Evening Star Newspaper, January 26, 1932, Page 13

FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office. PLATT SEES AIDS T0 GOUNTRY BANKS Former Federal Reserve Of- ficial Comments on Plan for Credits. BY EDWARD C. STONL. ‘The recommendations of the Federal Reserve Board's committee for a com- plete change in the basis of Reserve requirements of Reserve banks some- | what favors coun- use it permits the counting of it cash, but in time of bus dullness would apparently Jower the Reserve requirements of all banks, according to Edmund Platt, for- merly vice governor of the Federal Re- serve Board and widely known in ‘Washington. The committee proposes to abolish the Reserve (‘rl’vr. d the classifica- Hon ?v! deposits as demand and Fm;m e nk to Edmund Phitt. deposi of ave “dur > eight W current reserve compu “Critics of the plan have noticed this eigh and have made the objection that tem- | porary periods of rapid turnover, as just | after the panic in 1929, might call for higher reserves when credit should be made easier rather than the opposite states Mr. Platt “In general, the turnover of checks would be greatest at periods of expand ing business and of considerable spec lation, whether in stocks or in real estate, and the proposed new reserve requirements would act somewhat as an sutomatic check on such speculation the banker asserts New Bank Rate in Effect. The Federal Reserve Bank of Rich-/ mond has jumped intp the nationa limelight by reducing the rediscount | rate from 4 to 3l per cent, the new| rate being put into effect yesterday | The move is said to have been made in| the Reserve Boerd's effort further to| ease the money situation. The 4 per cent Tate had been in effect since last, October 20, when the rate was advanced | 1 per cent. At that time Richmond and Dallas had the highest rates in the United States. | The new rate is the same as that pre- | vailing in the New York district, al-| though bankers today predicted a fur-| ther lowering of the rate in the other districts in a Nation-wide move to make money cheaper for borrowers. The first move by the Federal Reserve Board to| combat deflation was taken on January 12, when the Federal Reserve Bank of New York cut its bill-buying rate by % of 1 per cent, forcing down open mar- ket vields on bankers' acceptances. The officers of the Richmond Reserve Bank are: Willlam W. Hoxton, chair- man; George J. Seay. governor; C.°A.} Peple, deputy governor, and George H. Keesee, cashier Morgan Elected to Air Boards. Charles Carroll Morgan, co-manager of the Washington office of G. M.-P. Murphy & Co., members of the New York Stock Exchange, has been recently | elected to the boards of the Washington Alr Terminal Corporation and the Washington Alrport, Inc. The other directors are: Edward O. McDonnell, New York: C E. Fauntleroy, Hugh Reid, Howard Sutherland, A. P. Adams, New York,!