Evening Star Newspaper, February 21, 1922, Page 21

FINANCIAL.' FEDERAL RESERVE " BOARD'S SHOWING Eighth Report for 1921 Re- veals Material Re- duction. In its eighth annual report the Federal Reserve Board points out that during 1921 there was material reduction both in the loans and de- posits of member banks, especially in financial and manufacturing cen- ters, and this was reflected in a de- crease in the amount of reserves re- quired to be carried with the fed- eral reserve banks, and, conse- quently, in the amount of member bank borrowings. Much the greater part of the de- crease in member bank borrowings, however, which shows a gradual but continuous decline from $2,687,000,000 at the end of 1920 to about $1,144.- 000,000 at the end of 1921, was due to the reduction of over $900,000,000 in the volume of federal reserve notes in circulation, caused by lower price levels and by net imports of $667,000,000 of gold, practically all of which found its way into the federal reserve banks. This decline in the volume of re- discounts which federal reserve banks have been called upon to make for member banks, together with the suc- cessive reductions in discount rates, resulted in a decrease in gross earn- ings during the last half of the year, when the grgss earnings aggregated $46,182,000, as compared with §76 - 683,000 for the first half of 1921, and $99.520,000 for the last six months of 1920. Slightly over 89 per cent of the gross earnings for 1921, as against $2 per cent for 1920, came from paper discounted for member banks. Dally average of discounted paper held ag- gregated $1,804,000,000 in 1921, as compared with $2,530,000,000 in 1920. Although the discounts for member banks during 1921 were much smaller in 1920, the number of bills and notes discounted increased by about 200,- 000, or from approximately 1,000,000 pieces in 1920 to about 1,250,000 in! 1921. Dallas Surplus Still Short. The Federal Reserve Bank of Dal-{ las is now the only reserve bank whose net earnings have not yet been | sufficient to enable it to accumulate a surplus equal to its subscribed cap- | ital. All other federal reserve banks ! have accumulated surplus funds in excess of their subscribed capital. Out of their net earnings during LOAN DEPT. : 713 14th St Main 2345 on the Partial Payment Plan During the war tho sands Bonds on the Partial Pa prise of many, they otherwise have been spen but pursued — for yo OWN benefit. Call or write for o Mortgage Loans 1412 Eye Street N.W. D. C. Real Estate Funds on hand for first and second trusts; quick and satisfactory service consult - our Over a - .1,6'50% 2 Q“r far ircular upon reques of a The National City Company Century Washington—741 15th St. N.W, Without Telephone Main 3176 a Loss. Buying Mortgages purchased Liberty ment Plan, and, to the sur- ac- cumulated funds that would Such practices of thrift should not be forgotten, booklet giving information on 7% First Mortgages on the Partial Payment Plan. B. F. SAUL CO. Main 768 Toledo Edison Company Ist Mortgage 7% Gold Bonds Due 1941 A FIRST MORTGAGE on ¢ property having large earnings and a value mate- rially in excess of the Bonds outstanding. Price yielding about *“Save” is the magic word. Itis 'ihe (O:m it 'gn of fortus et ity u- y- margit ©op7. KRIEBEL & CO. nt. l-aummi fl“s.'"fi“ 131 e S, Chloage " | [OFFICE ROOMS FOR -RENT International Building FORMERLY INTERSTATE BLDG. 1319-1321 F St. N.W. A Few Very Desirable Offices Left Reasonable Rents McKeever & Goss ur 1921, after the payment of dividends, the federal reserve banks transferred $9,329,000 to their ‘mormal” surplus accounts, $6,664,000 to their “super- surplus” accounts, and paid $59,974,- 000 to the United States Treasury as a franchise tax. The feeling in local financial circles that there may be some way to avert the financial rocks for which the Co- Jumbia Graphophone Company ap- pears to have been headed was in- tensified yesterday by a sharp rise in its two stocks, its common stock get- ting above 2 and its preferred stock advancing more than a point to 10%. The time for filing affidavits in the receivership action filed in Wilming- ton, Del.,, has been extended until to- day. About 60 per cent of the com- pany’s 8 per cent notes have been de- | posited under the agreement between the committee and the noteholders, which the committee feels is a very good showing, considering the man- : Tner in which the notes were scattered among the holders. If the receiver- ship be forced, according to banking interests concerned, only a few cents on the dollar will be left for the . company’s stockholders _through its liquidation, but it was added that if it be allowed to continue operating without court intereference, there is a strong possibility that a favorable readjustment