Evening Star Newspaper, January 21, 1932, Page 13

FINA IKEE RE-ELECTED BY CLEARING HOUSE Deyber Also Chosen to Re- tain Post as Secretary of Association. BY EDWARD C. STONE. H. H. McKee, president of the Na- tional Capital Bank, was re-elected chairman of the Washington Clearing House Association at the annual meet- ing held late yesterday afternoon. Mr. McKee has rendered long and valuable service to this important organization and the members insisted upen his re- maining in office another year Victor B. Deyber, president of the Becond National Bank, was again elected secretary. This will be Mr. Deyber’s tenth year in this office. The association re-elected Frank J. Stryker, president of the Columbia Na- tional Bank, and C. F. Jacobscn, cashier of the National Metropolitan Bank, to membership on the Executive Commit- tee, their terms of office having expired this year. ‘The other two members of the Clear- ing House Executive Committee are Robert V. Fleming, head of the Riggs National Bank, and George L. Starkey, president of the National Bank of Washington. They were elected to their present offices last year. Following the election of Chairman McKee and Secretary Deyber, Charles E. Bright, assistant_cashier of the Na- tional Metropolitan Bank, was re-elected manager of the Clearing House, a posi- tion which he has held most acceptably for many years. 8. E. Moore, who is also connected with the Metropolitan Bank, was named assistant manager. The Clearing House headquarters are Jocated in the Metropolitan Bank Build- ing. The usual routine reports were presented, the work of the association during the pest year having been of unusual importance. Potomac Power Report Filed. 'l;pr Potomac Electric Power Co. has filed its December report with the Pub- lic Utilitles Commission and also the financial statement for the full year. December operating revenues totaled $1,030,619.63, compared with $1,016, 525.26 a year ago, & gain of $14,093.97. Revenue deductions required — $485,« %738.42, against $385,589.77, an increase of $100,148.65. After these deductions December op- erating net revenues amounted to $544,~ 881.21, against $630,935.89, a decrease of $86,054.69. Gross revenues totaled practically the same figure, leaving the corporation, after all other deductions, with a net revenue for the month of $481,609.96, compared with $577,345.76, or a decrease of $95,735.80 over the like month in the previous year. For the full year, operating revenues totaled $10,857,475.76, against $10,,565,- 959.56 a year ago, & gain of $291,516.20, while operating expenses called for $5,590,058.28, an increase of $324,202.53. Non-operating were off $32,686.32 for the year and miscellaneous income was down $47,568.96, leaving a drop in gross income of $80,255.28. There was an increase in deductions from gross amounting to $102,529.57, leaving a total net profit for the year of $ 3, 224.30, against $4466,009.15 in 1930, & decrease of $182,784.85. Pepco Reports Year's Earnings. Report of the Potomac Electric Power Co., filed today with the Public Utilities Commission, shows total net earnings of $2,030,848.03, against $1,895,408.54 in 1930, & gain in 1931 profits of $135,~ 330.48. Gross earnings for the year, less oper- ating expenses and taxes, amounted to $2,681,462.24, compared with $2,568,- 095.93 in the like period in the previous year. December net revenues showed a considerable falling off, being $43- 163.86, in comparison with $74,500.52 in December, 1930. Operating revenues in December were $388,972.15, compared with $452,757.87 in December, 1930. Qperating expenses were held far under the previous De- cember, but the difference in operating income left a net operating revenue of $72,175.24, against the higher figure of $100,458.92. State's Youngest Trust