Evening Star Newspaper, November 13, 1931, Page 13

FINANCIAL, LANSTON REDUCES DNVIOEND PAYNENT Directors Declare Quarterly Disbursement of $1.50 a Share—Ticker Club to Dine. BY EDWARD C. STONE. Jt was announced by the Associated Pless in New York today that the ton Monotype Machine Co. has re- ed its dividend, The directors have déclared a quarter- 1gidividend of $1.50 re, placing the k on a $6 an- paid previously. dividend s payable on Novem- ber 30 to stock- holders of record on November 20, Many thousands of shares of Lans- tdh Monotype stock al heldbm Wlnh-l um,on y _severa hundred owners. hs been one of the most active e agd popular stocks on the Washington Exchange. Almost 3,800 shares have changed hands dur- the present high for the r is 108 and the low 70. Lanston R recently been selling on the lo board at 76. Fhe Lanston covrpany is considered | tox be an unusually strong. well man- l&d concern by those who hold the stdck in this city. The chairman of the board is J. Thilman Hendrick, a fofmer District Commissioner and now & artner in the brokerage firm of W. B; Hibbs & Co. Three Lanston direc- are Washington financiers. The uction in the dividend is laid to the effects of the world depression during the past year, as the type manufactur- erfi do a large business in several for- elgn countries, as well as all over the United States. . Ticker Club Plans Dinner. At & meeting of the Ticker Club, held last night, it was decided to have & «dinner at the NeW Willard, Friday evéning, November 27. The principal spigaker is to be Thomas R. Cox, floor member for Stout & Co. merbers of g New York Stock Exchange. he dinner is expected to be by far largest and most important in the er Club's history. A Committee for Arrangements was appointed. including 1 W. Corby, chairman; Thomas W. Bmhany, Chester W, Lockwood, Carroll an and Ralph M. Wolfe. Karl W. NEW YORK STOCK EXCHANGE THE EVENING M"mfi'fi.lflnflh'flusmm ks s0ld In 100-share lots except those desigmated by letler 931. Hizh. Low. Close. Chee. 3% 3% 3% tock and Bhles— Dividend Rate. Add 00. Abitibi Pwr & Paper. 1 Adams Express (1) Aflinted Prod 1.60 Am Chicle (13). Alr Reduetion(+ Arway Elec Appl. .. Alaska Juneau (40¢) Allegany Corp. .. R4 Alifed Ch&Dye pf(7) Allfs-Chalmers (1).. Amerada Corp (2). Am Agri Chem(Del). Am Bank Note (43). Am Brake Shpt (7). Am Can Co (18). . Am Car & Fary (1).. Am Car & Fdy pt (1) Am Chain. Am Comel e Am Encaustic Tiling Am European Secur. Am & For Power .. Am & For Pwr pf(8) Am & For Pwr pf(7) Am & For Pwr 24 nf, Am Hide & Lenth nf, Am Home Prod 420 AmTce (2).., . Am Ice pf (8) Am International Am Locomotive (1) 4 Am Lc'motive pf 8414 Am Mch & Fdy 1.40 Am Mach & Metals Am Metal Co. . Am Natural Gas pf. Am News (13%). Am Pwr & Lt (21 Am P&L! of A &t(5 Am Radiator (80c) Am Radiator nf (1) Am Polling Mills. .. Am Snfety Razor (§) Am Shinhutldine (5) m Smita& Ref (1%) m Snuft (4336 Am Solv & Chemical, Am Rolv & Chem of, Am Steel Foundry Am Sugar Ref (5). Am Sumatra Tob Am Tel & Telex (9).. Am Tobacco (16). .4 Am Tobacco B (16).. Am Tobaeco pt (8) Am Water Wks (3) Am Wat Wks ofs(3). Am Wat W 1at pf(6) Am Woolen Co. Am Woolen Co Am Zinc & Lead. Anaconda Copper’ Anchor Cap (2 40) . Archer-Danfels (1) Archer-Dan pf (7). . Armour of Del pf (7) Armour of TI1 (A)... Armour of Il pf Associated Apparel. Associated Dry G(1) Atch To&S Fe (10) .. Atch To&S Fe pf (5) Atl Coast Line (7). .. Atl Gulf&West Ind. . Atlantio Refining (1) Atlas Powder (4)... Auburn Auto (£4). > 9 wSnpnlunamas n=Dennmnd “gm Net. 8% — W 18% — % 8t 18% 35% 89 —215 90y 24 115% —1's -1t -1 Beles— Add 00. ——1931— Stock and HWish. Low. Dividend Rate. 9% 2% Elec&Musical Instru 4 Elec Pwr & Lt (1)... 82 Elec Pwr & Lt pf(8). 2 Zlec Storaze Bat (4) 3 . 8508 % 1 215 Frie RR 15t pf (4) Falrhanks-Morse Federal Screw Wks. . Fed Wa Fid Ph Fire In(2.60). Filene's Sons pf 634 .. 