Evening Star Newspaper, October 2, 1931, Page 13

FINANCIA BANK CALL IND.C. 5 EXPECTED SOON === T i 22 Institutions Are in| 23 .5 11% 2 Lacal 567 10% 1% Strong Position—Gain in Deposits Forecast. a L 2% 84 S 501 DWARD C. STONE. 182% B " a2 14w " It is anticipated in the financial dis- | GRIes trict that Controller of the Currency| 8% 8 John W. Pole will issue a call for the | agn, 6 «condition of all banks in the District of | 52% 18% Columbia within the next few days. 1 ‘E‘,:"l 1;‘-“2' Last year the czll came on September | 120% T4% 24, and two years ago it was sent out' 152, 137 as of Octob The date. of course, is | 38% 9% always changed, so that the banks can | 86— 40 make no special tions in the way, 4 “window-dr H s manifested in the | district regarding what the | o will reveal in the way of total 1%y @eposits. e It is the general opinion among bank- ers that deposits will be higher than on the last call, June 30. Deposits Are Large, 42 2 he banks are bulging with money e should show a good gain in deposits & Tie June figut e, ker said % even make a new all- 21 ough that is mere 6% 5 10 15% ever since | g i wo years ago ! e still holding up | ) : 112 stood to be a large 2 in the local banks i permanent investment 28 s consider that the Sou Business corner has been reached. In oo the opinion of many, that time canaot o be a great way off 2 When the leading business and financial barometers actually turn up- ward this money will be switched | rapidly i are considered the | best. investm Just mow. however. | 1081, § this large 1 of reserve. funds is A doing important work in keeping local | 201 126% bonk deposits right around the largest i aggregate on record oy 7R If the call is dated after October 1| 122 118 all the dividend money that was Te- | 1101, &0 ceived on that date will be added to | "zt 23y the sum total of deposits. as will other | 7 funds which came in around the first of the month Doak Finance Parley | | | s deposits in | r to the | have | unde: amount of money which is awaitil when local i 1 an 40 208 Speaker. L. THE EVENING STAR, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Dividend Rlll Abitibi Pwr&Pap pf. A'ham & Str (3734e). s Express (1) Addressograph (1) Adv Rumley.. Air Reduction Airway Elec Appl. .. Alaska Juneau (40¢) Albany Wrap Paper. Allegany Corp.. Allis Chalmers (3). . Amerada Corp (2)... Alpha Port Cemt (1) Am Ag Ch of Conn pf Am Agri Chem(Del). Am Bank Note (13). Am Brake Shoe(2.40. Am Brake Sh pf (7). Am CanCo (t5).. Am Can Coof (T)... Am Car & Fdry (1), Am Car & Fdy pf (7 Am Comecl Alcohol. . Am European Secur. Am & For Power. Am & For Pwrpf(8) Am & For Pwr pf(7). Am & For Pwr 24 pf. Am Hide & Leather. . Am Home Prod 4.20. Am Ice (2) x Am Interna Am Locomotiv Am Lomotve pt (n Am Mch & Fdy 1.40. Am Mach & Metals. . Am Metal Co....... Am News (1314). Am Pwr & Lt (11) Am Pwr & Lt of ( Am Pwr&Lt pt A(4) Am P&L! pf A st(5). Am Radlator (60c).. Am Radlator pf (7). Am Republics...... Am Rolling Mill Am Safety Razor ) Am Shipbullding (8) Am Smeit Ref (2)... Am Sm & Ref pf (7). Am Snuff (13%).... Solv & Chemical, Steel Found (1).. Stores (12%)... Sugar Ref (5) Suzat Ref pf Am Sumatra Tob. Am Tel & Telex (3, Am Tobacco (16). Am Tobacco B (+6) Am Tobacco pf (6).. A®Type Fy pf (7). Am Water Wka (3).. Am Wat Wksefs(3). Am Woolen Co...... Am Woolen Co pf. .. Am Writ Paper ctfs. Am Zinc & Lead..... Secretary of Labor Willlam M. Doak has accepted an invitation to addres the coming national convention of the American _ Association of Personal Finance Cos. on October 21 at the United States Chamber of Commerce i | 4 | | 4514 Am Zinc & Lead pf. . Anaconda Copper. Anchor Cap (2.40). Andes Copper. . Archer Daniel Mid.. Armour of Del pf (1) He