Evening Star Newspaper, July 28, 1931, Page 13

FI ANCIAL, THE EVENING STAR, TELEPHONE PLANT | WILL BE ENLARGED C. & P. Company to Spend $93,440 on Equipment in D. C. BY EDWARD C. STONE. ‘Telephone plant and equipment to be added to the system of the Chesapeake & Potomac Telephone Co. in the Dis- trict of Columbia involving expenditures of $93,440 was authorized by the board of directors at its regular monthly meeting held today. Construction of these facilities brings the total amount appropriated for addi- tions and betterments to the telephone system_in the District 50 far this year to $2.637.653, according to John A. Re- mon, general manager of the company. The projects authorized include addi- tional dial equirment installation in the District. Metropolitan and National cen- tral offices, and in the long distance office, installation of secretarial private branch_exchange equipment and cable in the Westchester Apartments, and un- derground conduit and cable extensions in the Georgia central office district including the area north of Kenneay street on Georgia avenue and east of Georgia avenue to North Dakota sve- nue between Longfellow and Quacken- bos streets. Underground conduit and cable con- necting the new redy-Wwarren Apartments on Connecti avenue at Klingle Bridge and hous- cable in the building were elso included in the appropriation. Local Stocks Defy Depression. Two local stocks— Potomac Electric Power 5!, per cent and 6 per cent pre- ferred—have made an unusual showing during the present business depression. Both these issues are now quoted higher than they were in 1929. A recent compilation by Crane, Parris & Co. goes back as far as 1926 and shows that in that vear the 6 per cent stock sold at 109'; and as low as 105';. In 1927 the high was 112'. and the low 10733 and during 1928 this stock made @ high of 114 and low of 110. In 1929, the year of the Wall Street erash, the 6 per cent preferred made & high of 114 and low of 108. while last year its high mark was 113'; and low 110, So far this year, despife weakness in many stocks all over the country, Potomac Power 6 per cent preferred hes remained in this same range and even sold slightly above last year's best price. The present vield is about 5.25 per cent. The 51, per cent preferred was listed on the losal board h 1927, when it sold as high as 108 and down to 101's. In 1928 the stock hardly changed during the whole year, the high being 1087 and the low 107. It was more active in 1929, selling between 110 and 102'. | The year 1930 saw it selling from 105 up to 1091, At present it is selling around 111 nnd better, and has not sold below 110 this year. It yields about 4.93 per cent at present quotations. 1t ‘the majority of stocks on the New York Exchange had made such & record, the history of the depression would be & very different story. Reserve Bank Loans Reduced. The Federal Reserve Board's condi- tion statement of weekly reporting member banks in leading cities on July 22, shows decreases for the week of $131,000,000 in loans and investments, $153.000.000 in net demand deposits, $21.000.000 in time deposits and $28,- 000.000 in Government deposits, and an increase of $17.000,000 in borrowings from Federal Reserve banks. Loans on securities declined $44,000.