| 4 F. F. Russell, New York | Mr. Morgan is a member of the! board and Executive Committee of the Federal Storage Co. and Investors of Washington, Inc. He is also a member of the board of the Washington Loan & | Trust Co. and the Board of Managers | of the Associated Charities. He is a member of the Ticker Club and the | Bond Club of Washington, being a past | president of the latter. Mr. Morgan is also a member of the Metropolitan and Chevy Chase Clubs and is on the Board of Governors of the latter club. Rail Credit Body Organizes. The Rallroad Credit Corporation has completed its permanent organization, as follows; President, E. G. Buckland, chairman of the board, New York, New Haven & Hartford; vice president and controller, E. R. Woodson, Washing- ton; secretary, William J. Kane, Wash- irgton; asistant secretary, M. K. Du- gan, New Haven, Conn.; treasurer, Ar- thur B. Chapin, Boston, and counsel, Daniel Willard, jr.. Baltimore Mr. Buckland has been chairman of the board of the New York, New Haven | & Hartford Railroad since 1929 Woodson has been secre treasurer of the Railway Officers’ Association since ent of the Kiwanis C! ly gt tional Commit ence of that organization Mr. Kane, formerly connected with the car service division of the American | Raflway Assoclation, is a practicing at- torney | Dollars and Sense Appears. The January number of Dollars and Sense, published by Washington Cha ter, A. 1. B, has just made its appea ance in the financial district. It is an teresting number announcement. . national pre tute est at the Washing- 13 at the t dea and em Financial District Notes sfant cashier C mercial the mid-Win- the American Birmingham E 1, president of | Western National Bank and head of the Maryland division of the N 3 Credit Corporation, has be president of the Baltimore Clearing | House, succeeding Waldo Newcomer, | who has resigned | All bills which may be introduced in | Congress to prohibit short-selling of stock will be opposed by the Merchants’ | Assoctation of New York as a result of | action taken by the Committee on! Banking and Currency and the Board ©f Directors of thai organization | U. 5. TREASURY BALANCE. | The United States Treasury balance | announced today as of close of business January 23, was $348,877,090.61. Cus-| toms receipts for the month to date were $21,683,101.70. Total ordinary ex- | penditures were $5,192,717.79. CLEARING HOUSE FIGURES. Washington clearing house figures for bcday: $3,269,639.09. 14% 52 29% 31 203% 108% 120 23% 997% 2954 6 27% 10414 AT @ n 100-share Stoek and Dividend Rate Abitihi Pwr & Paper. Abitibi Pwr & Pa pf. Adams Express. ... Affiliated prod 1.60 Air Reduction(14%). Alaska Juneau (50c) Alleghany Corp. . Alleg Cppf $30 ww.. 1 Allied Chemical (6).. 4T Amerada Corp (2)... 1 Am Beet Sugar ‘Am Br Shoe (1.60)... Am Can Co (15) Am Car & Foundr: Am Car & Fdy pf (T) Am & For Power Am & For Pwr pf(6). Am & For Pwr pf(7). Am Tce (2) Am International Am & Fomnf. 108 Am Locomot nf(7) 1 Am Mch & Favi40.. 8% Mach & Metals. . 1 Pwr& Lt(t1)... 11 n Pwr & Lt pf (6). 1 Radiator (60c).. 10 Rolling Mills.... 4 Safety Razor (5) 1 Smit & Rfg(50c) 3 Sm & Rfg pf (1), Solv & Chem pt.., Steel Foundry. Stores ("214) Sugar vt (7) Tel & Tele Tobaceo (5) onf (§). ok it Bates— Low. 2 4% 34 1214 4% pLY ‘ (9).. 10 r Can (.40 Armour of Del nf(7). Armonr of TI1 (A) Armour of T11 (R) Artloom Corp pf (7). Associated Apparel Associated Dry Gds Associated Ofl Atch To & San Fe(f) Atch To&S Fe pf(5). Atl Coast Line (4) Atlantic Refining (1) Atlas Powder pf (6). Auburn Auto (f4) Aviation Corp (Del) 10, 40 3 605 62 3 4% Baldwin Locomotive 4 15 Baldwin Loco nf. 208 14 Raltimore & Ohio L2 25 Balto & Ohio nf (4) 1 1% Barker Bros. 1008 4 Barn=dall Corp. .. 1 128 Rendit Avistion (1). 