Evening Star Newspaper, May 30, 1926, Page 19

. THE SUNDAY STAR, WASHINGTON, D. C, 'MAY 30, 1926—PART 1. FINANCIAL. Ithey have been prepared at all times T to give credit recognition wheré du { checks, dishonored for cause; stood | greater when they failed. We col-l,mmm. against forgeries and in FINANCIAL. The New York Life Insurance Co. . 8. BONDS. High. Low. Last. Yield. Offers to Make 00-26 100 21 100-22 8 86 BY 1. A. FLEMING. . 1 10280 101-1 102-26 101-21 Liberty 1st 4148 1932-47,. 102.22 102-10 102-19 876 10119 100-16 100-81 100-17 Liberty 2d 41 s 1927-42 109-27 100-22 100-22 8 69 . 1021 101-1 101-14 100-25 Liberty 3d 43(s 192! . 101.7 101-2 101-6 869 1089 101-20 108-7 101-29 Liberty 4th 43, s 1933-3 ! 10810 104-13 108-20 106-9 Treasury 41s 1947-62. g o | | Activity v Week Centers in Specitaiive ‘ssues—Mar- - ket Deadlocked. &Y CRORGE T. HUGHES. Spectal Dispatsy to The Star. HEW YORK, May 29.—The bond market marked Wme this week as far as the sirictly Inwestment issues are concerned. There was the usual amount of activity, but it centered i speculative and sem!-speculative sbligations. ¥ne relative quiet that prevailed in the other part of the list is explain- able by the high level of existing tunity for further appreciation in the | market prico of high-grade secu- ritles and the yield is no longer at- 110 110% 106 401 100 944 {02% 101% 106 1103% 101% 1061 quotations. Buyers seg little oppor- | 105, 584 9 844 81 5% 90 tractive. United States Government |gozit gg bonds sell to return 3.75 per cent or less. The first mortgage railroad issues will average a little better|yo9y 1028, 1han 4.50 per cent. The best of the | 81% 701 public utilities return considerably | 107y 101% less than 5 per cent, except those!]112y 109 higher coupon obligations which are 98% 981 quoted at or above the callable | 1041 100 price. A | There is nothing in this situation a trading interest. | 106 92% 82y 92% 84% 108 There is always more or less buying | 105% 100% 1156% financial institutions, but even these | 107% 104 on the part of savings banks and | 119 | purchasers are shopping around and putting in their orders cautiously. | 1045 End of Deadlock Vague. 94% 9514 107% 108% When the existing deadlock will | 103% 99 be broken is uncertain. Something 971% 06% will depend upon the terms of and 102% 100 the reception accorded to the Treas- [ 101% 99y ury’s June 15 financing. That the 105% 100 main advance in the investment market has been checked very few authorities believe. There would have to be a radical change in the money situation to hring about any such result. Mean- 9 permanently | 100% 97% 103 100% 20 85 984 111% 105 while, there has been a turning to 1:;\6 8% 945 higher yielding bonds, even those 108% 106% with a certain speculative quality, 100 and the list has been thoroughly 106 combed in the search for issues sell- 5 B 106% 100 ing “out of line. 111 4% 7% 107% Probably as striking o feature of the week's trading as anything else }:;;: 1;‘;% las been the renewed interest in the | 1500 10y iractions. The fortunes of these companlés are dependent, of course, least significant of an improved sentiment toward these transporta- tion securities that they should have been so prominent in recent trading. The difficulties which the traction companies have faced in the past oo decade have been in the maln of \y1gs two kinds, one political and the|jogq other the competition of bus and the private motor car. 1 108% The political obstacles can be 103 overcome. If surface car transpor- tation is essential it must be al-| lowed to earn enough to attract cap- | ital. If this is denied, operations will come to a_standstill