Evening Star Newspaper, October 27, 1930, Page 13

THE EVENING STAR, WASHINGTON, D. C., MONDAY, OCTOBER 27, 1930. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. U, 8. TREASURY BALANCE. The United States Treasury belende:> announced today as of close of business * October 3¢ was $231,391,263.28. Cus- toms recelpts for the month to date were $30,104,852.64. Total ordinary ex- penditures $10,196,958. icates that o‘:‘ ane week's action it is unwise to conclude that lhufllmn has been entirely completed.” SO, Mmmushmwsmusmm worth of equipment was shown. BY GEORGE T. HUGHES. the nineteenttf of a series of ret fie Senen 4 Mis Teader the inical provisions 0( 2\ the facts the se- & Stock and Bates— Dividend Rate. Add 00. Righ. 6% Dome Mines (1) 1 8w Dom Stores (11.20).. 1 ' Drue Corporat (4)... 10 Dunhill Int (1). 8 4 Du Pontde N ( 84 114% Du P de N deb pf (6). Indivilual sales compiled to 12:/ ..—e.-fleh in ~Prev 1930~ 0 ulfl.n- x Aunlu mh. Low Close. mou 8% Abitibi Pow & Paper 1% 19% Adams Exp (1.60). 1 —————— Head of Safe Deposit Section 19 .{Announcement of Stock Ex- ‘Process. e 120% ‘ade being used for 14 ‘Appoints Aides for Pres- i ent Year. ' ii BY EDWARD C. STONE. rick H. Cox, chairman of the deposit section of * the District ers’ Association, has named the following sundln; commitéees to push work of the section during the Present year, the members having been °d and elected at a meeting of the tive council; Committee on Standardized Safe De- wflt Forms—William H. Harper, chair- Washington Loan & Trust C P. White; American Security : Co.; Guy D: Cowl, McLachlen B‘m Corporation; Miss Elizabeth & Bogley, Merchants Bank & Trust €a,; William L. lown,” Northeast Savings Bank, and John D. Leonard, Washington Savings Bank. mittee on Standardization of Safe it Practice—Albert E. Fisher, chafrman, Riggs National Bank; Rich- ard E_Harris, American Security & t Co.: C. M. Ashton, Munsey Trust : W. Clarence Miller, National Bank of AWashington; John E. Woltz, Naticnal Metropolitan Bank, and Chatrles W. miun Trust Co. ttee on Education and Pub- licity—Robert H. Lacey, chairman, Co- lumbia National Bmk Art.hur P. Miller, Liberty National Bank; Mrs. Helena D. Reed, Lincoln National Bank; T. Edwin Norris, Mount Vernon Savings Bank, Jolin M. Boteler, National Savings & Trust Co.; Elmore T. Burdette, Poto- mac Blvmn Bank, and T. Hunton ltg. Security, Savings & Commercial At the October meeting of the sec- tion at association headquarters, in the Becker Building, numerous matters of vital interest to the member banks were talked over. Committee reports were presented and discussed and fur- ther plans completed for an active year. The next meeting will be held on November 26. Joseph D. Yerkes is vice chairman of ‘the section and Hans W. Ireland, secretary-treasurer. Mr, Cox, the chairman, is cashier of the OCom- National Bank and last year ‘was the association’s chairman of the Committee on Standard Banking Forms. © ' Sees Turn as 1931 Begins. Col. Ayres, in explaining his belief ogianiog of 1651, sad Teoently: - ng of , sald recently “I do not think- business is going to b worse. I do not think it is promp!» to get much better. I think it Ifl% to start its real and denmu reev-ery just as that period starts, in the beginning of 1931, when those po- tent stimulants of better business, construction and automobile ‘mahufacture normally reczive the maxi- nl‘gl ol their seasonal stimulus. f they are going to come up appre- ciably at all next year, we are going to jsee it there in the Spring of the There are special and valid rea- ‘why such things as new buil ction and the manufacture of automobiles are potent helps toward a mzn and definite business recovery. I not think they are going to be here in great and exceptional volume next year, but I think with the stimulus