Evening Star Newspaper, January 8, 1931, Page 13

FINANCIAL. - 130 TRACTION 0. NET ROPS $72634 Income Total of $489,339. Officers and Directors ~'l' Are Re-Elected. BY EDWARD C. STONE. *Total net income of the Capital Trac- tion Co. during 1930 was reported today at the annual meeting held in the com- pany's offices as $489,330.73, a decrease of $72,634.70 compared with the net return in 1929. ‘The old board of directors was re- elected for the coming year, the mem- bers including George E. Hamilton, Edward J. Stellwagen, John H. Hanna, John M. Perry, C. C. Glover jr.; G. ‘Thomas Dunlop and Merle Thorpe. Officers named the board were the same as last year: President, John H. Hanna; vice president, secretary and treasurer, H. D. Crampton; assistant secretary, John Fleming; assistant treasurer, C. B. Koontz, and chairman executive board, George E. Hamilton. The summary of operations showed total revenues from transportation as $4,124,102.07, & decrease of $133,799.19. Revenues from operations other than transportion totaled $40,419.22, an in- crease of $1,414.63. Gross operating revenues were $4,164,- 521.09, & decrease of $132,384.56. Oper- ating expenses totaled $3,006,014.02, 8 | drop of $61,357.33, leaving a net operating revenue of $1,158,507.27. The company had a credit balance at the end of the year amounting $708,- 488.23, a decrease of $51,104.73. Banks Score Deposit Gains. Between the controller’s calls of Sep- tember 24 and December 31, 1930, many of the larger banks in the country scored sharp increases in deposits. Re- ports since the ocontroller issued his call last Saturday have revealed what are considered remarkable in banking eircles, considering conditions prevail- ing during the last three months, in- cluding the usual heavy year end with- drawals for many different purposes. From the report from big banks selected at random, the following comparisons are made between deposits on September 24 and December 31: Deposits Deposits . $2075718,922 91,003, 310.045 1 '11460,031,336 994410387 1,180585.310 317.244:594 478331478 9 79440 7 468,140 '341.518 RIS N, diAen s 404.329.508 As already noted, the Washington banks as a whole showed excellent gains between these last two calls. To- morrow The Star will publish the de- ts for every bank in the city, the bulation being Pl‘!?‘fl!d by Audley A. P. Savage, auditor of the National Sav- ings & Trust Co. Leith to Attend Council Meet. T. Hunton Leith, member of the ex- ecutive council of the American Insti- and Néw Orleans. Mr. Leith is a former president of Washington Chapter, has served as chairman of the educational and many other committees. This year he is editing the Monthly Bulletin of the District Bankers Association and has an unusual fund of information about the people figuring most prominently in association affairs. Young - People Displaying Thrift. ¢ t that & very high percent- age of Tne ignmnee ,hemg wr&etuix‘ in ‘Washington placed on ives . Out of $763,000 of insurance sold by one producer last year, the sum of $624,000 was placed on the lives of young men and women 31 years old and under. “Prom my experience in making these people, either directly or parents, guardians or advisers, it is plain to me that our young folks are more serious-minded ted than their elders give T tnsurance is highly significant.” Federal Company’s Directors. At the annual meeting of the Fed- eral-American Co. held yesterday the following directors were elected: Charles G. Abbot, Byron S. Adams, Lester A. Barr, Charles D. Boyer, W. F. Brenizer, Walter A. Brown, Aubrey L. Clarke, Willlam Knowles Cooper, John Dolph, William J. Eynon, Charles E. Galliher, W. G. Galliher, Isaac Gans, Fred S. Gichner, Willlam