Evening Star Newspaper, June 28, 1922, Page 25

FINANCIAL POTOMAC ELEGTRIC 1923 MATURITIES Will Refund Readily—Local Stocks and Bonds—Second 4 National Activities. BY L A. FLEMING. Next' year the Potomac Electric Company will be called upon to re- deem or refund, the latter probably. $4,691.000 General mortgage 6 per cent bonds. When the company issued its gen- eral refunding and improvement 7 per cent bonds, nearly a year ago, it was planned that this should be the eneral mortagage for use in re- unding operations, but the great drop in interest rates and the low going value of money as of today, and probably of next year, will make the directors reconsider their inten- tions, and refund with an bonds bearing a lower interest rate. A local bond at a 6 per cent rate, .or even a b per cent rate should be issue of m EVENING STAR, msmmfi ‘D. C wnnfimm ONCE-SOUGHT VOLUME IN TRADE NOW AFTER VOLUME IN DOLLARS BY C. G. MARSHALL. Special Dispatch to The Star. CHICAGO, June 28.—Recent advances in wholesale prices and ‘the unsettled state of the cotton market have been factors in keeping heavy buyers from the market here, but while business is dull with the big wholesale dry goods houses they are planning for their fall openings and arranging special offer- ings at attractive prices. One manager declared today that where the whole- salers have been working to get volume i business they are aiming now at volume in dollars. They do not expect any plunging by salable without much concession | retailers, but thev want to induce them from face value. to buy | stocked storcs The 7 per cent Potomac general more slight ad- mortgage and refunding issue is oW | vances in domestics are anticipated this "}3"“5 t" “511;'9 ;‘nflrhk~ “’; ~'?;‘d week. Current dry goods distribution within point of the pric - |is greater than a year ago, but the road dicted by Crane, Parris & Co., when | & Fitton H *Collections are much disposing of the issue. These bonds | {TIR G WIS LY have a maturity of over nineteen year. " o voars, to 1921, ‘making them valu.| The leading steel interest still is main able for investors. The general 6s should be selling at par. for they will surely be ed for at maturity. The little flurry in.money attendant on fhe accumulation of cash for large disbursements of July 1 will blow over in a few days after the the taining production at 85 per cent at its mills in this section, but the leading in- dependent has dropped to 65 per cent. There is & shortage of labor in the mills Building construction is more active now than it was in May, when a new record for acti made. the 1st, when the funds have found their | market owing to Hevelopment of way back into the banks of the|freight congestion and a car shoriage, country. although demand continues rather slow. Even now the local market gives evidence of the reinvestment of dividend and interest payments. ex- pected with July 1. Capital Traction, a 7 per cent stock at par. is not high by any means, not with the company’s earnings holding up as they are doing and With 4 per cent bonds selling at par and better. There is still a chance for local securities to sell at higher figures. Richmond Merger. The National State and City Bank of Richmend and the Old Diminion Truet Company of the same city | have consolidated, under the name of Demand for Homes Strong, Despite Extensive Building BY FRANK D. McLAIN. Special Dispatch to The Star. PHILADELPHIA, June nes and rates at b 28.—Rents els give lit- in this city. ics show that there is no in building operations. Re- of the number of new dwell- og up the demand for small homes continu rong and they com- the State and City Banking and Trust |mand high both for purchase Company. and rent. Business men here declare In New York city. mergers of the |this reflects both increasing popula- Merchants National and the Manhat- |tion and wider employment at wages tan Trust Company mark the union of banks organized by Hamilton and Aaron Burr tively. Bank of New York with the Life In- surance and Trust Company will mark the passing of the oldest bank in New Yorlk, If accomplished. Philippine Government 4 1-2. By direction of the Secretary War and the authority of the govern- Alexander respec- The proposed merger of the or | which warrant the high payments. Business men interested in this_city as a port are endeavoring to have the trunk lines make lower freight rates from the west to ald in meet- ing the competition from the water routes by the Mississippi and the gulf. A new municipal pier costing $675.000 will be opened for business tomor- ro Busines in eastern Pennsylvania is regarded as good and Philadelphia’s ment of the Philippine Islands. thel pholesale jobbing and retail estab- bureau of insular affairs is asking ||jshments are reaping the benefit bids on $2,750.000 4!; per cent col- |, smaller towns of this section lateral bonds. dated June 1, 1922, ma- | many of the smaller factories turnin uring December 1. 