Evening Star Newspaper, March 28, 1929, Page 13

CURB: SHARES RISE ~ INSHARP UPTURN Market Holds Strong Posi- tion Despite Fears of Rebound. BY HARRY H. BECKER. Bpecial Dispatch to The Star. NEW YORK, March 28 —Curb stocks retrieved more of their lost ground in an active session today, but were forced to absorb heavy realizing at times, on the theory that the rebound had been too rapid. There was also a disposition | on the part of recent buyers to lighten their holdings in view of the three-day Tecess. ! The improvement agiin was general | in character, and was marked by bullish demonstrations in the oils, some of the high-priced motors and a number of specialties, particularly those which had undergone drastic liquidation. The vol- ume of trading was again of substantial proportions. Ofls resumed leadership of the mar- ket under the stimulating influence of the agreement to curtail production the balance of this year. All the standard representatives mounted vigorously, with Humble at & new peak well above 110. The buying in its case had the addi- tional incentive of revived merger talk, notwithstanding repeated official de- | nials. Sharp gains were registered by Vacuum, Indiana Standard and Guif| Oil of Pennsylvania. A number of the | domestic and South American inde- | pendents moved higher, but there was a modification of the gains when profit- taking appeared. Ford Motor of Canada jumped sensa- tionally again, reaching 1,128 before midday, compared with 1,010 at the close yesterday and duplicating the pre- vious rise of almost 120 points. Since the news of approval of the split up and the offering of new stock at a level involving rights to Canadian owners only, the issue has mounted approximately 240 points. Ford Com- pany, Ltd., was higher in sympathy, and there were & few other outstanding strong spots like Auburn and Firestone, both in the high-priced class. ‘There were further sharp recoveries in Bohn Aluminum, Tubize Silk, Borden Co., new: Zenith Radio, Grigsby Grunow, United States Gypsum, Do- minfon Stores, new; Celanese, and ‘many others. Mining and metal issues, on the other hand, made very little progress. Newmont was. lower most of the day and there was less dis- position in evidence to take a definite position in some of the other recent favorites. International Telephone & Telegraph which had been moving independently on the general market all week, was again prominent. It opened on a block of 20,000 shares at 93%, against 88%, last night's final, and was ex- ceedingly active subsequently around 94. Other utilities strengthened further, especially Electric Bond & Share and American Light & Traction. Service stocks were quiet. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., March 28 Potatoes, white, 100 pounds, 7581.25; new potatoes, bushel, 1.25a2.25; ‘sweet potatoes, barrel, 2.00a3.50; bushel, 1.00a 1.50; yams, barrel, 2.0024.50; bushel, 1.00a1.50; asparagus, dozen, 3.0088.00; beans, bushel, 2.00a3.75; beets, crate, 2.50a2.75; cabbage, hamper, 75a1.40; carrets, bushel, 1.50a1.75; caulifiower, crate, 1.75a2.50; celery, crate, 1.75a3.00; cucumbers, bushel, 3.50a5.50; crate, 2.5024.50; kale, bushel, 8! 0; lettuce, hamper, 75al.75; onions, 100 pounds, 3.0025.00; peppers, crate, 1.50a 4.00; parsnips, basket, 25a35; radishes, bushel, 1.50a2.25; squash, crate, 1.50a 3.50; spinach, bushel, 60a90: tomatoes, crate, 2.25a5.25; turnips, basket, 35850; apples, bushel, 150a2.00; grapefruit, box, 2.00a3.25; oranges, box, 2.2583.75; strawberries, quart, 25a45. Dairy Market. Poultry, Uve—Turkeys, pound, 35a48; old, 30a32; young chickens, 40a45, poor and thin, 25a28; sm?;n’:‘m; old H ca) ns, 0. Eggs—Receipts, 2,307 cases; native and nearby firsts, free cases, dogen, 26%826% ; current receipts, 22a24; duck eggs, 38a48. Butter—Creamery, good to fancy, pound, 46a51; prints, 52a63; blocks, 49a 51; ladles, 44a48; rolls, 30a32; dairy prints, 30a32; store packed, 30a3: process butter, 41a42. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.25%; March delivery, 1.255. Corn—No. 2 export, March delivery, no quotation; No. 2 yellow, domestic, spot, 1.07a1.08; cob corn, 5.00a5.25. Oats —No. 2 white, domestic, spot, 57a58; No. 3 white, domestic, spot, 56a57. Rye—Nearby, 1.10a1.15. Hay—Receipts, none. 