Evening Star Newspaper, April 3, 1931, Page 15

FINANCIAL. " GAIN IN EARNINGS | SHOWNBYW.R.&E. February Report Indicates Net Was $12,000 Greater Than Year Ago. BY EDWARD C. STONE. Total net earninfs of the Washington Railway & Electric Co. in February showed an incrsase over February, 1930, according to the monthly statement filed with the Public Utilities Commis- gion today, of more than $12,000. The company reported that operating revenues in February totaled $428,- 026.24, against the higher figure of $440,420.4/ in the corresponding month last year. Operating expenses and taxes required $363,168.31, compared with $305,201.22 in February, 1930. Deduction of operating expenses and taxes left an operating income of $64.- 857.93, against a higher income a year ago, $85,219.25. The corporation had a non-operating incoms in February of $412,364.30, in comparison with $380,- 291.13 in the same month in 1930. After the other usual deductions the com- pany's total net income amounted to $420,185.29, compared with $407,656.88, an increase of $12,528.41. The strezt railway company also filed the statement for the first two months of the present year. This shows oper- ating revenues of $902,597.17, against §923488.44 in February, 1930; operat- ing expenses and taxes, $755,298.90, against $757.699.69 a year ago, leaving an operating income of §147.298.27, compared with $165,788.75 in the same period 1930. The company had & non-operating income of $435,180.90, in compariscn with $496,963.28 a year ago. After all the usuel deductions from gross income the railway company had a net income of $470,027.63, against $457,028.43 in the same two months last year, an in- crease in net earnings of over $13,000. ‘Power Company Reports Slump. ‘The Potomac Electric Power Co. has also filed its monthly financial state- ment with the Public Utilities Commis- sion. Operating revenues in February amounted to $897,056.19, against $924,- 965.31 a year ago, § falling off of $27, 909.12. Revenue deductions took $448,- 936.29, against $420,633.45 in February, 1930, a difference of $28302.85, leav- ing operating revenues of $448.119.90, against $504.331.86 last ye of $56.211.96. After all otl tions the power company rted a total net income of $404,431.81, against $458,485.70 in the second month of 1930, a falling off in net of $54,053.89. For the nrst two months of preeent year, operating r:venues reached the sum of $1,861,506.72, compared with $1,892,521.21 in the same period a year ago, a decline of $31,014.49. Revenue deductioris totaled $944,548.05, compared with $890,246.69, an increase of $54,- 301.36. Deductions left net operating revenues of $916,985.67, compared with $1,002- 274.52 a year 2go, a decrease of $85,- 315.85. Miscellaneous income totaled $52,427.57, compared with $34,911.28, an increase of $17,516.29. After all deduc- tions the pow:r concern reported a net income for the two months of $827,- 088.76, compared with $892,693.52, a faliing off of $65,604.76. Financlal Statements Explained. New financial books are being pube lished rapidly these days. After a lull of several weeks, publishers evidently believe that the business outlook war- rants more activity. One of the most interesting books that has appeared in some time is entitled “What the Pigures Mean,"” written by Spencer B. Meredith, and brought out by the Financial Pub- lis] Co. of Boston. ‘The author takes up the items, that make up balance ts_and explains the meaning of each and its importance. H= goes further and lists actual aver- age ratios which shed added light on the figures. For his illustrations he hes analyzed 515 companies in 32 indus- tries. For example, he finds that cash on hand averages 66.7 pr cent of current assets in the shipping industry, but only 7.4 per cent in the agricultural machinery business. Obviously, it would be unwise to measure a company in one field by the standards of another. Mr. Mer:dith, a member of the Amer- ican Statistical Association, originally prepared some of the chapters in the book for salesmen for a large invest- ment house. The book is short and of special interest to those who do not understand th- full purport of financial statements. It will be popular with many jurior bankers. Pennsy Rail Earnings Compared. Th: net income of the Pennsylvania Rallroad in 1930, per share (par $50), was $5.28, compared with $8.82 in 1929, Increase or | Year1930. decrease $570,465,360 D $112,237.571 ! 