Officer. Word has just reached Washington that Rembrandt P. Lane, a native of this eity, has just been appointed assist- ant trust officer of the National Newark & Essex Banking Co, of Newark, N. J. By this dvancement he became the youngest trust officer in that State. The young man entered the banking field shortly after his graduation in engineering at Yale, becoming asso- ciated with the Guaranty Trust Co. of New York in the head office. After gaining wide experience in all depart- ments of banking he was transferred to the Washington office of the com- NCIAL. b THE EVENING STAR, WASHINGTON, D. €, THURSDAY, JANUARY 21, 1932. NEW YORK STOCK EXCHANGE st —I— High. Low. 14% 52 4% Abitibi Pow & Pa pf 23% 34 Adams Expre, 11% 2 AdvRumley... 121 Afliated Prod 1.60 47% Alr Reduction(t4%) 7 Alaska Juneau (50¢c) 1% Allegany COrp...... 64 Allled Chemical (6). 104 Allis-Chalmers(50c) 11% Amerada Corp (2).. 35 are Divigend Rate % Am Beet Sugar.. 114 Am Beet Sugar p! 1812 Amer Br Shoe (1.60) 5814 Am Can Co (15). 414 Am Car & Foundry. 20% Am Car & Fdy pf (T) 5 AmChain.... 30% Am Chicle (13) te exeent Btock and 8 Am Bank Note pf (3) Received by Private Wire Direct to The Star Offiee. 5 . 10 201 20 52 2 2 1008 2 108 5 Am Comcl Alcohol. .. 7% Am European Secur. 644 Am & For Powe! 18 Am & For Pwrp. 20 Am & For Pwr pf(7) 10 Am & For Pwr 24 pf. 37 Am Home Prod 5 Am International % Am La France&Fom. 5 Am Locomotive. 16 Am Mch & Fdy 1.40. 11% Am Pwr & Lt (21).. 44's Am Pwr & Lt of ( 5 Am Radlator (800) 100 Am Radiator pf (7) 12% 1% Am Republies. 37% 7% Am Rolling M 9 1% Am Seating. ... 581 102% 110% 4 31% 45 97% Am Snuft pf (6).. 68 Am Steel Fdry pf(T) 33 AmStores (12%)... 60 348 Amer Sugar (4). 201% 11214 Am Tel & Telex (3) 603 Am Tobacco (5). 64 Am Tobacco B (5). 96 Am Tobacco pt (6) 23% Am Water Wks (3) 1754 Am Smit & RYg (50¢) Am Sm&R 2d p£(6).. 1 Am Solv & Chemical. 5 Am Steel Foundry. .. 11 16% 1 B0% 208 96 21% Am Wat Wks cfs(3). 2% Am Woolen Co. .. 16% Am Woolen Co pf 's Am Writ Paper ctfl 9% Anaconda Copper 13 Anchor Cap (3.40). 8 Archer-Dantels (1) Archer-Dan pf (). 3% Armour of Il (B). 1% Arnold Cons 1% Associated Apparel.. 5% Assoclated Dry Gds. 79% Ateh To & San Fe(§) 8% Atlantic Refining (1) 845 Auburn Auto (f4)... Aviation Corp (Del). 4% Baldwin Locomotive 15 Baldwin Loeo pf. 14 Baltimore & Ohlo 25 Balto & Ohio pf (4) Bang & Aroos (3%) Barnet Leather Barnsdall Corp'n. Beatrice Cream (4) Bendix Aviation (1). Best & Co (2) Bethlehem Stee! Z3ohn Alumn (1%).. Bon Ami (A) (16). Borden Co (3).. Borg Warner (1). Boston & Maine RR. Briggs Mfg (1) Bklyp-Man Tran (4). Bklyn-Man Tr pf (§) Bruns Term & Rwys. Bueyrus-Eris cv pf Budd (EG) Mfg. Budd (E G) Mfgpf.. Bullard Co...... Burr Add Mch (1)... Bush Terminal pf(7) Byers (A M) Co 64 27% 104% 8T% 10% Canada Dry (1.20). 10% Canadian Pacifie 1% 4% Capital Admin (A).. 834% Case (JI) Co.. . 53 Case (JI) pf(T).... 10% Caterpillar Trac (2). 5% Cavanaugh-Dobbs pt 243 Century Rib Mills. .. 50 Century Rib M pf(7) 9% Cerro de Pasco (1)., 31 Checker Cab Mrfg. 283 Ches & Ohio (2%). 18% Chesapeake Corp(3). 214 Chi Great W 74 Chi Great Westn pf. 115 Chi M1l StP & Pac... 2 Chi Mil StP & Pac pf, 5 Chic & Northwsta. .. 134 Chi & Northwestn pf 31 Chl Pneu Tool . 6% Chi Pneu Tool pf. . 7% Chicago R I&Pacifie. 10% Chi R 1& Pac 6% pf. 12 ChiRI&Pac7% pf. 8 Chicage Yellow C(2) 5la Childs Company. ... 11% Chrysler Corp (1) 2515 City Ice&Fuel (3.60) 681: City Ice&Fuel of 6% % Clty Stores. .. 97% Cocoa-Cola (18). ., 24 Colgate-Pal-P (2%). 79% Colg-Palm-P pf (). 71 Colorado & Southern 11% Columb G&El(b1%). 72% Col Gas&El pf A (6). 32 Columbia Carbon (3) 8 Comm Credit (1.60).. Comel Credit A (3).. Comcl Cred 18t (6% ) 182 1504 9 3 4 8 208 25% 208 15 10s 16 708 108 86 1 10 6 1 208 se desirmated by letter *5." ales— Net. Add 00. High. Low. Close. Chse 2 Abitibi Pwr & Paper. 