Evening Star Newspaper, November 14, 1921, Page 25

LOAN VALOE OF ALL .. LIBERTIES HIGHER Bonds 95, Notes Par—Re- serve System Bulging With Cash—Mergy Higher. BY L A. FLEMING. The Federal Reserve Bank of Rich- mond has notified member banks that advances will henceforth ‘be made on liberty bonds at 95 and on victory notes’at 100. ‘With a cash reserve of $2,960,783,000 in the reserve system officials of the regional inatitutions are somewhat anxious to stimulate loans. The cash: reserve is the largest ever held, indi- cating the slackness of borrowing in the big centers where the large loans are usually . e Moreover cash is constantly in- creasing through the steady reduc- tion of loans. The cash in excess of legal requirements is $1.400,000.000, with potential possibilities for credit expansion, should business increase warrant, of billlons of dollars. Tkis is more impressive when it is recalied that the total bills in the reserve banks and their brauches is but $1,335,652,000. In the last year there has been a contraction of $1,- 736,952,000, and_the chances seem f: vorable for a further shrinkage. The reserve ration of the system is 71.4 per cent. The plling up of the stock of gold, now $3,453,008,914, is one of the causes of the plethora of cash in the federal reserve system. The new loaning rates of the Rich- mend bank on liberties are not far from the actual value of the bonds. The first., second and fourth ' loans htly under 95 and the other issues are above that limit, Victory notes are but a few points under par and the entire issue of both notes and bonds seems to be working 10 higher levels. Rheims is an applicant for a loan from;, a New York group of bankers. Sojsgons has about completed nego- tiations with Canadian bankers for a $10.000,000 loan to be advanced in in- stallments. the final advance to be made within eight years. Pot: ic Bonds Active. On today’s sesslon of the local stock exchange, trading in the bonds of the Potomac Electric Power Company monopolized a large part of the at- | Ci The general mortgage 6s being helped by nlalz in all, tention. were favored, advance in the refunding 7s. $17,000 of the bonds named changed ownership between 97% and 98, a moderate improvement from the pre- valling prices of last week. The refunding 7s were steady with sales at 103. Washington Gas 73z per cent five- vear notes scored a new high at 104 for a quotation lot, $1,000. Capital Traction s firm at 90%. Rallway preferred sold at 64 to 63%. the latter for a quotation lot. Traction shares were firm with a fair trade. While there were no transactions in Mergenthaler, the bid and asked price quotations showed that the stock was wanted and, at higher prices. Some months ago’ the purchase of a Adv Rumiey. Afay Rubber Allind Chemt Allfed Chem pf. h Nt R, b - ADis Chalmers. ... 35% Am Agr Chem .. B1% Am Agr Chem pf.. 8% fo8 Am Chicle Co...... Am Cotton Ol L 2% Am Cotton Ofl pf.. 49 6 Am Drugglsts. Am Hide & Lea. Am Hide & Lea pf. 52% AmIce..... Am International. Am Radlator. Am Rafety Rasor. . Am Ship & Com. on. . Kitchison pf. Atlantic Guif. Atlantic Gulf pf. Atlantic Petrol. Austin Nichols. Baldwin Loco Balto & Ohlo. Rarradall (B) Beth Steel. . Beth Steel 1% pf. .