Evening Star Newspaper, March 20, 1921, Page 29

v ESFORWEEK FAIRLY STABLE Recoveries Made From Low i Levels—Poor Rail Earn- f ings a Drawback. NEW YORK. March 19.—Compared With recent periods, the week on the Stock exchange and in the principal commadity mark. depreciation sumed formidable coveries of 5 to 15 points from low levels of the previous fortnight were made by a number of prominent in- dustrials and specialties. Rails as a class were dull when not reactionary and a very light inquiry was reported IPO’!\ investment sources Financial and industrial conditions were rendered more uncerfain by poor railroad earnings and an ex- pansion of the labor problem, par- ticularly as indicated by the attitude of the railway brotherhoods. the United Mine Workers and the em- Ployes of the packing interests. A comprehensive survey of the general business situation disclosed increasing backwardness in the steel, copper. oil and tobacco trades, cou- pled with additional curtailment of production and price deflation in these and Kindred staples, comprise an integral part country's business. The most encouraging f the passing of the ecrit tax payment period without the slightest disturbance to money rates. In the open market 6 per cent was the minimum quotation for call loans, but in private negotiations free sup- plies at 5 per cent were obtainable. Smaller bank clearings and reduc- tion of commercial loans were ba- rometers of the more cautious posi- tion adopted by the consuming pub- lic. Preliminary figures point to an- other large decline of imports for the current month. Gold continued to flow into this market in large volume from all parts of Europe and more remote centers, but the effect on foreign exchange was not es- pecially perceptible. The strength- ening of remittances to certain cen- ters, including Italy and so-called war neutrals, seemed to have little or no relation to the German in- demnity situation. BALTIMORE PRODUCE. BALTIMORE, Md. March 19.—The egg market continues to be the dom- inant factor in the produce markets here. Demand is more or less con- start for choice fresh eggs, and, as usual during the Lenten season, the consumptive requirements will be their maximum the coming week. Added to this the inquiry from eold storage operators helps to keep the daily offerings well cleaned up, al- though prices declined to 30 cents a dozen. The live poultry market is firm and values show an advance over last week: current receipts continue light and demand is good for fat stock Winter chickens. two and one-half pounds and under, are bringing top price of 45 cents a pound. while large young chickens sell at 40, but rough, poor and staggy will bring only 30 cents. There is an improved demand for fat old hens at 36 to 38 cents, but the market for ducks is slow at 32 to 40 cents. Season for turkeys nearly over, but there is a limited demand for choice hens and gobblers at 50 to 54 cepts, but poor and crooked breasfs . ‘e neglected at 40 cents. An occasional straggling ship- which of the ment of spring chickens is arriving {0 and selling at a good premium. The demand for white potatoes is disappointingly quiet with quantity on hand more than ample for trade requirements, hence market is lower on all No. 1 grades, 1.00 to 1.25 per hyndred pounds being top price. while McCormicks will bring but 80 to 90 cents. No. 2 grades are slow sale at 40 and 50 cents. The market algo is easier on sweets and yams, the former selling from 4.00 to 6.00 a barrel and the latter 4.00 to 5.00, while No. 2 stock and culls are over- looked at 2.50 and 3.50. The unseasonable practically demoralized the for late winter vegetables ceipts of southern supplies are in- cre: Norfolk kale can be bought as low as 50 cents a barrel and spinach will bring but 150 to 1.85 a barrel. Parsnips are quoted at 100 a bushel and turnips at 1.25. Onions are also dull and low, 75 to] 1.00 per hundred pounds being top | prices for all varieties. While the apple market has an easy tone, prices hold at 3.50 to 6.50 per barrel for No. 1 of all standard varieties and the market is amply supplied with loose stock, which is only in falr demand at 2.00 to 2.50 per hundred pounds. according to quality and condition. Season for dressed hogs is practically over, but there is a limited demand at from 6 to 14 cents a pound. Country lard will bring 13 and 14 cents a pound. —_— SUGAR 1S UNSETTLED. NEW YORK, March 19.