Evening Star Newspaper, August 14, 1926, Page 23

. . FIN ———_——M'_‘—.—"_"_"' Your Banker, Knows. ‘ COMMODITY NEWS WIRED STAR FROM MARKET RALLIES INTO STEADINESS Tendency to Sell Earlier in Week Overcome in Late Recovery of Buying. By the Associated Press. NEW YORK. August 14.—Specu- lative interest in the stock market #hifted from the industrials to the rails this week as traders endeavored to forecast the ‘probable effects of a series important business and financial developments, led by the unexpected increase in the New York Federal Reserve Bank rate. Of al- most cqual fmportance with the tightening of the credit structure was the declaration of a 50 per cent stock dividend by the General Motors Cor- of poration, the additional stock to share in the next regular quarterly divi dend payment of §1.75, and the first increase this year in the unfilled or ders o Pporati A reaction in stock prices started sarly in the weck on the theory that the market's technical position been weakened by the recent tacular ad jce in many issues and that a correction was necessary. This was intensified by the increase in the bank rate and the traditional “selling on the good news” which followed the cutting of the General Motors “melon.” but a sharp rally late ves terday helped to revive speculative confidence Tendeney to Sell. Inasmuch as Wall Street upon previous increases discount charge ng the brakes the United States Steel Cor. as looked the re- n as a‘means of apply- bull” speculation in the stock market—post-mortem explanations of the drastic reaction in Mareh gave the previous increase in the rate as one of the ‘“reasons” for the subsequent collapse in quoted values—there was a rather general Gen Bak A disposition on the part of traders and investors early vesterday to lighten their holdings, particularly of securi 1i8 Gen N ties which had enjoyed a sharp ad 1 Gillette X vance in the last few months. 4% Gr o en Goal Tt was generally conceded, however, 1 Happiness ¢ that public speculation in the stock 1H market has been nowhere nearly as| exte he last two months as it ow er in the vear, and that eh Val C 5 Mimnor bank iate was @ logitalite | apbrnpEoae | quence to the increasing demand for 2 Midvale Co expanding D move. with and wds in tndustrial ments. connection activity News Is Constructive. Most of the wee trade News was constructive. O widespread interest e ferch was the establishment of a new high T el level for the vear in loadings of rev rihe Pow ... enue freight; the Federal Reserve Qvington_ Bros Roard's report of record-breaking oo Sl bper dustrial aciivity in the fiscal year! : broct & Gambie ended June ); the reduction in stoc ak A of refined copper, ng them to el the lowest level in ; the ffen Bu n.. ing of ke e an e prices in ST the Middle West. despite the large in 1% Rickenback Mo crease in crude oil production, and the i See publication of another series of excel- | lent carni staten by a wide | assortment of industrial concerns. ney Motors common. after | 7Stz Mot hing the record high fig | AswiE ind) . broke below 200, but s | 1o Swift & Co 208 last night. United e mimon attained Lux Pic A and rebounded to ST R was the leader in the railre group, it ‘R moaring to a new record high level for Tmp ( ail time at 1301, Other rails i | B extablished new peak prices for the | liros Pic 2 r during the Baltimore 1 Wolver Port € C 6% & Ohio, New Yor . Norfolk & | Sales MINING STOCKS Western and Southern Sy Ao huadeeds ferved 0 Comstock SOUTHERN RAILWAY VGAINS. NEW YORK. August 14 (#) mated gross earnings of the Southe Railway from January 1 to date announced 1« as $123.248.435. an Inerea. over the same period 973 Mobile and estimated 1. veuy <5 Ohio Railroad gross thus far this an increase of $540.5 over AJAX SHOWS PROFIT. NEW YORK. August 14 (P).—The Afax Rubber Co. and subsidiaries ve- | port for the six months ended JTune A0 o profit of $324.270, after charges and Federal tases After setting 000 for inventory reserve I net protit of 874 was de This compares with S22 304 es and Federal taves, i f 1925, FEWER FAILURES REPORTED. YORK. August A smali the number of commer ial the United States is reported th to R G. Dun & € the total being 371. There were 375 lures last week. but only 319 fo is week o year ago CRUDE RUBBER ADVANCES. NEW YORK. August 14.