Evening Star Newspaper, August 3, 1931, Page 13

N “BUSINESS OUTLOOK . CONTINUES CLOUDY “@redit Men’s Manager Says " Upturn- May Occur in the Fall. “3 { “BY EDWARD C. STONE. * A slight recession after the optimism fengendered by the Hoover moratorium ! lan, but no marked changes .in the | ‘business situation are observed by Stephen 1. Miller, sexecutive manager “of the National As- ‘{pociation of Oredit #men. In his mofth- ly business review ‘being sent to the association’s 25,000 members today. “Another month ‘has d with no marked changes general business, the credit expert “states. ‘‘Commod- ity prices have strengthened slightly, and the adjusted index of car loadings shows a favorable trend, but steel and automobile manufacture are still at a low ebb, and the in cost of petroleum is certainly not a favorable sign, with crude sel 2!, cents a barrel.” ‘Commenting on the situation in the security markets, Dr. Miller u{:gthlt “after a moderate flurry follow! the favorable reception of the Hoover mora- torium plan. for war debt payments, there has been a mild reaction and the bears have resumed the aétack. Both | stock and bond prices have, however, held fairly well the gains made at the time the Hoover plan was announced. “Business indices will probably con- tinue to record slight fluctuations, but there is little prospect of a pronounced upturn before October or November. John B. Larner Has Birthday. President John B. Larner of the ‘Washington Loan & Trust Co. is observ- ing his birthday anniversary at his Summer home at Mifflintown, Pa., where he bas spent much of his time for sev- eral weeks. For many years Mr. Larner has been one of the busiest financiers in Washington, but reference to “Who's Who" shows that he has not confined his activities to banking by any means. He has found time to give his attention to an amazing number of other interests. Mr. Larner has always been a deep student of languages, and years ago gained national prominence by trans- Jating into English & “Life of Napoleon” written by Alexandre Dumas. This translation is now to be found in all the leading libraries in the United States. Before entering banking, Mr. Larner graduated from the George Washington Iaw School, was admitted to the Dis- trict of Columbia bar and practiced law here for a long time. In 1921 and 1922 he was president of the District Bankers' Association. Affer several Jears' service as vice president and gen- eral council of the Washington Loan & Trust Co. he became president of the institution in 1917. He is chairman of the board of trustees of George Washington Uni- versity, trustee of Princeton Theological Seminary, Washington Public Library, ‘Washington Humane Society, president of the board of trustees of the New York Avenue Presbyterian Church and a trustee or treasurer in several other im- rtant institutions, such as the Colum- ia Historical Society, Red Cross and John Dickson Home. For nearly 10 Jears he was a member of the Wash- ington Bohrd of Education. Only recently he was given an honorary de- gree by George Washington University in recognition of his segvices to higher education. Local Insurance Men Honored. Word has been Teceived from the American College of Life Underwriters at Pittsburgh that four Washington men have been awarded the C. L. U. certificates after passing the special ex- aminations, The examinations were taken by 521 candidates, representing 151 cities and towns in 37 States and the District of Columbia, British Gulana and Cuba. The American College of Life Under- i writers, vhich awards the C. L. U, was established by outstanding leaders in the life insurance vocation for the three-fold purpose of (1) encouraging and fostering training of students in