Evening Star Newspaper, May 20, 1930, Page 13

D.C. STOCKS lflWER IN SMALL MARKE Capital Traction at 72 1-2 Mergenthaler Also Drops in Light Turnover. BY EDWARD C. STONE. As is apt to be the case when the New York stock market is we:k. securl- ties on the Wi 'k Exchange also sold lower today. Capital Traction Sid down to & new low.on the present move. The stock ed with a 10- included an- other small trans- fer of 14 shares at 73 flat. After a 10- hare lot had sold at 723, three sales totaling 54 shares ‘were recorded at Co. rights sold at 17%, American Se- curity & Ttrul: stock came out al 415 and 50 shares of National Union Fire Insurance Co. moved at 24 and 50 more at 23%5. Mercenr.hnler Linotype opened at 106, dropped to 105%, to 1043% and closed at 1041 on a turnover of only 36 shares. The company has omitted the usual extra dividend. Lanston also sold lower, a single share moving at 122, Washington Railway & Electric preferred sold at 98%. ‘The recently listed Prince Geo Bank & Trust Co. stock appearcd the first time, 30 being bid for the stock with no offer. Coolidge Year in Business. Pormer President Calvin Coolidge has completed his first year as an insurance man. He was elected a member of the board of directors of the New York Life Insurance Co. at the May meeting in 1929, and since that time has served as chairman of the agency committee, whlch has supervision of the more than 10,000 agents of the company. He has taken an intimate and personal inter est in '-he details of the company’ ess. He was absent from only two board meetings during the_ year, once while on a trip to the far West, and once in January when he left with other direc- tors and officers to address a meeting in Florida. Commodity Prices Again Mm Commodity prices declined five-ten! of 1 per cenmunnz the week ended May 17, according to the wholesale price index of the National Fertilizer A-ochuon. The total decline during the past two weeks has amounted to nine-tenths of 1 per cent, and the index is now 1.1 per cent below the low point of March 15. Nine groups declined and nnly one showed - sl ht advance. Of the total items 37 and 16 advanced. The larger declines occurred in fats, feeds and live stock, fertilizer ma tokn fobds, and. Toel o an E Based on 1926-1928 as 100 and on 476 tions, the index stood at 90.1 for week ended May 17; 90.6 for May 10, and 91.0 for May 3. Beach Raflway Raises Wages. ‘The Cliesa) Beach Railway Co. announces effective as of May 1, an in- crease of 10 per cent in the present scale of of all trainmen, en- Calvin Coolidge. “'rnzm"’nuhmnudmtumuch mn;: of w' living mm- mlfl ‘Way o rec lon ‘mnmute orut.hnn.h"ew eamp;nyl business has increased mldmbly during the put year ||x;; importance o! t.he Chesa- lfilfluol* uss & shipping pl?l.nc 'ldn u&efl- ence in rail , has been appo -uent at that station. Convention Plans Move Forward. Convention plans are moving forward steadily in connection with the coming conclave of the District Bankers’ Asso- clation, which takes place at Ashul.l? N. C, June 5 to 8. As the time .h; proaches there is marked interes the annual event and the members of the association are looking forward to one of the best meetings yet held. The gg ogram is sure to be interesting and lp!n.l and the surroundings at Ashe- are considered ideal. Those who mve already visited the Grove Park Inn are tremendously enthusiastic over the accommodations and special features which it offers. As one of the best known resort hotels in the country, it will compare favorably with any other hotel the Washington bankers have vis- ited during previous conventions. Chairman Claude H. Woodward of mittee, of which Luther E. Schreiner is