Evening Star Newspaper, January 25, 1930, Page 22

FIN BONDS IRREGULAR | o= == BONDS e e BUSINESS ISPLAYS AT SHORT SESSION Rails Are Prominent in Day’s | Turnover—Foreign Cred- its Active. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 25—Taken as | & whole, the bond market today pre-! sented an irregular appearance, but the fact that the majority of the strong spots were in the rails, both high grade and junior, indicated a broader invest- ment demand. This, of course, was partly due to railroad earnings reports, most of which showed decreases in De- cember, but surprisingly healthy in- creases on the year 1929. Some of the buying came from the stock market, where more liquidation followed a higher level of prices. Many of those who succeeded in get- ting out of stocks ran to the shelter of United States Government bonds, which had a rising tendency. Prime rails to ad/ance were Atchison General 4s, Baltimore & Ohio first 4s, Canadian National 5s and Great North- ern 7s. Becond-grade rail bonds in demand included Chicago & Eastern Tilinois 5s, Chicago & Great Western 4s, Florida East Coast Ss, Missouri-Pacific 5128, Seaboard 6s, Boston & Maine 5s ane International Railways of Central America 6'5s. There was some buying of con- vertibles, but trading in these bonds has dropped off enormously since the height of their popularity last Fall. A fair volume of buying of foreign dollar credits was attributed to foreign manipulation, some of it preparatory to the floating of the reparations bonds and more immediate German financing incidental to the re-establishment of Germany on a secure credit basis. French, Belgian and Japanese descrip- tions were active at their highest |evefl, South American bonds were dull and inclined to weakness. Next week American municipalities are scheduled to seek a little over $25,- .000 in this market. New financing of Insull Utilities, Inc, is to take the form of an additional $50,000,000 of stock, instead of bonds, as had been intimated. Washington Stock Exchange SALES. Capital Tracticn 55—$1,000 at 933. Potomac Electri 55—51,000 at ic Cons. wégxlsitgg_tm Gas 65 A—$200 at 102, $300 Continental Trust Co.—10 at 133. Fiomies Drug Stores pta-10 st 103, Bid and Asked Prices. gites. 38g=s5s o . » 80 100 88 93 £ NATIONAL BANK. ational Capital. lumbia, . eret Pustrict ederal-, Liberty R x National Bank 'of Washington. TRUST COMPANY. {fmerican Becurity & Trust Co. ntinental Trust...... Security Savings & Commerci) Seventh Street.. e Tnited States. Washington Méchani itle. Real Estate Titis Title & Inv. of Md. com.. MISCELLANEOUS. Barber & Ross. Inc. Cnevy Cnase Dairy pfd Columbia Sand D. C. Pa zLEfi.}EEEEsEusgz ze Ter. Ref. & Wnr. Corp. ‘The Carpel Corp.... Wash. Mech. Mige. cos Wash. Medical Blds. Co Woodward & Lothrop pfd. *Ex dividend. Unlisted Department. BONDS. Asked. ke Club 5s.. lub 41 Commereial Club' st s Metropolitan Club 458 Army-Ny Cosmos G B Frai Contral" unsey Trust Co.......... North ‘Capital Savings Bank Northeast Savings Bank. Park Savings Bank. Raleigh Hotel Co.. Washington Savings Bank.. .. Waininsion Tiue fas, Cac n 2 ] Woodridee-Lansdon Sav. Bank SHORT-TERM SECURITIES. (Reportec by J. & W Seligman & Co.) fi:l: lChlllllel‘l Co. 5s 1937 H“} ANCIAL., UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Lib3%s..... 5 9831 Lib 18t 4% Libdth4%.. FOREIGN. Sales. Argentine 5%s62.. 14 Argentine 6sJu 59. 1 Argentine 63 Oct 59 4 Argentine s A.... Australia 4348 56.. Australia 6s 1955. . Australia 53 1957.. Austria 7 Bank of CI Bank of Ch B 97 7% 9TW 82 90% 1% % 103% 103% 93% 93 95% 95% 108% 109% Canada 5s 1931 Canada §s 1952 Chi}, Senlesniicraan~Suantn - 0. Chile 78 1943 % Colombla 63 Jan 61. watamammme S0 Danish Munic $s B Denmark 43%s. Duteh East 1 Flat 7s war 46. French T%s. German Bank 6: German 7s. Greek 65 1963 Haitl 6s. . Hungary 7% 2 Irish Free State bs. Ttaly 7s.... Norway 65 1944. ... Norway 6145 1952.. Orent dev 5% 58. .. Orient Dev'mt 6s 53 Paris-Ly-Med 6 Paris-Ly-Med 78 s Rio de Jan 85 1946, Rio Gr Do Sul 8s... Rio Gr do Sul 6s 48. Sao Paulo 1950..... Saxon (PW) 7s. Seine 7s 42. Toho El Pow Toho El Pow Tokio 5% 19 Utd Kingm § Uruguay Warsaw 7s 52 MISCELLANEOUS. Alleghany Cpbs 44 55 99% 99% Alleghany 5545.... 