Evening Star Newspaper, July 20, 1931, Page 13

FINANCIAL NEW YORK STOCK EXCHANGE G- &0, HAS GAIN IN NET EARNINGS $268,798 Increase Scored in . June Over Same Month Last Year. = BY EDWARD C. STONE. Ohesapeake & Ohio Railway stock- holders will be pleased with the finan- elal report for June, filed with the In- terstate Commerce Commission today, revealing an increase in net earnings over the same month in 1930. Gross revenues for the month were $10.495.700, a decrease of $860.502 over June of last year. operating expenses Were 36,044,471, a decrease of $1.127.041, as compared with June of last year; net railway operating income was $3,- 567.889, an increase of $268.789 over June of last year. Net income. after all charges, for June was $2.788,787, an increase of $67,616 over June of last year. The operating ratio was 57.6 per ocent, compared with 63.1 per cent for June of last year, or a decrease of 5.5 cent. D"’Por the six months ended June 30, the Chesapeake & Ohio Railway Co. shows gross revenues of $59.000.701, a decrease of $9.987.366. Operating ex- penses were $37.943.756, a decrease of . Net railway operating in- $15.930.511, a decrease of Net income, after all charges, was $11.867.150. & decrease of $3.098.578, compared with correspond- ing period of 1930. The operating ratio was 64.3 per cent, a decrease of 1.9 per cent. National Dairy Reports Earnings. Net profit of National Dairy Products Corporation, which has units in Wash- ington, for the first half of 1931 was in the neighborhood of $1.80 a share on the 6,202,177 shares of common stock. now outstanding. This compares with net of $12,947211, or $2.16 & share, on 5.971,036 common shares in the first half of 1930. For the full year 1930 et profit was $26.387,376, or $4.10 a share, on 6,202,177 common shares. Earnings thus are holding up com- paratively well in view of the generally Jower rate of business prevailing. Nor- mally, National Dairy earns the largest of its annual profits in the last six months, which include the Summer ice cream business. In the first half of 1030 the dairy business showed little effect from the industrial unsettlement, though the final six months did. Sales volume so far this year has been about 10 per cent behind the 1930 period for the corresponding units. June business, however, was somewhat ahead of last year, and July has con- tinued the gain with the country-wide hot weather giving its usual stimulus to_ice cream sales. The company’s stock is actively traded in on the New York Exchange, a good deal of it being held in Wash- ington. Will Attend A. B. A. Convention. In spite of the heat, many Washing- ton bankers are talking about the an- nual convention of the American Bank- ers’ Association which opens at At- Jantic City on October 5. Indications are that an unusually large number of Jocal financiers will be present. It is not often that the A. B. A. meeting is held so near home. The association met at Atlantic City in 1907, & panic year, in 1917, in 1923 and 1925. The program being arranged for At- Jantic City is an extremely practical one. Its chief motive will be the dis- tribution of facts and information of a sort. which delegates can take home with them and put to work immediately at a profit. New aspects of banking questions discussed last year at Cleve. Jand—such as money rates, Mergers. group banking. investment trusts, per- sonnel management and corporate trusts—will be adequately covered, along with problems which ~have arisen since October. In the broader field of general con- ditions