Evening Star Newspaper, February 1, 1932, Page 13

FINANCIAL. 1931 BUSINESS OFF INFIFTH DISTRICT Reserve Bank’s Review of Year Present Many Im- portant Facts. High. BY EDWARD C. STONE. In & most comprehensive statistical review of business in the fifth Federal Reserve district in 1931, the Federal Reserve bank of Richmond said today the figures for the year com- favorably with both 1930 and t of the 1929 figures, of course, being recorded before the Wall Street break to individual accounts figures year totaled 13.2 per cent less 1930 and 19.7 per cent of 1929. Commercial fail- ough practically the same in number last year as in 1930, and only 10.8 per cent more numerous than in 1929, involved eggregate liabilities 6.3 per cent greater than in 1930 and 41.2 per cent greater than in 1929 Cotton consumption in fifth district nereased 5.6 per cent last year over that of the preceding year, but was 17.5 per cent below 1929 consumption. Fewer Building Permits. s issued in the fifth sed in both num- and in estimated valuation in com- with figures of the two g years, and contracts actually for construction work in the geclined even more, indicating e depression in building extended n and rural work as well as ts for t below thos Bu district last y rade was shown S er than in both 192! Unemployment in- creased in 1931 and there were more uctions than in 1930. ral yields were excellent in n 1931, and on an acreage basis exceeded production of any re- cent year in most crops, but prices for crops were the lowest in many years and total income derived by farmers was much lower than in 1930 or 1929 This decrease in cash return on the year's farming, following the disas- t year and low prices impcssible for a_very the farmers to ss in the Fall, B Reserve Bank Most Helpful. As a result of this frozen credit many ound themselves ble to meet ions and were forced to the year financial ined, especially in fc district, and mem- were leaning much more on Reserve bank than they d of 1930. ber, f of the Fi were at the e 9 1931, was n with was_in month were December lines month among the y increas- ved in failures, fi 34.880,659; 1930, $32,- 4 fitth 507,332 dis 1930, bales 1929, 1 district, 1,818,000 fitth district 1.734,000; 1930, 817,- 5,109,000, ops in fifth district 1930, $483,051,000; (32 1929, F 1 all work 34,484; 1930, 35,091; work ( 1930, $9' permits for all $80,739,801; $131,888,967. | acts awarded, fifth dis- 43.595.366; 1930, $352,- ores, 1930, | 636,010 lesale firms in five 1930, $49,353,307; United 1930, production 378,110,000 34,989,000, Today's D. C. Exchange Trading. ck very quietly | two | Hold- | are the stock rned in t drew attention meeting of the | It was ex- | 1 earnings report | u afternoon, after be- ing withheld from the Public Utilities fon until after the meeting. | s Light stock is now | quoted on the Exct ge at 85 bid and | 95 asked, no recent sales having been recorded. | | U. . TREASURY BALANCE. The Unite tes Treasury balance r as of close of busi- | an: Y 2 s $341,461,314.80. | s receipts fo- the month to date were $26,131,864.00. Tc ordinary ex- | penditures were $4,052,727.34. ST NEW YORK BANK STOCKS NEW YORK, February 1 (#)—Over- the-counter market. 