Evening Star Newspaper, July 8, 1931, Page 13

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, JULY 8, 1931. FINANCIAL. NEW YORK STOCK EXCHANGE |[DECLNENSTOCK |“ewsce s wevonreo E MARKET RESUMES A’ SECURITY WHICH OFFERS Ungquestioned stability with a generous interest yield Special Dispatch to The Star. NEW YORK, N. Y., July 8—The Clic- quot Club Co. is spending aproximately 20 per cent more money for advertising during 1931 than in 1930, H. Earle Kim- ball, president of that concern told the Research Bureau of the Advertising Prev. Dlvldlnd Ilh. Aldw.l‘lfll. lal clou Close. Firestone T&R (1).. 6 18% 18% 63% 6!% Note.—All stocks are sold in one hundred share lots excepting those designated by the letter s (80s) (250s). ~Prev. 1931« Stock and sales— Prev, High. Low. Dividend Rate. Capital Stock of the Fire- men’s Company Will Be Increased. BY EDWARD C. STONE. Stockholders of the Firemen's In- surance Co. of Washington and Georgt town voted yesterday at a special meet- ing held in the main office, 303 Seventh street northwest, to adopt the recom- mendations of the directors favoring certain changes in the charter to per. mit the underwrit- ing of additional forms of insurance and also an in- crease in the cap- ital stock. The two pro- sals were ratified y 9,527 votes, or unanimously, ' as not a single stock- holder opposed the move. Several stockholders &Te wiliam M. Hofftman. now out of the city for the Summer. Had they been in the officers believe the entire votes would - have been cast in favor of the plan. This company was chartered by Con- gress in 1837 and 1t will be necessary to place the amendments now desired up to Congress for approval. The com- pany wants to write all forms of in- surance that are written by other com- panies_in Washington engaged in the same line of business. The Firemen's Insurance Co. has no intention of in- creasing the capital stock at this tim officials state, but they wish to be in a position to do so any time that business warrants. The adopted amendment states that the capital cannot be in- creased to exceed $1,000,000. ‘The officers of the company are al- ready talking about the 100th anniver- sary in 1937 and may increase the cap- ital at that time. The present officers are Willlam M. Hoffman, president; Albert W. Howard, vice president and secretary, and James N. Fitzpatrick, jr., assistant secretary. Long Pull Declared Brighter. Local commercial bankers, stock brokers and investment bankers are very generally of the bellef that the Hoover war debt holiday proposal, now accepted by France, will mean a great deal to world economic conditions in the long run. It seemed like old times yesterday and today in the local board Tooms as customers and others dropped in to see the immediate action of the stock market. - ‘Those who looked for a quick advance ‘were disappointed. Big traders in New York appeared willing the public should take over stocks and let them have the profits that had .accumulated during the war debt discussions. Board room gossip, however, was optimistic on the Jong pull. Many investors express the belief that stocks will fluctuate widely as the second quarter reports come out, but will not return to their extreme lows, because the war debt move has already greatly changed sentiment. The Financial World and scores of other similar publications see better times ahead. Trade in some lines is already better. Fall crops will put an immense amount of money into