will speak on “Stabilized Family Income—the Credit Base.” ol Francis G. Addison, jr., president of the Security Savings & Commercial Bank, and Phi P. Gott, manager, trade association department of the United States Chamber of Commerce, will make addresses of welcome. John J. O'Connor, manager, finance depart- ment of the Chamber of Commerce, will discuss “Personal Finance and General Business. and Dr nk M. Surface, assistant director, U. S. Bureau of For- eign and Domestic Commerce, will sp>ak on “Business Charts the Course. About a score of prominent speakers from other parts of the country are also on the program. The general theme of the meeting is “Consumer Credit and Personal Finance.” Three round-table Juncheons will be held at the Mayflower. and as last year, a large amount of sightseeing and other entertainment has | been arranged | More than 1000 leaders in the per-| ronal loan field are expected at the ses- | sions. Lanston Again Market Leader. | Monotype stock other transac Stock Ex- Lanston hadowed al the Washington Sales 1 again ove: t s on change today Yesterday's sales of over were followed b a t ver of 400 shares during today's session, the close | being stronger than the opening. | Lanston opened at 70, at which figure 175 shares changed hands, the largest | sale being a block of 80 shares and the smallest 10 The stock then advanced to '.nu] 500 shares nd only one more sale was registered at 70 during the session. One sale was made of 30 shares at 70 and 50 shares sold at 7014, the remain- ing transfers being made in smaller Jots with fractional changes in prices. It was stated by members of the exchange that most of the sales in| Lanston stock, perhaps all of mrm_! during the past two days have been ! made in connection with an estate now | being settled. Members of the exchange | also expressed satisfaction that the | market had been able to absorb so! ; much of the stock in the past two days 60 without a further drop in the price 921, Only two other issues appeared on | 5% the board today. One hundred shares | 15t of District National Bank stock ex- 14 changed hands at 196, the largest sale | oo, 5 in this issue in many months | S Two five-share lots of Potomac Elec- | Tie tric 515 per cent preferred came out at | g 16% 107. _Union Trust. American Security | 1315 and Riggs National are bank stocks still being quoted ex dividend The first Saturday session of the ex- | change since last Spring will take place | tomorrow. Heard in Financial District. ‘The Wash Trust CO has sent to depo: and others complete am of all events in con~ necticn w the George Washirgton | Bicentennial Celebration in A most attractive and convel ient little | Jork of renovating the main office | of the A an Sccurity & Trust Co. is progressing very rapidly. It will require several months and when completed connection will be made with the bank- ing offices of the new adjcining office building Local brokers were very much hap- pier _today the Stock Exchange opened m! er than for several days, many stocks showing substantial gains. The big question was whether the advances would %hold. Board rooms were again crowded Outstanding indebtedness of Visginia counties decreased $2.028462 in the fiscal year ended June 30, 1931, com- pared with the preceding year, although the cities increased their indebtedness during the same period by $171.126. | Washington clearing house figures for today, $6.217,736.01 IRON AND STEEL SALES | ABROAD SHOW DECLINE Br the Associated Press. Declines were recorded in export llnd dmport trade of the United States in fron and steel products during August. Exports, the Commerce Department said, “totaled 73.338 gross tons, or 11,- 128 tons less than shipped in the pre- vious month. Imports from foreign producers amounted to 30,139 tons, or 7.051 tons below July’s. Exports regis- tered a daily average movement of 2366 tons in August and imports 22 872 tons. 67 Twenty-seven of the 46 classes of | 3 714 products included in export traded 20 showed redu-ca shipments, while 18 in- 3 51 creased. Generally both increases and 641y decreases small, the one note- 3 worthy gain being in black steel sheets. 