10 19% Fect & Co (%).. o Bethlehem Steel (2) Rorden Co (3). rx Warnar (1) = M{g (1) Rklvn-Man Tran (4). 1§ Brown Shoe nf (7) 10% Rucvrne-Fris ev pf 1 Budd (FG) Mg 1 Burns Bros (B) 1 Rurr Add Meh (1) s Rush Ter~inal pf(7) 10a Ryers (A M) . Byers (A M) nf(7).. 1008 Canada Drv (1 20) = Canadian Pacific 1% . 31 Case (TT) (o 200 Caterplllar Trac (2) 4 Covanau~h-Dobbs pf 808 Celanese Corp. ... 15 Celotex Co 2 Celotex vicetfs. .. 1 4 Celatex nf 108 Cent Arvirre (11) 2 Cerro de Pasco (1), 2 Ches & Ohjo (214 101 Chesapeake Corp(3). 4 2 20 2 ‘ Chi Great Western Chi Great West nf. Chi Mi1 StP & Pac nf. Chi & Northwestern Chi & Northwest pf Chi Pnen Tool. . Chi Rock T & Pacific ChiRT& Pac 6% pf i RT& Pac 7% pf. hrysler Corn (1), .. v Tee&Fnel (3.60) City Stores : Cluett Peahody (2). Coca-Cola (1) 2 Coleate-Pal-P (21) Calonial Besran Columhia G&RI(M1 14 Columhia Carhon (3) “omm Credit (1.60) “omel Credit A (3) “ome) Cred 16t (614) . *omel Tnv Trust (2). “omel Tnv Tr nf 6% *omel Solvents (1) 3R “omwlth & Sou(30e) 18 “omw1th&Son nf (6) 1 “onde Nast Pub..... % “onso! Cornrpf 614 208 “ongol Film i 3 “onso! Gas N Y (4).. 3% “onsol Gas NY nf (5) “ongol Taundries(1) “onsol Textile “ont] Raking (R) “ontl Rakir “ont] Can ( Diamond Fibre “ont Tnenr (2.40) “ont1 011 (el “ont] Shares Prodets (2) ex Carnet “own Cork (2.40) rown W P 1st nf(4) Crown Zellerhack \cible Steel pf (7) ban-Am Suear nf “urtis Puhlish (4) riiss Wrimht irtis Wricht (A) tler Hammer Davison Chemical are & Hnd (9) Tiela ok & W Denver & R G Wonf., Diamona Match (1) Dome Mines (1) Daurlae Aireraft (1) Dunont de Nem (4) i o N nf (6) % h) o Ch o 20s 408 0 108 90x 10k Sr ton-Cehild ton-Sehild nf Ante Lite (4) ir Bnat £-Musical Tnstru o Pwr & Tt (1) ec Pwr & Lt pf(T) c Stors ~e Bat (4) Horn Coal k Horn Coal nf Buf (25e) Fairhanks-Morse ¥ed Mot Truck(20c) Fed Water Sar: ¥id Ph Fire Tn Firestone T&R nf(6) hher 1t pf Am Tnvestors Am Tnv nf (6) Am Ta r4) Asphalt Bakjng (2) n Baking pf (8) Rronze n Cizar (4) 5 lecirlc (1.60) Elec snec (60c). Food Corp (3) G&F. A (b6 % stk) Motors (3) 123 PrigInkpf (6). 108 y Publie Service.. 1 Ry Signal ( n Pefractories. . n Theater llette Sa mbel Bros hel (Adolf) 1d Dust (214) odrich (BF).... . odyear T & R (1). ytham Silk Hoslery tham § H pf (7). 101 10 21 2 1 2 n 2 5 9 6 50 1% 7 Grand Union...... 21 Grand Union pf (3) 24% Grant (WT) (1). 16% Great Northern pf(2) 10 Great North Ore(2). b% Great Western Sug.. 104 1 2 5 " 2 1 1 4 9 3 1 “* exeent these desigmated by lotter B4 354 2% 17% 7% 79% 1074 51 28Y ~ Add 00. High. Low. Close. Cnge 7914 —21 MG+ T —16% 50 12 1514 % % TN - % 12% 8 + Y My + Y% 2% 1% ™ 12 12% 221 1234 33 O N 931 — wot. | Hizh 62 27% 75 9%, 63% 182 12% 34 179% 62'% 4 60% 143' 31 13% 204 16% 42 54 38% 21% 9% 573 31 T4 % 14 26% 85 424 107 29 294 19% 3% 18% 40% 13 10 83% 182% 88 94 227 124 94T 18% 12% 72 29% 11 904 10715 607 19% 5814 164 Otis Elevator 16% ba'a 1% 504 45 6 Al 1000 b's 29 64 250 174 1074 25% 12% 16% 1's 34 15 9974 8% R 208 265 T4 % 6 16 9614 1204 8la 117 [ 275 80 ‘ 30% 19% 1014 264 54 54y 3215 [ 10% 4 9T'4 10815 628, 76 3315 1094 667 83 36 13% 174 201 124 ‘ 8% 64 % bi% Low. 1 i 13 1% 14 67 11'% 8% | B 81 16% 3 11% ™ 31, O 15 21 25% 4u 4% 92 Th 1% 24 15% 68 20 9% 15 26% 4% 12% 0% 72 35 18% 40 14 23% 2% 29% 10 4% 20% 4 15'% 12 1% 3814 12 50 6% % ) 31 9% 914 12 15% 5 35 14% 5 7 1% £ 1 3 10% 654 12 16% 6% 5 11 5 15 4 * 264 T 20 10% 18% 10 6 24% 2% 101 1% 17 (3 24 31 10 2% 26 79 145 b 3% 29% % 5% 2. 