plan can be worked out. Quick Sale of W., B. & A. Bonds. Quick sale was made of the addi- tional Issue of $225,000 5 per cent first mortgage bonds of the Wash- ington, Baltimore and Annapolis Electric_ Railroad Company, which were offered vesterday by a selling group of bankers. So many applica- tions were made for the bonds that the books were closed immediately after their opening. § According to preliminary estimates, the Chesapeake and Ohio Railway Company will show a surplus of $5,- 208,000 for last year, which Is equiv- alent to a little more than 8 per cent on its stock. This surplus is the lowest in five years, except that of 1918, but is bet- Ter than the average of the five nor- mal years between 1910 and 1915. Its surplus in 1920 was equivalent to about 9% per cent on its shares. Gross operating revenues were $83.- 684,000, a decrease of about 6 per cent as compared with 1920; operat- ing expenses were reduced heavily, resulting in net operating income of 20 per cent greater than in the pre- vious year. The ratio of operating expenses was 79 per cent last year, as against 86 per cent in 1920, Banks Closed Tomorrow. Due to tomorrow being Washing- ton's birthday anniversary, a legal holiday in the District of Columbia, -all banks and exchanges will be closed the entire day. Pernonal. Nathan B. Scott, chairman of the hoard of directors of the Continental Trust Company, is taking an extend- ed winter vacation in southern Cali- fornia. Carl Robertson Kurtz of Stround, Kurtz & Co., will leave for Florida the latter part of the week for a} short vacation. | Money to Loan Secured by first deed of trust on real estate. Prevalling interest and comm! L& Trust Joseph I. Weller Sth and ¥ nw. David F. McConnaughey i Wostary Building Unlimited Funds for First Trust Loans on Washington Real Estate Money In Anzu Sum r oconnections locally and in other cities enable us to fur- nish neney in any smount for Washington Real Estate En- rprises. “Stone & Fairfax 1342 N. Y. Ave. Main 2424 NDEPOSITS $1,000 Life Insur- —it you save but 30c a day. And ou get-back all yon save! Learn the surprisiog details; Do obligations. o cost. Just 1336 N. Y. Ave. First Mortgage 1% “INVESFMENTS" The only absolutely safe form of interest. The sate courteous vestors. Certified Certificates of Title company each note without cost to vestor. Chas. D. Sager 923 Fifteenth St. N.W. Main 36—Loan Dept. lon D, (Established 1885! 821 15tk St., Washington, D. ALL LISTED STOCKS AND BO! MARGIN ACCOUNTS CARRII Also Bonds Issued by Cities At most attractive prices from a specula- tive point of view. For instance, we own and offer for sale: VIENNA 5s at 50¢ per 1,000-kronen ‘bond. HAMBURG :- at $6.62% per 1,000~ ) 'RG 4%s at 7 1,000-mark bond. e These securities are issued by the cities named, which were untouched by the war and have intact their warterworks and other municipal properties, wi.ich have ex- actly the same value as before the war, regardless of the exchange rate. 912 Gfteonth Stacol Gotablished 1889 I L Rust Foiok S’moa[gage Loans 7% In Corwenient Denominations IMain 6858 ance Without Cost - can be se- cured now in amounts of $250 Up to $10,000 . prompt and efficient consideration given to all in- Rental Agents 1405 Eye St. Main 4752 Orxanized 1879 424 YEAR COMBLETED Asnets .. ..$4,365,396.73 \\ Surplus . +.$1,111,632.9¢ X 1 N | The Value of A | Systematic Savings is in evidence on every side. Our books contain the names of thousands of men and women with modest jncomes who have accumulated substantial sums. I Subscriptions for the 82d Issue of Stock Being Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. N.W. JOUN JOY EDSON, Pi FRANK P. REESIDE, e 7%| FIRST |7 = MORTGAGES £ E The Safest Security on Earth E l - Every mortzage fix leas than 507 of the market value of the property. 1. Absolute safety. 2. Reliable security. 3. Liberal incom 4. Insurance against Joss. 5. Protection against depre= ciation. 6. Prompt payment of interest. 7. Repayment of principal i full at maturity. ac . Choice First Mortgages 3 $100 $250 $500 Write for Booklet “S.” It's Fre WILLIAM S. PHILLIPS Safe Investments 1409 New York Ave. Main 98 of C. NDS ED Credit Bank (PrazskaUvenri Banka) Established 1870 Total resources in excess of Cz. K. 1,663,000,000 k4 Branches in all fprin:(pal cities o per . Czecho-slovakia Jugoslavia Bulgaria ® Prompt Service In All Banking Matters Deposits, Checking Ac-. counts,Collections, Letters, of Credit, Documentary Credits, Foreign Exchange. ® Kardos & Burke 32 Broadway New York Boston . _Chicago Philadelphia Pitsburgh Baltimore INSURANCE —in all its branches. Let us know your re- quirements. We can THOS. E. u”r_.’lm S6th Y serve you. ‘Woodward Bldg. | 1406 H St. N.W. —INSURANCE— All Lines—Expert Service BOSS & PHELPS, \ g to La