Evening Star Newspaper, July 21, 1931, Page 13

THE EVENING STAR, WASHINGTON, D. C. TUESDAY, 1931 FINANCIAL. FINANCIAL, R " SHERWOOD NAMED ASSOCATION HEAD Other Officers and Directors; Retained by Northeast | ‘2w ”E" Building. 4t 2015 BY EDWARD C. STON 1028 188 At the annual mesting of the stock- | halders of the Northeast Building Asso- | i i ~Prev, 1931~ High. Low. 4% 3% 23w 114 277 1% ciation, held at 2010 Rhode Island ave- ne. the following were elected direc- tors for the year H. C. Althoff. L. I Hickman, JefTery, Knopp, J. A. Open- shaw, James E. Payne, Jobn B. James L. Sherwood. Jr. L. Swenson, S lex. S Wwilllam S NUW Thomas A. Gillls. tiie directors’ meeting James L. wood, was re-elected president; John L. Knopp, first vice president; Henry C. Althotf, second vice presi- dent; Schuyler S. Symons, secretar: Openshaw, gssistant secretar. M. Hatley, treasurer; James E. sistant treasurer, and William ounsel vood has been ition for many ¥ time the organization has ained substantial growth. He is| manager of the Brookland Branch of the Federal-National Bank & Trust Co. An excellent annual financial state- ment was presented. The association earned $31,53195, during the past year; has over $600,000 in loans on real estate, total assets of $689.230.14, & surplus of $1402506. During the year the association recetved $36.142 in’ interest. Leonard Resigns Bank Position. John D. Leonard. vice president and treasurer of the Washington Savings Bank. at Tenth stre:t and Grant place, announced today that he has resigned both positions on account of ill health his resignation to take effect at the convenience of the board of directors. ! Mr. Leonard is a director and one of the largest stockholders in the savings | bank and will remain on the board and | continue his large financial and deep | personal interest in the success of the Institution. On advice of his physician, | however, he plans to take a year's com- plete rest from all banking activiti passing the remainder of the hot weath- | er at his Summer home in Frederick, Md Mr. Leonard will be much missed in the financial district. He has been ac- tively connected with the Washington | Savings Bank since 1917. He was the | Jeading spirit in its organization at that | lime and its first president. Later, at | his own suggestion, he was elected Vice president and Thomas E. Jarrell was made president, the widely known real 2 still holding this position. | rd has always been actively | sted in the affairs of the District sociation and has served on | ortant commitiees. Until this | e had attended practically every assoctation ever held, al- E n in a front seat at every sion. He is a lawyer as weil nker, having graduated from the town Law School and being ad- o the District of Columbia bar T¢ James L. Sherwood. president | vears durs Capital Traction Still Climbing. “apital Traction stock made ano.her izh mark on the present move ading on the Washington Stock e today stock advanced a full point to The stock opened with 20 ng at 4235, up % of a point rday’s close. It then advanced on five transactions totaling 80 res, closing with a sale of three res at 43 flat, making the day's turn- ver 103 shar The matket closed with 423 offered and 43 asked. Traction has now gained more than 10 points this year and about 5 poin's over the week end. Today's market opened with Wash- Ington Gas Light 5s selling at 107. Other bond transactions included two $2.000 sales in Washington Railway & Electric 4s at 9173 and $1,000 at 92. Potomec Electric Power 6 per cent preferred stock sold today at 113% to the extent of 85 shares while 20 shares of the 5! per cent preferred moved at 111, Washington Railway & Electrie pre- ferred was the most active stock on the board today, 194 shares changing hands at 997s. This was the largest