Evening Star Newspaper, August 31, 1931, Page 13

FINANCIAL. NEW YORK STOCK EXCHANGE Whmhmmhmluoh WASHINGTON BANK CLEARINGS LOWER Sharp Decline Revealed in Figures of Local Association. Federal Reserve Report. BY EDWARD C. STONE. Bank clearings in Washington in Au- ! gust showed a decline over August, 1930, | and over July, 1931, according to the report of the Washington Clearing House Association made this noon. Clearings in the month ending today totaljed $89.484,710.06, against $96,37! 44282 inthe corresponding month a year ego and $100887167.37 in July of the present year. | Total clearings in the National Capi- | tal for the first eight months of this| vear amounted to $840,165.975.17 in comparison with $882.050,289.93 in the same period & year 4go. Clearings in every city in the United States are running far below what they were before the Wall Street break in 1929. Records kept by the local Clear- ing House Association, show elearings in August, 1929, before the downturn in stocks and business, toialled $113,553.- 519, in 1928 August clearings here were $107.049,844, in 1927 cancelied checks | Amounted to $103.580,305 and $104,- 912119 in 1926, During the year of| reckless speculation—1926—local clear-, ings for the first eight months totalled ! the record sum of $992,099,138.69. For purposes of comparison local clearings for the first eight months of this year and the corresponding months in 1930 are given as follows 1931 $109.764,614 9 2,175 112,443,159 113,382,805 102,346,949 115,114,393 100,887,167 89,484,710 1930. $118,219,264 96,545,212 114,113,696 118,036, 113,055,037 116,280,346 109,420,638 | 96,379,442 | January February March April May . June July . August . Total ......$840,165975 $882,050,289 Fewer Fifth District Failures. The Reserve Bank of Richmond's Au- gust review of fifth district conditions states that the number of failures in the district in July decreased 21 per cent, in comparison with a national decline of only 2.2 per cent, from in- solvencies in July, 1930, and liabilities in the district declined 1.6 per cent last month, while the national figures show- ed an increase of 53.2 per cent in bilities. Business developmerits for the dis- trict in July and the first part of A gust were said to be seasonal, with little change from that of recent months in the volume of trade. “As is customary at this time of the year, member banks in rural sections increased their borrowings at the re- serve bank to some extent, incident to early crop marketing needs, and the circulation of Federal Reserve notes turned upward during the first half of August as the result of the opening of auction tobacco markets in the South Carolina belt,” the review said. Banks Increase Investments. Member banks in the larger centers were shown to have slightly decreased their loans between the middle of July and the middle of August, and their deposits also showed a decline, while they increased their investments in bonds and securities and their redis- counts at the Federal Reserve Bln* of Richmond. o7 Debits to individual accounts in the banks of 24 trade centers in the fifth district were lower during' the four weeks ending August 12 than during the preceding four weeks. Employment conditions were quoted as unchanged during July and the first of August: “An unfavorab’e condi- tion in view of the near approach of Winter weather,” the review commented. Retail trade as reflected in the Te- porting department stores showed that sales had held up well in the District, and in July they averaged only 2.4 per cent less in dollar volume than in July 1930, while the average decline for the United States was reported to be 8 per cent. In agriculture, Chairman Hoxton sald crop prospects were excellent in the entire District insofar as production was concerned, the weather having been highly favorable for growth, but prices were quoted low. Wheat was quoted around 45 