Evening Star Newspaper, July 25, 1926, Page 37

WHOLEBONDLIST DULL AND HEAVY Plenty of Money Is in Sight, However, for Investment Purposes. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 24.—The bond market during the past week has been dull and heavy. One of the rea sons for this has been the fact that safety 18 the very essence of the in- vestment market here. The dealings have reflected the fact that France was going through a financial crisis, and the large interests with money to invest were far more willing to walt the_course of events and be sure than to rush in and be sorry. Another factor in the situation was the strength in time money. There are indications that there will be an abundance of capital for investment purposes for some time to come. But this is the season of the year when bankers have to expect withdrawals of funds by the banks in the outside sections for crop moving and other purposes. In addition, the specula- tive demands from stock and com- modity market sources have been extremely heavy. Statement of Sims. Some 1dea of the amount of capital available for investment in the United . States can be gleamed from the fol- lowing statement of R. N. Sims, sec- retary-treasurer of the National Asso- clation of Supervisors of State Banks: “On_April 12, 1926, there were in the United States a total of 28,280 banks, of which 20,289 were State banks and 8,000 National banks, and in round numbers a total capital sul High. ND SUMMARY FOR THE WEEK 925 Low. 1011 10119 100-16 1021 1039 1011 101-20 10810 104-13 1925— —1026— fih. Low. " fiigh. Low. 8Th u' 10 108% 9T% 101% 88% 110% 108% plus and undivided profits of $7,392. | 190, 018,908, total deposits of $54,291,833,078 and total resources of $63,999,452,890. Total deposits of all banks were $3,794,628,031 above the previous high record of April 6, 1925, and total re- sources $3,487,607,427 above the re- sources of.that date.” With capital, deposits and total re- souces of our banks larger than ever before, there seems little doubt thet the cash available for legitimate, con- servative investment purposes is suffi- clent to provide all capital necessary for every legitimate requirement of financing or expatsion. Since 1919 the number of banks has decreased by 524, while total.resources have in- ereased $17,234,237,054 or 38 per cent. Ample Money to Invest. These figures sustain the contex- tion that there will be ample money for investment purposes for some time to come and this in itseif is a safe guard of the investment market:” For the bond market at present is to a large extent independent of current profits. The securities listed under the investment heading are so thor- oughly protécted in most cases that they may be deemed safe despite the ordinary fluctuations of profit margins | ! or of the rise and fall of the stocks ‘of the corporation involved. They are not independént, however, of the time money trend, and it is this tightening of the money market which has largely dominated the course of bond prices during the cur- rent week. This fact was reflected in the comparative immunity to the heavy trend enjoyed by the so-called savings bank investment securities of the 4 to 414 per cent class. The bond vielding 5 to 5% per cent on the con- trary reflected the tightening of time money. Unquestionably there has been some unloading but this has not appreciably affected the volume of investment funds, for idle money is worse in the investor’s eyes than an idle clerk. ‘The speculative bonds during the week have shown weakness in prac- tically all classes. The refusal of the Interstate Com- rerce Commission to sanction rate in- creases for some of the Western roads was not a decisive factor in the situ- ation, since the class 1 carriers are in a substantially sound position and |} the differential in present and possible rate was not sufficlent to affect Is- sues thoroughly protected by property values. French Bonds Fall. French bonds fell off sharply, Z!