Evening Star Newspaper, February 14, 1930, Page 14

A—14 *¥= INSURANCE TRUST METHODS PIGTURED Underwriters and Bankers | Hear New York Financier Plead for Co-operation. FIN Closer co-operation between bankers | and insurance men in connection with the growing interest in insurance was | urged at a meeting of the District Un- derwriters’ Association last night in the National Press Building, many local bankers being present by special invi- tation. Walter E. Roberts of the Equitable Trust Co. of New York was the guest speaker. He declared that estate or- ganization is the best method of de- veloping the insurance and trust busi- ness and presented slides showing a very carefully worked out scheme by | which this can best be done. i In discussing “Life Insurance Trusts.” he made it clear that in developing the organization of estates idea there are three major interests vitally involved The client who wants his estate prob- lems solved: the life underwriter who | is willing to earn commissions on the new business secured and the old busi- ness retained. and the trust company which is willing to earn standard fees by rendering adequate fiduciary serv- ice. Three Leading Interests Served. “We may conclude,” said Mr. Roberts, “that if the solution of the client’s problem is our primary aim, all three interests will be properly served.” After giving further attention to the estate problem, the speaker listed eight special needs for life insurance as follows: “To guarantee financial independence. to retire current estate liabilitics, tc re deferred estate liabilities, to| cover contingent estate liabilities, 10 i demnify business against loss of k lives, to supply family income require- ments, to liquidate closcly held business interests and to indemnify against the loss of income.” Turning from specific to what happens to es sizes. Roberts explained: “We have discovered that the aver- age estate shrinks by about 20.20 cent of its value. In other words, your client may reasonably expect that out of every $1,000 of property he expecis to leave to his family they will receive perhaps less than $800. Much of the shrinkage of capital and revenue is caused by wills and trust agreemen:s which may be as out of date as the old- fashioned carriage.” As Banker Sees Preblem. Quoting Winthrop W. Aldrich, presi- ! dent of his company, Mr. Roberts said | more than 50 years’ experience in estate | management has taught the organiza- ton that for creation of an immediate estate no better method than life in- ! surance has yet been devised for men desirous of discharging financial and moral obligations to family and society. Life insurance, he concluded, replaces ‘he economic value of the estate opera- don and modern trust service replaces | “he managerial ability of his family to he estate creator; in other words, life nsurance’s primary function i to urnish money and the true functioneof modern trust service is to supply money management. Mr. Robert’s pictures were highly in- ‘icauing and revealed a large amount | of research on the subject. The example ‘aken presented the facts about an state of $475,000. To many the figures emed somewhat large to apply to the erage estate in Washington. How- ver, the problem is much the same to ’e applied to smaller estates and the peaker made special menton of the act that the New York banks do not rare to handle estates of less than 750,000. President Harold D. Krafft of the Jistrict Underwriters” Association pre- ided and_introduced several other | peakers. David N. Houston, chairman { the fiduciary section of the District 3ankers’ Association, said that his »anking group is co-operating so far s possible with the insurance men in | -ieveloping the trust idea. Anotfer “peaker- was T. Stanley Holland, who | s chairman of the local bankers' as- ociation’s insurance committee, ex- oressed his views of the situation, vhile H. Cochran Fisher, vice pres dent of the underwriters’ association, outlined the main reasons why insur- | nce men should be particularly inter- | osted in insurance trusts. | 3 ., The dinner