Evening Star Newspaper, December 16, 1924, Page 29

| EGESARECHE AT CENTERARKET Pork Kept Down by Heavy Hog Receipts in West. Lard Stili High. arkeys are not being received in large quantities. market dealers said this morn hut larger ship- men e expected ister in the week. “It is a trifte early for rush ship- men remarked a d er, “and it im ble to 1 what qua tities of the fowl be received There is no indication that the whole. sale price of live turkeys will’ go higher than 45 50 Exg Prices Weakeni resulted in aipis of nrket e big run. of pork in the West" affected. the Jocal market and s are reported at what -denlers 1N cheap. rd being the only excep- Price of lard has undergone a | RNt increase. 18 conts being today's | nrice.” Loins were quoted at 16R1R, hams At 8420 and shouldera at 1aly. ower. : market bas in prices, exh stock has increased nd wre plenty storage egss on the Today's Wholesale Prices. Rutter—Fan FERRS—Fres) average receipts Chieese—Long horn mild eream old sharp, 35 per pound Poultry-—Aiiy roosters pound: tnr as2: ducks geese, 15a20; & chicken 25 fowls, 20a22: keats, ybung, 50a70 each; dressed, f ng chickens 0 roust 15: fowls, 24a25; turkeys, E 280 each: ducks capons, 40ass Live ¥ tub, 47a saléct 60 stock medium,. INail Spring, live Calvis, choice. thin, & hogs, 11a12 Vegetabie Review. Teday’'s market report on fruits and Yegetables; compiled by the Market News Service. Bureau of Agrleultural Economics, ays. f Apples—Supplies mod. : demand | Tat steady Barrels Maryfand, Virginia and West Virginia A up, ymans, 5.50a6.00, few 650, Yorks. 4.50u3.50: Grimes, 5.00a5.50: 6.00a7.00: A, 2% mans, 6.00a7.00; De- 5.00; B, 23§ inches, Boxes— Washington, rRe sizes, extra fancy | Spitzenburgs and Winter 2.00a Delicious, 4.00a shel baskets, sales r 1y; lambs. Fruit and ported Cabbage — Supplies mand moderate. York, bulk, per 25.00227,00 moderate market dull; Danish de- New tan, type Celery Supplies Celery — Supplies "liberal; demand moderate, market steady; California, crates; 5.3046.00; New York, two-third crates, “fdlr quality, 2.50: some poor quality and condition Yow as 1.50 Lettuce-—~Supplies liberal; Califor- nia demand moderate, market steady: : Iceberg type. 4 to 41 dozen to 313 dozen. 3.00a3.25 demand moderate; market | weaker: 11z-hushel hampers. | ston type, 1.50a2.00: mostly | beral. & 1.50a1.75. Onions—Supplies moderate; demand i, market firm: New York and | ows, U. 8. zes, mostly 100-pound sacks, No. 1, medium to large 00, Potatoes —Supplies srate. liberal market stead pound sacks, Round nited States, No. 1. k; Michigan, 150-pound sacks, Rus- | urals, United States, No. 1, 2.00a 5 per sack. Caulifiowe and moder fornia demand ew York. Whites, | 1.90a2.00 per Supplies moderate: de- | te, market steady: Cali- crates, 2.50a2.60 Hothouse Tomatoes Received. Tomatoes—Hothouse supplies mod- erate; demand moderate, market firm; Ohio and Illinois, 10-pound baskets, medium sizes, 3.00a3.25; smail sizes, stly 2.50. String beans—Supplies light; and moderate, market steady ida, 75-bushel hampers, green de- Flor- fair light; demand good . market steady; T'lorida, z-bushel hampers, ordinary wuality, 3.00a4.00;- California, 45- pound. crates, 9.00. Iiggplant, squash, cucumbers, lima beans, peppers—Supplies very light; too few sales to establish market SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Atuminum Co. of Amer. Aluminum Co. of Amer. American Sugar 6s 1987... Amer. Tel. & Tel. 0s 1 onda Copper s 1929... 1 as & Elec. 5 1 Tu Pont Tigs 1931... Federal Sugar Ref. 84 i Fisher Body Corp. = Body Corp. vear T. & Nor. 78 19; Gulf Ol Coor. of Pa & Humble 0il 5i4s 1082 Co. Tign 1930, . New York Central 6s 1935 ©regon Short Line 45 1929, .. Peana. R. R. 7s 1680. .. Pure Oil 8145, Swift & Co Tidewator Ol TUnion Tank Car Ts 193 T. S. Rubber Ti3x 1980... Weaiern Union 8335 1938 .- Westinghouse E. & M. Te 1931, 107 Wheeliug Steel 8s 1928, called at 10 TREASURY CERTIFICATES. March March Jue September December 1 March 15 Reptember March 13, December ' 1 100 101 99 1516 100 132 1018 101 11.3: 101 713 101 918 101 102 FORETGN EXCHANGE. (Quotations furaished by W. B. Hibbs & Co.) Nominal Selling checks to4 gold value. -o2..