Evening Star Newspaper, February 18, 1929, Page 13

FINANCIAL,® SPECULATIVE CURB ISSUES FLUGTUATE = Utilities. Show ‘Best Rallying Power—Market Trend Is Uncertain. BY WILLIAM F. HEFFERNAN, Epecial Dispateh to The Star, NEW- YORK, February 18—In a highly confused market on the Curb Exchange, Goldman-Sachs trading held the center of speculative interest today. ‘The stock left off last week at 220V, after having reached its peak of Hn It opened today at 216 and was preseed for sale until the prlcc receded on a heavy turnover to 191. | At the same time heavy offerings of Financial & Industrial Securities were | coming upon the Produce Exchange securities market. The action of both stocks was an expression of nervous- ness over prospective developments when the dissenting stockholders of Financial & Industrial Securities meet after the close of business today. Public request was made for all stockholders to be present at this meeting, which has been called by interests opposed. to the merger terms whereby both companies are to be united. As a group the public utilities dis- played the best rallying ability. Electric Bond and Share Securities was bid up almost 5 points, but the higher level attracted profit taking. American Gas & Electric, American & Foreign Power and American Light & Traction felt the effect of short covering, but it was 2 question whether these stocks were attracting real buying at the current price levels. Auburn Auto, followi: favorable operations reports, was camied forward 5 points to 159. Renewed interest was noted in the aircraft issues and the mining stocks were inclined toward higher levels. ‘The oils were again led by Missouri- Kansas Pipe Line, which went to a new high above 30 for a gain of almost 2 fmlnu Others of the group fluctuated rregularly, with gains and losses about evenly divided. Speculative opinion appeared to be agreed that last week’s shake-out had gone a long way toward correcting an unhealthy technical position in the market as a whole. Short covering played a prominent part in the day's operations. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., February 18— Potatoes, white, 100 pounds, 1.00a1.35; new potatoes, bushel, 2.00a3.00; sweet mnm barrel, 1.50a3.50; bushel, 75a 1.65; barrel, 1731000 beans, bushel 250!500 clbbfl[t. hlmper 1.00 a1.25; carrots, bushel, 1.50a1.75; celery, mu ZODIJW caulifiower, crate, 1.50 eggplants, crate, 4.00a6.00; kale, :nel 1.7582.00; lettuce, hxmper 1.25 100 pounds, 3.50a5.50; oyxterpla.nu. 100, 6.00a10.00; parsnips, basket, 75a1.00; peas, bushel, 2.50a3.00; peppers, crate, 2.00a4.00; spinach, bushel, 1.10a1.25; tomatoes, crate, 1.00a oranges, box, strawberries, quart, 35a45, Dairy Market. Poultry, alive—Young turkeys, ‘pound, 35a43; old, 25a35; young chickens, 34a 42; small and poor, 20; old hens, 20a32; Leghorns, 20830; capons, 33a42; old roosters, 17a20; ducks, 20a32; guinea fowl, each, 40a85; plzeons pair, 30a35. Dressed—" , young, pound, 3! 45; old, ,cmnns young, 32a3 old and 28a32; capons, 34ad4; oid roosters, 20; ducks, 25a30. , 602 cases; native and ; current receipts, 34a38. to fancy, creamery, pound. 47a52; prints, 52a54; blocks, 51a 34a38; store packed, 25; mllA 25:23 dairy prints, 25a28; process but: ter, 41a42, Live Stock Market. Cattle receipts, 400 head; fair sup- ply market steady. Steers, choice, 12.25 to 12.75; good, 1100 Lo 11.75; medium, 10.00 to 10.75; n, 8.00 to 9.00. Heifers, choice, 1000 lA'l 1050; good, 9.25 to 9.75; me- dium, 8.50 to 9.00; common, 725 to 8.25. Bulls, choice, stable, 9.30 to 10.00; fair to good, 8.50 to 9.25; common to ‘medium, 7.00 to 8.00. Cows, good to choice, 8.50 to 9.00; fair to 6.75 to 8.00; common to medium, 4.00 to 6.00. 2.25a3.75; THE EVENING STAR, WASHINGTON, D. C, MONDAY, FEBRUARY 18, 1929. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds traded in on the New York Curb Market " Ei‘.n u- Noon. S i g i :;; H 3% T st i 3t . 1|’: o 3 INETESEE &5 Aososnan & Am Somw 5 ot 3 Am Cranamid B 7 Amer Dept T ot e ey EREE I AT P et &°Cp 2Am States Set 3] Amer Gupers A 2 Amer Sup Su Bt l,m o woos S22VIVES B 28 Ty &% % & A0 Sae atel n-n ris s TAtl Fruit & Sug 13, 8 Auburn’ Auto Co 1Auto Reg Mach 8 Aug R Ma evt pr part zs'a 18 Aviation Co of Am. .. 