Evening Star Newspaper, February 12, 1929, Page 11

FINANCIALD, Real Estate Loans first deeds of trust on Washington and nearby aryiand. We can refinance your ma- turing loan. Prompt and courteous service. THOS. E. JARRELL CO. 721 10th St NW. . Main 766 THE EVENING STAR, WASHINGTON. D. €. TUESDAY, FEBRUARY 12, 192 FINANCIA pey TRADING IS DRAGGY ATD. C. MARKET 5% LOANS 5% On High Ci Residential Property Write for Booklet Jos. W. Brooks & Co. Insurance—Frank. 2913 212-213 Transportation Bldg. Money for First Mortgages / You will find us very fair in our considera- tion of applications for building loans and money for refinancing. And as quickly as ap- proved the money—to any amount — will be immediately available. te of Interest Always Low mission and Cor B. F. SAUL CO. Main 2100—925 15th St. e Will Lend You Money In Any Amount At 51/2% Interest For Periods of 3,5 or 10 Years in Nearby Maryland, Virginia and the District of Columbia Apartments, Residences or Business Properties BOSSEPHE(PS Founded 1907 1417 K St. - Main 9300 Loan Correspondent John Hancock Mutual Life Insurance Co. We are not an expense when you place the manage- ment of your properties in our office. On the contrary —our experience will find ways and means for reducing operating cost and increasing income. B. F. SAUL CO. Main 2100 925 15th St. | 106800600000 0050606008006000000000000000500000000 3 “I Knew Him” only had a_ri me desk, is whal say when they walk present office fitt Of the modern kind that im- » people with its beauty a xury—and is, at same time, go practical economical. THE W. D. CAMPBELL COMPANY Entrances 1018 15tk 8L N.W 1806 L St. N.W. Franklin 5660 & Are You Satisfied with Your Investments Regardless of how sound your securities seem, you should by means _consider the wis- dom of investing surplus funds in our 6% First Trust Notes secured by }wnéea_ in nearby Mary- and. This type of investment means diversity; it also means absolute security, and a satisfactery yleld of profit with absolute safety guaranteed by this strong company. 00000000600000000000000000000000002000000000000 2 & Dealers Lay Reduced Busi- ness Partly to Approach of Lenten Season. A slow to draggy condition of the meat market today is believed partly due to the fact that the Lenten season begins tomorrow, Ash Wednesday. It also is believed that the Lenten season will affect poultry sales, while dealers Demands for marine procducts alway: increases during the Lenten season, according to dealers, and the season comes at a time when Spring fishing increased supplies of fish. Dealers say there is not the slightest possibility of a scarcity of fish during but oysters probably will not be so plentiful. from the South. Fruilt and vegetable dealers this morn- ing continued their attractive offerings of commodities received from all sections of the country, the fruits and vegetables giving the wholesale district a distinct Summer appearance. Slight decreases in pork prices were reported this morning and veal and lamb prices also showed a slight decline, beef prices remaining about the same as those quoted last week. A drop of a fraction of a cent in the price of butter and continued firm condition of the egg market were included in the day’s reports. Today’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 50}2a51; tub, 50a50%2; store packed, 30a35. Hennery, 40a42; fresh selected, gs:gg; current receipts, 37a38; storage, Poultry, allve—Turkeys, 35a36; Spring chickens, 35a36; Leghorns, 30; fowls, 28 a20; roosters, 10a20; ducks, 25; geese, 20; keats, young, 56260 old, 30. Dressed— ‘Turkeys, 40a45; Spring chickens, 38a40; Leghorns, 30a32; fowls, 30a32; capons, large, 45a46; small, 36a40; ducks, 32a33; geese, 25a30; keats, 80a1.00. Meats, fresh killed—Beef, 18a24; veal, 25a27; lamb, 26a29; pork loins, 23a25; fresh hams, 23a24; fresh shoulders, 15a 16; smoked hams, 25a26; smoked shoul- ders, 16; bacon, 20a22; lard, in tins, 13a 13%%; in packages, 14al4%. ve stock—Calves, 17a17%,; lambs, ! 