Evening Star Newspaper, March 13, 1924, Page 29

FINANCIAL. { STREET RAILROADS OUTTO CUT COSTS Three-Car Train Plan in De- * troit Being Closely Watch- ed All Over Country. BY J. C. ROYLE. Dispatch to Tne Star. W YORK, March 13.—Street rail- v men all over the United States ure watching with keen interest the operation of the new three-car street railway train just put into operation in Detroit. The street railway traffic is inercasing constantly in the majority of cities of the United States, and the problems of economical operation and speeding up of traffic are of the ut- 1 t importance, not only to the pub- ite utility companies, but to the gen- «ral Lusiness publi All records for carrying passengers were broken in 1923, with the total reaching almost 16,000,000,000 fares. The reports so far indicate that this will be exceeded this year, and many of the companies are Worrying over equipment to handle the flood of pas- scngers. This is complicated by the necessity of relieving tratfic conges- tion due to motor vehicles. Cut in Operating Costs. The features of the new Detroit system include operating savings as well as a reduction in cost of original cquipment, according to its sponsors. ar trains require four op- compared Wwith In other words, wheels and cight mo! with twenty-four wheels and twelve motors in the equimnent of three separate cars. In firs: there is 0, as the roximately cars cost three-car trains cost ap $29,000, while thre about $13,000 each. More Bus Line Feeders. Street railway comjy cities are spending m:l the purchase of new ¢ the remodeling of old permit of a bl entry and di The” remodeled ehy ars oor’ sys.em o of passengers. however, are aper in operation only in so far iis they shorten stops to take on and discharge pas: £ and thus add 1o mileave covered during the wenty-four hours. Additional mil- lions are vemng expended by traction companies for cquipment of sub- sidiary or feeder bus lines, for the trend’in jitney and motor bus oper- ation during the last vear has been toward the operation of these lines in conjunction with electric railways instead of in competition. Development or aeroplane trans- 0 is promised for the although in this respect the Uiited States is undoabtedly far behind European countries both in the number of machines in opera- tion, the regular routes covered and in reduction of fares. The Aero Ma- Tine Airw. fourth con a section of fleets to where they will be engaged in_voy- s up and down the coast and to Nassau and Cuba until well into the spring. New Tranxportation Plans. This summer they will resume schedules on the Great Lakes, Lake Champlain, the St. Lawrence, the Hudson, Long Island sound and other northern wat rwavs, Aerop ane ‘n- terests are confident that they will be able to arrange a more extensive co-operation with land and water transportation lines this summer and that this will lea rked in- number regular “nd in the number of machines in operation. The increased dewa:.ds for city and suburban transportation undoubtedly lave had a distinct stimulus to power development. In New York state ulone expenditures for new power plants and equipment are aggres - ting about 1,000,100,000 a week, and this rite is expected to continue through- out the year. Enlargements of steam plants in New York and Brooklyn wlone now arranged for will aggre- gate 335.000 horsepower. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CHICAGO, March 13.—Retail coal dealers here have begun to reduce their stocks and as a result coal de- liveries have slowed up considerably. IKANSAS CITY, Mo., March 13.—De- mand for heavy horses and mules is ing as the building season ap- aches.” Prices are considered strong. BLES. March 13.