Evening Star Newspaper, December 2, 1930, Page 13

: __ LEADER N BANKING WILL SPEAK HERE) = FINANC IAL. cepting those desi; THE EVENING STAR. WASHINGTON, D. C., TUESDAY. DECEMBER 2, 1930, NEW YORK STOCK EXCHANGE vlceei'flhyrflnl. Wire Direct fo The Star Office, in one hundred-share lots by the letter s (80s) (2505) which shows those stocks to be sold in odd lots onlv ~Prev 1930— dizh a7M Stephenson to Adql“ess Meet- ing Saturday Night—Large Attendance Expected. BY EDWARD C. STONE. Barnum L. Colton, chairman of the; fiduciary section of the District Bank- ers' Associatipn, announced todey that a record attendence is expected at the joint meeting to be held Saturday evening with the Life Underwriters’ As-; soctation of the District of Columbia. | Mr. Oolton stated that unusual interest | 1s being manifested in the coming meet- | ing Wecause of the prominence of the guest speaker, Gilbert T, Stephenson, | vice president of the Equitable Trust Co. of Wilmington, Del, and president of the trust company section of the; American Bankers' Association. The A. B. A, ofiice to which he was elected at | Cleveland makes him a national figure in the banking world. Mr. Stephenson is a southerner, hay- | ing been born December 17, 1884, in| Pendleton, N. C. He attended Wake| Forest College in his home State, re-| celving his A. B. and A. M. degrecs.; He later received his M. A. and LL. B.| degrees_from Harvard University. Mr. ! Stephenison’s first banking position was | with the Wachovia Bank & Trust Co., | ‘Winston-Selem, N. C., where he became | secretary and assistant trust . officer 1919, and of which bank he later came vice president. This office he held until he entered his presen: position. In the American Bankers' Association, Mr, Stephenson has served as chairman of the Executive Committee of the trust | company division and as vice president of that division, He is the author of several books on trust subjects, the latest of which is “The Life Story of a Trust Man.” This is concerned with the life of Col. Francis Henry Fries, presi- dent of the Wachovia Bank & Trust Co. of Winston-Salem. | The local Joint Comittee feels highly elated to bring Mr. Stephenson here, Thle gmmuy meeting will begin at 7 o'cloc Local Investment Buying Heavy. Dealers in investment securities re- port that in the last year, and espe- clally in the last two months, there has been a notable increase in outright buy- ing of stocks of nationally known corpo- rations.” Thousands of Washington- | ijans have a partnership interest in cor) rntl:)ns like American Telephone | & {uph United States Steel, Gen- | eral Electric, American Can, Northv Americen and other corporations whose stocks are listed on the New York | Stock Exchange. | 106 A recent compilation shows Natlonal | 1“5 Dairy Products Corporation, whose | local subsidiaries are Chestnut Farms 26‘3\ Dairy and Southern Datfries, to have| 80 over 300 stockholders in Washingtcn, 9% representing a holding of about 35000 38 shares of stock, having a market value | 116 in excess of $1500,000. Many bonds | 122% of the National Dairy Products Corpo-| 84% ration are aiso held by Washington| 110% investors. Two other stocks in which there is always a large amount of local interest are Mergenthaler Linctype and Lanston | Monotype. These stocks are not lsted on the New York Stock Exchange, but boih