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American Traders Show Con
fidence in Stability in More Activities. The Belgian industrial revival is be ing maintained in spite of the usual slackening: of business due to annual stocktaking: and a somewhat smaller holiday trade than is usual at this season, says the Department of Com merce. in a survey of that country's business conditions. Unemployment shows a considerable decrease, par ticularly in the metal industries. Sev eral blast furnaces have been re lighted. A favorable feature is the fact that many mills are working: on orders for the export trade. The sit uation in the window glass industry is even more favorable. Coal pro duction for October registers an in crease of 30,000 tons over the pre vious month. The retail price in ?lex, which has been steadily advanc ing since July, remains stationary. This is probably due to the recent appreciation in the Belgian franc. American traders in Belgium have indicated their belief in the stability of Belgian industry by their increas ing interest in trade promotion ac tivities. (General Trend Favorable. Aside from the usual slackening of orders preceding annual stock-taking, which is particularly felt by textiles, the general business and industrial trend for December maintained the favorable showing of the previous month. Renewed attempts of Ameri can manufacturers to locate markets through the mediums of projected sales organizations and general ac tivities. especially noticeable among American motor and tijie producers, are reflections of the industrial re vival and confidence in the mainte nance of increasing Belgian purchas ing power. An encouraging decrease in unem ployment has proceeded steadily since October. Conditions in the "metal in dustries are generally favorable, and iron and steel production has shown a considerable . increase as a result of the relighting of a number of blast furnaces and the resumption of ac tivities at the Ougree-Marihaye plant, which has been practically closed for some time due to a strike among the employes. On account of increased rolling mill production, prices of finished steel, which advanced during November, are now stationary. Optimism Is Noted. Notwithstanding the seasonal slack ening of orders, a distinct feeling of optimism is noted generally In the textile industries, and the greatest drawback at the present time is the uncertainty due to the ustable ex change. The flax market is unusually active, and a considerable export business is being done, especially with Great Britain. The official retail price index (based on 100 for April. 1914) which in creased steadily from 379 on July lo to 394 on November 15, has registered no further increase and stood at 393 on December 15. Imported foodstuffs, except coffee and American flour, all declined in price during December in harmony with the improved Belgian exchange. The market for American staple foodstuffs is satisfactory" and competent observers state that an op portunity exists for bringing about an increased use of corn products, if efficient demonstration and instruc tion methods are employed. Hide stocks further decreased during the month to 162.300. and the market con tinues active. Rubber stocks have been decreased to 13,095 tons. A regu lar increase is noted in the sales of American machine tools, although some dealers still hold stocks which will require several months for liQUi dation. GERMAN TRADE EXHIBIT. Adverse Balance Shows Decrease for Exports and Imports. According to a cable message to the Department of Commerce from Com mercial Attache C. E. Herring, dated Berlin, December 30. a slight de crease was reported in the volume of O.erman exports for November as compared with the previous month; the decrease in imports was more noticeable, with the result that No vember shows a greatly diminished trade balance by volume. The total exports during November amounted to 19,079,000 double cent ners, valued at 11.912.000,000 paper marks, whereas in October they amounted to 19,700.000 double cent ners. valued at 9.700,000,000 marks. During November German imports totaled 25,380,000 double centners, with a value of 12,278.000,000 paper marks, compared with an October im port of 3^,00D,000 double centners, valued at 13,900,000,000 marks. The decrease in the adverse trade balance by volume was due in part to the abnormal imports of raw ma terial during the former month, caused by the anticipation of further decline in the value of the mark, as well as to the expected increase of import duty. Higher export