Evening Star Newspaper, February 15, 1929, Page 14

L - WCOY DISCUSSES 115, ESTATES TAX More Than Five Billion Passes Into New Hands Annually, He Says. * FIN BY EDWARD C. STONE. Joseph H. McCoy, United States ‘Treasury actuary, told the trust com- pany division of the American Bankers Association in New York today that 400,000 estates with an aggregate value of more than $5,- 000,000,000 pass each year by death in this country. Mr. McCoy spoke | on “What the Fed- eral Estate Tax Returns Reveal.” “Since the begin- ning of this law in 1916 down to De- with total gross estates ialued at $26,548,000,000 on account of resident decedents, and 11,645 gross estates valued at $312,000,- 000 on account of non-resident de- cedents, Mr. McCoy said. “Due to ex- emptions and deductions, this gross estate was reduced to a total net tax- able estate amounting to nearly $15,- 250,000,000 for resident decedents, and $290,000,000 for non-resident. “The total tax return was $857,000,000 by resident decedents, and about $12,- 000,000 by non-resident. These statistics ; show that for resident decedents there ‘were returns covering an average of 10,486 deaths a year, involving an an- nual average property value of $2,355 000,000. Joseph S. MeCoy. “The average of all estates showed that 38.9 Per cent of the total was in the form of corporate stock. Gross es- tates of less than $50,000 held only 11.1 wver cent of their total value in stocks. “his percentage steadily increased until inet estates of $10,000,000 or more held over 65 per cent of their total value in stocks. “With bonds this same law seemed to hold until net estates of a million dol- lars were reached, when further in- ‘crease gave way to a greater increase fin the holdings of stock. The average for the total gross estates returned was nearly 15 per cent in the form of bonds of all kinds. About one-fourth of these | . holdings were United States bonds; an- other one-fourth were State, municipal, lcounty and similar tax-free bonds and ithe remainder were miscellaneous bonds of all kinds.” . Steamboat Company Head Retires. Clarence F. Norment, for several years president of the Norfolk & Washington Steamboat Co., retired at his own re- ‘quest at yesterday's annual meeting, ‘and Charles J. Bell was elected to suc- ceed him. Mr. Norment has been con- nected with the Norfolk & Washington Steamboat Co. for 30 or 40 years, has Tendered brilllant service to the com- pany and still remains on the board of TS, ) The following board of directors was klected at the meeting: Charles J. B Posaniry haconos . Morine 3 . 3 . Norment, &unee F. Norment, jr.; Willlam E. rson, B. Francis Saul and Odell S. ith, company had a satisfactary busi- year, according to the annual re- . of the Chamberlain- ANCIALS NEW YORK STOCK EXC Abitibl Pow¢ Abrahm&Stravs Ab&Straus pf 7. Adams Exp(8).. Adams Ex pf(5). Ady Rum Adv Rumley pf.. Ahumada Lead. . Air Redctn (13). Ajax Rubber Alaska Junea. Albany Papr(2). Alleghany Corp. Alleghany A 5% Allfed Chem.... Allis-Chalm (7). Allis-Chalm rts.. Amerada(2) . Am Agricul Chm Am Agri Ch pf.. Am Bank N(#3). Am Bk N pf(3) Am Beet Sugar. Am Br 8h(J1.60) AmBShoe pf(7). Am Brown Bov. Am Brown Bo pf Am Can (14) Am Drug (60c). Am Encau T(4). Am Express(6) . Am & For Pow.. Am&ForP pf(7) Am&ForP2d1.. Am Hide & L pf. Am Home Pr(3) Am Ice (12%).. Am Internatl(2) Am LaFr&Foam Am Locomot(8). Am Loco pf(7) Am Ma & Fy(4). Am Metals(3). . Am Metals pf(6) Am Nat Gas pf 7 AmP&L(11).. AmP&LpS sta 5. AmPo&Lt pt(8); AmP&L pfA2%. Am Radiator(b) Am Ry Ex(6)... Am Republie: Am Saf Kaz.19). Am Seating(3). Am Ship & Com. Am Sm&Ref(4). Am Stl Fdys(3). Am Stl Fy pf(7). Am Sugar...... Am Sugar pf(7) Am Sumatra(3). Am Tel & Ca(5). (9). Archer Dan (4) Armour Del pt 7 Armour 111(A).. Armour 111(B).. Armour 111 p£(7) Arnoid Con & Co Artloom pf(7). . AssoDryG(2%). Asso DG 2d4(7). Atchison pf(5. At Gulf & WI.. Atlan Ref(t1%) Prank D. Rock, president of the Na- Association of Credit Men, will address the*local association at the an- 9 nual Midwinter meeting at the Willard | Bambgr pf(614). 