Evening Star Newspaper, March 18, 1923, Page 30

FINANCIAL. THE \General Business Prosperity ' Reported Near Record Mark LOANS ' If you have money to invest, wc can safely gne it on gilt-edge first . C. Mortgages. Our vecord of 30 years insures your protection. Courte- ous treatment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. Money to Loan Bocared br firer Prevailing in Joseph I. Weller e CONTINENTAL TNSTRAVCT YTLMTNGTON. D Oa the #1st dav of De under the Disrric of Juse 0. 1902 ana Aug. Capital atock Capital stock, paid op [Some Precautionary Signals—The Mort-| | gage Money Situation in Washington. ! Convention Plans—-Bank Stocks. g Lk on Toa) aatare BY L A. FLEMING. For a matter of two years, fon of months, general Ay orzbusine.,\ has been making overy, 9 {until today the reports indicate that | Tn some sections { three months of 1923 Wil | e pa ne -:\?'b;“nhnrf:\r\:u- producs the largest volume of like |tively employment, high prices period en record—this even exceeding | ?‘»;”f : g:; Fr:v‘::h fmr\ yreoducts, the wild days of inflation ¥, for everything but money b ertainly a tribiite to the areat m;w-""nd“” gt the American market. the . ratio of the federal re- AoanAananAanadl indicating that but a quarter of | resourcis are under employment. | rom $109 to §300 on D. C. 1 te and household goods or ton, are very reasonab ; Precautionary Signala. 1 As might be cxpected in the mid ls. 7 per cent interest. No broke e charged. Come in and let us ex- prain our method of making small ) chief source the rest tions, mee In some sections the of our activity, while of the world, with few excep- struggling to make both enda] with the two ruggle ap- here seems compara- £ 1811 ASSFTS | s Cask in oMce $10 021 50 | 7Y 077 6% | 1.3%8.685.00 | 250010 | eserve sestem seove aant s (drer 1en) (amortized IR:! of y ¢ in business, in produ premium i tion and sale, in rel esiate and Tora pre in aesers LIARILIT Fet unpard cini b Lown & Finance O _, Room 211, 921 16th St. N. System Copyrighted & Patent Pending oration rents, there ave sor fonary | signals s to warn of the dangers of & overhend { mers siness lines are | forced to ing rents to s cure sites or by orb t prices | #nd are in deep water, frequently be- | ifore doors are open for business i 1 uires an enormous volume of | to r'!e' overhead ch {21 1!“ If You Believe In the United States S o | You Believe in Washington! beveer ot the | they have less| | and | 1 is rushing prices hants st |member the lassons of 11 | when they were caught in the b strike with enormou { elimination of any With this their memor the mistake stocks All authorities agree that with the {increased volume of business thare is] also a larger degree of cash payments ¢ being especially true | western and central western | First Mortgage Notes 7% Interest Now Available Notes $100 to $1,000 1920, uyers’ stocks and an sring the wear 1020 G W RYDAREN, v D. P JONES. Ren Kubseribed ani 1418 dar of Fabrna {Seal) ip r will not mak carrying too heavy | befora m o crrTf cragpe 6 oTweLL Buite 33 Sarier vidg Cotare O and F ot Srahing ail order houses are doing | more business than a year | {220 and the cheaper chain stores r i port an average of 26 to 33 per cent iover last year. Matter of Mortgage Money. INVESTIGATE” The annnal dividend re turn per vear in the DISTRICT GUARANTY CORPORATION 1z as follows: i our trust com vestors are com antaga of the Di; panies of 1 per cent strict of Co- $28 $56 $34 8112 £140 £168 $224 . $336 pon ¢ L. %560 TUpon $10.000. . ..81,120 And. in addition. there is accumulating a sur- plus, in which vou will r rates § and 1 of ver | {above the 34 e ! of two big ins: secking Washington i Available to Buy Good 2d Trusts of 1, 2 & 3 year maturity; monthly or annual pay- ments. Private funds d-mands according SUNDAY STAR. . WASHINGTON, | Sales D. C, MARCH 18 RANGE OF MARKET AVERAGES The following chart shows graphically the action of forty repre- sentative stocks dealt in on the New York Stock Exchange. The period covered is thé past month, up to and including the close of the market Fn;:-‘y. March 16 Thé lower section of the chart indicates the relative BCtivity af the wariir FEBRUARY 15 16 17 10 20 31 23 24 26 37 SIYVES NONTIW ht, 1923, by W. F. Meyer.) Industrials, 1923, ..105.28, March 14 96.96, January 16 Rails, 1923. 