Evening Star Newspaper, October 22, 1931, Page 13

FIN BANKS 10 REPORT | ON CREDIT QUOTAS District Institutions to Begin Actual Operation of Hoover Plan. BY EDWARD C. STONE. Actual setting up of the machinery for operation of the Washington unit of the National Credit Corporation, which is aimed to give added strength to the banking situation everywhere, will take place tomorrow afternoon at 4 oclock, in the Willard Hotel. Organization will be completed at & special joint meeting of the Washing- ton Clearing House Assoclation and the District Bankers' Association. At the opening of the meeting, the local or- ganizer, Robert V. Fleming, will explain any of the details of the Nation-wide plan which may not be understood by individual bankers, The first step in organization will be reception of reports from the banks making subscriptions to the fund being raised by the National Credit Corpora- tion. It is presumed that local banks will subscribe 100 per cent to the fund, if they have not already done so. As soon as the banks have reported their subscriptions, they will be entitled to vote for members of the Loan Com- as decided at national headquar- ters that it would be simplest and most advantageous for the local units to have no officers but the loan committees. These loan committees will form the board of directors, arrange for the pa ment of money to the national corpora- | tion and pass on all requests for loans in their own territor Loans will be granted only to banks which have sound collateral but are in temporary need of more liquid funds. Such loans are certain to be of in- estimable value to the banks and at the same time prove of great service to the general public. More Banks Vote Subscriptions. Washington banks are still voting| their full quotas to the fund, several boards being due to meet late today. The list has grown rapidly since yes- terday, banks not already reported, i cluding the Woodridge-Langdon Sa ings Bank, Chevy Chase Savings Bank. Prudential Bank. Seventh Street Sav- ings, North Capitol Savings, Potomac Mount Vernon Savings and Commerce and Savings Up to noon today 22 local banks had voted the full amounts they are per- mitted to subscribe. Following forma- tion of the local unit, the legal loan papers must be submitted to each bank board for approval. This means there will be a large number of special or regular meetings within the next 10 Vs, Maryland and Virginia have already perfected their organization: ‘West Virginia, North and South Carolina have also practically completed their units, so that all the fifth Federal Re- serve district units will be functioning in a few days. American Stores Votes Extra. The American Stores Co. has de- clared an extra dividend of 50 cents on the common stock, payable Decem- ber 1 to stock of record November 13, in addition to the regular quarterly disbursement of 50 cents, payable Jan- uary 1 to stock of record December 12. Similar extras were declared in the| three previous years in December. District Fifth in Building. H Of the 562 cities and towns of the United States reporting building per- mits during the: month of September to S. W. Straus & Co.. Washington is sixth with a total of $2.275,065, which compares with the August, 1931, figure of $3275650. It compares favorably with the September, 1930, total of $1,077.810, but not with the September, 1929, figure of $3.232,900. Of the cities reporting, New York is first, Boston second, New Haven third, Los Angeles fourth and Worcester, Mass., fifth. ‘Total September building permits for the 562 citles and towns reporting amounted to $96,258,098, a