Evening Star Newspaper, August 21, 1931, Page 13

{R. & E. 4s Prove Most Active. Issue in Day’s i Trénséjctions. Janci®ars, dag <of moderate trading rkegy the glose of the week today | ;: the Washington Stock Exchange, | h prices. halding generally steady. | shington Rajlway & Electric 4s were the most active,, selling in volume of $13,000 at 93%, & fraction higher than 1a$t sale. Washington Gas 6s A went af 102%, » shade lower. Mergenthaler sold in two blocks ‘at from 711, to 77. In the unlisted de- iment National Press Building 5% d at-58. Dullness in Market. 3 ¢Tugning back, just 10 years to the de- | pression of 1921, ,ytslenlly s issue of the | lnvtm!,t Bulletin of the Alexander Hamilton Institute resurrects the fol- lowing advice to investors. FFinancial opinion -regarding _the stock market is very much mixed. This is,alwags the case when the market is dull, -pecause traditionally .an extreme of: dullness is believed to mark an im- partant turning point. Those Who ex- | pect a higher mrket by October argue that brokers' loans are scarcely half of normal snd that trade is turning the carner, especially in woolens, cotton and a few other dines: Finally, money rates are cgmfortable. Those who are still pessimistic admit that brokers' loans 2 Jow, but argue that they cannot be ppcted ‘to expand. They admit that e- 15 -turning . the corner, but point oat m\t profits will be very meager this Winter ‘and not enough to cause stock mhrket.enthusiasm. They admit the improvement in -money conditions, but maintaip that the bond market cannot become ' buoyaht while institutions are liquidating all but gilt-edge bonds. P;DW they. believe that even though stocks fire held in strong hands and large stock market operators can obtain loans large amounts and at ex- tre: Jow rates, there will not be an e upturn until the investing pu- 1id is more actively interested in the m’r’hkflx oing_is_parapl e foregoin; lnvestgemBBulktm of August 10, minor changes. The liguida- u:: of umnd-gnde bonds is used. in- stead-of the high bank interest rate of fenr as the deterring factor in the = Rt 4 ;1;:‘ complete &f‘.{lfi:' n-n pound sterling was qu l.ln m 4.41, cents, the Argentine cenits, the mark at 1.23 cq\u .na éle Aum-n crown &t 14 mh. Mr. Lioyd George was declaring B:eould“mmngmnm g of fi'le tun.ml" in i flt tical unrest 4l ._Conditions oerm-ny and | ity lows in the Surnmer after a decline mepredflukthmmltflmcm two healed. A. L. B. Publicity Committee. The Publicity Committee for Wash- ington plfl American Institute of Banking, has been organized, with Rob- ort H. Lacey of Columbia National ltnk us chairman. Other members are ‘Winifred Burwell, Nlflflnll WI- jltan Bank; Robert G. Whitten, National Bank, of Aleundrh Alh'sd W. Sherman, American Security & Trust Co., and Norman E. Towson, of Wlehm doan & Chairman Columbia Naf it several years. Dlee president of the chapter, and was = del te to the national convention at Pittsburgh. He is a veteran of the ‘World War. The work of the Chapter Publicity Committee is verly closely bound up with that of the Membership Commit- tee, one of its functions being to_ad- wvertise the institute to bank employes so that those who are not chapter members will want to join and those who are members will want to keep up their work, Iis other function is to acquaint the general public with the idesis and accomplishments of the American Instituie of Banking so that the efforts of the bajiks to render the most intelligens ~service