Evening Star Newspaper, February 26, 1928, Page 35

FINANCIAL. UNDERTONE EASY | ON BOND MARKET Trading Slow — Interest Is Shown in Foreign Group. D. C, FEBRUARY 26, 1928—PART 2. — e e TOECHANGEHERE N | District National Securities Corp. Preferred Listed. TIN Money to Loan @eed O1 trust on real estate and_commission Wash. L. & Prus h & F AW Righ Low High Low L 10214 100 23 101 [0 10330 102 28 103 15 102 30 110121 100 19 100 26 109 10412 103 13 104 103 16 110 "Ilh] ot 1014 anty 108 100 14y JTEN Lot Apply for a Loan to &M‘KEEVR’“ ervice _‘:‘zm E ) Prompt Action—Minimum Charges—Mazimum Sercice Ask for Mr. Dean 1415 K St. N.W. Yield Liberty 3%s 1933-47.... 0 Liberty Lat 416» 1932.47. Liberty 20 4%s 1928 ... Liherty 4th ¢4 8 1938 28 Treasury 4%« 1947-52 FOREIGN Argentine June ds 1969, . Argentina s A-1987. 102 30 100 14 103 24 15 16 Low 994 100 47 1048 1001 103 2 102 30 100 16 100 14 103 268 103 23 1" s 6 Prev week's Cloas High 1007 1007 1st Trust Loans Any Amount D. C. and Montgomery County Large Construction Projects FRED T. NESBIT 1010 Vermont Ave. M. 9392 NEW YORK, February 25, 1928. . ‘This Week. High. Low, High. Low. ceeenees 17621 174,54 179.03 177.06 This Week. last Week. . 9233 92.69 . . 106.90 166.97 This Week. Last Week. Year :;zol, 4. Last Week. Laet. U T 100" 1011 B4y (OIAN ot 157 1ot Stocks (average of 50 issues) Bonds (average of 40 issues). Forelgn bonds (average of 10 issues).. cevereean. 47 Federal Reserve ratlo. . m 0. Raletum X8 1941 Last Week. In Nearby Virginia "Ga‘S" at New High. Prudential oL sl Insurance Co. Another local fssue has been added Loans to the ever-expanding list of securities the Washington Stock Exchange 2 estment Co. ||| " 8 8 Commonwealth '“":hm o[ | THE Doard o1 governers at a mecting : | yesterday voted to list for trading 8,600 |shures of 7 per cont cumulative pres ferred stock. par value $100 per share, . teas | Of the District Nattonal Securities Cor- tnte b rest 65 | boration. WM. 1. BALLARD i The officers bohind this corporation 1220 bae SO\ W are e same as those in charge of the | destinies of the District National Bank. 0 617 Return Lhe concern 1s one of the many which boen organized by officers of local | banks for the purpose of buying, selling, There is SECURITY PROFIT and improving and dealing in real estate. SATISFACTION any was organized on so is now well into 5 o Evar . C. J. Gockeler and Hilieary Offutt, vice presidents: and Raiph P. Barnard, nGOS 1415 K St. Main 4752 i esvice on the loca! Stock Exchange, Washing- | | | ton Gas Light steck scaling the finan- | until it stored a new the year, The sioc opened at 85 flat on a 36-share turn- over. Trading became very spirited land on small lot transfers it climbed | to 83';. §3'.. 88% and 89 and on the | 1010, 10515 116 1051 w2ia 10y 101 101 105ty [UEN s Rordeans #s 1934 Heaml Bbgs 9B . Rranil Re 1941 Atres Province 7s 1 anada Canada le Xx 1941 hile ¥s 1948 . Jzechosiovakia X 1951 . Dennark Ss 1942 .. Duteh Kast Indies 83 1947 vernmen: is 1949, ©rench Gove i s 1941, French Gove $8 1945, ierman Is 194y ttaly is 1951 .. Japanese Hlps 1954 . oy Jergens Utd Markarine 6s 1947, u Peruis. .. -t i 8 1950, Queensiand §s | Queensiana is | Rhinethe in Rio de Jan Rome 83352 ... Sav Unulo State of 88 1336, Seine Dept ot (8 Serbs Cromis Slovel Swaden is 193y, Swixe alps 1946 . Tono Elec Pur CELLANEOUS 1001 101 100 107% 101% i o 28y 1004 10 1e3% PR 1044 1078 1011y T0iste 100 1w 1n4 1ubit Aubly vz 108" 06 190 103 i Ly [TESN 106 wi 101 07 n (TEN lubte 16 U8 100'y 1065 | Money rates in New York: | | Pig_fron production. : 74.0 This Week. 4 to4, . 41, to 4% Month of Dec.. 1927, 3,972,874 86,960 Call .. . Time . 4hg to 41 415 1o 4% Month of Jan., 1927, 3,800.177 100.123 Month of Jan., 1928, 4,227,904 92,573 Unfilled steel orders Buiiding permits: Number of cities Amount ..... Commercial failure Number ...... Liabilities . Revenue car loa All commoditic: Grain and grain Coal and coke Forest produets....... . Miscellaneous products. 