Evening Star Newspaper, March 20, 1930, Page 13

g INSURANCE SALES IND.C. SHOW GAIN Figures for February Reveal 23 Per Cent Increase Over 1929 Month. BY EDWARD C. STONE. ‘Washington's insurance agents kept on the jump during February, as the; do in every month in the year. Life insurance sales in the District of Columbia showed a gain of 23 per cent over the corre- sponding period last year, only New im| and fornia and Wiscon- sin made the same whole, which in- cludes Washington, returned a gain of same as the av- erage for the whole United States. New e's gain was 41 per cent and d a loss in insurance n*z of 27 per cent. s rle;umd an increase for February of 12 per cent and West Vir- ia was close to the Old Dominion tate with a gain of 11 per cent. Iand, however, reported lling off of 8 per cent. Georgia increased business by 13 per cent, South Carolina by 15 per cent, Alabama 8 per cent, North cel L A. Fleming. r:mnn 4 per cent and Florida 2 pe: nt. In the first two months of 1930 the eountry as a whole revealed an increase of 6 per cent. For the 12 months end- ing on February 28, the Sales Research Bureau of Hartford announces an in- crease for the United States amounting 0 7 per cent. I A. Fleming Back From South. 1. A. Fleming, financial writer and for many years financial editor of The mfi‘g;mmm Ia'W:shh ':luxt:r s at_the Hof - dialantic, m“mt. Fila. Mr. Fleming returns with a healthy Southern tan which it takes several weeks to pick up and is in excellent health. e _reports a fine Winter, although he has to.admit that Florida did not have as much warm and sunny weather this year as is usually pro- vided for resort visitors. The same was true all over the South. Mr. Fleming reports that the hotels enjoyed & fine season, although it was perhaps a little late in getting under way. The hotels are still going strong at most mm“mwulh the season Bank Pushing Plans for Annex. ‘The American Security & Trust Co. is pushing plans “preparatory to the Mlfldlnl';.f the 10-story ldfllflvtn 'l‘d’- ing the present building a! - mlrln.h street_and Pennsylvania avenue northwest. Several departments are being moved out of the small build- ings, which are soom to be torn down, as the contract probably will be signed ‘within the next 10 days. The public relations, credit, purchas- ing, personnel and auditing departments are beln? transferred to the central branch of the company, at Seventh street and Massachusetts avenue northwest. ;l;h'e real estate department will, in & days, move to ‘Walker Byilding on Fifteenth street, just north of its present location. ; All of the rue‘ banking facilities of the institutiongas well as those of its trust department, will be carried on in the main office ‘of the company at Fifteenth street and Penasylvania ave- nue northwest, o that customers may be served at the same location as here- Jore. < %‘M malling, bookkeeping, proof and departments will be a the period :t hlmpmv:; ment in & temporary second balcony be erected in mnn office. : Ohrstrom Offices Opened Here. G. L. Ohrstrom & Co., Inc., invest- ment bankers, announce the opening of the 8horeham Build- g&!mu Corporation, a large homl:fl company which controls the Fede: ‘Water Service Corporation, Power Corporation, ' gas Gorporation and American Natural the Power, Gac & Water Securities itio: Corporation. Everard J. Carver, formerly of ‘the Trust Co. of Baltimore and Bank. Mr. WaS in the Middle West for 'several years, after which he went to New York, where he was located in the financial district. He was formerly with Hambleton & Co. Stock Exchange Trading Heavy. les in Carpel Corporation stock m:;e trading heavy on the Washington Stock Exchange today. This stock, which has been particularly active on the local board during the past few , figured in 11 sales of 50-share blocks each, ‘he' ;;l::le 550 shares ehan, hands a . 