Evening Star Newspaper, January 23, 1924, Page 23

FINANCIAL BUSINESS DELAYED BY TRAFFIC JAMS “Store-Door Delivery” of Freight One of Suggestions to Help Merchants. BY J. C. ROYL] That is the problem that is agitating practically every business man and city official in this country. Each community is working on its own solution, but the steps taken so far have not kept pace with the increase in eongestion. The present year will present wdditional difficulties, al- tkough in some cities those difficul- ties bid fair to be overcome. Nearly one-third of the police forces of the Fer centers are now devoted to the direction of traffic. the efforts of the men =o empioyed e not devoted to slowing down the o of the vehicles which traverse 1 street, but toward speeding it Speed Tegulations dev ed when mobile w 4+ novelty are rded a: vete and are as broken as the blue laws of Connecticut et up in Roger Wiliams' time. ow York. and other Chicago din Philadelphia ities have ¢ Tmiting the speed of all vehicles, but a mgotorist who conformed to those lations cortainly would be Tongue flic cop he passed structin 15 not able tion ty offider who vehicles through gulates at more an hour is not s his dut to mov he r mile s perfor men on busine ind clevited tderation in WALL STREET NOTES. Bids on $50.000,000 Loan for Ca- Railway. Januar nadian the pr §10.0 Vower cent th Yield 3 s consisting of b Light and per to Thornton. | ional Rail- York, has 1d of th wavs Comp: been linked 000,000 an involy stock for that of | street A ¥ool and Hix Money, seroll w th any Thousands m would have | no pro SHORT-TERM SECURITIES. (Quotations furaislica vy Bedmond & Co.) water Oil a8 1 n Tank ¢ Tuited Tannary Maloning art Warner Special, ruury 1 ank Note, nt Copper Co, Jar Cons cons. oil, (.{.. Tips for Taxpayers No. 21. dividends form a item in the aggre- of many taxpayers. for the purposes of law, is any dis- whether in cash’ or made by a corporation ockholders or members | ont of its carnings or profits ac- cumulated since February 28, 1913. U dividend s income to the <tockholder as of the date when Tio cash or property s unquali- fiedly mado subject to his demand. For e a corporation may declare dend payable De- 5 for which the stockholder |Hll not receive his check until January, 1923. The dividend is a part of his 1922 in- con i Dividends received by an_ indi- vidual stockhulder are exempt om the normal tax, but subject 1o the surtax, the reason being that the corporation which de- clares the dividend is subject to the normal tax on earnings out Income from considerable gate incomo A dividend, the income tribution, property to its | Sevent N % THE NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F, HEFFERNAN. NEW YORK, January 23.—While a 500d part of the curb list was neglect- ed in today's dealings, a number of important moves took place in individ- ual s . The thing of most sig- nificance was that these continue to occur on the side of advance, The leaders of the list were the coal shares, local tractions and the new Ward Baking Company stocks. Opera- tions for the rise were resumed in Glen Alden, resulting in an advance of five points before realizing sales were en- countered. Delaware, Lackaw: nd Western coal shares and the low Wa ina priced /e Coal moved up sympathetically NEW YORK, i an official i traded in on the ket today : BONDE, nds. 9 Allied January ing of bonds and_stock: ew York Curb —Follo Migh. 9 Am Gas & 13 ¢ Am Gax & T & A T & T Ga Iy Packers Ss Duntop & Federal S 4 Pisher 3 Fish 1 Gair, Galens Sig Oi1 74 rund Trunk Libby MeN & 1 12US of Mex 45 COD STANDARD 0IL Imp 0 of { Iidiana P L Luter Pet Co, Lid Magralia Pet . N th Peun Oil S0 Tndinns . Southern 1, 3400 Vacunm 0il Waslington 0il INDEPENDE! adreds. 10 Allen_ 0t Ark Washington Stock Exchange. SALES. Elec. deb. 6s. 0 Rwy Potomne Washingt nnl CALL, $500 at 5 at 493, 4 at 49%. . com.