Evening Star Newspaper, February 18, 1931, Page 13

®#2 A_13 Money to Loan Secu: deed of trust real RO S 2 g o Jusph | Wellr £.7°5 SALESMEN -Several desirable men to sell high-grade invest= ment sccuritie vious experience not ab- solutely necessary. ESDAY, FEBRUARY 18, 1931. JFINANCIAL. WASHINGTON, D. C, WED STOCKLIST STEADY ONLIGHT TURNOVER Pace of Trading Slower. Specialties Quiet as Mo- FINANCIAL. 'D.C. FIRM ACQUIRED ‘BY BALTIMORE €0, Columbia Sand & Gravel Will Become Subsidiary of THE EVENING STAR, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. traded in large lots also and gained nearly a point. 1In the first half hour trading amount- ed to about 500,000 shares. against 600,000 .on Tuesday. Call money re- newed unchanged at 115 per cent. United States Steel rose fractionally, but the feature of the steel group Was Vanadium, which gained over 2 points. Industrials sharing in the improvement were Case Threshing, General Theaters Equipment, Warner Bros., Radio, West- inghouse, General Electric and Indus- trial Rayon. The rails were quiet. In the Utilities American Water Works and National Power & Light made new peaks, Oils Sales— ~Prev. 1931~ i High. Low. 121% 118% 173% 143% 1304 128% 17% 18% 3% 359 50% 108% Stock and Dividend Rate. DuPdeNdebpt (6). 2 121% Eastman Kodak (18) 30 1721 Eastman Kod pf (6). 30s 1307% Eaton Axle (1.60) 28 184 Eitington-Schild. . 5 10 Eitington-Schild pf.. Elec Auto Lite (6)... Anto-Lite pf (7) Note—All stocks are sold in one hundred-share lots excepting those designated by ghe letter s (80s) (250s), which shows those stocks were sold in odd lots. Individual sales compiled to noon—complete in 5:30 Edition. ~Prev. 1931~ Stock ana Sales— Prev. High. Low. Dividend Ra Add 00. High. Low. Close. Close. 12 9 Abitibi Pow & Paper. ' 3 10% 10% 10% 10% 40 Abitibf P&PDf (6). 3 3915 39% 39% 16% Adams Exp (1.60) 19 21% 214 21% 2% Advance Rumley.... 20 4% 44 44 69 61% 1081 Arundel Corporation. BY EDWARD C. STONE. ‘The Arundel Corporation of Balti- more, one of the largest construction companies in thc United States, has acquired the Columbia Sand & Gravel ~Co. of Wsslz}’ng:fim‘ ng 5~ mtmm Balti- more today. While stating that the deal had gone through, officials of the Arundel Corporaticn were not ready to give out details of the transaction, but sald a formal an- nouncement would be_made shortly. The Arundel Corporaticn has total assetsof $11.- 070.991.57, accord- g to the balance sheet of Dccember 31, 1930. The company speclalizes in | the building of water-power dams and | dredging work. The firm has built two | of the largest water-power plants in the country, the latest one completed being the Conowingo Dam on the Susquehanna in Maryland at a total cost of $50,000.000. Frank A. Furst is chairman of ‘the board and Joseph J. Hock, president of the company. ‘The Arundel Corporation has just completed arrahgements with the At- kinson Construction Co. of San Fran- cisco by which the two firms will bid on the construction of the $100.000- 000 Hoover Dam in Colorado. Each firm has deposited $2.500,000 cash to make up the $5,000.000 deposit re- quired of all bidders on this project. Broke Records Last Year. The Arundel Corporation broke all Tecords in net income last year in spite of the general business slump, accord- 1ng to the annual report, which showed that net income was $2,916,382, or $5.88 a share on the 495,426 shares of capital stock, after deduction of depreciation, depletion and Federal income tax, and the addition of a special item resulting { from a readjustment of assets. This compared with a net income of $2,014.