Evening Star Newspaper, March 7, 1931, Page 11

WASHINGTON, D. C, SATURDAY, MARCH 7, 1931 _FINANCIAL, SEASONAL INCREASES - STOCKS RERULAR ™ 252 %5 HUGE 98 OUTLAY cisms ereases = N UPHARD TREND 5725 e O MGHWAY WORK e e THE EVENING STAR NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. BUSH IS ELECTED ~Prev. 1031~ BANK DIREBIUR - Young Business Man Takes| Father’s Place on Commerce & Savings Board. BY EDWARD C. STONE. At the monthly meeting of the Board ‘of Directors at the Bank of Commerce & Savings, held late yesterday, Wil- liam L. Bush was elected a director of that born in Washing- ton on February 16, 1908; attended school at Business and Central High Schools and is also a graduate of Pennsylvania Mili- tary College at Chester. At the present time he is president of the Gray Line Sight seel Tours, Inc.; & member of the Bollx of Directors of the Jewish Com- munity Center, also Park & Shop Stores, Inc., and Gray Line Owners' Associa: tion, Inc. He is 2 member of the Wash- ington Hebrew Congregation and of the Brotherhood of the Congregation. Some Business Sunshine. That Pennsylvania Raflroad has an- nounced that it will spend $175,000,000 for new construction; that American Telephone & Telegraph will disburse $500,000,000 for new construction and lmm‘ovemenu annual outlays by United States Steel of from $75,000,000 to $100,000,000 for new construction, and lonate appropriations by “other steel companies; expenditures of $20,- 000,000 or more by the can manufac- turing companies annually for new con- struction, and outlays of billions an- nually by industry in general for con- struction and improvements are the real big bull arguments. Those projects, comments the Wall Street Journal, will make business for the companies that supply material for new construction, and jobs for millions of additional men. “Trade Area” Branches Scored. ‘The opposition which exists among many bankers toward the introduction of branch banking in “trade areas” and regardless of State lines, as advocated by Controller of the Currency Pole, is ‘well summarized in a statement by the bank commissioner of New Hampshire, John E. Sullivan, who says: Judgment of one man or of one group of men is inevitably " William L. Bush. conseq 1f, however, his suthority has extended over a dozen or more subordinate insti- tutions, the whole structure may be undermined. “Control of & great chain of banks is mpnnnb ity h.rge- of thelr own eommunlufl. banks which should be en- e there may think wrong, t the majority think right. That ‘makes for the public good. {'b-reum advantage for the business man, wo. in banks which are indcpew owned rather than centrally mnuvled. Treasury Rules on Cheques. By a recent decision of the United Department in regard 1o section 648 of the new tariff act, col- Jectors of customs of the United States Insurance Firm Elects Officers. All officers of the Union Orm- tive Insurance Association of Wasl , 1200 Pifteenth street, were re- elected at th: annual meeting. They are Charles P. Ford, president; Willlam P. Kelly, vice president; G. M. Bug- niazet, secretary-treasurer; Dr. J. Ro- zier ‘Biggs, medical director; E. R. Crowson, Actuary; C. P. Nesbit, insur. ance counselor; C. L. Noyes, assistant manager; len N. Fuqua, superin- tendent of agencies. Directors re-elected are D. F. Cleary, G. M. Bugniazet, Willlam F. Kelly, James 8. Meade, T. C. Vickers and Charles P. Ford. Inyestment Firm Locates Here. mfia‘wfl“ Co., Inc, invistment se- ies firm, are opening a logal office in the