Evening Star Newspaper, January 13, 1923, Page 19

<hous > FINANCIAL, ELEPHONE PLANS SHOW EXPANSION Chesapeake & Potomac-Will Spend Nearly $2,000,000 During Present Year. Shortage of telephone facilities in tain places throughout the United State: because of the “continuing and iner tng applications for excha is explained by President H of the American Teiephone , in which has the District of kholders with the January dividend checks. servic B. Thayer | nd Tele- n a4 motice 000 ation to cost,” atement, “than no better demonst Jthat the value of telephone the public greatly gars Mr. Thayer in the the continuing ana ing applic tions for exc © service nd the con- stantly incre; - of toll and long wice lines. Year of Expansion. After u year of extarordinary plant usion undertaken with the cxpecta- jon that by the end of the vear we should have ample facilities and in epite { of the fact that more telephones have been added than we expected, we & confronted with only Iy dim ighed short of facilities 4 period short: housing facilities the on is often in unexpected ¥ houses are turned into houses and large suburban ts more or le mote from city become quickly covered with sery eds its itral offices and the under- sround duits to f nish . service in such districts must be of a perma- nent character to guarantee continu- ous service and require a longer period of con on than the serve. In such districts, on account of such districts, e i3 still a shortage of facilities, although « less shortage than at the end of 19 “In othe: ity of and financial results, during the past year I fying. I d uding qual- operations the progress ias been grati- in detail, a sub dividend requiremen Big Expenditures Here. When seen today, Divi harles T. Clagett, of the Ch and Potomac Telephone Comp: #aid that during the past three S h mpany had spent $5.000,000 in strict of Columbia to improve tend its plant and equipment enditure had served to meet and e th b During by the compar plant. Of nt in riber. and tes will go phone undergi cable and « Of the $33 in improv paratus ins ‘Mices of the 957,000 wi here in ad this amount $4 providing add switchboard s 5 nt, and $1.519,000 in tel i serial ar nteroffice for toll use. 000 which will be spent and increasing the ap- central 000 is allotted to 35.400 to the 9,500 to the 3 0 to North 000 1o the new Po- 1n each case the ex- add more lines to the witchboards so service may shed wherever desired outside cable work for relief of con- lumbia-Adams cen- . $30.000 for plant new building and cable for new apart- $58.000 for conduit and underground cable in the North ex- 33,000 for underground cable in the Lincoln district, $29,000 nd exchan exchan existing e The calls for $5 mestion in the ¢ tral ofiice d THE “EVENING STAR,: WASHINGTON;* T:* NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. BY WILLIAM F. HEFFERNAN, NEW YORK, January 13.—The curb market closed the week with active buying still in progress in oils and industrials. Profit taking, however, by those who had purchased early in the week resulted in slight declines in the greater number of recent specula- tive leaders. Stutz Motors was an exception among the industrials, and was again @ feature, reaching higher levels. The advance in Stutz was based on rumors that the same interests which have been connected with Studebaker for some time past are now interested in Stutz Motors. Durant Drops on H izing, Durant of Delaware reacted from its nigh of Friday to below 80, but closed with 4 gain of over 4 points on the week. The Indiana stock had an ad- vance of almost 3 points in the same period lizing sales, although not heavy. were responsible for a drop of over a point in Hayes Wheel. but the advance for the week amounted to about 3 points. NEW YORK, January 13.—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: BONDS. High Sales in thousa Low. &3i4 Beth Steel Tn '33... B Copper 5 Detroit Cit % | ures just made public. Nat Acme Tlas . Ohto Power 58 B.... Penn Power & Lt b8 Pub Sers of N J 78. Shawsheen 76....... T YT EH - FOREIGN BOND! ke 100% 99 105 3T TANDARD OIL ISSUES. 