Evening Star Newspaper, January 28, 1931, Page 13

FINANCIAL, NEW YORK STOCK EXCHANGE Received by Privale Wire Direct to The Star Office. ONINCREASE HERE Washington Banks - Report| aicy Big Gain in Roster- of Clubs for 1931. BY EDWARD C. STONE. ‘There is an amezing gain in the number of members and the amounts subscribed to the Christmas Savings Clubs conducted by some 30 local banks during the past eight years. Pigures reported at the last meeting of the District Bankers' Associaticn re- veal another gain for the present year, the 1931 flm shattering all previous fifll’ mmembership and the sums to be paill in during the 12 months. The latest report has aroused unusual interest among local bankers on ac- count of ‘the business situation in the more recent past. On account of condi- tions during 1930 it was belisved by many bankers that the 1931 Christmas Clubs might fail to reach the 1930 pro- s and advance into new ground. But the thrift wave which followed the New York stock market crash mcre than a year ago is still going strong. It has caused a boost in savings bank deposits in Washington and all over the country, and hes secured a special S m* on the Christmas Savings Club Comparisons for Eight Years. ‘Records for eight years are now avail- able and not during one of these years have the figures failed to pass the totals of the previous year. Records of the number of members and the amounts subscribed to local clubs since 1924 are as follows: \. Jear \ -&Tmmd Commiitee of the District Bankers' the 1931 clubs mw a total increase of 6,502 members e 1930 membership and a gain of 3649160 in the -mounv. subscribed with last P untsusl interest manifested in the Christmas Savings Clubs in Washington banks is shown by the per capita ' figures. The average per member is $86, against $84 last year and $52.60 for the as a whole. ve table shows that the num- ts in the various banks leaps and bounds dur- eight ye-n from $3,000,000 to over $8,000,000. Unstinted praise ‘is due to Eliot H. Thomson of the Washington Loan & Trust Co. and the other members of Committee. Mr. Thomson ? chairman of this committee for many years and has put a great deal of energy time into svresding the doctrine of thrift in Washington, and especially Christmas savings club idea. Securlty Loans Off $97,000,000. Federal Reserve Board's ition statement of weekly reporting member in leading cities on January 21 2 shows decreases for the week of $63,- Chicago district and: $6,000,000 o in the San Francisco district Commercial Credit Gets Contract. ‘The Pranklin Manufacturing = Co., makers of automobiles, . have entered into an agreement with Commercial Credit Cos. of Baltimore providing for the retail time sale finanging of Prank- lin products through their dealers and distributors on a Nation-wide basis, ac- cording to an announcement today in Baltimore. Commercial Credit Cos. an- ticipate a substantially increased vol- ume as a result of this agreement. ) Made National Director. E. P, Hinkel of Wllhhgwn was elec- ted one of the directors of the National Rug Cleaning Institute of America at its annual convention held in New York City recently. The convention was at- tended by 300 men from all sections of the country. The board of directors is composed of 10 men chosen from the N‘ cities of the States. ¥ _ The regular monthly meeting of the ‘board of difectors of the Chesapeake & Potomac