Evening Star Newspaper, April 7, 1931, Page 13

FINANCIAL. TUESDAY, APRIL -7, 1931. U. S. TOBACCO EXPORTS } WASHINGTON, D. C. Are You Carrying the Right Kinds and Proper DIVIDEND CHANGES 16D BY RALROADS Moody’s Service Analyzes March Readjustments. . Sales Meeting May 7. BY EDWARD C. STON In spite of nume:ous dividend reduc- tions and omission:, average yield on all cash dividend-paying stocks licsted on the New York Stock Exchangs advanced from 7.29 per cent to 743 per cent during March, ac- cording to th2 monthly compila- tion by Moody’s Investors Service. Dividend changes in March affected 41 stocks, or 11 per cent of the 350 is- sues tabulated, t analysisstates. Re- ducticns totaled 26, while 13 dividends were pass:d and 2 were increased. The survey finds that railroad com- anies were in the ead In making dividend changes. Among 27 railroad stocks there were 5 reductions and 2 dividend omissions. i “The small change in average yield | reflected varying trends in the individ- Moody's adds. “As com- M. F. Calnan. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are sold In one hundred-share lots | excepting those designated by the letter s (80s) (2508), Whi Individual sales complled te noon—complete in ~Prev. 1931~ High. Low 14% 52 234 323, 23% Stock ana Dividend Rate. 8% Abitibi Pow & Paper 3 59 Abitibl P & P pf (68) 1 16% Adams Exp (1.60) 4 224 Adams Millis (2). 214 Addressogr Co 1.40. 11% b% Adv Rumley (new).. 109% 89% Afr Reduction (t4%) 10% 6 Air Way Elec Appl.. 15 7 Alaska Juneau (40¢) 12% T4 Alleg COrp...eeeees: 182% 135 Allled Ch & Dye (n6) 124'; 122 Allied Ch & D of (7). 42% 52% Allis Chalmers (3).. 62% 547 Am Bank Note (13).. 12% 7% Am Brown Bov Elec. 129% 106'% Am Can (5) . 86 74% Am Car & Fdy pf (7) 297 Am Chain (3). 82% Am Chain pf () 2814 Am Chicle (13).... 14% Am Colortype (1.40). 814 Am Comcl Alcohol. , 19 Am European Secur. 26% Am & For Power.... 85% Am & For Pw pf (7). 65 Am & For Pow 2d pf. 6% Am Hawafian SS.... 1% Am Hide & Leather. 101 Am Hide & Leath pf. 477 Am Home Pr (4.20).. 23% Am lce (3).. 173% Am International... 20% Am Locomotive (2) 81 Am Mch & Fdy 1.40. 16% Am Metal Co.......0 17% Am Nar Gaspf (7). 50 Am News (13%) 45 Am Pow & Lt (11) 944 Am Pow & Lt pf (6). 80 AmP&LptA st (5) 151 Am Rad & St San (1) By 40 19% 201y 9 40 191 30 21 a 914 6% 12% 8l shows those stocks were sold in odd lots. 9 40 19% 30 21 a9 92 6% 14 81 1324 124 3318 56% 8 119% Prev Add 00. High. Low. Close. Close 9% 40 19% 31 4 9214 64 12% ~Frev. 1930~ High, Low. 12 4 238 22 1574 102 45% 195 191 23 26 1314 2314 TR% 107 185% 21% AN 110 3% 60% 9814 10844 100 27% 1314 204 132% 74 27% 176 13 1474 24% 8% 14% 611y 834 143% 18% 50 1084 2l 284 86 100 5074 1 1 Stock ana Sales— Dividend Rate. Add 00. H'7h. Cushman's pf (7)... Cutler Hammer. . Pavison Chemical Deere & Co pf (1.40). Delaware & Hud (9), Del Lacka & Wn (4). Denver & RG W pf Detroit Edison (8).. Devoe & Ray (1.20) Diamond Match. . Olamond Mtch pf 1% Dome Mines (1) Domn Stores (1.20) Drug Corp (4) Dupont de Nem (4 sastman Kodak (18) on Axle (160)... c Auto Lite (6).. ° Auto-Lite pf (7) lec Boat c Pwr lec Pow & Lt pf (6) c Pow & Lt pf (7) lec Stor Rat (5).... k Horn Coal nerson Brant A, dicott-John (5) g Pub Sv (2.40), & Pub Sv pf (5). Office Bldg (2%4). rie RR Erie RR . Ioureka Vac Cleaner. 