Evening Star Newspaper, January 9, 1929, Page 11

FINANCIAL.) Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutunl Benefit Lite Ins. o 1520 K Street Main 475 Mortgages Investments JAMES Y. PENNEBAKER Main 5328 1520 K St. N.W. ~ NOTICE TO HOLDERS OF WARDMAN PARK HOTEL, INC., FIRST MORTGAGE 513% SINKING FUND GOLD BONDS DUE FEBRUARY 1, 1941. The Wardman Park Hotel, Inc, in accordance with Section 5 of Article 3 of its Mortgage to the Pennsylvania Company for Insurances on Lives and Granting Annuities dated February 1, 1926, hereby gives notice that it has elected to redeem on February 1, 1929, all of its outstanding First Mortgage 5'4% Bonds secared by said Mortgage, at 105 and accrued interest to the date of redemption. Said bonds will be redeemed at the office of the Pennsylvania Company for Insuranees on Lives and Granting An- nuities, Trustee, at the redemption price, upon surrender of said bonds for payment on or after February 1, 1929, after which date all interest on said bonds will cease to accrue. 'HE _ PENNSYLVANIA COMPANY FOR INSURANCES ON LIVES AND GRANTING ANNUITIES, C. S. W. PACKARD, President. 15th & Chestnut Sts., Phil REAL ESTATE LOANS 5129 Homes, Apartments and Business Properties In District of Columbia and Nearby Maryland-Virginia 3-5-10-Year Terms Prompt Replies Randall H. Hagner & Co. (Ineorporated) Decatur 3600 1321 Connecticut Avenue Mortgage Loan Correspondent Investment Suggestions Each month The Equitable pre- pares a list of bond suggestions suitable’ for business and per- sonal investment needs. This monthly publication sup- plements a Bord List with several features devoted to the interests of Bond buyers. Send for a copy THE EQUITABLE SECURITIES COMPANY ING A subsidiery of The Equitable Trust Company of New York 917 Fifteenth Street, N. W. 'WASHINGTON, D. C. REAL ESTATE 3 NOTES Secured by First Trusts Conservative Appraisals Chosen Locations 6% Interest WEEEE RS 809 15th Street N.W. We Loan Money Quickly —for construction or for refinancing completed buildings No matter how large the loan you require, you'll find it to vour interest to consult us first, Reasonable rate of interest, prompt decision and prompt settlement. In requesting loan give the amount desired, together with a brief description and the approximate valuation of the properties, REALESTATE MORTGAGE & GUARARTY | CoRPORATION Capital Resources § 3,400,000 24 JACKSON PLACE < | a point. INDUSTRIAL BOND LIST SHOWS GAINS Many Issues Make Partial Recovery From Recent Low Records. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 9.—In a mar- ket that showed little life and small changes, except those in convertibles, the impressive feature today was the steady recovery in a falrly large list of industrial bonds that were pressed for sale at the end of last year and made low records at that time. This is an indication that the selling was not of & very good character and was chiefly to take advantage of losses that might figure in income tax re- turns. Since January 1 there have been several other issues selling even lower than in December. These, too, indi- cated a very definite rallying trend yes- terday and today. The convertible list was only moder- ately active, with the extent of the ad- vances out of proportion to the amount of trading. The two strongest issues were Public Service of New Jersey 4128 and Barnsdall 6s. Anaconda Copfier s opened 2 points lower, but later showed a et gain of a similar amount. Hud- son Coal 58 rallied over a point and National Dairy Products 5l4s were in demand after their recent sinking spell. In the high-grade rails there were small changes both ways. The new Pennsylvania 4%s went back to the issue price of 99. There was less press- ure