Evening Star Newspaper, December 15, 1934, Page 13

ON BOND MARKET Junior Loans Irregular, but Gains Outnumber Small Declines. BY BERNARD S. O'HARA, Associated Press Financial Writer. NEW YORK, December 15—The bond market held to a narrow price range today in quiet trading. U. 8. Governments and prime corporate issues contributed a few minor gains. Secondary loans were a bit mixed, with advances outnumbering the de- clines. 8lightly higher prices were paid for American & Foreign Power 5s at 531, Santa Fe 4s at 106!2, Bethle- hem Steel 5s at 107%, St. Paul 5s at 21%, Consolidated Gas 5'¢s at 10614, Erie bs at 71’2, International Tele- phone 5s at 63',, Kansas Gas & Electric 4'2s at 99!, National Dairy 5l4s at 102%, New York Central 5s at 66, Nickel Plate 4'¢s at 61%, Phil- lips Petroleum 5% at 102 and United Drug 5s at 89'j. ‘Treasury 3s of 1951-1955 edged up 3-32 of a point to 100.14, while the 3%s of 1944-46 showed similar im- provement at 102.18. Other treasuries were 1-32 higher to 2-32 lower. Federal Farm and Home ~Loan issues ruled a shade under yes- terday's finals. Australian loans led the foreign di- vision in point of activity but most transactions in the 5s were closed around yesterday's closing level. Austrian, Brazilian, German, Italian lnnv:l Norway obligations moved up a little. By the Associated Press. CHICAGO, December 15.—Wheat prices tended to sag early today, whereas the corn market showed firm- | B ness. A downward inclination of wheat here was associated with the fact that the Liverpool wheat market reflected only in part yesterday's rise this side of the Atlantic. Opening un- changed to 33 lower, May 1.01%-7g, Chicago wheat afterward held near the initial limits. Corn opened unchanged to 33 up, May 89%-13, and subse- quently climbed further. larged speculative buying both of wheat and corn developed on early price setbacks, and led to moderate advances in each of the leading grains. Absence of any material selling pres- sure was an incentive to buy. Corn showed more strength than wheat did. Unfavorable weather conditions that prevailed in the corn belt were a bullish factor, Helping to lift the wheat market was word of frost in Buenos Aires Province, Argentina. It was also pointed out that premiums for domestic cash wheat were strong, with disap- pearance of wheat into consumer channels continuing, and reports from widespread areas suggested that feed use of wheat had increased. Friends of higher prices also emphasized that ‘wheat futures last year experienced rather wide swings during the holiday period when a number of influences were similar to those in evidence now. Oats took their cue mainly from behavior of other grains. Provisions averaged higher, respon- sive to upturns of cereals. Liverpool Grain Prices. LIVERPOOL. De: — fubVERPOOL. December 15 (P.—Wheat Prev, . close. 