Evening Star Newspaper, March 21, 1931, Page 13

& FINANCIAL THE EVENING STAR, WASHINGTON, D. C, SATURDAY, MARCH 21, 1931 FINANC1AL. e FINANWCIAL. e e WOWNG IVERES || NEW YORK STOCK_EXCHANGE | SIS REBUUR FRPSN2oim s e DATON PN IN BUNDS IS NUIED Noto—AL siocks are 201 Iy Ome e e by | T AT, Pl Rite AGASN Hen. com. o Gty AT SH[]RI SESS"]N Total Securities Floated in This Country WII.I. BE REVEAI.H] Senior Securities. toplt golt Anumats Lexd, 1w : Firestone T& R (1). : p tain Trend. Total forelgn financing in the United large purchasers of securities, while Pam, e d by the ) u:m se siocks wers sold in odd lots. %0 Euruia yao Cleaner; 13 Was $1,088.000.000, Ne apital $905 ~Prev, 1931~ 4% Evans Auto Loading 1 E W 1ta - 00, High. 5 y y \ ' 2 v Dun & Co. Co-operates With N 231 164 Adams Exp (1.60)... 9 21% 2" Fairbnks Morse 1. 5 g Good Demand for Leadlnu 29% 2214 Adams Millis (2) 1% Fed WatSv A (2.46). 2 counts Result in Uncer: 11% . 921 Alr Reduction (14% 9 | 102! Fisk Rubber........ States in 1930 was $1,088,000,000, an in- | the insurarce companies increased e T A e, 7 Fisk Rubber 15t pf.. 60s crease of $380,000,000 over 1929, De- | their holdings stcadily. Bond prices = BY EDWARD C. STONE. 814 6% Albany Wrap Paper. g nominal capital was $905,000,000, re-|ber, but each time they fell sharply | o o Raiesit bost I 126 7% Alleg Corp.. S AL LD 8 _ | Special Dispateh to the Star. funding to Americans having totaled | agaln. Throughout the year inves, | Persons who suffered loss through Bankers and investment bond house | jout 14710 Alljed Ch & Dys (n6) 9 reeport, Tex (4)... NEW YORK, March 21.—Advances $182600,000. Increase in new nominal | tors were very cautious. the failure in January of commercial. officials in Washington report & strong | jo4i. 122 Allled Ch & D pf (7). Gardner Motor. 2 % and declines were intermingled in to- | capital was $225,000,000. i firms which owed them money will demand for high class bonds. Not only | “ysy, “35% Allis Chalmers (3) Gen Am Tank Car(4) 7 4 e tock market,| Not only did foreigners obtain more Yieida Are Low, | have the consolation of more complete here but in New York and all over the | 57" 37, Amerada Corp (2 Gen Asphalt (3) 10 41 day's typlcal week end s market. | o, an $200,000,000 of new capital from | The low yield on foreign bonds dur- | Statistics than have formerly been avail- country the demand for frst class bonds | “4y, 21{ Am Beet Sugar. Gen Bronze % Taking the list as a whole, the trend | fhe United Btates in 1930, but the dollar | Ing 1930 may be accounted for in part | 2ble on the methods employed. to sal- g L-‘::d p-'fc ?el"v'e d-b;:“ml;:; ne!vz;-:’mci :;.‘ az - :m g: f,',',‘:'n'. r' ‘m.e" Gen Cable o 3 3 was toward reaction, but there were in- | obtained had at least 10 per cent greater | t’g’r;‘he’::‘;:!:fld l:w hlfih firatxie nr;fl shxo | ;Zg: something for them out of the % i A 3 0 3 wel | ck, accord the first of the year. 129% 1061 AmCan (15).... Gen Cigar (4). 3 dividual instances of considerable | "“-‘;,E’,"‘,‘;%o"":i,‘.,.,, yield of foreign |money rates that pre fed c(:mln;wg«‘)v | by_the De;!:‘x::?ngenxv,r\ n:nJ:Smunumm: The huge issues of New York Central, | “ggy 27 = Am Car & Fdry (3).. Gen Elec (1.60). " 1 strength and many interesting features. |y o4 (oreveq §n"the United States was | Canadian issues were very heavy, and | the first time, it was revealed, the Pennsylvania_Railroad, New York Port| gsa, 29% Am Chain (3) Gen Elec spec (60¢) . Stocks about whose dividend Tate | given as 5.49 per cent, the lowest level | the Index—457 per cent—was extremely | M#Wds of liquidation of failed Gome bonds and others recently put out were| ggn, 381, Am Chicle (13).. Gen Focd Corp (3).. 4 s 5 2" | there was more or less concern con- | since 1919. In 1929 the average was 10w due to its being heavily weighcd |&m lB}: firms have been compiled. Such all sold in a few hours, or at last by| 21y 141 Am Colortype (1.40). Gen G & El A (e30c). 