Evening Star Newspaper, July 31, 1926, Page 29

FINANCIAL: OPTIMISM IS FELT ON TRADE QUTLOOK Auto Business Breezing Along—Building Contracts | Continue to Gain. J. C. ROYLE. The Star. Recelved by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, July 3r.—Speculative sentiment on the curb exchange was Idmlllodl\ more favorable toward the | general market at the close of the \\90 Stocks ‘which had lagged came in | for more attention at slightly better vrices. This was particularly true of {many” of the public utflity. issues, | which were moving forward sympa- | thetically with active buying of this class of stocks on the big board, Electric Investors and United Gas |and Improvement, hecause of their highly favorable earnings, were promi- | nent. the former up clpse to 2 from _yvesterday® closing quotation. Lehigh Power, Southeastern Power, and Mohawk and Hudson bore their | share fn-the advance, but gains were not as pronounced. Recause of consistency of public utility earnings | the best opinfon was that in any gen- eral upward movement &tocks in this BY Spacial Dispateh NEW YORK, July 31 ment of business men throughout the country on the prospects for the com- ing three months I8 plainly optimistic. This is shown by the reports of the reglonal shippers’ advisory board to the railroads. These reports for a volume of business fully up to that of the third quarter of 1 and in some lines exceeding it The automobile business is “breez- ing along™ at the splendid pace, and, hest of all, it is under adequate con- trol, so that the probability of flood- ing the market is not imminent. Al- though Wall Street found much sur- prise in the semiannual report of General Motors, the high profits shown were no secret in thewndustry itselr. The trend in he sentl- Sales in INDUSTRIALS, hundead, High i AmL & 15 Am P& Lopfd A Rolitna” M 1 Xm Seating pfd. 20 Am Supe: automobiles had alded the demand for automobile sheets, and steel mills show a slight increase of activity over recent weeks, spurred also by new .ofl drilling campaigns, plans for new pipe lines, the volume of canning in progress and construc- tion and road work Baheaie & Wil l Rorden' Co Celotex pfd " €6 Sprink & Bu 1Chi Nip A .. 1gni Nin B T n P C Balt 1 tn Bak A .. Bak B R C vié! & R vie! £E. Building Contrac Actual construction continue to show ms compared with July, tal awarded so far this year @ot in cluding Government work or small construction) iy over $300,000,000 higher than for the ponding period of last vear. Lumber orders 1o mills increased slightly from a week ago, hut the price trend is off in_some size Railroad freight movements are rapidly approaching their _annual peak, with loadings well above the 1,000,000 a week mark. Harvest- ing is progressing favorably in many ¥ contracts let ed galns as nd the to- FFIAE & Sh n-cor o Tovest In )t Co Can 508 reed Eisem RC reshman Chi . Houston El arod_Corp . A NEW YORK CURB MARKET points | the | gections, So far as wheat is con- cerned, a favorable influence was ex erted by the fact that crops of the Pacific provinces of Canada have suf fered by heat and lack of rain. The unrest prevalent in Mexico has had the effect of curtailing trade with that country materially and the French situation has adversely af fected American business with Europe. But merchants from Central America, the West Indies and South America are buying with unustal freedom. Electric Current Consumption. umption of electric current at an extremely - has L o to falling of sure to be less because of service ' due This factor this year lack of streams. fmportant rangements and because of additions of steam generating plants. Electr equipment manufacturers are doin business in excess of this time last year. Much of this is due to demand for central power station equipment. With two of the best months of the year ahead, the increase in gasoline Production seems certain to exceed all expectations. For the first time