Subscribers enjoy higher page view limit, downloads, and exclusive features.
FINANCIAL. FINANCIAL FEBRUARY 25, 1931. - BANKERSARRIING || NEW" YORK STOCK EXCHANGE FORNEETIGHERE e A. B. A. Officials Expected to | Beach City Tonight—Con- | &, 3 [MMrdraed 1 & ' o 4 |kl ference Tomorrow. 315 16% Adams Exp (1.60). 2214 % WEDNESDAY ISTOCKS IRREGULAR INACTIVE MARKET Recent Gains Bring Out Profit-Taking Sales—Pools I'flnu. strengthened under the lead PARIS BOURSE PRICES. of United States Steel. Utility shares were higher. Columbia Gas and Paciic| PARIS, February 25 (#).—Price Gas & Electric went to new highs for | changes were irregular on the Bourse the year. In MAT&“’HAL‘: “h'}'lfi today. feature was Auburn Auto, Wi e S points, Dut General Motors| _TITS® per cent fentes. 83 francs 35 was a shade higher lndd 0 vt Plt;; ?&mnumj per cent loan, 101 francs ard. Ofl_shares were dull. Reyno 3 Tobacco B stock Was up & point and | Fxchange o "fl'l‘:’n:flm u‘nfiz‘;wfhna at a new peak. 5135 cen! ) uoted REAL ESTATE LOANS Made at Low Interest Rat ~Prev, 1931~ stock and Sales— Prev. High. Low. Dividend Rate. Add 00. High. Low. Close. Close. 25% Consol Cigars (5 1 8 3 36 36 Consol Cig pr pf 6 66 66 ' 68 60% 60% 60% - 14 14 14% Consol Film pf (2).. 5 18 18 18% Consol Gas N ¥ (4).. 287 984 99% Con Gasof NY pf(5) 1 101% 101% Consol RRGpt (6).. 1 4 4 Note—All stocks are sold in one hundred-share lots exce] those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. o 3 Individual sales compiled to noon—complete in 5:30 Edition. 60': 5:“ ~Prev. 1931~ prev. | 3¢ Low. Close. Close. | 1y, % 1 1uwf B Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications —ee GERMAN AGRARIAN POLICY 1S STATED Sates— Add 00. High, 10 11% 99% 102 424 BY EDWARD C. STONE. Bankers planning to attend the Cen- tral States Bank Management Confer- ence, which opens at 9:30 tomorrow at the Willard, began arriving in the city today. One of the first to reach Washington was Frank W. Simonds of New York, dep- uty manager of the American Bankers' Associa- tion, who is to act f§ as secretary of the conference. Rome and Harry J, Hass, first vice president of the same organ- ization, were ex- ected to reach ere tonight. The first speaker on the program to- morrow morning will be John W. Pole, controller of the currency. Following his address W. Walter Wilson, president of the First National Bank, Milton, Pa., will speak on “A Sound Loaning Policy for Country Banks,” after which Fred- erick P. H. Siddons, secretary of the American Security & Trust Co. of this city, will discuss “Safeguarding Collat- eral Loans.” Another speaker at the forenoon ses- sion will be William H. Brown, presi- dent of the Union Bank & Federal Trust Co. of Richmond, his subject being “Farm and Agricultural Paper.” The final address at the morning session will be presented by D.-J. Leopold, cashier of the First National Bank, Lebanon, Pa., whose topic is “Liquidity of Small Loans Through a Plan of Systematic Payments. ‘The general theme of the morning session is “The Sound Bank.” Program for Afternoon Session. “The Protected Bank” is the general topic set for discussion at the session tomorrow afternoon. The first speaker will be Thomas D. Thacher, solicitor general of the United States, whose subject is “Strengthening Bankruptey Laws.” C. F. Zimmerman, president of the First National Bank, Huntington, Pa., will speak on “Procedure in Bond Buy- ing.” The next speaker will be C. V. Starkloff, credit manager of the Mary- land Trust Co. Baltimore, who will take up “Systematic Methods of Com- plling and Analyzing Credit Informa- tion.” Another