Evening Star Newspaper, August 8, 1926, Page 35

1926—PART 1. FINANCIAL. 35 THE SUNDAY STAR, WASHINGTON, D. C UGUST 8, o _— RALLY OF FRENGH | BOND SUMMARY For THE WEEK oA ubtt BavEies scumwe s D STEADY [t 10129 99-15 -19 Liberty 3%s1932-47..... 101-20 101 101- 331 bank, funds which are idle are brought Zinc demand was only moderu 10230 101- -26 105=2 3 % - 1 8387 into use and employed profitably. but it was sufficlent to take care - 10119 }gé-is 1185»:%‘1’ ;30 ;; 11:1‘::::; zld“a‘qz“;fi:?.fl',', :8’.&. }83.23 :gtzs :7'.' % } Through the medium of the bank the ;lh:dnfurim;!. and prices were stead 1021 101-1 101-15 100-25 Liberty 3d 43%s 1928 101-9 10:-4 101-4 376 Most Expens Agree That There’s No Way to Check man who needs and can use funds eld. ) ) j 1039 101-20 103-7 101-29 Liberty dth 43s 1933-33. . 102-21 $02-13 102+13 388 ; meets the man who has funds to loan. Antimony was less active. but pric 10810 104-13 108-20 106-9 Treasury 4%is 1947-52.... 108« 107-22 107-22 872 Thief If He Breaks Ollt in Insfimfion, But Plan T::srprmxlctl,on is grdeat}‘yn ‘-;lhfv‘l’l;lu‘l;'el» ::::“l]!;g () h::’l:s' xmflifl'f’“ by th- nigh. T i Y - Dringing them together the banker is : Recovery of Dollar Issues oo oo A v o a0 e Might Catch Him More Quickly. entified to hia proft. ns weil as the | Reactionary Tone Appears in|) gNGER VACATION URGED. 100! 6% Argentina 6s A-95¢. . 4 963 Argen v capitalist, large or small, who fur- Low. Ig:‘;’: 13;& 1 ‘0w M"mmag“" s T 13:: ’331’2 ishes th ital that make the Ma i i 7 99% 96% Australian Govt 5s 98% 98% nis] e capital PR S, Fnd Better Tene in High- 1014 3% 105" 100" Austria 7a 1043 . 102% 103 101% 102% BY I A. FLEMING. growing the crops, of taking to mar-| banking operations possible. London Market for Copper PTG Gr: iti Ea) 8%% W84 i8ly Delslumise TU88. . 84% 86 844 BN puniorg will tell you, over and over|ket, of turning raw material into In Conclusion “@Grade Securities Noted. [110% 106% 110% 105 " Belglum 734 1945 107 108% 106% 108 you, usable form, all of which calls for - Metal. Are Not Sufficient for Rest. 107 . 106% 106% |28ain. that there is no way In which which oredit can best be fur-| It may be interesting to know that S04 /E6K JB8ls (T8 Socoltits Of » 'betk may be kRS el byhbankmg. By the operation | while the banks, generally speaking. Business men need three weeks' va 108 04 O | e B e o our . | Of banking credit, one dollas of money | are prosperous, the percertagt of net | by yhe Associated pres. cation Instead of the usual two, €a: 10%% 102w 1023 | stitution. Time and again it has been g‘:s:e;his“f’;z of four, and by ek | exceedingly S Ner. nstance, In SW YORK, August 7.—The vol | F. E. French of the John V. Farwel! 100% 100% 100% | tried and each time the losses reach | FOUe¥ 80 00, W56 0 “he extended | the year of 1924, when all the na-|ume of buying of steel during the first | Co., Chicago, writing in the (red 109% 108% 109% | into the thousands, “still increasing,” | Wty ML OFEO8 T BN e My g multi- | tional banks in the District of Co-|week in August continued fully up to | Monthly, published by the Natio: ! 109% 108% 109% | and actual safety can be found only | Br it T > \cotiiness and effective- | lumbia had capital funds totaling | the closing week in July and was con- | Assoclation of Credit Men. 41 40w 404 |in the bonding company and a liberal | PAAE, 8 VR 0N e urtold. Bank- | about $16,000,000, and depositors’ | sidered to represent aetual require-| After 40 vears of experience an! g 100 99% 100 |blanket bond. Therein is safety. T makes money a potent force. It | funds totaling a little over $100,000..|ments of consumers who are carrying | experimentation Mr. French offers t 103% 103% 101% 102% | Be that as it may, Some of OUr| . \eq credit elastic and safe. 000, the average net profit for an en-|small stocks. Forward business was | following rules to credit men—an 1035 104 103% 103% | banks have Installed the system of the | MaKes credll COSTE I T, rhe | tire year on $100 of depositors' money |light but the outlook was believed 10 |they apply to any business man-— . 