Evening Star Newspaper, November 11, 1930, Page 13

FINANCIAL. NEW FIRM FORMED BYD.C. FINANIJIERS anaman & Brawner, Inc., | e Has Delaware Charter. Drop in Time Deposits. BY EDWARD C. STONE. It was announced in the financial dis- | trict here today that a new corporation to be known as Waggaman & Brawner, Inc., of Delaware, has just been formed. -nu Dew concern is to be an operating J and will take over the real es- uu and various other interests of Wag- gaman Brawner, Inc, of Virginia, the htw ‘becoming a holdlng company. John F. Brawner will head the new rronflon as its president and gen- mmtr and the board of direc- be the same as that serving the old company. The new Delaware corporation will carry on its business in ‘Washington, the same as the other cor- pornlon has been doing. Mr. Brawner, who has follow~d in the !wmzps of his father, the late John W. Brawner, is a director in the Lin- coln National Bank, a member of the Stock Exchange and vice Esmenc and general muu(er of the vestment firm of & Brawner, Inc,, which :omrlnyn l.fllln he and his associates will continue to direct. ‘The corporation chartered under the laws of Delaware will enter into the real estate, loan and insurance flelds more actively than the officials have been doing with the Virginia corpora- tion. They will at t.he same time re- main in’ charge of the holding com- pany. Time Deposits Off $30,000,000. The Federal Reserve Board's condi- tion statement of weekly reporting member banks in leading cities on No- vember 5 shows relatively little change for the week in total loans and invest- ments and in net demand deposits. Time deposits declined $30,000,000 and Government deposits $42,000,000, and borrowings from Federal Reserve banks increased $16,000,000. Loans on securities increased $33,000,- 000 at reporting banks in the New ka district, $6,000,000 in the Kansas City Chicago district. "A]l other” loans increased $39,000,- 000 in the Boston district and declined $12,000,000 in the New York district and $5,000,000 each in the Cleveland and San Prancisco districts, all reporting banks showing & net increase of $8,000,- Lanston Attracis Attention. Attention has been attracted to the a wfimb m‘ 176% lll% ual report sho 80% dicating that practically all of” the been doing a much hrfir although their dollar have decreased slightly during this period, the review says. Capital Traetion Closes Higher. closed up quarter of ‘ashington Stock Ex- Capital Traction & point on the W change today. 20 shares se! terday’s close. After call 20 more shares were sold at 50Y. tional Bank sold at 233. Barber & Ross common moved at 1314, Columbia Sand & Gravel pre- ferred sold at 84% and Mergenthaler at 89%. There was considerable trading in local bonds during the session, Wash- ington Gas, Potomac Electric Power and Washington Railwav & Electric issues | maintaining recent levels. MARGINS MAINTAINED WELL, BROKERS ASSERT| Bpecial Dispatch to The Btar NEW YORK, November 11.—One | uuz that brokers do not have to Worry | much about these days is their margin | counts. The smail operators hlve\ etuzer been eliminated from the marl or have taken up their stocks mzfl for them. Larger holders of stocks have | them ted up to 40 and 50 per cent | of their market value. Where calls are | made for additional funds they have | been met promptly with offers to pro- :l“d:“;ven greater margins than were re- manded they are prom y vided, flut in spite of Y.ha serious g:;uc:ntlo‘: few loans have been called ‘ NEW cols‘uvmo: lao Afli 8% Abitibl Pow & Paper 1 8% 110% 104 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. uvund “Rate. Ade 00, High. Abraham St pf ('l). IDI 104 _87% 