Evening Star Newspaper, January 19, 1931, Page 13

FINANCIAL. VING STAR, WASHINGTON, D. C, MONDAY, JANUARY 19, 193\ FINANCIAL, RICHMONDRESERVE [ NEW YORK STOCK EXCHANGE | |STOCKS ARE LOWER ni‘v"ffnfw;{-’iféfi"sm National Metropolitan Bank Received by Private Wire Direct to The Star Office. t be safe for the I-INE - = S'.m.,,lm“'é i include 30 o0 1814—Oldest National Bank in the District of Columbia—1931 te—All stocks are sold in one hundred-share lots ~Prev. 1930~ Stock and nles— Rock Island common, nearly 10 per . e n:lunm designated by the letter s rnn-) (2508), ik viden oy Add 00 High. 2 % cent on Erle first preferred, 8.35 on 15th St., Ogposite U. S. Treasury mfl;l‘ 117 1 General Motors com: shows those stocks were sold in odd lots. = = mon, 7.85 on_Great Gen Food Corp (3) Northern ferred, 8.1 inols Individual sales compiled to noon—complete in 5§ 30 lfll 8% Gen G & El A (e30¢ 4 5 Central, 9. e o .x;la on 2 . ~Prev. 1930 Stock and Bales— Gen G & Fl cv pf (6). i Is .| Miamours, Kanas - Texas referred, Net Deficit for Year Is Rign'tow | Diridend Rats Ad4obHigh Low CI“;"“’;; Gen Mills (3).: Some Leading Issues De 12.70_on Nash Motors, 9.25 0: ‘North- One Hundred ; n Mills pf (6). $28,797, Acoording to | %% 38, AuniTavesie. 8 e Gen Motora 33, Bt 30 pressed to Record Marks | fueuecomon’™ 1852 Bor " o j : Governor’s Report. BY EDWARD C. STONE. According to the annual report of | George J. Seay, governor of the Federal Reserve Bank of Richmond, covering the year 1930, and just sent to stock- holders, the bank had a net deficit for the year amounting to $28,797.13. The profit and loss account shows total earnings for the year of $1,703,206.57, u‘in&t $3,209,609.29 in the previous year. Total current ex- penses were $1,569,034.44, compared ‘with $1,587,243.61 in 1929. Net earnings for the year were $134,- 171.43, against $1,712,365.68 in 1929. The Richmond Bank had a balance lc the close of 1929 amounting to $12,405,857.15 in comparison with the balance at the end of 1930 of $12,113,- 588.51. The capital stock account stood at the end of the year at $5.801350. Gov. Seay reported total reserves at the end of the year as $120.132.007.74, against $105,206929.13 a year ago. ‘Total non-reserve cash amounted to $4. - | 555478.05, and brought the bank's re- sources up to $216,942,630.77, compared | with $235,138,360.19 in 1929. The Richmond Bank at present has capital stock totaling $17.914,938.51, | l deposits of $61,672,690.20 and Fed- Reserve notes in circulation lmllnlln( to $100.516,210. Details cdvering the operation of the | ‘various departments show that the bank | had an extremely busy year in serving | the members in the fifth Federal Ree serve district. Gov. Seay calls atten- tion to the fact that the physical volume ! of work during 1930 decreased but little notwithstanding the decline in business and prices. 'The report is most compre- hensive in its details and shows clearly that the Federal Reserve Bank of Rich- mond is one of the most important financial institutions, not only in the mflhhl district, but in the country. as a e. Details From W. R. & E. Report. ‘There were 124,619 shares represented | 8t the annual meeting of the Washing- um mvny & Electric Co. held Sat- y afternoon at which the same di- mwrl and omeenM were E.