Evening Star Newspaper, March 29, 1929, Page 14

FINANCIAL THE EVENING STAR, WASHINGTON, D. Mortgages Investments JAMES Y. PENNEBAKER Main 5328 1520 K St. N.W. Let us have your applications clr‘OANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W- 6% NOTES Secured by F Safe—Conservative 42 Years’ Experience in financing homes and in the sale of these se- curities. Wm. H. Saunders Co, Inc. REALTORS Main 1016 st Mortgages Make your savings and surplus funds work for you at 1433 K STATEMENT OF THE CONDITION OF THE Guaranty Fire Ins. Co. of Providence, R. I. On the 31st day of December. 1928, as required under the District of Colum- bia Code, amendec June 20, 1902, and August 18, 1911 Capital stock Capital sto cash ... . $750.000.00 4w, ia PR 70,0000 £4,356.08 1521916.42 1,992,766.50 160,617 88 16,550 98 6.142.87 12,333.350.71 ! bank Stocks and bords (méarket value) Premiums ‘uncoilected and agent All other asse Total assets LIABILITIES. Net unpaid claime. ... . $117.092.60 Reserve as required by 852.506.83 26.500.00 750.000.00 577.251.19 $2.333.350.71 aw . Salaries. rents, expenses, taxes,’ etc : Total liabilittes. . Character of business transacted during the year 1928: Fire, lightning, tornado. windstorm _and _cyclone, sprinkler. leakage. earthquake, riot, civil commotion and explosion, auto- mobile_(fire, theft, property, damage and collision) Amount of risk assumed during the year 1928 1236,836,494.00 Losses sustained d 409,526.44 the year 1928....... Money_ received during 1,005,408.46 897.812.15 oney the vear 1028....... Expended during the yesr 5 EMIL G. PIEPER, President. TUNIS JOHNSON. cretary. Subscribed and tworn to this 6th day of February, 1 (Seal.) JOHN F. HARTNETT, Notary Public. Geo. H. Price Co., Inc. F. HAROLD DELAND, Preside: GEO. H. PRICE, M. L. MULLI Vice President, Secy. and Tre: 4686, 4687, before me 929, 815 15th St. Maim D ON'T youliketoturn over your ideas for a folder or booklet or other piece of Direct Advertising to an or= ganization which grasps them quickly and thoroughly without a lot of explaining and directing from you? BYRON S. Printing * Advertising 512 ELEVENTH STREET MAIN 8203 Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Checques INDUSTRIES SHOW REMARKABLE GAIN |Peaks for All Time Being| Established in Some Fields. BY J. C. ROYLE. Special Dispatch to The Star. | NEW YORK, March 29.—The inevit- | able check which holidays of any de-| | scription interpose in the path of in-| | dustry was encountered again this week. | This was seasonal and expected and | | was compensated for by the smooth | | progress of retail trade sales. The situation has its counterpart on | the automobile racing tracks. The driv- er, circling the track and coming into [ the first turn, lifts his foot for an in- | stant from the accelerator while the car coasts safely with undiminished speed; | and hefore the impetus is lost the en- gine is again driving the wheels at top | speed. | Momentarily there is a gathering of | cash incident to payment of first quar- | ter obligations. Dividend payments prob- | ably will exceed those for first three months of any year. There is in con- | sequence a slight tightening of funds, | but the fact that big banks and finan- cial houses are willing to pour millions into the call money market indicates with what freedom they will supply reanirements for industry, commerce ang trade. . Operations at High Mark. Outside of the holiday check, the| | steel industry seldom has been at such | 18 high rate. This has resulted not {only in firmness of prices, but in ad- | vances in quotations for some ferrous products. Operations are rated at 95 to 100 per'cent of normal capacity and | there is little doubt March output has eclipsed all previous monthly periods. Moreover, orders ahead run as far as | May, with some of the railroads just HENRY K8 FORD By the Associates Pres | NEW YORK, March 29.