Evening Star Newspaper, October 10, 1930, Page 13

FINANCIAL. &P, SALES SHOW N IN SEPTEMBER Nine-Mon!h Business Also; Increases—Another Big Thrift Drive Planned. BY EDWARD C. STONE. ‘The Great Atlantic & Pacific Tea Co. Teports sales for September of $77,022,- 658, establishing a new high record for the month, This compares with $75,- 245,845 for the corresponding period of 1829 and is an increase of $1,776,813, or 236 per cent. In a statement issued with the report the company said: “The physical volume of business in- ‘dicated in.the company's tonnage fig~ ures~for September, 1930, shows a per- | centage of jincrease greater than that of the dollaf: sales because.of the de- cline in commodity prices. The average prha per .of goods sold in our stores ber, 1930, was $203.43, wherus “-September, 1929, it was $223.74. means that last month consumers - Féceiyed 10 per cent more food for ‘puu than they received a year ago.’ Sales far the first nine months of the ear en ‘September 38 were $800,- u with $750,945,457 for of 1929, a gain ol 6.55 per cent. Another Thrift Week Planned. '.l‘h ift ludu's in banking circles, dlnf and loan flelds and representa- the mutual savings banks will meet at the Bankers’ Club, New York, October 21 to discuss preliminary plans for the general observance of National | ‘Thrift week, January 17-23. Adolph Lewisohn, chairman - of, the national drive_since ifs -origin. in' 1917, will be the it s from:, the various hlve been fnvited. Offl the National Thrift Com- lnmeo ¢ of the Y. M.. C, A, which spon- | the ‘Thrift wuk movement, are leased ™ with- the excellent |, ‘Work done last season. The «co-ope! iven by banking interests and the flu{lcm press also comes In prll.!e. rowing _interest .among financial le‘den and thrift agencies i€ being manifested: In the 1931 program for National Thrift week. National Thrift day will occur January 17, Benjamin FPranklin's . birthday anniversary, on which benks, trust companies, sav- and public schools where school savings are established observe this day as. their special part of the “week.” Last season trust companies in 20 Statés made some observance of National Thrift week, in many cases co-operating with the life insurance in- terests in emphasizing life insurance trusts as'a means of building an estate. Suspension Stirs District. loal«flnmhl district ws greatly the suspension of Prince ‘White hy the New York Stock ot insolvency. The offices in Building .were closed of the b ge stafl no “fnformation other than what sent out-from New York yesterday. present elnbonub?mcesmn; this were some six months ago. Seuith being_ the mansger. 1ot branch was understood to be satisfactory business, considering p.rket cmdmons. and no of the difficulties in New “received until telegraphic to close the offices. With L8 statement from 's difficulties | tempcnry and that there be no 1oss to creditors.” sl E iy ifif 1o in this z‘fj Stores and Hahn Department Stores. Iaeem 'u in these stocks aggra- vated the. ition, the company’s officials h‘lew York explained. n. €. Exchange Active Today, was broad and active 6n the Wummm 3 tock Ezehl,xm today. :{“ getting their full share of :""’ Gas s, series A, figured 1023, 1 sales and a $500 sale at d by five $5,000 sales and -lmuuuloz ‘Washington Gas 6s, series B, a2 $8,000 and two'$4,000 Illu at 106‘5 & Electric 45 came out at 893, m first stock sale was 30 nhl\'e! of tal Traction, which changed hands ‘ ) M low on the present move. 9. . ime this issue had sold und;er 56. as| Rallway & Electric pre- ferred out at 981, 25 shares of ton sold at un while Mergenthaler moved at 923 ples Drug sold at 20!