prices are also an important factor in con sidering the trade balance as the value of practically all exports in creased even where the volume de clined. The total gold value of Ger man exports for November was much less than in October, it must be re membered, on account of the fall in exchange. FAILURES NEARLY DOUBLE Conditions in Netherlands Are Re ported Growing Worse. The general economic and financial situation in the Netherlands is re ported as grownig worie, according to a. cable from Trade Commissioner Howard W. Adams, The Hague, to ? he Department of Commerce. Busi ness failures during the past year are nearly double the failures reported during 1920. Unemployment as a re sult of the industrial and financial de pression continues to be a most serious problem; 45,000 workers are reported as being unemployed. A strike in the metal industries, which lias been going on for some time, has not yet been settled. Tax returns for the month of No vember show a decline of over 2,500, ono florins as compared with the same month of last year, in spite of the fact that the present taxation aver age is reported as approximately 50 per cent on gross income. November trade returns show an un favorable trade balance of 69,000,000 florins. Total imports during the first eleven months of the present year are given as 2.000,000,000 florins, while exports during the same period to taled 1,300,000.000 florins. The Dutch East Indies' loan of $100,000,000 passed the Dutch senate on November 29. NEW KAIL BOAED ELECTED. NRW YORK, January 7.?Reorgani zation of the board of directors of the Central Railroad of New Jersey and the election of five new directors to fill vacancies, caused by the resigna tion of George v. Baker, sr., and others. Is announced. The new board consists of William fi. Bealer. Theodore W. Reath of the Pennsylvania railroad. A. H. Harris, vice president of the New York Cen tral; C. M. Shriver, vice president of the Baltimore and Ohio; R. E. Mc carty, C. S. W. Packard, Henry <lraves, jr.; E. R. Ackerman and How ard W. Maxwell. A chairman will be chosen January 17. DIVIDENDS. Stork ?f Pir iMdrt. aM*. ruber Body rorp.. q.. $3.50... Ja?-21 Feb. 1 Ktsh. Body Cor., pf.. q., S1.7S.Jsb. 31 F,b. 1 sh.il Tr. A Trad. Co.. 8Sfcc. .Jan. IS Jan. 31 Swift Int. Co., >. fl.20....Jaa. 21-ftb.S, SLa^Jtobbu Co, jUwAJIUI Aa.? NEW YORK STOCK EXCHANGE Received hy Private Wire Direct to The Star Office. Opm. Hlft. low Class. VJax Rubber 16M IT MM 17 Allied Chemical... SSM MM 6*M MM Allied Chemical pf 102M lOtM lOJM JOSH V1U?Chalmers.... ttM BH ttM M* Vra Agr Chem SI tlM 11 UM Vm Bank Note.... 68M UM OH ?M ' ti Beet Bumf M MM M ?H Am Beet Sugar pf. <3 St 62 62 Vm Bosch Wi W4 ?* ?* Vm Can mm nV4 u M Am Can pf M M M M Am Car* My.... M2M MtM 14IM Am Car 4 Fdy pf.. US* 118% UtM UMi Vm Cotton Oil.... V tOM ? ?M Am Cotton oil pf.. 41M 41M _41M 4IM Am Druggists.... ?H 4* 4M '** vm loe n to to to Am Ice pf 73 74 78 74 Am International. MM MM MM UM vm Linseed I0M MM 29M MM Am Linseed pf.... ?7 67 JT 67 Vm Locomotive... 1MM 10M4 104(4 Itt Am Radiator M tt tt M Am Safety Razor.. 4>4 4M 4M 414 Vm Ship A Com... SH 6M tV4 6M Am Smelt I nc US 44 4SM 44 Vm Steel Fdy 12V. UM MM MM Am Steel Fdy pf.. 9* MM tt tt Vm Sugar it It U UM Am Sugar pf tTM 87M tiM tTM Am Sumatra...... MM 36M MM MM Am Tel* Tele*... 1UM U6M U6M U6M Am Tobacco U0 1M U0 MO Am Tobacco <B).. UtM IMVi U6M l?M Am W Wks 6% pf.. 19 It It U Am Woolen TtM TtM Tt 7? Am Zinc & Lead... U U It It Anaconda 4IH 49 4SH 49 Asso Dry Goods... 44 44 44 44 Atchison 92 V4 KM 92M Atlantic Gulf..... MM MM MM tOM Baldwin Loco MM 9SM MM tt Balto * Ohio MM MM MM MM Balto & Ohio pr... 11 B KH Beth Steel 62 62 62 62 Beth Steel (B).... MM MM 66 M Booth Fisheries... 6M 6V? tM tM Bklyn Rapid Trn.. 7M 7M 7M TM Bklyn RapTrctfs. t t t 6 Burns Bros UtM UtM lit ?? Burns Bros B w 1.. tl tl 11 tl Butte (Jupptr tM W 6M 6M Butte & Superior.. 21M 21M 21M tlM Butterick 80 80 30 10 California Pckg... 6?M ?M W 69 California Petrol.. 46 46 46 4t Canadian Pacific.. 11SM U?M U9M U9M Carson HiU Gold... 12M 12M UM 11M Central Leather... tOM MM S0M tOM Central Leath pf.. M #4 #4 M cnandler Motor... 60 ? <9M 60 Ches & Ohio MM 64M M M Chi Great V pf... > 16M 16M 16M UM Chi Mil* St P 17M 17M 17M 1TM Chi Mil * St P pf.. I1M tlM tOM tOM Chi * Northwn t2M 62M fcO MM Chi * Northwn pf. 101M 101M 101 101 Cnl RI & Pacific.. SIM SIM tlM tlM ChlRI*P7ftpf.. M M M M Chile Copper UM 16M 16M 16M CCC&StLpf 74 74M 74 T4M Coca-Cola 42M 42M 41H 42 Colo Fuel 26 26 24M 24M Col Gas MM *7 M>M S7 Col Uraphophone.. 2M 2M 2M 2M Col Graph pf 10 10 10 10 Comp Tabulator.. 