Evening Star Newspaper, December 15, 1931, Page 13

FINANCIAL, CAPITAL TRACTION DIVIDEND REDUCED o=z Dividend Rate. THE EVENING STAR, WASHINGTON, D. C., TUESDAY, DECEMBER 15, 1931, NEW YORK STOCK EXCHANGE INQUIRIES SPREAD (1 - <eccn & company ®INANCIAL. Btock and Bales— Dividend Rate. Add 00, ! ' 7% Consol Film pf (2) z‘ms':l l. ——1981— High. Low. Add 00. m'h Lo'. Close. Chi: 1874 x| PROCEEDS SLOWLY xcent those desigmated by letter “s.” ales— Ne tock Exchai oard of Trade Quarterly Payment of 50 Cents Ordered by Board of Directors. BY EDWARD C. STONE. At the monthly meeting of the di- rectors of the Capital Traction Co., held this noon, it was voted to reduce the quarterly dividend from $1 to 50 cents per The reduction at this time is consid- ered nee v owing to the keen com- petition from the cut-rate taxicabs which has o seriously reduced the trac- tion company’s net earning in recent! month: It was reported at today's meeting that net earnings were off about $26,000 in November when compared with the same month & year ago. For the first 10 months of the present year net earnings showed a decrease of $76.438.15. By adding the November decrease in net earnings to this sum, it will be seen that the street car company is about $100.000 behind last year's profits in the first 11 months. This shrinkage in earnings from op- erations has forced the company to dip Into surplus to meet a part of the moaey required for dividends. Under these! conditions the directors apparently d¢ cided that in the interest of conscrvat- ism these was nothing to do but lower | the payment for the last quarter. i The company paid a quarterly divi- | dend of $1 in the first three quarters of this vear. With today’s declaration of 50 cents per share. the company will pay | & total of $3.50 per share in 1931 Capital Traction will earn about $3 per share for the year. For the first 11 months it has earned about $2.65 per share. December is one of the best months of the vear on account of extra Christmas street car travel. This should bring the year's net to $3 a share or perhaps a little more. Company Increases Dividend. Following a meeting of the board of directors of the Columbia Planograph Co. today, the president, John C. Eckert, announced that the semi-annual divi- dend for the last six months of 1931 had been increased from the regular 3 per cent disbursement to 6 per cent ‘This places the company's stock on a 9 per cent basis for the entire year 1931. The dividend declared today is payable January 1 to stockholders of record December 16. This action will be of particular in- terest in financial circles. as none too many companies are increasing their dividends in these days of business re- adjustments, to say nothing of doubling them, Mr. Eckert, the president, presid Bank some months ago. Pole Stresses Branch Banking. Branch banking within trade areas. or commercial zones, for developing tional banking system and for ening the country's banking streture, was the major legislative pro- posal of Controller Pole in his annual report The controller emphasized the steady development of commercial banking under State jurisdiction, declaring that })xlcura‘ all commercial banking re- ates itself to transaciions in interstate commerce upervision of securlty or fnvestment | *es cf national banks, authority