—Stimu- nerease in crude oil prices »eoduction, California 1 development act TOS ANC lated by L onsiderably for the weeks of the year. To drte 292 new wells h. ve been started since January 1, as compared with 304 for the sime' period o year ago. —_— Are You n Sucker? Too many people put their money in day dreams and wake up broke, Never put your name on the dotted line until you have inquired of some one in your bank what he knows about some stock issue that Is ofe fcred to you privately. EX-DIVIDEND TA;LE. March Am. Car. & Found. q.. X Findicott Johnson pf , Jielme, G. W. Co., Jelme. G. W. Co., pf., Humble Oil, ... Kelly-Springtield Kresge C ;. 'S. Tobacco, q U. 8. Tobacco pf. g. Westinghouse Elec. Mg Westinghouse Elec. & M Stock of Record. Mech. 20 Mcl ch. 3. Am Type Founders. Am Type Found pf. S 2d p Columbus EI & Pr. ol El & Pr 1st pf., El & Pr 24 pf. ox 3 Kast Roll Mil's.. i Mol Yast Roll Mills pf. o 3 SR Indep Pneu Tool. 111 Traction pf. Manhattan Elev. Mdld Stl Prod New River pf. Northwest Yeast. 1oca” @R Thompeon, J Thompson, ‘Thompson, which will | of | NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN, NEW YORK, March 13.—The fea- tures on the curb market today were the heavy buying at substantially higher prices of Dubilier Radio, in- creased activity at a new high for the year in New Dominion Copper, class A, and the further bidding up of a number of the high-priced Stand- ard Oils, According to those close to the management, February sales of Du- bilier ‘Were at an increased rate over January and business so far this on as been even greater than that of last month. = Buying of New Dominion Copper followed the report from the property \ that No. 2 vein is widening and that | the No. 3'vein {s showing mineraliza- {tion. The stock was dealt in just junder 3 today. Profit-taking brought about a de- NEW YORK, March 13.—Following is an officlal list of bonds and stocks traded in on the New York Curb Market today: Sales in thousands. 88 Allied Packers 6s. N Gas & El 68, m Sumat Tob 4 Am Rolling Mills 18 Assoc S'm Hdw 6! s 7 Cons Textiles 8 ... 2 Cndahy 5%s 5 Deere & (o 7 2 Detroit City 8 Dunlop Tire & R 1 Federal Snynr Ga * 4 Fisher Body 8s "2 FORBIGN BONDS. ov 65 cofs dep DBl% t 68 na of 15 vt 5i4s.... 9% Buckeye I’ L. Chesedr Mfg ‘new. ity 2 L. 135 a1y a1 S 1 148 72 Finch. 200 Vacuum OUl new .. | Sales INDEPENDENT OIL STOCKS. { in hundreds. {7 5 it Serv .. 3 Cit Serv pid $2000 (it Serv C s $200 Cit Serv serp . 10 € 1481 7278 er Oil. Pennock Oil. . Red Bank Oil new. Roy Canad O & Ref alt Ck Prod puipa Refin. 82 Seaboard Oil. Washington Stock Exchange. SALES. 1 Traction 55— aeTnPiial, Trastion Ga—8500 at 96, 3500 at D' C. Paper 6e—8$1.000 at 85. W) El 1, ~] 10'8¢ T35, 1o af T3k, 5 at Fon 10 4t T%: 5 at 78% R'ges National Bank—8 at 206. Lanston Monotype—5 at 72%. AFTER CALL. l‘nlamtcwr.lerlnc cons. 5s—$1,000 at 97, 000 at 97. Washington Rwy. & Elee. 45—$1,000 at TR 83,000 at 715, $3,000 at o merican Secority rust—10 at %, at'302%, 10 at 300, 10 at Jog, o 0T 10 Mooev—Call loans, 5 and 6 per cent, BONDS. Bid and Asked Prices. PUBLIC UTILITY, American Tel. & Telga. 4s.. American Tel. & Telgs. 4% Am Tel. & Tel ctl. tr 3s. Am, Tel. L ctl. tr. 6. A P. Te'ephone 5. P, Tel of Va Gan Ga......0 shingion Rwy. & Eiec. 4s, MISCELLANEOUS, 721 D. C. P 101 STOCKS. PUBLIC UTILITY, American Tel. & Telga. apital Traetio i 25 3% Lis Na , Riggs Second EEE §85s8 | Comm, grity Saviags & Commercial. Boventd Street: 5 E FIRE INSURANCE. Direct to The Star Office cline in Prairie Oil and Gas, follow- ing the advance of the past few di but other high priced Standards were again in demand. Recent buying in this stock was stimulated by the be- lief that directors Friday ~will act favorably upon a proposal to declare an extra disbursement in stock. Standard 0Oil of Ohio, at 