Evening Star Newspaper, March 7, 1926, Page 41

INANCIAL ND SUMMARY FOR THE WEEK REACTION IN BONDS CAUSED BY STOCKS Fundamental Conditions Are Declared Unchanged by Week’s Events. BY GEORGE T. HUGHE Special Dispateh to The . NEW YORK, March 6.—The re- actiofi in the bond market this week was entirely in sympathy with ihe collapse in stocks and not from any change in fundamental {investment conditior Some of the selling came from speculators who were obliged to sac- vifice sound investments in order to support their position in more ques- tionable securities. Buyers, on the other hand, lowered their bids antici- pating just what happened and ex- pecting,” reasonably enough, to fill their requirements at a lower price. The losses were falrly uniform throughout the list when the was at its height. but the subs recovery was most pronounced the high-grade nes and in those speculative rails which had been in- fluenced by the adverse Nickel Plate merg Now that the ex- citement has died down, it is reason- ible to expect that normal conditions will be restored in the finvestment iarket and that attention will again be centered on values. Views on Rail Bonds. s the railroad obligations crned, the change in sentl- welcome one. 0 matter have been true of stocks, never any reason for con silway bords other than on their security and earning protection. ino idea that this or that merger ing to raise the investment of low-priced raflway bonds had any but a shadowy founda- \s far are con nent is what may there w sidering Take the Erie obligations, for in- stance, the junior issues of which lost as much as 5 points in Wednes- day's trading. Probably the sellers had a vague notion that if the Nickel Plate merger did not go through, the bonds were less valuable. From an investment standpoint, nothing could he more absurd. The Erle has an snormously large funding debt, but in vecent has displayed sustained earning power and the bonds have appreciated accordingl Nothing that occurred week in any changes that value. If the proposed new company had planned to guarantee the bonds of its <ubsidiaries there might have been some excuse for disappointment at the failure of the plan; but even 8o, it is nev sound investment practice to buy bonds on guarantees. An in- vestment security ought to and on its own feet. 1926 Railroad Outlook. mergers aside, what is_the lway In the first place, car loadings are satisfactory. The re: port for the week ending February 20, the latest available, showed an in: crease over the corresponding weeks in both 1925 and in 1924. It is also wse over the preceding week The anthracite coal strike hard coal carriers ird may soon ex- Larnings state. in the main are during the W, in 1 o is ended, on the pect ne ments_for January tavorable Progre toward checkin, enger reve nue, It is hardly to be expected tha the ralroads will ever get back the short haul passenger travel they have lost, but at least the tion is not becoming any worse. remain the matters of wage demands and of e readjustmen Inves as well as speculators to into account all these things, but as long as they found their commitments on such fundamentals and disregarc the merger phantom they are not likely to go far wrong Meanwhile the outlook for bonds is just as bright as it has bee at any time this ye There wi probably be some increased demand for money for commercial purpose as Spring advances, but there is als apt to be a certain amount of fund released from speculation. No har¢ ening in money rates sufficient ad versely to affect bonds is in sight. s Are Lower. hand, commodity are lower. All the index num- hers agree on this. The average is now the lowest since May, 1925. Some ommodities are even at or below their pre-war price. Ilxamples are copper, leather, sugar and gasoline. I'he available evidence