for onal banks to borrow from the Na Credit Corporation even a ies equal capital stock, perm n to asscss banks for examination of rust divisions. and enactment of a law | naizing tie author of false reports or | nors regarding a national bank were | Iso proposed by the controller “With few exceptions the banks in the large cities, which may be properly classed as metropolitan banks and which hold the bulk of the deposits in our banking system, have continued to demonstrate “their’ soundiness and | strength throughout the entire decade | h we have under consideration, including the depression ycars of 1930 and 1931 1d bs these insti- tutions, which represent the backbone | of the banking structure, which would | estabiish the branches. Trading on D. C. Exchange. Trading on the Washingion Stock Exchange today opened wit! share lots of Capital Traction s-ling at 21 Tis 1s the same price as has prevailed for several days, The next sale was a small lot of Potomac Power 6 per cent preferred at 111. same as recent transfers Mergenthaler Linotype figured in a very small sale at 58. This was a new low for the year. but the sale was hardly large enough to establish a real market figure After call two $500 sales in Wash- 1ng{gn Gas Light 5s were recorded at National Mortgage & Investment pre- | ferred figured in a sale at 94 shares | and another of 80 shares today, all 8t 3%, NEW YORK BANK STOCKS NEW YORK, December 15 P)— Over-the-counter market: BANKS, was elected Bid. Asked Chase < Chat_Phen; Co National Cny Publie . TRUST COMPANIES Bankbrs' Brookivn Central Han Ba DIVIDENDS DECLARED NEW YORK, l-)(‘l(‘:’.l'nb(‘r 15 (#).— Bee: 16 Dec. 23 Jan. 1 Dec. 3) Jan. 1 Jan; 1 Rezular, Pe- - Hldrs. of Rate. riod. N v pI..8ilgc 1ol i & K b 811se D Cord 1st 50c t N5 & Tr' Corp 36 C(‘n'rlll Lt 7% pf Gentall It 6 Cohen (Dan) Te1 of the North Capitol Savings | n > Mnnnvc D Mon pf .. 81ic Ly Natl Bk & Trist (Savannabd.lbe ® O 0 £OOOOOD OO DOODO LOOLOOLWO DWOD Abitibl Pwr & Paper 11 20« Baldwin Loco pf. 16'4 Bylto & Ohio 4) 71 25 Balto & Ohio pf (4) 20 Bang & Aroos (3%). &0 Bang & Aroos pf (7). 10s Abitibi Pwr&Pap pf. Abrah umevrnuu's Adams Adams Exp I‘{ 15). Adams Mlilts (2) Addressograph (1), Affiliated Prod 1.60. . Alr Reduction(1414) Airway Elec Appl Alaska Juneau (40¢ Allegany Corp....., Alleg Cp pf $30 ww,, Alleg Copt w $40 w. Allied Chemical (6) . Allied Ch&Dye pf(7) Allis-Chalmers (1).. Alpha Port Cemt (1) Amal Leather..... Amal Leather pf. ... Amernda Corn (2).. Am Az Ch of Conn pf Am Agri Chem(Del) Am Bank Note (2)... Am Bank Note pf (3) Am Beet Suzar pf... Am Brake Shoe 2 40. Am Brake Sh pf (1). 4 Am Can Co (15) Am Car & Foundry. . Am Car & Fdy pf (7) Am Chain Am Chain pf (7). Am Chicle (3). Am Comel Alcohol. . Am Encaustic Tiling Am European Secur. Am & For Power. m & For Pwr pf m & For Pwr pf (1) Am & For Pwr 2d nf. Am Hide & Leather.. Am TTome Prod 420, Am Tce (2).. Am Tnternational... Am La France&Fom Am La Fr&Foam pf. « Am Locomotive.. Am Lc'mouve pf (1) Am Mch & Fdy 1.40 Am Mach & Metals Am Metal Co. 5 Am Metals pf Am Natural Gas pf Am News (13%). Am Pwr & Lt (11).. Am Pwr & Lt of (6). Am P&Lt pf A st(5). Am Radiator (§0¢) Am Radfator of (7). Am Renublica...... Am Rolling Mills Am Safety Razor (5) Am Seatin Am Ship & Com. .. Am Shipbutlding (5) Am Smltz&Ref (1%) Am Sm&R 2d pL(6).. nuft (13%) Am Suzar Ref pt (1) Am Tel & Telex (9). Am Tobaceo (16)... Am Tobacro B (16).. Am Type Fv pf (1).. Am Water Wka (3).. Am Wat Wkscfs(2). Am Wat W 18t pf(6) Am Woo'en Co. Am Woolen Co b Am Writ Paper pf. Anaconda Copper Anaconda Wire & C.. Anchor Cap (2.40). Anchor Cap pt xsm Andes Copper Archer-Daniel 10 Archer-Dan pf (7).. 