Evening Star Newspaper, June 13, 1929, Page 13

FINANCIAL. PREMIUM OFFERED ONNEW U. 5. BONDS Latest Issue of Treasury Cer- tificates Features Trading. List Quiet. BY CHARLES F. SPEARE. Epagial Dispatch to The Star. | NEW YORK, June 13—A curious| contrast in today’s investment market was the new low price for the year| on United States Liberty first 3': nearly 4 points from the January high, and a premium on the new 515 per cent | Treasury certificates. This is the first short-term Government obligation that has sold above its issue price before the date of payment in over a year. There were some strong spots in the market for domestic and foreign corporation issues and a few weak ones. ‘The convertibles acted fairly well, es- pecially those identified with the public utility industry. This included the tele- phone bonds and the Italian con- vertibles. Against this were signs of further liquidation of industrials. New Lows Reached. New low prices were reached on sev- eral of the hl?h coupon mortgages and debentures of sugar-producing com- panies in Cuba. Taken as a whole this group has had the heaviest shrinkage of any single class of listed industrial bonds in vears, the losses since Janu- ary alone running from 25 to 35 points in_individual issues. Lorillard 5!4s reached a new low. re has been active selling of the Wickwire Spencer 7 per cent issues: since the terms of the reorganization plan were made public. Dodge 6s show- ed the effect of the heavy market for automoblle securities. In the railroad list a decline of 2 points in Florida East Coast 6s carried | them: to the lowest in their history and at & time when the earnings of the road are showing a more favorable com- parison with the previous year's results than since 1926. San " Antonlo & Aransas Pass 4s reflected the narrow markets for inactive bonds in dropping ints after the recent run-up of 3 points. Boston & Maine 5%s gained a point and there were strong markets in St. Paul adjustments and Denver & Rio Orlnde 514s. rofll taking occurred in the Germln ist, especially in those issues that have had heavy advances re- cently. Italian, Japanese, Polish and Fren issues were firm. New Offerings. rpfl))flmllely $50,000,000 of new public utility and municipal bonds and preferred stocks were offered for sub- scription today. The largest of the new issues was in the form of 250,000 shares of 6 per cent preferred stock of the General Gas and Electric Corporation, ‘which announced it intends to make in- vestments in additional operating util- ity enterprises. The Central Power & Light Co. offered its first mortgage 5 per cent bonds at 91 and the first and refunding 5s of the Sopthern Public Utilities Co. were priced at 100!2. Both of these issues are being placed at prices slightly above their recent markets. ‘The demand for tax-exempt issues is improving, with a number of this week's offerings, including the State of Mary- land 4!z per cent certificates, being rapidly marketed by the syndicates that purchased them. Washington Stock Exchange SALES. Capital Traction 5s5—$1,000 at 97%, $2,500 at 98. ashington Gas 55—$1,000 at 99%%, $2,000 at 99%%, $500 at 9914, ‘Washington Gas 6s A—$400 at 101%. Wuhmzfon Rwy. & Elec. 45—$500 at 5%5. Pcwmlc Electric 6% pfd—5 at 1117}, Potomac Electric 5% % pfd.—10 ll 1057, 3 at 105%. ‘Washington Gas Light—10 at 124, Mergenthaler Linotype—10 at 105, 10 at 105. AFTER CALL. ‘Washington Gas 55—$300 at 9955, Capital Traction 55—$1,000 at 98. Firemen’s Insurance Co.—25 at 40%5. Pol‘glm Electric Cons, 5s—$2,000 at Piremen'’s Insurance Co.—175 at 40. Capital Traction Co—10 at 94, 10 at 94, 30 at 94, 20 at 94. Bid and Asked Prices. lex. Washington ‘Gas 55 ash. Gas 63, series A Gas 65, series B Rwy. & Elec. 4s. MISCELLANEOUS. Barber & Ross, Inc. 6'as. am.