1421415, Fruit and Vegetable Review. i The daily market report on fruits and | vegetables (compiled by the Market News Service, Bureau of Agricultural Economics), says (sales to jobbers ex- cept where otherwise noted): ‘Apples—Supplies light; demand light, market steady; barrels, too few sales re- ported to quote; boxes, Washington, me- dium to large size, extra fancy Delicious, 3.25a3.50; mml, 2.5022.75; Romes, 2.2522.50; 1 baskets; Virginia, U. 8. No. 1, 2% inches up, Staymans, 1.75a 1.80; 234 inches up, 1.85a2.00; U. S. No. 1, 2% inches up, Black Twigs, 1.50 21.65; Pennsylvania, U. 8. No. 1, 23 inches up, Black Twigs, 1.65; few, 1.75. Cabbage—New stock; supplies liberal; demand moderate, market steady; Flor- ida, 1%-bushel hampers, pointed types, mostly around 1.25; fair quality and condition, 1.00a1.15; old stock, supplies moderate; demand light, market about steady; New York, sacked per hundred- m&h&,' Danish type, 2.50a2.75; mostly Celery—Supplies moderate; demand light, market steady; Florida, 10-inch crates, 4-6 dozen, 2.50a3.00; few indi- vidually washed an dprecooled, 3.2 California crates, ordinary to fair qual- g{m and condition, 4.00a4.50; few high as fornia, 3.5:.:415; 4 dozen (few sales), 4.00a Onions—Supplies light; demand light, market firm; Michigan, Ohio, 100~ pound sacks, yellows, U. 8. No. 1, me- dium to large size, 5.75, few higher from local storage; Holland, 110-pound sacks, yellows, No. 1, few sales, 6.00. Potatoes—sSup) light, market steady; Pennsylvania, 150-pound sacks, round whites, U. S. No. 1, mostly around 2.25; New York, Spinach—sSupplies moderate; demand light, market htly stronger; Texas, bushel baskets, S8avoy type, mostly 1.00, weet. ipplies de- and. Eaat’Shore: banar ‘i....l.whp’e.,,%“‘;' re, - lows, No. 1, 1.7582.00. o ‘Tomatoes—Suj poorer, both sizes, Towas, 50. . String beans—Supplies light; demand light, market firm; Florida, 7-bushel tam ’maam. f;ir m&:lmy and condi- , 3.5084. ew fine 9 -fle:m'd quality and upp moderate; demand light, ' market dull; Florida, grates, fancy, best, ' 3.2503.50; Booter, Egg plant—Supplies H few sales remgp\‘o m?é’.’ ot Elu:lh—suppfles light; demand light, market steady; Florida, pepper crates, :mc?flmm& 4.5085.00. ! fl;lt’rllflu re'portgg. e \wherries—Supplies light; moder:?, market flrmp 3 !’qllt::f rls tors, varlous variet; 50; s fair quality and condition, ‘l::'v ng df)e.w Caulifiower—Supplies moderate; de- mand light, market steady; California, I-).only crates, 1.50a1.75; fair quality, low Carrots—Supplies moderate; demand light, market about steady; Texas, Western lettuce crates, 2.50a3.00. Beets—Supplies moderate; demand light, market steady; Texas, Western lettuce crates, 2.50a2.75; bushel bas- kets, bunched, 1.50a2.00. erate, m‘k‘g: lmull’ygh;jl :A Ggpoun- a i e: o] crates, 6.00; few higher. eo. o Oranges—Supplies moderate; demand light, market steady; Florida boxes, No. 1, medium size, 3.50a4.50; fair qual- ity, 3.00. Grapefruit—Supplies moderate; de- mand light, market steady; Florida boxes, No. 1, medium size, 3.00a3.50; few higher. BANK INCREASES STOCK. MARTINSBURG, W. Va., February 12 (Special) —Stockholders of Old Na- tional Bank here yesterday authorized an increase in the capital stock from $100,000 to $126,000 and a reduction in the par value of its shares from $100, its present value, to $10. The old ital consisted of 1, of $100 per value stock. The action terday makes the total stock issue shares, ‘The capital nmétge a) tal undivided profits, $12,500. recent sale of the old stock gave it a at Municipal Fish Market are looking ahead to increased sales. | along the lower Potomac River nets| the next six weeks, the Lenten season, | They had plentiful supplies | of crab meat, shrimp and other products | SMALL STOCK SPECULATORS BECOME CAUTIOUS IN BUYING By the Associated Press. NEW YORK, February 12.