Evening Star Newspaper, April 29, 1923, Page 30

FINANCIAT. Richmond Bankers Operate 2 Their Own Credit Bureau Splendid Example of What Washington Fi cal Institutions Should Have. Dissection of Germany BY L A. FLEMIN Bankers of Richmond, according to Farl Amick, assistant cashier of the Riggs National Bank, are working in harmonious unity in the matter of maintaining & credit bureau, the kind of information a banker most needs 1o prevent overburrowing and som thing long contemplated but put across in this city possible for any banker Richmond, presumably all belonging to the system, to obtain information ar any time within business hours 4s to the total borrowings of any one man, corporation or firm in short order. Just what the nev is in information thus furnished to the Richmond banker would be worth if it w vailable with reference to the total borrow- ng of Washington's business com- munity may be imagined in the pro «ble savings that might have been g in @ very few instances re- Richmond bureau will notitem- the horrowings for a customer. it will aggregate the total and the bank in that way . maintaining an office. the information is sent in as fast as credits are opened and con- tinued with each new borrower and ropeated with e loan and ad- sed as to liquidation of loans. hat's the story in a nutshell No one knows how distributed as to lending banks but the trusted employe. After all, as simple a credit struc- ture as any banker could desire and one that iy at once & brake on ex- essive borrowing and putting over iny fake stories as to loans out- tanding. h vear at the District Bankers' \ssociation convention it is discuss- ~d—and all it takes to work It is & little common senxe and a little trust of vour neighboring banker Here is a good hint to the pro- am committee of the next con- ention--get @ Richmond man to drop ory of the way ix worked - the technical heme from the convention this vear <ome such movement should be orig- ted it would be cause of. con- wratulation. 1f all of the banks will not agree it few did. Try it for a starter. Bankers' Convention. with the convention still Mmore or less away, it is not ter to keep up active in- t in the gathering. This does not mean, however, that test chance of the anything but a great . annual conventions have zetting better and better each »m the first one held at Deer Park under difficulties. but at that an resting gathering. keenest satisfaction was ex v the bankers and their the last conventlon, both cess of the p features, while the sat- Springs_and its the intent to ize but over wtel evide return this v <ome of th = - leading bankers of th ity, who have not heretofore honc the annual conventions with their er have signified their inten- on of attending. Tt will be a great convention. Pub- licity w need not be started before June 1 The Good-Emough Suggestion. Commenting on the suggestion made hy Frederick Goodenough, London at the Americ: a 5 ouncil meeting on Wednes- last. v drmany, indorsed by the na- accepting and then marketed, S euns putting Germany on fect. the Wall Street Journal has this to sav: “His loan plan for Ger- any. however. in view of the worth- lessness of erman pledge, may iie dismissed as impossible. Still more it is unnecessary. By the remo the German mark guished all internal debts. imperial government is in a position 1o cancel its bonds. pavable in marks, with & truckload of worthless paper. Fvery German state government camn @n the same. In like manner every tierman municipality is out of debt and this is merely the beginning of it. v public utility corporation and \dustrial company is free from debt. per money does not mean bank- ruptey in the sense of inability to pay external loans, with a bankrupt suf- \tly unprincipaled. The nation <rupt it further. is free can wipe e day m less depreciation of Germany has ex- Every farm in from debt. The out his mortgage extinguished sav- nation gone? Into tangi things. Not a factory, not & doc ot @ bank, not a shipping compan: hus failed to add to its plant. all at expense of invested savings. The necome relied upon for old age has anished. That class is destitute. rmany not destitute. She was ver more etlicient. The original in- demnity should be collected if the French have to go to Hamburg and Bremen to get it.” Wouldn't 1t Be a Mess? It is unfortunate that the appeal from the decision of the supreme cqurt of Missouri, in re. to branch hanking, had not been an appeal from wme siate where state institutions \ere permitted to do branch banking. Just fmagine that this Missouri ap peal iy sustained; just imagine, i U can, that the edict has gone forth ihat braneh banking. state and