-Vanblt. Hotel ¢ estiut Far airy vy Ch Joity Stook 14: B ash. Mkt. Cold Stor: ‘Wash. Cons. Title Co. STOCKS. PUBLIC UTILITY. American Tel & Telga c Elec. *Rwy. & Elsc. com. . Rwy. & Elec. pfd. NATIONAL National Capital . Columbia ond e Nattopal ‘Barik' of ‘Wasi TRUST COMPANY. erchants’ Bank ational s.vmn & ‘Tris mion Trust Washington Loan & Trus BAVING BANK. Bank of Bethesda, Commerce & Savin East w-uunuon Becurity Savini Beventh Street United States American Corcoran Kastona1 " nion. .. 5 'rrru: INSURANCE. Betate. ’rm e &'Tav, Co. e * ot Tl via: MISCELLANEOUS. Ross, ’.n . com. et gh“. 3 'y pld. Monotyp: rehants' Trans. Merchants: Tran. & Stor i enthaler Lifiotype, .. s Storés prd & Guar. pid o Wash. Medical Bide. Cor ‘Woodward & Lothrop pfd. *Ex dividend. 1Ex warrants. *“Death™ as a surname is h;‘l’da‘mpo?“l; England that many rs ol I g making & change b! pronouncing it TR G5 LDewath. 2 \g a small group Ci o sone BONDS o scmwr] |ARINE PRODUCS THE EVENING STAR, WASHINGTON, Received by Private Wire Direct UNITED STATES. (Sales are in $1,000.) Lib3%s... 93 Lib1ist4ks 25 97 75 25 15 50 9 Sales. Higb. Low. 964 Close 94 9818 9881 9818 9820 9611 9611 o611 9612 10012 100 12 10312 108 19 9818 95 24 9611 96 12 100 12 10312 1039 1061 91068 FOREIGN. Argentine 8s Ju 6. Australia 68 1957 1A Belgium 7%s 7 Bolivia 7s ct '69. Bolivia Bs. .. Bordeaux 6s. Brazil 6348 193 Brazil 648 1927. Brazil 7 Colombia 68 Jan'61 Con Pow Japan 7s. Copenhagen 4%s 63 Copennagen 62 ct Cuba 6%s. Czecho 88 1951, Czecho 85 1952, Denmark 4%, i Denmark 6s. | Dutch East I 6 Dutch East I 6s Fiat Ts war '46. Fiat 7s x war 46. erman mnke 38 Ger Gen Elec 78 Greek 65 1968 trish Kr ltaly 78 (talian Japanese 48 Japanese 6 Milan 6%s. .. Netherlands 6s 72.. New So Wales 578.. Nord 6%s. . . Norway 68 1963 Norway 5%s. Norway 63 1943 Norway 68 1944 Norway 63%s 1952. . Orient Dev 6%s '57. Paris-Ly-Med 6 Paris-Ly-Med 7 Paris Orleans 5 Peru 6s 1960 Peru 65 1961... Poiand 7s (rots) . Poland 8s. Porto Alegre 85 Queensiand 6 Queensland 7; Rhineibe Un 7. RhineWst EP 65'53 RhineWst EP 68'53 Rio de Janeiro 6%s Rio GrDo Sol 63 '48 994 11 107% 1074 1074 5 105% 1054 105% 14 114% 1144 114% 6 85 B4l Ba% 3 100% 100 100% 27 100 99% 100 .16 91% 91 91 9 91k 91 91 5 961 96% 96l 6 105% 105% 105% 1100 100 100 53 100% 100 100 3 103 102% 103 17 99% 9u% 99% 13 92% 924 924 9 92% 92% 02% 2 101% 101 101 24 39 38 384 6 83u 83 15 9716 4 86'% 17 95% 95 27 4110 110 1 110% 110% 60 108% 108 14 118% 112% 5 914 90% 24 106 105% 11 91% 914 2 101% 101% D1l 84w 84 5 964 96% 28 96 95% 92% 93 928 15 100% 100 63 98 98 17 100 99% 16 100 99% 2 1% 11 1 884 884 2 105% 105'% 17 1014% 101% 2 101% 101ty 12 86 86 84 100 99% 3 108 1 103% 103% 2102 102 1109 109 6 105% 105% 1L 901 90 26 934 92% 5 93% 93% 4 86'% 86Y% 2 105% 1054 . 25 K88% 88w Serbs Cr Slav 7s.. Serbs Crot Slo 8s. Swiss 538 1946 Swiss Confed Warsaw Yokohama 6 Abram&Straus §%s Alleghany Cp 6844 Alleghany 6s 49 wi AmAgriChem 7%s. Am Chain 68°33... Am Chem 638 cv'49 41 Am Int Cor b%s ‘49 103 Am NatGas 634843 An Smit & R 15t 61 Am Sugar Ref 6 AmT & T el tr 4 1 Am T&T ev 4% 839 1527124 AmT & T cl trbs AmT&Tstbs Am Tel & Tel 5%s. . Am Water Wks bs. Am Wrtg Pap 6547 Anaconda 1st Armour&Co 4% Armour Del 5% Associated OL1 6 Atl Gulf 8 5 Atlantic Refin b Bell Te1 Pa5s B Bell Tel Pa 65 C. Bethlehm Stl pm Bush Term Bldg bs. Certain-Tdb%srcts Chile Copper bs. Colon Ol 6538 CISTPRITE P TR R -1 R T 5 Humble O & R 63%s. (llinots Bell 1 % Int Tel&Tel 438 Kan City P& L Laclede G 6%s 62 Ligget&Myersbsb. Loew's Ine Loew" Lorillard Lor! % Loutsy G & & §8 63, ManatiSug st THs.. Midvale Steel Mont Pow 68 43 Mont Power deb b Mor's&Co 15t 4% - NN 4 103% 102% 2 104 104 97% 963 5 106 6 77 6 104% 103% 2 110 1094 L 97% 97% 15 77 64 13 86% 86% 1 99% 994 35 102w 102% 4 98 98 32 20 38 3 3 