Evening Star Newspaper, July 31, 1931, Page 13

FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. WASHINGTON BANK CLEARINGS DECLINE July Figuré Shows Decrease of $8,533,470 From One Year Ago. BY EDWARD C. STONE. Bank clearings in Washington in July revealed'a falling off from the fig- ures of July, 1930, according to the monthly report made this noon by the ‘Washington Clearing House Association, Charles E. Bright, manager. July clearings in this city totaled $100,887,167.37 in comparison with $109,420,638.23 1n July & year ago, or a decrease of $8,533,470.86. July clearings were also under June of this year when the canceled checks passing through the clearing house amounted to $115,114,393.13. ‘With the exception of February, the figures show that July has been the Guietest business month of the year, while July a_year ago was the quietest month to date with the exception of January. The Washington Clearing House As- sociation reports that clearings to date this year total $750,681,265.11, compared with' clearings up to the same time last year amounting to $785,670,847.11. The indicated business slump in the Capital so far in 1931 is not so large but that it could be overcome or wiped out during the rest of the year ,pro- vided there should be a moderate im- provement in business conditions here. The recent hot weather has been a great boon to sales in light Summer goods, retail sales being better than last vear at this time, but dullness in other lines has cut down these special gains. Bank clearings for today $3.142.240.93. i Clearings by months for the first seven months of 1931 compare as fol- lows with the corresponding months in 1930: were 1930. $118,210,264 96,545,212 114,113,696 118,036,652 113,055,037 115,114,393 116,280,346 100,887,167 109,420,638 Totals. ....$750,681,265 $785,670,847 Would Cancel $80,000 in Stock. F. H. Rowe, member of the commit- tee handling the affairs of American Drug Stores, Inc., which maintains head offices at 1219 Wisconsin avenue north- west, announced today that the or- ganizer of the corporation and owner of $80,000 worth of preferred stock now held in escrow by the State of Virginia has agreed to turn this stock back to the corporation to be canceled. This owner and the drug corporation have, therefore, petitioned the State of Vir- ginia for the release of the stock. to be| Teturned to the corporation and can- | celed Mr. Rowe added that when the $80,000 preferred stock is returned and can- celed this action will leave approxi- mately $36.480 worth of the preferred stock outstanding. The request already made at Richmond was merely for the purposes of cancellation, he said. At the annual meeting of the stock- holders and directors held last Decem- ber the affairs of the company were placed in the hands of F. H. Rowe and William H. Clarke, two of the principal stockholders. They were constituted a committee and given all the authority of officers_end _directors to operate American_Drug Stores, Inc, and have been in charge since January 1. Peoples Drug Record Good. The favorable record of sales of Peo- ples Drug Stores, Inc., for the first half year turns attention to the stock listed on the Washington' Exchange. The 615 per cent preferred stock was listed on the local board in 1928. The high that year was 116}, and the low 107'.. In 1929 the stock had a tremendous ad- vance, touching 134, while the low mark was 100. After the break the stock ed down in 1930 to a high of 103! 