3% 28 47 ~—18 69% 107 Byers (AM). THE EVENING STAR, WA NEW YORK STOCK EXCHANGE Reccived by Private Wire Direet to The Star Offea — Btock and Low. Dividend Rate. 2 Abitibi Pwr & Paper. 1 4% Abitibi Pwr & Pa pf. 314 Adams Express. 2214 Adams Millis (2). 47% Afr Reduction(14%). 7 Alaska Juneau (50c) 1% Alleghany Corp. . 2 Alleg Cp pf $30 ww 1% Alleg Cp pf $40 w 10 Allegheny Steel.. 64 Allled Chemical (8).. 122 10% Allis-Chalmers(50e). 21 7% Alpha Port Cemt (1). 9 12% Am Bank Note (2)... 10 584 Am Can Co (15).. 270 414 Am Car & Foundry.. 20% Am Car & Fdy pf (7) 1708 30 Am Chicle (13).. 2 5 Am Colortype Am Comel Alc .. ‘Am European Secur. ‘Am & For Power. ... Am & For Pwr pf(6). Am & For Pwr pf(7). Am & For Pwr 2 pf. ‘Am Haw SUship (1). ‘Am Home Prod 4.20.. Am International. ... ‘Am La France&Fom. Am Locomotive. .. ‘Am Locomot pf(7). Am Mch & Fdy 1.40 Am Mach & Metals. Am News (3).... Am Pwr & Lt (11). Am Radlator (40c). Am Republics. .. Am Rolling Mills ‘Am Safety Razor (5) ‘Am Shipbuilding (5). Am Smit & Rfg (50c) Am Snuff pf (6).... Steel Foundry. Am Stores (12%) Am Sugar (4) Am Sugar pf (7 Am Tel & Teleg (9) Am Tohacco (16) . . .a Am Tobacco B (16) wa ‘Am Tobacco pf (6).u Am Type Fy pf (1).a Am Water Wks (3).4 Am Wat W 1at p£(6). ‘Am Woolen Co.....a Am Woolen Co p! ‘Am Writ Paper ct! Am Zine & Lead. . Anaconda Copper, Anchor Cap (2.40). Armour of Il (A)..e Armour of 111 (B) Armour of 111 pf. Arnold Constable Ateh To & San Fe(6) Atch To&S Fe pf(5) 2 lantic Reflning (1) Powder (4).... Powder pf (6). 25 Baldwin Loco pf. Baltimore & Ohlo Balto & Ohlo pf (4) nsdall Corp. k Cigars (1%) ce Cream (4) rice Crm pf(7 Belding-Hemingway Bendix Aviation (1) Best & Co (2). Booth Fisheries. . Rorden Co (3).. Borg Warner (1). Briggs Mfg (1). . Brockway Mot Trk. . Bklyn-Man Tran (4). 1 Bklyn Union Gas(5). » Budd Wheel.. ard Co rns Bros (B) »ughs Add (80c). <h Terminal p£(7) 85 R 208 24 & Hecla. . % W&C Fdy (1) “anadian Pacific 1 on Mills (1.60) .y al Admin (A).. i D)iCo s i “aterpillar Trac (2). “elanese Corp. . “erro de Pasco (1). Checker Cab Mfgr. “hes & Ohio (2%). apeake Corp(3)« Chi Great Western. .; ChiGreat West pt. Chi Mil StP & Pac Chi Mil StP & Pac pf. *hi & Northwestern. "hi & Northwest pt.. Pneu Tool. ; Pneu Tool pf < 1 & Pacific. 1& Pac 6% pf.. 1&PacT% pfa *hilds Company . hrysler Corp (1). .. “ity Ice&Fuel (3.60). y Ice&Fuel nf 6%, Colgate-Pal-P (2%). Collins & Aik pf (1), Colonial Beacon..... Columbia G&EI(b1% 35 Columbia Carbon (8) 10 Comm Credit (1.60).. 38 Comcl Credit A (3) 2 Comel Iny Trust (2), 38 Com Inv Trust p£(7). 4008 Comm Invcv pf(e6). 1 Comel Solvents (1).. 50 Comwlth & Sou(30c). 28 Comwlth&Sou pt (8) 5 Congolm Nairn (1).. 4 Consol C! BT Consol Film. ... .. 6 sNY (4).. 124 Consol Gas NY pf(5) 4 Consol Textile. Contl Baking (A “ontl Baking pf ( ontl Can (2%4) . “ont Insur (2.40) “ontl O] (Del) “ontl Shares. “orn Products (3). “rex Carpet “rown Cork rucible Steel “rucible Steei pf (7) idahy Packing (4). urtis Publishing(2) tis Publish p£(7). 1 Curtiss Wright... 1% Curtis Wright (A) 3% Davison 3 3% Deere & Co pt (1.40 Delaware & Hud (9). Delaware Lack & W. Denver & RG W pf.. Devoe & Ray A(60c). Diamond Match (1) . Diamond Mtch pf 113 Dominion Storest1ls Douglas Alreraft (1) Drug Corp (4). Dupont de Nem (4).. Dupont de N pf (6).. Eastman Kodak (18) EatonAxle& Spr 50c. 70 E child Eitington-Schild pf.. Elec Auto Lite (4) Electric Boat. .. Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt pf(8). Elec Pwr & Lt p£(7). Elec Storage Bat (4) Elk Horn Coal pf. ... 1008 Eng Pub Sve (1.60).. 1 Eng PSpfww (5%) 5 ErfeRR...... 6% Erie R R 1st pf.. C! 20 Fid Ph Fire In(2.60). 12% Firestone T & R (1). % Fisk Rubber 5 1 Fisk Rubber 1st pf.. § Foster-Wheeler . 15% Fourth Nat Inv 1.10. 215 Fox Film (A). s 13% Freeport-Texas (2). 20 Fulle d pf (6) 15 Game Co (3) 24 Gen Am Investors. .. Gen Am Taek Car (4) 9% Gen Asphalt (2)..e90 h. 2% | I8 B Stocks seld n 100-share lots exeent thess doaiymated by lotter *v." Bales— R Add 00. Hix) FEFES § SFas 10— Stoek and Tow. Dividend Rate. % 9% Gen Baking (2). 9% 1M Gen Bronze w1 22% Gen Electrio (1. 10% Gen Elec apec (60c) 28% Gen Food Corp (3)..4 1% Gen G&E A (b6 % stk) 29% Gen Mills (3)..0vuvm 21 Gen Motors (3). . 10% Gen Printing Ink(2) 4 2% Gen Public Servic Gen Ry Signal (5) % Gen Replty & Util. .« % Gen Theater Equip. . 934 Glllette Saf Razor 1% Gimbel Bros 4% Glidden Co 3% Gobel (Adolf) 14% Gold Dust (2%) 3% Goodrich (BF).....1 13% Goodyear T& R (1), 8§ Goodyear 1st pf (7) 1% Graham-Paige. . B4 Granby Consol ) 1% Grand Silver Stores.. 1 Grand Union.. 21 Grand Union pf (3).. 11% Granite City Steel(2) 243% Grant (WT) (1).... 15% Great Northern pf(2) Great North Ore(2).. Great Wn Sug pf(T). Grigsby Grunow. ..., Gulf Moblle&Nor Gulf States Steel. ahn Dept Stores Hall (WF) (1.20) Hanna pt (7).... 8% Hawalilan Pineapple, 208 Helme (GW) (17) 1 Hercules Pow pf (7). 108 Hershey Choc (6).... 8 Hershey Choe pf 15.. Holland Furnace (1), Homestake M (7.80). 52!5 Household Fin pf 4.2( 15% Houston Oll. ... - 3 Houston Oll (new).., 11% Howe Sound (2)..... 264 Hudson & Man (3%). Tw% Hudson Motor (1) 3% Hupp Motors 9 Illinois Centra 1 1 1 i 4 6 2 2 6 5 8 15 Illinois Cent pf (6). 1 Indian Motor Cyele 1 5 3 3 5 3 . 4 9 ‘ 2 cu 342 308 6 bt 1 300 50 1k 0 1 8 O O8O0 1 8 RO O e 20 108 38 oS 2008 13% (89 Indian Refining . . Indust Rayon (4) Ingersoll Rand (3) u Inland Steel (2) Inspiration Coppe Insur Sh(Md) (28¢).1086; Interboro Rap Trans Interlake Iron. ....., Int Bus Machine(n6) Int Carriers Ltd §0c.. Int Cement (3). Int Combustion. . Int Combustion pf. Int Harvester (24). 19 Int Harvester pf (7). Int Hydro ElA (e2)y 2 17 0 21 28% 19% 3 2% % 1 1 Int Match pf (4).... Int Merchant Marina Int Nickel of Can 200 4 Int Paper & Pwr (A) Int Paper & Pwr ( Int Paper & Pwr pf Int Shoe (3) S Int Stlver Int Tel & Teleg(60¢). 8 Int Dept Stores (2).. 52' Interst DS pf xw (7). 208 BT 24 Jewel Tea (6. ... 1 80% 15% Johns-Manville (1) 49 12813 68 Jones& Laughpf(7) 10s Karstadt (Tudolph). 1 K'mann Dpt Strs(1) . Kelly-Spring Tire . Kelly Kelly-Spr T 8% pf. Kelsey Kelvinator Corp. Kennecott Copper 50¢ Kinney (G R) Co pf. Kresge (S S) (180).. Kresge (SS) pf (1) 85 26k Kress (SH) Co (j1) 2T% 4% Kreuger & Toll 1.61 351 1214 Kroger Grocery (1) 871 40% Lambert Co (8) 5 Leh Port Cemen 1% Lehigh Valley Coal 5 Lehman Corp (2.40)4 Ligg & Myers B (15). Ligg & Myers pf (7). Lima Locomotive. . Link Belt (1.20). Liquid Carbonic (2). Loew's Inc (14) Loft Inc Loose-Wiles (13) Lorillard (P) (1.20).. 2. Louisiana Oil. ... Lou Gas&FEl A (1%). Louisville & Nash(4) Ludlum Steel McKeesport T P (4). McKesson & Robbins McLellan Stores.... Mack Trucks (1). Macy (RH)& Co(n3). % Manati Sugar....... 