Evening Star Newspaper, July 14, 1931, Page 13

FINANCIAL THE EVENING STAR, WASHINGTO! FOX AGAIN HEADS | INSURANCE FIRM WITH STOCKS DOWN Washington Stock New York Curb Exchange few York jew York L Gote Note—All stocks are soid In ome hundred share lots [ cPrev. 1931~ Stoek a Sales— High. Low. Dividend Mtt. Add 00. High. Low. Close. excepting those designated by the letter s (80s) (2300), 8. 41 FiewNatSts 3%). 12 634 53 m&? W ~Prev. 1931~ Stock and % % Fisk Rubber.... Dividend Rate. Fisk Rubber 18¢ pf.. National Union Fire Insur- ance Co. Re-Elects Presi- .« dent for 30th Time. " BY EDWARD C. STONE. Albert F. Fox was re-clected presi- dent of the National Union Fire Insur- ance Co. of Washington for the thir- jeth consecutive vear, at the annual ;neennx of the stockhold:rs held late yesterday. The following fllrec!ors were chosen for the ensuing v Charles R. Brown, Floyd E. Davis, Albert P. Fox, C. E. Gallihcr, J. Leo Kolb, John B. Larner, Walter 8. Pratt, jr. John Saul. Fritz L.'Sandoz and James P. Schick. The board subsequently organized by the selsction of the following officers: Albert F. Fox, presid-nt: John B. Lar- ner, vice president: Walter S. Pratt, vice president; William H. ‘Somerville, secrotary, and Willlam H. Marbury, as- sistant secr-tary. The charter of the company bears the | signatures of Abraham Lincoln and William H. Seward, having been organ- ized in 1865. Six Months' Phone Net $4.89. The large number of local stockhold- ers the "American Telephone & TFlcfl'rlph Co. today were receiving the following comparisons of earnings the first six months of 1931 and 1930, net earnings for the first half of this ar being $4.89, against $5.72 in the ke 1930 DPHDH mos_ending *6 mos. ending | e 0, 1936, ~ Juime 30, 1931, anines o s Ditidends - RIS CBBIRLN Telephone op- ‘efating reve- nues ¢ 56,396,841.17 Miscellaneous revenues .. 58,189,585.95 787.677.75 Total B Expenses. inciud- ing taxes..... 45, Net earnings Deduct interest Net incor Deauct @ividen Balance . Net income per 1572 24.89 3lbject " 1o minor changes when fnal figures for June are available. Security Loans Off $78,000,000. The Federal Reserve Board's condi- tion statement of weekly reporting member banks in leading cities on July 8 shows a decrease for the week of $55,000,000 in loans, offset by an in- crease of $56,000,000 in investments, also decreases of $84,000.000 in net de- mand deposits and $38,000,000 in Gov- ernment deposits, and an increase of $18,000,000 in borrowings from Federal Reserve banks. Time deposits show little change for the week. Loans on securities declined $58.- 000,000 at reporting banks in the New York district, $8.000.000 in the Boston district and $78,000,000 at all reporting banks. “All other” loans increased $15.000,000 in the Boston district. $8.000,000 each in the New York and Chicago districts and $23,000,000 at all reporting banks. Capital Traction Gains Point. Capital Traction stock gained a full point on the Washington Stock Ex- change today, meking & new high on the present move. Trading was very light. The stock closed at 37 yesterday, opened today at 3734 on & 10-share transfer and closed at 38 on amother sale of 10 shares, Bonds were in best demand on the local exchange today, the market open- ing with a $6,000 rale and a $4,000 sale in Washington Railway & Electric 4s at 911y, W’-thmmnn Ges Light 6s came out at 1017 for a baby bond. while a $1,000 Wothington Ges 6, series B, came out at 106%,. Barber & Ross 6.8 sold to the $1,000 at 80. Potomac Electric Power 6 per cent preferred stock figured in two moderate sales. opening at 114 and closing at 11414, Filty shares of National Mort- gage & Investment preferred appeared on the board at Bank stocks were neglected in today's market. Bahks Favor Rate Advances. On the ground that they held upward of $4,700.000,000 in railroad bonds and | equipment trust certificates, life insur- ance companies with assets of $18,900.