in several vears reserve stocks are be- ing drawn upon. Moreoover, refiners are voluntarily curbing output auxilis the vear. Coal improving in sacrificed later in prices are gradually scattered localities. The textile industry has taken a step toward curing its ‘allments through organization of a textile in- stitute. Whether the individual uni of the industry will take the medicine 3 Happiness C S A 3 Hazeltine Corp. hem Corp A Solether Leh Val C_Sales Lihbey 0 Sh Gl Mohawk Hud Po Mohawk Val new unieipal Serv Nor States P C 4 Northe Pow r Penn_Ohio Sec Pug S P & L Purity Bak A Rand Kard 1| Reo Motor 32 Rich Ricken, Timken Axle’ 2 Trombull_St1 Tub Art § B vie ol G 1mp C to | vold piling up. stocks which must be | MISING STOCKS hundreds. 10 Ariz Globe C 08 > Eoseia Croesis 0°1st Thought G M 20 Flor Goldfid 0 Forty Nine M 24 G handed out by the institute remains to | be_seen. FOREIGN EXCHANGE. NEW YORK, July 31 (®).—Forelgn exchanges steady. Quotations (in cents): Great Britain, demand, 485 11-16; X on_banks 2.4215; cables, 3.22% gium, Jand, 26.75%5; 319.34%; Poland, 11 Jugosiavia, manis 15.37% 70.75; Italy, deman Demand: Bel- 3.80; Hol- weden, zevland 2.4314. Argenti : Toklo, 47.1 Montreal, 100,157 BANK CLEARINGS. NEW YORK, July 31 (Special). New York bank clearings, $1.079, 000; New York bank balances, $9; 000,000; New York Federal Reserve Bank credits, $68,000,000. RUBBER UNCHANGED. NEW YORK, July 31 (Special).— Crude rubber, smoked ribbed sheets, was unchanged at today’s quotation of 301. This compares with 4213 a month ago and cear ago. EVERYMAN’S INVESTMENT BY GEORGE T. HUGHES. Investing and Hoarding Compared. Throughout all this series of ar; ticles on investment principles there' has been a constant endeavor to im- press upon veaders the fact th ¢ In Investment is entirely re here is no absolutely safe security under any and ail conditions and for all tim In one form or another and to a greater or less degree risk Is vays Involved. That much under- being clearly stood it will be interesting o Inquire | whether risk is eliminated by refusing to invest at all. Is all danger avolded by depositing cash in a safety deposit box or burying money in the orchard? | Assuming the box at the bank can never he opened by any one else than the owner and that no other person discovers the buried hoard. it would seem that fhe possibility of loss had | been completely removed. But let us look a bit further. 1 in | 1813 a Frenchman had taken either of these methods to keep his fortune in | francs intact where would he be now" His losses would have heen just as severe as i he had bought bonds with his franes and much more severe than | ff he had bought real estate. It would have worked out the same way if a German had hidden away his sa ings in marks before the World Wai Of course this could not happen with American dollars, although there was & period in the history of the Upnited | States just after the Clvil War when this\ now commonly accepted axiom did not appear so self-evident. Still there is a ha American gold dollars. Suppose you had concealed in some safe piace $1,000 dollars in 1886 and should bring it out now. You would still have the same number of dollars but you could not exchange them for the same amount of goods and so You would have lost just as really as if you had made a bad investment; that is, bought some security which had suffereq heavy depreciation in market | price. It follows then that merely re. fusing tn invest your money does not | enable you tp attain to that acme of safety whicly mlur has always be- fore him. rd about burying | 0% s o8 a8 Sales INDEPE inhundreds, wn Cen Pet Jerby O & Ref. iclid Ol Co .. beon Ol Cor | 0il Pa Pet . ol . Pamico. onnt_Prod ‘s THE EVENING Direct to The Star Office category offered the best chance for profit, The ofls did better than they have for some time, but there was little or no disposition to follow up the im- provement. Becnuse of the