Evening Star Newspaper, January 4, 1932, Page 11

FI ANCIAL, THE EVENING STAR, BANKS 0F DISRE IN SBUND POSITID (ont_rofiér’% Call Finds Insti- L Htions of Capital Well ! Fortified With Cash. i ¥ i ) ‘ BY EDWARD C. STONE. W iClhnftoer of the Currency John W.! asking for the Boleyigsued a n of District n_of 1 ks in the ember ; gener e last day of fears. res obtained local possible Walter G. Duntop. Is everywhere ays made around to meet a host Added to these from local banks ment of nea 1bers of the Christ popular here. This 1 at one time ba a nes back into the unts covering m s of lower total deposits, the banks are in an unusually r ndition. From the standpoint of liquidity, they are in the strongest ition they have ever experienced, solid basis being due to the high entage of reserve funds now being carricd. It is also true that whatever falling off in deposits has taken place here is very much smaller than strictly industrial cities will show when all the figuresi;for :®his call have been as- sembled: ton NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold in 100-share Iets exeent th Stock and Bales. Dividend Rate. Abitibl Pow & Adams Express. Adams Exp pt (5). Adams Miilis (2). Afmliated Prod 1.60 Afr Reduction(t414). Alaska Juneau (60c) Albany Wrap Paper. Allegany Corp. ... Alleg Cp pf 330 ww., Allegheny Steel 60c. Allled Chemical (6). Allied Ch&Dye pf (1) Allis-Chalmers (1).. Amal Leather pf. ... Amerada Corp (2)... Amer Br Shoe (1.60). Am Can Co (16)..... Am Car & Foundry. . Am Car & Fdy pf (1) Am Chain. .. > Am Chicle (13) Am Comel Alcol Am European Secur. Am & For Power. ... Am & For Pwr pf($) Am & For Pwr p£(7). Am & For Pwr 2d pf. Am Haw St'ship (1), Am Hide & Leather.. Am Hide & Leath nf. — Low. 474 34 50'4 224 124 % 1 High. 52 2314 2 3314 20 109% 204 7 9 2w 2% 14 59 2 46 10 1823 64 126 100 425 10% 20 6 23 1% 38 1315 | 129% 58 8% 6 a3y 48% 144 33 Am La Fr&Foam pf. Am Lo'motive pf (7) Am Mch & Fay 1.40.. Am Metal Co Am Metals pf.... Am Natural Gas p: Am News (133%) Am Pwr & Lt (31) Am Pwr & Lt of (¢ AmP&Ltpf A (n Am Radiator (§0¢) Am Radiator of (7). Am Rolling Mills Am Safety Razor ( Am Smitg&Ref (1%) Am Sm & Ref pf (1), Am Snuff (13%). Am Steel Foundry ... Am Stores (12%) Am Sugar Ref (). Am Sugar Ref pf ( Am Tel & Telex (3) Am Tobaceo (16) Am Tobacco B (18) Am Water Wks (3) Am Wat Wks cfs(3). Am Woolen Co. Am Woolen Co pf Am Zinc & Lead of. Anaconda Copner. The sbllndness*of the banks here is best shown by the fact that not s yet been made »m - the funds of the Na- 1 iation. The Wash- ington unit was anized promptly, the full quota of funds subscribed, and the is ready to act at any time a call has;come to its attentic ber 31, 1981, in as many local banks as could be reached before going to press: Local Bank Depositsion December 31. Banks Dec. 31, 1931 Riggs Nbtiohal.’ . ,:....c... $54,054.229 Washinggon Loan’ & Tpust. 16449838 National Baiksof Washing- ton g Nationa. 9,366,433 17,267,697 39,552,707 16,514,115 13953.303 ropolitan. ... .. & Trusty Nationaly & Trust.” mercial National ... 