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HI NG E i SHOWS EXPANSION 9 - Value of 1931 Operations Is [ Smaller Than in 1930 for F Fifth District. T BY EDWARD C. STONE. Building permits Issued in 32 leading cities of the fifth Federal reserve dis trict in December, 1931, numbered 1,826. a higher number than 1,791 per mits issued in the same cities In De cember, 1930. but estimated valua tion figures for De cember, 1931, totaled only $3, 039,037. a decrease of 28 2 per cent under $4,235,329 valuation, for per mits issued in De cember, 1930. Ten of the 32 reporting cities showed higher fig ures for December, 1931, than for De cember, 1930. Greensboro making the best record for Charles H. Doing. the later month in proportion to popu lation. The three largest cities. Balti more. Washington and Richmond, re ported relatively low- figures. During tile year 1931. permits issued in the 32 reporting cities totaled 34.484. compared with 35,091 permits issued in 1930 and 42.122 permits In 1929. Estimated val uation figures last year totaled $80 - 739 801. compared with $97,992,273 in 1930 and $131,888,967 in 1929 Contracts awarded in December for construction work in the fifth district. Including both rural and urban proj ects. totaled $11,677,650, compared with $19,644,097 awarded in November. 1931, and $28,139,023 in December, 1930, ac cording to figures collected by tlie F. W. Dodge Corporation. Of the awards In December, 1931. $3,741,530 was for residential work, compared with $7,934, 998 for this type of work in December, 1930. Annual figures for 1931 on contracts awarded in the fifth district total $243. 595,366, a decrease of 31 per cent in comparison with contracts totaling $352,912,092 awarded in 1930. the Rich mond Reserve Bank reported yesterday. Doing Heads Program Planners. Charles H. Doing, vice president and j director of the Washington Loan A; j Trust Co . has been appointed chair man of the Program Committee for the 14th annual convention of the District Bankers’ Association, by General Chair man Claude H Woodward C. F. Jacob son has been named vice chairman The other members are Lanier P. MeLachlen. president. McDachlen Bank ing Corporation Henry H McKee, president. National Capital Bank: Rob ert V. Fleming, president. Riggs Na tional Victor B Deyber. president. Second National: John Poole, presi dent. Federal-American National Bank Ac Trust Co.: Francis G. Addison. jr„ president. Security Savings & Commer cial Howard Moran, vice president. American Security Si Trust Co : Joshua Evans, jr.. president. District National, j and Morris D. Rosenberg, president, ( Bank of Commerce & Savings. Chairman Doing was vice chairman | of the Program Committee last vear and chairman of the Press and Pub- | licity Committee of the 1930 conven- i tion at Asheville. N C. He is also chairman of the D C. Bankers’ Asso- i ciation Credit Bureau. The vie# chairman. C. F. Jacobson, is i cashier the National Metropolitan I Bank anef'a member of the Council of Administration of the District of Co lumbia Bankers’ Association and mem ber of the Executive Committee of the Washington Clearing H use Association. All th“ other members of the Program Committee are past presidents of the association, whose ability and experi ence justify the belief that the June event will be an outstanding occasion in banking annals. Association Re-elects Otterback. Maurice Otterback. president of the Anacostia Bank, was re-elected presi dent of the Eastern Building <t Loan Association at the annual mee'ing held last evening. Other officers named in clude Clarence F. Donohoe. vice presi dent; William N. Payne, Jr., secretary; George R Repetti, treasurer, and Wal ter H. Marlow, attorney. The stockholders elected these direc tors C. F. Donohoe. William H. Harmer. James J Hayes, W. H. Mar i'w. Maurice Otterback. William N. Payne, jr.: George R. Repetti. John M. Riordon and William H Yost. Considering present business condi tions. President Otterback said, the association enjoyed a very good year. The forty-third annual statement shewed that $112,500 w'as repaid in loans cn real estate and the association made new loans on real estate totaling $345,600. Tire company paid over $47,000 in dividends during the year. Outstanding loans on real estate total $1,424,600. Treasury Changes Bond Rules. Increasing yields on bonds, due to the declining prices, have made it necessary for the Treasury to modify its regulations so that some of these issues could continue to be eligible as collateral against special deposits of; Government moneys. Under the old regulation, the Treas ury would not accept municipal bonds as collateral again't Government deposits in banks if they yielded more than 5'2 per cent. Rules were modified by mak ing bonds classified in one of the three highest grades by a recognized invest ment service organization, eligible. The bonds can be used to the extent of 90 per cent of their market value against such deposits. As to railroad issues, the 6'* per cent yield classification was removed and provision made that they must come within the four