Evening Star Newspaper, February 13, 1930, Page 13

ANCIAL., INSURAN[}E TRUSTS - +[S ROBERTS' TOPC Many Are Expected to Attend ~‘Meeting at Press Club FUWF Tonight. © o iEsd STONE. { I i BY EDWARD C. & One of the largest gatherings of bankers and insurance men to take place in this city in a long time acheduled for tonight at the National Press Club. Wal- ter E. Roberts of the Equitable Trust Co., of New York, will speak on “Life Insurance Trusts” a8 the guest speaker ‘, the District | Columbia Lite Un- derwriters Associa- tion. ‘He not only comes _here with a carefully prepared address but is bringing with him & very interesting s series” of motion pictures bearing on the -unjectt ;l'he ; dinner meetin Starls ab 630 With Harold D. Kraftt, head of the local associaton, presiding. { Mr. Krafft said today that unusual in- terest ‘was being manifested in the | meeting. Woodward to Handle Transportation Claude H. Woodward, president of the Mount Vernon Savings Bank, has been appointed chairman of the trans- portation committee to arrange for the next annual convention of the District Bankers' Association to be held at Ash- ville, N. C., June 5 to 8, President W. * J. Waller announced today. ., " Mr. Woodward was chairman of this same committee last year and his services to the association were much appreciated in connection with the con- i vention at Montauk Point, Long Island. | the officials are greatly pleased that he has agreed to handle the transpor- ) tation situation again this year. The { + Clande H. Woodward, duties of this committee involve an ! unusually large amount ‘of work. Mr, Woodward is one of the younger bank presidents in the city. During | the three years he has been at the helm of the Mount Vernon Savings Bank the |, { institution'has shown marked progress | and growth. Bonds Awarded fo Igiehart. ‘The new issue of $787,000 State. of Maryland 4% per cent certificates of 1irdebtedness, general construction loan |- | of 1929, was awarded yesterday to J. A. W. Iglehart & Co. Public offering of * the issue was made today. ‘The bonds will be dl!ed February 15, ! 1930, and will be due serially February 15, 1933 to 1945. They were offered on a 4 per cent basis for maturities from ! 1933 to 1942, inclusive, and on & 3.95| maturities from 1943 exempt from. all Federal income taxes and will be tax free in Maryland. The total net bonded debt of the State ©of Maryland is less than 1 per cent of the assessed valuation. Blnk Section Holds Meeting. e fiduclary section of the District Bmkm’ Association held a monthly dinner. last night at the c:ty Club, T. Stan! Holland reporting on life-insurance trusts. A round-table dis- cassion. followed . the report. About 25 members of the section were present, lraz:d‘cmnnm David N. Houston pre- |* sl Credit Men h ‘Banquet. R. Jesse Cheney of the Commercial National Bank, who is chairman of the. entertainment committee of the Wash~ ington Credit Men’s Association, an- Stephen I. Miller, of “the national take for his subject Credit Conditions in the United sma for the Balance of 1930.” He is a bril- liant speaker, and has a host of friends in Washington. . Prices Steady on Exchange. ‘Trading was moderately active on the ‘Washington Stock Exehnn‘e wd-y after vesterday’s holida Electric preferred sold n 91’/;, Pedznl -Ameri- can National Bank stock came out at 293 and Riggs National sold at 527%5. Mergenthaler again sold at 109, Peo- les Drug Stores preferred chlnnd ands at 105 and 50 shares of Wash- ' ington