Evening Star Newspaper, March 31, 1931, Page 13

FINANCIAL, INCREASE IN BANK . GLEARINGS SHOWN Improvement in Trend Taken as Sign of Better Business. BY EDWARD C .STONE. Bank clearings in Washington during the month of March made a compara- tively favorable showing, carrying out the views of many local bankers that business has hit bottom and will grad- although the pace 8 expected to be slow. Local March clearings amounted to $112,443,159.84, in comparison with $114,113,696.73 in March, 1930, a dif- ference of only $1,670,536.89, according to announcement today by the Wash- ington Clearing House Association. Clearings in the National Capital in Pebruary were slightly ahead of the same month in 1930, the number of cancelled checks passing through the local association indicating a gradual! imorovement in trend. learings in March, 1929, were $131,- 795,928.93, association records show. ‘That was during the period when busi- ness all over the country was reaching its height before the Wall Street break which occurred later in the year. Clearings in three months of the present year total $318,049,150.18, against a total of $328,- 878,172.42 in the same period a year ago and $370,883,260.68 in the first quarter of 1929. Monthly comparisons of clearings in Janusry, February and March of the present year with 1930 are as follows: Months. 1931, 1930, .$109,764,614 $118,219,262 5 96,545,212 Ll 9674217 ie.s 112443159 114,113,696 $328,878,172 ‘Totals, $318,949,159 Today's Trading on D. C. Exchange. Bonds took the lead in trading on this city for the first| the Washington Stock Exchange today with an extra large turnover. Wi Rallway & Electric 4s ‘were the most active issue on the board, opening at 89% and closing at 89%. Capital Traction 5s hands at 80 _and Washington Gas 5s at 105%. We Gas 6s, series A, also on the board, and Potomac lectric Consolidated 5s also came out, In the stock division Potomac Electric Power 534 per cent preferred came out at 1103 and there were several good- sized transactions in Mergenthaler at 86 and 857. Washington Railway & preferred moved at 99. after provisions for incom: the amount of $97,402.06, or a net per share of $4.21. This showed thfir cent on sales of the year, which amounted to $1,909,863.28. Change in Interest Rates. It was re] THE EVENING STAR, WASHINGTON, D. C, TUESDAY. NEW YORK STOCK EXCHANGE Recelved by Private Wiré ‘Direct ¢o The Stir Office. Individual sales compiled ~Prev. 1031~ Stock High. Low. % 9 39 244 26 100 16% 83% Abitibi P& P pf (8).. Abraham Straus % Abraham St pf (7).. Adams Exp (1.60) Adams Exp pf (5) Adams Millis (2). Addressogr Co 1.40. Adv Rumley (new). Ahumada Lead...... Afr Reduction (t4%) ‘ay Elec Appl. . Al Juneau (40¢) Alleg COrp. .ovvrnons Alleg Cp $30 ww 53 . Alleg Cp $40 ww 514 . Allled Ch & Dye (né) Allled Ch & D of (7). Allis Chalmers (3).. Alpha Port Cemt (1), Amerada Corp (2)... Am Agri Ch of Del.. Am Bank Note (13) Am Beet Sugar. Am Br Shoe (2 40). Am Br Sh & F pf (7). Am Brown Hov Elec. AmCan (16)......00 Am Car & Fdry (3).. Am Chain (3).. Am Chicle (13). Am Comel Alcohol. .. Am European Secur. Am & For Power.... Am & For Pw pf (6). Am & For Pw pf (7). Am & For Pow 2d pf. Am Hawailan 88.... Am Hide & Leather. Am Hide & Leath pf. Am lce (3) Am International... in 5:30 Editien. Prev. 108~ 3 00. High. Low. Close. Close. 10% 104 10% 4 108 15 Y ABnmmn ° o8 3 - s PR E EBO B ENANNNE NS AN DR - © 2 ] fores Am La Fr & Foam pf100s Am Mch & Fdy 1.40 Am Mach & Met. Am Metal Co.. Am Nat Gas p! Am Pow & Lt (31) AmP&Ltpf A (4).. Am P &L pf A st (5) Am Rad & St San (1) Am Republics Am Rolling M Am Ship & Com. Am Sm & Ref (4). Am Sm & R 24 pf Am Snuff (13%) 120% 122% 1281 80% 11% 9% Am Tobacco pf (6 Am Water Wks (3 Am Woolen. Am Woolen pf. . Anaconda Cop (1%). Anaconda W & C (1) Anchor Cap (240)... Archer-Dan-M (2).. Art Met Const (1.60). Asso Apparel (32)... Asso Dry G (23)... AssoD G 1st pf (6).. Atch To & 8 Fe (10). Atch T & 8 Fe pf (5). Atl Coast Line (110). Atlantic Refining (1) Auburn Auto (f4)... Aviation Corp of Dal Baldwin Loco (1%). Balto & Ohio (5).... Balto & Ohio pf (4).. 