Evening Star Newspaper, May 14, 1931, Page 13

FINANCIAL. DIRECTORS URGED | TOATTEND PARLEY D. C. Bankers’ Association "+ Seeks Large Turnout -~ at Hot Springs. BY EDWARD C. STONE. Lanier P. McLachlen, president of the District Bankers' Association, sent out letters today to all the bank presi- dents in Washington asking their co- éperation in securing a large attendance i bank directors at the Pune con- 3entkm of the association to be held at Hot Springs, Va. More and more directors are attending these conven- tions every year and an effort is being made this year to increase the list still further. The addresses by such men as Rome C. Stephenson, president of the Amer- ican Bankers' Association; John W. Pole, controller of the currency; Ed- mund S. Wolfe, president of the na- fional bank section of the A. B. A, and cthers are certain to be of very great interest to all bank directors. Practically all the golf and other sports events are open to the directors just as they are to bank officials so that they can enjoy all the convention activities. Last year's convention at Asheville, N. C., saw directors from almost every Washington bank among the guests. President McLachlen and the other officers hope that all these directors ill attend the Hot Springs session and that many others will join the list. The Homestead is such a large hotel that it can furnish unusual accommo- dations for all who attend the con- vention. Most of the arrangements have already been completed, & most enjoyable four days meeting being in prospect. Bank Deposits Still Mounting. Deposits in Washington banks have grown steadily since the controller’s call of March 25, according to informatiea obtained in several local institutions to- day. It will be recalled that bank de- posits in the National Capital gained $14,072.848.71 between the December and March calls. The controller’s re- 2t that time on the condition of m} banking institutions also showed that savings deposits had made an espe- cially d increase. Re!pogr.f; from various bank officials W the city indicate that the aggregate de- posits of the banks here are probably Jarger now than they have ever been. ‘A fet days ago one of the largest banks in the city made a new all-time dej it record. Another reported a mew high record and several others announced that their total deposits had shown un- usual increases since the last bank call on_March 25. . ‘Bank profits are also holding up un- usually well in Washington. Consider- ing-interest rates, bankers are particu- larly pleased with this status. During every depression there is always an in- crease in savings funds, so that the pres- ent gains are not surprising. The build- ing up of profits, however, is not so easy. +That makes the present situa- tion the more interesting. It also indi- cates that the better bank management campaign of the past two years 1is bear- ing fruit. . Poole to Address Convention 3 hn Pocle, president of the Federal- AI::X'!C!TA National Bank & Trust CO.: will. address the New Jersey Bankers' Association tomorrow. The annual con- Vention is being held at Atlantic City. F, G. Awalt, deputy controller of the currency, is also on fomorrow’s program. The Pennsylvapia Bankers’ tiof is like: in session at Atlantic City, the president being W. Walter Wilson, who attended the bank man- n?em.,\mnlctenee held in Washington seyéral weeks ago. At yesterddy's ses- £ ted States Senator David A. e 2 o et several signs ind 1 3 of the business depression in the United States had passed. He criticized activi- ties of various groups in finan- cial aid from the Federal Government, ‘mentiol especially the war veterans and the wheat farmers. Anacostia Bank Has Election. Officers _and_directors of Anacostia Bank re-elected at the annual meeting of stockholders and directors meeting of organization held yesterday, are the 1 : - Maurice Otterback, presi- dent; S. A. Manuel, first vice pres dent; J. Frank Campbell, second vice ; Charles W. Warden, third Vice