Evening Star Newspaper, December 6, 1922, Page 29

N - etropolitan F MERCHANTS' BANK DECLARES DIVIDEND Imtnal Payment on 6 Per Cent Basis—Local Market More Active. BY L A. FLEMING. § Inrectors of the Merchants Bank 2+l Trust Company met this afternoon snd declared an initial dividend on the ~iock of the company of 113 per cent ‘quarterly. or on a 6 per cent per an- num basi: No action was taken looking to the ing of the vucancy caused by Mr. fiarman’s resignation as treasurer. Tt is understood that application _be made in the near future to list the ck of the Merchants Bank and Trust mpany on the local stock exchange. | sky law” committee of -the Investmept Bankers the Dennison bill, which in- vestment bankers generally and re- putabie brokerage concerns will sup- port to the best of their ability. This measure, if enacted, would make impossible for promoters. Wrokers, salesmen, et to offer for sale in one state, securities of any description which have been placed under the ban by the service or utilities commissions of any other ~late. This would protect the innocent investor of Washngton, who certainly s protection. from the wiles of nizations for the sale of securi- s that have becn debarred from Maryland by the public service comn- ion or by the courts of the state. noters of these doubtful enter- brises have made it a practice w limmau\d from one state €ross he nearest border and again prose- “eute their business. Demand for Business Property. Despite the undoubted trend of the ! .eity toward the northwest. Charles 1. 'Bell, president of the American Security and Trust Company, reports that there is an enormous demand tor downtown real estate. Mr. Bell isarns this through the application of wany would-be buyers for property under the control of the American Security and Trust Company, ecutor, trustee, etc. i e of ne W pauy and its various sub- porations, to be held Janu- position as treasuwer of the Mer- shants' Bank and Tr\hL Company. but not made H uccessor has More Active Trading. ore was a ¢ 10 a close at 761y} the bond section, trading “fli* cices wore relutively ! per_cent_notes sold at | Vov;mm. Consallaated bs were lne') at 95 No Applica There were n D n Up to Noon. applications filed ar Crissinger for local | has it that there may be; Awo within a shert t Washington Stock Exchange ;% ALES. | £1.000 at 90. 000 at 9375, 3 Su—$1.000 at 9315, * tirorgetown G Washington Patoma, c $1,000 at 93%a, $1. 31,000 at 954, 212000 at 9315, S1,000 at 95%, $1,000 at 95 £11000 ar 9515, o ashingtun Railwas and Electrie pf ston Monotype—30 at 76%. 20 at T6%, U 3. = AFTER CALL. ital Traction—3 st 102%. 5 at 10215, 1 “t\usrflifllon Railwsy aud Electric com. 3. Washington Gas 5e—31.000 at 96Y. 0 at llk"v. 4 at 105, apital Tractios 1,8 —$1,000 at 104 4’6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. 1a Moey—Ci ia and Potomac Aoacostia Pot. Gnar. & P. Georgetown G Potomac El .. Paper Mfg. 6 Riggs Realty 5s- (long Rigga Kealty 3n (short) Security Storage & Sate Dep. &3 . Market Coid Storage Gs. rdman Park Hotel 6s....... 100 STOCKS. PUBLIC UTILITY. -American Tel. & Telza. Gapital Traction Washington Gas Agefolk & Was! Wanh. Tiws. & m Distr.ct Farmers I ederal-Americun Talon. Trust.. - Washingtoi Wasimgton ~gecurity Savivgs and Com. aeventii S T l;ll“l Fire lnsyraace. Natioas] Union. . ggiambia eal Lstate. MISCELLANEOUS. Cojumbia Graphophone com. ¢olumbia Graphophone L. C. Pager pf Narchantts Thanster & .smue mo “Mergenthaler Linotype. «®ld butch Market com. Oid_Dutch Market prd. +Yanston Monotrpe —_——— he sound of thunder may be heard om twenty to twenty-five miles, :;fl lightning is reflected from 150 to 2298 miles. ilowest and 81 will Association | attending a hear- | as ex-l ilway Meeting. ¢ H Proxies are out for the annual meet- | shington Railway and | up to noon to-!izmy INANCIAL. BY WILLIAM F. HEFFERNAN. NEW YORK, December 6.