Evening Star Newspaper, January 22, 1929, Page 15

FIN HIGH-GRADE BOND ISSUES ARE FIRM Buying “Off the Board” . Keeps Prices of Many Issues Steady. H BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 22.—There is more buying of bonds “off the board” at’ present than on it, with the life insurance companies recently taking large amounts of high-grade rails and public ptilities as well as tax-exempt securities. Since the middle of ‘January the savings banks also have been good buy- ers, although there is a new phase of the. _competition with bonds in- the form of bankers' acceptances which at 5 per | cent give the savings banks a better returh than they can get on the securi- ties they are permitted to purchase. Issues Hold Firm. This absorption keeps high-grade fssues steady in spite of the slow stream of luiuldnuon that is coming from na- tional banks and trust companies and from private investors who insist on substituting stocks for bonds. The temporary ease in money rates, with call loans again today at 6 per cent, has had little effect on the de- mand, which is governed mainly by the rates for long term paper, still holding up at 7% per cent. Fractional gains occurred today in several of the legal 41; per cent public | utilities. Government issues were re- actionary early in the dl) with the | Treasury 4'¢s declining % and at the low of the year. Among second-grade issues there was irregularity. Wabash 4!2s broke below | 90 for the first time this year, while | Chesapeake Corporation 5s touched par. Florida East Coast 5s showed a rally of 5 points from the December low. Sea- board adjustments were off a point, and Seaboard Florida 6s about the same. There was -a_continuation -of the ab- sorption of Minneapolis & St. Louls issues, and also of the Iowa Central bon Nassau Electric 4s were active, and so far this week have advanced nearly 6 points. Records Are Made. New high records for the year were Teached in both Anaconda Copper 7s, at one time up 5‘,ego§nu and in Angle- Chilean 7s, which touched par. The lmernnnpml Paper, bonds reflected the better tone to papér stocks. Interna- tional Telephone 41,8 were active, with- out much chai in price.. The popular American International convertible 5148, which were mum out esterday, moved mmmm“ ts above nflee ng features in Ghn -foreign list were Argen!lne’, French, Japanese and Belgians. Some of the unlimited German bonds have' been gzum strong this week, notably City Frankfort 63:s. The most important new issue taday was one of $10,000,000 Milwaukee Electric remndina 58, priced slightly above p: This is the first financing by this pany with 5 per cent bonds last issue being The advance subscrip- Auocuud Gas & Electric convertible 4 Friday were reported Avy. ‘The. old 4% per cent issues showed the favorable effect of this o!!ermz. Washington Stock Exchange ++ SALES. . Cheévy Chase Club 55—$1,000 at 102%, hington Gas 65 B——GIW at 105, mzwr Rwy, -gen'l §5-+~$2,000- at c‘pfla] Traction Co. —10 at 107%, 10 at 10713, 10 at 107} Potomac Electric 6% Potomac Blectric 5% mr'a'—l?o“c iy mac atl 2 at 108, & w;amnmn Rwy & Elec. pfd—10 at An\tnclu Security & Trust Co.—3 at | Ool;lmbll Sand & Gravel pfd.—5 at Federa Alzltfim Co. com.—I1 at 557, 5 M‘rgenmkr Linotype—20"at 104, 20 at ll!)i! 20 lt 104, 10 at 104, 10 at 104, 10 a Nflflcnfl] Mtle & Invest. ptd.—50 at § Peoples Stores pfd.