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 mearby points, a few carloads be- ing received. There is not enough business passing to establish prices on the various kinds on merit at a range of 15.00a16.00 per ton for timothy or clover hay. Straw—No. 1 wheat, 12.00a12.50 per ton; No. 1 oat, 12.50a13.00 per ton. Public Utilities Special Dispatch to The Stai NEW YORK, March 28—Kansas City Power & Light Co. in its report for the 12 months ended February 28, shows & profit of §5.431826 after expenses, in- terest, amortization, etc., but before de- preciation compared with $4.827,.822 in the preceding 12 months. Gross amounted to $13.918,602 contrasted with $12,863486. Profit for Pebruary was $532,638 before depreciation against $474.619 in February, 1928, and gross $1,287,408 compared with $1,201,940. SHARE SALES MODIFIED By the Associated Prese LONDON, March _ 28.—American ghareholders of the British General Electric Co. will have the right to sub-| geribe to the 1,500,000 new £1 shares of | the company under a new plan An- nounced today, but will not be entitled to permanent ownership At a_meeting of stockholders of the General Electric this afternoon the shareholders amid cheers confirmed by vote a resolution which they adopted on March 13 providing for the issue of new shares, the permanent ownership of which will be confined to British sub- jects. 4 To satisfy the American shareholders, however, Sir Hugo Hirst, the chairman, said that the proPoeed new issue would be offered to all sharenolders under certain conditions. All foreign share- holders, however, must dispose of thelr | rights in the new issue within a given | period at a price to be determined by & | free market on the London Stock EX-| change. | TREASURY CERTIFICATES. (Reportea by J. & W. Seligman & Co.) te—Maturity Ofter ireog ne ;5. 1929, ANCIAL. THE EVE NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Sales in hungreds. 2 Acoustic Prod .. 1Aero Bup Mf Al 2 Aero Underw ... ! 13 Alexander Industrie: 1Allison Dr A..... 2 Allison _Dr B 1Aipha Port Cement Amer... 34 Armstronz _Cor INDUSTRIALS. Hig 21 Arcturns Radio T wi d.. 6 5 Asso Gas & Tl A X 29 Asso Gas & Fl deb ris 2 Asso Lannd Amer A.. 2A1 Frujt & Sne. 3 Auburn Avto Co. > Auto Reg M evt pr pt 1 Britlio Mfg A 6 Brit-Celanese Lid. City R R. 3Cent Sta Fl conv pfd 1Cent Sta El pfd ww. hain Store_Stock Check Cab Mfg. Childs Co nfd Colg Paimol P xd Columbus El Pow. Commonw P pfd. 1Gons Awrcraft..... 17 Cons Auto Mer vt 1 Consol Dairy P... 31 Consol Film. 5 Consol Instru. 25 Consol Laund. 1Cons Ret : 1 Theaters vic Pri 3 Ssn’l i 2 3 3 2 3 8en Re s 0t o ‘pid n Re 181t "den” Gon. > 7 Gold Seal_Eisc 50 Goldman Sac Fanite oy B Fifith D W A-.. 1 Ma dust Finance pfd. Ineur Co N A 11Intl Projec 3Intl Saf Raz B. 820Ini T T n wi 29 Intern util B Keystone Afr 1 Kimberly Cla; Ister Brandes arion Steam Bhov 1 2 Mass Harris x rts x 8 Mavis Bottlis 32 Memphis Gas ... 4 Merritt Chap & 1 Merr Chap & Son pfd 1 1Metro Chain_Store: 1Minn Steel Mch. ma_El 12 Kor Amer AV 3 North Eastern Novadel Agne T 1% 10°. 6812 362 0% 28 * 3% 10 i a3 4 Lid. Sy 2 Suad d 7 10'% 25913 2 201 l;i,' “ iH 1084 5 828580 fd 00 * Oliver P E conv part 63% 627 M1y 30 77 £ Rep Mot Trk ctis 7 Reynolds Metal 2 Reynclds Met pt 9 Rice Stix Dry G . % Richmen Bros .. Roch Cent Power 73" 325 3% & 18 Selected Indust Tnc.. 2274 2 Felect Tnd Inc pid 98 Serv Bl vie. - Siorsky | Aviation, lien Gel et . 1stand Mot 2 Stand Steel Propelier 2 2 Starrett orpn g 18terling Sec pf ailot. 1Stern Bry 1 Stew Warner Corp . Intl. o 1 Thermoid pfd ... 2 Thomps Prod A" 1 Thomps Starrett pid. 8 Timken Det Axle... m.. ) Transcon Afr T3 2 Triplex_Sa Tung 8ol PRCIIOPRPRSIRSITI- i~ 8 & For Sec 6 & For Eec 1 Freight of Gypsum . vorssl Avi P & L ctf B. tt & Bond A.. st prd Del... afion tf B.. D -3 Glass Ltd 24 L A § 3 3 85 1 1 23 24% 32 324 5815 38%s 5% ‘1129 1062 1111 20 T18% 19% 470 | 3 23% | Southwest. t 4 Wright 2 Yellow 9 Zenith Aero n L 127 126 ex 1 T30e 30% 3 nadio A won 432 satesin MINING STOCKS. 30°¢ | hundreds. %, | " .2 Com Tun & Drain n. 3i2| 0 Cons Oop Mines 41|, 8 Cresson Con Gold xd | 200 Falcon Lead Min 2 Fiter Natl Copper 5Golden Cester M. 1% 16 \ Bay Min & Sm it . o £ 3 Newmon a rnelia 4430 t Mining xd. 210% inc. ... 