president; W. L. Koontz, cashier; Alfred V. Pohl, lflsfl:;.dm, and George C. Gertman, col L Directors are J. Frank Campbell, Charles W. Warden, A, E. Gude, George s. i 8. A Manuel, Maurice Bank Employes Keep Jobs. Eliot H. Thomson of the Washington Loan & Trust Co., in & radio talk on “Banking As a Vocation,” sponsored by the Kiwanis Club, said that re- cently there have been very few changes in the personnel in the local banks. Bank deposits have been growing but general banking activities have been such that the banks have found it nec- essary to add but few new employes. Two qualifications that bank de- mands of every employe and officer, he said, are absolute loyalty to the institution and inviolate confidence regarding the business of its custo- mers. Banks desire to start mew em- ployes at the bottcm and train them for higher positions as they prove their worth. While this means low pay and long hours for beginners, he reminded, promotion from the ranks!| is the general practice in banks, as it encourages employes and provides thoroughly trained forces. 1 Today's Trading On Exchange, | Small lot trading prevailed on the hington Stock Exchange today with “apital Traction gained es selling at 347, ‘Washingt y red was active, selling at 98% and 98%. Both raflway preferred and com- mon are now quoted ex-dividend, fol- lowing the recent declaration of divi- dends. Potomac Electric Power 5%, per cent preferred came out at 109%. Bond trading was confined to Capital Trac tion 55 and Washington Gas issues, at Tecent quotations. ‘The Board of Governors voted to close the exchange on Saturdays, beginning | on May 14, until October 3, this being | the al Summer schedule. Financial District Notes. The ad ed annual mesting of Fox Film Cotp. which was to have been held on May 15 has been set for June 10. This will comply Wwith the requirements of the New York Stock Exchange that the annua! report be issued 15 days be- fore the meeting date. President Joseph Schiavone of - the Internatioral Exchange Bank returned yesterday from Trenton, N. J., after participating in the municipal elections. Sales of 5. 8. Kresge Co. have in- creased TYor the past two weekly perfods and while the month of May, beeause of Memorial day falling on Saturday, 3 not certain to show an in- cresse over April, developments are suf- ficlently positive to warrant the state- ment that the trend of sales is turning, Detroit Dispatcher state, CARPET TRADE IMPROVES. NEW YORK, May 14 (#)—Improve- ment of trade practices within the soft- surface floor coverings industry consti- tuted the principal topic of discussion at an executivé meeting of the Institute of Carpet Manufacturers of America in New York. Special attenticn was given 1o claims that extreme Jow-end axmis- domestic ister "’:l“é. and the cb:'-pm Oriental rug products industry bave occasioned Note—All stock are sold in one hundred share lote excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. ~Prev 107 124 186% 21% 69 4% 3% 984 108% complaints from usersy w 6. .3 . " THE EVEN NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. . 1031 Stock and Dividend Rate, Abitibl Pow & Paper Al Bx) P (1.60)... Adams Exp pf (5)...120s Addressogr Co 1.40.. Adv Rumley (new) % Ahumada Lead...... Air Reduction (143 Alaska Juneau (40c) Alleg COTP. vvrvenan Alleg Cp 330 ww b%. Alllance Realty (3).. Allied Ch & Dye (n8) Allis Chalmbers (2). Alpha Port Cemt (1). Am Bank Note (13).. Am Banx Note pt (3) Am Br Shoe (3.40). .. Am Brown Bov Elec. Am Car & Fdry (3).. AmChain2)... Am Chicle (13)...... » Am Colortype (1.40). Am Comcl Alcohol. Am Encaustic (1), Am & For Power. Am & For Pw pf (7). Am & For Pow 2d pf. Am Home Pr (4.20).. Am lce (3). 24 Am Mch & Fdy 1.40 Am Metal Co. Am News (13%). 