93.90. September 11 |Hi . 90.63, N 7 January 9 |Low.. 8455 Twents Industrial Common Stocks Used Are: Am Sugar Castral Leather Rep Iron & Steel [ € Am Tel & Tel Corn Produ 8iudebaker S Gen Eleetric Teuns Company Gooarich TS Rubber Twents Ratlroad Common Stocks Used Are: CM&S:Paul KCSouthern ¢ & Ohio Del & Hudson Lenigh Valley d.an Pacifc Etie Louls & Nash nois Central N Y Central Pexnsylrazia Daly Movement of Averages: ~ Indostrinla, 1922, 103.43, October 14 78.59, January 10 Ratls, 1922, lmu i Low. High. Low High Low Fedruary 18, February 1 February 1 February X February 20, February 2 February Februars 24, Februars Februsry Feb A Thursday . Friday Saturdey | Monduy Tuesday Wedzesday , Baturday ... . Monday . Tuesday y Saturdey onday i Tuesday » Wednesdsy hureday . Eriday Pry 2104 £0.66 U. S. BONDS AT A GLANCE Marn; —1922— HigL 103.02 101.69 100.80 101.78 101.00 101.00 96.74 10186 9586 10098 100.02 160.16 98.90 Low. 94.84 9600 95.60 96.00 95.74 Liberty 3%s.. Liberty st 4s. Liberty 2d 4s Liberty lst 4%4s. Liberty 2d 4¥%s Liberty 3¢ 4%4s Liberty 4th 4i4s. Victory 434s United States 434s. * Closing bl The Year 1923 to Date on the Washington Stock Exchange. Up to and including Friday, March 18, 1023 Fuarnished by W. B, Hibbs & Co., Hibbs Bullding. BONDS. $14000—C. and P. Telephone 1st 5s 56.500—Capital Traction 1st 5s... 17.000—Gaorgetown Gas Lt. 1st 53 32.000—Pot. Elec. Power 1st 5 57.000—Pot. Elec. Power cons. 11.800—Pot. Elec. Power deb. 6s LB 11-15.42 9-15.28 10-15-33 P o i & FRE share pro rata. It mot only looks good, but it is good. Westlake FISCAL ACENT ____ Washington---D.C, A 2381525t 0. Tel. Main 6718 And has and others dem of the here are those who h who b Herman Schmidt 729 15th Street Main 2611 on on lsans . some mora, ter of tha an annua e of the lo estate . is charged by 1according to {loan, but the Promise of Great Convention. Although th “When Investing” Consider First Safety. te of return your will _yield. will find First Mortgage Notes always foremost in recommended safety. Send for full information concerning our 1% First Mortgage !Investments in Amounts of $250 Up to $5,000 Guaranteed Title furnished to all investors, with collection remitted the day due. - Chas. D. Sager | Experience—It Pays—- Over O Century Speci Management Properties RENTS B.F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 Second, the arter of a lizing in the Rental om and progra The sto of the i and social viewpoint erously circuiated. Every with the scryv {ments ‘and_t on that Hc |again chosen Some baukers the conve than out of the way bef. jthe Sariners that the diles of the avening n It nas aiso been suggested that the fterm of the member closen to repre- | sent the as 1 1 a business = Ok been gen- was delighted hotel appo; a 1y to 1l pe | suggested that H tle earlier wouid requi ave Lere the f home on t including on i )ciation on the executive | Aseoclation be elected for a term of two years instead of three years, un- less, perchance, the 1aws of the latter - |organization fix the term at three years There are four or five bank pres {dents in a recep’ive mood in the event of receiving the election to this | office, with more candidates, not pos’ t . developinz as presidents serve' and’ retire from the preside office. Chailrman Morgan of the conven-! tion committee aroused a little more | interest in the convention by going outside of usual convention workers for two of his aides and in the ap- pointment of R. V. Fleming as chatr- man of the program committee, Bank Stocks High. Practically all bank stocks are at their highest price of the year and many at their records. The greatest advance was made n the stock of the Riggs National Bank, which improved so far this year trom 537 to 530. This on th