Evening Star Newspaper, September 8, 1931, Page 13

FINANCIAL FINANCIAL THE EVENING STARE WASHINGTO 2 e JEI SE o) ; #¥x A—13 o - TRUSTFIRMOPENS | NEW YORK STOCK EXCHANGE FINE NEW OFFICE Amorlcan Securlty Moves Into Handsome Quarters in Ten-Story Annex. BY EDWARD C. STONE. Amid a wer of congratulations, flowers galore and the visits of hosts of bankers and business men from all over | the city, the American Security & Trust | Co. wes doing business today in the 10- stcry annex on Fifteenth street, next to the main office. The handsome new quarters were inspected with great in- terest by several hundred callers as g ;’rll 8s by the regular customers of the 2nk. The moving of the safe deposit de- partment, which contalns some 70 tons of safe deposit boxes and their con- tents, was completed at midnight last night and the<bank cpened this morn- g as if it had been doing business in the new surroundings for some time. The transfer of the safe deposit de- partment was, of course, the biggest job, but all the other departments were also changed without a hitch, The new banking rooms are most at- tractive and conveniently arranged. All the banking facilities on the street floor are ideal in arrangement, the safe de- posit section in the basement has been unusually well planned, while the trust depariment on the second floor is one of the bank’s outstanding departments for convenience and spaciousness. The ctors’ room is on the top floor, is pleasing in arrangement and of- fers a magnificent view of Washington The lunch room on this floor will also becom» of great value to the bank's personnel as soon as it is opened. Trust Company’s Officers. The bank’s present official staff in- cludes: Corcoran Thom, president; Howard Moran, vice president; Fred- erick P. H. Siddons, secretary; Charles E. Howe, treasurer; David N. Houston, trust officer; William L. Beale, real es- tate officer; J. Dann Faber, auditor; Arthur H. Shillington and Robert L. Flathr, assistant secretaries; T. Stan- ley Holland, Arthur G. Nichols, J. Eliot Moran and Earl G. Jonscher, assistant trust officers; William W. Keck. Hands W. Ireland, Percy C. Brady, James C. Dulin, jr.; Edward E. Swan, Richard E. | Harris, Harry P. White and Charles C. | Boswell, assistant treasurers. | The present board of directors is made up of Charles A. Carry, C. A. Aspinwall, Harry K. Boss, George W. | Brown, William M. Coates, William 8. | Corby, William W. Everett, Willlam J Flather, jr; M. G. Gibbs, James M.! Green, Gilbert H. Gresvenor, J. Philp | Herrmann, James F. Hood, Joseph | Leiter, G. Percy McGlue, Edward B. McLean, William Montgomery, Howard Moran, Clarence F. Norment, Newbold Noyes, Howard S. Reeside, John Saul, James F. Shea, Corcoran Thom, Benja- min W. Thoron, John F. Wilkins and George A. G. Wood. Today's opening, while very largely attended, was not considered an official housewarming, as this stage will not be reached until the old main office has been entirely remodeled and connected | with the new offices. a task which will | require scveral months. E. J. Stellwagen in Hospital. Edward J. Stellwagen, president of | the Union Trust Co.. who has been ill{ since his recent return from Maine, where he spent the Summer at Poland | Spring