Evening Star Newspaper, April 13, 1931, Page 13

FINANCIAL, FINANCIAL., RICHMOND RESERVEl| NEW YORK STOCK EXCHANGE ¥ Recelved by Private Wire Direct to The Star Office. EARNINGS DECLIN et e gt o, flavor, and determined to apply the idea commercially. Lowest Rates of Interest and Commistion Heretofore, a major M%m ?llek ition of ice e NSHORTCOVERN) NDUSTRY BN =5 S e Stogk and - sencer 1o eican R = pu T S e RENAIN S REAL ESTATE LOANS Evans Auto Products 1 formed, it is held. Individual sales complled to 1930 Total Decreases in Discounts Noted in Report. BY EDWARD C. STONE. Net earnings of the Federal Reserve Bank of Richmond in 1930- amounted to $134,172, as ?;.lrndpl!ed with $1,712,- 366 in 1929, ac ing to the annual Teport just issued by W. W. Hoxton, chairman of the board. Operations of the bank after taking out $162,969 for account of reserves, depreciation, etc., and dividend payments on capital stock totaling $353,472, showed a gross deficit of $882,269 for 1930. On account of marked decreases in Tediscounting by member banks in 1930, in comparison with 1929, and to lower discount rates, the gross earn- gs of the Federal Rescrve Bank of flchmond totaled only $1,703,205 last ear, against $3,299,610 in 1929. The ercentage of gross earnings derived irom the discount of member bank paper amounted to 52 per cent last year, compared with 78 per cent in 1929 and 68 per cent in 1928, Current expenses for 1930 totaled $1,569,084, a decrease of $18,210 under $1,587,244 for 1929. Fewer Checks Cleared. Except in the currency and coin han- dled, tl’fe volume of business at the Fed- eral Reserve Bank of Richmond was smaller last year than in 1929. The number of bills discounted and bought in 1930 declined 16.74 per cent from the number handled in 1929, and the aver- age dally holding of bills was 58 per cent less than in 1829. The number of borrowing banks in 1930 was 345, com- ed with 384 in 1929. pa:}hde number of checks cleared by the transit department declined more than 1,500,000 and the dollar value declined $1,323,000,000. The number of non- cash collections handled was 4.89 per cent lower and the aggregate amount decreased 12.79 per cent. Transfers of | funds for member banks decreased 7.02 per cent in number, but_the aggregate amount involved rose 11.7 per cent. Daily Circulation Lower. e average daily circulation of Fed- fi;x;h Ruer:: notes of the Richmond bank was higher in each of the first six months of 1830 than in the correspond- ing months of 1929, but each of the ‘last six months showed lower average than those of the preceding year, due at least in part to the materially thigher figures in the second half of 1929 as a result of the introduction of small sized currency on July 10, 1929. Aver- age daily circulation totaled 873,371,342 in 1930, compared with $78,715,188 in 1929. in the Federal Reserve fl:‘;mmtie fifth district declined during 1930 from to 487 banks. Six banks joined the system during the T, but 44 members were lost through tions, mergers or withdrawals. At the end of 1930 there were 447 national bank members nndu:gl stau ‘bank mem- bers in the fifth di ic Onml)eeember 31, 1930, the shares of the Richmond bank owned by member banks numbered 116,027, compared with 121,499 shares held on December 31, 1920. The net decrease in paid-up capital. of the bank during the year 1930 was $271,100, Chairman Hoxton #aid in concluding his report. Hlfl'!c n:ld of the L. C 1, sident Carpel cation, "announces thay earnings for January and February of this year, as shown by the reports of A. Phil & Co., auditors, are