circu- lation and boost railroad business, even it the farmers have to accept low prices for their toil. Conservative bank reviews declare that better business is certain. Just when? “In a few months,” they say. Vacation List Growing Rapidly. Clarence F. Norment, sr., chairman of the board of the National Bank of Washington and of the Norfolk & ‘Washington Steamboat Co., has gone to Atlantic City to spend the rest of July and August. L. W. Todd, manager of the Wls'h- ington office of Harriman & C passing a three-week vacation in ada. He is on a fishing trip about 150 miles north of Toronto. John M. Riordon, vice president of the Bank of Commerce & Savings, has returned from a short trip to New York, where he went to see his daugh- ter sail for a Summer visit to Norway, Albert S. Gatley, vice president of the Lincoln National Bank, is on his annual vacation, which he is passing in New England. He is now visiting in Maine. Woodbury Blair, vice president of the National Savings & Trust Co., is now at his Summer home, in New- port, R. L Thomas J. Groom, vice president and cashier of the Bank of Commerce & Savings, leaves here today for a three- week vacation, which he will spend at his old home, in Mobile, Ala, and other places along the Gulf Coa: H. Calnan, vice president and cashier of the Liberty National Bank, 1s another local banker now taking his ‘vacation. Capital Traction Earnings Up. It is understood in the financial dis- trict that the June financial statement of the Capital Traction Co. will show an increase in gross for the first time this year over the corresponding month & year ago. ‘This means that the traction com- pany will report a fairly good gain in net over June, 1930. The detailed fig- ures will be filed with the Public Utility Commission later in the month. ‘The significant point in the monthly reports so far this year is the fact that the $4 dividend is being earned. The board of directors of the John H. ‘Wilkins Co., coffee merchants, have de- clared the regular semi-annual divi- dend of 4 per cent on the outstanding preferred stock and a dividend of $1.50 per share on the outstanding non-par common stock. Both dividends are pay- able July 10. Expressing the bellef that general business conditions have changed for the better, the Board of Directors of the Southern Maryland Trust Co. yes- terday decided to continue to pay 4 per cent on savings deposits. Three other Prince Georges County banks have previously decided to con-~ tinue at 4 per cent, although four banks of the county reduced the interest rate on saving to 31 per cent on July 1. ‘There were 10 different transactions in Washington Gas Light 6s series A on the Washington Stock Exchange to- day, mostly in $400 and $300 denomi- nations, at 102%. The last sale was & $1,000 sale at 103%, while $1,000 Gas 5s_sold at 107. ‘Washington Railway & Electric 4s ‘were also popular, selling at 913 and 9155. A $2,000 sale in Washington Rnuwly & Electric 4s was also noted at 92 and Potomac Power 6s at 110%%. Federal-American bank stock again sold at 50, Mergentheler Linotype registered 77 and Washington Railway & Electric preferred came out at 100. Capital Traction stock sold in small lots at 364, Financial District Comment. Local bankers are giving careful con- sideration to the New York Stock Ex- change rule regarding the delivery of securities. This matter clme up at the Hot_Springs convention in the report of the Standard Forms Committee, and ‘was brought