Evening Star Newspaper, November 28, 1930, Page 13

FINANCIAL, R, &E EARNINGS SHOW SHALL LOSS Increase in Net Revenues e Fol[ows Higher Fares, However. BY EDWARD C. STONE. _ Total net earnings of the Washington Rallvay & Electric Co. in October amounted to $50,832.25, in comparison with the slightly y higher figurs of $54.- 735.70 in Octobe: ment filed with the Public Utllities tion that has pre- vailed every month since the new fares were adopted. Operating rev- enues in October James M. Johnston. totaled $496,160.04, against $405,220.60 in the same month st year; operating expenses amounted to. $411,655.34, compared with $604,- 927.97, leaving a total operating income of ‘ll 504.70, against $88,202.63 in the cofresponding period last year. During October the corporation had 4 mon-operating_income of $22,001.83, compared with $24,205.26 & year ago. Gross income totaled $106,506.52, in comparison with $112,587.89. The usual deductions amounted to $55,674.28, com- pared with $57,852.10 last year. Ten Months’ Income Reported. ‘The report to the commission for the first 10 months of the present year shows Railway & Electric operating rev- enues of $4,587,576.32, in comparison with $4,807,431.73 last year. Operating expenses required $3,908,583.39, against $4,020,362.18 in the corresponding 3 year ago. ting income to November 1 this year totaled $678,992.93, compared with $778,069.60 last year. Non-operating in- come reached the sum of $1,297,510.13, against $1,224,313.81 a year ago. income totaled $1,976,503.74, compared | :‘ifl\ $2,002,383.41 in the first 10 months 1929. ‘The usual deductions to meet interest all other requirements took $565,- 340, against $609,822.95 last year. left a net income for the 10-month l'!rlo‘ amounting to $1410,589.84 in mparison with the lower figure, ll.”i 560.46, in the same period il 1929. Second Term as Treasurer. James Johnston, who was re- elected rer of the Washington Stock Exchange at the recent annual meeting, is entering on his second term | in this office, having put on the toga lald down by Lawrence A. Slaughter, Wldmt of the Commercial Na- Bank, a year ago. Mr. Johnston is one of the most regular attendants at the exchnu sessions, and is a mem- ber of James M. Johnston & Co., an lnmt.mem banking firm in the Shore- hlm Buud ng. .t 'xchange treasurer is a director in '.he leerty National Bank and in the Federal Storage Co.; also vice and treasurer of the same corporation. He is a graduate of the University of Illinois, and during the World War was a pursuit pilot in the A. E. F. Army Air Service. Mr. Johnston is a member of W the Columbia Country Club and others, and is'a member of the stock exchange board of governors as well as treasurer. A.'B. A. Official Visits City. 8, Wolfe, midmt of First onal o Bridgeports - Gonn N Bank o 8 visitor in Ihe flnu'du district. Ir ‘Wolfe, a former Washington banker and a newspaper man before he en- tered ice, 15 president of ‘.he na- tional bank division of the American Bankers' Association, having been elected to the office at the Clevehnfl convention. He already has an excellent start on thnwatc(hutuvhhnmrmwu ent year. Mr. Wolfemhzld an important tween the Nation's bankers and the vnriz\u departments of the Govern- Mr, Wolfe is one of the most en- thusiastic members of the American Bankers' Association, has served on many important committees and takes wnmuuc view of the business out- Big Railroads Report Earnings. Southern Railway first 10-month net ” $3.74 a common share, against $10.45 @>a share in like 1929 period. Pennsyl\’lnll Railroad October net perating income, $9,742,5675, against ll.') 002,180 in October, 1929; 10 months, $81,972,660, against $122,308,473. Net profit of Arundel Corpol'luon for 10 months ended October 31, 1930, was $2,290,994, after depreciation, taxes, etc., comparing with $1,962,721 in first 10 _months of 1929. The Chesapeake & Ohio Railway Co. has declared the regular quarterly dividend of 6213 cents on common stock, payable January 1 to stock of record December 8. The Chesapeake Corpora- tion has declared the regular quar- terly