Evening Star Newspaper, August 14, 1931, Page 13

FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office, GOVERNMENT PAYS LITTLE FOR MONEY Wide Difference Shown Be- tween Treasury Bills and ) Municipal lssues. ‘The wide difference between the in- terest which the Federal Government and municipalities pay for loans these days is becoming a matter for more and more comment in financial circles. For instance, the latest Federal of- fering of $60,000,000 in Treasury bills was purchased at a price equivalent to about 0.51 and 0.66 per cent on an annual ‘basis, while the City of D!trult has just marketed a $30,000,000 issue through & dicate, d by Bankers’ Co. of New York, which /is offering the bonds at prices to yield from 4 to 434 per cent. The Government gets more offérs for its bills c4 less than 1 per cent interest than accept. Although the offer- ing W“ about $60,000,000 of the 91-day bills dated August 17, 1931, and matur- ing November 16, the total amount ap- plied for was more than three times that amount, or $211,160,000. The high- est bid made was 99.870, equivalent to an interest rate of about 0.51 per cent on en annual basis. The lowest bid ac- cepted was 99.833, ‘equivalent to an in- terest rate of about 0.66 per cent on an annual basis. Only patt of the amount bid for at the latter price was accepted. ‘The total amount of bids finally ac- cepted was $60,280,000. The average price of Treasury bills to be issued is 99.841. The average rate on a bank dis- count basis is about 0.63 per cent. The Detroit 4'a per cent.bonds, due 1932-36, were issued for refunding and $8,000,000 for emergency purposes, and are tax free in the State of Michigan and are legal investments for savings banks and trust funds in New York, Michigan and otber. States, The Detroit issue is characterized as one of t.hc most important = municipal loans 1931. 'The syndicate bought noooo, 000 of the Detm obligations, as ed discount and premium 4 'x'n chasing group paid $21,153,000 for ‘72 - 000,000, one to five-year refunding bonds and $8,008,800 for $8,000,000 one to three-year emergercy securities. Other municipal bonds, showing pre- vailing interest rates in this nhue o! securities, include: $128,000 Sprinfield, Ohio, street improvement bonds at 4 per cent, and $425,000 Indianapolis 3% and 315 per cent, both just put on '..he market. No!‘th Dakota is putting out $2,200,000 43 and 4! per cent bonds to be used in extendine to farmers loans secured by morigages to the Bank of North Dakota. A. & P. Tea Co. Sales. Although dollar sales of the Great Atlantic & Pacific Tea Co., which ma! tains many stores in this city, showed a decrease of 1.2 per cent for the five weeks ended August 1, umnlge sales during the same period’ in 11.1 per cent over the like period of 1930. Sales for the period this year amount- ed to $95,527,987, compared with $96,- 723,670, ‘Tonnage sales for the five ‘weeks this year totaled 513,005 tons, against 461,644 tons last year. Aver weekly sales ln July were $19,105,597, compared with $18,344,734 in 1930, a decreass of 3239,137. Aver- age weekly tonnage sales were 102,619, compared with 92,329 in July, 1930, an lncreue of 10,200. Drug, Inc., holding copany for the Liggett Properties, today reported an | inchesse In’ sarnihgs Guring. the first| 23 half of this year over the comparable perod of 1930, Net profit for the pe- lod this year was $10,656,054, equal to ‘3 04 a share, compared ith $10,- 542,007, or $3.01 a share, in the first half of last year. Loft July Sales Gain. Loft, Inc., which operates one of its mppmeu c-nd.v Stores in this city, Teporis in sales for the month ol July of 706,019 customers and $430,000 in sales, as compared to July, 1830, International Business Machines Cbrporation, which has & plant in this city, has further extended the out- fs of its foreign business by entry ito the Island