1950. out shoes and welts. These are work The bonds are iscued under author- | ing i a speed which compares most ity of Congress. The United States|(;coranly with conditions before the Treasury authorizes the statement i pijcrs nre reasernble ang or that the bonds will be paid as to in- terst and principal at the Treasury of the United States in gold coin. On the Local Exchange. American Security & Trust Com- pany shares made another new high on ‘today's session of the lo. ders are of satisfactory volume. Jump in Turpentine Prices Boosts New Orleans Trading change, selling at 260 and as MRV R Y SEEANNON: Gompared with 235, the last sale, and | Special Disyatch fo The Star. 5 points or more lower of com- W ORLEANS, June 28.—The paratively few weeks ago. Practical- |, .57 industy ¢ th Iy all bank stocks are strong. S clobg o G0y Sy 10 Potomac Iesues were a. little easier | most important in the south, is re- at 943 for the consolidated 5s and | viving in the most encoura 1 . h B S| aging way 107 for the 7s, while the first and gives promise of proiits this year were strong at 961;. Capital Trac- |for the first time in many season tion 59, 93. The prices for turpentine have jump- _ Railway preferred. strong at ed amazingly. In 1921 the average Gas sold"at 59. i | price was 62 cents a gallon. Up to apital Traction again sold at 100. | May this year the average wus 35 Mergenthaler sold at 1 cents a gallon, "bur _now quotitions Second National Activitien. The board of directors of the Sec- ond National Bank today declared the regular semi-annual dividend of 3_per cent and an extra dividend of 1 per cent, payable July 1 to stockholders on record June 30. An additional $15,000 went to the surplus, making ‘a total of $215,000, leaving undivided profits over $50.000. The bank will celebrate its fiftieth anniversity in July. NOVELTY IN GARTERS. NEW YORK, June 28.—Novelties in garters being rare, department stores and specialty shops are said to have taken a keen interest, which they are giving voice to in big orders, in a round garter just patented. V the women wearing skirts near enough their knees to show a pretty round garter. this manufacturer de- | cided to join all the advantages of one garter to the advaatages of two, and to this add comfort and beauty. 'THE result is two round elastic bands, an inch wide. joined in the back by a thin silk strap. The plain elastic band rests above the knee and the other, covered with shirred ribbons in all colors to match the dress, be- low the knee. They are said to keep the stockings in place and do away with the runners and unsightly wrinkles. ‘They are especially good for bathing and gymnastics, and will retail for 50 cents a pair and up. NET EARNINGS SHOW GAIN. NEW YORK. June 28 —United Light and Railways and subsidiary companies for twelve months ended May, 31 last report gross earnings of $11,201,934, a decrease of $562.000 as compared with last year. and net earnings of $3,475.333. an increase of $218,368. The increase in arn- ings was due to a cut of $1,100,368 In expenses. Surplus earnings, avail- able for depreciation. comman stock dividends, etc.. amounted to $933,001, an increase of $166,759. LOCOMOTIVES TO KOREA. NEW YORK, June 28 —Announce- ment !s made by American Locomo- tive of the receipt of orders for fif- teen locomotives. The largest single order was for six Pacific-type engines from the Chosen railway of Korea. _— BUYING SOUTHERN TIMBER. CHICAGO, June 28 —For firgt time since the war Chicago capitalists are interesting themselves in the pur- chase of timber holdings in the south for investment purposes. Identlfied with the revival of lumber financing are a number of prominent men who have purchased 78.000 acres in Ste- henson, Miss.. and will immediately egin lumber operations. CANADA BAN ON GOLD. OTTAWA, Ont., June 28.