19 units 6% 40 180 19 93 Magoolia Pet at Transit . Ohlo Ol ......... Prairie Oil & Gas.. 5 Prajrie P L .. S 0 Ind ex di EPENDENT OIL STOCKS. L0603 .0 150 Hudson Oil. 10 Keystone R for the Columbia area, $25,000 for Cleveland and $14,000 for reliet in the Main section. Bank Elects Officers. At the shareholders' meeting of the American Commercial and National Bank held Thursday the old board of directors were re-elected to serve for the ensulng vear. They are: Edward Volght, ir.; Richard B. Owen, Ulyssess ¢i. Cunningham, Claude G. Otwell, Robert C. Shaw, W. J. Armstrong, William H. Bénjamin, Dr. Grant S Barnhart. Thomas A ' Cantwell, Charles H. Clarke, sr.: H. L. Cranford, Michael M. Doyle, John W. Farran, A. B. Clarke, James B. Flynn, Bernard ¥. Garvey, George E. Hebberd, Robert Marshall, H. D. Ormsby and Frank T. Parsons. The board organized immedlately and re-elected its old officers. They ave: Edward Voight, jr. presldent: Richard B. Owen, 'vice' president: Ulyssess G. Cunningham, vice presi- dent; John W. Farran, vice president; Claude G. Otwell, vice president: Rob- ert C. Shaw, cashier; Michael M. Doyle, general counsel, and Harmon : assistant cashier. A. C. Waller on Tour. A. C. Waller, vice president of the International Bank, has left Wash- ington to attend a number of annual meotings of banks in the middle west which the International Bank is in- terested in. He will return to the city the latter part of January. —_— Washington Stock Exchange SALES, Capital Traction—3 at 104, at 104, 5 at pfapital Traction—5 at 104 at 104, 3 ut Washington Rws. & Elee. com.—10 at 681, 10 at 6845, AFTER Real Estate Ti Potomac Electric 1st 55—8$1,000 ai BONDS Bid and Asked Prices. PUBLIC UTILITY. Bld. American Tel. & Telga. 4 Anacostia and Potomac guar. Chesapeake & Potomac Tel. 5y €. & P. Telephone of Capital Traction R. R, City and Suburban 5 Tot. Elec. Pow Wash., Alex. Wash., Alex & Mt. & Mt Ve D. C. Paper Mfg. Bs. Tiggs Reaity bs (long). Jtiges Reaity 58 (short) < Egcurity Btorage & Sate Diep. G Vash. Mkt. Cold Storage Os. Wardman Fark Hotel 6 STOCKS PUBLIC UTILITY. American Tel, & Telga. Capital Traction. Steamboat. Elec. Federal-American Jdveny Anegin Fatianal Metropoliia Rigss 5 i . 150 . + 195 TRUST COMPANY. 4 Kirby Pet 5 Latin Ami 13 Liviogston Pe 1 Lowry Ol 63 Marlai 20 Marac Merritt Ol 144 < Mount Gulf Mutual 0il s New Eng Fuel Oil.. Penn Beaver Omar 0il & Gas 3 Pennock Oil Ryan Con Simms - Pet outhern P & R S Texon Ol & Land .63 Turman Oil Wilcox 01l & Y ou . Acme Coal Amal Leather .... Amal Leather pfd. Brit-Am To 8o Reg Bklyn City R B.. uddy Buds x % 3 Dubilier € & Radio Durant Mot ...... Durant Mot of Tnd Fleischmann & Co. Film Inspectn Mach Gardner _ Mot. Glllette 8 R.. Glen Alden "Conl. Goodyear Tire ptd. Hayes Wheel Hayden Chem ..... 6 Hud & Man R R.. Lehigh Power Lucey Mfg - Marlin *Firea Mercer Motos Mercer Mot vot cfs, Mesabl Tron ... Nat Sup Co. Del New Fic Pub Co Oseldn Peerless Motor. Philip Morris Prima_Radio Pyrene Mfg Radio Corp . Radio Corp pfd. Repetts Candy Schulte Stores S0 0 &1 Btuts Motor. 3 Technical Prod . Uni Pft Shar ne U S Lt & Heat U S Lt & H pf Winthers Motor MINING. 210 Boston & Mont Inc. .. Alvarado Min . FEFE ernanlifuues FEEEE '3 2 Dolores Esper . 15 Dryden Gold .70 Bureka Croesus 312 Fortuna Mines . 80 Goldfield Cons 70 Goldfleld Deep M. 231 Goldfield Florence.. 23 Hill Top Nevads. 2 Hollinger .. 5 Hecla Mine Commerce and Savings. East Washingt: Seventh St United States Savings. ‘Washington Mechanics. PIRE INSURANOCE. American ... Corcoran Firemen's .. Natlous! Unlon. TITLE INSURANCE. Columbia_ Title. Real Estate Title. MISCELLANEOUS. Golumbis Graphoplione com. 2 Columbia Graphophone pfd. 10 Merchants' Transfer & Storage. 100 Mergenthaler Linotype. 