fact that the group has experfenced so many false starts in the past, despite all the optimism expressed over the outlook for the ofl industry, the public was in ne hurry to come in on the buying side; 3 Standard Ofl of New York “gained fractionally when It crossed 33, Stand. ard of Indlana at one time gained| more than a half point and Cartb Syn- dicate held the advance recorded Fri:| day. Among industrial speclalties Glen Alden Coal ran up a point when it | changed hands at 166, and Centrifugal Pipe was in hetter demand around the | 22 lavel, Rand Kardex, after having gained more than 5 polnts on the| previous day, felt the effect of profit taking, which carried the price down point or more. | | 5 New Bradford 0, | I New Mex Land 4 Ohlo Fuel Corp 2 Pandem Ol 13 Peer 0l 5 Relter-Foster Of) 10 Roval Con O&R 2 8alt Ck Prod 1 Tidal Ouage O Tide Water Ol rer ~Quinan 0x O&G 1 Woodley Pet new 130 Y Ol . Sales STANDARD OIL IS8T units. . 484 inent O new 21% werland P L 1§ 0 pid ot P L B0 Ohto. 01l 3 100 Prairio 0% iew Rw 150 Prairie o 100 B s 1. 1100 870 Tnd 11008 0 X'y 300 Vacuum Ofl Sales n | thonsands. 26 Am BONDS. as & Bl 0s 1007 & Lt 0s 100 Lews: 0y eat s i am Theead ¢ ¥ 1 dAm W W fis A w Alconda 53 8 Aupai £l Pow QARG G & E G AV Sim R 0l A S 08 05 o Serv v Gs new Cit Sery 7a D. i0Ce G E 5 1 Cuban Tel 71 5 et Ry a0 ) 8 Duke Pri P 6a K 103 7Good T & R ba Gult 0 Corp 5a 100 nd Limes 6. 09 nd P& L 6 . 08 Int Rys C A Ba D33 0542 A 7a 1023 “arb Gx wi 100 3 Loews Inc s .. O8Y 1 MorriekCo 7iya 104 ) Nat a% BT ev Con Cop 3% 93 & Nor SPM 64s € 110 15 0hio Pow 8% B H8% 1 Ohio Ri 3 81 Otis' Stl s 4 | ) Pan Am_Pet 63 | Penn O Ed 6s A 1Thil Elec 68 41 | # Phil EP. 51y 2 214, | | | BONDS. 013 0 Antioqua a3t 2 Bue Aires Bue Aires 1P Santa 1Ro € C B & Ty o x.v'm 1015 16 n StW Bur 78951 S W u‘,-.\ i N ASH STOCK SOLD. BOSTON, July 31- (®).—David H. Howie, one of the executors of the es- tate of the late James J. Storrow, an- nounced vesterday that the Nash Mo- tors holdings of the estate had been hum privately for investment. The |identity of the purchaser was not | made public and the announcement made no mention of the purchaser or the amnum of stock involved. - U. S. STEEL AND GENERAL MOTORS| PULL ALONG ONLY SPEC IALTIFS Outside Dev elopmen!s Show Favorab]e Trend With Industrial Centers Reporting Unusual Expansion. Commodity Prlce@ Workmg Slowly Upward. | BY STUART P. WEST. | Special Dispatch to The Sta NEW YORK, July 31.—Develop- ments on the New York Stock Ex | change have overshadowed every. | thing else that has happened in the | financial situation during the past | week. Leading industrial stocks of the type of United Btates Steel [ common aind General Motors, vepre- sentative of two of the srmnze:( 1 dustrial corporations of the' count |have been bid up to the highest prices in thelr history under the present form of capitalization. The improvement, ,however, has been brought about through the activities of powerful banking Inter- ests, while the outside public has tuken littlé part in the proceedings. That the buying has been for ‘the account of these with Jarge capital resources was evidenced by . the | manner -in which the heavy selling toward the end of the week was absorbed. | The upward movement has been far from general, many parts of the list failing to participate in' the re- covery. It has been a market in which special stocks have been | brought to the front and bid up spectacularly for particular reasons, while the main body has failed to | respond to these operations. Wheth- er or not it is to develop into a real bull market with all groups partici- pating remains to be seen. General Motors above 194 has re- corded a gain of almost 30 points | within a week. The rise in United Stwtes Steel within the same brief space has extended to more than 10 points. Barnings in each instance | for the first six months of operations exceeded expectations of the most | sanguine, and the upward movement | appears to have been Lised iipon | these disclosures. ‘ A Outside Developments Favorable. Developnients In ‘the - outside ‘in- | dustrial situation have been" fayor- | able. | trial centers have been expanding at | a season of the year when ordinarily curtailment develops. According to Dun’s Review, ingot production of the United States Steel Corporation has risen from 83 per cent to 87 per cent, and the volume of new business | continues to he well sustained during the Midsummer period. Etrnmizn of th‘a various lmi!um!