Evening Star Newspaper, June 16, 1930, Page 13

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., MONDAY, st A-—13 * CAPITAL TRACTION | - STOCK DEPRESSED Issue Makes New Low at $60.50 Following Cut in Dividend. whicl BY EDWARD C. STONE. Capital Traction was the feature of an unusually active session of the Wash- ington Stock Exchange today. It was the first heavy trading in the issue since the announcement that the directors | had reduced th¢ quarterly dividend from $1.50 to $1 or from the 6 per cent to & 4 per cent annual rate. The stock opened with 10 shares sell- ing ex-dividend at 61, off 1'; points from the last sale. The market then | advanced to 62, but dropped to 60% and | 60',. These opening sales were very | light. however. l'A.’!('r call, a block of 80 shares| changed hands ex-dividend at 60, while | 4 17 more moved at 60'4. The market | closed with a single share selling at | 60',, the lowest price recorded in this | stock for many vears. Mergenthaler was also active, selling ex-dividend around 99'4 and 99% on a turnoves of about 100 shares. In the bank stock division Commercial Na- tional sold at 230, Washington Loan & Trust at 490 and 485, and Riggs Na- tional at 485. Sales were recorded in several other fmportant stocks and there was much activity in the bond market. Local Board Rooms Crowded. | There was a rush to the local broker- age houses early this morning at the opening of the New York Stock E change, both traders and investors be- ing anxious to see any action that| might take place following President Hoover's statement that the new tariff bill will be signed. The Exchange opening was disap- pointing. That President Hoover would sign_the tariff bill has been the belief in New York for several weeks, so that any sh: advance on this score had lmndy‘rgeen discounted. The tape showed that Wall Street was paying more attention to commodity prices than the tariff, and there were no signs of any runaway market. Local bankers, however, asserted that the definite statement that the Presi-| dent will sign the bill should sooner or later have a helpful effect in the slo('kl merket, as well as in steadying general business. Bank Publishes Winning Essay. 4 'The essay submitted by Miss Frances M. Pearce of the Federal-American Na- tional Bank, which was awarded first prize in the annual American Institute of Banking contest, conducted under suspices of the District of Columbia Bankers' Association and which was read by the author at the recent con- vention of the bankers' organization at Asheville, has been published in pam- hlet form by the Federal-American gnnk and distributed to bankers and others interested in banking. Miss Pearce very cleverly pictured the personal and educational qualifications for the making of & successful and presented many original ideas on this broad subject. Bankers at the con- vention were much pleased with the manner in which she developed the theme and she received a great many congratulations. s Other members of the Federal-Ameri- can staff have also been active in out- side affairs during the past year. Presi- dent John Poole is president of the Community Chest; W. J. Waller has just finished the year president of the District Bankers' Association; A. O. Dooley edited the bankers' Monthly Bulletin and was first vice president of the A. I. B.; W. L. Sanderson was an A. I B. consul and John