Evening Star Newspaper, May 6, 1931, Page 13

THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, MAY 6, 1931 FINANCIAL, IMARKET IS WEAK | [Weshinton Produce FINANCIAL. Stock and Sales— P Dividend Rate. Add 00. High. Low. Close. Cl A3% J44% M 6574 bTw 57 Note—All stock are sold in one hundred share lots ~Prev. 1031~ High. Low. excepting those designated by the letter s (80s) (250s), d 60% 38% Elec Pwr& Lt (1)... 134 i 45 which shows those stocks were sold in odd lots. 86 501s Eleo Stor Bat (5). 28T REILLY ADDRESSES } " NEW YORK STOCK EXCHANGE FIDUGIARY SECTION: Speaker Says Trust Officers "4 1 auiiiifer £¥0w 0705 00 (% (| B0 B B RRDCET U.S. Steel Reaches New LOW o2, st bond, 2ty oty H 109% 77% Afr Reduction (t43%) 19 84 82 Fairbanks M pf (7).. 30 Are Holding Common Stocks | “ou s Alr Way Fiec Appl. 14 5% &% Fed Mot Truck (106) 1 5% But List Shows Some Good | 5280; o 10, Or e, Soado; hens, 25; Leghorns, 22a23; roosters, 16, keats, Poultry, alive—Turkeys, hens, 24a2 toms, 20a22; Spring broilers, 36a3 Leghorn _broilers, 30a35; Winter chick- E have plenty funds for Al With 16% 7 Alaska Juneau (40c) 134 1% 12h Fid Ph Fire In (2.60) 10 814 614 Albany Wrap Paper. . ong ith Bonds. 12% 6% Alleg Corp. e 8N 50% 33 Alleg Cp w64, 1 37 182% 116% Allied Ch & Dye (n6) 47 1251 273 Allls Chalmbers (2). 19 27% 16'% Amerada Corp (2) 14% Am Agri Ch of Del 36 Am Bank Note (3). R Am Beet Sugar pf... 8% Am Br Shoe (3 40) 6 Am Brown Bov Elec. 129% 105% Am Can (16) . 8 43% 21% Am Chain 2) 88 79 Am Chain pf (T) 45% 384 Am Chicle (43)... 5% Am Comel Alcohol 26% Am & For Power.... 74 Am & For Pw pf (6). £5% Am & For Pw pf (7). 6% Am Hawailan SS.... 10'; Am I[Tide & Leath pf. 47% Am Home Pr (4.20).. 23% Am !ce (3) 12% Am Internal s . Am La Fr & Foam{ 17% Am Locomotive (2).. 724 Am Locomot pf (7). 31 Am Mch & Fdy 1.40.. 3% Am Mach & Metals.. 1415 Am Metal Co.. . 104 Am Nat Gas pf. 50 Am News (13%).... 3915 Am Pow & Lt (21).. 80 AmP&Lpf Ast (5) 13'% Am Ra&Std San 60c. 141 AmRad & S S pf (7). 108 141% 241, Am Rolling Mills... 43 24 48 Am Safety Razor (5) 51 1 % Am Ship & Com..... 2 361 Am Sm & Ref (4). 9315 Am Sm & R 24 pt (6) 37 AmSnuff (13%).... Ry 1% Am Solv & Chem.... 2 24 24 17% Am Steel Fdy (3). 4 18 110 Am Steel Fdy pf (7). 11014 96 Am Sugar Ref pf (1) 101 BY EDWARD C. STONE, ‘That trust officers in New York banks are still including about 60 per cent of common _stocks, along with the sound- est #mds, in the estates which they e now handling was one of the many intensely in- teresting state- ments made by E<ward J. Rellly before the fiduci- sties section of the District Bankers’ Association at the ‘Willard last night. It was the monthly meeting, of the section, = presided over by the chair- man, Barnum L. Colton, who is trust officer of the District _ National Bank. Many of the leading trust officers in the local banks and several guests were present. In his address, Mr. Rellly dwelt at length upon the new problems of fiduci- ary service which have arisen out of the late stock market debacles and the apparent disposition on the part of some courts to regard corporate trustees as virtual insurers of the funds placed under their control. New Responsibility Seen. wThese facjors,” declared Mr. Reilly, “have gickened appreciation on the part of corporate fiduciaries of the sig- nal importance of equipping themselves to furnish a thorough and comprehen- sive quality of investment management for trusts in their care, To insure their position as foremost conservators of funds