67M 67M 67M tvM Cons Clear 23* 29 23M 29 Cons Cigar pf MM 62 MM 62 Cons lntl Cal Mln. 6M 6M 6H oM Cons Textile 14 14 14 14 Corn Products.... 93M 93M M KM Cosden * Co 88 88 tt tt Crucible Steel M ?4M M MM Crucible Steel pf.. SUM UM 82 S2 Cuba Cane Sugar.. SM 9 Mi ? Cuba Can# Supf.. MM 1TM ISM l'.M Davidson Chem... tlM 61M tOM 61M Del Lack * Wstn.. 114M U4M 114 H4 Dome Mines SUM 20M 20 20M fcnclicott-Johnnon. 77 77 7/ >7 Endicott-John pf. 106M lOtM 1MM 106M Brio 9M 9M 9M 9M Erie 1st pf MM MM 14 14 Kris Id pf ????????? 9M tM tM tM Famous Playsrs.. 76 '.TM Tt TtM Famous Playrs pf. MM MM MM MM Fisher Body 79M TtM TtM TtM Fisk Rubber UM 12 11M 12 Gen Asphalt 67M MM MM tt Jen Asphalt pf.... 92 92M 82 MM Gen Electric 137M 1I7M IS7M 1*7M tien Motors tM 9 tM t Gen Mot 1% dsb... 88 ts 88 ts Goodrich pf MM tOM MM MM Gray*Davis UM ISM 12M 13M lireat Northern pf. 71M TIM VIM 71M Uuantanamo bug.. tM tM 8H tM Gulf Mo & N pf... ? 16 16 16 IS Gulf States Steel.. 4SM MM 46M MM Haskel 6t Barker.. TTM T7M TI TTM Soukton Oil .. 7IM 73 TIM 71 upp Motors 11 UM 11 UM Inspiration....... MM MM MM MM Inferboro Metro... tM 1M 1M 1M Interboro Met pf.. SH 4 SM 4 lntl Harvester.... SIM UM UM tlM lntl Harvester pf.. 106M 106M 106M 106M lntl Mer Marine... 14M 14M MM 14M lntl Mer Marine pf MM ?6M 66M tSM lntl Truck 1st pf.. TIM TIM 7lM 71M lntl Nickel UM UM UM UM CtTPaper MM (0M tvM 60M invincible Oil MM 14M MM MM island Oil 2M i-M <:M *M Jewel Tea 10M U 10M 11 jewel Tea pf MM 40M 89M 40M jones Tea........ 87 .7 ?7 *7 Kansas City Sou., 22M 22M 22M 22M ttaiiMS * Gulf Co.. T T 6M T Keliy-SprinK Tire. 36 MM SSH 36M Sennecott 26M 2S zsM it Keystone Tire.... 16M IT 16M 16M Kresga (S S) 110M U1M llO'-t U1M Lee Tire * Rubber t7M *7M 2TM 2TM L^bigh Valley.... KM MM (SM 68M Loews lno UM 12M 12M 12M Loft Inc t 9 9 t Loose-Wiles 86 MM M 86M Louis* Nash lOtM lOtM 109M 109M Manhattan Kiev... SIM MM 86M UM Mackay Cos pf MM 69M 6?M 69M Market St prior... UM 86M MM UM HSrlandOU UM 26M 2SM 26M Maxwell (B UM UM UM UM May Dept Stores.. 104 106 104 106 Mexican Pete 110 lilM 109M 110M Miami Copper MM MM 26M MM Middle States Oil.. 12M 12M UM ISM Mldvale Steel 29M 29M MM 29M Mo K * T W 1 TM t TM TM MoK*Tpfwl... ttM MM 26M UM MO Pacific........ 17 17 MM 16M Mo Pacific pf MM MM MM MM Montana Power... 64 6TM M MM Montgomery Ward 1SM 18M 18M UM Mullins Body 19M 19M 1?M 19M Natl Biscuit 128 128 128 128 Natl Biscuit pf.... lit 116 1U 116 NaU Enameling.. ? 8tM S8M UM **M Nevada-Copper.... MM 14M 14M MM N T Central....... T8M 7SM T3M T3M N T Chi * St L.... 63 63 U 68 N Y Chi & St L 2d.. 62 62 62 62 N Y N H * Hart... 13M ISM UM UM Norfolk*Wstrn.. MM MM MM KM North America.... M MM M MM North American pf. UM UM U StM Murintfi'ii ? h? .. ?... TtM TtM 76M TtM OEIahomaProd... 2M 2M 2M 2M Orpheum Circuit.. 12M 12M 12?i UM Otis Elevator UT UT UT UT Otis Elev pf 93 S3 93 93 Otis Steel 9M 9M 9M 9M Pacific Oil 46M 46M MM MM Pan-Am Pete MM 61 MM 61 Pan-Am Pete (B). MM MM MM MM Pennsylvania SSM UM StM 8SM PennSeabd Steel.. 9M 9M tM 9M people's Gas tlM UM tlM UM Peoria* Eastern. 11 11 11 U Pere Marti pf tl 61 11 tl PhilaCompany... 82 SSM U SSM Phillips Petroleum M M M M Pierce-Arrow UM UM UM UM Pierce Oil.......... 10M U 10M U Pitts Coal S2M UM UM UM Pitts* WVa 24M MM MM MM Pitts*WVapf... TIM TIM 7iM TIM Pressed Steel Car. UM UM UM UM Producers* Ref... MM UM 26M 26M Public Serv of N J. 66 66 68 Pullman Co 106M 106M I0SM 106M Punta Alegre U UM 82M MM Pure Oil UM U StM M RaUway Stl Spr... MM UM UM UM Ray Con Copper... MM MM MM I4M Reading 72M 72M TIM 71 Reading id pf 4T 47 41 47 Rep Iron* Steel.. BM UM 62M KM Royal Dutch...... M MM 49M M St Joseph Lead UM UM UM UM St L* San Fran... MM tl UM U St Louts 8own pf.. S3 U tt tt Saxon Motors tM tM SM IM Seaboard Air LIM. t S I > Seaboard ALpf... 4M 4M 4M 4M Sears Roebuck. 62M_U ttM OH Seneca Copper.^.. MM UM MM UM Sinclair Oil UM 1IM 19M UM Southern Pacific.. 78M 79 TtM 19 Southern Railway. U IS 18 IS SouthernRypf... 47 47 47 41 Stand Oil of Cal.... w mm ? ttM stand Oil of N J... 173 174 lis 1T4 Stand Oil N J pf... I1SM usM I1SM 1UM Steel * Tube pf... TTM TTM TTM TTM Btromberg Carb.^ tt . MM tt . UM Opts. Hl?h. Low. OloM. Studebalcer aoH S1H SO* 81 Submarine Boat... 8H t% SH 8% Superior OU n Hi K W Superior Steel am KM MH MH Tenn Copper ?H 8% SH Teles Company... <IH 48H 48 48*4 Tesaa Oulf Sulphur 40 40H 40 40V4 Texas & Faclflo... |W M Mi Wi Texas A PC* Oil. 84 H' 84H 84H 84H Third Avenue UM ym UH 17* Tobacco Prod sstt 64 ??* 68* Trans Contl Oil... ion io* 10H 10* Uslon BaK A Papr. S?H MH i88H MH Union OU 1?