Evening Star Newspaper, August 18, 1931, Page 11

FINANCIAL NEW YORK STOCK EXCHANGE bymun-mnanmuno.-. CAPITAL TRACTION HAS REVENUE GAIN Net for July and for First Seven Months of 1931 Tops 1930 Receipts. | Despite the severe competition of tax- ! feabs and decrease in passengers, the Capital Traction Co. showed a substan- tial ‘gain ln net income for both the | month of’ July this year, ac_compared | to last July, and for the first seven ! perating statement of the com- | pany shows net income increased in | July by $4.503.01, from $4,935.60 in 1930, to 38.61 in 1931. This was ac- | complished by economies in operating | expenses which decreased in July by $4.920.59, from $251,825.88 .in July, 1930, to $246,905.29 in July, 1931. Passenger Decrease. Revenue passengers and total passen- ?I’I both showed a decrease, however, | luring both July and for the seven months. The fall offt was from 4,011,584 in July, 1930, to 3,569,280 in J y, {:l Ts, and ngers, & net reduction of total pas- nntan of 564,111. Tevenues for the month of | July ll\o' an increase of $209.84 from | $306,527 08 in July, 1930. to $306,- 82690 in July, 1931. The gross income | for July showed an increase !rom $36,680.73 to $40,948.81 Figures for the seven months of lhl& fflr as compared to seven months of last year show & decrease of 5,241,360 | ngers, but an increase in the net | icome of $9,410.17, from $274,026.88 to $283,437.05. OWIHII. Tevenues for the seven months showed a decrease of $40,- 585.30, dr Imm lzfll 706.95 to $2,391,121.56, expenses b.y $54, no 53 tr tmn ST AT 0 | in 30 period to $1,717,663.17. American Ice Co. The American Ice Co., which is rep- Tesented in this city, rts that its tonnage sold dunn‘ July throughout the country increased over the figures of July a year ago, and net earnings for the month, after interest, but before Federal taxes and depreciation, were | 81, lfllm an increase of $28,000 over 81, l 00 earned in July, 1930. m the best showing made by t.h- commy for any month in its his- tory, the previous month being August, 19” when earnings amounted to $1,155,000. Price Index Gains. For the first time In several weeks the wholesale price index of the Na- tional Pertilizer Assoc! tion for the week ended August 15 showed that the general index number advanced showed a loss of 5 fractional points and three weeks the index number de- el points. The latest a healthy business. Ba ir. Paris feel the turn for the’ come. In England store managers report Bates of the Electric Construction 58 were t to 105%. Washington Rail- Electric 4s were a fraction up st nl,. while the stock of the same ocm- pany sold slightly off, beginning at 98’4 and dropping to 99. Capital T‘!Ifllon\ stock wes 1 point down from the last| sale, selling at 37. Potomac Electric 6| per cent preferred was a fraction higher at 113. District Naticnal Securities | preferred sold at the same as prior | sale. 68. { ‘Washington clearing house figurcs for tocay: $3,583,001.07 CHANGES IN BUSINESS| NOTED BY HAGAZINE Ianovations in business and md\.\lm erowd fast upon one another today,| brought about by the press of competi- | tion, efforts to sustain old profits and the intensified quest for sources of new ones. The following new developments | in industry are quoted from the August | Nation's Business Colored bricks may brighten up homes | of the future. Glazed building bricks sre now avallable in lavender, yellow | and pink A new transparent cellophane ad- hesive tape which requires no moisten- ing hns been patented. It adheres in- stantly to any clean, dry surface Prankfurterts and sausages are losing their traditional shapes. A new turns out rectangular ones. linked elght to the pound ausages A Michigan firm is introducing low- cost rabbit meat. The company slaugh- ters some 4,000 pounds of rabbits daily A new product, fish flour, mi add | from $500.000 to $1,500,000 to the value | of the fisheries industry. Made from | edible parts remaining from fillet! | the new product is dried, then grouns Note—All stocks are sold in one excepting those ~Prev. 1931~ High. Low. 144 284 2 32% 109% 200 a 12% 133 182y a2m 23 62% . 