Evening Star Newspaper, April 27, 1931, Page 13

FINANCIAL. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. B. & 0. MARCH NET REVEALS DECLINE Further Drop in Freight and Passenger Earnings—Other Financial Notes. BY EDWARD C. STONE. Net railway operating income of the Baltimore & Ohlo for March amounted to $2,375,434, compared with $2,764,755 in March, 1930, or & decrease of $380,- 321, according to the monthly report made public this noon. Freight rev- enues totaled §12- 063,367, against $15,150,808 in March, 1930, a de- crease of $3,080,- 441, Passenger revenues amount- ed to $1,143,233, against $1,447,961 a year ago, or & drop of $304,728. Revenues for carrying mail in- creased over the same period of 1930, but !;IBQ ;fil- G. B. Chl :;;:d - enues for handling express s drereese of more than $132,000. Cost of operciing the raflroad was cut sharply during the month, being $10£28,791 agsinst $13,931,182, & decrease of $3.- 102 391, The Baltimore & Ohio also reported ret railway operating income for the first quarter of 1931 $4.206.391, against $6,805,218 last year, or a decline in ret of $2,508,827. Daylight Saving Starts. Washington brokerage houses got un- der way at 9 o'clock this morning as caylight saving time was inaugurated in ‘Wall Street. The big markets will now close at 2 o'clock until Fall, the tickers, of course, forcing the lccal officss to acopi _the same schedule even though daylight saving is not general in this city. ‘i‘he local board rooms were well filled in spite of the earlier few days has gripped attention on the part of both traders and investors. Opinion is divided on the near action of the market. Some local financiers think it an excellent time to buy sound stocks, while others think the market m:zm:o still lower. Right now corpo- yat reports are not helpi the mar- ket, and the action of Pynchon & Co. and Otis & Co. have been disturbing Tactors. Chipman Home From Europe. G. Bowie Chipman, resident partner of Harriman & Co., was back at his office today after a two months’ trip to . Chipman took s Medi- terranean tour, spent most of his time in Italy, visiting Naples, Rome, Florence, Venice, and taking an extend- of the ed automobile tour of some smaller towns in the mountains. In his opinion Italy is making more progress in an economic way at present than is Prance. He found that France is haying a particularly hard time dur- ing the world depression on account of the nation’s great production of luxuries, which in normal times keep the coun- u-,s of conditions in 1&1: mn; try, Mr. Chipman expressed the belie that when the New York stock market turns there will be an upward trend probebly for the next two years, He thinks is now being overdone as mi as optimism was just before the 1020 Wall Street break. Intermediate Credit Banks Busy. ‘Two_de ents are rating to velopm: mon! 0 increase the business of termediate Credif of co-operatives increase, the demand for loans from the Intermediate Credit Banks grows. The second development is the estab- lishment of tural credit corpora- tions and live stock loan companies, organizations set up to discount their notes with the Banks. During 1930, and so far in the present year, the number of such co! tions and their capital has been growing, although not in every part of the country. Trading on D. C. Exchange. ‘The week’s trading on the Washing- opened with t-h'e previous sale. Barber & Ross common appeared on the board today after a long silence, 50 shares changing hands at 10%, one point under the Jast sale. Federal-American Co. common opened at 21 end closed at 20 on a 55-share turnover. Lanston Monotype sold at 102 and thaler Linotype at 80. ‘Twenty shares of Merchants' Transfer & Btorage preferred came out at 89. Bond trading was confined to Po- tomac Electric Power consolidated 5s at 1032 and Capital Traction 55 