set aside for the protection of families, they have been zealous to rovide not merely unquestioned fidelity, E\n able, active and expert supervision of investments, contemplating initial analysis in the light of all corollary facts affecting the beneficiaries, legal restrictions and investment science, as well as constant supervision of ch {ssue incorporated in the trusts and periodic review of each trust as a sep- arate business entity. Diversification Held Vital. “Recent disquieting trends in many security markets have impressed alert fiduciaries not only with the importance of maintaining diversification of in- vestments along sound lines, but also of examining most carefully into the in- vestment quality of the holdings. ‘The of adverse fluctuations which obtains in securities having the highest ratings is of comparatively slight mo- ‘ment when contrasted with the adverse fluctuations suffered by issues of lesser quality and lower rating. “The alert fiduciary is equipped not only to properly evaluate and interpret these factors, but also to take appro- priate steps for the protection of the trusts in its care whenever changad economic conditions or disturbances within particular industries prompt re- vision of ratings and consequent altera- tion of the investment quality intended to be maintained.” Mr. Reilly is trust counszl of Moody’s and legal editor of Trust Companies Magazine, former member of the faculty of the Washington Collége of Law and of the College of the City of New York. He was in Washington during the war, being connected with the War Finance Corporation. His magazine articles on fiduciary subjects have drawn wide at- tenticn Many Important Factors. He stressed the fact that each trust must be given its own special attention. In some cases only long-term invest- ments are desirable. In others the yield has to be given most importance. B. L. Colion. 104 Am Tobacco (16).... 104% Am Tobacco B (16).. 75 Am Type Fdy (8). 52% Am Water Wks (5).. 101% Am Wat W 1st pf (6) 67 Am Woolen. . 21 Am Woolen pf...... 1% Am Writ Paper ctfs. 25% Anaconda Cop (1% ) 22 Anaconda W & C (1) 24 Anchor Cap (2.40)... 10 Archer Daniels Mi 2 Armour of Il1 A. 85 AssoDG 1stpf (6).. 2614 AS80 O (2)...... 203% 164'% Atch To & S Fe (10). 108% 102% Atch To&S Fe pf (5). 63l 44% AtlGulf & W 1pf (5) 23% 1215 Atlantic Refining (1) b4 34 Atlas Powder (4)... 1315 8% Atlas Stores (nl1). 295% 101%4 Auburn Auto (f4)... 51% 51 Austrian Cred (3.82) & 64 3 Aviation Corp af Dal 27% 15% Baldwin Loco (1%). 88's Baldwin Loco pf (7). 584 Balto & Ohfo (5).... 71 Barnet Leather pf... 108 8 Barnsdall (A) (1)... 149 22 Bayuk Cigar (3)....100s 85% Bayuk Cig 1st pf (1) 408 65 Beatrice Cream (4).. 16% Bendix Aviation (1). 3214 Best & Co (2) 391 Bethlehem Steel (4). 19'% Blaw-Knox (1%)... 5 854 Bloomingdale pf (7). 208 20% Bohn Alum & Bri%. 1 1 17% Borg, Warner (1). 13% briges Mfg (11%) S8 EXI0 Man 2c (1) . 85% Rklyn Man Tr pt (6) 58 51% Pklyn&QuTpf (5). 2 b5d% 129% 103 Bklyn Union Gas (5) 4 108% 15 8 Bruns-Balk-Col..... 1 9 4% Bruns Ter & Ry S. 111% Bucyrus pt (7).. 3% Budd (EG) Mfg.... 714 Budd Wheel (1). 10% Bullard Co. ... 914 Bulova Watch (1%) 21% Burroughs A M t1% 17 Bush Terminal (2% 2 4% 1008 113% Firestone T&R (1).. 8 H Firest T & R pf (8 First Nat Strs (2%). “16 Fisk Rubber. . Fisk Rub 1st pf cv. Foster Wheeler (2) Fox Film A (4). Freeport-Texas (3) Gabriel Co A. Gamewell Co (5). Gen AmInv pf (6) Gen Am Tank Car(4) Gen Asphalt (3) Gen Baking (2 Gen Bronze. Gen Cable. Gen Cable pf (). Gen Elec (1.60)..... 