Evening Star Newspaper, February 6, 1928, Page 15

FINANCIAL. THE _EVEN " TRADIN IS LIGHT INBOND MARKET . Interest Centers in a Few Specialties—Some Issues Show Weakness. BY CHARLES F. SPEARE. Epecial Dispatch to The Star NEW YORK. February 6—The vol- ume of business in listed bonds today cropped off quite sharply and the new offerings were the smallest in time. Attention was centered on a fe specialties, which reflected unfavorable conditions in a number of industries. The break of 7'. points in Pathe Ex- change 7s caused much comment. There were heavy sales of the bonds from %5 down 1o b support appearing the lower St we nuary the divi- d on the class tock of the com- passed. The bonds carTy war- holder to purchase 1 stock of the com- £1,000 of debenture at prior to May 1, 1929 and scale t0 A maximum ct . This stock is now seilin: e bonds were brought out May The next So’far the results of ation and new business ss also developed in Cuba & Sugar 7 and 8 per cent con ble bonds due in 1930. Thev were off 1 0 13 7 the jowost level for istown and low record a der the price to W Railways 41,5 di son Coal 5s were of ‘There were small declins mining and sugar bongs. bonic 6s, after last week's points, rallied 2 poin Although the Seabo idated 68 and the All- to 2 points lower than on Satur- the adjustment bonds raliled a t year. Hud- red “below 93 in some of the Li Air Line con- day. oy int on covering following the break of | points last week. is doubtful if further pavments be made on these bonds vear Iractionaily hange in the gage rails and a of them. Several groups of and 71,5, Belgia ues and Uruguay high prices. Argentine 6s Were also strong. Italians were irregular, as were recent active South American issues of secondary quality. United States Gov- emments were lower. e NUTT IS OPTIMISTIC. 8. A. L. Chairman Sees Larger Earnings in 1928 for Road. Bpecial Dispatch to The Star. BALTIMORE, February 6.—Robert L. Nutt, chairman of the Seaboard Air Line Railway Co., declares thq outlook for the current year is favorable, and predicts larger earnings for the road. Mr. Nutt said that while the Se board earnings, along with other roads of the country, showed a decline in 1927, the outlook for the current vear | is favorable. and larger earnings, both | gross and net, are expected. Passenger | business to Florida and the South is | now very heavy, with indications of | large tourist travel for the entire sea- compl reign bonds ¢ The French is all of the Finland 6s reached new son. E There will be a heavy movement of ‘vegetables and citrus fruits, and a sub- stantial increase over last year of fer- tilizer and phosphates tonnage is ex- pected. e Washington Stock Exchange Sales. Capital Traction Co.—15 at 1147 w-.mnfwn Gas Light—10 at 86 1 at 86%. Bearber & Ross com.—50 at 33%, After Call. ington Rwy. & Elec. com.—10 at 10 at 470. Washington Rwy. & Elec. 6s $2.000 at 104 hington Rwy. & Elec. 45—81,000 at 213, $1,000 at 927, §1,000 at 923 Money—Call loans, 5 and 6 per Bid and Asked Prices. BONDS. PUBLIC UTILITY Was! 47 33— AmannaLy some o) they | coupon 1s ' orida 6s were | 1 Peru 7s | Am Smit & R 6s. {Am Sugar Ref 6s, | Am T & T ci tr 68, | Raceived by Private Wire Qu UNITED STATES. (Saiee e 1 $1 0000 1w 6 101 22 102 30 10012 10322 258 101 26 103 10013 103 24 1076 1103 1163 LAb st 4%s Lib3d4ls Lib 4th 4% us US 45 19 USeysb: 41 10013 70 103 24 15 1153 FOREIGN. Mes 1lieh Low 2 Argentine 58 3 93 93 Argentine 6s 25 100% 100 1004 centine 6s Octhd 10 1001 100W 1004 entine 8s A.... 16 1008 100% 100% Argentine 8s B 5 1004 1004 1004 Australia 53 1955.. 