cents’ a bushel, cotton be-, tween 6 and 6.5 cents per pound, and | meany vegetables and fruits were said 10 at extremely low price levels. Tobacco farmers were said to be getting low prices, about the same as last year and far below other recent years, but they were found to be “better off than the cotton planters.” Today's D. C. Exchange Trading. | August business on the Washington Stock Exchange today wound up with a rather quiet session. Capital Traction | stock sold in small lots at 35!;, Potomac | Electric Power 5!7 per cent preferred | moved at 110';, and a small sale of Lanston Monotype was recorded at 861,. In the bond division. $1.000 Capital | “Traction 5s sold at 10314: $1.000 Wash- | ington Gas 6s, series A, changed hands | at 103%; $1,000 Washington Gas Light | 4148 came out at 94, and $1,000 Wash- ington Railway & Flectric 4s brought 94. | Members of the exchange assert that. | everything considered. business on the | Jocal board in August has been satis- factory. ‘Washington clearing house figures for today: $3.30695549. . | HARVESTING WEATHER FAVORABLE IN CANADA| Special Dispateh to The Star. | NEW YORK, August 31.—Favorable weather for harvesting has continued throughout Canada during the past week, enabling good progress to be made in every province in the garnering of cereals, and bringing other crops to early maturity, according to the latest crop report of the Bank of Montreal. As against this there is now a genera! need for 1ain to revive pastures and replenish ground moisture for crops | still growing. In Manitoba and Sas- katchewan harvesting is well advanced and will be general in Alberta this week. In the northern areas of the Prairie provinces feed is plentiful, but there are | shortages in Southern Sasketchewan and Southwestern Manitoba. In Quebec the hay crop proves to have been of good quality and cereals are yielding Well. In Ontario threshing of cereals is well advanced, with excellent yields from Fall wheat, average yields from barely and below average for oats. In the Maritime provinces, while the hay crop has proved large, the quality sho impairment in some sections of Nova Scotia; other crops all give good prom- ise. In British Columbia threshing has | commenced and an average yield of | grain .crops of good quality is expected. | PENNSYLVANIA DIVIDEND IS SHARED BY 241,000! Special Dispatch to The Star. NEW YORK, August 31.—A quarterly dividend of 75 cents a share is being aid today to about 241,000 holders of nnsylvania Rallroad stock. The num- ber of owners of this road has increased from 196,000 at the end of 1929 to the present figure, in spite of the bearish- ness evidenced by a section of the pub- 1ie or rallroad securities. It will be re- membered that when the dividend be- ing paid today was declared two months THE EVEN Note—All stocks are sold in ome hundred-share lets excepting those designated by the letter s (808) (2508). ~Prev. 1031~ 4 1825 102% 126 _121% 18% 15% 1% 13813 117l 4'y bl 314 11w 48 37 2018 156'% 128% 98 1 10; 9% 43 64 5% Stock and Bales— Dividend R Add 00. High. Abitibi Pwr & Paper. 2 4 Abftibl Pwr&Pappf. 1 12 Adams Express (1) 5 14% Adams Millis (2) 16 33% Adv Rumley 5 Air Way Elec App] Alaska Juneau (4 Allis Chalmers (2).. Amerada Corp (2) Am Agri Chem(Del). Am Brake Shoe(2.40. Am Can Co (16).... Am Car & Fdry (1). Am Car & Fdy pf (7) Am Chain. Am Comcl Alcohol. Am European Secur. Am & For Power. ... Am & For Pwr pf(7). Am & For Pwr 2d pf. Am Haw SUShip (1) Am Home Prod 4.20 Am Jce Co (3)... Am Metal Co. Am Natural Gas pf. Am Pwr & Lt (31). Am P&Lt pt A st(5). Am Radiator (60¢c).. 27 Am Republics 1 Am Rolling Mill Am Satety Razor (5) 1 Am Shipbuilding (5) 508 Am Smelt Ref (2)... 14 Am Sm & Refpf (e 2 Am Soly & Chemical. 3 Am Steel Found (1).. 3 Am Stores (12%)..0 1 Am Tel & Teleg (9).. 69 Am Tobacco (16) . 