Evening Star Newspaper, January 11, 1931, Page 61

FINANCIAL. 'THE SUNDAY STAR, ‘WASHINGTON, D. O, JANUARY 11, 1931—PART ' SIX. Stock and dividend. Sou Cal Ed pf (1%). . 4 SouthCalEd pfA(1%). So Cal Edis of (B) (1%) 4 dividend. ow lhtrow of (6). New Haven Clock(1). £ INNARROW RANGE| Edison El of Bos(13.60). 256 256 256 Educational Pictures pf TRADE INCREASES|.......-= === :""’"‘* Y W e _:Gain in Steel Orders Brings *, "Short Covering as Mar- : ket Closes. BY JOHN L. COOLEY. Associated Press Financlal Writer. NEW YORK, January 10.—Profit " taking gave the curb an irregular trend today, but the large increase in unfilled orders of the Steel Corporation, pub- lished as the market was closing, ‘brought in ‘enough covering to reduce ~most of the m:.l declines. A feature of the quiet trading was the strength of the Ford shares. Stocks of the British company rallied nearly 2 points, while Ford of Canada “A” was sup one. Otherwise, the industrials were dull and little changed. Utilities encouraged _rather active ~realizing and Electric Bond & Share ‘ruled below Friday’s close until the late trading when it rose to 44, up } net. ‘American Superpower and United Light | extra “A” were off nominally, but American Gas & Electric, Middle West Utilities, < Brazilian Traction and Associated Gas ~'A" were firm. Quiet prevailed among the oils, al- "hough prices tended higher whenever transactions were made. Gulf rallied 2 and_Vacumn improved fractionally. «Eities Service was steady. ~° Investment trusts were dull. United ~Founders lost nearly a point on + realizing, but halves its decline. COTTON IRREGULAR ON FOREIGN SELLING Market Remains in Narrow Price Range, With Closing Tone Steady. By the Associated Press. - 'NEW YORK, January 10— in cotton was quiet today, with fiuctua- rather narrow and irregular. An decline in response to relatively easy Liverpool cables was followed by rallies which carried the price of March up from 10.18 to 10.25, however, and Conference of Clothing Deal- ers Results in Several Ideas to Boost Business. Recently, at the request of the manu- facturers of a nationally advertised brand of men’s clothing, a group of 35 leading men’s clothiers gathered to dis- Cuss the problems of their industry and to suggest ways by which both volume and profit mflht be inoreased d 1931, says the current Retail Trade Bulletin of the Alexander Hamilton !n!tfl.uh ‘The following are the recom- listed in the order of the {muem:y with which they were sug- ltflve‘nlemen ;ddnkxnl remu- neration for personal selling efforts, including lpecrnel bonuses for sales to new muwmen and cash awards for ex- o i 2. Establish methods for soliciting business outside the store, employing salesmen for outside work onl, ! Secure new prospects from all pos- sible sources and promote these ac- tively through letters, telephone calls lnd personal contacts outside the store. . Create a competitive spirit inside !hg organization, lding weekly sales meetlnzl Instead of “sales,” promote weekly lpecllk locating the merchandise prominently. 