Evening Star Newspaper, October 24, 1926, Page 47

FINANCIAL., INVESTMENT BONDS - UNDERTONE IS FIRM -THE SUNDAY STAR, WASHINGTON, D. C., BOND SUMMARY FOR THE WEEK T 1021 1 1 mz :m 101 {101 19 100 101 |ual ml m 101 22 99 19 Liber: 102 26 101 21 Libert 100 31 100 13 Liberty 101 15 100 25 Liber 101 29 Liber 108 20 106 9 Treasury 434 s 1947.52. .. 103 7 Low. T. 8. BONDS. ‘5- 932-47. 81932-47.. fl‘u 1927-42.. 34 41,1928 ... 4th 43 = 1933-38. .Numerous Small Advances Are Recorded in Week on New York Exchange. BY BYRON SELLER. Bpecial Dispatch to The Star. NEW YORK, October 23.—Undis- turbed by the rapid fluctuations in Atocks and unaffected by the pessi- mistic sentiment as to speculative se- eurities, investment honds maintained & firm tone throughout the week, There were numerous small advances, no one of them sufficient to attract no- tice perhaps, but taken as a whole indicative of growing confidence in the immediate future of fixed interest rate-hearing obligations. It has been a long time since so muech favor was shown toward sea- zoned honds ax compared with new of- ferings. Some of the oldline, first mortgage railroad issues, selling on a less than 5 per cent hasis, as well as utllity descriptions of thy same rank. were more actively deal in than at any time hitherto this month. Many dealers were skeptical as to the per- manence of this condition, pointing to the large volume of new financing scheduled for the near future. New offerings this week totaled over $109,- 000,000, compared with $20,819.000 last week and $ 7,000 in the corre- sponding wee! vear ago. The total last week was ahnormally small, but thiz week's amount, coupled with what ix expected hefore November 1. will make heavy demands upon avail- sble investment capital. How the market will meet thix test remains to be seen, brit up to date there was no #En of concern In quotations. No Anxlety About Money. In any case there ix no anxiety ahout meney. Not only have mates on day-to-day funde for stock market use weakened, hut the weekly statement of the Federal Reserve Ranks showed stronger position. The reserve ra- tin for the system as a whole rose a point from 73.1 per cent to T4.1 per cent during the week, and that for the New York bank advanced (uvm 789 1o 4 per cent, where it was| 31, points ahove the figure of the corresponding week in 1925, The drastic decline in the stock mar- ket. with the accompanying drop in brokers' horrowings, has set free funds in that quarter more than suf ficient to compensate for the in- creased requirements on commencial account. In fact, the season of heaviest demand hy business interests ix passing with remarkably littie influ ence on rates, It is quite evident that comparatively easy money will for the halance of the vear. Inci- dentaily, it is interesting to note that for the first nine months of 1926 the excess of gold import r exporta Was about $71.000,000. Europe ma need. and need badly, a share of our excessive gold supply. but the tide is not turning that way, it seem likely to do so. Rallroads Are Stronger. Meanwhile the railroads strengthening their positions elally, t B0 add to net and so increasing the :?uun hack of their cap obliga- tiong. Thig hag heen a more impor- tant factor in stocks than in bonds, but, of course, growing prospert proves the standing of the honds in point is that of the Mi\h n Francisco. The junior ho"d of this road is the income 6= of 1950 which interest is avable only earned. Up to very recently ‘the bonds have heen dealt in “flat on the New York Stock Exchange -that is to say, the purchaser has not had ay the interest act :?m‘: of his purchase. This i= the rule with honds on which payments are contingent, but it was set aside where there was no reasonahle doubt about their continuity. Now the earnings of the St. Louis-San Fran clsco have displaved such stability that the income honds have heen put upen “and interest” basis just as are other honds upon which pay ments are a fixed charge. Reports Being Watched. The September railroad reports just