Evening Star Newspaper, February 18, 1930, Page 13

FINANCIAL. NEW Y&RK Private Wire Direct to The Star Office. [~ —— BANKERS T0 ASSIST INSTITUTE DINNER Many Will Serve as Members | of Reception Com- mittee. BY EDWARD C. STONE. It was announced today that several | Senjor Washington bankers will assist @5 members of the reception committee at the twenty-sixth annual banquet of ‘Washington Chap- ter, American In- stitute of Banking, which takes place mext Saturady night at the Wil- lard. Among them ;fll be George O. American National Bank: George W. ‘White, president ot the National Me:- Spaid, partner in W. B. Hibbs & Co., all being past presidents of Washing- ton Chapter. T. Hunton Leith, chairman of the dinner committee, and A. O. Dooley, chairman of the information commis tee, believe that there will be over 800 at the banquet. The time for reserva- tions closes today, so that the exact number will be known soon. Accept- ances show that there will be many out- | of-town guests from New York, Phila- delphia, Baltimore, Richmond, Norfoik, Roanoke and other cities. The junior bankers believe it will be the best affair of this kind that the local chapter has ever given. A. E. Henze of W. B. Hibbs & Co., wnt of the chapter. will preside. invocation will be offered by Rev. ‘W. W. Shearer. The guest of honor and principal speaker will be W. Joseph Evans of the Federal Reserve Bank of Dallss, Tex., national president. Wil- mer J. Waller, president of the District of Columbia Bankers' Association, and Henry H. McKee, chairman of the Dis- trict of Columbia Clearing House Asso- tion, are to bring greetings from their respective organizations. Hemphill, Noyes Office Opened. Hemphill, Noyes & Co., members of the New York Stock Exchange and un- derwriters and participants of invest- ment securities opened their newly established Washington offices today on the mezzanine floor of the new Shoreham Building, Fifteenth and streets non.hvm.o‘ 1_1111,: nmc; i:’ under the ent omas J. Mangan, g—. l‘mfl been associated with the vestment business in Washington for several years. Associated with Mr. Mangan are Robert K. Carpenter and Nevins P. Gardner, in the stock de- it and ’lhm'nlsfl?).‘ BonGel,d"jh Mr. Carpenter and Mr. Gardner with investment prior to their new Hemphill, Noyes & Co. have branch offices established in various other cities throughout the country as well as Canada and the Washington office 1s its tmty'-'f:‘!‘m brmman.’ -mm'e‘ office is equipped com] acilities for a and general investment business, with a complete private wire ‘The firm has been prominently as- sociated with the financing of many public utilities and industrial concerns such as the American Chain Co, Electric_ Auto-Lite, Richfield Oil Co., Pacific Public Service, Thatcher facturing Co., -Biltmore Hotels, American Commonwealths Power, Trico ‘ashington Stock change today, to which he was elected Jesterday by the board of governors, seat so0 long held by the late J. Bell. Mr. Howe has been very active in the local financial district il ly gral 8 other members. Rollins Joins Investment Firm. It was announced at the office of E. H. Rollins & Son, in the Scuthern Building, today that Charles E. Rollins, with Stein Brothers & Boyce for the ing dis- Broker Club Plans Pushed. Plans for the organization of an @ssociation among the brokerage houses 4n this city which represent New York Stock Exchange firms were given an- other boost at a meeting held late yes- terday. Fifteen of the sixteen broker- age houses in this class wese repre- sented. Articles of incorporation for the association were presented and dis ‘They will be submitted to each firm for acceptance, the next meeting to be held in about two weeks. B0 much interest has been manifested that the association is now certain of formation. “The Ticker Club” has been u‘: an excelleot name for the Exchange Trading Quiet Today. Capital Traction opened trading on the Washington Stock Exchange today, 30 shares selling at 87. Eleven shares then changed hands at 86%. Five | shares of Merchants’ Transfer & Storage | ferred came out at 100 and 25 shares of Real Estate Mortgage & Guaranty preferred sold at 7. Security Storage | Co. sold at 115. 