Evening Star Newspaper, February 18, 1924, Page 23

FINANCIAL. DISPUTE AROUSED OVER TOBACCO TAX. Levy on Cigarettes in Chi-i nese Province Causes Pro- test by U. S. Exporters. ¢ nY Special Dispatel 1 €, ROYLE. star. | NEW YORK, February 15.—The | tremendous forcign trade of the| Unlted States in cigarett has been the basis of considerable anxiety on the part of the State Department re- cently. The importation of cigarettes into certain provinces of China and | the tax imposed on these imports by o provincia! authorities has become severe point of issue between the g povernment. the state au- thori Wl the représentatives of have become the most of tobacco in the Flow- That country is the consumer of Ameri- There were 9,925,030.000 aper tubes exported to China | year from this country, with a alue of $1 The shipments ¢ popular 1o Kin, m jom. sn o Hongkon igarettes, valued Speci; ‘ax Imposed. The independent provinee of Che- | the trouble by impos- | wdditional tux of 20 per cent sarettes entering that province. regnine Chine 5 products is The hes: byt Lu ¥ Hsiang, the ivelares” that the prov ¥ished 1o bar cigarette smoking en firely and that the 2y per cent t i compromise affeeted by him. He gues that 1t does not confliet wi customs treaty, since it is rely by consumers through the of Tevenue stamps wher r wttes, n repre-! it ix an of all} srecient 0 Kun, at ng_author- | Temove bt that ovine s not 1 him and id o attention o his order. { Fenr Oven Enforcement. attempt to the n feared, in into intery = Fede is Peking, ities 1o ord. plunge | §hina ational Students’ voring the tax in other provin and the merchunts are opposing it .nd threatening to close tneir shops £ it is levied. London tobacco man- ufacture uve a lurze market in_Chir cqually concerned. | produced 64,430, Them is. that the gh less thun three il and the large S ore than three poun production was an incre; billion Jor portion of which « small varicties. Insurance Tusiness Booming. “There has never been so broad a jemand for insurance proteotion in this country us at present,” says Willlam A, Lay, president of the Penn Mutual Life Insurance Com- pany. “The agrgregate sales of in- surance lats vear broke all records, The new vear already {8 making & Mne showing and, while no one can tell how great the volume of in- surance will be. the chances are that 1924 will seo extruordinary activity. Lifo insurance gn Its present form .x! to a large extent an American in- vention, for while such urotection 9 been availuble for many years, most popular forms of insurance ow in demand are of American arigin. Life insurance never before sad such a strong hold on the pub- lic, for many now recognize it as a hasis for credit and well-to-do .men ow are taking special policles to over the burdensome inheritance axcs with which thelr helrs are onfronted as soon as the usual ransfers have to be made. e : Before You Invest—Investigate. 1t's queer how careful a man can be after he's lost his money. Abe Martin says that a man who is not atistied wtih ¢ per cent and his are soon parted. fASK LOWER COAL RATES. ' Pittsburgh Producers Appenr Be- fore I. C. C. With Claims. Pittsburgh coal producers today put jefore the Interstate Commerce Com- nisston evidence tending to support their demands for revision of railroad vates on coal from all eastern produc- lits worst this could only affect THE £VENING NEW YORK CURB MARKET Received by Private Wirc Direct to The Star Office BY WILLIAM F¥. NEW YORK, February 18.