* 18* 18* 18 Union Paolflc 12s im* IM 128 Union Pacific pf... n* T1H Tl* 71H United Alloy Steel, ts 28 88 Zi United Fruit 122H 182H 121* IS* United Retail Stra 81* 82* 81* iltt U8Food Prod.... ?H ?* ?* 9* US Indue Alcohol. 88 88(4 ST* 87* U 8 Realty 67 67 66* 66* US Rubber 62* 62* 61 62* US Steel 82* 88* 82* 82* US Steel pf 114* 114* 114* 114* Utah Copper 61* 62* 61* 62 Utah Securities... 10* 11* 10* 11* Vanadium Corp... 81* 81* 81* 81* Va-CarChem 28* 28* 28* 18* Va Iron Coal A C.. 87 87 87 87 Wells-Pararo Exp. 69 68 69 89 Western Paclflo... 16* 16* 16* 1?* WesthseEftM... 49* 49* 49* 49* Wheeling ALE... 6* 6* 6* 6% White Motor 86* 86* 86* 86* White Oil 9* 9* 9* 9* Wlckwlre Spencer 14* 14* 14* 14* WlUys-Overland.. 6* 6* 6* 6* Wool worth 139* 189* 189 189 Washington Stock Exchange SALES. Washington Gaa 7^s?$500 at 10514, *500 at 105^. Capital Traction 5a?$500 at 05, $500 at 85, $1,000 at 05. Washington Railway and Electric com.?2 at 40. Commercial National Bank?5 at 130, 2 at 180, 3 at 180. AFTER CALL. Capital Traction?5 at 97, 1 at 97, 5 at 97. 5 at 97. 5 at 97, 5 at 97. BONDS. Bid and Asked Price*. PUBLIC UTILITY. Bid. Aaked American Tel. and Telga. 4s 87 87V* American Tel. and Telga. 4^s.. 95 96 Am. Tel. and Tel. ctl. tr. 5s.. 94 94\ Am. Tel. and Tel. conv. 6s.... 109 100?2 Anacostla and Totomac 5a 75 80 Anacostla and Potomac guar. 5s. 75 80 C. and P. Telephone 5s 9114 C. and P. Tel. of Va. 5s 88 90 Capital Traction R. R. 5s MH 95 City and 8uburban 5s . 79 81 Georgetown Gas 1st 5s 80 .... Metropolitan R. R. 5s 94H 95 Potomac Electric Light 5s 91 .... Potomac Electric Light cons. 5s 89 Potomsc Electric Power 6s.... 98 .... Potomsc Elec. Power g. m. 6s.. 98U Pot. Elec. Power and ref. 7s... 104% 105 Wash.. Alex, and Mt. Ver. 5?.. 22 .... Wash., Balto. and An. 5s 78 79 Washington Gas 5s 88 89 Washington Gas 7%a 105 106 Washington Rwy. and Elec. 4s. 6514 66 Wash. Rwy. and Elec. g. m. 6s. 95% MISCELLANEOUS. Rlggs Realty 5s (long) 90 ..... lMrrs Beslty 5s (short) 97 Washington Market 5s, 1927... 87 Washington Market 5s. 1947... 84 W. M. Cold Storage 5s 80 si OCKS. PUBLIC UTILITIES. American Tel. and Telga ?115 V, Capital Traction 96 Washington Gas 49 Norfolk aud Wa*h. Steamboat.. 189 ..., Wash. Rwy. snd Elec. com 40 ? 42 Wash. Rwy. and Elec. pfd.... tVfti* oe NATIONAL BANKS. American 155 J SO Capital 185 200 Colombia 172 .... Commercial 128 150 District 168 Farmers and Mechanlca' 220 Federal 170 180 Liberty 130 .... Lincoln 170 .... National Metropolitan 210 Rlgga 450 Second 148 165 Washington 185 200 TRUST COMPANY. American Security and Truat... .*218 .... Continental Truat 98*4 100 National Savings and Truat.... 280 .... Union Trust *117 Waahlngton Loan and Truat.... 266 272 SAVINGS BANK. Commerce and Sarlnga 160 East Waahlngton 14U Merchanta' 147 .... Security Sarlnga and Com 203 230 Seventli Street 150 .... Union Savings 114 .... U. B. Sarlnga 220 Waahlngton Mechanics' 25 ' .... FIRE INSURANCE. American 250 .... Arlington 9 .... Corcoran 115 .... Firemen's ....? 18 .... National Union 7*4 .... TITLE INSURANCE. Columbia Title 5 . i Eatate Title 95 .... MISCELLANEOUS. Columbia Graphopbone com...'.. 2>4 3 Columbia Graphopbone pfd 9% .... D. C. Paper Mfg. Co 75 .... Merchanta Trauafer and Storage 110 Mergenthaler Linotype 127** Old Dutch Market com 3 6 I Old Dutch Market pfd 8 ? | Lanston Monotype 71 72 ? Security Storage *210 J Waahlngton Market *26 .... i ?Kx-dividend. K EQUITABLE Co-Op entire Boildiaf Association OI81BM 1878 4 2d TEAR COMPLETED Assets 94.MS4K.TO ?mrplu ?l.lll.aSXM Save While You Earn ?Make up your mind to save something each pay day and watch it grow. Sab.crlptl.ua far the 82d Issue of Stock Betas Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. JOHN JOY KDSOX. Presldeat FRANK P. REESIDB, SeCy Stop and Think V Did you ever stop to think that to get anywhere in this world of ours you must put some of your income to work for you? A man may earn a good sal ary or make a good profit from his profession or busi ness, but if he spends all. what is there for him to fall back on? ? You can purchase our 7% First Mortgages on the Par tial Payment Plan and have an income working for you. ' Write for tookkt B. F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Main 2IM CLOSING IS STRONG; DEAUNMLL Trading Is Little More Than Customary Week End Ad justment. NEW YORK, January 7.?Prices were firm to strong (or the most part during today's brief stock market period. Dealings represented Uttle more, however, than the customary week end adjustment of speculative accounts. Oils led the rally at gains of X