highest grades. Bonds Hold Exchange Interest. Bonds drew all the attention in the ! trading on the Washington Stock Ex change today and all the sales were In Washington Gas Light issues. The market opened with $1,000 Wr hington Gas 6s, series B. selling at I 103. same as the last recent sale. After call, five sales of $1,000 each j were recorded In Washington Gas 5s, rt 1001. Another $1,500 of the same r sue changed hands at the higher fig-J lire ol 100% Th» day's final sale was in Washing- j ton Gas 6s. series A. $500 moving at j 100% The annual report of the Gas i Light Co which xhov *• d such excellent | earnings, is supposed to have been the I reason for the special demand for the bond Issue* today Heard in Financial District. The Virginia Elec-tri" & Power Co. has declared the regular quarterly dividend of $150 on the 6 per cent preferred stock, payable March 21 to stock of record February 29 Local holders of Packard Motor Car stock have received word that the com pany has omitled the dividend dut at this time. In the previous three quar ters a dividend of 10 cents a share was paid Chicago <fc Northwestern Railway has asked Interstate Commerce Com mission authority to have authenti cated and delivered to it $6,000,000 of Its 5 per cent first and refunding mort gage bonds and to pledge them as col lateral for short-term notes. Owing to increasing business, the i Washington branch of the G. C. Mur- ( phy Co., national chain of 5 and 10 I cent stores, located at 1215-17 F street • northwest, has leased premises at 1219 j F street, adjoining its present store ! Drug, Inc., declared the regular quarterly dividend of $1, payable March 1 to clock of record February 15 NEW YORK STOCK EXCHANGE BeeeiTt4 bj Priemte Wlr* Direct t* The SUr I Storki >old in 100->hare loti except those delimited b7 letter ” , 1931-. Stock and Sales— Net. | Hleh Low. Dividend Rote. Add 00 Hleh Low Olooe Chat 144 _ 2 Abitlbl Pwr A Paper. 1 24 24 24 — 4 234 ~ 34 Adams Express.. 3 4% 44 44 20 124 Affiliated prod 1 60.. 6 134 134 134 — 4 1094 474 AirReduction(t4%). 2 604 50 50 204 7 Alaska Juneau (50c). 38 154 154 154 -4 124 14 Alleghany Corp..... 3 24 24 2>k 694 2 Alleg Cp pf 130 ww.. 1 54 54 54 — 4 69 14 Alleg Cp pf $40 ww., 1 64 64 64 + Vi 464 10 Allegheny Steel..-.., 10. 12 12 12 1824 64 Allied Chemical (6).. 25 694 674 68 -4 126 100 Allied Chempf (7)..- 1 1154 1154 1154 -14 42*4 104 Allis-Chalmers(50c). 4 114 114 114-4 294 64 Am Agrl Chem(Del). 1 64 54 54 624 124 Am Bank Note (2).. i 5 14 14 14 + 4 38 134 Am Br Shoe (1.60)... 2 13 IS 13 + 4 1294 684 Am Can Co (t5). 66 604 594 60 — 4 1624 HR Am Can Co pf (7). . . 1 126 126 126 86 204 Am Car & Fdv pf (7) 80« 284 28 284 + 4 48*. 304 Am Chicle ( + 3). 3 334 33 334 + 4 144 6 Am t'omci Alcohol.. 6 8 74 8 +4 33 4 74 Am European Secur. 2 94 94 94 + 4 614 64 Am & For Pow er.... 7 74 64 7 — 4 90 18 Am & For Pwr pf(6). 1 23 23 23 100 20 Am & For Pwr pf<7). 4 274 27 27 -1 104 4 Am llaw St'ship (1). 1 54 54 54 314 104 Am loo (2). .. 3 144 144 144 - 4 26 5 Am International.... 6 54 54 54 + 4 304 6 Am Locomotive. 2 74 74 74 — 4 844 294 Am Loromot pf (7).. 1 36 36 36 4 1 434 16 Am Mch* Fdy 1 40.. 2 204 204 204 + 4 894 14 Am Metals pf. 10a 164 164 164 — 4 6 44 114 Am Pwr * Lt (31)... 10 14 134 14 -4 84 344 Am P & Lt pf A (5).. 5 394 39 394 -4 214 5 Am Radiator (40c).. IS 64 64 64 — 4 374 74 Am Rolling Mills. ... 4 9 84 9 684 174 Am Smlt ft Rfg(50c) 18 154 15 154 -4 1104 974 Am Snuff pf (6). 60s 984 98 4 984 + 24 44 4 Am Solv ft Chemical. 5 Vi 4 4 314 5 Am Steel Foundry... 6 74 7 7 113 68 Am Steel Fdry pf(7). 10s 70 70 70 - 4 484 33 Am Stores 112 4 )_ 2 35 34*. 35 201*. 1124 Am Tel & Teleg (9).. 136 1154 1134 1134 - 4 1284 604 Am Tobacco <t6).... 4 76*. 76 76*, 4 14 13)4 64 Am Tobacco B (t«>.. 17 78*. 77 78 + Vi 804 234 Am Water Wks (3). ,1616s 284 284 284 + *. 114 24 Am Woolen Co. 1 44 4', 44 + 4 40 154 Am Woolen Co pf_ 13 234 22 4 224 -I *i 8*. 24 Am Zinc & Lead. I 2*. 2*. 24 4S'« 94 Anaconda Copper. . . 49 104 9*. 9*. — 4 36 is Anchor Cap (2.40)... 8 14 13 13 -1 72 20 Armour of Del pf (7). 1 36*. 36*. 364 -14 44 *« Armour of 111 i.M... 5 14 14 14 24 4 Armour of 111 ( B). .. 1 4 4 4 — 4 47 54 Armour of III pf. 2 9 8', 9 9 14 Arnold Constable. ... 5 2 14 14 — 4 204 74 Art Meta I (40c). . .. 1 74 74 74 + 4 294 5*. Associated DryGds. 1 64 6', 64 + 4 2034 794 A tch To ft San Fet6) 11 824 804 804 -14 1084 75 Atch ToAS Fe pf(5). 1 82*. 82*. 82*. - 4 234 84 Atlantic Refining (1) 4 94 94 94 IS', 24 Atlas Stores (1). 1 44 44 44 — 4 295 4 844 Auburn Auto i f4> . 118 126*. 123 1244 -14 28 144 Austin Nichols A 14 40a 144 144 144 64 2 Aviation Corp i Del). 4 24 2*. 2*. — 4 27% 4% Baldwin Locomotive 4 7% 7% 7% 104% 15 Baldwin Loco pf. 10* 21 21 21 -3 87% 14 Baltimore & Ohio.... 16 18% 17% 17% — % 80% 26 Balto * Ohio pf (4). . 3 35 34 34% - % 14% 4 Barnsdall Corp. 3 4% 4% 4% 81 37 Beatrice Cream (41.. 1 38% 38% 38% 6% 1% Belding-Hemingway 8 2% 2% 2% 4- % 80% 64% Belg X It pt pf t4 8). 1 61% 61% 61% 4 \ 25% 12% Bendix Aviation (1). 6 16% 16% 16% 46% 19% Best * Co (2). 