Evening Star Newspaper, March 8, 1930, Page 19

UP DISTRICT TOTAL Bank’s Review Explains Sales Gains in Fifth Federal Reserve Area. . BY EDWARD C. STONE. Washington and Baltimore held up the average of department store sales in the fifth Federal Reserve district in January, according to detailed reports from the Federal Reserve Bank of Richmond. The average for the month ‘was above that of almost all the other Federal Reserve districts in the coun- try. The review for January and the first half of Pebruary says ! “This month we inciude figures in the table on retail trade from 35 lead ing department stores in the fifth Re- serve district, an increase of 5 stor over the number which reported regu- larly in 1929. Four of the additional stores are located in North Carolina, giving that State better representatios in the statistics than it had previously. Sales in January for the 35 stores as a whole were slightly larger than total sales in the same stores in January, | 1929, but the increase was almost en- tirely due to favorable returns from Baltimore and Washington. “Outside of these two cities, only four stores reported higher sales in Januaiy this yeal than in January a year ago, one of the four being in North Carolira and the other three in West Virginia. Of the 35 reporting stores, including those in Baltimore and Washington as well as those in the other cities, only 13 stores reported higher figures for last month. Percentage changes in sales varied very widely, ranging all the way between an increase in one store of 49 per cent down to & decrease in another of 41 per cent. Rate of Stock Turnover. “Stocks carried by the reporting stores at the end of January, 1930, were | 2 lower than stocks on hand a year ago, and also showed a seasonal reducticn | in comparison with stocks on hand on | December 31 as a result of the usual January clearance sales. The rate of | turnover of stock was slightly higher in January this year than in the corre- sponding month last year in most of the stores, but Washington showed a small decline in this item. At this time in 1929 retail trade in Washington ‘was better than in most sections of the district, however. “Collections in January averaged slower than in January, 1929, due to a falling off in Baltimore and Washing- ton. The other cities stores showed a percentage of outstanding re- ceivables as collected in January this year than in 1929. ‘Wholesale Shoe Sales Up. “Wholesale trade in the Richmond Pederal Reserve district was seasonally better in January than in December, but was below the volume of business done in January, 1929, according to reports from 69 firms in five leading lines. All lines reported materially Jarger sales in January than in Decem- ber, shoe jobbers showing the largest increase, but all lines except shoes re- lower sales than in January t year. The unusual decline in drugs was due in part to large sales on ac- count of an epidemic of influenza. “Wholesale stocks increased in Jan- uary, preparatory for Spring trade, and at the end of the month stocks of groceries and shoes were larger than a year ago. Dry goods and hardware stocks were smaller this year. “January collections of receivables oumndlntuon January 1 were slower in every line reported upon thap in January, 1929, groceries showing the smallest decline. Employment Outlook Better. “No material change occurred in em- ployment conditions in the fifth Reserve district during the past month, but cts for additional work later in he year improved. There is evidence,” the Richmond Bank continues, “of an increase in construction activities to be begun during the first half of 1930, and some industrial plants-are reporting in- ore “For example, a_car manufacturing plant in Richmond has recently an- nounced receipt of a large order for box cars from a leading railroad, which will enable the