Evening Star Newspaper, March 30, 1929, Page 27

NATION'S BUSINESS 15 DECLARED GOOD Trade Reviews Find Industry Unaffected by Lighter Credit. Epecial Dispatch to The S NEW YORK, March 31 —The feature of the weck's activities, as seen by the business reviews of R, G. Dun & Co., and Bradstreet, was the severe shake- up in the stock markets and repercus- sions of the money flurry tending to lower prices of some farm produce. A high mark of activity in jobbing and retail trade has been maintained, and first appearance of warmer weather | has been productive of an increase in unskilled labor. . Bradstreet's report says: “There seems to be practical agree- ment that March and the first quarter will have set up some new high records of prodnction, this more especially in outputs of steel. copper and some other metals and in automobiles. Perhaps | the most cefinite new development of the week has been the growth of the idea that, despite thé last severe Win- ter and doubts still existing as to the conditions growing weather will reveal, the wheat crop has done better than it did the Winter before, and that a larger proportionate share of last Fall's planting will survive and grow than was the case a year 2go. “Peatures of the week's trade have been the final rush of wholesalers and jobbers to complete Spring shipments and hurry re-orders, while at retall the tures seem to be a heavy distribu- tion by department and chain store or- ganizations, this more particularly in the larger centers. Mail order trade reports have been cheerful. In con- sldering the showing made for March | it needs to be recalled that the ad-| vantage of the Spring and early Easter urge to buy has been partially offset | by there being one more Sunday, and, | therefore, one less business day in March than a year ago, the net results of which will need close analysis and later returns to define.” Dun’s review says: “Despite sharp competition and small margins of profit on many individual | commitments, corporation statements | for the first quarter of this year | promise to show gratifying results, on | the whole, and most of the statistical indices point upward. Widely viewed, | conditions are better than those pre- | valling a year ago, aside from the ele- ment of credit uncertainty. Prepara- tions for crops have been delayed by | weather drawbacks. but some recent | improvement in s connection has | o been officially reported, and experience | has demonstrated that a backward start | does not always mean reduced harv %l Considering the disturbances in finan- | cial and speculative markets, trade has exhibited a degree of stability that cannot be regarded as other than re- | assuring.” C. & P. Operating Revenues. BALTIMORE, March 30 (Special) — Operating revenues of the Chesapeake & Potomac Telephone Co. for February were $1.053.517. according to a report filed with the Public Service Commis- sion. Operating expenses were $835,526, making net operating revenues $217.991 For the 12 months ending February 28, the raport says, the operating rev- enues were $12,992,188, and for the same period the operating expenses were $10,207,741. making the net operating revenues $2,784,447, which is equivalent | t0 6.57 per cent on the average value of the company’s property. iy, BY KENNETH S. VAN STRUM. NEW YORK, March 30.