306 3 issing xd 5 13 1% INDEFENDENT OIL STOCKS. reds 8 5ta 11808 et . Sales STANDARD_ OIL ISSUES inunits, MER SUBSIDIARIES- 800 Anglo _Am Ol 100 ATl Lobos. .o Transit 50 Sou W Penn P L 08 O Ind 5 oii. BONDS. on cuum Asto G As G&E 5las As G&E 4133 £ G AT 51a8 ‘3. 91 val Bag_6s '42 10514 Bell T Can 58 B '87 n 100 £ Ry 78K 38, 107 e Q1440 B atin ow en Laun Ma 6% '4ic 97 = *37 100 7., 9634 Q t ebr POggazazza 238 R & a3 90y’ S e ] 3. e tn Ba 0o trea i S tn H3 e ks B B 222! 22 0! 22 Ba5; 5 & 1o ¢ Wterh B0 a7 1y estern i 114% 6f Wheel 81l 4158 B 53 81 Sales FOREIGN BONDS. in thousands. ¥ Antwerp City_Bs 88 91 4 Bulenos Aires 7Tis 47 100% , 6 Gelsen n 34... 89% 2 Hambure E % 71tal Superp 68 7Jug S B s 7 Ruhr Gas 6'as 10 Stinnes 75 36 wa 21 Stinnes H 7s 'é6 wa xd—Ex-dividen ‘wi—When issued. n—Nex. Www—With warrants. i WHEAT IS HIGHER IN EARLY TRADING Bearish Reports Cause Outbreak of Selling, but Prices Re- main Firm. By the Associated Press. | CHICAGO, March 28.—Helped 11, | the wheat market here averaged higher 3* learly today. However, bearish reports | concerning domestic Winter wheat crop conditions led to increased selling on price bulges. Opening s to 1! up, wheat later kept near to the initial fig- ures. Corn, oats and provisions like- wise were firmer, with corn starting at a shade to 3 gain, and subsequently ! continuing to display strength. Although upturns in the security mar- { ket today tended to stimulate grain price advances, wheat traders showed decided interest relative to a compre- hensive report by a leading Chicago crop expert, who has just returned from a fleld obesrvation trip through the He said that he found less than the usual amount of Winter kill- ing of wheat and more than the vsual amount of moisture in the soil. Both of these factors were regarded as very encouraging at the present stage of the crop, especially so as to absence of dry- ness of the subsoll in Western Kansas, a hampering condition in past years. On the other hand, the report said that the crop as a whole was back- ward, and that much would depend 2 | upon Spring stooling and frequency of | moisture to keep surface soil from blowing. Rains today in Oklahoma and Kansas were also a good deal of an offset for the stimulus which the wheat matket received from stock market gains. Ok- lahoma was reported to have had from one to two inches of rain throughout 2014 | the entire State, with the best down- 9iis pours coming where chiefly needen. 3 ° Kansas advices were also to the effect that rain was general over the sections where soil blowing has been most in evidence. {an announcement that one bank had | Journal of Commerce, discussing money | discount rate, a local rate which is, gen- | : rid and, of course, is far higher than 4 realm of pure banking—by maintaining . | by a| 4| better tone in the stock market and by| » | firmness of Liverpool wheat quotations, | JING STAR., WASHINGTON. D. C. THURSDAY, MARCH 28, 1929. BRITON SEES GOLD STANDARD ON TRIAL |Experts Take Various Views on Present Worid Credit Situation. BY JOHN F. SINCLAIR. Spectal Dispatch to The Btar. NEW YORK, March 28— After the stock market's sinking _spell | on Tuesday and the surprising rebound during the last hour, it was expected in most quarters that another “watchful waiting day” would take place in the stock market yesterday; but it proved ! another day of surprises. Money went to 15 per cent and ruled | at that rate practically the entire day. Such a rate two weeks ago would have | tumbled stocks in a mad scramble, but it had no effect yesterday. Even with agreed to loan $5,000,000 at 15 per cent, and the same amount at 16, 17, 18 and 19, it caused no great flurry in the mar- ket. Stocks generally moved up. Some short covering took place and some rather strong pools were active, espe- clally in such leaders as the Anaconda and Radio. Tunney's comeback in Chicago, after his long vacation on the floor in the seventh round. was no more surprising than the comeback of the market after the sinking spell Tuesday. 