Evening Star Newspaper, September 17, 1931, Page 13

SEPTEMBER 17, 1937, NEW RAIL BOND ISSUE SHOWS | FAITH OF BANKERS IN MARKET| Special Dispatch to The Star. ried over info 1028 and 1929, when the | NEW YORK, September 17.— The |roads that had borrowed on a 7 per sale yesterday of $10,000,000 of Louis- cent basis were able to negotiate loans ville & Nashville Railroad Co. 10-year ’ o ""‘;’.“;’a l:r:*"fi 2 | Mones on Hand to Loan on 5 t bonds has a sig- 'm inancing. . secured per cen | Fll‘lt Dee d < f T t | nificance that goes beyond the refund- It was mot clear to thé bankers in| 6% Interest FINANCIAL. STAR, WASHINGTON, D. C, FINANCIAL. JONOR BNKES " WILL GET AWARDS More Than 60 A. 1. B. Mem.- bers Haver Completed THE EVENING NEW YORK STOCK EXCHANGE mnrflnuwun-mun-mm . THURSDAY, ISTOCKS IN RALLY AS MARKET CLOSES Gams of One to Five Points Are Scored When Shorts Cover. Money to Loan on D. C. Real Estate at Gnmen. t Interest Rate R e . ey Sel Jut lu-n.uu M 100-4nsai dots, extest those designated by letter Ca” Stock and w. nm luu‘ m ia 00, High. 813 Abitibt ?wr & Paper. 8 A ham & Str (37%¢ Abram Straus pf (7) 5 1 a 3] i 348 28 Crown Cork bt ( “63 80% Crucible Steel....... 2% % Cuba Cane Products. 5% 3 Cuba Co.... . 5% 2 Cuban-Am Sugar.... 4 114 3 Cuban Domn Sugar.. ! 107 100 623 Curtis Publish (4).. 106'% 100 9% Adams Expi ) 8315 Adams Exp pt (5), 2214 Adams Miilis (2).. 12% Addressograph (1) Ing feature of the issue. | 1920 and 1821 how long' a time wbuldl & | be requirefl for the effects of the post- | In the first place, it is & distinctive war depre#sion to wear off. They were +u " 1% Various Courses. "BY EDWARD C. STONE. At the annual Fsll mecting of Wash- ington Chapter, American Institute of Banking, at the Willard tonight, more than 60 junior bankers wiil be awarded | certificates for work completed last year and a very largs number of prizes will be presented to honor students in vari- ous courses. Dr. George Farnham, in- structor in public speaking, will be the clilef speaker, while greetings will be brought by Edward J. McQuade, president of the District Bankers’ Asso- clation; H. H. McKee, chairman of ‘Washingion Clelflnl Hou Associa: tion, and Raymond B. Dicke; the institute faculty. Several hundred institute members are expected at the meeting. Bankers Recelving Diplomas. The following junior bankers will e ceive certifidptes Pre-standard certificates—G. Norman Cobb, J. Kenneth Collins, Randoiph N. Earman, Earl Eschinger, Jack Grady, Claude W. Kniseley, Ben Carter Pope, Oren H. Reed, Guy T. Scobt, Charles M. Waliher, Raymond L. Weber and Lynn E. Woodward. Stendard certificates—Paul J. Bissett, Dominic_ Carrera, George Dagenals, James Dufly, Joseph R. Fitzpatrick, William B. ' Fleharty, Jeannette B. Frazier, Walter R. Fry, Florence L. Gardner, Francis Barry Gates, Victor R. Heflin, Arnold D. Keplinger. Scott D. Morris, Mary M. Pfeiffer, Willlam P. Restorff, Pcrter G. Shreve, Nell H. Sprigg, Charles Albert Straborn, Harry R. Stetham and Frank E. Welsh. Graduate certificates in commercial banking—Henry W. Evans, George F. Lingebach ‘and Lincoln H. Phillips, Other Certificate Winners. Credit cards in analyzing flnlm:hl statements—Willlam H. Ford, James Lunsford, Herbert S. Schaefer, Chlflu M. Schwab. Oredit cards in public speaking—S. Winifred Burwell, Theodore P. Cowgill, Arthur E. Meade, Rose L. Sanderson, E. Wallace Schreiner,| jpgs Charles M, Schwab, Paul J. Seltzer, Al* | 1300 fred W, Sherman and Mildred C.| 305 Woodcock, . 