gompany to give em- ployment to a large number of men for several months. A new cigarette plant now nearing completion in Richmond will open shortly and will employ several hundred new workers, most of whom will be women. “On the whole, the outlock seems to ‘have improved distinctly since the first of the year, and with the approach of warm weather to lighten the expenses of living the unemployment sitation should be less serfous than for the past few months. “Contracts awarded for construction work in the fifth Reserve digirict in January, this year, totaled $2’ .132‘555.I including both urban and rural con- struction, compared with $28,747,575 awarded in January, 1929, and $27,- 606,830 in January, 1928, the closeness of the three figures apparently indi- cating about the normal seasonal awards last month. Robey Elected Assistant Cashier. At the regular monthly meeting of) the board of directors of the Bank of Commerce & Savings yesterday, Fran- cis Robey was elected an - assistant cashier. Mr. Robey has been in the employ of the institution 17 years, en- tering. its service as a runner and be- coming, in turn, a bookkeeper, receiv- ing teller and note teller. At the meeting Martin A. Leese, a director of the bank, received congratu- lations from fellow members of the board for his recent presentation with @ medal from the Cosmopolitan Club for unselfish service to the District of Columbta. Bankers Push Radio Plans. ‘The question of an educational cam- ign casmnz fiduciary service by nks and trust companies was referred to the fiduciary committee by the ad: vertising committee of the D. C. Ban ers’ Association at a meeting held yes- terday under the chairmanship of Eliot H. Thomson, It is understood that these two committees will co-operate in whatever action may be taken. The fiduciary committee is' expected to arrange for the speakers and the program. The advertising committee will then submit the idea to all the banks having trust departments for | thelr approval. Financial District Notes. Washington, D. C., cleared $28359,- 000 this week against $20,577,000 last week. This is & decrease of 34 per ;:;r;; from the corrupog:dmg week in C. C. Morgan, co-manager in the local offices of G, M.-P. Murphy & Co., has left for a visit to Oklahoma City and Tulsa, Okla. Willard Emerson of the New York office of Hemphill, Noyes & Co., and Arthur_Guy, manager of the Philadel- phia office, visited this week the recently opened local office of the firm of which Thomas J. Mangan, Jr., is manager. February postal receipts in 50 large industrial “cities throughout the United States totaled $3,473.215, increase over February, 1929, of $147,273, or 4.43 per cent. RS o G SCHULTE-UNITED SPEEDS UP. Sales of Schulte-United 5c to $1.00 Stores, Inc., for the month of February totaled $1,515,754, compared with $630,490 for the corresponding month last year, an increase o! approximately | 140 per cent, For the first two months of the »year sales totaled $3012,660, th $1,317,858 for the cor- of 1920, an increase cent. . High Low. 38% 22 those designated by the letter s (65s) ws those stocks to be sold in odd lots only. | ~Prev. 1930.~ Stock and Sales— Dividend Rate, Add 00. High. Low. Close. Abitibi Power & Pap. i 29% 78 647% Abitibl P& P pf ()., 84% 231 Adams Expr (1.60)... 284 11% % Ahumada Lead, % 138% 118 82 21 1% Advance Rumley Alr Reduction (3). Alr Way El Ap(2%). Ajax Rubber. . Alaska Juneau. Alleghany Corp. Alleg Corp pf (5 Allled Ch & Dye(n6). Allis-Chalmers (3).. Alpha Port Cemt (3). Amerada Corp (2). Amal Leather. . Am Agricul Chem. ., Am Arglcul Ch pf. .. Am Bank Note (13). Am Beet Sugar. .... Am Bosch Magneto. . Am Brake Shoe (2.40) i Am Brown Bov Eleo. 7% Am Can (4).... ¢ Am Water Wks (n1) Am Car & Fdy (6). Am Chain pf (7). Am Chicle Co (123%4). Am Com Alco(n1.60) Am European Sec. Am & For Power. Am&Forn Pwr pf(7) Am Hawallan S S (3) Am Home Prod(4.20) Am International (2) Am La F & Foam: Am Locomotive (3)., Am Loco pf (7) 470 431 10615 103% 86 34% 26% Am Snuft Co (13%) Am Power & Lt (31) Am Pow & Lt pf (6).. Am P&L pf A st (5). 