meeting was one of the | argest the insurance men have held | nere for a long time. It took place in the main ball room of the National | 2ress Club, several vocal selections and | Amos and Andy adding to the gaiety ! af the occasion. Wall Street Briefs By the Associated Press. The statement of the New York Fed- cral Reserve Bank relative to gold| movements for the, period February 6 to 12, inclusive, showed imports of $92, 000, chiefly from Latin American coun- tries; no imports and not yet change in the amount of gold earmarked for for- eign account. The daliy statement | showed imports of $5,110.000 from Bra- | zil today, in addition to the $92,000,000 shown in the weekly statement, Stockholders of Schulte United Prop- erties, Inc., have approved changing the company's name to the Retail Proper- ties. Inc., in order, it was stated, that it more designate the | activities. The company owns retail store locations in | 22 cities in the United States and| Canada. H Unfinished orders now on the books | of the Baldwin Locomotive Works, it | was reported today, amount to around $24,000.000. Operations at the com- pany’s plants are being increased grad. | vally, with the expectation that about | 7.000' men will be on the pay rolls by early Summer, as against the 5000 employed there now i Stockholders of the United States| Gypsum Co. have approved an increase | in the $20 par stock from 1,250,880 to 2.080,000 shares. | Julius Kayser & Co.. manufacturers of silk hosiery, plan to place its new Melbourne, Australia, plant in opera- tion early in May." Initial production of | the factory will be about 1,000 pairs of | hosiery weekly. The preliminary report of the Balti- more & Ohio Railroad for 1029 showed | , 767,908 ith $29.100,- 930, or $1243 a share on 2,151,878 shares, in 1928. The Northern Pacific’s preliminary report shows net earnings of $21,808.- 308, equal to $8.79 a share, as con- trasted. with $21,133,210, or $852 a share, in 1928. The annual report of Continental Can Co., Inc., showed net earnings for the year ending last December 31 of $2.067.703, after depreciation, taxes and all other charges. The earnings were equivalent after preferred dividends to $5.02 a share on 1,725,045 no-par com- mon shares outstanding at the end of the year. This compared with $6,690,- 796, or $4.35 a share, on 1,459,991 com- mon shares outstanding at the end of 1928. POTATO MARKET. CHICAGO, February 14 (#) (United States Department of Agriculture). — Potatoes—Receipts, 96 cars; on track, 266 cars; total United States shipments, 926 cars. Trading slow; market dull; Wis- consin, sacked round whites, 2}0a2.55; Minnesota, sacked round whif £.40; Idaho, sacked Russets, 3. .25, ANCIAL THE EVENING STAR, WASHINGTON, - NEW YORK STOCK EXCHANGE - Recelved by Private Wire Direct to The Siar Office. (Continued From Page ~Prev. 1930.— Stock and High. Low. Dividend Rate. 2 21 Lago Ol & Tran: 97 Lambert Co (8). 61 Lee Rubber & Tire. . 34 Leh Port Cem (2%). 12 Lehigh Valley Coal. . 321 Leh Val Coal pf (3). 70% Lehigh Valley (14%) 19% Libbey Owens (1)... Liggett & Myers(t5) Liggett&Myrs B(15) x Lima Locomotive. .. Link Belt (2.60)..... 2% Liquid Carbonic 4214 Loew's. Ine (3)...... 84 Loew'spfxw(6%). 315 Loft, Inc.. 501 Loose-Wiles (2.60). 16% Lorillard (P) Co..... Louts & Nash (7).... 815 Loufsiana Ofl....... 381 LouG&EIA (1%).. 32% Ludlum Steel (2). 30 McAndrews&F 12.85. 40% McCall Corp (234) 67 McCrory B (2) 92 McCrory pt (6) 3 14% McIntyre Porc M(1). McK'port T P (14%) 2 McKesson & Rob (2) i McKes & Rb pf(3%). McLellan Stores. ... Mack Trucks (6).... Macy (RH) & Co(n2) Madison Sq G (1%). Magma Copper (5) - 3 aa o o B TR _ mem SfanBrReB e~ n Sl m o sk 304 1% 3974 204 3 Man Elev mod (45).. Market St RY........ Marlin-Rockwl t43% .. Marmon Motor (2) Martin-Parry....... Mathieson Alkilf (2). Mathieson pt (7) 9 May Dept Strs (n! 2614 Melville Shoe (2) Mengel Company s+ Metro Gold pf (1.89). Mexican Seaboard, Miam!1 Copper (4). Michigan Steél (23%). Mid-Coutinent P (2). Middle States Ofl Miller Rubber...... Mil El R&L pf (6). Minn Moline Pwr. Mo Kan & Tex pf(7). Missouri Pacific. ... Missourt Pac pf (5).. Mohawk C Mills (3).. Monsanto Ch (g1%). Montgomry Wrd (3). 