24 99% 99% Am Agri Chem T%s 5 103% 103% AmChain6s33.... 5 90% 99% AmChem §}scv 49 29 103 Am IntCor5%s49 4 94 Am Smit& R 1st s 21 101 Am Sugar Ref 6s.. 4 103% 103% Am T & T 6s 65 wi. 184 100% 100% Am T&T ev 4%s 39 288 141% 139% AmT&Teltrbs AmMT&Ts1bs. Am Tel & Tel 6 Am Armour&Co 4%s Bell Tel Pa 5s C. Bethlehm Stl pm s 14 101 Beth Steel rf 58, Bethlehem Stee] Chile Copper Col G&E! 5s May 52 Com Invest 538 49. Com Invest €5°48. . Con Coal Md bs. 3 : Fisk Rub8s....... Gen Mot Ac Cor 6s. Gen Stl Cast 5155 4¢ Goodrich 6445. Goodyear 5s ret: Hoe & Co 6% 5 Humble O & R/ Humble O & R 5%s 111 Bell Tel 63 Inland Stl 4% Int] Match Int Paper 58 47. . inter Paper 63. int Tel & Tel 4%s. . It Tel&Tel 4348 ¢\ Kan City P & Lt 5s. Kan G & E6s62.... Lacleds G 5%8 52. . Lautare Nitrate 6s. Ligget&Myers bs 51 Loew’s. Inc 6 Loew's 65 w o war. Lorillard 58 Lorillard § Lorillard (P) Midvale Steel & Montana Pow 4 Montana Pw deb Mor's & Co It 4%s Pacific Gas & El 53 PacT & T 1st bs. PacT & T 5s52. Pan-Amer Pete Paramount 6s 19: Pathe Exchange 7s. PhilaCo5567..... Phila & Read 65 49 Phillips Petro 514s. Plerce Oil deb 8s Postal Tel & C5%s PubSer4ls...... 1 Remington Ar 6s 3; Rem Rnd 5% war.. Richfield O11 Sinclair O Sinclair Ol 7 v Sinelair Crude 6%s 9831 9831 16 100 20 10019 10019 63 100 31 100 31 10013 102% 1024% 105 91 7 100% 1 100% | 100% | 101 THE EV RAILROAD. Atchison gen is... 3! Atch deb 4145 43. At & Dan 1st 43 43. Adlantic CL Bklyn Un El 6t Bkiyn Elev. 6% Buff R & Pitts 4 %8, Bush Term con Can Nat 43%s5 30 415854 Can Nor 4% 1935. M Cent Pac 1st 63 90 Ches & O Corpn bs. Ches& Ocv 4%s. .. Ch & O 4%s wi 1995 Ches & O gen 4%s. . Chi&E 111 gn b8 51. Chi Gt West 4s 59, CM&StPGen3$9.. Chi MilSP&PacbsT5 CMSP&Pac adjss03 Chi&NW conv 4% s Chi& N W 7s. Chi Rys bs. ChiR1&Prf 4 B T T - T e L 1 5 Cuba Nor 5% cts. Den & Rio G cn 4s.. DRG& Wst b8 55.. DRG & Wst 58 78. Erie Gen 4 Erieconv4sA... Erle conv Erle cv bs 67 Erle conv £x 7s. Fla East C58 74 Hud & Man a) bi 111 Cent 4s 52. Kan City Term Lake Shore 4s 31. Lehigh Valley 55 2 Buaan mwwae h Louis & Nash 7s. Man Ry 1st 4s 90. Mil El Ry & L 65 61 M St P&SSM cn 4s.. MStP&SSMéYy MK&T4%s78 - T9°7S e Mob&Ogn4si3s... NOTex&MGsB e LT [} c c 2222 B CH&H 4% 67. NH&H cv db 6s. (>3 N N NHE&Helt 6 o 722 g . g N I Nor Pac 4345 2027 Ore Wash 1st ¢s. - Bealammwe v Penna Gold Pere Marq 1st b PCC&StLSsA. PortEIPL 6s StL IM&S R&G ¢ SIL&SFpl4s StL&SF 4%s 7 StL&SanFrin§ S&L&SF gen bs31.. St L&SW con 43 33. SanA & Arn Pés... SeabA L 4 Seab AL con Seab AL Sou Pac ref 4s. Sou Pac 4%3 69 ww Sou Ry gen Sou Ry 6356 Sou Ry 6%s.. » SSanBuaconalan 88% 99% 31 - o Eavw venZ50 as Union Pac 1st 4s... Un Pac ist rf 48 Virginia Ry 1st 68, Whash 418 78 rets Wabash 1st 5s. West Md 5%877. Wis Cent gn 48 49 NEW YORK BANK STOCKS. :murlr,‘; e mer Union Bank of 08 Bway Nat Bryant Paik heral Erdustr 1o atison 3] World Exc! Yorkville .. Trust Companies. Bankers_nel Law Ti a Manufacturers SIGNS OF INCREASE Weekly Reviews Call Atten- tion to Effect of Weather on Recent Trade. Special Dispatch to The Star. NEW YORK, January 25.