Evening Star Newspaper, May 22, 1929, Page 15

“FIN HIGHGRADE BONDS - DECLINE SHARPLY Threat of 6 Per Cent Redis- count Rate Brings Out Heavy Selling. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, May 22.—The threat of 4 8 per cent rediacount rate by the Fed- eral Reserve Banks had an immediate -nd unfavorable effect on high-grade y. 'rhere was United States throughout the list of legal rails and public utilities. The domestic bond rage dropped to the lowest of the , which means that it is below the average price for this group since 1926. Dealers and underwriters were dis- couraged by the outlook, although they have foreseen a higher discount rate. ‘The only satisfactory feature of it is that it may bring about conditions in the money market within a reasonable time that will return bonds to favor with the investor. U. S. Issues Decline Sharply. The declines in United States Liber- ties and in Treasury certificates were drastic, considering the losses that oc- Together, the_ result of the two-day selling is a decline of from 15 to nearly a point in the Liber- ties and 115 points in the United States Treasury 41,5 which, with the Treasury | C 4s, were the weakest features on this list of bonds. The shortest term Treas- notes were guoted very close to a 87 per cent basls igh-grade rails showed fractional losses in many instances, as in the Baltimore & Ohio 5s, St. Paul 4s and 4158, New York Central 5s, Southern Pacific 4,8 and Frisco 4s. The junior ralls were almost all lower, especially St, Paul adjustments and gold 5s, Texas Pacific 55 and Chicago and Eastern Il- linois 5s. Atchison convertible 4158 and Missouri Pacific convertible 5lzs were fractionally lower. - Bhort-term issues were depressed by the high money prospects, with one- vear equipment trust certificates rather difficult to sell on between a 53, and 6.per cent basis. High-grade indus- trials with 415 r cent coupons, such as Standard of New York, lost a moderate amount. Foreign Issues. The popular convertibles were low- er st the start, with American & In- ternational Telephone 4158 off % to 3 points. American I. G. Chemical 5158 touched par, the lowest since the short interest was run in a few weeks ago, while Alleghany Corporation 5s, old issue, broke below 09, compared with the o iml Prlu of par and their high price o ueell.lnwul features were declines of 1 5 points in the Cuba sugar uelnl issues, a further loss in Mar- Btreet Railway 'll. now duwn to g0; & | Bolivia 7s ct '69 ANTIAT. [ox v o BONDS o excaaxc] INEW CANTALOUPE Received by Private Wire Direct to The Star UNITED STATES. (Sales are in $1,000) Sales. High. Low. Close 290 9710 972 972 9826 9818 9219 9827 9818 9818 1004 100 100 103 14 102 26 10226 106 108 70 146 83 107 FOREIGN. US 4n 1944, US4ussl Arnnuu' 6sB. Australia 438 Eelgium 7s 1988... Beigium 78 1956. . Belgium T%s. .. Bolivia 8 Brasil 6% 193¢ Brasil 8s. Bremen State 7s. Canada §s 1931 Ci 1963 e - S uRP~ORRND LBARAWS Denmark 4% Denmark b — -3 29 German Bank 6s '" 2 Ger Gen Eleo 7, Greek 65 1968. Holland-Amer Hungary 7% Irish Free State Norway 6 Norway 68 19! Norway 648 Orient Dev b3 Paris-Ly-Med 6s... 1 Paris Orleans § %8 Peru 6s 1360, Peru 65 1961 gfi advance in Plorldl Eut cmn 58 loss in International Bs. an issues showed of suj mmme par today. mn too lndaflniu to act Washington Stock Exchange SALES. 5s—81,000 at 87%. u—ox 000 -z lfli 40' M-‘XM Co. com.—5 at 40%. Fed.-Amer. Co, u‘—m st 101. . & com.—10 at 128. . TIr. & 8 Dlfl.—-fl at 100, 8 mGM.L B85—$2,000 100. 'Ilh. Gas 6s HiN at 103, $100 at m Gas 6s A—$100 at 102, $100 at &D M Bs—4$2,000 lt 97%, $2,000 eren, Bir. & Stge. com.—10 at 1243, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Amer. Tel. Amer Amer. Tel. & Tel %lwlul Traction Nortolk. a Eotomac Potemac n-e fig Wash. Rwy. & Elpc. Wath. Rwy. & 3 Natienal Bank of TRUST COMPANY. American Beeurity & Continental Tr Merchants’ Bank )«nenm Blvlnll & "Trusf Tnion Trust Washington Loan & Trui BAVINGS BANK. Bank o( Bethe: Cell'u'n Becurits & Seventh Street Onited States Sa Watningion Mechurn: FIRE American Goreoran Piremen Kational Union. TITLE, INSURANCE. bis Title. 