7 B Outstanding among the decreases were | 1093 64% skelp, scrap. palvanized steel sheets,| 107 93 tin plate and wrought steel pipe. Chief [* 15%, 10 products in point of tonnage were black steel sheets, scrap, plain struc- tural shapes, tin plate and welded steel pipe. Shipments to Europe and Africa were greater in August than in July, but those to all other areas were less. 2413 193, o Armour of I11 (A) Armour of 11l (B) Armour of 111 pf. Arnold Constabl Artloom Corp. Art Metal (80c) Associated Apparel. Asso Dry G (23) Aszo Dry G 2d pf(7). Atch To&S Fe (10).. Atch To&S Fe pf (5) Atl Coast Line (7).. Atl Gulf&W 1 pf (8). Atlantic Refining (1) Atlas Powder (4). Atlas Powder pf (§) Atlas Stores (1).. Auburn Anto (£4) Aviation Corp (Del). Baldwin Locomotive Baldwin Loco pf (1). Balto & Ohlo 4) Balto & Ohlo pf (4).. Bang & Aroos (3%4). Barker Bros. . Barnsdall Corp'n. Bayuk Cizar (3). Beatrice Cream (4) Beatrice Crm pf(7) Beech-Nut Pkg (3). Beldin=-Hemingway Relg N R pt pf t4.81. Bendix Aviation (1). Best & Co (2) Rethlehem § Bethlehem Stl pf (7) Blaw-Knox (1). Bohn Alumn (134 Borden Co (k3)..... Borg Warner (1). Boston & Maine RR. Botany Con Min (A). Briggs Mfg (11%).. Brockway Mot Trk. Bklyn-Man Tran (4 Bklyn-Man Tr pf % Bklyn Union Gas (5) 4 Brunsw-Balks. Bruns Term & Rw: Budd (EG) Mfg.... Budd (E G) Mfg pf Budd Wheel (1).... % Bulova Watch (30¢). Burrough A M(t1%) Bush Terminal(2%) Bush Term deb (7). . Bush Terminal pf(7) Butterick Co. A M) T Calif Packing (2)... Calumet & Arizona. Calumet & Hecla. Camip W&C Fdy (1) CanadaDry G A (). Canadian Pacific 1% . Cannon Mills (1.60). Capital Admin (A) Case (J1) Co... Case (JI) pf (T).... Caterplllar Trac(3). Cavanaugh-Dobbs. Celanese Corp. . elotex Co Celotex pf. Cent Azuirre (134). Cent RROf NJ (8).. Century Rib M pf(7) Cerro de Pasco (1).. Certain-teed Prod. .. l Checker Cab Mrf{g. Ches & Ohio (2%) Chesapeake Corp(3) . Chi Great W Chi & Northwest u) Chi Pneu Tool . Chi Pneu Tool pf. Chicago R I&Pacifie. Chi Yellow Cab (3).. Chickasha Cotton Ofl Childs Company.... Chrysler Corp (1)... City Ice&Fuel (3.60) City Ice&Fuel pf 6% City Stores......... Cluett-Peabody (3). Cluett-Peabdy pf (7) Coca-Cola (17%).... Coca-Cola (A) (3). ‘olzate-Pal-P (234). Colg-Palm-P pf (6). Collins & Alkman. .. Collins & A1k pf (1), Colonial Beacon. Colo Fuel & Iron. Columb G & E (14). Col Gas&El pt A (§). Columb Carbon (5) .. Comm Credit (1.60). Comel Cred pf (1%). Comecl Cred pf B (2). Comel Inv Trust (2) Comm Inv evpe(e6). Comel Inv Tr pf 6% . Com Inv Trust pf(7) Comel Solvents (1). Comwlith&Sou (40e) . Comwlth&Sou pf () Conde Nast Pub (2) Congolm-Nairn (1) Consol Cer pr pf 8% Consol Cleara of (1) Consol Film. . Consol Laundries(1) ConsolRwys pf ()., Consol Textile. . . Container Corp (A). Container Corp (B) 3 A«lo Hish. Low. Close. cnul 8% 6 11 90 Bt mmnDama » ISP E-TSIVE - s 2% 16% 51% % 12 12 86% 152% 18 340w 38y 63 185¢ 135 2 44 26 13 808 123% BT Stock and w. Dividend Rate. 32 ContiCan(2%). 4% Cont ond Fibr 20 Cont Insur (2.40). 13% Contl Motors § Contl Ol (Del 1% Contl Share: 40% Corn Products 1 IFE 127% Corn Prod pf (7).... 3% Coty Inc........ 20 Creamof Wheat 3% 18 Crown Cork (2.40).. 28% Crueible 5t 53 Crucible Steel pf (1) 14 Cuba Cane Products. 2 Cuban-Am Sugar.... 4 Cuban Domn Sugar.. 