21 Moon Motors Morrell & Co (4.40).. Morris & Essex (3%) 20 Mother Lode (40c). 1 s 4 Motor Products (2).. Motor Wheel (3). Mullins Mfg...... Mullins Mfg pf (7) MurrayCor (b2 %stk. Nash Motors (6).... 1 Nash, Chat&StL(18). 20; % Nat Acme (1%). 70 Natl Afr Trans. 9 s PLA(T) Natl Lead pf B (6) Natl Pwr & Lt (1). 102 Natl Supply (5).. 701 Natl Surety (5) % Nat Tea Co {2). eisner Brothers 14 Nevada Copper (3) Newton Steel (3) N Y Alrbrake (3.60 40 44% 167 130 & Harlem (5). VH & Hart (6)... N Y Steam pf (6 % N Y Steam 1st pf (7) 90s orfolk&Westn(10). Norfolk Southern. ... North Am (b10%stk) North Am pf (3).... North Am Ed pf (6). Northern Pac (5) North Pac et (5) . % Norwalk Tire & Rb. . 011 Well Supply Oliver Farm Equip. Olivr Fr Eq pf A(6).. Ouvr Fr Eg cv pt(3). Omnibus Corp...... Orpheum Cir pf (8) Otis Elevator (6) 4 Otis Steel (2%).. 4 Pacific Coast 1st pt Pacific Gas & E (2) 16% 935 51 100% Packard Motor Pan-Am Pete B Panhandle P & R. Paramount-F-L ( Park Utan. . Pathe Exchange A. % Peerless Motor Car. Penick & Ford (1). Penney (JC) (233). Penn Dixie Cement. , Pennsylvania RR(4) People’s Gas Chi (8). Phelps Dodge (3).... Phila & Read C& 1. Philip Morris (1) Phillips Petrm (n2). Pierce Ofl 4 Pierce Ol pf... Pierce Petroleum Pillsbury Flour ( Pittsourgh Coal. Pittston Compa Pitts Steel pt (7).. Poor & Co (B) (2). P Rican Am To (A)7 P Rican Am To (B).. Postal Tel & C pf(7). Prairie O&G (12%).. Prairie Pipe L (15) % Pressed Steel Car. ... Pressed St C pf (7).. Proc & Gamble (2) 8% Prod & Refiners. 46 Prophylactic Br(2) 81!4 Public Serv, NJ 3.40. 109% 106% Pub Sve NJ pt (6)... 59% #2% Pullman Corp (4).... &4 6 Punta Alegre Sugar., 24% 2213 Pure Oil (1%). ' 112% Pure Ofl Uf (8)..ee0s Purity Bakeries (4). 34% Radio Corp. . 195 Radio pf A (3% 1 Radio-Keith-Orph A. 204 Raybestos Man 2.60. 3 1 Reading (4)... ¢ 47 Reading 1st pt (2) 44% Real Silk (5). ' Reis (R) & Co. » Rem Rand (50c). 2, 95 Reming-Rnd 2d (8).. 80s 10% Reo Motor Car (.80). 35 72': Repub Ir & Steel (4). 100 7 + Rtep Ir & Steel ctfs,, 2 14 1 230 38% 11% 8% 314 16% 1 52% 8 08 6 1 3 5 108 64 19 114 30 107 Rep Ir & Stl pf (7) 2715 Rever Cop & Brass Sales Add 00. High. Low. 22% 22 13.) ~Prev. 1930.~ Schulte Schulte Souther Spencer 1 e 1 Stand G Stand G Stand O Stone & Telauto TexPC 4 Tide W; Ti Timken Trans Wabash Wabash Warner Warren Warren West West West Weston % White Whi Wilson Wright 109% 854 7 22% ¢ 11315 1% W 13 10:30 A.M. . sUnit of trading 4% in stock. § Pi year—no regular rate. © Payable in cash or stock. b Plu: m Plis %% in stoc] of stockholders. 9% CHICAGO LIVE STOCK MARKET CHICAGO, February 14 () (United States Department of Agriculture). —Hogs, receipts, 32,000 head, including 12,000 direct; market steady to 10c lower; top, 11.35; pigs and medium quality light lights, 25¢ to 40c lowes bulk, 160-250 pounds, 10.85 to 11.30; 260-350 pounds, 10.25 to 10.75; butchers, medium to choice, 250-300 pounds, 10.15 0 10.90; 200-250 pounds, 10.60 to 11.35; 160-200 pounds, 10.60 to 11.35; 130-160 pounds, 9.60 to 11.25; packing sows, 8.50 to 9.85; pigs, medium to Ghoice 90-130 pounds, 9.00 to 10.50. Cattle—Receipts, 1,500 head; calves, receipts, 1,000 head; market generally steady to strong on steers and yearlings with lower grades showing most strength; shippers continue active; she stock weak; best yearlings, 14.60; slaughter classes, steers, good and choice, 1,300-1,500 pounds, 13.25 to 15.50; 1,100-1,300 pounds, 13.25 to 16.00; 950-1,100 pounds, 13.25 to 16.00; com- mon and medium, 850 pounds up, 8.25 750-950 pounds, 13.25 to 16.00; heifers, Stock and Dividend Rate. Add 00. High, Low. Clo: Reynolds Spring. ... 5% Reynolds Tob A (3). Reynolds Tob B (3)., Richfleld Ol1 (2).... Rio Grande Oi1 (2).. Ritter Dent Mfg (13) Rossia Ine (2.20). Royal Dutch (a! Safeway Btol Safeway pf (8) 4 Safeway Strs pf (7). 20s St L-San Fran pf(6). 2 i StL Southwestern.., It Shell Union (1.40) Shell Un Oil pf (6%) 4 Simmons Co (g3).... 