478.263.803 D 71.279.502 | $92,181.557 D 140,058,069 1 64787 D 534482892 | | i campany’s 78.638.416 D 1,914,192 Net 165.800.818 D 132,568,700 | Surplus for the year, after providing | for a dividend of 8 per cent and for | tncome 11930 common share | ages, 1113, CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, April 3.—The following is a summary of important corporation news, prepared by the Standard Sta- tistics Co., Inc,, New York, for the As- soclated Press: News Trend. a few days ago, that the Chicago, Bur- {lington & Quincy Railroad had acquired |a large interest in Gulf, Mobile & Northern, with control possibly in- volved, is now increased by news of rivalry for control from the St. Louls- {San Prancisco. Application to the In- | terstate Commerce Commission for Bur- {lington control, or possibly | control, is expected within a short time. Brokers Icans for the week dropped £33,000,000, to $1,875.000,000, a Itively large decline, which accompanies |and undoubtedly refiects an extended |fall in stock market price levels. The Companies. Chicago, Burlington & Quincy Rail- road reported holding 60,000 preferred shares of Gulf, Mobile & Northern Ralroad. Mexican Dight & Power February net, after expenses and depreciation, off 2.3 per cent; two months, up 0.9 per nt. Phillips Petroleum—First two months® net, before depreciation and amortiza- tion, reported 5.9 per cent below 1930 period; has purchased $2.000.000 de bentures to meet sinking fund require- ments for 1931. St. Louis-S8an Francisco Railway re- ported holds 25,000 preferred shares of Gulf, Mobile & Northcrn Railroad. Zonite Products reported covered first quarter dividend requirement of 25 cents ! a common share by 50 per cent margin. American Machine & Foundry 1930 common share earnings $2.82, against $2.42 adjusted for 5-for-1 split in 1929 Associated Breweries of Canada, Ltd. earnings $1.89, against $3.26. Chicago, Indianapolis & Louisville Railway.—Interstate Commerce Com- mission authorizes issue of $1,250,000 first and general mortgage, series B 6 per cent bonds. ing common share earnings, year ended January 1, 53 cents, against $3.44. Cumberland County Power & Light 1930 preferred share earnings $23.41, against $21.95. % Kinner Airplane & Motor Corpora- tion, Ltd., first quarter deliveries of air- plane engines up 137 per cent. New York, New Haven & Hartford Railroad —Court dismisses mandamus action against Interstate Commerce Commission to compel commission to consider value of its rights in terminal facilities in valuing properties. North American Match 1930 common share earnings $1.13, against $3.02 Seaboard Air Line Rallwav.—Offering of ‘about $4,000,000 receivers’ certificates forecast. year model change: United States Industrial Alcohol net current assets said to exceed $30 a hare; fixed assets are. valued at $59 & share after allowing liberal de- preciation. Warner Aircraft Corporation first quarter shipments up 150 per cent; in- ventory cut in past year. West Texas Utilities 1930 preferred share earnings $13.01, against $14.80. ‘White Motor Co. 1930 deficit, ex- cluding White Motor Realty and White Motor Security Co., $473.501, against net income $2547646, equal to .18 common share, in 1929. St. Louis-San Francisco Railway ex- pected to oppose reported petition of Burlington for autharity to acquire control of Gulf, Mobile & Northern. General Motors’ Chevrolet M: output up 18 per cent over Febru: outturn of new 1931 models to April 1 in excess of 326,000 units. International Telephone & Tele- graph—Money lent Rumanian govern- ment to be repaid from proceeds of new 40-year 7 per cent bond issue. Stinson Aircraft plans production of about 400 planes in 1931; had net op- erating profit in first quarter on a sales increase of 241 per cent over year ago. Washington Produce Butter—One-pound prints, 34a3! tub, 3215a33%5. Eggs—Hennery, 21222; ceipts, 20. Poultry, alive—Turkeys, young, 30a32; old, 25227, Winter chickens, 30a3! Spring broilers, 36a38; Leghorn broilers, 34a35; hens, heavy, 21a22; small, 2 Leghorns, 18a20; roosters, 16; ducks, 1 keats, large and young, 60a65: old, 25a30. Dressed—Turkeys, young, 38a40; old, 30a32; Winter chickens, 38a40; Spring broilers, 45; hens, heavy, 23a2 small, 23; Leghorns, 23; capons, large, 37a38; small, 32a33; ducks, 24a25; roosters, 