- 000 at reporting banks in the New York district, $7,/00,000 in the Boston dis- trict and $63,000.000 at ail reporting banks. “All other” loans declined $21,000,000 in the New York district, $7.000.000 in the Philadelphia district, $6.000,000 in the Atlanta district and $45.000.000 at all reporting banks, Holdings of United States Govern- ment_securities declined $20.000.000 in the New York district and $18,000,000 at all reporting banks. while holdings | of other securities declined $10.000. 000 | in the New York district and $5,000,000 | #t all reporting banks. ! Bonds Again Exchange Leaders. Gentlemen preferred bonds on the | Washington Stock Exchange again to- | day, the day's turnover beng the Jargest in some time. | The opening transaction was in Potomac Electric Consolidated 53, $1.000 | selling at 105',. A small sale in Wash- ington Gas 6, series A, foilowed, at 10214 Washington Railway & Electric 4s opened with $1,000 seiling at 927, fol- | Jowed by a $1.000 sale and a $10.600 sale at 92';. The market trading in | this issue closed with $1.000 more of | these bonds selling at 925 After call, Potomac Electric Consoli- [ @ated 5s figured in another $1,000 sal &t the same price as the opening, 105';. Stock sales were confined to the Potomat Electric Power issues, the 6| per cent preferred recording three 20 | #nd one 10-share sale at 113} | The 5', per cent preferred came out t 110'., moved to 35 and closed at 101,, the day's turnover being 40 .hmn Bank stocks were wholly Capital Traction stock. recently been so active, was also quiet | glthough it maintained its recent strength, closing at 41'; bid and 43! Bsked. i Gleaned in Financial District. | James Trimble, vice president of the | National Bank of Washington, is back | at his desk after a week's vacation | passed in and around Washington. Lewis M. Thayer, a director in the | Federal-American National Bank & | Trust Co., has gone to Florida on an | outing. He left here for Miami, where he will fish for sailfish and barracuda in the Guif Stream. Crane, Parris & Co. are sending out a circular on Chesapeake & Potomac Telephone Co. of Virginia first mort- gage 5 per cent bonds. They are priced at 105', and interest to yield 445 per| cent, and are listed on the Washington, | Richmond and Baltimore exchanges. E. H. Rollins & Sons, Incorporated, are offering $2.000,000 Luzerne County. Pennsylvania, 3% per cent bonds at prices to vield from 225 per cent to 3.625 per cent. according to maturity. The bonds are dated June 1, 1931, and mature $200,000 each year from 1932 | to 1941, inclusive Owners of American corporate bonds. United States Government bonds and | foreign dollar bonds will receive $143.- | 220,806 interest in August. according o | the Standard Statistics Co. Redemp- tions, calls and maturities on these ob- | ligations will amount to $189,346,613. The Virginian Railway Co. reports net | income of $1.44 per share cn common stock in the first six months of 1931, 2gainst $3.95 a common share in the like pericd a year ago, after dividend requirements on the 6 per cent preferred | had Been covered. neglected. which has | v - EARN’INGS REPORTED. NEW YORK, July 28 (#).—Increased earnings for the June quarter this year over the like period of 1930 were re- ported today by the Consolidated Cigar Corporation. Net profit for the June quarter this year ¥us $615,686, equal to $1. .;9 a com- | mon share, compare $1.41 a share, in the June q\la er last year Colorado Fuel & Iron Co. reported June quarter net loss cf $389,061, com- pared with profit of $324,895 before taxes in the corresponding period last year. Butte Copdpflr & Zinc Co. for the quarter ended June 30, reported net loss ©f 814,474, compared with net profit of $37,196 in the June quarter of 1930 Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (l.’oOl). Stock ana Bates— Prev. grrev. 