Evening Star Newspaper, March 15, 1929, Page 15

FINANCIA THE EVENING STAR, WASHINGT STATEMENT OF THE CONDITION Fidelity fé:zsualty Co. of New York On the 3ist. day of December. 1028, as re- quired under the District of Columbia Code, amended June 30. 1902, and August 18, 1911 £4,000.000.00 Capital stock 4.000,000.00 Capital stack, pa 1s 316.144.62 50,000.00 (market 31,708.334.47 in ““mortgases " (A and " bonas velge) .. Premiy ims =nds of Tnterest du d All other assets, Net wnpaid cla Reserve as real 280.000.00 | fyl supplies o 730.000.00 | 4.000.000.00 63,074.97 7.241,465.98 $39.658.651.95 cretary. s 2nd_dav of Febru 1920, (Seal.) WALTER SICHEL. v Public. ota My commission expires March 30, 1930, E. K. Legg, Jr. Resident Manager Member of the Insurance Club of Washington 307-12 Wilkins Bldg. STATEMENT OF THE CONDITION of the e Seaboard Insurance Company of Baltimore, Md. 31st day of December, 1928, as re- quired under the District of Columbia Code, amended June 30,-1902, and August 18, 1911 Capital stock, paid up, in cash..$250,000.00 ASSETS, Cash in bank . Tieal estate . s Real estate mortgages (Ars Stocks and bonds (market Premiums uncollected and $41.866.90 94 $520,701.16 $2.530.00 46806 87 | 20,000.00 Net unpaid cla Recerve ns req ole. A e Capital stock ‘and surplus Total liabilities . Character of business transacted during the vear 1928: Fire, automobile and wind- ;10!"\ t of k assumed during % e Year ioes ... .$10,781,700.00 8,322.40 o sovs s s BABES D ¢ the vear 1998 _ 68.652.87 RODNEY J. BROOKS. President. J. S. FORSTELL, Asst. Secretary. g, Subjeribed end aworii to before me this 15t day of January, 1928 (Seal.) MARGARET L. MORAN. Notary Public. Jos. W. Brooks & Co. General Agents 212-213 Transportation Bldg. “the Let us have your applications i for LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. We Will Lend You Money In Any Amount At 51/2% Interest For Periods' of 3,5 or 10 Years i Nearby Maryland, Virginia and the District of Columbia Apartments, Residences or Business Properties BOSS=HELPS Founded 1907 1417 K St. Main 9300 |5 Loan Correspondent John Hancock Mutual Life Insurance Co. = a Safeguard Around Your Estate assured mical adminis- tration of your estate and o] pointment of this bank as your executor. LIBERTY NATIONAL g BANK Fifteenth and Eye Sts. N0 |0 ———| Bl e[| ——]u| MARINE, PRODUCTS DEMAND IS LIVELY |Fresh Fish Scarce at D. C. | Market—Meats Con- ’ tinue High. morning demand for marine products 7 | reported at Municipal Fish Market this | morning. Fresh fish were far from plentiful, however, but dealers had plen- | tiful supplies of frozen fish from the { North and West. They also had plenti- oysters, prices of the | bivalves not having increased. Fresh fish were higher than they have been al any time earlier in the season. Dealers had supplies of shad and herring from the South, roe shad clling at 50 cents and bucks at 30. | Herring, receipts being about sufficlent | to meet demands, were offered at 10 cents a pound. | Meat Prices High. | Meat prices continued h, It was | reported that hogs are scarce in the { West and that buyers are holding off n to before me this fin an effort to force lower prices. Price of pork loins went to 30 cents this morning and smoked hams to 26 and 27 { cents. - Business was not very active in the meat market this morning, according to reports, high prices resulting in slower demands. Bacon, lard and lard compound were included in products for which prices were reported high. It is feared by dealers that pork prices will go still higher. Egg prices were theap, receipts con- tinuing heavy, and dealers believe prices will not drop much lower. Fruits and vegetables continued in plentiful sup- plies, but the demand this morning was not especially brisk. Prices of most commodities this morning were about the same as prices