Evening Star Newspaper, February 14, 1931, Page 11

Nl FINANCIAL OFFICERS OF GARL COMPANY ELECTED Treasury Bills Sold—Bond Club to Meet—Other Financial Notes. BY EDWARD C. STONE. At the annual stockholders’ meeting of Call Car], Inc., the following direc- tors were re-elected for the ensuing ear: xu-m-n F. Carl, Edmund O. Carl, 1, Fred- erick O‘rL Chl in !‘ Bauman, Jmph A, Burkart, George E. Kenelpp, James E. Smith and Eliot H. Thomson. ‘At the organiza- tion meeting of the board of directors the following offi cers were re-elect- ed for the ensuing year: Herman F. Carl, president; Ed- mund O, Carl, vice resident; Freder- ck Carl, treasurer; Louis C. Carl, sec- retary; George E. Keneipp, _general manager; Joseph A. Burkart, counsel, and Chapin B, Bauman, attorne; Reservations Coming in Rapidly. 1. J. Roberts, chairman of the insti- tute’s Dinner Committee, ‘reports that Teservations are coming in rapidly for J. Roberts, . the big annual event which takes place + of 90 at the Willard on Saturday evening, February 29. Last year's attendance ‘was over 700 and it is expected that as many bankers and guests will be pres- ent this year. The banks are taking large blocks of tickets and no doubt a ood many out-of-town bankers here gor the management conference will find it agreeable to remain over another day. In addition to speeches by Ben Aley, president of the institute. and Rome C. Stephenson, head of the American Bankers' Association, an elaborate en- tertainment program has been arranged, made up of the very best talent availa- ble. It will be the first time that the president of the American Bankers’ As- locutlon has attended one of these Jocal events. The affair is open to all bank_ officers and students in Washing- ton Chapter, of which Frank M. Perley 1is president. Lauds Life Insurance Trusts. Gilbert T. Stephenson, president of the trust company division of the Amer- ican Bankers' Association, recently is- sued a bulletin in which, ln’:sng other this the following was sa! ‘%e truly astonishing growth in the development of the life insurance trust during the past decade has been due, in large measure, to the active and public-spirited support of the great life insurance companies of America. The United States is the most heavily Insured «Nation, in the world. Seventy cent of the world's life insurance is , although the United States has only 6 pe'r cent of the world’s popula- (> tion. Approximately 1,000,000 new life policyholders were added in 1930.” Treasury Bills Far Oversubscribed. Completion of the sale of $154,218,000 -&y Treasury bills at an average of $99.695 is announced by ry Mellon. A total of $346,532,000 was applied for. ‘The highest bid was 99.783, equiv- slent to an interest rate of about 0.86 cent on an annual basis. The fi:u: bid accepted was 99.671, equiva- lent to an interest rate of about 1.30 cent. ”’;‘he bills will be dated February 16 and mature next May. Bond Club Meets Monday. ‘The next regular luncheon meeting of the Bond Club of Washington will u held Monday noon at the Carlton otel, beginning at 12:30 o'clock. Wil- !Hfl H. Hemingway of Hemingway & Associates, New York City, will address the club on “Pinancial Analyses and the Present Economic Situation.” He is an outstanding authority on analysis and inf tion of financial statements, and lectured on this and kindred subjects. He is the author of “Finan- cial Statement Interpreter,” and nu- merous other publications of finance. He is also to give a lecture on curity Analysis” at the Hamilton