decline of 42.2 per cent compared with Septem- ber last year, and 13.7 per cent less than August this year. The decrease between August and September this year is not as marked as the percentage appears to indicate, according to Straus, as the usual expected decline in build ing permits between August and Sep- tember, due entirely to seasonal factors, is 9.8 per cent. | Lanstgn Monotype Advances. Lanston Monotype was in _good de- mand on the Washington Stock Ex- change today, 48 sharés selling at 75, & substantial gain over the sales recorded | about two weeks ago. | The opening stock sale today was a | small lot of Potomac Electric Power 6 | per cent preferred stock at 109. Later the corporation’s 5'; per cent preferred | came out at 106. Three small sales of Mergenthaler Linotype were boted, all made at 65. In the bond division $1.000 Potomac Flectric Consolidated 5s changed hands at 102 and a small Washington Gas 6, serles A, sold at 100. National Savings & Trust Co. stock 1s now being quoted ex dividend. Washington Clearing House figures for today: $3,448,942.87. Financial District Notes. The District, Lawyers & Washington Title Insurance Cos. have declared an extra dividend of 10 per cent on the capital stock to be paid out of the com- panies' current earnings, according to announcement yesterda. An open meeting of the Bank Wom- en’s Club of Washington will be held Monday evening at the Huguenot.'Mrs. Anne Tillery Renshaw will be the speaker. Among_distinguished guests at yes- | terday’s luncheon meeting of the Dis- trict of Columbia Bankers' Association were Rome C. Stephenson, South Bend, Ind., past president of the American Bankers' -Association: O. Howard Wolfe, | prominent Philadelphia’ banker, and | President W. F. Augustine, Shawmut ; _ National Bank of Boston. 1 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Seliing checks e § udépest. pengo. . il 17 Prague. crown (nom.) wargaw, zloty. Co . crown.. Os crown . 26.8¢c Btockholm, crown (Reported by J, & W. Selliman & Co.) “ 4 g it o5, Allls-Chalmers Co. 55 A A N ‘American Chain Co. 6s 19 9315 ‘American Tel & Tel_ 5'ps 1943 105'2 er. Wat, Wks. & El. s 1934 96'a Baltimore & Ohio 4138'1933. . 934 Hemingway Co. 65 1936 . ‘orp, 5s 1936 93 c n_Nor. Rwy. 4%as 1935 86'2 Gl Northwestern R. R Bs 1833 . Chicago Rock Island ds 3 Cleve. Lor, & Wheeling 55 1933 . Colorado & ‘So. Rwy. 4128 Commercial Credit Co. 5'ss Delaware & Hudson Co. bs Gen, Mot, Accep. i Geperal Petroleum Corp, bs General Public Service 51:s Grand Trunk of Canada 6s Houston E. York Cent. & New York. Chl. ‘& St. L. 6s Northwestern Telep. 475 1934. . Pa. R. R. Co. 6las 1936, Portiand General Elec. §5'1935. ..... Republic Iron & Steel 55 1940. . Oil Co. 5128 1938 Sinclair Crude Southern_Pacific 55 1934 St L. 1 45 1933 El Lt i Unfon he/ Oii C v & Powe % Rws: Co, 8 I Stocks 1981 Stock High, b2 2315 92 45 ANCIAL. THE EVENING STAR, WASHINGTON, D. ¢, THURSDAY, OCTOBER' NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office. 4 1a 100-share Dividend Rate, Abltibi Pwr&Pap pf. Adams Express (1) Adams Exp pf (5). Adams Miilis (2).... Addressograph (1). Alr Reduction(t4%). Alaska Juneau (40c) Allegany Corp Allied Ch&Dye (n Allis-Chalmers (1) Alpha Port Cemt (1) Am Agri Chem(Del). Am Bank Note (13) Am Beet Sugar. Am Brake Shoe( Am Can Co (15) Am Car & Fdy pt (7) Am Chicle (13).. Am Comel Alcohol. Am European Secur. Am & For Power. Am & For Pwr pf(8) Am & For Pwr 24 pt. Am JTome Prod 4.20 AmIce (2). Am Tce pf (6)..... Am International. .. : Am La France&Fom. Am La ‘oam pf. Am Locomotive (1). Am Mch & Fdy 1.40 i Am Mach & Metals Am Metal Co. Am Natural Gas pf. Am Pwr & Lt (11). Am P&Lt pf A st(5). Am Pwr & Lt of (8) Am Radiator (60c). Am Republics Am Rolling Mill Am Safety Razor (5) Am Smitg&Ref (134) Am Sm & Ref pf (7). Am Snuff (13%). Low. 3 PN Am Tel & Telex (9) Am Tolacco (16) Am Tobacco B ( Am Water Wks (3).. Am Wat Wkscfs(3). Am Woolen Co. Am Woolen Co pf... Anaconda Copper Armour of'Del pt Armour of 111 (A)... Armour of 11l pt. Arnold Constable. . 