1 Am Tobacco B (16) Am Tobacco pt (6).. Am Woolen Co pf... Am Writ Paper ctfs Anaconda Cop (1%). Anchor Cap (2.40). Arch »an pt ( Armour of 111 (A) Arnsour of 111 (B).. Armour of I11 pf. Associnted Apparel Asso Dry G (2%).. Atch To&S Fe (10). Atch To&S Fe pf (6). Ati Coast Line (7)... Atl Gulf&West Ind. . Atlantic Refining (1) Auburn Auto (£4)... ‘Austin Nich pf A (3) 208 Aviation Corp (Del). 51 Baldwin Locomotive Balto & Ohlo (5) . Balto & Ohio pf (4 Barnsdall Corp'n. uk Cig 1st pf Beatrice Crm pf(7 4415 Beech-Nut Pkg (3 1% Belding-Hemingwa 74% Bel N Ry pt pf 14.82, 147 Bendix Aviation (1). 314 Best & Co (2 341 Bethlehem Steel (2). 96% Bethlehem Stl pf (7) 20% Bohn Alumn (133). 47 Borden Co (k3). 1415 Borg Warner (1). 81 Briges Mfg (11%).. 53% Bklyn-Man Tran (4). ago, President Atterbury intimated that it might have been less had not the 0od effects of the “debt holiday” then n so evident. Much has happened -lnt:enw give Penna}"il:’:r;{: l%lilrmd di- e oceasian 1o ate the question mfi\mema dividend rate can be 3 61 .Bucyrus 2% - 19% 70 14 9 Bklyn Union Gas (5) Bruns Term & Rw te.. rus-Erie cv pf Budd (E G) Mfg. Budd Wheel (1) Burrough A M(t Bush Term deb (7). Butte Copper & Zin Butterick Co. 9 5 2 2 1 1 2 4 5 1 1 1 s 1 1 2 3 2 i Canadian Pacific1%. 1 1041, 101% 179 9 32% 9% 45% 20% 16% 6 1% 821n 107 1014 124% 118% 134 185% 13415 21 Capital Admin (A). Case (J1) (8)..... Caterpillar Trac(3). Celanese Corp Celotex vte etfs Century Rib Mil Century Rib M pf Checker Cab Mr{g. Ches & Obio (23%). Chesapeake Corp(3). Chi Great Westn pf. Chi MiI StP & Pac pf. Chi & Northwest (4). Chi Pneu Tool Chi Pneu Tool p Chi R1& Pac (m2%) Chi R1& Pac pf (7). Childs Company.... Chrysler Corp (1)... City Ice&Fuel (3.60) City Ice&Fuel pf 6% 108 City Stor 2 City Stores (A) Cluett-Peabody (3) Coca-Cola (17%). Colg-Palm-P pf (8) Collins & Alkman Colo Fuel & Iron. Col Gas&Elec (2 Columb Graph ( Col Graph cfs (56c) Columb Carbon (5) Comel Credit (2). Comel Inv Trust (2). Comel Solvents (1).. Comwlth&Sou (40¢) . “omwlth&Sou pf (6) Congolm-Nairn (1) Congress Cigar (4) Consol Cigars (5) Consol Cgr pr pt 6% . 10 Consol Film........ 15 Consol Filmn pf (2).. Consol GasN Y (4).. 3 Consol Gas NY pf(5) Consol Laundries(1) ConsolRwys pf (6).. Container Corp (A). Contl Baking (A) Contl Baking (B) Contl Baking pf ( Contl Can (214) Contl Motors. Contl Ofl (Del). Contl Shares. Corn Products (14) k “rucible Steel pt (7) 100 uba Cane Product 5 ‘uba Co uban-Am Sugar pf. 30s uban Domn Sugar. Cudahy Packing (4). Curtis Publish (4). Curtis Publish pt (7) Curtiss Wright Curtis Wright (A).. Davison Chemical. Deere & Co pf (1.40). Del Lack & Wn (4) Diamond Match (1) Dome Mines (1). Doug Aircraft(t1%) Drug Corp (4) . Dupont de Nem (4).. Du Pont de N pf(6) Eastern Roll Mills. . Eastman Kodak (18) Eastman Kod pt (). 10; Eaton Axle (1.60) 4 Elec Auto Lite (6). alectric Boat. Elec&Musical Instru 4 Elec Pwr & Lt (1)... 8414 40 114 104% c Pwr & Lt pf(6). dicott-Johnson(3) = Pub Sve pt (6) Firestone T& R (1). First Natl Strs (2%) Fisk Rubber Fisk Rubber 1st pf. Fisk Rub 1st pf conv 1108 Foster Wheeler (1)., 6 Fox Film (A) (2%).. 47 Freeport-Tex (3)... 5 Gamewell Gp (3 Gen Am Tank Car(4) Gen Asphalt (2)..... Gen Baking (2) Gen Electrie (1.60). Gen Elec spec (60¢) Gen Food Corp (3).. Gen Gas&El A(e30¢) Gen Gas&E ev pf(6). en Mills (3). G G Gen Prt; Gen' Ry gllnirll) Gen Ry Signal pt ( ~Prev. High. Low. 388 57l 803, 64 18 24% Siy 60 607 193 6 581y 16% 547 131% 117 4% 50% 2% 2% 8% 15% am 27 60 24% 61 46 42% 1991 Stock and Dividend Rate. 2% Gen Realty & Util. .. 2% 2% 1% Gen Theatre Equip.. 3 2% 18% Gillette Saf Razor. .. 19 Glllette Sat R pf (5). Gimble! Bros pf (7). 1 47 Glidden Co prpf (7). 80 Gobel (Adolf), . Gold Dust (23) Goodrich (B F) Goodyear T & R Goodyear 1st pf (7).. Gotham Silk Hoslery Graham-Paige. e Holland Furn (12%) Hollander Sons. .... Homestake Min (17). Houdallle Hershey., 1 on Of1. Ho on Oil (new) Hudson Motor (1). 