educational institutions for the career of professional life underwriter, (2) co- operating_with educational institutions in general life insurance education and (3) recognizing properly qualified life underwriters with a professional cesigna- tion. The Washington -men honcred are Carl S. Dow, Northwestern Mutual Life Insurance Go.; Joseph A. Marr, State Mutual Life Insurance Co.; Earle W. Sapp, New England Mutua Life Insur- ance Co., and Paul D. Sleeper, Aetna Life Insurance Co. Washingtonians who already hold the C. L. U. certificates are Maynard C. Burrell, James A. DeForce, H. Cochran Fisher, Frank D. Roach, Dwight T. Bcott and H. Lawrence Choate. Today's Trading On Exchange. The Washington Stock Exchange opened the week's trading with sales in the bond division, $1,000 Washington Gas 5s changing hands at 1067%. The next sales were in Washington Railway & Electric 4s at 93. Potomac -Electric Power 6 per cent preferred stock sold at 114% and the corporation’s 5% per cent preferred came out at 11215, Merchants’ Transfer & Storage com- mon registered a sale at 95 and 100 shares of National Mortgage & Invest- ment preferred sold at 4%. Two 10-share sales of Security Sav- ings & Commercial Bank stock were re- corded at 445. After call, seven shares of Mergen- thaler Linotype came out on the board t 7%, A ‘Washington bank, clearings: $3,575,~ $73.46. ¥ Gleaned in Financial District. 1 -George O.-Vass, vice president and ieashier of the Riggs National Bank, has gone on his vacation, end Hilleary G. Hoskinson, ancther vice president, is back at his desk. Vice President Howard Moran of the ‘American Security & Trust Co., was back at his desk today after a month's wvacation. Secretary F. P. H. Siddons of the same bank has been back for everal days. Richard Hatton, financial editor of , the Washington Herald, is taking his , annual vacation, spending the timeé in (j and around Washington. In addition to = being a first-class newspaper man, Mr. . Hatton is a graduate of Princeton Uni- i versity and has a very wide circle of friends in the financial district. L. W. Todd, manager cf the local of- fice of Harriman & Cp., is back from his vacation, which he spent fishing at a resort about 150 miles above Toronto, John B. Larner. NEW YORK STOCK EXCHANGE Received by Private Wire Direct o The Star Office. stocks are sold In one those designated by ~Prev. 1931~ Stock ana Hish. Low. 4% Abitibi Pow & Paper. 52 % ‘Abitibl Pwr&Pap pf.. 2% Adams Express (1)., 3234 Adams Millis ¢2).... 109% Alr Reduction (t4%) 20% Alaska Juneau (40c) hundred-share the letter s (80s) (250s) es— % 23% 23% 108% 108% Allled Ch & D pf (7). Arm Agri Ch of Del Am Bank Note (13).. A European Secur, Am & For Power. Am & For Pow 2 Am Haw St'ship (1) Am Home Pr (4.30) Am lce (3), . Am Mch & ¥ Am Nat Gas f. Am Pow & Lt (3 Am Pow & Lt Am Ra&Sta Am Rolling Am Shipbuflding Am Smelt Ref (2)... Am Sm & Ref pf (7). Am Solv & Chem. ... Am Stl Foundries(1) Am Stores (12%). Am Tobacco B (16).. Am Tobacco pf (6).. Am Woolen. o Am Woolen pf...... Anaconda Cop (1%) . Anchor Cap (2.40)... Armourof 1 B....o Armour of Ill pf. Arnold Constabl Art Metal Const (1). Associated Apparel.. Asso Dry G (2%). ... Atch To & 8 Fe (10). Atlantic Refining (1) Auburn Auto (£4)... 34 148% Austin Nich pr A (3) 10; 2;‘6 7 3% 1 12% 1 20 10 156% 1 16 Barnsdall Corp'n Bayuk Cig 1st pf Béhtrice Cr pf (7)... Belding-Hemingway Béndix Aviation (1). 120 21% Best & Co (2). Bethlehem Steel (2 Bethlehem St pf (7). Bohn Alum & Br 1% . Borden Co (k3). Briggs & Strat (2) Brockway Mot pf. Bklyn Union Gas ( Brown Shoe (3). Bruns Ter & Ry 8. Bucyrus (1).. Bucyrus cv pf (2%). Bucyrus pf (7)...... I Bulova Watch (1%). Burroughs A M t1%. Bush Terminal (2%) Bush T Bldg pf (7).. 