Shoreham Bullding and~ will move their,main office, now located in Parkersburg, W. Va., to this city. The company has branch offices at Clarks- burg, Charleston and Morgantown, W. Va, and Marietta, Ohlo. Fleming to Address Bankers. President Robert V. Fleming of the Riggs National Bank is on the progrem o address Association of Reserve City Bankers which holds its annual meeting this year at Richmond, Va. April 19 and 20. The matter he will discuss is “Should the Association Set Up & Permanent F:deral Reserve Com- mittee?” The convention will be held at the John Marshall Hotel, and many side trips have been planned. A i - STOCKS LOSE 45 PER CENT OF THEIR RECENT GAINS Bpecial Dispatch to The Star. NEW YORK, March 7.—After an av- erage advance from the December low of 30 poinis, the stock market had a decline of 14 points, or about 45 per #cent of its total gain. This has cor- rected a top-heavy condition and elim- inated many weak speculative accounts. It has also brought stocks that were bid “E in the face of well known unfavor- le earnings and dividend Pl’o!’pem Sack to a more reasonable basis. ‘The banking interests are making an effort to avoid a repetition of the un- fortunate market of last Spring. as the opinion is quite definitely held that earnings in the first quarter of this year will be even poorer for many of the l-':}e rations and for the railroads public utilities than in the final quarter of 1930, The short interest is belleved to be nearly as extensive as it was two months ago. NEW SECURITIES YORK, March 7 (#).—New se- 10,1 Dividend B 9 Abitibi Pow & Paper 16% Adams Exp (1.60)... 921 Alr Reduction (t14%) E1 Ap (80c) . 6% Albany Wrap Paper. 7% Alleg Corp..... 39% Alleg Cp $30 ww 53 32% Allis Chalmers (3).. 15 Alpha Port Cmt (2).. 17% Amerada Corp (2)... 20 Am Agri Ch of Del... 54% Am Bank Note (13).. 2'% Am Beet Sugar, : 8 Am Beet Sugar p) 8% Am Brown Bov Elec. 45% Am Br B E pt (7) 106% Am Can (15). 29% Am Chain (3) 384 Am Chicle (13).. 14% Am Colortype (1.40). 9 Am Comel Alcohol. . 19 Am European Secur. 26% Am & For Power.... 74 Am & For Pw pf (6). 67% Am & For Pow 2d pf. 7 Am Hawalian S8.... 101 Am Hide & Leath pf. 47% Am Home Pr (4.20).. 74 Am Ice pt (§) 18% Am Internat ( 20% Am Locomotive 72% Am Locomot pf (7) 31 Am Mch & Fdy 1.40 3% Am Mach & Metals G Am News (13%). Am Pow & Lt (21).. Am P & Lpf A st (5) 15'% Am Rad & St San (1) 7 Am Republics. 26% Am Rall Mill (nZL.A 57 AmSafety Razor (5) % Am Ship & Com..... 40% Am Sm & Ref (4) 129 Am Sm & Ref pf (7 25 Am Steel Fdy (3) 37 Am Stores (12%) 42% AmSugar Ref (5). 2 15% Am Tel & Cable (5). m- 176% Am Tel & Tel (9) 104 Am Tobacco (16).. 104% Am Tobacco B (16).. 124% Am Tobacco pf (6) 53% Am Water Wks (3).. 54% Am Wat Wks cfs (3) 101% Am Wat W 27" Anchor Cap (2.40)... 16% Archer-Dan-M (2).. 604 Armour of Del pf (7) 22 Asso Dry G (2%).,. 178% Atch To & S Fe (10). 18 Atlantic Refining (1) 101% Auburn Auto (f4). 2 Austin Nichols. . 38 Aviation Corp of Del 20% Baldwin Loco (1%). 16% Bendix Aviation (1). 324 "Best & Co (2).. 45% Bethlehem Steel (6). 114% Bethlehem St pf (7). 24 Blaw-Knox (1%4)... 20% Bohn Alum & Br 1%. 67% Borden Co (k3)..... 20% Borg. Warner (1) 1% Botany Con M (A), 16% Briges Mf (11.62%). 2 Brockway Mot Trk 58% Bklyn-Man Tr (4)... 88% BKjyn.Man Tr bt () 52 BKlyn & Qu T pf (5). 103 Bkiyn Unjon Gas (l) 10% Bruns-Balk-Col. 5% Bruns Ter & Ry s, 14% Bucyrus (1). 25 Bucyrusev pf 111% Bueyrus pf (1) 4 Budd (EG) Mf, 9 Budd Wheel (1). 11% Bullard Co.... 11% Bulova Watch ( 21% Burroughs A M 'l*. 