4 Am Pow & Lt (31)... Am Pow & Lt pf (8). AmP&Ltpf A (4).. AmP & L vf A st (5) Am Ra&Std San 60c. Am Roliing Mills. .. Am Safety Razor (5) Am Shipbuilding (5) Am Sm & Ref (4).... Am &m & T 3d pf (8) Am 8m & Ref pf (7). Am Snuft pii (6) Am Solv & Chem, Am Steel Fdy~i3) Am Stores (12% ) Am Sugar Ref (5)... Am Suger Ri Am Tel & Tel (9 Am-Tobacco (16) a . Am Wit W 1st pf (6) Am Woolen. Am Woolen pf. Anaconda Cop (1% Anchor Cap (3.40). Anchor Cap pf (634). Archer Danfels Mid. Armour of Del pf (7) Armour of Ill A Armour o Il B. ., Arnold Constabl Asso Apparel (32). Atch To & S Fe (10). Atl Gulf & West Ind. Atl Gulf & W 1 pt (5) Atlantic Refining (1) Atlas Powder pf (§). Atlas Stores (1)..... Auburn Auto (f4) Austin Nichols. Aviation Coro af Dal Baldwin Loco (1%).. Balto & Ohio (5). Balto & Ohio pf (4) Bamberger pf (6% ). Bang & Aroos (3%).. Barnsdall (A) (1). Bayuk Cig 1st pf (7). Beatrice Cream (4).. Beech-Nut Pkg (3).. Belding-Hemingway Bel N Ry pt pf 16.51.. Bendix Aviation (1). it & Co (2) Bethlehem S Bethlehem St pf (7). Blaw-Knox (14).... Bohn Alum & Br1%. Borden Co (k3). Borg, Warner (1) Botany Con M (A).. 100 Briggs MIg (11%)... Briggs & Strat (2).. Bklyn-Man Tr (4) Bklyn Man Tr pf (8). Bkiyn Union Gas (§) Brown Shoe (3) Bruns Ter & Ry 8 Bucyrus (1)..... Bucyrus cv pf (2% Bush Termizai (7 %) 1 4 5 20 709 110 2 108 71 9 1 1 108 14 51 80 £ pt (7) 1 308 1 236 1 15 4 508 1 20 108 4 2 8 2 10 3 18 s 189 1 10 1 4 2 2 1 1 2 1 ¥ ‘Term deb (7)..100; Bush T Blag pf (7).. 108 Butte Copper & Zinc. 29% Canada Dry G A (3). 27% Canadian Pacific 1% . 17% Cannon Mills (1.60). 66% Case (J I) (8) . 100 Case (J 1) pf (7). 25% Caterpillar Trac (3 9% Celanese Corp 4% Celotex vtc ctfs 19 Cent Aguirre As1%. 15% Cerro de Pasco(1.50) 2% Certain-teed Prod.. . 11 19% Chi Great West pf. 4% Chi MII Bt P & Pac. ., 7% Chi M1l St P & P pf. 29 Chi & Northwest (4). 431% Chi R I & Pacific (5). 87% Chi R1& Pac pf (7). 181 Childs Co (2.40) 16% Chrysler Corp (1) 30% City Ice&Fuel (3 60). 7% City Ice & F of (6%) Coca-Cola (17%).. -+ Coca-Cola A (3). Colg-Palm P pf (6) Colo Fuel & Iron. Colo Fuel & Ir pf (8) Col Gas & El (2). Col Gas & El pf A Columbia Graph 56 Columb Carbon (§) Comel Credit (2). Comel Credit A (3) Comm Iny Trust (2). Comm Solvents (1) Comwlth&Sou (40¢) . Cmwith & Sou pf (6) Congoleum-Nairn... Consol Cigars (5) Consol Cig pr pf 6% .. Consol Cigar pf (7).. Consolidated Film. Consol Film pf (2). Consol Gas N Y (4). Con Gas of NY pf(5) Consol Laundries (1) Consol RR C pf (6) Cream of Wht (12%) Cr Cork & Seal 2.40.., Crown Zellerback. ... Cructble Steel. ...... Crucible Steel pf (1) Cuba Cane o vace Cuban-Amer Sugar.. Curtis Publish (4).., Curtiss Wright Corp Cushman's pf (7) t:avison Chemical. .. Deere & Co pf (1.40). Drlaware & Hud (9). Del Lacka & Wn (4). Denver & RG W pf.. 77% Dupont de Nem 118% Du P de N deb pf 143% Eastman Kodak (183) 10% Eaton Axle (1.60). 35% Eitington-Schild pf.. 45% Klec Auto Lite (6)..: 2 Elec Boat..... . 38% Elec Pwr 86 Klec Pow & Lt pf (§) 100 Elec Pow & Lt pt (7). ES 6 108 108 1 200 afluonemna R ruEoanRASS 15 3 &Lt(1)... 1 6k Horn Coal Df s 308 Sates— P Add 00. m;n. Low. Close. Close. % 5% 150% 21 21% 441 12% 8 10 31% 95% Stock and” Dividend Rate. Endicott-John (5) fing Pub Sv (2240) 214 Eng Pub Sve pf 6) ~Prey. 1031~ High. Low. Sates— Prev. Add 00. High. Low. Close. Close. a1 3 % . 3 3 rev. R 1st o 2 xchange Buf (13%). 108 irbanks M pf (7).. 108 shion Park Asso.. , 2 Fed Mot Truck (40 ~ 1 Fed Wat Sv A (2.40). 8 4 Federated Dept Strs. Fid Pl Fire In (2.60) Firest T & R pf (6) ., First Nat Strs (24). 4 Fisk Rubbe: Foster Whe: Foundation Co Fourth Nat Inv Fox Film A (4). ank Simon pf ( Freeport-Texas (3). Gabriel Co A Gardner Motor. . Gen Am Investors. .. 614 Gen Am Tank Car(4) Gen Asphalt (3) Gen Baking (2). Gen Eronze. Gen Elec (1.60). Gen Elec spec (6 Gen Focd Corp (3) GenG & El A (e30c. Gen Miils (3)... Gen Motors (3) . Gen Motors pf (5) Gen Out Adv A (4).. Gon Ptg Ink (2%)... Gen Pub Sv b6 % stk. Gen Ry Signal (5) Gen Realty & Util... Gen Refractortes (4) Gen Theater Equip. . Gillette Saf Ragor. .. Gillette Saf R pf (5). Glidden C7. ... cune Glidden pr pf (7). Gobel (Adolf). Gold Dust (2%). Goodrich (B F). Qe Gotham Silk Hoslery Gotham S H pf (7)., iotham pf xw (7) Graham-Paige. . Grand S11 Strs (h1).. Grand Stores pf (6% nd Union...... Grand Union pf (3) Grant (W T) (1) Grt North pf (5) Grt Nor Ore (2). Grigsby Grunow Guantanamo Sugar. . Gulf Mobile rth % Hann Dept Stores. .. Hamilton W pf (6).. 