to 3 points. Tobaccos and mis cellaneous issues, including chain ?tores and merchandising stocks, also were higher. Utilities were featured by Montana Power, which rose 3V4 points. Rails showed moderate improvement, es pecially Lehigh Valley, New York Chicago and St. Louis, and Louisville and Nashville, but Chicago Northwest ern common and preferred were heavy. Of the better known specialties, rubbers showed further depression. The closing was strong. Bales ap '.roJ, 'ted 350,000 shares. Bonds, in cluding liberty Issues, were dull, but' mainly higher. Conference Xi Topic, Th? summoning of the general Eu ropean economic conference to meet Genoa, in March, was everywhere referred to in Wall street this morn ing as an event of very great poten tial importance. It was not, however, an influence in the immediate situa tion, because what such a gathering will accomplish toward the recon struction of Europe at the moment is mere conjecture. When the confer ence actually assembles the markets are apt to become more responsive. But the present view is that It is too far ofT as yet to enter into calcula tions. Even In the foreign exchange mar ket, which would naturally be most sensitive to any development prom ising help to Europe's economic con ditions. there was no fresh move to day. Sterling was only a trifle high er, and such advance as occurred in continental rates was equally smalt. The bond market was still Influenced by yesterday's drop In money rates, with further advances in liberty bonds and in representative corporate Issues. Balancing of Contract*. The two-hour session on the stock exchange indicated little more than a balancing of traders' oontracts. Pro fessionals who had been selling the market short early in the week were inclined to cover, and this led to an advance of a point or so early in the day in some of the equipments, oils and motor shares. Later on, when the demand from the short Interest had been satisfied, prices eased off. but the rally was re sumed in the closing dealings. There were a number of specialty moves at tributed to pool 'operations. On the other hand, steel and coppers did nothing and the rails were neglected, with a few exceptions, where special selling was in progress. This liquidation was again notice able in the Eries, but the main inci dent was a sharp break in Chicago and Northwestern on uncommonly heavy transactions. The decline In this stock was a belated recognition of the deficit shown in the November earning statement. A. B. Smith, general passenger agent of the New Haven road, has resigned. He will be succeeded by F. C. Coley, assistant_general_j5assengeragenU* Money to Loan Secured by first deed of truat on real estate. Prevailing interest and commission. Joseph I. Weller ?AT.?i! Money In Any Sum Our connections locally and In other cities enable us to fur nish money in any amount for Washington Real Estate En terprises. Stone & Fairfax 1342 If. Y. An. Mats 2*24 BIRD & CO. BROKERS Stocks, Bonds 821 15th St. Main 3160?8S67 No Lot Too Large No Lot Too Small Direct Private Wire to Ogden D. Budd A Co. (Established 1885) New York City Full Service SIM First Trusts Exclusively Conservative Valuations 6/4% Interest Glover & Flather, ,737 Fifteenth Street '?> ,?la LOANS If you have money to in vest we can safely place it on gilt-edge first D. C. Mort gages. Our record of 30 years insures your protection. Cour teous treatment. Percy H. Russell Co. S.W. Cor. 15th & "KM Sts. V77V777.?rs.>/r/j*//MMMt Harriman&CoJ MEMBERS: Ne w\brk Stock Exchange 111 Broadfe-ay; New'Ybrk Washington Office COLORADO BUILDING Telephone Main 1603 G.B.Chipman Manager , ky j __ This Is Important to You The NATIONAL MORTGAGE AND INVESTMENT CORPORA TION, of which Mr. H. Rozier Dulany is president, has been in successful operation for four months. It is meeting in a practical way the building and housing needs of the District of Columbia, and is making very attractive earnings on the money employed in its operations. Washington has heretofore been without an established discount banking institution to standardize discounts and provide a ready agency for dealing in real estate securities based upon second as well as first trust mortgages. The National Mortgage and Investment Corporation supplements the splendid general banking facilities of Washington. Other business as well as that of the builders is benefited by the Release of money tied up and dormant in second trust notes. Institutions doing a general banking business will be benefited by a stimulation of business through building operations, which