Evening Star Newspaper, May 25, 1929, Page 28

28 = .1 NEEHANCD. OPENS D, FFIE Frank J. F. Thiel Is Resident ,u.m power & | Adams Ex pf( Partner in Brokerage | adamsMiiia) Branch Here. FINANCTAL. saving time. | Adv Rumiey. | Adv Rumle, I Ahumas | Air Redctn (13} = = | Air Way El (2). BY EDWARD C. STONE. il Another New York Stock Exchange Alleghany Corp. brokerage house opened for business M | Alleghny bf 5% . Washington today when M. J. Meehan | Alleg pf ret 2 Co. threw open its doors in & hand- | Alies Chem. ... some new office on | Allia-Chaim(1). the azmthnmr‘or Amal Leatner. .. the W ingion | Ameradail) . Hotel, "The offce | Am Agricul Chm is in charge of [Am AgriCh pf.. Prank J. F. Thiel. | Am Beet 8u, formerly Assistane Am Bosch Treasurer of the |AmBShoe pf( United se:‘us, who | am :::: ::'n} resigned that posi- | il | Am Can (16) become resident | AmCaraFds(d). partner in :he““‘ch:;",‘ ). brokerage firm, | 4™ Chiale (1).0 The new offiess | 17 SOm A LE S are up to date in | Lo dror Pow 24. (b QR L | Am Hawa 8S(1) pebind T | am Hide & Lea. going on in the ., 4o 4 L pf Washington Hotel 4t Fice & LBl for weeks in prepa- | Lo ot'fy) T tion for the opening. The offices have | 4o, jnrernatl 32, a newly constructed entrance from the ' A |aFr&Foam F street side of the building. a frontage [ xm Locomot(8). of B0 feet on that side and an entrance | A m yx & Ty (4. from the hotel lobby. The manager hax | xn yiqraias). . 2 handsome private office, there are | am poin®'? ftwo other private offices for customer | consultations, the board is large and | amply lighted andethe cashier's office i< equally convenient. The offices were most attractive when the tickers and the transiux started this morning for the first time. Mr. Thiel. | the manager, was with the Treasury for 23 years. For years he was in actual physical handling of Uncle Sam’s | money. He originally came from Fort | Wayne, Ind.; began his career as a stenographer with the Pennsylvania Rallroad, later becoming secretary of = private banking firm at 11 Wall street. | He was in the Treasury during the terms of six Presidents, having entered the Treasury in 1905. He was appointed | Assistant Treasurer by President Hard- | ing. Meehan & Co. have memberships in the important exchanges in New. Yark and Chicago, being one of the older | ‘Wall Street brokerage firms. ‘ Monthly Utility Reports Filed. Operations statements for April of the | washington Rallway & Electric Co. and | the Potomac Electric Power Co. were | filed yesterday with the Public Utilities Commission. Net, income of the Potomac_ Electric Power Co. for April was $324,748.24, a | ciecrease of $46.250.23 from the preced- ing month. but an increase of $13,360.47 over the corresponding month last year. The net income of the Washington Rallway & Electric Power Co. for the k J. F. Thiel. Am Ry KX Am Republies. .. Am Roll M (c2). Am Saf Raz\10) Am Seating(3).. Am Ship & Com. Am Sm&Ret(4). Am Snuft pf(6). Am Stl Fdys(3). Am Stores (2)... Am Sumatra(d). Am Tel & Tel(3) Am’ Am Tobacco(s Am Tobag B( AmWW&EI(el) o Am Wool Am Woolen of Amaeonda (7 Anaconda (rts). Anzcond W&C 3. Anehor Cap 2.40. Andes Copr (3). Areher Danls(2) Armour Del pf 7 Armour IlI(A).. Armour 111(B).. . | Arnoid Con & Ce A50DryG(2%4). 0 DG 2d(% As¥o O11(2). THE EVENING .STAR. WASHINGTOX. D. €. SATURDAY. MAY 25. 192 FINANCIAL. &Tel(ris) 1 207% Note—The New York Stock Exchange ; ix now eperating on Eastern L Eastman (18)... Eaton Axie (3).. Kitingon(zi4). . Elec AutoL 1434 P ecPows Lt (] EIPo&Lt f pd (7 Filec P&LE pf(7) | Emmerson B pf. Emp Capweil(2) ng P 8 pf 514 . quit BIdg (25 ) RR. uL 1234, Esxchange(1%). FairbankMpf(7) Fashion P(k24) Fifth Ave(8dc). First NatS(14) Fisk Rubbe seh: ollansbee 121 Foundation C Fox Film A(4 Freeport T (4 Gabriel Snub A. Gardner Motor. . Gen Am TC(14). Gen Bakg pf(3). Gen Asphalt. Gen Bronze (2).. Gen Cable A(4). Gen Cable pf(7). Gen Cigars(4).. GenCigars pf(7) | Gen Mot pf(7). Gen Out A(4)... Gen Out ctfx(2), Gen Ry Sig(6). . Gen Refrac 133 Gillette S R (§). (' mbel Bro: . Gltdden Co 117%. Gobel (Adolph). Gold Dust (new) Goodrieh(4).... Goodrich nf(7). Goodyr T&R(5). Goodyr 18t pf(7) Gotham H (2%). Gould Caupler A Graham-Paige.. Granby Min (7). Grand F&W (1). Grand Un pf(3 Grant W T (1) j Grt North pf(5). Gt Nor pf cfaib) Grt NorO(a1%). Grt Wn Sug 2.30 Grt Wn Su pf(7) Gree Guuntanamo Su. Gult Mo & Nor. . Guif Stat 8t1(4). Hahn Dept Stor. Habn DS pf 6. Hanna M A (7). Hartmn B(1.30). HavEl Ry pf(6). Hawallan P (2). H — | Gen Electrie 18. . - s . Close. | NatBHens of(1). 