coming out are heing refully watched to see whether the improve- ment which was almost universal in August is kept up. There is a large speculative as well as investment in- terest in this subject. Progress in another quarter has gone on steadily without attracting so much attention. The most casual examination of current public utility statements will show a consistent im provement in hoth and net in. came surpassing for the industry as a whole the results achieved hy the railvoads, remarkable as the latter are Almost nor does finan- on ‘f without exception every eleciric light and power income state ment s an improvement upon that of the same company a vear ago, and this is true of operating and holding companies alike. Undoubtedly the capital strncture of some of these utility holding companies is open to ecriticism, but, however that may be, mo one can deny that the steady addi tions to surplus arve putting these companies In a position where they can successfully withstand a period of adversity whenever it comes. NEW YORK MARKETS. " YORK 23 (). —Rve, No. 2 Western, 1.10%, fo.h. New York, and 1.09 cif. export; barley, steady: malting, 8§3a85; c.if., New York: wheat. spot steady; No. 1 dark Northern Spring. cif, New York, lake and rail, 1.671a; 2 hard Winter f.o.bh w «York, and rail, 1.601; No. 2 mixed Durum, ditte, to arrive, 1.52 No. 1 Mani- toha, lake and rail, to arrive, 1.68 in hond. wheat futures closed easy; domestic, December, 1.49% May, bonded. December, 1.53; May, corn, sjot easy; No. 2 yellow, track New Yo ake and rail, No. 3 yellow, dulo EELY steady: No. 2 white. 5413 d: samp! firm: Middle West, 14.35a14 articles unchanged. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) » October eas nimentai Wm Bods | i | v i are | most of them retaining a large | 'of their gains in gross income | rued up to the | rule | | lake | Illth vin, 1043 997 1075 13% 1064 28% 102% 87 112 100 9214 0419 EILY a5 94 104 10712 o 100% 85 104% 1044 10513 3% 8314 T4 1164 6% 102'n 104% r—lm High. 100% 1ok 9% 103 87% 110% 1047 19 106'% 105, 1017% 109 1054% 9R7y 101 104'% 107% 9274 102% 108%s 9814 101% 109% 86 100 108% AT% 103% Low. 96's. 1004 6% 100 811y 105 FOREIG Argentina 65 A-1957. Argentina 7s 19 Australian Govt bs. Austria 78 1943 .. Belgium 6s 19 Belgium 71 Belglum 8= 1941 Bordeaux 63 1934. Brazil 8s 194 Canada 5s 19 Canada 5135 1929, Chile 85 1926 Chile 8 1941 Chile 85 1946.. . Chinese Govt Ry Copenhagen 513m 1944. Czechoslovakia 8s 1951 Denmark 65 1942. ... Dutch Fast Indi Dutch East Indiex 65 1962 French Govt 7i4a 1941, French Govt 8 1945. German Ta 1949, . Holland-American 5 f 65 1947 Italy 7x 1951, Japanese 815x 1954, ens Utd Margarine 6x 1947, . etheriands 6s 1 siand 65 194 Queensland 7s 1941. Rhinelbe 7x Rio de Janeiro 8= 1946. « Sao Paulo, State of, 85 1936 103 1034 99 107 102% 967s 9T 101% 1021 9014 9% 100% 92% 9514 104% 8% 924 107% 928 101 104 1098, 119% 10i% 102% 84%, % 107 102% 96% 994 102% 96% 93% 100% 114% 104 97h 1072 101% 9Ty 987 10319 100 93% 100 1081y 1% 105% 105 Seine, Dept of, 7 Serbs, Croats. Slovenes 85 1962 Sweden 65 1939 Swiss 5155 1946. United Kingdom 5% United Kingdom 5}z 19 NDUSTRIAL AND MISC Amer Agri Chemical 714 Amer Smelt & Ref 1st 55 1"1 Amer Smelt 15t 65 1942, Amer Sugar Refining 68 1937 Amer Tel & Tel cl tr 45 1929. American Tel & Tel = f 5= Anaconda Copper 6= 1953 5 Anaconda Copper cv deb 75 1938, Armour & Co 414 1839, ... Atlantic Refining deb 58 1937 Bell Tel (Pa) ref 55 1948. Bethlehem Steel p m 5s 19 Bethlehem Steel s f 65 1943 Cons Coal (Md) 1st ref 6% 1950. Cuha Cane 8ug cv deb 8& 1930. ... Detroit Eidison ref 651940, ...... Dodge 68 1941. Empire Fuel & Gas 7% 1937 Goodrich (BF) 6158 1947.. Goodyear Tire 8s1931..... Goodyear Tire 85 1941. . Humble Ofl & Ref 513 1932. Indiana Steel 55 1952. Inter Mer Marine 6 19 Inter Paper 55 B 1947. International Tel 5s ret Kelly Springfield 8x 1931. Lackawanna Steel 55 1950. .. Liggett & Myers 58 1951. Laclede 6158 Manati Sugar s f 7138 1942. Midvale Steel 55 1936. New Englind Tel 58 1953, N Y Tel 4155 1939 NY