multiply and give activity to bank accounts. Investments in the National Mortgage and Investment Corpora tion are safe and profitable. The character of the management insures continued and growing success, with steady increase in value of the investment, which accrues to the benefit of the stock holders all alike. A portion of the Stock of the National Mortgage and Investment Corporation is being offered at the same price paid by the officers and directors. Subscriptions are received by the Hughes Finance Corporation, 1418 I Street Northwest Phones, Main 833 and 854. BIPORT or TBI OOMOTZlOn NATION AL* S AYi?4 GS AND TRUST CO., It Washington. in the District of Columbia. at the close of business December 81, 1921. RESOURCES. 1. a Loans and dis counts, in eluding redis counts (except those shown In b and c) .$7.948,867.94 Tottl low. ..IT.WMT.M )T 2. Overdrafts, unsecured, 924.98 24.92 4. U. 8. government securities owned M2.800.00 6. Other bonds, stocks, securt ties, etc 1.299,699.lt 6. Banking house, $1,209,000; furniture and fixtures, Mm 9105.421.47 1,814.411.47 10. Cash in vault and smount dus M from national banks 409,097.09 11. Amount due from state banka, bankers and trust compan ies In the United States (other than Included In Items 8, 0 or 10) 666,060.18 Total of items 9. 10, 11. 12 and 13 $1,075,108.23 14. Checks on banka located out side of city or town of re porting bank and other cash Items 189,224.67 Total $12,299,689.89 LIABILITIES. _ 17. Cspltsl stock paid in $1,000,000.00 18. Surplus fund 1,000,000.00 19. Undivided profits $874,298.60 a Reserved for in terest and taxes sccrued 40,000.00 $914,298.60 914.298.60 22. Amount due to state banka. bankers and truat compan ies in the United Ststes snd foreign countries (other thsn included in Items 21 ut 22) 6 139 57 23. Certified checka outatanding 8.153.50 Total of item* 20. 21. 22. 23 and 24 $9,298.07 Demand deposita (other than bank deposits). (Deposits payable within 80 daya): 25. Individual depoelts subject to check 7,289.876.02 29. Dividends unpaid 197.50 30. Other demand depoalta (aav logs) 1,890,027.32 Total demand deposits (other than bank depoalta), lteina 25, 26, 27. 28, 29 and 30 $9,180,100.84 Time depoalta (payable after 30 days, or aubject to 30 I daya' or more notice) and poatal savings: 31. Certiflcatea af depoait (oth*r than for money borrowed).. 195,945.88 Total of time depoaits, items 31 32, 83 and 34.$195,945.88 Total $12,299,638.39 Oiatrict of Columbia. City of Washington, as.: I, CHA8. C. LAMBOltN, treasurer of the above-named bank, do solemnly swear that tue above statement is true to the best of my knov ledge and belief. CHAS. C. LAMBOBN. Treasurer. Subscribed and worn to before me this 5th dsy of January, 1922. _ (Seal.) BRUCE RAIBD. Notary Public. Correct?Attest: WILLIAM I). HOOVKB. WOODBURY BLAIR. FRANK W. STONE, W. V. COX. W. E. EDMONBTON. WILLIAM H. WALKER. REGINALD 6. HUIDEKOPER. WALTER C. CLEPHANE, W. A. H. CHURCH. Directors. REPORT OF THE CONDITION Of the AMERICAN COMMERCIAL AND SAVINGS BANK At Washington, in the District of Columbis. st the close of buaineaa December 31. 1921. RESOURCES. 1. a Loans and dis counts, including rediscount* (except those abown in b and c) $99,119.82 Total loans $99,119.82 $09,119.82 5. Other bonds, atocka, securi ties, etc 19.890.6i 6. Furniture and flxturea, $8,348.95 3,348.95 7. Real estate owned other than banking houae 160.791.13 10. Caah In vault and amount due from national banks 36,711.08 11. Amount due from state banks. bankers and trust companies in the United States (other than included In items 8, 9 or 10) 3.043.88 Total of items 9. 10. 11. 12 and 13 $41,734.96 14. Checks on banks located oatside of city ex town of reporting bank and other caab items. 706.19 16. Other assets (expense) 4,115.00 Total $329,726/T2 LIABILITIES. 17. Capital stock paid in $79,654.89 18. Surplus fund 15.462.60 19. Undivided profits $6,143.51 $6,148.51 c Less current ex penses. interest snd tsxes paid 10.258.51 23. Certified checks outstanding... 60.35 24. Cashier's check* on own bank outstsnding 132.00 TotsI of items 20. 21, 22. 23 snd 24 $192.35 Demsnd deposits (other thaii bank deposits). (Deposits payable within 30 days): 25. Individual deposits subject to check 74.U58.33 Tim* deposits (payable after 30 days, or subject to 30 days' or mere notice) and postal savings: 31. Certificates of depoait (other than for money borrowed).... 11.468.00 33. Other time deposits 6o.b96.05 Total of time deposits, items 31. 32. 