on U. S. Government bonds. ‘The junior rails were inclined to sell off. International Great Northern ad- jastments, after an advance yesterday of nearly 5 points, which carried them 11 points bave the 1928 low, were down New Haven 415s, Frisco 415s, Rock Island 4'4s and Wabash 4%58 were all slightly lower. Seaboard Alr Line issues continued to show the effect of the selling that followed a recent unfavorable analysis of the company's affsirs In the foreign group the strongest issues were Argentine 6s, German 7s, New South Wales 58 and Tokio Electric 6s. Italian, French and some South American issues were helv* In today's grist of new offerings there appeared a 4, per cent public utility bond on a 5.15 basis. This is the first issue at this rate in some time. Washington Stock Exchange SALES. Wash. Gas 55—$1,000 at 10275, Wash. R. & E. 45—$1,000 at 91. Wash. R. & E. gen'l 6s—$2,000 at 102, 500 at 10215, $500 at 102, Cap. Tract. Co.—10 at 10614, 3 at 1064, 12 at 106% . Poltcg.‘,lec. 514 % . —10 at 10815, 10 at . pfd.—14 at 991/, Fed.-Amer. Natl. Bk.—10 at 340. Riggs Natl. Bk.—3 at 565, 2 at 565, 3 at 565 Natl. Savings & Tr. Co- Natl. Union Fire Ins. C Natl. M. & Inv. pfd. 54, Peoples Drug St. pfd—4 at 1333, AFTER CALL. Natl. Bank of Wash.—11 at 313. Correction—The sale of Pot. Elec. cons. 5s, 10081013, as of yesterday, was corrected today. Bid and Asked Prices. BONDS. PUBLIC UTILITY. 13" 91 102% 941, STOCKS. PUBLIC UTILITY. Amer. Tel. & Telega. Capital Traction Co. Washineton Gas . N. & W. Stcamboat. Potomac Efectric 6% Potomac Elec. 5% Wash. Rwy. & . Wash. Rwy. & Elec. pfd. 2 NATIONAL BANK, National Capital Columbia Commercial Distriet .. ‘ederal-American Liberty . Becond National Bank of Washington.. TRUST COMPANY. American Security Gontinental Trust erchants’ Ban) ationgl Bavings & Trust Union Trust .. Washington Loan & Trust . SAVINGS BANK. d_Stat Washington Mechanic PIRE INSURANOE. American . TITLE INSURANCE. Columbin Title. Fitle & Tnv of " M ‘Wash. Cons. Title pfd. MISCELLANEOUS. Barber & Ross, Inc., com Eflevt Ch‘ll Dajry pfd. hestnut Farms Dairy coi Cl\'_lhn\ll hrgx D’il"f’fl Cof"Bana & Gravel br Gommercial Hatl. G, e °'G: Paper Mig. pfd. Bistict Wattonal securitics’ pri Fed Storage pfd... R “derchants’ Transfer & Storage. Merchants’ Trans. & Stg. pfd. Nitiomal Mk, & Sivent. pid. " Nationa! €. rest. . Beomas Bty Srores: wtd” _s‘_ecunty Storage ... o . Ref. & Whre. wash. Conv. Hall pfd. DIVIDENDS. - Stock of Corp. Per. Raté. record. Atch Tok & 8 Fo @ $3.50 Jan. 38 Amstdm Tdg Co. — $0.75 n. lll%lbln & Katz o0 Do pt . city Strs’ Go Davega Inc " Kress 8 & N G 000DOOLOOOOO0LD 322355 6% pf. Pbureh " Steel ‘B Beton Leather Co Q Shulte Rtl Strs. . X T2 ot 1% in SA 530 TREASURY CERTIFICATES. {levorted by J & W Seligman Bato Matmily id. agngassse asum 33533 Feb. 1 Mar. tk Mar, eb. eb. 255 | Zoo 71041 87133 87 lfl»gi L M-S; N (N Y Tel 4348, THE EVENING STAR, WASHINGTON, [oview o _BONDS s et Received by Private Wire Direct to The Star Office UNITED STATES, I $1.004 Bales. Hig] Lib3%s... 150 9924 35 985 60 985 FOREIGN. tine 68 Ju A, 10 100% tine May '61. 48 101 ntine 6s Vet 59 51 lgg'/a Argen Ary hile Rlg= Bank of Chile 6%s. Belgium 6s. vl Belgium 6% Belgium 78 1956 7 108% 101 104% 100% Canada 6s 1931, Canada 5s 1952 Colombia 6s Jan'61. Copenhagen 4148 63 1. Copenhagen 58 ct.. Cuba 5%s.... Czecho 8s 1951, . Czecho 8s 1952 Danish M:* Denmark «% Denmark 6s. DE15%s Mcf Dutch East 1 6s 47, Dutch East I 68 62.. El Salvador 8s '4 Finland 7s.... 103% 110 100% 106'4 1074 112% French 78....0000.. T4 French T%8s.... German EI P 6 % Irish Free State 6s. 18 Italy 7s..... Itallan Pub 8 7 Lyon 6s. Marseille 6s. Norway 581963, Norway bs. . Norway 6s 1943, Norway 6s 1944. Orient Devdeb 6s.. 2 Paris-Ly-Med 6s... 22 Paris Orleans 5148, Peru6s6? wi, Peru 65 ctfs. Poland 6s 40, Poland 8s. Rhinelbe Un 7. RhineWst EP 68’52 RhineWst EP 69'53 3. Rio de Janeiro 6%s Rio de Jan 8s 1946. . B San Paulo City Sao Paulo 8s 1931 Saxon (PW) 7s Seine 75 42...... Serbs Cr Slav 7. Serbs Crot Sio 8s Shinyetsu 614 82, . Soissons 68, Sweden %4 Sweden €s. Swiss 5148 1941 Swiss Confed 8 Tokio 548 1961, Utd Kingm %529, 16 1184% Utd Kingm 6%s37. 