—Cover- ing uperations brought about some further recovery in the oil group on the curb market today, but improve- ment was only moderate. Traders were not inclined to come into the market on the buying side, while, on the other hand, liquidation appear- ed to have been pretty well complet- ed for the time being. The ofl lease investigation re- mained the dominating factor in op- crations in this group and. while at e MEFFERNAN. or two oil companies concerned, traders were not inclined to take on the ofls at the prevailing prices. Chesebrough Manufacturing was an_exception, advancing 20 points to 410, a news top. At this figure was moreé than 170 points a 3 1923 closing quotation. he t; for some time has been that a the k it jeapitalization was being considered, whereby the par value would be re- duced and the stock split up smaller units. The movement in the industrial grou s by no means uniform and advances declines were about {evenly div aking clas A und B e F on the side mer getting 17913, while | amount two ol was up s were under pre The pools back peared to tend to let th themselves. The further adva in the of th ulted {n continued firmness minig group. which was ¢ |ll¥b~\‘ll and Myers compon and B shares | value were transferred exchang both issues ap m drift fo the Tob of to the stock ——— NEW YORK, February ing is an oftictal list of bonds and stocks traded in on the New York Curb Ma 1t today : Sales in thounamls, Asxo St At G & W 1 Tieaverhonrd Sx 1 Phila_i 3 hitt Yetn Mills 81.8 Wi FORE! ivt of At Gs wi 1011 1 Ruesinn Gort 4 Rus Gt 6 5 Smins ¢ M Mex 4 of dp 31 STANDARD OIL ISSUE nglo-Am_ 011 0 Atlantic % Muckere 60 1ilinots 1 g 970 Jmp Ol of Can.. 0 Intl Pet Co ltd.... 21800 8 O Indianu 20 Nouthern 1 Sales INDEPENDENT OIL #TOCKS in bundreds. 1 Toston Wyo Oil tles Nervlee 4 Cities Service g 1 Cit Serv pfd B . 4 Cit Serv B cfy . 8 Creole Bynd 2 Derby O & R w § 80 Englaeers Det . 10 Hudson 0il Keystone Lago Pet .. Latin Amer 0ii. ? Livingston Pet. Washington Stock Exchange. BALES. A gton Rwy. & . S fo ae 17T e 71, 0'at o octoll & Wasiington Sicambent Cor 30 36 ;\“ulflnflon Gas Light (as of Satyrday)—10 Mergenthaler Linotype—10 at 136, 2 at 156, 10 at 106, 10 at 15 ing districts to the great lakes. Bxlst- ing rates, accdrdiug to the Pittsburgh ;ontention, all tend to hdndl&'fip their mines in competing for opportunities y_the northwestern demand which moves over the great lakes steamship lines, At prescnt the rates from the Pitts- Mourgh mining territory to the great jakes average 25 cents per ton less than the vates to the same destina- tion from principal Kentucky produc- ing flelds. It was also alleged that rates from Pittsburgh to the lakes average 40 cents less than the rates trom the Pocoliontas and other, lows volatile producihg fields in West Vir- sinta. WALL STREET NOTES Japanese Loan Oversubscribed by About $100,000,000. 5W YORK, February 18.—Reflect- i nig tho effects of petroleum over pro- iuction last vear, net profits of th nion Oil Company of California in 3 declined more than $2,000,000 to $8,032,64 The earnings were equiva- 1ent to $5.92 a share on the $90,000,000 ‘al stock. as compared with $11.92 © in 1922, > income of tho United Drug ompany and its subsidiaries in 1923 otaled ~$4,164.822, equivalent after $537 Shire, on the $35.535 mmon outstanding in 1922, Subscriptions for the $150,000,000 Jupaneso loan offered last Friday by @ country-wide syndlcate headed Ly 1. P. Morgan & C npprnximatod 5250,000,000. Allotments are belng made on 60 per cent basis. NEW YORK EGG PRICES. W YORK, February 18.—Eggs— Irregular; reccipts, 10,983 I'resh gathered Jersey an closely selected ex- ate, nearby and near- whites, firsts to nearby hennery brow. 39a42; lacific coast whites, extras, 413¢a4d: de, firsts to extra firsts, 38atl; refrigerator firsts, 4nti: st w élel’n hennely COMMISSION FIRM FAILS. A petition in bankrupt:y was filed today in the District Supreme Court y B. Uhlfelder, trading as Uhlfelder & Co., commission merchant at 903 Louisiana avenue northwest. He lists his debts at $5, 144.06, and estimates assets at $1,635.32.