Evening Star Newspaper, August 12, 1930, Page 13

D. C., TUESDAY, AUGUST 12, 1930. FINANCIAL. STOEKS REGULAR | [Fokinen Pt FINANCIAL TON, CHORPENING IS DUE THE EVENING + NEW YORK STOCK EXCHANGE 3 STAR, WASHING F. B. KEECH & COMPANY INDISTRICT SOON New Bank Examirer Will!"s: Come Here From West in Two Weeks. Ira I. Chorpening, who was recently appointed chief national bank examiner of the fifth Federal Reserve district, with headquarters in this city, is ex- pected to arrive in about two weeks to take over his new duttes, according to imformation to- day at the office of the controller of the currency. Mr. Chorpening is now on duty in the San Francisco Federal Reserve district, from which he will come direct to this city. Ira L Chorpenins. aminer for area is 49 vears of age and was born M lowa. After three years of banking experience he was employed in the of- fice of the controller of the currency here for a period of 10 years. He was appointed a national bank examiner in 1921, and his first assignment was to the Minneapglis Federal Reserve dis- trict. He served there until 1926, uhen he was transferred to San Fran- Th.ls will be his first responsibility as 8 chief national bank examiner. Of- flclfll at the Treasury express the greatest confidence in Mr. Chorpening -nd h;edm. a successful tour of duty North American Co. The North American Co., which vir- tually owns the Washington Railway & Electric Co., is one of the group of utility stocks which “has engendered considerable bearish feelin according to Redmond & Co.s analysis of lhe stock market, which adds: "A Htfle study of this group shows why this & ys view, “still are selling from 20 to 25 times peak earnings of last year, and many of them are 3 to 5 times their book value. There has been selling of North American, American Water Works and others of that type because of their high ratio of market price to | earnings. As an example, North Amer- jcan at 94 is almost exactly at 20 um the highest record earnings of r, when $4.82 a share was earned. e market appraisal of North Ameri- can stock at 90 for 6,000,000 shares is $540,000,000, or approximately $240,- 000,000 above the value in the balance sheet, including l.“ tgurvu and sur- luses as equity for the common. N“A condition of this kind, prevailing in a group of stocks is not likely to make itself felt overnight, but it ex- lains the cautious attitude of traders &m the utilitles.” No Wage Reduction. “We have not considered any reduc- tion in either wages or salaries of our empluyes. nor do we expect to do 50,” Ralph G. Coburn, executlve vice presi- dent of General Foods Corporation, an- nounced. Employment in practically all the 48 General Foods factories, located in 40 cities, is running approximately at normal, according to Mr. Coburn. Since General Foods manufactures 80 different products, 24 of which are nationally advertised brands, Mr. Co- burn's statement may be regarded as an index to conditions in the package !nod industry. Restricted trading on the Washington Stock Exchange today featured ln[exy the local utilities and bank stocks, with prices holding generally firm, "while some were weaker. The largest transaction was Potomac Electric Construction 5s in the sum of $1,000 at 103, same as last sale. ‘Washington Gas Bs sold off & it under last sale, at 105!5. Capital tion 5s were a shade off at §3%. Capital Traction Co. stock sold at 64, comp-red to 63 prior sale. Merchants’ & Trust Co. turned over five blol'.l.l of 10 shares at 125, holding firm. . National Bank of Washington went at 250, which was 5 points under prior sale. Heard in Financial District. Lanier P. McLachlen, esident of the District of Columbia ers’ As- sociation is expected to return tomor- row from a short motor trip to Eagles- mere, Pa., and vicinity, during which he visited his son Thomas at Camp Red Brackney, Pa. Charles B. Lyddane, viee uem el the Federal-American has returned from his wc ition m lhe Middle West. Miss Mabel V. Royce of the Washing- ton Loan & it Co., who is presi- mc of the Bank Woman's Club of , has returned to Washing- wn after 8’ trip to Minnesota. ‘Walter J. Harrison, vice presldem. of the Commercial National Bank, re- turned from his vacation. CHICAGO LIVE STOCK MARKET CHICAGO, August 12 (#).—Cattle, 7,500 head; calves, 2,000 head; heavy steers very dull; weak to lower; low for season; bulk heavies, 8.00a9.00; best_yearlings, 9.60; choice light steer yearlings up to 10.75, however, with 817 pounds; heifer yearlings, 10.60; low- priced cows and bulls firm. Slaughter cattle and vealers—Steers, good and choige 600-900 pounds, 9.50a11.00; 900- 1,100 pounds, 8.75a11.00; 1,100-1,300 pounds, 8.25a10.50; 1,300a1,500 pounds, 8.00810.00; common and medium, 600- 1,300 pounds, 5.75a8.75. Heifers—Good and choice, 550-850 pounds, 8.75a10.75; common and medium, 5.00a9.50. Cows— and choice, 5.50a7.75; common and “medium, 4.00a5.00; low cutter and cutter, 3.00a4.00; Bulls—Yearlings ex- cluded; good choice beef, 6.25a7.00; cut- ter t0 medium, 5.00a7.00; vealers (milk fed), good and choice, 11.00a13.00; med- ium, $.50a11.00; cull and common, 7.00a 9.50; stocker and feeder cattle; steers, nooei and cholce, 500-1,050 pounds, 6.50 7.50; common and medium, 4.75a6.75. EMAP. 12,000 head; native lambs about steady; bulk good and choice to packers, 9.00a0.25; few 9.50; no range lambé scld. Lambs—80 pounds down: goodchoice, 850a9.65; medium, 7.00a 8.50; all weights, common, 4.75a7.00; ewes; 90-150 pounds, medium to chow 2.25a4.00; all weights, cull and common, 1.00a2.75: feeding lambs, 60-75 pound.l. hoice, 6.25a6.75. Hogs—Receipts, 21,000 head, includ- ing 7,600 direct; market active; below 210 pounds steady to weak, heavier kinds strong to 10 higher; packing sows, steady to strong: top, ; bulk, 160-230 pounds, 9.80a9.90; light light, wand choice, 140-160 pounds, 9.10a 9.807 light weight, 160-200 pounds, 9.70a8.95; medium weight, 200-250 goundx. 60!996 ht vy weight, 250- 50 pounds, 80; packing sows, medl\lm and xood 275 500 pounds, 7.5088.50; slaughter good and choice, 100-130 peunds 175!0 25. May Probe Forzlgn Plants. By the Associated Press. Senator Fess of Ohio says the action of American Manufacturers in estab- lishing plants in foreign countries to employ cheaper labor may be the sub- ject of investigation and legislation by Note—All stocks are sold in exceptiing those designated by ~Trev.1930—~ Stock ana Adams Exp (1.60). .. 84% 20% Addressograph (1%) 23% 8 Advance Rumle: 41% 15% Adva: 1% 15 Ahumada Lea 156% 103% Atr Reduction 16 Alr Way T1 Ap(2 ,0 21% 156 108% Am Can (4) 111% 106% Am & For Pwr 33% 14 Am Hawallan (+10). Hide & Lea pf 35% Am Mch & Fou Con. 2014 Am Metal Co (1%).. 481 Am News (Jt4). 72% Am Pwr & 1.t (21).. 