279 Gen Elec spec (60e). 9 Gen Focd Corp (3).. 20 Gen G & Fl A (e30c). 18 Gen Mills (3)....... 2 Gen Mills pf (6).... Gen Motors (3). Gen Motors pf ( Gen Outdoor Adv. Gen Pte Ink (2%) Gen Ry Signal (§) Gen Realty & Utll Gen R & Ut pf (e6).. Gen Theater Equip.. 122 Gillette Saf Rasor.. 107 Gillette Saf R pf (5). 13 Glidden pr pf (7).... 108 Gobel (Adolf). . 2 Gold Dust (2%)..... 44 Gold Dust pf (6). 3 Goodrich (RF).. 4 Goodyear Tire&R(3) 31 Gotham Silk Hoslery 5 Gotham pf xw (T) G d Union Graham-Pal Granby Consol Grand St] Strs (h1 Granite City St (3). Grant (WT) (1).ee Grt North pf (6) Grt Nor Ore (2). Grt Western Suga Grt West Sug pf (7). 108 Grigsby Grunow.... 2 Hacken Wat pf A 1% 408 Hann Dept Stores... 32 Hall (WF) PrCo (2) 6 Hanna pf (1) Harb Walk R Hayes Body. .o Hercules Mot . Hercules Powd (3).. Hershey Choe (5)... Hersh Choc pf (15). 4 Houdaille H Houston Ofl. Houston Oil (new).. Howe Sound (3) Hupp Motors. Illinols Central (4).. Illinois Cent LL (4 Indian Motor Cyel Indust Rayon (4). ... Ingersoll Rand (16). Inspiration Copper. . Insuranshar Del 40c. Interlake Iron (60c). Int Agricultural. . Int Agriculture pf Int Bus Mach (n6).. Int Carrfers (373%¢). Int Cement (4)...... Int Combustion. .. .. Int Harvester (2%). Int Hydro EL A (e2). int Match pf (4) int Nickel (80¢) Int Paper f (1) Int Paper & Pow Int Paper & Pow C Int Pap & P of (7) Int Print Ink pf (6). Investors Equity. ... Island Cr Coal (4) Jewel Tea (4). Johns-Manville (3).. 61 Jones & Laug pf (7). 108 K'mann Dept Strs (1) 8 Kayser (J) &Co (1). 1 Kelly-Spring Tire... 1 Kelly-Spr T 6% pf.. 1008 Kelsey Hayes (2)... 11 Kelvinator Corp..... 18 Kendal! Co pf (6)... 108 Kennecott Cop (2).. 56 ! gan selling low-priced gasoline to meet Resistance. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 6.—Pressure on & number of important industrials, includ- ing United States Steel, sending them down to new lows, gave today's stock market an Afipelrlnce of great weak- ness. Nevertheless there was good re- sistance in the list as a whole and & scattering of advances. ‘The feature of the early trading was the selling of United States Steel com- under 111 was at the lowest since 1924 and the preferred at 140, which is a 5 % | per cent basis, was tae lowest for the | year. Along with this selling of Steel went offerings of American Can and that stock, too, made a new low. The weak spot in the railroad list was Ca- nadian Pacific, doubts being expressed as to the maintenance of its dividend. ‘There was plenty of unfavorable news. According to the weekly steel trade re- views, operations are at 47 per cent of capacity against over 48 per cent last week. This is for the industry as a slightly higher percentage. The only offset was sustained demand from the automobile industry. Copper metal was quoted at 9 cents a pound in the domes- tic market, the lowest in 35 years. Rail- road car loadings showed a reduction | for the week. although an increase would | b2 normal onally. The straits of | the oil industry were emphasized by the | cut in the Vacuum dividend, coming on | top of the omission of disbursements by Ohio oil. As a result, hope for business recovery was dampened and the street generally was in a pessimistic mood. Hardly any dividend was too sacred to be ques- | tioned in the gossip of the day. Under the“ circumstances the market did very well. Traders who took their cue from the tape were cautious about making new commitments, for the time being, out- side of the handful