07 707 Washington Exchange SALES. N. & W. Steamboat—10 at 77, 10 at 77, AFTER CALL. Wash. R. & E. 45—$1,000 at 98%. Bid and Asked Prices. BONDS. PUBLIC UTILITY, Amer. Tel. & Am. Tel. & T ed. el 4128 . . ctl. tr. Bs. w !h G 61 ]“1;“"‘5 ash. Gas 68, series Wash. Rwy. & Elec. MISCELLAN!OUB Barber & Inc. 6las.. Bhevy chase"G1up 5 4 ol Country Club 5% . S Taper Mis. 65, . Cold Storage STOCKS. lec. er 6% prd Elec. Pur, 5iact p’m Po Wain. BV 4 B <o Wash. Ry, & B{d (6) NATIONAL' BANK. Baak ¢ Bamne &3 S FIRE XNSURANGI American reoran National Union Goemel Qotp. W) D. C. Emer. lromo—!el-l Lanston Monot: Mt d. & Loth. com. (1.5 vd. l: Loth. Dlfl. 7). *Ex. dividen ___._.___ i INSURANCE STOCKS YORK, December 15 (P.—New ! Yor's Bectty Demters’ Associn !Id Alled 2y Eroy Wasp i, &L Paul Pire () Ennnfluld M‘;) st e B2 ows GRS REBEaR I.Il!l'l’V loNDl- Close. 3%81932-47..... mn loflll 10321 1stev 4148 32-47. 10& 17 10317 10817 4th 4348 1933-38..108 22 10822 10822 4th 41,8 33-38 3d called.. 10129 10129 10129 TREASURY BONDS. 38 1946-48. ., 10019 10015 10018 3s 1951-55. 10014 10011 10014 10115 10118 10118 ©10411 10411 10411 10218 10217 10218 !%l 1940-43 June 1048 1047 1047 3345 1943-47. 108 21 10321 103 21 3% 1946-56. 10614 10614 10614 48 1944-54.. 1087 1086 1087 4%8-31(s 43-45.. 10220.10217 10220 FEDERAL FARM MORTGAGE BONDS. 3s1949... 994 991 993 3151964, 10116 10111 10116 HOME OWNERS LOAN-S8ONDS. 2% 839-49 964 961 96 4 3sAS52... 994 992 994 FOREIGN BONDS. Agr Bk Col 68°48.... 33% Agr Bk Colum 6s 48 April couon... 331 Akershus 6363 . Alpine Mont S 78 '55. Antioquia 2d 78 '57... Argentine 5 Argentine 6% Argentine 6: . Argentine 6s ‘60 Oct. . Argentine 6s'61 Febr Argentine 6s°61 May. Australia 4% Australia 6s'56 Australia 5s '87. Austrian 7s ‘43 lM. . 102 Austrian 7s°'57. 88% Bavaria S 6148°'45 Belgium 7s’55. Berlin 6s'68. Berlin Elec 6s ‘55 Berlin Elec 6 Berlin Elec 6 Bolivia 7s '58 Breda Ernest. Budapest 6s 27- A 65’61 st Pv. A61;8'61stPv. Buenos A Cy 6%s'55. Bulgaria 78 '67 July coupon off.. Bulgaria 71s 68 coupon off Caldas 7% ll. Chile 7s'42. Chile Mortg Bk Chile Mortg Bk Cologne 618 50 Colombia Colombia s Col Mtg Bk 7 Copenha, Cordoba T Czefhoulmlkh 8s Czechoslovakia 8s°'52 9814 Denmark 4%48°62.... 9314 Deamark 5%s ‘56 Denmark 6s°42.. Finland 53%s ‘58 Finland 6s'45 Finland 7s ‘50 Finnish 613854 A Finnish 645'34 B. French Gov 7% Ger CBk A 6s'60July. 36% Ger C Bk A 6s'60 Oct.. 36% Ger CBk Ag 7s50.... 49% Ger Gen El7s°45.... 3814 100 40% 43% 93% 83 4% 267% Harp Min 65’49 ww.. Helsingfors 6%s ‘6! Hungary 7%s 44 Hung LM 7%s'6 Italy 78 '61.. Ital PUCrd 7s Japan 6348 '54....... Kreuw&kToll 5s’59Acts. Lombard E1 7s'62.... Medellin 633 '64. . Merid Elec 78 '57 Met Water 6148 '50... Milan 6%8'52....... New So Wales b8 '57. New So Wales 55 '58. Nord Rys 6%s '50 Nor Ger Lloyd 6s'47. Nor Ger Ld 6s’4Tnew. i | Norway bs Norway 6% Norway 6s'43 Norway 6s 4 Norway 6s'62 Norw Hy E15%s°'67.. 