13,867,972 Duniep Joins Insurante, Firm. * Dunlop as a vice { the corporation. Mr. Dun- 1 associated with Edgar K George A. Griffin. since nced his insurance career a number of years ago. Mr. Dunlop is youngest son of the late George Thomas Dunlop, who was a leading fi fer in Washington a quarter of a century ago. He graduated 1909 and obtained his T m George Washington University 1 He is a r of the Chevy Chase, | Racquet and the Blue Ridge Rod and | Gun Clubs Higgins Elected Bank President. Elmore F. Higgins, well known among bankers in Wask nd other Bast- ern cities becaus Mis previous con= nection as 1 bank examiner in al reserve district as today elected presi- ational Bank of of the largest financial of the thwest. He suc beeomes chair- ecently was vice Bank Tex.. years ago, but Montgomery % erfence chants | M a successor when he re- position with the of the same city. 1s began a long examiner, starting s Clearing House lowing this experi- examiner in Pennsyjvania, - Chi- nd Federal - Reserve chief national h Federal This position he re- 9. 1o become an offi- Bank of Commerce signed Fourth In 1 experiens with the Nev Associat ence ns “he Te- e National be vice president N. A. When sty the Bank of rged with the National 1s was appointed Washington ned with Potoma per cent preferred ler Lt the remaining trading sale of §1,000 Capital as recorded at 60 and $100 sales in Washington es A, all at 100 GOVERNOR URGES BANKS TO PROTECT RESERVES Gas 6 ast nigh of the Stat enforce the 30 and on all savings ac- 1s of protecting “our 60 banking_reserv The Governor took this action fol- Jowing upon the placing of the affairs of the People's State Bank of South Carolina, with 44 branches in 41 com- munities, in the hands of the State bank examiner Friday and the closing yesterday of three other banks. ne requirement referred to in the Governor's m a notice of inten- tion to withdraw funds from the sav- ings accour U. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as close of business December 31y Was $474,689,558.83. Cus~ toms rm for the ‘month to date were $26,5¢8.413:25. Total ordinary ex- jpenditures were $6,159,161.02, Anchor Cap (2.40). Archer-Danfels (1).. Armour of Del pf (7) Armour of I11 (A)... Armour of 11 (B)+ Armour of Il pf..... Associated Apparel.. Associated Dry G(1) 4 Atch To&S Fe (10).. Atch To&S Fe pf (5). Atl Coast Line (4). . Atlantic Refining (1) 81 Atlas Powder (4)... 2 T7% Atlas Powder pf (6). 100s 8415 Auburn Auto (£4) 249 14% Austin Nichols A 1% 208 1% Aviation Corp (Del 12 2T% 4% Baldwin Locomotive 5 10415 15 Baldwin Loco pf. 508 87% 14 Baltimore & Ohlo..,. 88 8015 25 Balto { Ohto pf (4) 4 66% 18 Bang & Aroos (3%). 1 Barker Bros. . 1008 Barnsdall Corp'n. 18 Beatrice Cream (4) ] Belding-Hemingway 1 Belg NRptpf ta81. 1 Bendix Aviation (1). 100 Best & Co (2) .. Bethleham Stesl (2). 3ohn Alumn (1%).. Bon Aml tA) (15). BordenCo (3).. Bore Warner (1) Boston & Maine RR. Briggs Mg (1)...... 20% 208% Budd Wheel Rullard Co. 3% Bulova Watch . Burrongh A M(11%) 81 15% Bush Terminal(2%) 2% ' 1 Butte Copper & Zine. 69% 10% Bvers (A M) Co..... 53 8 California Packing 11% 3 Calumet & Hecla 25 16% Cannon Mills (1.60). 4§ 10% Canada Dry (1.20). .. 45% 10% Canadlan Pacific 1% . 214 Celotex Co. .. 694 Cent RROINJ. 9% Cerro de Pasco (1). 11 Cent Aguirre (1%) 31, Checker Cab Mrfg... 23% Ches & Ohlo (2%)... 13% Chesapeake Corn(3). 1 Chi & Eastern N1 pf.. 714 Chi Great Westn pf. 11 Chi Mil StP & Pac... 244 Chi M) StP & Pac of. 5 Chic& Northwstn. .. 13% Chi & Northwestn pf 314 Chi Pneu Tool 10% Chi RI& Pac 6% pf. 101 12 ChIRI&Pac7% pf. 33% 6' Childs Company. 26% 11% Chrysier Corp (1). 37% 251 City Ice&Fuel (3.60) 14% 230 0% 25% 23% 4615 s 114 274 87 16% 45'% 116 15 90 50t 2¢ Colgat 79% Colg-Palm-P pt (6).. 61 Collins & Afkman. .. 11% Columb G&EL(b1%). 7214 Col Gas&El pt A (8). Columb Carbon (4).. 28 8 CommCredit (160).. 