Evening Star Newspaper, May 20, 1931, Page 13

1931. FINANCIAL, FINANCIAL. WM[AGE CAUTIONS THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. D. C, WEDNESDAY, MAY 20, MARKET RALLIES REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Money on Hand te Loan on First Deed of Trust MUTUAL BANKERS of Few Unhurt by Busi- ness Conditions. BY EDWARD C. STONE. ‘Thomas F. Wallace, president of the National Association of Mutual Savin, Banks and nmldem, of the hflnen Mechanics' Savings ine- apolis, opened the ornnlnunna elev- enth annual convention at the May- flower Hotel early this afternoon by calling nuentlan to the tremendous responsibility placed upon bank officials because ot the immense amount of money now flowing into the savin, institutions’ vaults. The savings ban) busi is about the only business in nited States that has not suffered from the depression, he declared, and it 1s the care of this new inflow of funds that greater safety than ever is re- quired. More than 600 delegates from all ?-m of the country were present when the gavel fell and the proceedings started. A special train brought an extra large delegation from New Eng- land, one of the great mutual savings bank centers of the country. From every other point of the compass came custodians of deposits belonging to 13,000,000 people in 17 States. ‘The savings bankers are in agreement that the great total of small capital in | their hands will go far to provide a basis for business recovery and pros- perity. The arc of savings and thrift is lllll l'hlnl. they repart, showing little, if any, signs of slackening. President Urges Sober Thought. President Wallace in his opening u-i Tetiod of deatioh and- depression for of deflation and depression for nmly every line of business with the tion of the savings bank business, whl has not seen such a record inflow of money since the immediate post- World War period. This influx of money coming at a time when everv ciass of securities should receive the closest scrutiny and when interest re- turns are at a low rate, while a subject of congratulation, should also be & matter for our most sober thought, for of those to whom much is given much is uired, and we cannot afford to conmer lightly the stewardship of the savings deposits intrusted to our care. “Savings banks and sa de- um" he continued, unite an insistent and positive demand that the legislative bodies of our respective States and Congress enact such legis- lation as will compel segregation of savings and commercial deposits. g 'oruld call your attention to the fact that during the 10-year period, 1921 to 1931, about 6,000 commercial banks xulm or about 20 per cent. In the but two mutual savings e St ot aumn..“'“;?m‘.',? iven n way o s mlurv! iyunl or in criticism of its n&'ol doing business, but to empha- t that the two operate in entirely distinet flelds in the banking world. Savings Bank Field Invaded. “The invasion of the savings bank fleld by commercial banks and trust companies while now an accomplished fact, was pever justifiable from a sound _economic standpoint, unless accompa- nied by legisiation which would give to | savings deposits in all such institutions | the szme protection that depositors in | mutual savings banks now have. | “Recent failures of commercial banks | in New York and other of our large| cities brought to light the glaring de- | fects of the present system, a lyluml which in most cases resulted in the sav- ings depositors in these banks being, left with the bank's most unrealizable assets as their only source of payment. “Gov. Roosevelt of New York made a strong appeal this year to the ml lature of that State to remedy this sit- | that the publicity that has thus been given to matter will bear fruit in the near future. Big Increases in Assets. “Our marvelous record of mbnuy. since October, 1929, has not been an-| aly pres. nor prociaimed By poitics daily