Evening Star Newspaper, January 13, 1929, Page 23

D. C, JANUARY 13, 1929—PART I. FINANCIAL. CUR&{; PRICES STEADY. Market Absorbs Considerable Prof- it-Taking—Some Issues Strong. NEW YORK, January 12 (#).—Prices held fairly steady on the Curb Market today, although the utilities, which had made rapid strides forward recently, en- countercd rather heavy week end profit- taking. Aluminum Co. of America was & high fiyer, shooling up 17 points to 170 and closing at 167. Trans-Lux was another strong point, rising to a new high at 10'; in heavy buying, which was re- poried to have come largely from the Pacific Coast. New Jersey Zinc touched FINANCIAL. THE SUNDAY STAR, WASHINGTO! WAVERING STOCKS | BOND SUMMARY FOR THE WEEK | " oW |S BUSINESS? Liberty 99 57 918 9918 10330 102 28 103 15 100 198 EGNF USE TRADERS Showing Current Business Activity Compared With Same Week Last Year. Liberty 1st ¢ 1009 1001 1006 10412 103 13 104 100 9 Liberty 4th 4% s 1933.38. 100 10 100 4 eregrd 9920 98 U S 33%51940-43 98 18 98 1008 10310 987 Buying Lacks Aggressive- ness Recently Shown; Move- ment Is Uncertain, MANY LOANS MADE. NEW YORK, January 12 (Special). —The New York Life Insurance Co. in 1928 made 3,735 separate m loan investments amounting to $99.- 962,522 and accomodating 13,128 fami- lies, it was announced today. These loans were distributed throughout 246 citles within 41 States and the Do- minion of ad: In Nearby Virginia 5]/2% ln%mclo. Commonwealth Investment Co. 17 1. Phone Matn 2623 103 2 US33%s51943-47 9818 981 116 1105 1186 109 30 US 43,5 1947-52 111 18 110 80 1027 —— ——102 Low. High. Low. FOREIGN. . High, Low 100% 99 100 997 101% 99 99 044 104% 102 09% 95% 101% 9x’y 116 114% 111% 109 101% 99 Low. Last. {ggi: FINANCIAL STATEMENT REAL ESTATE MORTGAGE & GUARANTY CORPORATION DECEMBER 31, 1928. 101% 97% 98% 96 106 101% Argentina 6a A Australia 68 1968, Auntria 181948, Bank of Chile 6148 1957 HBeiglum 68 196b. Belglum T%s 1946, Beigium 8s 1941. Bordeaux 6s 193¢ 110% 107% 100% 93% 99' BY CHARLES F SPEARE. Speclal Dispatch o The Star. NEW YORK, January 12.—Conserva- tive Wall Street, or to put it another way, that section of Wall Street which is still old fashioned enough to be- lieve that the traditional factors should rule the stock market, is perplexed and bearish on prices, while the younger ele- ment in the street continues bullish, though not with the degree of confi- dence expressed throughout 1928. Summing up the conditions that should affect prices or establish market trends in the next few months, we have the following that are bullis! (1) A good volume of business and a satisfactory outlook for earnings in most of the leading industries, except perhaps automobiles, as well as with the public utilities and the railroads. (2) Consolidations bringing together larger corporation units and involving the accumulation of stocks and new financing. ‘These will affect some of the leading industrials as well as pub- lie utilities. They may later develop In the railroad world. Broader Stock Ownership. (3) Associated with consolidations will be various “split-ups” promoting a wider public speculation and a broader stock ownership. In this con- nection it was pointed out this week *hat the 43,500,000 shares of General .dotors Corporation stock now listed are equal to more than half the total shares of 250 different companies dealt in on the New York Stock Exchange 25 years ago. (4) Along with good business and the effects of consolidation and more efficient methods of manufacture and distribution should be a higher average of dividends. This seems necessary in order to correct one of the most striking anomalies of the present situa- tion, in which the average return on industrial common stocks is about