Telephone Co. was held yes- terday. Included in the appropriation passed for extensions to the telephone system are underground conduit and cable extensions in the downton busi- ness area. Heard in Financial District. ‘The Great Atlantic & Pacific Tea Co. has declared a $1.50 quarterly dividend on the common stock, placing the stock on & $6 annual basis. The stock has been on & $5 basis nnfl paid a 25-cent Lhree months ag Union Trust 80 ‘opened its doors 33 for depoeits Just 30 years ago this morn- ing. e bank is really 31 years old, as lt received its charter a year before the ogene«t the time being used in thoroug] ization. All oflun of the National City Dairy Co. were re-elected yesterday, as fol- Jows: M. J. Hime, president, treasurer and general manager; Joseph C. Fish, ‘vice president; Stmon T. Price, secre- tary, lnd Dion S. Birmey, assistant Prvmmlon. operation and administra- tion are the three fields of trust ac- tivity to be discussed at the Twelfth Midwinter Trust Conference, to be held in New York February 17, 18 and 19, which will be attended by several ¥ Washington trust company officials. Norfolk & Western 1930 net $21.96 :ncommon share, against $29.05 a share 1929 American Ice Profits Up. December profit of American Ice Company and subsidiaries was $81,076 after interest, but before Federal taxes and depreciation, comparing with $89,- 896 in December, 1929. For year ended December 31, 1930, ymm before Federal taxes and depre- amounted to $5,690,078, com- wec with $6,618,371 in 1929, Sees Higher Sugar Prices. NEW YORK. Janusry 28 U9 Thomas 3 bourne, ew ‘or] has returned from abroad news that it won't b: long Chadbourne ¥ .Mcuhnluurlnumunmlum- e mm -tvbflneol :‘Mmm yw:otnn“ wn: s years “This reducss a total produc- Note—All stocks are sold in one Shich ~Prev. 110 Am Steel Fdy.pf (7). 104 Am Tobacco (5). 176% Am Tel & Tel (9).... 104% Am Tobacco B (35 : 178% Atch To & S Fe ( 102% Atch T & S Fe pf (5). 105 Atl Coast Line (110). Low. Dividend Rate. 10614 Am Can (45).. 146 AmCanpf (7). 1931 “Stock and 9 Abitibi Pow & Paper 42 40 Abitibi P& P pf (6). 26 Abraham Strauss. 16% Adams Exp (1.60) 831% Adams Exp pf (5) 8% Advance Rumley. 12 Advance Rumley p % Ahumada Lead 9215 Alr Reduction ) 7% Alrway El Ap (60¢c). % Afax Rubber 7 Alaska Juneau (40c 61 Albany Wrap Paper. 7% Alleg Corn. 39% Allex Cn $30 ww 6% . 1531 Allied Ch & Dye (n6) 297 Allis Chalmers (3).. 15 Alpha Port Cmt (2). 1% Am Aeri Ch of Conn. 20 Am Agri Ch of Del. . 62 Am Bank Note pf (3)1208 R4 Am Rrown Bov Flec. 6 45% AmBrBEDL (7)... Kon 27 AmCar & Fdv (6). 284 Am Chicle-¢+3) 15% Am Colortype (2.40). A Am Cemcl Alcohol. . 19 Am Furopean Secur. 182 Am Fxnress (6). 2% Am & For Power., 74 Am & For Pw pf (§). 69 Am & For Pow 2d pf. 7 Am Hawailan SS. ... 47% Am Home Pr (4.20). 23% Am lce (3).. 18% Am Internat (2).. 20% Am Locomotive (2). 31 Am Mch & Fdy 140, 17% Am Met & Min (1)... 45 AmPow & Lt (11). 80 AmP&Lpf A st (5) 16% Am Rad & St San (1) 28% Am Roll M1l (n2). 57 Am Safety Razor m 7 Am Seating. % Am Ship & f‘om 40% Am Sm & Ref (4) 93% Am Sm & R 24 pf (6) 37 Am'Snuff (+3%). 214 Am Solv & Chem 6% Am Solv & Chem pf. 25 Am Steel Fdy (3)... S L. 37 Am Stores (121). 42% Am Sugar Ref (5) . 15% ‘Am Tel & Cable (5). 5 g.g3.. Am Type Fdy (8)... i‘lh Am Water Wks (3).. 21 Am Woolen pf. 4 Am Zinc Lead & Sm. 20% Anaconda Cop (2%). 27 Anchor Cap (240)... 15% Archer-Dan-M (2).. 