Evening Star Newspaper, May 1, 1930, Page 15

FINANCIAL,. sx» A—15 |29 FIRMS REPORT FIRST QUARTER GAIN Low. Closs, | 1IN Spite of the fact that the 112 in- 114% 114% | dustrial, utility and railroad corpora- | tions so far reporting showed a decrease 7% |in net tncome for the first quarter from FINANCIAL. CURB STOCKS MOVE IN NARROW RANGE|. szzczparuee o e o o Notice—All Q;un l‘?‘ -obl’l I‘:. onl:‘ whm) (mm’ exce) those designal s wm?::omlhuemnuhnflhmmnly ~Prev. 1930.~ Stock and Bales— THE EVENING STAR, WASHINGTON, D. C., THURSDAY, MAY 1, 1930. ~Prev 1930.~ High. 108% 80% Stock and Bales— Dividend Rate. Add 00. Open. High. Low. Close. Stand Oil. Ohio(2%). 96 96 956 Stand Pwr & Lt (2).. Bales— ~Prev 1000~ Add 00. Open. Righ. Stock and Bales— Dividend Rate. Add 00. Open. High. Low. Close. 5116 116 Gram’ph'neccts 2.91 5 26% 26% 26 26 GrA&PTn-v(5).. 30s 227% 227% Gr A &P Tea pf (7).. 108 118 118 Groe Stores Prod vte 2 12% 12% Market Confined to Few Is- sues—Volume of Trading Is Smaller. BY JOHN A. CRONE. Special Dispatch to The Star. . NEW YORK, May 1.—Curb stocks pursued an undecided course today, with declines and advances just about offsetting each other.. Volume, which ‘was fairly heavy at the opening, fell off after the first hour. At the start there.was a moderate amount of buying under which & few favorites were pushed up to new high prices for the year. American Super- power was the leader, coming out in a 14,000-share block at 387%, up nearly a point. ' The price later improved to- 39 and then slumped, cancelling most of the gain. Electric Bond and Share opened unchanged and had a heavy tendency in later dealings. ¥ Activity was confined to a few select- was pushed up nearly 3 pol - can Gas & Jectrlc was also decidedly . American Light & Traction new, on the contrary, was heavily sold it eyl i 5 sed & ] ] 3egSnnaeelissseniay 22 25 s 1 $Ea0os ugg;kgén o, Txedey St ®XSF TR TEETI FIEES > FE BE a3 o 00l 258! & i bt i 39 1 ] ; “ 3 2 1 R 2 H ] < 0 € L uo ME S » 5 4 1 é 3 ] ¥ 2 Fd F 22328222233223833228; F FEFE FEEFESETE ¥ & 222 3! 2 FEEL R EESFISEFITEST 55, LA 5 100\ Eggl 1 P ds, & % %84 “af =5 983558558 S RS BRR SRR : 3 95 aE0Q 3 5 2 geg¥ag i e #) 3! dsgss §=§:u=aessg SgSan, 9203 2% E’z‘ FRFE 3, 2 55%Ks 22250383883 i = i g8 g8 £ F ¥ 2 2 gji W 2 2 Bl oo FESRNTS SFS i ESES 328z038smseeznssnsse B gi PERERREER = 2 pryi s> g2ezeesSerass * RS SRR REE SRR MR b e AR T SRR F IR z = S Sl 43 =.§§_ E S a0 2 i ::.,:'!g L) ez ST S5ssrEtessane: =3 FESF BN k) ESF EREEEEL o it =8 L] 333325 8532333288235 83232, B EEEE S e Fri e, i’ 457 Swnd’ 3 5 i ol 1) CL PSP EREE g RS- a ST u R e, 4 Spn el o3 ®9; P E LR BT T oy 220! 25 L swusall m Pr Bk uban s & Danish Cons B 753 e B bias lnour‘ City 18 anover S 2D S by F5.5 5080 Sen SRS High. 13% 23% 34 33% 9% % 284 Com'with Edison(8) 2z Low. _ Dividend Rate. 8 Aero Supply (B).... 13% Aero Underwriters. . 19 Agfa Ansco. ] 21% Ainsworth (32%)... 34 Alr Investors v.te... 21 Afr Investors (war). 126 Ala Gt Sou pf (17) % Allison Drug St (A). 108 Aluminum Co, Ltd. . 19% Alumn Goods (1.20). 35 Am Arch Co (3). 7% Am Capital (B)..... 37% Am Cit P&L(A)(a3) 14 AmCP&L(B)(10%) 23% Am Com P(A) b10%. 34% Am Cwith P(B)10% 3% Am Co'with Pwr war % Am Control O1l Flds. 5% Am Pueumatic § 28% Am Superpwr (1). 94% Aun Super 18t pf (6. 3% Am Thread pf(25c). 10% Am U&Gen B vte 4 9% Anchor P F (b10% 15% Anglo Chil Nitrate 134 Appalachian Gi 9% Arcturus Rad Tub 8% Arkansas Nat Gas. 8% Ark NatGas (A).... 7% Ark N G cu pf(60c).. 18, Art Metal Wks (3).. 2 ' Asso Dyeing & Ptg.. 5% Asso Elec Ind (30c). 45% Asso Gas & Klec (n). 6% Asso GEE (A) 13.40. 