6 35% 19% Comcl CreditA (3).. 1 92 52 ComclCred 18t(63%). 20s 16% Comcl Inv Trust (1). 60 Comm Inv cvpf(s6). 1 6% Comcl Solveats (1).. 3 Comwith & Sou(30e) 100% 46 Comwlth&Sou pt (§) 144 6% Congolm-Nairn (1).. 5 78 42 ConsolCgr prof6%. 30s 100% 57% Consol GasN Y (4).. 157 107 88 Consol GasNYpf(5) 2 16% 815 Consol Laundries(1), 1 1% 4 Consol Textil 3 3 14 Container Co: 30 41 Contl Baking (A). 3% 4 Contl ing (B).... 7% 40 Contl Baking pf (8) . 62% 30% Contl Can (2%)..... 16% 3% Cont Diamond Fibre. 51% 184 Con® Insur (2.40)..., 4% 1 Contl Motors, 12 4% Coatl Oll (Del) 12 % Contl Shares 86% 364 Corn Products (3) 18 2% Coty Ine... 341 20 Creamof Wht(t2%). 1 36% Crucible Steel pf (7) 20» 1 Cuban-Am BUugar.... 6 Cuban-Am Sugar pf. Cudahy Packing (4). Curtis Publish (4).. Curtis Publish pf (1) Curtiss Wright. ... 1% Curtis Wright (A) 68 Cushmans pf (8).... 7 Cutler Hammet 3 Davison Chemical 10 13% Deere & Co pf (1.40), 5 64 Delaware & Hud (§). 2 1% s 208 0 Delaware Lack & Wo. 1 Denver & RG W pf.. 1 Diamond Match (1 7 Diamond Mtch pf 1% & Dome Mines (1).... 18 Dominion Stores t1% 3 Doug Atrcraft(ti%) 1 Dresser Mfg B (2)... Drug Corp (4).. 7 Dupont de Nem (¢).. 390 Du Pont de N pf(6). 1 3 Bastern Roll Mills. . Bastman Kodak (18) 5% Eaton Axle& Spr 50¢c. 74 Eitington-Schild pt., 20 Eleo Auto Lite (4).., 234 BleckMusical Instru 9 RBleoPwr&Lt(l)... Blec PwraLt pt (1) 28 Elec Storage Bat (4). 284 Endicott-Johnson(3) 424 Eng Pub Sve pf (6).. 18W Equit Office Bidg 2% 124% 181, 185% 21% L 454 12% 3 11 Federal Screw Wk 3 Fed Water Service A 56% 20 Fid Ph Fire In(2.60). 21% 12% Firestone T& R (1).. 864 48% Firestone T&R pf($) 68 41 First Natl Surs (3%) L % . % Fisk RUDDOrippemene BRI s BeBak ignated by letter desien: 55 Add 00. High 4 Low. Close Chee. 6% 5w 54 + % 3 - Y% 261 100% 46 26% 88 1214 65 31% SISl FFEEE 3 Hieh 64y 1Ty 82y 38% 43% 3 0 274 3515 ——1931— Sales— Add 00. Stock and Low. Dividend Rate. 8 Foster-Wheeler 214 Foundation Co. ... 15% Fourth Nat Inv (1,10 213 Fox Film (A).. 18} Freenort-Tex (3) abriel Co (A). Gamewell Co (3).... Gen Am Tank Car(4) Gen Asphalt (2).... » Gen Baking (2) Gen Baking pf (8). en Cable (A). v pe(6) « Gen Mills (3)..... Gen Motors (3) Gen Motors pf (5)...x en Prtg Ink of (6) Gen Public Servics Gen Ry Signal (5). Gen Realty & Util. Gen Realty & Util nf. Gen Theatre Equip. . lette Saf Razor. Gillatte Saf R pf (5). Gimbel Bros. Glidden Co. Gobel (Adol . Gold Dust (2%).us.s Goodrich (B F)..... oodyear T & R (3). otham Silk Hosfery raliam-Paige. Grand Silver Stores Grand (nion. ... Grand Unfon pf (3) rant (WT) (1). reat Northern pf(2) hn Ore(2) yestern Sug.. ¢ Grinow Net. High. Low. Close. Che 84 8 8 - | STOGKS SELL OFF « | off only a point or so. United States THolland Furnace (1), Homestake M (7.80). Toudallle Hershey. . Houston O11 Houston Oil (new). Hudson & Man (3%) Hudson Motor (1). 3% Hupp Moto 9%, 1llinols Central. 15 lllinois Cent pf (6) 7 Indfan Motor Cy Indian Refining Indust Ravon (4)... ingersoll Rand (4).. Insur Sh(Md) (28¢). interboro Rap Trans Int Bus Machine(n§) Int Carriers.Ltd 50¢. Int Cement (3)...... Int Harvester (2%). Int Harvester pf (7). « Int Hydro E1 A (e2). Int Match pf (4).... Merchant Marine ickel of Can 20¢ Paper & Pwr (A) nt Paper & Pwr C Int Salt (3). Int Shoe (3) Int Sflver. . . Tel & Telex (60c) a Cr'k Coal (3). Int It anville (1).. Soutna. opper 5 K 8) (1.60). 41 Kreuger & Toll 1.61). 1215 Krozer Grocery (1). 