- 946, or $4.15 a share, reported for 1929, the company's previous record year. Net income for 1930 from operations alone (after taxes) was $2,163,694, and even without the -special credit all| Tecords were broken. 4 * "~ The special credit amounted to $752,- 688 and resulted from an increase in net income for prior years brought | about by the “redetermination of | charges for depletion and depreciation based on appraised values of fixed ascets | acquired at the inception of theicor- poration.” After the payment of $1.477,566 in | dividends—an increase of $1 a Rhare over the pr?'iou.s year—the corporation added $1,693,392 to its surplus, bringing that item up to $5,074,725 at the end of the year. Many Contracts on Books. ‘The balance sheet showed current as- | sets of $3,735,792, as against current liabilities of $883,873. Included in cur- rent assets was $981,147 in cash and $1,829,675 in marketable securities at cost and not above market value. The report showed also that 2.970 shares of. capital stock had been reacquired and held in the treasury. In addressing the stockholders’ mect- ing Mr. Furst said the corporation had about $21,317.322 in contracts on its books, of which $7,800,000 had been completed, leaving $13,517,322 to be ‘worked out. | In addition to this, he said, the Mont rose Construction Co., one-half owned by the Arundel Corporation, had $2,835.- 000 on its books, of which $1.237,000 had been completed, leaving $1,597.000 to be worked out. Thus, he added, ‘l there was a total of $15,115,000 of in- completed work on the books of the Arundel Corporation and its subsidiary. This will be increased materially, ke | stated, as a result of the emergency ‘work being awarded by the Government. | Columbia Well Known Concern. { Clyde B. Asher, president of the Co-| jumbia Sand and Gravel Co., left| ‘Washington yesterday for a vacation in | Florida. Aside from confirming the| deal with the Baltimore concern, other | officials said they were not in a posi- tion to give out the details. | The company has been in business | here for several years, being a suc-| cessor to the Columbia Granite "and | Dredging_Corporation. The company | has a splendid up-to-date plant on K street in Georgetown, owns a fleet nl] tugboats and barges, has valuable rights | to sand and gravel up the Potomac River and also obtains a great deal of sand from down river i ‘The company has an outstanding issu of 7 per cent cumulative preferre stock which is listed on the Washing- ton Stock Exchange. This stock closed resterday at 93, having advanced sharp- y in the past few days. It was said in the financial district today that the sale would prove of great benefit to preferred -stockholders that stock will quite likely be called in at 110. At one time last year this stock drop as low as 80, The compan outstanding iscue of 10,460 common stock which was privately hel and never listed on the local stock ex- change. Aside from President~Asher, the offi- cers are L. L. Reeves, vice president and general manager, and G. A. Bonnet, | secretary and treasurer. Clyde B. Asher. Financial District Gleanings, Directors of the Mergent r Lino- | type Co. have declared the regular quarterly dividend of $1.50 per shar payable March 31 to stock of record March 4 The Chesapeake & Ohio R has declared the regu terly divi- | dend of 62 cents on mmon stock, payable April 1 to stock of r-cord March { 7, "and the regular semi-ar dend of $3.25 on the prefer July 1 to stock of record J John Saul, son of the late B. P, has been clect°d a director in { American Security & Trust Co., taking the place so long held by his father ‘The safe deposit s ction of the Dis trict Bankers' Association will meet tomorrow night at 8 oclock at the Hamilton Hotel. Bal and Phila- delphia_safe depe re to speak and a buffet supper sery The District of Columbia Life Under- | writers’ Association mects tomorrow noon at the Hay-Adams House, with Albert E. N. Gray of Newark, N. J., as | guest speaker. The association is now completing th> program for the sales | congress to be held here next May New life insurance production for all | classes showed a decline of 10.7 per cent for January, 1931, compared with the first month of 1930, th> Associa- tion of Life Insurance Presidents | reports. | The Lanston Monotype Co. paid a | regular quarterly dividend of 13, per | cent today and an extra of '; per cent. | Today’s Trading on D. C. Exchange, * Capital Traction figured in only two 10-share sales today, opening at 35, where it closed yesterday, and closing up %. Columbia Sand & Gravel pre- ferred gained 2 more points tod=y, clos- ing at 95. Mergenthaler closed at 87', | and Peoples Drug Stores preferred changed hands at 98. Bonds were In fair demand at recent prices. SILVER QUOTATIONS. WEW YORK, February 18 (¥).—Bar sliver, 26%. 1% % 923 ™ % Advance Rumley pf. Ahumada Lead LAir Reduction (t4%) Alrway El Ap (60c). Alaska Juneau (40¢) Alleg Corp. Leses Alleg Steel (12.80).. Allied Ch & Dye (né) Allis Chalmers (3) .. Alpha Port Cmt (2). Amerada Corp (2). Am Agri Ch of Del. Am Bank Note (13) Am Brown Bov Elec. Am Can (15) Am Car & Fdy (6) Am Chain (3). Am Chain pf (T) L Am Chicle (+3). Am Comel Alcohol. . Am Encaustie (1) Am & For Power. ... Am & For Pw pf (6). Am & For Pow 2d pf. Am Hawallan SS. Am Home Pr (4.20 Amlce (3).. Am Internat (2).... Am La Fr & Foamite Am Locomotive (2). Am Mch & Fdy 1.40. Am Metal Co..... 5 Am Nat Gas pf .. 5408 Am Pow & Lt (11).. 16 AmP&LfAst (5) 3 Am Rad & St San (1) 30 Am Republics 4 Am Roll Mill (n2)... 75 Am Safety Razor (5) 2 Am Shipbuilding (5) 20s Am Sm & Ref (4). 4@ Am Sm & Ref pf Am Snuff (13%) Am Snuft pf (6).. Am Solv & Chem. ‘Am Solv & Chem pt Am Steel Fdy (3). Am Sugar Ref (5) Am Sugar Ref pf (7) Am Sumatra Tol, Am Tel & Cable (5 Am Tel & Tel (9). Am Type Fdy (8). Am Tobacco B (16).. Am Water Wks (3).. 23 5 4 Am Wat Wks cfs (3) Am Wat W 1st pf (6) Am Woolen. ........ Am Woolen pf...... Anaconda Cop (2%). Anaconda W & C (1). Anchor Cap (2.40)... Archer-Dan-M (2).. Armourof JILA..... Armourof I B..... Armour of Il pf (7). Art Met Const (1.60) Asso Appl Ind (4)... Asso Dry G (2%). Asso D G 1st pf (6).. ASSOON (2). ...t Atch To & S Fe (10). Atl Coast Line (+10). At1Gulf & W I pf (5) Atlantic Refining (1) Atlas Powder pf (6). Auburn Auto (f4)... Austin Nichols. i Austrian Cred (3.82)° -Contl E 314 103 41 1134% 2% Autosalespf........ Aviation Corp of Del Baldwin Loco (1%). Baldwin Loco pf (7). Balto & Ohfo (7).... Bang & Aroos pf (7). Barnsdall (A) (1)... Beatrice Cream (4).. Bel N Ry pt pf $5.51. Bendix Aviation (1). Best & CO (2)....... Bethlehem Steel (6). Bethlehem St pf (7). Blaw-Knox (1%)... Bohn Alum & Br 1%. Bon Ami (A) (4).... Booth Fisheries. Borden Co (k3) Borg, Warner (1). Briggs Mf ($1.62%). Briggs & Strat (2).. PBrockway Mot Trk. . Bklyn-Man Tr (4)... Bklyn Man Tr pf (6) Bklyn Union Gas (5) Bruns Ter & Ry S... Bucyrus (1). E Bucyrus cv pf Bucyrus pf (1) Budd Wheel (1).. Bullard Co. .. Bulova Watch (1%). Burns Bros (A). Burns Bros B Burns Bros pf (7). Burroughs A M t1 Bush Terminal (23%) Bush Term deb (7)., Bush T Bldg pf (T).. Butterick Co........ Byers (A M).. : Calif Packing (4). Callahan Zinc & Ld. . Calumet & Arizona. . Calumet & Hecla. . ,. Camp W&CFy(1)... Canada Dry G A (3). Can Pacific (2%).... Capital Admin A. ... ase (J 1) (6).... Case (J 1) pf (T).... Caterpillar Trac (t4) Celanese Corp. Celotex Co....... Celotex vtc ctfs. .. .. Cent Aguirre As 13, Cent R Mills pf (7). Cer de Pas Cop (2).. Certain-teed Prod. .. hecker Cab (1.80).. hes & Ohlo (2%)... hesapeake Corp (3) hi & Alton pf...... hi Great West p hi Mil St P & Pa hi Mil StP& P pf.. hi & Northwest (4). hi Pneu Tool. hi R1& Pac (T).... hi R 1& Pac pt (7). hilds Co (2.40)..... hrysler Corp (1). .. ity Iee&Fuel (3.60). ity Stores “ola (6).... almgP bt (8).. & Mcman. ollins & Mk pt (1) o o o o o > & « o o e o b 2 % s C C Colonial Beacon..... Colo Fuel & Iron (1). Colo Fuel & Ir pt (8) Col Gas & El (2).... Col Gas & EI pf A (6) Col Graphoph (a% ). Columbian Carb (16) 13 Comcl Credit (2).... 17 Comcl Credit A (3).. 2 o 408 b o « b o e o 116 omel Cred of B (2). omm Iny Trust (2 omel 1 T cv pf (e6). 4 omcl Solvents (11). 47 ‘mwlith & Sou (60c). 29 ongoleum-Nairn... 106 ongress Cigars (4). 1 onsol Cigars (5)... onsol Cig pr pf 6% . 3 ‘onsol Film (2) “onsol Ga (4).. 165 Con Gas of NY pf(5) 25 Consol RRCpf (6).. 1 Consol Textile...... 10 Contajner A (1.20) Contl Baking A Contl Baking B king pf (8). Contl Can (2%) . Contl Insur (2.40) Contl Motors. Contl Oll of Del. .. Conti Shares (1) Corn Prod (13%). Coty Inc. Cream of Wht (1214) Cr Cork & Seal 2.49. . Crown C&P pt (2.70) Crueible Steel pf (1) Cudahy Packing (4). Curtis Publish pf (7)350s Curtiss Wright Corp. 30 Curtiss Wr Corp A. Cutler-Ham (3%) Davison Chemical Deere & Co (140). Del Lack & Wn (6) .. Denver& RG W pt.., Detroft Edison (8).. Devoe & Ray (1.20). Diamond Match. ... Dome Mines (1). Domn Stores (1.20). Drug Corp (4). Dupont de Nem (‘ 19 40% 106 1% 107 21% 3% 24 15368 30° B 204 10 1% 29 31% 65 148 97% 1031 391 28 19 % 98 815 11 114 39% 106 10% 104 2014 35 24 30 8514 19% 10 Elec Pwr & Lt (1). £lec Pow & Lt pf (6) ec Pow & Lt pf (7) ec Stor Bat (5) ohn pf (T) v (2.40 g Pub Sv pf (5% Office BIdg ( Frie RR..... orie RR 1st pf (4). .. reka Vac Cleaner. Evans Auto Loading. Fairbnks Morse 1.60. Fairbanks M pf (7) shion Park Asso d Min & Smelt. Federal Screw (1). Fed Wat Sv A (2.40). #1a Ph Fire In (2.60) ne T & R (1). at Strs (2%). Florsheim Sh pf (6). Follansbee Bros. Foster Wheeler (2 undation Co. ... Fourth Nat Invest. . ox Film A (4). Freeport, Tex (4) ller 2d pf (17.40). briel Co A mewell Co (5) .. rdner Motor. n Am Investors. n Am T Car (34) n Asphalt (3). ... Baking pt (8). n Bronze....... ble A e pf (7). Gen Cigar (4) . Gen Clgar pf (7). o lec (1.60) .. ocd Corp (3) .. A (e30c). cvpf (6). & EIDLA (8). Gen Mills (3). ien Motors (3)..... n Motors pf (5). n Outdoor Adv. . n Ptg Ink (23%). Gen Pub Sv b6% stk. Signal pf (6) tealty & Utll n R & Ut pt (e6). Gen Refractortes (4) Gen Theater Equip. . Gillette Saf Raz (4). Gillette Saf R pf (5). Gimbel Bros. ... mbel Bros pf (7) Glidden Co Glidden pr pf (7). . iobel (Adolf). Gold Dust (2%) Goodrich (B F). Goodyear Tire (5)... otham Silk Hoslery Graham-Paige Granby Consol (2).. Grand Sil Strs (h1) d Union pf (3) anite City St (3). t(WT) (1), t North pf ( Gre t Western Sug: zsby Grunow. If Mobile & North States Steel. Hahn Dept Stores Hahn Dpt St pf (6% Harb Walk Ref (2).. Hartman Corp (A).. Hartman Corp (B). . Hawaiian Pineap (2) Hayes Body. . > Helme (G W) (1 4 Interb R Hercules Pow Hershey Choc Hersh Choe pf (15).. Holland Furn (+2%) Hiollander Sons. Homestake Min (7). Houdallle Hershey. . Household Housfon Of1. Houston Of) (x Howe Sound (4) Hud & Man Rv (35 Hudson Man pf (5).. Hudson Motors (3).. Hupp Motors....... Tllinois Central (7).. Indian Motor