Evening Star Newspaper, June 16, 1922, Page 29

L} BABSON AIDS GA INRAILWAY STOCK| Circular on Common Shares. Plea for Small Banks. Local Market. BY I A. FLEMING. Who is responsible for the advance | in Railway common shares to $50 a share? Roger Babson. Babson's confiden- tial bulletin, No. S-2§4, June, 1922, to be exact. This publication contained a very strong article on Railway com- mon under the side caption: “Buy Railway and Electrlc com- mon.” followed by the following com- | ment: . “The Washington Railway and Ele tric Company controls the principal street railways in the Dlstrict of Columbia, operating 177 miles of | track, against sixty-nine miles oper- ated by the Capital Traction Com- pany. The company also controls the Potomac Electric Power Company, the only electric lighting company op- erating or authorized to operate in Washington, D. C. Its mpnanzmlonf consists of a funded debt of $17,471.- ' 350, most of which Is composed of long-term bonds, a 5 per cent cumula- tive preferred stock Issue of $8.500,000, and a common stock issue of $6.500, %00, par value $100. The record of earnings and dividends for the past ten years is given in the following table: Balance " for Gross commo: earuings 2 Amount earned on Tear 1921 7 1120 12.2 Note—Official Investigation develop- ed the fact that Babson in makin the computation for last year's earn- irgs on common stock had neglected to take in profit and loss debit figur of some $300.000, which would actu- ally reduce the earnings on common stock to a little over 12 per cent. Algo the latest information regard- ing the amount held against the ral- Ing on the cut-rate price of electric light to § cents as compared with the 10 cents. is that $3,000.000 is impound- ed. invested in liberty bonds very largely, and that there is a good | mofll’ in the bonds at present high ices. With these exceptions the story in the Babson circular is said to be O.K. In conclusion, the Babson circular say “It is very evident that the com- pany has substantial earning power and that in the normal course of events dividends may again be looked forward to in the next year or so. Moréover, there is an added speculative feature to the stock., due to the fact that the Potomac Elec- | tric Power Company is holding in escrow a fund of more than $2,500,000 equivalent to nearly #40 a share, which may revert to the common stockholders. The Public Utilities Commission established rates in 1915 on the basis of the 1914 valuation, and the District Supreme Court up- | held the commission's action, “The Court of Appenls last Noyem- ber. however, reversed the decision | of the Tower court and upheld the company’s conteation. The commis- sion_has. we understand. appealed to the United States Supreme Court. The company is coflecting 10 cents per K.W.H., of which it keeps 8.075 cents, and places the balance in the fund above mentioned pending the outcome of the case. If the company losea it will simply have to turn over this fund. The position of the stock will not be affected. i “If the company wins the stock-: holders should receive a substantial | distribution Entirely apart from; this decision, we believe Washington | Rallway and Electric common to be a good long-pull bargain at current lovels of around 41. It Is listed on the Washington. D. C.. Stock Ex- change, but is not active in the New York market. Enter orders at a defl- nite price rather than at the mar-| ket.” Comment on Bank Bill. The foliowing is contributed by F. M. Savage, president of the Northwest Savings Bank. “There is a bill pending before the House of Representatives requiring all banks in the District of Columbia to have, at the expiration of three years, capital of $200,000. “To safely operate and pay dividends, additional requirements of 340,000 Fare plus and about $35.000 undivided profits are required, and therefore, under the | Dill, assets of at least $260,000 are nec-; cessary ; but, I think taat conservative bankers would save $275,000. “To operate a bank with $275,000 capital assets. it may be fairly assumed that deposit of $1,500,000 is essential. There are a number of useful and needed community banks in Washington that haven't much over half that amount of deposit, and the territoriés occupied by those banks haven't any such deposit resource as $1.500,000. “To force existing banks into the capitalization outlined prevents taeir being profitable and therefore does riot { seem just. 1 “I have suggested to Mr. Millspaugh, who seems to understand- the nuuauun] in Washington, that the compromise be effected whereby existing banks may at the end of three years continue to op- erate for another two years with a capital of one-hundred thousand and i surplus of fifty tnousand, and that at the expiration of five years requirement ; of one-hundred thousand dollars capital and a hundred thousand surplus may be required. i “The suggestion made will be ai test as to whether existing banks are profitable and, if they prove to be profitable, it argues for their con- tinuance. i “This, however, is made on my part as a plea that several of the smaller and well managed banks in the city be not forced out of existence. There is absolutely no need of additional pank capital in \Washington. The| institution that I represent has been ! able to take care of all worthy bor- | rowers in this neighborhood, and does not now have use for any fur- ther capital, nor will it have use for more capital, except such as accrues in the surplus through a policy of not paying dividends until the surplus shall equal its capital. On behalf of some other institution as well as oufselves, we enter a plea for your earnest consideration and a fair deal. “Perhaps the city can be zoned.” Personal Mention. . Mr. and Mrs. F. M. Savage leave this afternoon for a long voyage, which will keep them in South Amer- ica and other foreign lands until next October. Albion K. Parris has returned to washington looking much Improved in health after a tour of France, England, Egypt and the Holy Land. Milton E. Ailes is in New York. On the Stock Exchange. On the Stock Exchange today the sales made were at strong prices. Railway common was sold again ut| 50. Capital Traction was strong at 98%. Washington Gas toppy at 68%. Bonds were strong at 941 for Gas 58, 100 for Potomac debenture 6s and 74 for Railway 4s. MARYLAND LEAF TOBACCO. BALTIMORE, June 16.—Receipts in- creased to 696 hogsheads, besides 210 hogsheads reinspections, making hew offerings of 906 hogsheads. les to- taled 645 hogsheads. All ripe tobacco was in good demand at slightly Righ- er prices. Prices per 100 pounds: Inferforand trosted, 3a5; sound common, 6al0; good common, 11a17; medium, 18230 d to fine red, 31a45; fancy, 46: econds, common to medium, 5al7; oconds, good to finé, 18a30; bay to- bacco, fire-cured, 15a55; upper coun- try, -cured, nominal. Ficek in warehouses: [Maryland, 11,- 589; Ohio, 3,892; total, 19,481 A {the demand has been FINANCIAL. CLIMBING MATERIAL COSTS mploym'ent BY PHIL 8. HANNA. Spectal Dispatch to The Star. DETROIT, June 16.—Steel, lumber and other building materials have in- creased rapidly In price in this sec- tion. This has created a feeling of hesitation In certain quarters. Some bullders profess that costs of ma- terials und labor have gone so high as a result of the sudden demand upon producers that there should be a walting apell in building construc- tion to enable prices to settle to more stable levels. In spite of this, bullding permits issued in the last week totaled $2.