Evening Star Newspaper, July 14, 1930, Page 10

A—10 ¥¥% PHONE FIRM EARNS §o.JT IN HALF YEAR Bell System Head Reports on Income—Another Bank to Shorten Hours. BY EDWARD C. STONE. Walter S. Gifford, president of the} American_Telephone & Telegraph Ca., | announced this forenoon in New York that the company earned $5.71 per share in the first half of 1930, com- pared with $6.15 per share in_the first half of 1929. In a message to the company's great army of stock- holders he said: “The volume of general industrial activity during the first six months of 1930 has continued distinctly below the record levels of 1929, although com- parisons with per- formance in 1928 have not, generally made an unfavor- able showing. “The number of ‘elephones added to the Bell system during the half year just ended was about 165,000. The number of long distance messages has continued greater than a year ago, the gain during the second quarter of 1930 | being slightly larger than that in-the first_quarter. “The expenditures so far this year for additional plant facilities to provide service of the highest quality and to meet the continuing and prospective growth in the use of wire communica- tion have exceeded those for the same period of 1929.” Half Year's Earnings Compared. 8 montns & months ending engin June in.nnza. *June 30, 1930. 01.283.47 372254344 08 ‘s:s;é :%l 69 13.399,132.58 Walter S. Gifford. Earnings: ividends nterest . 54,696,000.86 643,231.95 Total . d'usu.fla,su 9 e e aee % 38,600.462.05 Net earnings. .. $92.046,132 87 Deduct interest 11 13 et income.... %80,102,038.7¢ Ded S 56,984.687.75 58,149.440.53 762.794.58 $144,565.711.75 45.965.068.52 "398.600.643.23 16.928.795.70 Tevenues #Subject to minor changes when final fig- wres for June are available. Bank Arranges Shorter Hours. John M. Riordon, vice president of the Bank of Commerce & Savings, an- nounced today that the directors have voted to adopt a program of shorter s, The new plan will go into effect on July 17, after which time the bank will close daily at 3 o'clock except on Sat- urday, when the doors will be shut at 12. On the first and second and fifteenth and sixteenth of each month the bank will remain open until 5 p.m. This bank is the third to come out for shorter hours within a short time. Recently the Washington Mechanics' Saving Bank adopted a shorter work- ing day schedule and only last week the Union Trust Co. decided tg close earlier during the remainder of the Summer. It is probable that the Bank of Commerce & Savings will make the new schedule permanent throughout the year. Trading on D. C. Exchange. Seven shares of Riggs National Bank stock sold at 480 on the Washington Stock Exchange today when trading opened for the week. Federal-American hands at 275, and National Bank of Washington stock appeared an the board at 250. jone share of Capital Traction soid at 59'3. Federal-American Co. common moved at 30, Carpel Corpora- tion sold at 22'j, Mergenthaler Lino- type at 96!, and Potomac Electric Power 512 per cent preferred at 107% and 108. "Peoples Drug Stores registered 103. Bonds were in fair demand. It was announced on the Exchange that the directors of the Washington Gas Light Co. have declared the regu- lar quarterly dividend of 90 cents per share, payable August 1 to stockholders of record on July 15. Collections Holding Up Well. Despite a seasonal slackening in| Wholesale trade, collections are