press, 1 orators, bllt that it has nevertheless be- | come known in the homes of the great | middle class which constitute the very backbone of our country, -nnuy po- litically and financially, is shown by the fact that in 1930 the assets of mum\ savings banks increased by more 000,000 %0 an all-time peak on Jnnulry 1, 1931. “That this was not the result of panic | or hysteria,” President Wallace added, is evidenced by the amazingly large in- crease in savings deposits in mutual banks in the State of New York during the first three months of this year, to- taling $226,141,803. This was within| 15 per cent of the total gal lnian-, ings deposits in all banks and trust| nies in the United States for the | whole year ending June, 1930. “We can look back over more than 8 century of eontinuous growth in this country and truthfully say that the re- | sults achieved have fully justified our' existence. But even more important than this. in an intensely class con- scious and class antagonistic period in our country's bistory, mutual savings| banks stand forth as successful, inteili- gent and painstaking guardians of the savings of the masses, untainted by any suspicion of seifish gain, and so| form an immovable barrier to the ar- ! Tayal of class against class,” the asso- | clation said in conclusion. Julius Barnes First Speaker. , chairman of the Board of the Chamber of Commerce of the United States, was the first er | on program. He addressed the dele- gates on “General Business and the Savings Banks” Mr. Barnes| made sn intensive study of the business situation ever since the stock market break and the beginning of the | depression. He presented some im- t data which has been obtained | the Chamber of Commerce, the address of the former ‘“wheat king"” being heard with unusual interest. The next speaker was Matthew Woll, vice president of the American Federa-| tlon of Labor, who spoke on ““Labor and | the Savings Banks.” Mr. Woll discussed the wage situation in detati, declared | that labor needs the savings banks and has found them most us:ful curing the depression. He sald, in part ‘1 know of no more dramatic experi- | ence in the history of American finance than that the depositors in mutual sav- ings banks, largely the laboring people, have grown to the enormous army of 13,000,000 persons and that their de- posits aggregated $0,464,737.482 as of January 1, 1931, ““Were we wrong in our idea and con- vietion that by increasing purchasing power of labor we could increase busi- | ness? 1 hold not. Unquestionably we | gave too much attention to mass pro- | duction and reckoned too lightly the ! fact that technolcgical improvement carries within ftself the power to de- stroy the utility of the machine. For l!llnrlenulnbvro(menmlab! suddenly and continuously thrown ou! of ‘work, the market for the yrodueh ol he machine is seriously impa: Ob- sary to maintain & balance. This true of all other factors making for unemployment. H Views on Living Standards. “One l-m of international banking it it 15 not posasible nhe the standards of sbove Note—All stock are sold in one hundred share lots excepting those designated by the letter » (80s) (250s), 'fihhshmtlm-hellmul‘l-o‘lbfi. ev 1! President Says Field Is One '",:“'4 52 33 111 flu 46% T0% 123% Stock and [ Dividend Rate. Ad lh Abitibi Pow & Pa L] AbItIBI P& P pf (6).. Adams Express (1).. 17 Addressogr Co 1.40.. L 1 Adv Rumley (new).. 2 Ahumada Lead...... 7 Alr Reduction (t4%) 50 Air Way Elec Appl.. b § Alaska Juneau uoc) 1048 Alleg Corp. .- 86 Alleg Steel (2.80).. 10s Allled Ch & Dye (n6) 91 Allis Chalmbers (2). 14 Amerada Corp (2) Am Br Shoe (2 40). - Am Brown Bov Hlec. Am Br B Epf (7). vpe (80¢). Am Comcl Alcohol Am Encaustie (1). Am European Secur. Am & For Pw pf (1), Am & For Pow 24 pf. 4 Am Hawailan S8. . 