Evening Star Newspaper, February 16, 1922, Page 27

- FIN ALK OF LOWER BANK RATES ON Discussion Hinges on Action of the Cleveland Reserve Depository. Talk of lower bank rates {s again heard in the financial district. Dis- cussion of the matter hinges upon the action of the Cleveland Federal Re- serve Bank in lowering the rate from 5 to 4% per cent. Then, again, the .ondon rate may be lowered to 4% per cent soon. Acfion of the Cleveland Reserve Bank directors brings the bank rate in that district to the level obtaining in New York, Boston, Philadelphia and San Francisco. Washington and he other reserve dibtricts have a § Der cent rate. Local bankers say that the bonus question is a problem that will in- fluence money rates. Should the gov- ernment decide to raise money ‘for that purpose through a bond issue. money rates are expected to seek higher levels. This, of course, would complicate the whole money market outlook, and might =ven influence a higher bank rate. Should it be agreed that such funds must be provided through some taxa- tion scheme, the effect on money rates, it is pointed out, will not be 80 pronounced. although, in any event. a bonus of any sort is expected to have a sentimental effect on money rates. $63,000,000 Withdrawal. To meet payments due on outstand- ing certificates of indebtedness issued by the Treasury Department, New York federal reserve banks will call in $66,000.000 of deposits today. With- drawal of thls vast sum s expected to cause temporary tightening of money rates, which have been especial- 1y easy in the last few days. W. R. & E. Dividend. At a special meeting of the board of directors of the Washington Railway and Electric Company yesterday the quarterly dividend of 1% per cent was red payable on the preferred stock March 1 to shareholders of record Feb- 3 inz_to the premsure of busines at the January meeting, it was an- nounced that the board did not vote the dividend at that time. The com- pany will pay $106,250 to holders of preferred stock on accaunt of the dividend. The par value of the amount of the preferred stock actually out- standing is $8.500.000. Roe Fulkerson Toastmaster. Owing to the inability of John J. Boobar. general manager of the Ter- minal Taxicab Company, to preside as toastmaster at the annual ban- quet of the Washington Chapter, American TInstitute of Banking, at the New Willard, February 2 Fulkerson has been selected in his stead. Tickets for the dinner may be procured from R. Jesss Cha- ney. at the Cemmerclal Natioral Bank. Hoge Addresses Credit Men. Declaring that the mercantile agency report is the credit man's first line of defense, and that the credit man should co-operate, as far as possible, with the mercantile ageney, J. H. Hoge, superintendent of the Bradstreet company, addressed the Washington Association of Credit Men at the new City Ciub yesterday. The mercantile agency and the ways in which the credit men san aid the agency in securing credit in- formation was gone into at length Dby the speaker, after which general discussion was held. Miss Ethel_Spalding Slater of the Vocational Research Institute will take the affirmative and A. F. Har- lan the negative in a debate on “That the Credit Man Should Per- sonally Interview His Credit Risks™ at a meeting to be held by the asso- ciation next Wednesday, it was an- mounced. CANADA'S TRADE DROPS. OTTAWA, Ontario, February 18.— Canadian foreign trade fell off $890, 026,381 during_the ten months of the fiscal year ended January 31, accord- ing to statistics made public today. Total trade for the period was $1:260,- 206,393, For the same ten months of 1921 the total was $2,150.232.774. Ex- ports were valued at $634.654,918. as against $1.055,833,535, in 1921 The import figures were $625.551,475, as against $1,094;399,239 in 1921. T T Washington Stock Exchange SALES. Washington as 7%8—$1,000 at 106, $100 a 10‘1.