‘/: and 50 s ‘lnres of Carpel Corpora- ion at 28 and 50 more at 22. Mer- l:hln" fer & ' Storage common tered 103. t was announced by President Wal- son that the local exchange will be closed next Monday, when the New York Stock Exchange will also be closed on account of Columbus day. Heard In Financial Distriet. Mben H, Shillington, assistant secre- tary of the American Security & Trust Co., has been with the bank just 20 years today. He received many hearty tonmud.ums and a handsome bou-| quet of flowers. He is connected with the real estate department, having gone to the bank two decades ago from the| : Columbia Real Estate & Title Co. Dr. Bisl E. Shultz, educational di- rector of the personnel division of the New York Stock Exchange, will address % l-he first forum meeting of the season ‘Washington Chapter, American In- mlmt of Banking, Tuesday evening in the Willard room of the Willard Hotel. His address will deal with the opera- tions of the New York Stock Exchange. F. W. Woolworth Co. has declared the regular quarterly dividend of 60 cents on the common stock, payable December 1 to stock of record Novem- h.r 10. George A, Garrett, resident partner of P. B. Keech & Co., looks for a strong grain market during the coming Winter and Spring, basing his opinion on the present Government crop figures on ‘wheat and corn. Local broker offices were jammed to the doors today at the. opening of the New York stock market. The easier tone in the market was a ‘great relief after the sharp tumble In stock quota- ‘ tions yesterday. nwn! CERTIFICATES. W. Sellgman & Co ) Bid. FOREIGN EXCKANGE‘ ed by W. B. (Quotations furnighed, :l'““ THE EVENING STAR, WASHINGTON, D. C, FRIDAY, OCTOBER 10, 1930. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Note—All stocks are sold In one. hundred-share lou‘ excepting thosé designated by the letter s (80s) (250s) which shows those stocks to be sold Indivilual sales compiled to 12:00—omplete in 5:30 Edition. ~Prev 1930~ High Low 2% 11 8613 57 | 110 104 37% 20% 94 85% 32 23 B4% 20% 234 6 414 16% o 98 104 5 4t 64 164 49 mz\.’ *121 86 3916 22 18 2 .y 23 6614 61 224 8% i 108% T 140% 41 85 39 36% 814 501y 200 1t 314 36% 315 20 48% 6614 29 80 20 11 393 52% 100% 1331 38 1004 3% 17% 32 110" 401G 40 9814 8 196% +110% 12 120 118 5% 991 T% 19% 4 291 6% 341y 20 16% 18% T1% 3% 2% 62 5 25 28 86 85 194 1102% “124% .. 24% 48 62 19 1% a7 3% 19% 104% 86 18%" €3 12 70 2% 16% 9516 674 101% 49% % 20 81% 701 122% 24 17% 99 74 20% 60 1% 79 1% 58% 847 10 111% 363 120 124 161; 107% 29% 6% 8% 204 264 14% 89% 9% 99 109% 1% 14 12% 51 108% 55% % 40 165% 121% 42 3% 9 9%, 20%, 2001 3% 6% 5 20 18% 1% T% 26 9% 14% 47 9% T 98 25 15% 40 49 17% 38 A% lo sStock and Divtdend ‘Rate. Add 00 Abitib! Pow & Paper 6 Abitibi P&POf (6). 1 Abraham St pt (7)... 'lo- Adams Exp (1.60). Adams Exp pf (5). Adams Milils (2).. 