Evening Star Newspaper, January 16, 1923, Page 25

\ FINANCIAL. NEW YORK CURB MARKET OTHER D. C. BANKS ELECT OFFICIALS New Directors Added to Some Rosters—Status of Treasury’s New Notes. Without any change, the entire 1922 yoster of officers and directors of the American Security and Trust Com- pany was re-elected at the annual shareholders’ meeting of the organ- v ization tods Those directors who will serve the company for the ensuing year are Clarence A. Aspinwall, Charles J. Beil, John C. Boyd, George W. Brown, Albert Carry, William M. Coates, William §. Corby, William W. Ev- rett, Willlam J. Flather, jr; M. G. Gibbs, Cary T. sirayson, James M. Green, Gilbert H. Grosvenor, J. P. Herrmann, Joseph Leiter, G. Percy McGlue, Bdward B. McLean, Howard Moran, ' Clarence F. Norment, New told Noyes, Ho Reeside, B. F ul, Willlam E. Shannon, James F. Shea, Charles A. Spalding, Corcoran Thom, John F. Wilkins and Clarence R, Wilson. The board organized immediately and vamed the old faff of officers and the sdvisory boards of home savings branch- es. The former include Charles J. Bell, president ; Corcoran Thom, Howard 8. Reeside, B. aul and Howard Moran, vice presidents; Charles E. Howe, treasurer ; . Hood. sec- vetary; | Alfred trust officer; William L. John G, West, Houston, Kenneth I, Holland, J: Nichols, as William Keck and John L. Fugitt, assistant s treasurers (main office) : Hans W. % land and Edward Swun, ass treasurers (southwest branch) E. Harris and Pere; i tresurers (souty branch) ; Harry 1. White and Jumes C. Dulin, jr., as- istant treasurers (northeast branch), o 20d John nton, assistant auditor. The board of Home sav- ings branches is composed of Willlam . Bradlev, William H, Burch, Alex- ander §, Clarke, Georgé L. Dant, An- thony Gaegler ' Horatio John B. ¢ . G. Gibbs, mann, Frank Jolmso Kattelmann, Percy liam Miller, Howard Moran, James ¢ Nealon, John H. Ruppert, B Williarh ‘. Shannon John Shughrue, Ale Henry Wahl ind man, rd George M. New Directors Added. The four new names added to the 1ist of directors of the National Sav- ings and Trust Company at the an- nual shareholders’ meeting of the mpany vesterday were IL Rozier Dulany, jr., real estate broker: Frank lin H. Ellis, investment broker; Ed- mund D. Rheem of Swartzell, Rheem & Hensey Co. and Frank Stetson, trust officer of the institution Onec Added to Mt. Vernon Savings. Hayden Johnson was the only new name added to the board of directors of the Mount Vernon Savings Bank at the annual meeting of stockhold- . ers held today. Mr. Johnson will also serve as general counsel of the in- stitution. Thosa directors re-elected to serve for the ensuing year were James H. RBaden, William B. Baum, Albert J Berres, E. C. Davison, R. Golden Don aldson, Charles P. Ford, Harry W. . Hahn, Samuel J. Henry, Fred Hewitt, William H. Johnston, Dr. H. F. Koss, Menry C. Moses, William Muehleisen, H. Glenn Phelp Oscar J. Ricketts, B. L. Rinehart, Dr. J. Townsend Rus- ell, Capt. W. H. Stayton, A. E. Un- gerer, H. S. Walcott and O. B. Zant- zinger, The board organized and named the old officers to serve another year. They are R. Golden Donaldson, chair. man of tho board; Willlam Muehlei sen, president; William H. Johnston, vice president: . C. Davison, vice president: Wiillam R. Baum, vice Dresdient and cashier, and Robert T. Highfield, assistant cashier. Chevy Chase Savings Election. The second annual meeting of the stockholders of the Chevy Chase Savings Bank was held last Tuesday, at which time the following men were elected to serve as directors for the year: Dr. Truman Abbe, Joseph A. Burkart, Thomas K. Conrad, Fred- | eric E. Farrington, Clyde D. R. Frederick Hatcher, Bynum ton, George P. Hoover, Hulse, Dwight V. Jone: Alfred B. Leet, Willilam A, Mil Herndon Murph; Peacoclk, Peelle, Thomas W. Perry, Raphae! Semmes, Frank Simpsos Paul Sleman, Horace E. Troth, jr. and John M. Williams. members added to the hoard were George P. Hoover, Dwight V. Jones, Herndon Morsell, S. Pea- cock, Raphael Scmmes and John C. Walker. The directors met on Saturday, January 13, and elected the following . officers to serve for the year: Edward H. Jones, president: Thomas W. Perry, frst vice president; Fred W. Mac- Kenzle, second vice president; Dr. Truman Abbe, secretary; J. 