- 161,000, as compared with $2,172,000 for the previous week. Other business statistics show no reason for a change of heart as to the favorable business outiook. The employment report figures indicate no industrial slackening. A total of 264,000 workers were employed here this week, an increase of 5,200 over the previous week. Automobile dealers report a steady increase in sales to farmer custumers. The report of the state bank superin tendent Indicates how these salse are possible. Total deposits in all Michi. gan state banks show an increase of $9.000,000 over the figures at the close of March, while loans show a decrease of $3,500,000. The banks, moreover, have cut down their borrowings from the federal reserve system from $24,- 000,000 to $19,000,000, and many of them are out of debt. Much Cash in Circulation From Fruit Crops in Georgia | BY ESTES DOREMLUS. Special Dispatch to The Star. ATLANTA, June 16.—The peach, watermelon and cantaloupe crops are now begining to move freely from this state and thousands of dollars have been put into general circula- tion by their sale this week. The harvesting of these crops and the making of the coutton crop have just about emptied the cities of unem- ployed and both skilled and un- siilled labor is difficult to secure. The hot weather. the sustained advance in the price of cotton and the plentiful suppiy of money has given new impetus to both wholesale and re- tail_trade in this section, and leading bankers declare conditions much im- proved over a month ago. The hand- to-mouth buying policy has given way to a better volume of rorders from retallers and rural merohants are buying for fall in fair volume. Collections are goud and old debts appear to have been largely liquidated. Home bullding here is fast wiping out the house shortage and as a reé- sult there is already talk of a 20 per centereduction in rents of apartments on September 1. The state railroad n today issued an order to the Georgia Railfoad and Fower Com- pany. which supplies gas aml electric light to this city and its environs, to show cause why local and suburpan gas rates should not be lowered further. Shortage of Common Labor Reported in St. Louis Area BY J. N. FINING. Special Dispatch to The Star. ST. LOUIS, June 16.—There is a de- clded shortage of common labor in this | section. There is a strong demand from the agricultural districts, and supplemented as a_result of the rapid improvement in all lines of manuracture. This is not an actual general labor shortage, but rather a misplacement of . us & result of the abnormalities of the recovery from depression. In many cities the construction pro- forced draft, with gram is under i wage reductions being neutral- I:ed by bonuses offered in order to: wecure a sufficient supply_of skilled and semi-skilled labor. The larger building operations projected have hardly begun. Wholesale and retail business s reflecting the industrial revival. Merchants are clearing up old accounts and buying in large volume. Stocks are still low, and future buy- ing is expected to be very heavy. ‘Fhe manufacturers of building ma- terials, including iron and steel, lime and cement, sand, brick. glass, lum- ber. hardware, paints and roofing are steadily and constantly increasing the forces at work and the output of their plants. Makers of shoes, kitchen ute Sils and men's and women's ready-t wear clothing _also are busy and speeding up their production pro- grams. Commodity Reports From Various Sections Automobiles. CLEVELAND, June 16 (Special).— Grant Motor officials announce -that orders have been received for a large number of cars from eastern points. Bankers here declare that this an- nouncement indicates that another company has safely passed the period of réadjustment. The company is now operating on a schedule of twenty to twenty-five cars a day. Dry Goods. PHILADELPHIA, June 16 (Special). —Local department stores are finding continued difficulty in disposing of women's garments cut along longer| 5 | skirt lines, whereas the demand for short skirts continues. Fruit. HALIFAX. June 16 (Special).