Evening Star Newspaper, October 12, 1931, Page 13

D. €., MONDAY, OCTOBER 12, 1931 FINANCIAL, A 13 {BALTIMORE LIVE STOCK |Wall Street Quiet FINANCIAL, THE EVENING STAR, WASHINGTON. Money to Loan trust 3 Seeured by irst deed of trust on reat estate. *plmm|IlmllI|llIIMl|l|IlmIulluuIlHmlfl"Imlllllllllllllu“lllllllmll|l||||Illllllllmllflmlllll* BN - | * DECLARED VTAL Economist Points OuteNeces- sity for Upward Revision of Rates. BY EDWARD C. STONE. Tn the midst of the timorous whis- anna- that the vallways are a declin- ng industry, Theodore M. Knappen, & Washington economist and financial writer, raises a dissenting voice. Any idea that they are likely to lose any large proportion of the country’s tre- mendous freight traffic is untenable, he declares in the current issue of the Magazine of Wall Street. “The rallways are up and coming as to competition and the full discharge of their duties to the public. They are the transportation life and backbone of the country. But they have been treated like an unloved stepchild. Dur- ing all the years {rom 1921 to 1931 the regulating authorities, or they them- selves, in_response to competition, have been whittling away at rates. While everybody else was grabbing more while the grabbing was good, the railways were being pushed away from the trough of profits,” Mr. Knappen asserts. ““Just how far they were crowded into the cold cannot be determined by = direct approach through the maze of rate reductions, but with ton mileage on an approximate level for many years the revenue per ton mile has gone down at such a rate than 6500 million dol- lars of revenue was lost in nine years. ‘Ton-mile revenue in 1930 was 16.63 less than in 1921—and that about tells the story of the havoc wrought by rate re- duction: in spite of the 5.75 per cent return wisp of hay in front of the quiv- ering railway nose. “So these shivery days of hard times find the ratlways lacking protective gar- ments. To meet the problem of ex- istence they have had to cut expenses to the backbone—and sometimes through it. They have cut them while emploves and investors have winced and the whole of national life has felt the decline of their purchasing power. ‘They have cut them until the investing public has become panic-stricken and hysterical over even the distant future of railway securities. “With fading net revenues the out- look is that unless relief comes in time almost $6.000,000,000 of the $7.500,000,- 000 of railroad bonds available in’ New York State for savings banks and trustce investments will become in- eligible for that purpose. That is what 1is the matter with railroad bonds today, but it is a temporary situation and cer- tainly not indicative of the future,” says Mr. Knappen, who then turns to a discussion of the coming rate ruling by the Interstate Commerce Commission. Convention Committees Named. The following committees have been announced for the seventeenth annual convention ¢/ the American Associa- tion of Perschial Finance Companies to be held here next week: Program Committee—Francis L. Thompson, chairman: Edgar F. Fow- ier, John Merrinan, W. Frank Persons. Reception Committee—T. J. Harrison, chairman and the officers and members of the board of directors. Entertain- ment Committee—Howard T. Matting- ly. general chairman: R. R. Lanham, vice chairman. Seeing Washington— W. F. Buck, chairman: Guy C. Harper and McLean Taylor. Bridge and Tea— Mrs. T. V. Kaufman, Mrs. Francis L. Thompson, C. R. Porter and J. Mur- ray Sweency, chairman. Banquet and Dance—E. F. Moore, chairman: H. G. Hopson, Paul A. Hancock, L. E Pope and S. Lee Tucker. Financial District Notes. George E. Fleming, vice president of the Union Trust Co., was back at his desk today after a month's vacation, passed on a motor trip through North- ern New England. The managers’ section of the Dis- trict of Columbia Life Underwriters' Assoclation will have a luncheon meet- ing tomorrow noon, at the Hay-Adams House. The speaker will be John M. Holcombe, jr. The District Bankers' Association will hold the regular Fall business meeting next Monday afternoon at headquarters in the