174 Adams Bxp (1 21 34w 29 23% 3% Advance Rumley R 41% 15 llk 104 'Io 343 1265( B 811 10% 1% 41% 9% 66 55% 54% 21% 166% 82 60% 514 33 30% 59% 101% 101 111% 100% 33% 7 69% 41% 55% 105 1184% 45 14% 51% 95 119% 2 130% 129 114% 124% 108% 20% 4% 242% 182 Adams Mill Addressogr’ph (1 Adva @ w TronRunane? % Allled Ch & Dy (né). Allied Ch & D pf (7). Allls Chalmers (3).. Alpha Port Cmt (2) Amerada Corp (2)... Am Agrieul Chem Am Agri Chem ctfs Am Agricul Ch pf. Am Bank Note (13). Am Bank Note pf (3) Am Bosch Magneto. Am Br Shoe (2.40). . Am Brown Bov Elec. Am Can (15)... Am Car & Fdy (.) . Am Encaustie (1) Am European Secur. 3 Am & For Power.... 79 Am & For Pw pf (6).530s Am & For Pwpf (7). 1 Am & For Pow2dpf. 6§ Am Hawailan (a10). 1 Am Hide & Leather,, 1 Am Home Pr (4.20).. 27 AmIce (14)...... . 6 Am Internatl (2).... 21 Am Locomotive (4). b Am Locomot pf (7).. 1 Am Ma & Fy (11.65). 13 AmMach & Metals. . 1 Am Metals&Min.(1). b Am Nat Gaspf (7).. 108 Am Power & Lt (r1). 82 AmP&LDPIA(3Y%). - 7 AmP&LpfAst(5) 9 Am Rad&Std Ban(1). 50 Am Republics...... 6 Am RBII Mill (n2) Am Safety Rasor (5) Am Ship & Com. Am llllbulldlu ® NI Am Sm & Ref (4).... Am Solv & Chem . Am Steel Fdy (3). Am Stores (12%).... Am Sugar Ref (5)... Am Sugar Ref pf(7). Am Sumatra Tob.., . Am Tel & Tel (9). Am Tobacco (5) Am Tobacco B (5) Am Tobacco pf (6).. Am Type Fdy pf (7). 30s Am Water Wks (n1). 48 Am Wat W lstpf (6) 1 Am Woolen. Am Woolen pf. Am Writ Paper cltl. Am Writ Pap pf (4). Am Zinc Lead & Sm. Anaconda Cop (2%). 1 Anaconda W & C (1). Anchor Cap (2.40)... Anchor Cap pf (6%4). Andes Copper (1)... Archer-Dan-M (2). . Armour of Del pf (1)’ Armour of 111 (A)... Armour of Ill (B).., Armour of 11l pf (7), S:..-.-a.uz.._nqu - Atl Coast Line(t10). AtIGuIf & WI(3).. At Refining (12) Atlas Powder (4). Atlas Stores (n1) Auburn Auto (j4 Austin Nich pr A (¢ Austrian Cred (3 ll) Autosales..... .... Auto Strap Saf R 1 Aviation Corp of Del 11 Baldwin Loco (1%). 6 Baldwin Loco pf (7). lWl Balto & Ohio (7).. Bamberger pt (6%). lo. Bang & Aroos (3%). 8 Bang & Aroos pf (7). 22; 12% Barnsdall A (2)..... 46’4 89 ll"’c 56% 125% 110% 32 82% 675% 4 98% 165 18% 847 108% 35% 20% 77 Beatrice Cream (4). 7 Beatrice Cr pf (7)... Belding-Hemingway 2 Bel NRyptpft6.51. 1 Bendix Aviation (1). 95 Best&Co (2).. .. Bethlehem Steel l.). 109 Bethlekem St pf (7). 7 Blaw-Knox (1%).... Bohn Alum&Br(1%) Bon Ami (A) (15) Borden Co (k3). Bklyn-Man Tr pf (6) Bkiyn Unlon Gas (5) Brown Shoe (3). Bruns-Balk-Col. Bruns Bucyrus (1).. . Bucyrus ev of (2%). Budd Wheel (1) Bullard Co... Bulova Watch Burns Bros (B). Burns Bros pf (7 Burr Add Mach (1).. Bush Termmal (23) 2 ‘Term deb (7).. 20s 100 T Bldg of (7).. 60s 110 Cop & Z (50¢) .. 6 Calus & Hecla. ... Canada Dry G A (6). Can Pacific new. . Cannon Mills (1.60). Capital Admin (A).. Capital Adm A pf (3) [ERINT] @GIDpt(N.... Caterpillar Trac(t4) Cavanaugh-Dobbs. Celotex Co Celotex Co pf. ed Certain-teed Prod pf Checker Cab (4.20) Ohio (2%) Chesapeake Corp Chic & Alton Chic & Alton pf. Chic Great West Chic Grt West pf(1) Chie Mil St P & Pac. Chio Mil St P& P pf. Chicago & N W (5).. Chi & N W pt (1). Chic Preu Tool. 5 Chi PneuT pf (3%). 2 Chic R1&Pae (7)... 10 ChiR1&Pacpf (7). 1 Chi YellowCab (3).. 100s Chickasha Cotton Ol 3 Chrysler Corp (3)... 25 Childs Co (2.40) 2 City Ico & F (k3.60). 1 City lce & F pt (6%) 10s City Invest (10) 2608 City Stores (60¢) . Clark Equipment (3) 2 Clev & Pitts (3%)... 108 Cluett Peabody (3).. Coca-Cols (§ Colgate-Pal-P (2%). Colg-Palm-P pf (6).. Collins & Alkman. Colonial Beacon. . . Col Fuel & Iron (1).. Col Gas & El (3) Co!Gas & El of A (§) Col G & El pf Colum Graphiagy).. 