'Ezra Troth, cashier, and Paul Sleman, counsel. Treasury’s New Notes. Complete reports on the recent is- sue of 412 per cent Treasury notes show subscriptions aggregating in ress of $550,000,000, ccording to an announcement t’ night by the Treasury which stated that about $345,000,000 had been accepted. The ,original issue was for about $300,- 000.000. The announcement said also that the Treasury had decided to accept all subscriptions to the issus for which either 43 per cent victory rotes or unreglstered 1918 war sav- ings certificates were tendered in ex- change. All subscriptions in cash up 10 amounts not exceeding $100,000 for any one subscriber have been allotted in “full. Subscriptions in excess of that amount have been allotted on a graduated scale. - CENSUS FIGURES SHOW COTTON CONSUMPTION December Reports About Same in Amount Used as in November. . Hin- John W, Bdward H. ed W. Mac- Cotton consumed during December amounted to 527,945 bales of lint and 49,078 of linters, the census bureau announced today. Statistics for cotton-growing states include: Cotton consumed during December 224,437 bales, compared with 363,813 in November and 304,756 in December, , 1921 *." Cotton on hand December 31 in con- suming establishments totaled 1,207,199 bales, compared with 1,103,826 Novem- ber 30 and 921,727 on December 31, 1921, Cotton on hand December 81 in public storage and at compresses to- taled 3,801,744 bales, compared with 2,983,041 on November 30 and 4,837,- 475 on December 31, 1921. - Cotton spindles active in December numbered 15,856,774, compared with 15,859,962 In November last and 16,- 503,718 in December, 1921. NEW YORK EGG PRICES. NEW YORK, January 16.—Eggs— ¥irmer; receipts, 15,637 cases; fresh Zathered extra firsts, 42a43; fresh gathered firsts, 39a41; New Jersey hen- * (nery, whites, locully candled, extras, 72; do., uncandled, extras, 60a52; state, nearby and nearby western hennery, whites, firsty to extras, 44ads; state and mearby hennery. wWns, extras, 46a48; mcfflc coast, whites, extras, 48; alo, firsts to extra firsts, 43a47, Recelved by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, January 16.—The curb exchange today had its share of the selling movement which was common to all the principal mar- ets as the result of the strained| relations between France and Ger- many. Prices opened with varying changes but soon turned downward and by mid-afternoon the decline had become fairly general. Standard of “Kentucky was con- splcously weak, while Sureka Pipe Line and Standard of Indiana were depressed. Southern States Oll lost over a half point in spite of the announcement that the company had arranged for the drilling of three new wells in the Garvin county field, Oklahoma. Formal announcement that Mutual Oil had acquired control of Merritt NEW YORK, January 16.