16; keats, young, 70a80; old, 40a45. Meats—Beef, 13!5a1515: veal, 13al5; lamb. 18a20; pork loins, 20; fresh hams, 19; fresh shoulders, 14; smoked hams, 20 smoked shoulders, 12; strip bacon, 21; lard, in bulk, 11; in pack- 7.00a8.50; pigs, 7.50 9.00; Live stock—Hogs, heavy. medium and small, 8.25a8.50 a825; loughs, 4.00a6.00: calves, Spring lambs, 10.00a13.00. Fruits—Strawberries, quarts, 25a30; pints, 10a15: oranges, California, 4.00a- 425, Florida, 4.00a4.25. grapefruit, 2:25a3.00; honeydews, Argentina, 2.50a- 2.75: grapes, Argentina, 4.50a5.00; pine- apples, 4.50: lemons, 4.5026.00; apples, other appropriations, was $11.431,273. | The net capital expenditures for road | and equipment on the Pennsylvania | Railroad Co. for the year amounted to | $71,643416 | The number of stockholders of the Pennsylvania Railroad Co. was 233414 | at the close of the year, a new high record for widespriad ownership, and | compared with 133,068 in 1920, an in- crease of 100,346, or 75.4 per cent, in 10 years. The employes constitute per” cent of the stockholders of company. the Financial District Comment. Secretary C. J. Gockeler of the Wash- ington Stock Exchange has sent out notices calling a special meeting of the Exchange for next Monday at 11:45 for the election of a president to fill the| vacancy caused by the recent death of George O. Walson Prank J. Thicl. Wa J. Meehan & Co., announces that 2 per cent increase has been made salaries of all the employes of the Meehan organization. The com- pany’s local office is in the Washington Hotel A. Chester Flather, president of the Wazkington Ticker Club and one the managers of the local office of G. M. P. Murphy & Co.. will give a dinner for the members of the club next Friday night at the Chevy Chase Club. Prac- tically every brokerage house in Wash- ington is now represented in this thriv- ing organization ngton partner Jilleary G. Hoskinson, vice president | of the Riggs Naticnal Bank, who is chairman of the Sports Committee fo! the coming convention of the Distric Bankers' Association at Hot Springs, | V2., has called a meeting of tte com- mittee for tonight George A. Garrett, resident partner of F. B. Keech & Co. is spending a week’s vacation at Aiken, 5. C. He will be back Monday. All the local banks were open as usual | today. but tickers in the broker offices were silent and the local Exchange was | closed. All the exchanges will be open tomorrow ag usual. e U. S ’l"REASURYV BALANCE. ‘The United States Treasury balance. announced today 11 1, was $520,688.767.92. receip! $1,191,707.56. fl”. $5,541,573.28. of as of clcse of business | Customs ipts for the month to date were Total ordinary expendi- per bushel basket, 1.00a2.25; box stock, The interest attaching to the report, | for joint | rela- | Colt’s Patent Fire Arms Manufactur- | Studebaker Corporation plans no mid- | s | current re- THE EVENING INVESTMENT TRUST BUYS FOR YIELDS {Leverage Held Big Factor in | Success of Trading Corporations. | Special Dispatch to The Star. NEW YORK, April 3.—An exhaustive survey of investment trusts in this | country just published by the Standard Statistics Co. of New York, points out that the success of the old-line British investment tru been due in large measure to the “leverage” on the com- mon stock afforded by their capital structure, and to their habit of buying | strictly on a yicld basis. The factor of “leverage” on junior shares of investment trusts, having | senior capital outstanding, is one of the features of these instruments about which the public is most confused. Many apparently find it difficult to comprehend how it is possible for shares | of an investment trust to appreciate or | depreciate, as the case may be, faster than does the market itself. To il- lustrate how this happens, take the fol- lowing example: Suppose a trust is capitalized with 100,000 shares of preferred stock, en- titled in liquidation to $100 per share, and 100,000 shares of no par common. Assuming that the common has a | liquidating value of $50 per share, then the net assets of this trust amount to $15,000,000. Assume the value of these | assets increases 10 per cent, or $1,50 000. Net assets will then total $1 500.000. As the preferred is limited to $100 per share in liquidation, it fol- lows that the $6,500,000 is the property | of the common stockholders. The in- crease in the value of the