F. Ham, George W. Harris, Willlam A. Hill, Harry King, Wil- ton J. Lambert, Ralph W. Lee, Charles B. Lyddane, Arthur D. Marks, John Poole, Dr. James Brown Scott, Leon ‘Tobriner, e E. Walker, Wilmer J. ‘Waller and L. Perry West. Capital Traction Stronger Today. ‘apital Traction stock figured in sev- Stock Exchange today at 40% closed with a 15-share sale at 40%, up % over yesterdays close. During the past few days many bids at 40 have Mergenthaler ype more strength today. The market opened with two small lot sales at 87, the same as yesterday's closing price, and then moved up to close at 87%. Federal-American National Bank & “Trust Co. stock came out again today, 20 shares selling at 50, one point under esterday’s close. Potomac Electric wer 51, per cent preferred sold at 108% and the 6 per cent preferred changed hands at 111. Peoples Drug Stores preferred sold at 987%. Bond trading was confined to rathe: small sales in Washington Gas Light issues at recent levels. Heard in Financial District. Joseph T. Exnicious, president of ‘the ental Bank, points with espe- le to the record made by his in- stitution since 1925. Total deposits on December 31, 1025, were $515,353.15, while on the call of December 31, 1930, they had increased to a total of $1,259,- 919.93, each year in the interim show- & gain over the previous year. ent Prancis T. Addison, jr., of the BSecurity Savings & Commercial Bank, has been added to the list of speakers who will address the Board of ‘Trade meeting this evening. The other on the program are John Poole and V. Fleming. Controller | Pole will also speak. ‘The McCrory Stores Corp reports in December of $6,782.121, against $7,293,167 in December, 1929, a decrease of 7 per cent. For the 12 months sales totaled ,$43,222,798, against $44,706,206 in 1929, a decrease of 3.3 per cent. G. C. Murphy Co. for mber re- goru gross sales of $3,170,346 against 2,648,571 for the same month last year, an increase of 19 the NGTON, D. C, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are ”u:‘& in one hundred-share lots excepting —Prev 1930~ Aigh Low Stock and fares— Dividend Rate. Add 00 High 424 B ADItibl Pow & Paper 3 11y 8614 36 ADbitibl P& P pf ( 1 46% 110% 102 Abraham St pf (7).. 1108 1011 37% 14% Adams Exp (1.60) .. 19 18% 84% 24 AddressogrCo1.40.. 2 224 23% 24 Advance Rumley. 1 8% 1% % Ahumada Lead. 2 156% 874 Alr Reduction (t4%) 36 614 Alrway El Ap (60c). 2% % Alax Rubber... .... 94 4% AlaskaJuneau(40c). 16% 6 Albany Wrap Paper. 85% 5% Allegheny Corp..... 1073 364 Alleg Cp $30 ww 5% . 99% 37l Alle Cp $40 ww 5%. 343 170% Allied Ch & Dye(ns). 1261 120% Allied Ch & Dof (7). 68 81% Allis Chalmers (3).. 424 11% Alpha Port Cmt (2) 8115 1615 Amerada Corp (3) 1% Am Agricul Chem 1714 Am Agricul Ch pf 48% Am Bank Note (13 214 Am Beet Sug: 8 Am Beet Sugar pi 118 AmBrSh&F pf (1) 408 6% Am Brown Bov Elec 3 38 Am Brown B E pf (7) 30s 104% Am Can (15).. 138 140% Am Can pf (7) 24 Am Car & Fdy (8) 27 Am Chain (3). 85 Am Chicle (13). 9 Am Com Alcohol 8 Am Encaustie (1) 25 Am & For Power 73 Am & For Pw pf (6) 84 Am & For Pw pf (1) 5% Am HawaiianSS.... 815 Am Hide & Leath pf. 46% Am Home Pr (4.20). 24% Am Ice (3).. 75 Am Ice pf (8). 16 Am Internatl (2). 14 Am La Fr & Foam! 18% Am Locomotive (2). 684 Am Locomot of (7). 20% Am Mch & Fdy 1.40.. 3 AmMach & Metals 13% Am Metals&Min (1) 20 Am Nat Gas pf (T).. 364 Am Pow & Lt (% 90 Am Pow & Lt pf (6), T4% AMP&LtPIA (4).. 74% Am P & L pf A st () 15 Am Rad&Std San(1) 28 Am Roll Mill (n2)... 5214 Am Safety Razor (5) % Am Ship & Com..... 86 Am Shipbuilding () 374 Am Sm & Ref (4). 93% Am Sm&R 24 pt 2314 Am Steel Fdy (3 361 Am Stores (123% 39% Am Sugar Ref (5)... 95 Am Sugar Ref pf(7). 15 Am Tel & Cable (5).. 