- Reth Steel (B) Beth Steel §% pf. Bklyn Rapid Trn. Brown Shoe. . Burns Bros. Butte Copper. . Butte & Superior.. Caddo Oil. . California Pcks. California Petrol. Calumet & Aris. Canadian Pacific. . Central Leather. Central Leather pf CentRROfNJ... ro de Pasco. Chandler Motor Ches & Ohlo .ee Chi Mi] & St Paul. Chi Mil & 8t P pf.. ~hi & Northwn.... Chi & Northwn pf. Chi Pneu Tool. ... >hi R 1 & Paclfic. . block of stock of an indefinite amount | 0! was responsible for an advance to 127, after which there was a reduction and slow sagging to 119 or a little below. Of late the price has steadily ad- vanced on a very small accumulation of stock until today 128 was bid, with none offered under 130. Even higa- er prices are predicted. New York Telephone Bonds. A Dblock of New York telephone twenty-year 6 per cent bonds was brought out this morning and repo ed to have met with instant favor. The company is owned by the Ameri- can Telephone and Telegraph. Com- pany. The bonds were marketed at will pay out about $70,000,000 as in- terest on the second liberty loan. On Wednesday $7.000,000. of interest will be paid_as nine months' intgrest on , Treasury certificates: issued May 16, 1921 Coupons may be cashed at your bank or sent to the coupon-paying _lBl.vI;lon of the Richmond Reserve nk. —_—_— Washington Stock Exchange ",5,‘&“‘2’,‘ Gae 50—$2,000 at 82, 32,000 at o7 Potomac Biectric Power g. m. &nd ref. (5 o000 At 108, m st ioS, 3500 a¢ 103; 1000 at 100, 3500 at 108, 1> S1000 at Washington Rafiway and Electric pfd.—2 at 1,8 at 6%, 252t G313, 2 at 635, Potomac Electric_ Power 5. m. 8x—$: 98, $1.000 st 98, 31."”' KgBF. 0 1,600 3 1000 at 9773, 31 Money—Call'Toa Bid and Asked Prices. PUBLIC UTILITY. American Tel. cost d Pot. gu: P. Telephone 58 Traction 58 ..... Potomac Eilectric Power ectric Pow. ington Gas Ss fngton Gas 7% h. Rwy. and Eiec. 4 ‘Wash. Rwy. & EL §g. ) 98 ‘Washington Market Gs, » Washington Market 7 'W. M. Cold Storage Bs.. OCKS. ST PUBLIC UTILITIES, el t Washiogton Ry. and Elec. ‘Wash. Kwy. and Elec. pfe NATIONAL BANKS. com.. American Security and Trust. Continental .. .8 Natlons] Savings and Trust Tnion Trust .. ‘Washington Loan and Trusf BAVINGS BA: Commerce snd Ravings ‘Washingjon . lumbia Graphophos S hante Transter BAR SILVER QUOTATIONS. Tomorrow, the 15th. the Treasury | Cuba Cane Suga! Cuba Cane Su pt.. Davidson Chem Del & Hudson. Del Lack & Wstn.. Endicott-Johnson. Famous Pla: | Fed Mines & 8 pI.. Fisher Body of O pt. Freeport Texa Gen Am Tank Car. Gen Asphalt. Gen Asphalt pf. Gen Motors. ot €% deb. . Goodrich. Goodrich pf. Granby Consol. Great Northern pt. Great Nor Ore. Greene-Cananea. . Guantanamo Sug.. Gulf States Steel.. Hartman Corp... . Haskell & Barker. Intl Agri Chem Intl Cement Intl Harveste Intl Mer Marin ntl Mer Marine pt Intl Truck 1st pt.. ol Intl P % | Invincible Ofl. Jones Te . Kansas City Sou.. Kansas C Sou pf. .| xansas & Gulf Co Kelly-Spring Tire. Kelly-Spr 8% pf. Kelsey Wheel. Kresge (88). Lackawanna Steel Lee Tire & Rubber Lehigh Valley. Lima Locomotive. Loews Inc. Loft Inc. Manhattan Elev. Manhattan Shirt.. May Dept Stores.. Mexican Pete. Miami Copper. Midldle States Oil. Natl Cloak & Sul Natl Enameling. * | Natl Lead. . atl Rys of M 2d. Nevada Copper. New Or Tex & M.. N Y Air Brake, N Y Central. NYNHG& Hart... Norfolk & Westrn. North America.... North America pf. Northern Pacific. . Oklahoma Prod. .. Orpheum Circuit.. Otis Steel. Owens Bottl . Pac Development. PacGas & Klec... Pacific Oll. Pan Pan. NEW YORK, November 14.—For- g;g‘zu bar silver, 67; Mexican dollars, | Pl S1%. LO! November 14.—Bar silver, 33% per ounce; money, 3% per cent. Discount rates, short bills, 3% per Zent; three-month bills, 3 15-164 4 per ‘oal. .o Pond Creek Coal.. Preased Steel Car. Producers & Ref.., . 65% - 1% 23% W% 6% -Am Pete..... B! -Am Pete (B) . LR LU ‘ LELH . " aggsgamspasnsgEs H LS P # Shattuck-Arisona. 9! 1% 81% 8% 29 5% 2% 8z 2w 8.4 6% 6% n% 1% m o’ (3 st 2% 1% 2% % 10 10 3 9 6% 6% w% 2% 0 0 2 2 3% MW w02 102 s 8 @ u% % Mm% % | :“\: \ ! |were unchanged at 5.20 to 5.30 for NEW YORK STOCK EXCHANGE |TODAY’S N. Y. BOND MARKET Received by Private Wire Direct to The Star Office. o Open. 'High. Low. Close. 