Evening Star Newspaper, June 22, 1931, Page 13

FINANCIAL/ BANK CONVENTION DELEGATES RETURN More Than 200 D. C. Finan- ciers Back Home From Hot Springs. BY EDWARD C, STONE. Rolling back from Hot Springs in their special all-Pullman train, the more than 200 delegates and guests reached Union Station early today and the thirteenth annual convention of the District Bankers' Assoclation became history. It was one of the best con- ventions the assoclation ever held, great enthusiasm being manifested by all present, ‘The brilllant success of the affair is particularly noteworthy this year because of the strained busi- ness” and economic conditions which naturally placed an extra burden on ‘the committees. Between the three morning business sessions the bankers found time to win the following cups and other trophies in the sports events which vied with the more serious phases of the conven- tion for a place in the sun, Chairman Hoskinson making the awards: Pop Fleming Golf Trophy won by Francis G. Addison, jr.; second, Horace G. Smithy; third, Charles T. Claggett; fourth, I. E. Shoemaker. Edward B. McLean Top-spinning Cup—Edwin C. Steffe. Hibbs Golf Cup won by M., E. Hor- ton; second, Charles H. Doing; third, C. H. Pope; fourth, F. H. Cox. Horseshoe-pitching contest—FPirst, B. H. Gruver; second, B. I. Boudren. Coleman Jennings tennis tournament —Pirst, Thomas J. Mangan, Jr.; second, Carroll Morgan. Ladies’ outdcor putting contest— First, Mrs. Herbert T. Shannon; sec- ond, Mrs. John Poole. Shannon golf tournament—First, James M. Johnston; second, Norman B. Frost; third, George Keesee; fourth, Ralph Barnard. McLachlen golf tournament—First, 8. ‘W. Bogeley; second, Haywood Boyce; third, Frank M. Perley; fourth, Carter an. Richard Hatton Golf Cup—Roger J. ‘Whiteford. ‘Tom Thumb golf tournament—First prize winner, Mrs. John Poole, Mrs. Henry W. Offutt, Mrs. A. G. Lanston, Frank M. Perley, 1. E. Shoemaker, F. G. Awalt. ’ Traffic Signs for Bankers. ¢ The Resolution Committee stated that people generally should look forward with courage and confidence to the fu- ture. One of the resolutions laid down the following seven principles as the best possible aid to sound banking in the District of Columbia: ‘The need of a closer study of oper- ating costs and the reduction of ex- penses, including the acquisition of de- posits through the payment of interest. The continued encouragement of thrift, through systematic savings, to create a sounder purchasing power and surplus capital for future development. The wise and constructive use of commercial credit for shert-time, self- liquidating loans to producers and mer- chants, who are creating and selling 8 consumed under a wholesome standard of living. ‘The continued orderly and reasonable liquidation of debts created in the past, which might be classified as slow loans. The discouragement of bank loans for capital or personal use, the repay- ment of which is solely dependent upon future earnings. A united effort, through the ma- chinery of this association, to improve the standard of investinents made by the members thereof of their surplus funds in income-bearing securities. ‘The requirement that all prospective borrowers of unsecured credit shall submit their true financial candition by means of a carefully prepared state- ment in detail of their assets and lia- bilities and their operating profits. Echoes of Convention Highspots. The retiring president, Lanier P. Mc- Lachlen, was honored by election as vice president for the D! 