517 499 517 . $261,758,766 $277,130,231 $280,305,016 (R. G. Dunn & Co. reports): & 2,643 2,162 2,465 $37.634.411 851,262,253 $01.290,232 Week of Feb. 11, 1928. Previous wask. Year ago. . 906,009 926,204 962,602 . 53,788 41,342 192,004 230.885 69,379 318.926 are ..... 7.660 Live stock. . 35277 U. S' TREASURY IS CLASSED AS GREATEST BANK IN WORLD | | tion can be better adapted to its busi- | {necs needs, but such changes probably to stimulate the sale of Government | will bs simply refincments upon the bonds and provide a currency df uni- | splendid base structure which exists. It form value. Congress by the act of |may well happen that the greenbacks, February 25. 1363, provided for the !the national bank notes, the silver cer- National banking system, which indi- | irates and ©ome other minor forms of rectly gave the National banks a mo- | currency which are still floating around nopoly of the issuing of bank notes |may he retired. and in licu thereof Fed- secured by a deposit in the United ‘eval Reserve notés made the only note States Treasury Department at-Wash- | circulation in the country. ington of United States Government bonds. This arrangement at once made Pl Lo Bl a market for a large amount of vonds | _The Federal farm loan system is a (Continued from Ninth Page) Erie 5s Feature. i i By the A NEW YORK, February 25.—The bond | market failed to establish a definite | trend in today’s brief session, although | there was an easy undertone Trading | was rather below the average for a half | holiday. reflecting again the hesitancy | of traders pending announcement of; details of the Government's Spring financing. Buyers continued to manifest interest | in the foreign group, favoring some of | the South Americar. securities. City of | Cordoba 7s (1957) were accumulated in | moderately large amounts, rising 3 points to 101, a new high record. These | bonds were offered last year at 98%, | and late in 1927 they sold as low as| 96i4. Italian municipals, which showed firm tendencies most of the week, eased | off on profit-taking, and there were | moderate recessions in Argehtine bonds | on the eve of the offering Monday of the new $41,000,000 Province of Buenos Alres loan. Erie 5s were .he star performers in the domestic rail list. attracting large buying orders and rising to 98'5. The Seaboard issues, however, again turned heavy, and recessions were made by New Haven 45, Yong Island 4s and a| few others. Little attention was paid | to public utility and industrial liens. | As s usual just before a new phase of Government financing, Treasury and Liberty bonds were dull and featureless. In general the former advanced slightly, while the Liberties remained unchanged from yesterday's close, or receded a iated Press, Telephone Main 4752 WE FINANCE —all clames of Income-producing oroperty Large Loans a Specialty Ciirrent intereat rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. WRIGHT, SLADE & CO. Members New York Stock Exchang New York Cotton Exchan, Chicago Board of Trade Stocks and Bonds Bought and Sold for Cash or CARRIED ON MARGIN THE MAYFLOWER HOTEL . Conneeticut Avenue at De Sales St Telephone Main 1581 Resident Partner LOANS ON HOMES 5%2% tion to appli- Interest 103% 102 108 104 . 105 102 tus 106 105% 1024 1ox% o 109 106 106y e 1941 v 1vei.L.. it 18t 8 1080 ... 2al teDning s 1937 & Felciu e 1929..... A leistas ouda Copper 82 1963 3 Anacunds Copper O deb s 1938, Armiour & Co digs 1939, ot Detdbps 48, nx gep 38 and also provided the Natlon with the. outgrowth of the Aldrich investi perfectly safe circulating medium i | | gation of European credit facilities of regard to which there could be no possi- | ? | ble question. The virtual monopoty of | 1907-1910. The eystem provides for | issue referred to above obtained indi- | the money needed to purchase farms | rectly by taxing all other bank notes | at the rate of 10 per cent per annum, | whereas the National bank notes were only taxed one-half of 1 per cent per | Teport from the banks shows that they annum. It followed very naturally ' are loaning $1,150,943,000 to the agri-| that the State banks had to discontinue | culturai