Evening Star Newspaper, April 30, 1931, Page 13

/ THE EVENING STAR, WASHINGTON, D. €., THURSDAY, APRIL 30, 1931. NEW YORK STOCK EXCHANGE | |STOCKS IMPROVE (MARKET REBOUND [*-""iutceemsezem [t Memow & Co. Recelyed by Private Wire Direct to The Star Office. } Special Dispateh to The Star. 1200 15th St. N.W. ~Prev, 1931+ Stock and Bales— Prev. wei sz WITH BRISK RALLY] SEENNOT FAR OFF|-% E5 75 | evement e {; :;: 3 17 7 protant fleld crops, unsatisfactory re- 4 : p turns from 1930 harvests and the Recovery Begins After Sev-iBrokers Almost Unanimous stringent credit situation in agricultural | ; : ; districts, says the sunanra‘smmm! eral New Lows Are in Belief Upturn Will "FINANCIAL, are sold in ome hundred share lote those designated letter s (80s) (250s! -m.................g'.:"..m..'db’u‘ )' The New York Stock E: L it ylh!tu" or- k Exchénge is nmow operating on Stock and Suies— Prev. Dividend Rate. Add 00. High. Low. Close. Olll:‘ Abitibl Pow & Paper. 10 b 6% Crown Zellerback.... 1 Cotyine.....ccoecee B Co., which continues, in part . Cream of Wht (12% at ‘Annual Convention. BY EDWARD C. STONE. 4 ‘was announced at the Spring meeting of more than 200 proninent local bankers and guests at the Colum- bia Country Club last evening that John W. Pole, con- troller of the cur- rency. will be o of the speakers at the thirteenth an- nual_convention of the District Bank- ers’ Association, to be held at Hot Springs, Va. June 18, 19, 20 and 21. It will be the first time, saild Freder- jck P. H. Siddons, general copvention chairman, that the association has been. fortunate enough to have both the controller of the currency and the president of the American Bankers' Association at the same meet- ing, Rome C. Stephenson having already been announced as one of the speakers. According to Chairman Siddons, prac- tically all the plans for the annual con- vention have already been completed. ‘Thursday, Friday and Saturday morn- ings will be devoted to convention busi- ness and the afternoons and evenings devoted wholly to pleasure. An unusu- ally full sports program has been pre- ared and the Entertainment Committee has many surprises in store. The Hotel Committee has a wonderfully commodi- ous hotel in which to house the co; vention. The Program Committee h: other excellent speakers in view and promises many addresses which will be of unusual merit. Large Attendance Likely. “The coming conventon should bring us a record attendance,” said Mr. Sid- dons. “It is during such periods in our economic history that the bankers delve even deeper into the financial problems of the day, and our thirteenth annual gathering will offer a program of con- structive thought which should be of unusual benefit to all local bankers. “In times as the present” he said, “we find that such gatherings are hav- ing excellent attendances. The D. C. Bankers' Association has a unique place in this country in this respect, and the good will, friendliness and co-cperation of the local bankers 15 well known throughout the country.” The delegates and guests go to_and from Hot Springs on a special all-Pull- man train. Arrangements have also been made which would permit a few high-flying bankers to go by air if they John W. Pole. %0 prefer, Mr. Siddons announced. Honors for I A. Fleming. Last night's dinner was an unusually enjoyable affair. C. H. Pcpe, vice presi- dent of the Munsey Trust Co., and chairman of the arrangements commit- tee, presided, the other members being Laurance A, Slaughter, vice