6% Manhat Elev mod gtd 9% Marine Midld (1.20).1559s Marmon Motor Car.. Marshall Field (234) Melville Shoe (2).... Mengel Co...... Met-Gold Pic pf 1.89. Miami Copper....... M14 Continent Petm.. 4 Minn Moline Pow Minne & St Louls. ... M StP & SSM 1sd (). Mo Kan & Texas Mo Kan & Texa Missour! Pacific Missouri Pacific pt Mohawk Carpet..... Monsanto Chern 1% ., Montgomery Ward Motor Meter G & El. 5 Motor Wheel (60c) 8% Mullins Mfg. 5 Murray Cor| 40% 16 Nash Motors (2 12% Nash Chat & StL.. % Nat Bella Hess. . . 88% 36w Nat Biscuit (2.80)... 16314 119% Nat Biseult pf (7). T4 = 2 1 1 1 1 1 3 3 3 1 115 100% 29% 10 48 1 36% 17% 111 20% 19 4 1081 384 {4 ELY 1% 12 50 10% 3% Nat Cash Reg (A). Nat Dairy (2.60) Nat Dist Prod (2). Nat Pwr & Lt (1).... Nat Steel (2) : Nat Supply pf. Nat Surety (2) . Nev Con Cop (40c).. Newport Industries. N Y Central . N Y Chicago & St L.. NYChi&StLpf. NY & Harlem (5). N Y N H & Hartford. NYNH&HDpL (T).. N Y Ont & Western. . N Y Shipbuilding.... Noranda Mines (2 ¢« Norfolk & Southern. 105% Norf & Westn (112). 2% North Am Aviation. . 26 Nor Amer(b10%stk) 40% North Amer pf (3) 60% 14% Northern Paeific (3). 36% 4 Nor Ger Lloyd m2.56 19% b Ohfo Ol s 26 24 Ollv Farm Eq prpf.. 76 4% Orpheum Circuit pf.. B581% 164 Otis Elevator (2%).. 16% 8% Otis Steel..... . 118% 102 Outlet Co pf (7). 29% Pacific Gas & El (2). 85 Pacific Lighting (3), 93% Pacific Tel&Teleg(7) 3% Packard Motor (40c) 534 Par-Pub (b10%stk). 1 Park Utah £ 1 Parmelee Transport 4% Patino Mines. .. 22 Penick & Ford (1)... 26% Penney (J C) (2,40). 79% Penney (JC) pf A (6) 1% Penn Coal & Coke... %% Penn Dixie Cmtpf... 16% Penna Railroad (2).. Peoples Gas Chi (8).. 2% Petrol Corp of Am... §% Phelps Dodge Co. . ... 2% Phila& ReadC&1I., 8 Philip Morris&Co(1). 9% Phillips-Jones Co. 4 Pbillips Petroleum. ., 89% Plerce Arrow pf (6). 34 Plerce Oil pf.. 5 1% Pierce Petroleum. ... 19% Pillsbury Flour (2).. 3 Poor & Co (B). 2 Port Ric Am To 4% Prairie Oil & Gas. . 5% Prairfe Pipe Line. 1% Pressed Steel Car. 86 Proct & Gamb (2.40). (Continued on Page 149 et High. Low. Close. Chue. 4 13% 14 » I3 1 [ ¥ 7 oy 1] & ERESFF Fi ¥ & - £ F e R 444+ ++ A4+ SHINGTON, D. C, MONDAY, FEBRUARY 1, 1932. ISTOCKS ARE FIRM - |BANKERS PLANNING F& FFESEF FF FEFEFTS F TR + | that inspired the | showing ON RAIL WAGE CUT Strength in List Follows Agreement at Chicago—Car- rier Shares Featured. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 1.—Quiet strength characterized today's stock | market, a strength well distributed be- tween rails and industrials. The important news over the week end was, of course, the railway wage agreement and the dispatches from the Far East. Removing as it did one of the great uncertainties which has held the market back, the wage decision was & constructive influence to which the railway stocks responded and which helped the rest of the list With regard to the Sino-Japanese crisis, the Street was uncertain what view to take. A majority leaned to the opinion that the troubles in Shanghal and Manchuria would not be an_im- portant factor in the market. Wall Street seemed to think that the hos- tilitles would not spread to involve other nations. Profit-Taking. Stocks opened higher all around, but when the overnight orders had been executed, realizing appeared and about half the