3 Columbian Carb (16) Comm Credit (2) ... Comm Credit A ¢3) Bewlinals e aS8uh Com In Tr (£1.60)... Com In T ov bf te6). Com !l'fl'll".?' Stock and Sales— Dividend Rate. Add 00. High. Congress Cigars (4). Consol Cig pr pf 6% . Consol Film (2).. Consol Film pf ('). . Consol Gas N Y (4).. 281 Cons Gas N Y ot (§). Consol Textlie...... Container A (1.20).. Container B . Contl Baking A. Contl Baking B. Contl Baking pf ll)- Contl Can (2%)..... Contl Dia Fibre (1). Contl Insur (2.40) Contl Motors. Contl Oll of Del. Contl Shares (1).... Corn Pr Ref (14%).. Corn Prod of (7) Coty Ine..... Crof Wheat (13%).. Crosley Radlo. .. .... Crown C&S pf(2.70). Crown Zellerb'eh (1) Cruelhln Iln\ (kB).. Cudahy Packing (4). Curtis Pub] 17) Curtiss Wright Corp Curtiss Wr Corp A.. Cutler-Ham (3%) Davison Chemical, Debenhams (70c). Deere & Co pf (1.40 Delaware & Hud (9). Del Lack & Wn (17). Denver & RG W pf.. Detrolt Edison (8).. Devoe & R 18t pf (7). Diamond Match (8). Dia Match ctfs (8).. Dome M (1) Dom Stores (31. 205, Drug Corporat (4) Dunhill Int (1) Duplan Silk pf Du Pont de N (14.70) Du P de N deb pf (6) East Roll Mill (ht2). Eastman Kodak (18) Eaton Axle &8 (3).. Eitington-Schild. ... Ettington-Schild pf.. Blec Auto Lite (6).. El Auto-Lite pf (7). Electric B Evans Auto Mlll. Fairbanks Morse (3) Fashion Park Asso.. 2 Fashion ParkAs pf. 2008 Fed Lt & Tr (31%).. Fed Motor Tr (80¢). . Fed Wat Sve A 2.40. Federated Dept Strs. Fid Ph Fire In (2.60) Firestone T&R (1). Firest T& R pf (6).. First Nat Strs (3%). Fisk Rubber. ....... Fisk Rubber 1st pf.. Florsheim Sh pf (6). Follansbe Bros (1).. Foster Wheeler (2).. Foundation Co...... aSENcTaRaTe B Fox Film (A) (4). Freeport Tex (t5)... 1 Fuller 2d pf (17.40). 20s Fuller pr pf (17.94). 3608 Gabriel Co (A).. Gamewell Co (5) Gen Am Inv pt (6) Gen Am T’k Car (34) Gen Asphalt (3). Gen Baking pf (8 Gen Elec spec (60c). 17 Gen Food Corp (3).. 82 2. LR awaSwenn Gen Refract (14%).. Gen Theatre Equip.. Gillette Saf Raz (4). Gimbel Bros. . Glidden Co (1.20). Gobel (Adolf)....... Gold Dust (2%). Goodrich (B F) Goodyear Tire (5). Gotham Silk Hoslery Gotham pf xw (7). Y oo PL=-T1N Granby Consol (2) Grand Silver 8 (m1). Grand Union. ... Granite City Stl (4). Grant (WT) (1).... Gr North pf (5)..... Gr Nor ctf Ore (a %) Gr West Sug (1.40).. Gr West Sug pf (7). 220s Greene Cananea Cop 100- Grigsby Grunow. . Guantanamo Sugar Gulf Mobile & North. )8 Gulf Mob& Npf (6). 2 Gulf States Steel. 2 Hahn Dept Stores... 19 Hahn Dept 8 pf (6%) 2 Hall (WF) PrCo (3) 1 Hanna pf (new) (7). 10s Har Wk Ref (12%).. 3 Hartman Corp (B) 6 Hayes Body..... 10 Helme (Geo H) (7). 3 Horoules Mot (130). 3 Hercules Powd (3) . Hercules Pow pf (7). 1608 Holland Fur (e12%). Hollander Sons. ..... Homestake Min(18). Houdaille Hershey. . Housenold Fin pf (4) Houston Oll (b10%). Houston Ofl (new).. Howe Sound (t4%). Hud&Man Ry (3.50). Hudson Motors (3) Hupp Motors. . fllinots Central (1) independ O & G (1) Indian Motor Cycle Indian Refining. Ind Ray (b5% stk) Ingersoll Rand (16). Inland Steel (4).. Inspiration Copper. Insurance Sh (45¢) Ins ctfs (Md) (80¢).. Interboro Rap Tran. Intercont Rubber. ... Interlake ron (1). Int Agricultural.... Int Agricul pf (7 Intl Bus Mach (n6) . Intl Carriers (25e). Intl Cement (4) Intl Combustion. ... Intl Harvester (3%4). Int Harvester pf (7). Int] Hydro El A (e3) Intl Match pf (4).... Intl Mer Marine (2). Int] Nick of Can (1). Int] Printg Ink (nfi) Intl Silver pf Intl Tel & Tel (2) Inter Dept Strs (3 [nvestors Equity (. Island Cr Coal (4). Jewel Tea (14) Johns-Manville Johns-Manv pf (T Jordan Motor Car. Kans City Sou (6. Kans City Sou pf (4) Kayser Julius (3%). Kelly-Spring Tire. .. Kelly -Spring % pf fii | ! ¥ | Westinghouse, General Motors, General ‘ was another weak spot. Pacific Lighting lndustnal Group Shows Bet-! ter Resistance to Pressure. Weak Spots Appear. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 11.—Despite renewed weakness in certain groups, today’s stock market developed better resistance to pressure, and for the in- dustrials, at least, ranged irregularly higher. ‘The street came down to business with no apparent change in either the technical market situation or the trade outlook. Stocks had been going down practically without interruption for two months, the averages were back where they were more than three years ago and liquidation on a huge scale had been accomplished. Nervousness Apparent. Against this improved technical po- sition was the nervousness caused by the decline and the wild rumors which grew out of that nervousness. Con- sidering that no responsible banking or financial authority saw fit to make a statement, the market did well to make the showing it did. The weak spot in the early trading was Fox Film, in which urgent selling was plainly going on, with the price making & new low on the movement and affecting other amusement shares, including especially Warner Brothers Pictures. Even more disheartening was | , the lack of support for the railroad 3"' Stocky combined shares because that was a general con- dition and not the outgrowth of any special and supposedly temporary de- velopment. Industrial stocks rallied, particularly those in which there was a large short interest, but the rails continued to make new lows. Among the stocks to | break through the old rulznnce points today were Baltimore & Ohio, Lacka- wanna, New Haven and Rock Island. ‘The directors of the Rock Island and of the St. Louis-San Francisco meet Wednesday for dividend action and it is understood that the regular rate will be declared in both cases. Leaders Advance. Meanwhile, United States Steel, Gen- eral Motors, Westinghouse Electric and American Can advanced more or less. Auburn Auto ran up more than 6 points against the short interest. Columbian Carbon did the same after having gone to a new low in the first hour and bet- ter prices were recorded for Worthing- ton Pump, Johns-Manville and du Pont. The utilities steadied, but made no important gains. American Water | Works did well for a time, but ‘North | American was still heavy and American Telephone & Telegraph met offerings on every advance. Support for the theory that the sell- ing had been coming from interior banks because of declines in the market value of collateral was not to be found in the member bank statement given out today. This showed that for ‘he week ending November 5, taking all the banks together, there was an increase in loans on securities of $24,000,000. The preceding week there had been a drop in this item of $85,000,000. What has happened in the present week is yet. to be revealed, but it is doubtful whether any liquidation of loans by the so-called country banks could account for the pressure on the market in the last three or four sessions. Rails and Coppers Sag. After a firm opening the trend be- came irregular. ‘The railroad and copper shares were depressed and went into fresh low ground for the year, along with a fair list of utilities, oils and industrials. But United States Steel held unchanged at 140, while other market leaders like Electric and American Can held fairly well. Money renewed at 2 per cent. During the first half hour shares traded amounted to 518,900, against 439,300 during the same period Monday. ‘Missouri-Kansas-Texas with a drop of 2 points to 18%, or a new low for the year, led the rails down. Other new iows were made by Allegheny, Baltimore & Ohlo, Chesapeake