Evening Star Newspaper, October 31, 1925, Page 15

FINANCIAL, SNOW CUTS DOWN " WEEK END BUYING Poultry Supplies Heavy. Meat Bit Lower—Vegetable Receipts Lighter. Appearance of snow yesterday aft- ernoon put a damper on the week end market business. Supplies continued to be recetved, however, and dealers had plenty of foodstuffs on hand this morning to more thun meet all de- mands. lmmense quantitl recelved during the week, dealers re- vorted, making the market easy, but v\hh no appreciable change in prices. conditions werc reported fn eat market during the week, and, fn some instances, slight reduc- tions in prices resulted, especially for rough cuts. Frost during progress of late I caused a_falling off in receipts. falling off was only | ever, for supples this morning more than egual to the demand. Late tomatoes are getting scarce. Growers are still gathering a few ripe ones, but most of the ripe ones be- ing offered are 1 to have been ripened under g Today’s Wholesale Prices. Butter—F: prints, )f poultry were weck interrupted ! vegetables and The how- were , tul cdivm hen ducks, Spring_chick” se, e 30a31; tur- ens, Iz Live lambs, Spring, 14; hogs Meat—Becf, veal, 18222 : Today's market report on fruits and vegetables (compiled by the Market Rureau of Agricultural liberal; demand arrels, Vir- moderate, market inches ginla and Per up, Grimes, New York 5.00; boxes, Yirge Deliciou mostly 3.50; fanc: fancy Jonathans, Romes, mostly fancy Stavmans, Maryl: 20-ounce, 4 m. medium to ext fancy, 13.00; extra fancy Virginia, extra : bushel ba irgina. No. 3.00; 2.004 1, mans, 1.75a2.00. 1pplies limited; demand firm; New York. bulk .lmht, market 0.00235.00. per ton, Danish Celery Market Steady. Celery--Supplies light; demand mod- erate, market stead ew York, 2-3 crates, some short Iks, Grapes — Supplies mand MHght, York, 12-quart cords, 1.15al. rors, fats conaition, 1 Lettuce—Eastern supplies light, no sules reported; Western supplies mod- erate; demand moderate, market stead; Calffornia, crate: Iceberg type. 4-415 dozen, 4.20ud Ontons—Supplies mode: moderate, market stead 100-pound sacks, Yellows, United States No. 1, 2.25a2.50, few 2 Michigan and ndlana, 100- ymund Yellows, United States No. 1, de- New moderate; steady; baskets, Con- ifornia, crates, “lame Toks ate; demand New York, Pears—supplies light: demand light, market dull; New York, bushel basket and bushel keg: Sickels, 3.00a3.50; Oregon, box few sales, 4.70. Potatoes Are Higher. terate s rket slight 50-ib. sacks Rus- . 6.50a6.75; Penn- < round whites, Potutoes—Supplies T mand moderate, n stronger: Michigan, ynnnd moderate, X Carolina, cloth top st lows No. 1, 3. mand moderate, ma York, Long Island, Oregon, crates, 3.83. Grapefruit—Supplies moderate, market boxes Brlrhls and i , mostly around 8.00; small sizes, 6.00a7.00. Cucumbers—Suppiies 1 omderate, market stead: bushel hampers and squ crates, 4.0 White squash mand moderate, %-bushel crut Mushrooms—Su crates, 3.15a3.25; demand teady; Florida, dens, medium small to very light, . demand Florida, % re bushel supplies light, de- market firm; Florida, rket dull; Pennsy vania, 4-gt. climax baskets, 1.0 Ergplant—Supplics licht, demand moderate, market firm: Florida, crates, fine quality, 6.00. DEPOSIT DATE EXTENDED. 31 UP).—AL 5 of stock Virginia been tion pla the reorgani NEW YORK, though a suffict: Mpends and obli Carolina. Che posited under the to make it op tlon managers the ¢ Sex the Equ ed the t until Nov BOSCH CALLS IN NOTES. NEW YORK. October 21 (#).—Ameri- can Bosch Magneto (o, has called for redemption on Decemper 1 its $2,1 000 outstanding 5 per cent s fund gold notes, due Jure, 19 and accrued interest Query the ¥ Determine how L of his own | money the prov putting into his scheme before you decide to T yours. Don't take his word for ft— make him prove it. October ant noter. COMMODITY NEWS WIRED STAR FROM TRE COUNTRY SAN FRANCISCO, October 31.— California oil field activities up to Octo- per 1 of this yvear were practically on r with those last vear, 1,131 new & 8 having been started, ws compared with 1,172 up to the same date in 1924, FRESNO, Calif., October 31.—Cali- fornia_ will produce approximately 130,000 bales of cotton tiis season, ac- cording to estimates just completed by the Btate department of agriculture. Lawer Californis is expected to add 5000 bales more. PYRTLAND, Oreg., October 31.