Evening Star Newspaper, October 7, 1935, Page 19

T ANCIAL. CURB LIS TAKES UNEVEN GOURSE " Utility anc Mining Issues Ease, While Others Move Upward. By the Associated Press. NEW YORK, October T—Utility end mining issues were something of NEW YORK CURB MARKET Stock and Sales— By private wire direct to The Star. | ., JiC,'el, add 00, High, Low. Clote. Eisler Elec Corp o1k Elec Bond&Share 39 121 1 m 12% Elec Bd&Shof (8) 4 filly 61 El Pwr Assoc (A) 4 Electrographic(1) 13 13 Liquity Corp 2% Ex-Cell-O A&Tocl 20 Falstalf Brewery. 4 9% 26% - Stock and Bales— Dividend Rate. Add 00. High. Low. Close. Ainsworth (al1%) 44 . Alr Investors Inc 2 2 m 1% Ala Pwrpf (1) .- 208 701 0% Algoma Con Li i % W Allled Mills(a25¢) 5 16% 167 Alum’n Co of Am "00- 734 Alum'n Ltd. 36 Am Beverage 314 23% 3 4% 13 24 3 20 4 19'« 9'« 26% * Fanny F C (50¢) . Ferro Enam (80c)_ Fldelio Brewerv _ First Nat Storei 1st pf (T) Fisk Rubber Fisk Rub pf (6)__ Flintkote (1) A Ford M Can A 1% Ford Mot Ltd Am Cvumuoc)s 23 Am Equities 1 Am Fork&Hoe 60c 100s Am Founders 1stpf D 258 Am Gas&E (1.40) 9 34% Am G&E pf (6) 508104% 20- 115 115 115 % 5% 0 28 18 24% 4% 58 4 4 2 34 33% 33% 1043 1043, 19% 19 THE EVENING STAR, WASHINGTON, DROP PREDICTED AT STEEL PLANTS Institute Estimates Output for Week Will Reach 49.7 Per Cent, By the Associated Press. NEW YORK. October 7.—The Amer- fcan Iron & Steel Institute estimates D. C, Chemical Prices Register Upturn As Activity Climbs Special Dispatch to The Star. NEW YORK, October 7.—Further improvement in demand for a num- ber of heavy and fine chemicals re- sulted in a preponderance of ad- vances among the price changes made in these markets last week. the Oil, Paint and Drug Reporter will say in its October 7 issue. “Activity increased in sales of ma- terials to the textile, leather, ceramic, glass and electroplating industries. Paint and varnish materials also were MONDAY, OCTOBER 1, 1935. FURTHER BUILDING UPTURN FORESEEN Privately Financed Projects $66,000,000 Above 1934 in Seven Months. BY FREDERICK GARDNER, Associated Press Financial Writer. The upward trend in private con- Am Laundry(40¢) 150s 19% 8 drag on the curb market today. Ath Méta: Co 258 16 6 16 Qther groups in which was an active 1 1 steep production during the current 12 week at 49.7 per cent of capacity, a (a17.7¢) Froedtert Gr & M trading interest made some progress on the up side. Such issues as Mead Johnson, Mont- gomery Ward A, Ainsworth, American Crvanamid B and International Petrol- eum showed gains ranging up to 2% points. American Gas & Electric. Electric Bond & Share. Newmont and Sun- shine Mining were moderately lower. BONDS ON THE CURB MARKET, DOMESTIC BONDS High Low A RN 101 Noon. i NN 101 531, | Centrif Pipe (40c) 1 031 103873 HHEPRIEN anta 007 iy 1052 S i 10072 1002 10013 Z100': 1003 10013 15 10035 1003, 51'3 A1° 74 H, Am Superpower _ 24 13 Appalachan Elec Pwr pf (7) Arcturus Radio T Ark Nat Gas Ark Nat Gas A Ark Nat Gas cu pf Art Met W (40c)_. AssOG&E.. __.. | Asso G & E (A) Asso Invest (80c) 700s Atl Coast Fisher Atlas Corp (a30c) Atlas Corp war Atlas Cor pf A (3) Atlas Plywood.__. Auto Voting Machine (t60¢) Bliss Co (E W) Blue Ridge pf (3) Blumenthal S__ Bohack (HC)_ Bower Roll B (1 Brazil Tr L&P. 1% 1% 108105 105 105 1 % 17 178 518 8% K s 34 38 1 v‘u 3 3 a Sl'fi e 124 128, 400 14% 7 2 32 6 6y 46% Brown Formal | Bunker Hill&Sul Guus Butler Bros Carib Syndicate. Carrier Corp. Catalin Corp. Celanese 1st nf('nl.'n. 10. Sl 104 Cent States Elec.. 2 1 Cent States Eleo | evpf(new) 8la 5% Chi Riv&M (1) 21': | Childs Co pt Cities Service. Cities Service pf_. Cities Service B _ Citles Sve pf BB_. 