129% 88 48N 214 14 834 3L 100 9 64 1% 109% 16% 18 24 21% 7% 107 hundred-share lots by th letter s (80s) (llfi). Stoek and Buler— Dividend Rate. Add 00, High. Abitibi Pwr & Paper, 1 4% Adams Express (1)., 7 Adams Exp pf (5)... Adams Millis (2) Afr Reduction(t4 Alaska Juneau (40¢) Albany Wrap Paper. Allegany Corp. Alleg Cp pf w 840 w Allied Ch&Dye (n6). Allis Chalmers (2) Amerada Corp (2). Am Bank Note (13). Am Bank Note pf (3) Am Can Co (15) Am Chain pf (T).... Am Chicle (13) Am Colortype (30c Am Comel Alcohol. . Am European Secur, Am & For Power. Am & For Pwr pf(7). s Am & For Pwr 2d pf. Am Home Prod 4.20., Am Ice Co (3). Am Internation : Am La France&F Am Mch & Fdy 1.40 Am Mach & Metals Am News (18%) Am Pwr & Lt (31)... Am P&Lt pf A st(5). Am Radfator (80c) Am Republics. Am Rolling Mills Am Ship & Com Am Smelt Ref (2). Am Solv & Chemical. Am Solv & Chem pf.. Am Steel Found (1).. Am Stores (123%). Am Sugar Ref ( Am Sugar Ref pf ( & Am Tel & Teleg (). Am Tobacco (16).... Am Tobacco B (16).. Am Tobacco pf (8) Am Type Fy pf (1).. Am Water Wks (3).. Am Woolen Co. Am Woolen Co pf. .« Am Writ Paper ctfs.. Am Zinc & Lead. Anaconda Cop (1 Armour of 111 (A).. Arnold Constable Associated Appare Asfo Dry G (2%). Atch To&S Fe (10) Atch To&S Fe pf (). Atlantic Refining (1) Atlas Stores (1). Auburn Auto (4). Autosales. . 34 11w 831y 224 Baldwin Loco pf (7). Balto & Ohio (5) . Balto & Ohio pf (4).. Beech-Nut Pkg (3).. Belding-Hemingway. Bel N Ry pt pf t4.82. Bendix Aviation (1). Best & Co (2) Bethlehem Steel (2). Bethlehem Stl pf (7) Bohn Alumn (1%) Borden Co (k3) Borg Warner (1) Briges Mfg (11%) 64 7 Bklyn Unfon G Brunsw-Balks. Bruns T o & Rwys. Bucyrus pf (1) Budd Wheel (1) Bullard Co 4 Burrough A M(N’/j) Bush Terminal(2%) . Bush Terminal pf(7) Butte Copper & Zinc. Butterick Co. ers (A M) 20% CAlIf Packing (2) 281 Calumet & Arizona 10% Camp W&C Fdy (1) ., 29% Canada Dry G A (3). 21% Canadian Pacific 1% . 17% Cannon Milis (1.60). 9% Capital Admin (A) 2 85 Car Clin & Ohio (4).. 308 51% Case (JI) (6)...... 1058 214 Caterpillar Trac(3). 16 Cavanaugh-Dobbs pf 108 Cent Aguirre (1%).. 1 Cerro de Pasco (1) Certain-Teed pf. Checker Cab Mrfg. .. Ches & Ohio (23%)... Chesapeake Corp(3) Chl Great Western Chi Great Westn p: Chi & Northwest (4). Chi R1& Pue (m2%) 2. Chi R1 & Pac pf (6). Childs Company Chrysler Corp (1). City Btore: Cluett-Peabos e Coca-Cola (17%).... Colgate-Pal-P (2%). Colg-Palm-P pf (§).. Collins & Aikman. Colonial Beacon 20% Col Gas&Elec (2) Col Gas&EI pt A (6). Columb Graph (56¢) Col Graph cfs (56c) Columb Carbon ( Comel Credit (2) Comel Credit A (3) Comel Cred pf B (2 Comel Inv Trust (2), Comel Solvents (1).. Comwlith&Sou X Comwlth&Sou pf () Congolm-Nairn (1).. Consol Cigars (bi. Consel Film » wannSene H t 19T Aenulah e &%z PEES 398 508 36% Consol Gas NY pf (5) 2 Consol Laundries(1) ConsolRwys Dt (6).. Consol Textile Contl Baking (A Contl Baking pf (8). Contl O11 (Del Contl Shares Corn Products (1 Corn Prod pf (1) v In Cuba Cane Products. Cuba RRpf (8)..... uban Domn 14% Diamond Match (1). 814 Dome Mines (1).. 14% Domn Stores (1.20).. 17% Douglas Alr (1%) 61's Drug Corp (4). 71 Dupont d A new chemical, ursolic acid, is b-wu 1"5"« ik Eascman Kodak (16) u of extracted from the waxiike coatin apple peels. It may bha in the paint and varnish industry. An experiment plant for the extractios of bromide irom sea water is projected near Wilmington, N. C. Ethylene dib: mide, manufactured frcm the bromide will wind up In our motor cars as anti- knock compounds. A process for m&‘nfll(‘oppfl’ harder than most common steels has been an- | e weight s its che'flm”«m { & pair. Uppers are md"flm!elt - i i m‘m l‘m'l' ‘ CHICAGO, August 18 () (United tes v of lure) — Agricul u"u'uk 238, total United P ” are of heavy ewvn @ 66 4 4 8 9%, Eaton Axle ( Eitington-Sel Clec Auto Lite (8) . . 