't of Co- lumbi- of the American Bankers’ Asso- ciation. He was also presented a hand- some watch at the family dinner. A near tragedy was averted at the opening of the convention when the delegates arose to sing “America.” The key was lost. It was the key to the iano, however, and E. J. McQuad2 rnished another key with his fine voice, so that the proceedings were not delayed. W. Espey Albig told the delegates that People are becoming very much more “interest-minded” than ever before. “Economists say that the drop in stock prices means only paper losses, but we all know,” Mr. Albig added, “that vast amounts of capital have been wiped out and that the great cut in buying power is one of the biggest factors in this depression.” The fiduciaries section plans to change the by-laws so that the at- . NEW Note.—All stocks are sold in one hundred llu.:’n lots excepting those designated by the letter s (80 ~Prev, 1931~ High, 14% 52 38% 182% A28 2% 18% 28 tendance can be greatly increased at |’ the meetings. The plan is to permit attendance by as many members from each bank as are interested in the subjects under discussion. It is con- sidered that the move will extensively enlarge the usefulness of the section. Among the many telegrams received ‘were messages from John M. Riordon, Howard Moran and Wilmer J. Waller, Who have rarely missed a convention in recent years. Ernest E. Herrell, president, Inter- national Finance Corporation, and L. Bert Nye had the distinction of being the only persons present who had at- tended every one of the 13 meetings. In his report, Eliot H. Thomson that the average per capita savings in Christmas clubs is $86 in Washington, against an average of only $52 for the rest of the country. It was explained at the family party that many local bankers wear gloves during banking hours because they handle so many “frozen loans.” News in Financial Distriet. Life insurance nlu‘ maw-.&;emmn 4n May were 11 per cent under same month a year ago, Hartford reports said today. Viriginia sales were off the same percentage, West Virginia business down 12 per cent and Maryland reported drop of 16 per cent. The average decline xortthc whole country was also 16 per cent. The Quota Club International is hav- ing its annual convention at the May-| .35’ flower, starting tomorrow. Miss Catha- rine Olney, manager of the woman's of the Worcester County Worcester, Mass., is president of the association. She is the niece of Richard Olney, former secre- tary of state. . Bonds were in good demand on the ‘Washington Stock Exchange today. In the stock division 24 shares of Com- mercial National sold at 215 and nine shares of Riggs National sold at 370%, ‘while five more brought 371. IMPROVEMENT IN HOME EQUIPMENT PURCHASES Special Dispatch to The Star. DETROIT, June 22.—A decided im- provement in the attitude of the home- owning public toward making purchases of house equipment is reflected in the announcement by Haldeman Finnie, vice mfi and general manager of the -Detroit Co., subsidiary of the ‘Timken-] it Axle ing a 40 cent increase the same month of 1930, sales burners for the first five months of 1931 show a 37 per cent increase over the corresponding period last year and a 70 per cent increase.over the same months of 1929. Mr. Finnie attributes the company's m dufln& u‘:: difficult times of The mont increased newspaper mdvertising, e e Stock and Sales— Dividend Rate. Add 00. Hij Abitibl Pow & Paper. 18 4 Low. 3% 15 1 67 10s 140 250 3 Adams Exp pf (5)... Alr Reduction (143%) Alaska Juneru (40c) Alleg Cp $40 ww 5% . Allied Ch & Dye (n6) Allled Ch & D pf (7). Allis Chalmbers (2 Am Br Shoe (2.40)... Am Brown Bov Elec. ) 4 Am Car & Fdy pf (7) 100s Am Chain 2). 