Indianapolis Times, Indianapolis, Marion County, 31 July 1936 — Page 20

Bank Stock Prices Prove Fears Are Unfounded.

BY JOHN T. FLYNN EW YORK, July 31.—The press has been well supplied with warnings about the instability of our financial situation and the perils to the banks. Bankers in particular have been making the air hot with warnings about the dangers of inflation, the unsoundness of government borrow=

“PAGE 1

mi : year amounted dg 05.624.10 in to the Canadian Government njormation

'H0BS SELL FOR | $11.40; HIGHEST! TEN MONTHS

Porkers Above 160- Pounds]

Rise 20 Cents With

greg! -

suse =

a FF

17 1 2 100

wBARTRANN

& FR

=TSERARITION OF INVESTING UNITS

BY LAW HINTED

SEC Suggests Investment Trusts and Banks Be

Busigraphs

[NEWSPRINT USED BY PUBLISHERS

> a_THOUSAND Tons

FEDERAL CREDIT UNIONS ENROL 6000 HOOSIER

Indiana Ranks Ninth W | 62 Units Formed in

Fae iy

3 : ais i

& ¥

BEE ae

ing, the attack on business. Do they believe all this? Well, one

Supply Scarce. Divorced. Last Two Years.

Hog prices today advanced to the

& ¥

PARKER. ORF GENERAL 3 INCORPORATED INVESTORS More than 6000 Indiana citizens

An excellent indicator of growing | joined new Federal credit unig

BY RUTH FINNEY Times Special Writer

oY - = >» 8 >

test is to be [highest level since Oct. 9, 1935, at

found in the financial pages. Take, for instance, a group of 20 leading banks in New York, Chicago, Boston, Philadelphia. What do the bankers actually believe about the value of those banks as properties? The answer is in the stock prices of their bank stocks. Here is a large New York bank whose head never lets a week pass without a cry of terror and a note of warning. The book value of his bank's share is just about $30 a share.

Flynn

» ” » UT try to buy a share from him at $30. The shares are selling at $45. This means that he and those who own the stock will

the Indianapolis Union Stockyards, the top being $11.40. Scarcity of supplies caused the local swine market to -advance sharply over yesterday's level. Weights above 160 pounds were 20 cents higher; underweights were steady, and ing sows were mostly 15 to 25 cents higher. Lightweights were up sharply. | Last Oct. 9 a practical top of $11.35 was set although premium sales were as high as $11.40. The best price paid previously this year was $11.30 on Feb. 18 and July 28. Prices at Chicago were steady today with an extreme top $11.30.

Receipts of 3500

_ Arrivals today were estimated at 3500, compared with 5800 a week ago. Holdovers numbered 303. In the 11 Midwestern markzts today receipts were estimated at 42,500,

compared with 48.000 a week ago |pt

and 28,000 a year ago. Porkers weighing 160 to 250 brought $11.10 to $11.40; kinds scaling 250 to 280 pounds sold at $10.65;

. 66% iin 8 Youngst'n s & T 12%

a/auNe

Ne 2a Sg3uaenty

Corp .... 8 Lehman Corp ... Transmerica. .... | Tr Contl Corp .

noe ~ =

Ld 238880

| es Stocks

(By Atkins, Hamill & Gates)

suSere on Seite es

18 ®

N. Y. Bonds

(Reprinted From | Late Times Yesterday) DAILY BOND INDEX Butler Brothers (1926 average equals 100) i Pub Servic: vid 20 60 . . Util. Bonds.

Cra Electric Household General Household Lakes

8 1936 high 1936 low

(Copyright, 1936, by Standard Statistics)

Gypsum U. 8. GOVERNMENT BONDS Nobiive Sparks (By Abbott, Proctor & Paine) Northwest Sansorperation cer

andard Treasurys williams On-O-bate § eni

St. ; Prev. z Close close

WASHINGTON, July -31.--The possibility that the Securities and Exchange may ask Congress to divorce investment houses increased today as the first trusts from investment banking week’s hearing on the subject drew to a close. “Do you think investment trusts or investment companies would be impeded in their operations by divorcement?” SEC Counsel Schenker asked Hunter S. Marston, former president of Bancamerica-Blair and director of the Interstate Equities

3% | Corp., which it sponsored.