10s City Auto St(60¢) 1 Claude Neon Lts_. Clev Tractor { Club Aluminum>Z ColonOil . Columb O&G vte-. Com'with&S war. | Como Mines Compo Shoe Mach s.t.c.(50¢) Consol Afrcraft | Cons Copper . ... Consol Gas of Balto (3.60)_ Cons Retail St Cooper Bessemer— | Cooper Bess pf A_ | Coover Range | Cord Corp Courtaulds (a3fc) Crane & Co Creole Petroleum. Crocker Wheeler.. Croft Brewing | Crowley Milner _ Crown Cent Petr_. | Cusi-Mexicana M Det Gray fron & Foundry (bl0e) Dictograph Prod . Distill Corp Ltd . 188, 1% | 17 | ™ 13 Distillers C-Seagr Doehler Die Cast._ Dow Chemical (2) Draper Cp (12.40) Driver Har (a30c) Duval Tex Sulph Eastn G&F Asso Eastn G&FpfA(6) Eastn States Pw_. Easy Wash Mch B (adiize). | Gannett to Retire $2,080.000 Issue Long Before Date By the Associated Press. ROCHESTER. N. Y, October 7.— | Gannett Co., Inc., | per cent debentures seven years and | nine months before the due date. | The move to retire the remainder of | a $5.000.000 issue of August 1. 1928, | was made last Friday at a meeting | of the Board of Directors by Frank | E. Gannett, group of publications. . | The debentures were issued at $98 55 10:3% 10315 1¢ 103 ° 103 © 103 FOREIGN BONDS. 5c Ab nts W without wi—When ' issued JAPAN'S TRADE BALANCE FAVORABLE IN AUGUST By the Associated Press NEW YORK, October 7.—The total | value of Japan's exports for August | amounted to 213,000,000 yen, vielding an excess of exports of 42,000,000 yen, according to the commercial secretary of the Japanese Embassy. The total adverse balance of trade for the first eight months of the year reached 111.000,000 yen. a decline of 6 per cent compared with the same period in 1934. At current exchange rates the yen 15 worth 28.55 cents. —_— Crown Drug Issue Offered. NEW YORK, October 7 (#).—Pub- Me offering was made today of 150,000 shares of common stock of the Crown Drug Co., operators of a chain of 84 drug stores in Missouri, Kansas and Oklahoma. CRUDE OIL PRICES. TULSA, Okla. October 7 P .—Base c Mid-Continen 5, gravity scale to $1.0K. North and_ North Central Texas. sravity scales to $1.12 and S1.14. West Texas (Permian Basin). 70c and 75c. Texas Panhandle._gravity scales to 8lc and 9lc. Rocky Mountain area: Salt Creek. Wyo.. gravity scale tg $1.00. it area: nnsylvania grade (Bragtord-Aliegany) same grade in_Southwest Pen: lines. $ same grade in Eurel i “Corning. ling e in Buckeye lines. S MONTREAL SILVER. MONTREAL. October 7 (). — 7 S 1 tures opened weaker. December. 66.40b; i6.5b; September, 68.05b. b—Bid. i RUBBER FUTURES. NEW YORK. October 7 (#).—Crude rul ber futures opened dull,_unchanged t lower. October. |'r\, b; December, 12.22b; Much 12.46. b—Bid S e—— American Smelting & Refining Co.— Cémmon share earnings six months | qed June 30 were $1.51 vs. $1.07. |and will be called at $103.50. Final retirement date-is set at November 1, 1935. The issue was to bear 6 per cent for 15 years and will be redeemabie at the main office of the Chemical | Bank & Trust Co. of New York City. POUND GOES HIGHER IN LONDON DEALINGS By the Associated Press. LONDON, October 7.—The British | pound rallied on the foreign exchange | market today, supported by more | hopeful views on Geneva, The United States dollar eased, { closing officially at 4.8911-16 to the pound as compared with the Saturday New York close of 4.893;. The French franc closed unchanged from Saturday at 74.32. PARIS, October 7 (#).