1931, $109,764.614 96,742,175 112,443,159 113,382.805 102,346,949 January During the present year the high has been 103': and the low 98. The stock is now selling around 101 and yields about 6.40 per cent. It is also listed on the New York Stock Exchange, being quoted about the same as it is here. covered the preferred dividend and are also making a good showing for the common. The common is also listed in New York, but not in Washington. It may not be so many moons, how- ever, before the common may also be traded in locally. With the company's home office in Washington, the common stock really should be listed on the local exchange. American Ice June Quarter. American Ice Co. and subsidiaries re- port for quarter ended June 30, 1931, et profit of $771,252 after interest, de- preciation and Federal taxes, equivalent after dividend requirements on 6 per cent preferred stock to 91 cents a share on 600,000 no-par shares of common stock. This compares with net profit in preceding quarter of $48,086, equal to 32 cents a share on 150,000 shares of 6 per cent preferred stock and net profit in June quarter of 1930 of $1.037,- 228, equal after 6 per cent preferred dividend requirements, to $1.35 a share on_common stock. For six months ended June 30, 1931, net profit was $819,338 after charges and taxes, equal after preferred divi- dend requirements to 62 cents g share on common, against $1,106,528 or $1.09 & common share in first half of 1930. | Today's Trading on Exchange. ‘Washington Railway & Electric 4s| were in demand on the Washington St-ck Exchange today. $1,000 selling at 927 and $3,000 at $27.. Potomac Electric Power 6 per cent proferred stock came out at 113'; and Washington Reflway & Electric pre- ferred registered two sales at 100. Lanston Monotype figured in small-lot sales on the exchange today at 87 and 863, and Mergenthaler Linotype re- ccrded a single share transfer at 781:. The weekly check-up on the unlisted securities showed very few changes in quotations. The bid was raised two| peints en Mayflower Hotel 6s and the bid on Netional Press Club first 5las placed at 58 Heard in Financial District. C. J. Gockeler, vice president of the District National Bank and <f the ‘Washington Stock Exchange, leaves here | tomorrow for a month's vacation at Marg:te City, N. J. He hes been “sold” on the New Jersey resort for many yars Irving Zirpel, secretary of the Union Tx st Co. is taking his annual vaca- tion, now being at the Summer place of | E. J. Stellwagen, on West River. Later he will spend two weecks on a motor trip. The council of administration of the Dis rict Bankers’ Assoctation met late yesterday at bankers' heedquarters and disposed of a number of routine mat- tets that needed attention. The Interstate Commerce Commission has authorized Chesapeake & hio Railroad to acquire the 15-mile railroad and appurtenances of the Blue Jay Lumber . Co., extending from Beaver Junciion to Flat TBD in Raleigh and Mercer Counties, W. American Tobacco Oo has declared the regular quarterly dividend of $1.25 on the common and common B stocks, payable September 1 to stock of record August 10. o U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of busi- ness July 20' was $287,257.142.32, Cus- toms receipts for the month to date were $31,825173.23. Total ordinary ex- menditures, $9,283,599.64. Note—All stocks are sold in one hundred-share lots excepting those designated by IM letter s (80s) (:m) 185% 21% 11% 4% 9% 60% 108% 6 49 85% ~Prev, 1931~ High, Low. 3% 15 100 11% Stock ana salq Dividend Rate. Add 00, High. u-. clcn. emu. Abitibl Pow & Paper 5 Abitibl Pwr&Pap pf.. 2 14% Abrabam St of (1).. 