goes to sup- port the theory held by some econ- omists that the long term swing in commodities is downward and if that is correct it must prove a strengthen- ing influence in the bond market. Buying of Government bonds by banks and financial institutions goes on steadily. The tax-exempt 3138 had a slight xetback during the week the Treasury 4s made a new high. ‘There Lave heen a number of inter- esting new issues during the week, among them a German municipal South American provincial of- Two pleces of domestic g also illu @ the progress made by public v s and railroads in filling thelr financial needs at pro- gressively lower ¢ Ca This Compar Commodi On the other pricy 1926 5 Per Cent Coupon. week the Kentucky Utilities sold a mortgage bond with cent coupon. Bonds of the ympany with exactly the same liens were sold in 1921 with a T per cent ccupon, in 1922 with a 6, in 1923 with a with a 6 and in 25 with a 5'% per cent coupon. The Centra { Georgia marketed this week $3,000,000 of refunding and eneral mortgage 5. A vear ago a $5,000,000 fssue secured by the same mortgage carried a 51 per cent coupon. Probably the day is still distant when utilities as a group will be able 1o sell morteage bonds on a 4% per ent basis, although one issue some weeks ago did carry a 4% per cent coupon and it will still be some time before the raflroads are able to borrow money on bonds with 3% and 4 per cent coupons, but at least it is plain that the trend is that way. (Copyrieht 1926.) FOREIGN EXCHANGE. W YORK, March 6 (P).—For- exchanges irregula Quota- tions (in cents): Great Britain, de- mand, 4 cables, 4857 60-day bills on banks, 481%. France, de- mand, 3.6015; cables, 3.61. mand, 4.01; cables, 4.011 Belgium, %) Germany Hol- land, 40.0 1.33; Sweden, : Denmar Switzerland, 19.24; Spain, Poland, 13; slavia, 1.76; Austria 43: Argentina 40.4 Tokio, 45%: Shanghai, treal, 991 eign 14,081 zechos! 14; Brazil, 14.65; 73%; Mon- FEDERAL LAND BANK BONDS. NEW YORK. March 6.— ] o AR T CREEE SIEEE good | ——1925—— High. ~ Low, 10129 99-15 10280 101-1 10119 100-16 1021 101-1 1039 10120 10810 104-13 fHigh: Tow, 97% 108y, 9754 101 8814 1104 108% 14 103 1043 1037 103% 110 110% 51 100 102t 105 105 104% 1017% 106 10214 89, rdip 5% 90715 89% 89% 195 1% 107% 11238 98% 104 92% 924 106 105% 119 107% 101 101 High. 9974 102% 9% 102% 87% 110% 1084% 864 104 104 102% 102% 109% 109% 487 100% 1 2% 103% 105% 105% 99% 108% 1027 86% 87 9415 110 864 8613 109% 782 106 118% 101% 108-2 —1926— =—1926— High. Low. U. 5. BONDS. -5 102-12 101-21 Liberty 15t 4148 1932-47.. 102.7 100-28 100-17 Liberty 2d 4145 1927-42. .. 100-27 :g?-Zl 102-17 101-29 Liberty 4th 414s 1933-38.. 102-17 102.7 « 107-28 107-22 Prev. week's 100-25 Liberty 3d 41,5 1928 106-9 Treasury 41s 1947-52 Low. FOREIGN. 9614 Argentina 6s A-957 100% Argentina 7s 1927. 9614 Australian Govt 5 100% Austria 7s 1943 86 *Belgium 68 1955. 109% Belgium 7% 1945. 107 ‘Beigium 8s1941. 821% Bordeaux 6s 1934 +101% Brazil 8s 1941 102% Canada 58 1952. 101% Canada 5%s 192 1011 Chile 85 1026. 5 1073 Chile 851941, . ... .0 108 Chile851946.......... 45% Chinese Govt Ry 58 1951... 98% Copenhagen 5143 1944. 98% Czechoslovakia 85 1951. 102% 104 104 9714 Dutch East.Indies 6s 1947 Dutch East Indies 65 1962 French Govt 73 s 1941 French Govt 8s 194 2 German 78 1949......... Holland-American s f 63 1 4 Queensland 4 Queensland Rio de Janeiro 85 1946 Sao Paulo, State of, 85 1936... Seine, Dept of, 7s Serbes, Crote 104% Sweden 65 193 103 Swiss 5145 1946 117% United Kingdom 5 10414 United Kingdom 53 INDUSTRIAL AND MISCEL Amer Agri Cher melt & § melt 15 ugar Refir 9 clel tr 481929, 1946 105% 99 Amer 107% An 103 Amer 967 Amer 1007 Amer Tel & Telcl tr 101% Anaconda Copper 65 19 1023 Anaconda Copper cv de 903 Armour & Co 4%s 1939 998, Atlantic Refining deb 5 4 100% Bell Tel (Pa) ret 55 1948. % 112 104% 100% B 98w 08 106 wzb‘ssu“ 99 93% 100'; 92!5 105 101% 101 95'% 129 106% 105 109% 31% 97% 92% 71 84% 834 7 86'% 98% 84 6% 59% 8% 845 69 84 871 8N 100% 106% 34% 90% 98 95 1004 9% 634 204 14 93 Bethlehem Steel p m 55 193 95% Bethlehem Steel s f 65 1943 106% Chile Copper 651932, .. ......c0 811 Cons Coal (Md) 1st ref 58 1950 9714 Cuba Cane Sug cv deb 8s 1930. 