Evening Star Newspaper, November 30, 1927, Page 15

FINANCIALS * HIGH-GRADE BONDS - DISPLAY STRENGTH Rest of Market Active—Mu- nicipal Issues Show Pro- “[*. nounced Improvement. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 30.—With the slightly lower rate for call money today and easier time loans, the mar- ket for high-grade securities ad- . vanced a little. In the other depart- Ments there was a great deal of ac- - tivity and a_very broad list dealt in without much change in prices. The feature of the Government market was the rise in Liberty 315s to a new high of the year around 102%. At this figure they yielded under 3 per cent, which is significant in view of the financing which the Treasury must do in_the next two weeks. The long-term Treasury issues opened higher and then reacted, but later went into new high ground for the year, with the 3%s above 1071, the ds above 1101, and the 3%s above 1024 Municipal Bonds Tmprove. There has been a pronounced im- provement recently in municipal bonds. Prices for a number of new issues have been advanced since the initial offering. The supply at the present time is not sufficient to bur- den dealers. Altogether, the market is in the bes pe that it has been at any time this year. First mortgage rails were fraction- ally higher. On the other hand some : of the new 41, per cent rails have de- . clined and were today 1 to a point under the high of the month. The 415 per cent public utilities have been slowly advancing, with the Philadel- phia Electric issue today approxi- mately at p: There will be another large offering of power company bonds shortly with a 41, per cent coupon as higher coupon bonds are redeemed. Such 5 per cent public_utilities as Utah Light & Traction, New Orleans Public Se e and Columbia Gas & - Electric_w active. Dealers expect to see all of the good 5 per cent issues that are now at a discount gradually work up to par. industrial list was somewhat frregular. Dodge 6s sold below 88, though Goodyear 5s went back to 95 for the first time in several weeks. The sugar issues showed less snap, but metal company bonds were firm. Specialties, such as General Asphalt 6s, Gulf State Steel 51¢s, Atlantic Gulf and West Indies 5s and Consolidated Cigar 6s, were strong. St. Paul Issues Active. Aside from the continued activity and strength in St. Paul issues there was nothing of importance in the speculative rail list. Foreign bonds fluctuated over a nar- row range. Germans were generally better, Chilean and Argentine issues active and strong. Japanese municipal d public utilities higher and Poland 6s off %. The actual market for the new 7s is well under the official price. The offering today of $30.000,000 City of Vienna 6s at 903, to yield about 6.80 per cent, places this loan in con- trast with Budapest 6s on over a 7 per cent basis, City of Berlin 61s and other high credit German municipals en an average of 7 per cent and City of Rome and City of Milan 6,s on a 71 per cent bas Washington Stock Exchange SALES Wash, Gas 5e—S500,at 1035, Pirvaction © at 100% . 1112-" Fiee. %6s Dfa—7 at 111%. 3 at Pot 5iss id. Sanitary. Grocery Co. Did- at 10570 at 103, 160"at 103%. AFTER CALL . Pilgs nid.—3 106%. Bob Elosy LB DI 0% 10 S100Tm 1905 82, 3 W Gas Wi Elec, 54 of s ~B' Gax Lt—4 at 85%. _ Money—Call lcans, 5 and 6 ner cent. BONDS. Bid and Asked Prices. PUBLIC LTILITY.“ SETY Tel. & Telea 4 . & Telga. 