1% Butte Copyer & Zine. 1 Butte & Superior. 12% Butterick Co. 37% Byers (A M). 29% Canada Dry G A (3). 38l Can Pacific (2% ) 17% Cannon Mills (160). 26% Caterpillar Trac 214 Cavanaugh-Dobbs. . 23 Cavanaugh-Dobbs pf 20 €ent Aguirre As1%. (2214 Cer de Pas Cop (2). 2% Certain-teed Prod 17% Checker Cab (1.80) 29% Ches & Ohio (2%4)... 40 Chesapeake Corp (3) % Chi& Alton.. % Chi & Alton pf. 6% Chi Great Western. 19% Chi Great West pf. 5% Chi Ml St P & Pac..; 9% Chi M1 St P& P pf.. 33 Chi& Northwest (4). 9% Chi Pneu Tool. 47% Chi R1& Pacific (5). 94 Chi R 1& Pac pf (7). 10% Chickasha Cotton Oii 25% Childs Co (2.40). 15% Chrysler Corp (1). 774 City Ice & F pt (6%) 2% City Store G 21% Cola Fuel & fron 33% Col Gas & El (2). 100% Col Gas & El pf A 7% Col Graphoph mK). e) 20 Comel Cred pf (1%). 76% Comcl Cred 18t (6%) 21% Comel Cred of B (2). 25 mm Iny Trust (2). 15% Comm Solvents (1).. 8 Cmwith & Sou (60¢). 9115 Cmwlith & Sou pf (6). 6% Congoleum-Nairn. .. 22 Congress Cigars (4). 93 Consol Film (2)... 8214 Consol Gas N ¥ (4). 101% Con Gas of NY pf(5) 4 Consol Textile. ..... 6% Container Corp (A).. 2% Container B. 17% Contl Baking A 214 Contl Baking B, . 67% Contl Baking pf (8). 47 ContlCan(2%). 41 Contl Insur ( 2% Contl Motors. 9% Contl Ol of Del. 815 Cont Shares. 765 Corn Prod (+314) 146% Corn Prod pt (1) 8% Coty Inc. Crown Ze Crucible 8t 1 Cubs & 89% Curtis Publish (17). 2% Curtiss Wright Corp 13% Davison Chem! . 80 Del Lack & Wn (6 176 Detroit Edison (8) 14% Diamond Match. 8% Dome Mines (1). 14% Domn Stores (1.20).. 61% Drug Corp (4)...... 103 Duplan 8ilk pf (8) 83% Dupont de Nem (4).. 118% Du Pde N deb pf (6) 7% Eastern Roll Milis. 143% Kustman Kodak (18) 13% Eaton Axle (1 . 50% Elec Auto Lite (8) 2% Elec Boat Erf R. .. Erle RR 1st pf (4) 9 Eureks Vac Cleaner, 22 Pairbnks Morse 3% Fasbion Park Asso. 41 Fed Lt & Tr'(31 i ERIREND NWEN.«-.., 20 1 35 3 63 6 172 3 1 208 128 1 41 e e 408 zo- 1 208 708 408 5 85 65 6 6 2 3 127 ! 6 ‘ 187 22% 25% 28% 65 50% 4 BT% 24% 7 40% 34 a1y 4% 4% 54 4 5% 95 147 68 104% b 814 21% 623 4% 8% 4 31% 15% 60 38% 81 3% 15% 10% 20 258 19% ™ 2% 511 274 674 15% 89y an 93 26 5% 4% 36% 8% 21 37 18% ™ 69% 2% 45 158 9% 5% 24% 2 % 9% 49% 1% 48 131 21% 56 15% 13% 31 5 2% 261 3% a7 331 18% 16 5 27 39% 5214 118 % 14% 16% 1% 21% 8% 20 22% 17 T k] 26 20% 18 % 54 83 28% 41% 46% 2% 43% 1% 904 3% 11 19 34 1% 13 7 20% =15 Mallison & Co. 15 514 23 23% 20% 10% 13% 21 4% 40 20 3014 15% 51 % 2% 14% 8% 36 11% 38% 27% Th 76 29 15% 14 113 165 75 10 200 % 62 53 102 24% 86% AT% 14% 3% 60% 52% 10 45% 50% F 1161 8% 20 4T% 365 % 2 1% F 10% 3% 374 28 3% 55% 9613 20015 86 6% 62% T4 49 9 1% k] 26 ock ana Dividend ‘Rate. ua‘w l!!m. Fourth Nat Inv Fox Film A (4) . Freeport, Tex (4)... Fuller Co 2d pf 16.77. Gamewell Co (5).:.. Gen Am Investor: Gen Am Tank Car(4) Gen Asphalt (3)..... Gen Cable..... Gen Cable pf (7) Gen Cigar (4). Gen Elec (1.60). Gen Focd Corp (3 Gen G & EI A (e30¢). Gen G & El cv pt (6). Gen Miils (3). .. Gen Mbtors (3) Gen Motors pf (5)... Gen Pub Sv b6% stk. Gen Ry Signal (5)... Gen Ry Signal pf (6) Gen Realty & Util. .. Gen Theater Equip. , Glllette Saf Razor... Gillette Saf R pf (5). Gimbel Bro Glidden Co Gobel (Adolf). Gold Dust (234). Goodrich (B F). Goodrich B F pf (7). Goodyear Tire (5)... Goodyrar 18t pf (7). Grabam-Palge...... Granby Consol (2) Grand Unifon........ Granite City St (3).. Grant (WT) (1).... Grt Nor Ore (2). Grt Western Sugar Grigsby Grunow Gulf Moblle & No; Hackénsack W (1% ) Hann Dept Stores. .. Hall (WF) Pr Co (2) Hanna pt (T)... Hartman Corp (B) Hayes Body Hershey Choc (5). Hersh Choc pf (5). Holland Furn (12%) Hollander Sons . Houdallle Hershey.. Houston Ofl.. . 