Evening Star Newspaper, April 16, 1931, Page 13

FINANCIAL, IMPROVED BANKING URGED AT COUNCIL Executive Manager of Asso- ciation Reports on Work at Augusta Meeting. BY EDWARD C. STONE. Fred N. Shepherd, executive manager of the American” Bankers' Association, vrged the promotion of better banking at the concluding session of the execu- tive council meeting at Augusta, Ga. yesterday. He declared this is the big task now before the association. Splen- did work along this line has already been accomplished, he said, but a: serted that there is still much more to be done. Thomas B. Paton, general counsel of the association, called the uniform bank collection code “the greatest boon to the bankers in simplifying the law in regard | to bank collections, especlally in the case of failure of banks where prefer- ence is created in the assets of an in- | solvent bank which has collected an item and has failed to remit.” An important committee report was that of S. H. Puelicher of Milwaukee, chairman of the educational foundation, which comprises a ‘fund of $500,000 for loans to students specializing in banking and economics throughout the country. He reported that the commit- tee was highly gratified with results be- | ing obtained. ‘The economic committee, headed by‘ 1. S. Hecht of New Orleans, also made a report, and this was followed by & ! report of the Agricultural Committee, headed by H. Lane Young 'of Atlanta, while the special commission on United States revised statutes headed by Thorn- ton Crook of Kansas City, made a re- port which dealt largely with State tax- ation of national banks. The largest delegation of Washington bankers, who attended the Spring meet- i ing, are expected home tonight or early tomorrow. Bankers See Steady Uptrend. Bankers from all parts of the fifth Federal Reserve district, who met re- cently in Richmond, reiterated the oft- expressed opinion that business has Tubbed on bottom and that the trend during the remainder of the year will be upward. That this trend is bound to be very gradual was the general opinion. The business situation is perhaps best llustrated in the form of a U and what puzzles bankers the most is to figure out how wide the bottom of the U will be before economic conditions manifest a much more sharp upward trend. No rapid upswing can be expected for some time yet, according to bankers in this territory, as well as in New York, Chi- and other financial centers. knows it will be a long time before the levels of that year are reached. But if “back to normal” is changed to mean the average conditions prevailing in the last five or ten years, the so-called recovery will not be nearly so long drawn out. March Insurance Off 15 Per Cent. New life insurance production last month was 159 per cent less than in 18 hile the cumulative total insura standing in all United States legal re- serve For March the total new business of all classes writtén by the 44 companies was $1,028,328,000, against $1,222,184,- 000 during March, 1930—a decrease of 159 per cent. For the three-month period the total new business of the companies was $2,- 828,600,000 this year, against $3,220,- 857,000 last year, a decrease of 12.2 per cent. Awalt Addresses Young Bankers. Someé method of supervising bank af- filiates without unreasonable restric- tions which might result in tearing down of the national banking and Fea- eral Reserve systems should be devised, Deputy Controller of the Currency F. G. Awalt said in