80% More Local Bank Dividends. i Directors of the National Metropoli- | 40 tan Bank at their meeting yesterday 8% declared the regular uml-n.nn\nl divi- | 431 dendctsmeunmllzoewbnl gb“ to_stockholders of record on October 5. Directors of the Security Savings & Commercial Bank, &t their monthly St of o oy quarf o nd of % ¥ able September 30 to past few days about 10 local banks have declared thl"k regular q Several other “im) nouncements have also been ‘made hy mnu such eorperations as the Capital Trac- | 108y tion Co. and the umun .| 120 * ‘Word was received h thet | 23% timore | 99% Iy divi-| 13% dend of 40 cents, pa 30 to stock of record Bephember 21, " Directors to Meet in Skies. Directors of North American Avia- i) xm'mu in the history of avia- acrial me of a In pction with tbe Mullr 1::2 the uu B\ 6: 614 80% 25%% 46% Ambas- | 70% sador Hotel in Atlantic City late fllh 123% afternoon, the air tour belng 20% largely to give the directors a cioser view of what is going on at the dif- ferent plants. Today's Trading on Exchange. Eeavy trading in Lanston Mon 6% 27% '87% Th quarterly dividend was voud. extra, which bhas usually b-en vmed at the same time, was not de nthaler. Linotype sold to the ex- 'knl of 56 lm ‘today, ex-dividend, at| 104 73 Capital 2% 10 e saleaf 32, et L sales were noted in Wi ‘ashington Rail- way & Electric preferred, Potomac| 53 Power §; per cent preferred, Security| 43w swrue and Carpel Corporation. 1% nh.:}wn clearing house figures for iadly. 403,286.37. 145 Heard ja Financial District. =5 Frank J, F. Thiel, resident partner| 1g tnd 1 manager of the Washington office | 131% Megaan & Co., in th> Wash- | 116 ln‘\an Houl is pessing ‘his vacation in Canada, being expected home in about two weeks, Barnun L. Colton, trust officer of the District National Bank, s back at his desk after & two weeks vacatlon. Samuel M. Thift, assistant cashier of the Pranklin National Bank, is on a two_weeks’ vication. “Pinancial advertising must discuss the things which it has to sell, an. nounce the reasons why they wenfi brought into existence and the elements of safety which they provide” de- clared one of the speakers at the Bos- ton conventl(wn )eslerdny CITIES SERVICE SHOWS INCREASE IN EARNINGS | By the Associated Press. NEW YORK, 'September 17.—Citles Bervice Co.s monthly earnings state- ment showed Improvement over the pre- ceding month for the second consecu- | 1 tive month, Gross income for August was $2.441,- 28], as compared with $2,414,088 in| July. and $2,167,346 in June. The net| avallable for common stock and re-| serves for August amounted to $651,274, | compered with $621,618 in July and | $560,436 in June. ! Comparisons with a year previously, hoqe\er reroain _unfavorable. The; u'gu gross of $2,441,281, compared with $4,891956 in August of last year, and net for common stock of $651,274, equal to 68 cents per share on the average number of shares outstanding, compares witih $3,022,629, or $1.46. Gross for the 12 months ended Au-| gust 31 was $43,700,152, against 359." 109,385 in the preceding 12 months, | 1 and the net for common stock and re- serves, $21593,673, against $42,231,920. Since Jamary 15, Citles Service | stockholders were reported to have in- | creased on an average of 214 a day, and now exceed 485,000. Regular monthly dividends on thei common, preferred and the two prefer- ence issues Wwere announced, November 2 to stockholders of record ' October 50'% 104% s A POTATO MARKET. CHICAGO, September 17 (#) (United Statcs traent of Agriculture) — Pot‘xou eqrs, on frack, 213 cars; United fitutes fl ‘weaker, dopery hm«u'mhc. 'Vllecnlln 109% payable | 197 31 Adv Rumley,... 70% Alr Reduction(14%). 7 Alaska Juneau (40c) #% Allegany Corp. .. 