Evening Star Newspaper, April 17, 1929, Page 14

14 ¥ 'FINANCIAL.? INVESTHENTTRUST ROLEISDESCRBED| == AbrlhmE&Str:u . é;: Dr. Robinson Explains Effects f:fi:"fi'.....‘;:’é.':: dv Rumley p! 9 i i Ahumada Lead., of Market Operations—Firs} | Ah'masnacrsy. i 5 Air Way E1 (2)., 38% Alax Rubber. . 3 Convention Speaker. Alax Rubber.... 8 Albany Wrap Pa 18% s BY EDWARD C. STONE. AR * That steadying of price swings, | Alleghny&W(6). lu father than accelaration of market ad- | Allied Chem..... 280 vances or declines, is the principal role | aliied Cm pf(1). 122 rlnvpd bty ?‘mencnn investment trusts [ Allis-Chalm(7). 17; n the stock mar- Amal Leather... ket, was claimed merada(2) ... s {;filtrga{‘ hl{a bl_)r. Am A":%‘r‘.c?m ant . in- Am Agr! pf.. son, president of Am Bank N(13). the Second Inter- Am Beet Sug pf.. national Securities Am Boch. ..... Corporation, in an Am BrSh(h1.60). address before the AmBShoe pr(7). ‘Washington Bond Am Brown Bov. . Club at the Hotel Am Brown Bo pt Carlton. The meet- Am Can (14).... ing was one of the Am Can pf(7) best attended and AmCar&Fdy (6). most enthusiastic Am C& F pf(7). of the year, the Am Chicle (2) .+ speaker being Am Express(6).. among the fore- Am & For Pow.. most authorities on Am&ForP pf(7) investment trusts Ama&For Pow 2d, in the country. His Am Hawa SS(1). subject was “Investment Trusts, &|Am Hide& Lea.. Steadying Factor in the Market.” “At least one-fifth to one-guarter of the genuine American investment trust | Am Ice (13). capital of approximately $1,100,000,000,” | Am Internatl said Mr. Robinson, “is today probably Am hp,.p,.m in the form of cash and call loans. Of ' Am LaFrance pt the capital actually invested at thejAm Locomot(8). * present time by investment trusts of | Am Ma & Fy(4). the United States, it is certain that)Am Metals(3).. substantially more than $200,000,000 is | Am Metals pf(6) in bonds, and in foreign securities. Ex-|Am P& L (f1).. cluding holding and finance companies, | AmP&Lpt & it is very unlikely that at the most|{ AmPo&Lt pf(6)] more than $700,000,000 of American in-| Am Radiator(s) vestment trust capital is in American | AmRad&Std San common stocks at this time. The New [ Am Ry Ex(8) York Stock Exchange figures for March | Am Republies 1 showed a total market value of ap- ‘ms.,m,‘"). proximately $71,872,000.000. Am Seating(3).. “How absurd it would be to charge | am Ship & Com.. investment trusts with prime respon-|{am Shipbldge8). sibility for present price levels is shown | Am Sma&Ref(4) . in the fact that the capital they have | am s & R pt(7), invested in stocks in this market is per- | am St1 Fays(3), haps 1 per_cent of the total current| Am Sugar...... valuation of such stocks on the New |Am Sugar pf(7). York Stock Exchange alone. Moreover, | Am Sumatra(3). in what purchases they have made in- | Am Sumatra rts. vestment trusts have used comparative- | Am Tel & Ca (). 1y little bank credit. Such short-term | Am Tel & Tel(9) Joans as they have incurred have been | Am Tobaceo(8).. for the most part only temporary, and | Am Tobac B(8).. their investments have been largely | Am Tob pf(6). .. paid for out of their own permanent|Am Type pf(7).. capital funds. | AmWW&Eil(el).. “The steadying force of these dis-|Am Woolen..... eriminating institutional investors,” the | Am Woolen pf.. speaker continued, “will be more and | Am Writ Pa ctfs more felt if severe price reactions are | AmWritP pI@). experienced in American stocks. To the | Am Zine. large sums now held in the form of | Am Zinc pf. cash and cash items will in this event- | Anaconda (7) uality be added the proceeds from liqui- | Anaconda (ne datipn of foreign holdings on the ‘part | Anaconda (rts) of many investment trusts which have | Andes Copr (3) made a practice of buying bonds as| Archer Daniels well as stocks, and have taken advan- [ Arch-Dan pt(7) tage of investment opportunities | Armour Iil(A), throughout the world. Substantial | Armour III(B).. amounts of capital, not drawn from | Armour Il pf(7) the banks or from industry, will be in- | Arnold Con & Co vested on major price sags in this mar- | AssoApparel(4) ket, and in this way investment trusts [ ASS0DryG(zi) will assist materially in smoothing out | Atchison(10) extreme fluctuations in security prices. :‘f'{'!on 21(6). “The companies best equipped to do ‘1:-;0'" L(110 this will be those which look most care- | A} Gulf &th.. fully to their cash position at this time. | 2 CLCP (1“" This applies especially to those invest- | 44134 ftelt 'f %) ment trusts which follow the tradi- | A{an%e Ret ris. tional policy of diversifying their hold- | X128 JHef bf r‘“); ings widely and buying internationally | xt1a8Fomdetia). in order to avoid dependence upon the | 3755 PN B - ). ups and downs of one market and to | {ISHE-NIchols. take advantage of the almost infinite | XU10 SHO% s ooe variations from country to country at | aueoser 8 Pfd) the same time.” Manages Riggs' Dupont Branch, 5:::“"’;'65‘:;“17}- Washington has many thriving banks | Buito & 0(6). ... end the managers of such offices hold | Baito & O pf(4). decidedly important positions. One of | Bambgr pf(6%). these managers is Ralph R. DePrez, | Bang & Ar(3%). who guides the destinies of the Dupont | Bang & Ar pt(7) Circle branch of the Riggs National. | Barker pf(61).. Born in Washington and educated in | Barnsdall A (2) the public schools here,” Mr. DePrez | Beacon Oll... left George Washington University Law | Beecn-Nut (3). School in May 1917, in his junior year, | Belding-Hemwy to enter one of the naval aviation units, | Belg N R pf(16) serving oversees in ground work both | Best & Co(3). in England and France. Receiving his | Bethlehm Sti(. discharge in 1919, he joined the staff of | Beth Steel pt(7) Riggs. From that time until May, 1922, | Bloomingdale. .. he was in the note department of the | BohnAl&Br 1314 main office. Bon Ami A(4).. When the Dupont Circle branch was | Borden Milk(6). established in 1922 Mr. DePrez was| Borg-Warnr (4) transferred and made assistant man-| Boston & Me(6). ager. Three years ago he was advanced | Briggs MfgFCo. to manager, and at the beginning of the | Brockwy Mot (4) present year the directors elected him | Bkiyn-Man(4).. an assistant cashier. To show the re- | BklynUnGas(5). sponsibilify resting upon his shoulders | BrownShoe(2% ) it is only necessary to mention the fact | Brunswick B(3) that deposits in this branch consistently | Brunswick Ter.. average over $1,750,000, with the volume ! Bueyrus ev(214) steadily increasing. Burns Bros(B).. Manager DePrez is connected with| BurnsBros pf(7) ‘Washington Chapter, American Insti-| Burroughs (15). tute of Banking, and incidentally be- Bush Term(g2).. longs to the Phi Sigma Kappa Fra-|Butte Cop & Zine ternity. Butte & Sup(2).’ First Convention Speaker. One of the first big guns in connec- tion with the comini nnmzal com&enhor: By-Prodets 12%. of the District Bankers' Association at | cayie packg (4). Montauk Point, Long Island, Was fired | cansnem sone today, when the securing of the first | Calu & Ariz (6). speaker for that occasion was an-'Cal & Hecla(4).. nounced by F. P. H. Siddons, chairman ( Can Dry (t4%). of the program committee. Chairman | Gan Paeifie(10). Siddons received word from Frederic W.