9%, Associated Dry G(1) 2 Atch To&S Fe (10). Atl Gulf&West Ind At1GulIf&W 1 pf (5). Atlantic Refining (1) Atlas Stores (1) Auburn Auto (£4) Autosales tion Corp (Del 614 Baldwin Locomotivs Baldwin Loco pf (7). Balto & Ohio 4)...... 4 Balto & Ohlo pt (4) Bang & Aroos pf (7). Barnsdall Corp'n. Beatrice Cream (4) Belding-Hemingway. Bendix Aviation (1). Best & Co (2) Bethlehem Stee! . Bethlehem Stl pf (7) Bloomingdale Bro: 3ohn Alumn (13).. Bon Ami (A) (15 Borden Co (k3). Borg Warner (1). Briges Mfz (11% BKIyn Union Gas (5) Bruns Term & Rwy Bucyrus-Eri . Bucyrus-Friecv pf. Budd (E G) Mfg pt. Budd Wheel (1) Bullard Co........ Bulova Watch (80c). Burroush A M(t1%) Bush Term deb (7). . Butte Copper & Zine. Byers ) % Calif Packing (2) 3'3 Calumet & Hecla. 715 Camp W&C Fdy (1). Canada Dry G A (3).. Canadian Pacific 1% . Caterpillar Trac(3 elanese Corp. Celotex Co. Celotex vtc ctfs. Celotex pf.... Cent Aguirre (1%). Century Rib Mills Century Rib M pf(7) Cerro de Pasco (1).. Ches & Oh10 (2%4)..4 Chesapeake Corp(3). Chi Great Western. , Chi Great Westn pf. Chi Mil StP & Pac hi Mlii StP & Pac pf. Chi & Northwest (4). Chi Pneu Tool. B Chi Pneu Tool pf. Chicago R 1&Pacific. 4 Chickasha Cotton Ofl Childs Company.... Chrysler Corp (1) City Ice&Fuel (3.60) City Ice&Fuel pf 64 Cluett-Peabody (3) Coca-Cola (17%) G G G ol olumb G & 5 (113) ‘ol Gas&El pf A (6). *olumb Carbon (4) ‘omm Credit (1.60) “omcl Credit A (3).. *omel Crea pf (13%). “omel Cred pf B (2). Comel Inv Trust (2). Comm Inv evpf(e6). Comel Solvents (1). Comwlth&Sou (40¢) . Comwlth&Sou pf (6) Congolm-Nairn (1), Consol Czr pr pf 6% . Consol Film. Consol Filin pf Consol Gas N ¥ (4). Consol Gas Consol Laundries(1) ConsolRwys pf (6).. Consol Textil 3 Container Corp (A). Contl Baking (A). Contl Baking (B). “ontl Baking pf (8). ‘ontl Can (2% “ont Diamond ‘ont Insur ‘ontl Motors *ontl Ol (Del). “ontl Shares. ‘orn Products (3) “orn Prod pf (7). Oty INE. ...euveens Crown W P 1st pf(4) Crown Zellerback. .. Crucible Steel. ..... Cuba Cane Products. uba Co Cuban-Am Sugar. 290 Cudahy Packing (4). 1% Curtiss Wrignt. 214 Curtis Wright (A).. 81 Cushmanspf (7).... 5 Cutler Hammer. Davison Chemical Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (2). Detroit kdison (8).. Diamond Match (1). Diamond Mtch pf 1% Dome Mines (1)... Domn Stores (1.2 Doug Afrcraft(t1%) Dresser Mfg A (313). 4 Dresser Mfg B (2). Drug Corp (4)«...0e Dunbill Internat Dupont de Nem (4 93 Eastman Kodak (18) 7% Eaton Axle & Spr(1). ington-Schild pf. c Auto Lite (4).. c Auto-Lite pf(7) ctric Boat. . 2'4 Elec&Musical Instru 167 Elec Pwr & Lt (1) 55 Elec Pwr & Lt pf(6). 29 lec Storage Bat (4). 6 porium Capwell. 30 Endicott-Johnson(3 181 Equit Office BIdg 2% 103% Erie RR... 1314 Erie RR 18t pf (4) 3% T 2 - auld FPOIN 4 JUIN > POV FA » &8 ~Baa® o N (TS TSIV IOTS PG o - J * svk~atanSe~atan High. Low. ™M ™ lota except these desigmated by letter *s." and Sales— Net. Add 00. Close. Chge. T4 + &% Ziul Za g —% e -3 —itl— High. Low. Dividend 109% 57 Falirbanks M 814 Fed Wat Sve A(1.20) B6% 22 Fid Ph FireIn(2.60). Stock and Ne Rate, . High. Low. Close. Che LD 87 57 87 9% 30% atl Strs (2%) 52 31 Foundation Co. 18 5 Fourth Nat Inv m58 Fox Film (A).. 43%_13% Freenort- 60 T 20 14 Gamewell Co (3).. 