House, is now under treatment | at Emergency Hospital. Mr. Stellwagen is one of the most prominent bankers in the city and has had a great deal to do with some of the Capital's most important enterprises. He founded the Union Trust Co. over 30 years ago and has been the bank's only president. It was_through his energy -that the Union Trust Building was _erected and later more than doubled in size by the construction of a big addition The bank president was actively con- nected with the building of the Capital Park Hotel and was one of the most important figures in the construction of the Raleigh Hotel, being up until yecently president of the Raleigh Hotel Corporation. After the Willard Hotel was built, Mr. Stellwagen and & group of his_associates leased and operated it for 20 yea As an officer_in the Chevy Chase Land Co. Mr. Stellwagen was closely identified with the development of that section of Washington and nearby !\‘[ar)l’\nd In recent years he has given his time more exclusively to bank- ing and has seen his bank enjoy very gratifying growth. He is a former president of the District Bankers' As- soclation, has eerved on Inaugural Committees and in many other ways taken great interest in civic affairs His friends hope his hospital stay will be of short duration. Bonds Favored on Exchange. The largest transaction on the Wash- ington Stock Exchange today was a transfer of $10,000 Waxhlngmn Rail. way & Electric 4s at 943 There was a sale of Sl 000 Capital Traction 5s at 81': and $500 Chesa- peake & Potomac Telephone 55 of Vir- ginia at 104’5, The stock ml(’s opened with Potomac Electric Power 6 per cent preferred sell- ing at 113. Capital Traction recorded a small sale at 34 and Lanston Mono- type appeared on the board at 86. Mergenthaler Linotype and Peoples Drug Stores preferred are still being quoted ex-dividend. Heard in Financial District. Sidney F. Taliaferro, trust officer of the Riggs National Bank, is back at his desk after his annual vacation. Edward J. McQuade, president of the District Bankers' Association and the Liberty National Bank. has returned from a vacation motor trip which took him as far North as Quebec and the ‘White Mountains. Lawrence A. Slaughter, vice president of the Commercial National Bank, is home from & short vacation passed at Upper Saranac, N. Y. Harold Stonier, educational director of the American Institute of Banking, will be the chief speaker at the dinner of the officers and faculty of Washing- " pter, at the Raleigh this evi ew members of the faculty ! speak briefiy. Where Dees Advertising Stand To- will be discussed by John Benson, president of the Amercan Association of Advertising Agencies, at the conven- tion of the Financial Advertisers Asso- | ciation, next week. Several Washing- | ton bankers will attend the session. | John M. Riordon, vice president of | the Bank of Commerce & Savings, has | returned from a months’ vacation passed at Oak Bluffs and Nantucket. Mass. He reports that these popular ; Island resorts enjoyed an excellent Sum- mer business. | Was'iington Clearing House figures for today: $3,026,924.56. | U. S. TREASURY BALANCE. | The United States Treasury balance, announced today s of close of business September 4, was $108,467.286.29. Cus- toms receipts for the month to date were $4,769,009.79. Total ordinary ex- penditures were $12,300,280.94. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal €61d’Sciling checl's value, i it 392/¢c 392100 London, pound Paris, fraic, Copenhagen, O¢lo, crown.. Stockholm, crown, B Recelved by Private Wire Direet to The Star Office. Note—All stocks are sold in one ~Prev. Higa. 203% 108% 120 23% 54 1314 8 8013 107 10 1415 81 11 62 251 461 170 5313 501y 10414 124% 107% 102 1931 8tock and hundred-share lete excepting those designated by l.h letter s (809) (2508). Prov. Low. Dividend Rate. ada oo, 00, High. Low. cuu.m 3'4 Abitibl Pwr & Paper 11% Abitibf Pwr&Pap pt. 25 A'ham & Str (37%c). 111 Adams Fxr\ru! . 224 2) 4 0% Alr Way Elec Appl. . Alaska Juneau (40¢) Albany Wrap Paper. Allegany Corp...... Alliance Realty (3). Allled Ch&Dye (n6). Allied Ch&Dye pf(7) Allls Chalmers (2). . Alpha Port Cemt (1) Amerada Corp (2)... Am Agri Chem(Del), Am Bank Note (13) . Am Brake Shoe(2.40. 1 370 1 182 208 62 1 13 1 Am CanCo (15)..... 28 Am Can Co ot (7). Am Car & Fdy pf (7) Am Chain... A Chicle ('l) Am Comel Aleohol 5 Am European Secur. Am & For Power. ... Am & For Pwr pf(8) Am & For Pwr pf(7) « Am & For Pwr 2d pf. 4 Am Hide & Leath pf. Am Home Prod 4.20. AmIceCo (3).... Am Ice pt (8). Am International. Am La France&Fom., Am Locomotive (1). Am Mch & Fdy 1.4 Am Pwr & Lt (1) Am P&Lt pt A st(5). Am Radiator (60c).. Am Republics. Am Rolling Mills Am Safety Razor ( ¢ Am Ship & Com..... Am Shipbullding (5) Am Smelt Ref (2). .. 10! 567 lD. 33 Am;m&‘Reln(('l). a Am Snuff pt (6). Am Stores (12%). Am Sugar Ref (5)... Am Tel & Teleg (9). Am Tobacco (16) Am Tobacco B (16).. ‘Am Tobaceo pf (8).. Am Water Wks (3).. Am Wat Wks cfs(3). Am Wat W 1st pf(8) Am Woolen Co. . Am Woolen Co pf. Am Writ Paper ctf: ‘Am Writ Paper pf... Anaconda Cop (1%). Archer-Dan pt (7) Armour of 111 (A Armour of 111 (B Arnold Constable, AsBoclated Appar Aszo Dry G (233).... Atch To&S Fe (10). . Atch To&S Fe pf (5) Atl Coast Line (7)... Atlantic Refining (1) Atlas Powder (4) Atlas Stores (1) . Auburn Auto (£4), Austin Nichols 249 100s Austin Nich pt A u)'wo. Autosales..... Aviation Corp (Del). 91y Baldwin Locomotive 41% Balto & Ohlo (5).. 60 Balto & Ohio pf (4).. 1014 Bamberger pf (6%3). 2% Barker Bros...... f% Barnsdall Corp'n.... 531, Beatrice Cream ( 106 Beatrice Crm pf(7).. 4415 Beech-Nut Pkg (3).. 147 Bendix Aviation u). Best & Co (2) Bethlehem Steel (2). Bethlehem Stl pf (7) Blaw-Knox (1)...... % Bohn Alumn (13%) Bon Ami (A) (16)... Borden Co (k3)... Borg Warner (1) Botany Con Min (A). Briggs Mfg (11%).. Brockway Mot Trk. . Bklyn-Man Tran (4) Bklyn-Man Tr pf (6) Bkiyn & Queens Bklyn&Queens Bklyn Union Gas (5) Brunsw-Balks. .. Budd Wheel (1), Bullard Co, ... s Burrough A M(11%) Bush Terminal(214) Butte & Suporfor Butterick Co. .. % Byers (A M) Co. 1if Packing (2) 231 Calumet & Arizona 28% Canada Dry G A (3). 