604 Armour of Del pf (7) 3% Armour of TI1 A. 2 Armour of 111 B. 3% Armourof Il pf (7). 3% Arnold Constable 24% Asso Appl Ind (4 22 Asso Dry G (2%) B a wamnBonnesInna A6 AtIGuIf & W1(3). 50 At Gulf & W 1pf (5) 18 Atl Refining (12).. 101% Auburn Auto (f4). 106 Beatrice Cr pf (7). 114% Bethlehem 8t pf (7). 2 Austin Nichols. .. 3 Aviation Corp of Del’ 20% Baldwin Loco (1%). 1% /81, Baldwin Loco pf (7).130a 681 Balto & Ohio (7). 34 56% Bang & Aroos (3%). 4 R Barker Bros (2)..... 11% Barnsdall (A) (1). 65 Beatrice Cream (4) s 5 50 Beech-Nut Pkg (2) 2% Relding-Hemingway 16% Rendix Aviation (1). 324 Best & Co 12) 45% Bethlehem Steel (6). Blaw-Knox (1%). 0% Bohn Alum & Br 1%. 80 Hon Ami (A) (4) 6714 Borden Co (k3)... 20% Borg. Warner (1). 1% Botany Con M (A). 165 Brl(u- Mf (+1.623). 58% Bklyn-Man Tr (4). 85% Bklyn Man Tr pf (5) 55 BRklyn& Qu T pf (5). 32% Brown Shoe (3) 5% Bruns Ter & Ry 8. 14% Bueyrus (1). Ty PYSTOTIREPY. IR {- JOP RIS - TP U o 110% Bucyrus pt (7) 10% 4 Budd (EG) M 9 Budd Wheel (1 11% Bullard Co. 11% Bulova Wi 21'% Burrough 234 Bush Terminal (214) 24 104 100% Bush Term deb (7) 1% 1% 46% 1% Butte Copper & Zinc. 1 Butte & Superior 37% Byers (A M). 42% Calif Packing u) 37 Calumét & Arlzona 8 . Calumet & Hec 11% Canip WAC Fy (1), . 29% Canada Dry G A (3). 88% Can Pacific (2%).... 9% Capital Admin A 81% Case (J I) (6). xn Case (J 1) pf (1) 26% Caterpillar Trac (14) 24 Cavanaugh-Dobbs pf Nl 514 Celotex Co. . 23 Cer de Pas Cop (2) 214 Certa ed Prod. 3914 Ches & Ohio (2%). 40 Chesapeake Corp ( % Chi & Alton. . % Chi & Alton pf. 614 Chi Great Western.. 19% Chi Great West pf. .. 5% Chi Mil St P & Pac 95 Chi MiI St P& P pf.. 33 Chi & Northwest (4) 10 Chl Pneu Tool. 47% Chi R1& Pac (7). 84 ChiRI&PDL(6)... 94 ChiRI& Pacpf (7). 22 Chi Yellow Cab (3).. 251 Childs Co (2.40)..... 26 Chile Copper (2) 15% Chrysher Corp (1). .. 35% City lee&Fuel (3.60) . 774 City Ice & F pf (8% ) 80 119*. 149% City Invest (10). zlh 100 155 51 49 15 730 261y 37% 2% City Stores. S e 20 City Stores A (3%).. 108 99 Cluett-Peabdy pf (7) 10- 142% Coca-Cola (8) . 3 1 50t Coca-Cola A (3). 47 Colzate-Pal-P (3%). 12 Collins & Alkman. 72 Collins & A1k pf (7). 21% Colo Fuel & Iron (1). 105% 100% Col Gas & El pf A (6) 9% 861, 20 231 29% 90 18% 104 96% 9 68 184 18% 7% Col Graphoph (a% ). 78% Columbian Carb (16) 184 Comcl Credit (2).... 20 Conicl Cred pf (1%).100s 25 Comcl in Tr (£1.60). 6§ 83 ComclITevpf(e6). 2 15% Comel Solvents (11). 130 8 Cmwith & Sou (80c). 100 91% Cmwlith & Sou pf (8) B 6% Congoleum-Nairn 64 Consol Cig pr pt l'l| 1201 95 Consol Film (2). 2 16% Consol Film pf (2). 82'a Consol Gas N Y 11) . /1 6 1 8 33% Col Gas & El (2).. 26 2 26 2 N 102 Con Gasof NY pf(s) 26 3% 76l 51 48 315 119 11% 82% 60% 2% !DV- ll‘lfi % 64 96 15% 124 17% Contl Baking A. 24 Contl Baking B. 67% Contl Baking pf (8). 47 ConmtlCan (2%) 41 Contl Insur (2.40) 3 Contl Motors. .. 9% Contl Ol of Del. 81 Contl Shares (1). 7614 Corn Prod (13%4). 55% Crucible Steel 45) 1% Cuba Cane Prod l5 Cuba RRpf (6).. ‘Cuban-Am: 118% Curtis Publish pf (7) 2% Curtiss Wright Corp 8% Curtiss Wr Corp A. 96 Cushmans pf (8).. 18% Davison fl-lul 10 Debenhams undred-share lots ting those designated by me mur 8 (808) (2508), shows those stocks were sold in odd lpts. Individual sales compiled to noon—complete in' Sales— Add 00. High. 1% . 184 112% 11474 ~Prev. 1931~ High. Low. 1% - 26% 10% - Stock and Dividend Rate. 14% Diamond Match. . *24% Dia Match pf (1.50) 8% Dome Mines (1) 14% Domn Sto: 61% Drug Corp (4). 