Evening Star Newspaper, December 18, 1922, Page 27

FINANCIAL. WASHINGTON GAS " - MAKES 600D GAIN e b ‘Leads Lacal Market in Activ- ity—Tractions Nominal. Three Calls a Year. BY L A. FLEMING ‘Washington Gas was the feature of today’s session. After a prolonged period of more or less weakness with slow declines, the stock turned strong, opening at 56 and closing at 7 to 56%. In all 143 shares were sold, more than double the business of the last few weeks In the old-time fa- vorite. Buyers and sellers could not get together in the first fifteen minutes of the session. and it was not until “after the call” that there Was any- thing doing. The street railways were entirely iominal. After considerable jockey- ng 563 was bid for the common, with asked, while a sale of the prefer- red was made at 75. Capital Traction was 103, bid. o Mergenthaler advanced to 179 on moderate business. Total business was largely restricted. i Should Buy Governments. With the federal reserve banks not | making more than enough to pay the % per cent interest on their capital <tock to member banks: with but 25 per cent of the resources working. would seem that the time was ripel for the employment of their funds in xovernment securities, with special reference to liberty bonds , giving them more stability and bettering their prices. Commercial business does not prom- ise to use banking funds very lib- erally during the coming year. High- xrade paper is cared for at 4%. fair at 4% "to 5 per cent. In the last vear the time deposits in federal reserve banks have in- creased $700.000.000, and the demand ! deposits, $800,000. i Brokers loans are near the top, but ! are likely to go higher, while their | money is costing less than a year ago. | Three Calls a Year a Law. : The measure passed last summer by the House and December 5 by the Senate. providing for three calls a year for reports of condition of na- i tional banks and in the District of | ¢olumbia, from all banks, is now a law. The controller of the cu A may, if he deems it neessary more often than th times, but three is the obligatory number. For- merly five was obligatory, and dur- ing J. Skelton Williams' term of office, | six was the average number. Bank clearings this month are hold- | ing well above the average of last| month and will. in all probability. make the record for the year. Satur- day they totaled $4.086.414. and to- day, $3,535461. They have averaged over $3.000.000 every day this month with some $4.000,000 days. Mercantile business s at the top of the season right now and will so con- tinue until the end of the Christmas buying, which was never better. The Federal National Bank has started a Christmas savings club and is making good headway. On German Loan. The Wall Street Journal is not very hopeful regarding an American loan to Germany. This authority doubts whether Germany has anything to pledge that is not already appor- tioned for some other debt, and does not believe that a Germany loan of- fered here “would receive a single real subscriptio “We are sure of getting satis from Great Britain for our loans; hope to reseive something from France and Italy. and are prepared to | write off what Russia owes as a bad | debt, but to add another bad debt does’ mot weem attractive finance, if for no other reason than that there is no responsible government in Ger- many. “This Is suld deliberately, because the German finances are not in the hands of the German government. Germany's bankers are doing the financing of business from points out- side of Germany. If they choose, they can put that country in a fair way to meet its obligations. But they have moved every pfennig of German capi- tal out of that country. They are financing imports of raw material; they are selling German products abroad and returning to Germany only o much as is needed for maintenance and renewal of machinery.” e e Washington Stock Exchange BALES. s action | | ‘Washington Washington Wi % PId.—100 at 75, ight—10 at 56%, 10 at Mergenthaler Linotype—10 at 179, 10 at 179, at 179, 5 at 179. Money—Call loans. G and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid. Amarican Tel. & Telga. 4s.. 1% American Tel. & Telga. 4. Amer. Tel. & Tel. Amer. & Tel. City and_Suburba: Georgetown Gas 1st 5 Metropolitan R. R. 5. Potos Elec. 1t be. STOCKS. PUBLIO UTILITY. American_Tel. and Telga. Traction. 