This announcement, coupled with the recently issued earnings statement for 1930, shows steadily increasing earn- ings, even during the present period of stock is listed on the Washington Stock Exchange, where it enjoys an active market. At the present selling price it yields a return of about 8 per “cent. b €. Bankers Leave for South. One of the largest local delegations %o attend the Spring meéting of the executive council of the American Bankers' Association has gone t Au- , Ga. The delegation was headed Prancis G. Addison, jr., who is the “Washi; member of the council. ‘Others in the party included Howard Moran, & member of the savings bank division of the A. B. A Lanier P. McLachlen, president of the District ' Association; _John Poole, oshua Evans, Robert V. Fleming, a ber of several special committees, and E. E. Mountjoy, the A. B. A's reg- ular representative in Washington. The sessions open tomorrow morning, with sRome C. Stephenson presiding. Mergenthaler Market Leader. Mergenthaler Linotype led trading today on the Washington Stock Ex- change, which was confined to small lot transactions. The stock opened at 803 and closed at 80';, the day’s turn- over reaching 70 shares. Merchants Transfer & Storage common came out at 95 and closed at 94. Terminal Refrig- erating & Warchousing Corporation 2old at 46 and Peoples Drug Stores pre- ferred at 103. Twenty-five shares of Carpel Corporation came out at 2473 and 20 more at 24%, Bond trading was confined to Capital Tracticn 5s at %7 and Washington Railway & Electric 4s at 895, Financial District Notes. Kenneth (\ Wales, manager of Bon- Pright & Ce. with offices in the Hill Building, announces that Robert Stead, jr., has become associated with the Washington branch. Mr. Stead has been in the investment business here for 10 years ang was formerly conneet- ed with Eastma. O & Co. He is active fn the Diftr.ct Golf Arsociation. being chairman of the Golf Committee ©f Chevy Chase Club. The young women members of Wash- ington Chapter, American Institute of Banking, were tendered a tea yesterday afternoon by Mrs. Anne Tillery Ren- shaw at her studio on Connecticut ave- nuve, ahout 75 being present, including several officers and instructors. A musi- cal program was rer d. Mrs. Ren- shaw is instructor of the women's class at_the institute. Institute members will hold another public-speaking contest tomorrow eve- Ting to sclect a representative for the coming contest at Lancaster, Pa., May 6. There are 10 contestants, each to be allowed eight minutes. The subject will te the same as previous contests. The judges are M. D. Rosenberg, presi- dent of the Bank of Commerce & Sav- ings; H. H. McKre, president of the National Capital Bank, and F. J. Don- chue, & member of the institute faculty. AIRPLANE PRODUCTION. EW YOREK, April 13 (#) —Forty- #ix of the major ane manufacturers report & total production of 172 com- | mercial and m airplanes valued st $1,864,115, according to the Febru- ry copyright report of the Aeronautical Chamber of Commerce. Sales of com- mercial and military airplanes during Pebruary totaled 163 units, valued at $1,923,474. Production of commercial airplanes increased from 59 units valued 8t $248,435 in January to 88 units with & value of $562,480 in February, the re- shows. Sales of commercial af planes kept pace with production as a majority of the manufacturers main- tained their policy of produeing to or- der rather than increasing their in- wventory. — — Chicago & Alton. NEW YORK, April 18 (#).