showing little indication of the Summer soften- usual at this season, according to the July survey conducted by the Na- tional Association of Credit Men. Only three cities, San Diego, Denver and Knoxville, report brisk sales, while seven cities reported brisk sales last month. Sixty-two other cities reported sales as “fair,” leaving 39 in the “slow” | cclumn. Ottumwa, Towa, was the only city Teporting good collections, but 55 other cities characterized collections as “fair.” There was an increase of 4.1 per cent for the month in the number of cities reporting collections as “fair,” against an increase of 2.4 per cent in , the number reporting them slow. Un- employment was the chief reported cause for slow collections. A. & P. Reports Gain in Sales. An increase of 8.12 per cent in sales for June, 1930, over the same period Jast year was announced today by the Great Atlantic & Pacific Tea Co. Ac- tual sales for the 1930 four weeks’ pe- riod were $82882433, as compared with $76,653,166 for 1929, or a dollar sales increase of $6,229,267. June sales brought the total for the’ first six months of this year up to $548.059.794, as compared with a total | of $506,837,572 for the same period in 1929 | The average weekly sales for the 1930 period totaled $20,720,608, as com- pared with $19,163.291 in 1929, an in- crease of $1,557,317. Heard in Financial District. W. Clarence Miller, collection teller at the National Bank of Washington, entertained the bank’s 12 other tellers over the week end at his Summer home 8t Bay Ridge. The bankers were most enthusiastic over the trip. June contracts for new building and engineering work in the 37 States east of the Rocky Mountains amounted to $600,573,400, according to F. W. Dodge Corp. The past month's record was substantially larger than the total of $457,416,000 for the previous month: showed good gain over the total of $529,891,100 for June, 1929, and was tg;g largest monthly total since July, 1929. James A Soper, vice president and | cashier of the Lincoln National Bank, has returned from a two weeks vaca- tion passed at Old Orchard, Me. The Federal Reserve Board announces | that the Atlanta Reserve Bank has reduced its rediscount rate to 3!, per cent from 4 per cent. G. W. Pratt & Co., announces that the Industrial Credii Corporation of America has declared the regular Aguarterly dividend of 32 cent per share on the common stock, payable August 35 _to stock of record July 31 M. J. Meehan, head of M. J. Meehan & Co., which has a Washington office, has returned to Wall Street after a visit abroad. Priceless documents stolen recently from the Royal Army Medical Library Notice—All stocks are sold In one hundred-share lots excepting those designated by the letter s (65s) (285s) FINANCIAL, THE EVENING STAR, WASHINGTON., D. C NEW YORK STOCK EXCHANGE Receive@ by Private Wire Direct to The Star Office. which shows those stocks to be sold in odd lots only. 424 37y Stock and Dividend Rate. 22 Abitibl Pwr & Paper. 21% Adams Exp (1.60) 23 Adams Millis (2). R Advance Rumley.... 57 Advance Rumley pf. 4 Ahumada Lead. .. 1031 Alr Reduction (3) 16 Aflr Wav T1 Ap(23). 1 Ajax Rubb 415 Alaska Junean 18 Adlegheny Corp..... 87 Alleg Cp w $30 w 534 89 Alleg Cpw $40 wh3 232 Allled Ch & Dye(n§). 481 Allls-Chalmers (3).. 13~ Amerada Corn (2) 4% Am Agricul Chem 23 Am Aericul Ch of. 1 98 2 B 124 24 2 96y 1 934 40 271 40 57K 6 24 1.5 26% 4 68 Am Rank Note (43). 