-l to be expected in view of the vents on the other side of the Atlan- tie. But it was noticeable that they d1d not drop to extreme low figures ex- cept in the case of some of the pro- vinelal issues. A feeling was evident that while there might be and probably would & period of uncertainty for a time, the French doilar bonde sooner or later would have to be taken care of, no matter what government’ func- tidned in Paris.. It is recognized that France must have foreign credits. There is at present no source so promising as America, and the finan- alal powers, of France are bound to recégnize that fact. The stock market, too, has had its fnfluence on investment security prices. For a time the chance for quick profits in stocks has overshad- owed the slower and safer yield from bonds. Some funds undoubtedly have been diverted to the stock side since the oportunities for further advances fn bond prices were of minor propor- tions. There is no sign of a sharp indrease in commodity prices, or other factors which would endanger the long term strength of the investment market. Friendly to New Issues. The week was characterized by a volume of investment {issues and these were received both by dealers (#who have no intention of holding them) and by ultimate investors with marked friendliness. This was especially true of the utllity issues. The widespread distri- bution of utility securities has had an undoubted psychological effect, and the uses of electricity are inereasing 0 rapidly that the companies are able to maintain earnings and at the same time in some cases reduce fates. Another feature is the increased pop- ularity of holding companies per- mitting group operation. This gives diversification in addition to the advantages of joint manage- ment and financing. LOSS IS REPCRTED. NEW YORK, July 24 (#).—Transue & Williams Steel Forging reports net 198 of $26.440 for the first half of 1028 ‘1n contrast with ret profit of $33,665 in tHe first half of 1925. MUNICIPAL SERVICE. NEW YORK, July 24 (P).—Munici- pal Service Corporation of New York reports gasoline sales of 18,501,329 gallons for the first half of 1926, an increase of 3,480,986 galions over the game period last year. A" as AMERICAN LA FRANCE. NEW YORK, July 24 (P).—Ameri- can La France Fire Engine Com- pany increased its net income for the, first halt of 1926 to $406,204, edual after preferred dividends to 59 cénts 4 _.8hare on the .common, compared with $339,490 in the first half of 1925 or 68 cents a share on the commoh. PR . fime is practically unknown in one the British empire—the Falk- §.-1slands, in -the -Pacific—where there s also no unemployment. 1 1 1 00 -iol_k High. Yow,, Last. Yield 1015 100 80 101+ ¥3 29 108411 102« 102+4 886 100-27 100-28 100-24°8 71 101 8 100-31 101-3 878 02:28 102-11 102-17 386 L 108:3 10720 107-20 378 Prev. s 96% Argentina 88 A-95¢ . 1004 100% 99N 99% 190\ Argentina 7s 1937. . 100% 1014 100% 100% 96% Australian Govt 68, . 9BM 08% 084 084 100 Austria 7s 1943. 102% 101% 103% 81% Belgium 6s 1958, a5 83 844 106 Belgium 7%s 1946, 108% 108 1064 105% Belgium 8s 1941, 106% 106% 10f 1984 84w 88% 88% 105 104 104% 104% 104% 104% 102% 1024 1024 101% 101% 1014 1 I 7 ©. 5. BONDS. 