Evening Star Newspaper, November 9, 1927, Page 13

ANY NEW HIGHS ONCURB EXCHANGE il Shéres Rise Actively. Industrial Specialties Hit Best Values. s ecmuscases e EE e e RE s s RRAT BY WILLIAM F. HEFFERNAN, Epecial Dispatch to The Star, NEW YORK, Novemter 9.—Tho ac- tion of the main hody of curb stocks today reflected speculative opinicn that notwithstanding un- * favorable factors de- velop in the outsi ical market conditions further price appreciation. New high records for the year were numerous and in some instances represented high prices for all time. Oll * sh under les diana and V fis ‘hest for more than 3 incide possible ich might ely bought ndard of In- . the former at the latter up But the chief persistent demand companies, n direct contrast to o when nd as the of whose outlook what it w: ) tanker transportation worked out more itably for the producers. Lower rates have stimulated pipe line runs, which have added materially to earnings and prospeets for early di tributions of part of the hu surpluses held in company tr Included among industrial s ties that reached their best i\ were Bohn Aluminum & g Deere common, up some 6 points fur- ! ther in anticipation of common divi- dends for e owners in_the ne; : ral class “A." ponding to improved earnings out- | look, and Universal Tobacco. | Another that went to its best price | was Ceiluloid common, but the buying was for the most part professional in character. It carried with it Celanese common and preferred. U. S. Battery shot upward some 3 points to its best, while the new top for Newmont was set down to an adjustment of its mar- ket price to a level commensurate with the rise in shares of companies in which it has la holdings. Pittshurgh & Lake ¥ , of which there is only a small interest outstand- ing, was cairied forward almost 3 points. John Warren Watson common responded moderately to the placing of the stock on a $2 annual dividend basis. Southeastern Power led the low- priced utilities with a new top around but reacted later under profit tak- 1 denials of merger rumors involving Lehigh Pow- er, the stock continued in demand above 21. ‘The feature of the bond trading was the continued improvement in Electric Refrigeration 6s sponse to the reassuring statement of the president of the company concerning the finan- cial condition. trial B WHEAT IN RECOVERY FROM EARLY DROP Crop Damage Reports From Argen- tina Offset Decline in Chi- cago Dealings. By the Associated Press. CHICAGO, November 9.—Influenced by crop damags reports from Argen- tina wheat soon rallied today from an early decline. Iuenos Aires dispatches said some zonmes south of Cordoba. were injured 25 per cent. Opening un- changed to 1; up, wheat dropped 1 cent in some cases, but subsequently recoverad to about yesterday's finish. Corh and oats were firm, corn starting unchanged to % up and later holding near to initial figures. Provisions showed weaknes: Aside from reports that there had been crop damage in parts of Argen- tina, news today affecting the wheat market was chicfly bearish. This the case in particular as to Argentine weather, which was described as fine, a condition auspicious for the ap- proaching harvest. Meanwhile export demand for North American wheat was apparently very small and over- night business with Europe said to be next to nothing. Unfavorable weather in the corn belt, together with a forecast of rain or snow, gave considerable firmness at times to the corn market. Adverse husking returns continued, with many points reporting a yield' of hardly half what was expected. CHICAGO LIVE STOCK MARKET CHICAGO, November, 9 (P)— United States Department of Agri- culture: Hogs—Receipts, 20,000 head; slow, early market mostly stead: spots strong on licht lights and pig: big packers inactive; bidding conside ably lower; top, 10.00; several sales 250 to 280 pound weights that prige; bulk 210 to 300 pounds, 9. 