Evening Star Newspaper, February 17, 1931, Page 13

N FINANCIAL TUESDAY, FEBRUARY 17, 1931. FINANCIAL, = LA L " DRUG STORE CHAIN NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. STOCKS ARE LIFTED York Central, Pennsylvania and Frisco lmely-heldl and a §-point rise in the | New York & Harlem. Heavy profit-taking sales ap) d around midday, which had the effect of canceling a fair portion of the advance that had occurred in specialties. J. I. Established ,repreunulive} special edition advertising Chicago territory invites inquiries from news- experienced Authorized Service Carter Carburetasrs— Eclipse—Bendix— Lockheed Brakes papers, direc_toriel. or organi- | zation publications. Refer- | ences exchanged. | ADDRESS BOX 3-M, STAR OFFICE | Case reacted 21 points, American Can 2 Crose points and other stocks moved off & Close. 107 107 MILLER-DUDLEY . CO. 1716 11th St N.W. North 1583-¢ Sales— Add 00. High, 4 Stock and Dividend Rate. Contl Oil of Del Cont] Shares (1). Corn Prod (13%) Coty Inc... ~Prev. 1931 High. Low. 12 M 1% 81y R4TA 7614 Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (2508), which shows those stocks were sold in odd lots. Individual sales compiled te noon—complete in 5:30 Edition. Prev 1931 Stoek and- Sales— Prev. Low. 1002 9 Raly 13% Close. 1002 9% R4y 14% 10 RECORD LEVELS &% | The January foreign trade statement, published today, shows a larger ratio of decline from the previous year than SHLES SHOW GAN Local Company -Reports In- crease of 10.4 Per Cent for January. BY EDWARD C. STONE. Sales or Peoples Drug Stores. Inc., for.January have just been reported as | $1,430,439, “agains! - ary, 1920, an increase month this year of 10.4 per cent. The report is considered of special import- ance locally as ‘the majority of ,692 in Ja territory. It is also in line with the report on local department stcre sales made a few days ago, which showed an increase over January a year ago. dhe annual report of Peoples Drug for 1930 is expected in a short time, the belief in the financial disirict being that it | will show a gratifying year's buiness, in spite of prevailing mercantile con- ditions. Bond Club Hears Hemingway. Members of the Washington Club held their January meeting yes- terday ncon at the Carlton. An addre:s was given by Wilfrid H. Hemingway, New York financial analist and author, who stressed the importance in these days of an extra careful study of busi- ness and economic conditions. He be- lleves that there never was a iime when as exhaustive analysis should be made of every financial statement, for the benefit and protection of investors. He said that an analysis should be cn a comparative basls with two or three fiscal periods included. More than on» period is necessary in order to showv trends. he asserted. The meeting was largely attended. $23,000,000 Decrease in Loans. The Federal Reserve Board's condi- tion, statement of weekly reporting member banks in leading cities on Feb- ruaty 11 shows a decrease for the week of $23.000.000 in loans and inves ments, increases of $23.000.000 in net demand deposits and $£15.000.000 in time de- posits, and a decrease of $13.000.000 in Government deposits. Loans on se- curities increased $34.000,000 at report ing member banks in the New York district and $16,000.000 at all reporting banks, and declined $10.000.000 in the Chicago disirict. “All other” loans de- | clined $41.000.000 in the New York