Evening Star Newspaper, January 11, 1931, Page 62

P FINANCIAL, BONDS IRREGULAR . ON'LACK OF BIDS) - Industrial Group Continues Firm, With Upward Price Trend. BY DONALD C. BOLLES, Associated Press Financial Writer. NEW YORK, January 10—Bond prices were irregular today as bidding for investment issues showed signs of slackening. Rails were fairly steady on small fractional changes elther way. Utilities issues were heavy, and in most instances prices were a shade under the previous close. The market in in- dustrials was thin but price movement continued upward. A $15,000,000 5 per cent bond issue of the Milwaukee Electric Co. was offered on the final day of the week, but was understood to be largely a formality, as bankers said that the issue, together with two other large offerings, had been sold. The other two are Detroit Edison 4!is, amount- ing to $34,984,000 and $25,000,000 Pa- cific Gas and Electric. 41js. Invest- ment houses were much encouraged by the reception given the issues and look for a good volume in the new financing market next week. United States Governments were about steady. Liberty first 4lis ad- vanced to 103, and the Treasury 41¢s were a little higher. Aystralian Bs, Brazilian 6%s and German Bank 6s were among foreign loans that declined in an irregular movement. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 10 (#).—The following is today's summary of im- portant corporation news, prepared by Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. ‘The Great Northern-Northern Pacific unification negotiations, which have been pending for about five years, have been abandoned. Dividend reductions have been made by Elgin National ‘Watch and Railway & Light Securities. Skelly Oil directors have passed divi- dend due March 15. Equity receivers were appointed for General Laundry Machine. Commercial failures in past week ‘were at a new high record, numberin 927, compared with 732 in like 195u week. For the year 1930 business fail- ures, exclusive of banks, numbered 26,355, against 22,109 in 1929. Liabilities ‘were $668,283,842, compared with $483,- 250,196 for 1929, the week at leading cities were 9.4 per cent below those of same 1930 week. than in 1928 and 1927. Chemicals.—Domestic chemical in- dustry, broadly considered, has fared Soprcesion than mosh. ades.” Aversgs m es. Average profits in this field for the full 1930 year were probably not much more than 20 per cent under record returns for 1929, as mmnd with an indicated recession of lopercentmllmm general industrial activity. Because of the variated nature of the trade, how ever, a mixed trend will doubtless be men~Wofld cotton erop beginning August 1, 1630, utumm lt 20400000 bales (478 pounds net) vs. 26,300,000 bales produced in pre- vious season, according to Department of Agriculture. Machinery—Exports of industrial ma- chlnery. excepting locomotives, engines, etc., for 11 months ended November 30 totaled $206,943,000 vs. $231,458,000 in 1929 period, but larger than for any similar period since 1921. The Companies. Borden Co. reported negotiating for Modern Dairy of Winnipeg. Burns Bros.