1In the bond division Barber & Ross 6%s moved at 88% and 89 and Capital Traction 55 at 951 Lanston Monotype stock has been added | 3 man" of issues being quoted ex jend. Commodity Prices Higher. Commodity advanced one- tenth of 1 per cent during the week ended February wholesale price index of the National Pertilizer Association here. grains, feeds and hogs. However, grains declined at the week end. Four groups declined and only three advanced. ‘Twenty-eight items declined and 25 advanced. Heard in Financial District. Prancis G. Addison, jr., vice presi-| dent of the Security Savings & Com- mercial , and L J. Roberts, assist- f the Riggs National Bank, oyer the rad o'clock, their subjects hav- been announced. . Kresge Co. has declared Gov. Roy A. Young of the Federal Reserve Board will be a special guest of honor at the Midwinter trust conference ‘which opened today in New York. More ,500 and financiers have red for the closing banquet on y night. P COAL PRODUCTION. By the Associated Press. National production of bituminous coal, for the latest week estimated by 15, according to the | . ext ~Prev. 1030.~ Hish i) 1833% 118 32 Notice—All stocks are sold those designated cepting by which shows those stocks to be THE EVENING STAR, WASHINGTON, D. C, TUESDAY, FEBRUARY 18, 1930. STOCK EXCHANGE Sales of Each Stock Complled to 13:30 P.M. Stock and Low. %5 Abitibi Power & Pap. 64% AbitibI P& Ppf (8).. 45 Abraham Straus 11% Advance Rumley. 22 Advance Rumley pf. 1 Ahumada Lead...... Alr Reduetion (3)... 21 Alr Way El Ap(3%). 1% Afax Rubber........ 116% Alabama & Vicks(8). 7% Alaska Juneau. .. 23 Alleghany Corp 9515 Aileg Corp pf (5%) 894 Alleg C pf (5% )xw.. 255% Allied Ch & Dye(n6) 49% Allis-Chalmers (3). 18 Amerada Corp (2). 615 Am Agricul Chem 27 Am Argicul Ch pf. 77 Am Bank Note (13 7 Am Beet Sugar. 40 Am Bosch Magneto. . 46% Am Brake Shoe(2.40 8% Am Brown Bov Elee. 60's Am Brown B E pf(7) 117% Am Can (4)... 781 Am Car & Fdy (6) 110 AmCar&Fpf(7).. 75% Am Chain pf (7). 36% Am Chicle Co (123%). 26% Am Com Alco(n1.60) 23% Am Encaustie (2)... 35 Am European Seo. .. 88% Am & For Power.... 107 Am&Forn Pwr pf(7) i9% Am Hawallan S S (3) 27 Am Hide & Lea pf... 55% Am Home Prod(4.20) 36% Am International (2)+ 2 Am LaF & Foamite 947 Am Locomotive (8. 111% Am Loco pf (T)..... 210 Am Mach & Fay (7). 44 Am Metal (3). . 110 Am Metal pt (8) % Am Piano. 77 Am Power & Lt ($1) 100 Am Pow & Lt pt (8). 304 Am Ra&Std San 1% .. 126% Am Rad & S S pf (7). 20% Am Republies....... £013 Am Rolling Mill (3). 59 Am Safety Razor (5) 17% Am Seating (2). 197 Am Tobaceo (B) (8). 105% 27 99% 50% 44% 108 5% 4 95% 88% Am Water Wks (n1). 99% Am Water W 1st(6). 7% Am Woolen. 19% Am Woolen pf. . 8% Am Zinc Ld & Sm... 56 Am Zine pf (6). 69% Anaconds Copr 35 Anchor Cap (2.40) 24% Archer-Dan-M (3 5% Armour Il (A) 2% Armour 11l (B). 219% Atch T & S Fe (10).. 166 Atl Coast Line (110). 69% AtlG & W Indie: . 36% Atl Refining (12).... 811 Atlas Powder (4). 101 Atlas Powdr pf (6). 175% Auburn Auto (§4, 3% Austin Nichols. 24 Austin Nichols 37 Auto-StSafRA (3. 4% Aviation Corp Del 30% Baldwin,Loco (1.75). 111 Baldwin Loco pf (7). 115 Baltimore & Ohlo (1) 107 Bamberger pf (§3%). €3 Bang & Aroos (3%).. 2% Barnet Leather. ...., 20% Barnsdall. A (2) 14 Beacon Ofl. . . 