83% Dupont de Nem.( * 118% Du P de N deb pf (6) 143% Eastman Kodak (§) 18% Baton Axle (160)... 86% Eitington-Schild pf. 50% Klec Auto Lite ( 108% El Auto-Lite pf 2% Elec Boat. .. 88% Elel Pow & Lt (1)... 86 Elec Pow & Lt pf (8) 100 Elec Pow & Lt pf (7) 50% Elec Stor Bat (5).... Eng Pub Sv pf (5)... Eng Pub Sv pf (5%). 821 Eq Office Bldg (2%). 28 Erie RR. 39 Eri 9 4% Evans Auto Loading 1 Fairbanks Co pf.. 10 ‘Federal Screw (1) 22 Fed Wat8v A (2.40). 464 Fid Ph Fire In (2.60) 68 Firest T& Rpf (6).. Fisk Rubber 15t pf. 214 Fisk Rub 1st pf cv 41's Foster Wheeler (u 4% Foundation Co. 221 Fourth Nat Invest.. 25% Fox Film A (4). 28% Freeport. Tex (4 riel CoA. .. Gamewell Co (5). Gardner Motor. . Gen Am Investors Gen Am T Car (34).. Gen Asphalt (3) Gen Bronze. Gen Cable A Gen Cable pf (7) Gen Cigar (4). i Gen Elec (1.60). Gen Flec spec (60¢) . Gen Focd Corp (3) . Gen G & EI A (e300). Gen Ital Ed (a2.62).. Gen Mills (3). Gen Mills pf (6) Gen Motors (3). Gen Motors pf (5) Gen Outdoor Adv. Gen Out Adv A (4) .3 Gen Pub Sv b6 % stk. Gen Refractories (4) Gen Theater Equip. . Gillette Saf Raz (4). Gillette Saf R pf (5). Gimbel Bros. . Gobgl (Adolf) Gol®Dust (23) Goodrich (RF)..... Goodvear Tire (5)... Goodyear 1st pf (7). Gotham Silk Hostery Gould Coupler Graham-Paige Granby Consol Grand 8il Stes (h1) Grand Union Grt North pf (5). 19% Grt Nor Ore (2 7% Grt Western Suga 2% Grigsby Grunow. 16% Gulf Mobile & North 50 Hahn Dpt St pf (6%) 37% Ham Watch (+1.95). 89% Hannapf (7)....... 3 Harb Walk Ref (2). % Havana Electric. ... 315 Hayes Bod 26 Holland Fu 5% Hollander Sons. 4% Houdallle Hersh: 35% Houston Oil. R4 Houston Of1 (n 72 Hudson Man p!(B) . 21% Hudson Motors (3).. Hupp Motors . Tllinois Central (7).. Tilinois Cent LL (4. Indian Motor Cyel Indian Refining. Ingersoll Rand (16). Inland Steel (4). Inspiration Copper. . Ins ctfs (Md) ¢60c). % Interlake ron (1)... Int Agricul pf (7) Int Carriers (25¢) Int Cement (4). Int Combustion. Int Comb Eng pf Int Harvester (214). Int Harvester pf (7) Int Hydro El A (e2). Int Match pf (4). Int Merc Marine (2). Int Nick of Can (1).. Int Nick Can pf (7). Int Paper & Pow C.. Int Pap & P pf (7) Int Print Ink pf (6). Int Rys Cen A pt ® Int Salt (3). Int Shoe (3) Int Tel & Tel (2).... Inter Dept Strs (2).. Investors Equity . Jones & Laug pf (7). Jordan Motor Car... Kayser Julius (2%). Sales— Add 00. High. 16% 4 2308 10, T TS T S T T 130: MR RN TN RN A AN A~ S Keith-Alb-Or pf (7). " Kelly-Spring Tire. .. Kelly-Spr T 8% pf.. Kelsey Hayes (2)... Kelvinator Corp. Kenneoott Cop (2).. Kolster Radlo. ... Kresge (SS) Co 1.60. Kress (SH) (§1).... Kreuger&Toll(1.60). Kroger Groc&Bak(1) Leh Valley Coal Leh Val Coal pf (3) Leh Valley (3%). Lehman Corp (2). Lehn & Fink (3).... Lib Ow Ford Glass. . Liggett & Myer (15). Lig & Myer B (16).. Lima Locomotive. .. Loew’s Ine (3). LoftInc.... Loose. Lorillard (P) Co Loulsiana Oil. Louls & Nash Ludlum Steel McCrory pt (6. Meclntyre Porc M (1) McKeesp T P (14%). McKesson & Rob (1) McKes & R pt (3%). McLellan Stores . Mack Trucks (4).... Macy & Co (nt3). Mad Sq Garden (60c) « Magma Copper (3).. Mallison & Co Manati Sugar. Manati Sugar pf. Man Elev mod g (a5) Marine Mid (1.20) Mathieson Alkali (2) Mexican Seaboar« Mid-Cont Pet (2). Missouri Pacific Missouri Pac pf ( Mohawk Carpet Montgomery Ward. . Mother Lode. Motor Meter G & El. Motor Products (2) 14% Motor Wheel (3). 