dividend of 75 cents on common, payable on the same date. Stocks Firm on Local Board. Local securities were steady on the ‘Washington Stock Exchange today after yesterday’s holiday. Mergenthaler Lino- type showed a fractional gain in a sale at 90. Cap.tal Traction moved at 494, up half a point. Washington Railway & Electric preferred came out at 9834 on'a 25-share turnover, fractional gain. Twenty shares of Potomac Elec- tric Power 5': per cent preferred came out at 107%, ex-dividend. Two bank stocks appeared on the board. Riggs National sold at 450 and American Security & Trust Co. at 355 Both were very small sales. In the unlisted department, five small Jots of Chapin-Sacks 8 per cent pre- ferred changed hands at 107. Five | + stocks on the local board are now being quoted ex-dividend—the Potomac Power | issues, Railway & Electric common -.nd{ preferred and Lanston Monotype. Heard in Financial District. The safe deposit section of the Dis- trict Bankers’ Association met early this week, Chairman F. H. Cox pre- siding. Interesting routine problems | were discussed. | The Westinghouse Electric & Manu- | facturing Co. has been awarded a con- tract for 30 visual type radio beacon transmitters and accessories at a cost | of $268,453, for instaliation on Federal ! airways by the acronautical branch of the Department of Commerce. Presisent Deriram Chesterman of the | Morris Plan Bank was back at his desk | today after several weeks' cruise in '.he ‘West _Indies. E. H. H. Simmons of E. H. H. Sim- | mons & Co. and former president of the New York Stock Exchange, has been elected chairman of the advisory coun- cll of the investors' section of the Bet- ter Business Bureau of New York City, | Mr. Stmmons succeeds David F. Hous- I f the founders of the burnu! ll nm president. | —— mun! CEBTIHCATEI l J. & W. Beligman & Co) 3 Am Safety Razor < Caterpiliar Trac(t4) EVENING STAR, WASHINGTON, D. C., FRIDAY, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Abitib) Pow & Paper. Abitibl P& P pf (8) 1 Adams Bxp (1.60)... Advance Rumley.... Alr Reduction (t43%) Alr Way El Ap (1%) Alaska Juneau...... Allegheny Corp. Alleg Cp ww $30 534 Allled Ch & Dy (n6),. Allfed Ch & D pf (7). Allis Chalmers (3).. Alpha Port Cmt (2). Amerada Corp (2) Am Agricu] Chem Am Agricul Ch p! Am Bank Note (+3 Am Bank Note pf (3) Am Beet Sugar...... Am Br Shoe (2.40).. Am Brown Bov Elec. Am Can (15)... 9 S - 5 AN IHN BN A S ANG R NN AR e B 0 Am Chicle (13). Am Colortype (2. Am Com Alcohol. Am Encaustio (1) Am & For Power Am & For Pw pf Am Hawafian (a10) - Am Locomot pf (7 Am Ma & Fy (11.65 Am Power & Lt (r1). Am Pow & Lt pf (6). Am P & L pf A st (5) Am Rad&Std San(1) Am Republies Am Roll Mill - - Am Seating. Am Ship & C Am Slflnh\lfldlnl Am Sm & Ref (4) Am Sm&R 24 pt Am Sm & Ref pf ( Am Sumatra Tob. = SoamprnnSTunmo Am Stores (12%4).... Am Sugar Ref (5 - Anaconda Cop (2 %) Anchor Cap (2. 40) a penSunananBuspnanern @ naSBeSwer Asso DG 24 pf (7) Atch To & S Fe (10 Atl Coast Line (10 At1Guit & WI(3).. At Gulf & W 1 pf (5) At Refining (12).... Atlas Powder (4). Atlas Stores (n1). Auburn Auto (44). Austrian Cred (3.82 - Baldwin Loco (1%). 14 Baldwin Loeo Df m. 'IDI Balto & Ohlo (7).. Balto & Ohlo of (4). Bamberger pf (6% ) Bang & Aroos (3% Barlker Bros (2). Bueyrus (1).... Buevrus cv pf (2% Bulova Watch (3).., Burr Add Mach (1).. Bush Terminal (2%) Bush Term deb (7)., Butte Cop & Z (50¢) .. Butte Superior. Butterick Co., Bvers (A M). Byers (A M) Df 5. .lWl Calif Packing (4). Canada Drv G A (5), Can Pac new (2%) Cannon Mills 11.60). Capital Admin (A).. Capital Adm A pf (3) Case (J 1) (8),. o - JOTONR- i PATS PR Cavan'gh-D pt (6%). 100- 0% Celanese Corp. Celotex Co. . & Celotex Co pf. . lMl Cent Aguiire As 1%, Century Rib Mills. .. Cerro de Pasco (4).. Certain-teed Prod Checker Cab 14.20).. Ches & Ohlo (2%)... - Chesapeake Corp (3) Chie Great Western. Chicago Great Wn pt Chic M1l St P & Pac. Chic MY1 St P & P of. Chi & Northwn (4).. Chie R1& Pac (1)... Chie R1& Ppf (6).. Chi R 1 & Pac pf (7). Childs Co 12.40).. .. Chrysler Corp (1)... 26 City [ce & F pf (6%) 108 ity Invest (10)..... 