common has amounted to $1,500,000, or 30 per cent more than its previous value, on an in- crease of only 10 per cent in total as- sets. This constitutes “leverage.” In situations where no preferred stock or debentures exist, the per cent increase or decrease in the common | share depends entirely on the aggregate movement of the underlying securities |in the portfolios, presuming that the contents of these portfolios remain constant. Many American investment trusts have been created with capital set- ups patterned to closely conform to the British units. However, this practice has been followed only up to a given point. The outstanding difference be- tween the British and the American trusts is that the former have per- sistently arranged their automatically always rave been at- tracted to localities and _situations where depression - exists. Their suc- | cess, be it noted, has been more a matter of logic than magic. it. boiled | down, is simply a process of p-rsistently buying in bear markets and selling in bull markets. American managements, cently, did not take this cue. Instead, { they " inclined to breathe optimism while thofr cousins were exhaling and inhaling cynicism. Unhappily, the until re- | doubters were correct, as witness the fact that most British trusts last year |paid their regular dividends and put away fair sums to surplus, while Ameri- can’ trusts by an overwhelming ma- Jority, showed enormous losses. The American investment trusts be- | lieved that they could establish, as they ! did establish for a period, profits on | trading which made merz interest re- turns appear infiinitesimal. Across the | ccean, however. the trusts adhered to | the principal of assuring senior money. | Their age-old theory, once again, proved its soundness. | \BETTER MOVIE SHOWS | BOOSTING ATTENDANCE| There are indications that moving | | picture theater attendance, which had | been running some 10 per cent to 15 per | cent below that of a vear earlier, is now responding to the appeal of better pic- tures, says the Standard Statistics Co. in a current survey. The low level of purchasing power had its effect on moving picture box offic> receipts during a period when the quality of pictures was below normal; but, with increasing optimism in gen- eral business, the public is apparently again turning to the movies for enter- tainment. Alun;illzm Co. of America. | PITTSBURGH, April 3 (#).—Net in- come for 1930 of $10,868,685, after all charges and Federal taxes, was noted today in the annual report of the Alu- minum Co. of America. The income is equal, after preferred dividends, to $138 a share on 1472625 shares of common stock, compared with $24.128.- 509, or $10.37 per common share, in 1929. Average earnings for 1927-1930, inclusive, were approximately $5.52 per share. 1.75a2.50 boxes, 50: Vegetables — Potatoes, sacks, 2.65a2.75; Idaho bakers. 100- pound sacks, 2.50; Florida, new. per bushel, 3.00; swects, per bushel, 1.25a- 1.50; cabbage, new, per hamper, 1.25a- 1.35: old, 160 pounds, 1.50: spinach, 7521.00; kale, 1.00; turnip greens, 1.0/ s, 1.25; caulifiower, 2.00; tomatoe: per pan, 1.00a1.10. pepper: 50: string beans, 3.0025.00; lima: peas, crates, 5.25a5.50; basket 350; cucumbers, hot house, per dozen, 25a2.50; carrots, 2.50a2.75 beets, 2.5022.75; lettuce, iceberg, 2.25a3.25; | celery, 3.50; asparagus, 4.00a4.50; broc- coli, 4.50a5.00. ; pears, 4.50; rhubarb, 5-pound e 120 - pound Trade Reports at a Glance By the Associated Pros: Tabloid review of business con trade, the retail trade and manufa state cf collecticns, ing centers Wh Job esale and ing Trade. Quit Quiet. Quiet Quict Pittsburgh Loutsville Cleveland Incianapolis 1 | Detroit Milwaukee | | Chiago St Louis Baltimore Pittsburgh—Retail trade gets good v iron and steel production off 2 Louisville—Retail sales helped by E: | improved, but much manufacturing on part time. Cleveland—Employment situation sl cent. | Indiarapolis—Holilay buying help and limesione helped by road Detroit—Bad weather retards sales Summer buying better at w Chicagc—Easter trade equals 1930 capacity 59 per cent aid crops Minneapolis and holiday lines lead. | st | below 1930 Duluth—Warm weather helps retail reported to Bradstreet's this wesk from th: follow- Comment. - *vaukee—Snow helps soil and wat ditions in the wholesale and jobbing cturing and industry, as well as the Retail