Evening Star Newspaper, January 26, 1931, Page 13

FINANCIAL D. C. RETAIL TRADE HOLDING UP WELL Federal Reserve ‘Report Shows December Sales Off Only .3 Per Cent. BY EDWARD C. STONE, | Full detalls on department store sales in the local Federal reserve district were made public today by the Federal Reserve Bank of Richmond, showing that retail trade in Washington was .3 r’r cent below December, 1929, and hat retail sales for the whole year 1930 ‘were but 1.5 under the 1929 figures. Degember sales in Baltimore ran 4.1 per ¢ent below December, 1929 and 2.1 ®ar cent behind the full year's business in 1929. Average sales for the fifth distrigt in December were 4.1 per cent off and 3.1 per cent down for the full year, compared with 1920. carried on hand on December 31, 1930, in Washington department stores were over 13 per cent below the stocks on hand at the end of 1929, and r cent under the stocks carried vember 30, 1930. ‘Washington department stores made by far the best record of any stores 4in the firth district in sales, both for December and the full year, in stock turnover and also in collections in De- cember. In the cities outside of Wash- ington and Baltimore, retail sales in December were off 12 per cent. 200 Bankers to Meet Tonight. About 200 Washington bankers will attend the Midwinter open meeting of the District Bankers’ Association at the Willard, beginning at 8 o'clock this eve- nlrg. with the president, Lanier P, Mc- La , in the chair. Dr, David PFri- day, noted eccpomist, will make the chief address; President M. D. Rosen- berg of the Bank of Commerce and Savings will speak on his trip to South America and the chairmen of all the t standing committees will re- to the association. Plans for the coming Central States Bank Manage- ment. Conference will also be divulged. A buffet supper will follow the program. Cifllt Men to Meet Here. ‘Two important divisions of the Nl-' tional Assoclauon of Credit Men will yhold special meetings in the Hotel May- | flower on the last four days of ',hu‘ week, Approximately 35 interchange ‘manggers from the tern section of the United States are to gather on ‘Wednesday and Thursday. The adjust- ment and collection managers, some 45 strong from the same section, will meet on Friday and Saturday. Prol nt officers who are coming here include Samuel Ardron, jr of New York: City, mlmger of the Eastern di- vision of the N. A. C. M.; Roy director of the Interchange and Walter C. Foster of director of the Adjust- W;‘th f greeting to both of g grou] be voiced by Lister T. Watts of ington, who is also a director in flu national organization. Local arrange- ments are being handled by Charles W. and John A. Reiily, arefldsm and secretary manager, respectively, of t.ne ‘Washington Association of Credit Big Buyers Urged to Act. ‘The American Bankers Association Journal qoum H. Ennis Jones, Phila- delphia banker, as stating that there ‘would be more merit in the “buy now” campaigns if the great buyers were the ohhxve instéad of the small .con- JSumefs. Mr. Jones says: “Individuals are not hoarding their money in savings accounts as mmuu e American Bankers ition for the year mdinx June, 1930, prove conclusively. total sat deposited increased m’:.tm.m but interest computed at 3% per cent on all ds its would have been $987,- 000,000, thus in reality savings did not increase, but rather $720,000,000 in in- was withdrawn. The number of vhz depositors on June 30, 1930, .76'.1‘15. representing an increase 5,048 ovgir the