Evening Star Newspaper, February 26, 1931, Page 13

INANCIAL THE. EVENING STAR, WASHINGTON, D. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are sold in one hundred-share lots ~Prev. 1931~ High. Low. Sales— Add 00. High. Prev. . Close. Close. stock and Dividend Ra C. IRECOVERY IN STOCK THURSDAY, FEBRUARY 26.. 1931 uplifts in the stocks of the u;‘wver and light corporations this month. Steel Stocks Strong. table strength was also shown in the iron and steel stocks on a compara tively small volume of transactions. United States Steel before mid. ®INANCIAL vanced over a point above its former |3 high price of the year and Bethlehem Steel early in the day touched 70, show ing an appreciation of 55 per cent from the January low. Iron, Republic the Steel and Vanadium Bye: had been ' checked points. in the.morning. Copper shares resumed the rise whicly on Wednesdny," ough they did not measure Colorado Fuel & |strength shown elsewhere in*be.l‘: elsgwher 3 As. might have bee: expected. the rafls: up were heavy excepting those designated by the letter s (80s) (250s), BAKEES ARLEY |$ BUMNED HERE Individus) saen complied to neon——complee in 3:30 Edltion. ~Prev 1031 Stock ana Saies— prev. | High. Low. Dividend Rate. Add 00. High. Low. Clote. Close. | 124 9 Abitibi Pow & Paper. 23 1% 1% a7 Abitibi P& P pf (6).. 3 i 45 28 Abraham Strauss. ... 4° 33y, 33 1011y Abraham Stpf (T)., B0s 100 100% 2315 Adfms Exp (1.60)... 17 23 a0t Adams Exp pf (5)...1008 any 2314 Addressogr Co1.40.. 2 2 5 R Advance Rumley.... 2 Ahumada Lead v 3 Air Reduction (1414) 28 Alrway Bl Ap (80¢). & 8% 2y 77 More Than 1,000 in At- . tendance as First Ses- B sion Opens. BY EDWARD C. STONE. More than 1,000 bankers from New | K York, New Jersey, Pennsylvania, Dela-| g, AllAnlin. Tuneav (a0s). 97 ware, Maryland, Virginia, West Vir-| 125, Alleg COrp. . venv.ne. 8 $inia and the District of Columbia were | 132% Allled Ch & ""A’:“’ present at the open- | 42% Allis Chalmers (3 ing session of the| 18 15 Alnha Port Cmt (- 21 Amerada Corn (2)... second Central| s J ) States Bank Man- e gement . Confer Am Bank Note pt (3) ence, which opened | i 4 (aahed Am Reet Suzar. o e el o Am Rr Shoe (2 40). Willard Hotel | 3 2 Am Frown Rov Elec. Lanier P. M- | o Am Can (15). Lachlen. president | g, Ml S of the District 0(1 43 Am Chain (3) Columbia Bankers’ | A GHIGISA%). .. Association, which | Am Colortype (1.40). is host to the con-| Am Comel Aleohol. ference. called the | Am austic (1) convention to or- Am European Secur. der, welcomed the Am & For Power. visiting financiers. | Am & For Pw pf (6). outlined the aims! Am & For Pw pf ). Fleming. of the conference, | Am & For Pow 24 pf. and presented the | Am Hawalian SS. . general chairman of the meeting, AmELmes BeEan) .. Robert V. Fleming, president of the Amacs @l .. Riggs National Bank. | AMUTLEEIAL (1) . Chairman Fleming expressed the | i L pleasur> of the local association in hav- el ing the conference meet in Washington, R MACR MR . and referred to the ‘good results ac-| Am Mach & Bret ctth. complished at the first conference last| . Am Metal Co.. year in Philadelphia. He also men- Am Nat Gas pf (7). . 3408 tioned the fact that the eight States A TR GWRIRIE): < - "dE and the District of Columbia, repre- Am Pow & Lt (£1)... 176 sented at the conference, have more Am Pow & Lt pf (6). 2 than 48 per cent of the entire bank AMP&LIpLA ()., 2 resources of the country and about AmP & Lpf A st 3 per cent of the population. Am Rad & St San (1) 57 After presenting H. H. McKee, presi- | Am Rad & S S pf (7). 