41 984 98 98 ia 6 1967.. 25 97 974 9TW 2a.. .+ 16 103t 103% 103% a7 100 105 997y 104% 105 108 105% 115 1145 1140 1100 110 V110 105 1054 1051 G101k 101 101% )Gty 9614 o8, 984 10 1o a8ty 1094 1070 1071 1051 X102'% 10l o1y 7101 101N 101 [EVIPRETIAN TN 11050 110 110t 261y 264 N 99y Y9N 96T B6% U6% 101% 101 1014 10478 10415 1041 1051 1054 1054 M 114 1114 1 111 T10% 1104 110% 110 1101 110% 1038 105% 105% 104 104 Chile 8s 1941, Chile 85 1946 . Chinese Gov R: Con Pow Japan 7s. en bsct.. o 261y Czecho 85 1 Czecho 85 5 Danish Muni Dutch ¥ 1 Sulvador 8s48.. Finland s £ 6s 45 French 7s. French 7i;s. French 8s | German El P 6% 1 German 7s. . Ger Am Bank 1001 1007 100%: 104 101 101 Q9L 99 yoty i 100 100 100 1025 1 983 Yy 10212 1021 1025 101 101 1ol 95 apanese 6l;s. yon 6s rseille 6s...... Mexico 4s 04 asntd Mexico 43 10 asntd. ilan 634s. .. . Netherlands 6s 54. Nord 6. Norway 63s.... Norway 6s 1943, Norway 6s 1944 Norway 6s 1952, Orient Dev deb §s. . Paris-Ly-Med 6s. ., Paris-Ly-Med 78 Paris-Orleans 7s, Peru 6567 w. " 102% 102% 98 100% 100% 100% 1041 108% 104% 104'% 1044 104 9l 91 91n, 103 102% 103 106% 1064 106% 6 110% 110% 110% B2% B2 H2% 9l 91 91w 8 100 99% 100 106! 106% 106% 111% 111% 111% 107 107 107% 110% 110% 110 107 107 107 19 107 108 108 101 100% 101 105% 1055 105% 100 100 100 997 99% 997 103 108% 103% 104% 104% 104% uz uz uz Bk T8 T8Y B9l B9 BYw 1T% 117% 117% 106 106 108 96% 9615 9643 109 1097 109% 96 Y5 96 MISCELLANEOUS. Ajax Rubber 8s.... 1 108w 108% 108% Am AgriChem T%s 17 106 105% 106 AmCotton Ol 5s.. 1101 101 101 Am Repubdeb 6s.. 3 102% 102% 102% AmSmit& R 1stbs 3 1023 102% 1024 108 108 104% 104% 995 99% 105 106'% 106% 105% 108% 108% Yl's 9lip 1056% 105% 111% 111% 122 122% 2% 924 90% 91 102% 103 1024 102% 100% 100% 107% 108 110 110% o1 101 103% 103% 103% 108% 1047 104% 2681y 208Y; 96 96% Peru? Peru 8s Poiand 6s 40. Poland 7s (rcts) Poland §s. Prague? P Rhinelbe Un 7s.... Rio de Jan 85 1946. | Rio de Jan 8s | Rio Gr Do Sul 8 | Rome 6s. | Sao Paulo City 8s. . | Sao Paulo 8s 1336. . | 810 Paulio 1950 Saxon (PW) 7s Seine 7s 42. Serbs Crot Soissons 6 Sweden 65 Swiss 5158 Swiss Confed 8 Tokio 58 Tokio %38 b561 Utd Kingm 5%829 10 Utd Kingm 5%837 11 Utd Steam Copen 63 5 Uruguay 8s. 5 Yokohama €3 w i.. 153 AnmT&Teltr AmT&T st bs.... Am Tel & Tel b%s. Am Writ Paper 6s. Anaconda 1st 68. .. Anaconda cv db 7s, 2 Andes Copper 178. .. Armour&Co 4%839 Armour Del b%8 Associated Of) @8, | Atlantic Refin bs, | Barnsdall 611940, | Eell Tel Pa bs B, | Bell Tel Pa tn C. .. | BethlehemStl pmby Beth Steel rf 4s, Eeth Steel 5% s 63, Leth 5tes 68. ..., Lklyn Union 5%s.. Chile Copper 6. Col Gas& il deb b 301 104 * | Detrottisaison 6e 40 " | bodge 6 ' | East Cuba Sug 7% STOCKS. v * | dut Mer Marine 6y, * | Goodyear Gu rety. . 100% 100% 81 81 106% 107 1047 104% Bl HhK 90 0% 101% 101% 1043 103% 108% 1084 ¥ yow 94% 944 104% 104% 1195 118% 107% 10m 9% Y% 1Cu | Deriver Gas L | Detroit | Donuer Steei 1 Visk Jtubber LA L | Hos & Co 6ln, | Humble 01 us Humble O & 12 6%8 102% 102% inuin 1ell 18t by, 106% 106Y 195% Tohy 101% 101% 104 oy L% Yhie 107% 1075, 106 106 10Ky, 1oAY, 104 104 2% 102% 10i% [ int Paper 6x 47 | dnrer vaper 1a ! ard s | dooilav G & 15 L o 108% 1017 1050 101% #14 vale Hieel bu. ! sont Fuwer b4, Bout iower deb by SorssCo 1t 4 101% 101'% 10 1ubi 101% 101% i BTl 9T 98 | | ON NEW YORK BONDS_{I‘_OCK EXCHANGBI Direct to The Star Office ions to 2:35 p.n.—Final Quotations in 5:30 Edition. 288, 107% 96% 104% 108! 