1031~ fl‘m 109“ lzk llfl'fi 23 625 664 Ly 17% 38 12% 12 129% 8% 86 4R% a8 b1% 64 814 26 ut. < Am Solv & Chem pf.. :.n. Dividend Rate. Abitibl Pow & Paper. 1 Alleg Cp $30 ww 63 . Alleg Cp $40 ww 5% .. Allled Ch & Dye (né) Amerada Corp (2 Am Bank Note (13).. Am Banx Note pf (3) Am Beet Sugar Am Beet sunr pf. Am Car & Fdry (1) Am Car & Fdy pf (7) Am Chicle (13)...... Am European Secur, B = L3 Am Home Pr (4.20).. Amlce (3)... Am International Am Locomotive (1).. Am Mch & Fay 140 Am Mach & Metals. Am Mach & Met ctfs. Am Metal Co. Am > Am Pow & Lit (¢ Am Pow & Lt pf Am Ra&Std San Am Roliing Mil Am Safety Razor (5) Am Smelt Ref (2 Am Sm & R 2d pf () Am Sm & Ret f (1) Am Snuff (13%). Am Solv & Chem - -3 - TS T T T PN RPN ‘Am Stl Foundries(1) Am Sugar Ref (6)... Am Tel & Tel (9) Am Tobacco B (16) Am Water Wk (3) % Am Woolen Am Woolen pf. Anaconda Cop ( Anchor Cap (2.40). Armour of Il A, Armour of Ill B. Associated Apparel. Asso Dry G (3% * Atch To & S Fe (10) . Atch To&S Fe pf (5). Atlantic Refining (1) Auburn Auto (£4)... 83 Austin Nich pr A (n 20- Autosales Baldwin Loca pf (7). so. Palto & Ohio (5) Barnsdall (A) (1)... 2'\ Beatrice Cream (4) Belg NRyptpft482 3 Bendix Aviation (1), 29 Bethlehem Steel (4). 146 Bohn Alum & Bri%. 5 Borden Co (k3). . 16 Borg. Warner (1). Huc)rul @)...» Bucyrus cv pf (2%). Bullard Co. Bulova Watch (1%4). Butterick Co. . Rvers (A M Callahan Zinc & Ld.. Calumet & Arizona. Camp W&C Fy(1)... Canada Drv G A (3). Canadian Pacific 1% . 86 Car Clin & O sta (5). 1008 Case (J 1) (8). 146 Case (J 1) pf (1) 408 Caterpillar Trac (3). 6 Celotex Co pf. . Century Rib Mill Cerro de Pasco (1) Ches & Ohio (2%). Chickatha Cotton Of} Childs Co (2.40) ..., Chrysler Corp (1) . City Ice&Fuel (3.60) Clark Equipment (2) Collins & Alkman. .. Col Gas & El (2). Columbia Graph bée. Col Grapho ctfs 56ec.. Columb Carbon (5).. Comel Credit (2).. Comcl Credit A (3), Comim Inv Trust (2) 4 Comcl Inv Tr pf 6% hs 135 57 13 561 10 21% L 42% 218 3 45l 24% 87 14 14 30 Comm Solvents (1). h&Sou (40c). Soitne .n { e, i Conec RRTeaIPtin . v Conso! Film pf (2) Consnl Gas N ¥ (4).. Con Gasof NY pf(5) Container Corp (A).. Contl Bakine B.. Contl Can (2%). Contl Dia Fibre (1), Contl Insur (2 40)... Contl Motors, Contl O of Del. Cuba Co.... Cuban. Cuban Dom Suear. . Cudahy Packire (4), Curtis Publish (4).. Curtis Publish nf «7) Curtiss Wright Carp Curtiss Wr Corn A Tavson Cheniical . Del Lack & Wn (4).. oiamond Mtch of 1% Dome Mines (1)..... Domn Stores (1.20).. Drug Corp (4).. Dupont de Nem (4).. D1 P de N deh nf (§) Eastman Kodak (1! ton Axle (160)... tington-Schild pf. Flec Auto Lite (6) t5lec Boat. . Elec&Musical Instru Elec Pwr & Lt (1)... Flec Pow & Lt pf (8) Elec Pow & Lt pf (1) Ble Stor Bat (6).... Endicott-JTohn (3). .. dicott-John pf (1) & Public Sve (2).. Eaq Office BlAg (2%). Kairbnks Morse 1.60. Fed Lt & Tr (31%).. Federal Screw Wks. . Fed Wat Sv A (2.40), Federated Dept Strs. Fid Ph Fire In (2.60) Filene's pf (6% ) Firestone T & R (1). 4 Firest T& Rpf (6).. First Nat Strs (2%). Fisk Rubl Fisk Rubber 15t pf. . Foster Wheeler (2 Fourth Nat Iny Fox Film (A) (2%). Freeport-Tex Gamewell C Gardner Motor. . Gen Am Tank Clr(l) Baking (2). Gen Elec (1.60 Gen Elec spec (80c). Gen Focd Corp (3).. Gen G & El A (e30c).