7 As80G&E (A) dbrts 141 Asso Gas&E) ctfs(3) 49% Asso Rayon pt (6) % AtlanticKruit & Sug. 3% Atlantic Lobos, . 22% Atlas Plywood (2).. 6% Auto Musie (A) (1).. 9l Auto Vot Ma cv pf pt 24% Aviation Corp of Am 122 Babcox & Wil (19) 24 Bahia Corp. 76% Baumann(L 150% Bell Telof Can (8) 6% Blue Ridge Corp. 63 Bohack (HC) 2%... 2 Bowman Biit Hotel 36% Brazil Trac & Lt (2) 10% Brill Corp (A) (66c). 4% Buff, N&IP pL(1. 3 Burco, ine (War). ... 2% Burma Corp (131¢).. 4% Bwana M Kubwa.... 21 Cable & Wire A réts. 1% Cable&Wire (B) rcts da Marconi % Carib Syndicats 108% Caro Pwr & Lt pf(' 39% Carrier Ki 6% Cent Pub 34% Cent P8 (A) (al 72 Cent Sta El pf(6)xw. 19 Cent States Klec $40¢ 23 Chain Stores Dev. 123 Chain Stores Stock. & Ohio (new) go Corp (The. 6% Cities Service(130c) 88 Citles Srvc pt (6). 18 Cle ) 6% Colon Oil 16 Colum Ol 24 Columbia Pictures. . 42% Colum Pictures v.t.e. 4 Columbia Syndicate. 3% Com'with & Sou war. 12% Comm Wat Serv b6% % Comstock Tunnel. 13% Cons Dairy Prod (2) 90% Con Gas, Balto(3.60) 100 Cons G, Bal pf A(5). %1% Con Gas Util A 3.20.. 10% Con Gas UtilB v.te.. 3 Consol instrument 10 Consol Laundries. & Consol Nevada-Utah 28 Cooper Bessemer(i) 38 Cooper Bess pf A (3) 5 Copeland Prod.Inc A 11w Cord Corp... 71% Cor & Rey pf (A)(6) 50 Cosden Oul.. Coty,So Anon 74 Creole Petroleum. Crocker Wheeler.... Crowley Milner (2).. 2 - 3 B L e L e < P I T -3 26 Os 1 s 268 . 14 i 5 10 2 Crown C&S pf(2.70) . 400, 4 Cuban Cane pr opt w Cumbeland P L(}18) Curtiss Wright war. Cusi Mex Mining. ... Doehler Die Casting. Douglas Air (75¢). . Dres(SR)Mfg A 3% . Driver Harris(new). Dubilier Cond & Rad z 508 25 1 «28a FeBmo Duke Powes ($5)... 100s 5 % Durant Metors Bastn G& Asso. Eisler Eelectric(1%) El Bond & Sh (b6) El Bond & 8h pt Klec House Util(2 Elec Pwr Aneo (1) Elec Pwr Asso A (1) Ele+ Pwr & L op war E1 P&L 2d pf(A) (7). Elec Shareholdg(11) El 8harehold pt (6). Empire Fire Ins..... Emp G&F cupt (7).. Emp G&F cum pf(8). Empire Pcwer (2). .. Emp Pub Sv A(1.80) Empire Steel Corp. .. Evans Wallow Lead. Fabrics Fininshing.. Falcon Lead Federa) Screw (3).. Federat Metls(t1% ) Flat receipts (1.25) . Fiat Stock deb rt: Film Inspect Mach Financial Inv,N Y., Flintkote (A) (1%), Fischman Sons (A).. Fokker Atrcraft. .., Foltis Fischer Corp.. Ford Motor Can(A). Mord Motor, Can(B) Ford Mot of France Ford Mor.Ltd 87 3 Fore D Pr pf (1.60) Fox Theater Cl (A). Gen Alloys (80¢c) General Baking. Gen Baking pf (8)... Gen Capital Cor Gen B, Ltd rets(50c) Gen El Ger rets 1.93. Gen Fi'proof {1234 Gen G&E ov pf B(6). Gen Indus Alcohol. Gen W W&E(A) (2). Ga Power pf 6. Gleaner Com Har(2) Glen Alden Coal 8. Globs Underwriters. Gold Cofn. . be 35 Goldman Sac} 2% Gold Seal new. 1 21 4717 2 g = N » BolenBrrmrovunmmeT e ouomenmmee o Bl - o 2 BrnSamnnananSenned - « Mid Sts Pet v.t.o. 8% Natl Aviation, Gulf Ofl of Pa(1%). Hambleton Co cfs 3.. Hazeltine Corp (1).. Hecia Mining (1). Helena Rubenstein. . Hires (CE) (A)(2).. Hollinger Gold (60c) Hormel (Geo) (2)... Houston Ofl of Texn Hudson Bay M& 8. Humble Ofl (2)..... Hydro EL Sec.(2). Hygrade Food Prod. Imp Oil. Can (50c.... Ind Terr {11u Of1 (A) Ind Terr Ilu Oll (B) 18 Ind ¥in ctfs(b10%). 2 Indus Fin ov pf (7)..1768 Insull Ut Inv(b6%). 10 Ins Co, No Am (13).. 4 Insurance Sec(1.40). 1 Intercoast Trade (1) 1 Intercontinent Petn 29 Intercont Pow A (2). 3 Intl Petroleum (1).. 11 Internat Products 1 Intl Prod pf (6 e | Internat] Util (B)... 44 Internatl Util (war). 2 Interstate Equities.. 2 Interst Eqevnf(3).. 8 Interstate Pwr pf(7) 108 Irving Afr Chute.... 15 Irving Air Ch(1.60).. 