the chairman. Léans and Investments Drop. ‘The Federal Reserve d’s condi- tion statement of weekly reporting mem- ber banks in leading e el May 14, shows decreases for the week of $29,- 000,000 in loans and investments an "2,000.000 in borrowings from the eral Reserve Banks and increase of $140,000,000 in net demand deposits and $21,000,000 in time deposits. Decline in motor car production has now nearly run its course and by next year it should have recovered to a level equal to or exceeding that of 1928, Eastman, Dillon & Co. say in a discus- sion of the outlook for manufacturers of tomotive parts and equipment. The appraisal of the motor production sit- ‘uation is based on the experience of the industry in the past 15 years, they say. Gleaned in Financial District. Loew's Inc. has declared the regu- lar quarterly dividend of 75 cents & share, payable June 30, to stock of record June 14. President Wade H. Cooper of the Commercial National Bank, has re- turned from a trip to Atlantic City and Bethlehem, Pa., attending the Bach festival Bethlehem. the Washington office of Prince & ‘Whitely, opened yesterday. ‘The North American Co. reports that expenditures on n>w construction by subsidiaries totaled $16,792,382, in the first_quarter compared with $8,742,000 in the same period in 1929. In Wash- ington the company spent $944,446. ‘The Baltimore & Ohio plans to spend $1,200,000 in double-tracking and other improvements on the Wheeling division. An amendment to the Federal Re- serve act that would provide for a dis- tribution of the earnings of the Fed- eral Reserve banks to their respective lwthnldeu and_depositors was ad- vocated by the New Jersey Bankers' mmuon in convention at Atlantic Virginia Carolina Chemical Co Efllfln declared regular quarterly di d of $1.75 on 7 per cent grlor pref- nwcl. plyahle June 2 to stock q{ record May 26. Kentucky will realize uoooooo in Tevenue annually from a gross sales fillnd-nnew law just passed. 35% 28 Allegheny Corp. 107% 965% Alleg Cpf nowum 99% 43 lZGK 121 95 Alleg C pf $40w(5%) 255% Allled Ch & Dye(né). 49% Allis-Chalmers (3) 36 Am Beet Sugar 44% Am Brake Shoe( 8% Am Brown Bov Elec. 60% Am Brown B E pf(7) 16% Am Com Alco(n1.60) 59% 35 Am European Secur.. 05 118% 22% R% b6% 69% 110 26% 27% 274% 26314 266% 124% 141% 114% 124% 20% 18% 28% 176% 51% 263% 10% 58% 57% 56% 110% 134 41% €9 48% 110 112% 1% 89% 33% T6% 226% b2% 34% 28% 362% 9% 60 65% 16% 67% 82% 53% 17% 52% 26% 46% 110% 89% 32% 67% 43 98% 647 35% ki % 87 110 37% 199 40% ) Am&Forn Pwr 24 pt. 19% Am Hawallun 8S (2). 224 Am Hide & Lea pf. 35% Am Internatl (2).". 64 Am Locomotive (4) 103 Am Locomot pf (7) Am unn l: Fay (7, 60 Am Sugar Ref ( 104 Am sunr Ret pt (1), 12% Am Sumatra Tob 28 Am Tel & Cable 216 197 197 120 125 ry ¢ 106 Am Type Fdy nf (1). 88% Am Water Wks (nl1). 7% Am Woolen. . 55 Armour of Ill pf (7). 6% Arnold Constable. ... 24% Art Metal Constr(2)« ) e 161% Atl Coast Line (110). 364 _Atl Refining (' 158 Auburn Auto (§4) 4% Autosal 37 Auto-Strop Saf 4% Aviation Corp of Del 24% Baldwin Loco (l‘l- 7). 50s 110 32% Bendix Aviation (2). 31% Best & Co (2).. - 91% Bethlehem Steel (6).. 122% Bethlehem Sti pf (7) 34Y% Blaw-Knox (1%)... 47% Bohn Al & Brass (3). Bklyn-Manhat (4)... Brooklyn & Queens. . Bklyn&Queens pf(4) Bklyn Union 6:. ®) 36 Bush Termnl (2% 100% Bush Term deb (7) 70 Byers (A M). €6% Calif Packing (4) 60% Calumet & Aris ( 16% Calumet&Hec(ad ). 57% Canada Dry G A (6). 187% Canadian Pacifio(10) 51% Can Pacifio(new)w.d. 27 Cannon Mills (l‘lfl)-. 18% Capital Adm (A) 192% Case (J 1) (6).. 54 Catrpillar Tra(t3%). 20 Celotex (3).. 51% Cerro de Pasc 8% Certain-teed Prod. 36 Checker Cab (4.20).. 