4 21% 21% 21% - % 70% 17% Bethlehem Steel_ 44 17% 17% 17% 123% CO Bethlehem Stl pf (7) 2 63 62% 63 - % 76% 35% Borden Co 13). 13 37% 37% 37%-% 30% 9 Borg Warner (l).... 2 10% 10% m% 4- % 22% 7% Briggs-Mfg I 1). 8 8% 8% 8% 69% 31% Bklyn-Man Tran (4 ). 4 1 39 . 37% 38% + % 94% 63 Bklyn-Man Tr pf (6) 1 70 70 70 - % 129% 72% Bklyn Cnion Cast 5). 1 76 76 76 4- % 9% 1% Bruns Term & Rwys. 1 1% 1% 1% - % 20% 3% Hurvrtis-Rrle. 12 4% 4% 4% 4- % 34% 4% Bticyrus-Krie cv pf.. 1 6% 6% 6% . % 114 75 Bucvrus pf (7). 30* 75 75 75 - 11 23 3% Bullard Co. 1 4% 4% 4% - % 32% 10 Burroughs Add 130c) 111 11 11 -s % 31 15% Bush Terminal t - % ). 1 17% 17% 17% 4- % 106% 68 Byers (A M) pf<7).. 20* 50 50 50 - % 63 8 California Packing.. 2 10% 10% 10% 4 % 1% % Callahan Zinc & Ld. . 1 % % % — % 11% 3 Calumet A- Hecla.... 1 3% 3% 3% — % 45 10% Canada Dry (120).. . 1 11% 11% 11% 45% 10*. Canadian Pacific 1V. . 23 14% 14% 14% — % 111% 33% Case (J 1) Co. 173 35% 34% 34% -1 116 53 Case (.1 I> pf (7)_ 80* 60 60 60 62% 10 . Caterpillar Trac (1). 2 11% 11% 11% — % 14% 2% Celntex Co. 2 2% 2% 2% 4 % 25*. 11 Cent Aguirre (1 %).. 3 11% 11% 11% — % 30% 9% Cerro de Pasco (1).. 31 12% 12% 12% 4- % 23% 8% Checker Cab Mfgr... 2 6 5% 6 — % 46% 23% Ches & Ohio (2% )... £0 26% 25% 25% - 64% 13% Chesapeake CorptJ). 3 16% 16 16 -1 27% 7% Chi Great West pf. .. 2 12% 12% 12% 8% 1% Chi Mil StP & Par... 1 2% 2% 2% 15% 2% Chi Mil StP & Par pf. 2 4% 4% 4% 15% 5 Chi & Northwestern. 3 9% 9% 9% — % 15% 3% Chi l’neu Tool. 6 5% 5% 5% 35 6% Chi Pneu Tool pf. .. 1 8% 8% 8% -1% 65% 7% Chi Rock 1 & Pacific. 1 13% 13V. 13% 90 10% Chi R 1 & Pac 6% pf. 1 20 20 20 101 12 Chi P. I & Tac 7% pf. 2 23 23 23 -1 25% 11*. Chrysler Corp (1). .. 28 13% 12% 13 -% 90 63% City ]< e&Fuel pf 6 % . 20, 65 65 65 4% % City Stores. 10 1 % % — % 41, 4 City Stores (A1 ... 20* 4% 4% 4% 34% 15 Cluett Peabody (2).. 1 16% 16% 16% 170 97% Coca-Cola ( + 8). 1 108% 108% 108% -t- % 104% 79% Colg-l’alm I* pf t6).. 2 88 87% 87% -2 17% 6% Collins At Alkman ... 5 8 8 8 95 68 Collins & Aik pf (7). 1 75 75 75 45% 11% Columbia G&Kltbl % 14 13% 12% 12% - % 111% 32 Columbia Carbon (3) 1 31% 31% 31% — % 34 16% Cornel Inv Trust (2). 2 20% 20% 20% 4- % 90 60 Comm lnvcvpf(c6). 7 66% 63% 63 . —4% 11% 6% Cornel Sol vents (1).. 10 8 7% 8 12 3 Comwlth & Sou(30c) 32 4% 4 4% 14% 6% Congolm Nairn (1).. 1 8% 8% 8% - % 109% 67% Consol Gas N Y (41.. 100 60% 59 59% + % 15% 8% Consol Laundries(l) 4 9% 9 9% - % 1% V. Consol Textile. 2 % % % 3 % Container Corp (B).. 2 % % % 30 4% Conti Baking lA). . H 5% 5% 5% — % 77% 40 Conti Baking pf (8). 8 43% 42% 42% 4- % 62% 30% Conti Can (2% 1 . ... 11 35% 34% 35 - % 16% 3% Com Diamond F'ibre. 1 4 4 4 — % 51% 18% font Insur (2 40)_ 6 21 20% 20% -1% 4% 1 Conti Motors. 2 Hi 1% 1% 12 4% Conti Oil t Del). 6 6 5% 5% - % 12 % Conti Shares. 1 % % % — % £6% 86% Corn Products (3)... 9 42% 42V. 42% — % 152% 118 Corn Prod pf (7)_ 30* 126 126 126 lit 2% Coty Inc. 2 3% 3% 3% + % 34% 20 Cream of Wht(t2%) 1 21% 21% 21% -1% 19% 10% Crex Carpet. 5 11% 10% 11% +1 8% 2% Croslev liadio. 5 3% 3% 3% 38% 13*. Crown Cork <2.40)... 2 14% 14% 14% 63 20 Crucible Steel. 2 16% 15% 16% - *4 5% 1 Cuban-Am Sugar. ... 2 1 1 1 35 6 Cuban-Am Sugar pf. 60* 7% 7% 7% — % 48% 29 Cudahy Packing (4). 2 31 31 31 — % 5% 1 Curtiss Wright. 46 2% 1% 2 8% 1% Curtis Wright (A1. . 6 2% 2% 2% 12 13% Peere&Co pf (1.40). 9 12% 12 12 -V. 157% 64 Delaware & Hud (9). 1 77 77 77 102 17% Delaware Pack & W. 5 21% 20% 20% -1 45% 3% Denver & It G W pf.. 18 8 8 195 110% Detroit Edison (8). . 3 114 113% 114 -1 21% 7% Douglas Aircraft (1) 9 12 11% 12 + % 78% 42% DrugCorp(4). 10 52% 52% 52% 8% 1% Dunhill Internatl... 2 1% 1% 1% 107 60% Dupont tie Nem (4).. 129 50% 49% 50% + % 124% 94 Dupont de N" pf (6). . 1 99% 99% 99% — % 185% 77 Eastman Kodak tt8) 7 81% 81 81 —1 21% 6% EatonAxle* Spr 50c. 16 6 6 11% % Eitington-Schild.... 2 % % % — % 69 7% Eitington-Schild pf.. 2 8% 8 8% — % 74% 20 Elec Auto Lite (4)... 9 28% 27% 27*. 9% 2% Elec&Musical Instru 2 3% 3% 3% 60% 9 Elec Pwr & Lt (1).. ,2325a 12% 12 12 — % 108% 41 Elec Pwr&Lt pf < 7). 1 56 56 56 -1% 66 23 Elec Storage Bat (4) 2 30% 30% 30% 6 % Elk Horn Coal pf_ 20a % % % 45% 23% Endicott-Johnson(3) 2 30% 30V. 30% + % 39% 5 Erie It n. 2 8V. 7% 7% - % 25 10 Exchange Bnf < 25c). 10a 10% 10% 10% 29% 3% Fairbanks-Jlorse. . .. 1 4% 4% 4% — % 30 3 Fed Water Service A 1 3% 3% 3% 56% 20 Fid Ph Fire In<2.60). 2 22% 22 22 - V. 66% 46% Firestone T&R pf (6) 1 54 54 54 % V. Fisk Rubber. 9 % % % — % 3 % Fisk Rubber 1 st pf.. 120s % % % — % 64% 8 Foster-Wheeler. 3 9% 9% 9% + % 38% 2% Fox Film (A). 1 .",% 3% 3% 75 60 Franklin Smn pf(7). 10a 65 65 65 43% 18% Freeport-Texas (2). 3 17% 17% 17% + % 60 15 Gameweil Co (a»... . JUU* 14% 14% 14% * % 25% 9% Gen Baking <2). ... ■ 8 15 14% 15 4- % 114 95 Gen Baking pf (8)... 165* 98 98 98 i 9% 1% Gen Bionze. 8 2% 2 2% 25% 2% Gen Cable (A). 1 4% 4% 4% + % 54'. 28% Gen Electric (1.60).. 101 19% 19% 19% + % 12% 10% Gen Elec spec (60c). I 10% 10% 10% 56 28% Gen Food Corp (3). . 29 33% 33% 33% 4 % 8% 1% Gen G&E A(b6%stk) 29 2% 1% 2% 4- % 48 21% Gen Motors (2). 164 21% 21 21% 10% 3% Gen Outdoor Adv... . 10 4 3% 4 28 6% Gen Outdoor Adv (A) 2 6% 6% 6% 76 43% Gen l’rtg Ink pf (6). 