forward for consideration by_the new administration. President David S. Bethune of the District Underwriters’ Association has asked the members regarding their plans for the forty-second national convention to be held in Pittsburgh late in Septem- ber. The replies to his letter to the local underwriters will show who are going, and from this list the local delegates will no doubt be selected. The national ord delegation since Pittsburgh is so near, 4% 52 2954 215 64 21 87% 80 10 3% Abitibl Pow & Paper 5 15 Abitibi Pwr&Pap pt 11% Adams Express (1) 83% Adams Exp pf (5) 43% Adv Rumley (new. Alr Reduction (14% Alr Way Elec Appl.. Alaska Juneav (40c) Albany Wrap Paper. Alleg Corp... 6 Allled Ch & Dye (n6) 143 Allis Chalm Alpha Port Cemt (1). Amal Leather Am Bank Note pf (3) 20- Am Brown Bov Elec. Am Br BEpt (7). Am Can (16). Am Car & Fdry (1). Am Chain2). Am European Secur. Am & For Power. Am & For. Pw of (7). Am & For Pow 2d vf. Am Home Pr (4.20) Am International 15 Am La Fr & Foamite Am Locomotive (1) 1636 > Am Pow & Lt pf (6) . AmP &L pf A st (5) El roro PYSE- SO - T CIOPPTOPATE A STSY- 1 T S PO ey Am Safety Razor (5) Am Ship & Com . Am Shipbuilding 15) 200: Am Smelt Ref (2) 1 « Am Snuff (+33%). Am Solv & Chem. « Am Solv & Chem pf. Am Stl Foundries(1) Am Stores (t23%) Am Sugar Ref (5) Am Sugar Ref pf (7) Am Tel & Tel (9 * 2 = Am Type Fdy pf (7). 1 Am Water Wks (3).. Am Wat Wks cfs (3) Am Wat W 18t pf (6) Am Woole Am Woolen p: Anaconda Cop (1%). Anaconda W & C (1). Anchor Cap (240)... Archer Daniels Mid. =3 o Riomam—n~Be Asso Dry G (2%). i Atch To & S Fe (1 \Atl Coast Line (7) Atl Gulf & West Ind. Atlantic Refining (1) Auburn Auto (f4) Autosales Aviation Baldwin Locomot! Balto & Ohlo (5).... Balto & Ohio pf (4).. Barker Bros. . St rew » o BeiSen 94k 4314 65% 2% =S 1 Belding-Hemingway Bendix Aviation (1). Best & Co (2). Bethlehem Ste: Bethlehem St pf (7). Bohn Alum & Br1%. Borden Co (k3). Brockway Mot Trk.. Bklyn-Man Tr (4)... Bklyn Man Tr pf (6). Bkiyn Union Gas (5) Brown Shoe pf () Bruns Ter & Ry 8. Bucyrus (1).. Budd (E G) Mfg Budd Wheel (1). Bulova Watch (1 %). Bush Terminal (2%) Butte Copper & Zinc. Butterick CO..ovsene %« Bvers (A M) 5 Calif Packing (2). 4 Calumet & Arizona.. Calumet & Hecla.... CanadaDry G A (3). Canadian Pacific 1. Capital Admin A.... Car Clin & O sta. (5). Case (J I) (8 Caterpillar Trac (3) . Celotex Copf........ 108 Century Rib Mil] 1 Cerro de Pasco (1) Certain-teed Prod... Chi & Northwe: Chi Pneu Tocl. . Chi Pneu Tool pf.... ChiRT& Pac(m2%) ChiRI&P pt (6)... Chi R1& Pac pf (7). Childs Co (2.40). ... Chrysler Corp (1)... City Ice&Fuel (3. n). City Stores. .. Cluett-Peabody (3)ee 2 Coca-Cola (17%).... 8 Colgate-Pal-P (24). 2 Colg-Palm P pf (6).. 2 Collins & Alkman. 7 Colonial Beacon. 5 Collins & Aik pf (7). llBl Colo Fuel & Iron. . Colo & Sou 1st pf (t)aoo. Col Gas& El (2).... 91 Col Gas & EIpfA (6) 2 Columbia Graph 66c. 42 Col Grapho ctfs 56¢c.. 80 Columb Carbon (5).. 19 Comel Credit (2).... 4 Comcl Cred pf B (2). 208 Comm Inv Trust (2). 25 Comcl ITcv pf (e6), 2 Comcl Inv Tr pf 6%. 208 Comm Solvents (1).. 111 Comwlth&Sou (40c). 54 Cmwith & Sou pf (6) Congoleum-Nairn. .. 4 Congress Cigars. ..., Consol Cigars (5).... Consolidated Film. .. Con Gas of NY pf(5) Contl Baking A. Cont] Baking B Contl Baking pf (8).) Contl Can (2%). Contl Insur (2.40 Contl Motors Contl Ofl of Cont Share: Corn Product: Corn Prod pt (7) Coty Inc. Y K 1123 Curtis Publish pf ( 2% Curtiss Wright Corp. 72 3 Curtiss Wr Corp A 17% Cutler Hammer. .. 