5 Amer Col'type (80¢). Am European Secur. Am & For Power.. Am & For Pow 2d pf. Am Hide & Leath pf. Am Home Pr (4.20)., 4 Am ice (3)..cuuue AmIce Dt (6)....00s Am International. Am Locomotive (1).. ‘Am Locomot pf (7). Am Mch & Fdy 1.40.. Am Mach & Metals, Am Metal Covvvnernn Am Pow & Lt (31)... Am P & L pf A st (5) Am Ra&Std San 60c. Am Rad & S S pf (1), Am Republics. Am Roliing Mill: Am Safety Razor (6) ‘Am Ship & Com. .... Smelt Ref tl Foundrie: Am Steel #'dy pt (7). Am Stores (12%) \. Am Sughr Ref (5)... Am Tel & Tel (9).... Am Tobacco (16).... Am Tobacco B (16).. Am Type Fdy pt (1). Am Water Wks (3).. ‘Am Wat Wks cfs (3. Am Woolen. ) Am Woolen pt. Am Zinc Lead & Sm.. Am Zinc & Lead pt % Anaconda Cop (1%). Anaconda W &C (1), Anchor Cap (2.40)... Archer Danlels Mid. Armour of Del pf (7) Armour of Il Au.eoe Armour of Il B. Armour of 111 pf. Arnold Constable. ... Associated Apparel. ., Ass0 Dry G (23%).... Asso D G 1st pf (6).. Atch To & S Fe (10). Atch To&S Fe pf (5). Atl Coast Line (7)... Atlantic Refining (1) Atlas Stores (1)..... Auburn Auto «f4). Austin Nich pr A (3) 60s Aviation Corp of Dal_ 20 Baldwin Locomotive 22 Baldwin Loco pf (7).160s Balto & Ohlo (5) 142 Balto & Ohio pt (4).. 1 Bang & Aroos (3%).. 1 % Bang & Aroospf (7). 10s Barnsdall (A) (1).ec 79 Beatrice Cream (4).. 13 Beiding-Hemingway 1 Bendix Aviation (1). 112 Best & Co (2) 47 Bethlehem Steel (4). 587 Blaw-Knox (1%).... 3 Bohn Alum & Br 1%. Borden Co (k3) ) Borg, Warner (1). Briggs MIg (11%) Bklyn-Man Tr (4). Bklyn Man Tr pf (6). Bklyn Union Gas (5) Brown Shoe (3). Bruns Ter & Ry 8. Bucyrus (1)... Bucyrus cv pf (2%) 4 4 Budd Wheel (1). Bulova Watch (1 Burroughs A M 11 Bush Terminal (2%) Bush Term deb (7)., 10 Butte Copper & Zinc. Butterick Co Byeis (A M) Byers (A M) pf (7).. Calif Packing (2). 24 210 Camp W&Q Fy(1)... 1 Canada Dry G A (3). 40 Canadian Pacific 1% . 155 Cannon Mills (1.60).. 1 Capital Admin A ‘ar Clin & O sta (5). Celotex Co. Celotex Co p: Celotex vtc ctf: . Cent Aguirre As1% . Century Rib Mills. ., Cerro de Pasco(1.50) Certain-teed Prod. .. Checker Cab Mfg. Ches & Ohio (2%)... 116 Chesapeake Corp (3) Chi & Alton. Chi Great Wostern Chi M1l St P & Pac. Chi Mil St P& P Chi & Northwest i4) Chi Pneu Tocl.... Chi Pneu Tool p: Chi RI& Pac(m2%) Chi R1& Pac pf (7). Chickasha Cotton Oil Childs Co (2.40). ... Chrysler Corp (1). .. 109 City Ice&Fuel (3.60). City Stores. . Coca-Cola (17%). ... Colgate-Pal-P (2%). Collins & Afkman. Collins & Alk pt (7). Colonial Beacon. .. .. Colo Fuel & Iron Colo Fuel & Ir pf (8) Col Gas & El (2).... Columbia Graph 56c. Col Grapho ctfs 56c.. 4 Columb Carbon (5).. Comel Credit (2) Comel Credit A (3).. 22 Comm Inv Trust (2). 101% Comcl Iny Tr pf 6% . 10% Comm Solvents (1).. 25% Consol Cigars (5 54 Consol Cig prpf 6%. 64% Consol Cigar pf (7).. 1954 06% 101% Con Gas of NY pf(5) 8! 41 23 674 11% Consol Laundries (1) 26 Consol RR C pf (6).. 1% Contl Baking B. 44% Contl Baking pf (8)., 40% Contl Can (2%)..... 1. 34 Contl Insur (2.40. 2% Contl Motors. 5 Contl Ofl of Del. 146% Corn Prod pf (7) 64 Coty Ine 12% Crex Carpet...s 4% Crosley Radio. 18% Cr Cork & Seal 2.4 2 Crown Zellerback, ... 1 80% Crucible Steel. B Crucible Steel pf (1) 11 Cane Prod..ees \mer Sugar. . 85% Cudahy Packing (4). 69 Curtis Publish (4)... 2% Curtiss Wright Corp 3 Curtiss WrCorp A.. 17% Cutler Hammer. . 9% Davison Chemical. .. 1074 Delaware & Hud (3)» igh. b% 2508) . 22% 29% 6 9% 57% 80% 311 123% 116 Jones & Laug pf (7).100s 45 27 35% 8T% 4% YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stock and Sales— Dividend ite, Add 45% Del Lacka & Wn (4). 