Evening Star Newspaper, June 9, 1931, Page 13

FINANCIAL. THE EVENING STAR. WASHINGTON, D. ©,” TUESDAY, JUNE 9, 1931 FINANCIAL, - GROWTH OF TRUST ~ BUSINESS 1S RAPID Supervisor Carter Pictures| Expansion of Service in A. I, B. Address. BY EDWARD C. STONE. Aubrey B. Carter, trust department supervisor, office of the controller of the currency, gave & vivid picture of the amazing growth of trust departments, the grea® responsi- bility piaced on bank officers and directors in their management _and the poin's which bank examiners check most closcly in an address to- day before the Americar Inctitute of Banking at Pitts- burgh, according to dispatches received here. He said, in part The impressive growth of trust service in the banking | field is illustrated by considering the expansion in recent years of the fidy clary activities of banks in the national banking system. The passage of the Federal Reserve act made possible the ! further extension of corporate trust fa cilitles to practically every section of the Nation. “Since February 5, 1915, when the first permit under the Federal Reserve act was issued to a national bink, bun- | dreds of these institutions throughout | the Nation I availed themselves of this ortunity to render additional service to their communities, until at the close of the fiscil year, June 30, 1030, there were 2,472 national banks with' trust powers, whose banking re- gources aggregated $23.529,09%,073, which represented 34 per cent of the number of banks and 80 per cent of | the total banking resources of the 7.252 national banks in operation cn that date. Trust departments had been es- tablished by 1,829 of these banks, which were administering 79,912 ndividual trusts with trust assets aggregating $4.- 473.040.926 and. in adidtion, were ad- ministering 11,511 corporate trusts and | acting as trustees for outstanding note and bond issues aggregating $11,803,- 717,370 Further Growth Pictured. “The rapid strides which these banks have made in the trust field are em- phasized by considering the activities during 1930 with thcse of 1926. Com- pared with that year, these figures Tepresent an increase during the four- year pe of 446, or 22 per cent in number of national banks authorized exercise’ t powers; an_increase 725 66 per cent in the number s actively administering tru: an increase of 65,370, or 250 per cent, in the number of trusts being a ministered; an increase of $3.500,000.- 000 or 385 per cent in the volume of individual trust assets under adminis- traticn; an increase of $9.340,000,000, or 379 per cent in the volume of bond issues outstanding for which these stitutions were atting as trustees w! s earnings for the same period increased $14,510,000, or 176 per_cent. The record further shows that 1829 national bank trust departments in a decade have acquired for administra- tion a volume of individual and cor- porate business equal to one half of | the total resources developed by the banking departments of all mnaticnal | banks over a pericd of 67 years since the establishment of the system in 1863. | Banks Carefully Examined. ! “While the responsibility for the | conduct of the trust department rests| ultimately on the directors, the Con- troller of the currency is charged by law with the duty of appointing e aminers who shall make peri dicall & thorough examination of all the af- fairs of the bank and shall make &/ 01l and detailed report of the condi- | tion of the bank to the comptroller.’ Briefly stated, Mr. Carter added. the | duty placed upon the national bank ex- amining force in determining the char- acter of management of & trust depart- Tent involves the verification of the following items or ascertaining that the trust department is being operated in | such a manner that complete detafled | checks are unnecessary. ‘The items are: | 1. To see that all trust assets turned over to the trust department are intact. 3 That they are held by the bank a fiduciary capacity. 10 8 Tt the ieoms has been col- | Jected on income-producing assets of | the various tr 4. That it has -been properly d\s!rlb-l uted to the beneficiaries, or otherwise accounted for. | 5. That any distribution of principal has been properly made 6. That the income of the trust de- artment has been properly accounted | or. 7. That the assets of the trust de- partment reflect jawful and efficient management of the trusts committed to it 8. That Aubres B. Carter, y the to of of bani constructive recommenda- | tlons for correction accompany all ex- ceptions found by the examiner and set up in his report in such a mann that the bank’s supervisory authorities may be en: i to correct the exception | complained of. i Convention Reservations Speed Up. | Frederick H. Cox, chairman of the | ransportation Committee for the com ing convertion of the District Bankers' | Association at Hot Springs, Va., an- | nounces that reservation requests have been coming in very rapidly during the | past few days. Monday's morning mail | brought in & bunch of requests and | many more arrived today. The attend- | ance now promises to be much larger than the committee had anticipated. | As the Washington bankers leave here one week from tomorrow night the time for making reservations is getting some- What limited. The final notice regarding the con- vention has been sent out by F. P. H Siddons, general chairman, and con- tains detuils not included in other no- tices. ‘The heads of all committees were highly clated today over the outlook. Today's Trading on Exchange. shington on the W change today and $2,500 Washington ! Gas A bonds changed hands at 103.! City_and Suburban 5s changed hands | at 73 on a $1,000 The first stock sale’ was in Potomac | Electric Power 6 per cent preferred, at | 113, while two small sales in the 5! | per cent preferred were recorded at | 110%. Capital Traction appeared on the | board, three - 10-share lots changing | hands at 35'%. i Heard in Financial Distriet, | First tenants are moving into the new addition to the American Security & | Trust Co., on Fifteenth street. While many of the offices on upper floors have | been completed, it is not expected ; that the banking rooms on the street jevel will be ready until September 1 After that the present bank will be re- arranged to harmonize with the new bullding. David Friday, Washington economist, | predicts that before next January pro- | duction in this country will be 25 per cent higher than it was last January. | Income from dividends this year will be within 15 per cent of the biggest year we have had. 1929, he said. Busi- | ness is imoroving right now, he said. Sales of G. C. Murphy & Co. were up | over 9 per cent in May and are 18.6 per cent ahead in the first five months of the present year, compared with 1930, W 10334 Note—All stock are sold in o excepting those designated by the NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. which shows those stocks were sold in odd lots. ~Prev 1931~ | High. Low. 10615 2381y 1315 116 52'4 26 118% 13 Kly 112 41 157'% 102 195 23 1314 TRY 107 134 | 186% 21% 114 e 4 608, 081 1084 39% 60 L ki) Z;v. 52'% Gen Am Tank Car(4) Stock and Dividend Abraham 8t of (1). Adams Express (1).. 