1s Auto Products change Buf (13%).190 ashion Park Asso. Fashion Park As pf. Federal Screw Wks. . Fed Wat Sv A (249). ; Federated Dept Strs. 1d Ph Fire In (2.60) Firestone T& R (1). Firest T & R pf (6).. First Nat Strs (23). Fisk Rubber. . Low. 110 27% 15 21% 134 75 28 185 16 18% 25% STOGKS SEL OF N SHALL NARKE U. S. Steel Hits New Low. Losses Throughout List Are Moderate. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 7.—Stocks sold off again today, but still under a moderate | volume of “offerings. Pressure was di- rected against specific issues by oper- ators for the decline and met little ef- fective resistance, 5o that, although the losses were small, an unfavorable im- pression was made on the trading ele- ment. as was intended. Th> feature of the morning session was the new low for U. S. Steel. The stock opened down fractionally from Monday’s final and at the lowest since | the December break. The question w: raised as to the safety of the present $7 dividend. but the best-informed opinion in the Street was that a downward read- justment was improbable in the highest degree. Steel yiclded and yet there was no increase in" volume. Utilities Decline. Utilities declined a point or two and there was further liquidation in some of the p>l specialties, including Vana- dium a2d Worthington Pump. The former nade a new low on the move- ment. Allied Chemical dipped to a new minimum price for the year, rallying partially afterward Acute weakness ARE WELL MAINTAINED By the Associated Press. The Commerce Department reports tobacco exports were well maintained during the first two months of 1931, when shipments of leaf declined only slightly from the valuations of the cor- responding periods of 1930 and the pre- vious year. The total value was $25.- 093,532, as compared with $26,049,207 in the same months of 1930. Sharp declines during the first two months of the year are seasonal in the export trade of tobacco products. Owing to the importance ot the export trade in cigarettes among other tobacco products, the serious disturbances of foreign cig- arette markets wculd have been suffi- cient to turn exports downward, but | other tobacco products also have suf- fered. Cigarette exports during the first two months of 1931 amounted to 486,402,000, a decline of 46 per cent; | chewing tobacco dropped 25 per cent: smoking tobacco ircreased 5 per cent, and all other manufactured products decreased 48 per cent. ——— STEADY WORK PROGRAM BENEFITS SOAP FIRM| By the Associated Press NEW YORK, April 7—The promise given v Procter & Gamble, soap- makers, seven vears ago, under which employes are guaranteed at least 48 weeks’ work a year, has resulted in “increased profits as well as economic security for the workers,” Col. William Cooper Procter declared in the current Nation’s Business. e should have thought of it be- fore,” Col. Procter is quoted as saying. “We certainly must have been stupid.” Seasonal slumps have been banished under the plan, and the company has experfenced “tremendous prosperity in the face of constantly declining busi- ness elsewhers | ‘§ l Amounts of Insurance? We'll Insure You Against Loss from Hold-ups, Etec. Your collectors, pay roll messengers—and in- side clerks as well—may be targets for robbery at any time. You can protect yourself against such loss of funds with our robbery, burglary and safe burglary policy. Be on the safe side—and let us send some one to talk with you about this important protection. RANDALL H. HAGNER & COMPANY MORTGAGE: LOAN CORRESPONDENT A b S Sosarcance 1321 Connecticut Ave. Decatur 3600 LT R e e L L Complete Investment and Brokerage Service Copy of Our “Fortmightly Review” Furnished om Request G. M.