-ihal corporations. so far reported for e first half year have Been exception- Operations at leading indus- ally large and tlis, no doubt, has had its. effect upon stock market senti- ment. Money conditions remain about the same as they have been for the past month, save for a slightly firmer ten- dency in the market for time funds, and should business continue good, somewhat higher rates can be looked forward to in the Fall. Call funds for stock market pur- poses have -renewed throughout the past week at 4 per cent, but the rate on new loans was advanced to 5 per cent just before the close yesterday. ‘This was the result of nothing more than the withdrawal of funds for end- of-the-month requirements. This con- dition was only temporary and there is little doubt’ that there, will be an abundance of money available for stock market requirements for some time to come. Investment Market Dull. The investment market has re- mained dull, but with prices firm. In- terest in the stock market proceed- ings has diverted attention from bonds, but has resulted in no weak- ness. Nothing extraordinary has hap- pened in the French financial situa- tion. French securities generally are quoted where they were a week ago, while the franc remains about 15 cent above the extreme low of 1.93%. Whether the Poincare cabinet will be successful in its efforts to burden the French people with increased taxes in face of the failure of other cabinets is a question. The decisfon of the coali- tion cabinet, however, not to appl for ratification of the American and English war debt agreements, leaves the situation for the time being an in- ternal one. The commodity markets have been influénced chiefly by weather condi- tigns, With the Government cotton crop repbrt indicating a yield almost as large as that of the big 1925 harvest, the commodity remains at quotations slightly above what is generally conceded production costs for most growers. Seasonably quiet conditions have prevailed in wheat and other commodities, Dun’s comprehensive list of quo- tations discloses 31 advances, as against 28 ‘declines. These com- pareM with last week's compilation of 35 dncreases. and 29 reductions, and for the corresponding week of last year with 36 advances.and 23 reces- sions. | remain closed Mond: STa¥, WASHINGTON, D. C. SATURDAY, COTTON IS STEADY; NEW GRAIN BOARD RANGE SNARROW TO OPEN MONDAY Weather News Keeps Prices New York Produce Exchange Sustained at About Open- Trading Will Begin ing Level. First of Week. BY BERTRAM G. ZILMER. | Special Dispsich to The Star NEW YORK, July By the Associated Press. NEW YORK, July tures opened steady December, 17.70; " March, 17.94; May, 18.07. The market was steady this morning and after opening 4 points higher to 1 lower, owed little fluctuation during the fieat hour. . Numerous showers in the belt and fears of more preclpitation over Sunday, together with large weekly sales of print cioths at Fall River, induced enough local covering and Wall Btreet buying to sustain Peices around opening levels, . Crop reports continued generaliy unfavor- able, Indicating that the plant is in need of hot, dry weather. New York cotton futures closed eteady unchanged to 4 | 31.