C. Fran- ron! won honorable mention in the es- say contest. Schivone Fetes Local Bankers. Joseph Schivone, former president of the International Exchange Bank, at Pifth and H streets northwest, e 8 dinner Saturday evening at the Con- al Country Club in honor of N. Harper, retiring president of e District National Bank, and Joshua Evans, jr, new head of the same ine stitution. = Mr. Schivone, since retiring as & bank president, has been engaged in the tourist ticket business and has other business interests. About 20 bankers and associates of Messrs. Harper and Evans attended the dinner. Julius Peyser, president of the Security Savings & Commercial Bank, scted as toastmaster. There were sev- | 57% eral speeches, in which the two guests| 156% of honor were praised for their records | 110% in the field of finance. l:::‘ Insurance Leaders to Speak. 90 ‘The District of Columbia Life Un-| 6% derwriters’ Association will hold its June meeting Thursday at the Hay- Adams House, with Paul W. Cook of Chi- ‘©ago as the guest speaker. Mr. Cook is in- structor of agents of the Mutual Bene- it Life and is an active insurance agent. He has written a book on how to sell insurance, known as “The Cook Book.” ‘The luncheon will start at 12:30, and will be the inaugural meeting for the newly elected local president, John H. Snyder. Mr. Snyder has just sent out a special appeal to all the association members asking them to attend every meeting possible and do everything they can to help the chairman of the various eommittees during the year. May Life Insurance Off. New life insuranee purchases last month were 4.7 per cent below those of May, 1928, but the cumulative total for the first five months of 1930 was 1.3 per cent greater than the purchases for the 1929 period, according to re- | rt by Association of Life Insurance | residents. The compilation aggregates | the new business records—exclusive of | revivals. increases, and dividend addi- | ®iions—of 44 member companies which | have 82 per cent of the total volume, of life insurance outstanding in all. United States legal reserve companies For May, the total new business of all claases written by the 44 companies was £1,007.740,000, against $1,152,026,000 during May, 1929 Heard in Financial District. Willlam Knowles Cooper, partner in | Crane, Parris & Co., sailed for England | Saturday for a two-month stay in Eu rope. He will visit the Passion Play | and also fill several important speaking engagements | Richmond reports that the Universal | Leaf Tobacco Co. has declared the reg- ular, quarterly dividend of $2 per -share | @n_the preferred stock. | ‘The ar Department has awarded $5,963.419 in contracts for 402 aire planes and 128 engines and parts, to the Douglas Co., Boeing Airplane Co., Thomas-Morse Aircraft Corporation, Sikorsky Aviation Corporation and Wright Aeronautical Corporation. Exports of agricultural implements from the United States in April amount- ed to $11,340,174, against $12,031,417 for April, 1929 Robert M. Hutchins, president of the University of Chicago, will talk on “Ed- ucation in Independence” on the Hal- sey, Stuart & Co., radio program Wed- nesday at 8 pm. He will discuss the Ppresent-day needs of education as they l‘l ly to the financial side of successful g. ‘The June Security News, published y the American Security & Trust Co., appeared. It contains a host of news notes of interest to the bank’s p;)onl. . W. McNeel of Boston, calls at- tention to the fact that actual business improvement 15 not necessary to bring abdut a turn in the stock market. He has looked up the records and finds that after every break for gears, rising k prices have anticipated improve- t in general business by six to ten months, % 178% ~ 10714 9. 