9% avison Chemical 19% Deere & Co pf (1. lfi'l% 107% Drlaware & Hud ( 118 45% Del Lack & Wn (4) 14% Diamond Mateh. 24% Diamond Mtch of 1% 8% Dome Mines (1)..... 14% Domn Stores (1.20).. 18% Douglas Afr (11%).. 61% Drug Corp 71 Dupont de Nem (4).. 136 Eastman Kodak (18> 46 9% Eaton Axle (1.60)... 18 341 Elec Auto Lite (8 > 106 El Auto-Lite pf (7).. 107- 2 Elec Boat..... 80% Elec Pwr & Lt (1). 80 Elec Pow & Lt pf (§) 92% Elec Pow & Ltpf (7) 4 49% Elec Stor Bat (6).... 1 6 Emporium Capwel 13% Erie RR. 30 Fed Lt& Tr (31%) 94 Fed Min & Sm pf (1), 11% Fed Wat Sy A ( 163 Federated Dept Stra, 371 .“l 364 mnmnu.m A% 18% 15% 87 Add 00. High. Low. Close. Close. 4% 18% 15% 87 5% " 3 54 53 &3 18% 15% 28 L] 84 14 8 21% Fo: 20% Fourth Nat Inv mébe 11% rox Film (A) (2%). 2 eport-Texas (3).. Gamewell Co (5) Gardner Motor. Gen Am Tank m(‘) Gen Asphalt (3), . ‘Gen Baking (2). Gen Bronse. Gen Cable General Cable pf. Gen Cigar (4). Gen Elec (1.60).... Gen Elec spec l.ou). Gen Food Corp (3) 48% Gen G & El A (e30c). 5 8% 37% 37 102M 102% 5 5 13 13 23 24% 13% 13% 524 3% A 46% Gen Ry Signal (5 2% Gen Realty & Util. 29 Gen Refractories (4) 3% Gen Tlnnr Bquip. . 21% G f Rasor 1 62% Glllette llf R DL (5). 4 Gimbel Brox 36% Gimbel Brol ve(T 7% Glidden 4! auaa-n or vt (] Gobel (Adolf). mfla Dust (2% Gold Dust pf () Goodrich (BF). ..... Goodyear Tire&R(3) Gotham Silk Hoslery Graham-Pairxe. Granby Con Min (1). Grand Union. . . Grant (W T) (1) Great Northn pf(4 Grt Nor Ore (2). Grizsby Grunow Gnif States Steel Hahn Dept Store: Hahn Dpt 8t pf (6%4) s Hercules Pow pf (7). Hershey Choe (5). Hersh Choc f (15).. Hollander Sons. Houdatlle Hershey Household Fin pf (4) Houston Oil. .. Houston Ofl (new) Howe Sound (2 Hudson Motor (1). 5% Fuon Motors. 4l aSialnannal~Tan aanaawnse N Ingersoll Rand (4) Inspiration Copper Interb Rap Tranait Int Agriculture pf... Int Bus Mach (n6) Int Car: s, Ltd 50c. Int Cement (4).. Int Combustion. .. Int Comb Eng pf. Int Harwvy r(2%).. Int Harvester pf (7). Int Hydro E1 A (e2) R ANRR e ANN ~ & Int Paper & Pow Int Paper & Pow C. Int Salt (3) Int Tel & Tel (2) Inter Dept Strs (2) Investors Equity 57% 364 Jewel Tea (4). .3 80% 40% Tohns-Manville (3). 211 115% KC P&L 18t pt B (6) 208 64 Kans City Sou pf (4) 2 24% Kayser (J) &Co (1). 10 13% 3% Kelly-Spring Tire. 3 2 16% Kelvinstor Corp. 101 60 Kendal! Co pf ( 45 Kennecott Copp 20% 29 Kresge (S8) Co 1.60. 264 Kreuger&Toll (1.61) 22% Kroger Groc&Bak (1) 28% Lambert Co (8) Leh Valley Coal. 2% 4l 53% 52% B3 118 115 115 4815 50 424 57% L1~z & Myers B (+5) Lilv Tulip Cup (1%) Link Belt (2) Liquld Carbonie (3) . Tne (2).. Lorillard (F) Co. Louistana Of1 LouG&EA (1% 2 McAnd & Forbes (2). McCall Corp (23%). McCrory pf (6) McGraw-Hill (2) Melntyre Pore M (1) McKeesport T P 15 % Rob (1) Mack Trucks (3). Macy (RH) & Co(n3). Mad Sq Garden (60c) Magma Copper (1) Mandel Brother: ManElevmg . Manhat Elev gtd (7) 120l Marmon Motor Car.. 3 Marshall Field (2%) Mathieson Alkall (3) Mathieson pf (7).. May Dept Strs (2%). Maytag Co 1st pf (8) Met-Gold Pic pf 1.89. Mexican Seaboard. Miami Copper’, Mid Continent Petm.. Midland Steel (3).. Midland Steel pf (3). Mo Kan & Texa: Missour! Pacifie. .. . Missouri Pac pf (5). Monsanto Ch W(1%) Montgomery Ward. Mother Lode. Mullins Mfg. Munsing, Inc (2).. Murray Corp. . Nat Bteel (2). Nlt Surety (2 North Amer pf (3).. 2 flou *"'fi Nartharn Pasifie (6) _ 15 Pacific Gni Bl (e % Pacific Lighting (3). nm ln Pacific Tel l:'nl ). 