and slowly this axiom is beginning to be admitted even by politiclans. The other haz- ard to which the tractions have been | ~ubjected, that of motor car compe- | ttion, is being minimized in part by the substitution of busses fer trolley cars by the traction companies themselves, and in part by the use of busses to supplement the surface cars. So far the results as trans- lated into earnings statements have uot been particularly impressive, but the market for the traction bonds as a whole is distinctly better than at any time this vear. Oils Attract Attention. In much the same way the funded obligations of the oil companies have been attracting favorable attention. Here, too, there have been improve- ment in the conditions within the industry, an improvement adequate to explain the better prices which so many of these securities have recorded. There are all grades of oil bonds, from the most conservative down to the extreme speculations, but it is not the higher grade which have been the objects of the buying 50 much as those which because of | their position are ordinarily more re- sponsive to changes in the financial | condition of the corporations repre- | sented. It is characteristic of the present market to give the preference 10 a security which does have this | possibllity of price appreciation. Curlously enough, the lower priced | 91% 825 T ocal ‘conditions. But it is af | 2o% ST% 101% 99 112 100t 954a 106 96% 93% 1926—- Low. FOREIGN 100 9614 Argentina 6s A 182% 1004 Argentina 93’ 99 9634 Australian Govt % 110% 106 Belgium 7%s 108% 105% Belgium 9 100 Jergens Utd Margarins 87% 81% Lyon 6s1934.. 874 81l Marsellle 6s 1934 109% 106% Netherlands 6s 1 78% 78% Paris-Lyon Med 106 104% Queensland 6s 1947 118% 1104 Queensland 7s 1941 102 97% Rio ceee 106 102% Sao Paulo, State of, 85 1936. .. 90% 85 Seine, Deptof,7s..... 93% 87 Serbes, Crotes, Slovenes 106 104% Sweden 6s 1938 104% 102% Bwiss 5% s 1946 119 117% United Kingdom 5 1063% 103% United Kingdom 53%s 1927.. INDUSTRIAL AND MISCELLANEOUS. 105 108'% Amer Agri Chenncal 7%s1941.... 104 103% 100% Amer Tel & Tel cl tr bs 1946.... 104% 101% Anaconda Copper 6s 1963. 107% 102% Anaconda Copper cv deb 7s 193! 927 90% Armour & Co 43s 1939 102% 99% Atlantic Refining deb bs 1937 103% 100% Bell Tel (Pa) ref 55 1948 98ia 92% Bethlehem Steel p m 5s 193 99% 95% Bethlehem Steel s £ 651943... 109% 106% Chile Copper 65 1982. . .. 86 78% Cons Coal (Md) 1st ref 58 1950 9214 Cuba Cane Bug cv deb 8s ;no. 1940. 120 Goodyear T 103 101% Humble Oi1 & Ref 5% 104% 102% Indiana Steel 5s 1952 994 84% Inter Mer Marine és 100 1360 103% 99% Liggett & Myers 5s 1951. 103 . 97% Manati Sugar s f 7348 194! 98 983% Midvale Steel G5 1936. . . 1033 10076 New England Tel bs 1952 118 115 N Y Edison 1st 6345 1941 105% 104 NYGasELHE& P bs 1948 99% 97% N Y Tel 43451939 109% 107% N Y Tel 65 1941.. riiiee 108% 106 1013 North American Edison §s 1952... 104% 100% 100% 97%% Pacific Gas & Elec 55 1942, 1024% 987 Pacific Tel & Tel b5 1953... 106% 103% Philadelphia Co ref és 1944 1041 100 Public Service 68 1944. 28 93% Sinclair Ol 7s 1937 143% 131 Skelly 615 1927... 109% 107 South Porto Rico Sugar 73 1941. 106!s 108% United Drug 6s 1944. 95 91% U 8 Rubber 1st & ref 108% 106% U S Rubber 7%s 1930 107% 105 U S Steel s £ b5 1963. 29 95 Utah Power & Light 55 1944. 108 105 Va-Carolina Chem s f 7s 1947 118% 111 Western Union Tel 63%411936.... 101 96% Wilson & Co 1st 68 1941..... RAILROAD. 93 8915 Atchison gen 45 1935...... . 95 923 Atlantic Coast Line 1st 48 1952 92% 89% Balto & Ohio gold 45 1943 97% 94 Balto&Ohiocv 4%s 1933 98% 931 Balto & Ohlo ref 55 1995. 103% 102% Balto & Ohlo 6s 1929. .. .. 