Evening Star Newspaper, September 19, 1930, Page 13

WASHINGTON FIRGT [N NEW INSURANGE District Records Show In- crease of 13 Per Cent During August. BY EDWARD C. STONE. Washington reached the top of the ladder in the amount of insurance writ- ten in August, showing a gain of 13| per cent, and beating the record of every other section of the United States. | Florida reported & gain of 12 per cent, | Madne 9 per cent and California 3 per | ceft, while every other State in the Unlon announced a loss in insurance weitten in August, compared with Au- 13| % gust, 1929 %Fleures just completed at Hartford | ' angd forwarded to The Star today show | alloss of 10 per cent for the country at'& whole, the most pronounced fall- | i off in the insurance business of any | mofith this year. Early in the year the | aferage for the country revealed a gain | ofer a year in spite of the stock mar- | ket crash of last November. | The gains were maintained through | April. In May the month's business | showed a slight decrease, which was also felt in June and July. The August decrease of 10.4 per cent wi not in- | fluenced by any particular section The August figures for Maryland showed a drop of 16 per cent in busi- ness, insurance business in Virginia fell | off 6 per cent and West Virginia lost 14 per cent. Arizona was at the bot- tom of the list with a decline of 30 per cent. Among the Southern States Alabama was off 17 per cent, North Carolina 15, South Carolina 23, but Georgia lost only 6 per cent When the first eight months of the year are considered ordinary life in- surance shows an increase. The volume of insurance sold in the first eight months of this year is larger by 1 per cent than the volume paid for in the same period last year. The Pacific States still continue to show the largest gain, but the West, North Central and Middle and South Atlantic_ also show a gain during this period. In contrast to only three States and the District of Columbia for the month of August, for the eight-month period, 23 States are ahead of their 1920 volume and 3 States just equal what they paid for in the first eight months of 1929. The research bureau has figures for the 12-month period which ended Au- gust 31, 1930. This period shows & gain of 3 per cent over the preceding year. Only one section, the West South Cen- tral, falled to equal its production in the preceding 12 months. Parris' Death Shocks Bankers. Deep regret is heard in the financial | district over the death of \Albion K | Parris, a leading financier here for | nearly 40 years. While & co-founder of the investing firm of Crane, Parris & Co., he had not been active for many years, although he still had a desk in the office and dropped into the office | nearly every day when in the city. He| often recalled the days when he took a horse and buggy and drove about the city delivering securities, Mr. Parris helped to found the Wash- ington Stock Exchange back in 1881 and was one of its most ardent sup- porters. His history of the exchange is considered the most eomplete record of the membership, the securities listed and the methods of trading in the early days ever prepared by any member. He was an active trader on the ex- change in the good old days, when seats sold for $10,000 each. At one time he did a great deal of writing about the merits, or demerits, of Washington se- curities, Genial, enthusiastic, a close student of finance, Mr. Parris had a host of friends. He was one of Georgetown's most_loyal residents and his passing will be felt far outside the financial district. Bonds Lead Local Exchange. In the final session of the week on the Washington Stock Exchange the most interest was manifested in bonds. Washington Gas 6s, series A, opened with a $1,000 sale at 103, followea by six smaller sales at'the same figure. Wash- ington Raflway & Electric 4s came out on the board at 89'; and Barber & Ross 6155 registered a $1,000 sale 89. 