—Odd-lot dealers say public interest in the stock market has shown little abatement since the slowing down of trading, but that purchasers of limited amounts of se- curities have been less eager to buy. They are still buying, but are ac- quiring with more deliberation and care securities chiefly of corporations known to them through use of their products. People in all sections of the country, it was explained, who never before bought any securities, or if they did invest purchased a few shares in some local enterprise, now are buying stocks of corporations who make their automobiles, drugs, food, home appli- ances, farm machinery and other ar- ticles tried and found satisfactory. Moreover, outright purchases are in- >reasing in number, although dealers say there is little or no shrinkage in the volume of matgin accounts. The regsitered mail of odd-lot dealers is said to have multiplied many times in volume the Jast six months, due largely to increased mailing of funds for secur- ity purchases. There has been a vast increase also in both incoming mail contalning letters requesting informa- tion regarding securities, the market in general and odd-lot -trading methods and outgoing mail with answers. | ‘Moreover, the mail today no longer is confined to the large cities, but coming and going to thousands of persons of even limited means in villages, towns and hamlets of every State. Dealers say the letters indicate a de- sire on the part of the public not only to learn, but the success of efforts made by varlous agencies to teach investors to investigate before spending their money. Some of the letters give the dealers a hearty laugh, although gen- erally they say the public is far more knowing than a few months ago. One odd-lot dealer who has a Nation- wide advertising program, recently re- celved a request from a small town storekeeper for latest quotations on *“no- tions,” explaining he was not in a posi- tion to buy a large stock and thought the odd-lot house might sell him a smaller quantity. BY KENNETH S. VAN STRUM. NEW YORK, February 12.—Again an act of the Federal Reserve Board has drawn forth severe rebuke from quar- ters where the shoe pinches most and all too little praise and careful consid- eration from the speculative community at large, But the security markets can no longer afford to ignore the credit situation, for, contrary to general opin- ion, the future is more definitely in the hands of the Reserve banks than many would care to admit. The Reserve Board could not have chosen a more opportune time to state its position regarding the use of Reserve facilities in speculation. Reserve Board's Prerogative. The Federal Reserve act definitely states that Reserve facilities shall not be used for speculative purposes. No matter when or how the Reserve Board chooses to make a public statement, it meets with disapproval and condemna- tion. Quite recently Reserve authorities have issued veiled warnings, but these failed to Jmt a halt to the use of Re- serve facilities for speculative purposes. They therefore patiently waited until they were in a stronger position to en- force their warnings should the stock ‘market continue to ignore them. Latest banking figures show that today the Reserve Board is in a splendid position to_enforce its convictions, Brokers’ loans must either come from the New York banks, the “out-of-town” banks or from “others.” As long as the expansion of brokers’ loans was accom- plished with the help of “vthers”—co; porations, investment trusts and in viduals—the Reserve Banks had no complaint. But once there was the slightest_indication that further expan- sion of brokers’ loans could only come with the help of Reserve banks, it was time to act. Last week's bank state- ments indicate that the responsibility for further extension of brokers’ loans y | has been thrown upon the banks. Responsibility Thrown on Banks. The lending power of ‘“others” has been the squrce of much discussion, be- cause no one knew just when the limit of their resources would be reached. Last week, however, after several weeks of increasing loans, these lenders saw fit to place only five million more dol- lars at the disposal of the security mar- kets. In order to maintain equilibrium, the banks were called upon to furnish one hundred and five million dollars more, If this had been a seasonal move- ment of funds or caused by month-end ents, and there had been a ite n that the loans made by the bank®would have been quickly the increased loans would prob- ably have been regarded with equanim- ity. But last week’s increased loans b~ banks. to brokers, came at a time heavily indebted to the Reserve system. Furthermore, the