Evening Star Newspaper, December 5, 1929, Page 12

12 *%x FINANCIAL. » THE EVENING STAR. WASHINGTON, t DO, THURSDAY, DECEMBER 5. 192, BOND PRICES MOVE [ == IRUNDS e =a Received by Private Wire Direct to The Star Office IN NARROW RANGE Extensuve Purchases in All Classes Shown by Re- cent Records. Special Dispatch to The Star. NEW YORK, December 5—Bond prices were higher at the opening to- day, dropped off a little during early profit-taking and then verged into ir- regularity, with fluctuations confined to narrow limits. Volume was light compared with re- cent sessions. Many new issues lately on the market have provided for a large part of the reinvestment demand, and dealers were reluctant to load them- selves with further outstanding issues in view of the many new offerings still in prospect. Dealers’ sheets toda timt they have been extensive buyers of 21l classes of bonds and notes recently. which they probably expect to resell some time before the end of the year. The heaviest trading was in the new Chicago & Northwestern 4%;s, which opened today down an eighth. ' Liberty Fourth 41;s were next in volume, sell- ing within 2-32ds of the high for the year. Prime domestic bonds were firm, price fluctuations being but fractional. The widest gain was in New York Cen- tral 5s (2013) up more than a half- point. There was little feature to the rest of the list. Speculative bonds followeda me example of the high-grade list. Junior railroad issues were perhaps more active in point of sales, buc fluctuations were narrow. Florida East Coast 5s continued to sell at their low ce for the year. International Great rthern adjustments were up a poiny. Dbut still 10 points below their 1 high level. West Shore Railroad firsc 4s were up !>, equaling their high ot the year. Convertibles were inclined to weakness. In the foreign department, the gains outnumbered the declines. Colombia Mortgage Bank 7s were up 11> points. but other South American issues were unchanged to a shade lower. French, Belgian and German descriptions were strong. Belgian 6'2s were up a point and Belgian 6s improved fractionally. A group headed by the Bankers' Co. of New York was awarded $24.266,000 ! of City of Detroit 1 to 30 years' bonds | today on a bid of 100.009. The issues are divided into $6,953.000 of 4';s, $12,- 313.000 of 415s and $5,000,000 of 5s. The Erie Railroad has asked permis- sion of the Interstate Commerce Com- mission to pledge, from time to time, $12,000,000 of its general lien 4 per cent bonds as collateral security for short- term notes. The application explains that the short-term notes will be issued to cover capital requirements pending a more suitable market for financing long-term securities. SAVINGS DEPOSITS UP IN BALTIMORE BANK Savings deposits in 12 mutual savings | banks in Baltimore aggregated $189,- bfl' 31, 1929, a higher figure than either $189,193,610 on September 30, 1929, or | $186,476,148 on October 31, 1928. Time deposits in 61 regularly reporting mem- ber banks on November 13 totaled $241.