# 9 GenG & El pt A (7). 30s Gen Mills (3). Gen Mills pf (6 Gen Motors (3) Gen Motors pf (5 Gen Ptg Ink pf (6).. Gen Public Service. . realts & 1111 tefractories (3) beater Equip. . Gillette Saf Rasor. Gillette Saf R pf (5) lBOl Gimbel Bros. . Glidden pr pf (7). Gobel (Adolf). Gold Dust (3% ). % 14% 8% H‘a zzu 19% 4% 14% 7% 15% 67 22% 19% ]15% 114% 1814 39 sm 10'- 284 7 69 4 671 5% 4 4214 1% 5 5% " 41 1% 124 12334 143 18% 39 61% 104 2sw ss 981 1% 61 42% 20% 28 608 2014 137 17% 3215 30 2% 1% 10% 4 42 1% 5 5 3 4015 701 113% 15 1234 1404 10214 11 6414 12% £y % 14% 1% lb‘fi 22\« 19% 115% 18% 39 1234% Add 00. Hign. Lov. Olose. Liose. 4% 14% T5% 16% 674 20% 52% 13% 6% 6% 22% 26% 18% 20% 69% 28% 6% 94 6'3 85 16% 581y ~Prev. 1931~ High. Low. 117% 104 8 s'« 4l 21 74 39% e 104 T 8 R1n 14a 25 1736 18 56 4% 45% 11% 6014 7 3% 68 64 317 ) 454 244 12 31%% 11 14% Stock and Bales— Dividend Rate. Add 00. High. Low. Closs. Close. Gold Dust pf (8). Goodrich (B F) Goodyear Tire&R(3) Gotham Silk Hoslery, Gould Coupler Graham-Paige Granby Con Min (1). Grand 811 Strs (h1).. Grand Union. Granite City § Great Northn pf(4) Grt Nor Ore (2) Grigsbv Grunow Hall(WF) Prtg(1.20) Hanna pt (7)., Hartman Corp (A). Hartman Corp (B). Hayes Body. Hercules Pow Hersh Choc pf (16) Hollander Son: Houdaille Hershey. , Household Fin pt (4) Houston Ofl. . B Houston Ofl (new). Hunp Motor: 11linols Central (4) Indust Ravon (4).. . Ingersoll Rand (4)., Inland Steel (24). ., Inspiration Coppe Insuranshares Del A. Interb Rap Transit., Int Carriers, Ltd 50c, Int Combustion. . Int Harvester (3%).. Int Hydro El A (e2). Int Match pf (4). Int Nickel (80¢).... Int Paper pf. Int Paper & Pow Int Paper & Pwr pf Int Rys Cen A pf (5 int Shoe (3) Inter Dept Strs (2 Inter D St pf xw (7). . Kennecott Copper (1) Kresge (SS) Co 1.60.. Kreuger&Toll (1.61) Kroger Groc&Bak (1) L.ambert Co (8, Leh Valley Coal Livg & Myers B (15). Lily Tulip Cup (1%) ILiguid Carbonie (3) » Loft Inc..... Toew's Inc (3). Toose-Wiles (12.90) . Lorillard (F) Co Lorillard (P) pt o L'ville & N'ville (i). Ludlnm Sr McAnd & Forbes (2 MacA & Forb pf (6) McCall Corp (2%). .. McLellan Stores. McKeesport T P 5% McKesson & Rob (1) Mack Trucks (3)... Maracaibo Ol Exp. Marine Mid (1.20). Market St Ry pr pf. Marlin-Rockwell (2 Marmon Motor Car.. Marshall Fleld (23) Mathieson Alkall (2) Maytag Co pf (3).. Mengel Co. . Mexican Seaboard. Mid Continent Petm.. Midmand Steel (3).... MilEl R & Lt pf (6). Minn St & SSM pf. Mohawk Carpet Monsanto Ch W (1%) Montcomery Ward. . Morris & Essex3%.. Motor Wheel (1). Mullins Mfg. Nash Motors (4) at Bella Hess. 7 t Biscuit (2.80). Nat Cash Regiater A, iat Dairy (2.60). \at Lead pf B ( Nat Pow & Lt (1).ee at Steel (2). Xat Supply Co. \at Tea (1) Jevada Cop \ Y Afrbrake (1), \ Y Central (6).. N Y & Harlem (5). ¥ Investors. { Y N H & Hart (8 NYNH&HDf (T).. N Y Ont & Western. 3 S AN RN S N WASHINGTON D. C, TUESDAY, JULY 28, 1931. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. llfllfi 112% 13 L L £ 13% !13% 86 86 5% % 2% 296 110 110 102% 102% 15% 156% 4% 4% 58% B8 g 4« 9 8% ¥ 47 46 29'% 9 2 » £ 101 87 108 N Y Steam 1st pt (1) 110 Noranda Mines...... Norfolk & Southern. Nor Am (b10% stk). North Amer pf (3).. North AnwAviation. . Northern Pacific (6) Ohto il . Omnibus Corp. ..aeei Omnibus pt A (8). Otls Steel o Otis Elevator (2341 Pacinc Gas & E1 (2). Pacific Lighting (3). Pacific Tel & Tel (7) 210. 