3 Avintion Great Anis: 3% 1Bellanca Airc vic...! SRR L CL 2 Carnation Milk 1 Celan Cor ] GoR Al Bua Bei vie! 10 Cent Pub S A. 3Cent States El war.. 36 Gent 8t El conv pld 2 u Check Csb Ml . tSP &L 8% pid. 3 EltyMach & Tool 2Gity Stores Stock 2 Colg Palmol P...... 11, Commonwealth Ed. . 18 Cons Auto Mer vte 5 Cons Auto Mer pfd nt e 4 !jEl. %lgné:'sh Sec czui are n S El Bond Share n (3 37 50% e B 321 3¢ oo & ¥ 32 Mead Johnson . 4 Merritt Chap & F o5 1 More Bk 'of Colombia 3 Municipal Serv 26 19 Nat Aviation :§§.‘.=u23:3.238 222 3 s Amhony “Goid: 1 Teck 10 Tonopeh “Eat 15 Uni Verde Ex 1 Walker Mines 5 Wendon ~ Cop. Sales INDEPENDENT OIL STOCKS. In hundreds. Houston Guif 3 Intercont Pet Prod 19% 2 New Mex Ariz Land.. 5 Pac Western OIl..... 1 11 Pandem Ol .. 11 Texnn ofl k L o | Sales in STANDARD o1, 1SSUES AND {units. " PORMER SUBSIDIARIES--STOCKS. P 100 uYPennPLn 20008 O 80 Kvn 3008 O Ohio 20 S O Ohlo pid. 400 Vacuum Ol... Sales in thousands. '53 87 4 Abitibl P&F, 58 A s, 65 20; m Selun; 6 '3 97 9. .. ;;>> CEL Fow o & L s 11 =~. 2w e S 3-22 222202 Brsnirs BB monn D e s woeom. Bl “8ias 43, 9413 Bates Val nn e- 242 108 Beacon Ol 6., 112% i) -—_uu."}gu.-gu— Nm\ Strauss 6s 1 at P& L 65 A mmmsv. t Pub Serv 5s b M 8s 28298 i Se32gestte. SIEEEEE o u Cal Ed 5s 'S Dairies 8 l Mig 65 4 & Co 58 '3 ll P & L 55 '56 “rmoid_Co i SRR F CEE BT L T CURB ON HIGHWAY SIGNS PROVIDED IN 41 STATES Special Dispatch to The Star. NEW YORK, February 18.—With millions of people using the highways today, the matter of how to protect the public against unsightly advertising signs along the public roads has been made the subject of special rules and regulations in most States. Only seven States are without regulations in regard to highway signs. These are South Carolina, Arkansas, Texas, New Mexico, Oklahoma, Kansas and Wyoming. According to the United States De- partment of Agriculture, the three States which have the most definite and most rigid laws are Connecticut, Massachu- setts and Vermont. Before any agency can erect commercial signs in these States it must be licensed by State au- thorities at a certain annual fee, and if it does not have its headquarters in the State a bond must be furnished. The laws of 16 States prohibit advertising signs on private property without con- sent of the qwners and on rights of way and highways without consent of State, city or county authorities, A trip through the different States will quickly demonstrate the need for a more unified plan of handling this problem. (Copyright, 1929, by North American News- paper Alllance.) Public Utilities Special Dipatch to The Star. NEW YORK, February 18.—The re- port of Detroit Edison Co. shows oper- ating revenues of $52,900,226 for the 12 months ended January 31, 1929, com- pared with $47,584,360 in the corre- sponding period of the year before, and total revenues of $52,978,803, compared with $47,658,276. Gross income, after all expenses and taxes, totaled $18,494,- 856, contrasted with $15437,908, and net income, after charges, was $12,867,- 958, against $10,311,347. Commonwealth Power Corporation system reports new high monthly sales records in January in both the electric and gas departments. Electric sales amounted to 165,975,513 kilowatt hours and gas sales 718,036,300 cubic feet, compared with the previous high rec- ords in November, 1928, of 158,778,336 owatts and 677,541,400 cubic fee BY KENNETH S. VAN STRUM. NEW YORK, February 18 .—It is not often that we experience such a widely fluctuating stock market as last week. There was, of course, great nervousness over the credit situation, but technical conditions were largely responsible for fluctuations in the entire body of stocks. ‘When, in the previous week, the Re- serve Board sounded its warning, the market broke badly. It was all too obvious that, the proper course for the market to take was downward. As 1s often the case under such circumstances there is much hasty short selling and the market promptly becomes oversold. The sharp rally that occurred on Mon- day, in which practically every active stock on the list advanced sharply, indi- cated that