—Today’s trading on the curb exchange was ex- tremely dull, with price changes gen- crally confined to narrow limits There was nothing,in the overnight news to stimulate public participa- tion and the market was left almost entirely in the hands of professional operators and floor traders. Announcement that a special meet- ing of stockholders of Cumberland Pipe Line—one of the Standard Oil subsidiaries—had been called for December 27, to vote on increasing its capital 100 per cent, after which a dividend of 100 per cent in stock will be declared, had no effect upon NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. THE EVENING the stock concerned. But it did'serve to check what little selling there had been in other Standard Oll stocks, and in a few ipstances higher levels were reached. Standard of Indiana was depressed in the first half session. and so were the Kentucky shares. But both these stooks more than made up- their early losses In the early afternoon. New York Transit, selling ex-divi- dend $83, held firm at 135. Vacuum Ol started over 7 points higher, but lost this gain later, between sales. Independent ol displayed fair re- sistance to the selling, Southern States oil advancing substantially. Secretary Mellon’s annual report helped to stimulate buying in the industrial section of the list and what losses occurred were more than regained as the day went on. NEW YORK, December 6.—Fol- lowing is a list of today's highest: ing prices for the most active bonds and stocks dealt in on the New Yeork Curb Market: BONDS. in thousan 2 Alum Am High. 108 1 new '3, ot Ol 6s 9 Am Gas & Flec s 1 Am Light s .. 3 Anaconda 6a 3 Anacunda Ts Anglo-Am 01 Detrolt City Gas ena Six Oil 7 Y, o Bomer b D Penn Tower & Lt 2 Phila_Elec 6% Pub Serv 7 T RInE of Sertn &u. Mexican Gort 3s "84, fexican Gort 6s. sy 30y vant e, Ui B s 0N T e b 3% | Ameri merce in | 190 Vacnnm Oil . 14 64T Greece at N Armerican 3500 Vacaom OF new::. %t 0 40N | Chamber of Commerce of Ewynt at ales in INDEPENDENT OIL STOCKS. 10 Roone Oil 2 Poston_ Wy 10 Carib Syndieate 50 Cities Service . Cushing Pet Darby Pete Duquesne O Equity Pet Facineers’ Do Federal 011 Eg Bestone Rangér !l IN CHICAGO MARKET| | 26 Cresson Gold 24 Dear Cons . dfield Deep | Gadeeid neto et Hardshell Min .... . =233528 ‘op_ Ne Hollinger Hecla Mind Howe Sound . B r*:t | i e g2 = o1 ‘08 o7 26 16 10 %3 1 Rex Comn 3 Richmond Copper .. Ruby Rand Mines. . Sandstorm Kendall 1 l Tonopah Divl Tonopah Extens Tcao Jim Butler. Tonopah Min ...... Tnited Eastern ... 2 Unit Zine & S 11§ Continental ity cola 3 | 89 ¥: n 1 i 10 West End Cun ext.. .05 B0 Vietory Div Min. Do k'3 | ® Yukon old {POTATOES TAKE DROP ! U. S. Bureau of Markets nepous’ Cabbage and Onions at ‘. i | Higher Prices. By the Assocated Press. i CHICAGO, December 6.—Although | ithe potato market in the principal cities outside of Chicago remaincd | firm during the week ending yester- day, local prices were down 10 to 13 cents. according to the weekly fruit, jand Vegetable review issued by the; iUnited States bureau of markets. |~ Other articles were steady to firm, lr:m\ ‘cabhage and onions showing a | g00d advance. New York Danish tvpe | abbage was $20 to $25 u ton. bulk, in ! city markets and $13 to $16 at ship- ping points. Onions were up 25 to 15 | cents in the markets, In the leading markets New York Baldwin apples were $4 to § { barrel and 3285 and $4.00 at shibping | points. Local prices on middie-west- lern Jonathans were $5 Nortnwestern e Jonathans were § in most where o $2. SEEK MORE TRADE ABROAD. ! December 6.