Evening Star Newspaper, February 3, 1932, Page 15

FINANCIAL. TRADING ON CURB EXCHANGE IS DULL Unfavorable News Acts as Damper on Activities of Operators. spatch to The Star / YORK, February 3.—A budget le domestic industrial traders toward securities ult that fluctuations virtually Bpe NE of new today of C unfav chi w stocks were of one block Bond & Share. n for that stock »{ 1,400 and 1,100 roleum to 100-sk nd & Sk ervice anged in commodities with the weekly n reports, n e was at pre- for example, was despite London per cent gain nce of volume sed profits and a in Holland and i conditions in Pin- of growing rivalry somewhat offset Ford 15 opened up 13, s dispatches told a new low Greal Atlantic & was off more than ek, opened down 3 tod: ; Island 1 ring time ting, which been short interest for new minimum ed a a group, | company share proposals ar nvestigation of indu: deral Trade Commission, s said utilties were one of groups that could attgract fol- m the basis of sustained net ties Power & Light its 6 r g in Lon Hudson Bay g8 and other as the trade N copp: hea > today admitted t Roan Antelope b Exchange 1 the aviat h f up i down to & sna 1034 Two blocks of G axd Ofl of New Je of 4000 and another oppeared at 2's, un- one BONDS ON THE CURB MARKET. ¥ Gons warrants nt WArrants T New, Wi—When 1ssued. of | Stocks seld fm 100-share lois exeent those des ~Prev. 1931~ Stock and Saies— High. Low. Dividend Ra 10 4% Acetol Prod A. 14% 4 Acme Wire.. e 13 6's Aero Underwriters.. 1 11037 73 Ala Power pf (6).... 108 224 48 Aluminum Coof Am 1758 6 » Am Capital B 10 1k Am CitPw & 17 % Am Com Pow A. 314 34 Am For Pow war. 53 % Ain Founders 97% 382 Am Gas & Elec ($1). 28 64 AmMfgCo... 19% 3 Am Buperpower.. 891 45 Am Superp pf (6) 99 Am Superp 1st (§) 6 Am Yvette Co., Inc. £ Appalachian G % Appalachian Gas wr. 5 Arkans N Assoe Gas & F 5 234 ASSOG&EL (A) b3 % . 918 & Elct (8) 5 sh. 8% Atlas Uil Corp 2% Atlas Utilities war.. Atlas Util pf (3) ... Auto Voting Mach Bliss Co(EW) (b8 %) Blue Ridge cv pf(ad) Brasil Trac Lt&P(1) Bur Cor Ltd ris (2¢). Cable Radio T vtc. Canadian Marcont Carnation Co (1% Caro Pwr&Lt pf (7). Cent Pub Sve A b5%. Central States Elec. . Chain Store Devel. .. Cities Service (g30e) Cities Serv of (§). Colum G&E cv pf(3) Col O1& Gas vic. .. Commwlth Edison (8 Cmiwlth & Sou war. Comstock Tunnel. . . Con Gas Balto (3.60) Consol Retail Stores Cont Shares pf (B).. Cord Corp. Creole Petroleum. Cresson Consol Crown Cork Intl (A) Dayton Alr & Eng. Deere & Co...... De Forest Radlo. Detroit Aireraft, Duguesne Gi Durant Motors. . o Pow Assoc (1). st Sta Pow (B) lec Bond&Sh (b6 %) lec B & Sh pf (6). lec Pow Assoc A (1 Emp G & Fcu pf(7). urop El Ltd A (30¢) ord Motor. Can.. A. | Ford MLtd(p36 3-5¢) 6 Fox Lheater (A).... Gen Aviation....... Gen Theat Eq cv pf. Glen Alden Coal (4). Golden Center. « Goldman Sachs. .... back Mch GtA &P Teanvibl Gt At&Pac Tea pf(7) 2 ester Lind. n Gas v.t 3 76 1 12! 79 o 50 18 16 12148 3 10 1 8 123 1 1508 Humble ( Hydro El Secu Imp O1l of Can (50¢) Indiana Pipe Line(1) [nsull Inv (b6%). .. Insull Utll 2d pf (6). Insurance Security. . Intercontinent Pst o Int Petroleum (1) Intern Superpr (1) Internatl Ut Irving A Ch 5 Klein (D E) Co (1) Shor Mines (2) Letcourt | ¥ 1.60 Lefcourt Real pf (3) Lehigh Coal & Nv(1) Lone Star G: jties Long Iscu pf B(6).. Add 00. Open. High. 3% THE EVENING STAR, WASHINGTON, ~Prey, 1931~ High. Low. 2 % 19% 41 mated by letter ‘0" Low. Close. 