Evening Star Newspaper, January 23, 1931, Page 13

FINANCI " SECURITY STORAGE FITS AT PEAK Reocord Earnlnqs for Past ‘Year Reported in An- nual Statement. . BY EDWARD C. STONE. Aceording to the annual report of President C. A. Aspiniwall, the Security Storage Co. earned ‘the largest net profit in 1030 in 25 years, with the exception of 1920. ‘The tinancial the $70.17, dividends id amounting to nzn.m and total assets of $1,241,- 869.70, The company has $500,000 capi- tal, $75,000 sur- plus, undivided xmfiu of over 305,000, reserves for taxes and in- surance of 859, 249.30 and reserve for depreciation amounting to $276,621.91. On January 10 the com- ”fia‘“‘! & $25,000 dividend payment. com) Harold Stonler, Teport presents an interesting parison of assets and liabilities for 1027, 1928, 1929 and 1930. The value of the warehouse property in 1927 was $785,058, while it is now placed at $841,344. Total assets in 1927 were $1,163,563; in 1928, $1,161.447: in 1429, $1,257,685, and in 1930, $1.241.368. During the four-year perod the cap- ital has remained unchanged at $50 000 and the surplus has remained at $78,000. Undivided profits have ad- vanced from $274,061.76 to $305.598.49. for depreciation have also ad- vanced from $208,121.91 to $276,521.91. ‘The company has just put a new plan in force in addition to group life insurance and the !:s- nity for stock ownership already vogue. The scope of the company's motor-van -enmflhu t'::n co‘mlder- abl during past year, m’ A;-p!m tells the stockholders. The stock is listed on the Washington Exchange and is now selling around 110 per share. Its par value is $25. The officers just re-elected for the , in addition to Mr. A.lpl%— president, are: it d treasurer: Alvey, Ty, Helen Howisom, assistant treasurer. Insurance Returns Compared. That Washington insurance agents are still going strong is shown by the fact that new insurance written in December was but 1 per cent under the amount written in December, 1929. Some of the Southern States, however, ‘were not so lucky. Maryland insurance sales were off 6 per cent, Virginia, § eginin, 2 ie: lorica, 13 1 cent; Florida, b Geol 23, and South o, S e made the g of State in the Union, with a slump of ll_xE .c:::-. decline for the United States as a whole was 13 per cent. With the exception of Delaware’s 14 per cent gain, the best showing was made by Maipe, with & 7 per cent ad- vance. ~two_States were below the 13 cent decline for the country a3 a whole. Larner Heads Insurance Firm. At the annyal meeting of the stock- holders of the Home Plate Glass In- surance Co. af the City of Washington held recently, the following trustees chosen ensuf 'g _— e s Chaes R. . Somervell. - wm% the selection of the xm officers: John B. Larner, pres- ldn%mn &. Adams, vice president; William“ H. Somervell, secretary-treas- urer, and Willlam H. Marbury, assist- ant secretary-treasurer. This company was incorporated under the laws of the District of Columbia on February 11, 1:2. nd commenced business February 15, 1882. Stonier Stirs Junior Bankers. Dr. Harold Stonler, national educa- tional director of the American Insti- tute of Banking, made a splendid In- spirational speech before members of Washington chapter at the Shoreham Hotel last night. The occasion was an educational preparatory to the opening of the second semester, Mr. Stonier spoke of the national educa- tional features of the organization and of the growing importance of training in the many sides of banking. He spoke in complimentary terms of the wi Washington chapter, one of the out- organizations of the country. He outlined recent and contemplated changes in the educational work and the growth of the organization. ‘There was a fine attendance of the members of the faculty, board of gov- consuls and members of the main address. Evans Made Board Chairman. In addition to his duties as president of the District National Bank, Joshua Evans, jr., was elected chairman of the board at & meeting yesterday of the directors. For several