6 24 2% % o EEETE FEEFE FFEE ¥ —1931— High B0% 128'% 154 3% 29% &5 27% 3544 8T 4% 61 69% 84% 20% 91% Stock and Low. Dividend Rate. 29% Gen Mills (3). ?l;\t Gen Motors (3). Bales— k-3 = s @lnan nusuBornabeonnormanSnenalad - 13% Gen Realty & Util pf, 12 Gen Refractories (1) 1% Gen Theatrs Equip. . 9% Gillette Saf Rasor. .. 45 Gillette Saf R pf (5). 1% Gimbel Bros 264 Gimbel Bros p 4% Glidden Co. . 3% Gobel (Adolf). 14% Gold Dust (2% ).. 3% Goodrich (BF)....u 18% Goodyear T& R (1).. 85 Goodyear 1st pf (T).. 3% Gotham Silk Hoslery 1% Graham-Paige. . 1'4 Grand Silver Stores 7 Grand Unfon 241 Grant (W T) . 15% Great Northern pf (2 10 Great Northn Ore(3) 5% Great Wastern Sug.. 1 Grigsby Grunow.... Gulf Mobile&Nor pf 1% Hahn Dept Storel 14 Hahn Dpt 8t pf( 11 Hall (WF) (1.20)...x 67 Hannaof (7). : % Hartman Corp (B).. 128% Helme (GW) pf (1).: 1008 26 Hercules Powder(3), 3208 95 Hercules Pow pf (7). 108 68 Hershey Choc (6)... 70% Hershey Choo ot (1K) 5% Hollander Sona. 81 Homestake M (1.10). 214 Houdaflle Hersh 5215 Househld Fin pf . 15% Houston Ofl. . . 3 Houston Ofl (new).. 11% Howe Sound (2).... 264 H§duon & Man (3%) © 7% Hfidson Motor (1) 3% Hupp Motors 9%y 111inols Central. 25 Illinois Cent11 (4).. 1'% Indian Refining. . 21 Indust Ravon (4)... 25% Ingersoll Rand (3).. 4% Ins Shares(Del) 50e. 4% Interboro Rap Trans 2% Interlake Irom...... Int Bus Machine(né) 3 IntCarrlersLtd § 16 Int Cement (3) % Int Combustion, 22% Int Harvester (1%). 9% Int Hydro E1 A (e2). 11 Int Matchpf (4).... 7 Int Nickel of Can 20c 80 Int Nick Can pf (7).. 1% Int Paper & Pwr (A) 1 Int Paper & Pwr (B) % Int Paper & PwrC.., 265 Int Printg Ink pf (§) 18 IntSalt (3). 37 Int Shoe (3). Ti Int Tel & Teleg(60c). 534 Interstata D S pf(1), 5213 Interst D 8 pf xw (1) 4% Intertype Corp...... 1% Investors Equity. ... 14% Jsland Cr'k Coal (3). 15% Johns-Manville (1).. 68 Jones & Laugh pf(7) 64 Kansas City Southa. 514 K'mann Dept Stra(1) 74 Kayser (J) & Co (1). y-Hayes Whee! 6 Kelvinator Corp. . 9% Kennecott Copper 50e 15 Kresge (88) (1.60).. 264 Kress (SH) Co (J1).. 4% Kreuger & Toll 1.61). 121 Kroger Grocery (1). 407 Lambert Co (8)..... 1% Lee Rubber & Tire. . 8 Lehigh Valley RR.. 35 Lehman Corp (2.40). 184 Lehn & Fink (3) 5% Libbey Owens Gla 40 Ligg & Mvers B (1§) 12% Lima Locomotive 18% Liquid Carbonic 28% Loew's, Ine (14) 26 Loft Inc 20% Loose-Wiles (13). 10 Lorillard (P) (1.20). 20 LaOilpf (B%).1..ee 17% Lou Gas&El A (1X) 204 Loulsville & Nash(4) 4 Ludlum Steel. 5 16’4 McCall Corp (2%). . 12 Mclntyre Pore M (1). 38 McKeesport T P (4). 14% McKes&Rob pf(3%4) 114 McLellan Stores. ... 50 Macy (RH)& Co(n3). 7% Magma Copper (50¢) . 6% ManhatElev mod gtd 9% Marine Midld (1. Marmon Motor Car.. Marshall Fleld (2%) Mathieson Alkill (2) Maytag Co..... Maytag Co pf (3). Meiville Shoe (2). Mid Continent Petm. Midland Steel (3)... Minn Moline Pow. Mo Kan & Texas Mo Kans & Texas pf. Missouri Pacific. . Missouri Pacific pf.. Mohawk Carpet. . Monsanto Chem (1%) Montgomery Ward.. b Add 00. High. Low. Close. Chrs 34% 33 34 + 22% 867 13% 3% 26 1 13% 13% 14 13 144+ 0 8 14 $1&E1444 |4+ 14+1+ 1 2o QIR FEEFES FEE RFFF ¥ 1 & 4 » ¥ 2 & ees Fl+1LL+ +1+11 o +1 1 4+4+ S5 ssas - 14 + FREFE F FFEE F¥ ¥ et . Y FEE FE E£EE EEEFFEE FFREEFEE FI &5 EITEREFE SFFr STOCKS ARE FIRM IN SMALL TRADING % ;2 Only Changes Recorded on Market Come on Side of Advance, BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 21.