27% 11% 107% N pply pf (7) 4a% N-:lunw (5). e we o Bt BaBwonananm . 220 S manmBans an 3 3 T TR » > - TS - PP PEE TT PCET - TSI RS Prev. . Close. Gloss, l'l'- Bfi 4 120 5 157% 16 364 541 % 26% 118% 4% 4% 62 62 107% 107% 652 ISTOCKS ARE LOWE IN STEADY SELLING Unfavorable Steel Report|: Given as Cause for Mar- ket Decline. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 28.—For the first time in a week or more, stocks experienced a decided reaction in to- day’s market. For the first time also in a long while, activity increased on the decline, although volume was still moderate. The selling, which came into the list directly from the start, was professedly based on the U. S. Steel statement, with the small earnings for the com- mon stock during the fourth quarter, and on the prospect as outlined in the weekly trade journal reviews that im- provement during this gquarter would be slow and subject to interrupticns. There was no reason to expect any better showing in the Bethlehem Steel report, due Thursday, and so steel stocks were freely offered, with an ad- verse effect on the rest of the list. Oil Situation. The oil situation came in for a good deal of ccmment. It was feared that the whole pro-ration scheme might break down. Another unpleasant pos- sibility from the Wall Street point of view was that the veterans’ adjusted compensation bill might be enacted into law even over the President’s veto. Finally, the fact that the market had had such a long rise was urged as adequate reason for a reaction. The market cpened lower and ex- tended the losses during the first two hours. U. S. Steel, off less than a point on the first sale, was down over 2 points before noon. Naturally enough this was the stock picked out for attention by the bears. If Steel could be sharply depressed, the reut of the list ought to follow. Standard industrials, such as American Can, Westinghouse Electric, Bethelem Steel and, in the utility list, Consolidated Gas, American Telephone & Telegraph and Public Service ot New Jersey all sold off 1 to 2 poin Other Clun‘u Standard Oil of New Jersey receded under relatively light offerings. The other oils were lower, but not active. Stocks which had run up rapidly against the shorts in recent sessions, such as Auburn Auto, came down al- most as fast. Special pressure was exerted against the coppers on the statistical situation in the metal trade. Motor shares yielded with the others, with a new low for Studebaker and & point loss for General Motors. The rails were unable to stand up ngnms\, the weakness elsewhere. The popular view with regard to the carrier issues was that all the good news was out—the progress toward mergers and the attitude of the Interstate Commerce Commissfon with regard to recapture— while the fact of poor December earn- ings statements was yet to be reflected in prices. The only oflumng considera- tion was an increass in car loadings somewhat better than the seasonal rate. Early Market Irregular. Irregular price fluctuations charac- terized early trading. Transactions were smaller than on Tuesday, though the Stock Exchange's announcement of "lpproxlmnle sales” of 200,000 shares the first half hour gave only a rvuflh idea of what sales actually were, compared with 253,100 on Tuesday. United States Steel, Vanadium, Beth- lehem 1, Colorado Fuel, Republic Iron & Steel and