2 Electric Boat ec&Musical Instru ec Pwr & Lt (1) Eiec Pwr & | lec Pwr & 1 ec Storage Bat (6) ohnson(3) ng Public fve (1) quit Office Bidg 2% 5 Eureka Vac Cleaner. 15% Exchange Buff (1%) n:runk- Co pt Fed W Fia Ph ¥ .lnl! ol‘ Firesto Pirst Natl !ln (l\n Fisk Ru Fontona % Foster Wheeler (1) .. Fourth Nat Inv méSe Fox Film (A) (2%). Freeport-Tex (3). Viabriel Co (A) amewell Co (5) Am Tank Car(é) 60). 30'% »0 840 10 Radio Gor BEA TH. 4 o :n-une-u ) @) 1T Prev. 1931 Low. 40 84 Stock and. Sales— prev. Dividend Rate. Add 00. High. Low. Close. Close. Gen Motors (3) 36 Gen Motors pf (5) Gen Outdoor Adv. Gen Outdoor Adv(A). Gen Public Service Gen Ry Signal (5). Gen Steel Cast pf(6). Gen Theatre Equip Glllette Saf Rasor. .. Gillette Saf R pf (5). Gimblel Bros pf (7). Glidden Co. Glidden Co pr pt (7). uo. Gobel (Adolf). Gold Dust (2% Gold Dust pf (§ Goodrich (BF). . Goodvear T& R (3 Goodyear Ist pt (7). Graham Great Northn Ore(2) Great Western Sug. . Tacken WAt pf A 1% 60s Hahn Dept Stores 6 Hahn Dpt 8t pf(6%) Hercules Pow pf (7). Hershey Choe (5)... Hershey Choe pf (15) Holland Furn (12%) Hollander 80 Houdallle Hershey Household Fin pf(4) Houston Oll. Houston Ofl (new). . Hudson & Man (315) Hudson Motor (1)... Hupp Motors. . . Tiinots Central (4) .. indian Refiningff Tndust Ravon (4). Ingersoll Rand (4).. Iniand Steel (23) Insuranshares Del A Insur Shr(Md) (40c), Interboro Rap Trans Interlake Iron . Int Agriculture pt. Int Bus Machine(n§) Int Combustion. Int Harvester (334) . Int Hydro EL A (e2). Int Mateh pf (4) Int Nickel of Can Int Paper & Pwr pf. Int Rys Cent Am Int Salt (3). Int Shoe (3). Int Silver pf Int Tel & Tel. Investors Equity. 570 36/s Jewel Tea (4). 80% 40% Johns-Manvi 128% 116%4 Jones & Laugh pr(1) Kan City Sou pf (4). Karstadt (Rudolph). Hayes Wheel Kelvinator Corp Kendall Co pf (6)... Kennecott Copper (88) (1.60). Kfeuger & T(m1.61). Kroger Grocery (1 Tambert Co (8 Rubber & Tire. . _ehn & Fink (3) Libbey Owens Glass. [Aggett & Myers(t5) idgg & Myers B ni) Ank Belt (2)..... Liquia Carbonic (3) . oew's Inc (3) . toft Inc w0ose-Wiles j.ou Gas&El A n)ifi). Loudlum Bteel. ory 8t Molntyre Porc M(1). Mack Trucks (3).... Macy (RH)& Co(n3). MarhatElev mod gtd aracaibo Ol BXp. . Marine Midld (1.20). Marmon Motor Car. . Marshall Field (214) Maytag Co 1st pf (6) Aelviile 8hoe (2). Met-Gold Pic pt 1.89, Miami Copper Mid Continent Midianc Steel pf (8) Minn Moline Pow Missouri Pac pf (§) Monsanto Chem uy‘ Montgomery Ward. Mullins Mz Mullins Mfx pf ( ) at Cash Register A at Dairy (2.60). at Dist Irod (2 at Pwr & Lt (1). Nat Steel (2). at Supply Co at Tea (1). eisner Brother evada Copper (1) ewton Steel Y Alr Brake (1.60), Y Central (6) 'm-,.\ Y Chi & StL pt 4!'- w 19% 1 3 284 280 4 2 10 0% 188% 6 11 95y % 9 “~ o L) 1 26 T4 . 65 14% 2% 6 1 2 95 1088 28 " Ll \ H & Hart (6).. x Ont & W 61y v 108 1054 Noranda Mine: < 10 19% orf & Westn (112). 5 167 orth Am Aviation.. 15 8 Nor Amer(b10%stk) 71 89w North Amer pt (3)... 7 bbw North Am Ed pf (6) 11074 Northern Pacific (5). 9 344 Northwest Tele (3).. 108 46% Ohio O11. . 186 12% OlivFarmEqprpf.. 2 104 Omnibus Corp....... 1 Orpheum Cir pf (8) .. 408 Otis Elevator (23 ) .. Ofts Steei. . Otis Steel Owens 111 G 394 aon a1 Pacific Lighting (Il 548 (1) 608 1208 2 241y 1 Panhandle Pro&Ref. € Paramt-P(m182%p) 41 Park Utah 1 Penick & Ford (1)... P (J C) (2.40). Fenn Coal & Coke. Penn Dixie Cement. Penn Dixie Cmt pt Penn Railroad (3) Peoples Gas(Chi)(8) Petm Corp of Am(1) Pheips Dodge (1) Phila Co new (6) Phila&Reading C& 1 Philip Morris&Co (1) Phillips Petroleum. Phoenix Hlosiery Pierce Oil. Pierce Ol pf. Plerce Petroleum. ... 19 Plllsbury Flour (2).. 4 Pittehgh Unit pf (7). IOI Poor & Co (B) . Prairie Ol & G Prairie Pipe Line(3) Pressed St1C pf(7).. Proct & Gamb (2.40) Pro & Refiners. .. .. 