- 376,000, compared with $245,051,000 on | October 16 this year and $243,460,000 on November 14 last year. A considerable part of the decrease in time deposits in Teporting member banks between Octo- ber 16 and November 13 was due to the transfer of Christmas saving funds from time to demand deposits on or about November 1, according to the Federal | Reserve Bank report. Washington Stock Exchange| SALES. Capital Traction 5:—$1,000 at 913, $1,000 at 9135, $1,000 at 9112, $500 &t 913, $2,000 at 9114, $500 at 913, Capital Traction Co—10 at 757, 10 at 75, 5 at 5%, 10 at 75, 10 at 175, 5at 75, 5 at 75, 3 at 75, 2 at 5, 35 at 75. Potomac Electric 515% pfd.—10 at 104. Washington Gas Light—3 at_100. Barber & Ross com.—100 at 17%. Federal-American Co. com.—5 at 33. Merchants' Transfer & Storage pfd.— 25 at 100. Mergenthaler Linotype—4. at 104, 10 at 1047, 10 at 1047, 50 at 105, 12 at 105, 20 at 105, 30 at 105, 3 at 105, 2 at 105. National Mtge. & Inv. pfd.—300 at 33, Peoples Drug Stores ptd—10 at 105. 10| al AFTER CALL. Potomac Electric 5 f 10415, 2 at 104, 10 at 1041; Bid and Asked Pnces. BONDS. PUBLIC UTILITY. d—20 at Amer. Tel & Telga. 45 ARacosti Anacosty & MISCELLANEOUS. nc.. 6! nnderml( Hotel M- Co Wash. Cons. Title 6s.... STOCKS. PUBLIC UTILITY. NATIONAL BANK. ! Capital TRUST COMPANY American Security & Trust Co. 4 Continental Trust Washington Lown &' Triist SAVINGS BANK. Bank of Bethesca. Commerce & Savings. East Washington American Corcoran Firemen's National Union. TITLE INSURANCE Columbia Title Real Estate Tiile.. Tutle & Inv. of Md. com. . MISCELLANEQUS. Barber & Ross. In Chevy Chase Dy Cor oana" & Oravel pid (‘ummertlm Nnu Co. btd C. Paper Dist Natl - securitles btd. Federal Storage b - Federal-American Co. com Federal-Amer. pfd Lanston Monotype. Merch. Trans. & S Meren. Trans & Stor. pl ec! e co \iakh Medical Hide: Gorp dward & Lothrop pid.. *@s dividend. Argentine bs. .. Argentine § Argentine 6s A.... Argentine 6s B... Australia 4% s 66.. Australia 6s 1955.. Australia 55 1957.. Austria 7s.... Bank of Chile 6148, Rank of Chile 6%s Belgium 6s... Belgium 6%s. Belgtum 7s 1 Belzfum 7s 1 Belefum 7% Bolivia Bordeaux 6s. Brazil 61651926 Brazi] 615 192 Brazil 7s. Rrazil 85 Bremen State 7s. Canada 5s 1931 Canada 5s 1952 Chile 65 '60 Chile 6361 Chile 7s 1943.. Colombia 63 Jan '61 Copenharen 4168 53 “openhagen §sct.. Cuba 5% Crecho 8s 1 Danish Munfc 8s A Danteh Munic 8s B. Denmark 43s. ... Denmark 518 55 henn‘av‘k ... 6« Nov 63, . st 16847, El Salvador 8s 48. Filat 7s war "46 Fiat 7s X war 48, Finland 5%s. . Finland s f 63 '45. Finland 7s.... Framerican 7%s, French 7s. French T4%s. German E1P 61 German 7= Ger Gen Elec 7s. Greek 6s 1963 Hait1 6s. ... Hungary 7%s. Irish Free Stat. Ttaly 7s. Ttallan Japanese 4s. Tapanese e, . Karstadt 6s 1943 Kreuger&To'l bs ct Lyons 6s. Marseille 6s. Mex 451904 asn Mexico 5s asnt Milan 635 Montevideo \'emenan(h 6s Ncrway 65 1944... Norway 6345 1952, Orfent dev 534 58. Paris Orleans 534s. Paris-Ly-Med 6s. Paris-Ly-Med 7s.. Peru 6s 1960. Peru 65 1961. . {Peru 7s... Poland 6s 40 Poland 7s (rets) Poland 8s... Porto Alezre 8, Prague 7%s. Queensland 7s. Rhinelbe Un 7s. RhineWst EP 7s 50 Phine Wst E P 63 6¢ Rio de Janerio 6148 Rio de Jan 85 1946. Rio Gr do Sul 6s 4 Sao Paulo 1950 Saxon (PW) Seine 73 42 Serbs Cr SI| Serbs Crot Sl Shinyetsu 6% 62 Solssons 6; Sweden 5%s. Sweden 6: Swiss 5145 1346 Swiss Confed 