-—Post-war America’s billion-dollar executives in- clude a machinist, a mining engineer, a mill hand, a school teacher, a lawyer, an electrician, a minister’s son, an ofl | dealef, an electrical company executive and a scientist. ‘These men are the active adminis- trators of enterprises combining under their control more than $20,000,000.000 of the Nation's wealth, any one of which would have been able to buy the 13 Original Colonies and to have put a fence around them. | beginning to show the buying rash with | which they normally break out once | each year. Jupiter Pluvius, as usual. is now | shaking his fist and making threats at | | the farmers, but the strength of the | latter is indicated by the disposition to | | buy agricultural machinery with as- | | tonishing freedom. Current orders on | | the books of the farm equipment manu- | | fecturers are well above those at this | | time last vear. i The automobile production in the | first quarter is conservatively estimated 18t 40 per cent higher than in 1928, | The actual total of cars and trucks turned out in January and February in Canada and the United States was 1920.600 and the conservative estimate | for March is 500,000, or a total for the | quarter_of 1,419,600, a record for all time. This may be the peak and some reduction may show in April, but if there is a decline it is expected to be | small. Foreign business is 45 per cent heavier than a vear ago. Other Strong Spots. Parts mekers are worked to the limit, and' tire production is expected to be 20 per cent above that for the first quarter of last year. Airplane engine manufacturers have shown equally im- pressive gains, and there have been in- creases in plane output and commercial routes operated. Demand for machinery and machine equipment reflects these activities and is of unusually heavy volume. Roadmaking equipment is es- pecially active. Purchases of electrical | machinery by industrial plants have been of unprecedented volume, as have orders for central station equipment and railroad electrification. Copper is still strong in technical position and price. As yet the high | prices have not sufficed to curtail de- “mand from consumers. Lead prices have been rapid and sustained, owing to the Mexican situation, and zinc has also done better. Radio sales are unusual for this time of the year. and are ex- pected to run something like 40 per cent ahead of those of 1928. . Bank to Be Trust Company. VIENNA, March 29 (Special).—At a meeting of the stockholders of the Vienna National Bank held Tuesday it was voted to change from a national bank to a trust company under the name of the Vienna Trust Co. The nl:g;;:ge will go into effect on July 1, DIVIDENDS. Regular. Pe- e Rate Tiod. able, Plecerd 6215c Q Apr. 20 Api oy $1 @ May 1 $2.50 © Aor. 10 50c © May 6 Company. Alliance Realts. .. m Coal of Alle Bl of Steily Trust.. Barnsdall Corp A Bon Ami Al Do B . . Castle (A M) DL&W iy Diamond Match Elec Power & Light! Franklin Mfs D 5 5!!0;.'!‘ gnrg -6t iqut ronic 171 MIZR & L6 ) N Y & Hanseatic ... §: i Weil Bupply pf Reading Corr. o 'Y Eears-Roebuck Ve & Rpf... 81 U8 Ind Alrohol /5130 © May U 8 Mtge & Tr 47 O Avr Wabash Ry of A..liis% @ May 2 Extra. Castle (A M) & Co...35c — May Initial. N Y Investors $00BA ....... Sea Increased. MacMillan Petiroleum.50c Q Apr. 15 Alfred P. Sloan, jr., obtained a bach- | | elor of science degree from the Massa- chusetts Institute of Technology in 1875, when he was 20 years old. He be- came head of a company manufactur- ing ball bearings and was 35 years old when he identified himself with auto- | mobiles as president of the United | Motor Co. He became president of the General Motors Corporation 16 years ago, when he was 38. Owen D. Young now is 55 years old | and chairman of two leading electrical | enterprises, the General Electric Co. and | the Radio Corporation of America, al- | though in 1913 he was still a member | of a Boston law firm. He obtained a degree in law from the University of | Boston at 22 years of age, and it was | 17 years later, as vice president of the General Electric Co., that he turned to the work in which he was to become | pre-eminent. Gifford Is Youngest. Walter S. Gifford, president and di- rector of the American Telephone & Telegraph Co., is younger by seven years than any other of the “big ten.” When he was 20 years old he took his A.B.