108 274% 170% Am Tel & Tel (9).... 28 - B P PRSI T T TP =2 FETY w®3AR Am Tobacco pf (6).. 47% Am Water Wks (3).. 5% Am Woolen.... ... 16% Am Woolen pf...... 1% Am Writ Paper ctfs. 10% Am Writeg Paper pf. 3% Am Zinc Lead & Sm. 25 Anaconda Cop (2%) 19 Anaconda W & C (1) 60 Armour of Del pf (7) 2% Armourof Il (A)... 1% Armour of Ill (B)... 25% Armour cf Il of (7) 3% Arnold Constable. .. 20% Art Metal Const (2). 4% Artloom Corporation 20 Asso Appl Ind (4)... 19 AssoDry G (2%)... Asso Ofl (2).. . Atch To & 8 Fe (10). 100 Atch To & 8 F pf (5). 95% Atl Coast Line (110) 16% At Refining (13).... 7% Atlas Stores (n1). 19% Baldwin Loco (1%). 84 Baldwin Loco pf (T). 55% Balto & Ohlo (7).... 70% Balto & Ohto f (4).. 103 Bamberger pf (634)., 50% Bang & Aroos (334). 8% Barnsdall A (2)..... 62 Beatrice Cream (4). 2% Belding-Hemingway 14% Bendix Aviation (1). 80% Best & €o (2).. 4T% lebem Steel (6). 668 53% 112% Bethlehem 8t pf (7). 1 116% 28 Blaw-Knox (1%)... 1633s 25% 15% Bohn Alum&Br(1%) 38 28 59% Bon Ami (A) (16)... 1 60% Borden Co (k3)... 15 Borg, Warner (1). 12% Briggs Mfg(11.62%) 1% Brockway Mot Trk.. 55% Bklyn-Man Tr (4)... 83 Bklyn-Man Tr pf (6) 98% Bklyn Union Gas (§) 3 4% ’ 10 Bruns-Balk-Col 5% Bruns Ter & Ry 11% Bueyrus (1).... . 21 Bucvrusev pf (33%). 3 Budd (EG) Mfg.... 6% Budd Wheel (1).. .. 9% Bullard Co. 25% Burns Bros (A) (8). 3 Burns Bros (B).. .. 18% Burr Add Mach 1% 21% Bush Terminal (2%) 97 Bush Term deb (7)..110 1% Butte Copper & Zine. ' Butte Buperior. . 10 ButterickCo ... 33% Byers (A M).. 41% Calif Packing (4)... % Callahan Zinc & Ld.. 28% Calumet & Arizona.. 1% Calumet & Hecla. ... 10 Campbell Wyant (2) 30% Canada Dry G A (3). 354 Can Pac new (2%).. 16% Cannon Mills (1.60). 714 Capital Admin (A) 29% Capital Adminpf A.. 11 Ca Cavanaugh-Dobbs pf210s Celotex Co. . A Celotex voting etfs.. 1 Gent Axuirre As 1% . 15 Cent Rib Mills pf (7) 30s Cer de Pas Cop (2)... 14 2 Certain-teed Prod... 38 14% Checker Cab (1.80).. 32% Ches & Ohio (234)... 324 Chesapeake Corp (3) % Chic & Alton % Chic & Alton pf 4% Chic Great West % 12 Chicago Great Wn pf 26% 4% Chio MIl 8t P & Pac. 464 % Chic Mil St P& P pf. 89% 28% Chi & Northwn (4).. 140% 101 Chi &N W pf (T). 37 7% Chie Pneu Tool. 3 85% 22% Chi Pneu T pf (3%4).. 1254 45% Chie R 1 & Pae (7)... 104 81 Chic R1&Ppf (6).. 22% Childs Co (2.40).. . 14% Chrys 32% City lce & F (k3.60). 79 City lce & F pf (6%) 100» 214 City Stores (60¢). .. 3 20 City StoresA (3%).. 10s 109% 98 CiCC&StL pf (5).920s 191% 133% Coea-Cola (8)....... 13 L 52% 4844 Coca-Cola A (3) 2 35% 12 Collins & Alkmai 20% 8% Colonial Beacon 7T 18% Col Fuel & Iron (1) 5 135% 100 Colo Fuel & Ir pf (8). 108 87 80% ColGas& El (2) .. 36 714 Col Graphoph (a%). 58 65% Columbian Carb (16, 16% Comm Credit (2). 30% Comm Credit A (3. 21% Com In Tr (51.60).. 14 Comm Solvents (31) 7% Comwlth & o (60¢). 86% Comwith & 8o pt 6) % Consol Textlle. 5% Container A (1.30).. 2 Container B e = BreSea~na S8eno those by the letter s (80s) (2508), which shows those stocks were sold in odd lots. Individual sales compiled to noon—complete in 5:30 Edition. Prev Corn Prod (13%) Crosiey Radio. Crown Zellerbacl Cruetble Steel pf (7). Cuba Cane Prod..... Cuba Co. Cubsn-Amer Sugar. . 80 80 4% 4% 51 5% 2 % 408 108 20 2% 1% 2 20 Cuban-Amer Sug pf. 470s Cuban Dom Sugar... Cudahy Packing (4). Curtis Publish (17). Curtis Publish pf (7) Curtiss Wright Corp Curtiss Wr Corp A.. Cushman’s pf (7).... Cutler-Ham (3%)... Davison Chemical Delaware & Hud Del Lack & Wn ( Diamond Match. ). Drue Corporat (4) Dupont de Nem (4).. Eastern Roll Mills. . Eastman Kodak (18) Eastman Kod pf (8). Eaton Axle (1.60).... Elec Auto Lite (§) Electric Boat. El Pow & Lt El Pow & Lt pf El Pow & Lt pt (7) E] Storage Bat (5) Eng Pub Sv pf (5% Eq Offc Bldg (2%) Erfe R R. Erie RR 18t pi Exchange Buf (1% Fashion Park Asso.. Fed Motor Tr (80c).. Federal Screw (1). .. Fed Wat Svo A 2.40. Federated Dept Strs. Fid Ph Fire In (2.60) Fifth Ave Bus (64c). Firest T & R pf (6).. First Nat 8trs (3%) Fisk Rubber. Follansbe Bros (1).. 