10 Harb Walk Ref (2).. Hartmpan Corp (A).. Hartnfan Corp (B).. Hayes Body........ Hershey Choc (5). .. Hersh Choc pt (16).. Holland Furn (12%) Hollander Sons...... Houdatlle Hershey. . Household Fin pf (4) Houston Oflu.eveses Houston Ol (ne Howe Sound (3) Hudson & Man (3%). Hudson Motor (1)... Huop Motors ReaahunEmarmEe ~andant 3% Tilinois Central (4).. 4 indian Refining. 621 Indust Ravon (4). 73% b 101% ation Copper. Insuranshar Del 40c. Interb Rap Transit. . Int Bus Mach (n6).. Int Carrlers (37%¢). Int Cement (4) Int Combustion. Int Comb Eng pf It Harvester (2%) Int Harvester pf (1). Int Hydro El A (e2). Int Match pf (4).... Int Mer Marine (1).. 7 Int Nickel (60c). . Int Nick Can pf (7). Int Paper & Pow A. Int Paper & Pow C. Int Pap & P pf (7) Int Salt (3). Int Shoe (3). Int Stiver. . nt Silver pf (1 Int Tel & Tel (2). Inter Dept Strs (2).. 41 Jewel Tea (4) % 4214 Johns-Manville (3).. 97 123% 118% Jones & Laug of (7). 30s Kans City Sou (5)... 2 Kans City Soupf (4) 1 Kelsey Hayes (2). 1 4 Kelvinator Corp 7 Kennecott Cop (2 20 Kresge (SS) Co 1.60. 46 Kresge (SS) pf (1).. 208 % Kreuger & T (a1.60). 67 Kr Groc&Bak (1) 126 % ¥ SoefrlenSoronaneeas alnes 22 Lambert Co (8)..... Leh Port Cmt (1). Leh Valley Coal..... Leh Val Coal pf (3). Leh Valley (2%) Lehn & Fink (3) 4 Lib Ow Ford Glass. . Livg & Myers B (15). 1 Lig & Myer pf (7)... Liquid Carbonic (3). 4 Loew'sInc (3)...... 2i Loew’s Inc pf (6%). Loft Inc. ... E Loose-Wiles 1st (7). 1008 Lorillard (F) Co...., 109 Lorillard (P) pf (7). LouG&EA (1%).. Louis & Nash (7). cCrory B (2) Mclntyre Pore ) McKeespt Tin P(15). McKesson & Rob ¢1) McLellan Stores. Tro g 437 106% 3 1) & Co(n3). 715 5 Mad Sa Garden (60c) ManElevmg...... Manhat Elev gtd (7). Marine Mi4 (1.20)... Marmon Motor Car.. Marshall Fleld (234). Mathieson Alkall (2) May Dept Strs (234). Met-Gold Pic pf 1.89. Mexican Seaboard. .. Miami Copper. . Mid Continent Petm.. Midland Steel pf (8). Minn Moline Pow. .. Minn Moline pf (6%) Mo Kan & Texas. ... Mo Kan & Tex pf Missour! Pacific. Missour! Pac pf (5). Monsanto Ch W(1%) 2 Montgomery Ward.. 524 Morrell & Co (4.40).. 1 4 Mother Lode........ 1 Motor Meter G & El. 2 Mullins Mfg........ 2 (7)..160s 4 S s EYTISTOSE- [OP QS-S PSP ST SN o Sen 18 Mullins Mfg pf nrray Corp. % Nash Motors (4 4% Nat Acme (80c) 2 Nat Bella Hess. 1 at Biscult (2.80)... 26 at Cash Register A, "‘3.’7 25 Nevada Copper (1).. N O Tex & Mex (7). . 12 2014 129 Y & Harlem (5) Y Investors. . ¥ N H& Hart (6)., YNH&Hpt (D Y Ont & Wester: N Y Steam pf (6). N Y Steam 1st pt (7) 5 Noranda Mines. Norfolk & Southern. Norf & West (112).. North Am Aviation. . Nor Am (b10% stk) . North Am Ed pf (6).. Northern Pacifie (6. ly Norwalk Tire & Rub. 8% Ohio Oil. ... .. 8 2% Oliver Farm Equip. 3% 3% 14 Ollv Farm Eq pr pf.. 16% 16% Continued on Bage !_‘i-, s N N N 384 1 ISTOCKS SAG AGAIN | or above Wednesday’s close. T0 RECORD LOWS Rails Continue Downward Plunge, but Trading Is > in Small Volume. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 14.—Stocks sagged again today to new low levels for the current decline. United States Steel was conspicuously weak and nearly all the rails headed downward. Without anything fresh in the news, but with sentiment in the street pessi- mistic, prices opened lower and with few exceptions continued to decline during the first two hours. In the railway list new lows were made by Southern Pa- cific, Rock Island, Missouri Pacific com- mon and preferred, Southern Railway, Lackawanna, and Delavre & Hudson. Union Pacific was off - points before news was received of declaration of the regularly quarterly $2.50 common divi- dend, after which it rallied somewhat. There was much speculation about the outcome of the Southern Pacific divi- dend at the meeting next week. ‘The market for rallway stocks was in- fluenced by the weakness