| and said good-by to Harvard. He wasted | no time, and his first job was assistant | to the secretary and treasurer of the | V]f:sum Electric. He is only 44 years | old. Walter C. Teagle is another who has not varied his program a great deal. A record of his career thus far begins and ends with oil. He was graduated from Cornell University and became a dealer in oil immediately afterward as a member of ‘the Cleveland firm of Sco- fleld, Schurmer & Teagle. ‘The minister's son is Albert H. Wig- gin, chairman of the board of the Chase National Bank, New York. In 1885. when he was 17 years old. he fin- ished a high school course in Medfield, Mass.. and went to work in Boston as a bank clerk. From bank clerk to presi- dent of the country’s third largest bank summarizes his 61 years. George B. Cortelyou, president and trustee of the Consolidated Gas Co. of New York, was 46 years old before he showed any particular interest in gas and its distribution to the public. He was _in_succession a lawyer, school Mortgage Money Loaned ° At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Lite Ins. Co. 1520 K Street Main 475 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 2994 District National Bank Building t EALARS 5T you'll 6% Over a Third INVESTMENT THAT If you are seeking a compe- tently —provide MAYOIRAT 1GAYGHE"S IS SOUND secured investment — find our FIRST MORTGAGES the two desirable ALFRED P. Stoan,ur| [ _MITCHELL] teacher and public official, his last post being Secretary of the Treasury under President Roosevelt, before entering the gas industry. He is the only one of the group who was born in New York City. | He is 67 years old. Ford Started at 40. Henry Ford was 40 years old when he organized the Ford Motor Co. in 1903, The district school and a course in busi- ness college gave him what classroom | education he had, then he became a machinist's helper. He worked at this trade for 20 years before anybody ever referred to him as Henry Ford, manu- facturer of automobiles. James A. Farrell's father was a ship captain, but the sea did not appeal to the son. He went to work at 16 as a mill hand to help support his family. He performed odd tasks around the mill, which made steel wire, and he has re- | mained a ‘“steel worker” all his life. ‘Today, at 66, he is president and direc- tor of the United States Steel Corpora- | tion. - # Charles E. Mitchell, president and-di- | rector of the National City Bank, start- | ed out to learn the electrical business | after leaving Amherst College. He be- gan working in the Western Electric | president of the Trust Co. 01, Amencn.‘ ; Q Equitable Co-operative Building Ass'n In Nearby Virginia Prudential 5]/2% lnll:‘.ane::‘ .Co Loans Commonwealth Investment Co. 917 15th St. N.W. Phone Main 2623 | | | | | Buck & Company Estanibed 1010 Stocks Bonds Grain Cotton Write or call for weekly market letter No obligations BUCK AND COMPANY Evans Bldg. 1420 New York Ave. Franklin 7300 JOHNSON & ADAMS Insurance @ Service Commercial National Bank Bld & C)Washington,D.C. “THE CO THE STATEMENT OF of the Continental Assurance Company of Chicago, I11. On the 31st day of December, 1928, as re- quired under the District of Columbia Code, amended June 30, 1902, and August 18, Capital stock . Capital stock, pai ASSETS. Cash in bank Real estate . Real estate im e Stocks and " bonds value) ... Bills receivabie e Premiums_uncoli d ‘in hands of agents (deferred and uncollected) Interest due and accrued All other assets: Policy loa: Miscellaneous assets Total assets . _ LIABILITIES. Net unpaid claims . Reserve as required by law.. expenses, Commissions, brokerage, etc.. Cash dividends remaining un- Salaries, rents, taxes, ete. . paid . sl Capital stock . ALl other liabilities Total liabilities . Character of business trans the vear 1928: Life, accident and health. assumed Amount. of 1928 Losses sustained during the r 1928 stock trading slow, market dull. consin sacked round whites, easy. CONDITION .. 