president of the Commercial National Bank, and T. Stanley Holland, assistant trust of- ficer of the American Security & Trust Co. Mr. Pope introduced the officers of the local Bankers' Association and the special guests. The officers nt in- cluded President Lanier P. McLachlen, Edward J. McQuade, George O. Vass and Albert S. Gatley. Chairman Pope said that I. A. Flem- , beloved financial writer, was un- able %0 be present. He has rarely missed the Spring dinner in many years. Mr. Pope voiced deep regret that Mr. Fieming was detained at home and suggested that the bankers pay “Pop” a special tribute by rising and singing “Auld Lang Syne.” This the associa- tion members did in a most impressive manner. There are some fine voices in thegassociation and others not so good. Special Golf Honors Awarded. Golf honors won during the afternoon on the Cclumbia links were awgrded by ‘T. Stanley Holland. E. Pu-cxuf ‘Wilson, secretary of the National Savings & ‘Trust Co., won the Robert V. Fleming Cup. Next highest honors were carried off by John C. Walker, president of the Chevy Chase Savings Bank. Clyde Asher, director in the Liberty National , also got on the honor list, as. did W. J. Waller, vice president Fedcral- American National & Trust Co. \von M. Nevius, vice president of the National Bank, ako received recognition for his splendid score, a very long pen- cil being required in figuring it out. Thomas W. Brahsny started the en- tertainment by reciting a skit which he ‘wrote and presented at the recent Grid- iron Club dinner. It was one of his most_humorous efforts. Fred East and Bfll Raymond were heard to unusually g0od advantage. Strickland Gillilan, humorist, lecturer and writer, regaled the bankers with a running fire of jokes that caused roars of laughter. He was at his best, which is saying a lot. By request, he recited “Finnigan,” which he wrote many years 8ago as an Indiana newspaper editor. Presented as only the author could pre- sent it, Mr. Gillllan received an ovation. Mr. Gillilan pald his respects to stat- | isticians in a most humorous way. He Addressogr Co 1.40. Adv Rumley (new). . Alr Reduction (t434) Air Way Elec Appl.. Alaska Juneau (40¢) Alleg Cp § Alleg Cp $40 ww 5% . Allied Ch & Dye (n6) Allied Ch & D pf (7). Allis Chalmbers (2)., Amerada Corp (2)... Am Agri Ch of Del. Am Bank Note (13) Am Banx Note pt (3) Am Beet Sugar...... Am Br Shoe (2.40)... Am Brown Bov Elec. Am Car & Fdy pf (7) Am Chicle (13). Am Colortype ( Am Comci Alcohol. ). Am & For Pw pt (7). Am & For Pow 2d pf. Am Hide & Leath pf., Am Home Pr (4.20).. Am lce (3)... . Am International Am La Fr & Foamite Am La F1 & Foam pf Am Locomotive (2).. Am Locomot pt (7)., Am Mch & Fay 1.40.. Ar: Metal Co...u..us Am Nat Gas pf. A Pow & L (31) .. AmP&LUpIA (4).. Am Pow & Lt pf (6), Am RagsStd San 60¢ Am Rud & 35 pf (7). 6 Am Kolling Mills. .. Am Sately Hazor Am Seating. . Am Sm & Kef (4), Am Sin & I 2d pt (6) Am Sm & Ref pt (7). Am Snuft pt (6).. Am Steel Fay (3). Am Stores (12%) Am Sumatra Tob. Am Tel & Tel (¥). Am Tobacco (76) . % Am Tobacco B (16) Am Type Fdy pi (7). Am Water \ks (5 Am Woolen. Am Woolen p Am Writ Pape: Am Zine Lead & Sm Am Zinc & Lead pt. Anaconda Cop (14%). Anacouda W & C (1) Daniels Mid. -Lan pt (1)... Armour of Lel pL(7) Armou: of Il A..... Armour ot 11l B, Arnold Constable.... 5 Artioom Corpuration 220s Asso Apparel (32) 19 Asso Dry G (234). 1i Atch To & S Fe (10). 4l Atch To&S Fe pf (5). 12 At Gult & WestInd. 1 AUGUIL&WIpt(5) 1 Atlantic Hefining (1) 48 Atlas Powder (4)... 