109% 109% 109% 1091 | Gould Coupler A 66 65% tomorrow evening. E. Paul Phillips, ‘branch manager, will also Autostrap A(3). Baldwin Loe(7). Balto & O(6, Balto & O pf(4). Bang & Ar(3%). Barnet Leather. - | Barker Bros(2). dinner promises to be unusually well at- tended. The banquet and dance are in charge of R. Jesse Chaney, chairman; Uohn N. Auth, H. T. Bisselle, Galliher, Mrs. E. J. H o R e . P an Lister T. o Local Securities Steady Today. Local securities remained steady on|BklynUnGas(5). 1824 183 ‘the Washington Stock Exchange today, with Mergenthaler again leading the market in volume of trading and clos- ing at 104%5. Capital Traction sold at 108, Potomac Electric 5% per cent at J08% ex-dividend. Railway & Electric, | Bucyrus pf(7).. 116% 115% 115% 115% | Houston Oil. \lsgh:_x-dlvidend. at 99% and 993 107, Columbia Sand & Gravel at 96 and 9512 and Merchants’ Transfer & Stor- | Bush Ter de(7).. 107 1{9 common at 128. Five shares of Peo- ples Dms preferred moved at 125. The onl stock was Federal-American National, selling at 3433, Washington Raflway & Electric 4s #old at 89% and 891.. Washingto [ment five shares of Chapin Sacks 8 cent preferred changed hands at 108. Heard in Financial District. Edward L. Hillyer, vice presides the Union Trust Co., whg hx‘.’snéeenl’{ :o;l:;xed h‘t’n a locfiedhos%x‘tal for many veeks, recovered sufficientl; back at his home. Endie Laurence Hoes, who has been in ‘Washington office of the National City Co. for the past seven years, is still with the firm and has no intention of making any other connection. Through a misunderstanding it was stated that ‘;l,z had become associated with ouse. Charles F. Jacobsen, cashier of the |Cpes& Ohio(10) 217 National Metropolitan Bank, is another local banker who will attend the annual banquet of New York Chapter, Ameri- C?xll‘l Institute of Banking, Saturday eve- ning. Edson B. Olds, jr, has joined the /stafl of Spencer Trask & Co. in their (offices in the Woodward Building. He is the son of the treasurer of the Union Trust Co., who has been a very active | Chicago Pn Tool. 32 banker for many years. Bankers Planning New York Visit. Among the city's junior bankers who will attend the Institute banquet in New York tomorrow night are James A. Soper, T. Hunton Leith, I. J. Roberts 7and A. E. Henze. Miss Mabel Royce and Miss Catherine Krieg will also attend. ‘The American Stores Co., which owns .and operates the former Old Dutch Market stores in this city, reports a gain of 8.4 per cent in sales in the first five ‘weeks of 1929. The Odd Lot Trader. True, the margin of profit to the broker on odd lot transactions is small, but odd lots, says the Wall Street Journal, are the foundation for 100 to 1,000 share lots. One Broadway broker made an investigation of customers’ sccounts recently and found that more than a dozen of the 's largest traders started by trading in lots rang- ing from 25 to 100 shares. —— Bond Pension Plan. NEW YORK, February 15 ().— American Chicle Co. has adopted a bond pension plan for its employes in pjants at Long Island City, N. Y., and Chicago and San Prancisco. The plan is co- operative on a 50-50 basis and aims to ilable a retirement income, make & Barker pf(6%). Belding-Hemwy Bast & Co(3). Bethlehm Stl(4) Be Bioomingdale Bon Ami A(4) Booth Fisheries, - | Borden Milk(6). Eriggs M{gFCo. British Empire. . Brockwy Mot(4) Bklyn-Man(4).. Bklyn-Man pf(§} BrownShoe(2% ) Brunswick B(3) Brunswick Ter.. Bucyrus(l)..... Bucyrus cv(2%) Burns BrosA(8) vy Chase Dairy preferred sold at|Burroughs (f5). 239 239 239 239 Bush Term(gz). Butte Cop & Zino Butte & Sup(2). Butterick Co. Byer & Co. . Byers A M(rts).. n Gas | Byer & Copt(7) . 112 5s cold at 101. In the unlisted depart- | By-Products(2). 112% 116 Calu & Ariz (6). Cal & Hecla(4).. Can Dry (14%). Can Pacific(10). Canon Mills 2.80. Car C1&0 sta(5). Case Thr pf(7).. the | Cavanah Dobbs. Celotex Co (3). Cen Aguirre(2). Cent Alloy«2).. Cent Alloy pf(7) Century Rib M.. another | Cerro de Pas(5). 