Evening Star Newspaper, October 26, 1931, Page 13

FINANCIAL, RETAIL BUSINESS IN SEASONAL GAINS Fifth District Shows In- crease for September Over August. BY EDWARD C. STONE. Retail trade fn the fifth Federal Re- serve district in September showed & seasonal increase of approximately 25 per cent over the volume of business done in August, but fell 5.7 per cent below Septémber, 1930, business, ac- cording_to reports from 34 leading department. stores in thé district. Total sales this year through Sep- tember 30 averaged 35 per cent less than “}dt‘h fromh Jani roug! Brp'ue.;l‘er 1930, & decrease probably accounted for chiefly by price de- clines during the t year. ndividual rec- flrda of the reporting stores for the first nine months of this year show wide variations, some stores declining much more than the average and some oth- ers reporting higher figures for 1931 than for 1930. As a rule, the stores in smaller clties, in which trade from farmers is relatively more important, show greater declines in sales this year than the stores in the larger cities. Stocks on the shelves of the report- ing stores increased an average of 12.9 per cent during tember, seasonal rise, but on September 30 averaged 10. per cent less in retail lelllngenlue thg stocks on hand on September 30, 1930. Part of this decrease in stocks is due to lower price levels in many lines this year. The feporth awrel turned their stock .208 times September, and since January 1 al,oc!u h-ve been turned an lverll! of 2.684 times, a slightly hlg figure than 2.383 times for the nding J)enod last year. Collecuona uring September in the feporting stores averaged 24.6 per cent of receivables outstanding on Septem- ber 1, a slightly higher figure than 24.3 per cent collected in September & year ago, according to statistical reports made public today by the Federal Re- serve Bank of Richmond. As previously announced, retall sales in Washington were only 1.3 per cent below business in September, 1930, and 0.9 per cent ahead of a year ago in the period from January to the end of Sep- tember. Moran on A. B. A. Committee. Howard Moran, vice president of the American Security & Trust Co., has been appointed chairman for the sav- ings bank division of the American Bankers Assoclation's Committee on Federal Legislation, according to the complete list of committees and com- missions just announced in the Bank- ers' Journal. Mr. Moran has already served for a considerable period on this same committee. Other fifth district appointments not reported at the time of the Atlantic City convention includes Paul P. Brown, secretary North Carolina Banker's As- sociation, of Raleigh, who was made a member ot the Administrative Commit- E. Tiffany, president huqulerl Nlllnnnl Bank, Warrenton, Vi was put on this same committee. i Heyward E. Boyce, president Mary- land Trust Co, was made Maryland State chairman of the Federal Legis- lative Council. Millard F. Jones, vice president and cashiér Planters’ Nati Bank & Trust Co.,, Rocky Mount, N. C.; F. F. Beattie, president First National Bank, Greenville, 8. C.; S. H. Plum- mer, cashler First National Bank, New- port News, Va., and J. Howard M¢Don- ald, vice president Wheeling Bank & Trust Co., Wheeling, W. Va., were given similar honors. Thomas B. McAdams, executive man- ager State-Planters’ Bank & Trust Co., Richmond, was appointed to the Fiftleth Anniversary Committee, while Waldo Newcomer, chairman Executive Com- mittee, Baltimore Trust Co., was assign- ed to a special committee on revised statutes. The Agricultural Commission includes J. Elwood Cox, president Com- mercial National Bank, High Point, Trading on D. C. Exchange. ‘The week opened quietly on the Washington Stock