chances are that the banks will soon have to borrow still more to meet the demands of business, which will soon require large sums of money for Spring expansion. It evi- dently seemed to the Reserve board that some of the “others” loans which have been piling in upon the stock mar- ket for over a year were about to find their way into business. Under such conditions the responsibility of main- taining a steady rate for call loans was to be thrown back upon the banks. Rather than have to cope with an even more difficult situation later, the Re- serve authorities sounded their warning. Reserve Board’s Power. Aside from the moral question of the wisdom of curtailing brokers' loans, any one is forced to admit that ac- cording to the Reserve act, the Fede- ral Reserve Board is acting fully with- in its powers and responsibilities, and from a more practical standpoint, it appears that the Reserve banks have a much firmer hold on the broker’s loan situation than is generally appreciated. At this time especially, with the Bank when the banks were alteady rather |holdings, U. S. LOSS OF GOLD HEAVIEST IN YEARS By the Associated Press. Continued exports of gold in 1928 re- sulted in & net loss to the United | States of $391,872,000, as compared with a net gain of $6,080,000 in 1927, according to statistics of the United States Department of Commerce. The loss was the heaviest in years, 1925 being the only recent period to show a comparative net loss, $134,000,000. Exports totaled $560,759,000, while im- ports were $168,887,000. The trend of the year was opposite | that of 1927, when heavy imports dur- | ing the early months were changed to | heavy exports in the last four, the export movement continuing virtually | unabated through the first six months | of 1928. Imports were heaviest in January, November and December, but | fell to small amounts in most other | months and during the first half were widely offset by large exports. ‘The export movement represented chiefly a flow of funds to Europe, and especially to France, for currency stabil - ization purposes. ‘The New York Stock Exchange, the Curb Market and all the commddities markets are closed today in observation of Lincoln's birthday. Standard Oil pipe line deliveries in January averaged 495,261 barrels daily, against 508,589 in December. Stockholders of the Goldman Sachs Trading Corporation have been called to a meeting February 21 to act on a proposed increase in capital stock to 10,000,000 no par shares from 2,500,000, and to approve merger with Financial & Industrial Securities Corporation in exchange for 2,250,000 shares of Gold- man Sachs capital stock. Leading Cleveland brokerage houses have decided to adopt a minimum com- mission charge of $2 per transaction for other brokers and $5 for individual trading accounts. firms also are expected to adopt the minimum commission plan. ‘The Hartman Corporation, Chicago, has acquired the Schwartz Furniture Co., Waukegan, Ill, for its thirtieth unit in a national chain of furniture stores. Childs, Jeffries & Co. announced they organization of a mnew $8,000,000 in- vestment_trust known as the Chain & General Equity, Inc. It will specialize in chain store securities and also carry some bank and insurance stocks. new organization is similar to the Chain Store Investment Corporation, also managed by Childs, Jeffries & Co. Child company's net 1928 profit, in- cluding profit from sale of certain 0] , decreased to $1,002,425, equivalent to $1.80 a common share, contrasted with $1,496,858, or 3.17 a share, the preceding year. CHICAGO LIVE STOCK MARKET CHICAGO, February 12 (#) (United States Department of Agriculture).