8s. Toho El Pow 7s Tokio bs. .. Tokto 6%s 1961 Uruguay 6s 1960. Uruguay 8s. 52, Yokohama €s. MISCEL! Am Chem 5% cv 4 Am NatGas 63 s 42 Am Sugar Ref 68 Armour Del 6%s At Gulf 68 59. . Atlantic Refin bs. Bell Tel Pa 68 B. Bell Tel Pa Bethlehm Stl pm Beth Steel rf 5s. Beth Steel 6% Bethlehem Steel Bklyn Edlson 5 Chile Copper 6s. Colon 011 ] Col G&El 6s Ma Con Coal Md 6s ConGas N ¥ 6%s.. Den Gas 5s. Det Edison Duquesne Fisk Rub Sen Cable Hurnible O1] 6s. Humble O & R [11 Bell Tel 6s. 111 Steel 4345 40. Inland Stl 4%s 78, Intl Cement 6348 Int Mer Mar 6s Laclede 5 Lacle, Lautaro Nitrate Loe Lorltllara McCormck ER 6; Midvale Steel 6s. Montana Pw deb b Mor's&Co 18t 434s. Nat Dairy 6%s. Nat Radlator 6%4s. N Y Edison 6 2 10117 10115 5 10521 10518 Con Pow Japan 7s. . Dutch East 16s 62.. Abram&Straus 5%s Alleghany Cp 63 44 Allezhany 5s 49 wi. Am Int Cor 6%s 49. Am Smit & R 1st b8 Am Water Wks 5s. . Am Wrtg Pap 63 47. Aromur&Cod%s39. Bush Term Bldg 58 Certain-Td 6%s rcts Com Invest 533 *49 Lou Gas & E bs 52, IJNITED STATES. 000.) High. Low. 9912 9911 1018 1016 3:15. 4911 1016 10115 100 6 105 21 108 21 11221 1006° 1006 108 21 108 18 11221 11218 FOREIGN. . High. 5 90 99% 9914 4 100% 101% 106 106 108 108 106 106 115% 115% 1 8 sty 56 051 101% 101% R11 82 R4 81% a0 914 100% 101 100 100 4 100% 100% 100 4 109 109% 6 1101 110% 10 110 91 9% 101 101 104 104% 101% 1018 10116 101% 101% 10215 106 107 110 110 911 9% 8T KTk 8816 90 978 9T% % 1044 104% 1104 1107 117W 117% e 4 ¢ SR xuER punorBtontwnniens 17 German Rank €s 3 3 10615 100% 100% 88 83 9% 98 100% 101% £6% 5% | - RRelawli 1024 1023 T4 T4% 4 4 94% 101'% 1011 % 101% 101% 1 3 W w0 wLmwBana k 3, 10215 10214 96 9615 1004 100% i 103% 1044 5103 103%% 1024 102% 88 8 96% 96W; 101% 101% 103 104 5% T8 e BART AR nleRBa oy 109% 109% 95 995 99% % 100% 100% 9lta S1% A1% 827 102 102 75 . T6% 99 99 *814 7 5 9 3 5 2 1 1 1 8 T 9 3 6 9 4 8 4 106% 1065 T8% T8% 88 B9 90 © 90 o 100% 1004 5 103% 10315 101% 1025 \ 102% 102% 10 110 9815 981 74% £814 Utd Kingm 63%s 37. % 95% 95% LANEOUS. 27 101% 100% 101% 55 102% 62 102y 16 S 1041 106 T4% 4% 1011 1013 103 103 145% 149% 1003 100%, T5% s'm % 102 102 104 104 104% 105 101 101 1024 102 105% 107 5 104% 10474 104 10435 101 101 6214 83 1004 87 4 62 62 . 105% 106 99% 99y 102% 102 lnm 108% 9315 105% 105% 9w 914 4 100 100% 101 101 lo'w, 1031 D11 o e Intl Match bs 47..,, 10514 102% 100% 102% 102% 100 100% 99% 89% s NewEngland Tel bs No Am Ed 6%s Nor Ohlo Tré&L 6: Nor States Pow Pacific Gas & E Pac T & T 1st 6 PacT& THsb Pan Amer Pete Pan-Amer Pete 7: Paramount 6s 1947, Pathe Exchange 7s. Peoples Gas b8 Phila Co 6s 67. Phila & Read 6849 Philips Petro 6%s. Por Rie Am Tob 6s Postal Tel & C 6%3 Pressed Stl Car 6. Pub Ser 43s. RemingtonAr 6s 33. Rem RnA i %= war., Richfield Ofl 6s "44. Sinclar O11 6s. Sinclair Ofl 6%4s. .. Sinclair Of1 7s. .... Sinclatr Crude 5% s Sin Pipe Line 6 Skelly Ofl 6% 8 South Bell Tel 68 Southwest Bell bu. So Por Rico Sug 7s. Stand O11 N J 46. Stand Ol N Y 43 Tenn Cop 63 B "44. . United Drug bs 63. U S Rub 1st rf bs. US Rub7%s Utah Pow & Lt § Vertientes Sug s.. Walworth 6%s 35. . War Quinland “s ‘39 Warner Sug 7s 41.. West Elec bs Westn Unfon s Westn Unlon 6% White Eagle O § Wick-Spen