—Weather conditions retarding the orderly pro- gression of distributive trade from the quiet of the beginning of the year has not obscured the undercurrent of bet- terment in certain quarters, according to the weekly reviews of business and trade. A slight improvement has been noted in some industrial areas, particu- larly in the Central West and t. R. G. Dun & Co.'s weekly review of business says in part: “No broad revival of business has thus far appeared, nor was it to be expected 80 soon, yet something has been added to the gains that came with the turn of the new year. That progress, while limited in scope, has been achieved de- spite different retarding influences, among which commodity price unsettle- ment has remained prominent. “With the main movement of whole- sale quotations still in the direction of decline, although at a moderated pace this week, rchases which might be stimulated by more stable conditions are either being deferred or restricted to small lots to cover immediate and clearly defined needs. tions to that policy are not of deep significance, the general situation being clearly marked by caution in buying and a disposition to await more concrete indications of probable future trends. Hence a wide resumption of activity continues in abeyance, and sta. tistical records still reveal the deleteri- ous effects of last Autumn'’s speculative disturbances. Steel Situation Improves. “The major consideration now, how- ever, is in what lies ahead, and the great steel industry, which is an im- portant barometer, ‘is giving an en- couraging demonstration of recovery. A rise of 20 per cent or more in the aver- age rtae of output from the low point of December is impressive, and the more s0 because it has resulted from actual demands and not from preparations for potential orders. “The balancing of Producuon with consumption in that fleld is a procedure which is being followed in many other channels, but curtailment, rather than increase, is the prevailing phase while adjustments are being completed. Dis- tribution at retail, which obviously has an essential bearing on manufacturing operations, is more uneven, yet much of its variableness has been due to weather handicaps, especially in Wes! ern and Southern sections.” etnamm'n State of Trade says, in part: “Industry, led by the heavier trades, notably iron, steel and automobile manu- facturing and coal mining, the latter reflecting exceedingly cold weather, has made quite fair advances, considering the extent of the quieting down visible in 'mber. In some of the lighter trades, as, for instance, shoes, leather manufacturing, silk and rayon manu- facturing, operations have also broadened. Cotton manufacturing still runs under close curtailment, and in the mining industry copper produc- tion is held down, pending a clearer view of future price conditions and of stocks of metal on hand. Low prices for zinc have brought out good buying. Machine tool buying is more active, Gains in Auto Production. “The steel industries’ broadening of buying demand is most visible in flnu used in automobile, railway and struc- tural lines, with even more price easing noted, ially in plates, sheets and pes. ler forms of steel and of iron show little reflection of this, de- spite hints that the weakness in fin- ished lines may foreshadow shading of prices of the former. :In the largest automobile centers operations, especially in lower-priced cars, have expanded, a sample of this being had in a per- ceptible gain in operations over Janu- a Isolated excep- ry 1. “Some of the other features of the week include reports of a good Snow- cover over the bulk of the Northern Winter wheat area, especially west of the Mississippi from Kansas northward. Heavy rains in Texas and Oklahoma are also re) , but low temperatures have been discou to rural trade, and a good deal of damage has been done to vegetables and truck as far down as the Gulf coast of Texas and to sugar cane in the fields in Louisiana. Cold weather and rains or snows have held down lumber production in |the Pacific Northwest, but rains have benefited 1 and Southern Cali- fornia crops, ‘especially oranges in the lower part of that State, which were | thought liable to injury from earlier cool weather. Lumber output in parts of the Northwest is reported only one- | quarter of capacity. while copper pr duetion in Montana is reported one- third off.” Wall Street Briefs By the Associated Press. Ralph