20* 50 50 50 - 2% 23 2% Gen Public Service.. 1 3% 3% 3% — % 84% 21 Gen Ry Signal (5)... 4 24% 24 24 4- % 16% % Gen Theater Equip.. 15 % % % 38% 9% Gillette Saf Razor. .. 3 12% 12% 12%-% 76% 45 Gillette Saf R pf (5). 4 63% 52% 52% 41% 7% 1% Gtmbel Bros. 6 2 2 2 52 26% Gtmbel Bros pf (7).f 3 23% 23 23 -1 16% 4% Glldden Co. 15 5 5 42>, 14% Gold Dust (2%). 6 16% 16% 16% 20% 3% Goodrich (B F). 5 4 4 4 68 10 Goodrich (B F) pf. .. 1 15% 15% 15% 52% 13% Goodyear T * R (1). 16 15 14% 15 -% 13% 3% Gotham Silk Hosiery 1 9% 9% 9% - % 6% !% Oraharr.-Palge. 9 3% 3% 3% — % 22% 5% Granbv Consol (50c). 1 6% 6% 6% — % 25% 1% Grand Silver Stores.. 2 2% 2% 2% 19jl_, Stock and Sales— Net. High Low. Dividend Rate Add 00. High. Low. Close. Chge 46 21 Grand Union pf (3).. 1 8t 31 31 4- % 42 24% Grant (W T) (1)- 1 26% 26% 25% 69% 15% Great Northern pf(2) 8 20Vi 20 20% 4- % 8% i Grigsby Grunow- 6 1% 1% 1% — % 37% 4 Gulf States Steel... . 1 5% 6% 5% 4- % 30% 22 Hackensack W (1%) 121 21 21 — % 9% 1% Hahn Dept Stores. .. 6 1% 1% 1% — % 19% 11 Hall (W F) Printing 2 11 10% 11 4 % 42 8% Hawaiian Pineapple. 10g 9 9 9 4-% 103% 68 Hershey ■Choc (6)... 2 76% 75% 75% + % 104 70% Hershey Choc pf t5.. 1 76% 76% 76% 4 H 37 10% Holland Furnace (1). 2 10% 10% 10% 132% 81 Homestake M (7 80). 5 122 120% 122 +2% 9*t 2% HoudaUle Hershey.. 6 3 2% 2% — % 65 62% Household Fin pf 4.21 1 56 66 66 — % 68% 15% Houston Oil. 5 19 19 19 41 14% A Houston Oil (new).. 20 3% • 3% 3% 4- % 29% 11% Howe Sound (2). 2 12 12 12 -2 44% 26'. Hudson * Man (3%) 2 27% 27% 27% - % 7f)i, 40 Hudson Man pf (6).. 1 46% 46% 46% 4 % 26 7% Hudson Motor (1)... 6 9% 9 9—14 13%. 3% Hupp Motors. 4 4% 4% 4% 4- Vi 1(9 9% Illinois Central..... 6 15 14% 14% — % 86 21 Indust P.avon (4 )... 33 32% 31% 31% + % 182 26% Jngersoll Rand (3).. 1 31 31 31 — % 71 19% Inland Steel (2). 3 21 21 21 11% 3 Inspiration Copper. . 1 3% 3% 3% — % 9% 2% InsurSh(Md) (28e). 1 2% 2% 2% 34 4*. Inlerhoro Rap Trans 28 10% 8% 9 + % 15 2% Interlake Iron. 14 4 4 514 1 Int Agriculture. 18 1 1 1 51% 4% Tnt Agriculture pf. . . 1 5% 5% 5% 179% 92 Int Hus Machine! nt) 2 101 100% 100% 12% 3 Int Carriers I.td 50c. 1 4 4 4 — % 4 % Int Combustion. 2 1% 1% 1% 60% 22% Int Harvester (2% 1. 16 24% 23% 24 - % 143% 105 Int Harvester pf (7). 2 105% 105 105 31 9% Int Hydro El A <e2). 3 #% 9% 9% — % 73% 11 Int Match pf (4)- 11 21 20% 20% — Vi 20% 7 Int Nickel of Can 20e 27 8% 7% 7% 123 80 Int Nick Can pf (7). . 150* 82 82 82 — % 414 % Int Paper 4 Pwr (C). 4 % % % 43% 6% Int Paper 4 Pwr pf. . 2 8% 8% 8% — 1% 42 IK Int Salt (3). 3 20% 20% 20% - % 54 37 Int Shoe (3). 3 38% 38% 38% — % 38*4 7% Int Tel & Teleg(60c) 8 9% 9% 9% — Vi 57% 24 Jewel Tea (4). . . 1 . . . 1 33 33 33 %1 80*4 15% .Tohns-Manvllle (1).. 6 19% 18% 19 - % 126 83% Johns-Manv pf (7). . 10* 88 88 88 123% 6K Jones 4 Laugh pf (7) 20* 79 79 79 " 45 6% Kansas City Southn. 2 11 11 11 — % IK 5% K'mann Dpt Strs(l). 3 7% 7 7% ■+ % 24% 7% Kayser (J)&Co (1).. 6 7% 7% 7% 3% % Kelly-Spring Tire... 1 1*, 1% 1% 45 10 Kellv-Spr T 6% pf.. 10* 30 30 30 - -1% 26 5% Kelly-Spr T 15, pf. . . 20* 15 15 15 -% 29% 3 Kelsey-Hayes Wheel 13 3% 3% 3% ■+ % 15% 6 Kelvins tor Corp. 11 9 8% 8% -t- % 6d 20 Kendall Co Pf (6)_ 20* 31 31 31 +1 31% 9% Kennecott Copper 50t 46 10% 10% 10% 1 % 29% 15 Kresge (S S) (1.60).. 10 16% 16% 16% - % 55 26% Kress (SH) Co tjl). . 1 35 35 35 + % 27*4 4% lireuger & Toll 1.81.. 91 7% 7% 7% — % 35% 12% Kroger Grocery (1). 4 14 14 14 87s, 404 Lambert Co (3 i._ 3 49s, 494 49s* + V* 44 lsi Lee Rubber & Tire .. 3 2 2 2 184 5 Leh Tort Cement.... 1 64 64* 6", — 4 1014 72 Leh Fort Cmt pf (7). 10* 70 70 70 84 14 Lehieh Valley Coal. . 2 2 2 2 61 8 Lehigh Valley R R. . 1 14 14 14 694 35 Lehman Corp (2.40). 3 39V* 384 384 — 4 344 184 I.ehn A Fink (.31. . . . 2 214 21 21 - 4 20s, 5', I.tbhey Ow ens Olas«. 20 64 6 6—4 914 40 Llgg A Myers B <t5) 6 564 56 564 + 4 264 16 Lily Tulip Cup It',,) 1 164 164 16s, -4 S3 14 Link Belt (120). 2 12 12 12 634 23s* Loew s Inc (t4). 35 274 27 274 a tt 64 24 Loft Inc. 1 3 3 3 , 4 544 29s, Loose-Wiles (t3)... 1 32 32 32 214 10 Lorillard (P) (1 20). 8 14 134 1,34 - 4 354 174 Lou GasAEl A (1*). 2 214 21 21 -4 111 204 Louisville A Nash(4) 4 2.5 25 25 19 4 Ludlum Steel. 1 44 44 44 + 4 ~36 154 McCall Corp <2 4 ) • • • 5 18 174 174 - 4 514 15 McCrory Stores. 150s 154 154 154 + 4 514 144 McCrory Stores B... 60s 15 15 15 1034 384 McKeesport T P (4 ). 1 48 48 48 17 34 McKesson A Robbins 4 4 4 4—4 434 12 Mack Trucks (1)- 4 134 134 134 -4 106'* 60 Macy (RH )A Co(n3). 7 53 614 SI4 - 4 274 74 Magma Copper* 50c). 2 74 74 74 61 25 Manhat Kiev gtd 17). 10s 38 38 38 39 6s, Manhat Kiev mod gtd 26 124 114 12 - 4 244 94 Marine Mldld (1.20). 2 104 10s, 104 324 94 Marl In-Rock well (2) 1 104 104 IO4 _ 4 32s, 94 Marshall Field A Co. 2 8s* 8s, 8s, - 14 314 12 Mathteson Alkili (2) 2 15 144 144 - 4 39 154 May Dept Strs (24). 1 17 17 17 8s* 14 Maytag Co. 3 3 24 3 1, 34 144 Melville Shoe (2). ... 1 154 15’. 154-4 22 17 Mesta Machine (2).. 1 14s, 144 14s* -4 104 24 Miami Copper. 2 34 34 34 16s. 5 Mid Continent Petm. 2 5*. 54 54 + 4 264 3s, Mo Kan A Texas. 