1% 12 Open. High. Lew. Close. we% 't !!Ii T z 2 5z 3 ? a sz — -_ folf LT | a wEEe E-28cREgzae azyegyegel Shell Trad & Tran. 88 8% Sinclair Ofl. . 2% ERE-3%p°RRRERa%R0 % Southern Raflway. 19 Southern Ry pf. “h Stand Oil of Cal... 83 Btand Oilof NJ... 179 179 Stand MIN J ot Stromberg Carh. ki 1843% Kof 110% U 8 of Brasi 32 U 8 of Mexico On.. Texas & Pacifig. Texas & PC & Oil. ‘Tobacco Prod. ‘Trans Contl Of! Union Bag Union O Unfon Paaific pf. 3 United Alloy Steel 28 » United Dru " 8k 0% 0% “% ”"% », = HollapamaannnSRER — g Westhouse B & M. 471 White Motor. White Ofl..... Wilson Company. R Willys-Overland.. . 6 . 2% o124 128 % % % % High. " Low. Last. [ Willys-Ovid pt. Woolworth. Worthington Pmp. Wright Aero.. Call Money..... HOURLY SALES OF STOCKS. % 453 - PAPER MILL FOR RICHMOND. RICHMOND, Va., November 14— Operation of the new three-story paper mill of the Standard Paper Company here is expected to begin about the first of the year. Instal- lation of machinery is being rushed. The plant represents an investment of $750,000 and will furnish employment for about 100 men. most of whom have their homes in this city. Con- struction began two years ago and; was completed recentl: { CANADA MAKES FOOTWEAR. OTTAWA, Ontario, November 14.— Ninety-five per cent of all the boots and shoes #old in Canada in 1919 were; made by Canadfan plants. In 1919 C nadian factories manufactured 19,160, 749 pairs of leather boots and shoes, of which the selling value at the f. tory was $63,319,129. In the fiscal 1 bt 5%, e EER D PR L 4 SBRLLL LY [ EQUITABLE " Co-Operative Building Association Organiged 1879 i llul of trust on real eststs. Riies al bldg.. $5,000 Life Policy, $57.35 Age 40. Send aate of birth for flustration | Established 1865. 000. | ml!loney to Loan By Special Leased Wire to The Star. NEW YORK. November 14. Below are given the total sales and the high, low and latest prices of ve bonds on the New York Stock Exchange up to 12:30 p.m. today [ % 3 Assets over $150,000, N 2t > v 4 P b15 : 42ND YEAR COMPLETED v Assets ...$4,303,838.65 Sarplus . 91,097,001 ) Rom 610 Woatward ‘Buitdins. . 340, ’ 2 1 Those Who Save —and save regularly and tematically arc sure to obtain, the best results in the end. Subseriptions for the 82d Issue of Stock Being Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F 5t. N.W. JOHNW_JOY EDSON, Frestdear FRANK P. REESIDE. Sees 3.4 Bt L Tut vl BN e, BBSPR2LRLRLP LN 22T ERBEY! 5! gFpocad Rwwan 220 58 C & HR de Bouth 38 ser A. Went con 4s.. Vest cvi .. fic 6 ser 1. prior lien 4x 1 1 {reson & X c 42 regon 8 L tfg l’llfll G & E Packard Motor 8. 99! Rep of Argentine 5s. 78 .. Pan A P & Trany Ta 1830 1 Rep of Uruguay 8s. 102 tate of Qunsld 7s. 104 81022 996, 15 1020 A1 &1 BY; 1037 B4% I 8s... 1023, —without the loss of a single penny in either principal or interest ig only one of the many reasons for imvestors to buy e 7 Gilt-Edge First P Marquette 4u... Philippine Ry 4 fcan Tobae 8. RAILWAY AND EF;>> > by At or bs.. At Gl 1 conds T s e T n | \ Mortgage Loans . ; e wii 54 tlag ‘ s No Investment Better, Fow As Gool. 'A:: 100 1% Commercial send. for Tull detalts, Corti- k53 i3 d _insurance pol- B oo Accounts ea "with notes. =ko.| &9 We solicit aeeounts of firm. ecourtecons con- B&o aad-individu ""..,"‘.'].'L"““\,".,,:'.';;ff, sideration to adl our clients. g!A ) siatement service Notes from $250 up to $10,000 Now on Hand 336 N. Y. Ave. L3 ot Chas. D. Sager Loan Dept. M 36 923 15th s Pasco cvt 83 111% & O vt B...... Bl HIN H - Organized in 1814 e EREKET " Oy L PR no =3 » Attention, Builders | Btimulation of home bullding. ional Mortgage and Investmeut Cor. * igoration s In tie market to purchase Beco rust Mortga, P R rfy 40 Sta_ 6L p W W Indiama 4 e Copper cvt T Chile Cop col tr B, cce c i | e b beginning. ‘fillll‘. | NATIONAL MORTGAGE AND i INVESTMENT CORPORATION | Temporary office, Sanxbury Bldg. ¥ Eye Street N that’s why SERVICE and $ W 1003, ref. D Edi rfg 6x s D Edison 5s 1933.. Dia Match ded This Dup-Nem Pow 7. 