Corporation, Lack- awanna, Kansas City Southern, Mis- souri-Pacific preferred, New Haven, Rock Island and Great Northern pre- ferred. Chicago Great Western pre- ferred was higher, reflecting the first dividend payment since 1919. In the motors Packard and Mack Truck made new lows. United Aircraft and Peoples Gas were lower among the utilities. American Smelting, Cerro de Pasco, and St. Joseph Lead made new bottoms in the mine group. Lambert dropped over 4 points to a new low and Columbia Carbon sagged over a point to 1 new bottom. SAUNDERS CO. RECEIVERSHIP. MEMPHIS, Tenn., November 11 (#).— The receivership of the Clarence Saun- ders, Inc., a Southern grocery chain system, will continue until January, 1931, Judge Harry B. Anderson decided yesterday by postponing a final hearing of a bankruptcy petition in Federal Dis- trict Court until that day. Creditors petitioned for an immediate hearing to declare the chain bankrupt and terminate the. receivership, Repre- sentatives of creditors with more than $1,000,000 in claims voted here Sunday to approve a delay until January. Clarence Saunders, promoter of self- service groceries, lost control of the chain last Summer, when it was placed in temporary receivership. ‘The receivers, J. R. Peters of New Yol‘k md Leslie Stratton of Memphis, losses had been reduced and flf‘b]e ration may be ex- pected"wath beneht to the creditors. $ Shrinkage Insurance $ mmediately restore your estate by ket s o vour’ Stocks, Sonds or business. Apply for low cost illustraffon to M. LEROY GOFF -All_Branches 1635 WOODWARD BLDG. 18% LESS | Indebtedness @mount of Associated Gas and Electric Company to- tal indebtedness makes proportionately more earn- ings applicable to bonds. Associated Company earn- ings are 2.22 times bond interest on an “overall” basis,compared witha com- posite average of 2.06 for 20 other utility companies. ‘Theaboveaverage secus- ity of Associated bonds is demonstrated by our analysis which may be writing for ol FolderK. 213. General Utility Securities Incorporated 61 Broadway New York Index of Values Shows Most| of Declines in Past Two or Three Weeks. year after the dis two months toboggan which _culminat November 11 in the 1920 low level of stock prices, the Standard Statistics Co. composite index of stock market values stands today some 16 per cent under the 1929 low. The drop from lhe 1929 high to the low was accomplished in a period of two months, with the greater part of it occurring in the last two weeks. The 1930 decrease has been a longer drawn out affair extending over a period oll more than seven months. Of the major groups included in the lndel, the utilities have made by far the best showing, at present being less than 5 per cent below the 1929 low. The divisions of the industrial group natu- rally show some diversity, although, with the single shining exception of the tobaccos, every group has fallen below its 1929 low. Detailed figures comparing the com- ite index of 404 stocks, the xndua- rails and utilities, and the major divisions of the industrials, at the 1929 September high and the 1930 April high and November low, follow: | Stock Price Indexes. (1926 equalls 100.) No. o 1920 1930 Nov.S, high. 1930 = B -y ails 34 Utilities . Industrial Groups. 4 Astic. tmplements. ., 4817 Airpla 1,260 .. 285 S aSEoE e R 2ASEESINIE hraciie s co-l lmumlnoux ¥ ot aprs_ppemeiine AR 9 A3 SRR R e e R DD ams 0 n a0 n B OD-13®MS 81015 - © I IE 16w S e CRP T LR fESHE SRt S ettt atagat At 8, REREE2 muu-.‘.,,x-93:‘.2‘-232_223:82:2!