—Crude rubber. smaked vibbed sheets, ad- vanced a half cent at today’s quota- tien of 3% a pound. This compares with 401pc a month ago and S3c year EVERYMAN'S INVESTMENT BY GEORGE T. HUGHES. Accumulation of funds for invest ment is almost alwavs a slow process. I is sometimes anticipated by enter- ir n arrinsement to buy ties on the instaliment plan. The is scheme have | way 1 may be in order then do be in a hurry to est small & Far better to keep int 1e savings bank until er has been put as substantial purchase. You may lose a little interest way, but that is not very i Ordi v it is advisable 1 until one has enough to t P 000 bond at least a omination. rath taking one-hund is the money is r saving: rapidly twive a v to invest new funds and comes ave a sup. emergency in the That is what savings imiss 0 h it never plus mavi hanks Now it 1s my purpose to outling a budget syster savings or to suggest how set aside eut of various incomes for savings That is a matter for individual de. termination suided by the preachers of thrift. 1 may Suggest. however, that when one has once made a start in the purchase of securities that the gavings bank can well be used to col- Ject the dividend checks and the inter- ext coupons, leaving the amount to be added to other savings. If then the total is not ¢ rbed more than twice a vear one receives what amounts to compound interest on his savings In other words I am advising that | income from securities be set aside as a nucleus for further pur: chases and that the proper place for this purpese is the savings bank. It fe <urpr how rapidly capital in- ereases 1 s way the had | spec- | e | Railroads in who | ANCIAL. Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, August 14.—Heavy short vovering came into the curb market at the close of the weel, car- rying many Issues up substantially from where they had left off Friday. Buying was particularly pronounced In the oil group, but good sized offer- ings kept any sharp advance in this quarter. Humble Oil, Standard of Indiana and Imperial Oil of Canada rose a_half point to a point, while Reiter-Foster was the feature of the independents gaining 2 points under an urgent demand. Food stocks, which had been looked | upon with a good deal of favor dur- ing the past week, were in demand agai, but those who were in the market for this class of stock were not disposed to bid prices up. Sales 1 vie Gan & Ei Hawaijan § Laund M: L& Trac Pow & L pi Rayon_ Pro gum T vie ” nperp A Superp B 1 Arundel Cor 880 Gas & Elec. aw Knox Co S | i 1 “elluloid Co elotex Co 3 Colotex ¢ Cent Pip Cor. | 2CG Spr & Bum 1Chi Nip Ao 1¢hi Nip B i 2 Commonw P C Consol Dairy P n Con G Hi 11 Coneol Laund 13 Continan “Bai. A 56 Continen Bak R 1} Copeland Bra ww 3 DR A i Dlbiline N 2 Dz o A v T E"Bd & &n'pra 1 B & Shin"Cor | nvest The R Socur ¢ A A “oundation ¥ A Frank H H M © 12 Freshman Chas i Garod Corp. 1 Municipal 2 Mu Rag Radio i 1011 10115 Copper_ {or )th Div tional Tin Mining mouth 1 S6 Am G 10 Teck Hughes Tono_Belmont Verde Ext NEW YORK CURB MARKET THE EVENING Direct to The Star Office Continental Baking issues and Pur. ity Bakeries B were readily absorbed whenever offerings came upon the market. Buying of these issues ap peared to be baved on the belief that they bad not discounted the improved earnings which have resulted from expanding operation during the first six months of the vear. Considerable interest attached to the trading in the new General Motors stock The market was taking its cue from the action of the shares on the Stock | Exchange and when heavy coverings came into the market on the big board the additional issue in this market was | carried into new high ground around 142. This price was equal to the shares on the Stock Exchange Other motor stocks moved with good deal of indecision, Durant gain ing fractionally, while Stutz lost a point to 21 Sales STANDARD OlL ISSUE: in it 300 A0 Am 0 e al Sig Ol 30100 Humble O1 & R 3300 Imp O Can i 5400 Inter Pet C Lid 100 Nat Transit azac 3 130 Swan & Finei: 1100 Vacuum 0il Sales BONDS. in thousand 2'ATum 75 new 53 106 Am Gax & EI G 1003 Am Pow & Lt 63 1001, Am W W 6s AL 0610 ond As Sim Har ¢ 5L &0 R R 5> + Beaver! Bell Boston Cikor O W 1 Serv 68 B ew rv 78 D 1 Cons Gas' B 39 Cos 4 T dep 2 Ind Lime: Glnd P & N as Lehi Po Gs A 1Tag Win Re B 7 US Ruh 61558 7 Salesin FOREIGN thousands # Antiag Baden 3 Bue Air T Bue A 10 in: 2 6 Ni 1 Prov , 1 Prov 1, Aus 2 RCCh Ba G 14 Saxon P W, 28ax S M1 i i Saies INDEPENT hundreds 1 amal Roraity “ 0 [ i Amer Con Oilfide. 