Evening Star Newspaper, April 23, 1940, Page 17

FINANCIAL. Norfolk & Western Earns $7,705,057 In First Quarter Total Compares With $5,396,826 in Same Period Year Ago By the Associated Press. NEW YORK, April 23.—Norfolk & Western Railway reported today for the March quarter net income | of $17,705,057, equal after preferred dividend requirements to $5.31 a share on the common stock. This compared with $5,396,826, or $3.67 a share, in the 1939 March quarter. | March net income was $2,372,940, against $1,694,043 last year. Transcontinental & Western. ‘Transcontinental & Western Air, Inc, reported March quarter net loss of $391,458, against net loss of $364,841 in the same period last year. Jack Frye, pr'ident, said sub- stantial expenses were incurred in the first quarter in connection with plans for adding new Boeing strato- liners tothe company's service this summer and the training of person- nel. The report for the quarter did not include airmail pay for certain Toutes. Hercules Powder. Hercules Powder Co. March quar- ter net profit amounted to $1,742,573, equal to $122 a share on common stock, compared with $1,087322, or 72 cents a share, in the 1939 March | quarter. Bridgeport Brass. Bridgeport Brass Co. excluding unconsolidated subsidiaries, report- ed net profit for the March quarter of $361,374, equal to 38 cents a share, compared with $7,159, or less than 1 cent, in the March, 1939 quarter. Master Electric. Master Electric Co. first quarter net earnings of $207,~ 613, equal to 86 cents a share, against $94,277, or 39 cents a share, for the first quarter of 1939. Arnold Calls Movie Sefup Industrial Dictatorship By the Associated Press. Assistant Attorney General Thur- | man Arnold demanded yesterday re- organization of the motion picture industry on the ground it was an industrial dictatorship and “dis- | tinctly un-American.” Declaring a Justice Department | sUit to take control of theaters from large producers was “moving with incredible slowness,” Mr. Arnold urged a Senate Judiciary Subcom- mittee to approve legislation for the | same purpose. The bill, introduced by Senator | Neely, Democrat, of West Virginia, | would prohibit producers and dis- | tributors from owning or having other interest in movie houses. Ownership or control of theaters by large companies, Mr. Arnold | said, “is a plain violation of the anti-trust laws” and tends to ex- clude the fro mthe market. . He said theater operators and the public alike were denied any choice | in selection of films because the big | producers and distributors controlled | the movies by a “vertical cartel like | the vertical cartels of Hitler's Ger- many, Stalin’s Russia.” C. C. Pettijohn, representing film producers, objected to the bill and | said “we cannot produce motion pictures by statute.” He contended present distribution methods had given to American movie-goers the lowest admission prices in any country despite loss of a considerable foreign market as a result of war. Chairman Neely the | hearing until May 16, when Mr.| Pettijohn said the industry was un- | prepared to present its arguments in full at this time. recessed e s Ay 1 A parade on skis of 10,000 students‘ concluded the winter sports tourna- ment in Tokio. announced | | York, president of the Manufactur- independent producer | Louisville, Ky.; J. B. Hollister of | Figures for C. & 0. Holders Elect 14 Directors at 'Annual Meeting Three New Members Added in Compromise | With Young | By the Associated Press. | RICHMOND, Va., April 23 —Stock- holders of the Chesapeake & Ohio Railway Co. elected 14 directors at | a meeting here today following a slate of nominations that included three new names. The three new members were named in what apparently was a compromise between Robert R. | Young, chairman of the Alleghany | Corp., which has ncminal control | of 1,789,199 shares of C. & O. stock, | and a group of directors with whom | Young has differed. Additions to the board were James G. Blaine, president of the Marine Midland Trust Co. of