—30 at 70t Bid and Asked Prices. PUBLIC UTILITY. America Am. T con. & Potomac 5, Anacostin & Potom C. & P. Telephone bs. C. & P. phoue of Capital Tracton R. Pow. g m. & Alex. & Mt » Alex. Hotel 0s. STOCKS. PUBLIC UTILITY. merican Tel. Wardman P Capital Columbta Lincoln Nutioral Metropotitan i Riggs .. econd Naviotal’ Bank ot Washington TRUST COMPAN American Security & Trust Continental Trust . Merchants’ Bank... . Natlonal Savings & Trust. Union Trust. Wash. Loan and Trust.. SAVINGS BANK. Commerce & Fast_ Washingtor Security Savin treet. United _Btates. Washington Mechanics FIRE I suqucs American Corcoran Firemen's Natlonal of which it is paid. Accordingly, dividends must be included in &ross income, but they may be do- ducted as a credit in computing the normal tax. Dividends or interest not in ex- cess of $300 received by individ- wvals during the years 1822 to 1926, incinsive, from domestic building and loan association operated exclusively for the pur- pose of making loans to members, are exempt from both normal and « #uR tax, TITLE INSURANCE. Columbia_Title.. Real Estate Title MISCELLANEOUS, . ¢. Paper pfd... Merchancsf Trauster Mergenthaler Linotype 0ld Dutch Market co 01d Dutch Market pfd Lanston Monotype. Becurity Storage . Washington Market ‘!eunw Cab... *Ex-dividend, Brooklyn City Rallroad went for- ward with the local traction group on the strength of improved dealings Absence snow fall them to t down operd The opti 4 dent of the Ward king Corpora- tion concerning rninkgs on the new were reflected in the sharp ad- ce to a new high of 70 for the and a rise to a new top In the B above 22. The new Warner Pictures, admitted Tuesduy, continued active at slightly better pric Little could be said of th group, which was practically ed. The new Light a mining neglect- issu £ Union Electric Power Company of Tili- cent bonds were admitted d hands at 96 ngnmxl the gineers Pet 15 127 a1 new Wi Canad 0 & it Ck Prod | pulps Refin Wilcos 01 Woodlurn 01 INDUSTR Am - Hawali Davia Taily - 0 Rinck B Hardshell Min Stowart Mines Belmont Min . Copper . 0dExt READY TO PUSH OIL LEASES IN TURKEY Maj. Kennedy Declares His Com- pany Has Funds to Meet ' Chester Terms. By the Associnted Press. CONSTANTINOPLE, January Maj. Clayton Kennedy has presented a statement to the new minister of public works, Suleiman Sivri Bey, declaring that the Ottoman American Development Company has raised suf- ficlent capital to fulflll the terms of the Chester concessions in Turkey. In this connection it is learned that the French group, the Compagnie de Regle Generale, which formerly held a contract for railway construction in Anatolia, has again approached the Angora government askng for the concession to bulld the Samsun- Sivas line. e e TREASURY CERTIFICATES. (Quotatious furnished by Redmond & Co.) 100 1-16 100 100 11-16 100% 1007, e 415y March 58.s June 15, 5izs September 43(s March 13, 4igs June 1 4%n De 4% darch s September 15 438 ST, 150 Decemper 13, 10 48 June 16, 43s December 15, L s FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks gold value. London, pound. 18005 Moatreal, dollar. Paris, frane . Brussals, franc Berlin, mark... Rom Athens, drachmi Mudrid, peseta Vienn Budapeat, crown. gue, crown Wares, e Copenhag-n, crown Christiania, crown. Btockholm, crown. More than two-thirds of the old- age pensions pald by the Britizh gov- ernment are drawn by women, 100332 100318 EVENING STAR, WASHINGTON , WASHINGTON, D. C., WEDNESDA COMMODITY NEWS WIRED STAR FROM | ENTIRE COUNTRY CLEVELAND, January 2. ‘Through the purchase of the Rubay Company, the Baker R. and L. Company is said to have become the largest independ- ent maker of automobile bodles in the country. The Cleveland plants will employ 1,200 to 1,500 men and will have a capacity of 25,000 closed bodies a year. The company has orders for $3,000,000 worth. PAUL, J.Ammr) 23.