© “Interstate Equities enjoyed all Bancamerica - Blair's facilities,” Marston answered. Schenker said “enjoyed?” For Interstate Equities lost $3,655,961 through buying participations in six deals engineered by Bancamerica-Blair, according to the SEC record to date. The story of their joint enterprises is not yet complete.

Lost by Syndicate Operations

prosperity is the increasing size of your daily newspaper. The amount of newsprint used by publishers in this country in April increased 10 per cent over a year ago and was the largest April since 1930. Every month since July, 1933, has shown an increased use of newsprint over, the preceding year. This certainly is steady growth. Canadian mills are producilng very near to capacity, while stocks of newsprint on hand are practically the same as a year ago.

COMMODITY INDEX HITS YEAR'S PEAK

Food, Farm Products and

organized €n the two years since these co-operative institutions were authorized by Congress, 8 to announcement made today by

years old. The state also has more than 100 credit unions operating under Indiana charters Indiana ranks nintl: among the states in number of Federal credit unions and twelfth in number of all credit unions.

Purpose Is to Promote Thrift

“The wvecent increase in credit union organization indicated that the idea of putting away a few quarters or half dollars each pay day as a means of starting finans cial independence is proving very attractive to Hoosier working peo ple,” the report said. “Organized to promote thrift, credit unions are composed Of groups of people having a common

Metal Prices Rise.

: Roll 8 not sell at less than 50 per cent |the 280 to 300 weights were salable | Timken Det Axle 20% (By Atkins, Hamill & Gates) syndicate operations in General EE investments, cash and other assets | (he higher classes, pigs weighing 130 | Am Metals 31% ; stocks, yesterday's testimony dis-| weekly wholesale commodity price | munity. Federal credit unions in Here is another great New York [100 te 130 pounders ware disposed Am Gene 0 Is A Savin, buy a share of that bank's stock |IN8 Up to $9.75 and $10. Cennecot 5. A 8 | Garrler Corp tion of a syndicate to buy a million | 18st November, reaching 79 per cent $20 1= Averaging Suving Few Cattle on Hand Park Utah 3a Elec Bo are willing to accept very small U S Smelters .. Glen Alden (1) | which Marston was president, {ook member. At that time, loans were steady and cows and bulls were | smusements— Imperial Oil of Cans da terstate Equities, of which he was | 78.5 for the preceding week, 77.4 the made, books bank values are going up and amounted to $99,000, all of which sales were between $6 and $7. A |Radio C eves 5 8 : yn : aramount. DOMESTIC state Equities and Elisha Walker |veport continued. Tl a pr Alleg Corp 5s '44 97% era t 50. ged between $5.50 and $7.50 Tobaccos— Ya 93 Interstate - Equities put up $2,- | {farm products and metals. The food had to charge off a single dollar . in Chicago and one in New ; lo $4. Most sausage bulls were dis- Rails— of | Six. Meats and eggs were the prinback in 1933. Both had to be more | fully steady, bulk of good to choice Au Coast Lines . 32% 2 Ate kop &: 8 F co. 11 Sinrsy Fump A list of the nine credit unions in