na- lonal, was at an end. Wouldn't it & a pretty mess? Not alone n Washington, Ao the country The Chatham and Phoenix of New Vork and the Bank of Italy, in Cali- fornia, would have the hardest time. iach has scores of branches, one in New York from the Battery ‘to Har- em, and the others up and down the coast line of California. I Washington it would be an easy matter. It would seem to be a case of owning corporations quickly or- izing separate companies to take © the branches and make the best possibie wuses of them. There would 10 trouble doing this with some of the branches, but there are others that it_migh! be hard to carry on with., Each bank would have to have a special name and another set of of- feers. prepared to do all branches of hanRing. The branch fever in Washington seems to be dying down—not through lack of desire to operate, but by rea- <on of the heavy overhead. Of the permits applied for and sranted for the opening of branches on Connecticut avenue recently but one bank has gone so far as to have actually opened—the Franklin tional. The Lincoln National Micials are still considering the pros and cons of the prorposition. So {ar as known the great banking officc provided by the plans for the ‘Transportation bullding has not been leased, the rental asked being consid- ared rather stiff. - Monday the branch of the Wash- ington Loan and Trust Company will 1ake possession of its new building, designed to give every facility to the enlargement of the business of the institution. May Disbursements. May is an off month in the matter of disbursements on acoount of divi- dends and interest, and yet the total will be §764,600. Intereat paid on ment. bonds, Tel o h dond 10,000, whi winl h saven quarts of milk. | the but all and should total close to the Washington Gas Company pay $101.16Z on interest avcount. Thp firsy interest period of o e Ml — the loans are ! would be splendid if a | )RTam proper | that notes be accepted | The | Wardman Park 6s will call for $30,000. The Washington Gas Company will pay a dividend on its stock capital- ization of $2,600.000 of $12 Mergenthaler on its big capital will have some $312,000 to distribute. The big distribution of the Wash- ington Railway Company will not be made until June 1, so that it cannot ‘b-. included. nterest Payments. United States bénds, $50,000. Gus 58, $101.462. Liberty 41gs, $30,000. Telephone and Telegraph $30.000. Park 6s, $30,000. Wardman arity Storage 6s, $10,600. 60, ! } { i s, ! Total, Dividen: Waushington Gas, $127,000. National Savings and Trust Com- pany, $25,000. Washington Loan and Trust, § Mergenthaler, $312,000. Security Storage Company, $15,000. etype Company. ‘ Investigation indicates that about 0.000 capital type it of ton in shares or 50 of the are owned stock Company ingion, wh claim that the local holders are en- titled to representation on the direc- tory. There is 4 disposition on the part of the management to ignore the de- mand. for the reason that there are no vacancies on the board and the present directory consists of men long con- nected with the corporation. However, Washington's claims should not be ignored. The easiest solution directory. 1f it requires the sha: holders’ consent they will be represente at the annual meeting this week. Yo other action would give so much tisfaction to the financial interests of Washington. Victor Talking Machine Company. i Victor Talking Machine had on hand December 31. last, cash $8,635,377; miarketable securities, $6,261,500; provision made ' tor | $1.368.533 for the Gramophone Company s London and_owes, on call on the same account, $637.500. But it has increased from $4.999,000 to $34. 1 Al of which recalls Columbia Graphophone Company, now rapidly sinking in value with small chances of | recuperating. save as a means to fur- ther liquidation. Backe's Views. | _In their regular weekly letter, J. S. juche & Co. have this to say A wave of caution has swept over the country and is having a pro nouncedly good effect in holding i check the tendency which developed linto headstrong activity in 1920. and i this foresighted action will probably {prelong prosperity in the present in- | stance much beyond the period {which would have marked its termi- {nation if no check had been applied . “The halting movements in the tock market (due perhaps to similar jcauticn) may have something of the same effect upon the market's future. It is not often that a bear market {develops after a long period of hesi- tation and readjustment, but Is rather ithe finale of spirited outbursts and excited public speculation These we have not had, nor have I such good statements as those of | Atchison and Southern