Evening Star Newspaper, January 5, 1931, Page 13

| OND. £ EXCHANGE Note—All stocks are sold In one hundred-share lots u.:n{ozhue dul'nlmd Dby the letter & (80s) (260s) ws those stocks to be sold in odd lots only. NING STAR, WASHINGT 'NEW YORK STOCK EXCHANGE mmbymuummnmsmm ~Prev.1930—~ High Stack ! Dividend Rate. Anun‘o.lg;:. Crucibie Steel (k). STOCKS IRREGULA ON PROFIT TAKING to 314,400 shares compared with ¢ 800 in the same period Saturday. Call money renewed at 115 per cent. In the smusement list Warner, Loew's and Radio-Keith Orpheum eased. Ra- 13. Allled Chemical was down more than 4 points. dio, after opening at 13%, dropped 10 | National Metropolitan Bank 1l14—0|1‘ut National Bank in the District of Columbia=1931 t., Opposite U. wmfi-l sales complled to noon—complete in 5:30 Edition. N Lt (1) .-30s 0%, : ————————— National -City Co. Offices dena Ra Cata RRbE a0y a7 o] %" | Traders Uncertain.on Extent| FARMING MACHINERY Cuban-Amer Sugar.. Opened—Southern’s Net Estimated—Notes. BY EDWARD C. STONE. Trading was'dull when the week's business opened” on' the Washington Stock Exchange today. Bond trading included a $1,000 trans- fer in Anacostia & Potomac R. R. 5s at. 81, off 2 points from last week’s close; a $1,000 sale in Washington Gas Light 8s, series B, at 106, up half a point from the last sale, and & $1,000° turnover in Potomac Electric Power consolidated 5s Iz igg-u. against the last previous sale a Capital Traction stock opened the week with 10 shares selling at 40%s. After call 16 more shares sold at 40. A small Jot of Lanston Monotype came out 8i 102 and a small sale in Mer- nthaler Linotype was recorded at 87. e bid on the newly listed Woodward fi ggmmp common stock again stood Only four stocks in the whole list are now being quoted ex dividend, fol- hl‘h&z the long list of year-end pay- ments. New City Company Offices. Scores of regular patrons, bankers and business men visited the greatly enlarged Washington headquarters of the National City Co., at 741 Fifteenth street, today, to inspect the’sweeping changes that have just been completed. A number of smaller offices have been thrown together by elimination of all partitions, the new arrangement pre- senting @& spacious appearance and added conveniences for the patrons. ‘The general architectural design is Georgian in. character. A great pro- fusion of flowers added their beauty to the general appearance of the of- fices at today's “open house.” * The present quarters in the Wood- ward Building have been occupied by the National City Co. for 14 years. R: ‘W. Hynson, district sales manager, and his staff extended a cordial greeting to all visitors, : Southern’s Net Estimated. Net income of Southern Railway Co: for 11 months ended November 30, 1930, is estimated at $7,888,000 after taxes and charges, equivalent after dividend requirements on 5 per cent ferred stock, to $3.95 a share on 300,000 shares of common stock. This compares with $17,046,000, or. $11 a share, in same period of preceding year. : November- net income is estimated &t $524,000 after taxes and charges, against ' $962,000 in November, 1929, says today’s Wall Street Journal. Earnings for November and ' 11 months of 1930 include pro rata in- come from extra dividends declared by Cincinnati, New Orleans & Texas Pa- cific and Alabama Great Southern, controlled lines of Southern Railway. Stephenson Praises Banks. Rome C. Stephenson, president of the American Bankers’ Association, made some unusually interesting comments Bates— Dividend Rate. Add 00. High. u:v Close clun 9% 9% 9% 9 S Abitibl Pow & Paver 21 Abraham Strauss. ... 14% Adams Exp (1.60). 80% Adams Exp pf (5)... 208 21. Adams Millis (2).. 24 “Addressozr'ph (1%). 214 Advance Rumley. 