01d-Timers Confused. Old observers are confused. No one has the heart to predict or prophesy the market’s moods. H. Parker Willis, in the New York Tate anomalles, continues his criticism of national banking policy, declaring that “the situation gives cause for seri- ous thought to those interested in sound banking development.” “Today we have an acceptance rate which is considerably higher than our rally speaking, higher than the rate :(4 the l!’ntl'l’ibr banks, an investment rate which is much higher than that which exists in such countries as Japan nd Italy (for the best concerns), and all rate which is the highest in the any other rate in this market,” says the Journal of Commerce. And then this: “Our present rate confusion grows out of the pegging of the fundamental rate of our central bank to that of a foreign institution. Nevertheless, no nation, particularly the United States, can expect to expan its trade in the world unless it is willing to co-operate with other nations of the world, not only in industry but in bank- ing. g{nrflty Withers, long one of Eng- Jand’s most important financial author- ities, hopes that America will not in- crease Europe’s difficulties by “ypward twists of the monetary screw.” Sees Gold Standard Test. “An improverished Old World, try- ing painfully to struggle onto its feet again after being tumbled upside down by war and band governments, * * * hopse America will keep within the adequate resources and maintaining credit.” He does not wish the bankers to array _themselves in surplices and chasubles and preach to the public about the use that is to be made of credit. As long as producers and dis- tributors of goods that are needed are amply supplied with credit bankers should not trouble themselves about the extent of the speculative activities of the rest of us, Withers declares. ‘Then this statement: “If some spec- ulators are paying too high prices for securities in Wal Street, they wil burn their fingers, but their loss will be the gain of those who got out, and in the meantime enterprise is stimulated by the ease with which stocks can be marketed." Mr. Withers believes that the gold standard is on trial in this struggle. Ir it is dickered with by those who know nothing about it chaos is bound to ensue; but if the gold standard is worked rationally and sensibly by those ;lehn ififluence national policy, all will well. (Copyright, 1929, by North American News- paper Alifance.) Arrange for Exhibit. BALTIMORE, Md., March 28 (Spe- cial).—Harold Dotterer, chief of the division district office, and Nicholas Eckhardt, jr., head of the drafting divi- slon of the Bure of Foreign and Do- mestic Commerce of the Department of Commerce, were in Baltimore this week to arrange for an exhibit by the depart- ment at the National Foreign Trade Convention, to be held here on April | 17, 18 and 19. The Federal exhibit will include an {lluminated map of the world, framed in velvet against a mahogany back- ground, with red lights showing foreign offices and green lights domestic offices of the department, and a thermometer chart showing the growth of American exports from 1922 to 1928. In 1927 America’s “export temperature” went up to $5,000,000,000 and 1928 will show a_further rise, it is sai Realtors of Washington '0IL PRODUCTION 1|4 National Title Co. d | Bond & Title Corporation has been an- CONTROL IS LIKELY Plans Understood to Include Prac- tically All Fields in World. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, March 28.—Plans hy] which the petroleum industry proposes | to limit production in 1929 to the| amount produced in 1928 still are in- definite, although they are supposed to become efTective April 1. ‘The volume produced in 1928 was 1,- 897,816,793 barrels. Even that was far too high to put the industry on a thor- oughly sound footing. Efforts were made in that year to secure curtailment, and while they were partially successful, the result was not entirely conclusive. So far this year oil production has been about 200,000 barrels a day in ex- cess of the average of 1928, when daily production was 2,453,051. The oil men who met to formulate a plan to restrict oil production represent perhaps be- tween 75 and 80 per cent of the produc- tion of the Western Hemisphere. Much of the curtailment, it is ted, must be by voluntary action. men who have agreed to take this ac- tion represent the largest they not represent dustry. It is true that some States have laws which operate to restrict produc- tion and conserve deposits, but in gen- eral the agreement reached here is like an amendment to the Constitution with- out