1'% 13 1l TOCKS | | i | { | | Special Dispatch to The Star. S YORK. August 14—During the past week, while there have been | wide fluctuations and a good deal of | excitement in a number of the higher priced industrials. the increasing in terest in the rails has been the main | feature. { The buying movement in the ra way ~ection has in part reflected the investment absorption due to the ex haustion of opportunities in securities | {of the first rank and in part it has vepresented the view that the com ling month will seen another huge ! traffic movement, even exceeding that | of a vear ago. This will lead to high- er dividends is a reayonable belief. | Good Shape. | For five years following the resump tion of private management, extroadi nary sums were diverted to mainte | nance expenditures. These appr priations kept down net earnings compared with gross, but beginning with a vear and a half ago the main-| | tenance budgets were cut to normal | and net revenues began to mount. | The present situation is t of a transportation system the best off | physically in its history. with no fur-| ther mecessity for an unusual outlay upon property, and with big surpluses accumulated. Under these circum- | stances, even the most managements can fairly consider pay ing out more to their share owners The upward movement in the rai during the Autumn of 1925 was based | upon meager prospects, which the best were an uncertain influence | so far as market values were con- | | cerned. The present advance, found. | ed on legitimate ideas of higher divi- | conservative | dends, with a virtual certainty of record earnings, is much more solid When stocks like Atchison, Norfolk & Western and New York Central| assume the lead and k into new | high ground. it means a lot for the entire business situation. | The idea that the 50 per cent stock | dividend declared by General Motors | has been discounted in advance caused a decline in General Motors stock in the trading immediately fol lowing the directors’ action, but the price subsequently rallied. The winds | of speculation blew alternately hot | and cold upon the stock. Naturally ' there was a good deal of profit taking | in General Motors as a result of the stock dividend action. but the stock appeared to ba so well supported that the speculative tendency in this 1 | They spell large asstculturel 'SEEM HEADED FOR A HIGHER DIVIDEND RATE Increased Interest in These Securities Chief Feature of Week Marked by Big Melon Cutting of Gen- | eral Motors and Increase in Rediscount Rate. quarter was considerably cooled. The strength of General Motors. together with the upswing in the rails, dis- comfited the element working for lower prices. Higher Money Rates to Hold. The markets have been adjusting themselves to the opinion that the re cent rise in money rates is going to hold. This has not affected specula- | tive calculations, because the supgly of funds avail Wail Street pur | poses is normal. Th has shown itself in investment quarters. The in dications are that the higher-grade { bonds reac their peak two months ago and likely 1o start upon any fresh Althiough the i New York al F ount was in the I nature of a local realignment to rates which had iong 1 prevailing in other rts of the country, it did em in bankin wket wonld not phasize a juc that the money r back to its low of the Spring. bu would maintain the present higher level, and. if anvthing. work higher. | In consequence, [nited Staies Govern: ment bonds have been coming down, while in the higher corporate securi ties there has been stagnation Business Position Good. The