Budd, president of the Great Northern Rallway, sald today that the line of the Chicago, Burlington & Quincy Rallroad from Minneapolis to Chicago is vital to the success of any merger of the Northern Pacific.and the Great Northern Railways. He said that as granger roads the Northerns must have access to Chicago from the Twin Cities. He termed the opposition to the merger as centering in St. Paul and being largely political because of feared reductions in pay rolls and unemploy- ‘ment. The Missouri, Kansas & Texas Rail- road will show earnings of about $5 a share on the common stock for 1929, according to C. Haile, president. In 1928 the “Katy” earned $4.61 a share 'l::z;he common, compared with $4.80 in ‘The steel business is better now than anticipated several months ago and it will improve rapidly in the near future, accordj James Campbell, chairman of the Youngstown Sheet & Tube Co. He sald' that the automotive industry is taking more steel and releasing orders more rapidly than expected. ‘The dally gold statement of the New York Federal Reserve Bank up to 3 p.m. today showed a decrease of $3, 000,000 in the amount of gold ea | marked for foreign account. There were no imports or exports. B NEW SECURITIES. l NEW YORK, January 25 (#).—The | {ollowing securities have been admitted | to unlisted trading privileges on the | New York Curb Exchange: ‘The Baltimore & Ohio Rallroad Co., rights of stockholders to subscribe for 30-year 42 per cent convertible gold bonds, due February 1, 1960, when, as and 1if, issued. Detrolt Gray Iron Foundry Co., 100,- 000 shares no par capital stock. The Flintkote Co., 2,500,000 shares NING - STAR, WASHINGTON, D. C., SATURDAY, JANUARY 25 1930. |PRESIDENT OF COTTON CO-OP KNOWS GROWERS' PROBLEMS By the Associated Press. MONTGOMERY, Ala., January 25 ‘The president of the Government’s $30, 000,000 co-operative cotton marketing | association has a background that| taught him the planter’s troubles. | Allen Northington, heading what is potentially the world’s rle!t‘omrn-‘ izing. | As the only general manager the Alabama Farm Bureau Cotton Asso- | ciation has had in its seven years, he has directed the marketing of upward of a million bales of Alabama cotton and has handled $55,000,000 for the | farmers. | Coming to Montgomery from the | “plowed-ground” country “of his na-| tive Autagua County, i6 miles from | here, Northington was possessed with | the actual experience of the ecotton | farmer, gained in operation of his ex-| tensive holdings. | He is president of a bank at Pratt: ville which deals largely with farmers, nearly all cotton growers, ‘When he seeks refuge from the busi- | ness world he finds it in his rose garden | at his beautiful Cloverdale home. When away from his flowers, Northington likes to hunt and fish with his boys, Allen, jr., 11, and Oscar, 7. | He,was born in Prattville 52 years ago, the son of W. T. Northington. father was organizer and preuzdem of | the Continental Gin Co. of Prattville, a | corporation known to every cotton pro- | ducer in the country. In 1915 he mar- ried Miss Kemper Welch. Northington is a graduate of the Uni- versity of Alabama. His b | | | | ALLEN NORTHINGTON, Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. A proposal to connect the automobile road system of the United States with Alaska by & highway constructed straight through British Columbia is being supported by Western members of Congress for action at the present session and has some chance of get- ting approval. While there are the usual number of obstacles in the path of action, the House roads committee has approved the preliminary measure, which insti- tutes a commission of inquiry, to be composed of representatives of the Federal Bureau of Public Roads of the Interior Department and of the Alaska Road Commission, to treat with provin- cial officials of British Columbia. “While this is naturally a matter that