this is just what had hap- pened, and that many shorts did not care to continue their positions over the holiday. Technical Position Weakened. For the first two hours on Wednesday the advance held fairly well, but the volume of trading was very heavy and stocks began to weaken again, running off sharply and touching the old low levels of the previous week. Then an- other rally sets in. This was short- lived, however, and prices eased oil again on Friday, touching the resistance points which the market has tried to break three times on the current re- action and twice in January: On Sat- urday the market broke through this old resistance level. Such fluctuations as were experienced last week are typical of a market whose future course seems all too obvious. Small traders rush in to trade on what they believe to be & sure thing and the professional element proceeds to prove to them that speculation, especially on the short side, isn't such a simple game as it seems. As a result of last week’s fluctvations many have been frightened away from short selling, while at the same time the sharp rallies have led many small buyers to purchase stocks. All of which tends to weaken the market’s technical position. Banking Situation. Last week’s banking figures contained much of interest to the stock market. | They have revealed that out of the 101 million dollar reduction of brokers" loans the heaviest reductions were made by the out-of-town banks. But in spite of the liquidation banks had to fall back on Reserve facilities for credit. ‘The reason was that the Reserve banks had been taking credit facilities away from the banks by selling Government securities and bills. This, together with the higher rate for bank acceptances, gave visible proof that the Reserve banks were taking steps to enforce their threats. It scems as though the prolonged meetings of the Federal Reserve Board, the Federal Reserve Bank of New York and now the Federal Reserve Advisory Council's warning backing up the Re- serve Board would be enough to prove that all is not well in the brokers’ loan situation. Unfortunately many figures showing actual conditions are not made public, but we may be certain that the Reserve banks haven't thrust them- selves into a situation where they are not needed. On the contrary, the mar- ket has been trying its hardest to pull the Reserve banks with their credit facilities into the picture. The Reserve authorities have finally let forth a very decisive “no.” The banking events of the week left no doubt as to who was master of the situation and if the rediscount rate were raised liquidation of brokers loans would come quickly enough. This is the next logical step, but it is reported that because of a difference of opinion among Reserve officials that weapon is not to be used yet. It will probably now be used only as a last resort. Entire Market Moves. Most stocks are showing a greater tendency to move with the general m: FIN-ANCFAE, - ket, although a few groups did stand out some because of their strength or weakness. The electric manufacturing stocks, the oils, rails and motors were inclined to greater than average weak- ness, while the amusements, steels, and particularly the coppers and utilities, were more inclined to strength. But as a rule the price changes for the week were of little significance. The position NEW YORK CURB DETROIT' PITTSBURGH Promomone Joxe CLEVELAND M PHILADELPHIA hmorro/*> ™o BALTIMORE o BOSTON AN ST, LOUIS Wfp\w CHICAGO haporcmoree CINCINNATI Msm FRANCISCO FEB JAN |of the entire market was more at | stake than the trends of particular | groups or issues. One of the most notable developments of the past few days is that the good stocks are now moving with the bad. On a rally they all rise abruptly and on a reaction they all slide off quickly. There are many signs of general liquida. tion and in the event of a sharp de- cline we may expect that few stocks will be spared. The redeeming feature is that the stocks with real merit, rather than merely future promises, will be the quickest to recover. (Copyright, 1929.) SILVER QUOTATIONS. NEW YORK, February 18 (#)—Bar silver, 55%. Mexican dollars, 4: COTTON PRICES FIRM IN EARLY TRADING Southern Selling and Realizing Cause Slight Price Recessions. By the Associated Press. NEW YORK, February 18.