22 26% 9% % 2% 16% 107 9 o 2% ‘ % % 1 4“0 3 % 4 5% 1% 361 1 3 49 92 154 31 108 Bix 4 8la 3214 10 s 1% 631 71 3 4% 4l [ 3 “w 5y 264 6% 10 5 3 10% 1143 18 26y 20% % Stand Invest Corp 284 8Ty ™ 26 STAR, WASHINGTO Stock and Dividesid Rate. Grigsby @runow. . Gulf Mobile & North. Gulf Mobile&Nor pf. Hahn Dept Stores. Hahn Dpt St pf(6%). Hanna pf:(7) Harb & Walk & Hawaiian Pineapple, B0s Hayes Body Corp.. 2 1% Hollander Sons. 1 ™ Homestake M (7.80), 1 121% Houston Oil........ Houston Oil (new).. Howe Sound (2)....: Hudson & Man (3%). Hudson Motor (1) Sales— 1M 1% 11% 1% 16% 65 11% 9 1% 4% Tilinols Central. Ilinois Cent pf (6).. Indust Rayon (4) Ir oll Rand (3). . Ins Shares(Del) 50c. Interboro Rap Trans Int Bus Machine (n6) Int Cement (3) Int Combustion Int Harvester (24). Int Harvester pf (7). Int Hydro E1 A (e2). Int Match pf (4) Int Nickel of Can Int Printing Ink Int Salt (3). Int Shoe (3). 5 Int Tel & Teleg (60c). Int Dept Stores (2). Investors Equity. . Jewel Tea (4)...... Johns-Manville (1).. Jones & Laugh pf(7) 328 6% o1 108 17% 1s 25 105 21% 8% 4% 20% 40% 9% 84 1% 328 19% 80 1128 11 6t 13 au 81y 28 10% 16% 37 41 9% 8% 1% 328 75 20% 2008 80% KC PRI ISt pf B (65). 1008 113 Kansas City Southn 1114 K'mann Dpt Stra(1). 2 6% Kelly-Spring Tire. .. 1 1 Kelsey-Hayes Wheel 10 3% Kelvinator Corp 813 Kendall Co pf (6) 28 Kennecott Copper 1% Kresge (S §) (1.60) Kress (SH) Co (§1).. Kreuger & Toll 1.61 Kroger Grocery (1) “ambert Co (8). . Leh Port Cmt pf (7). Lehman Corp (2.40). Lehn & Fink (3)..... Ligg & Myers B (15). Link Belt (1.20) Loew's Inc (14). LoftInc....... Loose-Wiles (13). Lorillard (P) (1.20). Lorillard (P) pf (7) Louisville & Nash(4) Ludlum Steel. ... . McCall Corp (215). .. Melntyre Porc M (1) MclLellan Stores. McKeesport T P (4). Mack Trucks (1).... Macy (RH)& Co(n3). Manhat Elev mod gtd Marine Midld (1.20). Market Street Ry Market St Ry pr pf.. Marlin-Rockwell (2) Marshall Field (2%) Mathieson Alkili (2) May Dept Strs (21%4). Maytag Copf (3).... Maytag Co 18t pf (6) Melviile Shoe (2).. .. Mid Continent Petm. Midland Steel (3)... Minn Moline Pow ... Minne & St Louis. MStP&SSMpf. Mo Kan & Texas. .., Mo Kan & Texas pf. Missourd Pacific. Missouri Pacific pf.. Monsanto Chem 1% .. Montgomery Ward. . Motor Wheel (50c).. Munsingwear (2) . Murray Corp sh Motors (2) at Afr Transport at Bella Hess. . at Biscult (2.80).. at Cash Reg (A) ‘at Dairy (2.60) Nat Pwr & I. Nat Steel (2 Nat Surety At Tea (1). ev Con Cop (40¢).. ewton Steel. . N Y Central........ N Y Chicago & St L. Y Chl&StLopf... Y & Harlem (5)... Y Investors. . H & Hartford. Ont & Western. . Y Shipbuilding Y Shipbldg pt(7). oranda Mines (2).. orth Am Aviation. . Nor Amer (b10%stk) North Am Ed pf (6). Northern Pacific (3). Ohio Oil. 0¢ 108 o - s 5009 50 O e 2000 00 e g e e 508 50 e e 0 SR n o om (2%). Otis Steel : Pacific Gas & El (2). Packard Motor (40¢) Par-Pub (b10 % stk) . Peerless Motor Car. . Penick & Ford (1) Penney (J C) (2.40) Penney (JC) pf A (§) Penn Dixie Cement Penn Dixie Cmt pf Penna Rallroad (2) Peoples Gas Chi (8). Pet Milk g Petrol Corp of Am Phelps Dodge Co. ... Phila & Read C &1... Phillips Petroleum. . Pierce Ofl Plerce Petroleum. . Pitts Untted Corp. Pitts United