60% Beech-Nut Pk (3).. 80 Belg N Ry pt pf b.49. 32% Bendix Aviation (3). 314 Best& Co (2). 92 Bethiehem Stee! 122% Bethlehem 8t pf (7). 74 Blumenthal pf (7). .. 47% Bohn Al & Brass (3). £0% Borden Co (k3) Brooklyn & Queens, , Bklyn&Queens pf 4) Bklyn Union Gas (5) Brown Shoe Co (3)... 184 Bruns-Balk-Col. 99 Burns Bros A ( 22's Burns Bro: 93 Burns Bros pf . 434 Burr Add Mach (1).. 36 Bush Termnl (2%).. 100% Bush 'm deb (7).. 4% Butte & Superior (3) 3 Butte Copper & Zine. 16 Butterick Co. 80% Byers (A M) gg&. Calif Packing (4)... 1 Callahan Zinc & L. .. E1% Calumet & Ariz (10) 29 ) 54 Caterpilir Trac t3%. 35% Celotex (3) 30% Cent Alloy 8 81% Cent Alloy ctfs (2).. 3% Century Rib Mill 53% Cent Rib M1 591a Cerro de Pasco (6).. 11 Certain-teed Prod... 36 Cbecker Cab (4.30).. 63% Chesapeake Corp (3) 36 Chi & East 11l pt. 13% Chi Great Western, ., 24 Chi Mill St PAPac. .. 41% Chi Mill St P&Pae pf 84 Chicago& N W (5).. 22% Chi Pneu Tool. 114 ChiRI1&Pae (' 100% Chi R1& Pac pf 57'% Childs Co (2.40. 33% Chrysler Corp (3) 8% City Stores (1 133% Coca-Cola (4). 14% Collins & Alkman. 36% Col Fuel & Iron (3).. 7 24% Columb Graph . 168% Columblan Carb (16) 23% Com Credit (2). Comm Credit A'(3)., 36 Coml Inv Tr (g1.60). 11~ Com Inv Tret war,.. 27% Comm Snlvents (1), 12% Comwlth&Sou (60c 13% Congoleum-Nairn, 45 Congress Cgr (15%). 60 Con Cgr prpf x 15% Consol Film (2 Consol Film pf ¢ 96% Consol Gas N Y (4). 99% Consol Gas NY pf(8) 49 Consol RR Cub pf(8) 1 Consol Textile 12 Container Cor A 1. 4% Container Corp B, 39 Contl Baking 5% Contl Bakin . 88 Contl Baking pf (8) 50% Contl Can (3%). 59 Contl Insur (3.40) 6% Continental Motor: 19% Contl O/l of Del. 27% Contl Saares (1), 8744 Corn Prod (13% 244 Coty, Ine (k2) 26% Cream of Wht 10% Crosley Radio (1) 43 Crown Cork & Seal. . 17 Crown Zellerbach(1) Steel ( Dividend Rate. Add 5% 90 133% 130 5 30% 30 2 2% 9y 108 116% 116% 2 M TN 47 34 3oy 4 106% 105 2 96 P = g Se amnasdabuTuTBubucomnanLanandSniman~ o, =33 1008 10 5 308 3 Ed 3 % 3 20 10 4 1 6 12 13 1 El2)..., 332 104% Col Gas & El pt A(8) 24 126 89 35 17 5 24 23 220 121% 1184 4 100% 100% 100% 100% 9 59 59 b 1% 19% % 49% 85 93% 61% a0 70 6% 2 % 32% 105% 33 54 92 105% 304 184% 8214 17% b3% 70 20% 24 119 1% 208 T 49% 6% 984 120% 59 1% 19 % 51% 6% -Prev. 1030.~ igh. Low. ™ Stock and Dividend Rate. ugar pf % Cuba Cane S pf ctfs Curtiss Wright Corp. 328 Curt Wright Corp A.. 109 Cushman's pf (7) 40s Cutler-Hammer. 1 Davison Chem...... Delaware & Hud (3, Del Lack & W (17). Denv&RG W pf Detroit Edison (8). Devoe & R, A (2.40) .. Diamond Match (8). Dome Mines (1) Drug Corpn (4) Duplan Silk (1) Duplan Silk pt (8)... 10s Dupond de Nem (4). 101 Dupontd Ndeb (6).. 3 Durham Hos pf new. 30s Estn Roll Mili(ht2), 26 Eastman Kodak (18) Eaton Axle & 8 (3) Eltington-Schild. Eitingon pt (6%) Klec Auto Lite (6). Electric Boa El Pwr & Lt (1) Pwr & Ltpf (7)., c Storage Bat (5) Endicott-John (6)..., Eng Pub Serv (11). Eng Pub Sve pf (6).. Eng Pub Sve pf (5%) Equitable Bldg (3%) BrieRR... .o Erie R R 18t pf (4) Erfe R R 2d pf (4 608 1 12 1 Evans Auto L(32%). Fairbanks Co. % Fairbanks Co pf. Falrbanks Morse (3), Fash Park A Fed Motor Tr Fed Wa Ser A A Fid Pho Fire 1(2.60). Filene’s Sons. s Firestone T&R(1.60) Firestone T&R pt(6) First Nat Strs (23). Fisk Rubber. Florsheim Shoe A Freeport, Texas (15) Fuller pr pt (17.94)., Gabriel Snub A. Gamewell Co (6. Gardner Motor. Gen Amer Inves: Gen Am Inv pf (6).. Gen Am Tnk Car(34) Gen Asphalt (4) Gen Bronze ( 161 96 107% Gen Electric (1.60) Gen Elec spec (60c) . Gen'l Food Corpn (3) Gen Gas&El A (te2). GenG & EI pt A (8). Gen Ital Ed w.i. a2.61 General Mills (3) Gen Motors (13.30) Gen Motors pt (7). Gen Outd Adv A (4). Gen Public Serv (b6) Gen Ry Signal (b Gen Refrac (1434). Gen_Theat Equip vt Gillette Saf Raz(n5). Gimbel Brothers. Gimbel Bros pt (1) Glidden Co (h2) Gobel (Adolf). Gold Dust (234). Goodrich B F (4) Goodyear Tire (5). Goodyear 18t pt (7). Gotham Silk H (2%) Graham-Paig Granby Copper (3). . Grand Silver Strs (1) Grand Union........ Granite City Stl (4). Grant (W T) (1). Grt North pt (6 Grt North pf et GtNctsOP (a3k). % Grt West Sug (2.80). Grigsby Grunow (3). Gulf Mo & North Gulf Mo & N pt Gulf Sta Steel (4) Gulf St Stl 18t pt(7). Hackensack W (1%) % Hann Dept Stor Hall (WF) Ptg Hanna (M A) 1st (7) Hartman Corp B 1.20 Hayes Body. . v Motor 1.80, P pt (1) Hershey Choe (5). .. Hershey Choc pf(15) Hocking Val (10)... Holland Fur (et2%) Hollander & Son. ... Houdaille Her B (2). Housed F pf 13.12%.. Household Prod(14). Houston Oll......., Howe Sound (14%) Hud&Man Ry (3.50) Hudson Manh pf(5) Hudson Motor (5) Hupp Motor (£2). 8 1034 26 15% 26% 115 4 Illinols Cent pf (6).. Independ O11 & G (3) Indn Motorcycle pf..300s 29 Ingersoll Rand (4) Inspiration (4) Insurance Sha . Interboro Rap Tran. Intercontinental Rub Intl Cement (4) Int Combustion Inter Comb Eng pf.. Intl Harvester (2%4) Int Hydro EL A (e2). Intl Match pt (4).... Intl Mer Marine (1).. Int Nickel of Can (1) Intl Pap & P A(2.40). 4 Intl Pap & Pwr B.. Intl Pap & Pwr C. Int Pap & Pwr pf (7) Intl Printing Ink (3) Intl Print Ink pt (6) Int Salt (6). Intl Stiver ( Intl Silver pf (1), Int Tel & Teleg (2 Inter Dept 8t (2)..., Intertype Corp (2).. Investors Equity(2). d Creek Coal(4) Island Creek pf (6).. Jewel Tea (4) Johns-Manvil] Johns-Manv pf (7) Jones & Laugh pf(7 Jordan Motor Car. Kan City Sou (5).... 1 Kaufmann)D8 (1%) 1 Kayser Jullus (4)... 11 Keith-Alb ly-Spring Tire. .. Kelly-Spring 6% pf. Kelsey Hayes (2) Kelvinator Corp. Kennecott (5) Kreuger&Toll ( ). 45 Kroger Gr&Bak(n1), 35 1)... w(16) Liggett&Myrs B(16) Liggett& My pf (7). & Lima Locomotive 10 Link Belt (2.60)... tluuld Cllrboniu ). Loose-Wiles (2.60) Lorillard (P) Co. % 8y 136 LouG&EIA (1%) (Continued on Page | 811y 16% 98 127% 116 47 23% 207% 6214 244 8% 3 136% 44U e e changing hands in the first two hou | | | ity RALLY IN STOCKS BRINGS 0UT BUYING Trading Expands as Many Issues Are Pushed to New High Marks. By STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, February 18.—The rally in stock prices, which started around midday yesterday, was resumed with vigor 1n today's market under the leadership of the high-grade industrials and public utilities. Scores of issues were marked up 1 to 6 points in the first few hours of trading, many of them to new high levels for the year, while the few stocks which deciined in the early trading made up all or part of their losses by early afternoon. Trading showed a marked expansion in volume, nearly 1,800,000 shares with the ticker running 10 or mo; minutes behind the market most of the day. Call money renewed unchanged at 4'2 per cent with indications that the rate would be maintained all day. Some calling of loans took place during the morning, but these were offset, by offer- ings of new funds. The time money market was quiet. Wall Street found plenty of en- couragement in the fact that the rise in brokers’ loans has not kept pace with the rise in stock prices in the last six weeks, which was construed as an indi- cation that buying was for the account of strong interests. ‘The weekly condition statement of | the Federal Reserve showed that secur- | loans of member banks dropped $10,000,000 in the week ended Feb- | ruary 12, but they were still $166,000, 000 above the total a year ago. Despite the recent strength of the market, and its abllity to consolidas the year's gains, several of the con- servative commission houses have ad- vised their customers to keep in a liquid position, and not to extend