Evening Star Newspaper, June 6, 1930, Page 13

’ ! FINANCIAL. B/ (KING INSTITUTE NAMES DELEGATES Washington Chapter to Send i Nine Delegates to Den- ver Convention. shington Chapter, Institute of B.vr{‘mg .rlll be well represented at the annual convention of the American In- stitute of Banking section of the Amer- ican Bankers’ Anoch&lon to be held In Denver June 16 to 20! Nine delegates will go from Wash- ington, planning to leave the c-glul Text Priday and join the groups Bllt)mor! and Richmond on a special o he Washington delegation will con- ist of T. Hunton Leith, who has held all offices in the local chapter and now is a member of the national executive committee of the institute; Frank A. Perley of the American Security & Trust Co., who is president of the ‘Washington chapter; Miss Rose Royce of the Washington Loan & Trust who is secretary of the institute; A. O. Dooley of the Federal-American Na- tional Bank, vice president of the chap- ter; W. G. Barker, Morris Plan Bank; H. T. Bisselle, Riggs National Banl A. M. Nevius, ce president, Riggs Na- tional Bank: W. P. Keith, American Security & Trust C., and J. E. McGeary, W. B. Hibbs & Co. Convention Features. Among the features of the conven- tion, as made public today by the American Bankers' Assoclation, will be a national public speaking contest for $1.100 in prizes given by A. P. Gian- nini of San Francisco, a debate on the chain or group banking controversy by teams surviving country-wide contests, and addresses by nationally prominent speakers. The chief speaker before the first eral business session June 17 will be gn Hecht, pruld!n! Hibernia Bank & Trust Co., New Orleans, and chairman of the eeonmnic policy commission, A. B. A, who was president of the American’ Institute of Banking in 1017-18 and presided at its convention last held in Denver in 1918. Of special' interest to the local con- tingent will be the convention debate on the evening of June 17, when one of the contesting debating teams will be from Philadelphia, to debate the chain banking question. The Philadel- phia team, which meets a team from New Orleans, will be composed of Mel- ville M. Parker, United Security Trust Co. of Pennsylvania; Harry C. Culshaw, Franklin Trust Co.; Harold W. Scott, Pennsylvania Co. for Insurance on Lives and Granting Annuities, and R. David Conner, alternate, Corn Exchange Na- tional Bank & Trust Co. In the period between general sessions, comprising the afternoon of June 17, the morning of June 18, and the afternoon of June 19, there will be departmental conferences on practical banking oper- ations comprising audits and account- ing, bank administration, business de- velopment and advertising, credits, de- posit functinos, investments, and invest- ment banking, savings banking and trust functions. Also on June 19, in the morning an institute chapter ad- ministration conference will id an educational session and in the afternoon an administrative session. In the morn- ing there will also be a chapter publicity conference, a Eublic education confer- ence, and a public speaking conference. District of Columbia Group on Trip. ‘Three men from this cit ite in the anhual cruise of the Southeast Group of Investment Banl ‘which left from Baltimore last night on the steamer Yorktown. Each year, this group of investment bankers make a three day trip to Virginia Beach, re- turning on Monday morning. Wash- ingtonians on the cruise include Carl R. Kurtz 'of Stroud, Kurtz & Co.; Joh Caswell of F. B. K¢ Firney of Y. E. Booker & Montgomery and J. F. Brlwner, jr of Waggaman & Brawner. D. C. Exchange Quiet. ‘Metropolitan Club 41¢ per cent bonds featured & quiet