community, while joint stock | the issuance of bank notes. | 1and banks, which function under the| g While the currency . issued by the | supervision of the system are lending | CHICAGO, February 25 (P —Butter national banks is perfectly sound, yet | $607.821,000; & total of long term credit | 098y ruled steady to firm with a fair it proved to be a currency which was | thus made available to agriculture of | tfade reported on all grades. Buyers almost wholly unresponsive ‘to the | $1752834,000. Later on it was found [S€ operating more freely. Greatest in- needs of business, because the amount | advisable to adopt another idea from |[fFest ¥as shown in scores below 90. outsianding was regulated not by the ‘aboarc—the financing of the farmer | THES® I‘:;"eu“““'-‘ cleaned up. Recei requirements of business but by the | over the period required to make and | 73 MoK d' S""“k quite flzoity’ | Fhe ability of the banks to keep the notes | harvest his crops, which led to the or. |fentralized car market was firm under in circulation profitably to themselves. | ganizstion of the intermediate credit | 30t SUPPIY and fairly active demand. | The country thus had two kinds of | banks. These banks are not function- | EX6AIRC scores were in especially notes. one of which Would not expand |ing perfectly as yet. but with further | S0t demand but very few were avail- or contract and the other which fre- | expeiience will undoubtedly be de-|""Bro g0 coore 471,: 91 e, 4673: quently would contract just at the time | veloped to & point where they will be | gFf00 90 ot 47 4: S score, 461z t should expand and expand when §i | more and more valuable, At the €0d | 33:°57 soore 42 T A NSO ought to contract. of 1927 loans by these banks. chiefly , "¢ S o s | ¥ |~ Centralized 80 score, 464 89 score, Specis Payakinte Eesibl on cotton. aggregated $31,991.000 and | 46 g5 score. 43, In 1879 specie payments were re- | An = they were also rediscounting paper for | gregate amount of $43.924.000. 100 | sumed—this gave the holders of the | Although the smaller banks through- | : s 1io' | greenbacks the right to demand gold |out the country to a considerable | E 6« | for them. About this time large dis- | “Xtent give credit facilities to the small | 1 coveries of siiver in Nevada and other | business man, we still have need of a| Western States had the effect of de- better system for affording such credit | preciating the value of silver in the | —Popular banks as they are called ! {terms of gold. and as both gold and |abroad. | | silver were at that time legal tender _The United States in two important the result was the forcing out of the | Ways afford the people of the country better money by money having a lower | facilities for protecting their savings. value, and thus in a few years gold | During the war the war savings sys- Seivice 6x 19, began to flow away from the country. | tém was adopted from England. which | ol N ia 1987, 5 1001, such exports between 1889 and 1896 | took the form of fissuing in exchange uthern Bell Teiephone 104 | reaching alarming proportions. Through | for small savings war savings stamps Staudard Uil N J 58, g ~ | the efforts of Congress to put more and , and war savings certificates. ‘This Luited Drug oe 1948, * | more_silver in circulation by requiring | System worked so admirebly that it is | the Government to purchase and pay ! still in use here, as well as in England, for it in notes which were receivable | 85 a means to promote thrift. the 105t | for all Government dues, the Treasury <tamps and certificates now 102% | became so depleted of its gold reserves | known here as Treasu R3ls | that it became a serious question as| and ccrtificates. There are over $300.