Evening Star Newspaper, February 3, 1923, Page 19

'FINANCIAL { MAY USE VICTORY NOTES FOR TAXES Revenue Collectors Told to Accept Payments in Cer- tain Issues. The Treasury Department has di- rected collectors of internal revenue to receive at par any uncalled 4% victory notes in coupon form bearing the distinguishing letters G, H, I, J, K or L prefixed to their serlal numbers in payment of income and profit taxes payable March 15. Registered victory notes of any series and coupon victory notes of elther the 3% per cent series or the 4% per cent called for redemption December 15 are not acoeptable. Bond dealers do not expect many holders to take advantage of the Treasury’s offer. Coupon. victory notes are quated at a premium in the open market and in the present state of the money market it is believed they will continue to sell at a better price than the Treasury is offering for‘them. Should market quotations fall below par thege notes would probably be offered in considerable amounts. The volume of victory notes has already been greatly reduced in the past year. Outstanding notes that may be used in payment of income and profit taxes may not total $500,- 000,000. Tribute to Henry Clews. In a beautiful tribute to his uncle, Henry Clews, whose recent death re- moved from New York one of the zreat financiers of the country, James B. Clews issued the followlng state- ment to members of the banking house of Henry Clews & Co. “It 18 with profound sorrow that I am called upon to announce the death of my illustrious uncle and business partner, Mr. Henry Clews. The im- mediate cause of Mr. Clews' death was bronchitis, although he has been in feeble health for the past several years. Mr. Clews was in the eighty- ninth vear of his age. Of this long life nearly seventy years were active- - spent in Wall Street, with all that that implies. ‘ery few men not in public office have been so widely and extensively known. His genial nature and fair treatment to his fellow men made him hosts of friends in all parts of the country who, T am sure, will genu- inely regret his loss. ‘Mr. Clews was the second ranking member of the New York Stock Ex- change in length of service, theré be- ing only one surviving member who joined the exchange before his elec tion. I have been Intimately associ- ted with him as a partner for over rty years, and I can truthfully say that 1 have never known any one in whom the milk of human kindness was so strongly developed and who more firmly believed that the only sure road to permanent sucoess lay in air treatment to ail. Owing to Mr. Clews' advanced age, the active management of the firm +has been in my hands for a number of years, and th together with the able nce of my partners, will con- s heretofore.” Harris Elected Vice President. Announcement was made last night that George A. Harris, general man- ager of the Cleveland Discount Com- pany for Washington territory, has been elected a vice president and ai- rector of that compan Mr. Harris has been assoclated with the company for a period of only fourteen months, and his election to the position of vice president and di- rector s the result of the success with which he has handled the com- 's interests in this territory. or to becoming associated with the company, Mr. Harris was president of the Fulton County Bank, McConnells- burg, Pa., for a number of years, and later he 'was treasurer and director of the Federal Land Bank of Balti- more, where he served for six years, and from which position he resigned November 1, 1921 Tn his new duties, Mr. Harris will he southern manager of the company, with supervision over the territory comprising the District of Columbia, Maryland. Delaware, Virginia, Ten- nessee, North Carolina, South Carolina and Georgia, with central offices in the Munsey building here. FAILURES DECLINE. Great Improvement Shown Over Same Week Last Year. W YORK, February 3.