of New Guinea, north Australia. The company now does business in 78 foreign oountries and & ‘number of dependencies. Its domes- tic plants are in Endicott, N. Y., near 4 Drug Stores prekrred fol- a Trecent favorable reports of sales, mc 2 points and a fraction on three ks of stock on the Wi Stock Exchange today, selling 10; 103, as compared to prior sale of 101. Mergenthaler was a shade up, at 77. American Security & Trust turned over again at the recently increased figure of 319, and Federal-American National Bank & Tust Co, was a fraction off at 49. Washington Gas 58 were out at 207%, & gain of 1 point over prior sale. Earnshaw Promoted. Robert J. Earnshaw, assistant treas- urer of the Washington Savings Bank, yesterday was elected vice president, treasurer and a director, it was an- nounced by the president, Thomas E. Jarrell. The resignation of John D. Leonard aa vice president and treasurer was accepted, and Robert B. Montgom- ery, manager o fthe mortgage loan de- partment of Acacia Mutual Life Asso- eclation, was elected to the bank's board of directors. Mr. Leonard resigned his Post because of ill heaith and at the advice of a physician. He plans to take a Year's rest from banking ac- | tivities and will remain at his Summer home in Prederick, Md. Mr. Earnshaw entered the employ of the Central National Bank, which was later consolidated with the National Bank of Washington. He was succes- sively employed by the Washington Loan & Trust Co. and Commercial Na- tlonal Bank and Washington Savings Bank. Mr. Montgomery, the other new di- Tector, is the son of William Mont. gomery, president of the Acacia Mutual Life Association ‘Washington clearing house figurss to- day, 83,645,931 48 Small Loan Needs. Annually it requires in excess of $11.- | 000,000,000 to take care of small bor- Towers in the United States, says the Journal of the American Bankers As- | soclation | “This total” it explains, includes §2,- 600,000,000 _instaliment sales, which have been defined as an indirect form oans apd United States Veterat lunu commercial agencies.” From these figures, it is pdnkd out, R i : E Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) 1250-) Stock and Bales— Dividend Rate. Add 00. Hix! 81 Abitibi Pwr & Paper. Abraham Strauss Adams Express (1) Adams Millis (2) Addressograph 1.40. Adv Rumley 3 Air Reduction(14%). 52 Alaska Juneau (40c) 140 Albany Wrap 2 Allegany Corp. Alleg Cp pf $30 Allegheny Stl (1.20) . Allied Ch&Dye (n6) . Allis Chalmers (2). . Alpha Port Cemt (1) Am Can Co (15) Am Car & Far; Am Car & Fd. Am Chain pf (7 ‘Am Chicle (3). Am €omcl Alcohol. . Am European Secur. Am & For Power. Am & For Pwr pf(6) Am & For Pwr pf(7). Am & For Pwr 2d pf. Am Haw St'ship (1). Am Home Prod 4.20. Am Ice Co (3) Am International Am La Fr&Foam Am Lo'motive pf (7) Am Mch & Fdy 1.40 ~Prev. 1931 ml'n Low. 25 11% 224 Am Natural Gas pi Am Pwir & Lt (31) . Am P&Lt pf A st(5). Am Radlator (60c). Am Republies Am Rolling Mills ‘Am Smelt Ref (2) Am Sm & Ref pf (7). Am Solv & Chemical. Am Steel Found (1). Am Stores (123%) Am Am Am Tobacco (16). .. Am Tobacco B (16) Am Tobacco pf (6).. Am Type Fy pt (7). 4 Am Water Wks (3) Am Wat Wks cfs(3 Am Woolen Co pf. Am Writ Paper ct Anaconda Cop (1%). 1?3 Archer Danfel Mid.. Armour of 1l (B) ‘Arnold Constable Art Metal Const Associated Apparel Asgo Dry G (2%) Atch To&S Fe (10 Atch To&S Fe pf ( Atlantic Refining n) Auburn Auto (£4)... Autosale: Aviation Corp (Del). 9% Baldwin Locomotive 70 Baldwin Loco pf (7). 108 43% Balto & Ohio (5) 27 47 Bang & Aroos (3%) .. 2% Barker Bro: 5% Barnsdall Corp'n. 531 Beatrice Cream (4).. 1% Belding-Hemingway 14% Bendix Aviation (1). 31% Best & Co (2). 34% Bethlehem Steel (2). 29 96% Bethiehem Stl pf (7) % 20% Bohn Alumn (1%)... 28 47 Borden Co (k3). 14% Borg Warner (1). 84 Briggs Mfg (11%).. 304 2 Brockway Mot Tri 58% Bklyn-Man Tran (4) 7% Bkivn & Queens 99 Bklyn Union Gas (5) 45% 32% Brown Shoe (3). . 