109% 111 Certain-teed Pro C& O Corpn(3).. Chi & Alton. Ch1 & Alton pf. Chi Great West. Cnl Gt West pf.. Chi Mil &St P.. Chi M) & StP pt Chi & Nwn (4).. Chi&Nwn pf(7). Chi PTpr(3%4). Chi,RI&Pac(8). . CR1&PDI6). Chickasha(3). Childs(2.40) Chile Cop (3% Chrysler(3). City Ice'(3 City Stores ne City Stores(rts). Cluett-Peab(6) Coca-Cola($) . Coea-Cola (A) Coliins & Alkmi & I Col G&E pfA(6) Columbia Graph Col Carbon t4%. Com Cred(1).... Com Cristpf 6 Com Cr pf(1%). Com Cr pf B(2). Com Inv Tr (4). Com Inv (war).. Com In Tr pf 8% Com Solvnts(8) . Com Po! (13). Conde Nast(2).. Congoleum-Nalr Cong Cgrs (5).. Conley Tinfoll. Con Film pf(2). (3) beginning at the age of 65, equal to at | Censol G | least one-half of the employe's average | ConsolGaspt Wi -] + disabllifn It also provides for protection ' ConRRCuba of Ly . Consol T“l“u““ o dn ¢ .s 102 Asso DG 1st(6) ., lg; 1 Archison(10)... 200 200 103% 103% 103% 103% Atl Coast L(110) 185 Ref pf(7). 117 Bang & Ar pf(7) 110 Steel pf(7) 121% 12 4 Consol Cgrs (1) THE .EVENING STAR, WASHINGTON; D. (., FRIDAY, FEBRUARY 15 1929:7 Open, High. Low. Close. 20% 20% 20% 20% 10% 10% 10% 55% 55% 554 104 10% 9% 92 69% 69% 85% 86 23% 24 1% Louls GasA 1.76 Ludlum St ctfs. Ludlum S pf 6%. Mac And(12.85). Ma Call Corp(4). McCrory B(2)... McCrory pf(6).. McGraw Hill(2). * | McKeespt Tin Pl McKes&Ro 1.60. | McKsn pf A 3% Mack Truck (6 Macy Co (¢2)... { Mad 8q Gar 1%. Magma Cop (4). Mallison & Co... Manat! Sugar pf Man Elec Suply. Man El m2g(d5) Man Shirt(2)... Maracaibo Ol Market Street. .. Market St prior. Marlan Ofl...... Marlin-Roc t3% Marmon Mot(4). Martin-Parry Mathjeson(§ May Dept S( Maytag (12) Maytag pf(3). Melville Sh 3.10. Mengel Co...... MetroG pf(1.89) Open. High. Low. Close. 47% 49% 47 9% 136 136 132 132 110 110 110 110 Cont Baking A.. 411 414% 410 410 | Cont Baking B.. 95% 95% 957 95% | Cont Bak pf(8 6la 62 57% 57% |Contl Can (2%). 63% 6314 6214 - 62% [Cont Insur(s)... 4 | Contl Mot(80¢). 104 | Cont Motors rts. 9% | Corn Prod 13%.. 87 74 | Coty, Inc (g2)... T1% 21% 21% 21% 21%|CrownWPlstpf7 100 31% 31% 30% 31%|Crucble Sti(5). 874% 102 102% 101% 102% | Crucible p£(7).. 115 235% 287 280 281 |CubaCaneSugar. 4% 176% 176'% 171 171 |Cuban Dom Sug. 5% 3% 3% 3% 3% |CubaCompany.. 22% 824 38215 31% 3l% |Cuban Am 8(1).. 14 19 19 18% 184 | Cudahy Pkg(4). 60% 64% 64% 63 63 |Curtiss Aero(1). 158 128 128% 125% 125% |Cutir-Ham(3%) 60 60% 60% 60% 60% | Cuyamel Fruit.. 83 17 17 17 17 | Davison Chem.. 63 43 444 4l% 4L%| Debennms(2.91) 43 56% 56% 53% 53% | el & Hud(9)... 195 125 125 125 125 | Del L & W(17).. 126% 21% 21% 20% 20% | Den RG Wn pf.. 68 69 69 67 67 [Detroit Ed(8)... 240% 1 114% 110% 110% | Devoe A (13.20). 58 141 141 141 | Diamond M (8). 157 9 95% 95% | Dome Mines(1). 9l 0% 117 | Drug Ine(4) 121 121 82 |DuISS&Atlan, 4 4 5 51% 52 |DunhillInt(34). 69% 70 69 69 9% 9% 9% 9% |Dupont (new).. 184% 185 179% 180 9liy 91 Ol 914 | Du Pont deb(6). 1174 117% 117% 117% 300 300, 290 2907 | isnstman(1s)... 184% 184w 183 183 108 Baton Axle ()., 71 Tik 68 68 % 364 34% Ao e D 161 162 154% 154% 7N MW 13% 18% 134 134 615 63n 60 60 414 4l% 40% 403 69% 69%s 66ls 66% ‘32 lg:% ‘Xz« lgg o 3 % T T -4 [3 6 oy 12%4 107% 105 : ; 124 124 12% o i 16% 17 16% 16% 7 B 8K B 8% 126 76 76 5% 5% 1 124 1204 124 124 55% 107 108% b56% b4 54% 84% 84 841 84w oln ok I 102% 102% 102% 102% L Hrgmr i 34% 34 34 84 8% 784 784 ¥ 7 19315 193% 192 L 6% 67% 60% 60% AR 474 4T 4T 31 31 81 47 47 07% 107% 784 T84 19% 19% 98 124 92 6% 16% 69 73 65 8% 47 29% 16% Container A 1.20 Contatner B 60c. % 4% 4 108% 108% 104 9% 9% % T Th ™% 22% 22% 22% 14% 14 14% 60% 59% 59% 158 149 150 60 60 60 83 81% 81% 63k 614 61% 43 43 43 195 192 192% 240% 240% 240% . 58% 57% 57 1567% 167 157% 9% 9% 119% 119% 3l 3% Mid-Cont P(2).. Mtddle Sta! Mid States ctfs.. Midland pf(f12) Miller Rubber. .. Minn & St Louis Minn StP&SSM . MStP&SSM 1i(4) Mo Kan & Tex. . Mo K&Tex pf(7) Missouri Pacific. MoPacific pf(5). Mohwk Car 2% . Mont Power (5) . Mont Ward 2%.. Moon Motor.... Mother L (40c). Motion Pic Corp. Motor Meter A.. Motor Prod(2).. Motor Whi (2).. Mullhins Mfg.... Munsingwr(3).. Murray Corp.... Nash Motors(6). Nash & Chat(7) Nat Acme (1) Nat Bellas H Natl Biscuit(t7) Nat Cash Reg 14 Nat Dairy (33).. Nat Dept Stores. Nat Distillers. .. Nat Distlllers pf Nat Enamlg (1). Nat Lead(b).... Nat Lead pfA(7) Nat Ld pf B(6).. Nat Pow&Lt(1). Nat Radiator... Nat Radiator pf. Nat Supply (18). Nat Surety (5). Nat Tea(4)..... Nevada Cop (2). N O Tex&M (7). N Y Air 8r(3).. N Y Central(8).. N Y C&StL(6). N Y CStL pf(6). N Y Dock..oaoue NYNH&Hart(4) NY NH&H pf(7) N Y Ont&Westn N Y Railways pf N Y State Rys pf NY Stm 1st pf 7. Norfolk Sou 2%. Norf & Wn(f1v) NorAm b10%stk No Germn Lloyd North Pac(5). Electric Boat. ElecPow&Lt(1). Elec P&Lt pf(7) Elec Stor B (5) Emmerson B pf. nd-John(5). ... Endicott pf(7 Eng Pub S(m1). Eng Pub Ser rts. Eng Pu 8 pf(5). 