18 Iron Cap Copper 2z Itallan Super war.., Italian Superpwr A.. Johnson Motor. Kirby Petroleum. Kolster-Br (Am 8| Ley (FT) & Co (3) Libby McNell & L. Liberty Baking. Lily Tulip Cup 1 Loew's, Inc, deb rt Long Isl Light(80: Louisiana Lan & Ex. MacMarr Stor Mesta Mach (+1.70) . Met & Min, Inc(1.20) Met Chain Sto: Mid W Sta Ut Mid Wst Util(b8%) Mid Wst Util A war. Mid Sts Pet v.t.c. Midland Ut(b1% %) Miller & Sons (2). Miss River F Cp wi Mo Kan PL (b10%). Montecatini deb rts. Morison Elec($1). Mountain&Gulf(8c) Municipal Service. .. Nachman Spring (2) Nati Amer Co. — - - - T oy O P T T T T -1 Natl Pub Sv A(1. Natl Rub Mach (2). Natl Screen Sve(2 Natl Steel x-war (2 Natl Sugar, NJ (2 Nebel Oscar 1% . Nehi Corp (1.30) Nevada Cal Elec. New Brad Oil (50¢c).. New Eng Pwr pf (6). 108 New Eng T & T (8)..2608 New Jer Zinc(t4)... 1 New Mex & ArizLd.. 2 Newmont Min (34).. 22 N Y&Hon Ros(t1%). 2 N Y Pet Rovalty (1). N Y Rio&Bu Alres. .. N Y Tel pf (6%) 11 Niag Hud Pwr(40c). 123 6% Niag Hud PwrA war 7 Niag Hud PwrBwar 5 Niag Shars Md(40c). 13 Niles-Bement-P t23 Nipissing (30¢) ... Noma Elec (1.60). ... Noranda Mines (3).. Nor & Sou Am Corp. . Northam W cv pf(3) No Am Aviat A war.. & Nor Am L&P (b8%). North Am Util Sec Nor Sta Pwr A(8)... 1 Nor Sta Pwr pf (7).. 50s ‘Ohio Copp Ohio O11 (4). Oilstocks. Ltd A 350e Outbd Mot(A)(1.80). Outboard Moter (B). Pac Coast Biscuit (1) Pac Coast Bis pt 3.50 Pac G&EI 1st pf 1% Pac Pub Sve (1.30). ., Pac Western Ofl Pandem Oil... . Param’t Cab(b8%). . Pennroad . Pa Water&Pwr(3) Peop L&P, A (22.40). Perryman Elee. ..... Petrol Corp (1%)... Petrol Corp war..... Philip Morris, Ine. Pierce Gov (1%).... 1 Pllot Ra T(A)(1.20). 5 Pitney B P,n (20c).. 11 Pittbgh Forg (1.60). 6 Pitts & Lake Erie(5) 4508 PlymouthOll (2).... 4 Polymet Mfg (31)... 3 Power Securities pf.. » Bonmrmn mawer - 8= 3 844 Prince & Whitely 1., 27 Prince & Whit pf(3) 10 Propper McCallm(2) Prudential Inve Pub Util Hold war Radio Products 1. Rainbow Lu Prod A I‘S Rainbow Lu Prod B., 30 R ‘oster(40c). . Reliable Strs(bs% )., Relia Int1Corp A wi Reliance Mana, Repetti Candy. . Reynolds Bros. Ine. . Rich Oil.Cal, p£(1%) Rocklans Lt&P(92c) St Anthony Gold. . St Regis Paper (1) Safety Car H&L (8), 50, Salt Creek Prod (3), Schulte Un bec-$1 St, Scovill Mtg (4). SBe cBnomcasanoma Sec Corp Gennew(4) 8 Secur Corp Gen (19) 1408 Seg Lock & H (50c). 14 Seiberling Rubber.. 3 Selected Industries. 8 Sel Ind allot efs 5. Sentry Safety Cont.. 10 Shattuck Den Min... 4 Shenandoah Cor) 16 Shenan Corv pf (a3)., 6 Silica Gel Ctfs. Sinzer Mg (126). 6% Sisto Finance Co Smith (AO) (3).., South Coast. South Penn Oil (23 So Cal Ed pf B(13), So Col Pwr (A) (2)., Southern Corp. . Souther: Ice Ut(A), Southern Ice Uti (B) So Pipe Line (12), ., Southland Roy (1) 159% 54% 32% 12% 5% 30 Stroock & Co (3 Struthers Wells Stutz Motor Car. Sunray Oil (40¢). Superheater (13% Swift Internatl(3%) ‘Tampa m.m;e 12) ‘Tran Con Afr Tran. Tr-Lux DL P 8(A) Tri-Cont Corp (war! Triplex Safety Gl Tung-Sol L pf (3) Ungerleider F Corp. Union Tobaceo. .. Un Twist Drill (1).. Unit Chem pf (5).... United Corp (war).. 27% Utd Lt & Pwr A(1). ‘Vacuum Ofl (14%).. Venesuela Petroleum Vick Financial Cor| Vogt Mfg Co (2). Woodley Petroleum. “Y” Ofl & Gas. . Zonite Prod (1.60)... 21% 23% 1% RIGHTS. 