husiness positi avorable Seldom has the general volime been maintained during the Summer period the way it is now. On the other hand it has to be recognized that this week's turnover is bemg done at comparative. ly lowprice levels. According te Dun’s Review th during the last week. as aga s, This represented provement over the w over the corresponding week a ye ago. Still it gested profit margins none too large. Cotton Down on Crop Report. The cotton market was hard hit by the August report of the Department of Agriculturs, The figures pointed to a col Iy production than had lool for. If, during the s propitious con- the two previ- op will excoed the big vield of a year ago. Cotton prices at their low of the week came very close to the extreme bottom figure of the year. At these figures there can be little or no profit in cot ton raising over the greater part of the territory. The old quest under such cir are altogether a re were 35 declin an k before and been rest of the season ditions exist as thos ous years, the 19 n comes up whether imstances hiz crops tavorable feature. profits the far the railroad., but where STAR, WASHINGTON, D. C. SATURDAY, AUGUST .14. 1926. ACTIVTY IN TRADE DUETO CONTINUE Expected to Be Maintained Up to Winter as Result of | Bright Conditions. BY J. C. ROYLE. | Special Dispatch to The Star NEW YORK, August 14.—The vol- ume of evidence supporting belief that the present remarkable industrial and trade activity will be maintained right up to Winter continued to grow today. Bank deposits indicate that general business has experienced an *xpansion of between 9 and 10 per cent so far this year as compared with 1 It is estimated that the national wealth has risen to approximately §400.000,000,000, or double what it was years ago. The General Motors stock dividend not only will put an additional sum of money into general circulation when it is pald, but it afforded proof that the automobile industry can be ex- pected to maintain its present pace or even increase it. This is significant. since the automobile industry, steel | and bullding are among the great de- termining factors for prosperity. Buying in Steel Gains. Not only has the steel industry| maintained an unusual pace all this month, but buying has gained a step or two on consumption. The only check noted has been offered by ex- tremely warm weather in some dis- tricts. Theiron mines are being speeded up to provide ore for future require- wents. Ruilding contracts are still well ahead of those for August, 1925. but there has héen a rather sharp slump n applications for bullding permits in some sections, New York. Chicago and_ Philadelphia all recorded drops, as did Boston and many other New England cities. Building materfals, however, showed no signs of further weakness and there was some im- provement in the labor situation in places where disputes have been in progress. The demand for electric power. another business barometer, is being maintained at so high a figure that many public utility companies are rushing improvements and better- ments to take care of the business. Mail Order Sales Drop. Sales of mail order houses and chain stores are showing a slight drop from the season’s high marks, but this is largely a seasonal trend. The department store sales have been ex- ceptionally well maintained under spur of special sales and bargains. There are many buyers at present in the leading merchandise centers and they are ordering freely although not recklessly for Fall retail needs. Im- provement in both sales and senti- ment followed the naming of lower prices on the woolen goods for next Spring by the American Woolen Co. “The prices of raw wool display firm- ness but only moderate strength. In general the agricultural situa- tion shows improvement. It is now estimated the sggregate wheat crop will bring the growers more cash than in 1925, not only hecause it is larger and prices stronger. but because it was made at less cost. It should not he forgotten, however. that although the South produced the largest crop of cotton in history last year growers received less for it than for any crop since the exceedingly