—Three per cent rentes, 77 francs 15 centimes: | 42 per cent rentes, 87.30. Exchange on London, 74.32. dollar was quoted at 15.173, REALTY BONDS SHOW | LARGE GAIN IN YEAR By the Assoclated Press. NEW YORK, October 7.—A rise of | $73.695,548 over last year in the indi- | cated cash value of 200 typical real estate bond issues, secured by proper- ties in cities along the Atlantic sea- board, was reported by Amott, Baker & Co. as an indication of the market trend of realty securities. Pittsburgh issues lead in the percentage improve- ment, the firm said. ALTORFER BOARD VOTES PAYMENT ON PREFERRED By the Associated Press. PEORIA, Il October 7.—Directors of Altorfer Bros. Co., manufacturers of washers and ironers, voted payment of $1.00 per share on accumulated preferred stock dividends, A. W. Al- torfer, president, announced today. The dividend is payable November 1 to stockholders of record October 15. The -— HARDWARE TRADE BRISK. NEW YORK, October 7 (#).—Hard- ware sales continued to mount in the wholesale market last week, according to trade sources, with retailers build- ing up stocks in anticipation of an exceptional activity the rest of this month and next. —_— LIQUOR SALES MOUNT. NEW YORK, October 7 (#).—Cool weather and other seasonal influences have resulted in a sharp increase in wholesale liquor sales here this week. Buying is reported heaviest on prod- ucts which can be retailed around i $1 a pint. conv pf (1.20)- Gen Mlnw 11 | Gen Ray Hooe | Glen Alden C (t1) Gorham vte ext today announced | | that it would retire $2,080,000 in 6 publisher of the Gannett | the outcome at | (@al) e | Great Atl & Pac | Tean-v(t6) __ | Great Atl & Pac | Teaistpf (1) | Hall Lamp (a10e) Harvard Brew __ Hacia Min (a10c) | Hollincer G(t85¢c) | Holly Sugar | Horn&Hard (1.60) Hudson Bay Min & Sm(a50c) | Humble Oil (1) | Hygrade Sv1 (2) 11 Pw&T.t 36 ot | tmp O11 Lta | coupon (50e) _ ImpTohGB&I (1.07 7-10) Insurance Co of North Am (2) . 1, | Intl Hvdro Eleo System ev pf Intl Mining (60e) - intl Mining war Int Petrolm(t1%4) Irving Air C(+60c) Kreuger(G)Brew | Lake Shore M(12) | Lefcourt Rl pf 2. | Leonard Of1 | Lehizh C&N(50e) | Lone Star Gas 30¢c | Loutstana L&Ex | MeCora Raa (B) | MaW11l Drede+2) | Mead John (+3) Mereantile Stores Merritt Chap & S. ! Mesabi [ron Middle States Petrol vt Middle States Petrol vic B __ Middle W Ut (). Midvale Co (h1) .. Mining Co (Can) Mohawk Hudsen 1stof (4) ___ Maolvhdenum Mont Ward A (7) t Rella Hess t Fuel Gas (1) t Investors t P&L pf (8) Nat Sugar N J(2) Nat Transit (80e) N J Zine (2) New Brad O (20¢) Newm Min (a1) _ N Y Tel of (615) . Niag Hud Pw | Niagara Hudson Pw (A) war. Niag Sh Md B Ni Bem-Pond Nipissing(a121e) North Am L&P. Northn Europ Of1 { Northn N Y Util 0y of (7) | Northwest Eng Nnovadel Ag (2) Ohio Edis nf (6)__ Ol Srocks Ltd (+40¢) Overseas Secur. Pacific Eastern... PacificGA R 18t Df (13%) Pacific Pubile Sve pf (140c) Pac Tin spec (a2) Pan-Am Afr (1) __ Pantepec Ol ___ Parke Davis (+1)_ Pennroad Corp___ Phila Co (60c) Pierce Governor Ltd (80¢) Pitnev Bo P (20c) Pitts Plate G(+2) Potrero Snear Premier Gold t12¢ Puzet Sound Pw & Lt 85 of Puget Sound Pw & Lt 36 pf | Quaker Oats (t4) Rainhow Lum (A Rwv&Lt Secur Reiter-Foster Revnolds Inves Richmond Rad Root Petrolmeum. Root Petroleum ev prpf(1.20) .. Roval Tvpewriter ) St Reeis Paper ... Scovill Mfg (1) Seiberling Rubber Selected Indus Selec Industries Salt Creek P(80¢) Shattuck Den Min Shenandoah pf Sher-Wilms (4) Smith (A 0) . Sonotone Corp _. South Am Gold & Plat (40c) Sou Penn Oil 1.40. Southn Calif Ed pf B (1%) Southn Calif Edis pf C (1%) Southn Colo Pw A South’n Nat G (d) Spanish&Gen rcts Square Deal