Mechanics Mortgage common sold at 93. Potomac Electric Power 51, per cent preferred sold at 107% and 107%. Bondu held at recent levels. Heard in Financial District. G. Bowie Chipman, resident partner of Harriman & Co., has returned from & two weeks' visit in Havana, Cuba, He reports a most enjoyable trip. William Montgomery, president of the Acacia Mutual Life Association, has gone on a brief trip to Florida. He will also visit several Southern branch offices. Total student enrollment of Washing- ton Chapter, American Institute of Banking, has reached 658, great interest being shown in the second semester classes. American Stores Co. Teports sales as follows: Twenty-seven days, ending February 1, 1930, $12,926,692; 28 days, ending February 2, 1929, $13,010,372 The figures, as presented by the com- pany, cover different periods of time, thus showing a small decrease for the current year, however, average sales for the period in 1930 were $478,766 per day, as compared with $464,656 per day for the 1920 perlod. A “banquet number” of Dollars and Sense, publication of Washington Chap- «ter, American Institute of Banking, will be issued February 21, the day before the annual banquet of the chapter at the Willard Hotel. The annual meeting of the policy- holders of the Acacia Mutual Life As- sociation will be held on Tuesday, March 18, DIRECTORS OF W., B. & A. RE-ELECTED FOR YEAR Special Dispatch to The Star. BALTIMORE, February 13.—At the annual meeting of the stockholders of the Washington, Baltimore & Annapolis Electric Railroad Co., held here yester- day. dlrecwrs were re-elected as fol- lows: Herbert A. Wagner, chairman; W. Graham Boyce, Wulhm J. Casey, Charles M. Cohn, Harry T. Gonnolly, George Weems Willlams, all of Balti- more, and Thomas P. Littlepage of ‘Washington. The following executive committee 33% 22 Abitibi Power&Pap, 1 74 AT 110 32 25% lfl&\ 234 141% 82y 114% 513 110 1 97% 10“& M% 8% 2% 1% 63 23 28 96 188 43%" 1% 67 107 265 230% mmnl-u. Add 00. High. Iow. Close. 28 77 28 64% ADItiINIP&P DS 3 74 45 AbrihemStreuss... 2 50% 50% 104 Abraham& Stpf (7), 20s 110 110 23% Adams Hxpr(1.60). 110 am 81% 23 Ad-mnuul-(l)...‘ 26% % 118 Alr Redugtiont (3) ..o 21 Alr Way BlAD(23%)« 1% Ajaz Rubber. % Alaskai 834 Albany I' W Paper. 23 Allegha; Am Agricul Chem. Am Bank Note (13) Am Bosch Magneto. 6% Am Brake Shoe(2.0) 2 49% Am Br S&F pt (1).. 408 1zn 126% Am Brown BovElee. 87 174 15% Amnmwnslpflnm-. 2% 1% 117% Am Can (4) 8% Amc-rtm o 75% Am Chain pt 363 Ar Chiole o (tl 26% Am Com Aleo(nL60) 23% Am Encaustie (2). 35 Am European Seo. 88% Am & For POWAr. .. .. 19% Am Hawailan 8 8 (3) 4} Am Hide & Leather. 27% Am Hide & Lea pf. 56% Am Home Prod (4. 35% Am Ice Co (t4)..... 36% Am International (3) 94% Am Locomotive (8). 111% Am Loco pf (7) 44 Am Metal (3) 110, Am Metal pf (6). % Am Piano.... 77 Am Power & Lt (31), 100 Am Pow &Lt pt (6). 75 AmP&LDLA (l%) td § - EE - TR | AnrSafety Raxor (5) 17% AmSeating (2).. m 83 Am Shipbullding (l) lOOl 69% Am Sm& Ref (4)..., 6% 133% Amsn&kflpflfl.. 2 134 42% AmvSnulf Co (3% 1 43 44% Am S| 2 51 60%. Am Sugar, 2 lN Lu(lufir D.. m Am Tobaceo (B) (l)- 88% Am Water Wks (n1); 186 107% 7% Am Woolen. . 16 278% 122 4T5% 112% % 95 101 80% 85 3T 23% 9% 62 224 231 Bl fl‘! 226% 233% 227y 104% 108% 104 16% 2761 128 49 110 5 96 100 79 84% 36 28% 883, 62% 226 16% 37% 37% 387 42% 42% 42 15% 16% 16 76 31% Andes Copper (3). .« 35 24% Archer-Dan-M (3) . . 79 Armour Delpf (7).a 5% Armourdil(A).... 2% Armour Il (B). 