—N. Swayne elected presi- dent in place of Wertheim; Grant and Close of Lehigh Valiey Coal on board. Byers (A. M.) share earnings, year ended Septembea 30, $2.74 vs. $5.81. Chicago, Burlington & Quincy-Great Northern-Northern Pacific unification plan abandoned. Commercial Solvents reduces prices of buyl slcchol and scetone 1 cent & poun Commonwealth & Southern estimated December electrical output declined 3.8 per cent; 12 months off 55 per cent; December gas output off 3.5 per cent; 12 months off 2.8 per cent. Detroit Edison $34,984,000 general and refunding mortgage 4'.s sold to bankers. De Forest Radio asks United States Supreme Court to review Langmuir pat- | ent case; to sue Hygrade Lamp for ll~‘ leged unfair competition. Elgin National Watch declares 37: cents quarterly dividend; paid 50 cents | November 1 and 62!5 cents previously. | Equitable Office Building share earn- | ings, eight months to December 31,/ $1.80 vs. $1.81 Firestone Tire & Rubber rcpon,cd‘ ready to announce price reduction of between 6 per cent and 12 per cent. | Ford Motor general operations re-| sumed at main plant; about 60,000 em- ployes expected to be re-engaged. General Baking Corporation capital luvon this concern. changed for shares General common—1 share corporation pre- ferred for 1% shares company common | "off 55 por cent; | DAt o5~ o 1032 100 101% 4% 91 112% 118 68 5% 100% 80 96 88% 101% 89% 8 6815 103 59% i 100% 85 102 UNITED STATES GOVERNMENT, High., Low. Close. 26 Lib8%s1982-47.....10131 10127 10128 10 Lib 1st 438 1932-47. 1032 102 23 108 ib 4th 438 1933-38. 103 27 10322 10825 338 1940-43...,.10222 10211 10222 338 1943-47 103 10224 10227 3 10630 106 15 108 25 45 1944-54 109 10810 108 24 4%s1947-63.....118 11216 113 FOREIGN. L u u u o u Argentine §s June Argentine 8s A '57 Australia 5 Austria 78'43.... Bank of Chile 638 '57 104% 10 &l 78 18 78 814 101% 108% ln'l’m 107% 82% 104 66% B M ! 3 e be 4 3= 85 +18K Canada §. Chile Republic 65 1960 Chinese Govt Ry bs '51 Colombia 6s 1961 Jan. Copenhagen b8 ‘52 wes Czechoslovakia 8s '51. Denmark 53%s 1955. Denmark 68 '42. 104% 104% 2% 78 2Th 2T% 58 63 W 98 98 100% 110% 100% 100% 100% 105% 104% 104% 102 101% 101% 102 101% 101% 80 83 934 96 120 120% French 1%s 1264 126% Ger Gov 5145 '65 wi. 6 T1 T4 German Bank 68 1938, 80% 83 German 78 '49. : 101 101% 83 85% 102% 102% 93% 96% 102% 104 0% 924 §. 28 79 83% 1054 105% 66% 661 102 102% 884 90 1014 Milan 6%8 5. Netherlands New South Wi Norway 6%s Orient Dev 5% '57. Paris-Lyons-Med 68 '58. . Paris Orleans 5%s 1968, Peru 6560 Peru 7s. 102% 90 104% 1084 40 Poland 85 '50. Queensland 65" Sao Paulo State of 8s ‘36 Seine Dept of 7s. . Serbs.Croats&Slav7s'62. Serbs Croats Slov 8s Swiss 5% s 4 10655 1073 7% 784 90% 92 105% 108 91% 944 Utd Kingdom 5% Uruguay 6s 1960 5% 81% 83% 83% 58 68 Yokohama 68 ‘61 9% 9% MISCELLANEOUS. Abram & Straus 5% s'43 Alleghany Co cv bs ‘44 Am Agri Chem 7%, Am Beet Sugar 6 Am Chain 65 1933 AmIGChmb56%81949... Am Internation §%s ‘49. Am Natural G 6%s 42, .. Am Sm & Ref 1st b . Am Sugar Ref 6s 37, . Am Tel&Tel cv 4%s '3 Am Tel & Tel s £ bs. Am Writ Pap 68 °47. Armour & Co 43839, Armour of Del §%s '4 Atlantic Ref deb 68 '37 Bell Tel (Pa) ret 5; Beth Steel p m 63 Certain-teed 6% 8 194 Chile Copper 47 95% 96 ‘35, seeen 98y 99% 99% 101 Bty 95% 102% 108 104 104 124 180% 106% lge\c 102 1024 107% 108% 101% 103 314 35 wt'. 104% 25 Detroit £dison ref lOSK 105‘/- 105% 105% + +1% +1% +4% 86% 46%+410% P ot | +7% + 4% ~B% +1% +bn + % + % +1% +8 Dodge 6540 . 