cv 7s Willys-Ov 6%s33.. Wilson & Co 1t 6s. Win RepeatAr 718 Youngstn S & T 5s. Ann Arbor 4s. . Atchison adj 4s. Atchison gen 4s. . Bang & Aroos 4s 51. Boston & Maine 6s. Brooklyn Elev 6%s Bklyn Manhat 6s. . Bklyn Un El 6s sta. Buft R & Pitts 4%, Bush Term con b; Can Nat 4%s30. Cun Nat 435 54, Can Nor 7s. . Can Pac deb 4s. . Can Pac 53’44 rets. Car Clinch & O bs. . Car Clin&Ohlo 6s 52 Cent of Ga 5sC 59.. Cent Pac 4s. .. Cent Pac 1st b3 Ches & O Corpn CB&QIII3%s. Chi B&Q gen 45 53 CB&Q4%s77B.. Chi&E Il gn 5s 61.. Chi Gt West 4s 69. Chi Ind&L ref 5s. C M & St P Gen 89, Chi M&StP 445 E. . Chi MiISP&Pac5s76 CMSP&Pac adi5s03 Chi N W 435 2037.. Chi&NW 4% s 1987, * g ChiRT&P4is.. . Chi St P&O 6530 Chi T H Inc 65 60. .. Ch1 & W Ind cn 4a. v CCC & St L 58 D. Clev Term 53 Cuba RR 7% Del & Hud 1st rf 4, Duluth S S & At 6s.. EastTenn Va&Ga 6a Fla Bast C 68 74... Fonda J&G 4%s 52. Gr Trunk st ab 6 Grand Trunk 7s, Gt Nor 4%5 76 D. Gt Nor4%s E Gt Nor 6%s. Gt Nor gen 1, Hav El Ry 6%s 51.. Hocking Val 4% Hud & Man a1 5s. Hud&Man ref 6s. 111 Cent ref 4s. Int & G Nor s 1956 Int & G Nor adj 6s 5 Int Rys C A 6%s ret Towa Cent rf 4 Kan City Ft S Lake Shore Lehi Val cn i LehiVigen 4348 2003 Long Is deb bs. Long Is deb 5s 34 Louts&Nash unt 4s. L&N4%52003.... Louis & Nash 5s B. Man Ry 1st 43 90 Market St 7s 40 Mil El Ry & L 65 61 Minn & StL ref 4s.. M StP&SSMcn 4s. . M Stp & SSM cn §s. MStP&SSM5s38gtd MK & T 1st 48 MK&T4%s78. M K &T adj 6s. MK &T orin 6s A, Mo Pacific gen Mo Pac 53 A 65 Mo Pac 6s F 77.. Mo Pac 563G 78 Mo Pac 6%s 49 evt. 1 Nat Ry Mex 45 77.. NOT&Mb%s NOTex &M bs N ¥ Cen gen 348 Y Cent 4= 9 ¥ Cen deb 4 YCrfim4l Y Cen rf b8, Y Cent deb 6s. ... Y C&StL 4%sC.. T ¥ ¥ C&StLb%e A C&StL6%8 B N YC&StL6sA.. NY NH & H3%s'04 NY NH & H 45 '56. NY NH&Hdeb 48’57 NH NH&Hart 438 NY NH&Hart clt 62 N N N N N N N N N 925 | NYSta 104% 104% 984 9914 1067 107 1104 111 NY Sus&Wn gen NY Sus&Wn 5837, NYW&B4 Nor & S gen 68 64. .. 99% 99% Nor Pac 8.caseame: — SN TSIO POPN T b SRR - ch - rom aa W mas 3B Sales. High. Low. Tenn Elec Pow 6s 4’ 18 Tex Corp v 5 1944339 Transcontl Ol 6%s 11 Utilitles Powr 6345 38 RAILROAD. e @l 19 3 57 1 1021 99 102% 2:55 102% 99 102% 4 101% 97%4 106'% 1021 100 99y 30 284 100t 100 99 981 104. 104 101 100% 79 8015 * 79 Atchdeb 438 43... 111 135% 1 100% 2 1091 100 91% 1010 % 1013 100% 1005 1097 81 1033 1011 76% 1013, 100 100 108 81 m., 4 1021 1013, 1007 16015 1097, | Ging instead of the sale of certificates ITREASURY FINANGE PLAN S EXPLAINED Discounted Bill System Has Been Used by Britain for Many Years. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 5.—The por- tions of the annual report of Secretary of the Treasury Mellon yesterday which most interested bankers and dealers in Government securities were those de- voted to an exposition of the proposed new method of Treasury financing with discounted bills. Mr. Mellon reviews in his report the development of short-t:ym Government financing through the issue of certifi- cates of indebtedness This medium was put in use extensively for the first time during the war. It was found uecessary to issuc certificates in large quantities in anticipation of loans and uf tax receipts. The banks throughout the country were