20 Cudahy Packing (4). 45 Curtis Publish (4).. 94% Curtis Publish pf (7) 1% Curtiss Wrignt..... 21 Curtis Wright (A) 70 Cushmans pf (8) 1215 Cutler Hammer. 10 1608 Deere & Co pf (1.40). Delaware & Hud «n. Del Lack & Wn (2). Detroit Edison (3).. Devoe & Ray A(80e). Devoe & R 18t pf (7) Diamond Mateh (1).. Diamond Mtch pf 1% 48% Drug Corp (4). 96 Duplan Silk pf (3 58% Dupont de Nem (4).. uzu Du Pontde N 128%, Fastman Kod bf (). 7% Eaton Axle & Spr(1), 385'4 Eitington-Schild pf., 2013 Elec Auto Lite (4) Flectric Boat Elec&Munica Elee Pwr & Lt (1), ec Prr & Lt pf(6). ec Pwr & Lt pf (1) Flec Storage Bat (4) Encica't Johnson(3) Equit Office Bldg 2% Erie RR. o Erie RR Tat pf (4) rcd Mot Truck(40e) . Fed Wat Sve A(1.20) Fed Dept Strs (25¢). 4 Fid Ph Fire In(2.60), First Natl Strs (214) Fisk Rubbe 3 Fisk Rub 1at pf conv 40s Follonsbee Bros. ... 3 Foster Wheeler (1).. 6 Foundation Co 4 Fourth Nat Invmbse 10 Fox Film (A) (23%}. 42 Franklin Smn pf(7). Freeport-Tex (3) s Gamewell Co (3) Gen Am Investors. .. 424 Gen Am Tank Car(4) 9% Gen Asphalt (2) 15% Gen Baking (2). 108 2 e & FEPF 75 Gen Cable (A). 25 Gen Cigar (4). 28% Gen E Food Corp (1) . Gas&El A (e30¢) n Gas&F cv pf(6) 24'4 Gen Ital Ed I m2.61 33 Gen Mills (3) 94 Gen Milla pf (6 224 G 28 Gen Ry Signal (5) 1'% Gen Realty & Utll. .. Gen Refractories (8) 113 Gen Theatre Equip. . 10 Gillette Saf Razor 47% Giliatte Saf R pf (5) Glidden Co pr pt Gold Dust (234). Goodrich (BF)..... Goodyear T&R (). Goodyear 1st pf (7 Gotham Silk Hes Gotham pf xw (7) Graham-Paige. Granby Con Min (1). Grand 811 Strs (h1).. m.nm Grant ( Great Northn pf(4). 121 Great Northn Ore(2) 5% Great Western Sug.. 8015 Great Wn Sux pf (7) 1% Grigsby Grunow.... 16' Gulf Mobile&Nor pf. 2 Steel.... 3 20\‘ Hacken Watpf A 1% 108 Hahn Dept Stores. 5 Hahn Dpt Stpf(6%) 3 Hall (WF) (1.20)... 2 Hanna pf (7).. 708 Harb & Walker (1).. 20 4 Hawailan Pineap (2) 320s Hayes Body Corp. .. Hercules Powder(3). 3 208 4 o Hounehold Fin (4. zo) Houston Oil. ... Houston Of] (new).. Howe Sound (2).... Hudson & Man (3%) Hudson Man pt (5).. 7% Hudson Motor (1) 3% Hupp Moters. tral (4).. Ilinois Cent11 (4).. Indian Motor Cyel Indian Rlflnlnl Barwe3Spannnan 3 o - lnurmll Rand (4).. Inland Steel (2%) Inspiration Copper. . Insur Shr(Md) (46c). Interboro Rap Trans 4 Intercontl Rubber. .. Interlake Iron. » o vrolnantiannaala Int Bus Machine(ns) Int Carriers,Ltd b0c. w2 Int Hydro E1 A (2). 19% Int Mateh pf (4) 3% (nt Merchant Marine of Can(40e) er & Pwr (A) Int Paper & Pwr (B) Int Paper & Pwr C.. Int Rys Cent Am.... Int Salt (3). . int Shoe (3). Int Silver pf ((7). Int Tel& Tel (1).... Int Dept Stores (2).. 4 Interstate DS pf(7). EA AR N 30 Jewel Tea (¢ 35% Johns-Manvilis (3).. 99 Jones & Laugh pf(7) v l!l% KCP&L 1st pf B(6). 10% Kennecott Copper (1) 24 Kimberly Clark 2%. 10% Kinney (G R) Co. 19 Kresge (SS) (1.60). 5% Kreuger & Toll 1.61). 35418 _Kroger Grocery (1). 77 42% Lambert Co (8). € Lane Bryant (1). 2% Lee Rubber & Tire.. 8 Leh Port Cement. 83% Leh Port Cmt pf (7). 3'5 Lehigh Valley Ceal.. 18 Leh Val Coal pf (3). 20 Lehigh Valley R R (Continued on Page 14.) I LAV EL 0 WASHINGTON, FRELES Cs5Fes # Frsy #ises D. C., FRIDAY, OCTOBER 1931. ISTOCKS HOLD FIRM | &8 F . | day. FESS {ater the opening, but trading tapered | ONBETTER BUYING Market Shows Rallying Tend- éncy Despite Renewed Selling Pressure, BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, October 2. — Though still compelled to accept considerable liquidation, the stock market today showed distinctly rallying tendercies. The Street took the announcement of the proposed merger of the National City Bank and the Bank of America as a good omen for the financial and business future. The news was respon- sible for the preponderence of buying