5 Publfe Sve NJ(3.40). 19 Public Sve NI of (5) 2 101% Public Sve XJ pf (6) 1 1204 Pullman Corp (4)... 15 30 Punia Alegre Sugar. 5 Y Pure Oil. ... 100 9% Puri T 204 204 AContinued oo Page 13d _u. | only lrlctlonllly under the best of the | presume to attempt to forecast how the | institutions. A seasonal upward gesture | by such happenings as those in Ohio | should continue on the up side for the | next several weeks. | market showed no very { that responsible banking quarters were | | hopeful on the future outlook, and were | expecting a substantial improvement in RALLY IN STOCK PRICES IS NIPPED Sharp Selling of Rail and Motor Shares Turns Mar- ket Downward. .. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, August 18.—A promis- ing rally In today's stock market was interrupted in midafternoon by Reavy offerings of the railroad and motor shares. The early trading had been fea- tured by strength in the ofls and mer- tocks, strength sufficient to uying in the rest of the The trend was reversed, however, when liquidation appeared in these groups. It was understood in reet that the selling, in part at least, came from interests affected by the banking troubles in Ohio. Penn- sylvania Railroad was the carrier most severely depressed. Breaking through $40 share, it was selling at the low- est in nine years. General Motors and Chrysler were in large supply, but resisted com:rl tively well, mofors at the worst off less than 2 points and recovering & part of this loss before the close. All through the weakness the oils were steady. Favorable dividend action was taken | by Texas Corporation, which main-| tained its regular rate. Directors of | New England Telegraph & Telephone | ordered the regular disbursement on that stock. A break in cfude rubber to an all time low was the feature of the commodity markets. The oil shares assumed prominence from the start. The main incentive on the buying side was, of course, the drastic curtailment measures in the East Texas field under the interposition of the State authorities. It was esti- mated that the curtailment in Texas and in Oklahoma would reduce produc- tion 1,000,000 barrels daily. Meanwhile it was pointed out in the trade that surplus supplies of both crude and gaso- line were not nearly as large as the ublic had been led to believe and hat recent relatively poor reports of off prdoucers were due solely to the writing down of inventories, the neces- sity for which, under present condi- tions, had passed. Ohio Oil, it was announced, advanced the price of crude today 15 cents a bar- rel on all grades. Ohio Ofl, mcmenv.my was one of the leaders on the u among stocks. Standard Ol of New Jersey, Standard of Caltfornia, Texas Corpora clair and Continental OIl Assoclated ran up over a point, selling year. Next to the oils, speculation for the rise centered about the merchandising stocks. Woolworth, the admitted leader, came close to the best of the year on large turnover, reflecting the optimism expressed by the company's president on the business outlook. New hs for 1931 were registered by Safeway Stores nd J. C. Penney. First National Stores was strong. Brokers’ Comment NEW YORK, August 18.—Brokerage advices to customers today were inclined to the view that further efforts on the part of the bull crowd to anticipate an Autumn reccvery in trade will be made. Comments follow: E. F. Hutton & Co.—If other were lacking, two signals to regard this market cautiously are furnished by the insistent weakness of bonds and the re- | fusal of rails (O'thclvlu in the xen- eral strengt) e picture abroad is still lumelemly obscured to make prog- nostication impossible. We woul led financial and economic situaticn | in Europe will eventuate end how it will affect us, especially from the standpoint of individual businesses and financial of some sort is inevitable, the market is oversold, and, with two years of depres- sion in the background, major accidents will benefit the bull, not the bear. For these reasons we belleve moderate quiet accumulation of deflated stocks during weakness is warranted and trading in active speculations logical for traders able to take care of themsedves. Cusick Kent & Co.