108 102% Butterick Co. . 112 Bvers (A M) 2 23% Calumet & Arizona. 3 Canada Dry G A (3 Canadian Pacific 1% Cannon Mills (1.60) Capital Admin A, Case (J 1) (8). Cent Agutrre Century Rib Mill: Cerro de Pasco (1) Certain-teed Prod. Chéeeker Cab Mfg. Ches & Ohio (2%) Chi & Alton. Chi Great West pf... Chi Mi] St P & Pac. . Chi Mil St P& P pf.. Chi & Northwest (4). Chi Pneu Tool pf.... Chi RI& Pac(m2i) Chi R1& Pac pf (T). Chi Yellow Cab (3).. rysler Corp (1)... City Ice&Fuel (3.60) City Ice & F pf (6%) City Stores. .. . Coca-Cola (17%). .0 Colg-Palm P of (6).. Colo Fuel & Iron. Colo Fuel & Ir pf (8) Col Gas & El (2) Col Gas & El pf A (8) Columbia Graph 5ée. Col Grapho ctfs 66e.. Columb Carbon (5) .. Comcl Credit (2).... Comel Cred pf (1%). Comcl Cred pf B (2). 20 Comm Inv Trust (2). 101% Comel Inv Trpf 6% . 10% Comm Solvents (1).. 6% Comwith&Sou (40c). 90 Cmwlth & Sou pf (6) 6% Congol-Nairn (25¢). 3% Consolidated Film... 824" Consol Gas N ¥ (4).. 101% Con Gas of NY pf(5). 25 Consol RRCpf (6).. % Consol Textile. . 1% Contl Baking B. 40% Contl Can (2%). 2% Contl Motors, 5 Contl Ofl of Del. 3% Cont Share: 55% Corn Products (t4).. 6% Coty Inc...... - 34% - 28% Crown C&S pf (2.70). 63 30% Crucible Steel. 16 Cuban Am Sugar pf. 130s % Cuban Dom Sugar... 48% 35% Cudahy Packing (4). 24 Curtiss Wright Corn’ 23 9% Lavison Chemical. .. 22 19% Deere & Co pf (1.40) 157% 107% Drlaware & Hvd (9) 19% 11 Devoe & Ray A(60c) 28 14% Diamond Match (1).. 28 24% ODlamond Mtch pf 1% 13% 8% Dome Mines (1)..... 21% 17% Douglas Alr (11%).. 78% 61% Drug Corp (4) 8%, 5 Dunhill Internat.... 107 ‘7L Dupont de Nerh (4).. 1074 102 Duaues Lt 1st pf (5) 186% 118 Eastman Kodak (18> 21% 9% Eaton Axle (1.60; 74% 34% Hleo Auto Lite (§) 19 5 57 8% 5 106% 35 139% 5 49% Eleo Stor Bat (5). % Emerson Brant A. 44 30 Endicott-John (3) 113 102% Endicott-John pf (' 91 Eng P S pt ww (5%), Eq Office Bidg (3% ). 109% 73% Fairbanks M pf (7).. 108 75% 20) 8.15% B6% 36% £1d Ph Fire In (2.60) 2 4d% 66% b6 Firest T& Rpf (6).. §9 41 First Nat Strs (3%). % % Fisk Rubber....e.e 3 1 Fisk Rubber 1stpf.. 31% 16 Food Machinery 1%. 64% 21% Foster Wheeler (2).. 321 20% Fourth Nat Inv m65e 38% 11% Fox Film (A) (2%).. 43% 22 Freeport-Texas (3). \ % Gardnér Motor, .. 62% Gén Am Tank Car! 124 15% 13% 37 37 8% 8% o1y 91% 150 150 55 65 124 1% 125' 14 16% 42% 55 171% 119% 121% 130 8% 12% % 49% 69% T4 80 110% 3% 21 37% 38 105 3% 5% 1 107% 451 6% 819 17 106 8% 35% " % 6 25% 5 814 26% 19 38 71 18 16% 24% 32 82 2% 45 1031 14 85 304 106% 814 8% 69% 16 25 22% 24 101% 16% 8 96% 965 13 13% ) 921 924 106 , 106 s/ 34 31 W 40 3 11 19% 118% 14% 18% 27% 11% 18% Ti% 5 87 106% 137% 14% 40% 4 38% 87% 9% 54 1 41% 110 9% 28% 5% Tots ) ~Prev, 1931~ Frov. ) 3% Grabam-Paize . 22% | 10 Granby Con Min (1). 107 10% Grand Union. 124 13% 3% 9 92% 149% 61% 1 173 Grt Nor Ore (D)asses 1 80% Grt West Sug pf (7). 70s 2% Grizshv Grunow. 6 1 Ha y.. . Hercules Mot Co §0¢. Hersh Choc pt (16 Holland Furn (12%) Hollander Son - Houdallle Hershey., 4! Insuranshares Del A H™ Md(40c) 126% 1% 15% 4% 55 171 117% 121 129% 8% 6% Int Carriers, Ltd 50c. Int Cement (4). Int Combustion. Iot Harvester (3% ).. Int Hydro El A (e3), Int Match pf (4), Int Nickel (60e). Int@®Paper pf..... Int Paper & Pwr pf. Int Siiver pf Inter D St pf xw () Int Tel & Tel (2).... 202 [nvestors Equity. 2 571 36% Jewel Tea (4) 80% 40% Johns-Manvill 123% 116% Jones & Laug pf (' 64 40 Kans City Sou pf (4) 24% 10% Kayser (J) &Co (1)« 12% 1% Kelly-Spring Tire. EH 9% Kelly-Spr T 8% f.. 48 8 Kelsey-Hayes Whee! 70 814 Kelvinator Corp 7% 80 3 110% 1) 63 av | 3 Krozer Groe&Bak(1) 21 20% 261 7% 105 387 57% . 208 « 208 Lambert Co (8. . Lee Rubber & Tire. .. 