1 Duquesne L & P ts. Erie gen lien 4v. ctn B tion of OUR SAVIN! ‘97, 431y If yoy have money to in- vest we can safely place it on ful bank. 91y 4 o gilt-edge first D. C. Mort- Gd Tk Canada <. 977, 5. O e ae ety _ gages. ur record of 30 years 4 Hu & 7 insures your protection. Cour- 3 Hud & M 5, 1l Cen 5 teous treatment. ARTHUR T. BRICE Percy H. Russel! Co. W. WHITE ... President 0. H. P.JOHNSON Vice Prexidest ...Trust Officer FREDERICK De C. ‘WM. F. CTDE .. Asxt. Canbier Asst. Cashier A. LISNER LOANS ON LIBERTY BONDS Boads bought and Sold Registered or Coupoa. Exchange 604 14th St. N.W. i Lake 8 & M 8 31ga L8 & M8 de da.jul) . 8 Liggett & Myers b 1 Long Is deb 3w, 1037 71 5 Long Ix deb hw. 1934 JOHN H. MOORE Safe Deposit Boxes year 1920-21 imports were valucd at 01,121, and exports at $1.441,338. SUGAR MARKET STEADY. NEW YORK, November 14.—The raw sugar market was steady during the forenoon at 4.06 to 4.1 for centrifugal. The raw sugar futures market was firmer on covering and Wall street buying, with prices at midday 3 to 7 points net higher. In refined prices l ! { | | i | 1 fine granulated. A moderate lnqulry} was reported and refiners were ac- cepting orders for shipment late this week. — ARMAMENT SHARES DROP. ovember 14.—Armament stock exchange show- trading effects attrib- of Secretary of ashing list of such shares w: in anticipation of selling, had not appeared i r. n. marked down which, how- n, any force —not only a promise, but an established fact when you invest in FIRST: TRUST NOTES INTEREST 7% —in your mail the day it is due. SHANNON & LUCHS 713 14th St.—Main 2345 . i} Diff erence It is one thing to maintain a flawless record in a few trans- actions stretched over a long period of time, but quite an- other think to stand the test of a constantly increasing volume of busigess ‘in First Mortgage Notes without loss to_any client. o During 52 years we have handled oyver a hundred- mil-' lion dollars for thousands of clients. < Swartzell, Rheeny & Hensey Co. 727 15th Street N.W. Washington, D.°C. The Natien’s Home Town 53 Years Without Loas to an Inventer Am B SECURITIES AND COMMOCITIES REVIEW FREE, UPON REQUEST. i STOCKS—BONDS—COTTON—GRAIN—SUGAR—COFFEE Bought and Sold on Commission A. A. Housman & Co. | 20 Broad Street, New York i MEMBERS: \V YORK OCK EXCHANG NEW YORK COTTON EXCHANG EW YORK PRODUCE EXCHANGE NEW YORK COFFEE AND SUGAR EXCHANGE CHICAGO BOARD OF. TRADE ASSOCIATE MEMBERS OF LIVERPOOL COTTON | ASSOCIATION, g | Washington Office MAIN FLOOR CORRIDOR—WOODWARD BUILDING Telephone Main 2040 CHARLES R. ALLEY, Mgr. Over a long period of vears, good bonds have safest and most desirable forms of investment. Capital and Surplus $2,000,000.00 The Indorsement “ | of Over 41,000 Depositors Qught to be a Trustworth Guide for You —or any one else to follow, in choosing a guardian for the money laid aside EVERY PAY- DAY. Funds so easily ¢an they be sold or used as s of these, and other desirable features, that bank their resources in bonds. recommendation. Washington Office, Hibbs Bldg. Telephone Main 2978 Nasst‘tl;onal Savings & Trust Co. IOldect Savings Depository in Year Cor. 15th and New York Ave. FINANCIAL, 1343 N. Y. Ave. Open Until 5:30 P.M. Tomorrow Like Qur Beloved Country —which developed from a few struggling colonies into a mighty nation which all the world respects— this bank achieved place and prestige from a modest TBut the Metropolitan's foundation was firm— it foremost among local financial institutions—why Washington's OLDEST National Bank ought to be the custodion of your