108 dent of the National Capital Bank and Am Republies....... 11 chairman of the Program Committee, to the conference. Mr. Fleming intro- Am Roll Mill (n2)... 71 Am Safety Razor (5) 122 duced John W Pole, Controller of 103 au /1y 118 172 41% 7o manaBaare z 5a323 Robert V. Sowuea = wZe3h-Ge : Cuban Am Sugar pf. Contl Baking B..... 27 Contl Baking pf (8 2 Contl Can (2%) 24 Contl Dia Fibre (1).. 20 Contl Insur (2.40)... 6 Contl Motors. ..cceu. 2 Contl Oi1 0 Del...ow 72 Cont Shares . 25 Corn Prod (13%).... 12 Coty Inc o3 ennee 108 Cream o t(t2%) Crosley Radio. .. Cr Cork & Seal 2.40. . Crown C&P pf (2.70) Crown Zellerback. . . Crucible Steel (5). .. Crucible Steel pf (1) 908 Cuba Cane Prod..... 6 Cuba RR pt (6).....1008 Cuban-Amer Sugar.. 4 208 Cuban Dom Sugar... 8 Curtis Publish (17).. 1 Curtiss Wright Corp 337 Curtiss Wr Corp A.. 10 Cushman's pf (7)... 90 Cushmans pf (8) Cutler Hammer. Davison Chemical. Drlaware & Hud (9). Del Lack & Wn (6) .. Dehver & RG W pf.. Detroit Kdison (8) Diamond Match. Dome Mines (1). Domn Stores (1.20). Duluth § § & At pf.. Dunhill Internat Duplan Siik pf (8) Drug Corp (4)...... Dupont de Nem (4).. Du P de N deb pf (6) Duques Lt 1st pf (5) astern Roll Mills. .. Iastman Kodak (18) Eaton Axle (1.60). 15 Eitington-Schild..., 7 #lec Auto Lite (6) 49 El Auto-Lite pf (7)..1008 ~ B ec Pwr & Lt (1)... 415 ec Pow & Lt pf (8) ec Stor Bat (5) K1k Horn Coal. 1k Horn Coal pf Endicott-John (5) . Endicott-John pf (7) £2ng Pub Sv (2.40). Eng Pub Sve pf 6) . Ev 3l 7% 59% 34 % 59 1513 0% A 1% 1% B 161 297 81y 37 34 274 6% 59'% MARKET RESUMES Public Again Becomes Heavy Buyer of Securities After Reaction. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 26.—The re- actionary stock market of Wednesday was replaced today by one of great buoyancy and activity, in which specu- lation ran into the public utility, iron and steel, ofl. merchandising, baking, electrical and equipment shares. There | was a decided preference shown for low- priced issues. Pools were busy engineer- ing_movements in their specialties. ‘The mild correction of the t?chnlulll position of the market through Wed- | nesday's small average decline was ac- cepted by the public as an opportunity to get back into stocks, after missing the opportunities for profits on pur- chases earlier in the.month. Utilities Strong. i A significant feature of the trading| today was the attention paid to stocks that have been well to the rear of the | market during its recent rise. The awakening in issues of this class, which had experienced the highest percentage | of deflation, was taken to mean that| their outlook for earnings was improv- ing and that the risk of accumulating them at this level is at a minimum Heavy buying in such shares has been | g0ing on for some time by the fixed | trusts, especially by those trusts that | expect to show the largest profits in their portfolios in the next two years. | The broadest movements and the largest number of new high prices for the year took place in the public util- ities. Greater enthusiasm was shown for these shares than at any time since the upward trend developed. In the forenoon session American Water Works gained 3 points, Consolladted Gas 3. Electric Power & Light 2, North Amer- ican 215, Public Service of New Jersey 2',, Standard Gas 3',, United Gas & | Improvement 2, and United Corporation over a point. All of them were quoted during the day