—Probably no other industrial group has been more in the public eye during the past year than the four largest manufacturers of popular priced cigarettes, For sever: years they have waged a relentless ad- vertising war for business, and while several times they have made gestures toward stopping the seemingly endless struggle, the industry expects that even larger advertising expenditures will be made throughout 1929. R. J. Reynolds. The R. J. Reynolds Tobacco Co. showed the largest earnings of any com- pnny in the American tobacco industry 1928. Reynolds’ main trade mar] are “Prince Albert” and “Camel” but manufactures plug and twist besides smoking tobacces. In spite of the severe competition 1 this fleld, which has, among other things, reduced the whole- sale price of cigarettes greatly, the com- pany’s earnings have been increasing steadily year by year. The company principal products have been very popular for a number of | years, and, aithough its advertising campaigns are less spectacular than those of other manufacturers, managed to more than hold its own in the industry. The company's latest balance sheet indicates a tremendously strong finan. cial condition with $126,000,000 of work. ing capital, while properties and in- tangible items are written down to very low figures. This financial security al- lows the company to pay a dividend of $2.40 a share on the new common stock, while the average earnings over the past six years were only $2.95. At cur- rent prices the yield is 4.5 per cent, which seems low in view of the small margin by which the dividend is carned. Perhaps the low yleld may be due to the conservative financial policies of the company American Tobacco. ‘The American Tobacco.Co. until 1911 was the dominating force in the tobacco business of the world. During that year, however, the company was disin- | tegrated under the Sherman anti-trust act, and stockholders were given shares |in the new companies formed. Iron- ically enough, American, when forced at that time to relinquish control or sell part of its properties, was helping to establish the three companies which are today its bitterest competitors: R. J. Reynolds, Liggett & Myers and P. Loril- lard. After its disintegration American acquired control of a substantial inter- est in American Cigar, Tobacco Prod- uets, Cuban Tobacco, Mengel, Schulte and United Cigar Stores. Todav American Tobacco makes about o-third of the cigarettes and smoking Lohacco and one-fourth of the plug to- bacco produced in the country. Its principal product is the Lucky Strike cigarette. By an intensive advertising campaign, the expense for which has been charged off against current earn- ings, it has more than maintained its -competitive position in the industfy. In fact, in spite of lower wholesale cigarette prices, the company in 1928 showed the largest gain in earnings of any tobacco company, totaling $11.19 a share on combined common and Class B. which share equally in dividends after the preferred. Earnings have in- creased steadily for the past six years, averaging $9.61 a share for the period. American Tobacco continues a very aggressive advertising campaign for its products. The slogan, “Reach for a Lucky instead of a sweet,” is typical of the present campaign intended to ap- peal to women. Incidentally, this cam- paign has evoked the condemnation of many manufacturers of sweets, and al- though it played a large part in in- creasing American’s earnings last year, its ultimate success cannot yet be pre- dicted. With $101,000,000 of work- There are more than 42,000 Negro churches in the United States. ing capital, however, the company is al | tobacco. Liggett & Myers' earnings n- ks |ing many to consider the stock a $5 it has| in & splendid tion to maintain' its 'tf . In all probability u& continue to i the future, and there is much talk of & split of its eommn shares during uzo on & two-for-one basis, with ps a fl;;-dolh“l’ g.nyma nu fl g v continues ent well secured dmdznd ot u 1t ylelds about 4.9 per cent. Liggett & Myers. Liggett & Myers is the third largest company specmmng in the production of popul