7 Houston Ofl (new) Howe Sound (4). Hud & Man Ry (3.50) Hudson Motor (1)... Hupp Motors. . Illinols Central (7)., Indian Motor Cycle. . Indust Rayon (4) Ingersoll Rand (16). Inland Steel (4). Insuranshar Del 40¢. Interb Rap Transit. . Intercont Rubber. .. Interlake Iron (60c). Int Carriers (25¢)... Int Cement (4) . Int Combustion. Int Harvester (234). Int Harvester pf (7). Int Hydro El A (e2). Int Match pf (4) Int Merc Marine (2). Int Nickel (80c). 140 Int Paper of (7). Int Paper & Pow B. Int Paper & Pow C Int Pap & P pt (7) Int Salt (3) int Shoe (3 Int Sliver Int Tel & Inter Dept Strs ( Investors Equity. Island Cr Coal (4) Jewel Tea (4). . Johns-Manville (3). Johns-Manv pf (7). Jordan Motor Car... Kaufmann D S (1%) Kayser Jullus (2%). Kelly-Spring Tire. .. Kelsey Hayes (2). Kelvinator Corp. Kendal! Co pf (6). Kennecott Cop (2) Kinney (G R) (1). Kolster Radio. Kolster Radlo ctfs, . Kresge (S8) Co 1.60. Kreuger & T (a1.60). Kroger Groc&Bak(1) Lambert Co (8). Lehman Corp (3) Lizg & Myers B (15) Lima Locomot (m2). Liquid Carbonic (4) Loew’s Ine (3) Loft Inc. . Loose-Wiles (12. Lorillard (F) Co Louls & Nash (7). Louisiana Ofl Ludlum Steel MacAn & For ( ; MeCrory A (2)...... McKeespt Tin P(15). McKesson & Rob (1) McLellan Stores. . .. Magma Copper (2) 9 “an Elev mod sarket St Ry pr pf. Marmon Motor Car, . Marshall Field (2% Mathieson Alkali (2) May Dept Strs (234). Mexican Seaboard. .. Mid-Cont Pet (2) Midland Steel (3)... Minn Moline Pow. Minn Moline pf (6%4) Mo Kan & Tex (a3).. Missouri Pacific..... Montgomery Ward. ., Morrell & Co (4.40).. Mother Lode. . Motor Meter G & El. Motor Wheel 134)... Mulling Mfg. ....... Mullins Mfg pf (T).. Murray Corp. Myer (F E) & Br (2) Nash Motors (4).. Nat Acme (80¢)..... Nat Biscuit (2 80).. Nat Cash Reg A (3). ® £y R LA R R AR AR AN LR A NANNON RO RS Nat Tea (1)... Neisner Bros (1. ada Copper (1) vport Co A (3). ton Steel. . N Y Central (8). N Y & Harlem (5). NY N H & Hart (6). N Y Invest (1.20). Norf & West (112) North Am Av on. . Nor Am (b10% stk). North Amer pf (3) North Am Ed pf ( No Ger Lloyd (a3.13) Northerp Central (4) Northern Pacifie (5) . Ohto O11 (1) Oliver Farm Ea new. Orphenm Cir pf (8). Otis Efevator (2%). Otls Steel Pacific Gas & El (2). cific Lighting (3). Pacific Tel & Tel (7) Pack Mot Car (60¢). Panhandle P& R . Panhandle P& R pf. Paramount Pub (4). Park Utah. I"urmelte Tr-nnvorl. Pathe Patino Mines . Peerless Motor Car.. Penick & Ford (1)... Penney (J C) (2.40). Penn Dixie Cement. , Penn RR (4) 34 Peaplex D 8 pf (cl&) 108 Peop G 2 2 Pere Mara br 96 (5} 1008 Petrolm Cp of Am«1) 17 Phila Co % pt (). . 2 Phil Read C & 1. Phillips-Jones pf (7) 108 Philip Mor & Co (1). & Phillips Petroleum., 58 Plerce Oll. 1 Pillsbury Flour (£). 26 Pitts ¥ W & C of (7). 108 Pitta Stesl pf (1). .. 308 Leading Issues Are Given Support After Early Sell- ing Movement. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 7.