Evening Star Newspaper, January 24, 1931, Page 11

FINANCIAL. BANK CONFERENCE PLANS ARE PUSHED Eight States and District to' Be Represented at Gather- ing Here. BY EDWARD C. STONE. Plans are moving forward rapidly for the coming Middle Atlantic States Bank ment Conference, to be held here on February 26 and 27, as the result of en invitation extended by the District Bankers' Association. Eight States and the District of Co- lumbia make up the territory to be rep- resented, three other similar conferences being planned for other sections of the country. Robert V. Fleming, chairman of the conference, became interested to know what percentage of the bank re- sources in the United States will be rep- | resented here and also what percentage of the population. Accordin.»to Vice Chairman George ©. Vass of the Information Committee, it was learned that 48.50 per cent of the total bank resources of the country will be represented at the Washington conference and 26.62 per cent of the tion, However, it should be stated the banks with the largest re- lourcel may not be as widely represent- ed as the smaller banks, since the con- ference is mainly to help the smaller banks in their intricate problems of op- 1 eration. The population and bank rssources in group of States included the coming two-day conference follow: Population and Bank Resources. MIDDLE ATLANTIC STATES. Population. Bank resourees. 3 ) B3iine 30, (P Teoe 4 sennz 000 otal .. 08681 9 m-‘nm“ Onited matlo of " fgin il sutes 2060 48.59% !do—c Power’s 1930 Earnings. et earnings of the Potomac Electric l’o’v‘ur Co. in December amounted to $577,345.76, compared with $490,522.12 in December, 1929, an increase of $86,- 823.64, according to the financial state- ment just fl!!d with the Public Utilities Commission, covering both the closing month of 1929 Ind lh! full 12 months. In December operating revenues llflounwfl to §1.f 0154525 66, against $993,- L Dt teicions reduired . Revenue deductions :3‘2:95 o R:omwm with $447,583.85 in the nme month of the previous year, a reduction in expenses of $61994.08. Nlt revenues from operations totaled M 935.80, against $545,846, an increase ,080.89. mma full year the Potomac Power xepomd net earnings amounting to “,7!0 009.15, against $4,226,135.86 in increase during the year of n;urel for the year place operating revenues at $10,565,959.56, in comparison with $10,012,347.18 during 1929, a gain of $553,612.38. Revenue de- ductions totaled $5,265,855.76, compared with lb 052,647.32, an increase of $213,- 208.44. .122,775,048 $75,701,322.000 Non-operating revenues totaled $5- 30010380, compared With $4.959,699.86 8 year ago. an increase of $340,403.94. Gross income was $5,583,387.04, com- pared with $5,191,254.41, an increase of $392,130.63. W. R. & E. Net Off Over $60,000. Accoraing to the financial statement for December, filed with the Public Utilities Commission, net income of the Note—All stocks are sold in »an 1% 166% 21 9 351 343 68 1561 8214 51% 33 5915 101% 111y 9% 417 24214 108% 8 56% 110% NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. one hundred-share lots those designated by the letter s (80s) (250s), hows those stocks were sold in odd lots. 1930~ Sales— ov. AGSS High. Tow. Close. Closs, . 9 9% 9% 9% 3 41% 41% 1% 37 21% 21% 20% 1 23 23 24% 2 % 88 99 4 % 59 9% 80 10% 42 165 Abitibi P & P pf ( 14% Adams Exp ( D) 21 Adams Millis (2). 4 Ahumada Lead. 873 Alr Reduction (14%) % Ajax Rubber 4% Alaska Juneau (40c) 5% Allex . 1704 Aliied Ch & Dye (n6) 314 Allis Chalmers (3). 1114 Alpha Port Cmt (2). 2 12 Amal Leather pf.... 1 16% Amerada Corp (2)... 2 Am AgriChof Del.. 8 4514 Am Bank Note (13).. 38 60% Am Bank Note pf (3) 508 64 Am Brown Bov Elec. nn 113% . 