915 Alleg Cp pf $30 ww 4 Allegheny Sti (1.20). Allted Ch&Dye (n6). Allled Ch&Dye pf(7) Allfs Chalmers (2). . Alpha Port Cemt (1) Amerada Corp (2. ., Am Agri Chem(Del), 4 Am Bank Note (13) .. Am Beet Sugar 51 Am Brale Shoe (2,40, Am Brake Sh pf (7). Am Can Co (15) Am Car & Pdry Am Car & Fdy pf ( Am Chicle (13) % Am Comcl Aleoh Am European Secur. # Am & For Powe Am & For Pwr pf( Am & For Pwr pt(7). Am & For Pwr 2d pf. Am Hide & Leath pf. Am ITome Prod 4.20.. Am Ice Co (3) Am Ice pt (8) Am International. Am'La France&Fom. Am La Fr&Foam pf. & Am Locomotive (1). Am Lo'motive pf (7) # Am Mch & Fdy 1.40.. Am Mach & Metals Am Metal Co. Am Natural Gaspf.. 1 Am Pwr & Lt (11). 'lfl Am Pwr & Lt pf ( 661 Am Pwr&Lt pf A 65% Am P&L! pf A st(5 9 Am Radiator (80¢) 3% Am Republics 15% Am Rolling M! 2 35 Am Safety Razor (5) 4 Am Seating. . . 1% Am Ship & Com 24% Am Smeit Ref (2)... 114 Am Sm & Ref pf (7). 35% Am Snuff (13%).. 1 Am Solv & Chem pf.., 10% Am Steel Found (1).. 87 Am Stores (123). Am Sugar Ref (5)... ll Am Sugar Ref q (1) 6% Am Sumatra Tol 151 Am Tel & Telex (3).. 9814 Am Tobacco (16).... 102% Am Tobacco B (16).. Am Type Fdy (8). 57% Am Water Wks (3) 37 Am Wat Wksefs(3 18% Anaconda Cop ¢ 18% Anaconda W & C (1). 17% Anchor Cap (2.40). 8 Andes Copper. . 8 Archer Daniel Mid. 32 Armour of Del pf (7) 1% Armour of 11l (A)... 1 Armour of 11l (B) 10 Armour of 111 pf. 3% Arnold Constable. ... 5% Associated Apparel 15% Asso Dry G (2%) 75 Asso DG 1st pf (6)., 113 Atch To&S Fe (10 99% Atch To&S Fe pf (5). 72 AtlCoast Line (7)... 11% Atlantic Refining (1) 83 Atlas Powder pt ®. 1 5% Atl tor 295% 101% Auburn Auto (l' 2% 1 Autosales. . 3 Aviation Corp 813 Baldwin Locomotive 33% Balto & Ohlo (5).... today on um first | 107 101% Bamberger pf (63%). 38 Bang & Aroos (3%).. 99% Bang & Aroos pf (7). 5% Barnsdall Corp'n. 22 Bayuk Cigar (3). 531 Beatrice Cream (4) 4414 Beech-Nut Pkg (3) 1% ~Hemingwa 67% ?fifflhmuum 14% Bendix Aviation (1) 31% Best&Co (2)...siee 8% Briggs Mfg (11%).. 14% Briggs&Stratton(2). 1% Brockway Mot Trk. . 47 Bklyn-Man Tran (4), 85% Bklyn-Man Tr pf (6) 99 Bklyn Union Gas (5) 32%_ Brown Shoe (3).. 6 Brunsw-Balks. 3 Bruns Term & Rwy: 6% Bueyrus-Erfe. . 19% Burrough ) 17 Bush Terminal(2%). 70 Bush Term deb (7). 1% Butte Copper & Zinc, 8 Butterick Co. .. 22% Byers (A M) Co.. 20 Calif Packing (2) 281 Calumet & Arizon: 47 Calumet & Hecla. 10% Camp W&C Fdy (1).. 23% Canada Dry G A (3).. 16% Canadian Pacifie 1% . 17% Cannon Milis (1.60) 9% Capital Admin (A) 3% Celotex vic ctfs 14 Celotexpf..... 17% Cent Aguirre (1%).. 214 Century Rib Mills... 12% Cerro de Pasco (1). 24 Chesapeake Corp(2). 4 ChiGreat Western. , 15% Chi Great Westn pf.. 31 Chi Mil StP & Pac. 10 Chickasha Cotton O/ 14 Childs Company..... 124 Chrysler-Corp (1) 28 .City Ice&Fuel (3. 1% City Store: 19% Cluett-Peabody (3).. 34% 70 130% Coea-Cola (17%) 36, Colgate-Pal-P (134). 9‘4 Colo Fuel & Iron. 20% Col Gas&Elec (2) 98 Col Gas&El pt A (l). Ub*’. Col Gas&E1 pf B (5). umb Graph (56¢). 51’/; Columb Carbon (6).. mm Credit (1.60).. mel Credit A (3) wnlvumaaalomwan 31 Wl - - Swnw - (- - PSR T T T - > 33 6 3 mel Cred pf (1% ). 200s 76% Comel Cred llfi(l%) 8714 Comwlth&Sou pf ( 20 Conde Nast Pub (2).x 6% Congolm-Nairn (1)., 10% Congress Cigar (1) 25% Consol Cigars (5 2308 17 S e Carorst b5 100, 3% Consol Film.. . 10% Consbl Filin pf (2).. $0% Consol GasN Y (4)., 101% Consol Gas NY pf(5) 111 Consol Laundries(1), % Consol Textile...... 1 Container Corp (B) 9 Contl Baking (A) 1% Contl Baking (B) 4% Cont] Baking pt @) Can (2%). cobblers, 904 MF M unbo 4 Frody R %m r;:fl‘ lmo.u g:;brc ve(7) m'rm-m 1.4001.45, \‘m 24% Cream of FEERE 25 FEES RIFE FTELIE 4L FEeEEs ®£5 1441 = = 118% b5 814 157% 102 45% 195 23 12«. 