— Hogs—Receipts, 35,000 head; market fairly active, 15a25 higher; top, 10.40, paid for 170-210 pound weights; mostly 10.15a10.35 market on desirable hogs scaling over 160 pounds. Butchers, me- dium to choice, 250-300 pounds, 9.90a 10.30; 200-250 pbunds, 10.00210.40; 160- 200 pounds, 10.00a10.40; 130-160 pounds, 9.15a10.35. Packing sows, 9.25a9.75. Pigs, I;Aseg‘l)um to choice, 90-130 pounds, 8.00 Cattle—Receipts, 8,500 head; calves, receipts, 2,500; very dull trade, hardly enough done to establish a market; general trade looks weak to lower; steers and yearlings now standing 50a 1.00 under late last week; shipping de- mand narrow and practically all factors bearish. Slaughter classes, steers, and choice, 1,300-1,500 pounds, 11.75a 14.75; 1,100-1,300 pounds, 11.75a14.75; 950-1,100 pounds, 11.75a14.75; common £24 yeusings, gooa and.shoice, 150-050 yearlings, and choice, - pounds, 11.75a15.00. Heifers, good and choice, 850 pounds down, 10.50a13.00; common an low cutter and cutter, 5.75a6.75. ~Bulls, good and choice (beef), 9.40a10.75; cutter to medium, 7.75a9.40. Vealers (milk-fed), good and choice, 12.00a15.00; medium, 11.50a12.00; cull and common, 8.00a11.50. Stocker and eeder steers, good and choice (all weights), 10.50a11.50; common and medium, 8.00a10.50. Sheep—Receipts, 11,000 head; market weak to 25 lower; bulk fat lambs, 16.00 216.75; early top, 17.00; sheep and feed- ing lambs steady. Lambs, good and choice 92 ppunds down, 16.00a17.35; medium, 14.75216.00; cull and common, 11.00014.75. Ewes, medium to 150 pounds down, 7.5029.00; cull and common, 3.75a9.00. Feeder lambs, good and chofce, 14.50816.00. of England rate at 6!2 per cent—and thus acting as a definite check on fur- ther English gold exportation—the Re- serve authorities will probably be able to enforce their ideas. They will un- doubtedly choose the course which will cause as little suffering as possible, but they can now accomplish their aim either by means of a higher discount rate, by using moral suasion on “others” to keep their loans within reason. or as suggested in their statement by a “more careful scrutiny of loans to member banks,” to ing their kets. e sure they are not find- into the speculative mar- (Copyright, 1929.) —_— MACHINE TOOL DEMAND. NEW YORK, February 12 (Special).— Business in machine tools and machinery continues at a higher level than at this time last year, with sales well scattered as to sources, American Machinist re- ports. From present indications the month of February will see a high vol- ume of business in the machinery industry. An excellent volume of business has been closed in both the New York and Chicago markets since the first of the month, a number of dealers and repre- sentatives reporting that the total for the period actually exceeds that for the entire month of January. Automobile manufacturers in most sections are buying steadily, although Detroit has be | market in the past experienced a temporary lull in activity. Several big orders for equipment for use in production of radio apparatus featured business in t.hak Philadelphia have issued some large lists in the Middle West, but buying from this el e nd, operat =, plain of a shortage of sk‘l’leled mneclgl':- ists, due to the widespread activity in - metal-yorkiog .vpgfi .in .that i . Capital Stock Increase. DOVER, Del, February 12 (#.—An amendment to its charter, increasing its capital stock from 10,000,000 to 50,000,000 shares, par value $25 each, was filed at the State Department yes- '&:-dny by the Trans-America Corpora- n. A charter for the concern to deal in stocks, bonds and realty was issued here last October. F. B. KEECH & COMPANY Members New York Stock Exchange ‘Washington Stock Exchange Chieago Stock Exchange New York Curb Market New York Coffee and Sugar Exchange 1510 H STREET N.W, BRANCH OFFICE—CARLTON HOTEL (Mgzzanine Floor) New York 52 Broadway Phil Baltimore Boston Philad Telephone Main 245-6-7 e e v Boston brokerage | cholce | & Savings The Ritz-Carlton Chicago 231 So. La Salle St. Private Wires to Chicago New York FINANCING WORLD BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 12—Wall some of the continental centers. Cables yesterday reported the possibility of an advance in the rediscount rate of the AMICDI | \DCISHARP UPTURNS IN STOCKS BN DL 4 2 oo | [tist of Foreign Securities Floated in U. S. Shows Heavy Increase. By the Assoclated Press. ! American dollars continue to finance | the world’s business. Any doubt of the fact should be re- | moved by the total of $1,426,487,580 in foreign securities floated in the United States last year, second only in size to the 1927 total of $1,592,595,760. | But for high money rates prevailing in this country the last half of 1928, the total probably would have exceeded the 1927 record, for Department of Com- merce statistics indicate that of the great total, all except $379,000,000 worth of securities were placed in the Ameri- can market the first six months. As nearly two-thirds of the foreign issues were floated the second quarter, two new records thus were established. Nearly half the foreign issues of 1928 were of European origin and more than half of these represented corporate financing. Germany, largest single bor- rower, who took .