0 Am La Fr & Foamiie % Am La Fr & F mv! Am Locomotive (1). Am Mch & Fdy 1.40. Am Pow & Lt pf (6). Am P & L pf A st (5) Am Ra&Std San 60c. Am Roliing Mill Am Safety Razor (5) Am Seating Am Shipbuilding (5) Am Sm & Ref (4).... Am Sm & Ref pf (1), Am Steel Fdy (3) Am Stores (1214) Am Sugar Ref (5 Am Sugar Ref pf ( Am Sumatra Tob Am Water Wks (3).. Am Wat W 1st pf (6) Am Woolen. . Am Woolen pf. Anaconda Cop (1% ). Anchor Cap (2.40)... Anchor Cap pf (§%). Andes Copper. Archer Dante Archer-Dan pf (7 Armour of 11l A Armour of 11 B Art Met Const (1.69). 5% Asso Apparel (12)... 19% Asso Dry G (2%) 148% Atch To & 8 Fe (1 102 Atch To&S Fe pf (5). 85% Atl Coast Line (+10) 12% Atlantic Refining (1) 90 Atlas Powder pf (6). un. 101% Auburn Auto (f4). 1 Autosales Aviation Cor Raldwin Loco (1%). 13 4 Baldwin Loco pf (7). 20s Balto & Ohlo (5). 3 Balto & Ohlo pf (4).. Bamberger pf (63%). Barker Bros. Rarnsdall (A) (1). Bayuk Cigar (3). Beatrice Cr pf (). Beech<Nut Pkg (3) Bendix Aviation (1), Rest & Co (2) Bethlehem St ). Bethlehem 8t pf (7). Blaw-Knox (1%). Bloomingdale pf (7). Bohn Alum & Br 134. Borden Co (k3).. Borg. Warner (1) Botany Con M (A)... brigss Mg (11%)... Briggs & Strat (2).. Bklyn-Man Tr (4)... Bklyn Man Tr pf (8) Bkiyn Unon Gas (5) Bruns-Balk-Col Bueyrus (1)... Bueyrus cv pf ( Budd Wheel (1). Bullard Co.... A Rulova Watch (1%). Burns Bros cum pf. . Burroughs A M t1%. Bush Terminal (2%) Bush T Bldg pf (1).. 208 Butterick Co. 1 & % Callahan Zinc & La.. 281 Calumet & Arizona.. 614 Calumet & Hecla.... 11% Camp W&C Fy(1)... 29% Canada Drv G A (3). 24% Canadian Pacific 1% . 914 Capital Admin A 63 Case (J1) (6). 95 Case (J 1) pf (7) K 24% Caterpillar Trae (3). 915 Celanese Corp. 15% Cerro de Paseo(1.50) teed Prod. .. Ohlo (3%)... 36% Chesapeake Corp (3 7% Chi MiISt P& P pf.. 29 Chi& Northwest (4) 615 Chi Pneu Tool. 17% Chi Pneu Tool pf 34% Chi R 14& Pacifie (5). 72 ChiR1&Pacpf ('I). 18% Childs Co (2.40). 16% Chrysler Corp (1)... T7% City Ice & F pf (6% 2% City Stor 13% City St 24 Cluett-Peabody ( 142% Coca-Cola (17%). 50% Coca-Cola A (3). 4115 Colgate-Pal-P (2%). Im P of (8).. Reacon. . 221 Col Gan & EI (2) 100% Col Gas & EI pf A (6) 91k Col G & Elpt B (5).. T4 Columbia Graph 56e. 814 Col Grapho ctfs 56c. . 63 Columb Carbon (8).. 15 Comel Credit (2) 31% Comel Credit A (1).. 76% Comcl Cred 18t (6% ) 28 Comm Inv Trust (2). 12 Comm Solvents (1).. 8 Comwlth&Sou (40c). 911 Cmwlth & Sou pf (§) 6% Conzoleum-Nairn... 21 Congr 25% Consol b4 Consol Cig 5 Consolidated Film 13% Congol Film pf (2).. 824 Consol Gas N Y (4). 101% Con Gas of NY of(§) 13 Consol Laundries (1) 22% Consol RR C pf (8).. % Consol Textile. .. ... 4 Container Corp (A). 1% Container B. 10 Contl Baking A. 44% Cont) Baking pf (8). 47 Contl Can (24)..... 814 Contl Dia Fibre (1).. 38% Contl Insur (2.40)... 2% Contl Motors. . 6 Contl Ol of Del. 3% Cont Shar 594 Corn Prod 146% Corn Prod pt (7) P - P TS e ] 2688 30% Crown ( 24 Crown 2 43% Cruel! 90% Cruetbls % Cuba Cane Prod, 244 Cuban-Am lunr.. i Cuban Dom Sugar, .. 374 Cudahy Packing (4). 74 Curtis Publi 118% Curtis Publi % 2% Curtiss Wi 4% 1 204 o Hien. u-' Close. Cios 4 20% 13% 19 % % % 5% 1% 54 30 116 24% 167, 1% 369 27 % ~Prev. 1931~ Atock ana Bales— High. Lo Dividend Rate. Add 00, High. 81§ 3% Curtiss Wr Corp A. 8 4w 21 Cutler Hammer. 5 21% 1 vison Chemies 7 11% Deere & Co pf (1.40). 32 Drlaware & Hud (9). 4 Del Lacka & Wn (4). Detroit Edison (8). Devoe & Ray (1.20) Diamond Match Prev. 1 1 1 1 X 0 4 1 1 Drug Corp (4) 4 Dunhill Internat. 1 “s Eaton Axle (1 Klee Auto Lt El Auto-Lit 2 37 Elec Pow & Lt pl Elec Pow & Lt pf (7) Elec Stor Bat (5) Elk Horn Coal p! % Emerson Brant A, Endicott-John (5). Eng Pub Sv (2.40)... Eq Office Bldg (2%). Frie RR. Erle RR 1st of (). Fureka Var Cleaner. Fairbanks Co pf. . Federated Dept St Ph Fire In (2.60) Filene's pf (8%).... Firestone T& R (1).. First Nat Strs (23%). Fisk Rubber Fisk Rubber 18t pf. Food Machinery 1%. Foster Wheeler (2).. Fourth Nat Invest.. Fox Film A (4).. Freeport-Texns (3). 4 Gardner Motor. 