118% 1173% Brown Shoe pf ( 9% 3 Bruns Term & Rwys. 20% _ 6% Bucyrus-Erle. 114 104 Bucyruspf (7) 5% 2% Budd (EG) Mfg 13 71 Budd Wheel (1) 8% Bullard Co 321 19% Burrough A M(t1%) 31 17 Bush Terminal(2 20% . 9 Butterick Co. 69% 23% Byers (AM) Co. 1 108 60 2 B3 20% Callt Packing (). .. 1% 3 Callahan Zinc & Ld. 43% 28% Calumet & Arizona. . 16% 10% Camp W&C Fdy (1). 45 29% Canada Dry G A (3). 46% 21% Canadian Pacific 1% . 25 17% Cannon Mills (1.60). 131% 51% Case (JI) (6). 16 85 se (J 1) pt(T).o.0 408 szv. 21%. Caterpillar Trac(3). 2 Cavanaugh-Dobbs 8% Celanese Corp. 3% Celotex vte etfs. . 25% 7% Cent Aguirre (1%).. 6% 2% Century Rib Mil 304 14 CerrodePasco (1).. 714 2% Certain-teed Prod 20 11 Certain-Teed pf 28% 7 Checker Cab Mrfg. 46% 27 Ches & Ohio (2%) B4% 27% Chesapeake Corp( 7% 4 Chl Great Western.. 27% 15% Chi Great Westn pf. 8% 3% Chi Mil StP & Pac. .. 15% 4% C tP & Pac pf. 45% 25 Chi& Northwest (4). 35 15% Chi Pneu Tool pf. 65% 22% ChiRI& P: 2 12% 10 33% 25% 12% Chrysler Corp (1)... 90 774 City lce&Fuel pt 6% 4% 2 Cjty Stores 170 133 Coca-Cola (t 50% 40 Colgate-Pal-P (2 10415 101% Colg-Palm-¥ pt (6). 17% 9 Collins & Aikman. .. 32% 9% Colo Fuel & Iron. 5% 20% Col Gas&Elec 2 Col Gas&El pf A (5). 16 18% Col Graph cfs (56c) Columb Carbon (5 Comcl Credit (2) “omel Inv 5% Consol Cigars ( “onsol Film pf ( 11% Consol Laundries( 25 ConsolRwys pf (6 % Consol Textile. 3 Container Corp (A)w 9 Contl Baking (A).. 1% Contl Baking (B). 40% Contl Can (23%) Bl Conll Dia Fibre 1) 34 Cont Insur ) 2 Contl Jotors 5 Contl Oi1 rl\l‘ll 3% Cnh(l Shares. 6 Coty Inc 2644 Cream of Wheat {2 12% Crex Carpet 30% Crucible Steel % Cuba Cane Products. 16 Cuban-Am Sugar pt. 1% Cuban Domn Sugar.. 35% Cudahy Packing (4). 68 Curtis Publish (4) 2% Curtiss Wright. . 3 Curtis Wright (A) 174 Cutler Hammer 9% Davison Chemical .. Detroit Edison (8).. Diamond Match (1) . Diamond Mtch pf 1% Dome Mines (1). Douglas Air (1%) ... Druz Corp (4) ec Auto Lite (§) ctric Boat. . Musical Instru 1001 B4k 19% 25% 4% Fairbanks Co pf ctf 11 Fairbanks Morse 1.60 714 Fairbanks M pf (7 % Fisk Rubber . 16 Food Machinery 13% 14 201 Foster Wheeler (1) 4% Foundation Co. 2044 Fourth Nat Inv mnu uu Fox nlm tA) 2%). Tex (3) "S.‘?‘fl!ua-fl‘fl!“ Lom Clias. Glose, ~Prev. High. Low. 57% 36% Jewel Tea (4). 80% 40% Johns-Manville (3).. 1231 1161 Jones & Laugh pf(7) 18 125% 9 40% 10% 13 10 4T 5814 1931 174 5 4% 5% e 1% 9 2 21% 4% 9% 5% 19% 12 Stock and Dividend Rate. Gen Baking (2) en Cable pf. .. n Cigar (4) . . 20 155 16 1 ) Sen Food-Corp (3) &F1 A (e30¢) an S rig Ink (214)..100s Prtg Ink pf (8).. 208 Public n R & Ut pf (e6).. Gen Refractories (3) Gotham Silk Hosiery iould Coupler. Strs (h1).. fon. Grand Union pf (3).. it (WT) (1)..., eat Northn pf(4). eat Northn Ore(2) Great Wn Sug pt (7) Grigsby Grunow Gulf States Steel Hahn Dept Stores. Hall (WF) Prod (2). Hartman Corp (B) Hayes Body Corp. Hercules Pow pf Hershey Choe (5). .. I hr\l)\-\rpffla) Hoe (R) & Hollander Sons . Houdaille Hershey Household Fin pf(4) Houston OM. Houston Oil ( Howe Sound (2) Hudson Motor (1). Hupp Motor: Thlinois Centr: Indian Motor C: Ind Motor Cycle pt Indian Refiningft Indust Rayon (4). Inspiration Copper. Insuranshares Del Insur Shr(Md) (40¢). Interboro Rap Trans Int Bus Machine (n6) Int Carriers,Ltd 50c. Int Cerpent (4) . Int Combustion. Int Harvester (233). Int Hydro E1 A (e2). Int Match pf (4). Int Nickel of Can (40 int Paper & Pwr (A) Int Paper & Pwr pf. . Int Printg Ink pf (6) Int Rys Cent Am Int Salt (3) Int Shoe (3). Int Silver pf (7). Int Tel & Teleg ( Int Dept Stores ( Interst D S pf xw o 8 Hw o 2 RoonRweBummuRomn M 8 valasaveans e 40% 5314 118% 118% 14% 14% 13% 2% 9% 40% 521 50% 118% 117% K'mann Dept Stra(1) 14% 144 Ka; S 13% Kelsey-Hayes Wheel Kelvinator Kresge Dept Stores. Kress (SH) Co (j1). Kreuger & T(m1.61). Kroger Grocery (1). Lambert C i Lee Rubber & Tire 1% 12 28 20 4% 813 43 T 3% 35 31% Lthigh Valley.Coal.e Lehman Gorp (3) Libbey Owens Glass. Liggett & Myers(15) Ligg & Mvers B (15) Liquid Carbonic (3). Loew's Inc (3).. a 4 Ludlum Steel Mclntyre Poro McKeespt T P( McKesson & Rob(1). McKes&Rob pf (343 ) Mack Trucks (3). Macy (RH)& Co(nd). Mallison & Co..... ManhatElev mod gtd Marine Midid (1.20). Marlin-Rockwell (2) Marmon Motor Car Marshall Field (23 Mathieson Alkilt Mathieson Alk pf(7 May Dept Strs (2% ) Melville Shoe Miami Copper. Mid Continent Petm. Midland Steel (3). Minn Moline Pow Mo Kan & Texas. Mo Kan & Tex pf (7) Missouri Pacific Missouri Pac pf ( Mohawk Carpet Monsanto Chem (1 Montgomery Ward Morrell (J) & Co (3 Mother Lode. Motor Meter G Motor Products (2).. Motor Wheel (1). Mullins Mfg. . Mullins Mfg pf ( Murray Corp i3 Nash Motors (4) Nat Acme Co Nat Enam & Stamp. . Nat Lead pf A (7). Nat Pwr & Lt (1) ..o Nat Steel (2). Nat Supply Co Nat Supply pf ( Nat Tea (1)... Nelisner Brothers Vevada Copper (1) Newport Co (1) Newton Steel. . N Y Investors. NY N H & Hart (6).. NYNH&Hpt (T).. b { Y Shipbullding .. Noranda Mines . Norfolk & Southern.. rf & Westn (112)n Yorth Am Aviation. . Nor Amer(b10% stk) North Amer pf (3). .. Northern Pacific (3). Northwest Tele (3)..100s Ohilo O11. Gl Oliver Farm Equip 3 Omuibus Corp 3 Orpheum Cir pf (8) 2'1. Otis Elevator (234) 5 M s w0 PRT-1- TN G % - JI. ) 10% b cific Gas & El (2 cific Lighting (3 Packard Motor (40c) Pan-Am Ptm (B) v 28 1 10 .. 38 Penney (JC) pL A (§) l 100 Penn Railroad (3). 42% Peoples DS pf (63%) . lOl 104 Peoples Gas(Chi)(5) 2 200% 1 Pere Marquette Ry . . Petm Oor. of AII()) % 1). 12 2 100% 19 8% 2 1% 68 9 nt 18 Ph ding Philip Morris&Co(1) Phillips Petroleum ISTOCKS FORGED UP 10 NEW HIGH LEVEL Only Rails Lag Behind in General Recovery in Drive on Shorts. BY GEORGE T. HUGHES. Special Dispatch to The St NEW YORK, August 14—Under in-! | creased volume, today's stock market | forged ahead into new high ground on the recovery, only the rails lagging be- hind and some of them doing better. For the most part the movement was a! drive against the shorts, but it did draw in a proportion of new buying. In the last hour General Motors as- sumed the leadership. Other stocks re- acted slightly under realizing, but were still substantiaily higher on the day. All through the session the market was most active when prices were advancing. The demonstration was well timed. It had been abundantly proved that stocks were no longer pressing for sale. Professional operations for the decline in all recent sessions have met scant success. There seemed to be no dan- ger whatever in an attempt to bid up prices, while in a dozen or so individual issues there was a stale short interest which could be counted upon to help the forward movement once it was un- der wa The market opened higher, with the gains distributed over the whole list, | excepting_the rails, and_they were not weak. United States Steel, above 91 before noon, was only a point under | the price at which it sold the day be- fore the dividend was reduced from $7 to $4 annually. Steel authorities ex- pressed confidence in an Autumn pick- up in business, but admitted they have no tangible evidence of it as yet. How- ever that may be, United States Steel common has been loaning at a pre- mium consistently for weeks d its technical position is extremely strong. Other stocks that had been sold “to 4 standstill” rebounded sharply today. ; The list included Union Carbide, Johns- Manville, American Can and, noticeable of all, J. I. Case. The s about Case was that a $2,000,000 pay- ment was expected from the Soviet | government on account of old contracts which would insure the safety of the dividend despite current conditions in | agriculture. ‘Merchandising stocks were uniformly strong. For this movement there was real justification