Recker Bullding, on F street. Several routine matters are to be acted upon. Directors of the National Dairy Prod- ucts Corporation have declared the reg- ular quarterly dividend of 65 cents on the common stock and $1.75 each on the class A and class B preferred. The Interstate Commerce Commis- sion has authorized the Louisville & Nashville Railroad to issue $10.000,000 of its 10-vear secured 5 per cent gold bonds, which have been sold at net less than 957 per cent. G. M. P. Murphy, head of the bro- kerage firm by that name, which has a Washington office, bas just returned from a three-month trip abroad. He considers the coming British elections of great importance in the bearing they will have on economic European con- ditions. Louis H. Windholz, president of D. Pender & Co., and a director of the Seaboard Air Line Rallway, has been elected chairman of the board of the Baltimore Steam Packet Co. Washington Produce Butter—One-pound prints, 37; tub, 36, Eges—Hennery, 33a35; current re- ceipts, 20a24 Poultry, alive—Turkeys, old toms, 20a 25; young toms and hens, 30; chickens, 3 pounds and over, 18a22; 2 to 2l pounds, 18a22; brotlers, 1'. to 2 pounds, 23a25; hens, large, 20a23; small, 18a 20; Leghorn hens, '14a16; roosters, 12a 14: keats, young, 45a50: old, 25a35. Poultry, dressed—Turkeys, old toms, 25a30; young toms and hens, 35: chick- ens, 3 pounds and over, 22a25; 2 to 215 ; 11; to 2 pojunds, 28a30; small, 23; Leghorn 16318 Long Is- , young, 55a60; 16':a . 10 old. 30a40. Meats—Beef, 17; good, 15a16: fa ald; al2: lamb, top, 18, medium, veai, top, 17; medium, 15a16: fa} pork loins, 8 to 10 pounds, Z1a2 12 pounds, 19a20; 12 to 15 pounds fresh hems, 19; bacon, 22a23; lard, in bul packages, 1015all; compound, 8a Fruits—Appies, per bushel, 50a1.50; box, 3.00a3.25; peaches, Pennsylvania, clings, '2.00; pears, oranges, 4.5086.00; lemor bananas, 1.50a2.25; grapes, concords, 3 a40: zinfande!, 1 tokays, 2.00; 2.00; watermelons, California, s, 1.75; honeydews, 2.25: piueap- ples, 4.50; persimmons, 1.75a2.00; plums, 250; casabps, 2.25; quinces, 1.50a1.75; grapefruit, 5.50. Vegetables — Potatoes, 0. pound sacks, 1.50a1.75: Long Island, 175a1.90; 1daho bakers, 100 - pound 0a2.75; sweets, per bushel, 50a string beans, 1.00; limas, 2 tomatoes, homegrown, 2-peck baskets, 75a1.25; California lugs, 2.50a3.00; let- tuce, fceberg, 3.2583.50; carrots, crates, 3.25a3.50; per 100 bunches, 5.00; bects, per 100 bunches, 3.00a4.00; celery, 2.50 23.00; onions, 50-pound sacks, white, 150a2.00; yellow, 1.25; cabbage, 90- pound sacks, 1.00al peppers, 7T5a 1.00; kale, 50;" spinach, 1.00; mush- rooms, 60a90. U. S. TREASURY BAI;ANCE. By the Associated Press. Treasury receipts for October 9 wer: $4.756,407.21, expenditures $18,925, 610.85, balance $498,798,717.27. Cus- toms receipts for nine days of October ‘were $10,579,485.90. 17'2218: 121 choice, nearby, - Plans are under way for the estab- Mshment of Japan's first automobile Sactory. 2 150- | systems. | only t | compared with August " Président in Orga HOPE OF EARLY TRADE GAINS all Street C}leered by Sudden Action of nizing Movement to Support Banks. BY CHARLES W. STORM, Editor, the News Service of Wall Street. Special Dispatch to The Star. NEW YORK, October 12.—An ad- vance of 22 points in the average price of industrial stocks, a rise of 14 points in the average quotations for 20 railroad shares and a gain of 8 points in the average figures for 20 public utility shares indicate the change in psy- chology which has occurred as a result of the Hoover proposals for relieving the country’s credit situation. ‘While it will be contended that the proposed plans represent artificial meas- ures, it cannot be denied that their mere promulgation has brought out im- pressive favorable results and checked liquidation of securities which had pro- ceeded to a point where a financlal cataclysm was in sight. The developments of the last week have also checked the hoarding of money which was growing to large pro- portions and which was increasing the strain on banking institutions. They mark the beginning of co-operation be- tween the administration