27 Am Bosch Magneto. 41% Am Brake Shoe(2.40) 2 £% Am Rrown Rov Elee. 15 15% £01: Am Brewn BE pf(7) 108 70% ¢ 1081 Am Can (4). 451 1261 42 Am Car & Fa 95 Am Car & Fdy nf( 9 Am Chain Co 2). 86% Am Chicle (+2% ). 76 33% 42 Am Encaustie (1). 3% Am E 5614 Am & Forn‘Power. .. 106' Am & For Pwr pf(7), 19% Am Hawailan (110). 55 Am Home Prod(4.20) 31 AmTce (t4).... 283 Am Tnternatl (2) 44 Am Locomotiye (4).. 180 Am Mach & Ml (7). Am Mach & Fv n w.i. 91: Am Mach & Metals. . T2% Am Pwr & Lt (21). R0 Am PRLt pf A &t(5). 23% Am Ra&Std San 114, 126% Am Rad & S S pf (7). 2 17 Am Renublies. ... 1 48 Am Rolling Mill(n2) 5215 Am Safetv Razor(5). T4 Am Seating Am Sm & Ref (4) Am Snuff (+334). 6% Am Solv & Chem. 351 Am Steel Fav (3) 4214 Am Stores (2). 47 Am Sugar Ref (5)... 103% Am Sugar Ref pf (7) 16 Am Tel & Cable (5). 110s 200% Am Tel & Teles (9). 4 197 Am Tobacco (8). 197 Am Tobacco B (8)..,. 4 120 Am Tobaoco nf (6).. T8 Am Water Wks (n1) 5 Am Writ Paper etf: 614 AmZinc Ld & Sm 44% Anaconda Cop (3 4% Anchor Cap (2.40). ., 105 Anchor Cap pf (6%4). 19% Archer-Dan-M (2).. 74% Armour of Del pf(7). 4% Armourof TH (A).... 2% Armour of T11 (R 6 Arnold Constable. 28 Asso Drv G (234)... 85 Asso DG 1stof (6).. 3115 Amso Anpl Ind (4). Atch To & S Fe (10). 1% At] Refining (12).... 62 Atlas Powder (4).... 2515 Atlas Stores (n1) 91 Auburn Auto (14)... 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 19% Raldwin Loco (1%). 10415 Baldwin Loco f (7) 98Y% Ralto & Ohlo (7). 78Y% Ralto & Ohlo pf (4) 63 Bang & Aroos (3%), 1 2015 Barnsdall. A (2).., 49t Bayuk Cigar (3). 671 Beatrice Cream (4).. 49% Beech-Nut Pkg (3)., 275% Bendix Aviation (2). 31% Best &Co (2)....5.. 75% Bethlehem Steel (6). 1 122% Bethlehem Stl pf (7) 28% Rohn Al & Brass (3). 70 Bon Ami (A) (4) 0% Rorden Co (k3) 23% Borg Warner (3) 3 Rotany Con M (A). 12% Brockway Mator T; 13% Brizes Mfe Co. 58% Bklyn-Manhat (4)... 94 84% Bklyn Man Tr of (8). 178% 115 Bkivn Union Gas (5) 42 37% Brown Shoe (3) 33% 5% Bruns Ter & Ry 31% 19% Bucyrus (1)... 43 334 Bucvrusev pf (2%). 7% Budd (EG) (1).. 24 151 212 3 236 29 114% 16 61% 50 5% 15 24% 30m 105% 35 107 1 80N 1% 29 231 508 49% 70 35% 26'% Bulova Watch (3)... 23 20% 89% Burns Bros pf (7)... 10s 96 29% Burr Add Mch (1)... 17 33% 24 ButteCop & Z (50c). 2 21 112% 66% Byers (A M)... 97 5% 7% 62 Calif Packing (4) 4 6314 R9% 48% Calumet & Ariz (2 18 54 13 Calumet&Hec(a1%). 17 Campbell Wyant (2) 75% 56 Canada Drv G A (5). 226% 184% Canadian Pacific(10) B! % Can Pacific(new)w.i. Cannon Mills (1.60). 3 Capital Adm (A) 86% Car Clin & Ohio (4) Y 1561 Case (1 1) (8) 79% 54 Caterpillar Trac 13% 20 19% Celanese Corp. 60 9 Celotex Co. 231 Cent Aguirre As 13, 434 Cerro de Pasco (6).. 51 Certain-teed Prod. 16 1877% 45 Ch1 & Alton pf. .. 33 Chi & Eastern Il p} 8% Chi Great Western 52% 27 ChiGreat Westn pf.. 26% 1214 Chi M1l StP & Pae. . 46% 20% Chj Mil StP & Pac pf 89% 66 Chicago & N W (5) 140% 130% Ch1 & N W ot (7) 37 11% Chi Pneu Tool. “ 44 ChiPneuT of (3%) 125% 95 ChIRI&Pac(7).... 110% 105 Chi RI& Pac ot (7). 67% 49% ChildsCo (2.40)..... 4 24 Chrysler Corp (3)... 38 City Ice&F (k3.60).. 5% City Stores (50¢...4. 53% 84 204 4 40 31 6% 8 176% 1 53 99 21% 50 Colgate-Pal-P (214). 97 Colg-Palm-P pf (6).. 14% Collins & Afkman. ... 36% Col Fuel & Iron (2).. 514 5814 Col Gas & El (2)..... 167 66% 104% Col Gas & E1 pf A(6) 2 10734 15% Colum Graph (a28c). 135 17% 108 Columbian Carb (16) 60 140 % Comm Credit «2) .. 