1108 Armour of Del pf (7) Armour of 111 (A)... Armour of [11 (B)... Armourof Ll of.... « Arnold Constable Art Metal (40c) Associated Apparel. Associated Dry G(1) Atch To&S Fe (10).. Atch To&S Fe pf (5) Atl Coast Line (4).. At Gulf&West Ind.. Atlantic Refining (1) Atlas Powder (4) Atlas Stores (1). Auburn Auto (£4) Austin Nich pf A (3) 215 Aviation Corn (Del). 4% Haldwin Locomotive 160n 1% Barker Bros 2008 ‘2 Barnsdall L 12508 Bayuk Cig 1st pf (7) 608 Beatrice Cream (4). 21 Beech-Nut Pke (3)., Belg N R pt pf 14.81. Bendix Aviation (1). Best & Co 12). Bethlehsm Steel (2). 114 Rethichem Stlpf () 8 Riaw Knox (500) . 4 dohn Alimn (1%).. x5 Ron Ami (A) (15)...x 1 Rooth Fisherfes..... 6 Borden Co (3).. 2 Borg Warner (1) Briggs Mfg (11%).. Briggs&Stratton(2). Bklyn-Man Tran (4) Bklyn-Man Tr pf (8) Bklyn&Queens pf(6) Bklyn Unton Gas (5) Rrunsw-Balks. Bruns Term & Ry Bucyrus-Erle. ... Bucyrus. Budd ( Budd Wheel (1) Rullard Ca. .. Bulova Watch. ..... Burns Bros pf (7)...x 208 Burrouzh A M(t1%) 19 Bush Terminal(2%) 3 Bush Term deb (7)., 20s Butte Copper & Zine, 2 Butte & Superior. 1 3'2 Butterick Co, Calumet & Hecla. ... Camp W&C Fdy (1). Canada Dry G A (2). Canadian Pacific 1% Capital Admin (A).. aterpiliar Trae ( Cataniugh-Dobbs. . Celanese Corp Celotex Co..... Celotex vic ctfs Celotex pf Cent Aguirre (134). Century Rib Mills. Cerro de Pasco (1). Certain-teed Prod Checker Cab Mrfg. Ches & Ohio (2%) 4 Chesapeake Corp(3). 25 Chi Great Western. ., 5 ChiGreat Westnpf. 20 Chi Mil StP & Pac. .. 5 hi M1l S1P & Pac pf R Chic & Northwstn. . 98508 Chi Pneu Teol 2 ) o R 1&Pacific. 5 « c6% bl 3508 ‘ » e 3 « 5 108 Chickasha Cotton Of1 1 Childs Company. ... Chrysler Corp (1)... 114 2 City Ice&Fuel nf 6% City Investing (5). 1 Clty Stores ... 15 Cluett-Peabody (3) 82% Colg-Palm-P pf (§) Collins & Afkman. .. Colonial Beacon Colo Fuel & Iron ColumbG & E (1%). Col Gas&EI nf A (6). Columb Carbon (4).. Comm Credit (1 60), Comel Credit A (3).. Comel Cred 181614 ) Comel Crea nf (1%). Comel Cred of B (2). Comci Inv Trust (2) Comel Inv Tr pf 6%4. Comel Solvents (1), Comwlth & Sou(30e) Comwlth&Sou pf (6) Congolm-Nairn (1). Consol Cigars (5)... w, Consal Cgr pr pf 6% . 53 Consol Cigars pt (1). ~ 8% Consol FilMeassasen ® ‘t - W 'S )i 19% 18 3 3% 53 241 -1% g 5 111% 1% 8 10 ConsolRwys pf (8).. % Consol Textile. . . 1 Container Corp (A).. 4 Containar Corp (B) 5% Contl Baking (A). % Contl Baking (B) 40 Contl Baking pf 81% Contl Can (2%) 4 Cont Diamond Fibr 1814 Con’. Insur (2.40)...: 1% Contl Motors. 43 Contl O1l (Del). 15 Contl Share 36% Corn Products ll) 152h 125 Corn Prod pf (7). 3 Coty Ine.. 10% Crex Carpe 20 Cream of V 15 Crown Cork (2.40).. 1% Crown Zellerback 22 Crucible Steel. 434 Cructble Steel pt (1) xl50| s Cuba Cane Products. s Cuba Co...... 1% Cuban-Am Sugar. 29 Cudahy Packing (4). 27 Curtis Publish (4).. 75 Curtis Publish pf (1) a D!| Lack & Wn (2).. roit Edison (8).. lvuo— & Ray A(60c) Devoe & R 1st pf (7) §0s Diamond Match (1) 1 Diamond Mteh pf 1% 1 Dome Mines (1).... 