quoted yesterday. Today's Wholesale Market—Jobbers' Prices Slightly Higher, Butter—One-pound prints, 49a50; tub, 48'5a49; store-packed, 30a35. Eggs—Hennery, 29a30; fresh selected, 29a30; current receipts, 27. I live—Turkeys, 33; Winter Spring_chickens, 42a 19a20; 5 young, 50a60; old. 30. Dressed—Turkeys, 40a45; Winter chickens, 38a40; Spring chickens, 45: fowls, 34a35; Leghorns, . large, 45a46; small, 38a40; 32a33; geese, 26a30; kedts, fresh killed — Beef, 20a24; veal, 20a27; pork loins, 28a30; fresh hams, 25a26; fresh shoul- ders, 18: smoked hams, 26a27; smoked shoulders, 17: bacon, 22; lard, in bulk, 13'.a14; packages, 14!2al5; compound lard, 13%:. Live stock—Calves, 16al7; lambs, 17a18. Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Mar- ket News Service, Bureau of Agricultural Economics) says: Sales to jobbers except where other- wise noted. Apples—Supplies moderate; demand light, market steady: barrels, Virginia, U. 8. No. 1, 25 inches up Winesaps, slightly scalded, 5.00105.50; boxes, Wash- ington, medium to large size extra fan. cy Winesaps, 2.7523.00; Romes, 2.50a2.75 bushel baskets, Virginia, U. S. No. 1, 215 inches up Staymans, 1.65a1.90; few 200; 3 inches up, 2.00a2.25; U. S. No. 1, 213 inches up Ganas, fair condition, ripes, 1.35; Pennsylvania, U. 8. No. 1, 21, inches up, Romes, 1.75; Delicious, 2,25a2.50; 2!, inches up, Deliclous, 1.75 a2.00. Cabbage—Supplies _liberal; demand light, market steady: new Btock, Flo- rida, 112-bushel hampers pointed type, 1.50a1.60; fair quality, 1.40; Texas, bar- rel crates, round type, 3.00a3.25. Celery—Supplies moderate; light, market steady; Florida, 10-inch crates, 3 dozen, 2.25a2.50; mostly 2.50. Lettuce—Supplies moderate; demand light, market steady; California, crates, Iceberg type, 45 dozen, 3.75a4.00; Flo- rida, 1%-bushel hampers, big Boston type, fair to ordinary quality and con- dition, 1.00a1.50. Onions—Supplies light: demand light, market dull; Ohio, 100-pound sacks yellows U. 8. No. 1, medium to large size, best, 5.50; fair condition, 4.50a5.00; medium size, 4.00; 50-pound sacks y Jows U. S. No. 1, some sprouted, 1.75 a2.00. + Potatoes—Supplies moderate; demand light, market steady; all U. S. No. 1, tains, 1.75a1.85; New' York, 150-pound sacks, round whites, 2.10a2.15; Michi- 150-pound sacks, Russet Rurals, . Idaho, 100-pound sacks, Rus- set Burbanks, 2.40a2.50. Correction— Yesterday’s Maine gquotation should have read Green Mountalis instead of yellows. Spinach—Supplies moderate; demand light, market steady; baskets, Savoy type, mostly 1.00. Sweet potatoes—Supplies light; de- mand light, market steady; East Shore Meryland, bushel hampers, yellows, No. 1, 1.80a1.75; few fancy, higher. Tomatoes—Supplies light; demand light, market firm; Florida, sixes, ripes and turning, wrapped, fancy count, fair quality and condition, 3.00a3.50; choice count, fair quality and condition, 2.50a 3.00. S8tring beans—Supplies moderate; de- mand moderate, market about steady; Florida, 7x-bushel hampers, green refu- gees, 2.50a2.75; mostly 2.75; few fancy, high as 3:50 Eggplant—Too few sales reported to quote. Peppers—Supplies light; demand light, market steady; Florida, pepper crates fancy, 2.75a3.00; mostly 2.75. Squash—Supplies light; demand light, market dull; Florida, pepper crates, white and yellow, unwrapped, 2.5083.00; 50. | few high as 3 Strawberries—Supplies moderate; de- mand moderate, market slightly weaker | Florida, pony refrigerators, various va- rieties, 40a42',; 32-quart crates, best, tly 40; fair quality and condition, 5; poorer, soft, low as 20 per quart. Peas—sSupplies light; demand mod- erate, market slightly weaker; Mexico, 45-pound crates, mostly 7.50. Beets—Supplies light; demand light, ; Texas, Western lettuce ; mostly 2.50; bushel plies moderate; demand moderate, market about steady; Texas, bushel bask bunched, 1.75a2.00; Western lettuce crates, bunched, 2.50a 2.75. Caulifiower—Supplies light; demand light, market steady: few sales; Cali- fornia, pony crates, 2.25. Oranges—Supplies liberal; moderate, market stea No. 1, large size, 3. 