Evening Star Newspaper, January 4, 1923, Page 29

EINANC LAND BANKS OFFER BIG BOND ISSUE Federal Institutions to * Handle Subscriptions 30 Open at Once. made today of ubscription by Announcement was the offering for public a country-wide group, composed of the twelve federal land banks, investment houses, institutions and upward of 1,000 dealers, of a new issue of $75.000,000 ten-twenty-year Federal Land Bank 4% cent bonds at a price of 101 per cent and interest to yield 4% per cent 1o the redeemable date, 1933, and %% yer cent thereafter to vedemption or Maturity The banking per houses heading the Eroup e bonds, considered ! loc an s an attractive buy, consist of Alex. Brown & Sons, Baltimore; Harris, Forbes & Co. Brown Brothers & Co., Lee, Higgin- son & Company, the National City and the Guaranty Company The bomls are ex- state, re dated January uary 1, 1943, (m'\hh‘ before Jan- but are redeemable at Par and interest at Any time after. ten years from date of issue. They are in coupon and registered form, interchan in \enominations of $10,000, , $1,000, $500, $100 and $40. 1Int ble January 1 and Ju deral land bank or federal bank. Land Banks Strong. Figures unection | with' th that in| the five tion the 1w empt from f and local taxation reserve o federal land banks p until on November 30 last capital was $3 7; reserve, 500; surplus undivided $5.135,630: and total assets, 357,096, All twelve banks are on a qividend-paying basis and every bank shows a surplus earned from operations. It is ed that the con- made for th land banks indicated by act that during the vear ended nber 30 last 4,714 farms against | the banks had made loahs to- less than $15,000.000 were sold Py mftely $40.000,000. United States government as of rv 1, 1923, owned approximately $3.000.000 of the capital stock of the federal land banks. The farm loan associ . during 16 acquired appro: o1y $8,500,000 of federal land bank stock. 25 per cent of the proceeds of which was used to retire atock ow the government, as required b m loan act. The United Sta sury has purchased and now holds more than $112,000.000 federal land bank bonds. The banks themselves are under the direction and control of the federal’ farm loan a bureau of the Treasury De- partment. heir Part of U. S. Banking System. Supreme Court of the United s held that these banks were cated as part of the bank- ing em of the United States and that the bonds issued by the banks instrumentalities of the United overnment, and from federal, state, municipal cal taxation. They are acceptable by the United ates Treasury ecurity for gov- ment _deposits, including postal vi funds. and the federal farm an get provides that the bonds shall e lawful investments for all fiduci- Jary and trust funds under the juris- diction of the United States govern- sment. They are eligible for invest- ment by savings banks in thirty-five ptat and Calls Reduced to Three. Under an amendment the national panking law, effective at once, the inimum number of calls for reports {f national two from the number required prior Yo _1923. The new that speci: ticular association may by the controller of currency when, in his judgment, the same is neces- in order to aford a full and complete knowledge of its condition. The new law was signed by the President on December 28 la Howenstein Company Elects. At the annual stockholders’ meet- Ing of the H. R. Howenstein Com- pany, Inc., held today, the following officers were re-elected to serve for the ensuing vear: H. R. Howenstein, president; R. Richardson, preside Straw, secretary; V. . _Howiso surer. The company declared a dividend 20 per cent on its capital stock, nd added $201,443.50 to its surplus, making a total capital and surplus of $593.4 law provides, however, reports from any par: be calied for Bids for Bonds Asked. Announcement was made today that he Washington suburban sanitary ommission will ask bids on a mil- fion-dollar bond Tanuary 12, the ¥unds derived from fehich will be used for water and ewerage improvements and jexten- ions in