8734 Alr Reduction (+434) 614 Airway El Ap (60c)+ 21 % Afax Rubber... .. 9 4% Alaska Junaau{lfltfl. 354 6% Allegheny Corp. .. . 107% 36% Alleg Cp $30 ww 5. 99% 8714 Alleg Cp $40 ww b7 343 170% Allied Ch & Dye(n6 68 31% Allis Chalmers (3) 42% 115 Alpha Port Cmt (2) S11 16% Amerada Corp (2). 10% 1% ‘Am Agricu] Chem. 41% 173 Am Agrien] Ch pf. 4515 Am Bank Note (13).. 6014 Am Bank Note pf (3) 40s 8 Am Beet Su 4 30 Am Br Shoe (2.40).. 1 128 118 Am BrSh&F pf (7) 208 21% 6% Am Brown Bov Elec 4 84 88 Am Brown B Epf (7)120! 156% 104% Am Can (16).. 8215 24 Am Car & Fdy (6). ue 70" AmCar & Pa of (1). 51% 35 Am Chicle (13) a3 Am Com Alcohol. 5914 Am European Secur. 101% 25 Am & For Power.... 100 101 73 - Am&For Pwof (6). 2 68! Am & For Pow 24 pl 'fifil‘rn 5'¢ Am HawailanS S 461 Am Home Pr (4.20) 241 Am Ice (t4)...... . 16 Am Internat] (2) 1% Am La Fr & Foamite 7 Am LaFr & Foam pf. 10s 18% Am Locomotive (2). 68%° Am Locomot pf (1) 29% Am Ma & Fy (11.65 181 Am Metals&Min (1), 12 20 Am Nat Gaspf (7).. 10s 36% Am Power & Lt (r1). 90 Am Pow & Lt pf (6). 74% AmMP&LDLA (33%). 74% Am P & L pf A st (5) % 15 Am Rad&Std San(1). 76 126% Am Rad & S pt (7). 108 5% Am Republics. . 100% 28 + & Roll M1l (nd) . 79% 37% Am Sm & Re 141 181 Am Sm & Ref ut ('l). 43% 85% Am Snuff (13%). 22% 2 Am Solv & Chem, .. 33% 5% Am Solv & Chem pf 524 28% Am Steel Fdy (3) 69% 39% Am Sugar Ref (5). 27% 16 Am Tel & Cable (5) 274% 170% Am Tel & Tel (9) 127 130% 141% 124% “n 9 D B 44% 10% Am Writg Paper pf 3% Am Zinc Lead & Sm. 26% Am Zinc & Lead pf.. 25 Anaconda Cop (2%). 18 93 Anchor Cap pf (6%). 10% Andes Copper (1). 13% Archer-Dan-M (2)... 60 Armour of Del pf (1) 11 2% Armourof Ill (A)... 111 1% Armourof Ill (B)..., 24 25% ArmourofIllpf (7). 6 3% Arnold Constable. .. 950s 20 Asso Appl Ind (4). 1 19 - Asso Dry G (23%) 24215 168 Atch To & S Fe (10). 108% 100 Atch To& S F pf (5). 1 1 in New York today on the banking situation. ke n( the steady im- provement m ement, the, support given the pflndplo 6( ‘Govern-. ment supervision of banks, referred par- ticularly to the work of the controller. of the currency, and Lhe many problems [ arising during 1930, Mr. supbeqmn said:- “The events of the “past year have brought about, I am confident, & stronger banking situatien by eliminat- ing some undeniable weaknesses. Despite the prominence in the news of banking difficulties, ‘only ¥ SmAll’ “fraction” of tptal banking figures are affected and €even a smaller amount of h actually be lost since most. H will pay in full or large part. The vast majority of bank resources are not in- volved at all. I feel that we can truth- fully say we will have as a result of these unhappy, but curative conditions the stro; banking situation we have ever enjcyed and one that is of the lhuhul confidence of all our e . *In conclusion Local Ex¢hange Growing. Listing of $2,500,000 common stock of Woodward & Lothrop Co. is the third important local - issue which has been added to the list since the annual meet- ing of the exchange a few weeks ago. Only a short time ago the Washing- ton Gas Light Co. listed $3,000,000 412 P cent (old notes. Just previous to ting, the Columbia Country Cluh'l new $225,000 5% per cent bonds were placed on the In addjtion to these listing on the main board, the governors recently ap- pended four other issues to the unlisted division. "While not sponsored by the exchangé, this action was taken in order that the investing public may know each week the bid and asked quo- tations on these securites. Heard in Financial District. The Life Insurance Club of Wash- ington will hold & formal dinner at the Shoreham Hotel on January 14 at 7 pm. The commitee in charge is made up of John P. Lynch and George B. Farquhar, Although not an old or- ganization, this club is in a thriving condition. Prank Stetson, vice president and trust officer of the National Savings & Trust Co., and W. W. Spaid, partner in W. B. Hibbs & Co., were back at their desks today after several days of high- class golf played at Savannah, Ga. Directors of the American Steel Foundries Co. closed their Washington | office on January 1. For a long time | the local office was in charge of W.