2 Addressoer'ph (1%). 8 Advance Rumley. . 3 Advarice Rumley pf. 3§ Ahumada Lead...... 8 Air Reduetion(413). 238 Afr Way El Ap (1%) 16 Ajax Rubbe . Alaska Junea 61 Albany Wrap Paper. 2 Allegheny Corp..... 439 Allegheny StI(12.55) 2 Allied Ch'& Dy (né). 101 Allied Ch& Dot (7). ‘1 Alliance Realty t3% . 40s Allis Chalmers (3).. 94 Alpha Port Cmt (2) Amerada Corp (2). Am Agricul Chem, Am Agricul Ch pf. Am Bank Note (+3). Am Bank Note pf (3) lzo- Am Bosch Magneto. Am Br Shoe (2.40). Am Brown Bov Ele Am Can (15) Am Can pf (7). Am Car & Fdy ( Am Cat & Fdy of (7). Am Chain (3) Am Chicle (13 !0- Am Hawailan (a10). Am Home Pr (4.20) Am Ice (t4) . Am Interna Am Locomotive (4) Am Ma & Fy (11.65 AmMach & Metal: Am Metal Co (1% Am News (jt4) Am Pow & Lt (31 Am Pow & Lt pf ¢ Am P &L pf A st (5) Am R & St San (1%) Am Republics...... Am Roll Mill (n2)... Am Safety Razor (5) Am Sm & Ref pf (6). Am Sm & Ref nf (7). Am Snuff (13%). Am Snuft o (6).. Am Solv & Chem . Am Sol&Ch ¢v pf (3) Am Steel Fdy (3). 12 Am Steel Fdy pf (7). m- Am Stores (2)...... Am Sugar Ref (5)... Am Sugar Ref pf(7). Am Sumatra Tob. . Am Tel & Tel 19) Am Tobacco, .. Am Tobaceo (B) . Am Tobacco pf (6).. Am Type Fary (8).. Am Water Wks (n1). Am Wat W 1st pf (6) Am Woolen. . Am Woolen pf. Am Writ Paper ctfs. Am Writ Pap pf (4).. Am Zinc Lead & Sm. Anaconda Cop (2%). Anaconda W& C (1) Andes Copper (1)... Archer-Dan-M (2). . Armour of Del pf (1) Armour of Il (A)... Armour of Ill (B) Armour of Ill pf (7) Arnold Constable. ... Asso App! Ind (4)... Asso Dry G (2%)... Asso DG 1stpf (8).. Ass=o D G'2d pf (7)... Atch To &8 Fe (10). Atch To & §.F pf (5). At) Coast Bine(110). At Refining¥x2), ... At Gulf & W Ind (2). Atlas Powdlér (4)... Atlas Powdér pt (6)% Austin Nich pr A (II Autosal Auto Strap Saf R(3). Aviation Corprof Del Baldwin Loco (1%). Baldwin Loco pf (7).200s Baito & Ohlo.(7)..., Balto & Onio pf (4).. Bang & Aroos (83%) Barker Bros (2)..... Barker Bros pf (6%) Barnet Leather Barnsdall A (2) Bayuk Cig 1st pf (7). Beatrice Cream (4).. Beatri, Beech Bel N Ry pt pt 15,51, Bendix Aviation (2). Best&Co (2)... .00 Bethlekem Steel (6). Bethletem St pf (7). Blaw-Knox (1%) Bloomingdale Bro: Bloomingdale pf (7). Bluw'thal & Co pf (1) Bohn Alum&Br(1%) Borden Co (k3) Borg Warner (3). Boston & Maine (4) Botany Con M (A)eoe Bklyn-Man Tr (4) Bklyn-Man Tr pt ( Bkiyn & Queens. a Bklyn Unfon Gas'(§ Brown Shoe (3).. Brown Shoe pf (7)., Bruns-Balk-Col. ... Bruns Ter & Ry 8 Bucyrus (1)... Bucyrus pf (7). Bucyrus cv pf ( Budd (EG) (1).. Budd Wheel (1) Bullard Co. Bulova Wat Burns Bros (B) Burns Bros pf ( Burr Add Mach (1 Bush Terminal (2% Bush Term deb (7) Bush T Bldg pf (7 Butte Cop & 7 (50¢) Butte Superifor. Butterick Co Byers (A M). Byeis (A M) pf Calif Packing (4) Callahan Zinc & La Calumet & Arizona ada Dry G A ll)., Canadian Pacif (10). Can Pacific new. Capital Admin (A).. Capital Adm A pf (3) Case (J 1) (6)... Caterpil Tr (13% Cayanaugh-Dobb: Celotex Co. Celotex vot! Cent Axulire As 13 Cent RR of NJ (112), Century Rib Mills. . Cerro de Pasco (4) Certain-teed Prod. Certain-teed Prod pf Checker Cab 14.20) Chic & Alto Chio Great .lurlu Chic Great West pf.. Chic Mil St P & Pac. . Chic Mil St P & P pf.. Chicago & N W (5) Chic Paey Tool....,- ChicRI&Pac(7)... Chic R1& P pf (6).. Chi YellowCab (3).. Chickasha Cotton Of1 Chids Co (2.40) .. Chile Copper 23%) . Chrysler Corp 43). City Ico & P (k3.60). City fce & F Df %) Stores ( City City StoresA (l ).. 