1 1 [Pt SonnnenmnnnanmTonBuohSuwnnnnnnsmnm C Ry Bambeiger pf (63%).100s Bang & Aroos (3%). Bang & Aroos pf (7). Barnet Leather..... Beatrice Cream (4).. Beech-Nut Pkg (3).. Bendix Aviation (1). 3 308 1 3 | ~Prev, 1931 High. Low. 41 23 28" Cutler Hammer. 8 18% Davison Chemica 20% Deere & Co pf (1.40). 74 Del Lacka & Wn (4). 27% Denver & RG W pf.. 13 Devoe & Ray (1.20).. 14% Diamond Mateh..... 24% Dlamond Mtch pf 1% %% Dome Mines (1) 14% Domn Stores (1.20) 6114 Drug Corp (4)... 83 Dupont de Nem (4) Du P de N deb pf Eustman Kodak (18) Eaton Axle (1.60) Eitington-Schild p ilec Auto Lite (8). Blec Pwr & Lt (1), Elec Stor Bat (5) Eng Pub Sv (2.40) . Eng Pub Sv pf (5). Ea Office BIAg (234). Erfe RR....... Erie RR 1st pf (4 Fureka Vac Cleaner. Evans Auto Products Fairbanks Copt..... Fed Lt & Tr (31%).. Fed Wat Sv A (2.40). Federated Dept Strs. Fid Ph Fire In (2.60) Filene's pf (6%).... First Nat Strs (2% ). Fisk Rubber. oo Fisk Rubber 15t pf. Foster Wheeler (2) Foundation Co. . Fourth Nat Invest. Fox Film A (4) Freeport-Texas (3) Gabriel Co A. Gamewell Co (5) 4 Gardner Motor.. Gen Am Investor: Gen Am Tank Car(4) Gen Asphalt (3).... Gen Cable. Gen Cable A. Gen Cable pf (7). Gen Cigar (4), Gen Elec (1.60) Gen Elec spec (60c). Gen Focd Corp (3).. Gen G & El A (e30c). Gen G & El cv pf (8). Gen Mills (3)....... Gen Mills pf (6). Gen Motors (3) B Gen Motors pf (5). Gen Outdoor Adv, Gen Pub Sv b6 % stk. Gen Ry Signal (5). Gen Realty & Utll. .. Gen Refractories (4) Gen Theater Equip. . Gillette Sat Rasor. .. Gillette Saf R pt (5). Gimbel Bro; Glidden Co. Glidden pr pf (7) Gobel (Adolf). .. Gold Dust (2%). Goodrich (B F).. Goodrich B F pf (7). Goodyear Tire (5).., Goodyear 1st pf (7). Gotham Silk Hoslery Graham-Paige. ..... 4 Granby Consol (2).. Grand Si Strs (h1) Grand Unfon. ... Grand Union pf (3) Granite City 8t (3) Grant (W T) (1). Grt North pf (5). Grt Nor Grt Western Sugar. Grt West Sug of (7). Grigsby Grunow. ... Gulf Mobile & North. Gulf States Steel Hahn Dept Stores. .. Hall (WF) Pr Co (2) Harb Walk Ref (2).. Hartman Corp (B). Hayes Body... Hershey Choc (5) Hersh Choc pf (15) Hollander Son Homestake Min (17). Houdallle Hershey o CET LTSI 2 PP - P PR P TIPS ST stoex ana Bates— Dividend Rate. Add o nz":n' 9 97 % 123% 123% 3 167 6 19 161 18% 65 63 51% 62% 44 864 30 27% 38% 10 6 8% 42% 26% 20% STOCKS IRREGULAR —=| AS SHORTS COVER 17% 123% 162% 19 Majority of Issues Displays Better Tone, but Special- ties Are Weak. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 31.—Improve- ment in the main body of stocks, brought about by concerted action against the short interest, but continued weakness in special issues featured to- day’s market. It was evident from the start that the short position had become over- crowded. During the last three or four sessions there had been selling for the decline from many sources, amateur as well as professional. Even in cdd lois offerings had been large, and the wide- spread bearishness in the street had overreached itself. Moters and Utilities. ‘Therefore the rally was no surprise to experienced observers, particularly in view of the large number of stocks loan- ing “flat” and those at a premium. A striking instance of the borrowing de- |d mand was the premium charged on Bethlehem S8teel. This was the reason for the resistance that stock offered to pressure Monday and one of the rea- sons for its rebound today. Utility stocks and the motors were leaders