are listed here. Mergenthaler is listed on the Boston Stock Exchange | and Lanston on the Philadelphia Ex- change. They are very widely owned in_Washington. investment houses insist that now is an excellent time to buy sound ! stocks and bonds and their advice is being accepted in a broad way. Today’s Trading on Exchange. Capital Traction figured in a 59-share tuinover on the Washington Stock Ex- change today. The stock opened at and closed at 48. Washington Rall- y & Electric sold to the extent of 39 Ahlna at 98%, and Potomac Electric }’nwer 51% per cent pn!errefl closed at Thirty shares of Mergenthaler moved at 897, Peoples Drug Stores registered 98 and six shares of Woodward & Lothiop preferred came out at 106. Bond trading was confined to Washing- ton Gas issues and Capital Traction 58 whlch -sold around recent levels, ‘The three local securities to be added 10 the unlisted department of the ex- change next Saturday are the first se- curities that have been placed on this list in a long time. As already stated, they are National Press Bullding first- mmn bonds, Wardman Realty Prop. rst-mortgage bonds and Ma) flomr Hote] first mortgage bonds. Writes on Industrial Banking. Bertram Chesterman, president of the Morris Plan Bank of Washington, has recently written an article on “Indus- trial Banking” which appeared in the November issue of the United States In- vestor. Mr. Chesterman is considered an authority on this particular phase of the banking business. Before com- ing to Washington he was one of the executive officers of the Industrial Finance Corporation of New York, which owns large blocks of stock in Morris Plan banks all over the country, and his particular duties with that cor- ration were counselling Morris Plan ks throughout the country as to how to improve their operations. Mr. Chesterman was formerly a na- tional bank examiner in New York City, and prior to that was connected with the banking department of the State of Virginia. Mr. Chesterman also took an important part in procuring | the enactment of legislation which es- tablished the banking department in Virginia, and drafted a substantial por- tion of the first banking statutes adopt- ed by the State in 1910. Bowie Bank Declares Dividends. Directors of the Bank of Bowie, ‘Bowie, Md., have declared the usual 3 per_cent semi-annual dividend, payable to holders of record December 31. Di- rectors present at the meeting were Ed- ward E. Perkins, president; Thomas P. Littlepage, vice president; Willlam Luers, cashier; B. A. Maenner and Daniel B. Lloyd. A deficit in net income of $987.44 is revealed by the October statement of operations filed with the Public Utilities Commission yesterday by the Washing- ton Rapid Transit Co. This was a de- crease from the amount of the com- pany’s deficit in October, 1929, $2,511.78. Heard in Financial District. Brooke, Stokes & Co. investment bankers, have moved their offices into the Barr Building .F. W. Coe, William C. Coe and Thomas A. Devor will con- tinue in charge of the local offices. Paul V. Keyser, Washington lawyer, has been appointed to membership on the Legislation Committee of the South- eastern group of the Investment Bank- ers' Association. Eugene E. Thom) has been placed on the Business Con- duct Committee, John C. Legg of Mac- Kubin, Goodrich & Co., being on the saine committee. C. T. Willilams