908 708 % 40s 10215 101% 2 "2y sold in odd lots only. High, Low. Glose. Close 12 1 501 504 108 108 19% 86U 217 30 6 15% W 97 104 5% 24 8 2 19% 2% 66 3% 25% 106% 841 9% 621 3% 9% 9% 224 224 210 210 3% 34 ~Prev.1930~ High. Low. Stock and Sall Prev. Dividend Rate. At 00, High Low Close. Close. 52% @) 51 % 51 64% 50 2702 0 60 103% 35% 92 103 1% Collins & Ak pt (7 Colonial Beacon. . Col Fuel & Iron (2).. Colo & South 13) Col Gas & El (2) Col Gas & El pf Co'um Graph (a% Comm Credit (2). 31% Comm Credit A (3 2 Comm Credit pf B(2)200s Comm Cred 1st (6%) 10s Com In Tr (g1.60)... 52 Comm Inv Tr war... 2 Com In T cv pf (e6). 6 Comm Solvents (1) 861 Comwlith & So (60c) .1247 Comwith & Sopf «6) 24 Conde Nast Pub (2). 2 Congoleum-Nairn. .. 100 Congress Clgars (4). 22 Consol Cigars (8) . 2 Consol Cig pr pf 6%, 2108 Consol Cigar pt (7).. 208 % Consol Film (23..... 16 Consol Film pf (2) Consol Gas N Y (4).. 549 Cons Gas N Y of (5). 12 Cons RR Cub pf (6). 3 & Conso).Textlie. . Contalner A (1.20) Container B .. Contl Baking A. Contl Baking B. Contl Baking pf ll). Contl Can (23%). Contl Dia Fibre u) . 40) Contl Ofl of Del. Cont] Shares (1) Corn Pr Ref (14%),, Corn Prod of (1)....1 Coty Inc. ... 4 Crof Wheat (1234). . Crosley Radlo. . ..., Crown Cork 112.40) . Crown Zellerb'ch (1) Crucible Steel (k5). Crucible Steel of (7). 90 Cuba Cane Prod..... Cuban-Amer Sugar. . Cuban-Amer Sug pf.. Cuba Co.: idahy Packing 4). ‘urtis Publish (17). Curtls Publish pf (1) Curtiss Wright Corp 145 Curtiss Wr C 61 Davison Chemics Deere & Co pf (1.40). Delaware & Hud (9). % Del Lack & Wn (7). Denver & RG W pf.. Detroit Edison (8). " Devoe & Ray (1.20).. i Dome Mines (1)..... Dom Stores (11.20) .. Drur Corporat (4).. Dunhill Int (1), Duplan Sflk pf (8)... Du Pont de N «£4 70) Du P de N deb pf (6). East Roll M1l (ht2). Eastman Kod pf (§) Eaton Axle & 8 (3).. Elee Auto Lite (6) 4 El Auto-Lite pf (7. Electric Boat. E) Pow & Lt pf ( El Pow & Lt pf (1) El Storage Bat (5) Emerson Brant (A 4 Endicott-John (5) Eng Pub Serv (2.4 Eng Pub Sv pf (5%). Equit Office Pldg (3) Erie R R. o Erie RR 18t pf (4).., Erie RR 2d pf (4)... % Eureka Vac Clean. Evans Auto Loading Fairbanks Morse (3) Fashion Park Asso. . 40% 454 100% Federal Serew (3).., “21% Fedeiated Dept Stra. 56 Fid PhFire In (2.60) 15% Firestone T&R (1). 56 Firest T& R pf (6).. 46 First Nat Strs (24), 1% Fisk Rubber........ 4% Fisk Rubber 1st pt. . 150, 5% Fisk Rub1stpfecv. .. 30s 15% Follansbee Bros (2). 3 60% Foster Wheeler (2).. 176 7 Foundation Co.. 1 234 Fourth Natl Invest.. 28 16% Fox Film (A) (4). uoo 37 Freeport Tex (+5).., 73, Fuller 58 vt (1740, 908 4" Gabriel Snub (A) n. 59 Gamewell Co (5) 1% Gardner Motor. . 40% Gen Cigar (4). 54% Gen Electric (1 11% Gen Elec spec (60c). 46%_Gen Food Corp (3).. 6% Gen G 1 A(e30c) 329 656 GenG&Elcvpf(f). 1 33% Gen Ital Ed (a2.63). 1 40% Gen Mills (3). m 89 ° Gen Mills pf (6). 36% Gen Motors (13.. lD)..lZlQ 92% Gen Motors pf (5)... 65 Gen Outdoor Adv,... 7 23 GenOutAdv(A) (4) 2 18 Gen Pub Serv (b6).. 32 67 Gen Ry Signal (5).,. 