102% 101% 103'% 102% "W e 6 99% 99% 102% 102% 99% 99% 121% 7 102% 102% 24 103 102% 105% 105 96% 96% 82% 824% 104% 104% e e [=1-T Y 100% 100 102% 102% 104% 104 98% 98% 101% 101% 104 103% 103 103 99 77 94% 964 9814 92 9% 108% 108% 984 9T 101% 101 106% 106% 92 91% 100 100 100% 100% 102% 102 » BB~ 101% 101% 104 108% 9l 9l 96 96K 624 61 108~ 103 103% 103% 102% 102% 112% 112 1044 104% 981 984 106 105% 110% 110% 99% 9% 100% 100 100% 100 99% 994 105 105 100% 99% 100% 101 100% 100% 102% 1024 102% 107% 107\6 107% 106% 104% uau Phila & Read 65 Philips Petro 6% Postal Tel & C§ Por Rie Am Tob Pressd Steel Car Public Service ¢ RemingtonArs 6s 33. Rem Rnd §%s war. Sinclatr O1) Sinclair O1l 8% Sinclair 0117 Sinciair Crod: l\h £In Pipe L South Bell Stand Ol N J Nand ONINY ¢ SugarEstOrient ‘Tenn Cop 63 B TennklecFow United Drug U 8 Rub 1s US Rub 7% U S Steeln Utah Pow & Lt Utilities Powr 6%8 Vertientes Sug 7s. . Walworth 68 Walworth 6% '35, West Elec 68 Westn Unlon b8 61. White Eagle O §3%s Wiison & Co 18t 6s. WinRepeatAr 7%s. Youngstn S & T 5s. 19 100 RAILHOAD. Atchison gen ¢ Ateh deb 4% Atl & Dan 1st - umw-.n»c-weh';’_.m,q—y.o-o..wm-a oeStn o E & O 682000 D.... B&O1stésc E &0 rfimp E & O Toledo Eoston & M: Erooklyn Kl Lirooktvn El 99% | LehiVgen *IIMI Rklvn Manna Eklyn Un EI Can Nat 4148 b4 » Ra e RS BRI AN Car Clinch & O Central of Ga 5% » CB&Q4%4877B.. CB&QIu3 CB&QIll ai ChiaK 111 gn Chi Gt West 48 ll . ChiMIISP&Pacss?s. CMSP&Pacad]6s03. e Bt Cuba Nor 6% Del & Hud st rf Den & Rio G en ° T - Do =TSN 00— Gulf Mo b Hav El Ry 68 52 Hav £l Ry 5% - Int & G Nor 1st Int&GtNor adj 6s Int RysC A 58 7. Int Ry C Am Int Ry C A 6% r Iowa Cent 1st 6 - Lehigh Val bs 2003. ISR S St - M ARl Tt YrnuSnen Nor Pac 38 2047.... Nor Pac 4%s 2047.. Northern Pac §s D. Ore Short L rts 4 Ore Wash 1st ¢s. Ponnnl con 4%s nsyl gen 4 e o —q_mmhaulesubnflennutvsn aBlosanSmrannan® PCC&StLbsA. Portland EI P L 6 Port RL&P T%s 46, stl.tslrrw.ul StL&SFpr stLuWoonu! StP & K hla:%l. 2 Sou Pac 4¥%srots.. 26 Sou Pac i%:.'“ "456 &P b Whash 4368 18 m-. Wabash 18t §s. Wabash 6387 BN~ RO 0m mm loxu 9'& l:% % % n.u—unurffy ’ 8% ”n ] IN SCANT SUPPLY Closing of Shad and Herring Seasons Cuts Down Shipments. Marine products were not received in, very large quantities for today's market trade, and supplies, a trific under nor- mal, found ready sale at prevailing rices. Dealers were unable to explain ust why receipts were below normal, nc severe storms along the Atlantic Coast having been reported the re', few days. Closing of the shad and herring sea- son the past Monday meant the taking from marine products offerings two va- rieties of fish that were in demand and increasing the demands for other va- rieties of fish. It is thought the ab- sence of shad from the market has something to do with higher prices of other varieties of fish at this time. Small Fish Receipts. Crabs, both hard and soft, and crab- meat claimed much attention of retail- ers who were on hand ai Municipal Fish Market early today. Soft crabs, nothing lke as plentiful as they were a week ago, were quoted at $1.25, $1.50 and $2 a dozen. Hard crabs, more plentiful, were quoted at 75c a dozen or $4 and $6 a barrel. Crabmeat was quoted from $1.75 to $3 a gallon. Potomac~River mnetters supplied only small quantities of fish for today’s mar- ket, according to dealers. Practically no perch were received and only small quantities of catfish were shipped from the several fishing shores. he black cats brought 5 and the white ones 10 cent a pound. Dealers received small quantities of trout from the lower river, but most supplies of the popular fish were from the Hampton, Va., section and the East- ern Shore of the State and the New Jersey coast. They were offered at 12 and 15 cents a pound. Croakers, chiefly from the Eastern Shore