6% 6% M 3% 12% 124 T 79 50 50 hy 65 3% 1232 9% 501 Magda, Man| ba s 2 i 3% “ K] 34 81y stock and Dividend Rate. Louisiana Lan & Ex. Mapes Cons MIg(t4) Mass Ut cv pf (215).1008 Mavis Bottling (A).. s Memph N Gas (60e) Mercantile Strs (1) § Midl Sts Pet vtc. A.. Mid West Ut (b8%). Mid W Ut cv pf xw 6 Miller (I) & Sons. Mo-Kan Pipe Line Nat American Co. ... at Bd & S Corp (1). Nat Pub Sv pf (7) Nat Sh T Sec A t60e. Nat Transit (1) D. NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Sales— Add 00. Open. High. 21 & 51 & 1 35, 1 40% 2044 % na Synd. .. an D'born C, 14 Nat Union Radio. ... whberry JJ pf(7 Yoo ew Bradford Oil. .. New Eng Pow pt (6) New Jersey Zine (2). ewmont Mining. ... Shipbuilding Cp Y Telpf (6%).... iag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w. Niag Share (Md) 30¢ Nor 8t Pow A (3).. Ohio Copper-. .. Ohio Oil cu pf (6). PacG&E1stpf 1%, Pac Western Oll. . Parke Davis (11.65)., Pennroad Corp (40c) Phila Co (new) t1.60 Pilot Rad Tube A... Pion G M Ltd (12¢) Premier Gold (12c) .. Prudential Inv pf(6) Pub P RR itey Rich I St An hony ve.N Il n p(8) 0il'pt (6) iblic Gas Corp. . d cum pf St Regis Paper ec Allied Corp (1). egal L & Hdwr. Selected Industries. . Sle Ind al ctfs(5%) entry Safety Cont. . henandoah Corp. Singer Mfg (8).. ., South Penn O (1) SoCal Ed pt B (1%4). Sou Cal So. Union Gas. .... outhld R SWG&E Stand Motors. ....,. Stand Ofl of Ind(1). Stand Oil of Ky 1.60. Stand Silver & Lead. s 15708121% 10 2 238, 2 214 13, d pf C(1% 66 1 . 43 15% 11 Suarrett Corp....... 1 Technicolor Ine vock & Co Stutz Motor Ca Swift & Co (2).. Swift Internat'l (14) Swiss An 1 3 ) S da 4 1508 ELpt (6) Tech Hughes (60c) Tob Prod of Del wi.. Tubize Chatel. B Ungerieider Fin Cp. . Unit Founders Unit Gas Corp. . Unit Gas pf (7)..... Unit Lt & Pw A (1). Unit L & Pwr pf(6).. Dalry (A) (§) J S Elec Pow ww... Unit Stores v.tc..... Init Verde Exten (1) Util Po & Lt (b10%) Util Pwr & Lt pf Utility Equities. Van Camp Pkg Walgreen Co Walker. H ( 2 Walker Mi Watson Wenden Copper WIwthEWI rates in d x div or fplus 5% in stoek. in stock. nPlus 3% in stock. D Paid iast year—no regular rate. 5y Dividend payment yable in c dend 1 Plus 2 divi stock stock. Al 2 J W) Co. . n W # 4 3 8% Bn. 8L Bk quarterly of semi-an- "Parily exira’ iPlus 4% in stock bEayable in stock. e Adjustment Plus 6% in stock. b Plus 1% in ius ‘10% 1’ stock. m Plus 3% in stock 3 NEW BASISIN AR DEBT TALKS URGED "|Bank Suggests Germany's European Creditors Work Out Own Agreement. BY CLAUDE A. JAGGER. Associated Press Pinancial Editor. | NEW YORK, February 3.—Germany’ European creditors should proceed to | negotiate a new and workable agree- | ment with the Relch, without waiting | in hopes of & new deal on their debts | to the United States, in the opinion of the National City Bank, as expressed | in its monthly economic survey. “Although the European debtors do not like the attitude of the United States (in refusing to admit relation- | ship between reparations and war debts) it would be better for the in- | | terests involved,” says the bank survey, | “if they would accept the situation as | it is, and endeavor to arrive at & new | agreement with Germany upon the | basis of Germany's capacity to pay, | rather then upon the basis of what they f they may have to pay the United States. “They will gain nothing by making demands : ns upon the United States by his message to Congress on Germany, come of thelr | Presi- tmpossible wh: ] ever m be the o ’ Attiutde of Congress. | | i | dent Hoover recommending the re-establishment of | | the Foreign Debt Commission, has shown that he is favorable to a re- | examination of the debts and he un- { undoubtedly has much public sentiment | | to_support him.” | The bank expresses the view that the | |attitude of Congress, which has gone | |on record as against any further re- | vision of debt settiments, may change, but in any case “the reparations ques- | {tion is the immediate issue and should | be settled on its own state of facts.” ‘The bank regards the threatened im- | tinue | 21.90; It points out that reparations agreement result in a default on Germany, for if her e to deal with her while waiting on some action by the United States Germany would claim that the lame dces not rest on her Regarding the attitude of Congress, the bank survey continues The res: lutions of Congress, together speeches made while they were pend. ing, indicate that that body conten CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. with | NEW YORK, February 3.