21% Clev EI Ill.. 1% Rockl'd L & - om S e % o B aan e G E aE e mE T o Rt 1% 18% 7 21% 21% 21% 21% 19 1% 1% 1% 1% 1% vidend rates in dodars based on liast quarterly or semi- D annusl ient. rriliie, frary oo, 8 in eash or ivasie Tn Dreferisd ook AUTOMOBILE OUTPUT |SHARP DROP IN STOCK PRICES GAUGED BY DEMAND e Industry Turns to Salesmanship as Chief Aim During Year. BY DAVID J. WILKIE, Associated P: 3 ETROLT, May 1 The Brst, to feel the effects of a business depression, and The "wutomobile. Industry at. present 1§ the aut at presen! seeing a revival of one very important factor that & long period of prosperity had almost tossed into the discard. It is the pursuit of prospective purchasers | P! and the development of intensive sales- manship. Salesmanship, and admittedly a lot of it, is needed in the industry, accord- ing to its leaders. In recent years and up until the time last Fall when the realized ustry sut overstocked with fini : sales come very easily. The auto- mobile salesman had not been “selling” cars; merely had been taking orders. ried he”Svcpodueton of at SRr p e ove of year. While in isolated instances dealers still are overstocked, most of the overpro. duction has been absorbed factory workers employment the year, instead of 24-hour shifts part of time and discouraging lay-o at other seasons, “controlled produc- tion” has become essential, for time being at least, to the financial struc- ture of the automobile industry. ‘With last year's overproduction vir. tually disposed of and the industry pi ducing only as many units as the d mand calls for, & slow but steady provement has become apparent, auto- mobile executives declare. While agree- ing that Incrm demand is nltun} at season /ear, many profess to believe the hoped-for upmawfi'und has definitely set in. None will gendicu however, how many units will be pi duced in 1930. The automobile indus- wy not want any more production records for the present; it wants sales records and for “a gond fair year.” Washington Ticker BY CLINTON COFFIN. Associated Press Pinancial Writer, gton this week for the annual meeting of the United States Chamber of Commerce. Exchanges of opinion on the subject have been, aside from the treatment of major problems, such as farm relief issues, taxation and nemld lldn:gn t:'x‘nfle"ncles in Jge business L an important occu n of most A e “We automobile indust has shaken itself down to a very m‘fi basis, said Alfred Reeves, general man- ager of the National Automobile Cham. ber of Commerce, in a typical relation of the kind. “There won't be so many cars made this year as last, but there aren’t any being made now that can't be sold. Business is concentrating rather much in the cheaper models, but the high cost machines, are moving nti‘r‘l" we]lé Mlt doe:réo?k as though the woul upward for our produ }1;:: how an” p our cers other sample of view, based on a territorial showing rather than that af- 9 | forded by a single industry, was elicited from E. G. Buckiand, boara of the New Htven Raiiroad sye: 'm. “While I'm not able to form a fixe c;ph;.lnlon as to our outlook,” he sald, “it our lbeenmd 2 ne{p:;flenfl ce 5o far that New as much as some in the country. We have enjoyed some moderate tendencies toward upturn lately and I rather hope that they will continue, and there doesn't seem to be much :zf,t that further slumping is in Despite the Ini by Senator m%ucflm o Sonerees the slow-moving process of railr consolidation in the country, the lur?l'e; f business it chamber esda to consider the mbfeev.. Fred W. Su'[entr,nprel lent of of the movewent that is on, even though it ought to be slow.” said Harry A. whulu of the First National Bank of Chicago, after describing the adop- tion 10 years ago by Congress of tra tlon act, which, he sald, con- tem d the eventual merger of the 180 American carriers of first rank into pcrhaps 20 giant systems. “It is proper that the new factor of holding company