Evening Star Newspaper, March 12, 1931, Page 13

FINANCIAL. FINANCIAL, D.C.STORESALES |[ NEW YORK STOCK EXCHANGE DROP IN FEBRUARY THE EVENING STAR, WASHINGTON, D. C, THURSDAY, MARCH 12, 1931 STOCKS ARE WEAK (™3 ovescion| . msockron s All officers and directors of the Hy- “--";—__flh'-m, Divens e iy New York Central's Aotion Is Di-| tlected at the “““"’ meeting of '“‘“ Te the Time uumz.ru Add 00, High. Low. Duques Lt 1st pf (5) 4 104% Tours Toas : J Bastman Kodak (1) 4 170% 168 168 e Robert C Jones & Co., Inc. Business. Met. 2022, 2098 Decline of 2.4 Per Cent Below 1930 Figures Is Reported. B ldpinds BY EDWARD C. STONE. Bales in Wash de) mnent . ington pa; Department store sales in the fifth Reserve district in February averaged 4.9 per cent less in dollar amount than sales in February, 1930. Of 76 stores which reported 24 showed larger sales md 52 Jower sales in Feb- ruary this year than in February last year, Nmolk ‘was the only individual ? repomd larger sales for the 1931 month, the 12 Reserve districts in the tates, the fifth district made the second best record for the month, only one other district, mnnn})qm re- porting a lower percentage of decline in nlu in comparison with the 1930 lnuumuhuvenles!ormnnttw months of this year the fifth district showed an average decline in amounting to 4.1 per cent. the lowest figure reported by any Reserve district except that for Minneapolis. Norfolk Makes Best Showing. Pacenuge comparison of sales in noa nnmm with corresponding pe- cities afstriet. 78 siorei tes, est_Virginia, For e s Most of the stores reporting in the Carolinas are small establishments, total sales in those twosuw-m up only about 10 per cent of the total rted for the district. addition to the Richmond Bank's , the Federal Reserve Board also covering February les in the 12 Federal As noted above, Minneapolis made the best mawxn., with the local fifth district coming second. I Dtplmml'\‘mzu!uforflueonn try as & whole were slightly larger in February than in January, on a daily basis, according to the Rererve ad to 98 per cent o{ the 1923-1925 average, approximately the level maintained dur- the last half of 1930, comparison with a mr ago, the mu value of sales in Peh"\urv ac- flg\u’fi.'uflpereentm.fierlorlhe New York is tied with the Richmond district in the February results, but has not done as well in the first two months of 1931. The St. Louis area has fared the wfltn!nmlsyurln total retail ‘The pe; rcmulg'nvemu for the dlfleunt districts fo! “Fifth District High in List. Jan.1 No.of No. report’s of sUrs. cities. iladelnbia Cleveland Richmond Atlasta . Chicago Bt. Louls Minneapol Kansas Gity. Ban Prancisco. —10 —9 70 “Pebrusty figures preliminary: the monih had the same number of business deys this year as iast. Peoples Drug Annual Report Out. Peoples Drug tores, Inc., report for the year ended December 31, 1930, net m‘of $671,702, after charges and 1 taxes, equivalent after 63; per cent preferred dividends, to $4.12 a lhl.n on 124,550 no-par shares of com« stock. This compares with $893,- m or $5.71 a share, on 127,975 no-par amounted {6 $16, 3 $15,543,208 during the previous yxr‘h Balance sheet as of December 31, 1930, shows current assets of $3.297- r.;l.;rhn current liabllities of $1,- Heavy Trading on Exchange. ‘Today's session was one of the busiest in several weeks on the Washington Exchange. Thirty shares of Pederal-American Bank & Trust Co. stock sold at 50 and 40 more at 49. Commercial National came out at 219 on & 50-share turnover. Mergenthaler moved to the m.ent of 48 shares at 86, ex-dividend, while Columbia Sand & Gravel opened at 97 and closed 9615, 60 shares changing hands. Capital Traction, Washington Gas, City & Suburban, Washington | Railway & Electric and Columbta | Country Club 5%s bonds were in | excellent demand. American Ice Nets $3.93 on Common. American Ice Co. and subsidiaries for the year ending December 31, reports net profits after all charges of $3,260,- 271, equal to $3.93 on the common stock, as compared with $3,431,124, or $4.22 per share, in 1029. Sales amounted to $20,505,707, compared with mmo’ll Y.he year previous. Consolida e sheet shows current unu of lZ 76,176 and current liabilities of $2,975426. Charge-off for derfecll(l')n and maintenance was $2,- 75.254. Bonded debt was decreased | $156,000 to $5846,000 and surplus in- | creased $394,901 to $7,767.871. Heard in Financial District. The Spring meeting cf the District Bankers' Association will be held at the a Country Club on April 29, of April 22, the date first set. ‘The preconvention dinner always draws a record attendance of bankers, The Treasury’s March financing of $1,500,000,000 has been more than twice oversubscribed, according to announce- ment by Secrelary Mellon in connec- tion with the allotments. The Rich- mond district get $34,313,500. The January statement of operations of the Washington Rapid Transit Co., fiied with the Public Utilities Commis- sion, shows under the net income | item & deficit of $3446.86, as ccmpared with one cf $3,019.73 for January, 1930. | an increzse of $427.13. B. & 0. CAR LOADINGS. BALTIMORE, March 12 (Special).— A slight upturn over the previous was shown in Blll.l.mol'e & hio's car loadings for the week ended February 21, but the volume of traffic flowing over the trunk line remained considerably below the level of either 1930 or 1929. s originating on the lines and received from connections totaled 46,176, compared with 45560 for the vious week. But in the correspond- period of 1920 they totaled 54,516 and in 1929 amounted to 59,370. Coal loadings were below both the vious week and the comperative | jods of the last two years, totaling ,988, compared with 9,683 for the week ended February 14. They totaled 11,003 corresponding week of 1930 and in the corr 12308 in 1929, first mmk‘nfllfl.hbrulry ,131, as compared with 172,060 in the similar a year previously. period of i 100% 10% 9% 12% 594 ~ Stock ana * Dividend Rete. ~_Add 00. High. 9 Abitibi Pow & Paper 2 39 Abitibi P& P pf (6). 25 Abrabam Strauss.... 16% Adams Exp (1.60). % Ahumada Lead. 92 Air Reduction (14%) 7% Air Way Elec Appl. 7. Alaska Juneau (40¢) 7% Alleg Corp. . 39% Alleg Cp $30 ww 148% Alljed Ch & Dye (n6) 122 Allied Ch & D pf (7). 32% Allis Chalmers (3) 1 AmalLeather....... 17% Amerada Corp (2). 20 Am Agri Ch of Del... 54% Am Bank Note (13) 62 Am Bank Note pf (3) 10; 8% Am Brown Bov Elec. 108% Am Can (15). 145 AmCanpf(T)..... 27 Am Car & Fary (3) 38% Am Chicle (43) 14% Am Colortype (1. 9 Am Comel Alcohol Am Encaustie (1 B238eam JOUOL- 1 TOTVITS - [P - TP 1 74 Am & For Pw p! 87% Am & For Pow 24 pf. 1% Am Hide & Leather. . 10% Am Hide & Leath pf 47% Am Home Pr (4.20) 18% Am Internat (2).,.. % Am La Fr & Foamite 2(1)% Am Locomotive (2).. 3 16% Am Metal Co. 224 Am Nat G 50 Am News (13 45 Am Pow & Lt t31 78 AmP&LtpfA (4) 80 AmP&LpfA st (5) 15% Am Rad & St 8an (1) 26% Am Rolling Mills. .. 57 Am Bafety Ragzor (5) 39 Am Shipbuilding (6) 40% Am Sm& Ref (4)... 93% Am 8m & R 24 pf (8) 129 . Am Sm & Ref pf (7). 2% Am Solv & Chem.... 6% Am Solv & Chem pf.. 42% Am Sugar Ref (5)... 96 Am Sugar Ref pf (7) 8 Am Sumatra Tob.... - B 53% Am Water Wks (3).. B4% Am Wat Wks cfs (3 6% Am Woolen. . 21 Am Woolen pf. 4% Am Zinc Lead & 8Sm. 29% Anaconda Cop (2% ). 22 Anaconda W&C (1). 27 Anchor Cap (2.40). 15% Archer-Dan-M (2). 2% Armour of Il A 2 Armourof Il B Armour of 111 pf. 3% Arnold Constable. . 19% Asso Apparel (32). 22 Asso Dry G (234)... 