5 Packard Motor (48¢) Panhandle P& R, ... Pathe Exchange A.., Peerless Motor Car. . Penick & Ford (1)... Penney (J C) (2.40). Penney (JC) pf A (8) Tenn Raliroad (3)... Petrolm Cp of Am(1) Phelps Dodge (1), Phila Co pf new (6. Phil ReAdC& Loouvm Philip Mor & Co (1).. Phillips Petroleum. . Pilisbury Flour (2)« PR Am Tob B. Postal Tel&Cabie pf. Prairie Oil & GRS.... Prairie Pipe L (3)..s Pressed Steel Car. ... Proct & Gamb (2.40). Prod & Refiners. .... Pub Sv N J (3.40). Pub SvNJpt (5).ee Pub Sy NJ pf (7) Pub Sve G&E pf (5 Pullman Corp (4) Pure O11 Purity Bak Tina1o Corp. Radio Corp B (). ... Radio-Keith-Orph A. Raybestos Man 2.60.. Tteal Silk Hoslery. .« Remington-Rand. Republic St Republic § Reynolds Metals Reynolds Tob B (3). Rlo Grande Ol Al Dteh (m?. way Stores (6). St Joseph Lead (1).. St Louis & San Fran. an Fran pf (6) jouthwestern Savage Arms (2) Servel Ine. Sharp & Dohm Shattuck (FG) (11%) Shell Union Of) Simmons Co. . .. Sinclair Consol Ofl Solvay Am pf ww 6% South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed (2) South Dairies B. South Pacifi alding (A G) (2)-« Svarks Withing (1). icer Mfg pf (3). leizel- May -Stern. . nd Brands (1.20). Stand Brands pf (7).« G & B (3%) ¥ Stand Uil Cal (n2%) Stand Ol N J (12). .. Stand Ol N ¥ (160). Sterling Sec A. Stewart Warner..... Stone & Webster (3). 4 9 v 1 46'% 53t 127 L 1% 234 22% 6 6 1% 6% 1% 100% 100% 1361 134 105 106 36'% 8 28 17% 8914 l)O‘h 110!1 43% 3% 82 294 58 26 8 25% Rig 4 18 1T% 122'& 122 62 36M 37% 1% 3 10% 30% 1;% (Continued o Page 14 | | STOCKS IRREGULAR INDRAGEY TRADING Market Operators Await Ac- tion on Steel Dividend, Some Gains Scored. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, July 28—Faced with the virtual certainty that the dividend on United States Steel common stock would be reduced atsthe meeting of the directors after the close, today's stock market displayed no trepidation. Trad- ing was very dull but prices, taking the lst as a whole, gained ground. Steel itself hardly varied 'a point all day. Such speculative interest as there was centered about the industrials. The rails were ignored. The stocks best liked were the motors and a few merchandis- ing shares, including the American ‘Woolen issues. Olls were firm. There was much specuiation in brokers' offices as to what would be the proper price level for Steel on a $5 an- nual dividend basis and what it would sell for if the rate were cut to $4 a share, but this discussion was not re- flected on the tape. A sale of 100 shares for delivery 10 days hence took place at 91, showing that the buyer of this one lot had considerable confidence. Among the features on the side of ad- vance were Mack Truck, up over a point, without explanation; American | Woolen preferred at & new high on the movement, reflecting the financial posi- | tion of the company and the fact that it will be the first capital obligation at | the end of the year, when all the fund- fd indebtedness will have been retired, and J. C. Penny, which advanced on its favorable earnings statement. Selling in Childs Co. carried that stock down to & new low for the year, and a new low was made by National Supply, which omitted the common dividend the other day. Ofll stocks as a group were very steady and Houston Oil was up & point. In the motor list pressure against Auburn auto continued. The stock add- ed 4 or 5 points to its loss of over 10 points on Monday. In some quarters the selling was attributed to downward revisions of earnings estimates. Other | automobile stocks held well. Little attention was paid to the for- eign situation, which, however, judg- ing frem the market for German dol- lar bonds, had improved. Sterling ex- | change opened 's of & cent lower, while | francs were unchanged. Copper metal was sald to be offered | at 7% oents a pound, close to the rec- | ard 1ow. Wheat had snother decline, the price at Chicago falling to & record low for two deliveries. | | Steel Operations. { NEW YORK, July 28 (#).