4 & Tel. ctl. & & B. Telephone Tel. of V ash. Gas Wash. Gas Wash. Rw: Wash. Rw! series A. weries B Elec. 4s. a6, 108 o tomac tomag Elec, nf ash. Rwi K © & Elec. NATIONAL BANK ational Cavital . Soh LT i mmercial 1 riet Tmers & deral-Americ. woln tional Metr ik hes & Trust agh. Loan & Trust... SAVINGS BAN ink_of Bethesda . o & Savings’ . av., th_ Strect $ Savings Bank Washington Mechanics ¥ iremen's National Union. TITLE INSURANCE. Columbia_Title Insurance.. cal Estate Title Insurance e Tav'Co. of Ma com. MISCELLANEOUS. arber & Ross, Inc.. com. Bievy” chase Datry ptd Commercial Natl.” C D C Pdn! r M TREASURY CERTIFICATES. W. Seli; & Co.) (Reported by J. & zman &00.) Bid. - 100132 1106132 1003-32 100132 100 3- CHICAGO, November 30 (#).—Bul ter—Higher; receipts, 4,177 _tub: creamery extras, 49%: standards, 4 firsts, 40%a 1,395 receipts, YORK Raceived by UNITED STATES. (Sales_are in $1.000. Sales High Low. Close. .~ 381027 1022 1027 Libiste%s Lib3d 4%s. Lib 4th 4%s US 3% 43-47 US3%s... US4s1944, US4Ysb2. 24 40 309 299 453 10313 100 29 1041 102 20 10716 436 110 16 567 11516 FOREIGN. Sales. High 9% Argentine 9. 99% Argentine 6s Oct59 100% 61 101% 103 100 103 102 107 110 115 Australia 55 1955. Australia 68 1957. Austria 7s.. Bank of Chile 6% Belgium 63 Belgtum 6%s. Belgium 75 195 Buenos Alres 78 57 Buenos Alres 7s 68 Canada 5s 1962.... Canada 6%s 1929, Christiania 6 Con Pow Jap: Copenhagen 5s ct. . Copenhagen 6| Czecho 7%s rets Czecho 8s 1951. Czecho 8s 52 Denmark 6s. . Dutch East | 68 47. Dutch East 1 6s 62. Finland s f 63 45.. Finland 7s. .. Framerican 7 French is French 7 French 8s. . German EI P6% German 7s.... Ger Am Bank 7 Ger Gen Eleo T: Halti6s....... Hungary 7%s. Italy 7s.. Italy Pub T Japanese 48 Japanese 6%s. Lyon 6s. Marseille 6s. : Mexico 48 04 asntd Mexico 4s 10 asntd Mtlan 614s. Montevideo Netherlands 6s § Netherlands 6s 72. Nord 8% s Norway 5% Norway 6s 1944, Norway 68 1952. Orient Dev deb 6s. Paris-Ly-Med 6s Parts-Ly-Med 7s. Paris Orleans 7 Peru 7s.... Peru 7%s Poland 6s 40. .. Poiand Ks Queensland 7s. 1 Rio Gr Do Sul 8s Rome 634s. Sao Paulo 1950 Saxon (PW) is Selne 7s ¢2. . Serbs Crot Slo 8s,, 2 Sotsson: Sweden 68 s 1 Swiss 518 1946 g 1 I'oho Klec Pow 8. Tokio 5%s 1961 Utd Kingm blgs 37 516 1 Utd Steam Copen 6: Yokohama fis w 1. MISCELLANEOUS Am Agri Cnem %2 40 Am Repub deb 6s. . Am Smit & R 15t 68 Am Smit & R 6: Am Sugar ret AmT & Toltr AmT&Teltr AmT & T'sf bs Am T & T deb 6%s Am Water Wks 5. Am Writing Pap és Anaconda 1st 68 Anaconda cv db 7s. Andes Cop 78 rets Armour&Co 4148 39 : Armour Del 5%y Assoctated Ol 6s. . Atiantic Refin 5s.. Barnsdall 6s 1940. . Bell Tel PabsB... Beth Steel p m 6 Beth Steel rf 5s... Beth Steei 6% s 63. Beth Steel 65 Brier H St Ist bis Bkiyn d gen 68 .. BKIVD Union 5. Bush T Bldg 68 60. Central Leather 68 Chile Copper bs Con Coal Md 1st 1024 19 109 105% 1 99% 1053 106% 109% 101 94y 105% Donner Steel Goodrich 6%s. Goodyear 55 re Hershey 548 Hoe & Co 618, Humble V11 58 Humble 0 & R Ui Bell Ist bs. 1linote Steel 4% Indiana Sreel 58. | tnt Mer Marine 68, | 10t Paper 5s 47. int Paper cv 68 Int Paper cv 6ssta. 13 tnter Papier fd 6s.. 10 int Tel&Teleg 4%8106 J Kayser & Co 5%s 78 Kan CP&L 68 A 52, 12 Kan G & K1 6852.. 12 -Spring 8 Lackawa S 68 50..¢ Laclede G 6%s 52. Liggett & Myers 6% Lorillard (P) 6s. .. Louisv G & B 5852 Manat! Sug sf 7%s Midvale Steel bt Montana Pow 58 Mor’s & Co 1st 438 New Eng Tel 6s. ... N Y Edison 5s 44.. 101% 102 1024 1041 105% Pan-Amer Pete 6s. Phila&RAC&16s Public Service 5% Public Service €s. . PServGas5%4s 69 P ServGas 5% 6 Punta Alegre 7s. Remington Sharon St H 8 Sinclair Ofl 6s. Tenn Eleo Pow 6s. Toledo Edn !:t 8. 