100 Firestone, T&R pf(6) x First Nat] Strs (2%)x 1 Fisk Rubber........ Fisk Rubber 1at pf. . Follonshee Bros. . Foster Wheeler (1).. Fourth Nat Inv mb50 Fox Film (A). Freenort-Tex ( 2 3 2 1 4 4 . 3 1 3 “ewel} Co (3). . * Gen Am Investors 1 Gen Am Inv pf (6).. 8R1, Gen A Tank Car(4) 9% Gen Asnhalt (2) Gen Raking (2). Gen Bronze Gen Cable pf Gen Cigar (4). Food Corp (3).. Gen Gas&El A (e30c) Gen Gas&E]l pf A(8)., Gen Gas&E cv pf(8) Gen Ital Ed El m2.61 Gen Mills (3)... n Mills pf (6) n Motprs (3). n Motors pf (5) Gen Outdoor Adv. Gen Pyblie Servie Gen Ry Signal (5) Clen Rea'ty & Utll. .., Gen Realty & Util pt. Gen Refractories (1) 3 o ros. . 36'4 Gimblel Bros pt (7) 4% Glidden Co. . 3% Gobel (Adolf). 18 Gold Dust (2%) Goodrich (BF). Goodyear T& R (3). Goodyear 1st pf (7).. Gotham S!lk Hosfery Graham-Paige. ..... Granby Con Min (1) Grand (Tnfon. .. .. (irand Union of (3). Granite City Steel (2) Great Northn pf(4). Great Northn Ore(2) Great Western Sug.. 1% Grieshv Gronow 2% Hahn Dept Stores. .. 25's Hahn Dpt St pf(6%) 11 Hall (WF) (120)...x Hartman Corp (B).. Helme (GW) (17) Hercules Mot (30c High. Low. Close. 5% 54 16% 661y TAR, WASHINGTON, Net. Chge. 5% — % -t | clared only Thursday, slumped 3 or 4 4 | ingly well. 4 | losses were unimportant. Western Union D. C., FRIDAY, Weakness in New York Cen- tral Has Unsettling In- fluence on Market. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 13.—Acute weakness in New York Central unset- tled the stock market today, bringing selling into the other railway shares and moderately lower prices for the ! general list. The market opened under the influ- ence of the sudden outburst of liquida tion in New York Central just bafore Thursday's close. This had revive doubts as to the stability of the di derd and led to further offerings at the start today. The stock was pressed for sale In large volume and dipped to a new record low under $47 a share before meeting any support of conse- quence. Dividend action on New York Central is not due for nearly four weeks. Reports of contemplated new financing meanwhile, however, were widespread. Other Rails Break. The other railroad stocks broke with Central. Union Pacific, on whose com- mon shates the regular rate was de- | | points. Baltimore & Ohlo, Atchison, | | Southern Pacific and Rock island werc | lower. | ™In the face of this weakness in the the industrials held up surpris- Most of them were lower, | but, save in one or two instances, the rails, had a bad break of 4 or 5 points, but that was an exception. About Western | Union's dividend also concern was pro- fessed. The strong spots included the gold mining stocks, with Homestake at a new high and With active buying of Alaska Juneau. Worthington Pump ad- vanced without any adequate explana- tion. The copper shares were steady on hopes that some agreement on restrict- ing production might vet be reached. Oils were only fractionally down. Opening Is Irregular, Price trends were mixed at the opening. Coppers, under the leadership of Anaconda and Kennecott, were higher in response to somewhat brighter pros- pects for a world curtailment agree- ment. N. Y. Central, which was heavily sold at the close Thursday, opened off fractionally today at 487:. and was freely offered thereafter. Gains about }mllnced losses in the rest of the rail ist. U. S. Steel lost i at 70% and NOVEMBER 1931. a 3, STOCKS ARE LOWER |LAMONT PROPOSES AS RAILS DECLINE| TO GONSERVE OIL Secretary Suggests Three- Point Program to Stabil- ize Industry. Secretary Lamont returned to Wash- ington today from Chicago where he proposed in an address before the American Petroleum Institute a three- point program for the stabilization of the oil industry. He also presented a warning that if the industry does not soon set it's house