107% Detroit Edison ref 94 Dodge 65 1941 102 Empire Fuel & 104, ¢ 109% Goodyear Tire 85 1 121 Goodyear Tire 85 1941 101% Humble Oil & Ref 1027, Indiana Steel 55 19! 93% Inter I 10814 11 1034 Kelly-springficid 8 964% Lackawanua Steel 100 Liggett & Myers 100 Manat: Sugar s 93% Midvale Steel bs e 1007y New England Tel os 19 115 Y Idison 18t 6125 1941. Y Gas E L H& P 5s 1948 Y Tel 4158 1939....... ¥ Tei 63 1941 101% North American 9715 Pacific Gas & Elec bs 1942 987y Pacific 103% Philadelphia Co ref 6 100 Pub ervice 93% Sinclair O11 12 107 104% Union Bag & 1031 United Drug 91% U S Itubber 1st 106% 178 Rubber 7128 19 105 USBteeistss 1963, ....... 95 Utah Power & Light 5s 1944 105': Va-Carolina Chiem s 111 Western Union Tel 6 98% Wilson & Co 1t 6s 14 68 Wilson & Co cv 7145 1931 RAILROAD. 8915 Atchison gen 4s 1935 £ 924 Atlantic Coast Line 1st 4s 19, 89% Balto & Ohlo gold 4s 194 94 Balto & Ohiocv 41651 931 Balto & Ohio ref bs 14 1023, Baito & Ohlo 6 8913 B& O Pitts L tern Div 5 cfs S165A1968 ntral Pacific peake & C apeake & Ohio gen 4158 19 124% Chesapeake & OLio cv 5 4 51% Chicago & Alton 313 1950 102% Chi B & Quincy 1st ret 3s Chi & Eastern 11l gen 5s 1 64's Chi Great Western 4s 19, 48% Chi M & St Paul cv 4 49% Chi M & St Paul ref 4 4815 Chi M & St.Paul cv 5. 1113 Chi & Northwestern § 74% Chicago Railways s 1 . 87 Chi R 1 & Paclficref 45 1934, . 94'y Chi Union Station 4'48 1964, 116% Chi Union Station 613 1 81 Chi& Western Ind con 4 102% C CC & St Liref s A 192 105% Cleveiand Term § s 197 1932... 2014. gl 1936. . 88% Cuba R R 5 14 A 102% Delaware & Hudson 5%%s 193 86% Den & Rio Grande con 45 1936. 64% D& It G West 58 195, 90 Detroit United 4'es 7415 Erie 1st con 45 641y E 69 I 76 974 ¥ 10674 ¢ 114% ( 102% ( 110% ¢ i . unk s f deb 65 1936. and 7'runk 7s 1940 at Northern gen b at Northern gen 7s 1936 High. 101-7 Close. 98% 101% 9% L 101% . 87 110% . 107% 100% [ 90% 923 Hudson & Manhattan ref bs 1957, . 75% Hudson & Manhattan adj 5s 1957 102% Tlinois Central 51 1934. 62 Inter Rapid Tr 86% Inter Rapid Tr 71 Inter & Great 891 Kan C 95% Liks 964 Laks : 93% Louis & Nash unified 4 107 Louis & Nash 1st ref 535 2003 89% Mil Elec Ry & Lt 1st ref os 61. 102% M St P& SS M 6155 1931, 84% Mo Kan & Tex 1st 45 1990 914 Mo KKan & Tex adj 53 1967 96% Mo Xan & Tex prin 5s A 1962. 65 Missouri Pacific gen 45 1975. 864 N O Tex & Mex inc s 1935. 94% New York Cent deb 4s 101% New York Cent ref imy 1064 New York Central deb 6s 1935 604 New Haven deb 4s 1957. 4 N Y N H & Hevdeb 651948 9% N Y West & Boston 4158 1946 90 Norfolk & Western con ds 1996 143 Norfolk & Western cv 6s 61% Northern Pacific 35 1947.... 8614 Northern Pacific 4s 19 i e 108% Northern Pacific ref imp 6s 204 967 Ore Short Line ref 4s 1929, £3% Ore-Wash 1st ref 45 1961. 943, Pennsylvania gen 4%s 1965. 102% Pennsylvania gen bs 1968. .. 111%; Pen! vanla 618 1936 35 Peoria & Kastern inc 4s 1950 101% Perns Marquette 1st 5s 941, Reading 48 97. 74% Rio Grande Western clt 88% RIATK® L 41451934, . 89% StLIM&SR&G 45193 4 77% St L & San Fran pr In 4s A 1950. 93 St L& San Fran pr In 55 1950. 99% St L & San Fran 514x B 194 924 St L & San Fran adj 6s 1956. 85 St L & San Fran inc 6s 1960. . .. 714 Seaboard Air Line ref 4s 1959 . 0%, Seaboard Air Line adj 55 1949. . 9215 Seaboard Air Line con 6s 1945. 967 Southern Paclfic cv 4s 1929 86 Southern Pacific col 45 194 90 Southern Pacific ref 4s 1955. 81% Sauthern Ry gen 4s 1956. . 104 Southern Ry 1st 53 1994. 112 Southern Ry dev 6345 1956 4115 Third Aveadj 58 1960......... 