address will be given by Thomas _Shallcross, jr., president, Philadelphia Co. for Guaranteeing Mortgages, his topic being ‘“Advan- tages and Disadvantages of Real Estate Loans.” Waldo Newcomer, chairman of the Executive Committee, Baltimore ‘Trust Co., will be the next speaker, dis- cussing “Adequate Primary and Sec- ondary Reserves.” The final address of the afternoon session will be given by J. E. Baum, superintendent, pro- tective department of the American Bankers' Association, his topic being “Protecting the Bank by Insurance.” Stephenson Evening Speaker. The first speaker on the evening pro- gram will be President Rome C. Ste- prenson of the American Bankers' As- sociation, “Our New Responsibilities” being his subject. He will begin his address at 8 o'clock. The evening session is to be devoted to the “Profitable Bank.” Other topics and the speakers who will present them are as follows: “Analysis Essential to Profitable Banking,” John J. , jr., Dris- coll, Millett & Co., analyst in banking .; “The Selling Price of Bank Credit in Rela- tion to Its Quality,” John Poole. presi- dent Federal-American National Bank & Trust Co.. “Payment of Interest on Deposits,” Levi H. Morris, president Newton Trust Co., Newton, N. J.; “Anal- ysis of Individual Accounts and Serv- ice Charges,” C. W. Hoyt. auditor New ;"m::y( State National Bank, Albany, Between the forenoon and afternoon sessions tomorrow, President Lanfer P, McLachlen, president of the District Bankers' Association, will tender a| luncheon to the presidents and secre- tarles of the seven State associations o be represented at the conference, to the officials of the American Bankers' Association, and the members of the Jocal committees preparing for the con- clave. About 60 guests will attend the luncheon. Chairman E. J. McQuade of the Hotel Reservation Committee, has received gome 400 requests for hotel accommo- dations. More were coming by wire today. As many other bankers in near- by States are coming by motor a large attendance is assured. Robert V. Flem- ing will preside at all sessions and the program prepared by Chairman H. H. McKee and his committee is considered one of unusual excellence | The program for starting at 9:30, follo Answering Administrative Problems,” Harold Sto- | nier, educational director, American In- stitute of Banking; “Credit Bureaus in | County and Regional Clearing House | Associations,” George D. Snyder, man- | ager Reading and Berks County Credit | Bureau, Reading, Pa.; “Importance of Proper Selection and Development of | Personne . E. Talman, vice presi- | dent American’National Bank & Trust | Co. Richmond. Va.. “Creating an Un- derstanding Between a Bank and Its | Customers With Respect to Banking | Functions,” William K. Payne, Cayuga County National Bani N.'Y.. “The Duties and Responsibiliti of Bank Directors,” F. C. Awalt, depu controller of the currency; “Summa; of the Conference,” O. Howard Wolfe, | cashier Philadelphia National Bank Philadelphia, Pa i Lanier P. McLachlen. morning, | 706 Expected at Banquet. | 1. J. Roberts, chairman of the Ban- | quet Committee for the (\M‘nl:,‘-%".l;‘ixl]h1 annual dinner of Washington Chapter. American Institute of Banking, an- | nounced today that between 700 and | 800 are expected at the big annual event | Saturday night at the Willard. Today | 15 the last day for making reservations. | In addition to the speakers, an un- usually fine program has been arranged in the way of musical entertainment. Today's Trading on Exchange. On the Washington Stock EXChah%ul today Capital Traction opened at 350 and closed at 36 on very