{etct.le: :gr the | year. one po e re- | %finl Ham says: In addition to track reconstruction, the company went forward with its an- nual of changing from center me ction of the overhead trolley to span construction, at the fol- Georgia avenue from Gallatin street to Brightwood car barn, Butternut street from Piney Branch road to end of line, Michigan avenue from North Capitol to Monroe street northeast. “Reconstruction work on six bridges on the Cabin John line were practically completed wherein certain parts were ed through replacement with heavier steel members, old wood d their plan of e the trafic signal lighting out the city with many such signals ln. rhced on routes of street car and bus These have materially delayed the movement of both cars and busses, with added inconvenience and annoy- ance to our patrons. Plans for Extensions. “We have again made liberal appro- priations of funds for the expansion of our bus service. In 1930 we increased the fleet of busses to 123 by the pur- chase of 23 Yellow coaches at & cost of $167,113, The total investment in busses now aggregates $860,44687. A new and modern bus garage was con- structed on Oeot"l-l avenue northwest ‘oximately $430,000. m!gl perated by busses in 1930 Was u'u 266 over condun track and 9,046 feet of overhead trollcy track, &t & cost of approximately $369.000 The safety contest, which has now in operation on the properties over 10 years, is still being carried on with enthusiastic co-operation of the opera- tors. Constantly increasing congestion on the streets tends to increase greatly the liability of accidents, yet the year Just closed shows a reduction of 5 per cent in the number of accidents as com- pared with 1929. “Approximately 73 per cent of all transportation accidents in 1930 were ‘with automobiles. Quarterly mass meet- m of trainmen and bus operators are in an effort to impress upon the employes the need of extreme caution being exercised in all operations. “The expansion of the company re- quires the appropriation of further large sums for the ensuing nr. whlch Il- mu spproximately will _he mqu)rzd (ol' Lhr 1n- stallation of a new 30,000-K. W., 60- cycle high-pressure turbo generator, with n — appurtenances; & new substation buiiding, with necessary elec~ equipment for it and other sub- stations, and the usual extensions nec- essary to render efficient and depend- able service to our customers.” Notes in Financial District. Oapital Traction sold at 417, m light trading on the Washington Stocl change today, Mergenthaler Llrmtype registered a small turnover at 88, and most of the remaining trading was con- fined to the bond department, transac- tions in the senior obligations being limited to Washington Gas issues and & Electric 4s. National Savings t Co, will hold their annual meeting late this afternoon, while the American Security & Trust Co. and the Munsey Trust Co. are booked to hold similar meetings tomorrow. Albert W. Atwood of Washington, a noted contributor to the Saturday Eve- ning Post. writing extensively on finance, will broadcast on Wednesday evening, January 21, from 6 to 6:18 o'clock. on the subject of life insurance. His talk is being sponsored by the Dis- trict of Coluymbia Life Underwriters' Association. . Wednesday is life insur- ance day in connection with thrift week. and the local association has se- cured an un\uuuly interesting speaker, MARKET IS DECLARED VULNERABLE TO ATTACK Bpecial Dispatch to The Star NEW YORK, January 19.—The un- favorable feature of the stock market is | the heaviness of a number of the lead- | ing speculative shares and the ease with ' which the professional bears force them down when they wish to influence sell- ing of the general market. A comment on this situation was | made by Otis & Co. today to this ef-| fect: “We see little chance of any im- | portant general advance as long as| stocks of this character continue to, tendency, even though | been rather | lnl Orders Placed. Yoax January 19 (#)—The ennessee Rallway Co.. and 4445 from Bethlehem Steel Corporation. Unfilled Plane Orders. YORK, January 19 (#)—Un- orders of the Curt!--w ht Cor- tion December 3! wm:‘d more than an_in 1% 166% 36 % 71w 25 38% Y 874 4 Am Water Wks (3).. 