5.81 per cent. |by the Dominion government issue, | 94 ave not heretofore been avail- 8 he secor s Wi hol. . enG & Elevpf (8). 5 7 tinued in supply, and some of them y ) ; ] e r the maTEe | Bl 18 A Bv opMbBeCUF: GenG e AT, e s new ows "o the movement. | Approximately $808,000,000 or 75 per | Which yielded 4.28 per cent, and to the |ale. however, R. G. Dun & Co., : 2 ] 2 4 by s short-term proviricial issues. | IS co-operating with tr vest- r. G 1 3 |In this classification were included U.|cent of the year's foreign issues had |HUMErOUS & | g With the department in Allotments of the bonds to local invest: 26k Am & For Power. ... Sen Mille (3) .. o y e leonol, off over 8 points | been brought out by the end of June, | The Latin American index was reduced | Its investigation of bankruptcy causes ment houses were promptly sold. 85% Am & For 13 Gen Mills pf (6 9 to 5.71 per cent from 6.50 per cent in | and cures by fy of some of these bonds were requested | 791 6715 Am & For Pow 2d pf. ien Motors (3). 3 " in two days: Liquid Carbonic, off about | 1930, the department observed. There |[0,57 DEC Cent Hote 850 her cent iy S by furnishing these figures. but New York reported none to be had. [ 22 1015 Am Hide & Leath pf. 1 Motors pf (5) 2 103% 103 103 7, points {n' the same time; National et onver Al reswine dor smallioff et L e Argentine short-term issues Extent of Fallures It is the opinion in the local financial 47" Am Home Pr (4.20 Gen Outdoor Adv. 9 87 ‘ash Register, which was better sup- £ v were brought out. The weighted .a\sr- 2 & scme 3,328 commercial tri T 1 of money has 28% Am lce (3 Gen Ptg Ink (2%)... 20, P ported, and Westinghouse Electric, [ political disturbances in Latin America, 4 3 er- e C g‘:n:uh:l}:iul:acgk '.t“fn:mg Thvesiment 1815 Am International 1 Pub Sv 6% stk 31 where there was an animated struggle | unsettled parliamentary situation in “':l :I:d cgfflfl!: El‘i"?\".)ea" SR pearly swn.nfi%’&'m;’“"ol}‘,",fi“'b’“‘"“ when conditions should improve. It t Am La Fr & Foamite Gen Ry Signal (5)... 24 between the bulls and the bears. Germany, and other European coun- | 847 Per cont= sugbi increase from | 2.367 with reported liabilities P seems 10 be the belief of cautious in- 20% Am Locomotive (2) n Realty & Util i Directors of Westinghouse meet next | tries, and the general appreciation of peorE . 000,000 were handled throg hfl b:‘ vestors that the business depression 72% Am Locomot pf (7) n Refractorles ( 4| week, but whether the present $5 an- |the world-wide character of the business Latin American Borrowing. ruptey proceedings; in 208 c{w “m: has reached bottom and business| 433% 31 Am Mch & Fdy 1.40 4 Gen Theater Equip.. 19 3% | nual rate will be maintained is uncer- | depression. Seventeen countries and three United | Labilities of $37,000,000, Federal i d definitely turned the corner, although 314 Am Mach & Metal Gillette Saf Ragor. 3 tain. The stock rallied _vigorously Canada Big Borrower. States territories and possessions wers | State court receiverships’ fod To rapid advances ‘;fi.f;fi‘:fi;gixt ot g f.‘\!:!‘({f,"n, o : S 4 il 7 R ';g:c'";: t‘nh:g;]z:?r:}:d:;m"y' but lost 8| Al of the incldents tended to pre- |represented in the year’s financing. For g&l" (Cases were accounted for by as- e e brousht out in liberal| i Am News (13%). SR f Gobel (Adolf) . f D Elantard Industriats, such as’ Amer-| Vo05 S0 OHOR Of e O ey eEeartetl asy S 0L i | ana Miscellanesus K‘.‘Z’l‘,fii{'&"‘;‘.’.‘; in bond: 6. 45 AmPow & Lt (31).. 9 4 59 Gold Dust (2 2 J s Steel, weak- y a s v y | under ex s orred New York, various outside financial | 15's Am Rad & St San (1) 20 Goodyear Tire (5) Graphophone, now that the news is out | October, November and December were | American borrowing was second in vol- | Sorted to. " houses are expected to take certain | 7 Am Republies. .. "4 Graham-Palg, with regard to the merger with Grama- | Canadian | ume and was comprised largely of Ar- | The present annual ai amounts even 1f they do not sell them e sl Granby Consol (2)..