Hotel Tuesday afternoon, at 4:30, to which he has invited all students of in\"esl- ments to be present. Other Financial Notes. Jjes W. Clayton, president of the Wi n Association of Credit Men, will preside at the annual banquet of the organization to be held at the Wil- Jard Hotel tonight and District Attor- ney A. Rover will act as toast- master. The daily average volume of Federal Reserve Bank credit outstanding during the week ending February 11, as re- rted by the Federal Reserve banks, ‘was $948,000,000, a cecrease of $19.- 000,000 compared with the precedingy! ‘week and of $233,000,000 compared with the corresponding week in 1930. Net income of American Express Co. ‘(including American Express Co., Inc.) for year ended December 31, 1930, was $1.207495 after taxes, reserves and other ‘deductions, against $2538646 in 1929, PIPE LINES VITAL HELP TO BUSINESS| Heavy Expenditures in Extending Natural Gas Are Booked for Present Year. BY JOHN H. VAN DEVENTER. For a long time, people living in towns and cities close to ofl fields have enjoyed the advantages af ‘“natural " “As a fuel for the kitchen stove or other purposes, it has advantages from the consumer’s standpoint, besides | costing him considerably less, Developments in electric welding have made it possible, during the past few | years, to make large diameter pipes | sheet steel at low cost. One step ys leads to anoter in the matter of industrial progress; and now we find steel pipe lines from 20 to 24 inches in diameter, stretching across the country, to cafry natural gas to communities many hundreds of m.ilcs from its source. The longest gas line now bullding thus far is one extending from the South- western oil fields to Pittsburgh, a dis- tance of approximately 1,300 miles. Lns” year was our biggest year for new co struction of pipe lines, half a billion dol lars being spent for that purpose in 1930. Nearly every week some big new | pipe line project is announc: The estimate for this vear is double that of last year, or one billion dollars. Getting intc the billion-dolar class puts an industry well up in the ranks of the “big 10” of American irdustries. For this is more tkan we spend in year for our boots and shoes, about as much as we spend for tobacco, and slightly under what we spend ‘or all of our bread and bakery products. Of course we cannot expect pipe line construction to keep on increasing in- definitely at this rate, for, like railroad construction, there is some limit to the number of mi'es that can profitably be utilized. Butitisa mlghty hlndy thing to have this boom in pipe lines come at po L this time. (Copyright by Dnited Business Publishers' CURB SEAT $120,000. NEW YORK, Pebrusry 14 (- rangements - -hut-uevvwkcurbmhnnce membership at $120,000, lnnumuvo( the previous THE EVE G STAR. WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s ( Bfll) (250s), which shows those stocks were sold in odd lof ~Prev. 1931 Stock and High. Low. Dividend Rate. 1215 9 Abitibi Pow & Paper 28 16% Adams Exp (1.60). 251 224 Adams Millis (2 515 2% Advance Rumley. 1041 9214 Air Reduction (143) 9% 7% Airway ElAp (60c). 1% Ajax Rubber........ 7 Alaska Juneau (40¢) 12 7% Alleg Corp 58 39% Alleg Cp $30 ww 6% 179% 15315 Allied Ch & Dye (n6) 381 827 Allis Chalmers (3).. 18% 15 Alpha Port Cmt (2). 62% B4% Am Bank Note (13).. 11% 8% Am Brown Bov 6214 45% Am Br B Ept (7) 120% 106% Am Can (15).. 148 145 Am Canpf (7 3413 27 AmCar & Fdy (§) 85 Am Chain pf (7). 384 Am Chicle (13). 14% Am Colortype (2.40). 9 Am Comel Alcohol. . 