Evening Star Newspaper, December 20, 1923, Page 29

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, THURSDAY, DECEMBER 20, 1923. ' FINANCIAL. ] [z 0 e + e INEW WORLD REGORD CANADIAN GRAIN NEW YORK CURB MARKET | |(RUDE OIL OUTPUT [t s Tt et Received by PrivateWire Direct to The Star Office Dared” with, 98113 bhresls® for- the FIRST MORTGAGE NOTES December 2 &roup. nges on the curb market today, [€d & new high, where it had practical- vanced 25 cents a barrel, and is now A vance. common made fair response to the grades $2.60 a barrel. There were no Price Levels—FIour Drops | e outeide news was the smeriean a0 dis- &, »t and common b continent belng. quoted from 75 t he ¢ tmas recess, bringing e R OMTOD hefore the hristma: ecess, 3 Vewse in the authorized | common |08 8RS I L M Sovember, | LEAD PRICES ADVANCED. 5 Shalclons of RRvIEat6 G ook bas ¥ arket for ol stocks, | in_declaring i American Petroleum Institute, e wmvigation this week ha e Company today advanced the price of [ pounds for the entire season, which | n {OT Of thRt Erai, 4o far 4 _ D : & 5 ¥t ter. however, the line | refining capacity of the United States. | pouna of Felbruary previous week, ' Dally ‘average re- : ceipts of California oil at Atlantic 8 BY WILLIAM F. HEFFERNAN. er zains were made by Standard of | and gulf conat 4 " . b i ports were 263,714 bar- NEW YORK. December 20~—While| 1281 New York and others of this el "Compured” wih' 163,113 for the Wilson Market Reports Turnover FOR SALE - there were no important individ Southern States crossing 31 reach- R ENaneyivanie erude gl Wes adc of 62,387,024 Pounds in M doubled its selling price within bel: One Day's Tradin IN DEN the malo S o RTe OF o | ng b Withi ng_quoted for the Bradford di ne g OMIN b Enormous Shipments Change | e masority were on the side of ad- | past two months. ~Cities Service | Nacraase, However, Report- | trict s s Snacrei ana far sir-oth y ATIONS OF The most important development in | declaration of a dividend of 1% per . . : it I T L B L T R o iot, in addition to the | ad jn'Week’s Production. |7or e SR afor “aistricts,”Mids | M ot S500 DOLLARS AND UPWARDS . Petroleum lnstitute’'s estimate on | tri H cents to $1.26 a barrel, accordin S i ¥ , according t in Northwest. !muu.- oil production and imports in elephone preferred rec Prices Advanced. | the gravity of the oll; gulf coust, $1 | ed the world record for season gon than the dividen Ol # barrel, d California crude r baceo sales, which it set in 1 3 " showed a de; ¢ of 62850 harcels| Among the motors Durant of Dela- b cents a ba ; : a BY J. C. ROYLE. daily in domestic output wire moved up 11 pofnts and Reo | ny the A--;‘iu;:;(“r'l:'v i | «old from the floors of local ware- f/ ol 0 The Ntae. signific awe sold fractionally above 17. Stock | NEW YORK, December 20.—Gas ouses, the s yesterday, the last . ner R e the o ashindant think: Howoy | Rolders of the latter approved an in- | 0 T ased to the exte houses, the sales yesterda: “ ount of wheat moved from the 69 T IS 8 SU ook from $15,000.000 to $20.000,000. | < % the total thus far for the season to nadian head of the lakes prior to e Wi " |7 The action of United Verdi directo! ording to reports received by the| NEW YORK, December 20.—The Tobacconists pre- % . % 2d of the lakes prior to 3 N erine . iHp ‘wegmar quarter r-|American Smelting ana Refining e ©than. 70,000,000 207 nnecticad nee had a softe Prairie Oil and Gas gained almost | dividend of $1 was taken as disap |- s tcine R ’ had a softening effect on the technical |5 hrairie Oil and, Gus gained almost | LEIGERS B8 3 Fitock fell oft a half | ing approximately 65 per cent of the G, 5y RERRIeG TE Blles Ot | Slot elose until about the migdie | trade is concel and alco StOW 4 1 D ork Porcupine | po 0 o a crude oll Ade is concerned, and a cor! v oints to 50 on large offer- Pipe line and tank farm crude o ing effect on the export markets for | . a4 stocks east of the Rockles increased | s the United States il 5,464,000 bagrels in November. Canadian ecrop 00,000,000 W YORK, December 20.