4 Foster Wheeler (2).. Fourth Natl Invest. . Fox Film (A) (4)... Free-port-Texas (4). Gabriel Co (A) G 11 C Gen Cigar (4). Gen Cigar pf (7) Gen Electric (1.60).. Gen Elec spec (60¢). Gen Food Corp (3).. Gen Gas&E| A (e80c) Gen G & El cv pf (8). Gen Mills (3).. . Gen Mills pf (8) Gen Motors (3) Gen Motors pf Gen Qutdoor Adv. Gen Out Adv (A) ( Gen Print Ink pf (6). Gen Pub Svc b6 % stk Gen Ry Signal (5).. Gen Ry Signal pf () Gen Realty & Util. .. Gen R & Ut pf (e6).. Gen Refractories (4) Gen Theatre Equip. . Gllette Saf Ras (4). Gillette Saf R pf (5). Gimbel Bros.. .... Glidden Company . Gobel (Adolf). Gold Dust (2%). Goodrich (B F). Goodrich BF pf ( Goodyear Tire (5. Gould Couple Graham-Pa Granby Consol (3).. Grand Silv Stra(h1). Grand Unfon ....... Granite City 8t (3).. Grant (WT) (1)...s Gr North ot (5). Grt Nor Ore (2 /| Great Western Sugar Gr West Sug of (7). Grigsby Grunow.... Guantanamo Sugar. . Guantanamo Sug pf. Gulf Mobile & North. Gulf States Steel. ... Hacken pf A (1%) Hahn Dept Stores. .. Hamilton Watch 1.80 Hanna pf (new) (7) Harb Walk Ref (2).. Hartman Corp (B). . Hawaiian Pineap (2) Haves Body........ Helme (GW) (17)... Hercules Powd (3) ., Hershey Choo (5).... Hoe (R) & Co. Homest Min (17).. Houdaflle Hersi Housenold Fin pf (4) Houston Ofl........ Houston Ofl (new).. Howe Sound (4)..... Hud&Man Ry (3.50). Illmots Central (7. Indian Motor Cyel Indian Refining. Indus Rayon (4) Ingersoll Rand (16 Inland Steel (4)..... Inspiration Copper. . Insuranshar,Del 40c. Ins ctfe (Md) (60e).. Intl Bus Mach (n§) . Intl Carriers (50¢) Intl Cement (4). Intl Combustion, int] Harvester (33 Int Harvester pt (1). Intl Hydro Kl A (e2) Intl Match pf (4).... Intl Mer Marine (3). Intl Nick of Can (1), Intl Paper pf (1) .. Intl Pap & Pow (B).. Intl Pap & Pow (C).. Intl Pap & P pf (7). Int] Salt (3). Intl Stlver (4). Intl Silver pt (1) Intl Tel & Tel (2). Inter Dept Strs (3). Investors EQuity... . Island Cr Coal (4). Jones&Laugh pf (7). Jordan Motor Car... Kimberly-Clark (13) Kolster Rad! (SH) Co (p1). Kreug & Toll (1.60). Kroger Gro&Bak(1). Lambert Co (8)....e Lee Rubber & Tire. .. Lehigh Port Cmt (1) Leh Port Cem pt (7). Lenigh Valley Coal. . Leh Val Coal pf (3).. Leh Valley (3%) Lehman Corp (3). Lehn & Fink (3).. Libbey O Ford Glas Liggett & Myer (15). Loew's Inc (3) Loew's pt xw ( Loft Ine. Loose- Wi 8% [orillard (P) Co.... Lorillard (P) pf (7)., LouG&R(A) (1%) Louis & Nash (7).... Ludlum Steel. .. MacAn & For (2.60). MacA & Forb pf (6). Mcintyre Pore M (1) McKeesp T P (14%). McKesson & Rob (1) McKes & R pf (33). Mack Trucks (4) & Co (nt8) 41 1 3 1 120 5 708 » 2 | SR BEu b RaittuiBunan - TS 80 Volume of Trading Falls Off as Prices Show De- clining Trend. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 8.—Reflecting the caution of the in-and-out trader rather than any change in funda- mentals, today’s stock market was in- clined toward reaction. Instances of Weakness were rare and volume fell off on the decline, but the upward move- ment under way since the first of the year was checked. The news was mixed, but in the main not unfavorable. From the steel trade reports were optimisiic and the expectation was that the unfilled ton- nage statement of the United States Steel Corporation to be made public Saturday would show a substantial in- crease. Sales of chain stores, while lower in dollars than in the same period a year ago, did not show