174 | Nat Biscuit (). 61 | NatCash Reg 14 | Nat Dairy(31%) e Open. High. 174 [ 20 150 10614 Nat PowaLt(1). 5 K | Nat Tea (1%%)... 248 vada Cop (3) . 6914 9415 381, 71 .0's 59 25% wion Steel(3) ¥ Central(3) NY Stm lat pf 1. Norf & Wn(110) Norf & W-pf(4). NorAm b10%stk NorAm Ed pf(7) 108% 108% { 011 Well Suppiv. Oliver Farm Eq. Oliver conv (3). Oliverpf A (6) > | Umnibus . a2 2. 3 15 15 o Pac Tel & Tel(7) 180 Packard Mot t5. 141 Panhandle . Paramount-F-k Park & T1(18) .. Park Utah(80¢). Pathe Ex. Pathe Ex(A). Patino M (3.39) Peerless Motor. . Penick & Ford.. Penick&F pf( Penn RR (4). Penna RR (rts). Pet Milk (13).. Pettibone-Mul. . Phelps-Dodg (3) Phil Morris(1).. Phillips-Jon(3).. Phillips ® (13%). Pierce- Arrow. Plerce Oil. . Plerce Oil pf.... Plerce Patroim. Pillsbury (2) Pirelli (A) 2.38 PirtsCoat...... Pltts & WVa(s). | Per RicoToA (7). | PortoRIcoTobB Poatal TAC bf 1 Publle Serv 2.60. Pub SerNJpf(5). Pan-Amer Pet B 61% 10% 650n Bade 8ha 104 208 267 95 1041 50t 104 807 [ NEW YORK STOCK EXCHANGE | STOCKSIRREGULAR | Received by Private Wire Direct to The Star Office. Low. Close. 105 1721 110 105 172% 111 64% 30% 415 141 0 118 50 ~ AT SHORT SESSION 'Speculative Sentiment Con fused Over Credit Situa- tion and Reparations. STANLEY W. PRENOSIL, ociated Press Financial Editor NEW YORK, May 25—Frequent’ hifts of speculative sentiment in to- | ay’s stock market reflected the wide- spread uneasiness among professional traders over the credit situation. Prices opened irregular, turned abruptly down- | ward before the end of the first hour and then made irregular recovery. ‘With the threat of higher Federal Reserve rediscount rates hanging over the market and a “call money squeeze” in prospect for mext week, there was little incentive for any general revival of bullish activity. On the other hand, the drastic reaction In prices earlier in | the week and the development of a heavy short interest also tended to discourage major “bear” operatlons. The reparations crisis is a source of considerable discouragement to oper- ators who have been hoping for higher | prices. Selling pressure today was most ac- tive in the copper and motor shares. New low records for the year were es- tablished by General Motors, Nash, Hupp. Greene Cananea Copper, Cerro { de Pasco and Granby. Packard Motors, which was widely tipped at the open- ing by several of the large commission houses, rallied nearly 3 points. Sloss Sheffield broke 43, points to a new low at 60!% in reflection of the omission of the quarterly dividend, Canadian _Pacific. Northern Pacific Newtown Steel, Vanadium Steel and Park & Tilford also sank to new low levels. Commercial Solvents, American | Machine & Foundry, Sparks Withing- ton_(old), United Aircraft, Internation- al Telephone and A. M. Byers broke 4 to 6 points before they met effective | buying support. Radio dipped ss low | as 89 and then rallied to around 81. Heavy buying of Commonwealth Power, which ran up nearly 10 points | to & new high at 1695, checked the i decline in the last hour. Commercial | Investment Trust ran up 4% points. American Power & Light 3 and a dozen others & point or two. The closing was irregular. FUNDS ARE AMPLE | FOR CREDIT NEEDS | Rediscount Rate Situation Causes Momentary Uncertainty in Money Market. ! Special Dispatch to The Star. 'G. A. Price Finds Contacts! DEPICTS NEW MOVE: ININGURANGE FIELD With Banks Result in Rapid 1 Growth in Trusts. In & most comprehemsive address on | “Life Insurance Trust: before the i fiduearies section of the District Bankers' Association last night at the Willard. ! Gwilym A. Price, ! trust_officer of the | Peoples Savings & ‘Trust Co. of Pitts- | burgh, pictured the common advan- tages of closer con- i tacts between | bankers and life i insurance men, cited the Tecent tremendous growth in the insurance trust business and predicted that the next decade will see an enormous increase in the amount of insur- ance written to G. A. Poas cover business firms. In his opinion this is the great- est, fleld now open to life insurance men. The life insurance man’s principal function is to enable his client to cre ate an estate, and the trust man's prin- cipal function is to conserve the estate this