—Ap- ple orchards in Nova Scotia are in full bloom and if no serious frost occurs a bumper crop is expected. ‘Wool. HELENA, Mont.. June 16 (Special). —Best Montana fine wools are selling around 40 cents a pound and for extra choice clips a few cents more occa- sionally is being paid. Better clips of Montana medium are bringing from 33 to 35 cents. Shoes. SEATTLE, Wash., June 16 (Special Retall shoe trade in this section is re- stricted largely to $5 and $6 shoes for men. A léading factory with branches in several cities is selling men's shoes for $6.60, guaranteeing that they areé of equal quality to shoes which sold at $12 at the war peak. Coal. CONNELLSVILLE, Pa., June 16 (Special).—Coal loadings in this sec- tion have shown a slight increase in last week, running up to 29 per cent of normal as against a low of 12 ief cent shortly after outbreak of strike. KANSAS CITY, June 16 (Bpecial).— Stocks of coal in this section are being rapidly depleted, according to local dealers. eekly production in the Kansas Cll{ district is 50 per cent of normal. “The public is slumbering on top of & volcano,” was the statement made today for one dedler. “When the remainder of the surplus is gone dustrial operations will suffer dis- aster unless the strike is settled.” June 16 (Special). Dimdelijk is 1 ackeéd in specially constructed :l;:rlv cas Further shipments to &he British market are expected to 6 made in the next few months. > Paint. PHILADELPHIA, June 16 (Special). «—Paint manufacturers in this section report a deécided incréase in business nln?' are eperating with greater ace tivity. Men's Furnishing, = m’n‘uf‘ June 16 (Special).— ® for materials arcending rapid- | THREATEN DETROIT BUILDING Figures, However, Indicate No Industrial Slackening—Sales Show Steady Gain. . Trade in haberdashery was active here throughdut the last ten days of 3 and the first two weeks in Ju Dealers in atandard goods so far tl month have s per cent more than during the same period last year, but at considerably lower prices than obtalned in 1921. Retailers are in the market for fall and winter goods. ‘Woolens. NEW YORK, June 16 (Specialp.—Al- though the general open ng’ of trop- ical worsted lines, for 1923 will not take place for about two weeks, con- siderable business in these goods al- ready has been done by large cloth- ing manufacturers. Sugar. PORTLAND, Ore., June 18 (Special). —Latin-American line steamer Baba California will arrive here in few days with a consignment .of 200 tons of sugar from central American coun- tries for distribution among Oregon canners. Tobaeco. PHILADELPHIA, June 16 (Speclal). —Leading tobacco men in this section complain that the reductlon of 10 per cent In frelght rates is not applied to less than carioad lots, and that therefore, get the benefit of any re- duction on July 1. 1 Flour. ATCHISON, Kans, June 16 (Spe- cial).—Pillsbury Flour of Minneapolls has purchased the 1500-barrel flour mill of the Atchison Mill Corpora- tion here. A. C. Loring. preaident ot Pillsbury, announces that the capac-! ity of the mill will be doubled and a 650,000-bushel elevator erected. The | improvements will cost $500,000. Fertilizer: NEW YORK, June 16 (Speclal).— There is a moderate movement of . fish' scrap, blood and tankage into consumption at full prices in this market. The demand for menhaden has been o good that it will take fish factories some time to catch up with the sales already made. Jewelry. SEATTLE, June 16 (Special)—A | remarkable pick-up in wholesale jewelry sales is reported by one of the old-established corporations in { this section which covers the who of the Pacific northwest. This com- pany suffered keenly from last year's depression, but sales this season are over 23 per cent above those of 1y Peas. GUAYMAS, Mex.. June 16 (Special). —The crop of Garbanz: in Sonora and Sinaloa will be harvested shortly, and is not expected to exceed 175,000 sacks of 220 pounds each. This is only about 30 per cent of 1921 crop. Automobile Accessories. POUGHKEEPSIE, June 16 (Spe- | cial).