appeals very greatly to my con- stituents,” said Dan A. Sutherland, Delegate to Congress from Alaska Territory, “road organizations in the United States, particularly those located on’ the Pacific Coast, are heartily in favor of the extension. We have a rough estimate that a highway could be put through from the American boundary to Alaska for about $12,000,- 000, traversing territory along the east slope of the Coast Range. Contrary to the supposition of a good many people such a route would be usable most of the year and would have both economic and scenic value. “I am hopeful that with the present trend of public opinion favoring needed public construction we can get a vote on the proposal this session. It is to be anticipated that hearty co-operation will be given the plan by the British Columbia government, which controls most of the territory through which construction must be undertaken." Business Committee. Julius H. Barnes, chairman of the President’s National Business Survey Conference, thought unable to attend the executive committee session with leaders of that organization, which was held earlier this week, has since gone over the data compiled for them, which was also covered in reports taken to the White House. While he en- tirely with the views formulated by the group of executives of the country's major industrial, commercial and transport enterprises, to the effect that the country has overcome the possi- bility of encountering serious depres- sion this year, he considers that emergency organization created at the President’s suggestion should still be kept in existence. “It must be agreed that conditions do not retain the threatening aspect toward national prosperity seen t Fall” Chairman Barnes remarked in a dis- cussion of the outlook, “and that there are definite s of normal business progress. At the same time, it is not our intent to relax any of the policies which it has been decided to develop so far as co-operation between business nnddGovernmenl can carry them for- ward. ““The executive committee will meet again in March, probably in Wi o ton, for a discussion and review of busi- ness trends as they may be apparent at that time. There may be no specific action to take then, but there will be :rponunity to consider the matter in 1 its aspects.” Brookhart’s Bill. Senator Brookhart, Republican, Towa, who loves nothing about the general run of Wall Street methods, has decided to launch another onslaught on specu- lation. He has introduced a bill which would withdraw from short sellers either of st or of commodities on ex- changes the right to use the United States mails. The proposal has been co! ed to a Senate committee for study, and it is sometimes the fortune of Brookhart proposals to die in com- mittee. ‘Though the Towa solon has devised a somewhat novel method of attacking short selling, the general idea of re- pressing such speculative activities is a very old one, and in the long history of stock and commodity exchanges there have been several experiments in the way of restricting or banning it en- tirely. Some of them have resulted disastrously, and all of them have been abandoned in modern times. It is the standard economic view that “he who sells what isn't his'n” does form a risky but valuable service in the stabili- zation of the whole fabric of prices. Most commentators attribute the shocking extent of the 1929 stock mar- ket debacle in part to the fact that the prolonged speculative uprush of prices Established 1899, MONEY TO LOAN 1t Consult Loan Speelalists. Ave. N.W. & Trust during preceding months had practically abolished short selling practices for a long period prior to the break. As a precaution against speculative excess, this view would lean to the theory that' the public interest might be served best by encouragement rather than repres- sion of short operations. But there never has been a time when