178% Atch To & S Fe (10). 1021% Atch T & 8 Fepf (5). 105 At Coast Line (110). 18 Atlantic Refining (1) 45% Atlas Powder (4)... 97 Atlas Powder pf (6). 8% Atlas Stores (n1) 101% Auburn Auto (£4) 1 Autosales....... 3 Aviation Corp of Del 20% Baldwin Loco (1%). 881 Baldwin Loco pf (7). 68% Balto & Ohlo (7).... 108 Bamberger pf (63%). 56% Bang & Aroos (3%). 7% Barnet Leather pf... lnl 11% Barnsdall (A) (1)... 11 87% Bayuk Cig 1st pf (7) 1708 66 Beatrice Cream ( 3 50 Beech-Nut Pkg (3 2 16% Bendix Aviation (1). 26 32% Best& Co (2). 3 45% Bathlehem B'Q.l (). l!fi 2 24 Blaw-Knox (1%)... 20% Bohn Alum & Br 1%. 67% Borden Co (k3)... 20% Borg, Warner (1)... S 0 N300 e 08 R s s * 16% Briges Mf (11.62%). 34 170 104 17% 32u 45 108% 15% 111% 104% 424 1% 8y 3 20 3% 1614 Briggs & Strat (2).. 2 Brockway Mot Trk.. §8% BKiyn-Man Tr (4)... 108 ~ Bkiyn Union Gas (5) 14% Bueyrus(1)....,.. 25 Bueyr . 111% Bucyrus pf (7). 4 Budd (EG) Mfg. 9 Budd Wheel (1) 11% Bullard Co. 11% Bulova Wateh (1%). 21% Burroughs A M 1%. 23% Bush Terminal (2%) 100% Bush Term deb (7)..100; 109 Bush T Bjdg pf (7).. X 1% Butte Copuer & Zi 12% Butterick Co 37% Byers (A M). 99% Byers (A M) D) 42% Callf Packing (4).... % Callahan Zinc & Ld 36% Calumet & Arizona 8 Calumet & Hecla. .. 29% Canada Dry G A il). 38% Can Pacific (2%) 17% Cannon Mills (1.60) 9% Capital Admin A. 11 Celan QCnrp 5% Celotex Co. 19% Cem‘A‘ irre Ci l'% Ch s & Ohlo (2%). Chesapeake Corp ( 'A Chi & ATton . 5% Chi M1l 8t P & Pac. 9'% Chi Mil 5t P& P pf. 33 Chi & Northwest (4). 915 Chi Pneu Tool...... 23% Chi Pneu Tool pf. .. 473 Chi R1& Pacific (5). 94 ChiR & Pacpf (7). 26% Childs Co (2.40)..... 15% Chrysler Corp (1)... 35% City Ice&Fuel (3.60) 774 City lce & F pt (63%) 2% City Stores.....o..e 24% Cluett-Peabody (3) 1424 Cocoa-Cola (173%). 102 Colg-Palm P pf (6) 9 Collins & Alkman 21% Colo Fuel & Iron (1). 33% Col Gas & Bl (2).... 100’ Col Gas & El pf A (6) T4 Col Graphoph (a%). 250 731, Columbian Carb (16) n 18w Comel Credit (2). 76% Comcl Cred 1st 1(%)100- 26 Comm Inv Trust (2). 27% Comel Inv Tr war. . 82 Comel 1 T cv pf (e6). 15% Comm Solvents (1).. 8 Cmwith & Bou (60c. 91% Cmwith & Sou pf (6) I © 3 PRI Aot BTN =TRE TP PN Iy - 5. 9% Consolidated Film. .. 15% Consol Film pf (3).. 824 Consol Gas N ¥ (4). 101% Con Gas of NY pf(5) 34% Consol RRCpf (6).. 4 Consol Textile 5 Container Corp (A).. 2 Container B. .. 17% Conti Baking A 2% Cont) Baking B 67% Contl Baking pf (8). Contl Can (2% 9% Contl Ofl of 814 Cont Sha 76% Corn Prod 8% Coty Ine....... 27 Cream of Wht (1! 4% Crosley Radlo. 31 Cr Cork & Seal 2. 22 Cuban Am Sugar p! 1% Cuba Cane Prod 4 Cuba Co. 41 Cudahy P 113% Curtis Publish pf @) W Corp 28% Cutler F 13w bavison Chem! 2014 Deere & Co (140), 141 Drlaware & Hud (9. 176 Detroit Edison ( 14% Diamond Mateh Eaton Axle (1.60). 2 20 84 Eitington-Schild. Eitington-Schild Elec Auto Lite (6) El Auto-Lite pf (7 Elec Stor Bat (5) Emerson Brant A. Endjcott-John (5) Eng Pub 8 (2.40) Eng Pub Sv pf (5% Eq Office Bldg (2%) PSR- Aulo Loading Fairbanks Co pf Fairbnks Mors Fashion Park s 8 8 BrornSond mea Fox Film A (4). 107 Frank Simon pf (7).. 808 Freeport, Tex (4).... 11 Fuller Co 2d pf 16.77. 50s Gabriel Co A Gen Elec spec Gen Focd Corp (3) Gen G & El A (30 Gen G & El cv of (6) Gen Mills pf (8) Gen Mot Gen Moto: Gen Outdoor Adv. Gen Ptg Ink (23) AT \ Gen Pub Sv b6% stk. Gen Ry Signal (5) Gen Realty & Util Gen Refractorie: ) Gen Theater Equip.. m|1mn 5-: Rasor, Glidden pr Gobel (Adolf) Goodrich B F pf. 11), Goodyear Tire (5)... Goodysar 1st of (7). Gotham Silk Hoslery Gould Coupler . Graham-Paige. Granby Consol (2).. Grand 81l Strs (h1). Grand Unton. ... Grand Union pf (3). Granite City 8t (3).. Grant (WT) (1).... Grt North pf () Grt Nor Ore (2). Grt Western Sugar.. 