at 803 and 80’%. Capital Traction stock again showed more firmness, two small lots moving at 337;. Lean Insurance Alse Urged. ‘The recent move of Gov. Hunt of Arizona, suggest:ng that when deposits reach $100.000 the banks should insure them for $50,000, o the depositor will will be sure of his money in case of & bank failure, has aroused more than ordinary interest. In his legislative message he sald: “I hope & plan for the safeguarding of deposits can be worked out along new lines that will avold the fallacies demonstrated by the operations of de- positors’ guarantee laws enacted in other States.” If, comments the Bankers' Maga- zine, the man who puts his money in a bank for safekeeping shall be as- sured that when tlie time comes to withdraw it he can do so, it will prob- ably be necessary, at the same time, to find some means of assuring the banks that when theggrant loans, and call for their payment, the loans will be paid as required. Could this as- surance be given, the depositor would experience no difficulty in getting his money, except in the rare instance where there was gross mismanagement or fraud on the part of the bank's officials. Gleaned in Financial District. Willlam D. Hoover, president of the National Savings & Ttust Co. has re- turned from several days' outing at Virginia Beach. arles E. Howe, treasurer of the American Security & Trust Co. h been_elected treasurer of the Washing- ton Federation of Churches. Prancis M. Savage, former Wash- ington banker, now in Jepan, writes that the cherry blossoms there are even more beautiful than they are here. A dee) color makes re- u.rngly beautiful, he writes. At the annual meeting of the stock- holders of the North American Co. the retiring directors were all re-elected. ‘At & meeting of directors of Pathe Exchange, h P. Kennedy presented h as chairman of the board and as a director. Stuart ‘W. Webb was elected executive vice president. Arthur B. Poole, and George N. Armsby were elected .directors to fill existing vacancies. Inc., J is Balaries of government employes and mna’-"ummm Note—All stock are sold in one hu excepti; which shows those stocks were sold in those designated by the letter s (80s! e . - 4 odd lots. shat re lots ) (2508), The New York Stock Exchange is mew operating on daylight saving time. ~Prev 1031 Stock and Dividend Rate. Abitibi Pow & Paper Abitibl P& P pf (§).. i A Bxp (1.60)... Bates— Addressogr Co 1 Adv Rumley (new) Ahumada Lead. . Afr Reduction (1414) Alr Way Elec Appl.. Alaska Juneau (40¢c) Albany Wrap Paper. Allfed Ch & Dye (né Allis Chalmbers (2) Alpha Port Cemt (1 Amerada Corp (2)... Am Agri Ch of Del Am Bank Note (13).. Am Br Shoe (2 40)... Am Brown Bov Elec. Am Can (16)........ Am Car & Fdry (3).. Am Chain?).. Am Chain pf (7) Am Chicle (13). Am Coal (4).. 8 Am Comcl Alcohol,. * Am Encaustic (1)... Am European Secur. Am & For Power. Am & For Pw pf (6). Am & For Pw pf (7). Am & For Pow 2d pt Am Hawallan S8. Am Hide & Leather. Am Home Pr (4.20).. Am lce (2). Am International... Am La Fr & Foamite Am La Fr & Foam pf Am Locomotive (2).. Am Mch & Fdy 1.40.. Am Mach & Metals. Am Metal Co. Am Nat Gas pf. Am News (13%). Am Pow & Lt (11) Am Pow & Lt pf (6). Am Rad & St San (1) 136 Am Republics o Am Roliing Mills 110 Am Safety Ragor (5) 20 Am Seating......... 1 Am Ship & Com..... 3 Am Shipbuilding (5) 140s Am Sm & Ref (4)... 44 AmSm&R24pf(6) 5 Am Steel Fdy (3)... 49 Am Steel Fdy pt (7). 308 Am Stores (12%)... 5 Am Sugar Ref (5)... 14 Am Sugar Ref pf (7) Am Sumatra Tob. Am Tel & Tel (9).. Am Tobacco (16) Am Tobacco B (16) Am Writ Paper pf Am Zinc Lead & Sm Am Zinc & Lead pf. . Anaconda Cop (1%). 226 Anaconda W & C (1) 1 Anchor Cap (240)... 2 Archer Daniels Mid. Archer-Dan pf (T).. 