New York Curb The losses were pushed up by bond of association or occupation at $1045 to $10.65, and extreme| wmMining— 3 . - of the back valtis of sll the loans, neavies were up to $9.45 to $10.45. In Alaska Jun 13%, 1941.43 101.30 . 10. - | Foods, Tidewater Associated Oil Co., | Times Special store, members of a church or club, 3 941-46 107.23 107. Aluminum Co of America... 134% and St. Louis and San Francisco| WASHINGTON, July 31. — The|or neighbors in’ a compact com of the bank. to 160 sold at $10.50 to $11.35, and | anaconda’. i... S99 7 Bea iv 10550 106.1 |Am Cyanamid “B” se C15 1 3 14 1 “16 | Am Gas’ Khai A closed. index advanced for the week ended | INdiana have an average member bank whose holdings are all valued |Of at $9.25 to $10. Packing sows were Mi 5 : . 0333 | A #2 3*| Marston and Edward F. Hutton July 25 to its highest mark sin ship of 196. at $1007. a share. But you can not |MOstly $8.50 to $9.56 with a few sell- in Nor per 11: : 3 102.1 | Atlas ural of General Foods arranged forma- 8 since Kenneco op . 4 Creole Petro: C 0 ioe that McIntyre Mine . 1 . Crocker Whe um shares of General Foods, Marston | of the 1926 to 1928 average, the Na-| “The average saving at the time ur This Jos that the er Phelps Dodge .. 38 1949 : 20 | Fisk Rubber testified. Bancamerica-Blair, of | tional Fertilizer Association reported | °f the March 31 report was $20 pet sum. Means 33a With limited supplies—500 cattle | St Joe Lead .... 243 : Mls i 27 | Ford Motors Canada “A”. ’ today. po vields—in many cases less than 1 |2nd 500 calves—steers and heifers | Vanadium 0% 2 : Quit Oil Corp of Fein: 26% per cent participation and In-| This compared with the figure of | MOUNtNE 10 $204000 had beer bank values are going up. and |Steady to weak. A short load of Crosley Radio . 30% i 30: 103s 10331 |L Lake ‘Shore Mines a director, took 10 per cent. Mar- | previouy month, and 77.1 for the Dd at Interest 1ates of bank stock prices along with them. | Yearling steers soid for $8. Most one Molybdenu ston, Edward R. Tinker of Inter- | corresponding week a year ago, the 1 per jo o We less, on Apparently they don't belleve thelr |,0,1" of strictly choice yearling |Esramount Ja 2h cheat mr of Bancamerica-Blair went on the| This new eight-month high was| UNSC Palancsh =~ = oo *. x = Hesfors SoU) for $378 OUOr $8165 av. | Warner Bade... o 0% 91: General Foods board of directors. | Made through the strength of foods, WW gilt showed, have pr : v | Alleg Corp 5s ’49 3 2 ERE are two more banks—one Beef cows were salable for $4.25 | Lorillard 24% Am fr index moved upward in 15 of 3 Philin Morris 760,000 as its part in this venture p of its loans.” to $5 and cutter grades brought $3 |Rhiliv Morris , 35. Am Tel & Tel 4 and when the deal fell through it | Price series, while decreasing in only a pas goa tos Nite : ’ nico! an York. Both were in hot water |posed of ut $5.75 down. Vealers were | tenis 85% 85 85 At] Coast Line 4%s st % 347: | Tublse Chatinon orp lh 53) ip aered pS etiatio BS os cipal items to record substantial tay | stock. Mess Indianapolis as of July 23, 1 or less quietly reorganized. But selling from $8 to $9. Mueller Bros stock. Rising for the sixth consecutive 3 now the shares of the Chicago | Lambs were steady, buls of good |& Interstate Equities lost $800,000)... gn) bioducts touched the | [ONOWS: Butler University, Gibson

bank, worth actually about $63 each, are selling for $159, and the

and choice ewe and wether lambs |¢ M &

moving at $9 to $10. Slaughter sheep were steady. Fat ewes brqught $2.25

Roch & Pitt Des o 32 Beth Steel 4s 60

i Chi Milw

Unlisted Stocks

(By Blyth & Co.) ' NEW YoBK STOCKS

through a syndicate formed by Bancamerica-Blair to merge Tidewater Associated Oil Co. and Sin-

highest level since last February. Rising prices of corn, hogs, lambs, poultry, eggs and hay more than

Indianapolis Employes, George Cram Co. Employes, Greyhound In dianapolis Employes, Missions Buil ing, Omar Indianapolis Employes,

shares of the New York bank, |to $2.75, the top being $3! Receipts Erie clair Consolidated. offset declines in cotton and small

numbered 800. — ta 4144 F 21.47 to $2.25 oa about $28, are selling for 5 p 24%, Central Hanover imps oe 5 ia Jol : Be. ok Tor ie Torovery period Auto Insurance Employes, Veterans /2 / A ancamerica- : = The bankers say the whole trou- uly ule HOGS To Recotots. | Mf 13% as 5s ‘61 04%; 104 |Chemical buy 1,078,000 shares of Tidewater | Was Shown in the metal, index, as a Administration Facility ble is the Jak of confidence. n Bs 2. [email protected] 10 6000 N % ; ; ; ac 5S +101 Sure 34415 348% stock for about $23,000,000, paying result of copper prices climbing to some one has confidence who is [25. l0.53al0. 10.95 1000 ta 8 ay 8 our 3e23es | II of $7,115,766 down, the balance to fol- | the highest point in five years, the | DIVISION IS MADE : NYC . pessimistic bankers [Rice the book 3 2, : Interstate Equities a one-tenth par- ; increasing quotations for steel, OF KEESHIN LINES value ol the shares re wo an . 0.10@11. ticipation and the latter company | scrap, tin and copper wire? allowed three times the investment value New high for 1936. turned over its check for $771,576. | the group to sail skyward. are going to be from 50 to 100 per bedi. Good. and transaction was the right to acquire | slight drop when rsw materials Central Brafien; cent; more valuable than they are Eire | the stock on completion of pay- | slumped, retarding the small rise in| Times Special now. (160 Great American Ins 20% ments, and the stock was never | several semi-finished cotton ma-| SOUTH BEND, July 31.— nover year after the deal had been made Lines, Inc. is to divide its lines in® the stock dropped from $2147 a three companies, it was anno ioday by John L. Keeshin, chair