—Com- mercial ures for the current week showed a decline from the previous week. R. G. Dun & Co. reports de- ereases in the number of failures in cvery section of the country,- the total for the United States this week heing 437, against 511 last week and #29 4 year ago. According to Brad- sirect’s, the failures for the week cnded February 1 totaled 434, com- pared with 508 last week and 481 in the like week in 1922. Tun's report a total of 2,165 fail- wres for January, 1921, with liabil- flics of $5: 003 and assets of S28.757,193. This was an increase of 16.2 per cent over December in the| number of failures, but 20.4 per cent below the number of January, 1922. ‘The January liabilities were 11.7 per cent larger than in December, but #bout 50 per cent under those of January, 192 —_— INCOME TAX FACTS. No. 6. Anomalous as it may seem, a person may be married and yet single for the Purposes of the income tax law. A tuxpayer's status with regard to ex- emptions and credits is determined as of the last day of the taxable year Tecember 31, 1922, if the return s niade on the calendar vear basis, as most are. If on that day a man and lis wife were living together they a entitled to an exemption of $2,000 or $2,500, according to the amount of tielr net income for 1922. If, how- ever, they were separated by mutual consent or wers divorced, each is al- Jowed only the $1,000 exemption granted a single person. Tn the absence of continuous resi- dence together, the question of whether man and wife are living to- Eether in the eyes of the income tax Jaw depends upon the charaoter of the separation. 1If, oocasionally the Siusband is away on business, or if for ANy Necessary reason a temporary sep- aration exists, the full exemption is al- lowed. The presence of a wife is al- lowed. The ‘prescnce of a wife at a senitarium, or her unavoidable absence VLecause of ill health does not change the marital status, and the husband is ontitled to the full exemption. But when the husband deliberately and continuously makes his home at one place and his wife at another, they are not living together for the pur- pose of the income tax law. The law works both ways. A man may wed on December 31, yet he is granted the _exemption owed a married person for the full year. The bride’s inoome for 1922, however, must be considered with that of her husband in filing a return. A widower whose wife .dled before the end of the taxable year is classed as a sin- zle man and allowed only an ex- emption of $1,000. Similar conditions exist with re- apect to the head of a family. If dur- ing the year his support of relatives in his home ceased, he is entitled only 10 the $1,000 exemption. A man who has a dependent child, not mentally or physically defective, that attains the age of eighteen years just before the close of the taxable year, cannot claim the $400 for a dependent. Like- wise, if & dependent dies before the end of the benefactor's taxable year, the §400 credit is not allowable. "NEW YORK Recelved by Private Wire BY WILLIAM F. HEFFERNAN. ‘'NEW YORK, February 3.—As has been the case in recent week end markets professional operators and the’ outside .public today practically ignored the usual procedure-of even- ing up accounts for over the wegk end. The vigorous buying movement, started after the termination of oper- ations for the decline in the Durant lssues, was again manifest, and on a larger scale than at any time during the week. Practically all sections of the curb market today shared in the upward movement. urant {ssues, which have held first nince in speculative actlvity through- ‘out the week today continued their recovery from the low levels reached on Thursday as the result of the Fish- er Body episode. Durant of Delaware gained around 3 points today and was up over 14 points from the low prices of the recent break. s This however, compares with the closing price last week of 71. Durant THE EVENING STAR, WASHINGTON, D. CURB MARKET Direct to The Star Office. of Indiana around 173% was almost 5 points above the recent low and contpares with the close last week of 19%. Peerless Motor made up most of the loss of the previous session, while Stutz, after starting lower quickly regained the early loss. Renewed buying came into the oils today and this group moved forward to the best prices of the week. Stand- ard Oll issues were exceptionally ac- tive and substantial advances were generally recorded. Gulf Oil of Penn- sylvania and Mammoth Ofl, attracted considerable attention among the in- dépendents, reaching higher price while Southern States reacted some: what ‘on realizing sales. Wilcox Oil and Gas, one of the ative leaders of the past week, held well above 9. Mining shares wero again active and moved upward. Goldfield Florence crossed 70, while Goldfield Develop- ment held around its top prices. For- tuna ran up aimost § points at one me. The new issus of National Depart- ment Stores common stack reached 37; but later reacted to the previous close. — NEW YORK, February 3.