touching commerce and bank- ing here and abroad, events of tre- mendous importance to every member of the associations have occurred since the Cleveland meeting. Unemploymert has increased all over the world, with only isolated areas reporting a con- trary trend. Commodity prices have continued steadily downward almost without interruption. Russia’s attempt to achiete a century or two of indus- trial growth in five years is no longer an economic fantasy but a practical problem. ’ Revolution, arising from _economic factoss, have occurred _throughout Latin America, also in Spain, and rumors of possible revolutions in other countries have become so commonplace that they no longer command a place on the front pages Of newspApers. China has gone back to civil war. The American Bankers' Journal be- lieves the convention will be one of the best yvet held. Rome C. Stephenson, who I8 such a favorite with Washington bankers, will finish his year's administra- tion, and Harry Haas of Philadelphia will steer the financial ship next year. Capital Traction Hits 42. Capital Traction stock fumped to 42 on the Washington Stock Exchange today, making & new high mark on the present move. a again of about 6 points in the past 10 or 15 days and 10 points since the first of the year. The low for the year in Capital Trac- tion was 32'4. so that it has advanced about one-third in vaiue in recent weeks. As there are 120,000 shares of this stock outstanding. the recent rise means & gain of about $1,200,000 in the total value of the security. As practically all of the 120,000 shares are held in Washington, it can readily be seen what the gain in quotations means to local investors. The improve- ment is also most gratifying to the local banks. A large amount of Capital Trac- tion stock is held by local institutions as collateral on loans, so that the posi- tion of borrowers is greatly strengthened with the banks. The stock opened at 41 on a 10- share sale and then advanced to 42 on the next sale, also of 10 shares. An- other 10-share sale and a 22-share sale| completed the day's trading. The advance in June earnings is as- signed as one of the reasons for the re- cent improvement in the stock and is understood that so far in July Rross earnings are also ahead of the same month a year ago. Other transactions on the local ex- change today including a light turn- over in Mergenthaler Linotype at 78 ani Peoples Drug Stores preferred at 10114, Washington Gas Light stock is now being quoted ex-dividend following the voting of the regular quarterly dividend. Heard in Financial District. John D. Leonard, vice president and trepsurer of the Washingion Savings Bank, is taking his annual vacation, part of which he will spend at his home here, snd the remainder with relatives in the Blue Ridge Mountains above Frederick. Mr. Leonard was the first president of the Washngton Sav- ings Bank and has been with the in- stitution constantly since it was opened. At his request he made vice pres- ident some years ago and Thomas E. Jarrell was elected president. Mr. Leonard plans to take quite an extended rest. Virginia-Carolina_Chemical Corpora- tlon has declared the rogular quarterly dividend of $1 on 7 per cent prior preference stock, payable September 1 to stock of record August 17. PESETA DROPS AGAIN. MADRID, July 20 (#).—The peseta weakened to 10.80 to the dollar today, bankers attributing ths drop to Satur- day's increase in bank nete circulati by 173,000,000 pesetas. - Received by Private Wire Direct to The Star Office. Note.