the suburbs of the District. Bank Being Organized. A new savings bank for the Ta- f:oma Park vicinity is in process of prganization, it became known from velfable sources last night. Accord- ing to this information, James L. Wil- meth, former director of the bureau ofrengraving and printing, and H. G. Kennedy, with offices in the Bond building, have the venture in charge, alded by~ interests affiliated with an uptown bank. A. B. A. Rémove Offices. Word has been recelved from New ‘York that the American Bankers' As- gociation will remove its headguarters on May 1, from 5 Nassau street to the sew Bowery Savings Bank bullding, 110 42nd street In view of the pending propesal for emoval of the association offices from Jew York to Washington, which is un- fer consideration by a special commit- ee, it is stated, a flexible contract has i ccn arranged providing for a ten-year ease subject to cancellation by the as- ociation at the expiration of the first ear, in the event removal to Washing- on should be determined upon at that ime. “Unfair Practices.” Joshua Evans, jr., vice president of he Riggs National Bank,.was among he speakers to address members of he Washington Automotive Trade ssociation at their fourth annual anquet in the City Ciub last night. When introduced by Chester H. arrington, the out-going president, \ir. Evans was told he would have ‘exactly five minutes In which to ell his story. I hardly think that fair practice,” xclaimed the popular banker on ri ng to speak. “Last summer the Di: rict of Columbia Bankers' Associa- iqn not only invited Mr. Warrington, cour president, to address its conven- jon at Hot Springs, but informed him he could have as much time as he desired. Moreover, he was per- sitted to rehearse his three-hour Lpeech before fou men, and noW for im to 1imit me to five paltry minute: eems most unfair. Therefore, per- nit me to say, in my remaining one fminute and a half, that I am happy Yo be here, and do think a great deal ¢ the automotive mén of the Dis- Frict. 71 thank you.” —_— Washington Stock Exchange SALES. pashington Rws. & Elec. 45—31,000 at $1,000 at 78% * recapeake and obot. Telephone Ge—$1,000 ,-$1,000 at 98%. B temac. Blcciric deb, 64—81,000 at 100. r‘pim Traction—5 at 108%, 10.at 108, 2 mm Trust Company—10 at 143. AFTER CALL. ._@agltal Traction 5s—$1,000 at 9% municipal | are exempt | banks for the calendar | ear 1923 will be three, a reduction of | issue to be opened | | | 1AL, NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office.’ BY WILLIAM F. HEFFERNAN. NEW YORK, January 4—Trading continued active on the curb ex- change today, but with the price movements extremely varlable. Operations for the rise in oft shares were abandoned, at least for the time being. Several of the more prominent in- dustrials were taken in hand and pushed forward, in some instances to new high records. Trading Starts in New Stock. Trading started in th® new Fldlsh- mann Company common'stock of no par value. The stock was very active and strong. The issue comprises 275,000 shares and was offered for subscription at $30 per share. Shortly after the beginning of business it was announced that the offering was over- subscribed. The stock opened at a premium of 1% points and held its gain fairly well. Motor stocks were prominent in the upward movement. Following the sharp rise of the previous day, Gard- ner Motors went still higher. Pres- ent orders from dealers for the com- ing year totalp18,000 cars. The com- pany’s plans call for a production of NEW YORK, January 4.—Follow- ing 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: no‘m‘.‘ igh. Low. Allied Packers s % Ty 3 Allled Packers 8s. Anaconda Armour & Co 7 1 2 Atl G & W 18 888 Teaverboard 8s Gas Talto Gs A Cons Textiles 8a. Copper Export 8 Copver Export 83 Deere & (o Tias. Detroit Clty Detroit Dunlon T & 7. Gair, Robt, T rand Trunk 633, e ol Ty alf Oil of Tiood Rubber 3 In erTN«cId’\ Kan City P St 0l N York Solvey et Cie 8s. Southwest Bell Swift & Co 7s '3 Bwift & Co 5s..... United 01l Prod 8. Un Ry of Hav 73s. FOREIG Argentine Berlin 45, 2 Russian Govt Russfan ( Russign Gov 6lzs cfs 12 Swiss Govt 5l 103% 20 U S of Mex 4s 403 STANDARD OIL ISSUES. 