—5 at 120. P Ter. Ref. & TS, Corp—ln at 6214 10} at 5213, 10 at 5215, 10 at 5215 t-10715, Ancomn & Potomac. n R 55—8$2,000 mrgenfinltr Linotype-lo at 104%. Bid and Asked Prices. BONDS. Amer. Tel. & Telga. 47 er, Tel & Tele: 4%, Elec. L Wash Rwy & Elec. :g:» [ \nscELLANI:oUs STOCKS. PUBLIC UTIITY. Amer. Tel & Telga %?.'.’"1 Traction hington Gi & W Breambo - ec. 5127 pid! Wn?' Rwy. & El Wash. Rwy. & Elec. pfa. NATIONAL BAN] Nagonar Capital . golm ncoin .. N.uen-x Rises Netional Bank o Washington TRUST COMPANY, American Security u oaunental’ Trust, il 11 Merehants Ban Natlona] Bavines & Trust.. Tust 3 Wakhinaton Loan & Tist SAVINGS BANK. Commerce & Sav! East thmlmn . Potoms Becurity gav. & Commmul Seventh Stre Tnited States. Washington Mechanics FIRE INSURANCE. American sl sasen Coreoran irems ational Dnion TITLE INSURANCE. e D S8ish Md"eom Wash. Cons. Title pl Lsclu.umove arber & Ross. Iric.. com hevy Chase Dairy hesinut Farms pid. gnl. Natl. Securities pf ederal Storage pfd Federal-American Co. com ederal-American pid..... anston Monotype. h. Trehs. & Swrl 3 aa LL Stor. M & i A Becurity Stora Ter. Ref. & \\'nu Corp. ‘Wash. Conv Heall ld . [War !DD D ) '!l dividend, 18% extra, IS i s ld veens 100 | Gen Cable 51547, ANCIAL Lib3%s... Lib1st4%s Lib 4th 4% s US3%s43. 00 60 100 mm 5 3 Argentine 5%s 62, 14 Argentine 68 A.... 29 Argentine 65 B. Austialia 4%s 66, ., | Australia 53 1955... 26 | Austialia 58 1957., i8 Austria 18, .000000e 2 Bank of Chile 6148, 14 Bank of Chile 6%8. 25 Helgium 6s. 12 1 13 87 13 Belgium 78 1956, Belgium 7 Canada 5s 1952, 81929, Chinese Gov Ry 2 Colombia 6s Jan'61 13 Copenhagen 44853 4 Copennagen bs ct.. 23 Czecho 8s 1951 7 | Czecho 8s 1952 2 Danish Munic8s B, 8 Denmark 4138..... 9 Denmark 6s. .. 38 Dutch East 1 6; 5 Dutch East 1 63 62, 6 Fiat 7s war "45...., 21 Fiat 7s x war ,46... 23 Finland 5% ] Finland s £ 6s 45 8 Finland 7s. . o 1 Framerican T3s... 11 French 7: . 30 French 7%s8....... 10 German EIP6%s.. 1 German 7s.... Ger Am Bank 7 Ger Gen Elec 7s.... Mexico 4s 04 asntd. Milan 6%4s. , Montevideo 7t Netherlands 6s 5¢.. Netherland$ 6s 72, Norway 6%4s 195: Ortent Dev deb 7 Péru 6s ctfs. Peru s Pirelli 7s '52. Poland 6s 40. Poland 7s (reu Rio de Janeiro 6%8 . Rio Gr Do Sul 8s 2 Paulo 851936, . Sao Paulo 1950, Saxon (PW) 7s. Serbs Cr Slav 7. Serbs Crot Slo Shinyetsu 638 52. Soissons 6s Sweden 53%s. Sweden 6s. . Swiss 518 1946, Swisd Clgnffi 8 Toho E} Pow 7s. Tokio 5 Tokip § Utd Kingm 5%8 29, 32 Utd Kingm 6%837. 22 Utd SteamCopen 68 Urug Vienna 6s'52 Yokobama 6s w 1 .81 AmA[nthm 1'/.!. 12 Am Chal) Am Water Wks bs. Anaconda 1st 6s.., Anaconda cv db Armour&Co4%s 39 Armour Del 5%s... 2 Assocrated Oil 6s. . Atl Gulf S bs. . Atlantic Refin 8. .. Barnsdall 6s 1940. . Barnsdl 6s w o war Bell Tel Pa§sB... Bethlehm Stl pm 58 Beth Steelrf bs.... Beth Steel 5%s 53.. Bethlehem Steel 6s. 3¢ Sklyn Edison & Bush Term Bldg 5: Certain-Td5 % sr: Chile Copper Colon Oil Col Gas&E| deb 3. Con Coal Md 1st s, w East Cuba Sug 7%s Gen Mot Ac Cor 6s. 6 1058 Goodrich 6%s. Goodyear bs rc Humble 011 5s. . Humble O & R §%4s. Lilinois Bell 1st by 1ilnois Steel Inland Stl 4 Intl Cement 58 4. . Intl Match 5s 47... Int Paper 5 Inter Paper 6 {int Tel&Teleg 44s. | Int Tel&Tel 4%'s wi923 ayserJ & Cobl% Kun City P & L 5 KanG& E€s52. Lackawanna Stl is. Laclede 5s. . .. Laclede G 6% 5. Loew's Inc 6s. Loew'séswo Luuisv G & & 5 ManatiSug :1%- Mid-Con 6 Midvale St Mont Pow 58 Mont Power deb 5 Mor's&Co 15t 434s. Nat Dairy 5%s. ... Nat Radiator 6%48. Nat Tub 1st N Y Edison 58 44 N Y Edison 6% N Y-.F.LH&PM N Y Teld%s N Y Tel fs41. N Y Tel 65 49. North Am Edi No Am Ed 5%s ‘83, Nor Ohio Tr & L 6s. Nor States Pow bs Pacific Gas & E1 PacT & T 1st bs “Pac T & T bs 52. oo R - o W o wa BeBaa=d 18 36 64 3 9 . 