$4.8085 31,001 100 05381 ‘0497 781 0431 |ondan, pound. . Monireal. doliaf aris, frine Rrussels, frage. Terkin, mark Tome. BY WILLIAM F. HEFFERNAN, EW YORK, December 16.—Taking up of oue group -after . another . in the curb market today resulted in a buoyent upward movement that car- ried many stocks to mew high records. The action of Prairie Oil and Gas di- roctors in declaring the regular quar- terly $2 dividend was somewhat of a surprise In quarters where the pass- 18 of the dividend was rather ex- pected. Prairie responded with an opening advance of four points, and fts action had a stimulating effect upon some of the other oils, New Bngland Fuel, selling ex the 25-cent dividend. stood out strongly, getting 21 ‘points higher. NEW YORK, December ‘i lowing is an official |jst of bonds and stocks traded In on the New York Curb Murket today: —Fol- Sales.in thormands. Allicd Packers S Gax & Etec BONDS, High . 90l N 22 Am P& Lt 8 old. 4 Am Rolling Mills 8 Anaconds s S Anglo Am Ol Figa. AUG & W T 8S 58 Beaverboard_&s Childs Co. 6e. Cit Kery ddahy Sige Detroit. City Gax’ 63 Deroit Edlson 6 Dunlop T & Rub D& RG6LEw > Federal Sugh Fisher Rody it 208 Inters Mateh Manitoba Power 3 Morrin & o ign 3 Xew o pub der 13 Xorn b Par et T 8o power Ta R § PennokON av wi: Pub G & B Co 5 3 Pub Ser of N I 8a ¥ Parc Ol (v 615 Shawsheen 7w o 1001 & Macatr Coon &' Dadh 0 St as & El 61,8 1081, 3 Southern Ry 6% 1051y Son on 31 Bwift & (o 5s.... 4 TUn BILL&DPBSihs A 08§ 16 United Drug Co .+ 10108 2 hion. 011 Trod [ GX BONDS. City. of Bogots 8a .. 883 Fin Gu At §1% A goxl > 9314 French N M 88 7u Ind Mige Bk Fin 4 King of Neth 8s 'S4 1024, To kot Hy B P 830 Kep of Pern 8s " Rep of Po'atd 6s.. 961, 841y 03 ales in STANDARD OIL ISSUES. anite 300 Angio Am 0il 80 Buckeye P I 5 200 Sig Oil. 57 Sig Ol pfd oid 110 20 al 8ig O] pfd new 103 2100 Humble Ol & R.. 4175 401 P I . 120 1300 Tmp O3l of Can.. . 113% BAIN OF SG.000000 IN RAIL DIVIDENDS Payments Inaugurated or Raised by Many Lines During Present Year. e 102 103, 125 111y By the Associated Presy NEW YORK, December 16.—Divi- dend disbursements by the railroads of the country during 1924, it is estimated, have been increased by approximately $6,000,000 to a total ments along this line were taken by a half doxen or more carriers this year, although their full effects will not be felt until 1935. Inauguration of dividends on ti preferred stock of the Missourl, Kan- sas and xas Railroad Company at the annual rate of 5 per cent yes- terday added that road to the grow- ing list of companies which have authorized extra, initial or increased payments. Before the end of next year the directors probably will carry out their intention of raising the rate to the full 7 per cent which the stock is entitled to draw. Southern Common Included. One of the most important. de- velopments of the past year was the action of the Southern Railway Com- pany In placing its common stock on a 5 per cent annual dividend basis last March, when the fnitial quarterly payment of $1.25 a share was voted. Widespread interest was attracted by the inauguration of dividends for which the common stockholders had waited 30 years. Stockholders of the Atlantic Coast Line were benefited by the declara- tion of an extra dividend of 1 per cent in addition to regular payments totaling 7 per cent. The annual dividend rate on the capital stock of its closely affiliated road, the Louls- ville and Nashville, was increased from 5 to 6 per cent L. & N. Dividend Increased. Cne rallroad—the St. Louis-San Francisco—reorganized only .a few yeans ago, inaugurated dividends on both its preferred and common stocks during the year. After placing the preferred shares on a 6 per cent basis tn Ocfober, tha directors a month later declared an initial payment at the annual rate of 6 per cent on the common and also indicated their confidence in the future by voting the full year's preferred dividends for 1925. Some of the smaller roads