possible may be appreciated. U. S. Investments in Poland. {nyestments in Polish stock 'show an increase of 28 per to Commercial Attache t. Warsaw, in a report of Gommerce. Dur- f the 4otal of foreign capital Dlfl tion in Polish ctock companies incregsed from 32 per rent clearing houre figures for lodny $3,118,999.56 UNDERWRITERS HOLD | OUTING AND DANCE, The District of Columbla Underwrit- | ers' Assoclation held an outing yester- day at Congressional Country Club, with games quring the afternoon and a din- ner_dance at t The champl p of the golf tourna- | ment was won by James A. Maloney | with a low gross score of 79. Others to whom prjzes were given were J. H. | Baldwin, with the low net score of %4; J. S. Baldwin, 77, G. T. Howard, £0; G. L. Stabler, 82 R. Earl Gawthro 86, Carl F. Mayer deniel, consolation prize at 157, A, Sapp, second consolation prize °w. the highest stroke total for any one hole—12. At bridge, Mrs. Joseph Baldwin won the ladies’ first prize, Paul Sleeper won the second prize, Mrs, Karl Hoffman | another prize, and Karl Hoffman, con- solation prize John Dolph was chairmen of the Golf Commitee and the hostesses were Mrs. J. Alen Mathis and Mrs. Psul Bleeper. SHRE, S L INTEREST RATES. Money rates remained pegged during ihe week ended August 15, a5 the mar- ket was viewed by the camlm'ee De- partment. - In the levels that follow the average rate Js given for both classes of funds at conters for comparable periods: 81 b3 6 11% 70% 7 NEW YORK ST OCK EXCHANGE mnmmmummofl- Dividend Rate. A'ham & Str (37%¢). Adams Express (1). Adams Millis (2). Alr Reduction(1434). Alaska Juneau (40c) Allegany Corp. Alleg Cp pf $30 www., ATifed Ch&Dye (n6) Am Agri Chem(Del), Am Brake 8h pf (7). 14 24 234 19 6 204 19 114% 111% Am Can Co (15). . 2 -Am Chicle (13) Am Comel Aleohol Am European Secur. Am & For Power. . Am & For Pwr pf(1). Am & For Pwr 24 pf. Am Hide & Leath pf. Am Home Prod 4.20. 4 Am Ice Co (3). Am International. Am Lo'motive pf (7) Am Mch & Fdy 1.40.. Am Mach & Me 4 Am Metal Co 15 27 11% 101% 1 3 94 70 43% 64 80 53% 106 1% Am Natural Gas pf.. Am Pwr & Lt (11)... Am Radiator (60c).. Am Rolling Ml Am Safety Razor Am Ship & Com. Am Smelt Ref (2 Am Sm & Ref pf (7). Am Solv & Chemical. Am Soly & Chem pf.. Am Steel Found (1). Am Steel Fdry pf(7) Am Stores (123). Am Sugar Ref (5)... Am Tel & Teleg (9). Am Tobacco (16).... Am Tobacco B (16).. Am Tobacco pf (6).. Am Water Wka (3).. Am Wat W 18t p£(6) Am Woolen Co, . Am Woolen Co pf. .. Am Writ.Paper ctfs. Anaconda Cop (1%). Archer Daniel Mid Armour of 11l (A) Armour of 11l (B)... Artloom Corp. Associated Appare] Ass0o Dry G (23) . Atl Gulf&West Ind. . Atl Gulf&W Ipf (5). Atlantic Refining (1) Auburn Auto (f4). Autosales Aviation Corp (Del). Baldwin Locomotive Baldwin Loco pf (7). Balto & Ohto (5).... Balto & Ohlo pf (4).. Bayuk Cig 1st pf (7). Beatrice Cream (4).. Beatrice Crm pf(7).. Belding-Hemingway 80% 74% Bel N Ry pt pf t4 25% 14% Bendix Aviation (1). 46% 31% Best &Co (2)... . 70% 34% Bethlehem Steel 123% 96% Bethlehem Sti pf (7) 43 76% 20% 47 Bohn Alumn (1%) Borden Co (k3) 30% 14% Borg Warner (1).... 66 32 8% 2 Boston & Maine RR. Briges Mfg (11%).. Brockway Mot Trk. . 943 856% Bklyn-Man Tr pf ( 129% 99 Bkiyn Union Gas (5) 45% 32% Brown Shoe (3). 