above their previous COMMON SEN aboul CoMmMmoN STOCKS ' North American Trust Shares Railroads Atchison, Topeka and Santa Fe Ry. Co Canadian Pacific Railway Compan Tlinois Central Railroad Company Louisville & Nashville Railtoad Company New York Cantral Railroad Company Pennsylvania Railroad Company Sauthern Pacific Company « Union Pacific Railroad Company Oils Royal Dutch Company (N.Y. Shares) Standard Oil Company of California Standard Oil Company (New Jersey) Standard Oil Company of New York Texas Corporation - Industrials Am. Radiator & Standard Sanitary Corp American Tobacco Co. (B) E. 1 du Pont de Nemours oWMore tha $150,000,000 has been placed in this security by conservative investors Am Ship & Com..... 23 Am Shipbuilding (5) 108 the Currency, as the Arst speaker. Controller Pole took the “‘Public Aspect of Bank Management,” as his subject. He stated that while banking is a pri- vate business. yet there is a large public interest at stake, and to pre- vent further out- standing _examples of bad management. there is the prospect of increasing the powers of govern- mental supervision as a remedy. controller sail . Lauds Bankers’' Association. “I wish to congratulate the American | Bankers' Association for its foresight | in_inaugurating these conferences on bank management. The subject goes to the very heart of our banking prob- lems. It is the desire 6f all to see good bank management. The ways and means however of reaching this goal are beset with many difficulties and complications. Conferences such as these however will go further toward & solution than any other movement, educational or legislative. “While no doubt your deliberations will be confined largely to the tech- nical phases of bank management, I shall. ‘nevertheless, take this occasion to direct attention to bank manage- ment in its public aspect. We apbear in this country to be fully committed to the policy of governmental control over banking. All of our banking sys- tems, whether State or national, op- erate under specific powers granted by legislative enactment and bank op- | erations under these powers are super- vised by a public official charged with the duty of holding the banks strictly within the confines of the statute. In addition to this statutory limitation the supervising officers frequently are given the power to make rules and regulations in the furtner application of the statutes. In banking. as in many of our activities, we are inclined to attempt to cure all defective opera- tions by new statutory enactments and new governmental regulations | “In the final analysis however, gov- ernmental action, whether statutory or regulatory, can only set the metes and bounds of bank operations. They can penalize violations of the Jaw and can exercise a restraining influence upon banking practices within the law, but it is well known that good manage- ment cannot be produced by legislation or governmental fiat. Good manage- ment must be a natural growth from within the institution. Opinion Determines Management. “What constitutes good management ean always be determined by the con- | sensus of banking opinion. The Jarger | the bank the more important becomes! 