- 'l |t whether the convertibility of the, 000.00 of these now outstanding. In 103% | greenbacks could be maintained. Bee | June. 1910, Congress established the 871, | CAUS® the holders of greenbacks could postal savings system, making it possi- 97 | %0 to the Treasury ch:r!mml and de- | ble for the people to deposit their ugy | mand gold, the greenbacks then being | savings at the local post office. Back | 100+ | relssued in payment of public dues and ' of trem are a'l of the assets of the the process repeated, it became per- | United States Government. and at the ! fectly easy for the gold to be milked = same time the depositor obtains a mod- out of the Treasury and out of the | erate rate of interest. These pestal s+ | country. Consequently the country savings banks have grown until, ec- 21+, | would have gone on a silver bagis and | cording to the latest report of the | a form of partial repudiation of &1l con- | ssrvice. they had over $147.000.000 on .,n,i tracts, except those spccm}::auy m:deydepnm, 945 | payable In gold, would have taken | 100y | Place. 8o acute did this situation be- | Gt Lol to2a | come in President Cleveland’s second | The experience of our own and other vl | term that he called upon the banking | countries has shown the danger and 1014 | interests of the country, especially upon | yet the necessity of governmental 3. | the international bankers, to take steps ; partnership or co-operation in the %84 [ by artificlal measures to assist the | handling of the credit structure. Just .0 | Treasury to keep in gold for redemp- | how such co-operation can best be af- 714 | tion purposes and to maintain our po- forded has been one of the difficult sition as a gold-standard country. questions which has had to be worked Fortunately by this times the coun- out by a process of trials and errors. try awakened to the dangers of the | and it would scem as if. so far as our situation and legislation was had which | own country is concerned. we had hit | made it no longer obiigatory for the upon a happy solution of the problem. Government to afford a market for | It has been especially difficult to do so silver, and the metal was Jeft to find | becavse of the fact that we are 48 in- its level in the bullion market. Since dependent Commonwealth linked to- that time there has been no questfon | gether for certain commen purposes in of a dual standard in connection with | a Federal form of government T i our currency. However, although this| Including Federal statutes. this gives Have Moved Their OU"‘“ difficulty had been cured, the problem | 49 difierent kinds of banking laws. and K of making the credit media of the thus makes it quite a problem to know i - = 3 = country responsive to its needs was still | how to adjust the relations of private 1512 KN Street W unsolved, This resulted in an investi- | capital and what might be called pub- - gation of the monetary systems of the | lic capital. The vast sums of money world by .a congressional committee | passing through the treasurles of our to under the leadership of Senator Aldrich | cities, of our States and of our Federal trifle. New offerings for the week again crossed $100.000.000, and spurted ahead of the corresponding week of last ye The aggregate was about $116.000,000, and for the amortization of such loans | against $65.000.000. Last weck's new over a long period of years. The latest | ISSUes approximated $86.000.000. 14 | 105 T actions totaled 126 f Electric preferred came | 1d closed the weck strong | pital Traction figured in | 10-share sale at 112, o 1 point | m Friday's close and 3 points on the | week's top price. .Potomac Electric | | Power 6 per cent preferred appeared | on the board at 1101 and the 5'. per | | fo the extent of five 1 Chevy Chase Dairy e | preferred rogisiered 1051, in one sale. Bond trading was light. -~ Capital) w H s do - n Trn;é\m}n 55 fig\z{r‘rgni(;l 2 sll..’;nn transfer 1 40, . at 4’4 and 81 Vashington Gas m. 3unders L0.. e 6. sorics B, sold at 108',. The unlisted Founded 1887 Main 1016 1433 K Loan Correspondent for the | called off and a lew| chanzes noted. An offer of 70 was! Provident Mutual Life Insurance Company of Philade!phia 1051 105 1104, Uit ain 1t w1y 1064 100 Wi 8i'e 1045 2 H SN and K ste BUTTER IS STEADY. - The Conrestivwt Matual Life Insurance Co. W Man a6 WMo 1Ine of the olitest and most ronssrya tive Furni law