Evening Star Newspaper, February 5, 1923, Page 23

i ; i FINANGIAL.. TOBACCD REACHE NEW HIGH RECORDS Production Figures Show Enormous Business Dur- ing Past Year. each share (par value $50) one.tenth o f’l.he nlew Nh:tfi:&’lc:m- 2o _par value an ehem ICAGO, Steel common’ stock, valued at $47.50 o(cfleq:??n fl::m par value, | gasoline, Washington Stock Exchange :'g"' . BALES. ° ‘Potomac Elec, copa. 341,000 ot 07. A ‘;l;::n%- & Elec, pn-‘w at 0%, Washing ight—: t H?. ‘l‘l.:n:n‘.:.;:’“: ‘zll.l 10 l:.u“- 10 = i ction Se—$00 at American Security and Trust Co.—1 at 283%. LA S “ AFTBR CALL. i ital Tt —] Ry spital Traction—15 at 102, 10 at 102, 20 loney—Call loans, 5 and 6 per cent. DS Bid and Asked Price: | PUBLIC UTILITY. * Bid. Askea. | American Tel. & Telgs 9215 ; American Tel. & Teiga 01y Am. Tel & Tel, ell. Am. & 5 154% | G- STA TON, D. C, MONDAY, FEBRUARY 5, 1923. ~ FINANCIAL. : v i hai bégun s progra AL N 2 NS, o ey TR B2 meen sty o | ooy SR e G 25 B ot oo T o ot 5,000 Life P (Blisbed a0 Assets aver $200,000,000. D . O ° . & C M. LE ROY GOFF __Room 610 Woodward Buliding. M. 840. ean’ natlwa 0. fFirst Mortgage Loans Stock Exchange Building - producers, was announced today by the coén! PHONE OUTLAY. program of Improvements panies is indicated by the fact that, tank wago B.—An advance ! {he retail price, 21 cents a gallon, ef-{The Southern Bell Telephone Company ! tivity of the power and traction com- ' on the common Stock. to of birth for illustration. Insurance—All Branches New York p! Th K A 1 Thomas J. I;::hl:; f "&?mm Inx{ EQUITABLE Co-Operative Building Organized 1879 43 YEAR COMPLETED Ansets ... ool ,909.58 Surplna .. - $1,180,880.31 Systematic Saving | A plan to make saving easy— Save a little each pay day and Trount acosmenlea’ty St e Imount acoumulate Imo: n & short Subseriptions for the 84th Lssue of Stock Belsg Received. Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St N.W. . TOHN JOY EDSON. Preatdent PRANK P. REESIDE. Seey. FIRST TRUST NOTES [+ as issued by us, will be found to be a safe and sure method for the inexperienced investor. STOCKS and BONDS MEMBERS: New York Stock' Exchange Chicago Stock Exchange Associate Members of New York Curb Association COTTON GRAINS COFFEE SUGAR Y. Cotton Exchange cago Board of Trade N. Y. Produce Exchange : Minneapolis Chamber of i Commerce WASHINGTON OFFICE Main Floor, Woodward Building Office. Open Until 5:30 P.M. Phone Main 2040 JOHN CALLAN O'LAUGHLIN CHARLES R. ALLEY Manager Assistant Manager The Safe Six Per Cent , 4. That there is little diminution in'the | Anacoetia and American love for the clgarette 13| C & P. Telepho clearly shown tn the domestic produc- | Guslul Trclinh tion of 1922, which reached the new |y and Suburban Digh-water mark of 53,682,028.982 in | Sietropesiien a® o the year just closed, as compared ;‘;‘,::" ,'i;::f"‘ with 50,899,048,366 produced in 1921, the next best year. December production. of cigarettes ran 18 per cent ahead of 1921 ‘and 20 per cent ahead of 1920. Cigars also showed an increase of 21 per cent in December, 1922, over the same month in 1921, and 10 per cent ahead of the same period In 1920. HERE is generally a difference between the value of a piece of property at the time a first mort- gage matures and the date it was first made. Well se- cured loans are made with this fact firmly recognized. L3 Paper Mtr. The output of smoking and Chewing | Risks Realty b (on) tabacco for the month was 6 per cent. Rt - above the preceding December and | Mkt ® 52 per cent above December. 