3¢ hed % 964 98% Y% % 9% 104% Am Can (15).... 244 Am Car & Fdy (6) 85 Am Chicle (13). 9 Am Comel Aleoh 17 Am European Secu 25 Am & For Power. 84 Am & For Pw pf (7). 461 Am Home Pr (4.20) 241 Am lce (3) 16 Am Internat (2). 15 Am La Fr & Foamite 18% Am Locomotive (2). 0 1 4 2 7 8 3 4 181 Am Met & Min (1)... 2 20 Am Nat Gas pf (7)..280s 36 Am Pow & Lt ($1).. 21 15 Am Rad & St San (1) 38 5% Am Republics...... 8 28 Am Roll Mill (n2)... 66 525 Am Safety Razor (5) 21 35 Am Shipbuilding (5) 10a 3714 Am Sm & Ref (4) 22 3% Am 1001 Am s 451 100 1004 105 ax 26% imatra Tob. 9814 Am Tobacco (5). 99% Am Tobacco B (5 120 Am Tobacco pf 6) 95 Am Type Fdy (8) 103% Am Type Fdy pf (1). 47% Am Water Wks (3).. Am Wat Wks cfs (l) 5% Am Woolen. 15% Am Woolen pf. 25 Anaconda Cop (2% 19 Anaconda W &C (1). 24 Anchor Cap (2.40). 184 Archer-Dan-M (2).. 2% Armour of Tl A. 114 Armour of Il B 25% Armour of 111 pf 31 Arnold Constable 20 Asso Appl Ind (4). 19 AssoDry G (2%) 168 Atch To & S Fe (10). 100 Atch T & S Fe pf (5). 33 AtIGulf& W1 (3) 16% Atl Refining (12) 42 Atlas Powder (4). 97 Atlas Powder pf (6 60% Auburn Auto (f4). % Autosales.......... 2% Aviation Corp of Del 19% Baldwin Loco (1%). 55% Balto & Ohio (7). 70% Balto & Ohlo pf ( % Barnsdall (A} (1 a) 14% Bendix Aviation (1). 30% Best & Co (2). . 47% Bethlehem Steel (8). 112% Bethlehem St pf (7). 28 Blaw-Knox (1%)... 15% Bohn Alum & Br 1%. 59% Bon Ami (A) (4). 5% Booth Fish 1st pf 601 Borden Co (k3) 15 Borg, Warner (1) 44 Boston & Maine (4). 12% Briggs Mf (1.62%). 1% Brockway Mot Trk. . 83 Bklyn Man Tr pf (6) 33% Brown Shoe (3)..... 10 Bruns-Balk-Col. 5% Bruns Ter & Ry S 11} Bucyrus (1).. 6% Budd Wheel (1). 9% Bullard Co. 814 Bulova Wat 18% Burroughs A M 11%. ~Prev. 1930~ High. Low. 61% Stock and Dividend Rate. 38% First Nat Strs (23%). 14 Fisk Rubber Foster Wheeler (2) Foundation Co. Fourth Nat Inve: Fox Film A (4). Frank Simon pf Freeport, Tex (4)... Gamewell Co (5). Gen Am Investors. Gen Am T Car ($4). Gen Asphalt (3) Gen Bronze. Gen Cable A Gen Cuble pf (7). Gen Cigar (4). Gen Elec (1.60). Gen Elec spec (60¢) . Gen Food Corp (3).. Gen G & El A (e30c). GenG&EIptA (7). Gen Motors (3)..... Gen Motors pf (5) Gen Pub Sv b8 % s Gen Ry Signal (5) Gen Realty & Util. ... Gen Refractories (4) Gen Theater Equip. . Gillette Saf Raz (). Gimbel Bros Glidden Co Gobel (Adolf) Gold Dust (214) Goodrich (B F). Goodyear Tire (5) Goodyear 1st pf (1) Gould Coupler Graham-Paige Granby Consol (2).. Grand St1 Strs (h1) Grand Union. . Grant (WT) (1). Grt North pf ( Grt Nor Ore (2)..... Grt Western Sugar. . Grt West Sug pf ( Grizshy Grunow. ... Hahn Dept Stores. .., Hahn Dpt St pf (6%) Hall (WF) Pr Co (2) Harb Walk Ref (2).. Hartman Corp (B).. 2 Helme (GW) pf (7). 208 Hercules Powd (3).. 1 Hercules Pow pf (7). 208 Hershey Choc (5)... 2 Hoé (R) & Co. Holland Furn (12%) Houdallle Hershey. . Household Fin pt (4) Houston O11 Houston Of1 (new). Howe Sound (4). . Hud & Man Ry (3.50) Hudson Man pf (5). Hudson Motors (3 Hupp Motors. Tilinois Central (7).. Indian Motor Cycle. . Indian Refining Ingersoll Rand (16). Inland Steel (4)..... Inspiration Copper-. . Insuranshar Del 40c. Ins ctfs (Md) (60c). Interb Rap Transit.. Int Bus Mach (n6).. Int Carriers (25¢)... Int Cement (4). Int Combustion. Int Harvester (2 Int Harvester pf ( Int Hydro E1 A (e! Int Match pf (4).... Int Merc Marine (2). Int Nick of Can (1).. Int Paper & Pow A.. Int Paper & Pow C.. Int Pap & P pf (7) Int Printing Ink Int Salt (3). .. Int Silver pf (7) Int Tel & Tel (2).... Inter Dept Strs (2).. Investors Equity.... Johns-Manville (3).. 26 Manv pf (7).. 60s Laug pf (7).1108 Kans City Sou (5)... 13 Kayser Jullus (2%). 8 Keith-Alb-Or pf (7). 