in order it may find itself in a “legisimtive straight-jacket.” In respect to forced legislation, the Commerce Department chief declared that repetition “of such sprees as we have szen in east Texas will very quick- Iy convert the indiges‘ion of the oil in- stry into scmething like appendicitis.” Points Out Waste. ‘The cabinet officer pointed out the “‘waste” of the past and said he saw in the growing movement to correlate State action to control oil output as the beginning of a solution to the indus- try’'s problems. ‘The success and failure of that move- ment, he said, “may determine whether the producing branch of the oil in- dustry continues as an individual busi- ness or comes ultimately under closer Federal regulation, Nation's vital dependence on oil, its production has been almos entirely | unaffected by Federal requlation. There is a growing movement for Federal | regulation of interstate oil and gas movements, but the well itself under our present laws is as remote from Federal contact as if it were located :n another country. This lack of contact between the oil well and the Govern- ment may or may not be desirable, I simply point it out.” Praising the progress toward correla- tion of restrictive eflorts made by the Ofl States Advisory Committee, Secre- tary Lamont offered the oil men a three-point program “of fundamentals which are designed to point a way onto former grounds.” “First. Provision should be made by interstate compact, approved by Con- gress, for putting on a permanent basis the periodical forecasting of demand. the setting of State production quotas to meet that demand and enforcement of such quotas, all of which are now being undertaken informally by the the regulatory commissions of Okla- homa, Kansas and Texas under the agreement of September 13. Such a compact should create a permanent in- terstate advisory body, formally recog- nized, which could perform functions of co-ordination. Enforcement within each State would rest with the State regulatory body constituted by its own | h'-n is a strange thing that, despite | | the FINANCI ! the approval of Congress. This joint | body might be authorized to negotiate with foreign producers and assist in ne- gotiations with foreign governments. Its State mem| mi be also mem- bers of the interstate advisory board. so that the agreements made could bring the States’ police power directly into play for their enforcement.” Pleads for Reserves. Because of the advisory committee’s | program calling for restrictive agree- | ment by the oil-producing States, Sec- retary Lamont said “the oil industry today can face the future with more | confidence than at any time in the last five years.” “It should be kept in mind,"” he pointed out, “that we are exhausting our own reserves of this vital resource | at a rate out of all proportions between our reserves and those of the rest of the world. The United States, with less than 20 per cent of the world's re- serves, is producing and consuming more than 60 per cent of current world production.” ‘The responsibility for checking waste rests with the States, he said, because they have police powers the Federal Government cannot exercise. CONVENTION PLANS ARE BEING CHANGED Efforts Mads by Various Industries | to Enhance Benefits of Gatherings. By the Associated Press. Reports of scheduled trade associa- | tion meetings indicate some efforts are | | being mace to change the character of | | conventions. The annual meeting of the Associated | Grocery Manufacturers of America, Inc., | to be held this month, will, for ex- ample, depart from the customary pro- cedure. All sessions will be for mem- bers only, and the attendance limited to executives. There will be no outside speaker, no banquet, and, in fact, none | of the lar convention policies. All the meetings are