aggressive policy of the institutio: nd the bel'ef that higher dividends| wiil not be postponed much longe The bank now pays §13 a share semi- | | {annually, but is earning much more. | The American Security and Trust I !advanced trom 28215 to 310. National | |Savings 20 points and National Met- ropolitan Bank 13 points so far this ear. ¥ The Bank of Commerce and Sav- ings has sold over $200 on a par $100 s share valuation, while the District has scored 4 points’ gain Bank stocks ths country over have 924 14th Loan Dept M. 36. ntial | i Insurance Man Experienced in selling automobile insurance, is wanted to act as manager. Must be a producer. Address Box 309-B, Star Office. Do You Want a Pleasant Business Home? We have planned this new Building of ours—1417 K street—with the same thought for comfort and con- venience upstairs as we have given ourselves on the ground floor. Something more than merely modern— truly practical. The rooms are spacious—bright and cheerful. Their arrangement—single or in suites—makes them adaptable 1o the requirements of any business or profession and susceptible of most effective furnishings, And the service —that important essential is maintained at the highest efficiency. é Inspection invited—apply at our office on the street floor—1417 K Street. Boss & Phelps “The Home of Homes" ) Phone Main 4340 Manager An established local en- capital for expansion will make an attractive offer to et s e ager of organizing and directing a sales force; references will be re- quired; all communications will be considered confi- dential. For interview ad- dress Box 202-B, Star office. 1417 K Street comm ttea of the American Baniers' | 17.000—Pot. Eles. Power gen. 6s.. 0—Wash., Balt. and Annap. 1st s sh.' Gas Light gen. 55 h. Ry. and Elec. cons. 4s. h. Ry. and Elec. gen. 6s. 19.800—~Wash. Gas Lt. 734s... . 14.900—P. E. P. General Mortgage 7s. 3.000—Riggs Realty (long) 5s. 1.000—~Wardman Fark Hotel 6s. STOCKS —Capital Traction —Washington Ga: ceon —N. and W. Steamboat . " Ry. and Elec. com 1d ech. Nat. Bank opoiitan Bank IS _Wiggs National Bank 10—Federai-American ... ..... 136—Amer. and Trust. 124—Continental Trust i 21—National Savings and Trust 12—Tnion Trust ..... 8—Wash. Loan and Trust....... 141—Merchants’ Bank and Trust C 10—East Wash. Sav. Bank... 31—Real Estate Title Insuranc 263—Mergenthaler Linotype | rket | Sl UNLISTED DEPARTMENT. These sccurities mot listed under exchange rules: Shares. STOCK. Open. High. 1—Munsey Trust 100 134—Washington Ma; Low. 100 been good demand, as indicating | good idend outlooks on the satis- foctory business of the dsy. The interesting point just now in connection with the appeal of the District in the matter of the opinion of the lower court which decided favorable to the contention of the Potomac Electric Light and Power Company. in the matter of physical valuation of the property of the lat ny, 1s whether the Supreme art will hold it has the right to hear the appeal the final rush without jurisdiction seem to fal! flat. i The street today is waiting for a decision in the matter and not doing much in the way of trading in rail way shares. In the final. rush o fthe closing sessions of Congress all measures di- rected against public utilities, passed by the board, none being definitely d n. e investigation | ports on Auction DANVILLE. Va. March 17.—Officiat figures made public today Danville Tobacco Association showed that 27,474,437 pounds of tobacco were 1d at the local auction market which closed yesterday. The averize sale price of the leaf was $31.23 a hundred pounds, the association declared, or $8.578,784.95 for the entire | The | season was marked by the small pro- portion of common grades of tobacco placed on the floor. e BROKER ASKS $72,500. Sues North American 0il Company for Alleged Services. NEW YORK, March 17.