1 Kelly-Spring Tire. .. Kelsey Hayes (2)... Kelvinator Corp Kennecott Cop (2) Kianey (G R) pf (8). w- Kresge (SS) Co1.60. 8 Sales— Add 00. High. 17 Prev. . Close. Close, 45 15% 9'4 274 31% 74% 31% 3 ) 7 By 64% 121% 120% 43 17% MARKET RESUMES Utilities and Rails Provide Leadership in Upward Trend. BY GEORGE T. HUGHES. Speciaf Dispatch to The Star. NEW YORK, January 24.—The ad- vance in the stock market was resumed today after a period of hesitation at the opening. The leaders were first the utilities and second the motors, with investment absorption of rallway shares continuously in evidence. As s0 often happens, the market did exactly the opposite of what the broker- age house experts had predicted. These authorities after the close on Friday had prophesied that there would be an active opening at higher prices to- day, followed by profit-taking on a large scale and a lower range of quotations. Instead the market opened irregular, then sold off slightly, but turned ex- tremely dull on the decline and in the s%cor:’d hour began gradually to creep ahead. Utilities Stocks Strong. ‘The reasons for suspicion of the genuineness of the recovery were, first, the rapidity of the rally which, it was argued, had undermined the technical position, and, second, doubt as to the effects upon sentiment of the expected poor reports to be made by United S tes Steel and Bethlehem Steel next wee! As far as the latter factor is con- | cerned the chances are that the mar- ket has discounted the fourth quarter statements of the Steel companies. As to whether the-rally had been to fast, that is something which only the mar- ket itself cln answer, Early g of the utilitles put North Am can Co. to & new high for this year, did the same for American Power & Light and aroused the shorts in International Telephone to take in their commitments. The movement was not uniform, for Consolidated Gas most of the time was heavy and there were a large number of electrlc light and power stocks that did not participate. In the second hour the Independent Motors were taken up. Chrysler was bought in large blocks and advanced a point. Nash made a new high. Studebaker did better and General Motors went into new high ground on the recovery by a fraction. The erratic Auburn Auto opened lower and it looked as though the shorts were to be allowed a breathing spell, but later it, too, was bid up to a new high. Steel Group. Steel ks did little one way or the other. United States Steel hung around the preceding close, sometimes & little above and sometimes a little under that level. Although it was sémi-officially stated that Bethlehem Steel would continue dividends at the $6 rate for at least another quarter, the shorts in that stock did not seem to be worried. Railway shares were relatively in- active but very firm. Hudson & Man- hattan was bought on its high yleld and its demonstrated ability to cover its dividend in a year of industrial depression. Norfdlk & Western, which has been selling for a long time on a low appraisal of current earnings, went to a new 1931 high and advances were scored by many other issues. Among the more prominent were Kansas City Southern Northern Pacific and Atchi- PAMS BOUBSE P’BICES. PARIS, January 24 (#).