4 Armour of Del pf (7) Armour of JI1 A Armour of Ill B Armour of 111 pf. Arnold Constable. Artloom Cp pf (7) Asso Apparel (32) Asso Dry G (2%). .. Atch To& 8 Fe (10). Atch To&S Fe pf (5). Atl Coast Line (110). At Gulf & West Ind. 2 Atlantic Refining (1) 172 Atlas Powder (4)... Atlas Stores (nl)... Atlas Tack....... Auburn Auto (£4) Baldwin Loco (1%). Balto & Ohlo (5).... Balto & Ohlo pf (4).. Bamberger pf (§3%). 10s Bang & Aroos pf (1). 30s Barker Bros 1808 Barker Bros pf (6%)100s Barnet Leather..... 1 Beech-Nut Pkg (3) . 2 Bendix Aviation (1). 114 Best & Co (2).. . 82 Bethiehem Stéel (6). 451 Bethlehem 8t pf (7). 7 Blaw-Knox (1%).... 21 Bohn Alum & Br1%. 29 Bon Ami (A) (4). 2 Booth Fisheries. Borden Co (k3). Borg, Warner (1) Botany Con M (A) briggs Mfg (11%).. Briggs & Strat (2).. Brockway Mot Trk. Bklyn-Man Tr (4)... Bklyn Man Tr pf () Bklyn Union Gas (5) k Brown Shoe (3) Bruns-Balk-Col Bruns Ter & Ry 8 Bueyrus (1)... Bucyrus cv pf (2%) Budd (EG) Mfg.... Budd Wheel (1) Bullard Co. .. Bulova Watch (1%). Burns Bros (A).. Burns Bros cum pf AMti. h Terminal (2%) Bush Term deb (7)., Bush T Bldg pf (1).. Butte Copper & Zinc. Butterick Co Butte & Superior.. Byers (AM)..... Calif Packing (2) Calumet & Arizona Calumet & Hecla. . Camp W&C Fy(1)... Canada Dry G A (3). Can Pacific (2%)... Cannon Mills (1.60) Capital Admin A Case (J 1) (8)... Celotex Celotex Co pf Cent Aguirre As 1. Cent R Miils pf (7)..2108 Cerro de Pasco(l Checker Cab Mfk. Ches & Ohio (2%)... Chesapeake Corp (3) Chi & Altor. pf. Chi Great W Chi M1 St P& P pf Chi & Northwest (4 Chi & N W pf Chi Pneu Tool. Chi Pneu Too! p! Chi R 1 & Paetfic (5). ChiR1&Ppfi6)... ChiR1&Pacpf (T). 1 Chi Yellow Cab (3)..130s Chickarha Cotton Ofl 7 Childs Co 12.40) . 16 Chrysler Corp (1)... 514 City lce&Fuel (3.60) 2 City lce & F pf (6%) 20s City Stores......... 34 Cluett-Peabdy pf (7) 108 12 Ak pf (7). Beacon..,.. 15 Colo Fuel & Iron (1). 11 Colo Fuel & Ir pt (8) 608 Col Gas & Bl (2).... 146 ColGan& Elpf A (6) 6 ColG&EIptB(5).. 1 Col Graphoph (a% ). 222 Columb Carbon (5).. 26 Comel Credit (2 12 Comecl Cred 1t (8% ) 1708 Comm Inv Trust (2). 57 Comel I T cv f (e6), Comm Solvents (1),. 128 Cmwith & Sou (60¢). 298 Cmwlith & Sou pf ¢ 7 Congoleum-Naign. 22 Congress CIgar®)(4. 26% Consol Cigars (§) 100% 10014 146%T145% 52% 445 102% 9% 73 bl 21% 15% 89 104% Prev. Add 00. High. Low. Close. Ciose. % 5% 6 —Prey. 1931 High. Low. [ 54 4 Follansbee Bros Stock and Sales— Dividend Rate. Add 00, High. Low. Close. Consol Cigar pt (7).. 20s 80 77 80 Consol Cig pr pf 6% Consolidated Film Consol Film pf (3 Consol Gas N ¥ (4). Con Gas of NY pf(5) Consol Laundries (1) Consol RR C pt (8).. Consol Textile. ..... Container Corp (A). Container B........ Contl Baking A. Contl Baking B..... Contl Baking pf (3).. Contl Can (3%). Contl Dia Fibr Contl Insur ( Cofit] Motors. Cont] 011 of D Cont Shar. % 92 103% 13% 33 5% 40) Cream of Wht (12%) ; Crex Carpe! .. Cr Cork & Seal 2.40. . Cuban-Amer Sugar. . Cudahy Packing (4). Curtis Publish (17). Curtiss Wright Corp Curtiss Wr Corp A, Cushman’s pf (1), Cutler Hammier. Pavison Chemieal. .. Deere & Co pf (1.40), Drlaware & Hud 19). Del Lacka & Wn (4). Denver & RG W pf,, Devoe & Ray (1.20). Diamond Mateh..... Dlamond Mtch pf-1% Dome Mines (1) Domn Store! Drug Corp Dupont de Ne: . Du P de N deb pf (6) Eastern Roll Mills. . Eastman Kodak (18) Kastman Kod pf (6). Eaton Axle (1.60)... Eltington-Schild pf. ) Elec Pow & Lt pf () Elec Stor Bat (). Emerson Brant A. Eng Pub 8v (2.40) Eng Pub 8v pf (5) Eng Pub Sve pf §) Eq Office Bldg (2%). Erfe RR........ Erie RR 18t pf (4) Erie RR 2d pf (4) Eureka Vac Cleaner. Exchange Buf (1%).200 Fashion Park Asso. . Fed Lt & Tr (31%).. Fed Lt & Tr pf (6) Federated Dept St Fed Wat Sv A (2 P! FirestoneT&R (1). 11 Firest T& Rpf (6).. 20 First Nat Strs (2%). 6 Fisk Rubbe: .« 8 Fisk Rubber 18t pf.. Fisk Rub 1st pf cv. Florsheim Sh A (3 1 Florsheim Sh pf (6). 