50, small apefruit—Supplics lig sales reported. demand Baltimore Coal Exports. BALTIMORE, Md., March 15 (Spe- | cial).—Bituminous coal exports through |the port of Baltimore last month | amounted to 13,870 tons on seven ves~ |sels to Cuba, Italy and Porto Rico. | One of these carried 302 tons of coke {and one loaded 540 tons of bunkers here. January exports were 16,109 tons and those of February, 1928, were 45,065 tons. Baltimore grain exports last month reached 3395449 bushels, against 2,- {month of 1928, Wheat led with 313,210 bushels, followed by barle 769,450 bushels, corn with 292857 buchels | Grain exports for the fi of the present year totaled bushels, compared with 4,604 €ls for the same period of 1928. 621,597 17 bush- Total ' year, agalnst 27,915 barrels last. yeax. ‘There was the usual increased Friday ! ' | servers consider that the quantities of Maine, 120-pound sacks, Green Moun-l Texas, bushel | 045,206 bushels for, the corresponding and oats with 19,932 bushels. | two months MARCH AUTO PRODUCTION MAY-EXCEED 500,000 CARS Special Dispatch to The Star. NEW YORK, March 15—"“Automo- bile factories have swung into greater volume production this month with the prospect of turning out more cars and trucks than ever have been rolled off the assembly lines in any March,” ac- cording to Automotive Industries. Their anticipation of a record showing seems only logical in the light of the Jan- uary and February turnouts, which ex- ceeded those of the corresponding months in any previous year. Increases in the production rate at a number of | the plants range from 5 to 15 per cent land it appears certain that maximum capacity will be reached in several in- | stances i« A conservative estimate of 500.000 vehicles for March has appeared pre- | viously in these columns. This, added |to the 423,655 cars and trucks manu- | | factured in January and the 468.328 | announced as the figures for February { output, brings an estimate for produc- | |tion in the first quarter of 1929 of | 1.391.983 vehicles, a figure which is {227,498 in excess of the previous high | mark for any first quarter, set in 1926, when 1,164,485 cars and trucks were produced. ““In addition to exceeding any. previ- ous February production, the number of vehicles turned out last month ranks second to the greatest output for any {month in the history of the industry. It was surpassed only by the production (;;2;92,000 cars and trucks in August, U. S. EXPORT TRADE SHOWS BIG GAINS By the Associated Press. February foreign trade of the United States came close to setting new high records for the season. The Commerce Department today estimated that the month's exports amounted to $444,000,- 000, against imports of $371,000,000, and that the favorable trade balance for the ml}nthp“;u 373,0]00.000 N February last year exports were $371,448,000 and imports 8;51.03.’-,000, with a favorable balance of $20,413,000. None of the February export figures in the last five years has equaled the total reported today, but it was ex- ceeded in February, 1921. The import total for the month was exceeded in February, 1920 the high prices pre- valling after the war being held ac- countable, since the departmental ob- Eggds rn{r}:\'pd lhis‘ year were far in ex- ss of those movin of 1920 and 1921. © o e The complete Teversal of the gold movement of 1928, which began in | January, likewise continued to influence | the February showing. Gold imports into the United States were $26,913,000 for the month against exports of $1,.