407 Lambert Co (8)....e Lehigh Valley R R. .. Lehman Corp (2.40). Lehn & Fink (3).... Liggett & Myers(t5) Ligg & Myers B (16) Tulip Cup(1%). Link Belt (1.20)....¢ Liquid Carbonie (2). Loew's, Inc (14). Loft Inc. ... Loose-Wiles (13) Lorillard (P) (1.20). Lorrillard (P) pt ille & Nash(4) Steel. ) ry (B) (2).+00 sport T P (4). n & Robbins ickS (1).... MeKec MeKe Mack M « Marine Midld (1.20). Marlin-Rockwell (2) Marshall Field (2%) Mathieson Alkill (2) May Dept § Melville Mengel COo.v....vn Mid Continent Petm. fldland Steel (3)... Mo Kan & Texas. ... fo Kans & Texas pf. Montgomery Ward. . Morris & Essex(37%) Mother Lode. Murray Corp Nash Motors Nat Acme Co. % Nat Bella Hess. 86% Nat Biscult 744 Nat Cash Re 20 Nat Dairy 16 Nat Dist I'rod (2) 111 Nat Lead pf A (7). 10% Pwr & Lt (1) 5 Nat Supply Co. Nat Surety (2). tTea (1) o on Cop (40¢) . Industries. 15 10 6% N Y Chl & StL p! N Y & Harlem (5). 4 N Y Investors 5 N Y, N M & Hartford Y Ont & \Western m 1st pf(7). Noranda Mines (2) rth Am Aviation, 107 8tk) d pf (6). cific 3) North Am Bia Uhio Ol 1% Omnibus 4% Orpheum Circuit pf.; 16%4 Otis Elevator (2%) .. Owens 111 Glass (2). % bacific Gas & Bl (2).. Pacific Lighting (3). Pacific Tel&Teleg(7) kard Motor (40¢) -Pub (b10% stk). Ty R ney (J C) (2.40). atiroad (2).. D S pt (6%) ria & Eastern.... re Marquette pf. - e - 9 [YOYOR —TOR0E 108 - JOUL . P UP SN IS PPTORRTo) < | 18 308 1 6 11 258 2 23 34 6 108 4 1 1 4 108 32 60 1 Pere Marquette pr pf 82 Petrol Corp of Am... Phelps Dodge C Phila&Reading C & I Phillips Petroleum. . Pillsbury Flour (3).. Pittsbgh Screw & B., Pitts United Corp. Pitts United pf (7) Port Ric Am Tob(A Port R Am Tcb (B). Postal Tel&Cable pf. Prairie Oil & Gas Prairie Pipe Line Proct & Gamb (2.40) Proc &Gamb pt (§).. Pro & Refiners. ... +10t L B AContinued on Page 12.). WASHINGTON, D. C. MONDAY, JANUARY 4, 1932. TONEW LOW MARK Losses Not Large, but Pres- sure on Market Con- tinues Steadily. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 4—Subjected | to heavy pressure, the stock market reacted again today, with new lows in a number of important industrials and utilities. The market opened lower, sold off steadily during the first hour and then stabilized, without, however, regaining any material part of the loss. The weakness was explained in various ways. Some of it was said to be the result of liquidation consequent upon recent banking troubles. Some of it was due to concern over the German outlook, & perennial source of worry. Some of it doubtless came from holders discour- aged by the action of the market on Saturday, the first busness of the new | year, which it had been hoped would signalize a turn in both business and securities. Losses Mostly Small. There were few large declines. It was thé fact that they came on top cf all the previous losses that made them look so _significant. For example, General Motors, under $20 & share, & new low for the bear movement, Was Steel broke through its old low of 36, but even there it was down not quite 2| points. Westinghouse Electric, similarl was less than 2 points below Saturday fihal. Other new lows were made by General Electric, American Can, Du | Pont, Consolidated Gas, American Tele- phone and Eastman Kodak. Ralils were not as active as the in- dustrials, but that was about the best that could be said. Baltimore & Ohio was especially weak, making a new low along with Union Pacific. Selling of railway bonds unsettled their respective stocks. Motor stocks were heavy. Auburn came down sharply in the first hour and then