an address before the Philadelphia Chapter, American Insti- tute of Banking. “The general problem is not simple,” he declared. “There are 49 different banking jurisdictions—48 States and the Federal Government. Congress by leglslation can yeach the national banks and to some éxtent the State member banks of the Federal Reserve System, but there are some 14,000 State banks not members of the Pederal Reserve System. Moreover, the affiliates are State cor- porations’ and some method must be devised to reach them constitutionally. “I have no intention of giving the idea that there are no properly con- ducted bank affiliates or that affiliates may not be useful or necessary. There are conservative affiliates, and a proper- ly conducted conservative afiiliate 1s very useful. As a matter of fact, it has been stated, and I believe correctly, that security affiliates have been necessary in the financing of ma of our busi- ness institutions, since they play a most important part in the distribution of | bonds involved in large underwritings.” Transactions on D. C. Exchange. Washington ‘Railway & Electric 4s led business on the Washington Stock Exchange today, opening at 89% and | closing at 89% | Washington Gas Light 5s came out | at 106 and Potomac Electric Power 6s | moved at 108%. Capital Traction stock was stronger | todey, opening at 33 and maintaining | that figute during a turnover of several | small lois, total sales reaching 123 shares | Mergenthaler sold at 81, Merchants | Trenster & Storage preferrcd registered 93 end Potomec Eiectric Po per_cent preferred changed he 110% Gleaned in Financial District. The Pennsylvania lroad has de- clared the regular quarterly dividend of | . payable May 29 to stock of record May 1 The April bulletin of District Bankers' Association has appeared, the | first article ng devoted to the cn campaign | Special attention is called 10 the pr convention dinner at the Country Club on Wednesda The next meeting of takes place on Frid: Council of Adminis row afternoon at h-adquarters. The bulleiin announces the death of George O..Wa'son, the committee 1o draw up proper resolutions consisting of Francis G. Addison, jr.; Joshua Evans, jr. and Edward J. McQuade. W. W. Spaid is in New York attend- | ing a meeting of the cut-of-town sec- | tion of Stock Exchange firms, of which | resident. utt, jr., cashier of the D: trict National Bank, was one of the lo cal bankers who attended the annual| meeting of the Stockholders’ Associa- | tion of the Federal Riserve Bank of | Richmond. M, J. Meehan, head of the New York | sr.ock Exchange House by that name, is he guest of Frank J. Thiel, resident rtner in the firm. Mr. Mechan has g:en winter.ng et Pinehurst, N. C. John P. Baer & cent water and sewer bonds on bid of 108.245. Offices of Edward M. Thomas, con: troller of the Chesapcake & Ohio R-lfl-l way, Are to he moved to Cleveland, al- though g:n of the office staff will re- | Co. of Baltimore were | awarded $75,000 Salisbury, Md., 4'; per | Note—All swcks are soid In one hundred-share lots excepting those designated bv the letter s (80s) (2508), THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. which shows those stocks were sold In odd lots. Individual sales compiled to uu—e-nl‘h in 5:30 Mnlol ~Prev. 1031~ High. Low. 14%, 52 Stock ana Dividend Rate. Aumqm 7 Abitibi Pow & Pape: 20 Avitbi PABpE(e. 3 31 100 LATSSIAD MU (0 e ik 164 Adams Exp (1.60) 19% % Ahumada Lead. 854 Air Reduction (14%) 6 Air Way Elec Appl. . 