273 Gen Am Investors. 73% 38! Gen Am Tank Car(4) 9% Gen Asphalt (2). B4% 24% Gen Electric (1.60) 1214 11'a Gen Elec spec (80c) 21 4 15 Gen Gas&El A(e30¢) Gen Gas&El B(ed0c). 76% 28 Gen Gas&I cv pf(6). 100% 48 103% 10% 3% Gen Outdoor Adv 4% Gen Public Servic: 15'% 388 76%a 451 Glllette Saf R pf (5). T 20% 5 Goodrich (BF) - B2% 16 Goodyear T&R (3). 3% Gotham Silk Hoslery 13% 6 6ls 2% 42 69% 1% 6 9% 6378 1314 574 B0% 9 22 85 1% Gen T! 3 4 1 1% Graham-Paige... 5% Granby Con Min (1)« 3 25% Grant (W T) (1). 20 5% Great Western Sug.. 1 2 25 11 kL) 17 2 12 1 9 35 71 a 52 19 4 12 7 34 _Hupp Motors. 23% Illinols Central (4) Gen Mills pf (6). 1% Gen Motors (3) Gen Motors pf (3). aw 4 Glllette Saf Rasor. Gimbel Bros 14 Glidden Co. ol » G amRRRC ANk RAR SRS e N~ Gould Coupler. 15 Grand Silver Stores.. Great Northn pf( %2 Grigsby Grunow. %, Hahn Dept Stores. 1s Hahn Dpt St pf(6%4) Hall (WF) (1.20) Hanna pf (7). % Harb & Walker (1) Hartman Corp (A).. 14 Hawalian Pineapple. ' Hayes Body Corp. .. %4 Hercules Mot (30c) Hercules Powder(3), 1 Hershey Choe (5) Houdaille Hersh 15 Househld Fin pf 4.20, Houston Oil. . Houston Oil (new). 14 Howe Sound (2). % Hudson Motor (1). Frm » wlansanamnnTas Indust Rayon (4)... Ingersoll Rand (4) Inland Steel (2%4). Inspiration Copper. Insur Shr(Md) (40 Interboro Rap Trans Interlake Iron In. Agriculturi int Bus Machine(n§) Int Cergent (4). Int Harvester (2%). Int Harvester pf (7 Int Hydro El A (e2). Int Match pf (4).... Int Nick of Can(40¢c) Int Paper pf........ 4 Int Paper & Pwr (A) Int Paper & Pwr C. Int Printing Ink Int Salt (3). Int Tel & Tel Iat Dept Stores (2).. Interst DS pf xw(7) Intertype Corp (1).+ Investors Equity.. 1, Jowa Central RF Chaw = o > [OUOS 0% TOPIPOTON - {100 TSP 0y ey 31154 Island Creek Coal(4) LSl AsIsland CeeekiConi(9) 24 al Jewel Tea (4).. Johns-Manville (3) 12315 99 Jones & Laugh pf(7) 182% 7 947y 119% 120a 18% 12% 813 Kayser (J) &Co (1), A Kelly-Spring Tire 10 5ia Kell! {3 6 10% Kennecott Copper ( 19 Kelly-Spr T 6% pf.. Spr T 8% pf.. Ia Helsey-Hayes Wheel Kelvinator Corp.... 1 Kresge (S 8) (1.60) 515 Kreuger & Toll 1.61). 18 40 Krogzer Grocery (1). 4 Lambert Co (8) 1% Lee Rubber & T 614 Leh Port Cement. 83% Leh Port Cmt pf (7). 3% Lehigh Valley Coal 1743 Lehigh Valley RR. ., 35 18 39 40 16 15 20 15! 27% Loew’s Inc (3). 20 76 3 12 11 13 14 24'4 May Dept St 5 514 Midland Steel pf (3). 11 15! 49 30 80 & 5! 3 26 41 Lehman Corp (3) 1 Lehn & Fink (3).... Liggett & Myers(15) Ligg & Myers B (15) Lily Tulip Cup(1%). Lima Locomot (m2). Link Belt (1.60) % Liquid Carbonic ( Loew's Inc pf (%) & Lou Gas&El A (1%). 74 Lorriilard (P) pf (7) % Louis&Nashvilie(5). 4 McCrory (B) (2).... MceGraw Hill (1).... Melntyre Pore M(1). MeKeesport T P (4) . MeKesson & Rob (1), McKes&Rob pf (3%) McLellan Stores. ... MackTrucks (2).... y(RH)& Co(n3). ¢« Magma Copper (1). ManhatElev mod gtd Maracaibo Oil Exp. . 1a Marine Midld (1.20). 73 Marlin-Rockwell (2) s, Marshall Field (2%) 5, Mathieson Alkill (2) 2%). s Miami Copper. . Mid Continent Petm. Midland Steel (3)... S » Minne & Hon Reg (3) Minne & St Louis. ... M StP &S S Marle Mo Kan & Texas.... Mo Kan & Tax pf (7) Missour Pacific..... Missouri Pac pf (5). 4 Monsanto Chem(1%) Montgomery W 5 Mother Lode Motor Produ Mullins Mfg. . 15 Munsingwear Inc(2). Murray Corp. .. =3 B AR BN e IR R e DA NI NS AR BN SRS R R SRS oS s Nash Motors (2).... %, Nat Air Transport. . Nat Bella Hess. Nat Biscult (2.80). Nat Cash Reg A 1% 4 Nat Dary (2.60). Nat Dept Stores Nat Dist I'rod (2 Nat Lead pf A (7) Nat Pwr & Lt (1).,. Nat Steel (2). Nat Surety (2). Nat Tea (1)... Neisner Brother: Nev Copper (80c) Newport Co (A) (. % 2 % % N Y Shipbldg pf(7) N Y Steam pf (6). Noranda Mines. Norf & Westn (112). North Am Aviation. Nor Amer(b10% stk) North Amer pf (3)... % 60% 19% Northern Pacific3).. AT 1915 5 5815 40 G 13 20 Northwest Tele (3) 15 Ohto Ofl. oo Orpheum uit pf. 14 Otis Elevator (234) 11315 106 Outlet Co pf (7). 