Evening Star Newspaper, March 20, 1931, Page 13

FINANCIAL. Money to Loan e eTing. nterest 08" sommissiont I Joseph 1. Weller 507750 % & Wt 1 NEW YORK BANKS Deposits, Ten Billions (These great ban are the backbonme THE EVENING STAR, WASHINGTON, D. C, FRIDAY, MARCH 20, 1931 STODKS IRREGULAR [zt = 3 1 losses. opped fractionally to a new low for the year. —2=| IN UPWARD TREND % 9% Canadian Pacific and Union Pacific were lower. Active industrials were 9 914 In FINANCIAL. L&0 REPORISOROP| [ NEW YORK STOCK EXCHANGE N GROSS REVENUE ANNUITIES MAXIMUM SECURITY” fAssets Over $000,000,000) unchanged or had only minor fluctua- tions. McKeesport Tin Plate made a new high at 89. the motors Nash, Yellow Coach and General Motors were all at new —Prev. 1931 stock ana Saes— Note—All stocks are sold in one hundred High. Low. Dividend Rate. Add 00. High. 18 9% S0a) (35003, excepting those designated by the letter s (80s) (3508), 4 o i e Which shows those stocks were sojd in odd lots. I y Coiicmren: gL o Individual sales complled to noon—complete in 5:30 Editlon. | gy, Corn Prod (13#)...1 PLUS Rt HIGHEST RATE OF INCOME E AGE 65 February Figures Reveal De- crease of $2,315,558 From Year Ago. BY EDWARD C. STONE. In its February report to the Inter- state Commerce Commission today the Chesapeake & Ohio Railway reported that gross revenues for the month were $8,708,449, a de- crease of $2,315,558 over February of last year. Oper- ating expenses were $6,144,126, a de- crease of $1,385,- $1,739,490, crease of $1,065,892 after charges for Febru- ary, 1931, was 81,165,612, a de- crease of $1,065,768 over qut yes{‘.o The o ¥ operating ratio was 70.5 per cent, com- fu-ed w?th 68.3 per cent for February, 930, or an increase of 2.2 per cent. For the two months ended February 28 the Chesapezke & Ohlo shows gross revenues of $19,086,462, a decrease of $4,265422. Operating _expenses were $13,014,482, a decrease of $2.534,022. Net railway operating was $4501,137, a decrease of $1.990.493. Net income, after ell chi was $3.254,263, a decrease of $2,104,411 compared with the corresponding period of 1930. The operationg ratio for the period 68.2 per cent, an increase of 1.6 per cent as compared with same period a year ago. Paul Clay's Talk Gratifying. Paul Clay's predictions on the bond and stock markets aroused much inter- est among the members of the Wash- ington Bond Club at yesterday's lunch- eon. Eis cheerful views on the cutlock for bonds is shared by many bond dealers in the local financial district. His bullish predictions were reccived with marked enthusiasm. Mr. Clay, who is a New York economist, asked his hearers to forget everything he had said in his two previous appearances before the club on account of the sweep- ing changes in conditions. He then presented his reasons in careful detail for his belief that th: bond market outlook is favorable to rising prices. Peoples Drug Earnings Compared. Consolidated income account of Peo- ples Drug Stores, Inc, and affillated corporations, for year 1830, compares as follows with 1929: Paul Chay. $818.518 1,535 92,991 110,485 53,825 57,130 Net profit.. ... referred dividends Teimen” dividends” National Dairy Reviewed. In an analysis of National Dairy Products, Standard Statistics says: “Under the influence of important acquisitions last year nct sales and M- come reached new peak levels. Gain in net, as compared with 1929, was 22 per cent; advance over 1938 was 64 p:r cent. Except for inclusion of new sub- sidiaries in 1930 consolidated ' resuits, however, there would have been little earnings progress reported for the year. Profits per common share equaled $4.10, compared with $3.88 in 1929 and $3.67 in 1928, Dividends on junior issue late in 1930 were increased to rate of $2.60 per annum, from former $2 basis, and 4 per cent stock distributions were dis- continued.” $5,000,000,000 Banks Forecast. G. M.