10- lem/. Adams Express (1) Adams Millis (2). Alr Reduction (14 Alasks Juneau (40¢) All wa Alleg Cp Alleg Cp uo wwbh. 4 Allied Ch & Dye (n8) 167 Allis Chalmbers (3).. 11 Am Agri Ch of Dol. S Am Bank Note (43 1 Am Beet Sugar n 408 Am Can (15). 578 Am Can pf (1) 2 Am Chicle (13), 1 Am Comel Alcohol. .. Am European Secur. Am & For Power. ... Am & For Pw pf (). Am & For Pw pf (7). Am & For Pow 2d pf. Am Hide & Leath pf. Am Home Pr (4.20).. Am Ice (3). 4 Am International i3 Am La Fr & Foamite Am Mch & Fdy 1.40.. Am Metal Co.. Am Nat Gas pf. 4 Am Pow & Lt (11). Am Pow & Lt pf (6) . AmP&LtDLA (4).. Am Ra&std San 60c., Am Rolling Mills.. . Am Safety Razor (6) Am Ship & Com Am Shipbuildin, Am Smelt Ref (2) Am Snuft pf (6) Am Solv & Chem. Am Steel Fay pf (1), Am Stores (123%) Am Sugar Ref (5). Am Tel & Tel (9 Am Tobacco (16 Am Tobacco B (16) Am Water Wks (3) Am Woolen. . Am Woolen pf. Am Zinc Lead & Sm. Anaconda Cop (1% Anaconda W & C (1). Armour of Il B Atlantic Refining (1) Atlas Powder pf (6). lll! ‘Auburn Auto (£4) Autosales. Barker Bros. . Barnsdall Corp Beatrice Cream (4). Belding-Hemingway Bendix Aviation (1). Best & Co (2). Bethlehem Steel (2). 511 Bethlehem 8t pf (7). 2 Blaw-Knox (1%).... 1 Bohn Alum & Br1%. 9 Borden Co (k3).. 20 Borg. Warner (1)... 16 Botany Con M (A).. 3208 briges Mg (11%).. 289 Briggs & Strat (2).. 1 Bklyn-Man Tr (4)... Bklyn Union Gas (5) Brown Shoe (3) Bruns Ter & Ry Bueyrus (1) Bucyrus cv p! Bucyrus pf (7). Budd (EG) Mfg. Budd (E G) Mfg p! Budd Wheel (1).. Bullard Co... Bulova Watch (1%). Burroughs A M t13%. Butte Copper & Zinc. Butterick Co. Bveis (A M) Canada Drv G A (3). Canadian Pacific 1% . Case (J 1) (6). Case (J 1) pf (7). Caterpillar Trac (3). Cavanaugh-Dobb: 774 Cent Aguirre As 1%. Century Rib Mills Cerro de Pasco (1).. Certain-teed Prod Ches & Ohio (2%)... Chesapeake Corp (3) Chi & Alton. . Chi Great Wes Chi MnstLPnr.. Chi & Northwest i4) Chi Pneu Tool pf.... Chi R1& Pac(m2%) Company... Colgate-Pal- P ll‘/fl. Collins & Alkman... Colo Fuel & Iron. Col Gas & El (2). Col Gas & El pf A (6) Columbia Graph 56c. Col Grapho ctfs 56c. Columb Carbon (5) Comcl Credit (2). Comecl Cred 1st (6 Comm Inv Trust 12), Comcl Iny Tr pf 6%4. Comm Solvents (1).. Comwlth&Sou (40c). Cmwlth & Sou pf (6) Conde Nast Pub (2). Congol-Nairn (25¢). Congress Cigar (4).. Consol Film pf (2).. Consol Gas N ¥ (4). 4 Con Gasof NY pf(5) 4 Consol Textil i Cuban Dom Sugar... 7% Dome Mines (1).... 18 94 £ B4 T B804 923 1 Cont] Baking A Contl Baking Contl Can (2%) Contl Contl Insur (2.40). Cont Siiares. . rn Products (14) Crucible Steel Crucible Steel pf (1) 20 s Cuba Cane Prod..... Cuban-Amer Sugar Cuban Am Sugar pf. Cudahy Packing (4). Curtis Publish (4)... Curtiss Wright Corp Curtis® Wr Corn A Travison Cheniical . .. Diamond Match (1) . otamond Mtch of 1% Douglas Alr (11%* Drug Corp (4) Dunhill Intefna Prnont de Nem 14) S FuRmameD — ol - 131 g stman Kodak (18* Baton Axle ¢160)... EBitington Schild. ... lee Anto Lite (6) c&Musical Instru ilec Pwr & Lt (1) . Elec Pow & Lt pf () Elk Horn Coal pf. ...1 Eng Public Sve (2) Office Bldg (2 % S = ~RudwBon 1 1 1 iairbanks M pf (7). 108 Fashlon Park Asso.. Ked Lt & Tr pf 16). . Fed Wat Sve A(1.20) b Federated Dept Strs. 2 Filene's pf (6%) .. 108 1 ] 1 108 Firest T & R pf (8) First Nat Strs (2%4). Fusk Rubber. . ... 16 Fosier Wheeler 12). - 4 Fox Film un(zss). ) nort-Texa Ga Gen A Inves Gen AmInv pf (6). Gen Am Tank Car(4) Gen Asphalt (3).... Gen Baking (2)... 