3 Bruns Term & B'yl. 34% 12% Bucyrus-Eriecy bf.. 5% 13 69% 124% 13% 1858, 1343 21% Tah 110 4% 9% 0%, 66 4 87 398 12% 2% T 9 23% 20% 40 ? % Budd (E G) Mfg.... Budd Wheel (1). Butterick Co. Byers (A M) Calif Packing (2 Cerro de Pasco (1).. Checker Cab Mrij Chesapeake Corp(3). Chi Great Westn pf.. Chi Mil StP & Pac. .. Chi & Northwest (4). Chi Pneu Tool. Chi R1& Pac (m2%) Chi Yellow Cab (3).. =T~ T, - 3 @ ) S LB O RN - b FIPLE T JOPONE - T - B 01000 S e 0 s Bl uleRIRat Bavy Chrysler Corp (1)... 500 City Ice&Fuel pf 6% ) (filnwl’lhl’ (l* . Collins & Alkman. Colonial Beacon. 20% Col Gas&Elec (2). 89% 6 21% 20 Col Gas&EI pf A (8). Col GaskEl pf B (5). Columb Graph (56c). Col Graph cfs (66c).. Columb Carbon (5) .. Comcl Credit A (3).. Comel Cred pf (1%). aleemaRomomem 408 Comel Cred pf B (2).180s Comel Inv Trust (2). Comel Solvents (1).. Comwith&Sou (40¢) . Comwlith&Sou pf (§) Congolm-Nairn (1 Congress Cigar (4).. 5 Consol Cigars (5). 118% [ 18 128% Consol Cigars pf (7). Consol Film. Consol Film pf (2) Consol GasN Y (4).. ConsolRwys pf (§).. Consol Textil . Container Corp (A). Container Corp (B).. Contl Baking (A). Contl Baking (B). Contl Can (23). Contl Dia Fibre (l) . Cont Insur (2.40).... Contl Motors ¥ Curtiss Wright Curtis Wright (A) Cushmans pf ( Davison Chemica Deere & Co pf (1.40). Delaware & Hud (9), Detroit Edison (3) Diamond Match (1) . Diamond Mtch pf 1% Dome Mines (1).. Domn Stores (1.20) .. Doug Atrcraft(11%) Drug Corp (4). 2 90 101 166 3 1 Dupont de Nem (4).. 1’ Du Pont de N pf($). Eastern Roll Mills Eastman Kodak (18) Eastman Kod pf m. Eaton Axle (1.60) Elec Auto Lite (8) Elec Auto-Lite pf(7) Electric Boat Endicott-Johnson(3) Eng Pub 8Ve n u; . Erie RR Morse 1. Fairbanks M pt (1).,:” Sye A(1.20 20 IOI “ lfll R ——ae® 3 2 £ anBlunne o =1 12% 1% 43% | | 1931~ Ill‘n Low. 3% 18 119% 103% 52% 15% 17w 5 50 or 111 93 26 5% % 58 27 6 11 5 374 11% Stock and Bales— Dividend Rate. Add 00. High. Gen Am Tank Car(4) Gen Asphalt (2). Gen Baking (2) Gen Bronze. Gen Cable (A) Gen Cigar (4) Gen Electric ( Gen Elec spec Gen Gas&KElL A (e30c) Gen Mills pf (6), Gen Motors (3) Gen Motors pf (5) en Public Servic Gen Theatre Equip. Gillette Saf Razor. Gimblel Bros pf (7). Glidden Co. Glidden Co pr pt (7). 1108 Gold Dust (2 Goodrich (B F) codyear T & R (3). raham-Paige. Grand SH Strs nd (Tnion. rant (W T) ( reat Northn pf(4). orthn Ore(2) Hahn Dept Hahn Dpt St pf(6%) Hercules Mot (80c) Hershey Choc pf ( Holland Furn u'%) Hollander Sons. . Houdaille Hershey . Household Fin pf(4) Houston Ofl. . Houston Oil (new). Hudson Motor (1). Hupp Moto: Tliinois Central (4) Indian Refiningfr. Indust Rayon (4)... * Inspyration Copper. Insuranshares Del A Interboro Rap Trans Intercontl Rubber. Interlake Iron. int Agriculture pf Int Bus Machine(n6) Int Cergent (4). Int Combustion Int Harvester (2%).. Int Hydro E1 A (e2). Int Match pf (4). Int Nick of Can(40c), Int Nick Can pf (7) Int Paper & Pwr (A) Int Paper & Pwr C Int Printing Ink. Int Salt (3).. Int Shoe (3) Int Stlver. . Int Tel & Teleg (2) 1at Dept Stores (2).. B0% 40% Johns-Manville :a)u 126 24% 20% 15% 31% 29 55 5814 16% 39% 105 10% 8 Johns-Manv pf (7). Kayser (J) & Co (1). Kelsey-Hayes Wheel Kelvinator Corp. Kennecott Copper (1) Kresge (8 §) (1.60). Kress (SH) Co (J1). Kreuger & T(m1.61). ln Kroger Grocery (1). Lambert Co (8) Lee Rubber & Tire. . Leh Port Cmt pf (7)., Lithigh Valley Coal Lehman Corp (3) Lehn & Fink (3). Libbey Owens Giass. Liggett & Myers(t5) Ligg & Myers B (15) Lily Tulip Cup(1%) Lima Locomot (m2). Loew’s Inc (3). Loft Inc Loose-Wiles 2.90) .. Loose-Wiles 1st (7). Lorrillard (P) Co Louisiana Oil. Lou Gas&El A (1%). Ludlum Steel McGraw-Hill (2). 2 Melntyre Pore M(1), 12 McKeespt T P(15%) 12 McKesson & Rob(1). 5 Mack Trucks (3). 