Rough Notes Co. Employes, State

Bankers Trust '

FIRE INSU

Aetna Fire In ‘American Ins ot Newark chalcmete

ou R 21 0% 21 8 ‘8 Union Pac 138% 138% ; e vg as a 2 West ‘Maryland. . 9% 9% ® i an Northern - a a ., ne Fedora! = Equipments— ' Yas

. . .20 | Am Brake Shoe. 51's 50% 1180 -. 11, . Am Car & Fy. 40%;

40 y p & nat cee ) REPORT OIL EARNINGS [jim oo IWTSOLLI | Am ech pay 30 i BE Hef Medium weights: Am Steel Pdy.. : 36% 23% | 111 Cent 59 ’63 SY. 3 Hetonal, Lie 1200-220) Good choice.. 10.20G11.40 | Gen Am Tnk car Si 5 o | Thtern North Rive 27% 29 |share to $9, and by the year fol-

(220-250). Good choice. . [email protected] | Gen ‘Elec Hy Elec 6s 8. 903, | Phoenix . Gen R R Sig atom $s 539 oo 8 Waly Ss Fire lowing it was $2.25.

Heavyweights: . ntern 4 ond Quarter Income. (250-290) Good choice . [email protected] | THaiman me 1 Lehigh Tol & Te 0 Wegtongiier Fie

cee. 41% Ya Ti Spl ic 3 : 31 CS tn Pe choice. . [email protected] Westingh Elec ..142 138%; McK ess & Ron oles ho } YORK, July 31.—Continen- 275. : Utilities— an Tex , 5s’ tal Oil Co. today revealed second | (330-428) Good 500 9.20 Natl Steet 4s 68.0 Money and Exchange INDIANAPOLIS STATEMENT Dleatings

willing to pay for the shares of |sq- low in two successive years. It sold | report said. This, combined with 2 eee 310% in the expectation that the shares | Light lights: fi 1 40, The only security involved in the Textiles, as a group, registard da South Bend to Be to Be Heniquatiors YCupyright. 1936. WEA Service ned Med turned over. A little less than a | terials. Keeshin Transcontinental F

On Commission Row

J Sot ons phSlow, See 4 change. | m a age wholesale prices being offere Interest paid by Interstate Equi- to uyers by local commission dealers). "The territory between Buffalo and

ties brought its total outlay to about [ FRUITS Raspberries, Mich. bl Chicago is to be covered by Keeshin $800,000, but the second and third Bickichersics orp. “arate Pt, piste. 32.30. | rotor Express Co, Inc. of Indians installments never were paid. At the | gefiles. Sich. 16-pt. crate, $2.50. Cherries, | with executive offices to be loca S¢

Continental Oil Co. Discloses Sec-

ch. Bananas—Selectend it had nothing to show for the|ed, ‘1b. 5c. Apples—Transparents, S175: here. money. oat tia Wines.” 2% tn. 5. S a Schenker put into the record a | Indiana Biers igs and 13s) sh Water

letter indicating that when this Qelons —Geon rela, 2 1bs. 2% Peaches— N ow 3 ——

350-425 -. : ‘25 | Am & For Pwr . 1% 1% quarter earnings of $224174617, (43-450) Sood 13a 13 Am Power & Lit 13% Nickel F Sous! R A rare On lege "10010" Good and choice | | Gross operating income was $19,- | Mediu -. 296,777 on which the net totaled $5,438,767 before the reserve charges for amortization of properties.

New Bond Issues

(By Lyons & Co.)