33% 83% 38 Fairbanks(3)... 48 48 6% oW 4% 4% FairbankMpf(7) 107% 107% 1 117% 117% 112% 112% | Fed Lt&Tr(3%). 784 78 71% 7T1% 67% 68 |Fed Mot T(80c). 20% 111% 111% 111% 111% | Fidelity-Phoenx. 93 841 85% 831 833 | Fifth Ave(Sdc).. 124 110% 110% 110 110 |Filine's (6%)... 95% 53% bdk 63% 54| First NatS(1%). 674 21% 21% *213% 21% | Fisk Rubber.... 17% 214 214 2084 209 |Fisk R istpfev. 70 178% 178% 178% 173% | Flelschman t3% 174% 174% 173% 173% | Follansbee t23. 120 120 120 120 Fox Flim A(4).. uz 145 145 145 |FreeportT (4) 85% 87% 83% 83% 23 2% 23 234 | Garanek Motor.. 51% Bl 50% b50% [ Gen Am TC($4). 92% 12% 12% 12% 12%|Gen Asphalt.... 71 423 424 42% 42%%|Gen Asph pf(5); 110 39% 3% 3% 374 |Gen Bakg pf(8). 138 138 138 138 102 101 101 !GenCable...... 564 56% 53% 534 136% 131 131% | Gen<Cable A(4). 11134 112 107 107 86 65 55 |GenCablepf(7). 107% 112 107% 1074 55% B7% b4k 54| Gen Cigars(4).. 674 67% 67 67% 98% 98 97% 9T |GenClgarspf(7) 118 119 118 119 9 94 94 Gen Electric 16.. 2374 2374 228 228 16% 16% 15% 15% |GenElecsp(bve) 11% 11% 11% 11% 8% 8h 84 B |GenGAEIA(2) 8 86 85% 86 8 8 83 Gen Gas pt A(7) “113% 113% 111% 111% 32 31% 31% Gen G & EI A(8) 128% 128% 1281 128 99 99 99 |GenG&EIB(t2) 94 94 94 94 64% 64% 61 6l |GenGaspfB(7) 112% 113% 112 113 104 104 104 {Gen Mills (3)... 87% BT 86% 87 105 105 105 | Gen Milis pf 9% 9% 9Th 974 198 198 Gen Motors (3). Six sk % 70w n Mot pf(7).. 1254 126% 125% 125% 185 185 185 |GenOutdrAd(2). 33 33 33 33 8216 321 32% 324 |Gen Ry Sig(5).. 101% 101% 98% 98% 5T 57% 85% 55%|Gen Refrac(s).. 79% 79% 764 764 17 117 117 | Gillette S R(c5). 119% 119% 117% 1174 104 101% 101% | Glidden (11%).. 40 40 39 29 108 103 |Gimbel Bros.... 43% 43% 43% 43% 7% 7% |Glidden pr pf(7) 104% 104% 104} 104% 38 34 &?;H‘A‘:o(lph)s 5o 9% 67 58 ow) 721 72 69% 69 224 22% 22% 22% | Goodrich(4). 93 931 90% eo:: 38% 38% 3874 37%|Goodyear Tire.. 125% 125% 121% 1224 46 46 46 46 |Goodyr Istpf(7) 1034 1034 103 103 250 280 230 230 |GothamH (3%). 664 66% 6% 65% 124 124 120% 120% |GOthmnv(2%).. €% 65% 65% 65% 79 79 79 79 |Gothmpfexwar. 98 98 98 93 % T T T 46% 474 45w 4o% 46 45 45 45 93% 93% 89% 89% 82 821 82 82 98 12% 95% 47 29% 16% 884 89% 7 68% 68% 110 109% 109% 30% 1™% 136 56 011 Well Supply. 0il Well S pf. Omnibus. .. OppenhmCol (4). Otis Elev (6).... Otis Elev pf(6).. Otis Steel...... Otis St pr pf(7) Owens Bot (c4). Pacific Coast. .. Pac Coast 2d pf. Pacific Gas(2). . Graham-Paige. . o0 Pacific Gas(rts). 108% 108y | Grhm-Paige cfs. 23 23“ Granby (6)..... 31 31 |Grand F&W (1). 97 ¥ 97 97 rand Unon.... 26% 26% 26 26 41% 42 40% 40y | Grand Un pf(3). 650 50 49% 49% 20% 20% 20% 20% | Grant W T (1).. 184 134 132 182 884 88 88 8y |Grt North pf(5). 109% 110% 107 107 1% 11% 11% 11%|GtNoOrcfs2%. 35% 36% 344 84% 85% 85l 84% 84% |OTt WnSug2.80 37% 374 37% 874 928, 92% 88% 88% |Grt WaSupf(7) 116 116 116 116 1% 121% 121% | Greene Cana(6) 178% 1824 174% 174% 47 46% 46y |GuantanamoSu. 4% 83% 3% 83 83 |Gulf Mo&Nor.. b5l 8% 8% 7% 7% |HahnDeptStor.. 50% b0% 48% 48% 191 191% 188l 188% | Hahn DS pf 63%. 108% 109% 108 108 52% 53 50% 50% | HamiltonWpf(6) 100% 100% 100% 100% 5 5 5 5 |Hanna MA(7).. 96 96 6 96 63% 68% 62 62 |HartmanA(®).. 25% 25% 256% 26% T75% 78% 74% 75% |Hartmn B(1.20). 32 32% 32 32y 88% 88% 88% 88% |HavanaEIRy... 8 8 8 8 175 175 |HavEl Ry pfi6). 59% 59% 59 43% 43% 42% 42% | Hershey Corp... 65 66% 65 49 49 47% 47% | Hershey pf(4).. 81% 8lls 81 81 37% 37% 35w 35% Hershey pr pf(6) 105% 105% 105% 105% 39% 39% O84 384 | Holnd Fur(2%). 