| Ross Gravener, who died on November 21. He had been with the company over 2!0 years. Arthur J. Weaver of Nebraska has been recommended to President Hoover by Representative Simmons to succeed the late Edward H. Cunning- bam on the Federal Reserve Board. Childs Extends Stock Payments. Following Teduction of 10 per cent in | salaries of its officers and employes Childs Co. is permitting a suspension for six months of payments for stock under the employes subscription plan announced last year. Under that plan employes were offered common stock at $56 a share, to be paid for at the rate of $1.50 a share monthly, thus requiring about three years to pay in full. Em- ployes have been receivifig all dividends | Irom date of purchase of the stock. ! . { MOTOR VEHICLES IN USE PLACED AT 26,661,596/ 1 By the Associated Press. NEW YORK, January 5—Motor ve- hicles now . in use throughout the United States are calculated at 26,- 661,596 in a compilation by Motor from State registration statistics. While this is an increase of 160,153 over last year, the gain in 1930 was the smallest on Tecord, the magazine says. The compilation for 1930 was only six-tenths of 1 per cent larger than the total of 26,501,445 in 1929. The small- est_previous gain was 5.1 per cent in 1927 Two factors were noted in the poor showing last year: Domestic sales of cars and trucks fell off 1,200,000, while thousands of automobile owners, suf- in garages, out of service. Of the vehicles now in use, 23316~ 95% Atl Coast Line (110). 16% At Refining (12). 42 Atlas Powder (4) . 97 Atlas Powder pf (6 21 Atlas Tack 60% Auburn Aw 1% Austin Nichols. 2% Aviation Corp o 19% Baldwin Loco (1%). 17 8 Baldwin Loco pt (7). <2108 2 89 “Bayuk Cig1stpf (7). 10- 62 Beatrice Cream (4).. 46% Beech-Nut Pkg (8).. 214 Belding-Hemingwa: 76% Bel N Ry pt pf 16.51. 14% Bendix Aviation (1). 30% Best & Co (2)... .. 47% Bethlehem Steel (6), 112% Bethlehiem 8t pf (7). Blaw-Knox (1%). ... 161 Bloomingdale Bros. . 5 15% Bohn Alum&Br(13%) 1 Booth Fisheries..... 60% Borden Co (K3)..... 16 Borg, Warner (1)... 12% Briggs Mfg(11.62%) 1% Brockway Mot Trk.. 56% Bklyn-Man Tr (4)... 98% Bklyn Union Gas (5) 33% Brown Shoe (3) 10 Bruns-Balk-Col....u 5% Bruns Ter & Ry 8.... 11%. Bucyrus (1).... ..a 21 Bucyruscvpf (24). 3 Budd (EG) Mfg. 52 Budd (EG) pf (... 6% Budd Wheel (1). 9% Bullard Co. 815 Bulova Wi 3 Burns Bros (B) 18% Burr Add Mach Bush Term deb (7) arforompan s - Su 0 Ly 5% 112% 33% Byers (AM). 41% Calif Packing (4) 5 Callahan Zinc & Ld. 7% Calumet & Hecla. . 10 Campbell Wyant (2). 3015 Canada Dry G A (3). 35% Can Pac new (23%).. 16% Cannon Mills (1.60).. 71 Capital Admin (A) 8315 Case (J 1) (8). 22 Caterpillar Trac 1% Cavanaugh-Dobbs. 3 Celotex Co. 3 Celotex voting 17% Celotex Co pf 18 Cent Aguirre As1% 21 Cerrode Pasco (4) 2 Certain-teed Prod. .. 6% Certain-teed Prod pf 14% Checker Cab (1.80) 32% Ches & Ohlo (2% ). 321, Chesapeake Corp (3) % Chic & Alton . % Chic & Alton pt 4% Chio Great Western. 12 Chicago Great Wn pf 22% Chi Pneu T pf (3%).. 4% Chic Mil St P & Pac. 7% Chic Mil St P & P pf. 28% Chi & Northwn (4) 7% Chic Paeu Tool. .. 45% Chic R I & Pac (1) 81 ChicRI&Popf ( 20% Chi YellowCab (3) 22% Childs Co (2.40)..... 14% Chrysler Corp (1)... 79 City Ice & F pt (6%) 214 City Stores (50c)... 913 Cluett-Peabdy pf (1) 1334 Coca-Cola (6). 484 Coca-Cola A (3). 