Exchange, with bid and asked prices about where they left off Satufday. The first sale was $1,000 | Potomac Electric consolidated 5s at 101. The only other bond sale was $1,000 Washington Gas Light €s, serles A, which moved at 1001, In the stock division Potomac Elec- tric Power 5!, per cent preferred came | out at 106> on a small turnover. Mer- | genthaler Linotype figured in three ! sales at 66, same as the last previous sale in this issue. A large number of third-quarter loc dividends are due in the near future. | National Savings & Trust, Washington Loan & Trust. the American Insurance | Co. and the Washington Gas Light Co. have recently voted their regular dis- bursements and are now being qun(ed‘ ex-dividend on the exchange Washington Clearing House figures | for today, $3.310,627.75 Miller Wires Congratulations. Following telegraphic notice of the organization of the Washington; unit | of the National Credit Corporation, in- cluding the fact that the banks here ! went into it 100 per cent strong, John | M. Miller, jr. the fifth Federal Reserve | district’s national director, wired con- | s to Robert V. Fleming, the | Miller asked to serve as local | organizer He is sure the n\lh\Num shown by local bankers, the subscribing | of nearly $4.000.000 to the fund. and | the fact that every bank in the city is doing its full part. will prove heartening to org: o rkers all over the country Farmers Paying Loans Promptly. the Federal at a meeting Pederal Land eral Farm Loa t. despite th 1’ commodities of the sev- | g Ohio, Indiana, e. is good. De- | of borrowers fs | it was a year| or more are pay- their loans above the ee it was age, mean- modity prices had been on! Financial District Notes. ury Department is asking 000,000 91-day bills to be | dated November 2 hilds Restaurant Co. _reports on common in the first nine months of 1931, against $131 in | the same pericd ear The Riggs ub, Esther Lau resident hy ) oyster roast at Potomac yesterday, drawing the largest turn- out of members on record. The National Association of Credit | ports that sales and collections | sisting decreases so far | ll\ Octobe cent of '!n‘ mrre- spondents Teportin as “fair.” The Federal Reservi its Monthly Review, out today, notes bet- terment in textiles, food products, anthracite and copper mining. The other ehanges in the past month have been largely seasonal, the review says. - llfllm-mbfi“ul‘l‘hm“ =y - e w 14% 42% 28 110% 100 % 1% 314 484 10814 114 NEW YORK STOCK EXCHANGE THE _EVENING Received by Private Wire Direct to The Star Offies. 1‘0 AhluM Pwt & Paper. 7 Adams Bxpress (1).. Alr Reduetion(14%). Alaska Juneau (l“) Allled ChaDye (n8). Allfs-Chalmers (1).. Amerada Corp (2) Am Brake Shoe(2.40 Am Can Co (15). . Am Car & Fay ot fl) IWI Am Chatn pt (1) Am Chiele (). Am European Secur Am & For Power.... Am & For Pwr pf(1). de & Leat! 9 EET T P Am Metel Co 31 Am Natural Gas pt. . 1“ 1414 Am Pwr & Lt (11). .. 56% Am PwrlLt pf A(4). 56 Am PALt pf A st(f). Am Safety Rasor (§) Am SmitghRef (1%) Am Snuft (18 Am Snuff of (6)... 4 Am Solv & Chemieal 1, Am Solv & Chem pt. 7% Am St d (1) 26 Am Sto 2%). 90 Am Sugar Ref of (1) 44 Am Sumatra Tob. ... ..‘,.__E.;.s.;.... 201% 12114 Am Tel & Telex (9).. 27% 10414 87% 66% 32‘4 53 1! 15 1874 10t 107 5% 60 Am Tobaceo (16). ... Am Tobacco B (16).. Am Water Whs (3).. Am Wat Wks efs(3), Am Wat W 18t pf(6) lx Am Woolen Co. Am Woolen Co pf. .. 2% Am Zinc & Lead. 1!& Anaconda Copar, 13 Anchor Cap (: 00)‘ . Archer Danfel M! Armour of 11 (A) Armour of 111 (B Arnold Constab) Art Metal (80¢). Associated Dry G(1) Atch To#S Fe (10). . Atch To&8 Fé pt (5). Atl Coast Line (7). .. - 3 » Atlas Powder (4). Auburn Auto (£4). - a S -y T S R TR SR e G 1% BC]‘"I e 12% Bendix Aviation (1). Codd)..... 