63% Ches & Ohto Corp fl) 36 Chi & Eastern Il pt., 11% Chi Great Western. .. 34 ChiGreat Westn pf.. 18 Chi M1l StP & Pac. .« 31% Chi M1l StP & Pae pf. 107 ChiR1&Paopt (7). 79% Chicago & N W (8 24% Chickasha Cot O (3). &3 Childs Co (2.40). 30% Chrysler Corp (3). 96 City Ice & F pf 6% 7% City Stores (60e. 59 Colgate-Pal-P (2%). 14% Collins & Afkman. .. 36% Col Fuel & Iron (3).. 683 Colo & Sou 1st pf (4) 69 Col Gas & El (3). 104% Col Gas & El pt A(6) 23% Colum Graph((a87e) 128% Columbian Carb (16) 23% Comm Credit (3)..., 22% Comm Cred pf (1%). 00. High. Low. 3 31% 31% 19 30% 30 3 31 304 2 18 2 32% 324 104 141% 138 3 2% 24% 2 1% 1% 3 6% 6% 9 114 10% 203 27% 264 Allled Ch & D pf (7). 1 % 75 405 141% 138% 2 146% 146% 4 43% 43% 9 19% 18% 10 47 45 481 B0% T6% . 8 111 6 ‘0. lll% 118% 9 110 13% 2 166 166 52 42% 41% 2 84 84 16 36% 35 54 164% 150 5 6 5% 2 53% 63 3 TH % 20 2T% 27 109% 15 114% 118% 14 39% 37% 12 38 32 28 40% l!% 10- 106 106 156 983% 894 5 6€8% 68l 2 10" 832 !15 12 74% 308 76% Com Credit 1st (l%) 1005 36% Comm Inv Tr 99 Cmwlith & Sou pf (6) 18% Congoleum-Nairn. .. 35 CongressCgr (15%). 42% Consol Cigar (7).... 76% Consol Cigar pf (7)., 67 Consol Cgr pr pf 6%. 15% Consol Film (2). 18 Consol Film pt (2) 96% Consol Gas N ¥ (4).. 99% Consol Gas NY pt(5) 49 Con RR Cub pf (6).. 1 Consol Textil 4% Container(B). 27% Contl Baking (A)..e 4 Contl Baking (B). 8% Contl Baking pf (8 87% Corn Prod ("“’-c-l * 140 Corn Prod pf (7) 24% Coty. Inc (k2)...... 35% 26% Cream of Wht(12}). 20% 9 Crex Carpet 6% Cuban.Amer Sugar. . 1 Cuban Dom Suga: 41% Cudahy Packing “)- 6% Curtiss Wright Corp 13% Curt Wright Corp A. 64 Cutler-Hammer(3%) & uw X;Mt Detroit Edi; Diamond Ma 308 208 6 16 28% 488 127% 4 102% 7 60% 1% 6 18 204 46 10814 1008 14716 19 27y 2 31% 2 4% 34% ‘ l'l!fi l"I'A 12" 238 5218 217 17%, Closs. 1% 30% 30% 17% 32 141% 27 217 % Nflt 112% Du Pont de N (14.70) 121 114% Dupont deN db pf(¢) 17 178% 24% 81 4% RR Eureka &I'IG (‘)u IIK Evans Auto Lag 3% . 31% Foliansbee Bros 60% Foster Whesler (3).e 38 Fourth Natl Invest. 384 Freeport. Tex (1! 90 Fuller pr pf(17.9 60% Gen Electrie (1.40) 11% Gen Elec spec (lu).. 464 Gen Food Corp l". - Eastn Roll Mill(ht2) Eastrman Kodak 1 8’ 4 12 91 134 Gen Gas&El A (e30). X 85% 32% Gen PublicSve (b6).. 86% Gen Ry Stgmal (5. 13% Gen Realty & Ui 91 Gen Real & Ut pf(6). 67 Gen Refrac (1434)... 39% Gen Theat Equip vie. 80% Gillette Saf Ras(nf). 27 Granby Copper (3).s 324 Grand Silver 8 (-l). 13% Grand Unioa.... 37 Grand Union pf (3. 37 Granite City Stl (4, 32% Grant (WT) (1).eee 83% Grt North ptet (5).. 19% GtNetfsO P (a3%). 26 Grt W rew » = s Sa8%4uSBern =8 5 » welnmpea 26 Hackensack W (13) 140s 26 Hackensk pf A(1%).. rshey Ch pr pf(6). Holland Fur (et3%). Houdaille Her B(3).. Housepld Fipt 18% . Houston Oil (b10%). Howe Sound (143%).. Hud&Man Ry ( ) Hupp Moter Car Tllinots Central (1).. Independ O1l & G(3)« Ind Motor Cycl Indian Refinin lndllll Refining Intl Carriers Ltd ., Intl Cement (4). Intl Combustion, Intl Comb Eng pt. ..o Intl Har'vester (3% ). Intl Hydro El A (e3). Intl Match pt (6)...e Intl Mer Marine (1) Intl Nickl of Can(1). Intl Pap & Pwr (C).. Intl Pap&Pwr pt (7). Intl Printing Ink (3) 108 37 Intl Print Ink pf (6). 60 Jnu & Laugh pt(1)’ Jordan M otor Car... ldl L‘hlll Valley(t4%) Lehm: ration Mhl.l‘lnk (1 e Ligg & Myera B(15). Lima Locomotive Liquid Carbonie (¢ Loose-Wiles (12.70) Lorillard (P) Ce. Loufstana Ofl. % LouG & El(A) l‘l‘) Louls & Nash (7). Ludlum Steel (3). McAnd & F (12.85).. McCall Corp (23)..¢ McKeespt T P(143%). McKesson & Rob (3), 0d ( Manhat Elev xtd (7) Man Shirt ul....... u-rko ll. Ry pt.. Mariin-Rock (H%)+ Marmon Motor (h2 Marshall Field (2% 264 engel Co (3).. Mengel Co pt (1), 16% Mezxican Seaboard. 