44 Colgate-Pal-P (2‘4). 12 Collins & Afkman. 73 Collins & Atk b (7). 8% Colonial Beacon. . 18% Col Fuel & Iron (1).. % 100 Colo Fuel & Ir pf (8). 30% Col Gas & £1(2). 99 Co!Gas & Einf A (8) T4 Columbia Graph..... 654 Columblan Carbd (16) 16% Comm Credit (2).... 301 Comm Credit A (3).. 21% Com In Tr (g1.60) - ® 3 ceRomreenelenSenana Seathnaons 1214 Consol Film pf (: 55 Consol Cig pr pf 6 78% Consol Gas N ¥ (4). 994 Cons Gas N Y ot (). 30 Cons RR Cub of (6).. # Consol Textlle ° B% Container A (1.20).. 013 are passenger cars and 3,345563 are trucks. New York leads the list again, with 2,288,000. P S T. 8. TREASURY BALANCE. ‘The United !m ‘Treasury balance 7% Contl Oil of Del. 8% Cont) Shares (1) . 111% 65 Corn Pr Ref (14%). 151% 140 Corn Prod of (7). 83 Tt COtYABC..\encnsese " 86% 284 Cream Yot W12 %) Cuban-Amer Sug pf.. 108 y Packing (4) 2 Publish (17). 2 Publish pf (7) Wright Corp 5 8 Delaware & Hud (9). Del Lack & Wn (6).. Diamond Match. Diamond Match pf Dome Mines (1). Dom Stores (11.203.. Duques Lt 1st of (5). Drue Corporat ¢4).. Dupant de Nem (4).. Du P de N deb of (6). Eastern Roll Mills Eastman Kodak (1 Eaton Axle (1.60) Eitington-Schild Eitington-Schild pf Elec Auto Lite (8) Elegtric Boat El Pow & Lt E) Pow & Lt pf (4 El Pow & Lt f (T).. El Storage Bat (6) Emerson Brant (A). Endicott-John (5)... Eng Pub Sv pf (534). o B Rt R 0 a D 5 Exchange Buf (1%). Fairbanks Co... : Fash.on Park Asso.. Fed Lt & Trac pf (6) Fod Motor Tr (80¢).. Fed Wat Sve A 2.4 Federated Dept St Fid Ph Fire In (2. Firestone T & R (1) Firest T & R pf (6).. First Nat Strs (2%). Fisk Rubber..cucsee Fisk Rubber 1st pf..140s Fisk Rub 18t pf cv... 108 Foater Wheeler (2).: 14 Foundation Co. . 3 i Fourth Natl Invest.. 13 Fox Film (A) (4). 61 Freeport Tex (16)... Fuller pr of (17.94) w 401 Gabriel Co (A) ~“Gamewell Co ( Gen Baking pf 4 Gen Cable. x 4 Glidden pr pf (7). 3 Gen Cigar (4). Gen Electrio (1.60) Gen Elec spec (80¢). 3 Gen Food Corp (3)..+ 21 Gen Gas&El A(es0c) 13 Gen G & El cv pf (6). 2 Gen Motors (13.30).. 116 Gen Motors pf (5)ss. 6 Gen Outdoor Adv.... 4 Gen Out Adv (A) (4) 2 Gen Pub Sve b6 %stk, Gen Ry Signal (5) Gen Realty & Util. Gen R & Ut pf (e6) Gen Refract (14 %\ ® Gimbel Bros. . Gimbel Bros pf ( Glidden Company . 3 Gobel (Adolf). Gold Dust (234). Goodrich (BF)..... Goodrich BF pf (7). Goodyear Tire (5) Goodyear 1st nf (1).. Gotham Silk Hoslery Gould Coupler. ...... Graham-Paige. . Granby Consol (2).. Grand Silv Strs(h1). Gr North of (6)..... rrBaFunaloana 0 = PICISTAEAY 4 Great Nor Ore(123). 11 7 Creat Western Sugar 9 Gr West Sug pf (7). 208 Greene Cananea Cop. 108 Grigsby Grunow.... Hahn Dept Stores. .. Hall (WF) Pr Co (2). Har Wk Ref (12%).. Hartman Corp (B).. Hayes Body.... Hershey Choo (5). .. Hersh Choe pf (16).. Holland Furn (12%). Houdaflle Hershey. . 1% Houston Oil. Houston Ofl (new)... Howe Sound (t434)-. % Hud&Man Ry (3.50).. Hudson Motors (3).. % Hupp Motors, 147% 5'. 4 5 1% Illinois Central (7 Indian Motor Cyel, Ind MotorCycle pf. Indian Refining. Indian Refining re! Ingersoll Rand (16).. Inland Steel (4). Inspiration Copper. . Insuranshar,Del 40c. Ins ctfs (Md) (60c) Interlake Iron (1) Int Agricultural Intl Carriers (5 BN B 300 Intl Harvester (2% ). Intl Hydro El A (e2) Intl Mateh pf (4). Intl Mer Marine ( Intl Nick of Can (1) Int] Paper & Pwr A. Intl Pap & Pow (B) Intl Pap & Pow (C) Intl Pap & P of (7)., Intl Salt (3).. Intl Tel & Tel (2). Inter Dept Strs (2). IntertypeCorp (2) Investors Equity Island Creek pt (6) W 2 4 Johns-Manville (3).. Jones&Laugh pf (1). 208 Jordan Motor Car.... Kans City Sou (5).. Karstadt (R) (1.03) Kayser Jullus (2%). Kelsey Hayes (2) “Kelvinator Corp. . ... Kennecott Copper(2) Kinney (GR) pf (8). 208 Kolster Radlo. .. 