—Cotton_fu"- l October, 1 31 —Long re- brothers running in and about between markets, the New York Produce Ex- change has suddenly taken a spurt and grown right up to elbow its way fn among the chesty boys. on the Produce Exchange next Mon- day, and the members confidently ex- pect this development to have a stimu- lating effect on the big Western mar- kets, Seat Price Doubled. Prices of seats on the Produce Ex- | result of the new move. The latest | price was $3.150, a new high figur and higher prices are expected. B fore the grain futures market was | proposed. the seats were selling for |around §1,150. Grain operators from October December New Orleans Quotatlons. m\rdml as Just another of the small | the towering legs of the big financial | Trading In grain futures will fllnl‘l‘ change have more than doubled as a | | | Winnipeg, Baltimore. Duluth, Buffalo land Kansas City have bought seats recently at around $3,000. During the first few weeks, the new exchange machinery has been | thoroughly tried out, dealings would | be confined to wheat futures. The new market will mean much to Duluth, Minneapolis, Chicago, Winni- pex and all other principal grain ce ters of the West, according to Axel Hansen, chalrman of the grain futy | committee. He belleves the New York market will be an ideal one for hedg: ng operations. 1t will have wire con- | nections with all the principal markets | and plans are being completed for a 20-second cable service between York, Liverpool and London. Will Knit Sections. The New York market will be the NEW ORLEANS, July 31.—-Cotton futures opened steady: October, 17.69 December, 17.47; January, ~17.45; March, 17.59 bid; May, 17.69 bid. The market opened steady and first trades showed gains of 1 to 4 points. The early strength was due to continued bad ther in the belt. Liverpool was closed today and will | for the custom- ary bank hollday. The market, al- though qulet.” continued to improve after the start, owing to reports of rains in the Central und Kastern belt, October trading to 17.65, December to 17,56 and January to 1 or § to 10 points above yesterda The market was steady at the highs at the end of the first hour. New Orleans cotton futurds closed | steady at a net advance of 4 to 6 points, until | New | truest expression of the commercial | ‘Real Eéfi\Floahs JULY 31, 1926. Prompt Action First Mortgage Loans Lowest Ratea of Interest and Commission Thomas J. Fisher & Comp-ny. Inc. ____________738 15th Rtreet REAL ESTATE LOANS ANY AMOUNT 51/2% APARTMENT HO 'SINESS PROPERTY RESIDENCE LOANS AT.LOW RATES FRED T. NESBIT 1010 Vermont Avenue N.W. Main 0392 oS Real Estate Gold Coupon Bonds Secured by FI Mortgagzes GUARANTEED By The United States Fidelity & Guaranty Company Resources, '$16,000,000 TO YIELD 6% Plus tax refund up to 1% mills Descriptive cireular wpon request CHAS. D. SAGER ince 1906 921 14th Street Main 36 Business Properfies Apartment Holms Long Term Louna on Dy n--mm 0 o The Capital Realty Co.. Inc. Insurance Bldg.. 15th and Eye N. Main 9245 We will gladly receive and give prompt attefition to applications for Loans on Washington Real Estate Current rates of est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of inter- | {anuary | In Mar: Octaber December | wi BANKS IN MARYLAND GAIN IN RESOURCES | patly 1o States, Ranking Just Ahead of Florida. | can Buffalo, greatest milling cente Special Dispateh to The Star. BALTIMORE, July 31.—Aggregate resources of the banking institutions and under State control to- 3,280,725 on June 30, accord- ing to an abstract rendered by George W. Page, bank commissioner. | Marylande led all Southern States in | the amount of bank resources, rank- | ing just ahead of Florida and North | Carolina. ' The 145 State banks and companies had assete nf $418,687,743 at the close of the first half of the vear, an increase of $9.020,534 over the call of May 4. Deposits were 28,453,675 more than in May. Hold- | ings of mortgages and judgments of record increased $1.006,756 in that period and bills payable §304, Toans and discounts totaled $210, 6 on June 30, against $208,722 on stocks, ed to $£100, $100,692,251. The 14 mutual savings