encouraged to sub- scribe to them. Subscribing institutions made payments for the certificates al- lotted to them not in cash but in book credits, which was a convenience to the Government. After-War Practice. At the end of the war the certificate of indebtedness continued as a means of taking care of current Government requirements, and it was put to an equally important use in the refunding of Liberty bonds. Maturities of the different series of certificates were made to coincide with tax dates and also with the amount of anticipated tax receipts. g the years of easy money the Treasury was able to reduce Gover ment interest charges by retiring ma- turing certificates with a new series at a lower coupon rate. In the past year and a half it has been compelled on ral occasion® to advance the rate of interest on ne ficates over that of long-term loans, which were being taken up in part with the proceeds of these certificates. In general, however, the certificate of indebtedness has been of advantage in reducing total interest requirements. Secretary Mellon's re- port indicates that between August 31, 1919, when the peak of the war debf was Teachied at $26594,267878 to Au- gust 31, when it was downh to §om0s s, the annual _interest charge declined 41 per cent, while the interest-bearing debt was reduced a trifle over 37 per cent, or, in round figures, approximately $10,000,000,000. The purpose of inaugurating a new kind of Government issue is reviewed at some length in the Treasury report. The differences between financing with Treasury bills instead of certificates are mainly those by which the proceeds of the sale are received in cash instead of in deposit credits at depository banks, | the payments of discount in advance rather than of interest at regular in- tervals and the fixing of a price and of a discount rate by competitive bid- Nor Pac 418 2047 Nor Pac 6s D. Nor Pac rf Ogden&Lake Ore Wash 1st 4 enna con 448, . Penna gen 4348, Penna 4%s 63... Penna gen bs. Penna 65 64 Penna 6%s. Penna gold 7s. Pa Ohfo & Det 434 8. | Pere Mar 1st 4 66 Port 1 P L 6s. Port RL & P b: Port RL P 6s47... Reading gen 434 A RIATK & L 4%, St IM&S gn 6 StL IM&S R&G SIL&SFpldsA SIL&SF 4%s7 StL &S Fprinbs.. St L&S F gen 63 31.. StLS W lstds.... StL 'S W con 48 32. StLS W 6352, StP & KCShL 4 %3. Seab AL ref 4 Seab AL adj 68 49.., Seab AL con ¢s. ... SBAIlFla6s35A, Sou Pae clt 4: Sou Pac ref 4 Sou Pac 4%s Sou Pac 4% 6: Sou Ry gen 48 Sou Ry con b: Sou Ry 6s 66 Sou Ry 6%4s. Term Asso S L4s. . Tex Ark FS §%s 60 Tex & Pac bs B 1977 Tex & Pac bs C 79 Third Avead] bs Tol Tr L&P 6% Unlon Pac 1st 4s. Union Pac 45 68.... Unton Pac 1st rf 4s. Unton Pac 4%s 6 Ulster & Del 4s 52 Ulstr&Del 5528 sta Virginia Ry 18t 6s. Vv Rv & P bs. Va Southwn con 5s, Whbash 43%s 78 ret; Wabash 1st 6s Whash 5s 76 B’ Wabash 2d 6s. Whash 5% 76 West Maryland 4s. West Md 6% s 77 West Pacific 6s. .. . West Shore 4s 61... Wis Cont en 4= 49 100% 100t 4 103% 80 97 Money to Loan Secuged by first derd ot trust on real e Prevailing_ interest an a ‘ \llt Joseph 1. We ler :]"“T REAL ESTATE I.OANS Made at Low Interest Rates TYLER & RUTHERFORD Advantages Incident to direct representation “1520 K St. N.W. National 0475 Buy