Clearings for week . Debits for week

[email protected] [email protected] ? merger was undertaken Bancameér- | cots—15-Ib. lug, lums— Blue,

: 65. TREASURY STATEMENT ira-Blair promised Sinclair Con- | Rkt. crate, [email protected]; Yellow. [email protected]. GE United Pree) | solidated Ofl that it would mot | CiBeiSeedless, Eh Chie” 8 Ankles NT receipts Yor the current fis- merge Tidewater with any other oy pe a bio, + dos. 48 fo. ¢ SoZ. year ending July 29, compared with | company without its consent. . 12s, 3 yeas +f TY: G8Es pial Tear Schenker brought out that about he panses ,001, 24. the same time Interstate Equitiss| Home-grown, doz., 25@30c. Bench He 10853 4anoe0: ind 33| was heavily involved with Rio ulstan aad 0% Ed Heal Pub. debi. 33. Grande Oil, with no chance of get- | fornia, 5s, $5. 3s, Jea, home-grown, 15-b. | @e : Gold ‘res.. ting out whole except by merging it | basket, $1.25. ohh Mangoes LouistCustoms. " 019.27 | with Sinclair interests. doz., 25c. he 0 avis. ca | When Bancamerica-Blair decided | fornia yellow, on. “bag. $1. 2. Parsiey—

to buy St. Louis San Francisco Rail- | Teor (irmnes). S550. ‘Wratbost Western

—Receipts, 500—

550-900) - Choi Ei ose You can place a

Times Want Ad as late as . . 4

Western Union.. ue ...108% ae 28% . 28% 2| 89 4 a 91% Prod M ket oodrich ; a 23% . rroauce marxeis Godvear ear, ooo Un 3 a ul 0 The prices quoted are paid for stock | WY Co. stock—because, Mr. Mar- Lone Whites = (100-1b. g U 8 Rubber pfd 15% Sou Rail 6s °56 . + 8 92% sathered in fhe country, while delivered | ston said, “it had been intimated | $35 Radishes— Ohi whi Miscolinineonsie : i 05 |p Indianapolis the Pies 13 a cont higher. | that if we bought a sufficient ket), Sie ul Allis Chalmers. . 33% 825, 53% As Ta S104 hens, 9c; colored springers, 1 amount we might be in on its|pyshel, To maioes Hothouse homeAm Can .... ..131 1 Ya . : colored a Spr pict Le Norn. sprinsers, 1% the | financing” Interstate Equities was | grown 00D, baskets Brg and over ze: ducks white, 415 | given a_ 20 per cent participation,

and over, Sei athens. 1% Ibs and ne’ 180) | which cost it $478,816. It lost $470.

sizes, 1% (By United Press) old cocks, 8c; No, 1 strictly frost 716. CHICA CAGO, July 31. — loss OF, 33S. Each ful‘cyse ‘must h " Transparents, Michi higan, Apples—_Yellow bs. a deduction = Jo “cents 2 Sweet. Potat oy

T Po 40c@ 1 uur 3% er 8 bs. “No. T 2. Haase s Te BURKE & CO. Carrots—Illinois, Alabama. bu bu.. L8G 15.

# bage—Mingis, 3 75-1b. ¢ rates, a 15a2 Spin- C Il Ri 5551 — Illin bu 'omatoes— a | Calif — o SPONSOR MEETING hme BE ad Caittiower er rao . hampers, $1.90@2. Celery — Any Time Un 30 P. M. z 4 ; Michi v Investment Trust Discussion in myrke ket s0-1h." sacks) “Calitornia Seliow 7 Charge of New Yorker. Siw

Sales representatives of T. P. DUPE Co. are to hear Herbert J. L , New , president and Investment Trusts Ket re as olathe geese 1 car mar- | treasurer of Mutual . Managemenj (By Thomss D. Sheerin & Company) | SPIIDE chickens, na. 1110 hein Rie Co., at a meeting tomorrow mornBid Asked fe ol rollers, 151k; Legh vord ling which is to be held at the CoCorn Pod. i 2 67a 68 Administered Fund, 24 ; 19.01 lumbia Club, local executives ans guball 4 king gar 4 Affine Fund, Inc. 2.03 2.23 eese—Twins, li daisies, 19@ | nounced

99 12 Ve American Busing ares... 1. ia 10508 longhorns, 19 . : 31% Bullock” Fund rtd 1850 2100 | 19%c: longhe Mr. Lydall is to conduct a round- Every Employer of More than One or More Persons Gentury She (ovepting: 03 i ty at cmand, Wal table discussion on trust investment 9 pl y e