—William A, Foster of New Rochelle, N. Y., a Wall street broker. today sued the North American Oi! Company for $72,500, which he claims is due for his’ services in securing the listing of the stock of the company on the New York Stock Exchange Charles F. Colcord of lahoma City, Cameron H. Pulley of Tulsa and Clay J. Webster, officials of the com- pany, were named as individual de- ferdants. Mr. Foster alleges that his work of getting the company's stock listed on the exchange was performed be tween October 1 and November 20 of last year. He was promised $100,000 for his services, he says, but received only $27.500. COPPER PRICES HOLD UP. NEW YORK, March 17.—An in- creased export demand has been re- ported for copper during the pas: week. The small lots recently offer- ing at concessions have disappeared ard quotations ranged from 173% to 17% cents toward the end of the week, with producing Interests represent ing sales of electrolytic at 173 cents this morning. Iron unchanged. COTTONSEED OIL HIGHER. NEW YORK, March 17.—Cotton- seed oill was higher on covering of shorts and good buying by commis- sion houses on bullish consumption figures for February, inherently strong crude situation and good cash demand Yor oil and compound. Clos- ing bids were 1 to 15 points higher. Sales, 15,300 barrels. Tenders, 1.300. Prime crude, 10.75211.00; prime sum mer yellow spot, 12.00a12.50; May. 12.19; July, 12.35. September,’ 12.23; all bia. & FOREIGN EXCHANGE. NEW YORK, March 17.—Trading in toreign exchanges was dull today, with no important chan, in rates, x ing _ sl around of the closing e appeal weodld Ev‘;n!me vro,poud failed of approval. s menns that it will be Decem- ber before further congressional ag- gitation against the utilities can be initiated. Whether the street rail- ways can operate and earn the re- quired income from reduced fares is a matter of doubt in street railway circles. The Public Utility Commission has not been abolished as vet, and until it is, it would seem to be the final re- sort and have the final say. Sales Tax. On all sides there is a revival of sales tax arguments and theorles This tax is said to work well in other countries and its advocates predict its adoption here, Hea::iy increased income taxes but reflect the great increase in business and_general prosperity, while thou- sands of winners in the stock market still hold their securities and will have to take thelr gains and make report thereof later om, POOLS SUPPORT PRICES. Saturday Stock Market Sees Many Advances. NEW YORK, March 17.~Profes. sional operators. apparently fearing t any further reactien would be flhk‘ely myn ult in & loss of public con- fdence in the market and cause heavy liquidation, actively supported prices in today's session of the stock market and the general list closed substan- tially higher. Tha opcimistic tone of the weekly mercantlle reviews and brokerage house lette: combined with the more hopeful news from abroad, en- operations on the long side of the market. The relatively easy money rates of the last few days were an important factor in sheping specu- lative action. Equipments showed the most con- sistent strength, American Locomo- tive climving 2% points to 187%, & new lsl(? ‘gor sl ; Baldwin rising 10 o —— STV ¥4 24 % 1923—PART 1. ASK PROMPT DECISION 1$50,000,000 GERMAN | ONCHARGES FORCHECKS| NOTEISSUE ON SALE Several Banks in South Oppose Fed- First Financing in United Stutes; eral Reserve Provision for Since War Announced by Collections at Par. New York Firm. N Urging the importance to the publie | By the Associarsd Press. and to themselves of a prompt de-| NEW YORK. cision, a number of banks in Georgiaifen & Co and North Carolina filed in the Su-|York & preme Court yestarday motions to ad- [ nounced ware r ng nce two cases which would test the | gcriptions in the United States for a dity of that section of the federal |$50,000,000 irsue of German govern- act under which federal re-|mant mon-interest-bearing trea i s undertake to collect at|eertificates at a price of par, to vield cir district all checks |sppreximately & per cent h them, ‘he certificates, which are guarar- ses were brought by the|teed by the German Reichsbank, are |American Bank and Trust Company | Payable