—Whole- in the twin ties report a volume of house and mail order . "Snipping of spring of nr\ goods and men’s cloth- ing has begun and les of winter apparel have been stimulated by cold weathe PITTSBURGH, January 23.—Busi- ness in this district shows improve- ment over last week as a result of seasopable weather and clearance sales. Department store business is better than at any time since the holidays. SEATTLE. January 23—Wheat- growers of the Inland Empire appar- ently are attempting to secure high ler prices for thelr wheat by holding < }it. “Reports show receipts) for this season to January 19 of 'only 33.- 957 carloads at Seattle, Tacoma, Port- land and Astoria. N ORL . January 23-—An Increase of 18.2 per cent in new or- lers last week was reported by the Southern Wne Assoclation mills as mpared with the previous week. ripments Increased 14.5 per cent and sroduction 7.4 per cent, ATLANTA., Ga., Junuary 23.—South- castern truck and fruit has been seri- usly in a fortn} lays wave south damaged by the second freeze ht. Crops replanted ten ave been killed by °h produced orida. ago th wh T ice as far SCO, January 23.—The rries from the Imperial reached d at valley hav were pric wholesale. this city cents a b and 30 sket RAIL ELECTRIFICATION ONLY BEGUN, SAYS REA 'HILADELPHIA, Junuary 23— ctrification of the raflroads can be arded as only in its infancy, in the nien of Rea, nia railroad. of funds by the railroad been the chief bar to progress for ny \».\1r~ and is today. cotrifie president of He states on promises great op- :s fn many directions, 1d where adopted for buil “térritories, of service, (T difficuities {n handling the - hail and lighter !orlns of Srafte s affords a great flexi- such as tends to off- e extent ut least, some of NEW SHIPS IN SERVICE. | Freight Traffic to Orient Shows Steady Increase. al Dispateh to The Star. AN FRANCISCO, result of the increase in frelthv. traffic to the orlent, the South Hol land Shipping Company will put four ves: on the run from San Fran- cisco to Japan and Australia. It is also announced that because of in- creased cargoes from San Francisco to northern Europe, the General Steamship Company will charter the British freighter Oklahoma for sailing. $30,000 SAVING SEEN. St. Paul Auto Owners to Gain by Insurance Rate Reductions. Special Dispateh to Th January 23.—As {3 —Automobile 5 will sav proxi- ¥ $30.000 coanlt o |reduced rates on personal and proper Ly automobile insurance, according t ! insurance men. Automobile or- | ganizations are agitating in favor of lekislation licensing all motor vehicle drivers requiring compulsory in- surance, Mortgage Money to Loan On Real Estate. Let us finance your Pproperty. FIRST MORTGAGE NOTES For sule. Consult us if you have available funds for investment. THOS. E. JARRELL Member Washington Real Estate Board 837 Woodward Bldg. Main 766 First Mortgages $250 and Up Write or Call for “Booklet.” i[ William S. Phllhps 15TH ST. AT K N.W. American Telephone & Telegraph Co. Five Year Six Per Cent Gold Notes Due February 1, 1024 These Note ruary 1, 102 Company in the Borough of Manhattan, City lof New York, State of New York, will be {paid 1n New York at the office of the Treas- urer, 195 Broadwas, or, at the option of the holder, in Boston at the office of the Treas- urer, 125 Milk Street. Coupons payable by their terms February 1, 1924, at the office or agency of the Com- pany in New York or in Boston, should be separated from these Notes before presenta- | tion for payment. These coupons Will be paid in New York, at the Bankers Trust Company, 16 Wall Street, or, at the option of the holder, in Boston, at The Merchants National Baok, 28 Btate Street. H. BLAIR-SMITH, Treasurer. EQUITABLE Co-Operative Building Association Organised 1879 44th YEAR COMPLETED Amsets .. $4.785,170.53 Surplus . $1,248,320.98 Results Tell The success that has been obtained by others through systematic savings ahould prompt you to Join the Equitabie now. yable