4 197 Am Tobacco (8). NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Notice—All stocks are sold in one hundred-share lots fll‘!gfln‘ those designated by the letter s (658) shows those stocks to be sold in odd lots only. NOTE—For final individual sales see 5:30 edition k al les— % Ahumada Lead..... 1 118 Alr Reduction (3)... 112 21 Alr Way T! Ap(2%4). 1% Ajax Rubber. 5's Alaska Juneau. 814 Albany Wrap P 21% Allegheny Corp. .... Alleg Cp w $30 w 514 9314 Alleg Cp w340 w 51y 7 Alleg Steel 2.30). Alllance Realty 1 9 5% Allied Ch & Dy 280 269 121 AllledCh & D pt (7). 124% 124% 49% Allis-Chalmers (3).. 118 55 50 28' Alpha Port Cemt (3). 321 32% 18 Amerada Corp (). 264 5% Am Agricul Chem 3 e 26 Am Agricul Ch pf. ... 7 Am Bank Note (13). Am Beet Sugar....., 0 Am Eosch Magneto.. 10 44 Am Brake Shoe(2.40) & 1184 Am BrSh & F pf (7). 108 S Am Brown Hov Klec. 117% Am Can (4)... Am Car & Kdy (6), i Am Car & Fdy pf(1 46 Am Chain Co 13). W Am Chicle (12%). ... 213 Am Comm Alcohol. .. 35 Am European Secur. 65 Am & Forn Power. .. 107 Am & For Pwr p£(7). 95 Am&Forn Pwr 2d pt. 19% Am Hawallan S8 (1) 4 Am Hide & Leather. . 221 Am Hide & Lea pt... \5% Am Home Prod4.30) 3 Am 9% Am ~ Am Internatl i2). Am La Fr & Foa 531 Am Locomotiv B 100 Am Locomot ptf (1) 100 100 210 Am Mach & Fdy (7 2220 210 36 Am Metal (3).. 351 30 656 Am NatGaspf (7)..100a 83 83 % AmPlaB0..veeeee. 10 W % 77 AmPwr&Lt(31)., 48 90 86k 75 AmP&LpfA(3%) 2 82l 824 100 AmPwr& Lipf (6)., 1 103% 103% 80 AmP&LtpfAst(5). 2 854 85% 26% Am Ra&Std San1%. 40 264 24% 20 Am Republics...... 10 20% 154 6214 Am Rolling Mill(n2) 82 634 61 59 Am Safety Razor(). 613 5% 10 Am Seating (2) 241 " 10 1% Am Ship & Com 2 1% 1% 46 A'm Shipbldg (new) 51 81 65% Am Sm & Ref 4 6615 64 41 AmSnuft (13%). 40% 40 7 Am Solv & Chem. 234 Am Sol&Ch ev pf(3). 40 Am Steel Fdy 3 10 4514 Am Stores (2) 58 Am Sugar ¢l B 104 Am Sugar Ref pt (1) 106% 106% 11 Am Sumatra Tob. .. 121 1244 16 Am Tel & Cable (5). 1508 20 20 214% Am Tel & Teleg (). 173 214% 209% cer - 6 2354 280 197 Am Tobacco B (8).. 31 243 2321 120 Am Tobacco pf (6).. 1 122}y 1221y 106 Am Type Fdy pf (7). 10s 113 113 ¥8'5 Am Wafer Wka (nl) 88 Tis Am W 19% Am Woolen pt, ., 5 Am Writ Paper ctfs. AmZinc Ld & Sm. Am Zine pf (6). Anaconda Cop (1) 30% Anaconda W&C (3) 35 Anchor Cap (2.40). 1% Andes Copper (3) 21 Archer-Dan-M ()., 74% Armour of Del pf(7). 5% Armour of i1l (A) 2% Armour of 111 (B) 556 « Armour of 11l pf (7 6% Arnold Constable 90 Artloom pf (7) 93% 933 24% Art Metal Con 25% 26% 3% AsSso Applind (4)... 2 37 35h 28 AssoDry G (2%)... 37T% 35% 215 Atch To& 8 Fe (10), 214% 206% 102% Atch To & SF pt (6), 106 106 160 Atl Coast Line (110). 160t 160% 58 AtlGulf & W Ind(1). 58 57 #6% Atl Refining (12). 2 387 35% 72 Atlas Powder (4) 3 72w 67 26% Atlas Stores (nl) 29 27% 120% Auburn Auto (§4) 652% Austrian Cred (: 4% Autosale: 37 Auto-Strop 4% Aviation Corp of Del 22 Baldwin Loco (1%), 10 % 105 Baldwin Loco pf (1) 630s 108 105 205 Balto&Ohio (T).... 21 L04% 101 107 Bamberger pf (63%). 160s 108% 108% 63 Bang&Aroos (3%). 