108 8 1 22 6 General Cable pf. den Klec (1.60) Gen Focd Corp (3) .. Gen G & FI A (e30c). Gen Ital E4 1 m2 Gen Motors pi#5s). Gen Outdoor 4av. lufi l“ 106% 106% 14 14 24% 73% 14% 6 22% 25 3% 4% 6 22% 1 17 7 105% 1063 23% 28% 134N 13% 37% 9 133% 14% s 38% Tm 37% 9 1% IBK 105% 14 ~Prev. 1931~ High, Low. 31 9% 3% 574 808, 123% 116% Tone: 614 5814 547 69% 1% 0% Di 15 Gen Ptg Ink (2%) Stock and Sales— ividend Rate, A‘lio».lun. Low. 20% 22% 24 12 12 12 12% 1 62 52 B2 494 ) 208 107% 107% 107% 109% 232 ‘st 31 32 Gen Refractories (3), Gen Theater Equip. . g:n o g:: R ' otte . Gliaaen On. s or o) Goodyear Tire&R(3) Goodyaar 1st pf (7)., Great at Northn pt(4).. Grt Western Sugar. Grt West Sug pf (1) . Grigsby Grunow.... Gulf Mobile & North Hackensack W (13%) Hacken Wat pf A 1% Hahn Dept Stores. thw-lim( Dee 5,3 S Seln nuFananarm Holland Furn (13%) Hollander Sons, , Homestake Min (17) . Houdallle Hershey Household Fix D‘ (I) Houston Ofl. Houston Of] (new). Hudson Motor (1). .. 5% Hnop Motors. . 413 Illinols Central (. 1% Indian Motor Cyele.. 2115 Indust Ra; 10% Insuranshares Del A Interb Rap Trn-n . Interlake Tron. . Int Bus Mach (né) Int Carriers, Ltd 50c. Int Cement (4) Int Combustion. int Harvester (234). Int Harvester pf () ® RompuSanwnm~ ® a3 PTICPNSTCYNS-| Int Paper & Pwr p! Int :nncr & Pow C. t Inter Dept Strs (l) . Investors Equity 36% Jewel Tea (4) 40% Johns-Manville (3).. & Lang pf (7). ZDI Kayser (J) & Co (1). Kelly-Spring Tire. .. Kelsey-Hayes Wheel Kelvinator Corp. 1 Kennecott Copperd1) Kr (S8S) Co 1.60 Kress (SH) Co (j1).. Kreuger&Toll (1.61) Kroger Groc&Bak(1) Lambert Co (8. Lee Rubber & Tire. % Lehman Corp (3). Liggett & Myer (16) Lizg & Myers B (16) Lily Tulip Cup (1%) Link Belt (2). Liquid Carboni Loew's Ino (3) Loft Inc, Loose-Wile Lorillard (F) Co. Lorillard (P) pf (1). LouGABA (1%).. McKeespart T P 15 % McKesson & Rob (1) McLellan Store: 3 Mack Trucks ( Macy(RH) & Co(a3) Magma Copper (1).. Manat! Sugar. Man Elevm g Marine Mjd ( Marlin-Rockwell (z) Magmon Motor Car. . Marshall Fleld (23) Mathieson Alkall (2) May Dept Strs (2%). Mavtag Co...... Maytag Co pf (3). Meiville Shoe (2). Mengel Co. Metro-G Pic pt(1.80) Mexican Seaboard Minn Moline Pow. Mo Kan & Tex pf (7) Missour! Pacifie. Missouri Pac pf ( 2 Mohawk Carpet..... 1 Montgomery Ward.. 198 Motor Meter G & El. 2 Mullins Mfg. . 14 Mullins Mfg of (7)., 20a Munsing, Inc (2) 3 Murray Corp Nash Motors Nat Acme. Nat Bella H N t Biscuit (2 16% LY 20 4% 3 55% 15% 26% 19% Nat Dist Prod 3. % Nat Pow & Lt (1).0e Nat Steel (2) Nat Supply Ci Nat Sursty (2) Nevada Copper (1).. Hart (8). Hopf (D.. n & Western.. 6 Steam pf (6).... 108 N Y Steam 18t pf (4] 110- Norf & West (112) oranda Mines. ...« H North Am Aviation.. 14 Nor Am (b109 stk). 40 h:urth Am Ed pf (6). 1 Northwest Tel (3). . 4 Norwalk Tire & Rub. 7 OhioOMl... 2 Oliver Farm Equip. 3% Omnibus Corp. . 317% OUs Flevator (2%). 38 Pacinc Gas & Bl (3). 48% Pacific Lizhting (3). % Packard Motor (40¢) 19% Paramount-Pub 3% . 6 Patino Mines. .. 28 Penick & Ford (1) 284 Penney (J C) (2.40). 90 Penney (JC) pf A (6) 2 Penn Dixie Cement. . 42% Penn Rallroad (3) 50 Pere Marq pr pf (5. 11 Phelps Dodge (1). 95% Phila Co pf new (6, 52% Phila Co 6% pf (3) 6% Phil Read C& L..2.e 9 Philip Mor & Co (1). 44% Phillips-Jones pf (7) 4% PHillips Petroleum. s 8B¥% Plerce-Arrow of (8). 1 Plerce Perroleum. .. 915 Pitts Screw&B(70¢). 45 Pitts Steel pf (1) ... 3 Pitts Terminal Coal. 74% Pitts Unit Cp pf (7). 18 Postal Tel&Cable pf. 6% Prairie Of) & Gas. 14% Prairie Plpe L (3)sss 2% Pressed Steel Car. 95 PuthNJDl’(I . 187& 128% Pub Sy NJpf (T)... 105% 103% Pub Sve G&B pf(6). 8% 2 11% 101% 56% 28 Pullman Corp (4)... % Punta Alegre Sugar. 5% Pure Oll. 66% Pure Ofl pf (8) .. 24% Purity Bakeries (3). 