Evening Star Newspaper, July 30, 1931, Page 13

FINANCIAL, LOANS STAR, WASHINGTON, D. C., THURSDAY, JULY 30, 1931. STOCKS IRREGULAR ™5 Steet “Satary THE EVENING NEW YORK STOCK EXCHANGE FINANCIAL. SAVINGS MOUNTING, Authorized Service United American Bosch In Steel Salary 416 0b u N.W., Room 707 NAT. 4519 IN MUTUAL BANKS Largest Total and “Highest Average Per Person Re- ported Today. BY EDWARD C. STONE. ‘More than 13,000,000 people now have averagé accounts of $753.56 in the mut.unl eavings banks of the United tates, amounting to total deposits of l9978961 981 on July 1, according to figures compiled by the National Asso- ciation of Mutual Savings Banks. This is the largest accumulation of smalll capital ever held by the mutual insti- tutions in a century of existence and aleo represents the highest average sav- ings achieved in that time. The aver- age a year ago was $§743.21. On Janu- ary 1 it dropped to $740.85, advancing almost $13 since that date. The assets’ of the banks had an equally impressive increase in the vear ending July 1, rising better than dollar for dollar with deposits. The gain in assets amounted to $882.686.088 and the gain_in deposits was $831,076,122. Of not less interest was the increase in de-‘ sitors, numbering 966.826. As the | ational Association of Mutual Savings | Banks points out, this latter gain shows | that the rising deposits came largely | 138% from the pockeis of new depositors. 4% The trend of savings offers interesi-| 81% ing sidelights. Thus the rate of gain mn| 113 deposits advanced in the first six| 60 months of 1931 compared to the last| 201% six months of 1930. For the earlier pe- riod the rate was 3.67 per cent and for the later period, 5.41 per cent. It is also evident that the gain in deposits has been centered in the larger banks, which would tend to show that smaller communities have hed less money to save. In fact, the 100 largest mutual institutions had 87.18 per cent of the whole gain in the 12-month period. But they held only 67.32 per cent of deposits. New York Heads List. Of the 17 States in which mutual savings banks operate, New York easily led the Nation, having total deposits on July 1 of $5.160,429.492, a gain for the year of $596,214.543. An average would mean $857.96 for each depositor, considering above the national average, and $20.12 above the State average a year ago. Massachusetts followed New York in total of mutual savings deposits and amount of increase, $2,166.269,831, in the first case and $71,286,394 in the second. The average per depcsitor was $704.87, a gain of $11.63 for the year. Pennsylvania held third place with a g3in of $61478187 and an average of $669.15. Connecticut took fourth hon- ors with $30,860,452 gain and $682.48 average. New Jersey stood fifth, $24,- 684,438 gain and $542.25 avreage. The gain in depositors by States was much in the same ratio—New York, 567.191; Massachusetts, 122,295; Pennsylvania, 101,290; Connecticut, 73,979; New. Jer- sey, 36,636, In this period of expansion the sav- ings banks were called upon to find larger outlets for their deposits at a time when sound investments have been restricted and returns upon capital low- ered. Considerations of safety made it necessary in many instances to reduce dividend rates paid to depositors, but the decline for all the banks in 12 months was only .11 per cent, from 4.60 a year ago to 4.49 on July 1. Money Placed in Mortgages. All signs point to a continued steady increase of savings, althcugh this may not mean a growing ratio, according to the savings bankers, New accounts, it was said, had been received from men and women in every-day walks of life. Prime mortgsges continue