92!4 89% BE&OPIttsLE& W Va 451941 102 98 B & O Southwestern Div 6 cfs 50 97% 924 Brooklyn Manhat s £ 65 A 196! 118% 117 Canadlan Northern 634s 1946 864 80% Canadian Pacific deb 4s 91% 89% Central Pacific 4s 1949. 99% 97% Chesapeake & Ohio cv 43485 1930. 9C% 92 Chesapeake & Ohio gen 4%s 1992 150% 124 Chesapeake & Ohio cv 68 1946, 60% 61% Chicago & Alton 3%s 1950. 106 102% Chi B & Quincy 1st k() 78% Chi & Eastern I11 g 69% 64% Chi Great Western $3% 48% Chi M & 8t Paul cv 4% 5 90% Ch! 58% 47% ChiM & St.Paul cv 55 2014. 114% 111% Chi & Northwestern 6%s 19! 85% Chicago Railways bs 1927 9Tls 118% 115% Chi Union Station 6%s 1963 87% 81 Chi& Western Ind con 4s 19 5 108+12 108-4 108-5 “Since our last meeting the mortal- “K of the banking bu-‘i’neu of the whole country has continued very .|high. In the country 612 banks were % ( Closed. In the district 67 banks were closed, 11 member banks and 66 non- l | member banks, and in 1924 I think, the same relation prevalled. Of the banks that closed there were in North Carolina, four member and 16 non- member banks; South Carolina, six member and 37 non-member; We: Virginia, one member and two non- Der bank.’ N0 Taliares ta the Diserict . No fallures in the of Columbla.” The above is an extract from the report of Gov. Seay of the Federal Reserve Bank of the fifth regional district, Richmand, Va., presented at a recent meeting of the stockholders of the bank, held at the home office. The statement suggested an inquiry as to when there had been a bank failure in the District of Columbia, that is in the City of Washington. Some of the old-timers in the game professed ignorance of any fallure wherein any depositor had lost a dol- 4 |lar, but finally admitted that there was a small one back in 1902, where the assets did not pay in full. They also admitted that there are some that are in process of liquidation that mn{ yet cost their stockholders some cas| It means something to have a rec- ord of 24 years of absolute safety to deposits and should be a source of great satisfaction to the depositors of the city no less than to the bankers themselves who have thus established an enviable’ reputation—and Wash- ington is still known as a Southern city. Not Easily Established. It is apparent that there must have been more than. the average of hon- esty and abllity in the personnel of the men responsible for this record, otherwise the story would have been different. Credit the District of Columbia Bankers' Association and the Wash- ington Clearing House Assoclation operating with excellent aid when needed from the officd of the con- troller of the currency for this great success, coupled with personnel of banking officialdom and the indi- vidual members of the organizations named. . Sore spots received touches of the cauterizing iron before they become raw and in this way were eliminated. Other betterments in banking methods helped, not the least of which was the better credit condi- tions generally and the fact that lines have not been overextended; conservative banking methods have generally prevailed. The record of fallures in other States in the fifth district covers Just one year and is not a pleasant matter to contemplate. Gov. Seay sald: “There are now eight member banks on our field list and these banks owe us $282,000. In addition to the paper discounted by us for these bank: vhich have been for a long time in an extended posi- tion, or were before they falled, we have other paper as collateral. The First National of Allentown owes us $74,000 on past due paper and we have for that debt paper aggregat- | ting $164,000—Dbecause the debt was lected $566,000 of the debt and