created, he said. Mr. Price further asserted: “Since the primary purpose of life insurance is to take the place of earning power, it should be used to produce in: come—income that is as assured as possible, but controlled in such a way as to be fiexible enough to meet possible changes in future conditions. Of almost equal importance to life insurance itself, therefore, is the proper conservation and management of its proceeds. It is one thing to provide for dependents through life insurance, but it is an- other to know what these dependents will actually receive and how they will receive it. Recognizing this as a serious problem, most of the life insurance com. panies now offer several settlement op- tions to the assured whereby he may designate, under the insurance contract, certain definite forms of payment which cannot be altered by his beneficiaries. In many cases this plan has distinct advantages, while in numerous other cases greater flexibility is desirable, New Settlement Methods. “The possible methods of settlement | under any policy of insurance now of- fered by insurance companies are as follows: “1. Immediste payment of the in- | surance proceeds to the beneficiary in » lump sum. “2. The insurance company retaine | the possession of the insurance proceeds and undertakes to pay a specified rate of interest to the beneficiary. This is called in insurance parlance the ‘inter- iH. E. BOYCE PRESIDENT COIN COLLECTION COVERS LONG PERIOD By the Associated Press. OF MARYLAND BANKERS Special Dispatch to The 8t ATLANTIC CITY, May 25 —At their annual convention here the Maryland Bankers' Association elected the follow- ing officers for the coming year: | NEW YORK, May 25.—A history of Heyward E. Boyce, Baltimore, presi- | civilization. as written in the coins and dent. succeeding Warren P. Sterling of | money of all races and epochs, has been Crisfield, Md.: Alexander Armstrong. | purchased by the Chase National Bank Hagerstown, first vice president; James | of New York for a permanent public W. MCcElroy, Baltimore, secretary: Wil- exhibition. liam Marriott, Baltimore, treasurer. | Farran Zerbe, former president of the | American Numismatic Association. spent, 40 years of his life gathering the great- est ‘variety of ancient and modern cur- rency in the world. The result of his labors is eonsid- ered a masterpiece of the collector's art and a monument to patience. The Chase National Bank recently acquired the collection. A special department houses the 43.000 pieces which tell in a thousand strange tongues the story of 5.000 vears of the world's economic growth. Everything from African spirit charms and the peach seed currency of early California settlers to the latest sparkling product of the United States mint is included. Commodity currencles from remote corners of the world form one division Tea bricks from Northern Asia. colored cloth, cocoa beans, pelts. gold dust shells, wampum and woodpeckers scalps are a few of the coins of past and present realms on display. There are several sharp breaks in the record of steady progress toward stable, standardized currencies, notably dur- ing the World War. Coinage and tem- porary currencies of the war period show & sudden reversion, in many in- stances, back to the commodity idea RAIL EXTENSIONS SPEED SHIPMENTS By the Associated Press. STAMFORD, Tex., May 25.—Ploneer | railroad building this year in the vast empire of Western Texas. where as many new lines were built last year as in the rest of the Nation combined, | may exceed the 1928 mark. | Of 225 counties in the State nearly | 25 are served almost exclusively by the 300 miles of roads built last year. More than 50 counties, a total area as large as New England. still remain to be tapped by the railroads. A speedier outlet for Panhandle oil | products, as well as wheat, cattle and feed crops from ranch and farm dis- | tricts, has been made possible by re- cent extensions. Even today one may drive from Aus- tin to El Paso, more than half the width of Texas, without crossing a rail- road for 320 miles. Among the lines proposed for this year is a 108-mile ex tension of the Rock Island road, which added 90 miles fo its Texas coverage | Where ‘the value of the money de- last year. The new line would serve Pended on whether it could be eaten six_additional counties. | or,_ worn. New lines that may total 200 miles _The largest coin is a piece of cop- are planned by the Orient road, the Per Weighing 31 pounds and shaped like Texas & Pacific and the Santa Fe.