117 1024 101% 1095 4 108% 103% 106% Rio de Jan 8s 47, 5% 105% Sweden 5% L3 104% 104% Swiss Confed 8s... 15 1% 105% 106 109% 103 10 26 100 26 31 10331 9 10220 5 10712 5 11010 5 11511 10 Low, Close 91 9 99% 100 101 99% 9% 9T 102% 95% 98%, 98% 103% 104 1064 106% 103 106% 100% 95% 96 109% 1018 254 80 98 98 103% | 106% 114% 105% 1054 H0% 107% 14 0% Y8% R, 06% 944 94y 1043 104 102 1024 102 109 051% 99% 105% Yy 105% 106% 109% a 101 94 105% 111 110% 91 90% 103 103 101 106% 101 102% 101% § 104 105 105% 234 104% 105 ; 5% | 83 w7 96% 59 108% | 88 95 108 103% 1001 K6l 106% 104% 105% { 11 Cenr 45 5. | 111 Central rf 58 55. 07 8% K THE EVENING RTAR, WASHINGTON, D. C, WEDNESDAY, NOVEMBER 830, 1027, : [onmew o BONDS o v Private Wire Direct to The Star Ofies Sales. High 3 10 Vertientes Sug 7s. West Elec 8s. . Westinghou: Westn Union 6% Willys-Ov 61s 3. Wilson & Co 1st Winchester A 7%s. Youngstn S&T 6s. . RAIL At&S F ovt 4s 05-55 Atchison gen Atlantic C L cl 4s.. AtlanC L 4%s 64.. Buff R & Pitt 4% Can Nat 4%s 30 Can Nat 4168 64. Can Pac 438 46. 41, 108 101% 100% 104% 104% 113 21 ROAD. 5 9314 86 5 14 1 Car Clinch&O 6s 62 Central Pacific 4s. . Cent Pac 1st 68 90. Chi B & Q gen 45 53 CB&Q4%s77B.. ‘Chi B& Q Ist rf 5s. Chi & E 111 gn 68 &1 Chi Gt West 48 69. 1 7 37 C M&StP 4s 25 ofs. 152 CM&StPdbds... CM&StP deb 4s cfs CM&StPgnsy. CM&StPcv 4l 10 5 - CM&SPev4 ts32cte277 CM&StPgndls CM&StPrfaks, CM&SPrf 4%sect. CM&StPevbs... Chi'T H nc 63 60. . Ch! Union Sta 6s 44 Chi Union Sta 6%s Cuba R R 6s. Cuba Nor 6%sets. . Del & Hud 1st rt 48 Del & Hud 6%s.... Del & Hud 7s 30. Den & Rio G cn Den&RI0G 4%s 36. 9 10 60 5 13 D Rio G West bs... 21 Det United $%s... Erie 1st cons 43 Erie gen s Erfeconv dsA. Erieconv 4s B. iirie cvt 53 67 w1 Erie conv ext Ts. Erie Genessee R 68 Fla B Cbs 74 B Gr Trunk stdb 6s Gt Nor 4%s 76 D Great North 4%sw Great North 5§%s GrNnreens . Hav El Ry 5%s 51, Hoeking Val 43s. . Hud & Man ref 53. Hud & Man ai6s... 111 Cent ref 4 1L Cent 4% s 66 int Rapid Tran 58 106% Low. Close. 104% 104% 108% 108% 101% 101% 100 100% 104% 104% 104% 113 102% 101 106 105 105 104% 1024 99% 97% 96% 96% 106% 106% 93 95% 97 106% 93 95% 851 96% 887 824 874 8% 97% % 106'% W 100% 14 16 2 8 10 5 1 2 27 Int Rap T'r fs stpd 168 int Rap Tran 6s... Int Rap Tran 7s Int & G Nor 1st fs. Int & (3 Nor ad 6s Int Ry C A 6%s rot Kan City Ft S 4s.. Kansas City S 3s Kansas City 8 6s. Kan City Term 4: Lake Shore ¢s 28 Lehigh Val 58 20 Louis&Nash un) 48 Louis & Nash 6s B. Louis & Nash 7 Man Ry 1st 90. Market St 78 40 Mil Bl Ry & L 53 61 M&Lrfexbs..... M St P & SSM cn 4s MStP&SSM5s38etd Mo Pac 5s A 65 Mo Pac 58 F 77 .. Mob & Ohio 4%s 77 Mont Trm ref 58 41 Nassau £l 48 51 New Or Term 4 NOT#® M5k%s N ¥ Cen zen 3%s. . N Y Cent 43 9% . N Y'Crf im 438 N ¥ Centribn NYC&StLdb4s.. NYChi&StL 5%s. NYChi&StL 5% sB NYCK& St LL6sA. NY NH&H 43 56. .. NY NH&H db 48 57 NY NH&H cv db 68 NY N Hav&H clt 68 NYOnt Wist4s.. NYRys6sA65... N ¥ State Rv s }4s NyStateRy 61s 62 NY W & Bos 4%s. Nor & S gen 58 54.. Nor Pac 35 2047... Northiern Pac 4s..., Nor Pac 4% 2047, Northern Pacr ) 6s Ore Short L rfs 4s. Ore Wash 18t 4 Pennsyl zen 4%s.. Pennsyl gen 6s.... Pennsyl 5s 64 Pennsyl 838 Pennsyi gold 78 Pere Mar 1st 45 56. i’ere Marq 1st bs PCC&StLbsA.. PCC&SLL b8 B 76.. Readiug zen 413, . Reading J C ¢s61,. Rio G West cl 48 Rio G W 1st 4s. RIArk & L 4%s StL | M&S g0 bs 81 SUL IM&S R&G 43 StL&SKopl4sA SB AllFla Sou Pac 45 20..ceee Sou Pacific clt 4s.. Sou Paocific ref 48.. Sou Pac 4348A 7.« TexArk F'S %8s 50 Tex & Pac 58 77 rts Third Ave ref 4s 60 Union Pac 1st rf 48 Un Pac 4348 67 Union Pac cv # 15 5 1 3 4 e e - - PUBKRNS R wa® B ——o 4 142 137 4 s prunion xSJecnnwSarwm - EYS - 4% 924 1091 100% 109% 100 114 115% 841 1017% 109% 100% 108'% 7% % 9% G 1005 T AN_ACTIVE STOCK __ | | T e} el Total gross Assets ........ Deductions Preferred stock ... Unpaid current Biil Patents, €1c. .. 