in rallway bonds. St. Louls Southwestcern was an sxample. The common stock, after hav- ing duplicated the previous 1931 low, was offered at a fractional decline, with the best bid 21, points away. Another discouraging feature of the market was the continued pressure on United States Steel. The common stock broke through 109 for the first time since 1924, and the fact that there is a large outstanding short interest did not help much. Fodd stocks were mod- erately lower, which was unusual, for that group has held up better than the average in other recent sessions. Corn products was the weakest of these stocks, but Borden, National Dairy Products, National Biscuit and Stan ard Brands were all down more or less. Woolworth reacted under realizing, but was not weak. In general, meschandis- ing stocks were better supported. A better showing was made by the motors, although as a rule they record- ed some losses. Royal Dutch was sold on the cut in the dividend, and Texas Corporation made a new low, but the ofls were relatively inactive. Interna- tional Nickel went to a new low on publication of its first quarter earnings, amounting to only 8 cents a share on the common. California Packing weakened. Trading was on a very limited scale and obviously professional. How much outside liquidation has been induced by the weakness is uncertain, but it wil have to be substantial if the bear party is able to retire its commitments at a profit. So far they have met no oppo- sition on the down side, but the real test is yet to come. Call money renewed at 1, per cent. The market hardened in the after- noon, except for the railway shares. Shorts in Westinghouse, American Can and Allled Chemical covered in suf- ficlent numbers to hold these stocks at Utility is- sues resisted well, eepecially Consol | dated Gas, Standard Gas and Western Union. Mail crder stocks were higher under the leadership of Montgomery Ward. On the other hand, selling came into Standard Oil of New Jersey, the 1931 report of which has not yet been published. The loss in Missouri Pacific preferred amounted to between 6 and 7 points before support was encountered. To- day's reports were that no action would be taken on the preferred dividend at the next meeting. (Copyright, 1931.) U. S. GRAIN EXPORTS DROPPED LAST WEEK [Tohl Shipments Reached 1,215,000 Bushels, as Compared With 1,630,000 in 1930. By the Associated Press. Exports of grain from the United States totaled 1,215,000 bushels during, the week ended May 9, as compared with 1,630,000 in the corresponding week of last year. It was an increase, however, over the preceding week, when exporis totaled only 608,000 bushels. ‘There were no exports of barley dur- ing the past week, as compared with 158,000 bushels during the correspond- ing week of 1930. Corn exports totaled 25,000, against 99,000 last year; oats 1,000, against 10,000, and wheat 1.189,- 000, against 1,363,000. There were no rye exports in either week. Canadian grains in transit cleared from United States Atlantic ports to- taled 1,831,000 during the past week, as compared with 1,248,000 in the same week of last year. Exports of United States flour totaled 106,000 barrels, against 112,000, and Canadian wheat flour in transit 25,000 barrels, against 38,000. RESOURCES OF NATIONAL BANKS REPORTED BY POLE ‘Resources of national banks on March 25 amounted to $28,126,467,000, a de- crease of $673,217,000 since December 31, and an increase of $777,965,000 since March 27, 1930, Controller of Currency Pole stated. Number of natlonal banks covered in the controller's report of March 25, 1931, was 6,935 as compared with 7,038 covered in the December 31 report and 7.316 in the March 27, 1930, report. Money to Loan by P X~ Joseph l."fiv &8 Stationery and _ Office Supplies The Guild ‘trade mark indi- cates quality, value and de- pendability. It is a guarantee against careless workmanship and inferior materials. We recommend and heartily endorse Guild Products. STOCKETT FISKE C '.'0 IIG'N% {_TATI&NIR. ASHINGTON