—Follow- ing is an .official list of bonds_and Stocks traded in on the York Curb Market toda: Sales in thousands. 9 Am_ Gas & Elec 6s.. 9 Am Sumat Tob 748 97 2 Am Rolling Mills 6s. 100 2Am T & T 68 '24 18 Ansconda 68 8 Ansconda s 6 Armour & Co 7s 34 Armour & C Del Beaverboard 8s 2 Heth Steel 7s '23. 7a '3! g > a3 bt 1 Can Nat Ry Equip 7 e % b Deere & Co 734s. Detrolt City Gas 6s Detroit Edjson 8s. PUREP Body gs ™ aher r. Robt, 78 en " Asphait 85 Kennecott Co) Laclede Gas 7a .. Libby. MeN & L Lig Win Ley re es 7a Louls G & E 5 Manitoba Prod 7s Nat Cloak & Suit New 0rl Pub Ser b Ohio Pow s B Phila Elec 53 Phil Pet 7l5s wi war Plerce-Arrow 88 Ww! Pub Serv N J Ts. Botm oreron B st 410G B b Bolvey et Cie 8s ... Southwest Bell 75, Bun Ol 7s. Swift & Co T8 Swift & Co 5s Tatted O'1 Prod 9 Salt Creek co! 9 Salt Oreek ne 5 Bapulpa Refin 5 Bavoy Of1 .. 23 Seaboard O} 40 Southern P & R. 39 Bouth Btates Oil. 213 Texon Oil & Land. 20 Turman Of1 cox & G 10 “Y" on INDUSTRIALS, 49 Acme Coal 1 Amal Leather 1Am L & Tract .. . 1 Armo & Co Del pfd 1 Aruold Gon.Co w 4. 1 Borden & Co 2 Brit-Am Tob 12 Bklsn City R R. 18 Buddy Buds. 1% 1 Campbell Soup wfd. 108 ‘ar Lig 1 1 Brit Inter Corp 4. 1 Cellulold Co 4 Cent Teresa 15 Centrifogal Tron - 4 Century Ribbon 13 Ohieagy Nippie -t 1 Columbla Motors 1 Curtise Aero pfd ... 6 Cox Cash Stores .. 4 Cuban Dom Bug . 3 Cuyamel Fruit 1D L& W Coal 8 Dubilier C & R 162 Durant Mot . 41 Durant Mot o 14 Flelschmann & Co.. 4 Gardner Motor .... 2 Glllette Rafety Ra: 8 Glen Alden Coal ... 2 Goodyear Tire ptd. . t West Sugar new ayes Wheel . Herden Chem . Hudson & Man & Hudson Co pfd..... Hydrox .. o= Industrial’ Fiber Cor Inter Cont’l Rubber Reystone Bolether . Kupp'a'h'r, B&Co pt 033 Lucay Mty 1 Mercer Moto cer Mot vot cfs. EE = 222,88 aln s §2aE8 utautiz FEEFEE z-‘:‘:fi:ss,z M &> it 2 - comSicom Brocommeat Tn Ry of Hav 7 s ucuutn . 5 Valvoline 01l 7s Wayne Coal 6. FOR! [ETOPR PP - PO = =t 14 Argentina g0 e Sales STANDARD OIL ISSUES. in uaits. & 400 Anglo-Am Oil...... 17% 17% 200 Atlantic Lobos 8 o 25 PR 130 Cumberiand P T, 600 Hum OIl & Ref ne W0MPL..... Imp Ol of Can ... Interna Pet Co Lid guolis Pet Traosit . 5 N'Y Transit Ohio Vil new 5 Prairie Oil & Prairie P L .. 90 Southern P L in hundreds. 2 Atk Nat G 80 Big Indian Oil . 1 Boston Wyo Oil Cardinal Pete . rib Synd it Serv . Cit Serv pfe Cit Serv ‘B’ 9 Creole Synd 10 Cushing Pet 30 Engineers Pet . 62 Federal O1l 1 Fensland Oil . 18 Gillilapd Ofl . 40 Glen Rock Oil ;1 Granada 01" 18 Gulf Oil of udson Ol 1 Harris Cot 80 Keystone Rapger 1 Kirby Pet . 6 Latin Amer Oii 1 Lowry Oil .. 18 Mammoth Oil . 10 Marland 3 Maracaibo 0! 1a] Jerrce Ot - ex OIl . 40 Midwent-Tex Ofl . 10 Mountala Prod 81 Mutual Oil vot cfs Penn Beaver Oil Pennock Ofl 16 Red Bank Oil Washington Stock Exchange BALES. and Elec. pfd.—10 at T5%, sh Trust Co.—3 at 821 Real Estate Title Insurance Co.—8 at 120. BONDS Bid and Asked Prices. ' PUBLIC UTILITY. American Tel. & Telga. 4s. American Tel. & Telga. 4 Am. Tel. & Tel. ctl. tr. 5s. Anacostia and Potomac guar. b & P. Telephone 5. & P Telephone of Va pits Georgetown Gas 1 Metropolitan R. R. Se.. Potomac Electric 1st Potomac Elec, cons. 5a. Potomac Elec. deb. 6s. 1 Dept Stores.. 1D S 18t pf... at Sup Co of Del ew Fiction Pub Co Y Transportation N Y Canners * 3 Oselda Corp 6 Parten Typewrite: 1 Peerless Motor . 8 Philip Morris . '7’1;:0!11'{1 ‘x;oqlery . 2 oenix Hosie: o 1 Brrene Mfg o7, Pre 11 Radio”Cory 13 Radio Corp hta epet#l Candy 1 Reb otor ERUERM eeaSel FRER FEEREEEE SEEE T SN L _==—uu FERSE oo GaaEBEEae FESF aERT FEiF oute ok aaeaBRE Tnit Shoe Mach Co. 7 S Lt & Heat .. ys Corp 1st pfd Yale' & Towne ngn MINING. 20 Am Commander Min 30 Big Ledge 10 Bison Goid 30 Canada Cop . ° g_urnmgg anario 3 60 Candelaria &t ... . 10 Columbia Emeraid . 