185% 100 24 Curtiss Wrignt. 3 Curtis Wrisht (A) Davison Chemical. .. 15 Tweers & Co pf (1.40). 96 Delaware & Hud (9). 3214 Del Lack & Wn (4).. 11% Denver & RG W pf.. 140% Detroit Edison (8) 14% Diamond Match (1).. 24% Diamond Mtch pf 1% 87 Dome Mines (1)..... 1414 Domn Stores (1.20).. 14% Doug Afreraft(t1%) 6115 Drug Corp (4)...... 10 Duplan Silk (1) 71 Dupont de Nem ( 1171 Du Pont de N pf(6 118 Bastman Kodak (18) 128% Eastman Kod pt (6). 117% 20% B57% 80% 45 24% 8% 26 29% B4% 83 56% 14 3 Il'lb 10% 43% Faton Axle (1.60)... Bitington-Schild Eitington-Schild pf.. Hlec Auto Lite (4)... Electric Boat ec&Musical Instru ec Pwr & Lt (1). ec Pwr & Lt pf(6). ec Pwr & Lt pf ¢ ec Storage Bat (4). Endicott-Johnson(3) l-:nmcm -John pf (7) Fureka Vac Cleaner. 1014 Fairbanks-Mor; 58 Fairbanks M pf 84 Fed Lt& Tracpt (6) 4 Fed Mot Truck(40c). 11% Fed Wat Sve A(1.20) 151 Fed Dept Strs (25c) . 34 Fid Ph Fire In(2.60), 13 Firestone T& R (1).. 56% Firestone T&R pf (6) 41 First Natl Strs (2%) 1% Fisk Rubber. . 1 Fisk Rubber 1st pf.. 8 Follonsbee Bros 14 Food Machinery 1%. 16% Foster Wheeler (1).. 201 Fourth Nat Inv ms5c 9% Fox Film (A) (23%).. 18% Freéport-Tex (3). 30 Gamewell Co (3) 145 Gardner Motor. 50% Gen Am Tank Car(4) 14 Gen Asphait (2) 17% Gen Baking (2). 5 Gen Bronze. . 7 Gen Cahle (A). 26% Gen Cable pf. 31 Gen Clgar (4). 33 Gen Electric (1. lfl).- 11% Gen Elec spec (60¢).. 43 Gen Food Corp (3) 3% Gen Gas&El A(el0c) 4 Gen Gas&El B(e30c). 35 Gen Mills (3) e 30% Gen Motors (3)..... 95 Gen Motors pf (5)... 4 Gen Outdoor Adv. 7% Gen Outdoor Adv 1A) 594 Gen Prtg Ink vf (6 74 Gen Public Servi 24% Gen R & Ut pf (e6).. 29 Gen Refractories (3) 1% Gen Theatre Equip. . 13% Gillette Saf Razor... 53 Gillette Saf R pf (5) 4 Gobel (Adolf). 21 Gold Dust (2%). IN Gold Dust pf (6) 80% Goodyear T& R ). 71 Goodyear st pf (7).. 47 Gotham Silk Hoslery 1% Gould Coupler. 24 Graham-Paige. . 9% Granby Con Min (1). 7 Grand 8il Strs (hl).. 10% Grand ('nion, ......s 36 Grand Union pf (3).. 26% Grant (WT) (1).... 27 Great Northn pf(4).. 16 Great Northn Ore(2) 71 Great Western Sug. . 2% Grigsby Grunow. 19% Gult Mobile& Nor 3% Hahn Dept Stor 46 Hahn Dpt St pf(6%4) 11 Hall (WF) (1.20). 79% Hanna pf (1)....... 2414 Harb & Walker (1).. 2 Hartman Corp (B) s Havana Elec Ry. . 1% Hayes Body Corp. 83% Hershey Choc (5). 901 Hershey Choc pf (15) 19 Holland Furn (12%) 5% Hollander Sons 81 Homestake Min 4% Houdaille Hershey. . 58 Household Fin (4.20) 27 HoustonOil... Houston Oil (new).. Howe Sound (2). . ZB'A Hudson & Man (3%) 11 Hudson Motor (1)... 5% Hupp Motors. .. . 27% lllinois Central (4) 1% Indian Motor Cyel 2114 Indust Rayon (4). 74 Ingersoll Rand (4) 4% Inspiration Copper. . 8'5 Insuranshares Del A. 5 Insur Shr(Md)(40c). 10% Interboro Rap Trans, 10% Interbo Hapld T cod. 1 Intercontl Rubber... 5 Interlake Iron...... + 1% In. Agricuiture. 117 Int Bus l(lehlne(n.) 6 Int CarriersLtd 60c. 27 IntCempent (4).. 1% Int Combustion. 914 Int Combustion pf 28% Int Harvester (2%) 16% Int Hydro E1 A (e2). 331 Int Match pf (4) 5% (nt Merchant Mar 9% Int Nick ot Can(40¢c) 112 Int Nick Can pf (1) 1% Int Paper & Pwr C 7 Int Printing Ink.. 1 w0 w8 EeE e r T ane namn Int Printg Ink pf ( l 1001 11% It Dept Stores (2). 3% Investors Equity.... 86% Jewel Tea (4). 40% Johns-Manvi! 14 Kansas City Southn. 10% Kayser (J) & Co (1). 1% Kelly-Spring Tire... 9% Kelly-Spr T 8% pf... 5% Kelsey-Hayes Wheel 77 Kelvinator Corp. 20 Kendall Co pf (6). 14 Kennecott Cflpvlrfl) 10% Kinney (G R) Co 4% Kresge Dept Stores. . (S 8) (1.60).. BH) Co (§1).. Liggett & Myers(15) 352." ::lllyerln('i) & Myers pf (7). 