Co pf A (2.20) Square Deal (B) Stand Of1 Ky (1) Stand Ofl Ohio. Stand Pw&Lt Stand Sfiver & T, Starrett Corp (d) . Starrett C'p pf(d) Stetson (J B). .. Stutz Motor ____ Sunray Of1 Sunshine Min 1.60 Swift Intl (2) __ Swiss Ofl (40e) . Technieolor Ine ‘Teck Hughes(40e) ‘Texas Gulf Prod Texon O&Ld (§0c) Tubize Chatillion. ‘Tubize Chatil A__. Tung-Sel Lamp._... Unit Founders Unit Gas Corp .. Unit Gas Corp pf. Unit Gas Cor war. Uoit Lt&Pw (A).. Unit Lt&Pw pf Unit Molasses Ltd (28%c) Unit Profit Share Unit Shoe M 123 U S Dairy (B) - U S Elec Pw w' U S Foil (B) (60e! U S & Int] Secur Utd Verde Ex f20¢ United Wall Paper Univ Prod (a80c) Utah P&L pf $1% Utility Equities _ Venezuela Petrol_ Walker (Hiram)_. Walker(H)pf(1). Walker Mining. Wayne Pump Wenden Cop Westn Alr Exp (. Will O11-O-Mat Wil-low Cafeteria Wilson Jones 15 Woodley Pet (40¢) Woolw (F W) a73 9-10¢) Wright Harg t40e Yukon Gold Divide rates n oo aus tAnnual aiaenas, year i Ruberoid Co (1) __ 25 100s b 13 7 108 128 208129 10 2 28 1 2508 768 2 46 20 258 1 3508 10 1 @ & H w & SeavmammCani 100 o R = 3508 1 19 16% 15 15 1 1 3 21 154 15 128 129 6 1% 92 27% ‘9‘ '(4‘ 29% 19% 6% 8 12 , | to $1,426,282,000, compared with $1,- ‘| $1,500,000 BOND ussus;“ 5081191 14 ) 100s 1 38 Ploneer Gold Mines 758 1008 4 | decline of 1.1 points from the preced- | ing week. The recession in the production rate brings the average back to the figure reported for first week in Steptember. A year ago the rate was 23.6 per cent. At the same time the institute an- nounced production of open-hearth and bessemer steel ingots during Sep- tember amounted to 2,829.835 gross tons, which brought output in the first nine months to 24,044,076 tons, agamnst 20,542,334 in the same period a year ago. The industry operated at 51 13 per cent of capacity during the | ‘month against 48.84 in August and | 1 23.05 in Scp'amber 1934, NEW YORK BANK STOCKS‘ | DOWN 2.16 PER CENT Special Dispatch to The Star. NEW YORK, October 7.— New | York City bank stocks closed the | week at lower levels, according to lrecords compiled by Hoit, Rose & | Troster. | The aggregate market value of 16 | leading issues on October 4 amounted | | 457,752,000 at the close of the pre- ,‘ vious week, a decrease of $31,470,000, or 2.16 per cent. | The current average yield of the | 16 issues of 4.50 per cent compares | with a yield of 4.40 per cent on Sep- tember 27. The current market value is now 116 times the known book | value. —— MARYLAND WILL OFFER Special Dispatch to The Star. BALTIMORE, October 7.—The State | of Maryland will offer $1.500.000 3| per cent bonds for sale on Wednes- | | day. | This is the largest piece of financing | undertaken by the State since last Spring, when $5.500,000 in 3 per cent bonds was sold at a new top price for all time. During the Summer a block of $100,000 bonds was sold by the | State | The forthcoming issue will mature serially in annual installmenis rang- | ing from $90.000 to $144,000, from | October 15, 1938, to the same date in | 11950, Baltimore dealers the market 2ls continues to show a slight sagging tendency. ever, recessions so far have small. 1”"4' 30% 10 34 3w 29 omy 1815 1814 36 36 o 374 16% 308132 1% 258 9 2 2 2 1 2 . 13 2008 allot ctfe (3%) 1008 1 5 1 4112 Sher-Wilms pf(6) 110s 1093 109% 109% Singer Mfg (16) . 108275 69% 67 4 21% 69% 6% 21% 12 67 4 21% 11 275 43 2% 414 h 24% a 28 275 43 24 4% 284 150s 35 B 8 1 14 60: 12 125- 20 2508 200s 1 2 N Bl aan Heesan® s 1% in dollars based on lno or semi-annual l'b—.llll extra thll .Il db%"’:‘l tGFllIlle & M uecun-hud bPaid { 24% | 2. INSURANCE STOCKS GO LOWER DURING WEEK Special Dispatch to The Star. ‘ NEW YORK, October 7.