Tel 65 1941. North American Fdison 65 1952. . Pacific Gas & Elec 58 1942....... Pacific Tel & Tel 58 195 Philadelphia Co ref 6s 1944 Public Service 6s 1944 Sinclair Oil 7x 193 Sinclair Crude Ol 65 United Drug 6= 1944 17S Rubber 15t & ref 5 U S Rubber 7155 1930. U § Steel = f 5 1963 Utah Power & Light 58 194 Va-Carolina Chem & f 75 1947 Warner Sugar 7s 1939. .. Western Union Tel 6155 1 Wilson & Co 1st 65 1941. . RAILROAD, Atchison gen 4s 1935 Atlantie Coast Line 1st 45 1952 Balto & Ohio gold 45 1943 Baito & Ohiocv 41531933 Balto & Ohio ref 58 1995 Balto & Ohio 6% 1929. R&OPIsLE& W Vads R & O Southwestern Div 58 cfs 50. Rrookiyn Manhat s f 6s A 1968 Canadian Northern 6158 1946 Canadian Pacific deb 4s. ... Central Pacific 45 1949. Chesapeake & Ohio cv 4 Chesapeake & Ohio gen 41538 1993, Chicago & Alton 3155 1950. Chi B & Quincy Ist ref 58 1971, Chi & Eastern 111 gen 581951, Chl Great Western 4s 1959 Chi M & St Paulcv 4148 1 Chi M & St Paul gen 415 1989 Chi M & St Paul ref 4145 2014. Chi M & St Paul cv 55 2014. Chi& N W 4%s 1987 Chi & Northwestern 635 1936. Chicago Railways 55 1927. Chi R1& Pacific ref 45 1934. Chi Union Station 4145 1964 Chi Union Station 612 1963 Chi & Western Ind con 4= 19 € CC&StLref 65 A 1929 Cleveland Term 5% & 197 Colorado & Southern 4% Cuba R R 55 1952 Del & Hud ev 5 1935 Delaware & Hudson 58 1937, Den & Rio Grande con ¢s 1936 D& RG West 55 1955. . Detroft United 415 19 Wirie 181 con 4s 1946 Erfe gen lien 4 1996 ecvds Al Erie cv 4s D 1953 FlaRC58T4..... Grand Trunk s f deb 6s and Trunk 78 1940. . Great Northern gen 5138 1 Great Northern gen 78 1936...... Hudson & Manhattan ref 58 1957. Hudson & Manhattan adj 5s 1957. Illinois Central 5155 1934. Inter Rapld Transit 53 1966 Inter Rapld Transit cv 78 1932... Inter & Great Nor adj 68 1952 Kan C Ft Scott & M 4 1936 uthern 35 1950. uthern 58 1950. Lake Shore 4s 1928 Lake Shore 45 1931. Louis & Nash unified 4= 1940.... Louis & Nash 1st ref 5% s 2003. Mil Elec Ry & Lt 1stref s 61. MStP&SSM6lx1931 Mo Kan & Tex 1st 48 1990 Mo Kan & Tex adj o 1967 Mo Kan & Tex pr In 55 A 1962 Missourt Pacific gen 4= 19 Tex & Mex inc 58 1935. « New York Cent deb 4s 1934. New York Cent ref imp 5 2. Yew York Central deb 65 1935. New Haven deb 4s 18 N YN HG& Hcvdeb6s 1948 N Y Ry 6= 19 N Y West & Boston 4138 1946 Norfolk & Western con 4s 1996 Norfolk & Western cv 68 1929. Northern Pacific 33 1947. Northern Pacific 48 19 Northern Pacific ref imp Ore Short Line ref 4x 1929. Ore-Wash 1st ref 4s 1961. Pennsylvania gen 4138 1965 Pennsylvania ge Pennsylvania 613 Peoria & Eastern Inc 48 Pere Marquette 1st 58 1 Reading 412% 97... Rio Grande Western clt s 1948 RIATk & L 41281934, ... StLIM&SR&G 451933, E St L & San Fran prin 4s A 1950. . St L & San Fran pr In 58 1950 St L & San Fran 5138 B 1942. St L & San Fran adj 68 1956 St L & San Fran inc 6s 1960 aboard Air Line ref 4s 1959 Seaboard Air Lineadj 58 1949. Seaboard Alr Line con 68 1945. Southern Pacific cv 45 1928 Southern Pacific col 4s 1 Southern Pacific ref s 1955 Southern Ry dev 613 195 Third Ave adj 5s 1960. Tnion Pacific 1st 45 1847, Union Pacific cv 4s 1927 Virginian Ry 1st 58 1962 Wabash Ist 55 1939 ... Wabash 53 19 Western Maryland 43 1989 High. .+ 100 22 100 14 10 102 18 102 6 108 3 116 105% 987y 10814 103 1004 101% 104% . 1031 107 24 Low. Last. 102 5 Yield. 100 16 3 41 3 86 100 17 389 101 4 Low. 8% 101% 864 107% 10T 874 103°% 104% 101 101% 1084 108 366 102 13 386 107 28 372 103% 1014 109 4 104% OCTOBER 24, CLEANLINESS IS CHIEF FACTOR IN RISE OF WATER COMPANIES H. Hobart Porter One of First Exponents of Super-Power—Considers His Busi- ness the Most Stable in the Country. BY M. S. RUKEYSER. Although the fact may be news to prohibition enforcement agents, Amer- icans are steadily increasing their per capita consumption of water. “The larger usage of water is not, primarily, due to increased drinking, but to the growing hahit of bathing and washing. Cleanliness is not only next to Godliness, but, next to good management, {8 the chief factor in causing the progressive rise in pros- perity of