—Stocks exhibited impressive steadiness in to- day's market. Trading was still in small volume, but there was no pressure either from liquidation or from the bear faction, and such movement as there was came on the side of advance. Traders were disposed to put the best. construction possible on the overnight news. There was really only one unfa- vorable item and that concerned the postponement of the Lausanne Confer- ence on Reparations. The market on this side, however, followed the lead of those abroad in ignoring the interna- tional situation. Even European dollar bonds were unaffected and therefore the stock market dismissed the matter as of no great concern for the moment. On the other hand, the progress on the Reconstruction Finance Corporation bill in Washington was very gratifying. Then, too, the market itself, by its ab!?— ity to push through old resistance points on the up side even when the gain was only fractional, inspired con- fidence. ‘The railroad stocks were the leaders in the morning trading. Atchison, Union Pacific and Pennsylvania were favored, while Chesapeake & Ohio re- sponded to estimates that it would cover its dividend by a wide margin. Brokers reported receipt of buying or- ders from Paris and Amsterdam for both accounts in United States Steel and Eastman Kodak. Foreign specu- lators had been short of both of these stocks for some time, which contracts they were said to be taking in today and besides indulging in & moderate amount of speculation on the long side. There were also reports today that the Steel corporation had been buying stock in preparation for its offer to ‘employes. Steel ficid!nb&lly was one of the im- ?onsnt stocks to “sell at a new high or the year.” ons) tractions were benefitted by the announcement that the bankers had ar- ranged to meet the city's financial needs, It was inferred that a satisfac- tory solution of the traction problem was that much nearer. Brooklyn-Man- hattan Transit was up a couple of points, and Interborough Rapid ansit made & somewhat smaller gain. Bu%ing of American Woolen preferred, which Was first noted Wednesday, continued, and the stock made a new high on this recovery. The only exception to the trend dur- ing the morning, and that was not very ronounced, was General Electric. Pub- ic Service of New Jersey declared the regular dividend om its common stock, as had been expected. Call money re- newed at 21 per cent and was in good supply. GERMANY MAY CUT U. S. FUEL IMPORTS Republic Has Plan Under Consid- eration to Utilize Domestie Products. By the Associated Press A valuable market for United States gas fuel is threatened, says a cable to the Commerce Department that Ger- many hopes to standardize motor fuel for the entire republic, utilizing a large proportion of domestic gasoline, benzol, alcohol and methanol. Under the plan, it will be necessary to adopt some unified control of all filling stations in that country. The development, which the cable said will not be realized for some months, would allow import quotas among foreign suppliers. The action is said to have grown out of Germany’s attempt to balance its foreign trade and in general economic conditions. Approximately 90 per cent of Ger- many's requirements of gasoline is im- ported, with the United States a chief source of supply. In 1830 this country sold to her 5944,078 barrels of gaso- line in addition to 1,891,942 barrels of gas oil, 1,609,873 barrels of lubricants, 60,380 barrels of crude oil, 1,152,358 barrels of fuel oil, 1,060,584 barrels of kerosene, 31,110 tons of light residue and 16,185 tons of heavy residue. These items totaled 46.5 per cent of total imports of petroleum produets into Germany. SILVER QUOTATION NEW YORK, January 21 (#).—Bar silver quiet and !4 higher at 29%. FINANCIAL. *¥y A—13 SELLING AND MARKET STUDY HELD FACTORS IN '32 BUSINESS Symposium Also Stresses Economic Plan~ ning, Better Budgeting, Staff Training and Morale. Speclal Dispatch to The Star. NEW YORK, January 21.