100% 102% 86 108% 103% 112% 104% 102 106% 100% Sales. Hixh, Low. 1071 1074 96 1041 108% 1004 102'% 86 108% 103% 1121 104% 102 1064 100% U S Rub 18t rt U S Rub 7%s U S Steel sf 61 Vertientes Sug 7 Utah Pow & Lt b Warner Sug 7839, . Warner Sug 78 41. West Klec bs. . Westn Unlon 6% Westinghouse bs Willys-Ov 6153 3. WinRepeat Ar 7%s Yngstn S&T 68 w.i. 46 RAILROAD. Atchison adj 4s. Atchison gen ¢8. 922 97y A31 975 96% 101 10415 104% 108" 1% 961 ) B&OGold 4s... B&OcCv4%s B & Oref 5s. . 06s2000D.... O1stbsot. 1 Oorfimp s R & O PLEWY B&OSW asht, .., ¥ Rrdwy & 71h Av 58 BKlynkiev BRIy o Alanhut by Can Nat 41267, Canad North Canad North 78 0% 96 98 101% 122% 116% 90n 1007 901% 1007 100 95k 1047% 99y 1007 nial Pucine 48. . Pac 181 68 90. Chesa Corp b8 w1 Ches & Ocv 4148 Ches & U gn 4158 Chi& Alton 3s.... Chi & Alton 3158 RRUY 1007 108% 3% 6114 107% 90t 111 2n 68 61.. 891y 59 CM&SUPgD 8 CM&SI’evd 1y sBzels CM&SUPrrdles. rf4lsct. St Pev bs. i | 1& Pgnds.. JChiR1&Prras.. CRIPac4laswi, ChiTH&S Ehs.. Chi T H inc 63 60 Chi & W Ind cn 4 C&W I Clev Term lCasistanz Cuba R It 5a. Cuba Nor 5%s ct Del & Hud st rf 43 Del & Hud 5a. ... Del & Hud 7s 30 D Rio G West & Det United 4% Erfegends........ ErieconvisA.... Erieconv 4s B, Erle cvt 53 67 wi FlaEC5s74 Gt Nor 4%s Great North 4% Great North 5% Great Nor gen 7 Hud & M Co 6 IN-C-C StL&NO Int Rlnl;’l‘ n 5 Int Ry CA 6%srct Towa Cent 18t KanCity Ft 8 Kansas City 8 3 Kan City Term Lake-Shore ¢s 28, Louis&Nash uni 48 Man Ry 18t 90....0 Market St 78 40.... Mil El Ry & L 68 61 M St P& SSM cn 48 M8 8SM 0 1 Nassau BA 48 81.,.. New Or Term 4 Crtim4tgs. .. Cent r 1 b 107% 107% 1034 1084% 174 0% 17% 85 53 69% 904 96% 974 98% 6% 2 110% Hn 106% a9 Snezx y Y State Ry 4%4s. NYStateRy 6%862 4 NYW&Bosdale, 11 Nor & 8 gen 6 b F. Norfolk & W cn Northern Pac 4, Northern Paor16s 13 Ore Bhort L 6s gtd, Ore Wash 1st 48, z2zzz2 116% 110% 93% 106% 1044 112% 104% 113 Pennnyl gold 1i 106% PCC&SLLOSA., Pere Mar 1nt 4n 06, Marq 18t Gs. . Port L&Y T'5m 46 Heuding gen 4448, . 1071 104% 94%, Ly Yt [ 97 vz 10i8% 102t 101 101 100% B Hln BtL&BFOY%eD,, Htl.& 8 ¥Fad) BLL &S ¥ino HBtL&BPprin BUL B W 1atdn, HLL B Woon ¢ Kt P& KCShL 4'%4n 100% 100% [ Heub A L ad) Heub A L con BB Al Fla BE Al Kla | 70% | creased use of rice by an assessment ot | *| targer dealers in ! kets for their product or decrease pro- | duction | price utterances and pessimistic predic- NG STAR, WASHINGTON, D. C. :MONDAY, FEBRUARY 6, 1928. ADVERTISING SEEN ASAID INTEXTILES Rice Millers Plan to Spend $2,500,000 in Campaign. Plan Urged fof Cotton. S BY J. C. ROYLE. Special Dispatch to The S NEW YORK, February 6.—News- paper advertising is the factor whjch progressive business men of the East and South count on to maintain pros- perity in the fleld of production as well @s in distribution and merchandising. Rice millers of Louisiana, Arkansus, ‘Texas and California have determined to put $2,500,000 into an advertising m’i“t‘::mslmun and millers of those States produce approximately halt a million bushels more than the trade usually absorbs. Louisiana, for exam- ple, raised 17,316,000 bushels of rice last year and received $15.065.000 for it. The year before, for a emaller crop, the Louisiana planters obtained $18,- 286.000. In 1927 the country produced somewhere approximating 37.000,000 bushels of rice. Growers at n meeting just held de- cided that they must make new mar- They determined on the former course, believing that in this way they followed the general trend of produztion and manufacturing in America which has made this country tie richest i the world. The plan 1S 1o finance an advertising campaign of pubicity and education in the in- 5 cents a barrel on all