26 Adams Exp pf (6)... 208 Addressogr Co 1.40 1 Ahumada Lead. . 40 Tedyction (14%) b5 ka Juneau (40c) 202 Alleg Corp. .. 15 Alleg Cp $30 w 1 Allled Ch & Dye (n6) 168 Allls Chalmbers (2).. 21 Amerada Corp (2). 2 Am AgriChof Del... 3 Am Br Shoe (2 40)... 4 Am Br Sh & F pf (7). 208 Am Brown Bov Elec. 5 Am Br B E pt (1)... 1008 Am Can (16 Am Car & Fdry Am Furopean Secur., Am & For Power. ... Am & For Pw nf (8). Am Haw St'ship (1), Am Hide & Leath pf. Am Home Pr (4.20).. Am Internatfonal. Am Locomotive (1).. Am Locomot pf (1).. Am Mch & Fdy Am Metal Co. Am Pow & L oo AmP & L pf A st (5) Am Ra&Std San §0c. Am Republics. . . Am Rolling Mills. ... Am Safety Razor (5) Am Shipbuilding (5) Am Sm & Ref (4) . Am Solv & Chem pf. Am Stl Foundries(1) Am Steel Fdy pf (7). Am Sugar Ret (6)... Am Tel & Tel (9).... Am Tobacco (16) Am Tobacco B (16).. Am Tobacco pf (6) Am W Am Wat Wks cfs (3) Am Woolenpf...... Am Writ Paper etfs. Am Zinc Lead & Sm.. Anaconda Cop (1%).. Anaconda W & C (1). Anchor Cap (2.40) Archer Dantels M Armour of Del pf (7) Armour of Il B Armour of Il pf. Arnold Conatable Asso Apparel (32). Asso D G 16t pf (§) Atch To & 8 Fe (10). Atlantic Refining (1) Auburn Auto (£4). Austin Nichol Autosales. . . Aviation Coro af Dal Paldwin Locomotive Falto & Ohlo (5). Bang & Aroos (334). Parnet Leather pf... Rarnsdall (A) (1)... Reatrice Cream (4).. Beech-Nut Pkg (3).. Bendix Aviation (1). Rest & Co (2) Bethlehem St Bethlehem St pf (7). Blaw-Knox (1%4) Bohn Alum & Br 1% Booth Fisheries. Booth Fish 1st pf. Borden Co (k3)... Borg. Warner (1). Lrigks MIg (11%) Bklyn-Man Tr (4). Bklyn Union Gas (5) Bucyrus (1).. Bucyrus cv pf (2% Budd (EG) Mfg.. Budd Wheel (1). Bullard Co e . Bulova Wateh (1%). Bush Terminal (2%) Butterick Co. Bares— 108 14 85 19 % 82 19% 5% 2215 121 24 164 18% 2814 110 815 69 13 Calif Packing (2). Calumet & Arizona Calumet & Hecl; Camp W&C Fy(1). Canada Drv G A (3). “anadian Pacific 1% . © (J 1) (8)... “ase (J 1) pf (T). “aterpillar Trac (3). “avanaugh-Dobbs pf100s “elotex vic ctfs. 2 “elotex Co pf lent Aguirre As1%. “erro de Pasco(1.50) rtain-teed Prod. Cheeker Cab MfE. ... Ches & Ohio (2%)... Chesapeake Corp (3) Chl Great Western Chi Great West pf... Chi M1l St P & Pac. . Chi M1I StP& P pf.. Chi & Northwert (4) § Chi Pneu Tool pf Chi RT & Pac(m2%) ChiR1&Ppf6)... Chi R1& Pac pf (7). Chi Yellow Cab (3) Childs Co ¢2.40)..... Chrysler Corp (1) City Ice&Fuel (3. ) City Ico & F pf (834) City Stores. ........ Clark Equipment (2) Coca-Cola (1734)...0 Coca-Cola A (3) Collins & Alkman. Colo Fuel & Iron. Col Gas & El (2). Col Gas & El of A (6) Columbia Granh b6e. Col Grapho ¢t 6ec.. Columb Carbon (8).. Comecl Credit (2) 4 Comcl Cred 1st (634) 2 t 100 17 197 107 46 140% 6l 71 6% 18 9% 3 B4u 2 304 £0 92% 1314 25 3oy 49 8% Comel Cred nf B (2). Comm Inv Trust (2). Comm Solvents (1).. Comwlth&Sou (40¢c). Congoleum-Nairn, Consolldated Film. .. Consol Film pf (2).. Consol Gas N Y (4).. Con Gas of NY pf(5) Consol Textil Container B Contl Baking A