327, was up 4 points; Standard of Nebraska rose 6, to 245, and Borne & Scrymser, at: 262, recorded a galn of b points. The | smore prominent members, however, merely held firm around Wednesday's close. Pennok Oil, among the inde- pendents, was a favorite, getting up a half point to 14, following publica- tion of the annual report. This show- a met, after all charges for 1923, equal to $8.34 a share on the 375,000 shares of $10 par atock. An_interesting incident concerning the progress at increasing activity on the curb market is the rapid rise in the price for curb membership. A | scat ‘sold today for $5,000, compared with the last previous sale of $7,500. | 2 U 8 Cities Cpn A... 30 Wileox Ol & Ga.. INDUSTRIALS, 2 Allied Packers new. 3 Am (ot Fabric pf.. 98 % Am L & Tract.... 128 1 1 Arch Danlels Mid... 221 1 Armour- Leather 3 Atlantic Fruit w i, 9 Bridgeport Mch w 1 7 Steamsip . Hazeltine Corp _wi Hud & Man R R.. il Carbon new. . Intl Conc Ind Corp Jdordan Mot Car Co Sl B Werge s Menabl Tron. Midvale Co. Banad’ co Mot.. 5 1 Gil P n vo trewl o C & I new. : Ward Bak Corp pfd Willys Cor_1st pf. Yel Taxi Co N Y MIN Alamo Gold . Hardshell Ai & Hecla Mine . 20 Plymouih Lead Mns Red Warrior ...... . R'lver Horn Min Tono Relmont Tonopah Min . 5 United Bastern .. United Verde Ext. Un'ty Gold ....... Weaden Coppe: Wett Lor Silver. White Knob Cog e +8,000 B. & 0. MEN GIVEN PAY BOOST Increase of 5 and 6 Per Cent An- nounced After Wage Con- ferences. By the Associated Press. BALTIMORE, Md, March 13—The Baltimore and Ohlo Railroad Com- pany today announced that an in- crease in wages of between 5 and & per cent had been granted to its con- ductors and trainmen, including ! yardmen and switchmen. About 8,000 men are affected. The increase is the result of con- ferences just concluded here between L. E. Sheppard, president of the Order of Railway Conductors, and W. N. Doak, vice president of the Brother- | hood’ of Railroad Trainmen, repre- senting the employes, and F. E. Blager, assistant to Charles W. Gal- loway, operating vice president of the railroad. FURTHER EARNINGS REPORTS ANNOUNCED | Wall Street Gets Another Grist of Annual Income State- ments. By the Associated Press. NEW YORK, March 13~The Mid- ! HEAVY BUILDING PROGRAM REPORTED IN FAR WEST Special Dispatch to The Star. DENVER, March 13.—Announce- ment that the Colorado Fuel and Iron Company will expend $3,000,000 In making its Pueblo steel plant one of the most modern in the country adds to the extensive program of building projected for this section. The Fa- mous Players-Lasky Corporation are preparing to erect a new million- dollar movie theater in Denver. Executives of the Denver and Rio Grande Western, Missouri Pacific and’| Western Pacific hava been in confer- ence here this weck making plans to handle what they ~xpect will be a record tourist business through Colo- rado this year. J. L. Haugh, assistant to the president of the Union Pacific, announced here thut the company has authorized a road improvement pro- gram of $23.000,000. Orders have been placed for 35 loco- motives and 500 all-sceel tank cars. EQUITABLE Co-Operative Building Association Ansetn Surplus The systematic way of save ing obtains the best results. Join the Equitable now and save in a systematic way. Subseription for the 86th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON, Presldent FRANK P. REESIDE, See’y. The way to success is i kive Dil less than you make. Lay money by. Invest it carefully. Invest in Our First Mortgage Loans Denominations $100 to $10,000 Our booklet, “A Com- monsense Talk to Inves- tors,” will be sent free upon request. MORRIS CAFRITZ CO Mortgage Dept. 1416 KSt. N.W. Main 617 Wanted Second Trust Notes We have clients with funds to purchase good SECOND TRUST