4 Skelly Ol (2).. Snider Packing. Solvay Am Inpf 5%, So Por Rico Sug (2).. Southern Cal Ed (2). South Dafries, A 1%, Southern Dairles B. . Southern Pacific (6). % Spang-Chalfant. Sparks Withngtn Stand Brands (1% Std Brands Stand Invest Corp. .. Stand Ofl Exp pf (5). Stand Oil N J (12) Sterling Sec cv pf(3) Stewart-War (h3%). Studebaker Co (5) Sweets of Am: Tenn Cop & Ch (1) 4 Texas Corp (3). ‘Tex Gulf Sul (4) ‘Texas Pac Land Tr.. Thatcher Mfg (1.60). Thompson J R (3.60) Transue & W (1). Trico Prod (2%).... Twin City Rp T (4).. Twin City RT pt(7). Und-Ell-Fisher (5). . Union Carbide (2.60) Union Oil of Cal (32) Union Pacific (10) Unilon Pacific pf (4. Union Tank Caj Utd Alrcrafté& Tr: Utd Biscuit (1.60) Utd Carbon (2)..... United Cigar Strs pf. Utd Corporation. Utd Corp pf (3). Utd Dyewood. ... United Elec Coal United Fruit (4).. Utd Gas & Imp(1.20) Unit Plece Dye W (2) United Stores A. Pen: P « 2,463,900 Dividend rates as given in the above table payments based on the latest quarterly or hat in stock k. Sales— 1 5% 1008 31 4 1 2 2 Retall Strs.. 6 Retall pf(8). 20s Seaboard Alr Line... Seaboard Air Line pf- Seagrave (e1.20).... Sears Roebuck ($2%) Second Natl Inv Sec Natl Inv pf Seneca Copper. n Rwy (8) Kelg (1.60) t ( £(7)... &El(3%) &EDpL(4).. o of Cal (235). e 9 = 8 worlum e e E e e R RN AN A BrR e A s RO m e a - Webster (2) e Cp (11.25).. » Bl & O (b10%). ) er Asso 60c. Asso pf (6) Timken Det Ax 1800 Roller (3)... ntinental Ofl. Univ Leaf Tob (3) % Univ Pipe & Rad Util Pwr&Lt A (e2). Vadsco Sales Corp, Vanadium (14).. Vick Chemical (2% Virginia-Car Chem Vulcan Detin A, D! A (6)... Waldort Systm (13%) Walworth Co (2). Ward Baking A. Ward Baking B. Bros Ple 5 War Bros P pf (2.20) Warner-Quinlan (2). Bros (19) Fy&Pipe Webster-Eisenlohr. . W n ELA (7). n El of (7). enn Pw p£(6) West Penn Pw pf (7) 2 Westn Dairy (B) Western M: Western Pacific pf. Western Union (8)., % Westngh Ald Brk(2). Westinghse E&M (5) Westhse E&M pf (5) 174y 1727 1694 174 16 3636 Ellns (1)... Westvaco Chlor (2) White Eagle Oil (2) White Motors (2). Rock M 8 (t ewing Mach. Wilcox Rich (A) 2%. Wilcox Rich, B (2).. Willys-Over (1.20).. Willys-Over pf (7). & Co. . Woolworth (2.40)... Worthington Pump.. Aero (2) Wrigley Wi (4) Yellow Truck & C. Yellow Truck pf. Young Spring (3). Young Sheet & T (. Zenith Radlo. ....... RIGHTS EXPIRE 4 Am R Mills. .June 15 Balto & Ohio.Mar 11 224 83% 423 134 1 w1y 1 1 % 18% 13% Sales of Stocks on New York Exchange. 528,900 12:00 Noon. 2:10 P.M., +++.1,551,000 2,832,200 less than 100 tack.® o Bias ‘6% in 5 in KPlus’3n In stock, © Subject to approval stock, _{ Pl j Plus s nPlus 5% m i stock. stock. 8ood and choice, 850 pounds down, 12.00 to 14.50; common and medium, 8.00 to 112.00; cows, good and choice, 8.00 to 110.25; common and medium, 6.00 to 18.25; low cutter and cutter, 5.00 to 6.25; bulls, good and choice (beef), 8.25 to 9.25; cutter to medium, 7.00 to 8.75; vealers (milk fed), good and choice 11.00 to 15.50; medium, 9.50 to 11.00; cull and common,. 7.00 to 9.50; stocker o | and feeder steers, good and choice, all | weights, 10.50 to 11.50; common and | medium, 8.00 to 10.50. Sheep—Receipts, 10,000 head; mar- ket opening slow; bids and few sales; steady; indications bulk light lambs, 10.75 to 11.25; best held above 11.75; fat ewes quotable steady; feeding lambs strong; choice, 66 pounds, 10.25; lambs, good and choice, 92 pounds down, 10.00 to 12.00; medium, 9.75 to 10.50; com- mon, 8,75 to 9.75; lum to choice, 92-100 pounds, 9.00 to 11.35; ewes, me- dium to choice, 150 s down, 4.75 to 6.00; cull and common_2.00 to 5.00; 2.35a to 13.25; fed yearlings, good and choice, 'feeder lambs, good and choice, 9.25 to 1020 January Insurance Report. NEW YORK, February 14 (#).—The volume of life insurance production for all classes declined 29 per cent in Jan- uary, the Association of Life Insurence Presidents reported today. Ordinary insurance increased 8 per cent, but there were declines in industrial and group insurance. The total of the 44 companies represented in the report was $995,195,000, against $1,024,478 in January, 1929, Crude Rubber Consumption. NEW YORK, February 14 (#).