-P. Murphy & Co., discussing “Application of Fixed Trusts to Bank Shares,” say that banking may justly be termed the essential industry and one likely to remain unchangeable for an indefinite period. “Within the space of the past century the tempo of the industry’s growth has increased im- mensely,” the firm says, “in developing the interdependencs of the farm and factory, modern banking has performed a service which has raised immeasurably ~Prev. 1931~ High. Low. % 9 52 23% Stock and Dividend Rat Abitibl Pow & Paper Abitibi P & P pf (8) Adams Exp (1.60). Adams Exp pf (5 Adv Rumley (new) Ahumada Lead...... 1 Alr Reduction (t414) 52 Air Way Elec Appl.. 1 Alaska Juneau (40c) 24 Alleg Corp. .1 Alleg Cp $30 ww 6% . 3 Allfed Ch & Dye (n6) 130 Allied Ch & Dpf (7). 3 Allis Chalmers (3).. 10 Alpha Port Cemt (1), 5 Amal Leather pf. 1 4 Amerada Corp (2). 1§ % Am Bank Note (13).. 4 Am Beet Sugar.. 4 Am Rolling Mills Am Agri Ch of Del... 1 Am Ban¥ Note pt (3) so; Am Beet Sugar pf. Am Brown Bov El Am Br B Epf (T) Am Can (15).... Am Can pf (7). Am Car & Fdry Am Chain (3).. Am Chicle (13) = Am Colortype (1.40). Am Comel Alcohol. . Am European Secur. Am & For Power.... 14! Am & For Pw pf (6). Am & For Pw pf (7). Am & For Pow 2d pf. Am Hawaiian 88.. Am Hide & Leather. . Am Hide & Leath pf. Am Home Pr (4.20).. 1;1 Am International. 22 Am La Fr & Foam pt 508 Am Locomot pf (7) 1 Am Mch & Fdy 1.40.. Am Mach & Metals. Am Metal Co.... Am Nat Gas pf (7 Am Pow & Lt ($1)... AmP&LtPLA (4).. Am P & L pf A st (5) 1 Am Rad & St San'(1) 169 Am Rad &S S pf (7). 72; Am Safety Razor (5) 2 Am Shipbuflding (5) 20s Am Sm & Ref (4) Am Sm & R 24 pf (6) Am Sm & Ref pf (7). Am Snuff (13%). Am Solv & Chem. Am Solv & Chem pf.. Am Steel Fdy (3).... Am Stores (12%) 1108 2 408 151 i Am Sugar Ret'(5). Am Sugar Ref pf (7) Am Sumatra Tob. Am Tel & Tel (3) Am Tobacco (16) Am Tobacco B (t1 Am Type Fdy pf (1 Am Water Wks (3) Am Wat Wks cfs (3 Am Woolen. . . Am Woolen pf. Am Zinc Lead & Sm Anaconda Cop (2% ). Anchor Cap (2.40). Archer-Dan-M (2).. Armour of Del pf (7) Armour of Il A. Armour of 111 B. Armour of 111 pf. Arnold Constable. ... Art Met Const (1.60). Asso Apparel (12)... Asso Dry G (2%) 4 Aseo Ofl (2). Atch To & S Fe (10). Atch T & S Fepf (5). Atl Coast Line (110). Atlantic Refining (1) 4 Atlas Powder (4) Atlas Powder pf ( Atlas Stores (n1) Auburn Auto (£4). Austin Nichols. 1 Austin Nich pr A (3) 100s Autosales e 1 Aviation Corp of Del Baldwin Loco (1%)., Balto & Ohto (7). Balto & Ohlo pf (4).. Bamberger pf (8%). Bang & Aroos pt (7). Barnsdall (A) (1). Beatrice Cream (4) Beech-Nut Pkg (3).. Belding-Hemingway Bel N Ry pt pf t6.51.. Bendix Aviation (1). g st & Co (2).. Boston & Maine (4). Botany Con M (A)... Briggs MIg (11%)... Briggs & Strat (2).. Brockway Mot pf. Bklyn-Man Tr (4)... Bklyn Union Gas (5) . Low. 11 43% 21% #9 10 % % 102% 6% 8T 9% 48 159 Close. Close. % 12 a4 21% 89 10% % 102% 6% 9 94 481 159% 123% 57 127% 150% 18 CotviIne........ Cr Cork & Seal 2.40., Crucible Steel of Am. Crucible Steel pt (7) Cuba Cane Prod..... Cuban-Amer Sugar.. Cuban Am Sugar pf. Cuban Dom Sugar. .. Cudahy Packing (4). Curtis Publish (17).. Curtiss Wright Corp Curtiss Wr Corp A Cutler Hammer. Davison Chemical Del Lack & Wn (6) .. Detroit Edison (8) Diamond Match. .... Diamond Mtch pf 1% Dome Mines (1) Domn Stores (1.20).. Drug Corp (4). Dunhill Internat. ... Dupont de Nem (4).. Duques Lt 1st pf (5) Durham Hosfery pf. Eastman Kodak (+8) stman Kod pf (6 ton Axle (1.60). % 36 49% 102 i 2 & » S..S aomRmal ~aBnonE aNE Oma®n 0 Slec Boat. ... Elec Pwr & Lt (1)... Elec Pow & Lt pf (6) FElec Pow & Lt pf (7) Elec Stor Bat (5).... . Endicott-John pf (1) Eng Pub 8y (2.40)... Eng Pub v pt (5)... Eng Pub Sv pf (5%). Eq Office BIAg (2%). Erie RR. . Eureka Vac Cleaner.. Evans Auto Loading Exchange Buf (1%). irbanks Co....... irbanks Co pf. . Fairbnks Morse 1.60, Fede Screw Wks. . Fed Wat §v A (2.40). Fid Ph Fire In (2.60) Firestone T& R (1)., First Nat Strs (2%). Fisk Rubber........ Fisk Rubber 18t pf..920s Florsheim Sh A (3).. Follansbee Bros. . Foster Wheeler (2)., Fourth Nat Invest Fox Film A (4). Freeport, Tex (4 Gabriel CoA.. Gamewell Co (5) Gardner Motor Gen Am Investor . Gen Am Tank Car(4) Gen Asphalt (3). . Gen Bronze. Gen Cable Gen Cable pf (7) sen Cigar (4. Gen Elec (1.60) Gen Elec spec (60c). Gen Focd Corp (3).. Gen G & EI A (e30c). GenG & FIpt A (1), GenG & Elcvpf (8). Gen Mills (3) Gen Mills pf Gen Motors (3) Gen Motors pt Gen Outdoor Adv. Gen Ptg Ink nf (6 Gen Pub Sv b6 % stk. Gen Realty & Utll... Gen Refractories (4) Gen Theater Equip. . Gillette Saf Ragor... Gillette Saf R pf (5). Gimbel Bros. ....... Gimbel Bros pf (7). % Glidden Co. . Gobel (Adolf). Gold Dust (234). Goodrich (B F). Goodrich B F pf (7). Goodyear Tire (5)... Goodyear 1st pf (7). Gotham pf xw (7)... % Graham-Paige. . Granby Consol (2) Grand 81 Strs (h1 Grand Unfon. Grand Union Granite City St (3) Grant (W T) (1) Grt North pt (5) Grt Nor Ore (2). Grt Western Sugar. . 4 Grt West Sug of (7). Grigsby Grunow. ... Guantanamo Sugar. . Gulf States Steel.... Hackensack W (1%) Hahn Dept Stores. .. Hahn Dpt St pf (6%) % Hall (WF) Pr Co (2) Hanna pf (7) Harb Walk R .. Ham Watch (11.95). Hawalian Pineap (2) Hayes Body. Helme (G V 7), Hercules Pow pf (7). Hershey Choc (5)..., Hersh Choc of (15).. Speculation for Rise Is Con- fined to Comparatively Few Issues. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 20.—An irreg- ular price movement in which all the notable changes were on the side of advance characterized today's trading on the stock exchange. Most of the time the market had the appearance of pronounced strength, but speculation for the rise was confined to a comparatively few issues. Opening prices were mostly higher, with two striking features, One was the new high for General Motors and the other was the apparently confident buying of U. S. Steel. Each of these gains could be related to the news, that in motors because of the upward re- vision of estimated earnings for the first quarter, and that in steel on a continuation of the rise stimulated by the price advance in steel products earlier in the week. Shares Bid Up. Various pools made the most of their opportunities in the way of bidding up their favorites. They met little op- position from the bear party, which was content to stand back for the moment. McKeesport Tin Plate moved up 3 to 4 points to a new year high. Vanadium was active and strong, although still considerably under the best for the year. Radio-Keith went to a new top, and the buying kept up in_both issues of United States Rubber. Publication of the annual statement of Allied Chemical brought a further advance in the price of that stock, pre- sumably at the expense of the shorts, Earnings for 1930 were at the rate of $9.17 a share against $12.60 a share in 1929, but the drop had evidently been discounted in the price of the stock. Merchandising_shares were taken up when interest lagged in the motors and the steels. Montgomery Ward, chang- ing hands in Jarge blocks, advanced a point and so did Sears Roebuck, while special demand appeared for Associated Dry Goods. Short covering in West- scale. Nevettheless there were plenty of laggsrs. Crucible steel, on which the dividend was passed Thursday, made another new low after its more than 7- En!nf- drop Thursday. Pullman was eavy and St. Joseph lead sold off on prospective new financing. Profit taking checked the advance in the utilities, but without bringing