4 Leh Port Cmt pf (7). Lehman Corp (3). hn & Fink (3) iggett & Myer (16), Lizg & Myers B (15). Lily Tulip Cup (1%) Loew's Ing (3)... Loft Inc Lorillard (F) Co...u 107% Lorillard (P) pf (1)« 434 Ludlum Stesl. [3 Ludlum Steel pf. = McCall Corp (2%) 107 McCrory B (2). McKeesport T P McKesson & Rob (1) 2 Mack Trucks (3).... Macy(RH) & Co(n8) Man Elevm g rmon Motor Marshall Field (3% Mathieson Alkall (3) May Dept Strs (23). Melville Shoe (2). Mexican Seaboard. .. Mid Continent Petm.. Midland Steel (3).... Midland Steel pf (8). Minn Moline Pow. .. Minne-Mollne P pf . . Mo Kan & Tex pf (7) Missouri Pacifie. Mohawk Carpet. ... Montgomery Ward. . 356 Morrell (J) & Co (3) Mother Lods. Motor Wheel (1) Mullins Mfg. . o Mullins Mg bf (1)..2708 Murray Corp. 5 H S S Bunara - PPN PPN TSP PP 1 35 1% 1 6 25 5 8% 25 18% 36 1% 18 15 24% 32 80 2% 144 103% 14% 95 29% 105% 8% 8% 8% 16% 25 25 23 101% 16% 8 96% 134 T4 9244 106% 34% Nat Biscuit pf (7) Nat Cash Register Nat Dairy ( Vaee Nat Pow & Lt (1) hicago&St L pf & Harlem (5)... N H & Hart (8) . NH&Hf (1) 94 227 94% 63 119% 104% 18% 6% 29% 15% Noranda Mines. 11 4% North Am Aviation, 90% 56% Nor Am (b10% stk). 60% 301 Northarn Pacifie (8)_1 7 Ohio O1l,. 291 124% Otis Elev pf (6).. 16% 64 OtisSteel.. 69% 30 Otis Steel prp 54 38 Pacific Gas& Ei (2). 131% 116 Pacific Tel & Tel (7). 70s 11% 5% Packard Motor (40¢c), 34 36% 24 Pan-AmPetB (40c). 1 50% 19% Paramount-Pub323%.. 72 2% 1 Pathe Excharge..... 5 8% 3 Pathe ExchangeA..: 6 Patino Mine: 2% Peerless Motor Car. 281 Penick & Ford (1). 28% Penney (J C) (2.40).. 70 90 Penney (JC)pfA(6) 1 42% Penn Rallroad (3)... 43 %). 208 183% Peop Gas Ch (8! Do 4 1 6 Petrolm Cpof Am(1) 6 3 Phelps Dodge (1). o 4 31% 9 PhillpMor&Co(1).. 2 % 10 40% % 40 Pittsburgh Coal pf. . 45 Pittsburgh Steel pt 2% PR Am Tob B. 14% Prairie Pipe L (3) 72 PubSvNJ (3.40) 102% 95 PubSvNJpt (5) 118% 109% PubSYNJIpf (6).... 1 105% 103% Pub Sve G&E pf(§) 1 171 | 58% 28 Puliman Corp (4) 4 74%| 11%. 6% PureOil.. 5| _B5% 244 Purity Bakeries(3). 6 2 11 20 117% 18% 18% 27% 11% 208 1 27% 12 Radio Corp. 2 556% 45 Radio Corp pf A(3%) 24% 11% Radio-Keith-Orph A« 29% . 17% Raybestos Man 2.60. Reading 24 pf (2) 87 106% 136% 14 40% 4 38 87% 99% 54 % 40 107% 78 28% ki 41 . 5% Remington-Rand..., 23 6 Reo Motar Car (40e). 10 Republic Stesl 27 Mpublumr 83% 45 RevereC&BDpf (1) 22% 11 Reynols Metls(1.20)a 54% 40% ReynoldsTobB (3). 8 6 Richfle] 1 6% 1 id Ol 42% _24% Royal Dtch(m2.2789) 9 65% 38% Safeway Stores (5). 32 96 86 Safeway pf (6 350 5 4 1 3 1 1 2 ® 1 2 §eaiey oy 3 [T T TH N TR SRS - | price Movement Irregular in 1 118% 118% lgg!fi 105% IR LY 27 21 1% 49% ‘13% 1 18 4% 19% 28 (3 5855 39" %5pe008 §§:z §.55m8 gggu 5;5 *ep2ss ;:sz,e;_.;g.“',;: 38585525 !&iiisiz LG b i . |of fts 1931 high, reflecting the recent % | can Can was down about a point near the end. STOCKS 60 HEHER DESPITE SELLING Some Groups, but Utilities Score Gains. the day without, however, e, oo al - W nu!’ ‘Trading continued Grains had a sinking spell just previ- ous to the selling movement on S Exchange. Foreign e ly. remained the day, moved narrow! Call at 135 per cent thi with suj 3 \ Better retall demand for automobiles and accessories enabled a few in this group, wmn. General Motors, Mul- lins M lacturing and Auburn Auto. to retain most of their gains. Allled Chemical lost about half of its early gain on the late downturn and Ameri- General Electric held its earlier ad- vance until a few minutes h‘t&m finish, but Westinghouse ylelded rather easily. United States Steel made a small net . J, I. Case broke to a new low for ’n':u;:nl er;lckcl wuilln ectors were in session discussing the quarterly common d}‘;&gma The 15 to 10 cents rate was lowered from quarterly. ‘With Steél common still lend.