5614 Gen Am Tank Car(4) 18% Gen Asphalt (3) 17% Gen Baking (2) Gen Cable A Gen Cable pf (7). Gen Cigar (4)..... Gen Cigar pf (7). Gen Elec (1.60) . Gen Elec spee (§0¢) . Gen Focd Corp (3).. Gen Outdoor Adv. Gen Out Adv A (4). Gen Ptg Ink (234)...500: Gen Pub 8v be% stk. Gen Ry Signal (5)... 3 Gen Ry Signal pf (§) lOI Gen Realty & Util. .. Gen Refractories (4) Gen Theater Equip. . Gillette Saf Rasor... Glliette Saf ll of (8). Goodrich B ¥ p Goodyear Tln.ml) Goodyear 18t pf (7). Gotham 8ilk Hoslery G Pal, Consol (1).. Grand 81l Strs (h1) Grand Unlon. .. Granite City 8t (3). Grant (WT) (1), Grt North pf (). Grt Nor Ore (3) Grt West Sug Grigsby Grune! Gulf Mobile & Gulf States Steel 9% 5% iann Dept Stores. 103 100 Hamilton W pt (8). 9" Hanoa pf (7). . 2 7% 3 Hartman Corp (B).. 119% Pow pt (7). 108 103% 63 3T Hollander Iall.: veen Homestake Min (17), Houdallle Hershey.. 01l (new). jound (3).. Hudson & Man (3%). Hudson Motor (1) Insuranshar Del 40c., 6% Insur Shrs Md(40¢)., Interb Rap Tranait. Intercont Rubber, int Agrioultural. ... Int Agriculture pf. int Bus Mach (né).. Int riers, Ltd int ment (4) Int Combustion. Int Comb Eng pf. Int Harvester (2%).. Int Hydro El A (e2). Int Match pf (4).... Int Mer Marine (1) Int Nickel (80¢)..... Int Nick Can pf (T).. Int Paper & Pow A. . Int Paper & Pow C.. Int Pap & P of (1)... Int Print Ink pf (8). 2008 Int Salt 3). Int Silver pt int Tel & Tel (2). Inter Dept Strs (2 ) L = TP TS TN - P PP~ P T ® [ TN Investors Equity.... Island Cr Coal (4). 574 39% Jewel Tea (4).. 6 80% 42% Johps-Manville (3).. 73 128% 118% o8 & Laug of (7). 20a 3% Karstadt(R) (a1.03). 1 12 Kayser (J) &Co (1). 80 Keith-Alb-Or pf (1) 8% KKelvinator Corp. . 18% Kennecott Cop (2). 30% Kimberly Clark 2%.. (88) Co 1.60. Kresge (8S) pf (7).. 108 Kress (8H) Co (J1).. 21% W\ Kreuger & T (a1.60). 70 36 * Kroger GrookBak(1) 120 1014 100 L) 17 e 18% 8% 69%, Leh Port Cmt (1) Leh Valley Coal. Lehman Corp (3 34% Lehn & Fink (3) 20% Lib Ow Ford Glas 91 3 Liggett & Myer (15). 91% LiTk & Myers B (15) 33 Link Belt (2.40). .. .. 5b%s Liquid Carbenic (3). 6314 6% b 204 101 1 Loriilard ' Co. Lorillard (P) pf (T). 4n Louisiana Ofl......e 35% LouG&EA (1%).. 19 w Ludlum Steel MecAnd & Forbes (2 McCall Corp (2% ). MeCrory B (2). MeCrory pf (6). . Molntyre Pore M MecKeespt Tin P(15). McKesson & Rob 43) McLellan Stor: Mack ‘Trucks (3 Macy (RH) & Co(n3) Man Elev m g M tElev gtd (1) t Shirt (1 M1d (1.20). Marmon Motor Car. . Marshail Field (2%) Martin Parry. Mathieson Alkalt ll) " Mathieson pt (7).... 20! 118% May De Strs (3%). : ): jsbsie oo gt A Aoy (Continued on Page 14.) Prev. Low. Close. Close. 4 4 4% «|LANSTON MONOTYPE k; EXCHANGE LEADER % | Most Active Stock on Local Board | = 3% | of refrigerators by the Gi AND REACTS FAST Price Changes Come Quickly Without Any Well Estab- lished Trend. BY GEORGE T. HUGHES. Bpeclal Dispatch to The Star. NEW YORK, May 20.—Rally and re- action followed each other in close suc- | cession in today's stock market, with no | well established trend. The market was not really weak, even when it was selling off, and it was most active on the recovery. 'But that was the best that could be said. There was not much encouragement | in the news. Car loadings were off 27,- | 842 cars on the week, contrary to the seasonal trend, and more April earn- | ings statements coming to hand made the usual dismal comparison with the |y same month a year ago. A grain of | comfort was derived from reports of | 10ads operating in the Southwest, which did show some gain in traffic, and the Street heard more about plans for ob- taining & rate increase, but the general situation remained unchanged ‘The ,weekly reviews of the iron and steel tfade were about as had been pre- dicted. For the industry as a whole operations were said to be down to 45 | per cent of capacity, against 47 per cent a week ago. The Steel Corporation was reported as operating at a higher rate than the