cost ine and annuities Co-operates with lneal Trust Companies and Ranks in ereat tug Insurance Trust Fatates E D Sampson, General Agent 1125 Woodward Blig iba Catie Sug v deb 88 1930, LeLIaIt katison Tel K 1940 ke 63 1940 Kastern Cuban Suk | % 108 i made_for Washington Base Ball stock, | | the bid price remaining at 45. Chapin- | | Sacks § per cont preferred strengthaned | !l when the bid was raised from 102 to| 103 with 104!, asked. The bid on District Title Insurance Co. was rais>d | from 43 to 45. o Money Available ctric Power issues.. Washington Rail- | y & Electric issucs, Checy Chase ! in anv amount on homes apartments, business properties. | v preferred. Lanston Monotype and | tary Grocery preferred. i First Trust Cons'ruction Loans Life Insurance Sales Holding Up. For 2—5-—10 Years | Sales of ordinary life insurance for 10:% | the first month of 1928 compare favor- | i1V MoZerate Rete—Prompt Acticn ith the records of last January, | 103 Real Estate Morizaze & A total volume of $609.228.000 was sold | 104'~ in the United States this month by re- ! 1U8% Guararty Corporaticn Main 1403 26 Jackson Place | porting United Etates and Canadian | 10t!s 1% Kol o s 1Y diala Stee) o 1992 . ter Mer Marine 6 (941 Inter aper ax A (980 . International Tel and Tel 4448, Awily-Sutiuziieia 88 1981 LacKawanna Steel an 19; lacivdeatas . ... Lixkelt & dyers ds 1951, Manati Sugat 3148 194, Midtvale Sieel o8 1936 . New Eugland Vel s 1963 N Y kdizon (8t 8 1941 NYGasBLH&P 581948 NV Lelatgs 193y, . N Y el ds 1vel.. Northern States Power 1'acinc Gas & Eiec as 1942, racinic lel & Lol as 1953, I'an-American s 4 deluhia Co rel 1ud's 105 | burid- ook fl(lba.'s. Sager 924 14th -St. NW. TWILL SELL $1.000 Humtington Rall 1% 1936 $1.000 Fifth Ave. 370 SLO00 tusurance Exehange % w D: S: 100 W Phone Main 37 WANTED _ CORRESPONDENT OR DEALER companies. This is a gain of 1 per 10 cent over the produ: of last Janu- 1V Y most sections of | 1Y gain for the 12V | months ended January 2i, 1927, also | 1! ted to 1 per cent. m the Middle Atlantic section | tically 14 ! with last Janu- | . New York gained 1 per' ! for th> month. but sales in New | and_ Pennsylvania fell off | siight!; A 2.per cent increase is re- | { ported for the 12 months just ended | over the same period last year. { N and South Carolina lead the | 100 other Statcs in this part of the counury | .y ! for January with gains of 20 pei cent| o The scction as & whole aver-| ju.be agcs production 2 psr cent botter than | weiy | that rarorded for January, JIEN ihz 12-month period, are. practidally | 101-. | identical with last year's record; with the best gain of 10 per cent reported | in North Caroli . { ke Reports 26,000 Individua! Trusts. ol { , Controlier of the Currency J. W, Me- 103% Intish in his annual report Ci.ussed i | the reasons which impelled the au- 1zt thors of the Federal Resorve act to! ailow ‘nauonxl_h banks 10 assum g 2 his { 0 ons. “They saw.” he says, —differ widely. Yet it is advantages to the public of )mnmg only 2s ownership is sup- tailable 25 trustees, exccutors, admin- plemented by exnerienced, specialized management—in every class of property— that ownershin iteelf is made profitzble. To meke your property pay better: that's the aim of the service we offer. B F, Ma 1028 desire il 6y L1931 " ¥, . Smith &% pfd KRR, 1 Units Wordman Mortzage Dis- coant @ 81 108 Wariman B. K. Iav. 87% ofd @ £0 Units K. E. Mortzaze & Gtv. @ oty 20 Trust Co. U S Rubner { s 1980 1 N U S Steel st Su 1963 Western Union Wilaon & Co 1ut 68 J¥41 RATLRUAD. chisun I' @ S e e Over ¢ Third of 8 Century's E. Ballo ¥ VN0V 4 W 1141l0 & UNLO rel 3w 1¥¥ ... B&O Mtls L k% W Va is 1901, 15 $ U Southwestern iv g s 60 s1in 190 Our Tome Lite 108 Intn’ Garaee @ 63, THOMAS L. HUME 1412 G Strect Main 134§ I B & QuIncy Lut ret o8 1371 Chi & Eastera (i1 omi¥bl.... Chi Great W e An nouncement The Title & Investment Company of Maryland Cii M & St eyt geb 4 ige 1EY Chi & Aurthwested Uhicako Haliways o8 1924 Sh KL% acifie © the one uni- m the United rdized in its prac- i32d by the recognized al