of Baltimore s chairman of the group. Benjamin M. Anderson, jr., economist, will discuss “The Financial Situation at 0, Fadio program nesday night. He is the economist of the Chase Na- tional Bank of New York. ‘The Spring meeting of fhe Execu- tive Council of the American: Bankers' Association will be held at Augusta, Ga.. April 12 tg 16. The annual con- vention of the association will be held at Mhnue City October 5 to 8, wu. ‘Effective yesterday, M. J. Mcehan & ©o., members of the New York Stock me. placed at the disposal of their customers increased statistical fa- designed to answer all questions regarding individual securities or trends in any industry. ——— A American company is building & to- connect Canton, China, with 1264 luhln the Island of Honan, 121% 61 121 Stock and Low 1714 Adams Exp () 60)... 815 Advance Rumley. ... 91% Alr Reduction (1434) 9% Afr Way El Ap (1%) 15 Afax Rubber 4'% Alaska Junea 7% Alleghenv Cor 60% Allex Cp $30 w 186% Allied Ch & T\\r(nfi?. Allied Ch & D of (7). 3214 Allis Chalmers (8).. 16% Alpha Port Cmt (2) 18 Amerada Corp (2) 1% Am Agrienl Crem... 1% Am Acri Chem ctfs. 5'e Am Bank Note (t3), 5 Am Br Shoe (2.40).. 6% Am Brown Bov Elec. 1074 Am Can (15). s 140% Am Can pf (1) 30 Am Car & Fdy (6) % Am Chain (3). Am Com Alcohol. 3 Am European Secu 34% Am & For Power. 80 Am & For Pw f ¢ 93% Am & For Pw pf (7). Am Home Pr (420).. 15 Am Ice (t4) 17% Am Internat) (2).. 28% Am Tiocomotive (2). 79 Am Locomot pf (7).. 30% Am Ma & Fy (11.65)., 1814 Am Metals&Min (1), 35 Am Nat Gaspf (7). 4714 Am Power & Lt (r1). 97% Am Pow & Lt nf (6). 18 Am Rad&Std Sancl) 8 Am Republics. . 290 Am Roll Mill (n2) 5% Am Seating...... 45'%¢ Am Sm & Ref ¢ 36 Am Snuff (13%) 31X Am Solv & Chem .. 4« Am Solv & Chem pf. Am Steel Fdy €3). Am Stores (124 ). Am Sugar Ref (5).. Am Sumarra Tob . el & Cable (5).. 17816 Am Tel & Tel (9).... 99 Am Tobacco (5). 100'« Am Tobacco B (5) 58% Am Water Wks (n1). 98 Am Wat W 1st pf (6) 51 Am Woolen. ... 15% Am Woolen pf...... 2% Am Writ Paper ctfs. 20 Am Writg Paper pt. 4% Am Zine Lead & Sm. 33 Anaconda Cop (23%) 135(‘! ates— Dividend Rate. Add 00 High Low 8 20'/. 5 16 wsv. 103 38 3 84 1 1 4 4 2 6 10« 21 110% 27 64 20 16% Archer-Dan-M (2).4 14% Andes Copper (1). 61 Armour of Del pf (7) 2% Armourof 111 (A)... 1% Armourof Il (B).., 26'% Armour of Il pf (7), 4 Arnold Constable. ... 20 Asso App! Ind (4)... 25% Asso Dry G (2%). 182 Ateh To & S Fe (10). 'Hfl Atl Coast Line (110). 42% AtIGuIf& W1(2).. 50 AtGulf & W I pf (5) 18% At Refining (12).... 52% Atlas Powder (4). ... 97 10% AtlalSloren 1), 60% Auburn Auto (§4)... 17% Austin Nich pr A (3) 3% Aviation Corp of Del 19% Baldwin Loco (1%). 93 Baldwin Loco pf (1) 170- 70 Balto & Ohlo (7)... 75 Balto & Ohio of (4).. 10674 Bamberger pf is;fi).l 8 Barker Bros (2). 12% Barnsdall A (2) 23 Bayuk Cigar (3). 67% Beatrice Cream (4).. 101% Reatrice Cr pf (7)... 46% Beech-Nut Pkg (3).. 214 Belding-Hemingway 14% Bendix Aviation (1). 31% Best &Co (2). 58% Bethlerem Steel ). 115 Bethlehem St pf (7). 28 Blaw-Knox (1%).... 15% Bohn Alum&Bri1%) 1 Booth Fisherles. 60% Borden Co (k3) 15 Borg Warner (3) 12% Briges Mfg Co. . 33% Brown Shoe (3). 11 Bruns-Balk-Col 5% Bruns Ter & Ry 8. 13 Bucyrus (1). 25 Bucyrusev of (2%). 107% Bucvrus pf (7) 4 Budd (EG) Mfg. 53 Budd (EG) pf (T)... 6% Budd Wheel (1). 15% Bullard Co.... 15% Bulova Watch (3). 