and the bank- ing element to bring about a national €economic recovery. Big People Buying. The increase in confidence has caused some of the biggest investment trusts and estates to enter the market as large buyers of stocks. The general public has also been large buyers of stocks the last week, as indicated by the heavy volume of odd-lot purchases. While the advance has been unusual- ly rapid there are many prospective buyers of stocks who missed their mar- ket. This element feels confident that the worst has been seen and has placed orders under the current level of prices with a view to makeing purchases on any reaction that may occur. The | bankers are also determined to keep the general market steady. Raitroad Rates. Everything is being done at Wash. ington to facilitate the work of recon- struction so that higher freight rates for the transportation companies should structive movement. Higher freight Tates would also do much to revive gen- eral industry, as they would place the common _carTiers in possession of in- creased funds with which to purchase materials. A general reduction m the wages of railway employes has been talked about and would undoubtedly be & source of |Hoover proposals, aid materially in accelerating the con- |eign much greater relief to the common carriers than higher freight rates, but the Yoallblnty of lower wages is doubted in view of the attitude of the adminis- tration toward reduction in wages. Steel Industry. ‘The unfilled tonnage statement of the U. S. Steel Corporaticn showed a de- crease in orders for October much less than had been generally expected and reports are current that ingot produc- tion this week will show expansion. The increased activity of the motor indus- try in preparation for the manufacture <f new models is expected to result in a Substantial expansion in the steel busi- ness in near future. ‘This, coupled with the possibility of the rallroads appearing as buyers, would seem to warrant s more optimistic view of the steel business for the im- mediate future, Better Bond Demand. Improvement in sentiment has been vividly reflected in a better demand for bonds, which advanced sharply the last week. Liguidation continues in the bond market because of necessity, but the betterment in the demand has more than offset the selling, which is under control. Higher quotations for bonds, indicating greater confidence on the part of the investor, is considered es- sential to higher prices for stocks. ‘The demand for bonds will also en- able many corporations to obtain needed funds, but it is still too early to look for the resumption of new financing on a substantial scale. Foreign Developments. Credit disturbance abroad is believed to be less acute, and while some reports are being received from Europe of & lack of ccafidence in the ability of the American Government and bankers to attain the objects sought through the the results already accomplished should soon begin to dis- sipate foreign pessimism. ‘The Street is looking forward to the visit of Premier Laval of France to this ocountry and is hopeful of favorable de- velopments. It is expected that further progress will be made in the direction of extending the moratorium on for- debts and reparation payments for from three to five years. Extension of the moratorium on Eu- ropean debts and reparation payments would undoubtedly facilitate the work of reconstruction in the United States, owing to the improvement which would occur abroad. (Copyright, 1931. by the North American Newspaper Alliance. Inc.) Everybody’s Business Further Aid to European Nations Should Assist Materially in Shortening the Period of Depression. BY DR. MAX WINKLER. | toward the end of the month. | pointed out that September business 7 per cent in 1929, 2 per cent in 1928, | 1.4 per cent in 1926, 6 per cent each in 1925 and 1924 and 4 per cent in 1922, The relatively small decline last month may be due to improvement which is understood to have taken place National Dairy Producfs. Earnings for the first elght months of the current year of National Dairy Products Corpcration more than cover