28 15 20 10 32 15 1 1 25 19 1 l-mn 100% 100% 9678 100% 88 96% 965 102% 99 9949 107 108 106% 116% 205 884 97 111 1104 110 8914 104% 103% 103% 167 100% 90% 96% 100% 106% 107% 112% 934 114 103 99 8% 89 118% 95% 106 + 105 6 997 1002 5. 1003 68 9722 9717 9717 T4 9728 9722 9723 1054 10! 35 11014 11010 11014 FOREIGN. Low. 91 100 1004 96'% 100 o+ 27 100% 100 8% 96 96 102% 9Tl 1074 1124% 931k 107 9T% 101% 100 101% 95% 967 92 100% 113 6 108 106% 30 lgg% A06% 4 102% 102% 103 9110% 110% 98% 8% 88y 118% 95% MISCELLANEOUS, Abram&Straus 5%e 12 116% 116 106 9% 95'% 101 104 99% 10374 104% 108% 98%, 202 Y24 9% : 103 T8% 2 104% 105 115% 2 1064 1007%4 1067 110% 101% 101% 1021 101% 102 lg! 104% 4 138 1105% 4 104% 113% 1301 1044% 105% 102 100% 104, 119% 104% Close 9910 100 2 1003 5 Close. 91 22 lOO% 100% 100% 100% 100% 96 100% 100% 87% 96 96 102% 9% 991y 107 108 1057 1156 109 93 103% 95%9 THE :EVENING STAR, WASHINGTON, Sales. Pan-Amer Pete 6s. 12 Pan-Amer Pete Paramount 6s 1947, Pathe Exchange 7s. Peoples Gas5s.... 1 Phila Co 5867 w1.. ‘92 Phila&ReadC&l 6s. 2 Philips Petro 6% 14 Plerce-Arrow 8s. Por Ric Am Tob 6s. 34 Postal Tel & C5%s. 20 Public Service 4348 Aw Punta Alegre 7s.... RemingtonAr 6s 32, 2 Rem Rnd 5%s war. 14 Sinclair Ol 6s. Sinclair Ofl 6% Sinclair 01l 7 Sinclair Crude 6348 Sin Pipe Line Skelly O11 5348 South Bell Tel §s. Southwest Bell SugarEstOrien 7l. Tenn Copper TenniZlecPow 68 47 Transcont] Ol 6%s United Drug 68 53.. U S Rub 1st rf 58 6 US RubT4s.. U S Steelsf5s. Utah Pow & Lt 5s . Utilities Powr 5148 188 Vertientes Sug 7s.. 1 Westn Union 6s 61. 10 Westinghouse 5s... 4 Wilson & Co 1st 6 2 WinRepeatAr 1%s. 5 Yngstn SET s wi. 22 RAILROAD. At&SF cvt 4s 065.... Atchison ad) Atchison gen Atlantic C L 1st 4s. AtlanticC L 4%s 64 B&OGold 4s B&Ocvils B& O ref bs. B& O rf imp B & OSWis b Boston & Brooklyn Elec 6. Brooklyn Elev 6148 Bklyn Mannat 6s.. 106 Bklyn Un El 53 sta. Buff R & Pitt 4% Can Nat 4%s 30 Can Nat 418 b4 Can Nat 4%s 67 Canad North 7s. Canad Pac deb Centrai of Ga 5% Central of Ga 6s. Com Pac 1st 55 90 Chi B&Q gen 48 ChlB & Q 1strf §s. CB&QIlldivds.. Chi&E 111 gn 6s 61, Chi Gt West 48 59 Chi Ind&L ge! ChiStPM&O 6s '30. . CM&StPgn8y... ChiM&SIP4148CRY . 17 Chi M&StP4%sSE. 5 ChiMIISP&Pacbs?s 120 78% 102% 99% 1004 108 103% 104% 103% 104% CMSP&Pacadibs03.323 Chi NW 43%s 2037.. Chi & NW ref Chi & NW 6%s. O = Cuba Nor 5% Den & Rio G ¢n 4s.. D Rio G West 5: DRG & Wst.58'78 Des M & Ft D 4s. Det United 4%s.... EastTennVa&Ga 5s Erie Gen48.i...4u0 Ertecvt s 67 wii.. Erie & Jersey 6 Fla Bast C6s 74 Gr Trunk stdb 6: Great North 5% Great Nor gen 7. Hav El Ry 6%s51.. Hocking Val 414 » - ®Sew —to o 0 Rovwamie=he 11 Cent 4% 8 [11-C-C-8tL&NO 5s. Int Rapid Tran bs.. Int Rap Tr §s stpd. Int Rapid Tran Int Kap Trans 7s... 1 Int Gt Nor 58 1956. . Int & G Nor 1st 6s. Int&GtNor adj 6s 53 Int Ry C A 6%srot. lowa Cent rf 4 Iowa Cent 1st 5. Kan City Ft S 4 Kansas City S 3 Kansas City 8 5 Kan City Term 4s. Lake Shore 4s 31... Lehigh Val en 4 LehiVgen 438 2003 Man Ry 1st Market St 78 40 - M StP&SSM cn bs.. MStP&SSM5s38gtd MStP & SSM 5%s. M StP & SSM 6% MK &T 1st 4 MK&T4sB... Mo Kan&T 4%s 1l MK & T adj bs... MK&TprinbsA. Mo Pacifie gen 4s. Mo Pac 58 A 05 Mo Fac Mo Pacifie 5!6 Mob&O 438 77 ot Mont Trm ref bs 41. Nash Chat&StL 4s. Nassau K| ¢8 51 Rre el et e a0 R0 e m—oe s e® @0 A = ng—'&mb-m-acnv-—-—.