9.90; 170 to 200 pounds, 9.10 a 9. 130 to 150 pounds, 8.0029.00; pac sows mostly best ing light 5. head; fed her; she. sses an- stockers id for thr medium most fat around Cattle—R « steers strong to stock fully changed; a and feed of weighty bulloc 17.85; yearlings, 17 12.00a15.00; low cut 5.25; strong welght 6.00; weig! vealers to outside Sheep lambs d ;1,800 | 17,000 head; fat y; trading natives and wooled 114.00 few bids 1k to Jowe hoice natives sterns _held around 1425 or 1 culls, 10.50211.00; buck laghbs, 100 to 130 pounds, 11.00a12.00; sheep steady with vesterday’s close; gopd fat cuwes, 6.2 5; choice light wdights, 7.00; inz' lambs un- chinged; bulk and good, 1350 and 14.2 medium SHEET OUTPUT UP. NEW YORK, November 9 (P).— Production in the independent sheet steel industry in October aggregated 245,000 _tons i o of 25,000 tons. Oper 71 per cent of capacity. shipments 244,000 ton nage at the end 338,000. fior DICTAPHONE DIVIDENDS. taphone Corporation decla g ular quarterly dividend of 25 cents a ghare on the common and an extra of 25 cents, also the regu ter- Iy of $2 on the preferred vable December 1 to stock of record Novem- ber 18. GETS BIG PIPE ORDER. NEW YORK, November 9 (P).— Youngstown Sheet & Tube has an or- der from Roxana Petroleum Co. for 50,000 tons of six, eight and ten inch pipe. INITIAL DIVIDEND. RK, November 9 (7). Vatson Co, de quarter! on the ember 15 FINANCIAL, « NEW YORK CURB MARKET Recelved by Private Wire Following is the list of bonds and stocks traded in on the New York Curb Market toda; INDUSTRIA! s i Hich: in hundreds. 1Aero Sup Mfg B_11 14la Gt South. .. 102 #Ala Gt South pfd 161 1Alb Pk Bar vte. 1 3Am Arch Co.... PAm BB EF Low. 11 T § i 1% Atlas Pl i Auburn_ J EEE FEE Marconi W Plow ..... aterpil Tract 1. n Cor Am 1. > Am 1st pf oid Co 1. en Aeuirre Su Cen Pip Cor Cen Pn Ser A°1] nt & Southw. . Cit § 1 City Ieo & Fuel ub Alum Ut onsol G Balt n. 4 Consol Laund 1 Courtlauids Ltd 5 Cuneo Prese Curtis Pu_pf 6% Deere & Co . 1 Dochler Die € ¢ 2 Dominion 8¢ Lad: B&Sh n Corp. Invest Inc. . P&L ontl way PSL 2 pf A or n zeol Mot Co Far Tne s A g C hman_Chas.. Sylphon ! Corp..... 2 EHERE Mo L RARAPER 1 IGen Pub Ser. 1 Georgia, Pow_pf.. 2 Glen " Alden Coai. 1 i 18 1Grant Co . 3 Grand Sto 1 Grand Stores b 12 Hellman R wa Hevden Chem. 2 Hers Choe n wi 17 Hers Ch pfd wi FR TESRFEE FrS 2= S S 1 Huvlers 6 Ind Ra 4 Insur Co N A 5 Intern Util 10 Intern 14 JohneManv 1 2 Keimer Wma Gt 1 Kemsley Millb. . 1 Kinnear Sigres: | Lackawan Sec n 33 Lo Bow 7 Leh Val C efs. 13 Leh Val C Sales 5 Temur_Co Leon Tietz Inc. Libbey Ow Sh 611 Long Isl Lt ptl Loews deb rts.. 1 Maznin & Co. 3 Mate Wire Lo 3 Mavis Corp . 19 Mavis Bottling. 5 May Drug Store A o ris Wi Mengel Box M M chawk Hud Pw Nat Candy m. .. t El Pow A.. - SRS G S i"‘l('ri‘;r fi 3 : York Merd ¥ Tel Copt-ar 1. ‘hols & Shep.. 2! les Bem Pnd n. th O P . FREATIENE SRR 13 G&E n Tst pf Pac Stl Boiler. 3 Palmolive Co. 1Pender D Groc "A 1 Pender D Groe B 1Penn Oh Ed 4Pen O E p p 1% Peop Drug's” iPhila Elce. 6 Philip rris. 5 Pigely Wig n. 5% Pitsh & Lak E. % Pow Secur Corp 1Pow Sec Cor ptd 3Prate & Lamb C 3 Music oo 40% sen 285" o Aot Y "R3u 3 94 50 Y cal Corp 24 Serv EIC nvte wi. 3 Sieberling R C. 2 8ilica Gel vic, e AR & Wash' M ‘B P & Lipid1 2 psnaten FEOROAR ER (o oD o onsic, u oz RS SRR =S e Freight rts Gypsum. . . - gy ™ eyt oo canSan L ST P&l She @ SRS S e S S 2o o SRSt B SR RS RS NS aNE FaW.. West Dairy P 'A West Auto 8 pt Wit 'st 5, e % Zellerbach “Cor Sales §2168 1reds, MINING STOCKS, 1Am Explora, . § Aliklo” Chit € NI 2418 aver Con 2 Bunker Hill.'