19 Am European Secur. 26% Am & For Power.... 74 Am & For Pw pt (6). 865% Am & For Pw pf (7). 67% Am & For Pow 2d pf. 477 Am Home Pr (4.20).. 18% Am Internat (2).... % Am La Fr & Foamite 7 AmLaFr & Foam pt ll')n 724 Am Locomot pf (1) 31 Am Mch & Fdy 1.40 315 Am Mach & Metals. . 16% Am Metal Co.. . 2215 Am Nat Gas pf (7 50 Am News (1312). 45 AmPow &Lt (11). 15% Am San u) 26% Am Roll Mill (n2)... 57 Am Safety Razor (5) ‘Am Ship & Com..... 40% Am Sm & Ref (4). 37 Am Snuff (1334) 213 Am Solv & Chem. Sales— 3 10 3 10 15 974 Am Sumatra Tob. 15% Am Tel & Cable (5) 176% Am Tel & Tel (9). 104 Am Tobacco (16). 104% Am Tobacco B (16). 105 Am Type Fdy pf (1) 53% Am Water Wks (3).. 54% Am Wat Wks cfs (3) 21 Am Woolen pf 26 Am Zine & Lead pf.. 29% Anaconda Cop (214). 27 Anchor Cap (2.40) 13% Andes Copper (1)... 15% Archer-Dan-M (2).. 3 Armourof Jl1A..... 2 Armourof N B..... 314 Armour of IlI pf (7) 3% Arnold Constable. 20 ArtMet Const (1.60). 22 AssoDry G (2%). 17814 Atch To & S Fe (10). 10215 Atch T & S Fe pf (5). 49% Atl Gulf & W I pt (5) 18 Atlantic Refining (1) 4515 Atlas Powder (4). 101% Auburn Auto (£4) 1 Autosales g 3 Aviation Corp of Del 20% Baldwin Loco (1%). 8815 Baldwin Loco pt (7). 108 68% Balto & Ohio (T).... 19 8 Barker Bros (2) 1108 11% Barnsdall (A) (1)... 12 65 Beatrice Cream (4).. % 5 108 Beatrice Crpf (7)... 1 16% Bendix Aviation (1). 70 321, Best & Co (2). 18 45% Bethlehem Ste 114% Bethlehem St pf (7) 24 Blaw-Knox (1%). 20% Bohn Alum & Br 1 60 Bon Ami (A) (4). 67% Borden Co (k3). 20% Borg. Warner (1)... 16% Briges Mf (11.62%). 1615 Brigzs & Strat (2).. 15% Brockway Mot pf. 58% Bklyn-Man Tr (4) 5% Bruns Ter & Ry S. 14% Bucyrus (1). 25 Bucyrusev pf l"‘/fl 9 Budd Wheel (1). 11%_.Bullard Co. 11% Bulova Watch (13 21%5 Burroughs A M t1%. 104 100% Bush Term deb (7). 111% 109 Bush T Bldg pt (7).. 114 Butte Copper & Zinc. 75 Byers (A M) a Byers (A M) D! 42% Calif Packing (4)... 8 Calumet & Hecla. 11% Camp W&C Fy (1) 29% Canada Dry G A (3). 381 Can Pacific (235). 3 Capital Admin A fil'v. Case (J 1) (6). 114% 111 Case (J 1) pf (7).... 10 80% CaterplliieTiac (14) 1sq 513 Celotex C . 20 Cent Aguir 2215 Cer de Pas Cop (2).. 178% Checker Cab (1.80).. 391 Ches & Ohfo (2%). 40 Chesapeake Corp (3) % Chi & Alton. % Chi & Alton pf 6% Chi Great Western. . 19% Chi Great West pt 5% Chi Mil § 915 Chi M 33 Chi& Northwest (4) 915 Chi Pneu Tobl...... 2 Childs Co (2.40) % Chrysler Corp (1)... 1 o City Ice&Fuel (3. sn) 2% City Stores. 5015 Coca-Cola A (3) 47 Colgate-Pal-P (2%). 9 Collins & Afkman. .. Collins & Ak pf (T) 21% Colo Fuel & Iron (1), 383% Col Gas & El1(2).... 7% Col Graphoph (a%). 73% Columbian Carb (16) 18t Comel Credit (2). 34 Comecl Credit A (3 1 211% Comel Cred pf B (2). 108 Comel In Tr (£1.60). 2 15% Comcl Solvents (31). 62 & Cmwlth & Sou (60c). 108 6% Congoleum-Nairn... 12 22 Congress Cigars (4). 4 Congol Cigars (5)... 15% Consol Film pf (2).. 8214 Consol Gas N ¥ (4). 102 Con Gas of NY pt(5) % Consol Textile. . 615 Container A (1 16 11615 108 106% 25 654 100 14 1 1z 51 41 32 3 24 304 19 e = 104% i) 8la 3 oo I 4 Contl Baking B. 4 Contl Baking pf 47 Contl Can (2%) 10% Contl Dia Fibre 41 Contl Insur (2.40) 274 Contl Motors. Conti Oll of Del. Contl Shares (1) . Corn Prod (13%). 4 Coty Inc. Crucible Steel pf (1) Cuba R R pf (6) Cuban-Amer Sugar., 2214 Cuban Am Sugar pf. 13 Cuban Dom Sugar... 41 Cudahy Packing (4). 897% Curtis Publish (17). 1134 Curtis Publish pf (1) 2% Curtiss Wright Corp 3% Curtiss Wr Corp A.. 35 Cutler-Ham (3%). 