that w%;trom them and with the fact that we have beendrvm very short mdeed on ' new building and mlnul-cture obiles this year there be of a start to come out of them Spfln'n!nnwmnmdum d a real and endurable business ent. own ture of that is that it I{Ol be l:‘ecr! vivid, that we shall go mounting back nulckl.v and eas- ily to any renewed per! pxupcrl 3 buf hu:er it y pnn, the el 1931, business will on: mmbemhmtthemm- calls ‘normal.’” {More Building Activity Noted. &mw costs of building opera- in September showed an increase of '6.4 per gent when compared with Alllut, lc;gr.lflu to reports re(:dvg pfln citfes throughouf Bureau of Labor Sta- luring tember 81 rmdu efl:;';red with uulsno." Al _Residential Fiea ety S st “ 3 per cent while mn-culdnndll estimates during the month amounted to $73,630,265, as compared with $67,054,700, or an increase of 9.8 per cent. Trading on D. C. Exchange. it tnd.lm on the Washington ‘Washington Gas 58 at 105%. ‘Washington 6s, series B, moved at 106, and Electric Power Consolidated changed hands at 103. mmmek division both Potomac Electric Po lerred issues. cm:ud on the bo-rd. mwr cent k selling at 108% per wntgrelerred at lll%. shares of ] Corporation at 23 and 50 more lhlru at 23%. Merged Banks’ Employes Meet. The Federal-American Club, made up Federal-American Bank employes, IIH their annual Halloween dance and card party Saturday evening in the directors’ room at the bank. The em- of the Merchants’' National Bank “Trust Co., which recently merged ‘with the Federal, were invited, the gath- ering numbe: 60, Walter L. Sand- erson is nt of the club and Harmon K. Warner was chairman of the Committee of Arrangements. Heard in Financial Distriet. Edward L. Hillyer, vice president of the Union Trust Co., is annual vacation at Blowing Rock, N. c have recently been received from the American Bankers' Association and the Financial Advertisers’ Associa- tion highly praising the Advertising Committee of the District Bankers’ As- soclation for its splendid success in conducting co-operative advertising Dispatches from Chicago state that s president of National n, vice president 10 ‘the Chicago Creditors’ Committee of Prince & Whitely. Up to present time more than 350 claims have been filed, the report adds. The 30 largest banks in the United tes held on September 24, 1930, de- of $14,256,066,573, as compared $14.535,978,195 on December 31, , and $13,090,897,306 a year ago. Present deposit figures are 9 per cent jer than last year. 'YLAND TOBACCO PRICES. BALTIMORE, October 27 (Special). receipts and sales of Maryland leaf tobacco showed increases last week, with the In 126% 1564 1084 Am Can (15). Bats 9y 103% 221y 38% 524 565' 274% 192% Am Tel & Tel (9).... 127 124% 69 Am Water Wks (nl1). 1% 811 33 Anaconda Cop (2%). 53% 20 Anaconda W &C (1). 51% 30 Anchor Cap (2.40)... 374 14% Andes Copper (1). .s 82% 84 4% 65 20% 6% Artloom Corporation 46% 24% Asso Appl Ind (4)... 501 26% Asso Dry G (2%). 242'5 108% 102% Atch To & S F pf (5). 80% 47% AtGulf & W Ind (2). 65% 51% 21% At Refining (12). 106 106 99% Atl 37 20% 8% el 96% 10 1% 4 10% 70 199% 121 391 21% 60 61 4 224 8% 5819 35 37% 361y 91 26 36 80% 281 2819 34 31y 181 48y 58 99 20 8% 35% & 'ui'. 100 3% 5% 29 39 1075 5% n 3% 1% 51 194 50 54 11 Addressorr'ph (1%). Advance Rumley.... Ahumada Lead. Air Reduction (143 ) Afr Way El Ap (1%) Ajax Rubber. . . Alaska Juneau. : All Alllance Realty 13%. Allled Ch & Dy (n6). Allied Ch & D of (7). Allis Chalmers (3).. Am Agricul Chem. ., Am Agricul Ch pf. .. Am Bank Note (t3). Am Bank Note pf (3) 2008 Am Beet Sugar...... 2 Am Bosch Magneto. Am Brown Bov Elee. 16 Am Brown B B0 (1) 208 Am Car.