9214 Union Pacific 15t 48 1947, .. .. 99% Union Pacific ov 48 1927. 99% Virginlan Ry 1st 55 1962. 101% Wabash 1st 55 1989..... 991 Wabash 518 75. 66% Western Maryland 4s 1952 957 Western Pacific 55 1946, 8315 West Shore 1st 4s 2361, s Low. 9919 Liberty 814s 1932-47..... 101-5 100-22 102 Last. Yield. 100-31 3 83 10207 100-26 3 84 101-6 376 102411 S 89 107-26 873 High. Low. 997% 101% 9% 102 874 110% i 85 103% 108 102% 1017 108% 98 100% 97% 101% 86% 109% 107% 84% 1013 102% 101% 101% 1073 108% 46% 98Y% 101 102% 104% 104% 9BY% 101% 102 8114 85% 9344 106% By 844 106% 77 « 105% 111% 99% 103% B1% 92 1047% 103% 118% 104% 104% Tast. 981 101% 97% 102 86% 109% 108 84% 102% 103 102% 101% 107% 108% 46% 9844 1015 103% 104% 104% EARLY ACTION IS BY CHAS. P. SHAEFFER. ‘The testimony at the hearing of the McFadden bill last month will be in print early next week and it is proba- ble the subcommittee of the Senate banking and currency committee, which has the McFadden bill under consideration, will go into executive session at an early date and frame a report to the full committee. At these hearings no opposition to the permissive features of the bill, which amend the national banking act 50 as to give increased powers to na- tional banks, was brought out and it Is evident that every ene who knows the plight of the national banks 1s willing to give them a fair chance to compete with State chartered banks. Branch Banking Big Issue. Nearly all of the testimony at the hearings was devoted to the subject of branch banking. Sectjon 8 of the McFadden bill is intended to permit national banks located in those States that authorize branch banking by State banks at the time of the passage of the bill to establish branches with- in the limits of the cities in which they were located. There appeared to be some opposition to restricting the establishment of city branches by na- tional banks to those States in which branch banking {s now permitted and there appeared to be a feeling that the bill should he so amended as to permit national banks in non-branch bank States to take andvantage of any law that may be passed hereafter au- thorizing branch nking to be car- ried on. This provision of the bill that re. stricts city branches of national banks to about one-third of the States and forbids the banks in the other two-thirds of the States to engage in such practice in the future is em- bodied in what is known as the Hull amendment, which was brought for- ward at the instance of a large num- ber of small banks, both national and State, that fear the effect of unlim- ited branch banking. These bankers seem to think that if national banks in States which do not permit State- wide branch bafking at the present realize that thera is no hope of ac- quiring the privilege hereafter they will not be any too keen about using their influence with State legislators to have the doors to branch banking, even in citles, opened. How Amenément Is Viewed. As some of the members of the com- mittee pointed out, the Hull amend- ment is illogical, because it will grant a privilege to national banks in one- third of the States and forever close the door to that privilege against na- tional banks in the other two-thirds of the States. There is a feeling that all national banks should have the same privilege, provided the laws of the State in which they are located permit branch banking to be carried on. Therefore it seems probable that the bill will be changed so as to per- mit national banks located in non- branch banking States to take advan- tage of any laws enacted hereafter by those States and establish branches within the corporate limits of the cities in which they are located. A great deal of interest was mani fested in section 9, which defines a national policy with respect to State- wide