13% Davison Chemical 20' Deere & Co (1.40) 27% Denver & RG W p!f 13 Devoe & Ray (1.20) 147 Diamond Match 24% Dia Match of (1. #7s Dome Mines (1) 14'» Domn Stores (1.. 61% Drug Corp (4) 5'% Dunhill Internat. 83% Dupont de Nem (4) 4 118% Du P de N deb pf (6) 102 Duques Lt 1st pf (5) 143% Eastman Kodak (18) 128% Eastman Kod pf (6). 13% lon Axle (1.60) 3% Eitington-Schild. 854 gSitington-Schild pf. 50% Elec Auto Lite (6) 3% 1008 3% 100 1 18% 6 94% 12114, 10415 168% 130 164 172% 130% 1% 9 14 508 2 10 5915 En hange Buf u;s’)“ 308 24% 22 Fairbnks Morse1.60, 3 109% 104 Fairbanks M pf (1)..100s Wat Sv, Prey Add 00. High. Low. Close. Close. 10% 220 10 21% 231 4 30% “100% 109 2 53% 100 104% 44 4% 271 3 6 21% 21% 22% 22T 103% 1084 p... ~Prev. 1931~ Low. High. 51 46% Stock and Dividend Rate. Fid Ph Fire In (2.60) Firest T & R pf (6).. First Nat Strs (2%). Fisk Rubber Fisk Rubber Florsheim Sh A (3). Follansbee Bros. 4 Foster Wheeler ( Foundation Co Fourth Nat Inves! Fox Film A (4). Freeport, Tex (4). Gamewell Co (5)....2008 Gen Am Investors. .. Gen Am T Car(t4).. 16 Gen Asphalt (3). 12 4 Gen Bronze 51 Gen Moto 4 Hanna pf (7)....... Gen Cable Gen Elec (1.60) Gen Focd Corp Gen G & El A (e3 Gen G & El cv pf (8). 3). Gen Motors pf (5) Gen Ry Signal (5)... Gen R'& Ut pf (e6) .. Gen Refractories (4) Gen Theater Equip. .79668 Gillette Saf Raz @. 34 Gimbel Bros. 9 Gimbel Bros pf (7). Glidden Co Glidden pr pt (1) Gobel (Adolf). Gold Dust (234)..... 120 Goodrich (B F) Goodyear Tire (5). .. Goodyear 18t pf (7).. Graham-Palge. . Granby Consol (2) Grand Sl Strs (h1 and Union pf (3 anite City St (3), Grant (W T) (1) Grt North pf (5) Grt Nor Ore (2). Grigsby Grunow Guantanamo Sugar. . Gulf Mobile & North Guif States Steel. Hahn Dept Store; Hall (WF) Pr Co (2) 1 1 2 5 501 Harb Walk Ref (2).. 5 Hayes Body. Hercules Pow pt (7) 1|7l Hershey Choe (5). Holland Furn (12 Hollander Sons Houdaille Hers] Houston Of1. Houston Of] ( Howe Sound (4)..... Hudson Motors (3).. Hupp Motors. .. Illinols Central (7).. Indian Motor Cycle. . Indian Refining. Indust Rayon (4). Inspiration Copper. . Ins ctfs (Md) (60c). Interb Rap Transit. . Interlake fron (1)... Int Bus Mach (n6) Int Cement (4).. Int Combustion. Int Comb Eng pf. Int Harvester (2 Int Harvester pf (7 Int Hydro Bl A (ez). Int Nickel (80¢). Int Paper & Pow Int Paper & Pow C Int Pap & P pf (7). Int Salt (3) » T Inter Dept Strs (2).. Inter D St pf xw (7). Investors Equity. . 4 Island Cr Coal (4). Jewel Tea (4). ¢ Johns-Manville Jones & Laug pf (7) Jordan Motor Car. Kayser Julius (24). Kelly-Spring Tir Kelsey Hayes (2)... Kelvinator Corp. .... Kendal! Co pf (6) . * Kennecott Cop (2) Kimberly Clark 2 Kolster Radio. Kresge (SS) Co 1.60. Kreuger & T (a1.60). Kroger Groc&Bak(1) Lambert Co (8). Lane Bryant (2). Lehman Corp (3).... Leh Val Coal pf (3).. Lehn & Fink (3). Lizg & Myers B (15) % Liquid Carbonic (4). 1nw. m'm 41n 2001 an 62 % 15% Loew's Inc (3) ToftIne. . ... Lorillard (F) Co. Louisiana Ofl. .. .. LouG&EA (1%) Louis & Nash (7). Ludlum 1 Ludlum Steel pf..... MacAn & For (2.60). McCrory A (2 McCrory B (2). McGraw-Hill (2) 9 McKes& R pf (3%). McLellan Stores. Mack Trucks (4) Macy & Co (nt3) Magma Copper (3) Manati Sugar. Mandel Brothers Man Elev mod g (d5) Maracaibo Oil Ex; e Marine Mid (1.2 Market St Ry pr nf Marmon Motor Car. Marshall Fleld (21 Mathieson Alkalf (2) May Dept Strs (2%). Melville Shoe (2) Mengel Co - Mexican Seaboard. .. Mid-Cont Pet (2).... Midland Steel (3). Midland Steel pf (8). Minn Moline Pow. .. Mo Kan & Tex pf (1) Mo Kan & Tex (a3).. Missouri Pacifie. ... Missouri Pac pf (5). Mohawk Carpet. ... Monsanto Ch (x1%). Montgomery Ward Mother Lode. . Murray Cor Nash Motors ( Nat Acme (80c) . Nat Bella Hess . Nat Biscuit (2.80)... Nat Cash Reg A (3). Nat Dalry (2.60). Nat Dist Prod (). Nat Pow & Lt (1). Nat Steel (2 Nat Supply pf (7)... 