| cannonMills2.80 Denio of Boston accepting an invita- | cage Threshg(6) tion to address the convention O | Cavanagh-Dobbs June 20. Celotex Co (3) Mr. Denio is vice president of the|cen Aguirre(2). ©Old Colony Trust Co. of Boston, presi- | Cent Alloy:2) dent of the Massachusetts Fiduciaries’ | Century Rib M. . Association, and considered one of the | cerro de Pas(6). ablest bankers in the New England|Certain-teed Pro metropolis. He will speak on “Present | Ches & Ohio(10) Methods. of Handling a Bank's Securi- | & O Corpn(3).. ties Accoun ‘This is a particularly | Chi & Alton..... timely topie right now. as it is so close- [ Chi & Alton pf.. ly tied up with the money situation.|CniGreat West.. And money and credit will no doubt|Cni Gt West pf.. be among the big things most talked | Chi Mil& St P.. about at the convention. Chi Mil & StP pf ‘The program committee is particular- | Chi & Nwn (4).. 1y pleased in securing Mr, Denio, as he (Chi P T pf(3%).. has a national reputation’and ingident- | Chickasha(3)... ally has several personal friends among | Chile Cop (3%). local bankers. He was a guest at 8 |Childs(2.40).... recent bankers’ dinner, making a very | Chrysler Mot(3) brief talk at that time. If the rest of | City Ice (3.60) the speakers are up to his standard cuyszon ne the success of the convention will be|City StoA(3% sassured. Cluett-Peab(5). Washington Market Quiet. Cluett-Pea pf (7) Trading was unusually dull today on | Soca-eola (45 the Washington Stock Exchange, m Colilas & Alkm unimportant price changes. Pol Col & Atk pf(7). Electric Power 515 per cent pr:len-ed Col Sou 24 pf(4) moved at 107%, Federal-American CO. Goi Fuel & Iron. common at 53, Mergenthaler Linotype | Col Gas & E1¢5). at 1073% and Security Storage at 121. | Col Gas (2)..... After call Peoples Drug Stores pre- | cojumbia Graph ferred came out at 117. The remnnder Col Carbon 4% . of the trading was in bonds. - | Com Credit (2).. ton Gas bs, series A, remtmd 10242 | Com Cristpf 6% Potomac Electric Power 6s sold at 107 old at 10734 | Com Inv Tr(14). and Potomac Electric Power consolidaf Com Inv (war)., bs changed hands at 10115, Com Solv (h8).. In the unlisted securities department | com Power (t4) Chapin Sacks 8 per cent preferred | conde Nast(2).. mdi ‘;fld at mx.‘ Only two l'::k' ©on | Congoleum-Nair the are now being quoted Washington Gas and Wi ConCleprpf(6%) punwndned Title preferred. Ralph R. DePrez. secum{cluuofmemumn Cont} Can (2 present. ‘THE EVENING STAR, Low. Close. 53% 57% | Maracatbo Ofl, 101% 104% :lfllnd OII(. 700% ) Cuba Cane Su pf 1911 | Cuba Company. . 90% | Cuban-A Stg pf. :‘langl Cnprfl) -Cont P(2) gg“ Middle Sta Cuyamel Fruit., ™| Davison Chem. .v De Beers (ag7c). Deere&Co pt(7). Del & Hud(9)... Del L& W(17).. Detroit E(8). .. Devo&Rayn(13). Dome Mines(1). Drug Ine(4). ... Duplan Silk (1).. Dupont de N(4). Du Pont deb(6). Mont Ward 2%.. Moon Motor..... Durham Hos pf.: Motion Pl Corp. Eastman (18)... 1 Motor Whi (2) Murray Corp. Nash Motors Nash LChll("). , | Nat Acme (1)... Nat Bellas H $1. Natl Biscuit(17) Nat Cash Reg 14 Eitingon(2%)... Elec AutoL t4%. Electric Boat.... ElecPow&Lt(1). Elec P&LL Df(7) Elec Stor B (6).. Em Rrantgm(A) Eng PubSer($1). Eng Pu S pf 5%. Equit Bldg(2)... ErieRR. & Erle 18t pf...... Fureka Vac (4).. EvansAu L $2%. * Fairbanks(3) Fashion Park FedLt&Tra § Fed Min pf(7)..: % s pf First N B1st(8) First NatS(1%). Fisk Rubbe Fleischman 3% Follansbee 121 . Fox Fllm A(4).. Frank-S pf(7).. Freeport T (4).. Gabriel Snub A Gardner Motor. . % | Gen Am TC(34).. Gen Asphalt.... Gen Asph pf(5). Gen Cable...... Gen Cable A(4).. Gen Cable pf(7). Gen Cigars(4). Gen Electrie 6 GenElec sp(60c Gen Gas pf A(7) Gen G & EI A(8) Gen Mills (3)... Gen Mills pf () Gen Motors (3). Gen Mot pf(7). GenOutdrAd (2 Gen Ry Sig(6). Gen Refrac 13%. Gillette SR (5). 