& Fdy (6) Am Chain (3). Am Chicle (13). Am Com Alcohol Am European Se Am & For Power. Am & For Pw pf » Seo Am Internatl (2).... Am Locomotive (4).. Am Ma & Fy (11.65). AmMach & Metals. .. Am Metal Co (1%).. Am News (§14). Am Pow & Lt (31) Am Pow & Lt pf (6). Am R & St San (1%) Am Republics...... Am Roll Mill (n2)... Am Shipbuilding (5) Am Sm & Ref (4)... Am Sm & Ref pf (6). Am Solv & Chem .. Am Solv & Chem pf., Am Steel Fdy (3)... Am Stores (t214). = S - & a»»mmuu—-cumnmaw EITC I o 2 Am Tobacco. - Am Tobacco pf (6).. » [} IO PR TP TOP PP TR - FOTTOR - 1 1Y Am Zinc Lead & Sm. @ Armour of Del pt (7) Armour of 11l (A)... Armour of Ill (B).., Armour of Il pf (7). Atch To & S Fe (10. AtGulf & W Ipf (5). Atlas Powder (4). Powder pf (6). Atlas Stores (n1) 263% 68 Auburn Auto (34 7 9% 38 116 2 3% 19% 100 Austin Nichols. ..... Aviation Corp of Del Baldwin Loco (1%). Baldwin Loco pf (7). 122% 79% Balto & Ohio (7).... 116% 91 34 101 109 70 14% 94 Bang & Aroos pf (7). Barker Bros pf (6%) Barnsdail A (2). Bayuk Clg 1st pt 70% 48 Beech-Nut Pkg (3) 57% 17% Bendix Aviation (2, 56% 31% B 110% 134 69% 122 &Co (2) hletem Steel (6). Bethletem St pf (7). 41% 23 Blaw-Knox (1%).... 69 5 16 2 Bohn Alum&Br(1%) Booth Fisherles. 90% 60% Borden Co (k3)....a 50% 16 Borg Warner (3).... 25% 124 Briggs Mfg Co. ... uv. 16% Briggs & Strat (2).., 4 Brockway Mot Trk.. 7“ G68% Bklyn-Man Tr (4)... 16% 10 Bkiyn & Queens. 178% 106% Bklyn Union Gas (5) 42 35 Brown Shoe (3). 30% 12% Bruns-Balk-Col. 338, 31% 16% 5% 13 5% Bruns Ter & Ry 8. Bucyrus (1), Budd (EG) M 68 54 Budd (EG)pf (1) 14% 7“4 % 18% Budd Wheel (1) Bullard Co. 43 26% Bulova Watcl 35 15% Burns Bros (B). F1% 26 Burr Add Mach (1). 48'% 26 Bush Terminal (2%) 110 118 29% 112% % 2% 89% 33% l’ llfi 647 85% 20% 7 87 37% 199 98 108 12 4% 9% 13 50 86% 96 35% 10% 43 % 6% 25 8% 13% 45 9 30 0% 15% 321 15% 79 3% 18 25 133% 49 12 9% 24% 42% 104% 10% 84% 18% % 26 1% 9% 35% 27 [2) 16% Bush Term deb (7).. Bush T Bldg pf (7).. Butterick Co, Byers (AM).. Calif Packing (4). Campbell Wyant Canada Dry G A (5). Car Clin & Ohlo (4). Car Clin & O sta (5).. Case (J 1) pf (7) Caterplllar Trac (14) Celanese Corp. Chu Chesapeake Corp l) Chic & Alton, Chic Great Western. Chic Great West pf. . Chic Mil St P & Pac. . Chic Mil St P & P pf.. Chicago & N W (5).. Chic Pneu Tool. . Chi Peu T pf (3% Chic R 1 & Pac (7)... Chickasha Cotton Ofl Childs Co (2.40). Chrysler Corp (3)... City Ice & F pf (634) wl- City Stores (50c).... Clark Equipment Cluett Peabody (3) Coca-Cola (6). Colgate. Collins & Atkman. Colonial Beacon. Col Fuel & Iron (2).. Col Gas & E1 (2).... Cot Gas & EI pf A (6) Colum Graph (a%).. Columbian Carb (16) Comm Credit (2). Comm C 18t xw (834) lo- Com In Tr (£1.60)... Comm Solvents (31)" Comwith & 8o (60c). Conde Fub (3)... Consol Cigars (5) .. Consol Cig pr of 6% . Consol Film pf (2).. 924 Consol Gas N ¥ (4).. 99% Cons Gas N ¥ of (). 39 Cons RR Cub of (6).. 1% Consol Textlle. 11% Container A (1.20), 3% Container B 181 Contl Baking A.. 27% Contl Baking B. %). 621 Crucible Steel (Hl. . IM Crucible Steel pf (7). 314 Cuban-Amer Sugar, Cuban-Amer Sug pf. 38% Cudahy Packing (4). Curtis Publish (17).. Corp. 5% 50% Cutler-Ham (3%) 18% Davison Chemical. Deere & Co pf (1.40), uos. Nl'l". Hud (9). Del Lack & Wa (17). 16 mw 2 3 32% 5y LS 1064 104 ) 8 Flll Roll Mill (ht2). o 175% an Kodak (18) 120% El man Kod pf (6). 4 Eaton Axle & 8 (3) Elec Auto Lite Electric Boat. El Pow & Lt (1) El Pow & Lt pf (6).. El Pow & Lt pf (7).. El Storage Bat (6) Emerson Brant (A) Fndlcu" John (5) i ErlsRR Erle RR 18t pf (4)... Evans Auto Loading. Fairbanks Co pf. ¢ Fashion Park Asso. . Fed Lt & Trac pf (6) Fed Motor Tr (80¢).. Fed Wat Sve A 2.40. Fid Ph Fire In (2.60) Filene’s pf (6%).... Firestone T& R (1). First Nat Strs (2%). Firest T & R pf (6).. Fisk Rubber Fisk Rub 1st uf eV Follansbhe Bros (1).. 