independents. A cut of 15 cents & barrel in cement prices empha- sized the difficult situation in that busi- |ness. On the other hand, cotton re- |covered a dollar a bale after its long | decline. | 8hort covering was responsible for |most of the improvement during the morning hours. It was most emphatic in the rallroad shares. Union Pacific at one time was up more than 4 points, notwithstanding the very large | decrease in net operating income in| {the April statement. Pennsylvania, | Northern Pacific, Chesapeeke & Ohio | and Atchison, with others, all gained from 3 to 4 points, but did not hold the advance. Next to the rails the utilities came back the easlest. Public Service of New Jersey, reflecting its remarkably good April report, with substantial in- s in both gross and net, ran up rolnu before meeting realizing. Con- | ‘ idated Gas and Standard Gas were strong. Two exceptions to the trend were Western Union, which was weak. luld American Water Works at a new ow. Industrials moved with great irreg- ularity. Eastman Kodak and Westing- house were under pressure, the former | going to & new low. General Motors was well supported, but Chrysler sag- | ged. The latter's excellent financial | condition, revealed In the balance sheet, was not & sufficlent offset to the op- erating loss reported for the first quar- ter. th United States Steel and American Can came back to par and then retreated again. (Copyright, 1931 ‘The afternoon market was unsettled by a viclous drive against American ‘Telephone & Telegraph. The raid was mned to coincide with the declaration of the regular $2.25 quarterly dividend, which action, by the way, had never been seriously doubted in well informed circles. The idea evidently, however, was to stimulate liquidation elsewhere in the list, and the plan did have a measure of sucoess. Telephone dropped to a new low for | the year, off over 4 points on the day and over 6 points down from the morn- ing top. ‘American Gan and U. 8. Steel receded almost to their former low pcints. Gen- eral Motors was offered in large voiume and reacted a point or so. Coci CDI.I‘ slumped to a new low, notwithstanding | the good earnings report made only Monday. These bold tactics, reminiscent of similar maneuvers at the peak of the bull market, only in the reverse order, were suggestive of an approaching turn in_the market. Throughout the disturbance the rail- | road stocks were notably steady. New | York Central weakened somewhat and others came down from the best of the morning, but losses were small and | volume light. (Copyright. —e 1931) Today—Bonds in Fairly Good Demand. Lanston Monotype was the most active stock on the Washington Stock Exchange today, 100 shares changing | hands in four transactions at 90, ex- dividend. Bonds were in considerably better demand than stocks, Capital Traction 53, Washington Rallway & Electric 4s | and Washington Gas 6s, series A, being in_good demand. e day's quotations showed very few changes. Capital Traction stcck figured in no sales, closing 34 bid and 35 asked. REFRIGERATOR OUTPUT UP. CHICAGO, May 20 (#).—Production by-Grunow Co. was stepped up from 750 to 1,000 units dally today, and Don M. comp- ton, vice president and general ager, sald the output probably would increased to 1,500 daily June 1. Comp- ton !lld a new motor radio set would | in producnun this week. RUBBER KAB.KET NEW YORK, May 20 (Special).— cmde rubber, smoked ribbed sheets, was !/c higher at today's noon quotation of ‘This compares with 6'4 a month ago and 14 & year ago. Establis! LATEST quotations Stocks and Bonds servative Margin.: 1508 H STREET WASHINGTON, D. € | Fall trade opening. | both parchment and silk. |ALLAN E. WALKER & CO. Mackubin, Goodrich & Co. d 1899 BANKERS inactive Securities always available. Private Wires to Principal Markets MATTHEW WOLL, Vice president American Federation of Labor, one of the speakers at the an- nual convention of the National Asso- ciation of Mutual Savings Banks, being held at the Mayficwer Hotel. Over 600 delegates are present from all parts of the countr: Shndel to Be Unchflnged NEW YORK, May 20 (#).