—After the sharp break of FPriday's session, the stock market steadied today, and while there was still much irregularity, the trend was upward. Weakness at the close on Friday brought overnight selling orders, .50 that further recessions in the more volatile stocks were recorded at the opening today. Auburn Auto, which had declined perpendicularly the day before for a loss of over 17 points, added 6 more points to the drop today. Part of this loss was recovered when the rest of the list turned upward, but the steck jumped around in characteristic fashion from start to finish. { Strong Spots. Allied Chemical and J. I. Case met support. at or above the previous close. Case's annual report, which showed $9.67 a_share on the common, dis- couraged short selling, temporarily at least, and the stock was relatively firm. United States Steel broke into new low ground for the movement in the first half hour and then recovered. American Can was one of the strong spots and the interests back of Vanadium bid up their favorite, 1t was in the utility and motor shares, however, that the beeter feeling was most_evident. Consolidated Gas and Public Sefvice of New Jersey rallied easily. American & Foreign Power and International Telephone moved up after the early selling had been absorbed. Special interest was taken in the local tractions, the market interpreting fa- vorably the latest political developments. Interboro Rapid Transit, Brooklyn- Manhattan Transit and Manhattan Modified gained 2 to 3 points, Motor Group. Chrysler was the feature of the lower- priced automobile group. It made na important gain, but the buying seemed confident. General Motors was frac- tionally higher and Nash did better. None of these stocks suffered any sig- nificant setback in the reaction. All the leading motor producers have in- creased their Schedule of output for this month, and the stocks have acted well throughout the weakness in other industrials. The volume of frading was much real feature was the failure of the operators for the decline to press their campaign, which had begun so aus- piciously, and which at the close in the preceding session looked sure of sub- stantial success. TRADE EXPANSION CONTINUES SLOW Foreign Developments Held More Favorable—Cotton and Textiles " Improve. Special Dispatch to The Star. NEW YORK, March 7.—Signs of Spring are more striking in foreign than domestic news. Strengthening of com- modity and security markets, slight de- clines in unemployment in Britain and Germany may be mainly seasonal symp- toms, but the naval agreement, the promise of peace in India, the many- sided moves toward opening long-term capital markets in Europe are funda- mentally constructive factors making for revival of confidence now the crux of recovery. To these, domestic develop- ments have added little beside the relief from congressional chaos, says the Business Week in its report covering the week ending March 7. Business activity has shown at the most only a feeble seasonal expansion. ‘The index has drifted downward through February, and for the week cent of normal, only a little above the 9% | low point of Deceraber. This compares with 77.8 per cent in the preceding week and 95.4 per cent in the corresponding week last year. Commodity prices are still sagging, even seasonal credit expansion is lag- ging, and Spring stock market enthus- jasm is flagging. Cotton and textiles Adjournment of Congress till December leaves husiness, bankers and Govern- ment to their own devices. NEW YORK BANK STOCKS NEW YORK, March 7 (#)—Over- the-counter market: American k of U 8 Uhils Bhage 4 Bid. Asked. 68 71 Bankers .. Cent Hanover . Chem Bk & Tr’ Corn Exchange County .. Guaranty Hibernia Irving . Manufac Westchester Tit DIVIDENDS DECLARED NEW YORK, March 7 (#).— Regular, B Paye Blra &b Company. Rate. riod. able. "~ record 15 . .30c Apr. Mar, 21 pf. Ml R R or ot 8175 Duke "Pover. 1.25 @ 1 ROV OIONTE: JOrS!