— Milla of the West Coast Lumbermen’s tion sold 12 per cent less lum- ber fian they manufactured in the week \nding October 25. Production was 102,052,863 feet, sold 90,800,623 feet and shipped 2,074, FORTWORTH, 7 Tweo trak loads of destined ‘or iKunsas ieed NEw York curB MARKET | SPURT IN RETAIL THE EVENING Received by Private Wire Direct to The Star Ofice BY WILLIAM F. HEFFERNAN. NEW YORK, October 31.—Buving that came into the warket during | today’s abbreviated session .wns on such zn enormous scale that by the end of the first hour the ticker was running 1§ minutes behind in report- Ing actual transactions. The speculative element seized upon evervthing possible to continue the upward movement. When it was announced that the Nizer Corporation NEW YORK. Oclober 31.—Fol- lowing is an official list of bonds and stocks traded in on the New York Curb Market today: Sales fn thousands. 16 Am Gas BONDS & Lew mgu, ‘zht t derv PUE T ba P81 Balt 6s ¥ 99 N s vl Term 45 n .m‘;\ R SR No 8B MBguc 1 Ohlo Powor 0a B. 82 Phila Ravia Tr 8x s Soutnea PAL 88 010713 1Sun Ol Blas... .. ift & Co B 1 FOREIG Ind Xat Cor 6s.. 123 ity Cologne Dept Ant Col French. Nat 21 Great Cons E P MJI X A rov et V 1 Sales in NDARD OIL ISSUES. | upon de- | wnite. 200 Anglo Am Oil.., 100 At Lebos .. p0g Cherebroueh N Contl Ol pew 100 Crescent P Lo 20 Gal Stg 01l . 0Gal 8 0 ptd old 63 (\Hun‘mln ol &R 231 o - 1500 Prairig O & 310 Pruirie P L. 70 South l'erm ‘ot EegsRasRe e FSEES TNIE £ RS At SREEE] 900 Vacaum 0i1’ Salrs INDEPENDENT OIL STOCKS. in bundreds. & Am Maracaibo Co e 3 Git Serv pi’B 25 Columbian Synd.. 70 Colum Syn ris wi 4 Creole Synd .| Crown Cent Pete.. uclid Oil Co ) Kreana53mafes R e 3 Lago Pet 5 Leonard 011 Lion 01l . 0 Mount Gulf SIS S 0 4 Ohio Fuel Cor 7 Pear Ol Cor . 2 Reiter-Foster O 5 235 I8 4 Royal Can O & R actn & 3 Venesuetay Fer INDUSTRIALS. 1 Amal Loather .. 17% 3 AmMm Gas & E i iAm Gae & 7Am L% v 2 Am R: ¥ C 2Am Ravon Prod. GAm Siberpow B Ar: Pow &1 1 Balab & Katz v 1 Borden Co pla v A 1i043 Brideeport 8 Cont Baking B. . Cont Baking _pf |had called for redemption on January | 11 next of all outstanding convertlblu participating cluss A stock at $50 a {share and accrued dividends, Beavy buying came Into both the A and B shares. There was another outburst of buy- tng in public utilities, stocks of com- panies which already have beer. re- capitalized and those of the higher priced issucs which so far have not announced their intention of split- ting the shares Into smaller units. 1 B HEgEn o2 e zsfs Auto ‘Lite. % Ba & Sh ot wusi cB &S0 cor 71 Invest Inc.. Pub Serv.. i S Coulans Ft:omly»'n' “hira T 48 1 Grennan Bak .. 1813 2 Grimes B & GR 3 Happ C Stores & 4 Hillman R ptd 48 Ind Rayon 4 s 13 Intl \lll(’h C l"\l 51 T Johaesuavitle - 103 e Man 14 Kolvmuor‘g mxenm Solet] S oror 3 Lib Oweus BLib R Ch's 1 Lit Bros Mare Wire Mid West Miisie Mustor Rova Radio .. 1 Singer ‘:l'l'( inger 85 Serv (!o B Bod o * 60 Southeast P&L 42 Sou Cal Ed. . 4 Sou Daires A 14 Sou Daries B % t3 Thermiod Rad 10 Timken Axle .. © R w1350 Bt alaveras Cop . .. 20 Calumet & Jeroms . 170 First Thoug G M & Golden Center M 40 Hawthorna M 1. 8 Jeroma Doy 160 Natiopal Tin.. N J Zine & Nigtaae 56 S0 Am Gold Tono_Min . erde a 8 Contl . —_— DAIRY PRODUCTS. BALTIMORE, Md., October 31 (Spe- ciall.—Live pouitry—Spring chickens, pound. 20a28; Leghorns, 20a25; Minor- cas, 20a22; old hens, 17a2! horns, 17a18; roosters, 16; duc| geese, pair, 70a80. 35a38: fowl, each, Eggs—Receipts, 217 and nearby firsts, dozen, Butter—Good to pound, 48al a44; store pac) 43; process butf STOCK DIVIDEND TALKED " YORK, October 31 Dr\)pu*d stock dividend of 25 cent will be acted upon holders of Elgin National Watch Co. on November 12, when they will vote on an increase in capital stock from $8.500,000 to $10.000.000, or from 310,- 000 shares to 400,000. pigeons, cases: na offered at creamery, ed, 41; da 4% 1| STOCKS, COTTON AND DECLINE IN FRANCS WEEK’S HIGH SPOTS New Attitude Toward German Loans Surprising. Tax Gossip Lowers U. S. Bonds—Motor Shares Still Market Leaders—The Outlook. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, October 31.