Evening Star Newspaper, April 6, 1931, Page 13

FINANCIAL HILLYER ELECTED AS EXCHANGE HEAD, President of Washington | Stock Mart Succeeds Late George 0. Walson. BY EDWARD C. STONE. Edward L. Hillyer, vice president of the Washington Stock Exchange, was elected president at a special meeting this noon, called to fill the vacancy caused by the re- cent death of George O. Walson, who had heen head of the exchange for the past three years. C. J. Gockeler, secretary of the exchange, was ad- vanced to the vice presidency, and Y. E. Booker was clected to the sec- retaryship, The urer is James Joiinston, who bas held ‘he office for the past two years. Mr. Hillyer, who | was elected president of the ex- change, has been vice president of the organization for four years. He is vice president, assistant trust officer and a director in the Union Trust Co. Mr. Hillyer began his banking career 31 years ago as a bank messenger threc days before the Union T'\l\( Co. opened its doors for b g at the bottom he worked his way steadily upward until mate an official of the company. The trust end of the banking _ business appealed to him so strongly that he took a law course at National Univer- sity and is a mem- ber of the Dnm—m. E. L. Hiliyer, ‘Hotel Co., secretary and treasurer of the Capital Park Hotel Corporation and secretary and treasurer of the Liberty Laundry Co. The Chevy Chase Club is the only social organization to which he belongs. In connection with the District ‘Bankers' Association, Mr. Hillyer served as vice chairman of the Transportation Committee for the recent bank manage- ment conference. He has been a mem- ber of many other committees, includ- ing the Tran: tion Committee for Conventions, Publicity, Hotel, Fradu- lent Securities, Protective. He was chairman of the Auditors’ Section Com- mittee in 1928-1929. Gockeler Veteran Member. ©. J. Gotkeler, the new vice presi- dent, has served the exchange for seven years as secretary and has been a con- stant attendant and active trader. He is vice president of the District Na- tional Bank, and years ago was widely known as secretary of the Washington Board of Trade. He is treasurer of the Washington Auditorium Corporation, member of the National Press Club and the Columbia Country Club. He is also a director in the Chapin-Sacks Corporation and has other bu-iness affiliations. Y. E. Booker, the new secrmry, has held a seat on the e’xchaue for sev- eral years and is head of Y. E. Booker & Co., investment banking firm. Mr. Booker has already served the ex- change as & member of the hoard of governors and is one of the most active traders. Eugene E. Thompson, chairman of the board of governors, p during the election of the new officers. Today's Exchange Trading. Today's exchange trading opened with Capital Traction figuring in a very small sale at 33%, a new low. Later in the session, however, -it ad- vanced to 343, and closed 347, ‘There was a turnover of 460 sharu of National Mortgage & Investment pre- ferred at 47,. Mergenthaler came out at 83!, and Potomac Electric Power, 5'2 at 47; moved at 110,. The 6 Per cent preferred sold at 1128;. Fifty shares of Carpel Corporation sold at 23'3. Bond trading was con- to Washington Gas issues, series A, at recent levels. A. B. A. Council Program. ‘The executive council meeting of the American Bankers' Assoclation, which will_be held at the Bon Air-Vanderbilt Hotel, Augusta, Ga., April 13-16, will consider reports on & number of im- g:mm questions of association and nking policy, such as bank failures, promotion of scientific bank manage- ment, developments in branch, chain and group banking, tax and other legis- lation affecting banking and other topics. Rome C. Stephenson will report to the