106% 106% 103% 105% | daily audit and have backed up the |, 3 ’laua) who conducted a banking | was only 20 cents, after allowing for|be very favorable and prices were seek health, happiness and su: quiet but 108% 106% 108% 105% Belgium 8s 1941.... —_ J53% B0 eay Naiu Bordesxgetsss . Py e ;. o 3 95 106 100% Brazil 831941 . BY GEORGE T. HUGHES 104% 1015% 105% 102% Canada 5s 1952. Decial Dispatch to The Star. 103% 101% 103% 101% Canada 5%s 1929... NEW YORK, Am“fi,‘ 103% 101% 102% 100% Chile 8s 1926. developments in the 110 106% 109% 107% Chile 85 1941. kfi this week were the recovery in|110% 106 109% 107 Chile 8s 1946. French dollar bhonds, the renewal of | 51% 40% 48% 39% Chinese Govt Ry peculation in high-yielding railroad | 100 94% 100% 98% Copenhagen 53s 1944. issues and the better tone of the high- [102% 101% 103% 98% Czechoslovakia 851951.. ,Brado domestic securities. 105 99% 104% 102 Denmark 6s1942........ Of these three the most striking [105 98% 106% 103% Dutch East Indies 65 1947.... was the rally in} French bonds. No{104% 987% 3% Dutch East Indfes 6s 1962 '. 105% 106% 1056% 105% scheme as a crook-proof plan that will " i - 6 4 ning on the capital, | steadily held. Pig iron w other group of 'f"rflnn . obligations | 101% Qnm lgg: ‘32'52 French Govt 7%s 1941 95 . 91: 95% 97% |return to the bank its full modicum b".s‘;wsqs usr‘m‘rt 051 TLZ{“:??S‘J{?J}‘.’» :urpl‘(xe: ;.enrr‘xt fifiu\-xfied mrum:.v‘l Ex- steafl_\-.) New buying was in small lots. | Keep short hours, never more tha: 4 dealt in on this side has been the |106 8% 103% 984 French Govt8s1945 101w 103% 101% 102% | of interest daily and various other | eratlons SooR fomni R S 19% 1 3'50 | pressed differently, it means simply |but there were more inquiries in the | cight hours a day. 'In any day kee; L R T e o inion, JorilEbi BaD . N e e e el e tloie will el whother it fs|tBus beesme 5 paribershin, .16 {is | g eNpemis, ierest and other neces- o demand for copper has fallen | The nervous force used in that tim ji the past year or two as French bonds | <G 90 9T 92K Japanese@¥s 105, ...l o1 9T 0K o Time alone will tell whed iEse o e 1t was found advisable | sary costs, the average national bank |off and a reactionary tone appeared |is all vou can Five in the active it 3 il Bo:ins i \s\'id\I\"dlflr‘b’\‘m'vl l‘"- ~g§la sxm 116 100 .Lergers\: wt“l\(arglr ne 6s E_V- las‘s: 05 8ok JAmn exact duplicats of t#e note. |to incorporate under the banking | in the city of Washington made slight- | In e;{:e %;‘D’ndnvn mm‘kol _mlml l‘n. the | o¢ 3 credit manager. 3 the United States. -~ S0 80" Srm SLi Marseillo s 1534 N %ew B3 M| A exact dupicats of U8 o' liaws, or to apply for meeial charter |y more that 5 cents @ month net on |week bl wis sccompanied by Tul| Take a reel vacation every yes ey v eI by Mrvastrsiotievery Haco i i T ot Nt priRnb mAT Y 108" 109% 108 109% | carbon copy of the same on sheet of (n early days most bahks wers, (It e hub o e i emura b OB e o eepwCekes rutfice Gl degree of strength but there 1is| 81% 704 78% 73% Paris-Lyon Med 6s 1958 . '75 76% 74% 75% | paper with mucllaged back, and this :‘efi Ly o ‘}““fn)' Servetuated: and iy seqtench developeit] A good Vol e e & &b - enough of a floating supply to keep | 10715 101% 106 104% Queensiand 65 1947. 108% 105 105 | goes at once to the auditor or his as. | business might be Derbitetters Fir) of business has been reported in fin- D R e ty trading interest at a high pitch. 112% 109 114% 110% Queensland 7s 1941. sistant, who in turn makes every ;r‘:;;tr:;e](;:(ufl Expmna DRUG STORE SALES UP. |ishea products recently, and producers | 2o 5:{]1‘2[\‘::?91]‘]“;;; vehicles™ you kL, , Now as to the French financial con- | “eos, "g2y, 90 85 Seine, Dept of, 7s % 87 time notes. from investments, sale of | 14w, risht. Any L SO0 (D, ot | Peoples Reports July and for First|of a continued large home consump- S e L L Dol 3 dition there is no dispute. For months | gy, 843 93y 87 Serbes, Crotes, Slovenes 83 1962... 98 exchange, liquidation of bonds and the | banker—if his nelghbors wou'd =Iue it the exercise and fresh air at vou i it has verged upon bankruptey. Up 10 |106 103 106 103% Sweden 65 1939 oe.. 104% e ot hraver and balanced with | him; but the business being mor Seven Months of Year. B T e ¢ | command. 1t your friends wish 1 : July 20 French francs, with —only {105y 1004 104% 102% Swiss 5368 1946........ .o 104 O 4o oo hat thers 1s ut the cloge| [958 of & public chiaracter, tsastauch £ 7 the T o la's | tall business at luncheon, hunt fo minor perlods of rallving, had been 179" 1154 119 117 United Kingdom 535 19 oo 118% of every day, h complete audit of the | It deals with moncy, CEl L e IO Pk B o Tears of ‘cuto scarcity | Other places to eat, "There i a tim: g record low under 2 cents. Discussion was heard on every side of the pos- sibility of the fr: “following the mark.” When the Poincare govern- *ment took charge and outlined a pro- gram of rehabilitation, confidence zained ground and in the resulting 05 103 e AGH Chemical A 141 - 1045 105 104% 1043 day. \ly profit is shown, profit for the |1¢Ee, Eranted by law or the leglslature. | crease of $83,601, or 19.1 per cent. unabated. Demand has been good for | "Commence your day right. Neve: 105% 195" Amer Smelt & Ref 1st 58 1947. .. .. 100% 101% 101% 101% | day. the month and the year. While some men could be trusted 10| Saies for the first seven months of | TR R4 BCCTDY ,‘“I“fir“'“_h.“' leave home in an upset state of mind 108% 107 Amer Smelt 1st 65 1942 108'% 108% 108 108 Not being an expert accountant it |use these mnnes “":Ly’u:tr:r:‘x!ve this year reached $3,478,341, against | SiTals, and there have been Silp: e 105% 102% Amer Sugar Refining 6s 1937 104 103% 103% | js necessary to use the technical lan- not do to permi ny $2,99 03 for the first seven months to Hamburg and Rotterdam Those who expect too much of ; 1 deposits, issue notes and loan money, | oey T 0T B TS 80,438, or 16 987 96% Amer Tel & Tel cl tr 481929, 98 97% 98 |guage of one that is in describing the | 5 i as , 8 ga 1438, T ha St —_— i 1035.‘ wo'?, Amer Tel & Tel cl tr 55 1946. s for the power would be abused. There per cent. ad has been somewhat I active ' their frien. 102% 102% 102% 102% | system referred to. fore: subile controlbothinthe grant: PS5 C0E) - co 0l o o tion res 1r4% 9974 upward reaction the franc was ear- : : 1037 4 e bos @ loirts 104% 101% Anaconda Copper 65 1953. . . 103% 103% 1034 103% [ * This follow rol, b Eludes ried ahove 3 cents. e donies 1074 102%% Anaconda Copper cv deb 7s 1938.. 106% 107% 108% 107% . ing ‘of the privilege and inspection |, teq July sales as $2,459.389, com- All the f|1;;fl ]lh‘tx‘ {mvm d\uu zn”l:‘f 9275 901 Armour & Co 43%s 1939. 91 90% 90% Plan of Accrual Accounting. thereafter, \)g(‘ame necessary pared with $2,144,095 a year ago, re- SR e e ] 1025 99% Atlantic Refining deb 58 1 101% 101 101 STt OBl LhaY s e pan | COmMU goGT: ] sulting in a gain of $315,244, or 147 A Third of spondingly severe and at no tune 108% 100% Bell Tei (Pa) ref 63 1948 . 102% 102% 1024 1020 | G 08 OB O K ave operated on | Organization and Administration of a | per cent. Sales for the seven months a_Century's ' : ccome. 98% 92% Bethlehem Steel pm 5s 193 97k 9T% 96 96%| . girictly cash basis, any system or Bank. were 16,644,936, compared with Experience did the decline become disorderly. When late this week the franc had its sharp upturn, French bonds went The organization of a bank may be SQ:E-J“O' or 17 per cent for the same i to, shv oRel of severill reasonsjreriodiia . 101% 101% 101 101% . %| method of accruing income and ex <107 10Th 101 10| vense must of necessity be treated in 101% 95% Bethlehem Steel s f 651943 109% 105% Chile Copper 6s1932..... 8 5 Coal (Md) 1st ref 53 1950 Earn More from BIbHE,RanAl gne ot jthom, Hhe, TIBeE i i cites 85 19! 94% 98K 95% 96y | the form of a memorandum only. cuch 08 o desire on the part of a bank s = cent fovernment fssue of 1949, sold 100 24 Cuba Cane Sug cvdeb 85 1930..... 94% 9% 95% | O uih ot fmeamn andl ‘o | Such s a ded > part. ank Lo ointotame vear.. Sub: 1083 107 Detrolt Bdison ref 63 1940. ... 1074 1035 10744 107% | pense, the form or treatment emploved | 1T ‘ffliggxgfifiliflgxfignd&zsp:uak PURCHASE CONCLUDED. Your Property o ss of par 974 92% Dodge 65 1941..... 5 964% 5 2 S 8 b jof a ssi ; dissensior R s 5 > g e e g e s l"("[‘,‘h‘_‘:f 1034 1014 Emplrc Fael & 103 103% 1027 103 ‘i‘:l‘m‘}*““t;‘;;"mi["w‘;fi”:';‘;’fl{};"‘:film'f 0f | {imong the directors of one bank, which | NEW YORK. August 7 (). —It is | b v ekl R, DU e raach 107 104 Goodrich (BF) 6% 1947. 106 106w 106 106 | Such type that i Le e hed for | results in a rival institution; public understood hat the Timien Toller | —by having us apply the b Epitit, which apprectates the need and Bearing Co. has virtually concluded | 110% 110% 110K 110% | 4y, yeeping of records on a cash basis; 121 121 120% 120% | (oheoiglly is this desirable in the | 102% 102% 1024 1024 | ropnration of financlal statements. | In the last a 112% 109% Goodyear Tire 85 1931 122 120 Goodyear Tire 8s 1941 103 101% Humble Oil & Ref 5%4s 1932... chiefly inter- i benefits of a banking institution; but { negotiations with the Bock Bearing | management methods is, a bank is cre-|Co. for the purchase of the latter’ i q e 2 § & coit- ire on the part of [$1,500,000 plant and business at To- | which our third of a cen were more than 1o bad news. : 5 b : ; 105% 1027 Indlana Steel 55 1952 . 