31 the question of management. Banks of | 194 metropolitan size bear a great responsi- bility *to_their shareholders and to the ublic, and ‘it is essential that their nking policies and practices measure | up to the highest existing standard In our large cities the clearing house bave played an eflective part in the de- velopment of local banking standards. | The type of work done by these. volun- tary associations should be extended if possible to all banks. I know of nol better instrumentality through which to build up this country banking t tions strong enough to effec courage all types of bad banking. business of Lanking in the United | States is less than a century and a ha old, but during that time we hay passed through a great variety of bank- | ing experiences, both good and bad Perhaps the time has been too short but we have not vet developed bamking | opinion to such a point that the ad- | venturer, and the outlaw cannot gain a | foothold' in our citadels of finance. | There is, therefore, before th ence a great oppor objective. John W. Pole. ‘The restrictive legislation an can very well be underst tive restrictions aimed at one practices may have unforeseen r in other directior In th produce sound banking are inclined to grov of statutory enactme mittedly unsound prac may in turn hamper board ‘of good banks in developing policies. If the bankers thems by concerted action upon initiative to cast out from t those who would convert bs their own private and se the detriment of the in will certainly be new le both State and national. for the removal of unsound management by govern- mental action Would Remove Dangerous Officers. “As you know, the supervising officer charged with the administration of the banking laws becomes readily familier with the character of the management of the banks under his jurisdiction. In the nearly 70 years operation of the! pational banking system Congress has | not seen fit to confer upon any execu- | g tive agency the power summarily to re- | 11, move from office bank officers who| 12 might be engaged in parctices which are | inimical to the welfare of the bank Several controllers of the currency | have in the past recommended the 7 grant of such authority and 1 myself | j5 Tecently indicated to the Senate Com- | jgas, mittee on Banking and Currency that | joq:. such a statutory enactment might!| joqi, prove beneficial, particularly as a re-| 4u.) straining influence. A public officer ul in 8 very difficult position when he secs * 8 bank in the hands of mancgement ! T( Continued on Fourtesnth Page.) . s e 1% 0 Am Sm & Ref (4). .. Am Sm & R 2d pf (8) Am Solv & Chem. . Am Solv & Chem pf.. Am Steel Fdy (3).... Am Sugar Ref (5)... Am Tel & Cable (5).. Am Tel & Tel (9) Am Tobacco (16) Am Tobacco B (+ Am Type Fdy (8) Am Water Wks (3).. Am Wat Wks cfs (3) Am Woolen......... Am Woolen pf . Am Writ Paper ctf: Am Zinc Lend & Sm .. Am Zine & Lead pf. . Anaconda Cop (215). Anaconda W &C (1). Anchor Cap (2:40)... Andes Copper (1). Archer-Dan-M (2) Armour of JI1 A Armour of 111 B Armour of 111 pf. Arnold Constable Artloom Corporat Asso Appl Ind (4). Asso Dry G (2%). . AssoD G 1st nf (§).. Atch To & S Fe (10). Atch T &S Fept (5). At1 Gulf & West Ind., A1 Gult & W I pt (5) Atlantic Refining (1) 36 Auburn Augo (f4)... 53 Austin Nichols...... 1 Autosales. AT Autosales pf........ 408 Aviation Corp of Del 84 Baldwin Loco (}%).. 111 Baldwin Loco pf (7). 40 Balto & Ohio (7).... 10 Ramberger pf (615). 1008 Bang & Arqos (31%). 2 Bang & Aroo ). 208 Rarker Bros. .. 08 Barnsdall (A) (1)... 36 Beatrice Cream (4).. 23 Beech-Nut Pkg (3).. 1 Relding-Hemingway Bendix Aviation (1). Best & Co(2). Bethlehem Steel (6). Bethlehem St pf (7). Rlaw-Knox (134). ... Bohn Alum & Br 1 Bon Ami (A) (4). 