—The strat- egy of American business manage- ment in 1932 will emphasize special factors which include more intensive selling and market study, economic planning and better budgeting, accord- ing to a symposium of executive opinion presented in the current issue of Man- agement Methods. In their efforts to restore prosperiy to business, executives likewise will place added emphasis upon credits, research, costs, staff training and morale. In the opinion of C. M. Chester, jr., president of General Foods Corporation, one of the executives quoted, selling is the largest single business problem of 1932. He points out also that current hazards from business failures and the need of flexibility of credit for healthy concerns have made the job of the credit man more important. In addi- tion, says Mr. Chester, the research man will be called upon for new ideas this year. Willlam J. Graham, vice presi- dent of the Equitable Life Assurance Soclety, stresses as basic among the problems of management the factors in economic planning and the personal element in business. “Management, vested with the in- terest and money of stockholders,” says | Mr. Graham, “must realize that the| employes are a most important factor | in the ultimate success of co-operative ventures. Today, recognition of the| human element in business and indus- | try is vital. That recognition expresses | itself—and will continue more and more | to express itself—in just compensation | for work performed, shorter working hours to permit of leisure and the op- | portunity to meet the economic hazards | of life; old age and death benefits through co-operative plans of group in- | surance that only management can| make available to employes, through | ving them the opportunity to protect | emselves, economically, to meet the hazards of sickness and accident—with | resultant unemployment, and of death | and superannuation.” Must Adjust Policies. L. C. Harbison, president of the Household Finance Corporation, is| quoted as saying that the big executive Rroblem today is integration of over- ead management with unit operation. | In 1932, he says, the executive heads of big business must adjust their policies | of management to the different plane of operation necessary to keep a large or- ganization functioning effectively. This process will require an entirely different | type of business engineering. ic quoted as stressing the importance of intensified selling, close engineering ocntrol of operating costs and continued improvement in service quality, Mr. Sloan, who is also president of the New York Edison Co. points out in addition the importance of job training and edu- cational courses for employes. Thirty-three factors to which the executive will have to give his attention more intensively in 1932 are listed by Harold V. Coes of Ford, Bacon & Davis. Among these factors are market distribution research, cost methods, budgets and budgetary control, re- search, adequate planning for market- ing, distribution and sales programs, production planning, replacement of obsolete equipment and facilities, base wage and wage incentive policies and plans, training of key men, engineering and design, industry _co-operation, financial management, office operation and effective use of competent profes- sional assistance in the solution of business problems. BOURSE STATEMENT. PARIS, January 21 (#)—Three per cent rentes, 79 francs 40 centimes. Five per cent loan, 102 francs 35 centimes. Exchange on London, 87 francs 75 centimes. The dollar was quoted at 23 francs 4113 centimes. RICHMOND RESERVE BANK HAD ‘31 LOSS Institution Fell Behind $497,- 000 in Operating Last Year, Report Says. By the Associated Press RICHMOND, Va., January 21.