—The raw sugar market was unchanged, with the committee quoting 51 for Cubas, cost and freight, equal to 6.27 for centrifugal, and reporting additional sales of 5.000 tons te American re- finers at that level Refined was unsettled. with one of the leading refiners reducing list prices 25 points to the basis of 8§ for fine granulated. Others were un- changed at 8% for hards and 8 for softs. The demand was less active. Futures were quiet and easier under llquidation and scattered selling by commission houses, with closing prices 2 to 6 points net lower. Closed easy; sales, 1,400 tons: April, 5.1 2! July, 5.49; September, 5.58. weather has market and re- COTTONSEED OIL STEADY. NEW YORK, March 19.—The cotton- meed oil market closed steady. Prime id: primé crude, 6.00; May 100: August, October, 7. September Total sales. 3,100 ——— NEW YORK BOND LIST. < registered.... . wwex| B ] a“ w!fi u City of Paris 6s... s o H3l Coiorado and Southern ret 4 Denver and Rin Grande consol 4s.’. i of Canada s (1981).. 114 el Dot b ref. 4. erhorough Rapid Transit 5 S tional Mercantile Marine 6., City Southern ref. 5 s 3 : kg ”\- Mo an. Missouri Pacifie Moatana Power New Y ! reduction and and that frequent repurchases must be made as each series matures, is one of the handicaps against them. dence that a $2.000,000, . FINANCIAL. i BUSINESS IN NEED OF A TONICy¢ AN AID TO RECUPERATION Reductions and Tax Legislation Are Recommended—Financial Leaders Have Faith in the Cabinet. Wage BY I A. FLEMING. is recuperating —a trifle groggy, if vou will admit the truth, but gradually recovering its wind, ready for a fresh start and in need of a tonic. The three first industries to get down in the slough of despond. if that ancient pond still exists, leath- | er, woolen goods and the automobile | industry, have passed beyond the; danger zone and are rapidly return- | ing to the satisfactory stage. Others have taken their medicine, gradually making what progress they can in convalescence or stll worry- ing along in the danger zone and hoping for the best. The tonic that railroads and cor- porations must have if they would stand alone and make progress for- ward is a composition of excess tax excess wage clipping, plus increased efliciency, and the sooner the concoction is prepared and administered the better. Excess profits, plus surtaxes, have absorbed the new money of the coun- try. KEvery one understands this fa. Business Corporations—and if corporations are not prosperous, then no real pros- perity can come to the country need the profits to recoup their sur pluses that have been shot to picces by tax payments and the adjustment of their inventories, consisting of goods manufactured on the high cost bases, to present-day values. There seems to be more unaminity of belief in connection with the need for the abolition of the excss profits tax than on any othr subject, save on our Americanism, where business is a unit. A substitute must be found. On this problem there are many sug- gestions and small unaminity. Let the wisdom of the administration and the lawmakers centralize on the mat- ter for a time and something will be brought forth before the end of the calendar vear. If it will do the work— and it will not meet with adminis- tration if it does not—it will be wel- comed as the one great toni 4 Financial New York, Chicago, Phil-| adelphia, Washington and financial interests all over the country have large faith in the President and the President's cabinet. Mr. Mellon is generally given credit as being one of the most skillful of financiers. He will unquestionably make many suggestions that will be of great value. Mr. Weeks is another strong man, while Mr. Fall and Mr. Hoover know business from the ground up. Taking the entire cabinet as a whole, it i glven rating far above the average of presidential selections for the dif- ficult post, The Secretary of the Treasury seems « inclined to reticence, but it would surprise no one if he should quickly ! evolve a plan for refunding the $2,-| 000,000.000 outstanding Treasury cer- | tificates, thereby removing the| monthly disturbance to the money ! market through the offerings of cer- tificates. Money Working Easfer. The demand for money is less urgent. So many conservative in- vestors have been driven from the stock market by the nervous, un- settled conditions of stocks and by losses that they have been forced to eet, that they seem determined to keep away from corporate invest- ments during the immediate future, at least, and are in the field for gov- ernment securities. Treasury certificates are good in- vestments, but the fact that the longest maturity is but a year away, When more than $500,000.000 of certificates of six months and one- year maturity