gain was lost. Then the list hardened again and registered gradual advance which was all the more en- couraging because it was so deliberate Probably short covering played a large part, particularly in such stocks as U. S. Steel, Du Pont and American Tele- phone. Contracts for the decline are outstanding in_all of these issues in large volume for these times and as the day went on the shorts showed in- creasing nervousness. It was pointed out that the saving in railway wages would eventually allow buying of steel by the carriers. Pros- pect of repeal of the recapture clause of the Interstate Commerce act would likewise work to the advantage of U. 5. Steel, which owns railroad properties affected by the recapture provision. The situation in Du Pont was equally interesting. This stock had been heav- jly sold on the theory that a cut in the General Motors dividend would seri- ously affect it. American Telephone had been in such persistent supply all of last week that it, too, had attracted a weak short following, and in this case, also, covering went on today By midday the whole market was ac- tive and strong at the best of the re- Covery. Auburn Auto was up over 8 points at this stage, United States Steel was selling almost 3 points higher, Gen- eral Electric recrossed 20 in volume and Allied Chemical was up 3 points tive speculation for the rise appeared in United Aircraft for the me reasons buying in Dupont The m t had one pie of favor- able dividend new declar: on ard Oil of New Jersey of the extra of 25 a share, besides the regular quar bursement of the same amo extras had been q the earn s status of panies. ned in view of the oil com- Opening Prices Higher. Prices opened higher. Initial gains ranged from fractions to more than 3 points. T the most uniform upside but steels chemicals, aircraft issues and speci also advanced. United States Steel xk of 1,500 shares opened at 39, s, and American Can at 60% and an Telephone at 113 each ap- peared up 11;. The settlement of the railway wage situation at Chicago was responsible for the buying movement in rails, which lifted Union Pacific up 3% to 78%. Baltimore & Ohio at 19 rose 11, fol- lowing President Willard's announce- ment that effective this week approxi- mately 1,800 men would be added to the mechanical pay roll. Chesapeake & Ohio gained 1% to 27%. Missouri Pa- cific common was up "« at 975 and the preferred gained 2%. New York Cen- tral at 311, was up 2% and Pennsyl- vania, which was ex-dividend today peared at 22, up 1};. Southern Pacil advanced 2 to 34. Southern Railway Tose 135 to 1115 Pont _at made the rails 51 climbed 5. The e in early deal- ings. Standard of ifornia was off shight E 55, but Socony Vacuum at 9 and Standard of New Jersey at 251, hanged. Directors of - these tionally to 20';. National Cash Regi ter lost a shade at 11'¢. General Ele tric at 195 rose % and United Aircraft at 151, gained 7. SAVINGS DEPOSITS UP IN BALTIMORE BANKS Crediting of Interest at Year's End One Factor in Boost- ing Returns. Special Dispatch to The Star RICHMOND, February 1.—Savings deposits in 12 mutual savings banks in Baltimore increased slightly during December, probably due to the credit- ing of interest at the year's end. De- posits on December 31 totaled $213.