0. itle pId. . MISCELLANEOUS. Ross. Inc.. com. Chevy Chase Dairy pid. . Col 4 & Gravel pld, Cu%me;cul Natl otd . ath. Becurities pid. S’"‘ Storage pfg Sral-American C Federai-American 51 Monotype. . Barber 225358232235 SO Linotype N g Btores A z'e S Guar. pld. Tran: (erTemnlIu Elopies Real Est Secur; 38E3B 53 The report of Howard P. Dunham, in- curance commissioner of Connecticut, savs that fire insurance companies oper- Rio d. Jln 8s1 Rio GrDo Sol 68 '48 Rio Gr Do Sul 8s... 130 BenSSoltowna Unll jenna Yoknhl Abram&Straus Ajax Rubber 8 Alleghany Cp 58 R lli Alleghany 58 '49 wi 210 ::Alrlcluln 348, 4 Am Chem 538 cv'49215 Am Int Cor §%8s '4% 77 AnSmit& R 13t 27 Bethlehm 8t1 Beth Steel rf o = » »—rnlhiannmnaes Bush Term Bldg 6. Clmin-‘l‘dflfi-reu Chile Coppe: Colon Oi1 6 Col Gas&E) deb bs. Com Invest 5348 49 Com Invest 65°43. . Con Coal Md 18t bs. ConGasN Y 5 = Dioer ® Gen Cani %8 Gen Mot Ae Cor Lorillard 6s. Lorillard (P) T ManatiSug ot T%s Midvale 8t Mont Pow bs Mont Power deb Mor's&Co 18t 4%s. Nat Dairy § Nat Tub 1st 58 105 100% 102% 107 98 7% Nor States Pow Pacific Gas & El PacT&T6863... Pan-Amer Pete 6s. Paramount 6s 19 ating throughout the country showed a loss ratio of 4623 per cent in 1928, compared with 40.28 per cent in 1927, ’roul losses incurred by all companies by $186,791, 0“ and earned - .rmnlunu increased by $23,205,642. Phila Co 58 67 Phila & Read Philips Petro 63 Por Ric Am Tob Postal Tel & C5%4 s 4 923 Pressd Steel Carbs 1 92 + Southwest Bell | Green B & W deb B. THE EVENTNG STAR. WASHINGTON, D. C. WEDNESDAY, MAY 22 Bal Publle Service l‘b- 2 RemingtonAr Rem Rnd 6%8 Sinclair O11 &s. Stand O11 N J 68 Stand OfI N Y 4340, SugarEstOrientels. Tenn Cop 6s B'44. . TennklecPow 6s 47 Transconti Ot 8 At i @ FRE - TR PRI S E P W Walworth 6%s '35. ner Sug 78 41 est Elec b waam Unton oo Willys-Ov 6%833.. Wiison & Co 18t Youngstn S & T 5s. 4 7 27 At&SF cvt 4s 06 Brookivn Elev Bkiyn Mannat 6i Bklyn Un El bs sta. Buff R& Pitt 448 Can Nat 4%s 57 Car Clinch&O 6s 632, Central of Ga 6148. Central Pacific 48. . Cent J’ac 18t 58 80.. Ches & O Corpn 5s. Chnes & U cv &% Ches & O gn 4% Ches & O 47%s 93 A Chi & Alt 3338 cifs. Chi B&Q gen 48 53.. CB&Q4%#s877B., CB&QIldivds.. [] CM&StPgn8d... 17 ChiM&StP414sC83. 4 Chi M&StP 448 E. b8 ChiM1SP&Pacbs?6. 20 CMSP&Pacadibs03.191 Chi& NW gn 3%s.. 2 Chi & NW gen 4. Chi NW 418 2037 Chi& NW 7s... CCCaStLrf Colo & Sou 4% Cuba Nor 6%8 cts Cuba R R 63, Del & Hud 1st rf & B20rn memamo ©3 DRG & Wst 6578 Duluth § § & At bs, EastTennVa&Ga b Erte 18t coni Erieconvés A... Bacsan - » NAB NSO R ND BB GOSN 160110 80 &0 Great Nor gen 7. - lowa Cent 1st Kansas City 8 Mo Pac 5%8 49 evt llfi Nash Chat&StL ¢s. 12 Qo hi&StL 63 8A.. CasStLésA Z = (3 13 e 14 - 3 NH&H cit 6; ZL2ZZZZLZZZLZEALZ mq"‘"n"-fl“"td»‘m{ Ore short Ore Wash 1st ¢». Pennsyl con 4% Pennsyl gen 44 Penna RR4%a Pennsy) gen Pennsyl 55 6 Pennsy! 6%4s. d Pere Marg 1st Portland EI P L Port RL&PEs 4 Port RLEP 7%8 46. Reading gen 4148 A Reading JC4és b Rio G West ¢l RIArk& L 4% StL IM&Sgn 68 31. SIL&SFpl4sA.. StL&SFrakes. 2 StL&SF prinés St LS W 1st 4a. StL & Sown 68 '53.. St P & KCShL 4%s. St P Un Dep Seaboard AL 48 ata. Seab A L ref SeabAL ad) Seab A L c 8 B All F! Sou Pao 48 2! Sou Pac clt High. Low. Close. 1847 984y 100 IAH.ROAD. 884 L 1197% 1824% 984 182ia 98% 924 087 | 29 102 4% 3% 934 102 1024 4 101% 96 04 | Offered at a wide range of prices, ac- % | and No. 2, 1.85a1.90. % | President W. W. Atterbury of the % | decision. 