dis- | trict, $16.000.000 in the Boston district | and $79.000.000 at all reporting banks. | Prince & Whitely Offer. | Washington creditors of Prince & Whitely, the New York Stock Exchange brokerage house which closed i.s doors several weeks ago, are interested in an offer from the creditors’ committee in the first | the ! Peoples Drug Stores ¢ e situated in this | Bond | in New York. for the scttlement of claims. The offer, which proposes 25| per cent in cash and 75 per cent in| certificates, is explained elsewhere in ! The Star's financial news. The letter| states that at_the time of the failure | the firm had 5,000 marginal customers | and several thousand additional cus- | tomers for whom securities were held | in safekeeping. The local office was | located in the Washington Building. Federal Reserve Helps Banks. ‘The easy credit policy of the Pederal Reserve System is assisting the banks | of the country through the medium of | the rates on deposits. The establish- | ment, says the Wall Street Journal, of | a lower rediscount rate by a Federal | Reserve bank has, in & number of in- | stances lately, been followed by a re- | duction of the rates of interest on de- | posits by clearing house committees. The reduction in the New York bank's | rediscount rate to 2 per cent from 2's | per cent, was followed by action of the | Clearing House Committee there which reduced rates on demand and time de- | posits. In this particular instance the | High. Low. 121 2 234 28 19674 116 11815 61y | 105 effect was to decentralize the funds con- | 1 centrated on deposit in New York by | out-of-town correspondent banks and | customers. Deposits thus placed. will | gradually return to the interior of the country, the journal says | Specific cases where ciearing houses | have reduced rates on desposits, follow- | ing rediscount reductions, are shown to | have taken place in Boston, Richmond, | New York, Newark, N. J.; Chicago and | St. Louis, | Capital Traction Leads Market. | Capital Traction stock drew much | attention on the Washington Stock | Fxchange today. when 161 shares changed hands. with a rise in quota- tions at the close. | The stock opened with small lot. sales amounting to 56 shares changing hands | at 34. The stock then strengthened | and an 80-share block and 20 more | 11¢ ares moved at 34° ‘The market closed with a five-share Jot sellng at 35 a gain of al point during the sessio At the clos- | ing price the yield on the stock is| 11.4 per cent on the present 4 per cent | annual dividend basic. | Columbia Sand & Gravel preferred was much more active todey. The stock | opened at 947, and closed at 93, on a | turnover of 65 shares Potomac Electric Power 6 per cent preferred came out at 110, Railway & | Flectric preferred sold ex-dividend at | 98',, and Federal-American Co. com mon sold at 27, Woodward & Lcthrop | preferred moved at 107, while Unicn Trust Co. stock registered 210. Bonds were fairlv active around re- levels, Lanston Monotype “ded to the list of stocks ex-dividend. George M. Whitwe Washington Gas Light Co. for the past 35 vears, has | The Association of Re of Washington is he eonterence at the Mayflower Hotel a banquet last night. A. D. McMulien president of national association was the chief speaker Loew's, Inc., has dec quarterly dividend o H common stock. pavable March 31 to stock of record March 14 Exports of hardware and allied prod- ucts from United States during 1930 were valued at $56.090,000. as compared ith the record export of $74,164.000 in 1929. Commerce Depariment reports Baltimore & Ohlo 1920 net $7.44 a share on 256295 common shares against $11.24 a share on 2349945 in 1929 ! The Virginia B: to hold its ani at Old Point Comfort, Va. on 11. 