still | other ways have rendered great serv- have $154,000 paper. Yet we expect to sustain quite a loss from this failure. “A State bank in Georgetown, F. C., owes us $39,000 and we have $72,- 000 paper against it. In addition to the paper the fifth district bank must also be protect- ed by the indorsement of a member bank, else the non-member would not have been able to rediscount its paper. Didn't Count on Frozen Assets. It will be recalled that when Sen- ators Owen and Shafforth were making the first exposition of the Federal Reserve act that the latter made this statement: “With this act in forco there wiil be no cccasion for a bank that has the assets fail- ing—they can go on rediscounting with their reserve bank just as long as _they have a dollar of assets.” These proponents and able advocates of the measure in Congress did not know anything of such a thing as ‘“‘frozen asset at that time. The term developed in the deflation period and was applied again to the banks in the Northern wheat belt. Senator Glass who spoke at the shareholders’ meeting, called atten- tion to the fact that a large percent- age of Western banks that had falled were forced to close through ‘“frozen assets and no dishonesty.” Gov. Seay offered the same reason for the fail- ure of the banks in the fifth district. Other Facts Developed. ‘There were many other facts of in. terest developed: at this shareholders’ meeting. For the benefit of the lay reader, it is stated that the national banks in the fifth district are the sole shareholders in the bank. Gov. Seay called attention to 77 banks which were continuously bor- rowing from the reserve institution. “It s certainly not in the interest of the member bank; it will inevitably lead itself into an involved situation. As a mater of fact continous bor- rowing should not be permitted. We have sustained no loss on paper yet, but now expect to. The matter of re- serves has been given close atten- tion and the member banks are now more careful in this respect. Member banks should not borrow in excess of capital and surplus.” Credit Conditions. Gov. Seay also called attention to the fact the bank a year ago was ‘‘not making a living. I think that we lack- ed about $80,000 of making running expenses and accrued dividends. That was because banks had liquidated freely at the end of the season. “At the beginning of last year the banks were indebted to us for $30,000,- 000; this year it was $50,000,000 and they did not pay off their indebted- ness at the same rate they did the season before. Our earnings are now $200,000 more than they were last sea- son and expenses $24,000 less.” Campaign of Education. Local bankers are about to start a campaign of education with a view of bringing to the attention of depositors the justice of the claims of bankers to a just consideration for services rendered. Bankers have kept the slate clean of loss to depositors from faflures, Financial Highlights of Past Week Brought Out in Nutshell by Statistics NEW YORK, May 29— Stocks (average of B0 issues)......... Bonds (average of 40 {ssue Foreign bonds (average of 10 issues).. : Federal Reserve ratio.. Money rates in New York: Call .. Time . Month of April, 1926, 8, 97 Unfilled steel orders......... Pig iron production Blll'ldll!‘ permits: Liabilities All commodities ........ rain and graln product: Coal and coke. . Forest products Miscellaneous products. 