17 Miami Copper 3 266 634 9 25% 4 21% 2 36% 1 87 141 107% 108 1. 3 Bfln - T3 000 1 0o 10 10 5O i o bt e 1 DRIVES IN SHORTS -2 Market Comes Back During Final Dealings, With Many Losses Recovered. By the Assoclated Press. NEW YORK, May 30.—Bears grew)jhamg excessively bold in today's stock market, and after driving most leading shares down 2 to 5 points or more, found their position untenable; and were driven into hasty retreat. Losses in % | the more important shares were mostly recovered and several closed with net Bulls rallied around two of their old time standards of the so-called Coolidge- Hoover bull market, General Motors and ited States . General Motors s | and low, rebounded nearly 3 points above yesterday's ¢l 8Buch shares as Amer- lun '.\‘elzphme, ‘General Electric, Amer- Radlo regained all of the d o et the d-y closing tone was ‘Transac- ted 3 500000 shares. more | cent on renewals and be committing themselves heavily on the short side, which was regarded as indicating & covering movement before the end of the week. News was mixed and ! per g- slightly in favor of the bear side, although in- that the im| e in Congress Steel - mated at only 75 per cent o( up:g&z e S i oy M 'Was Tepo! as g at ent of Labor reported | the - mt declinc in industrial employ- 5% | ment in April. Amumlneru.u'u , however, in employment in the bu trades. regarding the California pm situation, brought to the fore with mde price cuts at Santa Springs last week, were more assuring. ‘Among the more volatile issues, Case sold up 7 points, then dropped more than 16 from the top, when directors declared only the dividend and !nued to announce ud ) m- n : B v i, s estimate ulwwmr)? deficit for the first quarter. !uch issues as Westinghouse Electric, Johns-Manville and Eastman Kodak lost 5 points or more, and shares losing 3 or more included General Electric, American Telephone, Public Service of New Jersey, zlectflc Power & Light, Consolidated Gas, American Tobacco B, Loews and Alr Reduction. Such shares as United States Steel, Standard of New Jersey, American Can and Radio also sagged substantially. 0Oil Stocks BY GEORGE T. HUGHES, This is the twenty-fourth of & :l“. :!’- investor st info: v uch I'Ill’:; emhle hlm intelligently to m th m 4 capital l?or.k vuun with 2,577,12¢ sheet itself is. . On the lisbility the capital ok, fopeecibtion Teaerves, cf insurance and pension reserve and sur- plus. On the asset side there is only plant and improvement and current uueu. As of December 31 last total t assets were $27,682,308 -u cumnt liabilitles of $5,631,8! ratio of n)&roxlmtmy nve to one. ‘With suf set-up, all net income being applicable to capital stock, the market price is free to reflect lmpmv:- ment or the reverse in earnings. The calendar year 1929 was a good one for Nek income was $6,652,992 'ere ‘2 .85 in I‘zer of wn the old lhck wu split two and one-half for one and a 50 per céht stock dividend disbursed on shares. Probably it will be some time before anything similar is done but it is the reasonable certainty that stock dividends will be paid over a period of years um 'lv- Standard Ofl stocks bot and tnve;t:;n;l‘: Mlunc:.hlm The ves 8 fal on the present ividend at present market prices !m' an issue of its Standard Oil of Kentucky was one of tandard o‘:tan n'v\lt p but was been I Wall Street Briefs I By the Associated Press. 