| ® Slab of bacon. This was legal eur- Frank Kell of Wichita Falls, who has I°NcY in old Sweden. The smallest coin built several of the Panhandle's lead- O display is a duly stamped pinhead ing lines, has further projects pend- Of £0ld used in Southern Indiana and ing. worth approximately 4 cents. Although no road has announced | plans for such an extension as was made last year by the Fort Worth | & Denver Co. totaling 204 miles, industrial leaders in West Texas are | confident this year's new mileage will surpass the 1928 total. Sugar Melting Report. NEW YORK. May 25—The total melt of 14 United States sugar refiners from January 1 to May 18 was 1,865.- 000 long tons, against 1,655,000 tons from Jenuars 1 to May 19. 1928. De- ! liveries were 1,660,000 long tons, against 1,555,000 tons In the 1928 period. GERMAN BONDS AND STOCKS. NEW YORK, May 25 (Special) — d Press. | .,d“'wx Y&lllxdmuy I(yt.TPrmnt meim- ! ola of making dally settlements against | ., o . Asked stock market transactions is favored by | G’c’tlx;::r:‘:k?&k“;‘r'l%‘ rdt'fc'm' 85.00 @000 er Govt E N M. Simmons president of the | 0%, Jot et lesg, pijoit |- ambu 12 ISl ety Fanc st e An;dgg;’j;:gfl;;'gfi:", London stock trading. | o Mr, Simmons took this stand fn an | g;r:fi‘?: Brear address, made last night in the course burg 3u. 3%s &' 4s pre-war of which he defended the exchange | Norin cermun Ciovd tioe ™ " against charges of gambling, asserting | Krupp Se 1931 that there is a vast difference between | Pisstt: llmb“;ll 'lng speculation. Eoed bl;ved hkls | Mu support of the present method of mak- | ing daily settlements, on the theory that | & ¥ & (Geimen Ge Bies) ofd B & change to fortnightly or other term | Commerz and Privat Bank...... adjustments might be conducive to an Parben . - increase in speculation. 355225828, 4x pre.war.. ... . (Quoted in_doliars per 5 3 Atchison (10) Atchison f( Atl Const L(110) 179 AUGUIf& WI.. 62% | Atl Refg (11%). 66 AtjasPowder(4). 95 | 2R 28% Pure Ol pf(3).. 1124 11219 | Purity Baking.. 117 117 2 — :;"' | Radio Corpm.... 91% 91% NEW YORK, May 25 —Bankers are 1124 | commencing today to scrutinize more 118'a | closely the “names” on commercial paper. The possibility that the redis- 89% count rate will be advanced plays only est option.’ “3. The insurance company, in ex- | change for the right to receive the in- | 1 surance proceeds, contracts to pay to| NEW YORK, May 25 (.—Bar sil- the beneficlary each quarter, or at|yer, 533;; Mexican doliars, 40%. 101 178 2% 6% 93 SILVER QUOTATIONS. month, $60,146.69, was an increase of | $3,185.35 over the previous month and: one of $4.707.42 over the same month & year ago. | Trade Volume Reported Lower. 101% 101% 179 6244 66% 9b wwguma s wonn28E88T L4 | Houdaile-H 1% . Household(14) Houston Oil. ... Howe Sound(4), ank V North Germsn Lloyd . Austrian A B G (General Elee): 8333332333333-3332:333342; R LY 8822333333 2 Commercial_transactions during the AuburnAutoJ4. veek ended May 18, as reflected by check payments. were lower than in cither the preceding week or the corre- sponding period of 1928, according to | the Department of Commerce. Steel piants were more active than in either the previous week or the corresponding period a year ago. | Crude petroleum output for the last | reported week showed a decline from | the previous period. but was greater | Bald Loco pf(7). Baito & O(8). ... B & O (rights) Barnsdall A (3). Bayuk Cgrs (2). Beacun Oll...... Bescn-Nut (8) Bast & Co(3) Bethlehm 8t1(4) Bioomingd: 242 242% 237% . 1184 118% 17 fhan last vear. Output of bituminous | Bioomrateis. 10, coal showed gains over both periods. | p Lumber production was likewise larger | SOBRAI&Br 13% than in either the previous week or | po the similar week of 1928. Primary dis- | tribution of goods, as reflected by car | loadings covering the latest reported | week, was substantially higher than a | year ‘ago. | General index of wholesale prices ' showed a fractional gain over the pre- | ceding week, but was about 4 per cent lower than a year ago. Iron and steel prices showed further gains, as com- pared with both the preceding week and the corresponding period of last | vear. Cotton prices were higher than n the previous week. but lower than a vear ago. Wheat prices were consider- ably lower than last year. Business fallures were more numerous than a year ago. Reserve Board Views Changed. After an apparent impasse, & ma- Jority of the Federal Reserve Board has | C , swung against an increase in the redis- | !