.’ Cons Cor EERRREEREENRY R e 1 P t] 4 21 2% 17 B4 4 23 108 7 25 1 96 a9 8 0 1 4 1 % Nipissing 4 Noranda, 1 North Butis. 6 Ohio Cop. . 10 Red Warkior 7 Shattuel } 5 Tech. Hughea. 7Uni Verds Exi 3 Ctal s 4 Wenden 'Cop. Sales INDEPENDENT OIL in hyindre 3 S 2 253 R 5 it-Am O 3 Carib Synd .. 3 Gy sorg oniss, % # ey ox a0 F R SUE SR NSRRI Boro2Bamn S BuBinSamm RS tex2E 2x SlienZE ! o - S © B 3 e B0 SRBBL D D R BT DS & Gult Oil of i 1toust Guit G crcont’ 1A e & Loonara on'* neStar G n g Svnd 1 o © R 2 2.8 s EESSESS aaaa antepee Of1° eiter-Foster Ol van Con -, Prod. 1710 Osare O N ¥ 3V ziiela Mex., 20 Vineseln “Fey.: 1 Wiliox C&G .. esin STANDARD 0 Anglo Am Ol 18 100 Ang AmO non vie s 18 700 Atl” Lobos. % 2 13 bamsiote BanteDr S ooy 19 b0s § g 8 ISSUES. o holders of record December 1, plac- ing the stock on a regular $2 annugl basis, - 200 Atl Lot 4 50 Buckeye [ 100 Chesebr %é“ L 2000 Cont'l 60 Eureka Direct to The Star Office 15011 P L 700 Imp O 1501nd P_L.. 7200 Inter Pet 180 N Y “Transit. 50 Northern P 1000 Ohio 011 500 Prairie_( 20 Solar Refin. . . 200 South Penn’ O 100 Southern P L 50 Sou_W_Penn I O Neb 1 0 Ohio_n Sales in thousands. 3 Allied § Alum, C Pk 8s.. Am Bl 8 100 Lt Gs 10814 . ORY Bell Ros 1 drind "t 5 Guif O Pli § Miiwest 16 Mil A 1001 L0 Eng G & E bs YP & L 4748 wi ichols & Sh 6s11 or St P M 6155 107 S P M Glas © Dh™ Pow 41,5 D O les 7 1 Phil Ra Tr_6 119 Ty et 505 9 Pittss Petreo Potomac Bd 35k uensBrG & 3 Rem Ram 515 5 Richfld _0il 8 1 Del 6; 3 Thert 5 Salder Packc 6s. 1 Sou Cal 2% 13 G 5 l:lx‘f Stand Invest b ONY 6ls LG & Cole anscont O11 7s. 114 Gas Ut 6%8 A 6182 h 3 i 101 1ot T llv%“ % 0973 FOREIGN BONDS, in’ thousands. o 1 Adriatic Elec bAgri M B 7s 8Agri M B 7s 3 Baden 78 1 Bank Pruss; 29 Batavia Pet 1 1Ber C E Glas 2 Ber CE 6143 76 Braz:il 6l 2 Buenos A 78 1 11 Buenos A 7s o83 2 Buenos Air 7%s 100 7 Burmeis & W 03 6 s A 5Cent BGS 6 B 15 Danish Coma 514 5 Danzig Port 61, 7 Penmark 51, 3 Deutsche B 4 First Boh W 78 ¢ i Freo’ St Prus 63 R Hanover Sta s 20 Sta M B 78 Ti'C 7ls ww Combard Mendosa 7348 ‘51 Meridion EI 7 n 78 Netherland s B. 10 Nuremberg 68 e Perell 7 17 Peru 7 42 Poland G Bio Grande 75 '66 3 Russ Gov. 1 Rus Go 6 3 San Fe Ci 0 Sax 8 M 3 11 31 7 RAW SUGAR FIRMER. EW YORK, November 9 (#).—The raw sugar market was firmer early today and while no sales were ro. ported there was a better inquiry with buyers at 4.65 for Cuban duty paid, an advance of 6 over the last paid price, and offerings light. Reflecting a firmer feeling in all of the foreign markets over our holiday, raw sugar futures were higher on covering and buying by houses with trade and European connections with the list at midday at about the best of the session, and from 3 to 4 points above the previous close. Reports re. garding the progress of the sugar con. ference abroad, relative to limitation of crops, 0 somewhat conflicting, but the action bf the foreign market w 8 interpreted to mean that a satis- factory solution is possible. However, nothing definite along this line was reported and the trade was still in- clined to be cautious. In refined a fair inquiry was re- perted and prices were unchanged at 5.80 for fine granulated. o CAR LOADINGS DROP. Revenue freight loadings for the week ended October 29, totaled 1,112,- 621 cars, a decrease of 15,865 below the preceding week and a decline of 9g.215'7“unfler the corresponding week of 3 - ENTERS AUSTRALIAN FIELD. NEW _ YORK, November 9 M’l—h Union Oil of California and Atlantic Refining Co. jointly will enter the dis- tributing market in