turnover In the issue in several month: ‘Ten shares of American Security Trust Co. stock sold at 315, Merchants Transfer & Storage common moved at 96, and a_small sale in Peoples Drug Stores preferred took place at 101. It was an unusually good local Sum- mer market. Members of the exchange have been much gratified over the manner in which business has held up in recent wecks. Reserve Board Reviews Credit. Withdrawals of currency from banks by depositors as a result of the dis- turbed banking conditions, together with increased cash.in vaults of banks in excess of usual requirements has made it necessary for the Federal Re- serve system to purchase Government securities in the open market. to offset the tightening effect of the with- drawals on money. The Federal Reserve Board in its July bulletin states that the with- drawals of currency due to lack of confidence created by bank suspensions has increased money in circulation be- tween March and June'by 8200.000,000.! Most of this currency is held in pri- vate hoards and naturally has a tight- ening effect. on credit. “Withdrawals of currency -of such magnitude consti- | tute. under present conditions.” the board states, “is a factor of consides able mportance in the general credit | position and the relation of the Fed~‘ eral Reserve system to it.” Reviewing the world gold movement, the Federal Reserve Board states that between May 31 and June 3 the Reichs- bank lost $230,000,000 in gold and $20 000,000 in foreign exchange in connec- tion with the large-scale withdrawal of short-term funds from the GCerman market. Most of this gold came to the United States through the release of earmarked gold for foreign account. For the two months ended June 24, the gold stock of the United States in- creased by $200,000,000, of which $90,- 000,000 was added during one week, the largest addition to the gold stock for any week in the history of the country. Leaves for Jersey Resort. E. J. McQuade, president of the Dis- | trict Bankers' Association and of the Lib- erty National Bank, leaves here late to- cay for Ventnor, N. J. near Atlantic City, for a week's vacation with friends. | The proposed working agreement be- tween the Washington, Lawyers and ! District Title Insurance Companies and the Title & Investment Co. of Mary- Jand was confirmed yesterday when directors of the latter company ap- proved the plan previously adopted by directorates of the first-named three - companies last Thursday. - I PARIS BOURSE PRICES. I ' PARIS, July 21 (@ .—Trading was quiet on the Bourse today. Three per cent rentes, 87 francs 45 centimes. clo shares 25 27% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stock ana Dividend Ra Abitibl Pow & Paner Adams Express (1) Adv Rumley (new).. Alr Reduction (t4%) Aiaska Juneau (40c) Albany Wrap Paper. Alleg Corp. s Alleg Cp $30 ww 5% . Allied Ch & Dye (n6) Allis Chalmbers (2).. Am Agri Ch of Del.. Am Br Shoe (2 40)... Am Brown Bov Elec. Am Can (15) Am Car & Fdry (1) Am Chain Am Chicle (13). Am & For Power. Am & For Pow 2d nf. Am Fide & Leather. Am Hide & Leath pf. Am Home Pr (4.20). Am lce (3) . Am Internatl . Am Locomotive (1).. Am Locomot pf (7). Am Mch & Fdy 1.40.. Am Metal Co.. Am Pow & Lt (31)... AmP&LtDIA (4).. Am Pow & Lt pf (6) . Am P&LnfAst(5) Am Ra&Std San 80c. Am Foliiog Mills. .. Am Shipbuildine (5) Am Smelt Ref (2)... alv & Chem. Am SU Foundri Am Sugur Ref (6)... Am Suzar Ref pf (7) Am Tel & Tel (9) Am Tobacco (16).... Am Tobacco B (16).. Am Water Wis (3).. Am Wat Wks et (3) Am Woolen......o..e Am Woolen pf. Am Writ Paper etfs. Am Zine Lead & Sm. Anaconda Cop (1%). Anchor Cap (2 40). .. Armour of Del pf (7) Armour of I A..v.e Armour of 111 B Arnold Constable. ... Assoclated Apparel., Asso Doy G (2K .. Associated Ofl (1.40) Atch To & 8 Fe (10). Atch To&S Fe pf (5). Atl Coast Line (7)... Atlantie Refining (1) Auburn Auto «£4). Paldwin Locomotive Balto & Ohio (5). Barnsdall (A) (1). Ba Beatrice Cream (4).. Bendix Aviation (1). Best & Co (2)....... 