-P. MURPHY & CO. uutsroups. ared to the beginning of the month, B0 roups showed higher averages, whils Jower averages were noted in 12 cases | Yield increases were most conspicuous i v R for the agricultural implement, building, P 52:1:‘;‘"&3;:” o chemical, coal and coke and oil clas D B Ak (6 fications. Decreases wer> e Iy marked for the appar W yim el UG R trs acoine 5% Am Solv & Chem pf. Sales Congress Plans Pushed. 24 Am Steel Fay (3). The joint annual sales congres: 48% 37 Am Stores (12%). sored rjuh year by the District of C 60 42% Am Sugar Ref (5)... Jurabia and Baltimors Life Underwriters | 108' 96 =~ Am Sugar Ref pf (7) Association will be held May 7 at the| 11% 7% Am Sumatra Tob.... Shoreham Hotel. The committees are [ 201% 176% Am Tel & Tel (9)....177 working hard to bring to Washingtc ‘-l‘ 104 Am Tobacco (16).... 10 This year one of the best sales con- | 124% 104% Am Tobacco B (16).. 21 gresses ever held by these two associa- | 129 124% Am Tobacco pf (6).. 5 tions. 110% 105 Am Type Fdy of (1). 208 Some of the m-st cutstanding men in | 80% 63% Am ::‘-rer Wks (3).. 12 Iife insurance profession have been se-| 1l 6% Am WWoolen. .. cured to address the congress, and very | 9% 21 gl shortly a list of these will be published D Ths trust companies of Washington | 29% Anaconda Cop (1%). as usual ars lending their suppcrt to e &C (1) R e B S B 49 Armour of Del pt (7) :::filzmh th> benefits of life insur s Rrmour o A1 The chairmen of the various com- P gy sevee muttees are as follows: Har:ld D. Krafit, 23% Armour of I pf-...o Program Committee; Dave Bethune, e Registration: Bill McCombs, Luncheon: & oo e :":,&) Wallaca Hatch, Publicity; John McEl- i b A A fresh, Banks and Trust Company Ad- Ao :'f'g:TD&lS[ ° ”n)" vertissments; George Farquhar, Finance, 4] A:l(‘ofll:l& '“YJ'_'! Ll sand W. B. Daniels, Transportaticn. i Tl At ‘Thomas M. Green, manager of Balti- t1Gu e ( more will be in charge of the sing'ng. 17% Atlantic Refining (1) &% Atlas Stores (n1). Calnan Assumes New Position. 101% Auburn Auto (£4)... M. F. Calnan, for several years cashier 1 Autosale of the Liberty National Bank, has as- 2% Autosales pt. . sumed his new duties as vics president, 3 Aviation Corp of Dal the position to which h> was elected by 20% Baldwin Loco (1%). the board of directors at a special 815 Baldwin Loco pf (7). meeting held last Priday. He also re- 681 Balto & Ohio (5). ... tains the office of cashier. The position 102 Bamberger pf (634) of vice president was made vacant by 56% Bang & Aroos (3%) the advancement to the presidency of 5% Barker Bros. E. J. McQuade, elected to succeed the 114 Barnet Leather lat: George O. Walson,, 10% Barnsdall (A) (1)... ‘The American Stores Co. report sales 871 Bayuk Cig 1st pf (7) for the four weeks ending March 28, 81 65 Beatrice Cream (4).. 