- 515,559, compared with $212,948,740 on November 30, 1931, and $198,794,363 on December 31, 1930. In 1929, when em- ployment conditions were much better than they were in either 1930 or 1931, deposits in the 12 reporting banks in Baltimore _increased only _$1,887,273, while in 1930 there was a rise of $9,- 745,618, and in 1931, the worst of the three years, deposits rose $14,721,196. ‘Time deposits in 49 reporting member banks declined during the past month from $229,639,000 on December 9, 1931, to $224,457,000 on January 13, 1932, and on the latter date compared unfavor- ably with deposits aggregating 239.462,- 000 on January 14, 1931. It should be mentioned, however, that time deposits in reporting member banks do not rep- resent actual savings accounts to as great a degree as they do in the de- posits in mutual savings banks, the Richmond Reserve Bank states. CLEARING HOUSE FIGURES. Washington Clearing House figures for today, $3,327,074.89. — STLVER QUOTATIONS. NEW YORK, February 1 (#) (noon).— Silver futures steady; sales, 900,000 ounces. Quotations, in cents: March, 30.72 bid; May, 31.10 bid; July, 31.45 bid; September, 31.78 bid; October, 31.93 bid FOREIGN EXCHANGE. furnished by W. B. Hibbs & Co.) (QuotsHangis Nominal gold Selling checks Valu 3. London, pound Budapest pengo. Prague, crown (nom.) Warsaw. ~zloty : Copenhagen, crown Oslo, crown 5 c Stockholm, crown.... 19.37c 26.8c 26.8c U. s TREASURY CERTIFICATES (Reported by Chas. D. Burmey & Coo P Maturity er. Bate e 15, 1037 1001-32 1932 100 1°32 18! 1932 100 13, 1032 98 24-32 18, 1032 o 14 3is Dec.’ 15, - 348 RS 1932 s IMNRRCL 100 2-33 Ac- | GLASS BIL FHT Opponents of Measure Are Gathering Data to Present to Committee. By the Assoclated Press NEW YORK, February 1—Bankers opposed to the Glass banking bill have been gathering data in opposition to that measure and intend to present their material at future hearings. There is said to be no opposition to new banking legislation which is be- lieved needed, but numerous objecticns have been raised to provisions of this particular bill as originally drafted, al- though it is indicated that parts of it are to be rewritten. Features of the measure which are likely to be ecriticized by bankers at future congressional discussions, it is sald, include notably the section which provides that Federal Reserve facilities “shall not be extended to member banks for the purpose of making or carrying of or trading in stocks, bonds or other investment securities other than obli- gations of the United States.” Bankers point out that experience has shown the flow of credit cannot be governed by legislation, but rather is subject to price. Several other provisions have encoun- tered opposition, including appointment of the Reserve Board by the President proposed fixing of the percentage of bank capital and surplus that can be invested in collateral loans, and the section on 15-day reserve discounts. END TO METAL AGE SEEN BY EDUCATOR Dean Hoover Points to Rapid Con- sumption—Says Substitutes Will Be Found. By the Assoclated Press. STANFORD UNIVERSITY, Calif, February 1—An end to the age of metals is foreseen by Prof. Theodore J. Hoover, dean of the Stanford School of Engineering and brother of the Presi- dent E: foning a s g change from ing those from ur Hoover said a dearth of metals would