of stocks which were clearly headed downward. Motor shares were well supported. | General Motors directors were to meet for dividend action after the close, and the expectation was that the regular rate would be declared. Auburn Auto swung back and forth in its usual spec- tacular fashion. At noon it was selling above the preceding close. American Telephone & Telegraph was down only a point or so, and J. I Case showed only a little larger loss. Railroad stocks were inactive, but, except for Canadian Pacific, there was no weakness. Utilities moved in accord with the rest of the list. Volume was still very low. | (Copyright, 1931) Gasoline Reduced in Chicago. CHICAGO, May 6 (#).—The Sinclair Refining Co. today reduced the retail price of its third-grade gasoline from 81, cents to 8 cents in the metropoli- tan area. Other large companies recently be- competition from independent filling stations, but the 8-cent rate was the lowest on record for a major com- pany. mon and preferred. The common stock | whole, United States Steel being at & | 400 Joseph I Nearly three-quarters of the imports Ag't:‘ the Philippines are from the United es. young, 70a80: old. 50. Meats—Beef, 1215a14; veal, 12a14; lamb, 20a22; pork loins. 21; fresh hams, ; fresh shoulders, 14: smoked hams. smoked shouidert, 121z strip ard, in packages, 12; in bulk, 11 - Live stock—Hogs, heavy, 6.50a7.25; medium and light, 7.00a7.50; pigs, 7.00a 7.5 roughs, 4.00a5.50; calves, 5.00a . Spring lambs, 10.00a12.00. Fruits — Strawberries, 4.00a6.0 oranges, California, 3.50a4.00; Florida, lemons, 4.50a5.50; limes, per 100, 3.00; grapefruit. 2.75a3.00: grapes, Argentina, white, 3.25; pineapples, 4.00 24.50; apples, bushel baskets, 2.00a2.50; box , 2.35a2.75; rhubarb, per dczen bunches, 35a50. Vegetables—Potatoes, new, per bar- rel, 5.50a6.00; old, 120-pound sacks, 2.60a2.75; Idaho bakers, 100-pound sacks, 3.00; Bermudas, 5 X, 1.75; _cabbage, 125 ki spinach, 50a75; cress, 1.25; tomatoes, Mexico, 5.50a6.50: Summer squash, 3.0023.50; peas, 1.75a2.25; string beans, 2.50a3.00; cauliflower, 2.50a3.00; cu- cumbers, 5.50; beets, crates, 2.50; car- .50; mushrooms, mostly 1.00; asparagus, 3.50a3.00; celery, 3.00a .00; lettuce, Iceberg, 4.5025.00; South Carolina, 1.25a1.50. sl DRY GOODS MARKETS. NEW YORK, May 6 (Special).—Cot- ton goods markets were qulet today. Print_cloth quotations were unchanged at 5 for 64x60s and at 5 Raw silks were quiet and unchanged. 34 for 68x72s. Money to Loan Secured by first deed of t: P!evll“flwfl‘! and col 420 Wash. L. & e Blds.. 91k & F N.W. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Revlies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Seaboard Publi Service Company* The Board of Directors has declared the following regular quarterly dividends $6 Non Par Preferved Stock — — No. 9, $1.50 per share Par Preferred Stoch 3, $.81Y% per share fia able on June 1, 1931 to stock- olders of record at the close of busi- ness, May 11, 1931. L. W. Vam Bibber, Treasurer. +A part of the Middle West Utilities System Ioans on improved Real Es- tate in nearby Montgomery County, Md., and the District of Columbia for periods of 3, 5 or 10 years. Prompt decisions given applications. 51, % INTEREST BOSS and PHELPS POURI:'I;EB"IN'I 1417 K St. N.W. Loan_Correspondent John Hamcock Mutual Life Insurance Co. “The Life Insurance Event of the Year” DISTRICT OF COLUMBIA AND MARYLAND CONGRESS OF LIFE UNDERWRITERS at Washington Thursday, May 7th, 1931 The following Prominent Speakers will address the Assoctatfon: A. R. Jaqua, Assoclate Editor, Diamond Life Bulletins. Jerome Clark, Superintendent of Agencies, Union Central Life Ins. Co. Vincent Coffman, Educational Director, Penn Mutual Life Ins. Co. Ralph Engelsman General Agent, Penn Mutual Life Ins. Co. of New York. Valient ‘V;V..