which, took favorable dividend action were the Ala- bama and Vicksburg, which cut a 100 per cent stock “melon,” and the Chicago, Indianapolis and Louisville, which in- creased its semi-annual disbursement from 2 to 21 per cent. In railroad circles it is agreed that next year will see a.more general dis- position on the part of the carrlers to ehare their prosperity with stockholders. Merger Means Larger Returns. Atchison, Topeka and Santa Fe, which has maintained a conservative dividend policy for many years, is reported ready to increase its regular common dividend or to make an attractive offering of stock to present shareholders. Southern- Pacific is prominently mentioned as an- other road likely to take faverable divi- Zuricl Athen Maérh Yienoa, Budepest. crown Tragye, crown Warsaw, zloty. Copenhagen, crown Christiania, Stockholm, 1936 0183 1408 00001414 000138, 923 crown crown. Stock-of record. Jan. 2 2 Dec: 2 T, bes Dec. 31 Barnat Teath. pt. Dec. 0! ! oo CooEoce: b Ja Dec. 81 Dec. 26 Jan. 15 Dec. 25 Dec. 81 Dec. 31 Dec. B d’ Miges...... § Ealitvan Mae. Co. White Eagle OIl. Wms. TI. Cor. pf. dend action, along with Kansas . City Southern, Missouri Pacific and Wabash Completion of the Van Sweringens’ projected “Nickel Plate” merger will re- sult in larger returns for many 'stock- holders, especially those of the Erie, who have never received dividends, Con- tinuation of the record-breaking traffic and favorabl rninge of the last few months, it is believed, would result in placing many other roads on.a more substantial dividend footing.. e A Word te Speculators. If you must speculate, seléct a rep- utable broker who holds membership in a recognized stock exchange. E: change requirements, in themselves, are some protection, as its members must comply with business ethics as provided by rules and regulations. It a member violates these rules, he hazards his: membership, which ‘is usually his greatest asset, . of $303,000,000. Constructive develop- | THE EVENING NEW YORK CURB MARKET Received by Private Wire Direct to. The Star Office The demand for radio stocks con- tinued, with specfdl strength in Ther- miodine and Ware at new high prices. DubiHer crossed 62 again and Hazel- ting reached its best price on a large turnover. . - The ‘strength In_coai shares on the wtock exchange communicated itself to the curb market. D., L. & W, was a lepder advancing more points to 127, dlen Alden at 125 gair- ed 2 points and Lehigh Valley lusues Improved. Other strong features were Duz Company up 2 points, Ford Motor Company across the 600 level and practically, all' the public _utilities, under the lead of Tennessee Electric 8.-uazdasdels o ez P % 2, - Sales INDEPENDENT OIL STOCKS, m hundreds. 2 Caril i) b 1. Cit $3,000 Cit Serv serip. Columbian Synd . 1 Derby 0l & Ref. 1 Derb.0fl & Ref pt 8 Gill DIl vt tr ef.. 7 Gult it of Pa 15 Kirby Pet CEE M MRS - ol o 17 Mutual Ol vot cfs 11% 1 Nat Fuel Gas.. .. w Bradtord Oil w Eng ¥ w Mex L 20 Northwest Oll....", 8 Peer Uil Corp. . ... 80 Penn Beaver Oil 3 Red Bank Oll. 63 Royal Can 0 4 25 Bait Creek Prad... 248 1 Sapulpa Refng . 14p iTia Usage Oil m vy ¥ 2 Venesuelan Pet 2y 8 Wilcox 0l & Gis. & 2 Woodley Pet 61 INDUSTRIALS | Adirondack Power. 2 Allied Pack new .. .y 19Am Gas & El ow 1208 5% Am L' & Uract ... 1 3 Am L & Trae pid 4 80 Am Pow & Lt nw. &1 1 Am Superpower A. Sus 1 Am Superpower B 16 Am ¥or Fow. wi 4 Appalsc Pow & Lt ls Armour Leather pfd 2 Atlantic ¥ruit ... is Horgen (o ... Botaxs Cons . 2 Bit-Am ‘lob cou N I Bronswick B C wi 98 Centritigal PL Cor 3 terton & Soo.. 16 Chapia Sacks Co . @ Checker Cab Mfg A 1 Chic Nip B trust 2 Ohilds Lo ney ... 5 Com Power Corp. 8 Cont Bak A 2D R G W Ky 128 Dup Ca Rad vie wi 12 Doch Die Cast (o 18 Dubilier C & Kadio & Durant_ Motor 6 bu Font Mo 43 nz (o A . 113 Bast Peas dilec o nd & Sh ptd Fed Aetais . Film inspect "M, * Yord Motor Co % Foundation Co prd © Freed Eive Rad'Co X Glllette 8 R.. 3 Glen AMde rial Tobac ... 4 Tater Contl Rubber 1 Intl Concrete 1nd (o> 1 Inter-Uctan Ra Cor 1 dmtl . 