1 Macy (RH)& Co(n3). 33 Mad Sq Garden(60c). i Magma Copper (1). Mallison & Co. . ManhatElev mod gtd 1 Marine Midld (1.20). Marmon Motor Car. . Marshall Fleld (23%) 2! Mathieson Alkill (2) May Dept Strs (2% ). Maytag Co Maytag Co 1st pf Melville Shoe (2) Miami Copper 1 Mid Continent Petm. 12 dland Steel (3) 1 lalana Steel pf (8). 3 Minne & St Louis. ... 2 M StP & SSm Isd (4) 10s Missouri Pacific. B Missouri Pac pf (6).. 15 4 Mohawk Carpet.. 7 2 35 31 6% 25% Monsanto Chem (1% 1 Montgomery Ward. . 160 Morrell (J) &Co (3). 1 Motor Products (2).. Mullins Mfg Murray Corp. ash Motors (4). Nat Bella Hess. Nat Biscuit (2.80). Nat Cash Register A Nat Dairy (2.60). Nat Dist Prod (2) Nat Bteel (2). Nat Supply Co. Nat Tea (1).... Nevada Copper (1) N Y Steam pf (6)... 1208 N Y Steam 18t pf(7). 30s Noranda Mines. 6 Norf & Westn (112). 2 North Am Aviation.. 13 Nor Amer(b10%stk) 27 North Amer pf (3). North Am Ed pf (8). Northern Pacifie (5). Ohio O11 Oliver Farm Equip Orpheum Cir pt (8) Otis Elevator (2%) Otis Steel. . Owens 11l Glass (2). 9% 48% Pacific Lighting (3). 1% 4 20 50% 24 4% 2% M 15% bW 1% 10 19% 1 2% 1 3 [3 Packard Motor (40c) Panhandle Pro&Ret. Panhandle P & R p?. Paramt-P(m1.62%p) Park Utah. . Parmelee Transport. Pathe Exchan; Pathe Exchange (A). Patino Mines 46 28% Penick & Ford (1). 44% 284 Penney (J ) (2.40 90 2 39% 183% 50 % 4% 4% ] 6% 1 25 28% 40% 6 2% 6% 145% Penney (JC) pf A (6) Penn Dixie Cement Penn Raliroad (3). Peoples Gas(Chi) ( Pou Margq pr pf (5). Phiilips Phillips Petroleum -Arrow Pierce Ofl Plerce Oll pf. Plerce Petroleum Pillsbury Flour (2) . Pirelli (A) (m3.13)., Pitts Steel pf. Poor &Co (B)....... Port R Am Tob (B).. Prairie Oll & Gas. ... Prairie Pipe Line(3) Pressed Steel Car Proct & Gamb (2.40). % ners Pro & Refl 7 == N SELLING WAVE| 3 55‘1 656 23'6 Rumors of Wage Cuts and Detline in Bonds Unsettle ‘Market. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, August 21.—A selling wave in the last hour carried prices sharply lower in today’'s stock market. ‘The list had been dull and irregular in the morning, reacted in the_after- noon, and made its low prices toward the close. The immediate excuse for the selling was talk of the intention of the U. 8. Steel Corporation to cut wages, talk that had no official countenance, | but which influenced the market. An- other and more logical reason for the downturn was the continued weakness in the bond market. At the low, United States Steel was off over 3 points, Case over 5 points and American Telephone over 4 points, with other stocks in proportion. The oils came down with the rest of the list, revealing a weakened technical posttion. The ofl news was favorable, including advances in crude and in gasoline and the announcement that two independ- ents were willing to pay the $1 a barrel minimum price fixed by the Governor of Oklahoma. How much of the selling was for short account cannot of course be said, but it is doubtful whether there was much if any real liquidation. Traders who had been endeavoring to scalp a point on the upside fetreated, but that | was all. In the last quarter of an hour there was some recovery. The trend in the early trading was s0 indefinite that even the day-to-day waders were at a loss as to which side to take. Realizing came into the after their recent advance and they re- acted a point or so, although the indi- cations were that the restriction meas- ures in Texas and Oklahoma would re- sult in further increases in the price structure. Selling