banks an agency through facilitios could be offered | every community in the uTh ozl 1les wdle 10b' 1035 110% 100'% ik H ils vl 104 1014 i04% Chi & Western iua con U Clev Cin Chi & St Louis bs L. 2 L L rel 65 A 194 Cleveland .. widtar ithe omtional fbisis Siiee ny‘m \..ohll-llvl Bouthein é e 136 irated the trust field is \ndicaten e (bilp Deiaware ih U act that the assets of the in- | 198" . al frusts potig administered by | * & b West 30 Wb e inese banks now amount to more than L s $1,000.000.000, while corporate trusts amounting to more than $2.560,000.000 | are being handied. More than 26,000 | ual trusts were being admints- | ¥ national banks during the past 104 il 1033 From 204 aite S0 Yy e Wi i E 2 b tlain b Hlan of Rhode Island, which committee In Government force a close relationship 1010 brought in a report and made bstween public and private interests recommendations out of which in 1913 | which cannot be avoided—it must be grew the present Federal Resorve Sys- | accepted and therefore the great prob- tem. This system was devised with | lem i to limit public Interference and “Ia view to overcoming the objections public control to the simplest possible which the country always had had to ' * | a central bank of ixsue and at the same * | time to secure for business the benefits [of the banking facilities which the growing business of the country rve- quired. Wages Average 326, 8 in industry are 8103 weekly pay per worker 10 a review by Employment was | rs dur- « average pay of fac. | ay 15 4 per cent higher | yoars azo, the review | | | Per cap) atmve the a in 1924, terms. 102+ e w wely bl » 0 100 ¥ PN 1y ELEC{!ICAL EQUIPMENT. NEW YORK. February 25 (# —The \ Welghed market for electrical equipment the past Ruusas City Southern és 1by, Needs of Business Weighed. week was featured by the gain in m- e o | white not disturbing the cisting |QUitles and orders from the electric forms of currency—the greenbacks, the 18Nt and power companies, Electrical national bank notes. the sitver certifi- | World reporta. Encouraging activity in | cates. ote.—the Federal Reserve System the sale of Central Station supplies was Drovided for an issue of notes seeured Boted In the New England distriet. | directly or indirectly upon the credit of | “"!"IW’ companies are planning larger the Nation and based primarily on the | Rurchases of equipment needs of business. The scattered re- SURMIISY, serves of the banks were all consoll- dated fnto cue reserve fund and thus (4 D . bl esiraple Office S ice Snace became n mighty foundation upon For Rent which to bui'd our credit stengture. Al g ! Commercial National the National banks were required to be- ! Bank Building come members of the Federal Reserve ! Syrtem—the State banks and tr See Superintendent B A AN Luter itapi@ Kraneit cv (s 1933 luter & Great Nor ad) 68 1963, Y earnings averaged $2667 at of 1927, which s 2pproximately me 25 e 1926 average Whiie umber employed tn 1927 was 2 per cent under the 1924 total the ag- gieal puy roil of the Nation's indus. | 198 wies increased 2 per cent over 1924, | 1UG It is appurent that industrics on the ' ¥4 are maintaining a relatively high | 4 Gpscity for thelr employes, and | 19 rend s oward higher per fad 8 or Gecreane the review siates, Chapin-Sacks Officers Elected “ Orenization mecting of th - C) M1l Klec Ity & LU Iut fef on 81, MSLrassmine vl Mo Kan & 1ut 48 lyvo, Mo Kun & L'ex ad) s 1081, Mo Kao & I'ex pr in 68 A 198, M - The New Washington Branch Office of the U neonditionally Guaranteed 1o LI Wi RLITY o9, e nite (NN loty LY \\‘\\\\ e R 2 S S A Lsnout) New Yurk New York New Y01k ( New Haven deb 4s 1981 . . NYNM&HGYadebds LY N My W sepen N Y West & Hoslon ¢y 1y AT B Wl NOFTUIK & Wes1ern cun 48 1998 . H Adalr vy Northern Pagilio ss 4040, b M. Adair, vice pri Nortnern Faoific 48 1wyl “rifield, secretery, M, W Nottnern Fagiho r Herbert De Pey, as- Ure 3hort Li and L. M. Ogden, us- each 60,70 IN. MORTGAGE Federsl se. e Com l EHIND SiRED BOND of the v i et 6a | di-| wcks Tee Cream | 110 officers were | <Y ) o Aetna Life