—The Toledo bank- ing situation was construed as indicat- ing that there are still sore spots in the | country's economic _structure which need cauterization before basic recovery can reslly begin. We are inclined to | feel that the closing of these banks in | reality furpished just an excuse for the selling that occurred Pragier Jelke & Co—We have an idea that one of the-best things which | can happen to improve sentiment dur- ing the next few months is for the British budget to be balanced. The growing sentiment in England for re- monetization of silver in India siso is something which should be watched ¢l ly. Sh'plds & Co.—Freed from any un- expec u}ll bad news over the next few | ays, the professional jiggling opes tions are likely to be ru'ur:\?d espe- cially if the tape continues to indicate short selling of importance is unpopu- lar. The main incentive to such actiw | ity is that the market usually dis- counted Fall improvement during Au- gust, but the chance of these forcing operations being successful is lessened yesterday. Hornblower & Wnuvflzhclifil fur- larity is likely market is '-Jn- ing its equll!bflllm 'e 'ould not aban- don the idea that, to temporary setbacks, the line ot lnn resistance Redmond & Co.—Although the stock Jain _ indica- tions of extensive operations for the | rise, word was passed around the Street | business over the next few weeks. Com- Essex is one of the healthiest coun- tes in Engiand. recent fgures show. | I YOU CAN RENT A GENERAL @ ELECTRIC BOTTLE WATER COOLER 133830 N. Y. Ave. N. W. NAtional €300 l Trade Trends By the Agoclated Press. Automgblles.—Retail sales of new pas- sutomobiles in the United States July are estimated by R. L. Polk & Co. at 202,510, based on actual figures coveri 23 States, which nor- mally account for “'”Lm“m of the country’s total. The est te is slight- iy h than the 201911 passenger cars sold in June. Electricity —Domestic use of electric- ity for light and er is increasing st rate of nea: 12,000,000,000 kilo- watt hours a ynr or more than the entire sales of the electric light and power industry 20 years ago, a survey the statistical research department ht Assoel- on & or the first six months of 1931 how an inerease in residential per cent over the correspond- ng period of 1930 and 22.7 per cent over the first six months of 1929, Lumber.—Orders for lumber were within 1 per cent o( production during the week ended t 8, telegraphic e from 840 le ing hardwood and ‘wood mills to the National Lumber Mlnufwlureu‘ Association indicate. Production by these mills amounted to 205,389,000 feet. Their shipments were 3 per cent above production. A week earlier 834 mills reported orders 5 per cent below and shipments 7 per cent IDOV! a total production of 207,691,000 Rnll'l, Equipment.—The Chicago Railway Equipment Co. a division of the Franklin Steel Works, has started work on 10,000 steel brake beams for the Erie Railroad Co., the largest order the Franklin, Pa., plant has received in three years. The contract will provid three months' work for one mill. Sheet Steel—Total production of | sheet steel for the month of July| amounted to 174,890 net tons, with oper- | ations at 46.3 per cent of capacity, an | increase compared with production of 147,843 net tons in June, with r- ations .z 40.3 per cent e Unfilled ton- August 1 showed a decline B! lSI tons, from 304,107 tons as of July Silver —Bar silver continued un- changed at the ugomn( of the new week, holding at 4 cents an ounce in New York : nd 12% pence in London. Charles D Barney & Co—If the market continues to show good resist snce fo selling pressure during the | early trading this