/shan Zic. .. count rate above 5 per cent. Pressure| Sl & Ariz(10). and arguments which seemed to be| C21&Heela(d).. bringing a majority into line for higher | C8B Dry (143%). rates now are definitely known to have | A1 Pacific(19), had the opposite effect, authoritative | *’““;"f"';" quarters have revealed to the Wall Street, ROEMAIS Journal. View against a higher rate is | % strongly held. Speculative activities are | CA7ADAER Dobba Ce: 2). Warnr British Empire. Brockwy Mot(4) Brockway pf(7). Bkiyn-Man(4). . Brunswick B(3) Brunswick Ter.. Bucyrus(i)..... Bucyrus ov(3%) Buff & Susq..... Burns BrosA (3 Bush 'm(g2). Bush Ter pf(7). Butte Cop & Zine Butte & Sup(3). Byer &Co..... By-Prodcta t2% Calif Packg (4). not now a major factor in consideration | of the rediscount rate question. Those hanks which are seeking permission to increase iheir rate have not advanced Borden Co (3)... 1 7 135% 126 4 136 136 2 126 Open. Hich. T4% Té%W 2 128 40 827 Threshg(6) 3 116k | 2 Hud Man(23).. | Hudson Mot(5). Hupp Mot (£3). . [1iinots Cen(7).. Ind O & Gas (2). Ind Motor Cyele. Ingersoll R t5 X Inspiration C(4) InterboroRapTr (nterconRubb Internat Agri Intl Bus Ma (6). Int Com Engi2). Int Comb pf (7). Int Harv (3%).. Int Mteh pf 3.30. Int Mer Marine. Int Nick.Can 30s Int PR&POAZ2.40. Int Papr & Po B. Int Papr & Po C. int Prig Ink 23, Int Rys Cem Am. Intl Salt($).... Intl S int Te! 5% | Int Tel&Tel new 7 133% 126 Lew. Cless. | T4y | IntTel&Tel rts) Inter Dept 8(2).. island Creek(4). Johns-Manv(3). Kan City Sou(s) i n DS Kelly-Spring. .. Kelsey-Hays(2) Kelsey Hay ria. . Kelvinator Corp. Kennectt (5) Kimberly-C 2% . Kinney (G R). 24214 46 1338 268 Kep 1 & S(4). | Reynotds Spn Reynlds (B)2. Richfield Oil (2) | Rio Gr Ol (k2). | Rossia Tns (.. Roasfa Ins (rts). ! Royal Bak P(1). . | Royal Bakg P pt . 160 avage Arma(3) Schulte Stor Seab Air Line | Seagrave(e1.20). | Sears-Roe(13%) | Seneca Copper. . Shattuck FG(3). Shell Un(1.40 Shubert The(5). Simmons Co(3). SimmaPet(1.60) | Sinclair Ol 123% Sinclair pf(3) Skelly Ofl(1). S 81 3 0% Bi% Bi% si% 168 169% 121% 121% 8 i 168 1210 8 80% 264 SouRvVM&O efs ¢ Spalding (1.60). Spang Chalfnt. Sparks With(3). SparksWith (wi) Spicer Mfx. Splegel Co (3).. Stand Com T(1). 1008 | 9% 1121 —_—— 7 93, 29 931y 251 9a | 160 681y 113% 90 42 21% 16% 16% 1518 45, 149% 281, | 60 % | financing. Additional scores of millions a minor part in their increased dis- | crimination in the making of loans. | Some of the banks do not rediscount | their commercial paper at any rate. An advance in the rate would there- | fore be & minor factor in the business | and industrial situation so far as its actual effect is concerned. But un- certainly as to the movement of the | stock market due to a change in the rate Js undoubtedly a psychological factor in the commercial fleid. If sentiment takes a turn which in- | duces the withholding of funds from | loans, for whatever purpose, it might have a decided effect on industry. More- | over the time of the year is approach- ing_when demand of all kinds is ex- | tremely heavy. The harvest season is | drawing nigh, with wheat due to move | trom the Southwest in less than 10 days. | Hundreds of millions of dollars will be | needed to finance the crop movements. | | There are a dozen new industries which | | now are calling on the public for capital | | to finance a stable position. Government financing within & month | will draw from the strong boxes of the | public a round half billion dollars and | Treasury Department officials naturally | are loath to pay a high rate for this | will be needed temporarily between now | and July 1 for dividend payments and | to meet maturing corporate obligations. Rights held by shareholders in vari- ous corporations will necessitate the | payment by these stockholders in the next two months of nearly two billlon dollars. ‘This sum. of course, will go into | stocks. which in turn may be used as | collateral for further loans from the | | banks. H Another large amount of financing ix involved by the convertible obligations issued. These bonds, some of which have recently been issued by