the full year's dividend requirements of $2.60 & share, according to Thomas H. Mclnnerney, president. It was also showed an appreciable excess over busi- | ness reported for the same month last | year. The board is scheduled to meet Special Dispatch to The Star. NEW YORK, October 12—Those who are of the opinion that a re- habilitation in order to be genuine and | lasting will have to be world-wide, and | not merely confined to one country, | have good Teasons to be optimistic. Following the announcement of a plan designed to assist the situation in | the United States, President Hoover | intimates that he is ready and willing | to_extend aid to the rest of the world. While still opposed to cancellation of intergovernmental obligations, the Presi- dent feels that the American people have no desire to attempt to extract any sum beyond the capacity of any | debtor to pay and that Whatever changes will be made in the future will be based upon such capacity. Capacity to Pay Varies. There is, however, a certain fallacy in the capeity-to-pay theory. It is| subject to constant change. The capacity to pay tomorrow may be very | different from what it is today. | Brazil's capacity, for example, to meet obligations, with coffee quoted at 20 cents, is altogether different from her capacity when coffee is quoted at 6| cents. When tin prices are depressed | Bolivia's capacity is greatly reduced. The same applies to Cuba, whose princi- pal standby is sugar; to Chile, which depends chiefly upon copper and nitrate; and to numerous other so- called one-product countries. Furthermore, the changing price level exerts also a very marked influ- ence upon European debtors. It appears that in order to overcome this difficulty representatives of creditors, debtors and neutral parties and charged with evolv- ing a so-called prosperity index, which would take into consideration all factord a body might be created, composed of | for dividend action on Thursday, and it | is econfidently expected that no change will be made in the present rate. Persian Wages. onomic students will find the wage | scale in Shiraz, Persia, most interesting. A bricklayer's pay there ‘amounts to | the equivalent of 30 cents a day. an un- | skilled laborer receives 15 cents daily, while female employes in carpet estab- lishments are pald the impressive sum | of 2 cents per diem. This situation is, however, to some | extent neutralized by the exceedingly low cost of living. A pound of meat costs less than 234 cents, a pound bf | | peaches of the California type, 136 {cents, and for a pound of the best | grapes one pays appreciably less than | | half a cent. (Copyrisht, 1931, by the North American fewspaper Alliance, Inc.) MARYLAND TOBACCO SALES. BALTIMORE, October 12 (Speclal) — | Receipts of Maryland leaf tobacco con- tinue light, only 367 hogsheads arriving | last week, compared with sales of 561 hogsheads, and leaving a stock in State tobacco warehouses of 16,035 hogshcads. Quotations today for Maryland leaf tobacco per 100 pounds: sted and inferior, 3.00a6.50; sound to good com- mon, 7.00220.00; medium to good, 20.00: 39.50; good to fine red, 40.00a54.00; | fancy, 54.50a55.00. Seconds—common to medium, 6.00a30.00; good to fine,| 31.00a44.00. Upper country burley, nominal. HOLIDAY IN BALTIMORE. BALTIMORE, October 12 (Speclal).f' pertaining to the economic and finan- cial conditions of the respective debtors and upon which would be based the nature of payment. Gold Standard Rumors. Europe is needlessly alarmed over the monetary situation in the United an increasingly large scale for ship- Inexét to Holland, France and Switzer- and. Amsterdam is worth only 98.86 cen |in Paris 99 cents, and in Zurich 96.5 | cents. | Rumors about the United States con- templating abandoning the gold stand- |ard are absolutely without the slight- ' | est foundation. ~Estimates place the total of short-term balances held in the United States for foreign account at not more than $750,000,000. Even Lif the total is recalled, the Federal Re- i serve System would still have an ade- quate cover for notes and deposit lia- | bilities