Evening Star Newspaper, January 6, 1931, Page 13

FINANCIAL, THE EVENING STAR, WASHINGTON, D. C, TUESDAY, JANUARY 6, 1931 WASHINETON BANK | POSITION 1S SOUND Contraller’s Report Shows | Total Resources of More Than $396,313,000. _BY EDWARD C. STONE. The unusually sound condition of Washington's national banks, savings banks, trust companies and building and loan assoclations is ¥ividly pictured in the figures pre- sented by Con- troller of the Cur- rency John W. Pole in his annual re- port, just made public. ~ There_ai now 64 of the ban institu- tious in the cf The 1 al of $10,775, demand _gn depos amounting to 2 and Tesources Sum . John W. Pole. six trust companies had $10,400,000 and and time deposits of vhile total resources d to $104,366,000. The group of 22 savings banks has & 2,753,000, demand and totaling $40,735,000 and s of $47,424,000. lding and loan associations and and time deposits amount- 64,480,000 and total resources 1,629,000, Thus the various banking institutions have combined capital in the sum of $23,028,000, demand and time deposits totaling $306,894,000 and aggregate total resources of $396,313,000. Other Facts Presented. Controller Pole also presents many in- teresting figures concerning earnings, expenses and dividends of the local sav- ings banks and trust companies. In the six months ended December 31, 1929, seven local trust companies paid out $612,000 in dividends, while in the six months following, ending June 30, 1930, six local trust companies paid out the larger sum of $618,000 in dividends. The 22 savings banks paid $196,000 in dividends in the six months ended De- cember 31, 1929, against $131,000 in the first half of 1930. These same banks and trust companies had larger earnings in the first half of the fiscal than in thie last half, but showed a reduction in expenses during the six months ended June 30, 1930, the controller’s report in- dicating more careful management. For the year ended June 30, 1930, the naticnal banks in Washington paid out $1,331,000 in dividends and made net additions to profits totaling $1,670,000. The controller presents a vast amount of information supporting the reports from many local bank officials, which state that the banking institutions here are in an excellent position and have wvery little cause for complaint over last ye: depression. Dr. Friday to Address Bankers. Dr. David Friday, widely known econ- omist, has been secured as guest speaker for the open meeting of the District Bankers' Association, to be held at the Willard on Monday, January 26, Presi- dent Lanier P. McLachlen announced today. Dag Priday is now connected with an jraportant investment advisory. concern in, New ¥ark, but has lived in Wash- & good deal and has'many friends among-Jocal bankers. He will s;:!k on the “Outlook for Prices, Profits ard In- terest Rates in 1931.” The economist gave this address before the leading bankers of Philadelphia a few days ago, his remarks creating tremendous in- terest. Dr. Priday is a native of Michigan. He was a professor of economics for many years, and from 1921 to 1923 was president of the Michigan Agricultural College. He is an expert on taxation, & member of the American Economic As- sociation and the National Tax Associa- tion. He is a member of the Phi Beta Kappa Scholarship Fraternity. ‘The committee in charge of the com- lng meeting is made up of Edward J. McQuade, vice president of the Liberty National Bank; Wilmer J. Waller, vice president of the Federal-American Na- tional Bank & Trust Co., and W. W. Spaid, partner in W. B. Hibbs & Co. A similar meeting was held last year and very largely attended, Dr. Irving Fisher