60 Comm C 1st xw(6%) 608 28% Comm Inv Trig1 60) 37 89 CommInvTrpf6%. 1 '20% Comm Solvents (21) 336 12% Comwlth & Sou(60e) 196 14V, 99 Cmwith & Sou pf (6) b 100% 10% Congoleum-Nairn... 10 121 305 Congress Cigars (4). 1 301 36 Consol Cigars (5)..« 4 40 67 Consol Cgr pr of 6% . 408 704 15% Consol Film (2)..... 5 19% 6474 1001 35% 991 Consol Gas NY pt(5) 49 Con RR Cub pf (6)ssr " Consol Textile. 18! Contl Baking (A)..e 3% Contl Baking (B).... 66 Contl Baking pf (8).. 50’4 Contl Can (23%)... 16% Contl Diamond (2) 50 Contl Insur (2.40) 3% Contl Motors. 18% Contl Ofl of Del. 20 ~ Contl Shares (1) 8714 Corn Prod Ref(t4%) 31 2513 Cream of Wht(12%). 5 10% Crosley Radlo. . 1 704 (kb 4 pf (7). 708 10! Cuba Cane Products.. 5 5 Cuban-Amer Sugar.. 1 38% Cudahy Packing (4). 1 613 Curtiss Wright Corp 107 Ti 8% Curt Wright CorpA. 36 9% 55 Cutler-Hammer(3%) 2 62 24% Davison Chemical... 35 20% 20 Deere & Copf (140). 2 24 146 Delaware & Hud (9). 1 161 110% Del Lack & Wn (#7). 1 1174 45 Denver & RG W pf.. 21% Devoe&Ray A (1.20) 6% Dome Mines (1).. 48 393 14% 19% 90% 43% 24t 181 153 80 421 952 BT =t Millbank, England, include a six- teenth-century Sharagram Bible written in Armenian, and the only in existence of Richard's book on fll!‘l". written in 1672, known copy } 67 Drug Corporatn (4). 145% 95% Du Pont de N (14.70) 204 107 121 - 114% Dupont deN db pf(8) 1 1164 103% 100 Duques Lt1stpf (5) 1 102 265% 175% Eastman Kodak (18) 49 209 +87% 19% Haton Axle & Sales— Add 00. Bigh. Low. 26 20% . 1124 181 1% 5t 23% 96 93% 263 56% 0% 239Y 122 91 6 ] 4814 41 102 21% 8014 5 a6ty 20 34 [ "o 114% Prev. | 1147 Close. Close. 6 26 116 19 1% bty 23% 241% 12 ] 49% 415 102 22 8014 a T A% 20 34% 221% 225 36 70 - 28% 109% 60 5 24 104% 105% 80% 7115 23 49% 79% 51 a1 43% 8215 1244 327 71 73 62 54 15% 18 6314 187 4654 22 16 9 18714 62 4% 343 125 17% 45 105 107 531% 28% 39% 6% 176% 531 99 201 474 643, 10714 174 100% 124 3015 38 704 193 201 109% 1025 55 7% 117% 601y 73 103 116% 116% 102 37 T1% 295 11414 61% b% 243 1043 107% 805 1% 231 49% 79% 52 a1 46 /64 124% 7% 631 54 15% 18 64 187 47 22 16 62 % 1881 10% 36% 16% 25% 3% 125 19% 45 105 107 5314 29 40 6% 176% 5315 99 21% 100% 12% 30Y 40 T0% 19 201, 1y 1023, 61 102 204% 209 ) 87 26K 204 26 24 13 6614 148% 123 123% B5% 201 41% 281 924 66% 63% 497 16% l‘l“h '34 647 l?é% 25% e g8 204 . ° ~Prev.1930~ Low. Electric Boat. El Pwr & Lt (1) El Pwr & Lt pf (7).. s Elec Storage Bat (5). 4 Eng Pub Serv (2.40). Eng Pub Sve of (6).. “ Equit Office Bldg (3) Erie R R. Erie RR Erie R R 24 pf (4) Eureka Vac Clean: Evans Auto Loading. Exchange Buf (1%). 208 rbanks Morse (3) Fash Park Asso. . Fed Motor Tr (80¢).. Fed Wat S. A (e2.40) Federated Dept Strs. Firestone T&R(1.60) Fir e T&R pf(6) First Nat Strs (23%4). Fisk Rubber........ Fisk Rubber 1st pf..110s Fisk Rub 1st pf cv.. 308 Foster Wheeler (2).. 1 Foundatfon Co. Freeport. Tex (15).. Gabriel Snub(A)new Gamewell Co (6).... Gardner Motor. 7 4 Gen Am Tnk Car(34) Gen Asphbalt (4) Gen Bronze (2). Gen Cabl Gen Cable (A) (4) Gen Cigar (4).... Gen Electric (1.60).. Gen Elec spec (60c).. Gen Food Corp (3).. Gen Gas&El A(e30). Gen G&El cv pf(6).. 4 Gen Mills (3)... Gen Motors (3.30 Gen Motors pf wi (5 Gen Motors pf (7) Gen Out Adv(A) (4). Gen PublicSve (b6).. Gen Refractor(1434) Gen Steel Cast pt (6) Gen Theat Equip vto. Saf Raz(nb) Goodyear Tire (5)... ¢ Gotham Silk Hoslery Gould Coapler. % Graham-Paige Granby Con Mi Grand Silver 8 (m1) Grand Union Grand Union p . Granite City Stl (4) Grant (W T) (1), Grt North pf (6).... Grt North pf et (5).. Gr Nor ctfs Ore (a%. Hackensack W (1% ) 500s Hahn Dept Store Hamilton W pf ( 2 Hanna pf (new) (7). 