Australia on a large scale. A refinery and service stations will be built and a tanker service will be inaugurated early next THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY. EGGS TO GO LOWER, DEALERS BELIEVE String Beans From Norfolk Section Feature of To- day’s Receipts. Appearance of snow in nearby Vir- ginia yesterday morning gave farmers a suggestion of the approach of the Thanksgiving holiday season, when turkeys will be in demand. The ground soon lost its white coating when rain followed the snow, however, and evidences of Winter soon disap- red, Dealers continue to display interest in the prospects for the Thanksgiving turkey market. Few turkeys are com- ing from day to day, but no heavy shipments are expected until about 10 days before the opening of the sea- son's trade. Receipt of liberal shipments of string beans, some representing the late crop in the Norfolk, Va., section, a surprising feature of the vege- tahle market the past few days. “ive-peck hampers of the beans from growers in the Norfolk section sold at $2 and $2.25 this morning. bushel hampers of the South Carolina product selling at $1.50 and $1.75, some poorer selling as low as $1.25. Florida beans, bushel hampers, were quoted at $1.50. Dealers reported a continued firm condition of the butter and egg mar- I Receipts of eggs are gradually iner ing, according to reports, and dealers anticipate lower prices before the Christmas holiday season. Today's Wholesale Prices. Fresh, 1-pound prints, ore packed, 3 . esh selected, 4 urrent receipts 54; hen- 40a42; 23; large, : Spring chicken oosters, s, 1 keats, young, 70a g Dressed—Turkeys, 45a50; Spring chickens, 30a32; roosters, 18a pons, fancy, heavy, u keats, 80a90. fresh killed—Beef, 18a20; lamb, 25a27; fresh ham, 22; 2 shoulders, 18a19; smoked hams, 24a25; smoked shoul- ders, 18; strip bacon, 25; lard, 14%a 15; calves, 16; lambs, 13. Fruit and Vetable Review. Today’'s market report on fruits and vegetables, compiled by the Market ws Service Bureau of Agricultural Economics, say Apples—Suppl; fowls, 24225 21a22; moderate; demand moderate, market steady. Boxes: ‘ashington, medium to large size fancy Delicious, mostly 4.00, few extra fancy Staymans, 3.00a Jonathans, 3.00a3. Busbel bas- kets: Pennsylvania, unclassified Yorks ang Staymans and Black Twigs, 214 inches up, windfalls, 1.50; 2%-2% inches, windfalls, 1.25; unclassifiec Grimes, 21; inches up, good quality but russeted ; Cabbage—Supplies moderate; demand light, market dull; New York, sacked, per, hund °dweight, Danish type, few sales 1.00a1 Celery — Supplies liberal; demand moderate, market about steady; New York, 2.3 crates, mostly 2.25, few high- o nx-g&nflry quality and condition, Grapes—Supplies of Western stock moderate; demand moderate, market California, lugs Flame Tokay, .75; fair quality and condition, Supplies of Eastern stock limit- demand moderate, market dull; sales. New York, 2-quart Climax baskets Catawbas, 15; 12-quart Cli- max baskets Concords, 75a80. Lettuce—Supplies of Western stock limited; demand moderate, market strong; California, crates Iceberg type, :-gu dozen, 4.00a4.50, mostly around Onions—Supplies light; demand light, market dull; New York and Ohio, 100- vound sacks, yellows, United States No. 1, medium to large size, some fair condition, 1.50a1.75; best, mostly 1.75; Michigan, 100-pound sacks, yel- lows, United States No. 1, medium to large size, 1.75a1.85. Potato Market Steady. Potatoes—Supplies moderate; de- mand moderate, market steady; Idaho, 110-pound sacks, Rurals, United States No, 1, 2.50a2.65; Pennsylvania, 150-pound sacks, round whites, United States No. 1, 3.25a3.40; Michigan, 150- pound