of Maryland and the vicinity of Solomons Island, were offered at 6 and 7 cents. Halibut and salmon, recelved from Boston shippers, were offered at 20 and 23 and 25 and 30 cents a pound, re- specuvely Flounders were quoted at Boston mackerel at 11, cod at 12, hlddock at 6 and 7 lnd flllet of had- dock at 16 and 18 cep Scallops were Pl!ntl!ul at $350 a gallon, lobsters sold at 65 cents a pound and frozen frogs from Louisiana brought $4¢ a dozen. Smaller frogs from nearby waters were quoted at $2.50 a dozen. Business was not particularly brisk falong any lines this morning, accord- ing to reports, and dealers think the higher temperature is likely to have some effect upon it. I'odly’l ‘Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound rints, 44152451 ; tub, 43'5a441%; store 5 cked, 3011 ) Eus—Hennery, 33a34; !ruh selected, 33a34; current receipts, 3. Poultry, llive—Turkeys hens, 33; toms, 30; Spring chickens, smali, 38a 40; large, 42a45; Leghorns, 35; fowls, D. €, THURSDAY JUNE °"13, 1929.° Washington Ticker By the Associated Press. Possibly no modern business develop- ment is more strikingly illustrative of new economic sentiment than the pres- ent replacement of unlimited competi- tion by trade co-eperation now com- plete in 51 industries and being carried, under Federal Government auspices, into many more. Within a decade a Government attitude which solely sought to bring business associations into court for prosecution as restrainers of trade has so far altered that the Federal Trade Cofmission is now pros- ecuting in court individual business associations which have failed to' com- ply, in effect, with business rules laid down by common consent by associa- tions of the industry. Will E. Hum- phrey, one of the commissioners, whose term of office has coincided with the right-about-face of public sentiment toward business organization, remarked in describing the processes now going on that they represented “perhaps the most rcmarkable phase of modern commerce.” “For more than two years now the commission has stood ready, when ap- proached by representatives of any particular trade or industry, to call a trade practice conference,” Commis- sioner Humphrey explained. “In these gatherings there are customarily as- sembled representatives of Congress re- sponsibly conducting from 75 to 80 per cent of the output or business done in that particular line. sent to us in detail a series of the reg- ulations and understandings done in their trade. Some of these re- towards competitors or consumers; some of them relate to characterizations to be given to goods and advertising rep- resentations and many other thlng& Sometimes there is far from 1!11!1’& agreement as to the advisability of general adoption of some proposals. Indeed, discussions are occasionally very acrimonious where competitors meet. “Now, when a general trade agree- ment can be reached in such a con- ference we classify the code laid down in two givisions. One section of it, which we find to be dealt with by Federal law, we promulgate as a com- mission regulation. Business men who fail to live up to it are thereafter sub- ject to prosecution by the commission in the courts as engaging in legally unfair business practice. The balance of agreement, which relates to activitles that we consider possibly reprehensible, but nevertheless not le- gally subject to ban, the le repre- sentatives adopt for their own guidance. We have prosecuted a number of con- cerns for failing to live up to the legal- ized portions of such agreements, but it may be astonishing to know how general is the business compliance with the extra-legal requirements. 