+ 20% 20% 20% 20% | phone, Ltd. and in the ofl list Texas| Another obstacle to the floating of |gentine short-term loans. Europe in- | ities involved in Dankrupteies 1 aroced T&ufi?“i‘oér-‘v:?' n?:;“:i‘";;:qr cent BT R e : " {G:::g .‘q'u‘s;x"r- (h1) ’ CnArgo;.\Unn was at a new 1931 low. foreign issues in latter half of 1930 was | creased its issues quite substantially. ;000»0"0-?00» according to the solicitor ssues, ever, < t| 5 3 nfon. .. 6% 16 s a partial offset to these declines | the failure of the bond market to re- | Renewed borrowing by Germany, espe- { 8¢neral. Thomas D. Thacher. In th the bonds have been “fully dxxest"d-d 0: 934 :'" §"‘|fk’*(!lde§;““> = - : “;fl"“v‘(,“‘_" St (3). was the new peak for General Motors. | spond to the easy money policy of |cially the commercialization isste, was | 125t 10 years the figures have bee; DRt o Serthe shelyes Tor Taturo s, | 25" Am Steel Fdy (3). 9 29 N e § 35 o 5 30| which touched $48 share for the first | the Federal Reserve svstem as much [the outstanding feature. Far Esstern | Sieadily mounting. and with the rise tn It is reported in New York that the| 481 37 Am Stores (f23)...i I ; 9 S| time this year. Todays reporls wete|as was snticipated. The reserve banks | flosfations were confined to Austraija, liabilities there has been a steady de- guccess of recent sales means that a s 42% Am Sugar Ref (5). 3 7 “w Grigsby - » share carnings in the firss quarter, | — oW ik e Lk it . The r:sulv,oh“a‘:bfi:rrtfi“v's' large number of other new bond issues e g g Hied . Guif States Steel. and the expectation was that nearly recovered by creditors g’ r'-"filE'“&“,,’." will appear soon, although probably nof 6 1704%-Am - 1 4 Hackensack W (1%) $1.50 would be reported for the half G G mercial firms has F ceedingly enough to swamp the bond markfl,kn.z 2 ig:‘ :x ;gg::gz g:m o] 9 ‘4 Hahn Dept Stores. year, which 15 exceptionally favorable TRADIN DURIN 1928 PUBL'G SERV|OE |.|F|S small. In the five ;2'.12 e::iea ‘;‘.flz was the case before the stock markel 0 s Hahn Dpt St pt (6 under present conditions in the in- 0, 1925, the dividends to creditors of e ha B, S Rm R o » N *|H, T SR o8 el SET MARKET RECORD| 1930 APPLIANCE SALE |1 s et ot 50 2 Firms Enormous Taxes. 3 Ham Watch (11.95).. 1 uously strong. Up over 3 points on - Al I Hanna p (1).. Friday, it extended the gain today. Phil- June 30, 1930, the average dividends " . T Corporations in which Washington % 6% 1 g = e i Tave Slee e vestors hold large interests are among Am Woolen pf... awailan Pineap (2) 9 9 lelphia ading Coal, one of the s A ess than 8 cents on the &e 14 _largest taxpayers in New York 29% Anaconda Cop (2% 9 Hayes Body........ 3 " low-priced issues, responded to an op- | Statistics Show Bull Year of 1929 Chicago Concern Reports 9.3 Per dollar - City. The Interesting list follows 22 Anaconda W &C (1). A % 4 4 Helme (G W) (17).. timistic statement by the president with - f nk Repayments. New York Central, $9,092,617; New 27 Anchor Cap (2.40). 2 ) 1 Hershey Choe (5) ... & 2-point advance. Was Not Most Active | Cent Advance Over Figures _The recoveries of depositors in banks York Edison Co. United Electric Light 14 Archer-Dan-M (2).. Hersh Choc pf (15). Ralls appeared on the tape at in- | i which fail are in striking contrast to Co. and Brooklyn Edison Co. $8,499, 58ty Armour of Del pf (7) Hollander Sons. 5 « 15 | frequent intervals, but for the most on Exchange. | in 1929, those of creditors of commercial firms, 775; New York Telephone C« i 2% Armour of Il A 2 Homestake Min (17). part they were firm. An exception was | Jlnuqn‘ bank fallures numbered 197 947; Consolidated Gas Co., New Amste: 1% Armour of Ill B . Houdallle Hershey.. 