—Cotton opened steady today at an advance of 2 to 6 points. Active months soon showed net gains of 4 to 9 points on covering, which was believed to be com- bined with a little trade buying and some rebuying by recent sellers. May sold up to 20.13 and the new October contract to 19.57. Demand was promoted by relatively steady cables and | reports that sales of. cotton goods in | some houses last week had exceeded production. The advance met a little Southern selling and realizing. however, and prices were a point of two off from the best at the end of the first half hour. Trad- ing was quiet at the start, but became moderately active after the call Liverpool cables reported trade call- ing supplied by liquidation in a quiet market and said that business in cottan cloths and yarns was limited, with spinners and manufacturers losing ground. POTATO MARKET STEADY. CHICAGO, February 18 (U. S. De- partment of Agriculture).—Potatoes— Receipts, 141 cars: on track, 226 cars; total U. S. shipments Saturday, 10.44 cars; Sunday, 24 cars; trading rather slow account of weather; market about steady; Wisconsin, sacked round whites, 75a90; Minnesota and North Dakota, sacked round whites, 75a80; sacked Red River Ohios, 1.00a1.15; Idaho, sacked russets, sound stock, 1.55a1.80. Baltimore Grain Exports. BALTIMORE, February 18 (Special). —The Martime Exchange reports grain exports for the week were 1,075,800 bushels, besides 1,051 barrels of flour. The grain represented 584,400 bushels of wheat, 154,285 of corn, 19,932 of oats 317,273 of barley. SUN LIFE ASSURANCE COMPANY OF CANADA A TOWER OF STRENGTH Assurances in force, 1928 net) $1 - An Increase of $408,925,000 New Assurances Paid for An Increase of $112,836,000 Total Income An Increase of $41,972, 000 Surplus earned durmg the Year Payments to Policyholders and Beneficiaries Surplus and Contmgency Reserve - An Increase of $9,157, 000 Total Liabilities - (Including paid up Capxtal) Assets, at December 3 1st, 1928 An Increase of $87,652, 000 ,896,915,000 441,244,000 144,747,000 40,264,000 49,920,000 66,938,000 422,020,000 488,958,000 UNITED STATES BRANCHES All policies payable in United States funds at the following centres: Alton, ITL @tlanh, Ga. Baltimore, Md. Birmingham, Ala. Boston, Mass. Chicago, Il Cincinnati, Ohio. Cleveland, Ohio. Columbus, Ohio. Denver, Colo. Des Moines, Iowa. Detroit, Mich. Evansville, Ind. Grand Rapids, Mich. Greensboro, N.C. Honolulu, T.H. Indianapolis, Ind. Jacksonville, Fla. Jersey City, N.J. Los Angeles, Cal. Louisville, Ky. Marquette, Mich. Minneapolis, Minn. Newark, N.J. New Haven, Conn. Philadelphia, Pa. Portland, Me. Portland, Ore. Pittsburgh, Pa. Richmond, Va. Saginaw, Mich. San Francisco, Cal. Scranton, Pa. Seattle, Wash. Spokane, Wash. St. Louis, Mo. ‘Toledo, Ohio. Washington, D.C. ‘Wheeling, W.Va. Wilmington, Del. Yakima, Wash. Rate of Interest earned on mean invested assets (net) w Sheep and lamb receipts, 900 head; light supply; market steady. Sheep, 300 to 8.00; lambs, 900 to for e e Oliity Be 3 North Eastern Pow The Company.maintains on deposit with United States Trustees approved securities in excess Se 6.58% og receipts, 3,700 head; fair sup- ply mnrket steady. hl.l 109!. helvies, 10.50 to 11.10; light pigs, 9.50; Wes| hop, m to 20 higher than quota- C vn-lepu 350 head; light sup- Ply; market steady; calves, 5.00 to 16.00; no extras. Hay and Grain Prices.” ‘Wheat—No. 2 red Winter, garlicky, spot, February delivery, 1.40. Corn—No. 2 export, February delivery, locx.