1 86 891 + Duquesne 4% s 1967, East Cuba SBug 7%s '37. General Cable b%s 1947 Gen Motors 8s ‘37 Goodrich (B F) 108% 104 30 40 90 90 102% 108% -l i Int Tel&Tel ev 4% Kan Gas & Elec 4 %5 8 102% 102% 2% 101% 1024 104% 105% 103 9% 9T% - % +1 - % +1% + % 15 Grand Trunk 7s ‘40. THE SUNDAY STAR, WASHINGTON, . Close. 109 1 Youngstown Steel 6378, . RAILROAD, Atch T & 8 Feadj 48 '95, B & O ref 68 D 2000, Balto & Ohio 6s '95 Bangor & Aroos Boston & Maine 68 Brooklyn Manh 1st 6s A. Brooklyn Union 58 '5 Canadian Natl 4 % Canadian Natl 4 Can Nat July bs £+ 4+ A+ D. G, +1% 9% — 108% + % FE FET Fr22 + © = ‘i & Ch & East Il gen b8 ChiGreat West 48 ] Chicago&Nwn cv 4 Chi& N W 6%s'36 Chicago Rys 58’37 Chi R 1 & Pac ref 4 Chicago RI4%s A Chi Union Station 4 4s. Chi Union Station 638 Chi & West Ind oon 48. .. Chl & West Ind 5%s'62. . CCC&StLr{4%sE"TT. CCC&StLESD........ 101 Ch ClevaStL rf 6sC 41.. Cloveland Term 6s.B 78. . Cleveland Terminal 53%s Colo & Sou ref 4%s '35 Cuba R R 58 °5: Cuba North 5%8 *¢: Del & Hudson 6% '37 Den & Rio Grand Den & R G West bs Detroit United 4% Erie 1st con 45’96 Erie gen lien 4 Erie ref 68 '67. Erie 5s'75 Flor East Co: FondaJ &G 4%s'52 Grand Trunk s £ deb Great North 4% 8 76 Great Nor gen 5148’53, Great North gen 78 "36 Havana Elec Ry §%s. Hudson & Man adj 65'67 Hud & Man ref 5857, .. I1inois Cent ref 48 °55 Illinojs Central 4%s '6 Inter Rapid Tran bs '66. . Inter Rap Tr 6s sta '66... Inter Rapid Tran 6s'33.. Inter Rapid Tran cv 7s. Inter Gt Nor adj ‘65 Iowa Central 45 '51. Kan City-South 3s 1950, Kan City South 68 '50... Kan City Ter 18t 45 '60 Lake Shore 48 '3 Lehigh Val cn 48 2003, Louls & Nash uni 4s "4/ Market St Ry 78 A ‘40 MIUEIR & L 1; 3 Minn & St L re: MStP&SSM6%s 31 Mo Kan & Tex 18t 4590, Mo Kan & Tex adj 5s '67 Mo Kan & Tex pr ln 58A. Mo Pacific gen 48 Mo Pactfio £a 05 Mo Pacific 58 ¥ Mo Pacific 68 G Nassau Elec 48 ‘51 [YCh& SLref5%sA ew Haven deb 4s ‘57 2222227 State Ry 4% s 6. NY Wes & Bos 4% Norfolk & W cn 4896, North Pacific 35 20a1. North Pacific 4s ‘97 North Pacific 5; North Pacifie r Ore Wash 1st ref 4s ‘61, Penna cn 4% s 1960 Penn gen 4’5 Penn 4%8'63, Penn 55 19 Penn gen 65’68, Pl(!shzh&“’\l!%sc 60 Reading 4%s '97. . RIo Grand West RIArk & L 4%8°3. sEseFas A Tl T S A R R ohe > "es $iss © PREFEF +4 ¥ % | 000,000 acres of United States Winter Lornhrd l‘fi Manati Sug . Midvale Steel 65 °36. ... Montana Power 58 1943 Nat Dairy Prod 6%s ‘4 Nat Radiator 6 194’ New England Tel 5s '62. . N 'Y Edison 18t 634841, ¥ Tel 4%5°39 Pacific Gas & El bs Pacific Tel & Tel & Pan-American 6s ‘34 Para-Fam-Lasky 68 Sinclair Oil 78 Sinclatr Crude Ofl Sinclair Pipe Line &8 Southwes Bell Tel Stand Ofl N J 68, Btand Ol N Y 4%s 61 Sugar Est Orfente bs '42. Tennessee Copper 68 '41.. United Drug 65 °53. . U 8 Rubber 18t & ref b Utan Power & Light bs. . Utilitles P & L 6% '47. Walworth 6s 45, . ot 831 79 88 934 b4 26 39%+13% 101% 102% +1% 1044 104% 9% 100% 14% 14% 108% 109% 114% 114% 101% 102% 106% 106% 102% 102% 103% 104 1034 108% 106% 106% 102 102% 94 96 100% 101% [ *® South 44+ AL+ ERI+ SressFrazfss St L iron Mt gen 6; SLIM&SR&G StL&SF prinds A 60.. BtL&SF %88 8tL & San Fr 68 B 50 8t Louis S W con 48’32, StPKCBS Line4%s 41 Seaboard A Liref 45°69. Seaboard