6. Select nnd feature entire ensembles, taking a markdown on either the suit or the hlmlsh.\nn, but selling added units at one 7. Make it punlb]e for customers to buy from customer lists on approval, thus enabling the customer to purchase without going to the store, except for alterations. 8. Promote the color harmony idea in order to sell -e'.s of haberdashery with each clothing sal 9. Use live modelu in the window and broadcast window talks outside the store entrance. 10. Promote business in the nearby towns which do not have representa- tive clo stores. 11. Ap) to women as much as pos- sible by making them cwuhus of their husbands’ appearance. 12. Reduce prices goods that do not sel qulllully on the closing tone was steady at a netleEAT IN ADVANCE decline of 6 points on old January, but generally 1 point lower to 6 points higher, with new January relatively The opening was steady, 1 to 5 points lower, with the active months lellln( about 3 to 7 points lower during nm few minutes under liquidation hich appeared to be coupled with a ume foreign and s'm.hern fiumc January, old . January, new 'l‘ ;z;;s;z— UNIVERSITY DISCLAIMS BLAME IN FORECASTS By the Assoclated Press. CAMBRIDGE, Mass.,, January 10.— Harvard University today denied it was 3 look back over the bul- letins of the Harvard Economic So- ciety, sent out every week by Harvard economists, we realize very forcibly how wrong they have been during the last two years.” be unwise for the to he mnnacted with economic “Recognizing that it would be unwise to take ln] part in forecasting for ‘commercial purpolu the economic fu- ture, tion recorded on April 12, 1926, its intention to terminate the economic service as then con- ducted by the university,” it said. “The final separation was completed by vote of the corporation on Novem- ber .14, 1927, and the society was re- as an independent - fl@. Some of its members are of of ‘the university, but since that time it has been in no degree subject to uni- versity supervision or control. Its fore- casts appealed to business men so much as to bring the society a large number of subscribers, but neither in this esteem nor in any failure of indications to ON FOREIGN BUYING 0ld-Crop Months Benefit by Pur- chases, but July Delivery Goes Lower. By the Associated Press. CHICAGO, January 10.—Uneasiness of foreigners, who some time ago were sellers, furnished unexpected fireworks in wheat today. As a result, May wheat rose to levels unequaled hereto- Jore as far back as last October. Jul] wheat, which stands for the 1931 croj -venzed lower, however, and the d ings in old crop months were of reh- tively minature size. Corn owing to persistent commission uemng that was u.ld to include a large specu- lative hl: i Wheat closed irregular, 3% cents lower to 3. her. Corn, 7%-1% down. Oats, Ya-% off, and provulonu unchanged to a steback of 22 cents. Low. » CONFERENCE SCHEDULED Ecuadorean President and Bankers to Consult Professor. GUAYAQUIL, Ecuador, January 10 (#)—President Ayora, the minister of finance, and two Ecuadorean bankers are en route here from Quito to confer