now outstanding. ~Little dam- lage is, therefore, expected to result as | far as American institutions are con- cerned from withdrawals. On the other hand, the transfer to i certain forelgn countries whose supply | iof gold, while adequate, is not unrea- sonably large, may cause serious em- | barrasement to the money centers as well as to the creditors, in the event . that the latter should demand their funds simultaneously. Railroad Fund Rumored. i There is serious talk in financial circles that Congress may be prevailed upon to set up a fund to aid the rail- | roads in refinancing activities, as was done during the war, when the rail- road administration made large loans Ito the United States transportation Whether this move, even if it were taken at once, would suffice to I help insurance companies and other { institutions holding railway securities, 'is highly problematical. | Nevertheless, something is confident- | ly expected to be done on behalf of the roads in the very near future. Outside | of a possible increase in freight rates, | which is expected to be made on a sliding scale, it is belleved that a re- volving fund will be created which would enable the roads to borrow for : the purpose of meeting maturing obli- | | gations and purchasing equipment. A decline of less than 1 per cent in | the U. S. Steel unfilled tonnage for | . Scptember s regarded as dlxnlnctlyl satisfactory even though the total is he smallest reported for any Septem- | During tie past 10 years declines in | the September tonnage were registered ice, in 1926, shrinkage bout 7 per cent, and in 1927, whensthe loss was approximately 1 per cent; Last year the gain amounted to 4 per cent, against | States, and is withdrawing funds on | ‘The result is that the dollar in | ‘Today—Columbus day—is a legal holl- day in Maryland and all banks, trust compantes, stock and grain markets as | well as all State and municipal offices are closed today. Notes and other financial obligations | falling due today are payable on Tues- £ Washington Council of Executives Executives and potential executives are cordially invited to hear an inter- esting lecture by LLOYD H. DOPP Educationnl Advisor of the Alezander Hamilton Institute Sponsored by FAOUNT PLEASANT SCHOOL SECREVARNES The lecture will begin promptly at 8:30 p. m.. Thursday, October 18. In the Ballroom of the EW AMSTERDAM HOTEL 2701 14th St. N.W. All executives are urged to come and hear the interpretation of an executive STRICKLAND GILLILAN Well-Known Humorist WE PAY INTEREST ON YOUR SAVINGS THIS INSTITUTION OFFERS LOANS ON ADVANTA- GECUS TERMS FOR REFINANCING D. C. REAL Es- TATE. 6% INTER- N> renewals necessary, no commissions charged. * * . Open Daily 9 to § Saturdays Until Noon NAtional 1381 NATIONAL SHOW TO BE LARGER Special Dispatch to The Star. BALTIMORE, October 12.— More than 80 carloads of live stock, repre- senting about 1,900 head of show cattle from Maryland, New York, Pennsyl- vania, Virginia, West Virginia, North and South Carolina, Kentucky, Ten- nessee, Illinols, Missouri, Kansas, Texa: Jowa and other States, will be on e hibition tomorrow at the Third Annual Live Stock Show and Sale at the Balti- more Union Stock Yards. Visitors will be welcomed at the show Tuesday and Wednesday without any admission fee. Thursday and Friday will be reserved for buyers who are ex- pected to attend an auction of the stock on these two days. Connecticut State College, the Uni- versity of Delaware, Pennsylvania State College and the University of Maryland each have entered teams of five stu- dents to participate in the judging con- test, which will be under the super- vision of Dr. De Voe Meade, head of the department of animal husbandry at the University of Maryland. A trophy and ribbons will be awarded the win- ners of this contest, while cash prizes, a cup and ribbons will be given the winners of the various cattle classes. CHECK TOTAL GAINS, By the Associated Press. Payment of month end bills brought checks drawn on individual bank ac- counts in 266 leading cities of the Fed- eral Reserve districts during the week ended October 7 to a total 18 per cent above the total for the previous week. Total debits for comparable periods, calculated by the Reserve Board, follow: Week ended October 7..