Evening Star Newspaper, February 12, 1931, Page 15

FINANCIAL. y Money to Loan Becured 1 3 e valiing. iaterest aid- commimmton Joseph L. Wel Money to Loan D.C. R:al Estate 6% Floyd E. Davis Co. 733 12th St. N.W. 3,50r10 Year Loans On Improved Real Estate IN NEARBY MONTGOMERY COUNTY ANI THE DISTRICT OF COLUMBIA LOWEST INTEREST RATES BOSSEFHELPS Founded 1907 oan Correspondent Hancock Mutual Life 0. 2 John Insurance National 9300 1417 K St. — First Mortgage Loan Applications Invited at 5% Glover fs? Flather 1508 H St. N.W. nal 1753 420 Wash. L. & Trust STORE SALES HERE GAIN1.3 PER GENT January Trade Average in Fifth District Slightly Un- der Record Year Ago. BY EDWARD C. STONE. Retail sales in Washington depart- ment stores in January showed a gain of 1.3 per cent over sales in January, 1930, the Federal Reserve Bank of Richmond said today in its month- ly mercantile re- port. Department store sales in the fifth Federal Re- serve district as a whole in January, 1931, averaged 3.2 per cent less than sales in the same stores in January, 1930, measured in dollars. Of 78 stores which re- ported, located in 40 cities and towns in the fifth district, 36 stores reported higher figures for last month, while 42 stores sold less than in January, 1930. ‘The Richmond district made a better showing than most other reserve dis- tricts, the Minneapolis and Kansas City districts being the only ones which showed smaller decreases for January this year in comparison with the same month of 1930. The average decrease in sales for the entire United States last month was 7 per cent, based on reports from 557 stores located in 255 cities and towns. The accompanying table shows in- dividual percentages for cities in which three or more stores reported for, Jan- uary, the percentage increase or de- crease in sales in January, 1931, being compared with January, 1930, George W. White, Per cent 5. Other cities Pifth district, 78 stores. United_States, West Virgini THE EV FEDERAL BANK IN BALTIMORE LENDS $76,877.420 SINCE 1916 Report Shows Farmers of Nearby States|ac Have Paid Back $8,108.803 on Principal. Loan Policy Explained. The farmers of Virginia, West Vir- ginia, Delaware, Maryland, Pennsylva- nia and Porto Rico have obtained loans from the Federal Land Bank of Balti- more amounting to $76,877,420 since its organization in 1916, according to the quarterly report of the Federal Farm Loan Board. On these loans the farm- ers have paid on the principal $8,108, 803, making the net loans of this inst! tution outstanding $68,768,616. loans are made through local national farm loan associations. They are all long-term loans for 30 odd years and the payments on the principal are made systematically by the borrower paying one-half of 1 per cent on the original principal each six months at the time when he pays his interest on the prin- cipal. ‘The Federal Land Bank of Baltimore is owned by the national farm loan associations of the district which, in are awned by the borrowing farm- ers. ''These associations have invested in stock in the bank, according to the Farm Loan Board's report, $3,131,905. At the turn of the year, the bank had invested in farms upon which it had foreclosed $541,709, at least that is the amount for which the farms were car- ried on the books of the bank. A reserve equal to this amount was set up against these farms which had been accrued. Of the total delinquency on instal ments due, amounting to $1,109.481, & reserve had been set up amounting to $848,232. Sales of Farms. Quite aside from the data contained in the Farm Loan Board's report for the | close of the year, a statement by Vu-| losko Vaiden, president of the bank, shows that that institution sold 184 farms ddring 1930 compared with 120 in 1929. ese sales were made de- spite the drought condition in part of lfle area covered by the bank and rep- resents an increased sales effort on the part of the local national farm loan as- sociations involved and the bank. “Ordinarily, we obtain a down pay- ment of 20 per cent of the sales price,” says Mr. Vaiden. “The farms which ‘we handle are those vpon which we-are forced to foreclose because the owner has been unable, for some reason, to pay his installments and has become so delinquent that it is necesary for us to take over the farm. The bank, of course, is not in the farming business and does not wish to own farms, but it *The Carolin *The Carolinas contain mearly half of the Teporting stores, but most of them are small gfiablishments, and combined sales in those E only " abou the Afth district total. by Percentage changes for January, 1931, reported by other reserve districts were Management —is a profession in which to | qualify, one must have years of | actual experience. He Must Know —in advance, the likes and dis- likes of dseirable tenants in order to keep them permanent occu- pants. The item of Tepairs, if ap- plied judiciously, spells profit to the owner. 