192 earnings 19 3 earnings 1026 ¥ Net Net Dividends on common and resumed on a $6 b At 270 stock vields 2.22%. (Consult_your banker or broker complete_information as to value this_stock.) Scrap book this for future reference. C. & N. W. ORDER CARS. NEW YORK, November 30 (). The Chicago & North Western has or- dered 250 gondolas from Standard Steel Car Co., 100 gondolas from an unnamed builder and 250 hopper car bodies each from Standard Steel and Illinois Car & Equipment Co. . Glasgow Wants Aerodrome. Glasgow, Scotland, is considering the establishing of a_municipal aerodrome for commercial flight, near the busi- ness section of the city. A commit- tee to investigate the feasibility of the plan has been appointed, and its report 1 expected to be favorable to the project. 14.49 5 31 cuspended in 1920 1927, or more back of GERMAN BONDS AND STOCKS. Vi . By Spectal Leased W NEW YORK, e . Asked. Ln with draw per 100 R M. 55.00 60.00 Loan without ) R M. 2 Ger od draw etfs per 1,000 R M. 2 ver milliy (Quoted in’ dollar Hamburg 4155 191 (Quoted in jer Gen' Elec Ger Gen Berlin ArOBN .. ...e Disconto_Gellschaft Berliner Handles Dresdner Bank Deutsche Bank Darmstaedte Vien oyd AT Austrian A E G (G SHORT-TERM SECURITIES. Allis Chalmers Alum_Co. of Af 2. Tel. & Tol Bs m Asociated ‘i Eaitimore & Onio 415 0. Rwy_ Co. Mil & St & Hud. Rwy. 7 ; R_R, Std Ol of N Y. Std, Oif of N. Jerse) St.L. Ir Mt &S.R Swift' # Co T5e 14 Tnion Ol Unior Pac u. 8. her 71 TS, Smelting Co. 5l 19: Wheeling Steel C. 55 1048. FOREIGN EXCHANGE. (Quotations furrished by W. B Hibbs & Co.) Nominal Selling checks zold valne. today. London. pound $4.8065 $1.877% Montreal dolla 1.00, - Paris. fran Brussels, Berlin. m Rome. lira Zurich. franc. . Athens, d achmt Madrid, Vienna: Budanest Pragie. w peseta. .. shilling ~enzo crown aw.zloty Conenhagen. Oslo. crown Stockholm, . = FEDERAL LAND BANK BONDS. 69 109% 108% 22 101% 101% 20 105 104% Wabash 2d 5s. . 6 103% 103% Wabash 58 76 B... 6 103% 10 % West Marviand 4s 7 R6% K6l West Md 5%s877.. 16 102% 1024 Western Pacific 68 3 100% 100% Wheel & LEcndés 6 93 93 5 T6% T6% RT%_ KT% MONEY for SECOND LOANS MORTGAGE Homes and Business Properties PHILIP MILSTONE 1101 Vermont Ave. Decatur 1681 Best Gas Station Site in Northeast Next to Corner of 13th and H Owners Anxious to Sell and Want Offer BOSS & PHELPS First Mortgage Loans Lowes Katees of nierest ana Lommission Thomas J. Fisher & Company, Inc. REAL-ESTATE LOANS 5% FRED T. NESBIT 1010 Vermont Ave. n 9302 Money to Loan Secured by first deed of trust on real estate Prevailing interest and commission. 420 Wash. L. & Trust Jorsreph 1. Weller Hide oth & ¢ NW Sales and Exchanges in Business or Invest- ment Properties EFFICIENTLY HANDLED BY OUR: Business Properties Department BOSS & PHELPS, Realtors 1417 K St Maia 9300 FINANCIAL COLUMBIA BUILDING ASSOCIATION 716 11th Street N.W. UNDER GOVERNMENT SUPERVISION 18 Years’ Successful Business Without the Loss of a Dime The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbis and Nearby Suburbs in Montgomery County, Md, for 3, 5 or 10 year terms on your 51,0 . Apply RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT 1321 Connecticut Ave. Telephone Main 9700 Apartment PAYS 5% INTEREST Home Compounded Twice a Year and Exempt From Income and Personal Taxes CHRISTMAS SAVINGS CHECKS ACCEPTED Money to Loan, Monthly Payment Plan. Payments Less Than Rent Equitable Co-Operative Building Ass'n. JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Organized 1879 48th YEAR COMPLETED Assets. ... ...$5,292,042.70 Surplus ....