5% Hupp Motors. ... Tilinois Central (4) Indian Refining 2114 Indust Rayon (4) 2 H 2 ", 3 H 2 PR e ANBATE L NTNN—® AR IRN AN E Int Cerpent (4) Int Combustion % Int Harvester (2%).. Int Harvester pf (7)., IntHydro E1 A (e2). Int Match pf (4). (nt Merchant Marine, Int Nick of Can(40c). 1815 Int Paper & Pwr pf. 461 Int Shoe (3) 18% Int T2l & Teleg (2) 36 Jewel Tea (4) 40% Johns-Manvil 40 kan Clty Sou pf (4). K’'mann Dept Strs(1) Kayser (J) & Co (1). Kelly-Spring Tir Kelsey-Hayes Whe Kelvinator Corp. Kendall Co pf (8). Kennecott Copper (1) Kimberly Clark 2% . Kresge Dept Stores. Kresge (S §) (1.60).. 2 & T(m1.61), Kroger Grocery (1). Lambert Co (8) Lthigh Valley Coal Lehn & Fink (3). Libbey Owens Glass. Liggett & Myers(t5) Ligg & Mvers B (15) Link Belt (2) . Liquid Carbonie (3). Loew'sInc (8)...... Loew's Inc pf (8%).. Loose-Wiles 12.90) Lorrillard (P) Ci Lou Gas&El A (1 Ludlum Steel McCrory Strs A (2).. McCrory (B) (2) McGraw Hill (1) Mclntyre Pore M(1), McKeespt T P(15%). MecKesson & Rob(1) McLellan Stores. Mack Trucks (3) Macy (RH)& Co(n3). Mallison & Co pf. ManhatElev mod Marshall Field (2%) Mathieson Alk pf(7) May Dept Strs (2%). Muytag Co. g Mengel Co. Mengel Co pf (T) Miam!t Copper. Mid Continent Pe Midland Steel pf (8), 2 Mill El Ry&Lt pf(6). 108 Minn Moline Pow.... 1 Mo Kan & Tex pf (7) . 1 Missouri Pacific..... 7 Missouri Pac pt (5). 2 Montgomery Ward. . Motor Meter G & El. Mullins M{g pf (7) Murray Corp........ Myer (F E) & Br (2) Nash Motors (4). Nat Eella Hess. E Nat Biscuit (2.80)... Nat Biscuit pf (T)... Nat Cash Register A Nat Dairy (2.60). Nat Dist Prod (2). Nat Lead pf A (7). Nat Pwr & Lt (1) Nat Steel (2 Nat Supply Co. Nat Supply pf ( a3 Nundoaomammm— N 3~ PP = » S wmalanuam maleeSenanonnm » ans N Nevada Copper ( Newport Co (1). Newton Steel. . 713 N Y Central (6) N Y Chl & StLpf N Y Inestor % NY N H & Hart (6).. NYNH&Hpf (7)., N Y Shipbuilding. ... N Noranda Mines. ..... Norf & Westn (112). North Am Aviation.. Nor Amer (b10%stk) North Am Ed pf (6). North Amer pf (3)... Nor Ger Lloyd m2.56 301 Northern Pacific (5). 7 Ohlo OIl. . 314 Omnibus Corp. . 31 Otis Elevator (2%).. 614_Otis Steel 5 38 Pacific Gas & E1(2). 11 116 Pacific Tel&Teleg (7)220s 5% Packard Motor (40¢) 14 113 Panhandle Pro&Ref. Paramt-P(m1.62%p) Park Utah...... Pathe Exchang 5 Pathe Exchange (A). Patino Mines. Peerless Motor Car... Penick & Ford (1)... Penney (J C) (2.40). Penn Dixie Cement. . Penn Dixie Cmt pt Penn Raflroad (3)... Peoples Gas(Chi) (8) Petm Corp of Am(1) Phila Co new (6).... Phila&Reading C & I Philip Morris&Co(1) Phillips Petroleum. . Pierce Oil. . Pierce Oll pf. Pierce Petroleum. Pillsbury Flour (2 Porto Ric-Am To( Prairie Ofl & Gas Proct & Gamb (2.40). Public Sve NJ (3.40). Public Sve NJ pt (5) 515 Pure Oil.. 66% Pure Oil pf (8) 241 Purity Bakeries (3 12 Radio Cor 31% Radio Corp (B) (5).. 11% Radid-Keith-Orph A. 30 RRSecICstkC(4 37 Reading 1st pf (2 5 Real Silk Ho: 5% Remington- 51 Rem-Rand 2d pf (8). 5 Reo Motor Car(40c). 10 Republic Steel...... 69 Reynolds Tob A (3). 40% Reynolds Tob B (8).. 1 Richfield Oil. . 3% Rlo Grande Ofl 15% Rossia Insur (2.20).. 24'% Royal Dich(m2.2789) 38% Safeway Stores (5) 86 Safeway Strs pt (8 4 per (1.40)..1108 1 d 44% Sears Roebuck (2%). 21 Second Natl Inv. 14 Seneca Copper. 4 Servel Inc. .. ’ 64 Sharon Steel Hoop. . 16% Shattuck(FG) (11%) 4% Shell Union Oll...... 25% Shell Unlon O11 pf... 2% Shubert Theatel 10% Simmons Co. 6% Sinclair Consol Oi1 /. (Continued on Page 16 . Prev. Bates— Add 00. High. Low. Close. Close, 19% 64 41 80 7 28% 12% 40% G_STAR, WASHINGTON, D. C, MONDAY, AUGUST 3], STOCKS ARE LOWER IN'LIGHT TRADING .32 Pivotal Issues Sell Off and Carry Remainder of List Downward. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, August 31.