'nn‘am:'u the largest trading that has taken pilace in one issue on the ex- change in many weeks. The stock closed st 24 bid and 37 asked. In other issues sales were slow. Potomac Electric Power @ per cent preferred came out at 111%, 10 shares orgul Estate Title Insurance Oo. moved at 165, and 100 shares of Resl Estate Mortgage & Guaranty preferred changed hands at 7. The day's only bond transaction was & $500 transfer in Washington Gas 6s, series B, at 105. Heard in Financial District. At a meeting of the bogrd of directors of the Continental Trust Co., held yes- terday, the regular quarterly dividend of 1% per cent was declared, payable March 31 to stockholders of record March 25. Y. E. ker & Co. has issued & com- prehensive review of the present busi- ness situation, covering construction, the stock market and recent industrial eArnings. L. P‘l‘en‘a Riddle, personnel director of the American Security & Trust Co., is attending the trust conference which opened in New York today. E. E. Mountjoy, Washington representative of the American Bankers’ Association, 18 attending the same meeting. Wi an, Brawner & Co. announce @& new wire connection with a New York house closely connected with the the local company handle listed ks on a conservative margin. . Woodward and Howard will attend sessions of the savings con- ference in New York. The board of governors of the Wash- n Bank Women's Club will meet evt at the home of the presi- dent, Miss Jane. Winfree. ‘The monthly meeting of the club will be held at the Huguenot on March 25, when Mrs. mr{"mm- getode wili be the guest speaker. Grain Seed to Africa. MADISON, Wis, March 20 (P)— grown from Wisconsin seed will be harvested in Africa next year. An order for a seed shipment including Tye, barley, onts and peas, has been re- ceived by the Wisconsin Experimental Association from the British Province of Kenya. # . Bkaling on real ice in indoor rinks is becoming very popular in London. FINANCIAL NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. a Dividend Rate. ADbitibi Power & Pa 22 Advance Rumley 4 Ahumada Lea el 118 Air Reduction 21 1% 99% Allegh'y C pf ww 5% 255% Allted Ch & Dye(n$). 49% Allis-Chalmers (3).. 28% Alpha Port Cemt (3) 18 Amerada Corp (3)... 6% Am Agricul Chem... 26 Am Argioul Chpf. .. 77 Am Bank Note (13). 36 Am Beet Sugar pf... 40% Am Bosch Magneto. . 46% Am Brake Shoe(2.40) 8% Am Brown Bov Kl 86% Am Chicle Co (13%). 22 Am Com Aleo(n1.60) 23% Am Encaustie (2)... 85 Am Europea e 82% Am & For Power. . 95 Am&Forn Pwr 34 pf. % 107 Am&Forn Pwr pf(7) 19% Am Hawatian 2 55% Am Home Prod(4.20) 35% Am Ice Co (t4) 1] 84 Am lce pf (6). . 85% Am International (3) 2 Am La F & Foamite.. 88% Am Lecomotive (8).. 44 Am Metal (3). % Am Plano. . 77 Am Power & Lt (21) 75 AmP&LDILA (3%) 100 Am Pow & Lt pf 80 Am P&L pf A L (7). 20'5 Am Republies. . :o» Am Rolling Mill u.). Am Tobaceo (B) 3 4% Art Metal Constr(2), 8614 Asso Appl Ind (4). 28 AssoDry G (3% . 219% Atch T & 8 Fo (10).., %102% Atch T&SF pf (5)..s 166 Atl Coast Line (110). 65% AtlG & W Indles.... 59 Atl Gulf & W I pf(5). 364 Atl Refining (132) 8114 Atlas Powder (4). .o Atlas Stors Corn(31) 175% Auburn Aute (J8)..« 3% Austin Nichols. . 4% AutosaleS.....es..w 37 Auto-StSafRA (3). 4% Aviation Corp Del... Cream (: 1024 B'trice Creampf (7: 80 Belg N Ry ptpt 5.49. 