Trade. Quiet Fair Quiet Quiet Quiet Fair Fair Fair Fair Fair Fair Fair Fair Quiet Fair Collec- tions. Slow Slow Manufacturing and Industry. Quiet Quiet, Quiet Quiet Quiet Fair Quiet Quiet Pair Quiet, Quiet Quiet Fair Quiet Fair volure of Easter sales per cent aster trade; mill and factory supplies industry slack; ightly better: steel operations 55 per retailing building building improved: cement employment improved, March auto output 250,000; Spring and er supplies; labor outlook better in volume; steel buying irrcgular: grain prices lowest of season; rain and snow St. Louis—Boots and shoes slightly off: flour mill output lowest for years. Wholesale trade gaining slowly; retail fairly active; seasonal Paul—Total retail trade volume about equal to year ago; value still women's wear sales | Omaha—Snow and rain benefits crops; railroads employ more men Des Moines—Easter buying better t farmers, Kansas City—Meat packing slightly Baltimore—March trade best of rainy weather retards retailing. han in 1930; recent moisture boon to below 1930: moisture helps crops. ar; low, but steady prices help trade; poridglion | STAR, WASHINGTON, D. C, FRIDAY, APRIL 38, 1931 [GASOLINE DEMAND GROWING STEADILY| Trade Expert Also Finds Smaller Sales for Crude Oil. STOCK AND BOND AVERAGES. By the Associated Press. Prom Yesterday's 5:30 Edition. STOCKS. 20 Rails. 91.7 50 Industrials, BY BENNETT WOLFE, Associated Press Staft Writer. TULSA, Okla, April 3.—This coun- try is using more and more gasolins, but less and I-ss crude oil. That seeming paradox appears as a significant fact in a statistical report just completed by Clarel E. Mapes, technologist for the Mid-Continent Oil and Gas Association. ! The report shows the daily averag: demand for gasoline in 1930 was 1,248,- 575 barrels, an increase of 5.07 per cent over the 1929 demand, while the daily a’erage demand for crude petroleum in 1930 was 2,687,290 barrels, or a decrease of 5.44 per cent when compared with the preceding year. Demand Near Limit. Science, with its improved methods of gasoline recovery, has been a potent factor in lessening the demands for crude oil. . In this connection, E. B.® Reeser, president of the American Petroleum Institute, commented: “The demand for petroleum in its {raw state has practically reached its limit. We will have an increase in the demand for gasoline, lubricating oils and so forth; but, because of the im- provement in refining methods, the prescnt refineries will be able to supply our entire requirements from the pres- ent_production of crude oil Mapes said in his report: “The manufacture of ‘cracked’ gaso- line and the use of natural gasoline, | being the result of increased knowledge | of petroleum chemistry and of improved refining processes, has gradually brought |about a larger gasolin> recovery and more efficient utilization of the unit barrel of crude oil “This result may be looked upon as an approach to ‘true conservation.' Yet the increased utilization of the ‘crack- ing' process and natural gasoline is not alone dependent on this thought. | “The public demand for a higher quality of gasoline has played no small | part in this evolution, and the high- | compression_motor of the present-day automobile has forced refiners to pro- | duce a superior grade of gasoline not vailable through ths use of the straight-run’ process alone. | Production Increase. | “Thus these two factors are among | the most important cf those affecting | the demand for crude oil today.” | “"Mapes presented figures showing the | total gacoline production in the United | States has increased more than 10 per | cent each year until 1930, when the ! increase emounted to only 0.26 per | cent, and that the production of {etraight-run” gasoline also increased by large percentages.each year until 1930, when it decreased 8 per cent Production of “cracked” gasoline in- SNOBENAM BLDG. ased 1427 per cent in 1930. ) Mokisotiian 1080 The fuller utilization of the unit | Low, 1929. 10 Utilities. Today 100.8 Previous day. .. 100.9 Two years ago. Three years ago. High, 1931. Low, 1931... (Copy: s L —— gm0 barets t crude o voud ve | INCREASED MILL OUTPUT elared had"to" e mek by the e of| REPORTED BY FEDERATION demand had to be met by the use of the “straight-run” refining process alone. He said use of the “cracking” | By the Associated Press. process was displacing approximately | CHICAGO, April 3.