47% 48 46 46 47 47 464 46% | Householdi14).. T 2% 83% % 66 24 31 Pac Tel & Tel pf Packard (13%).. Pan-Am Petroim Pan-Amer Pet B. Panhandle. ..... Paramount-F-L Park & TIl(33) .. Park Utah(80c). Pathe EX... Pathe Ex(A).... Patino M(a3.89). Peerless Motor.. Penick & Ford Penn C&Coke.... Penn Dixie Cmt. Penn RR(3%).. People’s Gas(8). Pere Marq (18).. Pere M priort5). Pet Milk (1%) &RC& Co pt(3) Phil Morris(1) Phillips P (13%) Pierce-Arrow. . . 113 113 113 113 | Howe Sound(4 Hud Man(2%).. 79% 73% 73% | Hud Man pf(5).. 109 107 107 | Hudson Mot(5). 8% 8% 8% | Hupp Mot(f2).. 9% % % 2 2 |ulinots cencn).. 143 9% 3¢ 34 . | Ind O & Gas (2). 149% 149% 138% 138% Indian Mot (1).. 124 124 10% 10% d12 132 a1awh (SOMEEMRE. U2 U2 | ypiang St1(3%). 1T% 7% 75% 74% | Inspiration (3).. 3% 3% 3k 34| InterboroRapTr. 135 135% 128% 129% | InterconRubbes 57% 57% 55% 55 | Internat Agr. Y 154 80% 81 79 79 |Intl BusMa (6). 160% 160% 158% 158% 248% 249% 243 244 |IntCement(4).. 93 934 91 91 45 456 441 44%|Int Com Eng(2). 102% 103% 96% 98 100% 100% 100% 100k | Int Harv (3%).. 104% 105% 101% 101 128% 123% 128% 1284 | lnt Mtch pf 3.20. 91% -91% B89% 90 36 36% 36 36% | Int Mer harine.. 73% 737 71 Tl |Int Mer Mar pf.. 41% 42% 41% 42% | Int Nickl of Can, 4Th 47% 454 45% | Int Paper pf(6). 112% 112% 112V 1124 | Int Pa&PoA2.40. 17% 17% 17% 17% | Int Papr & Po B. 107 1074 | Int Papr & Po C. 23% 23% 23 23 |IntPa&Popf(1) 217 215 215% | Int Prig Ink 2%. 84 82 82%(int Ry CApf(5). 16 15% | int] Salt(6)..... 88 88 88 20% 19% | Int Tel & Tel(6). 210% 213 208% 21% 19% | Interstate DS.. 80 80 80 59% 58 |intertype(t1%). 30% 30% 30% 379 36% | Island Creek(4). 59% 60% 59 57% 58% 151 574 i Jewel Tea (15).. 1644 155 199 139 150™ 157% | Johns-Manv(3).. 215 216 201 32 32 33 | 2 & Lau(7). 121% 121% 120% B4% b54% 63 53 |Jordan Motor... 12% 12% 12% 132% 133% 130% 130% | Kan City South.. 88l 88% 884 101% 101% 101} 101% | Kaufmn DS 1%. 33 334 31k 45% 45% 456% 45% | Kayser J(5).... 8I% B8i% 80% 534 b53% b53% 53% | Keith-Al pf(7).. 113% 113% 112 97 99% 95% 96 y-Spring.... 19% 19% 19% 103% 103% 99% 100 |Kels Hayes(2).. 58 58 56% 60 60_ -99% 591 |Kelvinator Corp. 16% 16% 16 21 26% 234 24 dall pf (6).. 94 96 4 4 4 4 70 132 | Kinney pf(8). 9 162 162% 155% 48% 48% 48% 48% | Kolster Radio, 54 |Kraft-Pho(1%). 67 67 | Kresge (1.60)... 150% 147% 147% | Kresge SS pf(8). 112 112 112 19 19 19 106 108'% 108'% 108% 78% T4 68% 69% | Kreuger & Toll.. 39% 39% 88% 142 ng 129’/& 129% Kroger Gro(cl). 108% 109% 105% 51% 52% 50'a 50% LagoOfl......oo 27% 27% 27 100% 1003 100 100 | AT ore'(FTy.. . 1824 183% 129% - Les Tire & Rub. 20% 20% 20 ] Loh PorCmt 3% 62% 62% 62 62 Lehigh PC pf(7) 109% 109% 109% 109% Lehigh Val Coal. % 24% 23% 23% LehighVal(3%). 94 92% 924 Lehn & Fink(3). 62% 60% 60% 90% 90% 92% 9 Tén 1% 143 143 31% 31% 3L 26% 26% 25% B34% 4% 32% 82! 82% 32% 88 ba% 47 1 Pirelll of Italy.. Coal...... Pitts Term Coal. Por RicoToA (7). PortoRIcoTobB. Postumi3)... Prairie Oll&Gas. Prairie Pips Pressed Stl Car. Pr Stl Car pf(7) Produ & Refinrs. Producers&R pf. Public Serv 2.60. Pub Serv NJ rts. Pub Serv pf(8).. Pub SE&G pf(6) Pullman Co(4).. Punta Aleg Sug. Pure O] (1).... Purity Bak(3).. Radio Corp..... Radio (new).... RadioCo pf(3%) Radio-Keith(A). Keith-Albee rts. RSCefs(4).... ReadingRy(4).. Reading 1st(2).. Reading 2d(2) Real Silk Hos. Reis(R)& Co. Rels 1st pf(7)... Remingtn-Rand. Reo Mot (t1).... Rep 1 & S(4). Reynolds Spngs Reynolds new. .. Reynolds B new. RhineWE(1.92). Richtleld O11(2). Rio Grande Oil. . Rossia Ins 16% . Royal Bak P(1). Royal D(a3.222). Safeway (3).... St.Jos Leaai13). StL & San Fr(8) StL&SanF pf(8) StL&South . ,| Savage Arms(3) Schulte (33%).. Seab Alr Line. .. Seab Air L pf... Seagrave(e].20). Sears-Roe(32%) Seneca Copper. . Shattuck FG(2). Shell Un(1.40). Shubert The(5). Simmons Co(3). SimmsPet(1.60) Sinclatr Oil. . Sinclair pf(8).. Skelly O11(2)... 143 31% 26% B82% 324 865 b2 50% 1% 15% 84 15! 35% 35% 34% 83% 83% 82 ge Dept 8.. 106 25 27 179% 56 283% 235 230 230 20 120 115 115 : Lig Myers(15).. 91% e 90U 904 ki Lima Locomtve. . 45% 4% 45% 87 87% B4% 84%|LinkBeltCo.... b9 59 594 | Siosa-Shef(6). .. 11 1 1 |LiqudCarti%. 844 83 84% | Sloss-She pf(7). 93% 93% 904 90%)|Loew's (13)..... 7T 78 74 744 |Snider Packg Co 27 21 264 21 |Loew'spr(63).. 108% 103% 108 108 ' So Por Rico(2).. 