101-15 9919 Liberty 3%s 1938-41 102-26 10 «21 Liberty 1st 4% 100-81 100-17 Liberty 2d 4% 1087 101-29 Liberty 4th 108-20 106-9 Treasury 44 0% 74 | dustrial specialties, resuit 92% French Govt 7% 9814 French Govt8s 1045, 101% German 75 1949. 78% Holland-American s f 68 1047 92% Japaness 6% s 1954 9% 97 108w 107% BdW 83% 8iy% 88n 108% 1084 76 3% 108% 106% 1144 118% 1024 101% 105% 104% 87% 854 08 92k 106% 1044 104% 1084 117% United Kingdom 6% 118% 118% 108% United Kingdom 6%s 1927, 1061 104% 104% INDUSTRIAL AND MISCELLANEOUS. . 108% Amer Agrl Chemical T§8 1941.... lg:'& 104% 104% 104% 1 99 Amer Smelt & Ref 18t 5 1947 101% 100% 100% 108% 108 108 103% 1084 108% 97% Rio de Janelro 8s 194 1024 Sao Paulo, State of, 8s 1936 86 Seine, Dept of, 7s. . 87 Serbes, Crotes, Slovenes 88 107K 106% 107% 91% 90% 90% 101 1004 100% 102% 101% 101% 92% Bethlehem Steel pm 58 97% 96 96 95% Bethléliem Steel s £ 65 19 106% Chile Codper 6s 78% Cons Coal (Md) 18t 92% Cuba Cane Sug cv deb 88 1930 % 6% 94% 1074 Detroit Edison ref 107% 107% 107% Dod, 191 % 96% 96% 96 102% 108 106 106% 110% 110% 121 121% 1024 1021 104% 104% 101% Emph 108% 104 Goedrich (BF) 6%8 109% Goodyear Tire 8s 19! 120 Goodyear Tire 8s1941. 101% Humble Oli & Ref l?l 19 102% Indlana Steel 6s 1953. . B4% Inter Mer Marine 6s 1941 91% Inter Paper 68 B 1047 107 International Tel 68 rets. 102% Kelly-Springfield 8s 1931 961 Lackawanna Steel 65 1360, 102 102 118% 116% 1064 106% 9% 9% 108 108 100% 108% 9% 994 100% 100% 104% 104% 103% 108% 97 9% 129 129% 107% 10T% 106% 108% 94 934 9BW 107 106% 1064 106% 105% 106% 974 96% 964 107% 1074 107% 1124 111% 111% 8% 9TH 107% N ¥ Tel 65194 101% North American Edison 97% Pacific Gas & Blec 5s 1943 98% Pacific Tel & Tel 53 1962, 108% Philadelphia Co ref 6s 19 100 Public Service 6s 1944 93% Sinclair Oil 7s 1937 129 Skelly 838 1927. 107 - Bouth Porto Rico 108% United Drug 6s 1944. 91% U S Rubber 1st & re 1064 U S Rubber 7%s 1930 105 U S Steel s 551963 95 Utah Power & Light 58 1944. 105 Va-Carolina Chem s f 75 1947 111 Western Union Tel 6%s 1936, 96% Wlison & Co 1st 65 1941..... RAILROAD. 1084 108% 2% 92% 98% 92% 9l% 90% 94 96% Y6% % 98% Balto & Ohlo ref bs 984 9T% 102% Baito & Ohio 6s 1989. 103% 102% 102% 89% B&OPItts LE& W Va 481941 90 98 B & O Bouthwestern Div 6 efs 92 Brooklyn Manhat s £ 88 A 1 117 Canadian Northern 6%s 1946 80% Canadian Pacific deb 48 89% Central Paelfic 4s 1949. 97% Chesapéake & Ohio cv 4 92 Chesapeake & Ohio gan 8 19! 81992 137% 138 67% B1% 105% 106% 108 8% 6% 69% 68% 63 62% 924 924 34 63 53k 51% 111% 111% 2% 72 90 89% % 97 96% 118% 117% 78% Chi & Eastern Il1 g Chi Great Western 4s 47% Chl M & Bt.Paul cv 5s 2014. 111% Chi & Northwestern 63%s 19! 66% Chicago Ratlways 58 1927 102% CC C & St L ref 6s A 1989 105% Cleveland Term 653s 1972 95% Colorado & Southern 4%s 88% Cuba R R bs 1962 102% Delaware & Hud: 85% Den & Rio Grande con 45 1986. . 82 D& RG West 68 1955 90 Detroit United 4%s 1932. 74% Erfe 1st con 4s 1996 64 Erie gen lien 4s 199 68 Erjecv 48 A 1953 73% Brie év 4s D 1953 97% Fla BCbs74.. 106% Grand Trunk s f deb 65 1936. 114% Grand Trunk 7s 1940 102% Great Northern gen 6%s 110% Great Northern gen 7s 19! 923 Hudson & Manhattan ret 7. 98% 76% Hudson & Manhattan agj 65 1967.. E1% -102% Illinois Central 53 s 1984 104 103% 102% 62 Inter Rapld Transit s 1! % 4% 73% 96% 95% 6% 74% 98 921 3% 724 97% 97 99% 99 9% 97 98% Lake Shofe 4s 1928 963 Lake Shol 934 Louls & Ni 106 Louls & Nash 1st fef 89% Mil Blee Ry & Lt 1st rei 102% MBSt P &S SM 6%5 198 3% Mo Kan & Tex 1t 4s 19! 90% Mo Kan & Tex adj 58 1967 964 Mo Kan & Tex pr In 65 A 1962 65 Missouri Pacific gen 48 1975. 98% N O Téx & Mex Iné 68 1 943, New York Cent deb 48 1934. . 