2414 Bethlehem Steel (). 75 Bethlehem 8t1 pf (7) 15 Booth Fisherles. ..., 37 Borden Co (k3) ¢ Borg Warner (1)...¢ 1734 Boston & Maine RR. 8% Briges Mg (11%). . 8 Briggs&Stratton(3). 215 Brockway Mot Tr pf. 31% Bklyn-Man Tran (4). 6744 Bklyn-Man Tr pf (§) B 2 Budd (K G) Mt 21 Budd (EG) Mfgpf.. 4% Budd Wheel (1)..... 4 Bullard Co.. g 10 Burrough A M(11%4) sh Terminal(214) oS mhf) E&Efl: T::m deb (7). ©9%_12% Byers (A ii Co..350 13% Calif Packing (2). 3% Calumet & Heela % . 17\ Cnnnen Milis (1.80). 5% Capital Admin (A).. 33% Case (J I) Co... 11% Caterpillar Trac (2). 98 Cent RRofNJ (8).. 214 Century Rib Milla. .. 97, Cerrd de Paseéo (1) 314 Checker Cab Mrf| 2314 Ches & Ohlo (2%). .. 14% Chesapeake Corp(3). 2 Chi Mil StP & Pac... 3% Chi Ml StP & Py -ot 1215 Chi & Northw 10 Chi Pneu Tool bf > = kS 2614 City Iced! 6614 City lco&l‘uol pt cu 1 City Stores. 16% Cluett-Peabody (3)7. Coca-Col (17%).... Colgate-PAl-P (2%). Colg-Palm-P bf ( ColumbG & B (1% ) Col Gas&EI pt A (8). Columb Carbon (4).. 8 Comm Credit (1.60) 151 Comel Inv Trust (2). 70~ Comm Inv cvpf(e6). 9% Comel Solvénts (1).. 4% Comwith&Sou (40¢). 68 Comwlith&Sou pf (8) 744 Conkress Clear (1).. 20 Consol Clgars (5) 58 Consol Ciga Consol Flim. » S oe weRemaReBiRiannannel i oSt BixnTonBuninlonnann=Tn e 3 3 nsolRwys pf (6).. Consol Textile . Contl Baking (A). ... Contl Baking (B). Contl Baking pf (8). Conti Can (2%). Cont Diamond Fibre. Cont Insur (2.40). Contl Motors. . Contl Ol (Del).. Contl Shares Corn Product: Coty Inc. Crown Cor Cruetbl, as Crucible Steel pf (1) Cuba Cane Products. Cuban-Am Sugar. .. Judahy Packing (4). rites Wrignt e » vison cal. 4 Deere & Co pf (140). Delaware & Hud (9). Del Lack & Wn ()., Detroit Edison (8) Diamond Mateh (1). Dome Mines (1).. Domn Stores (1.30) .. Doug Afreraft(+1%) Dresser Mfg B (2)... Drug Corp (4) Duluth SS& Atl.... Dupont de Nem (4).. % Elk Horn Coal pt 6 Ethporium Capw, 30 Endicott-Johnson(3) 10% Eris RR Fairbanks M pf (1) 274 Federal Screw Wk s 844 Fed Wat Sve A(1. 22 Fid Ph Fire In(2. ur 41 First Natl Strs (2%) 10 Foster Wheeler (1). 18 Fourth Nat Inv m 5 Fox Film (A) 1314 _Freenort-Téx (3) 2014 Gamewell Co (3). % Gardner Motor. L s 30% Gen Food Corp (3) .. Bales— Die. Ao Meh —10— Btock and ®ales— . Low. _ Dividend . Add 84 2% Gen Gas&El A(el0c) 28 Gen Gas&E cv pf(6). 1. 66% 3% 844 22 Gen Ry Signal (5) - % no Gen Ry Signal pt L] 9% Gillette Saf Rasor... 454 Gillette Saf R pf (5). 4% Glidden Co. 48 Glidden Co pr 91 (1)« 16 Goodyear T & R @ 1% Graham-Paige.....s 3% Qrand Silver Stores 7 Grand Unlon. 20 Great Northn 5% Great Western Sug. . 80% Great Wn Sug pf (7). 1% Grixsby Grunow. Hahn Dept Stores. Hall (WF) (1.20) 74 Hatnaof (1)..eve.s 12 Hawatian Pineapple. 4 Houston Oil (new).. 27 Hudson & Man (3%) 234 Illinots Central (4) Hliinols Cent pf (8) LEEELLL Pesrsss +4110 B KL N lnlurlnlhlru D.l . Insur Shr(Md) (40¢). Interboro Rap Trans, Interlake Iron. . Int Agriculture pf... Int Bus Machine(né) Tnt Carriers,Ltd 5 Int Cergent (4). Int Combustion. . Int Cnmbulfifll,pl. | & Int Mateh pf (4). ‘nt Merchant Marin Int Nick of Can(40e) Int Paper pf........ Int Paper & Pwr (A) Int Paper & Pwr (B) 14 Int Paper & PwrC. .. 9'4 Int Paper & Pwr pf. 61% Int Printing Ink. . 40 Int Printg Ink pf (8) 13% Int Tel & Tel (1). Investors Equity. 81 Johns-Manvilie (3).. 80% oy 280 0 JessehiAvA ) + % 8% Kansas City Southa. 18 8 K’'mann Dept Strs(1) 81 Kayser (J) & Co (1), % Kelly-Spring Tire B% Ke:ly-snr T 8% pf.. o] -3 18 Kroger Groc! 40% Lambert Co (3).. 18 Leh Val Coal pf (3). 174 Lehigh Valley R R. . 3 ) 40 Ligg & Myers B (15) 15 Lima Locomot (m2). 15% Liquid Carbonie (2). 27% Loew’s Inc (3). 70 Loew's Ine pf (§%). 244 Loft Inc. . 35% Loose-Wiles (13).... 