20 104% Uruguay 8 5 Yokohama 6s w EESos omma Abram&Straus 5135102 116 Ajax Rubber 8s. 103% AmAgriChem T}%s. 105 Am Chain 6s *3; 93 Am NatGas 6348’42 95 AnSmit& R 1st 65, 10 101 Am Sugar Ref Am T & T el tr Am T & T ol tr b AmT&Tsfbs..., Am Tel & Tel 5348, Am Water Wks bs. Am Wrtg Pap 65’47 Anaconda 1st 6s. .. Anaconda cv db 7s. Armour&Co4%s 39 Armour Del 5%s.., Associated Oil 6s. Atl Gulf S bs. . Barnsdall 65 1940. . Barnsdl 6s w o war Bell Tel Pa §s B, Bell Tel PabsC. Bethlehm Stl pm Beth Steel rf 5s. Beth Steel 538 63. Bethlehem Steel §s. Bklyn Edison 5s. .. Certain-Td5%srcts Chile Copper 6s.... Colon Oil 6s'38. ... Col Gas&El deb 5s. Con Coal Md 1st bs. ConGas N Y 5%s.. Cuba Cane 8s...... Cuban Am Sug 8s.. Denver Gas 5s..... Dery (DG) 75..... DetroitEdison5s40. Detroit Edison 6s. . Dodge 6s. .. Donner Steel 7. Duquesne 445 67.. | East Cuba Sug T%s Fisk Rubber 8, Gen Cabla 5% . Gen Mot Ac Cor 68. Goodrich 8%8. ... Goodyear 5s rets. Hoe & Co 6148 Humble Oll 5s..... Humble O & R 5%s. Illinois Bell 1st 68 Indiana Steel 6s. - 53 —to anER - - e Brbr e rm-8ara =t wuamN- 855 Intl Match b8 47, ., Int Mer Marine 8s Int Paper 58 47, Inter Pa Int Tel&Teleg 4%8. 12 Int Tel&Tel 4%8 wigl6 Kayser J & Co 5348, 10 KanCity P& L 8., 1 KanG&E6sb2... 3 Lackawanna Stl 58, Laclede 68........ Laclede G 6%8 62.. Liggett & Mvers 75 Loew'sInc6s...... Loew's 63 w 0 war Lorillard b Lorillard 5%s Lorillard «#) . ManatiSug st 74s. Mid-Con 6%s 40.., Midvale Steel 5s Mont Pow 58 43, Mor's&Co 18t 4% » - Phnne—rSsanin- O~waSanea N Y Edison 6%4s. .. ELH&P bs N Y Tel 6541, NV Tel 6349, Notth Am Edis 5s. NoAm Ed 5%s'63. 12 Nor Ohio Tr& L 6s. 1 Nor States Pow bs,. & 100% 983 985 h. Low. Close 9920 9921 24 1005 1004 1004 21 1008 1005 1005 983 98 6 1 10227 102 27 10227 4 10528 105 28 105 28 25 1111 11027 11028 100 100 9% 103% 110 1004 106% 10674 112% 8 9% MISCELLANEOUS. 114 103%% 1064 110% 1007% 101 102% 100% Sal Nor States Pow 6s. 3 Pacific Gas & El §s. PacT&T6862.... Pan-Amer Pete Pan-Amer Pq 5 6 1 100 101 100% Punta Alegre 7s.... Rem Rnd 5%s war. So Por Rico Sug 7s. 1004 | Southwest Belt 6s. . 106 | Stand O11 N J 58 4 7% | SugarEstOriente7s. TennklecPow s 47 Transcont) Ol 6148 United Drug 6s 63 * | Utah Pow & Lt 2 Utilities Powr 5348, Warner Sug 75 30, Westn Union 614s. . White Eagle O 5148 Wilson & Co 1st 6s. Yngstn S&T Eswi. RAILRO. Atchison gen 4s. 10 Atl & Dan 1st 48 B & O Gold 4s B&Ocvils B&Oref bs. . B & 0 58 2000 D B&Orfimp 6s. B & O SW3s 50. Brookiyn klec 614s. Brooklyn Elev 6148 Bklyn Mannat 6s. .. Bklyn Un El 68 sta. Canada South 5s Can Nat 4%s 30 Can Nat 4%s 57 Canad Pac ded Can Pac4%846.... Car Clinch&O 6s 52, Central Pacific 4s. , Cent Pao 1st 5890, . Chesa Corp 5s w1 Ches & O ov 4% Chi & Alton 3s... Chi & Alton $%s... Chi & Alt 3338 ctfs. 10 CB&Q4%s77B.. 1 CB&QIII3%s.. 1 Chi Gt West 4s 59 Chi Ind&L gen 58.. 1 CM&StPgngy... 2 ChiMIISP&Pac5s?5 45 CMSP&Pacadiss0g. 153 ChiStPM&O 6s'30, . Chi NW 41g8 2027 Chi & NW ref 5s. Chi & NW 7s. Clev Term 6% Cuba RR §s Cuba RR 7 . Cuba Nor §4s cts Del & Hud 1st rf 4s. Del & Hud 5%3. D Rio G West 5s. DRG & Wst 6318 ErieGen4s..,... Erie cvt 58 67 w . Fla Bast C6874..0 1 Ga & Ala 18t 5545, Grand Trunk is.. Great North 5 . Great North 5%s. . Great Nor gen 7s... Hav El Ry 5%s 51 Hud & Man aj 58 Hud & Man ref §s. 111 Cent ret 4s Ll Cent 4% 66. 