81 in cash 1,000,000.00 (first (market ... S1L,75%711.49 income " during " ‘the r 1028 Al He is one of the youngest of the coun- try’s big executives, only 51. Began as Assayer. Willlam C. Potter, a mining engineer until his thirty-seventh year, brought with him an unusual accumulatoin of interests and experiences when he be- came a banker. At 54 he is president of the Guaranty Trust Co., 17 years after making a complete success in the en- gineering business. His first job was as an assayer with the Liberty Bell Mining Co., Telluride, Colo, POTATO MARKET DULL. CHICAGO, March 20.—(U. 8. De- partment of Agriculture).—Potatoes— Receipts, 74 cars; on track 289 cars: total U. S. shipments, 796 cars; old Wis- 50a65; fancy, shade higher; Minnesota and North Dakota sacked round whites, 55a 65; sacked Red River Ohios, mostly 85; Idaho sacked russets. 1.45a1.65; few 1.75. New stock, trading fair; market Florida, barrel, Spalding Rose, RADIO-TELEGRAPH | MERGER RUMORED Wall Street Hears Two Com- panies Will Unite—Report Unconfirmed. By the Assoclated Press. NEW YORK, March 29.—It was the | talk of Wall street yesterday that ne- gotiations for a gigantic communica- tions merger involving the Interna- tional Telephone & Telegraph Co., which owns Postal Telegraph and Com- mercial Cables, and the Radio Corpora- tion of America are nearing comple- tion. Gen. James G. Harbord, president of Radio, declined to comment on the re- ports, and no confirmation was avail- able at the offices of I. T. & T. Osthenes Behn, president of the com- pany, could not be reached, and Hernand 'Behn, executive vice presi- dent, was ill. It was said that negotiations were going forward in Paris, between Owen D. Young, chairman of the board of Radio, and Thomas W. Lamont, a member of the firm of J. P. Morgan & Co., dominant interest in I. T. & T., both are in Paris in connection with the reparations conference. Wall street found significance in the fact that Davis Arnoff, general manager of Radio, and H. B. Orde, vice president and treasurer of I. T. & T, also are in Europe. While the reports were vague in detal], it was generally understood in banking circles that Radio would sell its “recently formed subsidiary, Radio Communications, Inc., to I. T. & T, and ‘would in turn receive a substan- tial stack interest in the latter. Financial circles saw in the purchase an_effective means of combating the national radio-cable groups being or- ganized abroad, particularly in Great Britain. The ite act prohibits merger of communication systems, but it was thought in financial circles this had been circumvented by the outright sale. The 1. T. & T. was incorporated in 1920, and since then has acquired the International Western Electric Co., the All-America Cables, Inc.; the Mackay companies and companies in South America, Europe, Cuba and Porto Rico. Western Maryland Railway (hm.X BALTIMORE. March 29 (Special).— | The Western Maryland Railway reports | a gain in net income of $15,019 in Feb- | ruary, despite the fact that operating | revenues were off $76,806, compared with the corresponding month in 1928. | Saving of $73,552 in operating expenses ; 7.25a7.50; Texas sacked Bliss Triumphs, 4.25a4.50. enabled the company to make the bet- ter showing in net income. | JOHN JOY EDSON, President Organized 1879 Assets .....ooeen Think of the Future By Saving No Lay the foundation now for financial independence by saving systematically You'll find our pl of tremendous help in aceumulatin, Stop in and let us tell you in the Equitable. money. about it. 915 F St. NW. ..$5,513,051.63 Surplus & Profits......$1,601,704.98 Subscription for the 96th Issue of Stock Being Received WALTER S. PRATT, Jr., Secretary 49th YEAR COMPLETED w SOUTHEASTERN MANAGERS NTINENTAL eneral 1911, ,000,000.00 Capital stock . Cap:tal stock, i $157.958.28 201,399.65 6,820,218.62 2,807.380.00 12,362.83 547.087.30 . 21977842 s 857.676.00 133880.25 All other assets Salaries, rent: taxes. etc. 12.73 53.79 76.045.49 33.351.12 DRIAE 5 capital ‘stock ' 45.000.00 * All other lal 1,000,000.00 reserve . 