0ld Dutch Market 014 Duteh Market pfd. Lanston Monotype. Security Storage . Washington Market. Ofls shares remained firm through today's short session. The improve- ment in the ofl situation recently re- sulted in several noteworthy ad- vances, taking the week as a whole. Federal Oil among the low-priced shares got close to the dollar marlk, while Gulf Oil of Pennsylvania and Ryan Consolidated were others to work higher. PennBeaver Oll, a newcomer this week, was in demand at its best prices. Mining Shares Close Firm. Intercontinental Rubber continued to reflect recent advances in the price of crude rubber. The activity in Goodyear common subsided, at least for the time being. Announcement that allotments on the new Fleischmann stock will be made on Monday brought about further short covering by those who had sold earlier on the belief that they would get their full sub- scriptions and the stock again reach- ed 3315, Mining shares closed the week firm with notable advances in such stocks as Fortuna Mining and one or two others of the low-priced members. 190 Independence Lead. 9 Jerome ational New Dom Cop. ew Jersey Zinc. Ray Herciles Inc.. 1% Rted Hill Florence.. .03 8il Mines of Amer.. .1 Simon_Silver. . 150 Btewart Mies..... . 28 Tonopah Divide 5 Tonopah Exten 2 Tuolumne . COMMODITY NEWS WIRED STAR FROM El KANSAS CITY, January Y3.—Kan- sas City stockyards did approximately $30,000,000 more business in 1922 than the previous year, according to fig- Sales totaled $190,809,000 in 1921 and $224,169,080 The value of Kansas City | packing house products last year was $224,503,000. AKRON, Ohio, January 13—De- mands for price increases aggregat- ing 15 per cent made by workers at the Goodyear company's plant have been refused by the company on the ground that wages already have been advanced 7% per cent since last June. BOSTON, January 13.—Although the leather market is dull at present, tanners are looking forward to ma- terlally improved demand shortly, as shoe manufacturers are speeding up in preparation for spring deliveries. DETROIT, January 13.-—A large dealer In machinery and factory sup- plies said today that the outlook for business this year was only fair, as many automobile factories had equip- ped " themselves 8o .far in advance that they are out of the market A large business is being done with the ratlroads, however. $26,000,000 IS SPENT ON ENGINES BY PENNSY PHILADELPHIA, January 13.—By authorizing the purchase of 300 new locomotives to cost about $18,000,000 the directors of the Pennsylvania Railroad Company gave material evi- dence of their belief in a continued heavy traflic moveme: Of the 300 engines authorized, 175 are of the heavy freight type, and supplement the 100 similar type engines ordered by the Pennsylvania from Baldwin last summer, and of which sixty-one have been delivered to date. The re- mainder of the original order will be delivered in the next few weeks, and it is planned to have many of the 300 new engines delivered and ready for | use by spring and all by next fall. Including the 300 locomotives au- thorized on Wednesday, the Pennsyl- vania will have placed orders for a total of 418 Shgines since January 1, 22, at a total approximate o $26,600,000. o e —_— Originally a native of North Amer- ica, and a member of the pheasant family, the turkey was 80 called from the mistaken Idea that this bird came from the country of that name. “When Seeking” Investments Consider MARKETS PASS RUHR INVASION WITHOUT SERIOUS RESULTS ing More Equipment—Cotton Prices Highest of Seas BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, January 13.—The mar- kets have passed unscathed through the critical test of the French inva- sion of the Ruhr. The upward move- ment on the stock exchange tem- porarily checked at the start of the week, was later resumed with more confidence than ever. Bond prices, where they moved at all, went higher. The London stock market was quite as serene as our own, and sterling ex- change returned almost to its high of December, which also was the highest since the winter of 1919, soon after the British Treasury had withdrawn the artificial support maintained dur- ing the war. Cotton, which would naturally be the most sensitive to anything threatening shrinkage in the European demand, not only did not go down, but continued its up- ward swing and reached the highest prices of the season. U. 8. and Britain Stgong. For all this there are two possible explanations. The first is that the United States and