14% Diamond Mateh:,... 14% Domn Stores (1.20).. 61% Drug Corp (4)... bl Duplan Silk (1)..... 2 Dupos 4. 492 - B Elec Pow & Lt pf (7) Elec Stor Bat (5).... Eng Public Sve (2).. Eng Pub Svpt (5%). Eq Office Bldg (2%). Erie RR.... Follansbee Bros, Foster W Fourth Nat In Fox Film (A) (2% Frank Simon pf (7 Freeport-Texas (3). . Guabriel CoA. . Gamewell Co (5) Gen AmInv pf (6)... Gen Am Tank Car(4) Gen Cigar pf ( Gen Elec (1.60) Gen Elec snec Gen Foed Corp (3) Gen G & El A (30 Gen Ital Ed El m2.61. Gen Mills (3) 114% 114% 44% 42 11% 11% 4% 28% 36% 9614 0 ‘384 36% 1013% 1013 b4 5% 23 23 12% 11% b4% 54 4% 3% 37% 5% 5% Gen Realty & Util Gen Refractories (4) Gen Theater Equip.. 102 Gillette Saf Rasor... 126 Goodrich B F pf (7). 1 Goodyear Tire&R(3) 103 Gotham Silk Hoslery 6 Gould Coupler...... 1 Graham-Paige L Granby Con Min (1). 24 Grand 811 Strs (h1).. 13 Grand Stores pf (6% 1 Grand Union. . 21 Grand Union pf (3).. 3 Granite City Steel(2) 3 Grant (WT) (1).... 46 Grt Northern pf (4). 15 Grt Nor Ore (2) i Grt Western Sugar. . Grigsby Grunow. Gulf States St Hahn Dpt St pf ( Hall (WF) Pr Co (2) Hanna pf (7). Hoe (R) & Co. Hollander Son Houdadlle Her: Houston O! Houston Oi1 Howe Sound (2 Hudson Motor (. 5% Hupp Metor: 41% Illinols Central (4).. Indust Rayon (4). Ingersoll Rand (4).. Inspiration Copper. . Insuranshares Del A. Insur Shrs Md(40c).. Interb Rap Transit. . Interlake Iron (60c). Int Agriculture pf Int Bus Mach (n6).. Int Carriers, Ltd 50c. Int Cement (4)... Int Combustion, . .. Int Harvester (23%).. 114 Int Harvester pf (7). % Int Hydro El A (e2). int Match pf (4).... Int Mer Marine (1). Int Nickel (§0¢) Int Paper pf (7) 4 Int Paper & Pow C.., 1 19% 19% 147% 143% 8% 8 134% 134% 214 5% 9% 13% 25 2% 24 33% 30 65 324 14 ‘14 % 41% 41 57% 53% 17 17 31% Intertype Corp (1). Investors Equity. .. 36% Jewel Tea (4) 40% Johns-Manvill 25 Kansas City Sou (2). Kayser (J) & Co (1). Kelly-Spring Tire. .. Kelsey-Hayes Wheel Kelvinator Corp Kendall Co pf (: . Kennecott Copper (1) Kresge Dept Store: Kresge Dept St pf. Kresge (SS) Co 1.60.. 42 Kress (SH) Co (j1).. 17% Kreuger&Toll (1.61). 18 Kroger Groc&Bak(1) 56 Lambert Co (8 2% Lee Kubber & Tir. 9% Leh Port Cement. Lizg & Myers B (16) Lig & Myer pt (7)... Lima Locomot (m2). Liquid Carbonie (3) . Loew's Inc (3).....0 Loew's Inc pf (6%).; Loft Ine..... Loose-Wiles (12.90). 21 Lorillard (F) Co.... 103 LouG&BA (1%).. 12 L'ville & N'ville (5). 1 Ludlum Steel. 13 McCall Corp (%) Mclntyre Pore M (1) McK Motor Car. Marshall Field (2% ). Mathieson Alkall (2) 3% Mengel Co . 22 Met-Gold Picpf1.89. 1 10% Mexican Seaboard... 1 4% Miami Copper. 5% Mid Continent Petm.. 13% Midland Steel (3).... 38 Min Hon'w Reg (14). Moline Pow. 89% Mo Kan & Tex pt (7) 14 Missouri Pacifie.. ... 50 Missouri Pac pf (5). ‘10% Mohawk Carpet..... 18% Monsanto Ch W(1%) 16% Montgomery Ward. 2% 109% % 8% ) % 1143 43% 1% 49% 5 28% 36% 96% 37% 101% 5% 23 12% 54% 4% 374 3 26% 26% 12% 19 0% 12 81% 397% 96% 56 31 T9% 28% 21 5% a% 1% 100 18% B4 % 24 9 26% 8 24 20% 75 26% 3% Ad% ADVANGE IN STOCK PRICES CONTINUE Market Opens Higher' and Much of Initial Gain Is 2 Held. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 22—Wave wave of buying swept over the stock market, today, each one carrying prices her. There were intervals o realizing, but offerings were quickly absorbed. Some of the ‘were spectacular and the market as a whole | ped exhibited a strength not seen before ar. this year. Ralls, utilities and industrials p: consequence, with the close not far from the best of the day. Demand was urgent from the now thoroughly chastened shorts and buying from the newly converted bulls was no less em- phatic. As the day went on the world- wide significance of President Hoover's plan for an international debt. mora- torium e more clearly realized. It was not simply stocks, but com- modities that were stimulated, cotton, NEWSPAPER ADVERTISING {BALDWIN PREPARES INCREASE IS FORECAST FOR TRADE UPTURN An_upward| ooomotive Builders Put Plant in vl by Lloyd Maxwell, presi- t of the Willlams & Cunnyngham Advertising Agency, at a meeting of the Chicago Newspaper Representatives’ Association y. “Reductien of advertising rates is in no way the answer to the present stringency,” Mr. Maxwell said. “Those ‘publishers who have steadtastly main- tained their rates and who have dilemma. “With its dfilflM concentrated coverage, the ly newspaper is equip- 0 meet o] junities as they arise, , “and the advertisef 4 a splendid opport y e of gunnm revival.” Washington Produce ‘Butter—One-pound prints, 28%%; tub, wheat, the non-ferrous metals and sil- { PO ver all recording price advances. Buy- ing of copper was another encouraging development. Mark exchange was strong and a Stock Excharge seat was sold for $25,000 more than the last previous sale. The gain in silver amounted to approximately 2 cents and was said to be the largest rise in any % | one day for that metal in 30 years. [ 74 5T% 20% 194 Bl 214 34 114% 42% 1% frin 44 21% 36% 96% 6% 101% 5% 22% 10 52 3% 3 4% 268 72% 5% Py 64 214 1% © 6% 108 24 3% 104 5% 1 ‘41 38% 51 18 % 3% 14% 5% 56 13 8644 o ol 4% 8 16% 14 % 48 29% 89% 5% 10% 6% 28% 64 18 140 % 32 1% 41% Bunched = orders at the ‘opening brought some spectacular advances. Shorts who had not acted on Saturday, either because they were not convinced of the importance of the ‘event or be- cause they had been absent from the Street and were not informed of de- velopments, rushed to cover today. The turnover during the first half hour was @ million shares, the largest in over a year for that period. Auburn Auto jumped 15 points on the first sale. Du Pont was up 5% 2. points, Air Reduction up 9 points and there were many smaller gains. United States Steel was a little late in opening, | peck but it was up nearly 2 points, while General Motors, General Electric, Con- solidated Gas and other standard stocks went along. Not all of this represented hasty cov- ering, although a good deal of it did. There was outside buying, influsnced not so much by the news, the signifi- cance of which was only dimly realized, but by the market reaction to it on Saturday. There has been for a long time buying for cash and there would | 2. have been much more if it had not| 3. been held back by the continuous de- cline in prices. This buying was re- leased today and had its effect. MARYLAND TOBACCO PRICES. BALTIMORE, June 22 (Specidl).— Receipts of Maryland leaf last week totaleG 306 hogsheads, while sales of 141 hogsheads were reported, leaving a stock in State tobacco warehouses of 4,019 hogsheads. Maryland leaf is the only tobacco that has not declined in price, and some shippers are holding back for higher prices, but the present business depres- slon does not justify such action, it is Quotations for Maryland leaf tobacco per 100 pounds: Frosted and inferior, 3.00a6.50; sound to good common, 7.00a 20.00; medium to good, 20.00a35.00; to fine red, 36.00a52.00; fancy, 52.00253.00. Seconds, common to me- dium, 6.00a30.00; good to fine, 31.00a \41.004 Upper county burley, nominal. l?ONEY MARKET. NEW YORK, June 22 (#).