108 City Stores (50¢). 5 Clev & Pitts sp (2).. 1008 ett Peabody (3).. Coca-Cola (6)... Collins & Atkman. Colonial Beacon. ..., Col Fuel & Iron (1).. Colo & South (3) .. 9% Co'um Graph (a%). Columbian Carb (1) Comm Credit (2).... Comm Credit A (3) Comm Cred pf (1%). Com InTr (g1 60 Comm Inv Tr pf Comm Solvent: 1!11 Comwith & 8o Comwith & So p Congoleum-Nairn. .. Consol Cig or pf 6% . Consol Film 2). Contl Baking A Contl Baking pf Contl Can (234). Contl Insur (2.4 Contl Mo Cont) Ol of Contl 8hares (1 ) Corn Pr Ref (14 ) Crucibie Steel (k). . Cruelllu Steel of (7). ‘0- Cuba Cane 1 Cuban-Amer Buka Cuban Dom Sugar Cudahy Packing lfl. ana vidend Rate. Add 00. Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (17) Denver & R G W pf. Detroit Edison (8 Drug Corporat (4)... Du Pont de N (14.70) Eastman Kodak (18) Eastman Kod pf (6). Eaton Axle &8 (3).. Eitington-Schild Elec Auto Lite (6). Electric Boat. CabloA.oesseon Electric (1.60).. Elec speo (60c). Gen Food Corp (3). ., Gen Gas&El A (e30¢) Gen G & El cv pf (6). Gen Mills (3). Gen Pub Serv (b6 Gen Ry Signal (5) Gen Realty & Util. Gen R & Ut pf (o6 Gen Refract (t4% Gen Theatre Bquip. . Gillette Saf Ras (4).: Glllette Saf R pf (5)- Gimbel Bros... .. Glidden Co (1.20) Glidden pr pt (7). Granby Consol (2).. Grand Silv Strs(h1). Grand Unton... Great Nor Ore(123%). Great Western Sugar Gulf Mob & N pf (6), Hahn Dept Stores. .. Hahn Dept 8 pf (834) Hanna pf (new) (7)., 50 Har Wk Ref (1234).. Hartman Corp (B)-. Hershey Choo (5). .. Houdaille Hershey. . Household Fin pf (4) Houston Ofl (b10%). Houston Oil (new).. Howe Sound (1434).. Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motor Illinots Central (1) Indus Rayon (4). Ingersoll Rand (16) . Inland Steel (4).. Inspiration Copper. Ins ctfs (Md) (60¢) Interlake Iron (1) Intl Bus Mach (né! Intl Carri Intl Comb: n. Intl Harvester (’“). Intl Hydro El A (e2) Intl Mateh pf (4).... 8 Intl Mer Marine (2).. 3 Intl Nick of Can (1). 101 per pf (7). .. 10103 IntiPap & PpL (7)., 4 Intl Salt (3) < Intl Tel & Tel (; Inter Dept Strs (2).. 4 Int Dpt 8t pf xw (7). 108 Investors Equity (2) 20 Island Cr Coal (4) 2 Jewel Tea (15 Johns-Manvilie (3 Jones&Laugh pf (7). 60! Kans City Sou pf (4) 3 Kelly-Spring Tire... 30 Kelly-Spring 6% pf. . IOn Kelsey Hayes (2)... Kelvinator Corp ... l. Kend Co pf (16.37).. 40s Kennecott Copper(2) Kresge (8S) Co 1.60 Kreug & Toll (1.60). Krog Gr & Bak (nl1).. Lambert Co (8)...... Lehigh Port Cmt (1) 1 Leh Port Cem pt (7). 508 Lehigh Valley Coal.. Liggett & Myer (15). Lig & Myers B (15).. Liquid Carbonie (4). Loew's, Inc (14).. Loew's pf xw 16%)- Loft Ing, ..... Loose-Wiles (£2.50). Lorillard (P) Co.... Lou G & E (A) (1%) Louts & Nash (7).... Ludlum Steel. . MacA & Forb pf (6). 60, McCrory p? (6)..... 20 Melntyre Pore M (1) McKeespt Tin P1(16) McKesson & Rob (1) McKes & R pf (3%). Mack Trucks (6). Macy & Co (nt3). Magma Cogper (3).. Man Elev mod g (46) Manhat Shirt (1), Marine Mid (1.20) Marmon Motor Car.. Marshall Fleld (234) Mathieson Alkall (3) May Dept Strs (n2).. Maytag Co (1). Melville Shoe (2). Mengel Co (2).. Mexican Seaboard. Mid-Cont Pet (2 AMidland Steel u) 5 M StP & SSM 1sd (4). mnn. Mo Kan & Tex (3)... & Mo Kan & Tex pf (7) 1 Missouri Pacifie..... 28 Missouri Pac pf (5).. Monsante Ch (g1%). Montgomery Ward. . Morrell & Co (4.40).. Mother Lod fl.d;i . 8. gt Cash Rex A 114) N‘(l Dalry (260).... STOCKS ARE HEAV' IN LIGHT TRADING Weakness in Rail List Gives Downward_ Trend to Other Groups. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, November . 28.