5% Packard Motor (40c); 19% Paramount-Pub 2% 1 Park Utah. Pathe Exchange. 3 Pathe Exchange 7 9] 6 Patino Mine: 284 Penney (J C) (2.40), 42% Penn Railroad (3)... 6 Fetrolm Cp of Amt1) 26% ° 11 Phelps Dodge (1).. 6% Phil ReAd C&1..... 4% Phillips Petroleum. . % Pl 'l | " New Low Prices Recorded on Reaction, but Volume Is Lighter. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YQRK, July 8.—The decline in the stock market was resumed today, with new lows on the reaction. The morning hours had seen a moderate amount of short covering and a little better price range, but in the afternoon the selling reappeared. ‘The low prices were made in the last hour, when United States Steel sold under anything seen since June 22, which was the day that formal an- nouncement was made of President Hoover's_plan for the relief of Ger- many. The weakness in steel was ac- companied by renewed discussion of the safety of the dividend. Although the market went lower than on Tuesday, the volume was lighter. Liquidation was not so pressing as it had been on the day before and from time to time a rallying tendency showed. Motor stocks made the best showing as a group. The overnight selling was not in large volume considering the extent of Tuesday's decline. Presumably there were margin calls, but they could not have been numerous. The fact is that shoestring speculators have been pretty well eliminated and that remaining ac- counts are too well protected to involve much forced selling. Some voluntary liquidation did take place, and that accounted for the declines in the first hour. A new low on the reaction was made by United States Steel under $98 a share. Directors meet on July 28 for dilvdend action and there is, of course, a possibility the rate will be reduced. The best informed opinion today was that there would be no cut at this time, but there was enough doubt about it to hold down stocks. The weekly trade reviews told of another loss in the oper- ating rate, now ,put at 33 per cent, against 35 per cert a week ago, but ex- pressed the opinion that this was the low point and that from now on there would be improvement. The Woolworth board ordered the regular dividend on that stock. The stock sold off at the start, but soon recovered all the lost ground. Prob- ably something extra will be disbursed three months hence. Other dividend announcements included the regular rate on Continental Can and on Mich- igan Central and Big Four, New York Central subsldianes RAIN IMPROVES CROP PROSPECTS IN CANADA Crop and fodder prospects through- out the prairie provinces of Canada have been improved by the recent rain- fall, according to latest crop report of the Bank of Montreal. Nevertheless, drought has seriously damaged the crop over large areas of Saskatchewan and Manitobd and at best only a very light crop can be expected in these dis- tricts. In Quebec all crops continue to progress satisfactorily. Hay cutting has begun in some sections; indications point to a heavy crop of good quality. In Ontario, with continued warm weather and frequent rains, all crops have made excellent progress. In the Maritime Provinces conditions generally have been favorable to growth and all crops are in good condition. In Brit- ish Columbia heavy rains have been general and have caused much damage to the strawberry crop, and in lesser degree to the cherry, raspberry and lo- ganberry crops. CHICAGO DAIRY MARKET. CHICAGO, July 8 (#).