110% 111% 106% 106%| Loft............ 8% 8% 7% 7% South Calif Ed.. 99% 99% 994 994! Loose-W(1.60).. 66% 67% 65% 66% South DairiesB. 7% 66% 66% Lorillard Co..... 26% 25% 25 25 South Pao(8) 414 Louisiana Ofl... 14 4% 1}1: 14 South Ry(8). Open. High. 43 i 7 3% 107% 1 Nor Pac cfs(6).. 1 2% 100 42 94% 20 26 128 130 HANGE Received by Private Wire Direct to The Star Office Close. . High, Low. ) Open. it South Ry pf(5). 95% 98% 98% SouRyM&O cfs 4 Spang Chalfat. . Spear & Co..... Spen Kellog 1.60. Spicer Mfg..... Spiegel Co (3).. Stand Com T(1). SG&E (3%). Std G & E pf(4). Std Milling (6). Std Millg p(6). Std O of Cal(13) StdOIINJ (11%). StdOfINY(1.60) . Std Plate Glas: Std P Glass pf. . Std San M(1.68) Staniey Co Stewart- W ) Stromberg (3).. Studebaker (3 Studebak pf(7 Submarine Boat Sun 01l (g1) Sweet of Am(1). Symington Cl A. Telautogrph(1). Tenn Copper(1). Tenn Cop (rts)... Texas Corpnt3). Tex Corp full pd TexasGulfSul(4) Texas & Pac(5) . T&P C&O(b2%) Tex LA Tr(new) % | Thatcher M. .. 101 9% 20 25 128% 180% 41 41% 8! 8% 774 264% 256% 263 255'% 165 29 160 248% 33 50% 166% 18% 130% 150% 147h 160 9 41% 3l 53% 16% 3% 32 80% 2% 147% Thatchr pf 3.60. The Fair(2.40). Third Avenue Thomp J R(3.60) Tidewater AsOil T1dWASOIIpf (8} TidewatrO(80e) Timken Roll B.. Tobac Prod (8 Transcont Oil Trico Prod (2 TruaxTraer C. .. Twin City RapT Undwd-El F (4) Un Bag & Paper. Union Carb(6). . Un Ol Cal(2)... Unton Pac(10).. Un Pacific pf(4) Union Tank(5). . Utd Biscuit 1.60. Utd Cigar St(1). Utd Cgr St pf(6) Utd Elec Coal... Utd Fruit(t5%). US Cast Ir P(2). US CIP 1st 1.20. US CIP 2d 1.20.. U 8 Distributing U S Distrib pf(7) U S Express. ... U S Hoffman (4). U S Alcohol (6). USIndAicopf(7) US Leather.... 109% 35 217 48% 223 83% 137 50% 23 103 656% 147% Smpf(3%) U S'Steel(7). U S Steel pt(7).. Uni Leaf Tob(3) Univ Pipe & Rad Utll PEL Ace2). Vadasco Sal Vadasco pf. Vanadium (14). Van Raalte pt Vick Chem (4) Victor Talkg(4). Victor pr pf(7) Va-Caro Chem Va-CarCh 6% p: Vulean Detin Vule Det pf(7). Vuican Detin(A Wabash........ Waldorf(1%)... Walworth(1.20). Ward Baking B.. Ward Bak pf(7). Warner Bros Pic Warner pf(2.20) Warner-Qut2).. Warrn Bros (5) Warren 1st pf(3) Warren F&Pipe. Web& Hell..... Web&Hell pf(7) Webstr-Eislohr. Webster-Eis rts. Wesson O1l (4) .. W Penn El pf(8) W Penn El pf(7) West Dairy B... West Maryland. West Pacific. ... West Pacific pt. W U Teleg (8). Westhse A B(2) Westinghse(4)., . Weston Electric. White Eagle(2) White Mot(1) White Rock ( White Sew Mach Wilcox Oil & G.. Wilcox (A) 2. . Wilcox Rich B., Willys Ov c1.20. Wilson & Co.... Wilson Copf A. Wilson & Co pf. Woolworth (6).. Worthn Pump. . Worth Pump(B) Wright Aero(2). Wrigey ((13%). Yale&Towne(4). Yellow Truck Young Spring Youngstn Sh( 8 80% 265% 2656% 5 % 1% % 38% 59% 58 . 109 109 109 Hourly Sales on N. Y. Market. 10:30 a.m.. 584900 1Zm... 1.593.400 1:30 p.m. 2,652,700 2:15 p.m 3,026,400)1 Diyidend rates as given in the above tanie are the annuai cash payments based on the latest quarterly or half-yearly declarations. * Partly exira. 3 Plus 4% in stock. § Plus * Unit of trading legs than 100 shares. 33 in preferred stock. 9 Plus 1/35 in stock. & Pald his year—no regular rate. ble in stock. % in stock d Pay- o Pasable in cash or in stock. & Plus 6o jy stock. 1 Plus 207 in 120_share auarterly in m Payable 1/10 share flu."t;l I‘ul: stock. United Cigar Stores common stock. T%% in stock. Commodity Notes STEEL. CHICAGO, February 15.—Steel ingot production in the Chicago district is now at 87 per cent of capacity against 85 per cent two weeks ago. The Penn- sylvania and New York Central roads are expected to be in the market for equipment soon. FORAGE. FORT WORTH.—The worst blizzard in Texas in 10 years, continuing five days, was a boon to the hay market. For the first time this Winter, buying | & was heavy on the Fort Worth market. The offerings were absorbed by team- | Home sters, working on the county highways %lndtun public works all over the South- rest. LUMBER. POR' ), Oreg.—Orders exceeded STOCKS IRREGULAR AFTER EARLY GAIN Trading Assumes Cautious Trend—Heavy Selling Re- sults in Reaction. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 15.