1 Otherwise—Loss Our Service Insures Prompt Collection and Immediate ttance. We Solicit Your Patronage | CHAS. D. SAGER | Rentals, Loans and Insurance National 0036 ~ 824 14th St. | National Dairy / On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. \| Maryland Personal Bankers, INC. 8405 Georsia Ave., Silver Spring, Md. Phones Shepherd 2854-53. The @; Guaranteeing Trode Mark Satisfaction O rereremerrer st st A Department Store for the Business Executive Caring for his most unusual needs, as well as filling his or- ders for staple items of Office Equipment. This store is your best source of supply for Window Drapes Legal Blanks Posture CHairs Desk Lamps Steel Lockers and hundreds of items not car- ried by the average stationer, ‘When You Want the Unusual Try Nat'l 9176 \ We're Rightly Called the Business Man's Store STOCKETT- HKE CO ICING STATIONERS - WA || tova. as follows: Boston, —9 per cent; New York, —6 per cent; Philadelphia, —11 per cent; Cleveland,-—&6 per cent; At- lanta, —8 per cent; Chicago, —5 per cent; St. Louis, —6 per cent; Minne- apolis, —2 per cent; Kansas City, —.0 ; Dallas, —8 per cent: San Francisco, —9 per cent; United States, —17 per cent. Bank President’s Anniversary. George W. White, who completed 22 years as president of the National Metropolitan Bank in January, received hearty congratulations from his close {riends yesterday on the occasion of his birthday. Mr. White became connected with the institution in 1885, leaving the bank in 1904 to help organize the Com- mercial National president and with the Commercial until elected president of the National Metropolitan. Mr. White was born in Washington, educated in the public schools here and took the degree of LL. D. at Villa- Starting at the bottom in field, he worked his way has to protect itself and the source of funds to loan—that is, its tax-exempt bonds sold to investors all over the country. At the beginning of this year, we had on hand 196 farms. 'Of these, 63 were in Virginia, 18 in West Virginia, 94 in Pennsylvania, 4 in Maryland, 1 in Delaware and 18 in Porto Rico. “The bank carries a 100 per cent re- serve against all of these farms and also against all delinquencies overdue 90 days or more. This gives the bor- rowers from the Federal Land Bank-of Baltimore, who are the owners through their ngtional farm loan associations, a sense of security and pride in their co-opergtive institution. They appre- clate that these farms are worth much money, but if we set up & reserve against them of 100 per cent there can be no question about the value of the bonds of this institution, which are backed up primarily by first mortgages on farms in the States in which the bank does business. “The Federal Land Bank makes what is known as an amortized loen, that 1s, the borrower pays a stipulated amount each six months on -the .principal as well as paying the interest. A 5% cent loan, upon which an additi per cent of the original principal 18 paid, will wipe itself out in 34!, years. The th amortized loans which they have ob- tained through hundreds of local na- tional farm loan associations in this through every important department to the top of the profession, At the same time he has had a host of other varied and important interests. He is president of the Potomac Insurance Co,, treasurer American Peace Society, ctor Lanston Montoype Co., and treasurer Park Savings Bank, er- ican Automobile Association. Mr, White is a member of the New York Avenue Presbyterian Church, Emergency Hospital , Chevy Chase, Columbia, Army and Navy, Cos- mos, University, Metropolitan and se eral other clubs, including the {::nixao{hflew z’ork. .'l;‘ne bank in which e irit is 117 years old, havmggleen lounded in 1814, National Dairy’s Net Higher, Thomas H. McInnerney, president of Products Corporation, says that net income of