light trad- | ing { Federal-American - National Bank & | Trust Co. sold at 50 and Washington Railway & Electric preferred, ex-divi- dend, at 98 There was considerably more bond than stock trading during the session, all of which was confined to the g sssues. January Building Off. Estimated cost of total building dur- ing January was $98,678521, or a re- duction of 224 per cent, as compared | yeau of Labor Statistics. building decreased 18.2 per cent in esti- mated cost and non-residential building | 325 per cent. Comparing permits issued in January, 1931, with issued in January, 1930, there was a decrease in the esti- mated cost of all building 13.7 per cent. Permits issued for residential gpuilding show an inerease of 19 per cent for the year, but non-residential building decreased 29.5 per. cent. G SR More than $1000 worth of second- hand American overcoats are imported into warm South Africa every month. 21% Addressogr Co 1.40.. 323 2 » 2% Advance Rumley.... 3 Ahumada Lead...... 9214 Air Reduction (414) 7% Airway E1Ap (60c). 7 Alaska Juneau (40c) 12% 7% Alleg Corp. 5815 39% Alleg Cp $3 541 49% Allex Cp $30 xw 5% . 15313 Allfed Ch& Dye (n6) 124 122 Allled Ch & D pt (7). 3275 Allls Chalmers (3).. 15" Alpha Port Cmt (2). 17'5 Amerada Corp (2).. . 21% Am Ag Ch of Conn pf 20 Am Agri Ch of Del. .. 54% Am Bank Note (13).. 215 Am Beet Sugar... 8 Am Beet Sugar pf. 32 Am Br Shoe (2.40) 814 Am Brown Bov Elec. 4 106% Am Can (15). 145 Am Canpf (7). 27 AmCar & Fdy (6)... 74% Am Car & Fdy pf (7) 29% Am Chain (3) 84 Am Chain pf 384 Am Chicle (3) 14% “Am Colortype (1. 9 Am Comcl Alcohol 9 Am Encaustio (1). 19 Am European Secur. 26% Am & For Power. . 74 Am & For Pw pt (8). 67% Am & For Pow 2d pf. 7 Am Hawaiian 8S.... 47% Am Home Pr (4.20).. 23% AmIce (3).. 18% Am Internat (2). & Am La Fr & Foamite 6 Am LaFr & Foam pf 50s 20% Am Locomotive (2).. 20 72% Am Locomot pt (7).. 1 31 Am Mch & Fdy 1.40.. 27 31% Am Mach & Metals 5 16% Am MetalCo........ 2 2215 Am Nat Gas pf (7).. 508 50 Am News (13%2).... 108 45 AmPow &Lt (11)... 97 94% Am Pow &Ltpf (6). 1 80 AmP&LpfAst(5) '3 16% Am Rad & St San (1) 50 7 Am Republics. 2 26% Am Roll Mill (n2)... 32 57 Am Safety Razor (5) 26 6% Am Seating... % Am Ship & Com. 40% Am Sm & Ref (4).... 9315 Am Sm & R 2d pf (6) 129 Am Sm & Ref pf (7). 37 Am Snuft (13%). 2% Am Solv & Chem 6% Am Solv & Chem pf.. 25 Am Steel Fdy (3) 37 Am Stores (123%). 42% Am Sugar Ret (5)... 96 Am Sugar Ref pf ( 8 Am Sumatra Tob. . 15% Am Tel & Cable (5). 176% Am Tel & Tel (9) 4 104 Am Tobacco (16).... 104% Am Tobacco B (16). 124% Am Tobacco pf (8) 53% Am Water Wks (3) 54% Am Wat WKs cfs ( 6% Am Woolen 21 Am Woolen pf. 2 4% Am Zinc Lead & Sm.. 33 29% Anaconda Cop (2%). 169 22 Anaconda W& C (1). 27 Anchor Cap (2.40). .. 89% Anchor Cap pf (6%). 13% Andes Copper (1)... 15% Archer-Dan-M (2).. 60% Armour of Del pf (7) 3 Armourof Il A. 2 Armourof Il B. 25% Armour of Tl pf. 3% Arnold Constable. ... 20 Art Met Const (1.60). 24% Asso Appl Ind (4). 22 AssoDry G (2%). 85 AssoD G 1stpf (6).. 178% Atch To & S Fe (10). 102% Atch T & 8 Fept (5). 105 Atl Coast Line (110). 31 Aftl Gulf & West Ind. 18 Atlantic Refining (1) 8% Atlas Stores (nl1). 101% Auburn Auto (f4). 4 2 AustinNichols...... 1 21 Austin.Nich pr A (3) 100s 1 Autosales.......... 2 2% Autosales pf. . 50s 3 Aviation CorpofDel 79 20% Baldwin Eoco (1%). 319 88% Baldwin Loco pf (7). 90s 68% Balto & Ohlo (7) 18 724 Balto & Ohio pf ( 65 Beatrice Cream (4).. 214 Belding-Hemingway 78 Bel N Ry pt pf 15.51.. 16% Bendix Aviation (1). 32 Best &Co (2). . 45% Bethlehem Steel (8). 217 114% Bethlehem Stof (7). 2 24 Blaw-Knox (1%).... 