1 Atlas Powder pf (6). 108 Alas Stores (nl1)... 3 Auburn Auto «f4)... 219 Austin Nich pr A (3) 5 Autosales pf........ 308 Aviation Corp of Del 19 Baldwin Loeo (1%).. 14 Baldwin Loco pL (7). 208 Balto & Ohlo (5) 27 Balto & Ohio pt Bambe:ger pL (6%). 1108 Barker BIos. .. ..... 160 Barker Bros pf (6%) 2 Barnsdall (A) (1)... 36 Bayuk Cig 15t pf (7). 1us Beatrice Cream ($).. 6 Beech-Nut Pkg (3).. 3 Bepdix Aviatwn (1). 76 Besi& Co (2). o 12 Bettilenem Steel (8).1470 Bethlehem 5t pf (7). 4 Blaw-Knox (1%).... 13 Lohn Alum & Br 1%, 1 Boruen Co (k3). Borg, Warner (1). Botany Con M (A) Liriggs MIg (T11%).. Briggs & Strat (2).. BKlyn-Mun I (4) Bklyn Man TT pt (6) Bklyn & Queen . Bkiyn & Qu T pt (5). Brown Shue (3)..... Bruns-salk-Col..... Bruns Ter & Ky 8... BUCYFUS (1)eeunasen & Bucyruscv pf (23%) Budd (£ G) MIg.... Budd Wheel (1). bullard C Bulova W Burroughs A M T1%. Busn Terminal (2% ) Bush Term deb (7)., Buzn L BIog pL (7). . & Butte Copper & Zinc. Butte & Superior.... Butterick Co. .. Byeis (A M).. Calif Packing (2). Calumet & Ar:zona. . Caluel & Hecia Camp W&C ¥y (1) 3 Cauada Dry G A 3). 34 Can Pucific (4¥). .00 125 Cannon Mills (1.60).. 4 Capital Admin A.... 2 Car Clin & O sta (6). 1508 15% 18% 141k 24% ax 6 38% 4y 187 105% 1% 4lk 9 176% 17 120 108 100 16% 86 25% 204 6% 834 3 14% 14 102 1 Cr Cork & Seal 2.40.. 1 Crucible Steel. b= Crucible Steel pf (7) 2408 Prod o ublish pt (1) Wright Corp. Cutler Hammer. Lavison Chemical Deers & Co pf (1.40). Del Lacka & Wn (4). Drlaware & Hud (3). Detroit Edison (8) Diamond Match. Dlamond Mtch pf Dome Mines 1) Domn Stores (1.: Drug Corp (4) Dunhill Internat.. .. Dupont de Nem (4).. Eastern Roll Mills. .. Iastman Kodak (18) Isaton Axle (1.60). .., Eitington-Schild pf.. Kleo Auto Lite (6)... Elec Boat........... Klec Pwr & Lt (1 ilec Pow & Lt pf Elec Pow & Lt pf (1) Elec Stor Bat (5) Eng Pub Sv pt (5)... Eq Office BIAg (33%) . Eureka Vac Cleaner.. to Products Buf (1%).1208 Fairbnks Morse 1.60. 8 Fairbanks M pt (7)., 10s Fashion Park Asso 1 Fed Wat Sv A ( 10 Fid Ph Fire In (2.60) 11 Filene's pf (6%).... 108 Firestone T& R (1).. 8 Firest T & R pf (6).. First Nat Strs (23%). Fisk Rubber. . Fisk Rubber 18t pt Florsheim Sh A 13 Florsheim Sh pt (8 Follansbee Bros Foster Wheeler (2).. Foundation Co. Fourth Nat Invest... 4 Fox Film A (4)...... 166 Freeport-Texas (3).. Gabriel CoA.... Gamewel1 Co (5) Gardner Motor Gen Am Investors. .. Gen Am Tank Car(4) Gen Asphalt (3)..... General Baking Ce. Gen Bronze. Gen Cable. Gen Cable A, Gen Cigar (4) Gen Elec (1.8 Gen Elec spec ( 4 Gen Focd Corp (3)., 166 Gen Ital Ed (a2.62).. 1 Gen G & El A (e30c). 58 GenG & Kl pt A (8).. 108 Gen Mills (3).. 3 Gen Mills pf (6)..... 2 Gen Motora (3)..... 1394 Gen Motors pf (5)... 76 Gen Realty & Utl Gen R & Ut pf (el Gen Refractories ( Gen Theater Equip Gillette Saf Ragor. Gimbel Bros. Glidden Co. Gobel (Adolf)....... Gold Dust (2%)..... 130 Goodrich (BF)..... Goodyear Tire&R(3) Goodyear 1st pf (7).. % Gotham Silk Hoslery Grand Union. Grand Union p Grant (W T) (1). rn Sugar. . Grt West Sug pf (7). 60s Grigsby Grunow ., 1 Gulf States Steel Hacken Wat pf A 1% 10s Hann Dept Stores... 16 Hall (WF) PrCo (2) 2 Ham Watch (11.95).. 208 Hanna pf (T)........ 608 Harb Walk Ret (2) 4 Harbison W pt (6).. 20s H.rtman Corp (B).. 1 Hawallan Pineap (2) 180, Hayes Body. . .. Hercules Mot (1.20). Hercules Powd (3).. Hercules Pow pt (7) 160s Hershey Choc (5).... 17 Hersh Choc pt (16) Holland Fura (12% Hollander Sons. . 