—The past week in the financlal situation has been notable for several things. In the first place, deali.gs in stocks have continued on a huge scale, with prices, in the main, rising. There have been a large number of new high records for the year. In the second place, there was the very large estimate on cotton by the Agricultural Department, which brought down a storm of criticism pon the heads of the burewu at Washington because of its violent change in prediction of the growing crop between the middle of September and the middle of October. Cotton vrices, breaking badly, reached not only the lowest of 1925, but the low- est_since the Autumn of 1923. Thirdly, there was the failure of { the French franc to accomplish much i of u recovery despite the press re- ports telling about the 1924 American loan being used to punish speculators on the short side, and despite the change in government. The tendency toward paper currency inflation has been renewed, according to the last statement of the Bank of France. Budget Question Still Unsolved. Tnc defeat of the finance minister stic measures of tax s in order to solve the budget wue\:lcn mighl have appeared to some {in the nature of a relief. But it is not likely to be more than a temporary relief. The trouble with French ministeries for the last three years is that for po- litical reasons they have been dodging the necessity of tax additions really to balance the budget, and by balanc- ing the budget is meant taking care of the foreign war debts, as well ay of the deficlency at home. The Her- riot ministry did have the courage to propose a 20 per cent tax increase, but it was this which brought about its downfall, German Situation Better. If in 1923 the American market had been told that two vears later it would have been lending freely to the German government, to German states, municlpalities and industrial enterprises while refusing further loans to France it would have thought the proposition absurd. But this is actually what has been going on during the last few months. Ger- many agreed to the Dawes plan, which led to currency stabilization. It agreed to the terms of the Locarno confer- ence. It has its war obligations to meet, but it has no big military estab- lishment and it has a low cost of liv- which means low wages and a npete in the | ts with countries | oductive costs. On the other hand, France ins upon maintaining an expensive mili- ave high | been sold at Roaring Springs for %60,000. THs is the largest cattle deal a Matador Cauity in four years, tary force while refusing to make satisfactory terms in the settloment of the American war debt. This has naturally led to a sentiment of oppo- sition toward further loans to be taken up by American capital in be- half of France. ‘Why U. 8. Bonds Decline. The best proof that the investment markets are confildent of tax reduc- tion at home has been afforded by the continued fall in tax-exempt or par- tially tax-exempt United States bonds during the week. Some of these is- sues have made new lows for the year. The selling is easily explainable. Tt means, of course, that if the surtax Is lowered to the extent suggested by Secretary Mellon, there will be a wholesale transfer of rich men's money from Liberty bonds to securi- ties of higher yleld. Then, too, the rich men will be able to sell out their stock on which they have made enor- mous profits without having to give up so much to the Government as to m]h‘l;e the operation seem not worth while. Motors Still in Lead. Automoblle stocks have continued In the lead, as in fact they have been since the 1st of September. With the possible exception of the shares of the equipment, steel and other com- panies engaged during the war in the manufacture of munitions, no set of stocks has made o large a gain in 50 short a time. The general run of people evidently had underestimated what the third quarter earnings of these automobile companies were go- ing to show. It Is now seen that these remdrkable earnings results are being and undoubtedly will be still further, translated into higher dividends. But even so, it strikes the conservative observer that the mar- ket for this class of stocks has been doing some extraordinary discounting of good trade news. It 1s not altogether clear that the motor situation is what it was a few weeks ago. In the latest weekly sum- mary by Automotive Industries, the well” known trade journal, reference was made to the fact that “at most factories output is