Contl Baking B Contl Baking pf (8. ContlCan (2%)..... Contl Dia Fibre (1).. Contl Insur (3.40)... Contl Motors. . Contl Oll of Del Cont Shares Corn Prod ( Coty Inc Crex Carpet Crown C&S pf (2.70). Cructble Steel Cructble Steel nf (). Cuba Cane Prod..... Cuban-Amer Sugar.. Cudahy Packing (4) Curtis Publish (4) Curtis Publish pf (7) Curtlss Wright Corp Curtiss Wr Corpn A.. Cushman’s pf (1), Cutler Hammer-. .. Deere & Co pf (1.40). Drlaware & Hud (9)., Del Lacka & Wn (4). Detroft I2dison (8) Diamond Match. Dome Mines (1). Drug Corp (4)..., Dunont de Nem (4) Kastern Roll Milis. . Eastman Kodak (13) Eaton Axle (160)... Eitington-Schild Elec Auto Lite (§) Elec Boat. . Elec Pwr & Lt (1). Flec Pow & Lt pf (§) Elec Pow & Lt pt (7) Erie RR seesnen Erie RR 1st pf (4)... Fureka Vae Cleane: airbnks Mor: . Fashion Park Asso.. Fashion Park As pf. Fed Mot Truck (40c) Fed Wat Sv A (2.40). Firest T& R pf (6).. First Nat Strs (2%). Fisk Rubber . Florsheim Sh'A 13%. Foster Wheeler (2). Fourth Nat Invest Fox Film A (4) Freenort-Texas (3). Gamewell Co (5) Gardner Motor Gen Am Investors 51y 18 Gon ASphalt (Mesnes o 20 226 . 13 85 19 % 78 18% 5% 224 115% 24 16% 18% 56 946 hundred share lots etter s (80s) (2508), Prev. Add 00. High. Low. Close. Close. 108% 103% 103% 103% 1314 85 18% 13 81 191 51 100% 48 170% 105 1108 1307 1% T 41% 315 3415 82 9315 18 29% 64 16 4% 13 6 19 60% 50 % 24 281 244 16% | 250 | 4% 54 57% . ~Prev 1631 High. Low. L 25% 9% 65 b4% b6 814 6% 36% 50 48 103% a1 844 95 57w 151y 388, 51 9015 387 21% 94 RON, 123 45 35% 1913 5t 614 75 581% 317 Otis Elevator (2%). —_— 12 547 69% 264% 131% 1% % B0k % 2% 64 15% 4 46Y% 39% 29 64 260 85 80 10% 25% 5613 12y 12 16% 1% 4 Gimbel Bros bt Stock and Dividend Rat Gen Baking (2) Gen Bronze General Cable pf. Gen Klec (1.60). . Gen Focd Corp (3).. 28 Gen G & El A (e30c). 20 GenG&Elevpf (6). 1 Gen Ital Ed E1m2.61. 4 Gen Mills (3) 6 Gen Motors (3) 690 Gen Motors pf (5)... 4 Gef Pt Ink (2%)... 108 Gen Ry Signal (5)... 4 Gen Realty & Utll... o 2 Gen Refractories (4). 2 Gen Theater Equip.. 25 Gillette Saf Rasor... 99 Glllette Saf Rpt (6). 2 Gimbel Br ceeee 36 M. 10 ) ve 208 216 Glidden Ca, Glidden pr pf (7) Gobel (Adolf). Gold Dust (2%). 4 Goodrich (B F) 13 33% 11 5% C 4l 2 2 21% 74 39% 4% 1n 19'% i 13 38N, 131 16% 50 9 112 18 184 10 299 26 5815 18% 1115 38 100 118 25 o6 214 419 18 45% 5% 100 111 16% 139 8914 an 56% 3015 21% 7 2 3% 40 5% 38 434 15 116 5% 1 19% 2% 1 3 6 2% 28% 2814 11 424 183% 35 50 6 11 5214 6% 9 an » Goodrich B F p! 3 Goodyear Tire&R(3) Gotham Stlk Hostery Graham-Paige. . Granby Consol (2) Grand Sil 8trs (h1).. Grand Union..... Grand Union pf (3). . Granite City Steel(2) Grant (WT) (1)..es Grt North pf () Grt Nor Ore (2)..... Grt Western Sugar.. Grigsby Grunow. ... Gulf States Steel. ... Glulf St St 1stof (1) 10s Hahn Dept Stores. .. Harb Walk Ref (2).. Hartman Corp (A). Hartman Corp (B).. Hayes BodY........ Hershey Choc (5) .. Hersh Choc pt (15).. tiollander Sons. Homestake Min (7). Houdallle Hershey.. Houston Ol Houston Of1 (new).. Howe Sound (3)..... Hudson & Man (3%). Hudson Motor (1)... Hupn Motors. . Tlinois Central (4).. Indian Motor Cyel Indian Refining..... Indust Rayon (4)..e Ingersoll Rand (4).. Iniand Steel (2%) Inspiration Copper. . Insnranshares Del A Interb Rap Transit.. Interboro RT c.0.d4.. Interlake Iron (60c). Int Bus Mach (né) Int Carriers, Ltd 50¢ Int Cement (4 int Combustion. Int Comb Eng pf.... Int Harvester (23).. Int Harvester pf (7). Int Hydro E1 A (e2) Int Match pf (4)e.es Int Nickel (80¢), . Int Nick Can pf (7). Int Paper pf (T).... Int Pap & P of (T)... Int Rtys Cent Amer. . Int Int i Int Silver pt (7). Int Tel & Te®(2) Inter Dept Strs (2). Investors Equity . Johns-Manville (3).. 