b tr taled $5 and securities amount- 8, compared with | g, | the State had assets of $174 8 ‘ the end of June, an increase of | 91,924, compared with December | , 1925, the date of the last savings | bank call. of stitutions deposits, months. b3 record held by the increased $3 $3,257,888 in in- and six | avings 1,790 the —— Your Banker, Knows. When in doubt about a security consult your banker. It is equally a: much his Interest as your to protect | your savings. You trust him with your deposits—why not trust him with your investment problems? GERMAN BON])S VAND STOCKS. (Quoted fn dollars per millign marke) i, Al | Ger Gt (w 1n) Be 1914-18, 1“00" 1200.00 | Hamburg 4148 1010 10:00 12500 | {Quoteiin dollary per lhuum\nd | marks.) Ge i Elec 4758 pre-w. .. »400 | Ger. Gn Elec 4198 1919 Berlin 4 pre-war. Hamb g8 & Y} lWl‘ war Hamburg Amer Line 4 North German L North Gsr an Ll o e arole T3 Krupp Bs 1821 Dusseldor{ 4s pre-war Frankfort a-M 4s pre-war. . Munich 4s pré-war Badische Anili A'E G (Ger Gen Eia Commerz and Privat Bank Discontp Gellschaft Dresdner Bank ... Deuteche Bank_ . Darmatandter Bank Mercur Bank Vienn: Hevden Chemical Aust A E G (Gan F Berliner Handels 1013 o 2221 333 asie 333! B3 adarmSepe: 5232052202 333333338 oy BOSTON STOCK MARKET. BOSTON, July 31.—Following, is a list of today’s highest, lowest and closing_prices for the most dctive stocks dealt in here: Close 49 Amoskeag . 1 1% Arcadian . Arizons C Boston El Boston, & Gl & He r Range o s SRERSERECEEISSER & & Quine Swift & Co Torrington Tinited Fruit United Shoe M Utab Apex BUSINETS MAN cJ COOL PLUNGE and. ther | York contract in | be purchased, br and kept there in warehouses. sold ot | have | pr 68x72s. changed. | thur Jones, in smail [ values of all_descriptions of Western | said Mr. Hansen. |and West will be closely | delfvery will be at Buffalo on a N | York contract the price of futures will | | be hased on the cheapest of the han-r | grades of Western grain | portation to Buftalo. “‘Buffalo is really the gateway to the | greatest country, as to the export trade: with no market here for futures, there | State Leads All Other Southern have been perfods of fnacti forelgn buying has heat, consuming the Eastern because the ot been continuous. hedged or in addition be Mr. clals were working closely | Chicago Board of Trade officlals, readily the belief that | relations would continue in the future. co-operated essed COTTON GOODS FIRM. YORK, July trust | Cotton goods markets closed the week |active and firm with print cloths un changed at 71 for 64x60s and 815 for Raw silks were quiet and un- NEW l’lnynght Under Kmfe. LONDON, July 31 he patient is ma | years, DISCOUNT BATE UP. 1 UP).-~The Bank of PARIS, July rance today raise Mortgages and judgments | from 6 per cent to fect, ight down to Buffalo Hansen said the New York offi- | the dramatist, operated upon for kidney trouble. 4. and investments in|gurgeon who performed the operation says he is pleased with the progress ing despite his 75 “The East | allied. A w plus trans- distriet in the | YATRo- | seaboard, as well Heretofore, | ty, princ With the New | the wheat will| At 512% and 6% This Before exported. one of the | in the coun-! Reasonable Charge 3th & N. Y. Ave. with the | who and ex-| the friendly 31 (Spectall. 1317 F St Washington, Notice is hereby (®).—Henry Ar- | has been o as of this date, treasury stock will any sales not defini be canceled. its discount rate per cent. G. B. Spauldi North Ame First Deed of Trust Notes Bearing 6129 Interest See WELCH Realtor Established 1899 15th and New York Ave. 4346-4347. No Loss to an Investor in 27 Years '"Mone' to Loan first dead ot ling Qm-mt and comm 120 Wash. —WE FINANCE ~—al! classes of income-producing property Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. s MONEY TO LOAN Any Amount and. 3rd mortgages. Reoa, On 1at, 2n ont| I! umnt; over v:;‘Illl:":{"ml s Iflllcl“'l — 'Realty Loan Co. 1417 F St. NW. . tain