86% _— Oriental Dev 6s°53... 79 . 158 9% Paris Orl Ry 6%s Peru 6360, Peru 6861, 9% Poland 7s '47. 115% Poland 8s ‘50, Por A 71 s'66Jul ¢ off 21u. Prague Gtr 7%4s'52.. 98% Prussia 6s'62 29 Prussia 6%s '51 30% 38y Rio Grdo Sul 65’68 21% Rio Gr do Sul 6568 couoff.. Rio Gr do Sul 7s 66 Rio Gr do Sul 7s "66 coupon off. Rome 6%s ‘52 Royal Dutch 22% Sao Paulo St Sao Paulo St Sao Paulo St Sax St Mtg 6%8 Serbs 7s '62.... Serbs 85’62 unmcon. a Elec 6148 '46. . an Bk 68°'47.... Tokio 5% Tekio E1 Lt 6s ‘63 Ujigawa EP Taf45... 87 Un'Stl Wk 6%8'47 A.. 33% Urugua: 40 Uruguay 6s 39% 33 Westphal E1 P 6: Wuertemberg 7s'66. 35 8% DOMESTIC BONDS. Adams Exp 4s°45.... 88% 88 88 Alb&Sus 334546 gtd, 100% 1004 100% Alleg Corp 68 '4: 73 724 2% Alleg Corp 68°49..... 63 62% 68 Alleg Val 4s 42 105% 105% 105% 1 Am & For Pw 6s 2030 Am Icecv 58’53 Am1GChbE% Am Intl 6348’49 111 110% 110% 112 111% 111% Anglo-Ch Nitr 7 Arm &Co %339, LA High. Low. Close. 163% 103 108 104% 104% 1044 107 108% 107 Arm of Del §: Armstrg Cork AT&SFeds'60. 107% 107% 107% 101 101 101 T9% T9% T9% 87 87 87 107% 107% 107% 101% 101% 101% 101% 101% 101% 55% B85 55 107% 106% 1067% 1 N, n % 71 % 90 99% 99% 97 96y 97 102 102 102 114% 113% 113'4 117% 117% 117% 07% 107T% 07% 107% 2% T2% 2% T2 43 43 110 110 . 104% 104% 99% 99% Atl Coast L clt At] & Dan 1st és'48 Atl Refin deb 63°'37... — Baldwin Loco 58 ‘40.., Bal & Ohlo 1st 4848, Bal & Ohio 438 '60.. Bal & Ohio 1st 68 °48, Bal& Ohlo5s'96 ... Bal & O ref 582000 D. B&0 PLE&WYV 4s 41 Bal& O Swn 6s’50... Bang&Aroos cv 48'51. Bell Tof Pabs’'48 B.. Bell T of Pa 58’60 C.. Beneficlal L6s '46 Beth 8tl rf db Beston & Me 5: Roston & Me s 6’ Bos& NYALds Bklyn Edis 5s "2 E. ., Bklyn MT 6s'68 A. . Bklyn Union El 6s ‘50 Bklvn Un Gas bs "45. . BCR&N 5s'34 ctfs. Bush Term 1st 48 '52. Bush Term cn 6s '55. Bush T Blag 5s°€0. .. By-Prod Ck 5348 '45.. — Camag S 7s '42 ctfi Can Nat Rys 4% Can Nat Rys 4% Can Nat Rys 4% Can Nat Rys 4% Can Nor deb 78 '40. Can Pac deb 48 perp.. 3 Can Pac 4%s '60. Cent I E &G 5 Cent Pac 1st rf ds Cent Pac 5360, Cert'd deb 5%s Chi & Alt ref 3s'4 Chi B &Q gen 48 ‘58 ChiB&Q4%s'1T. Chi B& Qref bs '11 105t 105'% 110% 110'4 1024 102 106% 106% 8% 8% 104 104 29% K 7 % 504 55 58% 21% Chi & B 1116s°51. ChiG L &C5s'37 Chi Grt W 4s '59 o Chi In & L gen Chi In & L gen 63’6 CM&StP gn 31889 CM&StP 4s'89. ... CM&StP gn 4% s'89 CMStP & P 58°75 CHQ(F&P adj 5s El 2 acaanan ] :uEmvgg R = PYpR PP oY R gy qew ~nm Cht con 48 °'53. Chi& W I6%s'62. Childs Co 58’43 Chile Cop deb bs 47 CinIStT &C4s'36.. 103% Clear & M 1st 58'43.. 100% Clev Short L 4%s'61. 102% Clev Un Ter 4%s°'77. 90% Clev U Ter 6873 B... 95’.% Clev U Ter 5%s'72 A, 1017 Colon Ofl 6s 38 . Col Ind cl tr 6s '3 ~ Col&Sorf4%s'35.. Ceol G&E db 6s'52Apr. Col G&E 5= 52 May Col G & E 6s '61 . Col R P L 1st 438'57 Con Coal )l: ;?s:) l:. ;a8 m Coal M cfs. Py 1. 