‘ No. 2 yellow, domestic, spot, 1.12; cob corn, 5.25a5.50. Oats—No. 2 white, domestic, spot, 61 862; No. 3 White, domestic,”spot, 59| Rye—Nearby, 1.10a1.20. Hay—Receipts, 13 tons, While hay is arriving<here in limited quantities only, it is more than ample for the demand, which is being supplied mostly by truck from nearby points, a few carloads being received. There is not enough buslness passing to establish prices on the vari- ous kinds on merit at a range of 17.00a 19.00 per ton of timothy or clover hay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. COMPANY PAYS BENEFITS. NEW_YORK, February 18 (Special). —Benefits totalling $919.488.05 were | paid last year to sick and disabled em- ployes and dependents of deceased em- ployes of Bethlehem Steel Corporation and its subsidiaries, according to the | third annual report of the company’s | relief plan, which will be published to- morrow, Since its inauguration on June 1, 1926, $2.206,603.56 has been paid out under the relief plan, which was adopt- ed by Bethlehem in order to provide a uniform scale’ of benefits for all of its employes and their dependean CALUMET & HECLA REPORT. NEW YORE, February 18 (Special). ~—Calumet & Hecla Consolidated Copper Co. reports for quarter ended December 31, 1928, net profit of $1.206213 after taxes, ~depreciation, depletion, etc., equivalent to 60 cents a share (par $25) earned on 2,005.502 shares of stock. This compares with net profit of $847,- 638, or 42 cents a share, in preceding quarter and net profit of $310,517, or 15 cents a share, in fourth quarter of 1927. Net profit for year 1928, computed from quarterly reports, totaled $3,110,- 573 after above charges, equal to $1.55 a share, against $582,744, or 29 cents a share, in previous year, OILi 6UTPUT HIG;ER. The world’s production of petroleum during 1928 s estimas the Department of Commerce 1,322,896,000 barrels, an increase over 1927 of 61,823,000 barrels, or 5 per cent. Production outside the United States increased by approximately 61,000,000 barrels, or 17 per cent, while domestic crude ed by |° Reg's Pave hulite Real hulte Un sml 8ii 18% Un Sc-31 8t 30 Serected Tnduse inc 3 Select Ind Inc ptd Serv El vic_ i 3% 3% 260 20% 8" 1 a) 3 Spanish & Gen rots 4te 4V 2 Sparks Withing 181 4:1. 2% O O m 5Tri Cont_Corp P mu mv 2 Triplex 8a Glass Lid :n 241 Corp 134 8 & Uil “Alieraft Tranp. 1Uni Aircraft Tr pf 7 4 Union Amer hnuun: 4 Uni Elec bond rts 3 inter B ire Wheel Corp.. . Zenith R 5 Zonite production is estimated to have been only slightly greater than that reported for 1927, | o D b B 8 190 e et B ‘accadcaac- e 5Ennwun™>] < S 1 Weatv_Chlor, 41 Weat Pow’ 8 14 Whee 811 4 FOREIGN BONDS. 152 100%% 50471030 thousands 1 Buerios Aires 78 10 Buenos Aires 7'a Spzgeresensss nd '67.. 95 § Ruhr Gas 8%s, A" 53 o 1 Russ Gov sas 21 } 1 Saarbruecken 173 'ss 100 5 13 Stinn Hugo 78 2 28tinn_ Hugo 7s '48 i Uni St! W 6las A xd—Ex-dividend. wi—When issued. n- ow. ww—With ks | CHICAGO I.IVE STDCK MABKET CHICAGO, February 18 (#) (United States Department of Agriculture). — ‘ | choice, 33, | dium, 850 pounds up, 9.00a12.25. s | cutter and_cutter, 5.7 Hogs—Recelpts, 58,000 head. -Market v opened 10 higher; later trade steady to ' 10 lower; trading very slow; top, 10.50, |pl|d for' load of around 190 pounds; } most early sales of 160-320 pounds, 10.15a10.40. Butchers — Medium to 250-300 pounds, 10.00a10.35; ‘200-250 pounds, 10.00a10.45; 160-200 pounds, 9.75a10.50; 130-160 pounds, l flB&nlfl A40. Pack sows, 9.40a10,00. Pigs, | ;nedium to choice, 90-130 pounds, 7.75a 50. 4 31 Cattle—Recelpts, 16,000 head: calves receipts, 3,500 head. Fairiy active and strong to & shade higher trade on light steers and yearlings; medium weight and welghty steers, slow, sleady; best 1llghf. steers, 13.50 enrl} some held | higher;she stock mostly steady. Slaugh- ter classes: Stcem——Oood and choice, 1 1,10¢ 1300 pound! , 124 00a14, 75; 959-1,100 pounds, 12.25214.75; common and me- Fed yearlings—Good and choice, 750-950 pounds, 12.25a15.00. Heifers—Good and choice, 850 pounds down, 11.25a13.50; common and medium, 8.00a11.25. Cows—Good and choice, 8.50a10.00; common and medium, 6.75a8.50; 6.75. Bulls— Good and choice (beef), 9.25a10.50; cut- ter to medium, 7.7589.25. Vealers (milk fed)—Good and choice, 12.50a15.50; medium, 11.50a12.50; cull and common, 8.00a11.50. Stocker and feeder steers— Good and choice (all weights), 10.75a 11.50; common and medium, 8.25a10.75. Sheep—Receipts, 18,000 head. Mar- ket opened 15a25 lower; bulk fat lambs, 16.00a16.50; early top, 16.75; fat ewes mostly 8.00a8.75; feeding lambs, 16.00 down. Lambs—Good and choice, 92 pounds down, 15.75a16.85; medium, 14.50a15.75; cull and common, 11.00a 14.50. Ewes—Medium to