- 000,000, and mutual savings banks with assets of $10,585,000,000, through their recently formed committee, the “Emer- gency Committee on Railroad Inv ments of Life Insurance Companies and Mutual Savings Banks," filed a petition with the Interstate Commerce Com- mission to intervene in the railroads’ request for an increase of 15 per cent in freight rates These organizations wish to intervene in order to protect their investments, which, in the case of the insurance companies, represent 50,000,000 policy holders and, in the case of savings banks, a total of 12,775,000 depositors. The New York law regulating invest- ments for savings banks prescribes that a company must earn its fixed charges one and one-half times for its bonds 0 be eligible purchases for such banks. The Emergency Committee's petition shows that interest charges of the Class 1 railroads of the country taken to- gether were earned only 2.12 times in the five calendar years ended Decem- ber 31, 1920. In 1930 these charges were earned 1.76 times. Heard in Financial District. Former President Robert N. Harper of the District National Bank is pass- ing the Summer at his estate at Lec: burg. Va. his son and his family b-ing with kim. The veteran,banker spencs two days a week in Washington, and is :ln{ present at the bank's board meeting Erskine Gordon, trust officer of the Federal-American National Bank, re- turned today from his annual vacatios which he passed at Newport and James- town, R. I Joseph Wayne. jr. president of the Philadelphia National Bank, was re- cently elected a director of the Pennsy! vania Railroad Co. He fills the vacan: created by the death of Charles Day. Mr. Wayne is also a director of the Philadelphia Federal Res>rve Banlk, president of the Philadelphia Clearing House Association and & director i a of industrial enterprises ond ¢ corporations. W. Frank Persons, executive vice president of the American Association of Personal Finance Companies of Washington, will address the Mid- summer meeting of the Ohio Ansov-ia- uon, at Cedar The national association held its an. nual convention here last Fall. Local board rooms were again fi today with traders and investors, w are following the German situation with intense interest. STOCKS EX-DIVIDEND‘ NEW YORK, July 14 (P.— Rgte. Period. Pavable; Ama Home Prod 3e isgour, Fo PR 'S‘Zo. o 15t G Do 18 p1. . ‘-bfi:‘p)&ne Co Ltd Old "1 artford Il e Lt. ( wel ¢ Uil Emaln w;; o 0200 DORNOZ OO ZZOO : OX: rt Cem.. is St rern A% bhitnr.. i “hfo’l Bul & Paper Aux 7able, to Stock, © ecora .nux 15. 3k cxg Abitibi Pwr&Pap pf. Abraham St of (7).. 208 Adems Express (1).. 3 Adams Millis (2). 2 Addressogr Co 1.40... Adv Rumley (new).. Alr Reduction (t4%) Air Way Elec Appl. . Alaska Juneau (40c) Alleg Corp. ... Alleg Cp $40 ww Allfed Ch & Dye (n6) Allis Chalmbers (2). Alpha Port Cemt (1). Amerada Corp (2) Am Bank Note (3).. Am Br Shoe (3 40).. Am Br B Bt (1)... 2708 Am Can (18). Am Car & Fay bt (1) 90- Am Chain2).. Am Chicle (13). Am European Secur, Am & For Power.... Am & For Pw pf (). Am & For Pow 24 p! Am Hide & Leather Am Home Pr (4.20) Am lce (3) Am TInternational Am Locomotivi Am Mach & Metals Am Metal Co.. Am Pow & Lt (31)... Am Pow & Lt of (6). Am Ra&Std San 60c. Am Rolling Mills. ... Am Safety Razor (5) Am Shipbuflding (5) Am Smelt Ref (2). Am Solv & Chem. 4« Am Solv & Chem p! 4 118% 117w 15 8 94 3 207 11% 4% 204 114 104 5% 24 13 ™ 23 814 10 2% 324 19w 31 17 14 69% _ 23% 20 1041 101% 14 9 " 21% 22 2% 10% 6% 20 6% 2614 18% 1014 109% 82 10614 1013% m Am Stl Foundries(1 Am Stores (12%)... Am Sugar Ref (I) Am Sugar Ref pf Am Tel & Tel Am Tobacco (16 Am Tebacco B ( Am Tobacco pf (6 Am Water Wks (3).. Am Wat Wks cfs (3) Am Woolen. ... Am Woolen pt Am Zinc Lead & Sm.. Am Zinc & Lead pf.. Anaconda Cop (1%).. 