4 Dominion Stores t114x Doug Atrcraft(t1% ) Dresser M{g A (3%3) Drug Corp (4) . ..... 48 Duluth § S & Atl pf. Duplan Silk (1).. Dupont de Nem (4). Du Pont de N pf(6).. Duques Lt 1st pf (5) Eastman Kodak (18) 31 Castman Kod pf (6). 108 aton Axle & Spr(1). 12 Eitington-Schild. 4 Eitington-Schild pf.. & Illec Auto Lite (4). 66 Elec Auto-Lite pf(7) 50s llectric Boat....... 1 Elec&Musical Instru Elec Pwr & Lt (1). ., lec Pwr & Lt pf(6), lec Pwr&Lt pf (T).. 10 ‘ec Storage Bat (4) 14 Elk Horn Coal pf. ... 1903 Emporium Canwell. 1008 Endicott-Johnson(3) 2 Endicott-John pf (1) 1 Eng Pub Sve (1.60).. 2 Equit Office Bldg 2%x 1 Erle R . 10258 Eureka Vac Cleaner. 7 Svans Auto Prod. ... xchance Ruffet (1) airvanks-Morse. .. 1% Fashion Park Asso.. "x Fashion Park As pf 15's Fed Lt & Tr (31%).. 3% Fed Water Service A 12 Fed Dept Stores (1). 20 Fid Ph Fire [ni2.60) Filene’s Sons pf 6. Firestone T& R (1). Firestone T&R pf(6) First Natl Strs (2%) Fisk Rubber 5 Figk Rubber 1st pt. . Fisk Rub 18t pf conv Foster-Whaeler. ... Foundation Co. Fourth Nat Inv (1,10 Fox Film (A). . Freeport-Tex (3)... Fuller prpf(+7.11).. s Gabriel Co (A). . 19% Gr-rewell Co (3). « Gen Am Investors 50 Gen Am Invpf (6).. 29% Gan Am Tank Car(4) 94 Asphalt (2). 10' Gah Baking (2 95 Geh Baking pt 1% Gen Bronze 1208 m‘ Gen Cable pf. Gen Clgar (4) Gen Electric (1.60) .. Gen Elec spec (60¢).. Gen Food Corp (3).. Gen Gas&El A(e30¢) Gen Gas&E cv pf (6) Gen [tal Ed El m2 61 Gen Mills (3).. Gen Mills pf (8). Gen Motors (3) Gen Motors pf (5)... Gen Outdoor Adv(A) Gen Printing Ink(2 Gen Public Servic, Gen Ry Signal (5). Gen Realty & Util Gen Realty & Util of. Gen Refractortes (1) Gen Theatre Equip. . Glllette Saf Razor Gillatte Saf R pf (B), Gimbel Bros. . Gimblel Bros pf (7). (‘lldden Co pr pf . 3% Gobel (Adolf)...... 15% Gold Dust (234) 4 Goodrich (BF)..... 15 Goodrich (B F) pf... 15'3 Goodyear T& R (3). 3% Gotham Silk Hoslery 50 Gotham S H pf (7).. 50 Gotham pf xw (7). 172 Graham-Paize. 5« Granby Con Min (1). 2% Grand Silver Stor 7 Wrand (Inion. 247 Grand Union pt (3). 12% Granite City Steel (2)x 25% Grant (W T) (1).... 18% Great Northernpf(2) 25 10 Great Northn Ore(2) 25 5% Great Western Sug.. 40 80'a Great Wn Sug pf (7) x200s 1 Grigsby Grunow..., 5'4 Gulf States Steel ensack W (1%) 3 iabn st Sues’ Hall (WF) (120)... Hanna of (7). Harb & V Hartman ¢ B Haves Bodv Corp. .. Helme (GW) pf (7). Hercules Mot (80c). Hercules Powder(3). Hershey Choc (5)... Hershey Choc nf (1K Hollander Sons. ... Homestake M (7.80). 4 Houdallle Hershey. . 5214 Househld Fin pf 4. 17% Houston Ofl. . Houston Of1 (new).. Howe Sound (3).... Hudson & Man (3%) Hudson Motor (1) Hupp Moto: f1linois Central. Illinois Cent pf (6 111 Indian Motor Cve!, ind Motor Cycle pt.. sn- Indian Refining Indust Ravon (4)... Inuersoll Rand (4). Inland Steel (2).. Inspiration Cooper. Insur Sh(Del)162%e Insur Sh(Md)(28¢) . boro Rap Trans contl Rubber... Interlake Iron. .. 2 Sran o o P T e N ) ) Int Carriers,Ltd 50c. Int Cement (3). Int Combustion. % Int Hydro E1 A (e2). fnt Match of (4).... Int Nickel of Can 200 Int Nick Can pf (7). (nt Paper pf........ fnt Paper & Pwr (A) Int Paper & Pwr (B) Int Paper & Pwr C.. Int Paper & Pwr pf. Int Printing Ink.... IntRys of CenAm v! 208 int Salt (3). 