32% Bendix Aviatien (2). ost & Co (2)... Bethlehem Steel (6. Bethlehem 8t pf (7). Bohn Al & Brass (3). Bon Ami A (4).... Borden Co (k3) British Empire ficel. British Em 8t 30 pf.. Brockway M T Bruns Ter & Ry Bueyrus Erfe (1).... Bucyruscv pf (3%). Budd (E G) Mfg (1), Budd Wheel (1)..cem Burns Bros A (8)... Burns Bros B ck Co. Byers (A M) . Calif Packing (4).. Callahan Zine & Cal t & Ari: Calumet&Heo(ad%), Campbell Wyant (3), Dry G A (5). Caterpilir Trae 13% .. Celotex (3). Cent Alloy Steel ( Cent Alloy ctfs (2) Century Rib Mills 57% Cerro de Pasco 11 Certain-teed Chickasha COil (3) = 57% Childs Co (2.40 33% Chrysler Corp (3 40% City Ico & F* (k3.60).. 8% City Stores (1).....0 33 Clark Equipment (3) 30 Cluett Peabody (5).. 133% Coca-Cola (6). . 48% Coca-Cola A (8)..000 61% Colgate-Pal-P (23). 14% Collins & Afkman. .oy 861 Col Fuel & Iron (3) v 88 Colo & Sotith (3)..ee 70% Col Gas & Bl (3)+s. e 104% Col Gas & Kl pf A(8) 24% Columb Graph (87¢). 1684 Columbian Carb (16) 28% Com Credit (3). 81% Comm Credit A ( 18% Congoleum-Nairn. .. 45 Congress Car (15%4). % Conley Tinfofl sts, 44 Consol Cigar 41)..... 67 Conwol Cgr pr pf 6% 15% Consol Film (3)..... Y BhnrwarSanda P Loe - I - FUROTH NN 1Y weSRaBuk oo St B b e i LR T T BoRrnRvoacrem=nan oo 13 B e Sw Sm= - - e - EeES el aBnEennSRarnBares » > SenBrnonalarmmmarSoar IS 13 2 4 Cudahy Packing (4). 9% 85% Wollansbee Bros ( e R tend RaT—Add 08 MR Tow—TSE s, N High. Low. . Dividend Ral dd w. 335, Close. : % o 9 24% A Consol Film of (2).. Consol Gas N Y (4).. 140 Consol GasNY pf(5) 8 Consol RR Cub pf(§) Container Cor A 1.30, Container Corp B, Cont] Baking A. Ty a0 PRNVAN T3PS P o Contl Dia Fibre (3).. Contl Insur (3.40)..n Continental Motors.. Contl O1l of Del Cream of Wht(13%) Crex Carpet. . Crosley Radio (1). Crown Cor) Seal Crucfble St Cub [ Cuban-Amer Sugar. . Curtis Pub Co(16%). Curtis Publish pf(7): 't Co 3 3 o BE N BaS A L2 2 Delaware & Hud (9). Del Lack & W ":) . Dominion Strs (1.20) Drug Corpn (4). Du Pont de N (*: t pf (5) Detroit Edison (8).. Eastman Kodak (18) Eastman Kod pf (6). Eaton Axle &8 (3).. Eitington-Schild Rlec Auto Lite (8 El Auto-Lite pf (7).: Electric Boat. Eleo Storage Bat (5) Elk Horn Coal pf... Eng Pub Serv (31) Eng Pub Sve pf (5) - Eng Pub Svb of (§%) Eng Pub 8 ctfs ($1).. Equitable Bldg (33) ErileRR = Erfe RR 18t pf (4) et Eureka Cao Cl (4)..« Evans Auto LAdg 2% . Fairbanks Co pf..... Fairbanks Morse (3), Fash Park Ass . Fed Lt & Tro ($134). Fed Mining & Smit. . Fed Motor Tr (80¢). Fed Wat 8, A (02.40). o 0ne S cocorem o S S8vunas~ones First Nat Strs (3%). Fisk Rubber. . Florsheim Shoe e Foster Wheeler (3) o m A (§4) .. en Freeport. Texas (15) Gabriel 8nub A..... won 5Buann Gen Am Inv pt (6)... Gen Am Tnk Car(34) Gen Asphalt (4) Gen Bronze (3). et » - P Srmparale W B enoe e Gen Ital E4 w.i. a2.61 General Mills (3)...) Equip vts. Gillette Saf Raz(n6) Brothe » » - 2 alveeleanwno® B-IvoenBnunueantaon o Hahn Dept Stores... Hahn Dept 8 pf(63%) Hall (WF) Ptg (m1) Harts 3 H'hold Fin pf (13%) Household Prod(t4) Ho oil. Ho Hud, Hupp Motor Car (2). Iilinois Central (7).. Independ Ol & G (3) . v ;n-nll‘lfl n (4 Interboro Rap Tran. Intercontinental Rul Intl Agri pf (7). Intl Bus Mach ( Intl Cement (4). Int Combustion. Inter Comb En; Intl Harvester (3% Int Hydro Bl A (e3). Intl Match pf (4). Intl Mer Marine (1) . Int Nickel of Can (1) Intl Paper pf (7).... Intl Pap & P A(2.40), Intl Pap & Pwr B. intl Pap & Pwr C..., Intl Printing Ink (8) IntSalt (6)..... Intl Sh 3). ey Int Tel & Teleg (3). Inter Dept 8t (2). ... Investors Equity(2). Island Creek Coal(4) Jewel Tea (4). Johns-Manville (3)., Jordan Motor Car... K C P&L 1st pf B(6).100s Kan City Sou (6). Karstadt (R) (1. Kayser Julfus (4). Keith-Albee-O pf Kell. (8H) (1)... Kreuger&Toll (134 Kroger Gr&Bak(nl). Lambert Co (3 Lee Rubber Leh Port Cem (3 Lehigh Valley Coal Leh Val Coal pf (3 , Lehigh Valley (14%) a1k 9% Lehman Corporation Lehn & Fink (3).... Libbey Owens (1)... 