Evening star., 1915-12-19

rainy day, for insurance against polit-
ical and labor troubles, etc. etc.
1t is said the realization of the object
of the thrift campaign means larger
and more splendid country; industries
more efficiently managed: better house,
keeping, better business and better
banks.
One hundred new school banks will be
established in New York city alone, it
is reported
Investment of Trust Funds.
The Supreme Court of the District of
Columbia has provided series of regu-
lations for the investment of trust
funds that may come under the super
vision of the District courts.
Moreover the list of authorized Sc
curities in which trust funds may be
invested is subject to revision annual
ly by the Supreme Court of the Dis
trict.
The following investments are per-
missible:
All bonds for which the faith of the
United States is pledged for the pay
ment of principal and interest.
Bonds of any state, territory or of the
District of Columbia.
Bonds of any county. OF an ystate
having population of not less than
! 10000 in the last federal census, pro-
vided that there has been no default
of interest or principal or any part
of it for twenty years prior to making
investment, and that the Indebtedness
| of said county does not exceed per
cent of the last preceding valuation for
taxation. 1t is also provided that there
shall be no constitutional or legislative
Limitation. or otherwise. to enforcement
| of payment of interest and principal.
Any duly authorized bonds of any
| city or state of 25,000 or more inhabi-
tants. with practically the same pro-
visions as covered bond investments.
Railroad bonds of incorporated COM
panies owning not less than 500 miles
of standard gauge railroad, exclusive
of sidings. whose earnings for five
years preceding investment have not
| been less than $10,000,000 a year on
owned and leased lines. and where
there has been no default of interest
and dividend of not less than per
cent paid on the stock for not less than
! five years.
Equipment bonds which are the direc.
obligation of railroad company. pro-
vided such rolling stock shall actually
cost at least Is per cent more than the
value of the bonds, and where pro-
vision for annual retirement of 10 pc:
cent of the bonds is made.
| street railroad bonds, first mortgage
lin cities of not less than $4,000 with
a ffteen-year franchise or more yet to
| run. provided bonds shall not exceed
capital stock and that the corporation
has paid not less than 4 per cent divi-
dends for five years next preceding the
investment.
Real estate in the District of Column
bia to so per cent. if improved with
/ store or dwelling house or office and
productive; so per cent il farm prop
erty and improved, or 80 per cent of
actual value If unproductive or man.
| ufacturing property.
! It is provided that no trustee can
sell bonds held by himself to himself
as trustee; that not more than 40 per
cent of any estate, except on order of
the court, shall be invested in any one
security and any underlying oblga-
ton. fixed interest, etc, of any cor
poration be passed, the investment is
automatically stricken from the list.
and can only be reinstated by special
| order.
New York Stock Market.
The New York stock market drags its
weary way through the daily sessions
at times giving evidences of latent
| strength and again showing more or
less positive weakness with frequent
recurrence.
The season for window dressing has
almost past and those who were loud
est in predicting the Christmas rise are
now predicting the recurrence of the
January rise.
Traders will not believe that the bull
market is gone for good. but they are
taking very little chance other than
scalping. while waiting for the re-
covery.
The diplomatic situation between the
United States and Austria; the partial
success of the Anglo-French bond syn-
dicate and the situation in the B;9kans
have been bear arguments, while the
trading element has yet to decide
whether the acquisition of holdings OF
American securities py the British gov
ernment, as factor in steadying ster-
ling exchange, is a bull or a bear in
fiuence.
The absolute neglect of the rails is
one of the worst features of the stock
market. The activity of the nation
Just now is in the industrials and the
speculation is in this group of stocks