119% SHIPMENTS ON WAY California Stock Being Rush- | ed to Eastern Markets. Potatoes Cheaper. Cantaloupes, choice California stock, | are on fast trains moving eastward and are expected to reach the local market | early next week. They usually are as, sweet as any similar fruit received from | any section, according to dealers, and | the fruit to be offered the coming week | is said to be up to the standard. Dealers had small quantities of | Florida cantaloupes to offer the trade this morning. They reported the fruit | of poor quality and not very sweet, most | of it having been gathered when green. Prices were not quoted. Summertime prices of watermelons | were quoted this morning, small stock selling at from 30 to 50 cents, the melons weighing from 22 to 26 pounds. Later receipts of larger melons from Florida, weighing around 32 pounds. were quoted at 90 cents and $1. i Strawberry Receipts. | Strawberry receipts continue fairly | heavy, a lighter demand having resulted | in decreased prices. Wet weather the | past few days prevented proper ripening | of the fruit, dealers stated, and a large | proportion of green berries were in- | cluded in receipts. Good stock this morning sold around $3 and $4. Slightly increased receipts of lima | beans found ready sale at $4.50 and $5 a basket, and liberal quantities of string beans from Georgia, North Carolina and Sou Carolina were cording to condition of the vegetable and size of the hampers. Potatoes were more plentiful and cheaper, South Carolina, stave barrels, Cobblers, selling at $5. Light supplies of eggplant met a moderate demand at from $2 to $3 a crate. Bushel hampers of squash, product of South Carolina, sold at $1 and $1.50. Poultry prices continue fairly high, turkeys being about the cheapest of the several varieties offered. Dealers con- tinue to receive fairly farge quantities of the king fowl, and fairly large quan- tities have appeared in the market the past few days. Butter, egg and meat prices continue unchanged. Eggs are not so plentiful, dealers report, and higher prices are expected shortly. Trading continues only fair, accord- ing to reports of dealers this morning, but changed weather conditions prob- ably will result in more activity. Prices of most commodities this morn- ing were the same as those quoted yes- terday. Today's Wholesale Prices—Jobbers’ Prices Sll‘htly Higher. Butter—One-pound * priml. tub, 43a44; store packed, 30231 Eggs—Hennery, 32a33; fresh selemd 31a32; current receipts, 30a3l. Poultry, allve—Turkeys, hens, 30 toms, 25a26; Spring chickens, sm: 40a42; large, 46a48; Leghorns, 35a33; roosters, 20; ducks, 20: keats, young, 60a65; old 35a40. Dressed—Turkeys, 35a40; Spring chickens, 50a55; Leg- horns, 40ad5; fowls, IBIJU ulhoml 35a38; capons, llr? smsll 45a 47; ducks, 32a33; keats, !0 1.0 Meats, fresh killed—Beef, n-u veal, 23a26; lamb, 30a32; pork loins, 30a32; fresh hams, 25a26; fresh shoulders, 18a 20; smoked hams, 28: smoked shoulders, 17;18. bacon, 21.25 lard, in bulk, in packages, 1 Lfve stock—Calves, Fruit and Vegetable Réview. The daily market report on fruits and vegetables (compiled by the Mar- ket News Service Bureau of Agricultural Economics) says (sales to jobbers ex- cept where otherwise noted) : Cabbage—8u] gnlizs liberal; demand rhoderate, market steady; Norfolk sec- tion, Virginia, 134-bushel hlmfe h inted type, 75a1.00; mostly 90a1.00; ast Shore, Virginia, barrel crates, pointed type, 2.25. Lettuea—sunpllu moderate; demand luht market slightly weaker; Cali- fornia, crates, Iceberg type, 4-5 dozen, 4.0084.50; few hi uality and condition, 3.5083. y low as .75, Onlons—Supplies moderate; demand light, market steady: Texas, mndlrd crates, Yellow Bermudas, mixed, No. 1 44a45; 14= Spring lambs, her: fa 5, some a Pohw&—s lies moderate; demand moderate, mlrnt slightly stronger; old stock, Mlehaln 150-] und sacks, Rus- set Rurals, U. 8. No. osdy 2.25; new stock, South Carolina, cloth top, stave barrels, cobblers, U. 8. No. 1, mostly 5.25. Strawberries—Supplies liberal; de- mand light, mlrkel. mker East Shore, Maryland, 32-quart crates, various va- rieties, 3.0023.60; few 3.75; some small size low as 2.50; nearby Maryland, 