planned as executive sessions, to which a limited number of talient problems that face the trade will be met through the means of round-table discussions. ‘The National Coffee Roasters’ Asso- \ciation’s recent convention was thrown open to every one interested in the American coffee trace, and was not limited to members of the association. Although speeches were in order, gen- eral discussions were emphasized more | | than usual. Plans for the joint convention of the | | roofing and sheet metal trade, which combines th nual conference of three associations, lean toward a business conference, with no time-consuming by-play—a clinic where experts in their respective lines will assist the members of these associations in establishing better merchandising principles. A sales clinic is to be conducted by a nationally known merchandising and AL. HIDE PRICE GAINS. WILL AID FARMER Exchange Official Sees Ingdi- cation of Prosperity in Better Quotations. By the Associated Press. NEW YORK, November 13.—Wort of cheer for the farmer in particul and business in general have tmmll; from that part of New York's financii district which seldom gets in the heax lines—the Hide Exchange. Armand -fr., vice rmxdei of the exchange and president Schmoll Pils Associated, Inc., declar: after reviewing visible stoeks throughe out the world and the recent actilil on the Hidé Exchange that the mark in his opinion, bad seen its lowest qu tations Yor some time. and that agr culture and indusiry were slowly bx* surely coming back to normal. - Sees Return to Normal. “A rise in hide prices has invariab preceded prosperity by from three t® six months,” said Schmoll, “and ne; year the farmer should be getting price for his hides that will make worth while for him to take them market. Hide quotations and tradi are now advancing in such a way as indicate that business is returning ‘ normal.” 4 Schmoll explained that he was speake ing as the president of Lis firm, ol of the world’s leading hide dealers, 3;3 | not as an official of the Hide Exchanges The Schmoll firm has prepared chart to substantiaté tte argument th: hide prices a'ways indicate in ldvnne the trend of the incustrial and agr cultural conditions. - Hide prices struck bottom a few weeld ago at 82 cents a pound, equaling t low quotations of 1921. Since then t prices have climbed back to around cents a pound. -] “Hides are the only commodity,” said Schmoll, “that in" spite of lower cons sumption has been able to show a r duction in the visible supply. In t! United States the visible supply w 16,000,000 on September 1, 1930, an| 15,000.000 on September 1. 1931." Thy visible supply in 1921 in America w 30,000,000 ‘pieces, or hides. Supply Scarce. “It can be easily seen that hidy stocks are not on hand. The sma farmer, who normally produces a lar; proportion of the hides used in thi country, has been out of the marks during the past yéar. Young animal that he ordinarily would have slaugh, tered when hide prices were fair he hl! been feeding his wheat and corn. couldn’t get anything for his hides a: little for his grain. “I have never known the world's hid@ production is at’least 35 per cent belo: 55 o 3 he membership of the Ticker Club =Washington is as follows ! nner & Bean—John D. Mothers- head and William E. Lewis. Toodbody & Co.—McElroy Moss and A =McCook Dunlop. lemphill, Noyes & Co.—Thomas J. Méngan, jr. B. & Co—William B. Hibbs, W. W. Spaid gnd Karl W. Cotby. F. B. Keech & Co.—George A. Gar- market so closely sold up. The world! 58 38 1194 100 103% 71t 19% 181 9% 65 Hercules Powder(3). Hercules Pow pf (7) 1108 Hershey Choc (5)... 