- 425.000, leaving the net gain of the ‘metal for the period at $25,488,000. In { February last year the United States lost gold to the total of $11,120.000 as a result of exports of $25,806,000 and | Imports of $14,686,000. For the year to date, the net gain of gold by the llgx;::r?ssht:(?s was pl;c;fl at $72,686,000, ving exceeded imports also during January. gt GERMAN GOLD EXPORTS LAID TO DOLLAR CREDIT s;;;gn Dispatch to The Star. ‘W YORK, March 15—The - 900,000 in gold now believed to b:l%n its way here from Germany is con- signed, according to opinion’ expressed in well informed quarters yesterday, to the Federal Reserve Bank here and is for the purpose of creating dollar bal- ance in favor of the Reichbank, What use the German bank intends fo make of this balance could not be determined. It is possible that the shipment might be looking to payments due this Government in connection with the expenses of post-war occupa- tion of the Rhine territory or growing out of reparations adjustment. The probability is,” however, bankers d,mmd:oonverum, with the foreign exchange situation say, that the Reichsbank is being forehanded in taking steps’ to protect the mark in view of the scarcity of dollar exchange in Germany created by the attraction of German funds to the high money market here. For some time th® mark has been hovering close to the gold point, which | varies with the interest rates available here. A slight dip in the mark ex- change or a further increase in money rates would be sufficient, it is under- stood, to bring about gold shipments. 9 Plon Syt Bristol, Conn, superintendent of schools wants deficient pupils (21 per cent) weeded out. Money Available for FIRST DEED OF TRUST LOANS On Completed Properti, for Construction U Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. and MONEY TO LOAN 1st—2nd—3rd Trusts $100 to $10,000 1 Year to 5 Year Terms at 6% INTEREST Quick Service—Cheap Rates AMERICAN LOAN COMPANY 719 11th 8t Main M Guaranteed 6% First Mortgage Notes Secured on Income- Producing Properties in the District of Columbia and ! Nearby Maryland | District National Securities Corp. Suite 303-307 Telephone Main 2094 District National Bank Building __6% NOTES Secured by i First Mortgages Safe—Conservative 42 Years’ Experience in financing homes and in the sale of these curittes. |J saxe sour savines and surplus funds work for you at the highest-inter- est rate consistent with absolute safety. Wm. H. Saunders Co., Inc. REALTORS TIME-LOAN RATES INCREASING AS CALL MONEY CHARGE DROPS Special Dispatch to The Star. NEW YORK, March 15.—In contrast with the easier rates this week for call money is the action of time loans, which have been slowly creeping upward, and were quoted at 8 per cent yesterday for 30-day maturities, While not much business is being done in long term money,sthe rate has a strong senti- mental effect on borrowers and on the investment market, Reports are coming into the financial district of corporations that have post- poned finaneing owing to the difficulty of obtaining money on a basis that would warrant them in making new commitments. The eclulpment companies feel the effect of this situation, as the railroads and some of the coneerns en- gaged in the transportation of oll are not disposed to contract for new cars so long as they have to sell their equip- ment certificates on such a high inter- est. basis as bankers now demand. ‘The high rates quoted in this country are compelling foreign banks to in- crease their charges. Yesterday the Bank of Italy advanced its discount from 6 to 7 per cent, now the highest of the European central banks. It will only be a question of a short time be- fore the rate of the Bank of Nether- SPRAYIT Rent at ' $1.00 Per Day —and Paint Up Your Car or Wicker Porch Furniture. Get a Professional Job at Home Paints and Lacquers FRIES, BEALL & SHARP 734 10th St. N.W. lands will have to be raised above 41% per cent. No c! ‘was