‘a e e City and Suburban_ 5s—$1.000 at 80, $1,000 at 80, $1.000 at 80, $1,000 at 80, $1,000 at' 80. Washington Railway and Electric 45—$1,000 cond National Bank—10 at 148. gigrEentialer Linotype—4 at 142, 1 atj AFTER CALL. [ Lanston Monofype—20 at 74. Money—Call Toas-, a8 per ceat. BONDS. Bid and Asked Prices. PUBLIC UTILITY. | at eiga. Tel. and Tel. ctl. tr. T: d Tel. couv. 8 ctrie cons. Potomae Electric deb. Potomac Elec. P Pot. Elec. P Wi Al Riggs Reait: o s, iggs Roalty Rikks Realts fs (short Washington Market 5s, 'if3 Washington Market 5s, 194 W. M. Cold S:orage 5 PUBLIC American Tel. and T Gaplal Traction Washington Gas orfolk_and W. W Was! % American Capital Columbia Commerce Disttet TRUST COMPANY. Trast.. 23 9815 558 * BER Tnlon Savings U, S. Saving Washington Mechantes’ . L2 FIRE INSURANCE. 240 10 15 18 ion .. % TITLE INSURANCE. Columbia Title .. 5 Real Estate Title 20 et o MISCELLANEOUS. “olum| aphophorie com. Columbia _Grap! a?! D. C. Paper Mfg. C L3 Merchants' Transfer and Storage ... pe .43 Mergenthaler Q" Dutch Market "com. .lu l ANCIAL. NEW YORK STOCK EXCHANGE Received by Private High. [y Open. Adams Express... ! Adv Rum Ajax Rubbe: 16% Allled Chem. 5% Allfed Chemical pf 188% Allis Chalmers. ... 6% Allis Chalmers pt. 92% *% Am Beet Sugar. Am Bosch...... Am Brake Shoe pf. 1024 Am Ca; Eided Am Cotton Ofl .22 Am Cotton Ol pf. . & Am Druggist: % Am Expres: Am Hide & Lthr Am Hide & Lthr pt Am Linseed. .. . Am Linseed pf. ... ‘::u Am Bafety Rasor. . Am Bhip & Com... Am Smelting. AmESmelt Sec A.:. Am Snuff. Am Steel Fdy. Am Sugar. Am Sugar pf. Am Sumatra. Am Tel & Teleg. Am Tobacco...... 184% Am Tobacco (B). . 130% Am Tobacco pf (n) 10% Am Wcolen. ...... 83% Am Writing Pr pf. 35% Am Zinc & Lea . Anacorda. o1 [ A% <18% Atchison pt. Atlantic Cst Lin Auantic Guif Atlantic Gulf pf. Aus| Auto Sales. . Baldwin Loco. Baldwin Loco Balto & Ohio Beth Steel 7% p Beth Steel 8% pf. . British Empire Stl Brit Em St1 2d pf.. Bklyn Rapid Trn. Bklyn Rap Tr ctfs Bklyn Unlon Gas. . Burns Bros (A)... § Burns Bros (3). Bush Term pf. Butte Copper ... Butte & Superlor. Butterick. ... 4. California Pcki California Petrol. California Pet pf.. Cerro de Pasco Chandler Motor. .. Ches & Ohio. Chi & Alton. Chi & Alton pt. Chi Great W pf. Chi Mil & St P. Chi Mil & St Ppt.. Chi & Northwn. .. Chi neéu Tool Chi R 1 & Paci Chi i 1 & P 6% P! Columblia Gas. Columbia Grap Clmbia Graph pt Comp Tabulator. Cons Cigar Cons Cigar pf. ConsGasof NY... Cons Intl Cal Min. Cons Textile . 12 Corn Products. Corn Products pf.. Cuba Cane Sugar. Cuba Cane Su pf. Davidson Chem. .. De Beers Mines. Del & Hudso: pel Lack & Wstn. Dome Mines DuSS & Atl pf. Elec Stor Battery. Emerson-Brant... £naicott-JoRnsou. Endicott-John pf. Erie. Erie 1st pt Erie 2d pf. Famous Players u ul 2% % 5 80% 1043 10% 16% 1% 82% { Fisher Bof OPf... 8 12% isk Rubber is| - Fi ‘Gen Am Tani Cal - 3 halt Gen Asp! W . % 8% .iouston Oil.... lupp Motors. Hydraulic Steel lilinois Central Indian Refining. Interboro Metro Interboro Met pt.. Intl Agri Chem pf. Intl Cement. . Int Combstn Eng. Intl Harvester.... 85 Intl Harvester pf. 106% Intl Mer Marine... 15% Intl Mer Marine pt Intl Motor Truck. Intl Nickel. Intl Nickel pf. Intl Paper.... Intl Paper (sta) Invineible Oil. iron Products. Island Ofl. Jewel Te: Jewel Tea pf. Kans: Kansas & Guif Co. Kayser (Juiius) Kelly-Spring Tige. Kelly-Sprng 6% pf Kelly-Sprng 8% pf Liggett & Myers. . Liggett &. Myers B Market St prior. Marland Oil. MclIntyre Porcu. Mexican Pete. Mexican Pete pf. Mtami Copper. Middle States Oil. . Midvale Steel. Minn &StL (n)... MinnStP&SS MOK&Twi MoK&Tptwi. 