° Attorney Jesse Potbury appears for the firm. — e COTTON GOODS QUIET. NIW YORK, February 18 (Special). ~The weck opencd quietly in the cot- goods markets, both for sheetings buit with prices about | s were quoted at | <60 and 1112 conts | L silk_markets were | S in Yokohama, with its for 6 2s. Raw here and aiet T AFTER CALL: Washington twy. & Elec. com.—10 at 71 Money—Call loans, 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid. American Tel, & Telga. 4s. [ American Tel. & Telga, 4%4u... 108 & Tel. ctl. tr. Be. Am. T Avked, 91 ol . ‘& Tel. conv. 6s. Anscostia & Potomac Gs. Aracostia & Potomac guar. 5 Car Telephone 5: 15.—Follow- | i i i i i | 1 ) t Martad 1 Bklrn cant Prod Corpwi ar Light ... atrifiiz Tron 1 1 & Nhare pt ord o Corp . Rudio Tax Cpa NY s MINING, Copper. Mis P Goidield colafield ¢ Sines - n Cop Mohic New Corne Rl 10 Frorenee. S0 Red Warrior syndicate president of the Company, “n forme: large shipping terminal her will serve Francisc tween $5,000.000 souri highway commission will spend $13,600,000 on roa@ construction this year. TEXTILE MILLS CLOSE BOSTON, February 18.—The closing this week of the Nottingham ant Mills of Dodgeville, Ma: & b Teiephane of Caphal’ Traction City & Suburban Georgetown Gas 18! | nnvonnuun L\’ 'll ‘ o 'IJuvlgt\'!llu plants are Potomac Elee. lec. Pow. E. Alex. & Mt. Ver. Alex. & Mt. Vern. cfs.. ap. 5 ‘Washington Gas 4 ‘ . Rwy. & MIBCBIJ.A EOUS. . Paper Mfg. 6s. . Rizgs I(rlll] s (short) ‘Wash. ket Cold Storage Ds. \hlmmln Park Hotel 6s. STOCKS. PUBLIC UTILITY. American Tel. & Telgt o fatrict. - PRI Federnl-American . flber:i B coln Natioual ~Metropol Riggs . Sedtna Nat. Bai | TRUST ‘COMPANY, American Security & Trus Continental Trust... chant Jerhan Savings & s Union Trus rieh. oan & i SAVINGS BANK. erce & Savings. S Vashington.. Security Saviogs & Com geventh Street e gton Mechanic FIRE INSURANCE. American- . Corcoran Firemen’s National mbia_Title... o Botato. Tiile. MISCELLANEOTUS, Mergent 014 Dut. 0ld Dutch M Lauston Moo 2 | the Valley Queen Mills o | Topay's RATES Froni the Toston Tranceript. ¥ R. I, offers additional évidence of the slowing down of cotton goods manu- facture in New Lngland. Valley ! Queen will resume reh 1 clos M a PLA.N TS RUNNING NIGHTS. PITTSBURC February 15— Westinghouse Electric and aries are operating night and day at plants at L Pittsburgh, Swissvale, Wilmerding and Turtle Creek. West- inghouse officials report increased de. mand for radio materials, while in- creasxed operations at airbrake plants are attributed to o on automati controls from railroad companies. The Switch and Signal Company i affected similariy e BUTTEB PRICES I.OWER CHICAGO, February 18.—Butter, lower; creamery extras, 49: standards, 49: extra firsts, 48ai81%; firsts, 471 seqonds, 461 Tower; receir 115 ; ordinary fi ON SILVER. cases; LONDON, Febiua 333 pence per oun per cent. Discount rate: 3% per cent: three-month $11-16 per cent. Money, 28 Short bills, bills, 3%a FLOUR IS UNCHANGED. patents, Flour, unchanged; 50,325 6.402645 a barrel. barrels, Bran, 24.00a25.50. PARIS MARKET FIRM. PARIS, February 18.—Prices were firm on the bourse today. Three per cent rentes, 53 francs, 80 centimes. Exchange on London,- 100 francs family Shipments, {40 centimes. Five per cent loam, 67 francs 40 cetimes. ‘The dollar was| quoted at 23 francs 37 centimes, Lo oY LIVE POULTRY HIGHER. CHICAGO, February 15—Poult Alive, higher; fowls, 20a23; springs, 24; roosters, 16; geese, 1 et The Firing Point. do you generally Yol vt they ars for sin m: ¢ 15.