tomorrow with Prof. Edwin Kemmerer, Princeton University economist, who is on his way to Peru to help that coun- try solve its financial problems. The Ecuadorean officials wish to talk with Mr. Kemmerer regarding their country’s finances. After the conference here Prof. Kem- come true has the university anty share.” WEEKLY FINANCIAL HIGH LIGHTS By the Associated Press. Brokers' loans. . Pederal Reserve system ratio. Hnmnp United States 10,972,923 (PFinal three ciphers omitted in above.) Car loadings week ending December 27 Crude oil production (barrels).... Stock sales (N. Y. Stock Exchange).. 12,192,443 ~Bond sales (N, Y. Stock Exchange). New financing # Call money rate per. Electric output week ended January 3 (K. W. H)... *Revised figure. eeees..1,524,253,000 merer will go to Lima by plane. Year ago. $3,: IH 000 9% $484,842 2,929,347 567,615 12,112,935 639,389 2,652,300 11,938,270 $49,665,000 $54,; 207 ,000 4-5% | 2%-3% 4%-5% | 2%-3% %3%% | 1,659,380,000 *16,609,960,000 | $658,901 2,993,516 292,385 $729 467 2,941,219 251,398 7,703,477 713,810 2,126,750 11,581,337 538,419 2,082,100 “ WASHINGTON STOCK EXCHANGE YEAR 1931 (Reported by W. B. Hibbs & Co., Hibbs Building, Washinston, D. C.) SALES OCCURRING ON THE WASHINGTON STOCK EXCHANGE FOR 1931 UP TO AND INOLUDING FRIDAY, JANUARY 9. BONDS. PUBLIC UTILITIES. Anacostia & Potomac Riv. R. R. 1st Anacostia & Potomac Riv. R. R. guar. 949 Capital Traction 1st Ss, 1947 Georgetown Gas Light st 5s. 1961 Potomac Electric Power cons. 5s. 1936 Potomac Electric Power gen. & Washington Gas Light 5s, 1960 . Washington Gas Light 8s, leries A, Washington Gas Light s, serles B, Washington Railway & Electric 4s, MISCELLANEOUA. Oolumbia Country Club $%s, 1960 . PUBLIC UTILITIES. Capital Traction Potomac Electric Power NATIONAL BANKS. Fod.-American Net. Benk & Trust TRUST COMPANIES. American Security & Trust . Union Trust .. Washington Losn & Trust TO DATE Approx. Oven. High. Low. Close. matarits. | fraen.. 81 6 6.80% 5.40% 630% | 4.80% 4.20% 6, 1953 2 5.30% A 4.75% 1933 5.40% 1936 . 4.80% 1981 5.00% ..... 4 100% 5.46% | Low. Close. 414 11 109 120 8% AP 50 450 Same period a year ago.... 1930— A Acme Steel (4 Affiliated Prod (1. Agfa Ansco pf. Alr Inv Ine. vtc. Alabama Pow % Alexander lndun All Amer Gen Corp. Allegheny Gas Corp. Aluminum Co of Am. Alum Co Am pf (6) Aluminum Co, Ltd. Alum Ltd cum pf 6) . Alum Ltd A war. Aluminum, Ltd (B Alum G'ds M (1.2 Am Arch Co (3) Amer Austin Car Am Book (7). Am Brit & Cont Am Br Bo El Fd Sh Am Capital (B)..... Am Cigar Co. AmCIt PAL A (a3).. Am Cit P&L(B) (b10%) Am Cmwith P A(b10%). Am Cyanamid (B). Am Dept Stores. . Am Dis Tel, NJ cv pf(7) Am Equiti Am ForPwr war. Am Fork & Hoe (1%). Am Founders. . Am Gas & El pf (6) Am Inv, Ine, B. Am Maize Products (2). Am Manufacturing (4).. Am Maracaibo..... Am Meter (3). “er Am Natural Gs Am Superpowr (40¢) . ‘Am Superpwr 1st p£(6). Am Superpo pf (6. Am Thread pf (26¢). Am Ut &G B vte 20c. Amer Yvette Co. Inc. Anchor Post F (b10%) Anglo-Chilean Nit... Appalachian Gas.... Arcturus Radio Tu Ark Nat Gas. Ark Nat Gas Ark