89, Armour 11l pe (1), 6% Arriold Constal 248 ‘Art Motal Works @, 3614 Am\Avnlm(l) 28 “AssoDry G (2%). 33% Ass0 Ofl (2).. IS ....._.............:.. 78 44% 36 !‘OK 219% Atch T & 8 Fe (ll).q JG fl’!fi 2M 2!0 103% BO% 62% 41% 90% 104% 6% 8 45 6% 35% 0% Baldwin,Loco (175). 116 111 - Baldwin Looo pf (7). 119% 11 102% Atch T&SF pf (5)... 2% AtlG & W Indies. 59 AtG&WLDL (6)..1 86% Atl Refining (12). .0 £1% Atlas Powder (4) 101 Atlas Powdr pf (6, 3% Austin Nichols, 4% Autosale: 37 Au ti-!RA(!)- A% tion Corp Del. .. 52 33% n% 105:116° 116 Baltimore & Ohio 5 n; guh & Ohio o peC m Barnet Lnther. e 32% Bendix Aviation (2). 12 31% Best & Co (2). 10 3 104 103% 103% 11% 2% 2% 74% 6% 33% 7 6% 5 T6% 7T 43% 288% 103% 1 ‘“ “fl 4::: v 44 o 5 102!6 92 Bethlehem Steel “). 108 10“‘ 10016 lm l00 127 103 kil 56% 72 16% 15 8% 13% 60% 54 Bklyn&Queens pf (4) 154% 131 20% 23% 26% 37% 12% 14% 45% 30% 50% 44% 108 249% 685 13% 56% 27% 34% 110 92%% 107 :‘2’?‘ Bethlehem St pf (7). 2 126% 100% Bush Term deb (‘l).). 126! Bloomingdale pf (7). 20s ml 108“ 74 Blumenthal pf (7)...100s 47% Bohn Al & Brass (3), 2 3t 70% Bon Ami A (4).. W Mfg.. 21% Briggs&Stratton (2); 13 Brockway M . 63 Bklyn-Manbat (3) 84% Bklyn-Man Tr pt (8) 10 Brooklyn & Queens. . Bklyn Union Gas (5); 13% Bruns-Balk-Col. 15 Bruns Ter & Ry 22% Bucyrus Erie (1). 33% Bucyruscv pf (3%).. 9% Budd (EG) Mfg (1). 8% Budd Wheel (1) 29% Bullara (1.6 26% Bulova Watch (i) 43% Burr Add Mach (1). 36 Bush Termnl (2%).. 5 B weted —u.u:'gv-u;uus—u-enmeoun - Calumet&Hec(a35). 19 Campbell Wyant (2). 63% CanadaDry G A (5). 115 E!h/i 2l'l 81% 8 11% 615, 14% 82 126% 126% 103 102% ki3 11% 60 164% 151% 144 32 24% 27% 23% 192% Case (J I) (6) 54 Caterpillr Trac $3% 6% Cavanagh-Dobb: 35% Celotex (8)seeecsese 24 CentAguirre As1%. 30% Cent Alloy Steel (2)., 105% Cent Alloy St p£(7).. 20 10 31% 108 4 241 243% 241 68 68% 10 32 108 4% 68 10% b3% 55% bb4 24% 24% 24 32 1071 4% 63% 63% 634 7 14% 14% 14% 4% 17l 49% 46% 49% 45% 5 285 283 235 233 2 74% 11% Colo & South (3). 68% Colo & Sou 1st pt “) 20- 70% Col Gas & El (2)... . m 104% Col Gas & El pt A(6) 5% 145 39% 26% 44% 87% 30% 102% 12215 27 74 6% 16% 39% 26% 46% 88% 30% 102 124 27% 66 38% 46 988, 8% 36 a8 98 ~Prev. 1930. Hien, Tow' ™~ Dividend Rate. uu 00, High. 1% 59 Contl Insur (2.40 o oa "5 "ot Continemtar Motor: 23% 21% Contl Ol of Del. 27% Contl Shares (1) 87% Corn Prod (13%) 24% Coty, Inc (k2)....... 2515 Cream of Wht(2%4). Crosley Radio (1).... Crown Cork & Seal. . Grown W P 1st pf(7) 10a Crueible Steel (k5).. Crucible Steel Df (1) 1208 % Cuba Cane Sugar Cuba Co. Cuban-Amer Su Cudahy Packing (4) . Curtis Publish pf(7); Curtiss Wright Corp, Curt Wright Corp A., Cutler-Hammoe; Davison Ch Debenham's (a2.32) . Deere & Co pt (‘U... Blll Delaware & Hud (9). Del Lack & W (17).., Denv&RG W pt.... Detroit Edison (8).. Devoe & R, A (2.40).. Diamond Match (8). 750; Dominion Strs (1.20) 33 FTaanewn 9 Eran mulmns Duquesne 1st pf (5)., Eastman Kodak (13) Eaton Axle &S (3).., Eitington-Schild Klec Auto Lite (6. El Auto-Lite pf (7). loUn Eng Pub Serv (31) Eng Pub Sve pf (5) .. Xng Pub Svoptf (5%) Kquitable Bldg (2%) M [T {STTEIE: N e aSE Evans Auto L($3%) Fairbanks Co pf.....120s Fairbanks Morse (3), Fash Park Asso (2% Fed Lt & Tre ($13%). Fed Motor Tr (80c) Fed Water Ser A 2. Fid Pho Fire 1(2.60). Firestone T&R(1.60) 80% Firestone T&R p(6) 50% First Nat Strs (33%). 3 Fisk Rubber. 13 nnknubbnntr:..nm 12% Fisk Rub 1st pf cv.. 1008 37 Follansbee Bros (3)., 1 16 2 0 11 1 b 3 30 8 3 270 88% Freeport, Texas (15) 5% Gabriel SnubA.. 