D & We're Rightly Called the Business Man's Department Store G STAR, \ WASHINGTON, D. C, THURSDAY. MAY 14, 1931 OUTLOOK FOR STOCKS IS HELD IMPROVED Spectal Dispatch to The Star. NEW YORK, May 14—The outlook for stock prices is now vastly improved over that of any week for the past two months, according to Arnold W. Wetsel, ‘economist. “Present favorable factors in the busi- ness outlook,” Mr. Wetsel states, “in- cluded the comparatively small decline in electric power production, the fact that automobile production has held up bet- ter than expected and encouraging re- ports from New England and the textile industry. Also that raw material prices | are in general below 1913 levels and in some cases below the lows reached as | far back as 1888; substantially lower | prices are certainly difficult to visualize | for the fmmediate future. | INSURANCE FLYING | CLAUSE IS UPHELD New York CourtRules Against Payment of Double Sum | in Aviation Death. Life and eccident insurance com- panies, frustrated in the past by a | number of court decisions in their | efforts to exclude aviation hazards from accident risks assumed under their policies, have just won a clear- cut victory on this question in the important New York Court of Appeals. The court held that a provision in & life insurance policy for the payment of double indemnity for accidental death, unless caused directly or indi- rectly “by engaging as a passenger or otherwise in submarine or acronautic expeditions,” precluded recovery of the | accident benefit for the death of a passenger on a regular air line in a crash. i Decision Important. | ‘The importance of the decision lies in the fact that hundreds of thousands of life insurance policies are in force today with double indemnity clauses in which there are exceptions for “en- gaging” or “participating” in aeronau- tics, aeronautic expeditions or aeronau- tic operations, and the holders of these policies are flying in constantly increas- ing_numbers. b ‘When these expressions were flrst' used in insurance policies it was an unusual incident for policyholders to travel by air. Consequently it has been only in recent years that litigation has been resorted to for the purpose of determining the legal meaning of the language inserted in insurance con- tracts to exclude the aviation risk. In about half of the reported cases to date the decisions have been against the insurance companies. Various rea- sons have been assigned by the courts for holding that an airplane passenger was not engaged or participating in aeronautics, but usually they have gone to the lexicographers, whose definitions | have been followed in their narrow sense. New York Decision. In the present case, for example, the appellate division had held for the ben- eficfary because the word “expedition” in its usually accepted meaning carries a “notation of exploratory or warlike enterprise.” Since the insured was in no sense engaged in such” a venture, that court decided the exclusion was ineffective and entered judgment for the amount of the-double indemnity benefit. In reversing the Appellate Division the Court of Appeals poked fun a former's construction of the word First Trust Money Avalil e at Prevailing Rates . Prompt Consideration of Your Application A. C. Houghton & Co., Realtors St. N.W. D! 16 H_ St ict 75363537 Authorized Service A. C. & Northeast Speedometer Repairs MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 First Mortgage Loan Applications Invited at 5/2% Glover & Flather 1508 H St. N.W. National 1753 | pottey se Another exception in the | FINANCIAL, dealth with military and naval rvice, so the word not refer to “warlike enterprise,” the court said, and as to exploration it asked, pedition by submarine or aeronautic vessel may indeed be conducted for pur- poses of discovery or exploration, but who has ever heard of passengers ac- companying such an enterprise?” ‘Thus in New York, at least, the in- surance compan. proper combination of phrases to carry out their intended elimination of the hazard of air travel from accident coverage. (Copyright. 