217 104% 10%% 108% 106% . atred forlated from the ! = S L 99% { Inter Mer Marine 68 1941 . 68% 88% 88 8k i‘fiifi.r&‘fifi'}?fii‘{;fise‘?im'\ff‘i‘hrfi indl.}those who have capital, to employ it | ledo. The Bock Co. employs from 900 g i« tury's experience has this situation is that, since these ex U61% 1% Inter Paper Gs B 1947. 91 96% 0w yow | comparative purposes ofv (RN e |effectively through such an institu- |io 1,000 men. fl el ncadues it e s reon for thom toie 1’ 1164 InternAtiodal IeLEs Fots.. 107% 109% 107% 109% | (88 (h24Cch position on the other. | tion. To organize a bank there must ; proved produce results. m;';\:fi o reason for them to be in- 108 Kelly-Springfield 8s 1931. .. 104% 104% 104% 1044 | ppe 00 1000 1 come contemplates | be an accumulation of capital. - As a Your tenants stay satis- Still, sentiment plays such a large 100 i Lackawanna Steel 53 1350. . . 99 99k 98% e8% | i SERAL R Gerived chiefly | basis of its own credit this is abso- M el - ¥ v it an aking of qu s 103% 99% Liggett & Myers 6s 1961, | from interest received on loans, dis- |lutely essential. oney to Loan fied and stay longer: your part in the making, of quotations that S £73%s 1942 Lom e < ; stipuld c much capi- | Secured by first deed of trust on real estate | || i 3 SEsed {his explanation is hot adequate. An 108 DiBnatlSigar GRTOmTSS. | counts and investments, although in | The law stipulates how much capi- } Secugsd by, frat, heed of et on fedl, o v S et T ither theory expresses the samo idea = BricyuleBieclbaNES % o large bank, there are many other |tal there shall be, and regulates the | g GoptPR St 450 Wash & rense sts stay 3 in a different form and is somewhat 103% New England Tel 5s 1952. | Sources of income, some of which, | capital to the population of the city | JOSEPA °- YW EEY Blis.. 0th & F profits stay up. more satisfactory. This is that, even 18 N Y Edison 15t 638 1941 such profits on securities, com:|where the bank operates. This is fun- 3 I Franee wore compelled to. reorgan- i e e misslons, fees, etc., are not of kuch « | dymentally” wrong, for the capital WE FINANCE 1z he anc em on u new e e N e > 5 Stable character to permit an accu- |should not be adjusted to the plac - e H &-x‘\‘v’l}:?&tirl"'s s ot it 109% V¥ Tel o 1oRL .- o « 107% 108 107% 108 | /0™y corual. In such instances, a |but to the volume of business. But it ~—al! clasees of income-producinz property for the franc, she still would have 105 North American Edison 65 1952.... 103% 10¢% 104 104 |,/ ,vision for plus and minus adjust- | works out fairly well, for as a hroad Large Loans a Specialty . C = to honor her external loans; otherwise 100% Pacific Gas & Elec 5s 1942 ‘s;na 997 lgfl’h “fi”' ments is imperative. proposition & country bank will not B sace) ki O eOm e In i ¥ s the could mot obtain the necessary 10235 ROB% Paciflc el & Telb8 2053 1014 1013 1014 1014 | ™3 yrier flustration of the acerual | have the growth that will attend a S I Main 2100 925 15th St. N.W. foreign credits to stabilize the nev e ERIIRMEIDhi=CoTer B8 10 - 104 104% 1044 104% | o¢ jncome from interest on loans and | city bank. g Higbie & Richardson, Inc. Ma \ el & BOSSRIN0 B DU BEE doeml st 1084 103% 108 108% | Gicugunts is presented in the follow-| The organization of a bank is a £16 15th St. N.W. = i " 99% Sinclair Ol1 781937 9Th 98% 9TU 98K |, legal matter that must follow certain s Higher Yield Basis. 148% Skelly 61281927, . ... - LIS The form used in the loans and |prescribed lines and conform to legal | g9=——g— = = Still another phase of the matter 109% South Porto Rico Sugar 7s 1941... 1074 | discount department for both the se- Fequirements. There must first be Real Estate Loans is that with the exception of the re ‘;’Z"‘ E"b}gfl&;figfa_‘:"é_ T 13,3: cured and unsecured time loans and |the association of five or more men = cently floated Italian ioan, French b . = 2 L g ! demand loans should give information | who unite for the purpose of applying i . 