—Following plates the probability of defaults upon | is a summary of important corporation debts to this country, and prefers to have the chapter upon these loans closed in this manner rather than by further negotiations and readjustments. “It may be that this is the only way out of the situation which has de- veloped, but surely this is a deplorable conclusion and one which should not be readily accepted. It will mean that the most_enlightened nations of t time, in the midst of unparalleled dis- tress among their people, resulting from the disorganization of finance and | industry, are not _enlightened enough to compose_ their differences by the meth- ods of reason and compromise for the restoration of common prosperity. “It is a serious matter for the lead- ing nations of the world either to show disregard for their solemn obligations or to maintain an uncompromising at- titude which may provoke or compel a deliberate policy of default. * * * “The assumption prevails that there | will be no war to collect either repara- tions or debts. Probably this is so. War would be the ruin of Europe, and the report of the (Basel) Advisory Committee shows that it would not collect reparations from France is not seeking territory, and so far as the United States is concerned there is no thought of attempting col- lection by force.” The results of default, the bank be- lieves, would be decidedly adverse to world prosperity. Default would not mean a settlement, it states, but con- troversy and resentment would con- and trade would be further hampered METAL MARKET. NEW YORK, February 3 (#).—Cop- per easy; electrolytic, spot and future, 6':-63,. Tin easier; spot and nearby, future, 22.25. Iron quiet; un- changed. Lead steady; spot, New York, 3.75; East St. Louls, 3.55. Zinc eis Fast St. Louis, spot and future, 2.8 2.82. Antimony, 7.12, nominal. Quick- silver, 64.00-68.00. STOCK AND BOND AVERAGES By the Assos From Yesterday clated Press. s 5:30 Edition. STOCKS. 50 Industrials. 61.6 62.9 63.5 60.1 123.6 216.8 109.9 68.8 58.0 140.2 60.0 2024 1129 BON 20 Industrials, 67.9 68.0 68.7 65.8 88.8 92.9 Today. ... Previous day Week ago Month ago Year ago Three years ag Five years ago High, 1932.... Low, 1932.. High, 1931.. Low, 1931. High, 1930. Low, 1930 Previous day Week ago... Month ago. Year ago.... Two years ago Three years ago High, 1932 3 Low, 1932.. High, 1931. Low, 1931. High, 1930. . “ow, 1930. 90 Total. 63.9 65.3 66.0 62.1 128.3 2049 106.8 L7038 60.0 144.3 61.3 205.8 DS. Utilities. 82.5 82.4 " B - ®Spoaugseay RENBRENAD BonamsRnRRD Germany. | news prepared by the Standard Stat ties Co.. Inc., New York, for the Asso- ciated Press News Trend. Daily showed a crude oil increase in ended 30. Accord American Petroleum Ins average output amounted to 2.170,800 barrels, which compares with 2,161,500 barrels in the previous week, an in- crease of 9.300. Gasoline stocks at re- fineries increased 1,008,000 barrels to 40,746,000 barrels Revenue freight car loadings declined slightly more than the usual seasonal amount, dropping to 562,938 cars from 573.276 cars in the previous week, ac- cording to the American Railway Asso- ation. Forest products, ore; grain nd grain products and merchandise in less than car lots were the only com- | modities to show increased loadings. The Companies. | Blaw-Knox Co.