10 64 64 64 85 lOt, Mo Kan A Texas pf.. 1 174 174 174 -1 424 64 Missouri Pacific. 2 94 9 9 —4 10/ 12 Missouri Pacific pf.. 12 224 204 21 - 29 164 Monsanto Chem 14. 1 224 224 224 294 64 Montgomery Ward.. 11 84 84 84 — 4 474 15 Motor Products (2).. 1 22 22 22 — 4 36s, 84 Mullins Mfg. 1 94 8s, 8s, -1 4 724 20 Mullins Mfg pf. 10s 20’, 20 o() 184 5 Murray Corp. 7 64 64 6s, + 4 "404 15 Nash Motors (2) . . . . 2 174 174 174 - 4 10 s* Nat Bella Hess. 2 4 4 4 834 364 Nat Biscuit (2.80). .. 6 4O4 404 404 - 4 394 74 Nat Cash Reg (A)... 11 94 84 84 — 4 604 20 Nat Dairy (2.60)_ 23 244 23s, 244 + 4 364 16 Nat Dlst Prod (2)... 3 19 I84 184 — 4 132 784 Nat Lead (5). 1 86 86 86 -1 444 104 Nat Pwr A Lt (1).... 10 134 134 134 -4 68 184 Nat Steel (2). 2 20 20 20 - 4 704 5 Nat Supply Co. 1 74 74 .74 — 4 24s, 64 Nat Tea <1). 3 84 84 84 — 4 144 44 Nev Con Cop (40c).4 54 54 64 1324 24s. N V Central. 1 14 30 28s, 28s, - 227 101 N Y A Harlem (5)... 60s 106 105 1054 + 4 124 14 NY Investors. 6 14 14 14 — 4 94s* 17 N Y N H A Hartford. .37 274 26 26', - 4 134 54 N Y Ont A Western.. .7 74 74 74 — 4 12s, 24 N Y Shipbuilding . 9 54 54 64 - 7, 294 10 Noranda Mines (2).. 3 144 14 14 - 4 217 1054 Norf A Westn (tl2). 1 1244 124 + 1244 -14 93 654 Norf A Westn pf (4). 10s 74 74 74 —1 11 24 North Am Aviation. . 11 .74 34 34 — 4 90V. 26 Xor Amerlbioe.stk) 20 3.34 324 32s. 1074 79 North Am Ed pf (6). 1 86 86 86 +1 604 144 Northern Pacific (3). 28 204 194 20 - V* 19% 5% Ohio Oil. 2 5% 5% 6% + % 68% 16% Otis Elevator (2%).. 1 17% 17% 17% - % 54% 29% Pacific Gas A- El (2 ). 9 33% 33% 33% 69% 35 Pacific Lighting (3). 1 37% 37% 37% 131% 93% Pacific Tel&Teleg(7) 200» 98 97 97 -1 11% 3% Packard Motor (40c) 180 4% 4 4% — % 50% 5% Par-Pub (hl0%stk). 20 9 8% 8% — % 2% % Pathe Exchange... . 5 % % % 8% 1% Pathe Exchange (A). 3 2 2 2 15% 4% Patino Mines. 1 7% 7% 7% + % 44% 26% Penney (J C) (2.40). 14 29 27% 28% + % 64 16% Penna P.allroad (2). . 15 21% 20% 20% — % 250 107 Peoples Gas Chi (8).. 2 110% 110 110% - % 85 4 Pere Marquette. 1 8% 8% 8% —1% 17% 9 Pet Milk. 3 11 11 11 -1 10% 2% Petrol Corp of Am... 1 3% 3% 3% _ % 66% 30 Phila Co 6% pf (3).. 1 38 38 38 12% 2% Phila & Read C & I.. 2 3% 3% 3% — % 16% 4 Phillips Petroleum.. 12 4% 4% 4% 1% % Pierce Oil. 1 % % % 37 19% Pillsbury Flour (2).. 2 21% 21% 21% - % 99% 40 Pitts I'nited pf. 10» 35 35 35 27 2 Port Ric Atn Tob(A) 1 4% 4% 4% + % 26% 5% Prairie Pipe Lire .. 17 7 7 71% 36% Proct & Gamb (2.40). 7 39% 39% 39% — % 112'% 97 Froc A- Gamb pf (5). 10a 95 95 95 -2 fi 1 Producers & Refln.. . 11 1 1 96% 49% Public Svc NJ (3.40). 12 52% 61% 51% - % 120% 92 Public Svc N.T pf (6). 1 98% 98% 98% 107% 87% Pub Svc G&E pf (5). 2 88% 88% 88% - % 58'% 15% Pullman Corp (3)... 3 21% 21% 21% 11% 3% Pure Oil. 16 4% 4% 4% — % 55V* 10% Purity Bakeries (2). 11 13V* 13% 1314 _ ** 27% 6% Radio Corp. 235 8% 8 8 — % 65% 20 Radio Corp pf A 3 %. 8 31 29% 30% + % 60 9% Radio Corp pf B. 38 16% 15 15 — % 4 2% Radio-Kelth-Orph. . . 32 5% 5% 6% * 29% 8Vi Raybestos Man( 1.60) 3 10% inv* 10% + % 97% 30 Reading Ry Co (2).. 1 34 34 34 -1 30% 1% Real Silk Hosiery... 11 4 3% 3% + % 90 5 Heal Silk Hosiery pf. 20i 14 14 14 +9 13 6 Reis (R) & Co 1st pf. 60s 4 4 4+1 19% 1% Remington-Rand- 4 2% 2% 2H 10% 2% Reo Motor Car (40c). 2 S% 3 3 25% 4 Republic Steel. 4 5% 5% 5% — % 22% 7 Reynolds Met (1 %).. 1 8% 8% 8% + % 64% 32% Reynolds Tob B (3).. 7 38% 38 38 10% 1% Rio Grande Oil. 11 2% 2% 2% 26 3% Rossia Ins of Amer.. 3 4% 4 4 — % 42% 13 Royal Dutch of NY.. 10 17% 17% 17% -1% 694 8844 Safeway Stores (5).. 8 46'/* 454 4o4 + 14 1084 71 Safeway Strs pf (7). 20» 87 87 87 + 4 80H 7 St Joseph Lead (60c). 2 9 84 9 624* 3 St L-San Francisco.. 5 5 414 414 — 4 76 44 St L-San Fran pf. ... 1 64* 64 64 + 14 33 4 44 St Louis Southwn... 2 94 9% S4 + 4* 60 64 St Louis Southwn pf. X 174 174 174 +14 114 3 Schulte Retail Stores 2 34 34 34 — 4 14 4 Seaboard Air Line... 14 4 4 204 64 Seaboard Oil. 1 74 74 74 11 24 SeapraveCorp. 1 24 24 24 - 4 63 4 804 Sears Roebuck (24). 6 324 314 314 — 4 114 34 Servel Inc. 46 44 44 44 21 34 Sharp & Dohme. 2 44 44 44 — 4 614 28 Sharp ft Do pf (3%).. 2 27 4 27 4 2 7 4 -1 294 84 Shattuck(FG) 11).. 6 84 84 84 — 4 34 6 Shell Tradins & TrRn 20a 124 12 124 104 24 Shell Union Oil. 1790a 34 34 34 — 4 78 16 Shell Union Oil pf. .. 9 26 244 244 234 64 Simmons Co. 1 74 74 74 — 4 164 44 Sinclair Consol OH.. 26 64 6 64 21 84 Soeony-Vacuum (1).6940a 94 9 9 —4 95 45 Solv Am pf ww(5 4) 1 62 62 52 -1 64 4 284 SouthnCal Ed (2)... 1 31 31 31 1094 264 Southern Pacific (4). 20 324 814 314 — 4 (Continued on Page IV.) STOCKS ARE FIRM IN UPWARD TREND List Shows Improvement as Selling Pressure Subsides. Trading Light. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 4,—While still very inactive, with fluctuations for the most part limited to fractions, the stock market gave a good account of itself today. The trend was upward and there was a complete absence of liquidating pressure. Business was resumed on the ex change today with no dividend meet ings overhanging the market as vital as that of U. S. Steel or of General Motors. Action by the directors of General Motors in cutting the rate from a $3 to a $2 annual basis was about what the Street had expected and had been discounted in the price of the stock, which was fractionally higher in the early trading. Even the omis sion of dividend action by the Packard board resulted in only a fractional de cline in the price of that stock. It Is becoming more evident that the market is not likely hereafter to be upset by dividend reductions or omissions. Low Priced Issues Active. The low-priced stocks were favored in the morning trading Active buying of the local tractions made its appear ance, although there w-as nothing strictly new in the situation. It is be lieved that sooner or later an upward readjustment of fares must come. Brooklvn. Manhattan Transit, Manhat tan Modified Guaranteed, Interborough Rapid Transit and Third Avenue Rail wav were all up 1 to 2 points. Stocks of the grade of Kelvinator, General Baking. Radio and American Woolen preferred were in good demantl Standard Brands was an exception, oft on the fourth-quarter earnings state ment showing net for the stock of 17 cents a share against 28 cents a share in the preceding quarter and 34 cents a share in the same quarter a year ago, but the decline was Inconsiderable. Continental Baking was strong in be lated response to its good showing. Standard industrials were dull but firm United States Steel opened a point lower, but made up the loss and more before noon. Allied Chemical, Westingh.ou.se Electric and American Can more than held their own. Home stead Mining was strong on a declara tion of an extra dividend of $1 a share besides the regular monthly disburse ment of 65 cents. The rails were unusually quiet dur ing the first half of the day Judging from the comments heard in brokers' offices, the carrier stocks have many friends, but this does not seem to show on the tape. Probably those interested in the rails prefer to operate in the bond market at present. Opening Prices Lower. The opening on the exchange was lower. United States Steel opened off point at 3934 and General Motors at 21'a and Packard Motors at 4' _■ were off fractionally. Dividend revisions, the dullness of overseas markets and irregularity of foreign exchanges be fore the market opening overshadowed Far Eastern developments. The re duction of General Motors dividend from $3 to $2 a year had been ex pected. though the omission of Packard Motors dividend was less certain. In some quarters the Atlas Powder regular declaration had not been expected. Homestake Mining declared an extra dividend of SI. American Can at 60'4 lost Air Reduction rose >2 to 50'2. General Electric at 19'4 and Bethlehem Steel at 17', had slight declines. With the exception of International Nickel, early dealings in mine shares were at lower levels. Public Service Corporation lost 3 4 to 513 4. Consolidated Gas was down American Tobacco B yielded 34 to 77. The two most active oils. Standard Oil of New Jersey at 2734 and Texas Corporation at 12. were each up V Declines in the rail list were con fined to fractions. Baltimore & Ohio was off 34, New York Central off !'2, New Haven and Northern Pacific each >* and Northern Pacific off >2. -• CLEARING HOUSE FIGURES. Washington Clearing House figures for today: $3 l''®.860.86. Three Banks Closed. PITSBURGH, February 4 (.Pi —Three banks—the First National ot Pitcairn, the People's National of Pitcairn and the First National of Trafford—failed to open yesterday. Their, deposits ap proximate $1,600,000. Directors took the action to protect creditors. A notice posted on the doors said ne gotiations are under way whereby the First National Bank of Wilmerding may purchase sufficient assets of the closed banks to make available a substantial percentage of deposits to depositors soon. B. J. Bleakley, national bank ex aminer. took charge of the closed in stitutions. -• RAIL HEAD TO SPEAK. BALTIMORE. February 4 (Special!. —Daniel Willard, president of the Bal timore & Ohio Railroad, will address a special meeting of the railroads rep resented in the Eastern presidents’ conference tonight at the Bankers' Club in New York. Mr. Willard, as chair man of the National Committee of Railroad Presidents, which negotiated a 10 per cent cut in wages, will make a complete report of the conferences in Chicago, which lasted 17 days. Many details of the wage plan hitherto un known are expected to be made public. Felicitated LOCAL BANKER 55 YEARS WITH SAME INSTITUTION. WILLIAM J, FEATHER, Vice president of the Riggs National j Bank, was flooded with congratulations j today on the fifty-fifth anniversary of J his connection with the same instltu- j tion It was on February 4, 1877, that I Mr. Flather started at the very bottom j of the banking ladder by entering the i employ of Riggs & Co. as a messenger. He advanced rapidly and was still with the Institution wrhen the original com pany became the Riggs National Bank back in 1896, with Charles C. Glover as president. With the exception of his Summer vacations, which he pas es at the Po land Spring House in Maine, he has I rendered the bank uninterrupted serv- 1 ice for