1 G'mbel Bros. 1 N Y C StL pf(6 N Y Dock... Y Dock pf(5). N Y & Harlm(6) NYNH&Hart(4) NY NH&H pf(7) Norfolk Sou 2%. Norf & Wn(110) Norf & W pf(4). 1 | NOTAm b10% stk No Ger. Lid 3.41. North Cent(4).. Nortn Pac(6). Nor Pac cfs(6).. Norwalk Tir Ofl Well Supply. Omnibus Oppenhm Owens Bot (c4). Pacific Gas (2).. 4. ilidden Co (rts) Glidden pr pf(7) Gobel (Adolph). Gold Dust (new) Gold Dust pf (6) Goodrich(4). ... Pan-Am Petrolm Pan-Amer Pet B Panhandle Panhandle pt Paramount-F-L rk & T11(33).0 Goodrich (rts).. Park fi:h:l'oe)). Goodrich pf(7).. 111 113 { pathe Ex.. Goodyear Tire.. 17 134' | pathe Ex(A) Gotham H (2%). Patino M (3.89).. Gothm pf exwar, Peerless Motor.. Gould Coupler A Penick & Ford.. Graham-Paige. . Penn C&Coke. ... Granby Min (7). Penn Dixie Cmt. Grand F&W (1). Penn RR(3%4).. Grand Unon.... Pera M prior(5). Grand Un pf(3). Phila Co (17)... Grant W T (1).. PhilaRaT pf 3%. Grt North pf(5). Phila& RC&1. Gt Nor pf cfs(5) Phil Morris(1).. GrNorOrefs 3. Phillips-Jon(3) .. Grt Wn Sug 2.80. Phillips P (13%). Greene Cana(3). Pnoenix pf(7)... Gulf Stat Sti(4), Plerce-Arrow. Gulf Sta 1st(7).. Plerce Oll... Hack pf A(1%).. Plerce Petrolm Hahn Dept Stor. Pillsbury (1.60). Hahn D S pf 634 Pirelll (A) 2.88.. Hanna M A (1) Pitts Sti pf(7).. Hartman A(2). Pitts & WVa(6). Hartmn B(1.20 Por RicoToA(7). Hayes Body . PortoR1coTobB. Hershey Corp. Postal T&C pf Hershey pf(4). e Hershey pr pf() Erairie a1} Hoe & Co A..... Prairie PL t3% Hollnd Fu(e2%) Pressed Sti Car Hollander & Son Produ & Refinr Household(14) ELcd R R DT Houston Ofl..... Howe Sound (4).. Hud Man(2%).. Hudson Mot (6). Hupp Mot (f2)..: Ilinois Cen(7).., Ind O & Gas (2). Indian Refining. Indian Refg cifs Indust Rayon. .. Ingersoll-R(16) Inland Stl (3%). Inspiration C(4) | IntetboroRapTr. Internat Agri... Intl Bus Ma (5). lm Cement(4). Pullman Co(4) Pure Oil (1). Pure Oil pf(8). Purity Baking. Radio Corpn. RadioCo pf (3%) Radio pt (B).... Radio-Keith(A). RSCefs4). ReadingRy(4). Reading 2d(2). Real Silk Hos. .. Remingtn-Rand. Rem-Rd 1st(7) Reo Mot (1) Republic Brass. Rep 1 & 84 Int Pa&PoA2.40. Int Papr & Po B. Int Papr & PoC. Int Pa&Po pt(7) Int Prig Ink 23 . Int Prtg Ink pf 6 Int Rys Cen Am. Int RysCA efs.. Int Ky CA pf(5). Int Tel & Tel(6). Inter Dept S(2).. Intertype(t1%). Island Creek(4). Jewel Tea (15).. Johns-Manv(3). Johns-Man pf(7) Jordan Motor. .. JordanMot (rts) Kan City Sou(5) Kan C S0 pf(4).+ RioGrande Oil St Jos Leaa«13). StL & San Fr(8) StLé&San¥ pf(6) StL&Southwest. Savage Arms(3) Schulte (h3%) Schulte pf(8) Seagrave(e1.20). Sears-Roe(33%) Seneca Copper. . Shattuck FG(2). Shell Tra(a96.4) Shell Un(1.40). Shubert The(5). Simmons Co(3). SimmsPet(1.60) Sinclair Oil 12% Sinclair pf(8) Skelly O11(2) , | Snider Pkg pt Kels Hayes(2).. Kelvinator Corp. SoPoR Sut2%. South Por pf(8) South Cal Ed (2) Sou Cal Ed(rts). South Pac(6)... Sou Pacifie rts. . South Ry(8). SouRyM&O e Spang Chalfnt. . Spng Chal pf Sparks With(3). Kreuger & Toll.. Kroger Gro(cl). LagoOfl.....: Lambert Co (3). Leh Por Cmit 2% Lehigh PC pf(7) 56% | Lehigh Val Coal. 98 | LehighVal(3%). Lehn & Fink(3).. Lig Mye: 5).. Lig & Myrs B '5 56% | Lig & M pf(7) 70% | Lima Locomtve. Link Belt (2.40). Std Milling (6. S8td O of Cal(t StdOINJI(11%) . StdOiNY(1.60). Std P Glass pf.. Std San M(1.68), Staniey Co. 0il, StwartWar(3%) blOll Dfl"‘) 90 90 90 |Stromberg (3).. 1.75. 39% 39% Studebaker(35). Loullanlhl" Studebak pf(7). Ludlum8ti(2) Submarine Ludlum 8 pf §3. 100 99% | Me Call Corp(4) McCrory A(2)... 3% | McCrory B(2). 