697 Burns Bros (A) ( 10 Burns Bros (B) 18% Rurr Add Mach 23% Bush Termnal (2% 1% Butte Cop & Z (50¢).. 10 Butterick Co .. A7% Rvers (A M). 106% Byers (A M) p! 49% Calif Packing (4).... % Callahan Zinc & Ld ulc. Canada Drv G A (5). 3914 Can Pac new (234) 18% Cannon Mills (1.60).. & Capital Admin (A).. 103% Case (J 1) (6). 29% Caterpillar Tr-cxu) 10% Celanese Corp. 7t Celotes Co. 6% Celotex voting etfs 25 Celotex Co pf... 2514 Cerro de Pasco (4) 315 Certain-teed Prod. 16 Checker Cab 14.20) 3814 Ches & Ohlo (2%)... 41 Chesapeake Corp (3) 1% Chic & Alton ...... 6% Chic Great Western. 22% Chicago Great Wn pt % Chic Mil St P & Pac.. 11 Chie Mil St P& P of. 3% Chi & Northwn (4) 59% Chic R 1 & Pac (7 86 Chic R1&Pof ( 21% Chi YellowCab (3) .. 14 Chickasha Cotton Ofl 20% Childs Co’(2.40)..... 1% Chrysler Corp (1). 79 City lce & F pf (6%) 214 Clty Stores (50¢). ... 17 Clark Equipment (3) 25 Cluett Peabody (3).. 33% Coca-Cola (6). Collins & Afkman. Collins & Aik pf (7). 914 Colonial Beacon. . 2115 Col Fuel & Iron (1).. 82% Col Gas & El (2). 91 ColG&EiptB(5).. 9% Colum Grapb (a%).. 81% Columbian Carb (16) 16% Comm Credit (2).... Comm Credit A (3) 26% Com In Tr (g1 60)... 80 Com In'Tev pf (e6). 14% Comm Solvents (11) 7% Comwlith & 8o (6Uc) 57258 901 Comwlith & So of 16) %% Congoleum-Nairn. .. 184 Congress Cigars (4). 27 Consol Cigars (§) 601 Consol Cig préYy. 644 Consol Cigar pf (7). 12 Consol Film «2).,... 16% Consol Film pf (2).., 1y Consxol GasN Y (4)., 99 Cons Gas N Y of (5), 85'4 Cons RR Cub of ()., 4 Consol Textlie. . 11% Container A (1.20) 3 Container B 17% Conti Baking A. 21y Contl Baking B. . . 66% Contl Baking pf (8).. 44% Contl Can (2%). 39% Congl Insur 12.40) ... 72% Corn Pr Ref (14 9% Coty In 26% Crof W 9 Crex Carpet. 6 Crosley Radlo.. 6 Crown Zellerback. 31% Crown C&S pt(2.70). 62 Crucible Steel (k5).. 1 CubaCane Prod..... 4% Cuba Co. 3% Cuban-Amer Iulll‘. . 88% Cudahy Packing (4). 96% Curtis Publish (17).. 114% Curtis Publish pt (1) e X 3 GanShanaRRRNER 8 1 508 308 13 18 408 8 o e wulealanarms 108 2 3 39 4 108 1 4 3 1 608 lOI‘!l 3 2 a1 1 2 19% 3% 10 % Close 20 3% 10614 10% ) ] 6% 10% 59Th 206! 12 46 106% 51% by 30% 10% 13% 43 42% 19% 10% Giowe 3% 1041 10% e 45 106% 51 % 38 10 12 42% 404 104 83 114% ™ 156% 120% 118 33 2% 87% 871y Curtiss Wr Corp A.. Davison Chemical. .. Delaware & Hud (9). Del Lack & Wn (7). Detroit Edison (8) Dia Match ctfs ll). . Dom Stores (11. Drue Corporat Dunhill Int (1) Lu Pont de N ( Du P de N deb pf (6). East Roll M (ht2), astman Kodak (18) Bastman Kod pt (8). Eaton Axie &8 (3)., Elec Auto Lite (6) Electric Boat El Pow & Lt (1). El Pow & Lt pf El Pow & Lt pf (1) K1 Storage Bat (5) Eng Pub Sv pf (5) Eq Offc Bldx (2 %). > = - KEmamBsuet ol an cEoemeemEne Evans Auto Loading. Fairbanks Co p: Fash.on Park A Fashion ParkAs pf. .lDOl Federal Screw (1)... . L Fed Wat Svc A 2.40 Federated Dept Strs. Firestone T & R (1), Firest T & R pf (6).. First Nat Strs (2%). Fisk Rubber,....... Florsheim Sh A (3).. Follansbe Bros (1).. Foster Wheeler (2).. Foundation Co Fourth Natl Invest.. Fox Film (A) (4)... Frank Simon pf (7 port Teg (15). 5 Fuller 2d pf (17.40). 