of the tobacco stocks, which was the feature of Thursday's irading, kept up, but they made better resistance today. This selling was explained in the overnight reports of production for July showing a decrease of over a bil- lion cigarettes. The selling was plainly speculative in origin. Pressure on the motors was mort evi dent in the case of General Motor: although the loss was unimportant. The Street has turned pessimistic on motor car demand for the balance of the year, overlooking entirely the re- markable showing the industry made during e first six months, and, in the case of General Motors, its mar- velously strong financial position. Stocks which had been bid up aggres- sively earlier in the week reacted under realizing. Bohn Aluminum sold off 2 points or so and United States Indus- trial Alcohol was lower. On the cther hand, textile stocks were well bought, among them Adams Millis and Bel Hemingway. Rubber stocks acted well, perhaps in reflection of the latest re- striction proposals in the Far East. Trade Trends By tae Associated Press. Machinery—"“Those who expected lit- tle or no machine-tool business in Au- gust are not disappointed by devel ments thus far,” American Machinl z reports. ‘“Dealers and builders have cunsiderable optimism because of fu- |Ne¥ ture prospects, however, and business in | general seems to have the feel that again.” things will soon be Shoes—The New York Hide Exchange reports that according to J:"!lmlnlry estimates shoe production ing July was 18 per cent larger than during the like month last year. Production last mornith is estimated at 28,500,000 pairs, and for the fifth consecutive month e '-%:’dm h‘l‘ iths of 1930. over mon 1930. SFotay shog prodaction Jor ths Arst scven montbs this year, with the July esti- mate included, was 188,687,000 pairs, against 182,596,000 pairs in the corre- sponding period last year. Steel—The American metal market, in its weekly Iron and Steel Review, “General line buying of steel has decreased no more than a trifle, but there is a playing out of production on some old orders and recently expected rail releases have been deferred, where- by steel production is off a couple of points this week to approximately a 31 r cent rate. A steel works furnace the Pittsburgh district has been banked and one in the Chicago district. Steel production is now nearly 15 per cent under the average rate of last De- ggnb;;fing is the lowest since Septem- registered a gain | its, 32; ND; 31. cel) 16a17. = ;onl w—mn’( broilers, 3 298 2 to 2% nd.l I‘ll“ 1% to 2 pounds, 24a25; 23.25 hflu. large, 23; small, 18; roosters, pring Im)lle and over, :uas 2 to 24 pound 30; 1% to 2 pounds, 26a27; ulhnrn 1, 20a22; rooste: !SIH Lo D TS, 13al4; land ducks, 21a22, oy Meats—Beef, pflme, 15%al16; cholce' 10&“5 good, ; 'l'exu. coWw, common, veal, top, medhlm 1215813; llmb choice, 20; ;l::.m 18; fair, 1 2 Bumm. lee MCI—HW' i H‘ht and medium, 7.00a7.50; pigs, 6.50a oug.hl 300-025, calves, 5.00a 5.507 laml Prum—‘w-eemekm-. 15n40; cant loupes, 1.00a1.25; apples, bushel baskets, 50a1.00; peaches, 75a; 2 oo figs, Norfolk, 5.00 honeydevl. 1.50a2.00; pineapples, 3.50. Velenhlu—l’ouwu per barrel, 2.00a 2.25; - 1.50; string pep- . Iceberg, 5.00a dozen sacks, 50a1.00; to- 2-peck baskets, 50a75; celery, 2.25a2.50; cabbage, crates, 1.75; car- rots, per 100 bunches, 3.00; beets, per 100 bunches, 3.00; spinach, New Zea- 1 land, 75a1.00 turnlpl, 1.00; kale, 50a60. INCREASE IN BANK CLEARINGS REPORTED Larger Total for New York Dur- ing Week Is Factor in Gain. By the Associated Press. NEW YORK, August 21.