3 Corporation wdly ported t during April in 20 'm valued .t $17,824,800, & decrease of ’rr cent from the total for April, 19 Pdrflltl m 10 cities of the Rocl Mountain States amounted last mon! to $2,478,500, compared with $4,215,000 in April last year. Structural steel orders in April are estimated at 236,000 tons, a decline of 12,000 tons from March and of about 100,000 tons from April, 1920. The total for the first four months of this T Was 1,ouooqum against 1,232,000 & year ago Associated Oil Co. has reduced the ol light erude oll to meet the cut; Standard Ofl of California in the new % | Santa Fe fleld. Bilver uction in the United States last mon wulod 4,740,000 fine ounces, against 4, ounces in March and 5,433,000 in kyru 1929. Stacks of sil- ver in this country on Ma: mounted wnou on A on March 2. nnd 192,388,000 on Janu- ary 1. CALUMET & HECLA. NEW YORK, May 20 (#).—Directors of Calumet & Hecla Consolidated Copper Co. have declared a dividend otflnunumthammmmkuy- able June 30 to stock of record May made a disbursement of $1.50, prior which three dividends of $1 each were paid. — U. 8. GRAIN EXPORTS. By the Associated Press. ca- umudsuw-.-mh of the stock of the EX lmondhlml, smoked 208323; bwgon.n hrdtnpuh'u 13; " stock—Calves, 8a10; Spring hlnh. llnl! TWO PER CENT MONEY IS SEEN BY BANKERS Special Dispatch to The Star, NEW YORK, May 20.—After s con- tmnce today between the officers of one of the largest national banks, the situation in the market for stocks, bonds in general business was actively discussed. & The conclusion was reached that, with the stagnation in the ncum{ markets and the comparatively. 1 iad funds, it would not be long before call llcnoy Tates would be quoted between 2 and 2% per o might, for ‘ considerable period ween NOW an midsummer, J' in the open mar- ket as low as 1% per cent. GROWTH OF AVIATION BUSINESS IS REVEALED Special Dispatch to The Star. NEW YORK, un.y 20- ——Some remark- able figures have just been published showing the ‘mwlh of ‘the aviation business in the past few years. These eovzrthaig‘uuubl.nrsmmea.m exporty, in numl miles flown and in and net ‘Those who are favorable to the aviation group feel that it has been well liquidated and that during the stress of t.hn ‘weaker units were eliminated, with stronger companjes like United, Curtiss and North American Avl-uon in control of the situation, which the; should be able to stabilize. Tha annual report of the Fokker Air- craft Corporation, in which General Motors a considerable investment, Fe | Was published today. It showed 49 cents a share earned in 1929. The remark- able feature of m balance lhut the total et- cash, call loans, an able securities ot $6, 373 m vn Decem- ber 31, compared with total capital stock of $5,739,851. SILVER QUOTATIONS. NEW YORE, May 20, () Bax Sitver; DIVIDENDS DECLARED NEW YORK, May 20 (#).— { 2oooo 0o0OOOLY gReshEeE geneie MO 1o B . B T - Initial. Bivyer Stesl Cast...500 Q Company With Capital Funds Over $63,000,000 issues owner mortgagees’ policies title insurance on real property in the District and" nearby - counties of Mary- land and . Virginia and underwrites certificates of title issued by Capitol Title and Guarantee Company Chandler Building Washington, D. C. Prompt Service Courtepus Attention YOUR FUTURE IN $5,000 UNITS UNDER the Investors Syndizate $1.02 per dey bullds ) In exactly 10 years. -01 cents a day builds you “,flhmdy!!yun. Mony other nnnu m bnfil«, ”!nhy M-uy - =175,000 INVESTORS - Send bookiet, “Enley Meney” to— Neme coectectnnnetsnnntsncenconee Addroms..cooiiiananersansaniieneny INVESTORS SYNDICATE ‘FOUNDED 1894 BARR BUILDING 'WASHINGTON, D. ¢ Telephone: Metropelitan 1879 OFFICES IN 51 PRINCIPAL CiTiRD 3asey City, the receiver af snother con- e last year | B ONY RECEIVERSHIP IS ASKED FOR INVESTMENT FIRM Spectal Dispatch to The Star. BALTIMORE, May 20.