2 Grt West Bug of (7). lo- Grigsby Grunow. Gulf States Steel. Hacken pf A (1%) Hann Dept Stores. Harb Walk Ref (2 e [ Miinpis Central LR - -TPEA - TR PRY Indust Rayon (4) Ingersoll Rand ( Inspiration Copper. - Int Cement (4). {nt Combustion, Int Comb Eng pf Int Harvester (2 Int Hydro E1 A (e2) int Match pf (4) int Merc Marine Int Nickel (80¢) Int Paper & Pow A.. Int Paper & Pow C Int Pap & P pf (7) Int Printing Ink. Int Salt (3).., int Shoe (3) 8 S ahn 08 nBulnanmoudonanm S ok umeNN Int Tel & Tel (2).... Inter Dept Strs (2).. Investors Equity.... Island Cr Coal (4) Jewel Tea (4). Johns-Manvill Jordan Motor City Bou pf (4) Julius (2%). » Kinney (G R pf ( Kolster Radio. . Kroger Groc&Bak (1) Kuppenheimer (2).. Lambert Co (8)..... Lane Bryant (1).... Leh Port Cmt (1). Leh Valley Coal Leh Valley (2% Lehman Corp (3 Lehn & Fink (3) Li®Ow Ford Glai Lizg & Myers B ) Lima Locomot (m2) Link Belt (2.40) Liquid Carbonie Loew's Inc (3). Louisiana Ofl. LouG&E A ( Louts & Nash (7). Ludlum Steei. MacAn & For (Z 60) . McCall Corp (2%) McCrory A (2). Melntyre Pore M (1) McKeespt Tin P(15). McKesson & Rob (1) McKes&Rob pf(3%). McLellan Stores. . Mack Trucks (3). Macy & Co (nt3).... Man Elev mod g (45) Maracaibo Ol Exp. . Marine Mid (1.20).., Marmon Motor Car. . Mathieson Alkalf (2) May Dept Strs (2%). Mavtag Co. .. ville Shoe (2). Mexican Seaboard Miami Copper : Mo Kan & Tex pf (7) Missour! Pac pf li). Mohawk Carpet Montgomery Ward. . Mullins Mfg pf ( Murray Corp. Myer (FE) & N Nat Lead (5). Nat Pow & Lt Nat Radiator. 6212 elling ot Rails, Utilities and uwi| Steels Puts Market 5! Down. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 12.—Considera- tion of the reduction in the New York Central dividend rate brought fresh offerings in the rallway shares at the % | opening of today’s stock market. Lower prices riled for the carrier stocks and industrials weakened sympathetically, but trading was in small volume and, considering the news, the selling was lurnmlnxly well absorbed. was to have been expected, New York Central was the weakest of the rallway shares. It dipped today to a new year's low, under 111, before meet- ing any substantial support. New lows on the reaction were made by Atchison, Union Pacific, Baltimore & Ohio and Ilifnois Central. After the New York the street would not be surprised by other downward revisions of dividend rates, and a good deal of the day’s selling was doubtless profes- sional attempts to anticipate such action. Coppers Under Pressure. Another weak spot was Westinghouse Electric, which responded to the publi- cation of the annual report, showing $4.45 a share for the stock, by selling off but still holding above the 1931 minimum, N The copper stocks were weak, espe- clally Anaconda, with traders discus- s, | 8ing_the_dividend status of that pro- ducer. The February statistics came uon showing stocks of refined o?rpe end of the month at a 9 lost ground. yet the lumxe was not '.he decllnel in the stocks or in the grou already named, but the way in whfi:b the rest of the list resisted. Shorts in Allied Chemical covered pending publi- cation of the 1930 income statement, which they seem to fear might prove a surprise. Buying of United States Rubber shares went on and new highs on the movement were reached by both the common and preferred. Detroit advices stated that production records for the United States Rubber plant at that place had been broken on March | mthlt llhl tire business was in- rapid] Th operlwrl who were so busily sell- ing Warner Brothers Pictures earlier in the week were taking in their commit- ments today and the stock rallied with the bonds. were heard of merger nnoth ions, but they origi- nated in lative circles and could | it not be ed. Of the