branch banking by State banks that are members of the Federal Re- serve System. The proponents of this provision argue that as the Federal Reserve System 18 the creature of Con- gress, Congress can set up any regu- lations it may see fit for the conduct of business by State banks that are voluntary members of the system. It must be remembered that State banks cannot be compelled to join the Fed- eral Reserve System, but they have been invited to become members under such regulations as the Federal Re- serve Board may see fit to male. Aims of Section Nine. Now the purpose of section 9 is to go beyond a mere regulation by the Federal Reserve Board and establish a statutory provision that will pre- vent the further extension of State- wide branch banking by State banks that are now or may become hereafter members of tho Federal Reserve Sys- tem, on the theory that any bank which comes Into the system puts itself voluntarily under the con trol of the Federal Government to a certain extent. 1t is contended by some that such a law is morally wrong, because the ef- fect of it will be to restrain State leg- {slators in the enactment of branch banking laws, but the proponents of that section contend that it does not interfere in the slightest degree with State legislators or restrict the ac- tivities of State banks, except when they desire to become members of the Federal Reserve System. They con tend further that unless Congress does take some positive action to re- strain State-wide branch banking with- in the Federal Reserve System that practice will, in the courfe of time, extend throughout the United States, and, eventually, instead of having a system of independent unit banks, we will have a system of State-wide and perhaps country-wide branch banks. Views of Far West. The testimony of the California unit bankers shows very clearly that the tendency of ate-wide branch banking is monopolistic and that the purpose of the big branch bankers who have developed their bank sys- tems in that State is to control the money and credit of the communities in which they operate. They point out that if these big branch banksare permitted to remain members of the Federal Reserve System and at the same time extend their branches with- out any limit, it will be a recognition by the Federal Government of the principle of monopoly in banking. which is contrary to the spirit of our law: Congress has always opposed the creation of monopolles of any kind. A monopoly of money and credit is far more dangerous than any other kind of a monopoly, and it is incon- ceivable that Congress will permit State banks that enjoy the benefits of ihe Federal Reserve System to drive the independent unit bankers out of existence and set up a monopoly of money and credit in lleu of the demo- cratic principles of local self-govern- ment in banking. A great deal of interest was dis- played in the statement made by H. Parker Willis, editor of the Journal of Commerce of New York City and a well known political economist. Prof. Willis opened his testimony with the statement that he had been employed by the California State-wide branch bankers to gather statistics relating to bank failuresand their re- lation to the proposed liberalization of the national bank act. He put in the record a great volume of stotis- ties, many of which have no bearing on the McFadden bill He attempted to show that the national banking system is not s\kfiermz the degree of disintegration which students of the Subject allege is taking place, and to support his contention he cited the number of national banks that have withdrawn from the system in recent years, but he did not give the amount of assets which national banks have the State system, which is a very important point, because those who are famillar with the subject allege that the