32- uart crates, various varieties, 3.00a .00; very few higher. Tomatoes — Supplies moderate; de- mand light, mnrket, slightly weaker, Florida, 6s, ripes and turning, wrapped, fancy count, 3.50a4.00; choice count, 250!3 00; some fair condition, fancy 00a3.50; choice count, 2.00a 2 W Glfl‘a. 1.25a1.50. ‘Watermelons—Supplies moderate; de- mand light, market dull. Florids, Tom Watsons, 32-pound average, 90al.10, few higher; 26-28-pound average, 50a 78 each. String beans—Supplies moderate; de- mand light, market steady. South Caro- lina, bushel hampers, green, 1.00a1.50. North {2.00a2.50. Cucumbers—Supplies light; rrinnd light, market steady. South Carolina, bushel hampers, 2.25a2.50. Squash—Supplies moderate; demand moderate, market steady. South Caro- mu buxhe& hampers, white, 1.00a1.50. lelu very light; demand Iight mnl‘ke'f Too few sales re- ported to quote. Eggplant — Bupplies light: slow, market dull. Florida, orates, fancy, 2.00a2.50, few high slightly higher. Carrots—Supplies light; demand light, market slightly weaker; California, Western lettuce crates, bunched, 2.75. Caulifiower—Supplies light: demand light, market steady; California, pony crates, 1.75a2.25, mostly around 2.00. Peas—Supplies light; demand mod- erate, market steady; Norfolk section, Virginia, 5-peck hampers, 3.00a3.50. Corn—=supplies moderate demand light, market about steady: Texas, bushel baskets, 2.50; Texas, cantaloupe crates, fair quality as condition, 1.75a 2. fl Oranges—Supplies moderate; demand luhc. mnrke', steady; Florida, boxes, No. medium size, 4.00a4.25; large size, 32513 78; No. 2, medium size, 3.00a3.50. Grlpefmlfr——aupnlles light; demand light, market steady: jorida, boxes, No. 2, medium size, 3.25a3.50. demand pepper ush Pennsylvania Railroad and Daniel Wil- lard of the Baltimore & Ohio said that there will be no change at present in rallroad rates as a result of the, O'Fallon Term Asso S Lds.. 13 TexArk FS 618 50. Texas & Pacific 1st. Tex & Pac 68 B 1977 Tex & Pac 68 C'79. Thira Ave ref 45 60. Third Ave 1st b Tol St L & W 45 50. Union Pac 1st 4 Union Pac 1strf Virginia Ry 1st bi &P Wi 2 Wabash 58 76 B. “abxlh 51875, | facturers’ Association of Amerlcl. June 3. : tions over range cotintry, except Tex: |AVIATION IN DUSTRY Carolina, bushel hampers, green, bt Commodity Notes Retail Trade. NEW ORLEANS, May 22 —Local re- tall trade so far this month has run well ahead of-last year due to more seasonable weather. Radio. CHICAGO. — More than $1,000,000 worth of radio sets and lf ratus will be on display in the exmb n halls of | the convention of the Manu- Refractories. YOUNGSTOWN, Ohio.—Merger of 14 silica companies of Ohio and Western Pennsylvania _has been announced by President E. E. Klooz of the Industrial Silica Co. The merged company will have a capitalization of $3,000,000 and will have a capacity of 500,000 tons of sand a year. The company will sell sand to Ohio and Western Pennsylvania steel makers. Livestock. KANSAS CITY.—Range feed condi and parts of New Mexico and California, are very late and short, but prospects are good for later in the season, owing to excellent molswre conditions, LACKS TRAINED MEN Special Dispatch to The Star. NEW YORK, May 22 —Aviation is suffering from growing pains and these | are now becoming acute. The most painful of these is the shortage of ade- quately trained personnel. This does not mean pilots alone. It is the lack of trained men among the office work- ers and the white collar men which is holding back the progress of commer- cial aviation rather than lack of capital or of gublic patronage. Public interest, engendered by recent sham aerial wars and bombings, has stimulated the industry into this stalemate. The aviation industry has devoted no small amount of time and energy in | the Jast 18 months to training employes, including pilots, mechanics and white collar help, but they have not been able to catch up with requirements. “Probably