6 4« Houdaille He Hudson Man pt (5) Hudson Motor (1). Hupp Motors. ... Nlinois Central (4) Illinois Cent pf (6) Indian Motor Cycle Ind Motor Cycle pt Indian Refinin; Indust Rayon ( Ingersoll Rand (4) Inland Steel (23). Inspiration Copper. Insuranshar Del 40c, Recorded Early. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 30.—Rallying briskly again: overcrowded short interest, u}dny s stock o a more pleasing picture. and 4 pg\nu were established before any fresh supply was encountered. A number of new lows were recorded st_the opening in_continuation of the selling movement that broke the market so badly on Wednesday, but when the overnight orders had been executed re- covery began. Naturally it was most emphatic in the stocks which had been sold most heavily for the decline, but there were evidences of outside demand for selected issues, principally in the rail and ofl lists. These two groups are about as’well liquidated as any other. During the morning hours N. Y. Cen- tral ran up 4 points, Baltimore & Ohio between 3 and 4 points, Southern Pa- cific, 2 points; Atchison, 3 points, and others in proportion. At the start sell- ing in the Missouri Pacific issues broke both the common and preferred to new lows for the year, but they recovered partially with the Test of the list., The street was inclined to pay more attention to the improvement in car loadings, a news item overlooked in Wednesday's slump. 5 ‘What traders liked to call “good buy- ing” was in evidence in the better grade oils, Standard Ofl of New Jersey, up over a point on the day, was more than 4 points above its recent low. Shorts in Texas Corporation covered and there was @& better market for Standard Oil of California, while Houston Oll ad- vanced substantially In the more volatile issues Allied | Chemical came back rapidly. with & smaller gain in J. I. Case. Unlon Car- bide, one of the stocks under great pres- sure in the two preceding sessions, ral- lied, and so did Worthington Pump, | Johns-Manville and Air Reduction, al- though the last named made a new low during the first hour. The market continued to forge ahead in the afternoon. Illustrative of the change in sentiment was the rise of & point or 50 in Anaconda, although cop- per metal was reported sold at 9% cents, a new low, and with practically no demand in the domestic market, and a falling off in buying from abroad. General Motors crossed 40 in volume and Auburn had one of its characteris- tic run-ups of more than 15 points. Nash was higher among the indepen- dents. The utilities rebounded vigorously. American & Foreign Power, North American, Standard Gas and American Water Works were up 2 to 3 points, while Consolidated Gas, on the common stock of which the regular dividend was declared, gained about as much. United States Steel rallied some 3 points from its low, American Telephone & Telegraph recovered all_its morning loks and even Bethlehem Steel gained, although the Street was expecting an {unfavorable statement and a reduction in the dividend to be announced after the close. e An exception to the trend was Cur- tis Publishing Co., which dropped over 10 points on the announcement that the stock had been placed on a $4 an- nual dividend basis, against $6 previ- ously paid. y o (Copyright, 1931.) FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold’ Sel London, pound drachma peseta schilling t, pengo ¢rown_(nom.) zloty 5 crown . n crown INVESTMENT TRUSTS NEW YORK, April 30 (#).