—Follow- | - p . The dally average gross crude oil bushels and from 1 to the | ing is an official list of b dstocks | 57 Nud e production of the United States de- closing of the Sault Ste. Marte 10cks | traded in on the New York Curb Mar- o i 25 | creased 62,830 harrels for the weck the amount shipped into and ont of | ket today ZEARen : 1 ended December 15, totaling 1.943,300 . % CHRIS Fort Williams and Port Arthur broke | . ek 3 J barrels, according to the weekiy sum What ls Your lnvest- TMAS COMES { Sates in i B Wy O D% [mary of the Institute, A decrease of R O T ment Plan for 1924 Only Once a Year The enormous total of 251.033.799 b H 4 oved by two i N 0 ; of 62850 barrels. The dally average v ] e Im?.‘.. s 1034980 batrels, & de- EAR after vear Swartzell, Rheem & 107y nse o 2 ‘alifo oduc . L& P - 0 ense of 42,8 x'mr rala produs Hensey Company First Mortgage Notes i 1 ] o . demonstrated their sterling qualities. i —but the amount you mvest 1n 2 Wills Carp 18t 3 bushe MINING, The owners of our Notes have enjoyed the i our FIRST MORTGAGE World G Supplles, {5 Ch Rock L& ¥ Glabe Copper. .} 3 i advantages of safety, prompt payment of OV C e I R T O (e orld Grain Supplie: s 3 ! ’ k | s st el i .\.(.)I ES gives back a liberal rate 3 ol 1nterest for Banker Did your investment experiences in 1923 DV i NP mainder of tach cas heini o He will advise you to in- fall short of such a satisfactory record? 1f i EVERY DAY IN THE YEAR— it, the South Ame W : 3 rtaun | M -8 vest in good safe _ ~4;.I;)wé: 'm; get maximu‘m r]r’lflrn‘ i“l:‘]a[h‘"]' ! and this, too, without anv risk of Porvialiels y . i in by placing your funds in our FIRS : o el e < S S 2R First Mortgage Notes MORTGAGES —the type of investme loss or care in collection of princi- secured on District improved, which is the corner stone of banks and in- ; pal and interest. E-pRouciBes Hropesty .surance companies, i e e e i These Notes are available in denomina- useful gift this year of one of these uImEsloly ; e By & Natk Sl Notes in denominations of 0,000 bus ek a3 B S . o e o : 7% Mortgage Department REALTOR - Encourage thriit by making a a . : 5 3 oy B 5 ||| atin all our clieuts recelve. v slow! 1 3 - P ' tions of $100 to $100,000, and may be pur- 2 ar, KAy g . $100.00, $200.00 and up now on | chased either for cash or through our {:l;m notes. ; e ovee| & : N ; E Dnd hae By [ of SYSTEM SAVING. i Our ied over in . ~ . ¢ | Ch xNBlzfl -J Call or Write for Detailed Information will cheerfully explain the plan to : ' .0 l | you. Bt T : B : » %z Chas. D. Sager Swartzell, Rheem & Hensey Co. ! il e ; : o DE A | 924 14th St. N.W. 727 15th Street N.W. S i howing 40,19 “nited . 8% i We . - . 14 b 4 ) i i B e i s 108 o SR .-" 5 Zoaw DEPANTMENT 54 Years Without Loss to an Investor H_____.———‘_,ANNON & LUCHSf ipated L o ; | NEW BUILDING RECORDS. | = : 713 14th Street N.W. Main 2345 per cent from last year. This added for seed ar CHICAGO, December 20 (Special).— e v i | read cerded the totals for 192 nes. on the : u - mber ilding Co-Operative Building Wheat Being Fed. : t 35,000,000 to Association Sa el ot Afexi By 3 ‘figures were approxi- | A 1 thet - | mately 00,000, Building activity Orders have been recsived in excess of the amount of Stock offered. This advertisement appears as a matter of record. 2 as been exceptionally heavy this fall, | Organized 1879 1y to the mild weather, 1 44th YEAR COMPLETED CHICAGO POULTRY PRICES. (|| 400;000 Shares 1 | CHICAGO, December 20.