months Col, Rob- ert N. Harper has signified his inten- tion of retiring. The other officers elected at the same time include Wil- liam P. Lipscomb and C. J. Gockeler, vice president; Hilleary L. Offutt, vice president and cashier: Charles C. Rog- ers, vice president; Theodore 8. Mason, William C. Looker, Arthur M. Atkinson, Raymond P. Lochte and George D. See, assistant cashiers: Barnard and John- son, attorneys; Wharton E. Lester, Counsel; Barnum L. Colton, trust offi- cer; Ralph W. Howard, Jr, assistant trust officer, and Ralph P. Barnard, counsel to trust department. Heard in Financial District. While the total Christmas Savings Club figures for the present year have not been reported to banking headquar- ters, 1t is evident that last year's rec- ord in amount of money subscribed in about 30 local banks, number of members, will be passed. If the few banks yet to be heard from mi keep up to the 1930 figures, a new high record will be established. Today's Trading em Exehange. Prices were strong on the Washington Btock Exchange today. Merchants’ Transfer & Storage com- mon Jed the market in volume, 63 shares c hands in several differ- ent sales at 100. Potomac Power 6 preferred sold .t 113, while the 5}, per cent preferred closed at 109%(. Lanston sold at 105 and & single share of American _Security & Trust came out at 343. Raillway & Electric preferred moved at 99. The day's largest bond sale was a $5,000 transfer in Potomac Electric Power 6s, priced at 108)5. ‘The District Bankers' Assoclation council of administration will meet late cent as well as the | this afternoon at headquarters for the disposition of a number of routine mat- ters. At Monday night’s meeting at the Willard several important reports will be presented. It is also announced that the number of gcceptances assures an excellent attendance at the open meet- THE EVENING BST. D. C, FRIDAY. t|Many lssues Sell at Best Prices Since December Break. SHINGTO NEW Note—All stocks are s0ld in one hundred-share lots excepting those designated by the letter s (80s) (2508), which shows those stocks were sold in odd lots. Indivi sales compiled to noon—complete in 5:30 Edition. ~Prev. 1930 Stock and ea— Prev. High. ‘Low. Dividend Rate. Add 00. High. Low. Close. Close 424 R AbIUDI Pow & Paper. 7 10M 9% 9% 9% 864 36 Abitibl P&Ppf (6 4 41 Ay Al 87% 144 Adams Exp (1.60)... 20% 2 94 B0 Adams Exppf (8)... 86 22 21 . Adamsdnilia (2).... 24% 234 2w Advance Rumley.... 8 1% W Ahumada Lead...... ) 156% 8714 Air Reduction (t4%) 8% 86 61 Airway Bl Ap (80c). M 214 14 Ajax Rubber 3 9% 414 Alaska Junea (X 15% 6 Albany Wrap Paper. 1 8 36U B% Alleg Corp. 10M 9% 00N 87w 961 Rdly 348 170w 1264 120% [T 1% 1614 Stock and Divid Prev. . Close. Close, 47 46 ~Prev, Hig w 1030~ Contl Motors. Contl Oil of Del. Contl Shares (1) Corn Prod (13%). Coty Inc. ... R 804 Al 20% B Crucible S Cuba Can Cuba Co. . 5 Cudnhy Packing (4), Curtls Publish (17 Curtls Publish pf (7) Curtlss Wright Corp Curtisg Wr CorpA.. Cutlers}lam (3%) Davison Chemieal Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (6) .. Denver & G W nf., Detroit Bdison (8).. & Dovoe & Ray (1.20). Diamond Mateh Dia Match pf (1 Dome Domn & Dunhiil Inte " 97 Y " o ] BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 23.—Strong and active, the stock market today moved ahead almost uniformly to the best of the current recovery. A hum- ber of important issues sold at the highest since the December break. Overnight orders were predominantly on the buying side. The list opened higher and moved ahead with only in- tervals of hesitation throughout the morning. Short Sellers Close Accounts. ‘There were still plenty of skeptics in the street who argued that there had been no improvement in business to warrant an aggressive upward move- ment in stocks. They urged that prices, particularly of the so-called ~“blue chip” class, had not been deflated to correspond with quotations for the ma- Jority of shares and that annual state- ments still to come would result in fresh