8 9 | Norfolk & Western, which went to a e _— and involved depositors of $91,360,000. dam Gas Co. and Standard Gas Co,, 25 Armour of Il pf 4 51 Houston Ofl. 5 5% 5 new low. New York Central was helped | Special Dispatch to The Star. Special Dispatch to the Sta It ls estimated that well over 50 per $3.788,802. 2% Arnold Constabl Houston Ol (new).. by Toledo advices reporting an in-| NEW YORK, March 21—Studies in| CHICAGO, March 21.—Operating | (fot of this amount will be returned to B. M. T., $2,189,479; I. R. T., $1,710,- 19% Asso Apparel (32)..s Hudson Motor (1) 9 i 4| crease in the number of employes on a 8 g el «~——Operating | the depositors eventually. The record 822 PehnEylvimn"rer'mi}m' Real Estate 22 Asso Dry G (2%) " g S Hupp Motors that division, the result of a 10 per cent security trading on the New York mar- | properties of the Central Public Service | for national banks is well above 50 Co., $1,645.134; Brooklyn Union Gas 178% Atch To & § Fe (10). Illinots Central (1) gain in freight shipments over Feb. | KetS, released by a statistical organiza-| System sold merchandise and ap- |cent. e Co. $1470550; Tishman Construction 103% Atl Coast Line (110). TR MOOT Cyole. . . . ruary, Incidentally, Toledo also re- | tion show that the roaring bull year pliances worth $4,815.316 during 1930.| The hardship and loss resulting from Co. $1,254,755; Manhattan Railway, . 18 Atlantic Refining (1) 3% Indian Refining ported an increase in employment in|Of 1929 Was not, as is popularly sup-|E. L. Callahan, general commercial |bank failures is more dramatic, per~ $1.038,216. 8% Atlas Stores (nl)... Indust Rayon (4) ‘ the automotive plants. posed, the most active year in_security | manager, announced. This figure, which | haps, because money on deposit I the Bush Terminal Co., $1.030,638; French 10135 Auburn Auto (£4)- .. 2 Ingersoll Rand (16 —_— iradicig. ‘As a matter of fact 1928 was| Tepresents met sales after all teturns | bank seems ‘more ke cash in band Investment Co., $1,018.661; Goelet Es- 3 Aviation Corpof Del 5 Inspiration Copper. . ; ¢ HIe et e and allowances, is & gain of 93 per |than bills pavable. The legal situation tate, §993.964 (Manhattan only), and 20% Baidwin Loco (1%). Insar Shrs Md (400 STEEL PRODUCTION ‘Any person making such a statement | cent, or $413,848, over merchandse 1t identical, however, for the relations Vincent Astor and Astor Estate, $992- 88t Baldwin Loco pf (7). 108 7 Y Interb Rap Transit. downtown, of course, would be pooh- | sales in 1929. ship of banker and depositor is that of 80¢ (Manhattan only). 4 68w Balto & Ohlo (7). 12 & Int Agricultural. ... 4 poohed off the street. But it is a| “The imporlance of merchandise and | debfor-creditor, and that the depositor Sacht Sasiks Velo Dividents. 721 Balto& Ohlopf (4).. 1 78 " v kil o . FIGURES ARE RISING| matter of record now’ that. consider-| appliance sales.” Mr. Callahan said, “is Suflers in case of bank failure is an im- 561 Bang & Aroos (3%). 2 Int Carriers (37%¢). 1 ing the number of outstanding shares | demonstrated by the fact that over GO | Palrment of the debt owed to him by The Wiisctans ot Dontinstal Mruet Co. | 11% Barnsdall (A) (1)... 36 SRtOSOE (Be s > AL listed on the different exchanges, the|per cent of all sales represeni new in- | the bank. Moreover, since the have declared a dividend of 1% per 8714 Bayuk Cig 15t pf (1). 608 Int Combustion. .. .. 3 . | percentage of shares changing hands | stallations, creating _additional de- | COVEIY in cases of bank failures is sev cent, payable March 31, to shareholders 65 Beatrice Cream (4).. 15 . A § Int Comb Eng pf. Industry Approaches Its Spring|during 1928 was greater than in 1929.| mands for gas and electricity in ter- |OF elght times as great as recoveries of record at close of business March 25. 