- PRttt ARG B AW it st A ____N_,,N_,u_~ e e R PR || #2ES= uEmals Money to Loan Secured by first deed of trust real estate mvlllllll interest mission. Joseph 1. Weller ‘%o 's § bar Money on Hand to Loan om First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Immediate Délivery in Metered Trucks, Including Nearby Virginia and Maryland No. 1 Furnace Oil 38-40, 8V/¢ No. 2 Helhng 0il 28-32, 7V, Pyrofax G Eauipment Dis- tributed Tank Car Sf THOS. J. CROWELL 102 New York A: oline. Fuel Qil Brokerage Service for Securities and Commodities FENNER| & BEANE WASHINGTON, D. C. | J.D. MOTHERSHED W. E. LEWIS J ManacERs 1430 K Street, N. W. Phane National 7000 MEMBERS NEW YORK STOCK EXCHANGE ind Principal Commodity Exchanges Private Wires to New York, New Orleans, Chicago Shoreham Building carries with it a prestige appreciated by its ten- ants — because it gives them a deserved stand- ing in their various lines, same as it insures the utmost in efficient accommodations. Only representative firms, organizations and individuals are eligible to tenancy in this new- est and finest of Wash- ington’s Office Build- ings. We'll be glad to have you inspect the space available and see how admirably it can be adapted to your requirements. MSKEEVER & GOS$S 1. Representative of the Owners SHOREHAM INVESTMENT COMPANY Rental Office Room 520 1Sthat H National 5643 FINANCIAT. First Mortgage On improved Real Estate in the District of Columbia and nearby Maryland and Virginia for 3, § or 10 year ferms on your = 5% RANDALL H. HAGNER & COMPANY Office. Building Business Property MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 G.M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Baltimore Richmond London MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy of our “Fort#iohtly Review” on Request 1510 H Street Connecticut at K National 9600 F. B. KEECH & COMPANY Member of New York Stock Exchange Washington Stock Exchange Chicago Stock Exchange New York Curb Exchange Chicago Board of Trade Liverpool Cotton Association, Ltd. New York Cotton Exchange New Orleans Cotton Exchange New York Produce Exchange Winnipes Grain Exchange N. Y. Coffes & Bugar Exchange, Inc. Rubber Exchange of N. Y., Ine. New York Cocos Exchange, Inc. New York Hide Exchange, Ine. Minneapolis Chamber of Commerce National Metal Exchange, Ine. Bremen Cotton Exchange (Assoc. Membera) We are prepared to cafry STOCKS BONDS COMMODITIES - On a conservative margin basis. We invite you to make use of our Statistical Depértment. H CORNER 17TH ST. N.W., WASHINGTON NATIONAL 0245 New York Ohieago Philadeiphia Detroit Providence Brookiyn SEASONAL Saratoga Sprin York Harbor Palm Beach Miam! Beach PROPERTY MANAGEMENT Apartment House MANAGEMENT 'O know that you do not have to worry about any of the details in connection with your apartment house proper- ties is worth far more than the modest cost of our ex- perienced service. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 MORT G A GBE LOANS Massachusetts Investors I'rust TWO PLANS FOR SOUND INVESTING A college education for your children, retire- ment or travel funds, the building of a home S~you can realize these and similar ambitions through two systematic and sound invest-! ,:}unt plans offered by Massachusetts Investors rust, For example, under Plan 1, $2500 invested in M. L. T. Shares should grow to $7845 in 12 years and yield average yearly dividends of $392. Through Plan 2—with all dividends reinvested—an investment of $2500 should create a fund of $13,375 in 12 years. These two capital-building plans are fully "described in our folder *“2 Plans for Sound. and Profitable Investment.” Their soundness has been proved by the actual record of M. L T. since its organization in 1924, Send for Folder F207 which explains these plans in detail. e, NVESTMENT Amun; BUILDING . WASH'“GTON, D.&