19% 10 Sales in units. 5100 Anglo-Am Oil ..... 500 Atlantic Lobos Gal Siy MPL .. Imp 0il of Can - IdPL.... 1200 Inter Pet Co Ltd . Magnolia Pe 10 Ohio O 100 Ohio Oil new Penn-Mex Fuel . South Penn OIl . 5 Southern P L... 30 St Ofl 5500 St 0il 30 8 0 Ohio. 000 Vacuum Oil new... 487 45% Sales INDEPENDENT OIL STOCKS, 3 Carib Syna 1 Cit Serv pfd 1 Cit Sery “B' k 3 Columbia Syndicate 18 Creole Syndicate . 10 Cushing Pet . 20 Engineers’ Pei 320 Federal Oft 34 Fensland 011 10 Gilliland OII 14 Glen Rock O1i . 5 Granada Ol amewt2E Ry *F ‘Washington Gas Light—3 at 50, 2 at 5 Money—Call loans, b and 6 per cent. BONDS Bid and Asked Prices. PUBLIC BTILITY. ¢ Bid. Asked. Anscostia and Potomac 5s Anacostia & Potomac guar. 53 C. & P. Teleplone 5. C. & P. Telephone of Va. 3s. Capital Traction R. R. 5s. City and Suburban’ 5. Georgetown Gas 1st Metropolitan -R. R. Potomac Elec. ist 2 Potomac Electric cons, 55 Potomac Elec. Pow. g. m. 68. Pot. Elec. Pow. & m. & ref. 5. Alex. & Mt. Vernon bs. : By, Eiee. g . 6. MISCELLASEOUS. D. C. Paper Mfg. 6s. Riggs Realty Gs (long! Riggs Realty s (short). Wash. Market Cold Storage o Wardman Park Hotel 6s...... STOCKS PUBLIO UTILITY. American_Tel. & Telga. 1283 Capital Traction. :uzh Washington G Norfolk & Wash. Steamboa Wash. Rwy. & Elec. com. Wash. Rwy. & Elec. pfd. @erminal Taxi pfd. NATIONAL BANK. Capital Columbla . Commereial District Farmers ‘and* Federal-Ameri Liberty Lincola National Riggs Second ‘Washington TRUST COMPANY. American Security and Trust Merchants tional Savings and Truw Trut Seventh _Street. United States Savin ‘Washington Mechanics. FIRE INSURANCE. Ames Corcoran . Firemen's *.. National Uaian TITLE INSURANCE. lumbla_Title. al Estate T 11 b Gt SCELLANEOUS. 2 lumbla Graphophone com. Columbia Graplioghone prd... Sierchants’ Transfer and Storagé uo jergenthaler Linotype. Did “Dutch Market com 0Old Dutch Market pfd. Lanston Sonotype. Becurity Storage W e | nix Hoslery, 1,000 cars for the month of January |per 100 gross and 1,600 cars for each succeeding month. It is officially estimated that Gardner Motors should show net profits for the year of between $4 and §5 a share on the outstanding stock. Durant common was active and ran up sharply for a gain of 2 point in the afternoon, while Durant of In- diana advanced fractionally. After opening at 86, Cleveland Motors pre- ferred reached 90, while the common lost a point, Fitth Avenue Bus Quiet. Fifth Avenue Bus failed o respond to the report that the company had declared a dividend of 16 cents a share, payable February 15 to stock- holders of record February 1, condi- tional upon recelpt of the recent divi- ! derid of 50 cents a share, declared by the New York Transportation Com-{ pany. Speculative operations in New Fic- tion Publishing brought about an ad- vance of well over a point, and Phoe- active In_the stock, ran up over 3 points. Dubllier Radio was weak, getting down over 'a point from its high of the previous day. _ Maracaibo was strong, desnite the news that the company it planning some new financing. 23 Guif Oil of P 70 Hudson Ofl . 20 Keystone Rai 8 Kirby Pet . 7 Latin Amer OF ... . 18 Livingston Pet .... . 13 Lowryon L. yons Pet . i 3 95 M 7 Mount Prod 154 Mutual Ot~ 40 Noble 01l & G 4'.0“1!( Ol & G B et Brvek e 3 Sapulpa, Refia South States Ol Texas Ranger. Texon Oil & Land.. Turmaa Oil.... 1y Wilcox Oil & Gas.. 6% NDUSTRIALS. Acme Acme Amal Leather. Arnold Cons Co w Armour of Del Borden & Co. Buddy Buds Centurs Chicago N Cleveiund Motor Cleveland Mot ptd. Co¥ Cash Stores Cuban Dom Sugar. . D. L & W Coal.... bilier C & Radio nt Motor ..... nt Mot of ‘Ind. ec Rond & Sh ptd Federal Telegraph. Fleischmann 5 Film Inspec M 5288258585 5 Hud & Mann RR D Hudson Co_pfd. Indus Fiber Am. . Inter Cont Rubber. Lupton F M. Marlin Arms Mercer Motor Mercer Mot vot Mesabi Iron .. Nat Supply of ml Nat Leather . N Tele b prac” N Y Transportation. North Amer P & P. Oselda” Corpn Peerless Motor Phoenix Hoslery Prima Radio Co. Radio Corp . Radio Corp pfd. ! Repetti Candy .... Reo_Motor .. 