1920. | 5 : . Snuff production, however, dhcrelsefl’ 5 per cent from December, 1921, but| 28 per cent ahead of December, 1920. Larger Cigarette Exports. For the vear cigarette production was G per cent above 1921, and 20 X per cent above 1920. The clgar out- nut was increased 1.9 per cent over the preceding vear, but was 13 per iow 1920, wnile smoking and chewing tobacco showed an h\crease[ { 5.0 per cent over 1921, _nnd 5 per cent over 1920, Snuff ran 7 per cent ahead of the p(r‘n‘edh‘\s year, but 3 per ent below 1920, 8 There were 11,470,178,000 cigarettes T esported in the year ended Di cember 31 last, which was an increase over 1921 of approximately 3,000,000,000. | Cigar exports showed & slight_in- crease, while_ exports of plug tobac- | & co were 3,797,0. against 2,586,781 pounds in-1921. Exports of smoking tobacco aller, however, amounting to 1,285,765 pounds in 1922 as against 7,656,700 pounds in 1921 A. L. B. Activities. bert V. Fleming, vice president flngova.shk'r of the Riggs National Rank, will address the elementary class, Washington Chapter, American Institute of Banking, tomorrow night, taking as his subject “The Federal Reserve Bank—Transits.” On Wednesday, before the flhapl_er‘u standard economics class, Prof. ¥. J. Donohue of Cathollc University will talk on “Financing a Modern Busi- oo n while on Thursday night Ray- | (R0 Sris B. Dickey will continue his|” TIT! Jes of talks before the megotiable| . . = - " instruments class, taking as his theme | 1/ - “Negotiable Instruments.” One Warrior Rem: 3 A thorough search of N rork city is being made through newspaper in- o Mergeathaler . - g WY 2% Josimal Straws, fortany | Oid Buteh Sarke? It Is Not How Much You Save, But How Carefully You Invest What of the future of the values of today? Will rents decline during the next decade, with a correspond- ing decrease in values? Or will they continue high and go still higher? If they decline, will the mortgage you hold or are about to buy be as well secured then? These are questions you must decide for yourself. Out of the Large Number of People Who Know How to Save, Few Know How' to Invest Our loans always carry a margin of safety which recognizes the possibility of a future decline in rents. They bear interest at the rate of six per cent. Bonds so designated have market advantages’ which they would not otherwise possess. ! The sale of securities = to such Sinking Funds can often be accom- plished at better than market prices. We wik be glad to send you our recent re- viewof bonds containing Sinking Fund provisions GRAHAM, PARSONS & Co., PHILADELPH A NEw York Consult Our Lnn Department [SHANNON- & LUCHS| 713 14th Street Main 2345 Swartzell, Rheem &P Hensey Co. 727 15th Street Northwest ‘Washington, D. C. American Cercoras 53 Years Without Loss to An Investor Real Estate Tit Columbia Graphophone co Columbia Graphophons pf WasHingToN 40S Hisss BLDG. Telephone : Main 2655 remaining Specimens of those “cigar [DId Dutch Mar store Indians” which once stood be- |gecurity Storage NEW OFFERING $6,770,000 Monongahela West Penn Public Service Company (Monongahela Power and Railway Company) (WEST PENN SYSTEM) First Lien and Refunding Convertible 6% Gold Bonds, Series A . Dated February 1, 1923 Due February 1, 1928 Interest payable February 1 and August 1 without deduction for Federal Income Tax now or hereafter deducti- ble at the source, mot in excess of 2%. Denominations of $1,000, $500 and $100. Redeemable by lot at any time on forty-five days’ Fublished notice at the following prices and accrued interest: At 10214 to and including February 1, 1924, lese %% for each year the ter to and including February 1, 1927, and thereafter at par. The Company will agree to reimburse the holders of Series A bonds, if requested within sixty days after payment, for the Penneylvania and Conecticut personal property tazes not exceeding four mills per dollar per annum, Mary: land eecarities tax not exceeding four and one-half mills, and for the Massachusetts income tax on the interest not exceeding 6% per annum. These refunds will be made only to residents of these states who have paid said tax. fore every tobacconist's shop. Washington Ma "They are wanted for a tobacco ex- | Vellow Cab... position to be held In New York, says Straws. “Only three or four have been re- porteradter ot oiniss e | DIRECTORS DECLARE eems yet to have recalle al Srobapiy. the last working' clgar STEEL MERGER LEGAL store_Indlan !Ln‘nd’: In ;he 'lfohby ht:t - Bisia- L iy the Hotel McAlpin and ofters his cheroots to the crowdf‘. l-;:ciolmxr:e;nn- ')fldvnle Stockholders Assured tates the fact that the pin for- s Iahe® was founded on a retall cigar| Plan Will Go Through—Divi- store in front of which he stood for alois it S vears." H . The searchers might take a trlp | ay the Asoclated Press. to Washington, as doubtless many of | Mo Pen i PO o these old cigar store “red men” are [ 1 3 ry 5.