—Asking the| appointment of a recelver for the Bankstocks Corporation of Maryland, an investment trust with offices in Jer- cern the Bankstocks Cor. m d M $1,500,000 since Tast Th ‘receivership petition’ was filed by Samuel I Keul'r, ‘who 15 & receiver (or the Bankshares tion of Offices Saul Building 925 15th $t. N.W. Several desirable rooms at very reasonable rents, Inspece tion invited. B. F. SAUL CO. Nat. 2100 925 15th St. N.W. llll‘l large p-n Marylénd corpora- tion, it was stated. m lhbfll!kl tition intment .uu'&"’&'.z the Qefendants’ on balance sheets as $2,868,470, )100000 nllend to be due | trust on notes and the of t remainder as capital fi,flu:}:‘;;"l m:‘ck lability. ludge George A. ed an Na 817 OF Wer e Preattent majority of the A sident_anc ority of he Stein Electri and i Solter signe y to the fol unw order requiring the defendant to show | {aPital of the stein cause by May 26 why the mueehd re- | ol 3t Wiich has i‘.;‘.?‘.':f:..}i ceivership should not be granted. CRUDE OIL PRODUCTION By the Associated Press. TULSA, Okla, May 20. —Tho - mated dally average produc m'ét d crude oil in the United sum during the week ending May 17 increased 14, 442 barrels, the Oil and Gas Journal says today. e wul daily ’ production for the week was 2,611,883 barrels, as compared to 2597441 for the week ended MA’ 10. Tha midcontinent area provided th gorllon of the increase in lllht ofl, wlt an lnurenu of 10,481 barrels, Heavy ofl in this section remained vir- tually eonnm& Oklahoma recovered from a week with 6,345 bar- r_rn:; :’dd:d {& ge dlnll mduuuon. West ec 8] Kansas added 3,105 barrel !. Gulf Coast lnd Southwest Texas, heavy crude areas, re| increases. The Rocky Mountain light crude area climbed more than 4,000 barrels, while Oalifornia dropped 4,500 in light ofl, remaining conlum in heavy. Subscription Booh Closed. NEW YORK, May 20 (#).—8i ription books on. the' new issue o(_glo‘. Money to Loan snlnl B, rst deed of trust on real.estate. || b and eommis Jolepl: 1. Weller % g o 5 1 o | TRUSTEED SHARES | he IDEAL for vestors . who _demand — 8. an ot princip cially suited to long- for mmvuu-u. srugt, funds of organizations’ Sold in Lote—$100.00 Up y Call or Write Standard Collateral Shares Corporation Weodward Building. MOTT MOTORS, knc. “HUPMOBILE!” Better Used Cars - 1520 lul t. N.W. e, DECATUR 4341 .. - amount_of rnlnanm of oo Brem i INCREASES DURING WEEK |z dating ‘debts 18 e A ETEIN, d Trusten, V. STRIN, Trisises for the o o?u]c?f. DTt of Bt Beeoia Touis A. Stsin. cirfe an o the s onr’li-xtl:n s e to my Knowledss aga. el subu: ibed i and swern o before me this Bal] " iy remmog, ——— BEN HUNDLEY TIRES uu 14th St. NW. Adams 8100 4 Service—Charse Accounts Invited First Mortgage Loan Applications Ipvi!cd at 5%% Glover & Flather 1508 'H St. N, National 1753 on Real Estate District of Columbia or Maryland 51 & 6 Promgt Dacision on All Apglications 1435 K St. N ‘National 2345 _ ‘Complete Investment and Brokerage Copy l; Osr '!nl-l Service mklnhr‘ - G. M."P. MURPHY & CoO. Members Nw York Stock Exchenge 1510 H Street . . Connecticut at K WASHINGTON Telephone National 9600 Philadelphia STOCKS Richmond London BONDS COMMODITIES F. B. KEECH & COMPANY H CORNER 17TH ST., N. W.. WASHINGTON NATIONAL 0245 w vorx emcaso PHILADELPMIA SEASONAL BRANCH OFFICES PALMBEACH MIAMI SARATOSA SPRINGS Mombcn k B n.‘-‘f‘fl‘.‘i’?:.'.‘o"um..‘""' of Liverpool Cotton Association, Ltd., N"Yltk Cotton MIT ll V. Coes Exc ll:. ational Metal Exchange, Ine. Your Stock Certificates —Bonds, Insurance Poli- cies, Deeds and other papers of importance deserve better security than the average home affords. {You can rent a SAFE DEPOSIT BOX in our. fire and burglar proof vaults for less than a cent a day. TRAVELERS’ CHECKS National Savings & Trust Co. The Oldest Savings Instifution in the District of Columbia B4th . Year Cor; 15th and New York Ave.