-m—- - W% A OE NGRS Ore Short L rfs 4 Ore Short L cn - Pennsyicon 4% Pennsyl gen 4y Penna RR4%s Pennsyl gen b Pennsyl 5s 64 Pennsyl gold Pere Marq 1st 5. Portland EI P L Port RL&P 7%s 46, Reading gen 4348 A Rio G West ¢l 4 RIArk& L 4% St L IM&S 48 29 StL IM&S gn 68 31. St L IM&S R&G 4 SIL&SFplésA.. StL&SFrals s, St L& SF prinbs, SULS W i1stis St1.8 Wconds St P& KCShL 4%s. Seab A Lref 4s... | SeabAL ad) 5s 1949 Seab A Lcon 6s.... 24 S B All Fla 6s 35 A. 42 SBAIIFla6s35 B Sou Pac 4s29.. Sou Pacific ret o PaRTeBN AnNB~, ¥ Received by Private Wire Direct to The Star’ Office UNITED STATES. (Raims are in $1.000 ) Sales. Hizh Low 99 10 52 1005 High. Low. Close. 104% 104% % 100 Sales. High. Low. Clos SouPac4lgsrcts.. 5 964 96'% 96l Sou Ry gen 4 . 22 87w BT% 8T Sou Ry Con §s. 10 109% 109% 109% Sou Ry 6%s. 20 121% 121% 121% TexArk FS 5%s 50. G 102% 102% Tex & Pac 68 B 1977 1014 Third Ave ref 4s 60. 64% Third Ave adJ 5s. 64 Tol Tr L&P 5%s 30. 100 Union Pac 1st rf 4s. 894 Ui 884 Unlon Pac 4% 9814 UnionPaclst ref 5 1084 Virginia Ry 1st 1034 39%4 100% 1024 814 9814 98 83% Sl s e POTATO MARKET WEAKER. CHICAGO, January 22 (#).—United States Department of Agriculture— Potatoes—Recelipts, 156 cars; on track, 884 98% 108% 103% 894 100% 102% Bl 984 98 831 West Maryland Western Md 534 Western Pacific WisCen gn 48 49, | 327 cars; total United States shipments, 561; trading just fair, market slightly weaker; = Wisconsin, sacked, round whites, 90a1.05; fancy, shade higher; Minnesota and North Dakota, sacked round whites, 90a95; Idaho, sacked rus- sets, 1.50a1.70, fancy shade higher. D. €. TUESDAY, JANUARY 22, 1920. INCREASE IN BROKERS' LOANS COMPARED TO Special Dispatch to The Star. NEW YORK, .hnunry 22.—The argu- ment is constantly 3 made by those who see nothln( listurbing in the record totals of brokers’ loans that this total is in balance with the steady increase in new issues of securities and in the amount of stocks and bonds that are steadily being placed on the listing sheets of the New York Stock Exchange, the New York Curb and on those of the principal interior markets of the country. To some extent this opinion is sub- stantiated by the figures of new securi- ties. ~As these are compiled from month to month and from year to year, they vividly indicate the change in the corporation policy of financing through stocks, bonds or notes instead of fol- lowing the old custom of obtaining ac- commodations from banks, Analysis of Figures. A close analysis of the figures now avallable for 1928 and published in the Financial Chronicle produces some startling results, For instance, in the 10-year period 1919-1928 total issues of all domestic What ¥s 5¢2 D NEW FINANCING and foreign securities placed in this country was about $63,000,000,000, This does not, however, represent all new capital, for $10,087,000,000 was for the refunding of eicher bond or stock is- sues, usually from a higher to a lower interest level. . In the last five years alone, of a total of new securities of approximately $40,000,000,000, the re- funding issues amounted to about $6,500,000,000. This compared with a total for refunding purposes in the previous five years of $3,317,000,000 out of total