liquidation in this part of the list On the other hand, ptofessional Wall street never “argues with the tape” and when the market showed unmistak- able signs of wanting to go up, the skeptios either closed out their short commitments or bought, stock to share in the profits of the expected advance. Then, too, the new decrease in brok- ers’ loans had some effect on senti- ment, although loans Mave been going down 18 out of 17 weeks and decreases have come to be the normal thing, this deflation of margin accounts has a cumulative effect. Stocks which had been sold heavily for shért account rallied briskly today. Besides Auburn Auto, which again moved up on re-purchases by specula- tors for the decline, stocks of the grade of J. I. Cdse, Bethichem Steel and North American, all of them favorite targets for the bears, were Aactively bought at higher prices. Investment Group Gains. The investment stocks, of which, of course, United States Steel is the leader, gradually gained ground. In this elassi- fication comes General Motors, which sold today at the highest for the-month 20 in response to estimates of at least 208 # $3 a share in earnings for last year. 3 7 7 | Among the rails Norfolk & Western's s | gain represented the same kind of buy- 10~ |ng. Up 5 to 6 points it was adjusting 1 |its price to the probability that 1930 | net when the year end accounts are made up would show over $21 a share. American Telephone & Telegraph Was another issue to benefit from a llke demand. It was significant today that volume Increased when prices were advancing and fell off on the reaction. Among the special features were General Rail- way Signal bought on the report that unfilled orders at the start of the year were thé largest on record and Worthington Pump whose small float- *|ing supply makes it quickly responsive to any increase in buying orders. Early Advances. Stimulated by another reduction in brokers' loans and by the action of the market in the previous session, prices advanced uniformly in early dealings. Both rails and industrials participated in the improvement, but the industrials ‘were the more active. United _States ) Stecl crossed 142 in volume, General Motors sold within 14 “|of its best since the December break, Allied Chegical ran up over 3 points and Eastman Kodak gained 4 points. All the utilities were strong under leadership of American Tglephone and Consolidated Gas. Shorts in Auburn Auto saw that stock advance against them, on top of the 12 points it had gained in the two preceding days. In the railway list Lackawanna and | Norfolk & Western were the features. Other carrier issues in demand in- cluded_Great Northern, Northern Pa- cific, Baltimore & Ohio. and Illinois Ceniral. The turnover in the first half hour was 456,400 shares. Money re- | new=d at 1'¢ per cent. gy GENERAL MOTORS HOLDS FIRM IN STOCK LIST ). Special Dispatch to The Star. Choc (). ;86 NEW YORK, January 23.—In all of Holland Fura (t 3 \ the declines in the latier part of last Houdaille Hershey . . f'nr General Motbrs resisted the popu- Household Fin pf (4) ar trend of stocks better than nearly any other industrial leader. It has also been one of the first to move forward when sentiment became more bullish. The accumulation of the stock within the range of 32-35 must have been on an enormous scale. It is still 17 points under the high of last Spring. A very thorough analysis of the companys | position indicates that earnings for 1930 will be above $3 a share, with the com- pany’s balance sheet at the end of December likely to show cash and securities about equal to the figure of $200,000,000 at the end of September. This amount was sufficient to cover all liabilities_existing on September 30 two and one-half times. DIVIDEN LY 53w 83w 51 4974 168% 164 1 Alley Alleg Cp $30 Xw 5. Alliad Ch & Dye (nf) Alifed Ch & Dt (7). Allis Cialmers (3) ., Alpha Port Cmt (2), Amerada Corp (2)... Am Ae Ch of Conn pf Am Agri Ch of Del Am Bank Note (13) .. Am Bank Note pf (3) Am Reet Sugar. Am Br Shoe (240) ... Am Brown Rov Elec. Am Can (15) . Am Car & FAy (8) ... Am Car & Fdy pt (7) Am Chain pf & Am Chicle (13) 8 Am Colortype (2.40). Am Comel Alcohol neaustie (1)... Am European Secur. Am & For Power. ... Am & For Pow 2d pt Am Hawaiian S§ B a5 604 214 20 21% 64 1661 104 244 70 K3 25 15% 9 2 e L R Duques Lt 1st pf (3). astern Roll Mills. . wxtman Kodak (18) aton Axle (160). .. lec Auto Lite (8).. lec Roat 7 lel Pow & Lt (1). c Pow & Lt pf (6 ¢ Stor Bat (5)... merson Brant A ndicott-John (5 ng Pub Sy (2.40) Erle RR.. Brie 1R 1sf Fureka Vae Cleaner. Exchange Buf (114).200 alrbnks Morse 160, ashion Park Asso. . Fed Wat Sv A (240). FIa Ph Five In (3.60) Fifth Ave Bus (64¢). pstone T& R (1), % Firest T & Rpf(8).. First Nat Strs (218). Fisk Rubber. . . Fisk Rubber 16t pf. . Follansbee Bros (1), Foster Wheeler (2) Foundation Co. 4 Fourth Nat In Fox Film A (4). Freeport, Tex (4) amewell Co (5). 2w RS e 8 9 o RO VS NI 0~ Am La Fr & Foamite Am La F1 & Foam pf Am Locomotive (2). Am Locomot pf (7)., Am Mch & Fdy 1.40. . Am Mach & Metals. . Am Met & Min (1) Am Nat Gaspf (7). Am Pow & Lt (£1) Am Pow & Lt pf (). Am P & L pf A 8t (5) Am Rad & St San (1) Am Republics. v Am Roll Mill (n2).., Am Safety Razor (5) Am Seating & Am Ship & 3 Am Shipbuilding Am Sm & Ref (4),.. Am Sm & R 24 pf (8) Am Snuft (+3%) Am Solv & Chem Am Steel Fdy (3) Am Steel Fdv pf (7). Am Sugar Ret (5)... Am Tel & Cable (5).. Am Tel & Tel (9).... Am Tobacco (5)..... Am Tobacco B (5)... Am Py (8). Am Water Wk3 (3).. Am Wat Wka cfs (3) Am Woolen . Am Woolen pf. Am Writ Paper ctfr. Am Zinc Lead & Sm. Am Zinc & Lead pf Anaconda Cop (2%). Anaconda W & C (1). Anchor Cap (2.40) Andes Copper (1). Archer-Dan-M (2) Armour of Del pf ( Armour of IIL A Armourof I B..... Armour of 111 pf (7). Arnold Constable. ... S e 10: PO-PAee Gen Am Investors Gen AmInv pf (6) Gen Am T ®ar (14).. Gen Asphalt (3).... Clen Baking pf (8) Gen Bronze. Gen Cable A Gen Cable pf (7) Gen Cigar (4). Gen Elec (1.60. . Gen Focd Corp (3 Gen G & El A (e GenG & Elev pf (6). 10 PEA (8). A (a2.62).. = Gen Mills (3) 3 i | Gen Mills pt (6) 9 Gen Motors (3). Gen Motors pf ( Gen Outdoor Adv. Gen Pub Sv b6 Gen Ry Signal (5). Gen Realty & Util. .. Gen R& Ut pf (e6) .. Gen Refractorles (4) Gen Theater Equip. . Gillette Saf Raz (4) . Gillette Saf R pt (5 Gimbel Bros Glidden Co Atch T & S Fe pf (5). Atl Coast Line (110) . AtIGulf & W I pf (5) Atl Refining (+2).... Atlas Powder (4). Auburn Auto (14)... Austin Nichols Antosales. .. 2% Aviation Corp of Del 19% Baldwin Loco (1%). 84 Baldwin Loco pf (7). 60 B5% Balto & Ohio 8 B4% 70% Balto & Ohio pf (4).. #3 116% 106% Bang & Aroos pf (7). 30s 20% . 8" Barker Bros (2).....1008 BO% Bang & Aroos (33%). 1 58 Barker Bros pf (6%) 10s £% Barnsdall (A) (1)... 6 33 ‘Bayuk Cigar (3) 308 89 Bayuk Cig 18t pt (7). 50s 92 62 Beatrice Cream (4).. 5 109% 101% Beatrice Crpt (7)... 2 70% 46% Beech-Nut Pkg (3).. 6 57% 14% Bendix Aviation (1). 50 564 Beést & Co (2). e 110% 47% Bethlehem Steel (8). 245 134 112% Bethlehem 8tpf (7). 3 fi* . 18 Gold Dust (215 Gold Dust pf (6). Goodrich (R F) Goodyear Tire (5).. Gotham Silk Hoslery Gould Coupler Graham-Paize Granby Consol (2). Grand 811 Strs (h1) irand Union s 1 9 3 2 6 2 3 3 1 5 0 5 2 4 3 1 3 5 1 1 110% 110% « 9% « 59 55 12% 204 871 68% 108 53 20% » ern Sugar. Grizsby Grunow Gulf Mobile & Guif Stdtes Steel. ... Hacken pf A (1%).. Hahn Dept Stores. . . Hahn Dpt St pf (6 Hall (WF Hanna pf ( rb Walk Ref (2). fman Corp (B). . Hayes Body. : 1074 (30 19% 23~ Blaw-Knox (1%). 15% Bohn Atum & Br 1% . 5% Booth Fish 18t pt. 60% BordenCo (k3) 15 Borg, Warner (1), 12 Briggs Mf (11.62%). 15% Briggs & Strat (2) 55% Bklyn-Man Tr (4). £3 Bklyn Man Tr pf (6). 984 Bklyn Unjon Gas (5) 33% Brown Shoe (3). 10 Bruns-Balk-Col. 5% Bruns Ter & Ry 8. 11% Bucyrus (1). . 21 Bueyrusevpf (2%). 8 Budd (EG) Mfg 6% Budd Wheel (1). 9% Bullard C 814 Bulova Watch (3)... 18% Burroughs A M $1%. 14 Bush Terminal (2%) Bush Term deb (7). .220 1% Butte Coppend Zinc. 10 Butterick Co. 33% Byers (A M) 41% Calif Packing (4). 