—Poultry, | §n gy Bl swe smemsaty || American & Foreign Power Company Inc. turkeys, 22 ing is to adopt a systematic ! 24 atick to'it.” Toln the Exuitabie ——————— s Preferred Stock Safe lnvestmellt : 86th Issue of Stock Cumulative Dividends, $7 per Share per Annum o 8550 oo $1,000, secared oa. imprured | BeA Bacetsed Each share of Preferred Stock now offered will carry one share of Common. real estate; interest 6% per cent, payadie ||| Shares, $2.50 Per Month S semi-aunually. | i | TERRELL & LITTLE, Inc. Flour acific | Nat Gas 4 4t 1908 Then S ww. north i a 10 Boston \\';\‘u ol o Shares without nominal or par value. Entitled to $100 per Share and accrued dividend in case of liquidation. Redeemable as a whole or in part EQUITABLE BUILDING on any dividend date upon 30 days’ notice at $110 per share and accrued dividend. Dividends payable quarterly January 1, April 1, July 1 915 F St. N and October 1. Bankers Trust Company, Transfer Agent; Central Union Trust Company of New York, Registrar. Dividends free of the present t. N.W. United States Normal Income Tax. JOHN JOY EDSON, President A portion of this issue has been taken by European bankers for simultaneous offering in their markets & redue- jee bt Over a Quarter FRANK P. REESIDE, Secy. e the "lastthree ¢ : Secrip. || of a Century = The following information is contained in a letter to us from Mr. S. Z. Mitchell, President of the Company: e hs, B s with a price o e e Lids AT e ity O a1 3 i We Buy and Sell The American & Foreign Power Company Inc. has been formed by the Electric Bond and Share Company, all the common = TG AR meted} ¥ é - stock of which is owned by the General Electric Company, to acquire and operate, directly or through subsidiaries, public a wheat flour market Fen DMt o B l‘ibe l Bon l utility propertiesin the United States and foreign countries. By reason of the low rates of exchange now prevailing foreign o e properties can be acquired at advantageous prices, and the higher prevailing rates for service afford opportunities for larger condition of trad They say = " i return on invested capital than is obtainable from similar enterprises in this country. The development and operations of I n 081 eard tone Ranger. 1 the American & Foreign Power Company Inc. and its subsidiaries, will be under the supervision of the Electric Bond and - inventories. Ry et 4 & Tl'easury Notes Share Company. The Board of Directors of the American & Foreign Power Company Inc. will include: - Livingston et Marland 55 8 . = Are You a Sucker? } 30 Mex Panuco E bk Etc Mr. S. Z. Mitchell, President of the Electric Bond and Share Company, Too many people put their money | 1 Yount, Ko oo nx FIRST MORTGAGE NOTES 2 Mr. Owen D. Young, Chairman of the Board of the General Electric Company, day dreams and wake up broke. | 1 Muty fd ¢ 3 | % = s Never put your name on the dotted I AN Bl on.. 18 T Fur sale. Consult us If you have availabe Mr. Anson W. Burchard, President of the International General Electric Company, e until you have inquired of some | '3 LU Mex Land Y 1 { funds for investment. Bond Department Mr. Clarence Dillon, Dillon, Read & Co., »""' e el w : ] THOS”. E. JARRELL i . Mr. C. E. Mitchell, President of The National City Bank of New York. e ] Member W ington Real Estate Board TII - . 1 A Weodward Blds. Muin vay ed q_flsbmgton Loan The Electric Bond and Share Company has for aver fifteen years successfully financed and supervised the operation of S N, . 