$1511,115.87 Subscriptions for the 94th Issue of Stock Being Received (- SAV Lay your plans now for financial independence by openigg an account in the Equitable. Start now, today. Loans on Real Estate 3,5 or 10 Years WE BELIEVE OUR ECONOMICAL PLAN OF MAKING LOANS WILL APPEAL TO YOU Residences, Apartments and Business Properties in the District and nearby Montgomery Co., Md. BOSSmPHE(PS Founded 1907 In the Equitable Systematically No matter what you are saving for— a home, your chil- dren’s education— you'll find the Equitable's syste matic plan a helping hand to accumulate money. T 915 F Street Loan Cor dent Zohn Hancock Matual Life Insurance Co. 1417K St. Main 9300 18 (%fl Jfor }lb.llf Subscrietion Investment Corporation of North America Thirty Year Investment Trust Shares Trust Terminates: December 31, 1957 ymisation from § to 100 shsres. Semi- RAILROADS ‘Atchison, Topeka & Santa Fe Ry. Co. Baltimore & Ohio R. R. Co. Chesapeake & Ohio Ry. Co. Tilinois Central R. R. Co. uisville & Nashvilie R. R. Co New Vork Ceatral R. R Co. Norfolk & Western Ry. Co. Northern Pacific Ry. Co. Pennsylvania Railroad Co. St. Louls-San Francisco Ry. Cay Southern Pacific R. R- Co. Southern Ry. Co. Uhion Pacifc R R. Co. FOOD PRODUCTS Standard Milling Co. California Packing Corp. Corn Products Refining Co leischmana Co. (The) o Fl National Biscuit United Fruit Co. RAILROAD EQUIPMENT American Car & Foundry Ce. American Locomotive Co. American Steel Foundries Baldwin Locomotive Works (The) Westinghouse Air Brake Co. (The) AUTOS AND TRUCKS General Motors Corp. Mack Trucks, Inc. Studebaker Corp. Timken Roller &tflnl Co. TELEPHONE AND TELEGRAPB International Tele. & Tele. Corp. Mackay Companies Wesgern Union Telegraph Co. Pacific Telephone & Telegraph Ce. PUBLIC UTILITIES American Power & Light Co. Columbia Gas & Electric Corf Public Service Corp. of New Jersey Standard Gas & Electric Co. Brooklyn Edisen Co., Inc. Consolidated Gas Co. of New Vork D-troit Edison Co. Laclede Gas Light Co. Pacific Gas & Electric Co. Peoples Gas Light & Coke Ce. Southern California Edison OIL AND REFINING California Petroleum Corp. an-American Petroleum & Transport Dated: July 1, 1927 Reglstered Certificates of Investment Trust Shares In any deno: Annual dividends payable February 1 and August 1, at the office of the Trustee in New York City or any other agency designated in the United States er Caseda. to holders of record as of ber 31 June30. certificates are issued by the Investment Corporation of North America and certified by the Trustes. Trustee: EMPIRE TRUST 'COMPANY, New Yeork City The following summarizes the information given us in a letter from Mr. Rolfe E. Bolling, president of the Investment Corporation of North America. The Investment Corporation of North America has been organized to operate an investment trust, designed to permit both small and large investors to participate in the annual profits ahd increased capital values of a widely diversified selection of the common stocks of America’s leading corporations. Each Investment Trust Share represents a 1/1000 full participating, non-voting ownership of a unitof common stocks; and also a 1/1000 full participating, ownership of all cash or stock dividends and all bonuses, subscriptions or other rights accruing to the stocks of which the unit is comprised. Each Stock Unit was, at the beginning of the operation of the trust, composed of one share each of the common stocks of the ninety-eight companies listed in the adjoining column. These Units are, under the provisions of the trust indenture sub- ject only to certain definitely limited changes and substitutions. No changes will be made in the