—Over-the- counter market. Investment trust se- curities: All Amer Investors Shares A Allied Gen Cor 33 cv pf Amer & Cont_Corp A'B C Trust Shares series D.. | A B G Trust Shares series E Amer & General Secur & General Secur B & Gen Secur 33 pf British & Cont 67 D Composite Trust ‘Shares Founders Founders 77 pf Founders 1-70th’ etfy Founders conv Bf cifs . Founders war : 1-40th cits Ins Stock Stand Ofl Shares c pf Chartered_ Invest pif Chelsea Exchange A Chelsea Exchange B Cumulative Trust Shares.. .. Corporate - Trust Shares Grum & Foster Ins Come Soon. By the Associated Press. NEW YORK, April 30.—Commission houses avoided trying to call the rally- ing turn in their advices to customers today, but there was considerable una- nimity of opinion that a rebound was inot far off. Opinions follow E. F. Hutton & Co—Apparently the Steel report has provided the spark to 1¥lnlt,e the final explosive outburst on the downslde. The sort of market seen yesterday occurs close to the end of a decliiing movement, not at the begin- ning of one or in the middle of one. Jackson Bros., Boesel & Co—Without doubt the general liquidation, which was induced by Steel's radical decline also caused heavy ghort covering all through the list. The technical position, conse- siderably. Winthrop, Mitchell & Co.—This much can be saild: History of American stock markets ever since the New York Stock Exchange started operations reveal the beginning of a gradually rising market not later than the second year following a crash, such as we experienced in Oc- tobe and November of 1929. We hope and believe that this time-honored prec- edent will be followed in 1931. We do not believe, however, that we have yet reached the final phase of the bear market, but we do feel that we must be nearing that point. Smith, Graham & Rockwell—Market continues to look lower. Uncertain long positions should be closed out without waiting for rallies, Otis & Co.—We don't pretend to know how much further selling pressure the market can stand at present, but we feel that rebellion s seething just under the surface. Shields & Co—Rumor mongering is getting less popular and there is in- creasing hope for a rally. Any such comebacks as experienced in February and last year are umlikely and_simply would delay the readjustment. Limited technical flurries are to be expected as the list settles down to a real bottom with several of the higher priced issues proving disturbing influences at times. Redmond & Co.—The enormous bor- rowing demand for leading stocks at the close of the market last night strongly indicates the presence of an overcrowded short interest. There is as yet no indication that the necessitous llqu}dlflon has been completed, but it might well be delayed or perhaps ex- tended over a period of two or three months. Babcock, Rushton & Co.—It does not seem that the market at the present time is a result of any additional de- cline in business, but rather the result of a period of forced liquidation. Report Quarterly Loss. BALTIMORE, April 30 (Special).— The Eastern Rolling Mills reported net loss for the first quarter of 1931 of $67,048.50, after depreciation and charges, as compared with net profits of $11,501.35 in the first quarter of last year. Loss before depreciation was $18,781.61, compared with profit before depreciation of $75,640.92 in the first quarter of 1930. The surplus as of March 31 stood at $750,995.80, compared with $800,973.87 at the beginning of the year, The com- pany had extraordinary credits added to surplus for the quarter of $17,070.43, 50 the net deduction from the surplus account was only $49,978.07. Twenty-Year Sinking Fund 5%% & Gold Debenture Bonds S Due November 1, 1943 Coupons of these bonds. pay- able on May 1, 1931, will be paid in New York at the office of the Treasurer, 195 Broadway, or in Boston at his office, 125 Milk Screet. H. BLAIR-SMITH, Treasurer. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt_Replies {0 Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Guaranteeing The Trade Mark Satistaction MOISTEN quently, must have been weakened con- ; Mlmnmmmw* “Current sales are reported to be run- ning nearly 35 per‘cent below those of a year earlier. Aggregate tonnage for the full fiscal year 18 expected to be between 30 per cent and 35 per cent smaller than in 1920-30. Keen competition continues | throughout the industry and sharp price | cuts have recently been instituted. This | severe curtailment of sales volume, coupled with the reduced margin of | manufacturers’ profits, undoubtedly will prevent fertilizer producers from report- ing satisfactory returns for the year ta end June 30, 1931." 353 COMPANIES REPORT QUARTERLY NET DECLINE | Bpecial Dispatch to The Sta: ! NEW YORK, April 30 —First quarter | earnings of 353 corporations which have | already issued comparable reports were | 37.3 per cent less than in toe first three months of 1930, according to a prelim- inary compilation by Moody's Investors’ Service. For 132 industrials alone the | aggregate decline was 39 per cent. | argest decreases are found in the | textile group, with an average drop of 96.8 per cent for four companies, and in the automobile and truck classification, with a decline of 71.4 per cent, as con- trasted with last year. Two drug com- panies showed a composite gain of 6.1 per cent, and a falrly satisfactory com- parison is also seen in the case of 14 food product corporations, where the reduction in net amounted to only 4.8 per cent. missio Authorized Service Carter Carburetors— Eclipse—Bendix— Lockheed Brakes MILLER-DUDLEY CO. 1316 14th St. N.W. First Mortdage Loan Applications Invited at 5)5% Glover & Flather 1508 H St. N.W. National 1753 Pays 5 %o 5 £ £ = Columbia Building ssociation 716 11th St. N.W. Under Government Supervision Let Us Refinance Your Maturing Real Estate Loan No Commissions Charged 22 Years’ Successful Business Without the Loss of a Dime Compounded Semi-Annually L T T Are You Carrying the Right Kinds and Proper Amounts of Insurance? Let Us Analyze Your Insurance Protection It's a mistake to assume any risk when there is a form of insurance to give you protection—and the premium is never prohibitive. Invest in insurance for it pays welcome dividends. But let us review your policies—fire, liability, theft, automobile, etc.— and see that you are thoroughly covered. RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT . 1321 Connecticut Ave. Decatur 3600 t'munmlmuumlumflunmmmmmumummmmmmmm“ P sttt Aottt s o .~ o PROPERTY Apartment House MANAGEMENT MANAGEMENT THE management of apart- ment house properties es- pecially requires two things to be successful — the intimate knowledge which can only come with long experience, and a trained organization to efficiently” carry out those details which affect income and overhead. Our more than a third of a century experience fits us to render this service exception- ally well. B. F. SAUL CO. #ays all one has to do to be a good stat- Insur Shrs Md(40c) .. stamps, labels, en- 925 15th St. N.W. Nat’l 2100 Cane (4 1) ($).. S50 B 1o sm istician is to reel off figures at a be- | wildering rate of speed. If. any one| questions your figures, ring in some fractions. Many Guests Introduced. Among the guests of the association | were Ward H. Marsh, manager of the | Greater Washington campaign; George | Plitt, former president of the Board of | Trade: F. G. Awalt, deputy comptroller of the Treasury; I I Chorpening, deputy comptroller of "" Treasyry; W. P. Polger, chief na? 1 bank ex-| aminer; Arthur B. Shelton, secretary of the Columbia Country Club; C. B.