—It is expected that Electric | Automoblle Light plant which has been closed down fos some time will ibe reopened saon as a reault of sale {of properties to Clement O. Miniger | of Toledo, Ohlo. Sale must be ratified { by United States district court. { CHICAGO, June 18 (Speclal).—In- i crease in bank clearings here Is in- | dicative of generally improved busi- i ness conditions. Totals for last week lamounted to 552,000,000, against | $470,000,000 for corresponding period la year ago. Building continues ac- tive, with numerous large real ate deals reported. Henry Ford is said to have bought a 100-acre plant site lin Chicago, at $10.000 an acre, on | which a new assembling piant will be erected. Retail trade here fs| ! brisk, but not more so than usual at i this season. NEWPORT NEWS, Va., June 16 (special).—A force of about 2.000 men is now working at the yards of New- port News Shipbullding and Drydock |rcLondIlian‘mg the liner Leviathan. | The great vessel is being changed from a coal to an oil burner and the work will be completed in time to put her into transatlantic eervice early next spring. | PITTSBURGH. June 16 (Spectal).— | The building boom in Pittsburgh dis- | trict has reached proportions that break all records. E. M. Tate, secre- tary of the Builders' Exchange, esti- matcs that $25,290,000 is involved in present operations. A large percent- age is being invested in dwellings. i Most of the home butlding is for oc- cupancy by the builders, and invest- | ! ment operations are on a compara- tively small scale. MINNEAPOLIS, June 16 (Special).— | Building construction s extremely lactive in the twin cities. Work on the new $1,310,000 library building of the Unlversity of Minnesota here will start hefore September 1. NEW YORK, June 16 (Special).— The strike of 10,000 members ot the | Amalgamated Clothing Workers en- gaged in making children's clothing, i who went out Thursday as a protest against subletting’ of ~contracts by manufacturers to shops not registered with the union, is expected to be brief. —_— DIVIDENDS. Stock of Record. | Amer. Power & Light, q. pf. { $1.50 ... ‘June 19 a, $§4. gl Aguirre Sugar Co.. q, $1.50....... : Dominion Tron & Steel Co.. aq, pf, $1. July 1 General Motors Crp., many of their shipments will not, I tard Oil of Indiana and Standard Oil of 1 | Natlonal Metropolitan . Riggs .. 1 | Second _THE EVENING STAR, WASHINGTON, D..C, FRIDAY, JUNE 16, 1922 SHOBRT-TERM SECURITIES, (Reported by Redmesd & Co.) X —Noos.—— Bid. Offer. Alustinum . Co. of A T 108% 04 fumnm g f Amr S 1y American Tel. & Tel. 1924... 101 101 American ‘; Co. 7s 1922 .. 100! 1004 American Tobaeea,Co. 78 1923, 1 Anaconds Copper, 6s Anaconda Copper s 1 108! lo-American 01l 7 Canadian Pacific 6s 192: C., C.. C. & St. Goodyenr T. & R. 8¢ Guif Ol Corp. 7« ‘88. Humble 0il & Ref. 7s '23. Kansas €ity Térm. 6s 1923 Kennecott Copper 73 1830 v, MeNell & Libby #t. P & 8. 5. M @ Mears, Roebuck & Co. 78 1 Sears, Roebuck & Co. 7s 1923 Bouthwestern el 7a 1923 Swift & Co. Westinghouse E. & M. 7 108% CURB SHARE LIST OFF TO NEW LOWS By Hpecial Leased Wire to The Star. NEW YORK, June 16.—Selling was resumed on the curb exchange today both through commission houses and by special traders. b The principal pressure was again di- rected against the Standard Oll shares, but the downward movemegt was also very, decided in the high-priced Inde- pendent oils, some of which reached new low records for the month. Here and there among miscellaneous stocks there were indicutions of resist- ance, but the general rket depended for such little rallies®as it had almost entirely on short covering by the trad- | ing element. Declined Easlly. There was almost a compléte ab- sence of bids at times in stocks like Standard