—The Mid- T eheq away In garrets of local to- | vale Steel and Ordnance Company, in a | letter to its etockholders assures bacconists. This city had Its full share when the tomahawk wielders|them that the proposed merger of the were In vogue. company with the Bethlehem Steel Corporation is entirely legal, and: $1,100,000 HOSPITAL. does not conflict with any federal law. - 9 jal)— e recent complaint of the Federal HOUSTON, February & (Special)—|p o4, Commission in re Contracts for the main building of the Hermann Hospital, which will cost $1,100,000, have Just been let, and several ce buildings and public institutions, tng $500,000 and up, will be put up hin the next two months. MANY INVEST IN OUR FIRST MORTGAGES because, they are absolutely safe, non- fluctuating in value and yield an ade- quate return, payable every six monthg to investors. Quarter of a Century Without a Loss practice in the past, the letter sald. 1o Smolntsiob $0iandiup.. - - The propriety of the merger would be established, it was stated. Stockholders of the Midvale concern Washington’s Oldest National Bank A Financial Adviser —vhose counsel is based on the cumu- lative experience of over a century’s B. Main 2100. F. SAUL CO. 1412 Eye St. N.W. Mr. A. M. Lynn, President of the West Penn Company, summarizes from his letter to us as follows: contact with all phases of business ac- tivity, must bejin excellent position to help you steer your business course successfully. 7 As a customer of “The Metropolitan” you are free to bring your particular prob- lems to our officers’ attention whenever such a course is expedient—officers are readily accessible. 3% Paid on Savings National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1 ,700,000.00 15th St., Upposite U. S. Treasury—109 Years Old INVEST LoUR Al SAVINGS This = “)HBTHER you have $100, $500, Booklet $1,000 or more to invest, investi. will gate our First Mortgage Loans_on Wash. Help ington Homes before placing your funds. You Place NEVER A LOSS Your luOur couetvd ec:;ive business methods ve 80 pe rotected and saf Money guarded lie fun :f our inve:tnorl .!h:l Safelv 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. sses and our methods of handling' 614% and 7% Interest | Convenient Denominations - Organized in 1814 6 Yo O s rowma) Call, Phone or Write for It First Mortgage Investments 1409 New York Ave. Main 4600 O LOSS TO ANY INVESTOR IN 50 YE. Invest Your Funds at - 6%% With D. C. Intangible Tax * and 2% Federal Income Tax Paid We have available several new offerings of First Mortgage Investments at 6% interest with at- tractive tax:refund features. They have been purchased by us with our own funds after careful investigation. We recommend them as thoroughly safeguarded investments, suit. able.to the requirements of all investors whose first consideration is Safety. Reservations accepted for future delivery $5,000, $1,000, $500, $100 Maturities: 2 to 15 years Call, write or phone for descriptive circulars Without tion ebout your First net retura of not less than 6/2%. Street Address 2 Cuy. ke F.H.SMITH CO. ounded 1873 FIRST MORTGAGE INVESTMENTS* 1414.1416 STREET, N. W. NO LOSS TO ANY INVESTOR IN 50 YEARS Monongahela West Penn Public Service Com- pany (Monongahela Power and Railway Company —a meeting of the stockholders has been called for the purpose of changing this name), is a subsidiary of the West Penn Company. The Company is ably managed and enjoys close confinued contact with the management of the West Penn Company and its subsidiaries, including West Penn Power Com- pany. The West Penn