are subscribed for at 513 and 5% per cent it is fair evi- 000 bond issue could be placed at rates perhaps a little lower, especially if they were long-time bonds and free of excess profits and surtaxes. Sabin on_Taxatfon. Opportune at this time are the remarks of Charles H. Sabin. presi- dent of the Guaranty Trust Company made before grolb 8 of the New Yorl Bankers' Association some weeks ag: hile the exigencies of the hour may have originally justified Con- gTess in resortng to a method of taxation as ineauitable and un- sound in theory as the present taxes on profits and income, no excuses may be offered for continuing to levy such taxes during the critical period of transition from a war to a peace basi nd Congress must lend a sym- ic ear to the demands of busi- for an early revision of exist- Such a revision shoulq have for its basis a more equitable t:.hl!rlhutlon of the burden of taxa- on. Under any system that is adopted as a taxation or revenue measure, lief that exemption from participa. tion therein should not be extended to any securities, as it is too much of a temptation those perfectly able to make payments to Seek ex- empt investments and thus impose an additlo; burden on others. Look for Lower aRtes. It would surprise no one familiar with conditions if the Federal Reserve Board would relax its credit guard and lower the rates on rediscounts for member banks. It would be a help to business and anything in the nature of an aid at this time, as be- fore stated, should be encouraged. The banking fraternity now admits that the pressure to restrict oredits was not applied a minute too soon | better earnings, { Will Spaid, Harry by the reserve board, that its com- plaints on “frozen” credits were rea- sonable. and that its wise actions helped over the dangerous period. Action fn the Stock Market. Action In the New York stock mar- ket while decidedly drastic has ap- parently been #so well managed that at no time were conditions approach- ing a panic. Months ago the opinion favored the idea that the market was “grinding on the bottom,” and then new ideas were formed as heavy declines fol- lowed. prices being stiffened when the liquidation became serious, gen- erally for a slight rally. Thousands of shares of stock have been liquidat- ed by holders who had their stock paid for and who refused to get out at much higher fizures, but who have yielded to a desire to save some- thing and get out. Mary who sold out at much high- er levels are beginning to replace their holdings or are. at least, study ing the market and waiting for a chance to get in again when condi- tions are more to their liking. Columbia Graphophone. Both the common and preferred hares of the Columbia Graphophone Company have been under severe pres sure, the former going off to 52, with a fair recovery, and the preferred to 34. Back in 1919 the Graphophone Com- pany retired a small block of bonds to pay off notes, and issued preferred stock at 95, paying 7 per cent. Laat year the preferred sold at 94 and then turned weak with the new stock is- sues, the note issues and the guar- anteed preferred stock of the Balti- more plant in process of erection, on which work has been stopped, and on which the 8 per cent dlvidend must be paid. Thy the company put out a big note issue d used its credit at the banks to swell its obligations, as shown by the recent statement. The drop in the preferred share: has been by four, five and even seven points, with small recoveries. Prices may be low enough to w. rant t large interests that sold out after the bulge of the common stock to 75 in 1919 to get in again. > _ THE -SUNDAY STAR, WASHINGTON, D. C, MARCH 20, CERTIFIED INVESTMENT S| s 'NEW YORK, March 19. vances in the primary mar to more active covering. day. The opening was 18 to higher, and active months sold 35 to 53 points above last night's clos- the end of the touching 610 and { And s This made an ad- ing figures before morning, with May September 685. vance of approximately a Wednesday, and the close W points off from the best un In time the big inventory may be|Po : crare = worked off, and. if it is carried at|izing. but showed a net udv{nc:‘ of | gantic profits of oil with none of | 5 fost, 'the proceeds may enable |30 to 38 points. ~March, 571: May.|oil's hazards. Write today. 1 e O e G0 Tinnidate 1ts obliga. |596; July, 635 September, 674; OC-| "Address MOTION PICTURE INVESTOR. L s ot tover December, 712, and Janu-| 130 North Broadway, Los Angeles, Calif. | i e ary, 4. 