corresponding perhd & year previous. “This l’ucrve of savings is in many “ ‘Buy now' movements should first be Imucunud and adopted by our Rio_uilities, advantageous pos! ample and lead the procession to buy now rather than place the burden of on the little fellow or avers age citizen.” Heard in Financial District. Announcement that Swift & Co. in the near future will add a complete line of canned fruits and vegetables is the first indication from any of the four kers of any change brought the rfliendt modmc;eflnfll the packers’ consent decree. rmal an- ent came from G. F. Swift, resident of the company, through the ashington office. The bowling team from Baltimore Chapter, American Institute of Bank- ing, pl.léed a return match with Wash- ‘hapter Saturday afternoon and was defeated by 113 pins. The local bowlers lost at Baitimore by only 41 pins, so that Washington Chapter clearly has the strongest team. Follow- ing the match a dinner was enjoyed at the Indian Spring Golf Club, attended : the officers and board of governors both chlpkn and their wives, about €5 _guests Local holders of the stock will be interested to know that Supreme Court Justice Richard P. Lydon of New York City, has issued an order returnable January 28 against Pathe Exchange, Inc., and Radio-Keith-Orpheum Cor- poration, decreeing that the defendants show cause why an injunction should not be issued restraining them from transferring assets of Pathe Exchange «to Radio-Keith- ieum Corporation under the proposed plan recently ap- oved by stockhoiders. Suit s being ought by Fred Resenthal and other minority stockholders. LEAF TOBACCO EXPORTS INCREASE DURING YEAR By the Associated Press. The Department of Commerce re- poits that United States exports of leaf tobacco in 1930 exceeded the total for 1929 by a margin of 24 per cent in volume and were maintaincd within a fraction of 1 per cent in value. The total amounted to 579,704,000 pounds valued at $145,609,000, compared with 565,901,000 &mnds exported the m'evl- ous year with a value of $146,083,000. Exports of flue-cured tobacco, used so extensively in foreign countries in the manufacture of cigarettes, declined by over 3 per cent owing to decreased purcheses by the United Kingdom, which lald in heavy supplies of this type in 1929. Morcover th:re was a drop in the sales of flue-cured tobacco to Australia, Java and Canada, which was not offset by the increase in ex- rts to China. In normal years the e of trade in this t is domi- xfimmm consumers of tol . total export value of all ubuea ipped during the year amounted to ”31 ‘:ocooo compared with $165,578,- Capacity Output Planned. NEW YORK, January 26 () P.ulkner. vice pruld-m of Aum Au- le Co. said capacity vml h tuclud l{‘ all pllnu rwru Hm“ lers are running STAR, WASHING] NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ~Prev. 1031, Hich. Low. 1255 8 Abitibi Pow & Paper. 21% 16% Adams Exp (1.60) 24% 224 Adams Millls (2). 3% 8% Advance Rumley. » Ahumada Lead. 108% Air Rednction (¥414) Airwav ELAp (80c) . Afax Rubber. Alaska Juneau (40e) Corp. Allied Ch & Dye (n6) Allied Ch & D of (7). Allis Chalmers (3) .. Alpha Port Cmt (2). Am Ae Ch ot Conn pt Am Aeri Ch of Del. Am Rank Note l’i) Am Rank Note pf (3) so- Am Beet Sugar. .... Am Br §h & F pf (7). Am Brown Bov Elec. AmBrBEpf (7). Am Can (15) Am Can pf (7) Am Car & Fdy (6) Am Car & Fdy pt (7) Am Chain (3). Am Chicle (13) . Am Colortype (2.40). Am Comel Aleohol. . Am & For Power. ... Am & For Pw pf (§). Am & For Pw pf (7). Am & For Pow 24 pt. Am Hawaiian SS. Am Home Pr (4.2 Am Tee (3). Am Ice pf (6). Am Internat (2) Am La Fr & Foamite Am Locomntive (2). Am Mch & Fdy 1.40 Am Pow & Lt (11).. Am Pow & Lt nf (§). Am Rad & St Ran (1) i m2)... Razor (5) Am Seating. Am Ship & Com . Am Sm & Ref (4). Am Sm & R 24 pt (8) Am Snuff (13%).... Am Solv & Chem. Am Solv & Chem p! Am Steel Fdy (3). Am Steel Fdy pf (7). Am Sugar Ref (5). .. Am Sugar Ref pf (7) Am Tel & Cable (5).. 