Oil of New York and Vacuum Oll. Consequently It took very little selling to bring about unusually large 16sges. Imperial Oll of Canada, @ :l{emucky were all more or less under re. Anglo-American Oil was heavy for a lime, but later rallied on covering by traders who had sold yesterday on disappointment that,the dividend dec- laration had not been more Ifberal. Mexioan Souboard old atock and vot- | ing trusty certificates both exceeded their recdht lows. It was announced that the company’s production for the! week ending June 10 amounted to 77 579 barrels, compared with 781,376 bar-. rels the week before. Kirby Simms Petroleum and Mutual were all easier. Tobacco Products Heavy. The new Tobacco Products shares sold at the lowest yet reached befors supporting ordérs were encountered. Phillip Morris declined sympathetical- ly. Durant Motors started in higher, but later vielded on news of a pro- posed f{ncreare in the company's capi- | talization. Packard Motors was steady, | but Peerlesx and Reo were inclined to sag. Radlo stocks were heavy. [ —— Washington Stock Exchange SALES. Capital Traction 9L, 5 at PRI and’” Electric com.— 5 at 38, 11 at| at Washington Ratlwa; AFTER CALL. Washington Railway and Electric com.— 2 25 at 0. nington Gas Te—8500 At 9415 mac_Electric deb, 6e—$3,000 st 100, at 100, . -.l,' Ratiway and Electric 45— 1l toans, 548 per ceat BONDS. Bid and Asked Prices. PUBLIC UTILITY. i American Tel. & Telga.- 4n. At American Tel. & Telg 102 Amer. Tel. & Tel. ct] 97 Amer. T 4 113 Anacostia and Potomac 3 801 Anacostia_and Potomac C. & P. Telephone C. & P. Telephone of Capital Traction R. R. City and Buburban Bs. Georgetown Poto Potor Potor Py w Washington Wash. Rwy. % Wash. Rwy. & 0% MISCELLANEOUS, Rizgs Realty 58 (long) 5 Riggs Realty 5 (short) W. M. Cold Btorage 0s. STOCKS. PUBLIC UTILITY. American_ Tel. tal Traction Washington Gas 3 2:: N. & W. Steam! 194 210 Wash. Rwr. & E 50 Wash. Rw 2 & & Terminal i Terminal Washingl American Security a 3: Aug.. 1l Trary 00 Tru 94 . §1 Aug. ‘1 2 3 o P nd “Trust. .. 200 eperel Mo \y 3 Aug. 1| Washington Lown ‘snd Trust... 273 Hood Rubber Co.. q, $1 June 20 Jume ) SAVINGS BANK Island Creek Coal, extra, $2.June 23 July 1| NK. Island Creek Coal, q. “June 23 July 1|{ommerce and Savings. - 160 Island Creek Coal, pf. 4. | | Security Bavings 5 -Juge 23 July 1 Yeventh Street fi4d Unit tates 8 July 1 i ington Mechanice' Juy 1 FIRE INSURANCE. American Aug. 10 . 40 July 18 | Corcoran Midwest Oil Co., pt, July 15 orthern Securitlés Co. . June 20 July 10 TITLE INSURANCE. July 1) Columbia Titte .. S Juy 1jReal Estate Titie Boad Creek Cou - July 1 MISCELLANEOUS. ne e LG July 81 columbia Graphophoné com.... 4% 5 ) 82 i “use 17 June 80| OYmbIL Graphonbone ped..... 14 Royal Baking Powder ol 0 e e 0. s salot? car Hoating &' Tight, . et ler ttype 280 AERR IR Juné' 15 July 14 818 DU SR T, H Y une 21 July 1 |Lanston Modotspe . [ Unlversai « Becurity Storage . 22 bt. $2 une 21 July dine Matker » wilson & Co., 4, vf. #1453 June 26 Juy 1 o% —— *NEW YORK, June 18.—Directors of Mahoning Coal Rail; majority stock of which Central, nave -declared semi-annual dividend of $5 a share on common, payable August 1 to share-. holders of record July 15, and an extra dividend of $15 a share on com- mon, payable July 1 to stockholders of record Juhe 34. The usual semi- afnual dividend of 2% per cent on preferred stock also was declared, payable July 1 to stockholders of record June 24. B MARINE DECLARES DIVIDEND, NEW YORK, June 18.—~Directors of the International Mercantile Marine Company declared a semi-annual dividend of-3 per cent on the prefer- rod, plnbl} of-'récord July 14, Ofcers af the| Ratio of total reserves to deposits company were re-elected for ensuifig jand federal resefve note 1liabilities . yeal / FE T -~ lcombined, 84.4 per cent. =AY EXTRA MAHONING DIVIDEND | xpw August 1 to stockholders | culation, $616,168,682. *Ex-dividend. YORK RESERVE BANK. NEW YORK, June 16.