75 AmP&LDf A (3%) 80 Am P&Lt pf A st(5). 99 AmPwr &Lt pf (6). 23% Am Ra&Std San1%. 156% Am Republics....... 48 Am Rolling Mill (nl) 521% Am Safety Rasor(S). 46% Am Shipbuilding (l)- 53 Am Sm & Ref (4). 38 Am Snuff (13%). Am Tohaeco (t12) 197 Am Tobacco B (112). Am Tobacco B(new) 113 Am Type Fdry (8)... 78% Am Water Wks (nl). 19% Am Woolen pf. . 44% Anaconda Cop (3%): 26% Anaconda W&C(1%) 8% 4% Armour of Ill (A)..w 4% 2% Armour of Ill (B)..w Dry 242% 194 Ateh To & SFe (10). 80% 49% AtlGulf & W Ind(2). 65% B0 Atl Gulf&W I pf (5). 51% 0% Atl Refining (12).... 106 62 Atlas Powder (4). 108 101 : Atlas Powd f (6). 251 Atlas Stores (n1). 91 Auburn Auto (§4).. .. 30 19 Austin Nich prA (3) 10% 2 Autosale 81% 37 Auto-Strop Saf Rid) 9% 4% Aviation Corp of Del 38 19% Baldwin Loeo (1%). 122% 98% Balto & Ohio (1) 8415 63 Bang& Aroos (3%). 116% 109 Bang & Aroos pf (7).3 34 20% Barnsdall. A (3).. 67% Beatrice Cream (4).. 101% B'trice Cream pf (7). 8615 79% Belg N Ry ptpf5.49. 57% 27% Bendix Aviation (3). 561 31% Best&Co (2)....... 110% 75% Bethlehem Steel (6). 134 122% Bethlehem Stl of (1) 41% 31 Blaw-Knox (1%)... 74 Blu'thal & Co pf (7). 28 Bohn Al & Brass (3). 58% Bklyn-Manhat (4) 84% Bklyn Man Tr pf (.)- 10 Brooklyn & Queen: Bklyn Union Gas (l) 30% 13% Bruns-Balk-Col 112% 604 Byers (A M) 77% 60% Calif Packing (4 2% Callashan Zine & L4, 89% 48% Calumet & Aris (2).. 33% 13 C‘lumfllflwlll“)- 75% 656 CanadaDryGA (5). 226% 180% Canadian Pacific(10) 44% Can Pacific(new)w.l 28% 13 Capital Adm (A).... 92 86% Car Clin & Ohlo (4).. 362% 156% Case (J 1) (8 79% b4 Caterpll Tr (13%) 20 14 Celanese Corp 9 Celotex Co.. 30% 2315 Cent Aguirre As 1%. 315 230% Cent RR of NJ (113). 65% 43% Cerro de Pasco (8).. 15% 5% Certain-teed Prod... 45% 20 Certain-teed pf. 67% 47T% 45 51% Ches & Ohto Corp @) 3 Chi&Alten......cce 10% 2% Chi & Alton pf. Chi Great Wmfifl.. Chi Great Westn pf.. Chi Mil StP & Pac..« Chi M1l StP & Pae pf Chi R 1& Pacpf (6). Chickasah Cotton Ofl Childs Co (3.40) Chile Copper (3) Chrysler Corp ( City Ice& P (k3.60 Col Fuel & Lron Colo & South (3). Col Gas & B1 (3).. . 126 Col Gas & E1 pt A(6) Colum Graph (a28¢). Columbian Carb (16) Comm Credit (3).... Comm Credit A (3).. Comm Inv Tr(g1.60) Com Inv T cv pf(e6) Comm Solvents (31) Comwith & Sou(§0¢) Cmwith & Sou pf (6) 4 Congzoleum-Nairn Congress Cigars (4). Consol Cigars (5) 15% Consol Film «2).. Consol Fiim of (2).. 96% Consol Gas N ¥ (4). 99'5 Consol Gas NY pf(5) 49 Con RR Cub pf (6),s 7% Consol Textile, 11% Container(A) (1.30). 3% Container(B).. 18% Contl Baking (A).... 3% Contl Baking (B).... 86% Contl Baking pf (8) e Contl Can (3%)..... Cont! Shares (1). Corn Prod Ref(t44) Coty Ine........ Cream of Whi(12%). Crosley Radlo. . . Crown Cork & Seal.. Congress. He declares “the recent trend of American producers establishing plants in competing countries to employ cheaper labor to -supply the foreign consumption, uther than the :mploy- mcnt- American la- , may be a lubkcz of tumrs legis- uucn. as it certainly will be of inves- tigation.” Curtia Publish pf(1) 14% 6% Curtiss Wright Corp 19% 8% Curt Wright Corp A. 80% 55 Cutler-] ) 43% 24% Davison On: 24% 20 Deere & Co pf (1.40). 153 110% Del Lack & Wa (17). Recelved by Private Wire Direct to The Star Office. one hu ndred-si tlln letter 5 (80s) mhmfimmhhnfll-ofldlmflflfi 10 ] 214 21 2 31 31 5 10 6 ™ 26 109% 106 5717% 17 140; (7). 