to be the largest outiet {°r this reservoir of small capital. Utility bonds are taking a siz- ab'e part of the increased funds and Iroad and Government bonds receive another considerable share. his is the association which held its annual convention at the Mayflower Hotel here last April, some 700 dele- gates being present. In connection with the above report the association gives a list of the 100 largest mutual savings banks in the United States. The Bow- ery Savings Bank of New York is the largest, having $457,822,318 in deposits. The Savings Bank of Baltimore ccmes twentieth in the list with $82,307,019 deposits. The Eutaw Savings Bank, Baltimore, stands forty-first, mvm;' $52,692,42§ In savings on its books. i Philadelphia Banker Sees Turn, J. Thilman Hendrick, chairman of the board of directors of the Lanston | Monotype Co., has returned from a| short trip to_the h2adquarters of the company in Philadelphia. While in the Quaker City he had a h]k with the president of one of the largest banks there, the banker stating that he had recently noted a slight im- provement in business conditions. The indices in several different lines indicate a favorable turn, he said, although he added that no real business bulge could be_expected at this time. The Philacelphia banker referred | especially to the installment buying situation. In his territory the vast} number of Installment payments which have been dragging along ever since the | ‘Wall Street break, have now been prac- | tically paid off. Of course little could be accomplished in the way of obtain- ing new business until these back pay- | ments were wiped out. he said. With! these payments out of the way, the| situation should be considerably better, the banker added. Mr. Hendrick withheld the banker's name because he could not quote him verbatum, but thought his views well worth passing on. Today's D. C. Exchange Trading. ‘The largest bond sale on the Wash- ington Stock Exchange today was af $4,000 transfer of Potomac Electric! Consolidated 5s at 10515, A sale of $1,000 Washington Gas 6s, series A, was recorded at 103% . and $500 Capital Traction 5s changed hands | at 84. Another $500 sale was recorded | foday in Columbia Country Club 81s| 108 at 1001, | o Both type stocks were out, Lanston 5% Monotype opening at 88 and closing 1t 1's 87% on a 20-share turnover, while 20| 100 shares of Mergenthaler Linotype 5% changed hands at 77% Commercial National Bank stock ap- | peared on the board at the same prie | as it recorded yesterday, 210 for 10 shares. Gleaned in Financial District. |28 William D. Hoover. president of the i3 National Savings & Trust Co., will luvel 24 here shortly for a month's vacation at| 7ga Belgrade Lakes in Meine. Not only is| y07 Mr. Hoover an extra good golf player, | o5 but he has made some very fine records lm; with the rod and line. Charles E. Hnwe treasurer of the| American Becurit & Trust Co. and a member of the Washington Btock Ex- | change, hf been confined to his resi-! 1 dence for A few days with illness. H Jesse L. Suter, member of the staff of Harriman & Co, is accompanying | G. Bowie Chipman on his yacht Irma, | which is now bound for the Maine Coast. New York dispatches state that A. w. | Mellen, jr., has become g member of the treasurer's divisicn of the Metro- politan Life Insurance Go. His work will be mainly in connection with the investment of the insurance company's funds in public utility securities. Mr. Mellen has been with Harris, Forbes & Co. for the last nine yenrs, during the last six years of which he has been in the w‘plc utility buyinu de) }nttmem President Edmund First National Bank & 'mm Com- pany of Bridgeport, Conn., and a| 47 former Washirgton banker, announces 9% the election of Lewis A. Shea s a vice | 254 president of the bank. Mr. Shea relin- | 65 quished the postion of national bank 484 examiner, assotiatéd with ' theé New 54% ‘ ¥York Federal Reserve District. 