degree of disintegration is measured not by the number of small banks that convert into State banks, State | taken out of the national system into | INDICATED ON McFADDEN BANKING BILL Testimony, Soon to Be Printed, Will Probably Go to Subcommittee in Executive Session for Report to Full Committee. but by the number of large Banks that take millions of dollars of assets from one system into the other. Takes Up Branch Failures. He attempted to prove that the large number of bank failures in re- cent years were due to the lax pro- visions of the national banking law with respect to the limit of loans by a national bank to one individual, firm or corporation, but his testimony on that subject has no bearing on the proposed legislation, because of the total number of bank failures during the past flve years only a relatively #mall number were national banks, and the largest number were State banks, which are not controlled in their lending policy by Federal law. He did not include in his statement of bank failures the amount that has been charged off to profit and loss dur- ing the past five years by all the banks. If that information had heen in- cluded it woul® have shown conclu- sively that bank failures in recent years were due to economic condi- tions resulting from the readjust- ments that have been going on since the end of the war. When the state- ments and the statistics of Dr. Willis are carefully studied it will be found that they have very little bearing on the proposed legislation embodied in the McFadden bill. e admitted that of defeating the Dbiil, Longer Loan Period Likely. | The provisions of the bill giving na- tional banks the right to lend part of their savings deposits on the se- curity of real estate came under the scrutiny of the committee, but there were no good reasons brought forward to indicate that this practice of lend- ing savings deposits on real estate se- curity, as banks are permitted to do now, can not be reaffirmed with per- fect safety with the further permis- sion that loans may be made for a period of five vears instead of one year as provided by existing law. For many years national banks act- ing under that provision of the na- tional bank act which permits them to lend money on notes, bills of ex- change and other evidences of indebt- edness have been buying and selling what are known as investment se- curities. The proposed provision of the M Fadden bill with respect to that prac tice is really a limitation of existing practice, because it gives the con- troller authority to determine by regu lation what are investment securities and thus prevent banks from tying their money up in unmarketable, long- | time, speculative bonds and deben- tures, especially real estate notes that are put out under the guise of bonds and debentures. It is a further limita tion on existing practice becanse it restricts the amount of t.ie obligations | of one debtor that a national bank | may buy to 25 per cent of the capi-| tal and surplus, so that the proposed | amendments on this subject al great improvement over the existing| practice and will tend to make that | feature of banking business safer | than it has been in the past. | Fullest Hearing Given. The subcommittee of the Senate banking and currency committee which conducted the hearings on the McFadden bill was ve atient, showing a desire to give every one who had anything to say all the time | he needed, and there is no doubt that enators will know considerable more about the McFadden bill and its ef-| fect on the mnational bankir v tem and indirectly on the Federal | ve System as a result of these | ngs than they knew last vear. is believed by those who are familiar with the subject that when the bill comes to a vote in the Sen- ate it will be passed by that hody with very little change, an