—Increased out- 2,000,000 barrels of crude oil daily. put and increased consumption of mill products in this country was reported Herman Steen, secretary of the “Cracking” Method. 1By The “cracking” process is based on q distillation, as is “straight-run” re-‘MS?};;;,,,’:S‘"I‘,’,"‘,%aa?“{,’;:“:{,’hmng . fining, but involves a chemical change | o¢ ‘mills during this crop year,” he said, “is better than for some years. in addition. High temperatures and | For the 230-odd federation mills pressures are used to “c;;ck"'gx‘el' ; oil or fuel ol e = | greater output than usual is noticed. run” gasoline has been removed. S LS Tamsssed vew of whest prod- S ucts, principally flour, had been ob- served and that the volume of flour | milled this year was 1!, per cent | greater than previous crop years. Nor- | mal output of United States mills he | placed at 120, | i Charles Richard Steedman of Man- ville Jenckes Co., Providence, R. I., has been eletced to membership in the New York Cotton Exchange. MONTH BUILDS AN ESTATE s10* NORTH AMERICAN TRUST SHARES — and turther safeguarded by Iife insurance if desired. Write NOW for folder giving complete details FIndependence Fund « North America, su, Distributed by K~Narp & Co. Inv Account with §1 That may seem a negligible which but (however small) rapidly when our higher-than-usu interest rate of 5. A savings account here has many ad- vantages. Open Daily 9 to § Saturdays Until Noon NAtional 1381 sgving, posits tment Securities | cre: barrel of oil has ‘bee'n u;:,_.ol::p:; :k:e efining industry for years, . ;Iain(‘clg. “and each additional improve- ment and method of gasoline recovery has automatically reduced the volume of crude oil required to be run to stills | %o produce a given amount of gasoline. He estimated between 4,500,000 and 949 NINTH ST., NW. UNDER SUPERVISION OF U.S TREASUR You Money This Is the Month— To Build Call on us if you con- template building. For financing construction or for refinancing completed buildings you will find here first mortgage money meet your require- EEYERRRTITIATIIIEARNIRN April is the month when many people have to consider refinanc- ing their homes. If this problem confronts you let us explain the advantages of the Metropolitan Life Insurance Company Real Estate Loan Plan now. i to ments. | We would be pleased to | 2 go over the matter with you. No obligation on your part. | REAL ESTATE MORTGAGE & GUARANTY | CORPORATION 1610 K St. N.W. N:tional 1403 Reserve District No. 5. | REPORT OF CONDITION OF THE Northeast Savings Bank ‘ashington, in_the District of Columbia. e oo "business March 35, 1931 RESOURCES discounts Loans for Fifteen Years Low Interest Rates No Life Insurance Required ~{ Construction Loans in Any Amount WE;ME R BRO REALTORS Washington Building i Mortgage Loan Correspondent Metropolitan Life Insurance Company Loans made in the District of Columbla and nearby Maryland and Virginia ot Loans s754,789.00 | : Gverdr - L Oviied States Government se- X 1.000.00 District 9486 ne Stock d’ s bonds, stocks an i Cash and due from banks .27 Capital stock paid in Surplus 1 Jndivided profits—net . lhi"(er\‘n for dividends, con- . etc 5 %o banks. inciuding ce: fied and cashiers’ chec outstanding Demand deposits Time deposits . | Total assseese s | washington, District of Columbia. 8s: | WashigF'R" LEWIS, cashier of the above- bank, do solemnly swear that the | above statement is true to the best of my knowledge and belgl. oy puyrg. Gashier. and sworn 1o before me this wril: 199 b, raTouiprE, Notary" Public $100,000 00 50.000.00 11551.83 25,000.00 21. Due | i |22 2 FINANCING AT LOW GOST First Mortgage Funds (Three Years or Longer) Subs 2nd_day of Al eal)) Correct—Attest: 5 PERCIVAL HALL. GEO. F. HOOVER, W. W. DEAL. Directors. No._ 2031 Reserve District No. 5. Gharter Ko 28RT OF CONDITION Second National Bank Washington, in the District of Columbia, e tiose of business on March 325, 1931 RESOURCES. Loans and discounts.... *'Government Loans on residence and busi- ness properties in the District of Columbia and nearby Maryland suburbs . .. Ample funds, lower interest, prompt ap- provals, valuable prepayment privileges. Three-year loans on newer properties without amortization 3% H. L. Rust Company ESTABLISHED 1 1001 Fifteenth Street National 8100 Loan Correspondent for **The Pradential’ 4,252,104 97 286.32 1,196,332.79 e 5 and ses