\w-ll a 3-16 pgemium many feel that har. bors & weal short interest, which is' not due, as some observers recently sug- gested, Doubtless overseas sales of steel m— ferred a fortnight ago caused it to d a:t- premium, but it is now lending Merchandising shares were com- paratively active and higher in the forenoon. ‘The leader in grocery chains Safeway Stores. Kroger Grocery also gained in the same lod, while J. C. Penney came within mm improvement in profit margins of that company. R. H. Macy & Co. rose al- most 2 points. Sears, Roebuck and Montgomery ward moved upward to- gether and demand was somewhat| heavier than usual for Woolworth, Dairy stocks and fosd shares, however, were rather listless, ‘While directors of Standard Oil of New Jersey were in session for dividend action, most of the oil shares that sold | ii were hi . Socony-Vacuum, which is the name of the Consolidated Standard Oil of New York and Vacuum Oil, \was up 3% on its first few sales. Others to advance included Houston Oil, Mexican Seaboard, Texas Corporat Union and Royal Dutch. of New Jersey adv: when directors announced the declara- tion of the usual 25-cent common Quar- terly dividend and 25 cents extra. ‘The oad shares were dull and irregular, with trading confined -to Atchison, Baltimore & Ohio, Union Pa- citic, Chicago Rock Island, New York Central and Great Nofrthern preferred. was in demand in the first few hours as a result of the reception ac- corded its new_ low-priced radio set. American Telephone resisted selling efforts, and tional Tglephone pointed upward. Pub- lic Service Corporation of New Jersey was up & point in the forenoon, and Electric Power & Light was up 1% goolx:t. North: American rose about & MARYLAND TOBACCO PRICES. | BALTIMORE, August 3 (Special) — and sales of Maryland leaving houses of 9,724 ‘The demand but the commoner hogsheads. continued active for all grades, with the best up to 55 cents. y for Maryland leaf Frosted e year. Inter- || ‘while again_stubbornly | Interna~ TOBACCO PRICE REPORT MADE BY STg!E BUREAU season. ‘The the Geor; at Blackshear, o markers ot week was. as ed wit :‘n 218 cot ith 12.33 1930 at Nashville, were received from 21 towns in which tobacco markets are open in this year, as compared with 22 towns last year. The lowest average price last week ‘was 2.96 cents per pound ltzgil!h which com) with 8.22 pe: lem.flnt"ekd Copper and Germany. NEW YORK, August 3 (Speclal).— 1 that surplus copper d to Germany on long- hailed today as @ in the outlook for were which makes statistics, due ‘an unfavorable ith ~stocks of in North and end of June, 72 tons. These true picture ' & third never tistical gath- total was i.ear- entirely to foreign selling. the McKeesport Tin Plate. NEW YORK, August 3 (Special).— Selling in McKeesport tin plate been to the steady price reduction in tin te, which {n turn reflects the demand for that product from ein inufacturing companies. With many of the fruit and vegetable packs now in process less' than those of a year ago, canneries quite natura'ly heve reduced their can orders. - In the case of peas the pack will be 40 per cent back 'of Galitornia. peaches wil e eut ° ornia pea cut more than 55 per cent.. 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 oan Corre Mutual Advantageous 9.50; good fo fine'red, $40.008 fancy, $54.50a$55.00; seconds, ::mgmn gxmmumflou.nmm: good burley, nominal. opbiad = CHECK TOTAL DECLINES. By the Associated Press. 