108 Canadian Pacific 1% 17% Cannon Mills (1.60). Capital Admin (A).. Case (JI) Co..... Case (J 1) pf Caterpiliar Trac(: Celanese Corp. Cent Aguirre (1 Century Rib Mills. Cerro de Pasco (1). Ches & Ohlo (2%4). Chesapeake Corp(3). Chi Great Western. . Chi Great Westn pf. Chi Mil StP & Pac... Chi Mil StP & Pac pf. Chi & Northwest (4) 4 Chi Pneu Tool. .. Chi Pneu Tool pt. Chi R1& Pao (mzu) Chi Yellow (3) Childs Comn-ny. Chile Copper (1%) Chrysler Corp (1)... City Ice&Fuel (3.60) City Bto, 4 Clark Equipment(1). Coca-Cola (17%).. Coca-Cola (A) (3). Colgate-Pal-P (214). Colg-Palm-P pf (6) . Collins & Aikman. .. Collins & Atk pf (7). Col Gas&Elec (2)... Col Gas&El pf A (6). Col Gas&EL pt B (5). Columb Graph (56c) Columb Catbon (5) Comm Credit (1.60) Comel Cred pt (1% 15 8 83 4 108 1008 25 3 46 108 2 108 Comcl Cred 1st(63%) 2008 Comel Cred pf B (2). Comel Inv Trust (2) « Comel Inv Tr pf 635, Comm Inv evpf(e6). Comel Solvents (1). Comwlth&Sou (400). Comwith&Sou pf (6) Congolm-Nairn (1).. Congress Clgar (4) Consol Film..... Consol Film pf (2). Consol GasN Y (l) . Consol Gas NY pf ( Consol Laundries(1, Consol Textil Container Corp Contl Baking (A) Contl Baking (B) Contl Baking pf (8). Contl Can (23%).. Contl Dia Fibre (1) Cont Insur (2.40) Contl Motors. Contl Ol (Del). Contl Shares....... Corn Products (t4). Coty Inc..... Crown Zellerback 4 Cuban Domn Bugar, 85% Cudahy Packing (4). 66 Curtis Publish (4).. 2% Curtiss Wright. 3 Curtis Wright (A). 100 Cushmans pf (7).... 9% Davison Chemical. .. 15 Deere & Co pf (1.40). 44 Del Lack & Wn (4).. 1474 Diamond Mateh (1). Diamond Mteh pf 1% v Dome Mines «1). ... 101" Doug Afreraft(t1%) 61 Drug Corp (4) . 7 Dupont de Nemg(4) 1185 Du Pont de Nm%s).. Duques Lt 1st pt (5). 508 81 108 1 162 138 3 24 3 12 lDb 9 9% 82 1 xuu, 124% 124% 124 11307 107 307 ePrey. Hish. Low. 1] 13% 1931 5% lll 181 2% 69 4% Al 9% 0% 983 l\i 8514 Eitington-. Schfld pl.. 344% Eleo Auto Lite (6).. 2 Electric Boat. 6% Elec&Musical instra 30% Elec Pwr & Lt (1). 80 Elec Pwr & Lt pf(6). 92% Elec Pwr & Lt pf (7) Elec Storage Bat (5) Endicott-Johnson(3) Eng Pub Sve (1.60)., Eng Pub 8Ve pf (5). Equit Office Bldg 2% Eureka Vac Cleane; [Evans Auto Prod. ... e e e et Fairbanks Co pf. Fairbanks Co pf otf: Fairbanks-Morse. .. Fairbanks M pt (7) 808 Fed Mot Truck(40c). Federal Screw Wka. Fed Wat Bvo A(1.20) Fed Dept Strs (25¢c). Fid Ph Fire In(2.60) Firestone T & R (1) Firestone T&R pf(6) First Natl 8trs du) Fourth Nat Inv mébe Fox Film (A) (2%4). Freeport-Tex (3)... Gen Am Tank C‘ll‘) Gen Asphalt (2)..... Gen Baking (2) . Gen Baking pf (8). Gen Bronse. ... Gen Cable (A) Gen Cable pf. Gen Cigar (4) Gen Electric (1.60).. Geri Elec spec (80c).. Gen Food Corp (3).. Gen Gas&El A(e30¢c) Gen Gas&E cv Gen Mills (3). Gen Mills pt ( gcn Motors (3) (3) Gen Theatre Equip. Gillette Saf Rasor. Gillette Baf R pf ( Gimblel Bros pt (7). Glidden Co. 1 10 10 4 108 3 2 ll)l s-n 9 83 18 Bruan - wes amoaRBuee Glidden Co pr Dt l‘l) "0- 31 Gobel (Adoit) . Gold Dust (3%) Goodrich (BF). Goodyear T& R (3). Goodyear 1st pf (7).. Graham-Paige. Granby Con Min (1). Grand Sil 8trs (h1).. Grand nfon. Granite City Steei(2) Grant (WT) (1)...0 Great Northn pf( Qreat Northn Ore(2) Great Western Sug.. Qrigsby Grunow. .. 10'4_Guif States Steel. . 4% Hahn Dept Stores 50 Hahn Dot 8t pfcs1) 85 Manna pf (7). 24% Harb & Walker (1) % Havana Elec Ry 214 Hayes Body Corp 40 Hercules Powder( 8314 Hershey Choc (5) 3% Hoe (R) &Co. ... 26 Holland Furn (12%) 5% Hollander Sons. 81 Homestake Min (17) 4% Houdaille Hershey. . 93 Hershey Choo pf (18 58 Household Fin pf(4) 27 HoustonOll........ 