3 dofiar honds hase ber g i L“Sls{l“eg'f':rr‘s‘gisxg:n :ggy‘ 10744 100% 107% | 1} i pertinent to the loan through- |for a charter. The application must Marxland—vlrgln{a The New York Life Insurance Co. still sell on a higher yield o e e o out its life. In the case of time loans, | be made to the Controller of the Cur-| District of Columbia OfersitorMdle The obligations of any other con 0 L b d the vegister should bear the date of | rency, if a national bunk, and to the \ental Buropean country of equai B o o a0 paper, the period of time, the name of | State banking department, if a State c rank. The German 7% the inters T iyt iy pese ’;g the borrower, the name of the payer, | institution. Inquiry is then made to The Capltal Realty CO., Inc. L tional loan, for example, Issued about i son & Co 15t 68 1941. ... E the name of the indorser or collateral, | satisfy the authorities—first, that the w. s or oqoe oans - the same time as the French 7s and RAILROAD. the note mumber, maturity date and | incorporators are acting in good faith, = at an initial offering price @ points | Atchison gen 45 1935. . oo 924 provision for the classification, the |are representative men of business, d k . sell xome 15 points higher in ‘Atlantic Coast Line 1st 48 1962.... 92 rate (renewal note uhml.ml b‘i desig: | whose connection with o bank will _%% On Improved Real Eptate in the Dis- yresent market. Germany has Balto & Ohio gold 45 1943 . 91 nated), the earnings, and the interest | bring credit and probable success to . . I . eha el e bl Balto & Ohto ov 4% 1933 T 96% receivable at maturity. | the institution; second, that it 2 iy o ! trict of Columbia and Nearby Suburbs ion. France has still to put its hou Balto & Ohio ref 55 1995 . 98 “This form should be (1‘3:;-=Nf'lh;d fair chance of success; and third, nm: - . i m Montgomery County, Maryland ALl MCinanile YorEzn @0 Baito & Ohio 6s 1929 103 in ink as the permanent record of the | the capital requirements have been : i o el s e Lt g e B&O Pitts L E& W Va .0 loan and discount department, and at | somplied with. yler uthe ol'd FOR 3, 5 OR 10 YEAR PERIODS B naibne et E & O Southwestern DIv 5 cfs 50.. 100% the same time a carbon impression 15 | * Inasmuch as the stockholders own <ome appreciation in French issues Brooklyn Manhat sf 68 A 1968.... 90% made, such carbon being surrendered | the bank, they are the controlling Toan Correspondent of the | could be expected for this reason ol ;‘0"§‘°;"§‘{!= 1946 ‘;Zz’: to lg(' umfi“;fl‘f» ’J;';IP "n:'i!/"n 1 De"fi;- factors. They elect the directors, the | M 1 Benefit Life Ins. C Honse: Apartments Eione - Canadian Pacific deb 48....... o0 rated so that for the auditor's record, | directors elect the officers, and the offi- | 3 siness Propertles Offico Bulildings Sons. Central Pacific 45 1949 91 Which is verified before filed, the daily | cers select the clerical Staff. 2 utual Benefit Lite Ins. Co. Busip e Newark, N. J. The renewed interest in the h Chesapeake & Ohio cv . 98% earnings and the interest receivable slaiding .,;.;,mf.m:;y‘; T i Chesupeake & Ohio gen % 1992.. 94% is subject to rate proof. This proof is Banks Defined and Classified. 1018 Vermont Ave. M. 475 ON APPROVED SECURITY earniy The statement of agsgre 150% 124 ‘C““f?“{’e*z‘ifio“;‘}“‘1“;539“' e e ik g e Ry ““,‘“i'f” Banks may be divided into three Apply 51% Chicago on 3%s 1950. as on the total of all loans on which | cjasees: (1) Banks of discount, com- gate net railway income for all class 1 roads published at the close of the week was particularly impressive rate proof Is made for each class of i S : prising national banks, State banks, item of the same rate. The carbon|private and individual bankers; (2) 4 copy_for the auditor is gummed on | ¥ % TI0 eIV ORG TFEICEE (0] 731 Chi & Eastern 1l gen 5s 1951 6415 Chi Great Western 4s 1959. . WE PAY MORE INTEREST || |RANDALL H. HAGNER & COMPANY Incorporated. It only bore out, howeve the deduc- 5 St . 2 it 48% Chi M & St Paulcv 433 1932 the back so that when the entire e Prosaty ! [ e MG IS LT B G S R It ol actordine 1o the | e, 00, ¢, genersl baniane bt || ON SAVINGS ACCOUNTS 1} pjomreads: Loan GomresposnENT - e iz » " - v 48% ChiM & St Paul ref 4345 2014..... 4% 36% Bdw 5% |turity date hereof, each item may be | =5 g g B Jati i 4 & ok Wit Mo g milie u 4T ChiM & Scbaulovosod, L0 634 b3 63 bk filed in the auditor’s register ;;ccnl-a-),‘,';m"}?