—Call money was steady at 1': per cent, the renewal rate, today. Punds in the out- side market also held at 115 per cent. ‘Time money was firmer for the first time in many weeks. Rates were quoted nominally at 1% to 172 per cent for 60 to 90 day loans, 1'; to 1% per cent for four months and 1!; to 2 per cent for five and six months. Bankers’ accept- ances were extremely quiet, with both demand and supply small, and asking rates unchanged. Commercial paper was quiet and unchanged. ‘Trying to dress her hair with electric curling tongs while in her bath, Mme. Maillard was instantly electrocuted in Paris recently, the water, acting as a conéiucwr, and attracting the full cur- rent. wE have adequate 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. Prompt deci- sions given applications. 5% % INTEREST BOSS and PHELPS Realtors POUNDED 1907 1417 K St. NW. Loan, Correspondent John Hancock Mutual Life Ingurance Co. |} A Profitable eltuien.! First Mortgage Securities They Assure Safety and Mazximiim Earning . Power 6% " e il proft you to 6% B B, 6% per cent Denominations as low as $100 send"Tor Bookier" 'te REAL “ne buiers Pran | < MORTGAGE & GUARANTY small, 18a20; Leghorn hems, roosters, 12a13, Dressed Spr! ers, 3 pounds and over, 37a38; pounds, 36a37; , large, 28a30; small, 24a25; hens, large, 25a26; small, 23a25; Leghorn hens 18a20; roasters, 15a16; Long Island ducks, 22a23. Meats—Beef, 1215a14; veal, 14; Jamb, 18a20; pork loins, fresh killed, 23; frozen, 17a18; fresh hams, 17 sh. shoulders, 13; smoked hams, 18% smoked shoulders, 12; strip bacon, 21 lard, in bulk, 10; in packages, 11. Fruits—Watermelons, 55a7: canta~ loupes, jumbos, 3.25a3.5( 3.00; ponys, 2.50; flats, 1.25; honeydew: 2.25a2.50; honeyballs, 3.00a3.75; cher| wn, 3.00; oranges, Califor- , 5.00: plums, .50; pineapples, 5 21‘-’0 100 bltx‘nchl;. limes, per 100,12.00; peaches, 2- baskets, 175a2.00; bananas, 758 2.00. Vegetables—Polatoes, new, 2.00a2.75; cks, 2.50; tomatoes, Florida 6-pan crates, ts, 80290; okra, 3.00; kale, 40a50; spinach, 40a50; carrots, per 100 bunches, 4.0025.00; beets, per 100 bunches, 1.50a2.00; onions, Bermudas, 50 pounds, 1.75; Spring onfons, per 100 bunches, 2.50; radishes, per 100 bunches, rn, 2.25a2.50; asparagus, 1.50a cucumbers, per bushel 6.00 1.25a1.50; peppers, 3.75a4.50; 40a50. The United States covers an area as large as all Europe west of Russia. Money to Loan Secured b; r‘en estate Joseph . Weller " o REAL ESTATE LOANS lade at Low Interest Rates TYLER & RUTHERFORD Monthly Payments on D. C. PROPERTY LOANS at this Institution Pays Monthly Interest and Re- duce Principal. No commissions charged.-.. no re-newals ever neces- sary. We will gladly explain to you in detail. Open Daily 9 to § Saturdays Until Noon 949 NINTH ST, NW. UNDER SUPERVISION OF U.S.T/ OLDEST NATIONAL BANK in the District of Columbia It Often Happens ‘When the proceeds of Life Insurance are paid in a lump sum, it often happens that such cash goes rapidly— either through incapacity of beneficiaries, or the de- signs of unscrupulous third parti 1 A Life Insurance Trust, created with this veteran bank, - insures safety of principal, ‘regular income for your beneficiari careful ‘management. fInquiries_of Our Trust Of- ficer ‘will ‘in mo way obligate YOU. Natic;nal Met;opolitan P Bank 15th SQ., opp. U. S. Treasury CORPORATION 1610 K. St. NW.™ National 1403 Organized 1814 Shape for Gain in Business. Special Dispatch to The Star. June 22.