—A procla- mation has been issued prohibiting exportation of gold coin, gold bullion and fine gold bars until July 1, 1923. The mandate was {ssued under an act passed three years ago author- izing the continuance of measures taken during the war to prohibit the export’ of gold. i [ — DIVIDENDS. Stock of Record. Pay- atie. July 1 July 25 July 25 Sept. 1 Aug. 1 July 1 .60 H. H, Frankiin ;I. pf. $1.75.. Hollinger Con: 10¢ July 20 Aug. 1 Gold " Mines, une 30 July 15 July 1 July 10 July 18 th | July 10 July 16 have jumped to $1.33. Rosin, which sold last year at $4.12 a cask for the average grade, has recently advanc- ed about $1 a cask and further ad- vances are predicted. The effect of the advance on the industry may be seen when It is realized that the average return per unit of turpentine and rosin to the producer last year was $49, whereas the average return this season, up to May, wax $63. Based on present prices, the next crop should yield the produ. mething like $37 a unit. It is ted the industry gives employment to about 55,000 men, {while the annual product under pres- {ent conditions represents a value of fabout $40.000,000. | " The first of Louisiana's ricecrop | for this year was received in this { mafket this week and indications are { that it will begin to move in a com- { mercial way by the end of next week, although the new crop will not be a jbig factor in the market for thirty or forty days. Commodity Reports From Various Sections Furnitare. PHILADELPHIA, June 28 (Spe- cial).—There has been a decided fall- ing off in importation of antique furniture and art objects here, ac- | cording to customs officials. This is accounted for in part by widespread discor v that a large percentage of such importations were fakes. © thing. FORT WORTH, Jiune 28 (Spe- cial).—Apparel dealers are enjoying the best business in three years. This applies to men's as well as wom- en's wear. ‘Wool. NEW YORK, June 28 (Special).—A considerable quantity of woollen rags are being shipped in here from England. This is due, It {s asserted, to shorfage of shoddy and carpet wools here and to anticipation of new tarift legisiation. Cottonn. BOSTON, June 28 (Special).—At present New England cotton mills are not making much effort to stim- ulate production because price of cot- ton is so much higher than price of cotton goods that it is actually more profitable for the mills to be closed than to run at present cloth prices. Leather. PITTSBURGH, June 28 (Special).— Most tanners feel that hides are too high in comparison with leathar values and the market has slowed down. There still is a good demand for fresh, clean, salted calfskin. Tal- low buyers seem well supplied. Machinery. SPRINGFIELD, Mass, June 28 (Special).-—Sales of American Bosch Magneto are showing steady In- crease. From low monthly sales of $476,000 in February, monthly book- ings now are around $900,000. Tobaceo. PHILADELPHIA, June 28 (Spe- cial).—There is demand for small cigars to satisfy the desire for short smokes and to compete with cigar- ettes reported throughout the coun- try and local manufacturers are put- ting out brands intended to be sold at retail, 10 for 25 cents. Palnts. NEW YORK, June 28 (Special).— Linseed oil prices are very firm In this market and crushers are disin- clined to make any concessions In view of advances on seed in Buenos Aires market. Stlk. ALTOONA, June 28 (Special).— While other textile mills are. work- ing full force, the silk mills here are not employing their normal forces, although they are working those em- ployed full time. Slack conditions in silk mills of Willlamsport and Scran- ton also are reported. 5 Steel. i " 'YOUNGSTOWN, Ohio, June 23 ¢Spe- New York Wholesalers Planning for Fall Openings—Do Not Look for Plunging by Retailers. cial).—Open-hearth furnaces in_ this district are on a 90 per cent basis of operation. Pipe mill operations are at 82 per cent, dgainst 77 per cent last week, and sheet mills have jumped from 90 to 94 per cent. Coal. i PITTSBURGH, June 28 (Special).— Railroad buying is strengthening the coal market in the Butler-Mercer field. Local coals are quoted as fol- lows: Monongahela, lump, $4.25; run of mine, $3.75; Youghlogheny: gas, run of mine, $4.25; Panhandle’ steam, $4.25 for lump: run of mine and slack, $4; Bessemer lump, $4; run of mine, $3.75. Rice. FRANCISCO, June 28 (Spe- cial).—Rice acreage of California this year will be 150,000 acres. Recent sales have been made around 32.50. The carry-over is slightly above last vear, but the market is steady. SAN Vegetables. HOUSTON, Tex., June 28 (Special). -—The break in prices of tomatoes in the last week has resulted in many east Texas farmers leaving their en- tire crops in the fields. Notes. FORT WORTH, June 2§ (Special).