69% Gamewell Co (5) 3% Gardner Motor, . 12 Gen Amer lnvesto: 99% GenAm Tnk Car(34) 49% Gen Asphalt (4)..... 119% Gen Baking pf (8)... 20! 25% Gen Bronze (2) 26 GenCal 656% Gen Cable A (4). 51 Gen Cigar ( 59% 126 it 37% G.Il(o!m‘l fll.lD) 122 ll'lh Gen Motors pf (7 Gen Public Serv (b6) 86% Gen Ry Signal (5). 87 Gen Refrac (1434)... 8% Gon ‘Theat Equip vi 9 Goodyear 1st pf (7)., 21% ‘Gétham Silk H (2%) 70 Gotham S H pf (7).. 9% Graham-Paige...... 51 Granby Copper (8). . 82% Grand Silver Strs (1) 83% Grand Stores (1) $0% Grt North pf et (5). . 19% GtNctfsOP (a3%). 29% Grt West Sug (2.80). 12% Grigsby Grunow (2); 1% Guantanamo Sugar.. 88% Gulf Mo & North.... 51% Gulf Sta Steel (4)... 26 Hackenpf A (1%)... 71% Hahn Dept 8 pf(6%), 29% 26 Hall (WF) Ptg (m1) 114% 100% Hanna (M A) 1st (7) 89% 86 Hanna pt (new) (7). 13% Hlfl.mln Corp B 1.20, B lelme (Geo H) (t7)- 70 Hershey Choe (5).. 83% Hershey Choc nt(t‘) 16 Xoe (R) & Co. . 7 Hollander & Son. 26% Holland Fur (et2%), 19 Houdaille Her B (2). 52% Household Prod(t4). 52% HoustonOfl.......e 36% Howe Sound (14%) 46% Hud&Man Ry (3.60). 53% Hudson Motor (5). 20% Hupp Motor (£2) 131 128% Illinois Central (7).. Zl% 21% Independ O1l & G (: ) 176 164% Ingersoll Rand (4) 30% 26% Inspiration (4).. 16 13% Insurance Shars 45c., 34 20% Interboro Rap Tran.. 5% 4% Intercontinental Rub 28% 256 Interlake Iron (1)... 7% 4% Intl Agricultural.. mm 152% Intl Bus Mach (n6).. 56% Intl Cement (4) 5 Int Combustion 30 Inter Comb Eng pf.. 178% Intl Harvester (234). 31% Int Hydro ELA (e2). 65% Intl Match pf (4)...s 25 Intl Mer Marine (1).. 31% Int Nickel of Can (1) 26 Intl Pap &P A(2.40). 15% Intl Pap & Pwr B 12% Intl Pap & Pwr C 79% Intl Pap & Pwr pf(17) 93% Intl Print Ink pt (6). 2». 61% Int Rys.Cen A pf(5).100s 16 Intl Silver (t 76% 62% Int Tel & Teleg 30 Inter Dept St (2) zin& 23 Intertype Corp (2 24% 19 Investors Equity(2). 102 42% 41 Ysland Creek Coal(4) 54 43 Jewel Tea (4). . 148% 117 Johns-Manville (3).. 122 121 Johns-Manv pf (7) 3 2 Jordan Motor Car. Kaufmann)D 8 (1%) 34 Kayser Jullus (4)... 85 XKeith-Albee-O pf (7) 3% Kelly-8i 1 67 Prev. Low. Close. Close. 68% 68% 614 21% 37% 963 29% 16% 127% 116% 100% 68% 6% 21% 37% 96% 30 281 16% 51% 91 891 114 1 100% 192% 36% 9 100 108% 6% 65% 109% 7% 5 56Y% 56% 98 101 425 61% 66% 25 20 36 22 2% 9% 36 80 29% 82 57 3% 18% 1% 42 67 17% 6% 21% 37% 98% 30% 2% 165 50% 94 90% 4 | forces. 1| |STOCKS IRREGULAR IN PROFIT TAKING Utilities, Industrials and Rail Issues in Early Upward Movement. BY STANLEY W, PRENOSIL, Assoclated Press PFinancial Editor. NEW YORK, February 13.—Sharply conflicting price movements in today’s | stock masket reflected the struggle for control between opposing speculative Prices headed upward at the opening under the leadership of the public utilitles and a few high-grade industrials such as American Can, American Tobacco B and U. S. Steel common, which were marked up to new high levels for the year. The market turned irregular in the early afternoon on a renewal of selling pressure against Simmons Co., Gillette Safety Razor and the mail order issues, Business news wa$ mixed i char- acter. Freight loadings in the week ended February 1 were - considerably larger than the week before, but- fell below the same week last year, and were the lowest of any corresponding week since 1925, Copper stocks showed a further slight increase in Jahuary, but shipments were slightly larger than the month before, Underwood ‘Elliott Fisher showed earnings 'of $10.08 a »2|share in 1929, which- contrasts