4314 107 103% 86 Am Rolling Mill (2). Am Safety Razor (5) Am Sm & Ref (4) Am Solvents Che: Am Sol Ch ev pf (3). Am Steel Fdy (3)... Am Sumatra (3). Am Tel & Ca (5). Am Tel & Tel (9). Am Tobacco (8). . Am Tobacco (B) (8). 2 Am Type Fdry pf(7) 111% 106% Am Water W 18t(6). Am Woolen. Am Woolen pf. : Am Zinc Ld & Sm Anaconda Copr (7). Anaconda W&C (3) Andes Copper (3) 4 Archer-Dan-M (2). Armour Del pf (7 Armour Il (A). 4. Armour Ill (B Armour 11l pf (7 Arnold Constabl Asso Dry G (234)... Asso D G 1st pf(8).. Asso DG 2d pf (T).a Atch T & S Fe (10). Atch T&SF pf (5)... Atl Coast Line (110). AtlG & W Indies. ... Atl Gulf & W I p£(5). 4 At Refining (12). 63% 226% 187% % 27 8612 0% 10414 3l% 24% Atlas Powder (4). Atlas Powdr pf (6). Auburn Auto (§4)... Austin Nichols Autosales. .. Auto-StSaf R A Aviation Corp Del. Baldwin,Loco (1.76). Baltimore & Ohlo (T) 8 Bang & Aroos (3%). 2z Barker Bros(2).....100s Barnsdall, A (2).. Beacon Oil. . Beatrice Cream Best & Co42). Bethlehem Ste g Bethlehem St pf (7). Bloomingdale pf (7). 2 Bohn Al & Brass (3). Bon Ami A ¢4)...... Borden Co (k3). Borg Warner (4). Briggs Mfg..cceuu.s Eriggs&Stratton (2), Brockway M T. Bkiyn-Manhat (4) Bklyn-Man Tr pf (6) Brooklyn & Queens. , Bklyn Union Gas (5) Brown Shoe Co (3).s Bruns-Balk-Col. . Bucyrus Erle (1). Bucyrus cv pf (2%). Budd (E G) Mg (1). Budd Wheel (1).. Buft & Susque ctfs, Bullard Co (1.60) . Bulova Watch (3) Burr Add Mach (1). Bush Termnl (23%). Butterick Co. Byers (A M) €alit Packing (4) Callahan Zine & L, Calumet & Ariz (6). Calumet&Hec(ad%). Canada Dry G A (6). Canadian Pac (10)... Cannon Mills (2.80) Capital Adm (A).... Case (J 1) (6)..cn.. “aterpllir Trac 13% . vanagh-D pI(6%) 20s elotex (3)... b4 Celotex pt (1) S Cent Aguirre As1%. & Cent Alloy Steel (2). Cent Alloy cufs (2).. Century Rib Mills. .. Cerro de Pasco (6).. Certain-teed Prod Cbecker Cab (4.20). Chesapeake Corp (3. Ches & Ohlo (10). Chi Mill St P&Pac. Chi Mill St P&Pac pt Chicago & N W (6).. Chi Pneu Tool. . ChiRI&Pac (T)eees Chi Yellow Cab(3)... 30s Chickasha C O1l (3) 2 Childs Co (2.40).. Chrysler Corp (3) City Stores (1).... Coca-Cola (6). . Colo & Sou 2d pf (4).15 Col Fuel & Iron (2) Col Gas & £1 (2). ColGas & El pt A Columb Graph (87¢). 245 30% Columblan Carb (16) 46 191 Com Credit (2)esees. 8 36% Comm Credit A (3). 42 Coml Inv Tr (81.60). Com Inv Trst war... nimn Solvents (31). omwlth&Sou(60e) . Comm & Sou pf (6) .+ 3 20 3l 31y 23% 28% 80 286 271% 284 16 69% 69 6 T4 5414 82 ¢ Conde Nast Pub (2).. « Congoleum-Nairn. .. ress Cgr (15%). Consol Cer pr pt 6 : Cousol Film (2) Consot Film pf ¢ Consol Gas N ¥ (4). : Consol Gas NY pf(5) % Cuba Cane Suga 28% 36 39 8% 6% 86 77 100y 97 131 112w A 1144 60 1% Consol RR Cub pf(6) Consol Textile. ..... Container Cor A 1.20 Container Corp B... Contl Baking A.. Contl Baking B. Contl Baking pt (8) Contl Can (2%) Contl Dia Fibre Contl Insur (2.40 Continental Motor Contl 01l of Del Contl Shares (1). Corn Prod (13%).... Coty, Ine (k2)...... Cream of Wht(12%) Crex Carpet. . Crosley Radio ( Crown Cork & Se: Cuba Cane Product anse o Lelruoalen Cuba-Cane Sug ctfs. Cuba Cane Sugar pt. Cuba Co seresese Cudahy Packing (4). Curtiss Wright Corp Curt Wright Corp A. Catler-Hammr(3%) . Davigon Chem. Del Lack & W (t Diaimond Mateh ¢ 108 164 164 Dome Mines (1)..... 3 8% 8 Drug Corpn (4) 87 86% 85 Duplan Silk pf (8).. 10s 99 . 