4 Bethlehem Stoel (4) Bethlehem St pf (7). Bohn Ajum & Br13%. Bon Ami (15) 5 Borden Co (k3) Borg. Warner (1). Lriggs Mfg (t1%) Briges & Strat (2) Brockway Mot pf Bkiyn-Man Tr (4)... 2klyn Man Tr pf (6). Bklyn Unlon Gas (5) Brown Shoe (3)..... Bruns Ter & Ry S... Bucyruscv pf (214). Budd (EG) Mfg.... Budd Wheel (1)..... Bulova Watch (1%). Burroughs A M t1%. Bush Terminal (2%) Bush Term deb (7).. Butte Copper & Zinc. Butte & Superlor. ... Rvers (A M) Callahan Zinc & Ld. . Calumet & Arizona. . Calumet & Hecla. ... Camp W&C Fy(1)... Canada Dry G A (3). Canadian Pacific 1% . Case (J 1) (6). Case (J 1) pf (1), Caterpillar Trac (3) . Celanese Corp. . Celotex vtc ctfs..... Cent Aguirre As 1%. Century Rib Mill Cerro de P'asco (1) Certain-teed Prod. Certatn-teed Prod pt. Cheeker Cab Mfg. . Ches & Ohio (2%)... Chesapeake Corp (3) Chi & Alton... . Chi & Alton pf. Chi Great West Chi Great West pf... Chi Mil StP & P pf.. Chi & Northwest (4) Chi Pneu Tool pt.... ChiRI & Pac(m2%) Chi Yellow Cab (3).. Chickasha Cotton O} Chile Copper (1%3).. Chrysler Corp (1)... City Ice & F pf (6%) City Stores. Coca-Cola (17%). Colg-Palm P pf (6 Collins & Alkman. Colo Fuel & Iron s Col Gas & El (2). Columbia Graph 56c. Col Grapho ctfs 56c. Columb Carbon (5).. Comecl Credit (2).... Comel Cred pf (1%). Comel Cred pt B (2). Comm Inv Trust (2). Comm Solvents (1).. Comwlth&Sou (40¢). Cmwlth & Sou pf () Congol-Nairn (25¢).. Consolidated Film. .. Consol Film pf (2).. Consol Gas N Y (4) .. Consol RR C pf (6).. Consol Textil . Contl Baking A. ...« Contl Baking pf (8). Contl Can (2%). Contl Insur (2.40)... Contl Ofl of Del..... Cont Shares. .. Corn Products (14).. Corn Prod pf (7).... Cructble Steel. . Crucible Steel pf (1) Cuba Cane Prod..... Cuban-Amer Sugar. . 1 13 81 265 yuk Cig 15 pf (1) 1001 ity 11 12 110 1 . 308 20 1 2 25 2 107 12 16 308 26 2 3 608 4 1 Cuban Am Sugar pf. 1208 4 Cuban Dom Sugaf... Cudahy Packing (4). Curtis Publish pf (7) Curtiss Wright Corp. Curtiss Wr Corp A Drlaware & Hud Dlamond Match... .. Diamond Mtch pt 1% Dome Mines (1)..... Domn Stores (1.20).. Douglas Afr (11%).. Drug Corp (4)... ... Dupont de Nem (4).. Duaues Lt 1st of (5) Eastman Kcdak (18> Eaton Axle (1.60)... Elec Auto Lit Elec Eoat. .. lec& Musical Instru Elee Pwr & Lt (1)... Elec Pow & Lt p2 (1) t hn (3)..3 e Sve (2).. Eng Pub Svpt (5%). FIORR. oo cosezmvoe rie RR 1st pf (4)... ureka Vae Cleaner. Faithanks M pf (7). Fashion Park Asso.. Fed Lt & Tr ($1%).. Fed WatSv A (2.40). Fid Ph Fire In (2.60) Firest T& R pt (6).. First Nat Strs (2%) Fisk Rubbe; 4 Foater Wheeler (3).. Foundaton Co...... Fourth Nat Inv m55¢ Fox Film (A) (2%). Freenort-Texas (1). Five per cent loan, 103 francs 67 cen- tim Exchange on London, 123 francs 63 eentimes. The dollar was quoted at 25 &ancs 50% centimes, i A2iv Gen Am Tank Car(4) 151 Gen Asphalt (3). 17% Gen Baking (2). 93 Gen Baking pf (8. 5 GenBronze..... 148 30 4% 16% 5 7814 15's Ry T 257 119% 26 16% 29 7 104'% BRY 22 21 108 ? an 15% 5 9 164 b ki) 257 27 8% 27 16% 27 50 23 21% 108 M % Note—AIl stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (2508). Bater— Add 00, High. Low Close. Close. Prev. 4l 15 5 8% 15% Eia 21%, 107 ~Prev, High 481 54ne 1931 Low. 81 36 11% Stock ana Bates— Dividend Add 00. High. n Cigar (4). 4 sen Elec (1.60)...... 129 Gen Elec spec (600).. 4 Gen Focd Corp (3).. 20 Gen G & FI A (e30c). 18 GenG & EIpL A (). 108 Gen Mills (3)....... 2 Gen Motors (3).. 195 (Gen Motors pf (), 8 Gen Outdoor Adv. 1 ien Out Adv A (4). 5 Gen Ptg Ink pf (6).. 108 Gen Public Service.. & Gen Realty & Util 1 GenR& Ut pf (e6).. 1 Gen Refractorfes (4) 1 Gen Theater Equip.. 