Pacitio and some of the industrials had any effect in advancing these securitie On the contrary, such stocks have |declined fractlonally. One explana- {tion of this rather curious develop- ment is that banking interests, h: ing accumulated theso better classes of stocks in the depressed periods, now find commercjal needs for mone. |growirg and are gradually disposing of_them. (he ‘statements of .000. banks in steadily increaging amount of secur- itied held, and it is falr to presume that as the demand for money grows these will come into the market. Ir | this is taking place. such stocks are | undoubtedly ~ passing inte strong jhands and “will prove attractive for investment purposes.” Up at Rye. N. Y. Up at Rye, N. Y., the other day a { hundred big bankers listened pationts Iy while a twelve-year-old lad gave a lecture on the merits of a thor- oughbred yearling steer as against the demerits of an old scrub. llus- trated, too. WEEK SEES TURN IN STEEL MARKET New Buying Slows Up, With Less Urgent Delivery De- mand—O0ther Metals. By the Associated Press. NEW YORK, April 28.—Steel prices continued very firm and some further advances have occurred in the way of readjustments to normal differences. Production is very heavy, with large orders on hand for second quarter de- livery. New buying has slowed down, however, and there is @ less urgent demand for immediate delive d buyers are hesitating about placing large orders into the third quarter, Pig iron is steady to firm, but demand is slow, which causes some nervousness as to the stability of values. Copper ruled quiet and easier. The requirements of domestic manufac- turers appear to be pretty well covered, while with European markets easier, little or no export inquiry has de- eloped. Although some producers are still asking 17 cents, the recent freer offeri; Yy second hands have \nsettled the market and electrolytic s hx ¥ quoted at 16.75 de- n showed little change f week. Ballies failed 10 hawd because consuming interests are slow in con- tracting ahead on account of the weakness in Singspore and liberal our- irent arrivals. Lead was qulet and somewhat easier, due to heaviness abroad and fear of Importa of forelgn metal. remained dull and prices showed further declines in absence of demand. ntimony continued to sag un the Dreasute of suppiies aftoar " 0% BANKS' POSITION FIRM. CHICAGO, April 28.—The banking situation was reported as favorable by the Federal Reserve Bank of Chi- cago' today in an sdvance statement of its April business conditions re- rt. ile the high rate of manu- acturing continued and caused an actlve demand for accommodation at industrial centers durirng March, the demand was not excessive and most banks were able to take care of it without borrowing. COTTONSEED OIL DROPS. NEW YORK, April 28.—Except for a temporary advance of 9 points in May, due to absence of tenders and short covering, oottonseed oil was rather heavy under scattered selling ?g ::—lulon houses “Cl the a.e‘l,i‘lr and grains. losing s vm ; to 15 points net lower. Sales, 3 Sarrels Prime crude, 10.00 o summer yellow, 3pot. 1155 July, 11.52; Sep- 1000, while would be to increase the has taxes, patd ts common stock | {the ‘last vear or two have shown al THE SUNDAY represents 0 industrials and outline gurve 20 ralls. Averages used are those complled by the Wall Street Journad STAR, WASHINGTON, D. O©. RANGE OF NEW YORK STOCK MARKET AVERAGES The chart below shows the high and Yow, by weeks, of fony reprasertative stocks Stock Exchange, from the first week of 1921 up to and facludiag the fourth week n!‘:‘vlr'flfal;;l.mflm:;gke Tower section indicates volume of sales of all stocks. 'APRIL Dy — 1 B y & e QUAR FQUAR. I™ - it HEEEREVELYEE UAR. 2°QUAR. SQUAR_A™QUAR. UAR. 2°QUAR. 3° EREEEF . SEEN EREER AR i .1|‘.| !'l II.. | Al | li-} i i'l LnIEE mEE R ERERL - | HARER™ TP X PR LEGEND ——p— * INDUSTRIALS .l RAILS T I ..E The Year 1923 to Date on the Washington | ; Stock Exchange. Up to and including Snturd: Vurnished by W. B. Hibbe & C RO and P. Tel. of Va. s, pa. and Pot. River H . and P. Telephone 1st al Traction 1st getown Metropolitan R. Sales $2.000 R. oy Power gen. bs : nd Annap . tvas Light gen. ~h. cons. 4¢ 00— Wash. gen. 6s as 5 gen. mort. s iggs Realty (long) sh. ket Cold 1.000—Wardman Park Hotel 6s... STOCKS. —Wash. Ry. and . pfd 14—Commercial Nat. Bank District Nat. Bank 13—Farm. and Mech. T—Liberty National Bank 51—Nat. Metropolitan Bank 4s—Riggs National Bank.. 10—Federal-American 225—American Securit 4—Continental Nat. Trust ias Light Ist 5s.. Open. Hi 94 Y s 9% 981, a6 1st 5 tional Savings and Trust.. MIORTTRUED 5.l 8—Wash. Loan and Trust... 209—Merchants Bank and Trust. 