Evening Star Newspaper, May 15, 1931, Page 13

FINANCIAL. FINANCIAL, * DOOLEY ELECTED INSTITUTE HEAD THE EVENING STAR, WASHIN 1931. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. - TON, D. C., FRIDAY, MAY 15, STOCKS CONTINUE DOWNWARD PLUNGE = Market Beset by Both Forced 78 cents & year ago. American Tele: phone was heavy. Some of today's selll hlve cotm fmm ‘This was r-lonllorthcvukmulnm Stock and Sates— Dividend Rate. _Add 00. High. Eastman Kodak (18) 121 Eaton Axle (1.60). Eitington-Schild, l Eitington-Schild p: 1 Prev. Low. Olose. Close. 149% 151% 154 12% 121 13 T BT% (s acagnated by o- Jotter s (80n) (2500), oo Tem shews those Mn ‘were sold 21% ~Prev 1931« h. Low. ith little or no Note—All stock are hundred share lots Prev. 1931 (cowr ht, 1931.) Prev. Stock an¢ Ba n— Add 00. High. Low. Close. Close. Dividend Rate. Washington Chapter Holds|™ % Spirited Election—Other [ Local Financial Notes. ? BY EDWARD C. STONE. Aubrey O. Dooley, assistant trust offi- cer of the Federal-American National Bank & Trust Co., was elected president of Washington Chapter, American In- stitue of Banking, at the annual elec- fion held in the chapter rooms last night. Richard A. Norris of the Lin- coln Natonal Bank { was elected first vice president, and Robert H. Lacey of the Columbia Na- tional Bank sec- snd wee president. Rose L. Royce of the Washington Loan & Trust Co. & s elected secre- tary. In the contests, ‘Walton L. Sander- son, Federal-Amer- jcan National Bank & Trust Co., was elected treasurer over Henry F. Kimball, American Security & Trust Co., and Miss Constance Fogle, Riggs National Bank, was elected assistant secretary over Miss Christine Haggerty, Union Trust Co, J. Earle McGeary, W. B. Hibbs & Co., defeated Kenneth Birg- feld, Riggs National Bank, for the office of chief consul. On Board of Governors. Miss Anna P. Crawford, McLachlen Banking Corporation; Robert E. Lee, Lincoln National Bank; Alfrew W. § Sherman, American Security & Trust Co., and Robert A. Sisson, Washington Savings Bank, were elected to the board of governors for two years and Norman E. Towson, Washington Loan & Trust Co., for one. Frank M. Perley, American Security & Trust Co., retiring president, auto- matically becomes a member of the Govemors for three years, Riggs National Bank; Robert H. l.ncy William G. Winstead, National Metropolitan Bank; John M. DeMarco, Seventh Street Savings Bank, and Henry F. Kimball retire from the board. Miss S, Winifred Burwell, Na- tional Metropolitan Bank; Robert C. Whitton, mz Nationial Bank of Alex- Va.; A. E. Henze, W. B. Hibbs ‘& Co T. Hunton Leith, Security Sav- ings & Commercial Bank, and James A. Soper, Lincoln National Bank, hold over, Aubrey O. Dooley. President Active in Chapter. ‘The new president of the local A. I. B. organization entered the banking pro{esulon in un with the Commer- cial National Bank. Mr. Dooley is a native of Virginia and, after graduating from high school, did secretarial work for some time. During the war he served with the American forces in Prlnce After the war he studied law d graduated from the Georgetown IAw School and from National Univer- Pretldenc Dooley is & member of Virginia bar, a former editor of the chapter publication, “Dollars and Sense,” and & member of the Board of Governors of the chapter. He was made assistant trust officer of the Commercial National Bank in 1927 and became assistant trust officer of the Federal-American National Bank & Trust Co. in 1929. There were some very lively con- tests for some of the offices. The closest contest was that for treasurer, there being but seven votes difference. Safe Deposit Company Dissolves. ‘The - Washington Safe Deposit Co., Inc, located at 916-18 Pennsylvania avenue northwest, which recently voted to dissolve, is now paying the stock- holders in the amount of $100 per share. A recent letter to the stockholders of the Washington Safe Deposit Co. called attention to the fact that the United States, by condemnation, has taken the real estate of the firm which is included in the Government's big building proj- 'l 64% 102 84 85 21% 3% 66 1% 684 102% 138% 11% 31% 1us l!