90s Hartman (B) (1.20). Hayes Body. Hercules Mot Hercules Powder (3) Hershey Choe (5).... Hoe (R) &Co....... Houdaille-H (B)1.20 Household Fin pf(4). Houston Oil (b10%). Howe Sound (143).. Hud&Man Ry (3.50). % Hudson Motor (5)... 113% 19% 4t 8% % Intl Tel & Tels 118% B8Y 16% 24 85 Hupp Motor Car (2). Illinols Central (7). Independ Ol & G(2) Ind Motor Cycle. ‘Ingersoli-Rand (+5). Inspiration Cop (2).. Insurance Sh (45c). . Intl Agricultural. Intl Bus Mach (n6). Intl Carriers, Ltd % . Iatl Cement (4)..... Intl Combustion. ... Intl Comb Eng pf.... Int Combust pf ctfs. Int] Harvester (2%). Int] Hydro El A (e2). Intl Match pf (4).... Intl Mer Marine (1).. Intl Nickl of Can(1). Intl Pap & P (A)2.40. Intl Pap & Pwr (C).. Intl Pap&Pwrpf (7). 1 Intl Printing Ink (3) 2 Intl Rwys Cent Am..1250s 2 6 Int Rys Cen A of (5) 100s Intl Rys Cent Am ct. 100s Iatl Salt (new) 31 230 4 (2). Inter Dept Strs (2).. Investors Equity(2). Island Creek Coal(4) Jowel Tea (t4).....n Johns-Manville (3).. Johns-Manv pf (7).. Jones & Laugh pf(7) Kan City Sou (5).... Kaufmann DS (1%). Kayser Jullus (2%).. Keith-Albee-O pf(7). ly-Spring Tire... ly-Spring 8% vf. sey Hayes (2). Kelvinator Corp Kennecott Cop (3) Kinney (GR3.pf (8) %« Kolster Radlo. o Kolster Radio ctfs. . Kresge(SS)Co(1.60) Lib Owens F G1 ( Liggett & Myers(15) Ligg & Myers B(15). Lima Locomotiv, Link Belt (2.60) Liguid Carbonie (4). 12 Loew's, Ino (3)..... 289 Loew's pf xw (6%).. 9 LoD NG, G oo conom 'k Loose-Wiles (12.80). 61 Loose-Wiles 18t (7). 3008 Lorillard (P) Co, . 39 Loutsiana Ofl.... .o Lou G & EI(A) (1%) Louis & Nash (7). Ludlum Steel (2)...; McIntyre Pore M(1), McKeespt T Pl (15) .. McKesson & Kob (2), McLellan Stores. Mack Trucks (6). Macy (RH)&Co(n Madison Sq G (1%) Mallison & Co.... 2 Manati Sugar pf. ... 2608 Man Elev mod g (d5) 5 Man Shirt (2)....o0n 1 Maracaibo Oll Exp.. 2 Marlin-Rock (15%).. 5 Marmon Mot (h50c).. b Marshall Field (2%) 12 Mathieson Alkil 12), 1 May Dept Strs (n2) Maytag Co (12). Maytag Co pf (3). Meiville Shoe (2). Mengel Co (2).. Mexican Seaboard Miami Copper (1%) Michigan Stl (h2%) .. Mid-Cont Petm (2).. Middle States O1l ot Midland Steel (3). ... 16 . Mil El Ry & Lt pf(3). 20; Min Hon'w Reg (f4). Minn Moline Pwr.. . Minn Moline pf(8%4) Mo Kan & Tex (1) Monsanto Ch (g1 Mont Ward (3) 44 303 Nash Motors (4). 10% Nat Acme (1%) ~p- Low. Close. Close. 5% 70 4% 9% 720 108% 79 120% 121 = PLAY FOR UPTURN 6614 99% 324 70 12 15% 1% 40% 26 61% 11 79 39% 43 35% 8 14 3% 223, 3 STOCK OPERATORS Professional Dealers Take Bull Side, Giving Market Cheerful Tinge. BY CLAUDE A. JAGGER, Associated Press Financial Eaitor. ' NEW YORK, July 14.—Professional | operators appeared to be toying more | serfously with the idea of anticipating | the expected Autumn upturn in business MONDAY, JULY 14, 1930 renewed at 215, but later the rate was reduced to 2. Among the high-priced and more volatile issues, Case, Columbian Carbon, American Tobacco, Allied Chemical, Worthington ~ Pump = and Atchison gained 4 to 8 points or more. Active pool favorites appeared to be Radio Keith and Vanadium, which rose about 3 and 4 points, and board room gossip linked rather hectic trading in these issues to two prominent operators. Shares