A L a 16!"9 Beaboard A L con 6s°45 ific col 4 South Pacific ref ¢ Southern Pac 4145 69 Southn Pac Ore 4148 Southern Ry gen 4 Southern Ry 18t 65 '94 #2% Southern Ry gen 6 871 91 62% 68% 89% 91 99 100 5 100% 101% 99% 100% 106% 106% 104 105 99% 100% 20 30 94 95 974 99% 4 1% 2% 100% 101% 78 82% 3% 13% Waba: +b% -4% South Ry dev 6%s Third Ave 1st ref Third Ave adf Un Pacific ref virginia Ry v Wabash 1st 6839, Wabash bs B 1976 5i%s ‘76 West Maryland West Maryland 5% Western Pacific 58 West Shore 18t 4s 23 income $401,330, equal to $4.69 a share) in_preyjous year Thompson (John R.) December sales 12 months off 5 per cent. United Alrcraft & ‘Transport—Senator introduces - resolution proposing investigation of air mail contracts of this company. United Corporation 1930 share earn- and 100 shares corporation common for | ings, 78 cents; earned 49 cents January 3 shares company common; back divi- dends on preferred to be debentures, $2 annual dmdcnd planned ' under cost; for new common. General Laundry Machine equity re-) 967 preference stockholders Deceniber | ceivers appointed by Federal court, Utica. | Indian Refining—Abbut 25 per cent | December co of common deposited under Texas Cor- poration exchange offer. International Hydro-Electric System electric output, 12 months to November 30, up 9 per cent. Interstate Hoslery Milis December dollar shipments up 22 per cent, volume shipments up over 50 per cent. Long Island Railroad—Transit com- mission to ask Federal court to enjm.nl abandonment of Whitestone line. | 7 to Decembcr 31, 1920, market value paid off in ' holdings December 31 was $151,064,022 no_extensive changes in portfolio; had 68.404 common and 16,- 31 United Verde Extension Mining T output off 48 per cent; 12 months off 30 p'r cent. Youngstown Sheet & Tube increases operation 10 per cent. City Stores omits quarterly common dividend; paid 12! cents October 15. |DRESS TRADE REPORTS GOOD SALES PICK-UP Missouri Pacific Raiiroad holdings of BY the Associated Press. Texas & Pacific common increased to| about 225,000 shares or roundly 59 per_cent of outstanding shares. Nashua Manufacturing cuts rates as much as 20 per cent; increases opera tions. Pacific Telephone & Telegraph share [well in both medtum earnings, 11 months to November 30, |ranges. Coats were bought. pot only $7.40 on average number of shars out- | current sales, for Wl k, NEW YORK, January 10.—Somewhat greater activity in the ready-to-wear trade in New York during the week has proved encouraging to producers. Busi- ness in the dress trade has picked up sharply, with printed silk models doing and low end for fur- standing during period, against $10.02 | trimmed garments were sought. bt o- in 1929 pe creasing activity for early Spring was Penmylvnnh Railroad.—Gov. Ely of | registered. Massachusetts recommends that Leg- hhuve eommiwu tnvuunw interest. Boston & and New . York, 'll' Haven & Hnn(ord AP OUTPUT UP 35 PER CENT. NEW YORK, January 10 (#.—R. P. Railway & Light Securities declares | Page, president of Autocar Co., said the has increased #1 extra and 50 cents qumfly ai- | u extra February 1 and shipments during the umdend Rret qusrtlr to & level more than 35 o ck Q‘fldt year Y“D. ,80, against net orders m FARMERS ARE TOLD Maryland Crop Association Also Elects New Officers for Coming Year. Special Dispatch to The Star. BALTIMORE, January 10.