—The Federal Reserve Bank of Richmond, which serves banks in five States and the District of Columbia, operated last year at a loss of $497,000. Gov. George J. Seay in making the announcement said the decrease was due to “extraordinarily low return on the aggregate earning assests” of the d | bank. He pointed out that for a good part of the year the discount rate was 3 per cent, equal to the lowest rate ever established by this bank. The bank’s surplus at, the end of 1931 amount_to $11,482,816.30. The Federal Reserve Bank of Rich- mond serves banks in Virginia, West Virginia, Maryland, District of Colum- bia, North Carolina and South Carolina. Authorized Service, Lockheed Hydraulic Brakes MILLER-DUDLEY CO. 1716 14th St. NW. NO.1583-34 CLEARING HOUSE FIGURES. ‘Washington clearing house figures for today, $3,431,157.73. TREASURY STATEMENT. Treasury receipts for January 19 were $6,971,024.23; expenditures, $9,- 891,022.50; ~ balance, $359,564,070.58. Customs duties for 19 days of January were $18,555,952.14. NEW YORK BANK STOCKS NEW YORK, January 21 (#).— Bank Stocks, Management in 1932 best can fulfill | Gogr its obligations to the general public, in | the opinion of Benjamin F. Affleck, president of the Universal Atlas Cement | Co., by concentrating on the sound fundamentals of economics and indus- try on which business and national progress thus far have been based. Mr. Affleck is quoted as saying: “‘America has progressed under a 144- year plan—the United States Constitu- tion—which guarantees equal oppertu- nities to all for individual development. Schemes that interfere with the free exchange of goods between different States and different sections of the country under the guise of aiding local industry must be opposed. Movements to put the Government still more in business or to give more control or more regulation over industry should be re- sisted, thereby preventing unwise ex- penditures of public money.” Ernest T. Trigg, president of John| Lucas & Co., states that there is a bet- ter feeling among business men gener- ally as to conditions for this year. George M. Brown, president of the Certain-teed Products Corporation, be- lieves that too many cures and schemes generally are being proposed as a means of ending the depression. He advocates calm and determined attention to busi- ne following more or less standard, sensible plans, avoiding special under- takings and special experiments. Proper planning, he believes, will get business | out of its troubles and keep it out. 33 Factors Listed. Matthew 5. Sloan, past president of the National Electric Light Association and an active participant in the affairs of its Public Policy Committee and its Electric Rrefrigeration Bureau, is Manufacturers Trust Co. New Fractional Scrip Bought, Seld, Quoted L Manufacturer: New York PROPERTY Apartment House MANAGEMENT | Increase | Your | Income | By Investing In 6% 1st Mortgages —on conservatively ap- praised Properties in the District of Columbia and Maryland. Low Denominations May Be | Purchased For Further Partioulars Apply WVER B WERRE RS Washington Bldg. * Di. 9486 Mortgage Loan Correspondent, Metropolitan Life Insurance Co, Interest Paid on Savings The Very First National Bank ~—in the United States to take advantage of the Federal Reserve Act, em- powering such institutions to transact Trust Business —was The Metropolitan. 1 Appointment in all fiduci- ary capacities invited. 15th Street Opposite U, 8. Treasury MANAGEMENT CONSULT with us concern- ing the management of your apartment house. We can clearly convince you of the many advantages to be derived by placing it in our care— among them relief from all in- cidental worries, plus a consist- ent relation of overhead and income. Our fee is merely nominak~— but our service most complete and comprehensive. B. F. SAUL CO. 925 15th St. N.W. pany, where he specialized for five years in security analysis and distribu- tion From this city he went to Newark. His promotion is considered mast grati- 1ying when it is considered how few official changes