{," ,;,\;“:j'm“.,;*.,‘,‘(‘;‘g‘ih}?h“';,f,’“:l' i A;‘: \(:!:sfi:‘lr;\g:::mal o 1321 Connecticut Avenue (Teleplions: Maini 9708 51 1he icveater dbgree, But 2 Eroupior 111% Chi & Northwestern 6%s 1;:: 1;2: I“Ilfi |35§. ing to maturity irrespective of the | ontially investment institutions, r i % Chicago Railways 5s 1927 i2 | date made. Interest on DAILY Bal. I et i i o i .| ceiving small deposits for co-operative ||| 5 ances | #7%k Chi R 1 & Pacific ref 4s 19; 90% 90% 90 90%| “The demand loans, however, hav-| S 0% T Come in and let us explain | *railway bonds on which interest pay- . , 94% Chi Union Station 4%s1964....... 96% Y6% Y6% uG%|ing no maturity are, after being veri- ments are contingent charges were ‘-r!:v ;*‘n up ;h:s \\'t;«:k- l=md -;umcd\! 115% Chi Cn‘ion smufnds%x 191‘3“2 «..e 117 118% 117 118 [fled by the auditor, filed in the audi- ‘The Functions of a Bank. 9 | em advanced to new tops for the 81 Cuui & Western Ind con 48 86% 8b% | tor's register according to the date C ial Nat'l Bank vear. 102 C C C & St L ref 65 A 1929, 102% 102% | made. - ol i G the bank are) ommercial Nat1 Ban — . el 105% Cleveland Term %s 1972 108% 106% | “On the demand loan sheet, provi- | ourfold: o asgemble capical an 1 [JM Showing Good as a Whole. R Coid & cen e e L | o s e A manin - Beonnae | mutke it effective; (2) to receive de- 14th and G Streets | As long as earnings keep up to the 88% Cuba R R531952....0ceunns 9412 94% | of the character of such loans, a |Posit rresent rate there is little danger of Joa oy N v’ this movement belng carried too far. bl On only one score is a word of caution in order. This relative raflroad pre perity might easily lead to fresh pres sare for lower freight rates and to more insistent demand for higher wages for raflway labor. Not all sec- tions of the country have fared alike, 102% Delaware & Hudson 5%s 1937. 86% Den & Rio Grande con 4s 1936. 62 D&RG West5s1956..... 90 Detroit United 4%s 1932 743 Krie 1st con 4s 1996 64 Erie gen lien 45 1996. .. 68 Eriecv4sA1953..... T34 Erie cv 4s D 1933 9716 Fla E C 68 74. 103% 103 | tickler-payment sheet is not required. 89% 90%| “A tickler-payment sheet for time| One—This it does by assembling 70 72 |loans, which is prepared usually | C2Dital of its own, and by attracting & T ' | idie private capitai. In the organizi-| — EIRGT MORTCGAGES 85, 8, [many duys botore the date of ma- | {8 BV SR S | FIRST MORTGAGES » RETURN 7 v . ! ® | scribe” to the stock, which means ! Tk T e s toasenior that”they unlte their” private capital FORI SALE : e with that of the other stockholders, so ) . g foe unseeured, the rate, the interest re- | thut' the aggregacd fund becomes tho 6Y2% . Of course, there are mediums where you ceivable, the date paid, and opposite | .14 ine “capital stock.” The stock- THE TYPE OF SECURITY might make 60% on your investment. We CONS| (3) to pay checks; and (4) to Resources $17,000,000 | nor have all the rallroads been 6 G 1067 Grand Trunk s f deb 6s 1936. 106% 107 % equally blessed, but the showing as 3 each item the record of payment sec- . ONSERVATIVE i Whole 16 80 £00d a5 10 atiract atten- N aoniits 16 " 118 " fion, which provides for the past due | L2i0e™ Fiv. T its "betons ‘o, thern: AVETTORS RO - assure you a maximum Dependable Return of tion from other groups than investors. 1005 Groat Northern gen 7811836, . . 6% | feature. Occasionally a note when | the losses must be shared by them in | _In denominations of $250, $500, 6%:% on each dollar if you choose as your & U8 113% | patq in advance from out of town, fe i i 92y Hudson & Manhattan ref 55 1957.. 96% 96% paid in o) own, for | proportion to their holdings. As a| $750, $1,000 and upwards, se- medium of Investment 75\/: Hudson & Manhattan ad) 55 1957.. 81% BIW 81% 81a instance, includes interest to matur- | general rule the liability is twice the | cured on improved real e’lttlu { - 1 y, wi be in excess by a small : = - < . i 102% Illinofs Central 5%s 1934. ity, which will y amount of stock held; that is, if a i 62 Inter Rapid Transit s 196 sum of the amount that actually has | stockholder owns $500 worth of stock, :;':',‘:::d G DLoCRReR o Our 85% Inter Rapid Transit cv 7s 1932. been earned, and if the difference is | par value, he is liable to have his stock o lioni Oreat Norma)eRuoss: not so great as to justify a rebate the | canceled and be subject to an asses JAMES F. SHE First Mortgage Notes | provides for such adjustment which | bank fails. 