39% 2013 Owens [11 Glass (2) . B4% 299 Pacific Gas & El (2). s 35 Pacific Lighting (3). 133 114 Pacific T& T pf (6). 4 10 3 1 Packard Motor (40¢) % Paramt-P(m1.62%p) Park & Tilford 4 Park Utah.. 14 Parmeles Transport. % Pathe Exchange..... 1 Pathe Exchange (A —_— (Continued en Page 14.) 29 1931. ]ST(]GKS SFLL OFF ~ DEMAND FOR STEEL INDRAGEY MARKET Trading Volume Is Smaller, With Leading Issues Under Pressure. BY GEORGE T. HUGHE! Special Dispatch to The Star. NEW YORK, October 22.—Dull and slightly lower, the stock market today reflected the prevalling uncertainty with regatd” to the next move of the railway executives and the resultant ef- fect on trade and securities. The mar- ket was not weak and volume was much below that of Wednesday's session, but aggressive leadership on the upside was lacking. Leaglers Under Pressure. Overnight reflection on the Commerce Commission’s ruling in the rate case emphasizes the complexity of the prob- lem that confronts the railway presi- dents. Carrier stocks sold off without attracting any increased supply at the lower levels. Baltimore & Ohio, down ‘2 points at the start, but rallying somewhat later; Pennsylvania at a new low level on the reaction, yet down only & point; New York Central under Wednesday's low, and still off only frace tionally, were typical of the morning trading in this part of the list. Heaviness in U. 8. Steel featured the industrials, perhaps expressive of un- casiness about the dividend meeting “next Tuesday and the third-quarter earnings statement. American Tele- phone & Telegraph yielded, but held above the minimum of the day before. North American was under mild pres- sure and fractional losses were recorded in General Motors, Woolworth and a Jong list of popular utilities and indus- trials. Here and there a stock stood out be- cause of its resistance to_the trend. One of these was Ingersoll Rand, which advanced sharply in Wednesday's weak market and added to the gain today. The buying was accompanied by reports of better business. Allled Chemical was very firm, responding to announcement of price increases on certain of its products. The strength in American & Foreign Power was connected with de- velopments abroad. Copper stocks were steady, but not much changed. The cuccess of the conference in cutting down production would probably have more effect on the metal market than on the stock market. Opening Prices Mixed. Opening prices were mixed. Rail shares were Aalmost uniformily lower. The arrival of Premier Laval in the financial district just previous to the market opening made discussions about the Laval-Hoover conference over- shadow =1l other pre-opening develop- ments. The French franc opened here at 3.933,, or off !g cent. Sterling at $3.931, was off 23, cents, as London turned irregular on profit taking. United States Steel at 704 opened unchanged. American Can at 85': was 15. American Telephone at 141 wad off 13. Chesapeake Corporation lost 1 point at 254 and Chesapeake & Ohio %, at 31'. New York Central was off | s at § New Haven dropped 3 to| .