day’s trading today on the Washington Stock Exchange, when prices held steady. Starting off with ® sale of $10,000 in Metropolitan Club at 931;, three more transactions fol- lowed on a rising market to 93%. Manages Travel Department. Miss Marie Lorbeerbaum of Vienna, Austria, has been appointed manager of the travel department of the Inter- national Exchange Bank, it was nounced today. Miss Lorbeerbaum ha had considerable experience abroad in this line of work and is sald to be well qualified to take care of the de- partment. William Frank Thyson, who for a number of years has been identified with investment bankers and real estate circles here, i8 now convalescent after a six-week illness from pneu- monia, and hopes to be able to see his friends within three weeks. “While there are as yet no definite #igns that business recovery is to start in the near future, there are factors ‘which suggest that recovery will not be delayed many months” says the Brookmire Analyst. “The length of time before definite recovery sets in will depend somewhat upon the course of business in the meantime. If a further readjustment downward occurs this Summer, recovery should be vig- orous hy the end of the year, while if business fluctuates around present levels, it will take somewhat longer for the correction to be completed, recovery will be slower when it sta Two important factors pointing toward business recovery before the end of the cear are cheap money and low com- prices. Cheap money alone is enough to cause a recovery in Hvxnm-ss but it is a powerful aid toward recovery when conditions become favorable.” Condition of Reserve Banks. e daily average volume of Federal reserve bank credit outstanding during the week ending June 4, as reported by the Federal reserve banks, was $1.035,000,000, an increase of $70,000, 000 compared with the preceding week and a decrease of $309,000,000 compared with the corresponding week of 1929, On June 4 total reserve bank credit outstanding amounted to $1,004,000,000, an increase of $28,000,000 for the week. This corresponds with an increase of $65,000,000 in member bank reserve bal- ances, less increases of $15,000,000 in Treasury currency and $7,000,000 in monetary gold stock and a decrease of $15.000,000 in money in circulation. ‘The principal changes in holdings of discounted bills for the week were de- creases of $4,000,000 each at the Federal Reserve Banks of New York and Cleve- land and $3,000,000 each at Boston and Philadelphia and an increase of $4,000,- 000 at Atlanta. The system's holdings of bills bought in open market increased $14,000,000. of Treasury certificates and bills $16,000,000 and of United States bonds $3,000,000, while holdings of ‘Treasury notes dr-cuned $5,000,000. [ NEW SECURITIES NEW YORK, June 6 (#).—New se- curities offered ‘today include: Signal Oil & Gas Co., $2,500,000 614 per cent_convertible debentures, priced at 100 and eccrued interest, by banks, Huntley & Co. and syndicate, City of Clifton, N. J., $717,000 5 per cent bonds, priced to yield from 3.75 %0 4.60 per cent, by B. J. Van Ingen & Co. and syndicate Washington (Md.§ sanitary districk $300,000 4!, per cent construction bonds, priced at 10215 to yield about 435 per cent, by Stein Bros. & Boyce. The Anglo - Chilean _Consolidated Nitrate Corporation has ordered & dozen 12-foot melting retorts for its nitrate lant et Maria Elena, Chile, from the Bt ‘Foundry & Machine Co. THE EVENING NEW YORK STOCK EXCHANGE wnmnmmnml&ou Notice—All stocks are seld in one those whic] nmho-mh:’flhc“u ~Prev. Imfl Stock and Bales— D"llfll uu. Add 00. 3% 2!‘6 Adami 1.60). 