partially recovered. Trade reports concerning Auburn are optimistic and the motor car producers are far more cheerful than the SQDC& quotations would indicate. Detrof advices today stated that Hupp had shipped 1,044 cars in December, against 248 in November and 327 in December a year ago. Among the earnings statements com- ing to hand, that of Endicott-Johnson was notable For the 11 months ending November 28 last, net was equal to $4.84 a share on the common stock, whereas for the entire year of 1930 only 14 cents a share was reported. Volume during the first half hour was 300,000 shares, against 100,000 on Saturday. Call money renewed at 3% cents. Market Opens Lower. The market opened lower in moder- ately active trading. i General Motors opened at its previ- ous low, 205, off a shade, on & 2,400- share transaction. Other motor shares were also lower. American International, compara- tively inactive usually, started off on & 15,000-share transaction at 54, off a small fraction, but still 14 point above its 1931 low. United States Steel was fractionally lower at 37. Bethlehem Steel lost a shade at 18. Active indus- trials, such as Allied Chemical, Gen- eral Electric and National Dairy Prod- ucts, were all heavy. The latter, to- gether with Bordens, failed to reflect an increase in cream prices. American Can dropped to a fresh bottom for the bear market at 5714, off 3 The rail shares were off with the rest. Baltimore & Ohio, St. Paul pre- | ferred and New York Central all had opening declines. Loose Wiles, with a | loss of nearly a point to 80, ignored | the declaration of the usual 10-cent | extra dividend. The utilities were in- active, Consolidated Gas and Public Service of New Jersey were slightly lower. OIl shares were unchanged. REFRIGERATION TRADE COMPLETES GOOD YEAR By the Associated Press NEW YORK, January 4 —Standard Statistics reports that the mechanical refrigeration industry in 1931 completed the most satisfactory year in its his- tory, from the standpoint of both sales and profits. Distribution is estimated at 1,000,000 household units, the goal set by the trade. Commercial models BUYING OF STOCKS STILL AT LOW EBB Bond Market Action Contains Ray of Hope in Present Situation. BY CHARLES W. STORM, Editor, the News Service of Wall Street. Special Dispatch to The Star. NEW YORK, January 4.—The sharp decline in the general stock market and the establishment of some new low record prices on Saturday, the first business day of the new year, dissi- pated much of the hopefulness which began to be expressed with the going out of the old year. It had been hoped that the cessation of liquidation for tax purposes and “window dressing” would result in a reduced volume of selling and mark the beginning of a period of stabflization. The rapidity, however, with which the industrial list declined during the short | session demonstrated more clearly than ever the absence of buyers for stocks at a time when there is still some necessitous liquidation to be done. Notwithstanding the depressing action of the general market, one source of hopefulness remained unchanged, and that was the bond market. The de- mand for United States Government bonds is showing a gratifying expan- sion and at one time Saturday & scar- city of offerings was reported on the floor of the exchange. January usually witnesses a good market and a continuance of improved bond prices would be a constructive in- fluence on the prices of stocks were it not for