2 Kolster Radio ctfs Kresge (S8) Co 1.60.. Kreug & Toll (1.60).. Kroger Gro&Bak(1).. Lambert Co (8 Lehigh Port C: Leh Port Cem pf (7). 40- Lenigh Valley Coal.. 16 Lehman Corp (3). Libbey O Ford Glasi Lig & Myers B (16).. Liquid Carbonic (4). 10 Loew’s, Inc (14)..... 35 Loft Inc 4 Loose- Wiles (12.90). 4 Loose-Wiles 1st (7). 80s Lorfllard (P) Co. 10 Lorillard (P) pf (7). LouG & B (A) (1%) 4 Louis & Nash (1) Ludium Steel. . Melntyre Porc M (1) MeKeespt Tin P1(16) McKesson & Rob (1), MeLellan Stor % Mack Trucks ( Macy & Co (nt3 Mallison & Co Manati Sugar pf. Man Elev mod g (45) Manhat Shirt (1) Marine Mid (1.20) 26 Marlin Rockwell (14) 1 Marmon Motor Car.. 4 Marshall Fleld (2%). 13 Martin PAIry. .oeesen Mathieson Alkall (3) 82 Mathieson pf (7)..e0 10- Maytag Company. Maytag Co 1st pf (6) Mexican Seaboard. Mia-Cont Pet (2) Aidland Steel (3) . Midiand Steel pf (8). A1inn Moline Pow. .. MinnMoline pf (6%). MStP&SSM M StP & SSM Isd (4 2‘% 264 9 'uu 4% 3% 25 25 % 2114 16% 16 % 6 6 105 105 59 631 119% 119% % % ! strength in bonds. shares at advances over Saturday’s|. of Rally—Volume s Moderate. BY GEORGE T. HUGHES. Spectal Dispatch to The Star. NEW YORK, January 5.—A narrow and, uncertain movement characterized prices in the opening session of the week on the Stock Exchange. Volume was moderate and speculation re- strained by conflicting opinions as to the technical situation. Initial transactions were generally at lower prices, with losses amounting & point or two in the leaders. It was felt that perhaps the rally had gone far enough for the present and it was realized that there were still many «unsolved problems to be cleared up befare real trade recovery becomes ap- parent. After the overnight orders had been executed, however, the list rallied and a good part of the loss was made up. Packers’ Case Decision. The market was helped by the Buying_of bank finals was taken to mean satisfaction with the new developmenfs in fleld. Another constructive plece of news was the decision of the United States District Court in the celebrated packers’ consent decree —case. "h Btreet was not sure of the scope of the decision and it understood that appeal ‘was possible, if not probable, but mean- while there was buying of the packing shares, especially the prefe issues of Armour & Co. The early selling affected nearly all groups, with the rails making relatively the best showing. Auburn Auto was an exception also in its group. running up against the shorts, as it has done so often before. The other motor shares yielded, with General Motors at one time under the 37 mark. List Well Supported. Of the important industrials, United States Steel sold off a point, Alled Chemical off 4 to 5 points, Eastman Kodak off 2 to 3 points, and so on, But activity fell off on the decline and stocks were well supported, Johns- Manville moved against the trend. In low-priced shares there was good de- mand for Marshall Field on reports of better retail trade. ‘There was no weakness in the utility list, although for & time most of the active stogks were lower. Among the steadier issues were Electric Power & Light, National Power & Light and United Corporation. Call money renewed at 1% per cent, the lowest renewal rate since November | 29. The turnover in the first half hour was 314,400 spares, against 416,800 Sat- urday. Early Market Irregular. The mixed character of trade news over the week end and the strength of the two preceding sessions brought about irregularity in the market early today. Repcns of steel operations and book- ings from the Chicago district were cheerful, but- United States Steel and other steel shares eased. partly was offset by the renewed de- cline in general commodity levels as | well as the decline in mail order sales in December. Oils were