| 44 and Southern Pactfic was down a| fraction at 53. Copper exhibited an almost uniformly upward tendency. American Smelting gaining !, at 273 and Anaconda 14 at 173. International Nickel and Nevada Consolidated each gained !4 at 10}4 and T4, respectively. General Motors at 27 rose a fraction, which was also true of du Pont at 61 and Electric Auto Lite at 205;. North | American lost 34 at 41 and Interna- tional Telephone was down 35 at 181z. Consolidated Gas lost 12 at 75. Stand- ard Oll of New Jersey at 33 was un- | changed. Westinghouse Electric at 48! declined 115, General Electric was off slightly at 317, Allied Chemical lost 134 at 85. Trading _continued dull after the opening. The general list displayed a steady tone, with price fluctuations of unimportant dimensions. During the first half hour trading amounted to 200,000 shares, compared with 300,000 on Wednesday. Call money renewed at 213 per cent. Sale of Firm Approved. NEW YORK, October 22 (#).— Sperry & Barnes stockholders have ap- proved the sale of fixed assets and in- ventories of the company to Swift & Co. g INVESTMENT TIESTS NEW YORK, October 22 (#)—Over- { the-counter market: & Trust Shares (18 s 1-70th "com Founders cv pf ctfs r Founders 1-40th com Ins Stocks . ....... 4 Of ype "~ In Trust Shrs Gen Eauities. Invest Century Chain Jhotter ol oster 8% "pi Foster Tns " Foster Ins' ¢ nk Shares N & & & s Ba Depos B Depos Tns Sney” Diversified Tr Fund Tr_ Shi | General 'Equity Granger “Trade Gude Winmill Tr orp” Investors epe: Sec Cor mi Sec Corb Am 8 Int Sec Am 6, pf. Int ‘Sec Am 6y Inv Tr N'Y C Tove Leaders Fixed Tr . Trust 8h ... xed Sh DECLARED BROADER I. C. C. Rate Decision May |1om he former af s15.7 a gross ton, Stimulate Purchases by U. S. Railroads. By the Assoclated Press. NEW YORK, October 22.—The Inter- state Commerce Commission’s decision, permitting limited {reight rate in- creases on certain commodities, includ- ing steel, pig iron, scrap, machinery, iron ore, coal and coke overshadows in importance other developments in the metal-working industries this week, Iron Age says in its weekly review. “Whether these advances are suffi- cient to influence buyers generally to abandon their extreme caution and lay in some stocks before the new rates take effect,” the review says, “and whether the railroads themselves will become more liberal in their steel and equipment orders are questions that cannot be answered at this early date, but it is expected that some business stimulation will result. New tariffs must be filed by December 1. and rates would run until March 31, 1932, Wage Cuts May Be Asked. *The denial by the Commerce Com- mission of the 15 per cent horizontal increase requested by the carriers again suggests that wage cuts may be asked for, unless the railroad brotherhoods volunteer to accept reductions. “There are scattered indications of a slight broadening in demands for steel, coupled with reports of visible improvement in the business of some metal-working manufacturers, but the aggregate of these new requirements is not sufficient to offset the small de- mands from lines that normally ac- count for the heaviest consumption of steel. Consequently steel ingot produc- tion is stil lower this week at 28 per cent of capacity. The falling off is partly accounted for by completion of pipe orders and slackening of tin plate output. “While caution still marks the atti- tude of automobile manufacturers, their steel purchases are gradually expanding Automobile output probabiy will gain some in November and still more in De- cember as new models are produced. Farm equipment builders are resuming production on a moderate scale and more railroad business is appearing + s Some railroads are calling men back to their shops. Construction Is Slow. “On top of these slightly favorable developments is the decision of the Illi- nois Supreme Court