5 catiacale ; Rio 7s, & cents: —_— The company has a large supply of [ SPOY e . Very few cost cabinets on hand, much of the inven-|,.q freight offers were received, the tory consisting of cabinets and rec- |3 tloned being Santos { only _ones mentione ) . b ol ¢ in meneral busi. |8 at 850 to 850 American credits. Mo PETER PERKINS ith improvement i Si- prde b i e ness. the dictaphone business which Became . Investor the comy controls may also show IDLE CAR LIST GROWS. iR Washington banking interests are| NEW YORI ST o on ings of the roads in the Unit Wt-the rate of more than week. reports roads show, box and Tefrigerator cars to coal cars. There are today cars in_the country, Those cars, railroad other time in fifteen years. ACTIVITY IN COFFEE. that the Brasilian government was considering measures for stabilizing coffee prices, combined with sharp ad- trade and investment buying in futures here to- rds of las 2 T 3 pound from the oK e was a fow | value to those interested in a busi- NEW YORK, March 19.—Idle freight include all classes. from more idle freight | firm, than there have been at any —Report CHAS. S. SHAPLEY 713 Albee Blds. 4 Wedks Free Trial kets, led 21 points INVESTOR cent ot | Subscription $ per year. Frank. 834 26° MOTION PICTURE pecial report on any Company | in which you may be interested. | Money makers. der real- [ ness in which there are all the gi- the sid- ed States 10,000 a to the tank and men af- wenty-five Thousand days and appears but OHVHO DE: SE-PACK N Dbeing of its ! tor 'y TWO SHARES sold by any under this offer the waid st V. B. DEYBER. 2 authorize the transfer from Given Away esivous of disposing of | onital stock within. the a ‘stockholder makes the fol- m eos | once FILLER | out outlay of ad the co ockholder his_hol compa: Jog of the capital stock of the [16F e ‘anid Duver “OXE 1l sable share, e TWO shares so pu Under the greatly pleased with the honor which has come to Victor B. Deyber in his elevation to the presidency of the Second National Bank. In his selection the Washington | Chapter, American Institute of Bank- | |l100 " 80710 be disposed of by ing. is honored, as he is a graduate!|| uny at this time have and past president of the chapter. || within the time limit merioty ‘Washington Chapter now boasts of | || DAYS FROM DATE. "APIL, C six graduates who are at the head |{|nd covers only the of national banks. Victor B. Deyber, Haynes, John Poole, George W. White and Ed S. Wolfe. All rank Al as business men and control millions of resources. In the matter of cashiers and as- hiers, the Washington largely, if not almost . represented in local tions | ““Thia ofter only holds good if allotment is NOT s | t w N aran bacribed for N LY TH e the company be cord: to the Building an Income? Pamphlets describing the ease with which an investment grows if rein- vestment is made of the income each year, are being given more or less generous circulation. Some of the most conservative bankers in the country have been forced to call in market experts to mark down their ultraconservative investment in bonds, during the past year. Very few bonds, rails, indus- trials or governments have escaped in the severe post-bellum times A stable investment, guarantted never to shrink in value, and to be pah off at maturity. would be a very valuable one—provided the guaranty was also just as safe ‘That old saying that “nothing is sure in this world but death and taxes” has not depreciated very much. said 500 share: 1y belleved will ] U imont far-reaching _economi mercial projects that have been |in many years. Quick action bein 2 sacrifice is belng offered. in_this country—th mean when the |make a saving of from in storing and shipping space: ai most_unbelievable saving in_the in shipment. b ‘into. the millions in a_eing] | gust been_ allowsd ‘on Toaest scruf Wage Waste on Raflroads. vt iod wet at cnee. The following is from J. S.-Bache|| rgE OHVHO DENSB-PACK & Co’s weekly review: : i NO.. ailway labor is probably better paid for its time than any other labor in this country or in the whole paid and been subscribed for | ntioned—THIRTY 20. Tt Deing expressly understood that | —will the cash cal roper_tranafer of | t ES of the company stock | And covers only the| ““This offer is made in perfect good faith oS f launching what is cor A a v ‘be one of the large e of the largest T B aink o what it will This breakage loss reaches com: TONAL igned FILLER CO..