28 Cons Cop M1 tem of Cortes Silver 2 Oresson Gold 11 Dean Cons 4 Dolores Esper Dryden Gold 70 Emma Silver 5 190 Fortuna Mines .... 1230 Goldfield Dev 140 Goldfield Deep 110 Golddeld Flore 130 Goldfleld Jack 10 Gold Zone .. 16 Gold Coin Mi 40 Hardshell Min 0 20 Harmill Div ...00.0 0 Henrjetta Silver .. . Hill Top Nevada .. 2 Hollinger . 5 1 Hecla Mine. 70 Independence 10 Iron Blossom. w1 Do R =3 £, i 2 B2 Boiem Fd R L EEH & & 13 Mason Vaiiey. . 70 McNamara . 20 McN Orescent Dev. 70 Mohican Copper.... 20 Mortagton’ Miaes. .- National Tin. New Cornelia..... New Dominion Go New Jersey Zine L3 83,5B31BR, 3228, ew York Porcupine .39 Nevada Ophir. . AT 10 Nevada &ilver Horn, .02 9 Nipissing . e 10 Ohio Coppe: e 9 Ray Hercoles Tnr... 90 Red Hill Florenc 80 Cons. 10 Richmond Copper. .. 30 Sil Queen Min corp 144 Sil Mines of Amer 120 Spearhead Gold 28 Tonopah Divide "6 Tonopah Exten . nited Eastern ... NEW MONEY ORDER RULE. American money transferred to; France or Belglum by international ; postal money orders will be converted into francs at the rate of seven cents each after February § and until fur- Pot. Elec. Pow. D. C. Paper Mfg. 6s. Realty 8% (long). Realty 5s (short). e and Safe Dej . Mkt. Cold Storage Wardman Park Hotel 6s.. STOCKS PUBLIC UTILITY. American Tel, & Telg: 56% = Commercial District .. = Federal-American Liberty Lincoln Riggs . Betona " Washingt American Security and Trust Continental Merchants' . Wnllh. Loan and Trust. SAVINGS BANK. Commerce and Savings.. East Washington Savings.... Becurity Savings and Com: Beventh Street. United States ‘Washington Mechanics’ on FIRE INSURANCE. American Cercoran Firemen's National Unijon. TITLE INSURANCE. Columbla Title. Real Estate Title. MISC] ‘Graphophone com. » T"Ll"'“lrpt Ste 0l ut arket pf Lanston Monotype: Securif ity Storage.. ‘Washington Market .. {order is sald to be $560,000. Railway | Age reports that the Great Northern ther notice, Postmaster General Work ordered yesterday. i NEW ENGINE ORDERS, . NEW YORK, February 3.—The Chicago and Eastern Illinois Railroad Company has placed an order with the American Locomotive Company | for “ten freight locomotives for | prompt delivery, according to a re- port from Chicago. The valus of the is in the market for twenty-five Pa- cifics and twenty-five Mountain type power units, while the Nickel Piate has placed an order for thirty Mi- kados with Lima. QUOTATIONS ON: SILVER. LONDON, February 8.—Bar silver, 30%4 pence per ounce. Money, 13 per cent. Discount rates, short bills, 2%a% per cent; three-month bills, 24a% per cent. NEW YORK, February 3.—Foreign ! i bar silver, 63%; Mexican dollars, 48%. = e - BOSTON STOCK MARKET. H BOSTON, February 3.—Following is a list of today’s highest, lowest and | I closing prices for the most active ([ stocks dealt in here: England's first woman solicitor is Miss Carrie Morrison, who has been articled for some time to a prominent firm of London solicitors. Now she is fully fledged and can practice on her own behalf. e ——— First Mortgage Loans Lowest Rates of Interest and K Commission. Prompt Action Thomas J. El‘flllm & Company, Inc. MONEY TO LOAN (FIRST TRUSTS) ° L.W. Groomes, 1416 F St. Money to Loan ‘Secured first deed of trust hfl': -+ lllhnl.l nd t:ll'l:‘l.l“" eller 2 W LOANS From $100 to $300 on D. C. real estate and housebold goods or chat- tels. 7 per cent interest. No bro- Kerage charged. Joan & TinancaCorporation’ Room 211. 931 15th Bt. N.W. Place Your Vacant and Rented Houses With —a reliable and prompt remit- ting agent. We advertise ex- tensively and produce satis- factory results. Over Thirty Years of Real Service STONE & FAIRFAX Member Washington Real Estate Board 1342 New York Ave. N.W. 0., SATURDAY, We —have ready for delivery a limited amount of % Gilt Edge First Mortgage Investments In Amounts of $250 Up Take Advantage of This The opportunity to get your savings invested on a basis of 7% interest is rapidly passing. Chas. D. Sager 923 Fifteenth St. N.W. Main 38 Loan Dept. EQUITABLE Co-Operative Building Association Organised 1879 434 YEAR COMPLETED - $4,857,960.50 $1,180580.31 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. - ibseriptions for the 84th Issue of Stock Being Recelved " Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Seey. MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST Randall I Hognor & C. woa 1207 Cnnecticit Benue —— GILTEDGE SECURITIES First Mortgage Notes Secured on Improved D. C. Real Estate Appraised 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 713 14th Street This Booklet Wwill Help You Place Your Money Safelv funds. guarded not DY O Aa brcemmd 3 Davis-Daily Enst Butte. Gardner Franklio . PR 11 Fd Int Port Cement. Isle Royale.. Mass Gas. Mayflower 0. O. ISR e P~ Call, Phone or Write for It INVEST $2.000,000.00 TO LOAN ON Hotels Apartments Offices Construction or Permanent Loans Amounts $100,000.00 and Upward Prompt Handling Loan Department HANNON - & LUCHS Main 2345 YOUR SAVINGS WHEIHER you have $100, $500, $1,000 or more to invest, investi- te our First Mortgage Loans on Wash- Homes before placing your NEVER A LOSS Our conservative business methods &erfecd protected and safe- e fudyo of our investors that 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- slpu and our methods of .handling 6%% and 7% Convenient oteest SEENE—— WILLIAM S. PHILLIP . . First Mortgage Investments 1409 Ngw York Ave. Main 4600 FEBRUARY 3, 1923. —_— 2 LOANS "If you ha to favest, we can. safely B C.R Ri- gilt-edge first record of 30 years insures . your protection. Courte- ous treatment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. In the Matter of the Washington American League Base Ball Club ‘We, the Presidént and a majority of the Board of Trustees of the Washington American League Base Ball Club, hereby certify that the amount of capital stock fixed by the charter of said Club is Two Hun- dred Thousand Dollars ($200,000), which sum is fully paid in, and the outstanding bonded and other in- debtedness amounts to about $162, 000.00. Clark C. Grifith, President. Edward B. Eynon, Jr. William M. Richardson. District of Columbia, to-wi! 1, Clark C. Grifth, President of the Washington American League Base Ball Club, do depose @and upon oath say that the matters and things stated In the foregoing statement, signed by me and a majority of the Board of Trustees of the' Washing- ton American League Base Ball Club, are true to the best*of my know- ledge, information and bellef. Clark C. Grifith, President. Subscribed and sworn to before me this 31st day ow January, A. D, 1923. (Seal) Neenah Laub, Notary Public, c. B. Main 2100. OUR First Mortgages are for investors who want a permanently safe invest- ment, secured against constantly chang- ing business and economic conditions. If you want unquesgionab]e safety for your funds we urge the selection of our FIRST MORTGAGE —investments now, as indications are that we shall have lower rates in the future. Interest payable F. SAUL CO. 1412 Eye St. N.W. The Safe Six Per Cent HERE is perhaps more invested money lost in the world through a desire to obtain “a few dollars more re ” than there is through all the other causes. And it is natural now, when the dollar today represents only a small part of the value it represented several years ago, that those who live on thelr interest must have “all they can get.” But this s an unsound way to judge investments, and it should be the secondary consideration, especially for those who depend entirely upon invested income. In our first mortgages we must be first satisfied with the security, and then we obtain the highest rate of in- terest compatible with it. At present this is six per cent. Swarticll, Rheem & Hensey Co. 727 15th Street Northwest ‘Washington, D. C. 53 Year.i Without Loss to An Investor work. COMMERCIAL ecutor and Trustee, has Buy Experience EXECUTORSHIP of other men’s affairs is a special- ized business. An individual rarely has an oppor- tunity to acquire all the necessary qualifications for this The wide experience of this company, in acting as Ex- given it a peculiar fitness for this important task. Knowledge gained through many years in ‘caring for diversified properties enables this company to achieve the utmost for estates. Ewvery Banking Service 3%—91\/ SAVINGS 15th and Penna. Ave. " Capital - and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 8th and H Sts. N.E. 436 7th St. S.W. semi-annually- —-in amounts of $250 and up—for three years.