—Inland Steel Co. has biown out a blast furnace and now has two out of four in service | in the Chicago distriot. With the Illi- nois Steel Co. using five, Wisconsin | Steel Co. one and Youngstown Sheet & | Tube Co. one, there are 9 out of 36 furnaces in the Chicago district in serv- ice. Dow, Jones & Co. estimates that average output for the district is close to 30 per cent of capacity. it il A A French fifteenth: century manu- seript on vellum of * Thp Lr.x"' was sold | in London recently f INVESTMENT TRUST SHAREHOLDERS GAIN During the pm 30 days the number of shareholders of Incorporated In- vestors increased from 15,564 to 15,848. ‘The gain of 284 for the 30-day period was considerably greater than the av- erage increase of slightly over 160 each month during the first six months of the year. 1t is significant that the recent gain was made in spite of the wave of un- certainty which swept over the country upon a keener realization of the seri- ousness of the European situation. In the opinion of the management this indicates an increasing confidence among investors in the strength of American industry and in the current level of common stock pnces C. & P. OF BALTIMORE SHOWS REVENUE GAIN Total Earnings for Six Months Reported at $7,165,761—Serv- ice Is Increased. Special Dispatch to The Btar, BALTIMORE, July 28.—Telephone revenues of the Chesapeake & Potomac Telephone Co. of Baltimore City in June amounted to $1,214,033, the re- port of operations, according to the monthly report just filed with the Public Service Commission. Expenses during this period were $916,490, mak- ing net telephone revenues $297,542. Telephone revenues for the six months ending June 30 were $7,165,761, as compared with $7.052.312 for the same perlod last year. Expenses for the six months ending June 30 were 35,483,907, as compared with $5522 465 for the similar period in 1930. Net telephone revenues for the first six months of this year were $1,681,854. The company’s revenues for the 12 months ending June 30 were $14,- 293,501. Expenses during this period were $11,159,664, making net telephone revenues $3,133,835. This is equivalent to 6.68 per cent on the average value of the company's property as fixed by the Public Service Commission as of De: 31, 1924, plul addi ‘This MR FRIEDMAN 416 5th St. N.W.. Room 307 NAT. 4519 INVESTMENT SECURITIES and SERVICE U. 8. Government, Federal Land Bank, Railroad and Utility Listed, Preferred and Common Stocks, SeasonedlIssues, North American Trust Shares KNAPP & Co., INC. INVESTMENT SECURITIES Washington Office Shoreham Building Phone Metropolitan 1522 “RO0AN WIXOW CV E SHOULD like to offer our facilities for the placing of your in- vestment funds . . . For more than forty years the H. L. Rust Company has been making first proved properties ttust loans on im- in the District of Columbia and adjacent Maryland Sub- urbs. Investors have found the notes SAFE in the abundance gf the security —CONVENIENT