111 Cent Chi 4%s. 111-C-C-8tL&NO 6! 22 21 =a o o Int Rapid Tran Int Kap Trans 7s... Int & G Nor 1st 6s. . [nt&GtNor adj 6s 53 IntRysCA b8 72... Int Ry C Am 6s 41.. lowa Cent 1st 5s. Kansas City S 5s. Kan City Term 4s Lake Shore 4s 31 Louis & Ni Market St 78 40. . Minn & StL ref 4s.. Minn&StL fd 55 62. M St P&SSM cn 4s. MStP&SSM5s38gtd M StP & SSM 6%s. MR&Tad)bs.... MK &T prin s A, o 2 2Ra2REReN0Cwn nranval mrunaStaranie Mo Pacific 68 G Mont Trm ref 58 41. Nassau El 4s 51 NOTex&M5s B N Y Cen gen 3%s, N Y Cent 48 98. N Y Cent deb 4s. NYCrfim4ays, NYCentrfbs. . NYChi&StL 5148A. NYChi&StL 5%s B, 2 NYC&StL6sA NY Sus&Wn gen NYNH&H4s56. NY NH&H db 48 §7, NYNH&H4%s.. NY NH&H cv db 6s. NY NH&H olt 6s. N Y Ont W 1st 4, NYRys6s€5..... NY State Ry 4%s.. 5 artSxnmn Northern Pacifie 48. Nor Pac 4%8 2047 Northern Pacr i 6 Ore Short L rfs 4s. Ore Short L 5s gt Pennsyl con 4% Pennsyl Pennsyl 8%s. Pennsyl gold Pere Marq 18t Reading gen 44 Rio G West ¢l 4 RIArk & L 4% 102% 101% 104% 119% Sou Ry gen Sou Ry Con Sou Ry 6%s TexArk FS 514550, Texas & Pacific 1st. Third Ave ref 4s 60 Third Ave 1st 5s... Third Ave adj 5s. .. Tol Tr L&P 68 30 100% | Unton Pac tst4s. .. 101t ' tinion Pac 1st rf 4s. 102% Union Pacific 48 68, 12 100% Union Pa¢ 4%s67.. 6 1063 110% 3 les. High. Low. 106 101% 105% 1024 104% 1024 100% AD. 931 T4 9244 9814 100% 101 109% & 1020 9814 103% 108% 88y 8% Close. 106 101% 104% 104% 104% 100% 82% 9% 90% 92% 106% 107 101 il 187 88 94 100% | 1021 122 108% 881y 8% | heavily in the December break, but has 4« | graph companies BY KENNETH S. VAN STRUM. NEW_YORK, January 9.—Much in- terest has recently centered around Kolster Radio, Columbia Graphophone and Brunswick-Balke-Collender, which have advanced sharply during 1928. Kolster. Kolster, a newcomer in New York, but widely known on the Pacific Coast, was known as Federal-Brandes before | April, 1928, and is a combination oli several radio companies and Federall Telegraph. It has long been ufteremd in radio; its precision electrical instru- ments are well known. It holds a con-| tract to do experimental work and sup- ply electrical instruments for MacKay System. Perhaps Kolster's greatest success has been with an electric light socket power radio set introduced a little over a year ago to sell for about half the price of competing companies’ appara- tus. Large profits resulted and Kolster has kept well up in the field ever since. Th> price of Kolster stock suffered regained about half of the ground lost. | Its price is now fluctuating over a wide range largely due to lack of detailed in- formation about the company and the newness of the radio industry itself. Kolster has a profitable connection with Columbia Graphophone Co., which L} sl coLumsia does business in many parts of the world, to sell Kolster radio sets in com« binations with Columbia graphophones. The pooling of sales resources has pmvefo beneficial to both companies. Columbia Graphophone. ‘The English-controlled Columbia Graphophone Co. has long attracted a widespread public following in London, and since it has been listed in New York it has duplicated its English popularity here. It is one of the largest talking machine companies in the world, oper- ating in many countries and controlling the " Columbia Phonograph Co., its American subsidiary. Because the par- ent company writes off all intangibles, as inventories to ridiculously low figures it is difficult to estimate possibilities of Columbia Graphophone. However, company is now doing the largest busi- | mess in its history. | Brunswick. » | Brunswick-Balke Collender Co., sell- ing its phonograph in combination with | Radio Corporation’s equipment. is one of the leaders infihg industry. Since it is