17 Gillette Saf Rasor. .. Gillette Saf R nf (5). Gimbel Bros 1t (7) Gilidden C». . Glldden pr pf (7). Gobel (Adolf). .. Gold Dust (23%) odrich (R F). Goodyear Tire&R(3) Granby Con Min (1). Grand Sl Strs (h1) Grand Union. ... Grand Union pf (3) Granlte City Steel (2) Grant (W T) (1),... Great Northn pf(4). stern Sugar. <t Sug nf (7 2613 Hacken Watpf A 1% 108 4's Hann Dept Store 2 50 Hahn DntStpf (6%) 1 Hall(WF) Prig(1.20) 2 Haves Bodv....... 2 Telme (GW) pf (7). 10s ercules Mot Co 80c. 7 Hercules Pow pf (7) 2108 Hershey Choc (6)... 2 Hersh Choc pf (16).. 2 Holland Furn (12%) 2 « Hollander Son: = T Houdatlle Hershey 2 Household Fin pf (4) Houston Ofl. Honston Of Hudson & Man (3%). fudson Motor (1). % 1inn Moto Tilinols Central (4) Indian Motor Cyele. . Inspiration Copper Insuranshares Del A, Interb Rap Transit Interlake Tron Int Cement (4).. Int Combustion Int Comb Eng pf. . Int Harvester (3%).. Int Hvaro E1 A (e2). Int March pf (4). Int Nickel (60¢).... Int Paner pf Int Paper & Pwrpf.. 2 Int Print Ink pf (6). 308 Int Salt (3). 1 Int Shoe (3) 19 Int Silver pf (7). 108 Int Tel & Tel (2)..,.. 450 Investors Equity T<land Cr Coal (43 417 1y 4 4% 70 378 7% 10274 5l 11 693 131 3 3214 34n 214 134 9 1 831 93 26 129 208 Kelly-Spr T 8% pf.. IKelsev-Hayes Wheel Kendal! Co pf (6). I<elvinator Corp Kennecott Cq Kresze ¢ Kraugerd Krorer Groc&Bak 1) 101 Tambert Co (3) 15 T.ee Rubber & Tire Leh Port Cement... 1 Leh Port Cmt pf (7). 208 Leh Val Coal pf (3).. 1 Lehman Corp (3).... 10 Lehn & Fink (3).. 4 Lib Ow Ford Glass.. 3 Liggett & Myer (15), 2 Li~g & Myers B (15) 12 “ima Locomot (m2). 1 Liquid Carbonfe (8). 1 Loew's Inc (3).. Loew's Inc pf (634) . Loew's pf xw (6%).. Lott Inc 5 Loose-Wiles (12.90). Loose-Wiles 1st (1) Lorillard (F) Co. LouG&EA (1%) 3 Bl ( “all Corn (2%) cKeesport T P t cKesson & Rob ¢ McKes&Rob pf(3%) McLellan § Mack T Mack Malltson & Co. .. . Marine Mid (1.20) . arshall Fleld (2%) athfeson Alkall (2) May Dept Strs (234). Mavtag Co. 5 Mexican Seaboard Mid Continent Petm Midland Steel (3). Minn Mcline Pow. Minn & St Louts. Mo Kan & Texa: Mo Kan & Tex pt (1) Missourt Pacific. Missour! Pac pf ( Mohawk Carpet..... Monsanto Ch W(1%) Montgomery Ward.. 199 Motor Meter G & EI. 8 Motor Wheel (1).... 3 Mullins Mfg. B L Mullins Mfg pf (7)..2808 Murray Corp 17 4074 22 10 833 39% 20 34 56% Nash Motors (4). Nat Bella Hess Nt Biscult (2.80)... Nat Cash Register A. at Dairy (2.60) t Dept Store. .. at Lead pf B (6). Nat Steel (2) Nat Tea (1) Nevada Copper (1)., N O Tex & Mex (7).. 108 Newport Co (1)uesen 3 ewton Steel 2 Y Central (. 51 N Y Chl & St L (6) 1 NYNH&HDL (). 2 VY Ont & Western.. 14 N Y Steam pf (6).... 508 N Y Steam 1st pf (7) 208 oranda Mines...... 26 Norf & West (112 1 % North Am Aviation.. 10 Nor Am (b10%, stk). 48 or Ger Lloyd m2.56 1 Northern Pacifio (8) 5 7 OhioOMlicceeesecses 17 3% Omnibus Corp.....os 3 581 317 Otis Elevator (3%). 19 691 30 Otis Steel prpf (1).. 808 b4% 38 FacifcGas&Bl(2). 9 26% 15 Pacific Mills. .......1008 11 6% Packard Motor (48c), 13 4% 15 Panhandle P& R. 1 504 Paramount-Pub 2% 2% % 8% 154 44 465 - = 3 e TOE TN TR - PP T Y e Exchange A. Patino Mines - i Peerless Motor Car. . Penick & Ford (1) Penney (J C) (2.40; Penn Coal & Cok Penn Railroad (3) Peop Gas Ch (8).... Fetrolm Cp of Am(1) Phelps Dodge (1). Phila Co 6% pf (3).4 Phil Read C & ... Philip Mor & Co (1) Thiliips-Jones Corp.. Phillips Petroleum. . Pierce-Arrow A (1) Pierce 01l Pierce Pet Pillsbury Flour (2) s Porto Ric-Am To(2)« Prairie Oil & Gas. Prairie Pipe L 43) Pressed Steel Car. .. Proct & Gamb (2.40) PubSv N J (3.40) PubSvNJptf (b Pub Sv N J pf (6) Pullman Corp (4)... Punta Alegre Sugar. Pure Ol Pure O11 pt (8) pidbvd ol S SRy (Continued on Page 14 - » T o TR - Low. Close. Close. 3714 &7: 8734 42% Prev. 854 42 1% 4 ah 7 8714 28 103 [ 10% 67 135 N a4 841 3% 21% 66y 50 10 66 74 | 2818 131 14t STOCKSIN ADVANCE ONBETTER BUYING Wall Street Encouraged by Second Quarter Statements of Corporations. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 21.—Reflecting Wall Street’s more cheerful mood, prices advanced on the Stock Exchange today. Trading was in larger volume than on Monday. but even so it was not much over 1,000,000 shares. Gains were not large, but the movement was uniform, the improvement being shared by both The feature in the last hour was the buying of the low-priced oils on ex- pectation of an increase in the price of crude in the mid-coptinent field. U. S. Steel was strong on estimates of an in- crease in rate of operation. The_better feeling in the market re- sulted ‘not so much from the cable dis- patches relative to the German situa- tion, although they were encour2ging, as it did from increased optimism re- garding the outlook at home. In the !first place the sccond quarter earnings statements coming to hand made more favorable ccmparisons with those of year ago than had been predicted. | Net and gross income. were lower, it is true, but they were not as low as had been expected. Traders discovered also that there was no stock pressing on the market for sale. This was particuiarly true with regard to the railroad shares. Attempts to buy any sizeable blocks were su cessful only by bidding up the price. As a matter of fact, the June state- ments of the railroads showed that the rate of decline from the preceding year was decre g. Chesape & Ohio w2s actually able to increase s net operat- ing income this June cver June a yer | 2g0. | Views with regard to tne action of the | directors on the U. S. Steel dividend a week from today, whether from the ac- tion of the stock in the market or for some other Teason, were more optimis- tic. Up to today the majority opinion bad been that the rate wculd be cut at least to & 5 per cent bass, but the num- ber of those willing to wager that the regular dividend woul@ be declared gained as th sion progressed Among thg railioad stocks, Baltimore & Ohio was’up over 2 points by mid- day. with a similar gain for New York Central. Speculation for the rise ap- | peared in Western Maryland, which was the feature of the non-dividend payers. Sugar stocks were again favored, in- cluding the Porto Rican Producers and American Sugar Refining. The lat'er sold within a couple of points of the high of the year. Swedish government forests cover 6,055 acres, according to & recent | | rails and industrials. : | | CRUDE OIL OUTPUT DECLINES SHARPLY Decrease of 108,287 Barrels Daily Average Production Is Reported. in By tne Associated Press. TULSA, Okla, July 21.—Crude oil production in the United States droppe sharply last week, largely as a result of the shutdown movement in the Ok- lahoma City field. The Oll and G Journal estimates the country’s daily average output for the week at 2,430, 693 barrels, a decrease of 108,287 bar- rels from the preceding week's figure. The “strike” of Oklahoma City op- erations against the lowest crude ofl prices in the history of the midconti- nent area brought a dec se of 111,480 barrels in Cklahoma's production, jest! mated at 520435 barrels. The Ok City field alone had a drop of 5 barrels. ; last Texas fild showed a| ] rels, with an output | of 408,825 barrels. Offsetting this was a decline of 26,036 barrels in East Cen- tral Tex: where production totaled 33,475 barrels. The East Central Texas | decrease was due to a voluntary shut- down in the Unitized Van pool ‘Total production for the midconti-| nent area was 1484599 barrels, a de-| crease of 118,194 barrels. Included was! a drop of 1.935 barrels in Kansas, low- | ng that State’s yield to 99,315 bar- | 3 | on- | rel: Eastern production remained sta ary at 107,000 b: s: Xhe Roc Mountain area showed an_increase 2,599 barrels, with an