108 Am Tel & Tel (9).... 40 Am Tobacco (5) 4« Am Tobacco B (5) Am Tobaceo pf (6).. Am Water Wks (3). Am Woolen. . Am Woolen pf Anaconda Cop (2%). Anaconda W & C (1), Anchor Cap (2.40) Archer-Dan-M (2).. Armour of Del pt (1) Armour of Tl A Armour of 1 B, . - - NN INN N B D e e " s OV PUT Atch T & S Fe pf (5). Atl Gulf & W T pf (5) 1 Atlas Stores (n1). Auburn Auto (£4) Autosales. ation Corp of Del. 91 Baldwin Loco (1%). 12 dwin Loco pf (7). 108 to & Ohio (7). Ed Balto & Ohlo pt (4 Bang & Aroos pf (1) so- Barnsdall (A) (1 Beatrion Crrmm (8 i Beatrice Crpf (1)... 1 Belding-Hemingway 1 Bendix Aviation (1). 28 Best & Co (2). 52 5% Bethlehem Steel (8). 67 Bethlehem St pf (7). Blaw-Knox (13). Booth Fish 1st pf. .. Borden Co (k3). 20% Borg, Warner (1). Boston & Maine (4).. 1 Briggs Mf (11.62%). 19 Brockway Mot Trk. . Bklyn-Man Tr (4) 5% Bkiyn Man Tr pf (8). Bklyn Union Gas (5) 1k-Col r & Ry Bucyrus (1), . Budd (EG) Mfg Budd Wheel (1) Burroughs AM t1%. 16 Bush Term deb (7).. 10s Bush T Bldg pf (7).. 108 Butte Copper &Zinc. 1 Butte & Superior. 3 Byers (A M). Calif Packing (4) lumet & Arizona.. jumet & Hecla Camp W&C Fy (1) 2 CanadaDry G A (3). 12 Can Pacific (2%). 19 Capital Admin A. Car Clin & Ohio (4).. 108 4% Case (J 1) (8) 327 113 ‘ase (JI) pf (7).... 8308 5% Caterpillar Trac (t4) 11 24% Cavanaugh-Dobbs pf 20s 20% Celotex Co pf. . 108 24% Cent Aguirre As1%. 226 Cent RR of NJ ($12). 3 Century Rib Mills er de Pas Cop (2 Checker Cab (1.80). Ches & Ohio (2%) Chesapeake Corp (3) Chi & Alton. . Chi & Alton pf Chi Great W Chi Great W Chi M1l St P & Pac. 9% @hi Mi] St P& P pf. 33 Chi & Northwest (4), lo'l Chi& N W pt (). 12% 10 Chi Pneu Tool. 30% Chi Pneu T pf (335 61% Chi R1& Pace (7). 1% Chickasha Cotton Of1 29 Childs C 18% Chrysler C 80 rnvlcnlzvmu 4 p 100 Colgate-Pal-P (3%4). Collins & Aik pf (7). Colo Fuel & Iron (1). Col Gas & E1(2).... 2 Gol Graphoph (a%). B Columbian Carb (16) Comcl Credit (2). 9 Comicl Cr dpf(l\l NOI Comcl Cred 1st (8 Comel in Tr (21 00). n omcl I T ev pf (o6 omel Inv Tr war Comel Solvents (3 o Consol Film (2) Consol Film pf (2). Consol Gas N Y (4) Con Gas of NY pf(6) Jonsol Textil Container A (1. 20). Container B Contl Baking A Contl Baking B. Contl Can (2%) Contl Dia Fibre (1) Contl Insur (2.40). Contl Motors. Contl Oll of Del Contl Shares (1). Corn Prod (13%) Corn Prod pt (1) Coty Inc Cream of 5% Crex Carpet 4% Croaley Rad! 31 CrCork&s 331 31% Crown C&P pf (2.70) 106 108 ~ Crucible Steel pf (7) l% 2% m cm.- Cant Pred. Sonfrunnninacaiun - 5% a8y Il ‘"“MHRD!( ). 5% 8 Cuban-Amer Sugar., 1% % Cuban Dom Sugai 43% 41 Cudahy Packing ). 93% 89% Curtis Publllh 7). 11414 113% Curtis Publish pf (T) % 2% Curtiss Wright Corp. fl IYC cllfll- wr L ik i, b 8% 9% 161% 128% 364 17 26 25% 60 644 2% 9 B4% 122% 9 100% 384 3w 2 26% 11 47% 103 16% 190 4 1061 108% 127% B8% 197% 106% 5314 20% 10% 131 3% 43% 41% 12’* N“ 13 36 24 26% ol 9% 161 128% 86 161 26 267 59% 6213 4 17 34 121% 9 100% 39 3% 88, 26% 111 46% 103% 17% 188 106 1067% 127% 59 194 106 53% 20% a2n 43% % 42% 12% I2h 113 35% 24% 26 22 22% 223 221% 3 3 W 90% 103% % % 7 24% 2% 184 963, 91y 81y 26% 12% 17% 90 108'% s Stock and Dividend Rate. nflq High. Cutler-Ham (3%). 