—Antici- pating another season in which low- price merchandise will be favored by | buyers, manufacturers of lamp shades are making no radical style changes in their lines being developed for the The new offer- ings, which will be exhibited at Chi- cago in July, will feature shades of First Trust Money Available at Prevailine Rates Prompt Consideration of Your Application A.C. Hnughlon & Co., Realtors 1516 H St. N.W Distriet_7536-3533 We have on hand a number of well secured b Available in amounts of $1,000 each Inc. 913 15th St. N.W. __Natlonal 2690 oo TEEPHOE M TEESRH Covp 167th Dividend Tue u:ular quarterly dividend of Two Dollars and Twenty-Five Cents ($2.25) per share will be paid on July 15, 1931, to stockholders of record at the close of business on June 20, 1931. H BLAlR SMITH, Treasurer. D. C. REAL ESTATE LOANS AT 6% ?nn of,lh' Il‘gl!ll ldv:l}- payable S0 The Chnotiinly fate “of "$io reduces principal will llldlr IXD]IH.I in detail. Open Daily, 9 to § Saturdays Until Noon NAtional 1381 | EGXTEERAT Made Promptly ~—For Buying. —For Building. —For Refinancing completed propemes. THB resources of this company make it possible to obtain loans on first mortgages promptly and at reasonable rates. Permit us om- further lnl-flnflon 'uhnt gation on your pa REALESTATE MORTGAGE & GUARANTY CORPDRATION 1610 K St. N.W. National 1403 on all active and carried on Con- Telephone Metropolitan 5020 Members New York and Baltimore Stock Exchanges eAssociate Member New York Curb Exchange REDWOOD & SOUTH STS. BALTIMORE, MD. Applications invited rim Money to Loan deed of AUTOMOBILE, t on real estate commissio LIFE, LIABILITY, FIRE, BURGLARY AND TORNADO INSURANCE Thos. E. Realtos 721 10th St. N.W. F irst Mortg-ge Lonm Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Jarrell Co. rs National 0765 James E. (‘onuny Presi 6% Interest Reasonable Commission a: Proy to n‘ ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Ne For !nburbfl-. gl James F. Shea Secretary | Equitable Co-Operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President 51st YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Subscription for the 101st Issue of Stock Being Received Do You Desire a Loan T should consult us. —on Real Estate or to Take Up First Mortgage? courteous attention, Over a Third of a Century Without a Loss Loans Repayable Monthly 'HOSE desiring money to purchase a home, re- finance present indebtedness or improve property Applications will receive prompt and No Brokerage . . . No Commissions 915 F ST. N.W. E have plenty funds for loans on improved Real Es- tate in nearby Montgomery County, Md,, and the District of Columbia for periods of 3, 5 or 10 years. Prompt decisions given applications. 5%% INTEREST BOSS and PHELPS an_ Corresponder John Hancock sutuet Lije Trpurance Co. PPRST BUILD UP A MORTGAGES FINANCIAL RESERVE There is no better way of building up a competency than through in- vestment in our 6% FIRST MORTGAGES They provide a safe investment, with the very best type of security— in many cases it being mortgages on new home properties; but always and only upon conservative appraise- ment, uously. And the return is 6%, contin- May be purchased in amounts from $250 up. B. F. SAUL: CO National 2100 THERE 925 15th St. N.W., IS NO SUBSTITUTE FOR SAFETY, Increasing Popularity Each weelc we are privi]edea to extend the services of the Metropo]itan Life Insurance Company Real Estate Loan Plan to home owners in the District of Columbia and nenx"by Maryland and Virdinil. Thousands of people through- out the United States are recom- mending this effective method of home financing to their friends. There must be a reason. Construction Loans in Any Amount District 9486