N G cm pf ( Arkansas Pwr&Lt pe( Armstrong Cork (1). Arundel Corp (3).. Asso Elec Ind Ltd(30¢) . Asso Gas & Electric. ... Assoc G & El A (a2). Asso Gas & Elec eu-u) As50 G & E pf (5) As30G & E deb r Asso Gas&El pur rts. Assoc G & El war. . Assoc G & Eall ctfs. Asso Rayon..... Asso Rayon pf (6). Asso Tel Utll (b8%) . . Atlantic Coast Fisherie: Atlantic Fruit & Sug. Atlantic Sec Corp Atlas Plywood (2). Atlas Utilities Corp. Auto Vot Machine. Auto Vot'g Ma ev pr pt. Aviation Corp Am. .. Aviation Sec,New Eng.. Axton F'T. A (3.20) Babeock & Wil (7). Bell Tel of Can Bell T. of Pa. pf. Bickford': Bigelow-Sanford Carpet. Blue Ridge Corp Blue Ridge conv pf (a3). Borg-War cu pf (7) Borne Scrymser (2) Bourjois Inc Brazil Trac & Lt (b8% ) 4 Bridgeport Mach (25¢). Brill Corp, A (65¢). . Brillo Mfg (60c) . Brit AT cou B 1.17 8-10c. Brit Cel Ltd rets. . 1 Pow A (2 Buffalo, N&EP pf(1.60) Bulova W ev pf (33%)... Bunker Hill&Sull(3).... Burma,Ltd rets $27 3- Butler Bros. ... Bwana M Kubw Cep. Cable Radio Tub vto. Cabl & W Litd, A rots. Cabl & W Ltd. B rets. Canadian Marconi. Carib Syndicate Carnation Co (j1%). Carnegie Met Castle AM & Co (3) Cellulold COrp......0v Cent Hud G&E n(80¢) .. Cen 111 Pub Sve pf (6).. Cent& SWUth6%.. Cent&Southw Ut prl Cent Pub Sve. Del. . t States El(k40c). .. Cent Pub Svc A (al.75) . % 82 2 s t States Elec pf (7). Cent Sts El cv pfn(af). Centrifugal Pipe (60¢). Chain Stor Development Chain Stores Stock. Charis Corp (f3). Chat Ph Aln.v, (1)..... Chicago Nipple Mfg A. Clev Elec Illum (LCO). . Cleveland Tractor(80c).. Cohn&Rosenbergerl n,. Columbia Oll & Gas vte. Columba Pict (£1%).. Colum Pict vte (£134). Com’'with Edison (8) Comwlith & Sou (war). Comm Wat Servbé%. .. Comp His Am sh(p3%).. Consolidated Atreraft. . Consol Auto Mer ctfs. Contl Gas & El pr pf(7). Contl Share cv pf (6) Contl Shares pf B(6) Cooper Bessemer (2) Copeland Prod Inc A Copper Range Cord Corp. . Corp Secur of chl (bl %) Corroon & Reynol Crn & Rnldas mi.). Cosden O11. ... Cosden Oil pt (7) Courtaulds Ltd pibc. Creole Petroleum. Cresson Consol (4c). Crocker Wheeler. . oss & Black pf 335). own Cent Petm (new). Crown Cork Intl A ((1) Curtiss Flying Serv. Curtiss Wright war. Cus! Mex Mining Darby Petroleum < Dayton Airplane & Eng. Deere & Co (81.20) De Forest Radio. Deisel W Gilbert Driver Harris pf (7) Dubilier C & Radlo Duke Pow (5). . 2% Duallon. Gas Corpw.i.. 1 B ‘ham Hoslery (B) Durant Motors. .. ... Duval Tex. Sul. w.l. 14% East G & Fuel Asso., 11% East Sts Poy B (1) § Eastern Util Asso ¢! 60 . 120% % O O I e AT o o aon R I | ittt ttdtttrtrttttttd +44+ 14404 + FHEEVIHEEF 0 4+ | +4 & E + FlH I+l 4440 +4++ ++ AL+ {4t T++1 1+ ¥ e +1 14 \ 4+ I+ 4+ Tl o bt 4444+ +1 110 exse gxx "By 1 i+ + =2 R rFefs srwes " Brrrrr 2y ¥ ¥ exxd o 85 PEFFEIFFESESTE e wen FEEFP ExF F» s rase o w FOEFEF FEF o we ee FEPEIE FEF . 