long committments at this time. United States Steel common crossed 189 to the highest price since the November break. Westinghouse Electric moved up about 6 points to 1794, which contrasts with the low of 100, estab- lished last October. American Tele- | phone, Pacific Telephone, National Biscuit (old), Otis Elevator, ‘Air Reduc- tion, Atlas Powder, International Busi- ness Machines, Auburn Auto, Warren | Bros. and United States Industrial| | Alcohol all sold 4 to 6 points above yesterday's final quotation: | One of the most interesting dbvelop- ments in the day’s news was the an- nouncement that steel mill operations | | generally had been stepped up to 81 i per cent of capacity, as against 76 | | two weeks ago. | Railroads were neglected in the late | afternoon when traders were buying prominent industrials and specialties. High-priced stocks continued as the pace setters. American Telephone hov- ered around 238, National Lead climbed 734 and Otis Elevator 9 points. The close was strong. Sales approximated 3,800,000 shares. NORFOLK & WESTERN JANUARY NET GAINS| “Norfolk & Western Railway Janu- ary gross revenues were about $9,100,- 000, net operating income was about $3,500,000, and net income after taxes and charges was about Arthur C. Needles, president, said. Gross revenues of $9.100,000 in Janu ary would compare with income of $3,500,000 would compare with $2,910,639. Net income of $2,600,000 would be equal, after allowing for 4 per cent pre- ferred dividend requirements, to $1.79 a share on the 1,406,507 common shares. “So far in Februar Mr. Needles stated, “the road's carload business is approximating that of February, 1929, and the present prospect is that bus ness and earnings for the first quarter of 1930 will equal and perhaps slig) exceed those for the first quarter of 1929." DIVIDENDS DECLARED. NEW YORK, February 18 (#).— Regular. Pe- Paye Company, Rate riod. able. Auto Car Co pt 3200 @ Bendix _ Aviation: .’ an Cem Lid p Elec Cont & Mfe . Equitable Cas & 8ii 50¢ First Ty Bk 8ik Corp % b .8y Hanna (M'A) & Go Bt od... Hidrs. of Tes M 22e 283555558 puece.s s 3a [DRZZRZZZZZRO0ODO0 O 22353833 First Mortgages Safe—Conservative 42 Years' Experience work for you at the highest inter- est rate consist- ent with absolute safety. Wm. H. Saunders Co. Inc. REALTORS 1015 1433 K $2,600,000," | 036,456 re- | ported for January, 1929. Net operating | tly | TRADE REVIVAL HELD ON SOUND BASIS Advance More Than “Rebound,” Asserts Trade Journal in Review- ing Latest Improvement. The view expressed in some quarters that current trade recovery is only a “rebound” and will be followed by fu: ther reaction, is countered by the Fi- nancial World, which points out in its issue of February 19 that there are yery definite indications that this will not be the case. “Our two most barometric indications are new construction and steel produc- tion,” says this financial weekly, “The former is far more important and the fact that new construction contracts in- creased in January over December, against seasonal expectation, and the fact that the volume of contemplated new construction in January reached an unusually high level, is our best current augury as to the future of general trade. “The steel industry is also barometric because steel now being produced must subsequently have labor and other ma- terials which will make for increased activity.” NEW SECURITIES. NEW YORK, February 18 (F).