_ IO IO IO IO ORorrens i oy FERSEESLNEEEEE! Old Coiony’ R'R... Ontario Mf¢ “'4.. EEeH %5 & of ; DODOOERE © 0OOODD OOOOOD: : DOPLOLOLOOLHOOONOLD DOOOOLOOD] B i i S oo0d o g > Reduced. US Playing Card. nm Q e i v ended February 28 settled at 77.4 per! cating workers to in ductivity and fostering the humln :lt- ment in business, Thomas J. Watson, nmlflznt of the International Business Machines Corporation, which has a plant in Washington, today announced the purchase by the eomaun of 115 acres of land near its Endicott, N. Y. phnt for & country club,_to be used by employes. “Last year we enlarged our Endicott factory about 20 per cent, employed more people at higher average wages and had the best year in our history,” Mr. Watson said. COTTON SPINNING INDUSTRY GAINING Substantial Improvement Is _Noted as Price of Raw Material Advance Special Dispatch to The Star. NEW YORK, March 7.—“The de- mand for cotton goods continues to show substantial improvement,” says the Brookmire Economic Service. “The price of raw cotton has definitely passed bottom ‘and constitutes an outstanding strong_spot in the com- modity situation. The cotton spinning industry made much more than & seasonal advance in January and is now operating at a higher rate than at any time since last August. It is our opinion that this important it should be noted that in past de- pressions the textile industry has been one of the first to recover. “Another favorable item is the im- provement in residential building. Con- struction of this type has been at a very low level durtng the past year. Contracts awarded for the first three weeks -of February show substantially more than a seasonal expansion. For many weeks now -we have been men- tioning the possibility of a turn in reAldentlll construction. It may be starting now. “There is still a surplus of space in commercial and industrial buildings. Construction of this type cannot be expected to show improvement in the near future, But sufficlent deflation has taken place to give rise to a hope that the decline may be over. It follows that a substantial increase in _residential construction may be { | lower than it had been on Friday. The | sufficient lo turn the trend of the entire building industry upward. Con- firmation of a turn in building will be a favorable factor of far-reaching importance. “Steel mills and automobile plants are continuing a gradual improvement. Automobile dealers are not burdened with heavy inventories of unsold cars. Any increases in retail sales of auto- mobiles will be hnmedhwly reflected in the manufacturing operations. This is another industry which has passed bottom. “Carloadings and the production of electrical energy continue at very low levels, indicating the absence of “broad 1mprovement in industrial operations. It is our opinion, however, that both these factors have reached their approximate lows. After some hesi- tation around present levels they can be expected to advance, along with gradual improvement in general busi- ness_operations. “The constant development by the electric power industry of new uses lnr wer household consumers ighly important factor in the lbluty of the industry to main- tain earnings.” |LUMBER REQUIREMENTS By the Assoclated Press. National Lumber Manufac- turers’ Association, in a consensus rep- resenting the views of more than a thousand reporters in all scctions of the - country, looks for a necessary stocking up of retail yards in line with optimistic forecasts. . The reports, from manufacturers’ representatives, Whole- salers, retail:rs, banks, building’ and loan associations and wood-using