5%+ 8 108% [ 2% "% L] 1% #U 68% 108% % % - 26% 18% 184% 130% 100% B *»Y% % UM% @ 5% % 5 80% 105 n 1% 1% 82% s 12% 8% 62% 161 8% % 1% % 106% 1% Low. sigfeegey Wire Direct te The Close. 20% uw € L) 8% k | $58:353% ygmgee gogmgatiag ] ' —_— Star Ofiice, Lov. Closs. % 8% o »% 6% wh » % T Mo Pacific. ak & 8 ! Natl Conduit. . o 0% % LY a 1. NYChi&sSt . NYNH & Harttd. O& W Norfolk & Westrn North Amerfean:. North Amerioan pt orthern Paci Pacifieon ... Pac Tel & Tel. Pan-Amer Lete. Pan-Am Pete (B). Pennsylvani; s Penn Seahd Steel. eople’s Gas, Pere Marquette Pere Mrq prior pf. Pere Marq pf hila Compan: Phillips Jones Phillips Pei Plerce-Arrow. Plerce-Arrow Plerce Ol Plerce Ol p; Pitts Coal. Pitts & W V. al Pressed Steel Car. Pressed 8tl Car pt. Producers & Het Public Sefv ot N J. Pullman Co : Punta Al Pure Ol1. Rallway Steel Spr. Ray Con Copper, . Reading. Reading st p?. Reading 2d i Remington Typr. Replogle Steel. , Rep Iron & Steel Rep Iron & Stipt.. 8¢ Rep Motor Truck., Royal Dutch St Joseph Lead St Louis Sown pf. Santa Cecllia Sug. Seuboard Air Line Seaboard AL pt. .. Sears Roebuck Sears Roebuck pf. Senecu Copper... . 1, Shell Trad & Tran. Sinclatr Oil. . Sloss-Sheffield So Porto Sug.... Southern tucific. . Southern Rallway Southern Ry pi Stand Oil of Calif. Stand Ofl of N J. Stand Ol N J pt... Stewart-Warner. . Studebaker. ... ... Submarine Boat ) L Superior Ofl.... .. S Temtor Corn (A).. Tenn Copper. . Texas Company... 4 Texas Gulf Sulphu Texas & Pacific. .. 3 Texas & P C & Oil. Third Avenue. Tobacco Prod. Tol StL & Wn B. Tol StL & Wn pt B. I'rans Contl Ol .. Union Bag & Papr Union 0il ¥ok <180 5% B% “ Union Pacific pf... % Union Tank Car pf 102}y United Alloy Steel 21 United Fruit. United Ry Inv pf.. 26% United Retail Strs. 54% U S CastIr Pipe. USCastirP pf... U 8 Food Prod 3 U 8 Indus Alcohol. US Realty. U8 Rubber..... U 8 Rubber 15t pf. U S Smelt & Ref. .. U 8 Smelt Ref pt. U 8 Steel U 8 Steel pf. Utah Copper. Utah Securities. Vanadium Corp. Va-Car Chem. Va-Car Chem pf. Western Pacific. Western Union. ‘Westhse Air Brk. . P Willys-Ovld pt.... 2 Wisconsin Central 28% ‘Woolworth. .. - 161 Worthington Pmp 7 Am. Laundry Machinery Co. 50 ‘eb. 20 g pf. $1.36"Mar. 10 m R. R. Co., tties ., 3 face value of common stock, cash serip, and 16%4s, face value of common stock scrip NEW YORK, Febru: 16.—Mo than Aty millionaires from il ‘::‘::: of the United States and Canada were among the 653 passengers of the George Washington, which salled from here on a Mediterranean cruise. In the hold were $200,000 worth of foodstufts and 3,000 tons of fresh water for use on the tour. . ‘The ' passenger included 200 more women than . _Among those on board were 158 single pergons of expected to be reduced when romanc ts & chance. nies R ] 3 Aradlans salute each other plact cheek against cheek.. b7 Sactoe marrisgeable age, but this number is | Ch STOCK MARKET FIRM T0 STRONG Buying of Seasoned Rails Stabllizes Prices—Call Money at 4 Per Cent. NEW YORK, February 16.