Evening Star Newspaper, March 18, 1931, Page 12

A-12 # Money to Loan first deed of trust on real estate Prevailing interest and commission. Joseph 1. Weller 0% % Trast N.W. Trustee Standard Investment Shares Series “D” Investment in these shares offers diversification among 35 of Amer- jea’s most outstanding corpora- tions, as follows: Rails - - -~ Utilities - - oils - - - Industrials - Combined assets of constituent companies are over 26 billion dollars. Price about 4% per share Phone or write for complete de- BORAH STATEMENT - ONSTOCK DEBATED |Wall Street Disputes Re- ported Remarks on Gen- eral Motors. BY JOHN F. SINCLAIR. & Special Dispatch to The Star. NEW YORK, March 18.—Senator Borah's reported statement that Gen- | eral Motors stock “was put out at 92— | shrank to 32—a loss to the investors | of $2,610,000,000” has raised a storm in | Wall Street. Such a statement pre- | supposes the fact that every common | stockholder of General Motors bought | at the top and sold at the bottom. THE EVENING nephew of Washington Irving, for whom the bank was named. Lewis E. Plerson, 61, New Jersey born. has been chairman of the board of directors of the Irving Trust since 1916, and Harry E. Ward, 52, Ccnnecticu born, its president for the last 12 yearr. President’s Secretaries, The appointment of Theodore Joslin, ‘Washington newspaper man, as secre- tary to the President to succeed George Akerson calls to mind the fact that many of the presidential secretaries in the past have gone into lucrative posi- tions after leaving that spotlight. The mest notable of these is George B Cortelyou, who was private secretary to William McKinley and who is now pres- ident of the Consolidated Gas Co. of New York, the richest public utility property in the world. Mr. Cortelyou, who started as a stenfggapher and who in early 1i plann®®a career in music, was the fi Secretary of Labor in the Roosevo cabinet, and later his Secretary of the | Treasury. Now, as the head of the Consolidated Gas Co., which, at the end of 1930, had 76,224 common stockholders and 21,508 preferred stockholders and 13,570,511 shares outstanding, he presides over a ccrporation whose common stock has a STAR. WASHINGTON, D, C., WEDNESDAY, to be submitted to Acting Mayor McKee and Controller Berry. But Americans—both men and women —living cutside the big city, should know that New York is not the place in which to look for work just now. (Copyright, 1931, by North American News- r Alliance.) | |TEST OF GROUP BANK | | LIABILITY PLANNED | ‘Controller May Determine Extent | | of Stockholders’ Interest in | Paying Debts. The liability of sharcholders in group | bank organizations in the case of faflure | of a bank which is a member of the | | group may be finally determined as a | | result of action taken by the controller | | of currency, John W. Pole, it was | learned here today The Federal receiver of the National Bank of Kentucky in Louisville has an- | nounced that he has been directed by | argument against the new form of banking organization. The owners of stock in national banks, and in State banks in most of the States, are liable to a 100 per cent assessment against their shares in case of failure of the bank or, in some cases, to prevent it from failing. Where the stock of a bank is held entirely or in part by a holding company, the holding company as a bank stockholder is liable to the double assessment. In cases where the holding company possesses assets other than bank stock there is some assurance that such an assess- ment against it could be met. ‘Where, however, the entire assets of a holding company are composed of bank stock a situation may arise where a double liability assessment could not be paid. In that case it becomes of importance to determine whether the double liability can be passed along to | the stockholders of the holding com- pany. Test suits to settle that question will probably result from the action of the controller. (Copyright, 1931 SEABOARD DIVIDEND. BOSTON, March 18 (Special).