2 Libby McN & I 7 Liverty Radio 2 McCrory Stores 1 McUrory Stores war s Mengel Box . . 8 Mesabd! Iron . Js Middle West Util Y Middie West Ut pt 2 Mid West U jr lien 481 G P new 100 Sleeper Radio 1 18 Tenn Elec Powe: 47 Thermiodyne Radio 10 Thompson Re v.i.c. 2 Tobacco Prod Expt 1 Todd Bhip. 8 Union Carl 5 United G & B 1 United Lt & P A.. 2 United Profit Shar MIN 10 Ariz Globe Copy 10 Chino Ext Mine o 1 Chief Cons Mining 8 Cresson Gold . 3%, l'%l;lllnlmll Bl lul‘l‘n K 10 Flor Godfield Min. . & aclased” Dol slised” B 800 Harm!ll Div . 80 Hawthorne M, 48 Kay Co 60 Lone Btar ... 60 Mammoth Div . 1 Mason Val 20 Mohican Coy 2 New ‘Corneily % New Jerse, 134 Onio Vop ’ ymouth Lend M. 40 Ray Hercules Inc. 10 811’ King Div Mind 5 8o Am Gold & P. 10 Tonopah Divide 5 Tonopah Exter 10 Tri_Bullion 30 U & Oon 2 Unity Gold i Apex P We EREH o NEW YORK, December 16.—Barns- dall Corporation has completed its Howard Park No. 3 well in the Rose- cranz. Field, Calit, flowing 645 bar- rels. This tract covers 200 acres and is owned by the Barnsdall Corpora- tion with Unfon Oil Co. and about 100,000 shares of no par value common. PHILADELPHIA, December 16 (Special).—Recent ' permits indicate :hlnnnuw :‘ufldlnfl- started 4n Phila- elphia this year will aggregate $140,000,000. Continuation of & nam. ber of eontraots public. work under 'way assure - active operation for 1925 with & good demand for common_labor and mechanics. . RATES ON BAR SILVER. - NEW YORK, Decembsr 1¢.—Bai dilver, 87%; Mexican dollars, 51%.. . STAR, WASHI than 4. ARE SEEN FOR 1925 Enormous Sales Now. May Mean Shortage During Next Year. BY J. C. ROYLE. 1 Dispatch to The Star. NEW YORK, December 16.—"“Eat and grow thin" has become the motts of the American hog, according to the farmers of the country, and many of the raisers are getting rid of their animals as fast as possible In consequence. All previous records for receipts of hogs at Chicago were broken this month, . 282,000 beinsg marked in the week of December & and 122,000 being disposed of Mori- day. The determination to get rld of thelr hogs, which would be held and fattened under normal circumstances, has been brought about by the high| price of corn. The supply of old corn is\beginning to run out while the| new crop is much of it soft, of en- terior quality and of little value in fattening. While.quality and weight of animals now coming to the pack- ers’ pens are better than a month ago, they are still under normal. | Higher Prices Feared Later. Thesc heavy stocks are thrown on the market with replace- ments not in slght. The number of sows kept for breeding purposes last ear was 20 per cent under the 10- vear average. Owing to cold weath- er last Spring, a smaller number of pigs from éach litter reached matur- ity. Farrowings this Fall were 10 to 15 per cent under those of last rear. These conditions point strong- 1y toward higher prices for the meat products for every American break- fast table and dinner pail In commenting on this Louls F. Swift, pre ft & Company, packers, being tuation to- dent of sald Fewer Hogs Likely in 1925, “Although corn and hog production combined have brought fairly good returns {o-producers this vear, the relation between corn and hog. prices has for some time been unfavorable for the raising of hogs. As a result of this and the small 1924 corn crop, indications for 1925 point rather def- initely to a considerable decrease in the marketing of hogs “More or less liquidation has been going on in the range cattie countr: and it is generally thought that r duced marketings of cattle are in prospect. The short vield and poor quality of the corn crop have already cut down the quality and finish of hogs and cattle coming tq market, and there I8 a general feeling that there will be higher prices for hogs and cattle, especially for well finished animals. | year. Edison Company to Serve Parts of Virginia, West Virgimia and Maryland. By the Associated Pre NEW YORK, December 16.