10 Lorrillard (P) Co.... 20 LouGas&FElA (1%). 37 Louls&Nashville(s). 5% Ludlum Steel. . 2114 Ludlum Steel pf. + 1| 108% 3814 McKeesport T 10% 24 McLellan Stor 487 15% MackTrucks (2). ~ % | 106% 53 Maey(RH)& Co(n3). —2%| 27% 7% Magma Copper (1).. —y| 9% ManhatElev mod gt@ —13| 24% 1214 Marine Midid (1.20). -1 32% 13% Marshall Field (234) —1% | 811 14% Mathieson Alkili (2) 14| 39 24% May Dept Strs (2%). 8% 1% Maytag Co. 24% 5 Maytag Co ). —2% tm. Mlullnd Steel (3)... d Steel pf (8). Mo Kan & Tex pf (1) Missourd Pacific. ... Missouri Pac pt (5) Mohawk Carpet. ... 1M Monsante Chem (1% 8% Montgomery Ward.. % Motor Meter G & EI. 18 Motor Products (2). 834 Mullins Mfg. Mullins Mfg pf. 2). N ¥ Central (4) N ¥ Chicago & S N Y Chi & StL pf.. N Y & Harlem (6), NY N H& Hart (4).. N ¥ Ont & West N Y Steam pf ( N Y Steam 1 Noranda Mines Nort & Westn (+12). yorf & Westn pf (4) 4 North Am Ed pf (6). North Amer pf (3)... Northern Pacific3).. Norwalk Tire & Rub. 19's 6% Ohlo ON 75 13 Orpheum Circult pf. 5815 204 Otis Elevator (2%).. 16% 3% OtisSteel.......... 54% 297 Pacific Gas & BI (2). 131% 100% Pacific Tel&Teleg (T) 11% 4 Packard Motor (40c) 504 10% Paramt-P(m1.623%p) 2 " Park Utah.. Pathe Exchan Pathe Exchange (A). Peerless Motor Car. Penick & Ford (1). Penney (J C) (2.40 Penn Railroad (3 Peoples Gas(Chi) (8) Petm Corp of Am (1) Phelps Dodxe Co. Phila Conew (6 Phila&Readine C& 1 Philip Morris&Co(1) Phillips-Jones Co. .. Philips-Jones pf (7) Phiilips Petroleum Pierce Ofl pf. Pitts Coal Pitts Coal pt. Pitts Steel pf.... Pit fted Cor, Poor & Co (B) Proct & GamL i "ioy 4 Prod & Refiners pf. . Public Sve NJ (3 40). Pullman Corp (3)... Pure Of1 1214 Purity Bal erles (2). 375 10% Hadio Corp : 55 43% Radio Corp pf A §%. 60 251, Radio Corp (B) (5).. 2415 6% Radio-Keith-Orph A. 30% 3w Reéal 811k Hoster: 1% 4 Remington-Ran 104 3 Reéo Motor Car( 55 (Continued on Page 14.) B =.§.-=.._ o e LT T 0 O 00 0 6000 0 OB D00 890 O B 1S 39 DR B 0O STAR, WASHINGTON. D. G, MONDAY, 1 STODKSSEL OF et . Cloge. Chae. +1% 24% - & 3%% — IN QUIET MARKET =: List Shows Irregular Down- - »| ward Trend on Disappoint- (AR EE RN [} F FFE ER EEEREZ R¥PEy 2 | & Lad1 0 P w» EOEFS FEREEFE ing Earnings. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, October 26.—The week in the stock market opened with a gen- erally lower range of prices, but with 80 small a volume of trading as to rob the decline of any great significance. For the reaction, which was fairly uniform during the morning hours, the popular explahation was disap- pointment over lhe lack of important results from the Hoover-Laval confer- ence in Washington. It is difficult to se¢ what the market had expected. Earnings Disappoint. ‘There were a number of disappoint- | ,q ing earnings statements, dividend re- ductions and railroad income reports which made tbe usual dismal compari- son with those of a year ago, but most of these had been or should have been discounted long ago. Montgomery ‘Ward réported & net-loss for the third quarter of $1,316,719 against a net loss of $345,258 in the same quarter a year ago. ‘The Shattuck Co. reported a net profit equal to 6 cents a Share for the stock in the third quarter against 41 cents a share in the preceding quarter and 28 cents a share in the third quar- ter & year ago. Yellow Truck & Coach, | a subsidiary of General Mogors, re- ported & net Joss of $1,803,352 for the nine months, against a net profit of :;5005,.4!1 in the first nine months of ‘The rallway earnings statements had been foreshadowed by the car figures. New Haven's September quar- ter met was equal to 44 cents a against $1.83 in that period of 1930. General Refractories. directors put the stoek on & $1 annual dividend basis, against $3 