Cy, Indian Refining. . Indust Rayon (4).. Ingersoll Rand (16). Inland Steel (4).. Inspiration Copper. . Insuranshar Del 40c. Insur Shrs Md(40c). Intercont Rubber. D Transit. Int Agricultural Int Agricul pf (7) Int Bus Mach (n6).. Int Carriers (25c) Int Cement (4). Int Combustion. ., Int Harvester (214). Int Hydro EL A (e2). Int Match pf (4).... Int Nickel (80c).. .. Int ys Cen A pf (5) Int Salt (3) Int Silver p Int Tel & Tel (2). Inter Dept Strs (2). Inter D Sty Intertype C Investors Jewel Johns-Ma Jones & Laug pf (7). Jordan Motor Car. .. Kayser Jullus (2%). Kelly-Spring Tire fayes (2 Kelvinator Corp Kendall Co pf (6) . Kennecott Cop (2) Kinney (G R) pf (8). Kolster Kress (SH) (1)..... Kreuger & T (a1.60). Kroger Groc&Bak (1) Lambert Co (8)..... Lea Rtubber & Tire. Leh Port Cmt (1). Leh Vall Lehman ¢ Lehn & Fink «3) ih Ow Ford Glass. . €tt & Myer (15). 2% & Myers B (13) Lima Locomot (m2). siquid Carbonle (4). Loew's In¢ (3 Loft Inc....... Loose-Wiles (12.70) . Lorillard (F) Co. ... LouG&EA (1%).. Louts & Nash (7). Ludlum Steel. Ludlum Steel pf McCall Corp (2%) McCrory B (2) g MeclIntyre Porc M (1) McKeesp TP (14%). McKesson & Rob (1) McKes & R pf (3%). McLellan . Mack Tru Macy & Co (nr Magma Copper (3).. allison & Co. Manati Sugar....... Man Elev mod g (d5) Manhat Shirt (1). Marine Mid (1.20) Market St Ry.... Market St Ry pf Market St Ry pr pf. Marlin Rockwell (14) Marshall Field (23 ) Mathieson Alkali (2) May Dept Strs (2% ). Maytag Co 1st pf (8) Melville Shoe (2) Mengel Co. Met-Gold pf (1.39).. Mexican Seaboard. Miami Copper. Mid- Midla Midland Steel p! Minn Moline Pow. M. n & Tex (a3). Mo Kan & Tex pf (1) or T 87 pf.. 7008 15 308 5 1308 1 1 10 20 2208 6 1 108 2 1008 129 119 5 108 1 118 2 1 108 5 508 23 208 108 18 308 50 20 xw (7).2508 3 24 10: 3 17 108 126 708 4 4 1 11 41 11 1 3 1 . 105 4 9 37 10 2 15 1 3 54y 9815 107 593 361 109% 45 8615 36% 10 22% 2 9%, 22 27 31% 26% 344 674 31% 7 2619 17% 914 15 2574 84 6% 10% 241 82% (Continued on Page 14, 110 110 % 6 65 €5 51 51 14% a1y 68 T 46 15% T0M 1% BOlg 1 64% 9% TT% 171 64% 9% By 81 8% 8y 3 3 70 121% 121'% " % 20% 214 1% 1% 18 13 26% 2T% s 11% 35% 35 264 27% 57 59 14 1% 16% 16% 32 321 109 1094 16 16% 46'% 34 51 225 9% 14% 35 34 51% 225 9% 14% 35 8l 8% 40% 41 96% 96% 24 24 4 % 3 3 35 35 10% 10% 22147 221 1% 2 9% 9% 20" 38 26% 27 30 30% 25%. 25% 34 4% 67% 67 31%° 3 7 7 25% 25% 16% 16% 9 9 144 15 20% 26% 84 84 6 6 10 .10 23% 23% 82% 82% This may be temporary or it may mark 464 0 tor Issues Gain. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 18.—The jolt given to the stock market Tuesday had the effect today of making the profes- sional element more cautlous and of keeping their operations within reason- able price limits. There was a decided slowing up in the volume of transactions in the so- called specialties. The trend of specula- tion was toward the stocks of auto- mobile and automobile accessory com- panies and the public utilities, with the | recognized industrial leaders quieter but | exhibiting a firm tone. Steel Reviews Encouraging. Wall Street was encouraged by the | tenor of the weekly iron and steel trade | reviews, which ran contrary to intima- | tions given out Tuesday that production had fallen off recently. As a matter of fact it appears to have in-reased from 2 to 3 points, continuin, the steady gain that began at the end of December and amounting to 45 per cent since the first week of January. The :ignificant development in the | indust-y is the sudden and quite broad | dema.d from the automotive trade. | the beginning of permanent imorove- | ment in a field that has just passed through the