a de- crease proportionate to the decline in commodity prices. Unfavorable Factors. On the other hand, the copper metal situation was not so satisfactory, with some offerings at concessions from the official price, and railroad car loadings continued to reveal decreases. The New York Central lines for the week ending January 3 loaded 42,337 cars, against 54,057 for the same week of 1930. The copper stocks were all lower, with losses of 1 to 2 points in Anaconda and in American Smelting & Refining. Cerro de Pasco sold off, as might have been expected from the trade news. United States Steel was heavy, as it had been on Wednesday, and the standard industrials ranged lower, including Westinghouse Electric, as to which traders were stressing the point that earnings were not much over the pres- ent dividend rate, and General Motors and Allied Chemical. Rail Group Lower. Ralls lost a part of their gain of the day before, but without any increase in volume. Baltimore & Ohio, Atchison, New York Central and Northern Pacific all yielded. The utilities moved sym- pathetically with the rest of the list. In the oils selling appeared in Phillips Petroleum and a few other indépend- ents. As for the market as a whole, the Street is keeping in mind the lesson of a year ago, when prices were bid up rapidly during the late Winter and early Spring, only to collapse again. No one wants a repetition of that ex- perience, and so, although there are pools operating, they do so cautiously e Capital Wanted for Expansion Opportunity for Ezceptional Imcome. Company with headquarters here, doing business elsewhere in a prime commodity, now earning over 35% on small capital, can materially increase its earni with larger capital. Low over- head; strong reserve; no indebted- ness. Share in control and man- agement. Executive positions open. “Ground-floor” opportunity to ffi into a lifelong, profitable business. » Address Box 443-R, Star office. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt_Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. First Mortgage Loan Applications Invited at 5/5% Glover & Flather 1508 H St. N.W. National 1753 Under State Supervision On our liberal 20 monthly repayment pl i 227 and confidential service. Maryland Personal Bankers, THURSDAY, JANUARY 8, 1931 STOCK LIST EASY |2 = —==| ON PROFIT TAKINGI= and retreat at the first 4 % sign of oppo- as to deprive the downward trend of ance. Meanwhile, the bond mar- ket held strong and stocks which gave a good yleld and which had been - FINANCIAL. FOREIGN EXCHANGE. Money to Loan acca (Quotations furnished by W. B. Hibbs & Co.) et ‘é']" oo ool sutate. Nominal gold Selling checks vals today. ] el Bldg., %h & F N.W. London, pound. - 3931e B REAL ESTATE LOANS Made at Low Interest Rates a oughly deflated attracted buyers at v‘ concessions. Call money renewed at 11, per cent, | Bra: but loans were effected in the outside market at 1 per cent, where supply was large and demand light. Stocks extended their irregularit; early today, but trading turned dull. Sales were only 253,600 shares in the first half hour compared with 383,200 in the same period Wednesday. Call money renewed at 1% per cent. A slight rally developed after the first half hour. United States Steel at 143% was _up m_its initial quotation, which was u anged from the preced- ing close. Goodyear Tire, which threw a fright into the shorts following the declaration of thé regular dividend Wed- nesday, moved only fractionally. Public Service Corporation of New Jersey at 77% was up fractionally from its early decline of nearly a point. Al- lied Chemical showed a steady rise to 175%, up~1%. Possibility that present w?rer prices might be ed brought