—Follow- ing Is a list of today's highest, lowest and closing prices for the most active bonds and stocks dealt in on the N York Curb Market: BONDS. & EI 6s Am Sumat Tob 7 Am Rep Corp 8. Am T & T s " Anzconda 6s A ALG & W I8 85s0 Armour of Del bls. . Beaverboard 8 Beaver Prod Tigs .. Heth 8tl 7 * 5 Heth Steel Ts 1 Devre & Co 1 1 Det City G 6 Detroit Edinon 65 ir, Robt Tn ena Sig Oil ) Kan Cy Pow 10 Kennecott Cop D107 N BONDS. - 1008 8% 02 &5 1y 10 Rep of Cuba 5a 18 Russian Gort Slis. Russ Govt 6145 efs. G_STAR, WASHINGTON, Direct to The Star Office. failed to affect the stocks concerned. It had been reported some time ago that negotiations for control of the latter company by Mutual were in the making. The basis of exchange to be offered minority stockholders of Merritt was one share of Mutual for one and three-eighths shares of Mer- ritt. Both stocks held firm for a time, but subquently followed the genaral market. It was further reported that Mutual had taken over the Hamilton Oil Company. Maracaibo gained ground on the an- nouncement that stockholders at a special meeting had approved the plan providing for & two-year 7 per cent convertible gold bond issue amount- ing to $800,000 and on the ratification of the proposal to increase the capital stock of 250,000 to 400,000 shares, of which 80,000 shares are to be set aside for the conversion of debenture bonds into capital stock. 42 Creole Syndicate... 1 Bquity Pet pfd 60 Engineers’ Pet. 226 Federal Oil.. 4 Fensland Ofi . 15 Gilifland _Oil 112 Glen Rock O 116 Gulf Ol of P 200 Hudson Oil. 200 Keystone Ra 4 Kirby Pet Latin-Amer Oif Lowry Ol . Lyons Pet, moth 0L, Mutual Oft : Fuel Ofl. Savoy Oil.. euboard Oi1 46 Simms Pet . 70 Southern P & 19 Sou States Oil 157 Texon Ol Las 13 Turman Oll... West States Oil Wilcox Oll & Gas.. S 2t a2 INDUSTRIALS. Acme Coal.. Acme Fac Amal Leat! Amal Leat 2 Am Hawailan § 8. 5 ‘Armour of Del pfd. Prit-Am Buddy Buds . t Teresa ... icago Nipple x Cash Stores .. Curtiss Afrplae . Dort Motors . Dubilier C & Durant Mot 2 Durant Motor of Tnd Wheel. .. Heyden Chem Hud & Man R R pf Indus Fiber. ... Int Cont’l Kubber. Iut'l Shoe. Libby Libby M 3 Lucey Mig 10 Marlin Arms. 33 Mercer Mot Natl Sup of D Swiss Govt Slys.. | 30T S of Mexico 45 STANDARD OTL ISSUES 1600 Anglo Am Oll. 1815 Buckeye P Lin Continental Ofl. 0 Crescent P Li Y Trans 200 Ohio Ofl nes 40 Prairie Oil & G 400 Prairie P Line Rales INDEPENDENT OIL STOCKS. in hundreds. 10 Allied 0l 80 Amal Roralty 1 Roston Wyo Off L Carib Washington Stock Exchange SALES. Potomac Electrie con: $1,000 at 97%. Potomac Elec. deb. 6s—$500 at 99%, $500 at 90%. Potomac Elec. g. m. 6s—$1,000 at 99%. Treshingion Gas Light—4 at 88, (ergenthaler ' Linotype—5 &t 3 178%, 3 at 176%. AFTER CALL. Janston Monotype—5 at 7, © at al Washington Gas 7i4s—$1.000 at 103%. Georgetown Gas G5—32,000 at 90. Capital Traction 1082, 1 at 108} Washington Rwy. & Money—Call loavs, 5 10 at 9, 10 Bid and Asked Prices. PUBLIC UTILITY. American Tel. & Telga, 4 American Tel. & Telga. 4% Am. Tel. & Tel. ctl. tr. peake & Potom: . & P. Telephone of Capital Traction R. R. 5 City and Suburban Bs. Wash., Alex. & Mt. Ver. ctf. ‘ash., Balto. & Annap. Bs . hington Gas Ds.., MISCELLANEOUS. D. C. Paper Mfg. 6s.. Riggs Realty 5s (long). Rigge Realty 5s (short). Becurity Storage & Sate De ‘Wash. Mkt. Cold Storage Wardman Park Hotel 6s.. STOCK PUBLIC UTILITY. American Tel. & Telge Capital Traction. Washington_Gas Norfolk & Wash. Steamboat.. Wash. Rwy. & Flec. com, vash. Rwy. & Flec. pfd. Terminal Taxi com. Terminal Tazi pfd. NATIONAL BAN: Capital Columbia Commercial . District TRUST COMPANY. ‘American Security & Trus Continental Trus Merchants' Bank., {\;l:lflll Savings and Trust. Washington Loan and ‘Trust. SAVINGS BANK. Commerce and Savings. East Washington . ‘ ited States Savings. Washington Mechantcs. FIRE INSUBANCE. American .. Corcoras Firemen's Natlonal Ut TITLE INSURANCE. bla Title. s SoniEstate Titie. L MISCELLANEOUS, Columbia Graphophone com. Golumbia Graphiophooe pfd... Merchauts' Transfer & Stos 00, Mergenthaler Linotype. i 0Old Dutch Market com. £ Oid Dutch Market prd. i 3 18 % Lanston Mouotype. Security Sto Washington Yellow Cab... Ex-dividend. Mississippt Rlv Pow Mitchell Mot. 3 New Flet Py N Y Tel Co ptd. Oselds Corpa 5 Peerless Mot. Radio Cory Radio Cor 2 Repettl Candy 3 Reo_ Mot 80 C & I Standurd Motor . tuts Motor Technical Product 3 Technicolor lnc W Timken Axle new Tobacco Prod Exp Triangle Film 2 2 United Prof 8h new Unit Retail Candy. U S Lt & Heat ... U S Lt & Heat pfd Un Ret Candy. U 8 Distrib F TUnited Shoe Maci United Shoe Ma pf Utah Idabo Sug Brses B FER O EE R TRETS srpaaBaSeal P FEGF wemoaBae feumaoSaen £ 8 s Corp 1st ptd Winthers Motor -.. Yale & Towne new 0975 Alaska Brit-Colo. rizona Globe Am Com Min! Bid Ledge Bison Goid Boston & Mont. laversu Cop. Extension Dolores Esper. 