made yester- day in the Bank of England rate. The Bank of Prance, after months of steady increases in its gold holding, this week shows & small reduction in these hold- ings. Another evidence of the effect of the money rates here was yesterday’s decline in Canadian exchange to the lowest on this movement. ‘The opinion in banking circles yester- day that no change would be made in the rate of discount of the Federal Re- serve Bank of New York was borne out. ‘The fact that nothing was done at Wed- nesday’s meeting of the Boston board. which is strongly in favor of a higher rate, indicates that the situation is still controlled by Washington, which a few weeks ago opposed the recommendation SN e of the New York bank direciors of an advance in the rate here from 5 to 6 T cent.” In some been postponed until the March 15 financing is out of the way. It was announced that no meeting of the Minneapolis bank board of directors would occur until April 8.. This is one of the three banks whose discount rate still stands at 412 per cent. Less interest was taken yesterday in the brokers’ loans statement issued after the closing of the market, as it was felt that the figures would be relatively small and not indicative of a definite trend. In view of the sharp decline this week in the prices of Government securities there was considerable inter- est in the showing of the Federal Re- You'll Glenbrook It has decided character in its lines—and unusugl quality in both weaves and workmanship. Product signers an Worsteds, Sharkskin, Tweeds, etc.—some with the new Tattersall vest. $38 .Smart Topcoats —fashioned shoulders or and made up in a variety of soft fleece weaves; Tweeds and Homespuns. Wonderful Coats for .. The Mode—F at Eleventh uarters it is be- i jeved that the rate increase has only | (serve banks In regard to holdings of . | governments, which have been shrink- © , And & week ago were indi- - ut $240,000,000 less than in | the same period of 1928. Fox Film Earnings Up. NEW YORK, March 15 (Special).— The Fox Film Corporation and sub- sidiaries report net profit of $5957,218 for the year ended December 29, 1928, after Federal taxes and other charges, equivalent to $6.47 a share earned on the combined 920.660 no par class A and class B shares, compared with $3,- 120,556, or $6.24 a share, on 500,000 combined shares for 1927. Like the of Mode de- d craftsmen— with raglan set-in sleeves— $29.75 Main 1016 1433 K flour exports are 21,182 barrels for this| Main 1964 REGISTRAR The Equitable Trust Company New York 7% Cumulative Preferred Stock (Par value $10)..... Class A Common Stock (No par value). ... .. S Class A Common Stock (Reserved and for Warrants) . Class B Common Stock (No par value)...... Units: Purpose: 7,500 UNITS OF SHARES A substantial portion of the total authorized Units have been subscribed by the Directors National Short Term Securities Corporation (A DELAWARE CORPORATION) o CAPITALIZATION FIRST OFFERING TRANSFER AGENT The Bank of America New York Authorized veee... 125,000 Shares . 125,000 Shares .. 275,000 Shares ... 100,000 Shares Consists of 7 shares of 7% cumulative Preferred stock, par value $10 each and 7 shares of Class A Common stock, no par value, with . Purchase ngqts, good until March 15, 1930, for 7 shares of Class A Common stock at $10 per share, and good until March 15, 1931, for 7 additional shares of such Class A Common stock at $15 per share. . The corporation will operate through subsidiary companies and otherwise, and has been organized under the laws of the State of Delaware for the purpose, among others, of acquiring the capital stock, consisting of 6,750 shares of the 7% Preferred stock, par value $100 each nr_\d. 10,000 shares of the Common stock, without par value, which constitute the entire outstanding shares of National Short Term Securities Corporation, a