308 Nat Surety (5) Nat Tea (1) 4 Neisner Bros (1.60).. Nevada Copper (1) Newport Co (1). Newton Steel. . N Y Air Brake (2.40) N Y Central (8). N'Y Dock pf (5). N Y Invest (1.20). N Y N H & Hart (6). N Y Steam pf (6).... 10 Norf & West (112) North Am Avigglon.’. Nor Am (b10%Vstk) . Northern Paeific (6). Norwalk Tire & Rub, Ohio Oil (1) Oliver Farm Eq new, Oliv Farm Ea pr pf. . Omnibus Corp. . Oppenheim Col (3) Otls Elevator (2%).. Otis Steel Otis Steel pr pf 11) . 10- Pacific Gas & El (2) Pacific Lighting (3 Jovey 2 PR RA LT AN A - ® - 3 meRenBurnnensnanBa o Parmelee Transport. Pathe Excharge. .... Pathe Exchange A Patino Mines Penney (J C) (3) Penn Dixie Cement. . n RR (4). . Peop Gas Ch (8 Pere Marquette (18). Petrolm Cp of Amt1) Phelps Dodge (2). Phil Read C & 1. Phillips-Jones Corp. % Phillips Pet (2) . Phoenix Hoslery. Sales— Add 00. Low. B55% bR High, % Dan, T8 6 16 93 93 43% 43 a4 18 118 91 90% 31 304 10% 5, 494 105 24% 21% 10 8215 2% 4 681 o 8 204 143 1635 16308 2613 8 16% 48 23 48 45 2814 T8 144% . Prev. Close. Close. " bR 20% an % 20% 20% 28 264 — 16 164% 93 93 4% 43 44 18 91 301 10% 6 51% ‘114 25 21% 10 3% 2% 419 71 9% 8 29% , 14% 163% 581 3% 37y (1 0% 28 1. D. C. SATURDAY, FEBRU STOCKS IRREGULAR (BLOW AT FEDERAL | RESERVE IS SEEN, ON LIGHT TURNOVER Bears Unable to Bring Out Much Stock in Sell- ing Move. BY CHARLES F. SPEARE. Special Dispatch to The Star. YORK, February 14.—After re- ing at the opening and through most of the first hour, today’s stock market showed signs of improvement as it entered its final stage. Utilizing anything of an unfavorable nature or that might be so construed, the bears began their attack at the opening on the specialties. This sell- ing, however, was not sufficient to bring out any increase in offerings. Radio Corporation, General Elcctric and Westinghouse stocks were sold as a result of the decision against the alleged patent pool. Some further shad- ing in steel scrap prices caused offerings of United States Steel, but this was checked as various orders for steel and iron were announced by railroads and other important buyers. Changes Are Small. American Rolling Mills was marked up more than a point in early trading following the announcement of develop- ment of a new fabricating process for the manufacture of pipe. International Telephone ignored the winning of an important patent sult by its British affiliate against Siemens & Halsky. American Telephone was dull and point- ed downward most of the time. Consolidated Gas, one of the most active utilities, eased slightly as a re- sult of its indirect financing through the purchase of rights offered by its subsidiary, Brooklyn Edison. Southern Callfornia Edison also was off a small fraction because of the offering of rights to common shareholders to byy 1 new share for each 10 held at $25 a share. General Motors was compelled to absorb considerable offerings, butf. the selling subsided when Olds Motor Works announced that it was compelled to step up production to care for im- mediate orders. General Motors will announce its January sales on Monday and in some quarters the report is ex- ted to show a gain over that of cember. ‘The coppers displayed none of the strength they exhibited Friday. This was directly traceable to the slackened