17% Lima Locomot (m2). 22 TinkBale (180 ..+ i8 Liquid Carbonic (3).. % Long 40% Loou-wnu l’;ll (3) nn urril 241t Macy (RID& CoC 11 8 508 18 19% 14% 67% 10 1% 119% Curtis Publish pf (1) —8% 86 4 +2 -1 + % - % P -1 -2 ~1 BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 17.—Shorts were severely punished as the stock market turned about in Iate trading today, following early weakness, and | closed with net gains ranging from 1 to 5 points in active issues. This was the first close in the last 14 sessions ip which net gains pre- | dominated among pivotal shares and it was only the third session in Sep- tember in which final prices bettered | opening quotations. Support accorded to United States Stecl, American Can, General Motors, Westinghouse and American Telephone | in the afternoon started the market upward, causing a stampede among the shorts and bringing in investment buying. Specialties known to harbor a large short interest came out in large blocks in the final quarter of an hour. J. L Case, at 46%, was up 3 points from its midday low. Woolworth, at 62. and General Motors, at 32}, were both up over a point from their earlier lows. Afternoon trading was also marked by ‘weakness in a variety of preferred | stocks. Assoclated Dry Goods preferred | at one tme broke 19}, Plerce Arrow preferred was down 10¥, and Curtis Publishing preferred ylelded 8% points. Just before the late recovery set in, cables reported rising prices at Paris and Amsterdam. Earlier in the session % | there had been s series of rallies and ¥ | relapses. A number of important stocks before % midday went below prices reached previously this year. Among them were American Telephone & Telegraph, Con- solidated Gas, Atchison, Southern P % | cific, Union Pacific, North American, Standard Gas & Electric, American Can, Fox Film, National Biscuit, Anaconda, ~Kennecott Copper, Electric Power & Light and National Power & Light. The fact that the general averages had by several points gone below the previous figure cf June 2 created an impression that support was being with- held and that the trend of the market is toward a lower level. The selling movement spent its force during the first hour and subsequently there was a moderate rally. Trading, however, slowed down materially as prices advanced. The heaviness of the public utility group was related to an unusually sharp decline in the figures of electrical productizn. The new dis- cussion of activities on the part of Legislatures and by Congress compell- Ing greater regulation of the power and light companies - was inevitable, with their securities, which had held apart from the industrials and rails, finally being affected by the same contagion that has run through the rest of the sm&k “‘t‘l% recent months. ore definite talk of the probabilit: of a reduction In iron and stecl wlge{w next month, with the recollection of | the effect of !!P?.‘boen markets in the past, was among the bearish influence: - ing the day. % o NEW SECURITIES N':sz Y;gRK“S ptember 17 (#)— ew securities offered toda 3 : lolll'owm y include the ive sillion dollars Metropolitan Edi- | son Corporation 6 per cent honds priced at par by a syndicate headed by Chase- gln’ll Forbzs Corporation and N. W Two mlllion dollars of Seattle, Wash., 5 per cent light and power bonds pric:a at par by C. W. McN Richard & Bium. gt INVESTMENT TRUSTS NEW YORK, September 17 (&) Over-the-counter market: 2k ABC aB% 11:-1' e Al Am nvest m unders ¢ Founders §40h Sam Ins St xch uiative e Bh Gorborate Trust Grum & Foster