—Bank clear- ings this week are slightly better, owing chiefly to larger clearings at New York City. The total for leading cities ln the TUnited States, as reported Dun's Review, was $6,633,916,000, a re- duction of 17.8 per cent, compared with the total for t-he same 'k of last year. At New York City, the amount was $4,479,827,000, which was 14.0 per cent less than a year ago, while the total for all citles outside of New York g{sxzmontoo%l.md a decline of per cent ear! this week ex. ceed those of last week. At New York City the loss this week was smaller than in any previous week for several months. The amount for the third week of August is in excess of that for the second week, , & year ago, there was a eonlmer.hle décline in bank clearings New York City from the second to the third week of that month. Boston and Philads a less severe reduction. Quite heavy losses, however, again appear at some of the Western and Southern centers. Bank clearings for the week, as re- ported to R."G. Dun & Co., showing in- creases or decreases eompnred with the same period a year ago, follow: (Totals_in théusands.) Wk, Au 3 " TRE X|7%| ERRVRRRRRERNERAERECH) Pnu:aelnm. umnsungngSleEEEL foesecbrins o 35 £ = HER Total .. New York Total all Average Daily. Augist 1o date 31,116,943 1. 1237488 Second auarier 11433390 First quarter INVESTMENT TR‘USTS NEW YORK, August 21—Over-the- counter market: _5.? Bid, Asked. 4 5 CHICAGO LIVE STOCK nmr Chain & CHICAGO, August 21 (#) (United i States Depatrment of Agriculture) — Hogs—10,000 head, including 1,000 di- rect; opened fully steady; later trade slow Study to lower; 170-210 pounds, top, 7.25; 220-290 pounds, 4 pigs, 5.50a6.25; packing sows, 4.0084.75; smooth sorts, 5.0085.50; llgh! light, good and choice, 140-160 pounds, g light weight, 160-200 pounds, medium weight, 200-250 .60a7.25; heavy weight, 250a 5.35a6.80; packing sows, medium and good, 275-500 pounds, 4.00a 5.50; slaughter pigs good and choice, 00-130 pounds, 5.3526.35. Cattle—1500 head; calves, 500 head; no fed steers here; steer run compris- Ing natives and southwestern grassy and cakefed offerings; bidding weak to 25 lower; few sales, 5.00a5.25; bulk prom- ising to sell at 5.00a6.00; grass cows and beifers mostly steady; bulls weak and vealers strong to higher: undertone on fed steers strong. Slaughter cattle and vealers: Steers, good and choice, 600-900 pounds, 8.25a10.50; 900-1,100 pounds, 825!1050 1,100-1,300 pounds, 8.00a 10.25; 1,300-1,500 pcunds, 8.00a10.25; common and medium, 600-1,300 pounds, 4.26a8.00; heifers, good and choice, 550~ 850 pounds, 7.25a9.75; common and me- dium, 3.50a7.25; cows, good and choice, 4.2586.75; common and medium, 3.00a 4.25; low cutter and cutter, 2.00a3.00; bulls (yearlings excluded), good and choice (beef), 4.00a5.25; cutter to me- dium, 2.75a4.25; vealers (milk fed), good nd rs General Equity Granger Trade Gude Winmill 1 Trad &S AN 28%s0ssetuatd eustts Lo & ITISET and choice, 9.00a11.00; medium, 7.00a N North 9.00; cull and common, 5.00a7.00; stock- er and feeder cattle; steers, good choice, 500-1,050 pounds, 5,7587.50; com~ mon and medium, 4.0086.00. Sheep—11,000 head; native classes fully steady; nothing done on westerns; cood u.nd choice: native ewe and wether lambs, 7.00a7.75; few, 8.00; best range lambs held above 8.00; fat ewes largely 4 all weights common, 3.50a5.25; ewes, 90-150 pounds, medium and choice, 1.25a2.75; all weights, cull and common, .75a1.75; feeding lambs, 50-75 pounds, good and choice, 5.2585.7: METAL MARKET. NEW_YORK, August 21 (P). 