any weakness. Call money renewed at 11; per cent, but funds were in excessive supply in the outside market and accommoda- tions could be obtained there at 1 per cent. Volume of trading was not quite | as large as on Thursday, but the list was more active on the advance than on the decline. Early Market Irregular. After an active opening, the market turned quieter, with no tendency shown to press initial advances. During the first half hour trading amounted to 500,000 shares, compared with 700,000 in the same period of Thursday. Call money renewed at 11> per cent. The market paid little attention to the increase of $94.000,000 in brokers’ loans, but was inclined to construe as bullish the allotment of $24,000,000 in Government, orders for new airplanes. Steel orders were considered to be suf- ficient to sustain the higher prices re- cently announced. United States Steel inghouse Electric went on in & large | touched 150 in early trading, but later dropped a little of the gain. Repub- Counselors protection. there is no danger of delay When the time comes for adjustment, if it does come, peaks for the year. United States Rub- ber was actively higher. Utilities were strong all around after an uncertain opening, American Water Works and Pacific Lighting being active features. Oils were dull. COST OF UNEMPLOYMENT INSURANCE INCREASES By the Associated Press. The cost of unemployment insur- ance to the British exchequer has in- creased from 11,750,000 pounds in the financial year ended March 31, 1929, to nearly 37,000,000 for the current finan- cial year. Department of Commerce advices place the estimate for the coming year at 50,000,000 pounds, on the basis of existing conditions. In addition to this direct cost to the exchequer, it is esti- mated that the unemployment fund will have to borrow an additional 50,000,000 pounds from the treasury and that as- sessments on employers and employes will aggregate probably 30,000,000 pounds. This makes an estimated total of 130,000,000 pounds, or about $656,~ 977,500 as the probable cost of unem- ployment benefit during the coming year, WHEAT SUPPLIES. OTTAWA, Ont., March 20 (#).—The quantities of wheat available for ex port or carryover at the end of Feb- Tuary are estimated by the Dominion Bureau of Statistics, as follows: United _States, 335,000,000 bushels; Canada, 232,000,000 bushels; Argentine $141,000,000 bushels, and Australia, 126,000,000 bushels, During the month of February Can- ada’s surplus was reduced by exports amounting to 12,000,000 bushels. Ar- gentine exported 11,000,000 bushels and Australia 14,000,000 bushels. United States exported scarcely any. REAL ESTATE LOANS Made at Low Interest Rat TYLER & RUTHERFORD s ell Tocaty 3, 8 or 10 vears, for 1520 K St. N.W. This Institution Fol- lows Safe and Sound Policies of Operation PFor over forty years we have occupied a place of supreme confidence in public opinion— a reputation of which we are Justly proud. Open Daily 9 to § Saturdays Until Noon National 1381 NATIONAL [PERMANENT] 949 NINTH ST, N. UNDER SUPERVISION OF U.3 TREASUS Loans—Property Management—Insurance We Are Insurance There are many angles and features to insurance with which the layman is more or less unfamiliar. ‘When you place your insurance in this office—fire, accident, automobile, liability, theft—we advise with you to your thorough understanding and complete or argument. of the Nation, and interest In them at Robert C. Jones Please send me complete detalls. Secured by First Mortgages Safe—Conservative Make your sav- in finaneing homes and in the sale of t curities. Wm. H. Saunders Co., Inc. REALTORS absolute safety. Dist. 1016 Over a Third of a Century Without a v B National 2100 THERE °IS rrent low prices.) rchase an & Co., Inc. Met. 202223 LE Roy