“Kenney. General Agent, Conn. Mutual Life Ins. Co., Boston, Roger B. Hull, General Counsel, National Association Life Underwriters, Joshua Evans, President, District National Bank. Morning Session, 10 A.M.; Afternoon Session, 2 P.M. Tickets, including lunch, $2. Sessions at Shoreham Hotel, Calvert Street, West of Conn. Ave. N.W., The Life Underwriters Association of the District of Columbia, Member of the National Association of Life Underwriters Ly syour: Tnsurinee ‘Coimelor v’ meimabiar of the " DIstriat e e T e The Association appreciates the co-operation of several of the Trust Companies of Washington in promoting this program of educational sessions. The following are officers of the District of Columbia Under- writers Association: b - Officers: John H. Snyder, President Paul D. Sleeper, Vice President Philip L. Baldwin, Second Vice President George B. Farquhar, Treasurer Alton G. Grinnell, Secretary Long Term Loans The Metropolitan Life Insur- ance Company Real Estate Loan Plan enables the home owner to make small periodic payments for a period of fifteen years with the privilege of prepayment on due dates after three years. Consider the advantages of this plan and give us an oppor- tunity to discuss other important features with you. It a bond is selling at 103, or some higher figure, but is callable in a year or two, it should not be retained in the trubt as only 100 will be paid for its redemption. It should be the aim of the trust officer to see that a trust Kresge Dept Stores.. 30s 6 Kresge (S8) Co ' (. 1 26% Kreuger & T (2! * . 60 23 Kroger Groc&! vh) 151 88% 324 Laclede Gas pt (5).. 20s 101% 101% % LAmMDertCo(85.. .0 9% 79 12% Butterick Co.. 3314 Byers (A M 2014 Calif Packing (2). 23 Calumet & Arizona.. 714 Calumet & Hecla.... contains almost nothing but triple A, double A and A rated bonds. In case cash is needed for the owner of a trust, the greatest possible care should be u}zn in deciding what issue is to be s°ld. Mr. Reilly believes that the trust com- mittee of every bank should be made up of the directors. At the same time they should have the fullest informa- tion from the trust officers, who are in closer touch with the individual issues than the directors are. In reply to a n, Mr. Reilly said that he would a<a :nclude investment trust shares in estates, It is the duty cf the trust officers, he says, to decide on the di- versification themselves, and not dele- gate it to any one else. The fact that common stocks are so popular in trust investments aroused particular interest as it is evident that the leading bankers of the country still consider that sound stocks are so sound that they are desirable in the most con- servative investments. In some cases, the speaker said, common stocks have been switched to preferred issues, all these selections being based on yields, earnings, prospects, management and the outlook in particular industries. While much of his talk was more or Jess technical, Reilly presented several charts which made his points especially clear. He closcd by stressing the great responsibility placed upon bank officials in charge of trust funds, Heard in Tinanclal Districts. ‘The Washington Bond Club has de- cided upon the