running ahead of sales” and that “this situation | pected to continue for some time. Reserve Discounts Small. One of the remarkable features con- tinues to be that the huge Wall Street speculation is being financed by the banks themselves without recourse to the Federal Reserve. The latest re- serve statement showed a reduction in bills discounted of $18,000,000 for the country as a whole, and of this amount $4,700,000 occurred in the New York district. | This is something which explains the persistence of comparatively low money rates despite the great nctivity on the Stock Exchange, the very high prices and the consequent expansion of credit needs. 20008 e STAR, WASHINGTON, | TRADE REPORTED Heavier Buying Due to Cold Snap Shows Prosperity All Qver Country. BY J. C. ROYLE. The spurt in retail trade in the last week offered the most striking illus- tration of the present healthy condi- tlon of the business structure of this country. The cold snap which was telt in various sections speeded buy- ing in many lines. This was immedi- ately reflected in wholesulo and manu- facturing ecircles, especially in the case of clothing and shoes. The demand for furniture and| Bousehold goods is keeping pace with | clothing. Aute Firms Heavy Buyers. | Tt has been too early textile mills to show the effect of the slump in cotton prices which followed the Government crop report this week, but it s expected the stabilization of cotton prices around present levels will induce the increase of production schedules m both New England and Southern mills. The last week has seen heavy purchase of twills and satins by automobile manufacturers fot tops and seat covering. This in- dicates determination on the part of automobile manufacturers to maintiin present rate of output well up toward January 1, or even to iv euse 1t The automobile manufacturors quirements still are a major factor with the steel industry, but from other sources has increased to such an extent that mills in general are operating at better than 80 per cont of capacity and many are run- ning close to 100 per cent. Steel Outlook Bright. The increase in orders by raflroads for equipment of various kinds this week was especlally encouraging to leaders in the steel industry. The week was almost barren of new de- velopments o far as the coal situa tion is concerned although there ha been a perceptible increase in the demand for anthracite substitutes in Pennsylvania, New York and New England. The oil industry Is still far from satisfactory to men engaged in the petroleum "industry. None the less, recent reports indicate that many of the ofl companies have piled up re- <pectable profits since the first of July and there certainly has been an im provement since the end of the Sum- mer In the general situation. Building Materials Active. The demand for bullding materl has remalned excellent. This is due, not only to the volume of construc- tion under way, but to the stabiliza tion of materfal prices. The tr mendous volume of frelght which s belng moved by the rallroads is commencing to make itself apparent in the earnings reported by a num- ber of the carriers The non-ferrous metal markets all exhibited strength with the excep- tion of copper Sugar prices showed some Im- provement owing to the frosts in the west of the country, which may possibly affect beet sugar output un- favorably, but ‘the canning season was a disappointment to many sugar producers In that it did not raise consumption in this country to the point which they hoped for. Radio manufacturers are speed production to the utmost and pro ducers of electric current will secure 4 larger revenue from owners radlo sets than ever bhefore (Copyright. 1 BUTTER MARKET LOWER. Fear That High Prices May Cur- tail Demand Is Noted. CHICAGO, October 31 (®).