2 Dryden Gold . Emma_Silver idtieid Deep Mi afield Florence . 140 Hardshell Min . 70 Harmill Min . 128 Henriett S 41 Hill Top Nevade 1 Hecla Mine 60 Jumbo_Extens 1 Kerr Lake 30 Knox Divide - 140 Lone Star 10 La Rose Min 10 Marsh Mines 20 Kewanas Mi 50 Nabob Cons 130 National Tin & New Dominion Cop. New Jersey Zinc 10 N Ophir .. 80 Nevada Silv Horn. 6 Nipissing . 42 Ohio Cop - 18 Ray Hercules 120 8ilv_Mines of Ariz .18 10 Sil Ki Di Mi reor.. .00 62 Silversmith Mine... .5: 80 Simon Bilver.. o S ©4 Success Al 20 Buperstition M 11 Teck Hughes 24 Tonopah Divi 4 Tonopah Extens 20 Tonopah Jim Butler .05 10 Tono Midwny a3 37 Tuolumae .. 1 United Verde Brt. 10 U 8 Oontinental. 1 Unity Gold 23 West End C: 80 West End Bxt. 10 White Caps 20 Wilbert . 1 Yukon Goid * TE-ERCL S E P LI 2B FE 3 2Bl 224 8 WARNS OF PENALT FOR DODGING TAXES Senator Brookhart Seeks Informa- tion to See if Laws Are Violated. Information from the Treasury De- partment regarding imposition of Dpenalties upon corporations for evad- ing the income tax laws by with- holding dividends from stockholders was called for in a resolution today by Senator Brookhart, republican, Iowa. Referring to a statement given him by the Federal Trade Commission that 328 corporations had distributed $2, 149,000,000 in stock dividends last year, Senator Brookhart sald, he sought to discover whether the col- lection of surplus had entailed viola- tion of the income tax laws. He called attention to a provision for penalties against corporations permitting prof- its~to accumulate to avoid income surtaxes. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY FORT WORTH, January 16.—West Texas farming operations today are awaiting a rain. 1t suficlent mols- | ture falls in the next sixty days the tilled acreage in the old range coun- try of Texas will be Increased at least 10 per cent over last year. Green bugs are reportéd busy among the oats. BOSTON, January 16.—The last ten days has seen a widening of the demand both for cotton and woolen yarns and prices for each have ad- vanced as compared with a week ago. | \ SAN FRANCISCO, January 16.—The mineral production of California inl 1922, not including petroleum, total- | led $257,351,690 in value, of which | about $16,000,000 was in gold and $33.- 000,000 in products used in building. JACKSONVILLE, Fla., January 16. —The citrus fruit growers of Florida | are enjoying an unusually good sea- son. One Bradentown canner of grape fruit shipped 24,000 cases to a! San Francisco dealer and a similar| order to Seattle recently. ATLANTA, January 16.—Retail and | wholesale dry goods houses reported today that sales had been very satis- factory this week. Bllls are being | paid more promptly than usual, and cash purchases in the stores indicate a sound individual financial status. PITTSBURGH, Pa, January 16. With finishing mills’ well filled with orders today, some steel makers an- ticlpate a premium market in certain lines of steel. Wire products are near this condition, and independents are not having any trouble in maintain- | ing Tecent advances. One independent | is two points above another in quota- tions. Sheet {s another line in which an early delivery premium market is possible. i CONNELLSVILLE, Pa., January 18. 