National Da for year ended December 31, 1930, be slightly higher than for 1929, with sales around $400,000,000, against about, $390,000,000 in 1929. Inventory at the end of 1930 will stand at around $25,- 000,000, against $13,000,000 at the end of 1929, due to inventory taken over with the acquisition of Kraft-Phenix Cheese Co. Business of the company last year in England and Australia was good, he said. The cheese business was good in England and Prance. Will Hear Advertising Talk. A number of Washington bankers will attend a luncheon to be given by the Baltimore Trust Co. in Baltimore next . R. ; president of Trans- America Corporation and president of the Financial Advertisers Among the Washington bankers ex- pected to attend the luncheon are: John Poole, president of the Federal-American National Bank & Trust Co.; Edward J. McQuade, vice president of the National Bank; Bertram Chesterman, president of the Morris Plan Bank of Washington; B. Agee Bowles, vice president of the Potomac Savings Bank; Nelson B. O'Neill, man- ager of branches, Riggs Nationa] Bank; Eliot H. Thompson, Washington Loan & Trust Co., and Robert L. Flather, American Security & Trust Co. Don Knowlton, publicity the Union Trust Co. of Cleveland, will deliver the principal address on “What Banks Will Have to Scll in 193L.” Heard in Financial District. J. Prank White, cashier of the Na- tional Bank of Washington, is back at his desk after six weeks’ confinement at his home with a broken arm. Mr. White slipped on an icy street in front of his house and sustained four separate fractures. He made a splendid recovery. 1t is e: that many of the out- of-town rs attending the bank management conference here on Feb- ruary 26 and 27 will remain over for the annual et of Was| Chapter, American Institute of Bank- ing, on the 28th. lnfllc!flon's‘hgolnt to another large attendance at big annual event. The New York Chapter, American Institute of Banking, holds its annual banquet Saturday night, several local bank to lrlé:nd. “|ber 31, ‘| Street Journal, shows net income of of the Exchangs, has been to home for a few days t?’flu hrlflgn et hel of ye come to be very popular, ‘Tickers were p‘-’&m in the local brokerage houses today and the Stock Exchange also noted Lincoln’s birthday anniversary. b Jamalcs expects many tourists this yean, i o il i) ce at has | B¢ district have an opportunity to save systematically and thus acquire an es- tate. During this time their neighbors who have short-term loans frequently pay & higher rate of interest and com- ons continue to ‘live with their loans’ and make little or no progress in paying them off. Farming is not such 3 &mfluble industry, from the stand- point of cash returns, that a farmer may hope to make substantial in wiping out his indebtedness he does not about it systematically. The am d loan, such as the Fed- eral Bank tional 1 z e with no greater cost to he was paying for a short-term loan in interest, commissions and other ex- Shorter-Term Loans. Although the quarterly report of the Federal Farm Loan Board does not show_the number of farmers w] eral Intermediate Credit Bank of Balti- more, which is housed with and officered by the same officlals as the Federal Land Bank, President Vaiden recently estimated that more than 100,000 farm- ers have been recipients of loans from this bank through their co-operative marketing associations handling to- bacco, cotton, apples and coffee, the latter product, of course, representing loans in Porto Rico. The loans made by these banks are not made directly to armers in any instance—they are made to keep co-operative marketing assoclations upon their notes backed by warehouse receipts representing staple commodities in storage, such as those just enumerated. The Federal Farm Loan Board has approved a score or more of such commodities, but no other co-operative associations in this district to date have made use of loans. Ad- vances on these commodities usually amount to from 60 to 65 per cent of the current value. They thus enable the co-operative to advance to the farmer a liberal proportion of the value of his products at the time he brings them to the rative to market. “An inc of |[kind of credit has this bank,” continued Mr. refer to the discounts of farmers’ notes given to local institutions, the proceeds from which have been used for agri- cultural purposes, including the