New York Corporation, which will continue in business under its present name, as a whdlly owned subsidiary of the National Short Term Securities Corporation of Delaware. Mr. Alfred ]J. Aberle, President of the Corporation, has summarized in his letter to us as follows: “Thg principal business of the New York‘corporution is that of making short term loans to finance building construction pending the placing of permanent loans, and will continue to operate in the metropblitan district of New York. Earnings: “The average annual net earnings on capital employed for the past five years by the New York corporation have been 12.82%. “Based upon the same ratio of average net earnings on capital employed as during the past five years and upon the completion of the issue of the corporation’s authorized shares under its plan of financing, $576,900, of which only $87, surplus.” OFFICERS ALFRED ]. ABERLE, President MITCHELL W. ALEXANDER, Vice-President ALFRED J. ABERLE, New York, Vice- President, Chamberlin Holding Corp. MITCHELL W. ALEXANDER, New York, Attorney, Director, Fidelity Title & Guaranty Co. HARRY M. BLAIR, New York, Banker, President, Associated Bond & Share Corp. JAMES I. CUFF, New York, General Counsel—Indemnity Insurance Co. of North America; General Coun- sel—Alliance Casualty Co. EDWARD M. DALLEY, Larchmont, Director, Larchmont National Bank. SANFORD A. DAVISON, Lynbrook, L. I, Director, Lynbrook National Bank; Director, Long Island Bank- ers, Inc.; Former President, Nassau Bar Association. COUNSEL Lewin & Scherer New York WE RECOMMEND GEORGE P. FORBES, Larchmont, N. Y., Editor, Larchmont Times; Editor, Mamaroneck Times. WILLIAM F. X. GEOGHAN, Brook- lyn, N. Y., Assistant District Attor- ney, Kings County. HON. ALEXANDER H. GARNJOST, Yonkers, N. Y., Atforney, Member Legislative Assembly; Director, Westchester First National Cor- poration. ROGER W. HILL, Newark, N. J. Treasurer, Colonial Trust Co. CHARLES D. JEROLAMON, New York, Metropolitan Life Insurance Company. PHILIP A. JOHANN, New York, Treas- urer, Koswick & Johann, Ine. k its annual net earnings should aggregate approximately 500 would be required for Preferred dividend purposes, leaving the balance for Common dividends and ALEXANDER A. KOSWICK, Treasurer A. RALPH LADAU, Secretary DIRECTORS ALEXANDER A. KOSWICK, New York, Chairman of the Board, In- terstate Discount Corp., Director, Fordham National Bank. EDWARD L. KELLY, Brooklyn, N. Y., Kelly & Farrell, Attorneys. ‘JOHN F. KANE, Mamaroneck, N. Y. Director First National Bank & Trust Co. of Mamaroneck; Pres., Mamaroneck Chamber of Com- merce, WILLIAM KNIGHT, New York, Vice- President and General Manager of the Jun. Corp. of America; Vice-President, Metal Aircraft Ex- press Company. A. RALPH LADAU, New York, Presi- dent, North Shore Investors, Inc. CHARLES HOWARD LEVITT, New York, Attorney. *BOOKS OPEN FOR SUBSCRIPTION TODAY PRICE $105 PER UNIT ‘Terms: 50% cash; balance within 30 days J. H. LIVINGSTON, New York, Di- rector, Community State Bank, Mt. Vernon; Director, Modern In- vestment Loan Co. CLARENCE G. MARTENS, Vice- President, Security Associates, Inc.; Vice-President, Fidelity Title & Guaranty Co. HERBERT J. McCOOEY, New York, Vice-President, American Bonding Co.; Vice-President, Fidelity & Deposit Co. FRANK C. PLACE, Baldwin; N. Y Vice-President, PeoplesState Bank. HON. CHARLES E. RICHMOND; Longlsland, Mayor, RockvilleCenter. SANFORD J. WISE, New York; Capitalist. AUDITORS Alson & Brown New York the purchase of these Units for good yield on the Preferred and as shown by the past record of earnings of the company, a dividend on and early increase in the value of the Common shares. F. B. WILCOX & CoO., Inc. Telephone: Bryant 7450 The information contained herein, while not guaranteed, has been obtained from sources believed to be reliable 580 Fifth Avenue New York