— Bank deposits in grain-growing sec- tions of Texas are growin, but whole- sale merchants have not as yet begun to feel full effect of harvest money. Local retailers in grain sections, however, say collections are good. Movement of grain has resulted in additions to the shop crews of all railroads. More men are being put on at Cleburne, Denison, Fort Worth, Temple, Childress and Palestine. Beaumont, El Paso. Galveston, Hous- ton. Texarkana, Corsicana and Ros- well report better retail business for June this year than for similar month of 1921, PR SHORT-TERM ,SECURITIES, (Reported by Redmond & Co.) Aluminum Co. of Amer. Ts 1925, 10835 “American Tel. & Tel. s 1 it 3 1 port . 1 1 Copper Export * 3 " U . Rubber Co. 7s 1933 Weatern Electric Ts 19: Westinghouse M. 2 100 7-32 073 100932 312s October 16, 1 100532 Bi3s December 13, 100 1-18 3138 December 15, 100 7:16 100 1782 41{x March 15, 1923 100 1332 100 1732 3%x June 15, 1923 100 1 538 June 16, 1924 . 108 1083y 5158 September 15, 1924.... 102 1316 102 15-16 43(s March 15, 1925....000 1013 101 4% December ' 15. 1925000 100% 100 4%s Marel 15, 1926, 102 1025 —_— AUTUMN TRADE EXHIBIT. NEW YORK, June 28.—Opening of the fall season in the waist, skirt and underwear trades July 6 will be marked by the most important meet- ing ever given by the United Walst League of America, according to an- nouncement. Fall business and the prospects for the new season will be discussed at the gathering, which will be addressed by three leading bank- ers. The question. “Shall we sit tight or expand?’ which confronts the trade, will be answered by speakers. Some decislon should be reached, it is believed, as to what policies will be followed in the waist, skirt and un- derwear trades for the fall. $5,000 Life Policy, $5735 | 40. Eend date of birth for fllustration. Assots over G M. LE ROY GOFF, Insurancs All branches. Room €10, Woodward butiding. M. 848. .E. H. Rollins & Sons Faounded 1876 416 Woodward Bldg. 15th and H Streets Washiagton, D. C, Phone Main 2027-2028 New York Philadelphia Denver San Franel: Boston Chicago I Company First and Refunding Mortgag 5% Gold Bonds, Series A Due October 1, 1944 Unconditionally Guaranteed as to Principal and Interest by Endorsement by the | Utah Power & Light Company Price 91 and Interest yiel over 5.70% Descriptive circular on request FIRST MORTGAGE | NOTES SECURED BY FIRST DEED OF TRUST ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE , 000000000 Denominations $1,000—$500—$100 CE0PPE0000 James M. Carter & Co., Inc. 1311 H St. N.W, Tel. M. 657-858 2 THINKS SLOGANS HELP. NEW YORK, JUNE 28.—Slogans according to a well known paj; and nightgown manufacturer, have a ychological effect upon Seeing the ntly the public is un- able to dissociate the slogan from the As a result, the buye remarkable the purchasing public. slogan so frequ name of the firm. manufacturer ‘ pointed look up the firm's addre: they reach the city. the firm has just spent several hu dred ollars for forty-five ing garments should be worn. worth the outlay. dvertisements and on letter head: oon In fact, he said, short rhymes setting forth why their lleeg- e ultimate Tesults, he feels, will be well in American Telephone & Telegfaph Company 131st Dividend The regular quarterly dividend two dollars and twenty-five cents per share will be paid on Saturday, July 15, 1922. to stockholders of record the close of business on Tuesday, June 20, 1922. of at EQUITABLE Co-Operative Building Association Organized 1879 424 YEAR COMPLETED Annets $4,408,629.00 Surplus . . $1,144,464.69 Learn to Save Systematically —We can point to thousands who have adopted the systematic savings plan of ihe Equitable, with wonderful re- sults. 83d Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING * 915 F St. N.W. JOHN JOY EDSON. Preaident FRANK P. REESIDE, Secy. Main 2100 MONEY ON Of respousible makers secured im rty. TO ¥ o &vnd'lwiv We Offer for Investment Real Estate Notes PROMPT PAYMENT OF INTEREST GUARANTEED. Bank of Bethesda, Md. Harran & Co: NewYork Stock Exchange 111 Broadway: New York [ 2] Washington Office COLORADO BUILDING Telephone Main 1603 G.B.Chipman Manager We Will Buy 510-11 Evans Building Main 6189 1st Hen ELD &% VIR R TR Cities Service Scrip Preferred, Common, Bankers THOS.W. BRAHANY & CO. Y, JUNE 28, 1922, . Invest Your Surplus Funds IN OUR FIRST MORTGAGES OVER A QUARTER OF A CENTURY WITHOUT A LOSS B. F. SAU Mortgage Loans TO + ER L CO. —— 1412 Eye St. N.