—The Rubber Manufacturers’ Associaition es- timates crude rubber consumption by American manufacturers during Janu- ary at 36,669 long tons, compared with 23,531 in December and 43,002 in Jan- uary, 1929. NPT e TR French production of steel reached a new high mark in 1929, D. C, FRIDAY, FEBRUARY 14, 1930. IBOND PRICES GAIN | ONEASIER CREDIT New Issues Attract Follow- ing—All Groups Register Advances. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 14.—While there is still a considerable amount of switching going on from outstanding bonds to the $150,000,000 of new issues that have been offered this week, the dwindling of offerings today had a beneficial effect on the market. All sections of the list made headway, de- clines being few and small. Volume was about on a par with the best days of the year so far. Less than $10,000,000 was put out to- day. all municipal, with the exception of a $3,000,000 flotation of 5',s by the Remington Arms Co. It consists of 3- year notes offered at 98 to yield about 64 per cent. ‘Time money was still easy, with a disposition to quote slightly off ne market rates of 43 per cent on the longer terms. Traders take the view that bond prices cannot help improving if the flow of new bonds is diminished. Gains in the prime group included Canadian Pacific 4s, Inland Steel 415s, Standard Oil of New York 4!5s, Stand- ard Oil of New Jersey 5s, American Telephone 5s (1965) and Western Union 58 (1951). The new Western Union issue of 5s was traded on the curb market at a fractional advance, around & premium. The strength in stocks was reflected in advances in bonds with convertible or stock option privileges, including Allegheny 5s, Awmerican In- ternational 5)2s, Philadelphia and Reading Coal and Iron 6s, Atchiso: 41,5, Southern Pacific 4. ) American Telephone 4';s, International Telephone 4'5s and Texas Corporation 5s. United States Governmen: bonds were quiet, with the Liberty issues oil slightly. Treasury 3%s (1943) 1m- proved. ‘Trading was more active in the sec- ond-grade rails, where advances were made by Rock Island 4!;s, Florida East Coast 5s, St. Louis-San Francisco 4!5s, Seaboard Afrline 6s, Texas & Pacific “C” 58 and Buffalo, Rochester & Pitts- burgh 4l5s. Chile Copper 5s, Dodge Brothers 6s, American Sugar Refining 6s, Cuban American Sugar 8s, Sinclair 6l3s, Hudson-Manhattan Income 5s, Interborough Refunding 5s and Inter- borough 6s went along with the market to fractionally higher levels. Chicago Railway 5s dropped 2 points to a new | low for the year. Washington Stock Exchange SALES. Potomac Electric 6% pfd.—1 at 1103;. Potomac Electric 512 % pfd.—1at 107%;. Mergenthaler Linotype—10 at 10814, 30 at 108'3, 10 at 1081z, 20 at 1081z, 10 National Mtge. & Inv. pfd—100 at 47 Real Estate Mtge, & Guar. pfd—75 at 7. ‘Washington Mechanics' Mtge. com.— 200 at 912, 120 at 915, The Carpel Corp.—25 at 23%. AFTER CALL. Potomac Electric $%4% pfd—30 at 107'2, 5 &t 10712, Riggs National Bank—1 at 526. Capital Traction 55—$1,000 at 95, $1,000 at 95, $1,000 at 95, $1,000 at 95 . Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telsa, 41z '33 Amer. Tel. & Tel. 4'23 739 . Am. Tel & Tel. ctl. tr. b Anacostia’ & Pot. R. R, a & Pot. guar. Gas 6, series S 63 series B Wy, & Eiec, 45 X MISCELLANEOUS. ber & Ross, Inc., B yiymbie: Hotel s Gheyy Chase club 525 Wash. Wash' Cons. Title gs. : STOCKS. PUBLIC UTILITY. American Tel. & Telga. . Capital Traction Co. . Washington Gas Light. N. boat . Steal Potomac Elec. 6% pid. '"0 Potomac Electric 5%a‘e pid. Wash. Ky. & Elec. com. . 21 National Bahk of Washingion.. TRUST COMPANY. American Security & Trust Co. Continental Trust. . Merchants’ Bank... ... ings & Trust! Loan & Trust Seventh Street American TITLE - I Columbia Title . Real Estate Title. Title & Inv. Co. 3 no MISCELLANEOUS. Barber & Ross. Inc.. cop Chevy Chase Dairy pfd . Sand & Gravel pf prd.. . Federal-American Co. com Federal-American pfd.... Lanston Monotype.... 1. . .01} Merchants’ Trans. & Storage. Merchants' Trans. & Stor. pfd. . Mergenthaler Linotype. 1 108 . Mtge. & Inv. pf Peoples a Coal Shipments Gain. BALTIMORE, February 14 (Spe- clal).