orders at the opening, which sent the market sharply higher as shorts scur- ried to cover. It* was pleased by the improvement in the bopd market, to which traders in stocks now look for encouragement on the buylng side. It was realized that the market Was badly oversdld and that the danger of holding to a short position had vastly increased. During the preliminary buying rush American_Telephone & Telegraph ran up 2 to 3 points. United States Steel crossed 73, against its low of Thursday under 70, and American Can gained over 2 points, with almost all the rails ranging higher. Then followed a period | of realizing in which a good part of the gain was canceled, but throughout the | morning the list held highcer on the day, and stocks were easier to sell than to_buy. The liquidation which was in evidence today was similar to that seen in recent sessions, in that it pressed down on a few stocks much more severely than on | the entire list. Consolidated Gas was in supply on’ rallles. Detroit Edison | made a new low before recovering. Pub- lic Service of New Jersey moved errati- cally over a wide range. Opening Is Higher. Prices opened up from 1 to 5 points. The advance was added by a steady | tone in London, greater stability of for- elgn exchange opening rates and the progress made by the Eastern trunk rall consolidation plan. United States Steel opened up 1'j at 723, American Can gained 1 Il\ 8. American Telephone was upl 2'; at 132, Consolidated Gas rose 3 points to 69. Auburn Auto at 103 was up 5. Eastman Kodak jumped 3'; to 104% and Westinghouse Electrical was up 1% at 45'>. Montgomery Ward advanced 1'4 to 11% and Woolworth was up 2'; At 49':. Standard Ofl of New Jersey was up s at 20%. Northern Pacific gained 1's to 243, while Chesapeake Corporation at 22 and Erie at 13 were up fractionally. Baltimore & Ohlo rose 17, to 36'; and Chesapeake & Ohio at 30 gained 1%. Gains of a point or more were re- corded by American Power & Light at 17', Electric Power & Light at 22, | International Telephone at 16 N tional Power & Light United Corporation at 12%. Radio at | 13'; was up 3. Coca Cola was up| 1'; at 10875, The market at 15% | extended its advance off somewhat and prices subsequently receded slightly from the best The | more active leaders, after cpening 1 to 3 points higher, added another point to their gains before reacting slightly. | Standard Gas & Electric reached 37! and then dropped to 3534, but was still | higher on the day. National Steel was delayed in opening, then starting at 21, | up 2%; it later touched 213, Market Firmness. ‘Trading in United States Steel showed the firmness of the market. Its best price cf the early trading was 73', and its low 721,. The rails vied with | the utilities to show the best gains. | Atchison got up almost 3 points before | reacting. Southern Pacific gained 2 points and Norfolk & Western 3 points, both later shading these improvements. Motor stocks were generally higher. but not 80 widely as was the case else- where. General Motors continued to change hands in large blocks. During | the first half hour trading amounted to 500,000 shares, the same as on Thurs- Call money renewed at 13 per cent. Locomotive Plrts Order Plnced NEW YORK, October 2 (£ .