portion capital must available— trust on real estate. Equally true your medium of greatest turn. We recos Safe : Remuneral !nr M. 9411 FIRST MORTGAGES FOR SALE 612% THE TYPE OF SECURITY CONSERVATIVE INVESTORS BUY In denominations of $250, $500, $750, $1,000 and upwards, se- cured on improved real estate District of situated in the Columbia. JAMES F. SHEA 612% Mortgage Investment Caution 6%% Amounts $100 and up Urges you to invest safe- ly, yet profitably, in First Mortgage “Notes sponsored by an organization of 40 years' standing. U H Sancers Co= FOUNDED 1887 1433 K Street—Main 1016 Thirty-Five Years —insures your protection. Percy H. Russell Co. 926 15th St. N.W. When You Need a Loan Think of Welch, Loan Specialist Money to Loan nelng or Renewing Your Trast Get''Welcics Figures (No Extras) Main 1316-4347 NORTH AMERICAN DEVELOPMENT CORPORATION by resolution of the Board of Directors of this corporation all tinued on August 15, 1926, and by midnight of that date will an Development Corporation Make Your Money Make More Money It is true that a cer- financial should be placed investment where it can produce the guaranteed First Mortgage Notes Dependable Annual Return 713, 715 and 717 14th St. Main 2345 Realtor Interest N.w. D."C. given that sales. of be discon- tely closed Secretary of your be easily is it that surplus in a re- mmend tive Department The Honses Business Properties FINANCIAX. New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Ejtate in the Dis- trict of Columbia and Nearby Suburbs in Montgomery County, Maryland FOR 3, 5 OR 10 YEAR PERIODS 5Y2% ON APPROVED SECURITY Apply Apartments Office Buildings RANDALL H. HAGNER & COMPANY' Incorporated. MORTGAGE LOAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9760 A Thi of a Withou Loss Century B. Main 2100 EIGHT WORDS SUM IT UP There are many facts of im- portance, that mean invest- ment safety and satisfaction for you, behind our 6%2% FIRST MORTGAGES There is the critical, experi- enced appraisal of the property securing the First Mortgage. There is the assurance that, through proper management, that property will pay yvou vour interest regularly. But sum- ming up all the facts are the eight words: “A third of a cen- tury without a loss.’ rd t“a F. SAUL CO. 925 15th St. N.W. They 57 Have Alu}ays Been Safe INCE the founding of the or- ganization in 1869, Swartzell, Rheem & Hensey Company has handled First Mortgage Notes on improved Washington proper- ties exclusivel This fifty-seven-year record of no loss to investors is the foundation of the confidence we now enjoy. You, too, can be sure of the safety of your principal—and earn 6149 on it—by investing in Swartzell, Rheem & Hensey Company’s sound offerings, Write for a list of current offerings. Swartzell,Rheem & Hensey Co, Mort§age Bankers' - TST-5th. Street, AW, WashingtonC. Years Without Loss to An Investor _Rentals A Jol A\n‘nfl A P Y«r Safe Deposit Boxes at Nominal Annual * OFFICERS: 1 wmmn D. Hoover. rlnk ! cion. & Surplus, $3,000,000.00 Speed Prosperity Your Way | ‘—by banking part of your earnings EVERY PAY DAY. JThat's the way to build a competence or finance a good busi- ness opportunity. We're helping over 47,000 people onward, to financial security: and have facilities to serve many more. 9 Get your Prosperity Fund started This Pay Day — practically any amount will answer at this strong, old bank. Open Until. 5:30 P.M. Mon., Aug. 2 DIRECTQRS: James J. Becker Walter Bruce Howe Woodbury Blair Reginald S. Huidekopwr Wm. A. H. Church x Walter C. Clephape ~ Victor Kauffmann Charles Minshat H. Rozier Dulaney. Jr. Wm. E. Bdmonston Edmund . ‘Sbeén Franklin H. Ellis Frank ‘Stetson Frederick A. Fenning Frank W. Stone H. Prescott Gatley William H. Walker William D. Hoover- Willlam B. Willard Same Rate lnterell: Paid on and S'Mr‘fl Accounts ‘3‘ Blair, 1% Asst. avage, Auditor. Natlonal Savmg; & Trust Co. ~Oldest Savings Institution in Washington Cor. 15th and New, York Ave.