Evening Star Newspaper, September 17, 1930, Page 13

FINANCIAL, THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, SEPTEMBER 17, 1930 FINANCIAL. REX - A—13 STOCKSIRREGULAR | [ NEW YORK STOCK EXCHANGE | [ EAFIEioe | i Cor ‘ INLIGHT TURNOVER e it y r Note—All stocks are sold in one hundred-share lots | —Prev.1030— Btock and Bales— Prev. exceptiing those designated by the letter s (80s) (250s) | Hith. Low Dividend Rate. ~Add 00. High, -Low. Close. Close. 3.5 or 10 vears. 37% 19% Eaton Axle &8 (3).. 4 23% 23 23% 23 ) . T Iy o T W & i (8F (3% Mitington-GBIO DE., | 0. 40~ 40 o o 1520 K St. N.W. National 0475 The Portfolio Includes Ax lInvdc'“m;:lt .1;:“;‘ gees cc;fi]}non_ ls.tockx of , < High. Low Dividend Rate. = Add 00, High. Low. Close. Close. | 114% B5% Elec Auto Lite (6)... 6415 64 4 644 e " 1 leadin Nort merican publi 1 Mild Bullish Operations Fol-| 6 42 Abraham Straues..’. 1 490 9% 49% b53is| 9% 3% Electric Boat.. % B 4% 4 = Securities of: 14] gll h crican public utilities and 3Th 21% Adams Exp (.60)... 1y 27 26w 20 264 103 49 ElPow &Lt (D). B T s T i railroads, all purchased at low prices after the 3 34% 29% Addressopr'ph (1%). 324 32 82 32| I % El Pow & Lt p . 15 « “ TILITIES 2 : low Favorable Business 291§ -Advance Rumlay. .. o4 9% W% 9|l 105 ElPowdLtpt D 108 108 io MR R eaiool Stock Market breaks prior to November 2, 1929, 41% 151 Advance Ruml S 26 026 26 2 ing Pu B . ™ % & b . News 156% 10814 Alr Reduction (103> 30 124% 123 124 123= B0u 394 Equit Offce x:;a':)u) aBa s s 4en ‘ rear I OanS T There is no funded debt. " 36 16 Air Way El A 4 7 17 16 1T% 16% rie » . 7 s = o v . MRS oo ik IR Bl 27 xchange Bt (155 s 2o 3 Anecican Waurmorks & Eec. Ca . Onlilonec;la;s of c;pnal stock. AN g 4% Alaska Juneau. . 4 5% B% b% 50% Fairbanks Morse ( 36% , Commenwealth & Souhere 1 BY CLAUDE A. JAG 5 615 Albany Wrap Paper. 1 10% 10% 10% 25% Federal Screw (3)... 24% 2 On Improve I -n.;;:-r»:y--y i 'o.s.pecl '“.’ ke A5 the managers. Associated Press Finan - 18 Allegheny Corp..... 40 22% 21% 22 s ST RrB A (s140), s aa% Real Estate The Edivon Eleceric iuminating No initial organization expenses were deducted " Alleg Cp ww $30 5. 94 94 94 81 res .60).. 2 g - et MN’E“’ e g k“"?“r‘:s 2 232 ATUCACh& DY (ner. 2 271N 61% First Nat Strs (2% ). 5% 55% b5 5 N “Elecaic Bood & Share Co. from the assets. revive interest in a stock market ad- 48% Allis Ch A 53% 58 3 5% 4 Fisk Rubber. ... 1% 3 " , *Engiasers Public Service Co. vance met with indifferent success to- 20 Al PortCme iy, & 4% ; ; 21 Fisk Rubber 15t p el l\earby Montgomery ||| e o No annual fee for management, day. Several groups manifested a will- 181 Amal Leather pf. . 20 20 il 50% Follansbee Bros (2 3 23 3 23 County and the National Power & Light Co. (The directors receive warrants as their compensationy Ingness to go higher, but buying activity : 18 Amerada Corp (2)... % 104% Foster Wheeler (2).. 