also interested in the billiard table, bowling alley and similar better-estab- lished lines of business, its earnings are steadier than most radio companies. This year is expected to be one of its best, showing earnings of around $5.25. That the leading radio and phono- ave made definite good will and even such definite assets | this | D. ¢, WEDNESDAY, JANUARY 9, 1928. CREDIT STRAIN WARNING IS ISSUED BY BANKER By the Associated Press. g NEW YORK, January 9. ckhold- ers of all national banks at their an- nual meeting yesterday heard reports of increased resources and deposits and in the e|ecv.lgm made !evtl changes in rsonnel and management. peThe country’s largest bank—the Na- tional City Bank of New York—report- ed resources increased $164,902,697 to the record figure of $1,847,705,548 in the past year. Deposits mounted §73,982,421 1,349,024,386. w‘A!he president of the National City Bank—Charles E. Mitchell—although believing prosperous business conditions Interest ST BOS 1417 K Street We Will Lend For Periods of 3,5 or 10 Years Realtors Founded 1907 Loan Correspondent John Hancock Mutual Life Insurance Co. FINANCIAL.' will continue in the months to come, polnts out: “The danger, if there be one, must lie in the possible credit strain.” “Experience teaches,” he said, “that the danger to every period of prosperity lles in the development of overcon- fidence and a consequent tendency to unwise use of credit. If this present period of prosperity is halted it will be by the same old cause, and we are bound to guard agalnst it.” N Railway Company Orders Cars. NEW YORK January 9 (#).—Atchi- son, Topeka & Santa Fe has ordered 500 refrigerator cars from Pullman Co. and 125 caboose cars from American Car & Foundry Co. . You Money On Improved Real Estate in Nearby Maryland, Virginia and the District of Columbia At the Lowest Possible Cost 5%% PHE LPS Main 9300 the year 1928 as been shown the rising prices _of their . Moreover, they Hhave {:m, passed through the most profitable reflod of the year and earnings will soon be reported which should top previous years. Be- cause of the newness of the industry, however, its securities are more unstable than most and move over a wide range following the trend of the general stock market. Exchange Memberships. It is rather startling to read that today a seat on the Stock Exchan sells for around $575,000 whereas in 1875 they sold for $6,750. Is the pres- ent price justified? Naturally the chief advantage of holding a seat is to charge a_commis- sion for buying and selling. With the number of members limited to 1,100 since 1881, the value of a seat is in direct relation to the total amount of business done. So that if the vol- groxress during ExcHANGE MeMpersHrr +TO SALts ) ||| ||| l'| |||I|'lh|""n hy d MII l_lll 80 85 90 95 00 05 10 0 ume of shares traded is divided by the cost of membership, it is possible to get a good idea of how cheap or dear the membership is in relation to profit possibilities, ‘The chart shows the cost of member- ship in relation to average daily stock trading for each year since 1875. Bonds constitute a minor source of income for members. According to the chart last year with seats ranging from $290,- 000 fo $595,000 the dally sales avera; 3,125,636 shares, so that the cost of a seat varied from 9 to 18 cents per share traded daily. According to the chart the price of memberships in recent years fluctu- ated widely, usually ranging between 10 and 15 cents per share of aver- age daily volume, Since the trend of seats has been steadily upward it has always been possible to buy a mem- bership and later sell it at a higher Judging from past experience, if the exchange membership is limited to 1,100, in the future, and if the volume of trading averages 5,000,000 shares dafly, the cost of member- ships would probably ‘run between $600,000 and $750,000. If the vol- ume of trading grows I r than this and averages 10,000, shares, seats might sell between $1,000,000 and $1,500,000, occasionally selling above and below these limits. (Copyright. 