$12,115,097,000 Previous week 10,298,374,000 Same week last year. 13,729,226,000 SEARS. ROEBUCK SALES, CHICAGO, October 12 (#).—Sales of Sears, Roebuck & Co., for its tenth period of 1831, September 11 to October 8, totaled $27,159,259, against $32,837,- 927 last year, a decrease of 17.3 per cent. For the first 10 periods of the year the decrease has been 8.6 per cent, sales totaling $260.067,608, compared with $284,475.425 for the corresponding period of 1930, EARNINGS REPORTED. NEW YORK, October 12 (/P).—Per- share earnings of corporations report- ing last week, with comparisons with last year, include: Ning montha. Asust 31— Auburn Automobile . Nine months, September 3 Davenport Hosiery Mills Diduncass Blosiers gl T RNelve “month > United Light & Power A, oo, *Before Federal taxe Autumn cocoon crop is 23 than in 1930. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Avplications fnvited on apariments and dwellings, & . larly on well located business properties. for '3.°5 or 10 vears, if so desired. N.W. 1520 K St. National 0475 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. and Ind. Ave. NW. 67th Serles of Stock Now Open for Subsecription 5% Dividend Paid on Stock Withdrawn James E Connelly, James F. Shea. President Secretary Complete INVESTMENT SERVICE Federal Land Bank Bonds Liberty Bonds New York City Bank Stocks Insurance Stocks Securities Listed on Washington Stock Exchange New York Stock Exchange New York Curb Quotations Furnished WAGGAMAN, BRAWNER & CO,, Inc. Investment Bankers 1700 Eye N.W. Me. 3860 A A e Talk to Us About First Mortgage LOANS —TFor Buying —For Building —For Refinancing completed properties. NO_delays are encountered in securing Joans on first mort- gages at reasonable rates. Permit us to give you further information _ without ~ obligation on your part. REAL ESTATE MORTGAGE & GUARANTY CORPORATION : 1610 K St. N.W. National 1403 =5 i ] ;fl!\lfl! i 2 We Make First Trust Loans ON IMPROVED REAL ESTATE IN AMOUNTS OF $5,000 TO $1,000,000 IN THE DISTRICT OF COLUMBIA AND NEARBY MONTGOMERY CO.. MD. PERIODS OF 3, 5 or 10 YRS, Prompt Decisions Given Applications 5%% INTEREST BOSS and PHELPS [PERMANENT [BUILDING ASSOCIATION] 949 NINTH ST., NW. UNDER SUPERVISION OF U.3 TREASURY Realtors FOUNDED 1807 1417 K. st. N.W. Loan Correspondent John Hancock Mutual Life Insarance Co. 5| tions in the upper Yangtze Valley ap- Ju:;i. 1. Weller 237k % 4%t As City Observes Columbus Holiday By the Associated Press. NEW YORK, October 13.— Wall Street had a holiday and the banks were closed. Except for that and a few commemorative celebrations, New York observed Columbus day quietly. One of the formal observances cen- tered at Columbus Circle, where stands the monument to the Genoa adventurer., Emanuel Grazei, Itaiian oconsul gen- eral, headed the group which ceremonies and the laying of a wreath at the base of the monument statue, FLUCTUATIOPi IN SILVER AFFECTS CHINESE TRADE By the Associated Press. Radiograms to the Commerce De- partment report China’s trading condi- tions are encumbered by a number of ‘adverse factor: Manchuria’s trade is temporarily halted by the military occupation of South Manchuria, and violent fluctua~ tion in silver exchange is reacting un- favorably upon imports and exports all over China. On the other hand, however, indus- tries throughout China are cperating under full schedules following the ad- vantage gained by low silver. Condi- First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. REPORT OF, CONDITION Security Savings and Commercial Bank Of Washington, in the District of Columbia, e close of busii 8t the iness on September 29, 1931, 1. Loans and ‘di 3. Overdrafts 3. United Stat secur! 4. Other. curit! 