United States Pi) Foundry were all fractionally despite the reporting by Iron "lurlhe\' slight llln in lcfivlty " Call money renewed at 11, per cent, un- changed. Active industrials moved in an in- determinate manner. _Air Reduction, American Can, Case Threshing, Gen- eral Electric, Westinghouse ‘and Radio were fractionally lower, while Colum- bian Carbon, Commercial Solvents, Standard Brands and Montgomery Ward were strong. Woolworth dropped an eighth in spite of a good earnings report for 1930. Mine shares moved & shade lower, led by Kennecott. In the rails Norfolk & Western touched a new high at 2123, up 1%. New York Central was off 1% points lin active trading. Southern Railway declined, while Atchison advanced. Public utilities were quiet. ~American ‘Telephone p:du lower ‘:t m(s;e & A.;xhurn Auto dropj 112 points. neral Mo- tors was off & Jude\ Studebaker was actively sold and touched & new low, later recovering. RECOVERY IN UTILITIES. NEW YORK, January 28 (Special).— The recovery in public utility stocks is accompanied by rumors of mew stock issues, buying into eperating companies by holding companies, and new mergers. Thé change in senti- ment toward this group is also based on the opinion in Washington that there will be no investigation of the power interests this Spring. Earnings of the public utilities continued to re- flect the quiet conditions in industrial centers and in the agricultural sections of the Southwest and Southeast. REAL ESTATE LOANS We are réady with first | mortgage money to loan for buying, building, or refinancing complet- ed properties. Come in talk it over REAL ESTATE MORTGAGE & GUARANTY CORPORATION 1610.K St. N.W. Call National 1403 Investigate Our Plan for Buying a Home! will pay you at least you have a lll.lble sum, we will ad mmnl Ivise g‘l & desirable vestment. Open Daily 9 to § Saturdays Until Noon NAtional 1381 [PERMANENT UILDING ASSOCIATION] CORPORATION PAYS OUT SBOWOWO DIVIDENDS “The Star. Nl’w .YOR-K January 28 —Trans- america uon. in mailing out current nd checks totaling more than umo onu unbunned l new mn buting quarte: plmm more than fl mders of its shares. The checks will reach individuais in every State of the Union and in more than 20 foreign countries. Tm: disbursement of 25 cents per share, covering the final quarter of 1930, brings total cash dividend pay- ments made by Transamerica for that year to more than $30,000,000. WHOLESALE PRICES AGAIN GO LOWER| =: Eggs, Pork, Grain, Copper and Wool Lower—Cotton, Silk and Lard Higher. ‘The weekly wholesale price index of the National Fertilizer Association, based on 476 quotations, declined five fractional points during the week ended January 24. During the preceding week the index number declined nine frac- tional points. The index number now stands at 77.7, compared with 78.2 for the preceding week, and 94.1 for the corresponding week a year ago. Five of the 14 groups comprising the index declined, three advanced and the remaining six showed no change. The group of grains, feed and live stock reflected the largest decline, Other foods, building materials, chemieals and drugs, and the group of miscellaneous commodities also declined. Slight ad- vances were made in textiles, metals and fertilizer materials. Twenty-six commodity prices declined during the latest week, while only 11 advanced. Eggs, 'k, cattle, hogs, feedstuffs, practically all” grains, cop- per