—The Baldwin Locomotive Works has received an order from Westinghouse Electric & Manufacturing Co. to build bodies and mechanical parts for 20 electric loco- motives for the Pennsyl\nma Railroad. Probably less than 1 in 10 In China's teeming_millions can read or write Money to Loan gret of trust on r || & Interest and com Joseph 1. Weller i3 REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. NW. LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Serles of Stock Now Open For Subscription James E. Connelly James F. Shea President Secretary You will find First Mortgage Securities Ideal Investments. Non - fluctuating Steady e Yield of on income-produc- ing properties here in the Nation's Capital. Put vour fdle dollars to work. earning 6% with safets. Denominations as low as $100 Monthly Pavments if Desired Send for Booklet, “'The Success Plan” REAL ESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. NsW. Na 11403 FIRMER BOND MART WOULD AID STOCKS Wall Street Believes Equities Will Rise When Debentures Are Stabilized. Special Dispateh to The Btar. NEW YORK, October 2.—To the question, “When will the stock market stop going down?” the most frequent and logical answer given today in Wall Street 15, “Not until bonds are stabtlized | in_price.” This leads to the query, “Why are | bolders of all clases of bonds, from | Governments and municipals down to | the pocrest industrials and foreign dol- | lar fssues, selling them at their current | depreciated prices?” Until Engiand went off the gold basis | and her action was followed by the Scandinavian countries the timidity of | owners of bonds was primarily exhibited | in their attitude toward railroad obliga- tions and to those of European and South American governments, munici- palities and corporations, In the beginning, railroad bonds came | into question as to market value because | o1 the extreme losses in the net oper- sequel of an increasing number of rail- road dividends reduced or omitted, /This | has led to the prospect, at the end of | this year, of a high proportion of ‘rail- road mortgages, now legal for thé in- vestments of savings banks and trustees in New York and other States, heing withdrawn from this list, due to their | inability to meet the strict rnquirrmonls of the law governing legal investments, The momentum of this selling in these | issues was so great that it affected the position of holdings in the portfolios of | institutions and compelled them to' sac- | rifice portion of such holdings. in & market where bids were few and far be~ tween The default on Seetth American bonds and suspension of sinking fund pay- ments made an obvious reason fof the | liquidation of the dollar issues of those | countries which, in the majority of | cases, were bought without much’ dis- crimination and because they gave large yields rather than from the stand- point of a rating that in many, cases did not entitle them to appear i the portfolio of a bank. The difficulties of Germany and of Austria had adready produced & heavy depreciation ?{ the bonds of all Central American couhtries prior to the gold suspension act by Great Britain 10 days ago The most violent declines in several groups of bonds are those that have fol- lowed the new status of countries that have gone off the gold basis. THEs has not only affected the issues of govern- ments that formerly were on the gold | standard. but it has injected a new element of unreasoning fear on the part | of investors in the United States in American securities payable in dollars. | It has given rise to the question whether, | under the existing confusion and change of policy toward the gold standard, fixed | interest-bearing securities have the same status in the investment world as they | had prior to the 19th of Septsmber. This state of mind probably repre- sents the low point in the fit of de- spondency to which the American invest- or has descended from the summit of his grotesque optimism two years ago. But it has to be reckoned with, for it has already been echoed in the unstable | markets this week in United States Gov- ernment bonds, for which there have been painfully small markets at times, as well as in those of the highestigrade