Eis i338 le ple Al for menthers of the local firms Whiz: Can Minimize and Stabilize Employment fo Reduce eisey Cobblers, $2.85; Virginia S Cotvleey | has just been authorized as local|] These Taxes

va on tr ts, distributors 1 the Mutual Invest- - ATiivals 48.011 dn truck: siipuient on alah Bookkeepers Personnel and Office Managers Must

Be Qualified A = other business mis Prepare atin Service Esibinstion: len 18 Cerro sses Start Soon 10, 8..| Times Speciat K National Social Security Schools, Inc. TE YORE, Iu Call Riley 8371, Claypool Hotel, Room 693

83382 Bee

Brooklyn Edison ‘3%s '66.. Cal Ore Pwr '66 Central Maine: 4s "60. . Central Ill 3'as ‘66. . Chi West In 4%s '62..

Columbus Railway 4s o Com Invest Trust 3'a2s °'S nn River Pr & at Sr "61. onsolidated Oil 3las ‘5 h 3% 5

Experienced Times ads takers are now at your service until 9:30

Common Xo medium - (750-900) Good and choice A. Common and mediu

PIXE SET) 10930000

ww;

Good Common and medium Low cutter and cutter

Bulls, Edison Illum 3%s '63 Cutter, com. and d. bulk.. Indpls Water 3's 66 Wed. bu

‘ to Vealers 18% Iowa Bouth Utilities 5%2s "60... 05 ces Gaterpitiar Tract 75% —Receipts, 500— Crown Cork 60 Good and choice Medium

Colnly ence” Economy Want Ad.

wee WIDE 2

FRUITS AND VEGETABLES

S238 Sah bon anSdSn

Foon & 8 & T 3%s ST : FOREIGN

g3s 938 a1 Ne 33 333

Los Louisville & Noch 37s 2003.. McCrory Stores Ss 51 65 ... (By United Press) CHICAGO, July 31. Egg Natl Cash Reg.. > firm; receipts, 12,081 cases: Rem Rand 1 i | Ger: “ avid fists 220: current receipts Underwood E ... 83 82% 83 (Ii tens , 30c; extra firsts. 25%c; Foods hd oy Bu utter—Receipts, 10,369 tubs; a See : : lan 5 Shee fim, extra (92 score ), 34%ec; extra firsts Armour 8% ped. % oa Tako City San oi 7% $e: * specials, 3 35 ae gi dards, our 0 es aC; Cc; a Beatrice Cream. ——— . 34%¢. . Borden Prod.. Cal Packing In e. 3 co n

(250-500) Good as choice. . Common and med Feeder and. rR Cattle (500-800) Good and choice. . Common and medium (800-1050) and WT Common and medium

a = S an

Monon W Dy , . Narra Clee 31 28 "66. New UR Ed 34s, oe Okla Natur Greg

MAD

sora 3223 8g 33:

9 9383 83

UNEMPLOYMENT AND OLD AGE ANNUITY LAWS

Social Security Legislation Opens New Fields for Trained Men and Women

Pac G & 0 3% : Peo Gas tite a Coke s = 1 4s '68 .

win

SHEEP AND LAMBS —Receipts, - 800— Lambs, choice Good

g3iy Q999 Pros ~. S488

2. 1.

ue a9

nedium 1. iW lambs *3 (Shee and lamb quotation pped basis) ¥ a un el :

Other Livestock

(By United Press)

FeRg

F3gnues i

Local ee (By Indiandpolis Bond and Share Corp.) quotations do not re ta or SfeTINES, 2a merely. based on buying and se.ling inquiries or recent transactions.

CHICAGO GRAIN FUTURES {By Jama 5. Benet 45.00)

CF | >» 5 joss omy EE 53 uads.¥e Fuc.aruzzauds.tes 225s itd ais § FY §

we BEEN. Suit hd

ay vo.

FER

oes 1M5%

ce ssstpcsoe An Sudaeen8ssa%es

41 43 45%

28 se FEE FE

wa 8 a

| ga

INCORPORATED INVESTORS, «=n investment in common stocks— :

Founded 1925 in; Boston, Mass. -

Biss

Prospectus, latest sei pr nd sh: harman tbe our office,