lnsurance Company and pantes a'so had the pivilege of mem- | s . @ A\ bership. Bunks haviig membership i Affiliated Companies the <vstem have the Fight to uss their trade paper and United States bonds a3 bosia 10F borrowing at the Federal ¢ Banks and rveceiving efther o' credit on the books, If large acale | credits afe needed for the facilitation of business; or, Federal Reserve notes, ' to pay the wages of farm hands or (o or mercantile pay rolls. As soon period of strain has gone by e notes, unless needed, automatically ¢ flow back into the vank and are ean-, celed, and In the sam eway the credita | f arranged for at the Federal Reserve | Banks automatically are canceled by letting the discounted paper run off. Thua for the first time in the history of the country we had a sclentifically adjusted credit cture which came | fust n time to be of tremendous use in | fAnancing the extraordinary requbie- | menta of the World War, not only of our own Natlon but of the forelgn tions as well who turned to us for ald. And o, through the evolution of time and experience, we have flnally reac the aystem In use today. This may not be perfect in all its opevation., but it 15 certainly the best thing the countiy hus ever had, Withatanding the teats of the greateat war i history and that of the rucceeding peviod of “recuperation Home mistakes have been miade 1t 15 true, but (he Federal Rewerve Hystom NOW 18 functioning smoothly and sue- censfully, not only fueilitating the flow tubty 105 | of bustness i our own country, but atso tnay 1004 fatding I the vehabilitation of the euvs uh #A - [rencies of the world, As tine goes on ooty 100 Lexperience may Show various ways in 2 ¥ which the banking facilities of the Na« toonly the safers s adeq prestige e serurity ol con but the anditional gusrantes Uiy anrures the pesment sal and interen on the Third Floor of the Investwent Building 15th and KN Streets TILL be | “ 27th with enfarged facil \gents, Brokers o Pohevh partments FIRE A ) VOORHEES Manager Caswalty Depattment of pri opened for business on LaCY INSERED CALE BONDS ety pomranteed by Faruitah MORT wneon the 4 In Vinancizl District, 1oy A Youbz, goveror of the Fed- eral Raserve Bonrd, was one of the Compans speakers ac tie lustitute of Banking i | e Harold Stonier 1 educationsl direcior L A% LS \ are Pennsy ivani o 1'6re Marquwite lal fe 1ub8 . (@01 14 & aat®rn inc 4n | Port ICY L& ) 6mluel,, oading dips 190 110 Gianite Wes LA S L ave | ALIMesHad B0 L & Ban Fren o ety Yark o Tosurance vl First Mortgafle Applications Invited "os »y vy ¥i aiveuns of y Co. of the company with which tne | Criniulh hieater Jnterests are mrsocksted neve yeduced the dividend W o $4 pasis beaaure of a policy adopted for accu- mulating & ubstentinl surplus | 102 Iteviewing r1etail trade for the first pure of \he fiscul yewr, Fronk Greene v 1 the Nalion's Business Maguzine “feetuil trsde for Junuary, 1928, el shiasp contyusts wth December and January, 1971 Chain store ssles ! 626 per cent frome December, hut R 11T per cent over January, 1927 The combined salee of muil oyder arnd chan sbores were 587 per cent off from Decomher. but 93 per cent shove Bose of Juniary, 1927 i preliminary teport of depart- U slore eales for Junuary shows a s of 2 per cent from January & year I 1429, ws @ vhole, the (ol soine 600 deprytment stores fell of 1 pes cent beloy the 1926 v LIFE " ! ASUALTY RONDING A v (TN 104 o2 1005 100 i3 [N 1 L P. D SLEEPER General Agent Life Department Telephone Main 9910 P . 1013 oYy i 924 Maturities 2 tn 10§ vars " L oMail this Coupon TODAKY /| Federal | ecurity & Mortgage 1412 K Street N.w,; WASHINGTONDC BLE K CBLIne $4ye lvel deaboard AIF Line ref |voy . Seahoard AIr Line ad) 6s 1uey. , ., Heabunra AIF LiIne 0on & 1046, dnuthern Puoilla Southern Pacifio 80} On AETNA LIFE INSURANCE COMPANY AETNA CASUALTY & SURETY €O, AUTOMOBILE INSURANCE €O, OF HARTFORD, CONN, ATNA-IZE District of Columbia GlOVC!’ ffl‘ Flat‘\cr 1508 H St. N.w. Main 1753 witte m 1 L 100 1 106", Viekiniah iy 18t 6 1084, 1000 Wahash et 68 108y, ity 1061 nh 00 [l