‘i 108’& 1% 201% 128% 132% 80% 11% 39% 8% 40% 3% 36 18 102 113% 14% 111 62 4 5 Abitibl Pow & le .’: 5 B4 5% Adv Rumley (new).. Afr Reduction (t4%) 36 Alaska Juneau (40¢c) 462 Allis Chalmbers (2). 15 Amerada Corp (3)... 43 Am Agri Ch of Del. . 2 Am Bank Note (13).. Am Br Shoe (2.40)... Am Brown Bov Elec. Am Br B Epf (7). * Am Car h,‘dry (l) . Am Chain2). Am Chain pt (7). Am Chicle (13) Am Colortypé (1. Am Comcl Alcohol, Am Encaustic (1)... Am European Secur. Am & For Power. Am & For Pw pf (6 Am & For Pow 24 Am Hawaitan S8, o Am Locomotive (1).. Am Locomot pf (7).. Am Mch & Fdy 1.40.. tal Am News (13%) Am Pow & Lt (21)... Am Pow & Lt pf (6). AmP&LtpfA (4).. Am P &L of A st (5) Am Ra&Std San 60c.. Am Rolling Mills. ... Am Safety Razor (5) Am Sm & R 24 pf (O) Am Sm & Ref pf (1 s Smwon Am Stores (12%) Am Su, ef (5)... Am Sumatra Tob.... Am Tel & Tel (9).... Am Tobacco (16) Am Tobacco B (16).. Am Water Wks (3) Am Woole Am Woolen pf. Am @inc Lead & Sm.. Am Zinc & Lead pf. Anaconda Cop (ufi Anchor Cap (2.40) » BaBaon~ Dry % Atch To & 8 Fe (10) . ‘Atch To&S Fe pf (5). Atl Gulf & West Ind. At] Gulf & W 1 pt (5) Atlantic Refining (1) 17 Atlas Stores (1). Atlas Tack. Auburn Auto (f4). 1% Austin Nichols. 3 15% % Barnsdall ( Eflt Bklyn Man Tr pf (6). 129% 103 Bkiyn Union Gas (5) 3% Budd (EG) Mfg. 7% Budd Wheel (1). 9% Bulova 21% Burroug Aviation Corv af Dal_ Baldwin Loco (1%). Baldwin Loco pf (7).110s Balto & Oblo (5).... 66 m:tm-oo- . ;1) 10 ) (1)eee Beatrics Cr oF (1. Beech-Nut Pkg (3) Belding-Hemingway Bendix Aviation (1). Bethlehem Steel (). Bethlehem 8t pf (7). Blaw-Knox (1%) Bloomingdale pf (7). Bohn Alum & Br1%. Bucyrus (1). ch (1 14% 89 114 v 4 % Elec Auto Lite (6)..: 60 Elec Boat. .. v 10 Elec Pwr & Lt (1)... 277 Elec Pow & Ltpf (6) 2 Elec Pow & Lt pf (1) 1 4 Elec Stor Bat (5).... 1 Elk Horn Coal 4 Endicott-John pt (1) l 4 1 Eq Office Bldg (2%). 7 Erie RR....c00 28 Erie RR 1st pf (4) 1 Evans Auto Produets ™ 2 14 Fairbanks Co pf..... 108 Fairbanks M pf (7).. 2 Fed Wat Sv A (2.4 Federated Dept Strs. 4 Fid Ph Fire In (2.60) 13 4 Filene's pf (6%).... 708 Firest T& RDf (6).. 9 First Nat Strs (2%). 4 Fisk Rubber Fisk Rub 1st pf cv Florsheim Sh A 1% Follansbee Bros. ... . Fourth Nat Invest. . 4 Foster Wheeler (2). Fox Film A (4)... Frank Simon pf (7) Freeport-Texas (3).. 1 Fuller Co 2d pf 46.77. 208 GabrielCoA... 6 Gamewell Co (5). Gardner Motor... 1 Gen AmInv pf (6)... 2 Gen Am Tank Car(4) 27 Gen Asphalt (3) Gen Baking (2 Gen Cable... Gen Cable pf (7) Gen Clgar (4). Gen Elec (1.60). - Gen Elec spec (60c) . Gen Foed Corp (3). GenG&EI A Leloc) Gen Mills (3). Gen Motors (3). Gen Motors pf (5 4 Gen Outdoor Adv. Gen Out Adv A (4). Gon Ptg Ink (234) Gen Pub Sv b6 % stk. Gen Realty & Utll... Gen Refractories (4) Gen Stl Castgs pf(8) Gen Theater Equip.. Gillette Saf Rasgor.. Gillette Saf R pf (5). Gimbel Bros. seeee Glidden C». . Gliaden pr pf (7). Gobel (Adolf) Gold Dust (2% Goodrich (B F). Goodyear Tire&! Goodyear 1st nf (T).. Gotham S H pt (7).. Graham-Pais: Granby Consol Grand 1l Strs (h1).. Grand Unfon Grand Union pf (3). Granite City 8t (3).. Grant (WT) (1). Gulf States Steel. 5% Hahn Dept Stor 53% 954 24 26 111 [ 5 Harb Walk Ref (2). Hartman Corp (B).. Hayes Body Hawaiian Pineap (2)100s Hercules Pow pf (7). 108 Hershey Choe (6)... Hersh Choc of (15). Hollander Sons. Houdaille Hershey. . Household Fin pt (4) Houston Ofl. Houston Ol Hudson Motor (1) Hupn Motors “1llinois Cen Iliinois Cent pf (6).. Indian Motor Cyel Indian Refining. Indust Rayon (4 Ingersoll Rand (4 4 Inspiration Copper. % Insuranshar Del 40c. 6% Insur Shrs Md(40c)., Interb Rap Transit.. Int Agricultural Int Bus Mach (n6).. Int Carriers (3734¢). Int Cement (4). Int Combustion, Int Harvester (2%).. Int Harvester pf (7). Int Hydro E1 A (e2). Int Match pf (4). Int Mer Marine (1).. Int Nickel (80¢)..... 