—Thé state- s ownea by the New York |[ment of condition of the Federal Re- the regular | gerve Bank of New York at the close of business June 14 shows: Total gold reserves, $1,135,661,446.1% Total reserves, $1,165,324,929.29. * Bills. discounted, securéd by gov- ernment war obligations: - 4 -For members, $25,798,978.57. All others, $16,938,029.85. ¢ ; ?;lgg ‘bOught in open market, $36,- 38,169.12. Total bills on hand, $69,175,167.54. Total earning assets, $273,146,717.54. Uncollected items, $138,577,742.23. Reserve account, Due to members: $732,884,973.61. Total deposits, $765,139,978.84. Federal reserve notes in actualcle- K Ld LIBERTYS FEATURE [RREGULAR BONDS fpecial Dispatch to The Star, NEW YORK, June 16—Transac- tlons today In liberty bonds wéle heavy at top prices, with a new high for the. first 4%s. Foreign govern- ment external loans were generally strong, despite the fall in exchange rates, especlally francs. French gov- ernment secyrities, however, after, their rather sharp advance of Tues- day and Thursday, held steady. In recent dealings any appreciable decline in French francs have beeén accompanied by lower prices: for the French bonds. United Kingdom b%s were all strong, with the 1922 and 1929 loans at their best for the cur- rent movement. Belgian issues were fractionally higher, while recessions occurred in such bonds as the Dutch East Indies 6s of 1962 and the Do- minfon of Canada 6 per cents. The 53 of 1962 broke below 98. Mexicans Mark Time. Mexican 48 and 5s marked time pending some further announcement from the committee of international bankers on the Mexican external debt question. A final report on the sit- uation Was expected this afternoon. The steadiness of the Mexican loan Indlcated that a favorable adjustment was looked for. The [Treasury Department has re- ported the oversubscription of the re- cent offering of $250,000,000 govern- ment 3% per cent one year certi- ficates of indebtedness. The offer of 4% per cent three-and-one-half-year notes in exchange for victory 4%s has been held open until June 22. A llr’e | number of victory notes have already been éxchanged, it was reported. | The Bankers' Trust Company was the succesaful bidder at 103.679 for the $2,800,000 5-percent municipal im- provement and $550,000 5-per cent school bonds of the commfiission of public service of Ban Juan, Porto Rico. The bonds are being offered | publicl New York hington, D. C. E. A. Campbell & Co. Public Accountants The Edmonds Building 911 15th St. N.W. ‘Washington, D. C. Loan | Money to Becured by firs of trust en real estate. Prevailing interest and_commission. Jeseph 1. 420 Wi cller &, We offer— 7% FIRST MORTGAGE NOTES SECURED BY FIRST DEED OF TRUST ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE e aaaaass Denominations $1,000—$500—$100 SO0 PSIe James M. Carter & Co., Inc. 1311 H St. N.W. Tel. M. 657-838 NEW ISSUE Dated June 18, 1922 States. CLEVELAND Company at $2,685, 1 ing effect to the proceeds of this financing, approximately $4,100,000. Sinking fund, beginning June 15, 1925, $1 edch year for the next five years, and $155,000 each year for the next five years, retiring the | entire issue by maturity. These bonds are the only bonded indebtedness of either Company. 3 COLORADO BUILDING Telephone Main 1603 G B.Chl’pman Manager Rl | FINANCIAL, L 2g - WILL BUY LIBERTY BOND PRICES International Finance || | ror s1%0 Beonte mosss. " . 1ut 4 : ... 39902 Corporation Stock || 2 3 : Yim. > S. A scflooLFle Victory 4%s. . 99.64 Room 310 Centinental Trust BiMing B0 DeSvOTIMN MARE. e siss Bonds Bought in All Denominatiens. - UBERTLE?:D EXCHANGE ¥ 3 St. NwW. MILLBY PRay . )?‘B:T'R:;a_"m‘ Houss, 9 a.m. te 5 p.m. Maln 2997, ON FUNDS LEFT WITH THE COMPANY WE EARN —the highest Interest rate of any American Life Insurance Com- We Offer for Investment Real Estate Notes Of responsible makers secured by 1t lien on, improved property. 