a half per cent less than the average yield on bonds. (5) Unprecedented large cash reserves available from both private investors and institutions to act as a cushion in & New York stock market decline, plus margins that now range between 35 and 50 per cent and which were very little affected by the abrupt slump in prices in December. (8) Possible settlement of the repara- tions question which would re-establish economical and political conditions in Europe and lead to an increase in her purchasing power, from which the United States would be the chief gainer. (7) Finally, on the constructive side of the market, is the nmnfolpeculltlve instinct that has been developed in t! country in the last few years, turning the reserve funds of corporations into stocks and the capital of individuals from bonds to stocks, and which it will i take time to extinguish. Bearish Factors Listed. On the other side of the picture, as bearish influences, are: (A) High money rates and the proba- | 1 bility that rates will be high, so long as stock market requirements lap up all of the surplus funds of the banks. It cost the average trader in December 10 per cent to carry stocks with his broker. Even the largest accounts were charged 9 ger cent. There is no sign yet that this is wearing out the public. (B) Connected with this, and respon- sible for it is the enormous total of 96 &9 108'% 104 1094 104 1024 100% 30% 24 961 954 110 105% 105% 103% 105% 102% 105% 10 107% 108% 105% 102% 98% 97 8T 9% 91% 104% 981 101 93% 108% 104 116 111 126% 106's 106! 1024 94 B9l 107 104% ) 97T 102% 97 105 103% 1064 102% 9% 94% 1074 103t 9Tha 924 105 9Tl 103% 100% 106 104% 100 98% 107 101 95 83 105% 103% 116'% 106% 93% 8815 96 86'% 103% 100's 106% 96% 107 10214 102% 984 105% 101w 6% 9% 86% 76 102 954 109% 107% 96 82 108 102% 104 99% 108% 104% 103 101% 105% 103% 108 95% 1024 87 107% 95% 108% 9% his | 108% 99% 106 103% 106% 102 109% 102% 102 104% 101% brokers’ loans, debits among brokers of such size that many of them are refus- ing to take new business and increase these debits, and the persistent manner in which time-money holds ug face of a drop in the past week in call Ioans from 12 per cent to 6 per ceit. One of the old school brokers remarked the other day, “I cannot get very bull- ish when I have to pay 7!; per cent for 90-day money.” (C) Finally, as bearish is the fact that bonds are much cheaper today than stocks from an income return standpoint. A compilation recently pre- pared shows that iwo years ago this month _the investor who bought bonds would have received an average of 4.70 of 45 selected trariwise, industrial stocks two years ago returned an average of 5.65 per cent. This yleld has moved downward with only slight and temporary inter- |- ruptions. 4 per cent. n_general, the cost of carrying the At present it is well under popular industrial stocks is from two to |. four.times the rate earned on them. ‘This difference has, of course, been compensated many times over in the nmehflnn in market values of such stocks, I the bullish factors today seem to |1 outweigh those that are bearish, they do_not have the pronounced effect of a similar market status a few months 8go. This may be because of the sea- son, which is one of hesitation in busi- ness and traditional uncertainty in stocks. There is not the aggressive- ness-to the buying that has’ previously been shown. Strong features develop in one part of the market each day. dm.