3% Davison Chemical. Delaware & Hud (9). Del Lack & Wn (6) Denver & RG W pf.. Detroit Edison (8).. Diamond Match. Dia Match pt (1.50). Dome Mines (1). Drug Corp (4). Duluth SS & Atl. Dupont de Nem ( Eastman Kodak (18) 18 Eastman Kod pf (6). Eaton Axle (1.60). Eitington-Schild Elec Auto Lite (6)... Elec Boat. . Elel Pow & Lt (1). Elec Pow &Lt pf (6) Elec Pow & Lt pf (1) Elec Stor Bat (5)... £mporium Cap (1) Endicott-John (5). Eng Pub Svpf (5%). ¢ Eq Office Bldg (2%). Erie RR Erie RR 1st pf (4). Eureka Vac Cleaner. Exchange Buf (1%4). 70 Fashion Park Asso.. 3 Fashion Park As pf. 30a Fed Wat Sv A (2.40). Fid Ph Fire In (2.60) Firestone T& R (1). First Nat Strs (2%). Fisk Rubber.... Fisk Rubber 1st pf Foster Wheeler (2).. Foundation-Co. . Fourth Nat Invi Fox Film A (4).... Freeport, Tex (4).... Gamewell Co (5) Gardner Motor. Gen Am Investor: 4 Gen Am T Car (14) n Asphalt (3). n Bronze. n(‘ll\lt\"(('l)- Gen Cigar (4). Gen Cigar pf Gen Elec (1.60) 109 Gen Elec spec (60c). b Gen Focd Corp (3).. 10 GenG & E1A (e30c). 2 GenG&Elevpt (6). 2 § Gen Ital B (a.62).. -1 Gen Mills (3) i Gen Motors (3) 121 Gen Motors pf (5)... 3 Gen Outdoor Adv.... 3 Gen Out Adv A (4) 1 Gen Pub Sv b§% stk. 6 Gen Ry Signal (5). Gen Refractorles (4) i Gen Theater Equip. . Gillette Saf Raz (4). Gimbel Bros. .. Glidden Co. . Gobel (Adolf). Gold Dust (234) . Goodrich (B F) Goodrich B F pf (7). Goodyear Tire (5)... Goodyear 1st pf ¢ Gotham Silk Hosiery Gotham S H pf (7).. 1 Gould Coupler. ... Graham-Paize. Granby ConsoJ (2) Grand 811 Str® (a1) . Grand Union. Grand Union pf (3).. Grant (W T) (1) Grt North pf (5). Grt Nor Ore (2). Grt Western Sugar. . Grigsby Grunow Gulf States Steel. ... Gulf Mob & N pf (6). Hahn Dept Stores. Hahn Dpt St pf (6%) Hanna pf (7).. Harb Walk Ref (2 Hartman Corp (B) Helme (G W) ( Hercules Mot ( Holland Fura (12%) Hollander Sons. . Houdallle Hershey. . Household Fin pf “ Houston Ofl..... Houston Oil (new) Howe Sound (4). Hud & Man Ry (3.,50) Hudson Motors (3)... Hupp Motors. Tilinots Central (7)., Indian Motor Cycle. . Indian Refining. Ingersoll Rand (16). Inspiration Copper. . Ins ctfs (Md) (60c). Interb Rap Transit. . Int Agricultural. Int Agricul pf (7). Int Bus Mach (n6) Int Carriers (25¢). Int Cement (4) Int Combustion. Int Comb Eng pf Int Harvester (2 Int Harvester pf (1) Int Hydro E1 A (e2). Int Match pf (4) Int Merc Marine (2). Int Nick of Can (1). Int Paper pt (1)..... Int Paper & Pow B Int Paper & Pow C Int Pap & P pf (7)... Cent Amer. 1508 ¥s Cen A pf (5) 20. Int Salt (3) Int Shoe (3) . Int Tel & Tel (2).... * Inter Dept Strs (2).. Inter D St pf xw (7). Investors Equity. ... Johns-Manville (3).. 11 Johns-Manv pf (7).. 108 Jones & Laug pf (7). 108 Kans City Sou (5)... 6 Kayser Jullus (2%). Keith-Alb-Or pf (7). s P - T T L L L L T T N = O e O P Tl T P T T T~ T Ty » Kelly-Spr T 8% pf.. Kelsey Hayes (2). Kelvinator Corp. Kendall Co pf (6) . Kennecott Cop (2) Kolster Radio. . .. 1 Kresge (8S) Co 1.60. 16 Kreuger&Toll(1.60). 21 Kroger Groc&Bak(1) 7 Laclede Gas pf (5).. 1008 Lambert Co (8). 2 4 Lane Bryant (2 Leh Valiey Coal Leh Val Coal pf ( Lehman Corp ( Lehn & Fink Lib Ow Ford Lig & Myer B (15)... Liquid Carbonic (4). Loew's Inc (3) Loew's Inc pf (6%4). Loew's pf xw (6%2) .. Loft Inc Ludlum Steel. McCrory A (2) MecCrory B (2). MclIntyre Pore M MeKeesp T P (143%). McKesson & Rob (1) 25 McKes & R pf (3%). 13 Mack Trucks (4).... 