—The Chi- ‘cago & Alton Railroad, one of the first . of the carriers to report March results, A d net onntin(‘ income of $81,~ 6, compared with $91,149 in March of ~Prev. 14% 52 23% % 10 tin 15% 12% 594 182% 42% 18% 108 120 23% 2864 6% 27% 8% 2% 5% o 5% Bia 1z 4 11 185¢ 69 45% 4% . 1031~ Is $134,172.|m tow: Dividen: 7 Abitibi Pow & Paper. 29 ADbItII P& P pL(6). 16% Adams Exp (1.60)... % Ahumada Lead. 89% Air Reduction (143%) 6 Alr Way Elec Appl.. 7 Alaska Juneau (40c) 7% Alleg Corp. . 839% Alleg Cp $30 ww 53 . 131% Allled Ch & Dye (né) 80 Allis Chalmbers (2). 16 Alpha Port Cemt (1), 17% Am European Secur, ° Am & For Power. ... Am & For Pw pf (7). Am & For Pow 2d pt. Am Hawafian S8. ... Am Hide & Leath pf. Am Ice (3) Am International. Am La Fr & Foamite Am Mch & Fdy 1.40.. - - 0 s BT T TSTOE TINS5 PAroes Am Mach & Metals.., 2 2 Am Metal Co. Am Nat Gas pf (1) Am Pow & Lt (31)... Am P & L pf A st (5) Am Rad & 8t 8an (1) Am Rolling Mill Am Safety Rasor Am Shipbuilding (5) 100; Am Sm & Ref (4). Am Snuff (13%).. Am Solv & Citem pf.. Am Wat W 1st pf (6) 1 Am Woolen pf. 4% Am Zinc Lead & 8m.. 29% Anaconda Cop (1%).. 27 Anchor Cap (2.40)... 13% Andes Copper. Artloom Corporation Artloom Cp pf (7) Art Met Const (1.60). Asso Apparel (32)... Asso Dry G (2%). Asso D G 1st pf (6).. Atch To &8 Fe (10). 102% Atch T& S Fe pf (5). 97 At] Coast Line (+10). 17% Atlantic Refining (1) 101% Auburn Auto (£4)... Aviation Corp af Dal 20% Baldwin Loeo (1%).. 684 Balto & Ohlo (5) Bamberger pf (6%). Barnsdall (A) (1)... Beatrice Cream (4).. Beatrice Crpf (7)... Beech-Nut Pkg (3).. Belding-Hemingway Bel N Ry pt pf 6.51.. Bendix Aviation (1). Bethlehem St pf (7). Blaw-Knox (13%),... Bohn Alum & Br1%. Booth Fisheries. Borden Co (k3) Q Bkiyn & Qu T pf (5). * Bkiyn Union Gas (6) Bruns Ter & Ry 8 Brown Shoe (3).. Bucyrus (1)... Bueyrus cv pf (23%). Budd (BEG) Mfg. Budd (E G) Mg pf. Butte Copper & Zine. Butte & Superior Butterick Co.... Byers (A M).... 35% Calif Packing (2).... % Callahan Zinc & Ld.. 8 Calumet & Hecla. 29% Canada Dry G A u;. 19% Cent Aguirre As %. 59 Cent R Mills pf (7).. 40 1 221 Cerro de Pasco(1.50) 12 Checker Cab Mfg 89% Ches & Ohio (3%)... 40 Chesapeake Corp (3) 19% Chi Great West pf... 5% Chi MiI St P & Puc... 9% Chi MiI St P& Ppf., 47% Chi R 1 & Paetfie (5). 84 ChiRIEPDI(6)... 538 A NCAANENNANS & 0 19 2 . T PToTt-THerem 1 . 20 Chi Yellow Cab (3).. 20s 23% Childs Co (2.40)..... 15% Chrysler Corp (1)... 34% City Ice&Fuel (3.60). 2% City Stores. . 46% Colgate-Pal 72 Collins & Atk pf (7) 9 Colonial Beacon. 21 Colo Fuel & Iron 100% Colo Fuel & Ir pf (8) 37 Colo & South (3).... 23% Col Gas & El (2) 100% Col Gas & EI pf A (8) 7% Col Graphoph (8% ). 73% Columb Carbon (5).. 18 Comel Creditd?).... 76% Comcl Cred 18t (§%) 26 Comm Inv Trust (2). 108% Comel Inv Tr pf (7). 82 Comel 1 Tcv pf (e6). 15% Comm Solvents (1).. ¥ Cmwith & Sou (80¢). 91% Cmwlith & Sou pf (6) 101% Con Gi 14% Consol Laundries (1) W Consol Textile - 5 Container Corp (A).. 17 Conti Baking A. 2% Contl Baking B. #% Contl O1] of Del. T4 Cont Shares... 761 Corn Prod (1334). 84 COty INC. oo avuves 27 Cream of Whit (12% 14% Crex Carpet... . 4 Crown Zellerback. .. 48 Cruclble Steel. . 14 104 1 12 1 41 3 1 40s 1 208 - e pemaannennEelrarnaSnann % % 4o 96 Cruciile Steel pf (1) 1008 100% 10014 4 1% Cuba Cane Prod..... 4 CubaCe... 41 Cudapy Pa 113% Curtib Publish pf «7) 2% Curtiss Wright Corp 3% Curtiss Wr Corp A.. 100 Cushman’spf (T)... 27% Cutler Hammer. . 134 Davison Chemical. .. $% DeBeers Min (a1.44). 20 Deere & Co pf (1.40), 74 Del Lacka & Wn (4). 13 Devoe & Ray (1.20). 14% Diamond Mateh . 