standard in- | Esrinau dustrials General Motors and Amerln Can were unimportantly g:\lp working in Vanadium lllm it stock and, finally, public ities were still in favor, particularly Consoli- dated Gas, Public Service of New Jersey and United Gas Improvement. Early Market Lower. Led by rails, prices declined from fractions to 2 points early today. In the rail group, the selling was based on the theory that the Baltimore & Ohlo’s dividend, as 'dl as the divi- dends of other roads, be cut as was the New York Cen!.rllj on Wed- nesday. However, the breaks in group were held to conservative pm- portions. Baltimore & Ohio was off 2 points, and there were fractional de- clines in Union Pacific, Atchison, Penn- sylvania and Southern Pacific. New York Central was off nearly 3 points and at a new minimum price for the year. During the first half hour trading smounted to 400,000 ‘shares, against 300,000 on Wednesday. Call money re- newed at 1)2 per cent. Apart from the rails, the list mirrored the report that Westinghouse did not earn dividend requirements, a cut in copper prices, a new drop in British foreign trade . and similar factors. United States Steel was off fractionally. 8o was Bethlehem and Vanadium. Ac- tive industrials, such as American Can, J. I Case, Loews, Paramount Publix. Radio, Keith, John Manville, Montgom- ery-Ward and llmmom. all were lower. In the utilities, confined to fnctumll drops in Ameri- can Telephone, Consolidated Gas and United Corporation. Public Service of New Jersey gained a shade. The motor NEW YORK BANK STOCKS NEW YORK, March 12 (#).—Over- the-counter market: N Bes Navi TRUST COMPANIES. Bankers Cent Hanover . Ghem Bk & Tr rn Bxchan County - Irving Manttactirers Westchester Title & Tt Transamerioa Corporation. NEW YORK March 12 (#).—The an- nual report of Transamerica Corpora- tion shows the consolidated n=t proflt of the corporation and its subsidiaries, 95 ger cent or more cofitrolled, was $18,- 37,369.57 last year. lly firm. Oflls were un. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 12—Of the many dividend reductions made in the past year, none has the significance of that authorized by directors of the New York Central Rallroad in ordering their annual rate cut from an $8 a share to a $6 a share basls. It is the first m-Jm' transportation line to feel eomve the current depression to adjust its dividend rate fn the ch:.nfimcondmm a8 ""h‘: ican corporation thaf m 15:! a substantial reduction. From another standpoint today’s action is im- gofl‘nt‘ as New York Central stock gures in more investment trusts than any other raiiroad issue. It is in practi- ull{.every diversified list of the fixed , The new dividend rate is the lowest since 1923. In that year the rate was raised from $5 a share, where it had stood throughout the period of Govern- ment control. In 1924 it was raised to $7 and in the latter part of 1927 to $8 & share, from which it has now been reduced to $6 a share. ‘The New York Central directors stated u\lz ‘while conditions remain as at pres- ‘tMIt would be necessary to reduce the lend. In spite of all reasonable ecunumhl they find it difftcult to offset the effect of a heavy drop in freight and passenger earnings. New York Central stock fell several points after the di- vidend announcement... STATEMENT OF THE CONDITION OF THE American National Fire Insurance Company 2197 aCOLYMBUS. OHIO On_the 31st day of December, 1930, as re- iired under section 647 of the Godé of Lew or the District of Columbia. Net premiums tal interest her income Total income JURSEMENTS. Net amount paid policy holdets At Sibursements: . $780,633.57 nds and stocks $172.422.00 asn in company : o 1046387 Dosits in banks . 