10 M- ey % Co (nt3) 2 T ami i Sugar pf. 108 Mandel Brothers Man Elev mod g (45) Marine Mid (1.20). Marmon Motor Car . . Marshall Fleld (214) 10 Mathieson Alkali (2) May Dept S(rs (n2). Maytag Co.. . . Maytag Copf (3).... Melville Shoe (2).... Mexican Seabaard Miami Copper...... Mid-Cont Pet (2). Midland Steel (3). Minn Moline Pow. M S P & SSM Isd (4).100 Mo Kan & Tex (a3).. Mo Kan & Tex pf (7) Missouri Pacific. Missouri Pac pf Mohawk Carpet e Montzomery Ward. . Morrell & Co (4.40).. Motor Meter G & El. Motor Products (2). Motor Wheel (3) Munsingwear (3)... Murray Corp. . 274 Nash Motors (4) e e, (coltlmul on Page M.) 18 4508 YT oo - PETT T L 14 | Accumulation continued in 12% 374 30% 69% 20% 2% 4 254 68% ™ C., MONDAY, JAN ISTOCKS IRREGULA IN QUET MARKET Shorts Squeezed in Some|week. Issues—Rail Group Con- tinues Strong. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, January 26.—Stocks fluctuated idly back and forth today in one of the quietest markets of the year. As far as there was any indica- tion of a trend, it was that stocks were ier to sell than to buy: in other words, the market was more inclined to ad- vance than to decline. And yet volume was t0o small to base any definite con- clusion on its indscisive movements. Professional opinion at the opening was that the profit-taking in evidence at the close on Saturday would continue, with a further setback in prices. The n-and-out traders were of the opinion that the only chance to scalp & point was on the selling side. They affirmed that there had been no business im- provement proportionate to the rally in the market. Rails Firm. The opening was irregular, and throughout the morning hours trading dragged along with few important price changes. The only features were the uneasiness of the shorts in one or two volatile issues, notably Auburn Auto and J. I Case. Evidently commitments for the decline were still outstanding in large amounts, but each of these mcka moved up to new highs for the ye Of the standard issues the ralh mnde the best showing, although they, too, were very inactive. New 1931 tops were made by Union Pacific, Norfolk & West- ern and New York Central, but the gains in each case were small, and there was no follow through to the movement. As far as could be seen, the prospect of eliminating the recapture clause from the railroad act was not a factor. Car- rier issues which were in demand were the same ones that had been the leaders last week. Early Market Strengthens. Opening with irregular price changes, the market hardened subsequently and at the end of the first hour advances predominated. The profit-taking in evidence at the close Saturday had lit- tle effect on quotations today. One of the strong spots was Amer- ican Tobacco, apparently anticipating favorable dividend action at the next meeting. United States Steel, starting le lower, soon made up its early loss and the same was true of American Can and General Electric. In the automobile list Auburn was higher again on short covering and General Motors advanced fractionally. Chrysler. Utilities were firm under the leader- shlip of Consolidated Gas and American Telephone & Telegraph. United Cor- poration was taken in large blocks and National Power & Light gained a point. Richfield Oil responded to the offer of Cities Service for an exchange of shares, but otherwise the oils were heavy. Seasoned dividend payers among the rails were fairly strong, with & new high for Norfolk & Western. Trading was in small volume. Call money renewed at 1l per cemt. SHIPPERS WARNED ON SELLING POLICY Virginia Official Urges Investip- tion of Commission Houses by Customers. Special Dispatch to The Star. RICHMOND, Va., January 26.