28% Calumet & Arizona 7% Calumet & Hecla 10 Camp W&C Fy(1 304 Canada Dry G A (3 Hougton Of] Houston Ofl (new).. Howe Sound (4) . . Hud & Man Ry (3 Hudson Man pf (5). Hudson Motors (3). Hupp Motors 5 Tllinois Centra 1linoix Cent LL (4). Indian Motor Cycle. . Indlan Refining. .. .. Ingersoll Rand (16). Inland Steel (1) Inspiration Copper. . Insuranshar Del 40c Ins ctfs (Md) (60c). JInterb Rap Transit.. EENPREN DS DECLARED Int Cagriers Int Cement (4) Int Combust . Int Comb En . Int Harvester (214). Int Hydro El A « Int Match pf (4) Int Merc Marine ( Int Int Int Int Int Int Int 11> 1 54% 21 Hidrs. of record. JI) (6). .. e (I1)pf (7).... terpillar Trac (14) ent Aguirre As 1% . nt RR of NJ (112). ntury Rib Mills Certain-teed Prod. ... Checker Cab (1.80). . Chen & Ohlo (23%)... Chesapeake Corp (3) Chi & Alton. . Chi & Alton pf Chi Great Western. , Chi Great West pf. Chi Mil 8t P & Pac ChiMiIStP&PpI.. *hi & Northwest (4). hi & N'W pf (7). i Pneu Tool. Do. $5 pf Columbia I Do. pf Empire Gas & Fue 8. pt Jewel T Tohns-Ma ) Jones & Laug pf (7).1008 Kans City Sou (5 Fitzsimon: ) redge & Dock.. 500 Keyst Tel of Phil pt s Gas & El 65 prT 8% pt.. Hayes (2)... Un Guar Cor Utica G & B East Pap Goods A.Si Do. B el Wilmington & Frank Coal pf. +.31.50 Initial. Houston O (Tex) pf.75c 8 Inereased. Iron Fireman Mfg..40c @ Reduced. Lansing Co 400 Q el Mig 51 Q Un Guar Corp'A.'271:c Q@ Stock. Cities _Service 1% M Lone Star Gi el N E Grain Prod 'A’\1% Omitted. Central Sur & Ins..60c Q Fitzimmons Con Dredge 3 2%% Stk Due Mar. 1 0c M Due Jan. 15 5c Ex Due Jan. e 'of '‘common stock for every ares held. Kennecott Cop (2 Kinney (G R) pf (8 Kolster Radio. . Kresge Dept St p Kresge (SS) Co 1.60. Kreuger&Toll(1.60). Kroger Groc&Bak (1) Laclede G © POOOOD DD DOOOD DEEERE po¥ 5 107% 107 1 28 152% 4T Cluett-Peabody (3). " Coli Dervenen P (2%). Collins & Atkman. .. Colonial Beacon Colo Fuel & Iron (1), Col Gas& E1(2)..., Col Graphoph (a%) . Columbian Carb (16) Lehn & Kink (3).... Comel Credit (2).... 4 Lib Ow Ford Glass. . Comel Cred 18t (614) 50a Ligeett & Myer (16), Comel Credit A (3).. 1 Liz & Myer B (15) ... Comel In Tr (£1.60).. 8 % Lima Locomotive. ... ComclIT oy pf (e8); 8 5 3 Liquid Carbonic (4)4 Comcl Solvents (1), 130 Loew's Inc (3). Cmwith & Sou (80c) . 192 Loft Inc. Cmwith & Sou pf (8) 5 Loose-Wiles (12.70) . CoREBISaI Lorillard (P) Co. Louisiana O1l. . LouG&EA (1% 4 Louis & Nash (7). Ludlum Steel. MacAn & For (2.60). Mcintyre Pore M (1) MeKeesp T P (1433, McKesson & Rob (1) McKes & R pf (333). McLellan&tores. Mack Trucks (4). Macy.& Co (nt3). 4% Mad Sq Garden (60c) " iOontinued on Fagoia _ v rLCME (1)0sm Valley (312). Lehman Corp (3). 16 30% 21% 80 14 % 864 6% 18% 24% 55 53 % 124 8% 9% W B Due Jan. 15 even First Mortgage Loans In Arlington County and Alexsindria, Virginia Commonwealth Investment Co., Inc. #06 15th St. N.W. Phone National 2623 Loan Correspondent_for rudential Insurance Co. Consol Cigar pf (7). Consol Film (2).... Consol Film pf (2).. Consol Gas N Y (4).. 8 of NY pt(5) | Textile. ..... Container A (1.20).. 16% Contl Baking A. 2 Contl Baking B..... 62 Contl Baking pf (8)., 43% Contl Can (2%4) ... 9% Contl Dia Fibre' Qe . JANUARY 23, 1931 GEORGE F. BAKER, Veteran Chairman of the First Nation- al Bank of New York, leaving Jersey City in his private car for his annual vacation on Jekyll Island, off the coast of Georgia, on being questicned the_outlook for business, said are som= indications of improvement on sound line: Beyond this, Mr. Baker, who is a director of United States Steel Corpora- tion, American Telephone & Telegraph and many other companies, could not be induced to falk. Those who know Mr. Baker considered this a long state- ment, for the veteran financler long g0 let it be known that he thought bankers talked too much. Mr. Baker will be 91 years old on rch 27, nex STEEL OPERATIONS FOR FOUR WEEKS Improvement Is Tempered by Uneven Demand, Latest Review Asserts. Steel works operations have increased for the fourth consecutive week, now being 46-47 