companies which » supply water, H. Hobart Porter, president of the American Water Works and Electric Co., which, through subsidiaries, pro- vides this liquid to more than 12 communities, told me that he consid- ers tha business of supplying water the most stable in the country. Per capita use of water, he said, has heen increasing for 50 vears. The univer- sal adoption of bathtubs, better plumbing and the new fashion of wearing immaculately clean linens are the primary causes of the unpre- cedented demand for water. Furo- pean people do not begin to use water in the same volume. Future Supply Assured. Mr. Porter, who is an engineer, says the great orgy of water using h reached a stage where the supply is threatened. Moreover, asserts that there are still possibili- ties of ending huge wastes. \Vhen he hecame chief executt of the public utility holding company 13 vear ago. the need of expansion was urgent. Mr. Porter had to choose between install- ing huge new pumping machines, which would have added greatly to the cost of the service, or introducing meters hy which consumption would be mearured and waste discouraged. He chose the meter system, and found that it had a magic influence in halt- ing nesdless leakage and waste, with the resultant saving to the company and the public. There are still possi bilities for great economles in the way we average folk use the colorless fluid, according to Mr. Porter. Mr. Porter, who is also a partner in the engineering firm of Sanderson & Porter, president of the Brooklyn City Rallroad, a_director of the Mis: souri-Pacific Railroad and a director of the United States Mortgage & Trust Co.. was born in Washington Square, New York City, 61 years ago. In 1886 he was graduated.from the School of Mines, Columbia University. He is now a member of the hoard of trustees of the university. Mr. Porter has an fron gray mili- tary mustache and twinkling blue ey * There is yvouth in his expres sion. Mr. Porter budgets his time with the skill of an engineer, and has plenty of opportunity for recreation in spite of his numerous important Joba. Firm Serves 800 Communit The American Water Works & Elec- trie Co. which Mr. Porter lifted from faflure in 1913 to leadership in its field, also serves 800 communities with electricity and transportation fa- cilities. Mr. Porter was one of the first to see the value of super-power. I asked him just what benefits the consuming public can expect from the esconomies of super-power. “There has been a great misconcep- tion among the public and the news:. papers as to the effect of intercon- nected power,” answered Mr. Porter. “There will be no vast saving which can he translated into greatly lower rates. Interconnection tends to cut down capital charges in obviating the need of huilding evtra spare plant equipment, but this saving is in part offset by the coat of interconnection of adjoining plants. The great advantage ing up the power of one station with that of its neighhorhood is in en- hancing the reliability of service. This assurance of uninterrupted serv- ice is of vast importance to manu- facturers whose schedule of produe- tion s seriously interrupted when a breakdown at the central station en- tafls a cessation of power service. The cost of power is an insignificant fraction of the cost of production of most commodities, and a change in the price of power would not be re- flected in any important reduction in the retail price. Moreover, electric power is cheap and is one of the few services that has not become more expensive since before the war. FEcon- omies and better technique have off- set the effect of the decline of the purchasing power of the dollar."” Economies to Hold Price Down. The price of electric power has re- mained down while other costs have risen. New economies will hod i down. The chief items of cost of |in the preceding quarter and $1.06 in steam generated electro-power are in-!the same quarter of 1925 terest, lahor and fuel. The chief pros- pect of a deeline is in finding more efficient ways to