on the recovery. Tair sized gains were made during the morning hours in Consolidated Gas, American ‘Water Works, American Power & Light, North American Co. and Standard Gas | & Electric. American Telephone & Telegraph Co. came back on published estimates that first quarter earnings would run well above dividend require- ments and that the outlook was that the company would earn its full rate over the entire year. General Motors was the upside in the early trading. This was in m:ronu to information that motors would pay its it regular rate the next meeting. Short covering a) in Chrysler and other automo- ile issues, including Auburn Auto, up at one time 8 or 9 points. United tates Steel, Electric, and Eastman Kodak forged ahead more or less. Selling of Rails. ‘The other side of the picture was the scattered selling in the rails, the oils, wnd one or two industrial epecialties. General Asphalt had the largest break. After news had been received of a re- versal by the British couits of the d= cision in General Asphalt’s suit against the Royal Dutch-Shell interests, the stock had a perpendicular d°cline of over 10 points. United States Industrial Alcohol had another sinking spell in anticipation of unfavorable action at the postponed dividend meeting. Olls were weak. Standard Oil of New Jersey, offered- in large blocks, broke thro 42, the lowest sinc: 1928, tak- ing down other oil stocks, including Standard Of of California and National rominent on MARCH _31. American Can, General | ¥ 1931. ly. ‘The news was a reduction by Standard of California in the price of crude. 1 ‘The rail stocks’ movement was irregu- cl were on the sold at the lowest . regular $2 dividend has already been declared payable May 1 and $1.65 a share payable August 1, with the under- standing that the dirctors would con- sider a ynser disbursement on the latter date if conditions warranted it. At- lantic Coast Line made a new low on a small turnover, Illinols Central sold off a couple of points and Lackawanna had a smaller loss. There was good support for New York Central and Pentsylvania. Early Market Irregular. After a higher opening, the market turned dull and &wu Jost much of rly recoveries. th:};u::dlysum Steel went to 141 after the opening, but later dropped to 140%. This wes typical of the trend in steel stocks such as Bethlehem, Republic, Vanadium, and McKeesport Tin Plate, and in active industrials like J. I. Case, American Can, Eastman Kodak, Para- mount-Publix, Radio, General Electric, Westinghouse, Johns-Manville, National Dairy and Worthington Pump. General American Asphalt was weak, dropping over 11 points on news that its court action in London against Anglo-Saxon Petroleum had been lost. Call money renewed at 1'% per cent. In the first half hour sales amounted to 300,000 shares compared with 500,000 nday. Mll’lni].sy were p?leruly heavy but de- clines were small. was off a point. New York Central fractionally. Mine ahm were dull, except Alaska Juneau, whicl up sharply on peol operations, but later Jost part of the gain. - Motors were steady and utilities firm. o Wenu:kuyland Railway. BALTIMORE, March 31 (Special).— The continued decline in rallway reve- | nue cut sharply into the net earnings of the Western Maryland Rdilway dur- ing February, according to the official income account just issued. Net for the month amounted to $61,360, a decrease of $119,145, or 66 per cent, from February & year ago and of $123,851, or approximately 67 per cent, from January of this year. January operations were distinctly favorable as compared with the first month of 1930, so that the two months of this year taken together show a decrease in net of only $121,041, or 32 per cent. Gross revenue in - February was $1,205,410, compared with $1,365,318 