10s 11 61 1 208 4« Foster Wheeler (2).. Foundation Co...... Fourth Nat Invest.. Fox Film A (4)..... Frank Simon pf (7). Freeport-Texas (3). Gardner Motor Gen AmInv pf 4 Gen Am Tank Car(4) Gen Cable pf (7) Gen Cigar (4). Gen Cigar pf (T) Gen Elec (1.60)..... Gen Elec spec (60c) . Gen Focd Corp (3).. Gen G & El pt A (1) Gen Miils (3 Gen Mills pf 3). Gen Motors pf (5) Gen Ptg Ink pf . . Gen Pub Bv b8 stk. Gen Ry 8ignal (5) Gen Realty & Util Gen R & Ut pf (e6).. Gen Refractories (4) 5 Theater Equip.. 874 tte Saf Ragor... 138 Gillette Saf R pf (5). Gimbel Bros........ Gimbel Bros pf (7).. Glidden Co. . . Gobel (Adolf) . Gold Dust (2%) Goodrich (B F)..... Goodrich B F pf (7). Goodyear Tire&R(3) Goodyear 18t of (1).. Gotham Silk Hosfery Graham-Paige. Granby Con s Grand 811 Strs (h1) Grand Stores pf (6% Gfand Unton. .. Grand Union pf (3). Grant (W T) (1). Grt North pf (5) 4 Grt Nor Ore (2). W Int Harve Grt Western Sugar. Grigsby Grunow Guantanamo Sugar. . Guantanamo Sug pf. Gulf Moblle & North. Gulif States Steel. ... Gulf St St 18t of (1) Hacken Wat pf A 1% Hann Dept Stores. .. Hahn Dpt St pf (6%) 1 (WF) Pr Co (2) Hanna pf (1)....... 2108 Harb Walk Ref (2)., 3 Hartman Corp (B).. 1 Hawailan Pineap (2) 80s Hayes Body. . [ Helme (G W) (17).. Hercules Mot (1.20). Hercules Powd (3).. Hershey Choc (5)... 28 Hollander Sons. Homestake Mii Houdallle Household Fin pf (4) Houston O11. . e Houston Ofl (new).. Howe Sound (3)..... Hudson & Man (3%). Hudson Man pf (5).. Hudson Motor (1)... Hupp Motors. Illinois Central (1).. Indian Motor Cycle., Ind Motor Cycle pf. . Indian Refining. Indust Rayon (4 Ingersoll Rand (4 Inland Steel (4) Inspiration Copper. . Insuranshar Del 40c. Insur Shrs Md(40c). Interb Rap Transit., Intercont Rubber. .. Interiake Iron (60c). int Bus Mach (n6).. Int Carrfers (37%e). Int Cement (4). int Combustion. T (2 Int Hydro El A (e2) int Match of (4) int Mere Marin, e int Nickel Y oe). ... . Int Nick Can pf (T) Int Paper of (1).. Int Paper & Pow A, Int Paper & Pow B.. Int Paper & Pow C.. int Pap & Pof ()., Int Print Ink pt (8) int Salt (3). Int Stiver. ... 8 308 8 Investors Equity. Island Cr Coal (4) Jewel Tea (4) 4“ (Continued on Page 14J Prev. Close. 9% 6 5% 14 91% 104% 14 | o5 Dividena Seriee, Proforred Stock 4188 MARKET INACTIVE Failure of West & Co. Has Little Effect After Heavy Selling. BY GEORGE T. HUGHES. Special Dispatch to The Star. ‘WALL STREET, New York, April 27. —Confronted with another Stock Ex- change failure and & series of unfa- vorable earnings statements, the stock market today was again weak, but only moderately active. Rails were lower, but the greatest pressure was exerted :lglnsl the oils and industrial special- ¢ Announcement of the failure of West Co. was made shortly before 11 o'clock. Prior to the publication, how- ever, the market had been forced to absorb heavy selling, and when the news came out, there was no marked increase in offerings. Probably to an extent this failure has been discounted as had been that of Pynchon & Co. last week. ‘Weakness developed in a number of issues for the simple reason that earn- ings statements were disappointing. Union Carbide & Carbon sold off rap- idly on the first quarter statement, which showed 51 cents a share for the stock, against 72 cents in the same pe- riod a year ago. Corn Products was sold on the results of the first quarter operations of that company, which re- vealed the regular $3 dividend earned by a small margin. All of this was readjustment of price to the new idea of its proper relation to earnings. Among the oils Texas Corporation stock sold at the lowest for the present shares. One report was that the com- pany would show & heavy deficit for the firat quarter and the safety of the dividend was _seriously questioned. Standard Ofl of New Jersey made a low for recent years, selling at $34 a share, and new lows for the bear mar- ket were made by Standard of Cali- fornia, Standard of New York and