| Asher, president of the same club, and E. E. Mountjoy, Washington represena- tive of the American Bankers' Associ-' ation Another guest asked to rise was L.| W. Cralg, a Los Angeles banker. Wil- 1 cf the legal counsel ! the association was unable to attend. Viost of the former prasidents of the ciation were present and a good | 1 the bunk officers were accom= | by dircetors. The chairmen of | ious Hot Springs convention | nittecs were greeted with marked BANK OF ENGLAND. LONDON, April 30 (#).—Ths weekly | statement of the Bank of England | shows the following changes in pounds: | Total reserve decreased 883,000; circu- lation increased 1,371,000; bullion in- c:ased 488,000; other sccurit'es in- | creased 363,000, public deposits .in- | creased 2,814,000; other deposits d c-ased 42350000 notes reserve de- crocced 955,000; government securities increaszd 140,000 The proportion of the bank’s reserve to lability is 55.39 per cent, compared vith 56.02 a weak ago, ate of discount, 3 por eent. TRICFS RECEDE FURTHER. al prices lust wesk showed a recession, as thelr change wi 4 by the Department of Com e In the table that follows, the inde:: of wholesale selling prices is given i-: « parable periods, based on figures rep.conting the 1926 average as 100. In additien, the selling price of a ton of composite steel products is given for 1ik~ periods: All commodities. Steel. Week ended April 25.. $31.51 Previous week. ... .. 31.59 Same week last r 34.40 Caterpillar i'rac (3). 97 erro de Pasco(1.50) Ceitain-leea Frva. .. Clecker Cab M{g Ches & URIO (&) peake Corp (3) Chi Great Western. . Chi Great West pt Chi MILBLP & Pac. . ChidMiiStLP &P pl.. Chi & Northwest (4) Chi& N W pt (7). Lhi Poeu Toot. . Chi Pneu Tuol pf.... Chi it 1 & Pacing (5). Chilt L& ¥ ps6)..e Chi 1 1 & Pac pt (7). Chickusha Cotton Oil Chiids Co (2.40) Chrysler Corp (1 City lce&F uel (3.60) City ice & ¥ pt (6%) City Stos Clev & Pi 5 Cluett-Peabdy pi (1) Cocua-Cola (T7% ). .. Collius & Alkman. .. Collins & Aik pt (T) Colonal Beacon. . Colo Fuel & Iron Col Gas & ki (2) . Col Gas & Ei pt A (6) Col Graphopb (a%). Columb Carbon (5).. Coniel Creaft (2). ... Comel Credit A (3).. Comm luv ‘Arust «2). Comel L T ev pf (e6), Comm Solvents «1 Comwlth&Sou (40 0l Cigars 5) 4 Consol Clgar pt (7). 108 Cunsol Cig pr pf 6% . 1608 Consolidated Film... ' 6 Consol Filin pt (2)., 12 Consol Gas N ¥ (4). Con Gas of NY pf(5) Consol Laundries (1) Conwol KR C pf (6).. Consol Textile Container B Contl Baking A Cont! Baking B..... Con:) Baking pf (8). Contl Can (2%).... Contl Dia Fibre (1) Contl Insur (2.40). Contl Motors. .. 25 [ 314 160 ¥ 407 P 4t » 3015 8% 15% 50 28 [ &% ‘ 0% 106% 106 824 106% 106% Bin 661y Y 17 82 24% Bty 18% Interb Rap Transit Interlake Iron (60c). int Agricultural. Int Agricul pf (7). (nt Bus Mach (n6) Int Carriers (37%c). Lnt Cement (4) e Int Combustion 1 Int Harvester (2%).. 4. Int Harvester pf (7). int Hydro E1 A (e2). 