208 Gamewell Co (5)....1908 Gardner Motor. en Am T'k Car (34) Gen Asphalt (3). Gen Am Inv pf ( Gen Bronze Gen Mills (3)... Gen Mills pf (6). .40 Gen Motors (13.30).. Gen Motors pf (8)... Gen Outdoor Adv, Gen Ry Signal (5)... Gen Realty & Util. Gen Refract (+4%).. Gen Theatre Equip. . Gillette Saf Ras (4). Gillette Saf R pf (5). Gimbel Bro Gliaden Co (1.30 Gold Dust (2%). Gpodrich (B F) Goodrich 1.3‘_1-‘ ot (1) » W e 2 Gotham Silk Hosiery Gould Copper. . Granby Consol (2) Grand Silv Strs(h1). Grand Union. . . Grant (W T) (1) Qe North of (6)... Qreat Nor Ore(12%). a Ureat Western Sugar 4 Gr West Sug pf (7). 620s Greene Cananea Cop.100s Grigsby Grunow. 3 % Gulf Mob & N pf Hahn Dept Stor Hall (WF) Pr Co (2). Har Wk Ref (1234).. Hartman (A) (2).... Hartman Corp (B) Havana Electric, Hayes Body.. Helme (GW) (17). Hershey Choe (5). Hersh Choe pt (15) » RO RBEBaSermemaRr e Houdaille Hershey Houston Ol (b10%). Houston Ofl (new).. Howe Sound (14%).. Hudson Motors (3) Hupp Motors. .....u Ilinots Central (7) indian Refining Indian Refining Indus Rayon (4). rsoll Rand (16). iration Copper Insurance Sh (46c) Ins ctfs (Md) (80c).. Interboro Rap Tran.. Intercont Rubber.... Int Agricultural . Intl Bus Mach (n§),, Intl Carriers (26¢) Intl Cement (4) Intl Combustion. Intl Harvester (24 Intl Hydro EL A (e2) Intl Match pf (4).... Intl Mer Marine ( Intl Nick of Can (1). 100 s Int Nick Can pf (7)., 2 118 Intl Paper & Pwr A.. 21 Intl Pap & Pow (B).. 3 Intl Pap & P pf (7) 3 Intl Printg Ink (2%) 2 Intl Rys Cent Amer. 2008 Int Rys Cen A pf (5). 508 Intl Salt (3)..... 4 Intl Tel & Tel (2)... 50 Inter Dept Btrs (3).. 1 Int Dpt St pf xw (7). 208 Investors Equity (2) 20 Island Cr Coal (4). 2 Jewel Tea (15).. Johns-Manville (3) 69 Johns-Manv pf (1)..1000s 121 Jones&Laugh pf (7).2008 Jordan Motor Car 31 » ¥ r Wmmm e " Kans City Sou vf (4) 4 Karstadt (R) (1.03).. Kelvinator Corp Kend Co pf (16.37) .. Kennecott Cnpp-rn) 100 Kolster Radlo. Kresge (88) Co1.60.. z Kreug & Toll (1.60), 76 Krog Gr & Bak (n1). 12 Laclede Gas pf (5) Lambert Co (8) Liee Rubber & T' Lehigh Port Cmt Lehigh Valley Coal Lehigh Val (t434) Lehman Corp (2) Lehn & Fink (3). Lig & Myers B (16).. Lima Locomotive.... Liquid Carbonfo (4). Loew’s, Inc (14). Loft Inc. . Loose-Wiles (12.90). Lorillard (P) Co.... LouG&E A) 1%) Louisiana Oll.. Louis & 1 Ludlum luu McCrory pf (6) McGraw-Hill (2).... " Mcintyre Pore M (1) McKeespt Tin P1(16) McKesson & Rob (1) McKes & R pf (3%4). McLellan Store Mack Trucks (8) Macy & Co (nt3) Magma Corper (3).. . Man Elev mod g 1d6) Maracaibo Ofl Exp. . Marine Mid (1.20)..a Marlin-Rock (16%).. Marmon Motor Car.. Marshall Field «23%) Mathieson Alkall ¢3) Dept Strs (n2 Maytag Co (1 Measel Co ). Minn Moline PB'- Mo Kan & Tex (3)... Mo Kan & Tex pf (7). Missour! Pacifie..... Missouri Pac pf (5).. Mohawk Carpet, , T (Gontinued on Pags 16, 31 31 102 102 1% 1% 100% 1% ISTOCKS ARE HIGHER IN QUIET MARKET List Shows Steady Improve- ment Afier Early Period " of Hesitation. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 2.—In a more cheerful atmosphere, prices worked slowly upward in today's stock market. There was only a moderate increase in activity and no large gaihs, but there was no mistaking the improvement in sentiment. ‘The market started in a shade higher, relapsed to a level below the previous close and then rallied decidedly. The early hesitation was connected with first-hour weakness in Mack Trucks, Before action was announced on the' dividend the stock was heavily sold rest of the list, but when the news of a $1 disbursement became known general recovery followed. Steel Leads Advance. Besides the