3 ufl(&un. m “Tr Siand 8%hat” Trust Street Tovest . lelphia_also report | FINANCIAL. REDUCED INTEREST RATES ARE NOTED Long- Term Loans Reported Easier to Obtain in Larger Centers. s 66th Serles of Stock Now Open For Subscription ?n)l(nt l0¢=-1 7th and Indiana Ave. N.W. LOANS ON IMPROVED DISTRICT OF| COLUMBIA REAL ESTATE SECURITY BY CHAS. P. SHAEFFER. Associated Press Business Writer. A new lowering of interest rates| T throughout the coyntry during the last | month bas taken place, in the opinion of Gevernment ol ‘While rates on money and short-term commercial paper have been universally | low for more than a year, the rates| charged on long-term borrow:ngs and | to commercial customers have been much higher than the rates as quoted daily. ‘The low rates applied in tl’r main wi the large money centers of the coun- | try, and every business man who de- | sired financial ald was compelled to pay | | rates in many cases many per cent higher. Oftentimes avaflable credit was scarce even at these figures. ‘Government economists have received recent reports of mortgage money ob- | tainable at various centers at less than | 5 per cent, with an increasing supply | available. While such a trend is by no tion-wide, it is held to in-| neral lowering of the rates will eventually become widespread. Long-term loans, likewise, are said to} be becoming easier as evidenced by re- cent bond flotations. These have been | |f accompanied by a gradual improvement | in the bond market in that class of | bonds about whose interest pl)’ment.u there is no doubt. i TU. S. TREASURY BAI.ANCE i The United States Treasury balance announced today, as of close of busi- i ness August 19, was $118,999,850.82. ‘were otal ordinary ex- penditures were $8,657,138.91. You can bulld up a steady in- e ey e mco:de. by investing your surplus Safe Guaranty Fmt 0 s Ideal Investment YOU CAN RENT A GENERAL @ ELECTRIC BOTTLE WATER COOLER and have cold drinking water every hour of the day. ppraised Rentals as low [ gl I - Tow as $100 Denominations a: sendTor BooRiet T Fhe Hul2ett Haw 1328-30 N. Y. Ave. N. W. NAtional 6800 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. 5 % INTEREST BOSS and PHELPS Realtors POUNDED 1907 1417 K St. N.W. Loan Corre. John Hancook Musual Bife ll::rlm Co. 6% ©e o0 0000 Open Daily 9 te § Saturdays Until Noon NAtional 1381 W IN ERMAN JUILDING Eqmtable Co-Operatwe Bldg Ass'n 51st YEAR COMPLETED JORN JOY m President WALTER S. PRATT, Jr, Secrefary S-hmphonfuficlflldluuof&od!&clm See Us va You Wish a Loan on Real Estate or to Take Ug a First Mom Loans Kepayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W. Those who desire to i borrow money to pur- chase a home, refinance present indebtedness or improye property, should see us. Applications will receive prompt and cour- teous attention. FIRST MORTGAGES _ INVESTING WITH ASSURED CERTAINTY Money invested in our 6% FIRST MORTGAGES stiffers no depreciation and will sus- tain no loss because it is secured by conservatively appraised Wash= ington real estate—and real estate | in the National Capital is sound as Over a Third the government itself. of @ Century Without a Meanwhile throughout the en- tire term of the mortgage your' invested money is earning 6% interest, paid regularly at stated intervals. May be purchased in amo-nu from $250 up. SAUL CO. 92.) 15th, St. N.W. Loss