demand for copper metal, which may bring about a slight shading of quo- tations before another upward revision takes place. Tobaccos Heavy. Aside from the early rise in Lorillard common, tobaccos were inclined to heaviness. Bendix Aviation opened un- changed, but later reacted despite the fact that it reported January shipments up 10 per cent, which followed an in- crease of 15 per cent in December. Gillette Safety Razor enjoyed a brief flurry, with some traders expressing the belief that the stock would be placed on a $2 dividend basis at its next meeting. — WEEKLY BANK CLEARINGS. Bank clearings for this week at lead- ing cities in the United States, as re- ported to Dun's Review, amount to $6,- 191,794,000 and are 24.2 per cent below those of last year. At New York City, clearings of $4,290,125,000 are 21.9 per cent under those of a year ago, while the aggregate at centers outside of New York of $1,901,669,000 is 29.1 per cent smaller. Only five days are included in the report for each year. Losses con- Sibue extremely heavy. They are large &t most of the important Eastern cen- ters, even at Pittsburgh, where some im- provement was noted several weeks ago. At the larger cities in the Central West, the decline is even greater than that shown last month and the same thing is true at most Southern points. To a considerable extent, however, bank set- tlements at this time record dealings that relate to the restricted movement of the past. C|elrlnu for the week, as reported to G. Dun Co., and average daily bnnk clearings months, are compared herewith: Five days eb. 12,1931 Boston .. 328,032,000 Philadelphia X Baltimore Bitispure Loulsville’ New Orleans gan Franciccs ortland . Seattle S A 69 LONIN I e 339 | aNREA SR SNREREERRRE RS Total . New York'. Total al B. & 0. SELLS NOTES. BALTIMORE, February 14 (Special). —The Baltimore & Ohio Railroad Co. has sold, without public offering, $35,- 000,000 of 4 per cent unsecured nbtes to mature August, 1932, This issue is in part a renewal of short-time obligations outstanding on o (PSS triata st s ate iy account of the Chicago & Alton bond |. purchase and for partial reimbursement of its treasury for other capital invest- ments, officials announced. ROAD BUILDING GAINS. NEW YORK, February 14 (#).—A large gain in street and road construc- tion activity was the high spot of the past week in engincering awards an- nounced throughout the- country, en- fineerlng news record reports. Contracts et for all types of work in this period totaled $35,821.000, a decline of $57,- 866.000 from the previous week, but a | slight gain over the $34.401,000 in the corresponding week of 1930. Established 1899 MONEY TO LOAN Intere: Consult WELCH 'Realtor Loan Specialist N. Y, Ave. N. (National Savings & Trist Co. Bldg.) The COMMERCIAL National Bank 14th and G Streets B( A Its Phul Money to Loan D.C.Real Estate 6% Floyd E. Davis Co. 733 12th St. N.W. Four_Roams, xiul.a:. and Bath Fleetrical Refrigeration THE ARGONNE 16th’ and_Columbia Road Reasonable Rertals for the past three | ARY 14, 1931. Wisconsin Proposal for State Central Bank Designed to Curb Groups. BY CYRIL B, UPHAM. Serious interference with the opera- tions and effectiveness of the Federal Reserve system would result from the adoption by the States of a plan pro- posed in Wisconsin, where a bill has just been introduced into the Legisla- ture for the establishment of a Central State Reserve Bank Enactment of the bil would interrupt correspondent banking relationships of many years' standing, under