—The : v Crambers of Commerce of the Fast has been | formed. The new comprises the | Chamber of Commerce for the price ranged from §2. Alexandria. The new organization will seek to increase trade beiween the United States and the countries in which it has branch $1,500,000,000 IN MELONS. NEW YORK, December 6—Stock dividends totalling $91.500.000 were announced yesterday by seven large industrial corporations and banks, bringing the total stock dividends de- | clared in the last few months to n ore | than $1.500.000.600. These sum { virtually all cases have been prov for out of undistributed surplus. ap- | parently in anticipation of un or- § able tax legislation in the next Cun- j gress. de —_— % 1208 Smerican’ Gil s 7 Latin American E 1 Livingston Pet ..... . 02 PARIS. December 6.—Prices fm- 1 Lyons pet . 7| proved on the bourse today. Three per = cent rentes, 59 francs 40 centimes. Ex- & Yammotn 411 59 1) 0 & Yariand %! change on London, 65 francs 25 cen- oy 16 |times. Five per cent loan, 75 francs 22 Mex 0l B° 90| 85 centimes. The dollar was quoted at 1 Mount Prod 16y 18y | 14 francs 31% centimes. 27 &{mm ol . % 10% e PLAN 100 PER CENT MELON. | %™ | OIL CITY, Pa. December 6.—Direc-' ! tors of the Cum 85 t the Ci 4, | called a special mesting for Decem- | 16% | ber 27. at Winchester, Ky., to consider | an_increase iu capital Stock from $1,500,000 to $3,000,000, it was an- nounced here today. The directors, it iis sald, will consider a 100 per cent 19 | stock dividend at that time, distribut- k ing the new stock to cpver it. | 1% \ 5% &*| BIG NOTE ISSUE PLANNED. | NEW YORK, December e.—ankl 46 Acme Goal 57 .53 .88 | Hedley, president of the Interbor- 1 Allied Pack pr pfd. 19 |ough Rapid Transit Company, an- 4 Amal Leather .. 1 13% "nounces that under the Interborough- %y Manhattan reorganization plan Which { 203y ) has just been declared operative the 17, | company will issue $34,330,000 ten- 1064, | year secured convertible 7 per cent 1% | gold notes. The new issue will be 13| used to retire and refund 90 per cent 1bs | Of the outstanding issue of $38,144,000 4% | of the company’s three-year secured 2 & wg',!cnnverlible 7 per cent gold notes. | :-.; Dubilier ¢ & Radio .g:l g nrant Mot . HEAD:! TY. = {'fl"k”“‘fi'“ e el e xosn?fEfaAL S:) CIE‘ R 5 Fifth Ave B NEW Y ., December 6.—R. L. eia %2, | Agassiz, president of the Calumet and | ’é Hecla Mining Company, has been § 8 Geodvear Tire pfd. a1 | ¢lected president of the Copper and 1 Havana Tob pfa 47 |Brass Research Association at the! Havana_Tob new.. 8 |mecond annual meeting of the associn. 883 | tion. President Agassis told the as. lfi.h|ucl-non that the consumption of) §e | copper in this country was substan- | .07 | Hally greater last year than in pre- 9 (war years. The large amount of 631 | scrap metal left nner ‘the war has| [ Iboen consumed, he said, and the in-|. 2 3% 3l dustry now ia in a strong position. ARy 108 1 fo®! EXTRA DIVIDEND VOTED. 1,9.1'"" My oo We W3 U%! NEW YORK, December 6.—Direc- Baie G 3% 313 afY[tors of the G. W. Helme Company, 3 o 8”7 | snuff manufacturers, today declared 1% 1% i%ian extra dividend of 4 per cent on its 1% 13% 1834 common stock In addition to the res- 43 80 .go |uler quarterly dividend of 3 per cent i® 19 39 (On common and 1% per cent on pre- z;le ms 197 | ferred stock. 5 3 7% 13 ui L NEW COAL AND COKE RULING: ;‘ 87 7 o NEW TYORK, December 6.—The 31 B S 2 Co-l and Coke Assoctation announced : g L L arrangements had been com- 10 bt 1 3 phled to accept, beginning next week, 14 21 3: 2: |.Il rail coal and coke shipments from 2 80 49% | United® States points to Canadian estinations with charges to collact. i 2% 98 eididestinati ith ch to_coll This followed the announcement of Canadian rallroads that they h: withdrawn their requirements that freight charges to the border on coal and coke sl ents to Canada must be prepaid. —_— Queen Elizabeth was the first sov- ereign to use a fork snd a clergy- man of her time preached a sermon against it. saying Providence g us cur fingers to eat with. . 