2 Hollander Sons ... Homestake M (7.80). Houdaille Hershey . . Houschld Fin pf 4.20 Houston Oll Houston Oil (new).. Howe Sound (2).... Hudson & Man (3%) Hudson Motor (1) Berain ingwa; fupn Motors Belg N R pt pf t4.81, 2, > Benaix Aviation (1), : 4 448" Niiuoix Cantei nois Cent pt ()., Best & Co (2) 45 Ingersoll Rand (4) Bethlehsm St i " SR 3 Inspiration Copper. . T Insuranshares Del A 3ohn Insur Shr(Md) (40c). Bon Ami (A) (15) interboro Rap Trans Borden Co (k3) i > Intercontl Rubber. .. R Interlake Iron A Briggs Mtz (11%). Briges&Stratton(2). e vty Brockwey Mot Tr pf B el Int Carriers,Ltd b0c. d Int Cerent (4).....s Eklyn-Man Tr of (§) ! . HETT v anieasias nt Combustion. ... . Int Harvester (334) . BKiyn Unfon Gas (5 Int Harvester pf (1). Brown Shoe (3) e Int Hydro El A (62). Brunsw-Balks. ! Bruns Term & Ry Int Match pf (4) Bucyrus-Erie nt Merchant Marin - 6 Int Nick of Can(40¢) Bucyrus-Tirie cv pt ’ Budd (EG) Mfg. e b o Int Paper & Pwr (B) o4 Int Paper & Pwr C... Burns Bros . int Paper & Pwr pf.. R Int Printg Ink pf (6) 15% ‘Bush Terminal(2%) Int Rys of CenAm pt Bush Term deb (7) IRCBEIE (3). int Shoe (3). Int Silver. . Int Tel & Tel (1) 69 Interst DS pfxw (1) 2008 Int Dept Stores (2).. Investors Equity. .. 24 Jewel Tea (4)....... 2915 Johns-Manville (3). 38% Kan City Sou pf (4). KK’'mann Dept Strs(1: Kayser (J) & Co (1) Vanadium was down 5 at 20%. Gen-|laws. eral Electric was unchanged at 317, as was Westinghouse at 47';. American Telephone at 1427, declined J5. North American at 43', was unchanged, but Public Service of N. J. at 68% and United Gas Improvement at 2375 were a shade lower. General Motors opened lower, which was true of most of the motor_stocks. Standard Oil of N. J. and Standard Ofl of California were both unchanged. General Foods gained slightly _at 391, Sears-Roebuck dropped "« to 443 ‘but Montgomery Ward rose a tifle to 12%. NEW YORK BANK STOCKS NEW YORK, November 13 (Special). —Galns and losses were about evenly divided in today's bank and trust share market. Bank of America at 413, was up 14; Central Hanover, 182, off 3; Chase Na- tional, 52, off 34, Chemical, 373, up 3,: National City, 66, up Y4. Commer- ; Empire, 33, off 1; up 5, and Manhattan, were unchanged: Bankers’ Trust Brooklyn Trust, 262; Chatham-Phenix, 32!:; Contl- nental, 19%,; Corn Exchange, 89: First National, 2460: Irving. 24'4; Manufac- turers’, 4115; New York Trust, 111, and Public, 27%2. ldvex;lffr:d counum;?er,,“ where all the merec] g P! of this group |1930. The wor'd’s normal productio: will be brought up for diséussion. is 100,000,000 " These and othérs indicate thai asso- i B ciations are bending every effort to pacting States. These might well in. |make conventions of greater practical U. S. TREASURY BALANGE. P The United States Treasury balanc clude, among other, things, provisions TRIUS) foTHiioN Wisde (1) prol ng ng or the exten- P announced today as of close of busi. tension ‘of pipe lines ‘into new fields| CLEARING HOUSE FIGURES. |Do November 11 was £208,900533.9 toms e mont Jithout & showing of public conven | o' b %166 And necsssity: (%) réquiring wide ashington Clearing House figures | date were $10181,962.09. Total or. for today, $4,343,983.35. dinary expenditiires were $10,752,646.11 spacing of wells; (3) prohibting waste of gas and gas energy both above and Columbia Building Associati below grounds; (4) fixing minimum gas- oil ratios; (5) authorizing regulatory bodies to require ratable taking within 716 11th St. N.W. z Under Government Supervision lo* Member United States Building and Loan League each fleld and between competing Pays 5% Compounded fields; (6) authorizing unit operation; Semi-Annually 115 Autosales pf.... 214 Aviation Corp (Del). 6% Baldwin Locomotive 28 Balto & Ohio 4).. 4814 Balto & Ohio pf (4).. Bang & Aroos pf (7). Barker Bros . Barnsdall Corp'n.... Bayuk Cigar (3). Beatrice Cream (4) Beech-N that of 192 State Laws Noeded, 9 and 25 per cent belo “Second. State laws, which are uni- form in principle if not in- detall, are ultimately needed within the col S Sy aRsNeann reit. Mackubin & Goodrich—Ralph M. ‘Walte. Maynard Oakley & Lawrence—Ches- tet W. Lockwood. J. Meehan & Co.