with $6.77 on a slightly smaller capitaliza- tion the year before. Call money renewed unchanged at 4 per cent. Lowering of the Boston Fed- eral Reserve rediscount rate to the 4 % | per cent level recently established by S7’/fil Efvh 80% 29% 8% 5% 4 18% 18% 41 65 174 33% the New York and Chicago Banks was construed as an indication of a gen- eral easing of credit conditions. Pool activities accounted largely for the activity in the public ‘utility group, merger rumors stimulating the advance, Philadelphia Co., General Public Serv- ice, Brooklyn Union Gas and Ameri- can Telephone were marked up 4 to 7 points to new peak prices for the year. American Water Works was marked up 3 and a number of others advanced a point or two, one block of 10,000 shares of Conslidated Gas of New York changing hands at 115. Buying orders were distributed among U. S. Steel and the investment utilities in the final hour, despite the persistent 4, | pressure against the merchandise shares, Simmons was quoted around 66 and Gillette Safety Razor around 89. The closing tone was irregular. Sales ap- i pmxlnuud 3,800, 000 share: HUGE C. & 0. OUTLAYS PLANNED IN VIRGINIA Bni]md to Expend Extra Large Sums at Hampton Roads and Newport News. More than $6,000,000 is allocated fo Eastern Virginia by the Chesapeakt & Ohio Railway budget for additions and improvements. Of this $3,150,000, says a Richmond dispatch, will be for the extension and improvement of terminal facilities at Hampton Roads, including a new low level coal pier and a new merchandise pier. The new low level coal rler at Newport News, which will practically double the coal handling capacity of the railroad there, will cost $1,657,000. A merchandise pler at New- port News will cost $1,500,000. ‘Tunnels at Alleghany, Va.; White Bulphur. Fort Springs, Frazier, Midvale, ; Princes, Williams Creek -nd Bold.ler. Ky.. will be enlarged. tunnels are to be constructed. to p-nllel existing ones at Jerry's Run, Va.; Big Bend, W. Va., and Prince, W. Va. Tun- mel work will cost about $4,000,000. A new wheel shop building and ad- ditional machinery are provided for the shops in Richmond. DIVIDENDS DECLARED. NEW YORK, February .13 (#).— Hidrs. of .. record. 000D} T 0OPODDZF 823 2 May Oil Burner. Bheaffer (W A) Pen mo NEW YORK CENTBAL NEW YORK, February 13 (#).—The New York Central Railroad Co. had December net income of $15,218,991, bringing the total for 1929 to $78,277,- 291, against $50,334485 in 1928. 800 received on the road’s holdings of Michigan Central, Chicago River & In- diana and Indiana Harbor belt stocks, TREASURY CERTIFICATES. Reported by J. & W. Seligman & Co.) oMty i 1930, s Juns 16, 1930 s. ies paid employes constitute one of the largest items of business expenses which are deductible from gross income. ‘To be allowed such, claims must con- form closely to the words of the revenue act, which provides for the deduction of “a reasonable allowance for personal services actually rendered.” The test of deductibilily ' is whether the amounts paid are reasonable and ‘whether they .re, in fact. purely for personal services. Money paid an officer of a corporation for which no services are rendered, or for services inadequate to the com- pensation is not deductable as salary. Reuom:ll_‘e‘ % ‘pe:::lnun"ls ’l;eld to ge an amo a narily is paid like_enterprises in lke clrcunm-nceg for like services. For example, an officer of a corporation received in 1929 com- pensation in excess of the amount ordinarily paid for services such as he rend and which bore a relation- ship to_the amount of his stock hold- ings. The excess would not be treated as salary, but as a distribution of earn- ings of the corporation, and the amount of such excess would not be considered a deductible item, NEW YORK, February 13.