previously paid. During the first half of the session stocks were off anywhere from 2 to 7 points, the latter in the fast-moving and high-priced Auburn Auto. The best showing was made by some of the mo- tors and the motor accessories. Chrysler was well supported on the strong finan- cial position revealed in its balance sheet, and Electric Auto Lite was in de- the mov REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD n leations fnvited - hi N.W. I o475 Flrat Morlzl.e Loanl Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Invest Your Idle Funds in Guaranty 1st Mortgages Enjoy the safety and liberal re- turn of first mortgages sponsored by this corperation. Every first mortgage and. note is net'urly'ld ‘on improved ties here in the anonu Capltal, and backed by the resources of this corporation. Available in denominations to suit your needs. Monthly Payments If Desired REALESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W. National 1403 Twenty-one Cents Each that's the dictating and mail- ing cost of a letter. Any differ- ence in stationery cost is but a fraction of a cent . . . It's good business, therefore, to use en- graved stationery, originated for you by ‘BrewawD G an flationew 611 12th St. N'W. District 4868 OCTOBER 26, Inc, held well atter opening| NEW CHAIRMAN ELECTED 1931. PINANCIAL. BRR A—13 Drug, higher. On _the other hand, the rails were in supply. New York Central yielded 3 and South Pacific almost as much, with the others down more or less. United States Steel, the dividend meeting of which is scheduled for Tues- dropped below 70 again. Allied Chemical, which had advanced last week over 11 points, reacted 3 or 4 today. Sentiment in the Street toward the mar- ket was mixed, most traders being con- tent to follow the tape. Opening Prices Mixed. Prices were mixed at the opening Most of the oils were higher, but the steel shares were uniformly lower. tted States Steel, at 70%, was off 1. National Steel, at 24%, and Vanadium, at 211, were fractionally lower. The Hoover-Laval statement was con- sidered constructive in banking circles, being regarded as the most important week end news. The reopening of the Vienna Bourse Tuesday, the London opening, the up- ward trend of the weekly commodity averages, appearance of improvement in the steel trade and firmness of sterling and francs were other constructive de- ‘velopments. | St.lndll'd Oil of New Jersey, at 34% Soeony Vacuum, at 15, and Texas Cor- poration, at 19%, were all a trifle hl‘her Kennecott, at 15, was off a t, and International Nickel was slij at 10, but St. Joseph Lead was up % at American Telephone, at 141, was 1,’and so were Consolidated Gas at ’ll% and Public Service Corporation of New Jersey at 64!4. American Water Works, at 3515, was up 1!z, General Motors was afl % at IOK‘E’ndLndu :mtn @ % 5913 as Electric Auto ur&wodm % m 31. American Tobacco common, at 92, ,J'm"l a point, and the B shares climbed % at 94%. Industrial Alcohol advanced 1% to 30%,. Ameriéan Can lost 7 at 857:. Prnct.loml declines were recorded by Chesapsake & Ohio at 31!z, Canadian | Pacific at 14’ and Unton Pnciflc at 114 General Electric, at 313, declined %. Reichsbank Coverage Gains BERLIN, October 26 (#)—Reichs- bank coverage, 48 Ot TSl 3, 1m- of & point to 2 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 67th Series of Stock Now Open for Subscription 5% INTEREST PAID ON STOCK Jamies E Connelly, James F. Shea. President Secretary | No Renewals . . . No ions Charged on D. C. Property LOANS For Re-Financing or Purchasing - . 