sacks, Russet Rurals, United States No. 1, mostly’ 3.40; Minnesota, 150-pound sacks round whites, United States No. 1, 8.25 String beans—Supplies moderate; de- mand light, market steady; Virginia Norfolk 5-peck hampers, green, 2.00a2.25; some ordinary con- dition, low as 1.50; few fancy, few high as 2.50; California, bushel hampers, green, wide range, in prices, 1.00a1.75. Tomatoes—Supplies moderate; de- mand good, market steady; California, lugs ripes, wrapped, 2.25a2.50; some {Iine soft, 1.00a2.00 according to condi- on. Squash—Supplies moderate; demand light, market steady; Florida, pepper crates, fancy wrapped, 2.50a2.75. Cucumbers—Supplies light; demand light, market steady; Florida square bushel crates, No. 1, best, mostly 5.00; fair quality, 4.00a4.50. OYSTERS OF F.’OTOMAC IN GOOD CONDITION Special Dispatch to The Star. BALTIMORE, November 9.—Oys- ters in the Potomac River section, while scare, are in fine condition and bringing good prices, according to Swepson Earle, State conservation commissioner, who has just returned (;'um an inspection trip in that sec- tion. Aboard the State steamer McLane Mr. Earle followed the dredging fleet from the Potomac River to the head of the bay. The dredging season opened on November 1. “A fleet of 126 vessels,” Mr. Earle sald, “has been in the Potomac River since November 1, working on bars scattered over a territory of 50 miles. Forty-five market boats also were there and the market was very active. “The tongers engaged in the tribu- tary waters of the Potomac in Charles and St. Marys Counties are making good money and seem very well sat- isfiled with the 3-inch cull law.” o- SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) NGOD.—— Asked. 2) EERSSEST AR ORRE RSRRR RS RN SRRRSRR Alum_Co. o Am. Tel. & Tel. C¢ Amerscun Snvona €. i, Coper Sociated O 08 19 Itimore & Obhio Us tavian Pet Co. 4% iir, For, Corp. dian Nat. Ry. Ry. Deli. & Hud. Rwy. 78 Biidon el 1. Hos” 414 Erie Rwy, Co. 78 1830 Gen. Mot,'Accept. C. Gy 1 Goneral Fot. Gor. by 194 B. F. Goodrich Co. Bs 1029, Gnodvear b8 1028 Hershey Choe, Co 8 1940 Humble Oll 8%g 1033, /4. . Mass. Gaw Co. blas 1046.. Now York Tei, 6o 1041 Qrogon Short Line 18 1020 Sinclair C. Ol P. C @8 10: fou. Pac. B R, Cg, st oot N Y. 8td; Oll of N, St.b Tr. Mt & guift & Co, Be {nion 01l of ‘i\‘ nign Pac, R. .8, Rubber' 7 U’ 8. Smelting. Wheéling Steel L A new truck for delivering ice cream is equipped with an electric refriger- S - I EOo0o0CconC000: R OO RSB S ISR, B SR NSRS SRR F i s i e " R RS SR OCOBE RSSO eSS SRe B! o e o e ey oy =3 EUROPE ENTERING U.. RAYON TRADE Battle for World Market in Prospect in Mammoth New Industry. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, November 9.—Reports from Burope indicate that the next great international industrial combi- nation which will be effected by Eu- ropean manufacturers, will involve an organization in the rayon industry. With increasing rapidity manufac- turers in Europe are organizing_their industries according to the model of the steel cartel formed by German, French, Belgian and Luxemburg pro- ducers. There can be little doubt that these combinations have as their im- mediate object the forging of weapons by which European manufacturers may battle more_effectively against America for the domination of world markets. ‘The formation of an European rayon trust will bring into immediate promi- nence the tremendous importance which this new synthetic fabric has assumed in the textile industry. In the last few years the manufacture of rayon has become one of the major businesscs of the country. Growth of the Industry. The process of manufacturing arti- ficial silk from