of Yale being the speaker. His address was on the New York stock market, which at that time was cutting up as it never had before. Local Market More Active. There was considerable more activity gn the Washinglon Stock Exchange to- Bond sales were confined to W shington Gas, Georgetown Gas and Potomac Electric Power issus In the stock division, Capnal ‘Trac- tion was & bit stronger. The market opened with a small sdle at 40% and sed with 100 shares selling at 40%;. fergenthaler figured in several smali opening at 86% and closing at Potomac Electric 5', per cent rred moved at 108, Barber & Ross 12 and Federal-American ock_appeared on the of American Security hands at 345 Heard in Financial District. ller John W. Pole, Robert V. ent of the Riggs Na- B: 1d John Poole, president l\.du.; -American I\dwmal Bank Fust Co., are Lo address the January meeting of the Board of Trade at the ‘Willard Thursday evening. The meet- ; iS to be known as “bankers’ night,” the arrangements having been made through the special efforts of the head of the District Bankers' Association, rey O. Dooley of the 's Educational Committee, an- °s that Washington Chapter is to a course in real estate during the half year. It is to be conducted by , executive s:cretary of ashington Real Estate Board. leaders in the real estate \ere have been secured to give spe- lectures during the course, Federal Reserve Board's condi- 2 of weekly reporting 5 in leading cities on De- ws an increase for the $396,000,000 in net demand deposits, $161,000,00 in borrow- ings from Federal Reserve banks and $29,000,000 in loans and investments. F. W. Woolworth December sales 4.1 per cent below December, 1929, at $42,- months, off 4.5 per cent at 2 DECLINE IN SILVER. NEW YORK, January 6 (Special).— 'The decline in the price of silver metal s just now the main disturbing influ- ence in the commodity market, The Iamifications of this with respect to Fid trade ate o great that many pet: sons believe that until silver is lm international trade cannot be to anything like its former basis. It is especially sericus to Great Britain in ion hina and NEW YORK STOCK EXCHANGE Received by Privale Wire Direct to The Star Office. Not&—-AU stocks are sold in one hundred-share lots ‘gltlng those designated by the letter s (805) (250s), shows those stocks were sold in odd lnllvflml sales compiled to noon—complete ln 5 30 lfll!hll. 1930~ Stock and Low. Dividend Rate. 8 Abitibl Pow & Paper 21 Abraham Stra 144 Adams Exp (1.60)... 801 Adams Exp pf (5)... 24 Addressogr Co 1.40 % Ahumada Lead.. 8714 Alr Reductlon (+4%) 6% Airway El Ap (60¢). 415 Alaska Juneau(40c). 5% Allegheny Corp. ... 36% Alles Cp $30 ww 5% . 374 Alleg Cp $40 ww 6% . 3 170% Allied Ch & Dye(n6). 14 4 120% Allled Ch& Dpf (7). 1 % Allls Chalmers (3).. 6 11% Alpha Port Cmt (2).. 5 16! Amerada Corp (2)... 4 15% Am Agricul Chem. 1 17% Am Agrienl Ch of 1 45' Am Bank Note (13).. 2 60% Am Bank Note pf (3) 308 2% Am Beet Sugar 1 118 AmBrSh&Fpf (7) 10s 38 Am Brown B E pf (7) 508 5'104% Am Can (15)....... 121 2414 Am Car & Fdy (6). 27 Am Chain (3) 35 Am Chicle (13) @ Bowma Am & For Pw nf (6). 5% Am Hawaiian 8 8.. 8% Am Hide & Leath pf. 4614 Am Home Pr (4.20).. 24% Am Ice (t4)... s 16 Am Internatl (3).... % Am La Fr & Foamite 7 Am LaFr & Foam pf. 18% Am Locomotive (2).. 29% Am Ma & Fy (11.65), 3 AmMach & Metals. .. 13% Am Metals&Min (1). Am Nat Gas pf (7) 36% Am Power & Lt (r1 90 Am Pow & Lt nf (6 T4% AmP & Lt pf A (4) T4% Am P& L pf A st (5 15 Am Rad&Std San(1) 126% Am Rad &S S pt (7). 5% Am Republics. 28 Am Roll Mill (n2). 52% Am Safety Razor (5) % Am Ship & Com..... 35 Am Shipbullding (6) 37% Am Sm & Ref (4).... 