New York; Harvey D. Gibson of New ers’ Trust Co., and Harry C. Thomp- son of New York, vice president of the Continental Bank & Trust Co. Eleven of the directors, includ- ing the three new ones, were named by the common stockholders, and the others were elected by holders of preference stock, series A. A total of 4,875,380 shares 6f common &tock, all by proxy except 463 shares, were | [ R reprééented. The only oppesition to the slate was 10 shares voting| against several of the directors. The members of the board re- elected were: By common stockholders — Earl | P Baiiie of New York, Frank B. Ber- nard of Muncie, Ind.; George D.| Brooke, president of the road, of Cleveland; J. L. Dickinson of Charleston, W. Va.; H. B. Erminger, , of Chicago, Ralph C. Clifford of Cincinnati and Robert R. Young of | Newport, R. I. ! By preference stockholders—John | M. Miller, jr., chairman of the board W of the First and Merchants' Bank | of Richmond; Joseph A. Dart, presi- | dent of the Dart Tobacco Co. of | Richmond, and Homer L. Ferguson of Newport News, Va., president of | the Newport News Shipbuilding & ! Drydock Co. Boston Wool Market BOSTON, April 23 (P (United Btates Department of Agriculture).—Manufac- turers and topmakers were making a few inauiries for domestic wools on the Boston market today but their purchase thus far | this week have been small in volume. The price situation in Boston has shown little " change. — Spot wools were quoted steady. Wools offered from ~producing | areas were quite firmly quoted at prices higher ‘than buyers were currently willing 0 Day. New York}ar Silver NEW YORK, April 23 (#)—Bar silver, 3434, unchanged. United States Treusufy Posi By the Associated Press. The position of the Treasury April 20 compared with comparable date a year Receipts ____. Expenditures Customs receipts for month__ Receipts for fiscal year (July 1) Expenditures HOME D The Evening Star. The Night Final Star. The Sunday Star. @he Star ASK for CIRCULATION DEPT. The Evening & Sunday Star The Night Final & Sunday Star tion April 20. 1940, ELIVERY f % ith T et L th A5 B et 8 | Carolina (1.30) THE EVENING STAR, WASHINGTON, D. C., TUESDXY, APRIL 23, 1940, n (Al Figures in Millions of rn States as Reported t‘ I'-.)W. Dodge Corp. Public Works & Utilities BUleNG IN FIRST QUARTER EACH YEAR—The above chart compares three major classifi- cations at the opening of various years. Ingersoll Rand Sales Ahead Of Year Ago By the Associated Press. PHILLIPSBURG, N. J., April 23.— Ingersoll Rand Co. business thus far in the year has been a little better than the corresponding period of 1939, D. C. Keefe, president, told stockholders at the annual meeting today. Current business, however, has been somewhat below the average for all 1939, Keefe added, because of “very good” turnover in the last half of 1939. Total sales for 1939 were 8 to 9 per cent ahead of 1938, with foreign volume accounting for about one- third of last year's total. Washinglon Exchange SALES—AFTER CALL. Washington Railway & Electric pfd. —1 at 117, 1 at 117. Potomac Electric Power 6% pfd.— 1'at 115%. Potomac Electric Power 5!; 2% pid. —1 at 115. Capital Transit Co—25 at 141, 25/ at 1413, BONDS Asked. Anacostia & Pot. 5s 1949 _ 104 Ana & Pot Guar 3s 1949 Capital Traction 1st bs 1947 102 burban 5s 1948 1% G Pot Elec Pow 3%s 1966 __ Washington Gas 5s 1960 _ Wash Rwy & Elec 4s 1951 MISCE! LLANEO! Chevy Chase Club 1st 4V 57 104 Club 1st 4%s 57 103 Cp 1st 4%s 48 103 STOCKS PUBLIC UTILITY. Amer Tel & Tel (9) - 173% : | Caital Transit (t.50) 141, 13 | N & W Steamboat (4) 60 75 | Pot Elec Power 67 pfd () 115 ot El Pwr 5%% bfd (5.50) 114 Gas Lt com (1,50) e-r *26 26% Gas Lt pfd (4.50) = 103 I y & El com (g36) 760 sh Ry & El ofd (5) 117 BANK AND TRUST COMPANY. Amer Sec & Tr Co (e8) 260 Bank of Bethesda (75 40 Capital (v4) ___ 175 Com & Savings (y10.00) Liberty (6) " 190 Lincoln (y5) = Nat' S8av & Tr (4.00) Pr! Geo Bk & Tr (1.60) 200 *195 ince 181 Riggs (e8) 230 1 P 1 Wash Loan & Trust (e8)_0*240 FIRE INSURANCE. American (18) Firemen's (1.40) Union (.75) National TITLE INSURANCE. Columitia (k.30) Real Estate (mt) MISCELLANEOUS. Carpel Corp (2.00) g Lanston” Monotype (2.00)_ Linc Serv_com 171.00) Linc 8ve 7% br of Mergenthaler Lino (p, Natl Mtge & Inv of (d.35)" Peoples Drug Str com new _ Real Eit M & G pfd (.50)_ Security Storage (5) 5 Ter Ref & Wh Corp (3) ~ Wdwd & Loth com (s2 Wdwd & Loth pfd (7) .. *Ex-dividend 1Pius extras d 35¢ extra. g $14.00 extra 1939 k 20c extra paid September 2 1939 't 500 v$1.00 extra extra. er Ex Insurance Stocks NEW YORK, April 23 (#).