Company has a large cash investment in the common stock of the Company. The Company is the largest and most important electric power, light and railway property in the state of West Virginia. The territory served by the Company and its subsidiary, Kanawha Traction and Electric Company, at wholesale or retail, has an esti- mated population in excess of 250,000, and includes such cities as Fairmont, Grafton, Morgantown, Man- nington, Weston, Philippi and Parkersburg, West Virginia; and Marietta, Ohio. This territory with its favorable combination of well developed manu- facturing communities and fertile agricultural area is ranked among the good fields for power consump- tion in the United States, and offers exceptional op- portunities for largely increasing the Company’s business. The First (and Refunding) Mortgage Bonds, due 1942, which are to be deposited as security for this issuc are, in the opinion of counsel, secured by a first mortgage on the two power plants of the Com- pany having a total generating capacity of 46,250 k.w. (which amount is over 80% of the installed generat- ing capacity of the Company and its subsidiary), and by a first mortgage upon all the gas properties of the Company and upon approximately 70 miles of street and interurban railway. In addition, they are secured by a mortgage on the remainder of the Company’s property subject to eutstanding divisional bonds. The First Lien and Refunding Convertible 6% Gold Bonds, Series A, will be secured, in the opinion of counsel, by a mortgage on the entire property of the Company and will also be secured by the pledge of (a) $6,478,500 of the Company’s First (and Re- funding) Mortgage Bonds, due 1942, which bonds rank ratably with $3,747,300 bonds now outstanding with the public, and (b) $377,300 First and Refund- ing Mortgage Bonds and the entire preferred and common capital stock of the subsidiary company. There are now outstanding with the public $2,500,000 of the Company’s divisional bonds and $2,400,000 of subsidiary company bonds. An examination of the properties of the Com- pany and its subsidiary was recently completed by independent engineers and they have estimated the reproduction value, new, in excess of $31,000,000. There will be a total of $15,417,000 principal amount of bonds presently outstanding in the hands of the public. The combined gross revenue of the Company, including its subsidiary, as certified by independent auditors, for the twelve months ended December 31, 1922, was $4,436,652.58 and for the same period the combined net earnings amounted to $1,469,732.61. For the four years ended December 31, 1922, the average combined net earnings were $1,460,878.31. The annual interest charge on bonds to be outstand- ing with the public requires $338,550. Series A bonds will be convertible under condi- tions outlined in the fully descriptive circular, on a 6%, 5.90% and 5.75% income basis into Series B Thirty-Year 515% Bonds to be issued under the same Trust Deed as Series A. Price 97.89 and Interest, Yielding 6.50% Monongahela Valley Traction Company General Mortgage 7% Five-Year Gold Bonds due July 1, 1923, will be accepted at a price of 101 and accrued interest to date of only, in payment for these bonds when, if and as First Lien and Re- funding Convertible 6% Gold Bonds, Series A, are issued and accepted by us and subject to prior sale’and change in price. Halsey, Stuart & Co. Incorporated E. H. Rollins & Sons Hambleton & Company #bout February 20, 1923. W. A. Harriman & Co. Incorporated Dominick & Dominick Robert Garrett & Sons ‘These Bonds are offered for delivery when, as and if issued and received by us and subject to approval of counsel. pected that temporary bonds or interim receipts, later exchan geable for d’eflnl All statements are official or are based on information which we regard as reliable, and while we It is ex- tive bonds, will be ready for delivery on or do not guarantee them, we ourselves have relied upon them in the purchase of this security.