1 & Atl Coast Line (+10). ~Chi Pneu Tool 4 Congress Cigars (4). Ahumada Lead. Air Reduction (f4%) Airway El Ap (60¢). Ajax Rubber Alaska Junea Albany Wrap Paper. Alleg Corp. .. Allied Ch & Dye tn Allis Chalmers (3), Am Ru‘r Sugar pf Am & For Power. Am & For Pw pf (6). Am & For Pow 2d r\(. Am Hawalian § Am Home Pr (4.20). Am Ice (3) i Am Internat (2). Am Locomotive (2). Am Mch & Fdy 1.40. Am Met & Min (1) Am Nat Gaspf (7). Am Pow & Lt (11).. Am Pow & Lt pf (6). Rad & St San (1) Roll Mill (n2)... ety Rmnr(h) ip & Com. m& Ref (4)... olv & Chem. ~dy (3).. rRef (5):.. 1 Am Tel & Cable (5).. 20» Am Tel & Tel An» slslllsl’n » Am Tobacco Am Tob c«‘ofi{S) + Am Tobacco pf (6).. 9 Am Water W] Woolen......... Woolen pf. . Armour of Del pf (1) Armour of TIL A Armour of 111 B Arnold Constahl Aseo Appl Ind (4) Atch T & S Fe pf (). AtUGuUIf&WT(3).. Atl Refining (12). Atlas Powder (4). Atlas Powder pf (6). 508 Auburn Auto (f4). Aviation Corp of Del Baldwin Loco (1%). Baldwin Loco pf (7). Ralto & Ohlo (7),... 1 RBalto & Ohfo pf (4)..1458 Barker Bros (2)..... 10s Barker Bros pf (8%) 408 Barnsdall (A) (1)... 38 Bayuk Cigar (3).... Reatrice Cream (4).. 4 Beatrice Cr pf (7) Bendix Aviation (1) Best & Co (2). Bethlehem St Bethlehem St pf (7) Bohn Alum & Br 1%. Bon Ami (A) (4).... Booth Fisheries..... Borden Co (k3)..... Borg, Warner (1)... Briggs Mf (+1.62%). Brockway Mot Trk. . Bklyn-Man Tr ()., Bkiyn Unfon Gas (5) Brown Shoe (3). Bruns-Balk-Col, Bueyrus (1).. Budd (E G) Mfg Budd Wheel (1). Bullard Co. ... Burns Bros B. Bur Add Mch ( Bush Terminal (23%) Brers (A M) vene Calif Packing (4)... Calumet & Heela. ... Canada Dry G A (3). Can Pacific (2%).... pital Admin pf A.. Car Clin & Ohio (4).. € (JI) (8. Caterpillar Trae !'ll Celotex Co. . Celotex vte ¢ Cent Aguirre As 1!1. Cer de Pas Cop (2).. Certain-teed Prod. .. Checker Cab (1.80).. Ches & Ohio (2%)... Chesapeake Corp (3) Chi & Alton. Chi & Alton pf . L L L LI T Iy ©3 o 00 SN N0 1 ST 59,0000 09 0900 14 1 1 2 8 09 39 Oh 0003 41 1 1 0t 30100 1= 1 00 00 08 59 4 O 1 00 Chi Mil Chi Mil St P & P pf. Chi & Northwest ( Chi R1& Pac (7). Childs Co (2.40) . Chile Copper (2) Chrysler Corp (1). v Stores Coca-Cola (8). Coca-Cola A (3). Colgate-Pal-P (214 Collins & Afkman. .. Colo Fuel & Iron (1). Col Gas & El (2)... Col Gas & El pf A (§) Col Graphoph (a% ). Columbian Carb (18) Comel Credit (2). ... Comel Cred 18t (6%4) Comel Credit A (3)., Comecl Solvents (11). Cmwith & Sou (60¢). Cmwlth & Sou pf (6) Congoleum-Nairn. .. w» I B Consol Film (2)..... Consol Film pf (2) Consol Gas N ¥ (4). Con Gas of NY pf(5)" Consol Textile, Contafner A (1.20).. ranBrooSenananIamnnes Gomtl Thaur (2 40) Contl Motors. Cont] Oil of Del...", Contl Shares (1).... Corn Prod (13%). Crosley Radio. Crucible Steel pf (7). 108 Crown Zellerback. .. Cu! ane Prod. . l Cuban Am Suzar pf. 30s Cudahy Packing (4). 1 Curtis Publish pf (1), 2 Curtins Wright Corp/ 16 Cushmanspf (8)..., 108 6 106% 109'% 128 55 54 Cutler-Ham (3%). . 21508 37&1 P Chemical.., 3 k& Wn(8).. T Diamond Maten....e Dome Mines (1) Domn Stores (1.20). Drug Corp (4) Dupont de Nem (4).. Du P de N deb pf (6). stman Kodak (18) ton Axle (1.60) ... 1lec Auto Lite ( Elec Stor Bat (5 Pow & Lt (1) icott-John (5) (2.40) sv N (5%). ll)nhefldxlz‘t) ureka Vac Cleaner. vans Auto Loading. ed Lt & Tr (31'3).. ‘ed Min & Smelt, Fed Wat Sv A (2.40). Fid P’h Fire In (2.60) Fifth Ave Bus (64¢c). 108 Firestona T& R (1), Firest T & R pf (6). First Nat Strs (2%). Fisk Rubber . Foster Wheeler (2). Foundation Co Fourth X, Fox Film A (4). Freeport. T Gamewell Co (5). ardner Motor. Gen Am T Car (14).. sen Asphalt (35, Noms et B 1 90% 185, 10 ¥ 93 % he) 9% 6% 9’6 % 93% ? % 8% % 8% 156% 75| 45% | 62 o | 1124 56 | 1% 124 40 314! 