41 Int Nick Can pf (7) 48 3 42% 94 94 103% 103% 55 65 Y lnz‘n 1024 59 51 % 1% 24 104 26% 36% 16% 70% U\'a I“‘A 11% 49% b4 42 39% 11% 50% 54 42 40% “ 101% 101% ™% 18% % | vania, Southern Pacific, Great Northern and Voluntary Liquida- tion. BY GEORGE T. HUGHES. Special Dispatch to The Sta: NEW YORK, May 15.—Further pres- sure on the railway shares and another new low for U. 8. Steel brought selling into the industrials and a fresh decline in the stock market today. Industrials and the utilities made the best resist- ance, but that was about all that could be said in favor of the market. It was beset by liquidation, forced and volun- tary. Again it was the weakness In the rails that made the greatest impression. ‘The difficulties of the carriers are so well known that they need no reitera- tion here. The Street heard of many plans to rescue them from keir perilous position, but none of these was rea: suring enough to stem the tide of sell- ing. New lows were made by almost every active railroad stock. To name a few, Baltimore & Ohio, Atchison, Delaware & Hudson, New York Central, Pennsyl- preferred and Northern Pacific sold at lower prices than any yet seen in the | bear market. Undoubtedly many of | them reached bargain levels, from the longer-range outlook, but dividend re- ductions -in prospect and refinancing | problems loomed too large in the eyes | of the traders to bring about any real support. United States Steel came within hall- ing distance of the $100 per share price that had been predicted for it by the bear element. Before noon it had sold under 103, off over 3 points on the day and with no semblance of rallying pow- er. It is a little early to talk about what the directors will do on the next dividend, but the market action of the stock was eloquent as to Wall Street’s feelings on the subject. General Motors came in for its share of attention from operators for the de- cline. The stock sold today “ex” the quarterly dividend, but even taking that into account it was down sharply. In- terests in the industry continued to ex- press confidence and today’s downward movement was plainly the work of a coterie of short sellers. Corn Products was again a weak member of the food group. New lows among the cils were made by Texas Cor- poration and by Prairie Oll & Gas. The latter omitted the quarterly dividend of 50 cents a share due at this time. The Standard Oil of New Jersey report, made public over night, showing a defl- cit after dividends, seemed to have been well discounted in the price. Better resistance was made by a few selective issues, most of them indus- trials in which there was already a large short interest. Westinghouse Elec- tric and J. I. Case held up well, as did American Can, United Aircraft received fair support, Auburn Auto recovered after its downward plunge of more than 30 points on Thursday, but the gain was insignificant compared with the previous decline. Utilitles were irregu- larly lower. Selling in Columbia Gas resulted from the first quarter state- ment showing 64 cean a _share l!llns! Money to Loan Secured by first deed of trust Prevailin, Joseph I REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Avplieations _ invited on riments an |. y on well loc: for 3, 5 or 10 years, if 1520 K St. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. real estate interest and commissios 420 . eller &1L & Tyt EARNINGS INCREASE MINNEAPOLIS, May 15 (Special).— Assets of Investors Syndicate of Minne- apolis are increasing at the rate of $653,920 a month and totaled $41,425,797 as of April 30, 1931, according to E. M. Richardson, treasurer of the company. Gain of assets during April was $700015, compared with an average monthly increase since January of $653,020. During the first four months of 1931, he said, the company’s assets have increased $2,615681 from $38,- 810,115 as of December 31, 1930. Buys Chemical Company. . NEW YORK, May 15 (#).