$290,000,000, or about half the total for all Europe, devoted most of the funds to public utility de- velopment and a large proportion to banking institutions. ~Denmark was second largest European borrower, using | proceeds for government or govern- | ment-guaranteed projects, while Italy was third and Norway fourth. Latin America again took second place in total borrowings, with more than 90 per cent of the proceeds being devoted to governmental uses, chiefly for public improvements, such as highways, sewage systems and railroads. Canada was the second largest indi- vidual borrower, taking $240,000,000, most of which was for corporate pur- poses, Baltimore Markets BALTIMORE, February 12 (Special). —Potatoes, white, 100 pounds, 1.00a1.35; sweet potatoes, barrel, 1.50a3.50; bushel, 75a1.85; yams, barrel, 2.00a4.00; beans, bushel, 1.00a4.00; cabbage, hamper, 1.00 al.75; carrots, bushel, 1.00a1.75; celery, crate, 2.00a3.00; cucumbers, bushel, 4.50a7.50; eggplants, crate, 3.50a5.00; kale, barrel, 2.00a2.25; lettuce, hamper, 1.00a1.75. Onions, 100 pounds, 3.00a5.50; oyster plants, crate, 6.00a10.00; peas, bushel, 2.00a2.25; squash crate, 3.00a4.00; pars- nips, basket, 65a75; spinach, bushel, 50a 75; tomatoes, crate, 1.25a3.50; turnips, basket, 40a50. Apples, bushel, 75a1.00; cranberries, half barrel, 9.00a10.50; grapefruit, box, 2.30a3.50; oranges, box, 2.00a4.00; tangerines, half strap, 1.25a 2.25; strawberries, quart, 40a50. Dairy Products. Live poultry—Turkeys, pound, 35a42; | old, 25a32; young chickens, 34a40; poor | and thin, 20; old hens, 20a31; leghorns, | 20a26; old roosters, 17a18; capons, 32a | 40; ducks, 20a32; guinea fowls, each, 40a80; pigeons, pair, 30a35. ! Dressed poultry—Turkeys, pound, 35a 43; old, 25a32; young chickens, 30a35; ! old and mixed, 25a30; old roosters, 18a 20; capons, 33a42; ducks, 25a30. i Eggs—Receipts, 517 cases; native and | nearby firsts, free cases, dozen, 38a39; | current receipts, 33a36. | Butter—Good to fancy creamery, | pound, 47a57; prints, 52a53; store | packed, 25; dairy prints, 25a28; rolls, | 25a28; processed butter, 41a42. . NEW GOLD SHIPMENT. NEW YORK, February 12 (#).—The flow of gold from England to America was continued with the arrival today of $8,700,000 in the strong boxes of the Mauretania. Of this sum, $1,000,000 was consigned to Dillon, Read & Co.; $2,000,000 to the New York Trust Co., $1,500,000 to the Central Trust Co., $2,500,000 to Goldman, Sachs & Co., and $1,700,000 to Kuhn, Loeb & Co. Although today was a legal holiday, the United States assay offices on Wall Street remained open to receive the bullion. Soon after the liner docked the gold was unloaded to the lower pier level, placed in armored trucks and taken to the assay office. PARIS BOURSE PRICES. PARIS, February 12 {).—Prices were firm on the Bourse today. Three per cent rentes, 71 francs 40 centimes. Five per cent loan, 96 francs 5 cen- times. change on London, 124 francs 331, cerftimes. The dollar was quoted at 25 francs 61 centimes, POTATO MARKET DULL. CHICAGO, February 12 . (United States Department of Agriculture) — Potatoes—Receipts, 112 cars; on track, | 205; total U. S. shipments, 623 cars; tra slow; on account of weather, market dull; Wisconsin sacked round whites, few sales, 75a90; fancy, shade higher; Idaho sacked Russets, 1.6081.85. Merger Is Announced. SAN ANTONIO, Tex., February 12 (#).—Merger of the Indiana Oll & Gas Corporation and tx Gray| il Co. of San Antonio, gh the Indiana’s aoquisition of 831-3 per cent of Gray- burg stock, was announced here yes- terday by Silas M. Newton, Indiana president. The combined assets will total $20,000,000. The move will in- crease the dafly production of the Grayburg Co. by 4,000 barrels. R Bank Combine Approved. CHICAGO, February 12 (#).