3 oY% District Farmers an #Federal-American . Liberty . Lineoln . 20 National Ed Riges Second 130 Washin 2190 200 TRUST COMPANY. American Security and Trust... 282 290 Continental Trust.. 90 o5 \ational Bavings and Trust.... 206 320 Union Trust. 18 15 Wash. Loan and Trust. D300 32 SAVINGS BANK. Natiopal Columbis Real Esta MISCELLAN Columbis Graphophone com. Columbia Grapho) prd. . BY WILLIAM F. HEFFERNAN. NEW YORK, December 18.—Trading was comparatively active on the curb exchange today. Several industrial stocks again were in demand at top prices, but It was evident that a good deal of re «| 11zing was occurring in many leaders of the rise of last week. After ten days of almost uninterrupted advance professional operators were skeptical about adding to the present commit- ments and were more inclined to take profits. New Shares Put on Board. The new issue af 340,000 shares of the National Fuel Supply Company were admitted to trading issued basis, initial sales taking place at a remfum of a half point above the subscription price of 56. After a further gain the stock reacted to | around the subscription leve! ‘The company with its subsidiaries Is engaged In the manufacture and sale of equipment machinery and sup- plies for all branches of the oll in- dustry and maintains over ninety stores and well stocked warehouses in important oil flelds. Boone Oil Company and Carib Trading were re- ed from the list. Kuppenhelmer common, which has NEW YORK. December 18.—Fol- lowing is a list of today's highest, lowest and closing prices for the most active bonds and stocks dealt in on the New York Curb Market: Sales. BONDS. dn thousands. High. Low 1 Allied Packers 86.... 83 3% 2 Allled Packers tw ofs 5413 5413 2 = Basic Allfeq Packers ¥ Al Anaconda 6s. Anacondu Tn B U RSB BT UG e Phillip P S of Rears-Roeb. Shawsheen 7 Pet N J Swift & Co 5u. Tidal Oxage Ts. Tnited Ol Prod oIl Te 1 Swiss Govt 5% 11 U 8 of Mexico 4s. 38 Bales. in units. STANDARD OIL ISSUES. 381y 205 Tilino!s Pipe 330 Impl Ol of Canada. 70 Indiana Pipe Line.. 4300 Int 500 100 St Ofl Kans new.. 800 St Ofl Kent; Sales in hdrds. 71 Rot-Wyoming O 15 Carib Syndicate. 2% ', FRERE REEF oS R 2 o £ 52 Mex OfL.~. 29 Mount Prod 84 Mutual Oil . 102 New Mex Land. 1 Camj s.....c00 4 1% pbell Soup pf.. 107 © Cox Cash Stores. B 1 Cleveltnd M = 30 Durant Motor. ... 18 Durant Mot of Ind 20 Federal Telegraph. Chem “w& <40 sl on when been neglected for some time, ldst ground after the publication of the report for the year ended October 28, showing net profits $414,211, includ- ing results of operations of the old compuny for eleven months and the new company for the period of one month. After deducting federal taxes, amounting to $48,000, net profits ‘were $366,211. Movement of Other Stocks. Anglo-American gained fractionally. | Anglo-American Company :of South jAfrica, Ltd., announced that, owing to non-completion of formalities con | nected with the absorption of Co | solidated Mines Selection Company, | Ltd., South African assets, directors | are ‘unable to declare a dividend for | the year ending December 31. How- | ever, recommendation will be made to declare a dividend of 1 shilling 6 pence per share, which will be equiva- lent to 714 shillings on each American | share. New York Telephone preferred was | prominent, reaching a new high, still | reflecting” excellent earnings, while | Durant common made a new top at 73, The Indiana stock moved sym- pathetically, with higher prices in Durant common. Stutz was a_fea- ture, rising 2 points to above 18, re- | flecting the expected popularity of | the new 1923 models. | Recent leaders of the mining group ‘were for the most part lower. S84 Tonepah Extens 20 Tono Jim Butler .. 1 Yukon Gold DRY GOODS HOLD FIRM. NEW YORK, December 18 (Special). —The market for cotton cloihs w very firm today, and fair activity was in evidence in the print cloths, al- though no great volume of business is expected until after the turn of the year. Sheetings were firm and strong and In excellent demand. Drills were quiet, but -prices were fully maln- ! tained, and there was considerable in terest shown in twills, sateens and pajama checks. —_— The first device for the mechanical manipulation of figures was a con- secutive number machine invented in 1650. For Orll-ll in 1814 National THE EVENING STAR, WASHINGTO NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. COMMODITY NEWS . WIRED STAR FROM ENTIRE COUNTRY LOWRBLL, Mass., December 18.