in January and $1,480,636 in February last jear. Opera! expenses last month were $799,570, compared with $832,432 in January and $980,488 in February, 1930. This represents a cut in expense in the period of 18 per PARIS BOURSE PRICES. PARIS, March 31 proved nn the Bourse today. Three per cent rentes, 88 francs 30 centimes; 5 per cent loans, 104 francs 59 centimes. Exchange on London, 124 francs 16 centimes. The dollar was quoted at 25 francs 56%, centimes. Money to Loan s real Frevalitng lotrsst. sud commiion ™ 420 Wash. L. & Trust Joseph 1. Weller 577" G.M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Baltimore Richmond London Southern Railway | 25 ().—Prices im- FINANCIAL. w23 A__J3 X 15th St. & N. Y. Ave. N.W. ¢ Of Washington, in the District of Columbia, at the close of business on March 25, 1931, g - .$10,609,747.95 4.926.16 1.1:2.200.5 1,905,992.1 None 1,401,795.02 638,183.88 None * 1,996,983.68 50,585.82 4. Other bonds, stocks and securities owned. . 5. Customers’ liability on account of acceptances executed. 6. Banking house, $1,296,984.94; furniture and fixtures, $104,810.08 7. Real estate owned other than banking house 8. Reserve with Federal Reserve bank. 9. Cash and due from banks........ 10. Outside checks and other cash items 11. Redemption fund with U. S. Treasurer and due from U. S. 12. Acceptances of other banks and bills with indorsement of this bank. 13. Becurities borrowed 4. Other None None None . 2,485.70 sersesenannesss.$17,742,961.69 of exchange or drafts sold ‘Total «+ $1,000,000.00 2,500,000.00 482,534.62 1,534.54 40,000.00 None 18. Reserves for dividends, contingencies, etc. 19. m””:i for interest, taxes and other expenses accrus 20. Circulating notes_outstanding. 21. Due to banks, including certified 20,053.15 8,205,620.34 5,493,219.04 None !l:m one 27. Acceptances of other banks sold with indorsement, of this bank.... 28. (a) Acceptances executed by this bank and to furnish dollar exchange. (b) Less aceptances of this banl counted . 29. Acceptances 30. Securities borrowed . 31, Other liabilities ‘Total , . City of Washington, Distri ‘olumbla, ss: ¢ I, CHARLES C. LAMBORN, treasurer of the above-named bank, do solemn- ly swear that the above statement, is true to ‘-hé“m‘st of my knowledge and beHef, (Sgd.) . C. RN, . Bubscribed and sworn to before mesflfu 28th day of March, 1931. d.) HERBER’ (Seal.) (Sge T B. LORD, Notary Public, D. ©. My commission expires October 23, 1934, Correct—Attest: WILLIAM D. HOOVER, FRANK INVESTORS FOR SALE: Cor. New York & New Jersey Aves. NW. Two great traffic arteries. Zoned for business. Improved by well rented apartment house. * First floor can be inexpensively remodeled into stores. Recommended for dependable liberal in- come, and indicated growth in land values. WEERSRES ‘Washington Building District 9486 We Have Had Very Broad Experience in Negotiating Real Estate Loans, and Have Plenty of Available Funds . FOR LOANS ON IMPROVED REAL ESTATE £ 1P New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange Naw Vi Pisdise/ Eeshalige New: Vork Govhi Bechunge Best&Co (2)......e 6 Bethlehem Steel (6). 163 Bethlehem Stpf (7). 1 Blaw-Knox (1%). 4 Bloomingdale Bros.. 20s Bloomingdale pf (7). 108 Bohn Alum & Br1%. 10 Borden Co (k3). 27 Borg. Warner (1). Botany Con M (A). Briggs Mfg (11%).. e S Rewn Tilinois Cent pf (8) Indian Motor Cycle, Indian Refining t Rayon (4). . e 'soll Rand (16} Inspiration Copper. . Copy of our “Fortniohtly Review” on Request sisting of 476 commodity prices, 3 fractional points during the week end- ed March 28. During the preceding week the index number declined 6 1 points. The index number Declines were noted in the prices for 30 commodities, while the prices for 15 commodities showed slight gains. Lard, butter, cheese, flour, cotton, silk, steers, lambs, hay, finished steel, copper, sil- | ver, petroleum gasoline, kerosene, alco- hol, coffee, rubber and tankage declined. Slight advances were noted in the for wool, cottonseed meal, hogs, jow, corn, oats, wheat, sweet potatoes, rosin, turpentine, calfskins and hemp. OUTLOOK IN WHEAT DISTRICTS CLOUDED Farmers Doubtful of Price Trend After United States Board Quits Operations. Bpacial Dispatch to The Star. KANSAS CITY, Md., March 31.