106 BeatriceCrpf ¢1)... 1 6 Int Harvester (234) .. This is accepted by students of the | ritory now being served. Our principal |{rom commercial failures, it would seem Directors of the Federal-American 50 Beech-Nut Pkg (3) 1 2 Int Harvester pf (1). 3 Peak With More Than Sea- markets as belated evidence that a slow- | activities in 1931 will be directed | that the problem of bankruptey gen« National Bank & Trust Co. have de- 24 Belding-Hemingway 2 214 3 Int Hydro E1 A (e2). 13 3 ing up of the bull market was taking|toward the merchandising of . heavy | €rally is a much more serious one fan clared the regular quarterly dividend 167 Bendix Aviation (1). 24 3 3 5 Int Matchped).... 3 18 sonal Increase. place before the October crash. Even | load building appliances.” | the problem of bank failures. of 50 cenis a share on the $20 par 32% Best & Co (2).. 17 # 4 Int Merc Marine (2). E 5 when the Stock Exchange was ripping | (Copyright, 1931.) value stock, payable April 1, to stock- 45% Bethlehem Steel (6). 127 3 I Int Nickel (§0c)..... 0 o% 19% NP off from 9,000,000 to 16,000,000 shares T T e v holders of Tecord March 27. This is % 11415 Bethlehem Stpf (7). 1 ? Int Nick Can pf : Special Dispatch to The Btar. in a single five-hour session, the pace| U. S. TREASURY BALANCE. Dairy Products Rumor Denied. equivalent to the former dividend of | 29 24 Blaw-Knox (1%) 5 Int Paper & PowC.. 3 4 3 4 3 NEW YORK, March 21.—The Ides of | Was slowly letting up. | $2.50 on the $100 per value stock of 4 20% Bohn Alum & Br 1 7 % ISCESpR Bority. .. 4 3 . o | Mareh have come and gone- witnouy| The year 1929 saw so many new| The United States Treasury balance | NEW YORK, March 21 (P.—Na- the Federal-American National Bank, 60 Bon Ami (A) (4). 5 Int Print Ink pf (6). 100s 2 furnishing any further unfavorable | COmpanies formed, so many millions announced today as of close of busi- | tional Dairy Products Corporation to-< and $1 per share on the $100 par value 6714 Borden Co (k3). . 5 Int Rys Cen A pf (5) 208 omens from the economic oracles or | Of 8dditional shares issued, so many|DesS March 19 was $755,074,673.65. | day stated there was no basis for re- stock of the former Merchants’ Bank & 20% Borg. Warner (1).. 2 Int Salt (3) 6 throwing any new light on the outlook | high-priced stocks split two, three, four | Customs receipts for the month to | ports that negotiations are being con- Trust Co. : 16t Briges Mfg (11%)... Int Tel & Tel (3. % | throwing any new light on the outlook | 11 five for one, that had the trading | Gate Were $19.208596.14. Total or- | sidered for acquisition of Western Dairy A resolution urging the suspension 16% Briges & Strat (2).. 3 Inter Dept Strs (2) . provement continues undisturbed by | kept uR‘on a percentage basis, there dinary expenditures, $15,399,936.76. Products Corporation. of postal savings depositories in com- Lk £ Sl Intertype Corp (2). new developments, says the Business | Would have been 25.000,000-share days munities served by banks has been 15% Brockway Mot pf... 1 Aoty Tk, 1 1 Yopess sovaring the wolt | e St B Aviptbow & Fiper 8 s Exchanke Buf (1%).1008 Week End Adjustments of Ac- Local Financiers Report| 14« s Abitbt Pow & Paper. 17 12 12 i 5 000,000, Says Commerce Report. Government in Analyzing 5% Adv Rumley (new) 10% Fld Ph Fire In (2.60) 2 —— Foster Wheeler (2) s - [ P S T T T T DI 7 » 3 4 adopted by the Executive Committee of 58% Bklyn-Man Tr (4). y e iseate 2 ; % | ended March 23 I the State bank division, American| 58 52 Bkiyn&QuT pf (5). T L3805 S tor Established 1890 Bankers' Association. The resolution | 129% 103 Bkiyn Union Gas (5) i b A i gl e, IpoTted by diverse MONEY TO LOAN Tecalls the original purpose of the 14% Bucyrus (1)... Kayser Jullus (2%). Spring peak at somewhat more tha its Bt B, and 6% Interest Federal