feeding, breeding or raising of live stock. These local institutions include banks (both State and national) and agricultural credit corporations. The local institu- tion makes the loan, takes the farmer’s rote and discounts it with the Federal Intermediate Credit Bank. Such loans usually run for periods commensurate with the farmer’s operation for which the funds were borrowed. Such credit is considered essentially self-liquidating, for it is the intention of the borrower to_rej at_the maturity of the - SOUTHERN RAILWAY REPORTS 1930 NET reliminary report of Southern Ra’fx‘::n)? c!o for Ke year ended Decem- 1930, according to the Wall $0,126,512 after taxes and . charges, equivalent after 5% preferred dividends o $4.72 a share on 1,208,200 shares of common stock., This compares with $18,128,787, or $11.65 & share, on com- manmm l”l’imlnnry‘ income sccount for the ymw:uu compares as follows: + ,310,383 ,133,116 ovaae Jreme: PIRATH Pl Net operat’g income $19,708,163 Other Ecom . 236,169 t 1 €., taierests, Fiohts Not income . ousands of farmers who have |-+ tion for which he borrows. During the greater part of last year the interest rate charged the farmers’ co-operating marketing associations was 4 per cent, and this same rate prevailed on the loans made to local institutions which had to offer farmers’ notes to us as collateral. The local institutions could not charge the farmer more than 62 per cent for such money. Expect Larger Discounts. “This year we expect an increased volume of discounts representing loans which local institutions have made on dairy and feeding cattle, and.also an increased amount of business from the potato and truck growing sections of our district. In fact, we anticipate a healthy expansion in our discount busi- ness. This will come to us from more credit corporations, which will probably be organized with a view to making loans and discounting them with us. We also will receive more business from the bankers of this territory, either in the way of notes offered by their banks | for discount or from agricultural crt‘dl!' ich they will establish.” 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 f‘%. MORTGAGE LOAN CORRESFPONDENT FEDERAL CREDIT BANKS REPORT RECORD LOANS By the Associated Press. The 12 Federal intermediate credit banks loaned $109,927,063 to farmers’ co-operative organizations in 1930 and unted notes for $109,047,068, the roceeds of which had been loaned by 1 institutions. These totals were shown in the Tx;.r- terly report of the Federal Farm n Board, made public today, and were greater than for any year since the or- ganiation of the banks in 1923. Loans to co-operative marketing or- ganizations outstanding at the end of 1930 amounted to $64,377,067, of which loans on cotton totaled about $39,000,- 000, wool, $9,000,000; grains, $3,500,000; dried fruits, $5500,000; canned fruits and vegetab] $2,70 Trice, $2,100,- 000, and beans, $1,300, U. S. TREASURY BALANCE. , The United States Treasury balance announced today as of close of busi- ness February 10 was $162,714,412.07. Customs receipts for the month to date were $8,743,517.71. Total ordinary ex- penditures, $9,166,22: REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications invited on high - class apartments and dwellings, and partieu- Iarly on well located business prope: for 3, 5 or 10 vears, if so des! 1520 K St. N\W. National 0475 - New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 RENTAL MANAGEMENT We solicit the Rental Management of your property whether Apartment, Residence or Business PROMPT REMITTANCES Qur organization is complete as to weuril:z tenants, making collections and supervision repairs. Without obligation to you we would be glad to discuss this with you. Randall Mortgage Loan 24-hoyr Telephone Service H. Hagner & Company Correspondent New York Life Insurance Company 1321 Connecticut Ave. N.W. Phone Decatur 3600 Going Amn by looking Back The investor who looks back over the records of the eompanies behind his securities gets hold of facts that @ensble him to go shead. Once every quarter is not oo often to find ‘out how much your companies are earning, what balance sheet disclose and what their pla; ind P. & L. statements are for the future, This information is available at our office. FENNER & BEANE COMPLETE BROKERAGE SERVICE # Washington Ofice 2 23 430K Strect, N.W, 5, .Telephone Natfonal 