—All stocks are sold In ome hundred share lets except! [ 4% % 261 76 30% 14 2% 8 % 2 694 53 64% 51 129% 99 15% 32 69% 23 3% 23 . 104'% 101 s 9 4B% 20 974 16% 10 1098 82! 1064 101 11 25 % % X % “ Contl Insur (3.40). Contl Motor Contl O1l of Del. . Corn Products (14).. Cotv Inc Sicee Cream of Wht (12%) Crosley Radlo. .. Cr Wil P 1st pf (4) Crucible Stesl. Cuba Cane Prod... Cuba Co Cuban-Amer Sugar.. Cuban Am Sugar pf. Cuban Dom Sugar. .. Cudahy Packing (4). Curtiss Wright Corn son Chem Deere & Co pf (1.40). Denver & RG W pt.. Detroit Edison (8). . Devoe & Ray A (60¢). Diamond Mateh. Dlamond Mtch pf 1% Dome Mines (1) i Domn Stores (1.20).. Drug Corp (4). 9! 44 40! 8 £y 2 147 T0m 384 4015 204 41 ing those designated by the letter s (80s) (250s). Stock and Bates— Prev. Dividend Rate. Add 00. High. Low. Olose. Ui08e. Abitibl Pow & Paper. 4% 4 15% 15% 18 1% 5 5 &T Adv Rumley (new) 1% Afr Reduction (t43) Alaska Juneau (40¢) Alleg Corp. o Allegheny 8t1 (1.20). Allled Ch & Dye (né) Allis Chalmbers (3).. Am Agri Ch of Del. Am BanZ Note pf (3) Am Beet Sugai . Am Beet Sugar pf. Am Br Shoe (2.40)... Am Brown Bov El Am Can (15). Am Canpf (T)... Am Car & Fdry (1) Am Car & Fdy pf (1) Am Chicle (3).. Am Encaustic Til Am European Secur. Am & For Powae: Am & For Pow 2d pf. Am Hide & Leath pf. Am Home Pr (4.30).. Am Ice (3). Am International. .. Am Locomotive (1).. Am Mch & Fdy 1.40 Am Mach & Metals. Am Safety Rasor (5) Am Ship & Com Am Shipbuilding (5) Am Smelt Ref (2)... Am Snuff (13%). Am Solv & Chem Am Stl Foundries(1) Am Sugar Ret (). Am Tobacco pt (§) Am Water Wks (3).. Am Wat Wks cfs (3) Am Zinc Lead & Anaconda Cop (1% Armour of Ill A, Armour of Il B. Arnold Constabl s Artloom Cp pf (7)... Associated Apparel.. A830 Dry G (2%).... Atch To & 8 Fe (10). Atch To&S Fe pf (5). Atlantie Refining (1) Auburn Auto (£4). Autosales . Aviation Corp of Dal Baldwin Locomotivi Baldwin Loco pf (7). 20s Balto & Ohlo (5). 12 Balto & Ohio pf (4).. 1 Barker Bros. ..... Barnsdall (A) (1)... Belding-Hemingway Bendix Aviation (1). Bethlehem Steel (4). Bohn Alum & Br1%. Borden Co (k3) Borg, Warner (1)... Briges Mg (11%)... Brockway Mot Trk Bklyn-Man Tr (4). Bklyn & Qu T pf (5). Bklyn Union Gas (5) Bruns Ter & Ry 8... Bucyrus cv pf (1%)a Budd (E G) Mfg. Budd Wheel (1). % oy "% v Burroughs A M t1%. Butte Copper & Zinc. % (A M " Canada Dry G A (3 Canadian Pacific 1 Car Clin & O sta (5) Case Celotex vtc et Cent Aguirre As 1%, Chesapeake Corp (3) Chi & Alton Chi & Altor pf. Chi Mil St P& P pf. Chi & Northwent (4). Chi Pneu Tocl. pper (1% Chrysler Corp (1). City Ice & F vf (6 Coca-Cola A (3). lolgate-Pal-P (2%). Colg-Palm P pf (6).. Collins & Alkman. Col Gas & Ei (2). Col G & EI of B (5) Columbia Graph 56 Col Grapho ctfs 56e Columb Carbon (5) Comel Cred pf (1%). Comel Cred 1st (6%) Comcl Cred pf B (2). Comm Iny Trust (2). % Comm Solvents (1) (A % 1% t 9 “ Consol Film pf Consol Gas N Y ( Con Gas of NY of Consol Laundries (1 Consol RR C pt (8) Consol Textil Contl Baking A.. ... Contl Baking pf (8) . % ors [ TRIOTVS - TPON0L O PR a st Eaton Axle (1.60). Klec Auto Lite (8)... Elec Boat Elec&Musica Elec Pwr & Lt (1), Klec Stor Bat (5) . M Fashion Park A Fed Wat Sv A (2.46). Foster Wheeler (2). Foundation Co. Fourth Nat Inv m5se Fox Film (A) (213). Freenort-Texas (3). Gamewell Co (6) Gen Am Tank Car. Gen Asphalt (3). Gen Baking (2) Gen Bronse. Gen Cal Gen Cigar (4) Gen Elec (1.60) Gen Elec spec (80¢) . Gen Focd Corp (3).. Gen G & El A (e30c). Gen Mills (3).° . Gen Mills pf (8). Gen Motors (3).. 153 Gen Motors of (5)... 