1In the stock division Capital Traction sold ex-dividend at 603, this being the first transaction since the August report Was out showing a gain in earnings un- der the new street car fare schedule. Potomac Electric Power 5} r cent preferred moved at 10814, 15 sMares of Columbia National Bank stock at 419 and 10 shares of Merchants’ Transfer & Storage common changed hands at 103 President George O. Walson appointed Eugene E. Thompson and Thomas W Brahany of Crane, Parris & Co., Willlam B. Hibbs, dean of Washington brokers; Carroll Glover, a former president of the exchange, and Edward N. Hillyer, vice resident of the exchange and the nion Trust Co. to represent the or- ganization at the funeral of the late Alblon K. Parris. Gleaned in Financial District. George E. Fleming, vice president of the Union Trust Co., is motoring through New England on his vacaion. He is now in the vicinity of Portland, Me . George L. Starkey, president of the National Bank of Washington, is com- pleting a motor trip through the moun- tains of New Hampshire and New York. He will be back at the bank Monday. Otis Glazebrook, a partner in the | brokerage firm of G. M. P. Murphy & | Co., has been electzd & director of the | American Hide & Leather Co. The New York Title & Mortgage Co., | which recently opened a Washington office, has declared the regular quar-| terly dividend of 50 cents per share, payable September 30 to stock of rec- ord_September 19. The Baltimore & Ohio Railroad has | declared regular quarterly dividends of | $1.75 on common and $1 on the pre- | ferred stock, both payable December 1 o shareholders of record December 1 John W. Poole, controller of the cur- rency, announces the voluntary liqui- dation of the Drovers & Mechanics National Bank of Baltimore. The bank has a capital of $1,000000, November 1 is the date set for mak- | ing the merger of the Federal-American | and Merchants Bank & Trust Co. | effective. This is 10 days after the stockholders of both banks pass on it DULL TRADING LESSENS | INTEREST IN MARKET | NEW YORK, September 19 (Special). | — Discouraging dullness is doing more to undermine the morale of security hold- ers than any other single market factor, | including unfavorable dividend actions | and poor earnings reports. | Brisk buying of standard leaders at this point is all that traders ask for as a »ignal to get in, but neither the pub- 1i¢ nor the semi-public will show much interest in the market as long as it i§ solely a professional pair. ARUNDEL CORP. DIVIDEND. BALTIMORE, September 19 (Spe-| cial) —Arundel Corporation has de-| clared the regular quarterly dividend of | 75 cents, payable October 1 to stock of | record September 23, | Arundel Corporation (sand and gravel | eontracting business) reports for eight months ended August 31, 1930, net profit of §1730,154 after depreciation and taxes, equivalent to $3.51 a share P on 492,556 no-par shares of stock. This compares with $1442861, or $292 a share in the corresponding eight months of 1929. August net profit was $222.811, against $205,011 in August, a year ago Current, assets on August 31, last, were 85,846,287 and current labilities, £419,487, [ THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are sold in one hunmdred-share exceptiing those designated by the letter s (80s) which shows those stocks to be sold in odd lots only. ~Prev.1930~ Stock and Sales. igh. Low DI Add 00 High. Low. Close. < 21 Abitibl Pow & Paper 21% 21 2% 8615 647 ADbitibi P& P pt (6). 