Evening Star Newspaper, November 8, 1923, Page 27

FINA NCIAL. ‘NEW YORK CURB MARKET Recelved by Private Wire BY WILLIAM F, HEFFERNAN. | NEW ¥ORK, November S.—The up- turn in the oils on the curb market | became more pronounced today than | at any time sinee the culmination of ar movement in this | stocks. i es of from 1 to 4 pvints rded throughout the Stand- ard group before the end of the first hulf session and, despite the re- duction in Mid-Confinent crude oil announced in the afternoon by Prairi Oil 3 . Sinclair Com- pany ) “the - improv ment o 1 -point gain made Producers and s of deposit moved | v with the former and a d 19, the best price 50 | re Ohio Oil, up 3 andard of Indfana. up point ; Imperial Oil of Can-| up at 98, and Standard of and South’ Penn Oil. each up Direct to The Star Office 4 point or so before any reaction gecurred, Mutual was heavily dealt in, although the price was little changed. Reports that fous shares of Mutual 01 would be exchanged for one share of Continental in the proposed con- solfdation of the companies were de- Tied. Continental moved forward & poini In sympathy with the general upswing. Higher prices were the _rule throughout the greater part of the industrial list, with motor shares | coming in for more attention than for some time. Yellow Cab rallied gharply on what appeared tg be covering. At 130 from last week’s close. of about 2 points took place in Peer- less, and Durant of Delaware crogsed 30. Glen Alden got back to its high 91%. American (as and Electajc established a new top at 47%. The advance of % cent a pound in topper quotations during the present week was cause for renewed activity in the copper shares, but price changes were unimportant. e——————— Is an of traded in « 10205 deb w i 98% s Eq 7s. 108 1 14 units. 4% Washington Stock Exchange. | Washington Rwy. & Elec, 1<—$1,000 at 69, 3200 at 69, 00 at 69 000 at' 69, 5o $1.000 at 978, » 10 at 9%, ‘Washington -10 at T14. ‘Washington Gas Lij 49, 4 at 49, 2, 10 at 71%, 10 80 Mex Ol .. 82 1 Mex Panuco . 65 A s 10% 1 New Braat Ofl w i 3% S i = INDUSTRIALS. 3 Am G & El new wi 404 s, Inc. 7 Bridgeport Ma w i ght .oooroos iugal Ir Pipe 4 Chic Nip 24, Colorado Pow & Lt 1 Dort Motor ....... 7 Dubilier € & Radio 12 Durant Mot ... 8 Durant Mot of Tnd D Pont Motors. ... 1 S 1 Heyden Chem .. 1 fud & Mann R 11nt Contl Kubber. 1 Jut Concrete 1 C.. 1 Kresge Dept Stores 4 Lehigh Power se 1 Mesabi Iron t Leather . 2 Paige Motor - 1 Aluska Brit-Colo %) Belcher Extens 18 Boston Mont Co 20 Butte & Western 160 Lo r 2 Mason Val 0 McKin Dar National Tin 2 New Cornell Y Porcupine pissing Ray Hercules Tnc.. Red Iiill Flore; 4 8an Toy 30 Silverdale 140 Milver Hor 10 30 White Caps 3 Yakon Gold . BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid American Tel or! & ' Telephoue of Va. Bs. Traction R. Buburban 5s. 5 MISCELLANEOUS, Rigad Redlty 5 (long Higes Reulty 5s (short Wasn. Market Cold Storage bs.. PUBLIC UTILITIES, American Tel. & Telg Capital Washingion Norfolk & W Wash. Rwy. & Wash. Rwy. Terminal 288 & EENgESEES TRUST COMPANY, £58628 = SAVINGS BANKS. Commerece and Savinj East_ Wi L1 Wasbiogion Mec FIRE INSURANCE. American Corcoras Casbingtan o ellow Cab. 5% | | First Mortgage Loans ‘ For Sale | In denominations of $250 and| | upward, bearing 6)4% interest. |Secured on improved properties. i See Mr. Field Hedges & Middleton, Inc. 134 H St. N.W. Frankin 9503 udge judge friends. Consider character as well as repu- | tation. Don’t let mere name be your only assu- ance 2 If you are determined to have complete safety, you must have funda- mental security, Our new booklet— “« ntelligent Investing” tlines im, i el —_— MK. EXECUTIVE! Thertughly competent bo keeper ‘and gemeral office mi USUAL CUT IN MOTOR - PRODUCTION EXPECTED| NEW YORK, Novemher 8.—Auto- motive Industries says: “No mcre than a normal decline in automobjle The Margin of Security We Demand to Safeguard Clients Investing in Our We Buy and Sell Liberty Bonds Treasury Notes Etc. production is expected this month, notwithstanding the relatively high manufacturing schedules followed! in October. H 1 bsols ety unde and all “Slowing down in production ®is Iaioes Shulul amiery: WAkE Say ARG = usual at this time of year, and accom- | A It Bt e ssexene 1o demind | 67 to 97 Yield Bonds, Public Utilities Stocks noted in various distributing centars throughout the country, sales sre Monthly Payments uf Desired Write for Beoklet 7% ; First Mortgage Notes also our established record of g lost i much & igle penny. i| Guaranteed les and insurance policies furnished with all note | Notes of $100, Now on Ha | y For full particulars apply Mr. i 0'Donnell, Loan D(‘lhlrmtlli.w Bond Department The Washington Loan keeping at an unusually good 1 “Mild ather has been somewkat of a retarding factor in the sale of closed models, although it has beenyof material