—Formal approval of the consolidation of the Union Trust Co, the First National Bank of Chicago and the First Trust Bank was voted y by the stockholders and the new institution was declared operative. Stock of the First National was increased to $24,- 000,000, of which 40,000 shares, par $100, were allotted to Union Trust stockholders, share for share. ‘The consolidation places the bank in sixth rank in the country, according to deposits, with $509,655, de- posit at the close of business today. Money to Loan Secured by first deed of trust oa real estate. Prevalling inte: d_commission. Joseph I. Welle;- E AL R New York Rubber Exchange Chi Board of Trade New York Cotton Exchange New Orleans Cotton Exchan, Liverpool Cotton Exchange, Lf (4ssociate members) WASHINGTON, D. C. Providence elphia Grosvenor Building - Provid: Richmond lelphia ¢ Cable “Keechoo” TR e g o | from both Strest went home yesterday afternoon with a more comfortable feelin, garding the stock market than i when it left off business Priday, but it was still confused over the money situation. It had expected some sort of clarify- ing statement, either from Secretary Mellon_or from_the directors of the Federal Reserve Bank of New York, for sources an_announcement was rumored yesterday when the market was closing buoyant. Apparently the Federal Reserve directors felt that they had done enough talking for the present and t a program of quiet, but for- cible action, will now be more effective in correcting the conditions which it regards as injurious to business. Rediscount Rates. It is quite generally believed that the Pede?ll Reserve will deal individu- ally with the banks in the system and so far as possible. prevent them from borrowing for the purpose of re-lend- ing to the advantage of speculators. 1f this is to be their policy, it is strange that thé Federal Reserve Board does not compel an advance in the rediscount | rates in the four districts which are | now at 4 r cent, inasmuch as| member b ve been able frequent- | ly in the t few months to secure | accommodations at 4%, per cent, and re-lend at twice that re. ‘The sharp upturn in stocks yester- day afternoon, which placed some of them, - including the public utilitles, | higher than they had been in January, | was due gflmaruy to short covering. | There is, however, an element in Wall Street which is still defiant of Federal | Reserve authority and takes a great deal of pleasure in making its sentiments | known by bidding up stocks whenever | there is an attempt on the part of | the bankers to discipline Wall Street directly or indirectly. 1t is understood that Chicago bankers are still at “outs” with the policy of the Federal Reserve Board and do not believe that speculative conditions war- rant, or business conditions should per- mit, an advance in the present 5 per cent rediscount rate. Sequel to Rate Action. The sequel of the rise in the Bank of England rediscount rates to 5% per cent is likely to be a higher rate in CANADIAN INSURANCE COMPANY SHOWS GAIN Special Dispatch to The Star. MONTREAL, February 12.—During the year 1928 the Sun Life Assurance Co. of Canada increased its investments in the United States to over $225,000,000. This fact was one of the features of the annual meeting held here today. Presi- dent T. B. Macaulay was in the chair and reviewed the company’s investment policy and praised the insurance laws of Canada. The company is closely allied with the development of industry in the United States, for, under the Dominion laws, the company is permitted to invest in commori stocks, with certain restrictions. Total insurance of the company in force in 1928 was $1,896,915934, com- re- pared with $1,064,350 in 1872, Bank of Netherlands. The Bank of Germany reduced its rate from 7 per had | cent to 6%, per cent in January and there was some discussion of a still lower rate. All idea of this has been abandoned since last week’s action in London. Time money was lmnlng yesterday at 73 per cent, commercial paper was still quoted at 52 per cent, while