—New securities offered today include: Marshall Field & Co., 540,000 shares no par common stock, priced at $50 a share, and offered by Field, Glore & | Co. and Lee, Higginzon & Co, FINANCIAL., #xd A-13 Investment Securities Ing S Tierds 5% eesent Shrb "harte Eras coui'ruml)‘ NIXON."isis K st. Money to Loan u [l deed of trust on real estate, F. B. KEECH & COMPANY We maintain complete departments and private wires for the execution of orders in COTTON GRAIN SUGAR COFFEE RUBBER H CORNER 17TH ST., N. W,, WASHINGTON NEW YORK cmicaco PHILADELPHIA rrovioENCE Members of New York Cotton Exchange New Orleans|Cotton Exchange Liverpool Cotton Exchange, Ltd, (Assoe. Members) Bremen Cotton Exchange (Assoc Members) Winnipeg Grain Exchange Chicago Board of Trade N. Y. Coffee & Sugar Exchange, Ine. Rubber Exchange of New York, Inc. New York Stock Exchange New York Curb Market Empire Public Service Corporation, $3,500,000 20-year 6 per cent gold debentures, due 1950, and priced at 941, and interest, to yield about 6.50 per cent. Offered by Yeager, Young & Plerson, Inc., and Hale, Waters & Co. CHICAGO DAIRY MARKET. CHICAGO, February 18 (4).—Butter, easy; receipts, 10,552 tubs; prices un- changed. Eggs, weak; receipts, 16,344 i extra firsts, 32; graded firsts, ordinary firsts, 29 to 29'5. Wm. Gordol'l Buchanan Councilor & Buchanan Certified Pablie A". tants T r Bulldi: National 6110-6111-6213 (Telephone Directory Omission) TRUSTEED SHARES the IDEAL yestors’ YIELD of principal Specially long-term in- vestments ~ for individu funds and funds of ory Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation ward Build ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly President James F. Shea Secretary First Trust Money Available JAMES F. SHEA 643 Louisiana Ave. N.W. First Mortgages *200,000 v- For construction and re- financing apartments and office buildings. Louis P. Sl;oemaker 1407 New York Ave. Ni First Trust and Construction Loans Applications Invited Glover & Flather 1508 H St. N.W. National 1753 G.M.-.P. MURPHY & CO. New York Richmond 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 1510 H Strect WASHINGTON Philadelphia London Capital and Surplus, $3,500,000.00 It’s Mere Prudence —for a man of family to have his affairs in such order that when the inevitable happens minimum trouble will ensue, " in settling his estate, fTo insure economy and efficiency in carrying out your Will, name this come pany as Executor or Trustee. 10ur Trust Oficer will welcome op~ portunity to go further into this important matter with you. National Savings & Trust Company The Oldest Savings Institution in_the District of Columbls 6¢th Yr. Corner 15th & N. Y. Ave. > 2 % 2 V2 UNQUESTIONED SAFETY First Mortgage Notes Denominations, $100 and up ‘We, will be glad to show you the properties on which these notes are sectired. McKEEVER & GOSS, Inc. 1415 K St. N.W. Nat'l 4750° Members, Mortgage Bankers Association of America Hemphill, Noyes @, Co. MEMBERS NEW YORK STOCK EXCHANGE 15 BROAD STREET NEW YORK ANNOUNCE THE OPENING OF THEIR WASHINGTON OFFICE SHOREHAM BUILDING MEZZANINE FLOOR TELEPHONE—NATIONAL 5333 WITH COMPLETE FACILITIES FOR CONDUCTING A GENERAL INVESTMENT AND BROKERAGE BUSINESS THOMAS J. NGAN, JR. mMANASER PRIVATE WIRE CONNECTION TO THEIR NEW YORK OFFICE AND TO THE FOLLOWING CITIES: cmicaso CINCINNAT INDIANAPOLIS THACA JacksonviLLE ®ANSAS CiTY LANCASTER uncoLn LouisviLLe MaAcon MILWAUKER MINNEAPOLIS MONTREAL NASHVILLE IRST MORTAS WORTHY OF RECOMMENDATION People compliment your judgment when they ask you Connecticut at K National 9600 to advise them in investment matters; but they also place a heavy responsibility on you if they follow it. You can always recommend our— 6%29% FIRST MORTGAGES —and your advice will prove sound and their funds will be safe because these mortgages are supported by conservative- ly appraised, income-producing real estate, ver a Third of a Century Without a Loss May be purchased in amounts from $250 up. . B. F. SAUL CO. National 2100 925 15th St. N\W. THERE IS NO SUBSTITUTE, FOR SAFETY