—The Po- tomac Edison Cg., subsidlary of Amer- ican Water- Works and Electric C has bullt a high-power transmission line from ‘its néw generating. plart’ at Willlamsport, on the Potomac River, to Cumberland, Md. at™a cost of more than $1,000,000, completing another step in the formation of the *‘coal fleld su- perpower group.” The company serves westerm and centrdl Maryland and parts of Virginia, Pennsylvania and West Vir- ginla. The new line and its contemplated Intercofmections o the West with the hydro-electric developments . of “West Virginia and 1o the Northwest with the mine-mouth ° generating - stations - of Penrisylvanta, . will make the: Potomac £dison systeni an important link on the new “electrical = highway” from| Cleveland to tidewater. ALL RECORDS SMASHED. DULUTH, December 16 (Special) — The movement of grain here during the present crop -vear from August 1 to. the close of navigation establish- ed .new high records for all time. Receipts of all grains totaled 161 013 bushels as compared with 45, 971 bushels in the samse period last industry. During most of the year basi¢ ¢conditions were satisfactory for | good financial returns. Production of cattle and hogs was above pre- war level Hog marketings will just about equal the record run of 1923, which were 18 per cent above those of the previous record vear of 1918, Heavy marKeting of calves continued throughout the year, and is an indleation of liquidation in | the cattle business. “Hog prices during the year ‘were about 7 per cent higher than for| {1823 Lamb average § per| cent above L o the previous | year and cattle prices were about the | same level as in the previous period | Much Better Than 1913. | “It is true that hog prigex have been considerably out of fine with| the general level of prices during the | {past year, but the total Income from | the sale of hogs has been greatly in excess of pre-war years on account of the increase In the number| marketed. - This increase has been | due largely to the production of three | enormo orn c¢rops prior to this| year, which could not have been)| marketed 80 profitably in any other | y as through an increase in the number of hogs. Total returns from | the sale of corn and hogs in 1924 will | be about 50 per cent higher than they were in 1913, “In general, the outlook for 1925, both in livestock production and in “Nineteen twenty-four has been a fairly good year in the meat packing the packing industry, is gemerally conceded to be favorable. More than a Hundred striking endorsement o gage Investment Notes. Current {ssues be to $100,000 WA Constructio INC, 4430 K Street INVESTMENT nished by the investing public constitute a are available in denominations of $100 Millions of Dollars fur- f Wardman First Mort- ar 6% interest. and MAN ompany | Main 5550*} National Savings & Trust Co. - 57th Year Cor. 15th custom-built bodies, be displayed at our - attend. Oldest Savings Depository in Washington AERResEiRigisilsiglamesn Following the Petit Salon showing of the week of December 14th: until 10 o’clock each evening. s : The public is: cordially -invited to HILL & TIBBITTS apital & Surplus, $2,000,000.00 HE gift that will result in most lasting benefit to your son is a BANK BOOK, showing a nucleus about which_he can develop his financial future. "Any amount will suffice for the initial de- posit—making it grow will help the boy's mind, pocket and character. f#Consult Us about Foreign Orafts and Transfer by Cable if you desire to send Xmas Money abroad. and New York Ave. standard types will _showroom during LAND BANK BSTS OVDERDON STOCK Farmers of Maryland and Virginia Have Borrowed Less Money This Year. Special Dispateh to The Star. BALTIMORE, December 16.