an enabling act. This difficully is merely temporary, many well informed men believe. They | feel that with the enthusiastic co-opera- | tion indicated at the meeting here the | district committees will be able to work out measures which will make restric- tion effective and restore the industry to a sound basis. They agree, however, that the task is not a light one. .One of the most favorable aspects of the situa- tion is that the agreement as reached seems likely to take care of the Central and South American production, which has been a dark cloud on the horizon for months. Domestic production and consumption have been brought fairly close together. With this danger re- moved, the situation is immeasurably bettered. Mortgage Firms Merged. NEW YORK. March 28 (#).—Consoli- dation of the Mortgage Bond Co. of New York and the Maryland Mortgage of Baltimore through formation of a holding com- pany to be known as the Mortgage- nounced. It will operate on a national scale. Total resources will approximate $45,000,000. George A. Hurd, president of the Mortgage-Bond Co., will be chairman of the new company and Robert G. Merrick, head of the Mary- land company, president. GENERAL AGENTS Complete Insurance Coverage of Every De- scription for Washing- ton and Vicinity STATEMENT OF THE CONDITION Agricultural Insurance Company of Watertown, New York On the 31st day of December, 1938, a: uired under ‘the District ‘of Columbia Code, amended June 30, 1902, and August $2.000.000.00 21000,000.00 1 stock... Capital stock pail $3.058.93 in office. 926,169.52 Cash Cash in bani Real estate 300, Real estate ‘morigages (frst 2 ” 664,273.07 Tien) v Stock: 11,836.081.10 1,041.532.97 78.809.37 s value). Premium: hands of agents Interest due and accriet All other assets: Loans on bonds. stocks and other col- 7 204,500.00 7 3944.237.73 3.215.43 322.284.27 38.000.00 Net unpaid claims........ Reserve as required by law. . rents, expenses, ‘ommissions. broke: dividends i 3¢ 100.000.00 Capital stock 2,000,000.00 All other liabiliti for_contingencie: tion of securitie Surplus over liabiliti 4.175.964.87 Total” liabilitie: +...315,072,085.53 ness transacted during 1.422.283.53 Character of bu the year 1928: Fire and marine insurance. Amount of risk assumed during the vear 1928 $1,599.795.000.00 3.058.521.86 7.376.226.63 6.461.002.49 . WAITE. Wi President. ek Fifeeretary. This is National Title week Once every year, the national organization of the New York Title and Mortgage Company conducts ‘*National Title Week” to demonstrate to you the advantages of National Title Insurance Policies which are backed by more than $60,000,000—the largest title guaranty fund in Ameriea. The last three days of the week of March 26th are re- served for realtors. Pro- gressive realtors, in many parts of the country, who em- ploy National Title Insurance Service pronounce it the great- est asset in the sale of real estate. Capitol Title & Guarantee Company 1425 Eye Street N.W. New York TITLE AND MORTGAGR COMPANY Capital Funds over €0 million dollars Subscribed rn to before me this 18t day of Fel 1929. (Beal.) P. E. CONSAUL. Notary Public. Yo STATEMENT OF THE CONDITION of the Western Assurance Company of Toronto, Canada On the 31st day of December. 192 aquired under the District of Columbia Code, amended June 30, 1902, and August 18, 1911 deposited 11 Capital &t n o york ek ...$400,000.00 Cash in bank Btocks ket o) o e aninsa Premiums uncollected and in hands of agents . 4183 49,381.44 Interest due and acerued .. 2,527.00 All other assets . Total assets . L00..$5,807,269.08 LIABILITIES. Net unpaid claims ...>. $616,892.00 Reserve as required by law.... 2,560,866.41 Salaries, ts. expenses, S s T 1mmess taxes, etc. ... Commissions, brokerage, etc... 35,000.00 Capital stock . All other labilities Surplus over all lieb Total liabilitles ... Character of b transacted during the Sent 1028 Bive. marine, suto. earthe land navi a trahsporta: SR ornadcs SoviaEles teaase, riot and civil commotion, parcel post. Amount of risk assumed during the year 1028 . Losses sustained during the year 1936 B 9,081,378.00 1,381,387.48 3,334,870.72 2,084,348.02 CRUM_& PORSTER United States Managei V. J. BRAIDWOOD, sst. Treasur Subseribed_and sworn to before me this 5th day of February, 1029. (Seal.) HENRY