1 —Coal shipments are being restricted today by the action of the Baltimore and Ohio railroad, which has notified shippers of a 50 per cent cut in nor mal rating of freight cars. This may | have considerable effect on the dis- trict’s shipments. NEW ORLEANS, January 16.—Sales of motor cars have fallen off slightly since the holidays, although the vol- ume of business still is good today. MARINE RATE WAR MAY RESULT OVER COTTON | Southern Dealers Complain to Ship- ping Board About Dif- ferentials. By the Associated Press ATLANTIC CITY, N —Mediation by a special to which north Atlantic differentials on cotton have been re- | ferred, may save a disastrous rate war to the American merchant ma- rine, it was said at the conclusion of the first day's executive parley of | officials of the Shipping Board and representatives of the north Atlantic, south Atlantic and gulf conferences Southern conference men declared the present differential was putting them under too severe a handicap, and that it was cheaper to ship cot- ton coastwise to New York and then, reship to Europe than for direct shin- | ments from a southern port. They | demanded an equitable adjustment with a rate war as the alternative. In addition to the question of dif ferentials, matters discussed included | the proposed restoration of grain to| conterence jurisdiction, together with | differentials _thereon: straight- through export bill of lading, freight, the emergency method meeting outside competition, 1’0“{'«{'1 ence authority to meet competition coming from another district, broker- age on cotton. the reclassification of lumber and the Bremen city delivery of grain. January 16 committee, | conference —_—— The average American writes 112 letters a year; the average English- man eighty-four. From $100 to $300 on D. C estate and househiold goods or cha tels. 7 per cent interest. No bro- Kerage charged Loan & FinanceCo: 921 15th St. in 5672 ration: W, D. C, TUESDAY, JANUARY 16, 1923. 1st Trusts L. W. Groomes 1416 F St “BeforeYou Invest- INVESTIGATE"™. ‘Webster's Dictionary defines THRIFT As “To prosper by industry, economy and good management of propert o increase in goods and estates; to prosperyin any business.” If Noah Webster was revising his great book today, he would probably add, “to invest in the District Guaranty Corporation” That is the very essence of good management of property, and is bound to result in increase of estate, etc., etc. WilliamB.Westlake SN AGENT Washington - -+ D.C. 228-15""St.nw. Tel.Main 6719 . If you have money to invest, we can safely place it on gilt-edge first D. C. Mortgages. Our record of 30 years insures your protection. Courte- ous treatment. Percy H. Russell Co. SW. Cor. 15th & “K” Sts. EQUITABLE Co-Operative Building Association Organized 1579 . 434 YEAR COMPLETED $4,6857,0560.50 $1,150,800.31 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. Subseriptions for the 84th Issue of Stock Belng Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Seey. GILTEDGE SECURITIES First Mortgage Notes Secured on Improved D. C. Real Estate Appraised by Experts of 35 Year Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes : ‘Warehouse Receipts, and Make Construction Loans Down Through the Ages HE First Mortgage Note is a form of security dating back to time im- memorial and maintaining always a rep- utation for safety and stability. other security has stood this test of time —a fact which testifies to the soundness and safety of mortgages in general. Our own experience and care make possible the never-failing dependability of the First Mortgage Notes we offer. They are in convenient denominations, and the interest is'paid promptly on the day due. These Notes merit your investigation. CRaNay RN SN P € T e e oW e T € e No 7.6 777.