199,692 47 Surplus . $9,512,555.60 cted during (nSharacser of cellaneous ¢ Amount $32.340,013.00 ten during ‘th 497,168.53 5,131,876.86 Total COMPANIES” STA' oF 'TEMENT o &:HI CONDITION Continental 'Cnull!y ompany of Hammond, Ind. Gt On the 31st day of A 3 quired under the District of Columbia amended June 30, 1902, and August 18, 1911, value) pid s Premiums’ uncoilected ‘and ‘in hands of agents ... Interest due and. ac LIA] Net unpeid claims ......... Reserve as required by law s, expense Commissions, ' brokerage, c:shmulndpndl Temainin Total liabilities .. business : Aceident premiums _writ Losses paid during the disburseme: . Chicago, 1l Oqeg“ Eh eago, 111 mber, 1928. as re. Code, 1.925,416.7¢ 14,899,816.74 BILITIES. . 8493221717 7.407.733.35 ing u 1.110.485 15 3.500,000.00 +...321,506,813.08 transact iny ha St R . fidelity and surety. $15.389.624.76 year 6.400,627.34 16.553.488.58 e vear 1928 FINANCIAL. Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 2%2% ‘We Make First Mortgages on Homes, Apartments and Business Properties in the Distriet of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue. Decatur 3600 Mortgage Loan Correspondent, New York Life Insurance Compeny £/ LOANS REAL ESTATE ' We invite applications for loans on improved : property in the City of Washington on a straight threes - year or monthly payment basis. Low Interest Rates 15th and Penna. Ave. N.W, FIVE CONVENIENT OFFICES w THEY YIELD SIX PER CENT with the regularity of the clock! SHANNON & LUCHS, INC., First Mort- gage Securities are mever worth more or less than face value plus interest—and the highest rate of interest which is com- atible with absolute safety—SIX PER ENT. There is never any fluctuation in the value of this Preferred Investment, for Im- proved Business and Residential Real Estate in Washington secures each note, and it is to be remembered that there are no strikes, walkouts or industrial dis- orders here to deflate the value of this In- vestment of Proven Safety. This Real Income Producing Security has stood the test of safety for nearly a Quarter Century SHANNON: & LUCHS First' Montgage Tnvestments’ Telephone: Main 2345 1435 K Street, Northwest THE FIRST SUPERTIRE! GOODYEAR DOUBLE EAGLE BEN HUNDLEY GOODYEAR TIRES 3436 14th St. N.W. (At Newton) THIS VALUABLE INVESTMENT GUIDE IS valuable Investment Guide tells the story of successful investments backed by income-producing city buildings. Th a lil This new edition describes how surplus funds may be invested in sound, 6!2% First Mortgage Bonds . . . as well as in other types of securities earning in many instances higher returns. ds of Investors who desire safety of principal first, and al yield second, have read our book each year. The ygiib'{'g‘,im;nls"a.jrflnx It also explains the sound security of income-producing city buildings and the numerous safeguards developed during our 56 years of experience for the protection °f investors. of a 1.998.719.51 Collections MANTON MAVERICK, Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes essentials—safety and return. the vear 168 Conservative appraisal assures protection of principal—and in- terest will be paid promptly on the day it is due. .. 14.859.820.77 MAVE; 3 Vice President. E, . TIMME: Secretary. Subscribed_and sworn to before me this 4th_dsy of Pebruary, 1939, (Seal) ABBE SMITH otary, Public. Commission expires February 26, 1930, Vice President. E. G. TIMME, Secretary. Subscribed and sworn to’before me this 16th day of February, 1929. (Seal.) ABBE SMITH, Notary_Public. Commission expires February 26, 1930. Century Without a This latest edition “Fifty-Six Years of Investment Servie be had for the asking. Return the form below for your copy. THE F. H.SMITH CoO. Investment Securities— Founded 1873 Smith Building ~ Washington, D. C. (815 - 15th St,, N.W. — Main 6460) Branch Offices in— New York —and Other Cities NAME ADDRESS . Loss _—————————e Over Ten Thousand Individual Clients Have Learned To Rely Upon the Insurance Advice and Service Extended by the “Continental” Sales- men Associated with this Office National In amounts from $250 up. B. F. SAUL CO. Main 2100 925 15th St. N.W. Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 . 38-1 Telephone: 9112.9113.9114 THERE IS NO SUBSTITUTE FOR SAFETY