in United States doilars o {and other banks of Georgia and by |APril 15, 1928, at 120 per cent |the Farmers and Merchants' Bank of{ A represe ive of Farson, S [Monros and other banks of North|CO. ¢xplained in connection with the Carolina. The cases are so far down |$ale of Gérman dollar cert on the docket that unless advanced [this market that the fssu they will not be reached for decision |[Ferman government temporary at this term of court federal courts In Georgia and state courts in North Carolina ded against the contentions of the ks that they cculd make a small for cashing checks of de- in from out-of-town 3 sustained the position of the federal reserve banks in re- siring the Georgia and North Caro- banks to pay them the full he check, even though it wn upon a bank which was 0t a member of the federal reserve L ternal loan, flsated in Germany| ‘tn aid in the stabilization |German mark. In offering cert ito American, investors, the broker I 8814, they are acting under authority received from one of the large Ger. man_banks, which {s a member of the German banking syndicate which {e_underwriting the lcan The State Department ton, in response to an notified the brokers, th there would be noc objec by the Americi govern sale of the new German tifieates in this market. Sub;cng; s are b subject alletment. Mare! 28. The cer dene: nations of $100. lcates ! £- has t Was inquiry, s said. that on raised rt to the easury cer- received, noon 3 until cates STEAMSHIPS EUROPE MAKE SUMMER BOOKINGS NOW BERMUDA Easter Trips Mediterranean, Caribbean and North Cape Summer Cruises Eurepe. Orient, South America Stezmship Tickets—All Lines Regular Rates OBER’S Steamsbhip and Tourist Agency No. 1 Woodward Building Phome Main 1088 members of the ne outpost of ! 2 SOUTH AMERICA ut the notice for the fol- for the week of March 13: Monday night, department lh-nd rehersal, Pennsylvania javenue southea stor Camp, in | Etanley Hall, Soldiers’ Home; Dewey s' auxillary, 921 ia avenue southeast. Tue General Miles Camp, in 11th and E streets E night, Urell Trell p, Ladies” Auxili- ank building in | th eeting of the s’ Home, United s Association, will my Hall March 21. are ordered to official visita- t Commander Pat- staft at 7 \band at § i places Az ezjorable e ! ted ge Rio de Janeiro Buenos Airex Montevideo Vaubes, Mar. geth Veswis, Apr. 1lth Lowest I Live cpavers, Tnexcelled Service. April 13 neast Mason . §th and F etreets northea tor Camp, 16, in Stanley Hi oldiers’ Home: Lawton Camp, April at 921 Pennsvivania avenue south- and Urell May 1 Tempie H t Astor st muster, took oyne and Orlan E members. . Thomas ed as senior vice Dwver, rasigned at the lai for $50 to ment committee. Depa mander Patterson, Senior tment Commander James | and Commander Graef of Camp were welcome visitors. hairman Leahy of the good and wel- fare committes was given authority o preparc a program for the recep- of the department commander ff and band on_April 8. airal George Dewey Naval Camp its muster Friday night. A {check for $100 was sent to national | neadquarters for use by the legis- ative committee furthering the for equal n of all New York Ciry Tourist Agent or R. M. Hicke Toi8 F St. X'w __General Districe Agent. From Los Angeles S.S. City of Los Angeles sailing March 24 and S.S.Caliwaii sailing April7 are among the finest and most luxurious vessels afloat. nt com- was ad- mander ste t Depart- Patterson present R. J. n a membership badge for the one Comrade Donnelly thad placed upon the uniform of & decessad comrads, which he did. Andy ed a delegate 10 phans’ Hoeme M-‘ full infor: ) ation about the new U. S. Govern- ment ser- vice direct from Los Angeles to s in Py nah Weber fallowed Garvey, the busine 5 Pleasan ertain the e with a| _— = ‘Write today for full details Los Angeles S. & Co. 817 S. Spring St., Los Angelas t muster, ad on, assist- e 'pension bureau, as amber. along with Watson B. Miller, nationai commander of the American Pasi_ Department Com- A Maj Harrison L. Deam of e Grand Army was a special guest A addressed