12 and i3. This is just one before the District Bankers' Associa- tion meets at Hot Springs. On several occasions the meetings have been held on the same dates Local bankers are co-operating with the House committee in seeking pas sage of the Brand bill. aimed at those who circulate false rumors regarding financial institutions. Local financlers are much interested in the measure. | but some do not think it strong enough. BRITISH GOVERNMENT SECURITIES DECLINE By the Assoclated Press LONDON. February red the regular 75 cents on the Ass k iation s I convention | 17.—Continuous | selling of government securities on the | Swock Exchange has b qvernment stocks more than 3%‘,304 in market value within the depreciated six | past week. i Brokers attribute the selling wave to fresh fears inspired in nervous investors by Chancellor Snowden’s recent specch in the House of Commons in which he called attention to the bad state of the eountry’s finances and indicated the ne- cessity for drastic curative measures. Fears also have arisen regarding plans formulated by the Labor party and its Liberal allies, in which mone $s to be put down without earning di dends, and heavy blocks of stocks have bsen sold by continental interests which are large holders of war loans, i | 3514 15 10 220 2005 104 40 25 Dividend Rate. Abftihi Pow & Paper Abitibi P& P pf (6). Abraham Strauss. 2 Adams Exp (1.60)... 387 Adams Bxppf (5)... 108 Adams Millis (2) 2 Advance Rumle; Advance Rumley pf. 4 Afr Reduction (1414) Airway Fl Ap (80c). Alaska Juneau (40c) Alleg Corp...... . 144 Alleg Cp $30 ww 5. 6 Allez Steel (+2.80) 2 Allied Ch & Dye (n8) 105 Allfed Ch & D of (7). Allis Chalmers (3) Amerada Corn (2). Am Azri Chof Del Am Bank Note (+3).. Am Br Shee (2 40) AmBrSh&Fpf( Am Rrown Rov FI Am Can (45).. Am Canpf (7 Am Car & Fdy (6) Am Car & Fav pf ( Am Chain (3). . Am Chicle (13). .. Am Comel Aleohal . Am Encaustic (1) Am Furopean Secnr. Am & For Power.... 3 Am & For Pw pf (6). Am & For Pow 24 pf. Am Hawalian S8 . Am Heme Pr (4.20).. Am lc@(2)... Am Internat (2) 7, Am La Fr & Foamite Am Locomotive (2). Am Locomot pf (7).. 2 Am Mch & Fdy 1.40. 43 Am Metal Co.... . 5 Am Nat Gaspf (7)..1108 Am News (4313).... 208 AmTPow & Lt(t1).. 26 Am Pow & Lt pf (6). 3 Am Rad & St San (1) 144 Am Republies’ 2 Am Roll Mill (n2)... Am Safety Razor (5) Ship & Com Rhipbuildin Sm & Ref (4) Sm & Ref pf (7). Snuff pf (6). Solv & Chem. .. Solv & Chem pf.. Steel Fdy (3) Steel Fdy pf (7). Stores (1214) Sugar Ref (5 Sumatra Tob. ... Tel & Cable (5). 330s Tel & Tel (8).... 60 Tobacco (18). ...~ & Tobacco B (16).. 16 Water Wks (3). . 102 Wat W 1st pf (§) Wat Wks cfs (3) Woolen. Am Woolen pf. . Am Writ Paper ctfs. Am Zine Lead & Sm Anaconda Cop (2 . Anaconda W & C (1). Anchor Cap (2 40). Archer-Dan-M (2). . Armour of Del pf (7) Armour of 111 A Armour of Il B Armour of 111 pf (7). Arnold Consable. Artloom Corporation Asso Appl Ind (4). Asso Dry G (23)... Atch To & 8 Fe (10). Atch T & S Fepf (5), 2 Atl Coast Line (110) 5 Atlantic Refining (1) 26 Atlas Stores= (nl). 3 Auburn Auto if4)... 149 Austin Nich pr A (3) 20s Austrian Cred (3.82) 1 Autosale: 3 Autosaies pf. . 