—The casy and unsettled feeling which prevafled on the butter markets dur- ing the week was carried over int the week under review. On Monday all Eastern markets were weak and registered price declines on the day as_well as the day following. The Chicago wmarket was slightly steadier and by a concerted effort held the market, although trading was dull and confidence lacking in most quarters, Sentiment, however, ruled largely in favor of lower prices, and declines were not effected until Tuesday aud Wednesd The cause of the weakness and resulting price declines cannot be definitely attributed to any one fea- ture of the market, but the general opinion appears to be that sentiment was largely lacking. Sentiment was in favor of lower prices and a_large number of oper- ators were of the opinion that prices from 10 to 12 cents above last year would result in a diminishing of the consumptive demand. The use of storage butter In larce quantities lessened the demand for fresh butter and accumulations re- sulted in some qu.'Arlers NEW FLORIDA SERVICE Munson Ships to Bun Direct to Miami From Baltimore. Spectal Dispateh to The Star. BALTIMORE, October 31.—The Muu- son Steamship Co. has announced that with the salling of the steamer Red- man November 9, they will open a new direct weekly service between Baltimore and Miami, Fla. The service will be in conjunction with the weekly service to Havana and other Cuban ports. At present there are two steamship companies operating vessels In the Miami trade from Baltimore, the Ansonian Co. and the Baltimore and CarolinaSteamship Co. Officials of the Munson Line think, however, that the heavy freight move- ment to points in Florida will warrant their placing Miami on their list as a port of call. PIG IRON ADVANCED. NEW YORK, October 31 (#).—Pig fron has advanced 50 cents a ton In the Chicago district, sales being re- ported at $22.50 a ton. Market quo- tations range from $22 to $22.50. Scrap steel is steady at $16 to $16.50. Conhnenhl Tnut Complny Capital One Million Dollars FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street as yet for the | 1 demand | { pigs went at §12 to $12.50. of | SATURDAY, O PRLES C0 LOWER [ i S INGOTTON MARKET All Positions Make New Low Ground on Present Move as Week Ends. By tho Associated Press, NEW YORK, October 31.~The cotton market showed renewed weak- ness n today's early trading. The opening was steady in tone In re- sponse to relatively steady cables and covering by recent sellers, while there also was considerable trade buying. First prices were 1 to 7| points lower, however, as a result of over-night selling orders, and the n sold zbout 1% to 23 pojuts net lower before the end of the fst hour under continued hedging, Hqui- | ion and bear pre December i easy, declining o influenced by of sis on oy in January sold off to 14.37, all positions making new low ground for the movement. Private cables said the Mauchester goods warket was disorganized by the decline in prices, with blg busi n pending which would not be ced untl conditions were more settled. Closing in New York. itures clomed gteady st net declinn > 42 poite r 31 (&) —Cotton closed barely steady at net decline of 0 polnts, 1845 ing: Decembar, March, 18.37; Open; a7; 18.3% May, 18.2 1333. CHICAGO LIVE STOCK MARKET CHICAGO, October 31 (Special).— Hogs were Strong to a dime higher | today, furnishing the only point of in- terest in the livestock market. An| active demand put most grades of | swine at the top of the week with | light hogs at $11.60 to $11.75 com- | pared with $11.80 & week ago. Cholce heavy butchers sold at $11 to $11.45 and medium and light weight stock | went at $11.25 to $11.50. Demand for packing hogs in fair shape and some lots sold ubove §10 while plalncr kinds went at $3.35 fo $9.30. Cholce | The fresh | supply was 5,000, Cattle trade was of Ilttle ant | with no choice steers on hand. Com pared with a week ago all kinds of steers were lower, down 25 to 50 cents. The best steers reached $15, wh some Westerns made $11.25. Fat cows and helfers were off 15 to 25 cents, canner: held steady. ined 50 to 75 cents with cholce ones t £13.50 to $13 The sheep market was only nominal l Prime lambs were quoted at $1 and down with feeders at §15.75 to $16 | for best. Yearlings were as much as | 50 cents higher for the week WE FINANCE —all classes of income producing property Large Loans a Specialty Current Int. rate and commission Higbie & Richardson, Inc. 816 15th Nt. N.W. FIRST MORTGAGES FOR SALE Denominations of $250, $500, $750, $1,000 and Upwards 6'2% All Loans Made on Property Located in the District of Columbia JAMES F. SHEA 643 Louisiana Ave. NW. CTOBER 31 FINANCIAL. Lowest Rates of luterest and Commlusion omas J. Fisher & Company, Inc. 38 15th §treet REAL ESTATE I.OANS MOUNT 537 enahiSY HOUSES ROPERTY RESIDENCE, LOANS AT LOW RATES FRED