22 108% 3 34 32 W 3% ~Prev. High. 21% 9t 808 31y 29% 16% 31y 29 2% 35k 18% B4 30 69% 348 207 931~ Stock ai Low. Dividend Rate. Ad 3% Gen Theater Equip.. 148 18% Gillette Saf Rasor. 3 : Goodyear 18t pf (7)., 3% Graham-Paige...... 10 Granby Con Min (1) 10% Grand Union. . 26% Grant (WT) (1).... 48% Great Northn pf(4).. T4 Grt Western Bugar. . 80% Grt West Sug pf (7). 2% Grigsby Grunow.... % Guantanamo Sugar. . Hacken Watpf A 1% 20s Hall(WF)Prtg(1.20) 1 Hahn Dept Stores. .. Hercules Powd (3).. Holland Furn ($2%) Hollander Sons. ... Houdaille Hershey. . Household Fin pf (4) Houston Ofl. 9 Houston Ofl (new) Hudson Motor (1). .. Illinols Central (4).. Indian Motor Cycle. . Indust Rayon (4)... Ingersoll Rand (4).. Inland Steel (2%)... Interlake Iron. Int Cement (4) Int Combustion. .. Int Harvester (3% ). Int Hydro El A (e2). Int Match pf (4 Int Nickel (0e). ... Int Nick Can pt (7)., Int Paper pf.... Int Paper & Pwr p Int Shoe (3). » PO TIPSR ) =S =4 6 11 4k 1% Inter Dept Strs ( Tnvestors Equity. 40% lohns-Manville (31 1% Kelly-Spring Tirs 8 Kelsey-Hayes W, 814 Kelvinator Corp. 14% Kennecott Coppe 25 Kresge (S8) Co 1.60.. 17% Kreuger&Toll (1.61), 18 Kroger Groc&Bak (1) Leh Port Cement. ... Leh Valley Coal..... Leh Val Coal pf (3) w Lehman Corp (3 Lima Locomot (m3) Liquid Carbonie (3 Loew's Ine (3) Loft Ine.... Lorillard (F) . B LouG&EA (1%).. Ludlum Stesl MacA & Forb pf McKesson & Rob (1) Mack Trucks (3) Macy(RH) & Co ManElevmg . Burra Mid Continent Petm.. Minn Moline Pow.... Mo Kan & Texas Kan & Tex pf (7) Missour! Pacifio. ...y Missouri Pac pf (5). Mohawk Carpet..... Montgomery Ward.. Motor Meter G & Ei. Motor Wheel (1) Mullins Mfg. Murray Corp h Motors (4) Nat Bella Hes Nrt Biscuit (2.80)... Nat Biscuit pf (1)... Nat Cash Register A. t Dairy (2.60).... Nat Enam & Stamp. . NatLead (5).cccceee 1 Nat Lead pf A (7)... 108 LT mamaBBmA A » 8 t Pow & Lt (1)..0 t Ry Mex 2d pf. t Supply (4) Surety (2) Tea (1)..cveues 10 Y Central (6). Y Investor YN YNH&HDI (T).. Y Ont & Western.. 7 N Y Steam pf (6).... 108 Noranda Mines...... 2 Norf & West (+12) 1 Norf & West pf (4)..2008 North Am Aviation., 4 Nor Am (b10% stk). 18 North Amerpf (3).. 2 or Ger Lloyd m256 1 orthern Pacifio (6). 2 Northwest Tel (3).. 208 Ohio Oil. . 35 Orpheum Cir pf (8).. 208 31% Otis Elevator (234).. 8 124% Otis Elev pt (6). 208 64 Otis Steel..... 1 2651 Owens 11l Glass (2). - 3 Pacific Gas& Bi(2). 5 Pacific Lighting (3). Pacific Tel & Tel (7) Packard Motor (48c) ramount-Pub 3% . N N N N N 33 Transport. Pathe EXCharge. ..e Penick & Ford (1). .4 Penney (J C) (2.40).. Penn Railroad (3)... Peop Gas Ch (8).... Petrolm Cp of Am(1) Phelps Dodge (1).... Phila Co pt new (6). Phil Read C & I...... Philip Mor & Co (1).. Phillips Petroleum. . Tierce Petroleum. » NeoreBasanasnms S % N RPemonaBe e Car... Proct & Gamb (2.40) Prod & Refiners pf. .. Pub 8V NJ (3.40)... PubSvNJpt (5).emn Pub SvNJpf (6)... Pub Sve G&E of (5).. Pullman Corp (4)... Punta Alegre Sugar. Pure Of 12 1tadio Corp ceee 242 31% Radlo Corp B (5).... 11% Radio-Kelth-Orpb A. 17% Raybestos Man 2.60.. 5 Real Silk Hosiery... 22 Real Silk Hoslery pf. 208 6 Feo Motor Car (406). 10 Republic Steel.....e 27 Republic Steel pf. ... 40% Reynolds Tob B (3) . 1 Richfield O1l. 31 Rio Grande Ofl 24’ Royal Dich (m. = =3 8 o N eanBene s y pf ( St Joseph Lead (1).. 8t Louis & San Frs St L-San Fran pf ( Savage Arms (2) Schulte Retall Strs. . Seaboard Afr Line. .. Seagrave (60c). .. ars Roebuck (2%) el In Se, Shubert Theaters. Simmons Co.......e Sinclair Consol Ofl.. Sinclair OIFpf (8)... 