large pub- | lic service companies through conver- | sion_or atock purchase privileges, also | involve the laying out of large sums by other stated periods, specified amounts | for a fixed number of years (the lim- | ited installment settlement) | 4. The insurance company, in ex- | change for the right to receive the in- surance proceeds, contracts to make | perfodical payments to the beneficiary for life (annuity), i “5. The insurance company, in ex- | change for the right to receive the in- surance proceeds, contracts to pay the beneficiary stated installements for a | proscribed number of years, after | which, if the beneficiary is still living, | rlymem.a under an annuity for his | ifetime will begin, In other words.| such settlement options, called install- ment certain and continuous settle- ment, represents a combination of No. 3 and No. 4.” How Banks Handle Truste. | The corporate fiduciary does mnot | guarantee a specific interest rate. As[ trustee it Teceives the proceeds of in- surance as a trust fund for investment | in securities which it holds as a sepa- Tate and distinct corpus or trust estate. | Its powers of management in respect | to Investment may be narrow or broad, | depending on the extent of authority of | discretion given in the trust agreement. | Both the insurance company and the | trust company are regulated by State laws for the protection of the benefi- | claries. The trust agreements executed | by corporate fiduciaries must. conform | to_all statutory provisions, but these | legal protective provisions pertaining to trusts permit very broad discretionary | powers to be conferred upon the trustee | by _the insured. | The life insurance trust has been de- | vised to accomplish one of the principal purposes for which life insurance pro- ceeds are intended—complete protection for the beneficiaries through experi- enced and efficient management of the insurance funds in trust. Under this | plan vou provide that the proceeds of your life insurance be pavable to a trus- | SAFE B ROSTE MORTGAGES FOUNDATION FOR A FORTUNE —is laid when you invest in our 6% FIRST MORTGAGES It's the safe investment— free from care and wotry— with principal protected by =y value much greater than the Garz s Ao amount loaned. of a = - 2 Your money is working for vou all the while—and earning generously and definitely. Century Without a Leoss You can buy in amounts from $250 up. B. F. SAUL CO. Main 2100 925 15th St. NN\W. the argument that they are seeking to curb speculation or that speculation is C cangerous, and. so far as can be as- Certain-teed pf | Chex & Oh10(10) certained, the board does not see 1t aa | hex & OhoC10) {C&0 Corpn(3). Chi & Aiton..... Chi & Alton pf Chi Great Went. Cil Gt West pf.. |ChiM&BP.. | Chl Mil & 8tP pt Kinney pf(3) Kolster Radio. Kraft-Pho(134 | Kratt pf (63) Kresge (1.60) Tess S H (1).. Kreuger&T 1.34. Kroger Grotel). i — Lambert Co (8). 136 Lehigh Val Coal. 225 LehighVal(3%). 83% Lehn & Fink(3). 52l Lig&Myra B 16 59is Lima Locomtve. Liquid Car t4% . Liquid Car(rts). Loew's (+3). StdG&R (3%). St G&EDI(4). 8td O of Cal(13) td Ofl NJ (12). the shareholders. The quarterly in-| tee—generally a trust company. In @me tax payment also must be taken creating such a trust you consolidate ' THERE | IS NO SUBSTITUTE FOR into account with regard to the Sums under expert management the respon- which will be withdrawn from the com- | sibility for the conservation and proper mercial money market around June 15. | investment. of the proceeds of your life | This situation is not a dangerous insurance, the distribution of the income ' one. The demand for money is Of a | therefrom, and the ultimate distribution | | healthy character despite its huge size. | of the principal—exactly in accordance | The country undoubtedly has an ample | with your Wishes as expressed in the | | supply of money to satisfy all the needs ' trust agreement. i ! Studebak pf(7). | enumerated above and any others which | “Not only does this provide for proper | i u 5 may normally arise | management of the proceeds of your | Superior Ste d — - | Insurance, but it aiso relleves the bene- | Symington. i i | ficiarfes of worry, uncertainty and re Electrical Equipment Orders. | 07068 00 F0R07. ROCEallY, She ad- | NEW YORK. May 25 (®)—Electrical ' ministration of the funds you leave for World reports orders for electrical | their