242 4 2 3 23 2 2% 2% 3 6% 6w 9 324 81% 30 41 2T% 26% 18 102% 120% 1L 17 00- ll! 112 1 1064 106% 1 81% 81% 21 30 28% o4 41 40% 174 9% 76% 20s 102% 102 1 2% 14% 607 61% 1 2 53% 17 13% 9 624 62 47 182% 178% Bl 45 43 1 16% 16% Wl 90% 90% 5 165 150% 1 109% low- 15% 117% 2614 36 3414 384 831 831 23% 22% 141 13% 18 9 101% 101% 47 11% 11% 39% 119 9 2 58% 58 8 25 25 k) hare lots (2508) 195% Sales— Dividend Rate. Add 00, Hish. Low. Close. Close. 53 24% 23% 23% 24% 6% 31 20% 18 10 10% 15% 21 21% 1% 110 11414 17% 175% 1% u 19% 5lg 201 100 108 61% 214 94% 844% 384 60%4 10% 28% 16% 37 B4 214 8814 8% 38% 14% 0% 112% 6014 1% 464 8 8 % 343 224 814 5% 30 10 32 29 1% 18 18% 110% 124% 28% 90 36% 26 8% 70 26% Stock and one Biate uloo.lmm kw. Denver & RG W pf.. Detroit Edison (8)... Diamond Mateh (8).. Dome Mines (1). Dom Stores (£1.20).. Drug Corporatn (4).. Dunhill Intl (34) Du Pont de N (14.70) Dupont deN db pf(6) Eastman Kodak (18) Eaton Axle &8 (3).. Eitington-Schild. ... - Elec Pwr&Lt pt (6) m El Pwr & Lt pf (1 Eleo Storage Bat (§), Emerson Brant (A).. :fll l;u: 8ve of (6).. ng Pub Sve pf(5%) Erfe R R. Fed Wat 8. A (e2.40) Fid Ph Fire Ins 2.60., tone T&R(1.60) Rubber........ Foster Wheeler (3) Foundation Co.v..ea Fourth Natl Invest.: Fox Film (A) (4). Freeport. Tex (15 Gabriel Snub(A)new Gardner Motor.....e Gen Am Inv pf (6)... Gen Am Tnk Car($4) Gen Asphalt (4). Gen Bronze (1) Gen C! Gen Clgar pt (7 Gen Eleotrie (1. Gen Elec spec (60¢) .. en Food Corp (3) .. Gen Gas&EL A(e30). Gen G&EI ov pf (6! Co Gobel (Adolf). Gold Dust (2% Goodrich (B F) Gotham Silk Hoslery Graham-Paige.....e Grand Silver 8 (m1| Grand Unfon. ......s Granite City 8tl (4) Grant (WT) (1)..ee Grt North of (5). Gr Nor ctfs Ore (a% . Gr*. West Sug(1.40).. Grt West Sug pf (7). 371 Gen Motors (#3.30)os uo Grigsby Grunow.... 1 Gulf Mobile & North Guif Mo & N pf (6).. Gulf States Steel (4) Hackensack W (1%) Hartman Corp (B) Body.. Holland Fur (et2 9% Houdaille-H (B)1.2 52% 25% 41 26% 13 118% 19% 4% 8% 12% In WVA % zn% 152% 65% 6 36% 27 19% 36 105 404 18 14 43 70 118% 1% 58% 65 16% 3 22% s 37% 1% 26% 23% 21 21% 6% 30 104 % 57% 667 22% 85 85 37 b52% 524 3 504 164 92 38 8 22 24% 37 30% 14% 61 186 1y 46% 109 10% 28% 11% 30% 17 8% 36% 32% 4014 124 214 5% 26% 10 80% 164 15 53 224 k3 21% 84 50 124 19 97 11568% 17 51% 81% 58 26 40% 121 21 21 @ 8 113% 112% 113 Ma% Houston Oil (b10% Howe Sound (14%) Hud&Man Ry (3.60). Hudson Motor (5). Hupp Motor Car (2), Illinots Central (7) .. 1 Independ Oil & G(3). Ind Motor Cyele. Indian Refining. spiration Cop (2) ve l jurance 8h (4be). + ur ctfs(Md) (60c). xnurboro Rap Tran.. Intl Bus Mach (n6) Intl Carriers, Ltd Intl Cement (4) Intl Combustion. ... Intl Comb Eng pf. Int] Printing Ink (3 Int Pr Ink pf etf (6 Intl Rwys Cent Am Iatl Salt (new) Intl Stlver pf (7). Intl Tel & Teleg ¢ Inter Dept Strs (2).. Investors Equity(3). Jewel Tea (14)... Johns-Manville (33 s Johns-Manv pf (7). Jordan Motor Car, Kan City Sou (5).... Kan City Sou pf (4).. Kaufmann DS (1%). Kelly-Spring Tire..v Kelsey Hayes (3).... Kelvinator Corp. Kennecott Cop (3). Kolster Radlo. . Kresge(SS)Co(: Kreugler & Toll 1.60.. Krog Gr & Bak (n1). Lago Of} & Trans, Lambert Co (8) Leh Port Cem (3%4)w Leh Port Cm pf (7) we Lehigh Valley Coal.. Lehigh Valley(t4%), Lehman Corp ) Lehn & Fink Liggett & M. r-ul) Ligg & Myers B(15). Llnl Belt (2.60)..... Liquid Carbonio (4) « Loew's. Ino (3) Loft. Inc. Loose-Wiles (1! Lorillard (P) Co. Lorillard (P) pf (7). LouG & EI(A) (1%) Louisiana Ludlum Steel (3 Mac And & F (12.85). MeCall Corp (2%). McGraw-Hill (2).... Melntyre Porc M(1). McKeespt T Pl (16) .. McKesson & Rob (3), McKes & Ro pf(3% MecLellan Sto; Mack Trucks Macy (RH)&Co Madison 8a G (1%).. Magma Copper (4) Manati Sugar pf.... Man Elev mod g (45) Marine Mid (1.20). Market St Ry pr pf Marmon Motor Car. Marshall Fleid (2% Mathieson Alkil ¢2). Dept Strs (n3) tag Co (12).. Maytag Copf (3).... Maytag Co 1st pt (6) Meiville Shoe (2)... Mengel Co (2). Mengel Co pf (7) Mexican Seaboard. .. Miami Copper (1%).. Michigan Stl (h2%) . Mid-Cont Petm (3)., Middle States Ofl ot Midland Sreel (3)... Midland Steel pf (8). Min Hon'w Reg (14)+ Mion Moline Pwr M StP & 8SM.... Mo Kan & Tex pf Missourt Pae pf (5) Mohawk Carpet. Montgom Wa Moriell & Co (4. “ Morris&Essex (3% ) Munsingwear (f! )- « (Continued on Page 14 ... s x P LT TSV IOTEn—JUps - JYUTRTOTISS -+ 1) e i saa=Brnavan % 19% 6% 21% 108% 119 IN QUIET MARKET |- Prices Move in Narrow Range—Crop Reports Are Watched. . BY CLAUDE A. JAGGER, Associated Press Pinancial Editor, NEW YORK, August 12.—After & —One-pound prints, tub, :mm%, Eggs—Hennery, 28; current receipts, quality ln!erlur pfleel not quoted. Poultry—Alive Spring muem large, 32a33; medium, 28a29; 3 Leghorns, 23a25; fow]l 21!23 mhom fowls, 14a15; ducks, Dressed—Shipped 1%, iced Spring broilers, 35a36; medium, medium and 25a27; fowls, heavy, 25a26; medi- um, '23a24; smail, 15a17. Jobbers' home dressed, Spring broilers, lule 37a38; medium, 34a35; small, 30a3: Leghorns, 27a28; fowls, 26a27; medium fowls, 24a25; mhm‘n anll, 20a22; ducks, 23a25; turkeys, 3¢ U. fresh kfl!!d——Bae{. 1!‘20 I':I‘!‘: period of gloom over the Government| frech 1 crop reports, the stock market took & bullish tip from the weather man today but was only moderately impressed with it. The United States crop reporting boards estimate of deterioration of the cornt crop since August 1 was not as bad as expected, and forecasts of showers and cooler weather over ex- tensive areas was interpreted as im- provln¥ the outlook for a seasonal up- swing in general business. After selling off 2 to 8 points du the morning, the market turned up around mlddny, and most losses. plements l.nd ‘mail issues, how- ever, continued under pressure, and the market turned extremely dull on the rally. Warner Bros., recent weak fea- ture, rallied 4 polnu in short covering and losses of 2 or 3 points in United States Steel, American Telephone, American Can, Westinghouse and Du- pont were about recovered. ucts sold up oderately. Harvester, Sears Roebuck, Montgomery Ward and Rock Island, however, lost 2 1 4 points, recording new low levels. Union Pacific dropped 8. “The crop reports made after the close of the previous market were even less 1avorable than antici) A deterior- tion of mnearly 600, ,000 Nll\\ek in mewmnwrmm.mlyltoAuMl exceeded most private estimates, but the reporting board’s estimate of a furtner drop of 100,000,000 bushels since August 1, appeaxing early this after- noon, was not as bad as Washington reports had led Wall Street to expect. An inciease in the estimate of Winter wheat, more than offsetting the de- terforation of the Spring crop, was viewed as anything but favorabie for the already excessive supply of the lead- ing cash crop. The day's corporate