in thgir denomina- tions—PROFITABLE in the highest interest yield consistent with a conservative investment. FIRST MORTGAGE NOTES 6% H. L. Rust Company 1001 15th Street Not a Fised Trust Bighth Year Nat'l. 8100 to plan for Financial Independence Massachusetts Investors Trust, through five systematic pla gives a practical answer tp the following question: “Where can I place my money where it will be secure; where it will produce satisfactory income under expert manage= ment; and where I can withdraw a amiount at any time—at its true worth?” Pofllon or the entire As a true mutual investment association, Massachusetts Investors Trust manages the savi of its investors in much the same manner as a Trust Fund is managed by the Trust rtment of a Bank. Its shares have instantaneous marketability, based on asset value. A firm bid s:lee has been main! tained at market levels every business 1924. You can withdraw at any time. Send for ]ou'l—"luflflu A Monthly Income Thml:’: Systematic Investment.” ‘coupon. Five plans are shown—use A. S. GOULDEN & CO. Ine. Woodward Bldg., ‘Washington, D. C. value on June 30 was $47,587,131, ‘Taxes assignable 1o operations in June lmounud to $130,! B'Il which was an increase of $9,241 over the same month last yeal ‘Taxes for the ux months ending June 30 amounted to $772,815, as compared with t715 595 in June of 1930. Taxes for the 12 months ending June 30 amounted to $1,467,020. Capital - expenditures for new plant and equipment in Maryland for the first six months of the year amounted In tl 979,987. Gross retirements during Der_foon i L SILVER QUOTATIONS. . NEW YORK July 28 (#.—Bar Ifl‘\ r decline of % lddlt ons $694,665. of us for a FIRST TRUST L Yennd were $1,285,322, making net Net additions to plant for the 12 months ending June 30 amounted to $1,309.643. Maryland was served by 220,642 tele- Money to Loan M firsi .looepl:l w.u., @ AN for we EON T feel any hesitancy in making application will be very glad to entertain the proposition —promising prompt and careful attention, We have abundant funds available for First Trust Loans on approved apartment house, office bmldmg, residential and business properties, lo- cated in Washington, or nearby Maryland and Vir- ginia. The period may be for 3, 5 or 10 years—and the interest will be only. RANDALL H.HAGNER & Coxpm 5%:% MomrGAGE Loan Corwme N kS Srdarercs Gomlongr 1321 Connecticut Ave. PROPERTY Deuhlrm MANAGEMENT Apartment House MANAGEMENT JUST think for a moment what X he the month made 27, 216000 calls, 'hich was an increase of 2 the ealls made during the last year, ver th a relief it will be to transfer - the worries over the management of that apartment house to us— ° with our facilities for coping with every angle—overhead, profit, rentals, repairs—everything. 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Members New York Stock Exchange 1510 H Street Connecticut at K WASHINGTON Telephone Natiomal 9600 Baltimore London Philadelphia Richmond A Banking Connection With any American Security Office affords a valuable contact with all de- partments of this strong bank and with executives who are cnpable of inter= preting its broad pollcxes in terms of your individual needs. Every Banking and Trust Service AMERICAN SECTRIT 15th and Penna. Ave. Central— 7th and Mass. Ave. NW. Southwest— 7th and E Streets S.W. Capital—$3,400,000 Branches: Northeast— 8th and H Streets N.E. Northwest— 1140 15th Street N.W. Surplus—$3,400,000