—Con- trary to meneral expectations, lower- ing of the Bank of England discount rate was without visible influence upon prices at the opening of to- were evenly distributed. With the BOSTON, 'Bl‘(uy R Fo con over the preceding year, despite the war and rlod At the end of 1921 the company had | outstanding 276,000 shares of stock, alll 25,000 shares of this capitaliza- lon day’s stock market. Gains and losses !dividend paid in the final month of the y oxception of American Locomotive, | g which broke 1% points on the first transaction, chingés were Jimited to fractions, The list developed & firmer tone within the first hal? hour on buying of leading oils and ahippin eape- clally Mexican Petroleum cantile Marine p‘uhmd and Ameri- plentiful at 4 inigal rate in eral ré less o vy | withdrawals of government dowmni from local banks. | Alternate reactio: and recoveries occurred in leading stocks during the morning. motors and selocted special- ties being most erratic. American ice fell 1% points but quickly recovered.: Studebakef, Chandler and Plerc Arrow wi ressure as the re- PO of b ve | sult of further cuts in| the automabile teade. 1 Buying of seasoned ralls, especial- | outhetn Pacific, Atchison &' tabilised prices again “i Brittsh Bank Rate Feature. | Reduction of the Kank of Kngland { discount ra trn‘n 5 to 4% per cent! was the outstanding incident in the! markets toduy. It was not unexpect- ed, because of the suspension an- nounced on Tuesday of further issues ! of the short-tertnh British treasury bonds. The sigpificance of this was that the extraordinary borrowings of the war and post war periods, were over, and so, relieved from the | necessity of handling this govern- ment financing, the bank eould afford ; to put its rate of discount back to where it stood In 1914. The action of the En another measure of British econol ical recuperation scarcely less Im portant than the rise of the past| month in sterling exchange. The reaction to thehe muitiplying signs of cheaper money on both sides of the ocean was a further advance in investment securiti especially in American and England war loans and, on the stock exchange, in some | of the standard dividend paying rail- | way shares. The rise In libertys, fairly sharp, also of course was a| further expression of relief at the| way the bonus situation was devel- oping at Washington. Whether or not President Harding’s proposal for a general sales tax can be pushed | through a reluctant Congress is! something which Wall street, like the rest of the country, can only gues: APERCENTRATE which was FEATURES BONDS)| Street Looks With Less Con- cern Upon Soldier Bonus Legislation. Special Dispateh to The Star. NEW YORK, February 16.—The re- duction in the call loan renewal rates to 4 per cent today was the most im- portant factor in the bond market. Moreover, the lowering of the Bank ot England discount rate, with the prospects of similar action by the Federal Reserve Bank of New York, iniparted further strength to the United States government war loans and influenced the movement in Unit- ed Kingdom issues. Under the fresh stimulus of these two classes of se- curities, the entire list became strong. ‘Wall street looked with less concern H lation, of a general sales tax as a revenue raiser, or even the postponement of the financing, restored confidence that the bonus would not prove a burden in the investment market. Libertys Are Responsive. Liberty bonds rose substantially in response to cheaper money, and the United Kingdom 6%s of 1922 and 1939 both reached a record high. French 7%s kept around their hest' level of yesterday, and the rest of the forelgn government group held steady, with the exception of Mexican issues, particularly the 4 per cents. This issue dropped over two points and then regained some of the.loss. Rallway _issues generally were strong. This was true of the stand- ard dividend payers and the specula- tive leaders alike. Rock Island gen- eral 4s rose a_point, and Missouri Pacific 58 of 1953 got up a half point, pany paid dividends totaling $12 in oash plus 10 per cent atock, the latter dividend having a current market| value of more than $18. —_—— The Bank of England has rtducefl’ its rate of dlecount to 4% per cent, NG STAR, WASHINGTON, D. C, THURSDAY, FEBRUARY 16, 1922, READING ORDERS COACHES. PHILADELPHIA, Readin, thirty-five passenger coaches placed Wwith the Bethiehem Steel Company. The remainder of the company's $5,- 000,000 equipment order, which called for the construction of 2, has been divided equally among four other compani OFFICE ROOMS .