65 2% 9115 91% I)ifitrict Of Columbia ~..r.u,cm4rw;n;\.... limited and shorts took their ti . 4 ~ 8% 5 50 Fourth Natl Invest.. 3 3 S P *Niagara Hudson Power Corp. i aabi% 5 . I vering; g B R o e R 5% Fox Film (A) (). 50l 49 491 48 “The North Amaricia Co. In 1920-30 public utilitics led all business in growth The weekly summaries of conditions| 66 61 Am Bank Note pt (3) 808 : 5514 Freeport Tex (16)... 4 Lowest Interest Rates 1o 4l of dividends and appreciation of invested capital. The in the steel industry and the August| 55% 27 Am Bosch Magneto.. 1 31 161 e i Trventors. .. 8 w o oe% 5 s foreign trade figures showing the first| Bd% 41% Am BrShoe (2.40).. 1 43 43 A nAm Tk Car (34) 87 O(S piv PHEL e o el next ten years this group should do as well or better. gain in exports in several months af-| 21% 8% Am Brown BovElec. 1 18 T1m 3 n Asphalt (4)..... . S | Vit Coeeaion forded some basis for mild bullish op-| 80% 6014-Am Brown B Epf (7)1308 80 ooy L Beaits (1) Founded 1007 hd Conporain. erations, although the report that steel| 1561 1081 Am Can (4)......... 268 131% 129 S0 Gen Cabl 4 rigad 1 i o oan Coresmondent, et Skl OFFICERS AND DIRECTORS G el g ' e s g e e et gL e : TE Sen Cabl 3y 3 g nsurance Co. bk o oo - 4 These include many leading public utility, 0 generate much contagious en- Y 42 ar ¥ o Gen Cable pf (1).. 85 5 5 i ) p thusiasm. ~ Moderate advances on a| 116 -84 - Am Car & Fdy pf (7 u e i Bleas 1417 K St National 9300 o railroad and banking executives, such as: &mall volume of trading in the earlier | 99% 39 Am Chain (3). Gen Electrie (1.60) .. = - RAILROADS COLUMBUS HAILE JOSEPH F. DOWDALL hours were extended later when the| 51% 36% Am Chicle (13).. 44y Gen Elec spee (80c). 7 : v utilities were brought forward as lead-| 33 9% Am Com Alcohol. 16 Gen Food Corp (3)... 21 Archison, Topek & Sunta Fe Ry. v R e e Comanager, (Washington, D. C.) ers, and th s some strength dn| 30% 16 Am Encaustic (1). 17 Gen Gas&El A (e30c) 19 h ; Chesspeaie 3 Rasisoed e e food ahres. 20 334 Am European Secur. 3;:: 3 29% QUG AR ovpT (8), 20 5 s sarekrud J. M. KURN rading Syndicate i K 86y . 2 GenG &EIpf A (7). 208 . New York Cestral Railroad Ca. % JOHN F. SHERMAN Some Is<ues Improve. 101 .95 Am & For Pw pf (6). Gen Mills (3).. 22 F“-st Mortgage New York, New Haven & Hartford i s"lffi:‘: S Patulice cba;m‘.].n of the B?nl The Sherman ke U. S. Steel, American Can, l|1ln 106% Am & For Pw pf (7). 9 9 Gen Motors (13.30).., 135 RR. Co. 4 Corporations, Mu:a;emenr and 2 Telephone, Consolidated Gas,| 33% 131 AmHawalian (+10) 3 185 92% Gen Motors pf (5)... 100% 100% 1 Norfolk & Werera Ry. V. C. BRUCE WETMORE ‘Buitoes Fouseies American, American Water| 6% 55 Am HomePr(420).. 3 61% 6l Gen Ry Signal (5)... 80 80 7 Loan! Pennsylvania Railroad President, Wetmore-Savage Company % Coca Cola and Public Service| 41% 81 Amlce(td)...... . 1 32y 3 3 1 Gen Realty & Util. 10% 107 Union Pacific R.R. O akPowton _ ROBERT E. WILSEY of New Jersey improved a po! or so. 4 Am Internatl (2). 55 37 36 Gen Refract (t4%).. 24 T 4 Toahe iy e wecuied dut Bs R. E. Wilsey & Co., Inc., Investment Brooklyn Union Gas and Pacific Light- T s D ~ Gen Theatre Equip.. 19 s r Wash. EQuUIPMENTS CLARENCE F. BURTON Baakers, Chicago ing gained 2. Republic Steel and J. I 9 Am Locomotive (4).. 11 4 Gillette Saf Raz (n5) 169 5 sirable, income-producing Wash- Vice-President, (Washington, D. C.) C. D. PARKER 4 2 4 5 “| 118 90 * Am Locomot pf (7) b 91% Gimbel Bros. . ngton real estate at & mintmum J} | Asmerican Cae & Fousdry Ca. 3 Case advanced nearly 3 and Interna-| (o™ g5 4m Mch& Fdy Con.. 2 42% ‘ G o8 Cilits - ingtos y el Mechanics Savings Bank C.D. Parker & Co., Inc., Boston tional Combustion Engineering preferred [ y{g 0o'% Am Meh 4 - ot : iy tred | 116 106 PE(6)..... 2 106 G £ 9% 95 9 s Genara! Blectric Co. BOWEN TUFTS rose 4. Ward Baking A soared 8 points 5 65 AmNatGaspt(7).. 80s 75 :;.‘,If:‘,dle.";\';;'x'f;v . 4 A SAFE INVESTMENT Goners] Kaliwor Sigaal Vice-President, Seaboard Utilities There was some selling in the rails, " enrs 72 " 5 3 5 3 3 st (2 ‘Westinghouse Electric - coppers and motion pietures, resulting e Emaen ot e - eh A will be found In our real estate T Shares Corporation, Boston o =*{f‘}fll ot o eramouns 75 AmP&LDLA (3%). 7 86l 50 Goodyear Tire (5)... 53 314 mortgage’ bonds! jencral - Theater, Atchison, 80 AmP&LpfAst(sS) 8 894 90 Goodyear 1st pf (7).. 9 9 93 9 lei 7 7 ™ Railvay, St Louss Soutnwest” | 5ot 50, AMRRERATD 8 59 . e Complete data will be supplied upon request ern and Kennecot(. Atlantic Coast Line 126% Am Rad & S S e (7). 90s 145 SRR EITor went to the lowest price since 1924. 16 he Hennilin... 2 ‘1% bibrbsponi R GEORGE W. PRATT CHARLES W. WARDEN The Tron and Steel reviews, reporting | 100% 48 = Am Roll Mill (n3)... 44 50 Grand Siiver 8 (m1) 30 : G. W. PRATT & COMPANY C. D. PARKER & CO., Inc. Mttle or no change in production aver- [ “g7as 5214 Am Safety Razor 10 ‘esk % b Y Ri Grand Unfon. .. e e B iy oo ieas| 3% 14 Am Ship & Com. 5 - an Grant (W T) (1) 35% 35 718-20 TOWER BUILDING Investment Bawhers Since Sen . 3 S M- | 7914 53 Am Sm& Ref (4).... 38 65% Gr North pf (5)..... P, proving and that the price structure| 1035 101 Am Sm & Refpf (6). 2 102 GE Notetr Oss ok, 2 WASHINGTON, D. C. ARKER BUILDING vmn'flrmwv S:Pr,l said |k1w imp}:fl;e- 141 1331 Am Sm & Refpf (7). 8 139% Gr West Sug (1.40).. 3 9 9 Capital Resources, 33,500,000 Phone, National 6061 BOSTON ment of the past few weeks was being | 221, 6% Am Solv & Chem. o e maintained perficially at least” | 5211 351 Am Steel Py (3 & e 8 rigsby Gru 24 JACKSON PLACE and voiced a unanimity of opinion that 48 A BIARE s o 3 48 Hackensack W (1%) the corner had been turned, “although | 69% 47 Am Sugar Ref (5). 4 514 ' Hacken pf A (1%). concern! the exte: r pidity of | 110 103% Am Susar Ref pf(1). 1 106 Hahn Dept Stores. Tecovery reservations continue.” ‘There | 2741 200% Am Tel & Tel (9). ... 40 216% 4 5~ Hanna pf (new) (1) were numerous indications, the publi- 118 Am Tobacco (new 12 121 Hayes Body... . cation added, that large consumers of | 2601, 197 Am Tobaceo B (112). 1 250 ¥ Hershey Choe (5). steel products appraised present levels | 1307 117 Am Tobacco Bnew.. 45 126% 3 Hersh Choe pf (15). . s the bottom. 114% 106 Am Type Fdy pf (7). 308 1141 e l_."“'(;"z':)’- Car Loadings. 1247 78% Am Water Wks (n1). 161 1028 sy el ' . '3 99% Am Wat W 1stpf (6) 3 1064 Hollknder Sona. The freight car loadings report cov- 3 g 444 Al d. 3 5 Homestake Min ( ered the week of the Labor day holiday | 7 s a}:g ‘41‘5'.’) ;: Honastile Serthey and revealed a decline of 127,867 cars . s d Housenold Fin pt (4) from the previous week, & loss which | 0% 41 Anchor Cap (.40 g Houston Ofl (b10%). some circles found rather discouraging. | " 7314 Armour of Del pt (7) . Howe Sound (1415).. Gasoline reserves dropped 741,000 bar- e d Hud&Man Ry (3.50). rels in_the week ended September 13 e pinmiade d i Hudson Motors (3). and crude ofl production fell 17,300 | 13s 5 Arneld Constapy o Hupp Motor Car (2). 46l 31% Asso Appl Ind (4) 3 Illinofs Central (7)., was plentiful and easy and| 501, 25 Asso DryG (). g I"“pemo,((._‘“‘)” 2 pp‘t cent call loan renewal| o491, 194 Atch To & S Fe (100, Indian Motor Cycle., Eiin 1o some Miis was posied At the | 108% 1026 AtchToRBX prE). 1 107% Indian Refining Stock Exchange. 7512 142 Atl Coast Line(110). 4 141 Ingersoll Rand (15).. - . - 51% 304 At Refining (12).... 27 33% 3 8 Inland Steel (4). . LOW MARK IN RETAIL 106 62 Atlas Powder (4).... 1 71 Inspiration Cop (2)., 37 25% Atlas Stores (nl1).. 5 30% 3 Interboro Rap Tran. SALES BELIEVED PASSED | 257 31 Auburn Auto (). 20 1254 Interlake Iron (1)... 81% 37 AutoStrap Saf R(3). 11 76% Int Agricultural oo S e 9% 4% Aviation Corpot Del 23 6% Intl Carriers (25¢) NEW YORK, September 17—The low| 38 19% Baldwin Loce (1%). 122 341 3 Intl Cement (4) point of the downward trend in retail| 122% 96l Balto & Ohio (7).... 17 101 E a0 Cuipbustion. sales is believed to have been reached| 84% 78% Balto & Ohlopf (4).. 4 81% . Int Comb Eng pf. in the earlier part of August, according | 110's 106" Bamberger pf (6%). 50s 1081 Int Combust pf ctfs. . current survey by the Standard| 20% 12'¢ Barker Bros (2).....100s 13% 1 Intl Harvester (2%). which continues, in part:| 34 20i Barnsdall A (2). 16 22% 1 Int Harvester pf (7). < of many retall organi-| 92 67! Beatrice Cream (4) 6 85 5 5 Intl Hydro E1 A (e2) Fations in the department and chain | 27% Bendix Aviatlon (2). 10 32 it g Sl O store, as well as the mail order fields, | % Best&Co(2).. ... 22 51% D e L) y . pas tiei report expanded buying during the lat Bethlerem Steel (§). 91 894 Intl Paper pf (7). ... predecessors which are of distinct advantage to the investpr. ter part of August, which bas been con- | 134 122% Bethlehem Stpf (7). 8 120% It Bxp i X () 3.46 4 ki . i ‘hile 1 78 70 Bon Ami (A) (16) 1 1% Intl Pap & Pow (B).. 9 9 . : . : o St . okt carly 8 fotn o b Dot o | 5 2 Booth Fisheries 1 3w Insait @)oo 39% 39 391 Owing to the recent business depression and stock market liquidation an especially 3 3 %3 K 90% 80% Bovien- e 5 T8% S - . . LR e iy ot el 73 e e 394 Intl Tel & Tel (2). ; favorable opportunity has been created for the long-term investor by permitting h uring € prese onth, 4o Y ( - 2 is a noticeable improvement in senti- v sy e 51 ool AR i ici i h and i f fi ions in th ment in many sections of the country R ruckivey Mot ke 100 10 s : him to participate in the growth and earnings of fifty great corporations in the %3¢ Sn o0r oniien t s 4 5 Brockway Mot pf (7) 10s 63% 3 3 Jewel Tea (14) 5 52 5 3 . 2 o A s o et mod 58% BKIvn-ManTr (4)... 11 68 Johns-Manville (3. Sy 9 g form of a single convenient investment—INDEPENDENCE TRUST SHARES. - ™ % 33 8474 Bklyn-Man Tr pf () 3 92y 2 9 Jordan Motor Car. $ P £ ¥ Furthermore, although we can see| 9% 84 OB e Srnrs Bo_ justification’ for the belief that a| ]70W 113, TkIve ChionGes (b) 8 13 3 Kayser Jullus (234). sudden fiood of consumer demand will 1 Bronemaihrol S 16% Kelly-Spring Tire. 3 3 2 SRy st e duing e bu: G EmaTe A E L 2 U : Kelly-Spring 4% of.. 805 28 26 24 28 Important Features: for expecting continued gains through-| Jea 7a Ruad (B G) (i) . % on . nnecott Copper (1) 62 347 1 out the remainder of 1930.” 1% S Budd Wh A oK By (GR] ()i DIVERSITY OF PORTFOLIO: THE PORTFOLIO R aniteen On ¢ S0RL 20 A i In addition to the common stocks of 35 leading Utilities, Washington Stock Exchange| 2. 3¢ Bacqagch @ 2 i Kresge (S8) Co 1.60. 31 0% 3 Industrials, Ols and Rails, (all listed on either the N. Y. Stock Independence Trust Shares represent SaLES. 4R 20 Bush Terminal (2%4) 3 38 35 Krouk & Toll (1800, 78 b or Curb Exchange) the Iponfoho includes 10 Banks and 5 P"“"P""‘f :W“g‘h"’h‘fl '::,"“:: Wash. Gas 65 A—3300 at 10214, $2 e T T Krog Gr & Bak (n1).. 1 12% Insurance Companies (all listed locally or enjoying an active ;”:‘:‘:“k:d"‘:i:'h :h:e'r:u:::e- e *”“)ft'dA”i“n,,kt:nF{r‘vRuv 102 20% 131 BufterickCs, .o, Tambert Co (8). .. g % g over-the-counter market). Each of these six principal groups oy Tt 2y, 4 1125 6014 Byers (AM)... K 3 Lehigh Valley Coal.. 1 4 is well diversi i in scope of operations. gl g cru e ey 601 Calif Packing (4). Lehman Corp (3).... 13 7 is well diversified geographically and in scop P The Pennsylvania Company BT and Asked Prices. e . A : Lo Owens - G1 (13,0 12 DISTRIBUTION RECORD: for Insurances on Lives and 33% 13 Calumet & Hecla.... 15 13 21 b LB MIWED (V8).. uming existence of the Trust during the period from 1920 Granting Annuiti 'BONDS. 7 66 CaraabDrv A 4 X Lima Locomot! : 2 2 Assuming distrib 8 P“ld have b Philadelphla, Pa. FURLIO UTILITY, 226% 165% Canadian Pacif (10). 5 186% 5 Link Belt (2.60)..... to 1929, the average annual distribution woul ave been : B | 40% Can Pacificnew..... 12 461 ILiquid Carbonic (4) .. 6 $2.79, or 229% on the average price of 11% per share. for esch 1000 Independence Trust ‘annon Mills (1.60).. 6 23 3 94 Loew's Inc (3)... 7 Shares issued. “asa (T 1) (6). 70 176% : E Lt el el g LR : NO RESERVE FUND: UTILITIES: ‘ase (J 1) pf (7). 208 123 LoftInc..... .. 2 _ 3 “aterpil Tr (43%). 5 564 & [ Loose-Wiles (12.80) . 2 Since the lowest annual distribution per Trust Share during S e e ese C 3 2 Lorillard (P) Co.. Y 2 American Gas lectric Company Rpe (:;‘"‘" o ~ Loulsiana Ofl, 3 o8 . the past 10 years would have been 70¢, a reserve fund.hu been e Sl i Eomosrs 3% Century Rib Milis 5 5 5 9 Louis Ol pf (6%). .. R considered unnecessary. Thus more of the shareholder's money Americaa Telephone & Telegrarh Co. 60% 40 Canro de Fagco (8)., s e [0 - Y e i is invested in the underlying stocks. S 1, SIS Geeixin Ut fohok “ Rt ;e ; Pacific Lighting Corporation 1M Checker Cab (4.20) b 3 | e s ELIMINATION—NO SUBSTITUTION: Public Serice Corp. of New Jersey 48 Chies & Oltlo (2%), , McIntyre Pore M (1) " h s . i i 1 United Gas Improvement Co. (The) 214 Chic& Alton pf..... 2 2 McKeespt T P(1534). 18 & 4 If any portfolio stock fails to pay a dividend o is likely to be- e e e e Consl b ol come impaired in value, it may be eliminated and the proceeds i drh‘“""“l Dyulm i 2 Chie Mil St AcC. . 5 5 | McLellan Stores. . 67 6 N g ied Chemical e Corporati : 4 10s Chic Mil St P & P pf. 2 22% | % Mack Trucks (8).... 7 5 587, distributed to Trust Share owners. :u., cy,.l:,mcm.mrnmnn.m i ) 35 ChiStPM& Omaha. 3 E 5 Macy RH & Co (n13) 15 281 : imi merican Can Company [ A i66° | 11% Chie Pseu Tool. ..., 9 = 5 Madison Sq Gar (1) " No stocks can be substituted for those eliminated. ::;ma.,omm&:_ ;.m, e | 12 80 Chic RI& Pae (7). 9 Ty 2 Magma Copper (4) 3 31% 3 rden Company (The! i X B ChCRI& P : ; Matitaon & Go. <or: DISTRIBUTION AND REINVESTMENT: ey ek Comouy PUBLIO UT! . Chi R 1 & Pae pf (7). 2 A 2 od g ( 3 331 3 3 . : . : 2 i, 4 ey b 1 YellowCab (3)... 208 25 ' 28 . N EEt ) . Semi-annual distributions consist of all cash dividends and Rhivacs RO Coker 48 Childs Co (2.40). .. 5 5 29'; Marine Mid (1.20) ..o 0 the net cash proceeds of the sale of stock dividends, rights, Senuil Blovuie St | 24 sler Corp (3) . 21% 2 25% Market St Ry pr pf 2 2 and spli:-urs, less a charge of not exceeding 1%¢ per share T ariont Hitrtolwd 49 38 CityJce & F (k3.60) . E 201 Marshall Field (235) Ao n 983 Rl City Ice & F pf (6%) 1008 3 3 83 h 32% Mathieson Alkall (2) 3 35 semi-annually for the administration of the Trust. B.‘.m‘l,"'c',féfé‘.‘"f&',“.i::'c.,,. s e 3 ’ ! N e 4 Shareholders may invest all or any part of this distribution in United Sutes el Corporaton 191% 133% Coca-Cola (6) 4 185 ! : Melville Shoe (2).. .. 34% My 34y 3 additional Independence Trust Shares at SOf less than the cur- T %% B0 Colgate-Pal-P (234). 59 ; ; Mexican Seaboard... b3 2 2 2 i intaining balanced diversification. 97 ColEpaim- ot ,;) 4 i i I OIDeE (LI 28% rent ask price, thereby maintaining ki 3615 Co jel & Iron (2) 53 Mich Steel (h2%4)... 53 51 2 5 Bankers T: Co. (New Yorky 65 Colo & South (3) . 3 224 Mid-ContPet (2).... 20 2% o CONVERSION AND REDEMPTION: Chase Nat. Bank of the City (N.Y.) i : i 915 10914 10914 105 Mih Mo Reg (167 " Owners of a full Unit (1000 shares) may exchange for the NewVork Trut Co. (The) (N3 . Minn Moline Pow. .. actual stocks and owners of less than a Unit may redeem for National City Bank of N.Y. (The) 108 b 9 2815 12 3274 Mo Kan & Texas (2). ime and without penalty. Continental-Tilinois Bank & Trust Co. (Chi.) 40x "28% Comm Credit (). 11 25 5 5% Missouri Pac pf (5).. 32 cash, st any time and Loty Fiu Xuiona Bk of Bowion 7614 Comm Cred 1st (6% . 8 97 515 Mohawk Carpet ... 4 Union Trust Company (Clevelans g1 Com In Tr (g1.60)... 12 35% 3 as 4 5 Monsanto Ch (g11). OFFERING PRICE: Philadelphia Nucional Bank (The) B JQuain T ov G e 1 29 Montgom Ward (3).. , 36 Independence Trust Shares are offered at a price based on the Secaric-Fizse Nac Bank o ngeles 204 Comm Solvents ($1). 20 2 3% Moon Moto: . i i 12% Comwlth & So (60c). 47 37 3 Mother Lode (20¢) current market price of the d?;osned stocks, the propor- OlLS: u 9 Comwiih & So pf (6) 2; ulr,::‘ 2% 102 3 3% Motor Meter G & Ei.. 2 3 3 4 tionate amount of undistributed funds, plus odd-lot brokerage ;:::‘.ifd’gn"(":,'f{,':“,,’;:,'_,w" 15% Consol P11, $90% 99 as : B caalg Ll and commission and a charge for distribution and proht, Sandard Ol Compeny of Califorgie 18 Consol f 6 2115 21% 2 o 5 5 5 7 which is 2/5 of 1% per annum on the selling price for the Sundard Oil Company (Indians) 6% Consol 95 1097 2 Nash Chat & St L (5) L 95% 96% Texas Corporation (The) 0% Cons Gae N Y uor (85 3 1064 Nat Bella Hes: a3 9 term of the Trust. s 7 | 99% Co a8 } f (5). 3 104% o g | 93 Nat Biscuitn (2.80). AILS: § '3 Contatner B eris ¢ ow ; e e o 4 TERMINATION: Auciton Topcks & Sae Fe Ry.Ca . ’ o M B b | 514 Nat Da 8)evsonis 5 3 5 2 Chesapeske & Ohio Railway Co. R 181 Contl Baking A..... b9 30% o Nat Knam & Stamp, . g The Trust terminates October 1, 1950. New York Central R. R. Co. (The) 3 . 2 : e B s 32 Nat Pow & Lt (1). i 47 Peansylvania Railroad Co. (The) és e s aiig| 2 B Con A8 BE 4 - B1% Nat Steel (2) 56W 55 56 85 iIu,.z matiers imcidens 1o the creation of the Trust have boen Southern Pacific Company Sremen’s . 3 50 Contl Can (2%)..... BB 8 5 G D G i i Je Rotimem *union X 15% Contl Dia Fibre (1).. & 16 . Joi NeC IRy RE (Y approved by Messrs. Roberts & Monsgomery, Philadelphia, Pa. Union Pacific Railrosd Company INSURANCE. 50 Conil Insur (2.40)... AT 5 p Natl Tea (1) INSURANCE COMPANIES 3% Contl Motors. ... M 3 3 M| 5 N evuds Hebbir iy a8 an 17 Price at the Market (about $6% per Share) Aetns Life Jasuzance Co. (Hartford) 18% Contl Ofl of Del. .. 19% 9 9 | g 915 Newport Co (A) (3). [ 5 4 5 Fidelity-Pheaix Fire Insurance Co. 164 Contl Shares (1).. 193 $ . 2 ewton Steel (2). ... 391 391 Inquiries are invited from dealers and banks ,,5,,4,,,‘ Home Insurance Co. (New York) MISCELLANEOUS % R34 CornPr Ref (14%).. 901 9 9 N ke (3.60). v s Insurance Co.of N.A. (Philadelphis) Inc. com......, 51 140 Corn Prod pt(1).... 5 rrd B IREY Lo i participation in the distribution of I T. U.S.Fidelity & Guaraaty Co. (Baltimote) v pid. (1) Coty Inc el A k § Bids. Corp.... : 15 Crof Wheat (1214) .. 3 32 31 | NS i (0 Y Mig pfd 2 101 Crosley Radio. . .. b ¥ N H & Hart (6)., mo-t n"d . o 184 ::"":‘:v‘-_:ellu-h'ch(.l-). % 12 12 % 116 A ¢ N & H ot (D). : : o Smith, Grcl'ltlm & Ro‘kwe" MO B T R INDEPENDENCE TRUST SHARES . . . and the Present Opportunity - P 1 BroveandnareSamomeRate The fixed type of Investment Trust has established itself as offering broad diversi- fication in investment stocks with small capital outlay. Experience of the earlier Trusts has enabled us to offer one with several structural improvements over its Md com i k] . 11 2 1lways pf ahy ng . 3 43 | ¢ N Y St pI(6). ... - tis Publish (17). 5% 115% 3% Norf ;cfl.um (10) 3 23 New York Stock Exchange —Members — Chicago Stock Exchange Curtis Publish pf (1) 121 5% 71 North Am Aviation.. 16 9 9 9 v 61 Curtiss Wright Corp 614 6%, 84 Nor Am (b10%stk) . - 106% 105 6 NEW YORK CITY PHILADELPHIA, PA. ROCHESTER, N. Y. CHICAGO, ILL OVIDENCE, Mige. Wk Contins WEGEN G 0 8% 05 North Am Ed pf (6) 105 105 :‘}w ;,‘,‘.‘\ P “(K 52\0 n?(gd ;‘h‘,l 101% 146 Delaware & Hud (9). .l’ 165% 165% 165% 9 Northern Pacific (5). 5 T1% 2 Sl O &Gt @) el 3 110% Dei Lack & Wn (7). 113% 113 11315 3 30 Ohlo 011 Co (2).. 30% 30% A 30% T A i Diannd Saich (0, 10 1 ahy By Mo awnomagiariG e 8 0 0 Church, Wootton & Co.,Inc. Southern Investment Dealers, Inc. The Carpel Corp. (180).1:11 2% 6 6% Dome Mines (1). ..+ 4 [ s o1l Well Sup pf (7)., 10714 108 Washingfon Bldg. e N R i S Drug Corporat (4).. 18 82w £1% &2% : ¢ Oliver Farm Equip.. 3 1% 1% A S Wiy Woodward & Lothron prd. (7).: 107 15% Dunhill Intl (34)... 28 20 18% 19% Olfv Farm Eqev pf.. 5 17% 17 Metropolitan 2721—2722 Metropolitan 2767 'EE)( dé\:flrv\d x'r:r 5 85% Du Pont de N 114.70) 85 1i9!. 'l":«. 1181 £0Ts Owens 111 Glass (3). 45 3 434 45w AT e B L e L T T Pacific Gas & Bl (2). 61 59% 60% 59 The information and staistics.conained herein have been obtsined from sources that we deem relisble, and while not guaranteed are sccepted by ug a3 eorresh Fioc extra ha exira. uques P 8 Pacific Lighting (3) B 0 80 Tow 2 s 1% ex 33% extra. 176% Eastman Kodak ( 7216 214 216 SEX AW L. 120% Eastman Kod pf (8 20s 128% 128% 128% (Continued on Page 14.)