33 snd 84.. $72,864.05 43. Liabilities other than those above stated 88,000.00 Total $829,726.72 District of Columbia. City of Washington, ss.: I. ROBERT C. SHAW, cashier of the above named bank, do solemnly swear thst the above statement is true to the best of my knowl edge and belief. ROBERT C. SHAW. Caahler. Subscribed and sworn to before me this 5th day of January, 1922. (Seal.) A. X. MITCHELL. Notary Public. Correct?Attest: Edward Volgt, Jr., A. B. Clarke. Geo. E. Hebbard. Wm. J. Armstrong. W. G. Cunningham. James B. Flynn. John W. Farran, Richard B. Owen. M. M. Doyle. W. C. Small wood. Frank T. Parsons. Grant S. Barnhart. H. D. Ormsby. Wm. H. Benjamin, Claude G. Otwell, T. A. Cantwell. H. L. Cranford, Directora. Bernard F. Garvey, 5ZJlew Iwtitw Other Moneys?and Yours PIECES OF EIGHT You meet .PieceS of Eight in "Treasure Island," in the tales of the buccaneers, in the old histories of the Spanish Main. Lives were cheap in those days and money s catce. The JPiects of Eight were hoarded, in strong boxes?you remember, thnt if: you've read your pirate classics. -tQ THE protection of a strong box today does not necessarily mean safety, and surely offers no return. Real safety for your money-lies in sound investment, and preeminent among such investments is our First Mortgage Notes on Washington property. It will be worth your while to ask about our notes before you de cide where to invest your money. "a SwartzeHJfceem?Hens<yCoi 727 V)* Street WW! >i .* i:. *r.?~ c| =S Banking Trust & Mortgage Co. New ? Banking Hours Beginning TODAY 8:30 AM. to 5:30 P.M. EVERY BUSINESS DAY 1409 H St N.W. Phone Main 3800 REPORT OF CONDITION Of the RIGGS NATIONAL BANK At Washington. in the District of Columbia, at the close of business or. December SI, 1921. RESOURCES. 1. a Loans and discounts, Including rediscounts (except those shown in b and c) $13,-49, Total loans $18,249,2;>7.35 _ t $13,249.257.3T, | 2. Overdrafts, secured. $1,393.85; unsecured, $5,159.26 ?,5i".,ll j 4. U. 8. government securltlea owned: a Deposited to secure circulation (0. S. bonds, par value. $100,000) ???? _ ???'???"?? b All other United States government securities ?,4a4,.4a.ll Tota, 5.652.245.11 ' 6. Other bonds, stocks, securities, etc i ?. Banking house. $471,0*4.44 ?. J-li ir J -i? 8. Lawful reserve with federal reserve bank l,8l8,So4..o ?. Items with federal reserve bank in process of collection (not available as reserve) , 10. Cash In vault and amount due from national banks. . .. ... 11. Amount due from state banks, bankers and trust companies in tne United States (other than Included in Items 8, ? or 10)..... 79,10j.9. 12. Exchanges for clearing house ?ju.4J?-.vu 13. Checks on other banks in the same city or town as report ing bank /other than item 12) ?????? 308.62fc.fl Total of items 9, 10, 11. 12 and 13 $2,58...6-8.29 14. Cheeks on banks located outside of city or town of reporting bank and other cash items 6j.60i.S0 15. Redemption fund with U. S. treasurer and due from U. S. VI treasurer 5.250.0* 16. Other assets: . a Coupons in process of collection -84,008.M 1 b Liberty loan coupons a?*''1? ! c Due from foreign banks and bankers 6..094.32 Total $27,366,421-5 LIABILITIES. 17. Capital stock paid in *?.??????????? 18. Surplus fund ..OOO.OOO.M' 19. Undivided profits $489,482.89 b Reserved for taxes., 97.793.74 $587.276.63 587,276.63 20. Circulating notes outstanding ISS'S??*??" 21. Amount due to federal reserve bank (deferred credits) 227,634.* 22. Amount due to national banks 1,004,841.11?# 23. Amount due to state banks, bankers and trust companies in the United States and foreign countries (other than in cluded in iteniB 21 or 22) 1,S20,311.? i 24. Certified checks outstanding 62.81 25. Cashier's checks on own bank outstanding 52.699.?~ Total of items 21. 22. 23. 24 and 25 $3,167,822 S4 Demand deposits (other than bank deposits) subject to re serve (deposits payable within 30 days): 26. Individual deposits subject to check 16,796.56 27. Certificates of deposit due in less than thirty days (Other _ ^ , than for money borrowed) 45.314.8, 30. Dividends unpaid 65.fl#' 31. Other demand deposits I6S-.W Total of demand deposits (other than bank deposits) subject to reserve, items 26, 27, 28. 29, 30 and 31 $13,842,304.56 Time deposits subject to reserve (payable after 30 days, or subject to 30 days' or more notice, and postal savings): 32. Certificates of deposit (other than for money borrowed) 179.474.IJ2 34. Other time deposits 1.426.44** 35. Postal savings deposits. ? 22.784.S" Total of time deposits subject to reserve. items 32. 