2 73 68 15% Barker Bros (2).... 10 15% 7315 Barker Bros pf (6%) 40s 20's Barnsdall, A (2).... 48 5315 Bayuk Cigar (3)..... 1 97 Bayuk Cgr 1st pf( 208 E trice Cream (4).. & rice Cream pf (7). 1 Beech-Nut Pkg (3).. 327% Bendix Aviation (2). 3 21% 455% 42% 46 8T 84 + Bethlehem Stipf (1) 2 130% 130% 4% Blaw-Knox (1%)... 7 36 36% 74 Bluthal& Copf (7). 1008 Td% 74% 42% Bohn Al & Brass (3). : 424 9% 20 Booth Fish 1st pt... 20 20, 60's Borden Co (k3).,... 8% Ta% 827 Borg Warner (3). 34 80 90 Boston & Maine (4 85 86 135 Briggs Mfg Co. .. 18% 174 21% Briggs & Strat (2).. 26% 26 1% British £mpire Steel 1 1% 3 Brockway Motor Trk 1% 16 63 Bkiyn-Manhat (4).. 84% Bklyn Man Tr pf (6). 10 Brooklyn & Queens. . 53 Bklyn&Queens pf(4) 131 Bklyn Union Gas (5) 39% Brown Shoe (3).. 18!% Bruns-Balk-Col 14'4 Bruns Ter & Ry 8 22 Bucyrus (1) 3 o EORB NN AR o= B 9 81 Budd Wh 77 Buft & Susque 29% Bullard Co (1.60) 26 Bulova Wateh (3). 17 Burns Bros (B).. 37 Burr Add Mch (1). 35% Bush Termnl (2%4).. 1004 Bush Term deb (7).. 10s 104'% 104% 2y ButteCop &% (50¢). 4 & 2l 2l Butte Superior. ... 3 16's Butierick Co. 70 Byers (A M), 65% Calit Packing 1 Callaahan Zine & 50% Calumet & Ariz (2).. 16! Calumet&Hec(al%). 19 Campbeld Wyant (2) 57' Canada Dry G A (5). 187% Canadian Pacific(10) 484 Can Pacific(new)w.d, 23 Cannon Mills (1.60). 184 Capital Adm (A).... 1920 Case «J 1) (8).. 5 ¥ Case (J 1) pf (77.., 129% 1275 Caterpillar Trac 13% 27 65% 63% » xR Celotex pf ¢ 2314 Cent Aguirre 3% Century Rib M1 48y Cerro de Pasco (6§ Certain-teed Prod. 304 Checker Cab (4.20) 179's Ches & Ohio (10) 60% Ches & Ohfo Corp (3) 4% Chi & Alton. . . 5% Chi & Alton pf. 36% Chi & Eastern 11 pf. 11% Chi Great Western. . 34 ChiGreat Westn pt. 15% Chi M1l StP & Pac, .. 25% Chi M1l StP & Pac pf 76 Chicago & N W (6).. 105 ChiR1& Pae (1) 105% Chi R 1& Pacpf (7). 26% Chi Yellow Cab (3)..220s 264 26% 20 Chickasah Cotton OIl 2 20% 20% 53 ChildsCo (2.40)..... § W% 5T 30 Chrysler Corp (3)... 151 30% 28% 39% City IceAF (k3.60).. 3 40% 39% 89 Citylce& Fpf6%). 208 91 91 7% City Stores (50e.... 10 T4 83 Clark Equipment (3) 2 32 30% 30 Cluett-Peabody ¢6)., 1 91% Cluett-Peabdy pf 7).100s 98 98 1384 Coca-Colu (8). 25 176% 170% 4813 Coca-Cola A (3 4 Bl 50% P 57 56 22% 20 13% 138 56% 49% 68 6614 109% 109% % ol 106% 1056 105 105 (2858) ~Prev.1930~ Hirh. Low. 91 204 128 23% 31% 6% 314 Stock and Dividend Rate. _Add 00. Col Gas & El pf B(5) Colum Graph (a28c). 200 Columblan Carb (16) 29 Comm Credit (2). 19 Comm Credit A (3) 4 Com Credit 1st (6%4) 20s Comm C 1st xw (6% 1208 Comm Inv Trigl.60) 4 Com Inv T ev pf(e6) Comm Inv Tr pf 6%. Comm Solvents (11) Comwlth & Sou(80c) Cmwlith & Sou pf (6) Conde Nast Pub (2). Congoleum-Nairn. ., Congress Cigars (4). Conley Tinfoil(stpd) Consol Clgar 47). ... Consol Cgr pr pf 6% . Consol Film (2). .. Consol Film pf (2).. Consol Gas N ¥ (4). Consol Gas NY nf( Con RR Cub pf Consol Textile. ..... Container(A) (1.30). ¢ Container(B), 4 Contl Baking (A) Contl Baking (B)... Contl Baking pt (8). Contl Can (2%). . Contl Diamond 2). Contl insur (3.40). Contl Shares (1). Corn Prod (13%) Coty Inc..... 4 Cream of Wht(t 4 Emerson-Brant (B) Crosley Radio 2 Crown Cork & 3 Crucible Steel (k5).. 7 Cuba Co. . 11 Cuban-Amer Su; 2 Cudahy Packing (4). 2 Curtis Publish (16%) 6 Curtis Publish pt(7) 4 Curtiss Wright Corp 317 Curt Wright Corp A, 62 Cushman's pf (8)... 10s Cutler-Hammer(3%) 4 Davison Chemieal. 13 o & Hud (9). 