99 Du Pont de N (14.70) 42 129% 1284 Dupontd N deb (8 +e ue- 45% 12% 17% 89Tk BT 11 39% 39 7 142% 141% o 1% 884 393 141% 164 - 128% o (283s), 86% £ 144 166 R 8 sb% 86 | 99 99 128% fren Notice—All stocks are sold in one-hundred share fots Prey. 1430~ h. LOW. 222% 1756% 105 81 41 Stock ana Bales— Dividend Rate. Add 00. Eastman Kodax (18) 124 Elec Auto Lite (6) 1 Eng Pub Serv (31) Eng Pub Sve pf (6),. Eng Pub Svo of (534) Equitable Bldg (3%) Fairbanks Co pf.... 540s Fash Park Asso ( % Fed Motor Tr (80¢) .. Fed Wat S, A (e2.40), Fid Pho Fire I(2. Firestone T&R (1. DL First Nat Strs (3% ubb Fuller pr pt(t Gabriel Snub A, Gen Am Tnk Car(34) Gen Asphalt (4)..... Gen Baking pt (8) Gen Cab. Gen Cigar (4). Gen Electric (1. Gen Elec spec (60c).. Gen’'l Food Corpn (3) Gen Gas&El A (te2), Gen G & El pf A (8). Gen Ital Ed w.i. 22.61 Gen Motors (13.30)., Gen Motors deb (6).. Gen Motors pt (1)... 24 1408 3 Goodrich B F (4) Goodrich pf (7). Goodyear Tire (5). .. Goodyear 18t pt (7)., Gotham Silk H (3%) Graham-Paige....... Granby Copper (8).. Grand Silver Strs (1) % Grand Union. . Grand Union pf (3).. Granite City Stl (4 Grant (W T) (1) Grt North pf (5) GtNctfsO P (a3 Grt West Sug (2.80). Grigsby Grunow (2), % Guantanamo Sugar., Guif Mo & North. ... Guif Mo & N pf (6).. 4 Guif Sta Steel (4).... Hackensack W (1%) % Hanhn Dept Stores. ... Hanna pt (new) (7). Harbison Walk(2%). Hartman A (2) :’lmo (Geo H) Homestake Min (7)., Houdalille Her B (2 Household Prod(14). Houston Oil. 3 Howe Sound (14%).. Hud&Man Ry (3.50). Hudson Motor (6)... Hupp Motor (£2) Illinots Central (7) Iliinols Cnt1s In (4). Independ Oll & G (2) 1ind Motor Cyel Indn Motorcycle pi Inspiration (4) . Insurance Shars 45e. Interboro Rap Trun., Interlake Irom (1). Intl Agrt pt (7) Lntl Bus Mach (n6).. Intl Cement (4)..... Int Combustion. ..., Intl Harvester (23%) Intl Harv pf (T)....0 Int Hydro El1 A (e2). Int Nickel of Can (1) Intl Pap & Pwr B. Jowel Tea (4).ve.ven Johns-Manville (3).. Johns-Manv pf (1) Jordan Motor Car. Kan City Sou (5).... Keith-Albee-O pf (7) Kelly-Spring Tire... 6 Kelly Spring 8% pt. 1208 Kelvinator Corp. .... Kennecott (5). Kolster Radio. Kraft PhCh (1%)... Kraft Ph Ch pf (6%4) Kresge(SS)Co(1.60). Kresge Dept Stores. Kreuger&Toll (1.34). Kroger Gr&Bak( Lago Ol & Trans. Lambert Co (8). Leh Port Cem (2%4). 4 Lehigh Valley (143%) Lehigh Valley Coal.. Liggett & Myers(15) Liggett&Myrs B(15) Lima Locomotive... Liquid Carbonie (4). Loew's, In¢ (3)..... % Loew’s, Ine pf (6%). Loft, Ine....... Loose-Wlles (12.70). Lorillard (P) Co. Louls & Nash (1) 4 Louisiana O1l.. LouG&ELA (1%).. Ludlum Steel (2)... McKeespt T P(14%). McKesson & Rob (2) Mckes & Rb pf(3%). Mack Trucks (8).... Macy (RH) & Co(n2) Madison Sq G (1%). Magma Copper (5) Manati Sugar. Manat! Sugar Mandel Brother: Marlin-Rockwl t43% Marmon Motor (2) Mathieson Alkill (2). May Dept Strs (n3).. * Maytag Co (12).. Maytag Co 15t pr(6). Meiville Shoe (2).... Mengel Company (2) Metro Gold pf (1.89) Mexican Seaboard. .. Miam1 Copper (4). Michigan Steel (23). Mid-Continent P (2). Midland Steel Prod.. Middle States Oll ct. Minn Hon Reg(13%) Minn Moline Pwr.... Minn & St Louis. Mo Kan & Texas. Mo Kan & Tex pf Missouri Pacific. Missourt Pac pt ()., Mohawk C Mills (3).. Montgomry Wrd (3). Moon Motor: .o Morrell & Co (4.40). . Morris & Essex (3%) Motor Wheel 13) MurrayCor(b2 % stk. % Myer(FE)& Bro (2). Nash Motors (6. 4 Nash, Chat&st. ¢ Natl Su 51 Nat Acme (1%) Natl Afr Tran Nat Bis n (p2.80) Nat Cash Reg, Nat Dairy (32) Natl Dept Store: 1Supply pf (7). ty (5). at Tea Co (2)...,. Neisner Bros (1.60) . 274 Nevada Copper (3)., Newport Co A (3 Low. 220% 101% 5% 69% 110% 3% 226% 102% Prov. Close. Close. D. C., SATURDAY, MARCH 8, '1930. STOCK PRIGES GAIN | AT SHORT SESSION Market Moves Forward De- spite Sporadic Outbreaks of Selling. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 8—Despite realizing, which was heavy at times and which produced an appearance of irregularity, practically all the features in today's week end market were on the side of advance. The leaders were found in the utility and industrial parts of the list. Rails were dull and neg- lected. The market was encouraged by Pres- ident Hoover's statement on the im- provement in the unemployment situa- tion and it was helped by the modified optimism in the weekly trade reviews. Cotton went to new lows for the sea- son early in the day, but the Stock Market paid little attention to com- modities. Steel stocks were prominent right from the start. Bethlehem Steel, which had been so strong yesterday, rose to new high levels for the year in con- nection with merger reports linking it up with Youngstown Sheet & Tube. Colorado Fuel & Iron responded to its favorable earnings _statement and strength was exhibited by Michigan Steel and Vanadium. ‘Two of the old leaders among the in- dustrials made significant gains. One of them was Eastman Kodak, which established a new 1930 peak price, and another was the ever popular J. I Case, also at a new high. International Nickel represented the metal shares on the upside, evidently the result of organized buying. The advance in Warner Bros. Pic- tures kept up, with the group in charge of the movement never giving the shorts in that stock a chance to escape—as- suming there are shorts in an issue which has advanced so steadily. Radio was strong for a time and so was Mack ‘Trucks., ‘The rank and file of the oils did little, but there were one or two exceptions. A block of MexicanSeaboard amount- ing to 23,000 shares came out at 26, up over 3 points and at a new year’s high, supposedly reflecting develop- ments in Natural Gas, and there was unusually active buying of Lago Oil & Transport. Utility Stocks BY GEORGE T. HUGHES. ‘The advance in the market price of public utility common stocks to a point where the yleld at present dividend rates is so small as to be unattractive to any investor dependent on income from his securities brings to the front once more the question of the status of the preferred stocks of these same com- panies. No one disputes the basis for the rise in the utility common stock in so far as it reflects steadily increasing earn- ings. The only point in doubt is how far this advance can go without check- ing legitimate investment demand. There must be a level at which the prospect for capital appreciation is over- balanced by the negligible yield on the money it takes to buy these common stocks. . Meanwhile the senior_shares of these same companies have had practically no gain in the market quotation.s The margin of safety for the, dividend is higher today than it ever was, but there has been no reflection of this in the price of the preferred stocks. ‘The reason, of course, is that such stocks have no speculative appeal. The dividend rate is fixed, and cannot be redeemable at a figure not far above the market. Against these disadvantages, if they may be called such, is the gen- erous return on the investment. ‘To take only a few examples, Colum- bia Gas preferred, Electric Bond & Share preferred, American Power & Light preferred. Alabama Power $7 pre- ferred, North American 6 per cent pre- ferred and Philadelphia Co. 6 per cent preferred all sell to yield from 5> to 6 per cent, which is more than can be obtained on almost any other security with equal safety, The par value of the last two of the above is $50, so that the stocks sell lower in dollars per share than do the others, but that is no reflection on their rating. Of all those mentioned, the only one non-callable is Philadelphia Co. 6 per cent preferred, but all are quoted under their call price. District of Columbia and N Mortgage Loan Interest due and changed, and most of these issues are | Sal Consult Us Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Homes, Apartments and Business Properties in the RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avense BERLIN BOURSE FIRMER AFTER SCHACHT INCIDENT By the Associated Press. . , March 8.