news was mzn h but the rumor crop was Lhrlvlns heavy short covering and rally in Warner Bros, which undoubtedly was an important "influence in the mid- day rally, was based upon a report that the company was to be reorganized by one of the letdlng ‘Wall Street private banking ho July e Teputs cuntiinad game erally to make un!nvonble comparisons. Kroger Grocery's report for the weeks ended August 2 showed & drnp of nearly 12 per cent from the period of last year, as compared io a reduction of less than 6 per cent for the entire first 30 weeks of the ye Furthermore, the report showed stores in operation, a drop of 238 Irom last year. Simmons Co.'s sales tumbled nearly 30 per cent in July, also more than twice the decline for the first seven months. The rail shares failed to follow the midday rally, with the weekly carload- ings reports showing sharp declines, and the prospect of a reduced ‘movement of crops, indicating further reduction in_earpings. Important shares closed 2 to more than 10 points lower, after a rally dur- ing f.he middle of the day which erased much of the ‘bearish rupmn ta the crop x during the morning. The market grew increasingly weak d\am the final transactions, and such isstes s U. 8, Steel, American Can, Am ‘Telephone and Radio lost 2 to 3 points. International Harvester dropped 4 to a new low and Case drop more than 12, Eastman K Auburn and Union Pacific lost about 8. Mail-order and rail shares were also heavy. The closing tone was weak. 'r:‘m sales approximated 1,800,000 shares. DIVIDENDS DECLARED NEW YORK, August 12 (#).— orn prod- International nguuso Ny ac RWY. 1l cem Ind Frow’ i e g San gaad [ Do. Gen G c.u & Ei Livepheimcr Met Pav Brk pf. Natl Dairy Prod. Natl Dun Prod . Do.pt A P S35 L TET TN S L T IIIOTeTS: - H £0PODOOD DOLOOOOD: SoPPOEOPOOPOED 000 PTELLY RN EEEE! o uunEEas e 's Noxlhw-g_ E 8 pi Sthkosh Overail Bt Paramgunt Publix E =sa:§ = Yo samie Trigoon Beel Unit Reaities ot n . pr ;==a§ R O (539 §§‘ Whiting Corp ... Alsbama P $7 pf. 36 bt BEaLEE5E b I B Kleinert Rub...400 Q 3 — SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co, §s 1037, 1. & Tel, 5% %7 y Packing Co. Mot, Accep. Cor, Bet Con g Grand Trunk of Can Guif Ol of Pa, s 1 Humble Ol Internat, Maich Cop Wheeling Steel Corp. Wheeling Steel Gorp. melons, 1.7582.00; oranggs, lemons, 11.00811.50; limes, per 100, 250. apples, 75al1.5 peaches, 2.50a3.50 pee box awcg‘h 2.5023.00; plums, ;50 gra) lompson seel . -2 .25 Blackberries, 5.00; huckleberries, GOMGMI' pineapples, 4.0085.00. 'Vegetables—Potatoes, !50 swut ‘ro- 7.50; lkale, 1.5¢ zet.l.lnd‘ 1.50; okn 2.5 3.5084.00; lima beans, per quart, nuo. 25; squash, peas, 100 crates, 4. wm atoss, d-peck bukeu 1.00a1.50; beets, per 100 bunch- es, 5.0086.00 carrots, per 100 bunches, 5.0026.0( corn. 5-dom sacks, 1.5022.50. FARM LOANS SHOW SLIGHT VARIATION Drought Conditions Not Reflected in Total Credits to Rural Sections. By the Associated Press. Outstanding farm mortgage loans of all the Federal and joint stock land banks on June 30 totaled $1,801,144,- 355, while the 13 intermediate credit banks, which deal largely with co-oper- ative marketing organizations, on the same date had $91,655,342 outstanding in_loans and discounts. Federal Farm Loan Board officials said these figures, carried in the board’s quarterly report, showed little material change from the same date last year