of municipal issues. When the eri- can investor and institution begips to trade out of Government bonds and into | common stocks it is a good that the rnd of the market depression is ap- | proaching. More logical, but still unsupported by | Annual Statement—September 30th— $5,712,945.80 IN ASSETS An Increase Over 1930 of $573,610.13 RECORD OF OUR REMARKABLE ROBERT E. BUC! President Vice Presiden: Treasurer Secretary FINANCIAL. evidence, is the attitude of the holder |of foreign bonds payable in dollars. Here the fear is of default in interest payments, although so far no European country or municipality has failed to meet its semi-annual debt service. Large numbers of German dollar bonds, how- ever, are quoted at prices that suggest suspended interest payments and doubt to the payment D(Lgflnclpll. Against ¢ is presumption is the fact that be- tween October 1 and October 15 over $18,000,000 in interest and in sinking fund payments on 30 German issues is due in New York and that the money to meet them is already in the hands of the paying agents or in the process of transfer. This includes the annual sinking fund payment of $4,620,000 on A—13 the German government 7 cent bonds and their uml-nnnulf”l’nurut of something over $3,000,000, due Octo- ber 15. It includes payment of interest and sinking fund on the State of Prussia bonds and those of several Ger- man cities and of a score or more of other German borrowers on long. American credits, There 15 the same degree of as- nurnnce that the interest in dollars will be paid on the various Scandinavian bond issues and those of Holland, Switz- erland and_ Italy, although there is & considerable feeling that these last three countries may follow the others ::A;I ylu off the goid standard tempo- (Conyright. 931.) Equitable Co-Operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Sist YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Subscriptions for the 101st Issue of Stock Being Received LOANS { ON REAL ESTATE OR TO TAKE UP MORTGAGE If you contemplate the purchase of a home, refinancing present in- debtedness or improv- ing property, consult " us. Applications will receive prompt and courteous attention. Loans Repayable Month No Brokerage . . . No Commissions 915 F ST. N.W. INVESTMENT TRANQUILLITY The absence of ment in our speculative ele- 6% FIRST MORTGAGES is one of the strong features in their favor. You have our assurance that the properties upon which the loans are made have had careful ap- Owver a Third of a CREASE D URING THE PAST 6 YEARS 1926 $3.399,092.97 1927 $3,705,797.85 1928 $4,282,457.88 1929 $4,981,846.65 1930 $5,139,335.67 1931 $5,712,945.80 + Officers ¢ HARRY M. PACKARD MILLARD T. DIXON Century Without a Loss B, F National 2100 THERE I No Shows the Sum of IN- * * Loans in Force $5,627,540.40 * * The above figures showing our growth during the past year is a splendid testimonial as to the public confidence in the conservative management of this institution, now entering its 42nd year. If you are planning to purchase or refinance a home—or seeking a depository for your savings, we respectfully invite your consideration. 'KLEY t ROLAND M. BROWN NATIONAL PERMANENT BUILDING ASSOCIATION praisement, is paid uninterruptedly throughout the entire period. SUBSTITUTE During Our Year Just Closed We Credited in Dividends to the Ac- counts of Our Mem- bers the Sum of Surplus and Undivided $450,894,50 ¢ Directors ¢ JOHN B. GEIER ADOLPH LEVY JOHN G. MEINBERG J. LEO KOLB JOSEPH F. ZEGOWITZ FRANCIS L. NEUBECK ALPHONSE C. HAMMER and this stated interest May be purchased in amounts from $250 up. AUL CO 925 15th St. N'W, FOR $251,129.98. Profits ENUE | [JUST BELOW NEW YORW AVE [UNDER _SURSARVISION V.8. TREASUBY