action on the Mack Trucks dividend, which was more fa- vorable than the street had expected, stocks were influenced by reports that the much-talked-of advance in steel rices was about to be put into effect. . S. Steel led the upward movement, displaying pronounced strength, Amers ican Can, Westinghouse Electric, Gen- eral Electric and the other popular industrials followed along. Utllitles were a little slower to re spond, but most of them improved the! position. Good buying came in Ameri- can Telephone & Telegraph, Consoli- dated Gas, Public Service of New Jer- sey and North American Co., that there to be no change in the present stock dividend policy. Copper stocks were higher from the start. Custom Smelters advanced the price of copper metal from 11 to 1114 cents a pound, and were said to be willing to sell only small tonnages at that figure. Producers, it was reported, were doing a better business abroad. * ’Anuconda and Kennecott were both a point or so higher on the news. Opening Slightly Higher. After a slightly higher opening, to- day's early stock market turned dull with prices at virtually unchanged levels. Ths sole feature of early trading was the rapid run-down of Mack Truclu The price opened off nearly ts and then dropped as low as 41 off 3% points. The directors of the company met today for dividend action. Money renewed at 2 per cent unchanged and sales during the first half hour were 204,900 shares, against 165,600 in the same period on Mon- Steel was half point higher ‘at the opening, but in later tl‘ld- !ing dropped to its previous close. This ARY‘H’II trend was also true of a long list of of active market favorites in- cluding Alr Reduction, American Can, 1. Case, General Electric, Mont- gomery Ward, Sea Roebuck, Ani conda, Cerro de Pasco and Standard Oil of New Jersey. Canadian Pacific and Scuthern Pi cific, firm at the start, weakened later. In the utilities, North American American water works had opening | gains. Oils were qmec FOREIGN EXCHANGE (Quotations turnighed by W. B Hibbs & Co.) Nominal soid" Selling checks ndon, pound ars, franc. Brussels, 3 ta na. schilling pudapest, pens crown 26.73%c 2673%c 26.83'4c TREASURY CERTIFICATES, (Reported by J. & W. Seligman & Co.) Rate—Msturit Bid s June 18 g1 % 235 Bept. 3los Mar. e R gn‘nnhllfll. crown. . H 8¢ Stocknoim, erowi. . . 100 3 106 10:32 101 2-83 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. 8s 1937 18ty American Tel. & Tel. sigi idid 10814 American Thread 5% 1938 100 Baitimore & Ohio 4'sy, 192! Batavian Pet, t Cauada s 3 Calitorma pet. Humble Oil 5lbs 1932 Internat. Match Corp. 5 vestern Ry Diton, ON Co. Calit 5s 1085: United Drue ©o. 55 1953 S. Rubber 55 1947.. Western Brectrie. Gor Wheeling Steel Gorp. Wheeling Steel i i ) 458 1'53 8% “Money to Loan e LIE ISty lel’leld Mass. (‘0 A 20-Year Guaranteed 129, Income Policy at Low Cost Phone for Qur Insurance “Yard Stick” F. T. Koons, General Agent Union Trust Bldg. Nat. 1015 RS SR SRR T A MR Avurocar Trucks The Autocar Company., Ardmere, Pe. and its decline affected adversely the | the last | helped by the semi-official assurance | AVERAGE CRUDE OIL OUTPUT AGAIN DROPS Mid-Continent. Fields, With Exul)'l tion of Oklahoma, Curtail Production. By the Associated Press. TULSA, Okla, December 2—Daily average crude oil production in the unl'.ed States decreased 2,725 barrels in the