“:"?ere there are evidences of llquf- If it is & bull market it is one of H conspicuous discords. Wall Street seems to be more fearful of what may hap- pen than encouraged by what is ob- viously favorable in the news of the day. %he president of the largest national bank in the country said this week: “Experience teaches that the danger in every period of prosperity lies in the development of overconfidence 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 against it.” Consumer Demand Increased. The head of the second largest bank M the United States made l“hL! com- ment: To an_undue extent, in re- cent years, the American people have been selling capital assets at profit and necessarily treating the profit as income. Fortunately, they. have recapitalized by investment part of the profit, but not all has been recapitalized. A substantial part has been spent in current con- shwption, partly luxury consump- tion, and the volume of consumer ce- mand i undoubtedly been increased thereby.” This brings the stock market into an intimate relationship with business for if, “prosperity is halted” it will be be- cause speculation has absorbed so much of credit that too little remains for commercial development. Secondly, if the profits of speculation have pro- moted the prosperity of many in- dustries, these industries must flatten out when speculation becomes unprofit- able. So there is a close connection be- tween what the stock market may do this year and what handicaps stock speculation may impose +n the busi- ness world. Change in Investment Holdings. One of the permanent tendencies is undoubtedly a very general substitution of stocks for bonds in the investment poldings of the average American who saves more than he spends. Last year produced many concrete evidences of this change. It was most pronounced in the second half of 1928. In that period the total amount of new bonds sold was $1,635,000,000. This compared with the issues of common and pre- ferred stock of almost exactly the same 96% 88 106% 103 109% 106% 102% 114 111% 102% 97% 101% 101 8% 92% 00 93% 99 93% 100% 97 105% 100% 98% 92% 107% 101% 101% 95% 101 9% 92 834 196% 91% 00% 95 101% 99% 1084 9T 103 97% 03 90% sum but with the proportion of new eommon stocks to new bonds rapidly rising toward the close of the year and 1 1920, than in the 81 Gl 994 93 113% 1 1084 1024% 1024 99% 40 25 101 94 112 108 106% 103% 1 105 110 Brazil 6%s 1926-567 Braail 83 1941 1963, a b 939 se Govt Ry 68 1951, Copenhagen 58 1952. . Czechoslovakia 8s 1951 Denmark seFeTevIsiTYS 102 105% 12 104% 944y 96 French Govt 7%4s 194 German 78 1949 Irish Free Stat italy 781951 8 Milan 6%8 1952 Netherlands 6s Norway 6%s. . Paris-Lyon Med 6s 1958, Peru 6s 1960 Peru 7s.. Poland 8s 195 Queensland Queensiand 7s 1941, Rhinelbe 7s. Rlo de Janeiro 8s 194 Rome 6%s 52 Sao Paulo State of, 8s 193 Seine Dept of, 78. 95% 109 102% 983 1001y 96 94 88 1047s 100 101% 95% 1084 103% 115% 108% 1134% 102 110% 105 96t 89% 108% 104 1064 1034% 101's 94% 104% 10178 105% 101 1007 938 106% 103 100 94 Toho Elec Pwr 78 1955. Utd Kingdom 5% Yokohama 6s 61 INDUSTRIAL AND MI Abraham & Straus 5 Awer Agri Chemical 1%e 1941, Amer Smelt & Ref 18t 58 1947 Amer Sugar Retining 6s 1937, Amer Tel & Telcl tr 481929... American Tel & Tel s £ bs. . Amer Writing Paper 65 (1947). Anaconda Copper 6s 1963.... Anaconda Copper ov deb 7s 193! Armour & Co 438 198 Armour of Del 538 43. Atlantie Refining deb 5s 1937 Barnsdall Corporation 6s 1940, Bell Tel (Pa) ref 58 194! Bethlehem Steel p m 68 193 Be Chile Copper 5s (1 Colon Oil 65 1938 Cons Coul (Md) Cuba Cane Sug ov Detrolt Edison re! Dodge 68 1940 Eastern Ct 120 115 106% 104 102% 96% 106 102% 100 98l 109 103% 934 83 1061 104 199 110% % 0% 87% 108% 994 156% 99% 109 104 103 99 105% 102% 97% 3 97 68% 110 106k 109% 86% 106% 79 104% 101% 108% 106 103% 100% 106% 102! 