producers of commodities, agricultural commodi- ties particularly, did not regard the short operator with hostility. Air Passenger Traffic. ‘Though there has been some stimula- tion of passenger traffic on long-dis- tance air lines since a drastic ra cutting polle{ ‘was adopted by several of the principal operations two weeks ago, executives of the enterprises are still hesitant about forming an opinion as to what will be the final results. The Transcontinental Air Transport Service, which runs coast-to-coast serv- ice in conjunction with the Pennsyl- vania and Santa Fe ‘systems, had one or two days of 80 per cent capacity loading of planes after the rates came down, against 30 per cent capacity that had been the average loading prior to its installation. At the same time frequent abandonment of recent trips because of Winter weather has disturbed the calculations. “What we shall have to find out is Wwhether the immediate rush to travel by air at the very low rates means there is a permanent business develop- "fi'" observed Paul Henderson, exec- utive viee ident of the T. A. T. lines, “or w spurt. limited group of people willing to try air travel at low rates, and it may be that there is a steady volume of traffic being built up. Personally, I do not intend to let my own view be- come decided in the matter until we have some weeks of testing of public proclivity.” Most of the air operators agree that the recent fatalities in passenger plane operation are the worst obstacle that has to :u lurmounm!l in m‘ft ;ndelvnr to make T tr )y alr - A fieverl;.‘heeleu. of the bepggr established enterprises are still con- tinuing service, in spite of the prev- alence of operating losses on all but the malil routes. Discount Rate Reduced. BUDAPEST, Hungary, January 325 (#)—The National Bank today lowered FINANCIAL. MARYLAND CASUALTY ASSETS $46,946,158 The Maryland Casualty Corporation reports total assets o December 31, 1929, of $46,946,158, of which stocks and | bonds at market value comprise $33.- 794,133, According to F. Highland Burns, president, the decline in the stock market resulted in a depreciation of $740,305 in securities held by the| company. Premiums collected during the year amounted to $32,852,000 gross and $30.- 925,000 after deducting reinsurance, an increase from 1928 of $622,000 in gross and of $§91,000 in net. The net income after taxes and other charges, but be- fore dividends, voluntary reserves ane depreciation on securities, was $1,869,- | 027. "Of this amount $1,760.999 was in- | come from investments and profit from the sale of securities. The securities held on December 31/ consisted of railroad, municipal, county and public utility bonds. The market value of the bank and trust compan; stocks was put at $3,455,640, of railroad stocks at $1,342,552, of public utility shares at $1,125420, and of miscella- neous stocks $1.336,898. The largest common stock holdings were 4,000 shares of Chase National Bank, 1,050 American Telegraph & Telephone and 6,670 Home Insurance Co. PARIS BOURSE PRICES. PARIS, January 25 (#).—Prices were steady on the Bourse today. Three per cent rentes, 89 francs 90 :::.ume-. Five per cent loan, 105 nes. # Exchange on London, 123 francs 90 centimes. The dollar was quoted at 25 francs 46'; centimes. Natl. $250 Up = e RECORD IN NEW LIFE INSURANCE 1929 Inorease of 5.4 Per Cent Makes Largest Total Ever Purchased in Year. Actual production figures for the year 1929 from 44 member companies of the Association of Life Insurance Presidents confirm last month's forecast that 1929 would be a record-breaking life insur- ance year. These new paid-for busi- ness figures—exclusive of revivals, in- creases and dividend additions—show these 44 companles, representing about 74 per cent of the new business produc- tion, report total new -for business for the year 1929 of $12,885,000,000, which is 5.4 per cent greater than the 1928 volume. This