and did not reflect any conditions brought about by the drought. Amfl and liabilities of the entire farm loan system were reported as $2,- 118,775,187 Of the mortgage loans the land banks, $1,192,719,717 were hfld by the Federal land banks and the remainder by the 13 joint stock land banks. ‘The report showed only a small per- centage of the land banks’ assets were tled up in real estate, the carrying value of it being only 1.4 per cent of the total assets. Reserves set up against this further reduced the percentage to nine-tenths of 1 per cent. 24-Hour Par] % L Money to Loan b i T g e~ K Joseph L. Weller ‘275 % # ¥ | TRUSTEED SHARES m vestors who demand YIELD and GROWTH &Inelull. Bpecially suited lon in yestments tor individunte, | Cru s funds funds of organizations. s.u in Lots—$100.00 Up Call or Write Standard Collateral Shares Corpontlon Woodward Building Met. 3783 Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspece tion invited. B. F. SAUL CO. Nat. 2100 925 15th St. NW. Your $2,500" '-For saving $16.25 per month for 120 months. Over 185,000 ambitious men and women use our 36-yesr-old Plan. Write for helpful free booklet, *Enjoy Money." INVESTORS SYNDICATE FOUNDED1894 BARR BUILDING 'WASHINGTON, D. €, Telephona: Matropolitan 1679 ormcEs in ! prINCIPAL Ciies First Mortgage Loans On improved Real Estate in the District of Columbia and mearby Maryland and Virginia for 3, 5 or 10 year terms on your = S Office Building Business Property Apply RAanNpAaLL H. HAGNER & COMPANY MORTGAGE LOAN CORRESFPONDENT NEW YORK LIFE INSURANCE COMPANY 1321 Connecticut Ave. Decatur 3600 A Membere of Wew York Stock S Our Commodity Department is prepared to execute promptl; orders to buy and sell future contracts iup' giia GRAINS COTTON on the organived exchanges of the world. H CORNER 17TH ST., N. W. WASHINGTON NATIONAL 024 ~ SEASONAL BRANCH OPFICES PALM BEAGH MIAMI GARATOSA SPRINGS BAR NARBOR SRETTON W00 Complete Investment and Brokerage Setvice Copy of Our “Fortnightly Review” Furnished on Regquest G. M.“B. MURBHY & CO. Members New York Stock Exchange 1510 H Street Connecticut at K WASHINGTON Telephone National 3600 New York PROBEBRTY Apartment House Philedelphis Richmond ~ London MANAGEMEN MANAGEMENT whole purpose of our. . service is to increase in- come to Apartment House management; and relieve them of all annoying and perplu-' ing problems which are oon tinually arising. B. F. SAUL-CO. 925 15th St. N.W., M ORT'G A Nat’l 2100 ) G E eA Fixed Trust An investment in Cor- porate Trust Shares—at today’s low prices for the de- posited stocks—enables the investor to participate in the future growth and earnings of 28 of America’s greatest corporations. Price at Market about $8 per share GraHAM. PArRsoNs & Co. 1422 WALNUT STREET PHILADELPHIA 48 WALL STREET NEW YORK 300 SOUTHERN BUILDING=~WASHINGTON The American Security Through Five Convenient Offices DEPARTMENTS: Commercial Savings Trust Real Estate Sofe Deposit Poreign Exchange —offers distinctive service in all depart ments, and invites the business of the people of Washington who de- re a banking relation- ship that is cordial and commensurate with present and future needs. MERICAN SECUR 15th and Penma. Ave. BRANCHES: Ceontral— 7th and Mass. Ave. Northeast— ."l’l‘ H 8. NB Sonthwest— 7th end E Sts. S.W. Northwest— 1140 15th St. N.W. Capital and Surplus, $6,800,000 . LOANS (1] o