1 8ilk Hoslery... 22 ne 1 Silk Hosiery pf. 33% 3% % stocks made z=| ON SHARP SELLING Whole Market Turns Weak After Opening on Heavy Offerings. BY GEORGE T. HUGHES. Special Dispatch to Tne star. NEW YORK, July 31.--Selling for both accounts carried the stock guarket sharply lower today. A number of new lows were reached among the leaders, and the whole list had a heavy appear- ance. - The weakness in the stock market co- incided with a break in the price of wheat at Chicago to 48 cents a bushel, the lowest in the history of the Board of Trade. Cotton was down $1 a bale in the closing dealings, with new lows for all contracts. Bonds were unsettled. Sterling exchange was down 5- 16 cents, notwithstanding Thursday's raise in the rate of the Bank of Eng- land, and doubts were “again raised about the situation in Germany. Under the circumstances, the stock market did not act so badly. Motor shares were firm all day. Sugar stocks were in demand in the last hour. Store ood resistance and even the steels held well. The weakness af- fected principally those stocks whicl go to make up the accepted “averages.” Whether this was only a coincidence or not cannot be said. It was not the Bethlehem Steel divi- dend action nor earning statement that was_responsible ‘for the early selling. In fact, the declaration of a 50-cent 8% | quarterly dividend was as much as had 4 1 |made stout resistance and Chrysler |, Co been expected, and Bethelehem's earn- ings were somewhat better than had been anticipated. The stock ruled slightly higher in consequence. ‘The general feeling, however, was pessimistic and the way stocks yielded to offerings confirmed this view. Agri- cultural issues were among the weakest, with both J. I. Case and International Harvester at new lows. Probably a good deal of the selling was for short account, but it was effective just the same. It cannot be denied that there is nothing in the agricultural outlook to justify a constructive attitude to- ward stocks representing corporations whose principal business is with the farm. Another outstandingly weak issue was American Can, which also made a new Jow for the bear market. The inclina- tion today was to revise downward earning estimates and in this case the bear party made no secret of the fact that it was pressing its offensive. Air Reduction, Eastman Kodak, Worthing- ton Pump and Corn Products all gave way more or less. Allled Chemical had a setback and Westinghouse Electric broke through $60 a share. There was nothing new in regard to any of these companies, but the selling was per- sistent. Here and there a specialty held out against the trend, but was unable to make much progress. Drug, Inc, was in good demand around the best Jevels of the movement. Safeway Stores moved up for a time. General Motors yielded only fractionally. Profit-taking | brought some reaction into the Amer- ican Woolen stocks, but they were well | taken on the decline. There was talk of a capital readjustment which would | benefit the preferred shareholders in the case of American Woolen and there was the admitted fact that the industry has made good recovery. Rallroad shares were depressed by the omission of the dividend on both the common and preferred stocks of New York, Chicago & St. Louis, an- nounced after the close Thursday. This is the first large Eastern road to pass dividends entirely and it raised the question anew of the safety of other railroad dividends. There were, how- ever, no large losses among the railway stocks. INVESTMENT TRUSTS NEW YORK, July 31 (#).