financing of $22,700,000,000. In the 10-year period the issues of domestic corporation long-term bonds and notes was, roughly, $18,000,000, and of short-term issues, $2,400,000,000. In this decade the aggregate output, of common and preferred stock sales was $12,000,000,000. However, the change to the employment of stocks instead of bonds for raising new capital did not become conspfcuous until 1928, when more new capital was raised in share form than in the form’of bonds and notes. Since the end of the war the total issues of municipal bonds have been $11,594,000,000, with the output of this What Does 5t DO? e llow Do You BBenefit? STRAIGHT RATING is a clear, modern method of deter- mining actual pay-load capacity of a truck, in advance. Now, and hereafter, it applies to the description, selling, guarantee- ing, and operation of every General Motors Truck. This move was initiated by Gen- eral Motors Trucks because it takes another step toward : a) b) quanti .y % In STRAIGHT RATING the basic factor is maximum total allowable closer, more effective co-operation be- tween truck buyer and seller elimination of vagueness s from a buyer’s considera- tion of investment in new equipment ) lowered costs and longer service lec in the actual operation of trucks. e d unknown » 8 and gross weight. This is exactly known, and given. Exact weights of any model chassis, and any type of body, are also exactly known. Chassis and body weight, sub- tracted from the maximum allow- able total gross weight, give thereal pay-load capacity—of any General advance. It tells you the top-effi- ciency capacity of the vehicle you are considering; under which it will operate at lowest costs, year in, year out. And for which it will be- unqualifiedly guaranteed. The buyer who needs a lighter . type of body—a platform, or stake- side, for instance—will not have to buy and operate more ‘‘capacity”’ than he needs. The buyer who needs a heavier body—a van job, for in- stance—will not have to risk high operating and maintenance costs, shortened vehiclelife,and anullified guarantee, through overloading. Tire equipment will be exactly right to give maximum mileage. Because, for the first time, the re- quirements will be definitely known exactly met—in advance. 2 .9 9 Both buyer and seller play tag with the serious question of overloading by using the old rating terms: “‘one ton”, “two ton”, etc. Discrepancies run as high as 1,500 pounds—in chassis alone—for trucksrated “‘one ton”’. Body weights differ as much FINANCIAT. form of security more constant year to year than that of any uthzr but smlller in 1928 than since 1926. The production of foreign securities has been heaviest in the past five years, during which the mm has amounted to $7,249,000,000, red with $2,- 823,000,000 in the pre us five years. New Capital This total of around $10,000,000,000 is reduced, so far as the employment of new capital in foreign issues is con- cerned, by the remndlnl of $1,759,~ 000,000. This e might be further cut down if all ol the foreign loans retired by sinking fund operations were to be included in it, as the amount of such purchases to reduce debts has been considerable in the case of French, Scandinavian, Dutch and some of the South American borrowers. . Slated for Director. NEW YORK, January 22 (#).