the most unusual condi- tions ever encountered in any business exist in_aviation today,” declared Col. Halsey Dunwoody, who was chief of supply for the Air Corps of the Ameri- can Expeditionary Forces during the war and is now executive vice president of a big commercial aviation company operating mail and passenger service between cities of the Middle West. “The average new industry in the past has suffered from Jack of capital. Lack of money stood in the way of ex- sion, but that is not so of aviation ‘Money to expand aviation is present in ample quantities. Stock issues in aviation companies are oversubscribed, but the necessary equipment and per- sonnel @re years behind working capi- tal, An official of the Department of Commerce recently estimated the mar- ket value of aviation securities at a bil- lion dollars. I do not know whether his figures are correct, but I do know that the greatest impediment to the progress of aviation and the proper use of the great amount of capital back of it 18 the lack of trained men. For the last year and a half the companies have had to devote almost all their time to training personnel.” VERDICT HALTS DROP IN RAILROAD SHARES Special Dispatch to The Star. NEW_ YORK, May 22 —The imme- diate effect on railroad stocks and rail- road convertible bonds of the:favorable decision of the sug:eeme Court in the O'Fallon case has been to check a de- cline in a group of securities that was n‘u&uy approaching the low average of the The umm-u effect of the decision on railroad stocks must be postponed unf after the money situation clears lnd prices for industrial and public utility shares go through a readjustment that will bring them back to a basis where they will attract investment buying. Railroad men and bankers for the rail- roads have been much encouraged by the positive opinions of the majority members of the Supreme Court in the O'Fallon case and believe that this marks the beginning of a new era for raliroad securities. ‘The public has been weened away from lhe “rafls,” except for brief in- tervals, for nearly 10 years, mainly be- cause the attitude of the Interstate Commerce Commission in obstructing nearly every suggestion making for a reasonable cumlldnuvm of the roads and in their failure to carry out the spirit of the transportation act. For the past year the public’s attitude on “rails” has been increasingly bearish, owing to the fear that when the Su- preme Court decision on railroad val- uation was handed down it would not be one that would finally dispose of the chief elements in the case and that mrt.hzr prolonged litigation would insue. e decision, however, has been more f-vonble than those who presented the case of the railroads to the court had anticipated. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity. 458 June 18 8 Bepr. 15, 1ot Bent First Mortgage Loams Lowest Rates of Interest and Commistion Thomas J. Fisher & Company, Inc. Let us have your applications ‘LOANS ON REAL - ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. A Complete Investment Service Greeer & Co. BANKERS INVESTMENT BUILDING WASHINGTON, D.C. Telephone, Main 2460 19297 REDISCOUNT RATE RAISE IS FORECAST Advisory Council Recom- 5 mends That Reserve Board Permit Higher Charges. By the Associated Press. Advance in rediscount rates by the principal Federal Reserve Banks was forecast in financial circles today on the basis of the Federal Reserve Board's announcement that the Federal advisory council had recommended-that it per- mit such banks requesting the privilege to raise their rate to 6 per cent. By “thus bringing the rediscount rate into closer relation with generally pre- vailing commercial money rates,” the | council's memorandum: to the board | suggested, “improvement in financial | conditions and a consequent reduction | of the rates structure will thereby be brought about more quickly, thus best safeguarding commerce, industry