week ended November 20, totaling 2,267,405 barrels, the Ofl and Gas Journal estimated. While Oklahoma's output increased 2,405 barrels, to total 486,410, other mid-continent fields showed decreases, the Texas panhandle leading, with reduction of 2,788 barrels; Kansas was next in the downward movement, its fmducuon dropping 1,765 barrels, to production was unchanged, at 1!2000 bln'els while the Rocky Moun- tain area averaged 103,342 ‘barrels, an increase of 1,321 barrels. California’s output was down 3,000 barrels, at 602,- 500 barrels. It s !flid of Dr. Ollvtr ‘Wendell Holmes that he always carried a 30-foot | tape line in his pocket with which to | measure any big trees he saw in his| travels through New En Have $2500 'S5 _a Month 1 UR 36-year-old Plan of | monuy-bulldlngu used by more than 190,000 investors. Write for free descri booklet, “Enjoy Money.” INVESTORS SYNDICATE / /4 Founpep 1894 Lecal Office Barr Building . WASHINGTON, D. C. Shoreham Building ; . T will be an a(u‘t in prestige to have your name on the Shore- ham Building’s direc- tory, and to carry it on your lettethead ag your Washington office. All over the eountry the Shoreham Building is “-recognized; a&. the leading busigless and professional efl‘ér of the Nationgl Captal— ‘careful in chafacter of those whom it admits to tenancy—and con- stant in the condtict of its modern service} that the high degree effi- ciency shall be main- tainegl. Comfort, convenience, luxury — that's what youll enjoy in the Shoreham Building. # Single Tooms and ex< tensive suites available for rental. Inspection at your convenience. MSKEEVER & GOSS :c Representative of the Owners SHOREHAM INVESTMENT COMPANY | Rental Office Room 520 | 1Sthat H . National 56 BUY M. I. T. TODAY for better-than-7% income, plus i excellent prospects of appreciation Leading American | common stocks, at today’s low pr ‘e levels, offer extremely att | ;- tive dividend yields, aside from excellent prospects for . enhancement in value. ‘This is reflected in the better-than- 7% yield in cash and stock (based on dividends already paid in 1930) offered by Massachusetts Investors Trust at present market priges. ‘This trust holds 140 of America’s strongest dividend-paying common stocks and affords a real opportunity for larger income and enhancement in value in the future. ‘Write for descriptive cire cular C9. Use coupon. — dfifigfllflsfl v Invn-runn Pankers TELEPHONE NATIONAL 2000 ‘WOODWARD BUILDING 'WASHINGTON, D. (, First Mdrtgage Loars . On improved Real Estate in the District of Columbia and nearby Maryland and Virginia for 3, 5 or 10 year terms on your Home Apartment 5%% Office Building RANDALL H. HAGNER & MORTGAGE LOoAN New York Life Insurance m 1321 Connecticut Ave. VFI’N A NIA.JL.' Complete Investment and ] Brokerage Service Copy of Our “Fortmightly Review” Furnished on Request G. M."P. MURPHY & CoO. Members New York Stock Exch 1510 H Street « Connecticut at K WASHINGTON Telephone National 9600 Philadelphia Richmond London New York Baltimore F. B. KEECH & COMPANY Member of ew York Stock Exchange change Chlcln w: G%I-ln R SR remen cmnb‘nmnn (Ass Washinston tock New York Curb Excl e are prepared to carry BONDS COMMODITIES On a conservative margin basis STOCK We invite you to make use of our Statistical Department. H CORNER 17th ST. N.W. 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