pf (7).. Poor & Co (B) o Port Ric Am Tob(B) Prairie Oll & Gas. Prairie Pipe Line. . Pressed Steel ¢ 5 Proct & Gamb (2.40) Producers & Refin Prod & Refiners pf. Public Sve NJ (3.40) Public Sve NJ pf (6) Pullman Corp (3) Pure Oil i Purity Bakeries (2). R — THadio Corp. - Radio Corp pf B. <eith-O (new) Real Silk Hostery. .. Remington-Rand. Reo Motor Car (40¢). Republic Steel , Republic Steel pf. Reynolds Tob B (3). Rhin W EI P (a1.06). Richfield Oil . Rio Grande Ofl. Dutch o afeway Strs pf (6) Safeway Strs pf (7). St L-San Francisco. St L ran pf. 8t Louis Southwn. St Louls Southwn pf. Schulte Retall Stores Seaboard Air Line Seaboard Ofl. ear s Roebuck ( econd Natl Inv ServelInc.......-- harp & Do pf (3%). hattuck (F G) (1). hell Union Oil. . Shell Union Oil pf... Shubert Theaters. .. Simmons Co. ... ...+ Sinclair Consol O1l. . Skelly Oil Snider Packing..... Snider Packing pf. ocony-Vacuum (1). 1 P Rico Sug pf(3) outhn Cal Ed (2)... Southern Dalries(A) Southern Pacific (4). Southern Raflway... Southern Railway pf palding (A G) (1).. parks-Withington. . Splegel-May-Ste . Stand Brands (1 Stand Brands pf ( 1 117% Stand Com Tobacco. 2 tand Gas&El (3'3) . 4 tand Gas&El pf (4). 10; 3008 608 3 2 10 20 1% 10 864 12 18% 114 3% 2% 12 134 Stand Oil of Cal(2 47 Stand 011 Exp pf ( 1 Stand Ofl of Kansas. 12 StandOINJ (f#)... 61 MRt ORI (R (Continued on Page j4.) Net. Add 00. High Low. Close. Chre. 1% 7, -1 13% —3% 1% 16% 65 1% -1 9 1% 7% + 121% -24% 19% + % 12 204 10 + P 26 28 41 1% + 16% 37 75 39% +1% 21% + B5%4 + 12 2805 3 32% — 144 + 82 1% + 7 35 w1 16% + B — 9.+ 1% — % 4 2y - % 19 10 2% + 224 + 8+ 5% - 12 6% 17% + T — A 415 + 91 78% ~1 88 6+ 8+ 10% +1 20 34 3 T — a3 1% 128% +1% +12% D. TUESDAY STICKS AR RN ON BETTER BUYING Trading Remains Dufl Pend- ing Action on U. S. Steel Dividend. 0 Y% % % % % BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 26—The stock market faced dividend uncertainties and the prolonged delay in reaching an agreement on the rallway wage question today with a surprising de- gree of composure any movement of prices, it was on the side of advance. Trading was still very dull, but tke professionals seemed to believe that it was safer.to buy than to sell. Opening prices were slightly higher and gains predominated throughout the first two hours, although all of them were modest and some of them not well sustained. The rails led in the im- provement, but they did not monopolize ft. Sentiment in the Street was still confident about the brotherhoods ac- cepting some wage cut, and the rail- Toad shares ignored entirely the De- comber earnings statements, which, under any other conditions, would have proved depressing. Rail Features. Among the features in the carrier group were Missourl Pacific preferred |at a new high for 1932; Atchison and Unicn Pacific, which met the best de- mand, and many low-priced stocks Discussion continued with regard to | the probable action of the United States Steel directors on the common dividend after the market's close. Dur- ing the morning the shares of the cor- poration moved through a range of about a point, either unchanged from the preceding close or at an advance. Allied Chemical, American Can, East- man Kodak and other shares of that grade moved slowly forward. A good deal of the demand doubtless came from the shorts. Lower-priced issues were more active, with American Woolen preferred one of the features. Kreuger & Toll was turned over in large volume, up fractionally but at & new year's top, on rteports that earnings covered the present dividend by a wide margin. 