funds. €One Doliar or more will entitie you to the protec- 1S DEPT. with us THIS PAY DAY and grew up with this help- 3% Paid on Savings Accounts DIRECTORS % WALTER Bnownu'..r P ST Epem mELLY - < 2. REESIDE JOHN B. HENDERSON A. A FAERLING. J- ” § . E. Cor. z Caxhl S. E. Cor. 15th & “K” Sts. e | CHARLES JACOBSEN BERBERT T. SHANNON _:. Auditor O TR 10 H. . SHERIDAN Anst. Cashier RUDOLPH EAUFFMANN CHAS. G. SMITH. Jr. Dr. J. THOS. KELLEY, Jr. TOWNLEY A. McKEE Open at 8:30 A.M. Every Business Day Foreign Drafts National Metropolitan Bank - Captial. Surplus and Undizided Profits Ozer $1,500,000.00 15th St., Opposite U. S. Treasury—107 Years Old Bonds For Safe Investment been proven to be one of the They are the one form of investment through which the investor can safely take advantage of rare periods of high interest rates, such as now prevail, to insure the receipt of the same-high income for many years. Bonds are safer than stocks, are more readily converted into cash than real estate mortgages, and can be obtained in convenient denominations of $100. $500, $1,000 and larger amounts. Bonds are obtainable in almost any matu- rity. enabling an investor to secure the return of his capital at any time desired, whether in one year, or twenty years, or morc. Good investment bonds require no attention, other than the cashing of the coupon or check at the regular interest ‘Periods. usually every invested in such bonds are almost the same as so much re: curity for bank loans. It i companies and wealthy investors have reguiarly invested a large part of For nearly forty years we have been dealers in investment bo chase with our own funds new issues of Government, Mun Public Utility and Industrial bonds, and resell them to our clients with our We shall be glad to send investors our Monthly Bond Lists and special new Moderate * {Nothing short of satisfactory offerings from time to time, without ebligation on their part. This service Rentals service and protection under ALL will enable investors to become familiar with a very wide assortment of conditions could make this fifty- representative bond;an? {h‘e)_r current values, am! will gi\'&‘- them the l)e_nc_fi_t 1d bank th £ £ of our recommendations, which are based upon a long experience in satis- Same year=o.¢./uan the preterence °, factorily meeting the requirements of thousands of investors and institutions. such a big percentage of the city’s e Rate of citizenship. - ] Interest {Deposits welcomed in any amount. Ask for Lists AB-111 : OFFICERS s re . Large and PRANK 1. BTONE. .. .gecond v1_§ P{e:m:fiz Small ERAT RO ottt Harris, Forbes & Company A ... . Secr M )= Accounts FRANE 1 OLLMBR. Asst. §65 & Kast. Trovs. . Pine Street, Corner William, New York Money In Any Sum Qur connections other cities enable us to fur- nish money in_any amount for Washington Real Estate En- terprises. i Stone & Fairfax Maln 2424 i locally andsn ' 1 s Over a Quarter of a Century Experience in Property Manage- ment. Rental Property We wish to place at your service our Remtal Depart- ment We have specialized in this Business, improving our serv- continually, as a result of experience obtained through handling the many problems incident to the and details ymanagement of all classes of ren‘al properties Whether you own an apart- ment, ofiice building, business Jarge or small resi- prop dential propertics, we arc pre- parcd 1o render you a service complete in every detail B. F. SAUL CO. Property Managemernt 1412 Eye St. NW. Main 2100 H have placed REN( Operr an account ©: F. B. OGILBY i%: H. RALSTON T. LAWRASON RIGGS \ WM. H. SAUNDERS WALTER B. TUCKERMAN W. A (WIMSATT GEORGE W. WHITE six months. dy cash, because institutions, insurance ds. We pur- ipal, Railroad.