rough rice milled. | Proposing Advertising. similar plan has been strongly ad- by A. C. Beane, onc of the cotton in New Orleans. He urges that, instead of the cotton industry advertising that it is going to curtail production of raw staple and textl] as it has been doing, it try advertising in order to dispose of an increased production of cotton goods and consequently of raw cotton. “There 18 a peculiar philosophy which permeates the cotton textile world and manifests itself principally in bearish A vocated tions.” he said. ‘“The cotton textile in- dustry is one of the world's largest, but many of the people engaged therein have been fnept in catching step with modern business thought. The indus- try is making no outstanding bids for new markets and its cry for a genera- tion has been, ‘We cannot profitably manufacture goods at present prices of raw cotton.” “That frequently is true because these very expressions result in a depressed | cotton market and a cesation of buying by consumers generally. If the record of industrial achlevement by this country proves anything. it proves that increased distribution is the only natural acceler- | ator of production. It proves that sales manship can create a demand for a product where none existed. Advocates Broad Campaign. “The remedy. I believe, lles solely in proper advertising. I do not mean hit- and-miss efforts, but byt he broadest pos- sible campaign along lines of mudr'rn\ efforts. Popularize the products of the | mills; not merely infer that one brand of stockings is better than another. Teach the hundreds of millions of peo- ple in the world that common decency demands the use of clean handkerchiefs, that hygiene insists upon frequent change of underclothing, and that up- holstered chairs are more comfortable | in Summer if covered with cotton cloth. There 1s no end to these possibilities, but they will never be found by those in the textile industry who think in terms of curtailment.” | Style now is the most important face tor affectingthe demand for finer tex- tiles. According to Spencer Turner, president of the Association of Cotton Textile Merchants of New York, quality used to be the distinctive characteristic. “But now.” he sald, “quality must be superior not only for their texture and construction, but also for the beauty and excellence of their design. Style comes before quality.” He indicated that this fact necessitated changes in textile mill operations, since it no longer was possible to operate for long runs on standard goods and patterns. PROFESSOR WINS PRIZE FOR STUDY OF BANKING Michigan University Teacher Gets $2,500 Research Award From the Chicago Trust Co. By the Associated Pross, CHICAGO, February 6.—A thorough study of the changes wrought in Ameri- can banking practices by the Federal reserve system has rewarded Prof Leonard Watkins of the University of Michigan with the $2,500 triennial re- search prize offered in 1927 by the Chi- ¢ago Trust Co. The contest ealled for the best origi- nal study of some phase f the banking fleld. Dean Ralph W. Hellman of the| Northwestern University ~ School of sommerce, in making public the award, also announced that Peter 7. Herzog of St Louls won the $300 annual prize for a bricfer monogranh on a banking subject, Seeond in this was D. C. El- liott of the Cleveland branch of the Federal ¥ . IMARYLAND FINANCING. Special Mepateh to The Star. BALTIMORE, February 6.