come upon the world, first probably becoming apparent with respect to gold and tin ‘Substitutes wi “for each meta as it becomes sc for a dwind) evitable. My guess is that the first signs of e evident hin a century, if ¢ even now discernibl r said the world was us- g its supply of minerels and metals erground, " he said, and mineral in turn e, but a program mineral suppl 1,000 pounds for each man, woman and child on the face of the globe rate of consumption, he price at which these min- | can be sold | clos rgin of profit he art of recovering re “keeps just about even decrease in ores of easy Dean Hoover said. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) id First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company. Inc. COLUMBIA BUILDING ASSOCIATION Under Government Supervision PAYS 5% New Accounts Solicited No Commissions Charged for Loans 716 11th St. N.W. Member U. S. League WE PAY 5% INTEREST ON YOUR SAVINGS SUCCESS comes through SAVING 'Tis not for lack of oppor- tunities, but financial unpre- paredness to take advantage of them, that forces many Capable men to be content with less than their sbility v es. A small sum, rly will help you toward Open Daily 9 to § Saturdays Until Noon rel succes: PERMANEN [BUILDING ASSOCIAT ION] ‘949 NINTH ST., N UNDER SUPERVISION OF Li3. TAEASUR the annual rate of 1,000,000,000 tons, | is very | FINANCIAL. REAL ESTATE LOANS Made at Low Interest Rat TYLER & RUTHERFORD Applications it 1 et e et and Sastires Tocated business PNW " National odrs Invest Y;—u—r-S:;i;;s—i‘r; Guaranty First Mortgage Securities YiELD § To ‘They are conservatively ap- ?rfln investments secured on ncome-producing properties right here Capital. 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Today History Repeats [tself BAD times are no novelty in the perspective of American busi- ness; but the U. S. has always fulfilled 1ts destiny of leadersh by emerging from each pe stress, stronger, richer than before. flPut your shoulder to the wheel and help business recover quicker. The facilities of this veteran bank are at your disposal of Interest Paid on Savings 15th Street Opposite U. S. Treasury MORTGAGES B E RESOT Over a Third of a IT'S WISE THRIFTINESS to make an investment in our FIRST MORTGAGES for your money is not only safely secured by conservatively appraised improved Washington real estate, but this definite interest is paid unin- terruptedly throughout the life of the mortgage. Century Without a Loss May be purchased in amounts from $250 up—upon a convenient partial payment plan if you desire. B. F. SAUL CO. National 2100 925 15h St NW. 1S SAFETY THERE NO SUBSTITUTE FOR In financial emer- gencies, borrowing is very often a difficult and embarrassing pro- cedure. If you have a reserve fund deposited with us you can always, in time of need, “bor- row” from yourself without delay, embar- rassment or explana- tion. The individual or business with a reserve fund is insured against being made a victim of circumstances. Money in the bank means financial independence. Build up a substantial Savings Account with us and learn the happiness of financial safety. DISTRICT NATIONAL BANK o/ Washington 1406 G Street Northwest Joshua Evans, Jr., President Connecticut Avenue and K Street Officss { 9th Street and New York Avenue