which banks in New York, Chicago, St. Paul, Minneapolis and other citie have served in that capacity for Wisconsin banks. Bankers in those cities and Federal Reserve officials are expressing | concern with respect to the proposal. Aimed at Group Banking. The measure is aimed at the group bank _development neighboring States and is designed, ac- cording to its statement of purpose, “to safeguard the State from domination by great holding companies and combi- nations in the banking field.” A Cen- tral State Reserve Bank at Milwaukee, with branches throughout the State, would be created All State banks in Wiscongin would be required under the bill to s to the capital National bank: control by foreig not members of corporations” and if wy banking chain or group, might become members. Mem- bership once acquired would be for- feited by both State and national banks coming under the ownership or control of a foreign corpcration or becoming members of any chain or group. All funds of the State or of any of its political subdivisions would be kept on deposit with the central reserve bank and its members. The central reserve bank would act as a reserve and corre. spondent bank for its members. The attempted”self-sufficiency of the State banking system is revcaled by the pro- vision that the central State reserve bank would “assist member banks in finding profitable investment for their funds, preferably within the State of Wisconsin.” Might Quit Federal System. Faced with the necessity of subscrib- ing 6 per cent of their capital stock State reserve bank, State banks would likely give up some, if not all, of their correspondent relationships outside of the State. State banks might be in- clined to leave the Federal Reserve sys- tem. Even national banks in Wisconsin might find it advantageous to convert to ‘State charter. Certainly if other States followed the lead of Wisconsin, the operations of the Federal Reserve system would be hampered, unless there could be worked out some integration, with perhaps 48 reserve districts instead e strong feeling in Wisconsin against the chain bank, the chain store and every other form of chain organiza- tion in business. It was an issue in the last election. While there are group bank organizations within the State, and while one of the Minneapolis groups {-has a number of units in the State, in- dependent bankers are vigorous in their opposition, and it is expected that the present session of the Legislature will see a number of attempts to check the movement. Money to Loan Secured by first deed of trust on re Prevailing interest and cos | & Joseph L. Weller 0, » // I i W Under State Supervision On our liberal 20 monthly repayment plan. No indorsers required. ' A strictly dignified and confidential service. 7 Maryland Personnl Banken, 8405 Georzia hones 727727 Coners basan NN First Mortgage Loans Lowest Rates of Interest and Commission =7 Thomas J. Fisher & Company, Inc. 'BETTER USED CARS If you are going to buy a used car, why not have’the best? MOTT MOTORS, Inc. 1520 14th St. N.W. Dec. 4341 SAVE FOR SECURITY The safety of your invest- ment in a building associa- tion is assured by the fact that fully 9115% of the assefs are invested in homes and secured by First Mortgages. A few dollars saved each month will soon provide the comforts of later life IN A HOME of YOUR OWN. Join our association NOW and make the start that will mean financial independence. "MUTUAL Building Association Organized Qctober 1892 306 7th Street S.W. b P. Brown, Thomas E. Pett; Walter Stephenson, £ X Regular Delivery Over 100,000 families read The day it eeal- dlfl! and 5 cents Sunday. It you & not taking advan- of lar service at this low rate, . 