6 92 Bloomingdale pf (7). 108 20% Bohn Alum & Br1%. 6 60 Bon Ami (A) (4) €714 Borden Co (k3). 20% Borg, Warner (1). 42 16' Briggs Mf (11.62%). 144 1615 Briggs & Strat (2).. 1 2 % 8 Bklyn 21% 103 Bklyn 10% Bruns- 515 Bruns Ter & Ry 8. Bucyrus (1).... 25 Bucyruscv pf (2%) 4 Budd (EG) Mfg 9 Budd Wheel (1).. 11% Bullard Co. . . 11% Bulova Wateh (132). Burns Bros (A)..... 70 Burns Bros cum pf. . 21% Burroughs A M t1%. 23% Bush Terminal (2%) 100% Bush Term deb (7).. 208 111% 109 Bush T Bldg pf (7)., T0s 2 1% Butte Copper & Zinc. 1% 1 Butte& Superior 16 12% Butterick Co 69% Byers (A M).. 53 42% Calif Packing (4)... 42% 36% Calumet & Arizona.. 11% 8 Calumet & Hecla 3y % Ci 45% Y 21% nnon Mills (1.60). 9% Capital Admin A. ... 30 Cap Adminpf A % B1% Case (J 1) (6). % 111 “ase (J 1) pf (7) . 62 “aterpillar Trac (t4) “elanese Corp. . “elotex Co. lotex vt ctf: clotex Co pf. .. ent Aguirre As 13 . 2% Century Rib Mills. .. 2215 Cer de Pas Cop (2).. 2 Certain-teed Prod 17% Checker Cab (1 3915 Ches & Ohlo (2%)... 40 Chesapeake Corp (3) 6% Chi Great Western. . 19% Chi Great West pf. 6% Chi Mil St P & Pac. . 9% Chi MII StP& P pf.. 33 Chi & Northwest (4) 914 Chi Pneu Tool 23% Chi Pneu T pf (3%). 47% ChiR1& Pac (7). 84 ChiRI&Ppt(6)... 94 Chi R1& Pac pf (7). 26% Childs Co (2.40).. 26 Chile Copper (2). 15% Chrysler Corp (1)... 35% City Ice&Fuel (3.60) 7T City Ice & F pf (63%) 208 2% City Stores. .. R 20 City Stores A (3%) 142% Cocoa-Cola (17%) 501 Coca-Cola A (3).. 47 Colgate-Pal-P (23). 102 Colg-Palm P pf (6).. 9 Collins & Alkman. .. 72 Collins & Ak pf (7). 9% Colonial Beacon. . 21% Colo Fuel & Iron (1 100% Colo Fuel & Ir pt (8) 208 366 7% Col Graphoph (a %) 78% Columbian Carb (16) 85 181 Comel Credit (2). 6 34 Comcl Credit A (3. 1 76% Comel Cred 1st (6% ) 20s 256 Comm Ipv Trust (2). 47 82 ComclITevpf (e6), 3 16% Comecl Solvents (1), 80 8 Cmwith & Sou (60c). 2569 91% Cmwith &Sou pf (6) 8 6% Congoleum-Nairn.., 26 22 Congress Cigars (4). 12 124% 149% 36 80 37% 86 45% 191 30% 16% 2014 9% Consol Textile. . 44 X % Push Favorites. Container A (1.20).. 7 T4 % Container B. e 2% Contl Baking A. Contl Baking B. . Contl Baking pf (8)., Contl Can (2%)..... 4 Contl Dia Fibre (1).. Contl Insur (2.40) Contl Motors. Contl Ofl of Del. ... 5 Cont Shares. . Corn Prod (13%). OG- soisvie 4 Crosley Radio. Cr Cork & Seal 2.40. . Crown C&P pf (2.70) Crucible Steel (5)... Crucible Steel pt (7) Cuba Cane Prod Cuba Co. . Cuban-Am gAT. Cuban Dom Sugar. . Cudahy Packing (4). & Curths Publish (17) . Curtis Publish pf (7) 4 Curtiss Wright Corp Curtiss Wr Corp A.. Cushmans pf (8)... Cutler Hammer. Davison Chemical Deere & Co (1.40) Drlaware & Hud (9). Del Lack & Wn (6) .. Denver & R G W pf.. Devoe & Ray (1.20). Diamond Match Diamond Mtch p: Dome Mines (1) Domn Stores (1 Drug Corp (4) Duplan Silk (1 Dupont de Nem (4). Du P de N deb pf (6) Durham Hosiery pf. Eastern Roll Mills. . astman Kodak (18) aton Axle (1.80).... Eitington-Schild. ... Eitington-Schild pf.. Elec Auto Lite (6). Elec Pow & Lt pf (7) Elec Stor Bat (5) Endicott-John (5 Endicott-John pf (7 Eng Pub Sv (2.40)... Eng Pub Svpf (5%). Erie RR...... vk Erie RR 1st pf (4). Eureka Vac Cleaner. Evans Auto Loading. Falrbanks Copf..... Fairbnks Morse 1.60. Fashion Park Asso. Fed Lt & Tt pf (6). Federal Screw (1). Fed Wat Sv A (2.4 Federated Dept Strs. Fid Ph Fire In (2.60) Filene's Sons. Filene's pf (6%).... Firestone T & R (1) Firest T& R pf (6).. First Nat Strs (2%). Fisk Rubber. Fisk Rub 1st pf cv. Florsheim Sh A (3). B Florsheim Sh pf (6).180s 100 Follansbee Bros.... 2 19% 19 Foster Wheeler (2 6 63 60% Foundation Co. v 101 Fourth Nat Invest.. Fox Film A (4). Freeport, Tex (4) Gabriel CoA.. jamewell Co (5). “4 Gardner Motor. 