1 McKeespt Tin Pt McKesson&R(2) McKsn pf A 3% Mack Truck(6) Macy Co (€2)... Superior Sti rts. e of Am(1). Symington. ::“ Symington C1 A, Tenn Copper(1). %). “The 1)..1:5 l“ lll 125 3 68% 69 |Texas Corpn(3). g:,l.:!c.n:“( 84% 84% 1 M; Co... s 29 Motor Prod(2).. 1 Rossia Ins t63%. 2 NEW YORK STOCK EXCHANG 157% 50 21'% 14% 49'y 'WASHINGTON, D. C, WEDNESDAY, Received by Private Wire l Direct to The Star Office The Fair(2.40). Tlfl.wllrollfld) Timken R B Transcont O1l. Trico Prod(2%). Transue & W (1) TruaxTraer 1.60. Truscon S $1.20.. TwinCityRT (4 41 Undwd-E1 F (4). 116'% 116% 115% 116% Unton Carb(6).. 217% 222% 217% 2"2‘/!! Un O11 Cal(2). 525 544 Union Pac(10).. 2 214% 214% Un Pacific pf(4) 8214 82% 82! Utd Alr & Trans. 109 96 Utd Air&Tpt(3). 80% 76% Utd Biscuit 1. 45 \ 45 Utd Cigar 8t(1). Utd Dyewood. 8% Utd Elec Coal... 464 ' | Utd Fruit (c4) Utd Paperboard. US Cast Ir P(2)., US CIP 1st 1.20. U S Distributing U S Distrib pf(7) U S Express.... S Hoffman (4), Alcohol (6). IndAlcopf(7) Leather..... Leathr A(4) Lea pr pf(7) Realty(4).. U S Steel pf(7).. Univ Pipe & Rad Utll P&L A(e2). Vadasco Sale: Vick Chem (4)... Vietor pr pt(1).. ‘0 Chem . Ve Ch 6%pt. Vulcan Detin... Vulcan Detin(A) Wabash, Wal n Waldorfi1). Walworth(1.20). Ward Baking (A Ward Baking B, Warner Bros Ple Warner pf(2.20) Warner-Qui2) Warner Qu(rt Warren F&Pive, Webstr-Eislohr., Wesson O1l (2).. Wesson O pf (4) W Penn EI pf (§) W Penn El A(1). W Penn El pf(1) West P Po pf(7) . DairyA(4) Dairy B... Maryland. Pacific. . West Pacific pf.. W U Teleg (8).. WulhloA B(2). inghse(4).. 147% hse 1st(4). Weston Electrie. Westn ElecA(2). Wheel & L Erie. White Kagle(2). White Mot(1 White Rock (3). White Sew Mach White SM pf(4). Wilcox Ol & G.. Wilcox (A) 2%.. Wilcox Rich B.. Willys Ov c1.20. Wilson & Co pf. Woolworth (6).. Woolworth new. Worthn Pump. . Worth Pump(B) Wright Aero(2). Wrigey ((13%). Yale&Towne Yellow Truck. Yel Tr & Co pf. Young Spes 12 Youngstu Shis) Hourly Dividend. rates as given in the above table are the annual cash payments based on the latest quarterly or half-vearly declarations. nit of 100 sh: stoc Umud cxnr Stores common stock. 1% % in stock. ~ NEW BANK nfim NEW YORK, April 17 (#).—The Bank of America, controlled by A. P. Gian- nini and associates, is to acquire the Nassau National Bank, oldest and larg- et national bank in Brooklyn. The {acquisition will add $28,000,000 to the | resources of the Bank of America, which will have resources of $530,000,- 000, when merger negotiations with Blair & Co. Inc, and the Traders National Bank of Brooklyn, as well as with Nassau National, have been com- pleted. Wall Street Briefs By the Associated Press. The Oil, Paint and Drug Reporter says that prices on animal, vegetable and fish ofls, fats and greases were steady during the week ended April 13. The index number was 145.6, unchang- ed from the previous week, and com- ?‘nng with 136.1 at the corresponding ime last year. s | Independent motor stocks in general % | larly in steel and automobile manu. APRIT 17, 1995 STOCKS IN ADVANCE FINANCIAL.™ JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary 1S SHORTS COVER éEquitable Co-operative Building Ass’nj Market Improves During Da'y.| Industrial Group in Ac- tive Demand. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April‘17.