—Di- rectors of Seaboard Utilities Shares Corporation have declar:d a dividend of MARCH 18, & Arizons Mining Co, reported for 1930 net income of $1,230.748, equal 46| for the three months ended Fel a share, against $7,773,608, or $9.18 - et a share in 1929, share were paid in®1930, aggregating $1,685,714, and resulting ih a Teduction | share, ini the corresponding quarter last | of surplus_of | sidiaries reported for 1930 net loss of $1,131,624, excluding Federal tax re-| 1931. EARNINGS REPORTED. NEW YORK, March 18 (/).—Calumet fund of $187,144, against net loss of $3,709,149 in 1929. Madison Square Garden Corporation 1930 | and wholly owned subsidiaries reported Telephone National 5000 For immediate delivery of The Star to your home every evening and Sunday morning. The Route Agent will collect at the end of each month, at the rate of 135 cents per days and 5 cents Sunday. it i i 28, the third quarter of its fiscal year,| net income of $295,191, equal to 90 cents | a share, against $360,469, or $1.11 a| Dividends of $2 a $94,965. | year. United States Leather Co. and aub-‘ England has many murder mysterlr.«.( < 1800 « 2gp.s To Investors who seek & CONSERVATIVE Investment Banking Conmess General Motors has 43,500,000 com- tails on this improved, fixed trust. mon shares outstanding. Most of it is held by investors, who never trens- | | | Church, Wootton & Co. ||| fta™ Liare auring ine hoom piriod, | INCORPORATED | nor after. A few investors bought the WASHINGTON BUILDING ch‘k ‘nt H;e‘g&xh fisr:xre;bbu}: the \'fl):f ¢ 212 | majority of those who bought “at t METROPOLITAN 2121-2 || top" were mere speculators, taking a _If| | chance on “making a few more points” | before it dropped. The fact is that while a few investors were unfortunate enough to buy this particular stock and other stocks at similar high prices, the number is relatively small, and the loss-figure, given by Senator Borth, is fantastic the controller to assess the stockholders | of that bank 100 per cent on the double | 12!2 cents per share payable May 1 to liability that attaches to holders ot |stockholders of record at close of busi- stock in national banks. A large per- (ness April 1. centage of the bank’s stock was owned by the Banco-Kentucky Co. If the Banco-Kentucky Co. cannot mect the assessment of more than -$3,000,000. assessments will be levied against the | sharcholders of Banco-Kentucky and | suit brought in an attempt to pass along the liability to them. This, it was | stated, will be the first case of its kind cn_record e s The question of the liability of share- The 24,000 men now being employed | polders of group banks HES afven ths | | and unreliable. with the funds which the Stewart gcinte Legislatures and Congress consid- | One commentator said: “No gov- | Prosser Committee raised, will be With- | craple concern and has been used as an | ernment can legisiate a fool away from |Out work next month, when the fund his folly. The fleecing, bought and |is gone. What will they do then? Frans | paid for in the last stock markst fiasco, |J. Taylor, welfare commissioner, 1s| | was the just reward for gambling. In- | heading a committee to figure cut how | vestors lost nothing, and the Senator |t0 employ these men economically by | | knows it.” |the city. It is understood that the This is putting the case too strong, |conclusions of his committee are ready | on the other side! Some investors did lose, but probably the truth is some- | e NEW YORK BANKS | where betweeen this statement showing | Deposits, Ten Billions market value of over $1,400,000,000. New York Jobs. Don't come to New York looking for | work. This is the advice Mrs. William H. Hays, president of the New York | ¥. W. C. A, wants every American girl { to know. Mrs. August Belmont, one-time | famous actress, now chairman of the Woemen's Fund Committee of New Yor’s, | which is raising a large fund for self- supporting women, joins in this advice | of warning. | A_-,EX. BROWN ¢ SONS has wishetood dus ing 130 years the rigors of a seeec or mos of financial upheavalsi It has found that 2 of conservatism is highly profitable ¥ stoa * adhered to. . To investors who do NOT seek the lp!h.: who can appreciate the soundness of conserval at ALL times—we offer our service and eouneel based on that policy. You will find our Washington Branch offiee ready to render that service to you. ALEX. BROWN & SONS FOREIGN AND DOMESTIC BANKIERS - Established in Baltimore in 1800 737 157TH