27: Armour of Del pt ( Armour of Il A Armour ot Il B Arnold Constabl Associnted Appar Asso Dry G (2%) Atch To & S Fe (10) Atl Coast Line (7)... Atlantic Refining (1) 20 Atlas Stor o =g Atlas Tack. Auburn Auto (14) Aviation Corp af Dal Baldwin Locomotiy Baldwin Loco pf (7). 50s Balto & Ohio (5). 24 Bendix Aviation (1). Best & Co (2). Bethlehem Stes Bohn Alum & Br1%. Bon Am{ (+5). Bkiyn Union Gas (§) Brown Shoe (3) Brown Shoe pf ( k-Col. . Bruns Ter & Ry S Bucyrus (1)... Bucyrus ev pf (I%)c Bucyrus pf (7). Budd (E G) Mfg. Budd Wheel (1) Rullard Co. .. Burns Bros (B) new. Burroughs A M t13. Bush Terminal (3%) Butte Copper & Zinc. Rvers (A M). alif Packing (%) Callahan Zinc & Ld. Calumet & Arizona. Calumet & Hecl: Camp W&C Fy(1)... Canada Dry G A (3).. Canadian Pacific 1% . Cannon Mills (1.60) . Capital Admin A. Admin pf A (3) o (J 1) (8) Caterpillar Tri Century Rib Mills. Cerro de Pasco (1). Checker Cab Mfg.... Ches & Obio uu)(...). ® o BormSann - » k3 » - RrwmBacoBare I TP Chi Great West pf. Chi M1l 8t P & Pac. .y Chi Mi) St P& P pf.. Chi & Northwest 14). Chi Pneu Tocl Chi Pneu Tool pt ChiR1& Pac(m2%) Chile Copper (1%).. Chrysler Corp (1). City Ice&Fuel ( ca-Cola (11% Coca-Cola A (3) Colg-Palm P pf Collins & Afkman Colo Fuel & Iron. Col Gas & El (2). Col Gas & El f A (8) Columbia Graph G6e. Col Grapho ctfs 5éc. Columb Carbon (§).. Comel Credit (2)... Comcl Cred pf (1\). Comel Cred 1st (6% ) Comel Cred pf B (2). Comm Inv Trust (2). Comel InvTr war sta Comel Inv Tr pf 6%. Comm Solvents (1) Comwlth&Sou (40¢ Cmwith & Sou pf (6 Congoleum-Nairn Consol Cigars (5) Conso! Fiim pf (2).. Consol Gas N ¥ (4). 159 Con Gasof NY pf(§) 3 Consol RRC pf (6).. 10 Consol Textile. .. 2 Container Corp (A).. 1 Contl Baking A...... 13 Contl Baking B..... 6 Cont] Baking pf (8). Contl Can (2%) Contl Dia Fibre Contl Insur (3.40) Contl Motor: Contl Ol of wa 28 P AR A Corn Prod pf (7). Cotv Ine..... Croslev Radio. Crueib'e Steel Crucible Steel pf (1) dn- Cuba Cane Prod..... 35 Cudahy Packing (4). Curtis Publish (4)... Curtiss Wright Corp Curtias Wr Corp A. . Devoe & Ray A (80¢). Diamond Mateb..... Diamond Mtch pf 1% Drug Corp (4)... Dupont de Nem (4).. Puaues Lt iat nf (5) Eustman Gaton Axle (1 60) Bitington Sehild Hlec Auto Lite (8). Flec Boat....... Blec& Musical Instru Klec Pwr & Lt (1)... 107 Elec Pow & Lt pt (1) Blec Stor Bat (6 Endicott-John (3) .1 Endicott-John pf (1) Eng Publio Svo (2).+ Eng Pub Sv pt (6%). Erie RR . Erie RR f(4). . Evans Auto Products hanee Ruf (1%).1008 Iuirbnks Morse 1.60. 5 Falrbanks M pf (7). 408 Fashion Park Asso.. Fed Mot Truck (40¢) 1 Federal Screw Wks 2 Fed Wat 8v A (3.40). 15 Fid Ph FireIn (3.60) 2 45 808 . Filene's Son: Firest T&R DL (u 10 1 V00 e 10 b - add 0o, nun. Low s 1 17 1 3] 80% 581 ey 6914 21% Foster Wheeler (2).. 201 Fourth Nat Inv mbbc 11% Fox Film (A) (2%).. 52 Freeport-Te: 3 Gabriel CoA. 4% Gen Am Investor: Gen AmInv pf (6). 52’6 Gen Am Tank Car(4) 16% Gen Asphalt (3), Gen Baking (3) Gen Bronze Gen Cable A. General Cable p Gen Cigar (4) Gen Elec (1 Gen Elec 8 (60e! Gen Food Corp (3).. Gen G & El A (e30c). Gen G & El ev pf ll). Gen Mills (3).. Gen Motors (3) Gen Out Adv A (4) 15 16 [] 5 1 Gen Ptg Ink (1“)...100- Gen Public Service. . Gen R & Ut pf (e8).. Gen Refractories /4) Gen Theater Equip. . Gillette Sat Rasor Gi! Rt (B Gimbel Bros bf (1) Glidden O». . Grand Union pt (3).. Grant (WT) (1).... Great Northn pf(4) . Grt NorOre (2)..... Grt Western Sugar.. Grigsby Grunow Gulf States Steel “Huckensack W (1%) Hall(WF)Prtg(1.20) Hercules Mot Co 80c. Hercules Pow pf (7). Hershey Choe (5)..