4 5: Reents *valane e Interest and renf ned pre Habiijties > gt Tibijies Sufpius over al itabilities NET PREMIUHB Wfll'l'l'lfl DURING Dmncl‘o! ss3.136 70 ST A 8595431 15517 02.52 Sworn. to" before me this of Pebruaryy 1031 e ri it ST Insurance Service BRODIE & COLBERT 1707 Eye St. N.W. Nat’l 8875. A 8; %{ [ [ON' Union Insurance Society of Canton, Ltd., Colony of On the 31st fllll":?gt?l:lhs. 1930, as_re- guirsd under section 647 of the Code of Law the District of Columba. INCOME. Net premiu Total interest a Other income Total income.. $1,670,398.36 for losse $716.926.79 All other disbur: 1,030,929.51 Total disbursements. $1,747,856.30 Real estate 1o and stoc! 8a0"in Company's office Deposits in banks. Asents’ balances . Interest and ren! Gross assets Deduct assets not admiiigd. Total admitted assets......$3,731,402.82 Total unearned bre her liabilities apital -deposit Surplus over all ifabilities Total 3,731.402.83 | NET PREMIUMS ymmn DURING THE District of Net unpaid claifag |2171u 71 A Fire. $535.58 yelon gichaist ks L , civil com: and explosion . 120213 . 11.002.43758 153838 By . LA BONTE. Auditor. ., For MARSH & MCLENNAN. United States Managers. ppubgeribed and sworn o before me this of February, 103L Notaty. Bunile EXEMPT FROM ALL FEDERAL INCOME TAXES Tax free in New York, New Jersey and the District of Columbia Legal investments by Statutes of the States of New York and New Jersey for savings and trustees in these states. THE PORT OF NEW YORK AUTHORITY 41% Gold Bonds Due March 1, 1941 to 1960 inclusive Price 100'% and interest Complete details on application ALEX. BROWN & SONs BALTIMORE « Telephone Nat’l 1053 ‘The above lnwrmmm although not mnnleed believed to be accurate 737 15th St. N.W. — MAIL TODAY—Please Send Me Complete by the compan! has & surplus o '$383.216.76 md ap- proximately $6,000,000 in assets all in- vested in first mortgages on Maryland || 4adress real estate. Secured by First Mortgages Safe—Conservative Make your savings and surplus 43 Years’ Experience funds work for you at the high- in financing homes and est interest rate consistent with in sale of these absolute safety. securities. Wm. H. Saunders Co., Inc. REALTORS Dist. 1016 1519 K St. 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 51,07 s, RANDALL H. HAGNER & COMPANY MORTGAGE LOAN New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 Going AHEAD by lookir;g Back The investor who looks back over the records of the companies behind his securities gets hold of facts that enable him to go ahead. Once every Guarter is not too often to find out how much your companies are earning, what balance sheets and P. & L. statements disclose and what their plans are for the future. This information is available at our office. FENNER & BEANE COMPLETE BROKERAGE SERVICE Washington Office . 2430 K Street, N.W. . . . Telephone National 7000 J. D. MOTHERSHED, Manager Members: New York Stock Exchange and other principal Exchanges PRIVATE WIRES TO NEW YORK, NEW ORLEANS, CHICAGO PROPERTY MANAGEMENT Apartment House MANAGEMENT N the avalanche of problems in connection with the management of that apartment house deluges you is a signal to put the responsi- bility for their solution up to Our experience as property mnagmuuyoutme—- and to your profit. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 MORTGAGE LOANS FINANCING AT LOW COST First Mortgage Funds (Three Years or Longer) LJ Loans on residence and busi- ness properties in the District of Columbia and nearby Maryland suburbs . .. Ample fands, lower interest, prompt ap- provals, valuable prepayment privileges. Three-year loans on newer properties without amortization 3% H. L. Rust Company ESTABLISHED 1880 1001 Litteenth Strest National 5100 Loan Corregpendent for *'The Prudential’