 26, s subject to reserve, items | $2.335,220.14 travelers’ checks sold for rcash and out- 1745 -.$8,031,969.65 District of Columbia, City of Washington, s I. EDWIN W. POPKINS, treasurer of the above-named bank, do sol- f my knowledge , Treasurer. 1924 Notary Public E_W. POPKI Subscribed and sworn.to before me this 9th day of Jul BENJAMIN ROBINSON, Correct—Attest: PETER A. DRURY, R. E. BOLLING, F. P. HARMAN, Jr, LEE P. WARREN Directors. Office Space For Rent In the Heart of the Financial District New Buildings 923-925 15th St. N.W. Long Leases Reasonable Rents B. F. SAUL CO. Main 2100 1412 Eye St. N.W. A Point to Be Pondered Over Why name an individual as E tor in your Will, when by appointing “The Metropolitan” you can insure to your estate the benefits of service by The OLDEST National Bank the City, and at No Greater Cost? xecu- Our Trust Oficer would like to go into this topioc more fully with you. —110 Years Old Safe Bonds Paying 6% and 7% for Your July Funds Our 615 4% and 7% First Mortgage Bonds, strongly secured by absolute first mortgages on improved, . Amount due to federal rescrve bank (deferred credits) income-producing property, are safe and profitable 1,265,737.16 . Capital stock paid in . Surplus fund . . Undivided profits. $250,000.00 b 250,000.00 $120,749.79 a Reserved for interest and taxes ac- © Less current expenses, interest and taxes paid.. . Circulating notes outstanding . Amount due to national banks. 7,500.00 $128,249.79 31.36 128,217.93 248,995.00 2,592.16 . Amount due to state banks, bankers and trust companl the United States and foreign countries (other than in- cluded in item 22). . Certified checks outstanding . Cashier’s checks outstanding. 285,904.32 4,050.47 19,152.74 . Amount due to national banks. . Amount due to state banks, ban] the United States and forelgn countries (other than in- cluded in items 21 or #2).... . Certified checks outstanding . Cashler's checks outstanding. Total of items 21, 22, 23, 24 and Demand deposits (other than bank_dep serve (deposits payable within 30 days): . Individual deposits subject to check. Certificates of deposit due in less than 3 for money borrowed)..... - . Dividends unpaid ... . Other demand deposits. .. Total of demand deposits (other than bank deposits) subject to reserve, items 26, 27, 30 2,742,221.52 148,938.79 100,184.92 16,017,341.82 305,998.40 565.50 104,469.97 ‘. 1. Certificates of deposit due in less than 30 days (other than for money borrowed). 30. Dividends unpaid.. 31, Other demand de; deposits . Total of (other than bazk depostte), subject to re- serve, items 26, 27. 30 and 31......311,863,276.29 Time deposits subfect to re- serve (payable after 30 days, or subject to 30 days or more notice, and postal 25.853.52 1,517:00 1,276,871.11 investments for your July funds. Protecting every bond we sell are the safeguards that have made possible our record of no loss to any investor in 51 years. Maturities as long as 15 years assure you of 61459, or 7% over that period, regardless of any declm: in intetest rates meanwhile. Call, write or telephone Main 6464 for descriptions savings) : 32, Certificates of deposit (other than for money borrowed). 34. Otber time deposits. Total of " time leposits sl ject to re- serve, items 32 and 34....$11,785,790.25 36. United States deposits (other than postal savings), in- cluding war loan _deposit account and deposits of United States disbursing Total of items 22, 23, 24 and 25. -$311,699.. » and 31 ;13;6428.315.55 Time deposits subject fo ressrve (payable aft 8, oF 2,230,338.74 subject to 30 days’ or more notice, and postal savings! #280.39814 | 33, certificates of deposit (other than for money borrowed) . 3,700.00 | 34 Other time deposits. §.367.00 | 35- Postal savings deposits. e Total of time deposits subject to reserve, items 32, 34 and 35 .’ $4,897,609.44 36. United States deposits (other than postal savings), including war loan deposit account and deposits of Unlied States of current offerings available in $100, $500, and $5,000 denominations. Smith Bonds are Safe Bonds NO LOSSTO ANY INVESTOR'IN 51 YEARS “The F.H.SMITH COMPANY ‘ Founoded 1873 i SMITH BUILDING 815 FIFTEENTH ST. — A 3 —Attest: 1 il T | | e b R Py, ST sl | K T nima =8 258,629.95 g 4,464,466.12 174,513.37 . Certificates of dep for money borrowed) . Dividends unpaid Total of dem: deposite) subject to reserve, items 26, 21 and 30) . $2.240,305.74 Time deposits subject to reserve able after 30 days, or subject to 30 days’ or more notice, and postal savings): . Certificates of deposit (olher than for mone)’ borrowed) . Other time deposits . . Postal savings deposits. Total of time deposits subject to reserve, items 33, 3¢ ceseiesessecnaese.$591,928.2¢ Total... - $4,022,147.65 City of Washington. District of Columbis, 8. I, FRANK J. STRYKER, president of the above-named bank, do solemnly swear’ that the above statement is true to the best of my knowledge ana belief. FRANK J. STRYKER, President. Subscribed and sworn to before me this 7th day of July, 1924. (Seal.) HERBERT A. POOLE, Notary Public. Correct—Attest: JOHN JOY EDSON, BENJAMIN W. GUY, L. WHITING KSTES, DAVID J. KAUFMAN, €. FENTON FADELEY, B. FRANCIS SAUL, ALBERT F. FOX, JOHN N. SWARTZELL, ofa7 4 4 X Pirectors. 1,300,068.21 1,700,000.00 63,603.75 13.973.08 35.159,950.34 | o Ch BELL: president. ot "ihe B e miitanr s eteraty Sote (ot 1he iBove statement n rie. fo fhe best of my ledge a2 5 So—— €. J. BELL, President. Subscribed and sworn to before me this Sth 23,000.00 536,104.65 32,824.64 borrowed other than rediscounts) . 1. Letters of credit and travelers’ chex outstanding . . 44. Liabilities other Total .. Columbia, City of Washington, st SBERT V. FLEMING, cashior of ine above-named bank, do solemnly that > the . Dettet, the above statement Is trug {0, kr V. FLEMING, Cashier. this 9th day of July, 1924. (Ses;ir)mcrlbed and sworn to. belgre e "DORSEY, Notary Public, D. C. WM. J. FLATHER, L. E. JEFFRIES, mes _E._Shet; FLEMING NEWBOLD, 3 € POWELL MINNIGURODE, o HARRY F. CLARK, L M