484 $440,376,637 1,957 $38,487,321 Revenue car ) 88 Weel o 11978 > k. 103.615 103.44 This Week. Last Week. Year Ago. 0 75.4 7.0 to4y 4 tody Month of Month of Mar., 1926. April, 1925, 4,379,935 4,446,668 111,032 108,632 440 484 $427,947,6841 $479,833,247 1,084 1,930 $30,622,647 $37,188,622 k of May 16,'26. Previous week, Year ago. 1,080,182 996,627 : su.;?s 39,736 36,369 35,581 179,481 5 2 Tote 166,408 386,307 54499 26,457 X 26,419 ice to the people of Washington— been public-spirited and always ready u': dig in for the advancement of the city. 3 Banks made a very small percentage of profit on the depositors’ dollars. At bet there is only part of deposits that are loanable—the account must be protected by ample cash that re- turn may be made promptly on de- mand and that legally required re- serves may be maintained, on which Interest is not allowed. On a large percentage of the depositors’ cash in- terest must bo paid aggregating mil- lions annually. What Bankers Want. Of those depositors who maintain a good bank balance and avold over- drafts and other evils referred to the bankers ask nothing further. To the large and increasing class of depositors who are bullding up & bank- ing reputation they urge the necessity of ewing to the line, of avoiding slips and ask that they be careful of their balances; that they maintain fair bal- ances if possible, or talk to one of the officers on a method to square the deficiency. To that large clientele that is con- stantly committing the banking sins referred to previourly, they wish espe- clally to have the faults eradicated— they must have conmsideration for what they give. It does not seem fair that this class should have full banking service, aside from credit consideration. 1f their balances will not pay for || services rendered, they should pay for the privileges rendered and do it cheerfully. The check-kiters and the customers constantly gullty of uttering worthless checks will oblige the bankers by immediate reform or the closing of accounts. The banker does not need to call up the periodical ‘“no funds” man to tell him that a check had been re- turned or whether he should protect such and such a check. Depositors are always given a chance to correct occasional slips of their own book- keeping. Indeed many do not keep books but trust the bank's records. A bank serves the City of Washing- ton well; its interests are cared for; its depositors are first: perforce must be. A young lady stood before the ‘Books and Balances” window of a large national bank. This line of talk was _overheard: ““You gave me our balance; will you please see it our check for $62.25 has been paid?” “Yes, that' has been paid,” said the clerk. “How about one for $17.90? Thanks. Now one for $42.30?” And as the information was furnished she checked off the pald checks and in that way was posted on the checks that had to be provided for, for the morrow's clearings. Is that account worth while? Titles to Virginia Real Estate Guaran! on Title Company 8! Wilson Boulevard, Clarendon, Va. Telephone Clarendon 1213 SECOND TRUSTS Individuals having funds to invest in this | 3 class of security will do well 10 look over my Rety ro ample with mintmum of risk. liections and all other detail Tooked Sher by o, whicn fo Ponded, WM. H. KYLE LOAN! SURANCE, We . 1410 G ST. M. 6627 | WE FINANCE ——al elasses of income-producing property | Loans a Specialty Curreat int. rate and commission 816 15th 8t. N. first deea Of trust on reat estal i ntaress and. comumiumigmy eliergh, "5 s § - First Mortgage Loans On Improved Real Estate in the Dis- trict of Columbia and Nearby Subtirp« m Montgomery Countv. Maryland FOR 3, 5 OR 10 YEAR PERIODS 5]/2 % O "Butdings ON APPROVED SECURITY Apply Houses Business Properties RANDALL H. HAGNER & GOMPANY, MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9760 Main 2100 | A Third of a Century's Rental Property Specialists —is what we have been o, a third of a century. Our service is complete. First, we carefully an- alyze your property and .tenants. Then we apply the management meth- ods and policies which have proved most effec- tive for tenant-satisfac- tion and owner-profit. Phone us. B.F. SAUL CO. 925 15th St. N.W. Years of Hard Work What will you have to show for them at the end of that time? By Regularly Saving a Little Each Pay Day and applying that on the Purchase of a First Mortgage Note Secured by Washington Real Estate Annual Return 6Y2% You will have taken the first big step toward Financial Independence N R e D L Investment Dept. NNON. & LUCH 713, 15 and 17 14th St Main 2345 ARLELR e B R RRR AN LS T IR rafiroad bonds have not responded 10 102% CCCA St L ref 68 A 1929 nearly as much to the better rail-| s 108 105% Cleveland Term 634s 1972 wad outlook as have the stocks. In | 90% 97% 96% Colorado & Southern 435 1935. this group investment demand has | O4re 8% CUBAR R 581953 o« ones centered about the seasoned dividend- 100 10235 Delaware & Hudson $14s 198 paying railway shares rather than on 91 86% Den & Rio Grande con ¢s 1936 ihe bonds of the. relatively weaker 0% 65 D&RG Wast b8 1955. - roads, even though the latter have 96 50 Detroit United 414 1983. presented just as encouraging a finan- 80 74% Erfe 1st con 4s 1996, cial picture. In other words, When the cholce laid between a junior rall ro nd of a road which has only | gy 73% Erie cv 4s D 1953. in recent vears achleved prosperity | 5™ 100% 974 Fla B C B8 T4. ... ... % 8.500—C. & F! Tel, of Va. bs, and the common stock of a road with | 155, 106% 107% 106% Grand Trunk s 7 deb &s 193¢ 164,500—Cap! -action a long and unbroken record of divi- mk‘ 194 1164 114% Grand Trunk 7s 1940. .. dend payments, and when the bond|ma“ 99% N and the stock return approximately | 117% 00 6 THE YEAR 1926 TO DATE ON THE WAS INGTON STOCK EXCHANGE. . _— Furnished by W. B. Hibbs & Co. Up to and Including Friday, May 28. Bales. BONDS. $12,000—Ana. Pot. River R. R. 1st B 8,000—C. & P. Telephone 1st Gs... Which should pay you from $6.00 to $50.00 every month for 10 years. PAID ON SAVINGS ACCOUNTS 4,000—City & Suburban Ry. 1st b oy T T T ! y url Ve o 17,500—Georgetown Gas Lt. 1st 5 e e s 12/000—Pot. Elec. Power lst e faomaaliT enres g the same yleXl at the market, buyers | "g4 s 07 67,000—Pot. Elec. Power Cons. Bs. 8 R “'ynt“:; have been turning to the stock. % 6% 76% Hudson & Manhattan adj 68 1967. 9,300—Pot. Elec. Power Gén. & _gle(. ‘| he company. Our ,,‘,.',., 'of owner- Irregularity in the forelgn list has | 108% 101% 104 102% Illinols Central 53s 193: 80,200-—Pot. Elec. Power Ref. 7s. 9wl ot Interters with sou pres- been the rule just as it has among | 74% 69% 75% 62 Inter Rapld Transit5s 1966 10,000—Wash. Alex. & Mt. Ver. 1st 5s. { ol BB T domestic _obligations. French, Bel- 85 96% 86% Inter Rapid Transitcv 7s 1932, 1,000—Wash., Alex. & Mt. Ver. ctfs. zian and Italian bonds are just about 6 7% 68 InterdGreatNorad]ée1di2 :;.g%o::?vvu: Eaifo. 4 7 },‘Atnné:sll sz See or Write Mr. Wentz. . S 3 89% Kan C Ft Scott & M 45 1986.... 76, ‘ash., Gas Ligl n'| where they were a week ago. One | gg% 80% 9! 122,100—Wash. Gas Light 6s. THE AUTOFOUNT SYSTEM “INCORPORATED” 606—9th St.N. "3:o|o grstiee fountaly OLDEST National Bank in Dsstrict of Columbia A Popular Pay Day Depository Because of our proximity to the Federal De- partments and our record of over a century of uninterrupted service to the community, the Metropolitan is a deservedly popular bank with Government employes and others. fWe'll be pleased to handle your Savings and of the South American issues 70% 76 74 KansasCity Southern 3s 1950.. g:::’ osnjoyed cg::(demble advances. 