selling into the copper: On Improved ~ Real Estate NEARBY _ MONTGOMERY COUNTY DISTRICT OF COLUMBIA LOWEST INTEREST RATES BOSSEPHELPS Founded 1907 ZLoan Correspondent John Hancock Mutual Life Insurance Co. Natlonal 9300 Move: into the Shoreham Building and enjoy its convenient loca- tion ; its comfortable rooms and suites: planned and ar- ranged for superior facility ; its cheery and pleas- ant environment; its superior service, carefully maintained by constantly super- vised management. There’s prestige to temancy in this ultra-modern building. Rooms and suites of any desired size. Open for your inspection. MEKEEVER £ GOSS1.c Representative of the Owners SmomERAM INVESTMENT COMPANY Rental Office, Room 520 15th at H National 5643 Guaranteeing The Trade Mark Satisfaction Sturgis Posture Chairs Bpeed up the work of the office force by proving conditions— making it comfortable to sit at & This True Posture Chair Fits the form—adjustable in 30 sec- onds without tools. Dugo in mahogany, live green. (e Sonstruction—Steel and malleable We Want to Send You One on Approval STOCKETT- FISKE CO WASHINGTON-D-C We Want Your Business! National Metropolitan Bank 1814—Oldest National nk in the Distriet of Columbia—193]1 15th St., Opposite U, S. Treasury fBusiness be severed. friends remain loyal lifetime, their allegiane generations. 3% on Savings Life-Long Customers a s s ociations, built on mutual confi- dence and personal con- tact, are not lightly to {The Metropolitan takes pride in the fact that its in many instances, being carried on by succeeding b 2873100 Tor 5.8 3¢ N0 Senee: Stockholm, crown 1520 K St. N.W. First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland and Virginia for 3, 5 or 10 year terms on your 514,07 s RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT New York Life Insur: 1321 Connecticut Ave. PROPERTY MANAGEMENT Apartment House + MANAGEMENT HERE is no way of an- ticipating the great variety of problems that continually arise in connection with the management of apartment house properties — but you can provide against their annoyance and trouble by placing them under our charge. We are equipped to give experienced service. B. F. SAUL CO. 925 15th St. NIW. Nat’l 2100 MORTGAGE LOANS THe FiNest Buying OrporTuNITY SINCE 1920— The records of Massachusetts Investors Trust foe 1930 show that canny investors have been buying Massachusetts Investors Trust shares for the past year. Here is a notable comparison: 5,000 shareholders, January 1st, 1930+ @ 9,500 shareholders, December 31st, 1930 An increase of nearly 100% In the month of December, 1930, investors purchased 23,547 shares of this trust which was nearly seven times as many as were sold during December, 1929, There is a reason fop thig increase. These investors realize in Massachusetts Investors Trust they are taking full advantage of the opportunity te purchase virtual partnerships in American industry at unwe sually low prices. Let us explain bow you, too, cam take advantage of the greatest imvestment opportunity since 1920. NvesTMENT Pankers A. S. Goulden & Co., Inc. Woowdard Building' ‘Washington, D. C. You may send me the facts about Massachusetts Investors Trust as the outstanding investment opportunity of today. Name - Harvest Month for the investor. Do not permit your incoming interest and divi- dends to idle—immediate re-investment insures against loss. JANUARY is the Harvest Month Your funds, harvested during January, can be re-invested safely and produe- 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 MORE THAN 61 Come in and let one of owr officers advise you of the attractive offerings we now have available SWARTZELL, RHEEM & HENSEY CO. - MORTGAGE BANKERS