Evening Star Newspaper, January 26, 1923, Page 25

FINANCIAL, g_lf, EVENING STAR, WASHINGTON, D. l_!., Fl!:lTDAY2 JANUARY 26, 1923. STAGGERING COSTS (& OF WAR REVEALED Col. Clifford, U. S. Treasury Official, Stirs Kiwanis Club i With Startling Facts. The staggering costs of war were raver more fully brought home than ‘n an address by Col.’ Edward Clif- ford, assistant secretary of the treas- ury, to members of the Kiwanis Club in the Hotel Washington yvesterday. lrfroduced by . Willlain . Mather Lewls, chief of the educational serv ice, United States Chamber of Com- merce, and chairman of the club’s ntertainment committee, - Col. Clif- ford briefly outlined the history of he Treasury, detailed its functions trofn September 2, 1789, when Con- gréss created the present depart- ment to handle the fiscal affairs of the new republic. up until the pres- 'nt time, and then proceeded to delve into the country’s condition by pre- senting figures that startled his & . tors. After giving a conefse explanation of kinds, making and usage of money, the official said that the monetary itock of gold in the United States on anuary 1, 1923, reach un- cedented vrlume of $3,933,475.615, (%o largest accumulation of gold in he world, or about 45 per cent of [ine gold stock of the world Tells of Gold Reserves. Of,this amount” he continucd, “33,- 25 6 is held in the Treasury, ..:m is for the most part in_the form <! bullion. Tt reaches tRhe ireasury ough deposits in the mints and as- | offices, and against such deposits | 1d certificates are issued, d fund of the Federal luard is credited. Only a portion of zold received is coined, the bal- 0 being refined and run into bars.” © then showed how the Treasury s provides the public with a me- m of exchange lir the shape of ined or printed money for the con- iuct of the country’s transactions, the otal amount in circulation on Octo- $4,732.898,991, or Reserve Collection of Revenues. Detailing the Tregsury's method of ilecting revenue, Col. Clifford satd that during the last fiscal year the cus- 1oms service collected $356.443,387.18, the internal revenue bureau col- 213, added the i was income | 1d prun tax, which was paid by 3, ual taxpayers and 101~ This™ is not taxa- arbitrarily imposed upon the ublic by the Treasury Department. ¢j department merely collects from public that portion of its re- ources which Congress determines will be necessary for the proper con- uct of the government and its many ctivities.” Touching on_the total income and xpenditures of the government, Col “lifford gave figures to show that the inary income of the government, ected through the agency of the ury Department during the r 1922, was $4,109,104.150.94 tal_ordinary expenditures e §3,795,302,499.50. Vast Sums for Veterana. OF this huge sum, it was pointed nearly one billion dollars was a1 out as interest on the public that is, on liberty bonds and ar outstanding securities of the ted States; $253,500,000 was used | pensions to soldiers or their de- dents of the war of 1512, Mexl- r, Indian wars, civil war and ire. iscal ou, care and training of veterans of world war, approximately $455.- 000 for the Army and $475,000,000 the Navy. o 'Predicting_at least a two-billion | S licing in government expenditures ver 1921 and about a half billion ver the last fiscal year, Col. Clifford : “For the fiscal year 1923 we ex. to run the government on not three and a quarter billion dol- it is going to be hard to make further reductions In government ex- .enditures, owing to the fact that he interest on the public debt and nkipg fund, relief of veterans of he world war and pensions for vete- ans of the civil war- total almost a one ‘and ‘threesquarter ~blllems i year; znnnsowo-nct—rn-— 70.! 5o to pay for thmtmnnu for of 1813, Ke '.hen ve - statistics to- show that 48 widows of omlan of the war !hlt there are 73 lunlwrl of ti Mexican war, -and 1,878 widows soldlers of the same now on the pen- sion rolls; veterans of the civil war to the number of 193,791, and of soldiers of that ocemflict to the num- ber of 272,194 are today drawing pensions, while 888440 veterans of the world war have already applied for compensation from °‘the govern- ment, alleging that they were dis- abled in the service. Of these claims Col. Clifford said that 419,697 have been granted claimants and . these are now drawing compensation rang- ing from, $8 to §100 per month, and in some cases an additiomal $20 for payment of n Als0 was shown that 279,173 veterans of the world war have been given vocational training, and 96,821 are still taking this training at various institutions of learning at the expense of gov- ernment. Col. Clifford said that these figures @0 mot include payments to benefict- | RoL arles