—Wegk- ness in the railroad stocks and a down- ward trend in industrials gave today's market a heavy appearance. Volume was light, and doubtless offerings came in large part from short sellers, but only here and there was fhere any real opposition presented. Selling of the rails was in evidence directly from the start. In part it was a response to another batch of unfa- vorable earnings statements, and in part it was the market reaction to the plcture of their future painted by the railroad executives themselves. ‘When the responsible official of a great trunk line .is quoted that saying that present ~ competitive conditions “compromise a serious threat to the survival of the railroad industry,” it is not to be wondered at that the stocks concernied should be pressed for sale. Rails Sell Off. During the first two. hours of trad- ing Atchison slumped 5 points, New York Central made a new low for the year, Illinois Central and Chicago & Northwestern likewise went to new lows, while practically every active rail on the list was lower more or less. Better resistance than the average was made by Chesapeake & Ohio. In this case October net was higher than that of the same month a year ago, the full year’s dividend has already been earned, the stock was selling less than nine times estimated net for the entire year and the yield was better than 5.75 per cent. There are a few other roads which have been able to cut expenses in keeping with the reduction in gross, but’ !hey are exceptions. ing a broader view of the deci- sion of the rallroad interests to seek legislative rellef from the heavy bur- den put upon them by the unre ted competition of the motor trucl and omnibuses, as well as their protest against diversion of ofl traffic to pipe lines, the movement is a constructive one. For the present, however, traders and speculators were content to put & pessimistic construction upon the whole situation, Early Trading Light. Lower prices ruled in early trading, but volume was light and few declines were of any large amount. The railroads were the weakest group, parly because of more disap- pointing earnings statements, and partly because of the picture of their condi- tions painted by the executives them- selves. Illinois Central went to another new low and Southern Rallway ap- proached its former low, but the most important loss was in Atchison, where the drop amounted to over 5 points. Standard industrials, such as U. 8. Steel, Westinghouse Electric, Allied Chemical and General Electric, were off a point or so, with the last-named showing better resistance than the others. Motor stocks declined only fractionally. Utilitles sagged, including American % | Telephone, North American and Amer- ican Water Works. Call money renewed at 2 per cent. Sales in the first half hour were 239,- 000 shares. NEW YORK, November 28—Broker- age house views on the stock market were mixed today. For the remainder of the week, further irregularity was expected, with trading quiet. Extracts from commission house letters follow: Winthrop, Mitchell & Co.—Stock market activity in the first half of this week has been distinctly encouraging. Wednesday's moderate reaction was en- tirely in keeping with expectations and it 1s possible that it may carry some- what further. However, the undertone is revealing considerable strength and the outlook is such as to cause a meas- ured degree of cheerfulness. Otis & Co.—We have no very defi- nite convictions regarding the imme- diate future of the market. The chances have appeared slightly in favor of the lows of November 10 holding for the remainder of the ynr‘ Shields & Co.—The one saving fea- ture of the market from the bull stand- point is the suspension of short sel pressure of importance. However, with the hope for real good news in the im- mediate future abandoned, the list will prove more vulnerable so that all rallies should be taken advantage of to lighten holdings. Redmond & Co—We look for fur-| ther irregularity during the balance of the week, with a continuation of quiet trading. Tobey & Kirk.—While bearish oper- ators appear to have renewed activities to some extent, the conditions do not seem favorable for prolonged downward movements, and we continue to favor purchases D( selected stocks during fair reactions in prices, Emanuel & Co.—We believe that the majority of stocks, and particularly “blue chips,” can be replaced at very much ‘more attractive levels before many weeks are past. In fact, we would « | not be surprised to see the low levels | registered early in November broken in the meantime. Jackson Bros., Boesel & Co.