108 8 lm’l‘el&Tellx(luc) 231 " (Continusd on Page Ma ol Curb Exchnnnl co:w P IF |Cila Liferpint cotton Assoctation, 6014 Consol Gas N % 60 hans ol New York Cotton Exc s | at new Most Losses Are Fractional, but New Lows Are Recorded. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 15.—The de- cline in the stock market continued to- day, but at a much slower pace. Many of the losses were only fractional and would not have attracted attention had into new low ground. size, involving five local branches, was the only important news at the opening. It i3 doubtful whether it had any effect on stocks. The market wes more con- cerned over the foreign situation than anything else. Sterling was lower and so were marks. The two lssues which were pressed | for sale most insistently during the morning were United States Steel and American Telephone & Telegraph. The former dropped back to around the 40 mark and the latter touched 120, with Steel at a new low and Tele- phone at the old low. Large bldcks of Telephone were taken, representing apparently investment buyirg. Oil stocks were weak, with Standard | of New Jersey under 29 and Standard of California” and Te Corporation lows. Crude oll output de- creased 508 barrels daily for the week ending De:ember 12, but only in exceptional cases do stocks any longer reflect trade conditions. Rather it is a case of liquidation partly forced and partly frightened. Facts do not count. Preferred stocks were again with- out support. United States Steel pre- ferred went to another new low along with the common, although no intel- ligent market follower has any doubt whatever about the safety of the full 7 per cent disbursement. Price trends were mixed at the open- ing. A block of 12,000 shares of Para- mount appeared at 7, off 1. Standard 01l of New Jersev in a lot of 3.000 shares opened at 2914, off 15, American Telephone, in a trade of 2,500 shares, opened at 12014, off 114, The opcning had been preceded by a slightly easier tone in the London mar- ket and further discussions on the rail- road wage situation. Gains about offset | losses in the rail list. Great Northern| preferred at 18's, off %, was the only one of the group during early trading to reach a new low level, New York Central was fractionally higher at 28 and so was Southern Pacific at 30!, Baltimore & Ohio at 1655 and Sou‘h» ern Rnll\\‘ were a trifle lower. tod States Steel opened at 4134, n'T 's. which was the low established in Monday's s2ssion. American Can_ lost at 6075 General Eloctric was down % at 24. but Westinghouse gained 3 at 27. Public Service of New Jersey| at 51, off 15 attained a new minimum price. as did Standard Gas at 27, off % | General Motors opened at 221, off 1,, and was very active at that level. Au- burn Auto rose 1 point to 120. A block | of 1500 shares of Consolidated Gas came out at 62, up 3. — . INVESTMENT TRUSTS NEW YORK. December 15 ‘ Over-the-counter market S @ a o ReeS n;gi??