32 Liggett & Myers(15) 35 Liggett&Myrs B(16) 107 —e (Continued on Page 14.) ADVANGE IN STOCK PRICES CONTINUES Utilities, Motors and Chemi- cals Featured—Call Money at 2 Per Cent. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, March 20.—The stock market displayed a complete reverdul of form today, selling off sharply under a heavy volume of short s:rllng and profit taking in the morning, and then rallying briskly in the afternoon under the leadership of the motors, chemicals and specialties. Early declines of 1 to 4 points were substantially reduced, or wiped out, and a long list of stocks marked up 1 to 13 points, of which a score or more were pushed into new h ground. huA l\';rnher relaxation in credit condi- tions was again an important bullish factor although some observers were in- clined to place a bearish interpretation upon this development on the theo) that it indicated an unusually small commercial demand for funds, Call money renewed at 2 per cent for the first time in nearly six years, but be- COTTON CROP ESTIMATE. By the Assoclated Press. The 1929 cotton crop of the United States was placed at 14,544,584 running bales, exclusive of linters, today by .the Census Buresu in its final ginning the season. o Find Ancient Roman Coin. FORMICOLA, Italy, March 20 (#).— A magnificent Roman gold coin dating from 286 B. C., adorned with the head of the goddess Roma, and the prow of a ship, symbol of the ancient capi- tal's maritime supremacy, has been un- earthened in a fleld here. The piece weighs over four and a half ounces. ‘The finest private collection of clot- sonne in America is owned by J. R. Lincoln Edwards of Philadelphia. —_— L T T cause the low rate had resulted in a withdrawal of some out-of-town funds, there was little disposition to cut the rate in the outside market. Time Money Again Lower. ‘Time money rates were again shaded, and bankers' acceptance rates were cut 13, of 1 per cent, after a long series of cuts of 3% of 1 per cent in'the last three weeks. ‘The Bank of England rediscount rate was cut from 4 to 32 per cent, the lowest rate since 1923, but local banking opinion was divided as the ‘piulbfllty of a cut in the New York Fedéral Re- serve Bank rate after the close. ‘While open market rates would sug- gest the possibility of a further cut in the New York rate, it was pointed out that there is no special incentive in a further cut here as raies already are low enough to stimulate an increased demand for funds for commercial gur. poses. PFears that a lower rate here might result in sharp revival of se- curities speculation are likely to act as tl imdewx'rem to another reduction at this e. Early Losses. Bearish professionals again were heavy sellers: of stock in the early trading. Simmons Co., U. 8. Industrial Alcohol and American Car & Foundry again were hammered to new low lev- els for the year, the first named sell- ing as low as 48%, which con! with a hi of 188, established before the break last Fall. United States Industrial Alcohol sold down to 98%, but rebounded to par in the early rnoon. Such recent specu- lative favorites as J. I. 3 bian Carbon, Eastman Kodak, Worth- ington Pump and International Busi- Iso sagged 3 points or more before decline was checked selling pressure against carried that stock down 314 points. INVESTMENT TRUSTS. NEW YORK, March 20 (#).