29 678 | 148% 108 | 128 18% 33% Z‘l’va 48% Gen Motors pf (5) Gen Pub Sv b6 %, st Gen Ry Signal (5). Gen Ry Signal pf u) Gen Realty & Utll.... Gen Theater Equip. . Gimbel Bros. Gillette Saf Rlll (li. Gillette Saf R pt (5), Gobel (Adolf).... Gold Dust (2%) . Gold Dust pf (6) Goodrich (R F). .. Goodrich B F pf (7). Goodyear Tire (5). Gould Coupler. Graham-Paiki Granby Consol (2) Grand Sil Strs (h1) Grand Union pf (3) Granite Citv St (3)., Grant (WT) (1) Grt North pf (5). Grt Western Sug . Grt West Sug pf (7). Grigsby Grunow Gulf Mobile & North, Hahn Dept Stores. .. Hahn Dpt St pf (614) Hall (WF) Pr Co (2) Hanna pf (T)....... Hayes Body Hercules Pow Hershey Choc (5). Hollander Sons Houdaille Heral Household Fin pf (4) Houston Oil Houston Ol (new) Howe Sound (4). Hud & Man Ry (3. nv) Hudson Motors (3). Hupp Motors. . Indian Motor C; Imdian Refining. Indust Rayon (4) Ingersoll Rand (16). Interlake Jron (1)... Inspiration Copper Insuranshaz Del 40c. Interb Rap Transit.. Int Agricultural Int Agricul pf (7). Int Bus Mach (n6) Int Carriers (25¢). Int Combustion. Int Harvester (214). Int Harvester pf (7). Int Hydro El A (e2). Int Mateh pf (4).... Int Merc Marine (2). Int Nick of Can (1).. Int Paper pf (7). IntPap & P pf (7). Int Printing Ink. . Int Rys Cen A pf ( Int Salt (3) Int Shoe (3). Int Silver pf (7). Int Tel & Tel (2).... Inter Dept Strs (2).. Investors Equity. ... Johns-Manville (3). Kans City Sou pf (4) Kayser Julius (215). Kelsey Hayes (2). Kelvinator Corp. Kennecott Cop (2) Kinney (GR) (1)... Kinney (G R) pf (8). Kresge (SS) Co 1.60. Kreuger&Toll (1.60). 10 1 0 25 Jones & Laug pf (7).110s 1 1 Kroger Groc&Bak(1) 33 l‘ Leh Port Cmt pf (7). no. Lambert Co (8). Leh Port Cmt (1). Leh Valley Coal. Lehman Corp (3) Lib Ow Ford Glass Lig & Myer B (16)... Liquid Carbonic (4), % Loew's Inc (3).. Lioew's Inc pf (6%). Loews ptxw (84). LoftInc...... Loulsiana Oil. ., LouG&EA (1% Ludlum Steel. MeCrory A (2) MeCrory B (2). McCrory pf (8) MecKeesp T P (1414). McKesson & Rob (1) Mack Trucks (4) Macy & Co (n13) Mad 8q Garden (§0c) Manati Sugar Man Elev mod Manhat Shirt (1) Marine Mid (1.20). Marmon Motor Car.. shall Fleld (214) Martin Parry Mathieson Alkaif (1) May Dept Strs (n2).. Maytag Co Maytag Co 15t pf ( Mexigan Seaboard. Mid-Cont Pet (2) Minn Moline Pow . Mo Kan & Tex (a3).. Mo Kan & Tex pf (1) Missour! Pac pf (5). Mohawk Carpet..... Monsanto Ch (£1%). 4 Montgomery Ward Mother Lode. Motor Meter G & El. Motor Prod (2) Motor Wheel (3) Munsingwear (3). Murray Corp. Myer (F E) & Br (3). Nash Motors (4) Nat Aeme (80c) . Nat Biscuit (2.80). Nat Biscuit pf (7). Nat Cash Reg A (3) Nat Dairy (2.60). Nat Dept Store. . Nat Dist Prod (2). Nat Lead (5) ow & Lt (1), N Y Alr Brake (2 N Y Central (8) NYChi&StL (8).. N Y Invest (1.20).... NYNH & Hart (). NYNH&HD (1).. N Y Ont & Western. . N Y Steam 18t pt (1) Norf & West (12).. Norfh Am Aviation., Nor Am (b10% stk)., North Amer pf (3) Norwalk Tire & Rub, Ohto Of1 Co (2).....u Oliv Farm Eqpr pf.. Omnibus Corp. . . Otis Elevator (23).. Owens 111 Glass (3) Pacific Gas & El (2). Pacific Lighting (3). Pacific Mills. Paramount Pub (4).. Park Utah. Parmelee Transport. Pathe Exchange. ..., Pathe Exchange A Patino Mines Peerless Motor Car.. Penick & Ford (1)... Penney (J C) (3) Penney (JC) pf A (8) Penn Dixie Cement. . Penn RR (4). - Peop Gas Ch (8). Pere Marquette (18). Pere Marq pr pf (5) . Petrolm Cp of Am(1) Phil Read C & 1 Phillips Pet (2). Phoenix Hos pf ( Pierce-Arrow A (2 Pierce Oil pf Pitts Unit Cp pf (7). Poor & Co B (2) . PRAmM obA(!'fi). PRAm Tob B. 1 63% Proct & Gamb (2.40; 1 & 6% g:pil:fll).. AT SRR o @ 3 = -~ » S - © [PPO)PIOVEPRIUPS. FUE- SOPSPRINS OIS JRTPTCPIBFYY: JTOTTN. JUIVIN- ORI JHUPES 9 3 JOTOTes 08 JOPIP- AP @ - BT% 120% 56% 17 1% 225 . |ican Can was heavy, and United States 5 | Point or so, most of the time fraction- | A't w k o ' ther? mll;nb;g common, about l per_cent on ebaker comm er Wea pening. on Texurcorporluon and 10. !5‘;“: Wa- bash preferred. BY GEORGE T. HUGHES. - . - Special Dispatch to The Star. Money to Loan NEW YORK, January 19.