4 Foster Wheeler (2) Fourth Natl Invest Fox Film (A) (4) Freeport Tex (5 Gabriel Co (A). Gardner Motor. Gen Am Inv pf (6).. Gen Am T'k Car (34) Gen Asphalt (4) Gen Cable. Gen Cable A. Gen Cable pf (T) Gen Gen Elec spec (60¢). Gen Food Corp (3).. Gen Gas&El A(ed0c) Gen Mills (3). Gen Mills pf (6 Gen Motors (13. Gen Motors pf (5) Gen Outdoor Adv. Gen Pub Serv (b6)., Gen Realty & Util Gen R & Ut pf (e6).. Gen Refract (14%).. Gen Theatre Equip. . Gillette Saf Raz (4). Gimbel Bros........ Gimbel Bros pf (7).. Glidden Co (1.20).., Gobel (Adolf)., Gold Dust (2%) Gold & Stock TEI(G) Goodrich (BF)..... Goodyear Tire (5). .. Goodyear 15t pf (7).. Gould Copper. Graham-Pa; Granby Consol Grand Silver § (m1) Gr North of (5). Gr Nor ctf Ore (a%). Gulf Mob & N pf (6). Gulf States Steel.... Hahn Dept Store: Hahn Dept 8 pf (6“) Hall (WF) Pr Co (2) Hamilton W pf (6).. Har Wk Ref (12%). Havana Elec Ry Hayes Body. Hollaad Fur %). Household Fin pt (4) Houston Ofl (b10%). Houston Oil (new).. Howe Sound (143).. Hudson Motors (3).. Hupp Motors. Ilinots Central (7).. Independ O & G (2). Indian Motor Cycl Indian Refining. Ind Ray (b5% stk).. Inspiration Copper. . Interboro Rap Tran, Intercont Rubber. Interlake Iron (1) Intl Bus Mach (n§. Intl Carriers (25¢).. Intl Cement (4)...... Intl Harvester (2 Int Harvester pf (1). Intl Hydro E1 A (e2) Intl Match pf (4).... Intl Mer Marine (2). Intl Nick of Can (1). Int Nick Can pf (7).. Intl Paper & Pwr A. Intl Printg Ink (2%) Int Print Ink pf (6). Intl Rys Cent Ame Intl Salt (3).... Int Shoe (3). Int1 Silver pt (7). Intl Tel & Tel (2). Inter Dept Strs (2).. Investors Equity (2) Island Cr Coal (4)... Jewel Tea (14) Johns-Manville (: Jones&Laugh pf ). 4 Jordan Motor Car. Kans City Sou (5)... Kayser Jullus (2%). Kelly-Spring Tire. .. Kelly-Spring 8% pf. Kelsey Hayes (2). Kelvinator Corp Kend Co pf (16.37).. Kennecott Copper(2) Kimberly-Clark (13) Kinney (GR) (1).... Lambert Co (8). Leh Port Cem pf (7). Lehigh val (t43%) Lehman Corp (3). Lehn & Fink (3) Carbontc (4) Loew's Inc (3) Loose-Wiles (12.90)" Loose-Wiles 1st (7). LouG & E (A) (1%) McCrory (A) (2) McGraw-Hill (2). Mecintyre Porc M ( Mack Trucks (6). Macy & Co (nt3). Madison Sq Gar (1) hat Elev gtd (7). Marine Mid (1.20)... Marmon Motor Car. . Marshall Fileld (2%). Martin Parry. Matnteson Alkalf (2) May Dept Strs (n2), Maytag Co pf (3). Mexican Seaboard Miami Copper. . Michigan Stl (h2%). Mia-Cont Pet (2). Midland Steel (3), Minn Moline Pow. Minn & St Louis. Mo Kan & Tex (3) Mo Kan & Tex pf (7). Missouri Pac pf (5) Motner Lode (20¢c). Motor Meter G & El Motor W 3 Mullins Mfg pf (7). . Murray (B) (2% stk) Myer (l’l) & Br(2). Nash Moto: Nat Acme (1%).. Nat Bella Hess. Nat Biscuit (13.30) Nat Biscult pf (7)... Nat Cash Reg A (14) Nat Dairy (32). Nat Dept St 1st (7). NatDist Products(2) 208 L 4 3 2108 1 5 3 10 508 4 1 2 11 4 3 5 9 2 1 4 s q 1 2 4 6 1 20s 140 3 2 2 7 lOl 2 3 208 8 18 10s 31 1 70. 4 108 21 Nat Lead pt (B) (6). 10% 304 Nat Pow & Lt (1). u 124% 81% Nat Supply (5). — 4 © ad wem., KContinued on Page 142 10% 189 129 14% 42% 3% 517 char e Failuge Is Factor in Depressing Market. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, October 27.—In trading, stocks declined with but exceptions in the opening session et the week on the stock exchange. It was not, however, so much the pressure from operators for the decline or from the holders of stock outright that caused the weakness as it was the absence of buying power. ‘The market was handicapped by an- nouncement of a stock exchange (b faflure. This news came out in the first_hour, when selling was in progress throughout the list, but it is doubtful whether this development was an im- portant incident. ‘Wide Movers. . J. 1. Case, the stock which broke so Severely on Saturday, losing over 12 points, had another s.nking spell todey. Around 108 the price was off 7 points more and this collapse disturbed senti- ment fully as much as the insolvency of C. Clothier Jones & Co. International Harvester went off with Case, both of them probably affected by the revelation of decrease in agricul- tural buying power made last Friday when the Montgomery Ward directors passed their dividend. The disposition today was to take an extremely pessi- mistic view of next year's business for those companies which deal with- the farmer, and yet there is good reason to believe’ that the agricultural distress has been exaggerated. General Electric, United States Steel and Westinghouse Electric sold off easily. The largest loss was sustained by Westinghouse, the bookings of which corporation for the third quarter were the smallest for any three-month period in over five years. United States Steel was depressed, aithough the directors meet for dividend action after the close Tuesday, at which time the earnin statement will be released. Steel could declare an extra_dividend, of course, but whether the board will deem that advisable is uncertain. In any case the Street is looking not to dividend action, but to plant operations. Shares slipped off after an irregular opening only to show a slight recovery {around the end of the first half hour. Trading during that period was the smallest since October 4, being only 231,100 shares, compared with 418,600 Saturday. Cail money renewed at 2 per cent. J. 1. Case crashed to a new low rec- ord price of 110%, or off 51 points from its previous close. International Harvester equaled its former low. Corn products, with a gain of 13 points, was the widest mover in the food group. Metals again were irregular and coppers were heavy. All of the tobacco shares advanced, but most of their gains were fractional. Wabash ~ touched its_ preceding low: Delaware & Hudson geined a point at 14315 and New York Central rose 1% to 14135, but later reacted. Gillette was up 3 to 36%. National Cash Register, after opening unchanged, eased slightly. General Refractories fell a point to 49. Amusement Group Firm. A number of specialties made new lows, and more were sharply lower. Weakness was in exidence in American Stores, American Radiator, American Rolling Mills -and United Fruit. The copper stocks resisted better than the average, seemingly being well Igui- dated, and to a lesser degree this was true ‘of the ofls. The rails headed downward on another batch of. poor September earnings reports. Baltimore 1 | & Ohio and Erie were among the weak spots. Of encouraging business items specu- lators took little account. The review of trade conditions made public by chairman of the National ‘Business Survey Conference proved no help to the market. Industrial third quarter reports were not uniformly unfayorable. Lambert Co. made a fairly good show- ing, and the stock at one time was a point higher, but there was no activity on the advance. News from the radio industry was mildly optimistic, but stocks of companies represented did little. Perhaps the best showing was made by the amusement shares. Oull money renewed at 2 per cent, but was in supply at 1%z per cemt in the outside market, with demand negli- 1814—Oldest National Bank in Years years of usefulnes institution. Desks Chairs Tables g r. riod the preferred shares had International Harvester. A preferred stock is one which has a claim on earnings prior to that of the common. All through the great bull nnirket. of 1929, however, investors as stocks the preference, friends. One day in September of 1930, however, there was a striking illustra- tion of a change of view, In the same session International Harvester com- mon stock sold at new low for that year and International Harvester pre- ferred stock sold at a new high. ‘That is generally the case in times of lnduam-.l depression. Then it is that fers want security and not the possi- ilities of appreciation in market price. lnlemluoml