335 Sk & 2 x e Sa _muasmn ¥ sex® #3705 " e G e D oo e Eisler Electric Corp. ... Elec Bond & Share (b6). s El Bond & Sh pf (6). Elec Bond&Sh cu pf Elec Pow Asso (1) Elec Pow Ass0 A (: E1P & L opt war Elec P&L 2d pf A Europe Elec, Ltd Aulh) Euro Elec, Ltd deb rts Evans Wall Fageol Motor. Fairchild Avia Fajardo Sugar. Fandango Corp. Federal Mongul (1. Federated Capital Ferro Enam A(14%). Fiat receipts (1.25). Fiat Stk deb rts. Fire Assn Phila (1. ‘0) Fischman & Sons A. ¥lintkote Co (A) Ford M Can A (1.20).... Ford Mot, Can B (1 Ford M France p28 Ford M Ltd (p37%). Foremost DairyProd. Foremost Dairy pr pf.... Foremost Fabrics Franklin Mfg Co. Garlock Packing (1.20). Gen Alloys General Aviation. - General Baking pf (3).. General Cable war. Gen E Ltd rt (pT0c Gen Empire Corp (1). Gen Th Eq cv pf w.i.(3 Gen W W& ELA(2).. GeorglaPowerpf (6 Gilbert (A C) pf (3%3) Gleaner C Harv new Glen Alden Coal (8) Globe Underwriters Gold Seal Elec new. Golden Center. Golden State Milk. Goldfield Cinsolidat, ... Goldman Sachs T C. Gorham, Inc pt (3). Gotham KnitbacMch Grey Tel P S (14). Graymur Corp (1). Great A & P Tea n. Grt A&F Tea pt (7). Great Lakes D D (1) Grier Stores. .. 4 Greyhound Corp Groc Strs Prod v. % Guardiau invest. Gulf Ofl of Pa (1%) Hall Lamp (40c) Hand P p pf(p25 Hartman Tobacco. Hagzeltine Corp (2) chll Mining (1)... na Rubinstein !-lo inger Goled (165c). . Horu&Hardart(2%).... Houd-Her cv pfAZ3.... Hudson Bay Min& 8. Humble Uil (t213) Hydro EL Sec.(2). Hygrade Food Prod. 111 Pipe Line (e13%) 11l Pwr & Lt pf (6) 111 P & L cm pf (6) Imp Ol of Can (50c). India Tire & Rubber Ind Pwr & Lt cu pf(6%) Ind Terr illu O1l (A).... 21'4 Insuil Inv (b6% Insull Util 2d ntm Ins Co of No Am 8% Insurance Secur (70c) intercoast Trade 3 Intercont Power A (2).. intercont Pete new...... Int Cigar Mch (2%).... Intl Hydro cv pf (3%). . Inti Petroleum (1) intl Int Superp (11.10) Int Utilities A (3% Internatl Utilities (B) + InterstateEquities Interstate Eq con pf (3). Interstate Power pf (7). Iron Cap Copper. . Irving Air Chute (1), Italian Superpowr A.... {tal Superpower war.... Jefterson Electric (2)... Johnson Pub Co (2)..... Jonas & N cum pf. Kirby Petroleum. 4« Kirkland Knott Corporatio Lackawanna Sec (4) i Lefcourt Realty 1.60, LefcourtRIty pf(3)..... Leh Coal & Nav new 1.40 Liberty Dairy Products. Ldly Tulip Cup 1%. Lion Ol & Refining . Louisians Lan & Ex.... MacMarr Stores (1) DE (8%) Mapes Con Mfg (13%).. Marconi Int Mar(p3sc) Margay. tiing Mayflower Asso (32)... Mead Johnson (13%). 4 Memph N G Co (60c).... Mesabi Iron. ... Met & Min Inc(1.20). Metal Tex pt pf(3%). Met Chain Stores. Mexico-Onio Ofl. Mid Sts Pet v.t.c. A. Mid Sts Pet v.t.c. B..... Mid West Sts Utll (1%). Mid West Util (b8%)... Middle Wt Ut pf xw(6) Mid Royalty ev pf (2).. Midlan Nat Gas A(1.20). Midland Stl Prod, n (2). Midland United (b6%).. Midvale Co (4). Miller & Sons (2). Moody’s 1 8 pt pf (3)... Mount & Gulf (6 Mountain Prod(1.60) Mount St Pow p£(7) Dt (6 at Pub Serv (A) +1.60) at Pub Sve pf (7)..... Nat Rubber Mach. . . Nat Screen Service (29.. Nat Sh T Sec A (,Silll). . (2) 1% 22% 214 97% 14% 2% 14% 20% 60 98% 17% 84 4% 20% 16 31% L4+ +4+4++++ 1414 ++ +4 + o+ 4+ bR+ % ++ 1 +++ et A+ I F FEF [EE et s F¥T". Lldd bt L+l D44+ +4 11 P+ 14+ [ ++++++++ b+ 1 ++ e e e ek PR R I++++1 I+ 4+ L R ok S (RS (A A AR P > e @ FEFEITER FFE 27 5s8F 5 Fas 5 5% 'Niag Shares, Md (40¢).. New Jersey Zinc(13). New Mex & Ariz Land. Newmont Min (4) N Y Auction Sou Calif Ed pt(C) (1%) Southern Corp. . Southern Stores (A). Southland Royalty (60¢) Spanish & Gen rets Spieg May Stern pf Staley (AE) Mfg pt( Stand Motors. Stana Ofl of Ind (%) Stand OIl Ky (1%)..... Stand Ofl Neb (2%)..... Stand O11 Ohio(23% ) Stand Oil Ohio p£(7)... Stand Oil of Ohlo(5). ... 