24% Olamond Mtch of 1% 8% Dome Mines (1) 14% Domn Stores ( 6114 Drug Corp (4) T\ Eastern Roll Milly . % 143% Eastman Kodak (18) 85% Eitin=ton-Schild pt. 36 Erie RR 18t pf ( 50% Lta 5) t-John pt (1) 2508 1% 1% 3 3 5 2 45% 45 2 17 17 48 4 4y 4 6% 64 108 111% 111% 2 27% 27% 15% 10 162% 158% 55% 55 % Montgomery Ward. 83 3% 35 38 108 108 108 Exchange Buf (13).1208 Fed Mot Truek (40c) ~ 3 Fed WatSv A (2.40), 8 Federated Dept Strs. 1 Filene's pf (634).... 108 Firestone T& R (1 2 Firest T & R pf (6) 1 First Nat Strs (2%). - 2 Fisk Rubber. 1 % Foster Wheeler (2) 16 5 Freeport-Texas (3) 1 Fuller Co 2d pf 16.77. 10s Gamewell Co (5)....1208 Gen Am Investors. 1 Gen AmInv pf (6) Gen Am Tank Car(4. Gen Asphalt (3) General Baking Gen Cable pf. Gen Cigar (4) Gen Elec (1.60° - Gen Elec spec (60c) . Gen Food Corp (3).. Gen G & E1 A (e30c). Gen G & El cv pf (8). Gen Mills (3). Gen Pub Sv b6% stk. Gen Ry Signal (5) Gen Realty & Util. .. Gen Refractories (4) Gen Theater Equip.. Gillette Saf Rasor. Gillette Saf R pf (6) Gimbel Bros pf (7) Glidden Co. Gold Dust Goodrich (B F). Goodrich B F pf (7). Goodyear Tire&R(3) Goodyear 18t pf (7). Gotham Silk Hoslery Gotham pf xw (1) Graham-Pa! o Granby Consol (2).. Grand Union pf (3). Grant (WT) (1). Grt Western Sugar. Grt West Sug pf (7).120s Grigsby Grunow.... 2 Gulf Mobile & North Gulf Mobile & Nor pf 1 Gulf St Stl 1st of (7) 208 Hahn Dept Stores. .. Hall (WF) Pr Co (2) Harb Walk Ref (2).. Hartman Corp (A).. Hartman Corp (B).. Helme (G W) (17).. Hershey Choc (5).... 1 Hersh Choc pf (6).. I Hollander Son: Houdaille Herihey. . Household Fin pf (4) Houston Ofl. Houston Of1 . Hudson Motor (1)... Hupp Motors. .«.... Illinots Central (7). Inland Steel (4). Inspiration Copps Insuranshar Del Insur Shrs Md(40c) . Interb Rap Transit, . Intercont Rubber... Int Cement (4). Int Combustion. Int Comb Eng pf. Int Harvester (2%).. Int Hydro El A (e2). Int Match pf (4) Int Salt (3). Int Shoe (3 Int Tel & T\ o Inter Dept Strs (2).. Intertype Corp (2).. Investors Equity . Johns-Manville (3).. 51 Jones & Laug vt (7). 10s Jordan Motor Car.... 1 Karstadt(R) (a1.03). 4 yser Julius (2%j. 7 Keith-Alb-Or pf (7). 1 Kelly-Spring Tire... 1 tor Corp. Kendall Co pf (6)... 10s Kennecott Cop (2).. 26 Kinney (G R) pf (8) 30s K Radi, Kolster Radio ct Kresge (88) Co 2 Kreuger & T (21.60). 39 Kroger Groc&Bak(1) Leh Valley Coal. Valley (2% Lehman Corp (3). Lehn & Fink (3) . Lib Ow Ford Glass. . Livg & Myers B (15) Liquid Carbonie (3). Loew's Inc (3) Loft In Loose-Wiles (12.80). Lorillard («F) Co.... Louisiana Ofl....... LouG&EA (1%).. Louls & Nash (7).... McCrory Stores A(2) 1 McKeespt Tin P(15). 125 McKesson & Rob (1) 3 McKes&Rob pf(3%) 1 Mack Trucks (3).... Macy (R H)&Co(n3). 4 Manati Sugar pf.... 1 Manhat Elev gtd (7) 708 Man Elev mod g (d5) Marine Mid (1.20)... Marlin-Rockwell (2) Marshall Field (235 ) Mathieson Alkalf (2) May Dept Strs (234). Mexican Seaboard Miami Copper ... Mid Continent Petm. Min Hon'w Reg (14). MStP&SSM. Mo Kan & Texas. ... Missouri Pac pf (5). . 9 EYTTRIUS-S PO O o Motor Meter G & E| Motor Products (2 Motor Wheel 1%) Mullins Mfg........ Mullins Mg pf (7).. 60; Munsingwear (3)... Murray Corp..... h Motors (4). Powe o= Nat Biscult (2 §0) Nat Cash Register A, Nat Dairy (2.60).... Nat Dist Prod (2)... Nat Pow & Lt (1)... Nat Radiator........ Nat Steel (2). Nat Supply (4 Nat Surety (5) at Tea (1). da.Copps Newport Co (1).... Newport Co A (3) Newton Steel N Y Central (6). NYChi&StL(6).. N Y Investors. Norf & West (112)., North Am Aviation.. 140 Nor Am (b10% stk). 31 Northern Paejfie (6). 2 Northwest Tel (3).. 108 Ohito Of1 (1), Oliver Farm Omnibus Corp. gu- Elevator Pacific Gas & Bl (2). Pacifio Lighting (3). 