35% Am Snuff (13%). 5% Am Solv & Chem pi 23% Am Steel Fdy (3)...v 116 110 Am Steel Fdy pf (7). 69% 39% Am Sugar Ref (5)... 110 95 Am Sugar Ref pf(7). 214 170% Am Tel & Tel (5)... 9815 Am Tobacco (5). 99% Am Tobacco B (5). 47% Am Water Wks (3) 5% Am Woolen. . 15% Am Woolen pf. 1% Am Writ Paper ctfs 26% Am Zinc & Lead pf... 1 25 Anaconda Cop (23). 1 19 Anaconda W &C (1). ‘Anchor Cap (2.40) 10% Andes Copper (1) 18% Archer-Dan-M (2). 60 Armour of Del pf (' 2% Armour of Ill (A). 1% Armour of Il (B).., 25% Armour cf Tl pf (7)., 20 Asso Appl Ind (4)... 19 AssoDryG (234)... 168 Atch To &S Fe (10).. 100 Atch To& S F pf (6). 16% At Refining (12). 42 Atlas Powder (4) 7% Atlas Stores (n1) 60% Auburn Auto (34) % AUutosales........... 2% Aviation Corp of Del 19% Baldwin Loco (1% ). - 5w » S PO S 20 9 80 5t 1O i 1 i IS 5 148 37 100% 7h 3 Bamberger pf (6%).100s 50% Bang & Aroos (33%).. 5 8% Barnsdall A (2).. 20 23 Bayuk Cigar (3). 62 Beatrice Cream (4) 46% Beech-Nut Pkg (3) 76% Bel N Ry ptpf t5.51. 2 14% Bendix Aviation (1). 18 30% Best&Co (3).... 4 47% Bethlehem Steel (§). 78 112% Bethlekiem 8t pf (7). 23 Blaw-Knox (1%).... 15% Bohn Alum&Br(1%) 15 Borg, Warner (1).... 12% Briggs MIg(11.62%). 1% Brockway Mot Tr] 554 Bklyn-Man Tr (4). 98% Bklyn Union Gas (5 10 Bruns-Balk-Col 3 . Budd (EG) Mfg. 6% Budd Wheel (1) 9% Bullard Co... 815 Bulova Watch (3). 25% Burns Bros (A) (8).. 3 Burns Bros (B)...... 18% Burr Add Mach t1%. 21% Bush Termnal (2%) 97 Bush Term deb (7).. 30; 1% Butte Copper & Zinc.. 10 Butterick Co 33% Byers (AM)... 41% Calif Packing (4) 28% Calumet & Arizol 7% Calumet & Hecl 10 Campbell Wyant (2). 304 Canada Dry G A (3). 35% Can Pacn 7% Capital Admin (A) 29% Capital Admin pf A 831 Case (J 1) (6)....... 22 Caterpillar Trac(t4) obbs pt 108 3 891 00 09 80 - B @ o EIFANIS) Cent Aguirre As1%. 1 51 Cent Rib Mills pf (7). 10. 21 Cerrode Pasco (4).. 2 Certain-teed Prod. 14% Checker Cab (1.80) 32% Ches & Ohlo (2%)... 32% Chesapeake Corp (3); % Chic & Alton. - TS EYSTOL~ PN 284 Chi & Northwn (4) 7% Chic Pneu Tool. 22% Chbi Pneu T pt fl% ).. 45% Chic R 1 & Pac (1)... 81 ChicRI&PDL(§).s 20% Chi YellowCab (3)... 10% Chickasha Cotton Ofl 22% Childs Co (2.40)..... 14% Chrysler Corp (1). 19 Chile Copper (2) 98% 79 City lce & F pf (6%) 18% 2% City Btores (50C)..oa 191% 133% Coca-Cola (6). 6 48% Cou-CohA(l)..... 12 Collins & Afkman. 73 Collins & Atk pf (7). 8% Colonial Beacon..... 18% Col Fuel & Iron (1).. 30% Col Gas & El (2).... 99 Co!Gas & El of A (8) 74 Columbia Graph..... 66% Columblan Carb (16) 15% Comm Credit (2).... 2 30% Comm Credit A (3) 4 20% Comm Credit pf B(2) 20s 21% Com In Tr (£1.60).. 3258 14 Comm Solvents (1) 18 7% Comwith & 8o (60c).224s 861 Comwlith & So pf (8) 7 6% Congoleum-Nairn... 8 56 Consol Cig pr pf 6% .130s 7% Consol Film (2)..... 4 1215 Consol Film pf (3) 78% Consol Gas N Y (4).. 99% Cons Gas N Y of (5). 30 Cons RR Cub pf (§) % Consol Textlle, 2 Container B 16% Cont) Baking A. 2 Contl Baking 62 Contl Baking nt @) 43% Contl Can (2% 9% Contl Dia Fibre (1).. 37% Contl insur (2.40) 2% Contl Motors. 7% Contl Ofl of Del. 40% 8% Cont] Shares (1) 111% 65 andn Te ik Curties W 19% 3§ Curtiss Wr Bazes— v. Add 00. High. Low. Close. Giowe 5 10 10 28 18% 84 (2*)..1632- 4]"‘. 92 9% 114% 114 % 8% L e 10 28 18% 83% 22% 9% 26 181 8314 22% 28 18% 83% o1 114 % 3% % .. & 111 90% 43% ~Prev 1930~ High. Low. 97 35 % Int Agricuitural. i Fisk Rubber 1st pf.. 4 Kayser Julius (2%). 4 Loew's, Inc (14) Stock and Dividend Rate. Cushman’s pf (8).... 208 Cutler-Ham (3%)... 1 Davison Chemical. 1 Deere & Co pf (1. 