4 32 23 Adams Hfllll Deeen 234 11% Advance Rumley. a1 Advance Rumley pf.. ‘Air Reduction (3) Air Way T1 Ap(3%). 1% Ajax Rubber 107% 95% Alleg Cp w 330 w 634 9614 89% Alleg Cpx 330 w b3« 243 266% Allied Ch & Dye(né) €8 494 Allis-Chalmers (3).s 26% 20 , Amal Leather pf 31% 10% 39 Bov 20 60 Am BrownBE Df(") 208 1561 117% Am Can (4). 169 144% 7 3 146 95% Am Car & Fdy pf(7). 84 Am Chain Co (3).... 16 Am Com Alco(n1.60) 38 18% Am Encaustic (1)..s 2 65 Am & Forn Power. 956 Am&Forn Pwr2dpf. 2 56% Am Home Pr“(‘ 20) 3 35% Am Ice (14). 9 35% Am Inlcfll.ltl 118 102 284% 210 119% 112 Am Mach & Fy p£(7 51ty 39 Am Metal (3). 116 110 Am Metal pf (6 2% 1% Am Piano, 119% 77 Am Pwr& Lt (1) 27 103% 107 100 AmPwr&Ltpf (6). 2 106 39% 3014 Am Ra&Std S8an1%. 256 31% 100% 66% Am Rolling Mill(n2) 123 67 67% 59 AmBSafety Rasor(b). 2 65 3% 1% AmShip&Com..... 2 1% 79% 65% Am Sm & Ref (4)..00 ‘31 70 141 138% AmSm & Refpf (7). 1 189% 3314 24% Am Sol&Ch ov pf(3). 27 5214 40% Am Steel Fdy (3). 5514 461 Am Btores (3)..cvemr 69% 60 Sugar Ref () sve 110 104 ' Am Sugar Ref pf (1) 26% 12% Am Sumatra T 2744 216 Am Tel & Telex (3).2 115 228 264% 197 Am Tobaceo 141% 125 3 266 208 115% 5 30m 2 111% 4 1w Am Type Fdry (8) 2 ( 00s 112% Am Water Wks (ll)- 46 118% Am Writ Paper cf AmZine Ld & Sm Anaconda Cop (7). 16 8% 2 26 9 88% Art Metal Constr(3)« Asso avpi Ind (4. 176% 161% 80% 59% B1%m 364 37 314 263% 150 58% 37 % A% 38 24% 161 109 l!!h 1 g‘/a Atl Coast Line (t19) Atl Gulf & W Ind (1) Atl Refinin, "l).n. e Auburn Auto (§4). ... Auto-Btrop Saf R(3) Aviation Corp of Del Baldwin Loco (1%) . Baldwin Loeo g! M. lo. 107% Balto & Ohlo (1) 1% Balto & Ohlo pf (4).. l 82% Bang & Aroos (33). 1 774 Barker Bros (3)..... 208 17 Barnsdall, A (2) ) 12 26% Beatrice Cream (4).. 88 Beech-Nut Pkg (3).+ Bulova Wateh (3 Burns Bres (A) (l).. Bush T Bld p! (7) cem 108 lllh ButteCop& 2 1 2 2'& 76 CalifPacking (4).... 8 Callaahan Zine & Ld. Calumet & Ariz (2).. 14 CAIumolLHuc(l!&g). 4 Campbell Wyant 9 1 Canada Dry G A (5 5 694 Canadian Paeifie(10) 11 200 Can Pacific(new)wh 17 50% Cannon Mills (2.80).. B 24% Capital Adm (A) 23 Car Clin & O sta “)- ”l 101% Case (J 1) (8). Case (J I) pt ( unu Catepillar Trac ( Cavanagh-D pf(¢ *) l?ol 66 Celotex (3) 17 81“ tex pl ( t Aguirre A 6 25 Gent T, mm p( [ 10. 61 Cerro de Pasco (§) 58 Certain-teed Prod. chuln O-b (4.20) 00 24“\ 201% Ch 10) 631 Ches L Ohlo Corp (4} 4% Chi & Alton. . 5% Chi & Alton pt. 86 Chi & Eastern Iil pt. 11% Chi Great Western. . 34 ChiGreat Westn pf.. 18 Chi Mil StP & Pac..u 30% Chi M1l Itl. Pn ot. 9% 17% 48% 125% 109 104% 100% 32 26 20 58 30% Ch 0% 7% 18% 24% Chi Pneu T pf (3% )= ChiR1&Pas (1)... ChiR1&Pacpt (§ Chi Yellow Cab (8 h City Stor Cluett-Peabody Collins & Atkman. .« Collins & Alk pt (1) Col Fuel & Iron (3).. Colo & Sou 24 pf (4) . Col 2 ) Col Gas & El pt A(6) 4 Colum Graph (a28¢). Columbian Carb (16) Comm Credit (3). Comm Credit A (3).. Comm Cred pf B (2). 36 Comm Inv Tr(g1.60) %214 Com Inv T cv pf(eé) '+ Comm Solvents (31) Comwith & Bou(§0e) Cmwith & Sou pf (§) 3% Congoleum-Nal Consol Cigar |;) 4 108% 26% 158\6 28% 81% 22 28% 128% 01 ) 103% 19 Con RR C\Ibnl (‘)--4 1 Consol Textile 4 Contl Baking (B)... 74 Contl Baking pf (8) e 50% Contl Can (2% 3214 lfl- 145 33 221 Coty. Inc (k2) 29% 9 Crex Carpe 22 10% Crosley Radio (1) 93% 754 Crucible Steel (kb). 314 Cuba Cane Products.. *uba Co. 141 146% 54y 29 B4y 14% 20 81w 9% 61 37T% 2% 2% 57 102 256 115% 39% 111% 1 101% 106% 30 644 65 1% 694 139% 27 228% 112% 109 378 107 pesY 82% 1% 11 2644 86 114% 3 2% 94w 674 1% B8% 184, 23% 673 199% 49% 24% 23 10151 lsav. 20% 66% 38% 43 9 60% 99% 26% 90% 66% 65 9% 108% 21% 145% &l 23% 1261 103% 60 1% 27 145, 2: 106% lnm 104% 1074 21% hundred-share lots letter s (65s) (283s) High. Low. Close 31K 20% 30% 139% 27 42 4815 60 107% 134 225% 251 25 265'% 28% 64 5 26% 38 145 144% 21% 23 16% 17% & 1% a1y i 126 161% 121 60 195% 106% 139 20 7 27% 97 112% 114%, 6 39% 9414 395, 43% 22 34% 2) Delaware & Hud (). Del Lack & Wn (17). Denver & R G W »f, Detrott Edison (8 Devoe & R 1st pf (7). 