the members on the ! {Widows and Crphans’ Hore Associa- | tion. of which he is its president. Past Department Commander Mc- Ciffrey from Miles Camp told them of the p that was being made {on the Urell monument. It was now 9 Menaring Osersions tor U. S. SHIPPING BOARD Camp || . number of recruits are to be taken in at their next muster, ard that plans for the regular muster day exercises for April 21 will {be taken up. All comrades are in- jvited to attend April |15 at 821 Penns avenue south- | east 3 | “*Department Commander has designated Monday nights as department night, 921 Pennsylvania avenue southeast, 7:30 to 10:30 p.m. A reception will be tendered to Department Commander Patterson and staff by the ladles of Pettit Camp Auxiiary on Maroh 22 at 8:30 pom. at the Potomac Bank Building {in Georgetown. i | AUTO-LITE DIVIDEND. i { ~NEW YORK, March 17.—A dividend | {of $1 a shage on the common stock erl !the reorganized Electric Auto-Lite | Corporation of Toledo was daclared | by the directors today. The dividend s payable April 2 to stock of recerd March 20. TOURS "EUROPE Exceptionslly low rates, fnest stesmers, axcatass hotas. Send for foider. BEAU)S;ARTS TOURS G 8 Phone Nort: 688 states that a Patterson F you are May. I Gearge Washington . | President Roosevelt 139% offer a comfort. Find out about them ' Iceland-North Cape Annuol Summer CRUISE From New York Jue 2, 8. 6 "X mooth of delightul un L e Bjords, " Horwag, ooy Eraibicion. " Daskatk Early reservations desirable. Europe Tours og Francs, British Teles, Ttaly. 6pain,_ Switzerland, Belgium. Hol- land. Departures at convenient dates. For Booklet and rates apply o Ober's Bteamship & Tourist Agency, O O A ¥ idality Tou: 1463 New York ave. n.w. 45 Broadway Raymond - Whitcom TOURS & CRUISES Managing | cARONIA adwance. A few choice accommodations are e Ry - s aiing Apd T ing A In addition to these, one of the five famous ‘;uhin“ shiz from New York eack Wednesday. 51 U. S. Government ships, operated by the United States Lines, e for every purse — supreme luxury or salid, happy he Giant Express “PARIS” Wednesd The Magnificent “FRANCE” Wedzesdey, April 18tk Ma; ine 13 July & Juze 23 Aug. ¢ New York—Havre—Paris 1 Juze 21 July 25 Aug. 30 # Y ork—VigoiSpainj—Bordeaux Apr. 26, Yuze § Gezl Ageat, e, nw. uAx Al Sailings o ANCHORUnes N. 7. to Cherboyrg azd Souttamptes. AQUITANIA . ... MAURETANTA . BERENGARIA K. ¥ to Plymouth BAXONIA .. ... TYRRHENIA Liver 21 3 LM Ju Bosurn to Cobh (Queen: Liverpoo! ACONIA (new) C uzs 23 COMPLETE OCEAN STEAMSHIP SERVICE WHITE STAR—To Channel ports. Liverpool Queenstown axd Bremen. Standard of servies i= keeping wiih the magnificence of Olympic, Homerc and world'e largest ship, XMcjestic. Regular expresa serviee. RED_STAR—To Antwerp, callizg ot Plymouth and Cherboarg. Weekly asilings of four shipe headed by the distinguished Lop- lond and the mew Belgenland. AMERICAN LINE—To Hamburg. Service of regularity. dependa. bility, comfort and convenfence. International Mercanti Washingtor office: 1208 F $t. n.w. . M. HICKS, “Manager. PRING S TRIPS To Historic Tidewater Virginia NORFOLK— VIRGINIA BEACH 2 via Potomac River and Chesapeake Bay Every Day in the Year Modern Palace Steamers City Ticket Office ‘Woodward Bldg.. 731 15th St. N.W. Norfolk & Washington Steamboat Co. . ool. ay if 1 May 12— Marine Co. l FuavESS: ERMUD (Under coy-:g': with Bermudc 3ovr.) Sailings Twice Weekly From New York, Wed. & Sai Landing passe: gers directly at Hamilton Dock, 5 the in- ccnvenience of transfer by ender Days from New York £ Twin.Se satiantio ort Victoria™ “Fort St. George™ P rCIAL EASTER 10038 S 1A T 5 2 12 Days. Sailings Mar. 24. 28, 31 Furness Bermuda Line 84 Whitehall New York Loca! Tourist Agect. ONCE! Spring Bookings to Europe~ il fim‘fim""fld Sty bockat & opea far our Apdl e o o siling Aprill4th pril 21st s eails at once. INFORMATION BLANK To U, S. Shipping Board Irt. Sec. 107CT, Wash, D. G Ror tnfmasion regeraing ssilings addves United States Lines New York Offcws tn Proncipa. Ciser Oparators for SHIPPING BOARD