—Prices im- proved on the Bourse today. Three per cent rentes, 86 francs 60 centimes; per cent loan, 102 francs 65 c!numes. Exchange on London, 123 francs 88 THE EVENING STAR, WASHINGTON, D. C, SATURDAY, JANUARY 24, 1931 ADVANCE IN STOCK INSURANCE URGED |2 | IN UNEMPLOYMENT Clark, Dodge & Co. Believe Provision Should Be Made for Idle Workers. Speclal Dispatch to The Star. NEW YORK, January 24—In the current Issue of Financial & Economic Review, Clark, Dodge & Co. conclude that industrial expansion of the past few years has accentuated the unem- ployment problem. The organization of some effective plan to avoid the repetition of periods of acute contrac- tion in buying power caused by un- employment seems imperative. “It is generally conceded that the unemployment situation is bad. In fact, indirect evidence, such as the decline in industrial and commercial activity, the drop in the employment index published by the Bureau of Labor and the known shrinkage in! pay rolls throughout the country indi- cate that unemployment is probably zhase extensive now than it was in Shrinkage In Earners. “Wage and salary earners in 1930 suffered a shrinkage in dollar income which amounted to an estimated total of about $10,000,000,000 compared with 1929. A part of the reduction has been due to cuts in wages, but by far the greater portion can be accounted for ' or partial unemployment. this loss of income by those normally employed, coupled with the restraining effect of uncertainty in the minds of those who have jobs, consti- tutes one of the most outstanding adverse influences that obstruct the flow of goods from producers to con- | sumers. “The estimated number of available non-agricultural wage and salary earn- ers in the United States in 1921 was 27,989,000. Approximately 15 per cent ‘were out of employment at the peak of the depression. Making allowance for the normal increase since 1921, the present estimated total available supply is between 34 and 35 million. The most popular figure on the present number of unemployed is about 5,000,- 000. Some assert that 10,000,000 are out of work. A British statesman, ap- plying the British standard of employ- ment to this country, estimated that theoretically as many as 12,000,000 Americans are unemployed. Obviously the actual number of unemployed varies in accordance with the interpretation of unemployment data. “With return of normal business the problem will assume less impressive aspects and over & period of years the continued restriction of immigration, together with a declining birth rate, will in some measure alleviate over- supply of labor. In the meantime labor is confronted with the problem of be- coming adjusted to conditions as they exist today. In the depression of 1921 unemployment exceeded all previous proportions. Cost of living declined and industrial wages were reduced on the average about 20 per cent. But since 1921 this country has evolved a new philosophy, the gist of which is that high wages are the basis of pros- perity. Representatives of capital de- sire prosperous workers to consume the products of mass production; laborers in turn are always seeking high wages to obtain the maximum benefits from their efforts. “Dollar wages increased 125 per cent between 1914 and 1929. Dollar wages increased during this pex‘l.od ‘more rapidly than cost of living. a re- !, real wages advanced on '.h? average nearly 40 per cent, so that wage earners have received in recent years a large surplus income which has accrued either as savings or as surplus funds available for buying products other than those absolutely tsxentlal for living expenses. FINANCIAL. No one desires paternalistic measures that place wage earners in a dependent position or impair their sense of self- support. Current thought on this sub- Jject leans toward a thorough co-opera- tion between employer and employe in working out an effective plan of unem- ployment insurance. With intelligent co-operation between capital and labor there is no sound reason why the managerial ability that has accomplish- ed so much for American industry can not attain for labor far greater assur- ance against the recurrence of privation resllxlunl from swings of the business cycle.” PROCTER & GAMBLE CO. BUY BALTIMORE PLANT Special Dispatch to The Star. CINCINNATI, January 24.