in- dustries, estimate that dealers’ stocks are about 12 to 15 per cent below last year’s stocks, Expected lumber requirements, as shown by the reports, indicate a slight increase during March over February require- ments in all save five Stat: In New are the brightest spot in the picture. | Mexico, Alabama, Georgia and South Carolina no change is forecast. In Ar- kansas lower requirements are seen. All other States are exp:cted to show gains. First Mortp,ge Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Comipany, Inc. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Secured by First Mortgages Safe—Conservative Make your sav- 43 Yun SR Tos nih: 1n fimapcing est interest rate homes and in the consis| ith sale of these se- absoiite safety. curities. Wm H. Saunders Co., Inc. REALTORS Dist. 1016 1519 K St. A MoONTH @ security based upon TRUST SHARES (Ashare in 28 Stock Exchange leaders) EXPECTED TO INCREASE | Over 32,500,000,000 Likely to Be Expended in U. S. During Current Year. Construction and improvement of streets and highways in the United States during the current year are ex- pected to involve a total expenditure of more than $2,500,000,000, a new high record and comparable with an aggre- gate of $2,200,000,000 in 1930, the Bank of America N. A. points out in & com-, ‘mentary on the situation. Of the total expenditure . for 1931, it _is estimated that about $840,000,000 will be spent by the -State highway departments; $205,000,000 by the Federal Government, including the regular appropriation of $125,000,000 and a special appropriation of $80,000,000 additional; by cities and approximately $600,000,000 by counties. “Phese items, totaling | ness Upturn Still Awaited, Review States. Special Dispatch to The Star. BOSTON, March 7.—Seasonal ac- tivity that strengthened both hopes and stock prices last month continues, says the United Business Service in its weekly report. It points out that after this week business will not have to keep an eye on Washington and can give more attention to its own problems. - The United Business Thermometer this week registers 73.3 per cent below nor- ' mal, which & approximately the level of Jast month. It is forecast that rogress will continue to be slow, and hat business will run under 20 per cent below normal this month and next. Before any further appreciable in- crease in industrial activity can take place further adjustments in wages will be necessary. Also the general trend of commodity prices must definitely 75,000,000 | cease declining and an increased de- mand for goods must appear. ‘The moderate measure of improvement $2,520,000,000, do not take into account | i, certain lines should not be taken as further appropriations being considered by Congress and State departments. Largest Outlays on Roads. “While the desire to reduce unem- ployment is responsible for a part of | the increase in the expenditures plan- | ned for 1931, there has been for some | time a widespread and well maintained | effort to develop a road system adequate to present-day traffic requirements,” th bank declares. “By far the major - tions of the sums appropriated will spent for road building, and only a relatively small proportion for mainte- nance, About 78,000 miles of highway were built in 1930, including some 45.