\W. LOAN FIRST MORTGAGES AT CURRENT RATES OF INTEREST 7207 Cormuclicil (oenice No loss to any investor in 49 years ington to have these facts in have Werite for this Series of Advertisements ‘The series of advertisements on “First Mort- g:geSafegundn,"wl:’ichnype:ed i newspapers during the past two months, aroused a great deal of interest among investors and resulted in an except- ionally large number of inquiries. These advertisements should be read by every investor who honestly believes in SAFETY FIRST. They tell exactly what the buyer of First Mortgage Investments ought to know before investing. For the convenience of those who would like permanent form, we reprinted the entire series in a booklet in Wash- e EHSMITH®. CFounded 873 FIRST MORTGAGE INVESTMENTS 1414.1416 EYE STREET, N. W. ON FUND3 LEFT WITH THE COMPANY WE EARN —the highest interest Tate of any American Life ‘Insurance Com- INSURANCE 'COSTS LESS ta tne Union Central. Why pay meref LIBERTY BOND EXCHANGE €04 14th St. N. s.m. to 5 pom. E. S. BRASHEARS, Ml:i MILLER TRAIN CONTROL STOCK - ~=-your family! ~-will their position be mainfained after you're gone? Business and financial successes alone do not assure perma- nent well-being for your family. It is only as your business plans INCLUDE PROTECTION AFTER YOU ARE GONE that you make sure the position and comfort to which-you have accus- tomed your family. An informal talk with one of the officers in our Trust De- partment will permit us to explain how we can help you extend your family’s prosperity into the future by means of a well- prepared trust. Write or call for our free booklet “Some Vital Questiops” EVERY FINANCIAL SERVICE COMMERCIAL 3% o savincs TRUST 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 8th and H Sts. N.E. ———— 436 7th St. S.W. 20,000 Shares 7%-10% Ywrticipating Second Preferred Stock Manufacturers’ Finance Company (A Delaware Corperation) Redeemable after July 1, 1923, at $27.50 per share and accrued dividend Par value of all issues $25 per share Capitalization of the company is-as follows: (Including this fawme) Authorteed Outstanding 7% Cumulative Preferred Stock. .....eee xomenesse $1,000,000.00 $800,000.00 7%-10% Participating Second Pfd. Stock....scaeasa 1,000,000.00 800,000.00 Common Stock scasonscssansssssescsscssenes 1,000,000.00 800,000.00 From a letter, and other information supplied by Mr. V. G. Dunnington, President of the Company, we summarice ug\]ollmoc: [N . The business of this Company has been profitably conducted since early in 1910. It BUSIV!:::?M oldest of the so-called Cogzmorehl Banking Companies doing business in Baltimore. Its business consists of the purchase of “open accounts” from reliable manufacturers, wholesalers and jobbers. The sellers of the accounts guarantes payment of them for 100%. The Manufacturers’ Finance Company makes payment for about 80% of the ac- counts, at the time of purchase, the balance being paid as the accounts are collected. ASSETS: The assets are self-liquidating. consisting of cash and guaranteed accounts receiv- able, covering shipment of staple merchandise, the average payment of which accounts are about 46 days. The Company does not make advances on automobiles nor does it purchase automobile paper. PAR] : After.making unusual provisions to keep the books free from adjustments, the “:.Gtsumlnn of the Company for the five months ended May 31, 1933, were at a rate exceeding four times dividend requirements on the second preferred stock (including the additional second preferred stock about to be issued), after allowing for the divi- dend requirements on the first preferred stock. UITY : t of the' Company after giving effect to the sale of the additional $500.- e oflo.Ktl::::'dm;:.l:rM Stocl D-hiwu an ‘e’qully of $2,340,256.45 available for the liqui- dation of the second preferred stock in the event of dissolution. IVWDENDS e holders of the second preferred stock are entitled to a fixed cumulative divi- o Edand lat tTI:le rate of 7% per annum before any dividend is paid to the holders of the com- mon stock and after the payment in any year of a dividend at the rate of 16% to the holders of the common stock, the holders of the second preferred stock are entitled to share ratably {n any dividend paid to the holders of the common stock, up to but not exceeding an additional 3% in any one year. MAN, NT: The efficient and progressive management of the Company is evidenced by A%E:lfonltlnt and conservative growth in business and increased earnings. ]m- JALITY : 1 legal details pertaining to the issusnce and sale of the stock have been passed upon by‘ ;‘C:l?l Smith & Smith, of Baltimore, for the Company, and Messrs. Venable, Baetjer and Howard, of Baltimore, for the bankers. We offer the unsold balance of the above Stock, subject to Prior Sale, at $27.50 and Dividend HAMBLETON & CO. ESTABLISHED 1868 10 SOUTH CALVERT STREET 729 15th STREET N. W. BALTIMORE WASHINGTON COMMERCIAL TRUST BUILDING 43 EXCHANGE PLACE PHILADELPHIA NEW YORK on R i LYoy