66 T 4 Best & Co (2). ... Received by Private Wire Direct to The Star Office. Ne All stocks wold in hundred-share lots Ul:flt“-ln( those a-‘n"mud by ‘Il..:lefier s (80s) (l”l). ~Prev. 1031 Btocx Dividend ‘Hate. Add 00, Hish. Taw. Cines. Cows. tibl Pow & Paper 8 Adams Exvress (1).. 44 14 % Adams Millfs (2). 1 Adv Rumley (new).. Alr Reduction (14%) Alagka Juneau (40c) Alleg Corp. . Alleg Cp $30 Alleg Cp $40 ww 6% . Allied Ch & Dye (n6) Allfed Ch & D of (7). Allis Chalmbers (3).. Amerada Corp (3) Am Agri Ch of Del. Am Pank Note (43) Am Beet Sugar pt Am Br Shoe (2 40), Am Rrown Bov Elec. Am Br BEDS (7). Am Can (+6)... Am CaP& Fdry (1). Am Chicle (13). Arn European Secur. Am & For Power. ... Am & For Pw of (8) Am Home Pr (4.20).. Am lce (3)... Am Internatio - Am Locomot pf (7).. Am Mch & Fdy 1.40., Am Pow & Lt pf (8). Am P& Lnf A st (5) Am Ra&Std San 60c. Am Rolling Mills. .. Am Safety Razor (5) Am Smelt Ref (2)... Am Sm & Ref pf (7). Am Solv & Chem. Am Stl Foundries(i) Am Steel Fdy pf (7). Am Suxar Ret (5), [l Fay (8)... Wks (3) Am Zine Lnll &Sm. Anaconda Cop (1%). Anaconda W & C (1) Armour of Il A Armour of Il B Armour of Il pf. Arnold Constable. Art Metal Const (1). Assoclated Apparel. . Atch To & B Fe (10). AtlGulf & W I pt (5) Atlantic Refining (1) Auburn Auto (f4). Autosales Aviation Paldwin Locomotive Balto & Ohio (5).... Barker Bros........ 208 Rarnadall (A) (1)... Bayuk Cig 1st pf (7) 50s Beatrice Cream (4).. 1 Bendix Aviation (1 261 Bethlehem Steel (2), 9 3 354 Bethlehem 8t pf (7). ! 105 Rohn Alum & Br 1%. Booth Fishertes. Borden Co (k3) 1 Prev, 1991~ High. Low. K ‘0 48 39% 9% 234 6% 37% 71 12% 5% 21 1% | 179% 117 12% 62% 4 €04 31 784 16% 204 10% 6 Ay B4 51 38t 21% 914 571y 80% 123 116' _Jon 45 4 GenGas & Elec B e30 85 Gen Mills (§) 81% Gen Motors (3) Add 00. 4% GenG & EI A te306). 218 Gen Ptg Ink of (8).., lDl Gen Public Service. . Gen R & Ut pf (e6).. Gen Refractorles (3), Gen Theater £quip. . Gillette Sat Rasor... (.uum !nt Rt (8). P e 1 Qoodrich (BF)..... Qoodyear Tire&R(3) Goodyear 18t of (7). Gotham Silk Hostery (iraham-Paige...... Granby Con Min (1). Grand Union. . Granite City Steel () 28% Grant (W T) (1).... 428 Great Northn pt(4). 1714 Grt Nor Ore (2)..... 2% Grigshy Grunow 10 Gulf States Steel. Hahn Dept Stores. ., Hanna pf (7)., Hahn Dpt Bt bf (6%) Harb Walk Ref (2).. Hartman Corp (A).. Hercules Mot Co 806. Helme (G W) (17).. Hercules Pow pf (1), 1 Hersh Choe bt (15).. Hollander Sons. .. ... Homestake Min (17) Houdallle Hershey H Houston Of1 Howe Sound (1) 1 Hudson Motor (1) 5% Hnnn Motors Y uunaucmu—-lu).. 1% Indian Motor Cycl 2 Indian Refining. 2114 Indust Rayon ( 39% Inland St 10% Insuranshares Del A 1% Int Agricultural Int Bus Mach (n6).. 6% Int Carri Lta 60c. 27% Int Cement (4) . 1% Int Comb on. 38% Int Harvester (l*)- 16% Int Hydro El1 A (e2). Int Match pf (4).... (nt Merchant Marine - (80¢). Int Paper & Pow A.. Int Paper & Pow B. . Int Paper & Pow C.. 1884 11% D!p'!(rl .. 35 tars Equity . 3614 Jewel Tea (4).. 40% Johns-Manville (3). 25 Kansas City Sou (2). 10% Kayser (J) & Co (1). Kelly-Spring ’nn Kelly-Spr T of. Kelly-Spr T l$ vf S el - & Lang of (7). 10 01 » -swu»»-—a.a‘fizau.an-;«m. Sconaranne = a% 2 o Shmam #% | periogl of selling in the first hour, but Borg. Warner (1)... Botany Con M (A).. briges Mg (11%).. Brockway Mot Trk. . # Bklyn-Man Tr (4)... 12 7008 ol 8 3 Kelsey-Hayes Wheel 126 Kreuger&Toll (1.61) Kroger Groc&Bak (1) 20y 23 104 29% 244 1% Bklyn Man Trpf (6) 1 Bklyn Union Gas (5) & Brown Shoe pf (7)... 