0—ilast Wash. Savings Bank. 20—Sec. 20—Wash. Mechanics . —Firemen’s Fire Insurance . 36—Real Estate Title Insurance. §—Mergenthaler Linotype Monotype m Market BALTIMORE PRODUCE. BALTIMORE., Md.. April 28 (Spe- clal).—Receipts of strictly fresh na- tive and nearby eggs continues fairly liberal, but with cold-storage opera- tors in the market daily offerings of destrable stock are cleaned up promptly, and the market closed asteady to firm at 25 cents a dozen and 23 and 24 for average receipts. Prompt and liberal shipments are atill advisable. as market may lower with warmer weather. The live poultry market continues fairly active and firm, especially for spring chickens, which are in light receipt, and ail arrivals showing average welght of one. one and a quarter pounds and better meet with prompt sale, but smaller size spring ers are undesirable, and shipments are not advisable, as they only tend to depreciate the value of the better stock. i Cholce winter chickens also in good demand. General receipts of young chickens light. Springers, one, one and a quarter to one and a half pounds, are bringing 50 to 55 a pound. while small and leghorns bring 40 to 45; winter chickens, two and a half pounds and over, sell at 40 to 45, but young stags_are plentiful and slow to move at 25. Old hens in mederate receipt, and under & good demand the market is firm at 26 and 28 for medium to large and 25 to 26 for and Old roosters entiful at 16 a: The market ?or ducks rules steady for No. 1 stock, s are in poor condi- tion, and only choice, fat stock finds ready sale at 25 to 28. Small and poor stock slow sale at 22 and 23. Plgeons and guinea fowl are steady under a fairly good demand at 35 to 40 a pair for the former and 40 to 60 each for the latter. The white potato market rules a shade lower, as well graded No. 1 stock, as buyers generally are turn- ing to new potatoes under 3 gradual lowering of prices, No. 1 stock selling 1.76 to 2.00 per hundred pounds and 1:00 %0 1.25 for No. 2s. Eastern shore Maryland and Virginia McCormicks and reds, however, 1 not bring over 1.50 to 1.75. Sweets and yams are running ample, and market rules easy with demand fair for good stock. Culls and inferior spotted stock mot wanted and of uncertain value. llw'nu ‘will bring 1.25 to 2.50 & dar- as most_ arri el and yams 1.50 to 2.00, bushel stock on both selling mostly 50 to 75. Native and nearby garden truck continues in ample recejpt, and in only fair demand at the followin quotations. Horseradish, 2.50 to 3.0f a bushel; kale, 30 to 35 a bushel; rhubarb, 5.00 to €.00 a hundred, and spinach, 40 to 60 a bushel: -prlns onions in good demand at 1.25 to 1.5 er hundred, while yellow onions are rm at 4.00 to 4.50 per hundred pounds and 2.00 to 2.50 for No. 3s. Maryland and Virginia asparagus continues in good demand st 5.00 to 6.00 a dozen and 3.9 to 4.00 for No, 3 stock. e More than 180 ministers took up golf last vear, but nobody has ever h ol & golter taking up the av. and Commercial Bank. .. 230 42 Money to Loan Becured by firet deed of trust on real estate. revailing Interes Joseph I. Weller PHILADELPHIA, April 9, 1923. The annual meetin, tne LANSTON MONi PANY will be held Priace and Royal_s May. 1923, for the pu of directors to serve April 28. 19: Hibbs Bullding. a4 sty for ting upon proposed amendments to Articls | Investigate 8% 5-Year Coupon Mortgage Notes. Interest payable quar- terly at any bank or trust com- pany. Conservatively secured. A wonderful opportunity to in- vest with safety and get 8% Net on Your Funds Amounts of $160 Up to $5,060 Apply Mr. Kelley | Capital Mortgage Co. 924 14th Street Main 36-37-652 gh. Low “BeforeYou Iuvest. INVESTIGATE" May 19 —is the day set for withdraw- ing from the Washington mar- ket the investment units of the DISTRICT GUARANTY CORPORATION Already the quota allotted to this city is almost gone, and subscriptions will be received only to the above date. 125 153% 8 | 230 42 230 38 Meanwhile the price will re- main at $280 —at which these units yield 10% in quarterly dividends. BUY NOW! t and _commis n. 420 Wash. L. & Trust | 9 & F aw. of the “stockholders ¢t TYPE MACHINB COM- | the Elks’ Home, corer | i at 12 | DAY, 34 ot electing the ensuin, | V1, Section I. and Article I. Bection 1T ot the | beence of the p | certificates, etc | dut | of transacting = | erly come be: | will be closed on Aj | and will be reo; ril 28 on” Ma; y vice president, ia the lent, to sign checks. stock creating and defining th ing. Transfer at 4 o'clock p.m., t 10 o'clock y .m. "By order of the baard of directors, ARTHUR SPLLMAN, Secrefary. WOULD YOUR INVESTMENTS PROSPER UNDER THE CARE OF MEN SPECIALIZ- ING IN FINANCIAL MATTERS? Quarter