4 Skelly Oll. ... Snider Packing pf... South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed (3)...s South Pacific (6).... Southern Rwy (mé). Sparks Withing (1). Stand Brands (1.20) Stand Comel Tob. Stand G& E (3%) Stand O Cal (h23% Stand Oi1 Exp pf (5). Stand Oll of Kansas. 2w o AR al o nannn~E - 3 H THE EVENING STAR, WASHINGTON, D. C —:J.]SWBKS MAKE GAIN es— 00. High. Low. Olose. Closs. 3% 8% 58% 2 40% 9% 8% 134 12% 4% 47 2 2 29% 95 45 465 T % 324 324 2u 1% 42% 42 25 4% 85% B5b6% 30 95 284 274 [ B59% 5R, 1514 15114 15% 28 25% 34m 20 20 106 106 141 141 120% 120% 1% 11% 105 1067 19% 191 172 172 90% 90% 814 8y 69% 68% 56% 55 18% 18% 40% 388 @ wu MONDAY, JULY 20, 1931 ON LIGHT TRADING Oils and Sugars Feature Market—Traders Await European News. BY GEORGE T. HUGHES. NEW YORK, July 20.—In the slow- est trading of the year, prices in the | stock market today gained ground. Turnover did not reach three-quarters of a million shares and speculative in- terest was almost non-existent, yet the movement, such as it was, tended up- ward., Tradionally such a trend in a dull market is good sign. ‘The best prices were reached in the last half hour, when the standard stocks, including United States Steel and American Telephone, were in de- mand. Sentiment was helped by the recovery in_sterling and the strength in cotton. Wheat, however, left off ir- regular on the day. rices were moderately higher at the start, but the fact that only 200,000 shares changed han€s during the first half hour spoke eloquently of the spirit. of caution that prevailed. In the lan- guage of the Street, traders “would rather buy them than sell them,” but for the present they prefer to do neither. The two groups, both of them made up of low-priced stocks, that did attract any favorable attention were the ofls and the sugars. For the ofl industry it was said that regardless of legislative efforts to re- strict production, low prices had at been effective where artificial meth- ods of limitation had falled and that as a result the outlock had measurably fmproved. On this theory there was buying of an assorted list of oils, not in sufficient' voltime' to advance prices more than a point or so, but enough to be conspicuous in an otherwise dull market. Standard of New York was one of the most active, & block of 11,400 shares being bought on the upturn. Union Oil of California, Pure Oil, Stan- dard of New Jersey, Houston Ofl and General Asphalt all did better. Recent strength in the market for the commodity was reflected in the demand | for American Sugar, which made a new high on the movement, only 2 or 3 points under the best for the year. Yielding nearly 9 per cent, with a strong cash position and a record of earning a dividend all through the depression in the trade, the stock found invest- ment buying as well as speculative. Porto Rico sugar stocks also responded. Strength in the tobacco shares was accompanied by a new 1931 high for Lorillard. Chrysler was the feature of the motors, with Nash making up the dividend which came off the price to- di Woodworth was fractionally higher in the distributive group and from time to time there was buying of the_electrical refrigerator stocks. Foreign stock markets acted much like our own; that is to say they steady but cautious, awaiting < Copper metal held firmly at 8 cents a pound in the domestic market. More could have been sold at 7% cents but it was not available. INVESTMENT TRUSTS NEW YORK. July 20 (#).