protection: and it eliminates the equipment were more numerous in the possibility of unwise investment or in- past week, with both pawer companies | judicious handling of the funds on their and industrials in the market for ' part.” | Tex Land Tru: 1r(2.40). . d —_— —_ All Travel Thritt Highway. | | “Leaders in the insurance profession.” Ward Bak pf(1), 4% T4% 74% | Mr. Price concluded, “are confidently Warner Bros Pie 118% 118%, 117% | predicting the time, within the next VLl 80% 60 | decade, when life insurance written 3 314 ! solely for business purposes will equal ' inltad Gat) 17% | the insurance carried by business con- | Iobinrod A 1:10. e - 33% | cerns on combustibles. That may seem rranmcont OM. ... % 2 5 5 |like an exaggeration, but if one analyzses | | NEoeIEcoata ) : 29 | the need for business life insurance the it ) 65% | prediction does not seem at all unlikely | ; U 97% | of fulfillment. | Undwd-E1 F (4) 116 07% |~ “We in the trust profession belleve Un Carbide 2.60. 78% | 5 | we have the best goods on our shelves | Un 011 Calid)... 494 2 | of any institution serving the American Union Pac(10).. 220 people. Our - friends in the insurance | Un Pacifio pt(4) 8244 1 | fraternity are no less proud of their Utd Alr & Trans 1221y Al | achievements and prospects. But when | Utd AIr&Tpf(8). &8 A3% | all is said, we travel the same road— | Uta Biscuit 1.60. 58 | The Highway of Thrift. We go hitch- | | Uta Cigar 8t(1) 45'3 | hiking together to our mutual profit United Corpn | because we are leagued together to Utd Corpn pf(3). promote the security and happiness of ! Uta Kileo Coal 7ta Fruft (eé mankind.” Ut 'rul e | Record Attendance Present. Rl T 46| r. P H Siddons, chairman of the | section, presided and the attendance m::f: ?1',‘,2" 23 | 2ert"s mew record. Harold D. Kraftt. | Wilcox Rich B. . 8 | new president of the District Life Un- Willys Ov c1.3 derwriters’ Assoclation, brought greet- | Wilson & Co.... | ings, as_did Edward J. McQuade. see- Wilson Co pf A. | retary of the District Bankers' Associa- Woolworth (8). tion. Earl D. Krewson., chairman of Woolworth new. the underwriters' committee on trusts, | & s | i | Worthn Pump. . was a special guest. 10215 | U S8m pr(33). WorhnPems. i 2 84% ' U S Steel(7).... |y e P::n:m | U 8 Steel pt(T) [ | U S Steel new (7) i w"t ero. ... U S Steel (rts). . ‘ goy ((13%). ‘ Us . st 88 it Loat Tow(3) Tellow Truek... 40% 40% i 18t pf(3) Young Spg 128. 60% 60t 1754 | Univ Pipe & Rad Youngain #h(b). 127 3715 | Uttl PAL A(e2) o (Diyidend ratas as 28 o 5% | v 0 Sales. . ategt qpary Vanadium (14).. B84% 84% i Van Raalt .« 30 34 Victor prpf(1). 1144 114% va-CaroChem.. 117% 11% —w— Fl 5%, | By ’ y; o o 1 | Sigek sie, 1210 a major factor at present. hnical reasons, chiefiv that the re- discount rate is out of line in the rate structure, are the chief arguments for | an increase. Belief has been advanced | hat increase in the rate would permit | an equilibrium in the rate structure which would be beneficial S Heard in Finanelal District. | ChiaNwn p(1 A number of Washington brokers ChiR1&P (7 were disappointed over the fatlure of |CR 1P pf(6). New York Reserve Bank to increase |Childs(2.40).... ite rediscount rate this week. Their | Chrysier Mot(3) disappointment was based on the | City lce (3.60).. theory that the market was prepared | City Stores (1).. for such action snd would welcome | Cluett-I'sab(s). having the uncertainty out of the way. Coea-coln (4). The installation committee having in | Coca-Cola (3)... charge the opening of the District | Coinns& Atkmn Bankers' Association credit bureau on | Col & Alk pf(7).. May 28 had another important meet- | Coi ¥uei'& Iron. ing yesterday to take up routine mat- | Col & Southn(3) ters pertaining to operating regulations. Col Gas (2)..... Hilleary G. Hoskinson is chairman of | Col GAE nfA () the committee | Col sc). Workings of the Federal Reserve Board | Col Carbon 14% . are described in non-technical language | Com Cradit (3).. 