643 Louisiana Av. Ww. 8914 Kan C Ft Scott & M 45 1936. . {payment section of the tickler sheet | ment of $500 in addition, in case the 72% Kansas City Southern 3s 1950... ©3% Kansas City oSuthern 5s 1950. becomes necessary between the Fortunately for every one, banks The recovery in the high-grade in- vestment list has been slight, but at least it can be said that the July re etion appears to be over. One rea- | son may se the comparatively small | volume of new financing. wee total of new bond. offeri which \ was only a little over 10,000,000, was the lowest since. the week ended Au Mortgage Investment Department b o) omvasaONET, 9% Lake Shore 4s 1928 amount recefved and the amount |seldom fail. This is generally spoken \ D g e 96% Lake Shore 4s 1931 earned. This feature of adjustment |of as the “stockholder’s double labili- Probably it would be a mistake to R S irat o bk upwana move is lkewise reflected when the item is | ty.” and is done solely for the protec- ( 9% Louls & Nash unified 45 1940, paid by & remittance from out of | tion of the depositors. With this fund 106 Louis & Nash 1st ref 515 2003 ment is in store, be there are | 101 B & o n n of th u Fen el § S| §9% Mil Elec Ry & Lt 1st ref 53 61. town after having gone past due one | as a starting point, the bank is ready : : e e e A s 102% MStP &S S M 6%s 1931, O wo. days and will mot justify the | to do business. It loans this fund to We will gladly receive SE AL b seakonnl mBremEnt In @S | Mo Kan & Tex 1st 45 1990 86% bark to demand Interest with only a [borrowers and thus makes profit. and give prompt attention direction is beginning this year ea i HATIN Lt = o8 T08T <. 924 93% 924 93 |few cents involved. But if the capital funds were all the || ¢4 gpplications for than usual. There has been no change | Mo Kan & Tex prIn 55 A 1962..... 101% 101 100% 101 “Many advantages and benefits may | bank had with which to work, it 3 time money market nor in that | Missour! Paclfic gen 4s 1975 3% 73% 73 73 |be derived from the application of an | Would not prove a profitable under- Loans on Washington nmercial paper, but the weekly N OTtex & Mox inc s 1930, 9% 99 97 99 |accrual system. It has been found | taking, for after deducting expenses Real Estate statement of the Federal reserve New York Centdeb 451934, 95% Y3 554 6 |from experience to be invaluable in | 204 _‘0,!!;'35- llhe l}‘f”fl;s-, it Lol Wm;‘ld‘ C . banks showed some increase in hold-yjgos, New York Cent ref imp 63 2013.... 104% 104% 104% 104% | the collection of data, for the gather- | P¢ Small. It therefore, invites the urrent rates of inter- ings of discounted bi ill, money is lkely to remain reasonably cast and the bond market fairly firm. ¢ Y Wi 2 PRYSRSY 27% | detection of errors or frauds. It], g e v ? £2% $2% 925 loollected or accounted for and|pank, namely— T 183% 155 154% 1540 ( tending over a period of 'BONDS ARE VERY STEADY. N Y N H & Hov deb 65 1948 21035 103% 1034 108k | o B e nes in the oaamivas | deposits, which it also employs in Money to Invest i N Y Ry 65 1965.... L2904 2T% 274 3 Sl possible | making loans and buying securities, || —we can also take care of r EhusEvisgn NeEtheE Basinga I e o 154 |credited to the income account of the | Two—Contrary to the prevailing Thirty-Five Y. Metropolitan Life I e T Northern Pacific 4s 1997 s iB8% I8 bank y | idea, the bank does not recetve the A y ears opolitan e In- PRIRE v Northern Pacific ref imp 6s 2047.. 111% \ith the desire of the present-day | money offered it for safekeeping. ||l —insures your protection. [f| Ore Short Line ref 451929........ 98 banker to offer the best facilities to Neither does it receive the fund for surance Company Changes During Whole Month. Percy H. Russell Co. [|!| 51 Ore Short Line gtd 5s 1946. . 105% the public, the method herein de-[mutual investment as is the case in seribed deserves the careful consid- | mutual savings banks; but the bank of Loans made on homes | Average price of 66 representative Ore-Wash 1st ref 451961.... 854 bonds showed practically no change | Pennsylvania gen 43%s 1965 . 9T eration of any banker, irrespective of | discount in receiving the deposit be- 926 15th St. N.W. durin past month, according to Pennsylvania gen 5s 1968 L 105% the size of his institution, although it | comes the absolute owner of the fund, (1 in the DiStfiCt Of Q | the index of security prices com- Pennsylvanla 6%s 1936, 1124 is more \-lxtal to th}? e h—mkxs]. and the relation of debtor and creditor - piled by the N Ten-. o " Peoria & Fastern inc 43 s Nevertheless;ssuch a system would {is established between the bank and | 2 . . A rise o feated Pere Marquette 1st 55 1950. mg: probably ‘pmvo fruitful to a bank in | the depositor. The bank thereafter | 1umbta and suburbs in in the 113 Reading 4% 97. ....... 