10 YIELD 6% PROMPP PAYMENT OF INTEREST pany. INSURANCE COSTS LESS In the GUARANTEED. anlpion Concral Why pay more! Bank of Bethesda, Md. ||E-S. BRASHEARS, Gon. Agent 710 14th Street FIRST MORTGAGES —for Estates —for Individuals —for Banking Institutions —for Insurance Companies high - class proved estate. 713 14th St. INVEST Your Money in Our Safe First Trust Notes No investor has ever lost a dollar of princi- pal or interest. Secured by im- real We collect interest the day it is due, and handle all details. Consuit Our Loan Dept. HANNON & LUCH i —for Corporations suitable for individual requirements OVER A QUARTER OF A CENTURY WITEOUT A LOSS B. F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Main 2100 % nd remit New Issue $5,000 Life Policy, 357.35 0. Send date of birth for illustration. tabiished 1863 M. LE ROY GOFI All branches. Room 610. Wondward butiat $1,500,000 State of Maryland s over 820,600,008, , Insuranee Adviser | sults, EQUITABLE Co-Operative Building Association Organised 1879 42d YEAR COMPLETED Learn to Save Systematically We can point fo thousands who have adopted the s of the Equitable, with wonderful re- tematic Subseriptions for the 83d Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON. FRANK P. REESIDE, BSecy. “Lateral, Post Road and Bridge Loan of 1922” 41/,% Certificates of Indebtedness Dated June 15, 1922 Due Serially June 15, 192537 Interest payable June 15 and December 15. Coupon form in denomination of $1000, registerable as to principcl £4,408,629.00 . $1.144,464.09 Tax Free in Maryland EXEMPT FROM ALL FEDERAL INCOME TAXES Legal investment for savings banks and trust funds in Maryland, New York, Connecticut and other States. Prices to yield about 4.107: Circular upon request Alex. Brown & Sons The Oldest Banking House in the United States savings pian Baltimore, Maryland President | The Firestone Tire & Rubber Co. 15-Year First Mortgage 7% Sinking Fund Gold Bonds Coupon bonds in denominations of $1,000, $500 and $100, registerable as to principal only. Principal and semi-an- nual interest (June 15th and December 15th) payable in United States Funds at The Cleveland Trust Co., Cleveland, and .interest at Bankers Trust Co. as follows: For the first five years at 1 1 % and accrued interest; and thereafter until maturity at 102/ and accrued interest. This Company is the Canadian subsidiary ) f which owns all of the Canadian Company’s stock. The parent corporation turns over to the "subsidiary all of its Canadian businessjand a large volume of export business to countries in which Canadian products are accorded a preferential tariff as against products of the United The net worth of the parent co / ‘of May 18, 1922, was in excess of 346,000,000, and its net earnings for the April 30, 1922, in excess of $2,750,000. The fixed assets of the Canadian Company have been appraised by The Canadian Appraisal 881. The Company's balance sheet, as prepared by We offer these bonds when, as and if issued and received by us at 99 and accrued interest to yield about 7.10% : Free of 29 normal Federal income toz The Cleveland Trust Company, Cleveland Rudolf A. Malm, Cleveland roorat.ion exceeds $40,000,000. The market value of its stock as $1,500,000 of Canada, Ltd. Due June 15, 1937 New York City. Callable as a whole or in part by lot, 1074 and accrued interest; for the next five years, at 105 Pennsylvania taz of 4 mills refunded \ } Trustees of The Firestone Tire & Rubber Company of Ohio, six months ended Ernst & Ernst, after giv- shows net tangible assets applicable to the bonds of | will retire $75,000 each year for three years, $100,000 Stroud, Kurtz & Co. Incorporated Colorado Bldg. Washington, D. C. above, while na¢ guaranseed by wa, are considered aliable, end @e shess 19 wich we besed our pmrchase of these bonds.