s 3 Indust B Eeaaers of thdust 8 Low Priced "ghrs Malor Corp Shrs Mase" tavey Mohawk Tnvest Mutual Iny i 5 Ba e nomaiieo FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Belling chect:s plece of financing just when the Tail- | confident /ABAt Within. & period of 10| road bond market is in a state of un-| settlement such as has rarely been wit- nessed, with institutions and individ- | uals liquidating these bonds up to the absorbing capacity of the market. In the midst of such a situation the Loul ville & Nashville, one of the recog: strong carriers of the country, ha courage to ask for public subscr! to an issue instead of followin current practice of going to the and negotfating a loan to carry over the interval of public fright in railroad securitles. Belief In Marketability. In the second place, the management of the road and)its bankers have in this issue indicated thelr belief that the institutions will buy high-grade railroad obligations even though rail- road dividends and railroad stocks are lower than they have been in yes The Louisville & Nashville is making the present offering with its dividend rate the smallest since 1915 and th .price of its stock. under any fig ihat has ruled in & long term of y The third aspect of the offering that attracted attention was that the ch: acter of the loan coincided in some features with those which marked the teginning of the in the depression y o, At that time a majority of the strongest carriers were alto raising new capital on 10-year secured between that period and today is that money rates were higher then and thg borrowers were compeiled to issue obe ligations carrylng coupon rates of 6% and 7 per cent. These were sold to the public mainly at par or at a dis- count of 1 to 2 points. Not only did the railroads finance in this manner, Lut also a number of the leading pub- lic utilities, which were then compelled to raise funds. Although the rate demanded by ithe bankers in 1921 was the highest that the corporations had paid in a quarter of a century, it was one that attracted investors and broke the strike against railroad securities that had prevailed. It was the beginning of an improve- ment_that gradually spreed and car- Money to Loan Secured by first deed of trust on real éstate. Prevailing interest snd commissian. Joseph 1. Authorized Seruic: Carter Carburetors— Eclipse—Bendix— Lockheed Brakes MILLER-DUDLEY CO. 1716 14th SL. N.W. ¢ North 1583-4 National Organization —desires to sublease its spacions quarters in mod- ern, centrally located office building. * Greatly reduced rentaly Address Box 111.D Star Office LOANS .| )ll? |!l. 2nd_or Srd Trust Due? MR FRIEfi'fiAN NAT. 451 Earnings by Test i FARNINGS are good, when twice bond interest before depreciation, on the “over-all basis which includes all prior charge securities. Earnings for the 12 months ended March 31, 1931, of the Associated Gas and Electric Company and subsidiaries were 2.16 times Debenture Bond in- terest requirements compared with 1.98 times for fifteen other leading utility companies. For a copy of the comparisom telephone BOwling Green 9-3957 or write for Folder J-102. Generdl Iltlllty Securities 61 Broadway Ncw York City The Guaranteeing Trade Mark Satisfaction. 