the fact that the selling of stocks is of a necessitous nature. It was logical to exvect that the end of the year would mark a diminution, of the liquidation, but the continuance of bank closings and the selling of their security holdings remain sources of sup- ply more than sufficient for the meagre demand for shares. Credit Corporation, Announcements of bank closings are again becoming a dally occurrence. At the moment they are taking place in States in which the tobacco industry is largely intrenched. The closing of these banks has been a source of liquidation, especially with regard to the tobacco shares, and accounts to some degree for the continued selling of these shares, which were a feature of the weakness Saturday. Bank closings, however, ate now re- garded with much less apprehension. These closings have led to some criti- cism with regard to the activities of the National Credit Corporation, which was formed to help banking institutions in need of funds. It can be stated on good authority, however, that the National Credit Cor- poration is functioning and is doing a tremendous amount of good. The very nature of its activities necessitates ret- icence, and for that reason the general public s not cognizant of the good that is being done. Banking institu- tions needing funds and desirous of making loans that are considered good are being afforded relief whenever their New York correspondents for one rea- son or another do not make the loans. Reconstruction Financing. The creation of the proposed Recon- struction Finance Corporation would go a long way toward supplementing and REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFCRD Avplications lavil apartments and dwellin larly on well Toc for 3. 5 or K St. N, WE PAY 5% INTEREST ON YOoUR SAVINGS } I Savings Account Today ST it oiae " REEULARLY" "o make NEXT hlnisl one. Let wus plain e double advantage a savings account with this Tnstitution. Saturdays Until Noon marketed estimated at 300,000 ma- chines. ———— SILVER QUOTATIONS. NEW YORK, January 4 OP).—Bar silver steady and ' cent lower at 304 cents CLEARING HOUSE FIGURES, Washington Clearing House figures for today: $4,452,830.93 OLDEST NATIONAL BANK in the District of Columbia National etropolitan BANK 1814 1932 Fifteenth St., Opposite U, S, Treasury O Organized 1879 £ JOHN JOY EDSON, President Equitable Co-Operative Bldg. Ass’n WALTER S. PRATT, Jr, Secretary NATIONAL [PERMANENT 949 NINTH ST, NW. UNDER SUPERVISION OF U.S. TREASURY I I | . . 3 Open Daily 9 to § J Be Prompt in Banking Your January Funds —and they will return you additional yield. fWe Pay Interest on Sav- ings, and invite you to de- posit the proceeds of your dividend checks and interest coupons Our Savings Dept. in T 52nd YEAR COMPLETED Subscriptions for the 102nd Issue of Stock Being Received Start the New Year Right Join the Equitable ..$6,124,601.80 FINANCIAL. enlarging the constructive work now, being done by the National Credit Cor- poration and it is because of this, that Wall Street is earnestly hoping for quick action in the reconvening of Con- ess. The formation of the National edit Corporation had a material bene- ficial effect on sentiment at the time it was announced and a similar influence is expected to be feld when the Récon- struction Finance Corporation begihs to assume shape. Looking to Ralls. The railroad situation is expected in the near future to furnish a stimulant to the general securities market. Hope is running