101% New York Cent ref imp 68 2013 1084 New York Cantral deb fa 1836 58 New Haven deb 4s 1 S NY NI & H v deb ba 1046 89 90% Norfolk & Western con i38% Norfolk & Western cv 65 1929. 61% Northeérn Pacific 3s 1947... 8634 Northern Pacific 97 108% Northern Pacific 96% Ore Short Line ref 4s 1929 108% Ore Short Line gfa 58 1941 83% Ore-Wash 1st ref 4s 1961. 94% Pennsylvania gen 4348 198 102% Pennsylvania gen b5 196! 111% Pennsyivania 6%8.1936. .. 35 gria & Wastern ine 48 199 101% Pere Marquette 1st 58 1950 1 Reading 4%s e A Ry e 77% St L'& San Fran pr In 4s A 1950 $3 StL& SanFran gl;:n Saisso 994 Bt n Fran 5%s B 1942, 92% St t:g:n Fran adj 6s 1956. 82% St L & San Fran inc 65 1960. 5. 69% Seaboard Alr Line m 481959, 76 Seaboard Al Line adj bs.1 91 sumfg Alr tml don 1‘ 96% Southern Pacific cv 4s 1929 85% Southern Pacific col 48 1949, 90 Southerh Pacifi¢ef 4s 1955. 86% 81% Southern Ry gen 48 1956, 08 104 Southern Ry 99 18w 112 Southern Ry & 85% 413 Third Ave adibs 1980. 95% % Uinton Pacific 18t 481947, . 99% Union Pacific ev 45 1987 99% Virgintan Ry 18t 55 1962, . 101% Wabash 18t 553939, 5 '0ow Wabash 53e 75% 66% Western Marylant 4s 1962 estern Pacific 55 1946, West Shore 15t 4s 97U 95% 103% 102% 87 864 92% 92 9 102 100%: 74 T9% FIE oo S288sen A Z 2% 1514 151% 05% 60l 8814 EBY 12 111% 98% 9% 106% 106% £5% 83 ST 968% 105 104% 1126 111% 0% 40% % 1024 201% % 101% 101% 97% 95% 3 . 184,000—Pot. Elec. ,300—] STOCKS IRREGULAR; TREND 15 LOWER Ralls Meet Better Support Than Industrlalq, Aver- age Shows Gain. . By the Assoclated Press. . NEW YORK, July 24—The stock market moved irregularly lower in today's qulet trading. A se of bear attacks, particularly Il‘lm the motors and some of the hij ced in- in the elimination of some weak speculative accounts, but failed to underminé the market’s structure. Good buying support was forthcoming when need. ed, but little effort was made to bring -}»:ut any demonstrations on the up- side. . Rails_showed better support than the industrials, the rage of 20 léading issues in that group showing a net gain of nearly half a point on the day. Buying om shares was'| influenced by the aj nce of addi- tional favorable junk earnings re- ports and the publication of plans for the so-called “tandem merger”’ in the Bouthweat. Southern Paocific closed 5% | nearly two points higher, at 106%, on | had bee: the announcement that net operating income in June was 18 per cent above the average income for that month over the last five years. « Motors Withstand Attacks. Motors, which have been subjected to repeated assaults in the last few months on_ the bellef that car sales had reached their peak and that more price cutting was in order, again with- |} stood the attacks of bear traders. General Motors closed % higher, at 166%, after fluctuating between 165 and 167; Mack Truck showed a frac. tional loss at 1191, after having sold & point below that figure, but Hudson closed nearly two points lower, at O e hen Yicidea siighuiy o o 26 a en s d Most of the other mnux indus- trials drifted lower, States Steel common shewing & net loss of %, at 187%. While the large ma- jority of net losses in that group were fractional, declines of one to two oints were recorded by American melting, American Water Works, du Pont, General Electric, Pullman and Westinghouse Alr Brake. Offset- ting these were similar gains in Austin Nichols, Brown Shoe, vison Chem- jeal, Foundation Co., Marine preferred and Jones Bros. Tea. ‘Wheat and cotton prices pointed up- ward. Active wheat futures rallied about 2 cents a bushel despite denials of recent reports that the Canadian emr. had been damaged by lack of molsture. Cotton closed 14 to 32 ints net higher, with buying in- uenced by reports of rain in the