STREET, N. W, Tekephone, Notionol rosy WE MAKE LOANS | For Construction have first mortgage money to | loan for construction. You'll |find us ready to give immediate | assistance. Reasonable Charges Prompt Decision on Construction Loans in any amount REAL ESTATE MORTGAGE & GUARANTY CORPORATION Capital Resources over $3.000,000 1610 K St. N.W. FOR RENT For Storage or Other Business Purposes MORE MODERN WARE- ONE OR FLOORS IN FIREPROOF HOUSE 6% NOTES Secured by First Mortgages Safe—Conservative Make your sav- 43 Years' ings and surplus funds work for Experience in financing you at the high- homes and in the est interest rate consistent with sale of these se- curities. absolute safety. Wm. H. Saunders Co. Inc. REALTORS Dist. 1016 1519 K St. fApproximately 7000 square feet to a floor. | that “investors lost nothing,’ Borah statement that investors lost | everything. | A Famous Address, | JNo. 1 wWall street! Thats a famous (Frei sl address. For it's on the corner of Broad- | Freight elevator setyice. | way and Wall_street, looking across |l por e €. J & Co.. | REASONABLE RENT. | from the old Trinity Church on one ||| Robert C. Jones 0., Inc. i T s |side and directly across from George | |l shoreham Bids. Met. 202223 Apply MR. HITE— F. Baker's Pirst National Bank on the | | other. | Merchants Transfer & | Monday next the Irving Trust Co.| opens its mew bank building on that Storage Co. | ccrner. It's a 50-story building, one ot 2 E st fIn heart of downtown business section, (These great banks are the backbone of the Nation, and you can purchase an interest in them at current low prices.) details. | the most imposing in’the city. It will | |be opened with ceremonies. Among | those who_expect to be present awill be | | A. Duer Irving, a great-great-grand- L R ® Piece Mohair Living Room Outflt$ ‘ A sturdily and attractively built living room outfit. The three large pieces are covered in mohair with velour outside. Included Perhaps you’ll look twice before you can believe this— BUT IT'S TRUE! are 2 Rayon Pillows, Bridge Shade, Base, 5-piece Console Set and Occasional Table. SMALL PAYMENT DELIVERS OUTFIT Look before buying. / Small Payment Delivers Outfit IN THE 1-lb. FLAVOR-TIGHT TINS >4 = s A ? = The four major pieces are made of walnut veneers and other tabinel$ woods. Has large dresser, Hollywood vanity, chest, bed, spring, mattress and two pillows. 29¢ a pound, now, for Bokar—Bokar’s lowest regular price in history! This is not a special SALE price. It is the regular, everyday price—10c lower than 15 months ago—yet it’s the same Bokar, the same rich, aromatic blend that has won and held millions of coffee lovers everywhere. Have YOU ever tasted Bokar? Blended from the rarest and most costly coffee beans that the world can produce, this aristecratic coffee costs you only 29¢ a pound . . . i : because from the time it leaves the planters until you g L 4{ ) - _ k : - take it home, it is handled entirely by the A&P. ONE eyt 5.Pc. Enameled organization—ONE very small profit! ;i S 2N Breakfast Set JUST ARRIVED price! Try Bokar ONCE. That will tell 5> In Gray and Green $ 1 2.'65 $1.00 Delivers A complete line of 1931 lat- est designs and colors in all types of wicker suites. One like above pictured in 3 pieces k with loose, spring-seat cush- 326.25 Pay $3.00 Monthly But forget the the story. Our Regular $29.50 Inner Spring Mattress Special This Week Only In conjunction with the manufacturer we make the following offer: - Our Regular Price ....... ) T AL Allowance for Old Mattress Hl‘ Special Price. U!]IH. T e A&P COFFEE SERVICE--A Coffee to Suit Your Taste THE GREAT ATLANTIC & PACIFIC TEA COMPANY The World’s Largest Coffee Merchants e —————— ————————__ Bokar is one of the famous A&P Coffee Trio— the three blends that are bought by the greatest number of all coffee drinkers. Three blends to suit every taste— Eight O’Clock, Red Circle and Bokar. And remember, that the coffee you like best IS the best, no matter what it costs! o s B s e « $1.00 Delivers Stewart Warner 7 Philco and é ' w | REAXWE Radios sNITHE Prices Start ‘ 3 ‘u | ' | ‘ 415 7 SNW~E Choice 37.95 e A = 9098 Guaranteed Coil 37'95 er Felt and Cotton ‘7'95 ttress. $1.00 Delivers at $65.50 No Interest BOKAR—29¢ 2t aciair EIGHT 0’CLOCK—21¢ RED CIRCLE--25¢