output ‘of barrels. California production _was | 527,250 barrels, an increase of 5,500 | barrels. | Very Satisfying Investment North American Trust Shares, the lcading fixed trust, offer Regularity of Income, Safety, Marketability . and satisfactory probabilitiesof Growth m Value KNAPP & Co., INC. INVESTMENT SECURITIES Plea Washington Office Shoreham Building Phone Metvopolitan 1522 send complete information. Name _ Address F. B. KEECH Members of We are equipped to h on the leading exch H CORNER 17TH ST., PROPERTY Apartment House DIRECT PRIVATE WIRES NATIONAL 0245 & COMPANY ss0c ers) COMMODITIES andle promptly orders hanges of the world. N. W.,,WASHINGTON Philadelp: Providence Winnipeg MANAGEMENT MANAGEMENT LL such matters as decid- ing upon repairs—when they are needed; what should be done and how—and at the lowest cost—are part of our sel rvice in connection with apartment house management. profitable You will find it a arrangement most to transfer these incidental wor- ries to us—for we have the experience and facilities for handling them to your best advantage. B. F. SAUL CO. 925 15th St. N.W. MORTGAGE successful performance Nat’l 2100 LOANS Massachusetts Investors Trust, founded in 1924, is backed by seven ance during one of the American economic life. years of successful perform- most trying periods of Every investor will find the record of this success- ful trust of real interest. Send today for the latest quarterly report. for your convenience. The coupon below is BAATEIS < o ittt rormerecs i SR OSITSE S Woodward Bldg., Washington, D. C. Money Available for Mortgage Loans OU will experience no delays or embarrass- ments when you make application to us for a FIRST TRUST LOAN, We welcome the op- portunity—and will take it under immediate co: sideration—giving you a report as promptly as cir- cumstances permit. _Lpans wi!_l be made on apartment house, office building, business and residential properties—Ilo- cated in Washington or nearby Maryland and Virginia—for 3, 5 and 1 10-year periods—and at the low rate of - 2 0 RANDALL . lIAGNER & COMPANY MORTGAGE. LoAN CORRESPONDENT 1321 Connecticut Ave. P Insurance /)rm/{/fl}/’ Decatur 3600 L T T T T R You Can. Go Away that pers, ates, Bonds small u ables will be safe from fire, theit and pr eyes, when they in our Moder : §SAPE DEPOSIT BOXES, of cor size, at Ver Ann R ATIONAL SAVIN( & TRUST COMPANY Corner 15th & New York Ave. —serene in’ mind vour Important P Stock ' Certific Capital & Surplus $2.500.000 Amount 65th Year G.M.-P. MURPHY & CO. Boston New York Philadelphia WASHINGTON Richmond Baltimore London MEMBE #\York 'Stack Exchange Washington Stock Exchange Richmond Stock Exchange »rk Produce Exchange York Curb Exchange c rtniohtly Review™ on Reauest 1510 H Street necticut at K \ National 9600 A Banking Connection With any Office affords a valuable contact with all de- partments of this strong bank and with Amcrican SCCUTI'I.\' executives who are capable of inter- preting its broad policics in terms of your individual needs. Every Banl’;ng and T?’uSt SETU;CE TRUST _COMPANY. aND 15th and Penna. Ave. ' Northeast— 8th and H Streets N.E. Northwest— 1140 15th Street NNW. Surplus—$3,400,000 Central— 7th'and Mass. Ave. N.V Southwest— 7th and E Streets S.W. Capital—$3,400,000 8 offer our facilities for the placing of your investment funds . . . for more than forty years the H. L. Rust Company has been making first trust loans on improved properties in the District of Columbia and adjacent Maryland suburbs. Investors have found the notes SAFE in the abundance of the security — CONVENIENT in their de- nominations— PROFITABLE in the’ highest interest yield consistent with a conservative investment. 6% FIRST MORTGAGE NOTES H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 FRL T T TR 1P £ £ £ £ £ £ H E H £ £ £ i