bank- ers’ acceptances ranged from 4% to to 5'% per cent. ‘weakness In United States Government securities was attributed in some quarters to sell- ing for Federal Reserve account as a means of regulating money rates. BALTIMOREANS SEEKING PARLEY WITH TAPLIN Special Dispatch to The Star. BALTIMORE, February 12—Busi ness interests of Baltimore want t know more about the proposed consoli- dation¥plans of F. E. Taplin, chairman of the board of the Pittsburgh & West Virginia Raflway Co., and the Associa- tion of Commerce has invited him to come here and outline his proposals. George J. Clautice, executive secre- tary, wrote to Mr. ‘h’)un that the members of the board of directors and the railroad committee would be glad to confer with him. The association extended the invita- tion to Mr. Taplin as a result of the recent application of the Taplin con- trolled Pittsburgh & West Vi to the Interstate Commerce Commission for authority to take over the Western Maryland Railway. SIX PER CENT From a Washington First Mortgage Investment SIX per cent annual return from a Shgnnon & Luchs First Mortgage Note is a big return, especially when you consider the fact that fortunes are daily being lost in fields where there is an element of speculation. When you re-invest your January money, see that a major portion of it is placed in this sound medium of « proven safety. No security in Washington offers greater protection to the note holder, or more dependable and 6% Available mow in denominations of $i00 and up. Reservations mow being made for the placement of generous return. January funds. Announce an Exhibit STEEL DESKS | 5 - ART METAL CONSTRUCTION CO. —that will be of interest to you because it will show how to conserve floor space, cut down office overhead and increase efficiency. and special purpose desks designed to meet the needs of banks, corporations and the indrvidual user. 1429 H Street N.W. " R e A Stock T T PR B ) (5 LIABILITIES Net reserve on life insurance and annuities Other insurance reserves required by law. Death and disability claims awaiting proof Policyholders’ dividends on deposit and interest thereon — Premiums and interest paid inadvance Accrued agents’ commissions, current bills and other items Accrued Federal, State and Municipal taxes._. For payment of annual dividends to policyholders Apportioned for deferred dividends to policyholders —— Reserve for building depreciation Contingency reserv Capital Surplus. TOTAL ASSETS Loans secured by first mortgages on real estate. Loans sccured by pledge of bonds, stock or other collateral Loans on Company’s polici Notes of policyholders for extension of premiut Bonds and stocks at their market value. Home Office building and other real estate at cost. Cash in office, banks and trust companies, of which $235,799.97 s at in TSN S O RTR A AN Interest and rents due, and easned but not due, on investments named abov [ —_——— Premiums and instalments thereof due and unreported, and de- ferred instalments of Other TOTAL Five-Year Comparisons Premium Income Interest and Other Incor Total Income. o § 1,781,46625 Admitted Assets, Dec. 315t e Insurance in Force, Dec. 315t 44,325,827.00 Total Paid Policyholders. premiums. For the Year 1918 § 1,490,922.90 290,54335 $ 4,840,638.03 573,083.78 For the Year 1923 3,269,278.27 778,867.59 4,048,145.86 12,032,374.40 102,023,085.00 131505153 Atlantic Life Insurance Co. RICHMOND, VIRGINIA ANGUS O. SWINK, President Twem‘y-Nintb Annual Statemeni December 31, 1928 $16,980,963.8 755,507.62 129,179:24 211,158.15 111,006.71 57,401.34 73,014.75 254,42437 276,114.98 64,598.31 75,000.00 1,000,000.00 802,402.34 $20,790,771.64 $13,493,110.17 34,325.00 5,040,519.91 158,353.87 21,176.25 1,004,830.94 245,330.09 317,72339 472,402.02 3,000.00 $20,790,771.64 For the Year 1928 4,520,755.19 1,347,52024 586827543 20,790,771.64 157,421,518.00 2,758,83426 $ ATLANTIC AGENCY, INCORPORATED, GENERAL AGENT FOR DISTRICT OF COLUMBIA AND VIRGINIA JOHN N. BUCK, Agency Director, 519 Southern Bldg. William Thomas Birkby City Representatives J. J. Connell H. E. Dameron A. L. Kelley & Son, Clarendon, Virginia John C. Marsh Philip B. Peyton A. C. Ridgeway Jas. G. Stone