—Selling | Secuped by first e concentrated a few specific issues, 420 Wash. L. Trust belleved by the sellers to be in a vus- | Joseph L. w‘"fl’ Bids.. oth & F NI nerable position, resulted in_a lower range of prices on the Stock Exchange today. There were stocks and there were groups which stood out against the trend and the market as a whole was never weak, but attention was di- rected to the declines. During the morning hours new lows for the bear market were made by such important stocks as Allied Chemical, |-Westinghouse Electric and Bethlehem \'Steel. Bethlehem was selling “ex” the | | $1.50 quarterly dividend, payable Feb- Also Make Loans on D.C. ruary 16, which accounted for a part of Property at 6% Interest | the oss, but even 30 it was below any- thing of record this year and last. * No Renewals! One of I'l"urflnfl! leuure: Reasons for Selling The reasons for pressure on these L\lhree issues were the same as had | m advenced all aiong, Allied Chem- | o i Thavtition: cal was claimed, was s selling on too low & yleld basis under present | Lot o A conditions. “Westinghouse Electric, n NAtoned was argued, in its market price tional 1381 abpralaing current earninigs 160 Lberal. ‘ ly: and Bethlehem Steel, it was relb‘ | erated, was likely to make a poor show- | ing in its fourth quarterly income | *he wWey In which Westinghouss re-| i PERMANENT ceded before offerings encouraged a | | similar attempt against General Elec-' M BUILDING ASSOCIATIO lrl;, and that stock slipped off within ' a fract'on of its previous low. Amer- i il 949 NINTH ST. N Al | Steel fluctuated within a range of & | ik A i ally under Saturday's final. | Elsewhere in the list motor stocks were steady and the rails irregular. The cut in prices announced by the Ford company Saturday was without affect on the automobile shares. Nash and —on improved Real Estate General Motors were well supported and in Washington and its zmh:t!hm in Aub:n'\ h:epz l.l';z prlcle of -suburbs . . . for building f arount previous close. mplet, December ralroad reports are due to z,,:;fi"'”" s begin coming out within a few days, but anticipation of more unfavorable com- Reasonable rate of in~ group. In requssting loan, lprcl{é gmount needed, together wit b Toperty ant B ioproximate vaivation. We purchuse and trust notes gecured by " improve Earnings Are Factor. ‘Trading in the market was almost en- | tirely professional and professional sen- | timent was bearish. ‘The ammunition most used was esti- mates of 1930 earnings for those com- panies which have not yef reported. In some instances the predictions will doubtless prove correct but in others they are certainly wide of the mark. ‘Two important operating utilities made public their 1930 income accounts over the week end. One was the Peoples| Gas & Coke Co., which showed $11.50 a share for the full year 1930 l‘lin!l $11.97 a share for 1929. Net income ln_ 1930 was $7,197,072 Tm" $6,782,959 | in 1929, the lower results per share be- ing due to the la number of shares outstanding in 1930. This was. better than had been expected. On the other hand, Detroit-Edison showed & sub- stantial falling off in net for 1930 over that for 1929. On a per share basis, earnings last year were only $8.75 against $11.17 in the previous 12 months. MORTGAGE & GUARARTY CoRPORATION Capital Resources Over $3,000,000 n"‘. <8 MIOKST N.W. parisons with results of a year ago did | terest and prompt de- not bring new liquidation into that | ijon. First Mortgage Loans \ 7= "“‘ Shberviton \ Ol our liberal 20 monthly Lowest Rates of Interest and Commission repayment pl. No indorsers required. A strictly dignified and confidential service. REAL ESTATE LOANS Maryland Pengnul Bnken, IN Made at Low Interest Rates O e AL e ST . TYLER & RUTHERFORD Applications invited o3 high - class lu':rlmen o o ¢ -u lings m n«:. arly on ed busi roparties, ¥or 3.