~Frank J. Thiel. M.-P. Murphy & Co—A. C. Flather and Carroll Morgan. A. Plerce & Co—Ji H. Hines, .t Robert W.|- R WLl (7) and giving the State regulatory body broad powers to require produc- tion methods which will insure maxi- mum recovery from the ground. One function of the interstate advisory board should be fo draft and recom- mend such laws from time to time if the compact itself does not outline them. But the co-ordination of various State production programs is a more pressing matter than uniformity of State laws: the first objective of a com- pact should be to get the States to co- operating on a permanent basis. Uni- form laws when adopted might reason- ably go beyond the production stage and aim at correction of the demoral- ized marketing methods of the indus- try, but that is beyond the scope of the present discussion. “Third. As recommended by Secre- tary Wilbur, a joint Federal and State (nct-nndm, body for arriving at an equation of domestic and foreign pro- duction and imports should be created by the compact of the States and with ENTERPRISE SERTAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 67th Series of Stock Now Open for Subscription 5%, INTEREST PAID ON STOCK James E Connelly, James F. Shea. President Secretary as W. Brahany an ein Bros. & Boyce—Edward W. ble, jr. .4gx estheimer & Co—A. H. Reeside. Exchange Election Wednesday. 1Interest is now being manifested in the local financial district in the an- nual meeting of the Washington Stock Exghange which takes place next Wed- nesday after the regular trading session. by-laws call for the annual re- s, election of officers and any other ness that may come up for acticn. The present official roster is made upsof Edward L. Hillyer, president: C. J. @ockeler, vice president; Y. E. Booker, and James M. Johnston. sec- ry. ‘The terms of two members of $he board of governors expire which make two more officers to be E was intimated among members of the exchange today that the same officers will be elected for the coming year. The exchange has virtually addpted an unwritten rule that ‘he officers should serve for two years and then be changed. There is a feeling that the distinction of being president sheuld be thrust upon as many active mefnbers as poesible, at one time or anether. hile the exchange has had bigger and better years, local securities have made an excellent showing during the 12 months, considering general cial conditions. Bankers' Meeting Is Called. President E. J. McQuade of the Dis- tri¢ Bankers' Association has called a spétial meeting of the association for Manday, November 3, at 4 p.m., to take | acthon on the recent deaths of John B. Lafner, president cf the Washington Loan & Trust Co. and Joseph Schia- voife, president of the Internationzl Ex- change Bonk. the same time President McQuade hag appointed a committee to prepare suigable resolutions on Mr. Larner, con- & g_of Corcoran Thom, chairman; John Poole and Harry G. Meem. ‘The committee appointed to prepare the resolutions on the death of Mr. vone 18 made up of H. L. Offutt, r.» chairman; George O. Vass and ellerick P. H. Siddons. “A. & P. Sales Reveal Slump. Dollar sales of the Great Atlantic & Padlic_Tea Co. for the five weeks ended October 31, showed a decline of 5.43per cent from a year ago. but ton- nage sales for the same period were 8.9 perg cent greater than for the corre- | spapding weeks of 1930. Dollar sales | amgunted to $95.497921, against $100.- | 965024 last year, and tonnage sales totgled 524743 tons, against 481,703 | u!! last year. 