—Colgate- Palmolive-Peet Co. has purchased for $3,000,000 the Omega Chemical Co. of New York, which controls Omega, Ltd., of London, Societe Cadum of France and Societe Cadum Belge. Improve Window Shades. NEW YORK, May 15 (#).—An oppor- tunity for increased business on window shades is seen by manufacturers in the present vogue for colorful window drapes, according to opinions expressed by members at a_meeting of the Win. l-lblrrll Allowlnc. on.Your Ol 13436 14th ST. C l'rvl.o—c A Friendly Service for Over Forty Years Officers of the National Per- Mmanent know most of our members 'and. their problems personally. The human_ ele- ment that enters into trans- actions at this Institution are symbolic of the spirit of friendliness and democracy practiced by the manageme: Open Daily, 9 to § Saturdays Until Noon NAtional 1381 lllll.Dll ASSOCIATION 249 NINTH ST.. NW. I0ER_SUPERVISION OF U.3.7I The Maximum of Safety and Earning Power Is Th Roll To Walnut , . . Mahogany . . . Oak. At sub- stantial reductions in a stock-reducing sale, Close-out Prices on Excess Filing Equipment BUSINESS FURNITURE—FOURTH FLOOR REAR B. Moses & Sons W Over a Third E have plenty funds for loans 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, 5%% INTEREST BOSS and PHELPS osms an Corress W Jonn Hancock Mutuat Life insurance Co. ree Banker’s Desks In Solid Walnut and Forty.Other Desks and Safes F St. at Eleventh YOU'LL HAVE NO INVESTMENT WORRIES —over the money you put into our 6% FIRST MORTGAGES There it is safely secured by trust on conservatively appraised improved Washington real estate— Offered in These LOANS of & returned to you intact at maturity. “lmeorhaku First Mortgage Securities Guaranty First Mort- 6 0 eec Securities that 6% ON IMPROVED DISTRICT OF Meanwhile it’ll be earning 6% regu- COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Now Open For Subsecription James E. Connelly James F. Shea President Secretary 17 Bush Terminal (2%) 95% Bush T Bldg pf (7).. 20 12'% Butterick Co. Century Without a ect area and asked the company to sur- render possession immediately. ‘The directors gave the matter careful consideration and believed unanimously 4 that it was for the benefit of the stock- holders to dissolve the concern.' At a special meeting of the stockholders on April 2 it was voted by 978 shares of the 1200 outstanding, all the shares Tepresented at the meeting, to dissolve the company. The directors were au- thorized to wind up the company's af- fairs, liquidate its assets and make dis- Int Paper pf (7).. Int Paper & Pow A. Int Paper & Pow C Int Pap & P of (1) Int Print Ink pf ( % Int Salt (3). Int Shoe (3) Int Silver.... Int Silver pt (1) Int Tel & Tel (2). Inter D St pf xw (7). 108 Investors Equity. Island Cr Coal (4) .. larly—and without variation. F3 ETEE R May be purchased in amounts from $250 up—upon our convenient Partial Payment Plan if you wish. are sponsored and guaranteed by this corporation are a safe and sure method of accumulating a steady income apd offer an attractive, unvarying yield of 6 per cent in- Notice to Subscribers 26% tribution among the stockholders. The directors are paying $100 per share to the stockholders of record as fast as the certificates are presented. A later distribution of funds will be made as soon as full liquidation is completed, 1 1931 taxes pald, etc. The pay- ments are being made at the company’s office. The company has been in bus- iness many years. The president is George Spransy; Watson F. Clark is vice president 'and Erskine Gordon, secretary and treasurer. Today's Trading on Exchange. Both type stocks were active on the | Washington Stock Exchange today. | Lanston Monotype opened at 99% and | closed at 98. Mergenthaler Linotype figured in several small lot sales at 80. Capital Traction again sold at 34 Riggs