1931) RAIL LABOR FAVORS FREIGHT RATE RAISE Publication of Brotherhoods Says Time Ripe for 10 to 15 Per Cent Increase. words and A 10 to 15 per cent increase in freight rates to enable railroads to buy neces- sary equipment and thus stimulate busi- ness recovery is advocated in the cur- rent issue of Labor, weekly publication of railroad labor organizatiogs. “In the opinion of raliroad employes the psychological hour is here,” the pub- lication _stated, “and if the Interstate | Commerce Commission will act without unnecessary delay, it may assist mate- rially in getting the country back on its economic legs.” Senators Brookhart, Republican, of Jowa, and Fletcher, Democrat, of Florida, have expressed opposition to proposed increases. BAR SILVER QUOTATIONS. NEW YORK, May 14 (#).—Bar silver in limited demand and one-fourth low- er at 28%4. PRORPERTY Apartment House 925 15th St. N.W, MORTGAG fes have found the| | MONEY TO LOAN | iy Vacant lhnd”or lof: || Prompt service. Current rates. 3 | LEROY GADDIS, JR. 823 15th St. Natl. 1237, Money on Hand to Loan en | First Deed of Trust | 6% Interest Reasonable Commission and Prompt Replies io Applications | JAMESF. SHEA 643 Louisiana Ave. N.W. | OTICE to holders of First Morteage 6'3% Gold Coupon bonds. of total issue of $1.550.000, Nos. 1 to 3568, inclusive. secured by ‘deed of 1i | Trust_Co.. Trustee. | folio 183 et sea. Distriet of Columbia, covering certau prop- ¢Ity thereln describéd, sometimes known as ne | HOTEL_HAMILTON, 1th and K Sireeis N.W., Washington, D. C The American Security & Trist Co,, ing been subtiituted ax_ irustee by | entered by the Supfeme Court of the Distriet ¥ Columbia on July 1. 1930, in Equity C ¥o. 31379, Will Pay, out of funds in its sexsion for Such purpose. coupons No. 8. die July 6, 1930, on ‘the bonds above descrived. upon Surrender of sald coupons to ‘the un: dersiened substitited trustee. at its principal office, 15th street and Pennsylvania aveius | Bw.’ Washington. D. C. Tawul | oldera' thereof. sccompanied by ownership | certificates. ‘ns required by the United States ficome tax faw and reguiations, with int | €36 on said ‘coupons At | fiom uly 6. ‘1930, to June | Which ‘latter date ihe accrual “ald coupons “will ‘cense | "AMERICAN SECURITY & TRUST CO. Bubstituted, Trustee, { By CORCORAN THOM 1is President. 15th 8t. and Pennsylvania ave. n.¥.. Washingtor 17, 1931, of interest on MANAGEMENT MANAGEMENT OUR property management service will take your apartment house investment, for instance, and, after a care- ful, detailed analysis, show you plainly what can be done to increase crease expense. facilities we will get most gratifying results—for you. B. F. SAUL CO. income and de- With our Nat’l 2100 E LOANS of to Loan Correspondent for “The Prudential” Prompt approvals — Valual 1001 Fifteenth Street ES T ABL XS Refinancing at 1% offers the advantages a longer loan term, and a lower interest rate . . May we prove you, in detail, the substantial savings possible through' five and one-half per cent financing. ble prepayment privileges — Three year loans on newer properties without amortization. H. L. Rust Company National 8100 o R L 0 INTEREST PAID on Savings HILDEBRAND. . COOK, Auditor G M, ANN i SHOMAS XELLEY, JR. MAJ. HENRY LEONARD A. LISNER on HO! ERLE THORPE ALFER. RO TUCKERMAN Y A. WILLARD, 2nd . K. WIMSATT GEO, ‘W, WHITE Open Until 5:30 P.M. May 15th Loyalty to | —Under Any and —All Conditions —is what has brought prestige and popularity to The Metropolitan—cemented friendships that survive the years. q Completely equipped i serve corporations, firms maximum satisfaction. SPECIAL DEPT. ‘Travelers’ Checks an Depositors n all departments to and individuals with FOR LADIES d Letters of Credit O ational Metropolitan Bank Capital, Surplus & Undivided 1,‘:’.'!" Street, Opposit EMWWWIHMHHHMMMIMHMIIM i . Profits Over $2,300,000.00 e U. 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