108 Bruns Ter & Ry §. 3 Bucyrus (1)..... 2 Bucyrus cv pf (2 1 Budd (E G) Mfg. 1 Budd (EG) Mfg s Budd Wheel (1) 2 Bullard Co. .. 2 Bulova Watch (13%). 1 Burroughs A M +13%. Bush T Bldg pf (7) Butterick Co....... Rvers (A M)... Calif Packtng (2) Calumet & Arizon: mp W&C Fy(1)... ‘anada Drv G A (3). Canadian‘Pacific 1% . Cannon Mills (1.60). Capital AdminA. .. 2 Cap Adminpf A (3). 2 Car Clin & O ata (5). 208 Case (J 1) (6)....... 627 Caterpillar Trac (3). 10 Cent Aguirre As1%. 3 Century Rib Mills 4 Cerro de Pasco (1). Cheeker Cab Mfg Ches & Ohlo (23). Chesapeake Corp (3 Chi & Alton Chi Great Wi Chi M1l St P & Pac. .. ChiMiIStP&PDL.. 4 Chl & Northwest i4). 8 Chi Pneu Tocl. 1 Chi Pneu Tool pf. 3 ChiRI&Pac(m2¥%) 18 ChiR1&Pacof (1). 4 Chi StP M & Omaha. 1 Childs Company . ... Chrysler Corp (1)...1646 City Ice & F pf (834) 20-; Clty Store Clark Equ: Coca-Cola A (3). Collins & Afkman. Col Gas & El (2). Col Gas & Fl of A (8) Columbia Granh §6e. 1 Col Grapho ctfs 56e. 10 Columb Carbon (5)., 28 Comcl Cred pf B (2). 108 Comm Inv Trust (2). 2 Comm Solvents (1).. 102 Comwith&Sou (40c). 29 Cmwlith & Sou pf «6) 8 Conde Nast Pub (2).. 2 Congol-Nairn (25¢).. 26 Congol Film pf (2) 1 Consol Gas N ¥ (4). 76 Con Gas of NY nf Contl Baking A Contl Baking B. Contl Baking pf (8).. Contl Can (2%)..... 35 Contl Dia Fibre (1).. Contl Insur (: Contl Motor: Contl Ol of Cont Shar Corn Products (14).. Cotv Ine Cream of Wht (1234) Crex Carpet. Crosley Radio. Crucible Steel. . Crucihle Steel pf (1) Bo Cuha Cane Prod..... Cuban-Amer Bugar Cuban Dom Sugar... Curtis Publish Curtiss Wright Cy Cushman’s pf (T)... Cushmans of (8) tmvison Chemical Deere & Co pf (1.40), i Del Lack & Wn (4).. 87 14% [y 71 17% 4% 1% 36% 41 - Diamond Match (1). Olamond Mtch of 1% Dome Mines (1)..... JDomn Stores (1.20 Drug Corp (4). Punont As Nem Bastman Kodak (13 aton Axle (160). tllec Auto Lite (8 Filec Boat. . Klec& Musical Instru Klee Pwr & Lt (1),.. Blec Pow & Lt pf ( lee Stor Bat (5) Eureka Vac CI. krie RR. Brie RR st of (4)... Brie RR2dpf. Federal Screw Wk Fed Wat Svc A(1.20) Fid Ph Fire In (2.60) First Nat Strs (23%). Fisk Rubber 60% 19% 6 l.ambert Co (8). Lehman Corp (3). 4 Leh Valley (2%4). Lib Ow Ford Glass. . Live & Myers B (t5) Lily Tulip Cup (1%) Liquid Carbonie (3). Loew's Ine (3) . Loft Inc.... Lorillard (F) Co. Lorillard (P) pf (1)+ LouG&EA HK)., McCrory pf (6). McGraw-Hill (2).... Malntyre Porc M (1) McKeesport T P t5% McKesson & Rob ‘1) McKes&Rob pf(3%) McLellan Stores.... McLellan St pf A (6) Mack Trucks (3).... Macy (RH) & Co(n3) Mad Sq Garden (60c) Mallizon & Co . Man Elevm g staracaibo Ol Bxp. . Marine M1 (1.20)... Marlin-Rockwell (2) Marmon Motor Car. . Marshall Field (2%) Mathieson Alkali (2) May Dept Strs (23). Meiville Shoe (2).... Mexican Seaboard. .. Miami Copper Mid Continent % Midland Steel pf (8). MilEl R & Lt pf (6). Mo Kan & 5. Mo Kan & Tex pf (1) Missouri Pac pf (6). Mohawk Carpet..... Monsanto Ch W(1%) Montgomery Ward. . Mother Lode. .. Motor Wheel (1).... Mullins Mfg. Mullins Mfg pr ('l). Murray Corp. 20 Nash Mumr-u).... 66% L.t Biscuit (280).. 1 Nat Cash Register A. Nat Dairy (2.60). Nat Dist Prod (2) Nat Lead of A (7) Nat Pow & Lt (1) Nat Radiator.... Nat Steel (2) . Y & Harlem (5). N Y Investors..... N Y Ont & Western N Y Steam pf (6 Noranda Mines. North Am Aviation. Nor Am (b10% stk). L] Northern Panifie 6)._ Ohito Ol Pacific Gas & £1 (2) - Pacific Lighting (3). Pacific Mills.,...... Packard Motor (48¢) Paramount-Pub 3% . Parmelee Transport. Pathe Exchange. ... Penick & Ford (1 Penney (J C) (2.4 Penney (JC) pf A-( Penn Coal & Coke. . . Penn Dixie Cmt of. . *enn Railroad (3). Peoples D S pf (6% ). Peop Gas Ch (8).... Fetrolm Cp of Amda) FPhelps odge (1) Phil Read C & 1. Phillips-Jones pf (7) Phillips Petroleum Pierce Ofl. Pillsbury Pitts Screw&B (706! Prairie Oil & Gas. Prairie Pipe L (3)... Pressed Steel Car Proct & Gamb (2. Prod & Refine PubSv N J (3. Pub8v N J pt d) Pullman Corp (4) Punta Al nl Sugar. % Pure Ofl. = lummrp.....u.. Radio Corp B (). % 13 19 16 30 35, Orpheum Cir pf (l).. lfll 20 8 708 3¢ 3 8 - S B R T L Lt T TS - 6% Fifth Ave Bul (ldc). 