4 PARIS PRICES IMPROVE. | STAR, WASHINGTON, IBRAZIL TAKES STEP FOR DISARMAMENT Invites Argentine and Chile |San_conference”in ararch, with “the to Conference on Subject January 15. By the Associated Press. BUENOS AIRES, December 6.—The ‘Brazilian government has invited Argentina and Chile to attend a dis- armament conference to be held at Valparaiso, Chile, January 15, 238 a preliminary to the Pan-American con- | gBress to be held at Santiago, Chile, in March. The Associated Prees leurns that Brazil's note of invitation was de- [livered to the Argentine government ! by the Brazilian ambassador, Pedro de Toledo, and that an identic note was delivered simultaneously to the Chilean government and a cony of it cabled to Secretary of State Hughes at Washington. Proposal by Dr Brazil proposts that the three nation 3% | study points on which there I8 divergence | tween them on tho question of dis- armament and seek to reach an agree- ment for presentation to the pan-Amer- | is | ican conference in March. Braszil understood to object to the Chilean pro- posal to reduce military and naval ex- penses to equal proportions, holding that the length of coast line, population and certain _strategic questions ehould be | taken Into consideration in determini the proportion in which vario: American nations ought to reduce ment. Brazil proposes that the three nations be representcd at the conference by military and aval experts, but whether th, 10 be mecompanied by | Brnu'.fln foreign office has | ibeen fn active correspondence on the: subject of the pan-American confer- ence with Chile. Argentina and the Cnited States , to the princinle of which, it is she objects to the form. Chile Not to Insist. Interchanges conducted through the ! 1t ! jed in Chile indicating that she would | respective Brazilian embassies res not insist o ny points the form of disarmament; he Brezilian chancellery at respecting Wwhereupon fn Santiago, Buenos Cash Your Victory Bonds It you hold any of the Victory Notes called tor redemption December 15th, bring them to our officeand we will cashthem for you without charge. This applies to all 427, Victory Notes having the letter A, B, C, D, E or F prefixed to the serial number. e F.H.SMITH CO. ' Dornded 1873 1414-1416 EYE ST.,N. W. First Mortgage Invesiments FOR IN DENOMI SO0 DOLLARS cutatives has not yet | cspecially with refer- | jence to the Chilean disarmament pro- { 15 I sald. Brazil does not object, although | TRST MORTGAGE NOTES 92’@&// % .%fl/fle/‘ ¥ % 1207 %lmzvéba/ .%nmc " WEDNESDAY, DECEMBER 6, 1922. Alres and Washington to tak: with the respactive governmen agreed upo; which they are accredited the ides of | American mations in e holding a preliminary A B C confer-|ner as the Central Amorleu\ confer- | Beetred by Sret ence to study the disarmament prob-{ence. Both Argentina and Chile, accord- ing to report. have intimated that they would welcome an invitation for the holding of a preliminary confer- cncs, and Secrotary Hughes has ap- proved of it. Brazil pointed out the wisdom of entering_the pan-Ameri- can conference in March, with the 9% When investing your savings First comsider safety, them reven: Dont let & promised n‘mflnx rotar uence your better judgment sacrifice safety, Our record of 15 years in Recommending First Mortgage Investments Without um Toss d a single peany in either torest Gissatinted” clioht fs. one® we Tedeot up to $1,0°5 now o;lllnd Boaring 7, CHAS. D. SAGER 923 15th Strest Northwest. Mair 38 Loan Dept. “BeforeYou Invest. INVESTIGATE™ Before December 31, the close of its first year, it is apparent that the original capital (8250, 000) will be subscribed in the DISTRICT GUARANTY CORPORATION —and the price of $225 per unit will be discontinued. The dend rate at the present price is 12.44 per cent per annum. | Make reservations now. WilliamBWestlake FISCAL AGENT Washington - -~ D.C. 228-~15'*St.nov. Tel.Main 6716 Sell or Hold? When those fast-dis- appearing, high cou- pon bonds are called, there is often a di- lemma in a choice between thess two courses of action. I Write us for a timely | discussion of this matter in our current : circular. 