in the reports from distributive trade. New highs ‘;xe reached by Safeway Stores, tional Stores and J. C. Ptnney A little later Woolworth was taken up. Buying | in the utilities went on on a large scale, with good gains in all the popular speculative mediums. Public Service of !Nel’ Jersey, Standard Gas & Electric, Electric Power & Light and North American Co. were prominent. Ameri- can Telephone & Telegraph made a new high on the movement Not so much could be said for the railroad stocks. Some of them im- proved a point or 2, but they were sluggish, c with the industrials. Great Northern preferred was outstand- ingly weak at a new low for the year, not so much because of the value of | liquidation as because of the lack of i buying orders. Great Northern only | recently declared a semi-annual divi- ; dend of $1.50 a share. The market quieted down in the aft- ernoon, as realizing cut a part of the gains, In the main, however, prices held well. The turnover during the first two hours of a million shares was twice that of the preceding day during the same time and more than for many of the recent five-hour sessions. Blocks of stock in the thousands oecame once more a familiar sight on the tape. General Motors made up the dividend which came off the price today. The balance sheet as of June 30, which was released for publication, owed the same extraordinary stre for which the corporation nof Cash and cash items were more than 314 times all current liabilities and the pesition was improved compared with that ai the close of last year. The oils came in for more attention today, although gains were mostly fractional. Socony-Vacuum made & new high since trading in it began. For the first time in months spokesmen for the industry are becoming guardedly optimistic. They point out that drill- ing operations have been com- pletely solved and that once the over- here is likely to be a scarcity of oil and an advance in price. Organized buying in the low-priced ?roducnon in East Texas is remedied | Ji issues was a feature of the afternoon. Radio was a favorite at the best of the recovery, and there was active buying of Briggs Magufacturing, = of Kelvinator and of Standard Brands. In the high-priced list Eastman Kodak was prominent. NORTH AMERICAN TRUST SHARES LEAD IN SALES Special Dispatch to The Star. NEW YORK, August 14.—According to George B. Cortelyou, jr., presiden of Distributors’ Group, Inc. sponsors of North American Trust shares, la: trust exceeded the sales of any other fixed trust in this country during the month of July. Investors bought more than 650,000 trust shares during that month alone. The total number of trust shares outstanding on July 31 was 21,140,500. It has been estimated that well over 100,000 men and women have invested more than llld 000, this one fixed trusi SILVER QUOTATIOHS NEW YORK, August 14 (P).—Bar silver, stcmy and unclun.ec at 27%. POB.EIGN EXCHANGE bt Co. T L) value. "oy London, pound =S 3 b 2388¢ 5.33c 10550}3¢ e e B e BE :-— 3 zen, | Oslo, _crown | Stocknoim, erown | BEESESREERS £33 cm'-n 35 Mar. 18, 3iax Dec.’ 15, SHORT-TERM SECURITIES. (Reported by J. & W. h"l-lll & e&“ Allis-Chalmers Co. 5s 1 o American Metal 1! ican Tel TSI STTEE s 3! Committee Head SISSONS PLANS A. I B. ATHLETICS. ROBERT A. SISSON Of the Washington Savings Bank, who is_planning a_ big program for the | American Institute of Banking this year in golf, tennis, basket ball, bowl- ing and other sport: WALL STREET COOL T0 COTTON INQUIRY Probe of Crop Estimate and Fu- tures May Lead to Quiz on Speculation. Special Dispatch to The Star. NEW YORK, August 14.