—Almost hand in hand with the statement of the Procter & Gamble Co. showing net earnings of $12,194,732 for the last half of 1930 as against a net of $10,~ 811,000 for the first half of the year, comes the announcement that this company has just completed negotia- tions for acquiring the coconut oil crushing mill of the Oil Seeds Crushing Co. in Baltimore. The coincidence of these two statements is regarded in fi- nancial circles as indicative of the continued health shown in the con- sistent expansion policy of this com- pany. ‘The purchase of the Baltimore coco- nut oil crushing plant will assure an adequate supply of this oil, indispensa- ble in making its soaps, for the com- pany’s plants in the Eastern part of "t‘: United States, the announcement states. SN LUMBER ORDERS. By the Associated Press Lumber orders and shipments, as measured by reports of 798 leading hard and soft wood mills to the Na- tional Lumber Manufacturers' Associa-{ tion. continued well above production | during the second week of the present calendar year. These mills report a total cut of 180,311,000 feet, with orders received about 24 per cent in excess of this nfurz. Shipments for the week were 23 per cent greater than the cut. A—IT WASTE IN TRAFFIC COSTS ENORMOUS Well-Managed Corporations Are Devoting More Time to Di: tribution Problem. BY LOUIS EDWIN VAN NORMAN. Although transportation and traffic expenditures run up to from 10 to 25 per cent of total operating costs, these outlays are among the least under- stood of the major cost elements in American business. Such is the finding of a survey of industrial tiafic management ite relation to business just completed by the Department of Tce in co- operation with national and local traffic organizations throughout the country. This survey is one of a series which the department has been conducting for the pi of finding out about waste in the national distribution and marketing systems. Competent authori- ties have estimated that these wastes take an annual toll of close to $10,000,- 000,000 from the country’s business. No one can tell the American busi- ness man very much about production He has wrought astonishing results in this field. In distribution, Eowevcr. he has lost a good deal of what he gained in production. Sometimes, the depart- ment’s survey informs us, the cost of physical distribution—that is, trans- portation—actually exceeds the cost of production. ‘The wastes in transporta- tion include failure to secure ‘por rates on shipments or to combine than carload shipments into carloads for economic handling, carelessness in checking bills for transportation, neg- lect to push claims against carriers and neglect or carelessness in properly packing for shipment. As a matter of fact, traffic denartments profit, because among other services they 'arrange for reimbursement for overcharge and damage claims; they collect freight allowances and 'insur- ance settlements, and, by insuring the smooth inward flow of raw materials and outward flow of shipments, they contribute to_customer satisfaction. (Copyright, 1931.) well managed usually show a First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland and Virginia for 3, 5 or 10 year terms on your RANDALL H. WAGNER & CoMPAN . MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 MORTGAGES NOT ONLY A DIVIDEND —BUT OF FIXED AMOUNT That is one of the commend- able features of investment in our ..nm;wn ilway & Electric Co. was cember, 9. al revmues 52,7574 BT compared With $455,446.92 B e Ay D“‘“J.?:’.;pi’%‘.fi’a taxes required 41% Calif Packing (4) $344.208.05, in comparison with $276,- % Calumet & Hecla . 