—With a de- cided increase in volume, today's stock market broke out of its trading range and initiated a broad advance. While the industrials accounted for the bulk of the business, the rails were not weak and one or two of them shared in the improvement. The one striking exception to the upward trend was United States Steel and it recorded in the latter dealings. Call money held at 8 per cent until | the last half hour, when the official | rate was reduced to 7', per cent. mong the late features were At- lantic Refining, International Mercan- Uile Marine preferred, Chrysler,- where speculaters for the decline were taking in contracts, and Hershey Chocolate. The oils were uniformly strong as the session drew to a close. The selling of Steel, which was in ! evidence at the start, was presumably a reflection of dln&polmmmc at the terms of the offering of new stock. The speculative fraternity had expected something better, meaning a larger is- sue of new shares, and consequently a higher valuation of the “rights.” This view of the matter, of course, overlook- ed entirely the remerkable demonstra- tion of financial strength which the corporation gave in being able to pro- vide so large a share of the funds necessary for redemption of the bonds out of surplus. List Shows Strength. A good deal of the selling was for | short account, and some of it came | from margin accounts. There was no | reason why any of it should represent | liquidation of fully paid for stock. ‘The heaviness in steel had no effect on the rest of the list, which at times was almost buoyant. The feature was International Telephone & Telegraph, which had recorded a 12-point gain be- fore the session was two hours over. At the same time General Electric, re- sponding to the large increase in first- quarter orders, just announced, had ad- vanced more than 6 points, with West- inghouse Electric selling 3 points higher. U. S. Industrial Alcohol, which had been strong yesterday, ran up 4 points more to within a fraction of its high for the year. Air Reduction improved in sympathy with Alcohol, in which 1t has a large interest. Other points of strength included American Can, above 137, and again at & new high. for the present shares; Radio, and in the automobile section Marmon Motors, which sold higher than ever before listing on the big board. ranged higher, but that was partly due to short covering. The improvement was shared by the copper stocks. With the price of the| metal stabilized around 18 cents, the| larger producers can make satisfactory Jrofits. Anaconda came back 2 points, | Greene Cananea 4 and the others in | proportion. Mail order stocks were strong, as an overextended short in- lerest made its retreat. ! There were isolated instances of strength among the oils. One of them was Atlantic Refining, which it was pre- dicted would make a good showing in the quarterly earnings’ statement. Union Oil of California was in demand. Pan-American Petroleum “B” kept step with Standard Oil of Indiana on the curb on the report that the latter would make an offer of a share-for- share exchange. i Call money renewed at 8 per cent| and was firm at this rate. The demand | Organized 1879 49th YEAR COMPLETED Assets ... +00..$5,513,051.63 Surplus & Profits $1,601,704.98 Subscription for the 96th Issue of Stock Being Received $ave Now and $pend Later HERE are lots of ways to spend money, but only one way to SAVE it—and that's the SYSTEMATIC WAY! Don't just live for today...start in now to build for the FUTURE. Our systematic saving plan will help you to use only a small amount of your weekly or monthly salary, in BUILDING up a reserve for your LATER days. Come in today and let us explain. 915 F St. N.W. $2.50 + Per Share APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the Distriet of Columbia and adjacent suburbs in Montgome: and Pnnu Georges Counties, 52% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESFONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA 1001 15th St. N.W. Main 810¢ This is the Standard TANDARD desks are the standard of fine offices all over the country. In the 60-inch size, they range in price from $48 in commercial grades to $350 in executive grades. Naturally, their ex- clusive representation would be with Washington's foremost office decorators. { THE W.D. CAMPBELL COMPANY ) BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercis! ¥nteriors 1018 15th Street 1506 L Street was not large, but neither was the| supply. EARNINGS REPORTED. g I ' NEW YORK, April 17 (#).