per cent, and bookings in the past week exceeded shipments, says Steel of Cleveland. This improvement, | however, is tempered by a more uneven | distribution of demand, and there are indications that sentiment has over- Tun actual progress. Minus the impetus derived from re leases of material suspended hefore the holidays, the steel markets have settled down to the basis of absolute current | requirements. Most consumers of steel | have yet to see their own products mov- ing faster, though no less confident this nears, and thus have had no occasion to reorder. As a resulf,market acti chiefly by Continued heavy awards of building steel, material requirements of the railroads and several large domestic pipe con- tracts. Inevitably the spotty, and since sentiment is not en- tered on mill order books, the contrast between expec! marked. The slower rate of gain both in pro duction and bookings has not disturbed the underlying belief that the worst is past, nor 'has it appreciably affected prices. Most users having covered prior to the advance for this quarter, price is a minor factor now. Vigorous buying, however, is always a support for prices and the abstinence of buyers sometimes is harmful. 31,592 tons, exceed both the 27,383 tons of last week and 30,020 tons of a year ago. For 1931 to date structural orders have totaled 114,741 tons; for 1930, 89,- 267 tons. The most noteworthy letting was 15,000 tons for an elevated highway in New York, with 20,000 tons for this come out. for the Southern, with the Rock Island and Illinois Central prospective buyers of 60,000 tons, the St. Paul of 35,000 tons, and the Nickel Plate of 18,000 tons. Bids are in on New York Central and Pennsylvania track fasteningg which, with other inquiry, aggregaté 35,000 tons. 5 January shipments of pig iron in most districts show an increase over Decem- ber. Some melters who have not cov- ered are buying spot lots in preference to contracting. Coke is dull, even for heating purposes. The scrap market is more uncertain, therg being more price declines than advances this week, but few of each. Following last week’s rise, the first in six months, Steel's market gomposite is unchanged at $31.73. U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business January 21 was $173,143863.28. Cus- toms receipts for the month to date were $18,607,912.93. Total ordinary ex- penditures. $6,014.02 REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD invited on high - class dwellin, d particu- 3,50r10 Year Loans On Improved Real Estate N NEARBY MONTGOMERY ISTRICT OF COLUMBIA —— LOWEST INTEREST RATES BOSS=PHELPS Founded 1907 ogn Correspondent Hancock Mutual Life Insurance Co. 417 K St National 9300 L John $100,000 To loan on im- proved D. C. Real Estate, in sums to suit. ty is supplied | the clean-up of track | ¢ situation i | tion and reality is more | Structural steel awards this week, at | project active and 10,000 tons still to. New rail business includes 35,100 !on..xi S z.n ;flou of cotton, creases corn, 3 than Tn November, erm'x mh:l flo'a‘l-‘n “-’u‘nr and ':n'"fi' creased and the price of wheat in nA:n;flun markets remaired falrly le. IBANK LOANS DROP, RESERVE REPORTS Cheaper Money and Further Decline in Wholesale Prices Also Announced. s SN Arthur Hayday, a Socialist me; Parliament, recehtly pnrc‘tnd mnbt“ t. Aldan’s Church, Nottingham, England. Money to Loan first deed of trust oh real estate. ing_ interest commission: Joseph I Weller "% % 4 Tt Loans and investments of reporting member banks declined in the four- week period ending January 14, reflect- ing further liquidation of security loans, as well as a reduction in “all other” loans and in investments, the Federal Reserve Board announced today. Changes in the position of Reserve banks in recent weeks reflected largely | changes in the demand for currency. In December this demand increased more than is usual for the season, owing to the withdrawal of cash by banks and by the public in districts where there were Unportant