—Movement of coal over the Western Maryland Railway for the first week of February was greater than in the corresponding week last year, and freight other than coal also showed a gain, but most other traffic was behind | a year ago. Still the gain in receipts for the week was $445, compared with a year ago. For the year to February 7 estimated earnings were $1,924,266, a comparative increase of $58,340, or 3 per cent. Coal contributed more than half of the total receipts for the period, the gain from that source amounting to $48,687. Company Loses Valuation Case. 3 ruary 14 (4 cial) —The Court of Appeals yestery handed down a decision in which it denied the Chesapeake & Potomac Tel- ephone Co. a reduction of $1481,727 in the $7,408,639 valuation of the cor- poration’s physical property in Balti- more in 1926. The company has been seeking the reduction since 1926 before t Appeal Tax Cort, the State tax commission, the City Court and finally the Court of Appeals. 1 UNITED STATES, (Sales are in $1.000.) Sales. Hich. 27 998 14 111 17 100 28 10024 1016 1012 9924 9916 4107 107 60 111 11024 -FOREIGN. Sales. Hirh. Lib 4th 4% .. US3%s 43.. US4s1944.. US4y 52... Argentine bs. Argentine 6s. Argentine May 61 Argentine 6s Oct b Argentine 6s A. Argentine 6s B. Australia 4%s 56.. Australia 58 1955., 1 Australia 55 1957.. Austria 7s:. Bank of Chile 6%s. Bank of Chile 6%s. Belgium 7s 1 Belgium 7s 1956 Belglum 7% Belgium 8s. Bolivar 7s 58. Bolivia Ts et 69. Bolivia 8s. & 961 100% & 100% 1027 887 S8 100 Canada 551931, Canada 53 1952..... Chile 6s 60 Colombia 6s Jan 61. * Con Pow Japan 7s. . Copenhagen 4% 53, Copenhagen 6s ct. Cuba 6%s. Czecho 8s 195 Czecho 881952. .. | Danish Munfe s A Danish Munic 8s B. Denmark 438 Denmark 5%s 5 Denmark 6s. Dutch East T 6s 62, El Salvador 82 48. . Fiat 7s ex war 46 Finland 5%s. . Finland = 68 45 Finland 7s.... French 7s. French 7%s. German Bank 6s°3. German 7s. . . Ger Gen Elec 7s.... Haft!6s. ... see 1 IPish Free State 5s. Italy 7s..... Ttallan Pub S 7 Tapanese 4. Japanese 63 4 103% Karstadt 6s1943... 1 75% Kreuger&To'l bs ct 143 961 Lyons 6s.. 103% Marsellle 6s. 103% Milan 68 9114 Montevideo 7s. 100% Mexico 45 10 asnt. Netherlands 6s 72 New So Wales 57. New So Wal Nord 6%s. Norway 5s 1963. Norway 5. . 59 18 14 9 5 107 1024 aT14 26% 98Y% 95 9614 103 5% 95% 1031 103% 3 45 ] 1 6 1 Norwav 6s1944. . Norway 6148 1952 Orfent dev 5% 68... Orient Dev'mt 6s 53 Paris-Ly-Med 6: ris-Ly-Med Paris Orleans 5% Peru 6s 1960. . Peru 63 1961. . Peru7s... Poland 65 40. . Poland 7s (rets) Poland 8s..... Porto Alegre 8s. . Prague 71s. Queensland 6s. Queensland 7s. Rhinelbe Un 7s. Rhine Wst EP 6 Rhine West 6s53. . Rio de Janelro 633 Rio de Jan 85 1946 Rio Gr do Sul 6s 48, Rio Gr Do Sul §s Rome 6%s. San Paulo City 8 Sao Paulo 8s 1936. 102% 8814 97, 104 106% Seine 7 42.... Serbs Cr Slov 7 Serbs Crot Slo Shineyetsu 6148 52. Sofssons 6s. Sweden 5% s Swiss 5165 1946. Swiss Confed 8s... ‘Toho Fl Pow 6s 32, Toklo 518 1961.... Utd Kingm §%ws 87, Uruguay 6s 1960. Vienna 6= 52. Warsaw 7s 52, Yokohama 6s. MISCELLANEOUS. Abitibi Pa&P 5s'53. 63 83 Abram&Stral Alleghany Cp 58 Alleghany 6549, ... Am Agri Chem Tl%s Am Chain 6s33.... AmChem 618 cv 49 Am Int Cor 618 49 Am Nat Gas 6148 42 Am Smlt & R 1st bs Am Sugar Ref 6; 823 99 2% 101% 101% 4 102y 9914 AmT& Teltrbs.. Am Tel & Tel 5%.. Am Water Wks 5s. Armour&Co 4%s 39 Armour Del 5 At1 Gulf 5559, Atlantic Refin Rell Tel Pa5sC.. Bethiehm Stl pm 53 Reth Steel rf 5a. Bklyn Edison bs Certn-Td 5% s rets, Chile Copper fs. ... Col G&FE1 5s May 52 Com Invest 534% 49. Com Tnvest 6348, , Con Coal M4 5s. ConGasN Y 5w, . Consumers Pow 5s. Cuba Canefs...... Cuban Am Sugar 8s Det Edison 6s...... Dodge 65 Duquesne 4%s 67. . (ien Cable 5145 47. Gen Mot Ac Cor 6s. Gen Stl Cast 518 4¢ Goodrich 6%s. .. .. Gloodvear s rots Hoe & Co 6. . Humble O& R 5%s T11 Bell Tel 5s. ..... Inland St1 43578, Int] Cement 5s 48. . Intl Match 6s 47 Int Paper 6s 47 Inter Paper 6s. . Int Tel & Tel 4% 2 Int Tel&Tel 416= » 110 &Tel 55 '55. 