100% 96% 106% 99% 102% 93% 118 108% 148 105% 110% 106% 105% 99 106 102% 105% 99% 109% 91 102% 98% 111% 105% 119 113% 103% 99% 109 106 104 10034 104% 100% 108 102 108 102Y% 101% 97 9% 93 180 116 100% 97% 104% 100 99% 96% 104 102 107% 994 Indlana Steel 63 2953, International Match 5 inter Mer Marine 6s 1 Inter Paper 53 A 1! Int Tel & Teleg 45’39 w. Kayser Julius 5348 1947, ly-Springfield 88 seew Lackawanna Steel 58 1950, Laclede 5% New England N Y Edison 1st Pacific Tel & Tel 65 1953, Pan-American 6s 34..... Philadelphia Company 58 1967. Postal Teleg & Cable 55 (1933). Public Service 4135 1948, Sinclair Oil 6s 1930, Sinclatr Oll 78 193 Sinclair Crude Oil 5 Standard Ofl N J 6s. Transcontinental Of United Drug 5s 1953 U 8 Rubber 1s 112% 108% 106% 100 1014 99% 99 91% 8% 9l 98 914 101 96% 100 97% 91 107% 1014 100% 964 1024 96% 92 85% 96'% 89% 100% 96% 1014 97 . 105° 97% Chesapeake & Ohio zen 43# 1993, 108% 96% Chicago Bur & Quincy 4%48177 B.. 93 83 24 68 98% 924 9% 6L 114% 107% 88 T8N 96% 934 974 91 103% ‘974 119% 114 931 84% 105% 100% 103 100 Chi & Western Ind con 48 1953, Clev Cin Chi & St Lou!s §s D. CCC&St Liref6sA 1929, T110% 104% 100 98% 9315 Cuba Northern 5% 1942, 95 _106% 103's Delaware & Hudson 6%s 1937, 94 #8 Den & Rio Grande con 48 19 &7 Den & RG West 58 1965 95 Detrolt United 4 % s 193 83% Erle 1st con 48 1996 ] 109% 105 Grand Trunk 117 110 Grand Trunk 78 1940 101% 96% Great Northern 4%s 1134 1054 Great Northern gen 5348 115% 111% Great Northern gen 7s 1936 70 Havana Electric Rallway 6%8. .. 83 Hudson & Maphattan adj 68 1967, 96 Hudson & Manhattan ret 6s 19567, 9S Illinols Central 4% 6 74% loter Rapld Transit 68 19 $6'% Inter Rapld Transit ov 7s 1 85 Inter & Great Nor ad) 68 19563. .., 91 Int Rwys of Cent Am 6348 1947.., 73 sas City Southern 3s 1960.... 91% Kansas City Southern 68 1960.... Lake Shore 43 1931.. 93% Louls & Nash unified 48 1¥40....0 99 Mil Elec Ry & Lt 18t ref 68 61,00 99% MStP&SSM6E%s1031 1 92% 84% Mo Kan & Tex 1st 48 1990, 109%: 101% Mo Kan & Tex adj 58 1967. 105% 99 Mo Kan & Tex prin 5s A 1963.... 83% 76% Missouri Pacific gen ¢8 197 102% 98 Missourl Pacific 58 ceene 99% 947 New York Cent deb 4a 1934 . 110% 104's New York Cent ref tmp bs 2013 109% 1U0% New York Central deb 6s 1935, Y Chi & StLref5%s A '74 Y Chi & St Liref 538 B'75 ew Haveu deb 48 1957 Y7ix 89 - Northern Pacific 48 1997. 109% 1033 Northern Paclfic 68 D 204! 116'; 111 Northern Pacifio ref tmp 98 Ore Short Line ref 4g 192 94'4 864 Ore-Wash 1st r 1047 1144 104% Pen: 113% 108% Pennsy| 104% 98 Reading 4% 90% 3% Rilo COrande Western 94 R LArk &L 4%81934 « SILIM&SR&G 48 *5la St ), & San Fran or In & Louis San Fr 4%8s '78. s StPKCS Line ¢ 48 196 57'2 Seaboard Alr Line ref i 37% Seaboard Afr Line ad) 68 78 Seaboard Alr Line con s 1 98% Southern Pacific ov 4s 1939 #7% Southars Pacific col s 19 91 Southern Pacifi ref 93 854 Southern Ry 117% 106 South Ry 127 117% Southern Ry di 9 109° 100% Virgh 106% 10112 Waba: 107% 99 Wi 87% T84 W 101% 97 Western Pacific bs 834 Bl Wi st 4a 3 109's 1044 103% 103% comem 1 944 105% 108% 100 36 46 109% 1044 103% 103 10674 100% 9815 100 104 vdh 1004 100 85 103% 1007 5% 981y 6% 106 2 106 105% 108% 5% 119% 2l GENERAL BUSINESS ACTIVITY for the York City. Shaded areas show weeks of act! previous year. St. Louis | Minneapolis | E 20% | LEADING BAROMETERS. Showing trend of important factors. Business in dollars (checks cashed) . Employment (Department of Labor) . Wages (Department of Labor) ..... Cost of living (Industrial Conference Board). Wholesale prices (Fisher’s Index) Movement of goods (car loadings) Retail trade (Federal Reserve Board) .. Wholesale trade (Federal Reserve Board) . Failures (Dun’s) . Bond prices (Annal Stock prices (Annalist) . Stock market volume (shas (All rights reserved, Cambridge Associates, Boston.) Black areas indicate declines from same weeks 12 months earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check transactions