small out turn of 1922, The average received was $100.92 a bale, compared with §124 in 1 Cotton promises to return even less this year unless conditions change. LOCAL MARKET REPORT. The daily market report on fruits and vegetables, compiled by the Market News Service, Bureau Agricultural Economics, is as follo Apples—Supplies liberal; demand light. market dull; bushel baskets, Maryland and Virginia, Oldenburgs, medium to large size, mostly medium of size, 75al.00; Wealthus, medium to large size, fancy, few sales, 1.50. (untaloupes—Supplies liberal; de- mand moderate, market firm; North Carolina, green meats, standards, 36s and 43s. 1.50a2.00, few higher. Onions—Supplies very light: mand light, market steady: South Cavolina, 100-1, Australian row 2 b Lettuce-—Supplies liber: maoderate, market firm; ) demand w York, dozen crates, Big Boston_type. best, 1.00a1.25; poorer, low 50; Western supplie light: no sales reported. ches—Supplies liberal; demand te, market firm: Georgla and North Carolina, bushel baskets, El- bertas, large to very large size, 75a 1.00; 65, Klbertas. large to very large 0al some ripe, low as 75 bushel kets, Belles, best, 1.50a1.76; some poor condition lower; Maryland, hushel baskets, Champions and Hi- levs, small to medium size, 1.00a1.25; i 35a50. sizes, Potatoes: light, demand | moderate, market firm: New Jersey, 150-pound sacks Cobblers, U. 8. No. 1, st mostly 4.00; some fair condition, .75; poorer low as 3.00, 1" Watermelons—Supplies liberal, de- mand light, market dull; South Caro- lina, Excells and Tom Watsons, bulk ¢, 30-pound aver- per 100 melons wasts fge, 15.00; Thurmond Grays, 32-pound laverage, 35.00; 30-pound average, 20.00. Carlot sales—South Carolina, bulk per car Thurmond Grays, 3:- | pound average, 300.00. Corn—Supplies liberal, demand mod- market steady; home-grown, ed, per dozen, sugar corn, 15a20. | Cucumbers—Supplies moderate, de- mand light, market steady: home- wn f-bushel hampers, 50a75. Peas—Supplies very light; no sales reported. Acceptable Apology. ¥rom the Boston Transerint A lively di on between two men led to a row when one told the other he lied. The offended one rushed for- {ward and they clinched. The other {exclaimed, T reiterate that you're a il astonishment of those around, jeved man let go his hold well.” he said. 1 accept the lapolozy. 1f a man says he refterates. | {that 11 a gentleman can ask.” | He did not understand w the by- ! standers laugh=d, but the fight was ff | the a; 1 on, | im- | farmer is making no money he can- not spend, and this is likely to show Jater on in a diminished volume of | business in the cotton States Franc Has a Backset. The recovery of a week ago in| | French francs did not continue. The | {international banking community is | | still waiting to see how the new finan. | | il program will work out. whether | it will realize the expectation of its! promoters by balancing the French {budget and producing a sufficient rev- |enue to inspire confidence in the pres- lent valuation of the paper currency. | | The main reason why the franc did Inot continue to improve was the un- villingness of the French Parliament to take up the American and English debt question before the Summer re |cess. This means no forelgn loans {help out the franc for the present, and it was upon such loans that the |hope of stabilization was ohlefly founded ENTIRE COUNTRY NEW ORLEANS, August 14—Suit to foreclose a mortgage for $741,000 has been brought here by the Brook Iyn Trust Co. against the Lucas t Moore Stave Co., the largest mak- ers of staves in the world, with mills here, at Mobile, Columbia, Miss.; Hornsby, Tenn.; Chelsea, Mass.. and Irvington, Y. and nearly 1.000.- 000 acres of hardwood timber lands. DETROIT. August 14.