—A higher rate for call money and renewed ner- vousness over the credit situation brought about reaction in today’s stock market. The opening had been mod- erately higher and for a time the mar- ket seemed to be forging ahead, but by midday the trend had been reversed, and in the afternoon prices were lower all around, even the copper stocks, | which had been early favorites, coming | down with the rest. Of the standard stocks, U. S. Steel and General Electric were under con- sistent pressure. General Motors, al- though lower, made a better resistance. The rails sold off easily, and so did most of the industrial specialties. Money renewed at 6% per cent. The banks called $60,000,000 in loans and the rate was advanced to 7 per cent shortly after 1 o'clock and to 8 per cent a half hour later. ‘The first reaction of the street to the | fact that the directors of the Federal Reserve Bank of New York took no ac- | tion on the rediscount rate was of re- lief. Together with the reduction in' brokers’ loans and the good showing of the reserve ratio in the reserve system as a whole, the overnight developments were held to be favorable. Then there was an advance in bankers’ acceptances, ! realization of the possibility if not prob- ability that raising of the rate had been only postponed and the belief that brokers’ loans would turn upward again next week, and the optimism was dis- ' sipated. ! Coppers Show Strength. i ‘The early strength showed itself | chiefly in the copper stocks. Andes was the favorite, with Anaconda not far be- hind. The talk was of an offer by the latter for the minority stock of the for- mer. Predictions of further increases in the price of the metal were renewed. Aggressive operations for the rise went on in the public utilities. American and Foreign Power, which has been such a spectacular performer in recent sessions, Jjumped 5 points more to another record high. North American was in urgent demand, also at the best for the pres- ent stock. Utilities Power and Light and American Power and Light were strong. United States Steel continued heavy. ‘The action of steel is one of the mys- teries of the market. It was down to- day some 20 points from the top made earlier in the year, There has been no change except for the better in the out- look for the steel industry and the time is approaching when the annual offer of stock will be made to employes. Moreover, the report is heard in quar- ters usually well informed that there is w be a split-up. [The stock, however, ! {;erlorms very disappointingly on the ; pe. e Rail Shares Drag. More attention was paid to the oils, clated was up a point on the highly fa- with varied results. Tidewater Asso-| FINANCIAL. Firm Reports Earnings. NEW YORK, February 15 (#).—Net earnings of George A. Hormel & Co., Austin, Minn.,, meat packer, for the first quarter of its current fiscal year ended January 26 totaled $793,757, equivalent to $1.82 a common share. The company is planning to increase its production facilities, NEW YORK BANK CLEARINGS. NEW YORK, February 15 (Special). — New York bank clearings, $1,780,000,000; New York bank balances, $165,000,000; New York Federal Reserve credit bal- ances, $151,000,000. TR IS S T2y Buck & Company Eetaained 1916 Stocks Bonds Grain Cotton Write or call for weekly market letter No obligations BUCK AND COMPANY Evans Bldg. 1420 New York Ave. Franklin 7300 IS, FIRST TRUST NOTES to yield 6%% In Amounts From $100 Up WARDMAN 1437 K Street N.W. Main 3830 Y A COMPETENT COUNSEL IN MOR!%EGB Mi‘l‘TERS‘ Ample Funds! 'O MATTER how large your requirement, you will always find available here the funds to cover your First Mortgage needs on Improved Real Estate. Our service is prompt, conscientious, and thorough. ‘The interest rate is 52 %. In the case of mortgages of less than $50,000 you retain the privilege of paying off the loan in whole or part on any interest date. First Mortgage Loans on Homes, Apartments and Busimess , Buildings, in D. C. and nearhy wuburbr in Marvland HLRust (ompany vorable report. There was a large turn- dividend announcement. The stock was down, but not importantly, showing that the news had been well discounted. Railroad shares . Here, too. there was nothing unfavorable in the situation, but the rails have no short interest on which to fall back, and when the general market runs downward u'nley are allowed to take care of them- sel ves. Call money renewed at 612 per cent the rate that prevailed yesterday. Markets at a Glance NEW YORK, February 15 (#).