most serious depressicn in | its_history. | Evidence that sentiment favors the latter prospect was given in the sirength of such stocks as Chrysler and Stude- baker in the forenoon session following thelr recent distressing reports for 1930, p and ‘in the breadth and buoyancy in shares of companies related to tre au- tomotive industry, such as Briggs and Borg Warner. At the same time the better showing in the iron and steel in- | dustry brought more confidence into the iron and steel groups, which had been | among the first to react the day pre- | vious. | | Utilities in Limelight. There has undoubtedly been a revival of speculative interest in the public | utilities, for today. in spite of figures | showing a further decline in electric | output for the week and a reduction in | the dividend by the Laclede Gas Light . Co.. decided strength was shown by | suchy issues as American & Foreign | Powef, American Water Works, Colum- bia Gas & Electric. National Power & Light, United Corporation. United Gas & Improvement and Public Service of New Jersey. The last named had legiti- mate basis for its strength in a report | for the year showing almost as much | earned on the common stock as in 1929, The investigation by the Stock Ex- | change authorities into the movements of Auburn Auto kept this stoek from | duplicating the gyrations of the past few days. It also had a tendency to make for moderate fluctuations in other closely held issues that have been mov- | ing over a range of 5 to 10 points a day. | Motors Gain at Opening. Motor company shares featured a strong early upturn. | The advance came after an irregulal opening and followed the announcement | of the Chrysler Co., which reported in. creased earnings in the first weeks of 1931. This was construed as bullish. | Chrysler came out in large lots in fre- | quent trades, the price running up frac- | tionally to a new 1931 top. Briggs| Manufacturing and Borg Warner em- | ulated its example. General Motors was ' . | advancéd. were quiet. PRICE MOVEMENTS ACTIVE DURING WEEK {Many Commodities Advance, but Others Decline, Leaving Index Unchanged. Although the price for 23 commodi- ties advanced and the prices for 26 commodities declined, the weekly whole- sale price indeX of the National Ferti- lizer association remained unchanged during the week ended February 14. During each of the - preceding four weeks the general index number has shown fractional declines. The index number now stands at 76.4 compared with 78.2 a month ago and 93.3 for the corresponding week a year ago. Among the 14 groups constituting the index six advanced, three declined and five showed no change during the latest week. Textiles, fats and oils, metals, fuels, thiscellaneous commodities and fertilizer materials (cottonsecd meal) Other foods, grains, feeds and livestock and mixed fertilizers de- clined. Gains were made in the prices for cotton, cottonseed meal, burlap, butter, corn, oats, wheat, copper, sheep, gaso- line and rubber. Lower prices were noted for eggs, cheese, cattle, hogs, wool, ;“kft calfskin, pig iron, silver and dried ruits. Single Premium Life Annuities Income from 6% to 107 SAFE Roger M. Stuart Connecticut Mutual Life Insurance Co. _ 1126 Wood _Phone Nat. 3926. . INTEREST Systematic Saving Is Practical Your future happiness and welfare depend Jargely upon what preparation you make for it today. A sav- ings account with this in- stitution earns generous dividends—at least 5% in- terest! Open Daily 9 to § Saturdays Until Noon NAtional 1381 NATIONAL PERMANENT] BUILDING ASSOCIATION 949 NINTH ST, NW. | UNDER SUPERVISION OF U 3 TREASURY|| Soundv Judg’ment Safe investment is lar one's sound judgment. sued by us are secured gely a matter of some First Mortgage Notes is- on individual properties ¢ located in the District of Columbia and imme- dately adjoining sections o f Maryland and Virginia. The sufficiency of the security is passed on by officers of this company, each of whom has spent more than a score of y values. ears in studying realty The notes now being offered bear an' interest rate of 6 $100 and upward. HANNON . 