Great Britain feel that their financial position is strong enough to stand up against any eventuality on the continent of Eu- rope. The other is that new condi- tions created by the French policy of attempting forcibly to collect the Germany indemnity, are not as seri- ous as at first it was feared they would be. Undoubtedly there is a great deal of truth in both these assumptions, and they count equally in plaining the calmness of the markets. The fact that French exchange at the close of the week was able to recover half what it had lost during the first downward plunge, following the break-off of the Paris conference, was most significant. It certainly did not on—The Trcnd. output will be followed, as is the ten- dency in periods of recuperation, by an advance in prices. Already this has occurred in numerous directions— for example, in cotton and woolen £00ds, in lead and zinc and in rubber. Signs of rising prices within the last Week or so have begun to appear, too, ip steel und in copper. Granted a more profitable price level on top of the present large business volume, the year's results in the matter of cor- porate earnings should be very satls- factory. _Rallroads Must Buy Equipnient. It is this view which has been back of the stock market in the rise from the low points at the close of Novem- ber. . The stock movement during this ' interval has been antici- pating a year of reasonably good times in 1923. It has been calculating ‘upon increased earnings and increased dividends, that is for the shares of many industrial and public utility jcompanies. The position of the rail- roads is different, because, while car loadings continué unusually heavy, assuring large gross receipts, uncom- monly large sums must be spent for maintenance of way and for the pur- chase of new equipment. Moreover, jthere Is the constant shadow of legls- lative interference, of more regulation and of forced reduction of freight rates without compensation in the shape of lower wage scales, With the apparently [ndefinite post- ponement of a reparation settlement {the German mark has sunk to a new low, For two months or more despite the huge inflation of the paper cur- rency, the mark had stood up, buoyed by the hope that the allies would get together and reduce indemnity claims within the bounds of Germany's abil ity to pay. Now that this hope has boen upset, the mark has taken the natural course ft was bound to take ————course 1t was bound to take fit in with some of the predictions of | a week and two weeks ago, the Eist of which was that the franc was destined to go the way of the mark. | “BeforeYon Iuvest. INVESTIGATE" Business Conditions Favorable. In no week so far has there been so | First—Safety. Second—Your return. rate of IF —this advice were consistently adhered to and investors con- fined themselves to such staple securities AS First Mortgage Notes —there would be no cause for such fabulous losses as are reported yearly. We recommend only to our clients such securities as have stood the test of years, with not the loss of a single penny. We have on hand only a limited amount of 647 and 77 notes of $250- up to §1,000. Chas. D. Sager 923 Fifteenth Street N.W. Main 38 Loan Department Annual Report of the . Union Trust Company of the District of Columbia, to the Comptroller of the Currency, as re- quired by section 16, act of Congress, approved October 1, 1890, for the year ended December 81, 1922, Capital stock authorized and fully paid veoeens OB Gross earnings collected for year ended December 81, 1922... Total expenses for year ended De- cember 31, 1922 Total amount of interest paid to depositors for vear ended De- cember 31, 1022 Dividends paid Total amount of Due depositors Dividends unpa! Reserve for taxi and Interest Surplus _and vided profits after deduction of above ftems .. . 