0. b Delaware & Hud (9), Del Lack & Wn (6).. Diamond Match..... Dom Stores (11.20).. Drur Corporat (4)... Dupont de Nem (4) .. Du P de N deb oY (6). Eastern Roll Mills Eastman Kodsk (11 Eaton Axle (1.60 Eleo Auto Lite (6, Flectric Boat. El Pow & Lt (1). E] Pow & Lt pf ("ou El Pow & Lt pf (7). E1 Storage Bat (5)... 4 Emerson-Brant (B). £ndicott-John (5)... Eng Pub Sv pf (5%). Eq Offic Bldg (2%).. 15 ErfeRR....ccco .o b R 1stpf (6)... 1 Evans Auto Loading. 2 Fairbanks Co pf.... 10s Fashion ParkAs pf..300s Fed Lt & Trac pt (6) 508 Fed Motor Tr (80c).. 2 Fed Wat Sve A 2.40. 5 Federated Dept Strs. Fid Ph Fire In (2.60) 3 Filene's pf (6%) .lBOl Firest T & R pf (6).. First Nat Strs (2%). 4 Fisk Rubber........ 26 608 Fisk Rub 1st pfev... Florsheim Sh A (3).. Florsheim Sh pt (6). 5 Foster Wheeler (2).. Foundation Co. . Fourth Nat] Invest. . Fox Film (A) (4).... Free-port-Texas (4). 4 Gabriel Co (4) Gamawell Co ( Gardner MOtOF....0v Gen Am Investors. .. Gen Am T’k Car (34) Gen Asphalt (3). Gen Baking pf (8) Gen Bronze. Gen Cable. Gen Electrio (1.60).+ Gen Elec spec (80c) Gen Food Corp (3). .y Gen Gas&E) A(e30¢). Gen G & El ev pf (! Gen Mills u), Gen Mil Gen Moto) (-) 4 Gen Motors pf (5) Gen Outdoor Adv. 4 Gen Out Adv (A) (: Gen Print Ink (2%).. Gen Pub Sve b6 % stk. Gen Ry Signal (5)... Gen Realty & Util. .. Gen R & Ut pf (e6).. Gen Refractories (4) Gen Theatre Equip. . Gillette Saf Raz (4). Gillette Saf R pt (5). Gimbel Bros. . Gimbel Bros pf (7). Glidden Company . Glidden pr pf (7). Gobel (Adolf). Gold Dust (23%). Gold Dust pf (6).... Goodrich (BF). Goodyear Tire (5) Grand Silv Stra(h1) . Granite City St (3).. Grant (W T) (1) Gr North of (5). Great Nor Ore(12%). Great Western Sugar Gr West Sug pf (7). 1408 Grigsby Grunow.... 50 Guantanamo Sugar., 3 Gulf Mob& N pf (6). 2 Hahn Dept 8 pf (6%) Hall (WF) Pr Co (3). Hamilton W pf (6).. Har Wk Ref (12%).. Hartman Corp (B) Hershey Choo (5)..u Hersh Choe pt (5., Holland Furn (12%) Hollander Sons. . Homestake Min(18) . Housenold Fin pf (4) Houston Oil. Houston O1l ( Hud&Man Ry (3.60) Hudson Motors (3) .« Hupp Motors. - Illinots Central (7)., Indian Motor Cyels Indian Refining. Indian Refining rcts.. Indus Rayon (4).. Ingersoll Rand (16) . Inspiration COpper-. . Insuranshar,Del 40c. Ins ctfs (Md) (60c). Intercont Rubber. N 8 SN Intl Bus Mach (n€) Intl Carrlers (50¢) Intl Cement (4). Intl Combustion. . Intl Harvester (2% ). Int Harvester pf (1) Intl Hydro El A (e2) Intl Mateh pf (4)...0 Intl Mer Marine (2).. Intl Nick of Can (1) Intl Paper & Pwr A Intl Pap & Pow (C).. Intl Pap & P pf (1).. Int] Salt (3). Int Shoe (3). . Intl Silver (4) Intl Tel & Tel (2).... Inter Dept Strs (2).. Investors EQuity. ... Island Cr Coal (4) Johns-Manvilleg3).. Jordan Motor Car. ... KC P&L 1st pf B (6). Kans City Sou pt (4) Karstadt (R) (1.03)., Kautmann DS (1%) ARoaanwmEORaRBONRS S 5 e m o - woaons S mEalonwalad Kelly-Spring Tire. .. Kelly-Spring 8% pf., 208 Kelsey Hayes (2). Kelvinator Corp Kend Co pf (16.37). . 100 Kennecott Copper(2) 35 [3 Kroger (:ro&b‘.lk(l) - Lambert Co (8). Lehigh Port Cmt (1) Lehigh Valley Coal. . Lehigh val (t43%) Lehman Corp (3). Lehn & Fink (3) Libbey O Ford Glas: Liggett & Myer (16). Lig & Myers B (16) .. Lima Locomot!ve Link Belt (2.40) Liquid Carbonto (4) « Loft Inc...... Long Bell Lumb (A). Loose- Wiles (12.90). Lorillard (P) Co.... LouG & B (A) (1%) Ludlum Ste MclIntyre Pore M (1). McKeespt Tin P1(16) McKesson & Rob (1), MecLellan Store Mack Trucks (¢). Macy & Co (n13).... Mad Sq Garden(60c) Magma Corper (3).. Manati Sugar pf. 1 Man Elev mod & (@8) | 2 Manbat Elev gtd (7). 