—The fol- lowing is today’s surhmary of important corporafion news prepared by Standard Statistics Co., Inc., New York, for the Assoclated Press: + .News Trend. Steel ‘ingot production was advanced further during' the past week. Opera- tions ‘ar: now between 79 and 80 per cent of capacity, as compared with 77 per cent in the previous week and T4 per cent two weeks ago. In the same week a year ago output was at about 86 per cent of capacity. Carloadings for the week ended Feb- ruary 1 totaled 898,894 cars, an in- crease of 36,273 cars over the previous week, but a decline of 48,260 cars under the same week of 1928. These are thc largest loadings of the year, but com- pared with the corresponding week of previous years the lowest since 1925. Miscellaneous freight, an accepted in-|the year. f The circulating notes outstanding, dicator of industrial activity, showed a drop of 8 per cent from a year ago; grain and grain products and forest products also showed sizable declines. Outstanding corporation news in- cluded announcement of an increase in dividend rate by John Morrel & Co. and the declaration of a 20 per cent stock dividend by G. C. Murphy Co. Also of outstanding interest was the announce- ment of Fox Film Co. reorganization plan. The Companies. Adams Millis Corporation earned $4.83 on common in year 1929, against $2.92 in period April 8, 1928, to Decem- ber 31, 1928, American Stores’ sales 4 weeks to February 1, up 0.8 per cent from a year ago. Blsle Commodities Corporation, $7.- 000,000 company, formed to invest pri- marily in essential commodities and raw materials. Bendix Aviation Brake manufactur- ing subsidiary acquires Bragg Kleisrath Corporation of Long Island, N. Y. Chicago Yellow Cab earned $6.23 on common stock in year 1929, before spe- cial charges for Abso]escenu, against $4.05 in 1928, Gulf States Steel president estimates 20 per cent of company’s outstanding shares have been purcl Repub- lic Steel Corporation. Hersey crelmery to buy Meyer Dairy of Bethlehem, Pa. Miller & Hart, Inc., earned 61 cents on common stock in fiscal year to Oc- tober 31, 1929, against $2.72 in 1928. John Morrell & Co. declares quarterly dlvldenfl of $1.10 on common shares, placing stock on a $4.40 annual basis, ‘llln!fi ”60 lcrmerly. rphy Co. declares common nmck divmenfl of 20 per cent on com- on shares. Initial quarterly dividend or 40 cents declared on increased stock; paid 30 cents quarterly prior to split. National Cash Register January for- eign sales up 40 per cent from a year ago. Large German plant in construc- tion to take care of increased business in_that _country. New Process earned 82 cents on com- mon stock in year 1929, against 87 cents in 1928. Reliance Manufacturing (I11.) earned $2.02 on common stock in year 1929, against $2.25 in 1928. ‘W. A. Sheaffer Pen declares extra dividend of 50 cents and regular semi- annual dividend of $1 on common stock. Zenith Radlo earned 33 cents on common stock before Federal taxes in nine months to January 31, 1930, BOND ISSUE SOLD. BALTIMORE, February 13 (Special). —The State of Maryland yesterday sold '.o J. A. W. Iglehart & Co., of Balti- more, $787,000 41 per cent certificates of indebtedness, general construction loan, at $103.443, :r on an approxi- mately 4.05 per cent basis. This was a much better price than the State received for the obligations it sold last July and is indicative of the improvement in the market for invest- ments of that type. . TRUSTEED SHARES the IDEAL INVESTMENT !m;rll'g- rincipal. el in- ‘ilfi:\(fll'lunl':fl funds of organizations. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation Woodward Bullding. Met. 8783, FIRST THE SURETY OF When you invest in our 6',% FIRST MORTGAGES you are simply putting your money to work in a “good pay- ing job” — where it is amply protected by MORTGAGES SECURITY improved real BANK RESOURCES REPORTED BY POLE Controller Finds Total on Call Date of December 31, 1929, Was $28,882,483,000. | By the Associated Press. National banks in the United States had aggregate resources of $28,882,483,~ 000 on last December 31, Controller of the Currency Pole announced yesterday in making public the figures compiled from the last national bank call. ‘The resources on that date were com- piled from 7,408 national banks and exceeded by $958,173,000 the amount reported by the banks on October 4, but it was 31 706,673,000 less than the resources of the banks on December 31, 1928. Loans and discounts, including re- discounts on last December 31, amount- ed to $15,150,046,000, an increase of $188,169,000 since October 4, but a de- crease of $120,585,000 in the year. Total Deposit Reported. Total deposits on December 31 ag- gregated $22,773,493,000, which was an increase of $871,496,000 since October 4, but a decrease of $1,573,887,000 in the year. Included in the total deposits were demand deposits of $11,192,750,000 and time deposits of $8,434,442,000. The time deposits included postal savings of $96,767,000, time certificates of deposit of 31,305.212,000 and savings banks de- posits of $6,024,199,000, . which were represented by 15,660,840 accounts. Investments in United States securi- ties of $2,612,087,000 showed decreases in the 3'and 12 months' periods of $92,787,000 and $396,636,000 respectively, Paid in Capital Stock. Paid in capital stock of the banks was_$1,704,473,000 exceeding by $33,- 199,000 the paid in capital on October &1.?07,000 greater than on Surplus funds of $1,548,376, 000 and net undivided profits, excluding reserve lcwunn of $497,043,~ 000, a total of $2,045419,000 showed a reduction of $25,695,000 since October, 1929, but an increase of $63,592,000 in which | aggregated $646,420.000, were $5,316,000 more than in chober. but 33,985,000 less than a year ago, REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Advantages incident to direst Tepresentation 1520 K St. N.W. National 0475 LOANS ON REAL ESTATE Wi avaflable funds at cure s of interest—normal com- o) CONSID- missio MICAL. ERATION FOR BORROWERS. Both larse and small loans negotiated. MOORE & HILL, Inc. Since 1900 730 17th Street Railway construction is to be exten- sive in India this year. REAL ESTATE LOANS ——e Large and small First Trust loans negotiated promptly at pr:vllhn‘ rates and commissit [ S —Y FIDELITY MORTGAGE INVESTMENT CO. 507 11th St. N.W. National 2431 T Secured by First Mortgages Safe—Conservative Aty 42 Years) the hishest e, XpETiEnce est rate consist- In 'lllnlllk' ent with absolute NOMmes and in the safety, Sl Wm. H. Saunders Co., Inc. REALTORS Dist. 1015 1433 K Prosperity Ahead HE year 1930, a little more than a month old, is off 1o a wonderful start. The Fed- eral Government is taking the lead in huge expenditures for public