these many "years, as he almost 1 never misses a day at the office. He has played a mast active part in the bank's enviable growth; in fact, has witnessed many amazing changes in the whole financial district during the last half century. Mr. Flather is considered an author- j ity on matters pertaining to cred.t, although he has given all departments of banking his close attention and I study. His business contacts and per sonal friends during his long service have included a host of men of na tional reputation as w-ell as all the financial leaders In his home city. He Is 67 years old. enjoys the best of health and doesn't look a day over 55. -•--— I I New Well and Possible End to Martial Law Compli cate Situation. By the Associated Press. DALLAS, Tex., February 4—A new oil well in Central Texas, believed by seme to have tapped a new oil pool; a | 3-mile extension of the East Texas | field and the possibility that martial j law enforcement of proration there may be lifted soon have given the oil in dustry an uncertain outlook in Texas. On January 31 C. C. Curtis of Mar lin. drilling a well for the Dixieland Oil Syndicate on the J. Lee Davis tract, 14 miles northwest of Marlin, unex pectedly encountered oil at 1,006 feet, twe feet in the Georgetown lime. The well was estimated by Curtis as good fer 1,000 to 3,000 barrels daily, 35-grav ity oil. Scouts and major company repre sentatives flocked to the new site to in vestigate reports the new well had tapped the "mother pool" of a shallow field in the vicinity which had been producing oil for nearly 10 years. The East Texas field was given a 3-mile extension January 29. taking in j -the Cranfill and Reynolds No. 1 Rash ! Estate, a wildcat 12 miles north of j Longview, in Apshur County. Drillers j predicted it would produce 5.000 barrels | daily of 34-gravity oil. That gravity is j 7 points less than that of other oil found in the region, and the depth of the hole, at 3.729 feet, with a surface ! elevation of 332 feet, seemed to indicate | a new sand of 100 feet below the known j water level of the Lathrop, Kilgore and ! Henderson pools. The Texas Railroad Commission Feb- I ruary 12, at Austin, will consider new j proration and conservation orders in the East Texas field. C. V. Terrell, I chairman, said the commission would | enter orders governing the field only in the event martial law’ was lifted. If Gov. Ross S. Sterling does not re call the Guardsmen, such action may be brought about by three Federal judges who recently heard an injunc tion suit attacking martial law rule in the field and Indicated by remarks in open court that the injunction would be granted. East Texas flow for the week ended January’ 30 was 345,350 barrels daily, j an increase of 12.569 barrels daily over j the previous week. -■■■- ■ - — -• XT. S. TREASURY BALANCE. The United States Treasury balance, r.nnounced today as of close of business February 2, was $644,084,925.35. Cus toms receipts for the month to date were $1,874,299.91. Total ordinary ex penditures were $8,460,742.62. -— -• SILVER QUOTATIONS. NEW YORK. February 4 C45).—Bar silver steady and y8 higher at 29 Results from Classified Advertisements When you buy a railroad ticket you are not purchasing a piece of paper, but a ride. —So when you place a classified ad vertisement you are not paying to see your name and address in print, but to obtain a certain result. Classified advertisements in The Star for years have maintained a reputation for producing satisfactory results. This is possible because of the immense circulation of The Star into practically all the best homes in its terri tory and even beyond. Therefore, when next you need help, have a room for rent, or something to sell, send an advertisement to The Star for the appropriate classification. Star classified advertisements produce results for others every day. They should fo#*you. Give them a trial. "1 CAPITAL AND LABOR ON BETTER FOOTING Government Statistics Show Sharp Contraction in Num ber of Disputes. — BY CHAS. P. SHAFFF.R, Associated Press Business Writer. Capital and labor seem to have reached a better understanding In their relationships during the last few years. This statement is backed by statis tics of the Department of Labor, which show labor disputes reported to the de partment in 1931 amounted to but olightly more than one-quarter of the average number reported during the comparable years of 1920 and 1921. Prior to the wage cut announced by the United States Steel Corporation to ward the end of last September, there had been reported wage reductions in 2,257 instances, affecting 315,229 work ers, out of which came 653 wage dis- 1 putes. In the two months following up to November 15 there were 1,074 additional firms following steel's lead ership, involving 290.082 workers and only 107 wage disputes. This makes a total of 3,331 wage reductions up to the middle of November, affecting 605. 