—Ira V. McKenzie of Cumberland was elected president of the Maryland Crop Im- provement Assoclation at the session of the Maryland Farm Bureau Federation convention here this week. ‘The association, a subsidiary of the federation, held a joint meeting for the election of officers and the award of prizes in the corn contest. Other officers elected were Noah H. Arbaugh of Westminister, vice presi- dent, and P. W. Oldenburgh, professor | at the University of Maryland, secre- { tary. The principal speaker was Dr. §. H. De Vault, University of Maryland, who spoke on the elements of successful farming. He said: “Many of the farmers do not know just what is the best-paying enterprise on their farms. “As the result of study, the Univer- sity of Maryland has spread consider- able light on the lt.ltul of Maryland BCflCu!ture “Profitable farming requires balanced farming. Economy in use of labor is another way of increasing farm earn- ings. "Apg-renny those farms using farm lacing human and Iabor, are [ nndu:elreutotproduc low as com those s are llrlllv ‘han WAY TO PROSPERITY| Maryland Tobacco Growers' Associa- tion; George I. Gardiner, executive vice president, and Dr. F. R. Bomberger of the Federal Farm Board, led the dis- cussion of the problems of the ine dustry and made addresses during the sessions. RECEIVERSHIP PETITION FOR PIPE LINE CO. FILED By the Associated Press. CHICAGO, January 10.—A petition for appointment of a receiver for the Missouri-Kansas Pipe Line Co. and sub~ sidiaries was filed in United States Dis- trict Court today by attorneys for three stockholders livirg in Cincinnati. Frank P. Parish, organizer of the Mis- souri-Kansas Co. and the securities con- cern which bore his name, were named defendants. Parish and members of the directorate were charged in the petition with manipulating the company’s stock, issuing false financial statements and disseminating false propaganda as to the value of the pipe line company and its stock. ‘The complainants were Herbert M. Part, Harper N. Morgan and Edgar V. Godley of cmcmnm swckholdeu COTTON EXPORTS STILL JANUARY 11, Low. _ @tocks and Dividend 10% South Porte Bug (1.4 Standard B -nd- u 20). Stand Brands pf (1) Stand Comm Tobaec Stand Gas& Blec pf (§).. Stand Gas & Blee pt (7). Stand Invest Corp. . Stand Ol of Cal (h2% Stand Oll Export pt (8). Stand Ofl of Kan (!).... 8 snrlln[ BecA). Sterling Secur pf (1.30) ptis), r(2).00s Stone & Webster (4) Studebaker Corp (3). Thompson (J R) (3) ‘Thompson Prod (2.4 Tide Water As O pf (6. Tide Water O1l (80c). Tide Water O1l pf (5)... Timken Det Axle (800).. Timken Roller Bg (3) Tobacco Products. . 4 Tobacco Prod(A)(1956). Transamerica Corp (1). Transue & Williams (1), Tri-Continent] Corp. ... Tri-Con Corp pf (6) Trieo Products (23%). 0% Truscon Stl (g1.40).... Twin City Rap Tr pf(7). Underwood-Eli-Fish(8) . Union Carb & C (2.60) Un Oil of Cal (2). Unit Alreraft pf (3) UnitedBiscuit (2) Utd Business Pub.. United Carbon (1) United Cigar Stores. Utd Cigar Stores pf(8).. Unit Corporation. ., United Corp pt (3). United Bleo United Fruit (4) Utd Gas & Improv (: ) United Gas Imp pf (5).. United Paperboard. Utd Phca Dye Wks (3).. Dywks pf 6% . lo: ributing. U l stributing pt ('”. 