T. NESBIT INVESTMENT BLDG. Main 9392 | Money to Loan Secured by first deed of on real aniulealos Prevailing interest h. L. & Trost Jouph 1. Welier e LW First Mortgage Notes For Sale In Denominations of $100, $250, $500, $1,000 AND UP 6317 Interest Secured on D. (. Real Estate Wm. H. Saunden Co., Inc., SECOND TRUST Funds available for the vnr« chase of all kinde of eecond trust notes. red on or nearby real estate. Prompt wlon 10 every ‘case. Washington Investment and Transactions Co. 715 1ith St. NW. Main 3602 1st TRUST NOTES 627, in devominations of $100 up, secured oD _modern residences. LOUIS P. SHOF: B Fiftieth_Year 1487 New York Ave. Phone M First and second trust real estate notes secured on in- come-producing real estate in Washington, D. C. Construction Loans Made —for long - time amounts up to $700,000. Real Estate Mortgage & Guaranty Corporation 26 Jackson Place N.W. Resources—$2,500,000 L. E. BREUNINGER, President Secured on homes occu- pied by the owner. We and look after property. Amounts, $2,000 and $2,250. remit interest A Limited Namber For Sale Metropolitan Life Insurance Company FIRST MORTGAGE LOANS BUSINESS PROPERTIES HOUSES OFFICE BUILDINGS APARTMENTS CONSTRUCTION LOANS WEAVER BROS. Real 809 15th Street N.W. Absolute tors Investment Protection— Uncharted Seas To many folks the in real venture into unknown seas. chart or compass to gui vestment of their funds is a They are without de them, and are thus fre- quently led into treacherous currents that ultimately carry them upon financial rocks. Write or phone us for a copy of our investment booklet entitled “SAFETY SUPREME.” It will tell how to avoid the dangers of indiscriminate specula- tion by placing your funds where they will be abso- lutely safe, and at the same time yield a liberal rate of interest. Mortgage Investment Department HANNON. LUCH 713, 715 and 717 14th St. N.W. Main JOHN POOLE, Pfesident 2345 The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland Suburbs for 3, 5 or 10 year Periods. 52% ON APPROVED SECURITY Apply BANDALL H. HAGNER & GOMPANY MORTGAGE LeAN GCRRESPONDENT Telephone Main 9700 Houses Business Properties Apartments Office Buildings 1321 Connecticut Avenue A PLAN TO HELP YOU INVEST SAFELY afford to take with yvour money— If you cannot chances It plest and best of investments— you want the oldest, sim If you want to make your own investigation the security vou buy— of Over a Quarter If you want absolute safety of a without the slightest worry— Centur Without « Then invest in our FIRST MORTGAGES Loss F. SAUL CO. 925 15th St. N.W. Caches In the Bitter North ORTH of Baffin's Bay where blizzards howle in the country where snow falls ten months in the year—men must lay down their caches for the long home trail or perish. Here in the Southland, the provident down his caches, too. He has heard about Home Trail. He knows that the tales founded on fact. man lays that Long of it are First Mortgage Notes, offered by Swartzell, Rheem & Hensey Company, are excellent storchouses for vour savings. They yield 6% % 1, Smrtzece/lv 0553?@‘3, g}’knsey(‘o. 727-15 Street.NW Washington.DC 30 Years Without Loss to an Investor. —NOW, the less you need concern yourae]‘ over the futur:'s uncer- tainties. {[Over 45000 individ- uals are building rainy- day funds with the help and protection of this strong, old bank. 7 Another PAYDAY’'S at hand—a good time to be gin YOUR account. De- posits invited in any amount—same rate of in- terest paid on large and small accounts. ovfir 45,000 Depositors Open Until 5:30 P.M. Monday, November 2 OFFICERS: William D. Hoover, President Woodbury Blair, 13t V. Pres. Frank W. Stone, 2d V. Pres Frank Stetson, ‘Trust Officer Chas. C. Lamborn, Trengurer DIRECTORS: William D. Hoover Reginald S. Huldekoper Victor Kauffmann Charles Minshall Edmund D. Rheem Frank Stetson Frank W. Stons William H. Walker Henry K. Willard Woodbury Blair James A. Buchanaa Wm. A. H. Church ‘Walter C. Clephane H. Rozler Dulany, fr. Wm. E. Edmonston Franklin H. Ellis Frederick A. Feuntne i1. Prescott Gatley reua, ruce Baird, Asst. Tr. Officer yvid Bornet. Asst. Tr. ohn W, Calvert, Af . Hiles Pardoe. As Herbert, H._ Smiih. Aloxander J. Fant, An JoRn3r " Boteler,” Asst. Andley A. P. Savage, Auditor Natlonal Savings & Trust Co. Oldest Savings Depository in Washington Yelr Cor. 15th and New York Ave.