6. Bapking hour furniture 396, ing " ho n, 5 nd due from bark checks and other 218,393.11 911,201.17 42487917 28,731.28 581,408 80 Total 16, Cabital stock Dald -+ 1‘,‘. afi%m : 300.000.00 17. Undivided''profits=net 72,653.68 8. dividend: 34,842.07 8.793.93 14,517.52 an 23 Time pear fairly good. Shanghal continues (3}’ Other to advance in trade and industry. Can- ton trade is holding up better than the uncertainties in political cutlook would seem to warrant, the advices state. EXCHANGE SEAT HIGHER. NEW YORK, October 12 (#). — Ar- rangements have been made for the sale of & New York Stock Exchange membership at $161,000, un increase of $1,000 over the previous sale. The sale represents an increase of $5.000 over the low price of the year, $156,000, established September 30. Charter No. 9545, Total . 36,799,951 City of Washington, District of Colum- bla, ss. . SBAMUEL R. BAULSIR. cashier of the above-named bank. do solemnly swear that the above ment is true to the best of my knowledge and belief. SAMUEL R. BAULSIR. Cashier. Subscribed_and ‘sworn to before me this stn day of October, 1031, (seal) VINCENT P. BOUDREN, ‘Notary Public. Correct—Attest: Director Reserve District No. 5. REPORT OF CONDITION OF THE District Nralional Bank Of Washington, in the District of Cnlz\;mlla!n 1" the close of business on September Loans and discounts . Overdrafts . United States Government securities owned Other bonds, stocks, and securities owned...... 2 & . Banking house, $1,000,879.00; furniture and fixtures, $90,982.23. . " Real estate owned other than banking house i . Reserve with Federal Reserve Bank. Cash and due from banks 10. Outside checks and other cash items _ Redemption fund with U. S. Treasurer ‘Treasurer .. . Other asset. ... $5,828,060.84 | 3,428.22 1,627,801.95 650,639.97 1,091,861.23 389,474 43 599,549.69 1,238,619 45 5,600.80 40.150.00 708.08 .$11,475,903.66 | 1 2 3 4 [ 8, Total | . $1,000.000.00 | 500,000.00 | 122,468.83 | Capital stock paid in | Reserves for dividends, contingencie Circulating notes outstanding’ . Due to banks, including certified and cash Demand deposits 23, Time deposits 24. United_States deposits .. 31, Other llabilities . 785,960.00 | 1047,518.76 ,418,683.56 | 3,356,355.82 hiers' checks cutstanding 1 . Total . Sossnnvavensgss - SIIATRIOBIEN | District of Columbia. City of Washington, s | H. L. OFFUTT. JR., cashier af the above-named bank, do solemnly swear | e above statement is true to the best of my knowledge and belief. H. L. OFFUTT, JR., Cashier. jay of October, 1931. BENJAMIN ROBINSON, Notary Public. SIDNEY 1. BESSELIEVRE, . L. LTON, | T that thy Subscribed and sworn to before me this 10th (Seal.y Correct—Attest: JOSHUA EVANS. JR H. L. OFFUTT, JR. WM. P. LIPSCOMB, Periodic Statements | Of a bank’s condition enable its public to gauge the institution's progress and to | pass judgment upon its strength and the soundness of its policies. “The Union Trust Company of the District of Columbia takes satisfaction in | presenting this report as foilows: REPORT OF CONDITION OF THE UNION TRUST COMPANY | Of Washington, in the District of Columbia, at the close of business cn Sep- | tember 29, 1931. | | | RESOURCES. 1. Loans and deposits. . 2 2. Overdrafts . United States Government securities owned . Other bonds, stocks and securities owned. . . Banking house, $1,712,026.93; furniture and fixtures, §172,97 . Real estate owned other than banking house 9. Cash and due from banks . Outside checks and other cash items . Other assets . $5,089,606.02 | 4,408.47 | 309,803.75 | 3,630,430.12 1,885,006.81 109,619.39 1,361,420.05 633.25 5,357.20 $12,396,375.06 88. $2.000,000.00 500,000.00 727,179.99 70,199.14 | 36,978.39 59,827.14 5.735,084.52 3,199,772.54 67,333.34 $12,396,375.06 . Capital stock paid in . Surplus . Undivided profits—net | Reserves for dividends, contingencies, etc . Reserves for interes taxes and other expenses accrued an unpaid . Due to banks, including certified and cashiers' chq standing g . Demand dep . Time deposits . Other liabilitie: ‘Total .. Washington, D. C.. ss.: 1. GEORGE E. HAMILTON, vice president of the above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. GEORGE E. HAMILTON, Vice President. Subscribed and sworn {o before me this 8th day of October, 1931. (Seal.) LOUISE F. DYER, Notary Public. Correct—Attest: ! J. H. CRANFORD, (CHARLES F. WILSON, W. S. HARBAN, LUTHER F. SPEER, ORD PRESTON, EDWARD L. HILLYER, A. L. BALDWIN, D. J. KAUFMAN, DANIEL W. O'DONOGHUE, J. HARRY COVINGTON, FRANK C. HENRY, GEORGE E. HAMILTON, Jr., Directors. 