cotton belt. French Francs Rally. A further rally of nearly 10 points in French francs to around 2.45 cents featured the irregular foreign Belgian francs and thy with but demand sterling to $4.85 11-16, season of the rates showed the Paris rate, eased 8-16 of a cent, which is natural at this l}}eu‘ h(:ther Buropean ittle change. The weekly clearing house te: ment_showed excess reserve of $33, 540,170, an increase of above that of a week e, Aggregate reserve, totaled $619,860,000. e de- talled statement of actual condition 30 ilthis day showed mixed cl Hahge: Loans, discounts and investment: dropped $5,889,000 and fiet demand deposits $28,875,000, Increases were shown, however, by the following items:’ Cash in own vaults, $1 % | 000; reserve in the Federal Re: Bank of member banks, $17,589,00 and time depesits. ON AMSTERDAM EXCHANGE. NEW YORK, July 24 (P).—Trading in the 8 per cent cumulative pref- erence of the Chrysler Corporation has been started on the Amsterdam Stock Bxchange with listing of 10,000 shares. The initial offering prics was $104.75 & share, said pfivate dis- patches to Wall ‘Street. It is ex- pected the stock will be dealt in on other Buropean exchanges. BANKER BEFORE DAYS OF CLEARING HOUSE J. G. Moore Has Also Seen Advent of Adding Machines and Type- writers in His Service. Joseph Gales Moore, auditor of the National Metropolitan Bank, who cele- bruted his _seventy-sixth birthday anniversary Friday, and on the pre- ed upon the six- tiet] of con- h tinuous service|' wit n&p-wrltarl ‘when J. G. MOORE. all checks had to \ be listed hand and nothing but hard braifhi work would give the total 6f & big column of figures. Mr, Moore began work in the bank on July 22, 1867, shortly after he uated from Rittenhouse When not doing messen- ger work he was asked to give as- sistance to the paxng teller. John M. Blake was president of the bank then and Moses Kelly, cashier. 'So far as Mr. Moore can now recall none of the officials, employes or directors of the bank in those days is still living. ‘The ywh,nmenmnnr showed such ability and interest in his work that e wad soon made a general book- keeper. TFor the next 20 years he worked in almost all departments of the bank until he became thoroughly familiar with c"r: hase of bank- ing. In May, 1895, Mr..Moore was appointed assistant cashler and be- came cashier in December 1900, suc- George White. He was mad ‘When he joinéd the staff the Met- h;oll!ll,l had $360,0¢ capital and $676,000" in deposits, and total assetd of $1,250,000. On the last call, Juné 80, it had $800,000 capital, $5640,000 surplus, $15,890,061 in deposits and total resources of $18,216,066. Accuracy is one of the great essen- tials in banking. It is stated by other officials at the Metropolitan that the veteran financier has always been and still is a marvel for accuracy. ‘When he completes a statement deal- ing with any phase of banking his figures are absolutely right and are never questioned or even checked by anyone else around the institution. gy i i ABSENCES RESTRICT DEALINGS IN BONDS French Issues' Advance Slightly Other Foreign Securities Are Irregular. By the Assoclsted Press. BW YORK, July 24—Trading in today’s bond market was restricted by the abserice of many traders for an extended week end hollday and the disposition of some large buyers to await further developments in the money market before extending their commitments, but .prices held rela- tively steady. _French issues advanced, though slightly, in reflection of the general restoration of confidence foilowing the announcement of the new Poin- care ministry. Cable reports of anti- American demonstrations in Paris were disregarded. Other forelgn issues showed narrow and irregular changes. Publication of excellent Jyne earfi- ings reports imparted a firm uhder tone to railfoad llens, but only a few {ssues were at all aoctive. New Haven 3%s of 1954 advanced over a point to a new 1926 high at 67% and Great Northern 7s improved fraction- ally on & larfe tufnover. Industrial THE YEAR 1926 TO DATE ON THE WASH INGTON STOCK EXCHANGE. Furnished by W. B. Hibbs & Co. | 1926, Up to and Including, Friday, July 23. Bales. BONDS. 