415 Gen Am Investors 57% Gen Am T Car (14). 24% Gen Asphalt (3).. 5 98 Gen Baking pf (8) 109% 109% Gen Bronze...... 3 & 8% 8% Gen Cable. . E 1% 11% 4 Gen Cable A o 8 Gen Cable pf (7)....660s Gen Cigar (4).. 2 Gen Cigar pf (7).... 108 Gen Elec (1.60) . 408 B1% 52w Gen Elec spec (60c). 10 1% 11% Gen Focd Corp (3).. 32 & 531 b4 Gen G & El A (e30c). 19 8 GenG&Eleypf (6), 1 694 $ Gen1tal Ed (a2.62).. 1 35 35 35 9 501 114% 1143 Gen Mills (3). . 47 Gen Motors (3). 43% Gen Motors pf (5) .. Gen Outdoor Adv. en Ptg Ink pf (6).. Gen Pub Sv b6 % stk. Gen Ry Stgnal (5)... Gen Ry Signal pt (6) 4 Gen Realty & Util. .. Gen Refractorfes (4) Gen Theater Equip. . Gillette Saf Raz (4). Gillette Saf R pf (5) Gimbel Bros Gimbel Bro Glidden Co Glidden pr Gobel (Adolf) Gold Dust (2%) Gold Dust pt (6). Goodrich (B F). 00dyr 2 Gotham Silk Hosiery 3% Graham-Paige...... 16% Granby Consol (2).. 19% Grand Sil Strs (h1).. Grand Union Grand Union pf (3) Granite City St (3).. Grant (W T) (1). 4 Grt North pf (5). Grt Nor Ore (2) Hackensack W (1%) Hacken pf A (1%). . Hahn Dépt Stores. Hal (WF) Pr 4 Hanna pf (7). Harb Walk Ref (2) Hartman Corp (A). Hartman Corp (B). Hayes Body 5 Hercules Mo Hershey Choc (5 Hersh Choc pf (15 THoe () & Co Holland Furn Hollander Sons. . ... Houdallle Hershey Houston Oll. ... Houston Ofl (ne Howe Sound (4). Hud & Man Ry (3.50) Hudson Motor (1). Hupp Motors. . Illinots Central (7) Indian Motor Cycle Indust Rayon (4) . &l e 81 Ingersoll Rand (16 168% 168% Inland Steel (4).. 70 Inspiration Copper. Insuranshar Del 40c. Insur Shrs Md(40c) ., Interb Rap Transit Intercont Rubber. . Interlake Iron (60¢). Int Agricultural, Int Carriers (25c). v Int Cement (4). Int Combustion Int Comb Eng pf. . Int Harvester (23) . Int Harvester pf (7). Int Hydro El A (e2). Int Match pf (4). Int Merc Marine (2). 24 Int Nickel (60c)..... 236 Int Paper & Pow A.. 3 Iat Paper & Pow C. Int Pap & P pf (1), Int Printing Ink. Int Salt (3) Int Bhoe (3). Int Stiver..... Int Silver pf (7). Int Tel & Tel (2), Inter Dept Strs (2) Inter ® St pf xw (7). 10s Intertype Corp (2).. 1 Investors Equity 7 Island Cr Coal (4) . 10% 125 125 119% Jones & Laug pf (1). 50s % Jordan Motor Car. 17 (uontinued on Page 14, 121% 121 121 121% 1 L G 216 2T% BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 25.—Those who have good profits in“stocks showed a disposition today to take them. This represented sound reasoning in view of the 10-point average gain which the market had experienced in the previous five sessions, with industrials at the same time rising an average of 15 points. ‘This cashing-in process did not take place until a large number of issues had overtopped their former high prices of the year and demonstrations had occurred in a number of the low and medium priced shares. The in- terruption to the movement which has progressed so rapidly, and marks it as one of the swiftest and greatest of the last year, should improve the general status of the market, which was be- coming technically unsound. Trading Again Large. ‘The volume of trading was again of great size, compared Wwith markets earlier in the year, but it did not reach Tuesday's proportions. The tendency of speculation just now is to broaden out when prices are moving upward and to contract with the opposite trend. ‘The public has materially enlarged its speculative position, which will probably be reflected for the third time this month in an increase in brokers’ loans Thursday. With all of the volume and advance, it is quite probable that the short interest has