—Over-the- counter market: Bid. Asked C Trust Shrs 5 i EPU nves T Shrs ... n Equities ain & Gen Equit 6'% Chain Store Invest .. . Chain Store Invest pf . Ohain Store Shr Owners Chartered Invest ..... Chartered Invest Crum & Foste Crum & Foster Crum & Foster Ius 7" Crum & Foster Ins Deposited Bank Shrs Deposited Bank 8hrs N 3.3, 2. Z53u! ssticy e Incorp Investors ¢ Incorp Investors Eauit Int Secur Corp Am A Int Secur Corp Am B 4 Int Secur Gorp Am 67 pt Int Secur Corp Am 6z’ DBf Invest Tr Associates 4 Invest Tr of N Y_Collat A Investors Trustee Shares National National NY ‘olony _Trust Betroleum Trad, A u 2! Selected ‘Manage awmut _Bar oo werooaaBealicn: rustee Stardard steed N Y C oEaammwesmeny 34 L a8 United Benk Tr..... .10 U 8 & British Int Lid All U 8 & British Int Lid U 8 & British Int Lid 83 pf. T e Li & Pow' A v ec Lt & Pow Universal Tr 8h ... e Son FARM BOARD WHEAT SALE ABROAD DENIED Milnor Spikes Rumor That U. 8§ Agency Is Negotiating Con- tract With Syndicate. Bpecial Dispatch to The Star, CHICAGO, July 20.—An often ve- vived story that the Grain Stabilization Corporation, subsidiary of the Federal Farm Board, was negotiating to dispose of its 200,000,000-bushel hoard of 1930 wheat to a European syndicate, bobbed iup again today and immediately was knocked down. “No negotiations are under way or contemplated with any European syndi- cate to provide for the sale of the stabilization corporation holdings.” said George 8. Milnor, president of the cor- poration, speaking over the ‘telephone from Minneapolis. ‘The Federal Farm Board frequently has admitted that it would like to get rid of its huge store of wheat, which is eating up its appropriation at the rate of at least $3,000,000 a month, but it is stopped by three things: 1. There is the promise made to farmers on July 1, that not more than 5,000,000 bushels of Farm Board wheat would be sold monthly from July 1 1931, to July 1, 1932—a total of 60, 000,600 bushels. 2. There is the fact that no syndicate exists in Europe with money enough to buy or influence enough to sell 200, 000,000 bushels of wheat, particularly when it would cut off most of the mae~ ket from other exporting countries. 3. There is the fact that American wheat is premium wheat—high priced and of high quality—and the Farm | Board would scarcely undermine the | market for new-crop wheat by dump- ing the old at ruinous prices. Such at least are reasons given today y_grain men. who say that no such eal as outlined in a New York finan- cial paper today is likely to be consum- mated. APPEAL IN RECEIVERSHIP CASE FAILS IN COURT By the Associated Press. PORTLAND, Me., July 20.—A petis tion for leave to appeal was denied the | Royal Indemnity Co. today by the | United States Circuit Court of Appeals | in its suit in equity against the Amer- | ican Bond & Mortgage Co. a Maine petition in bankruptcy was filed May 25. The petition for receivership of the bond company, which has large real estate holdings in Washi. gton, Chicago and New York. had been denied by | United States Judge John A. Peter: | A receiver in equity was recently ap- | pointed by the Northern Illinois District | Court and a special committee of creditors formed to adjust the concern’s financial difficultie: CHICAGO DAIRY MARKET. | CHICAGO. July 20 (# —Butter, {14334, unsettled: creamery specials (93 score), 25a2515: extras ( 92 score), 241.; extra firsts (30-91 score), 23a23" firsts (88-89 score). 