« Hersh Choc pf (16).. Hollander Sons..... Houdallle Hersbey.. Household Fin pf (4) u: Howe Sound (2) Hudson & Man (3 Hudson Motor (1). 5% Funn Motors. 411 Illinois Central (4).. 21% Indust Ravon (4).... 74 Ingersoll Rand (4) 4% Inspiration Copoer. . Insuranshares Del A Interlake Iron....... r (2% ). Int Harvester pf (7). Int Hydro E1 A (e2). Int Mer Marine (1).. Int Nickel (80¢). Int Paper & Pow B. . Int Paper & Pow C.. Int Paper & Pwr pf.. Int Salt (3).. . Int 8hoe (3). Int Tel & Tel (2) Inter D 8t pf xw (7). 36 Jewel Tea (4). . 40% Tohns-Manville (3) 2 Karstadt (Rudolph). 10% Kayser (J) & Co (1). Kelvinstor Cor Kendal: Copf (8).. Kennecott Copper (1) Kress (SH) Co (§1).. Kreuger&Toll (1.61) Kroger Groc&Bak (1) Tamb: Lee Rubber & Tire. Leh Valley Coal. Leh Val Coal pf (l).. Lebman Corp (3).... Lehn & Fink (3). Lib Ow Ford Gl Liggett & Myer ( . Lizx & Myers B (15) Lig & Myer pf (7)... Lima Locomot (m2). Loew's Ine (3) Loft Ine... Lorillard (F) Co Louisiana Of1 LouG&EA L'ville & N'v Ludlnm Stesl McCall Corp (2%) McCrory B (2). Molntyre Pore M (1) McKeesport T P 15% McKesson & Rob /1) McKes&Rob pe(3%) Macy (RH) & Co(n3) ManElevmg . Manhat Elev gtd (1) ine Mid (1.20)... Marshall Field (33) May Dept Strs (23). Maytag Co of (3). Maytag Co 1st pf (8) Melville Shoe (2)... Mengel Co. ... exican Seaboard Miami Copper .. Mid Continent Petm Midland Steel (3).. Mo Kan & Texas. Mo Kan & Tex pf uri Pacifle. . Monsanto Ch W(1% Montgomery Ward. . Morris & Essex 3% .. 2 Motor Meter G & E! Mullins Mfg. . . Mullins Mfg nl .. Murrav Corp Nat Dairy (2 Nat Dept Strs 18£(4). Nat Dist Prod (2)... Nat Lead (5). . Nat Lead of A (1) Nat Supply pf (7) atTea (1).... . evada Conper (1).. ewport Co (1). Newton Steel N Y Central (6 N Y Invi . NYNH NYN H&pr('”-- N Y Ont & Western.. N Y Steam pf (8). ines. .. .. pL(4).. Nor Am (b10% stk). North Amer pf (3).. North Am Ed pt (6).. Northern Pacifie (5) Okio Ofl. ... 2 Oliver Farm Equip.. 81% Otis Elevator (2%). seee ]00 1 1 24 ECL P 24 T Srn ww Do T O P TV T I S 766 208 4 % 1 6 6 83 1 194 16 &8 o R B neE— S IPNC TP 16 01 20! 108 39% 261 Owens 111 Glass (2). Tacin, Gaw e B1 42, Pacific Lighting (3). Pacifie Tel & Tel (7). 108 Pacific T & T pf.(6).. 208 Packard Motor ( 81 ount-Pub 23 Transport. chang o Pathe Exchange A. . Patino Mj Penn Rallroad (3). .. D Gas Ch (3). . Petrolm Cp of Am (1) Phelps Dodge (1), hil Read C & 1. Phillips Pu.rvllum. . Pierce OIl. .. Pillsbury Flour 2 ) . Pitts Screw&B(70e). 1 Pitts Unit Cp pf (7). 108 Poor & Co (B) 1 PR Am Tob B 14% Prairie Pipe L prcsiietulodharbid Ay (Oontinued on Page 14). .q@iiihe i ZI 27 614 12% 36 36% 41% 11% 49% % 55 3% 102% 12 21% 13% 2% 33 81 20% 68 M TH 28% 124 39% 68% 154 42% 37 4615 19 27% 6% 6 59% flh Trading Continues Dull in View of Acute German Situation. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 14.—Stocks sagged today in the same slow, desultory trad- ing that has characterized the market since the German banking crisis be- came acute. There was this difference, however, between today’s movement and that of Mohday—stocks started in % | today lower, but firm, and then gradu- ally weakened, whereas the order in the preceding session had been the reverse. Opening quotations were not much changed, but the average was down. Thereafter during the morning hours prices slowly reacted as the cable dm- patches told of continued obstacles to extending international help to Ger- many. Selling was not in large volume, but there was no effective buying de- mand either. Weakness in the foreign bond market had an unsettling effect on stocks. At- tention was concentrated