1 Stand Pwr & Lt (B) (2). Standard Screw d).... Starrett Corp. . Starrett Corp pf (3). Strauss Roth..... Stromberg-Cart (1) Stutz Motor Carn. Sun Investing. Sun Investing p Sunray Oil (b5%). Swan Finch Oll. Switt & Co new (2). Swift Internat (3) Swiss Amer El pf(6). Syracuse Wash Mch(B). Taggart Corp (1). N Y Transit (1.60) . Niag.-H. Power {40c) Niag.-H. iag.-Hud Pwr C war, Nil Nipissing (30e).. Noma El Corp (80c). Noranda Mines. Nordon Corp Ltd. Nor Am Aviation A war. Nor Central Texas. ..... North & Sou AmCor p A. Nor European Oil Corp. Nor Ind Pub Sve pf(6) North Stat Pwr A(8) Nor States Pwr pf (6).. Northwest Eng (2) . 15 Novadel-Angene (t4%). 89% ‘Ohio Copper. . P, Ohio Ofl n (cu)pf (6)... 102% ©Ohio Power pf.(6). 104% Ohio Pub Servpf A (7). 104 Okla Gas & E1 p£(7).... 107% Okla Nat Gas pf (6%)... 45 Oliver Farm Equip w! Outboard Mot (A). Outboard Mot B, PacG & B 1stpf (1%) PacG&EPL1.37%.. Pac Pub Sve A(1.30).. ="srery seaFes VH+ LI F+0+ F LI+ 44++11 1+ FHEL L+ Todd Shipyard (4) Toledo Edison pf(6) Toledo Eidisn pf(7) ‘Trans Alr Trans. . TransLuxDLPS. Triplex Safety Glass. .. Tri-contin’l Corp war. Tri Utilities (31.20). Trunz Pork Stores(1. Tubsize Chatel (B). Tung Sol Lamp (1). Ungerlelder Fin Corp. Un N G of Can (1.40). Union Oil Asso (j2). UnionTobacco. . Utd Carr Fastener...... Unit Chem pt of (3). Unit Corp war. Unit Dry Dock. . Unit Elec Sv (p1.41) Unit El Ser pur war. Unit Found (b2-35 sh).. ++ 41 Davis&Co(11.65). Patterson Sargent (2).. Pender (D) Grocery B. Pennroad Corp. .. Penn-Mex Fuel (3) 16% Penna Pwr & Lt pf(7).. 108% Penna Salt(5) 80 Penna Water . 62% Peoples L&P (A) (a2.40) 23% Petrol Corp war. 1% Phil Co new (11. FEF &5 Pie Bak of Am (A) (2) Pilot Radio Tube(A) Pitney B Posn(20c). Pitts & L Erie (5). Pitts Plate Glass (2 Plymouth Oil (2).. Polymet Mfg. ... NOEROA e Hwoeg = Lttt d 4+ L+ EEEE ® B8 & Premier Gold (12¢) Prince & Whitely. . Prince & Whitely pf. Producers Royal (1). Prudential Inv, Pub Sve of Nor 111 (8). Pub Utll Holdings (Sl'lc) Public Util Hold war. .. Pub Util Hold xw (50c). Puget Snd P & Lt pf (6). Pure Oil pf (6).. Radio Products (2) Railroad Sh (50c) . Unit Ret Chem pf (3%). U 8 Elec Pwr ww. U S Elec Pwr (war, U S Fin Holding U S Finishing pf U S Foil Co B (50¢). +4 1+ o+ = + 14+t FEFES US & Int Sec 1st pf (5).. U S Lines pf (1) . US & Overseas war. . U 'S & Over ctfs (28%c). U 8 Playing Cards (4) Unit Stores..... Unit Verde Ext (2). Universal Con Ol.... umnml Pictures..... Utah Ape: Utah Pwmm of (1) % Util P& Ltatl.02% Utd P&L B(at1.02% | - = + oA+ E FEe 2 wsf" Util Equit pf (5 Vacuum (4)... Van Camp Pack..... Van Camp Packing pf.. Venezuela Petroleum. .. Vic Finan Corp(40¢) ... Va Pub Sv pr (7). Roosevelt Field. Inc. Rossia Intl Corp. Ruberoid Co (4). Ryan Conzolidated. SafeCarH& L (3) 1+1++1 ++ Walker Mining. Watson (JW) 0........ Scovill Mfg (2)..... Seaboard Utilities (50¢) Wheatsworth (11%).... Select Industries cfs. Wheeling&Lake Erie pl. Select Industries pr pf. Selfridge Store (27c) Sentry Saftey Control. Seton Leather (1). Shattuck Den Min Shawingan W & P (2% Shenandoah Corp. . Shenandoah Cp pf (a3).. Sherwin Willms (14%). % Silica Gelct..... Singer Mfg (10) ssxe? 7875 PelesefeBrer 2 Winter (Ben).., Woodley Petzol. 0% 12% 13% 13% Public Srv No Iil 18% 21% Dividend rates in dollar annual payment. {Partly extra. iPlue 4 ;h’l'll in cash or stock. i’m e P4+ 14+ 144+ F+4 4 bttt 41 L 1% — & 21% 22% + 2% Financial Independence Assured It is now possible for the executive, the salaried employe and the small investor to obtain the maximum return on his capital consistent with sound investment principles. It is possible to acquire, systematically, over a period of years, IN- DEPENDENCE FUND participations representing a steadily increasing interest in the same securities that have been bought in large quantities by some of the most discriminating investors. It is further possible to insure the completion of this investment program. The result is Financial Independence. On the basis of performances in the |;|st 10 years of the underlying securities $30 PER MONTH invested in Indepéndence Fund would $7,881 mature at the end of 120 months in the amount of. If the above sum is permitted to remain in the Fund and the $30 monthly payments continued, your estate at the end of the second period of 120 months would amount to......... . $34,656 $123,000 Similarly, at the end of the third period, or 30 years from today, your estate would amount t0............. This estate of $123,000, left intact and invested in the same securities that created it, should, based on the vield of these securities for the past ten years, give 15 m you and your heirs an average annual income of..... E) You Should Share in America’s Growth and Establish Your Financial Independence Never before has it been possible to pay as little as one dollar per day into a Fund and obtain an interest in 28 of the world’s greatest corporations having combined assets of $23,000,000,000 and have your goal of Independence protected by life insurance while the returns on your investment are being compounded semi- annually for a peériod of 120 months. The Fund consists of North American Trust Shares which are deposited with EMPIRE TRUST CO., NEW YORK, TRUSTEE. Perot, Adair & Co. INCORPORATED SHOREHAM BUILDING N e e T RS M ROETERENY T T T Y e Mail This Coupon for Further Information Name . . vasBBusiness Address ......ccioiiiiimrriieiiieiension Telephondh, Home Address .........ccovivvvnnneignnns O o 3 dodns wnessnibs ves dlrmnans salbed s { R e e R S ] T4+ 4+ 144+ 1 ++++++ 1+ 4444410+ F+++ 14+ L ++44+ ++ + + +4++1 )2 L ++ - 3 ++4 PEr &¥ FRrPIoae ¥ Sear w5 - £ =5 £ £8 € o FersssFersen - Peer - e “eeFreePef i s rrssP2lsF e Fr¥Fs R e - +