—Scarcity of Maryland municipal bonds, which has been frequently complained of re- cently in the financial district, should be relieved to @ considerable extent this weck, when three important local fssues ote scheduled for sale. Today bids will be opened for $75.000 regis- tered coupon 4'; x]a-‘ri cent serial bonds of Willlamsport, Md. Tomorrow an lssue of $400.000 Mont- gomery County 41, per cent road bonds are scheduled for sale, and on Wednes day the State of Maryland Is offering $1,815,000 general improvement 4% per cent bonds to the highest bidder. Many out-of-town dealers will compete for | the Jatter issue. 2 | ATCHISON OUTLOOK. NEW YORK, February 6 (#).—W. B. Storey, president of the Atchison, To- peka & Santa Fe, does not expect earn- ings for the first half of 1928 to be as large as a year ago, when the road was then carrying wheat and oil, which, he thinks, it is not likely to get this year. Indications pointed to a normal wheat crop this year in the road's territory, he said, and while prospects in western Kan were not good. those in eastern Kansas were very good. Cattle and wool prices were favorable and the feed situation Ktmd First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. We Buy and Sell Liberty Bonds Treasury Notes | Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street . Loans on Real Estate 3,5 or 10 Years WE BELIEVE 'OUR ECONOMICAL PLAN OF MAKING LOANS WILL APPEAL TO YOU. Residences, « Founde John Mancock Mutus 1417 K St Apartments _and Business Prop- erties in the District, and nearby Montgomery STEPHE| PS d 1907 nt usurance Co. Main 9300 I Lite Galileo and the Pendulum EI was fascinated by a . ALILEO GALIL swaying lamp high up in the Tower of Pi It led hin m to experiment with weights swinging on a strfng. And he discovered and formulated the laws of the pendulum, was nineteen years old t He hen, The laws of the pendulum are applicable to in- vestments which tluctuate and those persons in- vesting in such securities must be prepared to accept a swing one way or another in their market value. ANNUITIES—~CASH REFUND Le Roy Goff INSUKANCE All Brunches 610 Woodward Buillding Maln 310 MOKTGAGE Secured by_ re NS CANY AMOUNT oatate_ in D C. nearby Md and Va Provailing Interest and Commission INGXTO } Mortgages Investments [ JAMES Y. PENNEBAKER | ton Keal Kstute iBourd 1520 K St. N.W. Member Wi Main 5328 ON HOMES £14% Interest Run for five years with- out curtail- ment. Wm. H. Saunders Co. Inc. Founded 1887 Main 1016 1433 K Loan Correspondept for the Provident Mutual Life Insurance Company of Philadelphia e Over a Third of a Century's Experience Economical Property Management L] It is by the application of practical economy that property We follow the of keeping keeping outgo down. It's not as_simple as it sounds. But our long experience makes it workable. B. F. SAUL CO. Main 2100 925 15th St. THE POWER OF 1 [} . . o 10 24 4 ! Equitable Co-Operative Builling Ass’a | : JOHN JOY EDSON, President “'/\LTHRS_PHAI.'T, Jr., Secretary = T bttt 1 (70 Enrp’fi:h St w".‘;’ifl'fl’um ! Subscriptions for the 94th lzsue of Stock Peing Received Join the eq;ita”bl'e Save Systematically Thousands of thrifty y Washing- tonians ving regularly in the Equi Come in and have us explain our systematic plan. Do it now! APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent Suburbs of Montgomery and Prince Georges Counties, Md. 52% INTEREST’ Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY of AMERICA 1001 15th Street N.W. Main 8100 TIME AND MONEY A Guaranteed Plan for Systematic Investing NOW IN ITS 34th YEAR | Investors Syndicate, under its Accumulative Installment Certificate Plan, guarantees to investors sums in multiples of $1,000 on monthly payments of $6.30 and up for 120 months. The wide appeal of this Plan and its soundness is reflected in the consistent growth of Investors Syndicate as indicated in the statement below. These resources are back of the uncon- ditional guarantee of safety on each Certificate. o] enlv, paywble in stalkvents under our COUNTY OF HENNEPIN | Full information regarding the Investors Syndicate Plan mailed upon request 34th Annual Statement of Condition, December 31, 1927 - ASSETS ‘;! 