266 Kan City P & Lt 5s. Kan G & E6s 52. Lackawanna St 5s. 100% RBALaR nuwB] an A= RSB Sorem ® NBERD mHaARRR xDw i 101% 4 103% 104 1041% 51017 100 ¢ 1021 80 101 119% 108 9374 Lorillard 5s. 8314 Lorillard 5% Manat! Sugar T%s. a Nat Da'ry 6%s. Nat Radiator 6% NYG&EHP4 NYG&EHP N Y Tel 4348, Low. Close. 0614 101 100% 10314 RRY 88 100 101 6% 2974 4 108% 9115 10: 121% 8914 107% 102% 0T 96% 98T 954 96U 103% 5% 95% 10314 91% | Che 85 85 104% 101 103 1031 214 10214 88! 9% 103% 106 94%, 96 4 1067 100 9814 90% 98% 2 1078% 9% 103% 2% 103 108 9R% 77 88 7615 96 119% 108% No Am Ed 5%s 62, Nor Ohto Tr&L 6: Nor States Pow 5: Nor States Pow 6. Pacific Gas & E 6s. Pan Amer Pete 6s. ., Paramount s 1947, w Close. | Pathe Exchange 7s. Peoples Gas 5: Phila Co 53 67..... Phila & Read 63 49. Phillips Petro 5%s. Por Ric Am Tob Postal Tel & C§ Pub Serv G 415 Punta Alegre 7s. .. Pure Oi1 54537 Remington Ar 6s 32 FINANCIAD . High. 3 106% 7 100% 21 100% 8 100% 1 100% 6 105% 1101% 8 102% 8 99% 9 45% 4 101% 98% 97 924 91 Rem Rnd 6% war.. 3 Richfleld Ol 65 4 Sinelair O11 6: Sinclair Of1 6% Sinclair Ofl1 7s. .. Sinclair Crude 5% Sin Pipe Line 5 South Bell Tel 5s. . Southwest Bell bi Stand OIIN J 48... Stand OII N Y ¢%s. Tenn Cop 6s B 44... Tenn ElecPow6s 47 Tex Corp cv 53 1944 101 Transcont] Ofl 6143 United Drug 5= 63 Utilitles Pow §%s Walworth 6s 45. Westn Union 5: Westn Union White Eagle O Wick-Spen cv 7: Wickw Spen 1st Wilson & Co 1st 6s. 51, Yu, 5 Youngstn S & T 6. 8 20 100% ¢ 110% | Win Repeat Ar 7148 4 100 13 101% RAILROAD. 1 o Ann Arbor 4 f Atchison gen 4s. ., Atchdeb 41443, .. B&Ocvays...... B&OT!5s. . B &0 53 2000 B&Orfimp 6s. 4 A 454 0'1“ AtlanticCL 4%s 64 15 49 1 %9 B&OPLEWY 4s.. Bkiyn Elev. 6343 Bklvn Manhat és Buff R & Pitts 4%s. Can Nat 4%s'5' Canada Nat] Can Nor 4y Can Nor 6348 Can Nor 7s. Can Pac deb 4s Can Pac 4345 46. Can Pacific ctfs 5s. CarClin & O 6s 52. ., Ches & O Corpn bs. & O gen 4%s.. &0 414893 Ch&O4%s B 1995, Chi B&Q gen 45 53 CB&Q4%s77B.. CB&QIII3%s. Chi&E I1] gn 58 51 Chi Gt West 45 59. , ChiIM&StP414sC89. Chi MIISP&Pac5s75 CMSP&Pac adj5s03 ChiN W 4382037, 1 ChI&NW conv ¢%s 116 Chi& NW17s Del & Hud1st rf 4s. Del & Hud 7s 30. Den & R1o G en 4 Erleconv Ex 7s.... Erle Genessee Rs 63 Grand Trunk 7; Gt Nor 5s. , Gt Nor5%s. Gt Nor gen Hav El Ry 5s Tl Cent 4% 5 Int Rapid Trans s, nt Rap Tr bs stpd. Tnt Rapld Trans és. Tnt & G Nor ad 6s. Towa Cent 1st 5s. Take Shore 45°31. Long Is 5837, . Louis & Nash unf 4» Louis & Nash 5s B, L &N 4%s2003. Man Ry 1st 45 90. Market St 7s 40. Ml E] Ry&Lt 4% s M1 El Ry & L As 61 Minn & StL cn 5s. .. M St P&SSM cn 4s. M Stp & SSM en 5s. MStP&SSM 5s td. MEK&T 1stds. ... MK&ToprinbsA. Mo Pacific gen 4 Mo Pac5s A 65.. Mo Pac5s F 77.. MoPac5sG178.... Mo Pac 5148 49 cvt. Mont T°rm ref 5s 41 NOTex& MEsA.. N Y Cen LS cl 3%8. YC&StLdebds 2222 o NH& H3%s 56 H&H 4% 67. &H cv db 6s. 222227 -«-«;nx Nor Pac 3s 2027 Nor Pac 4s. Nor Pac rf 68 Ore Wash 1st 4s. Penna gen 4%s. Penna 4% s 63. Penna gen &: Penn 5s 6 PCC&StLbSA... PCC&StL6sBT75 Readine gen 4% s A, Reading J C4s51.. RioG W 1stds.. StL IM&S gn 6331, StL IM&S R&G ¢ St L&SW con StLSW istds.. StP & KCShL 4% Low. Close. 106% 1004 100% 100% 100t 105 101% 102% 9914 R9 100% 1087 103% 34 38 100 100 101 9615 85% 80 9515 101% Y EEINTICERTIRIN 1 PAF SR @ ale ororn ~Bed % s am &gk ~BeNy arSrBoemme 116 110 58 110% 84 % 951 8R4, 98%; 100% 103% 4 1061 106's 98 a 1% 100Y 96% 881 8914 101% 115% 106% 100% 100% 100% 100% 105 1011% 102% % 5 100 268 97 96 100% 100 101% “ 80 100% i 109 103% 34 36 100 100 96% 85% 803 95'% 101y 110 58 110% 84 T 95% 8814 98% 6614 [ox sew vone BONDS smoce excmuvce] | /IARKET RECOVERY - Received by Private Wire Direct to The Star Office IS AID TO INDUSTRY Stock Averages Reveal Comeback Since Break Three Months Ago. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, February 14.