°8 or 10 vears, If 3o desired: 1520 K St. N.W. National 0475 Thomas J. Fisher & Company, Inc. . Rainier, Md.| ’h-nu Wsatiovitie 210" Equitable Co-Operative Bldg. Ass’n Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr, Secretary Subscription for the 10031: Issue of Stock Being Received Money to Loan on Real Estate or to Take Up First Mortgages If you desire to purchase a home, to refinance present indebtedness, or to improve your property, your application to the Equitable will receive prompt attention. Loans repayable monthly. No brokerage . . . No commissions 915 F St. N.W. Proper Diversification . .. Mooty compuriwPeriiie | s @ wise and not merely CORPORATE| g wide spreadi i TRUST SHARES ——— Intee s depouned caw | CORPORATE TRUST SHARES Sl gy rovide this diversificati o Comax p e this diversification Tiinois Central through a group holding of shares representing a cross section of American business, and solve the problem of investing in the industry that will move ahead first. CORPORATE TRUST SHARES Price at Market about 6% per share Descriptive circular on request GrAHAM, PARSONS & Co. 2 WALNUT STREET 48 WALL STREET PHILADELPHIA QEWYORK 300 SOUTHERN BUILDING—WASH! Telephone: wah 9310 REALESTATE O and Seventeen Years Young While the Oldest of na- tional banks in the District of Columbia, The Metro- politan is youthful in spirit —ever-alert to the needs of progressive business—alive, at all times, to the interests of its customers. fHow may we serve you? 3% on Savings Three Distinctive Features —of the Real Estate Loan Plan of the Metropolitan Life Insurance Com- pany are long term loans, no life in- surance requirements and low in- terest rates. These, together with the flexibility of the plan, are responsible for its nation-wide acceptance. We shall be glad to discuss its ad- vantages ini detail with you. Construction Loans in Any Amount WEAVER BRO REALTORS Washington Building District 9486 Mortgage Loan Correspondent Metropolitan Lify Insurance Company Loans made in the District of Columbia and mearby Maryland and Virginia FIIRST MORTGAGES SEASONED INVESTORS BUY THESE SECURITIES —because they represent the two features most to be desired— Over a Third liberal return and positive safety. These of a . Century 6% FIRST MORTGAGES Without o ; of ours are favored by institut- Loss tions, executors, trustees, as well as’ individuals. And they are convenient, being. purchasable in amounts from $250 up. . F. SAUL. @0 . National 2100 . 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY Anti-Freeze for Assets OLD comfort these days for inves- C tors to know that their holdings sometime—say in twenty years— will be valuable . . . will be paying them good dividends—IF everything goes well ... In the future of untried securifies, there is always that great big “if”—that is why wise investors steer clear of the speculative Wall Street market—place their funds only in sound, non-fluctuat- ing securities they KNOW will pay a steady interest return— The 6% First Mortgage Notes sold through the Swartzell, Rheem & Hensey Company have for more than 61 years paid every investor unfailingly his reg- ular 6% interest return . .. and in all that time these Notes have never wav- ered a penny’s worth in value. No wonder First Mortgage Notes today are recognized everywhere as the high- est paying safe investment! SWARTZELL, & HENSEY Co. MOR GE BANKERS 5 STREET N.W. / INGTON D.C. et