45 Years of Constant Progress An Institution Built on Service BOVE is pictured the home of Stockett-Eiske Co, ‘Washington's leading Stationer —for 45 years the pacemaker in introducing all that is new and practical in the’ office equipment field. ¥ HE Stockett-Fiske Co. sells everything that is used in the modern office and, due to the large stock carried, is able to give you prompt service on deliveries, UR salesmen are highly trained in office require- ments, which enables them to be of real service to their customers. notes. Most. of | these matured in 1930. The difference | years conditions would permit the re- | | funding ‘of the high coupon issues at | & much Jower raté. Therefore, the medium of financing was a 10-year note rather {hati a long-term bond. The | same implication is given in today's financing of the Loulsville & Nashviile with a noté that matures in 1941, but on a relatively better basis to' the bor- | rower than he would -have been able | to obtain under the similar’ conditions | revailing in the earlier pericd, and | Mith, thelatttude of/ the investor mo | less bearish than that exhibited. today. Alopg with the 67: and 7 per cent | secured notes issued in 1920 and in 1921 | | were a considerable number of -equip- | ment trust certificates, carrying - the same rates of interest as the notes, but running for 15 years. The Louisville & Nashville was a borrower at that | | time on its equipment at 6. per cent, with the final maturity of 1936. Many | of ‘these equipment trust’ issues have | since sold at premiums of 10 to 12 points' over. paf. Today, with all of the pressure on | railfoad securities and the unreason- | able panic smong holders of railroad | mortgage bonds, the market for ‘these | | high-grade eqiipments ‘has made prac- | tically no_ roncession to the general | point ‘of view. The only weakness in | equipment’ issues has been in those of | roads that have been compelled to pass their dividends and whose junior bonds | have dropped down into price areas similar_to those held by some of the | South "American obligations. (Copyright, 1931 i Reasonable Commilssion and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. NW. First Mortgage Loan Applications Invited at 5/5%. Glover & Flather 1508 H St. N.W. National 1753 SMALL amount of Capital Stock is offered in a Company dealing in Wholesale Food Commodities. Com- pany established nearly 40 years. Divi- dend record good. Confidential infor- mation given upon request. Address Box 171-D, Star Office f *1IlIIIflIlmlmlllllllfllHI"lllllIIlI|IlllIlIlIl|l|||uumflmllllllmlflll‘llllmmll‘lllflllflflflm* Money Available for Mortgage Loans E have an earned reputation for the expeditious handling of applications for FIRST TRUST LOANS—on apartment houses, office buildings, residential and busipess properties—whether located in Washington or in nearby Maryland and Virginia. All the preliminaries are given prompt attention— and when the application is approved —here’s the money—Iloaned for 3, 5 or 10-year periods and at the low. rafe of RANDALL H.HAGNER & COMPANY }kflw\':\n}:m 1321 Connecticut Ave. PROPERTY Aparitment House MANAGEMENT 5%% oRRE svom Decatur 3600 *;uunuuullmummunmumlmummmmmmm!mmmmmmummflmmmnlum* MANAGEMENT takes constant and “experi- enced supervision of an apart- ment house to keep it running smoothly and profitably. " That's what our service is for— and what' we are doing for others we will be glad of the opportunity of doing for you. B. F. SAUL CO. 925 15th St. N.W. MORTGAGE Loan Correspondent for ““The Prudential™ 1001 Fifteenth Street RVSTT KB LA Nat’l 2100 LOANS Refinancing at offers the advantages of a longer loaa term, and a lower interest rate . . May we prove to you, in detail, the substantial savings i possible through five .and one-half per cent financing. Prompt approvals — Valuable prepayment pfl-(-‘fl'eg'l— = Thtee year loans on newer properties without amortization, = H.L.Rust Company National 8100 H'l D 18389