rosin, rubber, hideu. cotton yarns, wool and tallow prlces declined. Ad- FINANCIACL., TIDEWATER LINES, INC. HOLDS ANNUAL MEETING The annual meeting of the stock- holders of the Tidewater Lines, Inc., was held at Waldorf yesterda; ‘The meeting was largely attended, 2,265 of the 2,800 shares of common stock was represented by those present and by Alben Nichols of Howud County, Md., was chosen chairman, and' the (Dllowln‘ directors elected: James P. Ryan, E.'D. Hathaway, James M. Mattingly, Judge Mitchell Diggs, J. W. Amflt Maurice Otterback and Ray Sims. At the meeting ot the directors, which followed the stockholders’ meeting, E. D. Hathaway was elected president; Mau- rice Otterback, vice president; James P. Ryan, treasurer and J. W. Arndt, secre- % Organized 1879 JOHN JOY EDSON, President vances were shown in the prices for cotton, cottonseed meal, burlap, silk, lard, sheep, tin, silver and turpentine. STUDEBAKER DIVIDEND. NEW YORK, January 28 (#).— Studebaker Corporation directors placed the common stock on a $1.20 an- nual dividend basis, hut $3 previ- ously paid, by de:l a quarterly dividend of 30 cents. Money to Loan first deed of trost on re Prevailing interest and commissio; L. Joull 1. Weller 40,7 REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD nyited on Bigh - slaw ilinger and osrties Un - On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified d confidential service. and Sunday to Baltimore tickets good in and honored on all ;; and including February Good returning on any train leaving Baltimore Saturday or Sunday to and including 11:03 P. M. train Sunday night. Baltimore & Ohio First Mortgage Loans Lowest Rates of Mferest and Commission Thomas J. Fisher & Company, Inc. Money on Hand to Loan en First Deed of Trust 6% Interest e JAMES F. SHEA 643 Louisiana Ave. N.W. Equttable Co-Operatwe Bldg Assn. S1st YEAR COMPLETED WALTER S. PRATT, Jr, Secretary Subscription for the 100th 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. able for home purchasing, to refinance present indebtedness, or,to improve your property. Loans repayable monthly. Money avail- No brokerage . . . No commissions CONSTRUCTION LOANS As Mortgage Loan Correspondent of the Metropolitan Life Insurance Company we always have ample funds available to loan on Washington Building SAFE “FIRST Over a Third of a Century fixed, Without a Loss tively National 2100 THERE' IS Large or Small projects. Consult EAVER BR REALTORS Our orgnmznhon is ful]y equlp})ed to as- sure immediate action on your lppln:ltxon. District 9486 ‘Loan Correspondent Metropolrtan Life Insurance Company Loans made in the Distriot Nearby Hervlent ana” C L irginia MORTGAGES SOUND- AND PROFITABLE That is the combination you enjoy with an invesment in our 6% FIRST MORTGAGES There is nothing problem- atic about the return—that's in amount and dates of payment; and the principal is se- cured, meanwhile; by conserva- appraised Washington real estate. improved May be purchased in amounts from $250 up. B.-F: SAUL CO. 925 15th St. N.W. NO SUBSTITUTE FOR SAFETY Mackubin, Goodrich & Co. ESTABLISHED 1899 BANKERS Members New York Stock Exchange Baltimore Stock Exchange Associate Member New York Curb Exchange INVESTMENT DEPARTMENT Bonds and Investment Stocks BOARD ROOM Latest quotations on active New York Stock Ex: change and New York Curb Exchange stocks and bonds always available. _WASHINGTON, D. C.