—Unfilled orders as of January 1, 1832, about $3,915,000. Chicago, Great Western Railroad— Saving from 10 per cent wage reduc- tion estimated at $500,000 for year. Florida East Coast Railway Decem- | ber net operating income off 13.9 per cent, 12 months off 36.2 per cent. Insuranshares Certificates liquidating value December 31, 1931, $4.45 a com- mon share, vs. $9.50 December 31, 1930. Insuranshares Corporation of Dela- ware liquidating value December 31, 1931, $9.40 a common share, vs. $20.30 | December 31, 1930. Long Island Railroad December net operating income off 4238 per cent; 12 months, off 9.7 per cent Union Electric Light & Power of Illi- nois 1931 preferred share earnings $24.92, vs. $21.41 Anaconda Copper Mining subsidiary, American Brass, cuts prices !, cent on brass and 34 cent on copper products. Bangor & Aroostook Railroad agree- ment with trainmen and cnductors for |10 per cent wage reduction expected skortly. Bendix Aviation—Action on common | dividend to be taken late in February $1 annual rate expected to be con- tinued. Chicego & Eastern Illinois Railway saving from 10 per cent wage reduction estimated at $1,000,000. Deere & Co. earned 26 cents per pre- | ferred share in year ended October 31, 1931, vs. $5.21 F. & W. Grand 5-10-25-Cent Stores takes no action on quarterly dividend jon 612 per cent preferred stock; paid | $1.621> November 1, 1931 Manhattan Shirt declared | quarterly common dividend; | paid 25 cents. | McCall Corporation 1931 | share earnings $2.90 vs. $3.49. | National Steel 1931 common share | earnings $2.06 vs. $3.91 Parke, Davis & Co. 1931 common share -earnings $1.29 vs. $1.58 Powdrell & Alexander takes no ac- |tion on quarterly common dividend; [paid 50 cents November 15 and 81l cents quarterly prior thereto. Revere Copper & Brass—Prices of cop per and brass products reduced to ba |of 6% cents & pound for electrolytic copper. Second International Securities liqui- dating value November 30, 1931, $236 |a class A share vs. $18.84 November 130, 1930. | _ American Seating 1931 deficit $708, - ' 589 vs. net income $183,119, equal to 90 cents a common share, av production the ng to the tute, daily slight 15 cents formerly common week | C., WEDNESDAY, PRODUCE MARKETS IN FIRMER TREND Prices of Most Commodities Are Helped by Colder Weather. Firm prices for grain, cotton and beef cattle gave the general market a better start for the new month, says the United States Department of Agricul- ture, Bureau of Agricultural Economics, Market News Service. Colder weather helped the position of most food prod- ucts. Butter values remain weak and unsettled, owing to recent liberal fresh supplies. Cheese quotations were nearly unchanged. Egg prices recovered a little in some markets after weeks of increasing receipts and price declines, Mill feeds were slow in following the upward turn in the grain market. Apples continue at irregular price Northern vegetables hold recent prices fairly well. Potato Markets Irregular. Country markets for potatoes were weaker in the extreme East and the ex- treme West at the beginning of the month, but firm to steady in the cen- tral sections. Eastern sweet potatoes generally advanced in price, but ar- rivals from Tennessee and Louisiana were at a slightly lower level. Western New York cabbage held steady at $10 to $12 bulk per ton, weaker at $12 to $14 advanced somewhat ancing market prices were irregular, with weakness | appearin; some markets. Baldwin apples were lower at Western New York shipping points at 83 to 95 cents per bushel tub, but Rhode Island Green- ings held at $1.20 and McIntosh turned $1.75. Butter Markets Weak. The beginning of February found the butter markets in much the same p tion as during the month before. Suy plies were more