—Insur- | {ance stocks in the New York City | Pac Light'e of (6) 258104 10413 1041, | MSTKCE Tegistered a decline during the last week, according to flgum. compiled by Hoit, Rose & Troster. The aggregate value of 20 leading ' | fire end casualty insurance issues closed the week at $614,290,000, com- pared with $621,615,000 at the close | of the previous week, a decrease of | $7.325.000, or 1.18 per cent. The current average yield of the | 20 issues of 3.29 per cent compares with a yield of 35 per cent on | September 27. The current market | value equals 133 times the current | liquidating value. compared with 1.34 times at the close of the previous week. | JN. & W. LOADINGS SHOW DECLINE IN SEPTEMBER | By the Associated Press. NEW YORK, October 7.—Revenue freight car loadings on the Norfolk & Western Railroad during Septem- ber totalled 87,013 cars compared with 96,210 in the previous month and 87,131 in the same month a year ago. Tidewater coal unloaded during the month totaled 362,000 tons against 376,040 in August and 370,62¢ in September, last year. WOOLEN MILLS BUSY. NEW YORK. October 7 (). —With orders piling up and inventories in distributers’ hands declining, woolen mills are said to be operating at their highest levels in a number of years I make(s yofi master of TOMORROW PPORTUNITY expects you to grest it when it knocks or beckons. If you do not heed its call WHEN it calls, YOU are the loser. @ The Fidelity Building & Loan As- sociation is calling you now to become | a member and share in its privileges. |® Come in and Start on the Road to SUCCESS with “The Fidelity.” 5% Paid on Savings —Compound Semi-Annually from the date of payment to the date of withdrawal. ® No restrictions on the amount you may deposit or withdraw. The Fidelity Building & Loan Association MAIN OFFICE, 610 13th St. N.W. A 3 | turpentine and imported tankage. Re- struction is expected by the Asso- ciated General Contractors of Amer- ica to continue, with the possibility that it may be accelerated. For the first seven months of this | year, the organization said, contracts for privately-financed work aggre- gated $479,058,500, compared with $413,427,700 for the corresponding period of 1934, a gain of £66,000,000. The most substantial upturn was | in residential construction, but it was | pointed out this classification includes | | hospitals and apartments in addition | | to private homes. active. Interest in the approaching | season for 1936 contracts was dis- turbed by war news from lbrold,i and both sellers and buyers were cautious. “Higher prices were named on nickel salt, carbonate of nickel, men- thol. vanillin, domestic casein, copal and dammar varnish gums, venice ductions were made in quotations on tetrachloride of tin, luminous calci- um sulphide, dicalcium phosphate | and salicin. The discounts on potash | fertilizer salts expired. Benzene prices | were extended till thé end of the month. Supplies of other coal tar | bases were limited.” The Reporter’s composite index number of prices for heavy and fine chemicals advanced 1 point to 125.7 (compared with August 1, 1914, as 100). In comparison with aversge prices in 1926 (as 100), the Report- er's index number is now 89.0, as| against 88.9 at this time last year. | be expected to continue on its upward NEW YORK BANK STOCKS of private construction “still remains distressingly low compared with the average volume of private construe- | assistant managing director of the | association, added that “from these figurs it is apparent that the volume trend in the field of private construc- tion has definitely headed upward. “The trend of increasing volume in the field of private construction mly“ able from the figures at hand that| tion preceding 1930,” H. £. Foreman, | granted to the Curb Exchange. FIN Auto Production Advances to 24,770 ( Mark During Week | Special Dispatch to The Star. DETROIT, Mich., October 7.