—The bourse to- day to & great extent recovered from yesterday's flurry brought on by resig- nation of Dr. Hjalmar Schacht as president of the Reichsbank. Reichsbank shares regained 11% points; others rose correspondingly. In some banking circles it was said Dr. Schacht's reasons for resigning were largely personal. They declared that he l'.lll.‘lly l‘g&::eda:: l\dndia)g his ld‘]'ll:e rece: ‘me weight _than formerly. SRS Dr. Schacht called an extraordinary meeting of the Reichsbank directorate for Tuesday afternoon. His successor will be chosen then. b SEABOARD AIR LINE INCOME 1S $1,011,663 Balance Sheet Shows Total Assets Higher Than in Pre- vious Year. Seaboard Air Line Railway Co. has issued detailed report for year ended December 31, 1929, showing net income of $1011,663 after taxes, rentals, fixed charges, etc., but before adjustment bond interest, the same as reported in preliminary report. This compares with $1,180,283 in 1928, Detalled income account of Seaboard Alr Line Railway Co. for year 1929, compares as follows: 1929 1928 $58,151,908 $57,245,207 . 42,587,557 42,902,964 Taxes, etc. 3,733,941 3,557,155 Oper. inc. $11,830,410 $10,785,088 Eq. rts, etc... 864,685 729,671 Net oper. inc..$10,965,725 $10,055,417 Other income ... 1,211,456 2,408,433 ‘Total inc. $12,177,181 $12,463,850 Int., rts., etc. 11,165,518 11,283,567 Balance . $1,011,663 $1,180,283 Adj. bond int. B Net income....*$1,011,663 *$1,180,283 *Exclusive of interest on 5 per cent adjustment mortgage bonds. Preliminary general balance sheet as of December 31, 1929 (adjusted to give effect to the company’s plan relating to its adjustment mortgage bonds which was consummated on January 14, 1930), shows total assets of $303,998,863, com- pared with $292,723,124 on December 31, 1928, and & g;nflc and loss surplus $8,629,006, against $8,110,770. Current assets were $28,580,380, and current lia- bilities $13,208,588, as compared with $14,702,915 and $12,804,498, respectively, at end of previous year. Gross The Liverpool, England, watch com- mittee has just rejected the city coun- cil's recommendation that the city should have woman police, STATEMENT OF THE CONDITION OF THE Continental Insurance Co. of New York On the 31st day of December, 1920 aquired under the District of Colum| amended June 30, 1902, and August Capital stock 20,000, Capital stock, Paid ip, in cash. 19,420, Cash in office . Cash in bank. Real estate : 3,490,133.89 hands of agen! '393.708.82 Total assets . 3104,666,084.52 $3.273.579.16 27,038,297.05 1,380.200.00 161,000.00 LIABI Net unpaid claims. Reserve as required by ries, ren Commissi Cash dividends remaining un- Capital ‘stock All other liabi Total liabilities 360,993,814.75 Character of business transacted during the year 1929: Fire, tornado, sprinkler leakage. ocean marine, registered mail, Tiot and eivil commotion, explosion, earthquake and other granted by charter. ass: dus g 44.488.832.00 o 12,408,317.52 40,778,501.84 32.31 36 B M. CULVER, Vice President. JOHN G. DERBY, Becretary. Subscribed and iworn to before me this Sth day of Pebruary, 1930, Ntary Public. Commission expires March 30. 1931. rby Maryland and Virginia Decatur 3600 Correspondent FIRST is our 6Y2% Over a Third of a Century -, Without a Loss nually National 2100 THERE UNCONDITIONAL A type of investment that is beyond all fluctuating influences and therefore ideal for income— There is real estate back of them which we have appraised, therefore we know the security is unquestioned—and semi-an- interest—ALWAYS 6% %. May be purchased in any amount from $250 up. B. F. SAUL CO. MORTGAGES FIRST MORTGAGES along comes the 614% ~ 925 15th St. N.W. FINANCIADL * * * Property Management Little problems have serious consequences —unless they are properly solved. The Apartment House owner isn't in a position to handle his own property to the best advantage. That’s why our management service is adopted by so many. B. F. SAUL CO. National 2100 925 15th St. NN\W. More than a third of a century’s experience —by far the best all "round investment because it car- ries with it that element of safety which is generally lacking in investments of higher yield. FIRST MORTGAGE NOTES 6"2% ON.