than ample. Stocks accumulated in every quaricr, result in a generally weaker tone. Ligl consuming demand and the arrivals of fresh butter are sponsible for the weak | kets. Fresh er was being because arrival: om the factories ex- ceeded the ready demand Cheese markets in the principal cen- ters of distribution ruled steady on fresh and cured cheese. Dealers werc holding goods closely nd there was no general disposition to shade prices. Most of the trading cen- d around small ts 1 e needs, but i 3 | creased shipments were made to out- | side points Celery Lettuce Onion was prices followed an in lar A few Egg Supplies Libera! Main features of the egg past few weeks were the | creasing receipts of fr holdin of storage ¢ exceptionally cz | cidedly lower price | more steady position | weather near the first of | Much will depend upon the wei and its effect upon production. Shou | more normal weather conditions pre- | vail for the rest of the ter, I tion might be checked sharpl | pened last year after the slump, and the t | lieved from the pressure of supplies. Although there was some irregularity in the dressed poultry market the | month, the position for t was fairly steady. It is repc the low prices for eges in January re- sulted in an_ increased selling of farm poultry the latter part of the month During January wholesa of fresh-killed fowl advanced 2 to 4 cents during the first three weeks, but eased off toward the close of the month & supplies showed some increase dvanced 2 to 3 cents and turke declined 2 to 3 cents Live Stock Market Better. Although hog values began month at a slight decline as compared with the week earlier, trade condi on most classes and grades of live stock showed a healthier undertone, with gains recorded on fed steers vearlings grading medium and bet Receipts of cattle at the large mar- kets decreased, but hog shipm creased. Sheep marketir practically unchanged vol relative scarcity of finished ca splayed when shippers started ompete. €ow prices are not on but there is little disposition to buy at | the de e. | A $415 top was recorded at Chic | for hogs. The pork provisi | moved downward under a slow de ‘The sheep a tive to shipper requirem to supply figures, but net price changes were small Eastern wool markets continue quite active. A somewhat broader received on 64s and finer wools, while 56s and 48s an quieter. Prices were mostly firm. However, on a few offe medium and coarse grade w plies of which are rather limited, prices were slightly More Feed Produced. Wheat feed production somewhat during late January. creased supplies, however, met slow demand and prices declined. seed, cottonseed and soybean | averaged lower. Gluten feed went a sharp downward revision, bringing prices at most markets to a new low tor the season. prices were irregularly low Timothy hay markets remain quiet buying and a de- end, reaching a th the colder past prices 2 ens v the Western increased The in- with a Lin- meals in the Northeast late in January. De- mand at Boston was very slow and some accumulation was reported at the various hay sheds, despite the light re- ceipts. Arrivals were somewhat in ex- cess of immediate requirements at New York City also and slight declines iu prices were reported. Distinctly low grade hay was difficult to move. South- ern inquiry remained of small volume. Grain Market Stronger. Wheat prices advanced rather sharp- 1y near the first of the month on sales for future delivery, influenced by threatened damage from lower temper- atures to the unprotected and growing domestic Winter wheat crop and also by the unsettled political situation in the Orient. Rye and feed grains stiengthened with wheat. Cash grain markets were mostly firmer with fu- tures, but price advances were le marked and at several points cash grai was quoted unchanged or slightly lower than in late January. BANKERS AND FARMERS DISCUSS 1932 OUTLOOK Special Dispatch to The Sta; FREDERICKSBURG, Va. February 3.