30s Aviation Corp of Del 20 Baldwin Loco (1%). 62 Baldwin Loco pt (7). 108 Balto & Ohlo (7).. 17 Balto & Ohlopf (4).: 1 Bang & Aroos pf (7). 608 % Barnsdall (A) (1)... 18 Beatrice Cream (4).. 17 Beatrice Cr pf (7). 4 Beech-Nut Pk (3) Belding-Hemingway Bendfx Aviation (1). Best&Co (2)....... Bethlehem Steel (6). Bethlehem St pf (7). Rlaw-Knox (1%) Bohn Alum & Br1%. 10 Booth Fisheries..... 14 Booth Fish st pf. 1 Borden Co (k3) 4z Borg, Warner (1)... 121 Briggs Mf (11.62% ). 307 Briges & Strat (2).. 20 Rrockway Mot Trk 2 Prockway Mot pf Bklyn-Man Tr (4)... Bklyn Man Tr pf (6). Bklyn Unfon Gas (5) Brown Shoe (3)..... Bruns-Balk-Col . Bruns Ter & Ry S. Bucyrus (1).. Bucyrnscv pf (214). Budd Wheel (1). Bullard Co. .. Bulova Watch (1 Burns Bros B Burronghs A M Bush Terminal Busp Term deb (7).. 108 Butfe Copper & Zinc. Byers (AM).... Calif Packing (4) allahan Zinc & Ld.. ‘alumet & Arizona “alumet & Hecla amp W&C Ky (1)... nada Dry G A (3). n Pacific (2%4). ... pital Admin A pital Admin pf A ‘ar Clin e O sta (5). axe (1) (6) “w caxe (J 1) pf (1)....1608 “aterpillar Trac (14) 148 avanaugh-Dobbs pt 208 ‘elanese Corp e ¢ de Pas Cop (2) 10 tertain-teed Prod... | ‘ertain-teed Prod pf. *hecker Cab (150) Ghes & Ohlo (2%). .. “hesapeake Corp (3) *hi & Alton.pf ‘hi Great Western hi Great West pf. i L P & Pac i Mil StP&Ppf.. *hi & Northwest (4) hi & N W pf *hi PneuTool. .. ... *hi Poen T pf (333). hi R 1& Pae (7)., Vi 1R1& Pt (6) 9 19 7 S 6 52 6 12 55 Am Am Am nan A 5 R 2 108 tity Jee&Knel (3.60) dity Iee & K pf (673 ) ark Equipment (2 rett-Peabody (3). ‘oca-Cola () ... ‘olliris & Aikman 1% & ATk DE (7). 0lo Fuel & fron (1). 00 & 801 18t pf (4) 10a Col Gas & P (2). 109 Col Gas& EIpf A (6) 1 Col Graphoph ( Columb Comel Comel Comel Cred 18t (613) 20n Comel CreditA (2).. 1 Comel In T (k1.60) . Comel I T ev pf 28 mwith & S ‘ongoleum-. Congress Cigars (4) Consol Cigars (5)... Consol Cig prpf 6% . 208 % Consol Film (2). 29 o Consol Gas N ¥ (4). 187 Consol RRCpf (6).. 2 Consol Textile. . Container A (1.20).. Contl Baking A. Contl Baking B. Contl Baking pf (8). Contl Can (2%). Contl Dia Fibre ¢ Contl Insnr (2.40] 2% Cont} MOtors. ... Add 00. High. 11% 42 331y 22% 88 23% Low. Close. Close. 104 4013 32 211 fR 238 4 18 9814 107 401 a2 10% 407 a2l 12 43 52 10 180 19414 116 17 66% 10214 66 94 115% 118 Erin 144 By 1% 3 107 1915 15 6 297 30 asw 14 9 19 11 20 15 6 2015 301 1014 101 Cream of Wht (1 Crosley Radlo. ... Cr Cork & Seal 2.40 Crown Zellerback. Crucible Steel (5) ... Crucible Steel pf (7). 10 Cuban-Amer Sugar.. Cuban Dom Sugar. .. Cudahy Packing (4). Curtis Publish (17) . Curtis Publish pf (7) Curtiss Wright Corp Curtiss Wr Corp A.. Cutler-Ham (3%4)... Davison Chemical. Deere & Co (1.40).... Drlaware & Hud (9). Del Lack & Wn (6) Devoe & Ray (1.20).. Diamond Match. .. .. Diam Match pf1.60) Dome Mines (1). Domn Stores (1 Drug Corp (4) . Dunhill internat Dupont de Nem (4).. stman Kodak (18) ton Axle (1.60). child. child pf. ec Auto Lite (6) Anto-Lite pt (7).. ec Boat. . ee Pwr & Lt (1)... ec Pow & Lt pf (6) ec Stor Bat (5).... ndicott-Tohn (5) (.. wdicott-Tohn pt (1) g Pub Sv (2.40). q Office Bldg (2%). rie RR. . S ie RR 15t pf (4). ureka Vac Cleaner. ivans Auto Loading airbnks Morse 1.60. airbanks M pf (7). . "ashion Park Asso. . ed Motor Tr (80c).. ed Wat Sv A (2 4%). Federated Dept Strs. d Ph Fire In (2.60) h Ave Bus (fic).2 Filene's pf (615) Firest T & R pf (6).. First Nat Strs (234). Fisk Rubber..... Fisk Rubber 15t pt Florsheim Sh A (3) Florsheim &h pf ( Folianshee Bros. . Foster Wheeler (2).. Foundation Co. Fourth Nat Invest. Fox Film A (4).. Freeport, Tex (4). briel Co A amewell Co Gardner Motor. . Gen Am Investors. .. Gen Am T Car ($4) Gen Asphalt (3). Gen Bronze. . Gen Cable pf ( n Cigar (4) Clcar £ (7). Slec (1.60) en Elec spec (60¢ n Focd Corp (3) 5 1A (e300). 