13 100% Gen Ry Signal pf (6) 2008 6% Gen Realty & Util. .. 75 GenR & Ut pf (e6).. 63 Gen Refract (14%).. 98 Gen Steel Cast pf (6) 21%. Gen Theatre Equip.. 478 39 Glllette Saf Raz (nz) 220 m Gimbel Bros. . 506 10 302 Glidden pr pf (7). 3414 Gold Dust (2%). 100 Gold Dust pf (6) 17% Goodrich (B F). , 40 Goodyear Tire (5)... 80 Goodyear.1st pf (7). 5 Gobel (Adolf)....... 38 8% Gotham Silk Hoslery 20 68 Gotham S H pf (7)., 508 5% Gould Copper. .... 4 Graham-Paige 13% Granby Consol (2) 30 Grand Silver § (m1). 10 Grand Unfon........ 34% Grand Union pf (3).. 27 Granite City Stl (4). 28% Grant (W T) (1) 64% Gr North pf (5). 18 GrNorctf Ore (a%) . 16% Gr West Sug (1.40).. 13 6 Grigsby Grunow..., 164 % Guantanamo Sugar.. 1 18 Guif Mobile & North, 1 30 Gulf StatesSteel..., 3 85% Gulf Mob& N pt (6). 1 26 Hackensack W (1%) 90s 26 Hacken pf A (1%)... 20 744 Hahn Dept Stores. ... b2: 18% Hall (WF) PrCo(2). 3 85 Hanna pf (new) (7). 40s 48% Har Wk Ref (123%)., 1 16%. Hartman (A) (). % Iartman Corp (B).. 18 46" Tiav e RY pf (8).. 2(u 4% Hayes Body.... . 7T% Helmea (Geo H) (17). 1 " 20% Hercules Mot (1.80).. § 117 Hercules Pow pf (7). un- 70 Hershey Choc (5).... 83% Hersh Choc pf (16)... xo 26%_Holland Fur (et2%). § Hollander Sons. 5 Houdaille Hershey, 49 Household Fin pf (4). 52% Houston Oil (b10%). 22% Howe Sound (t434).. 41 Hud&Man Ry (3.50).. 22 Hudson Motors (3).. 9% Hupp Motors. 3 102% MNiinols Central (7). . 16% Independ O & G (2).. 3% Indian Motor Cycle. . 20 Ind MotorCycle pt 6% indlan Refining, ..., 65 “Ind Ray (»6% stk).. |NEW LOWS MADE & BY STOCKS AGAIN=E 3 Market Rallles as Pressure Is Lifted in Early Afternoon. L] BY GEORGE T. HUGHES. WALL STREET, NEW YORK, Oc- tober 10.—It was another day of t activity, relentless pressure and declines on the Stock Exchange. Nuw lows were recorded for practically all important stocks and the list as a whole sold much under the level reached in the November panic. ‘The market opened unchanged slightly lower and for a half hour or so it looked as though it might rally, but that hope was dashed when huge offer- ings made their appearance and prices turned almost uniformly downward. As on Thursday, no class or group of stocks was exempt. Rails, utilities and industrials were sacrifided, not because of any change in their position finan- ciélly or economicaily, but because the :ec:;mu of thg sellers could not be ey Few Signs. of Iulan Doubtless it was the mervousness created by the failure of the broker- age firm of Prince and Whitely that mc- counted for & good deal of the pressure. ‘The series feature, however, was that as quotations went lower,.more accounts were undermined and more forced selling was encountered. Never- theless, all during the slump the mar- ket was orderly, there were always buy- ers for stocks and there were few signs of excitement in brokers' offices, cer- tainly nothing comparable to that seen last Fall, > 0Odd lot investment buying of such stock as U. 8. Steel and American Telephone was said' to be in large volume, but it was overwhelmed by the .selling in full lots. U, 8. Steel broke through 146 and These prices, it ‘Will be noticed, were not much below those at the close ‘Thursday, but the decline, coming after & continuous deseent for so many ses- slons, cre: a psychnl cal effect that was as depressing as the losses had been much larger. No effective support .for the rails or the utilities was in gvidence. New York Central under 140, Pennsylvania at 65, North Pacific at 57 and Reading around 95 were all at new lows. Other rails to sell under anything recorded before this year included Baltimore & Ohlo, Delaware, Lackawanna & Western, Mis- souri Pacific, Rock Island, Great North- ern preferred and Southern Railway. Same Story With Utilitles. It was the same story with the util~ ities. B:sides American Telephone, the new lows included Consolidated - Gas, Electric Power & Light, North Ameriean Co., Standard Gas & Electric, American ‘Water Works and American & Fo! Power. General Electric and Westing- house Electric were acutely weak, espe- cially the latter, which, selling under Money to Loan torest sg commuien s Jouplal Weller 32455 2 %" ‘Saul Building 925 15th St. N.W. Several desirable rooms at _yery teasonable rents. Inspec- tion invited. . B. F. SAUL CO. Nat. 2100 925 15t St. N.W. 17th & I Streets Several single offices and suites available at most rea- sonable rentals. Avsly to Representative. Moore & Hill, Inc. 730 17th St. N.W. The Montgamery County Bldg. & Loan Ass’n, Inc. 6972 Wis. Ave. Bethesda, Md. Loans made on improved Maryland property. No commissions. Applications given prompt. attention. ADDITIONAL FINANCING Seasoned security .sales- man with exécutive ability, excellent record and high est references' would con- sider. a prospering concern in need of capital, Must have a continuous past dividend record and good Star Office The 50 Stocks comprising the fixed portfolio of INDEPENDENCE TRUST SHARES have been selected not only for Past performance but for Future possibilities Assuming that 1. T. S. had been in existence over the pnt 10 - years, records show that the distributions would have been the greatest of any fixed trust. Send for full information CHURCH, WOOTTON & CO. Incorporated ‘Washington Bldg. ' Met. 3721, o exten vagances, minor issues were nearl: weak, more or less. Internal ll Cement held fairly well, reflecting the favorable earnings statement made public ‘There was bll!lnl: & Comparative strength Nashville was explainable by the diffi- ‘tulty short sellers had in borrowing the stock. All of these lltunuam went un- not the general melting away of prices, (Copyrignt. 1930.) PARIS BOURSE HEAVY. PARIS, October 10 (#).—A heavy tone prevailed on the - 5 per cent loan, 101 francs Exchange on London, 123 francs 85'% entimes. The dollar was quoted at 25 francs 49 centimes. 2MONEY TO LOAN Secured by First Deed of Trust on D. C. Real Estate Corcoran Fire Insurance Co.. ‘. 604 Eleventh St. N.W. Mowey on Hand to Loan on First Deed of Trust 6% . Interest Reasonable Commission and Applicat! JAMES F. SHEA 643 Louisiana Ave. N.W. UP TO On Our Liberal 20-Monthly-Repayment Plan No Endorsers Required A Strictly Dignified and Confidential Service Maryland Personal Bankers Under Superviston State Banking Dept. PLEDGED SAFETY! To prove to you that we mean safety when we use tite word we have placed our $3,800,000 resources behind our Real Estate First Mort- gages and doubly protect your investments. IF YOU NEED MONEY CONSULT us NRST - REALESTATE Hnmmnfinnm CORPORATION Capital Resources, $3,800,000 24 JACKSON PLACE’ oy #06 15th St. N.W. . 