270,28, leaving an operating income of 01 (_“"\n!:h L (')A e S e 56 Canada South (3)... same month in 1929. ‘The corporation 5% Can Pacife (315) income, less operating ex- % . penses nd taxes, ABIOUTIAG t0 $130,- e ey B ta! .o 026.86, nunn $204,325.57 in the same ot e ooy « 1 For i t.hc u months of 1930 the rail 22" Caterpillar Trac (14) way com) ported operating rev- 189% Cent RR of NJ (+12) mes of $4.970,374.23, compared with 66% 21 Cer de Pas Cop (2).. $5,367,007.47; operating expenses and | 15 2 Certain-teed Prod. taxes of $4,004,932.46, against $4,187.- | @71, 14% Checker Cab (1.80) 25754, leaving an operating income of | 51y, 328, Ches& Ohio (23%). $875,441.77, in comparison with $1,079,- | 8215 824 Chesapeake Corp-( 749.93. 10 % Chi & Alton Non-operating income amounted to| 10% % Chi & Alton p $1,692,654.16, against $1,600,791.05 in the 4% Chi Great We: us year. Gross income after the 12 ChiGreat West pf. deduction of operating expenses and 4% Chi MHS(P&Pu: taxes totaled $2,568,09593. against $2,- 7% ChiMilStP&Ppf.. m,uo,u in 1929. Deductions from 28% Chi & Northwest (4) gl 'm:!ued $672,587.39, compared with ™ ("hl Pneu Tool. After all deductions the railway com- pany reported a total net income for the year 1930 of $1895508.54, ia com- with $1,959.115.70 in 1929, a off for 1930 of $63,607.16. Directors of the Liberty National Bank elected two new assistant cashiers at the organization meeting held yes- Charles C. Cranford and J. Other officers were vs: George O. Wal- Edward J. McQuade, dent and’ assistant_trust offi- ; M. F. Calnan, cashier; J. B. Skin- ner, assistant cashier, and Thomas P. Littlepage, general counsel and trust officer. Important Reports on Program. Important reports from the chair- man of the standing committees of the District Bankers' Association will add interest to the open meeting to be held next Monday evening at the Willard. Recommendations will be presented by the auditors’ section aimed to give bank cashiers better check protection. Presi- dent L. P. McLachlen wil' preside, F. P. H. Siddons, chairman of the Con- vention Committee. will report on the latest plans for ¢he Hot Springs ses- % Cl sions. and Robert V. Fleming, chairman o e . ¥ a1 the coming conference on bank| 22 P iales Sl ‘ management, will outline the plans so b gy e far as they have been perfected o et Bakin il At a meeting of the directors of the HEE St ey i Baker Cork and Tile Co. the regular s Conil L ety semi-annual cash dividend of $3.50 per it Con N tor . share was voted on the preferred stock % Conu Ol of. D of the company, payable February 1, o Gent Bnare L) to stockhoiders of record January 2. “’ Corn Prod (133%) The directors also voted & cash divi- 7% Coty Inc dend of $3.00 per share on the com- 25% Cream of Wht (12%) mon stock of the company, payable 316 Croaley Radio February 1 81 CrCork & Seal 2.40.. Sales of the company for 1930 <haued] 30% Crown CAP Bt (3.70) a 30 per cent increase over 1929, un- | 101% Cructble Steel pf (1) filled contracts on the company's| OOben-AmRrERESE: bocks as of December 31, 1930, were 8516 COANY Packing (4, the largest on record and three times 1% Curtiss Wright Corp the amount on the books at the same| | 3 I Wr Corp A period the preceding yoar. During 1930 35 Cu 2 the company opened new offices in| Bajtimore Among the out-of-town directors at m the meeting were Seabury S. Gould,' ! ps, Inc., 6% FIRST MORTGAGES Not only are you assured a dividend—but it never varies in amount; and time of payment. Makes such an investment very dependable for incomes, or any other specific object—and with no worry concerning the princi- pal. That is secured by con- servatively appraised improved Washington real estate’ May be purchased in amounts from $250 up. Kresge (SS) pf (7).. 