dthat | eventually legislation satisfactory to every one, except a few State-wide | branch bankers who want to make the Federal Reserve System the background for their system of bank- | ing, will be put on the statute books. BALTIMORE LIVE STOCK. ‘l BALTIMORE, March 6 (Spec The live cattle market continues quiet {under only limited demand due to the | Lenten season, and while { generally have been light tbeen fully equal for all trade Demand centered on fir: stock and not much call for ¢ to ordinary cattle. Quotations today at Light Street wharf: i Beef cattle—First quality, pound, 9 to 10; common to medium, pound 5 to & bulls, as_to quality, 4 cows, choice to fancy | mon to fair, | quality, 4 to fanc they have ant hoice to common Calves— ordinary 13: rough 10; small Veal, cho pound, to medium, pound, and common, pound, cuils, pound, 8 to 10, Choice, pound, T 5 to 6; common, to Lambs—Choice, 14 to 13; fair to good, common thin, § to 10. Straight, 12 to 13; sows, to 10; stags and boars, 3 to 4 pigs, 15 to 20; shoats, 10 to 15. NEW YORK DAIRY PRICES. NEW YORK, March 6 (P).—But- ter, closing steady: receipts, 11,463 tubs. Creamery. higher than extr 43a43%5; do.. extras (92-sc ; firsts (88 to 91 score), 40%ad easy; receipts, 25,715 cases. Iresh. gathered first . Cheese, steady receipts, 34,440 pounds. e 3 11 to $ to 8 CHICAGO STOCK M;;lKET CHICAGO. March 6 (#).- preferred, 921;: Balaban & Katz Middle West Utilities, 116%; Real Silk, 53%; Swift & Co., 117; Swift Interna- | tional, 201 A rmour 318t day of Deceniber, auired under the District of C ded June 30, 1902, and Japifal stock . Caital stock, pai Cash in bank . Real Estato . Real estate lien) Stocks value) . Bills receivabin .. Premiums “uncollecie hands of agents . | Interest due and All other assets (rents Real estate contracts rec and Total assets . .. H LIABILITIES. { Net unpaid claima .. | Reserve as_required by Borrowed money . . Salaries, rent ote. Cash “divider avital stock . 7 remiums paid {n ‘advance: Agents “bond _deposits, profit sharing scrip, ' § Total liabilities Character of business transacted during the ':J_\‘ri"!lli.;: Ordinary life, jadustrial life and Losses’ gustained during vear 1925 $328.830.65 Monev_received during the year 925 ... S 1108.168.17 Expended turing the year 1935 ~'099:204.58 Subserite and” sxogt io betor '“'K"?n' o 108 Gar 0f Mareh To88. . chpkiadenst (Seal) BLACK. Notary” Paolic. . s6165.70 1 21008345 . 100:000.00 1+ 10:400.00 Capital Cash 'in they were gathered for the purpose ! receipts | old | 4.1 live | i STATEMENT OF THE CONDITION ! e 1 UNITED STATES VD AND GUAR. INSUR- ANCE COMPANY OF BALTIMOKE. MD, On the 31st day of December, 1025, as ro- auired under the District of Columbia code. June 50, 1902, "and’ August 18! 1911, Capital stock, paid up, in cash $5.000,000.00 ASSET! Cash n office ... Cash in bank (on’ inte not on interest) Real estate (book Stocks and bont T AR A Accounts: receivabl hands of agents Interest due and ac crued) oy Gross aseots . .. Assets not admitic Total assets ... Reserve as required Reinsurance _premium Salaries. rents, taxes, ete, s o T e Cowmissions, hrokerage ' elc.. Canital stock All other liabilitie Total 40.000.00 260.080.68 liabilities ez " 34.106.570.47 W, GEO. HYNSON. Vice President. €. J. Fitzpatrick, Assistant Secretary. g u»;{ (2nd_kworn o beforo me this L day of Februars. 1628, © o S Nofary Public. Statement of the Condition of the LIFE AND CASUALTY INSURANCE COMPANY of Nashville, Tenn. On the '!Invl day "n,l;w L Uhended" Yine and AuR Eitm $800.000.00 800.000.00 stock. .. ... . Capital stock, pald iy Gash in office an Real estate Real estate’ ‘morigages Tien) i ks alue Llls receivable : iums uncoilecicd hands of agents o5 Intereat due ind accriied othe Agents’ 1354 policy 1o emiun notes, $1 S5ohn Reinsurance, accryed, $946 eral loans, $697.00 (first il and " in nts collat- Total assets ,e Less usscts not admitted Admitted assets LIABILITI Net unpaid claims. ... Reserve as required by’ iaw. Employes’ savings fund. 79.017.40 800.000.00 350.000.00 Surp! Caltal stoci: Al other Tinbiliies. Contingent r 107.144.16 ount of risk assy ing the vear 10 h 65.604.965.00 Losses £,140,830.85 tie " Year “A; M BURTON, Necratary I sworn to before me this ruary. 