416 5th St. N.W., Room 707 We Give Property Terms on D. C. Real Estate LOANS 6% Open Daily 9 to § Saturdays Until Noon NAtional 1381 BUILDING ASSOCIATION 22 NNTH ST W Management Personal Attention UTTING unnecessary expense; improving prop- erty; exercising close supervision are features in our service as property managers that result " in better returns upon your investment. These things cannot be accomplished hap- hazardly. ' They demand the training of experience and the facilities of thorough organization, You'll find your apartment house, office building, residential and business properties operating to:your decided advantage under our management, PROMPT remittances . are the ! INEVITABLE rule of this office ; RANDALL n.m;vnn & COMPANY 3 REAL ESTATE LOANS As Mortgage Loan' ‘Correspondent ~ of the Metropolitan: Life ' Insurance ;- ‘Company we are px‘eptred to assist you. Fa et i '-l organization of “human .power” en- eel ria great many industrial plants which POLICY OF STEEL CORPORATION LAUDED|ff Moo Aveilable Mortgage Loans Des o the Disirler o Co ROBERT W. SAVAGE 717 Unfon Trust Blds. National €199 ition when they voted to cut dividends first and wages last, in the ion of Douglas 8. Keogh, president Charles E. Bedaux Co., of New the York, Inc,. subsidiary of the internation- W asd Iadissa Avs: NW. LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Serles of Stock Now Open ibscription TS, g Mr. Keogh's opinion was expressed today in the following statement: “News of the steel corporation’s deci- sion may cause an unfavorable reaction in some quarters, but it will certainly win the unqualified approval of labor everywhere and of the management in For Sul James E. Connelly President James F. Shea have struggled to maintain wage scales, Secretary even at the cost of reduced stock- holders’ dividends and lower executive salaries. “Management in many industries has been fighting the battle of the wage earner, and in doing so has been Te- sisting strong pressure on the part of stockholders. The temptation to weak- en and cut wages in order to curry the of stockholders has been strong. The action of directors of the steel corporation therefore establishes a precedent in a key industry, which, by reducing dividends first, salaries second and wages last, if at all, lends to the management of smaller industries some ‘much-needed ral support. “If stockholders in all our industries will consent to accept smaller dividends on their invested capital, and thus make possible the fullest employment Call on Us for a Loan On First Mortgages —For Buying —For Building —For Refinancing completed properties. O delays are encountered in AN securing loans on first mortgages at reasonable rates. This is due to the tremendous resources of this company. Permit us to give you fur- ther information without ob- ligation on your part. REALESTATE MORTGAGE & GUARARTY CoORPDRATION 1610 K St. N.W. N August is the harvest season in the Dakotas. Money to Loan Secured by Il'lkhl‘::'=l llul.::-lg estate. Joseph I. Weller REAL ESTATE LOANS Made at Low Interest Rates T‘Y.LER & RUTHERFOIE_D hi a1 s ai nd BTty on well located - for 3, 5 or 10 years, if so de: st 1520 K'St. N.W. National 0475 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Equitable Co-Operative Blg. Ass'n Organised 1879 51st 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 present indebtedness or improve prop- erty should see us. Applications will receive prompt and courteous attention. Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W. = OLDEST NATIONAL BANK In District of Columbia 15th Street Opposite U. S. Treasury 6% IS GOOD WAGES FOR YOUR SURPLUS FUNDS —and that is what they will earn when invested in our 6%, FIRST MORTGAGES They will be employed at this fixed and unvarying return for a definite number of years, which ob- viates the necessity of choosing re- investment; and all the while the principal is safely secured by con- servatively appraised improved Washington real estate. May be purchased in amounts from $250 up. B, E.SAUL CO. National 2100 925 15th St. N.W. Over a Third of a Century Without a Loss