2628 Mort Loan ifor i o S of America The Metropolitan Life In- surance Company recognizes the value of home-owner— ship— It hns devc]oped a Real Estate Loan Plan which will meet the requirements of the purchasers of large or small homes. Loans for Fifteén Years ow Interest Rates Refl’aflab’e Te"m-’ No Life Insurance Required Loans Made in the District of Columbia and Nearby Maryland and Virginia EAVER BR Wuhmgtowbulwmg LT*SOS Montgage Loan Correspendent tan. Life Insurance Company District 9486 M SAFE " FLRST MORTGAGES TURN SURPLUS INTO INVESTED INCOME ~Put those dollars you can spare from time to time into our ¥ 6% FIRST MORTGAGES —-and you'll employ them in a most Safe and profitable invest- ment — from which you can reckon exactly what the return will be—regularly and continu- ously during the term of the mortgage. Over a.Third of a Century Without a Loss May be purchased in amounts £rom $250 up. SAUL CO. 925 15th St. N.W. National 2100 B. THERE IS NO SUBSTITUTE FOR SAFETY HOW TO RECOGNIZE A GOOD UTILITY BOND No. 1 of & series of adoertisemenss SALT WITHOUT SAVOR IN'VBTORS have made a fetish of assets—as though assets in and of themselves were a guarantee of safety. 3 Very little thought will demonstrate that assets without carnings are of no value. A building without tenants—afarm without crops— a railroad without passengers—a power plant without customers— all may represent huge expenditures of money. But without earnings they are utterly worthless and of no value—they are as salt which has lost its savor. Assets are valuable only as they are tangible evidence of facilitics to produce earnings—a building to hold occupants, a farm to raise crops, a railroad to carry passengers, a plant to produce power. But present earnings alone-are not sufficient—there must be assur- anceof continued carnings—earnings whose futureisassured by growth, by continued need, by increasing service. : On the basis of this fundamental principle, what may ordinarily be regarded as less secure obligations of one industry or business, may befumorcumrethm:hueofmnh:rindmuycusmmafilym- prded as of prime safety. The safety of first mortgagu, secured bonds, debenture bonds, or obligations of any kind therefore is measured only by theirclaim upon . :h:conunuedummglofthepammlnbumconwned. Thorough students of investments now gencrally agre€ that the public utility industry offers a more stable and secure field for long time investment than practically any other major field, including securities of those industries in which savings banks, insurance com- panies and other institutional investors sow make large commit- ments from force of habit or favorable legal status. Accordingly, we have applicd a series of basic criteria, such as are used by scrutinizing investors, banks and institutions, in the ev:lur tion of the debenture bonds of leading public utility companies. These criteria will be discussed in a series of advertisements. Persons desirin, esiring immediately the complete set of 10 charts with zhckm:howmghwmwughthevnuhdmchpnhi»nuhty g bonds,-may- General ‘Utility 61 Broadway to Y Securlues lnuorponted