800 Jones & Laug pf (7). 30s iKans City Sou (5)... 2 Kayser (J) & Co (1), 3 Kelly-Spring Tire. .. Kelsey-Hayes Wheel Kelvinator Corp. Kendall Co pt (6 Kennecott Copper(1) Kinneg (GR)Co pf.. 1608 Kresze (SS) Co 1.60. Kreuger & T (al.60). Kroger Groc&Bak (1) P ) =2 RONWNNON®E s h e asaranne Lambert Co (8). .0 Lee Rubber & Tire. Leh Valley Coal. Leh Val Coal pf (3) Lehman Corp (3). Lehn & Fink (3) Liggett & M: Li~z & Myers B (16) Liquid Carbonic (3). Loew’s Inc (3)... Loft Inc Loose-Wiles (12.80). Lortilard (F) Co. .. LouG&EA (1%). Ludlnm 8 McCrory pf (6). Mclintyre Pore M MciKeesport TP t5% 143 McKesson & Rob (1) Mack Trucks (3).... Macy (RH) & Co(n3) Mad Sq Garden (60c) Manati Sugar....... Man Elevmg . Manhat Shirt (1). Marine Mid (1.20) Marlin-Rockwell Marmon Motor Car.. 2 Marshall Field (2%) 18 Mathieson Alkalf (2) 12 May Dept Strs (2%). 14 Maytag Copf (3).... 2 Maytag Co 1stpf (§) 2 Mexican Seaboard. .. 164 Mid Continent Petm.. 39 Midland Steel (3).... Midland Steel pf (8). Mo Kan & Texas.... Mo Kan & Tex of (1) Missouri Pacific Mohawk Carpet..... Montgomery Ward. . Morrell (J) & Co (3) Mother Lode. Motor Meter G & El. Motor Wheel (1).... Mullins Mfg Mullins M¥g pf (7 Munsing, Ine (2). Murray Corp. . sh “:otors (4). at Acme (80c) Nat Bella He: at Biseuit (2.80) Nat Cash Register A. 90 Nat Dalry (2.69).... 132 Nat Dept Store. 7 Sat Dept Strs 18t (4) . 608 Nat Dist Prod (2) 7 Nat Lead (5) 4 Nat Lead pf B ( 1008 Nat Pow & Lt (1).... 48 Nat Supply (4). Nat Surety (2) tTea (1). vada Copper (1).. Newton Steel. . N Y Central (6).. & Harlem (5) H & Hart (6) H & H pf (1) Ont & Western NY Steam pf (6),... 108 N Y Steam 1st pf (7) 108 Soranda Mines. 6 orf & West (+1 Norf & West pf (4). 608 14 2 110 208 N 5 N NY NY Y ¥ Nor Am (b109% st Northern Pacifie (6) Nor Ger Lloyd m2.56 Ohio O1l. Oliver Farm Equip Omnibus Corp. ..... Orpheum Cir pt (8).. 10B Pacific Coast 15t pf.. 108 Pacific Gas & El (2).. 18 Pacific Lighting (3). 7 Pacific Mill 208 Pacific Tel 1608 Packard Motor (40c). 31 Panhandle P& R. 8 Paramount-Pub 2% Parmelee Transport. Pathe Exchargs. ... Pathe Exchange A..: Patino Mines. Peerless Motor Penick & Ford (1). Penney (J C) (2.40) Penn Dixie Cmt pf..\ Penn RR (4).. Peop Gas Ch (8) Pere Marquette R: Pere Marg pf (5). Petrolm Cp of Am(1) Phelps Dodge (2)... Phila Co 6% pf (3). Phil Read C&I.. Philip Mor & Co (1) Phillips Petroleum Pierce Oil - B 3 meemEem Sales— Add 00. Hizh. Low. 19% 5% 28 18% SContinued on Pags A4 .. Close. 19 5% 28 3914 4% "N 27 116 22 2014 8 31 24% Prev. Close. 185 5% 28 404 4% L 57 28 37 8514 100 18 50% 3% 3¢ 3% 251, 72% | have been resumed during the first 4% 3615 ADVANCE IN STOCK MARKET CHECKED Selling During Afternoon Wipes Out Gains Scored " in Earlier Trading. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, June 9.