7 Alaska Juneau (40¢) 7% Alleg Corp. 39% Alleg Cp 33 85 AllegCp $40 ww 5% . 508 131 Allied Ch & Dye (n6) 61 30 Allis Chalmbers (2). 3 14' Alpha'Port Cemt (1). 2 "20 Am AgriChot Del.. 12 541 Am Bank Note (t3).. 1 8 Am Beet Sugar pf... 208 3115 Am Br Shoe (240)... 4 7% Am Brown Bov Elec. 3 45% Am BrBEDf (7)... 108 106% Am CaD (15)..ureess 27 Am Car & Fary (3).. 747% Am Car & Fdy pt (7) 38% Am Chicle (13)...... 814 Am Comel Alcohol. . 9 Am Encaustic (1) 26% Am & For Power. 64% Am & For Pow 2d 74 Am & For Pw pf (6). 10y Am Hide & Leath pf. 23% Amlce (3)... . T4 AmIcepf (6). 17% Am International 20% Am Locomotive (2) 72% Am Locomot pt (7). 31 Am Mch & Fdy 1.40 3% Am Mach & Met 4 Am Mach & Met ctfs. 16% Ar: Metal Co.. .. Am Nat Gas pf. Am News (1314). 15% Am Rad & St San s Am Roliing Mill; « Am Safety Razor Am Shipbuilding (5) 50- 87 Am Stores (12%)..0) 42% Am Sugar Ref (5)... 96 Am Sugar Ref pt (7) 7% Am Sumatra Tob. 176% Am Tel & Tel (9). 104 Am Tobacco (16). 104% Am Tobacco B (16. 90 Am Type Fdy (8). 53% Am Water Wks (5 6% Am Woolen. 21 Am Woolen pi 4% Am Zinc Lead 29% Anaconda Cop (13%). 10 Archer Daniels Mid. 38'% Armour of Del pf (7) 2 Armourof I A..... 1% Armour of I B..... 16 Armour of 111 pf. 3% Arnold Constable. 17 Art Met Const (1.60). lu Asso Apparel (12) Asso Dry G (23)... 159 Atch To & S Fe (10). 102% Atch To&S Fe pf (5)« 96 Atl Coast Line (110). 31 Atl Gulf & West Ind, 46% AtlGulf & W I pt (5) 17% Atlantic Refining (1) 96 Atlas Powder pf (6). 101% Auburn Auto «f4) 1 Autosale 3 Aviation 1 19% Baldwin Loco (1%). 881y Baldwin Loco pf (7). 68 Balto & Ohio (5).... 72% Balto & Ohio pf (4).. Bambe: ger pf (6%4). 1% Barnet Leather..... 10% Barnsdall (A) (1) 66 Beatrice Cream (4). 50 Beech-Nut Pkg (3).. 16% Bendix Aviation (l). 32% Best&Co (2)... a0 e a prulaenSntindelcionanooanm > o Blaw-Knox (1%)... 90 Bloomingdale pf (7). 20% Bohn Alum & Br 1% 60 Bon Ami (A) (4) 1% Booth Fisheries. 6714 Borden Ci wa 16% Briggs & Strat (2).. 58% Bkiyn-Man Tr (4) 85% Bklyn Man Tr pf (6) 103 Bkiyn Union Gas (5) 10% Bruns-Balk-Col..... 14% Bucyrus (1). 25 Bucyruscvpf (2%). 4 Budd (EG) Mfg.... 37 Budd (EG) Mfg pf.. Budd Wheel (1) 3% Burns Bros B. 21% Burroughs A M 22% Bush Terminal (2%) 109 Bush T Bldg pf (T).. 1% Butte Copper & Zine. 1 Butte & Superior. 37% Byers (A M) 35% Calif Packing (2). 36% Calumet & Arizona.. 11% Camp W&C Ky (1)... 29% Canada Dry G A (3). 37% Can Pacific (2%). ... 17% Cannon Mills (1.60). 914 Capital Admin A. 81% Case (J 1) (6 26% Caterpillar T 23 Cavanaugh-Dobbs pt 11 Celanese Corp . 5% Celotex Co. . 435 Celotex vtc ct 2y Certain-teed Prod 12 Checker Cab Mfg. 39% Ches & Ohio (2%) 40 Chesapeake Corp (3) 5% Chi Great Western. . 19% Chi Great West ptf 5% Chi M1l St P & Pac. . 8% Chi Mii St P& P pf.. 33 Chi& Northwest (4) 9% Ch) Pneu Toot - 23% Chi Pneu Tool pf. 47% Chi R 1 & Pacific (5). 94 Chi R & Pacptf (7). 28% Childs Co 12.49) . . 15% Chrysler Corp (1) 84% City Ice&Fuel (3.60) 7T City Ice & F pf (63) 650 2% City Stores. ... 1423 Cocoa-Cola (+7% ) 46% Colgate-Pal-P (2%). % Collins & Alkman. .. 9 Colonal Beacon. ... 201 Colo Fuel & Iron (1) 9% 100 Colo Fuel & Ir pf (8) 408 100% 33% Col Gas& E1 ¢2).... 69 3Tis B36% 1005 Col Gas& Elpf A (6) 2 105% T8 Col Graphoyb a%). 40 10% 73% Columb Carbon (5).. 21 7% 18 Comcl Credlt «2). 2 1% 34 Comel Credit A (3).. 3 21% Comel Cred of B (2). 10x 25 Comm Inv Trust 2). 102 Comcl inv Trnf 6%. 14% Comm Solvents (1).. Pub (2). onzeieum- Nairn. . . onsol Cigars (6) Consol Cigar pLaT). 10 Consol Cig pr pf 63% . 21 onwol Film pr (2) neol Gas N ¥ 4). 'on Gas of NY pfe5) Contatner Corp tA).. ontaines B Conti Haking A . Conti Bakink B Contl Can 1214).. *ontl Dia Fibre (1), Contl Insur (2 40)... 24 Contl Motcrs. #% Conti O\l of Del 7% Cont Shares, 6l Corn Prod (t3¥) 31% Crown C&F pf (270 45% Crucible Stesl 2 96 Crucible Steel pf (1) 480a 1% Cuba Cane Prod 3 n Cuban Dom Sug: 41 Cudahy Packing 4). kY% Curtis Publish (¢7) 113k Curtis Publixh pf (7) 2734 Cutier Hamuer 134 mvison Chemical 9% Debenhams (a70¢). . 20% Deere & Co pt (1.40). 131% Drlaware & Hud «9). 70 Del Lacka & Wn (4) 14% Diamond Anu*.. 12% 8% 19% 100% 36ia 10915 107 78 2 Int Merc Marine (2 4+ Jones & Lang pf (7). 3 % Mid Continent Petm. Stock ant Dividend "Rate. Mdnl‘x\ Low. Dlamond Mtchpf 1% 8 Dome Mines (1). 8 Domn Stores (1.20).. 8 Drug Corp (4)... 13 Dunhill Internat.... 2 Dupont de Nem (4).. 75 Eastern Roll Mills... 1 stman Kodak (18) 27 stman Kod pf (6). 308 ton Axle (1.60) Eitington-Schild. . Eltington-Schild pf.. ilec Auto Lite (6). Eng Pub Sv pf (5). Eng Pub Sv pf (5% Bng Pub Sve pf §). Eureka Vac Cleaner.. Fairbnks Morse 1.60. Fed Wat Sv A (2.40). Federated Dept Strs. Fed Mot Truck (40c) F1d Ph Fire In (2.60) Fifth Ave Bus (64c). Firestone T &R (1).. Firest T & R pf (6).. First Nat Strs (2%). Fisk Rubber. .. Fisk Rub 1st nf ¢ Follanshee Bros. Foster Wheeler (2).. “oundation Co. . “ourth Nat Invest. Fox Film A (4) Freeport-Texas Gabriel Co A Gamewell Co (5) rdner Motor. n Am Investors. .. Gen Am Tank Car(4) Gen Asphalt (3) General Baking Ce Gen Bronze..... Gen Cable GenCable A. Gen Cable pf Gen Elec (1.60) Gen Elec spec (60c) . » S s - PR NGNS BNND~ 30 CODA NS % Gen Focd Corp (3).. Gen G & FI A (e30¢). ’ Gen G & El cv pf (6). 4 Gen Mills (3)..... Gen Mills pf (6). 4 Gen Motors (3) ien Motors pf (5). n Outdoor Adv. Gom Pte Ink (2%)... Gen Pub Sv b6 % stk. Gen Realty & Utll... Gen Refractories (4) i Gen Theater Equip. . Gillette Saf Rasor.. % (Illleu- Saf R pf (5). Gimbel Bros uf (1)+ Glidden Co. Glidden pr p Gobel (Adolf). Gold Dust (234). Goodrich (B F) Soodrich B F pf ( Goodyear Tire&R(3) Goodyear 1st pf (7). Gotham Silk Hoslery tham S H pt (7) Graham-Paige. Granby Consot (2) Grand Si] Strs (h1).. Grand Union........ Grand Union pf (3).. Grant (WT) (1).. Grt North p ()., Grt Nor Ore (2). Grt Western Sugar. . Grt West Sug of (7). sfu Grigsby Grunow. Guantanamo Sug: Gulf Mobile & North. 5 Gulf States Steel. . Gulf St Stl 1st of t1)1co. Hackensack W, (1%) 10s Hacken Wat pf A 1% 20s Hahn Dept Stores. .. 4 Hahn Dpt St pf (6%) Hamilton W pf (6).. Harb Walk Ref (2) Hartman Corp (A). . Hartman Corp (B).. Hayes Body .. Hercules Po ) Hershey Choe (5). Hos (R) & Co. .. Holland Furn (12% Hollander Sons. Houdallle Hershey Aouston Ofl... Houston Oi1 (new) Howe Sound (3).... Hudson Motor (1). Hupp Motors. ... Tilinots Central (7) Indian Motor Cycle Insuranshar Del 40c. Insur Shrs Md(40c). Interb Rap Transit. . Interlake Iron (60c). Int Bus Mach (n6).. 734¢). int Combustion Int Harvester (2%). Int Hydro E1 A (e2). nt March of (4). Int Nickel 80¢) int Pap & P of ¢ 3 B R = = O O o TS Int Tel & Tel (3. inter Dept Strs (2) intertype Corp (2 [nvestors Equity Island Cr Coal (4. Jewel Tea (4).. . Johns-Manville (3).. 7 1, Jordan Motor Car L ITTORS-~ PO Kelvinstor Corp ndall Co pf (6). Kenneentt (m)'Zl Koister Radio Folster Radio ctfs. Kresge Dept Stores (SH) Co (J1).. Kreuger & T (al 60).. 38 Kroger Groc&Bak(1) 14 Laclede Gas pf (5). . 1008 .ambert Co (8., 7 Lane Bryant (1). 3 ILee Rubber & Tire g oo 4 Leh Port Cmt pf (7). ao- Leh Valley Coal. . . Leh Val Coal pf (3).. Leh Valley (2%) Lehman Corp (3).. Lib Ow Ford Glass. . Live & Mvers B (15) L.ima Locomot (m2). quid Carbonic (3 (- {OT Qe -Wiles (1280). oitilard oo X ENENABK AR =S AR Ludlum Steel. . McCrory Stores A (2) McCrory pf (6) 700 McGraw-Hill (2) Meintyre Pore M (1) McKeespt Tin P(15). 14: McKesson & Rob (1) Mack Trucks (3).... Macy (R H)&Co(n3). Mad Sq Garden (60c) Magma Copper (2). . Man Elev mod g «d5) Marine Mid4 120 . Marke! St Ry pr pf.. Marshall Field (2% ) Matnieson Alkall (2) May Dept Strs (2%) Melville Shoe (2) .. Mexican Seabourd e P Midland Steel (3). Minn Moline Pow... 26%, STAR, WASHINGTON, D. C., THURSDAY, APRIL 16, 1931. REACTION IN STOCK #2575 PRIGES CONTINUES % New Low Marks Recorded in Rail and Industrial Shares. BY GEORGE T. HUGHES. Special Dispatch the The Star. NEW YORK, April 16.—Still reac- tionary, today's stock market registered more new lows in both rails and indus- trials. It was not so much anything adverse in the news as it was the mo- mentum of the decline that influenced trading. Bearishly inclined operators took advantage of the general discour- agement to offer stocks and they met little or no effective opposition. The feature of the early tndlne was the new low in U. S. Steel, this time the lowest since 1937, following the sim- ilar decline of the day before. Directors meet for dividend action on-April 28, at which time first quarter earnfngs will be announced. The weakness in the stock stirred up speculation both as to action on the rate and what the figures would show, Decline Is General. A Railroad shares had another sinking spell which carried down ever’ the best of invesument issues to new low levels. Among the stocks which sold below anything hitherto seen in the bear market were Atchison, Union Pacific, New York Central, Canadian Pacific and Baltimore & Ohio. With stocks of that caliber showing such poor resistance, it was not sur- prising that declines kept up in issues | of lesser merit. St. Louis-San Fran- clsco, Missouri-Kansas-Texas preferred Erfe first preferred and Western Mai land were among the many new lo Sentiment in the Street was 5o pes- simistic that almost any kind of bearish rumor found believers, although some of them were obviously absurd. Free- port Texas was sold on a story that there would be another cut in the divi- dend, although the directors are not scheduled to meet for dividend purposes for three months, Another story was that the outlook for General Motors was unfavirable, although the report cn sales to consumers for March, made public overnight, showed & 46 per cent increase above February. General Mo- % | tors was higher most of the time. an oy 9 338 73 5% 43% 10% 60% 8 38% 13% 50 43% 85 Among high-priced stocks, a group that is steadily diminishing in num- bers, Allied Chemical was the weak member. The selling here was accom- panied by reports of downward divi- dend revision, although it could have been justified by the small yield that the stock gives even under the present dividend. Utilities sagged with the in- dustrials, including_Consolidated Gas, American Water Works and Publi Service of New Jersey. Oils were heavy but not weak. Royal Dutch, Texas Corporation and Skelly made new lows. ‘Undoubtedly the short interest was b NEW ISSUE Photograph shows new 1410 Broadway Building at southeast corner of 9th Street and Broadway-—adjoin- ing on right is the 1400 Broadway Building. S. W. ESTABLISHED 1882 cance in view of the la ticipation. Sales Increase Decline. Ralls moved into new low ground as the session Steels, however, of nllyinlmlndus- ing| into new low levels for the year. Trading picked up in volume on the downside, sales in the first half hour being 400,000 shares, against 300,000 in same Wednesday period. Ca money renewed at 1% per cent. Although foreign trade, both import and export figures for March, proved unfavorable, the early selling probably reflected overnight news less than professional short selling and liquida- tion of impaired accounts. Pullman advanced as a result of the declaration of the regular quarterly common dividend. General Motors, des- pite the 47 per cent gain in March sales over those of February, opened un- changed, ‘but later improved. Canadian Pacific, Union Pacific, New York Central and Missouri-Kansas- Texas preferred were among the more prominent carriers that broke into new low levels. Baltimore & Ohlo equaled its previous minimum price. Royal Dutch, Texas Corporation and Skelley Ofl established new bottoms as Standard Oil of New York hit its previ- ous low. Among the specialties United States Industrial Alcohol proved an ex- ceptionally vulnerable spot. United ~States Steel common and Vanadium Steel shattered their record low levels. The former rallied and re- lapsed repeatedly after touching its lowest level since 1928. Coppers, de- spite some sales of the red metal at 9‘ cents, were inactive and little changed. Utilitles were slightly easier, but, by comparison with other groups, they were the firmest division in the entire list. IRREGULARITY IN TOOL PURCHASES IS REPORTED Specis] Dispatch to The Star. NEW YORK. April 16.—TIrregular de- mand, punctuated by brisker trading in certain sections, marks current activity in the country’s machinery and ma- chine-tool markets, American Machin- ist reports. Generally, districts show little change, with prospects still main- taining a tight grip on purse-strings. Meanwhile, obsolescent equipment con- tinues to increase and purchasers will find themselves in the same situation in which they were two years ago—all in need of tools, with deliveries averaging 10 weeks to 3 months at markedly high- er prices. Conditions in the New York market remain spotty, with little railroad de- mand and some increase from small prospects for small tools. The same is true of Detroit, where optimism is wan- ing. New England has a number of dealers reporting upturns, others hold- ing about even; employment there is in- ‘creasing and foreign demand is being maintained. Buffalo reports improvement in de- mand, especially for school equipment. Milwaukee, Raiload wants 43 items, about $60,000 worth of tools. s;:nunu- rules in the Indianapolis et. Gene ‘machin being stepped up. One-horsepower is equivalent to rals- ing 33,000 pounds one foot in one min- ute. A carload of tomatoes was Ahlgped recently from the West Indies to | couver, B. C. Money on Hand to Loan on First Deed of Trust 60/0 Interest Applications JAMES F. SHEA 643 Louisiana Ave. N.W. FINANCGCING AT LOW COST First Mortgage Funds (Thvee Years or Longer) Loans on residence and busi- ness properties in the District of Columbia and nearby Maryland suburbs . .. Ample funds, lower interest, prompt ap- provals, valuable prepayment privileges. Three-year loans on newer properties without amortization 1% H. L. Rust Company ESTABLISHED 1889 1001 Fifteenth Street National 8100 Loan Correspondent for ‘‘The Prudential’’ 1,400,000 1410 BROADWAY BUILDING Southeastcorner of Broadway.and 39th Street, Borough of Manhattan New York City First Leasehold Mortgage 7% Sz'n.éz'ng Fund Gold Bond Cert; Dated: April 15, 1931 Interest coupons payable April 15 and October 15. Callable for voluntary redemption ot for sinking fund st 100 and interest. Federal Income Tax paid up 10 2%. Various State taxes refunded on proper application. Straus National Baok sad Trust Company of New York, Trustee. PRICE: 100 AND INTEREST Due: April 15, 1941 The following information is summarized from the letter of the president of the borrowing corporation as set forth in the circular describing this issue,. A Fully Completed Building Security for this issue is a completed modern 33-story store, office, and show- room buildi located at the southeast corner of Broadway and 39th Street, New York City, and the long-term leasehold estate in the land on which it stands. The location of the property on a prominent Broadway corner just south of Times Square is one of the best in New York for a buildiog of this type. A 60% Loan The completed building and leasehold property have been independently appraised as follows: Appraiser 1. Cruikshank Company 2. Kenneth Slawson Hobbs 3. Spear & Co., Inc. Date of April 2, 1931 April 8, 1931 April 6, 1931 Valne Compieted Building Appraisal ‘and Leasehoid Property $2,300,000 2,500,000 2,535,000 Per Cent Loan 60.87% 56% 55.220% Based on the lowest of these appraisals, this issue represents a 60.87% loan. Already 88% Rented 1410 Broadway Building, though completed only as Emndy as February, 1931, is already approximately 88% rented and active negotiations are in progress for the leasing of additional space. Net Income 2.95 Times Interest Charges ‘The Industrial and Financial Audit Co. certify that they have examined all leases in effect as of March 31, 1931, and on the basis of these leases estimate that the net income available for interest on this issue for the fiscal year end- ing January 31, 1932, will be $290,127.53, or 2.95 times the annual in- terest charges. Based on complete occupancy the Industrial and Financial Audit Co: estimate the net income available for interest on this issue at $402,300, which is 4.10 times the annual interest charges. Successful Management ‘The borrower is the Broadway-39th Street Corporation, of which Mr. Abraham Bricken is president. Mr. Bricken and his associates, who'own 100% of the stock of this company, also own and operate the various Bricken properties which include numerous successful realty holdings in midtown Maahattan; Guaranteed by Bricken Construction Corp. ‘These certificates are unconditionally guaranteed as to payments of principal and interest by Bricken Construction Corporation and seven affiliated com- panies jointly and severally. The consolidated balance sheet and earnings statement of Building. Detailed circular will be sent on request ‘The foregoing information is taken from sources we Dept. WS-53, 929 15th St. BeW., Wmbj the guarantor companies as certified by Industrial and Financial Audit Company of New York show a net worth of $13,276,016.94 as of December 31, 1930, and net income for the twelve months 31, 1930, of $947,788.09 after interest and amortization payments but before Federal Income Tax. These statements do not mdudc the 1410 Broadway ending December STRAUS & CO. INCORPORATED gton accurate but is not \ ]