is the largest amount of new life y | insurance ever purchased from these companies in any ore year. The 1929 production was more than double the $5,949,000,000 in 1921, eight years ago, and more than four times the $2,959,000,000 in 1916, 13 years ago. BUILDING ACTIVITY, Another increase in general buildin; activity was indicated for last week l: statistics compiled by the Census Bu- reau. Figures which follow give the average daily total of building con- tracts let in territory east of the Rocky Mountains for the week and compara- blew periods. ‘eek ending January 18, $14,162,00 Preceding week, $13,858,000. y Same week last year, $17,592,000. First Trust Notes Secured on D. C. Property S. Phillips & Co. Realtors 1501 K St. N.W, 4600 Convenient Denominations Now Available its discount rate from 712 per cent to 7 per cent. SWARTZELL. RHEEM anpo HENSEY co, MORTGAGE BANKERS 727 IS STREET.N.W. WASHINGTON,D.C. “An Inventment Announcement™ —to the investor who, ob}egf is to save money and obtain a reasonable return for its use—Buy good sound First Mortgage Notes along a tempor- LASHING F arily strung telegraph line came the word a Nation was awaiting—the last spike, made of California gold, been driven into the newly completed transcontinental rail- road Utah. at Promontory Point, Following the black days of depression, aftermath of the Civil War, it was the crowning achievement of the reconstruc- tion period. New resources, new lands, new markets were opened to American trade. American enterprise again moved toward prosperity, founded on the fun- damental factor of development of land and resources. In that year a new organi- zation was started in Washing- ton—also soundly and sturdily on the principle of de- velopment of land values. Swartzell, Rheem & Hensey Company (founded by its pred- ecessors one month before the driving of the “Golden Spike™) has since that time grown—as Washington and the Nation have grown and prospered. That is why the 6 per cent First Mortgage Notes issued through ‘this Company have achieved an unbroken record of integrity and earning power for almost 61 years, - Once more the country is “turning to the right”— away from dangerous, shaky speculation—toward sound, necessary development. In Washington to- day there are particularly attractive opportani- ties—new property must be developed—new buildings constructed—merely to take care of the constantly increasing population. You may take advantage of these opportunities through the steady, unfailing returns yielded by First Mort- gage Notes. 974 #.“-E;?m?m Do | lkzac slass “A” no par common stock. The Gray Telphone Pay Station Co., 150,000 es of $10 par value common stock. Northern States Power Co. 6 per cemk cumulative $100 par preferred stock. Jantzen Knitting Mills, 100,000 shares no par common stock. * Peck & Hills Furniture Co., 1,000,- 000 shares no par common stock. United States Electric Power Cor- poration, 20,000,000 shares no par com- mm'“fn'fix d Telephone & Tel h New and Telephone clegrap Co,, rights for mgd".wnll shares of $100 Sin Pipe Line 5s. Skelly Of1 6%s Co. 8%as 1937, 8t South Bell Tel §a.. b lug0. edse . 63 1937 1013 S5 1940..... 100 Gooayear T. 8705700 91 Grand Trunk of Canada 8 1936 108 | Guif oil of Pa. 85 9942 Humole Ol §lGs 1932.. Internat. Match Corp. Stand Ofl N J 46 Tenn Cop 65 B 44 Tenn ElecPow6s Tex Corp ev 58 1944 Transcont Ofl US Rtub 7348 Union Pac 43%% Utah Pow & Lt 5 3 !v 15, l:g Utilities Pow 5%s 87% i 3 H par capital Na 8. Walworth 6545.... 1 87 + 87 13 Yy k‘ 199 tional Power & Light Co., 500,000 [ o 6 1026 101% 102 :u' fi':. 16 108% 1085 1%% ¥ e 2 100% 100% 100% Shanghal, China, has & building shares $6 cumulative no ferred 11 101 100% 101% boons " stock. T iTh AN TREASURY GEITII’I—C_ATES. I aw ratenRiatuely. Selignen & Con. 101 1 995, 100 1 96 9814 01 % Washington Gas 5 Light Company H & 3 235nsEugiengesy Wiison & C: Youngstn i F A