93 any locality.” owes the depositor the amount, and . e a | represent most | Rio Grande Western clt 4s 1949, 82Y% y Poole. agrees to pay the same upon demand. M 1 fld fld gini | marked mdvance took place in the RI1Ark & L 4%51934. . 93% By John Poole. It is interesting to note in passing | aspatea Vir a stock of New York bank and trust StLIM&SR&G 451933, . 92 The four most important industries | that while fully 95 per cent of the compani mounting to 8.10. Shares St L & San Fran pr In 4s A 1950. 82% g are agriculture, transportation, manu- | force of the bank is engaged in the | H of comj also regis- St L & San Fran pr In 5s 1950 97% facturing and banking. Agriculture | Work arising from the ramifications “tered an increase of 5.30 and pub! StL & San Fran 53%s B 1942, 101% 101% 101% 101% | produces the raw material, transpor- [ °f the deposit function in banking, Ong erm oans their efforts produce no income ex- zept the incidental ftem of “exchange.” a It is the service rendered by them, :xxr'm!;filns\rlnl;i:glxi]?n';;ld};‘ ‘di P however, which in a large measure ribution of a high-pr o i L e el etaing thee pafasare{] nold appliance. requires a high- oW Interes ates Which make possible the exercise of || Ccaliber general executive for an i important position demanding | L & San Fran ad} 6s 1956 St L & San Fran inc 65 1960. .. aboard Air Line ref 4s 1959. aboard Air Line adj 5s 1949. aboard Alr Line con 6s 1945. Southern Pacific cv 48 1929 an increase of roads groved up an avera 95% 97% Y61y Yo |tation carries it to the manufacturer 94% 94% 94 94%|and to the consumer, the manufac- 75% 5% 74% 734 |turer turns the raw material into fin- 19% 71% 1 77% ished and usable products, and bank- 96% Y5% 944 Y5k | ing provides the financial and credit 98 984 97 7% |machinery by which these processes A manufacturing corporation | ged | nd nine oil 5 points line of 1 . - Southern Pacific col 45 1949 . 87 BT% 64 864 d 1Bl the discount and lending functions. i ern Pacific ref 4s 19 7 are made possible. he checking fu: a more than average ability and f JULY CONSTRUCTION. S B e sope o010 Sy S1% 91% 81| ""The big function of the bank 15 to | ¢ TW S, Guth proportions and is sueh || aEEressiveness. ~ The " postcion ] : e & , sthern Ry 15t 55 1994 1074 107 % 84 |furnish the capital and the credit. | n cconomic necessity that it may be carries an annual salary of 3w YoRK. August 2 OB | Southern Ry dev 63 1956 117% 1170 1973 1074 | Without the bank, trade and Industry | congidered one of the elemental and [ $8.000.00 and an opportunity to fj|| = I construction in the 37 States Thi AtACe R B 1860:, ... ;107% 17% 117% 117%}could not have sttained the present | ot mportant functions of banking, || Secure part interest in the busi- i - i O e ook > s Union Pacific 15t 45 1947 .. 04% thw oen oo¥[nigh state of development, for bank- {although it necessarily follows the de. || ness. Submit qualifications and R | pIE9BD.000, pys, dhe 2\ i Union Facific cv 4s 192 951 85% 98 Sawling has been the chief motive power |posit function. Briefly stated, the si SR G i || R.S Corporation. This area Includes ab Virgintan Ry 15t 55 1962. 1024 102% 1014 1.33% in the advance of material civiliza- | checking function gives the depositor : i proximately 91 per cent of the total Wabash 1st 55 1939 103 103 103 103 |tiom- the right to draw checks on the bank 809 15th St. N.W. : 9 uetion volume of the Wabash 538 75......... 103% 103% 102% 103% | Danking Machinery Necessary. in such sums as he may choose, pay- “ » th St. N.W. Phone Main 9486 e decline from June Western Maryland 45 1953 . 2% 7% 12K Tim A Necessary. | . ble on demand, to the party desig- PRESIDENT’ 0,000 roximateiy 5 per ¢ mstruction in Jub last year bowt 5 per cent highor thun ar. < Western Pacific 55 1946. . G0t 99 by ¢ It is not enough to produce—to man- [ nated or to bearer, together with the lore 1t 45 2261 - Box 370-K, Star Office 3 H6) 86 #8% | ufacture— there must be the financial | right to rescind the order before pay- machinery to carry the burden of | ment, and the bank is bound to pay