—National As- sociation of Securities Dealers. Inc.: Bid. " Asked. Aetna Cas (4a) 121 in 1939, e2 Ppila D%ger”nr' 33 m $1 50 Reserve (1 Am Surety Automobile Balt Amq Boston (16a) Cit; 87 2% 33% 50 32% & Also extra or extr: Quotations farnished by National Asso- clation of Securities Dealers, Inc.. which states they do not necessarily reflect actual transactions or firm bids or offers, but should indicate approximate prices. Short-Term Securities (Reported by Smith, Barney & Co.) i cL e Amer Tlr& 1 5Yas 4 Austin & Northwest 5s 4. Central For Gl‘ {3 b a Bs 427 "55% 48 44 undry Central RR of Georg! Chicaso Un_ Sta y Liggett & Myers 7s 44 N Y Cent & Hudson Riv 4; Eorfiatuain Pennsylvania Co 3%s 41 Péenn-Dixi 'ment 68 nna R R Co 45 43 _ 6s 42 London Tin Prices 833 Ifi%"&ffi? fisé‘;'fi‘? e, . - | Depos Bk s | Sovereien Invest % | ciation of Securities Dealers, Inc.. Wl U.S. Steel Will Offer $75,000,000 Issue On May 16 Morgan, Stanley & Co. Heads Underwriters Of Debentures By the Assoclated Press.” NEW YORK, April 23.—United States Steel Corp. officials said yes- terday they planned to offer $75,- 000,000 of serial debentures to the public on May 16. The issue will be underwritten by a group of more than 100 invest- ment banking houses, headed by Morgan, Stanley & Co. Net proceeds of the sale, combined with about $24,500,000 in cash, will be used to redeem or retire at 103 per cent, plus accrued interest, the $95,140,000 of 31, per cent debentures the company has outstanding. The new debentures will be serial notes maturing from November 1, 1940, to May 1, 1955. Thus far price of the proposed issue has been announced. “Big Steel's” manage- ment plans to file its registration statement with the Securities and Exchange Commission April 25. Investing Companies NEW YORK. April 23 (#.—National Association Securities Dealers. Inc.: (Noon Quotations.) B Admin Pd 2nd Ing Aeronaut Sec Aftiliated ® Inc *Amerex Hold Am Bus Shrs Am For Inv Am Gen Eq Inc _ Am Ins Stocks *Bankers Nat Inv Corp A Basic Industry - | *Blair & Co Boston Pund Ine British Tvoe Inv Bullock Pund Can Inv Pund Chemical Corporate Trust AA Corp’ Tr Accum Corp Tr AA mod - Corp Tr ‘Acc. Mnd Cumulative Tr_Sh 8h N Y« Depos Ins Shrs “A” Diversified Tr C Dividend Shrs Eaton & How Fund ity Corp $2 b Fidelity Pund Inc *First Boston Corp First Mutual Tr Pd Piscal Pund Rk Sh Fiscal Fund Ins Pixed Trust Sh A _ Found Tr Sh A Pund Investors Ine Fund Tr Shrs A Fund Tr Shrs B Gen Cavital Corp _ Gen Investors Tr S Group Bec Aericultural Group Sec ~Automnhile Groun Sec_Aviation Groun Sec Buildine - Groun Sec Chemical Group Sec Foods % Group Sec Tnvest Shrs Groun Sec Merchandising _ Groun Eec Minine 5 QGroup Sec Petro'sim T Group 8ec B R Equip Group Sec Mtrel Group Sec Tobacco Incorp JTnvestors Independence Tr Sh Instl Sec Bank Group Instl See Tnenuranee - Investors Fd “C" Inc Keystone Custofin R 1 Xeystone Custodn R o - Reystone Custodn B 3 Keystone Custodn K 1 Kevstone Cctodn & o Kevstone Ciictodn & o Revstone Crictodn & 3 Reystone Cnet~dn 84 Manhat Bond Fund Marviond Pund Mase Tnvest Ty Mutnal T Nation wWia. Nafl’ Tnvastars New ®neland Pund 'V Stock< Automobile - S[tocks Avietion Stogke Re Rineks Rtockr Ride Snnply. tRocks Chemiral - Stocks Wee Eauip Stocks Tasnrance Storks Machinery NV Riocks Offe NV Stocks Roilroad - NV Storks R Eauip NY Storks Stee! North Am Band Tr etf Nor Am Tr Rharee 1053 Nor Am Tr 8h 1085 Nor Am Tr ®h 10854 Nor Am T- &h 1058 Plvmouth ¥™ind Tne Putnam (G) Pund Auorierle Tnonma Rh *Sehaellkonf-Fnt & Pom Selocted Am Rh Tne Salected Tncome ‘Sh Snenrer Trask Pund Qterd TTHN Tne Qnner of Am T A Suoer of Am Tr B Super of Am Tr AA Qnnervised Shrs Z *Trustes Géand Tnv 00 *Trustes Stand Inv D Trusteed Am Rk R : Trosteed Indnstre Shrs Welinotan Brma RS 1431 8 Quotations furnished by National Asso- 1878 hich states they do not necessarily reflect actual transactions or firm bids or offers. but should * indicate approximate prices. and unless otherwise indicated, are as quoted y the sponsors or issuers. *Not quoted by sponsors or issuers, {Federal Land Banks NEW YORK. Abril 23 (P.—Pederal Land Bank ‘pondsr - AP 23 (P o 4s July. 14th & H Sts. N.W. feither the interest rates nor the | ) First Mortgage Loans 2, Peoples Plan FOR OWNING YOUR HOME Small Monthly Payments d Peoples Life Insurance (o. A Wasnmgton Institution Texas Corp. Discloses $12,800,000 Profit For Quarter Net Equals $1.18 a Share Against 12 Cents in Same 1939 Period By the Associated Press. NEW YORK, April 23.—Texas Corp. earned a net profit of about $12,800,000 in the first three months this year, equal to $1,18 a share on capital stock, T. Rieber, chairman, reported to stockholders at the an- nual meeting today. This compared with per share earnings of 12 cents in the first quarter of 1939, Rieber added. Stone & Webster. Stone & Webster, Ine, en- gineering and management con- cern, yesterday reported con- solidated net income for the March quarter of $312,216, equal to 15 cent a capital share, against $210,708, or 10 cents, in the March quarter last year. Minneapolis-Honeywell. Minneapolis-Honeywell Regulator Co. estimated net income for the first quarter at $294,704, equal after preferred dividends to 42 cents a common share, compared with $67,- 289, or 6 cents on common, a year ago. Company makes temperature control devices at Minneapolis and Philadelphia. Procter & Gamble. Record nine-month earnings of $22,273,148 were reported by Procter & Gamble Co. The figure, for the period ended March 31, allowed for all usual taxes, including Federal income, and compared with $18,- 469,039 for the corresponding term a year ago. It equaled $3.405 per outstanding common share, against $2.80. The company’s peak 12-month earnings were $26,803,339, or $4.08 per common share, in 1936-7. Victor Chemical. 4 Victor Chemical Works reported | March quarter net profit of $226,990 | after all charges, equal to 32 cents| a capital share, against $233,614, or 33 cents a share, in the first quarter | last year. Aviation Corp. Aviation Corp. and subsidiaries, alrcraft holding and meanufactur- ing company, reported nct loss of $196,447 for the quarter ended Feb- ruary 29, against net loss of $426,- 280 in the comparable period a year ago. Not included in the statement was a first-quarter net loss of $180,- 984 for Vultee Aircraft, Inc., an affiliate. Aviation Corp. and subsidiaries’ unfilled orders, excluding those of Vultee, totaled $4,131,000, against 43,507,000 on November 30 last year. Vultee's unfilled orders amounted to $14,878,000 at the end of February, compared with $5,810,000 three months earlier. Lion Oil Refining. Lion Oil Refining Co. earned net profit of $171,096 in the March quar- ter, equal to 39 cents a common share, compared with net loss of $11819 a year ago. John R. Thompson Co. The John R. Thompson Co. re- Colorado Fuel & Iron Reports Higher Net By the Associated Press. ¥ DENVER, April 33—The Colorado Fuel & Iron Corp. reported it had & net income of $564,927 in the first quarter of 1940, equal to slightly more than $1 a share on outstand- %canmon stock. rnings in the correspondig period of 1939 were $163,631, or 28 cents a common share. Income for the nine months ended March 31 was $1,350,763.73, compared with $642,030.31 for the nine months ended March 31, 1939, Bank Loans Register Further Increases 0f $37,000,000 Total Is 572 Millions Ahead of Year Ago, Board Reports By the Associated Presy. The Federal Reserve Board said yesterday that commercial, indus- trial