high that the employes will agree to accept a 10 per cent reduction in wages, which, it is calculated, would mean a saving of approximately $200,- 000,000 yearly for the common car- riers. Reduced wages on the railroads would create an increased demand for railroad securities, which is expected to spread to other departments of the stock list. The first beneficial effect is expected to find. reflection in the market for railroad bonds, many of which are sell- ing at abnormally low prices. The Street is hopeful with regard to the new year, but in the aBsence of any definite signs of betterment in the commercial picture and the continuance that can be said—just now. (Copyright, 1932. by the North American Newspaper Alliance, Inc.) NEW YORK BANK STOCKS NEW YORK, January 4 (#).—Over- the-counter market. Banks, Bid. Asked Chese .. 28 30 Chat_Phen Commercial Natl Public ... Trust Companies. Bankers .. of necessitous selling that is the most | *x¥x A—11 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. ENTERPRISE SERITAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 87th Serles of Stock Now Open for Subscription 59 INTEREST PAID ON STOCK James E Connelly, James F. Shea. President . Secretary Money to Loan Becured by first déed of trust Frevaliing interest and” commimsion """ Joseph 1. Weller growsn 1 & 1 Invest in First Mortgage Securities Non-Fluctuating Investments Guaranty Pirst Steady woniree Becuriies o lating a steady in- Let us send you a list of our current offerings. Denominations as low as $100 Monthiy Payments if Desired Send for Booklet, "The Success Plan” REALESTATE Brooklyn ' Cent Hanover Chem Bk & Tr MORTGAGE & GUARANTY CORPDRATION 1610 K St. N.W. National 1403 I I 1 (TS We Give Property Management Personal Attention NSTEAD of taxing your own time and attention with the unavoidable details associated with the management of apartment house, office building, residential or business properties—place them in our care. We will give them that attention which keeps them in the best condition and irsures the greatest return to you. The fee for this service is merely nominal. PROMPT remittance is the INVARIABLE rule of this office RANDALL H. HAGNER & COMPANY MoureAcE. LoaNn CORRESPONDENT 1321 Connecticut Ave. Decatur 3600 R 4R ST PR O RN N TN 1903 g LEGG, GRIFFIN AND COMPANY, INC. INSURANCE HIBBS BUILDING ANNOUNGE THE ELECTION OF WALTER G. DUNLOP AS A VICE PRESIDENT OF THE CORPORATION Telephone NAtional 6963 CHAS. D. BARNEY & CO. Members New York Stock Exchange announce the opening of an office in WASHINGTON, D. C. Monday, January 4, 1932 Securities Building, 729 15th Street, N. W. Telephone : National 3605 under the management of MR. FRANK P. MORSE il SAFE RIRST MORTGAGES WHAT TO DO WITH SURPLUS FUNDS It needn't be a problem—for we offer a very attractive investment in our 6% FIRST MORTGAGES - The return IS liberal; and, what’s more, it won't vary throughout the term of the mortgage. Over a Third of a The principal is safe—sccured by conservatively appraised improved Washington real estate. Consult with us about details. May be purchased in amounts from $250 up. Century Without a Loss I you adopt the systematic sav- ing plan of the Equitable, 1932 will prove a banner year for saving. No matter what you are saving for—a home, your children’s educa- tion—you’'ll find the Equitable’s plan a helping hand to accumulate money. 915 F ST. . Al $250 [ Per Share § F B. B, SAUL CQ. National 2100 925 15th St. N.W.