—The Appleton milis are planning today an| extention of plant in the south, be-jin cause the management belleves cer- tain grades of cotton goods can be manufactured more cheaply in that ‘There 1 for so-called Russian boots in the shoe trade for women. spell continues a few days longer, the local stocks of men’s and women’s shoes will be down to normal. ST. LOUIS, Mo., December 18.—De- mand here today for the best quality cattle, sheep and ho the supply pect for the farmer who feeds cattle BOSTO! There has been a slight slowing down this week in the demand for textiles, N, D. C, MONDAY, DECEMBER 18, 1922. an abnormal demand today If the cold is greater than ‘oresee in pros- experts the next month. Mass., December 18.— section. PHILADELPHIA, Pa., December 18. —Jobbers in shoes are experiencing a seasonal dullness, but the market is more active than it was a year ago. Glazed kid, patent leather and their combinations are expected to feature styles in shoes {or women next spring. FORT WORTH, Tex., December 18. —The first freeze of the year, which has just been experienced, will benefit all classes of agriculture. Up to now vegetables and other crops have flourished, and some fruit trees have been in bloom for the second time this year. WICHITA, Kan., December 18.—A gasoline absorption plant, costing i 1in Kansas. FIRST MORTGAGE NOTES IN DENOMINATIONS OF S00 DOLLARS AND UPWARDS Fhandatl T Hagnor # Go. 1207 Conneclisut Soenue Out of the Large Number of People Who Know ; How to Save, Few Know How to Invest FIRST TRUST NOTES as issued by us, will be found to be a safe and sure method for the inexperienced investor. Consult Our Loan Department [SHANNON- & LUCHS You'll Give Wisely —If a Savings Account in the Oldest National Bank in the District of Columbia is your gift to your son or daughter. {iThere’s no surer way to inculcate habits of thrift than to put the building of a Savings Account right “up” to a growing youngster. 3% Paid on Savings Accounts Consult Xmas Money Abroad by Cabdle Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000.00 I 15th St., Opposite U. S. Treasury—108 Years Olcl ; $1,000,000, today is rapidly approach- | RENTS Let us manage your Rental Prop- erty. Over a Quar- ter of a Century Experience. B. F. SAUL CO. 1412 Eye St. N.W. Main 2100 ing compietion in the Fox Bush Field; for the Tidal Refining Company. The} plant will be the largest of its kind | h., December DETROIT, Mi 18.— 'Befmi’mbmto INVESTIGATE" ASK ANY BANKER or financial man in Washington about the remarkable record of the DISTRICT GUARANTY CORPORATIO! If he is well informed he will tell vou that its record is one of the most striking examples of success in the history of local financial enterprises. Briefly, it is this: Began business January 1, 1922. i il Il i pay its fourth dividend December 31. The dividends for 1922 amount to $8.00 per share upon preferred and $12.00 upon common stock. The surplus will approxi- mately equal the entire divi- cend disbursement. The entire capital of $250.000 will apparently be subscribed before the close of the first vear. The present price of $225 per unit of two shares of pre- ferred and one of common stock will then be discon- tinued. The entire paid-in capital will be intact—all organiza- tion expenses paid, without impairment. The business is commercial banking—so safe that not a single loss is charged off the first year. The transactions and busi- ] ness are.under the super- {| vision of a certified public ac- {] countant. | There are no secrets. You ] can get any and all informa- tion for the asking. | WilliamBWestlake D.C. | i | 1 i | 1 i FISCAL 12815 5t.n%. Tel.Main 6716 SALE us about Sending #Wmey to Loan Secursd TJoseph I. Weller 3,750 FINANCIAL. 25 furnaces, mills and furnaces held (Nut growers of south Georgla and back in hope of lower prices. Florida are receiving good prices for pecans, and sales are heavier KANSAS CITY, Mo., Décember 18.— | than they were last year. The price.if milk hay been advanced —_— here 1 to 4 cents a quart, according [ PITTSBURGH, Pa., December 18— to grade, and today is selling at 13| The Standard Sanitary Manufactur- to 20 cents. ing Company has bought 5,000 tons of p— Valley Foundry iron, first quarter THOMASVILLE, Ga., December 18.