cellulose originated in France more than 30 years ago, but its real development dates only from the close of the war. At that time the British government found itself in possession of vast quantities of which had been turned out s for the production of high After the armistice Brit- ish chemists set to work to find a com- mercial use for this material. They NOVEMBER 9, 19277 silk, which was far superior to any- thing previously manufactured, and as a result chemists in almost every country in the world and particularly in America” started to work at a feverish pace to effect still greater improvements. From then on rayon production progressed with enormous strides until today its use is so gen- eral that it is attaining the same basls as the cotton, silk and wool natural fabrics, Incidentally, it is worth noting that rayon s the first addition to man's textile resources since the abandon- ment of the fig leaf. Since human beings ceased to clothe themselves in the skins of animals, they have relied exclusively on four natural fabrics— cotton, silk, wool and linen. The origin of the production of these four textiles has been entirely lost in the mists of antiquity. Now, after thou- sands of years, man has created a synthetic fabric which is a serious competitor to the others in his cloth- ing and adornment. ~h. threat imposed by the formation of a Iluropean rayon trust cn the A aerican textile industry can scarce- be overempnhasized. Since 1918, the production of rayon in the United States has increased from an output of 5,000, 93 ~ou to a total which, this year, will undoubtedly aggregate 70,000,000 pounds. The latter figure represents only bout a quarter of the world’s output and about one-half of the pro- duction of the factorjes of Italy, Great Britain, Germany and France. More- o er, it is a point of ~rime importance that so far as the manufacture of rayon is concerned America has ng na ur.l advantages, since the syn- thetic fabric can be produced in any c untry regardless of climatic or ag- ricultu 1l conditions. Strlv. t to Improve Product. Billions of dollars are being poured into- this new industry by America’s rivals in ‘e world textile markets, and the best scientific brains of Eu- rop . and Asia are constantly striving to improve the quality and durability of the product manufactured. The present (uarter promises to be the best in the history of the domestic rayon industry. The leading manu- facturers have sold their output pretty well up to'the 1s of January. or two are sold up to ¥ ruary 1. Prices, therefore, are beginning to dis- succeeded in producing an artificlal pli . stiffening tendency. It is prob- FINANCIAD. al.e that the first quarter of 1928 will show a very satisfactory period from the point of view of domestic demand. tion and advantageous profits of the rayon manufacturers today would be very seriously threatened by a success- ful invasion of this market by a Euro- pean combination. e STEEL SCRAP LOWER. NEW YORK, November 9 (#).— Heavy melting st@pl scrap has been reduced 25 cents a ton in the Chicago | district, quotations now varying from $11.25 to $11.75 a ton. However, the strong posi- |- COTTON GOODS QUIET. NEW YORK, Novem! r 9 (Special)X, Cotton gocds markets wers quiet today and prices were unchanged. Print cloths were quoted at 813 for . 64x60s and at 915 for 68x72s. Raw silks were a shade firmer. L0SS IS REPORTED. NEW YORK, November 9 (P).