— Stocks weak; leaders decline as call money touches 10 per cent. Bonds ir- regular; Anaconda Copper 7s yield to profit-taking. Curb heavy; Phelps Dodge declines 13 points. Foreign ex- changes firm; Canadian dollar slumps to new 1929 low. Cotton steady; bullish week-end statistics. Sugar steady; bet- ter spot demand. Coffee lower; disap- pointing Rio cables. CHICAGO, February 15 (#).—Wheat easy; improved weather abroad. Corn steady; small Argentine shipments. Fltue strong to higher. Hogs steady to lower. POTATO MARKET DULL. CHICAGO, February 15 (United States Department of Agriculture).— Potatoes: Receipts, 72 cars; on track, 225; total U. S. shipments, 824 cars; trading slow;: market dull; Wisconsin sacked round whites, 75a90; Minnesota and North Dakota sacked Red River Ohios, 1.00a1.15. INVESTMENT TRUSTS Special Dispatch to The Star. NEW YORK, February 15, Amer & Gen Secs units. Atlantic Fac com ww Adantic Pac piu 'TLAND, production by 10.5 per cent and ship- ments were 6.4 per cent less than cut- ting during January, according to re- ports from West Coast Lumbermen’s Association mills. Mill stocks were 2.5 per celm. over those reported on Jan- AUTOMOBILES. CLEVELAND.—Production of new Hupp cars at the rate of 350 to 400 a day is contemplated for the Cleveland plants, according to H. N. Nickerson, works manager. Hupp expects to install $2,000,000 of new machinery here and will employ about 3,500 men when pro- duction is at high s Both the Chandler and Cleveland models are to be discontinued, Hupp officials state. TEXTILES. ATLANTA.—The largest single cot- ton mill development in the South since the Clvil War will be the addition to Goodrich Rubber Co.’s fabric plants at Thomaston, Ga., of 80,000 spindles. The mills will have capacity of 15,000,000 pounds of fabric annually. The Good- year Co. announces addition of 20,000 spindles to its 30,000, spindle fabric mill * at Cedartown, Ga, * Basic industry Share inter Germanic Trust. Intl Secs Corp Allot ct 0t Sees Coip Class B. nt Secs Corp 6%a% pid 1nt Secs Corp 6% pid. Kent Secs Lorp . N American Util N American uul Sec pid. Sec Trust Amer Founders Corp. Amer Founders Corp 6% pid.. INSURANCE COMPANIES. Aetna Life 1220 Agricultur: 190 ‘Am Alliance Am M O Cas. Am Phenix Am Reserve Am Reinsur 1240 200 Sylvania Travelers . GERMAN BONDS AND STOCKS. Special Dispatch to The Star. NEW YORK, February 15.— Bid. Asked. 55.00 60.00 Govt Red Ger Loan with draw ctfs att per 100 R M.. Ger _Govt Re 1001-15% Street. N.W. 5 ondent for The Prudential over in Sinclair in connection with the | Loan Corres MORTGAGES S ATE FIR'ST APPROVED FOR TRUST FUNDS If you are responsible for trust funds, you want to place them where they will be safe, and at the same time earning all possible consistent with se- curity. Our 60, FIRST MORTGAGES are approved by the courts and recognized by impartial judgment. May be had from $250 up. B. F. SAUL CO. Main 2100 925 15th St. N.W. ver a Third of a Century Without a Loss in amounts THERE 1S NO SUBSTITUTE FOR SAFETY A SPECIMEN COPY Of Our Preferred Whole Life Policy Will Be Sent to Anyone Requesting It This policy which has met with such instant success since its introduction on November 1, 1927, and is issued in amounts of not less than $5,000 to risks distinctly above the average of those entitled to standard insurance. This super-standard or preferred group is given through a reduced cost for their insurance the benefit of the fact that they are better risks than the average. Premium Rates for $10,000 Age 25—8175.90; age 35—$229; age 45—8§323.90 Subject o reduction by dividends. HOME LIFE INSURANCE COMPANY H. R. BRYARLY & BRO., Mgrs. 1001 Fifteenth St. N.W. (Rust Bldg.), Washington, D. C. 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