council as president of the assocla~ tion and also for the Administrative Committee. Reports will also be re- ceived from Executive Manager F. N. Shepherd, Treasurer Grant McPherrin ‘and General Counsel Thomas B. Paton. ‘Through the successive sessions the idents of the divisions and sec- ns will be heard as follows: American Institute of Banking sec- tion, Ben B. Aley; national bank divi- sion, Edmund 8. Wolfe; savings bank division, A. C. Robinson; State bank division, M. Plin Beebe; State secre- taries’ section, H. G. Huddleston, and trust company division, Gilbert T. Stephenson. Heard in Tinancial District. The District liational Bank was rep- resented at Leesburg today at the fu- neral of Wells Harper, brother of Rob- ert N. Harper, by John F. Maury. Mar- shall King and C. J. Gockeler. The de- ceased played an important part in as- :uu:x his brother organize the District C. J. Gocheler. Robert C. Jones & Co. announces the opening of a bank stock trading de- pertment to handle transactions in New York bank stocks. The head of this firm was formerly one of the local man- agers of G. M. P. Murphy & Co. 1t is announced that the Chesapeake & Ohlo Railway will report earnings for the first quarter equivalent to ap- proximately the dividend requirements | of 621; cents a share on the common | stock. This is considered an excellent showing under present conditions The directors of the Scuthern Bank- ers Association of Baltimore have voted to defer for the present the payment of the dividend on preferred stock, | which is cumulative at the 7 per cent | annual rate. Sales of §. 5. Kresge Co. for March were 19 per cent under the figures of March, 1930, end for the first quarter 0.2 per cent below the corresponding riod a year ago. The company now { as 654 American and 32 Canadian stores in operation. DIVIDENDS DECLARED NEW YORK, April 6 (#).— Regulys, - Pay- Hidrs. of Ircord 8y Aor. 16 Apr. 17 Avr. 18 hme ..8T%c Q May % Q@ May ot o Northwestern Public Service. CHICAGO, April 6 (#).—Operating revenues of the Northwestern Public Service Co., part of the Middle West Udlities System. for 1930 were an nounced today, $3,207,794, sgainst $2,- mfll in 1929. N:':fll:l::;'ne availeble with $512,553 in 1929, 59 464% 182% 129% 150% 7% 8815 4% 170 17% 324 10% 45% 16% 104% 15% B6% 162% 18 44 184 284 6% 63 106 2% 48 5% 84 23 102 19% 23 26 13% 235 T8% 123% 185% 21% 11% 66 T4% 110 THE EVENING STAR, WASHINGTO NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. DI 8% Abitibi Pow & Paper 39 AbItIBIP&AP Dt <« 164 Adams Exp (1. 83% A Exp pf ll). 2214 Adams Millis (2) 6% Adv Rumley (new) % Ahumada Lead. 89% Alr Reduction (f4%) 6% Air Way Elec Appl. . 7 Alaska Juneau (40c) 7% Allex Corp. 89% Alleg Cp $40 ww 53, 3914 Alleg Steel (12.80 135 Allied Ch & Dye (n8) 82% Allis Chaimers (3).. 15 Alpha Port Cemt (1). 17% Amerada Corp (2). 54% Am Bank Note (13) 214 Am Beet Sugar. . 32 Am Br Shoe (2 40). 7% Am Brown Bov Elec. 1064 Am Can (15). 102 145 Am Can pf (7) 2 29% Am Chain (3) 384 Am Chicle (13). 4 84 Am Comel Alcoh 12 26% Am & For Power.... 173 €5 Amé& ForPow2dnf. 1 1% Am Hide & Leather. 10 Am Hide & Leath pf. 47% Am Home Pr (4. 23% Am lce (3)... 17% Am International % Am La Fr & Foamite .6 Am La Fr & Foam pf100s 20% Am Locomotive (2). 1 72% Am Locomot pf (7).. 31 Am Mch & Fdy 1.40. 16% Am Metal Co....... 17% Am Nat Gas pf (7). 45 Am Pow & Lt (31).. 15 Am Rad & St 8an (1) 2615 Am Rolling Mills. .. £5 Am Safety Razor % Am Ship & Com 40's Am Sm & Ref (4). 37 Am Snuff (t3%). 214 Am Solv & Chem. ... 24'% Am Steel Fdy (3)... 105 Am Type Fdy ot (7). 53% Am Water Wks (3).. 544 Am Wat Wk cfs (3) 21 Am Woolen pf....... 414 Am Zinc Lead & Sm.. 29% Anaconda Cop (1%) 13% Andes Copper- ... 