208 Marine Mid (1.20)..u Marmon Motor Car. . Marshall Fleld (234), Mathieson Alkall (2) May Dept Strs (n2).s 5 ) - Sacabtimomwan aSalilproarabneNomneon PR TE-TISICITNE PR Melville Shoe (2) Mengel Co (2) Mexican luh Miami Cop, Michigan iy (h2%). Mid-Cont Pet (2) Midland Steel (3) - Sales— Add 00. High. 96 39% 14 21% 33% 32% 44 A Exchange Buf (13%).1160s 24% 28% 63% [ 113% 57 Low. 113% 57 6% 14% 10 Pre Close. Closes 968 l9'l 39% ISTOCKS ARE FIRM AFTER EARLY LSS Market Resists Selling Pres- sure, With Only Small Recessions. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 6—Dull and irregularly lower in the early trading, today's stock market hardened subse- quently, as speculators for the rise gath- ered courage from the failure of liquida- tion to develop during initial weakness. Over-night orders were predominantly on the scliing side, but the market ac- cepted them with only slight recessions. Aside from one or two specific issues, the losses were unimportant. Most of the first two hours, however, were peri- ods of sagging prices and of great in- activity. In the first half hour the turnover was_only 176,700 shares, the lowest since December 6. It was this falling off of volume on the decline that persuaded the bear element they were working on the wrong side. American Tobacco Strong. The outside news was meager. The | daily average production of crude oil was down on the week, and in Northwest an increase in gasoline prices was reported. Decreases in sales re- ported by chain stores and mail order houses seemed to have been thoroughly discounted marketwise. Neither Sears, Roebuck nor Montgomery Ward was un- der pressure because of the losses they had reported in business. An unofficial estimate of approxi- mately 50 cents for Warner Pros. Pic- tures in the first quarter, ending No- vember 30, 1930, on the other hand, brought some buying into that stock. One fssue that stood up while the rest of the market was dragging was American Tobacco. It was estimat:d that the shareholders might expect something additional to the regular rate at the next dividend me!tlng although nothing official learned. Continental Baking lhl-fl!l were moderately higher. Theoretically the baking company ought to prom from the low price of raw materials, but investors have hesitated to buy the stock because of the proprsed in- vestigation by Washington au!ho!lfls as to why the price of hread had not been lowered proportionately to the drop in wheat. Motor Stocks Rally. Motor stocks were heavy, in continua- tion of the reactionary trend in evi- dence in that group nday. They rallied, however, when the rest of the list turned around. United States Steel, 3 opened almost a point lower, made up the loss before noon. The electrical manufacturing _stocks were steady. American Can fluctuated in a narrow range and the railroad stocks held well, with special buying of Missouri Pacific. Among the two or three cases of weakness were Goodyear Rubber and Matheson Alkall. Price cutting, both actual and prospective, was the reason in each case. Matheson Alkali made a new low for the bear market and Good- year slumped over 3 points on top of its loss of the day before. ear directors are scheduled to meet for dividend action Wednesday. 2 Trading Volume Decreases. The market, after opening lower, continued irregular, but the volume of offerings decreased as prices declined. Sales in the first half hour were only 176,706 shares against 214,400 in the same Monday period. Call money re- newed at 12 per cent. Renewed weakness in cotton and wheat, which was partly offset by ex- pected cheerful news from the steel in- dustry and further declines in crude oil output, brought about some early selling of stocks. United States Steel common showed signs of rallying after hitting 141%%. American Can recovered soméwhat after getting down to 112'2. Chemical shares