been decidedly re- duced but not by any means eliminated jas a factor in future movements. | It was the activities of the pools that attracted most attention. se were for the most part in the low priced Not in some time has so large an individual sale occurred as that of 30,000 shares of Transamerica, which registered an opening gain of 1 points and later in the forenoon showed a net advance of over 2 points. In spite of its rise recently uver 100 per cent, Radio Corporation was bid up nearly a point before midday. Montgomery Ward rose nearly 2 points and, with Sears-Roebuck showing an equal gain, reflected the changed attitude of Wall Street toward this group of stocks. Profit-Taking. The market, after a strong and active opening, ran into a period of profit- taking, when prices declined substan- tially from their highs. This selling, however, tapered off after the first half hour and the advance was resumed, with most active issues recovering their momentary losses. Trade news was bullish, with both car loadings and steel operations high- er. Amusements were highly irregular, with a group including Warner Bros.. Paramount-Publix and Fox Film re- flecting an action on talkie patents. Radio-Keith and [Radio, however, were strong, the latter touching a new peak. General Electric was another feature at a new maximum for the year. Increased retail sales were reflccted in new top prices for Montgomery Ward and Sears-Roebuck. During the first half hour sales amounted to 700,- 000 shares, compared with 900,000 on Tuesday. ~Call money renewed un- changed at 1% per cent. The rails were quiet and some of them, such as New York Central and Pennsylvania, were lower, but the rest were firm. Steel stocks, after initial The COMMERCIAL NATIONAL BANK 14th and G Streets _Banking in all of its phases ANNUITIES MAXIMUM SECURITY PLUS HIGHEST RATE OF INCOME AGE 65 1047 &, Annually Annually Send Date of Birth for lustration and Information Regarding CASH REFUND ANNUITIES LE Roy GOFF 1036 Woodward Blds., Nat'l 0340 Insurance Ezclusively for 20 Years Females On our liberal 20 monthly repayment plan. No indor A li-:tly dignified \| Maryland Personal Bankers, \ INC. \ 8405 Georeia Ave., Siiver Spring. Md. \ Fhones Shepherd 2854-83. A SAVING ACCOUNT Aids Financial Independence It is_oniy practical to put aside t of your present preparation for re. A saving: count with this earns at least 5% & higher-than-usual rate. Open Daily 9 to 5 Saturdays Until Noon NAtional 1381 NATIONAL | [PERMANENT BUILDING ASSOCIAT ION 949 NINTH ST. NW. | I Notice to Subscribers in Apartment Houses Subscribers wishing the carrier boy to knock on the door when delivering ‘The Star will please tele- phone circulation depart- ment, National 5000—and instructions will be given for this service to start at once. Minister of Agriculture Plans Growing of Wheat for Home Use Only. By the Assoclated Press. BERLIN, February 25.—Germany in the future will concentrate on produc- tion of wheat for home consumption as one of the cardinal tenets of the national agrarian policy, Martin Schi- ele, Minister of agriculture, told the Reichstag at the opening of debate on his department’s budget. “During the past year and a half" he said, “half a million hectares (about 1,500,000 acres) previously cultivated in Winter rye have been withdrawn from that product and 125,000 hectares of the total has been planted to Winter wheat.” He explained since the condition of the world market does not permit ex- portation of Germany’s agriculture sur- plus, the Nation must change the char- acter of her products. Besides placing more wheat