Government in establishing the | 34% 25 Bucyrusevpf (2%). & Kelly-Spring Tire... 24 3 2 A usual seasonal rate, and buildin : Sl S s 3 g 1S be- 1st and 2nd Tru tal savings system and expresses the 9. Badd Wheae) (1) i L R L s ; . | ginning to reflect the strong stimulus Consult WELCH Realtor = lief that all “major considerations 11% Bullard Co ‘e g U 3 ELSUySne TRV E. 0k : of public works contracts. Check pay- Loan Specialist Safe—P‘rofitable— on' ien which led to the formation” of the sys-| 85 22 ~Burns Broscump 5 Kelsey Hayes (2) 6 3 Ty i Gt a3t R, y:'#m L Conven t it 1 4346 v Ve y 21% Burroughs A M t1%. 3 5 Kelvinator Corp a5 5 > - y :zm "‘“1‘,’,“{‘,,2“‘;?‘.“?3,‘,‘2"Jfifis“g‘ri‘:xé’i‘, 2314 Bush Terminal (2%) bt Kennecott Cop (2).. 40 high Government financial turnover. 28 » policy. 100% Bush Term deb (7).. 108 102% 5% Kinney (G R) pf (8) 90s gél‘jl;:":{fiit:;odu ;g;teig;ace n,g?fiteon‘%fizy — - F. M N B Bankers to Get Certificates. B ol ] gl S y ; 2 ity is nlps'arex;]w r&apérlng off & bit. Money to Loan 1rst Ortgage otes 4 ‘ i 7 sepiNey y % K .60, : he index has risen again, above the | Seeured by first deed of trust on real estate. ing th“e‘c‘n‘re:t c:e‘x;rel:\t:r'g;uzh:orlkn:ggl 2 w’,: %’, o4 ::fl; pf (1), 103(: 135 X ~ x:;::: ';:‘;o:a::zl‘:?:) level of recent weeks, to 81.1 per cent Prevailing interest s mission. for the w 420 Wash. L. & Trust i school vear will be presented to stu- 42% Calif Packing (4).... PrpY 1 : Lambert Co (8)... | e e:fl‘_,‘,'f,f :fl:'g,x?"-}'fi:;:,:’,f;,;; Joseph L. Weller %7.7"3%: % % W secured on conservatively ap- dents of Washington Chapter, Ameri- % 36% Calumet & AFiZona.. 40 34 Lee Rubber & Tire. . lw i i ies i istri can Institute of Banking, at the Spring 11% Camp W&C Fy(1). .. 16% : Lehmap Corp (3).... v B 3 e e iy g"”fi““""""" TR praised properties in the District meeting at the Wardman Park Hotel 29% Canada Dry G A (3). 377 3 Leh Valley Coal 6 6 5 ® . s 2 Thester on Thursday night, March 26 381 CanPacinc 134 }§;’: : Libow Fora Gixss 4 107 5% 15% | P Goramsodivy prics smevements sre en- of Columbia and adjacent Mary- President Fran] L el of e 17% Cannon s (1. . 2 2 3 Livg & Myers B (15) 9 couragingly indefinite, as in March last | i chapter wil present certficates to| 1 o CaplalAdmina.... 2 lh e 1 E Lima Locomar, (m2). ’ y Sear. bt the speciacin: mrenginening —and comfort of first-class E land ;ubu_li r.bs. Permit us to offer ance at classes and passing final ex- 40s 116 & ; inc (3).. ’ 5 i o o Same i ke our fatilities for ;he dglacm% of your investment funds... Par- ticulars of available notes , : A e e Dot s ter 5 e B 0 : : . Bonvinies & comarvache, sxushe st |2 Special Rate mailed on request. courses, Standard and pre-standard | 14s. 54 Celotex Co. certificates will be given to 60 and| 111 414 Celotex vtc cifs. [ ) Co. B 1% 108 | K DUYidE ot o i the credit cards to 40 students. 22% Celotex Co pf. 37% 33 # Louls & Nash (T).... 2 9 a8 'yet insufficient to offset C‘n“n;’]‘lllgd Instaliment Selling Defended. 2214 Cer de Pas Cop (2) 2 E Ludlum Steel....... 89 e s ;. in-teed Prod. v s commercial t t In the current American Bankers e pretir 5 MeCrory A «2)..... credit. As in recent weeks, the im- acKstone riote Association Journal, Milan V. Ayres| 18 13 Cemteinoienl Lo 9 McKeespt Tin P(15). proved tone of foreign feeling remains B B M qaing wurvivs | 1 . ; 3 McKesson & Rob (1) ¥ 3% 13% | the most favorable forecasting factor. (= 1016 17th St. Dist. 3510 i Ml Stor: its first great test, the depression of 40 Chesapeake Corp ( 5 5 AEi b Traoke ¢ 1030, He says that so far as the| O3 b sty 3 v (3).. s 40 s 5 A splendidly furnished room finarice companies were concerned tne | e 4 s o e s | NEW YORK BANK STOCKS with modernly appointed pri- year was one of reduced business, mot 19% Chi Great West pf... i s 4 5 ? 