- | & 000 miles of local and about 33,000 miles | industry has turned the corner. And |of State highway. An increase of about | 20 per cent in mileage is anticipated in 1931, bringing up the prospective ad- dition to local highways in that year to 54,500 miles, and the addition to State highways to 39,000 miles.” Many New Roads Needed. Acccrding to the most recent esti- mates now available there is now a total of 3,024,000 miles of highway in the | Reserv: Unlm States, of which 315,000 miles is State about 2,709, system. Of highway mileage, State and local combined, only about 700,000 miles is surfaced. The need for further improvement and development In the local rcad system is indicated by the statement that only about 5 per cent of the 6,250,000 farms in the United States are served by what can a definite promise of a broad apd sus- tained upturn in business. STATEMENT OF THE COND! [THE CONDITION Life & Casualty Insurance Company of Tennesaee On the 3ist day of Decembe umrea under the District of CO imended June 30, 1902, and Aulflit 18, be | Capital stock Capital stock, paic |Gash in ome Gash In ba ‘irst . 488895224 value) s 3,591,518 Collaterai “ioars thc Premiums uncollected "and " in hands of agents. Interest due and acer All other assets. Policy loans .. Total assets.... " sfi;m.u G Premiuins paid i A Contingent reserve o vreiii. 10800009 Capital stock 1:300, Surplus Rt A Total tabilities +$12,200.175.96 Character of business t St S gt 0 surance. health and accident paa Amount of risk sssumed tar the year 1930 be termed all-year-round roads. Some | Los of these secondary roads are in bad condition throughout the *greater part of the Winter and early Spring, and some are entirely impassable during a part of that time. Improvement in these local highways would obviously be of great advantage to the busipess of localities served if the work can be done without resulting in too heavy a burden in increased taxes. g Dividend Payments. NEW YORK, March 6 (#).—February cash dividend payments made by do- mestic corporations Mhled $237,903,422, Standard Statistics Co. reports. Ralls led the list of major divisions with a total of $55,025.677, while electric light 5?::’1“ companies were next with $46,- There is an attractive opening for an EXPERIENCED SALESMAN placing securities. One with wide acquaintance in Washington ferred. Ad, Box 364-X, Star Office / Money to Loan et e e | Wet Raimaiod New York Bank Trust Shares (An Invest: 1 York Banks st Carvent Low Frices) " s NOW e (e Time te Siart Bulliing Your Rstate Rolmt C Jones & Co., Inc. oreham Blds. Met. 2022, 2023 MAIL TODAY—Please Send Me Complete Detalls. Name . Address Subscribed -nal‘&usfi“g'w this o 79!h fll{ of P!b'fl'l':x’ 1931, $43 m ZABETH GENTRY. My commission expires July §, 1983 H. A. Hollins, Dist. Mgr. 224 Evening Star Bldg. Phone Metropolitan 1342 Washington, D. C. 1t costs cnly about 1% cents’ cents Sundays to u-.n- delivered to m Zsrerl evening and y morn- Telephone National 5000° and the delivery will start immedi- -u!y. ‘The R:uu Amt vfll col- repayment plan, No indorsers nd A strictly dignified Harylnd Perwulluknl. 8405 Georgia A ,lilm e A 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 = 5l RANDALL H. FIAGNER & COMPANY MORTGAGE LOAN New York Life Insurance Company 1321 Connecticut Ave. | will purchase NORTH AMERICAN | SAFE FERST Decatur 3600 ORTGAGES THERE ARE NO PREFERRED INVESTORS among those who place their funds in our 6% FIRST MORTGAGES . Every investor—whether the ‘Over a Third of - dollars Century Without a Loss amount invested is hundreds of or thousands — fares exactly the same—receives pre- cisely the same rate of return; has exactly the same dependabk security. May be purchased in am‘ounu from $250 up.