211 Foster Whesler (2) 2014 “Fourth Nat Inv m56e 116 Fox Fiim (A) (2%). 15% (ien Asphalt (3). 5 (en Bronze Gen Cigar (4). 86 4 Gen Elec 11.80) . Gen Foed Corp (8) ‘ 1% Radio-Keith-Orph As Raybestos Man 2.60. Real Silk Hosiery. Remington- Reo Motor Car 1400). Republic 8teel . Republic Steel Peynolds Tob Richfleld OY. Rio Grande Oil. Rossia iasur (2.30). P TIN IN LIGHT TRADING_ List Given Good Support on Selling—Rail Issues Are Heavy. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 30.—No distinct trend was established in. today’s highly frregulsr stock market, There was & it soon dried up and the list rallied. There was more selling in the last hour, but W affected only a few stocks. As & rule the industrials were not impor- tantly changed on the day. The rails were heavy. Everything consldered, the market did surprisingly well. , Theré was mno weakness comparable to that of Wed- nesday, nmwulh the - action of the Uni tates Steel directors in cut- ting the dlvldend on the common stock was taken to forecast similar reduc- tions. by other corporations. Railroads were under suspicion in this connection. ‘The feature of the late trading was the pressure directed st the_agri- cultural stocks, J. e and Inter- national Harvester, both of which were forced down close to the low of the year. Timken Roller Bearing was weak on dividend uncertainties. Great North- ern preferred made a new 1931 low. On the other hand, the standard in- dustrials and utilities left off moder- ately higher on the day. Motor stocks made the best showing. At the opening the market had a preponderance of bearish sentiment with which to contend. It was empha- sized that the Steel Ccrporation had not earned its $4 dividend on the com. mon stock and that there was no pros- pect of its earning it the balance of the year. If was said that the action of the steel directors would be fnllowed the. boards of other large corpora- ons and that more dividend reduc- tlons were in prospect, most of them in the rails, but some of them in the utilities. Professionals took the selling side and offered stocks during the first hour. Steel worked down to within a frac- tion of its extreme low for the year. American Telephone was under per- sistent pressure, dipping below 170 for the first time on this reaction. The food stocks were weak, with the notable: exception of Standard Brands, which was sustained by its good earnings: statement. National Biscult made a new low for the year and there was ang of Borden Co. and Corn Prod- Bethlfl’wm Steel went to a new low for 1931, reflecting the expectation of | a sharp cut in the dividend at the | meeting after today’s close. The gen- eral opinion was that some dividend would be paid, but after the showing of United States Steei, there was not much confidence in a good earning report. OIL FIRM EXPANDS. NEW YORK, July 30 (#).—Tide- | water Associated Oll Co., it was learned | today, has acquired through Tidal Oil Co. the producing properties of Mid- Kansas Ofl & Gas Co, an Ohio oil company subsidiary, in the Kilgore and | Lathrop districts of. the East Texas field. ‘The acquisition embraces 2,300 acres | of ofl leases, 25 producing wells, a pipe- | line gathering system, tankage and crude in storage. 