—One hundred and fifty bankers and farmers from 16 counties in Northeast- ern Virginia were in session heres yes- terday to discuss the outlook for 1932 with agricultural, dairy and ?oultry ex- perts. The meeting was called by the Virginia Bankers’ Association.. The principal address was delivered by John R. Hutcheson, director of the Virginia Polytechnic “Institute Exten- sion Department, who spoke on the “Long Time Outlook for Agriculture in Northeastern Virginia.” Virtually every phase of farming, dairying and poultry raising were touched upon in tf five- hour session by representatives from an ares stretching to the bay region on the East and the mountains on the West. FEBRUARY but sacked stock | to asking prices | nts in- | under- | Hominy feed | Prices declined 50 cents to $1 per ton | 3, 1932 Grain Market By the Assoclated Press CHICAGO, February 3.—Grain values took a new upswing early today, respon- sive to advices of fresh aggressive action by Japan. Word of another cold wave, affecting domestic Winter wheat ter- ritory, tended also to lift prices. Opening *a% higher, wheat after- ward rose further. Corn started un- changed to % up and subsequently held near the initial limits Unexpected strength of Liverpool wheat quotations added momentum to the rising trend of prices here. In- creased demand for wheat, together with larger purchases of flour in Great Britain, was reported. There were also assertions that British and European home-grown supplies of wheat were much smallel Giving further incentive to specula- tive wheat buy were announcements that Japan had obje proposals of the United St er powers. The fresh rise in prices nu- lified all of yesterday's setback due to hope of peace. A fair amount of export business in North American w} indicated. Corn and oats with wheat strength, but we to lag. and oth- downturns in hog values. New York Cotton Special Dispatch to The St NEW YORK, Febr cotton prices today 4 peints lower volume. Foreign Opening pric | unchange » July, 6.85 December 7.26 off 4 y 3.—Opening unchanged to ding was in smal mand was qui March, 653 6.69, ~ unchanged off 1; October, 7.05, off 2 721, off 2, and Janua d s were BUS LINE IS GRANTED EXTENSION OF SERVICE Special D RICHMOND, destination Colonial ater Lines to freight se Bal | FREIGHT LOADINGS . de 5, decrease 1,636; coal , di 14.624 decreas 3,784 crease CHICAGO LIVE STOCK MARKET CAGO 3 (P ited |and yearing | early ” top yearlings she stock ve about stead | pou 6.50a10 00 6.50210.00 10.00 1.300-1 smnon and mediu 3.506.50 H 2.000; steer and stead 9.00: best ions | d 900-1 300 po ind 600-1,300 p: .40 by 0 and good 00a 2525.0 bid 6.0086 1 v comn: -150 pounds. m common 022.75 d and e Seaboard ‘Public Service (Company’ Board of Directors has dec the following regular quarterly dividends $6 Non Par Preferred Sioch No. 12, Rate: $1.50 $3.25 Non Par Preferred Stock No. 6, Rate: 81Y both payable on March 1, 1932, to stockholders of record at the close of ted to the main | Provisions ruled easy, influenced by | to choice, | unds, | business February 10, 193 L. W. Van Bibber, Treasurer. | %A part of the Middée West Utilities System | WE PAY 5% INTEREST § ON''YOUR: SAVINGS! for Protection! Thrifty persons are saving a part of their earninss regu- larly, because thi now that the “rainy day"” is something more than an old-fashioned proverb. Start your account with us today with SI. Open Daily 9 to § Saturdays Until Noon PERMANENT 949 uINTH ST. NW. UNDER SUPERVISION OF LS. TREASU FINANCIAL. PROPOSED TRADING LIMIT DENOUNCED Head of Chicago Board of Trade Opposes Change in Marketing Law. By the Associated Press. CHICAGO, February 3 —Peter B.