108 Kreuger&Toll(1.60). 46 Kroger Groc&Bak(1) 37 Lambert Co (8) . 10 Lee Rubber & Ti Leh Port Cmt (1). Leh Valley Coal. Lehman Corp (3). Lehn & Fink (3) Liggett & Myer (15). Lig & Myer B (15). Liquid Carbonic ). centimes. The dollar was quoted at 25 francs 5134 centimes. DIVIDENDS DECLARED NEW YORK, January 24 (#).— lcnm. Decline in Wages. “In the depression of 1921 the de- cline in wages was temporarily greater than the proportionate drop in living costs. As a result there was a loss in real wages which, however, was soon recovered in the period of revival fol- lowing the depression. While no one questions the advisability of maintain- ing our relatively high standard of living, a question of paramoupt im- portance 15 whether there are similar economic forces at work today which will enable this country to continue to maintain a wage level as far above that of other countries as has prevailed in recent years. “The operation of economic laws will uitimately afford a sound solution to the controversy over wage levels. The immediate problem is to evolve some plan that will tend to equalize peaks and valleys of the wage earner’s income. MOl?E%Y L o oy National 2100 925 15th St. N.W. 6% Interest Over & Third of a 8- Hidrs ot Rate Hod. lb! ecord. Fel 50 Century 150 Without a Loss BrowaSan Company. Allfance Realty pf. Do. pf. s pfxw (6%4).. Loft In Loose-Wiies (12.70) . Lorillard (P) Co.... Louisiana Oil. PTT-IN 6 zzm 221% 24% 24 34 224 o Louis & Nash (7). Ludlum Steel. Ludlum Steel pt McCrory A (2) Mclntyre Porc M (1) McKeesp TP (14%). McKesson & Rob (1) McKes & R pf (3%3). Mack Trucks (4).... Macy & Co (n13).... Magma Copper (3).. Marine Mid (1.20)... Market St Ry pr pf.. Marmon Motor Car. . Marshall Fleld (2%) Mathieson Alkali (2) May Dept Strs (n2). 15 Maytag Co pf (3). 6 Mengel Co (2). 9% Mexican Seabo: 7 Miami Copper. 88% Michigan Steel 11 Mid-Cont Pet (2).... 15% Midland Steel (3)... 74 sMidland Steel pf ( 3! nn Moline Pow. Gfin & St Louis Mc'Kan & Tex (a3 Mo Kan & Tex pt (7) Missourl Pacific 9 Missouri Pac pf (5). Mohawk Carpet..... Montgomery Ward. . Morrell & Co (4.40).. Motor Meter G & El. Motor Products (2). Motor Wheel (3) Mullins Mfg. . Munsing Murray C Myer (F ) & Br (3) sh Motors (4) R Kendall Go i Lake of the Woo Milling Lid .. 1 Middle Staltes Ui » Branes manenade 52% 26% gnhmsx;e fo B 1 R’ Consult .\;ELCH Realt { 9 Ten & F bt (834) onsul altor 21y City Stores. Lonn Spec THERE 21 Cluett-Peabody (3). 199% 133 CocasCola (6). 524 4813 Coca-Cola A (3). 44 Colgate-Pal-P (34). 12 Collins & Atkman. 18% Colo Fuel & Iron (1. 308 Col Gas & El (2). 73 Col Grapboph (a 65% Columbian Carb (06) 15' Comel Credit (2).... IS + NO- * SUBSTITUTE “ FOR ' SAFETY 8eBae (National Savingy National 4346 e lB!'fi |5‘K 47\' 1 b E : First Mortgage Loans In Arlington County and Alexandris, Virginia Commonwealth Investment Co., Inc. 806 15th St. N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America Reymer & Bros 25 Reading ‘Co 13t IRPREIEEE 254 37 8% 8% 19% 80 35% 27 85 1024 102 184 18% 9 M 96% 96 8 9 264 264 28% 264 70 f9% 12% 12% 17% 17% 9% 91% 10312 104 @OOEODDOEOOD KZE DOO OOOO O DO OOD OOOOO OOOH » 5 —unBREEEREEE e Tl 22 L L8 ue eeBee e ..$3.50 Extra. | Onto state Life Ins.$2 Ex % Initial. .2 . Omitted. 50c Q T6 Comel Cred 1at (634) 30' Comcl Credit A (3). 21% Comel In Tr (£1.60). 80 Comel IT cv pf (¢6). 89 Comecl Inv Tr pf 6% 14 Comel Soivents (31). 7% Cmwith & Sou (60c) . 8614 Cmwith & Sou pf (8) 6% Congoleum-Nairn... 18% Congress Cigars (4). 24% Consol Cigars (5). .. 53 Consol Cigar pf (7).. 7% Consol Film (2). 9 1214 Consol Film pf (2).. 21 784 Consol Gas N Y (4). 