~The Federal Land Bank of Baltimbre has increased ‘the dividend on its capitgl stock from 6 to 7 per cent a ‘year. The institution is rounding out the most profitable year in its eight vears' history. Net profits for -the year will approximate $250,000, equiv- alent to 10 per cent on the bank's capital stock of $2,500,000 - President Vaden raid that the vear from every angle had been very satisfactory. The volume of loans handled during the period was close to $12,000,000, and that for the last <ew months applications had , been filed at the rate of $1,600,000 monthly. Applications for ‘accommodations were just a little over half as-large as they were last year, indicating that the farmers' industry .in this district, which includes Maryland, Pennsylvania and Virginia, was in a stronger position and that those en- gaged in it were not in as great need of financial aid as they were in 1923 Money to Loan Securéd by first deed of trust on real sstats. Prevailing interest and commussion. Joseph 1. Weller &9 V4h L & Trust "MONEY TO LOAN Any Amount 51/5 % At bioue BUILDING PROJECTS FINANCED FRED T. NESBIT Investment Blde. _ Maip $582 “When Buying” Our 7‘70 First Mortgage Notes four tmvestment is sscured on carsfully selected improved properties and plezed on & sound, conservative valuation. Notes sow avallable in amounts of $106 up. Apply Loan Dept. Mr. O'Donnell, Mgr. Chas D. Sager Realtor 924 14th St. N.W. 30 Matn 37 38 VFlRST MORTGAGE'S FOR SALE 612% THE TYPE OF SECURITY CONSERVATIVE INVESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. ‘ econ rust otes Bought Our clients are ready to pay cash for SECOND TRUSTS in any amount. The rates will HANNON. 713 and 715 14th Street TAX EXEMPT State and City Bonds Massachusetts . Chicago. ... Missouri. ... New Haven Cleveland . Cineinnati. Detroit. Los Angele Richmond San Francisco. Maturities, details o Prices and application The National City Company ‘Washington—741 15th St. N.W. Telephone—Main 3176 1134 Connecticut” Avenue . Lineoln ‘Sales and Setvice Dated December 1, 1924 ‘A Special Fund of $500,000 To Loan On District of Columbia Real Estate As an Entirsty - Or in Sums of $1,500 merr at Lowest Rate of Inte: ~ Stone & Fairfax REALTORS | “Over Thirty Years of Real Service™ 1342 New York Ave. N.W. -P. 85 9571 Older and Yoanger Ages in Proportion N. E. ELLSWORTH, Mgr. AETNA LIFE INSURAN: 801-808 Woodward Bi FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13000,000 315 F\S‘! Jomnm PooLE’ Maswew U_G” This is not a new kind of breakfast food, but the mystical signia of a group of folks who have designated themselves as a: “S”ociety to “P’revent “U™seless “G”iving. We are not members of this body, but feel impelled to suggest that their objective when applied to financial transac- tions is worthy of thoughtful consideration. Instead of buving gifts which perish with the using, let us offer you FIRST MORTGAGE NOTES which are un- questionably safc and pay a liberal rate of interest. It is not too late to arrange for a Christmas gift Let Our Mortgage Investment Department Tell You How It Can Be Done 'SHANNON - & LUCH INC 713 and 715 14th Street Main 2345 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Rondsll K Hor 7327/ %flfla&uldmu Real Estate Mortgage and Guaranty Corporation (Washington, D. C.) - The regular semi-annual dividend on the preferred. and common stock of this corporation will be paid Janu- ary 5th, 1925, to stockholders of rec- ord December 20th, 1924. Anton Stephan, Treasurer. Lybrand, Ross Bros. & Montgomery | Accountants and Auditors —announce the completion of arrangements ior the epening of offices in Central Europe. The main office will be in BERLIN, GERMANY OFFICES Philadelphia Bosten Pittsburgh Cincinnati Baltimore Washington o Seattle 2 with Mr. E. Elmer Staub, C. P, A, (Pa.), as Resident Partner, FOREIGN OFFICES AND AGENCIES BERLIN, GERMANY LONDON, ENGLAND PARIS, FRANCE 110 William St., New York The Potomac Joint Stock Land Bank ‘Washington, D. C. TAX EXEMPT Operating in States of Virghia and Maryland " United States Government Supervision 5% Farm Loan Bonds- NOT CALLABLE before December 1, 1934 Due December 1, 1954 Coupons Payable at th= RIGGS NATIONAL BANK, Washingten, D..C. Denominations $1000 and $500 coupon bonds interchangeable for fully registered bonds. Price 1024 and Interest To yield'q.'td% to optional date.in 1934 -and 5% thereafter "' BROOKE, STOKES & CO. im.a.l,u- 732 Seventeenth Street, N. W. Washington, D. C, Baitimore T Ths inarmation, whils 5ot suAranteed, s obtalhed from souross e balléve to'bs Seliable: