Evening Star Newspaper, October 3, 1930, Page 13

FINANCIAL/ Riggs' Bank Presid Pres|dent Ukges Diversified Portfolio in ' Magazine Article. BY EDWARD C. STONE. “Guarding the Bank Portfolio Against Speculative Hazards” is the subject.of an article appearing in the current Trust Companies’ Magazine, written by Robert V. Fleming, resident’ of the jggs National Bank. Much of the material was pre- sented by Mr Fleming at the last THE EVENING STAR, WASHINGTON, D. C., NEW YORK STOCK EXCHANGE " Received by Private Wire Direct to The Star Office. —All stocks are sold in m hundred-share lots pting those designated Ify '.hadeuer 8 (80s) (250s) Bich shows those stocks to be* sold in odd lots only. Complete Compllation of uu- See 5:30 Edition. Stock and Dividend Rate. Adams Exp (1.60)... Adams Millis (2). Addressogr'ph (1%). Ahumada Lead. .. Air Reduction (14%) Alr Way El Ap (1%) Ajax Rubber Alaska Juneau Allegheny Corp..... Alleg Cp ww $30 5%, Allied Ch & Dy (n6) Allis Chalmers (3) Alpha Port Cmt (2 ‘Amerada Corp (2) Am Agricul Chem Am Agricul Ch pf. 68 Am Bank Note (13 2214 Am Bosch Magnet 41% Am Br Shoe (2.40) 8#, Am Brown Bov El ulw High. Low.: Close. 8 24% 24 24M 26% 25k 25% 1 30% 30% 307 A %W WK 88 1143% 1111 114% 109% 2 12 12 12 Stock and Sale Dividend Rate. Add 00. m_.’n u_,' Cuba Co..... A y Packt Curtis Publish (17).. 6 Curtis Publish pf (7) 1 Curtiss Wright Corp. 25 Curtiss Wr Corp A. Davison Chemical. Detroit Edison (8). Devoe & R 1 Dome Min Drug Corporat ( . Du Pont de N (14.70 Du P de N deb pf (6). Bastman Kodak ( Eaton Axle & 8 (3) Eitington-Schild Elec Auto Lite ( Electric Boat. Sea 41 111 Prev. Close. Close. 7 615 41 40% 110 110% 118% 119 B4 65 ™ ™% 23 22% 158% 156 111% 112% 105% 105% 8% 81 8% T8% 108% 106 i 122 122% 207 203% 20% 20% 3% 2% 49 3 3% 64% 64 100% 100% 109% 109% STOCKS ARE HIGHER IN DRAGGY MARKET Advance of Late Yesterday Is Carried Forward—Lead- ers Strong. BY CLAUDE A. JAGGER, Assoclated Press Financial Editor. NEW YORK, October 3.—Interests favoring the constructive side of the stock market derived encouragement from scveral sources today, and pivotal shares generally reflected the more buoyant spirit. Bm\nelg news remained of an indif- ferent character, but the sh: drop of $159,000,000 shown in the weekly brok- FRIDAY, OCTOBER 3, 1930. ber were still expected in many lines. Omission of the Richfleld Oil dividend was the outstanding item of the day’s eorponu TeVE but it had been clufl! ed by the market action of the s'nl: Although more dividend 'reductions and unfavorable earnings statements are expected during the next few months, bullish circles feel that this may have been discounted by the Sep- tember decline. In the meantime, sev- eral large bear traders have not changed their position, and most observers L little, if any, indication that im| banking grotips are taking any mmesc in the market at this time. Call money again renewed at 3 per cent, but the offering of funds for placement over the week end imparted an easier tone to the money market. INVESTMENT TRUSTS NEW YORK, October 3 (#).—Over- the-counter market: Bid. Asked. Amer Pounders (exdiv) ... 8 9 Amer Founders 8% pf ( 45 Amer Foun 7 3d pf lnn emm Am_Foun 7% pf x-div) .. Am Foun conv pF cts (no ex- um Deposited, Bank Share Ser Granger Trad FINANCIAL, First Mortgage Loans ; . In Ariingion %m‘ LET US MAKE Commonwealth Investment TOUR 30AM cfl ne. ‘We make First Mortgage loans on improved Washington real estate at a most nominal rate! INVEST IN FIRST MORTGAGES An investment that protects both principal and interest. N.W. Phone Natlonal 2623 Loan Correspondent for dential Insurance Co. of America Saul Building 925 15th St. N.W. Several desirable rooms at very reasonable rents. Inspec- tion invited. B. F. SAUL Co. 925 15th St. N.W. Capital Resources, $3,800,000 24 JACKSON PLACE 601" Am Brown B E pf (1) 50! 3% 614 61 156% 108% Am Can (15) 375 l!”fi 123% 126‘1 122% loan_tabulation, the remarks of 4 4an | resie 48 annual convention President Hoover before the American of the District F'TRST MORTGAGES Bankers' Associa- tion at Asheville, N. C, and is based reached by ‘Washington bank- er since the stock market crash last Fall. He empha- sizes the nced of diversification in making loans and investments, favors a generous second- ary reserve and urges due attention to liquidity of assets. “As to the qu%flon of llquldlty " Mr., Fleming writes, “let me stress the de- sirability of every bank building & proper secondary reserye, Whether the bank be a member of the Federal Re- serve system, or a non-member State institution, it would be well, in my judg- ment, tof build an adequate secondary reserve of— Government bonds: In this con- nection I desire to call attention to the Robt. V. Fleming. 150% 140% Am'Can pf (7) 824 42. Am Car & Fdy (8) lll‘1 provisions of section 5200 of the Revised Statutes, defining loaning limits.. Un- der this section authority is given to make loans in excess of the usual limit of 10 per cent of capital and surplus, to an amount not exceeding an additional 15 cent of capital and surplus, where such additional 15 per cent is secured by a like amount of bonds or notes of the United States issued after April 24, 1917. This makes it possible for a na- tional bank to loan a single borrower an aggregate amount not exceeding 25 per cent of its capital and surplus, where 15 per cent is secured by these Govern- ment obligations. “2, Commerical paper eligible for re- discount: I would suggest that the State banks who are non-members study the rules of eligibility laid down by the Fed- eral Reserve banks, so that in times of stress the paper whnich they may offer to the member banks as collateral could, in turn, be rehypothecated. “3. A well selected list of high-grade bonds of short maturity—in preference to securities- of longer terms, so that there will be maturing annually a cer- tain proportion of this part of the bank’s secondary reserve. Periodical Analyses Ur‘u “I think experience has the banker continues, “the dulnblmy 103% 14 48% 2214 554 * 69% 110 274% 127 130% 129 124% 20% 4% 1T% 81% 53% b1s, B2 176% 39 ' Am Chatn (3). 36% Am Chicle (13). 9% Am Com Alcohol 23‘1 Am E 91 Am & For Pow 24 pf. 8% Am Hawallan (a10). 54 Am Home Pr (4.20).. 30% Am Ice (14). N 78 Am Ice pf (6). 28% Am Internatl (2).... 36% Am Locomotive (4).. 89% -Am Locomot pf (7).. 85% .Am Ma & Fy (11.65). 6 AmMach & Metals. .. 21% :mM tal Co (13).. Am Pow & " 9 Am Pow & Lt pf (6). 104% Am & For Pw pf (7). 80 AmP &L pf A st (5) 20 AmR&StSan (1%). 13 “Am Republics g 421 Am Roll Mill (n2)... 521 AmrSafety Razor (5) 1 150% 150% 1507 150% 43 2% 424 4814 4 8 95 Am & For Pw pf (6).210s 8 8% 1 106% 106% 106'% 1105 103 8 2 22% 8 ! 6 41% Am Bhipbuilding (5) 1208 51 Am Sm & Ref (4) 100% Am Sm & Ref pf (8). 133% AmSm & Ref pf (7). 38 AmShuff (13). 100% Am‘Snuff pf (6)..... §4 Am Solv & Chem 42 Am Stores (2). 40 Am Sugar Ref (5)... 101~ Am Sugar Ref pf(7). 200% Am Tel & Tel (3).... 114 Am Tobacco. 116 Am Tobacco (B) 120 Am Tobacco pf (§) 8% Am Water Wks (n1). 74 Am Woolen 19% Am Woolen pf. 61 Am Zine Lead & Sm.. 34% Anaconda Cop (234). 20 Anaconda W&C (1). 34% Anchor Cap (2.40)... 713% Armour of Del pf (1) 3% Armour of I11 (A). 24 Armour of 111 (B). 52 Armour of Ill pf (7), 5 Arnold Constable. .., DG L3 Atch To & 8 Fe (10). 1304 Atl Coast Line(110).. 118% 119% 119% 120 127% 127% 95 207% 209 132% 132% Equit Office I'ldg (3 Erife R R. Erie RR 1 Erie RR 2d pf (4) Eureka Vac Cleaner.. Fairbanks Morse (3) Fashion Park Fed Motor Tr (80c). Federal Screw (3) Fed Wat 8 A (e2. Federated Dept Fid Ph Fire In (2.60. Filene's pf (6%). Firestone T& R ( Firest T & R pt (6). First Nat Strs (2%) Fisk Rubber........ Florsheim Sh pf (6). Follansbee Bros (2). Foster Wheeler (2),. 1 Fourth Natl Inves! Fox Film (A) (4). Freeport Tex (t5) Fuller pr pf (17.94) Gabriel Snub (A) n Gardner Motor. Gen Am Investo Gen Am T’k Car ( Gen Asphalt (4) Gen Bronse (1). Gen Cable, T T L T TRISTOTRIIVERY- jot 0T . 60 RIS Py o an Gen Elec spec (60c) Gen Food Corp (3). Gen Gas&El A(e30c). Gen Ital Ed (a2. Gen Mills (3). Gen Theatre Equip. . Glllette Saf Ras (nf) 7 Gimbel Bros ST onansemm Goodrich BF pf Goodyear Tire (5) 46 9% 9% 444 38% 521 51 8% 331 8 17% 100's 100 16% 16% 76 T4 324 29% 41t 44 40% 89 1% Bankers’ Association and the resistance offered to selling pressure in the pre- ceding session of the market instilled considerable cautious optimism. Trading Volume Smaller. The pace of trading again slackened, but a large assortment of leading shares gained 2 points or more. Bear selling of the mail order and a few of the rail shares around midday failed:to make headway. Shares gaining 2 to inore than 3 points included United States Steel, American Can, National Biscuit, Loew's, du Pont, American Tobacco B, Liggett & Myers B, American Tele- phone, American Water Works, Con- solidated Gas, Eastman, International Harvester and Continental Baking A. Shares advancing 4 or mere included Johns Manville, Air Reduction, Colo- rado Fuel, Case and Macy, the last| named selling up more than 6. Commission houses were not inclined to look for any runaway bull market, but several felt that yesterday's action tended to indicate that the September decline had reached a fairly definite climax on Tuesday. The brokerage loan tabulation, covering the trading week ended Tuesday, was indicated as bearing out this theory, for the snarp decline in loans at last gave evidence of the weed- ing out of w holdings. The preced- three weeks had resulted in a net n in loans of $112,000,000, despite a arp contraction in quotations, Business Gains Expected. While Mr. Hoover refrained from making any predictions as to when bet- ter times may be expected, bulls hoped that the reasoned optimism which he expressed would go far toward dissipat- ing the somewhat hysterical pessimism that had reigned in speculative circles of late. Early samples of week-end business reviews indicated some slowing down of the seasonal upswing noted in previous weeks, but further gains during Octo- ‘Sthers unchanged. FOREIGN EXCHANGES. (Quotations furnighed by W. B Hinbs & Co) minal oid Selling checks 3 39240 1388 “296ii 26.76% crown’. 26°76¢ Stockholm. crown 26.86';¢c Money to Loan Secured by of trust on real estate. Frovahing interess and” commiseion: Joseph L Weller ‘3745 % # 3" REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD busines: or 10 years. if 8o desired. lm K St. NW. National 0475 Secured by First Deed of Trust on D. C. Real Estate Corcoran Fire Insurance Co. 604 Eleventh St. N.W. REPORT OF CONDITION OF THE National Savings & Trust Co. N. Y. Ave,, in the District of Columbll at the close of business on orTee e September 24, 1930, RESOURCES. Loans and discounts . WHAT COUNTS FOR MOST —you get in an investment in our 6% FIRST MORTGAGES —complete absence of fluctuation both in security you hold and in revenue you receive. You have made a loan on improved real estate that has been con- scr\amely appraised; and you receive interest at the rate of 6% unvaryingly, Over a Third of a Century Without o T35 May be purchased in amounts from $250 up—upon our con- venient Partial Payment Plan. SAUL CO 925 15th St. N.W. National 2100 THERE IS NO SUBSTITUTE FOR SAFETY $10,250,466.73 804.76 1163,276.26 1,137,007.99 1,448,648.43 393.987.37 Goodyear 1st pf (7 Gotham 8 H pf (1) Graham-] . Overdrafts . United States Government securities owned . Other bonds, stocks and securities owned .. . Banking house, §1,323,186.98; furniture and . Real estate owned other than banking house of looking carefully into the diversifica tion of our investments, both as to loans and securities, for many banks have found ,themselves . topheayy ' in their portfolios with collateral loans, Toonale 51% 24% At Refining (12). 28% 284 ; 66 66 101% 101% 26% 26% bm n Granby Co Grand Silv It would seem good policy for to make periodical analyses of their loans and investments “to ascertain whether or not they hold too much of one class of paper. A close study of general condjtions of mel own com- munity as well as of those throughout the fgun;:ykh \i;ry duh;ahlc. ‘:nd will put the banker in a position. to recog- nize the clouds that may be gathering. ‘The banker nqr, be swayed by -n abundance of l teral if the in of the borro h not. of the Mr. Flemin ts that officers. be given wide lafituds in making Joans but re'cmmends that large loans be a committee; likewise perlmncal review be made of loans pre- viously made by the committee, with & careful check-up during the life of the }::‘nthy a well developed credit depart- en “Scrutinize m loan,” Mr. Fleming adds. “If it is an unsecured one, be certain that it is not for capital pur- poses, which msakes the repayment of the loan contingent upon the successful outcome of the business for' which the money is borrowed.” “As the relationship of a bank to its customers must be one of mutual benefit, I feel that we should all insist on adequate compensating balances. I also suggest that great care be exercl.led not to place too great a proportiom capital funds in land and buildings. I do not mean that we should be nig- gardly in properly housing ourseives, as there should always be adequate tp-ce for the enlargement of buslnfl order to give the best service to flll customers of the institution, but I have observed that many _institutions hl'! become non-lquid ~from great a proportion of their capital rum in bricks, mortar and land.” Today’s Trading on Exchange. ‘Trading on the Washington Stock Ex- change today was modest, to say the least. The openln[ sale was a $1,000 Washington Gas 6, series A, at 103, fol- lowed by a smaller bond of the:same issue at 102. Washington Railway & Electric 4s came out at 89%, and a $1,000 sale in Potomac Electric Consolidated 5s took place at 102';. This completed :the bond trading, nnd the first stock sale was in Potomac Electric Power 6 per cent preferred at 1114, followed by an- other sale in the same stock at 112. Two bank stocks appeared on the board. Ten shares of Federal-Amer- ican National sold at 27215, the same price as recorded in a sale yesterday. A single share of Lincoln National stock changed hands at 400. President Walson announced that in accordance with the action taken by the board of governors last Spring the Sat- urday sessions of the Exchange would be_resumed tomorrow. Reference to the list shows that a host of dividends on Jocal issues were pald on October 1 so that the quota- tions are no longer ex-dividend. er- ican Telephone, American Security & Trust, Merchants Bank & Trust, Union ‘Trust and Federal Storage preferred are the only stocks now being quoted ex- dividend on the local Exchange. Financial District Notes. Enrollments in Washington Chapter. American Institute of Banking, have reached 329 and it is now believed the number may reach last years high mark. Washington bankers were enthusiastic today over the speech delivered by President Hoover at the Clevelgnd bankers’ conven| The Cleveland delegation is due back in Washington late today, as the busi- ness of the convention has been conciuded. The more active stock market is giv- ing the new high-speed” tickers in the local brokerage houses their first real test. They are handling present quota- tions without any difficulty. RS Rt 21 B. & 0. CAR LOADINGS. BALTIMORE, October 3 (Special).— Frelght traffic on the Baltimore & Ohio during the second week in.September continued near the year's top, totaling 61,261 car loadings, including both loading originating on the lines and re- ceived from connections. The busiest week of the year had occurred at the end of August, when loadings totaled 61,403, Traffic originating on the lines was heavier than in the final week of Au- ‘\m but the decrease in total bm.!t about by the ndum those. Toads. 81% % 38 116 122% 101 109% 0% 57% 56% 110% 134 413% 2 8 T84 98% 178% 118 33% 31% B1% 48% % 112% 1% 8% 33% 226% 52% 34% 104% 362% 132 106 191% 52% 1084 35% 20% 7% 87 110 37% 199 40% 37 Auto Strap Saf R(3). £4_Aviatior Corp of Del 2% 3 69% 16 4% 19% Baldwin Loco (1%). 75 32 104% Baldwin.Loco ptf'(T). fll): 109 90% Balro & Ohlo fl)‘ ’l"’) Ml nm 4. 108 1 10 97 Bayuk Cig 1st pf (7). 100. M% 101% Beatriee.Cr pf (7) ... 49% Beech-Nut Pkg (3).. 20 Bendix Aviation (2). 31% Best & Co (2),. 75 Bethlebem Steel (§). 122% Bethlehem St pf (7). 30 ' Blaw-Knox (14).... 17% /Bloomingdale 3!.'..1!0! 25 23% Bohn Alum&Br(1%). 67 'Bon Ami (A) (15). 2 Booth Fisheries.., 58% Bkiyn-Man Tr(4)... 84% Bklyn-Man Tr pt (§) 116 .Bkiyn Union Gas (§) 1183% Brown Shoe pf (7). 5% Bruns Ter & Ry 8.... 19% Bueyrus (1). 5% Budd (EG) (1) 54 Budd (EG) pf (7)... 8% Budd Wheel (1).., 26% Bulova Watch (3). 29% Burr Add Mach (1) 29% Bush Terminal (3%) 54 Byers (AM). 56% Callf Packing (4).. 43 Calumet & Arizona 10 Calumet & Hecla. 165% Canadlan Pacif (10).. 40 ' Can Pacificnew..... 19% Cannon Mills (1.60) .. 96 Car Clin & O #ta (5 121% Case (J I) (8). 115 Case (J I) pf (7). 456 Caterpil Tr (13%). 9 Celotex Co. 10% Celotex voting etfs a1 Celotex Co pt. & Ohio (2%). 513% Chesapeake Corp (l); 10 ChicMilStP& . 15% Chic MIIStP&P pte Chicago & N W (5. u T4 42% Childs Co (2.40). 19% Chr)'ll.r Corp (3 38 CityIce & F (k3. 81 D 4% City Stores (50¢) 28 City StoresA (3%) 91% Cluett-Peabdy pt ( 133% Coca-Cola (§). 484 Coca.Cola A (3). 97 Colg-Palm-P pt ( 14 Collins & Atkman 12% Colon! 32% Col F' 51 Col Gi 104% 12% Colum Graph (a%).. 108 - Columbian Carb (16) Com In Tr (§1.60). Comm Inv Tr pf 6% .. Comm Solvents (31). Comwith & 8o (60c). Comwlth & So pf (6) Congoleum-Nair 6 25* 1 121% 121% . 119% 119% . 1 Consol Cig pr pf 6% . llv- 69 1 16 Consol Film ¢2). Consol Film pf (2) ¥ -9 Consol GasN Y (4).. l'l'l 108 Cons Gas.N Y pt (5) u % Consol Textile, . Container A (1.30), 1 Contl Baking A. Contl Baking 0 Contl &klnt pt ®)e Can (2% Contl Dia Fibre (l).- Contl Insur (2.40. 6 104% 4 8% 564 18% 54 3 16% 16% Grand Unfon. 009 % 0009 009 s 00 Grigsby Grunow. Gulf Mobile & Nor Gulf Mob & N pt (6) Gulf States Steel. Hackensack W (1%) 20 Hacken pf A (1% Hahn Dept Store. Hall (WF) Pr Co (1), Har Wk Ref (1234).. 1 % Hartman Corp (B).. Hawaiian Pineap (2) nu. Min (17). ershey. . Household Fin pt (4) Hudson Motors (3).. Hupp Motor Car (2). Illinols Central (1).. Independ O &G (3 ).. Yo PUTSECTTH IOPNUTRIerey Ind Ray (h5% stk). o Ingersoll Rand (15) irution Copper.s H " Interlake Iron (1) Int Agricultural Int Agricul pf (7 Intl Bus Mach (né. Intl Carriers (25 Intl Combustion. Int Comb Eng pf. Int Combust pf ctf! Intl Harvester (2% Intl Hydro E1 A (e2! Intl Match pf (4). Intl Mer Marine (. Intl Nick of Can (1) Int Nick Can pf (7). Intl Paper pt (7). Intl Pap & P (A) 3.40 Intl Pap & Pow (C).. 66 Intl Pap & P pf (7 7 Intl Printg Ink (2%} 1 Intl Balt (3). 9 Int Shoe (3)...... Intl Silver pf (7). Intl Tel & Tel (2). .. 140 Inter Dept Strs (2).. 8 Investors Equity (2). Island Cr Coal (4) Jewel Tea (14). Johns-Manville Jones&Laugh pt (7). 108 Jordan Motor Car, 5 City Sou (5) Bl tan nenuline - 3 - Lam!| Lehigh Port Cmt 1y Leh Port Cem pf (7) Lehigh Val (t4%) Lehman Corp (3) hbhlal Fink (3) Loew's pf xw (6%). Loft Inc. . . Loose-Wiles (12.80). Lorillard (P) Co.... Loutsiana Oil....... LouG&E (A) (1%). Louls & Nash (7 Ludlum Steel. . McIntyre Pore M (13, lluKKoupt zr('ufl. - Mack Trucks (6).... Macy RH & Co (nt3) Madiron 8q Gar (1) - 0s PO ISP 9. Cash and due from banks 10. Outside checks and other cash items 15. Capital stock paid in . 16. Surplus 17. Undivided fits—net 21. Due to banl 22. Demand deposits . . 23. Time deposu Total ...coverasaneacanns District of c«:lumbu 8s: 1, CHARLES C. , including certified and cashiers’ checks ou 2,351,815.97 38,067.80 ..$16,386,550.51 $1,000,000.00 000.00 '522,305.55 14, 35‘ ’! 1,3 1 898, 503 .'l RN, treasurer of the above-named bank, do solemnly swear that the above statement is true to the best of my km"led?{“ d belfef. (Signed) CHARLES C. Suhlcrlbed and sworn to be(ure me this 1st day of October, 1930. ed) HERBERT B. LORD, Notary Public. Ry commisslon expires October 25, 1934 Charter No. 2038. 'm REPORT OF FR, VICTOR KAUFFM. WALTER BRUCE HOWE, REGINALD 8. HUIDEKOPER, H. ROZIER DULANEY, Jr., Directors. Reserve District No. 5. CONDITION THE ~ Second National Bank ashington, District of Columbia, at the close of business on it wipe September 24, 1930. . Loans and discounts . Overdrafts . . United States . Other bonds, stocks and securities owned . g:nkrlng house, $800,000; furniture and fixtures, $70,111.23. . Reserve with Federal Reserve Bank. 9. Cash and due from banks. . Outside checks and other cash items. 11. Redemption fund with U. S. Treasurer and due Irom U 8. Treas- Reserves for dividends, . Reserves for interest, taxes and other expensea accrued and un. paid . Cuwh Due to banks, including unlfled and . Demand dcrout ‘Time deposits 30. Securities borro 31. Other llabilities . Total. Dfitflc‘ of Colllmbh 184,842, 195 60 940, !!A ’l'l 273,420.85 870,111.23 418,658.32 785,511.36 15,530.73 13,750.00 95,000.00 14,855.44 8,270,149.96 $750,000.00 500,000.00 42,763.60 5,588.61 ‘ 16,222.84 274,667.50 286,028.48 . 3,164,658.24 3,133,667.40 95,000.00 1,563.20 .$8,270,149.96 Cashiers’ checks outstanding Aflww, cashier of the above-named bank, do solemnly swear that tbo lbove statement is true to the best of my knowledn and bellef. . MARLO' W, Cashier. uhcrl.bed and sworn to before me t.hl.ssllt day or oember. 1930. SAMUEL J. PRESCOTT, DEYBER, A H PLUGGE W. R. Wmll%w. 930. ‘TORBERT, Notary Public, D. C. E.! JACOB SCARF, Directors. Equltable Co-operatwe Bldg Ass'n Organized 1879 JOHN JOY EDSON, President Assets +$5,723,083.61 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secrefary Surplus & Profits........$1,755,911.57 Snbnnp!lon for the 99th Issue of Stul( Being Received savings, no matter how small, will grow into a nest egg for the future."’ you should consider. .. the Metropolitan Life Insurance Company Real Estate Loan Plan ... which has benefited thou- sands of families— Loans Made for Fifteen Years Low Interest Rates The Result of a Nation-wide Study Loans Made in the District of Columbia and Nearby Maryland and Virginia WE Washington Building AVER BRO REALTORS Mortgage Loan Correspondent Metropolitan Life Insurance Company $50,000 Associated Electric 41/23 due 1953 An institutional investment held by New York Life Insurance Companies Assocm-m Erecrric COMPANY 434% Gold Bonds due 1953 have unquestioned security that will satisfy the requirements of the most discriminating investor. Restricted as to further issuance with regard to property and earnings, these bonds have earn- ings approximately 234 times interest require- ments on an overall basis, affer depreciation. A senior obligation of an important publie utility system which has gross earnings in ex- cess of $108,000,000. At the current price these bonds may still be acquired to yield to maturity in excess of 5%. They enjoy an active market on the New York Curb Exchange. Tax Refund in Massachusetts and Pennsylvanis For full particulars write for Circular J-259 General Utility Securities Incorporated 61 Broadway New York