'The transaction makes Tidewater Associated among the largest holders of proven East Texas acreage. ‘Tidal Ofl Cq. is & subsidiary | of 'ndewncer.A.uoehud | ” | U. 8. TBEASUBY BALA]ICE The United States Treasury balance | announced today as of close of business | July 28 was $293,730,172.09. Customs | Teceipts for the month to date were | $30.835,889.07. Total ordinary expendi- | tures $8,242,451.24. Stock Dealm‘l Suspended NEW YORK, July 30 (Special).— SBuspension in dealings of Engineers Gold Mines Ltd. common stock by the vernors of the Curb Exchange today f:llowed a lengthy meeting of the gov- ernors and officers of the company Wednesday night. The Curb made no | official comment beyond stating that | dealings in the stock were suspended until further notice. The action may have been based, some traders suggested, on some affilia- | tions of the company whose securities | are traded in_exchanges outside of New | York City. Engineers Gold is one of the companies headed by Charles V. Bob, whose activities recently came under investigation by the New York State attorney general's office. List Is Predicted < Street Avenge Slash in Office Pay Rolls of Firm. Special Dispateh to The Star. NEW YORK, July 30.—The financial district is much interested in the ex- effected by the United Corporation. Statisticlans found quite dificult to make general estimates because the ration no longer, as it did in the days when it gave more detailed information about earnings and assets, separates of breaks down total salaries and wages into administrative and operation items. Historlans of Wall Street pointed out that back in 1914 the chairman, the l Elbert H. u-ry, -nd the president, mes A. Fa 'h got a salary of ‘lOBMfl Whether uuu Annual pay- ments have mn revised could not be corporation did not. state the exact lmount involved in the salary re- adjustment plan, either on & percentage basis or in round figures, It was esti- mated, however, that low-salaried clerks would receive a cut of 5 per cent while the higher-salaried officers would get a reduction of 25 per cent, with the average n)ary slash_approximating 10 per cent. rlyml this figure to total wage and salary payments last year, there would be net saving of $4.94 per common share, if the wages of workers were also reduced. Last year the world’s premier industrial corporation paid out a total of $391,271,366 in wages and salaries, against $420,072851 in 1929, a decrease of $28,802,485 or 6.86 per cent. Some economists in Wall Street criticize the dividend reduction in view of the size of the corporation’s surplus. They also are inclined to believe that a wage reduction should have been made at this time regardless of political pressure. Whether or not an exception- ally successful corporation should, as a result of one poor year, fail to main- tain its dividend out of surplus is, per- haps, better decided by a corporation’s directors than outsiders, the economists admit, though the public effect will not be fully absorbed in the security mar- kets for several weeks. «@pyright. 1931) Germany Aids Tobacco Market. By the Associated Press. Germany is rendering material aid to the American tobacco market. Ameriean trade dispatches from Bremen report imports of American to- bacco showed an increase of approxi- ately 44 per cent during the first ll( f 1931, with shipments totaling 16, 000 pounds as compared with nbout 9,175,000 pounds in the same period of | last year. ‘The Bremen market has shown better ackivity during this vear than last, but there prevails an unrest on account of the' new decree of the German govern- ment regulating the cutting of the fine cut brands. Tt is also reported the gov- ernment contemplates again raising the jmport duty on all raw tobacco in the | Fall. 