760.076.21 EDWARD J. STELLWAGEN, President. Emmons 8. Bmith, Charles F. Wilson, 3. E. Haoma, J. H. Cranford, ¥rank O. Heary, A 8. Kenny, W. 8. Harban, John . Hoyt, Lutber F. Speer, G. Thomas Dunlop, Thomas P. Morgan, James B. Lambie, D. 8. Porter, 1000,000.00, 543,810.11 216,430.85 107,205.58 160,000.00 ,811,346.46 13,544.00 47,613.02 \ Daniel W. 0'Donoghue, Diredinss ‘We, Edward J. Stellwagen, president; Irving Zirpel, secretary; Edson B. Olds, treasurer. Harbav, James B. Lambie, Charles . Wilson and George B. Fleming, directors of the Union Trust Company of the District of Columbis, do hereby solemnly swear that the above statement is true to the best of our knowledge and belief, EDWARD J. STELLWAGEN, President. EDSON B. OLDS, Treasurer. IRVING ZIRPEL, Secretary. . 8. HARBAN. CHARLES F. WILSON, JAMES B. LAMBIE. GEORGE E. FLEMIN istrict of Columbls, ss: Deme i and siiecrited befors me this | 12th' day of Jsnuary, A. D. 1 X 8 Wi much testimony of a favorable nature | regarding the business situation at home. It was already known that pig iron production in December was the largest of any month since the autumn of 1920—that is, before the period_of depression had really be- gun. The statistics for the coal trade show that the December output of bituminous averaged more than ten million tons per week, as agalnst eight million in the coresponding month a year ago, while the consump- tion of raw silk was half again as large as.in December, 1921, These three lines are fairly typical of the state of industry as a whole. Pro- duction has made a full recovery. The ratio of employed to unem- ployed plant capacity is quite as high as it was in the ordinary vears before the war. The important question now is whether the sustained increase of the last few months In the industrial The secret of the rapid i} growth of the | District Guaranty Corporation —is the enthusiastic co-op- eration of its entire list of stockholders. Does that mean anything to you? B.Westlake FISCAL AGENT i m-w-n.-“. .T;I'.nf.i-m L Investing With Absolute Confidence In practically every opportunity that presents itself to invest money there is more or less of the— speculative clement—with the notable exception of First Trusts in properly i is no risk in these—if the property is sound. We offer you funds—the mone; receiving from Victory Stamps. will back these Trusts. National Capital. uch in mproved property. There judgment in selecting the ' vestment for your surplus from dividends, the cash you're Bonds and War Savings We can confidently O. K. property that It has no superior in the Security and a good return—that’s the attraction. Consult with us about the details. Boss & Phelps 1406 H Street “The Home of Homes” Phone Main 4340 GILTEDGE SECURITIES First Mortgage Notes App Secured on Improved D. C. Real Estate raised by Experts of 35 Years’ Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. , WILL PURCHASE First and Second Trust Notes Warel ouse Receipts, and Make Construction Loans ational Mortgage & Investment Corporatio 811 Vermont Avenue N.W. Pride of Ownership see for yourself. Let us assist you ings. OO A S e P P YWy Our First Mortgage Notes constitute intelligent investment. They are secured on new, high-class property, and have as security ‘a tangible asset which you can OU will feel more pride and inde- pendence of spirit if you save and intelligently invest your earnings. WS RO SRS s toward that pride of ownership by our pride of service, built upon knowledge and experierice acquired through over 53 years of investment deal- 53 Years Without Loss to an Investor. 727 15% Street NW. - = .- SATURDAY, JANUARY 13, 1993. following the constant dilution of the paper circulation. The seizure of the Ruhr having had no political consequence of a serlous nature does not seem likely to have any important economic consequences. It will not affect more than tem- porarily German productive capacity and consequently it wiil not affect German ability to buy. Turn in French Trade. The recent decline in the franc is of ‘course more assoclated with the course of political events, yet eco- nomic reasons have also played 2 part. One of the principal causes for the recovery in French exchange in the early months of last year was that France had been able to almost strike a balance between her impofts and exports. The latest figures show how this part of the situation has changed for the worse. In November imports ran ahead of exports by 642,- 000,000 francs, whereas even as late as_October the import excess was only 171,000,000 francs. (Copyright, 1023) ANNUAL REPORT OF The Washington Loan and Trust Company Of the District of Columbia To the Comptroller of the Curreacy, quired by section 16, act of Congre - roved October 1, 1809, for the year ended Pecember 81, 1922. thorized ally pu year ended Total expen ended De- cember 81, 1022, including in- tevest pald depositors .. 