and agricultural loans of turned upward again last week. In the week ended April 17, the board said, banks in 101 leading cities increased these loans by $37,- 000,000 to a total of $4,430,000,000. The total was $572,000,000 more than a year ago. In the preceding week similar loans had declined slightly, inter- rupting a period of seven consecu- tive weekly increases. Last week New York led the increase with a gain there alone of $21,000,000. The board’s statement gave the following summary of assets and liabilities on April 17, together with changes for the week and with the same week last year, in millions of dollars: Apr. 17. Apr. 10. Apr.19, 1639. Loans and invest- ments—total ____23.589 123 Lo Be88 1'% . + 37 er 331 — + 2 Loans to brokers 9 2 Securities " g19 — 11 curities -1 — 7 Other loans for ! 474 U estate loans 1145 17k s to banks — 2 Other loans + 2 U.'S. bills 1ol U §. notes 18 U 8. bonds T2 Pully "~ guaranteed overnment ob- ligations 2408 -+ 27 Other " securities__ 3528 - 10 Reserve with F. 10720 +118 462 — 11 + b4 +190 Time deposits . —48 [ Government ~ de- ank deposits: o i Domestic banks 8464 1138 - 1888 Foreign banks 717 — 5 . 47| Borrowings - _ Unch. + 1 American Brake Shoe Orders Hold Pace By the Associated Press. NEW YORK, April 23.—New busi- ness for American Brake Shoe & Foundry Co. is coming in this month at about the same rate as in the first three months of this year, William B. Given, jr., president, reported to stockholders at the annual meeting ported for tile 12 weeks ended March | toda! 22 net loss of $53916, after non- recurring credits and expenses in connection with lease adjustments. This compared with a loss of $127,- 494 in the corresponding 1939 period. Climax Molybdenum. Climax Molybdenum Co. reported today net profit for the March quar- ter of $1,718,715, or 68 cents a share, compared with $1,257,524, or 50 cents a share, in the like 1939 period. Inspiration Copper. Inspiration Consolidated Copper Co. reported net income for the March quarter of $302,200 before depletion, or 25 cents a share, com- pared with $169,134, or 14 cents a share, in the like 1939 period. Atlas Powder Co. Atlas Powder Co. and subsidiaries reported March quarter net profit of $364,696, equal after preferred dividends to $1.11 a common share, compared with $220,707, or 54 cents on common, in the March quarter last year. Boston Edison Co. The Boston Edison Co. announced an income balance for the year ended March 31 of $5,631,172, equal to $9.12 on each of 617,164 shares outstanding. This - compares with an income balance of $5453,363, or $8.84 a share, for the previous year. American Smelting. American Smelting & Refining Co. earned $1.27 a share on common stock, after all charges, in the Marsh quarter, F. H. Brownell, chairman, reported at the annual meeting. He said this compared with 94 cents on common in the similar 1939 period and 81 cents in the 1938 quarter, London Bar Silver LONDON. April 23 (P).—Bar silver, 201id: off '%. (Equivalent, 37.97 cents, b on at $4.03.) Bar gold, Equivalent, $33.85.) and Equipmend’ LEDGER SHEETS MILLS BLDG. MEtro. 5846 National 3581 y. Mr. Given said first-quarter new orders were “disappointing,” al- though slightly ahead of a year ago. Shipments during those months, however, exceeded the same 1939 i period by $1200,000, due to tHe carryover from last year. Netherlands Indies has banned the sale of 82 “dangerous” medicines except by prescription. The Northwestern Federal Savings & Loas Association accepls accounts from $1 to $5,000. Each account in- sured to $5,000. Dividends paid June 30 and December 31 for past 35 years. First Trust Loans Made in Vir Ko. | Colorado Bldg. Ne. 7335—14th & G Sis. N.W Braneh Offce Takems Park Ia st as low as 5% 51% 8% Payments_include in- terest, and curtail. ... Ne renewals. . . . No commission. . . . fair apprais- D S T & / psnp%%fl' J1TH & E STREETS, N.W. . Largest in Washington—Assets Over $50000,000 ARTHUR G. BISHOP Chairmen ef the Board | corporate purpose: FINANCIAL