2 Pacific Tel & Tel (1) 208 Pack Mot Car (6ve) . Paramount Pub (4). Park & Tilford. Park Utah. ... Pathe Excharcge (oontinued on Page 142 31 60 50 6% 674 28% 24% 7 8 19% 401 ba% 69% 4% 16% 16% 42% 86% 22% 11 90 4% 2 62 €5 Irregularity in Early Dealings. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 13.—The oversold position in which the stock market has been working itself for the past two weeks developed into a fair-sized rally in today's trading. Despite the special weakness in individual issues, the trend was upward, mostly on short covering, but with a scattering of new buying as well. Opening quotations were irregularly lower. Vanadium was under severe pressure, reflecting doubt about the out- come of the dividend meeting on Wed- nesday. The stock sold off over 4 points to & new low on the reaction. West- inghouse Electric was weak again, also in new low ground, in response to further reports of a disappointing show- ing in the first quarter. Johns-Manville was better supported, with the news about its three montl earnings dis- counted for the present at least. New Lows in Rails. In the railway list new lows were made by Southern Railway, by Nickel Plate and by Missouri-Pacific preferred. These early declines, however, were off- set by pronounced strength in the Amer- ican Tobacco shares at new 1931 tops and by a broad covering movement in an assorted list of industrials, including Allied Chemical, Radio and Radio- Keith, Worthington Pump_and Bethle- hem Steel. None of these gains was large enough to suggest anything else than retiring of commitments for the decline, but they attracted attention and gave the market an appearance of strength. Copper stocks were bought on the improvement in the metal market. One company advanced the price of copper wire, and it was said there was no metal available under 10 cents a pound. Anaconda was the chief beneficiary, but American Smelting & Refining and Kennecott worked higher. Utilities had a moderate up trend, including Amer- ican Water Works, North American Co., 8% Standard Gas & Electric and American 16% 37 9 Telephone. Among the items of news was a re- duction in the dividend rate on Julius Kayser common to a $1 annual basis, against the $2.50 previously paid. Cerro de Pasco reported a net loss for 1930 of $1,986,836, after taxes, depreciation and depletion, against a net income of $4,729,113 in 1929. Car loading figures for the week ending April 11 were & little better than those for the pre- ceding week, but still much under the total of the same period a year ago. On the other hand advices from the North- west were to the effect that high classi- fication freight was showing & gratify- ing increase. The market was governed mostly, however, by its technical position. The best that could be said was that un- favorable news seemed to have lost its power to induce liquidation. Early Trading Dull. Prices turned downward after an ir- regular opening. Trading was dull. During the first half hour 200,000 shares changed hands, or the same as on Sat- urday. Call money renewed unchanged at 11, per cent. Vanadium was a weak feature, drop- ping 4!, points. The company’s di- rectors meet soon for dividend action. Its weakness affected other steel stocks. United States Steel was off 7 and Bethlehem, Republic Iron & Steel and Crucible were all lower. Selling of the rails continued, with the weakest is- sues being Southern Railway and Mis- souri-Pacific, both of which touched new lows. Chesapeake Corporation, how- ever, was higher. There were