acquisitions_of rail control should be 3 | examined. But why abandon the con- an:gy";! the consolidation movement Dean E. R. Johnson of the Wharton haps companies which seek to acquire railroad control should be submitted to public regulation,” he sald, “but the process of consolidation should not be suspended.” Alfred T. Thoms, counsel for the As- sociation of Railway Executives, agreed that the “whole movement toward con. solidation had been halted” by the ap- runnu of opposing views. Neverthe- less, from the standpoint of bringing about proper and reasonable rates for rail service, and in the light of need for he declared consoli- ddenly that it was | April ished _products, IS RECORDED DURING APRIL i Market Subjected to Heavy Selling Pres- sure After Unfavorable Developments | in Trade News—March Gains Lost. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, May 1.—For the first time since the November break in stock rices market values at the end of the month show a decided shrinkage those of the month previous. -Pre- liminary estimates indicate a consider- able portion of the $3,000,000,000 “write up” values in March has been can- celed by the abrupt break the middle of Out of 20 separate ps of stocks, representing over 200 munt issues, a majority show lower values today than on March 31. The prominent exceptions are the oils and the public utilitles. In these two new rices for fpre o B new Bt of ' the in the power and light company shares two weeks ago has since been erased. The amusement|Li8h reco issues have also been conspicuous for | ¢y and for the tremendous turn- their shares, which at times has represented between 20 and 25 per cent of a day’s trading. Large Shrinkages. in which the largest ve taken place are the com- bined depreciation of about $1,000,000,- 000. Rallroad stocks have persistently declined for some weeks under . the handicap of the | March quarter results in years. -The coppers have been m the down trend ever since the cut A7 compazed With the Jom S T paste , com] w of a fraction under 50. o8 The motors had a vigorous upward movement during the first 10 days of April, when Chrysler touched 43, com- pared with 33 in January, and General from | go0 SESFops $eazl.e §-.§Ea'§i§§§ , the pul u group would hive ended the month with & net gain, as such stocks as Consoli-- dated Gas, Pul § In the miscellaneous groups there were such ificidents as & decline of nearly 20 points in Johns Manville, & new low price for National Cash ter, considerable shrinkage in Carbide & — year. (Copyright. 1930). NORTH BEACH BUS LINE APPLICATION REFUSED Specisl Dispatch to The Star. BALTIMORE, May 1.—The Public Service Commission yesterday refused the application of the Washington, Marlboro & Annapolis Motor Lines, Inc., for a permit for the operation of a bus line for the transportation of passengers between North Beach and Chesapeake Beach. Bus service between these two points is now_being operated by the Chesa- peake Beach Transit Co., a subsidiary of the Chesapeake Beach Railroad Co. and at the hearing George F. Detrick of the com- pany told the commission that the would not only be improved, NEW YORK COTTON NEW YORK, May 1 (Special).