- American La France Fire Engine Cc 224 net loss of $140,353 in the firs rine months of 1927, in contrast t net income of $602,736 in the corre sponding 1926 period. for LOANS on APPLICATIONS INVITED IMPROVED PROPERTY Located in the District of Columbia and adjacent Suburbs in Montgomery and Prince Georges Counties, Md. 5%2% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY of AMERICA 1001 15th Street N.W. Main 6888 President. .. R. L. NEUHAUSER. . . Member of the Bar of the District of Columbia THOMAS SOMERVILLE . . .. Vice-President President, Thomas Somerville Company, ll”lunfbing Supplies 'AFE First Mortgage LET THESE MEN HELP YOU SELECT. Investments L. E. BREUNI President, L. E. Breutinger Former President « « « « Vice-President ark Savings Bank ...National Metropolitan Bank Washington Terra Cotta Works .Washington Brass Works President, Fred Drew Company, Inc., Contractors and Builders Director Second National Bank HAYDEN JOHNSON Donaldson & Johnson, Attorneys President . President ., Director Director Director Supplies Director. Optician Economist, Director and Counsel Director, Trust Officer and Counsel Commercial Natl. Bank WILLIAM MUEHLEISEN Mount Vernon Savings Bank .Mount Vernon Savings Bang DONALD WOODWARD ..Woodward & Lothrop, Department Store ‘Washington Loan and Trust Company CHARLES A. CARRY National Capital Bank Carry Properties, Inc. .National Capital Insurance Company of D. C. ‘T. C. DULIN Secretary and Treasurer, Dulin & Martin Company, Hotel ... Pederal-American National Bank FRANK H. EDMONDS . Continental Trust Company C. 8. DUNCAN Association of Railway Executives Member Advisory Committee on Manufactures of the Chamber of Commerce of United States QAN INvESTMENT in the first mortgage bonds underwritten, offered and guaranteed by the REAL EsTATE MORTGAGE & GUAaRANTY CORPORATION gives you the benefit of the combined knowledge and experience of these men, who are the officers and directots of the Corporation, in selecting safe and profitable investmen.s for your funds: Craeluoo 8 Sons Construction Company Citizens Savings Bank MAJ. GEN. ANTON STEPHAN .. Treasurer General Manager, Dulin & Martin Company, Hotel Supplies Commanding General of the National Guard of District of Columbia and Commanding General of the Twenty. Ninth Division of the National Guard . Merchants and Manufacturers Association President, W. F. STICKLE Member of the Bar of the District of Columbia and the State of New Jersey ANDREW LOFFLER President ........ Director HENRY L. BREUNINGER Architect and Builder Member, L. E. Breuninger & Sons Construction Company SOL LANSBURGH President .. HORACE G. SMITHY Vice-President and Treasurer, N. L. Sansbury Company, Inc., Real Estate Director Former Chairman, Appraisal Committee of Washington Real Estate Board EDWARD C. ERNST Vice President Federal Loan Corporation MICHAEL A. WELLER - President Director of Columbia Director WITH A DIRECT AND UNEQUIVOCAL GUARANTEE Because of the conservative policy adopted and enforced . through the 0 knowledge and experience of its officers and directors, the Rear Estate Mort6acE & Guaranty CORPORATION gives you on cach bond its direct and un- equivocal guarantes that every dollar of your principal and interest will be paid. The strength of this guarantee is cvidenced by the Corporation’s capital, surplus and reserves of $3,413,613.78 and total resources of $4,654,210.72. These 6% guaranteed bonds are issued in denominations of $1,000, $500, $250 and $100, and in 1 to 10-year maturities. Further panticulars will be mailed te you upon request. EAL ESTATE MORTGAGE & GUARANTY CORPORATION 26 JACKSON PLACE . A. Loffler Provision Company, Inc. ... Lincoln National Bank Lansburgh & Brother, Department Store & Discount ... Weller Construction Company, Incs . National Capital Bank Director National Capital Insurance Company of District resmsseMegchants Bank and Teust Company . . .Secrvetary