Naticnal Bank stock changed | hands at 375 and quite @ little inter- est was manifested in the bond division. Fernando Cunibert, chairman of the board the International Exchange Bank, who will sail for Europe May 22, | entertained officers and directors of the bank at dinner at his home last night | following a meeting ¢f the board of | girectors. President Joseph Schiavone, on behalf of the board and the bank | officers, pres the chairman with a | d bag and wished him | There were about 20| present Cieaned In Financial District. The board of directors of the Mc- J lachlen Banking Corporation yesterday presented the president, Lanier P. Mc- Lachlen, with a handsome loving cup especially in honor of his service as| president of the District Bankers' As- | sociation during the past year. The gift | conveyed the esteem and affection of the members of the board and also| showed their pride in having one of their officlals at head of the bank- n. The names of the di- n‘x«md on the gift. | b: ong connected | 2 arriman & Co., | rd the Isle de France today w York for Paris. He will \lke‘ a -ImrLJ\.uwlmn returning to Washing- | in Jun 00,000 in Treasury bills has oversubscribed. ict of Columbia Life Under- Association will hold a special | me g in the Board of Trade rooms | in The Star Building Monday nopn to| elect three new dxrccwu CASH POSX[TIONS IIERROVE. NEW YORK, May 15 (#).—Th b Jity cf most large industrial corpora- - tions’ t> maintain and even increase their cosh positions during a business | c on as serious as the present one ! i" ¢ unique experience in the annals| f American’ industry, a survey by fogs ard Statistics Co. says. Total cas and equivalent of 310 industrial corporations for which comparable rec- ords are avalable for the past four years amounted, at the close of 1930, to $1.789,000,000, an increase of 3 per cent over the aggregate balance sheet items of December 31, 1929, and 145 ‘per cent over the condition in 1927, 23 22 124 13% 4 Comm Solvents (1).. 8 118% 20 Caterpillar Trac (3). Cava bb Celanese Corp. Cent Aguirre A l" . Century Rib Mill: Cent R Mills pf (7).. i Cerro de Pasco(1.50) Certain-teed Prod. .. Chi MiISt P& P .. Chi & Northwest (4) Chi Pneu Tool. Chi R 1 & Pacifi Chickasha Cotton Oil Childs Co (2.40). Chrysler Corp (1). City Store: Coca-Cola (+73%) Coca-Cola A (3)... Colgate-Pal-P (334). Colg-Palm P pf (8).. Collins & Atkman. Collins & Atk pt (7)., Colonial Beacon. Colo Fuel & Iron Col Gas & El (2). Col Gas & Ei pf A (6) Columbia Graph 56c. Columb Carbon (5) Comel Credit (2) Comel Credit A ¢ 2 Comcl Cred 1st (6%4) 20s Comm Inv Trust (2), 4 25 Comwlth&Sou (40¢). 199 Cmwith & Sou pt (6) 8 Congole: Consol Ciy Consol Film pf (2) Consol Gas N Y (4). Con Gas of NY p£(5) Consol Laundri Consol RR C pf (6).. Container Corp (A).. Contalner B, Contl Baking A Contl Baking pf (8). Contl Can (24)..... 1 4 Contl Dia Fibre (1).. 4 Contl Insur (3.40) Contl Motors Contl Ol of Cont Shar Corn Prod (1334 Corn Prod pt (1) Coty Ine. 1 322 Crucible iuol ‘of (l) 30. Cuba RR pf (6)..... 208 Cuban-Amer Sugar. . Cudaby Packing (4). Curtis Publish (4) Curtiss Wright Corp Curtiss Wr Corp A.. Cutler Hamnier. tmvison Chemical. .. Deere & Co pt (1.40). D laware & Hud (9). Del Lacka & Wn (4). Denver & RG W pf.. Diamond Match..... Dome Mines (1). Domn Stores (L!O)-. Dfll(Cm (l). Dupont Du P de Ndab -l 4l) 7 Eastern Roll Mills, 3 . 326 844 1121 24% 315 26 29% 15% 60 31% 70 1021 128 % 8% 16 29% 104 27% 8% 124 10 20 19% T6'% Lambert hx)xer J) &Co (1). Kelly-Spring Tire. .. Kelly-Spr T 8% pf.. Kelsey Hayes (2) 1% 9% 8% Kendal! Co pf (6) Kennecott Cop (2) Kinney ( {resge (s H) Co (§1).. Kreuger & T (a1.60). Kroger Groc&Bak(1) 10’ Co (8). Leh Val Coal pf (l).. Leh Valley (2%).... Lehman Corp (3). Lib Ow Ford Glas Liggett & Myer (15). Li~g & Myers B (15) Lima Lodbmot (m2). Liquid Carbonie (3) Loew’s Inc (3) Loew’s Inc pf Loft Inc. Loose-Wii Lorlilard (F) Co.. 0% Lortllard (P) pf (7). 