'Quid Pro Quo (This for That) Bmfl’s from economies in operation have been passad on by electric light and power compariies to their cus- tomers, so that residential electzicity that cost $1 in 1914 now eosts 71 cents or less. In smeturn, customers have increased their average an- nual use during the same pe- riod fram 268 to 550 kilowatt hours. Cost of domestic electric service in the Associated Sys- tem has been reduced 8.4% in the last three years. The Sys- tem’s customers increased their use 17.3% during the same period. | Telephone BOwling Green 9-3957 | or write for Circular G-238 61 Broadway, New York World’s Markets MEM NE and other leading EXCHANGES No. Complete Brokerage Service ’in‘the FENNER & BEANE NEW YORK + - - FEWYSRE WASHINGTON, D. C. NEW ORLEANS 1430 K. Street, N.W. ‘TEL. NATIONAL 7000 WIRE SYSTEM PROPERTY Apartment House MANAGEMENT MANAGEMENT OU have been in a quandary many a time what judgment to make, or action to take in con- nection with some plan of opera- tion of your apartment house property. . Under our management you - transfer the responsibility to us— and we have experience-taught itave, knowledge and organized facilities to solve all arising problems to your best interests—for a fee that is very nominal. B. F. SAUL CO: 925 15th St. N.W. ot e ol R (Continued on Page 14 ' MORTGAGE Nat’l 2100 LPANS yuuuuunmmumuuummmmmmmmmulmwlu Estimates -'“'Pi L 4 1716 14th St. N.W. First Mortdaie Loan Applications " OND.C Invited at 5% Glover & Flather 1508 H St. N.-W. National 1753 Renewals Magneto Corp. (Robert Bosch & | American Bosch) & Splitdorf Magnetos MILLER-DUDLEY CO, ; North 1583-4 MONEY TO LOAN REAL ESTATE No Commissions or Before Renewing Your Present Loan Consult Columbia Permanent Building Association 733 Twelfth St. N.W. HE opportunity of acquiring a FIRST TRUST LOAN depends upon the conditions surround- ing the property—apartment house, office build- ing, residence or business—and your application will be interestedly entertained and reported upon as quickly as possible. Property located in Washington or nearby Mary- land and Virginia acceptable for 3, 5 and 10-year periods; and at only. .. MomreAGE Loan CormEsronomntT 1321 Connecticut Ave. T - 5%% RANDALL H. HAGNER & COMPANY Decatur 3600 u A R S Money Available for Mortgage Loans 1 H = There Must Be Good Reason for Over 55,000 People Banking Here UBLIC confidence in the strength and stability of this bank is fully warranted by more than three- score years of good service. fWhether you have little or much to deposit, your money merits the protection of cur type of bank. We‘ll be glad to have you become one of us, THIS PAY-DAY —almost any sum will make you a depositor. Same Rate of Interest Paid on large and small accounts Open Until 5:30 P.M. July 31 OFFICERS: WILLIAM_D. HOOVER.. FOODBURY BLAIR..... 'K STETSON. DIRECTORS: JAMEs 2. BlCIHK. WALTE| FHA BORNET POTALVERT W. HILES PARDOE ALEXANDER J. FANT. JOHN M. BOTELER AUDLEY A. P. SAVAG Travelers’ C’cecks and Letters of Credit Asst. Treas. Asst. geer. National Savings & Trust Co. Oldest Savings Institution in the District of Columbia Cor. 15th and New York Ave. invite applications for on residences and business properties in the District of Columbia and nearby Mary- land suburbs Lower Costs, Long Term desired), Valuable Prepay- ment Privileges . . . Three- year loans on newer proper- ties without amortization 54 Loan Correspondent for “The Prudential”™ H. L. Rust COMPANY 1001 FIFTEENTH STREET ESTABLISHED . NATIONAL 8100 1889