Manor Club as the place for holding the annual outing and elec- tion of officers which takes place on Friday, May 22. T. C. Montgomery of Waggaman Brawner & Co. is chairman of tre General Committec. About 400 leading insurance men from Washington, Baltimore and other parts of Maryland are expected to attend the annual sales conference, which opens at the Shoreham Hotel tomorrow morning at 10 oclock. The program, alrea published, incicates an unusually mer: torious day's sessions. President John H. | r of the District Underwriters' As- he McCrory dav reported Ap r 243, pgainst £3,651,040 i gain In sa of 1.4 per cent Fer the first months of 1931 sales increased 2.6 per cent The company now operates 243 stores. MONTHLY COAL DEMAND Bpecial Dispateh to T NEW YORK, May 6.—Low prices and an elmost complete cessation in de- mand for domestic coal marked trad- ing ‘n the bitumincus markets of t country in April, Coal Age reports Consumer buying was of the hand-to- mouth variety and dealers refused to lay in stocks, even with the added in-| ducement of lower prices. Demand for industrial coal, reflecting the continued business depression, also was slow in April, but the continued curtailment in production, made neces- sary by the slow movement of domestic sizes, prevented any relief from the ge of slack and screenings. with the result that prices registered a still further gain April proved to b2 a disappointing | 24 month for producers sceking contracts. M NEW YORK, May 5.—Washington' 114 and New.York were tied here this after« foon in the third inning 29% Canada Dry G A (3). 321 Can Pacific (2%).... 9% Capital AdminA.... 1 74 Case (J 1) (8). 268 105 Case (J1) pf (T).... T0s 25% Caterpillar irac (3). 28 9% nese Corp...... 2 19 Cent Aguirre Asl%. 23 Certain-teed Prod... 38% Ches & Ohlo (2% 4% Chi Great Western 19% Chi Great West pf 4% Chi M1l St P& Pac 71 Chi Mfl StP&Ppf.. 29 Chi& Northwest (4) 103 Chi&NWRL(D.... 45'% Chi R 1 & Pacific (5). 88 ChiRI&PDI6)... 18% Childs Co (2.40). 15% Chrysler Corp (1)... 303 City Ice&Fuel (3.60). 774 City Ice & F pt (6%) 10, 214 City StOres........« 16 Clark Equipment (2) 24% Cluett-Peabody (3). 1424 Cocoa-Cola (17%) 501 Coca-Cola A (3). 414 Colgate-Pal-P (2 9 Collins & Alkman. .. 71 Collins & Alk pt (7). 8% Colonfal Beacon..... 15% Colo Fuel & Iron.... 3014 Col Gas & El (2).... 100% Col Gas & EI pf A (6) 7% Col Graphoph (a% ). rbon (5).. 15 Bte2)...c | 31% Comel CreMit A (3). . 20 Comel Cred pf (1%). 7614 Comcl Cred 15t (6%4) 211 Comel Cred vf B (2). 23 Comm Inv Trust (2). 82 Comel 1 T cv nf (e6). 12% Com 91% Cmwith & Sou pt (8) 6% Congoleum 1 . 25% Consol Ci s b4 Consol Cig prpf 6%. | 6415 Consol Cigar pt (7). 5 Consolidated Film... 13% Conso! Film pf (2).. | 109% 824 Consol Gas N Y (4).. 164 . 106 101% Con Gasof NY pf(6) 3 105 18% 13 Consol Laundries (1) 1 13% 1% % Consol Textile, ‘ 10 Contl Baking A. 1'4 Contl Baking B. 44’ Contl Baking pf 47 ContlCan (2%) 10' Cont! Dia Fibr 40 Contl Insur (2.40) i ¥ 2% Contl Motors. - 62 Contl OIl of Del. 3% Cont Shares...... 6215 Corn Prod (13i4)... S Coty In 128 Crex Carpet. 415 Crosley Radio...... 3114 Crown C&S pf (2.70). 433 Cructble Steel. ... 90% Crucible Steel pf (1) 60, 4 Cuba Cane Prod i 2 Cuban-Amer Suga 13 Cuban Dom Sugar Cudahy Packing (4), 76 Curtis Publish (4)... 2% Curtiss Wright Corp % 3% Curtiss Wr Corp A.. 21 Cutler Hamn 11% Davison Chemical Drla re & Hud (9). cka & Wn (4). 26% Denver & G W pt.. 165 -Detrott Kdison (8),. 14% Diamond Mateh..... 24% Otamond Mtch pf 1% 8% Dome bines (1).... 