560,842.78 15,456,661.88 $19,178,991.11 I{c_ - LIABILITIES Certifieate Cash Surrender Values..............$13,336,674.09 i A‘-—ldhhlkv-md for cash surren- 1,130,449.48 3,035,411.48 36,973.09 233,422.90 Total Capital, Sarplus and 2,536,509.55 Total.covveereneee..$19,178,99011 CERTIFECATE We bewe malhed he axoants g © the ahove staioment of Aswds st e of the I westors Syndicate as of December L1, TRI7, as shown by o books and reoveds. Cur awdRt Sactuded the sctwal verificatioa of evt e of (he poamesstom of all ity swwts, together @ith appaave popeiies whaewr sh pvanah appeacnl MJ‘ : have abw vests gaied the romewal cxpenience of the Cortibcaion and we of the opinoa hat table of meerves adpind by the te, gether with (he fatwre pavensets callnd for by IMI‘:‘—‘-:"‘NI_ i (e puesead Secuame dua. - 42,981.57 5,051.02 I BRI K. K Crahb, fest dn! -‘.rdfln ewiingland Tei 6 h:'&m&-‘%—- the Lavestars New Yok i 6¥n = VY GLLT &b 4 HYYeldyn NY el bnsl, ..., Thelbudy. ..., it A Vi b or Onin 41 & L tin vates uw b tuten ower 6 Poacinic Gus & 1.1 tn, Vonl &1 1ut b, Pec L & T ntd. .. Fau-bmer Pere . | hitin Co w61 . }l‘m pCorttn A ok A U UL 16 ihm Y EL 020 102) 66.,.. 1% 10Kty | Bouthern Ry 6% 51 I x & F'no bw 17 rte 2h 1 4% T 2 . 28 ¥R NERKRY CEETITY tai. & oo eninha, the ]y I—~-~l. o “Wlh*‘fl'—-*l'n\‘l‘v . . % ; w imsasmation Ret. thow ol the Investors Svutwate as of Devember 31, A saner way to invest, however, is to purchase -I-n-l and sworn @ belere me (his 10U duy of 1917, The Syndivare has comgied wiih ail o6 o investments which are not governed by the laws Dy, 198 i R ¢ 126% ; of the pendulum, but which are always steady * oy Anl Aavustanty 10tk Gy ' o 60" Bun 101 Wby 0% 100% 1oom 10814 10hi 1064 Bt 1024 100% Hhore 4w 4561 013 0 undndd., 2h BY McCRORY DIVIDEND UP, NEW YORK, Yebruary 6 (A).—Com- mon and class B stocks of McOrory Huores Corporation today were placed on & dividend basis of 82 annually, when directors decluared quarterly pay- ments of B0 cents u share on May ) holders of vecord Fehrumry 20, ‘Phe slocks previously had been paying 40 conls guarterly, and are worth par every day in the year, Such 'S Lt securities are the First Mortgage notes issued by Swartzell, Rheem & Hensey Company, which bear.a regular 696 return and do not cause the investor a day's worry concerning their value or security, This is the class of investments which you should seriously consider, ra Tol'I'r Lap Unton Ve 81 Union Pao 1et rf 4e 14 Un Fuo 4% e 87 4 Unton Paoov 6 Virginia Ry 1a Wabash Iat b wi YK 0% 10004 100t 10874 1064 10614 [ 10 100 vi% B By 104 Jug 1085 106% 10458 1085 Yy 04 104 101301y 9% Al 103 103 106 106 107% 10714 106 106 [ WTve 10T Wby Wit wE 190% 1 Hhhe b Yin d 1 06 05, 108, 1001, 1000y 107 1071y 10715 i A New Yoo INVESTORS SYNDICATE Washington Office: Wi Wis( Swarizell. Rheem & Hensey Cow Mortgage Bankers TUT45th. Street NV WashingonC. Vunis Aleks Sharon B4 ke Barr Buildin HOME OFFICE: MINNEAPOLIS, MINNESOTA 58 Years Without Loss to An Investor orrICES IN PRINCIPAL satliwest Hell bu Tand 11 S beah Sou et Orlent In Viunngiecrow e 41 Huisdu kan detie, . 0 Win .