6 Houston Oil (new). 13 Howe Sound (2). 38% Hudson & Man (334) 11 Hudson Motor (1). 5% Hupp Motors. B 80 8% illinols Central (1) 67% 80% 7Y 18 2% 26 19 w00% 36 9314 264 108% 17 374 4374 16% TV 26% 42% 107 21% 29 36% 2% 46 llinois Cent11(4)., 1% Indian Motor Cyale 2115 Indust Rayon (4)... 74 Ingersoll Rand (4). 39 1Inland Steel (2%)... 414 Inspiration Copper.. 5% Insur Shr(Md)(40c). 18% Interboro Rap Trans 1% Intercontl Rubber. 117 Int Bus Machine(n! 27% Int Cergent (4). 1% Int Combustion 13 Int Combustion pf. 3614 Int Harvester (214). 16% Int Hydro E1 A (e2). 43 Int Match pf (4) 6 (nt Merchant Marine. 9'4 Int Nick of Can(40c) 8% Int Paper & Pwr (A) 21 Int Paper & Pwr (B) Int Paper & Pwr C Int Paper & Pwr pf. Int Printg Ink pf (6) Int Tel & Teleg (2) 364 Jewel Tea (4).. lO‘i Johns-Manville (3).. Kan City Sou pf (4). 12 K'mann Dept Strs(1) 104 Kayser (J) & Co (1). Kelvinator Corp.... Kendall Co pt (8)... 14% Kennecott Copper(1) 23% Kinney (G R) Co pf. 25 Kresge (S8) (1.60). 42 Kress (SH) Co (J1). 13% Kreuger & T(m1.61) 18 Kroger Grocery (1). Lambert Co (8)..... Lee Rubber & Tire. . Lehigh Valley Coal.. Lehigh Valley RR.. Lehman Corp (3)... Libbey Owens Glass. Liggett & Myers(15) Ligg & Mvers B (15) Lily Tulip Cup(1%). Link Belt (2)....... Liquid Carbon Loew's Ino (3) 2% Loft Inc... Lorrillard (P) 0. Lou Gas&El A (1*) . 8% Ludlum Steel....... 85 McAn&Forbes pf(6) 28 McCall Corp (2%).. 76 McCrory Strs pf (6). 19% McIntyre Porc M(1). 64 McKeesport T P (4). T4 McKesson & Rob(1). 20 McKes&Rob pf(3%) 2114 MackTrucks (2).... Macy (RH)& Co(n3). Mad Sq Garden(§0c) Magma Copper (1). . Manhat Elev gtd (7) ManhatElev mod gtd Marine Midld (1.20). Marlin-Rockwell (2) Marshall Field (3%) Mathieson Alkili (2) 5:! D-pt Strs (2%) tag C tag Co bt (3) - 1n tag Co 1st pf (8) eiville Shoe (2)... 3% Mengel Co..... 5% Mid Continent Petm. 114 Minn Moline Pow... 9% Mo Kan & Texas. ... 1M sour Pacific 41 souri Pac pf (5). 10% Monawi Carpe! . 181 Monsanto Chem (1% Montgomery Wa Morrell (J) & Co (3) Motor Meter G & El. Motor Products (3). . :a:firw.l;ul [¢5 PP UIlNS MEG. v osree 36 l!ulllnl H%‘ ot (1) . 6% Murr 18% y Corp. o 4514 83 Mzar (z B) & Br (3) 40% 32 83% 89% BO% 6% 182 20 Nash Motors (4). 7% Nat Acme Co. ¢ Nat Bella Hess, 17 Nat Bella Hess pf 541; Nat Biscuit (2.80) 18%- Nat Cash Register A 26% Nat Dairy (2.60) 19% Nat Dist I’rod (2) 85 Nat Lead (6). Stoek and Bales— Prev. Dividend Rate, moo ll[h u' clan Close, 3 5% STOCKS SELL OFF Llst Turns Weak as Volume of Offerings Shows Sharp Gain. BY GEORGE T. HUGHES. 38 7815 | Special Dispatch to The Star. 27| NEW YORK, September 8—In an 16% atmosphere of unrelieved pessimism, to- 23 | day's stock market registered another 26% 264 274 98 100 102 e e e (Continued on Page 14.) 5% | severe reaction, carrying the railfoad 3% | averages to & new low and the indus- trial averages to a point where they threatened the June low. Just before the close Weatern Union declared the regular common The stock rallied briskly on t.he news. The market was weak from start to finish, although there was a feeble rally on short covering just before the close. The weakness in the railway shares ‘was acute, with losses running up to 6 and 7 points in the higher-priced issues. The