Units except such as may be for the benefit of ithe holders of the Invest- ment Trust Shares; and no substitutions can be made except upon the following conditions; that not more than 5% of the total market value of any Unit shall be in the stock of any one company, and not more than 10% in any one industry; substi- tuted stocks must be listed on the New York Stock Exchange and must have paid a dividend within six months prior to the date of substitution. Stockho!ders Profits: The progress of American Industry since the Civil War has been measured in terms of appreciation of the underlying values of common stock. To realize the extent of this appreciation, one has only to refer to such recognized statistical sources as Fisher's Index, Poor's and Moody’s Manuals, Standard Statistics, etc. Due to the price rangeeof the best high grade stocks, however, the average investor has not been able to fiversify his holdings through the purchase of a range of stocks broad enough to be assured of a steady income, of a participation in the general in- crease in values, or, still more important, of a suffici- tly high degree of safety lent by such diversifica- tion. The Investment Trust Shares issued by the Investment Corporation of .North America now ffer this opportunity for diversification to both arge and small investors. are to be considered as a return of capital and, ac- cordingly, must be added to the Stock Units. All profits gained from stock substitutions must be held and reinvested for the sole benefit of the holders of Investment Trust Shares. Conversion Privilege: Under conditions set forth in the Indenture, the holder of 1000 Investment Trust Shares may, at any time, surrender them to the Trustee, and receive in exchange one full Unit of the stocks deposited as sccurity for such shares. Standard Oil Co. of California Standard Oil Co. of New Jersey Texas Corporation (The) Union Oil Co. of California STEEL AND IRON Crucible Steel Co. of America Republic Iron & Sterl Co. United States Steel Corp. Youngstown Sheet & Tube Co. RETAIL TRADB Kreege (8. S.) Co United Drug Co. Woolworth (F. W.) Ces Sears, Rozbuck & Co. CHEMICALS Allid Chemical & Dye Corp. Texas Gulf Sulphur Co. Union Carbide & Carbon Corp. COPPER AND BRASS Anaconda Copper Mining Co. Cerro De Pasco Copper Corp. Kennecott Copper Corp. LEATHER AND SHOES Brown Shoe Co., Inc. Endicott-Johnson Corp. International Shoe Co. OFFICE EQUIPMENT International Business Machine Corp. Underwood Typewriter Co.. Inc. IMPLEMENTS Case, (J. 1) Threshing Machine Co. International Harvester Co. PAPER PRODUCTS Abitibi Power & Paper Co., Ltd. International Paper Co. THEATRES AND AMUSEMENTS Paramount Famous Lasky Corp. Fox Film Corp. Cl. A MISCELLANEOUS American Can Co. E. 1. DuPont de Nemours & Co., Ine. National Lead Co. Owens Bottle Co. (The) Pullman Ce. (The) American Railway Express Co. U. S. Realty & Improvement Co. Allis-Chalmers Manufacturing Cev Diamond Match Co. RLECTRICAL EQUIPMENT General Electric Co. Westinghouse Electric& Manufacturing Co. Weston Electrical Instrument Corp.CLA MINING AND SMELTING an Smeleing & Refining Cov Co. (The) Extension Privilege: While the Trust Agreement provides that this Investment Trust will automati- cally terminate on December 31, 1957, the registered holders of 1000 Investment Trust Shares, or full multiple numbers thereof, may upon notice given to the Trustee jo days prior to December 31, 1957, through the Investment Corporation of North America, arrang= for the extension of the Trust as to their shares, to a specific date, not exceeding three years after December 31, 1957. The registered