2 an rust public utility companies in the United States. At the present time the groups under Electric Bond and Share supervision in- (‘(,)"”q“D.ITY NEWS ] P 3 ] Compmy clude more than 100 companies with a total invested capital of approximately $650,000,000, and serve a population esti- wi R’?D STAR F _ROM > Turman Ol y - | 900 F Street mated at 7,200,000. Every one of these groups has been successful. The American & Foreign Power Company Inc. will ENTIRE COUNTRY TC T s (9] : | Becured by first deed of trust on real estats. 620 17th Street have Electric Bond and Share Company organization and supervision. INDUSTRIAL Prevalling interest a0d commission. 1 Amal Leather vfd ) ! |Joseph I Weller 49,74 L & Tt CAPITALIZATION Blg MES ¥ The capitalization of the American & Foreign Power Company Inc. giving effect to this financing jwill be as follows: Preferred Stock ($7 Cumulative Dividend) . . 400,000 Shares Si a (Now offered for public subscription) Sales were about . ling and | Second Preferred Stock ($7 Cumulative Dividend) . 120,000 Shares N | H W coat. : i FIRST P referred Stock ' e e e 920,000 Shares NEW ORLEANS. December 20-The| 13 Durant Mot . (400,000 to go with Preferred; 520,000 held by Electric Bond and Share Company) vehicles this & 3 The Electric Bond and Share Company has agreed to purchase all the Second Preferred Stock for immediate cash pay- : || Safety and High Yield |i 105,000 in 19 h % MORTGAGE ment, at a price providing a cash equity of 30% over the net amount to be received for all the Preferred Stock when paid sum collected_amounts to § ; y v 7 Year Net Dividends as against $1,756.000 last year. Tire N Ended Earnings B 3 “ i s g LOANS .$14,354,892 z.o.;:li:m ik i g PROVISIONS OF STOCK ISSUES SACRAMENTO, Calif., December 20, —Fortyfive_thou sand l‘;;:‘i'arirm:r‘n‘;:; i Denominations | 14,727,079 250 The Preferred Stock has preference over the other classes of stock as to dividends and to assets on liquidation. It is Rica “Growers Assoclation. . Prices | L $100 to $6,250 ! 15,176,308 callable in whole or in part on any dividend date on 30 days’ notice at $110 per share and accrued dividend. It is entitled to ranged from $2.60 to $2.85 a hundred| | : Interest Rates 6%% 15,528,247 a dividend of $7 per share per annum, cumulative from January 1, 1924. Dividends cannot be paid on Second Preferred or pounds. ] | 3 and 7% e 15,665,347 2. Common Stock while Preferred dividends are in arrears. The Second Preferred Stock of the company, all of which has been B Db i : - Ll * All loans secured on . 15,783,829 2, . purchased for cash by the Electric Bond and Share Company, carries with each share four warrants each entitling the holder price of crude ofl, local refiners con~ b modern homes and busi- - 16,009,628 to subscribe for one share of Common Stock at $25 per share. Second Preferred Stock when accompanied by four warrants e o rase T prameamn on he ~ ness property in best . 16,116,326 will be taken at $100 per share in payment for such common stock in lieu of cash. of the Oil City-Franklin district. northwest sections of - 16,140,016 1 * PROPERTIES the city. . 5 Tihe large o = EAC.:Y,,., Sutermation Circular on Request Before the formation of the American & Foreign Power Company Inc. the Electric Bond and Share Company had ac- duc Md“f ":lIVI‘:{n1;x has already been fee.... Q 1%9% i y quired operating public utility properties in Cuba, Panama and Guatemala at a purchase price aggregating $13,114,213. oy L 'i”a:“,'a;fl.::fi‘nfi l:*‘;:‘rkTJlosfl. me 2% 7 Jn 3 Thos. w. Braluny & Co. These properties are now supplying electric light and poweriltelep::na or othe; ?ervi;e; to l;)ver thin};l-nineAcommunL tons, of which more than 7,000 tons | Am h 18% Feb. . e = ies i , Panama and Guatemala."All these properties have been successful, and for the year ending August 31, have been sold IR 3 rigage E"'::‘ Building :‘;;g‘_nucr::’; $2,088,900 net. The American & Forpeign