gaining 2 to 3 points included North American, \ir Reduction, Union Pacific, Best. United Aircraft, Eastman, Dupont, Gillette and Buyers. Such stocks as United States Steel, American Telephone and General Electric sold up only moderately. The gains were extended moderately in the late trading, when amusement shares and a few motor accessory stocks showed increased activity. Radio- Keith-Orpheum extended its advance to | more than 3 points, while Electric Auto- Lite rose 4 points net higher. National Steel moved to a new high for the year. The close was firm. Sales approximated An Abundant Yield for a conservative investment . . . SAFETY because of the security +..CONVENIENT in the denom- ' inations of $250 up. 6% by taking a bull position in stocks | 2:300,000 shares. today, giving the new week in the 'mar- | o ket a cheerful aspect, in sharp contrast FOREIGN EXCHANGES. to_the blue Monday of a week ago¥ (Quotations furnished by W. B. Hibbs & Co.) Efforts to bid up prices were hampered by profit taking by cautious traders who bought around the bottom of the recent decline, but selling was absorbed in good style, and the lis as a whole made fair progress. The business and trade re- ports of the week end provided few if | any definite clues to the business trend, but last week's rally, resulting from a patently oversold position, apparently | Eras: provided adequate encouragement, Look to Commodities. Commission house advices were more bullish than for many weeks, but mar- ket letter writers were inclined to cover their tracks with qualifications. A few | well known bull operators were - sald | definitely to be in the swim again. 3 Whether they would be able to attract |3 any large following, after the sad re- | sults of previous efforts to discount business recovery, was regarded with considerable uncertainty. ~ One large | statistical service advised customers that while further drastic declines now seem unlikely, the situation did not justify reaching for stocks on advances. Traders are still inclined to look for guidance to the commodity markets, and renewed bullishness scems to be predicated on, the theory that com- modities are at least scraping bottom. Wheat began the week fimly, which was encouraging. Business news was fairly satisfactory. American Telephone reported first half earnings of $5.71 a share, against $6.15 on a smaller capitalization in the same period of last year. Great Atlantic & Pacific reported a gain in June sales of more than 8 per cent over June, 1920. Week end trade analyses indi- cated abnormally low retail stocks, good | collections and the beginnings of in- quiry for Fall goods at wholesale. Credit Ts Plentiful. The new week began with credit again plentiful, which/ was reassuring, indicating that Friday's ease was not | merely in reflection of the placing of funds for the week end. Call loans First Mortgage Notes London, poun: Paris, s Brussel secured on improved properties in the District of Columbia and Brited oI BA adjacent Maryland suburbs. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) RateeRiried, & B * Cher. 2 We will gladly tell you more of the six per cent notes now available. 