—The vol- ume of wholesale trade is relatively steady in this section and prospects for the immediate future are favor- able, but dealers are not buying far ahead. JOPLIN, Mo., August 14—The tri- State lead and zinc fields are facing a serjous curtailment of production owing to the impending shortage of milling water. Mill ponds are dry- ing up and unless heavy rains fall many shutdowns will be necesss ROSTON, August 14—Thanks to a demand for automobile robes and fabrics for automobile upholstery the Sanford mills have been working overtime lately. It is rumored Gen- eral Motors may possibly acquire control of the company. DOMESTIC BUSINESS ACTIVITY IS GREATER Larger During First Week of Au-| | gust Than Previous Week or That of Year Ago, Report Shows. Domestic business activity as meas- ured by check payments was larger during the first week of August than during the previous week and the same period last vear. Commerce Department summar disclosed today. was effected notwith- standing a slump in building contract awards. which began in July Wholesale prices continued to de cline during the week, while loans and discounts of Federal reserve member banks increased. interest rates on call loans averaging higher than for the previous week and the same period last year. Summarizing business conditions in July, the department noted that pig iron and steel ingot production was greater than for the same month last vear, but below the June figure, while check payments indicated thay the dol- lar volume of trade was larger than for_July, 1925. Employment in manufacturing_i dustries decreased 1.6 per cent in July as compared with June and payroll totals decreased 4.5 per cent, the Bu- reau of Labor statistics of the Depart- ment of Labor reported today in a preliminary survey Employment last month. however, was 0.6 per cent greater than in the | same month of 1925 and payroll totals | were 1.8 per cent greater. 'The re- port covers 10,128 establishments hav- ing in July 2,975,090 employes with combined earnings $76,919,00: 2 - WOOL MARKET QUIET. BOSTON, August 14.—The wool market closed the week quietly. Deal- ers in foreign wool reported a little better demand, especially for South American wools. Prices were un changed, with domestic wools in best demand. COTTON GOODS QUIET. Special Dispatch to The Star. NEW YORK, August .14.—Cotton goods markets closed the week quiet, with prices easing off an eighth cent for print cloths to 7 for 64x60s and 81, for 68x72s. Raw silks were quiet and unchanged. BOSTON STOCK MARKET. BOSTON, a list of today’'s highest, closing prices for the most active stocks dealt in here: High Low. Amoslceas i ATrodtan 1 Arizona Com 12 Bigelow Hartford T8 n':oll ‘A-:]t{‘l s 83 aton, & Mairie :‘M\l &H"l‘fln e Jfl$ “opper Range. . & Easl Dutte I Gilehrist a8 Gillette . o Terman Nelson Hood Rubber Taland Creek Pocahontas uiney ower Mk T'nited Fruit. . United Shoe ‘M. Uni Shoe M pfd Utah Apex Walworth The increase. | in one week of| | | When n aoubt about a security | consult your banker. It is equally as much his interest as your tu rotect | your savings. You trust him witn. your deposits—why not trust him ur i tment problems? Prompt Action First Mcrtgage Lowest Rates of Interest and Commission Loans Thomas J. Fisher & ___388 10th Street Money to Loan Secured by first deed of trust on real estate PBreaiting inisrest and commission, Jose;_rl‘ 1. Welle: ash. L. & Trast Company, Inc, treet eller piig. oh &' ¥ REAL ESTATE LOANS ANY AMOUNT 51/2% APARTMENT HOUSES S PROPERTY S AT LOW RATES FRED T. NESBIT 1010 Vermont Avenue N.W. Main 93 e Real Estate Loans Maryland—Virginia District of Columbia The Capital Realty Co., Inc. tnsurance Bide. 13th and Eve n FOR RENT Stores and Offices Near the New Willard Hotel —Reduced— Monthly Rates If Rented Before September 1st H. L. Rust Company 1001 15th Street Main 6888 | | We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of est. Should you have Money to Invest —ve can also take care of you. Our experience, ex- tending over a period of Thirty-Five Years —insures your protection. Percy H. Russell Co. 926 15th St. N.W. FIRST MORTGAGES FOR SALE 6Y2% PE_OF SECURITY ONSERVATIV In denominations of $250, $500, $750, $1,000 and upwards, se- cured on improved real estate situated in the District of Columbi JAMES F. SHEA 643 Louisiana Ave. N.W. inter- | | | First Mortgage Investments Secured by TImproved Real Estate located in the Nation's Capital. Government associ- ation doubly insures their worth. Annual return. 