REYNAUD. Notary Public. te filed in New No. 0-223. rch 30, 1930, Richmond County: certi York County (340), Commission expires M roducers, but | A he entire in | T 000.00 | Deposit capital BY KENNETH S. VAN STRUM. NEW YORK. March 28—The low prices of last June of all stocks listed on New York Stock Exchange, when compared with prices recently reached in the last stock market peak, show that the broad rise in stock values cluded many different sections of the list. Contrary to many opinions, it was not a “selective” market, but a major bull trend which affected the stocks of all companies which could in any way :xe considered to have profit possibili- s. Naturally the rise was not uniform in all groups. The oil, copper, food product and steel groups in which con- ditions were improving raplidly, moved faster than others. Nevertheless, the fact that 243 stocks, approximately one- fourth of the entire list, increased more than 331-3 per cent in value within five months indicates the breadth of the rise. There were, of course, many others besides the ones which made more spectacular advances, which reg- istered substantial increases. ‘The following table lists the number of stocks in each industry which ad- vanced more than one-third in value from June to March: Chamicals Retail store Automobile Housefurnithings Metal working turing . der . Building maferials e Building’ equipment § Coal .. & ts ...... 8 Communication Miscellaneous . Bronmsmwwauws wwess 8 7 n [ ¢ R 6 5 5 Rubber Naturally when the stocks of almost every company in an industry advanced sharply that industry was sure to have shown fundamental extra improvement during this period. But in addition there is a large number of industries in which business always fluctuates widely. Especially is this true of those producing raw materials or catering to manufacturers or wholesale trade. ‘When general business is good these companies make large profits, which shrink abruptly when business becomes less active. Every industry presents different problems to the investor, for no two see alike, but the conservative investor is aware that some stocks have shown spectacular advances simply because of the excellent business conditions ex- isting generally and not because of a permanently improved position of the company. Stock market reactions gen- erally affect most seriously those stocks | C which have been rushed forward in a previous advance and which have over- discounted business prospects. Pools. A million-share pool in Radio has recently created much public interest. According to rumors, the pool was 1400 H St. N.W. Fire Automobile Casualty FINANC formed when the stock was around 8( and was disbanded about the time i touched 109%. Within a week the stock fell back almost to its starting point, which would seem to indicate that the pool had some difficulty in accomplishing its purpose. ‘There is no doubt that a great change has taken place in Wal Street. Today many pools are finding it diffi- cult to dispose of their holdings. Today stock market breaks are perhaps more accurately attributed to an overabun- dance of pools carrying large blocks of undistributed stocks rather than to a public holding tightly to the specu- lative issues until impaired margins force them into selling. Volume,of Trading. One of the most characteristic fea- tures of recent reactions has been the speed with which liquidation has driea up on the decline. Up until now a decline has started with a fairly heavy volume of trading, but as the decline Ernce!ded the volume fell off noticea- ly. Pinally, with only a small amount of forced liquidation, the point was reached where the market rallied back sharply. As long as the volume of trading re- mains large and stocks decline it : safe to conclude that the reaction not over. But when the market ba- comes dull it usually indicates a change in trend. (Copyright, 1929. Film Ruling Discussed. PARIS, March 28 (P .—Definite abandonment of the French market by American motion picture companies and the consequent cessation of the distri- bution of French news reels by Ameri- can producers were subjects seriously considered today at a meeting of repre- sentatives of American motion picture houses in Paris. The meeting was called in conse- quence of confirmation by the French Cinematograph Syndicate of regulations French picture for every three Ameri- can films sold in France. GERMAN BONDS AND STOCKS. NEW YORK, March 28 (Special).