get energy out of coal, such as the proposed direct dis- | tillation of coal. Engineers are work- | ing along these lines, hut the activity is still in the luhnrmnriu “There i a reason deep down in hu- | b man nature why people grumble ahout rates from a public utility company, and that is hecause there is only one seller. If the butcher raises his prices the customer has the satisfaction of being able to try another. Since in the hest Interest of the public the com panies must be monaplies, we recog nize the need of regulation. Incident- ally, political talk of the dangers of super-power and concentration in the public, utility fleld is foolish, because | rates dre determined by public bodies in _the various States." Mr. Porter has been able to direct the affairs of several companies be- cause of his capacity to delegate work to his staff. He thinks the chief job of an executive is to pick good men and develop them. The old-fashioned hit_or miss, hire and fire method strikes his engineering mind as a shocking waste. When he was asked for his views on the human side of employment, he once said: “One of the saddest pic- tures in the world is that of a man going home after he has been fired. | His heart is in his hoots. There s | likely to he humiliation and resent-| in his soul. When he finds a new job, he probably goes at it in fear, mot with the atrength and am- bition that come from confidence in himself and faith in his fellow-men. Nothing adds more to my peace of mind than the knowledge that our labor turnover is small, only about 5 per cent. “It {8 very rare that a normal man eeds to be fired. He is escentially loyal and wants {0 make good.” (Copyright. 192 VIRGINIA INSURANCE UP. Shows Largest Increase in South Atlantic Section in Month. Spacial Dispatch to The Star. HARTFORD, Conn., October 2 The amount of ordinary life insur- ance purchased in the United States in September was slightly greater than in last September, which had increased 23 per cent over September 1924, according to figures issued by the Life Tnsurance Research Rureau here. The figures for the first nine months of the yvear are 4 per cent higher than in ‘the same period of last year. All sections share in the general gain. with increases ranging from 2 per cent in the Middle Atlan- tic States to 6 per cent in the South Atlantic States. Sales In Florida show a decrease of 28 per cent from last September. However, the sales in Florida last September were 156 per cent ahead of those in September 1924. In view of the recent disaster in Florida, Sep- tember sales of life insurance were greater than might have heen ex- pected. Over $7.000.000 of ordinary life insurance was sold during the | month. Virginia, with a gain of 8 per cent, leads in the increase of September 1926, over last September. The South Atlantic section shows an_average gain of & per cent for the first nine months of the vear. and leads the nine geographical sections. Florida leads all the States in the country in the vear-to-date gain, showing a 33 per cent increase. WEATHER BEING WATCHED. NEW YORK. Octoher 23 (#).— Weather conditions are heing watched with unusual interest in the oil indus- try this year, hecause of their possible effect on gasoline consumption. The recent decrease in gasoline prices along the Atlantic seahoard was the first reduction over a wide area in 10 months, although it was forecast by several local cuts. With crude oil production now around the highest level of the year, it s feared that early storms and bad roads, particu- larly in the North and Middle Atlantic States, wouth ¥ave a depressing effect on the markét for both raw and re- fined pmdueu IN COME IS SMALLER. NEW YORK, October 23 (#).—The New England Telephone Co. reports net income of $2,112,694 in the third quarter, equivalent to $1.91 a share | on the common stock, as against $2.20 1926—PART 1. AUTO-LITE PROFITS. NEW YORK, October 23 (#).—The Electric Auto-Lite Co. and its eub- sidlaries report net profits of $1.86 705 for the first nine months of the || and Federl!