—Proposals for an investigation into the compila- tion of the Government cotton crop estimates and the whole subject of cot- ton futures speculation, now, being agi- tated in some quarters, meet mlh a cool reception in Wall Strect, where it is feared that Congress plans consider- able probing into security as well as commodity speculation. ‘The financial community, however, is not unmindful of the effect of low cot- ton prices on the purchasing power of the South. If Wall Streets had not paid attention to low cotton prices, it. would have been forced to do so today, as many Worth street and uptown broker- age branch offices were informed of canceled orders coming from Southern jobbers. Orders placed here several months ago in anticipation of fair business were the first to be canceled by South- ern jobbers and retailers. Some sug- gest these cancellations are merely for the purpose of obtaining lowered prices that are bound to be brought about by reduced prices of various raw materials, including cotton. ‘Whatever may be the outlook for re- newal of these canceled orders, it would not be surprising to brokers with South- ern wires if considerable business had to be done this year on a barter basis. One visiting Cincinnati broker recalled how a merchant in that city had to lccefl walnuts in payment for bills of furnishings sent to some Southern com- munlues This furnishing firm, to the I’Fflse of the city, later conducted a ut sale. (Copyrigh Money on Hand to Loan on First Deed of Trust 69 Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. THERE IS NO BETTER NOR MORE HELPFUL LOAN PLAN ANY- WHERE THAN THAT OFFERED YOU BY THIS INSTITUTION. LET US EXPLAIN THE DETAILS TO YOU. Open Daily 9 to § Saturdays Until Noon Ational 1 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. 51, % INTEREST BOSS and PHELPS Realtors Logn, Corre coek SeShuat B s ife Insurance Ce e Y “ * n.m FIN 7th and Indiana Ave. NW. LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY of Stock Now Open Subscription James E. Connelly James F. Shea President Secretary 66th Set YOU CAN RENT A GENERAL @ ELECTRIC BOTTLE WATER COOLER and have cold drinking water every hour of the day. Rentals as low as $5 a month with free installation. 1328-30 N. Y. Ave. N. W. NAtional 6800 NANCIAL —For Refimancing completed properties. 70 d ar mortgages at reaso I'his is due to the tremendous resources of this com Perm to give ther iniormation without ligation on your part. us ob- 1610 K St. N.W, Equttable Co-Operatwe Bld Ass'n inized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr, Secretary Slbtmpnol for the 101st Issue of Stock Being Received See Us If You Wish a Loan Those who desire to borrow money to pur- chase a home, refinance present indebtedness or improve property, should see us. Applications will receive prompt and cour- teous attention. on Real Estate or to Take Up a First Mortgage Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W MORTGAGES THERE IS NO UNCERTAINTY about an investment in our 6% FIRST MORTGAGES You money Over a Third of & Century Without a Wha know make your is ‘Washington real been conservatively the return will never vary this 6% interest. It will be 6% to the maturity of the mort- at the time you investment - that your secured by improved estate that has appraised, and from al- gage, and then the principal will be Loss returned in full. May be purchased in amounts from $250 up. B. F. S8AUL G4, National 2100 IS NO SUBSTITUTE 925 15th St. N\W, FOR ° SAFETY T T A ——— TR I S o atlonal Savgs & Tt C. j Oldest Savings Institution in the District of Columbia Cor. 15th and New York Ave. The Bank Preferred by | Over 55,000 Depositors —must afford Service and Safety in exceptional measure. We take justifiable pride in the length of our depositors’ roster and the high degree of public confidence this strong old bank has so well earned. Deposits in ang of Interest amount invited—Same Rate on large and small accounts. Open Until 5:30 P.M. Monday, Aug. 17 OFFICERS: oy B st V. 1o6 Peea: and Trust OMcer RN Treasurer ent DIRECTORS: JAMES J. BECKER WwoobBURY BLAIR G cleruang 5 atley .vh