under cultivation and cur- talling rye and gats, he said, Germany must produce mlre barley and podded grains. Sugar must be used more extensive- Iy for feed. he said, to absorb overpro- juction. Other measures for assisting the farmer include exclusive use of domestic lumber on public buildings and houses built with the aid of government loans and cheap interest rates on farm- ers’ loans. On behalf of the government he asked blanket authority for the cabinet to fix tariff without seeking approval of the Reichstag every time. i “The government has decided,” he said, “to ask the Reichstag for a free hand in the realm of tariff, to be able to attune Germany's economic situa- tion quickly to changing conditions in the world market. ‘Mexico plans to construct more high- ways connecting the main country with Lower California. 12% Guaranteed Family Income Plan “THERE'IS NO SUBSTITUTE” Roger M. Stuart Connecticut Mutual Life Ins. Co. Established 1846 1126 Woodward Blds. ___Phone NA. FIRST TRUST LOANS Prompt Service Courteous Treatmént Thos. E. Jarrell Co. Realtors. 721 _10th _St. N.W. National 0765 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. We Make Collateral Loans BONDS, M‘gRTGAGES, REAL ESTATE NOTES, AND LISTED STOCKS We Buy Second Trust Notes on homes i owners. occupied b: BANKERS BOND AND INVESTMENT COMPANY 734 Southern Building Invest in Safe Guaranty First Mortgage Notes - Consider SAFETY and 6% Teturn before you make an investment, Guaranty First Mortgage notes and bonds offer you the maximum of safety plus 6% a liberal return of 6%. Secured on improved Teal estate and backed by our 6 2;1;;!:‘3(\: resources of over ; $250 Up—On Partial Payments, Too Real Estate Mortgage and Guaranty Corporation 1610 K St. N.W. DENOMINATIONS FROM National 1403 JAMES F. SHEA 643 Louisiana Ave. N.W. Equitable Co-Operative Bldg. Assn. Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Subscription for the 100th Issue of Stock Being Received See Us If You Desire a Loan on Real Estate or to Take Up First Mortgage WE have money available if you desire to purchase a home, refinance vour present indebtedness or im- prive your property. courteous attention. Loans Repayable Monthly No Brokerage . .. No Commissions 915 F St. N.W Applications receive prompt and Comfortable Later Yeal;s Build up an estate which will insure you living comfort in that inevitable day when your eamind capacity is reduced. First Mortgage Notes —afford one of the safest as well as one of the most profitnble ‘orm‘ 0{ ;nveflment {Or !uch a purpose. Those which we are now offering bear interest at 69, and are in every case secured on individual properties in Washington and its environs. Now available in denomina- tions of $100.00 and upward. FIRST MORTGAGES YOU CAN YIELD TO THE PERSUASION —of liberal interest in the case of our 6% FIRST MORTGAGES —for there is nothing specula- tive' about them. They are founded on a sound economic principle, supported by con- servatively appraised improved ‘Washington real estate—which gives safe security for your principal. Ower a Third VN tofa Century Without a Loss May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N.W, B E, National 2100 THERE 1§ NO SUBSTITUTE FOR SAFETY Holders of Securities of United Railways & Electric Co. of Baltimore will be interested in our comprehensive Analysis of the company which will be sent on request without charge. Mackubin, Goodrich & Co. 1508 H STREET WASHINGTON, D. C. ESTABLISHED 1899 BANKERS Members*New York and Baltimore Stock Exchange: Associate Member New York Curb Exchange 4 e, REDWOOD & SOUTH $TS. BALTIMORE, MD.