assistance in the retalling of open cars. . “Parts makers report a healthy cen- it was ovet 7 points | A% advance | dition in their branch of the industh: with no pronounced let-up proba “Serving ¢ Nation” during remaining months of the yeu.” | Thos. W. B v & Co . Brahan, . Money to Loan ) | deed of trust om ) e et asd” commission, ¥ | Joseph L. Weller 53 510-11 Evans Building | Main 6189 ash. L. & Trist [ e FOR INVESTMENT: the city. ORRIS i Mortgage Department ||_913 15th St. N.W. Main 617 Denominations $100 to $6,250 Interest Rates 64% ing i to adopt a systematic pian and 1% S All loans secured on modern homes and busi- ness property northwest sections of Ask for Information " tures, both ordi EQUITABLE Co-Operative Building Association Organived 1879 A..:?.l YEAR CO)II‘ILETBD Save Systematically The most effective method of sav- LOANS | and stick te it. Toin the Equital Subseription for the 85th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. in best CAFRITZ and Trust Company 900 F Street 620 17th Street CHAS. D. SAGER 924 14tk St. N.W. Main 36. An Historic Bank§} The Metropolitan is the OLDEST National Bank in the District of Columbia, and has steadily developed to meet the requirements of the times. Its facilities are comprehensive, its service is broad-gauge, its reputation for helpfulness is invariably sustained. 2T Dow’t you thimk such a bank can de of Organized in 1814 service to you? Let’s get aogquainted. Our Savings Dept. Pays 3% Compound Interest National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. 5. Treasury—109 Years Old : $25,000,000 Dutch East Indies Thirtj{ Year External Sinking Fund 51,9% Gold Bonds : (Nederlandsch-Indische Leening, 1923 C) Not Redeemable Prior to November 1, 1988 To Be Dated November 1, 1923 Interest payable May 1 and November 1 resent standard of welght and fineness or York, grithout deduction for any ta: Coupon Bonds in denominations of $500 and To Mature November 1, 1953 Principal and interest payable in TUnited States gold coin of the s equivalent at the main office of Guaranty Trust Company of s, present or future, of the Netheriands or of the Dutch it $1.000, rogisterable as to principal only. Redeem- ablp at the sption of the government on November 1, 1933, and an any interest date thereafter, as a whole or in part, at par and accrued Anterest. Sinking fun} to retire entire issue of bonds by maturity thrcugh annual payments sufficient to re- deem each year commencing 1934, one-twentieth of the total a:ount of bonds outstanding at the end of ten years. These funds to be applied to retirement of bonds through purchase at not exceeding pat and accrued interest or through éall by lot at par and accrued interest. tGuaranty Trust Company of New York, Fiscal Agent of the Loan Part of :qx-n authorized by the law of the Kingdom of the Netherlands dated June 2, 1923, approved by the N of which, in addition to the present issue, 65,000,000 guilders have b issued in th end in the Dutch East Indies and LX 6,000,000 have becn h':lud in l::do:'nin‘.hu. ‘:”; The followink is summarized from information supplied by the Dufch Minister of Colonies. All con- versions of gtilders to dollars have been computed at par of exchange {guilder—$0.402). For more com- plete circular, aThese bonds are to be direct external obliga- tI?ci'}‘ of the ghvernment of the Dutch East es. H information we refer to RESOURCES AND COMMERCE. The Dutch Egst Indies, with an area of more than 735,000 square miles—about one-fourth the area of continental United States—have an estimated population of over 50,000,000. They are one of the richest of all colonial possessions. The Dutch East Indies stand first in the pro- duction of quinine, copra and spices; third in the production 5f tin, rubber, coffee and cane sugar, and secorid in the exportation of the lat- ter commodity. They rank fourth in the pro- duction of petroleum and are also important producers of tobacco, tes, rice, rattan, hemp and coal. : For the eight years, 1914-1921, the Duich East, Indies had a larger favorable balance of trade than any country in the world excepting the United States. For this period this favor- able trade balarice was $1,587,000,000 as com- pared with $47},000,000 for the eight years, 1906-1913. ?mz AND EXPENDITURE. For 116 y from the establishment of the colonial government in 1798 to the outbreak of the war in 1914, {he aggregate ordinary revenue exceeded the exfiditures. both ordinary and extraordinary. m 1906 to 1916 the ordinary budget, exclusivg of expenditures on capital ac- count, showed a: surplus aggregating for that period over $44,130,000. In more recentibudgets, owing to an extension in government dctivities and to the large in- crease in salaries and wages, there have been deficits in the ortlinary budget but the Nether- lands parliament has been informed