of deceased soldiers of the world war who carried war risk insurance. These beneficiaries, the speaker, number 155,658, and the amount paid out during the iast fiscal yoar totaled $109,072.627. There are 556,179 survivors of the same war who {are continuing their insurance poli- cies with the government. Soldler AW for 1833. “It is esttmated,” said the secretary, “that close to $500,800,000 will be re- quired to pay for the compensation, care and training of veterans of the world war for the mext fiscal year. Comment seems unnecessary, but if any one will take the' trouble 6 learn | the facts, 1 think they will not charge the country with being ungrateful to those brave and patriotic men who were disabled‘in the defense of their countrg” Ref gring to the money owed the United States by foreign powers, Col. €lifford said that in order to offset certain propaganda now being spread regarding_the cancellation of same, that the United States holds obliga- tions of the debtor countries for the amounts loaned, most of which are payable on demand, with interest, but | iberty that owing to conditions in Lurope the chief problem now is to fund them | Riggs {nto longer-term obligations on & sat- isfactory basis. T. S. va. World War Debta. “Under the law creating the World War Forelgn Debt Commission,” sald Col. Clifford, “members of same have no authority to cancel these debts, certain propaganda to the contrary. In fact, they have no alternative other than to arrange for payment in twenty-five years at 43 per cent. Any other agreements between foreign representatives and the commission would have to be ratified by Com- gress.” The secretary spoke at length on ! the prohibition amendment, and said that while the enforcement of same was nat rellshed by the Treasury De- partment, that as long as it did come under its jurisdiction every means available would be utilized in carry- ing out the law. Claunde W. Owen presided, and dur- ing the business session, Maj. Daniel | Suilivan, cuperintendent of the Dis- trict police, and Clark Griffith, presi- dent of the Washington base ball ctub, were elected honorary members of the organization. Dividend Declared: At a meeting of the board of direc- tors of the Realty Discount Company at its offices in the Metropolitan yes- terday a dividend on the company’s preferred stock was declared, payable January 30 to all stockholders of rec- ord on January 20. The officers of the Realty Discount Company, which conducts a commer- cial banking business, making a spe- clalty of financing building construc- tion loans, are Harry R. Carroll, pres. ident; Robert S. Wright, vice presi- dent and secret and 'Algernon S. Gardiner, treasurer. Hotel Company Holds Eiection. At the annual shareholders’ meeting of the Washington Hotel Company, con- ducting the Continental Hotel, the fol- lowing directors were elected to serve for the ensuing yur Appl‘:ltlon % Galliher, 5 ’l'heodzra W. Noyes, Samuel J. Pres Cott, Thomas Somerville, Dr. W. P. Reeves, Cuno H. Rudolph and Alexan- der Wolf. The' nized immediately and elected these ofMcers: Clark, jr., president; vice president; and Alexander Woll, secretary. The following wers named as the ex- ecutive commmee Appleton P. Clark, jr..usa.m J. Prescott and Alanadu Wolt. We Have an Abundance of F h& for Real Estate Mortgages at 5%% Provided the Security Is Satisfactory .Wm. H. Saunders & Co. 1433 K Street N.W. INVEST YOUR SAVINGS WHETKEB you have $100, $500, 000 or more to invest, investi- gate our First Mortgage Loans on Wash- ington fm‘:da. Homes before placing your NEVER A LOSS Qur conservative business methods have so guarded £t protected and safe- of our investors that not a single client has ever lost a dollar of principal or interest on any invest- | through us. ment pu Send for Selected List We will be pleased to send you fall ' information concerning our first mort. g@l and 6%.% Call, Phone or Write for it our methods of handling and 7% lnterest Convenient Denominations WILLIAM S. PHILLIPS First Mortgage Investments ‘1409 New York Ave. Main 4600 w according the “ o~ eorgetown G Metropolitan Potomac Electric 1st Bs. Potomac Klec. Potomec Elec. E2BE2BIRB5ES American Tel. & Telga. Capital Traction. BEEENEE TRUST COMPANY. American Seourity and Trust.. Lontinenial T : Merchants' . ational S E!Es! # Commerce and Bu: Eext Washington. Security Sav. and Seventh Btreet. United Savings Washiagton Columbia Graphophone com. bin hopbone MAY CHANGE GRAIN RULES. NEW YORK, January 26.