—Signs are not lacking 'that organized support in the stock market has been withdrawn from certain pivotal issues. This may be a temporary situation, and the with- drawal was unquestionably prompted by the fact that certain disturbing sit- uations which have been hanging over the market had been cleared up. The market is, .consequently, being allowed to shift for itself, but any evidence of ;. | nervousness, we believe, would be met with a renewal of organized support. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Oo. ‘Nominal fold Selling checks London, pound. Budapest, Pengo. Prague, crown Warsaw _zloty. Copenhagen, o 4 | Oslo, crown 26.73%¢ Stockholm, crow 26:84%4c : SHORT TEBM SECURITIES. (Reported by J. & W. Sellgman & Co) Aliig-Chalmers Co, 85 1937..... o Wk & T 108%% Batavian Pet Corp. 104 BeltTl” of Canadn 5 195T.eo: 1 California_Pct. Corp. 5ts 1938. Canadian Nor. Rwy. 4! Chiv Nortnwestern R. K. 55 Chicago Rock Island 4 1934 Chile Copper Co. 55 1947.... 0. 9 Gudany Packing Co. slas, 1937 9 cep. Corp. 68 mv 55 194 10; 3F8eessEE eS8z = wEEE hass .NOVEMBER 28, 1930. BALTIMORE & OHIO RAIL INCOME GAINS Net Operating Returns Reveal In- crease for Second Con- secutive Month, Speclal Dispatch to The Star. BALTIMORE, November 28.—For the second consecutive month net operating income of the Baltimore & Ohio Rail- road showed an increase over the pre- vious month, according to the monthly statement of earnings and expenses for the month of October made public to- day, and was the smallest decrease compared with last year since April, 1930. Gross operating revenues for the month totaled $19.203,775, compared with $22.899,047 in October, 1929, a de- crease of $4,695,272, while net revenue from railway operations, after deduct- ing operating expenses totaled $5.803,~ 535, against $6,783923 in the corre- ;go:’)l ‘nsg period of 1929, a decrease of Total net rallway operating income for the month, after deductions for rallway tax accruals, equipment, rents, etc., amounted to $4,480,707, com- pared with $5.256,490 in October, 1929, a decrease of $775,783. For the 10-month period ending O¢- tober 31, gross operating revenues con=- tinued to show & steady decline com- pared with last year, the total being $178,061,495, compared with $208,988,~ 44" for the corresponding period in 1929, a deculu of $30, 926946 which REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD high - class 1520 K SL N.w. Nnhonll 0475 Secured b; deed of t Frevalling interest an Joseph . Weller ‘% st o8 UFE ISty Pittsfield, Mass, - @ A Standard Low Premium Policy for Business and Professional Men Details on Request F. T. Koons, General Agent Union Trust Bldg. Nat. 1015 First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., 806 15th 8t. N.W. Phone N, 1 2623 Mortgage Loan Cornwaaduu for The Prudential Insurance Co. of America NEW LOCATION —after Dec. 1 we will be located at 1610 K St. N.W. . INVESTORS who demand the utmost safety plus a liberal return invest in Guaranty Notes and Bonds. First Mortgage Loans Capital Resources, §3,500,000 24 JACKSON PLACE ‘Public Service Corporation of New .lene&“ Drv-dentho. 94¢n Dnnd-nd No u on 8% \ Cumulative Preferred Stock Dividend No. 32 on 7% CumulativePreferredStock Dividehd No. 10 on $5.00 Cumulative Preferred Stock ‘The Board of Directors of Public Service declared divi- Share at the rate of 1% per Annum on e e §% Cumulative Preferred’ Stock, being $1.75 per Share: at the rate of $5.00 per annum on the non par valur Cumulative Preferred Stock, be- ing $1.25 per share, and 85 cents per share on the non par value Common Stock for the quarter endi ember 31. 