1931—PART Secey. 118 (8). @)... 49% 5 80% 20% 1o02% 8% 26 8 8 % o - % SIX. R R e nan vxm Freses s srx o * FEEST & FUIH+++ 14404444 ++4++ +44 b -4+ b4t 41444 F LI+ T+ -_mwoen 25" 2x$ 55" Fsesz e T T & x sFss R R e T B S RS - 5: 102 in ‘Stock, WINTER WHEAT IS MENACED BY SHORTAGE OF MOISTURE BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, January 10.—Molisture shortage complaints indicate that 10,- whaat are at a stage where, unless relief soon comes, dlmln follow. The umwry affected is about om-qunner of 'k e M.B]Llres n;:d:’dn' -n--d; re- ports alternate t and freez- lnz eomfitlom tend to accentuate pfig- a heavy abandonment of acrenga ln the Spring. Compared with a week ago, wheat this morning showed %al', cents advance, corn was '3a% up, oats showing Ypale ain, and provisions at a rise of 10 to 5 cents. It will be several weeks before even experts can determine whether the bulk of the wheat in the moisture area will grow or not. Injection, how= ever, of the element of uncertainty has become an evident factor in the 'hell market, and pit observers declare that the influence of the moisture situation || will tend to become more and more striking as the season progresses, Fur- thermore, the point is made that most of the large Winter wheat States lack not only sub-soil moisture, but snow cover- 0 cia w teh as to adeq pecial watch as uate moistur for Winter wheat is Deing kept upon Texas, Oklahoma, Kansas and Nebraska, which have more than half of lhe United States 1931 Winter far, there hu been no complaint ol dn wedther in that section except fi Eastern Kansas. Considerable unmt- ness is also expressed rennfln: cable Teports of dry weather prevailing over India, but unless the drought there spreads from wheat territory into the rice regions no world price effects are looked for, although rlce at Indo-China BELOW 1929 FIGURES By the Associated Press. Cotton exports were reported yester- day by the Department of Acrlnulmn to continue below those of & year ago. Exports from August 1 to Jlnulry 9 amounted to 4,200,000 bales, compared with 4,600,000 for the same last mno.z." ‘The totals include exports to Dunntmwoekenmnn 9, however, vm.hl mm Investment Experience Municipal, Legal and Guar- anteed Bonds; Bank Stocks, Insurance Stocks, Preferred Stocks, Common Stocks. Robert C. Jones & Co. Investment Bankers Investment Building Telephone Met. 2922 “Comsult Us About Your Imvestment Problems” Oppouy or Exceptional Income Share in Control and Management Local group controlling a company with headquarters here, doing business elsewhere, paying 8% dividend earned sev- eral times, wants additional capital for expansion anly, with probability of greatly increased earnings and dividends. Low overhead; strong reserve; as- sured safety; no indebtedness. This is an op}wnumty for men with surplus funds and of good standing to share in the man- agement, control and unusual profit of a safe, sound business. Address Box 476-H, Star Office th"h‘ already above the cost of wheat rn traders assert that competition of foreign mmum, e:pechn;! mill- feeds, has checked Eastern shipping de- mand to a oonudmlfle extent, und that mild weather in the oorn belt has also done much to prevent the corn market