1% Loutsiana Oil. . LouG&EA 41\) 5 McCall Corp (2%). McCrory B (2)..... McCrory pf (6). McKeespt Tin P(15). McKesson & Rob ¢1) 3 McLellan Stores.... . McLellan St pf A (6) 20 Mack Trucks (3). Macy (RH) & Co(nd), Magma Copper (2).. 1 Man Elevm g Marine Mid . Market St R; Marmon Motor Car. . Marshall Fleld (2%) athieson Alkall (2) May Dept Strs (2%). Mengei Co Mexican Seaboard Miami Copper ... Mid Continent Pelm. Midland Steel (3)... Midland Steel pf ( Minn Mcline Pow Mo Kan & 310 Kan & Tex pf (1) Missouri Pacific..... Missouri Pac pf (6). 15 Monsanto Ch W(1%) 1 Montgomery w.ra‘. Mother Lode. ..... Motor Meter G & El. Motor Products (2).. Motor Wheel (1)...+ Mullins Mfg. .. 3 Mullins Mfg pf (7).. 10 % Murray Corp. . i Mver (F B & Br (2} 4 Nash M 5 (4). % Nat Acme (80¢) % Nat Belia Hess Biscuit (2.80).. 19% Nat Enam & Stamp (Continued on Page 14), 202 8 1 s 3 9 4 434 4615 118 120% 120% 120% 120% 12% 1% 12 12% 6% in Apartment Houses e Subscribers wishing the carrier boy to knock on the door when delivering The Star will please tele- ‘phone circulation depart- ment, National 5000—and instructions will be given for this service to start at once. onthly Paymes send" o BooRiet! REALESTATE s if Desired CORPDRATION 1610 K St. ‘N.W. National 1403 g E HE necessary preliminaries following an appli- E cation for a FJRST TRUST LOAN will have our very prompt attention—with assurance the necessary funds are immediately available upon Applications solicited for residential, apartment house, office building and business Maryland and Virginia, for 3, 5 or 10 5]/2% year periods—and at the low rate of MORTGAGE LoAN CORRESPONDENT approval. properties, in Washington or nearby RANDALL H. HAGNER & COMPANY 1321 Connecticut Ave. Decatur 3600. j Equltable -Oéefatl Blg Ass'n Organized 1879 51st YEAR COMPLETED JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary Subscription for the 101st Issue of Stock Being Received Do You Desire a Loan —on Real Estate s or to Take Up First Mortgage? THOSE desiring money fo purchase a home, re- finance’ present indebtedness or improve property should consult us. Applications will receive prompt and courteous attention. Loans Repayable Monthly No Brokerage . .. No Commissions 915 F ST. N.W. rstn il L T T T vy Denominallonfl as Jow as $100 he Success Plan” | MORTGAGE & GUARARTY P R L R T Money Available for Mortgage Loans ! T LTI R LR =B e B. F. SAUL C0O National 2100 925 15th St. N.W. FOR SAFETY May 14, 1931 To the Holders of 5% Gold Debentures, Series A, due September 1, 1953, and 6% Cumulative Preferred Stock of Rochester Central Power Corporation: ‘We wish to remind you that the period for depos- iting your securities for exchange for our Convertible Gold Debentures and $6 Dividend Series Pre- ferred Stock, respectively, pursuant to our offers of January 16, 1931, will expire at the elose of business on May 18th, and to advise you that such period will not be further extended. The total amount of Deben- tures not yet deposited is less than 33%, and the corresponding figure for the preferred stock less than 15%, of the entire amount of such securities origin- ally outstanding. Any holder who wishes to make the exchange and deposit his securities with The Chase National Bank of the City of New York, Depositary, but is unable to make such deposit before the offer so ‘éxpires, should notify Associated Gas & Electric Securities Co., 61 Broadway, New York City, to that effect on or before May 18, since the exact amount of our securities to be delivered on the exchange must be ascertained not later than such date. As you have previously been advised, the above mentioned offers have been approved by the bankers who originally offered such securities .of Rochester Central Power Corporation, namely, Manufacturers Trust Company, W, C. Langley & Co. and Bonbrlzht & Company, Incorporated. Very truly yours, "AssociATED Gas AND ErrcTric COMPANY,