of a Century Without a Loss. B Main 2100 ‘HE making and care of investments is undoubtedly a task for a special- ist. Lack of knowledge and expericnce may mean serious loss. Through various ways we are kept in intimate touch with the financial market and we will be glad to go over your holdings and advise with you regarding same. . F. SAUL CO. 1412 Eye St. N.W. 29 1923—PART 1. LOANS If you hLave money to vest, we can safely place it on gilt-edge first D. C. Mortgag Our record of 30 years insures your pro- tection. Courteous treat- ment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. OANS From §50 to $300 on D, C. resl astate_and household goods’ or chat- tels. 7 per cent interest. No broker. age charged. Come in and lot us sx- fain our method of making small ans. Commarcial Loan & Finance Corporat Room 211, 921 18th Bt. N.W. System Copyrighted & Patent Peudiag. Continental Trust Company Capital One Million Dollars 14th & H I ll!“»lllllllfi “Why” ~take a chance in any invest- ment that might result in a loss When ——there {3 available such secur- ittes as Giit-Edge 1% 0 rst Mortgage Notes in Amounts of | $250 up to $100,000 We have on hand subject to prior sale a limited amount ‘ertificates of titles furnished with all notes Full particul Chas. D. Sager ' 924 l4th Street Main 36 and 37 Mortgage Investments QT L T ™ rgawzed iu 1814 OFFICER GEORGE W. WHITE. 0. H. P. JOHNSON B. OGILBY ¥, JACOBSEN. CHAS. E. BRIGHT H. BEDFOED. C. 1OUIS ECELOEF 3. "GALES MOORE. DIRECTORS T T ALTE! lglEDElICK DeC. FAUST WM. F. GUDE CHARLES JACOBSEN 0. H. P. JOHNSON RUDOLPH KAUFFMANN Dr. J. THOS. KELLEY, Jr. HENRY LEONARD A. LISNER. TOWNLEY A. McKEE C. F. R. OGILBY Nationa * Capital, Surplus CHAS. 6. W. R! GEOEGE J. H. RALSTON FRANK P. REESIDE HUGH RETLLY E. FRANCIS RIGGS WM. H._SAUNDERS HERBERT T. SHANNON H. 0. SHERIDAN FINANCIAL, If You Believe in the United States You Believe in Washington! Per Cent ¥irst Trust Notes $100 to $1,000 An investment of the safest nutuce Planning for the Moderate Investor We are offering for sale First Trust Notes—se- cured upon some of Washington’s best real estate— that pay 79 interest. You are not speculating when you buy these notes. They are solid as a rock—sup- ported by realty that far outweighs them in value. You can purchase them in amounts ranging from $100 up. This is done for the benefit of those who have moderate amounts available for investment— and want to enjoy the security and the generous 7% interest paid. Come in and let our Mr. Phelps go into details—they’re interesting. Are you sure about your Insurance? Let the Man- ager of our Insurance Dept. tell what risks you should cover—and what it will cost to cover them. Boss & Phelps The Home of Homes 1417 K Street Phone Main 4340 s Open Until 5:30 p.m. Tomorrow & Tuesday In the Spring-time of Life —while you are voung and vigorous earning money—is the time to lay the foun dation for a competency. and 4 Nothing else stimulates effort to providc for the future—no matter what your ambi- tion may be—like a growing savings ac- count—in a strong, helpful bank, such as this—the OLDEST National Bank in the e District of Columbi VAR ¢ 1f you are not already a depositor in “The Aetropolitan,” by all means become one THIS PAY DAY. Bring in your current salary check and utilize part of its proceeds to lay the foundation for a successful finan- cial future. We are helping thousands and will be glad to help YOU. One dollar or more will open a savings account. Asst. Cashier "Auditor SMITH. Jr. TUCKERMAN W. A WIMSATT W. WHITE 3% Interest Paid on Savings Metropolitan Bank and Undivided Profits, Over $1,700,000.0u 15th St. Opposite U. S. Treasury—109 Years Old Y E A R S 10 LEGEND under our Investment Sevings Plan. pendent Income.” IS 20 25 30 X 40 If you would like to know mere abeut this simple, safe way 0 increase the income from your savings, call, write or phons Main 6464 for our free boeklet, " How to Build an Inde- More Interest than Principal S THE accompanying chart shows the surprising growth, at 6%2% compound interest, of an invest- ment in our First Mortgage Bonds of $20 a month. Atthe end of 25 years, for example: You will have invested - $6,000.00 You will have received in interest 8,619.25 You will have accumu- lated $14,619.25 In other words, strange but true, the total interest received will be $2,619.25 more than the total principal invested. This chart shows the growth of & menthly investment of $20 You can invest any amount, from $10 a month upward, to earn a proportionate amount of interest. NO LOSS TO ANY INVESTOR IN 50 YEARS ke F. H.SMITH COMPANY ounded 1873 FIRST MORTGAGE INVESTMENTS 1414.1416 EYE STREET, N. W. Y A i = i -