33, 34 and 35 $1,628,703.43 ' 36. United States deposits (other than postal savings), including war loan deposit account and deposits of United States disbursing officers 998.07i.0S 40. Bills payable with federal reserve bank 2,000,000.00 42. Letters of credit and travelers' checks sold for cash and outstanding ? ? v^, -u. ?. 19.060J 45. Liabilities other than those above statpK a Clearing house due bills ?.. 7.' 9t4.fH.06 b Payments account liberty loan bonds and victory notes 8,2(1.94 c Income tajt withheld < 138.20 d'Alien property custodian 122.89 2C,17S.b$ Total $27,366,411.63 District of Columbia, city of Washington, ss.: 1. R. V. FLEMING, cashier of the above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. R. V. FLEMING. Cashier. , Subscribed and sworn to before me this 6th day of January. 1922. - . , (Seal.) WM H. DORSET, Notary Public, D. C. Correct?Attest: ? >? ?f CHAS. C. GLOVER. .JAMES M. JOHNSTON. Jr.. . M. E. AILES. H. B SPENCER WM. J. FLATHER. JL'LIUS GARFINKLE. JOHN S. LARCOMBE. FLEMING NEWBOLD. L KEMP DUVAL, STERLING RUFF1N. ; |T FRANK J. HOGAN. Directors. REPORT OF CONDITION >? Of the NATIONAL METROPOLITAN BANK At Washington, in the District of Columbia, at the close of business on December 31, 1921. RESOURCES. 1. a Loans and discounts, including rediscounts (except those shown in b and c) $6,351,640.87 b Acceptances of other banks discounted 100.000.00 _ ??????? $6,451,640 2. Overdrafts, secured, $53.04; unsecured. $2.797.24 2.850 2*. 4. U. S. government securities owned: a Deposited to secure circulation (U. S. bonds, par value) $800,000.00 b All other United States government securities 525,481.08 Total 1.32J.4?1. 5. Other bonds, stocks, securities, etc 6. Banking house, furniture and fixtures 813.07?.?.0, 8. Lawful reserve with federal reserve bank 9126.96.36.199 9. Items with federal reserve bank In process of collection (not available as reserve) 661,264.24) 10. Cash in vault and amount due from national banks 1.883.4a0.C 11 Amount due from state banks, bankers and trust companies hi the United States (other than Included in items 8. 9 or 10). 443.76$^? 12. Exchanges for clearing house 146.772.2$ 13. Checks on other banks in the same city or town as reporting bank (other than item 12) 6..41,.70 Total of items 9, 10. 11. 12 and 13.... $3.203,67.1.21 14. Checks on banks located outside of city or town of reporting bank and other cash items 10.919. 15. Redemption fund with U. S. treasurer and due from U. S. treasurer 16. Other assets 4.99-11 ToUl $13,499,691 67 LIABILITIES. 17. Capital stock paid in *!22'222'2!1 > 18. Surplus fund iiiiViVis t40 000 #0; 19. Undivided profits ? a Reserved for interest and taxes accrued 24.060.48 33 <.618...It f 20. Circulating: notes outstanding IJHSrSjTl. 21. Amount due to lederal reserve bank (deferred credits) 106f?>20v5Cjr 22. Amount due to national banks -98.?6%.3?W 23. Amount due to state banks, bankers and trust companies in the United States and foreign countries (other than in cluded in Items 21 or 23) 228.??0.^ 24. Certified cheoks outstanding 25. Cashier's cheoks on- own bank outstanding ?.. 4.09..43 Total of items 21, 22, 23. 24 and 25 $716,386.92 Demand deposits (other than bank deposits) subject to re serve (deposits payable within 30 days): .ft 26. Individual deposits subject tc check 8.457,1-8.61 27. Certificates of deposit due In less than 30 days (other than for money borrowed) 5 30. Dividends unpaid 2:7"!. 31. other demand deposits -0.-41..,. Total of demand deposits (other than bank deposits) subject to reserve, items 26, 27, 30 . a?d 31 $$.483,023.01 --5* Time deposits subject to reserve (payable after 80 days, or subject to 30 days' -or more notice, and postal savings): . , 32. Certificates of deposit (other 'Aan for money borrowed). 7.is2.;(kj 34. Other time deposits 1.771,11*93 35. Postal savings deposits 25.117.82,. Total of time deposits subject to reserve, ,' ' Items $2, 34 and 35 $1,804,607.26 86. United States deposits <other than postal sevlngs), Including ^ war loan deposit account and deposits of United States dls- . ? bur-sing officers f.ljl-J# 46. Liabilities other than those above stated 2a.636 36 Total / . $11,415,691 .*7 District of Columbia, city of Washington, as.: I, C. F. JACOBSKN, cashier of the above-named bank, do solemnly swtitf that the above statement is true to the beet^of^m^kngrl^ge^and^belief^ Subscribed and sworn lo before me this 6th day of January. 1122. (Seal?) ROBERT E. BRIGGS, Notary Public. ^(Tw^HTTE. WILLIAM H. &AUNDERS. i *i o? tjjtav HERBERT T. SHANNON, HTOHRETLLY WALTER BROWNLET. / J A IJSNKR. ARTHUR T. BRICE M CHARLE8 JACOB8EN, JOHN H. MOORE, n r P. JOHNSONS, - Directors.