1- ness men who reach an understanding with their strongest competitors, even under stress of hard conditions, can as a class be expected to stand by their words. “What does the public get out of it? Generally, the elimination of waste, the maintenance of standards, and the abarkionnient of misrepresentation. Secondarily, the general public ad- vantage from the new spirit in busi- ness, and the maintenance of service.” Price discussions as yet remain out- side the typical trade conferences. In 30a32; Toosters, 31; ducks, 15a20; keats, young, 60a65; old, 35a40. Dressed Turkeys, 38a40; Spring chickens, 48a50; Leghorns, 38a40; fowls, 37a3 l;g.m 34a35; ducks, 30a3 Meats, fresh killed—Beef, 22a24; veal, 23a26; lll'nb 30a32; pork lnlnl 31a32; fresh hams, 258326; fresh lhnuldefl. 183 19, Smoked hams, 27a28; shoulders, 17a18; bacon, 26. bulk, 12; in packages, 1. Live stock—Calves, 15; 14 pring lambs, Fruit and Vegetable Review. ‘The daily market report on fruits and' vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says (ules tn Jobbers except where otherwise noted Cabbage — Supj lm “light; demand slow, market dull; nearby Maryland and Virginia, blrrell. pointed type, - . antalou up) moderal - mand moderate, market about California, Imperial Vi salmon tints, 4.50a4.75; low as 3.00; jumbos, ht; fornia, stand- udas, U. 8. No. Peaches — Supplies light; demand mndmu, market slightly weaker; North Carolina, 6s, Early Rose, unclassified, medium sise, 3.0083.50; small sizes, 2.758 3.00; bushel baskets, Early Rose, un- classified, small size, 2.75a3.35; bushel baskets, Red Bird, unclassified, medium size, mldfir‘bl}' spotted, 1.50a2.50; ‘mostly around m&—euppllu of old stock light; demand light, market about steady. Michigan, 150-pound sacks Russet Ru- rals, U. 8. No. 1, 2.25; some fair condi- tion, 2.00. New stock: Supplies liberal; demand light, market steady. North ctmll.nl and Norfolk section Vi ), th-top ve barrels, Cobblers, U. 8. No 1, 3.7584.00, mostly 4.00. ‘Watermelons—Sup) lln moderate; de- mand moderate, market steady. Florida, Europe now, where the cartel lyxwm of fixing prices is openly recognized by leading industrial countries, court cases are frequent in which individual husiness firms are being punished and fined 101‘ selling goods at prices below the figure fixed for the commodity by the general combination. _How greatly Germany has gained by Money to Loln -lu ou. Morlgue Money Loaned At Low Interest Rates Tyler & Rutherford Hepresenting Mutual Benefit Life Ins. Ce. 1520 K Street Main 475 é._omplete Inwestment Service Gieeer & Co. .ANQ(‘D. INVESTMENT BUILDING WASHINGTON, D.C. Telepbone, Main 2460 ‘Tom Watsons, 28-30 pounds nenu. 55a65; 20-22 pounds average, 35; gg:mrb average, 75a85, mostly 'Is urmond Grays, 30 pounds average, matoes—Supplies liberal; demand modznu market slightly weaker. Mis- lllslppl 4s, green, ripes and turning, No. 1, 140a1.50, few low as 12& South Carolina 6s, green, ripes and turning, wrapped, fancy count, 4.00 0, hotce a3 00a8,50, Tow low as 2.50. String beans—Supplies liberal; de- mand moderate, market slightly 'Iel.k:r Carolina, North hampers, gree: 1.2581.75, mostly 1. 50-1 T Nertolk section VI -peck hampers, green, 200a2.50. Black Valentines, 1.50a1.75. Nearby Maryland, bushel baskets, qrun. fine quality and condition, 2.5082.76. Cucumbers—Su moderate; de- 2.00. Norfolk m{,‘:& v A ham) green, stock, Dem_sn. upplies moderate; demand ll.lht mlrlec steady. North Carolina, 1 _hampers, white, 1.251.50. Nor- Virginia, bushel hampers, demand Ppepper demand ids, pepper Carrots—Suppl! 