GOFF 1036 Woodwar i Insirance EEohsoely tor 50 Yeirs Year Loans On Improved Real Estate 43 Years’ Esperience LOWEST INTEREST RATES BOS'SM""ELFS | Founded 1907 oan Correspondent Hancock Mutual Life In. e Co. suranc 1417 K St. nese se- L John 1519 K St. A SAFELY BALANCED INVESTMENT In addition to a definitely, fixed return on your money, in= vested in our 6% FIRST MORTGAGES you have the security back of them, represented by im- ptoved Washington Real Es- tate which has been conserva- tively appraised. Generous interest; and prin- cipal protecting security. May be purchased in amounts from $250 up. .-SAUL CO. 925 15th St. N.W. NO SUBSTITUTE FOR The World’s Largest Life Insurance Company —offers to home-owners of lnrge or m ideal odest circumstances an method for home buying. The Metropolitan Life Insur- ance Company Real Estate Loan Plan is the result of a nation- wide study. You may share in the - result by financing your home this modern way. 4 Hoe (1) & Co . Hollander Sons . Holland Furn (+2%) Homestake Min (7). Houdallle Hershey. . Household Fin pt (4) % Houston Ofl Houston Oil (new).. Howe Sound (2). % Hudson Motor (1). Hupp Motors. . Ilinols Central (7)., Tilinols Cent LL (4). Indian Motor Cycle. . Indian Refining. .... Indust Rayon (4). Inspiration Copper. . Insuranshar Del 40c. Insur Shrs Md(40c). Interb Rap Transit. . Intercont Rubber-. . . Interlake Iron (60c). Int Agricul pf (T)... Int Bus Mach (n6) Int Carriers (37%c). Int Cement (4)...... Int Combustion. .. .. Int Combust pf ctfs. Int Harvester (23%). Int Harvester of (7) Int Hydro E1 A (e2). ch pf (4) erc Marine Nickel (80c) Int Paper & Po Int Paper & Pow C Int Pap & Pt (7)... Int Salt (3).. Int Shoe (3)... Int Stlver. . . c Int Tel & Tel (2).... « Inter Dept Strs (2).. C Inter D St pf xw (7).1008 « 3 59% 5 59 9 Investors Equity.... 1 ¢ « ¢ « Bruns Ter & Ry 8 Bucyrus (1)... Bueyrus cv pf (2%) . Budd Wheel (1)... Bullard Co... . % Bulova Watch (13). Burns Bros (A). Burns Bros cum pf. Burroughs A M t1%. Bush Terminal (2%) Butte & Superior Butterick C ers (A M). Byers (A M pf (). Callaban Zinc & Ld. . Calumet & Arizona.. Calumet & Hecla Camp W&C Fy(1). Canada Dry G A (3). Can Pacific (2%) Cannon Mills (1.60).. Capital Admin A. Car Clin & O sta (5). Case (J 1) (8)...... Caterpillar Trac (t4) Cavanaugh-Dobb Celotex Co... the standard of living of the entire civilized world and, by the same token, has made itself indispensable for the continued maintenance of the even flow of goods and capital. It is this basic quality of banking which renders it truly indispensabl to the future de- velopment of civilization. Five ago America had but one bank wi sourees of $1,000,000,000. Today Yok has three institutions with sources of more than $2.000,000.000 each. The $5,000,000,000 mark appears likely not only to be realized but surpassed.” Teday's Trading on D. C. Exchange. The largest transactions on the n Stock Exchange today were two $5,000 sales in Washington Gas 55 at 105. Washington Gas 6s, serics A, tlosed at 104 after two small rales al rices. A small Washingt B bond moved at 104, The bond market closed with $2,000 Anacostia & Potomac anteed 55 selling at 95. Stock trading was confined to Poto- mac Electric Power 6 per cent pre- C ferred, which came out at 112; Railway ;‘:::“:; (‘,;“;r'fl & Electric preferred at 98%, and Mer- | 24 ot A genthaler Linotype. which sold at 86 e Crab EAS CEDIE) . and 86%5, ex-dividend. Certataitan eion in aadition to Mergenthaler, stocks boodikaion o now being quoted ex-dividend 'include Ches & OMOSN) Capital Tracion, Nerfolk & W Chesapeake Corp ("] ton Steamboat Co.. United State: - ity ings Bank, Columbla Medical Building o S Corporation, Emerson’s Br Pl Gt Woiee » Chi M1l St P & Pac. Hreard in Financial District. :hl M StP&Ppf.. The Southern Dairies has omitted the dividend of 371, per | cent on the Class A stock due at this time. The Fox Film Corporation has clered the regular quarterl RANDALL H. HAGNER & COMPANY New York Life Insurance Company 1321 Connecticut Ave. Long Term — Low Interest Rates Construction Loans in Any Amount WERRERES Washington Building Mortgage Loan Correspondent Metropolitan Life Insurance Company Loans Made in the District of Columbia and Nearby Maryland and Virginia ] Equitabl Co-Operative Id. Assn. 51st YEAR COMPLETED WALTER S. PRATT, Jr, Secretary Subscription for the 100th Issue of Stock Beirg Received Organized 1879 JOHN JOY EDSON, President District 9486 We Make a Loan on Real Estate i or to Take Up First Mortgage REMEMBER. we have money available if you desire to purchase a home, refinance your present indebtedness or improve your property. Applications receive prompt and courteous attention. Loans Repayable Monthly FIRST TRUST REAL ESTATE NOTES No Brokerage . . . No Commissions 915 F ST. N.W. = = 8 9 9 Island Cr Coal (4) >, . 571 Y ewel Tea (4). “hickatha Cotton Of) b ) “hilds Co (2.40). They are on conservatively ap- Johns-Manville (3 pr homes in the Nation’s of $1 each on the common and c°m B stocks, both pagable April 15 to stocl of record March 31 Richerd Wi Stone & Webster, that Edwin 5. Webst'r, § r as vice president of that corper and as president of its subsi & Webster Investing Corporation Webster has become a partner in der. Peabcdy & Co. Totz1 productic meats_in the U was_the smallest capita consump smallest_sinc mates by the Department of Agri ture. Pirst National B:nk of Baltimore has | declared the regular quarterly dividend | f 50 cents, payable April 1 to stock of record March 20. FOREIGN EXCHANGE. jotations furnished by W R i s Nomirel gold & alue. ndon, pound s it penge. " 1 Yaeue, érown. (nom.) rsaw, zioty.. . 1 rows. a1 2% Chrysler Corp (1) City Ice&Fuel (3.60) City Ice & F pf (63%) 1108 City Stores os City Stones A (3%). Cocoa-Cola (17%). Coca-Cola A 13). ..., Colgate-Pal-P (214). Collins & Afkman... Colonial Beacon. ., Colo Fuel & fron (1 Col Gas & EI (2). Col Gas & El p! ) Col Graphoph (a%) . Columbian Carb (16) Comcl Credft (2).. Comel Cred pf (1%)% Comel Credit A (3).. Comm [n7 Trust (2). Coinel I T ev bf (e6). Comm Solvents (1).. Cmwith & Sou (60¢) . Cmwith & Sou pf 16) Congoleum-Nairs Congress Cigars (4). Consol Cigars (6). Consol Cigar pf (1).. 20 Consolidated Film. .. Consol Film pf (2).. Consol Gas N ¥ (4). Con Gas of NY pf(6) ConsolLaundries Consol RR C pf (6).. Consol Textile. . Container Corp (A).. Container B. .. Contl Baking p! Contl Motors. ... -~ yser Jullus (234). Spriug Tire. .. D! Kelsey Hayes (2). Kelvinator Corp. ... Kennecott Cop (2).. Kimberly Clark 2% . Kinney (G R) pt (8) 2908 Kresge (S5) Co 1.60. Kreuger & T (al 60). Kroger Groc&Bak (1) Lambert Co (3). Lee Rubber & T Leh Port Cmt (1), Leh Port Cmt pf ( Leh Valley (2%) . 2z Lehman Corp (3).... 10 Lehn & Fink (3). 1 Lib Ow Ford Glass.. 6 Lizg & Myers B (15) 16 Lig & Myer pf (7)... 5 Lima Locomot (m2). Liquid Carbonic (4). 9 Loew's Inc (3)...... 114 Loft Inc..... . Loose-Wiles (12.80). Lorfllard «F) Co. ... Lorillard (P) pf (7). LouG&EEA (1%).. Louls & Nash (7). Ludlum Steel. MeAnd & Forbes MeCrory A (2) MecCrory pf (6) McKeespt Tin McLelian Store: (Continued on Page 14, for home F Street at Unusual at 51975 or office FOURTH FLOOR REAR N . Moses & Sons Eleventh Capitol Yielding 6% —which we collect and mail to you the day due. These invest- ments are safe and on which the income does not fluctuate. As a small investor, you may buy one of these notes in as low a denomination as $100 and pay monthly. Send for Our Booklet, The Success Plan Real Estate Mortgage and Guaranty Corporation s ry 610 K St. N.W. Phioge National 1403