on the foreign situation almost exclusively. Domestic business news was mixed In character. The weekly statement of the member banks of the Federal Reurve system showed another increase in “all other loans,” indicating larger demands from business, which was favorable. On the other hand, copper metal was reported as having sold at 7% cents a round duplicating the previous record ow made toward the end of June. American Telephone & Telegraph earn- ings showed $4.89 on the stock for the first six months of the year, against $5.72 & share in the first half of 1930. In the June quarter $2.38 a share was reported, against $2.77 in the same quarter a year ago, all on the average number of share oumhndln? United States Steel, ncuvmlly higher at the start, dropped bac point before midday. American Ttle- phone was off nearly 2 points. Ameri- can Can went lower than at any time on Monday and was unusually sensitive to pressure. General Motors held better than the other standard industrials, although it declined. Union Pacific lsho!’! the largest loss in the railroad ist. There was little evidence of profes- sional operations for the decline. Even with the news from abroad discourag- ing, the bear party hesitated to !Ile‘ an aggressive stand. It was another | demonstration of the fact that stocks | are today in stronger hands than at | any time during the bear market. This would, of course, prevent another large | decline if conditions at home and | abroad warranted it, but it does prevent any unintelligent or hasty liquidation. 'Cfln!l’llhl. 1931). LESS COTTON USED Cotton consumed during June was | announced today by the Census Bureau to have been 455388 bales of lint and 61.433 of linters, compared with 465,770 | and 66,949 in May this year and 405,236 and 59.196 in June last year. AR RAIARARRA AR R A AR Do You Want a Good Yield? —then let us recommend the COPPER-lined Merion Hot-water Heater No rusty water to mar your bathing, shaving or laun- dering. Made in three sizes—20, 30 and 40 gallon, And priced as Always Ins “Schafer Quality” Materials E. G. Schafer Co. 4100 Georgia Ave. Telephone ADams 0145 B bt mmnnntannnnnntn b tna ALBERT F. FOX, Chosen president of the National Pire Insurance Co. of Washington at the an- nual meeting. He is strong and active at 86 years of age. He was president ot the Columbia Natlonal Bank for 26 yea TREASURY TO WITHDRAW BALANCE FROM BONDS By the Associated Press. The United States Treasury will with- draw $11,287,800 from depository banks in the second Federal Reserve district Thursday, and a total of $31545900 from depository banks throughout the United States. These withdrawals are from the balance of proceeds of the re- cently floated 3'x per cent Treasury bonds. The remaining balances in the second district in this account will amount to $101,590.100 and throughout the United States 'lll total $283.913.500. Authorized Service Link Belt Chains & Norma Bearings MILLER-DUDLEY CO. 1716 14th St. NNW. North 1583-4 i OFFICES IN SI CITIES Receive 52,000 s1 3,29 MONTHLY CREATESIT Learn how I nvestors Syndicate compound interest plen multiplies small sums and delivers you 51 000 to $100,000 on & fixed, ite date. Clients received s:,tsems 47 in 1930. Send coupon for free explanatory INVESTORS SYNDICATE FOUNDED 1894 932 Bar Buliding ‘WASHINGTON, D. C. “Telephone, Metropoliten 1979 BALTIMORE = LOS ANGELES REPORT OF CONDITION OF THE American Security & Trust Company,| Of Washington, in the District of Columbia, at the close of Bustness on June 30, 1931, RESOURCES. . Loans and discounts. . Overdrafts . United States Government securities . Other bonds, stocks and securities owned. . furniture and fixtures, . Real es.ate owned other than banking house. . Banking houses, $1.379.632.94; . Cash and due from banks. ..., . Outside checks and other casl . Other assets LIABILITIES, 15. Capital stock paid in. . Surplus . Undivided profits—nes Reserves for dividends, contingencies. 