or additions are being made in_banks during these strenucus days in finance. The young banker is married and lives in East Orange, his wife before her marriage being Audrey Herron, daughter of Col. and Mrs Leroy W. Herron of Washington Today's Trading on Exchange. Capital Traction appeared seven times on the board during today's session of the Washington Stock Exchange. All the trading was in small lots, the mar- ket opening at 18!, and closing at 18. ‘The largest sale was 20 shares and the smallest 3. Potomac Electric Power consolidated bs sold at 101 and Capital Traction 58 | at 60'2. Mergenthaler sold at 51. Comcl Inv Truat (2) 6 Comm Inv cvpf(e6). 2 Comel Solvents (1). 5 Comwlth & Sou(30e) 21 Comwlth&Sou ot (§) 2 Congolm-Nairn (1)., Consol Cigars (5) Consol Film. .. “onsol F{lm pf (2) nsol Gas N Y (4).. Consol Gas NY vf (5) 14 Consol Laundries(1) Consol Textile. 7 Contl Baking (A). 3 13 Contl Baking (B). 0 6508 1 Motpr Meter G & El. Motor Wa.sel (50e).. Mullins M Mullins Mfg pf. Munsingwear Inc Murray Corp. Waggaman Brawner & Co., Inc. 1700 Eye St. ME. 3860 Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applics.tions JAMES F. SHEA 643 Indiana Ave. N.W. 11 FFIESS © THE ANNUAL MEETING OF THE ST holders of the Federal Security & Mortgage Company was held at the offices of the com- any Tuesday, January 10th, 1932. The fol- owing were elected Nat Bella Hess. Nat Biscult (2.80 Nat Cash Reg (A) Nat Dary (2.60).... Nat Dept Strs 1t pf. Nat Enam & Stamp.. 137 Nat Pwr & Lt (1) H : Nat Steel (2) 2 Oy Nat Supply pf. Nat Burety (2) Nat Tea (1), Newport Industries. 4 1 3 3 47 1 2 QFFICERS, MORRIS CAFRITZ, President GEO. W. HUGUELY, Vice President and Treasurer. T. CHEWNING, Vice President MORRIS GEWIRZ, Secretary and Gen- B! NORENBERG, General Counsel S] 5, Gener: 5 3D RDONALD, Adsistant Secreiary. DIRECTORS, W. W. Grifith, Morris Gewirz, George W. Hilguely, 40 Contl Baking pf (3). 30% Contl Can (234). 3 Cont Dlamond Fi 15 Con* Insur (2.40) 1 Contl Motor 44 Contl Oil (Del) % Cont] Share: 36% Corn Products (3). 2 Coty Ine. .. 13% Crown Cork (2.40) 20 Crucible Steel. .. % Cuba Cane Products, Cudahy Packing (4). Curtis Publish (4) Curtiss Wrignt .o 1% Curtis Wright ( K. A Fiae & Co, members of the | 7 Cutler Hammer New York Stock Exchange, with offices in the Transportation Building, have for distribution a review of chain stores and mail order sales for December and the year 1931 Directors of Mount Vernon Bavings Bank at their annual meeting of or- ganization yesterday re-elected all pres- ent officers, as Tollows: Claude H Woodward, president; A. O. Wharton, willlam H. Johnston, E. C. Davison Frank W. Lee, vice presidents; Robert T 'Highfield, cashier; Leo E. Madigan, controller; ~T. Edwin Norris, A Mistretta, assistant cashiers: L. Har- old Sothoron, attorney; Hayden John- | son, advisory counsel Jiec Auto Lite (4) .. T 1 94 Blec Auto-Lite pf(7) | 2% | MARYLAND POWER UNITS 2 BeEm AL, LINKED BY NEW LINE| Harry Crandall T. Chewnini Chas. A. Goldsmith, Morris Cafritz, : Rasenberg, Paul Himmelfarb, Vernon G. Owen, James E. Smith. _ Nat’l 2100 of. (8)u.e - FEFEF FE F N Y & Harlem 1% N Y Inyestors. 17 NY.NH & Hartford 6% N ¥ 'Ont & Wester! N Y Raflways pf 214 N ¥ Shipbullding. .. 10 Noranda Mines (2).. 105% Norf & Westn (112). 2% North Am Aviation. 90'% 26 Nor Amer(b10%stk) 60'x 14'4 Northern Pacificd) .. 5% 4 Nor Ger Lloyd m2.66 5ia Oh10 OMl. .\ ..o . 5 Oliver Farm Equip. . 24 OlivFarm Eq prof. . 84 Oppenhm Collins(1). 164 Otis Elevator (23).. 97 OtisElev pf (6).v. .o 20 Owens 111 Glass (2 Tucific Gas & Bl (2). Pacific Lighting (3). Pacific Tel&Teleg(7) Packard Motor (40¢) Pan-Am Pet B(1.60). Par-Pub (b10% stk). Pathe Exchange. ... Peerless Motor Car.. Penney (J C) (240).. Penn Dixie Cmt pf. . Penna Rallroad (2).. 