'HGRAHAM. PARSONS X% Co. PHILADEL2MIA NV Yor ‘WasuincToN 405 Hisss BLDC Telayhene: Main 2655 SALE - NATIONS OF AN UPWARDS Out of the Large Number of People Who Know How to Save, Few Know How to Invest FIRST TRUST NOTES ued by us, will be as found to be a safe and sure method for the _inexperienced investor. Consult Our Loan Dep’rtment Sotallished 1889 Fuust Wo‘dgage Loans In Convenient: SDenominalions For Jrweslors 1 | e i FINANCIAL. " .29 lsarmament nlrud non e o of st | - Money to Loan Prevailing ll*:l‘r«--:‘-.‘n- 2 Joseph I. Weller 5,54k L 5 tren | Let us manage ‘ your Rental Proym- erty. Over a Quar- ter of a Century xperience. ;B.F SAUL CO. 1412 Eye St. NW. Main 2100 6% MONEY 1st TRUSTS ROBERT HAMI LTON SMITH:! CERTIFIED PUBLIC ACCOUNTANT 431-WOODWARD BUILDING—423 (S50 Lits Pelicy, sa388. of or {1lu Bl e LE ROT now s Tasurance—All Branches Room 610. Woodward Building M. 340, Dean, Onativia & Co. Stock Exchange Building New York EQUITABLE Co-Operative Building Association Organised 1879 YEAR COMPLETED Assets .+ .$4,857,839.30 Surplas . -$1,160,880.31 Systematic Saving A plan to make saving easy— Save a little each pay day and you will be surprised at the amount accumulated in a short time. Subscriptiens for the 84th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOTNIN JOY EDSON. President FRANK P. REESIDF. Seey. COTTON GRAINS COFFEE SUGAR STOCKS and BONDS MEMBERS: New York Stock Exchange. \'Ic‘w \m%co:nnfl-:%m:y ige, Chi g Chicago Board of Trade. Chicago Stock Exchange, Associate Members of Expiiice S chanpe 5. Minneapolis ~Chamber New York Curb Associatiosi. Commerce. WASHINGTON OFFICE Main Floor, Woodward Building Phone Main 2040 JOHN CALLAN O'LAUGHLIN CHARLES R. ALLEY Manager Assistant Manager of Investment Tue Brier Hiro STeEL CoMPaNy is an important producer in a basic industry,with large ore and fuel sources substantially controlled. We recommend for investment , A Strong Industrial | | Brier Hill Steel Company First Mortgage 20-Year 5%2% Bonds (Closed Issue) To Yield 5.95% The Company’s properties have been estimated by inde- pendent interests as worth $47,000,000—more than 4 times the amount of its first mortgage bonds. Bonds for Your Special Needs This Company offers recom- mended bonds of all approved types. Itadvices regarding proper diversification of investment bold- ings, and i prepared 1o assist the individual investor in making se- lectione best suited to his own special needs. In making rec- ommendstions due regard is given %0 tazation requirements, security yield, matw Net earnings, after de- preciation, for the ten-year period ended with 1921, aver- aged more than 7 times in- terestrequirementson present total funded debt. A descriptive circular will be sent on request. Guaranty Company of New York 811 Fifteenth Street, N. W. Main Office: Washington, D. C. Guaranty Trust Company Building Broadway, New Telephone: Main 5815 DEALING IN HUMAN HAPPINESS ITH us the conservation of our clients” property is not only a business, but also a high moral obligation. We feel that we are directly involved in the lives of those we serve. The human side of our Trust duties appeals to us as keenly as the professional side. We realize that elderly people, widows and children are relying on us for financial protection. And realizing this, we endeavor to handle their Trusts with sympathetic interest and conscientious carc. With this view of our Trust duties. we are able tuv live up to the letter and spirit of our obligations to every beneficiary of every Trust created with us. Ezery Banking Service ‘ COMMERCIAL SAVINGS 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 8th and H Sts. N J:. 436 7th St. SV