by their terms on Feb- at_the office or agemcy of the Subscription for the 86th Issue of Stock Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Presidemt FRANK P. REESIDE, Sec’y GINNING REPORT OUT. Cotton ginned prior to January 16 amounted to 9,948,462 running baleh, including 235,891 ‘round bales, count- ed as half bales; 20,181 bales of Amer- ican-Egyptian and 781 bales of Sea|= Island, the census bureau announced today. To that dateilast year ginnings amounted to 9,638,261 running bales, ncluding 168.428:round bales, counted 18 half bules; 30.967 bales of Ameri n-Egyptian’ and 5,074 bales of Sea land. The revised total of cotton ginned this season to January 1 was an- nounced as 9,811,038 bales, with 15,200 sinneries belng operated prior to that nte Today's report was the last gin- ning report of the season cxcepting he final report to be made in March. WEDNESDAY, JANUARY 23, 1924. First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. 738 15tb Btrect One Mflhl:n Dollars 14th & H Streots Fmmmmmn Money to Loan Becured by first deed of trust on real estate Provailing interest and commission. Joseph I. Weller £9.W4s & § AW ——— N Washington’s OLDEST National Bank Thrift Week Ends —today, but your thrift efforts |u| ||| Ui ] Il'|ll| rigeidn i s The should never end. Be a persist- ent saver as well as a steady || worker and you’ll achieve real prosperity. counsel and protection of the OLDEST National Bank in the District of Columbia will prove valuable assets to Organized tn 1814 YOV We invite you to use our facilities. Our Savings Dept. Pays 3% Compound Interest Natmnal Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 I 15th St., Opposite U S Trenury-—llo Years Old SIS tainty lutely in our Ozver ¢ Uuurtu of a Century Without fa Loss. Main 2100 A SEASONABLE INVESTMENT Safety of principal and cer- assured when you invest 7% FIRST MORTGAGES —itom $250 up. Interest starts on the day we receive your remittance. B. F. SAUL CO. of interest are abso- 1412 Eye St. N.W. In Convenient Denominations For Investors Interest 6Y2% N2 Fiffeenth Strect Main 68883 — Invest in Washington 6%% and 7% OU need not seek beyond your own city for investments that combine assured safety of principal with a decidedly profitable interest re- turn. Our ctonstant aim is to meet the demand of investors for a diversity of First Mortgage Coupon Bonds secured by business, apartment and miscellaneous properties in Washington, D, C. 64% and 7% on | Monthly Savmgs | Make every dollar you save earn 6337 Conpon Bond rate of interest allowed on all partial payments. These bonds are sold in any amount in de- nominations of $100, $500, $1,000 and $5,000. You have a choice of maturities from two years to fifteen years. Mail the coupon below or telephone Main 6464 now for circulars de- scribing our current of- ferings. No Loss To Any Investor In 51 Years e F.H.SMITH COMPANY ounded 1873 SMITH BUILDING Please send me, without obligation on my part, full particulars about your current offerings of 613 % and 7% First Mortgage Coupon Bonds. 815 FIFTEENTH ST. 1 All of these bonds have been sold—this advertisement appears as a matter of record $10,000,000 Union Electric Light and Power Company of Illinois First Mortgage Gold Bonds, 529, Series A Dated January 1, 1924 Due January 1, 1954 Principal and interest payable in New York. Interest payable January 1 and July 1. Coupon bonds of $1,000 and $500, with provision for registration of principal. Redeemable as a whole, or in part by lot, on 30 days’ notice on any interest date to and including January 1, 1925 at 105 and interest, with successive reductions in redemption price of 45 of 1% during each three years’ period thereafter; also redeemable for the sinking fund at 100 and interest. Interest payable without deduction for any Federal Normal Income Tax up to 2%. Pennsylvania Four Mill tax refunded. The Equitable Trust Company of New York, Trustce. A semi-annual Sinking Fund is provided to retire $7,500,000 Series A bonds prior to maturity through redemptlon of ?