-FOR RENT International Bujlding FORMERLY INTERSTATE BLDG. 1319-1321 F St. N.W, A Few Very Desirable Offices_Left Reasonable Rents McKeever & Goss Rental Agents 1408 Eye St. Main 4752 7% | FIRST | 7% | MORTGAGES The Safe:t Security on Eearth Every mortgage in less than 509 of the market value of the property. L Abselute safety. February 16— railway announces orders for 00 coal cars, GILLETTE EARNINGS UP. February 16.—Gillette r for 1921 reports $7.008,- ‘ompared to $6.803.407 in 1920, 34, 80 In 1919, and $5,252,136 in 191 T each yerr of the last decade the mpany has Increased its earnings e post-war readjustment pe- represented n 10 per cent stock On the basis of 250.000 shares company earned, before taxes, .03 & share on ita stock. The com- David F. McConnaughey BIRD& - 2. Reliable security. 3. Liberal income. 4. Insurance against loss. S. Protection against depre- clation. 6. Prompt payment of interest. 7. Repayment of principal in full at matarity. Choice First Mortgages $100 $250 $500 ‘Write for Booklet “8.” It's Free, WILLIAM S. PHILLIPS Safe Investments 1609 New York Ave. W alimited Suats Tor Fitat Feust Losss on Washingtos Real Estate MAIN 3160 and 39657 D&CO. m D, Budd 85! Wi 821 180k Hi W 1! t . Washing e ALL LISTED STOCKS AND BONDS At most atiractive prices from a specnla- tive point of viev nd 'vnan:u S At 50¢ per 1,000-Xronen nd. HAMBURG HANMBURG 4%» at $087% per n al MARGIN ACCOUNTS CARRIED Also Bonds Issued by European Cities An Excellent Long Term Investment Providing Safety of Principal and High Yield ¥or instance, We owa er for wal at $0.62% per 1,000- merk bo; 1,000-mark bond. These securities are ixsued by the clties amed, which were untouched by the war ad have intact their warterworks 4i other municipal properties, which have ex- regardiess of the exch hefore the war, y the same value rate, | while Missourl, Kansas and Texas ad- Justment 58 advanced to a fresh top. SUGAR PRICES FIRM. NEW YORK, Febl;‘ul'ry 16—The 1y raw sugar market was firmer and prices advanced to the basls of 53% for Cubas cost and frelght, equal to 3.73 for centrifusal. Thele were sales of 14,000 bags of Porto Ricos 1ate yesterday at 3.5¢ and today 91,000 bags of Cuban for February-| h shipment were taken by t e .13, nnTr strength of raw sugar led to renewed buying by Wall street and commission houses in the raw sugar futures market, and prices at midday showed advances of 4 to 6 points, with trading fairly active. The ket for refined was un- changed at 5.00 for fine granulated. There was sald to be a fair export in- quiry. Theré were no transactions in refined futures. — FOREIGN EXCHANGE. Selling checks—dollar values at moon today: 4.36 By the Associated Press. NEW YORK, February 16.—Foreign exchange st Great ‘Britain, de- mand, 4.36; cabies, 4.35%: sixty-day on banks, 4.33. France, demand, cables, 8.66%. Italy, demand, les, 4.85%. Belgium, demand, . Germany, demand, cables, ao;g Holland, demand, cables, 37.37. Norway, demand. Sweden, and, 26.23; Den- Switzerland, de- nd, Pdflelrldn S o0 nd, de: .o;.!s..'cuchuunkh, demand, % ‘Argentine, demand, 36.87. Brazi) mand, 13.62. Montreal —————————— ‘WILL AWAIT INQUIRY. The ‘;):th of Justice has taken no actf n-mnx the office of United States District torney. Clinnin - of other than to % 16.85; demand, 2! mark, & eral merely as propriety, it was said at the departmant. Series D 7% Gold Bonds To Yield 7.90% Interest earned 7 times EQUITABLE | Co-Operative Building Association Orzanized 1870 424 YEAR COMPLETED .