23 223 4 Borden Co (k3). 234 100w 1a 1 12% 3T Borg, Warner (1). ... Briges Mf (11.62%%). Rrockway Mot Trk BKIyn-Man Tr (4). RXlyn & Queens Rkiyn & Qu T BKiyn Union Ga Brown Shoe (3) Bruns-Balk-Col Bruns Ter & Ry § Bueyrus (1)...... Bucyrus ev pf (2%). Budd (E G) Mfg. Budd Wheel (1) Bullard Co...... Bulova Watch (13 Burns Bros (A). . Burns Bros cum pf. . Burroughs A M t1%. Bush Terminal Bush Term deb Rutte Copuer & Rutte & Superior. Butterick Co Byers (A M). Calif Packing (4) Calumet & Ariz0 Calumet & Hecla. Camp W&C Fy (1) . Canada Dry G A (3). Can Pacific (238).... Cannon Mills (1.60). Capital Admin A. ... Car Clin & O sta (5) . Case (J 1) (6) . Case (J 1) pf(T).... Caterpillar Trac (14) Cavanaugh-Dobbs pt1 Celanese Corp Celotex Co « 3 Cent R Mills'pt Cer de Pas Cop Certain-teed Prod Checker Cab (1.80) Ches & Ohio (2%)... Chesapeake Corp (3) Chide ATOR. . . . qnnve Chi & Alton pf. ... Chi Great Western Chi Great West pf. Chi Mt St P & Pac, . « StP&Ppf. . Northwest (4) « u Tool. 5 « 1T pf (333, hi R L& Pac (T) ChiR1& P ot (6). Chi Yellow Cab (3) Childs Co (2.40). Chile Copper (2), . Chrysler Corp (1) « « hi Mi ity lee & K pf (6%) 1308 fiy Stores. ... ‘hiett-Peabody (3). ~Cola (1 te-F ‘ollins & Aikman. .. ollins & Atk pf (7). ‘ol Fuel.& Lron (1) ‘ol Gas & “ol Graphoph (A% *olumbian Carb (16) “omel Credit (2 1 Cred 18t (63) | Cred pf (1%). 1 Credit A (3) rust (2). ‘omel Solvents (31). *mwlith & Sou (60c) . with & Sou pf (6) “ongoleurn- ongress Clgars (4). “ousol Cigars (5). “onsol Film (2). “onsol Film pf (2) Consol Gas N ¥ (4). Con Gas of NY pf(5) Consol RR C pt (6).. Consol Textile ..... Container A (1.20) Container B « « « Comel 1 T cv pf (6). I§ ¢ « « « « 54 121 81y 70 9854 45 10015 100 28 27% ns Auto Loading Fashion Park Asso. . Falrbnks Morse 1.60, Fed Lt & Tr (31%).. Fed Lt & Tr pf (6).. 110 Fed Mot Truck (40c) Fed Wat Sv A (2.49). Federated Dept Strs. Fid Ph Fire In (2.60) Fifth Ave Bus (64c). Filene's pf (6%).... Firestone T & R (1), Firest T & R pf (6).. First Nat Strs (2%). Fisk Rubber. s AW ~ Fisk Rubber 15t pf..100s 28 Florsheim Sh A (3 5 a2 Follansbee Bros. 19 Foundation Co...... 6 104 Foster Wheeler (2).. 66 60% Fourth Nat Invest 7 Al Fox Film A (4).. 34 Freeport, Tex (4).... 45 3714 Gamewell Co (5)....1608 5714 Gardner Motor...... 3 1ty Gen Am Investors... 8 e Gen Am T Car (34).. FR TN en Asphalt (3) 5 421, Gen Baking pf (8)...3208 108 Gen Bronze. o [ enCableA. ... 1 2 25 Gen Cable pf 80s 57 Gen Cigar (4). . 34BN Gen Filec (1.60) 334 54% Gen Elec spec (60c). 2 12 Gen Focd Corp (3).. 29 543 Gen G & El A (e30c). 64 8%y GenG&Elcvpl(6). 1 69 Gen Mills pf (6)..... 2 99 Gen Motors (3) 219 45% Gen Motora pf (5)... 2 Outdoor Adv.... 2 Out Adv A (4) 1 PtgInk (215)... 50s Pub Sv b8% stk. 5 Ry Signal (5)... 2 ignal pf (6) 10s ty & Util... 29 2 & Ut pt (e6).. Gen Refractories (4) Gen Theater Equip. . Gillette Saf Raz (4). liette Saf R pf (5). Gimbel Bros i Glidden Co. Glidden pr pi . Gobel (Adolf)...... a6 109%, B 59 Goodrich (R F) Goodrich B F pf (7). Goo Goody Gotham Silk Hosiery Gould Coupler. raham-Paige. . ranby Consol (2) rand Sil Strs (h1)., and Unfon. rand Union pf (3).. anite City St (3).. Grant (W T) (1) Grt North pf (5). Grt Nor Ore (2) Grt Western Sugar. . Grigsby Grunow iIf States Steel Hackensack W (133) Hacken pf A (1%) Hahn Dept Stores. . Hall (WF) Pr Co (2) Harb Walk Ref (2).. Hartman Corp (A) Hartman Corp (B) Hayes Body 5 Hercules Pow pf (7). Hershey Choc (5). Foe (1Y) & Co 3 Homestake Min (7). Houdaille