9% | "§12,000—Ana. Pot. River R. R. lst 8,000--C. & P. Telephone 1st b8 15,800—C. & P: Tel. of Va.'68.. 185,000—=Capital Traction ist Gs. 5,000—City & Suburban Ry. 1st 41,000—Georgetown Gas Lt. 1st 5 20,000—Pot. Elec. Power 1st bs Power Cons. 5s. 1 ggl. Hlec. Power Gen. & Re 47,200—Pot. Elec. Power Ref. 10,000—Wakh. Alex. & Mt. Ver. 1 1,000—Wash., Alex. & Mt. Ver. ctfs. 8,000—Wash.; Balto, & Ana. 1st b: $8,000—Wash. (as Light Gen'l B 188,400—Wash. Gas Light 8s. 185,000—Wash. Ry: & Elee. Col 32,000—Wash. Ry. & Blec. Gen. & 9,500—District of Col. Paper 12,000—Southern Bldg. Co. 638 ,800-<Wardman Park Hotel 6s Shates. STOCKS. 4,683—Capital Traction. 4,244—Washington Gas. 190-=Wash. Ry. & Elec,, com 3,026—Wash. Ry. & Elec., pfd. 1,600—Pot. Elec. Power, pfd... 288—Pot. Elec. Poter, rec) 260—Commerelal National 87-<District National Bank . + 20—Farmers & Mechanics’ 98—Liberty National Bank .. }tm.:wn National Bank ... Mfg. 1st 854—Federal-American_National Bank... Open. High. 95 95 100% 1008 97% 100 99 85 95 100%' on 8 L] 7 10245 106% 8 . 1023 102% 1045 118 5 28 National Hgnk 287 352 209 Metropolitan National Bank... Bank 245—Riggs National 87—Second National nk. 97—=Washl: n Natioriel Bank. 38p—Amer. Sec 318—Continen Prust. . Y0=Merchants’ Bank & Trust. 70-National Savings & Trust. 480—Union Trust .. 82-~Washington Loan 722-=Coiumbia Title . 4 eal Estate Title. D. C. Paper Mig.; 1,289-—Mergenthaler, old. 188—Peoples Drug Store, pfd:.. UNLISTED DEPARTMENT. 100-= C 86=Raleigh Hotel 6—Washington Tif COTTON ADVANCES ON WEATHER NEWS Unéertainty Over Guif Storm and Rain in Southwest Fanotors. . By the Associated Press. | NEW YORK, July 24—Rain re ports caused another big upturn in the cotton market today. Some of the later deliveries reached new high prices for the same im the first hour, with Ooctober up to 17.84, January 17.78 and May 18.13. At the best lovel the market was 32 to 36 points over the previous close, part of which was lost in the last half hour under real- izing, so that final prices were 14 to 32 points net higher. The effect of yesterday's rather bearish Government report seemed to have disappeared today in view of the n news from the. South- 6 to 13 points higher, continued its advance until almost $2 a bale had heén added to the levels prevailing at the olose yesterday. Besldes showers and heavy rains reported at many in Texas, with indications that there might be further precipitation over the week end, the tropical storm in the West Indies gave bear traders a good deal of concern, as it was imposible to judge how it might develop over Sun- day. Equally potent as a bull factor was the increase of activity in cot- ton goods circles, with large sales re- ported at Fall River for the week, in- dicating that the uneasiness about crop conditions as a result of insects and persistent rains has extended to the buyers of cotton goods. Improvement in the Frenoh polit- foal situation was not lost sight of, the buying during_the forencon was attributed to big Wall Street interests, who had not hereto- fore been prominently identified with the market. A Dallas wire called atténtion to the spread of Thurberia weevil from Arizona, causing uneasiness in west Texas, west New Mexico and Okla- homa. BANK CLEARINGS. NEW YORK, July 24 (®.