1926, YR EDWIN MOss otary Public. WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Anz‘ Other National Bank Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and'G Streets Resources $17,000,000 GOLDEN DONALDSON, PRESIDENT ||| 1st Trust Loans On Improved Property Reasonable Rates—Quick Action N. L. SANSBURY CO., Inc. 1418 Eye St. N.W. Main 5004 First Trust Money ON HAND —Auvailable for Both Building Loans and Completed Properties Reasonable Interest and Commission JAMES F. SHEA 643 Louisiana Ave. N.W. ey AN A Washington Financial operating wants to get in t: men to sell an but not absolutely essential parties selected. Address Box 1 Money to Loan on Real Estate GEQ. W. LINKINS De Sales St. Money to Loan Secured by first deed of trust on real estate. Prevailling interest d_commission, W Trust Joseph 1. Weller 5§, 1} 4" § V! ) Blde.. Money to Loan At 55,9, and 69, Before Placing or Renew- ing Your 1st or 2nd Trust FLoan Specialist Reasonable charges—quick replies. 15th & New York Ave. Main 4346 TAX REDUCTION ON EFFECTIVE NOW 1605 14th St. N.W. Pot. 1633 3 15th St NO LOSR TO ANY INVESTORIN 83 YEARS e e Y FIRST MORTGAGES Money at 51% Very Desirable Conditions Granted Tyler & Rutherford Loan Correspondent .Mutual Benefit Life Ins. Co.. Newark, N. J. 1018 Vermont Ave. Phone Main 475 N MANAGER FOR LOAN DEPARTMENT Man with executive ability capable of producing results and properly handling the constantly incre ing busi- ness of our Loan Depart- ment. We offer a decided opportunity with' suitable compensation. All _inquiries will be re- garded strictly confidential. CAFRITZ 14thand K. M. 9080 WE FINANCE ~—all classes of income-producing property | Large Loans a Specialty Current int. rate and commidsion Higbie & Richardson, Inc. A 1 am prepared to make FIRST TRUST LOANS on downtown amount on extre WM. 1 Lowest Rates—Best conditons . OFFERED TO BORROWERS. TYLER & RUTHERFORD, " LOAN CORRESPONDENTS, Mutual Benefit Life Ins. Co., Newark, N.J First Deed cf Trust Notes On Hand aring 615 % and Interest In amounts of $250.00 up see WELCH e 15th & New York Ave. Main 4316 Established 1899 No Loss to an Inve s OPPORTUNITY Institution now actively ouch with a few high-class sue of preferred and common stock. Experience in selling investment securities desirable, 1. This will be a very profitable connection for the -Z, Star Office 0 == The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery Count Maryland FOR 2, 56 OR 10 YEAR PERIODS. Touses Business Properties 5Y%% Apartment Office Buildings ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MORTGAGE Loan 1321 Connecticut Avenue National and active contact with ev as well as 33 other pr We have established the sale of On Improved Wasl Annual Investment Reputation and Confidence Our investment business brings us i First Mortg 61/2% GOoRRESPONDENT Telephone Main 9700 International ery state in the u ovinces and countries mternatior gage Note lington Real 1 Return Department ments Qwer a Quarter For Ciil have Century them servati IWithout a Loss ssura Main 2100 century SELECT INVESTMENT Select your investment care- fully. High among select invest- stand our 6%2% FIRST MORTGAGES more than a quarter of a these safe securities helped investors attain financial independence. Through desirable real estate con- ively appraised, Sdic- uards your surplus funds, with nce of interest regularity. B. F. SAUL CO. 925 15th St. N.W.