industrials and the utilities, how- ever, did but little better. It was understood that much of the selling was coming from the continent through London, but there was also heavy local liquidation. A feature of the afternoon was the omission of the common dividend on Youngstown Sheet & Tube and a sharp break in the price of the stock. Cotton was weak on the Government report but other commodities held bet- ter than stocks. Bonds were lower but not weak. ‘The Btreet came back to business after Its three-day holiday in a gloomy frame of mind. In the first place the head- lines in the newspapers reporting the Labor day speeches, which put forth plans for meeting the unemployment crisis that in practically all cases in- volved increased tazation, made a deep impression. Next there was the British situation, which caused much concern, and finally the trade statistics which, only meager and not especially impor- tant, were nevertheless unfavorable, p-mcuhrly as to the steel outlook. ‘The result was heavy offerings at the ning and two hours of selling, some c it, of course, professional rations for the decline, but a great deal of it liquidation. It was not that the losses were large, but the fact the old resist- ance points were bfoken through that gave the market so heavy an appear- ance. The only support came from the shorts and they were very lelsurely in their covering operations. Among the features of the first half of the session were a new low for United States Steel and a long series of new lows in the railroad stocks. Steel common sold under $81 a share for the INACTIVE MARKET j:'.’i.,':' on comme broke nearly 4 points to low. Even the utilities ylelded without lny important resistance, although werenm.umnynewlow-hlhu group. Consolidated Gas sold off in a way to suggest the catching of stop-loss ur&'rl on the way down. American Tel! hone was pressed for sale and lost ts or so before mid-day, but here me decline was moderated by short covering. weak _stocks were American Water Works, Public Service of New Jersey and International Tele- phone, with current rts esuomng the dividend status ot POTATO mm. By the anm Press, CHICAQO, IIi, September 8 (United States Department of Agriculture) — Potatoes, 93; on track, 23b; total United States shipments Saturday, 632, 62 Monday; trading My. air; sacked r hundredweight, Wisconsin Cobblers, .0021.10; Minnesota Red River Ohios, sssta, No. 1,108 ercials, No.'2, 1.12 5 few hl'h.f m ll'filmphl, 40, SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) id,“Otter. Allis-Chalmers Co. 5s 1937 813 9 American Onatn ©o. American Tel. & Tel. Amer.“Wa ‘ mor o ‘41 Belding Hemnews em_Steel Gorp, §s 1936. 103 Canadian Nor. Rwy. 428 193, 100%s Chi. Northwesiern K. R. 38 1933 9 Chicawo, Hock lsland 4s 1634, & Gleve Lor. & Wheeling 31 193 100 Colorida"% 8o’ Ry { 9¢ ommercial Credit Co, 3755 193 He Deluware & Sadeon So. & 1938 108 ° Denver & Rio Grande 4%s 19 Gen. Mot. Accep. G General Betroi Grand rraht of rand Trank o i 'Ps. E. Hu:!‘ble ou '.- 1933 New Yore, Sen Northwestern (;r: R. :2;"'"“ Genersi gn:g Sinclair Crude Southern Pacific $s mc . RY. R. & G. Thioh Bice, 10 & Por 1035 Union Ofl Co. of Callf. 85 m 9913 Virginia Rwy & Pow 103% Wabash Rwy. Co. bs 19 . mo': . 