«’n,"“’ 28 g | Lenders of Teadérs of S | ndtiae chee us Tr Shrso Y B Tr shrs Nor Am Tr Shares Nor Am Tr B3 Nor Am Tr §h Northern oIl Shares B0 wawune Tr Assoc Trad A . Bublic Sery Tr Pepre n Second Tnt & ex Sccond Int Sec B Sec Int S o, »anliall BasswausenenseBeetnees G_mwal o3 Seie Stlecied | Shawmut Bank Spencer, Trask Fiind Stand Al inge Trict Stand ‘Conat’ T State Street Invest Super ‘of Am Tr A. Super of Am Tr B Super of Am Tr Ci: 2 e Thisies Boand Y, D Trustee St Ofl SB3 Trusteed Am Bk Sh A. 20th Cent Fixed Tr.. Two-Yen : United. Fix Unte Fars 510" fom 8 CLEARING HOUSE FIGURES. ‘Washington clearing house figures for today: $3,802,099.98. OUR application made to us for a FIRST TRUST LOAN will receive immediately a favorable report is received the money will be available, for 3, 5 or 10-year period. Loans will be made on 'apartment house, office building, residential and business properties—and the rate is only RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT MR 558 e Domlonye they not carried the issues concerned | A Boston bank failure of considerable | w®—! , Asked | 2 3| Financial Center Perturbed| by Congressional Demands for Probes. BY CHARLES W. STORM, Editor the News Service of Wall Street. Special Dispatch to The Star. NEW YORK, December 15.—With the | prices of stocks and bonds down to the | lowest levels in more than 10 years, | sentiment is at a low ebb in Wall street. | There are many contributing influ- ! ences for the absence of faith, amcng them being the general pojicy of the banks to keep as liquid as postible, the unfavorable conditions prevailing in the transportation business, the constant omission of divizends on stocks which have been considered high-grade in- vestments for years, and the inability of Germany to pay her debts. ‘The most discouraging phase of the present_situation, however, is the dis- cord which has broken out at Wash- ington relative to constructive measures that have been advocated as a c-rrec- tive to the steady destruction of values. The spectacle of the country’s political | representatives competing “with each other to start investigations instead of | | uniting and coing something construc- tive is a source of much discour: ment. Foreign Bond Inguiry, | It is hard to see what constructive | development can come from an inquir; into the flotation of foreign government bonds by American bankers. It might | only show that the bankers made big | commissions, that their errors in judg- | | ment were due to avariciousness | " The inquiry also will show that the | American investor and not the banker |now owns the bonds, which show an | unprecedented depreciation. Such an {Inquiry as proposed will do nothing to | inculcate confidence. and will only go further toward acding to the lack of faith in securities in general for if the | bankers have been so lax in extending | loans to foreign countries it is reason- | able to assume that they have been equally as inefficient in handling other | finances. The fact that many regarded industrial panies now find former highly | and railroad com- mselves unable to | | continue divicends which have been | | pald for man uld seem to speak ill for the manner ia which the | financial structures of the corporation were erected. Self-Preservation. A policy of sel ation has been | adopted by the banking institutions, and | because of this they are bending every effort in the direction cf liquidity. stocks are selling at Leretofore un | of prices. zbuse of the s ¥ corporations have been affiliates | of larger banking instituticns is now finding reflection in vn» wholesale clearing out of s it a move- | ment among the biggest securit y affili- | ates to retire from busines: | In other words. the bankers have de- cided to do a banking business exc sively, abandoning the policy of recen: years of usurping the powers of the stock broker and tre investment banke: Copyright. 