7008 © J. D. MOTHERSHED. Manager Members: New York Stock Bxchange and other principal Exchanged * PRIVATE WIRES TO NEW YORK, NEW ORLEANS, CHICAGO National Metropolitan Bank 15th St., Opposite U. S. Treasury 1814—Oldest National Bank in the District of Columbia—1931 LINCOLN The Great Emancipator —was but a lad of five, when this bank began business f[Conservative man- agement and Service have made The Met- ropolitan a leader, ever since 1814, PROPERTY Apartment House MANAGEMENT of MANAGEMENT AKING an apartment house pay is a matter an analysis of existing cone ditions—bringing income up and upkeep down. That requires the kind of experience our over a third of a century has given us—ex. perience that is at your service, B. F. SAUL CO: 935 15th St. N.W. MORTGAGE Nat’l 2100 LOANS NG STAR, WASHINGTON, D. C, THURSDAY, FEBRUARY 12, 1931. Authorized Service United American Bosch Magneta Corp. (Robert Bosch & American Bosch) & Splitdorf Magnetos MILLER-DUDLEY CO. 1716 14th St. N.W. North 1508-4 Shoreham Building OU can't imagine a more modern and up-to-date office build- ing than the Shoreham. It has many unusual fea- tures; everything is planned on a generous scale. Rooms are roomy, flooded with daylight; thoroughly ventilated; finish is in good taste; lobbies and halls re- finedly attractive—and every detail of service efficiently carried out un- der constant executive supervision. Add these to superior location and select tenant list—and you have the ideal in offices. Inspection of avail- able space is solicited. ‘Whether single rooms or extensive suites are required you'll find just what you are seeking. There’s prestige in being @ tenant in the Shorehom Building MSKEEVER £ GOSS 5 Representative of the Owners SHOREHAM INVESTMENT CO. Rental Office, Room 520 15th at H National 5643 FINANCIAL. Business has DOUBLED since 1923 CHAIN stores today do 16% of the country’s retailing — twice the volume of 5 years ago. Conservative authorities predict a further doubling by 1940. Yet, the prices of the common stocks in this portfolio are back at the low levels of 1925. Your local investment dealer o bank can give you full details CHAIN STORE SHAREOWNERS INC. MERRILL, LYNCH & CO., DISTRIBUTORS 40 WALL STREET, NEW YORK CITY There Is No Substitute for Safety Millions of dollars are invested every year in our First Mortgage Real Estate Notes. These funds are intrusted to us by discriminating clients who insist on a non-fluctuating security with an interest return as high as is possible when absolute safety and sound business practice Is considered. The properties on which these notes are secured are located in the District of Columbia and adjacent Mary land and are carefully appraised by the officers of this Company. Now available in denominations of $100 and upward. N-& LUC 1435 K Street N.W, of Shareholders The holders of registered securities of the Associated System increased from 186,332 to 220,484 during 1930. Every state of the United States is represented, as well as 27 other countries and their dependencies. The 1930 growth is shown below: 1929 1931 ORTH pocember Jamuary N AMERIC& UNITED STATES Alabama Arisona Arkansas California Colorado Connecticut 4,191 Delaware 178 Dist.of Columbia 522 Florida 585 Georgia 393 Idaho 59 Tilinois 10,652 Indiana 1,453 Jowa 145 Kansas — Kentucky 2,411 Louisiana 99 Maine 1,256 Maryland 1,814 Massachusetts 12,192 1,287 1,499 58 891 109 126 49 356 8,681 1,006 4,511 273 770 1,118 a5 81 11,102 1,813 720 120 2,791 649 2,307 2,006 15,827 1,587 1,583 56 1,665 1 414 4“ 2,438 8,615 53 81,679 295 103 1,731 327 “ws 43,979 2,962 102 38 18 8,233 1,095 >y S A Conservatively 1929 1931 U.S.Continued December Jl:’-v South Carolina 289 South Dakota 548 Tennesses 747 Texas Utah Vermont Virginia Washington 324 Eilm B il:..m..i’ Total No. America 181,004 213,308 SOUTH and CENTRAL AMER. Brasil Canal Zone Costa Riea Guatemala Peru Venezuela ‘Total So. & Cent. Amer. 1 EUROPE British Isles England g i i {1 .t-l'.lflo- l-‘o'lfl» i [P it l & ) o | H:l:..n.h. .L.. .L.-... fls_......h i inclined investorswill find Associsted Gas and Electric Sys- sem Debenture Bonds extremely at- tractive atpresent prices. One or more issues of bonds o stock are listed or SERVING 1,428,000 CUSTOMERS IN. 26:: _PROVINCES, MARITIME To invess, or for information, write Associated Gas and Electric System TES, THE CANADIAN AND PHIRIPPINE ISLANDS,