Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-13
SPOTTY FINANCIAL
OUTLOOK IS SEEN
Head of Investment Bankers
Expects Development
of Bond Market.
BY EDWARD C. STONE.

Trowbridge Galloway, president OF
the Investment Bankers Association OF
America. considers the financial out
look for the first half of 1880 as spotty,
with gradual gains in bonds. He says,
The outlook for the next SIX montns
seems to vary in different parts OF the
country. with the larger centerS antlcl-
pating a gradual development of a mar
ket for bonds and investment stocks,
provided that offerings are not mace
too rapidly or in too great volume.
General opinion seems to anticipate y
r>eriod of moderate and stable interest
rates, which should assist In the dlStrl-
button of sound securities.
ITO the extent that issues OF securl-
ties NAV be desired for constructive and
useful purposes, it is expected that the
market will absorb them in sufficient
volume to meet all reasonable require
ments. A word of caution is to be noted
against stimulation of the issuance OF
securities or their prices other than
such stimulation as may be caused by
the law of supply and demand.
"A survey covering the country 1ndl-
Gates that investment bankers are APP
parently in sound condition and well
able to render their particular services
to Government and industry, and the
members of the Investment Bankers
Association stand ready to cooperate
to that end"
Bank Declares Two Dividends.
At the regular monthly meeting of
the board of directors of the Northeast
Savings Bank the regular 4 per cent
semi-annual dividend plus l per cent
extra dividend was declared, payable
January /. 1880. to stockholders of rec
ord December 20.
This institution is closing one of the
very best years since its organization.
Deposits have reached their peak dur
ing the year and earnings have been in
excess of any previous period. The di-
rectors voted a very substantial bonus
to every employee of the bank, Vice
President George F. Hoover reports.
The directors of the McLachlen Bank
ing Corporation, at their monthly meet
ing yesterday, declared the regular
semi-annual dividend of per cent and
an extra disbursement of l per cent
both payable on December 30. The d1-
rectors also voted a Christmas bonus for
all employees and it was announced that
rapid progress is being made on the
banks new branch across from the Bu-
reau of Engraving and Printing on
Fourteenth street southwest.
Southern Railway Votes Dividends.
Southern Railway declared the regu-
lar quarterly dividend of So on COM
mon, payable February / to stock of
record January and the regular quar-
terly dividend of $1.25 on the preferred
payable January Is to stock of record
December &c.
The statement of Seaboard Air Line
Railway Co. as of June 80, 1929, shows
total assets of 1922, $50, 731, compared
with 1922, 723, 124 on December 81, 1929,
and profit and loss surplus $9,160,72
against S8,110,770. Current assets were
S13,595, 463 and current liabilities $12,-
$685. 65, as compared with $14,7029l6
and $12,804,497, respectively, at end OF
1929
The Shell Eastern Petroleum Prod
ucts. Inc, one of the operating units
of the ROYAL Dutch Shell group, and
which started expanding its business
last Spring. has acquired the Penn Oil
Co.'S 64 service stations and storage
facilities in Washington. The trans
action, as noted elsewhere in today's
Star, marks the entrance OF the Shell
organization into the District OF Co
lumbia.
Local Bonds Are More Active.
Trading in local bond issues featured
todays session of the Washington STOCK
Exchange. The market opened with
Anacostia & Potomac Railroad guaran-
teed SIS selling at 9012 and 81. Capital
Traction SIS changed hands at 92A.
Washington Gas SIS moved at 1914
and $685. Washington Gas IS, series A,
registered two $500 sales at 102 and a
smaller sale at l01. The Gas B bonds
came out at 1924 on small turnover.
Washington Railway & Electric As
sold at 8312, later selling at "a. The
final sale was in Railway & Electric rs
at "a. Stocks were rather quiet. One
hundred shares of Federal American Co.
common changed hands at 80.
Commercial National Bank stock sold
ex dividend, the regular and the 81
extra, at $255. The session closed with
SO shares of National Mortgage 81 In
vestment preferred selling at 4, frac-
tional gain over the last sale.
Huge Gains in Insurance.
For the seventh successive year all
lie insurance thrift records will be
broken by the American people with the
purchase of $4,000, 100000 new protec-
ton during 1929, it was stated at the
convention of the Association of Life
Insurance Presidents by Chairman John
r. Hardin, president OF the Mutual
Benefit Life Insurance Co. of Newark.
The amount of new life insurance
purchased this year will show an IN
crease of 1,1O0,oo0,ooo over that pur-
chased last year, he said. Total in
surance in force at the end of this year
will be S103, 600,000,000.
"At the end of this year." said Mr..
Hardin, there will be 67000000 per-
sons insured under policies in the Unit
ed States, more than one-halt OF our
population. This has been an historic
year in life insurance, for in July the
total volume of insurance In force pass
ed the 100000 100000 mark
During 1929 there will be paid to
policyholders and their beneflciaries APP
proXimate.y S2,000,000,000. In 1900
these payments were only $169,o0o,ooo."
Cleaned in Financial District.
At the last quarterly meeting of the
directors of the Security Storage Co
Corcoran Thorn, president of the Amer
lean Security & Trust Co., was elected
a director, to succeed the late Charles
j. Bell.
Two partners in Eastman, Dillon &
Co-Herbert B. Smithers of New York
and Maurice H. Bent of Chicago
visited Manager Arthur Foraker anc
the Washington office staff wednesday
It was Mr. BentS first visit to the
Capital, but he declared it would no.
Le his last.
~3yokers' loans increased $33,000,000
70 S3,425, 100000, in the week ended
December IL: Federal Reserve system
ratio. 71.6s per cent, against tbs pei
cent week ago and 64.2 year ago.
Tine Christmas party of the Washing
ton Bank Women's Club will be held a
the Huguenot on December 10 at
O'Clock, with dinner and special en-
tertainment. Mabel v. Royce, vic
president, will preside.
The Richmond Federal Reserve dis
trict subscribed for $24339, 900 of tn
new 31s per cent Treasury certificate
and was allotted $13,659,000. The tots
amount allotted by the Treasury wa
1881. 640,5 500. The largest subscription
came from the New York reserve dis