remained under pressure despite the re- ported termination of the price war. Matheslon Alkali broke to a new low at 27Y%. Allied Chemical dropped 13. Possible price cuts caused heaviness in the tire shares, with Goodyear at a new low cn the present movement at 42. American Smelting, whose directors meet, for dividend action today, opened slightly higher at 43)5, while Cerro de Pasco, whose board also meets, started unchanged at 2415 SHORT-TERM SECURITIES. (Reported by J. & W. Scligman & Co) i Allis-Chalmers Co, 5s 1937 1 American Tel. & Tel. Sias 1943 American Thread Sics 1938.... 1 Baltimore & Ohio 413 1933 41us 1942 4“7! usg Ghicave Hock Teiand 4 mc Chile Copper Co. 55 Gudahy Packing Co. Va8 1637 R. 55 1957 Grand_Trunk c.md- 55 me & Gulf Oil of Pa. 5s Wheelins Bieel Gors . Wheeling_Steel WE RECOMMEN NATIONAL CITY BANK (New York City) «+.. $110,000,000 124,554,298 .1,944,244,522 Capital . Surplus Resources Continuous dividend regords since 1853 Dividend rate, $4.00 per share Income yield at market, 4% % Market Price About 95 Waggaman, Brawner & Co., Ine. - Investment Bankers 1700 Eye St. NW. ME. 3860 Telephone National 5000 For immediate delivery of The y * morning. The Route Agent will collect at the end of each month, at the rate of 1% cents per day and 5 cents Sunday. INCOME TAX APPLIES TO STATE SECURITIE Municipal Bonds Are Also Liable to Impost, Supreme Court Declares, BY JOHN F. MILLER. Owners of $14,000,000,000 in State and municipal securities will have to pay Federal income taxes on any gain from their sale, under a Supreme Court decision handed down Tuesday by Chief Justice Hughes. On the other hand, the owners of [& Co. the “municipals” who sell their secur- ities at a loss can take the loss as & deduction in computing their tax. Not only the Federal Government, but the taxing authorities of the States were interested in the outcome of this case, the court pointed out. Federal Government could not tax the profit from the the sale of State and munmpul bonds, then clearly enough the States could not tax the profit from the sale of Liberty bonds and other securities issued by the Federal Gov- ernment. Interest from municipal bonds is not i Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. REPORT OF c?hufimow NORTHEAST SAVINGS BANK Of Washington, D. C.. in the District_of Columbia. at the closé’ of business on De- cember 31, 1930, $720,154.80 110,68 1,000.00 837,062.00 . Overdraf! . United ~ Staie: securities_owned. . Other bonds, stocks and curities owned. . Banking house.’ $100,000; fui niture and fixtures. '$20.000. Cash and due from ban Total $1,866.451.64 LIABILITIES. Gapital stock paid in. Bhdivided *rofits ne Reserves for dividend: tingencies, et . Due to banks. including cer- Tifled and " cashiers —checks 100,000.00 80,000.00 16,496.63 25,000.00 249,68 390.177.60 1,189.527.73 60,000.00 WIS, % ‘o the ~above natmed bakk.do. solerany gwear that the statement is true to the best of my above knowledge and bellef, Subseri . LEWIS, Cashier. and sworn to before me this ethoday of . apuary, 1931, 1Seal.) D. RATCLIFPE, Notary Public. (My ‘commission expires July 23, 1931.) Correct—Attes! NFELD, Directors. Year Loans On Improved Real Estate N N ARBY _ MONTGOMERY COUNTY _'AND _ THE ISTRICT OF COLUMBIA LOWEST INTEREST RATES OSSJFHELPS Founded 1907 Loan Correspondent John" Hancock Mutual Life Insurance Co. 1417 K St. National 9300 Brokerage Service for Securities and Commodities FENNER & BEANE WASHINGTON, D. C. J.D.MOTHERSHED W.E.LEWIS | Manacsns 1430 K Streee, N. W. Phanc National 7000 'MEMBERS NEwW YORK STOCK EXCHANGE and Principal Commodity Exchanges Private Wires to New York, New Orleans, Chicago The Shoreham Building Offers Superior Environment There is no denying the day’s work is better done when the environ- ment is pleasant and the facilities efficient. In planning the Shore- ham Building that phase of office accommodation was given particular at- tention, with the result that every room is bright, airy and cheerful; and every detail of service inspiring to the best endeavor. Whether you need a single room or an If the!