declaring_invalid 'Money to Loan Secure y firs res Frevalling H Joseph 1. Authorized Service Wico-Webster R. W. & Simms Magneto Repairs MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 ed o nterest Welle Efficient Estate Administration ONE of the vitally in important siderations the drafting of your Will is the selection of the Executor and, if a Trust is contemplated, the choice of a Trustee. “The Metropolitan is prepared to serve efficiently in all Fidu- ciary Capacities. ¢ The First National Bank in the United States to be granted Trust Powers, under the Federal Reserve Bank Act. National etropolitan BANK Fifteenth Street Opposite U.' S. Treasury STEEL SHELVING SAVES SPACE... TIME »y MONEY. aaa 'HE six different types of Berloy Steel Shelv- ing offer a solution to any storage requirement. Let us show you, without obli- gation, how you can effect definite economies in your equipment budget. STOCKETT- FISKE U‘.‘ 'T.A'l'lo NE RastunoToN D& | FINANCIAL. *»%3 A--13 the prevailing rate of wage law which will release upward of $50,000,000 worth of bullding and road work. Meanwhile, construction activities seem to have been checked momentarily, structural steel awards amounting oniy to 15,000 tons, with new projects in about the same amount. Lettings of reinforcing b';n, however, were large at 15,600 = ‘The Iron Age composite prices for pig ron and steel scrap have reached new LINE compared with $15.3¢ a week ago, and the latter at $8.75 a ton, against $8.83 last week. Pinished steel is unchanged at 2.116 cents a pound. LT Every Tire Carries Factory’s Standard Warranty F:liine 80 feet from a building being erectel ¢ the Hotel Cecil site in Lon- dan, Fred “ick Calvert, a workman landed unhurt on some ballast. Compare Our Low PRICES. OUR PRICE List Price SR90 9.15 First Mortgage Loan Applications Invited at 5% Glover & Flather 1508 H St. N.W. National 1753 630519, 7.00x18 7.00x19. Other Sizes at Proportionately Low Pri, BEN HUNDLEY 3436 14th St. N.W. Adams 81060 000000000000 000000400000 $0000000000000000000000000000000000000000000000020000000050000000000. Columbia Building Association 716 11th St. NW Under Government Supervision Pays 5% g Let Us Refinance Your Maturing Real Estate Loan Compounded Semi-Annually No Commissions Charged 22 Years’ Successful Business Without the Loss of a Dime *mll!lllmmfllllllllIIIlIIIIIlIlI!IlIIIIIlIIIIHIIIIIIlIIIHIIIIIIIIII|I|IlIII|||"|IIHI|I|I|I'I|IIlllMIIHIIMIIIIIIIIIIIIFII* Money Available for Mortgage Loans TRUSTS, and shall be glad to have your appli- cation—giving it prompt consideration. Loans will be considered for apartment house, office build- ing, residential and business properties located in Washington or nearby Mary- land and Virginia—for 3, 5 or 10 year periods—and at . se . RANDALL H.HAGNER & COMPANY MORTGAGE LOAN CORREsSPONDENT § 1321 Connecticut Ave. Decatur 3600 e 0000 A e wlfi HAVE the money to loan on approved FIRST PROPERTY MANAGEMENT Apartment House MANAGEMENT E are having many appli- cations to rent modern homes—from people who will make very desirable tenants. If you have such property list it with us at once. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 MORTGAGE LOANS Refinancing at 49 offers the advantages of a longer loan term, and a lower interest rate . . May we prove to you, in detail, the substantial savings possible through five and one-half per cent Loan Corr ufpondznt financing. for ““The Prudential” Prompt approvals — Valuable prepayment privileges — ‘Three year loans on newer properties without amortization. H.L.Rust Company 1001 Fifteenth Street B 8T -A-B L P & H-B-D National 8100 18809