‘/z% per annum by purchase in the market at or below 100 and interest or, f not so obtainable, by call at that price. Application will be made in due course to list these bonds on the New York Stock Exchange Msr. Louis H. Egan, President of Union Electric Light and Power Company of Illinois, and of Union Electric Light and Power Company (of Missouri), summarizes Stock of the company. follows from a letter to us: FIRST MORTGAGE LIEN ‘These bonds will be secured by direct first mortgage lien on the entire fixed property of Union Electric Light and Power Company of Illinois, which owns a modern steam electric generating station located on the Mississippi River, directly oppo- site St. Louis and adjacent to ample coal supplies. The plant is designed for an ultimate capacity of 300,000 kilowatts, of which 60,000 kilowatts are in operation and an additional 65,000 kilowatts under construction. The property securing these $10,000,000 bonds will represent expenditures of $15,000,000. The North American Company owns all the Common LEASE The plant, constructed to meet the power requirements of the St. Louis district, will be leased for a period beyond the ma- turity of the bonds to Union Electric nght and Power Company (of Missouri), which does subctantmlly all of the central station electric light and power business in the City of St. Loui. and, directly or through affiliated companies, in 13 counties in Missouri, serving more than one-third of the entire populatio:. of the State. The lease will provide for rentals which include taxes, depreciation of nearly 3%, and a fixed return based on capital expenditures which will amount to nearly twoand one- fifth times maximum annual interest charges on the present issue, comprising the company’s total funded debt. In accordance with the accounting procedure prescribed by the Missouri Public Service Commission, the rentals are a de- duction from operating income of Union Electric Light and Power Company (of Missouri), payable before determination of net income applicable to that company’s fixed charges. Both lessor and lessee are included in The North American Company system, and are controlled by that company. THE LESSEE Earnings of Union Electnc Light and Power Company (of Missouri) for the two years ended November 30, 1923, were as follows: Gross Earnings . . Operating Expenses, Mnmtenance and ‘.l‘axes 1923 . $14,370,504 7,933,773 Net Earnings availablefor Interest, Deprecia- tionand Dividends . . . « . . Total Interest Charges . . « o« . Balance . . . . . o . . $6,436,731 ] 1,115,611 . $5,321,120 1922 $12,094,710 7,101,027 $4,993,683 1,155,157 $3,838,526 The above net earnings averaged over 5 times average total interest charges, and after deducting annual appropriations for depreciation of nearly 3.8% of property valuation (in addition to liberal maintenance expenditures) averaged more than 334 times such charges. Umon Electric Light and Power Company (of Missouri) has outstanding $9,000, 000,000 of 7%, Preferred Stock and 650,000 shares of Common Stock without par value. Dividends have been paid without interruption for seventeen years on the Com- mon Stock of the company and its predecessors. The holders of the Preferred Stock number more than 10,000, of whom about 74% are customers of the company. We offer these bonds for delnnry when, as and if issued and received by us, subject to approval of legal mnofl by our counsel and to, approval of the Illinois Commerce Commission. Price 95% and Interest. To Yield 5.80%. Further information is con tained in a circular, which may be had on request. Dillon, Read & Co. Harris, Forbes & Co. The statements herein have been accepted by us as accurate but are in no event to be construed as representations by us. Spencer Trask & Co.