Sears, Roebuck Plan Enriches Employes $22,400 Here 127 Members of D. C. Force Benefited by Savings Program Sears, Roebuck & Co. employes in ‘Washington stores are $22,400 richer than they were a year ago, accord- ing to Manager W. M. Johansen, who has just distributed the an- nual individual profit-sharing state- ments. The statements, covering the fiscal year 1939, went to 127 members of the savings and profit sharing pension fund. Washington residents, Mr. Johan- sen said, who belong to the Sears organization now have to their credit an aggregate of 988 shares of stock in the company. Through membership in the fund they have & credit of $79,040, basing the ap- praisal on & market price of $80 per share for Sears stock. Members of the profit sharing fund in Washington were told that the company has contributed a total of $3,013435 to the fund nationally out of the 1939 profits. For mem- bers who have been with the firm less than five years the company contributed 49 cents for every dollar deposited by the employe during | the fiscal year; for those from 5 to 10 years the contribution was 98| cents, and for those over 10 years | the company_ added $1.47 for every | dollar to the fund member’s de- | posits. | In addition, the company con- tributed 20 cents for every dollar (up to $91) deposited by each mem- ber, regardless of length of service. Five per cent of the salary of each member is deducted at the end of each pay roll period, members being limited to & maximum contribution of $250 a year. The fund has a national membership of 40,174 and | current assets of more than $51, | 000,000. The total pay roll last year | |8 was over $96,000,000. Standard of Kansas Completes Financing BY the Associated Press. NEW YORK, April 23.—Standard Free to Executives and Investors 16 Bank and Trust Company Statements A reprint of reports of con- dition of 16 Banks and Trust Companies of Washington, D. C., and vicinity as of March 26, 1940, which ap- peared in The Evening Star. Invaluable reference book- let. Free on request to Ex- ecutives and Investors. Ad- dress Advertising Director, The Evening Star REALTORS SINCE 1888 To CUT Your MORTGAGE COSTS s~ WEAVER BROS i / WASHINGTON BUILDING DISTRICT 8300 Oil Co. of Kansas reported yesterday completion of $3,600,000 of financing through debentures and A notes placed with a group of banks and other institutions through Eastman, Dillon & Co. | The note is $1,800,000 secured at 2 per cent and the debentures, of equal amount, are secured at 3%, per cent. Proceeds will be used to re- | tire existing debt and for general| LR DUDIEYG 1716 14™St.NW. NORTH 1583 Money for Construction Loans and Loans on.Completed Properties (Owner occupted or rental) Favorable Rate FIRS1 OCZED OF TRUSI ONLY 643 (ndi: Ave N.W Nath 0350 Our Illustrated Booklet The Cola Beverage Market Showing the emazing rowth of an industry zeving an annual sales volume of over $400,- 000,000 and statistics relative to the leading companies in this field and their outlook for the period just ahead. A Copy May Be Had Upon Request THOMAS L. HUME Established 1899 917 15¢th St. N\W. NA. 1346 Mortgage Loans UR Property Management Department has the or- ganization and experience to render especially efficient serv- ice in the management of apartment houses and residen- ual properties. Let us serve you with yours. B. F. SAUL CO. 925 15th St. Natl. 2100 ® Prempt Action ©® Convenient Monthiy ® No Commis- slons ® Friendly Sarvice Established 1861 ORIENTAL Building Association No. 6 600 F St. N.W. NA. 7300 Washingten's Oldest Building Ass'n. Under U. S. Supervision y Unlimited Funds Available for REAL ESTATE LOANS Millions of dollars in Perpetual loans have secured thousands of homes in 59 years, through Washington's largest Building Association. . Loans on improved or to be improved property in the District of Co- lumbia and nearby Maryland and Virginla. PAYMENTS AS LOW AS ¢750 PER MONTH PER EDWARD C. BALTZ Secretgry i $1000 7/44% @ ESTABLISHED 188} MARVIN A. CUSTIS President