1920.) Cost ' * MARYLAND BANKS NAME DIRECTORS FOR YEAR Special Dispatch to The Star. FREDERICK, Md, January 9.— Eleven banks of this city and county yesterday re-elected their entire boards of directors without additions. They are: Frederick County National Bank, Farmers and Mechanics' Bank, Com- mercial State Bank and Oitizens Na- tional Bank of this city, Bank of Bruns- wick and People’s National Bank of Brunswick, Woodsboro Savings Bank of ‘Woodsboro, Thurmont Bank of Thur- mont, Walkersville Savings Bank of Walkersville, Farmers' State Bank of Emmitsburg and Myersville Savings Bank of Myersville. Dates for election of directors of other banks of this city and county are: Cen- tral Trust Co, January 16; Frederick- town Savings Institution, April 13; Peo+ ple’s Bank of Libertytown, January 15; Middletown Savings Bank, January 19, and Valley Savings Bank of Middletown, January 26. —_— Virginia Ry 1st 68.. 18 104% 104% 104% VaRy&P5s...... 100% 100% Wbash 4%s 78 rots, 90% 90% Wabash 2d 5s. . 100 Wabash 55 76 B. 59% Wabash 5 %8 75. West Maryland 4s. . Western Md 534, . Western Pacific 5s. THE ings to determine theinherent sound- ness of the financ- ingand toestablish asfarasishumanly possible the safety of the securities. Following the ac- tual offering comes the obligation of the banker to keep investors reliably and regularly in- formed throughup- to-date reports on BALTIMORE, MD. Light and Redwood Sts. West Shore 4s 2361 Wilks-B & EI 1st 68 WisCengndsdy... Non-Fluctuating Record. GrLeeT & Co. BANKERS INVESTMENT BUILDING WASHINGTON, D. C. Telephone Main 2460 6% ~orrs Secured by First Mortgages Safe—Conservative 41 Years’ Experience Make your savings and surplus funds work for you at the highest inter- in financing est rate consistent homes and in the with absolute sale of these se- safety. curities. Wm. H. Saunders Co., Inc. REALTORS 1433 K LOANS On Imgroved Property in Maryland and District of Columbia 6% Interest No Commission Charges EAVER B| WERRBRRCS 809 15th Street NW. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company Z COLLATERAL LOANS A Conservative Amount will be Loaned without e>-makers or endorsers on approved Listed Securities of a Interest will be deducted at the time the loan is made. Twelve equal monthly deposits are to be made in conjunction with such loans, which deposits may be applied to the liquidation of the loan at its maturity. MORRIS PLAN BANK Under Supervision of U. S, Treasury 1408 H STREET, NORTHWEST The “Before” and “After” of the Investment You Make DERWRITING an offering and distributing the securities among in- vestors is only a midway point in the procedure of a dependable in- vestmerit banking house. Ahead of a public[offering go months of painstaking study, in- quiry and analysis of business, property, management and earn- the companies whose securities they have purchased. Gillet & Company recognizes this dual responsibility to investors, and the growth of the house is -attributable in no small measure to our sincere effort to fulfill our responsibility by providing safe investments and continuous, de- pendable statistical service. We have ready now fordistribu- tion a“January Investment Guide,” which suggests sound investments for ‘your funds and gives current in- formationon re- cent offerings. A copy will be sent you with- out obligation. Call or Write for Booklet WS-18 EASTON, MD. Stewart Building