NOTES in denomina- tions of from $500 to $10,000. Low rates if security is good Apply at Once to Our MORTGAGE DEPARTMENT [SHANNON & LUCHY) | INC. 713 and 715 14th Street N.W. Main 2345 " Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph L. Welier {7, 7%, & § ¥4 W vale Company, organized in March, || ‘192!. to acquire and operate the Nice- | town plant formerly owned by the Midvale Steel and Ordnance Company, ! reports net profits of $336,205 for the nine months ended December 31, 1923, ; equal to $1.68 a share on 200,000 shares of no par value capital stock. Compared with a net loss of $276.625 in 1922, Pennock Oil Company reports net earnings of $1,997,992 in 1923 after federal taxes and depreciation, equiv- alent to $5.27 a share on $3,760,000 capital stock of $10 par value. Electric Storage ttery Company. had a net income of $7,216,622 for 1923 after expenses and charges, but before federal taxes, estimated de- duction of which would be equal to $7.97 a share on the no par capltal stock, against $8.46 a share in 1922. The Amalgamated Leather Com- panies, Inc., earned net income of $842,077 in 1933, against an operating loss of $675,995 the year before. Directors of the S8onora Phonograph Company, Inc, voted to resume divi- dend payments on the '$1,000,000 8 per cent preferred stock by the declara- tion of a quarterly dividend of $2 a share, payable April 1 to stock of rec- ord March 20. This action, the di- rectors said, was the result of a sat- isfactory revival in_ the earnings of the company In 1923 in addition to the successful flotation of 65,000 shares of additional common stock which were offered recently. Directors of Peerless- Truck and Motor Corporation declared a dividend of 50 cents, payable April 1 to stock of record March 20. ur quarterly ?;;;dendl of $1 each were paid III‘ A nig?uu and Miners v rtas | lon mpany reports net income o $565,329 for 1923, against llll,llo‘th. previous year. BUTTER HIGHER TODAY. er; creamery extras, ld"- tan a1; exira firats; G8ade; Drets, oadsia; seconds, 44addls. Easenanon a Good Record? Well, That’s What Has Occurred In Our Mortgage Investment Dep’t. Since We Began Our Business— This Remarkable Record Shows The High Degree Of Safety That an Investor May Enjoy When He 713 and 715 14th St. Main 2345 Banking Trust & Mortgage Co. ant good First and Second Washingten and Vicinity— leason Terms—Prompt Investiga. tions. write, Banking Trust & Mortgage Co. Rooms 20-21 1410 G St. N.W. Phone Frankiin 5784 re Trusts R STATEMENT OP‘O;K'HE CONDITION The Hartford Steam Boiler Inspection and Insurance Co. of Hartford, Conn. 1 On the S1st day of December, 1923, as required { urder the District of Columbia Code, a1 jJune 30, 1902, and August 18, 1911: ! capital stoek | Capital stock, Cash in office... Cash in bank Beal cotate ... 5 2 cal estnte morteages (st Tien Htockn And banda (Darket value); of agents .. Iuterest due and accrued Total assets. .. LIABILITIES. Net unpaid claims.... Reserve s required by I ries, reuts, expenses, 7 Capital stock ... | All other labiiities: | Total mabilities. ! Character of business transacted dutin year 1923: Stexm boller. engine, fy-whee electrical machinery insurance. (ained during the year the and .$610.224.43 3 4.628,748.51 4.171,867.99 CHAS, 8. BLAKE, President. Expended during expenditures . . MIDDLEBROOK, Cretary. Subacs and sworn to before me this 24th . ribed day of January, 1924, MARGARET J. CHRISTIE, Notary Publle. 