—The first quarter of the year has ended with 8 new problem before the interior—the effect of the retirement of the Farm Board from the wheat market as con- cerns the ml‘o crop. With futures ing to the lowest point since 1895 and an indication of 40-cent wheat next Summer, unless some new factor enters, just how there is to be marked improve- ment in buying power throughout the farm country is not clear. Agricuitural prices average 40 to 50 per cent lower then a year ago; ofl prices, affecting a considerable area of the Eouthwest, are down to a level of 50 per cen’ of last year's figures. The priTary in-ome thus is decreasd ma- [ 1043 102 terially witle commodities have nat le sened in price proportionately. Hence Spring is coming along with a cilear need of further market adjustments to Temove barriers to normal business ac- tivity. 4 for this maladjustment there ‘would ground for considerable opti- mism. The Middle West never was in ‘better position to produce abundantly— the wheat elz is promising and Spring m 8o the ground under most conditions. Rural bankers are ‘unable to see how their farmer custom- ers can liquidate existing obligations out of profits and are making up their minds to be satisfied to carry along— (Copyright, 1931.) ————— Australia is considering a three-year geconstruction program for the common- Drockway Mot Trk.. Bkiyn-Man Tr (4)... Ekiyn Union Gas (5) 2% Brown Shoe (3) Bucyrua cv pf (2%). Budd (EG) Mfg Budd Wheel (1) Burroughs A M t1%. Bush T Bldg pf (7). % Butte Copper & Zinc. Butte & Superifor.... Butterick Co. Byers (A M)........ Byers (A M) pf (7). Calif Packing (4). Calumet & Arizona. . Calumet & Heela. ... Camp W&C Fy(1)... Canada Dry G A (3). Can Pacifio (2%). Capital Admin A. ... Car Clin & O sta (5). Case (JI) (8)....... Caterpillar Trac (14) 19% Cent Aguirre As1%., 2% Century Rib Mills... 22% Cer de Pas Cop (2).. 2% Certain-teed Prod... 11 Certain-teed Prod pf. 12 Checker Cab Mfg. ... 39% Ches & Ohio (2%)... 40 Chesapeake Corp (3) % Chi & Alton. . - 9% Chi Mil St P& P pf.. 33 Chi & Northwest (4). 9% Chi Pneu Tool.....u 28% Chi Pneu Tool pf.... 47% Chi R 1 & Pacific (5). 84 ChiRI&PDIf(6)... 20 Chi Yellow Cab (3).. 253 Childs Co (2.40)..... 15% Chrysler Corp (1)... 35% City Ice&Fuel (3.60). 2% City Stores. ... 142w Cocoa-Cola (+7%) 521 B60% Coca 501; 47 Colgate-Pal-P (2%). Colg-Palm P pf (6) 17% 9 Collins & Alkman 10% 9 Colonial Beacon 324 21% Colo Fuel & 109% 100% Col Gas & El pf A 16% 7% Col Graphoph (a% ). 78% Columbian Carb (16) 18 Comel Credit (2). 76% Comcl Cred ist (¢ 26 Comm Inv Trust (2). 16% Comm Solvents (1) 8 Cmwith & Sou (60c. 91% Cmwith & Sou pf (6 6% Congoleum-Nairn 25% Consol Cigars (5) 54 Consol Cig prpf 6% 8 Consoiidated Film. .. 16% Consol Film pf (2).. 824 Consol Gas N ¥ (4). 104% 101% Con Gasof NY pf(6) 1% 4 Covsol Textile...... 8% 5 Container Corp (A).. 3 1% Container B. . 17% Cont) Baking A.. 234 Contl Baking B..... 63 Contl Baking pf (8)., 27 Creamof Wht (12%) 14% Crex Carpet. .. . 414 Crosley Radlo. i 31% Crown C&P pf (270) o Steel....... 96 Crucible Steel pf (1) 1% Cuba Cane Prod..... 48% 118% 5% 8% 1z Cudahy Packing (4). 