—Buying in- terest was negligible in the stock mar- ket today and prices sagged, with the| lows being touched in the last hour. ‘There was little real weakness, but lead- ing stocks sold off 1 to 2 points in dull trading. It was announced during the after- noon that merger negotiations between Sears & Roebuck and Montgomery Ward had peen discontinuedl, due to in- ability to agree on’terms. This news had a depl’mlx*h effect on the mail order shares. e market also was handicapped by continued declines in wheat and in cotton, wheat for future delivery going to a new low for the season. It was not anything In the news that caused the downward trend in the early trading. Bankers regarded the terms of the new Government financing as fa- vorable. There were no disturbing de- velopments abroad. On the other hand there were no signs of business improve- ment on this side. The feature of the commodity list was the weakness in cotton, which was not easy to understand in view of the tation in the South for restriction of the next crop of anywhere from 50 per cent to 100 per cent. PFurther in- roads were:made last week on the stor- age suppifes of gasoline and of crude ofl, and that situation was encouraging; but, generally speaking, trade as well as | the market was awaiting the turn of | events after Labor day. | The so-called pivotal stocks were | down 1 to 2 points, one of the larger losses being in American Telephone tpite esfimates that earnings this year would run well above dividend require- ments. United States Steel, selling “ex” the $1 quarterly dividend, was down only fractionally. A numi of low-priced stocks sold off. Alaska Juneau was under pressure for a time and reacted sharply. Shat- tuck was weak, only a shade above the low for the year. Montgomery Ward lost & point and American Ice dupli- cated its previous low. Traders have been inclined of late to favor these low- rrlc!! issues, on ‘the theory they were 00k ess subject to attack than stocks selling | Eh above $100 a share. | ‘Among the few strong spots were Loew's, which extended its gain of last { week, reaching mew high territory on the movement. The shoe stocks were well supported and Endicott-Johnson made a new high for the year. Lambert was steady on expectations that the regular dividend will be declared at the meeting scheduled for this week. Pay-| ing $8 and having covered requirements | in the first six months, the stock looked | attractive the market. Tobacco ocks were a shade higher, but inac- | tive. | Little or no interest was taken in | the railroad stocks. They weakened | sympathetically with the industrials, but the losses were unimportant. DRIVE AGAINST FIRE | WASTE IS PLANNED Chamber of Commerce to An. nounce Plans for Campaign Throughout Country. BY CHAS. P. SHAEFFER, Associated Press Business Writer. The National Chamber of Commerce will announce shortly plans for the greatest drive against fie waste ever | attempted in this country. | ‘The movement will be in conjunction with National Pire Prevention Week, | to be observed this year from Octobe: 4 to 10. It will be under the auspices of the National Fire Waste Councii, an affliate of the chamber, and will be| participated in by 21 national organiza- tions and four Governmental bureaus, including the Bureau of Chemistry and | Soils, Bureau of Standards, Bureau of Mines and the Forestry Service. Fire waste in North America is the largest in the warld. During the cal- endar year 1930 monetary losses are estimated by the chamber at more than $499.000,000, the equivalent of $4.07 per capita, and representing an increase of more than $40,000,000 over the previous year. In addition more than 10,000 persons lost their lives. A large per- centage of the fires were held attribu- table to carelessness. The national chamber, through its own membership of more than 1800 local organizations, and other leading bodies interested in fire prevention wili devote the week to concentrating public thought on the means for greater com- munity interest in the subject. It will seek, also, to formulate & year-round wt,::nm to check the growing menace. ore than 600 cities will participate | in the movement. P TS g We Give Property Management Personal Attention 1931. Butter—One-pound prints, 32; tub, 31. 