—Bar silver, | MINNEAPOLIS, Minn,, February 18. | into | verpoint, | , but the ; indefi- | e subsidi. Keep ! | _ STAR, WASHINGTON, | PREDICTS HIGHER CRUDE 0OIL PRICES Engineer Looks for Further Drop in Production as Year Advances. I the Associated Pross, W YORK, ¥Tebr major upswing In the petroleum’ and ity probable, Joseph I3 York engineer, sald In an addness fore the Ameriean Institute of Tinipg and Metallurgical Englneers tod: Polnting out that the year 1923 5 churacterized by the bunching of large number of bl ofl pools, Mr. suc sald this telescoping of flush broductlon wae the primaty fuctor underlying the overproduct that 11ed to the decline in price 1923, ontrariwise is the oceasion of A sharp drop In production hus Initiated a new upward ment in ol prices. englyeers from all parts Stutes and ubrond were institute's weeting. The ou progress in nd metallurgy, . industrial and refo tlon are toples to be discusscd. Pogue, o New w Imining relution jumong NOW BEFORE I C. C. ‘Long and Short Haul" Will Require Week for Testimony. Issue Repres of practicully every raflroad system were present cnate Interstate mmittee when hearings :ro opened upon bills to amend the lonz and short l.nufl" " istons of s transportation® act. A week will “n to testimony on the subject. Johnston B. Camphell, a member of the commission, was the first witness. | He fav prohibition against Irouds charging the same rates for short as a long hanl except after public hearing before the commission | un\\kunu‘s‘ ist ommerce ¢ Week Opens. Star February 1. auufac- nLbling o little n the today, though they sition to buy in large the goods markets vement. I su- = quoted wools h swed 1o disp antities until by firat deed of trust on rea] estate Prevailing interest and commission. | Joseph 1. Weller 425 Wega L & Tron: We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street D. C, MONDAY, FEB North Dakota Farm Leader Wires Coolidge to Act. i RAND FORKS, N, D., February 18. eorgo E. Duls, president of the | North Dakota Wheat Growers' Asso- clation, has sent tho following tele- gram (o President Coolidge; “Press dispatches indicate that tar- | It commission’s report would justify you In exerelsing your prerogative to increase the tarift on wheat. The northwest fatmers and members of our assoclation would respectfull urge you to Increase the tariff « wheat to 45 cents per bushel at the enrliest pessible date.” The Precautions We Take In Safeguarding Our Clients Investing in FIRST MORTGAGE NOTES fully Justify our record of never a loss to a client of as much as a ringle penny in either principal or interest. MOREOVER we see that collecting remitting of interest prompuly attended to. NOTES NOW AVAILABLE ~iu amounts of §100 up to $5.000. Bearing 7% Interest iptive Dooklet information CHAS. D. SAGER Loan Department 924 14th St. N.W. and is Send for Ty for funt First Mortgage Notes— Secured by Improved Real Estate In Washington— Worth Double The Amount’ Of The Loan— Interest Rates Today6Y2and 170——: Denominations of $100 to $1,000— Received— Mortgage Investment Department Shannon & Luchs 713 and 715 THih St. Main 2345 N of Independent Mcans Get Their Money UBSTANTIAL, dependable incomes are not acquired by chance. In the majority of cases they are built up by thrift and economy, and by carefully thought out plans. Our Investment Savings Plan is a safe, simple, sure way for you to build an independent income. You can follow it with profit by saving and in- vesting $10, $20, $50 or more a month. 647 and 7% Our Pirst Mortgage Coupon Bonds are strongly secured improved, m-m-pm— ducing _’proj ‘Washington, They are sold in any amount, in denomins- tions of $103, $500, $1,000 and $5,000, and in' maturities ranging from 2 years to 15 years. Every dollar you save earns 6%4% and 7%—the interest rates paid on our First Mort- gage Coupon Bonds. Our free booklet, “How to Build an In- dependent Income,” tells you how to get into the coupon-clip- ping class of bond in- vestors. Write for a copy of this booklet today. No loss to any investor in 51 years The FEH. SMITH CO. Dounded 1873, SMITH BUILDING 815 FIFTEENTH ST. Please send me your free booklet, “HMow to Build san Independent Income.”