1 G & El cv pf (6) Miils (3) Mills pf (6). n Motors (3) n Motors pf (3) . ien Outdoor Adv n Prg Ink (215 Ptg Ink pf () Gen Pub Sv h6 % stk. " o ’ s muBoan—aanBinnnndamamai . 408 fl 12 Gen Realty & Util... 1 & Ut pf (e6) 3 ette Saf Raz (4). Gillatte Saf R pf Gimbel Bros. ....... Gimbel Bros pf (7)., s L1108 31 odrich (R F). . podrich B F pf | oodyear Tire 45)... podyear 1st pf (7) 1 Silk Hosiery “oupler Paige. “onsol (2 Grand 81l Strs (h1).. and Union. .. and Union pf ( anite Clity St (3) ant (WT) (1) Grt North pf (5) rf IOy N T 1T Mobile & N Gulf State Hackensack W (1 Hahn Dept Stores. ... Hahn Dpt St pf (635) Hall (WF) Pr Co « Ham Watcl Hanna pf (7) Harb Walk Ref Hartman Corp (A) Hartman Corp (B) Havana Klectric Hayes Pody...... Hercnles Mot (1.20). Hercules Powd (3) Hercules Pow pf (7 Hershey Choc (5) }ersh Choe pe (15 Homes Houdaille Hershey Houston Of1. Houston O] (x Hupp IMlinois Central (7).. 3 Indian Motor Cyele., 26 Ind Motor Cycle pf.. 20s Indian Refining. . 1 ndust Rayon (4) Inzersoll Rand (16). Inspiration Copper Insuranshar Del 40c. nsur Shrs M (40c) . Inierb Rap Transit Intercont Rubber Interlake iron (1). ', Iat Bus Mach (né) Int Carriers (25c). Int Cement (4). Int Combustion Int Harvester (2 int Harvester pf Int Hydro E1 A ce2), 1 int Maich pf (4).. Int Nickel (80c) Int Nick Can pf ( Int Paper & Pow ¢ Int Pap & P of (T Int Print Ink pf ( Int Int Shoe (3 Int Tel & Tel (2). Inter Dept Strs (2).. Tuter D St pf xw (7) Intertype Corp (2 Investors Kquity Island Cr Coal (4) Jewel Tea (4)....... Johns-Manviite (3).. Jones & Laug pf (7). Jordun Motor Car. Kans City Sou (5) Kanx City Sou pf (4) Karstadt((R) (a1.03). Kaufmann DS (1 Kayser Julius (233). Celly-Spring Tire. Kelsey Haves Kelyinator Corp. Kendall Co pf ( Kenmpcott Cop ( Kinney (G R) (1). 3 R) pt (8). T0s 6 Kresge ( i - 0 Kresge (SS) pf (7).. 108 Kreuger & T (a1.60). 34 oger Groc&Bak(1) 27 Lam Co (3) 25 Leh Port Cmt (1) 7 Len Valley (3%) Lenman Corp (3) 1 Lehn & Fink (3). Lib Ow Ford Glass Ligzelt & Myer (16). Lizg & Myers B (15) 231 Lima Locomot (m2). (Continued on Pagh 100 3 H " » SRR R R aanu—noen 100 608 29 1001 16 By A5 & 11815 1181 947, 09 21n 100 10 &30, 851 [ 1214 20% 27% 110% 24% 284 835 173 56 653, 3114 14'3 a8 - a8 89 88 30% 304 e > 29% 5 5 6215 1041 S 10015 16 60 1 a0 268, 3T a0ty 651 'y 45 11 6614 11% 174 29% Profit Taking—Trad- ing Expands. q 34 63 104 4y - 4 a2 /BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 17.-1f there was any stock market menace in the Soldiers' bonus bill as it passed the House Monday, it did not show itself in today’s excited session. In fact that part of Wall Street which is mainly concerned with the movements in equities acted as if all of the influences that have been operating against values had disappeared and as if we were on the eve of another period of prosperity. Industrial and public utility shares in the forencon trading went through their previous high averages of the vear. With the rising trend of prices there was an expansion in the volume of