| | Carey, president of the Chicago Board | of Trade, described as “another evidence of economic marauding by the author- ities at Washington” the proposal of | the House Agriculture Committee for a law fixing 1,000,000 bushels as the max- | imum of long or short speculative hold- | ings in the grain futures markets. “Our lawmakers have before them the problem of aiding the farme other classes,” said Carey s refiection upon the country’s leadership that these men would go about solving the farmer's problem by destroying his markets. | “Limiting the buying demand to 1,000,060 bushels merely means that the | farmer is deprived of much of the pur- | chasing power which keeps prices higher.” | The Board of Trade, Carey added, continued to be in hearty accord with any restrictions that might actually | nelp the growers and would continue to | o-operate in this phase of market regu- | at But, he said, it 1d oppose | | movements to place the s “further | under political control and prevent free | n of supply and d roy ery farmer ed by the most, severe ired | which which are indor exchange critics,” he decl “To have hedging ilities there | must be a broad, liquid futures market. | To have a broad, liquid futures market | there must be freedom in both buying | and short selling, with sufficient volum to absorb the hedging transactions, Certain politicians and farm leaders re- | fuse to recognize these facts | “The markets of the Nation are il} prepared for further shocks in the way | t eXper and the itation is ended the better d e wage camer‘ NEW GENERAL MOTORS ry 3.—Tooling ted for pro- | type gas- rator, to he lay ne General will be placed on n the next few months Re tor Corpora- formed to sell the unit R as vice ident, will be | operations have been duction of | operated be confined to in the East and | away said ALL or the »r¥ A—18 PATENT ATTORNS A few individual effices are available in the MILLS BUILDING Situated corner Pa. Ave. 17th a G 8ts. within 5 minutes’ walk the new Commerce Bullding. throuph of the ihe Deautitul” parks. sout ARTHUR CARR 206 Mills Bldg. Na. 2868 The COMMERCIAL NATIONAL BANK 14th and G Streets Banking in All of Its Phases ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W, 87th Series of Stock New Opes for Subscription 5% INTEREST PAID ON STOCK James E Connelly, James F. Shea, President Secretary First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company. Ine. COLUMBIA BUILDING ASSOCIATION Under Government Supervision PAYS New Accounts Selicited No Commissions Charged for Loans 716 11th St. N.W. Member U. S. League greater part of your investment funds should be placed in Interest Semi-Annually Member 1519 K St. N.W. ngton Established 1587 6% First Trust Notes for safety—and the high- est yield consistent with a conservative investment. Wm. H. Saunders Co. Real Estate Beard Dist. 1015 Organized 1879 e 52nd YEAR COMPLETED Equitable Co-Operative Bldg. Ass’n JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary $6,124,601.00 Subseriptions for the 102nd Issue of Stock Being Received Save as You Earn always | il Per Share L A Over a Third of a Century our Without a Loss National 2100 FHERE 1S Those who have learned the lesson of systematic saving are prepared for every emer- Join the Equitable and save something each pay day. 915 F St. 1 MORTGAGES MONEY WILL KEEP ROLLING IN REGULARLY —when you make an investment in FIRST MORTGAGES Periodically throughout the life of the loan you will have a definite and sure income. The principal is safely secured and these mortgages may be purchased in amounts from $230 up. B. F. SAUL CO. 925 15th St. N.W. SUBSTITUTE FOR SAFRTY