riced cigarettes, principal|y, products Beml Chesterfield, Fatima and Pledmont cigarettes and Velvet nn\olmz creased about the same as Reynolds’ in 1928, although not so much as Amer- ican’s, Since larger profits were shown, however, in spite of lower cigarette prices, it is obvious that this company made progress during the year. Liggett & Myers !ollnwx the yohcy ot declaring early each year the regu- lar dividend of $4 and then adding an extra dividend, the size of which is de- termined by the year's earnings. The extra has been $1 for some time, lead- stock. At current prices the yield on this dividend is around 5.9 per cent, which is generous enough as complud with the ylelds on other tobacco stocks, whose dividends are earned by even a smaller margin. Liggett & Myers’ earnings have shown remarkable stability for the past seven yeal averaging $6.43 a share and reaching $6.82 in 1928, thus amply covering the $5 paid. Perhaps one- reason why the stock sells on & somewhat higher yield basis than other leading tobaccos is because it has an issue of bonds and cumulative preferred stock ahead of the common. In less prosperous times these issues might be a burden, but in recent years the company has so steadily improved its financial position that today it has a large enough working capital to take care of its funded debt easily. P. Lorillard had for mmy yun been ComrpLETE FINANCING Ist & 2nd TRUST MONEY On homes, apartment buildings and business properties. No apprai fee. Prompt service. Real Estate Mortgag & Guaranty Corp. 24 Jackson Place Main 1403 Applications Invited at 5Y2% Glover & Flather | 1508 H St. NW. il specializing in Turkish cigarettes, pro- ducing Murad, Helmar and other cigarettes, as well as plug and smoking tobacco. Its advertising was indifferent and 'its earnings were steadily declining, while those of more popular-priced, heavily advertised cigarettes were rising rapidly. In 1928 umnna nndmm:t a hange of management, and with the :ml;ce decided to enter the lowu-pfice‘ The company introduced “Old Golds® Mlnucxtannvo ndveflmnc flmpllm a 1 huher mate anc:eu of the company in the lower-priced field is not yet nuured Although earnings for the past seven years have averaged $2.93, ‘they have been declining “steadlly, and in 1028 were only 75 cents a share. ‘The bond issue helped the company to maintain a good current financial position, but heavy advertising charges are making heavy inroads into earnings. The fact that the company, being new in the fleld, has only just entered its advertising mrfl ign, and that it is not yet as well equipped to produce cigar- ettes at the low prices maintained by its larger cflm?efi'ol‘l, have doubtlessly been responsible in part for the cut in profits last year. The stock is specula- tive and its future depends upon the outeome of the “cigarette war.” (Copyright. 19 D. €. SATURDAY; RADIO-TELEGRAPH MERGER TENTATIVE i | Cate that & ruling would be sou -olg”aox 5" hcoestuliy been ,uu w"f;r'm. ‘m ?fi: um- 3 I}’ I T. The report said that the el.mfldm- tion was about $100,000,000 and all that remained to be done 'u for I T. & T. to pay the purchase pi “Gen. Harbord, presldenb of the Radio Corporation of America, and Sosthenes Hehn, president of the Inter. national Telephone & Telegraph Cor- poration,” the statement said, “an- nounced that the reporied agreement between the Radio Corporation of America and the International Tele- phone & Telegraph Corporation is merely an accord as to the desirability | of a consolidation of their communica-~ tions interests and tentative plan un- tY | whether its pr: the itimay be accomplished when British Empire, France, B Germany the unification of eommunm- situation are apparent.” i B Sl TS & today's statement was believed to l:wi- on determine de: ul{ ovisions would prevent reiluolfl.c A, Com- ‘munical muhyx.'x‘ &T. ‘WESTERN UNION REPORT. mwmum.w plmph!et annual report issued yes- the communications com- Plny ‘estern Union has associated with the Radio pmtion of America in repos mer and Mr. culwn stated that Western Union would continue to be close observers of the ress of radio and that the company’s position as the Radio Corporation’s Far East traffic under a contract r\mn\nf until 1944 {A‘;fl %rualn":d Ax} opportunity to observe andling of messages over great distances by radio, ‘The annual statement of the com- pany’s operations for 1928 shows gross earnings $136,449,512, the greatest in he history of the company and an in- crease of 3.6 per cent, or $4,678,510 over 1927. Cable revenue increased 5.7 per THOMPSON & JONES C. Braddock Jones—Chas. Taylor, Jr.—Hugh L. Murrell—Royal A. Wray Main 2469 TEMENT OF THE CONDITION o OF THE Guaranty Co. of Providence, R. I. 1928, as olumbia August On the 3ist day of December, required under the Distric Gode, amended June 30, 1903, an Capttal mc); i i $750,000.00 o oo 5 780,000.00 4,356 08 152916.43 ... 1.992,768.50 ollecied’ and in s All other assets Total assets. . $117.002 R fl 36,500.00 Net unpaid claims. Reserve as required rents, ' a Salartes, expenses, o st Surplus ... Total labilities.... $2,333,350.71 Character of busingss transacted dur- ing the 1928: igntuing, tor o idstorm. Sna. csclon inkles Teakage. earthquake. tion and _explosion, theft. property damage and collision). mount of risk assu during the vear 1928....1236,836,494.00 409.526.44 year Losses sustained during thi 1¢! 1,008.408.46 ded uunnc the ‘year year 1t Maney recelv B G, et President. retary. Subscribed and o% l'om before me this sthday of Febru JOHN' F. HARTNETT. Notary Publle. STATEMENT g‘ m ‘CONDITION of New York, N Y. On the 3ist day of December. 1 required under the District of flm"l Amended June 30, 1902, nd Atgust Capital stock . $1,000,000.00 Capital stock, i cash ... n $1,000,000.00 Gash in offce.. Cash in bank ,and "t bondl $100 00 7,154.64 1,981,324.00 44.853.46 21,161.72 ..92,134,992.82 (market ands of agents. Irterest due and accried Total assets LIABILITIES. Borrowed money....... . $62,487.61 rents, expenses, s 1398 % o 153 pital stock 000.00 S Pother liabiiitics ununon- £d Josses” and " contin eserve !urmul Dtumb! Total labilities . Character of business tratsacted dur- ing the year 1928: Fidelity and surety ni * received during the, year #1727 Expended durtng lm- n-r 1938 Jo4. D. LIVINGSTO) vaident. HAROLD W. RUDOLPH, soSbgerived l‘nndu n} to before me this (Bealy °f MU 5% covune. Notary Public, Kines.Co. Clerics Ko, 263; N. No. 654; Bronx Co. Clerk's R, 38 GsrE 2 iR Ao Hea Goungy "My commission expires March 310 Albee Building STATEMENT OF THE CONDITION Fire Insurance|Seaboard Surety Company |Central Surely nnd Insur- ance Corporation of Kansas City, Y, | Mo. On. the 31st day of Dece: frauired ‘under” the DRISICE of Combia Code. amended June 30, 1902, and Au- sust 18, 1911, Capital stock Al stock, $23.660.79 256.631.34 625,789.25 2,285,045.00 4814202 ) 2,949 37 !locn nnd bond: (market an gents Interest due .na accrued. All other assets . Total assets LIABILITIES. Net unpaid claim: . Reserve as requlred by Taw] Relnsurancs premiumi Salaries, ~rents, taxes, etc. ..... exunum Capita ing the year heatth Yirsiary, comper emp. liab.. plate & i delity and sure during the . $662,802.00 e 2,773.597.38 Losses sustained s Money Yetnvad durml ,l‘rd ‘d.zfl ing !he ytlr ? e P‘!s\dr’n( 3. HELMICK. Asst. Secretes 8 Ir:‘cflbfl’! i‘nd ’h'v;;’z;fl before me this 27th day of arch, (Seal o V. M. GILLMAN. Notary Public. My commission expires January 24. 