and agriculture.” Statement Recalled. Recalling its agreement with the board's statement February 5, that “an | excessive amount of the country’s credit | has been absorbed in speculative secur- ity loans,” the council said: | “The policy pursued by the Federal Reserve Board has had a beneficial effect due largely to the loyal co-opera- tion of the banks of the country. The efforts in this direction should be con- tinued. The council notes, however, while the total amount of Federal Re- serve credit being used has been re- duced, “the amount of the coun credit absorbed in speculative security loae:_s has not been substantially low- ered:” New York Federal Reserve member | bank loans to brokers and dealers de- clined $192.000.000 from a high record of $5,669,000,000 after the board initi- ated its campaign to restrain specula- tive credit last February, but turned | about and set a new record of $5,793,- | 000,000, March 20, and amounted to $5,565,000,000 last week. Board Members Silent. Announcement of the council’s action | followed its regular meeting and a joint | session with the board yesterday. Mem- | bers of the board refused to discuss the recommendation or to conflrm re- | ports that the New York and Chicago Reserve Banks have requested permis- | sion to increase their rediscount rates above the 5 per cent level now prevail- ing throughout the country. Says 0il Producers Quit Mexico. NEW YORK, May 22 (#)—With American oil interests shifting their ac: tivities from Mexico to Venezuela, need for representation in Mexico of the as- sociation of producers of petroleum no | longer exists, and Guy Stevens, who | represented the organization in 1hll‘ country, has returned to New Youk.| American oil producers, Stevens said, | have withdrawn from Mexico as a re- sult of the many obstacles thrown in their way in the past 10 years. e The Department of Commerce reports $25.540,245 worth of radio sets sold by '1 581 dn)ern throughout country during | &u Reports of dealers indi- | t 59 per cent of total business was done in New England, Middle At- lantic and East North Central States. o n’lV.lo‘n‘fz to Loan rst of Jmh 3 I.“fl' e '- Sth & F )L"‘. Over Third of a Century’s [Ezrperience AH'WW‘ You Want Results —and they are insured when we undertake the man ment of your apartment house properti B..-F..SAUL CO. Main 2100 925 15th St. |LABOR BANK EXPANDS TO0 $11,000,000 CONCERN | By the Associated Press. NEW YORK, May 22.—New York's labor bank, the International Union, | uired control of the Community State Bank and the Unity State Bank | of Brooklyn. The merged institutions | will have a_combined capital and sur- plus of $2,250,000 and total resources of $11,000,000. The International Union Bank, which effected the merger through an ex- | |change of stock, was established in| 1924 by the Needle Trades Union. Its cnplul and surplus was $500,000. The | Community State Bank, founded in 1927, has resources of $2.500,000, while the Unity State Bank, organized last Spring, has resources of $1,000,600. gk o i Machine Tool Sales. | NEW YORK, May 22 (#).—The American Machinist says that sales of | machine tools is fully up to normal for | this time of the year. o The Mergenthaler Linotype Co. yee- | terday declared the usual extra dMflend of 50 cents per share and the r quarterly dividend of $1.25 per s | gom payable June 29 to stock of mrd | une 5. __6% NOTES Secured by First Mortgages Safe—Conservative 42 Years’ Experience Make your savings and surplus funds work for you at the highest-inter- in finsneing est rate consistent hames and in the with absolute sale of these se- safety. curities. Wm. H. Saunders Co., Inc. REALTORS Main 1016 1433 K e ———————————————) We Recommend— Spencer Trask Fund, Inec. at the market Circular on Request Irving & Johnston Woodward Bldg. Main 8973 Coprdanier™ Members Wash, Stock Trask & Co. 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