—The Bald- win Locomotive ‘Works is taking advan- of the lull in 'tQe equipment and al steei industry to put its plants in shupe to handle in the most economical and expeditious manner any revival in trade activity. The Baldwin “Locomo- tive Works is 100 years old this year, ;nd Intm century of e has assed through a number of business depressions and has & Te- markable development of the steam en- During the 100 years of its activity, approximately 61,600 locom et month of the five subsidiary companies of Cramp-Morris Industrials, Inc. These companies are now being welded into the Baldwin group. The assets of the Federal Foundry Co., one of the newly acquired com- panies, have been turned over to the Standard Steel Works Co., a wholly owned Baldwin subsidiary, and are being moved from Chester to Standard’s plant at B , Pa, Federal owns 5 or 6 acres of valuable ground in Chester lo- cated along the Delaware River and ideally situated for industrial develop- gnhelnt. 'r{m: x(vrope‘:lty hudb:en ufim‘ on mari or sale, and sevi in- quiries have been received. The various foundries and machine shops acquired will be consolidated with 7th and Indiana Ave. N.W. LOANS ON. IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66thSerles of Stock Now Op For Subscription Sm James E. Con: President Shea 5 A Very Satisfying Investment North American Trust Shares, the leading fixed trust, offer Regularity of Income, Safety, Marketability « »:. and satisfactory probabilitiesof Growth in Value KNAPP & CO., INC. INVESTMENT SECURITIES Washington Office ‘Shoreham Building Phone Metropolitam 1532 Please send complete information. Name ...... Address. ST OO LA OO We Give Property Management Personal Attention ITH the taking over of the management of your properties — apartment house, business, office building or residential —we immediately give interests. 1321 Connecticut Ave. T L] Prompt remittances are’ the invariable rule of this office. RANDALL H.HAGNER & COMPANY MomreacE Loan CoRRESPONDENT iUk e Sarance Gompiony LR A TR them minute inspection, to determine what should be done to increase the net return. These are things which owners overlook; and questions arising which take long E experience, such as we have had, to properly solve. But we put ourselves in your place—and act for your best Decatur 3600 al - - = =T =1 REAL ESTATE LOANS | As Mortgage Loan Correspondent of the Metropolitan Life Insurance Company we are prepared to assist you. Construction Loans in Any Amount WEM.RJEO REALTORS Washington Building Loans made in the District of Columbia and nearby Maryland and Virginia Ee— il If il Distfict 9486 1879 Real Estate To Take Up First Mortgages No Brokerage . 915 F FIRST | uitbl o-peive Blds’n i 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Subscription for the 101st Issue of Stock Being Received Get in touch with us if you desire to borrow money to purchase a home, refinance pres- ent indebtedness or improve property. Ap- plications will receive prompt and courteous attention, Loans Repayable Monthly No Commissions ST. N.W. MORTGAGES YOU DO NOT HAVE TO- BE A FINANCIAL EXPERT to invest with perfect safety, for in our 6% FIRST MORTGAGES you have the knowledge that conservative appraisement has fixed the value of the property represented Over a Third g o) - Century Without a Loss and that our judgment has proven sound in more than a third of a cen- tury’s experience. The rate of interest is definitely fixed throughout the term of the mortgage—never changing; always the same and always promptly paid. \ ”, May be purchased in amounts from $250 up. B F. SAUL:CO. * National 2100 925 15th St.. N.W. THERE IS NO SUBSTITUTE FOR SAFETY $83 iSRS TLInssRtIEREREY 1) =