. RUARY 18, 1924. FINANCIAL. Over-a Quarter of a Century Experience FOR RENT Near Conn. Ave. and L St. JORDAN & CO. rporated 1027 11d: St. NW. First Mortgage Loans Lowest Rates of Interest and Commissiol Prompt Action Ci I Thomas J. : I:Ia=ll‘es:. §w?mpny. ne. | ISSUES GERMAN BONDS Main 2867 435 Star Bldg. N.wW. EQUITABLE Co-Operative Building Association Orgnanized 1S79 41th YEAR COMPLETED Amsets -$4,755,170.52 Surplus -$1,245,320.0% Accompl lhes Most 5 eteasntic & e et eintine . me ot Cscamaiie mouey. Joint the Equitable and save with best results. Subseription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y. Washington's Oldest National Bank s IRCR S e eak cavonal Dank) NE Hundred and Ten Years of Con- servative Banking —has given to this institution a groundwork of experience that stands depositors in good stead when they re- quire financial counsel. Your business problems can have the benefit of our long and intimate touch with the com- mercial world—consult with us at your con. Organized in venience. Our Savings Dept. Pays 3%, Compound Interest National Metropolitan Bank Capital, Surplus & Undividea Profits Over $1,700,000 15th St., Opposite U. S. Treasury—110 Years Old 1814 The Internatlonal Finance Corporation Washington, D. C. NCE SHEET At December 31. 1923 BALA Coliateral notes, direct lien purchases. and other secured loans Participating interest in joint bond loan Open accounts, trade acceptances, etc sSundry accounts re ble Office furniture and fixtures Deferred charges —interest. insuran. LIABILITIES I trust note ‘ceounts payable Contingent reserve: {Due customers only when open acco chases are pald to corporation ) nearned interest and service charge Reserve for stock subscriptions partial pas : (Due subscribers on partial payment Man 011]\ before completion of contract) (‘apital stock outstanding— Preferred ~Cumulative 9°. “B"—Cumulative §°¢, 000 G894 untf. notes or in case of 145,048 Common—38,278 shares Surplus paid n through sules of common stock . Undivided profits i Total capital, surplus and ncdivided profits We certify that we have exa: the Internationa Finance Corporation, Washington, .. for tbe period ended December 31, 1 ihat there are open accounts, notes receivable and direct lien purchases aggregatin $1.270.966.69 assigned to |.v‘ Continental Trust Company. Washington, D. (., trus iee to secure the payvment of $5 0.00 collateral notes outstanding: that the fore- 2oing balance sheet. in our opinion, correctly sets forth the financial condition of the corporation at the close of husiness December 31, 1923, = F. W. LAFRENTZ Public (Formerly The Ameri, & CO ccountan: an Audi viCe The America s a complete Trust Serviee suitable to the needs of both individuals and corporations. It acts, among other capacities, as— LExccutor, Trustee or Guardian Trustee, Agent or Depository under will under written agreement. suardi Custodian for the care andsafe- Guardian keeping of securities. Conservator under court appoint- Administrator, or Trustee under bond or note isstes. corporate ment. Transfer of stock. Tiscal Agent {for individuals, corporations, trustees, executors or administrators. Agent or Registrar guardians, Registrar of bonds. are invited aspect of the Trust Service rendered by this Conferences, without obligation and in confidenc with mlmcncc to any bank. M]ERI[CAN SECURIT AND TRUST COMPANY _ 15th and Pcnna. Ave o Capital, Surplus and Undivided Profits Over. $6,000,000.00. BRANCHES 1 7th-& Mass. Ave. N.W. 8th & H Sts. N. 436 7th St. S.W. 1140 15th St. N.W. Centrdl: Northeast: Southwest : vorthwest :