fractional gains throughout the motor list, with Auburn and General Motors most activ The utilities were heavy, with small losses in American & Foreign Power, Consolidated Gas, Electric Power & Light and Public Service of New Jersey. Among the oils Mexican Seaboard, Standard Ofl of California and Texas Corporation were lower. In the spe- clalties, both classes of American To- bacco stock were sharply higher, the B stock at a hew high for the year. In the mine group, Cerro de Pasco was weak following publication of its annual veport. Active industrials that were weak included: American Can, Diamond Match, Eastman Kodak, General Elec- tric, Johns Manville and Woolworth. Westinghouse touched a new bottom. i e Upturn in Auto Sales. NEW YORK, April 13 (#)—Retail sales of new passenger cars in the first 17 States reporting registrations for March showed & sharp seasonal upturn, the total, excluding Ford, amounting to 41,253 cars, against 28,354 in Febru- ary. The total compares with 49,093 Teported by the sune States I March of . In a recent week there were 120 deaths from influenza in Madrid, Spain Money to Loan Secured by first deed of trust on real estate | evailing_ int . m L. eph . Weller gi8.m4s% Six Per Cent and Safety That tells the story of our first mortgage real estate notes. i3 They are a stable security, non-fluctuating in value when properly selected. We recom- mend them to investors. Available in denominations of $100.00 and upward. [SHANNON: & LUCHY] 1435 K Street, N.W. Investigate the Advantages of This Association . . . :IIKI":" flll\‘ll len lhcdfl o Romes or_other Drove entles © b rm . foa ounts. Come in and permit us to explain in detatl. Open Daily 9 to 5 Saturdays Until Noon NAtional 1381 New Giant in American Busi- ness Seen—Prospects Are Discussed. BY J. R. BRACKETT, Associated Press Business Writer. NEW YORK, April 13.—He's' got & lot of growing to do, but it looks as if another dollars. Colby M. Chester, jr., president of General Foods Corporation, said that a recently perfected method for quick freezing perishable foods at 50 degrees below zero has been proved practicable | in a 12-month test campaign. The billion-dollar estimate is Colby’ Outlets Increased. Heretofore, outlets for the products had been confined to 18 stores in Massa- chusetts, but now 300 stores in six East- | ern States have them available, and | plans are being pushed for expansion into the Middle West. Mr. Colby believes this new movement in the food field will create employ- ment for thousands of persons in various activities connected with the produc- tion and marketing of quick-frozen foods. He expects it to stimulate activity in other industries, including manufacturing of mechanical refrigera- tion equipment, insulating material, new types of motor trucks and other means | of transportation. ‘The new process, Mr. Colby explain- ed, freezes perishable foods, including meats, sea foods, vegetables and fruits so quickly that chemical or organic change cannot take place. Foods so frozen can be retailed in small cartons from a refrigerated cabinet just as breakfast foods now are sold. The car- tons would be kept in refrigerated dis- play cabinets in food stores. Mr. Chester estimated ‘that 100,000 outlets would be handling the new food products in a few years, and on this basis retail sales would reach more than $1,000,000,000 & year—as well as give new business to other industries. Among the developments of the proc- ess will be its ability to-absorb quickly tremendous quantities of perishable foods at so-called glut seasons and