—The | ept anced squeeze in old crop deliveries adv: July contracts $1 & bale on the Cotton Exchange today under nervous short covering that sent July to 16.71 at one | Septem! time. Later in the session, the dec! in wheat and sugar into new low ground for the year brought the cotton market under on May and July. 10 points to 16.70. last week, President | 9cto raflroad - anuary ( but that through tickets would be sold | Janua: from the District line to North Beach at special rates on certain s of the week, and that the straight from Chesapeake Beach to North Beach would remain at 10 cents. The railway company will be com- pelled to put new busses in service un- der a provision of the order of the com- mission, which says: “In dismissing the application of Washington, Marlboro & Annapolis Motor Lines, Inc., the commission has done so with the understanding that peake Beach 'rnu’;: Co. will ance with its letter to the commission f of A 28, 1930, others of resolutions 3m’fi’°¥fi.‘}fl n‘:‘fi mif S e e tted therewith, and p the new equipment in service within the time indicated n the papers, and fail- Chesapeake Beach Co. in this respect will be considered after | sufficlent cause for the commission to reopen the above case ¢ t - Sideration.” o v ooy METAL MARKET. end interest and dividend payments. Time money was easier, with rates off about !4 of 1 per cent on longer maturities. Rates for bankers' lceerl- reduced % of 1 per cent, with some dealers reducifg quotations on the shorter maturities as much as %, The reductions in the discount rates of the banks of England and France wee inte as further tions di , and are expected, eventually to be followed by lower Federal Reserve rediscount rates. CITIES SERVICE EXPANDS. NEW YORK, May 1 (#).—Cities Serv- as purchased all of the hol NEW YORK, May 1 (#).—Copper un- | ic¢ Co. h settled; electrolytic, spot and future, 14 Iron easy; No. 2 f.0.b. Eastern Pennsyl- vania, 18.50a20.00; Buffalo, 16.00a16.5 Alabama, 12.00a1400. Tin weak; spot and nearby, 33.37; future, 33.62. Lead quiet; spet, New York, 5.50; East St Louls, 5.40. Zinc easy; East St, Louis, the spot and future, 4.70a4.75. Antimony, 7.50a7.62. London’s fashion world had a “scan- dal” recently when it was found that ma; had failed to grow I&amkmdmmwmom the similar period of 1929, amounting to 16.6 per cent. some 29 large com- les, many of them leaders in their 5% | B lustries, were able to dividual figures showing ics Co. of New York, follows: First Quarter, SUGGESTIONS OFFERED A. T. & T. BONDHOLDERS Due to the fact that holders of Amer- ican Telephone & Telegraph 4, per cent convertible bonds will lost about 10 points in conversion value when the company’s common stock sells ‘“ex- " as a result of the current offer- ing of rights, First National Old Colony Corporation of New York suggests sev- eral methods of procedure to be fol-. lowed by bondholders. Holders of the 4158 of 1939 who are in a position to own common stock and to_invest additional funds to take up the stock available under the conversion privilege are advised to pro- tect their interest by converting suffie clently before May 23 so that stock re- ceived in version be issued on in the ered. Investors in a position to hold com- mon stock but who have not the neces- additional funds available for ef- % o the eaisting pians shouid sel ‘voral of their bonds and buy, simultaneously, as much of the companys' stock as is possible. Invesiors restricted by law from holde ing common stock, even tem| i E E?ES B % down, %l varying from oal cline to % cent advance, a; showing 2 cents to 10 cents gain. =E 4 3 £388! 2 F3iae 2 R FERE :‘lg'z B3 3 steadily improv- since April 1, that it is making E‘wmmwfihmdmwmh ENTERPRISE SERIAL BUILDING ASSOCIATION Tth St. & La. Ave. NW. 64th Issue of Stock Now Open for Subscription Money loaned to members on easy monthly payments g £ Srvmty g £, S Und . Distrib INVESTMENT SECURITILIES Wasninoron Orrica 937 t5th Street N W, Tdaphone, Nazional s053