88% 99% 93% Kansas City oSuthern 68 1950 138,000—Wash. Ry. & Elec. Cons. 4 More attention is being paid to for- 97 99 98% Lake Shore 48 1928. elgn industrials as distinguished from 95% 97% 96% Lake Shore 4s1931... governments. Buyers are learning to | 96% 91% 96% 93% Louts & Nash unified 45 1940. discriminate among these offerings | 108% 104% 110% 106% Louls & Nash 1st ref 5%s 2003. just as they do among those put out | g2t 84% 964 89% Mil Elec Ry & Lt 1st ref 55 61 at_home. 104% One or two of the new issues along | 85% 19,500—Wash. Ry, & Elec. Gen. & Ref. 65. .. 3,000—Dist. of Col. Paper Mfg. 1st 0s. 10,600—Southern Bidg. Co. 838 3,800—Wardman Park Hotel STOCKS. 4,124—Capital Traction 3,485—Washington Gas .... 190—Wash. Ry. & Elec. Com. 2,688—Wash. Ry. & Elec. pfd. 1,825—Pot. Elec. Power, pfd. FIRST MORTGAGES inis \line have gone very poorly, FOR SALE others have been readily taken. It is |. 0 6%2% a good sign when the American in- 65 Missouri Pacific gen 48 vestor begins to select his securitles on their individual merit and not ac- cept or reject simply because they | 100% 96% N O Tex & Mex inc 55 1935... 96% 94% New York Cent deb 45 1934. 105% 101% New York Cent ref imp bs 201 108% 106% New York Central deb 6s 1935 251—Pot. Elec. Power int. rcpts 0—Commercial National Bank. 77—District National Bank. THE TYPE OF SECURITY CONSERVATIVE INVESTORS BUY personal Checking Accounts. [ Open Until 5:30 P.M., Tuesday, June 1st | voes 3 happen to be domestic or foreign in 58 New Haven deb 45 195 10—Farmers & Mechanics Natfonal Bank. 29 ¢ SCEl . o 347—Federal-American_ National Bank In denominations of $250, $500, % $750, $1,000 and upwards, secured on improved réal estate situated in the District of Columbia. JAMES F. SHEA 843 Louisiana Ave. N.W. WE PAY MORE INTEREST I i Amastern fos ON SAVINGS ACCOUNTS e % 104% 101% Pere Marquette 1st 5s 1950. Than Any Other National Bank 98 90% Reading gen 45 1987 % 97 in Washir % - Washington 93—Liberty National Bank ... 10—Lincoln National Bank ....... 33—Metropolitan National Bank. National Bank. /§7—Washington National 366—Amer. Security & Trust, 216—Continental Trust ..... 70—Merchants' Bank & Trust. 60—National Savings & Trust..... e DIVIDENDS. 156% 138% Norfolk & Western cv 6s 1929 — o0k 68" 61N Northern Paciflc s 1947 {irned 5% 0% 5 ' 8614 Northern Pacific 4s axgoneas Levlxp YT AR 81 1o3% 114 108% Northern Pactflc ref imp 4 H 9 96% Ore Bhort Line ref 4s 1929 : ) 1074 10B% Ore Short Line gtd 65 194 h it ref 4a 158 ALBERT H. BEDFORD [ S 5 GAEs NOREY REILLY 99% 107 102% Pennsylvania IANCIS RIGGS NDERS 118% 111% Pennsylvania % cococtlo Poo o > Organized O feond Tatate Tite Interest on DAILY Balances EA e S s 3 Merchants' Tfr. & Storage..... . ” G e 101—Mergenthaler Linotype, new. COIIIIIICI'CIII Nall Ballk 4.011:—_—\1?20&91 L2 oy pd. 14th and G Streets 1—Security Storage .. Resources $17,000,000 40—Washington Market ¢ ) §0—Federal Storage pfd . ] 795—Merchants’ Tfr. & Storag S - IS ke e Metr lit : UNLISTED DEPARTMENT. We Will Loan at 5} e opo an Bhares, g ; Open. Economic Conditions 95—Chapin.Sacks 8% pfd... 12 4—Chapin Sacks 7% ptd utherford ; & o E s EEERRE Tyler & R i BanK oo 2 eigh Hotel Co......... Correspondent of the 101% Wabash 1st 5s 1989 ~ . ) }3;;4 sat?‘ a::b‘::h s:?.’:; e J08% 104" 108% Mutual Benefit Life Ins. Co. Capital, Surplus & Undivided Profits Over $1,800,000.00 " kt 66 ‘estern Maryland 4s . Newark, N. J. l 4 .t U s T W Pacific 58 1048. . ) e | 384 Wasiarn Pueinic e ioue. S e T i - 15th St., Opposi . S. Treasury 108% 99% Virginian Ry 1st 5s 1962, 108% 108'% 6—Washington Title Insurance. % ‘ashi;