211,82215; (86-87 score), 18a20: standards score, centralized car lots), 24'y. 19.128: unsettled; extra firsts, 20a21; fresh graded firsts, 19; current receipts, ~ LOANS our_ist. 2nd or 3rd Trust Do _You Need Mones? FRIEDMAN. ' 4519 MONEY TO LOAN ON D.C. REAL ESTATE No Commissions or Renewals Before Renewing Your Present Loan Consult Columbia Permanent Building Association 733 Twelfth St. NW. concern, against which an_involuntary | FINANCIAL ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. NW, LOANS ON IMPROVED DI T COLUMBIA REAL ESPA' SECURITY. 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, 515 % INTEREST BOSS and PHELPS Realtors Organized 1879 JOHN JOY EDSON, President REAL ESTATE LOANS Made at Low Interest Rate. TYLER & RU'ml-:R!-'ORD Money to Loan ;m:‘-‘""n‘u".‘m"& ._.:.:-’«‘.‘.L:"“‘ eh -..' - L. ; Trast No Renewals! No Commissions! For Re-financing or Purchasing D. C. Real Estate Only— 6% Open Daily 9 to 8§ Saturdays Until Noon NAtional 1381 NATIONAL BUILDING ASSOCIATION 949 NINTH ST., NW. UNDER SUPERVISION OF U3 TREASU = bbbl CoOpmiivs Billy.Aside Sist YEAR COMPLETED ‘WALTER 8. PRATT, Jr., Secrefary Subscription for the 101st Issue of Stock Being Received Those who desire to borrow money to pur- chase a home, refinance present indebtedness or improve property, should see us. Applications will receive prompt and eour- teous attention. on Real Estate 1 Do You Wish A Loan or to Take Up a First Mortgage? Loans Repayable Monthly No Brokerage No Commissions 915 F ST. N.W Interest s8uiaeg uo STABLISHED in 1814, The Metropolitan enjoys all the advantages arising from close contact with every phase of Washington's commercial ex- Ppansion. { Forward-looking business men find our broad-gauge service a means to their own expansion, and so will YOU. First Mortgage Loans Thomas J. Fisher & Company, Inc. RS Invest Wisely TAKE care of the money you interest. It is new capital and ought to be reinvested Guaranteed 67 First Securities Ideal Investment secured on income - producing, conservatively appraised proper- Capital. Denominations as low as $100 S!nd"(/’:r Booklet, “The Success Plan™ 1610 K St. N.W. N receive from dividends and promptly and safely. Mortgage Non -fluctuating investments ties right here in the NATION'S thiv Payments if Desired National 1403 T T T s We Give Property Management Personal Attention HE successful management of property de- m pends upon judgment and facilities. Our judgment is born of long and varied experi- ence, with facilities adequate for a large and growing clientele; so that we are best equipped to take full charge of apartment house, office building, residence and business properties—relieving owners of all in- cidental worry, and with the assurance that the net return will represent the utmost in profit. PROMPT remittance is the invariable rule of this office. RANDALL H. HAGNER & CGOMPANY MORTGAGE LOAN CORRESPONDENT Ao Zork 1321 Connecticut Ave. Washington Building | REAL ESTATE LOANS As Mortgage Loan Correspondent of the Metropolitan Life Insurance Company we are prepared to assist you. Construction Loans in Any Amount REALTORS Loans made in the and nearby Maryland and Virginia District 9486 rict of Columbia MORTGAGES AN INVESTMENT THAT IS SUBSTANTIAL AND SOUND The security behind our 6% FIRST MORTGAGES is improved Washington real estate, than which nothing can be more fundamentally sound, and our con- Over a Third ~Servative of a Century Without a Loss appraisement is an added assurance. From the earning point, that too, is most attractive because it is not only very liberal, but is fixed in amount throughout the life of the mortgage. May be purchased in amounts from $250 up. B FSall. GOl National 2100 THERE 925 15th St. N'W. IS NO SUBSTITUTE FOR SAFETY