6129 Mortgage Investment Dept. lSHANNON & LUCHS] 713 14th Street Main 2345 The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Etate in the Dis- trict of Columbia and Nearby Suburbs m Montgomery FOR 3, 5 OR 10 Honses & Business Properties OYa% County, Maryland YEAR PERIODS Apartments Office Buildings ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY Incorporated. MORTGAGE LoaN 1321 Connecticut Avenue GORRESPONDENT Telephone Main 9700 Main 2100 B. F. SAUL CO. Earnings from Apartments —are grecater, with greater regularity, when fact-knowing experience is applied to their man- agement. For a third of a century we have spe- cialized in this service. in- creasing owners' earn- ings. Phone us. 925 15th St. N.W. 23 Centuries of Experience ILD animals consume as they \V go—saving nothing for . themorrow. But centuries of experience have taught Man that he must always provide for the future. Today the question is not, “Shall I save "—but “Where can I invest my savings safely and with good vield?” The First Mortgage Notes offered by Swartzell, Rheem & Hensey Com- pany, with their 677 yield and their record of fifty-seven a without loss to an investor, solve this problem for you. artzell. Rhkeem & Hznsey Co,, Mortgage Bankers T27-151h. Street, N.W., Washington. ve: 57 Years Without Loss to An Investor Open Until 5:30 P.M. Monday, Aug. 16 Most of Us Have Friends —who, despite good earning capacity. are con- stantly “broke” financial- ]y. Inabxhtv to save, han- dicaps their ability— chains them to salary OFFICERS: Eervitade William D._Hoover. President Woodbury Blair, 1st V. Pres. Frank W. Stone 24 V. Pres. i Frank Stetson. Trust Officer Steer your way to oppor- Chas. C. Lamborn. Treasurer ¢ E. Porcical Wilson, Secretars tunity with the aid of a ank R. Climer. Asst. Trea A o = ¥ Brice BAird, nai. 'rr.Tom%«";‘“ AVINGS ACCOUD and W CaIvart asnt. Trean. u'll soon know and enjoy John W. Calvert. Asat. Trea W. Hiles Pardoe. Asst. Trea: Alexander J. Fant. Asst. Se John M. Bofeler. Aset. St Audley A. P. Savage. Auditor DIRECTORS: James J. Becker Woodbury Blair Wm. A. 'H. Church ‘Walter C. Clephane . Rozier Dulany. Jr. W B. Edmonston anklin H. Ellis Frederick A. Fenning I Prescott Gatley Witliam: D. Hoovar Walter Bruce Hows Reginald 8. Huidekoper Vietor Kauffmann Charles Minghall Edmund D. Rheem Frank Stetson !‘rmk “".[ .N':;mlflk William H. Walker willam ¥ Wilar National Savings & Trust Co. Capital and Surplus, $3.000.000.00 Oldest Savings Institution in Washi Cor. 15th and New York Ave. financial freedom. T We're helping over 47000 capitalize their thrift, and ill be glad to welcome you in Our Savings Dept. TS PAY DNY. Same Rate of Interest Paid on Large and Small Accounts Travelers’ Checks for Vacationists ton 59th Year 4,000 Shares 8% Cumulat Stock—Par $100 4,000 Shares Common Stock—No Par IN The A. Lincoln !‘lotels, Inc. $100 | 1 Share of Preferred Stock 1 Share of Common Stock The Preferred Stock to be evidenced by the issuance, at this time, of Convertible Receipts bearing 77 interest, payable emi-annually on Jan. 1, 1927, and July 1, 1927. On last named date to be converted into 8% Preferred Stock. T! ure the investor of interest during period of construction. OFFICERS AND DIRECTORS ABLE LESLIE M. SHAW, CLARENCE F. DONOHOE, Chairman of Board Vice Presiden Preatdent. Washineton R HONOR, tate Roard Former Secretary of the Treasury i e -t Director. National Canital Banl Former Gerernor of lowa Viee Prestdent. National Morteage and ities Service Co. nie MICHAEL_ WF President. Weller Director, Renl Fata HONORABLE EDWARD W. POU, bk President Viee Preatont a1 B e S Al T Pl Mortgage C Dirertor. Direet Director, ) E. MORAN. Director President, C. E. Moran & Co., Investment Bankers STRATEGIC LOCATION—At the intersection of F and North Capitol streets and Massachusetts avenue. Only one block from the Union Station. SAFE FINANCING—As evidenced by conservative plan and a sound directorate. EFFICIENT MANAGEMENT—Provided advance. The A. Lincoln Hotels, Inc. 502 Denrike Bldg., 1010 Vermont Ave. Ma THE A. LINCOLN HOTELS. Inc. 502 Denrike Bide.. Washineton, Kindly let me know more aboout the New Washingto: \ for well in 940 \ve. 10 Vermon «. - TR RO T RN AR