3 Open Daily 9 to 8 Saturdays Until Noon NAtional 1381 SSOCIAT ION TR A We Make First Trust Loans ON IMPROVED REAL ESTATE IN AMOUNTS OF $5,000 $1,000,000 IN THE DISTRICT OF col.mmm AND NEARBY ONTGOMERY _ CO., MD. mxons OF 3, § or 10 YRS, Prompt Decisions Given Applications 5%% INTEREST BOSS and PHELPS Realtors NH {D!l ‘N'u; Loan Correspondent John Hancock Mutual Ll!! Insurance Co. We Recommend The Real Estate Loan Plan of the Metropolitan Life Insurance Com- pany as the ideal method of financing your home. Loans for Fifteen Years. Low Interest Rates. No Life Insurance Required. Construction Loans in Any Amount WEME.B&?KO REALTORS Washington Building District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company Loans made In the District of Columbia and nearby Maryland and Virginia Money to Loan b - Joseph dead ot 1 ml a “m“. eller §MuR 54T BY INVESTMENT BANKERS Spectal Dispatch to The 8t BALTIMORE, October 26 —Frank B. Adams was elected chairman of the Southeastern group of the Investment Bankers' Association of America at the | annual business meeting of the group Saturday. Mr. Adams is a partner in the investment banking firm of J. Har- manus Pisher & Sons. Willlam G. Dancy, vice president of the Union Trust Co.. was named vice | chairman and Bernard H. Feustman of Frank Rosenberg & Co. secretary and treasurer. In addition to Messrs. Adams, Dancy and Feustman, members of the Execu- tive Committee for the coming year will be: Edward K. Dunn of Robert Garrett & Sons, Harry S. Middendorf of Col- ston, Trail & Middendorf, Inc., and C. T. Williams of C. T. Williams & Co. Singapore is the seventh largest com- mercial port in the world. Columbia Building Association 716 11th St. NW. Pays 5% Money Available for Real Estate Loans No Commissions Charged “BETTER USED CARS” We Never Offer Any Used Cars But “Better Used Cars” MOTT MOTORS, Inc. 1520 14th St. N.W. Dec. 4341 Compounded Semi-Annually 23 Years' Successful Business Without the Loss of a Dime e i We Give Property Management Personal Attention self with the management of your realty—when our experienced service can be had at such a nominal fee. EHERE is no reason why you should burden your- We'll take complete charge of your apgrtment house, office building, residential or business properties —rendering an accounting regularly. PROMPT remittance is the INV ARIABLE rule of this office RANDALL H. HAGNER & COMPANY MomTGAGE. LoAN ComnesponmENT 1321 Connecticut Ave. Decatur 3600 Equitable Co-Operative Bldg. Ass'n JOBN JOF EDSON, President WALTER mfim Subscriptions for the 101st Issue of Stock Being Received i LOANS =il ON REAL ESTATE ing propesty, - consult} I OR TO TAKE UP us. Applications will MORTGAGE receive prompt and courteous attention. Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W. If you contemplate the pu se of a home, | refinancing present in- ' for Those Utilizsing the Trust Service of - a National Bank The Trust Dept. of The Metro- politan Bank, as well as all our other departments, is under Gov- ernment supervision—Federal ex- aminers going over all accounts and dealings periodically. National etropolitan BANK Fifteenth Street, Opposite U. S. Treasury fTo insure responsibifity, economy and satisfaction, make such a bank, as this, Your Executor and Trustee. Conference invited. SATE FIRST MORDGAGHH JUST SUPPOSE —that you want to accummulate a fund for some special purpose in the future —or that you have guardianship over some one else’s money—or that you want to put surplus funds to work safely and profitably— Our 6% FIRST MORTGAGES —offer a most attractive invest- ment—with principal secured by conservatively appraised improved Washington real estate—and this: liberal interest earned regularly. Over a Third of a Century Without a Loss May be purchased in. amounts from $250 up. B. F. SAUL CD National 2100 925 15th St. N.W, THERE IS NO SUBSTITUTE FOR SAFETY'