—J. H. Meek, director of the Virginia Division of Markets, today issued a warning that said the present industrial depreldon makes it extremely risky to shij r duce to firms of unknown standing and commission merchants in States that have no commission merchant law. Mr. Meek said his warning was espe- cially directed to shippers of farm prod- ucts who now are shipping to dealers or commission merchants in other States without definite knowledge of the pres- ent standing of the firm to which they are selling or shipping. He pointed out that Virginia has a commission merchant law which pro- tects those who ship products for sale on commission. However, he said, “some other States do not. Pennsylvania does not.” | _ Complaints are being received against firms in Chester, Pa., and an investi- gation shows conditions existing among commission firms there make it ex- tremely risky to ship produce there for sale on. commission, he said. There is a new Federal law regulat- ing dealers in certain produce shipped interstate, but Mr. Meek sald this law does not cover live poultry and, there- fore, nuppenwof blehe poultry, he said, “‘are urged especial careful about firms they Plu'og!eze i o New Chain Store Units. NEW YORK, January 26 (#)—Ap- proximately 1,549 chain store units were opened last year, a drop of approxi- mately 50 per cent in the expansion rate from the previous year, a survey by the Chain Store Research Bureau of New York shows. Willlam J. Baxter, director of research for the bureau, said that “expansion for 1030 quite naturally slumped due to the general depression and the widespread policy of retrench- ment in chain store circles in common with all industries.” He added that the last few months witnessed a decided pick-up in chain store openings in mid- ‘Western cities especially, with Chicago :firz“m‘ly the center of the new ac- v DIVIDENDS DECLARED NEW YORK, January 26 (P.— Alhavoils & i 3 Bunker Hul & i Company. w0: ¢ Dconoo! mcuprum.' P ‘ E Kootenay ¥ ol $1.45 Falrey Kiation Co % G B b8 Pol‘I‘lm & Bagby Tr ich) 2 Royai Maa Cor Adize Omitted. 1eu Due Jan. 1 UARY 26, 1931 FARRELL STIRS BUSINESS MEN WITH PROSPERITY “HOME RUN" The opening game M'em wnu mlht cern in the world, . clean home run for higher standards of living, and we stood un and cheered. A neat but somewhat staggering con. trast, down to the smallest detail, thlt successive ap ce at the plate of {the Babe Ruths of big banking and big business inl;,hls dAel:b:flv:‘phy-O{f for pnmemy. very American, worker or employer, may well go home and medi- tate upon its meaning afterward, no matter how the game goes; but mean- while, with the bleachers full of idle labor, idle machinery and idle money, we say, “Hats in the air for fearless Farrell and more power to his arm. anxious economist stood at his el- bow when he wrote the words he s in Chicago this week. He was talking as a man who made and sold things to men who wanted to do likewise; he was thlnkm. as a creator, not as a cred- ; as a leader, not as a lender. No nostllgll for the past distorted his vision—it was turned forward to the possibilities of a futu No cramped calculations of the cost of living limited his estimate of what labor could earn and should spend. He saw clearly and said straightforwardly that the crux of the problem of pros- perity is the increase of consumption, not