3 Com Cristpf 6% mut Bank of Boston, entitled “Federal | Com Inv Tr(4). Reserve Credit Practice.” Factors con- | Com Solv (h8). . Trolling Federal reserve policies, the im- | Com Powe: portance of the board in control of | Congoleun credit, and the effects of its operations | Cong Cira (§) on national industry and finance, are CenselCgra (7). discussed in terms easily understood by | Con Cgrs pfi7).. the layman Cons Rilm pf(2) The pamphiet goes into details of the | Comsol Gas (3).. operations of the Reserve Board and of | ConRRCuba pf ¢ the regional banks, answering many (Consol Textils.. questions of timely interest to the gen- | Container (A) eral public. The significance to manu- | Container (B) facturers of the operations of the Re-| Cont Baking A.. 70% serve Board is outlined in the booklet, | Cont Baking B.. 12 together with a broad discussion of the | Cont Bak pf().. 9% effects of credit influence o the eco- | CentlCan (3%4). 6B nomie situation. A limited printing of | 88 the booklet is available. i 19% E 89a SEEK BRIDGE ROUTE. 9% 33% BALTIMORE, May 25 (Special).— “5, Five transportation companies were 8% competing today for the privilege of 2% operating bus lines over the proposed Chesapeake Bay bridge, which will not | Cuba Company. be built for several years. according [ Cuban-Am Su, 1o announcement by the Public Service | Cuban-A Sug pf. Commission {Cuaany Pke4). o1 - 5] The announcement was made at the | Curtiss Aerocl). 150 162 same time the Chesapeake Bay Trans- | Curtis Pu: 'fh’-« }5;% I‘_ 3 portatiun Co. of this city filed an ap- | CurtisPubpf(7) 117 117 plication for permission o operate busses from Baltimore to Chestertown. The first of the five companies to ap- piv for the transchesapeake permit was ihe Baltimore Transfer Co., which pro- vosed also to run a freight line to the Eastern Shore. The Red Star Motor Coach Co., of Salisbury, then filed a similar applitation. and was followed by the United Rallwaye and the Mai- LT SN e " Your Nipa Palm One tree gives the Malaysians food, drink and shelter. Grateful for its bounty, they hold village festivals in its shade; and praise their deities for the generous gift. Leaves to thatch their huts, seeds to eat, wine from the sap—all come from the Nipa Palm. No wonder the Malaysians are grateful. A | Telautogrph(1). | renn Coppertl). | Texas Corpn(3). TexnsGuifSul(4) Tex&P C&O (b5 ) TIAWASO!DI (83 | Tide W O11 pf(5) Tim Det Ax 1.30 | Timken RB (8). louls GasA 1.76. 38 38 Louis & Nash(7) 1404 140% Mae And(t: Me Call Corp(4). McCrory B(2). .. MecGraw Hill(2) McKeespt Tin PI MeKesson&R (2) McKsn pf A 3% | Mack Truek ey, Mad 8q Gar 134, Magma Cop (5). Sian Elec Suply. Man i mzg (db Man Shirt(2) You can plant a seed which will grow and spread its branches, giving you the shelter and security the Nipa Palm gives the Malaysians. A small saving fund. placed in the 6% First Mortgage Notes offered through Swarizell, Rheem & Hensey Come pany, will build for you a succes- sion of regular, assured. interest pay- menta, leading to an independent in- come in future years. 0(4).. Weston Electrio. Westn ElecA(2). White Eagle(3). White Mot(1) M M Marmon Mot (4 Marrin-Parry . Mathieson (e2). Maytag (13) Maytag pf (3).. | Mengel Co. Mexican Seab. Miami Cop (4) Mid-Cont P(3).. Middle Staten Mid States ctfa. Milwaukee F1(6) Mo Kan & Tex. . 1Mo K&Tex pfi7) Missour) Pacific MoPacific pf(5). Mohwk Car 33 . Mont Ward 3% . Moon Motor . Morreli&€o 3.60. Mother L (40¢). Motor Meter A .. Motion Ple Corn Motor Prod(17). Motor Whi (3) Mullins Mfg Munsingwr 133 % Murry Corp(k3) 90% N 82 aon, 44% 7 < Hoffman (). Aleohol (8). Leather... . Leathr A(4) Realty (5).. These First Mortgage Notes, backed by our record of over SIXTY YEARS WITHOUT LOSS TO AN INVES- TOR, are sold in denominations as low as $100. 5 s s s 5 s Hub 18t pf .. CubaCaneSugar 46% ! U S Smelt(334). Cuba Cane Su pf | VOLUME OF BUILDING SHOWS SLIGHT INCREASE By the Associated Press. A slight increase in the current vol- ume of building enterprise over the country is indicated by the weekly Census Bureau report of daily average of contracts let for new construction. The rate gained materially in the last week over the previous week, but was still below last year's record level. Fig- ures for the average daily total of con- tracts let follow: Week ending May 18. ..$21.147,000 20,199,000 ! Precet week ... 20.100i008 16% Yo 60% | 1274 127 SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS 727 15 STREET N.W./ WASHINGTON D.Cs 1280 45% Bhle Davison Chem. . Del L & W(T7 Den G Wn pf. Dev & Ray (ris) Mome Miuesl) Domin Stores(3) Urug Ineee). .. S& At pf Bl 547 90% HRE 281, ol 1, A78% a3 5% & Waldorf(1%). walwarth (1.20). ed Batiap B iy Nat Air Transpt 3h Nt Pallae K #1 Lu » auarierly in | o Yen e ook, @ Pastivear