to keep them for months in a frozen state. This, Mr. Colby believes, will tend to stabilize market prices for vegetable and fruit growers. Meat-Packing Industry. ‘The greatest immediate possibility, Mr. Colby foresees, is in the meat- pacl industry. -Some of the econo- mies effected will be the removal of all waste material at the packing plant, where it can be disposed of more profitably than when returned by re- tailers to rendering plants. ‘The standardization factor,” he said, “is one of the chief advantages of the new process. By carefully grading meat cuts and putting them up in cartons it has become possible to offer meat cuts of the same unvarying quality as packsged, branded grocery staples on sale in every good store.” It will also reduce prices for fruits and vegetables out of season, he says. Clarence Birdseye, a Massachusetts scientist, inventor of a widely-used process, conceived the idea while living Auroan TeLeione awo TELEGRAPH Conpany 166th Dividend ‘ Tue regular quarterly { dividend of Two Dollars and Twenty-Five Cents $2.25) share will be gfddonAp il 15,193 ,‘l:ftodd-oldm at on March 14, 1931. H. BLAIR-SMITH, Treasurer. Success in ving UARANTY First Mortgage Se- curities that this corporation sponsors a n d guarantees should appeal to the critically discrimi- nating investor. They are secured by com- pleted fee - simple roperties in Wash- ton. . . . and its suburbs, with the additional guarantee of our resources of over $3,000,000. Write for fllustrated Booklet avout Guaran- Securities. Denominations as low as $100 Monthly Payments If Desired | REAL ESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W. National 1403 Annual Dividend Rate, $2 John F. Brawner | BUILDING ASSOCIATION] XKayser Dividend Reduced. NEW YORK, April 13 (#).—Directors of Julius Kayser & Co., manufacturer of silk goods, today reduced the ilvidenrdu bluts to $1 : ";";5 mmuusn. quarterly o cents was authorized’ T Made at Low Interest TYLER & RUTHERFORD ):“":‘l“-.l. ivited on i .flm 1520 annual S K St. NNW. National 0475 have plenty of avail- able funds for loans on improved Real Estate in nearby Montgomery County, Md., and the District of Columbia for periods of 3, 5 or 10 years, at 514 per cent interest. Prompt decisions given applications. BOSS and PHELPS Realtors it John Hamcock Mutual Life Insurance Co. 1417 K St......National 9300 From Coast to Coast Home-owners are today ex- periencing the satisfaction of the Real Estate Loan Plan of the Metropolitan Life Insurance Company. b A plan so generally ‘accepted dem.anda your careful consid- eration. We shall be pleased to explain the advantagea of Reasonable Terms Low Interest Rates Long Term Construction Loans in Any Amount CONSULT WERTERCS Washington Building e Loan Mortgage Correspondent Metropolitan Life Insurance Company Luumblnmbhm.m“dwcdm&mm District 9486 SAFE FITRST MORTGAGES THERE’S DOUBLE SECURITY —offered investors in our * 6% FIRST MORTGAGES —for they represent in many cases money loaned on de- sirably located Washington HOMES which have been con- servatively appraised. Over a Third of a Century Without a May be purchased in amounts from $250 up. F. SAUL €0O. 925 15th St. N.W. B. National 2100 THERE IS NO SUBSTITUTE FOR SAFETY THE CARPEL CORPORATION Common Stock (Listed Washington Stock Exchange) Earnings Per Sh. 213 246 295° 325 121 Yield about 8% MARKET ABOUT 2434 (Circular onw_Request) WAGGAMAN, BRAWNER & CO., INC. Ennalls Waggaman Members Washington Stock Exchange JAMES M. JOHNSTON & CQ Shoreham Building Members’ CRANE, PARRIS & CO., Inc. ‘shington Stock'\Exchange