3 Y . X vate bath—2 in a room, by the Stress or strain. By a liberal use of| Zgm goe Chi MINStP & Pao. e 7 R L 1% I | e e 0 () —Overs month—each— curves, statistics and percentages, he| ;g 915 Chi MIISt P & P pf.. Siasi Hleviirion: 7 ' aims to prove that the installment idea | 9% Chi Pneu Tool.... 1% 39 A 35 TRUST COMPANIES. o Manhat Elev gtd (1) 8, 3 s is panicproof and that a sudden slow 47% Chi R 1& Pacifie (5). BE% s MR A (2A0) i - As &‘_’ a week ing down of the business machinery of 10t Chickasha Cotton Oil 1215 o - Deukers' ... the country does not result in excessive 2613 Childs Co (2.40) ..... 32 it b L - o Chem "Bamk & Trasi. R . volume of defaults or repossessions., ; % Chrysler Corp (1)... 176 24% 2 b 5 o s g 4 Corn. Exchange.... = The number of rooms is Among the conclusions set forth in this 8 1 City lce & F pf (6%) 1508 85% ¥ e "mj'(_fl Tty 3 | Qumny s v, 4 limited—requiring prompt en- ;::mprchfigsne Aty l*-‘” that "“1}:‘“\ 2% City Stores....c.o.. 1 gl e At L 2% S tving s : Y39 p L no evidence that installment selling| g4, 248, Cluett-Peabody (3). 2 3 - = B e | i + )8 Manufacturers’ sevese . 3 | is an {mportant factor either in bring- | 1424 Cocoa-Cola (11%).. P 3 e oyt Tié | Westchaster Tille: & ... 14 e s v ing on a depression or in bringing a| "5y LT, 7 2 R MIdiana Bteel (8)., BANKS, —being within easy walking depression t6 an end.” P (234). i e oA sl Ameriea ... distance of downtown. Many bankers in Washinston, how- 9 Collins & Alkman, 3 MStP&SS Mo oenr, 5 5 Gis | G 0T W Units - 4 ever, differ with the conclusions % 9 T 9 9 9 Mo RIS DAk i | Enat® pheii : % Harry Wood—Manager H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 A TR reached. Many local financiers believe 21% Colo Fuel & Iron (1). 2 B Ekih e T A 4 that too much installment selling, or| 45s 3834 Col Gas& El (2).... y 5 8 e s ] . Eitih Aveiie 0 T n perhaps installment buying, was one of | 7% Col Graphoph (8% ). 515 1 3 y L A LS Eirst Nat 5 5 the leading factors in bringing About 7314 Columblan Carb (16) e ey dos oy 6 | Menn & it n the Wall Breet crash late in 1920, 181 Comel Credit (2). ... 2 2 e aa - A0 ; ! First Mortgage Loans RYL——A‘ND L.A\;JMI:KER i e " Motor Meter G & El. 4 ; Lowest Rates of Interest and Commission MA N a8 O : Mullins Mfg. .. N Five R Kitch —— 154 Comm Solvents (1).. 9t - ive Rooms, Kitchen and Bath ES oiL TARIFF A E et ;::1{1;:; i\:g:ppr 15, Elacstil Ratiiyeriiion Thomas J. Fisher & Company, Inc. SAFE OPPOS 911 Crwlth & Sou pf (§) 8 , 1% M ¢ s I FI'R'ST MORTGAGE'S Representative Linthicum of Mary 91 Consolidated Film... 9 9 Nat Bella Hes: . 8 16th and Columbia Road NEW YORK BANKS land opposes & tarifl or embargo on| 18 e d NCBIachIC (37807 - imported oll 10 &0 Consel Gan N ¥ (4).. 183 5 Nat Casly Reg A (3). ‘ Reasonable Rentals TSl E e DRt jand a n AN IDEAL The Maryland member declares that only 18,000 men, instead of the hun-| 194% 101 Con Gasof N of(6) T el R B Nt Drarprod 123 5 32 . e COMBINATION dreds of thousands as claimed, are out| 15% 15% ConsolLaundries of the Nation, a % Consol Textile Nat Lead pt B (6) o of ‘work as a result of domestic ofl over-| T % GOUL AN (4, 4 31% Nat Pow & Lt (1) 2 43% 24 Subscribe Today B e = o productiol He says the claim that % b ~ Y 3 N 4 7 3 3 3 3 I Z %, —an at i St Paletds ot amll -wells’ will Do de-| 3 1% ContalnerB.. TR 2 . 8N : : S 15 o anly aveut: 1%, cents’ || | Robeet C. Jonesr & Cax: Ties d one that is deserving of stroyed if they are shut down is con- oW Rt BRMIIE . st T 2 - 2 ; 2 ’ 9 73 r day and 5 cents Sundays to SNk Bl Mt 20908 your consideration for invest- tradicted by the Bureau of Mines, whch 6714 Contl BaKIng pf (). " 5% Nat Tea (1).. 1 28 2 % ve Washington's best newspa- e e O Rt our h: quotes as saying that & temporary 41 ContlCan (24)..... 9 5 Nevada Copper (1).. 3 E 3 per delivered to you regularly i A e closing of many wells would be an ex-{ .0 15,0 Contl Dia Fibre (1)., & Newport Co (1). 