compared with same week a year ago. Agricultural prices (Department of Agriculture) by bank debits outside New corresponding weeks of the Kansas City | Dallas | S, Francisco | 3.5% | 53% | - +56% | € Chang Present trend. from yea Steady Upward Upward Steady Steady Steady Downward Downward Downward DD 0 19 20 e D © 10 00 ORI mADD B A b bl bbb g Financial High Lights of Past Week Brought Out in Nutshell by Statistics Special Disvatch to The Star. NEW YORK, January 12, 1929, Stocks (average of 50 issues)......... Bonds (average of 40 issues) Foreign bonds (average of 10 issues) Federal Reserve ratio. Money rates in New Yorl Call Time Unfilled steel orders. Pig iron production.. Building permits: Number of cities Amount ...... Commercial failures (R. G. Dun & Co. Number Revenue car loadin All commodities.. Grain and grain products. Coal and coke..... Forest products...... Miscellaneous products Thve dosk GRAIN PRICES ADVANCE. CHICAGO, January 12 (P).—Sensa- tional advances in grain values today went hand in hand with Washington reports that a special session of Con- gress virtually has been decided upon. Prospective speedy enactment of com- prehensive farm rellef measures as a result was talked about in many quar- ters, and a remarkable general buying movement of all grain future deliveries ensued. Corn prices ascended to about 815 cents a bushel over last week's fig- ures and wheat more than 8 cents. July delivery of corn crossed to above $1.00 & bushel, and all deliveries of corn and top prices oats outdid the season's heretofore. Corn closed strong, 17 to 21%a255 net higher, wheat finished unsettled, 17 to 21 up; oats Y to 3 advance and provisions showing 7 to 30 gain, Official to Resign. NEW YORK, January 12 (— Charles B. Seger is to resign as chair- man of the board and presigent of the United States Rubber Co. it the di- retcors’ meeting January 15, it was an- nounced today at the offices of the rub- ber company. He will be succeeded by F. B. Davis, jr, of Wilmington, Del, president of the du Pont Viscolized Co. Davis was recently elected a director as the representative of the du Pont in- terests. The resignation of Mr. Seger marks passing of full control of the company to the du Ponts. Invenment“’rmut Formed. NEW YORK, January 12 (#).— Petroleum & TrAding Corporation, an investment trust of the manager type, has been organized by Carl H. Pforz- heimer & Co., Wall Street commission house specializing in. oil company se- curities. Authorized capital is $10,000,- 000, but only a portion of the capiial stock will be issued now and no im- mediate public offering will be made. INVESTMENT TRUSTS Special Dispatch to The Star. NEW YORK, January 12— Amer & Gen Secs units Amer & For Sh Corp..... Invest Tr Assoc. N American Uti 0ld Col Inv Trust. .. Standard Holding Corp U 8 & Forelgn Secs pfd. U 8 Shares A 1. U S Shares C § Amer Founders Trust Amer Fdrs Ce INS| Aetna Fire. .. Aetna Life.. Am Reserve GERMAN BONDS AND STOCKS. Special Dispatch to The Star. NEW YORK, January 12.— Bid. Asked. 55.00 60.00 o380, 1 10,00 iiiliop marks) o e Ger Govt Red Loan with draw cts att per 10 RM...... Ger Govt Red Loan 'without draw ctfs per 1.000 R M d_in dollars per mburg 4125 191! (Quoted in dollars ‘pei ' Ger Gen Elec 418 pre-war. lec 4153 1919, Hamburg 3s. Hamburg Amer| Elec e_Elec) pfd B! Privat Bank. 33333353 333333333 Heyden Chem. Mercur Bank Viehna 587 $313,281,775 z 1,838 « $40,601,435 ‘Week of Dec. 29, 1928. Previous week. Year ago. 7, 897,861 B AL RE DS ey BaR.EISSSLS8EE B8 oo $355: North German Liov This Week. ~ Last Week. High. Low. High. Low. 23417 230.57 234.07 229.89 This Week. Last Week. . 90.18 90.07 | X . 