14 & Wn (1), 26 Dome Mines (1).. Dom Stores (31.20).. Drug Corporatn (4).. 34 Duluth 8 S & Atlpf.. 1 Dunhill Intl ($4).... "' 20 Du Pont de N (14.70) 154 Dupont deN db pf(6) 2 Durham Hos pf(6).. 20s Eastman Kodak (18) 145 Eastman Kod pf (§). 10s Eaton Axle & S (3).. 24 Eitington-Schild. 1 Kitington-Schild pt 4 Elec Auto Lite (6).. 65 Electric Boat, 10 £ Pwr & Lt (1)...,.1265 El Pwr& Ltpf (7)., 2 Elec Storage Bat (6) 13 Elk Horn Coal. .. ... Emerson Brant (A). 3 15 1 Diamond Mateh (8).. / 6 2 9 Endicott-John (5) Eng Pub Serv (2.4 Eng Pub Sve of (6).. Equit Office Bl ErieR R R RISt pf (4)., Erie R R 2d pf (4)... Eureka Carp Cl (4).., Evans Auto Loading. 16 Fairbanks Co pt = P PSS Fed Lt & Trac pf (6) 10s % Fed Motor Tr (80c). 1 Fed Wat S, A (e2.40) 4 Federated Dept Strs. Fid Pho Fire 1(2.60). Firestone T&R(1.60) Firestone T&R pf(6) First Nat Strs (2%). Flsk Rubber. Fisk Rubber 1 . Flosheim Shoe A (3 Follansbee Bros (3),* Foster Wheeler (2). Fourth Natl Invest. Fox Film (A) (4) Freeport. Tex (15). Gabriel Snub(A)new Gamewell Co (5). Gardner Motor. Gen Am Investo Am Tnk Car( Asphalt (4). Bronze (2). en Cable. ... Gen Cable (A) (4). Gen Clgar (4) Gen Electrie (1.60) Gen Elec spec (60¢) . Gen Food Corp (3). . Gen Gas&EL A(e30). Gen G&Elcv pf(6).. GenG & Elpf A (T). Gen Mills (3). Gen Motors (13. Gen Motors pf wi ( Gen Motors pf (7). Gent Out Adv (2).... Gen Out Adv(A) (4). Gen PublicSvo (b6). Gen Ry Signal (5). ien Realty & Utll. .. 1 RILY& Ut pf (€6) en Refractor(i4%) Gen Steel Cast pf (6) Gen Theat Equip vte Gllette Sat K Glidden Co (2). Glidden pr pt (7) Gobel (Adolf). Gold Dust (23%). Gold Dust pf (6). Goodrich (B F) (4).. Goodrich (BF) pf (1) Goodyear Tire (5)... Goodyear 1stpf (7). Gotham Silk Hosiery Gotham S H pt (1) Gotham pf xw (7). Granam-Paig Granby Coppel Grand Siiver S (m1l Grand Union. ... Grand Union pf (3).. Granite City Stl (4). Grant \W T) (1). Grt North pf (5). Grt North pf ct (5).. Gr Nor ctfs Ore (a%. 18 Grt West Sug(1.40). 4 Grt West Sug of (7).1804 Grigsby Grunow, ... 191 Gulf Mobile & North 17 Gulf Mo& N pf (6).., "2 Gult-States Steel (4) Hackensk pf A(1%). Hahn Dept Stores. .. Hahn Dept S pf(6% Hall (W ¥) Pr Co(2) Hanna pt (new) (7). Har Wir Ref (1234). Hartman (Ba11.30), Havana Elec Ry, Hayes Boay. . Helme (Geo H) (17). Hercules Mot (1.80). Hercules Powder (3) Hercules Pow pt (7). H y Choce (6) ey Choe pE(t: R)&Co....uun d Fur (e12%). nder Sons. .., .. Houdaille-H (B)1:20, Household Fin pf(4). Houston Qi (b10%) Howe Sound (14%). Hud&Man Ry (3.60). - Hudson Motor (5)... 1 8 144% 140% Hupp Motor Car (2). lilinols Central (1).. independ US1 & G(Z). Ind Motor Cyc indian Refining Indlan Refining set Indus Ray (b6% stk) Ingersoli-Rand (16). Inland Steel (4)... Inspiration Cop (2).. Interboro Rap Tran. Iutercontl Rubber. .. interlake iron (1). Inu Agricultural tntl Agricul pf (7 Intl Bus Mach (n6).. Ind Carriers, Ltd % . {ntl Cement (4). intl Combustion. intl Comb Eng pt intl H: ter (3% ) Intl H: ter pr(7) Sales— . High. 97 86 8 144% _— (Continued on Page 14.) | days would not end without reaching a | Joseph I. Weller 420, 75n 5 & Tt IN STOCK DECLINE [ = |f ‘First Deed of Trust Bear Pressure and Tighter 6(70 Interest Margin Requirements || Reasonabie Commission ana § Prompt Replies to Cause Selling. Applications JAMES F. SHEA Ll L I} 643 Louisiana Ave. N.W. Associated Press Financial Editor. | NEW YORK, June 16.