1931. by the No Nevwsp. e, In 4 America U. §. TREASURY BALANCE. The United States Treasury announced today as of cloce of business Decemper 12 was $53,893,80103. Cus toms receipts for the month to date were $11,490,041.60. Toial ordinary ex- | 2 ' penditures werc $5.327,062.94, g e oo SILVER QUOTATIONS. NEW YORK. December 15 (. —Sil- ver futures steady. Sales, 800,000 ocunces in cents: Decem- 31 A , 32.28; May, 32.60; ¥, 3274, September, unquoted. e balance | SHORT TERM SECUBITIFS « r* Ly J A W, Salism Al Americal ¢ American T Amer. Wet 33 3 100 22 a5 _86. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. {Joseph 1. Weller gowant & e 6% Secured property Cotmora Montgomery Co., FIRST MORTGAGE Investment on residential in District of and necarby Md. K IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors 1417 K St. NAtional 9300 _—Pn—— *ulllllilIIllIlIIIIlI(IIIIIlIIII|“lllll:llllI“||HIlIIIIIIlIII||IIIIIIIIIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIII||l|ill|ilIl|IlIIIIl_IIXIlIIIIIIIII‘* Money Available for Mortgage Loans prompt consideration—and 5%% 23 Cotton Exch New York Produce E xu inee Exchange N Y. Cofiee & Bugar E: ge. Ine. Rumm Cnanee st HCE.. Ine. New York Cocon Exchiarce. Tric New York Hide Exchange. Inc. Minneapolis Chamber of Commerce National Metal Exchange, Inc. Bremen Cotton Exchange (Assoc. Members GRAINS COTTON Continuous Quotations by Ticker. Complete information—silver futures market. We are equipped to handle promptly orders on the leading exchanges of the world. H CORNER 17TH ST.,N.W., WASHINGTON NATIONAL 0245 Chicago Philadelphia 3rooklyn Detroit Winnipeg PROPERTY MANAGEMENT Apartment House MANAGEMENT New York Providence E have reduced the efficient management of apartment house properties to an exact science—not alone operation, but the proper regulation of overhead to income—to own- ers’ best interests—and for a fee that is truly nominal. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 MORTGAGE LOANS First Mortgage Funds (three years or 1 3% LOANS on residences and business buildings, in District of Columbia and nearby Maryland suburbs . Ample funds, lower interest, prompt approvals, valuable prepayment privi- leges—and the competent counsel of over forty years’ experience in this field. longer) +* H.L.Rust Company o EST ABLISHED 1889 ~ 1001 15 Street National 8100 Loan Correspondent for **The Prudential” Opposite United States Treasury ms and individuals of the highest character comprise the tenant list of Washington's finest building. Unusual facilities and conveni- ences reflect its modern planning and complete- ncss of equipment. Offices and rooms—light and us—are planned for maximum usable Unsurpassed service characterizes the nt management of the largest and most capable management organi s of the Washington Building cost nothing additional. Rentals are no higher than in any of the Capital's better cla: buildings. Let us show you the desirable offices and suites now available. _ OFFICE SPACE Partitioned and Finished to Meet Your Requirements. EAVER BRO! REALTORS Mortsage Loan Correspondent Metropolitan Life Insarance Co. Washington Bldg. Dist. 9486 1321 Connecticut Ave. Decatur 3600 AL )