At- lantic Refining. It was not the day's news rding the oil situation with which the market was concerned so much as the prospect of losses due to inventory adjustments which are to be reported in income statements yet to come. Railroad stocks went down with the industrials, although the March reports made a better comparison with the same month a year ago than had been the case in eitter January or February. New lows were made by New York Cen tral and Missouri Pacific common and preferred. As to the movements of the raills this week, much will depend on the action taken at the Illinois Cen- tral dividend meeting Tuesday. Better support than the average was accorded to a few industrials, among them General Motors and Allled Chem- ical. U. S. Steel sold around its pre- vious low in the forenoon but broke through that point just after mid-day, selling at 124. American Can went to a new low on the reaction. J. I. Case was weak among agricultural stocks and so was Paramount-Publix among the amusement shares. Utilities Power & Light made a new low in its part of the list. All the liquidation was accomplished in an orderly manner, on small volume and in striking contrast to the scenes of last December, when prices were breaking rapidly. The market's action bespoke a sold-out condition of margin accounts. Weakness was due not to the volume of the selling but to the lack of outside buyin, ying. Copyright, 1931.) RUBBER HAEK;T. NEW YORK, April 27.— Crude rubber, smoked, ribbed sheets, was un- | changed at today's noon quotation of 6. | ‘compares with 7 a month ago and | 14% a year ago. Associated GasandElectric Company | The Board of Directors has rterly Dividend Ne. 25 08 Dividend Series Preferred Steck—$1.60 Per share. Dividend No. 22 .50 Dividend Series Preferred Steck— .63% per share. Dividend Ne. 11 5, 1931, to holders Lowest Rates — | Do You Need Money | for Home Buying or Building? UR resources of over $3,- 000,000 make it possible to make prompt settle- ment and at a low rate on first mortgages. Whether you re- quire a small loan or a large one, you'll find us ready to co- operate. Permit us to give you fur- ther information without ob- ligation on your part. | REALESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W. National 1403 BY GEORGE T. HUGHES. In times of prolonged business de- pression money accumulates largely be- cause there is no demand for it by in- dustry. The result is that the excess is offered on loans at low interest rates, but only on the best of coRateral. Bor- rowers able to furnish such collateral are limited in number, andl eventually funds are forced into securitdes. At first short-term securitiies are the only ones wanted. Capital is tradi- tionally timid and never mote so than when. times are bad. It will take no chances, and its owners buy Govern- ment bonds of nearby matuxity. The inquiry for these is so large, however, that the market price advances: and the return becomes steadily lower. Then the buying movement broadens out to take in the best of corporate securities, first those of short and meditm m: turity and finally those of lorg term. still taking practically no chances. his, too, proves unremunerative from the standpoint of return, and after a longer or shorter period the buying turns to bonds and to preferred stocks just slightly under the gilt-edge chassi- fication. Eventually this buying also is reflected in n;nr::: price and the wield corresponding reases. The‘:x whegnythe business depression has run a year or two, or somethmes longer, capital decides to go a step fur- ther. Investors begin to look at securi- {les not alone from the standpoint of || return, but from that of the possibility of price appreciation. Then begins re- covery in the stock market, but it is recovery subject to many interruptions. What is wanted is a stock which com: bines reasonable return on the money and an improving trade position. Take United States Steel for instance, the common stock will be bought when and if it gives a higher return on the money it takes to buy it than is to be had on sound bonds and high-grade preferred | stocks, but if the steel business takes a turn for the worse, capital is frightened away again and the buying orders are withdrawn. - Speculators magnify both of these movements, buying on borrowed money when the stock trend seems upward and selling short when it seems downward. || Underneath the whole market, never- theless, there is always this controlling influence—the urge to buy and hold in anticipation of a turn in trade. (Copyright, 1931.) Remain at The Helm HROUGH utiliza- tion of OUR TRUST DEPT. facili- ties, you can “remain at the helm,” as it were, in directing your invest- ments or-managing other property — and still be divested of all the worry and detail in- Fifteenth Street o Opposite U. S. Treasury TAsk our Trust Dept. about this service. REAL ESTATE LOANS Made at Low Interest Rat TAYLER & RUTHERFO el ) busi; °% or 10 Gearss It so desir for 3, ll‘?‘" 1520 K St. N.W. National 0475 First Mortgage Loans | Lowest Rates of Interest and Commission )Thomn J. Fisher & Company, Inc. D. H. McKnew & Co. | 1200 15th St. N.W. | Decatur 5660-1-2 Investment Securities | Money to Loan Secured =l I:h‘ll‘“‘ of trust on re: 11 it omm| et Joseph I. Weller e wak L o $ This Institution Has Aided Thousands The National Permanent has supstantial help to f members in their E therwise would not, or not have reached. Open Daily 9 to 8 Saturdays Until Noon NAtional 1381 949 J‘INTH‘ST uNDER Su N. RVISION OF U.S.7] e RENTAL A A A A SAVINGS PROFlT comes to the man who goes after costs, and rent is no small item to watch. More room for what you pay, or less cost for the space you need, is worth looking into, at The WOODWARD BUILDING Fifteenth at H Street N.W. CARLG.ROSINSKI Leasing ';;:hm:’senlniva Suite 5 Phone Nat. 8040 Equitable Subscription for the 100th Issue of Stock Being Received CoOpative g. ’n | 51st YEAR .COMPLETED WALTER S. PRATT, Jr., Secretary DO You Desire a Loan —on Real Estate or to Take U p First Mortgage 'HOSE desiring money to purchase a home, re- finance present indebtedness or improve property should consult us. Appl courteous attention. ications will receive prompt and Loans Repayable Monthly No Brokerage 915 F + ++ No Commissions ‘ST. N.W. s 'WE have plenty funds for loans on improved Real Es- tate in nearby Montgémery County, Md., and the District of Columbia for periods of 3, 5 or 10 years. Prompt decisions given applications, } 27 Johw Hemeock Mtua SAFE . . PROFITABLE . . CONVENIENT First Mortgage Notes —secured on conservatively ap- praised properties in the District of Columbia and adjacent Mary- land Suburbs . . . Permit us to offer our facilities for the placing of investment funds . . . i of available notes mailed upon request. H. L. Rust Company 1001 15th Street Nat’L.'8100 Select the Best When considering the ques- tion. of financ{ng your home you natu\ra"y want to'ulect a plln most ndaptable to your needs both present and future. The Metropolitan Life Insur- ance Company Real Estate Loan Plan is the result of a nation- wide atudy and is lrnnded to conform to varyini circume stances. Construction Loans in Any Amount WERRERRS Washington Building Mortgage Loan Correspondent Metropolitaw Life Insurance Company Loans made in the District of Columbia and mearby Maryland and Virginia Distri SAFE FIRS T MORTGAGES MANY OF WASHINGTON’S NEW HOMES have been financed with our 6% FIRST MORTGAGES and offer, of course, one of the soundest types of security for investors wanting fixed and de- pendable incomes. Over a Third of a Century Without a L . Lok May be purchased in amounts from $250 up. E. SAUL GO, 925 15th. St. N.W.