‘l year, before interest taxes. Refore tax deductions, the ernlnxs were equivalent to approxi- $7. a share on the commeon When You Need a Loan Think of Welch, Realtor Loan Specialists Money to Loan At 51,% and 6% Interest Before Placing or Renewing Your 1st_or 2nd Trust Provident Mutual Life\ Insurance Company Funds to Loan In Small or Large Amounts at 515 Per Cent WM. H. SAUNDERS CO., Inc. Realtors 1433 K St. NW. Main 1016-7 We Will Loan at 537 Economic Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. M. 475 FOR SALE First Deed of Trust Notes Bearing 61/,% Interest See WELCH Realtor Established 1899 15th and New York Ave. Main 4346-4347 No Loas to an Investor in 27 Years Wanted—Stock In Any Established Legal Reserve Life Insurance Company i win Highest Market l'rltr. dress_Box First: Mortgage Investments Safe Dependable Remunerative Annual Return 6Ya% Mortgage Investment Dept. HANNON. & LUCHY) 713 14th Street Main 2345 STANLEY-CRANDALL ., COMPANY OF WASHINGTON 1st Mtge. 8% Sinking Fund Gold Bonds DueAug. 1, 1946 Guaranteed principal and interest by Stanley Company of America. Price upon request EDWARD B. SMITH & CO. 1808 H St.,, N.W., Washingten Members New York Stock Exchamge New York Philadeiphla Bosten LONG TERM LOANS —areofa great advantage to the home buyer. They permit the borrower to pay small amounts semi-annually, avoid the trouble and expense incidental toa rcnewal. and are in every way the easiest, surest and most economical way to home owning. N Through arrangement with the METRO- POLITAN -LIFE .INSURANCE .COM- PANY OF NEW YORK we are prepared to offer such loans. REALTORS 809 15th Street N.W. WEAVER BRO Phone Main 9486 FINANCIAL. h Luo;. real satate, """"‘"w.n": R otn s ¥ VW WE PAY MORE INTEREST ON SAVINGS ACCOUNTS . rate and commission nghe & Rn:lurdwn Inc. 816 15th St. N.W. Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain . 91 Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON, PRESIDENT 547 S5 L OANS ON DISTRICT PROPERTY Provident Mutual Life Insurance Company Funds THE McLEAN CO. 1515 K St NV MORTGAGE SPECIALISTS We give prompt attention to applica- tions for real estate loans, thereby sav- ing applicants valuable time and much trouble. Quick answers—Ilow interest rate and commission. B. F. SAUL CO. Main 2100 925 15th St. N.W. A Third of a Century's Experience Your Property Rents —can probably pay you a surer, better profit. l.et us, as specialists, take over the responsibility for find- ing tenants when neces- sary, collecting rents, and with experience managing every detail. B. F. SAUL CO. Main 2100 925 15th St. N.W. A Strong Group of Bankers Endorse This Investment One of the most profitable of public util- ities is the operation of Motor Bus Trans- portation between cities. This company's securities yield a safe 70, plus an unusual opportunity for increased profits. Iastern Public Service Corporation is taking full advantage of this exceptional npportumtv Its .\cptemher profits show a 20% increase over the substantial earn- ings of any previous month. These profits are derived from the com- pany’s valuable transportation lines he- tween Winchester, Roanoke and other im- portant cities in the Shenandoah Valley: between Roanoke and important Virginia cities East and West; several tributary lines, and an important group of lines op- erating between practically all important cities and towns in northern Indiana. The extension of the company’s lines between Washington and the Shenandoah Valley, the expansion of its Virginia and Indiana, lines, as well as the annexation of valuable properties in adjacent States are planned to greatly increase its profits. You may participate in this company’s present substantial earnings as well as all of its increased profits. For complete information, indorsements of prominent bankers and the names and addresses of the well known men associ- ated with this enterprise mail this an- nouncement with your name and address, or write to GEORGE W. FORD, Vice Pres. 4th Floor, Insurance Bldg., . WASHINGTON, D. C.