6 76 4 Adams Exp (1.60). .. 26% 26% 9% Addressogr'ph (1%). 3% 3% 8 Advance Rumley. g L ? 14 Ahumada Lead.. % “ % 103% Air Reduction (t4% 117% 118% 16 Air Way El Ap (1%) 6% 1 Ajax Rubber. 5 1 414 Alaska Juneau. 18 Allegheny Corp 87 Alleg Cp ww $30 5%. 49 Alleg Steel (12.30).. 2 Allied Ch & Dy (n6). 4814 Allls Chalmers (3).. 23 Alpha Port Cmt ( 18 Amerada Corp (2). 3% Am Agricul Chem 23 Am Agricul Chpf... 68 Am Bank Note (13).. 27 Am Bosch Magneto. . 41% Am Br Shoe (2.40).. 8% Am Brown Bov Elec. 46 €015 Am Brown BE pf (7) 408 4 108% Am Can (4)..... 9 42 Am Car & F 39 Am Chain (3). 36% Am Chicle (13)., : 1064 Am & 9215 Am & For Pow 2d pf. 4 Am Hawalian (a10). Am Home Pr (4.20).. 31 Am Ice (14).. 8% Am Internatl (2).... Am Locomotive (4). 90 Am Locomot pf (7).. 35% Am Mch & Fdy Con. AmMach & Metals. . i Am Metal Co (134).. Am Nat Gas pf (7)., Am Pow & Lt (21)... AmP&LDPIA (3%). Pow & Lt pf (6) . R & St San (1%) Republics, Roll Mill (n2)... Safety Razor (5) Ship & Com..... Shipbuilding (5) m & Ref (4)... 101 Am Sm & Ref pf (8). 38 AmSnuff t(3%).... 6% Am Solv & Chem, 85% Am Steel Fdy (3), 47 Am Sugar Ref (5) 9% Am Suma'ra Tob. 200% Am Tel & Tel (9). Am Tobacco pf (6).. 78% Am Water Wks (n1). 136 7% Am Woolen, 1 19% Am Woolen p! . 29% Am Writ Pap pf (4). 616 Am Zinc Lead® Sm. 3 441 Anaconda Cop (314). 101 84% Anchor Cap (2.40)... & 18 Andes Copper (1%). 1 19% Archer-Dan-M (2)... 2 4% Armourof Ill (A)... 29 2% Armour of Tl (B) 20 5 Arnold Constable... 3 10 Artioom Corporation 1 811 Asso ApplInd (4)... 2 28 Asso Dry G (2%). 22 85 Asso D G 2d pf (7) 1 194 Atch To & S Fe (10). 13 138 AtlCoast Line(t10). 1 80% At Refining (12). . 40 62 Atlas Powder (4).... ‘3 101 Atlas Powder pf (6). 10s 25% Atlak Stores (n1). 26 91 Auburn Auto (J4)... 63 37 Auto Strap Saf R(3) 4% Aviation Corp of Del 14 19% Baldwin Loco (1%). 188 96% Bairo & Ohio (7).... 25 100 63 Bang & Aroos (3%). 4 109 Bang & Aroos pf (7). 108 1214 Barker Bros (2) 20% Barnsdall A (2). 671 Beatrice Cream (4).. 214 Belding-Hemingway. 79% Rel Nat Rys pf 15.61. 275 Bendix Aviation (2). 3114 Best&Co (2).. ... 7! Bethlehem Steel (6). 335 1221 Bethlehem Stpf (1). & 24 Bohn Alum&Br(1%) 8 70 Bon Ami (A) (18)... 1 6014 Borden Co (k3). e 23% Borg Warner (3).... 9 13% Brizgs Mfg Co. . 1214 Brockway Mot Trk. . 58% Bklvn-Man Tr (4)... 53 Bklyn & Queens pf 4. 115 Bklyn Union Gas (5) 13% Bruns-Balk-Col..... 5% Bruns Ter & Ry S. 33% Bucyruscy pf (2% % Budd (EG) (1). £14 Budd Wheel (1).. 201 Bullard Co 264 Bulova Wateh (3). 15% Burns Bros (B)..... 29% Burr Add Mach (1).. 99 Bush Term deb (7).. 70 1'4 Butte Superior.. . 13% Butterick Co 60% Byers (A M).. 60% Calif Packing (4). 47% Calumet & Arizona.. 12% Calumet & Hecla 17 Campbell Wyant (2). 56 Canada Dry G A (5). 165% Canadian Paclf (10). 40% Can Pacific new..... 20 Cannon Mills (1.60 150 Case (J 1) (6)... 53 Caterpil Tr (13%) 9 Celotex Co.... 40% Cerro de Pasco (6).. 51 Certain-teed Prod. .. 20 Certain-teed Prod pf 19% Checker Cab (4.20).. 4415 Ches & Ohlo (2%). .. 5114 Chesapeake Corp (3) 2% Chic & Alton . 2% Chic & Alton pf..... 815 Chie Great Western. 27 Chic Great West pf.. 1214 Chic Mil St P & Pac.. 191 Chic Ml St P & P pt. 65% Chicago & N W (5).. 11% Chic Pneu Tool. Chic R1& Pac ( Chi RT& Pac pf (7). Chickasha Cotton Ol Childs Co (2.40).. .. 22 Chrysler Corp (3)... 244 City Ice & F pf (8%4) 1008 5% City Stores (50c).... 8 133% Coca-Cola (6) . 15 483 Coca-Cola A (1), ... 50 Colgate-Pal-P (234). Colg-Palm-P pf (6).. 14% Collins & Alkman. ., Colonial Beacon. . % Col Fuel & Iron (2).. 68% Colo & Sou 18t pf (4) 100 5 Col Gan & El (2).... 234 Colum Graph (a%).. 108 Columbian Carb (16) 23% Comm Credit (2).... 4 Comm Credit A (3) 814 Com In Tr (g1.60) 0% Comm Solvents (1 4 12% Comwlth & So (60¢). 104% 99 Comwlth & So pf (6) 19% 10% Congoleum-Nafrn. .. 80 .67 Consol Cig pr pf 6% . 27% 15% Consol s 28% 18 Consol Film pf (2).. 136% 2 e annZ e anaean o 2o 3 9 o] aw 2 [ - O e L TPy 181 Contl Baking A.. 3% Contl Baking B, .... 66% Contl Baking pf (8). 50 ContlCan (2%)..... 14% Contl Dia Fibre (1) 50 Contl Insur (2.40) 315 Contl Motors 18% Contl Oil of Del. 16 Contl Shares (1). R34 Corn Pr Ref (14% 15% Coty Ine. 12 Crown Zell 70% Crucible Steel (k5). . 8OOSO, 1 o 38% Cudahy Packing (4). 105% Curtis Publish (7). 114% Curtis Publish pf (7) 614 Curtiss Wright Corp 71 Curtiss Wr Corp A.. 55 Cutler-Ham (3%) 24% Davison Chemical. 195% Detroit Edison (8).. 139 Diamond Match (8). 67 Drug Corporat (4).. 1 Duluth S S & Atl 15% Dunhill Intl (34). 14% Duplan Silk (1).... 95% Du Pont de N (14.70) 194 114% DuPdeNdebpf (6) 2 175% Fastman Kodak (18) 187 211% 207% 209 19% Baton Axle &S (3)., 9 22% 221 224 38 Eitington-Schild pt 2 40 40 40 554 Eleec Auto Lite (6). 40 62¢ 60 60 3% Electric Boat. B 4 . -~ 121% 121% lots 2508) Prev. Close. 22 75 261 31% 9% L 20% Interboro Rap Tr: 2% Int Agricul pf (7 4 Miami Copper (1%).. Btock and Sates— Dividend Rate. Fl Storage Bat (6)... Equit Office Bldg (3) BrioRR....cco. .o Erie RR 1t pf (4),.. Erle RR24pf (4)... 2 Exchange Buf (1%).130s Fashion Park Asso. € Fash Pk Asso pf (7). Fed Wat 8 A (e2.40), Federated Dept Fid Ph Fire In (2.60) Filene's pf (6%) .. Firest T& R (1.60).. Firest T & R of (5).. t Nat Strs (23 ). Fisk Rubber. .. . Fisk Rubber 15t pf.. 50s Foster Wheeler (2).. 86 Foundation Co. . 1 Fox Film (A) (4). Freeport Tex (15). Gabriel Snub (A) n. Gardner Motor. . Gen Asphalt (4). Gen Bronze (1) Gen Electric (1.60) Gen Elec spee (80¢) . Gen Food Corp (3). . Gen Gas&El A (e30¢) Gen G & El ev pf (8). Gen Milis (3).. ¥ 6874 100% 65 45 30% 861 55 26% M Gen Motors (13.30).. 796 43% 1 Gen Motors pf (5)... 2 Gen Outdoor Adv.... 1 Gen Out Adv (A) (4) 2 Gen Pub Serv (b§).. 7T Gen Ry Signal (5). 3 Gen Realty & Uti L3 R & Ut pt ( 0 Refract (14%).. 26 Steel Castpf (§) 4 Theatre Equip.. 48 ette Saf Rax (nf) 95 Gimbel Bros........ 2 Glidden Co (1.30), Glidden pr pf (T) Gobel (Adolf). Gold Dust (234)...., Goodrich (BF)...... Goodrich BF pt (1), Goodyear Tire (5)... Goodyear 18t pf (1). . Gotham Silk Hosiery Graham-Paige. ..... Granby Con Min (3). Grand Silver § (m1). Grand Unien. Gr North pf (5) etf Ore (a %) Sug (1.40). Hackensack W (1%) 108 Hahn Dept Stores... 31 Hahn Dept 8 pf (6%) Hanna pf (new) (1) Hartman Corp (B) Mivionivaadi Houston Oil (b10%). Howe Sound (143).. Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motor Car (1) Illinofs Central (1) Independ O & G (2) Indian Motor Cycle Indian Refining Ind Ray (96% Ingersoll Rand (15), Inspiration Cop ( > SesnTulo Zoue Interiake Iron (1). Int Agricuitura) Intl Bus Mach (n Intl Carriers (26c) Intl Cement (4)... Intl Combustio Int Comb Eng pf. Ingl Harvester (2%). Intl Hydro El A (e2) Intl Mer Marine (2). Intl Nick of Can (1). 1500 Intl Paper pf (7) 1108 Intl Pap & P (A) Intl Pap & Pow ( PO Jerere Int] Printing Ink (3) Int] Salt (3).... Intl Silver pf (1) Intl Tel & Tel (2) Inter Dept Stra (1).. Investors Equity (2) Jewel Tea (14).. Johns-Manville (3) 4 Jones&Laugh pf (7 Jordan Motor Car. ... Karstadt (R) (1.03)., Kaufmann D 8 (1%) Kayser Julius (2%). Kelly-Spring Tire... 15 Kelly-Spring 6% pf.. 108 Kelly-Spring $% pf. 100s Kelsey Hayes (2) 8 Kelvinator Corp ... 68 Kennecott Copper(2) 82 Kinney (GR) pf (). 108 Kolster Radio 16 Kresge (88) Co 13 Ao X 116 Krog Gr & Bak (n1). 139 Lambert Co (8). . Lehigh Val (f43%). 4 Lehman Corp (3) Lehn & Fink (3)..... Lib Owens F G1 (1).. T Loulsiaha O1l. . LouG &K (A) (1%) Louis & Nash (7) Ludlum Steel. . MeCall Corp (23%). .. MelIntyre Porc M (1) EBE58a0 uale Seo Man Elev mod g (45) Maracaibo Ol Exp. . Marine Mid (1.20) . Market 8t Ry prpf. . Marshall Fleld (234) Mathieson Alkali (2) 3 May Dept Strs (n).. Maytag Co pf (3).... Maytag Co 1st pf (§) Mengel Co (2)... Mexican Seaboard . T =SS enemmnZRe Mich Steel (h2%). Min Hon'w Rek ( % Minn Moline Pow. Minn & St Loul M StP & SSM lsd (4). Mo Kan & Texas (2). Mo Kan & Tex of (T) Missouri Pacifie. ... Missouri Pac pf (5).. Mohawk Carpet ... Monsanto Ch (§1%). Montgom Ward (3).. 2‘2 Motor Meter G & El.. s Motor Products (2).. 2 Motor Wheel (3).... 13 Murray (B) (2% stk) 9 Nash Motors (4) 40 Nash Chat & St L Nat Cash Reg A Nat Dairy (12) . t Dept Stores (1). Nat Lead (18). Nat Lead pf (B) (8). Nat Pow & Lt (1). Nat Steel (2). . Nat Supply (5) A | Nat Supply pf (7)... 108 (Continued on Page 14.) Y m Prev. Add 00. Righ. Low. Close. Close. 2% 110% SHARP BEAR DRIVE DEPRESSES STOCKS Leading Shares Are Beaten Down as Large Offer- ings Appear. BY CLAUDE A. JAGGER, Associated Press Pinancial Editor. NEW YORK, September 19.—The stock market broke below recent resist- ance levels today in active selling that was stimulated by & rumor of political troubles In Germany. Seizing this re- port, which quickly proved to be un- founded, as ammunition for their own guns, professional bears offered leading issues in large blocks and suceeeded in bringing out considerable liquidation from other sources, Volume increased sharply. Denial of the rumor concerning Ger- many arrested the break shortly after noon, when losses of 3 to 5 points or more had developed, but the market, after making an _irregular recovery, turned dull for a time and then went into another decline, in which the earlier recessions were extended. United States Steel, dropping to 163, was off 4 points, while American_Can, Johns-Manyille, ‘Sears-Roebuck, Beth- lehem Steel, Du Pont, United Aircraft and Eastman Kodak lost 3. Westing- house Electric broke more than 6, J. I. Case dropped 7 and Worthington Pump and Allied Chemical about 8. American Telephone and General Electric yielded a couple of points. The weakness of the market found many holders ready to part with thelr stocks. Some disappointment, has been expressed this week over the failure of the anticipated business revival to me- terfalize in a broad way and many who had made purchases during the ad- vances of late August and early Sep- tember had placed stop loss orders which were uncovered by the declines. The day's reports from industry and trade were rather nondescript, although it appeared that large copper producers had definitely cut the domestic price to 101, cents a pound. The cus- tom smelters were also holding at that figure. LY SRS Baltimore Outlook Improves. BALTIMORE, September 19 (#)— Bradstreet’s Baltimore district trade re- port says: ““There is considerably less pessimism as an increasing number of mines re- gorl slow but gradual improvement. ven industry is looking up. Collections are in many instances better. To be sure, this apparent upturn in business is in part seasonal, but many regard it as the dawn of the much looked for business revival. I Washington Ticker BY CHAS. P. SHAEFFER, Assoclated Press Staff Writer. An early conference will be held be- tween officials of the Bureau of Inter- pal Revenue and Treasury Department to discuss the advisability of publishing immediately the new standard rate of depreciation for all machinery, includ- ing farm implements, which will hence- forth be used as a base in computation of taxes. The new schedule, which constitutes one of the most important tax studies, aside from the actual rates themselves, has been completed by the Revenue Bureau and awaits only the perfunctory approval of Treasury officials. While interested heads are reluctant to dis- cuss the proposed new policy prior to official announcement, it is known the sponsors regard it as an almost perfect structure, providing greatest benefits to both taxpayers and to the Government, at the same time rendering the com- putation of taxes an extremely simple The new structure has been the sub- ject of intermittent study' over the last five or six yea The finished sched- ule represents a compendium which takes into consideration rates effected through compromise, through the Board of Tax Appeals and through other agencies which sought to establish the fairness of the levy, thus representing & chart that embodies every factor deemed pi 'r to be considered in de- preciation charges, even in cases of the most complex caliber. The present year'’s depression bids fair to establish an unenviable high rec- org for bank failures in this country. This comes to light in the figures of sus- pensions for the year up to and includ- ing two weeks of September shows & total of 635 failures. Deposit liabilities of the suspended institutions have not been brought up to date, but involved $210,881,000 up to and including the month of June. comparative purposes, the Federal Re- serve Board reports total suspensions for 1929 aggregated 642 institutions with deposits of $235,000,000. All these deposits, of course, will not be lost, as some of the banks will be en- abled to reopen, while others will return some percentage to depositors when their affairs are liquidated. total of 635, 84 were members of the Federal Reserve System. A slight note of optimism is sounded by the monthly chart of failures, which shows a declining tendency. January was the high month with 97 failures. followed in numerical order by April with 95, February with 85 and March with 75. In the months of June and August 67 failures occutred, while 65 closed their doors in July. For the first two weeks of September a total of 32 suspended operations. The steady climb of America's auto- mobile industry to the top has not been accomplished without its full share of hazards. The Automotive Division of the Com- merce Department states that 640 dif- ferent makes of passenger cars have been offered to the public in the 35 years since the automobile was first intro- duced, of which only 45 have survived to'the present day. Prior to 1905 there were 186 types put on the market of which 11 are still being manufactured. The next five years saw the advent of 120 new makes of which five still exist. In the following decade 167 new makes were introduced of which 11 are still being manufactured. In the 10 years just drawing to a close 77 new makes have appeared of which 18 still command more or less {avor. The high spot in number of new makes introduced occurred just after the turn of the century. Forty-seven new makes were put on the market in 33 in 1902, and 51 in 1903, the peak year. In each of the following years over a 20-year span at least 10 new makes were introduced. Silver stocks in Shanghai on Septem- ber 11 totaled 209,400,000 taels, of which 126,000,000 taels were held in native banks. The corresponding figures for September 4 were 209,200,000 taels and 12?.000,000 taels, respectively. Sycee and silver bars were valued at 109,100,000 taels on September 11, as compared with 110,100,000 taels on Sep- tember 4. The total number of silver dollars in Shanghai on September 11 ‘was 100,300,000, as compared with 136,- 200,000 on September 4. A PFrench governmental decree pro- mulgated September 12 increases the import duty on corn in the grain from 10 to 24 francs per 100 kilos gross. This rate applies uniformly to all countries. ‘The powers of resistance displayed by fi‘flnc\ml German industries in weather- g the severe depression which began about & year ago are stressed in recent advices to the Department of Com- merce. While industrial and trade activity during the last month showed some further average recession the decline is said to be no T, general, but largely representing the readjustment of indi- which | For | D. C., FRIDAY, SEPTEMBER 19, 1930. vidual industries to current market con- ditions. As increasing clarity develops regard- ini‘ Povemlnentll financial and trade policies following the general elections on September 14 another imj int element of uncertainty now adversely affecting business may be eliminated, with hly beneficial effect on the psychological angle, which plays an im- portant role in:the present depression. Some evidences of improvement in this direction is already noted in more confi- dent statements by business leaders, ADVERTISING CALLED GUIDE TO BUSINESS Expert Holds Proper Promotion Is Aid to Trade Prosperity. Special Dispatch to The Star. LOUISVILLE, Ky., September 19.— The greatest development of financial advertising in the next 10 years will be to make it the authoritative guide of business along the road to even and continuous prosrerily. Earnest Elmo Calkins, nationally known leader of ad- vertising thought, declared in a talk Association. - Financial institutions can, if they will, Mr. Calkins said, become the conservators of prosperity. They need only use what they know and spread it by advertising to avold such financial catastrophes as we had last Fall and escape the consequences of them when they occur. That, Mr. Calk- ins reiterates, is the new job for finan- | cial advertising. 1 Bank advertising and new business policies must be co-ordinated with the basic principles of sound management or the best advertising in the world will do the bank no good, according to Her- bert V. Prochnow of the advertising Staff of the Pirst National Bank of Chi- cago, in his talk. Mr. Prochnow sald that the future of all bank advertising is inseparately intermeshed with the sclentific management of the institu- | tion. It is only when a bank turns new business into profits that the results of good advertising are realized, he stated. ‘Advertising and new business activities are geared up or geared down to the efficlency and the profits of the whole bank, he gided Money to Loan red A deod of t revailing interest Specializing in Real Estate Investments ‘JAMES Y. PENNEBAKER Nat.5291 1520 K St. N.W. THOS. E. JARRELL CO.| REALTORS 721 10th St. N.W. Nat’l 0765 REAL ESTATE LOANS Made at Low Interest Rates TYLE w 3.8 or 1520 K St. N.W. Nati Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec- tion invited. B. F. SAUL CO. Nat. 2100 928 15th St. N sonable rentals. Avsly te Reprosentative, Moore & l"i'l:“, Inc. 730 17th St. N.W. 1851 \“‘ \'“Er '"SUR 4” (fmo Pittsfield, Mass. - (@ A Standard Low Premium Policy | for Business and Professional Men etails on Request | F. T. Koons, General Agent Union Trust Bldg. Nat. 1015 First Mortgage Loan! Loans may be secured on de- sirable, income-producing Wash- Ington real estate at a minimum cost. A SAFE INVESTMENT . . will be found in our real estate mortgage bonds! Capital Resources, $3,800,000 24 JACKSON PLACE HILL BUILDING 17th and Eye Streets GROUND FLOOR SHOP, 17th street side—12}4x52 ft., with same space in base- ment. Sufficient height for mezzanine—rear entrance to alley. Al eral office available. Rents reasonable. spaces most Abply to Representative, Room 300. BROKER LOANS INCREASE $79,000,000 IN WEEK Special Dispatch to The Star. NEW YORK, September 19.—The weekly statement of the Federal Reserve on brokers’ loans showed an in- crease of $79,000,000 for the week ended September 17, bringing the total to $3,- 222,000,000, compared with $3,143,000,- 000 a’ week ago and $6,569,000,000 & year ago. Loans for own account were $1,- 649,000,000 in the current week, against 2013 Mortgage Loan Correspondent for The dential Insurance Co. of America $1,614,000,000 last week, and loans for out-of-town banks were $826,000,000, compared with $770,000,000, while loans for account of others were $746,000,000, contrasted with $759,000,000. Of the total, demand loans made up $3,631,- 000,000, against $2,542,000,000 a week ago, and time loans were $591,000,000, compared with $602,000,000. The rediscount rate, which is 215 per cent jn the New York Federal Reserve district, remains unchanged. 3,50r10 Year Loans On Improved Real Estate » N Nearby Montgomery County and the District of Columbia LOAN RATES HIGHER. By the Associated Press. Both classes of loans stiffened slightly last week as their change was calculated by the Census Bureau, In the figures that follow the average for both time and call funds, at important centers, is given for comparable periods: Week ended September 13 Previous week ... Same week last year. Lowest Interest Rates BOSS=rHELPS Founded 1907 Loan Correspondent VJohn Hancock Mutual Life Cargo ;ln'l d ": h the Welland M1 K o jonal e rougl e Wellan L Ni Canal in the first two months of its sea- v s e son this year totaled 1,800,000 tons. L T 2 T 2 P e BALLARD HE})/IATING SERVICE OIL BURNERS MANUFACTURED AND INSTALLED BY BALLARD With CONTINUOUS FREE SERVICE When Using BALLARD HEATING OIL 3 ARTHUR H. BALLARD, Inc. NAtional 6131 1015 15th St. N.W. Factory Branch 222 2 e Equitable Co-operative Bldg. Ass'n JOBN ng.nljggolNlj.hlml o & ERATY LATED lary Assets ..............55723,083.61 «vs..$1,755,911.57 Subscription for the 99th Issue of Stock Being Received Methodically! and let us Regular saving insures a solid future! explain our very, simple plan! FIRST :MORTGAGES PAVING THE WAY FOR FUTURE FINANCIAL RESOURCES An investment in our 6% FIRST MORTGAGES Gives steady and remunera- tive employment for your sur- plus funds—the proceeds from which will supply the means to accomplish any desired objec- tive requiring money. You can compute the amount definitely; and count upon receiving regularly. Over a Third of a Century Without a Loss May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N'W. B K. National 2100 THERE IS NO, SUBSTITUTE FOR SAFETY Consider —every factor in the Metro- politan Life Insurance Com- pany Real Estate Loan Plan before you finance or res finance your home. We know its many at- tractive features will prove valuable to you. Lond Term—Low Interest Rates Loans made in the District of Columbia and nearby Maryland and Virginia WEAVER BR! REALTORS Washington Building - District 9486 Mortgage Loar Correspandent MOORE & HILL, INC. 730 17th St. N.W. Metropolitan Life Insurance Company