1t was noticeable thet the oll stocks were still heavy. They seemed to have no speculative following. Authorities in the trade are not pessimistic and the stgtistics are encouraging rather than the reverse, but the oils remained sta- tionary while the rest of the list was advancing. General Motors was very steady and so were the motor shares generally, notwithstanding the profes- sional attitude of doubt toward the group. Tobacco stocks were strong un- der the Jeadership of American Tobacco and R. J. Reynolds. Utilities were dull, but- American Telephone & Telegraph rallied. 1 * n 4 % £ % [ % % % L) % Opening Prices Higher. The opening was Tather quiet, but prices pointed higher. United States Steel at 42% was up % Bethlehem Steel at 19 was unchanged, but Republic Steel rose % to 5'. Numerous dividend meetings _sched- uled for today, rather than the Chicago railway wage conference or the quiet tome to early overseas markets, held the interest of Wall Street. During the morning ‘Studebaker, Pierce-Arrow and Norfolk & Western act on payments, while in the afternoon Brooklyn Edison, Tllinois Central, Inland Steel and Sun EEFEER FESFEFE United States Steel will act on its com- mon shares and Colorado Fuel & Iron on its preferred stock. FEEF Auburn Auto lost 1> at 141. Du Pont opened up 14 at 5215. American Tele- phone advanced !> to 116%, but In- ternational Telephone declined % to 9%. Consolidated Gas gained 3% at 60%. Standard Oil of California was up 12 at 237% and Standard Oil of New Jersey was unchanged. Most of the rails were higher, slight gains being recorded by Baltimore & Ohio, Chesa- ferred. Westinghouse Electric advanced % and Allied Chemical was up 1 point. American Can and General Electric %, while National Dairy Products “BETTER USED CARS” We Never Offer Any Used Cars But “Better Used Cars” MOTT MOTORS, Inc. 1520 14th St. NNW. Dec. 4341 6% Secured on conscrvatively appraised residential proper- ties. Every mortgage pro- tected by fire insurance and title guaranteed by responsi- ble title companies. o IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors NAtional 9300 FIRST MORTGAGE NOTES FTE FEES § IF % % % ., 1417 K 8t. '- % 3 % B % 3 % % " Ey % COLUMBIA BUILDING ASSOCIATION Under Government Supervision PAYS 5% New Accounts Solicited B No Commissions Charged for Loans 716 11th St. N.W. Member U. S. League JANUARY As far as there was | Oil consider dividends. After the close || General Motors rose % to 2134, but|| peake & Ohio and Missouri Pacific pre- | were unchanged. National Biscuit rose || 26 BETTER BUSINESS SENTIMENT SEEN Guaranty Trust Co. Finds Change in Financial Outlook. By the Associated Press. NEW YORK, January 26 —The Guar- anty Trust Co. finds that a “perceptible improvement in business sentiment has appeared since the beginning of the ear.” Y “Several foctors appear to have alded 1 dispelling the atmosphere of extreme pessimism that existed at th end of 1931,” states the Guaranty Sur; vey. “The testimony of bankers before the Finance Committee of the Senate on foreign loans helped greatly