'Tod: 's Trading on Exchange. y's local market opened with 0 Washington Railway & Electric 48 Belling at 86':, up 'i from yester- days close. Potomac Electric ‘Power g8per cent preferred sold at 107, dividend. Merchants Transfer & Sto- ragg preferred sold at 90. and a small turflover in Mergenthaler Linotvpe wassrecorded at 63. Bank of Bethesda stodk appeared on the board for the firsp time in many weeks, 20 shares 2l at 55. £ Heard in Financial Distrlct. 1€ was a brilliant tribute that local bankers and others paid to John B Larger at yesterday's funeral through the:large attendance. Many bankers “ sald™they had ‘never seen 50 many flowers at any funeral anywhere. C. F. Childs & Co. were awarded an allotment of $25,000.000, or approxi- mately one-third of the recent issue of $75,173,000 91-day Treasury bills offer- November 7. ‘The highest bid for the issue was 99.55 and the lowest ) bid accepted was 99.458. Daniel Willard, president of the Bal- timore & Ohio ilroad, refused to comment concerning reports that the B. & O. was negotiating with its men for a Wege reduction, declaring that was_inopportune. Pmlnhu :-’r?:s have subscribed $19,000,000 to the credit pool being formed here as part of the Nation-wide plan to relieve the credit situation. Floyd G. Blair, just elected a_vice nt of the National City Bank, connected with the Treasury here and i still a itan Club and "{;fl SeToalanconma cial, 1 Guaranty, 48',, up . The following 357, B e e e Money Available for Real Estate Loans ™ No Commissions Charged 108 Heads Underwriters. NEW YORK, November 13 (®).— Guy E. Beardsley, vice president of the’ Aetna Insurance Co. of Hartford, Conn.. has been elected president of the National Automobile Underwriters’ Association, 17 succeeds R. M. Bis-| sell, president @ the Hartford Fire | Insurance Co. DIVIbENDS DECLARED NEW YORK, Novemb®r 13 (#).— 23 Years’ Successful Business Without the Loss of a Dime L l++1 it Packing (2) Callasan Zinc & L4 Calumet & Hecll Canada Dry G A (3). Canadian Pacific 1% Cannon Milis (1.60). “apital Ad pr(A) (3) Case (J 1) Co Caterpillar Trac Celanese Corp. Cent Azuirre (1%) quitable o-0perative Bldg. Ass'n Organized 1879 52nd YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Subscriptions for the 102nd Issue of Stock Being Received LOANS ON REAL ESTATE OR TO TAKE UP MORTGAGE 575 80% @)x 7 - 8 214 Certain-teed Prod. 31 Checker Cab Mrfg. 2315 Ches & Ohio (234). 1414 Chesapeake Corp(3). 3'% Chi Great Western. . 12 ChiGreat Westn pf. 2 Chi Mil StP & Pac. Chi M1l StP & Pac p Chi & Northwest (4 Chi & N W pt (1) Chi Pneu Too! pf. Chicago R 1&Paci Chi R1& Pacpf (6). 85 g0 8 ; e Chilll & Pacpf (1), 2 o Childs Company. ol TR RO : 2615 16 Lily Tulip Cup(1 City IceaFuel (3.60)x 3 3 g 55'a 15% Liquid Carbonic City Ice&Fuel pf 614 x 908 . N T e Clark Equipment(1). 1 e e il 3514 Loose-Wiles (13, e 10 Lorrillard (P) Co. 10213 767 Lorrillard (P) pf (7) 35% 20 LouGas&ElA (1X). 111 30% Louts&Nashville(5). 19 54 Ludlum Steel. 5212114 Ludlum Steel p McAnd & Forbes McCall Corp (2% Kennecott Copper(1) 179 Kimberly Clark 2% . Kinney (GR) Co.... Kinney (G R) Co pf. Kresge (S 8) (1.60). 54 Kreuger & Toll 1.61). Kroger Grocery (1 4008 L Lehigh Valley . Lehigh Valley R R.. Lehman Corp (3). Lehn & Fink (3) Libbey Owens Gia: Hidrs. of Pay- 2 record. Company able. Wheeling & L E 7% pr le 5 Do you contemplate the purchase of a home, refinancing present in- debtedness or improv- ing property >—consult us. Applications will receive prompt and courteous -attention. Nov.19 Nov.17 Omitted. Pe- Confbany Rate. riod Chem Paper_Mfg 2nd pf..