1033 ALL FORMS OF INSURANCE & BONDS) We Write Insurance in All Its Branches Including Workmen’s Compensation Insurance Made Compulsory by Act of Congress as of July 1, 1928 Representing the Leading Companies Automobile, Fire, Casualty, Plate Glass, Accident and Health, Boiler, Electrical Machmery, All-Risk Jewelry, Transit, Explosion, Tornado, Rpt and Civil Commotion STATEMENT OF THE CONDITION OF THE American Eagle Fire Insurance Co. of New York On the 31st day of December, 1928, as required under the District of Columbia Code, amended June 30, 1902, and Au- sust 18, 1911, Capital stoek .......... Ospital stock, pald up, in cash +ee 1,000, ASSETS. Oash in bank ....... Stocks and bonds (mar- ket value) Bills rnelnble & Premiums uncollected and in hands of agents .... Interest due and accrued.. Total assets . LIABILITIES. Net unpaid claims 835 Reserve as required by law 6,327, Salaries, rents, expenses, taxes, ete. Commissions, etc. 13,824, brokerage, 48, Capifal ‘stock ' Al other liabiiit g serve for contls nel Reserve for market flu tuation in seclrities... Total liabilities X re. ‘leakage, exploston, rlot. and e inland and ocean marin surance as -umed bv Amount risk assus Biring he venr 1936 $1,902,080, Losses sustajned during st the year 1928. Moner received durln[ 8,138, 5,676. UAID, Vice President, bt ERAY, Hobetribed and. swo thig 8th day of Februarx, 1929, WEB! Totary. Nar-rv Pnbnc. New ank County, Cleri's No. ‘505, Rerister's No. My commission expires M . .$1,000,000.00 2074, ,067:35 901, 50, L s18812,18080 276, 150, 1.000. ,898.30 rn to bsfore me Guarantee Corp., Ltd. 00090 gust 18, 1911, Capital stock pald up. in cash, deposit “ 274.62 148.82 26213 | Stocks and value). Z Premiums iiicoliected and in hands of agents Interest due and accru All other assets 528.28 Total nssets. .. 180.68 300.00 88043 LIABILITIES. Net unvaid claims and re- Utcarned premiums. Salaries. rents, ex 000.00 000.00 axes.’ etc Commissions.’"" brokeraxe. Capital deposit .auv nther”l‘!’lblll Total liabilitie Character of busin he yea Money Feceived during the T 1928, Logass paid duri 342.00 1031 935.74 483.98 156.36 this 25th day, of Rebr o. 'S 057 Sounty: Noot1t: R uuu reh 36, Sew' Fork County. No. 0 commission expires uneh b 1 STATEMENT OF THE CONDITION OF THE United States Branch of The Ocean Accident & 1 Park Ave., New York, N. Y. On the 31st day of December, 1938, as required under the District of Columbia Code, amended June 30, 1902, and Au- $800,000.00 28.810.20 761.382.49 835.347.14 19,990.00 15.5£8.860.45 1&? mfi $7.121.187.94 5.711,249.28 491,755.02 ransacted dur- {nE the vear 1028: Casualty and credit. " 47:106.030.00 13‘11‘ 879.82 . '»0"0-.'1-'1 C. H. NEELY. Manager and Attorney. Subscribed and 55 to, before me Ne l Pnfi“t- ings Count 4 ER, ‘é:‘:'t' cate nfu ew ¥ r{ & nts fl. STATEMENT OF THE CONDITION OF THE Union Assurance Society, Ltd. of London required under the Distriét of Colum- bia Code, amended June 30, 1002, and August 18, 1911, Cash in bank o4 % 2,199,435 00 nuo Anu ncruea 27.289.00 All other assets ‘Total assets. .$3,233,494.36 LIABILITIES. . $210,363.00 w 1,594,580.50 Commissions, brokerage, 27.907.0 Surplus . . 1,316,643.38 Total lisbilities. .$3,233,404.36 Amount of ~isk assumed © during the year 1920.. Zosses sustained during the year 1928.. . Money received d\lnfll the year 1028 .$280,999.947.00 1,665.233 7" 1,664.207.¢ P. W. KOECKERT, U. 8. Manager. "ubscribed and sworn fo before mc this 1ith day of February, 1929. (Beal) J. L. TOOMEY, Notary Public; Bronx No. 27; New. York On the 31st day of December, 1928, as | . $273.083.17 | gt 133.300.53 | 356.65 | 720,760.2¢ | STATEMENT OF T)&‘ CONDITION -OP ‘TH] Newark Fire Insurance Co. of Newark, N. J. On the 31at day of December. 