80oC&I... Youngst St & T ptd MINING Alaska Brit Colo. Ariz Globe Cop . Am Commander Belcher Big Ledge Bison” Goid Boston & Mont Caledonia Min ... . Calumet & Jerome. Catada Cop . Canario Coj Candelaria 2 Chief Cons Min Columbia Eme Cons Cop Mi tem cf Cork Prov Mines.... .1 Cortez Silver . Cresson Gold Dean Cons . Timken Axle new. 12 Tobaceo“Prod Exp 10 Triangle Film 14 Unit Retail C: 41U 8 Lt & He |8 Un Ret Cand fds sh Univ Leaf Tob Inc. 1 "3 Wavne Conl., 4 Willys Corp ist pid 8 Wil Cp 1st pf ct dp 100 Eureka Croesus 50 Forty-nine Mine 270 Fortuna Mines 110 Goldfield Develop’ .. 200 Goldfleld Deep Mino - 150 Goldfield Florence 10 Harmil Div . 10 Henrletta Silve, 37 HYI Top Nevada 3 Holltoger 1 Hecla Mine) . 110 Independence’ Tead. 140_Iron Blossom . 8%erome Devel . 40 Jumbo Extens 10 Knox Divide 110 Lone Star 2 Mason Val . 20 Marsh Mines 10 BcNamara :.-'ss's,,‘_ E3 = e 1 Nipissing 40 Ohio Cop 18 Ray Hercules inc. 80 Rex Cons .. 2 10 Richmond Cop 50 811 Mines Ame: 10 8imon_Silver 60 Spearhead Gol 10 Btewart Mines 10 Success Mine 5 Teck Hug) 145 Tonopah Divide ... 16 Tonopah Extens ... . -8 Tuolumne = 104 United Eas 2 United Verde 10 U 8 Continental. 44 West End Consol. . 30 White Caps 10 Webtbert . 2 White K 0/ptd. 3 Yukon Gold . # R2REHR . RaRba2lE i H A ATLANTA, January 4—Shoe sales have been especially well maintained in this territory since Christmas and new stocks are being ordered. CITIES SERVICE SECURITIES Bought, Sold, Quoted THOS. W. BRAHANY & CO. Investment Securities 510-11 Evans Building ‘Washington, D. C. Main 6189 Let us manage your” Rental Prop- erty. Over a Quar- ter of a- Century Experience: B. F. SAUL CO. 1412 Eye St. NW. - Main 2100 - under buying from the | | same sources that have rceently been R 2 MEXICO CUTS EXPORT DUTY. The export duty on scrap iron or steel from Mexico has been reduced by the Mexican government, the De- partment of Commerce was advised today, from 5-; 1‘? pesos to 2-10 pesos o8. EQUITABLE Co-Operative Building A’mlltlofl Organized 1579 434 YEAR COMPLETED $4,408,629.00 -8$1,144,464.69 Systematic Saving Your chance to succeed is here. 1f you will but take ad- vantage of oyr plan to save a little each pay day, you will find that it is easy to save. ! Subscriptions for the 84th Lssue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 FSt. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. First Mofigage Notes Invést your savings in our first mortgage notes, bearing 6% interest and secured on approved northwest property. First trust notes careiull\y secured on Washington Real Estate are the safest invest- ments you can make. ‘We have on hand notes in denominations of $250, $500, . $1,000 and $2,000. MOORE & HILL o) 1420 H 5t. N.W. Over 22 Years Without Loss to an Investor s N N N N N N N N N LI IR Money to Loan Secured by first deed of trust on real estats Prevailing luterest aad_commission., Joseph I. Weller 20 Wash, L & Trust | bidg.. Oth & EIW + You can see how possible 14% return is on thi investment 'hese Gold Debenture Bonds we are offering bear 6% in- terest payable quarterly. Be hind them is good security. and with them go_certific entitling participation in the profits of the company up to 8%, which you see brings the possible earning up to 14%: Yon can’t A3 a better in- vestment for your money. $100, $300 and $1,000 are the denominations of the bonds. The details are interesting as set forth in our circular— yours upon reque: Commercial Loan and Fmance Corporation Bond Department; Room 300 M. 5672 921 lsth Street N.W. D. C., THURSDAY, JANUARY 4, 1923 w I WILL SELL 100 Rosslyn Steel & Cement . (Bid Wanted) 400 Trent Amalgam €o. - -(Bid Wanted) 100 Miller Train Control Thomas L. Hume, Broker 1412- G St. Main 1346 LOANS | | If you have money to | invest, we :-n safely i} place it on ge first | R insures ! ’.ll’- I ous treatment. Percy H. Russell Co. s.w. Cor, 15th & “K” St Ready For Free Distribution HANDY-DIGEST FeperaL Income Tax THE 1923 or tenth annual edition of our income tax manual for individuals ~ is now ready for distribution, free upon request. Our aim in compiling this booklet has been to present, in the simplest possible language, the essential features of the tax. Ask for Booklet W-S. ALex. BROWN & Sons The Oldest Banking House in the United States BALTIMORE, MARYLAND NVEST This Booklet Will Help You Place Your Money Safely. D& Vs Oam ! An Income? l Call, Phone or Write for It WlLLlAM S. PHILLIPS | First Mortgage Investments. 