1 int Match pf (4 Int Merc Marin Int Nickel (§0c). Int Paper & Pow int Paper & Pow B.. iut Paper & Pow C. Int Pap & P of (7). Int Printing Ink. Int Print Ink pf (6). Int Rys Cen A pf (5) Int Salt (3).. Int Shoe (3). Int Stiver..... Int Tel & Tel (2 [nter Dept Strs (2) inter Dept St pf (7). 108 Inter D St pf xw (7). 508 Investors Equity.... 13 Jewel Tea (4) sl Johns-Manvilie (3). 231 Jones & Laug pf (7).100s Kans City Sou pf (4) Karstadt(R) (al.03) K’mann Dept Strs (1) Kayser (J) & Co (1). Kelsey Hayes (2). Kelvinator Corp. .. Kendal! Co pf (6). Kennecott Cop (2) . Kreuger & T (a1.60) Kreger Groc&Bak (1) 2 Lambert Co (5, Lane Bryant (1). Leh Port Cmt (1). Leh Port Cmt pf (7 Leh Valley (2%) Lenman Corp (3) Lehn & Fink (3). 4 Lib Ow Ford Glass Liggett & M. Li7g & Myers B (15) Lima Locomot (m2). & Link Belt (2.40). .. Liquid Carbonic (3). 39 0 Loew's Inc pf (6%). 1 (Continued on Page 14.) rum | Depostted Bank re’ N ¥ Deposited Bank Shares N Y A Diversified Trustee Shares A.. Diversified Trustee Shares B . Diversified ' | Equities Investors Corp com Equities_Investors Corp units. | Equity Trust_Shares Amer_Corp. . Fixed Trusi Shares Fundamental Trust Shares A Fundamental Trust Shares B. General Equity A Granger Trads 5 | Gude Winmill_Trad Incorporated Investors Incorporated Invest Equii Independence Trust Shares Insur Shares & Gen Man Corp Int Secur Corp Am A be Int Secur Corp Am B Int Secur Corp Am 67 i Int Secur Corp Am 61 pf Investment Trust Associates | Invest Trust of N ¥ Collat A | Investors Trustee Sheres Jackson & Curtls Invest Assoc Jackson & Curtis Sec Corp pf Leaders of Industry Low-Priced e L ¥ Ba North & North Amer Trust Shares | Northern " Secur bt d Colony Invest Trust . ad A Power & Rail Trustee Shares Public Seryice Trust Shares Representative Trust Shares Research Inv _Corp e Research Iny_Corp units en 6,00 pf ome Sha Selected Manageme; Shawmut_Bank 5 Spencer Trask Pund . . Stand Amer Trust Shares. . . Coliat Trusteed Shates State Street Inyest Corp. . Super Corp of Amer Tr Shrs Buper Corp of ‘Amer Tr Bhrs Super Corp of Amer Super Corp of. Amer Il waual vaws Un United Ins 321 | United Bank "rusi U8’ British Tt Lid A’ & British Int Itd S & British Int Ltd $3 pi ., § Elec & Power Siy velopes the Quick, No-Over-Flo Sponge Cl.xp NEAT, handy accessory for moistening. Speciak construction prevents lpl:llh- ing when sponge is pressed — nnginner icr rake- care of excess water. Get a No- Over-Flo Sponge Cup today. The Ideal Sanitary Moistener is the sanitary way to moisten fingers and med surfaces ofevery kinmsde ofglazed white porcelain, with metal parts nickel plated—nothing to wear out. Good fora life- time of clean, efficient service. Soldby . STOCKETT LS CO ICING STATIONE a E ST AW ASHINGTON-D-C Next to New Pepco Building MORTGAGE LOANS BUY—and hold SOME OF THE MOST FAMOUS ESTATES in this country were founded on the pur- chase of land which was bought and held. Times and manners change, but the principle of unwavering ownership remains as one of, the surest factors in the growth of an estate. Today common stocks comprise a progres- sive form of investment. To realize full benefits from them they should be thoroughly diversified —and held. Such an investment is available in’ Fup- damental Trust Shares which represent an own- ership interest in a fixed group of 40 listed common stocks carefully selected for balanced diversification. FUNDAMENTAL GROUP CORPORATION 40 Wall Street New York City FUNDAMENTAL TRUST SHARES Distributed by v W. W. MACKALL, JR. CRANE, PARRIS & CO. WAGGAMAN, \BRAWNER & CO., INC.