1928. a”Under the District of Colum: ed June 30, 1902, and | A $1,500,000.00 i 1,800,000.00 130037 00198 m 4 TOFUERESE o 000 7,468,400.00 50.34 St Rills receivabie | Premiums uncoliected”and | n $500,653.06 4,032,213.62 202.273.20 18,600.00 1,500,000.00 48,092.56 Tegerve e and nee o cos. Tein account unauthorize Total labilities . Surplus $9,265,725.7 Character of business tr :t:a dur asiness i 4 the year 1p28: Fire. oce 3 i reinkler Jemkie. rio! otion, explosion anc | ATNaimt of Tiek assumed “uring the vea ar, 1938 41,300, 282,648.00 Loe ‘"‘e""’ 5 o 1,198,227.15 4,411,009.55 4.058.127.27 | THOMAS L. FARQUHAR. | th President. GEORGE A. BERN, scribed and eretary. this et day of ?.!;ml 1 i s 31 3 AY o;&m Geal) - Jory Fublic, 5 4. RANDALL H. HAGN INCORPORATED Charles E. Hagner, Manager, Insurance Dept. Real Estate, Loans and Insurance 1321 Conn. Ave. STATEMENT g; 'KTH“IE CONDITION | Star Insurance Company of | On the 31st day of December. 1928. as required under the District of Columbia Code, amended June 30, 1902, and Au- Capital stock Capital stoc! cash.... Cash in bank Al other Net unpaid_claim: Al other Adjusting expenses. Character of bun’nm transacted dur- I i ch-n Pu 5i enlm lnm: ls 1629, merica of New York, N. Y. requi st 18, 1911, | Auzu Gapt Cash ocks and boi Cash 4.228.130.00 .30 Shat 13331 15.137.024.96 in Inters in_hands of agents terest due and nccrued assets: Rein fnce recoverale on “Total assets. Liszurries, .. 4248.093.87 2,100.352.46 106.385.30 s 10375 00 i Taee! | 11:239.79 ‘Total iiabilities $3.480,069.69 | tor tornado. light- i de inefir: Am !'lfl 527.352.00 909.820.38 | 2,240.386.31 2.,073,346.82 befors me MANN, R ty Olerk’s No: tment Subscribed and sworn {z Lith day of March, 1 Cfi‘ ty !Jk' ER STATEMENT OF THE CONDITION OF THE Alliance Insurance Co. of Philadelphia, Pennsylvania On the 31st day of December, 1028, as bia Code. ock. . Capital stock, ‘paid ‘up. in Stocks and bonds (market value) .« 3 Premiums uncaollected ‘and | All other -assets: ance recoverable Net unpaid claims.. Cupital stoc b i SUIplUS i..n . Tota) ‘labilities. racter of i e Tyear 1536: Fire and marine iount of risk assumed during the year 1028. toges sustaiped during i 5 CASetan Becretars. Subsc: this 8th day of January. (Seal.) Commisstan expires January 16, 1920. red under the District of Colum- amended June 30. 1902, and st 18, 1911 $1,000,000.00 . 1,000,000.00 al stoc! $100.00 9171878 708425400 767,035.74 16.153.93 in office. in bapk.. hands of agents est due and accrued Retnsur- LIABan’ms. $711,242.00 e ts.reauired by > 3,438,131.20 202,200.¢0 24,900.00 74,221.20 3.448.474.08 ..38,019,168.52 litightion. siness _transacted ance. £$1,149,724,814.00 1,644.739.02 4,156,808.44 2,641,786.73 7 AMIN RUS amuum’,mfinm d sworn to heforé me ribed and sworn to, b A. MACDONAL! ' o Notary pubic. mn pe ferred Imfllfilt those companies, of what has u.len place in the amoun tl; sole collector and distributor of the the total operating costs cm.m.m, increase of $4,464,223 over 1927, Pack. mules are still com| trucks on the national zuela, which at one altitude of 14,000 feet, APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the Distriet of Columbis and adjacent suburbs in Montgom and Prince Georges Counties, fl 512% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA 1001 15th St. N.W. Maein 8100 ! Frervinnt Viee-Fresige ALLAN E. WALKER & COMPANY INCORPORATED REAL ESTATE LOANS INSURANCE Members of the Insurance Club of Weshington 913 Fifteenth Street N.W. Fire, Tornado, Burglary, Liability, Plate Glass and Automobile Insurance—Fidelity and Surety Bonds STATEMENT OF THE CONDITION Of the Glens Falls Insurance Company of Glens Falls, N. Y. On the 31st day of December. 