transactions. It was anoiher bad day for the short inter Drive Against Bears. Some hesitation was displayed at the start over the large majority in Con- gress for {he bonus bill and indications that the Senate would follow the House in favor of the present measure. This did not last long, for there were vig- ives against the bears in stocks the same time more activity on t&: part of pools that are under- stood to be carrying on a campaign of distribution of shares purchased last December, and also for the account of institutions that are taking advantage of the present market strength to re duce their loans. It was again evident that the short interest in a number of the high-priced stocks was in distress and that its posi tion was becoming more and more un- tenable. This was clear from the action of such stocks as Auburn Motors, which early advanced 5 points, showing a rise of over 100 points so far this year; in J. 1. Case, up over 5 points by mid day: in_Vanadium Steel. 7 points up 7 which has had an appreciation of i1:| Pace of Advance Affected by| in other months. EXports were 40 per cent and imports 42 per cent lJower than a year ago. This reflects not only the reduced prices of commodities moving outward but the decided contraction in the buying power of countries which | take up the slack of our excess pro-| duction. Advance at Opening. | | The market ignored passing of the Bacharach soldiers' bonus bill as a bear- ish factor and advanced into new high | ground shortly after the opening. Later trade brought out some selling and the | list lost about half of its initial gains. | Auburn_ Auto, the sensational nfover | of the past fortnight, ran up another 5 | points to 204, or 103 paints above its January level. Later the day's gain was dropped. Other motor car stocks were more conservative, General Motors unchanged, while Mack Truck and Studebaker had fractional gains. Though United States Steel only had & small fractional gain, four other steel stocks. Bethlehem, Republic, Vanadium and National Steel, made new tops for | 1931. Money renewed unchanged at 1} per cent. In the first half hour, trad- ing amounted to about 600,000 shares against 400,000 on Monda) ‘Timken Roller Bearing ran up a new high. Loew's sold off on the retzntion of the old dividend rate when an increase was_expected. _Active Industrials such | as Caterpillar Tractor. Continental Can, Byers Pipe, Columbian Carbon; Case Threshing, 'Fox Film, Warner Bros. Radio-Keith, Corn Products, Columbia | Graphophone, Woolworth and Industrial | Rayon all reached new highs before the | sliding movement began. Ralls were quiet and about unchanged. So were mine shares. Money to Loan Seeuged by st deed ot o Joseph 1. Weller &7, - nearly 60 per cent from the 1931 low: | in Worthington Pump. up, 7 points; in American Water Works, Yup about 4| points, and in Columbian Carbon. up 4 points, and Byers Pipe, up about the | same, 5 - Extent’of Recover; | The extent of the recovery this year may be indicated in such gains from 4% ' the low prices of January as 55 per cent 5°«lin American & Foreign Power, 65 per 1' | cent in Montgomery Ward, 60 per cent 6'2| in Vanadium, 45 per cent in Bethlchem 70'x | Steel and 55 per cent in Baltimore & Ohio. at today's best prices, The public utilities, and’ parf { the 1929 operating company fd@brites today acted better than they have in months, with the general average of this group showing an advance of 10 points from the low of the vear. Rails were inclined to hold back. aithough there were moderate advances in New ularly 727277 27 ) MonNEY 68, 67 12 67 1o 384, 1111 17 FOUNDED 932 BARR BUI LREATEN 72 v State Supervision On our liberal 20 monthly repayment plan. 