improvements., If we may prophesy, the year will bring handsome returns to those who put forth their best efforts, and prosperity to the District of Columbia and out- lying territories. In Washington the opport ties for fmvestm-nt in the financing of buiiing enter- prises have never been better. With the city’s growing pop- ulation and a greater need for places to live than ever before, no better opportunity for ine vestment is to be found ‘in Washington than the sound, unfailingly safe 6 per cent First Mortgage Notes sold through Swartzell, Rheem and Hensey Company. Not a penny, in_either interest or princi- pal has ever been lost to the owner of these notes. ‘And the fact that these notes can be purchased in denomina- tions of $100, $500, and $1,000 make them available for any purse. They are here mow awaiting ‘you. SWARTZELL, RHEEM & HENSEY CoO. MORTGAGE BANKERS 727 1S STREET N.W, / , WASHINGTON D.C., To those who are confronted with home financing problems we offer the competent counsel of over forty years experience in this service . . . First Mort- gage Funds for loans on residences and business buildings in the District of Columbia and nearby Maryland suburbs— three, five and ten year terms. estate, which we have conserv- atively appraised; and because of which you are assured of uninterrupted and unvarying return, Over a Third of a an dofficers were re-elected: Executive committee, Herbert A Wagner. chairman; Charles M. c.hnl 31% 24% Columb Graph (87¢). 195% 168% Columbian Carb (16) 31% 23% Com Credit (3)... Harry T. Connolly and George Weems ‘Williams. Officers: President, Herbert A. Wagner; vice president, Charles M. Cohn; vice president and general counsel, George Weems Willlams; vice president and general manager, 2 conxwlly. vice d)ruld:n; d secre- tary, Thomas P. Littlepage, and treas- urer and sassistant secretary, William Schmidt, jr. " 87% Klnnl! (0 R) pt ). 2||l 1% Kolster Radio... 12 38% KraftPhCh (1% 323 Kresge(S8)Co(l. 23% Kreuger&Toll (1.34) 42% Kroger Gr&Bak(nl), Century Without a 1 3% Loan Correspondent for “The Prudential ™ H.L. Rust Company 1001 Fifteenth Street National 8100 B8 T 40 L38'H BD 1889 st pt ) 1208 36% Coml Inv Tr (n.u). % 11 Com Inv Trat war. 27% Comm Solvents (1).. 100 12% Comwith&Sou(§0c). 280 46% Conde Nast Pub (2)., 2 13% Congoleum-Nairn... 15 45 Conm-Cn'('lK). 1 44 Consol Cigar (7; Harry L A Ba May be purchased in amounts from $250 up. SAUL CO. 925 15th St. N.W. % 84 Leh PortCem (3% 1 105 Leh Port Cm pf (1)..100s 15 12 Lehigh Valley Coal 1 82% Leh Val Coal pf (3). 70% Lehigh vulay (1435) 29% Lehn fi ink (3). CANADIAN PACIHG RAILWAY. NEW YORK, February 13 (#).—The Canadian Pacific _Rallway plans spend more than $50,000,000 during the current year on new equipment, branch line construction and on improvements 23% 28% 114 116% 114 mo“ mou mou 9% Liggett&Myrs B(15) 18 lm l'm nm 138 Liggett & My pf (7)., 6% . 7% 6%| "43 35% Lima Locomotive... 4:% 47% 48%| 64% 2% Liauid Carbonis (4).. 93% 64% 42% Loew's, Inc (3).. o o W 234 170 1164 4 100% 96% Consol Gas N Y (4).+ $9% Gondol Gas NY pe(s) 114% 100% 2 18 6% 48% 6% B. F. National 2100 to its present equipment and roadbed. New equipment ordered, or to be ordered, will cost nearly $15,000,000, while $3.- 500,000 is to be spent on the company’s s hotels and $3.000,000 on improving and sstending its telegraph system. 90 86% Losw’s, Incpf (614). priibalidsdt e o Lo (Continued on Page 14.). 3% THERE 1S NO SUBSTITUTE SAFETY Can (2%)...., ' 34% n l;ou “ Dia Fibre (3) .. FOR