32 1 100 27-32 100 27-32 H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 * Fenner & Beane Members New York Stoch Eschenge and other principel exchenges New York New Orleins Our New Telephone Number is National 7000 Capital & Surplus $3,500,000.00 1430 K Street, N.W. Washington Deposits invited in any amount. iy Open Until i s 5:30 P.M. MORTGAGES : - July 15th and 16th Patrons by the Thousands —find satisfaction in this bank's service, our books now showing more than 50,400 open accounts. {iYour Pay Day and other funds deserve the security afforded by this sixty-four- year old institution, SATE BRI S A GOOD PAY-DAY RESOLVE Invest the surplus above your living budget in our 6% FIRST MORTGAGES —and begin to enjoy the fruits of money working for you. Deposits invited in any amount—same Rate lh'e interest will come £ of Interest paid on large and small accounts, cisely on the day it's due—and vou don’t have to worry about frequent reinvestment — but can add to your holdings pay day after pay day upon our con- venient Partial Payment Plan. Over a Third of a Century DIRECTORS: Without a LAMBORN PERCIVAL WILSO! FRANK R. ULLMER. BRUCE BAIRD. Loss WALTER BRUCE. HOWE Officer pras Asst. Tr. Officer iU IDEKOPER May be purchased in amounts “Asst. T, <A from $250 up. - ¥ SRk G National 2100. 925 15th St. N.W, National Savings & Trust Co. 64th Oldest Savings Institution in the District of Columbia Year ' Cor. 15th and New York Ave. ‘THERE IS NO SUBSTITUTE FOR SAFETY Every Investor should consider Bonds under present Market Conditions Re-Investment Yardstick . . To Those Whose Investments Mature in July: HOW will you measure the worth of a new security? By potential earnings, plus undeveloped holdings, plus estimated .total market, minus consumer inertia, minus danger of mechanical development—all divided: by 3.1416—or any other formula financial gamblers have evolved to help them guess at the value of speculative Wall Street Stocks . . . Or will you measure your re-investment choice by the old, time-tested yard stick which has never failed any man— PROVEN SAFETY of interest and principal? The 6% First Mortgage Notes on improved Washington property sold through the Swartzell, Rheem & Hensey' Company have never fluctuated a penny in value—they are always exactly at par. During 61 years of widely varying conditions they have always paid every investor a regular, unfailing return—each payment made exactly on the day it is due. First Mortgages now pay the highest return of any safe Significant of the stability of earnings behind investment, and now is the time for you to take advantage this secutity is the fact that despite the nation-' of it. wide decline in industrial activity, electrie and - - : . gas output of the Associated Gas and Electric SWARTZELL, RHEEM & HENSEY CoO. System has exceeded that for the same quarterly periods of last year. MORTGAGE BANKERS 727 15 STREET NoWn/ ! WASHINGTON D.C. OND PRICES have not advanced appreciably B above the levels of 1929—the year of lowest prices since 1925, Present market conditions and low interest rates indicate a strong bond market in the near future accompanied by rising bond prices. Assog’ated Gas and Electric Company 5% GOLD DEBENTURE BONDS Due 1968 At Present Market Yielding Over 53;% PROTECTEDby earnings OVertwo times interest requirements, these bonds are an investment in a long-established utility with an interna- tional distribution of security holders. To invest or for further information inquire your bank or security dealer, or write to our office, General Utility Securities Incorporated New York City oo —— Experriencerl AdvertisersPrefer TheStar A\ 61 Broadway