choice, 150 pounds down, 7.50a9.40; cull and com= mnn. 3.7529.95. Feeder lambs—Good and choice, 14,50a16.00, low | -DIVIDENDS TO POLICYHOLDERS INCREASED FOR NINTH SUCCESSIVE YEAR The Company has also inaugurated the practice of paying a special maturity dividend on participating policies, ten or more years in force, terminating by death or maturity EXTRACTS FROM DIRECTORS' REPORT + . « After deducting amounts re-assured, the total assurances in force now amount to $1,896,- 915,934.57, an increase of $408,925,254.48. Poli- cies in force number 633,240, and in addition, 136,293 certificates of assurance are held by employees of corporations and firms under the group plan. * ‘While every field of operation contributed its full share to these impressive advances, the rapid develo] nt of our business in Great Britain and ttmlelmted States is especially note- worthy. The generous reception of our Com- in countries served by powerful domestic institutions is particularly gratifying, as testify- ing to widespread appreciation of our record and services. . The amount paid to policyholders since mmuuon, together with the amount at pres- ent held for their lecumy or benefit. exceeds the total amount received from them in prem- iums by $111,370,229.10. The strength and resources of the Company have been still further enhanced. The net rate of interest earned on the mean invested assets, after making provision for in- vestment ‘expenses, has risen to 6.58 per cent. Dividend increases, bonuses, and stock privileges, accruing on many of the Company’s holdings, contributed substantially to this gra- tifying result. A net profit of $11,028,854.59 has been realized from the redemption or sale of securities which had risen to high premiums, The securities listed in the assets have been valued at figures substantially below the values placed on them by the Government. This under- valuation of our securities represents an import- ant safeguard against ible adverse market fluctuations, nddmonalp?:sthe reserves specifi- cally pmvndad against that contingency. ‘We are again able to report that on the bonds and preferred stocks listed in the assets not one dollar, due either as interest or as dividend, is in an-ur for a single day; while the dividends ac- cruing to common stocks exceed by several million dollars those payable on the same stocks at the time of purchase. The surplus earned during the year, based on the values given in the accounts, amounted to $40,264,088.52. $10,000,000. has been deducted from the already heavnly marked-down value of securi- ties, as additional provmon against possible fluctuatfons, increasing the amount so set aside to $20,000.000. The special amount set aside as a liability to of the net liability to American policyholders. Total investments in United States’ gecurities exceed SZZS,OQ0.000. provide for unforeseen contingencies has been maintained at $12,500,000. SAS ,822, 33? “hohl;' be;n thoe' allotted as rofits to policyholders during year. 5 After making all deductions and allocations, $9,157,966.34 has been added to the undivided surplus, bringing the total over liabilities, contingency accounts, and capital stock to $54,- 438,852.48. The continued prosperity of the Company enables your Directors to announce, for the ninth successive year, a substantial increase in the scale of profits to be distributed to partici- pating policy-holders during the ensuing year. In addition, your Directors have inaugurated the principle of granting a Speual Dividend on participating policies maturing after having been in force ten years or longer. This new bonus will enable policyholders or beneficiaries whose withdrawal is occasioned by the maturity of policy contracts, to participate in the accu- mulated surplus which it has not as yet been considered prudent to divide. The effort to provide life assurance at the lowest net cost obtainable has been increasingly appreciated. Our’policyholders will be gratified by this further evidence of our desire that the Company's prosperity shall be fully shared by its members. SUN LIFE ASSURANCE COMPANY OF CANADA A. D. CARPENTER 4th Floor, Transportation Bldg. WASHINGTON, D. C.