to clar- ify the financial outlook as related to conditions abroad. “Foreign news, prior to the indefinite postponement of the Lausanne confer- ence late this month, stimulated hope for an agreement between Great Britain and France concerning reparations and war debts. “Some signs have appeared of an In- creasing investment demand for securi- ties. Opposition groups in Congress have shown a tendency to co-operate with the administration in its program of legislation to facilitate economic re- covery. “Encouragement has also been drawn from the greater stability in commodity markets.” ! A' the same time the review calls attention to some serious problems that remain to be faced. “Bank failures,” it said, “are still numerous. Many local governments are experiencing great difficulty in meeting their current financial requirements. The real estate situation in numerous localities is unfavorable. General tax increases are inevitable. No substantial revival in construction is visible or in immediate prospect. SILVER QUOTATIONS. NEW YORK, January 26 (#).—Noon, silver futures steady: sales, 725,000 ounces. Quotations in cents: January, 20.70 bid; March, 29.95 bid; May, 30.45 E}[d", July, 30.80 bid; September, 31.05 NEW YORK BANK STOGKS NEW YORK, January 26 (#).—Over- the-counter market. CHabess s Sees Ao Chat Phenix Comercial Bankers ... Brooklyn Cent_Hanover Chem Bk & Tr Cont Bk & Tr . Corn Exch , Embpire ... Guaranty frving ... 00! Manuacturers New York ... ... Title Guar ‘& T¢ .l London has ordered the extermina- tion of all gray squirrels in parks and open_spaces. Increase Your Income By Investing “In 6% 1st Mortgages —on conservatively ap- praised Properties in the District of Columbia and Maryland. | Low Demominations May Be Purchased r Further Particulars Apoly WEA\_’_E.RLR REALTORS 0 s We Give Property Management Personal Attention HOSE things which are the cause of worry and perplexity in connection with the management of your property—whether- it is apartment house, office building, residence or business—we assume for you. Our Property Management Department has the per- sonnel and facilities to get the maximum results for our clients—and for a very nominal fee. PROMPT remittance is the INVARIABLE rule of this office. RANDALL H. HAGNER & COMPANY MORTGAGE. LOAN CORRESPONDENT 1321 Connecticut Ave. Decatur 3600 * IUIHNHII‘"IlummfllllIPI!NHIIlllllllIl!m!l!“IllHIIIIUIH|||||I||||||||||I)||l||||||||||!llllllllllllllllIIII|I|I|I|I|||I|I|II* | PROPERTY MANAGEMENT Apartment House MANAGEMENT ‘ WHEN you place the man- | [ . agement of your apart- ‘ i ti ment house in our hands you { B e transfer all the incidental wor- ries and bothers to us. We take complete charge of every- thing from rentals to returns— making prompt report, | W vy § Our fee for this compre- hensive service is very nominal. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 MORTGAGE LOANS Investment Opportunities in High Grade Bonds We have recently had a number of inquiries concerning high-grade 'bonds from institutional and individual investors desirous of taking ad- vantage of present low prices. Accordingly, we have prepared a list of bonds ieacdiby ealRenies T Hare sarainge hdicats that they have well withstood the present era of damtariadlatditionas Thaie Viaile Kovatx triple A rating (Moody) and an active market, Our purpose is not'to recommend these bonds from the standpoint of fmmediate profits in present condition of the matket, but rather to offer a list of bonds ‘whi¢h if bought at the present time should produce substantial profits when the period of market recovery takes place and in the meantime a substantial in- come return. Copies of this list may be had upon reque;t % ALEX.BROWN & SONS “Established in Baltimore in 1800 3 WASHINGTON OFFICE: o Washington Bldg. Di. 9486 Mortgage Loan Correspondent, Metropolitan Life Insurance Co. 737 15th Street N. W, Telephone, NA. 1053 - Statement of Condition at close of business December 31, 1931 FIDELITY INVESTMENT ASSOCIATION The largest Board of Directors RICHARD B. SCANDRETT, JR. Chairman i ROBERT E. ALLEN New York City Vice President, Central Hanover Bank & Trust Co. 'WHEELER H. BACHMAN Wheeling, W. Va. President, Carr Ching Co. HOMER J. BUCKLEY Chieage President, Buchley, Dement and Co. D. ALLAN BURT Wheeling President HARRY M. DURNING, New York City Member, Moore & Schiey JEREMIAH EVARTS Windser, Vi. Lewyer, Evarts & Perking WALTER T. GROSSCUP Vice President, Bankers Securities Corp. LOUIS B. HANNA President, First al Bank of Page Ex-Governor of North Dakota ROBERT HAZLETT Wheeling Presidens, Dollsr Sevings & Trust Ce. CHARLES H. MARCH, Litchold, Minn. Member, Federal Trade Commission JOHN MARSHALL, Waskingten, D. C. Lawyer, Covington, Burling end Rublee FRANK A. REID New York City Vice President and Gemersl Attorney, Blectric Bond & Skere Co. WINTHROP H. SMITH, New York Clty Member, E. A. Pierce & Co. HOWARDSUTHERLAND, Elkins, ¥.Va, U. S. Alien Property Custodien, Weshington, D. C. CARMI A. THOMPSON Cleveland Lawyer, former U. S. Treasurer RUFUS J. TRIMBLE New Yerk City Lewyer Swiger, Scandrets, Chambers & Lendon JAMES B. WESCOTT Chicage Lawyer Semders, Childs, Bebd & Wescott FRED M. KING Direster of Agencies WHEELING, WEST VIRGINIA financial institution in the United States devoted exelusively to the building of incomes. LIABILITIES Capital ....$ 1,000,000.00 Undivided Profits and Special Re- serves RESOURCES Bonds . ....$16,537,679.22 Preferred Stocks . ... Other Stocks Loans to Con- tractholders Mortgageand Collateral Real Estate Furniture and Fixtures . . . Accrued Inter- estonBonds Other Assets . 797,095.75 882,230.62 8,917,981.01 383,337.29 27,768,488.12 RESERVES. Reserves for the Maturity and Payment of all Contracts out- standing. 896,026.24 767,634.47 50,000.00 1.00 180,074.58 123,102.52 $29,151,825.41 $29,151,825.41 UNDER STATE SUPERVISION Seeurities deposited with State Departments in aecordance with legal requirements of each State in which we operate. GROWTH IN RESOURCES December 31Iat, 1927.. $14,798,528.88 December 31, 1928. . .....$17,085,318.66 December 31st, 1929.......$20,151,567.69 December 31st, 1930. ... ...825,047,124.80 December 31s, 1931 ...$29,151,825.41 True to Its Trust for Twenty-one Years Founded twenty-one years ago, Fidelity has afforded an absolutely safe plan enabling those of large and small means to establish a guaranteed income through systematic monthly payments. The obligation to all contractholders 'is safeguarded by a liability deposit of securities with state departments. — Offices in Principal Cities W ashington O ffice - SHOREHAM BUILDING H. C. Harris, Manager