—Stock prices were crushed down to new low levels | for the movement today, as the market | —————————————— entered the third weck of almost steady decline. The unloading of stocks today was one of the most drastic of the year, and the decline in prices was pre- cipitous, scores of issues losing from 4 | to about 20 points. The selling showed signs of slackening | ter during the early afternoon, when the | commission. ticker, which had been nearly half an | hour in arrears, began to catch up with | Large and -mn;l loans floor prices. This was regarded as a | i g good sign, for traders have felt the| negotiate selling movement of the past several| Real Estate Loans Lowest interest and Also money for sound 2nd Trusts Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. crisis of heavy selling. Breaks in Commodities. The decline in stocks was accom- panied by fresh breaks in commodities, wheat and aeotton selling off rapidly | Copper prices were again reduced. Copper Exporters, Inc., cut its price to 1230 oents from 12,55, which brought the domestic price down to 12 cents generally. Week end business and trade reports were largely of a negative character, but sentiment in the steel trade, if anything, seemed a trifle more cheerful, with prices showing some degree of stability. Particularly discouraging was weak- ness in gasoline prices, coming at & time when the petroleum industry | seemed to be making rapid strides in its program to put production on & sound basis. Retail gasoline was cut | 3 cents a gallon to 17 cents in C fornia and wholesale prices at Chicage were said to display a weak tone. ‘The influence of the tariff measure upon the market was difficult of de- termination, in view of the generally unsatisfactory character of business reports. In any case, President Hoo- ver's emphasis upon the more favorable aspects of it gave no support to the market. It was rumored in brokerage | circles that some interests displeased | with the measure were heavy short sell- ers, and that some liquidation appeared from traders who feared its influence on foreign trade. In general, however, it was regarded as of scant influence. for passage and executive approval was confidently forecast in Wall Street sev- eral days ago. United States Steel declined more than 3 points to a new 1930 low, below | 160, after efforts were made to support it at that level. Decline Is General. American Telephone dropped 5 points to new low ground around 210. In all, more than 150 issues reached new mini- mum levels for 1930 or longer, including & wide assortment of investment rais. Shares losing 5 to 10 points included Westinghouse Electric, American To- bacco B, American Can, Union Pacific, American Water Works, Houston Ofl, Worthington Pump, 'Standard Gas, United Aircraft, International Tele- phone and Byers. Allied Chemical | dropped about 20 points and Case de- clined sharply, again going below 200. | MONEY MARKET. NEW YORK, June 16 (#).—Call money steady; high, 214; low, 21%; ruling rate, 21%; close, 215, Time loans easy; 30 days, 2%-3 60 days, 23,-3; 90 days, 3; 4 mont CORPGRATION 314; 5 months, 3%4-3%; 6 months, 3%5. L e aike Capital Resources $3,800,000 rime commerical paper, 3%. 3 4 Bankers' acceptances unchanged; 30 | 24 JACKSON PLACE days, 2Y,-2%: §0-90 days, 2e-2%4: 4| Bummmrmmmme months, 2%-2'4; 5-6 months, 2'4-2%. 