| jon Trast bide.. Wastingten, D. C. . ‘w?'n. L. Howard, Viee ‘Tressarer. of $100 rehased— following the full| the com- | rein men- | company of immediate co — THEN | justment period. for the | for | MAIN OFFICE owner of | | NEW YORK cal co put forth Copy free on request. Switching Investments Without Outlay of Additional Capital Successful Wall Street Traders always readjust llleif.o.pm- ions and stock market commitments to changing conditions. Don’t hold stock indefinitely because they show a loss. « switch at the proper time will often make up losses. quickly with- nal capital. A FEW SWITCHES ADVISED ANACONDA at $37 (no MIDVALE at $30 ($2 dividend) RAY CONSOLIDATED at $12 (no dividend) into MIDDLE STATES OIL at $12 ($1.60 dividend) B. & 0. at $32 (no dividend) into AM. STEEL FOUNDRIES at $30 ($3 dividend) GENERAL ASPHALT at $50 (no dividend) into C. & O. at $59 (84 dividend) This week's issue of our weekly Market Review, in addition to analyzing 35 listed securities, suggests a number of switches of stocks of approximately the same market price which are worthy sideration during the present complicated read- Ask for W. S, idend) into C. A. BERTRAND & CO. BRANCH OFFJCE 25 BROAD STREET 44 COURT STREET BROOKLYN 1ot and { Joseph T. Weller s Tl SAVINGS BANK 1921-PART I to Loan Deed of Trust | Botate. n Bt T e L:I’t‘ 7% REAL ESTATE NOTES Conservative Valuations !\mnd by firat deed of trust on high-class properties. Respon GLOVER & FLATHER 737 15th St. N.W. ZENS Accounts A good Cl Cable Transfers Foreign Currencies DUPONT NATIONAL BANK Franklin 4424 Atlantic, Gulf & West Indies Gaston, Williams & Wigmore together with other active issues reviewed in the current number of The Kardos & Burke Review Read by investors and business men throughout the countrs. Copy will be sent free upon request for No. 143. Kardos & Burke BTOCKS ANIy BONDS American Bldg., Bal Remain at Home and Own Florida Orange Property Knowing the profit of f good orange groves, doubtless you have desired to own one. Perhaps you can’'t yet arrange your affairs 80 that you may remove You can now have all nership of a Florida ora to and live in Florida. the advantages of ow- nge property—near the thriving city of Tampa—with no demands on your time. Temple Terr aces, a Safe Orange Grove Proposition Some of the leading citrus fruit men of Florida are devel- oping Temple Terracds, and local men are investing heavily. The plan of Temple Terraces offers equal opportunities to the distant investor who wishes to make money from oranges. Expert care and unusual advantages make Temple Terraces appeal to people of limited as well as of large means. Write today for free copy of Booklet No. 37 135. Temple Terraces, Inc. 215 Machinists’ Bldg. Washington, D. C. g desired, breakage | le year— mon_use world. This may not be so much due to the rate of wage as to the fact of the waste time which is paid for. The money paid out for waste time by the railroads of the countr: rould wreck any business concer Stock Wanted n a short per! 3 'he met! s un- - k3 der which this resulted were inaugu- Submit Offering rated during federal comtrol, under what are called the national agree- ments. The follo g _figures, com- piled by the bureau of railway eco- nomics, show the distribution of rail- way income of class 1 roads in the calendar years 1917 and 1920: 1410 G Bt. N.W. 1917. 1920 100.00 100.00 Petg, of revene. 33 518 104 53 [X] 09 this merely to show that nearly 58 cents of the railroad dollar went to labor last year. whereas before fede in 1917 only a fraction over 43 cents was absorbed in the same way. From information being placed before the Rallroad Labor Board, it would ap- a L We quote from a recent informa It so, tion sheet of the railway executives, further showing how the natfonal agreements waste money for the railroads. The incident was reported by the St. Louis-San Francisco Rail- way Company: “A wrecking crew composed of six men leaves its home terminal at $ am., and goes a distance of fifty to clear up a wreck. Work of clearing main track is completed at 6 p.m. “Crew ties up for from 6 to 7 _am. (wrecking outfit is sleeping facilities). “Resume duty 7 a.m., pick up refuse and arrive at home terminal 2 p.m. Under the national agreement it Is necessazy to pay the entire crew continuously™ for the first twenty- four hours from the time they leave their home terminal, computed a: follow From 8 am. to 4 p.m.—eight hours straight time. From 4 p.m. to 12 midnight—eight hours at time-and-one half, or twelve hours, From 12 midnight to 8 a.m. (sleep- ing) eight hours at double time, or sixteen hours. From & am. to 2 at_straight time. “A total of forty-two hours’ pay for nine hours' actual work, including sixteen hours’ pay for sleeping Don’t miss this. hours. Y arts. The inexperienced and t the speculative market. are too many pitfalls Tips are often unreliable Why not choose the sal into our 7 per cent First BaAR and know that yo not suffer a loss? sleep and rest next morning equipped with p.m.