—Bank eclearings for the week are placed at $9,20,660,391 by the Commercial and Financial Chronicle, an increase 4.56 per cent over the same week last year, when the total was $8,805, 088,651. New York City gained 1. per cent. ] liens moved within extremely narrow and irregular limitg and United States Government issues showed practical- 1y no change. With most of the midyear reinvest. ment funds having found employ- ment, listed securities are meeting with increasing competition from new offerings, which have been coming out at the rate of about $100,000,000 & week., The prospect of stiffer money rates, which invariably is ac- companied by lowering bond prices, also has had a dampening influence on bullish enthusiasm in the bond market. WE FINANCE ~=al! classes of income-producing property Current int. fl: fl.fl 816 15th 8t. N.W. Ine. ~ Money to Loan fl;flmnl trust on real estate. Wil B Financial Sales Manager WANTED distribution and sale of a IN'Y! #to }d bond issue of III e, e ood reputasion Glve e e R We Will Loan at 53% | Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. individual or broker to finance and handle issue of stock for established company Address Box 219-J MONEY TO LOAN Any Amount hOl M. We will gladly receive and give prompt attention ’ to applications for Loans on Washington Real Estate. Current rates of inter- est. Should you have . Money to Invest —we can also take care of you. Our experience, ex- tending over a period of . ‘Thirty-Five Years, —insures your protection, Percy H. Russell Co. W. in Montgomery County, FIRST MORTGAGES FOR SALE 6Y2% THE TYPE OF SECURITY RS In denominations of $280, $500, $750, $1,000 and upwards, se- cured on improved real estate situated in the District of Columbia. JAMES F. SHEA BUY Real Estate Gold C Bonds Secured by First Mortgages GUARANR TEED v 'l'h; gnltod ‘sll'” Fidelity Resources, $46,000.000 - TO YIELD 6% \ Pius tax refund up to Descriptive circular upon recuest CHAS. D. SAGER “Since 1908 924 14th Street N.W. Main 36 Investments Secured by Improved Real Estate located in the Nation's Capital. Governmental asso- ciation doubly insures their, worth. Annual return, 6% 713 14th Street K 643 Louisiana Ave. N.W. o) The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the Dis- trict of Columbia and Nearby Suburbs Maryland FOR 3, 5 OR 10 YEAR PERIODS = 510f s ON APPROVED SECURITY Apply RANDALLH. HAGNER. & -CGOMPANY' | MoRTGAGE!LOAN ‘GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 809 15th St. N.W, S \ PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington £kt Interest on DAILY Balances Come in and let us explain Commercial Nafl Bask | i4th and G Streets 'Long Term Loans ‘Low Interest Rates : EAVER'BROS REALTORS - Phone Main 9486 - ] SUBURBAN LOANS| Metropolitan Life In- surance Company Loans made on homes in the District of Co- lumbia and suburbs in Maryland and Virginia SKYSCRAPERS AND SECURITIES " Nowadays the owner of the choicest builds high on the one spot. Extending his floor space does not. necessitate spreading his foundation. during its suceessful third of a century, has greatly increased the number of clients who in- trust their investment funds to _‘ Over-a Third of a © Century Without a Loss - our e Main 2100 downtown corner This company, - 6%% FIRST MORTGAGES ~ But: our . “foundation”—the same conservative policy of full principal protéction with inter- * est assurance—today is exact i what it was when we started. OB F SAUL CO. 925 15tH St. N.W.|