9. Reserves for interest, taxes and of! unpaid . Due to banks, including certified standing . . Demand deposits ime deposits ... United States deposits. . ll7.fl73.457 M o . !07 ) " 05 7.058.153.24 1,616,230.80 121.674.00 5,319,421.63 182.211.54 1,274,234.51 $41,323,541.38 $3.400.000.00 3.400,000.00 840,751.04 ete. 195,843.03 her expt 165,579.41 2,063.446.88 15.300.734.56 14,654,500.74 210,300.00 and cashiers' checks out- 5. Agreements to repurchase U. 8. Government or other securi- tles sold . . Other liabilittes District o! Colurnbu 1,090,958.15 142757 $41,323,541.38 I, CHARLES l‘ HOWE, treasurer of the above-named bank, do solemnly !ubneflbed and sworn to before me uoq swear that me above statement is true to the best of my knowledge and bellef. CHARLES E. HOWE, Treasurer. lhls 11th day of July, 1831. DORSEY, Notary Public, D. C. My eammlsswn expires July 15, 1932. Correct—Attest: COI HOWARD 8. REESIDE, '"PROPERTY Apartment House MANAGEMENT G PERCY McGLUE. WILLIAM J. FLATHER, JR, GEORGE W. BROWN, BENJAMIN W. THORON, JAMES F. SHEA, Directors. MANAGEMENT RE are many decided advantages in placing your apartment house property: under our management—which will result to the property’s benefit and the owner’s greater profit. We have the organiza- tion and the experienoe—both of which are at your service for a very modest fee. Consultation without obligation. B. F. SAUL CO. 925 15th St. N.W. MORTGAGE Nat’l 2100 LOANS N Cocon Exch Anensoris cnnb’fr o Commérce Netional I Bremen Cotton Exchange (4ssoc. 'fl . E STOCKS BONDS COMMODITIES DIRECT PRIVATE WIRES We are equipped to handle promptly orders on the leading exchanges of the world. H CORNER 17TH ST, N. W,, WASHINGTON NATIONAL 0245 Chicago Philadelphis Brooklyn Detrolt ‘Winnipeg New York Providencs 1% offers the advantages of a longer loan term, and a lower interest rate . . May we prove to you, in detail, the sub- Lon stantial savings possible pe through five and one- “The Prudential” halt per cent financing. “Prompt approvals — Valuable prepayment privileges— Three-year loans on newer properties without amortization H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 Massachusetts Investors Trust EIGHTH YEAR The BUYING AREA Many securities are now — and have been for some weeks—in a decided buying ares, carried to subnormal levels in many cases by absolutely groundless rumors. But what stocks to pick? There is one safe way — buy Massachusetts Investors Trust shares and through your purchase participate in the growth of approximately 140 of the country’s leaders— banks, rails, public utilities, indus- trials; a wide diversification by com- pany, by industry and geographically. Send for 24-page booklet "Prosperity on the Bargain Counter” which fully describes the Trust and present investment opportunmities. Name Address . ... .oiiiiiiiiiiiiiiiiiiiiiiiiiae A. S. GOULDEN & CO. Iiie. Woodward Bldg., Washington, D. C. Sixty-Five Years of Sound Banking Whether you have little or much to bank, Safety is the all-important point, to think about. 1 Our 55,000 customers have faith in the utrengtb of this institution, which has been serving public acceptably, for sixty-five years. amount invited—Same Rate on large and small accounts. Deposits in _an of Interest Pa Open Until 5:30 P.M. Wednesday, July 15 DIRECTORS: J. BECKER RY OFFICERS: Travelers’ Checks and Letters of Credit National Savings & Trust Co. Oldest Savings Institution in the District of Columbia Cor. 15th and New York Ave.