1435 K St. A Giant Corpor embracing every basic activity . the world . . . furnishing the Moody’s Composite Portfolio Rating “A" CORPORATE TRUST SHARES represents an ownership interest in deposited com- mon stocks of these 28 Companies— New York Central Illinois Central such be an ment However, a ‘““composite cor- poration” with assets of 23 Billion Dollars, has in effect been created through the welding together of twenty-eight of America’s leading corporations in Stand. Oil of Cal. Texas Corporation “American Tel. & Tel. Western Union Con. Gas of New York General Electric Westinghouse Elec. United States Steel American Tobaceo International Harvester Otis Elevatoe Ingersoll-Rend -~ GRAHAM. PAR 1422 WALNUT STREET PHILADELPHIA 300 SOUTHERN BUILD TRUST SHARES Price at Market about 6% per share Descriptive circular on request and are available in denominations of & LUCH \ ation . . . + . with operations all over necessities of daily life .-, , Surely an ownership interest in a corporation would have unequaled possibilities and would essential part of any invest- program. But no single corporation of this size and nature is in existence today. CORPORATE soNs & Co. 48 WALL STREET NEW YORK ING—WASHINGTON Televhone: District 9310 Excellent Opportunity Robert C. Jones & Co., Inc. Investment Bankers, Shoreham Building Equitable Co-Operative Bldg. Assn. Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretal P | Subscription for the 100th Issue of Stock Being Received | We Have Money to Loan on Real Estate } or to Take Up First M ‘~ges D() you desire to purchase a finance i your present indebtedness « e your 8 property? We have the money a: e! Your i application will receive prompt and courteous attention. Loans repayable monthly. No brokerage . . . No commissions 915 F St. N.W. INDEPENDENCE - TRUST SHARES An investment in these shares offers you the maximum safety for your funds. '50 of the recognized leaders among common stocks comprise the portfolio of Independence Trust Shares. Your funds are properly diversified in utility, industrial, bank, oil, rail and insurance stocks. Price about 5 3/8 per share dww{, Wootton & Co. INCORPORATED WASHINGTON BUILDING . METROPOLITAN 2721-2 . ‘IT ORTG:\S A CONSERVATIVE INVESTMENT THAT PAYS LIBERALLY Without any feature of spec- ulation our 6% FIRST MORTGAGES Return a ‘very generous in- terest on any amount of money invested in them. It is strictly investment—with security that makes sure of the principal— and which pays this definite in- terest continuously throughout the term of the mortgage. Over a Third of a Century Without a Loss May be purchased in amounts from $250 up. B B SAUL Gtk National 2100 925 15th St. N\W. THERE IS SUBSTITUTE 'FOR SAFETY An Abundant Yield for a conservative investment . . . SAFETY because of the security ... CONVENIENT in the denom- inations of $%50 up.‘ First Mortgage Notes . . . Secured on improved properties in the District of Columbia and adjacent Maryland Suburbs - ; We will gladly tell you more of the- “six per cent notes now available. £ H. L. Rust Company #1001 mhgm‘ National 8100 ESTABIRNILSHED 1 88 9