—Over-the- counter market: B C Trust Shrs D Founders conv pf ctfs Founders war m Founders 1-40t"com Bankers Nat Inv. Bensicilla Corp Basic Industry Type_ Invest Qentury Tr Shis Gen Equiti Chain Store Invest pf. Chartered Invest . Chartered Invest pf Chelsea Exchange A Chelsea Exchange B. Cumulative’ Tr Sh.. Gorporate, Trust Crum & Fobter ts Crum & ‘Foster Ins. Depositea Deposited Diversified Trustee Shrs D Am Int Secur Corp Am % i Int Secur Corp Am 6'a% Pi... Invest Tr Associates. : Invest Tr of N ¥ Coilat Investors Trustee Sh Jackson & Curtls Inv Assec. . Jackeon & Curtis Sec pf Leaders of Industry Leaders of Industry Leaders of Industry C. ves id Golory Trust Auoc. etroleum Trad Pabie: Service o1y Representative Tr sh Secur Corp Gen 6. p! Setond T Secur Corp Second Int Secur Corp Universal Tr Sh. just a 20,000-mile tour BY GEORGE T, HUGHES. The nature and purpose of invest- ment may best be illustrated by a few simple concrete cases. If a man de- posits a sum of money in the savings bank with the double idea, of obtain- ing security for his funds and a mod- erate return ony them, he is investing. He may use the interest the savings bank pays as an addition to his income or he may allow it to accumulate and, in turn, earn interest on the accumula- tion. If a man loans a sum of money to a neighbor and takes a mortgage on the neighbor's property, payable after a stated number of years, and calling for interest at a stated rate meanwbile, he is investing. If a man buys a bond in the market, secured or unsecured, but payable at a definite security date with interest at regular intervals until maturity, he is invest- ing. Similarly if he buys stock in & corporation, although in this case there is no return guaranteed, he is invest- ing. Now it will be noticed that the way in which the investor is assured of & return of his money when he wants it varies in all these examples. Funds in the savings bank are to be had on demand. He merely takes his pass- book down to the bank and asks for his money. It is not so simple with the mortgage. Ordinarily he must wait until the mortgage expires—one, three or five years, or whatever term is agreed upon. Sometimes he qu a purchaser for the mortga; the term is up, but that is unux\ul and generally involves some sacrifice to principal. Safety then in the case of the mortgage means reasonable prob- ability that it will be pald off at ma- turity. It is the same way with a bond, though purchasers of bonds are mugh more easily found than buyers of mortgages. If the bond is listed on one of the large exchanges it can easily be realized upon. Note, however, that in the event of a sale before maturity there is no assurance that the seller will receive the face value, He may get more or he may get less. There is nothing certain about it. ‘With a stock, which from the very nature of the instrument has no ma- turity, there is no such thing as ob- taining a return of the money invested except by a sale and that may be at a loss or at a profit. We conclude then that there is a third factor in invest- ment besides safety and return and one which is vitally important. It is called marketability. (Copyright. o DIVIDENDS DECLARED NEW YORK, Ju!y 31 ()~ educed. Pe- Pay- Company. Rate.riod. able. Bethichem Steel.....50c Globe & Rut Fire 135 36 1931) Hidrs. of secord. . oct. 16 & July 28 Alorfer Bros.. 3 N ¥ Ch <8 75150 Do pr. o 8 8 W Gas Ut pi..sL62% er! .‘QJDD 0. | 5 b | B Bl Bi. Brookivn Edison.. .S okmire Inv Inc \Omnxk Packing.. ... 30c Harmonia Fire Ins..90c Indianapolis Wat ] ! awanna Sec..... bc’, eton Wat | Maison-Blanche ‘Co.75¢ :c«n Frontenac | o el MeCrory Slores. Montreai Lh & M Not ‘Tettus Bies pr. 756 Philipe (L) June 18 July 31 July 31 July 31 Uni Bep. 15 Whiting CP 612% pf.. 2 pooo © D000 Dp ;0 Wp: POPOOOTO Associated GasandElectric Company ' | The Board of Directors has declared the following quariarly ividends payable Septem! of record fi holders | ! Dividend No. 26 j $6 Dividend Series Preferred Stock—$1.80 r share. s Dividend Ne. 23 §6.50 Dividend Series Preferred Steck— | 31623 per share. Dividend No. 12 $5 Dividend Series Preferred Steck—$1.35 er share. payable September 15, 1981, to iders of record August 14, 1931. Icom'l.—fl-fl ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indi Ave. NW. LOANS ON IMPROVED DISTRICT OF| COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Now Open For Subscription James E. Connelly _ James F. Shea President Secretary Many lnvenors Are Prudently Using Their Funds to Buy First Mortgage Securities Ideal invest- Yielding ments—non-fluc- a Steady tuating. Spon- Income of REAL ESTATE LOANS Made -t&ui Interest Rates ;" and Dariien: N.W. National 0475 5% Gold Debentures Due February 1, 1965, of these de! PRV ot (n Bowon s¢ s olicer 13 Mtk Serents " H. BLAIR-SMITH, Treamurer. Money on Hand to Lean on First Deed of Trust 6% Interest mbl-o-fld:nl Applications - JAMES F. SHEA 643 Indiana Ave. N.W. MONEY TO LOAN ON D.C. REAL ESTATE No Commissions or Renewals Before Renewing Your Present Loan Consult Columbia Permanent 733 Twelfth St. N.W. INVESTMENT SECURITIES and SERVICE U. 8. Government,* Federal Land Bank, Railroad and Utilicy Listed, Preferred and Common Stocks, 2RO0Hn KUZOW Seasoned I {8 North American Trust Shares KNAPP & CD., INC. INVESTMENT SECURITIES Washington Office Shoreham Building Phone Metropolitan 1532 Money to Loan SERVICETOWASH- INGTONIANS FOR OVER 40 YEARS IN RE-FINANCING OR PURCHASING D. C. REAL ESTATE Loant 6% No Commissions No Renewals! Open Daily 9 to § Saturdays Until Noon NAtional 1381 E 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. | 1 ]I |\ PERMANENT] | 5..,/.?..:70 ol outs 3530081 00 e Columbia Building Association 3 716 11th St. N.W. Pays 5% § Let Us Refinance Your Maturing Real Estate Loan No Commissions Charged 22 Years’ Successful Business Without the Loss of a Dime FOUNDED 1907 1017 K St. N.W. mpounded emi-Annually 6%: secured by !‘lrsz Denominnions as low as $100 sena P MBS Y26t bran in the Nation's RmEs'rm S g MORTGAGE & GUARARTY CORPORATION ot our current of- ferings. 0 K St. N.W. National 1403 Equitable Co-Operative Bldg. ssn Organived 18! Sist YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr, Secretary Subscription for the 101st Issue of Stock Being Received We Are Ready to Loan on Real Estate or to Take Up First Mortgages Those who desire to borrow money to purchase a home, refinance prpsent indebtedness or improve prop- erty should see us. Applications y:ll receive prompt and courteous attention. Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W. HAVE YOU A FINANCIAL OBJECTIVE IN MIND? There is no easier or surer way of obtammg it than through invest- ment in our 6%, FIRST MORTGAGES You can be sure of the 6% un- interruptedly to the end of the term covered by the mortgage; and safety for the principal lies in. improved Washington real estate upon which the loan has been made after our con- servative appraisement. Over a Third of a Century Without a Loss May be purchased in amounts from $25C up—and upon our con- venient Partial Payment Plan if you choose. B .F: SRUL.CO 1¥ational 2100 92_5 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY