Evening Star Newspaper, April 21, 1931, Page 13

FINANCIAL. 0K IPKNEN & 0. * ORGANEED HERE New Banking Firm Formed to Succeed Southern Se- curities Corporation. BY EDWARD C. STONE. Announcement was made today of the formation of the investment bani ing firm of D. H. McKnew & Co., head- ed by Donald H. McKnew, and siicceed- ing the Scuthern Securities Corpora- McKnew and his associates in 1924. change in name ‘was _brought about by the similarity of the old fim to cth- ers in this vicinity and elsewhere and the resultant con- occasioned 5 Donald H. McKnew. The new firm will carry on the policies of the old| organization, conducting an investment ‘banking business in high-grade utilit industrial, railroad and Govermment | bonds. D. H. McKnew, president of the company, has been actively eu- gaged in the investment banking busi- 1916, during the | World War, when he served as an officer in she Field Artillery. For years he was manager of Hambleton & Co." Jocal office, leaving the concern to enter business for himself. He is a member of the Chevy Chase Club. Racquet, Gibson Island and Capital | Yacht Clubs, as well as of the Wash- ington Board of Trade and the Wash- ington Bond Club. J. Clifford Folger is the firm's vice dent. He has been associated with| . McEnew since early 1929 and has assisted materially in building up the present organization. ~Prior to coming to Washington Mr. Folger was engaged in*business in Rochester, N. Y. George E. Smith, the secretary and treasurer, has been identified with local invest- ment houses since 1921, coming here from Boston. ‘The members cf the firm received many congratulations from clients and friends today at their extensive offices ot 1200 Fifteenth street. Elected for Third Term. H W. W. Spaid, partner in W. B. Hibbs | & Co., was re-elected for a third term! as vice president of the Association of New York Stock Exchange Firms, | - which has _just held its annual| New Spaid was one of the organ- izers of the asso- ciation and during the first year spent a good deal of time visiting va- rious large Eastern cities in the inter- est in what was then a new move among brokers outside of New York. The aim of the organization is to secure proper W. W. 858M. gttention and con- sideration for brokerage houses in other cities_ which have membership in the New York Stock Exchange. No broker living outside of New York can be president of the association, so Mr. Spaid has received the highest honors in the gift of the organization. ‘There are so many matters that have to be taken up with the exchange of- ficials that the head of the association has to be in Wall Street constantly. Mr. Spaid is one of Washington's leading brokers and is a former presi- dent of the District Bankers' Associa- tion. C. & O. Reports March Net. Gross revenues of the Chesapeake & ©Ohio Railway for the month were $9,- 711,979, & decrease of $724.813 over March of last year; operating expenses were $6,505,793, a decrease of $987,946, as compared with March of last year ,Det rallway operating income was $2, 366,291, an increase of $209,109 over rch of last year. The net income er all charges for the month of March, 1931, was $1,762,221, an in- crease of $150,079 over March of last year. The operating ratio is 67.0 per cent compared with 71.8 per cent for March of last year, or a decrease of 4.8 per cent. For the three months ended March 31, 1931, the Chesapeake & Ohio Rail- way Co. shows gross revenues of $28,- 798441, a decrease of $4,990.235. Op- erating expenses were $19,520.275, a decrease of $3,521968. Net railway operating income was $6,867,428, a de- crease of $1,781,384. Net income after all charges is $5,016,484, a decrease of | $1,954,332 compared with correspond- | ing period of 1930. The operating ratio for the period is 67.8 per cent, a de- crease of .4 per cent as compared with same period a year ago Dunlop Joins Goodbody Staff. McElroy Moss, managér of the local office of Goodbody & Co. announced ! today that A. McCook Dunlop has join- | ed the Washington staff and will be as- sistant manager of the office. Mr. Dun- lop is the son of G. Thomas Dunlop and his family have been connected with Washington activities for several gen- erations. He is a graduate of Prince- ton University and is active in the social and financial life of Washington. He is | a member of the Chevy Chase Club, the | Pine Valley Golf Club and the Prince- ton Club of New York { Mr. Dunlop's financial experience in- | cludes his connection with several well | known Jocal brokerage firms. { | Today’s Trading on Exchange. Washington Railway & Electric pre-| 1 ferred and Mergenthaler Linotype were among the leading issues on the Wash- ington Stock Exchange today. Railway preferred opened at 98% and closed at the same figure. Most of the trans- actions in Mergenthaler Linotype were made at 80’ National Savings & Trust Co. stock moved at 450 and 448 on a 25-share tal Traction 5s led bond trading, opening at 79': and closing at 80. Capital Traction stock figured in | but one sale, 10 shares selling at 33%, | up % from yesterday's close. Heard in Financial District. | G. Bowie Chipman has been re-elected a director in the Van Camp Packing Co., Inc. President Rome C. Stephenson of the American Bankers' Association was in the city a few hours Sunday. H. Kenneth Murray has assumed his duties in the Washington office of Hemphill, Noyes & Co. rnomas J. Mangan, jr., the iocal manager, is spend- few days at White Sulphur| Springs, W. Va. The Treasury is offering a new issue | of $50,000,000 91-day bills. | CHICAGO POTATO MARKET CHICAGO, April 21 (#) (United States Department of Agriculture Potatoes, 106 carloads old, 12 carloads new; on track, 270 carloads old, 25 car- Joads new; total United States ship- ments, 520 carloads; old stock about ' trading fair; sacked, per 100 ‘pounds, Wisconsin round whites, 1.55a .60; Minnesota, 1.30a1.40; Idaho Rus- No. 1, 1.60a1.75; mostly 1.65; No. NEW YOR Received by Private Wire Direct to The Star Office. Note—All stock are sold in one hundred ‘share lots excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. Individual sales compiled to noon—complete in 5:30 Edition. ~Prev Hich. 14% 52 36 105% 2315 1931 Stock and Low. Dividend Rate. 7 Abitibi Pow & Paper 29 Abitibi P& P pf (6). 25 Abraham Strauss. .. 100 Abraham Stpf (7).. 16% Adams Exp (1.60) 2214 Adams Millis (2).... Al Adv Rumley (new).. 854 Afr Reduction (t434) 5% Afr Way Elec Appl. . 7 Alaska Juneau (40c) 6% Albany Wrap Paper. 734 AMeR COrp.......... 8715 Alleg Cp $30 ww 53 . 130% Allled Ch & Dye (n6) 20 Allls Chalmbers (2). 12% Alpha Port Cemt (1). 1715 Amersda Corp (2)... 18% Am Agri Ch of Del.. 51 Am Bank Note (+3) 7% Am Brown Bov Ele 1061 Am Can (15) 145 Am Can pf ¢ 2514 Am Car & Fdry (3).. T4% AmCar & Fdy pf (7) 24% Am Chain 2) 28t Am Chicle (13). 14% Am Colortype (1.40). 7% Am Comcl Alcohol. . 19 Am European Secur. 26% Am & For Power.... 74 Am & For Pw pf (6). 601 Am & For Pow 2d of. 1% Am Hide & Leather. . 47% Am Home Pr (4.20) Amlce (3)... . Am Ice pf (6). Am International... % Am La Fr & Foamite 20% Am Locomotive (2) 31 Am Mch & Fdy 1.40, 45 Am Pow & L 2 94% Am Pow & Lt pf (6). 15's Am Rad & St San (1) 7 Am Republics . 2614 Am Rolling Milis. .. 50% Am Safety Razor (5) % Am Ship & Com..... 4015 Am Sm & Ref (4).... 9314 Am Sm & R 24 pf (6) 1% Am Solv & Chem.... 4% Am Solv & Chem pf. 18% Am Steel Fdy (3). 37 Am Stores (12%4)..0 42% Am Sugar Ref (5)... 71 Am Sumatra Tob... 176% Am Tel & Tel (9). 104 Am Tobacco (16). 104% Am Tobacco B (16).. 124% Am Tobacco pf (8) 53% Am Water Wks (3. 4% Am Zinc Lead & Sm. 29% Anaconda Cop (1%). 267 Anchor Cap (240)... 10 Archer Daniels Mid. 38'% Armour of Del pf (7) 2 Armourof 11 A. 1% Armour of Il B. 16 Armour of 11l pf. 10 Asso Apparel (12 21% Asso Dry G (234). 168 Atch To & S Fe (10). 4 102% Atch To&S Fe pf (5). 95 Atl Coast Line (110) 15% Atlantic Refining (1) 40% Atlas Powider (4). 10133 Auburn Auto (£4)... 3 Aviation Corp af Dal 19% Baldwin Loco (1%). 881 Baldwin Loco pf (7). 66 Balto & Ohio (5).... 72% Balto & Ohio pf (4).. 5614 Bang & Aroos (3%). 1 - s » oo P DT TSTSE TSI eIeEs: JOTR e - T e T T e 9% Barnsdall (A) (1)... 100 24% Bayuk Clgar (3).. 874 Bayuk Cig 1st pf (7) 408 65 Beatrice Cream (4).. 106 Beatrice Cr pf (7). .. 16% Bendix Aviation (1). 321 Best & Co (2) 45% Bethlehem Steel (6). 114% BetHlehem St pf (7). 22% Blaw-Knox (13). 16% Bloomingdale Bros. 20% Bohn Alum & Br 1 6715 Borden Co (k3) 20% Borg. Warner ( 1% Botany Con M (A 16% briges Mfg (11% 14 Brockway Mot pf. 58% Bklyn-Man Tr (4 85% Bklyn Man Tr pf (6). 103 Bkiyn Unfon Gas (5) 9 Bruns-Balk-Col. 5% Bruns Ter & Ry 8. 14% Bucyrus (L.... 25 Bucyruscy pf (2%). 3 . 111% Bucyrus pf (7). ..... 30 2581.35; commercials, 1.40a145; 8% Budd Wheel (1)..... 11% Bullard Co.... g 10% Bulova Watch (1%). 3% Burns Bros B . 21 Burroughs A M t1%. Bush Terminal (234) 15 % Bush T BIdg pt (7).. 20s Butterick Co. Byers (A M). 334 Calif Packing (2).... 36% Calumet & Arizona.. 8 Calumet & Hecla.... 11% Camp W&C Fy(1)... 297 Canada Dry G A (3). 37'% LCan Pacific (2%).... 9% Capital Admin A £1% Case (J I) (8). Caterpillar Trac (14) Celanese Corp. % Celotex Co. Celotex Co pf. Cent Aguirre As 1%. Century Rib Mills. . . Cerro de Pasco(1.50) Certain-teed Prod Checker Cab Mfg. Ches & Ohio (23%)... Chesapeake Corp (3) Chi & Alton pf...... % Chi Great Western. Chi Great West pf... Chi M1l St P & Pac. .; Chi MiI St P& P pf.. Chi & Northwest (4) 1 Pneu Tool pf.... i R 1& Paetfic (5). 1 R 1& Pac pf (7). Childs Co (2.40)..... Chrysler Corp (1). City Ice&Fuel (3.60) " 508 30 5 23 17 2 92 6 1 3 2 1 13 2 City Ice & F pf (63%) 610, 3 City StoTes. ........ Clark Equipment (2. Cluett-Peabody (3).. Collins & Afkman. Colonial Beacon. Colo Fuel & Iron Colo Fuel & Ir pf (8) Col Gan & E1 (2) . Col Gas & EI pf A (6) Col Graphoph (3% Columb Carbon (5).. Comel Credit (2). ... Comel Credit A (3).. Comel Cred pf (1%). 4 Comel Cred 1st (6%) Comel Cred pf B (2). Comm Iny Trust (2). Comm Solvents (1).. Cmwith & Sou (80¢). Cmwlth & Sou pt (6) Congoleum-Nairn. .. Congress Cigars (4). Consol Cigars (5) . Consol Cig pr pf Consolidated Film. Consol Film pf (2) Consol Gas N ¥ (¢). Con Gas of NY pf(5) Consol Laundries (1) Consol RRC pf (6).. Consol Textlle. ..... 5 Container Corp (A).. % Contl Baking A..... 2 Contl Baking B... Contl Can (2%)..... Contl Dia Fibre (1).. Cont] Insur (3.40) Cont] Motors. Contl Ofl of Del. Cont Shares. Corn Prod pt (7) 123%) Crown C&P pf (2.70) Sugar. . Wright Corp 27 Cutler Hammer. 13% Davison Chemical..s - Swn sai - S Sen—ne o S e Sales— Add 0. High. Low. Close. Close 4 5% 5% 110 110 27 27 3 1% 15 Prev. 26 30% 32 32 104 104% 17% 6% 110 27 15 515 110 27% ~Prev. 1931 High. 'Low. 157% 131% 102 68% 26% 175 14% 24% = Federal Screw Wks. Stock and Bales— Dividend Rate. Add 00. High. Drlaware & Hud (9). Del Lacka & Wn (4). Denver& BG W of.. T Detroit Edison (8).. Diamond Match..... Diamond Mtch of 1% Dome Mines (1). Domn Stores (1.20) 2 184 Dupont de Nem (4) Du P de N deb pf (8) Durham Hosfery pf. 30s Eitington-Schild pi Flec Auto 2lk Horn Coal pf . .. .1 Endicott-John (5). .. Endicott-John pf (1) Eng Pub Sv (2.40). .. Ea Office Bldg (2%4). Erfe RR 4 Erie RR Eureka Vac Cleane: Fairbnks Mor: Fed Mot Truck (40c) § 2 1 Federated Dept Str: 2 Fid Ph Fire In (2.60) 2 Fifth Ave Bus (64c).120s Firest T& Rpf (6).. 2 First Nat Strs (23%). r-' k Rubber 18t pf. ollanshee Bros. ... oster Wheeler (2)., Fourth Nat Invest. . ox Film A (4)...... Frank Simon pf (7). Freeport-Texas (3).. Gabriel CoA... Gamewell Co (5).... 80 Gardner Motor. ..... Gen Am Investors. .. Gen Am Tank Car(4) Gen Asphalt (3). . General Baking C 50 Gen Cable pf (T).... Gen Elec (1.60)...... Gen Elec spec (60c) . Gen Food Corp (3).. 404 20 Gen G & El cv pf (8 % Gen Mills (3) Gen Mills pf Gen Outdoor Adv. Gon Pte Ink (2%) Gen Pub Sv h§% stk. Gen Realty & Utll. ... Gen Refractories (4) i Gen Theater Equip. . Gillette Saf Rasor. . Gillette Saf R pf (5). Gimbel Bros Glidden Co. Gobel (Adolf) & Gold Dust (2%) Gold Dust pf (8) Grand (Inion. .. Grand Union pf (3) Grant (W T) (1). Grt North pf ¢6)., Grt Nor Ore (2 Grt Western Suga! Grigsby Grunow . Guantanamo Sugar. Gulf States Steel. ... Gulf St Stl 1st of (7) BeRRARSNRRAN ® s 4 Hacken Wat pf A 1% R E 119% 116% 103% 87 104 37 19% 104 9% 6814 144 29% 44 26 . 123% 119% 1 91% 143% 564 374 36 5% 2% 43% 11% fiann Dept Stor Hahn Dpt St pf (6%) Hall (WF) Pr Co (2) Hanna pf (T)..euane Harb Walk Ref (2). Hartman Corp (A).. Hartman Corp (B).. Hayes Body........ Hercules Pow pf (7) Hershey Choe (5)... Hersh Choe pf (15).. Holland Furn (12%) Hollander Sons. Homestake Min (7). Houdaille Hershey. . Houston Of1. - Houston Ofl (new).. Howe Sound (3) Hudson & Man (3%). Hudsén Motor (1)... Hupp Motors. . IMlinots Central (1).. Illinois Cent pf (6).. Indian Motor Cycl Indian Refining. Indust Rayon (4).... Ingersoll Rand (16). Inland Steel (4)..... Inspiration Copper. . Insuranshar Del 40c. Interb Rap Transit. Int Agricultural Int Bus Mach (n6).. Int Carrfers (37%c). Int Cement (4)...... int Combustion. .... Int Harvester (23).. Int Harvester pf (7). Int Hydro EL A (e2). Int Match of (4).... Int Merc Marine (2). Int Nickel (80¢) Int Paper f (1) Int Paper & Pow A. . Iat Paper & Pow C.. Int Pap & P of (1) Int Print Ink pt (6) Int Salt /3)....... Int Tel & Tel (2). Inter Dept Strs (2 Investors Equity. Island Cr Coal (43 Jones & Laug of (7).120: Jordan Motor Car... 3 Kayser (J) &Co (1). 3 Kelly-Spring Tire... 2 Kelly-Spr T 6% pf.. 1508 Kelsey Hayes (2).... 7 Kelvinator Corp 1 Kendall Co pf (6). Kennecott Cop (2) Kimberly Clark 2 Kinney (GR)Cop Kolster Radio. Kress (SH) Co (J1).. Kreuger & T (a1.60). Kroger Groc&Bak(1) Lambert Co (8)....0 Lane Bryant (1).... Leh Port Cmt (1)..e Leh Valley Coal. Leh Val Coal of (3 Leh Valley (2%) Lehman Corp (3 Lehn & Fink (3) Lib Ow Ford Glass. Liggett & Myer (15). Li7e & Myers B (16). Lig & Myer pf (7). .. Liquid Carbonic (3). Loew’s Inc (3) Loft Ine. ... E Loose-Wiles (12.80). Lorillard (F) Co. Louis Ofl pf (6% ) LouG&EA (1%).. Louis & Nash (7). Ludlum Steel.... McAnd & Forbes (2). Mcintyre Poro M (1) t Tin P(16). % Mack Trucks (3) 107 73 21% 10% Macy (R Hy&Co(n3). Mad Sq Garden (60c) Mallison & Co....... Man Elev mod g (46 Marine Mid (1.20)... Market St Ry pr pf. Marlin-Rockwell (2) Marmon Motor Car. . Marshall Fleld (2%) Mathieson Alkall (2) May Dept Strs (2%). Mavtag Co. . Maytag Co pf (3). Mid Continent Petm.. Midland Steel (3).... 1 Mil El R & Lt pf (6). 208 Minn Moline pf (6%) 1 Mo Kan & Texas.... 4 Mo Kan & Tex pf (1) 2 62 Missouri Pac pf (5). 4 72 Mohawk Carpet..... ~ 100 1 34% 17% 4 16% e e — iesin__ (continued op Page 161 . a Carrier Issues Drop Below 26% 32 8% 22 5 5% 10% 21 41 9 60 49% % 2 124 46% 28% 23% T2% 33% 8% 50 1 6% s |Show scant improvement PRIGES DOWNAR Six-Year Low ‘Mark of December 17. By the Assoclated Press. ~ NEW YORK, April 21—Rallroad shares again dragged the stdck market downgrade today. ‘Trading continued in lean volume, but the carrier issues, as a group, plunged decisively through the six-year low of December 17. Losses in these issues ranged from 1 to more than 6 points, while the rest of the list was pulled down about as much, with wider losses in a few specialties. Tlinols Central dropped 6 points to the lowest in at least 30 years. Atlantic Coast Line lost as much, recording a price not seen since 1922, New York Central broke 4 to a new low since 1924, and Nickel Plate declined 3 to a new bottom for the present shares. Union Pacific Jost about 6, and Southern Pa- cific, Baltimore & Ohio and Erie 2. Elsewhere in the list American Tele- phone lost 4, and U. S. Steel dropped 2 to another 4-year low. Other issues off 2 or 3 included American Can, Johns-Manville, American Tobacco B, Consolidated Gas, Dupont, Union Car- ide, Corn Products.\ Among the more volatile specialties, Ingersoll Rand | dropped 15, and Auburn 10. Rail shares developed pronounced | weakness when directors of Atlantic | Coast Ling adjourned their annual meeeting without an anouncement as to the $3.50 semi-annual dividend duz; July 10. While it was reported that | the dividend would not be considered | unt{l the May meeting, the market | could not interpret deferred considera- | tion favorably. Tllinois Central direcfors meet for | dividend action next week, and it is | well known that earnings are running | substantially below the current annual dividend rate of 87, which has been maintained since 1917. ‘Wall Street hears much discussion in connection with the shrinkage of rail earnings of plans to cut expenses, in- cluding possible efforts to reduce wage scales. At least, one rail executive has recently expressed himself in favor of Jower wages, but feeling against such action is so strong in other quarters that little officlal comment is available, ‘While rallways for March, as a who! over t earlier months of the year, at least a few carriers managed to do fairly well. Chesapeake & Ohio today reported March net operating income of $2,366,- | 291, actually larger than the $2,157,182 | reported for the like month of last year. | Union Pacific reported $1,414,527, as re- | duced from $1,627,571. Wall Street is awaiting the quarterly dividend meetings of Bethlehem and United States Steels next week. While | mild optimism was expressed by officials | of United States Steel yesterday, they made no promises as to dividend action, although one financial news agency has stated definitely that the regular pay- ment of $1.75 may be expected. United | States Steel's ingot outout this week is | reported to have shrunk from 53 to 50 | per cent of capacity. NEW SECURITIES NEW YORK, April 21 (P).—New se- curitles offered today include: Associated Electric Co., $5.500.000 5| per cent bonds, due January 2, 1861, at | 97', and interest, ylelding more than 5.16 per cent, by a syndicate headed by Harris, Forbes & Co. Associated Telephone Co., $2,000,000 first mortgage 5 per cent bonds, series A, due March 1, 1965, priced at 10114, to yield over 4.90 per cent, by a syndi- cate headed by Bonbright & Co. Northwestern Refriegerator Line, $1,080,000 5 per cent equipment trust certificates, due 1933 to 1939, inclusive, priced to yield from 4.75 to 5.25 per cent, by Freeman & Co. TREASURY STATEMENT. ‘Treasury' receipts for April 18 were $5,164,650.76; expenditures, $26,728,- 311.88; balance, 512,938,245.87. Customs receipts for the month to | and $174.72 in 1930. DIAMOND INDUSTRY HIT BY DEPRESSION Smuggling Ceases to Be Profitable as Demand for Stones Decreases. BY J. C. ROYLE. The smuggling of diamonds has ceased to be profitable and this type of “racketeering” has practically passed out of existence except for those who ractice it for love of the hazard and so-called adventure involved. That is the conclusion jewelers and customs officials have come to after totaling up the results since enactment of the Smoot-Hawley tariff law of 1930 re- ducing the duty on cut stones from 20 to 10 per cent and removing the 10 per cent duty on rough stones entirely. The same differential between cut and uncut stones remains, so that the growing in- fant American diamond cutting indus- try has not been injured. Before the tariff cut, it is estimated that half the cut stones which came to America were smuggled. In the fiscal year ended June 30,, 1930, the customs authorities caught 14 professional smug- glers and 118 amateurs who were bring: ing undeclared jewels into.the country. The professionals at times carried as much as $500,000 worth of stones on a trip. The majority were caught through informers, since it is comparatively easy. to conceal the stones. The latter re- ceive 25 per cent of the amount recov- ered provided it does not exceed $50,000 and their gains in 1930 were over $300,000./ Sales Show Drop. ‘The death of the diamond “racket” has been received with joy by the legiti- mate jewelers who no longer have to compete with others who purchase their stones duty free and consequently 20 per cent cheaper. The diamond indus- try, although a leader of the luxury producer class, suffered far less from price reductions in the period of de- pression just ending than nearly any other commodity. This was due to the most rigid regulation of production, cutting and distribution. The industry is one of the few in which such regula- tion has been effective. The copper, rubber, petroleum and sugar producers have attempted to emulate it, so far without outstanding success. Sales of diamonds in America in the last year were only about 8625 per cent as numerous as in the previous year. Diamond to the value of $28908485 were imported into the United States as compared with valuations of $51,894,655 in 1929 and $54,331,353 in 1928. The general price per carat varied only from $96.25 in 1928 to $100.07 in 1929 and $78.78 in 1930. Howaver the price per carat for the finer stones only ranged from $186.34 in 1928 to $179.97 in 1929 This is the result of an agreement which still has 4 years to run between producers and the Diamond Syndicate of London. Under this pact, the exact quantity of diamonds to be taken from the mines is determmed. The produc- tion dropped 4.8 per cent in weight and | 22 per cent in value from 1929 to 1930 and will be still smaller in 1931. The syndicate markets the rough diamonds | to the cutters and the supply is so regu- lated the cutters receive only enough rough diamonds to meet the world re- quirements. In the last year produc- tion of the cutting factories has been reduced 50 per cent. Stocks of rough have sccumulated but the syndicate is reported to hold them indefinitely. The amount of cut diamonds in the hands of cutters and retailers is small. Decline in Quality. More diamonds are imported here in June than in any other monih. This is the supply to replace the graduation, engagement and wedding ring diamonds which are sold each Spring.- The next largest month is October which brings the goods for the Christmas trade. The use of industrial diamonds has fallen off, owing to business depression but imports gained, although the value of the stones was only $18.89 a carat show- | ing a decided decline in quality. (Copyright. 1931.) g!,o:u of business April I8 were 20,832,- PROPERTY Apartment House MANAGEMENT IF you’ll let us outline our terially to your advantage to place your apartment house properties under our manage- ment—both from the point of income and relief from worry with details. B. F. SA 925 15th St. N.W. MORTGAGE MANAGEMENT Railroads of this country derfve only | about 14 per cent of their total revenue l from passengers. service, you'll find it ma- UL CO. Nat’l 2100 LOANS FINANCIAL, Money to Loan Secured by first deed of frust on real estate hlvdlhwll Joseph 1. INVESTMENT SECURITIES Listed and Stoeks, alse Excellent WE ANNOUNCE THE FORMATION OF D. H. McCKNEW & COMPANY INCORPORATED 1200 FIFTEENTH STREET N. W. WASHINGTON, D. C. Telephone Decatur 5660-1-2 Successors to THE SOUTHERN SECURITIES CORPORATION Established 1924 TO TRANSACT AN INVESTMENT BANKING BUSINESS DONALD H. McKNEW, P J. CLIFFORD FOLGER, Vi GEORGE E. SMITH, Secretary & Treasurer April 21, 1931 Complete Investment and Brokerage Service Copy of Our “Fortmightly Review™ Furnished om Request G. M.-P. MURBHY & CoO. Members New York Stock Exchange 1510 H Street Connecticut at K WASHINGTON Telephone National 9600 Philadelphia Richmond Baltimore London F. B. KEECH & COMPANY Members of New York Btock Exchange Washington Stock Exchange Chicago Stock Exch New York Curb Exchange Chicago Board of Liverpool Cotton Association, Ltd. jew York Cotton Exchange New Orleans Cotton Exchange 'roduce Exchange Winnipeg Grain Exchange hange, Rubber Exch: Ml Sis Gramber of Comm Netionsl Mate) Excnanse, 1o inneapol amber of ation: e remen Cotton (Assoc, Members) il STOCKS BONDS COMMODITIES DIRECT PRIVATE WIRES We are equipped to handle promptly orders on the ing exohanges of the world. erce change H CORNER 17TH ST, N. W,, WASHINGTON NATIONAL 0245 Philadelphis Detroit Winnipeg New Yorr Chicago Brookiyn Mackubin, Goodrich & Co. Established 1809 BANKERS Members New York and Baltimore Stock Exchanges Associate Mensber New York Curb Exchange 1508 H STREET REDWOOD & SOUTH STS. WASHINGTON, D. €. | BALTIMORE, MD. Are You Carrying the Right Kinds and Proper Amounts of Insurance? Don’t assume risks yourself —for what you can have insurance protection—and our advice and service on these matters will be help- s ful. - <4 Eleven Thousand Pairs of Eyes Are Focused on This Investment The eyes of 11,000 sharcholders of Massachusetts In- vestors Trust watch its progress with an owner’s in- terest. Every three months, they receive a full report on the portfolio. Fvery fact about their investment is open to them and is included in this report. The Attorney General’s office of New York State says about this policy of full publicity: “The publication of the investment trust port- folio gives the stockholder the opportunity to form an opini fon of the way his money is being handled, and to withdraw if the policy of man- agement does not suit him . . o This policy, first employed by M. I. T., in 1924 has more than doubled its shareholders in the past fifteen months— the worst security period in the century. We will gladly mail our quarterly report, just issued,” and an interesting Jolder,“Financing The Future,” upon receipt of the coupon. A. S. GOULDEN & CO. Inc. ‘Woodward Bldg,, Washington, D.C. ADDRESS .. .cceeesasssnssasesamansrsessasssaes you have—and advise where and how you should revise your protection insurance. Consultation carries with it no obligation. RANDALL H. HAGNER & COMPANY MORTGAGE LoAN CORRESPONDENT 1321 Connecticut Ave. Decatur 3600 H i : Let us review your needs—analyze the coverage § H H H H H H ] 3 = T - Capital and Surplus, $3,500,000.00 You Can Depend % Bk dllbeabin anie stand you in good stead, whatever betides, which is¢ more than can be expected of friends. fiFor your own weal and peace of mind, add to your cash res serve. Our 53,000 depositors know how well it pays. Small and Large Accounts =g ] Earn Same Rate of Interest NATIONAL SAVINGS & TRUST COMPANY The Oldégg Savings Institution in the District of Columbia| Co 15th & New York Ave.