—Threo months ago witnessed the culmination of the most severe break in stock prices and the greatest depreciation in market values in the history of this country, It is worth while as an index of both the speculative and business outlook to review the changes that have taken place in prices of securities since No- vember 13. In general it may be said that, fol- lowing an average shrinkage of about 50 per cent in active listed and unlisted stocks, there has been a comeback of sufficient size to make the current aver- age stand at about 28 per cent of that Tuling when the market reached its summit in the early part of September. Many shares have doubled in value since November, Even so, they are still quoted a great many points lower than they were late in the Summer, when competition between the investment trusts and trading corporations and the Some of the conspicuous recoveries are those of Allled Chemical, amount- ing to 80 points; American Tobacco, 60; National Biscuit, 60; Westinghouse Electric, 62; Western Union, 52; Johns Manville, 51; Eastman Kodak, 45; American Forelgn Power, about 50 American Water Works, 53; Ingersoll Rand, 55; International Business Ma- chines, 54: American Gas and Electric, 68; Electric Bond and Share, 47; Atchi- son, 40; Chesapeake & Ohio, 77, and American Telephone & Telegraph, 35 points. Stocks that have doubled in market value in the three months in- clude Missouri-Kansas-Texas common, Missouri ~ Pacific common, Western Maryland common and Alleghany Cor- poration. The benefit of such a marked change in the price situation is not confined to Wall Street. It spreads out into the ‘publlc to buy them was at its height. | country at large. To the former it has brought a return of confidence in se- curities and has el.ainated all fears of further liquidation of distressed ac- counts carried by bankers and brokers. It has re-established many of the i vestment trusts and trading corpora- tions that were close to the wall in No- % | vember on a basis where they can liqui- date if necessary without much loss to original subscribers to their shares, The greatest benefit of the three- | month change in market conditions, | however, has been in encouraging busi- ness to go ahead and in loosening up the purse strings of a public that, as events have since proved, suffered losses mainly of paper profits instead of actual capital, and, after the nightmare which it experienced between October 24 and November 13, finds that it has today a fairly satisfactory equity in its stock holdings., MARYLAND STATE BANKS INCREASE RESOURCES Special Dispatch to The Star. BALTIMORE, Md., Februa: 14— Resources of the 136 State blrl'{h and trust companies and their branches of Maryland totaled $499,390,925 on De- cember 31, 1929, according to an ab- stract by George W. Page, State bank commissioner. This represented an in- crease of $24,921,783 in a year. De- | Posits amounted to $386,888,190 and exceeded the same date in 1928 SI%OIO.GGQ. B il esources of the 14 mutual savings banks in Maryland amounted to $213.- 082,346 at the end of 1929, according the commissioner. This was an in- crease of $3,441.442 in a year. Deposits rose $1,786,527 to a total of $194,454, Sales. High, SouRy 6%s....... 3 1223 Tex Ark FS6%s50 1 10614 Tex & Pac6s C79.. 8 100% Third Aveadbs... 15 8215 Third Ave ref 4s 60 Tol StL & W 45 50, Tol Tr L&P 5%s 30 Ulstr&Del 5s 28 sta Union Pac 1st 4 Union Pac 4s 68 Un Pac 1st rf Union Pac 4%s Virginia Ry 1st 5; VYRy &Pés.. Wbash 4%s 78 rets Wabash 1st & Low. Close 122% 122% 106'5 106% 100% 1 32 West Md 5148 77... West Pacific 5s West Shore 45 61... WisCentgn ds 49.. 2 81 81% Money to Loan first deed of trust on real estat interest and m Wm. Gordor'n Buchanan Councilor & Buchanan i ity National 6110-6111-6213 (Telephone Directory Omission) LOANS ON REAL ESTATE available funds at cu Bhgres et 'I"RATIOI FOR BORRO' 8. Eoth large and small loans negotiated. MOORE & HILL, Inc. Since 1900 730 17th Street Established 1899 INVEST YOUR FUNDS IN First Deed of Trust Notes Bearing 6,9, Interest Des inations of 1250100, 300,00 and $1.000.00 consutt. WELCH Reateors Loan Specialists 15th & N. Y. Ave. N.W. Natio National Savings & Trust By Secured by First Mortgages Safe—Conservative Make your savings 49 Yearg' and surplus funds work for you at Experience finanet the highest inter- est rate consist- e ent with absolute homes and in the safety. curities. Wm. H. Saunders Co. Inc. REALTORS Dist. 1015 1433 K