© 7V €T 53 Years Without Loss to an Investor. Swartzell Rheem&HenseyCo. 727 15 Street NW. Figured as a investment! i It's a_most attractive proposition and one that { ! is. worth looking into. | We are offering an issue of Gold Debenture Bonds, bearing 6% inter- | | est—payable quarterly— | 1d with the Bonds we ! issue a certificate which entitles participation in the profits of the com-s | pany up to 8%. 921 15th Street N.W. 1 ENTS Let us manage your Rental Prop-' erty. Over a Quar- ter of a Century Experience. B. F. SAUL CO. 1412 Eye St. N.W. Land Bank 4%% Bonds Due Jan. 1, 1943 Optional Jan. 1, 1933 Exempt from Fed- eral, State, Municipal and local taxation. Price at market to yield about 43%% war on request The National City Company Washingtqn—741_15th St. N.W. Telephone—Main 3176 CAAAAAAAAANE | Our circular will give vouall the details. for the asking. Yours Commercial Loan and Finance Corporation Bond Department. Room 200 Phone M. 5672 6% on January Funds ' OUR current January investment offerings af- ford you safety, diversi- fication, freedom from care, and the attractive interest rate of 6%. We suggest that you call or write for our current list of offerings, in $1,000, $500, and $100 amounts. Ask for BOOKLET 921G Incorporated. Offices ia 4oCities. Establisher! 1883 Nat. Metropolitan Bank Bldg. Washington, D. C. Telophone Main 5847. #1 years without loss to any investor MORTGAGE MONEY, THOS, E. JARRELL = 3 FINANCIAL. % 25 Money to Loan by Srat deed of trust on real estats rm.m.w.mux 4ud. commissiony ! Joseph T. Weller #20 Wash. "8 rromt on hand to loan on real estate. Woodward Bldg. | Main 766. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Kandal K Hagne: & G. 2207 Gnnecticut (Benve Stick to Safe Investments Ii, for instance, you have money from maturing vernment Bonds and War Savings Stamps to be reinvested, place it in First Trusts on Washington improved real estate—where you can know it'll be not only safe—but yield you the maximum of return. We have a variety of such Trusts that will bear the most searching investigation—property we know all about—or we wouldn't invite your consideration. Sound investments—paying substantial dividen and protected by adequate valuation. Amounts sui your convenience. We shall be glad to consult with you Boss & Phelps “The Home of Homes” 1406 H Street Phone Main 4340 YOUR | SAVINGS | WHETHER 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 Qur 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 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!2% and 7% Interest Call, Phone or Convenient Déenominations Write for It WILLIAM S. PHILLIPS First Mortgage Investments 1409 New York Ave. 6 and 6%% Mortgage Money Available S. W. Straus & Co., Incorporated, the largest investment house in the United States, dealing in first mortgages on improved real estate, have funds available for,— ~ Construction loans to aid in the financing of office buildings, apartment buildings, hotels and other im- portant structures. ~— Loans secured by completed buildings of modern char- acter and ample earning power. — Loans, under our industrial plan of finance, to mercan- tile and industrial corporations with substantial real estate assets and a consistent record of past earnings. The current rate of interest for sound and meritorious projects as listed above does not exceed 6% and 6%%. We prefer loans of $200,000 and up. Special literature has been prepared ex- plaining how borrowers can save money under the Straus Plan of financing. All applications acted on promptly. Write today to our Loan Department and ask for S. W. STRAUS & ESTABLISHED 1882 Straus Building, BOOKLET L OFFICES IN PORTY CITIES 565 Fifth Avenue at 46th St., New York City Telephone Vanderbilt 8500 41 YEARS WITHOUT LOSS TO ANY INVESTOR ®1923—S. W. 5. & Co.