5000 now and w&ug in Wisconsin and | and surplus to the stock of the central [ 2123333282222 BEeeeeeLseensssssssssssssssesattatesssises FINANCIAL. avy, 7.00a7.50; ho{s he: light, 8.00a8.40. Fruits—Strawberries, 45; Chile, 3.00a3.50; oranges, 3.75; California, 3.0024.50;. a5.00; tangerines, 1.75a2.25; 00 Butter—One-pound prints, 33a34; tub, Emperors, egs 0082 31a32. Eggs—Hennery, ceipts, 18a19. Poultry, alive—Turkeys, young, 35a 36; old, 30a32; Winter chickens, 28a30 Spring broilers, 33a35; hens, large, 18a 20; small, 16a17; Leghorns, 15; roosters, | 13} duck: keats, large and . youn; 60a65; old, 25a30. Dressed—Turkeys young, 40a42: old, 35a36; Winter chick 33; Leghorns, 18; Spring broilers, : hens, heavy, 22a23; small, 20a21: capons, large, = 37a38; small, 3233 ducks, 24a25: roosters, 15; keats, young, 70a80; 0ld. 40a45. Meats—Fresh-killed, beef, 14a23; veal, | 1621; lamb, 21; pork loins, *i8a20: fresh "hams, 20: ' fresh shoulders, 14 smoked hams, 22a24; smoked shouiders, | 13al4; strip bacon, 23a34; lard, in bulk, 915a10; in pncknr(?s 10a105. Live 'stock —Calves, 10.00; iambs, 8.00: 20a21; current re- “90!& Fl’ g muunmer 3.0085.00; mpl-m b, pers, 3.00a3.50; broceol, 3. | bage, ‘new hamper, 5081 75: 30- | pound sacks, 1.25: old, per sack, 1.25a lettuce, Iceberg, 3.00a3.50; Flor- da. per hamper, 1.50a1.75; spinach, 75 00; kale, 1.00a1.15: mushrooms, 758 squash. per barrel, _3.50a4.00; peas, 3.50a3.75; cucumbers, Florida and Boston not house, per dozen, 1.25; to- matoes, repack: per pan, 1. Chinese in the thuplnu are becom- ing interested in aviation. RENTAL MANAGEMENT We solicit the Rental Management of your property whether Apartment, Residence or Business PROMPT REMITTANCES Our organization is complete as to securing tenants, making collections and supervision of rcpalr! Without obligation to you we would be glad to discuss this with you. 24-hour Telephone Service Randall H. Hagner & Company Mortgage Loan Correspondent New York Life Insurance Company 1521 Connecticut Ave. N.W. Phone Decatur 3600 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. HIAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 FIR ST MORTGAGES ACCOUNTED ONE OF THE SAFE INVEST- ‘MENTS Long experience has proven the dependability of pur 6% FIRST MORTGAGES as a safe, ]1b‘ral paying invest- ment. You see, they are secured by improved Washing- ton real estate, which has been justly appraised. Anothee of the attracme features s the fixed interest— always the same; paid regularly throughout the life of the mortgage. And you can purchase them in amounts from $250 up—on our convenient Partial Pay- ment Plan if you wish. SAUL CO. 925 15th St. N:-W. ver a Third of a Century Without a Loss B B2 National 2100 THERE ‘IS’ NO " SUBSTITUTE FOR SAFETY National Savings & Trust Co.$ 65th Oldest Savings Institution in the District of Columbia Year Cor. 15th and New York Ave. 22222322 Capital & Surplus $3.500,000 Nominal Rentals 0006606000064 Public Confidence i ithe: strength and stability of this con- sewvative, old bank finds convincing éxpres- sion in a depfil)torl list, showing— ‘Over 53,000 Accounts’ . Deposits invited in any amount—Same ‘Rate of Interest Paid on both small and large accounts.” OFFICERS: DIRECTORS 100966 060000006000000000000000000002222238000082322: 22 2222222222222228222¢ 9434 9450000444 1020080008888¢ ey, A