1444 Domn Stores (1.20) 6115 Drug Corp (4) 3 T3% 1214 Duplan S11k (1) 1215 107 77% Dupont de Nem (4) 118% Du P de N deb pt 186% 143% B 21% 12% A% Eitington Sehild} T4% 45% Elec Auto Lite (6). 16 pow b 103 1075 El Auto-Rite DE €79 4 308 107% 107% 1 K8t 120 15614 13 T 4 ‘Magma Copper (2).. Lane Bryant (1).... Leh Port Cmt (1)..0, Lehman Corp (3). Lehn & Fink (3).... Lib Ow Ford Glass. . Lizg & Myers B (15) Liquid Carbonic (3) Loew's Ine (3). Loft Inc.... Loose-Wiles ( Lortllard (F) Ludlum St McCrory B (2) McCrory pf (6). McGraw-Hill (2). McKesson & Rob ‘1) McKes&Rob pf(3%) McLellan Stores.... 2 McLellan St pf A (6) 10s Mack Trucks (3).... Macy (RH) & Co(n3), Man ElevmE ....o00 Marine Mid (1.20)... Mathieson Alkalf (2) May Dept Strs (2%) . Mavtag Co. . Mexican Seaboard Mid Continent Petm. Midland Steel (3). Mo Kan & Texas.... Mo Kan & Tex pf (7) Missour} Pacific Missourl Pac pf (5). Monsanto Ch W(1%) Montgomery Ward. . Morrell & Co (4.40) Mother Lode Motor Meter G & El. Motor Wheel 1%) Mullins Mfg. . Murray Corp. . Myer (F E) & Br (2) Jash Motors (4). at Acme (80¢) .. Nat Bella Hess. ... Nat Biscult (2.80).. Nat Cash Register A. Nat Datry (2.60).... Nat Dist Prod (2) Nat Enam & Stamp Nat Pow & Lt (1)... Nat Steel (2)... 000 Nat Supply pf (T) Nevada Copper (1).. Newton Steel. i N Y Central (6)..... NYChi&StL(6).. N Y & Harlem (5)... N Y Investors N Y N H & Har! NYNH&H () N Y Ont & Western Noranda Mines. Norfolk & Southern. North Am Aviation.. Nor Am (b10% stk). North Amer of (3).. North Am Ed pf (6).. Northern Pacific (6). OhioOll........ Oliver Farm Equ Umnibus Corp. . Ouls Elevator (2%). Otis Steel . Otis Steel prpf (7). Pacine Gas & El (2). Pacific Lighting (3). 2 Pacific Tel & Tel (1) 1308 Packard Motor (40c) 26 Pan-Am Petrol B.... 1 Paramount Pub (4) Park & Tilford. P o 100 e o Uit PRSP N P ST N OO I T ereTeye] P Pathe Exchange A... Penick & Ford (1)... 4 Penney (J C) (2.40). & Cok Penn C Penn Dixie C Penn TR (4). eop Gas Ch (8). Fetrolm Cp of Amt1) Phil.Rend C & 1 3 OFFICES—$40! RECEPTION hall and two offices ... created from one .. . three at the price Here's the particular office bargain you want—in a building where tenancy is restricted to of one—$40! neighbors you'd want, also. Mahoganized, sound- insulating partitions built in for you. Lavatory, ice water. See this 3-room arrangement today and save rent! The WOODWARD BUILDING Fifteenth and H Streets, N.W. CARL G. ROSINSKI Realtor Leading Representative Phone Nat. 8040 Suite § SYATPE FIRST M'O'R T GAGE'S MANY OF OUR LOANS ARE ON NEW HOMES —which offer the very best se- curity to investors in our 6% FIRST MORTGAGES “There is nothing proble- matic about it. We conserva- tively appraise the property; and Over a Third of a Century 4 { entury the interest won't vary to the Without a maturity of the mortgage. Loss May be purchased in amounts from $250 up. Construction Loans in Any Amount WEAVEB .BRO REALTORS Washington Building Mortgage Loan Correspondent Metropolitan Life Insurance Company Loans made in the District of Columbia and nearby Maryland and Virginia. District 9486 Safe Profitable Convenient [ ] FIRST MORTGAGE NOTES Secured on homes and revenue producing properties in the Dis- trict of Columbia and adjacent Maryland suburbs. Permit us to offer our facilities for the placing of your in- vestment funds . . . May we tell you more of our present offer- B. F. SA UL CO. H. L. Rust Company 1001 Fifteeth St. National 8100 National 2100 925 15th St. N.W. O SUBSTITU ESTABLISHED 1889