—Butter, 10,- 328, easy; creamery (93 score), 24a24%s; | extras (92 score), 23';; extra firsts (90~ 91 score), 22a23; firsts (88-89 score), 21a21!; second (86-87 score), 19a20; standards (90 score centralized carlots), 231%. Eggs, 10,776, steady, extra firsts, 18; fresh graded firsts, 16'z; current receipts, 1412, V. 8. TREASURY B;;ANCE. ‘The United States Treasury balance announced today as of close of business July 6 was $430,855,034.58. Customs receipts for the month to date were $4,751.258.47. Total ordinary expendi- tures, $22,142.417.66. Pederation of America today. “With annual expenditures averaging well over a million dollars a year for the past six years, our appropriation is being inereased in 1931 and will be fur- ball, who added that he considers a substantial share of every annual in- vestment in advertising as business in- surance for future years. “If we were only planning for sales during 1931, he continued, “we could stop advertising today and reach this year's sales objectives. An aviator at a couple of thousand fect can kill his motor and reach a nearby field if that were as far as he wanted to go. But he keeps his motor going and retains aiti- tude use he’s going somewhere. Many a business today is ‘losing alti- tude’ because of l\mlud sales planning on the part of the executives.” J. C. PENNEY SALES. NEW YORK, July 8 (#)—J. C. Penney Co. reported sales of $14,832,- 160 for June, a decrease of 6.28 per cent from $15,826,311 reported for the | like month ‘last year. Sales for the first six months this year totaled $77,- 360,070, a decrease of 10.52 per cent from the corresponding period of 1930. Commenting on the figures for June, Earl C. Sams, president, sald current prices on many staple items have shown marked reductions, compared wllh those of the same time last year. “These reductions,” he said, “amount to as much on certain fast-moving articles of merchandise as did the initial drop in commodity prices late in 1929. Such | reductions cannot fail to show in com- parative sales figures on a money basis. Actual volume sales show a steady im- provement.” REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD o r 10 years, if s 1520 K S(. N.W. Nat onl 0478 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Cor ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. NW. - LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Serles of Stock Now Open For Subscription James E. Connelly James F. Shea President Secretary Money to Loan l“IN‘ ir l"ll l'ul f trust real Inc. 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. 51, % INTEREST BOSS and PHELPS Realtors FOUNDED 1907 L K s N n_Correspond ent | John Ilnficoc ‘Mutual Life Insurance Co. ni}bn"i"ér z cé}im"nofi Depnrtmemnl Bank Of Washington, in the District of Columbia, the close of business on June 30, 1931. RESOURCES. - Loans and discounts . $917,637.18 13066 127,463.90 223,040.04 Banking _house, LRt 113,561.86 ownea em'u 4.612.70 0,858.50 LIABILITIES. 18. Capital stock X 30.000.00 i hdivid 11,833.58 Setves. for nterest, ‘taxes nd other expenses accrued unpa 5 21. Dle o' banks, ‘includsig é65- Sitstange niers’ it 3.818.11 3 Roment depes e 31 Other liabilities . 962.86 2 Total. 557,748, strict of Columibia. City of Washington. 3, T EXNICIOS, president of he ed Sank. do sclemnly “swear that the bove statement is tri Knowledse ‘and bener. "¢ ‘0 the best of my 3. T. EXNICIOS. Subscribed_and_sworn to before e shis oth day of July, 1931 - Totars Puniic. MeCOY. 