—The advance in the stock market, which seemed to part of today's sessicn, was checked in the afternoon. Under fairly heavy offerings prices reacted, although holding well above Monday's lows. There was no real break save in the erratic Auburn Auto, however, and no large liquidation. Stocks met gocd demand on the de- cline. . It was not improvement in trade that was responsible for the buying of stocks. This was the criticism continually brought against the market today, as it has been ever since the recovery be- n a week ago. It was the theory on which the repeated attempts were made by traders to depress the list again. That there are numerous dividend re- ductions and omissions yet to come no one disputes. It is admitted that second quarter earnings statements will, gen- f"”y speaking, make unpleasant read- ng. ‘The defense is that the liquidation | which pressed down so heavily all through the month of May has been ! accomplished and that that source of | supply has dried up. It is also argued that it only needs now a few weeks of | rising prices for stocks to stimulate buying of goods by merchants who have been discouraged by the despair of Wall Street, as pictured in the mar- ket, and that it will be recovery in the market which will precede recovery in | trade. | The leader of the industrial group | today was Woolworth, active and | strong at a new high on the movement, ' reflecting the expectation that the suc- cessful new flnancing for the British fits for the shareholders of the Amer- ican company. Most of the distributive stocks were in good demand, including the mail order shares—Sears Roebuck | and Montgomery Ward. Macy & Co., at 78, was up 7 points from Monday's better feeling toward these stocks. | Even more remarkable was the strength in the oils, hard to account for on the basis of anything in the trade | outlook. Pacific Coast was not a sufficient ex- planation. Something may be allowed for the possibility of mergers under the new attitude of the Washington au- | thorities. but the main Influence was the realization also that these stocks have been sold to a standstill | Railroad _stocks acted surprisingly vell. The New York Central directors | meet tomorrow for dividend action, and it would not be surprising if the rate | were reduced. The stock sold off a couple of points in the first hour and then recovered the loss. ~Atchison and ! Union Pacific were strong, Baltimore & Ohio was higher, Pennslvania held up well despite the first quarter earnings and there was no important weakness anywhere In the carrier section. Established 1899 MONEY TO LOAN at 3'5% and 6% interest Before Placing or Renewl 1t and 2nd Trust Consult WELCH, Realtor Loan Speciall h & N. Y. Ave. N.W. ings & Trust Co. Blde.) National 4346 Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. NW. AMERICAN TRUST SHARES Bond-like regularity of in- come, with the growth of principal potentialities of Common Stocks KNAPP &7 CO., INC. INVESTMENT SECURITIES Washington Office \A @ Shoreham Building Phome Metropolitan 1522 Please send complete information. Name subsidiary would mean substantial bene- | | low and was another illustration of & | | Talk of higher prices on the | | $67,000,000 BANK MERGER RUMORED IN NEW YORK By the Associated Press. NEW YORK, June 9.