and Sell ALL ISSUES Bank and Benefi lr;u-‘lmelll Trusts S. W. Straus & Co. Mehlman & Co. Woodward Bldg. Dist. 8848 First Mortgage Notes 6% Glover & Fléther 1508 H St. N.W. the Government in line with current market conditions. Advantages of Method. The advantages of the new method, according to Secretary Mellon, are manifold. Among them are the ability of the Treasury, out of competitive bid- ding for bills, to realize the lowest dis- count rates consistent with market con- ditions and the sale of bills to coincide exactly with the need for funds, and in this way save interest on money borrowed before it is required. Other benefits are in timing maturities to the actual collection of income taxes and to take advantage of periods of seasonal use for short-term borrowing instead of offering large issues of securities during a period of temporary money stringency. One of the troubles of the Treasury Department in its financing operations the past year has been the difficulty price. Several of them dropped well below par shortly after they were put out, to the embatrassment of the Gov- ernment. Secretary Mellon believes that this will be obviated under the new arrangement, since the discount rate is fixed by the market and the bills are bought for cash by those who mean either to hold them as investments or for secondary distribution. 3 Finally, an advantage is to be found in that “the banks and the investing public will be furnished with a new instrument for the investing of tempo- rary surplus funds with frequent and convenient maturities.” Practice in Britain. nar years the British tgeasury has em- the treasury Bl as a most | of holding new issues at their original | 5 practical medium for obtaining current funds. American bankers and dealers in investment issues, however, have had little experience with it and are just now trying to set up the machinery for making bids and establishing a second- ary market for the bills. Fortunately, the new mode of Government financing will have its test in a period of low money rates and coincides with the greatest demand for short-term grade securities that Wall Street experienced in many years. . TRUST COMPANIES, Banca Comm Ital B Interstate ot Germanic Int Germanic Ltd. Irving new . Law Title & Municipal New York S0 Title Guaranty Trust Co of North Amer United States .. ‘Through the generosity of an anony- mous donor every prisoner of the Wal- ton Jail, in England, and all inmates of a poor farm wore Flanders poppies on last Armi: the high yield of— 1435 K St. N.-W. You Kliow— That you have an absolutely safe investment that requires no atfention on your part and on which you will receive SIX PER CENT . When You Obtain Your FIRST MORTGAGE NOTES Nat. 2345 Richmond 1510 H Street tion. SAEE PIRST our Owver a Third of a Century Without a Loss National 2100 Naticnal 1753 THERE THE SERENITY OF That of financial safety inevitably accompanies the purchase of 69 FIRST MORTGAGES —Dbecause experience teaches that they are soundly safe; that there is no chance to lose— cither principal or interest. May be purchased in amounts from $250 up. B. F. SAUL CO. IS NO SUBSTITUTE FOR SAFETY G. M.