—Esti- mate of passenger cars and trucks produced in the United States and | Canada last week 15 placed at 24,770 | units, compared with 15.994 for the week ended September 28, according to Cram’s Reports, Inc., of this city. A year ago last week the output | amounted to 18,998 units. Buick headed the list last week in! volume production, which will be in- | NANCIAL., *#% A—Iy COPPER REGISTERS ADDITIONAL JUMP Sales Abroad Are Reported at 9.10 Cents—London Market Active. B)' the Associated Press. NEW YORK, October 7.—Sales of copper were reported abroad early creased throughout October as a re- today as high as 9.10 cents & pound, sult of favorable acceptance of its cif European base ports This is an | new line of cars. Its output was 3,250 g units. MARYLAND CASUALTY HEARING IS DELAYED The Securities and Exchange Com- mission today postponed until Oc- | tober 28 a hearing on whether the | common stock of the Maryland Cas- ualty Co. of Baltimore shall continue to have unlisted trading privileges on Although saying that the volume |the New York Curb Exchange. The company requested the com- | mission to terminate such permis- | sion for unlisted trading privileges NEW YORK BAR SILVER. NEW YORK, October 7 (#)—Bar silver steady, unchanged at 65%. ADVERTISEMENT. ce of .05 of a cent from Sature day's high and placed the red mctal at the best level in several years. Early today there had been wuo change reported in the price of do- mestic copper, which has remained firm at 9 cents a pound for several months. Private cables to the trade here from London said the turnover n that center at this morning's session was 5200 tons, the largest in several months. Drawn for Purchase. NEW YORK, October 7 (/) —Bank« ers' Trust Co. of New York, trustee, announced that $146.200 princ amount of Denver Gas & El Light Co. bonds have been drz purchase out of sinking fund 105 and interest on November 1. ADVERTISEMENT. trend, and it appears entirely justifi- NEW YORK. October 7 .—New York | Uiis trend will be accelerated. Security Dealers’ Association: { (Quotations as of 2 o'clock.) Bid. METAL MARKET., YORK. October 7 electrolytic "spot and 0 Asked Bk of Man (1'2) Bankers Tr (2) Bidyn Tr (1) Cen Han Bk & Tr ( Chase Gam em Bik & Tr (1 Eommercial 1% Goat Bk & Tr (ROIZ Co n Ex Bk & T (3) Empire Tr (1) Fifth Ave (i4a, NEW o) quiet ~_Copper ire. 4.00 Tin firm: spot and : future. 40.62a40.75, Eastern Pennsyl. | 8t | Bak 8 tLo0is Aluminum 16.00 | 14.25. Quicksilver. 69 50. " East Zinc’ quiet future. 4.75. MONEY MARKET. NEW YORK. October 7 (7 —Call money steady. 