2.319.36 Oormb-AMési. JOHN HOREY, REPORT OF CONDITION McLachlen Bnnlun( Corporation Of Washington, in the District of Columbia, St the ‘close of ‘business on June 30, 1081 ™ Dlrenlorl | Overdrafts . United States Government se- curities owned .. 4. Other bonds. s curities owned 6. Banking _house, furniture d $81,014.19 . items . 14. Other asseis Total . LIABILITIES. Sapital stock paid in. Undivided Reserves for interest, contingenctes, ete. 21. Due to banks, 'ineluding tified and cashiers’ ch outstanding 23 Demand deposits 31. Other Liabilities .. Total .. Digtrict_of Columb IO A M nained Dank; do solem: sbave statement s mu o the best of my knowledge and HN A. MASSIE, Onshi ribed_and swors 10 before me. this th an‘y of July, 1931, EVELYN E. Mc INTYRE, Notary Public. Correct—Attest: LAN) ON YOUR SAVINGS S Investigate Our LOAN PLAN for Re-financing or purchas- ing D. al Est Yaneed oni eusy torme. ., . B0 renewals necessary and no commissions charged. Open Daily 9 to § Saturdays Until Noon NAtional 1381 [PERMANENT] BUILDING ASSOCIATION 949 NINTH ‘ST Nw. unn SUPERVISION OF U.S. It Will Profit You to Invest Your Dividends “or Interest Checks in 6% Guaranteed FIRST MORTGAGE SECURITIES Non - fluctuating investments secured on income - producing, conservatively appraised proper. ties right here in the NATION'S Capital. G enominations as low as $100 Seul'lorh!' k’l‘ ”"”“ !Ifl.‘un Plan™ REALESTATE CORPDRATION 1610 K St. N.W. National 1403 First Mortgage Real Estate Notes Secured on new home properties. Available now in denominations of $100 and upward, with 69, interest Eqmtable Co-0perati”e Bldg Assn Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Subscription for the 101st Issue of Stock Being Received Do You Wish A Loan Those who desire to on Real Estate borrow money to pur- chase a home, refinance, present indebtedness or improve property, should see us. Applications will receive prompt and cour- teous attention. or to Take Up a First Mortgage? Loans Repayable Monthly No Brokerage . . . No Commissions 91;) F ST N.W. Mackubin, Goodrich & Co. Estoblished 1899 B AN K'ER.S ATEST quotations on all active and L inactive Securities always available. Stocks and Bonds carried on Con- servative Margin. Private Wires to Principal Markets Telephone Mefiopoli’un 5020 .Mmbers\Nni York and Baltimore Stock Exchanges Associate Member New York Curb Exchange 1508 H STREET | WASHINGTON, D. € REDWOOD & SOUTH STS. BALTIMORE. MD. CORPORATE TRUST SHARES RRESPECTIVE of day-to-day fluctuations, we believe now is a good time to investin high grade common stocks. The present is more than a period of recession: It is a real oppor- tunity to investors. Corporate Trust Shares pro- vide this opportunity through a fixed holding of stocks in a group of leading American Companies. ROSS BEASON & CO., Inc. — Eastern Syndicate Managers 120 WLz Sreer, New York 105 ANGELES SAN FRANCISCO BALT LAKE CITY Ask Your Investment House or Bank MORTGAGES SMALL MONEY GETS THE SAME RETURN AS LARGE INVESTMENTS One of the appealing features of investment in our 69 FIRST MORTGAGES to those of limited means is this in- discriminating yield. \Whether you have $250 or $250,000 invested in them, each earn 6%. And, too, you have the opportunity to add to your investment from time to time, paying out of income as may be convenient. Over a Third ofidie. Century Without a The security, like the interest, is of the same dependability in all in- stances. B.'F. SAUYL CO National 2100 925 15th St. N.W. THERE IS NO SUBSTITUTE EOR SAFETY