1| Fenner& Bgane New York New Orleans Members New York Stock Exchange and other principal exchanges ‘Washington office: 1430 K Street N.W. Tel. National 4933 AL R R O Safety First! Always select a safe conservnlive inveslmem. GUARANTY FIRST MORTGAGES are just ;. such on investment and their returns are good. In demominations as low as $250 REALESTATE MORTGAGE & GUARANTY RPN i I 30 T SAF.E FPIRST MORTGAGES THE PRESENT IS THE TIME TO PREPARE FOR THE FUTURE It’s good judgment to so allot your investment money that a fiberal share of it will have a frxed and definite earning power —and for a term of years that avoids the concern of reinvest- ment. Our 6% FIRST MORTGAGES ideally offer these advantages— with absolute safety, too. Over a Third” of a 4 Century Without a Loss May be purchased in amounts from $250 up. @ k B. F. SAUL CO. National 2100 925 15th St. N.W, SAFETY THERE IS NO SUBSTITUTE OR Three Reasons HY the Metropolitan Life Insurance Company Real Estate Loan Plan appeals to thousands of home buyers. 1. Loans for Fifteen Years 2. Low Interest Charges 3. Satisfactory Terms CO’IJ ll’ t EAVE BROS ml'%‘ois 809 15th'St. N.W. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company National Metropolitan Bank 1814—Oldest National Bank in the District of Columbia—1930 15th St., Opposite U. S. Treasury Open Until 5:30 P.M. Today —to accommodate our many patrons who have Pay Day banking to do. fONE DOLLAR, or more, will iden- tify you with Our Savings Dept. 3% on Savings Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets ...oooiiiian 723,083.61 50th YEAR COMPLETED WALTER S. PRATT, Jr, Secretary Surplus & Profits......$1,755,911.57 Subscription for the 99th Issue of Stock Being Received! Systematic Investing! Small, will bring you nearer your goal than Regular, Constant investing larger sums haphazardly saved. 915 F St. N.W. invite applications for FIRST MORTGAGE LOANS on residences and business properties in the District of Columbia and nearby Mary- land suburbs . . . Lower Costs, Long Term (if desired), Valuable Prepay- ment Privileges . . . Three- yearloans on newer proper- ties without amortization 54% Loan Carrespondent for “The Prudential” H. L. Rust COMPANY 1001 FIFTEENTH STREET NATIONAL 8100 ESTABLISHED 1889 Flying in 1776 N 1776 an enterprising pioneer [ fitted up a wagon able to make the ninety-mile irip over the rough and dangerous Colonial roads be- tween New York and Philadelphia. The journey required only two days— and this was considered such marvel- ous speed that the owner advertised his wagon as the “Flying Machine.” Today real flying machines, built through gradual and patient accumula- tion of flying knowledge, cover the same route in less than an hour. The road to sudden riches, like the colonial roads of old, is rough and dangerous. Some people, seeing the vast wealth of many financiers, marvel —while others know that it is the gradual accumulation of funds over a period of years that brings real finan- cial independence. That is why wise investors purchase the First’ Mortgage Notes issued through Swartzell, Rheem & Hensey Company, for these notes have proven throughout the years that they do not fluctuate in value; are always worth 100 cents of your invested dollar—year in and year out, and steadily, unfail- ingly, they pay you your regular inter- est return of 6 per cent per annum. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.Wn/ WASHINGTON D.C.