Fershey.. Household Fin pf (4) Al Houston O11 664 Houston Of1 (new) " Howe Sound (). Rt Hud & Man Ry (3 2% Hudson Motor (1) Hupp Motors 1llinois Central (7)., indian Sotor Cycle. . indian Refining Indust Rayon (4) . Ingerroll Rand (16 Inland Steel (£). Inspiration Copper Insuranshar Del 40c. Insur Shrs Md(40c) . interb Rap Transit., Interhoro RT c.0.d... Interiake Iron (60c). int Agricuitural Int Agricul pf (7). iat Bus Mach (n6) Int Carriers (25¢). Int Cement (4). int Combustion Int Harvester (23). int Hydro ELA (e2). Int Maich pf (4) Int Merc Marine Int Nickel (80c). Int Nick Can pf (7)., Int Int Int Paper & Pow B Tt Paper & Pow int Dap & Ppf (1), int irinting Ink. Int int Int 8 Int Tel & Tel (2) Inter Dept investors Equity.... Jewel Tea (4) 6 Johns-Manvilie (3).. 16 Johns-Manv pt (7).. 508 Jones & Laug pf (7). 30s 121% 121% Jordan Motor Car. 3 14 1 KC P&L 1t pf B (6). 108 1145 1145 Kans City Sou . 1% a4 Kaufmann DS (1%) 3 17% 17 Kayser Jullus (2%). 63 23% Kelly-Spring Tire. 2 2% Kelly-Spr T 6% pf.. 1008 39'%4 Kelsey Haves (2) 19 29 JKelvinator Corp,.... 21 13% Kendali Co pf (6) 108 40 Kennecott Cop (2).. 59 Kolster Radio. . 39 Kolster Radio ctfs. 4 Kresge (S5) Co 1.60. 2 Kresze Dept Stores.. 1 Kress (SH) (1)..... 1 Kreuger & T (a1.60). 88 Kroger Groc&Bak(1) 148 o 118% 1183 9 94 & 85 R high 1931 prices. There has been a radical change in the ratio of price to earnings in this group without any im- provement in operating profits—rather a decline in these profits lately It is apparent that the ilquidating values of the investment trusts and public_utility securities than any other kind ha Authorized Service Delco, Remy, Klaxon, Northeast & Sparton Horns MILLER-DUDLEY CO. 1716 14th St. N.W, North 1583-4 CAPITAL for Corporations Furnished A client of ours with an established brokerage business in_ Ne: York Oity. with several branch offices. is in & posi- tion to finance companies whn need money, either for expansion purposes or additional working capital. through the sale of their securities. Por further in- formation. writ Box D. A. E. L. J. Gilman Advertising Agency 159 East 34th St., New York City Independence Trust Shares 1. Safety of Principal 2. Good Yield 3. Marketability ‘These three points are of the utmost importance to the investor. All three are combined in this fixed trust. Send For Circular Price about 515 per share, Chunch, Wootton & Co. INCORPORATIO Washington Building Metropolitan 2721-2 Money to Loan D.C.Real Estate 6% Floyd E. Davis Co. 733 12th St. N.W. REAL ESTATE LOANS Made at Low Interest Ra TYLER & RUTHERFORD el 4 National 0478 ~ Money to Loan 1_|oup|| L. Weller 0.7 : [ We Make Collateral | Loans on BONDS, MORTGAGES, REAL ESTATE NOTES, AND LISTED STOCKS We Buy Second Trust Notes on homes occupied by owners. BANKERS BOND AND INVESTMENT COMPANY 734 Southern Bui First Mortgage Loan Applications Invited at 5)5% Glover & Flather 1508 H St. N.W. National 1753 trading corporations which own more | & Co of New Jersey Ingersoll-Rand Company Otis Elevator Company | United Fruit Company | United States Steel Corp. Westinghouse Electric Mfg. Co F. W. Woolworth Co. UtiMities # American Tel. & Tel. Co. Coneolidated Gas Compan of New York ‘Western Union Telegraph Company American Tel. & Tel. Co. Columbia Gas & Elec. Corp. Commonwealth Edison Co. Consolidated Gas Co. of N. Y. Consolidated Gas, Elec. Lt. & Power Co. of Baltimdre Detroit Edison Co. North American Co. Pacific Gas & Electric Co. United Gas Improvement Co, Western