— Bid. Asked. 55.00 60.00 Ger Govt Red Loan with draw 100 R d Loan without T thoust lect. re-war... 22.00 Ger Gen Elect 4128 1919 Berlin 4s pre-war.. lamburg 3s. 3135 & 4s re- amburg ‘American Line 4 North German Liloyd 4%as. Krupp 55 1921... - 3 255553802 —INSURANCE SERVICE— Accident Compensation Plate Glass Surety and Fidelity Bonds AE G (Ge Rudolph_Karlstadt. 28333323333333" P R WALTER A. BROWN Main 1653 Tornado Liability Burglary “39 YEARS OF PERSONAL SERVICE” STATEMENT OF THE CONDITION OF THE Royal Exchange Assurance Company of London, England United States Branch 95 Maiden Lane, New York On the 31st day of December, 1028, as re- quired under ‘the District of Columbia Code, smended June 30, 1902, and August eees $400,000.00 ABSETS. $2,687.01 203,607.33 (market . 4.516,728.00 Premiums uncollected and in hands of agents. .. > Interest due and saccrued All other assets Cash in office Cash in bank. Stocks and bonds value) .. 544,308.46 52.004.50 5.873.58 Total assets ..15,416,299.70 LIABILITIES. Net unpaid claims... . $374.390.70 Reserve as required by law. .. 2,922.592. Salaries, rents. expens: etc. 00 | Salaries, usiness transacted dutine re. marine, automobile. torna rinkler leakage, riof, an civil commotion, explosion and earth- aquake insurance. Amount of risk assu: ing the yeer 1928. Losses sustained durin YORE IO, <5 oo Money received during the vear 1028 Expended during TOM the * . 133040835 3,230,219.76 s 3.133.696.15 GAYLE T. FORBUSH, United States Manager. Subscribed and sworn to before me this 19th day of Pebruary, 1929. (Beal.) HARR Notary Publie, King Yfll{ W‘l& C’llglk‘ County gister's No. 9 Expires Marc 30, 1 the year REAL ESTATE STATEMENT OF THE CONDITION % the Camden Fire Insurance Association of Camden,; N. J. On the 31st day of December. 1928, as re- quired under the District of Columbia Code. amended June 30, 1902, and August 18, 1911 Capital stock .. Capital stock, paid uj $32,000,000.00 in cash 2,000,000.00 Cash in office .. Cash in bank . Real estate . Real estat Tien) Stocks value) Bllls receivable Premiums uncollected and in hands of azents E Iaterest due and accrued. Al other assets: Phil Underwriters grasginins Reinsurance bureau Total assets .. LL TIES. Net unpald clbime o Reserve as required by law.. rents, expenses, $1,933.39 473,740.99 1,921,707.87 8,453,641.88 1,815.11 910,420.08 86.794.43 200.00 1 .. $13.502, $738.674.00 5,526,040.92 1,000.00 20,000.00 2,000,000.00 404,624.10 4,812,238.73 +$13,502,577.75 Total libilities . Character of buslness transacted during " Fire, auto. ke (0r Biado. Bail. sprinkier leakage. riot civil Commotion’ and expiosion. pArcel BOSt. Amount of risk assumed dur- e the sear 132 T s1115,788.00 Losses the Vear 0 aum0e2028 Money received during the ear 1938 o, taxes, etc. Commissions, brokerage, etc.. Capital stock ... - All other liabilities . Surplus . t sustained during e L o . 6.305.846.18 Expended during the year 1928 5.418.118.20 ‘WM. T. READ, President. grpnces w iy TRE GRS 18th day of Peb: 'y llg'. e (Seal.) AM TRY 3 otary Public of N.'J. My commission expires September 19, 1933. 1 —SALES— If you are looking for something to meet your special needs we can serve you. C LISTING OF PROPERTIES SOLICITED A —LOANS— Complete financing of Washington real estate. Prompt service, minimum charges. INVESTMENTS CAREFULLY MADE R EL [ C: A Ne —RENTALS— Are you looking for a house, apartment or busi- Our rental department is at your service. ness location? the year 1928: Ac liability, worl surety, burglar: age, col Amount of premiums written Money received during the r 1928 X Exvended duri WALTER A. BROWN 1400 H St. N.W. Main 1653 Bronx County CI requiring American firms to take one| 00 @ high degree of activity. On the 31st day of December, 1928, quir he Code. amended June 18, 1911. Capital stock. .. Capital stock, i Premiums 'uncoliécted ‘and Net unpaid claims... Reserve Selaries, rents, expe etc. Commisisons, ' brokefage. Capital _stock. . All other liabilities: Losses sustained 1928..... On the 31st day quired under the Cash in office Real estate Real estate nts Interest due and accrued . 