the liquidation of loans nor the cur- tailment of production; that the prime requisite for recovery is the expansion of purchasing power, not the payment of debt. Without benefit of the economic clergy, he was unafraid to father the Izhwgm that even though prices are lower, wages might well remain rela- tively higher if business concentrates its energies upon reducing other costs and stimulating demand. For, refusing to view the modern world as through a caster-oil bottle, darkly, he could see that the expansion of the market is still the main factor of business prog- reu as it has been in the past. With & degree of insight far higher than at of any of the other doctors of de- pression, because conferred by the Uni- versity of Experience, he saw that the more and the longer the purchasing power of other countries or of some groups of our own people is crippled by depressed prices or unemployment, obviously the greater need to maintain and increase the buying power of the rest. And he realized, with the sound in- stincts of an unspolled salesman, that if this country cannot expand its con- suming power and steadily raise its standard of living we needn't expect any other country to do so. The money, the materials, the machinery, men, management and minds are here to do the job. ‘These simple, sturdy ideas will, no doubt, seem deplorably {llegitimate to the Puritan fathers of finance when they gonder the paternity thereof. ‘rhey ave come with a rousing yell is weary world from one of the oldast, most basic industries. They have been rocked in that ancient cradle of ANNUAL REFORT OF THE SECURITY STORAGE werr ihe upde Sened: e oesrdent. ‘and 'majority e of Mirneea ol fhe Beourity Storse Company. of Washington, D. C. do hereby certity that the capital stock of the said 500.0%0.00 ,000.00 pnd o and et President. CORCORAN THOM. Director. WM. J. FLATHER. irector. W. B Director, B. F. SAUL, . P. Ravenbure. secretary a ates are true 1o st of s knowledge and belief, RAVENBURG, Secretary. Subscribed and sworn to before me, Notary Fublic' i and for the District. of Columbia, "this 33rd day of January, A.D. (8eal.) PAUL ALVEY, tary Public, D. C. No My commission_expires January 10. 1935. mortgage money to loan for buying, building, or refinancing complet- ed properties. Come in and talk it over REAL ESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W. Call National 1403 Under State Supervision On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. Maryland Pemnul Bankers, Gonvenieuwy sermed oo, ioans of $1.000 . .. the latrur "lodns ‘st propartionate ion members many sdvan & high rate of interest o; fous; and an exceprionally’ st logn plan on invest . Droperty. Open Daily 9 to, 5 - Saturdays Until Neo: NAtional 1381 [I]H“"ZI‘KILL -_...m ION| conservad An\lmm e |market trend. FINANCIA tism, '.he Steel Corporation. There s o radition of ety 68 years. longevity about M like that. WALL STREET AWAITING TRADE DEVELOPMENTS | i Specinl Dispatch to The Star. Steel dlnm, the December and dividends . The the Studebaker directors on their divi- dend will give a lead to opinion re- garding the automobile industry, and that on American Tobacco on the way the trade views the price war. Most of !«he railroads will publish their Decem- ber reports. There will undoubtedly be considerable new financing with bonds. The action of the commodity markets will also have its effect on the general ris of we uzo K'S Sl. N-W. 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