1930. All dividends are payable Decetaber 31, 1930, to stockholders of record at the close of business December 5, 1930. Dividends on 6% Cumulative Preferred stock the "of each month. R Vo Moddicomorth: Tresnurer. Public Service Electric and Gas Company Dividend No. 26 on 7% ‘Cumulative Preferred Stock Dividend No. 24 on 6% Cumulative PreferredStock The Board of Directors of Public Service Electric and Gas Company has declared the reg- ular quarterly dividend on the 7 3 e of s, Company. Dividerds ars payable December 31, 1930, to stockholders of lrcovd at the close of ess December S, 1930, T. W. Vi dlesworth, Treasurer. Why the Shoreham Building Appeals Its exceptional loca- tion, of course, is an im- portant consideration— right in the heart of Governmental and finan- cial Washington. Bat in addition to that desirable feature the plan, equipment and service of the Shoreham Building win approval because they so ade- quately meet the re- quirements’ of modern day business with effi- ciency and agreeable en- vironment. Come and see how perfectly available ac- commodations will meet your require- ments. Representative of the Owners SHOREHAM INVESTMENT COMPANY FINANCIAL. was offset to the extent of $20,207,970 by economies in um expenses, ml.un’ net revenue from rallway opers- tions for the 10-month period, $46,481,~ , against $57,110,542 for the 0 month period of 1929, a decrease $10,626,876. "Net operating income o the 10-month period after deductions of railway tax accruals, equipment, nnu. etc., totaled $34.801,539, compared wi $43,514,963 dufln&flm cot nfllnx period of 1929, a ease of $8,713,424. i NEW SECURITIES NEW YORK, November 28 (#).—New securities offered today include: Northern Indiana Public Service Co., $14,000,000 first and refunding mort- gages 4'; per cent bonds, due Decem- ber 1, 1970, priced to 92 to yleld about 4.96 per cent, by Halsey, Stuart & Co. Rye, N. Y, Union Pree School, dis- trict No. 4, $1.350,000 4% per cent bonds, due serially December 1, 1933, to 1955, priced to yleld 3.75 to 4.10 cent, by Bankers Co. of New York. lrl- tional City Co. and Guaranty Co. »x A3 3,50r10 Year Loans On Improved Real Estate IN Nearby Montgomery County and the District of Columbia Lowest Interest Rates S D P BOSSTEFS John ',{'}.‘,3‘.:,?;3?“ 'uh 1417 K St National 9300 Equitable Co-operative Bld Ass'n nized 1879 Sist YEAR Orga: JOHN IOY EDSON, President WALTER S. PRA It Assets ..........$5901,12248 Surplus & Profits. $1,818, Subscription for the 100th Issue of Stock chx Received People Who Save —have no re- grets; when em e rgencies arise they are prepared for them, our systematic plan . for saving! CONSTRUCTION LOANS As Mortgage Loan Correspondent of the Metropolitan Life Insurance mpany we always have lmpla funds available to loan on Large or Small projects. Our organization is fully equipped to assure immediate action on your application, Consult WEAERERS Washington Building District 9486 ge Loan Correspondent lletropolf tan Life Insurance Company Loans made in the trict o L'dlnhll ol Nearby Maryland end FTTRS T MORTGAGES CONTINUOUSLY AT WORK —and most profitably. That’s one of the appealing features for investment in our 6% FIRST MORTGAGES From the day investment is Over a Third made to the end of the period which the mortgage carries your of a money is earning 6% interest, Century paid - at Without a regular intervals and with the principal fully pro- tected by conservatively ap- Loss praised real estate. May be purchased in amounts from $250 up. o= National 2100 SAUL CO. 925 15th St. N.-W. THERE IS’ NO SUBSTITUTE FOQR .SAFETY “OPPORTUNITY KNOCKS AGAIN” ACK in 1920-21, Commonwealth Edison $'s, B AmericanTelephone 5's and Atchison 4's were selling to yield over7%.These bonds are now sell- ing to yield about 4%3%. Investors who grasped these opportunities have profited substantially. TODAY Associated Eleftric . . . . 4%'s of 1953 Associated Gas & Electric . . . 5's of 1968 Eastern Utilities Inv. Corp. . . . 5’ of 1954 New England Gas & Electric . . 5’s of 1950 can be purchased at prices to yield from 5—7y;%, s auonx, thoughtful investors who grasp this A second opportunity to purchase sound deben- | ture bonds such as the above, will reap the benefie of their foresight, They énjoy an active matket on the New York Curb Exchange. Write for circular K'581 General Utility Securities . Incorporated BT —— 3 L35 ‘Rental Office Room 520 15th at H National 5643 ] lw. NatDist Products(3) L., s .‘?":::f.'w"v'}!"l'-" 1) 3 : N 120 Szm:; &{né\:utom B, Curties Wr L.‘on A 22 United Di & by 48 ’?:i'?éf“.‘.%‘ - ~'.%%§§".§. §°" e e R BUmSTEL i 61 Broadway, New York