510,000.14 Total amount of debts, being amount dpe depositors. ... ..$11,800,050.23 JOHN B. LARNER, President. DONALD WOODWARD, ARTHUR PETER, 3. LEO KOLB. FLOYD E. DAVIS, THEODORE W. NOYES, ALBERT F. ¥ = JOHN_A. JOHNSTON, WM, 5. WASHBURN, $1,000,000.00 1,000,000.00 §70,605.59 Capital stock Capital stock a Gross earnings cember 31, HARRY J. ME ANDREW PARKE THOMAS BRADLE FRANK P, REESIDE, Directors. We. JOHN B. LARNER, president: THOMA! BRADLEY, secretary, aud ALBERT ¥. FOX. JOHN A. JOHNSTON, JOHN H. CLAPP und BENJ. W. GUY, directors of The Washington Loan and Trust Company, do hereby solemnly swear that the above statement is true (o the of our knowledge and belief. JOHN B. LARNER, President. THOMAS BRADLEY, Secretary. ALBERT F. FOX. JOHN A. JOHNSTON, JOHN H. CLAPP, BENJ. W. GUY, District of Columbia, Sworn to and subsc day of Japuary, 1923. (Seal) HERBERT A. POOLE, Notary Public, D. O. Total number of directors of this compas twenty-five. T, First Mortgage Notes Invest your savings in our first mortgage notes, bearing 6%% interest and secured on approved northwest property. Directors. before me this 10th First trust notes carefully 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 & axc) - 1420 H St. N.W. Over 22 Years Without Loss to an Investor R O, EQUITABLE Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Ansets $4,657,959.50 Surplus $1,180,880.31 Systematic Saving A plan to make savi — Sl\‘cpl little el!:h Dflyn%aayaslynd you will be surprised at the amount accumulated in a short time. Subscriptions for the 84th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Seey. FINANCIAL. MORTGAGE MONEY, LOANS on hand to loan on "“W:f;rl.rd B4 THOS. E. JARRELL Wiirfe s From $100 to $300 on D. C. real estate and household goods or chat- l tels. 7 per ceat iuterest. No bro- Money to Loan Becured by frst deed of trust on real estats Prevailing interest and_commission. Joseph I. Weller 2 Wesh. 1 & Trust a kerage charged. srcial Loan & Fizencs Oorporation Room 211 921 18th Bt. N.W. Main 5672 ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randell T Hognor & Co 1207 Grnecticat (Denues HETHER you have $100, $500, $1,000 or more to invest. investi- gate our First Mortgage Loans on Wash. ington Homes before placing your funds. NEVER A LOSS Our conservative business methods have so perfectly protected and safe- guarded the funds of our investors that not a single client has ever lost a dollar L P P L L L L PP 7 of principal or interest on any invest- ment purchased through us. Send for Selected List We will be pleased to send you full information concerning our first mort- gages and our methods of handling them. 6'4% and 7% Interest Convenient Denominations Call, Phone or Write for It WILLIAM S. PHILLIPS First Mortgage Investments " 1409 New York Ave. Main 4600 Yield, and—Yield RRESPECTIVE of rate, First Mart- gages have been the choice of careful investprs though other securities paid more. Over a Quarter of a Century Without a Loss Now, some securities promise high yield, but the mortgage remains the standard of conservative buyers who prefer a fixed, steady income, without risk of the prin- cipal. The “yield” B. F. SAUL CO. Main 2100. 1412 Eye St. NW. is assu A Man’s :M[xomey HE Savings Account should be an essential part of y your business. . You cannot afford the risk of being without a reserve fund for the day of need which may come unexpectedly. Take care of the future with a Savings Account. COMMERCIAL 7th and Mass. Ave. ) Banking Service SAVINGS 15th and Penna. Ave. Capital ang Surplus, $5,400,000.00. HOME SAVINGS BRANCHES Sth and H Sts. N.IZ 130 7th St. S.1V.