108 9387 103 3 1940. 93 1038 1024 ; 13, Is Your l“ 2nd 4 o, 354 Trust Duet al Estat. lnveshnenl Co. 416 5th St. N.W.. Room 707. A DEFINITION:— "INVESTMENT: The laying out of money for tobelnld[or meaning a lof, In general, the ob)m of v‘ppoud investment’ is an asswred income. The prime element is safety, and safety includes the ideas of actual value and continued value, from which roceed the assurance of income. An ‘investment’ is a purchase in which the risk is reduced to a minimum.” —Crowell’s Dicrionary of Business KEECH & COMPANY Members of New York Stock lx ki P unconan'mlnnn (Assoc. mnm STOCKS BONDS COMMODITIES DIRECT PRIVATE WIRE F. B. Bk T 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 Srdoklyn Detroit ‘Winnipes New York Providence and Fis Massachusetts Investors Trust meets this definition point for point. In Thirty- Send for the ful facts A. S. GOULBEN & CO. Ine. ‘Woodward Bldg., Washington, D. C. one States \HE 6,500,000 people served by the Middle West Utilities System reside in thirty-one of the forty-eight states—extending from North Dakota to Florida, from Maine to Texas—and in two Cana- dian provinces. In these widespread areas, the Middle West Utilities System provides electric power and other important services to §,000 communities, whose homes, industries and farms make ever-increasing use of the System’s services. The Preferred and Common Stocks of the Middle West Utilities Company are listed on the Chicago Stock Exchange and traded on the New York Curb Exchange. Middle West Utilities Company booklet request Middle West Utilities Company 20 North Wacker Drive % lh‘ Please send descriptive booklet Name. Strees. City and Stase. FINANCING AT LOW COST [ J First Mortgage Funds (Three Years or Longer) Loans on residence and business properties in the District of Columbia and mnearby Maryland suburbs ... Ample funds, lower interest, prompt approvals, valuable prepayments priv- ileges. Three-year loans on newer properties without amortization. 5%% H. L. Rust Company ESTABLISHED 1889 1001 Fifteenth Street National 8100 Loan Correspondent for “The Prudential® MOSse 2% O54: fntee) Joses (Fummeme SALE JALE ANNUAL FURNITURE SALE offers Office Furniture at Drastic Reductions 38 Walnut, Mahogany, Oak Finished Bentwood Chairs, cane and veneer seats, few ‘of )= TR ,40%01:{ Walnut, Oak, Mahogany Desks, .+209, Off all types.. o 24 Walnut, Oak, Mahogany Side and Arm 3 60" Mahogany Roll-top Desk. Was $75.00. Now$49_75 1 60 Walnut Roll-top Desk. Was $75.00. 1 43" Mahogany Roll-top Desk. Was $44.00. 1 60" Quartered Oak Roll-top Desk. Was $70.00. 1 54” Quartered Oak Roll-top Desk. Was $68.00. 3 48” Quartered Oak Roll-top Desk. Wu$42.00 N ..---$27.50 1 60"x48" tered Oak Double Flat-top Desk. Was $78.00. Now 9.75 1 60"x34” Flat-top Desk, quartered oak. Was J 42"x32" ered Oak Flat-top Desk. Was $42.00, Now (as is)... $24w 1 4272307 Quartered Oak Table. Was $21.00. 1 60"x34" tered Oak Secretary Desk (Typc- writer in Pedestal). Was $72.00. Now $47,50 1 42"x32" tered Oak Single-Pedestal Type- writer Was $41.00, Now..... .$27.50 Few Steel File Cabinets....... .50°/° Off ALSO 10% Off Nationally-Famous “Hale” Bookcases OFFICE FURNITURE—FOURTH FLOOR REAR. W. N . NMoses & Sons Nat'l 3770 F St. at 11