78a30; current re- 2813, Dressed—Spring _ brollers, 3 s end over, 32833; 2 to 2% wunm Meats—Beef, prime, 17; cholce, 168" medium, 14a15; good cow, 11; top, 16; lab, 19; pork loins, 8-10 d average, 26; 10-12 ’pouml average, 12-15 pound average, 20; fresh hams, smoked hams, 21; strip bacor, 73; lard, bulk, 10; package, 10%; ) mxu——w-umem;s, 1;5l5hi anta- ouy wn, 50a75; shipped m, l,bg;-l les, 50a1.25; peaches, 50a1.00; few, 1425; pears, 2.7583.00: plums, 1.50; 3.2585.50. limes, per 100, 1.25 2.00; honeydews, North Carolina, 2.C California, 2.25a%.50, grapefruit, 4.50a 5.00; grapes, homegrown, 1.00; Califor- nis, 2.00a2 pineapples, 4.00; Luckle- berries, 4.75a5.00; prunes, 1.10; bananas, 1.50a2.50. Vegetables—Potatoes, per barrel, 2.00a 2.25; eet, per bushel, 1.00; string beans, 1.25a1.50; limas, 3.50a4.00, tom toes, 1.00al1.75. 75a1.00; lef 3 bage, 50; spinach, 1.5¢ 75; kale, 50; turnips, 1.00; peppers, 75; -dogen sacks, 75; carrots, per 100 bunches, 3. beets, per bunches, 3.00; peas, 3.00. Change in Electric Current. BALTIMORE, August 31 (Special) — Within a fotrnight the Consolidated Gas Electric Light & Power Co. will begin the distribution of alternating electric current in downtown sections of the city, where heretofore only direct current has been served. { Under the new distribution the com- | pany is inaugurating the first steps in | its plan to eliminate the more costly direct current type of energy from its system. i NEW YORK BANK STOCKS NEW YORK, August 31 (#).—Over- the-counter market: America Chy Chat_PI Gommereial Nai Pirst Natl N Y Manhat Co... Trust Companies. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. [ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. NW, LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Now Open For s-hulyfio:' James E. Connelly President James F. Shea Secretary LET THESE DESIRA. BLE FEATURES AS- SIST YOU IN RE-FIN- ANCING OR PUR-. CHASING D. C. PROP- CONVENIENT FAYMENTS FORTY YEARS SERVICE .. . Ask About Our Loan Plan L o0 Open Daily 9 to § ded Until Noon I I i :u I BUILDING ASSOCIATION et SN THG ST ALY HERE'S a lot more connected with OUR property management, service tl han collection of rents—im- portant as that is. But kufiln* property in good or- of der; managing every deta operation in apart- ment houses, office buildings, etc., selecting tenants dis- criminately are among the features that have made our service notably successful. Consult with us and let us undertake the solution of your property management problems. 'ROMPT remittance is the IN- B VARIABLE rule of this office. RANDALL H. HAGNER & COMPANY MomTGAGE LoAN CORRESPONDENT N Zork 556 Sburance Gompange 1321 Connecticut Ave. I e Eqitable Co-Operative Idg. ss’n inized 1879 Sist YEAR COMPLETED Orga JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secrefary Subscription for the 101st Issue of Stock Being Received See Us If You Wish a Loan Those who desire to borrow money to pur- chass a home, refinance present indebtedness or improve property, should see us. Applications will receive prompt and cour- teous attention. or to on Real Estate ‘ | Take Up a First Mortgage Loans Repayable Monthly No Brokerage No Commissions 915 F ST. N.W. Today or Tomorrow Vour Principal Is Just the Same There is no need to worry a@bout a falling market when you invest in Guaranty First Mortgages. = These safe securities do not fluctuate in value. You are/ assured of getting your entire principal at maturity plus reg- ular semi-annual interest of 6%. Secured by direct first mortgages on properties here in the Nation's Capital. 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Over @ Third of a Cam;cry Without & + May be purchased in amounts from $250 up. B F SAUL CO. National 2100 925 15th St. N.W. I _ THERE. IS NO ’SUBSTITUTE FOR SAFETY