2 Lawford & McKim l GENERAL AGENTS (Seal.) 201-203 Woodward Building SNNNNY e T T S SERRR SR SRS AR S S AR X LR R R L5 S LU CTR SN AR S SRR TTRIN SNSRI CURIN AR S SRR AR A FoOoRr . SYSTEMATIC SAVING Lincoln National Bank 7th and D Sts. N.W. FIRST MORTGAGE NOTES Capital One Million Dollars 14th & H Strests STATEMENT OFMTHE CONDITION The United States Branch of Lial Jcae oo Statutery deposit. Cash in office. Cash In bank New Eagland Blocks and boi Srok Premiums uncollected and in bands AEeRtE o s cae s Intorest due a8d ‘aecrued: rve ired Estimate expenses ady. of cla Unearned premtuma Salaries, rents, ex) ete. Commissions, brekerage, ete. 3 Columtary sdditioaal reserve for catastropbe. .. ‘Total liabilities. Character of business transacted during ael year 1923: Casualty. Amount of risk assumed ‘ufil‘m.mm‘-“‘: the year i 11,165,826.35 | 22,000,002 22,4486, SAMUEL APPLETON, United States Manager. Bubscribed and sworn to before me this 14th day of February, 1824, & oEDR X ILLARD 8. 3 Lo '. Notary Publie. .$22,008,510.48 | t r Advice INSPECT 1428 PARK ROAD N.W. (Open and Lighted Daily unsil 10 P.M.) This location has 2 proven value and is getting better every. day. These modern stores with four rooms and bath apart- ments above are recommended by us as goed business homes or investment. Large Alley in Rear Room for Garage or Shop TERMS. For Information, See J. DALLAS GRADY Phone Main 727 1410 H Street N.W. Maryland Building Can you save , $20 a month? A trial will prob- ably show you that you can. " o e Make it a regu- lar habit and in ten years you will have a balance of $3,000. This habit will assure you event- ual financial in- dependence, build your char- acter and direct your career. Our Savings Department wel- comes you. SALE IN DENOMINATIONS OF 8500 DOLLARS AND UPWARDS Tindit H Hognon # % 1207 Connocticwt Sloonue profit on the resale. BOSS & Main 9300 To any business man who is willing to in- vest from fifty to seventy-five thousand dollars " cash in Washington Commercial Properties— We Offer Two Outstanding Opportunities. Both are safe investments and have specu- lative features, which assure a substantial Call our Business Properties Department for particulars. Realtors PHELPS 1417 K St. N.W. NO UPS AND DOWNS Over a Quarter of a Century Without a Loss No need to watch the mar- ket reports or worry over financial conditions if your money is invested in our FIRST MORTGAGES Secured on property in the city of Washington, these Mortgages offer absolute safety for both principal and interest. Further, they bear an unusu- ally high rate of interest for such absolute security—7%. B. F. SAUL CO. Main 2100 1412 Eye'St. N.W. A Good Time to Invest in Our First Mortgage Notes TODAY you can secure a high return, plus maximum safety, by investing in the highest type of First Mortgages bearing interest at the rate of . 6"2% —and the stipu'ation of the borrowers to refund the District of Columbia Intangible Tax of %; of 1% brings the yield to practically 1% The same security we have offered for the past 54 years, during which time no client has ever lost a single penny of interest or prin- cipal, may now be had at this higher rate of interest. Swartzell, Rheem & Hensey Co. 727 15th Street N.W. 54 Years Without Loss to an Investor Federal and D. C. Tax Free Features Bring Gross Yield to 7.13% CURRtNT offerings of our First Mort- gage Coupon Bonds will pay you the liberal interest return of 6140, and at the same time give you the benefit of Federal and D. C. tax free features which brings your gross yield to 7.13%,. ‘These bonds are strongly secured by improved, income-producing property in ‘Washington, D. C., and comply in every respect with the safeguards which have made possible our record of no loss to any investor in 51 years. You may buy these bonds in any amount, in denominations of $100, $500, $1,000 and $5,000, outright for cash or under our investment savings plan. Maturities range from 2 to 15 years. Call, write or telephone Main 6464 today For descriptive circulars. Che F.H.SMITH CO. %mdedlom. SMITH BUILDING 815 FIFTEENTH ST.