—The high | | rate of industrial operations, particu facturings, was reflected today in quar- terly corporate earning statements. Graham-Paige Motors Corporation | and subsidiaries reported net profit of | $523,641, equivalent to 29 cents a com- mon share, against $257,783, or 15 cents | ngu;mmon share, in the first quarter of | 1921 Net profit of Johns-mnvme.corpora- | tion and subsidiaries increased to $1.- 106,089, equivalent to $1.30 a common | share, compared with $772,705, or 85 cents a common share, in the corre- | sponding 1928 quarter. [ Central Alloy Steel Corporation's | quarterly report showed increased net profit of $1431,343, contrasted with $1,- 108100 in the 1928 period. | Contrary to the general trend, Otis |liy Elevator Co.'s net profit decreased to $1,692,506, equal to $3.21 a share, com- pared with $1,750,505, or $3.82 a share | on fewer shares, in the first 1928 quarter. Peoples’ Gas Light & Coke Co., Chi- cago, and subsidiaries had consolidated net income of $1.687.962, against tL-i 651.945 in the same 1928 quarter. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. John G. Phillips of Bartlesvile, Okla., and Charles A. Lemp of St. Louis have been elected directors of Phillips Pe- troleum Co. to fill vacancies on the board. Other new officers are: L. E. Phillips, chairman of the executive committee; Clyde Alexander, vice presi- dent and general manager; John H. Kane, executive vice president, and P. J. Mclntyre, J. S. Dewar and J. M. Sands, vice presidents. Phillips Petroleum Co. earned net profit of ‘3 612 880 in the first quarter, compared with $3,105,091 in the same period of 1928. Ingot production of U. 8. Steel Cor- ponuan fell off 2 f“ cent during the past week, but act! vmeu ot the inde- pendents increased by same per- centage, a change thn uused some surprise, in view of the expectations of most _trade authorities that operations | of all would be down. The independ- ents’ gain was attributed cl to greater -cuvlty by some of the larger companies. X ‘The first large ancing through bonds this week will lDD!Il' today with | the offering of $17.500,000 of 6 per, cent ll ertible gold del ires of Southern Public 1928 puarter. “%flm.;”‘:mz- g % cents on fewer sl 928 quarter. FERS'T "MiOnR' TG AG E'S FIRST MORTGAGES RANK AS PREFERRED INVESTMENTS —by the most astute financiers. The absence of risk and the as- sured definite return place them in a class by themselves. Our 6%, FIRST MORTGAGES Gl Sty —are specially attractive be- of & cause of the character of the property which secures them— and the liberal return. In amounts from $250 up. Lot You can buy them convenient- ly on our Partial Payment Plan. B. F. SAUL CO. Main 2100 925 15th St. N.W. Century Without a THERE IS NO °‘SUBSTITUTE FOR SAFETY We Recommend— Spencer Trask Fund at the market Irving & Johnston Woodward Bldg. Main 8973 cwf"J :‘. w h Sfotk tf - wes Trask & Co. "Ezchange First Mortgage I and | Construction Loan Applications Invited at 5%2% Glover & Flather 1508 H St. NW. An Outstanding Plan The Metropolitan Life ' Insur- ance Company Real Estate Loan —Fifteen Years to Pay —=No Commission Charges —No Renewal Charges —Low Interest Rates WEAERBRS 80<—15th St. N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company