311 workers and resulting in 760 wage disputes. The improved understanding between capital and labor is demonstrated by reference to the previous period of acutely unsatisfactory business in 1920 and 1921. In the former year there were 3.411 disputes over wage cuts 1 registered with the department and 2.385 the year following. One amicable wage adjustment oc curring since the Labor Department's figures is the voluntary acceptance of a 10 per cent reduction by the rail road brotherhoods, which further am plifies the better understanding between the groups of capital and labor. Washington Produce Butter—One-pound prints, 26; tub, ; 25. Eggs—Hennery, 17al9; current re ceipts. 16al7. Poultry, alive—Turkeys, old toms, 15a j 18; young toms and hens, 20a22; | chickens, 3 pounds and over, 16al8, 2 to 2'.. pounds, 18a20; broilers, 1'- to 2 pounds, 18; hens, large. 16al"; small, 1 12al4; Leghorn hens, 11; roosters, 10; 1 keats. young, 45a50: old, 25a35. Poultry, dressed—Turkeys, old toms, ' 18a21; young toms and hens, 23a25; ) chickens, 3 pounds and over, 19a21; 2 to 2'.j pounds, 21; broilers, lu to 2 pounds. 23a25; hens, large, 20a21, small, 15al7: Leghorn hens, 14; roost ers, 13; keats, young, 55a60; old, 50. Meats—Beef, prime, 12; medium, 11; ! lamb, top, 14; medium, 13; veal, top, 15; medium, 14; pork loins, 11; fresh hams, 13; smoked hams, 16al7; strip bacon, 16al7; lard, 80-pound tins. 6'2; package, 7; compounds, 6!*. j Live stock—Hogs, light and medium, 4.00a4 25; heavy. 3.75a4 00; pigs, 3.50a 4.00; roughs, 2 00a3 25; calves, 4 00a 3.50; lambs. 4.00a6.50. Fruits—Strawberries, pints, 10al5; quarts, 25a30; apples, bushel baskets, r0al.25; fancy box stock, 2.50; oranges, Florida, 2.75a3.50; California, 3.00a 3 50; grapefruit, 2 00a2 25; pears, 3.50a 1 4 00; pineapples, 3.00; grapes, Emper ors. kegs, 4.50; Almeiras. 5.00; lemons, 4.00a4.50; tangerines, 1.50a2.00; ba nanas. 2 00a2.50: alligator pears, flats, 2.50a3.00; rhubarb, hothouse, 5 Bounds, 1.25; honeydews. Chile, 2.30&3.00; plums, Chile, 2.50a3.00. Vegetables — Potatoes. Maine,' 100 pound sacks. 1.40: New York, 1.15; sweeta. 50al.00; Idaho bakers, 2.40; j Bermudas, new. bushel, 1.50: tomatoes, j repacks, 2.50a3 00; squash, white. 2.30a J 3.50: yellow, 3 50: peppers. 2 50: kale, 50: spinach, 50: carrots, 3.50a4 00; beets, 2.00a2.35; cauliflower. 2.00a2.50; peas, 6 00a6.50; broccoli. 2.50a3 00: lettuce, Iceberg, 2.50; celery. 2 00a2 50; eucum- j bers, 4 50a5.00; Spring onions, per dozen j bunches, 24: mushrooms. 65al.00: sal-; sify. dozen bunches, 50a60: artichokes, \ 4 50a5 00; parsnips. 1.25al.50; cabbage.' new, 2.25a2 50; old, sacks, 1.00: 6tring J beans, 2 00a2.25: water cress, 1.00aL25; j eggplant, 3.50; limas, Cuba and Mor ida, 5.00. NEW YORK BANK STOCKS NEW YORK. February 4 t/P..—<Over the-counter market: BANKS. FIT Asked , Chase .. 35 2 3712 Chat Phenix. 19 ‘a 21*# Commercial National. 143 1M First National N Y. 1529 1620 Manhattan Co. . . 34’4 36‘4 National City. . 46'a 48! a Public .. 22’2 24’ j . TRUST COMPANIES. Bankers’ . 59 61 Brooklyn . 196 206 Central Hanover.138 142 Chemical Bank & Trust. 31N 333« Corn Bank & Trust. 14'? 161* Corn Exchange. 62'• a 65’ j Empire . . 2334 ‘’S'’* Guaranty . 269 274 Irving . 1914 20>4 Manufacturers’ . 29»4 31*4 New York.«. 73 76 INVEST —your savings in (Z01„ F^st Mortgage v /c Securities Safe. Sound. Convenient Denominations Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 Authorized Service United American Bosch Magneto Corp. (Robert Bosch & American Bosch) & Splitdorf Magnetos MILLER-DUD LEY CO. 1*16 14th St. N.W. North 1583-4 PATENT ATTORNEYS A few individual office* are available in the MILLS BUILDING Situated corner Pa Ave . 17th and Q Sts. within 5 minutes’ walk nf the new Commerce Building, through the beautiful parks south of the White House. ARTHUR CARR 206 Mills Bldg. Na. 2865 Money on Hand to Loan on First Deed of Trust Interest Reasonable Commission aDd Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. a M rj MORTGAGE ' ** NOTES Secured on conservatively appraised residential proper ties. livery mortgage pro tected by fire insurance and title guaranteed by responsi ble title companies. j* IN DENOMINATIONS OF and upwards BOSS & PHELPS Realtors 1417 K St. NAtlona! 9300 Increase Your Income By Investing In 6% 1st Mortgages —on conservatively ap praised Properties in the District of Columbia and Maryland. Low Denominations May Re Purchased For Furthrr Paiticulars Apply \UE^ERJBROC TT REALTORS O Washington Bldg. Di. 9486 ! Mortoaoe Loan Correspondent. I Afftropolttan Lite Insurance Co. sV «»Yt£? O While on Your Winter Trip —OUR TRUST DEPT, can be of great service to you in relieving vour mind of the care of in vestments, payment of fixed charges, collection of income and prepara tion of tax returns. rSuppose you talk it over with one of Our Trust Officers. INTEREST PAID OX SAVINGS . . National /y\etropolitan BANK Fifteenth Street Opposite U. S. Treasury PROPERTY MANAGEMENT Apartment House MANAGEMENT '^rOUR property and your in terests are under constant supervision when you place your apartment house in our hands for management. There are many advantages which we shall be glad to ex plain in detail upon request. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 MORTGAGE LOANS