share- holders who arrange for such extension, moreover, have the privilege of extending the Trust for a further period of three years. Stocks Held in Trust: AllStock Units purchased ander this plan are deposited with the Empire Trust Company of New York, as security for the issuance of Investment Trust Shares. The stocks of which the Units are composed are registered in the name of the Empire Trust Company or its nominee. In the event that changes or substitutions are made in the stock Units, the Trustee, before releasing the stocks for which substitution is to be made, is required to demand other stock and/or cash equivalent to the full sale price of the surrendered stock. Dividend Payments: Al cash dividends, both regular and extra, and the proceeds of the sale of all bonuses, subscription or other rights, recéived by the _Trustee during the six months periods ending June j0 and December 31 will be placed in a dividerd fund. The Trustee, after deducting charges specified in the Trust Agreement, distributes this fund to the certificate holders in proportion to their respective holdings, on February 1 and August 1 respectively. Tax Exemption: The semi-annual dividends paid on these Investment Trust Shares are free from the present Federal Normal Income Tax. Capital Appreciation: The Indenture provides that all stock dividends received by the Trustee Yield: A statistical study of the o8 stocks selected for the Stock Units underlying Investment Trust Shares, as listed hereir for the five year period end- ing December 31, 1926 shows that if a similar Stock Unit had been purchased at the average price for 1923 an ayerage cash return of more than 7% per annum would have been realized from cash dividends alone. In addition, these stocks increased in market value more than go% during the sams five year period, or an average of more than 18% each year. In other words, the combined cash return and increase in market value, during the five year periad, for the stocks described herein has averaged more than 25% per year. While no guarantees can be made as to the future, it is believed that the past earning record and general character of stocks eligible for inclusion in the Stock Units give investors every assurance of satisfactory returns. A The management of the Investment Corporation of North America, including the supervision of the securities comprising the trust, is in the hands of the following officers and directors: it and Director., erchants Baak & Trust Company, Iat jonal St. Joseph Lead Co. TOBACCO AND TOBACCO PRODUCTS Allyn S. Goulden, Director. Partncr, A. S. Goulden & Company, Mavestment Bankers, Washingtoa, D. C. Am!n{lnr(l:Tohl(rcu gm General Ciy Co., Inc. Reynolds (R 1) Tobacco Co., CL B “0AL AND COKE Burns Bros. (N. ) CLA Island Creek Coal Co. SUGAR INDUSTRY American Sugar Refining Co. Great Western Sugar Co. TR Am(:‘" 0 . B ttan Transit Corp. By Manhatian R K- Corporation Counsel of the District of Columbia, ton, . C. Philip De Ronde, Director. Director, Empi ‘rust Co., New York City. George A. Garrett, Director. riner, F. B. Keech & Company, Members of New York Rowland C. Ringgnld, Director. Sharpe & Dobme, Baltimore, Md. uliette V. Tarter, Secretary. Washiogton, D C. All legal matters incident to the creatiom of the Trust have been approved by Mesars. Zllis, Harrison, Perguson & Gary, Washington, D.C. PRICE AT THE MARKET— About $13 Per Share Circular on Request A. S. Goulden & Company Washington, D. C. Woodward Building Tel. M Pbe statements contained berein are not guaranteed but ave based on information which we beliese to be accurate and rellable.