morning, we believe | additional trading commitments will bs justified on the basis that the market has had a normal technical correction Kk's_advance. LOANS Is Your 1st, 2nd or Srd Trust Due? Yiota *Sone Real Estate Investment Co 6 5th St. N.W.. Room 707 NAT. 4519 Money on Hand to Loan on First Deed of Trust 69 Interest JAMES F. SHEA 643 Indiana Ave. N.W. Money to Loan 'C'.M h’ lrn l.l‘ of trust on real -l-u terest and commission. Joseph 1. Weller e We Recommend— CHASE NATIONAL BANK The Largest Bank in the World Total Resources Over $2,000,000,000 Selling About 64 Yield 6.259, A Special Analysis on Request W:uamn anmer&Cn.,lnc. 1700 Eys N-W. ME. 3860-4 rtunes have been and will be made wain in the stocks of the great “NEW YORK BANKS"” We especially recommend at cur- rent low prices: CHASE NATIONAL BANK GUARANTY TRUST NATIONAL CITY IRVING TRUST CHEMICAL BANK & TRUST MANUFACTURERS TRUST A special analysis on any of these banks furnished on request. High-grade bank and insur- ance stocks may be purchased through us, either on an outright, monthly payment or conservative marginal basis. Robert C. Jones & Co. “Specialists in Bonds and Bank Stocks” Shoreham Bldg. Met. 2922-23-24 OFFICES IN St CITIES id clients $3,256,825.47 in 1930. Free booklet “Multi Money" shows how builds small sums ($6.50 up) into thousands of dollars for home, travel, education, inde- pendence. Assured results illustrated and explained. SYNDICATE FOUNDED 1894 932 Ban Building 'WASHINGTON, D. C. “alephone, Mewropoliten 1879 PINANCIAL, PROPERTY MANAGEMENT Apartment House MANAGEMENT WHEN 8 question of serious importance arises in connees tion with the management of your apartment house property wouldn’t you like to feel that it was i Tl with = i judgment? There are a host of ways in which we serve owners profitably whopl.eethumh" them of every concern for a merely nominal fee. B. F. SAUL CO: 925 15th St. N.W, Nat’l 2100 MORTGAGE LOANS 5 Money Available for Mortgage Loans HE financing of that FIRST TRUST may be m promptly accomplished through us immedi- ately after we pass favorably upon the appli- cation. Submit it and let us give it consideration. We are interested in making FIRST TRUST LOANS on apartment houses, office buildings, resi- dential and business properties, lo- cated here, or in nearby Maryland 1 and Virginia—for 3, 5 or 10 year 270 periods and RANDALL H. HAGNER & COMPANY )hm Loaw ComnesroNDmer 1321 Connecticut Ave. Decatur 3600 The man who drives a Hupmobile today has driven the best bargain since cars were' bought and sold. HUPMOBILE “WHEELING AT NO EXTRA COST ... CENTURY SIX mu...cmmvllanmm...m- OTHER BIGHTS PROM $1555 TO $2295. .. PRICES AT FACTORY MOTT MOTORS, Inc. 1518-20 14th St. N.W. Decatur 4341 “We belisre the Hupmobile to be the best car of its duss In the world” Every Dollar Inr\zlested —in a Savings Account in a strong, old bank like this, will always be worth a full dollar to you, {Depressions and disturbed stock markets do not affect our Savings Accounts. Have you a “reserve” to fall back on in case of emergency? Travelers' Checks for Vacationists Capital & Surplus $3,500,000.00 NATIONAL SAVINGS & TRUST CO. The Oldest Savings Institution in the District of Columbia Cor. 15th and New York Ave. F. B. KEECH & COMPANY Members of New York Stock Exchanse Washinston Stock Exchany Gpicaso New York Curb Ex v ew York g B TS New Orl Cotton Exchal Winnipe '8:-1:: Erenange o mn‘»lll cm-\m of Eo 'fl%fi:fl:n: E . me! Natic ‘Bremen Cotton Bxchanse (Assoc. STOCKS BONDS COMMODITIES DIRECT PRIVATE WIRES We are equipped to handle promptly orders on the leading exchanges of the world. M CORNER 17TH ST., N. W., WASHINGTON NATIONAL, 0245 Chicago Philadelphia Brookiyn Detrott Winnipes New York Providence G.M.-P. MURPHY & CO. Boston New York Philadelphia Baltimore WASHINGTON Richmond London New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange 7 “Fortnightly Review™ on Request