moderately easier, after showing strength following the recent advance in bulk gasoline. Auburn Auto continued one of the most active motors. In the utility list American Power & Light, North’ American, United Corpora- tion and United Gas Improvement add- ed to their early declines. Sales in the first half hour amounted 1 Substantial advances in This factor | IS IN GREATER DEMAND By the Associated Press. the mechani- zation' of agricujtural production in the corn, wheat and cotton belts is ob- served by the United States Chamber of Commerce in a fleld study of regional agricultural adjustments conducted duz- ing the last month. study reveals that Western farmers, by using modern equipment, have produced wheat with only 2 hours of labor per acre and at costs as Jow as $6 an acre. Power farming is said to be enabling many farmers to double the size of their acreage. While an enlargement of family holdings is to | the most common development, & num- ber of large-scale corporate farms have been organized. The complete mechanization of cot- ton production is awaitiig the perfec- ton ol 5 machaniel cotton piekes Farm _implement manufacturers and agricultural _experiment stations have not solved this problem, but are making encouraging progress in this direction, the chamber says. . = CHECK TOTAL GAINS, By the Assoclated Press. Checks cashed on individual bank ac- counts in leading cities of the Federsl Reserve system during the week ended December 31 were 5 per cent above the total for the previous week, Total debits for comparable periods, as cal- culated by the Federal Reserve Board, follow: Week ended Dec. 31....$12,767,289,000 Previous week . Money to Loan Se d by first °';:......:":.':.‘ e Joseph 1. Weller 43 "‘.:.-‘.- L8t I,!GE‘AL E&TAlTE [.ORANS TYLER & nmzp:o'fin & Jh s g i L. 1520 K'St. N-W. " National 0475 First Mortgage Lowest Rates of unterest and Commission Thomas J. Fisher & Company. Inc OE===10 SEE US ABOUT LOANS On improved real estate situated in Washing- ton and its suburbs. wE have first mortgage money to loan for re- financing or construction purposes, Youll find us ready to give immediate assistance. We purchase 2nd trust notes secured by improved real estate. @ REALESTATE. @O MORTGAGE & GUARANTY CoRPORATION Capital Resources, $3,800,000 abdNess 1610 KST.N.W. jojc——jojc—— o] | Organized 1879 JOHN JO! EDSON, President Assets .$5,901,122,48 Equitable Co-Operative Bldg. Ass'n wu.‘nn §. PRATT, Jr., Surplus & Profi Snlucnphon for the 100th Issue of Stock Being Received 915 F St. N.W. 51st YEAR com::.zen $1,818,655.92 SYSTEMATIC SAVING That is the sure way to get ahegd financially and the way to prepare for any emergency, We will gladly explain our sys- tematic saving plan. D e o S o v vt v o vt T S S o S 5 N OATALATALALALALAAL AL AL AL AL AL AL AL AL AL AL AL AL AL AL Harvest Month the Harvest Month ANUARY is J for the investor. Do not permit your incoming interest and divi- dends to idle—immediate re-investment insures against loss. Your funds, harvested during January, can be re-invested safely and produc- tively in the 6 per cent First Mortgage Notes sold through Swartzell, Rheem & Hensey Company, Placed in these securities which are based on thor- oughly investigated and improved Washington properties, they will earn you a steady, assured income. These Notes embody the two essen- tials of sound investment—high mar- gin of safety and attractive yield. Their safety is attested by their record of NO, LOSS TO A SINGLE INVESTOR IN YEARS. Come in and let advise you of the MORE THAN 61 one of our officers attractive offerings we mow have available SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N. W, / WASHINGTON D.C. 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