7 15 5 5 5 l:x;lery evening and Sunday morn- ease sel cellent method of cons ving petroleum A ooty 2 Newport Co A (3) 2 Y 4T% 45 8. Vithout " aestrosing. the el L et . RLDc e D T . AT L ' 69 FIRST MORTGAGES In declaring that a m‘lffl sy ) 94 Cont] O} of Del. 9 9 5 N Y Air Brake (1.60) 2 “ the delivery will start immedi- 2 on oil would add from 4 to 6 cents 2 %% Cont Shares. “ 9 3 N Y Central (6). . $ ately. The Route Agent will col- gallon to the price of gasoline and from | 7615 C a (13, P 5% N Y Chi & St L pf (6) 1 . 50 cents to $1 a barrel to the price of Delesiislstodip i = i4) ; v baakt (1R0Y,0: 38 1008 ot the end of esch month. Address . . . Whether the maney you want fuel oil, Mr. Linthicum says that as| o Wht (f 2 333 33 37 ot N YN H & Hart (6). 4 S — aig 5 'y 5 there afe now 665,000,000 barrels of oll| 34% 27 Creamef Whit(13K) 2 2 t RSty S to invest is large or small, you in storage in this country the legisla- 2 % 7 NY S 1st pf (7) : 4 > | . . r of itv tion would benefi. the big companies by A e e L T e Nort & West (112).. B Expenenced Property Management | Over a Third ;‘1 ?“;ns;rftfi‘ 9tr sig‘mt) i’l{rst of H dennite r m. ere 1s a profit of from $750,000,000 to $1,000,- uba Co. .... i t 3 y North Am Aviation 9 000,000. He also believes such legisla-| Cubsn-Amor Bogar.. 1 5 5 g Nor Am (b10%, stk) . 7 7 of a g S % tion would have u bad effect on cxport | g Cuten A BUGEE L. % 5% 20| & 7% No Ger Lioyd as.43). We Wil B an investment which qualifies trade and re] ons Wi oul meri- 3 o ) %l North: Pactl ). 2 . B can countries. LR PO O P € ow Century on both points—ample security Cudahy Packing (4). Y Ohlo O (1) On the other hand Representative " “ L S 5 i v ¢ ; ety S vy macnue| 5 b B i What to Do— Wikow s sepresented by improved Wash: imported oil will be passed at the next| o 2 Gurtes WHED BP : s Blevator (24). ; : ington real estate; with fixed session and Representative Guyer of the| 1,6 oo™ Gushmans pf (8).... 7 Pacific Coast. .. 3 3 Every piece of property—business, apartment Loss and 1iheral intersté te says the fight for such leg- 4 Pacific Coast 15t pf. 9 9 it 2 e e il be ‘carried on until the do-| 22 20% Deere & Co (140)... " : b Sioe bk g 2 house, office building or home—offers its own in- mestic industry is stabilized. 1 D l"t’;':xz‘u‘,” 8 5. 80is acine Lighing (4), 1 % dividual problem of prcfitable management. > 14% Diamond Mateh..... 2 Pack Mot Car (60¢), Our long experience, touching every phase, May be purchased in Would Abolish Commission. 26 24% Olamond Mtch of 1% : : Pan-Am Petrol B. meeting every condition that can possibly arise, amounts from $250 up. By the Associated Press. 11 B’ Dome Mines (1), ) b % Panhandle P & R. e = 'Abolmon of the Power Commission| 78% 61% Drug Corp (4). 5 Passnipunt Pon 60 .. 43 v makes us competent to render this service to your and the United Stdtes Shipping Board | . £' 5% Dunhill Internat. ... 8 Park & Tilford...... greater profit. Senator McKellar of Ten-| 107 834 Dupont de Nem (4).. Parmeles Transport. ion i igati :umr"?nd s CIRCTAT 0T TER"| 155 143% Enstman Kodak (48) 1 1; Pathe Exchacge.... 6 p Consultation imposes no obligation, = “The Federal Power Commission| 132\ 128% Eastman Kod pf (6). Peerless Motor Y RANDALL H. HAGNER & COMPANY ® » 925 15th St. N.W. should be sbolished™ he says. The| 2l 1% Eaton Azle (1 60).... 1 Benick & Ford 1).. Board and Merchant Fleet 3y tington . L (2. — af should be abolished and 50% lee Auto Lite (6). . 90 Penney (JC) pf A (6) MORTGAGE LOAN CORRESFONDENT ties sold. These two use-| 3% 214 Elec Boat.. 3 Penn RR (4)........ 17 B : N Yoik 1ifs Tamsanse! Coniins less ufi’:lotmom constitute a drain upon 384 Elec Pwr & Lt (1) Peop Drug Strs (1) 1 1321 Connecticut Ave. ecatur 3600 be dispensed 8 Elec Pow & Lt of (§) N e T o oy = 66 50% Elec Stor Bat (5). (Continued on Page 14. i R L3