— livery, at $25 furnace. but most-mills are today well. sup- plied with' forward orders and are operating between 80 and 100 per cent of capacity. : ST. LOUIS, Mo, December 18.—Pig iron purcbases have been remarkably heavy in thiy section this mbuth and prices here are strengthening. This activity is due to belated buyving, as We Recommehd for Investment— Yielding about Great Northern Railway ACompany General Mortgage 7% Gold Bonds, A, due 1936 5.86% Chicago & Western Indiana Railroad Company i Consolidated Mortgage 4% Gold Bonds, due 1952 5.77% : Cincinnati Gas and Electric Company | Prior Lien and Ref. Mtge. 515% Bonds, B, due 1961 5.61% Equipment Trust. Issues Maturing 1923-1937 To Yield 5.00%,—5.609, GRAHAM, PARSONS %.Co. PHLADELPHIA NEw Yorx WasuinGTon 408 Hinss SLDG. Telophons: Main 2655 st on real este> nslon. Prevailine interest and_com: H o EQUITABLE Co-Operative Building Associati Systematic Saving A plah to make saving easy. Save a little each pay day and you will be surprised at the amount accumulated in a short time. Subscriptions for the 84th Lssue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JORN JOY EDSON. Pre: Louisville Gas and Electric Company H irst al!d Ref. Mtge. 5% Bonds, A, due 1952 5.59% rthern States Power Company (Minnesota) First and Ref. Mtge. 5% Bonds, due 1941 Jones & Laughlin Steel Corporation Cumulative 7% Preferred Stock The Brier Hill Steel Company 5.66% 6.40% i First Mortgage 575% Bonds, due 1942 5.95% 3 Gulf Oil Corporation of Pennsylvania | . 15-Year 5% Debenture Gold Bonds, due 1937 5.30% i American Republics Corporation F 15-Year 6% Debenture Gold Bonds, due 1937 7.11% | 3 American Smelting and Refining Company First 5% Gold Bonds, “A,” due 1947 5.480¢ 1 Porto Rico Registered ; i 5% Gold Bonds, due 194}—1942 4.35% #State of Oregon i 414% Bonds, due 1932-1950 4.25% ! City of Toronto Harbor i 4% Bonds, due 1953 5.25% “Interest Exempt from all Federal Income Taxes. ilVe offer these bonds subject to prior sale and change price. Detailed information will be furnished on request. Guaranty Company of New York 811 Fifteenth Street N Washington, D. C. M: Office: Guaranty Trust Company Building 110 Broadway, New York Telephone: Main 38135 The National City Company offers and recommends the followi.ng bonds for investment. The list is characteristic of the complete selection of high-grade securities obtainable -at the fifty offices of this organi- zation, and illustrates the attractive investment opportunities afforded by the present bond market. Detroit, Mich., 473, due 1942-52. . .. .. Approx Yield .4.15% Namge - Omaha, Neb., School Dist., 41zs, tdue 1929-37............... .4.409% FortWorth,Texn,Sl,due1955-62........4....’...........,4.50% Province of Alberta 5s, due 1942...............c....:.....5.20% Union Pacific R. R. Co., Conv. 45, due 1927.................. .5.75% Consumers’ Power Co. 1st L. & Unifying 5s, Series C, due 1952. .5.50% New York Central R. R. Conv. Deb. 6s, due 1935. . . . .....5.85% Pacific Gas & Electric 1st & Ref. Mtge. 6s, due 1941 .....5.70% St. Louis, Iron Mt. & Sou. Ry.-River & Gulf Div. 1st 4s, due 1933.5.95% . Detroit City Gas 1st Mtge. 6s, Series A, due 1947............ .5.969, Chic., Rock Is. & Pacific Ry. 1st & Ref. 4s, due 1934...........6.009 Kingdom of Norway 30-yr. Ext. S. E. 65, due 1952............ .6.00%, Utah Light & Traction 1st Rfg. 5s, Series A, due 1944........ .8.00% Hershey Chocolate Co. 1st Mige. S. F. 63, due 1942. . ....6.125% - New York Steam Corp. 1st Mtge. 6s, Series A, due 1947...... .6.17¢ i Armour & Co. 79, Conv. Gold Notes, due 1930...............6.20% | Republic of Haiti 30-yr. S. F. 65, due 1952.................. .6.25% ! Sinclair Crude Oil Purchasing Co. 5'%s, due 1925..............8.37% i Northern Ohio T. & L. Gen. & Rfg. 6s, Series A, due 1947. . . ...6.50% I Argentine Government External 7s, due 1923....... feee...6.85% Vertientes Sugar Co. 1st Mtge.'S. F. 7s, due 1942. .. ee...7.25% Republic of Chile External 20-yr. S. F. 7s, due 1942. . Our complete list of bdnds, short-teim notes, and acceptances offered .7.30% Offered subjéct to prior sale and change in price . for current investment will be sent you upon request Thé Natiofiél City Company . Head Officer'National ity Bank Building, New York Washington—741 15th Streét N.W. § - Telephone—Main 3176. Ofices in more than 50 ciiies in the United States and Canada