208 Diamond Match. (3) Dom Stores (31.20) Drug Corporatn (4) = Dunhtll Intl (34 Duplan Silk pf (8 Du Pont de N (' Dupont Eastman m.t 8 8! Eaton Axle & 8 (3) Eitington-Schild ples Elec Storage Bat (5. Elk Horn Coal... Elk Horn Coal pt. .. .1008 Eng Pub Serv (2.40). Eng Pub Sve pf (%) Equit Office Blds (3) Fairbanks Morse ll) Fairbanks M pf (7)..110s Fed Motor Tr (80¢) Federated Dept Strs. F'id Pho Fire 1(3.60), Filine's pf (6%)..., 1501 Firestone TAR(1.( 12 Firestone T&ER pf(6), 4 First NatStrs (3% ). 68 Fisk Rubber. 7 Fisk Rubber 1st pf.. 4708 Fisk Rub 1st pf ev.,.. 108 Foster Wheeler (2).. 66 Fourth Natl Invest 3 Fox Film (A) (4).... 117 Freeport, Tex (18, Gardner Motor. Gen Am Inv pt (6 Gen Am Tnk Car(34) IOI « 874 Gen Elec spec (§0c) .. Gen Food Corp (3).. 1 Gen Motors pf (7). Gent Out Adv (3) 18% 44% 92% Gen Realty & Util. . Gen Refractor(t434), Gen Theat Equip vte, Gillette Saf Ras(nb), 32 H um- Goodyear Tire () i Gotham Silk Hoslery Granby Copper (8). Grand Silver § (m1). Grand Unfon...... Grant (WT) (1)...0 Grt North pf (5). Gr Norctfs Ore (a%, 27 Grt West Sug(1.40) 14 Grt West Sug pf (7). 10s Grigsby Grunow.... 240 Gulf Mobile & North. 1 Gulf States Steel (4) 5 Hackensack W (1%) ‘50. Hahn Dept Stor: Hall (W F) Pr Co(3) l Hanna pt (new) (7). lu- Har Wkr Ref (13%). Hayes Body. Hercules Mot (1.80). Hershey Choe (5)... Hoe (R) & Co. Holland Fur (l'lKl. Houdaille Her B(2).. Househld Fi pf 133 . Houston Ofl (b10%). Hud&Man Ry (3.60). Hudson Motor (5) Hupp Motor Car Illinots Central (1) 25 7 Ingersoll-Rand (t6)« 0% Inland Steel (4) Insurance Sh (46e), Interlake Iron (1) Intl Agrieultural Intl Agrieul pf (7)..: Intl Carriers, Ltd % « Intl Harvester (3% ) . Intl Harvester pf(7), Intl Hydro E1 A (e3), Intl Mateh pf (4 Intl Mer Marine Intl Nickl of Oln(l). 256 Intl Paper pf (7). 4 Intl Pap & P (A)2, Intl Pap & Pwr (B) Intl Pap & Pwr (C! 2 Intl Print Ink of (6), 10s Intl Rwys Cent Am..100s Int Rys Cen A pf (5). 308 Intl Salt (8).. 20 Intl Silver pf (7).... 208 Intl Tel & Teleg ()., 101 Inter Dept Strs (3). Investors Equity(3). Island Creek Coal(4) Johns-Manville (3). Jones & gh p{(‘l) Jordan Motor Car. K CP&AL 1st vf!l". Kan City Sou (5). Karstadt (R) (1.02).. Kaufmann DS (1%). Kayser Julius (2%) Kelly-Spring Tire. Kelly-Spring 8% of. Kroger Gr&Bak(nl). Lambert Co (8 Leh Port Cm pf (1) Lehigh Valley Coal.. Leh Val Coal pf (3) Lehman Corp (3) Lehn & Fink (3). Ligg & Myers El") . Lima Locomotive. Liguid Carbonie (4)« Loew's, Ine (3. . Loew's pt xw (6%) uisiana Ofl. .- Lou G & El(A) (1%) Loufs & Nash (1)..« Ludium Stee) (3) Mac And & F (12.85). MeLellan Stores. Mack Trucks (§). Macy (RH)&Co (nt3) Madison Sa G (1%) Magma Copper (5). 4 Mallison & Co. % Market St Ry 2d pf.. Manati Sugar pf. Man Elec Supply. Man Elev mod g (d5) Market St Ry pr pf.. Marlin-Rock (14%) Marmon Mot (h50¢) . Marshall Field (3%) Mathieson Alkili (3). May Dept Strs (n2) e M lvlllo Shoe (2) Mengel Co (3) Metro-Gold pf| Mexican Seaboa Miami Copper (4) Michigan 8tl rm2 M1d-Cont Petm (2) > » prsrerReeeBaansrnee lr) 46% Mo Kan & Tex (1)... % 103 Mo Kan & Tex pf(7). 70 l lOO!fi Missouri Pacifie. Missouri Pao pf (i l 1 (Continued on Page 14.) 