Harvester had paid the regular $7 rate on its preferred stock without interruption ever since the present corporation was organized. It been a consistent earner for the common shares, but payments thereon have been at varying rates. In the last 10 years the preferred dividend has been earned by a wide margin except in 1921 and in 1922. In the first named of those years it was not quite covered and in 1922 the amount available for the preferred was only $9.20, but in 1929 net was equiv- alent to $46.73 a share on the senior issue. The preferred stock has four yotes per share to one vote per share for the common, this arrangement having been made when the common was split four for one late in 1928 in order to preserve relative voting power. There is no funded debt so that the preferred is the cororation's first capi- tal obligation. Selling around 145, the investment return is 4.83 per cent. Al- thnu h the corporation will doubtless ected more or less by the current lnd\utrlnl ression and particularly the lmpfll.rm it of the buying power of the farmer, that situation is reflected in the price of the common stock and not in that of the preferred. Brokers’ Comment NEW YORK, October 27.—Specula- tive sentiment, as reflected in bro- kerage house advices to clients today. ‘was moderately optimistic in several quarters, a resumption of the rally was foreseen, although some pointed out that quiet liquidation was still go- ing forward. Comments include: M. J. Meehan & Co.—Action of the market lends to the f that better es may be witnes: for the time ing in investment stocks. Smith, Graham & Rockwell—The position of the shorts is still tight, owing to the difficulties experienced in borrowing many of the leading stocks. This situation contains the ‘|ermk: of a recovery in the better change of sentiment is going to be engendered by a two-day rally. What we need is a week to two weeks of real rally, with a 25-point advance in the industrials. Such a recovery might conceivably pave the way for suspen- sion of some of the present liquida- tion. It would certainly make the bal- ance of the period of torture easler to endure, Redmond & Co.: “The feeling is generally more optimistic, especially in the low priced issues, which appear to have been liquidated.” Hornblower & Weeks: “A sustained rally is overdue, it appears to have tten under way and it is quite possi- t that with a little more consolida- tion today, the market will have di- gested the adversity in the farm equip- ment shares and be able to continue to rally without having to recede to last week’s lows.” Shields & Co.: “With short selling in disfavor the coountrywide campaign of talking optimism has brought about a little better feeling that is responsible for the somewhat improved rallying er of the stock market. Liquidation reduced, but there is a quiet but steady stream of offerings, espe- cially in the higher-priced stocks, that indicates a definite bottom has not been reached as yet.” Otis & Co.: n the present situa- tionAt is still impossible to say with as- surance that all general liquidation has been completed. The action of the market during the past week has indi- National Metropolitan Bank 15th St., Opposite U. S. Treasury the District of Columbia—1930 Three Score —and ten is the Biblical allotment of a man's span of life; but The Metro- politan has rounded out over one hundred and sixteen years, and looks forward to many more s. { Strength, permanence, service —everything wanted in your hank- offered by this veteran 3% on Savings w.fi.m;ses&Sous offer 20 Per Cent Discount All Office Furniture Stock - from price already competitive in our warehouse CLOSE-OUT SALE of commercial patterns Beginning October 28 at Warehouse, 1226 22nd St. N.W. 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