that as a result of a policy of retrenchment now insti- tuted, the ordin:&v budget will balance by the end of 1925. I that in the pi budget for 1924, expendi- i and extraordinary, are less To Yield Over 6. \ : To copies of which will i connection it is significant * be furnished upon request. than in any of the preceding four years, and that the propoged ordinary budget for 1924 in- dicates a deficit of only $9,409,000 as against a deficit of $33,000,000 for 1923. NATIONAL DEBT. The proceeds of this issue are to be used to reduce the unfunded debt. The total debt, funded and unfunded including the present is- sue on Oct. 20, 1923, was about $509,000,000, or shght_ly over $10 per capita. Including the present issue, about three-fifths of the debt is payable in Dutch currency. . Out of the surpluses of ordinary revenue and out of the proceeds of loans a sum of $475,- 600,000 had been expended up to December 31, 1922, on capital assets, including railways, tramways, telephone and tel ph systems, tin mines, coal mines, harbor and irrigation works. For the five years 1918-1922, the net income frpm government-owned propertieAand monop- olies averaged nearly $39,000,000. The esti- mated net income for 1923 from the same sources is $52,386,000, and for 1924 is $50,- 837,000. The' total amount .required for interest and amortization on the entire debt (including the present issue) for 1924 amounts to $34,630,000. These figures indicate net income for 1923 from government properties and monopolies equal to about one and one-half times the debt serv- ice for 1924. CURRENCY. The Dutch East Indies legal tender money is identical with the Dutch guilder. The Bank of Java, the sole bank note issuing power, had on September 8, 1923, a metallic reserve of 53% against bank notes and other demand liabilities. The Dutch guilder is quoted in New York on November 7, at $0.386 (par $0.402) Dutch East Indies exchange is ordinarily quoted in Hol- land at a small discount, which on October 23, 1923, amounted to 334 %. . Price, 90 and Interest To Earliest Redemption Date, November 1, 1933 ield Over 6.24% To Maturity App,ication will be made to list these boh on the New York Stock Exchange. The LX 5,000,000. 6% bonds due 1963 redeemable at par after the tenth year issued in London in 1923 are now quqted about 193%. ‘The LX 6,000,000 5% due 1962 redeemable at par after the tenth'ynr issued in London in 1923 are now quoted about 91%. ¢ Théese bonds are offer: that trust receipts of Suaranty Trust Company of New ad. when, as and it issued and recelved by us and subject to approval of counsel. It is expected be ready-for delivery on or 2bout November 20, 1923. . - Guaranty Company of New York Harris, Forbes & Co. .Bankers Trust,Company, New York i i ‘Ilinois Merchants Trust Company Chicago ; The Union Trust Company of Pittsburgh Continental and Commercial Trust and Savings Bank « Chi Lee’ Higgiluon & Co. Kidder, Peabody & Co. ’ g?:velund i FINANC TAL. Six-an dahalf Per Cent and Safety Whe tther you can get this rate . of interest and be cer- tain of the safety of your princi 'pal depends entirely upon who and what back ¢ ¥ the investment. The First Mortgage. Notes we are offering at this rz #e of interest not unly are, ample security for the loan s, but are backed by our own conservative appraisals. Consult Our Mortgage L lepartment e 713 14th St. N.W. FIRST MORTGAGE. NOTES FOR SALE IN DENOMINATIO'NS OF S00 DOLLARS AND Ul PWARDS Are You Financially Prepared? IF you had the chance to go into business for yourself tomorrow, would you have to borrow money to do it, and could ylou? Would you look back over the years of ypur life gone by and regret not having started' to save sooner? When are you going to start? Perhaps the reason why we've seen so many large fortunes grow from small be- ginnings is because our First Mortgages are safe, pay a liberal return, and those invest- ing in them are never uneasy about their money. Our reputation is involved in every Note we sell, and insuring the safety of every one of them is our chief duty. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 54 Years Without Loss to an Investor Get llnto the Coupon-Clipping Class WHY envy the man or woman of independent means when you yourself can quickly get into the coupon-clipping class of bond investors? llowing an easy plan, which we will be ghdntyo f:xplain. you cauy i;lmedhtely double the income on your savings, and then make your savings double themselves. Let us tell you, without any obligation on your part, how quickly you can get into the coéupon- clipping class by puttin, month into our First 6%% to 7.13%- —_— NO LOSS TO ANY INVESTOR IN 50 YEARS i % F.H.SMITH CO. L CHounded 1873 FIRST MORTGAGE SMITH BUILDING 815 FIFTBENTH ST. mmnmmmmm‘vw:mu " Indopendent Income.” Main 2345 $10, $20, $50 or more a ortgage Investments at