128% 127% 13% 43% 9% 165 81% 44y 8% 16 20% 97 13% 4315 109‘« 10“ l“\ 49 50% 106% 107% 81 132 181% DECLINE IN STOCK PRICES CONTINUES Low-Priced Issues Register New Decreases in Value. BY CLAUDE A. JAGGER, Associated Press Financtal Bditor. NEW YORK, June 6 (#)—The stock market was subjected to another minor bear offensive today, but the specula- tive community has given itself up so completely to a premature case of mid- summer apathy that bears were unable to make much headway., ‘Wall Street was distinctly surprised by the increase of $79,000,000 in brokers’ loans, announced last night. In view of the extreme sluggishness of the stock market during the period covered by the loan figures, the gain was generally interpreted as indicating that new bond issues were not selling well. This was selzed upon as bearish material by professional traders and prominent shares generally were depressed a point or two. More than a dozen issus mostly inconspicuous, reached new lows for the year.. Such developments as & drop of more than 11 per cent in Woolworth's May sales, although largely due to abnormal sales efforts a year ago; a drop of about 9 per cent in the May sales of Simmons and subsidiaries, passing of the Coty dividend and a new ticker analysis pre- dicting a sharp drop in automobile out- put during the next 60 to 90 days, were not of a character to impart any buoy- ancy to the market. Some Chicago board members are becoming more op- timistic as to the outlook for the wheat market. Silver reacted but moderately after yesterday's sharp rally. Finance Minister Inouye of Japan was quoted Ly Dow, Jones & Co. as stating that he ex- Dected commodities to touch bottom by July. He sald indications, point to & strong silk market within a few weeks and inquiries from Japan's cotton fex- tile markets indicate that an end to the decline is not far ofl' unless -America Pproduces a bumper crop. The annalist's weekly commndlty price index gained about ¥; of a point. Selling was most active in the morn- ing, and by early afternoon the MNst rallied in spots. Credit remained plentiful, with rates practically un- changed. A few stocks sold off 3 to 5 points, or more, including American ‘Tobacco, Allied Chemical and Detroit Edison. - Such issues as American Tele- phone, American Can, McKeesport Tin- plate, North American, Goodyear, Loose Wiles and Lambert reacted a couple of points. Stocks reached new lows in- cluded Coty, American Rolling Mill, United States Industrial Alcohol, Erie and International Meschantile Marine. T. §. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of business June 4, was $85734,637.36. Customs receipts for the month to date were $6,177,022.40. Total ordinary expedi- tures, $12,189,255.00. INVESTMENT TRUSTS NEW YORK, June 6 (#).—Over-the- counter market. Do. }’ chatesea Fav CGorporate Trust Diversifi t Do. ive irst Am S5 gx!d Frusl Bhiares 4 Do. B. Incorp in Tnvestment Trust of N' ¥ gower " Light Bec Tru econd Int Securl Corp A Do. Second Int Bec Gorg 6| Secon, ns bt mtan’ Aaa o S B com Brit Int ©o Lid" ¥8 bt gnu:‘d Found Corp 110 ot Bonds for Investment CHASE SECURITIES CORPORATION 922 Fifteenth Street, N.-W. Washington Telephone National 8166 Guaranty First Mortgages Pay 617 A Good Conservative Investment! The only thing to ifftest in today is some good, sound, steady investment. Guaranty First Mortgages are just such an investment because they are secured on improved real estate and backed by our $3,800.00 resources. In denominations as low as $250 Stop in, or Send for Booklet, “The Success Plan” May Be Purchased ow Monthly Payments REALESTATE CoRPORATION Capital Resources over $3,800,000 24 JACKSON PLACE STAR, WASHINGTON, D. C. FRIDAY, JUNE 6, 1930. ializing in Real Estate Investments JAMES Y. PENNEBAKER Nat. 5291 1520K St. N.W. Offices Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec- tion invited. B. F. SAUL CoO. Nat. 2100 925 15th St. N.W. Real Estate Loans Lowest interest and commission. Large and small loans negotiated. Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. BEN HUNDLEY; TIRES wi 1th St. NNW. Adams 8100 d Servico—Chargo Accounts Invited Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt_Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. We Recommend For Immediate Purchase Peoples Drug Store Common ‘At the Market Listed New York Stock Exchange Analysis Furnished on Request Write, Phone or Call Capital City Co. Investment Securities Washington Building ict 8291-8292 FINANCIAL. w{‘\.\fl‘ '“SURMQ.(‘ Q .lefidd‘Mnss' = A Standard Low Premium Policy for Business and Professional Men Details on Request F. T. Koons, General Agent Union Trust Bldg. Frank. 6177 First Mortgage Loans In Arlington euung and Commonwealth Investment oy 906 15tk St N.W. Pheve National SIS llro‘:ln": Loan l.‘o;vupndut Lt: of America Organized 1879 JOHN JOY EDSON, President +eeene..$5,123,083.61 $9.50 per Share SAFEE EIRST Over a Third of a Century Without a Loss National 2100 Come in and let us 915 F ST. N.W. BUILDING ASSOCIATION 7th St. & La. Ave. NW. 64th !-'C of Stock Now Open ibseription Money loaned to members ol easy monthly payments James James F. Shea E. Cotnelly ¥, Equitable Co-operative Bldg. Ass'n 50tk YEAR COMPLETED WALTER 8. PRATT, Jr., Secretary Surplus & Profits......$1,755911.57 Subscription for the 99th Issue of Stock Being Received Save Systematically! Sane, vesting eventually a nice little estate. conservative in- makes explain! MORTHEAGES AN ADAPTABLE INVESTMENT— You'll find-our 6% FIRST MORTGAGES not only d safe and sound invest- ment, but one that readily adapts itself to one’s requirements — especially when income is the important consideration. interest is paid with. calendar regtlarity — and is, therefore, most dependable. May be purchased in amounts from $250 up. B, PO SAUL GO . The 925 15th St. N.\W. THERE IS NO SUBSTITUTE FOR SAFETY vertible Gold Debeatures Due 1950 are senior obligations of & holding company with more them 125 publie utility, petroleum ead matural ges subsidiaries whose combined assets are in excess of a billion dollars. Do you own Cities Service Common Stock? If you do, you have, until June 16, valuable Do Not Delay rights in conmection with the Cities Service Convertible Debentures For safety of principal and interest, and at the same time an opportunity to participate in the growth of one of Amencn s ten largest industrial enterprises, the new issue of Cities Service Company 5% Convertible Gold Deb- tures makes a premier investment. By the terms of these debentures they may be converted into Common stock at any time from December 1, 1930 to December 1, 1935, at a scale of prices starting below the present market price. The opportunity to purchase this issue is of rime importance to rvice resent owners of Cities mmon stock because, until June 16, they have rights to buy these debentures at r in proportion to their holdings on May 29. %he debentures are now selling ata premium. Ask your own broker or investment banker, or our nearest branch office for further infor- Brokers, Bankers and Investment Dealers are invited to inquire into the advantoges cising the rights extended to Common stock owners to purchase these new debentures. in exercising your warrants. You must act on or before of exer- HENRY L. DOHERTY & COMPANY 60 Wall Street @ New York City Washington Office—Southern Building Cities Service Radie Heur—Fridays, 8 P. M. Kesters Wl-flfi-o—-m’ end 32 N, B. C. Asseciated Stations. T SARETUM TN A TR L8 0 A RS S A TR