113% Curtis Publish pt (1) 2% Curtiss Wi Corp w:‘ Curtiss Wr 10 4 208 2 2 3 36 10s 9 108 169 1 17 108 1 1 7 2 1 23 18 3 - - Brroreati S 204 R - - S e S 7 2 208 2 24 508 3 5 163 4 3 1 z 1 208 1 Insuranshar Del 40c. Insur Shrs Md(40c). Interb Rap Transit. . int Agricultural. ... Int Carrfers (37%c). Int Cement (4). Int Combustion Int Harvester (23 Int Harvester pf (7). Int Hydro El A (e2). Int Match pf (4).... Int Merc Marine (2). Int Nickel (§0c). ... Int Nick Can pf (T).. Int Paper & Pow B.. Int Paper & Pow C. Int Printing Ink. ... Int Print Ink pf (6). Int Rys Cent Am ct.. Ant Salt (3)... Int Silver pf (1). P ST = I [ETITRTOY P T T Y= s 5 Intertype Corp (2) Jewel Tea (4)....... Johns-Manville (3).. Jones & Laug pf (7). Karstadt(R) (21.03). Kayser Jullus (23 ). Kelly-Spring Tire. .. Kelly-Spr T 8% of Kelsey Hayes (2). Kelvinstor Corp..... Kendal! Co pf (6)... Kennecott Cop (2). Kolster Radio. . . Kolster Radio etf: Kresge (SS) Co 1.60. Kreuger & T (21.60). Kroger Groc&Bak(1) Lambert Co (8) Lehman Corp (3) Lehn & Fink (3).. Li7g & Myers B (15). Lima Locomot (m2). Liquid Carbonie (3 Loew's Inc (3).. Loew's pf xw ( Loft Ine. Loose-Wiles (12.80 f.orillard +F) Co . Lortllard (P) pf (7). Loulsiana Ofl...... LouG&EA (1%) Ludlum Steel McCrory Stores A(2) Melntyre Pore M (1) 23 McKeespt Tin P(15). 132 McKesson & Rob (1) 15 McKes&Rob pf(3%) 1 Manati Sugar..... Man Elev mod g (45) Marine Mid (1.20). .. Marshall Fleld (2%) May Dept Strs (215). Mavtag Co. . ....eoun Maytag Co pf (3) % Mexican Seaboard. 4 Miami Copper Mid-Cont Pet (2) Midland Steel (3). Min Hon'w Reg (t4). Mo Kan & Texas. ... Mo Kan & Tex pf (7) Missouri Pacific..... Montgomery Ward.. 1 % Motor Meter G & El, . Motor Wheel 1%) ... 8% Mullins Mfg. . Munsingwear (3). Murray Corp. . Nash Motors (4) - PUS: {97 TEPRRITPIN: JNUIVPIN Dist Prod (2). .. Pow & Lt (1),.. 10% 14% Newport Co (1)..... 14% Newton Steel....... 20% 2% 16% 24% 12% 51 49% 24 7% 11% 82% 5% 93% L (oontinued on Page 14 1510 H Street Connecticut at K National 9600 YORK STOCK EXCHANGE Yorx curs CcHANGE MEMBERS PHILADELPHIA STOCK EXCHANGE We wish fo announce that on April I, 1931 we will take over the Washington, D. C. office and organization of Harriss & Company, located at Southern Building, 807 Fifteenth Street, N. W. McElroy Moss will remain as manager Washington Telephone: Metropolitan 2608 Main Office: 115 Broadway, New York, N. Y. “The Management Trust That Made Good™ M assacnuserTs Investrors Trust Massachusetts Investors Trust issues but one class of shares—Certificates of Beneficial Interest which own all the stocks and cash in the port- folio. Every share In Nearby Maryland, Virginia and .~ the District of Columbia 3 ~-5%5% For Periods of < 3,5 0r 10 Years ~ PROMPT DECISIONS GIVEN APPLICATIONS S BB PH BOS REALTORS ELFS Founded 1907 Loan Correspondent John Haneock Mutual Life Insurance Co. 1417 K 8t. National 9300 V' has been issued for cash, There are no rights, options or special privileges. of any nature outstanding. We recommend this Trust for immediate intestment -A. S. GOULDEN & CO. In¢. ' Woodward Bldg., Washington, D. C. .F. B. KEECH & COMPANY ’»',q Members of 5 New York Stock Exchange Washington Stock Exchange Chicago Stock Exchany (Y New York Curb Exchange Chicago Board of Liverpool Cotton Assoclation, Ltd. 3 hange New Orlesns Cotton Exchange #* New York Cocos .Xlzhxl e Rty <hipe nc;.‘:;?.': %/ , Mimneamolls e Cotion. Cissoe, demberss e 1o 7 STOCKS BONDS _ COMMODITIES 7§ DIRECT PRIVATE WIRES | We are equi to handle promptly orders on tho.m’:“ mha'nge:pro[ r‘hle! world. H CORNER 17TH ST, N. W,, WASHINGTON NATIONAL 0245 Philadeiphis Detroit ‘Winnipeg Mew York Chicago Providenes Brookiyn PROPERTY MANAGEMENT Apartment House MANAGEMENT takes two things to suc- cessfully manage an apart. ment house—EXPERIENCE and ORGANIZED FACILI- TIES. You get the benefit “of both when you place your property under our charge. F. SAUL 'CO. W, ! Natl 2100 AT R