31, Endlcott-Johnscn (3) Peoples D 8 pf (6%) 184 Equit Office BIdg 2% Eeople D ot e : . k ® Pere Marquette Ry.. : Pere Marquette pt. .. Pere Marquette pr pf Petrol Corp of Am. Phelps Dodge Co- PhilagReading C& 1 Philip Morris&Co(1) Phillips Petroleum, . Pleroe Ol1 Pillsbury Flour (3).. Pirelli (A) (m3.13).. Pitts United pf (T).. LIFE INSURANCE DAY $10,000 TEN THOUSAND DOLLARS OR YOUR MONEY BACK Send Date of Birth for Hlustration, M. LEROY GOFF 1036 Woodward Building Nat. 0340 MORTGAGE LOANS Financial District Notes. | Chesapeake & Ohio's December net % 29 railway operating income was $1,694,- | 20 3, compared with 82765888 a year 1 414+ 0 E5eE 217 11 T on 1 13% Deere & Co pf (1.40). 64 Delaware & Hud (9). 17% Delaware Lack & W.. 31y Denver & RG W pf.. 10% Diamond Match (1). 19% Diamond Mtch pf 1% 6% Dome Mines (1).... 11 Dominion Stores t1% 42% Drug Corp (4)...... 507 Dupont de Nem (4).. 94 Du Pontde N pf(8). stman Kodak (1! tington-Schild. ... cts men e e ts oy S SN @ - FEES Insurance Exclusively Over 20 Years 6% Secured on conservatively appraised residential proper- ties. LEvery mortgage pro- tected by fire snsurance and title guaranteed by responsi- ble title companies. Ll IN PENOMINATIONS OF $250 and upwards BOSS & PHELPS FLEIHE A1+ e e —and started With extended facilities in 31 states, the Middle Wast Utilities System is ready to serve increased demands without extensive additional investment. q Surveys indicate that the small and medium-sized communities served by the System have already swung into recovery, and are setting the pace in the nation's return to normal business. G This interesting field of operations is described in the booklet “The Middle West Utilities System,” sent upon request. w0 56 651 1007 851 [ & 1 1001 8614 3 FIRST MORTGAGE NOTES ec Storage Bat (4) Completio uniting two units tric Power Co nounced by Harry Reid new line, approximately length, forms & connecting link between | the Eastern Shore Public Service Co., operating unit in the N\admnlm éyfflxe'}:’f d the territory of the Maryland Lig Power Co. acquired by {he Eastern Fox kiim (4). ..o Shore company during the past year. 4 Built for 11,000 volts, the line extends| o2 L et 2 Port Ri¢ Am Tob(A) between Queen Anne and Queenstown Abriel Co (A). Port Rig Am Tob(A). ar. B i Prairie Pipe Lin 5 ar, Eastern Shore acquired the ,2% Gen Am Investora ErairisBips ity Maryland Light & Power Co., and por- 28 Gen Am Tank Car(4) Ersased Siee) Cb/; e East Coast Utllities Co.| 9% Gen Asphalt (2)..,. Eroct & Gamb (346) rounding out the company's holdings 9% Gen Baking (2)...., Prod & Refiners pe, . on ihe Eastern Shore sections of Mary- 95 Gen Baking pf TR Eubliave 23 (140, land, Delaware and Virginia. Since 21 Gen Cable (A) Eublis o MIPLLS) then, transmission lines have been 26 Gen Clgar (4) Pub §1aGAR P (1), slegs Utilities Company Realtors steadily extended to unite the new ter- | 227 Gen El 34 Pure OIl. . A/ this booklet L . 20 North Wacker Drive, Chi i Fitory with the main transmission 53 10% Gen Elsc spee 5% Pure oIl Bf ( JHES: AN o QR INOTOND-C apon; raqunst Wacker Drive, Chicago, Il tem of the company, which has a large 284 Gen Food Corp (3) * phibaitdiaddha ATt ; 3 steam generating station at Vienns, Md. (Continued on Page 18.) . Fed Water A Fid Ph Fire In(2.60) Firestone T&R pf (§) Firat Natl Strs (2%) Fisk Rubber Fisk Rubbe) Foater- Wh STEEL SHELVING %_Aw:s SPACE... ITIME » MONEY. .. UR six different types of Berloy Steel Shelving offer a solution to any storage require~ ment. Let us show you, without obligation, how you can effect definite economies in office shely- ing and equipment. STOCKETT president. The 14 miles in The Proferred and Common Stecks of the Middle West Utilities Company are listed an the Chicage Steck Exchanse wnd traded on the New York Corb Exchange Middle West o 2 Epssrs =&