$4,365,396.73 1,111,632.9¢ The Value of Systematic Savings 1s in evidence on every side. Our books ot the names of thonsands of apd women with modest incomes THOMAS W. BRAHANY & CO. Bond Department Evans Building Main 61589 {1406 H St N.W. who have accumulated substantial sums. Subscriptions for the - 82d lssue of Stock c Being Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING - 915 F St. N.W. HN_ JOY EDSON. Presldeat ANK P. REESIDE, Sec'y ENS Lll:l_IINZGS BANK New York Stock Exchange m Broadwuy.NCWYork Washington Office COLORADO BUILDING . $1,000 in Cash Telephone Main 1603 Call or Write for Insured Savings Plan Do It Now! 1336 N. Y. Ave. G.B.Chipman Manager ~ An lnvéstment —that frees you from worry as to safety, annoyance as to collec- M tions or other details, and thg ne- cessity of follow-up of stock market or business conditions. Shannon & Luchs First Trusts On Washington, D. C,, Real Estate Washington's Oldest National Bank - Trust Service : ‘flis evidence of our aim to afford Metropolitan . customers complete financial service, we point to the fact that Washington’s OLDEST Na- tional Bank maintains a © fully equipped TRUST DEPT. More- over, we were:the first national bank . in the city to inaugurate such a de- partment. SR % i fiConfer with OUR TRUST OFFICER and find out Just how this dept. can serve YOU. . 3% Paid-on Savings Accounts National Metropolitan Bank Surplus & Undivided Profits Over $1,500,000.00 Jsm. Donasite U‘l S. Treasurv—108 Years Old- ' FINANCIAL. Sthed ¥ 2w —~—INSURANCE— All Lines—Expert Service BOSS & PHELPS, * - Main 4340 o D an: mounal for sninaton ‘Rest’ Hatate’ Eo. Stone & Fairfax Ave. L Fiot Mortgage Loans 7% - 3n Convenient Denominalions Over 40,000,000 shares In handling customers’ transactions, brokerage offices must - record many different \openfions‘_with unvarying As an indication of this, over 40,000,000 shates of stock were bought ‘and‘sold for customets in a single year by Jones & Baker, a leading factor on the New York Curb Ex- change. An average of about 75,000 shares - - of stock go in and out of transfer from their General Offices daily. More than 120 dis- tinct operations are necessary to complete eac’) customer transaction. By applying sound banking and commezcial methods, Jones & Baker have in ten years reached first rank in the brokerage field - in size, in service, and in financial respon- Let us send you an illustrated booklet,''A Great Organization Built on Service” Joness Baxer embers New York Curb Market Direct Private Wires Ers R i e - Back in the Fold In 1870, Texas, Mississippl and Virginia were readmit- ted to representation in Con- gress. The war was over. The family of States was re- uriited again, taking hold of life once more and building up a great country. As far back as that, this old estab- lished investment house was taking care of the money of those people who had in mind not only the progress of the country, but of their own per- sonal security. It has watched the growth of Washington, has helped and participated in that growth. First Mortgage Notes on Washington prop- erty are now, as they were in the days of Restoration, the most popular and conservative investment for the far- sighted American. In denominations of $100 to $100,000; exceptionally safe-guarded; at par every day in the year — the .investment . which Kas actually helped to restore. : 52 Y ears Without Loss to an Investor Swartzell Rheem&HenseyC 727 15% Street NW.