—Over- | the counter market: Am & Cont Corp. Am Founders new Assoc Stand Oil Stocks d Shi ©Output of bituminous coal in the week ended March 16 showed another decline, totaling -about 8,100,000 tons. ST Mob ENee o .+ . yet, these Rogers Peet Suits are “far above par” . .. they're as practical for the concourse as they are the golf course . .. . « « woven of Rogers Peet exclusive Irish Home- spuns, in soft, blended shades of gray and brown . . . with coat, vest, long trousers and knickers . . . they have a special finish that makes ’em sturdier than ever... Four-Piece Suits $65 to $75 Scotch Mist Topcoats $60 and $65 Meyer's Shop 1331 F Street A First Mortgage Note pays a higher rate of interest than any other SAFE in- vestment. If you are tempted to reach for a higher yield be warned of the corre- sponding risk in the possible loss of prin. First Mortgage Notes applications for First Mortgage Loans . D on residences and small bus- \iness properties in the Dis- ict of Columbia and near. Maryland Lewer Costs, suburbs . . . Long Term (if desired), Valuable prepay- memt privileges, Three years loams on newer properties without amortization. «a H. L. Rust 1001 Fifteenth Street Company National 8100 ESTABLISHED 1889 Loan Corrvespondent for “The Prudential®™ i FINANCIAL. Property Management ' Wouldn’t You Like to Feel that your Apartment House property was having constant and experienced i attention—covering' every detail of man- agement? Thal’s what our service performs—to’ your profit. Consult us about ft. B.F. SAUL CO, National 2100 925 15th St. N.W. Mortgage Loans Consult Us Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST MORTGAGES ON Homes, Apartments and Business Properties In the District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent lhm_ York Life Insurance Company We are pleased to announce in furtherance of our Investment Service Policy We Are Now Equipped to Conduct A General Brokerage Business In connection with the continued distribution of Selected Investment Securities Waggaman, Brawner & Co., Inc. SAFE Over a Third of a Century Without a Loss Investment Bankers 1700 Eye Street N.W. Metropolitan 3860 FIRST + MORTGAGES THINK OF THE SATISFACTION One of the most cbaspicuous of the trouble-proof investments is First Mortgages. recognized as. safe; canceded as They are offering liberal return, Which relieves of all worry in connec- tion with either principal or in- terest. Consequently favored for trust funds and where regu- lar income is the object. Our 6% FIRST MORTGAGES offer these safeguards, these ad- vantages and these assurances. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W., If You Had a Magic Carpet— to lift you into a world free from finaneial vuq...uyonhwhwhmmfih “magic earpet” . . . wouldn't you create it? Th-uicnndwpmdmtbh“m’h within your reach! This is not mere imagina- tion. For, like thousands of wage earners in ‘Washington, you, too, can weave the strong, sturdy fabric of a financial reserve which will carry you through future days. The method is simple. The results are cer- tain. By purchasing First Mortgage Notes such as are sold through Swartzell, Rheem & Hensey Company you obtain a first rank in- vestment that yields you 6 per cent interest annually. And with your modest sa plus the magic 6 per cent income annually will steadily accumulate a handsome nest § as they have for thousands of investors for more than 60 years. You may obtain First Mortgage Notes (h amounts of $100, $200, $500 and upwards. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W. WASHINGTON D.Cs ¢/,