Union Tel. Co. Air Reduction Co., Inc. Allied Chem. & Dye Corp. American Can Co. American Car & Fdy. Co. American Radiator & Standard Sanitary Corp. American Smelting & Rfg. Co. Atlantic Refining Co. Borden Company Du Pont (E. I.) de Nemours & Co., Inc. Eastman Kodak Co. (N. ].) General Electric Co. Ingersoll-Rand Company Internatiopal Harvester Co, Kennecott Copper Corp. National Biscuit Co. Otis Elevator Co. Prairie Pipe Line Co. Procter & Gamble Co. Reynolds (R. J.) Tob. Co. Royal Dutch Co. (N. Y. Shs.) Sears, Roebuck & Co Standard Oil Co. of Calif. Standard Oil Co. (N. ].) Standard Oil Co. of N. Y. Tezas Corporation Union Carbide & Carbon Corp. United Fruit Company United States Steel Corp. Westinghouse Elec. & Mfg. Co. Woolworth (F. W.) Co. Atchison, Topeka & Santa Fe Ry. Co. Canadian Pac. Ry. Co. - Dela,, Lack. & West. R.R. Co. Tllinois Central R.R. Co. Loussville & Nashville R R. Co, N. Y. Central RR. Co. Pennsylvania Railroad Co. Southern Pacific Co. Southern Railway Co. Union Pacific R }{ Co. BOSTON 1 Eastman Kodak Company i General Electric Company National Biscuit Company The Largest Fixed Trust Today's thinking investor knows that to assure the maximum results from a common stock in- vestment it-should be adequately diversified and held over a period of years. Such an investment based upon a fixed group of leading common stocks provides a participa tion in the future profits of our greatest and most ably managed business enterprises. NortH AMERICAN TRUST SHARES are certifi- cates of ownership in a fixed group of 28 out standing common stocks,deposited under a trust agreement with the Guaranty Trust Company n% New York, Trustee. who realize that it is an economical trust device assuring the benefits of a diversified long term investment in common stocks. accepted fixed trust. Its NorTH AMERICAN TRUST SHARES® i¢ the most widely rotective and administrative features are firmly established. Its superior sponsorship is recogniz d as one of its strongest points. These shares are distributed by more than 1,200 invest- ment dealers and banks throughout the United States, Canada, Great Britain and Continental Europe. i Available through your Bank o r Investment Dealer Distributors Group, Incorporated (Owned by a nation-wide group of prominent investment houses) 63 Wall Street New York City Diversified Trustee Shares IVERSIFIED TRUSTEE SHARES, Series C, are created and distributed by the oldest fixed trust otganization in the United States— Share Corporation. American Trustee Underlying these shares are the common stocks of 50 of America’s leading rail, public utility and industrial enterprises, many of which were also pioneers in their respective fields. Together, these 50 companies literally cover the country with the network of their activities, and in addition have interests. important foreign Diversified Trustee Shares Series C offer the investor through the medium of asingle investment a c of obtaining a full p onvenient method ro-rata interest in the common stocks of the 50 leading companies listed at the left with a maximum of geographical and industrial diversification. « Diversified Trustee Shares, Series C, are sold at retail by banks and investment dealers throughout the United States and Canada. PHILADELPHIA BROWN BROTHERS HARRIMAN & Co. 59 Wall Street3 New York DiversiFiep T r G. W. PRATT & Hioh-Grade Investment . Pratt Chas. We specialize in, and will furnish complete details renv:llu . E SHARES #wi=¢