'REPORT OF CONDITION OF THE AMERICAN SECURITY & TRUST COMPANY | Of Washington, in the District of Columbia, at the close of business on Sep- Itcmbcr 29, 1931, RESOURCES. . Loans and discounts . 2. Overdrafts . “es . United States Government securities owned. Other bonds, stocks and securities owned. . eee . Banking houses, $1,378,172.32; furniture and fixtures, $238,307.61 . Real estate owned other than banking house. . Cash and due from banks....... . Outside checks and other cash items. 4. Other ASSELS .......oeoeeeecennens $17,833,185.90 1,787.31 8,068,549.23 6.879,313.49 1,616,479.93 122,833.93 4,173,619.52 184,904 .43 1,556,067.29 tessersreriasacaaes..$40,436,741.03 LIABILITIES. . $3.400,000.00 | 3,400,000.00 908,545.59 162,233.09 231,087.90 . Cepital stock paid in. . Surplus . Undivided profits—net .. 18. Reserves for dividends, contingencies, etc. . Reserves for interest, taxes and other expenses accrued and ding certified and Treasury checks out- .. 1,890,682.40 15.085,898.77 . Time deposits .. . United States dep: - Other liabilities ‘Total vesssssvesssassiasstsscnssssessasseces $40,436,741.03 District of Columbia, ss. I, CHARLES E. HOWE, treasurer of the above-named bank, do solemnly | swear that the above statement is true to the best of my knowledged and belief. CHARLES E. HOWE, Treasurer. Subscribed and sworn to before me this 9th day of October, 1931. (Seal.) HERBERT B. LORD, Notary Public. (My comm®sion expires October 23, 1934.) Correct—Attest: ‘WM. J. FLATHER, Jr., H. 8. REESIDE, G. PERCY McGLUE, HOWARD MORAN, G. A. G. WOOD, W. S. CORBY, CORCORAN THOM, We Give Property Management Personal Attention T surely will be welcome to be relieved of all the 1‘ annoying details and worrisome problems in con- nection with the management of apartment house, office building, residential properties, Placed in our charge you will have the benefit of our organization and wide experience—which means many economies in upkeep and operation; and that un- relaxed supervision, which is the secret of our success- ful management. PROMPT remittance is the INVARIABLE rule of this office RANDALL H. HAGNER & COMPANY MOoRTGAGE. LOAN CORRE SPONDENT 1321 Connecticut Ave, Decatur 3600 000000000 0 ' Equitable Co-Operative ld. ss; Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr.,, Secretary Subscriptions for the 101st Issue of Stock Being Received 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 ON REAL ESTATE OR TO TAKE UP MORTGAGE Loans Repayable Monthly | | | No Brokerage . . . No Commissions 915 F ST. N.W. Interest Paid on Savings —at a bank, such as this, is a working asset of value to any business man or corporation. TOur vide every convenience for the various departments pro- efficient trensaction of your Bank- ing, Trust, Investment and Safe Deposit requirements. Fifteenth Street Opposite U. S. Treasury Three Distinctive Features —of the Real Estate Loan Plan of the Metropolitan Life Insurance Company are——long term loans. no life insurance requirements and low interest rates. These, together with the flexi- bility of the plan, are responsible for its nat;on-wide acceptance. We shall be glad to discuss its advantaflea in detail with you. Construction Loans in Any Amount W ashington Building Mortgage Loan Correspondent Metropolitan Life Insurance Company Loans made in the District of Columbia and nearby Maryland and Virginia EAVER BR REALTORS District 9136 FARISF MORTGAGES NO DOUBT ABOUT THE BEST BEING THE CHEAPEST When you are ill you seek the best medical advice; in legal matters vou choose the best lawyer—and so it is with the investment of your surplus funds. Investigate and prove that our 6% FIRST MORTGAGES Oter a Third of a Century Without a are as nearly worry-proof as any investment can be—and the interest all that can be reasonably expected. May be purchased in amounts from $250 up. F, SAUL. CO. 25 15th: St. N.W. Loss B. National 2100 THERE IS NO SUBSTITUTE R SAFETY