from showinig its teeth. Smallness of oats recel; 18 attracting notice. In provisions, the outstanding feature is & seasonal improvement of demand for meats. iiciaig . Ppassengers may enjoy the ueneri ‘mhqul. going to the corridor, a crack train traveling along the Eng- lish coast will have outside window Rad Univ Pipe & Rad pf ('I). Utilities P&S(A)e12.16. % Vadasco Sales..... Vadsco Sales Cor Vanadium Corp Va Bloo & Pwer nfu) Va Iron Coal & Coke. Vulean Detinning (4 Wlbllll Wflflal‘l Iimm aj Walworth Co (3) Ward Baking (A zna Bnking B, 'ard ot Warner Bros Pict. Wost benn BowsF bt Western Dairy A (4). Western Dairy B. 84 Peoples Gas Chi. ased .E .“ 'L 3 P2sssTe #2250 250 e e N@ - EFE FF PECR=R 52eFlss Western Ma 24 pf, Western Pacific. .vuves. Western Pucific Western Union Westinghouse Alr W Weston Elec Ins t A (2), West Vaco Chlorine(32). Wextark Radio Str Yale & Towne (2) Yellow Truck & Coach. . Yellow T & Coach pt. .. Young Spring (3). Zenith Radlo. .. -Jan1s 12% 104 ll“+l% ;u":..m" '-;'1, ol e m 5100 1h predssrea BoRL LOW INVENTORIES AID TO BUSINESS RECOVERY BY the Associated Press. NEW YORK, January 10—Inven- toties are so low, R. H. Grant, vice president of General Motors, told radio audience last night that 1931 is certain to see an upward turn of buying and, therefore, of loyment. “We enter the year flg’m ventories ;ucfluuy nxl lines at v leve " he said. “This is true o sonal as well as mnnulmum' dellen‘ stocks. purchases have been D worn out. They will have to be re- placed—this Wlmn itself will l“mullu e-rly economic_recovery.” Qrant spoke over the Columbia nezwork under direction of the Na- tional Automobile Chamber of Oom- merce. Announcing The Appointment of Mr. Clarence R. Rupp Formerly of Harrisburg, Pa, as Supervisor of Agents Effective January 15th, 1931 H. R. Bryarly & Bro., General Mgrs. ; - Va., W. Va., Md. & District of Columbia Home Life Insurance Co. of N. Y. 1001 15¢h St. N.W. (Rust Building) ‘Washington, D. C. Over a Third of a Century Without a Loss B. F. National 2100 FIRS T MORTGAGES YOU'LL FIND THE BEST IS CHEAPEST The first consideration in an investment is the security be- hind it, and for that reason there is nothing which offers better return for your money than our 6% FIRST MORTGAGES Nothing speculative in the proposition — the principal is safely secured by improved real estate, and the interest never fluctuates, but is always the same in amount and time of payment. May be purchased in amounts from $250 up. SAUL CO. the ai Time devosits o vll T oF S Prndenthl Blnk . Lt e ) ""\s,._"' MY rail nim swied othés " thn . 9" S8 sl +$822,491.07 81 X bi 1 8,000.00 1171.20 298.97 Total . District of colunn :gou-:: hameq b e al 'N" llu'tnl 0 &I -nl :; B R L g T e B z:%.’i“fi:?’u n»-r ai Woodndge-hngdon Savings & Commercial Bank P/ '“‘:h-':m‘" Distriet ries ot O "?"'\m Ul 10, out:ld- checks a Mortgage Loan Corres, or The Prudential Im”““‘cul. eral 20 monthly np.y--l plan. No indorsers Aer dignified CHATHAM PHENIX NATIONAL BANK & TRUST CO. (New York City) Organized—1812 Continuous Dividend Records Since 1865 ¥ Resources, §344,172,204 Dividend Rate, $§4 Per Share Income Yield at Market, 5% Market Price About 06 Bank Stocks Bought, Sold . and Qnoud Investment Bankers 1700 Eye St. NW. ME. 3860, -