—Discussions looking to a consolidation of Continental Bank & Trust Co. and International Trust Co., two important downtown New York banks having combined resources of more than $67.000,000, are under way, it was reported today. No ‘details were obtainable at the offices of either bank. . Continental Bank & Trust, at one time known as the German-American Bank, was reorganized in 1929 when its captinl was raised from $2,000,000 to $6,000,000. It has no branches. International Trust was organized in 1927 as the International Germanic Trust Co. and through consolidations and otherwise has built up a chain of six branch offices in varfous sections of the city. Both banks, particularly Continental, do a considerable volume of Wall Street business. ‘The Continental’s condition statement as of March 31 last showed resources of $47,580,598 and deposits of $24,126,261. ‘The statement of International as of | March 25 last listed resources as $20,- 718,162, and deposits of $8356,869. . T POTATO MARKET. CHICAGO. June 9 () (United States Department of Agriculture).— | Potatoes—Receipts, 109 cars; on track, 265 cars: total U. S. shipments, 540; new stock steady: trading fair; sacked, per hundredweight, Louisiana Bliss Triumphs, No. 1, 1.50a1.65; 1.50a1.55;" poorly graded, Cobblers, 1.60a1.75; Texas, Alabama Bliss Triumphs, No. 1, 145a1.55; oc~ casional car shade higher; Mississippi, 1.50a1.55; poor quality, 1.30 up; North Carolina, barrel, Irish Cobblers, 2.50a 2.65: few sales fine quality, 2.75a2.85; ordinary, 2.25a2.35. 1.30a1.45; W Broker's Office Spacious room, high eeil- ing. mezzanine, on first floor, facing entrance of building, 1415 H St. NW. Unexcelled location. Attractive rental, 2 School or Institution Entire fourth floor, 1415 H St. N.W. containing over 6,000 square feet; unusual light and air, lowest possible rent. Complete information and blue prints from § WALTER HERMANN Real Estate 1415 H Street N.W. Telephone National 4493. 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Me. 3860 Washington Stock Exchange New York Ourb Exchange New York Cotton Exchange New York Produce Exchang §, ¥ Goffee & Susar Exchange. Inc. ew York Cocoa Exchange. Inc STOCKS BONDS DIRECT PRIVATE WIRES Used Hupmobiles That Look and Run Like New MOTT MOTORS, Inc. 1520 14th St. N.W. F. B. KEECH & COMPANY Members of New York Stock Exchange Chicago Stock Exchange Chicago Board of Trads Liverpool Cotton Association. Ltd New Orleans Cotton Exchange Winnipeg Grain Exchi Rubber Exchange of N. ¢ New York Hide Exc) Minneapolis Chamber of Commerce National Metal Exchange, Inc. Bremen Cotton Exchange (Assoc. Members) I3 nge. Inc. COMMODITIES We are equipped to handle promptly orders on the leading exchanges of the world. M CORNER 17TH ST., N. 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Rust Company 1001 15th Street Nat'l. 8100 One Day’s Purchases $360.000 ‘Those who all along believed that America was not to be given back to the Indians are today profiting from the senseless fear that drove secur- ities representing the very best in America to decidedly bargain levels. On June 3rd they purchased over $360,000 worth of shares in Massa- chusetts Investors Trust on the basis of sound security of principal, assured income and the opportunity of apprecia- tion from approximately 140 carefully chosen American securities—the very backbone of the country. At today’s prices this sound investment yields :;c;:u about 5% in cash and 2% in stock. Price at the market Send for ““Prosperity on the Bargain Counter” which describes present opportunities and gives details of the Trust. A. S. GOULDEN & CO. Inc. Woodward Bldg., Washington, D. C. Mascachusetis Investors Irust —————— e e e e —— NAME ... ciicitrceanmrvrossenescssssssccsssrscsssssces obon ADDRESS.... {