10 Archer Danfels Mid 101 Archer-Dan pf (T).. 49 Armour of Del pf (7) 2% Armour of Ill A. ... ™ Armour of Il B. 178% Atch To & 8 Fe (10). 97_ Atl Coast Line (+10), 31W Atl Gulf & West Ind. 484 AtlGulf& W 1pf (5) 17% Atlantic Refining (1) 97 Atlas Powder pf (6). 80 2% Atlas Tack. .. 1 101% Auburn Auto (f4) 1% Austin Nichols. 1 Autosale: 2 Aviation Cos 20% Baldwin Loco (1% ). 88 Baldwin Loco pf (7). 684 Balto & Ohlo (5) 102 Bamberger pf ll%). 10% Barnsdall (A) (1)... 24% Bayuk Cigar (3) 65 Beatrice Cream (4).. 80 Beech-Nut Pkg (3).. 16% Bendix Aviation (1). 8!“ Best & Co (2). 20% Bohn Alum & Br 1%. 60 Bon Ami(A) (4).... 67" Borden Co (k3). ly' 103 Bkiyn Union Gas (5) 6% Bruns Ter & Ry S... 4% Burns Bros B. 22 Burns Bros cum D!‘ .« 208 21% Burroughs A M 11%. 1% Butte Copper & Zinc. 12% Butterick Co... 37% Byers (A M) 97% Byers (A M) p! . 38% Calif Packing (4).... % Callahan Zinc & Ld.. 36% Calumet & Arizona.. 8 Calumet & Hecla. ... 29% Canada Dry G A (3). 88% Can Pacifie (2% ). gzu.. NN NN AR AN S ® 24 Certain-teed Prod. 12 Checker Cab Mfe. 39% Ches & Ohlo (2%) 40 Chesapeake Corp (3) % Chi & Alton. . % Chi & Alton . 6 ChiGreat Western. . 5% Chi Ml St P & Pac. ., 9% Chi MilSt P& P pf.. 33 Chi & Northwe u). 93 Chi Pneu Tool 94 CniR1& Pacpf (1), 10% Chickacha Cotton Ofl 26% Childs Co (3.40).. 15% Chrysler Corp (1)... 35% City Ice&Fuel (3.60). 774 City Ice & ¥ pt (6%) 2% City Stor 142% Cocoa-Col 9 Collins & Atkman. .. 21% Colo Fuel & Iron (1). 9 Colonial Beacon 33% Col Gas & Bl (2) 7% Col Graphoph (a% ). 73% Columbian Carb (16) 34 Comel Credit A (3).. 7614 Comcl Cred 1st (8% ) 25 Comm Inv Trust (2). 15% Comm Solvents (1).. 8 Cmwith & Sou (80¢). 91% Cmwlith & Sou pt (8) 71% Conn Ry & Lt pf 4%. 6% Congoleum-Nairn. .. 54 Consol Cig pr pf 6% 7% Consolidated Film 15% Consol Film pf (). 824 Consol Gas N ¥ (4).. 10114 Con Gas of NY pf(5) 14% Consol Laundries (1) % Consol Textile . 5 Container Corp (A) 17 Conti Baking A. 2% Contl Baking B. 59 Contl Baking pf (8).. 47 Contl Can (23%)... 104 Contl Dia Fibre (1). Contl Insur (2.40) 2:4 Contl Moto! % Contl Oll of Del. 7% Cont Shares. . 7614 Corn Prod (+8%).... & 148% Corn Frod of (1)... 4 Coty Inc, 21" Crenm of Wht' nz»n 14% Crex Carpet 81 Cr Cork & Seal 2.40. . 4 Crown Zellerback. .. 48 Crucible Steel. . 96 Cructble Steel pf (1) 1% Cuba Cane Prod 41 Cudahy Packing 2% Curtiss Wright Corp 3% Curtiss Wr Corp A.. 13% Davison Chemical. .. 74 Del Lacka & Wn (4). 13 Devoe & Ray (1.20). 14% Diamond Mateh. ... 24% Dlamond Mtch of 1% &% Dome Mines (1)..... 14% Domn Stores (1.20) 611 Drug Corp (4)...... 831 Dupont de Nem (4) 118% Du P de N deb pt (6) 143% Eastman Kodak (18) 8 18% Katon Axle (160).., 1 34 Eitington-Schild, 1 36% Eitington-Schild pt. 13 50% ilec Auto Lite (6)... 18 108% El Auto-Lite pf (7).. 40s 2% Elec Boat. . 1 104 3 85 Eng PubSvpf (5%). 1 29% £q Office Bldg (3%). 1 20 Exchange Buf (1%).100s 2% Fashlon Park Asso. . 6 . Fed Mot Truck 22 Fed WatBv A ( 38 i~ 140% 1354 g 164 18% 58 4 834 8% 88 124% 121% 1;0& 149% 10% 104 1 100\5 100% 1% 11 69 8 17 9914 10 102% 1021 1 14% 1 4% 3% 9% 8% T % B0% T9% €08 1604 15014 2 1% 19% 25% 11% 2814 7814 944 123 165 161% 18% 18y 8 8 65 65 66% 62% 109 109 3% 52% 66% 89% 30 20 ~Prev. NI Y 181% 11% “ % 145% Int Bus Mach (n6) 1930 Low. 41 Stock and Dividend Rate. First Nat Strs (2%). 7 Ba\c Fisk Rubl 2 Fisk Rubber 1st bf.. 8308 Fisk Rub 1st pfcv.. 30s Florsheim Sh pf (8). 10. 102 Foster Wheeler (2).. 29 Foundation Co. Fourth Nat Inves Fox Film A (4). Freeport-Texas (3).. 12 Fuller pr pf (7.11).. 108 Gamewell Co (5).... 80s Gardner Mmo 7 Gen Am Inve: Aad 00, ='an. Gen Cable A. Gen Cable pf (7) Gen Cigar (4). Gen Cigar pf (7) Gen Eleo (1.60 Gen Elec speo (80¢) . Gen Focd Corp (3)., Gen G & El A (e30c). Gen Motors (3)..... Gen Outdoor Adv.... Gen Out Adv A (4).. Gen Ry Signal (5) Gen Realty & Utll. .. Gen R & Ut pf (e8). Gen Refractortes (4) Gen Thea Glidden Co. Glidden pr pf (7). Gobel (Adolf). Gold Dust (3%) Goodrich (R F). Goodyear Tire&R(3) Gotham Silk Hoslery Gould Coupler, . Graham-Paige...... Graham-Paige rets. . Grand 811 Strs (h1). Grand Unfon. .. Grand Union pf (3). Grant (WT) (1).... B8% /Grt North pf (5). ... 19% Grt Nor Ore (2)..... 85% Grt West Sug pf 53] l!Dl 2% Grigsby Grunow 3 Guantanamo Sug: 18% Guif States Steel.... B 1 27% Hackensack W (13) lfll 6% Hahn Dept Stores. .. 50 Hahn Dpt St pf (6% ) 15% Hall (WF) Pr Co (2) 86% Harb Walk Ref (2).. .9 Hagtman Corp (A).. 3% Hartman Corp (B).. 3% Hayes Body... 141 Hercules Mot (1.20). 116% Hercules Pow pf (1) 87 Hershey Choc () 93 Hersh Chor pf (1 5% Hollander Sons. 26 Holland Furn (+ 4% Houdallle He: 85% Houston O11. 8% Houston Ofl (new) 21 Howe Sound (3). 18% Hudson Motor (1). 7% Hupp Motors... 67% TIllinols Central (7) 2% Indian Motor Cyele, 45 Indust Rayvon (4) 158 Ingersoll Rand ( 7% Inspiration Copp 5% Insuranshar Del 40c. 6% Insur Shrs Md(40c). 24% Jnterb Rap Transit.. 26% Interboro RT c.o.d.. 9% Interlake Iron (80c). 3% Int Agricultural. —os 5 BeneSornenteelnadranannn Int Carriers (37%¢). Int Cement (4)...... fnt Combustion. .. Int Comb Eng pf.... Int Harvester (2%). Int Hydro E1 A (e2 Int Match of (4) Int Merc Marin Int Nickel (80c). Int Paper & Pow Int Salt (3). Int Tel & Tel (2) Inter Dept Strs (2).. Inter D St pf xw (7), Intertype Corp (2) Investors Equity Jewel Tea (4)... . Johns-Manville (3).. Jones & Laug pf (7). Jordan Motor Car. K’mann Dept Strs (1) Kayser Jultus (2%). Spring Tirt Kendal! Co pf (). Kennecott Cop (2) Kolster Radlo. ... Kolster Radlo ctfs Kress (SH) Co ('1).. Rreuger & T (» Kroger Groc&i ... 1) Lambert Co (8. Lee Rubber & Tire Leh Port Cmt (1), Leh Valley (2%) Lehman Corp (3). Lehn & Fink (3), Lib Ow Ford Glass. , Li=z & Myers B (15) Lig & Myer pf (7). .. Lima Locomot (m2). Liquid Carbonfc (3). Loew’s Inc (3) Loft Inc..... Lorfllard (F) Co Lorillard (P) pf (7). Louis & Nash (7).... Ludlum Stee! Ludlum Steel McCrory pt (6).. Melntyre Pore M (1) McKeespt Tin P(15). MecKesson & Rob (1) McLellan Stores. Mack Trucks (3) Macy (R H)&Co(n3). Mad 8q Garden ($0¢) Magma Copper (2) Manati Sugar. Marati Bug » ' wBeEnlnndronbiomlunnunrannnena Banaonn - s & Elev mod g saracaibo Oil Exp. Marine M14 (1.20). Marlin-Rockwell (; Marmon Motor Car. . Marshall Fleld (2%) Mathieson Alkalf (2) May D-pt Strs (2%). & Co. Min Hon'w Reg (14). Minn Moline pf ul/.) % Minn & St Louts Mo Kan & Texas Mo Kan & Tex pf (1) 86% Missouri Pac pf (6). 15% Montgomery Ward.. Mother Lode. Motor Meter G & El. Motor Products (2).. 147 Motor Wheel 1%)... Mullins Mfg. Mullins Mg pf m..no- Murray Corp..... h Motors (4)...a Nat Bella Hess Nat Bellas Hess pf.. Nat Biscult (2.80) Nat Biscuit pf (T)... Nat Cash Register A. t Dairy (2.60).... Nat Dept Store. 2 .100; ° » [ JS=T0. JOPRNUTON - JOTSIOL IV PR 01 Nat Dept 8t 1st (7). i Nat Dist Prod (2). Nat Lead (5). . Nat Lead nf A (7). Nat Pow & Lt (1). Nat Steel (2).. Nat Surety (5) Nat Tea (1). N Y Alr Brak N ¥ Central (8). N Y Steam pf !‘). Norf & West pf (4)..1008 North Am Aviation.. Nor Am (b10% stk). North Amer pf (3).. Northern Pacifi 1 Norwalk Tire 12% Ohto O11 (1). 3% Omnibus Cor 604 Orpheum Cir pt 8% 4“5 45’ Pacific Gas & Ei (2). 8 50% Pacific Lighting (3). 6 116% Pacific Tel & Tel (1) 1008 8% Pack Mot Car (60c).. 45 2% Panhandle P& R. _._____. (oontinued on Page 14) | market turned dull and then began to D. C, MONDAY STOCKS IRREGLUAR ON LIGHT TRADING Market Sags After Early Gains Due to Week End Buying. BY GEORGE T. HUGHES, Special Dispateh to The Star. NEW YORK, April 6.—Lacking defi- nite trend, today’s stock market moved irregularly on light volume. Traders came down to business today prepared to see a substantial rally. They had been encouraged in this belief by the action of the market Saturday, which seemed to indicate it was heavily oversold. The rally that day was not decisive, but was enough to bring in a predominance of buying orders this morning. Early Gains, Opening quotations, therefore, were higher. Auburn Auto staged one of its spectacular moves, rising 16 points as it touched 274, a new high, after its jump of over 22 points Saturday. Trade re- ports with regard to Auburn are and have been optimistic, but the demon- stration today was nothing more than the gyrations of a closely held, easily manipulated speculative market. An- other strong point was American To- bacco. Both classes of its stock went to new highs, reflecting the bright pros- pects of this company. Moderate gains were registered else- where in the list, but after the early buying orders had been executed the react. United States Steel, which had started unchenged, was pressed for sale and before noon was down over 2 points and at a new low for the year. Whether this was the result of a well designed bear campaign or not, it made a bad impression. Steel is still looked to for leadership and when it shows lack of support, as it did today, the effect is to check any broad upward movement else- 'h pecial weakness again appeared in Nllmln and International Cement, both going to new lows. There was ‘doubt about the Pullman dividend and the situation in the cement industry was reported to be dubious. Columbian Cnrbm sold off easily and Eastman | Kodak was weak. ‘The rails were inclined to do better | in the early trading. President Storey | of the Atchison made a cheerful state- ment and the stock, which was not in large supply, moved up 2 or 3 points. Atlantic Coast Line, Ilinois Central and Southern Rallway recovered a point or 2. There was, however, little activity on the rally and no indication that the growing short interest in the group was greatly alarmed. Call money renewed at 1!, per cent, but there were heavy withdrawals and in the outside market 2 per cent was paid for accommodation. Early Market Irregular. | “ After an accumulaticn of buying or- ders had boen absorbed at the opening, the market turned quiet, with prices | inclined to sag from their opening highs. The feature was Auburn Auto, which opened up 11 points at 269 and then | went to 271, or 30 points above Satur- | day's low. There was nothing to ac- | count for the abrupt jump in Auburn, | except the closeness with which the stock is held. Otherwise the market re- flected bullish interpretaticn of automo- | bile production figures and the indica- ‘APRIL First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Money on Hand te Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Applicat JAMES F. SHEA 643 Louisiana Ave. N.W, of b P! wa munlnn:“ln:lfleluulnl:nnnn-lllnln= i Opportunities for 6% Income With Guaranteed Safety ‘When you choose Gu: inty First Mortgages you re selecting an invest- PRI ment that yields a return f 6%. They are secured y direct first mortgage on roperties here in the Na- tion’s Capital. Denominations as low as $100 Monthly Payments If Desired REAL ESTATE CORPORATION 1610 K St. N.W. National 1403 For Over 40 Years! The National Permanent members, Joy‘many advantages in their nancial transactions on trict of Columbia real est Open Daily 9 to § Saturdays Until Noon NAtional 1381 BUILDING ASSOCIATION 94’ NINTH “ST., uw. UNDER SUPERVISION OF U.3.7 tlons in various ccmmodity index move- ments that the decline in prices has | reached an end. General Electric, Bethichem Steel, | Consolidated Gas, Eleciric Power & Light and othe: market leaders gamefl" from fractions to 3 points. | New lows were made by International | Cement and Pullman, because of earn- ings reports. But new tops were made | by American Tobacco A and B stocks. United States Steel opened unchanged and then dropped a shade. Vanadium and Bethlehem were higher. In the | rajls Atchison sold at 182, but bid and | asked figures revealed that the stock | was held at 137 asked and there were | ro bids within 4 points. Atlantic Ccast Line and Union Pacific were strong. In the industrials Radio, Fcx and Sears Roebuck gained fractionally. Util- ities were firm. Motors stocks had small gaunis, led by General Motcrs. Oil shares | were quiet. ' NEW SECURITIES NEW YORK, April 6 (#).—New se- curities offered today include: | Public Service of Northern Illinois, $40.000000 first lien and refunding | | (gage cent 50-year gold oy . “p, due ir. 1981, priced o 9715 and interest, to yield about 43 percent, by Halscy, Stuart & Co. Appalachian Gas Corporation, $1- 000,000 convertible 6 per cent de- | bentures, initial series, due March 1, 1945, by F. W. Chapman & Co., and | Hale, Walters & Co. | City of St. Paul, Minn.. $1,000,000 4| per cent bonds, due April 1, 1932 to, 1962, inclusive, priced to yield 2.50 to | 3.75 per cent, by Harrls, Forbes d Co. | City of Birmingham, Ala., $2,000,000 295 per cent tax anticipation certif-| cates of indebtedness, due January 8, 1932, priced to yleld 2.65 per cent. i Dtk iy i Southwestern Gas & Electric. | CHICAGO, April 6 (#).—The South- | western Gas & Electric Co., part of the | Middle West Utilities System, an- nounced that 1930 operating revenues || Savings were $5,469,818, compared with $5,160,- | 725 in 1929. Net income available for dividends was $1,225,856, against $1,250,~ 890 in 1929. Natlonal ' Metropolitan Bank 15th Street 3% on Opposite U. S. Treasury Your Grand- sire’s Bank Over a cen- | con- | tinuous exist- | ence testifies || to the strength | tury's and character of the Metro- | politan. 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K National 2100 1S Mosdy’s Composste Parifolie CORPORATE TRUST SHARES tepresents an ownership interest in deposited com- mon stocks of these 28 Companies— Pennsylvania Southern Pacific Louisville & Nashville Atchison Swand. Ol (New Jervey) Stand. Oil of New York Stand. Oil of Ind. Stand. Oil of Cal. Toxas Corporation American Tel. & Tel. ‘Western Union Con. Gas of New York General Electrie ‘Westinghouse Elec. REALTOR Washington Building District 9486 MORTGAGES THE ADVANTAGES THAT ACCOMPANY investment in our 6% FIRST MORTGAGES are threefold— You may be sure the principal is safe—with ample security back of it. You can depend absolutely upon the specified interest with- out change. You can add to your invest- ment from time to time—with the same security, and paying the same return. May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N\W. “The management of big corpora- tions like U. S. Steel, A.T. & T., General Electric, Can, New York Central, Pennsylvania, Atchison, Bethlehem Steel, Standard Oil of N. J. and General Motors are the most efficient in the world and should know what (hey are doing. “They are not quitting because things do not look good at the moment. They continue to build, knowing that in time consump- tive requirements will exceed present capacity.” —Wall Street Journal An investment in seven of these companies, and 21 others equally outstanding in accomplishment, can be made through the purchase of — CORPORATE TRUST SHARES Price at Market, about 6} per share Descriptive circular on request GrAHAM, PARSsONS & Co. 1422 PHILAD 300 SOUTHE UT STREET HIA 48 WALL STREET NEW YORK BUILDING—WASHINGTON Telep “ + District 9310