101% 101% 103% 106 80% Cuban Ct Del & Hud rf Den&RGen Den & R G rf5s DlnhGRg? Bl5 S 8 ‘55 ass g::flllonl s'61 D. 107'% ll\'l‘- 1074 52.... 108% 108% g . 40 39 Erie gen Erierf 58 '67 Eriert s °75. Erle & Jersey 6s°'55.. 112 —_— 79 M% 112 79 9% 3% 112 79 Fed L&Trac int 55’42, 9% Fla E C Ry 58 T4 ctfs FondaJ&G 2s-4s'82cfs.... —_— Gannett 6s°43... ... 100 Gen Am Inv 6 Gen Baking 5% Gen Cable 6%8°47. Gen Pet 55°40. Gen Steel C 51;8°49.. Gen Thea Eq 6s°40... 'Goodrich 68°45...... 92% Goodrich 6348 47..... 1075 Goody'r T & R 6367, 103% 103% Goth Silk Hos 6s '36.. Gr Tr'k of Can 7s'40. 1\7714 GtNRrefd4%s'61A, 98% GtNRgen4%s'7TE. T5% Gt N Ry 6%s'52 B. 86 GtNRgenTs'36A.. 90% — Har Ry-P C st 4s 'zc 94 100t 89% 814 McKess & R 538 Man Ry 48 60% | W :lrkct St R! T4 A. WVa IOK 80% | Wi 1B\§ 78% 8% S4% 4% 9% 101!« 101% 101% 99% 99% 99% 6% 6 8% 1 38% Met Ed 1st rl 1 Met Ed 1st rt 68 ‘53 Mjch Cent 3% Mi] El R &8L 6 .o Mil El R&L rf 68 '71.. Minn & StL 58’ 34 cfs, M.StP&SSM cn 1] M StP&SSM 6 M StP&SSM 63878, MoK &T ll“" Mo Pac s '81 1. Mo Pac5%8'49 A Mont Cent 6s '37. Mout Cent 6s '37. Mont Pow ref 5843 Mont Pow 5s'62 A. Morris & Co 43839, Mor & Esx 3%s 2000, Mor & Esx ¢%8'55... Murray Body 6%s'34 NashC & St L 4s'78 92 92% Nassau El 4s°'51 gtd.. 58% b68% Nat Dairy 5% ‘4! 102% 102% National Steel 58’56, 107 107 NET&T4%s'61... 112% 112% NET&T1st 6s'62.. 115% l;g\ fh 84 6% 100 100 101% 101% 93% 93% 63% 637% 10 1% 101% 8914 89% 92% 93 97 9% 92'% 58 102% 3 83 94% 86% 5912 N Y Cent 3148°97 NYCcon4s” Cref 68 2018 Q0000 of Ee 222222 H&H 43 '51 H&H cl trés'40 1 1 1 1 g o 0 o 1 b 1 i b Yo el gen 4%3°39. 1087 Yw&Bu,s- 48 2222222222722 2222222222222 Norf & W 1st 4896 No Am Co 686 No Am Ed 6%s ‘63, Nor O T & L 6s'47. Nor Pac gen 3s 2047.. Nor Pac gen 4s 97, Nor Pac 448 2047, Nor Pac 6s 2047, 9 Nor Sts P 1st 58’41 A 10‘!'. Nor Sts P 6s°41 B.... 106% Ohio Pub Ser s 47... 105% Ont Pw Niag 6843 OreRR&N 48’4 Ore Sh Line 58 '46. Ore S L 55'46 gtd Ore-\WV RR& N ¢ Otis Steel 6341, Pac Coast 63 46, PacG & ESs'42. Pan Am P C 6340 cfs Par F' La 6847 ctfs.. Par Pbx 6%s ‘50 ct: Par Pbx 5138 '50 filed. Park-Lx 6%s 53 ctfs. PennRR 4%s'81D., Penn RR 44884 Penn R Ren4¥%s Penn RRgn4 Penn RRdb 4 PennRR 4%s Penn R R 5864 Penn RR 6% Penn Dixie C 6s 41 7 PennO & D l%l"l‘l.. 104% Penn P& L 4%s8'8. 99‘1 PeoGL&C r.! 5 Peoria & E 1st 48 Pere Marq 4% PhilaB& W 413 Phila Co 55 ‘67 Phila El Co 45’71 Phila& RC&1 Phila& RC&! Phillips Pet 53 Pillsbury FI M Pitts&WVa 43 Pitts&W PCCC&StL 65’70 A... 110% Pt Arth C&p 6s°53 A, 824 PortGen El 4%8°60.. 51 Port Gen El 1st 5s '35 Postal Tel & C 63’63, 44% PubSEl &G 4s'71... 106 Pub S E1 & G 4%5'67. 108 Pure Ofl 5%s°37..... 100% 1007 100% Pure O1l 64840 . 100 99% 100 Purity Bak 5848 85 84% 85 Reading 4%5°97 A... 105% 1051 105% Reading 4%8°97 B... 105% 105% 105% Reading Jer C 4s'51.. 98% 984 98% Rem-Rd 6% S 4TAWW. Rep 1 & St 5540..... 103 RepI1&Stl § 99 Revere Cop & B 6s 48 10519 Richfield Oil 634 Richfield O 6s ‘44 ¢ 31». RG W 1stex inds'39.. 81% Rio G Wn col 48'49 A, 414 RIA&L1st4%s'34. 12 —— StL-SF 4s'50 A. StL-SF4s'50 A StL-SF 4%s'78 StL-SF4%s StL-SF5850B...... St L-S F 5s'50 B cfs.. StLS W 1s: 4s'89... St LS W gen rf 55'90. StL S W 1stTer5s'52. StPM&MP4s'40 1g ex. Seabd AL 4s 50cfs st. Seabd A L adj 58 '49.. Seabd A L 6545 A. Seabd A L 65'45 Acfs. Sharon S H5%s "48.. Shell Un Oil 58 Sierra& SF P Sinc Con O 6%s '38 B. 103} 103% Sinc Con O 7s'37 A... 103 Skelly Oil 5%8°39... 98% SoBell T& T 6s'¢1.. 109% So Col Pwr 6547 A 8 So Pac col 4 ":;. 75y | So Pac Ore 4 Inland St1 4%s°78 IntR T 1st rf 6s 66 Int Cement Int Gt Nor 6s'52 A... Int GtNor ad] 68'52A. Int Hydro El 63"44... Int Pap 1st5s'47A Int Rysof CA Int T & T 4%s 5. Int T & T ev 4% IntT&TSEs 63% Inv Equity 58°47 A... 98 110% 110% 110% 6% T6% T6% 9915 99% 991 . 67 654 67 101% 101% 101% 944 94% 944 11 111 111 . 119% 119% 119% 36 100% 99% 100% « 102% 102% 102% A..105 106 105 C.. 62% 62% 62% D 63 10% ”fi 10 LehC&N4%s ‘50 A. 101% 101% 101% Leh ValC5s'54..... 70% 70% 70% L VPacomndls2003, 49% 49% 49% Ligg & Myr 78'¢4.... 130 129% 129% Loew’s 68°41.. 105 104% 105 Long Is] ref ¢s . 102% 102% 102% 51 112% lg% 12% Louisv G&E 5s ‘53 A. IOBK 108% lolm Lou & N unif 48°40.. 104% 104% 1041 Lou& N4%s2003C.. 98 98 98 Lou& N 552003 B... 104% 104 104 —— 'Cro'yS5%w'd1filed, 84 84 84 98 Kan Cy P&L ¢% Kan C Sou 1st 38 '50.. Kan Gas&El 4%8'80. Keith 6s 46 Kendall 6% Kings Co Elev 4549, Kings Co Light Ist ref 55 '5 Kings CoL1st6% Kinney (GR) 7 Kresge Foun SoRygen4s's6 A Southw Bell T Spokane Int bs - Stand Ofl N J 6s'46.. 102% 10215 Stand Ofl N Y 4%s '51 103% 103% Studebaker 63°42.... 44% 44% Syracuse Ltg 5s'51.. 115% 115% 115‘6 86l 864 86% Tex & Pac 5377 Tex & Pac 5879 C. Tex & Pac 55’80 D. 86 86 86 Tex & Pac 1st 55 2000 113% 113% 118* Tex&P MPT6%s'64 88 88 Third Av ref 4s « 57% B6% sw Tob PrNJ 6%s . 10615 106% 106% UnBEL&PG6s’67..., 107% 107% 107% UnoOCal6s 42 A 17 17 117 Un Pac 4s'68 . 100 99y 99% Un Pac 1st 4s°'4' 108% 108% 108% 1 . 108 1037% 103% o 104% 104% 104% Va Ry 18t 55°63 A o0, 110% 110% 110% Va8 W con 58’58 9% 9% 9% Walw'th 634835 ww. Warn Bros cv 6s°39.., Warner Quin 65°39,. 96% 96% 96% 33% 331% 33% 3 33 33 B4% 84y 841 1. lol\i 10!% 108 WisC1st gends'49.. u“ 90% 89% 90 0% 90 90 Youngtn S&T 5s'78A. Youngtn S&T 5s'70B. NEW YORK BAR SILVER. NEW YORK, December 15 (#).— 55-; silver steady and unchanged at INVESTMENT TRUSTS ORK. Decem| ). — York Becunty Dene Refoclntio —New (Noon quotations.) Bid Admin Pund ww. Am” Bankslocks: Bilioek " Fund Can Inv Fund Fixed Trust Sh B Fund Investors Inc. Pund Tr Shrs A Fund Tr Shrs B Incorp Investors. Inv Tr N ¥ Coll Mass Invest T: Mutual Invest. Nation Wide Sec N Y Bk Tr _Shrs North Am Bond Tr ¢ifs. Nor Am Tr Shares. Selected Cumul 8h Selected Income i Spencer Trask Fund. Stand Am Tr Shrs.. Stand Util Inc Super of Am Tr A Super Super Super Super Supe: Supervised Shrs... Trust Fund Shrs.. . Trusteed Industry Shr Trusteed N ¥_Bk Shrs. Trusteed Am Bk ‘B FINANCIAL PRIZECATTLEBOUGHT |[LARGE DECREASE SEEN [SYNDICATE WILL OFFER BY SANITARY STORES Blue Ribbon Winners From Chi- |ing member banks in 91 leading cities showed a sharp decrease during the week ended December 5, as the change was measured by the Federal Reserve Board. In the table that fol- lows the total of such balances is given for comparable periods, as an- nounced by the board: Week ended December 5..83. Bami cago Have Weight of 120,000 Pounds. Two hundred blue ribbon cattle fromy the 1934 International Live Stock Exposition in Chicage have been purchased by the Sanitary and Piggly Wiggly stores of Washington, 1t has been announced. The aggregate weight is 120,000 pounds. Included in the shipment coming to Washington is a herd of Hereford yearlings which won third prize at the exposition, In connection with this purchase interesting data is revealed on the changing styles of beef production. The type exhibited at the first Chi- cago Fat Stock Show of 1878, an animal 5 years old, weighed 2,600 pounds. At the first International uva Stock Exposition of 1900, a steer, which was 3 years old and weighed 2,100 pounds, won the prize. In contrast to them is the prize winner of this year's junior feeding contest, an animal 1 year and 7 months old and topping the scales at | 1,170 pounds. Live stock specialists | point out that more tender meat | comes from the younger “1934 model” steer, which has evolved from the beef producer of two generations ago. B AT {U. S. BOND HOLDINGS OF BANKS INCREASE By the Associated Press. Holdings of Government securities by weekly reporting member banks in 91 leading cities showed a slight rise ? | Federal Reserve Board. In the table 1 during the week ended December 5, | as the change was measured by the : that follows, the total of such hold- | | ings is given for comparable periods, | ‘ as announced by the board: Week ended December 5..§ Preceding _we Bame week Tast ve FOREIGN EXCHANGES, NEW YORK. December 15 —For eign exchange firm. Great Britain in doi- l-n dmmrl in ums ‘Grenl Britain. de- ab) Switze pauuu\ k) G Cizechosloval Austria. 1K.K Hu! Riimania. 1.01: Argentina K60Yan: ' Tokio. 2K.97; Shani 0 Mexico' Gty (siiver Montreal in New York Year in Montreal, 98.933. IRST Homes Apartments 1321 Connecticut Avenue N.WA. ORTGAG S'/2% Complete Property Management Including Renting, Collections and Refinancing of First Mortgages RANDALL H. HAGNER & COMPANY INCORPORATED MORYGAGE LOAN CORRESPONDEST N Bork S Sriarance Gompany OANS Business Properties Telephone: DEcatur 3600 By the Associated Press. ! IN RESERVE BALANCES |CHESAPEAKE CORP. ISSUE By the Associated Press. NEW YORK, December 15.—A banking syndicate plans to offer the latter part of next week s new issue of $18,000,000 10-year 5 per cent con- vertible collateral trust bonds of the Chesapeake Corp,, it was anmounced. ‘The bonds are to be secured by pledge of 1,000,000 shares of Chesapenke & Ohio Railway Co. Common stock and the proceeds will be applled toward payment of the company's secured current bank debt. Terms of the of- fering will be announced later. Reserve balances of weekly report- 041,000,000 3,108.000°000 evious week week 100,000 Property Management Automobile Insurance Insurance With our Property Manage« ment Department in charge of your apartment house HOUSE properties — your interests are sure of experienced pro- MANAGEMENT tection. The fee is interest- e ingly low. B. F. SAUL CO. Nat’l 2100 APARTMENT REFINANCE YOUR HOME « « « on this easy plan OFFICERS MELVIN C. HAZEN Frestdent w e PCHARDS Vice-President Pay only $10 per month for each $1,000 borrowed. No commissions, No reneiwals. Interest at 6%. COLUMBIA PERMANENT BUILDING ASSOCIATION 733 12th St. N.W, Nat. 0353 Attorney Auburmn is an Independent by ROY H. FAULKNER Auburn is an independent automobile manufacturer and as long as independents are worthy of their name there will always be independents. This is still America, where news- boys become bank presidents and a man with "the will to do” can surmount all obstacles and become President of the United States. No depression, no law, can change the fundamentals that made this country great. Con- ditions maychange,and rightly so—and when a readjustment is necessary we should make the best of it Brains are still at a premium, and no company, big or small, has a corner on brains. The time has come to accept today's conditions and move forward. Auburn is go- ing forward. For 1935 Auburn has devel- oped the finest cars in its his- tory. They are built for the discriminating buyer who can- not be satisfied with the com- monplace, but who wants in- dividuality and performance coupled with the beauty and refinement formerly found only in America's costliest mo- tor car. We are often told that the New 1935 Auburns look like $3000 motor cars, but our prices are low and start at $695, at the factory. Into these cars we have poured quality, because we know that fear is dying and confidence is returning. We know that people are again putting cream on their break- fast food and luxury buying is Auburn is an independent. Independent in its ideas, its engineering developments, its styling and manufactur- ing methods, and we are confident that a ride in the New 1935 Auburn will con- vince you that Auburn's best days lie ahead. 2384% of the cars traded in on Auburns in' September, were from the very low priced field, as compared to 12% in August. People are again buying luxury and individuality.