$1.50 Crocker McElwain $ Natl Club Hotels Inc 2nd pf. Regula; Due. Nov Nov 8 Oct. 15 1 1 S — —— WHEN YOU NEED A LOAN ON IMPROVED REAL ESTATE Pay- e. riod _able 2 De Hidrs. of | R 1 Conipany Am Cap pr pf Amer Thread pf 12'x Bancor Hydro Elec Jan 64 b4Ta 217 Loans Repayable Monthly No Brokerage . .. No Commissions In the District of Colum- bia or Nearby Montgom- 915 F ST. N.W, ery County, Md. = e — CONSULT OUR = _ = = - MORTGAGE DEPARTMENT 5%% : . INTEREST Do pf QUICK ACTION—LOW CHARGES REAL ESTATE LOANS BOSS & PHELPS Made at Low Interest Rates 878 Logn Correspondent John Hancock Mutual Life Insur- ance Co. of Boston, Mass. 28 7% Collins & Alkman 814 Colo Fuel & Iron. 16% Columb G & E (1%) - 33 Columb Carbon (4) Comm,Credit (1.60 Comel'Cred pt (1%). Comel Cred 18t(834) Comel Cred pt B (2). Comci Inv Trust (2) Comm Inv evpf(es). Comel Solvents (1) . Comwlth & Sou(30e) Comwlth&Sou pf (6) Congolm=-Nairn (1).. Congress Cigar (1) Consol Clgars (5)... Consol Filin pf (2) Consol GasN Y (4).. Consol Gas NY pf(6) 913 Consol Laundries(1) 1« Consol Textile...... 5% Contl Baking (A)..a ‘ontl Baking (B). .. “ontl Baking pf (8). Contl Can (2%) Cont Insur (2.4 Contl Motor: Contl Of1 (Ds Contl Share: Corn Produe "oty Ime. . .uauetas eum of Wheat 123 icible Steel. 14 Cuba Cane Product 2 Cuban-Am Sugar... Cuban-Am Sugar pf. rtis Publish (4).. Curtis Publish pf (1) 1% Curtiss Wright.. 24 Curtis Wright (A) 41 12 Cutler Hamm Indianapolis Water, 13125 o, - $1.75 Mutual T (Hawain) 8c Patterson Sargent Penn G&El $7 pf 26 51% 51% 261y 10319 17% McCrory (B) (2) 12 Melntyre Porc M(1). 3815 McKeesport TP (4). 7 MeKesson & Rob (1), 19 McKes&Rob pf 2t McLellan 4374 15% MackTruc! 106!y 53 Macy(RH) 27% 7% Magma Copper (1).. 12 6 Manhattant Shirt(1) 38 14 Maracaibo Oil Exp.. 241 1214 Marine Midld (1.20). 323 117 Marlin-Rockwell (2) 115 Marmon Motor Car.. 13% Marshall Field (23)x 14% Mathieson Alkill (2) 2414 May Dept Strs (234) 18 Melville Shoe (2).... 28, Miami Copper. . Mid Continent Petm. Midland Steel (3). Midland Steel pf (8), « Minn Moline Pow s Mo kkan & Texas Mo Kan & Tex pf Missour! Pacific.... 24 Missouri Pac pf (5). 16'4 Monsanto Chem(1%) 8% Montgomery Ward. . Plimpton Mfe p Smith-Alsop Paiiit 37 o . United 1014 0000 DOOOPED O RRpD wR 0OOPO o) UNDISTURBED With investment in our 6% FIRST MORTGAGES 10 12 El 25 81, on well I for 3.°3 or 10 ears, if - 1520 K St. NW. 10% 16% 3l WE PAY you can shut your mind-to all con- i o Your " Money to Loan P A KR s Josegh . Weller T SAVINGS cern in connection with them. They 1. Weller & Over a Third of a will not vary in the amount of in- Cm >3 terest, and’ the principal has for o 2 é R G R PSR S e DB eaRea RS RS 107 il‘i"l() = Century Without a Loss First Mortgage security LOANS —For Buying —For Building —For Refinancing completed properties INO_delays are encountered in ‘ securing loans on first mort- gages at reasonable rates. l | Permit us to give you further chligation | [PERMANENT | BUILDING ASSOCIAT ION| conservatively appraised =" > mI - 4 4% 15 Motor Products (2).. 36% 8% Mullins MfE.......u 7215 22 Mullins Mfg pf o improved Washington real estate. —2% - 19% — % 4'% By 49y =1y SOCIATION & Co pt ( x WE WEL- Delaware & Hud (3). UR INVESTI- Del Lack & Wn (2).. Denver & RG W pf.. Detroit Edison (8) .. Diamond Match (1). Diamond Mtch pf 1% Dome Mines (1).... Domn Stores (1.20). Doug Atreraft(t1%4) Dresser Mfg B (2).. Drug Corp (4) ... Duplan Silk pf (8).. Dupont de Nem (4)., Du Pont de N pf(6 —_— 185% 93 Eastman Kodak (18)2450s 7% Baton Axle & Bpr(1). 85'% Eltington-Schild pf.. 20 Elec Auto Lite (4)... 98 Elec Auto-Lite p£(7) 10s 100 . 100 May be purchased in amounts from $250 up. B. -P. SKEEUE: G4 National 2100 925 15th, St. N.W. . . Open Daily, 9 to § Saturdays Until Noon Na Na Nat Bicuit (2.80)... Nat Cash Reg A 1%. Nat Dary (2.60) 2% s Nat Enam & Stamp.. Nat Lead pf A (T)... Nat Pwr & Lt (1). 1814 Nat Steel (2).. 11' Nag Supply Co. 40 Nat Supply pf (T)... 18 Nat Surety (3) . Tea (1).v. 1 —_— AContinued on Page information without on your part. REAL ESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W. National 1403 1 408 10 8 5 40n 4 the World War, the he THERE SAFETY . #t the Chevy Chase IS NO SUBSTITUTE FOR 0~ U U