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New York WASHINGTON Philadelphia Baltimore Richmond London MEMBERS New York Stock Exchange Washin gton Stock Exchange Richmond Stock Exchange New York Produce Exchange New York: Curb Exchange Copy of our 1510 H Street Fortnightls Revtew” on Request Connecticut at K v PROPERTY MANAGEMENT Apartment House MANAGEMENT B. F. 925 15th St. N.W. MORTG WF. shall be glad to give you concrete examples of where our management of apartment houses has made material saving in operation, decided improvement in the earnings—with corresponding increase in the net profits. It’s all a matter of experi- ence—of which we -have had more than a third of a century. SAUL CO. Nat'l 2100 AGE LOANS F. B. KEECH & COMPANY New Other prinei) Membe: York Stock an and commodity exchanges of change v We have just completed a circular on ten low priced dividend paying stocks. Outright purchases in ten-share lots of these stocks as a group at quota tions as of the close of busi ness Feb. 7, 1931, require less than $2,500. The net dividen vestment amoun d return figured on this in- ts to approximately 6.91%. We will be pleasgd to forward this. circular upon application We are equipped tp handle promptly orders in stocks, bonds and commodities on the leading exchanges of the world. H CORNER 17TH ST, N.W., WASHINGTCN New_York Philadeinhia + Chicago NATIONAL 0245 Providence Detroit Brooklyn Winnives CORPORATE TRUST SHARES PARTICIPATING PURCHASED ON A MON THROUGH OWNERSAIP “IN. SYSTEMATIC INVESTMENT FINANCIAL lNDEPENbENCE CERTIFICATES A with three OPPORTUNITY- time-tested form of investment fundamental principles. COMPOUND INVESTMENT PROTECTION OPPORTUNITY to purchase an interest in 28 of the leading corporations of America ments as smal’ omplished by investi h constitute a definite part porations through their $10 per month for a period of 10 years. n industry by periodic or installment pay- This i ng such funds in Corporate Trust Shares, ating ownership in the 28 cor. common stocks, g COMPOUND INVESTMENT providing for the use of the dividends and disu hutions re ved from the 28 corporations to purchase an additional interest in the same corporations. PROTECTION by life nation). which _guarantees insuranee (without medical exami: completion of the payments on a FINANCIAL INDEPENDENCE GERTIFICATE for the henefit of the investor’s estate in the event of death.- This insurance becomes effective immediately upon receipt of the first payment and the issuance of the Certificate. EMPIRE TRUST ). OF NEW YORK Trustee The following results were determined by the distributions that, would have been re SHARE CERTIFICAT! ived by FINANCIAL INDEPENDENCE holders if this plan of investment, and if CORPORATE TRUST SHARES had been available for the period 1920 10 1930: With Full Monthly Payvments £10 20 30 10 50 Pay Life Insurance Protection Cash Value at Maturity $2,874.90 5,749.80 8,624.70 11,499.60 14.374.50 Total ments 120 Months £1,200 2,400 3.600 4,800 6,000 Waocoanm AN, BRAWNER & Co. 1700 Eye St. N.W. end Further Detail Investment Bankers INCORPORATED . ¢ MET, 3860 Withoiit Obligation . ADDRESS