-.P. MURPHY & CO. New York WASHINGTON Philadelphia London New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy of our “Fortnightly Review” on Request Connecticut at K National 9600 Private Wires and Telephone to New York Interest Compounded Twice a Year To become successful one must be “thrifty.” Success means effort and oftentimes sacrifice, but success is the highest ideal of one’s ambi- Systematic saving through this Association will instill in you that spirit of thrift which will start yon on the road to success. Dollar or more will open your account. One Christmas saving checks will be accepted on accounts or cashed for you COLUMBIA BUILDING ASSOCIATION 716 11th St. N.W. UNDER GOVERNMENT SUPERVISION MORTGAGES SECURITY “coinfortable” feeling 925 15th St. N.W. We Recommend for INVESTMENT the Immediate Purchase of AMERICAN FOUNDERS CORPORATION COMMON STOCK We also Recommend the Purchase of UNITED FOUNDERS CORPORATION COMMON BROOKE,STOKES & Co. Washington Phone District 2672 2.z UNQUESTIONED SAFETY . 61/2% First Mortgage Notes Secured on homes in best Northwest resi- dential section of Washington. Denominations, $100 and up We will be glad to show ydu the properties on which these notes are secured. Phone — Write — or Come in to See Us McKEEVER & GOSS, Inc. 1415 K St. N.W. Nat’l 4750 Members, Mortgage Bankers Association of America 222077000 Verdict on Verdi Guiseppe Verdi, who wrote the musical scores to Rigoletto, Il Trovatore, Aida, Falstaff, etc., was once refused admission to the Milan Conservatory “on the ground of lack of musical talent.” ' Verdi was not discouraged—he knew he was on the right road to success. Eventually he won— just as the man who saves his money regularly, and invests his savings in a sound, non-fluctuating sdeurity, knows he is making the right preparation for the future— despite the scoffing verdict of those who still tell tall tales of “easy money” made in dangerous speculative stocks. In the sixty years of its existence, the Swartzell, Rheem & Hensey Company has started thousands of small investors on the road to success—the First Mortgage Notes sold through this company have provided them with a secure and constantly growing income, lead- ing to financial independence in future years. Through the storms and stress of three-score years, these Notes have never wavered an iota in value—and no investor has ever suffered a penny’s loss. SWARTZELL, REHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.w./ WASHINGTON D.C. 7 S AL - Cities Service subsidiaries control @ complete system of petroleum refineries and marketing facilities. You buy an income when you invest in Cities Service Common Stock When you put your money into Cities Service Common stock, you become part owner of one of the ten largest industrial enterprises in the country—a company whose steadily growing net earnings are now the greatest in its history. And you do more.— You receive monthly dividends in cash and stock equal, at present prices, to an annual yield of over 6% on your investment. HENRY L. DOHERTY & COMPANY Southern Building (@& Washington, D. C. Branches in principal cities CLIP AND MAIL THE COUPON Name. Please send me full information about Cities Service Com- mon stock. Address. 22