—A meet- ing of the grain trads of the New York Proguce Exchange has been called Tor February 14, to consider an amendment to the rules which, if adopted, will result in a reduction of 3% cent per bushel in commissions on onsigned wheat and i cent per bushel on all export American and Cenadien wheat, barley, rye and buckwheat. “We will”* have ready for delivery in about a limited amount of Edge Firt Mortgages 0 Investments In Amounts of $250 Up Make your reservations now The opportunity to get your savings invested on a basis of 7% interest is rapldly passing. Chas. 923 Fifmlth St. N ' Subscriptions for the 84th Issue of Stock Betag Recetved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F 5t N.W. TOMN JOY KDSON, President PRANK P. REESIDE, Seey. 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 - & 713 14th Street MO’I s Ollm Nmm’ Ban Ability to Serv —AND SERVE YOU WELL—forms the basis of our bid for your business, though we do take justifiable pride in the pnsnge we enjoy as the OLDEST ]}“%ml ank in the District of Co- lumbia. { Young men just going into business will find connection with such a bank decidedly helpful. Call, we'll be glad to see you. 3% Paid on Savings One Dollar or more Will start a Savings Account National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000.00 15th St., Opposite U. S. Treas Invest Your Funds at 6.% With D. C. Intangible Tax and 2% Federa] Income Tax Paid We have available several new offerings of First Mortgage Investments at 6%2% interest with attractive tax-refund teatures. us with our own funds after caretul investigation. We recommend them as thoroughly sateguarded investments, suitable to the requirements of all investors whose first consideration is Safety. These First Mortgage Investments are appealing strongly to investors who desire an absolutely safe mvutmenthdl:ym attractive yield. Wemggutpromptmmotduwm the amount and maturity desired. Reservations accepted for future delsvery Denominations: 35,000, $1,000, $500, $100 Maturitses: 2 to 15 years Call, write or phone for descriptive circwlars The F. H. Smith Company 1414-1416 Bye Street, N. W. y—fimmhvumuwhichm-mmotmh- then 635%. ke F.H. SMITH COMPANY u FIRST MORTGAGB mvnsmnms 1414.1416 Eye Street, N. W. FINANCIAL, Y ou Worked for Your Money; Let it Work for You A MISER living in New York's crowded East Side died for the want of medical attention. He left a fortune of $70,000. This man saved for the sake of money when the sensible way is to save for what money will bring. w Every Banking Service "COMMERCIAL % wl 3 % ON SAVINGS 15th and Penna. Ave. Capital end Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 8th and H Sts. N.E. 436 7th St. S, BUILDING (THE MORTGAGE COVERS THE LSHAPED 10-STORY BUILDING, BUT NOT THB 3-STORY MOLSON'S BANK BUILDING IN THE FOREGROUND) $2,200,000 Montreal Insurance Exchange Building MONTREAL, QUEBEC, CANADA First Mortgage 6'2% Serial Coupon Bonds (SAFEGUARDED UNDER THE STRAUS PLAN) SERIAL MATURITIES, 2 TO 15 YEARS MORTGAGED PROPERTY ~The bonds are a direct closed first mortgageand hypothec on an Lehaped piece of land comprisingapproxi- mately 22,000 square feet of land with frontage on St. James, Notre Dame and St. Peter Streets in Montreal, Quebec, and a ten story and a mesza- nine banking and office building of the latest type of steel and concrete fireproof construction to be erected at once on the property. Molson’s Bank will occupy the basement, ground and first floors of that part of the building which adjoins their present banking quarters on St. James Street. Completion of the building, in accordance with the plans and specifi- cations, free and clear of all prior liens, is unconditionally guaranteed to the bondholders by S. W. STRAUS & CO., Incorporated. EARNINGS AND VALUE~—The bonds also constitute a first lien on the net annual earnings of the property, conservatively estimated at $290,300, which is more than twice the greatestannual interest charge. The value of the land and completed building is appraised in excess of $3,000,000. The bonds are the direct obligation of the Insurance Ex- change Corporation, Limited, owned and controlled by strong Cana- dian interests. LOCATION~The building fronts on three important business streets in the heart of the financial and business district of Montreal. Within a radius of two blocks are located 14 banks and the majority of insurance and transportation companies and government buildings. ‘The above bonds are surrounded by all customary safeguards of the STRAUS PLAN and are offered with our unqualified recommendation asa safe investment for sums of any amount. Denominations, $1000, $500 and $100. PRICE: Par and accrued interest to net 6%% Call or write today for literature describing this issue. Ask for CIRCULAR 689—G S. W. STRAUS & CO. ESTABLISHED 1882 OFFICES IN FORTY CITIES INCORPORATED NATIONAL METROPOLITAN BANK BUILDING WASHINGTON, D. C. Telephone Main 5847 41 YEARS WITHOUT LOSS TO ANY INVESTOR Q1923—S. W.5.2Co.