Power Company Inc. will take over and operate thgsc prfsuperties BIGLAR B Pedemter T & Ohin % ey which will give the company an immediate income. The American & Foreign Power Company Inc. will follow the 'lvll’;;’:";::x.w:‘\‘x‘\:;/ll‘r’:l‘nIlle';g e 55 Jam 15 3 usual Electric Bond and Share Company plan of acquiring additional properties only after the most thorough investiga- - Fair Morse pf . B P to the fact that consumers this vear | (an Cott - 29 2 tion and careful analysis from every viewpoint and after allowing ample time for orderly negotiations and prudent buying. 1ave been buying shoes of a A {"fl'é"??(& e:";;»f;usj\fi. Instod hamtersiies € -_ : Washington's Oldest National Bank Accordingly, calls for funds will be made only as the money can be advantageously used. 9 ] _—— . < PAYMENTS i i Each share of Preferred Stock will carry with it one share of Common Stock. 1 aivie obatco. Aaereberia Toee In Addlng To The Payments will be called for as follows: 25% on allotment, subsequent calls to be at intervals of not less than four months, 300 pounds. This brought the total and no single call to be for more than 10% of the subscription price. Purchasers have the option, however, to make e 000 Drandn L raieseD . '{i g 1o ¥ % 0 XmaS ACCOllntS payment in full at any time and become entitled to full dividend. Allotment Certificates of the Company will be SoME Go. Dicsuber 3 T e i Qeliverable on or about January 2, 1024. Holders of these Certificates will be entitled to receive currently proportionate e e 5 Hurles Macht Q 100 Jan. i —you open for them here, your chil- dividends paid upon Stock called for by the Certificates and upon payment in full, but not earlier than January 2, 1925, with W. D. Re: v an. 2 f dren will develop those habits of to receive definitive certificates for the Preferred Stock subscribed and for an equal number of shares of Common Stock. silver ore recently discovered on o county land by road gangs here. The | Liverty Steel pr; thrift indispensable to the successfu . i 1it i y & gounty. 18 ot vedelve)7s et centiiof | UL ClS NTies pursuit of financial independence. Weoffer flu‘-Stoekloga‘::""",fig'mlfitzs;mlh:’l?lnl::;gfifl}f:i';:::;’::;:“’ S oashe { Metropolitan Xmas Savings Ac- Price $96 per share counts may be begun with as little as Exial k ONE DOLLAR. : Certificates are listed on the New York Stock Exchange. Organized 1n 1814 & Cable Tranasfers and Foreign Drafts Our Savings Deft. Pays 3% Compound Interest Dillon, Read & Co ;i » National Metropolitan Bank ‘ The National City Company White, Weld & Co. ‘The information contained in this advertisementjhas beca obtainedffrom seurces which we comsider rellable. Whilejnot guaranteed, it is accepted byjus as sceurate. PHILADELPHIA, December 20.— 1Am Gas & EI pfd 4 The silver department of Strawbridge 3 Am - Hawailan § 5 & Clothier, one of the oldest Phila- D Arch Dan Midland 3. Y . Va., December 20.— The tobacco market has closed until early in January. Late sales of loose TR ARG NS 3L #he profits. DETROIT, December 20.—Woman Wuyers have epent more money than ever before in buying textiles for this Christmas. Fancy silk garments and picces of ornate needlework have been in demand. Merchants say the 1ull caused by open weather in heavy clothing_and underwear sales has been made up by activity in the light- er textiles. o' Cooceoe " cecepo Parke Davis...... People’s Trust... BANKERS MEET IN MAY. |Susar Est of O pf Sharon St Hoop pf BALTIMORE, December 20.—May 14 and 15, 1924, have been set as the | Trumbull teal 'nf slates for the convention of the Mary- | L0 Verd Ex M. Jand Bankers' Association. The con- | Wari .ventlon will meet at the Hotel Tray~ anore, Atlantio City, s ocececote . » e R