105.61 105.48 | This Week. Last Week. Year Ago. 66.3 61.9 70.7 Last week. 6 tol2 T2 to 1% Month of Nov., 1927, 3,454,444 88,270 ‘This week. 6 to17 ceenadtiy Month of Nov., 1928, 3,673,000 110,084 Month of Oct., 1928, 3,751,030 108,800 585 587 $203,006,606 $268,373,574 reports) : 2,023 1,864 $34,009,474 $36,146,573 « 667,586 21,502 26,371 COTTON CLOSES STEADY. | NEW YORK, January 12 (/).—Early advances of 15 to 20 points met con- siderable realizing in the cotton market today, but it was absorbed on reactions of 9 or 10 points. The close was steady at net gains of 9 to 12 points. The advance was attributed to covering and trade or commission house buying pro- moted by reports of a steadier spot basis in the South. PENNSY ETO.CKBOLDEBS. ‘Woman stockholders in the Pennsyl- vania Railroad in November numbered | 78,143, increase 5,917 over year ago and constituting 50.39 per cent of total holders, decrease 0.29 per cent. They held 3,942,641 shares, increase 560,715, being 35.10 per cent of total outstand- Ing stock, increase 1,23 per cent. Their average holding was 60 shares, increase 3 shares. SILVER QUOTATIONS. NEW YORK, January 12 (#)—Bar ilver, Mexican dollars, 43 REPORT OF ;it:‘gnnmon International Exchange Bank Of Washincton. in the District of Columbla, 1iyghe close of business “on December 31, RESOURCES, Loans and discounts Overdratis ... . United States 'Government s curities owned other bonds, stocl 101156 B ru{‘lll!l“ o'lnr‘d"5 AL 44,129.80 . Banking house. 8115, irs niture and fixtures. 492.133.47 148,020.58 . Real estate owned other than banking house ... :...... 2512084 . Cash and due from banks 1432,858.35 . Outside checks and other cash 3,007.31 items ... . Other assets 369.11 Total .. +.$913,566.20 LIABILITIE: . Capital stock paid in O . Undivided proflis et . Reserves for dividends, wer cles, etc. . 4 3 . Due to banks, including ‘cérti- fied and ct ' checks out- standing ... 22. Demand depoit Time deposits . 31. Other labilities . it hington, 88.: . P. J. KAUFMANN, Ji.. cashier of the above-named bank. do 'solemnly swear that the ahove statement s true to the best of Total .. Digtriet of ol a new high for all tune at 3043;. Electric Bond & Share and United Gas Improvement sold down 2 to 3 points in the utilities. American & Foreign Power warrants and the new United Gas Co. stock, however, were firm. In the oils Vacuum touched a new high, up more than 3 points. Aviation shares held fairly steady. Dry Dock Firm Formed. NEW YORK, January 12 (#).—United Dry Docks, Inc., of New York has been formed to consolidate six dry dock companies in New York Harbor. E, P. Morse will be president. Properties in- volved. are valued at more than $20,- 000,000. Companies included in the merger are Morse Dry Dock & Repair Co., James Shewan & Sons, Inc.; W. & A. Fletcher Co., New York Harbor Dry Dock Co., Inc.; Staten Island Ship- building Co. and Theodore A. Crane's Sons Co. Money to Loan Secured by first deed of trust on resl estate. Prevalling interest and commission. -!gflih L. Weller 47258 % £ Vie" SEIBERLING ALLTREADS LEHMAN’S TIRE SHOP 12th & K N.W. Hain 150 Loans to Salaried People “Character Plus Earning Ability Our Basis of Credit” REASONABLE RATES EASY PAYMENTS WASHINGTON WIMSETT OMP. Cash on Deposit in Banks .. Real Estate Mortgage Bonds Real Estate Mortgage Loans Furnitre and Pixtures ... Tolalassets: .....o.co00000 wese 72.130.92 611.624.5% 3,486,918.51 4,936.57 ..$4,175,610.78 LIABILITIES. Due Borrowers on Approved Loans . Notes Payable—Bank Loans Dividends Payable (Dec. 31, 1928) .... Accrued Interest and Other Payables. Collateral Trust Gold Bonds Capital Stock Surplus and Reserves ... $93.516.44 55,000.00 100,471.37 22,236.38 PEERreS . 602,000.00 $2.916,746.67 . 385,639.89 —————— 3,302,386.56 Total +04.