1, per cent all day: time loans steady: 60-00 davs U4 offered: 4-6 mosths i4 offered: pr cent: banke days Trvjng Tr (60) ufacturers Tr (1) TR ‘ 0 1810 —Including ‘ext “Declared or paid so far this year 182 " ¥’ Reser 113 per cent. REAL ESTATE LOANS now being made on terms as low as Per Month Perpetual offers a new and attractive mortgage loan . .. a reduction of 25% on monthly repayments. Actually lower than paying rent. No commission or renewal fees. For funds to purchase a home . . . to make desired home improvements or to refinance existing trusts PERPETUAL BUILDING ASSOCIATION 11th and E Sts. N. W. The Largest in Washington—Assets over $36,000,000 Established 1881 ARTHUR G. BISHOP MARVIN A CUSTIS Chairman of the Board President EDWARD C. BALTZ, Secretary Member of Federal Home Loan Bank System. United States Building and Antimony, spot. | | | | | | Loan League. The District of Columbic Building and Loan League. HEN an estate passes to the American Security and Trust Company as Ex- ecutor or Trustee under a Will, the estate’s holdings are carefully scrutinized by our Trust Investment Department. This depart- ment consists of o group of specially trained personnel who devote their full time to the study and analysis of securities. At all times this staff keeps abreast of the trends in the different types of invest- ments with the view of determining which issues are best suited for each individual AMERICAN SECURITY “1 TOOK A RIDE IN THE NEW BU an o] ICK” letter to Mrs. Heywood roun from ber tenant QUENTIN REYNOLDS Dear Mrs. Broun: You and your husband have been my several months, and in the main landlords now for I find you fairly satisfactory. It is true that the plumbing in the house you rented me is as porous as a knitted sweater. Of place is inflammable and flowers course, the roof leaks, the fire won't grow in the garden. As a marter of fact I have not found the Garden. But, seriously, one of the real features of your house is the Buick you have generously placed at my disposal. I always liked that car. But wait until you try the new Buick. I have ridden in the new Bui ck and it has convinced me the automobile is here to stay. If you had any horses, I would ad- vise you to get rid of them immediately. The new Buick is the last word in Speed, Power and S tyle. Don't think a sports writer doesn't know about speed, power and style. They are the things any good athlete has to sell—if he wants to be a champion. If you ask me and even if you don't ask me, the new Buick has the pitcher—the power of a heavyw: speed of a big league fast ball eight’s hay-maker — the style of a champion diver. It is the all time champion of motor cars as far as I am concerned. Now you know, Mrs. Broun, guy and that I always remember last month's rent which makes pretty swell tenant. that I am a very conservative to remind you that I owe you me 8 good neighbor and 8 I like that new Buick—and if you buy one—and you will if you see itand ride in it—1I might pay course, I only want the use of it Your ev estate. lts recommendations are presented to the Trust Investment Committee wi composed of three Directors and the Bank President. No purchase or sale of securities can be made for any trust without the ap- proval of this Committee. All trust estates for which we are re- sponsible receive this helpful service. This constant investigation of securities of the many ways in which this Company acts to protect estates entrusted to its care. When may we talk with you? AND TRUST COMPANY Largest Capiral and Surplus of any Washington Trust Company Main Office: FIFTEENTH STREET AND PENNSYLVANIA AVENUE CENTRAL BRANCH 7th and Massachusetes Ave., N. W, NORTREAST BRANCH Eighth and H Streets, N. E. SOUTHWEST BRANCH Seventh and E Sereets, S. W. NORTEWEST BRANCH 1140 Fifteenth Street, N. W. MEMBER FEDERAL RESERVE SYSTEM DEPOSIT! Depos Washington, D. C. $5,000 maxi- mum insurance for each depositor. you some of that back rent. Of about twenty-four hours a day. er-owing tenant, QUENTIN REYNOLDS hich is is one S INSURED by Federal it Insuronce Corporation,