The settlement of an estate by an administrator must be in strict accord- ance with the may not be just as the de- law—but ceased would have pro- vided in a will. laws are impartial. {l Have your property di- vided as YOU elect, and not as the law says— MAKE A WILL. be glad to point out to you the advantage of namin; Corporate Tustee or ecutor of YOUR estate. SAFE DEPOSIT BOXES AT VERY REASONABLE RENTALS National Savings & Trust Co. Oldest Savings Depository in Washi‘nston Cor. 15th and New York Ave. Organized Exchanges have existed for more than 300 years. These mar- kets have met a natural economic need. The tremendous progress of American industry would have been impossible had not such markets been estab- lished in the great centers of capital. About 1820, a group of traders in New York formed an outdobr exchange which has become America’s second largest stock market. Today the New York Curb Masket occupies its own building at 78 Trinity Place. Ask for booklet “America’s Second Largest Stock Market” " LQEIES&BAKER T Bal i 8 & b EQU'TABLE ‘?w:m-un .",_%Mw:n L Co-Operative Building Piinrh Detek Buiimers Clorelind Association | tions or other details, Intestate We'll X~ " the intrinsic value of the security and guard it from the FINANCIAL.. Public Offering Of Interests in 1 Stock Yard Companies Under the Plan for the disposition of stock yards interests, filed with and approved by The Supreme Court of the Dis- trict of Columbia, the shares of stock owned by the Armour and Swift groups in Public Stock Yards Market Companies | are offered for sale, subject to such terms and conditions as i | | may be agreed upon between the owners and purchasers subject to the approval of The Supreme Codfrt of the Di Columbia. The stock is offered subject to prior sale and to the right of owners to reject in whole or in part any or all bids. Bids will be received up to April 1, 1922, by The Illiuois Trust and Savings Bank, of Chicago, for such shares of stock as are owned by these groups in Public Stock Yards Market Companies. The stock ownership of such groups in Public Stock Yard Market Companies includes also the stock ownership in Stock yard Terminal Railways serving the respective stock yards. Illinois Trust and Savings Bank Chicago | I I il | Ii | What Are Supervised Securities? If every banker who underwrites a security should retain a ‘voting control in the common stock of the cor- poration; if he would use such voting power to protect raids of speculators; if he would protect the security holders from dishonest or bad management; if he becomes fundamentally interested in the products manufactured instead of in security manipulation;—if he did all these ‘ \ things he would be doing what we are doing when we Supervise the Investment of Our Clients. The R. L. Dollings Company \ 728 15th Street N.W., An Investment —that frees you from worry as to safety, annoyance as to collec- and the ne- cessity of follow-up of stock market or business conditions. Shannon & Luchs First Trusts On Washington, D. C., Real Estate SHANNON - & LUCHS 713 14th St. Who Was Alexander Shepherd? Shepherd, once a plumb- er, a rich man at thirty, undertook the rehabili- tation of Washington, D. C., during Grant’s ad- ministration. In three years Shepherd did for ‘Washington what would have taken for any - other person twenty years. Grant made him Governor of the District of Columbia. From a mediocre State, Wash- into grommence d centers. Beautiful, rich-growing, its real estate values, stabilized by the seat of Government, it appealed then, and appeals even more now, to the man who wishes to invest in First Mortgage Notes on safeguarded properl?'. Such ouse fa- ington spran, as one of the worl notes have made this mous during the passage of fifty- two years. And we have played an important part in the buil of this beautiful city, tow: which all nations of the world look .today for honesty and in- tegrity. - 52 Y ears Without : “ Loss to an Investor § Main 2345 HenseyCo 727 152 Street NW. An Exponent of Thrift OMORROW we commemorate the birth of George Washington, the great patriot and leader, the first President of our be- loved country. During his lifetime Washington urged and practiced thrift, and, were he alive today, he would undoubtedly advise all to put aside a sub- stantial part of their earnings in a safe, strong bank. Financial independence, freedom from debt and worry will be assuredly yours if you will regularly deposif a definite part of your income in the American Security for safekeeping and 3% compound interest. COMMERCIAL---SAVINGS---TRUST /\MERICAN SECURITY MPANY 15th and Penna. Ave. HOME SAVINGS BRANCHES CAPITAL AND SURPLUS 7th St. and Mass. Ave. $5,400,000.00 8th and H Sts. N. E. Safety Deposit Boxes 436 7th St. SW. $3.00 Per Year