11th day of February. 1 TAL, COTTON PRICES FiRi IN OPENING SALES Offerings Quickly Absorbed by Covering and Early Trade Buying. B2 the Associated Press. NEW YORK, arch 28.—Cotton ipened steacy today at a decline of 2 points to an advance of 4 points, There appeared to be some overnight selling orders for execution at the opening. particularly in May and July, which | tended to offset the influence of rela- | tively firm cables. Offerings were readily absorbed covering and some trade and commis- slon house buying, however, and the | market soon showed net advances of 9 to 15 points. May sold up from 20.68 to 20.78, and the new October contract advanced to 20.08. Reports of showers in the Fastern beit may have brought in a little buying of new crop months, ‘hul weather in the West was considered | favorable. | Liverpool cable advices said the | market there had advanced on foreign | buying and covering, but that demand | for cotton cloths was quieter, with a | small turnover in yarns. Commodity Notes Potatoes. ST. PAUL, Minn., March 28.—Plant- I\ng of potatoes in this district, accord- |ing to early advices, wil be 30 per cent less than a year ago, when the large erop giutted the market and forced | prices sharply lower. The reduction in | acreage for th» entire country is set at | about 10 per cent. i Steel. | CHICAGO.—Production of finished | steel in this disirict is expected to set {a new all-time record for March, with a similar record in sight for the first quarter. Ingot production is running at 98 per cent of capacity and 29 of the 36 blast furnaces in the district are blow- ing. Demand continues active. Automobiles. CLEVELAND.—Cleveland auto plants report & good demand for business and Peerless in | the first half of March maintained the high record established in January and 0 | February. when the company, according to President L. R. German, sold twice as many cars as were ever sold in those {uonths before by the Peerless érganiza- ion. Lumber, OTTAWA, Ontario.—Exports of lum- ber from Canada during February, at $3,207,254, decreased $646,294 in value, as comparsd with the month last year, when lumber valued at $3,943,548 was shipped out of the country. ESTABLISHED 1890 Bring Your Insurance Problems to Us Our Experience Is Yours STATEMENT OF THE CONDITION OF THE The Baltimore American Insurance Company of New York as re- rict of Columbia ed_unds , 1902, and August . ..$1.000.000.00 ‘ash 1,000,000.00 $300.00 1,151.467.63 40,005.00 125,000.00 (market . 4,566,638.10 in 553.833.15 18,281.01 lue) hands of agents nterest due and : v assets: Certifieaie of Philatielphia Unde: n 4 Associ Collateral ioans, Total assets i LIABILITIES. A . $294.322.00 2177.674.22 73.000.00 3.000.00 1,000,000.00 im- 2.000.00 ..$3,549.996.23 transacted during allied lines of in~ s required by nse: Taw. s, taxes eic.. Ka pounded premiums. Total liabilities CEaracter of busi ne veat 1628: Fire and . assumed of risk during the yea) £338,241,805.00 i 1,139,083.28 ring " the 3.468,026.02 the " year . 2.481.400.96 ARR! Y TT, Vice President. r during “the year & ed AS, Subscribed and sworn, to bef ubscribed and sworn to be 4th dey of Pebruary, 1939, e Oe me this AM_J. O'HEATH. (Beal. Notaty ~ Public Queens County: STATEMENT OF THE CONDITION The Metropolitan Casualty Insurance Company of N. Y. of December, 1928, as re- District of Columbia Code, nd August 18, 1911 .000.00 ,000.00 mended <une 30, 190: IR T baid up, in ‘cash 1,500, $163.232.63 989.670.51 492.126.33 2,167,925.00 533.00 1,662.942.64 93,450.68 ‘ash in bank origages (Arst “(market hands of a Il other assets Total assets .. LIABILITIES. Reserve as required by la einsurance premiums ... aiarics, rents, expenses. taxes, et ‘ommissions, apital stock Il other Liabli ¥y reserve for contingencies. et surplus ... Total liabilities $15,452,308.70 Character of business transacted during dent, health, automobile n's compensation, fidelity plate glass, property dam- nd sprinkler. 245.658.00 374.712.97 .00 lliston ,835,872.21 - 4,433,702.16 ; 1108020.04 during the year 1928 Losses sustained during the year 1928 yea . ng 1028 e S. W. BURTON. Secretary. Subscribed and sworn to before me this LESTER A. WA Notary Public. lerk's No. 22, Rez. No. 3041; Clerk's No.' 190," Reg. No. 30,1930, (Seal.) County Tm expires March