& C FINANCIAL subject to Federal income tax, Chiet Justice mh- pointed out. Con-= the_States cannot tax the in- m ‘on Menl bonds. = That rule laid down by the Supreme Court thln 100 ago and is based ont.he theory that if the Federal Gov- ernment or the State could tax the bof- rowing of the other, 1t would be only a question of t'me when one of them would be destroyed. (Copyright, 1931.) NEW SECURITIES NEW YORK, January 6 (P)—New securities offered today include: Central Illinois Public Service $3,000,- 000 5 per cent bonds, due November 1, 1968, at the market, by Halsey, Stuart 5 P‘ul;llcdservlc[ 9,00, of New Hampahire rst and refun 4 T cent bonds, series Bmm& l“1 1927, and due on October 1, 1947, prleod at 96, to yield more than 4.76 per cent, by lol’l'oup headed by Tucker, Anthony | Money to Loan Secured =1I-flnl deed of 1!-! n real estate. & Interes Atetoy 30 Wash. L & Trast "ml’h 1. Weller Biar, oth & F N, New York Life I 1321 Connecticut Ave. | 1 | | Capital Wanted for Expansion Opportunity for Ezceptional Income. her. doing businss Smbere 2 now elrnln( over 35% on lmll.l capital, can materially increase its earnings with larger capital. Low over- head; strong reserve; no indebted~ ness. Share in control and man= agement. Executive positions open. “Ground-floor” opportunity tl:m(et into a lifelong, profitable Address Box 443-R, Star office. Telephone National 5000 For immediate delivery of The Star to your home every evening and Sunday morning. The Route Agent will collecb at the end of each month, at the rate of 115 cents per days and 5 cents Sunday. First Mortgage Loans On Improved Real Estate in the District of Columbi mdNearbyeryhndnndVirlifli-forz,Sorlll.) year terms on your RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESFPONDENT urance Company Decatur 3600 —return from your Dividend Checks and Interest Coupons by putting them promptly to work in a savings account. {IDeposit your January Funds now, in this strong, old inter- est-paying bank. Safe Deposit Boxes at Nominal Annual Rentals NATIONAL SAVINGS & TRUST COMPANY The Oldest Savings Institution in the District of Columbia. 64th Yr. Baltimore 1510 H Street New York St Other principal stock ax domestic and foreign. New Yorl Chieago iladelphia Palm Beach PROPERTY Apartment House MANAGEMENT elaborate suite, you'll find quarters to suit your reqmremenu. There is prestige to temancy in the Shores ham Building. MSKEEVER £ GOS$S$ 5. Rogmonmwn of the Owners SHOREHAM INVESTMENT COMPANY Rental Office, Room 520 at H National 5643 age properties—not only relieving you of the many annoying de- tails; but likely adding materi- Corner 15th & New York Ave. G.M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond London . New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy of our “Fortnightly Review” on Request Connecticut at K National 9600 F. B. KEECH & COMPANY Members of k Exchange commodity exchanges. This is a good time to analyze your investment holdings, and our Statistical Department will ])e pleased to furnish a detailed report on any Orders handled promptly on all the principal stock and commodities exchanges, both H CORNER 17TH ST., N. 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