1931, of $10,771,032, as compared with | 111 106 Beatrice Cr pf (7)... $11,300,186 for the four weeks ing! 4 2% Belding-Hemingway March 29, 1930. This is a decr: 25% 16% Bendix Aviation (1). $520,154, or 4.68 per cent. Th 46% 82% Best & Co (2) e pany reports that tonnage sales in-| 70% 45% Bethlehem St ) creased considerably, but the declin 123% 114% Bethlehem St pf (7). commodity prices of approximately 15| 29 24 Blaw-Knox (1%).... Por cent accounts for the decrease in{ ¥9% 20% Bohn Alum & Br1%. dollar sales. Sales for 12 weeks ending| 68% 60 ~BonAmi(A) (4).... March 28, 1931, were $34,433,814, against | 76% 67% Borden Co (k3) $35560,419 for the 12 wecks ending; 30% 20% Borg. Warner (1). March 29, 1930, a decrease of $1,135,605, | 22% 16 brizes Mfg (11%) or 3.19 per cent. 26 14 Brockway Mot pf. The McCrory Stores Corporation to-| 69% 58% Bkiyn-Man Tr (4)... day reported March sales as $3.381,397,| 94% 85% Bklyn Man Tr of (6) against $3,357,989 in March, 1930, an in-| 10% 8 Bkiyn& Queens..... craase of 0.7 per cent. Sales for the| 58 52 Eklyn&QuT pf (5). first three months of this year amounted | 129% 103 Eklyn Union Gas (5) 10 $9,229,865, compared with $8,959,468 | 15 10 Bruns-Balk-Col o in the same period a vear ago, an in- 3% Bl BrubsTer & Ry 8. crease this year of 3 per cent. 20% 143 Bucyrus (1)........ Woolworth sales for March wers also | 24% 25 Bucyruseypf (2}4). Teported today, being 3.3 per cent lower | S 4 Budd (EG) Mrg.. than in March, 1930. Sales for the first| 13 3, Budd Wheel (1).. quarter, however, are nearly up to last| > ) 15% 11% Bulova Watch (1) e - . % Bulova Watel § zuxa rhlgxen:lu.x;‘nemrzle'f::asoen b‘(;x]xlng g 85 Puni Broseum . 1008 Iiinots Central (7).. oA - o “ Illinols Cent pf (6). . sales in March, President H. T. Parson| 32 214 Burtonghs A Mtl4. 2 ] Indust Rayon (4). called attention to the fact that there| ;0. 10010 Buch Term deb (7).. 108 Inspiration Copper. . were five Saturdays in March, 1930, and ; . A Insuranshar Del 40c. but four in March, 1931, Saturday saics e Insur Shrs Ma(400). e equivalent to about $1750.000, he | Ggi 7a Byers (A M). [oterd Rap Tranmit.. - ’ 53 5% Calif Packing (4)... e R D. C. Exchange Trading Active. 42% 36% Calumet & Arizona.. T BUE I 585 ‘Trading opened on the Washington 11% 8 Calumet & Hecla . Int Carr Btock Exchange todey 1 16% 11% Camp W&C Fy(1)... Int Cement (4) sized transactions in Washingin 404 nada Dry G A (3). Int Combustion. .. .. 6s, Series A, at 1021, Washingto 45% 385 Can Pacific (2%).... 1 ot Harvester (2% ). Gas B bonds came put at 105 16 9% Capital AdminA.... Int Hydro E1 A (e2). Capital Traction stock opened at 341;,| 92 85 Car Clin & Ohlo (4). 100s INEMALON DL (4) s s, figured in only. small Jot rales and| 100 98 CarClin& O nta (5). 20s [nt Merc Marine (2). closed at 34Y,. Norfolk & Washington | 131% 81% Case (J 1) (6)....... 118 Int Nickel (80¢) Steamboat C>. registered 192'4. 116 111 Case (J 1) pf (7).... 208 Int Pap & P pf (1) Potomac Electric Power 675 per cent| 52% 26% Caterpillar Trac (t4) 25 preferred came out at 112% and the Int Printing Ink. .. 6% 2% C_:muryvl}li]h M{".'X;i” Ml Int Print Ink pf (6) R D et A A 59" Cent I Mills of (7). 50a Int Salt (3) Railway & Electric preferred regis- 4 Cor @p PasCop (3)... 4 Int Tel & Te e e e 2% Certain-teed Prod... 12 Guaranty preferred sold at 6., and 3 Inter Dept Strs (2).. !‘2 ('.I'Qckel' Cab Mfg.... Inter D ‘r};w (7). Mergenthaler Linotype changed at 82' 306 GHAN & IR ). s A $100 sales in Commercial Club Intertype Corp (2).. Chesapeake Corp (3) e in the unlisted department moved Investors Equity . Chi Great Western. . =4 g Chi Great West pf... § con iy $100,000,000 Bond IsSue Offered. A dicate of bankers today o | "8 54 Chi M1l StP & Pac. ., 6 ¢ ‘ tor Car. ... ! ' Chi MiIStP&Ppf.., g 15t pt B (6) 708 S sat By 3 Northwest (4) Sou pf (4) 8 e b o Pneu Tool. ; ((R) (a1.08) e cout polddeadadine in *hi Pneu Tool f. ... Kayser Jullus (2 at 961, and accrued in e Sl over 4.08 per cent it Teliow Cab (3)... The proceeds of the financing wii s asaiss 264 2 = us>d to provide for the retirement ¢ R A B 4 3 existing mortgage debt of the comp g L and the payment of other indebtzdness ttyRtorch heretofore incurred in connection with | S Sore k) th® acquisition and construction of | uipment (2) property. i ! ocoa-Cola (1734). .+ The bonds of the present issue are | o T edeemable at_the option of the com- e ey, s & whole or i pafi: eatomny ) Collins & Afk pt (7). time on 30 deys' notic-, at 105, up to | b e and including April 1, 1833, the | o mium of 5 per cent decreasirg one- half of 1 per cent during each f 21% Colo Fuel & Iron (1) 1005 Colo Fuel & Ir pt (8) 508 year period therafter up to and i ing April 1, 1974, and 4 Col Gas & El (2).... 100 Col Graphoph (a%). 62 maturity at 100 p each case. 7 Am Republies. .. 2615 Am Rolling Mills. .. 5 Am Safety Razor (5) Figk Rubber 15t p s in Associated Apparel Indus- lorsheim Sh pf (6).100s The stock had closed at 18 Sat- | i Foster Wheeler (2). 41 with no sales on Monday, the| irth Nat Invest., 2 g report being a% one time that there was ox Film A (4). 672 | no near bid. It cp-ned at 13 today and ank Simon nf (7). 108 | sold rapidly down to 10 for a loss of 8 eport-Texas ()., 2 points, a large decline for a stock selling uller pr pf (17.11) . 4608 in its price range. The weakness seemed Jamewell Co (5).... 108 to be a market situation, the result of 3ardner Motor. 3 urgent _selling, rather than anything on Am Investors connected with the affairs of the com- | Gen AmInv pf (6) 1 pany. i Gen Am Tank Car(4) 4 Copper stocks turned downward as a | Gen Asphalt (3) 26 result of the announcement that cop- | General Baking Co. 8 per metal had been sold at 91, cents Gen Bronze...... 3 by a customs smelter. Copper has sold | Gen Cable pf (1) 408 at that level several times in the last | Gen Cigar (4). 1 seven or eight months and except for | Gen Cigar #f (7).... 1008 these occasions the quotation is the low- | Gen Elec (1.60)..... 414 est since 1895. Anaconda and _the | Gen Elec spec (60¢). 18 other members of the group were freely | Gen Focd Corp (3).. 28 offered GenG & El A (e300). 7 Railroad stocks, while not =active, | Gen G & Bl cv nf (6) ranged lower. Great Northern preforred, | Gen Mills pf () Southern Railway, Delawar: & Hudson, | Gen Motors (2). | Rock Tsland and Norfolk & Western all | Gen Motors pf (5) ; | lost ground. Rail stocks were influenced Gen Outdoor Adv. by the weakness in railroad bonds of Gen Out Adv A (4). | the second grade | Gen Pta Ink (214) Among the dividend meetings to | Gen Pub Sv b6 % stk. which the Street had been looking for- | Gen Ry Sianal (5) ward was that of Columbian Carbon. | Gen Realty & UtIl. .. The directors declared the regular quar- | Gen R & Ut pf (e6). . terly disbursement of $1.25 a share, but Gen Refractortes (4) omitted the extra of 25 cents, The stock | ;jelrl\ Thra"fr'r-‘.mnn“ ll;:\lllred on the r:m - ’rhfirfl hnm also a | Gillette Sa tagor. . rief recovery in the oil shares, pre. N N Gillette Saf R pf (5). sumably based on expectations of hrore modations, its competent imbel Broi able results from the meeting in Wash- | Il service. Glidaen Co. ington of the Ol States Advisory Comn- | 2 Glidden pr pf (7). | mittec with the Federal Oil Comervx-‘[ Let us show you the Gobel (Adolf).. tion Boerd, H N Gold Dust (2%) Basty Slat Rk available sp ace—single rooms and suites—and see oodrich (R F) - so0dyear TireAR(3) The market resumed a downward course after an opening weakness had || o porfectly they will meet your requirements. oot o s b | been partially canceled by short cov- MSKEEVER £ GOS$S 7. Jotham Silk Hoslery ¢ am S H pf (7). ering Graham-Paige. .. Representative of the Owners Shoreham Investment Company Rental Office, Room 520 Grand Sil Strs (h1) 15th at H Grand Union Granite City § National 5643 g UT ASIDE | [ 54CENTSa DAY Grt Western Sugar. . Grt West Sug pf (1).130s Grizshy Grunow.... 2 Guif States Steel. Gult St St 18t of (7 Hahh Dépt Stores flanma pf (7). OU'LL scarcely miss this ‘small change’’; yet on a certain happy day you will have $2500 cash in hand—money that comes like a gift. It will do some won- derful things for you and Harb Walk Ref (2). Hartman Corp (B).. yours. $5.654,925.33. Total ordinary expendi- | tures, $9.466.646.75. i Send the coupor today Hayes Body........ ¢ Hercules Mot (1.20). | for fully informative booklet | with payment schedules and Prevalling interest and commission: Hercules Powd (3).. Joseph I. Weller SR L 6 T their assured results. Hershey Choc (5)... Hersh Choc pf (15). - 200,000 INVESTORS INVESTMENT SECURITIES Holland Fura (12%) Listed Bonds and Stock: Excellent nder Sons. mestake Min (17). nvestment Trusi [ty 1518 K St. Members New York Stock Exchange 1510 H Street Connecticut at K WASHINGTON Telephone National 9600 Philadelphia 41y Shoreham Building Neighbor with the Leaders IT'S a stroke of good business to be located in such a building as the Shoreham Building. Apart from its superior facilities it is the headquarters in the Naticnal Capital of the lead- ers in every line of business and profession. Selected because of its wonderful location, its medern accom- 31% New York Baltimore Richmond London 118% 121% 129 108 59 914 Will You Have the Last Say —about the disposition of YOUR ESTATE? fYes, if you leave a bind- ing Will; no, if you post- pone making one until too late. Consult with Our Trust Dept. now about wills and the appointment of a com- petent executor of trustee. NATIONAL SAVING & TRUST COMPANY The Oldest Savings Institution in the District of Columbia Corner 15th & New York Ave. - SualoannBioet 5 A Capital & Surplus $3,500,000 Deposits Invited in any amount 65th Year ited States Steel, which opened at | a new low for the year at 136%, ad- vanced to 137 and then sold down again to a fresh low at 13615. This was illus- trative of the trend of most of the active market leaders. Call money re- newed at 2 per cent, compared with Monday’s renewal rate of 1'. per cent. jDuring the first half hour trading amounted to 300,000 shares, the same as on Monday. Active industrials to show weakness | were Allfed’ Chemical, General Theater: Equipment, General Electric, Montgom- | ery Ward and Woolworth. | Fox Film, scheduled to announce a | large refunding plan, was particularl | weak, dropping nearly 4 points. Worth. ington Pump dropped 2 points. Ana conda and Nevada Consolidated were { fractionally lower, Columbian Carbon, which announced | its regular dividend but omitted the xtra dividend of 25 cents, was frac- tionally higher. Associated Apparel Industries opened at 13, off 5, end then dropped under 12, to a new low. Rails were off slightly all around. In_the motors, Auburn opened lower but later | recovered the loss. General Motors held at a fractional loss. Utilities held well American Telephone dropped nearly 2| points and oils were dull. | U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business April 4 was $577.403,353.74. Customs receipts for the month to date were | 14% 90 Mackubin, Goodrich & Co. Established 1899 BANKERS Houdaille Hershey. . Household Fin pf (4) Houston Ofl. Houston Oil (ne Howe Sound (3) Hudson Motor (1) Members New York and Baltimore Stock Exchanges Associate Member New York Curb Exchange 1508 H STREET WASHINGTON, D. €. REDWOOD & SOUTH STS. BALTIMORE, MD. Real Estate Loans 5Y%2% E have plenty of available = — * funds for loans on improved Bank Stocks A Real Estate in nearby Mont- In New York and Other Citles gomery County, Md., and the (‘sovcut—son’) | | INVESTORS CLOTED District of Columbia for periods e e SYNDICATE of 3, 5 or 10 years. Prompt de- nquiries Invite ; FOUNDED-1894 cisions given applications. Robert C. Jones & Co., Inc. 932 Barr Bullding INVESTMENT BANKERS WASHINGTON, D, C. BOSS and PHELPS 2922 | Shorcham Bldg. Telephons, Metropolian 1879 Realtors WASHINGTON LOS ANGELES FOUNDED 1907 Consult Us About MINNEAPOLS Loan Correspondent Your Investment Problems John Hancock Mutual Life Insurance Co. Money to Loan Secured by first deed of trust on real estate. Send "ENJOY MONEY " tomm it 11 e Nowe'o.oociase ddress. . 80. or T 6% pf. . 1403 Kelsey Hayes (2)... 4 vinator Corp 23 1 Copt (6 308 4 Kennecott Cop (2).. 66 Kin G R)pt(8) 40s 4 Kolster . 18 {olster Radlo ctfs. . 1 Kresge (88) Co 1.60. Kreuger & T (a1.60). Kroger Groc&Bak (1) Lambert Co (8 Les Rubber & Tire. . Leh Port Cmt (1)..00 Leh Valley Coal Leh Valle; 2%). Lehman Corp ( Lehn & Fink (3) Lib Ow Ford Glas: Lize & My Lima Locomot (m2). Liquid Carbonic (3). Loew's Ine (3)...... Loew’s Inc pf (6%%). LTt AN o1 oovavsvss Loose-Wiles (12.80). Lortllard (F) Co. Lorillard (P) pt (7). Loulsi O1l. . . LouG&EA (1%).. Louls & Nash (7). Ludlum Steel. MacA & Forb pf (6). clntyre Pore M (1) Keespt Tin P(15). Mckesson & Rob (1) Met. 1417 K St......National 9300 *A Prominent Banker says: “I know of no sounder ucun't; at an_y'rr(cc. than Massachusetts Investors Trust, and in a reasonable number of years its shares will sell at a figure higher than ever.” 45% 16% 111% PROPERTY MANAGEMENT 7315 Columblan Carb (16) 28 20 Comel Cred pf (1% ). 108 Conim Inv Tr 2). 6 16% Comm Solvents (1).. 86 12° % Cmwith& Sou (60¢). 78 | 100% 9114 Cmwith & Sou pt (6) » Congoleum-Nairn... ongress Clgars (4). 25% Consol Cigars (5)... sol Cigar pt (7)., Consol Cig pr pf 6% . 208 7% Consolidated Film. 6 15% Consol Film pt (2 1 824 Consol Gas N Y (4).. 160 101 Con Gasof NY pf(5) 2 “onsol R C pt (§) “onsol Textile “ontainer Corp ‘ontainer B.. “ont! Baking A. “ont] 2aking B. 59 Contl Baking pf ( 47 Contl Can (2%) 10% Contl Dia Fibre (1) 41 Contl Insur (3.40) 24 Contl Motors 12 #% Contl Ol of Del.... 12 T4 Cont Shares. . ‘6% 76) Corn Prod (t3%),.. 1524 146% Corn Prod pf (7). 18 8k CotyIne........... Marshall Fleld (2%) 24% 27 Cream of Wht (12%) 3 Martin Parry. S 14% Crex Carpet. . . Mathieson Alkaif (2) 48 Crucible Steel. Dept Strs (2%). Meugel : Mexican oard . 60 Miami Copper . . . Mid Continent Petm. 17 Midland Steet (3)... 1 24% 248 25 | Min Hon'w Reg (t4). 3 46 4% e6u gz (e, . (CODUNUEd OD PAEE I, o rifisnianisemisn Al 7 Apartment House MANAGEMENT IT takes experienced manage- ment to get the best return from apartment house proper- ties—and at the same time maintain the standard and character of the property. ON WHAT DOES HE BASE THIS POSITIVE OPINION? On his knowledge of the value of selected, widespread diversification—of the tremendous earning power and growth of these 140 out- standing stocks in the portfolio. He has confidence in the trust’s management, knows its record, and the safeguards of its trust agreement —*and he owns a substantial num- ber of these shares. wide territory east of the Susque north of the Philade district. ‘The territc estimated population of 1,665,000 Financial District Comment. Carl W. Corby has been ele the board of governors of the Wash- ington Stock E to fill the vacancy caused by t ath of George O. Walson. Mr. Cx has been one | of the most acts of th exchange for several of the pariners in the of W. B. Hibbs & Co. George R. James been reappoint- ed as a member of the Pederal Rescrve | Board, his present term expiring on April 27 Montagu Norman, governor of the Bank cf England, is in Washington for conferences with Secretary Meilon on matters of international importance. Henry Shepherd has become acso- ciated with the Washington office of Hemphill, Noyes & Co.. a firm dealing in_investment securitics. It is expected that the Treasury will announce new financing tomorrsw in the form of a certificate ofier of $300, 000,000 or more. ‘The majority of local bankers are convinced that business has hit bottom and will show siow but steady gains during the remaining months of the present year, Mad Sq Garden (60¢) Magma Copper (2).. Mallison & Co. Manhat Elev g E Man Elev mod g (d5) Maracaibo Oil Exp. . Marine Mid (1.20). Market St Ry pt. Marlin-Rockwell (2) We have had the necessary experience, consequently our management is notably suc. e cessful. B. F. SAUL CO. A. S. GOULDEN & CO. Ine. s WocdwisiBldg,, Washington, D. C. { 923 1?"' St. #“Compounding Capital”— a 24 page booklet will ex- plain to you some of the reasons for this banker’s opinion. Send for this booklet today. 51% [ 4% 21% 10% 244 24 29% 20% 2% 8 244 24% 84% 354 b% 6% 16% 16 % T 10% 10% Nat'l 2100 Cuban-Amer Sugar. . 35 22 Cuban Am Sugar pf. 100 H9% Curtis Publish (17). 9014 118% 1134 Curtis Publish pt (1) 1 §% 2% Curtiss WrightCorp. 27 4% 8% 3% Curtiss Wrc"pAp- 2 6 ( 104 24% 45 E LOANS