—The Fisher Bros’ of Detroit interests, Wall Street heard today, will be repre- sented on the board of the Skelly Oil Co., Tulsa, Okla., through election as a director af its next meeting of Clarence Sitting, managing direttor of Pisher & Co., holding company for the Fisher Brothers. Carle C. Conway, president of the Continental Can Co., ‘also is reported slated for election to the Skelly bolrd RAIL PRESIDENT SPEAKS. —The Baltimore & Ohio Rallroad must The Baltimore & Ohio Railroad must tpend at uut smoooooo yen for xtensions provements to keep plu with tha dmnm of business, road, declared in a speech before the con- ference on labor problems at Johns Hopkins University. Mr. Willard's !oreun of expendltures was made during an address on “Prob= lems of Management,” in vhlch he gel:llt primarily with the Baltimore & 0. Mr. Willard said the total amount of new capital raised by the orympnny for improvement and expansion since he became president was in excess of $438,000,000, or about half of the entire property investment of the road covere ing more than 100 years. e Firmness of Time Money. NEW YORK, January 22 (#).—Wall Street understands the chief reason lor the firmness of time money is the dis« inclination to lend for long periods at prevalling rates, 7 per cent or above, because of fear of conflict with usury ‘laws. Although the laws seldom are in- voked, bankers and brokers aj apparently rea'ize the possibilities of the situation and accordingly are playing safe. A Pledge in Action, Now? 1) 4 complete modern line. )&ln values IMM of S Escess Allowances." STRAIGHT RATINGS o 3) hat give :u_-_-hu & It is another safeguard put around the huylng and operation of trucks. It is in line with the General Motors Truck policy of Extra Value instead of ‘“Excess Allowances”. In line with our offer of a real Work Test. investment. fccept This gasoline, and a man to "It is another reason for investi- " gating this complete line of mod- ern trucks now—as an aid to wise a Real Work Test We furnish any General Motors Truck— any available model, chassis or body that most closely meets your needs. We provide accompany your driver. You put them at your regular work for a practical, adequate work test. LIGHT DUTY 1929 PONTIAC powered CAPACITI 7 basic types of different STRAIGHT RATING CAPACITIES~3,800 to 8,000 lbs. $625 to $1088 (chassis only, F. O. B., Pontiac, Mich.) MEDIUM and HEAVIER DUTY New BUICK powered 33 basic types of different STRAIGHT RATING 000 to 18,000 lbs. $1395 to $3315 Motors Truck equipped with any type of body. |, This is accurate. You know it in ‘TRANSPORTATION ENGINEERS TRUCK SALES ERRED as half a ton. STRAIGHT RATING ends this costly vagueness. S. 0. 8. Call—Franklm 505 P;I'Rl.lCl'( O LEASES (chassis only, F. O. B., Pontiac, Mich.) and the BIG BRUTE Jor heaviest duty NC RV TRUCK - MAINTENANCE CONTROLLED BY YELLOW TRUCK AND COACH MFG. CO.A SUBSIDIARY OF G!HEM!. MOTORS Richmond Branch 107 West C 1 St. BROADWAY, Va.~—Miller-Hcc:.r I ‘or Coy DANVILLE, Va.—Motor Service Co. MADISON, Va.—J. B. Carpenter. COVINGTON, Va. —Wlllht Motnr Co PHOEBUS, Va~H. M. T¢ ALWAYS INVESHFGATE 30-38 M St. N.E. CHARLOTTESVILLE, Va.—Carpenter Motor Co. WINCIIESTER. Va.—Eugene M. Garrett, Inc. S, Va.—Sheffield Motor Truck Co. ~J. W. Fretwell. nith-Hood Elcar O Specializing in Commercial Transportation WHAT GENERAL MOTORS Norfolk - Branch 1611-13 Grlnby St. a.~T. W. SUFFOLK, y Motors, lfl. mDEIlClSIUI% Vl ~~GMC Sales & Service, ASHLAND, Va.—Ashland Hudson-Essex Co. HAS BEFORE YOU