1409 New York Ave. Main 4600 YOUR SAVINGS HETHER you have - $100, $500, $1,000 or more to invest, investi- gate oug First Mortgage Loans on Wash- ington " Homes before placing your fpnds. NEVER A LOSS Our consérvative businéss methods have so perfectly protected and safe- guarded the funds of our investors that not a single client has ever lost a dollar of principal or interest on any invest- ment purchased through us.. Send for Selected List We will be pleased to send yéu full information concerning our first mort- gages and our methods of handling them, 61/2% and 7% Interest Convenient Denominations We Recori;mend For Investment Yielding about ‘American Smelting-and Refining Company First Mortgage 5% Bonds (A) due April 1, 1947 The Briar Hill Steel Company First Mortgage 5%% Bands due Oct. 1, 1942 The B. F. Goodrich Company First Mortgage 674 % Bonds due July 1, 1947 Gulf Oil Corporation of Pennsylvania 15-Year 5% Debenture Gold Bonds due Dec. 1, 1937, *City of Cleveland, Ohio School District 474 % Bonds due Sept. 1, 1925-1938 *State of Oregon 4/;% Bonds due April and October 1, 1933 1939 *Government of Philippine Islands 4}4% Bonds due July 15, 1952 5.56% 5.80%" 6.37% *City of Richmond, Va. 414% Bonds due January 1, 1957 *State of South Dakota 4%% Bonds due November 15, 1942 *City of Superior, Wis. 4%4% Bonds Wiue September 1, 1933-1942 *Interest-Exempt From All Federal Income Taxés ‘We offer these bonds subject to priot sale and change in price. Detailed information will be furnished on request. Guaranty Company of New York 811 Fifteenth Street N. W. Washmgton, D. C Main Office: Glunntyn'l‘r-t Company - 140, Broadway, New York Telephone: Main 5815 TS = FINANCIAL. Waa’ungtan s O’Jn'e National Bcn‘ ‘ Do Your 1923 Plan —call for an_expansion of banking facilities or “entirely new connec- tions? The advantages of affiliation with the OLDEST National Bank in the District of Columbia. are worthy of attention. { Our officers will be glad to know you and your business problems. 3%, Paid on Savings Accounts Consult us about travelers' checks and letters of credit when arranging winter tours Capuul Surplus & Undivided Profits Over $1,700,000.00 15th St., Opposite U.' S. Treasury—109 Years Old Gtablished 1559 sk Wmlgage iocww .Sn-(BnVannt‘ Denominalions “For Jnvestors FH. I Rust N2 Fcenth Streel Mein 6358 MONEY TO LOAN —in any Amounts on First Mortgages. Lowest Rates of Interest and Commission Prompt Transactions Thomas J. Fisher -& Co., Inc. 738 15th St. N.W 62% for Your January Funds First Mortgage Investments, secured by improved, income-producing real estate in Washington, the Nation’s Capital — Backed by our record of half a century, 1873 to 1923 —without loss to any investor— Refunds for Federal, District of Columbia or any State Tax bring the yield to pracncally 7%. Call, phone or write for detailed information The F H.SMITH.CO.. %undedl&?a 1414-1416 EYE STREET, N. W, FIRST MORTGAGE INVESTMENTS ANY financiers have repeatedly stat- ed that if they were limited to a single choice of investments that choice would be First Mortgage Notes. This is a finaneial truth that will bear engraving deep in the minds of all—the _son at college, the daughter going to the altar, and the wife when you are choos- ing a sound investment for the family nest-egg. The First Mortgage Noigs we offer are safeguarded by the judgment and " integrity of a company of over 53 years’ experience in the investment field. 53Y Without Loss to an Investor. ' 727 154 Street NW.