$4,175,610.75 Total net earnings from July 1, 1923 (date of inco: tion) to December 31, 1928 .... ra- Dividends paid stockhoiders . .$1,307,507.00 921,867.11 $385,630.89 Surplus and reserves . AUDIT CERTIFICATE. I hereby certify the foregoing Financial Statement in condensed form to be, in my opinion, a correct statement of the Real Estate Mortgage & Guaranty Corporation as of December 31, 1928. (Signed) WM. GORDON BUCHANAN, Centified Public Accountant JOHN W. BRAWNER, L. E. BREUNINGER, HENRY L. BREUNINGER, ARTHUR CARR, CHARLES A. CARRY, HAYDEN JOHNSON, SoL LANSBUEROH‘ WILLIAM MUI R. L. NEUHAUSER, HORACE G. SMITHY, THOMAS SOMERVILLE, ‘THOMAS SOMERVILLE, Jr.; ANTON STEPH, W. P. STICKLE, DONALD WOODWARB. FRANK H. EDMONDS, EDWARD C. ERNST, CLARK,CHILDS & COMPANY 120 Broadway New York, N. Y. 903 N. Y. Ave,, 2nd Floor. First Mortgage nnd Construction Loan || Applications Invited at 5%% Glover & Flather 1508 H St. N.W. Main 1753 x Exchange Sale or K Street 1st Commercial—Near Conn. Ave. ; Present Income, $40,000 Per Annum Clear of Incumbrance Want cash and clear property or one-trust property. What have you? Address Box 18-V, Star Office ALL CASH for your equity in any income busi- ness property or apartment building —provided the price, location, con- dition and general details meet with my approval. Will deal with owners of record only. Mail me your name, phone number and. address of vrot erty. You will hear from me with] 24 hours if interested. Address Box 38-V, Star Office. Motor Stocks? 0ur latest special report covers these stocks, whether to Buy, Hold, Sell, or Exchange— General Motors? Hudsou? Studebaker? Hupp? Durent? Jorden? Pierce Arrow? Packard? Willys Overland? Chrysier? Send for sample copy, free. Write name and address on margin and send to— AMERICAN SECURITIES SERVICE 266 Norton-Lilly Blds., New York my knowledge elief. 2 AUFMANN, Jr., Cashier. worn to before me this VHERMAN_ P. CARL, Notary Public. Correct—Atte: ¥. CUNIBERTI. HU( w. RRN. PETER_BORRAS. F. J. KAUFMAP{;:.' i Subscribed’ Ith_day of Ja (geal) Washington Gas Light Park Savings Bank Federal Security & Morigage Units International Finance Units Wardman Mortgage & Dis Vasco Products Pfd. & Com. Real Estate Mortgage & Gty. Units Departmental Bank Franklin Nat. Bank Virginia Plate Glass Racquet Club 1st 7% Investment Bldg. 1st 615% Hilltop Manor 1st 6% % WILL SELL Stanley-Crandall Pfd. Great National Insurance Our Home Life A North American Development International Bank Griffith-Consumers Coal Units W. B. Moses Ptd. Miller Train Control Washington Baseball Club F. H. Smith Pfd. Washington Theatre Rosslyn Steel & Cement National Press Bldg. Pfd. Jefferson Apt. 1st 6% Northern Virginia Investment Thomas L. Hume WASHINGTON OFFICE 1508 H STREET NORTHWEST NEW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGE BOSTON STOCK EXCHANGE CHICAGO BOARD OF TRADE CHICAGO S8TOCK EXCHANGE phone Metropolitan 3020 JAMES SLOAN, Jr., Mana, MORTG AGES SAFE FIRST WHEN IN DOUBT —what to do with your surplus funds, you will be on the safe side if you place them in our 6% FIRST MORTGAGES A Third ofts They offer a worry-free in- vestment that promises a liberal Century return and keeps the promise. Without a Laoss Offered in amounts from $250 up. B. F. SAUL CO. Main 2100 925 15th St. N THERE IS NO SUBSTITUTE FOR SAFETY ON COLLATERAL LOANS 1412 G Street Main 1346—Main 4733 A Conservative Amount will be Loaned without co-makers or endorsers on approved Listed Securities of a Non-Fluctuating Record. Interest will be deducted at the time the loan is made. Twelve equal monthly deposits are to be made in conji nctict, with such loans, which deposits may be applied the liquidation of the loan at its maturity. THE MORRIS PLAN BANK Under Supervision of U. S. Treasury 1408 H STREET, NORTHWEST