bank failures. In the two weeks after Christmas the return flow of currency from eirculagion was smaller than the usual seasonal amount and the result was that money in eir- culation, which during the larger part of 1930 had been in considerably small- er volume than in 1929, in January, 1931, wes above the level of a year ago. In the following two weeks the return flow of currency was somewhat larger than usual, indicating a return of part of the extra currency which had been called into use in December. Money Rates Go Lower, Money rates in the open market con- tinued at low levels during December and declined further in the first half of January. The discount rate at the | Federal Reserve Bank of New York was reduced to 2 per cent cn December 24, and in the following three weeks the rate at the Federal Reserve Bank of | Boston was reduced to 214 per cent, and | rates at the Federal Reserve Banks of | Cleveland, St. Louis, Chicago, Atlanta and San Francisco to 3 per cent. | Construction contracts awarded dur- ing December were in about the same volume as in November, according to reports of the F. W. Dodge Corporation There were slight declines, partly sea. sonal ir’ nature, in contracts for resi- dential gnd Commerclal _construction, hile public works and utilit ln;ronsed] somewhat. T . In early January, following year-e inventory perlods, reports indicate x’:j creased ‘employment in certain indus- tries, particularly autos b ly mobiles, steel and Wholesale Prices Drop. Wholesale prices of commodities de- clined sharply in the first half of De- | o 0 cember, while: in the following four | I:m’ waa% | q required. A s and confidentia Maryland Personal Bankers, INC, . D. C. Real Estate LOANS NO RENEWALS! Repayments on_loan: s this institution Open Daily 9 to § Saturdays Until Noon NAtional 1381 weeks average fluctuations were rela- tively small. For the month of Decem- & Equitable Co-Operative Bldg. Assn. JOMN SO TR Pivomess. WAMtED B PRATE, B Sotry Subscription for the ivoou. Issue of Stock Being Received Money to Loan on Real Estate or to Take Up First Mortgages . Your:application to the Equitable will re- ceive prompt courteous attention. . Money avail- able for home purchasing, to refinance present indebtedness, or to improve your property. Loans repayable monthly. No brokerage . . . No commissions 915 F St. N.W. Local Security Representatives An Exceptional Opportunity Tms advertisement is addressed to men who, though not looking for a “job” would be interested in a con- neotion with a large seeurities organization which will be pleasant, profitable and permanent. ‘The work does not require traveling but can be done in your own community- it large or small. Previous ex- E:Leiace is not necessary for men of ability, character and on. Men who are well acquainted and influential in their com- munities, with successful business récords, retired, or still active, wi ing this an unusual o) rtunity to ea $5,000 to $20,000 annually. g e Write fully about yourself and in confidence. You will be addressing one of the ten largest industrial organizations in the country, well equipped to give hearty co-operation. The securities are well known, listed on Vl.r{mu exchanges and held by over half a million people. This position is available, now because of sales expansion plans. Several hundred men have been doing this work for years No promotional or pione: efforts are in- volved. Applicants are desired from cities of five thou- sand or more. Address BOX 427_] Star Office A FIGURABLE INCOME —accompanies our 6% FIRST MORTGAGES That is why they are so popular with those who want to know exactly what can be de- pended upon in return—during the entire period the mortgage runs. It's liberal and fixed—with principal fully secured—by im- proved Washington real es- tate. May be purchased in amounts from $250 up. * SAUL CO. 925 15th St. N.W. investment in Over a Third of a Century Without a Loss B. F, Moore & Hill ‘ 730 17th St. ational 2100 IS WO SUBSTITUTE. FOR SAFETY