&LUCH A FIIST MORTGAGE NOTE 1435 K St. IS NO SUBSTITUTE FOR SAFETY “Turn On The Standby Plant!” EAT . . . drought . . . the water be- hind one of the country’s huge power dams is getting low—suddenly comes the order: “Turn on the standby plant!” And in the huge hydroelectric power building a switch is thrown—new dynamos, run by team, go into action—and electric power con- tinues to flow along the wires, keeping the wheels of industry turning . . . Just as YOU, when iflness or emergency lowers your funds, can turn on your “standby plant” of the re- serve savings—provided you have one . .. And provided also that you have invested your reserve in some sound, non-fluctuating secur- ity, which will pay you a handsome interest return without wavering a penny in value. Such a security are the 6 per cent First Mortgage Notes sold through Swa.'tzell, Rheem & Hensey Company. Placed in these Notes, our money will work and earn for you, build- ng a steadily-growing fund for a future in- come which will come to you independent of earned salary. The steadfast soundness of these Notes is proven by their record: “Almost 61 Years ‘Without a Single Loss to Any Investor.” SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.w./ WASHINGTON D.C. / BONDHOLDERS PROTECTIVE COMMITTEE Of Bonds Sold By or Through The F. H. SMITH CO., Inc. (A Delaware Corporation) TO THE HOLDERS OF BONDS SOLD BY OR THROUGH THE F. H. SMITH CO,, Inc.: The undersigned have been requested by the holders of a large amount of bonds heretofore sold by or through the F. H. Smith Co., Inc. (A Delaware Corpo- ration) to act as a committee and have consented so to act for the protection of the interests of such bond- holders. THE NECESSITY FOR A COMMITTEE IS DUE TO THE FOLLOWING FACTS: 1—Bondholders are widely located throughout the United States and, therefore, cannot effectively protect their interests except by acting in concert with each other, through a committee duly appoint 2—Legal pr its principal officers and directors in Washington, D. C.; Wil- mington, Delaware, and New York, in which charges of wasl and other acts of mismanagement are made, and for the ap- pointment of 3—A suit has be: stituted inst the company by the Attorney General of the State of Delaware, to forfeit the company’s charter. 4—The F. H. Smith Co., Inc., has been temporarily enjoined from h of b ured by certain properties in Buffalo, New York, on an application made by the Attorney General of the under the Martin Act. legal proceedings have been instituted against the com- pany and several of its principal officers and directors. In view of the critical condition of the affairs of the company, the committee is convinced that the interests of the bondholders can only conserved by promptly depositing their bonds with the BROADWAY N. TIONAL BANK & TRUST COMPANY of 261 Fifth Avenue, New York, N. Y., which has been designated the DEPOSITORY of the Committee, and which will issue depositing bondholders its negotiable receipts. WASHINGTON, D. C.—SUB-DEPOSITORY BANK OF COMMERCE & SAVINGS - 7th and E Streets Northwest ‘Washington, D. C. The Fidelity Trust Company of Pittsburgh, the Aldine Trust Company of Philadelphia, the Bank of rce & Savings of Washington, D. C., are all sub- depositories for the committee, and bonds can be de- posited with either the principal depository or the above-named sub-depositories. Bondholders who deposit their bonds will be kept promptly informed of all matters affecting their interest. BOSKEY, SCHILLER. Ll&w': l‘i.!"lflfl- Chairm: MARVIN & SERLING, § .é;‘ West ;mlan‘:iflfiE‘T&M T. ERIC FISHER WOOD, Pittsbursh, Pa. of »