stocks’ an: sikons 803,000.00¢ ztures. ) 871.193.25 416.696.65 1,377.624.92 2252871 | Pederal " Re: Seive man h'and due from banks Sittide™ checks "and other with U8 Trom 12.750.00 13.184.81 18.508.123.27 | LIABILITIES. pital stock paid in rplus Undivided’ ‘profits—nei Reserves for dividends. $750.000.00 500.000.00 34,643.08 con- tingencies, etc 1.541.04 Reserves for interest, taxes d other expenses accrued and unpaid 19.428.45 circulating notes outstanding 274.580.00 Due to banks, including cer- tifled and cashiers' chec outstanding Demand deposits ime deposits Other liabilities Total Waskington. I W W named bank. do solemnly swear that the above statement is true to the best of my | knowledge and telief. W. W. MARLOW. Cashier. Subscribed_and ‘sworn to before me this ist day of April, 1931 (Seal) F. J. EHLERS, Notary Public. Fred Drew. Wm. B, Wolf. Low. Joi nay. Emmerich, V. MacKenzle. Winslow, | ; | \ \ \ \ | | | | FINANCIAL, BROKER LOAN TOTAL Money toLoan DROPS 333,000,000‘1...,_;" L interest and commission. Out-of-Town Banks Report In-| Weller S57"55% § %t crease in Street Accom- i S A L E ! *F A_IS° modations. of Our Entire Stock of BETTER USED CARS For the first time in thy Special Dispatch to The Star. NEW YORK, April 3.— The weekly | statement of the Federal Reserve on brokers' loans showed a decrease of $33,000,000 during the week ended April | 1 to a total of $1,875,000,000. This compares with a total of $1,908,000,000 | last_week, with a low of $1.716,000,000 | on Pebruary 4 and with $3,968,000,000 on April 2, 1930. Loans for own ac- count were $1,391,000,000, compared with $1414,000,000 & week ago; loans for out-of-town banks totaled $258,- 000,000 against $260,000,000, and loans | for account of others amounted to $226,000,000, contrasted with $234,000.- 000. Demand loans constituted $1,506,- | 000,000 of the total, against $1.517.- 000,000 a week ago, and time loans were | $369,000,000 against $391,000,000. The New York Federal Reserve ' Bank's rediscount rate remains at 2 per cent. prices reduced below the present market. For three days only— FRI, SAT. & SUN. April 3rd, 4th & 5th 9 AM. to 8 P.M. Every ear in (his sale carries our regular warranty. They are all “Better Used Cars.” such as we sell regularly, and on which we have bullt our reputation for handling quality merchandise. PRICES MARKED PLAINLY ON EACH CAR This is your epportunity y the car you have often wanted but have felt you could not afford. MOTT MOTORS, Inc. 1520 14th St. N.W. Dec. 4341 Many American tourists are visiting mgt th,ls, W'_lntir. ol REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD ————————— Y VYV YVVVYY 00000 Money Available for Mortgage Loans Put It Up to Us —and we'll go through with the preliminary details of financing residence, office building, apartment house or business property, without worry to you—and when approved, the money will be promptly available, 2 0 Our service gives service on mortgage loans in the District and nearby Maryland and Virginia—for 3, 5 and 10 year periods, at 5 RANDALL H.HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT g 1321 Connecticut Ave. Decatur 3600 UL OO T V0L SRR PRI OO L EORRNAG g ki agsads sy = Equitable Co-perative Bldg. Assn. | Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secrefary | Subscription for the 100th Issue of Stock Being Received We Make a Loan on Real Estate or to Take Up First Mortgage EMEMBER, we have money available if you desire to purchase a home, refinance your present indebtedness or improve your property. Applications receive prompt and courteous attention. Loans Repayable Monthly No Brokerage .. . No Commissions I3 T 915 F ST. N e W.». mosgs & Sons F St. at Eleventh Nat’l 3770 Closing Out $2,000 Excess Stock of Standard Filing Cabinets and Safes Mostly of Macey Manufacture DRASTIC REDUCTIONS BUSINESS FURNITURE DEPT.—4th FLOOR REAR YOU CAN SIT BACK AND REAP —the return of a sound invest- ment. \When you place your money in our 6% FIRST MORTGAGES there's nothing to give con- cern. When you make the in- vestment vou know positively it will pay this generous interest continuously to the end of the term for which the mortgage is given—and at maturity back will come the principal intact. Over a Third of a Century Without a Loss May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N.W. N ional 2100 B Nat THERE E:-.“NO SUBSTITUTE FOR SAFETY