1028. a5 required under the District ¢f Colum- bia Code. amended June 3¢, 1302, and August 18, 1911. STATEMENT OF THE CONDITION Of the Hartford Accident and Indemnity Company of Hartford, Connecticut ©On the 31st day of December. 1928. as required under the District of Colum- bia Code. amended June 30, 1902, and August 18, 1911 Capital stock gah o e Gl ek Bills’ receivavie " Premiums uncollected in_hands of agents ... Interest due and accried:. sundry baiance $75.308.23 Secured balance 4 Punds with Work. Comp. Reins. Bureau .. Funds with Work. Comi Reins, Bur. for est. uh- iosses rance lmm recov- a is " (mar- 98,329.78 5 189,306.62 16.342.187.08 00.00 419.282.92 Tufersst due and |r<rLr4 All other assets Total assets ... 95,515.37 oy 321,582,444.70 LIABILITIES Net unpaid claims ... Reserve as reauired by law Saiaries, rents, expenses, xes,' etc. B Jdivicend Net unpaid claims . Reserve st reauired by Taw 13 Reinsurance premiums ... 12, Balaries, rents. expenses, taxes, ete Commissions. spaenng 8,127,512 3 422.463.76 Capital stock Capital stock All other liabilities All other liabiiities—Re- serve for contingenci Voluntary Total liabilities serve ... Surplus ... Total liabilities .. Character of business transacted dur- ing the year 1928, ealth Auto Liability, Olher L delity, Surety.'Gla Prop. Dam; Collision. " Other Brop. Damase ahd Collislon ana Live Amount of risk assumed during the year 192¢ Losses sustainea dur! the $2,990,823.396.00 4,087.400.36 B R 10,287,386.33 xpende urin Stocl ear 1028 ' siee 9.016,76852 x.osee« sustained during the, yesr 19 .$13,737,671.87 \{unr! received during ihe ar 29.608,731.88 Epended during the ear 1928 . 25.082.813 71 3. COLLINS LEE: Vice President. R C. L. HAMILTON. Comptroiler. Subicribed and sworn to before’ me this 35th day of February, 1949 (Seal.) Puhnc Ms commission expires Feb. 1. 1530, F. M. SMALLEY, Presidext. P. L. COWLES, Secretary. Subscribed and sworn to before me this Tth day of February, 1929, (Seal.) E_CONWAY, Notary Publle. Commission expires March 30, 1929. Annual Statement (74th) OF THE Mutual Fire Insurance Co. of the District of Columbia On the 31st day of December,.1928, as required under the District of Columbia Code, amended June 30, 1902, and August 13, 1911 ; Assets Liabilities Cash in office. $5,417.27 | Net unpaid Cash in bank. 18,717.98 Real estate... 63,040.80 Real estate mortgages (first lien) . Stocks and bonds (market value) . Interest due and accrued All other assets claims . $953.70 Reserve as re- quired by law 10,207.02 210,400.00 Salaries, rents, expenses, taxes, etc... All other liabilities . . . Total Toeutiant assets..$315,094.66 liabilities . .. $28,830.95 Character of business transacted during the year 1928: Fire insurance on mutual plan. Amount of risk assumed during the year 1928. !l‘ 921, 016.13 Losses sustained during the year 1928. Money received during the year l!ll Expended during the year 1928.. 13,214.00 68.14 4,034.61 270.00 17,602.09 L. PIERCE BOTELER, Secretary. Subscribed and sworn to More me this 28th day of February, 1929. (Seal.) HELMA PEACOCK, Notary Public, D. C. The operations of the past year compn'ed favorably with former years, showing substantial gains especially in assets and nurplul. Since the Company was chartered by Congress in 1855, thousands of dollars have been utumed to the Pohcybolder , greatly reducing the cost of their insurance. MANAGERS: WILLIAM A. H.U(E.HUICH OFFICERS: W. A. H. CHURCH, President L. PIERCE BOTELER, Secretary C. KATTELMANN, Treasurer WM. REED MACGILL, Ass’t Sec’y “It Pays to Insure in the Mutual Fire” Ask for Rates and Other Information. Phone Main 1180 Office in Company’s Building 1301 H Street N.W. The Largest Insurers of Hm in the District