—8ix hours I CAN SUPPLY YOU Miller Train Control GEO. J. EASTERDAY Are You Investing? don’t confuse it with speculating. They are different wary should keep away from can invest without anxiety. You cannot speculate without risk. easy way and put your savings In amounts of $250 and up. B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. real estate bonds with a bonus. he un- There in_ it . You fe and Mort- u can- International Aceeptance Bank. The International Acceptance Bank of New York, with $15.250,000 capital and surplus fully subscribed, will commence business early in April, un- der the supervision of the Federal Reserve Board. Paul M. Warburg is the chairman of the board of directors and F. Ab- bot Goodhue president. Eighteen large national banks, trust companies and private banking firms are rep- resented among the shareholders in this country and eight big fiscal institutions in Europe. The bank proposes to conduct finan- clal transactions of an international nature. Eighty Years of Serviee, This is the title of a booklet issued by Baltimore firm of Ro Garrett & Bon : The firm was established by Rob- ert Garret in 1340. Experlencs 18 & great teacher and eighty vears of experience with the various problems that have been solved by the firm certainly constitute an asset that must be of great value in solving the uroblems of today as they de. velop. ‘lbl"fllm;lt constitutes & moral respons y for investments recom- mended. te = 7% We own and offer, Notes, in denomina improved Washington ot estate and based upon fet L and list. ———— In England last year work . stopped by no fewer than 1,115 trads mw:l-. which invelved 1,930,000 workers. REALTOR Address Box 340-C, Star effee. * FIRST MORTGAGE NOTES ject to prior sale, a limited number of First Mortgage of $250 and $500, secured on war valuation of property. An unusually attractive in- vestment for the conserva- ‘tive investor. Ask for book- Wm. S. Phillips ® New York Ave. Ph. M. 9 WITH YEAR 1903 1907 W 1911 § 1915 § ! 1917 1918 - 1919 sub- real pre- FIFTY-SECOND ANNUAL REPORT Year Ending December 31, 1920 The Masonic Mutual Life Association of the District of Columbia Chartered by Special Act of Congress, March 3, 1869 Cash in banks and in office. . ...... Loans oh association’s policies. . .. Net due and deferred premiums. . ASSETS $24,459 138,618 284, 157 $780,660 $1,394,491 1,721,058 2,220,990 . 1920 3,084,141 WILLIAM MONTGOMERY, President. & P. YOR' J'sm nd% Assets First mortgage loans on improved real estate........ Realiestate . ... ....: 50 i ol ncapasistaies sl meia e Liberty loan and other bonds. .. cc.cca.cviacinniecieedenoeecmncsiiepmitatsasemssses cescccamacriocces e ven s ss oo ecpuNsmeemeilecitonsn o R e e e B T s Al other assels s o e e e e TOTATASSETS SISt 5 Sl a0 Total Liabilities ...... BALANCE TO PROTECT MEMBERS’ CONTRACTS: Reserve American Zxperience Table of Mortality and 315% interest on all contracts. .. Net surplus . ceesecomnscnsscmoion YT D B e e e ] cooonmme 7,283,250 16,896,250 40,841,750 71,097,545 WATCH US GROW! OFFICERS: GEORGE W. EVANS, Assistant Treasurer. J. B. NICHOLS, M. D., Medical Director. .CHARLES B. BEALL, M. D., Asst. JAMES P. Coungse! 31,805.00 80,985.86 Most Successful Yearin the History of the Association TOTAL INCOME DURING THE YEAR...........ccicveaeen Increase over 1919, $788,054.21 ; INCREASE IN ASSETS DURING THE YEAR..............cocamoe NEW INSURANCE ISSUED ....... | Two and one-half times as much as in 1919 INSURANCE IN FORCE DECEMBER 31, 1920. . Practically double the amount in force December 31, 1919. GAIN IN INSURANCE IN FORCE DURING THE YEAR ... Almost as much as in all previous years. MEMBERSHIP, DECEMBER 31, 1920.....con .. Increase during the year, 16,470. THIS UNEQUALLED RECORD SHOWS THE POPULARITY OF THIS ASSOCIATION AND PROVES THAT THE FRA- TERNITY APPRECIATE ITS UNEXCELLED LIFE INSUR- ANCE PROTECTION AT LOWEST NET COST, COMBINED WITH PERFECT SERVICE AND SQUARE DEALING. Progress of the Association Under the Legal Reserve Plan INS. IN FORCE END OF YEAR T e SCHICK, General ~Botines oopes oo es e emmzimsinemoven- $11,097,545.00 24,044,612 37,657,924 .. $1,101,625.07 176,897.44 708,131.93 125,157.32 361,309.01 493,973.46 117,047.65 $3,084,141.88 71,351.02 '$3,012,790.86 $1,825,683.51 ~ $863,151.15 : $40,841,750.00 - 39,047 81459500 2,166,575 4,152,075 $11,052,500 $19,809,512 lHodiea.l Directo!