82 992 Con Gas of NY pf(5) l Anti-Freeze for Assets Canadian Aren: 102% 18 9 96% Am_ Silver Investors of Wash | ei0E BEA - X Plint Mills. | Lake of tne' Woo tors to know that their holdings sometime—say in twenty years— will be valuable . . . will be paying them good dividends—IF everything goes well . . . COLD comfort these days for inves- = First Mortgage Loans e Lowest Rates of Interest and Commission ‘Washington, anuary 15, 1931, Jai We respectfully submit herewith 'the fe- port of the financial condition of the Thrift Commercial Company. Inc., for the year 1930. Thomas J. Fisher & Company, Inc. 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. ER T T T LT I =TSSP ST CTOR OISV - In the future of untried securities, there is always that great big “if”—that is why wise investors steer clear of the speculative Wall Street market—place their funds only in sound, non-fluctuat- ing securities they KNOW will pay a steady interest return— The 6% First Mortgage Notes seold through the Swartzell, Rheem & Hensey Company have for more than 61 years paid every investor unfailingly his reg- ular 6% interest return . . . and in all that time these Notes have never wav- ered a penny’s worth in value. No wonder First Mortgage Notes today are recognized everywhere as the high- est paying safe investmentt @ 4.960.00 14,970.00 30.00 3,500.00 30 00 Respecttully submitted, Sy stsiny KOONCE, President. Louls R. Meh ¢ lin J. Wesley Harm ? W. Banton, H. Perguson, . Gree A. B! Penn, ‘Trustees. ary of the Thrift H. GREENE. of Commmercial Gompany. e s horeby swear that the foregoing facts and signatus Afe true ‘and 'Corfect to' he besi of my knowledge and belief. In witness memnu. | my hand and seal on’ this 18th day of Janu: ary, Cash Reg A (3). Dairy (2.60).... Dist Prod (2)... Nat Lead (5).... o s ompeS~RBIE es on Escrow_account Appraisement fee . Nat Supply (5) Nat Tea (1)... 4% N Y Central (8). N Y Chi & St L (6) N Y Chi & St L pf (6) N Y Invest (1.20)... Norf & West (112) North Am Aviation. . Nor Am (b10% stk) . Northern Pacific (5). Ohio O1l Co (2) Omnibus Corp. Orpheum Cir pf (8).. Otis Elevator (2%).. Owens 111 Glass (3). Pacific Coast 2 Pacific Coast 1st pf.. lOl Pacific Coast 2d pf. . Pacific Gas & El (2). Pacific Lighting (3). - EISTST Money to Lonn J. H. GREE Washintol, B. & Ja Subscribed and sworn to Davison Chemical. .. tary public in and for the District Deere & Co pf (1.40) . eai 1304 Drlaware & Hud (9). 254 Denver & RG W pt.. 161 Detroit Edison (8) Diamond Match..... Dia Mateh pf (1.50). 6% Dome Min 12 Domn Stor: 57% Drug Corp 80% Dupont de Nem (4).. 142% Eastman Kodak (18) 120% Eastman Kod pf (6). 11% Baton Axle (1.60)... 214 Eitington-Schild 33 ilec Auto Lite (§) 34% Elel Pow & Lt (1)... 84% Elec Pow & Lt pf (6) 4Th Elec Stor Bat (5) ... A Endicott-John (5). .. Office Bldg «2%). The Montana 1726 M Street N.W. Three Rooms, Kitchen and Bath Reasonable Rentals Subscribe Today It costs only about 1% cents per day and 5 cents Sundays to ident, and H. B. Davis, secre- urer. Heard in Financlal District. All officers of W. T. Galliher & Bro., re-elec at i 7 . 1908 149 31 8 165 156 129% 130 15% 16% Pack Mot Car (60c). 3% Paramount Pub (4) Pa; SWARTZELL, RHEEM & HENSEY CO. . MORTGAGE BANKERS / On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. luylnll'mnl!uhn, | o s A e B. Galliher, president and treasure 3 n. Galliher, vice president and gen manager; C. Emery Galliher, vice president and secretary. o i, e W n ol Pos! pone tea which she planned giving to of z.flmnon Chapter, )lu. Renshaw is teacher ln personal efficiency at s 7 15 STREET N.W. SHINGTON D.F. Gas Cl lk Petrolm Cp olAn(l) Ph T priomasinly's el bl SN S rndiiy 53% nnnranuu).. Continued on Page 124