3 light, market steady. Californis, West- ive an indirect effect to Germany and probably indirectly un- beneficial on New York and London, now the great world exchange centers. The new bank, chartered to deal in every form of internstional exchange, and possessing the German annuities as & base, may come to operate as a new, important and wrnpetlun internation- al money center. FOREIGN EXCHANGE. (Quotations turnished by W. B. Hibbs & Co.) Nominal gold Selling checks lue or London, Faris, l These people pre- | Beril on which Auuna, they consider business ought o be|Medrid: Dese late to elimination of sharp practice| Er More than $8,000,000 worth of Ameri- can automobiles were imported into Ar- gentina during the first quarter of this year. First Mortgage Loans Fair Rates of Interest J. LEO KOLB 923 N. Y. Ave. Dis. 8027 First Mortgages For Sale JAMES F. SHEA THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares A TRUSTEED i “.m...' Standard Collateral Shares Corp. Franklin 3783, Weodward Blds. Underwriters - Distributors INVESTMENT SECURITIES Wasnincron Orrics 737 15th Street N. W. Telephone, National 1053 e Marn Orrics - Barrivons Furniture That Spells Success HE minute you sit behind a Standard desk you feel successful. Because Standard desks are impres- sively made. Convenient, too. You find everything arranged just like you had planned it yourself. Standard desks your choice. ern lettuce crates, bunched, few sales 3.76; Norfolk section, half. rel crates, bun Corn—=8u] light, mar} lettuce m'u. crates, 3. Florida, size, 4.0084.50. TREASURY CERTIFICATES. Reported & W. Sell an & gfl-’v AR ;Ll!l\ fllfl%‘”‘ Bis £ans. New York are the choice of the successful busi ness man—that is why they should be We represent Standard desks exclusively in Washington. G. M..P. MURPHY & CO. WASHINGTON Richmond Philadelphia MEMEERS New York Stock Exchange ‘Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Market Copy of our “Fortnightly Review™ on Request 1508 H Street Connecticut at K Main 9600 ‘mmum-nn FINANCIAL. Please Name Address FEIRST Over a Third of a Century Without a Loss B. National 2100 THERE 100,000 New Investors Bought Cities Service Securities in 1928 The 19th Annual Report of Cities Service Company, just issued, shows that 100,000 investors were added in 1928 to the secunty- holders of this $900,000,000 organization, bringing the total to more than 450,000, the second largest list in the world. Send for a copy of this Annual Report and full information about Cities Service Com- mon stock. Mail the coupon HENRY L. DOHERTY & CO., 634 Southern Bldg., Wuhinlton. D. C. send me information about Citles lcrvlmtxmmnnl The Cities Service organization operates public utility and pe- troleum properties in 4,000 com- munities in United States end Canada. Annual- Report lnd full MORTGAGES SATISFACTORY RETURN WITH SAFETY You can invest your surplus funds in our * 6% FIRST MORTGAGES —and know that every dol- lar will bring its return. Prin- cipal amply secured; interest definitely assured. May be purchased in amounts frém $250 up. F. SAUL CO. 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY Going to Yellowstone? To see Old Faithful geyser, the fa- a- RE you going “out west” this summer? mous Paint Pots, all the other mar- vels of Yellowstone? And are you taking in the Grand Canyon, Glacier National Park— the myriad wonders of the West? You can do it, of course, if you have a sav- ings fund placed in some sound investment. The steady, non-fluctuating returns on your money will allow you to plan ahead—and to take your vacation trip without touching a cent of your earned income. Swartzell, Rheem & Hensey Company has helped hundreds to make their vacations times of pleasure, and enjoyment of new scenes—through the interest returns on the 6% First Mortgage Notes offered through this House. Paying a regular, unfailing return, in two annual installments, these Notes have back of their guarantee of profitable securnty this record: Sixty Years of Business Without a Loss To An Investor, SWARTZELL, RyEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET N.w./ WARHINGTON D.C.