Evening Star Newspaper, March 16, 1924, Page 39

FINANCIAL. _ 'F. H. Smith Company Gives Up |AMERICAN EXPORTS | Real Estate and Insurance Old Firm Will Limit Business to Invest- ment Banking—King and Perry Pur- | chasers—Pricesof The F. H. Smith Company has dis- Posed of its real estate and insur- ance business to Willlam L. F. King and Edward G. Perry, itswas an- nounced by company officials last night. The purchasers will operate as W. H. West Company, which was incorporated In 1903, and has been doing a large insurance business, be- ing enlarged to include the real estate end. Messrs, Perry and King have had actual charge of the business they havs just acquired for some time, Mr. Perry having been manager of the F. H. Smith Company's rental depart- ment for twenty years, while Mr. King has been manager of the real estate department for almost as long. The W. H. West Company has ac- Quired the three-story office bullding at 916 15th street northwest. The , first floor of the building, which Is being lowered to the street level and extending the full depth of the lot, will be entirely occupled by the com- pany when alterations are completed. In the interim they will do business at the Smith Building, 815 15th street. With the-disposition of its real estate and insurance, the Smith company will d its entire ef- forts to its investment banking busi- nea-.__il was said. Since its inception in 1873, the business of the firm has been primarily one of loans and in- ‘Yestments, and this has now grown to have a national scope with clients in all parts of the ntry. It is the « plan of the company further to in- crease this business, unhampered by other lines of endeavor. Messrs. Perry and King will con- tinue their real estate and insurance business with the same organization they now have in those departments. | ¢ The officers of the F. H. Smith Company are: President, i vice presidents, Samuel J. . G. Bryan Pitts and William H. West; secretary, R. B, Cummings: #eneral manager, Edwin I. Fuegel; sales manager, D. M. Kerl, and as- sistant secretary, Sidney Roche. Reports Denied U. S. Treasury. The stand taken by Lyon, Conklin & Co, refusing to furnish the Treasury De- partment with the names of stock- holders to whom dividends were paid . last year and the amount paid each w holder, togather with the number of BUYIG N TEEL IS FARLY AGTHE Copper Demand Falls Off. Tin Unsettled—Review | of Other Metals. By the Associated Press. NEW YORK, Mareh 15.—Current + buying of steel continues at au active * price and most of the mills are run-| ning close to capacity. New bookings by the steel corporation gained dur- ing February and the situation ap- peared healthy. There are, however, Gontinued evidences of a hesitation on the part of Luyers to place orders for distant delivery and the trade as a whole is still inclined to be conserva- | tive. Buying of pig iron consists largely of small lots and consumers are inclined to be cautious while| Pprices are steady. The demand for copper has tapered | ( down following recent sales for domestic consumption and European markets have been a shade easfer. No_ selling pressure has developed, | and the market was steady further small sales re- | ported toward the end of the week | at the 11-cent level mostly for April | and May delivery. Tin was unsettled due fluctuations in London. ng 58 in ste to wi After reach for prompt straits, on delays mer ivals, prices reacted over 2 cents a pound on heavy sell- ing by leading interests abroad. Con- sumers showed more buying interest in_the break Lead was less active as to buying, but no abatement in consumption. More comfortable outlook as to sup- plies has induced holders to reduce premiums demanded for spot metal. Zinc market conues quiet, but a little more interest is being dis- . played owing to reports of a decrease | . of 3,505 tons In stocks during Febru- | ary. ' ! Antimony continues quiet with i prices easy on the spot, although; offers from China are on a firm basis with some advances being asked. GOUDS MOVE SLOWLY. Bpecial Dispatch to The Star. NEW YORK, March 15.—No indlca- tion of improvement comes from the New England textile centers. From the south come reports that while con- sumption of raw cotton was very little . less in February than the month be- fore, goods were moving slowly. Price cuts were stimulating some little buy- ing, large numbers of small orders, but no large orders for future needs. Cur- tailment, therefore, in the southern | mills is considered inevitable. As to the cotton itself, the new crop j is now the controlling factor. Contin- ued reports of delayed farm work makel some impression on the price. But fur- \ ther price concessions in dry goods cen- ' ters and labor troubles in England tend | to depress the price. Dry goods men in | New York believe that the staple has now hurdled the speculative stags | which brought the soaring price in late fall and is now settling down to price adjustment in accordance with economic 1ay \ws. In the woolen market trade for mext | fall is only moderat . SECOND TRUST - MONEY Have $30,000.00 to place on one-year motes; no curtail ments. Immmediate reply given | to applications. ’ { Herman Schmidt 729 15th Street N.W. Main 2611 Inc, of Baltimore, in flatly | > {6 points to 4.73 on an accumulation Unlisted Securities. shares owned by him, is causing much comment in local circles. Corporations all over the country have been voicing protests against the filing of this information, but, 80 far as is known, the Baltimore con- cern is the first to come out with a flat refusal. The result of its action, no doubt, will be awaited with much interest by all corporations. t was late in February that the Treasury Department ordered all cor- porations to file the information by March 15. Within twenty-four hours the American Telephone and Tele- graph Company and several other large companies had their represen- tatives here protesting that it would be impossible to prepare the informa- tion In so short a time. The result was that the Treasury extended the time limit for the fillng of the in- formation. The position taken by officials of the recalcitrant firm is that the in- formation will be useless to the gov- ernment, because they believe that it would be a hopeless task for the Treasury to attempt to check back the information against the income tax returns of individuals. In commenting upon the stand of his company, Howard Lyon, vice president said: “We feel the gov- ernment has gone too far in pester- ing the business men of the country and we hope other concerns will join us in calling a halt right here.” Urlisted Securities Prices. The following latest “bid” and “asked" prices for unlisted securities are quoted for the guidance of hold- ers of these issues: NDS. BONT, Asked. Army and Nasy Clu Cosmos Club 48 Cosmos Club 438 City Club 7s . Metropolitan Ciob 4i4s . cks Sa i cks 78 pfd Citizens’ Savings Bank icut_Ple. Co. Departmental Ban Distriet Title Ins. Co. Franklin National Bank Miller Train Control Munsey Trust Co. 1 North Capital Savingw Bank .. t Savings Bank . FRENCH FRANCS UP 130 POINTS IN WEEK Close at 4.75 Cents—Gain Six 1 Points Overnight—Decline in l Brazilian Exchange. By the Associated Press. NEW YORK, March 15.—Reflecting the remarkable recovery staged by the French franc this week in re- sponse to the $100,000,000 loan grant- ed to the Bank of France, through J. P. Morgan and Company, the rate today mounted to .78 and closed at 4.75, 130 points above the record low established at the cBose last Saturday. Normal market conditions i prevailed after an overnight jump of of covering orders from abroad. A feature of today's foreign ex- JUMP $61,000,000 February Shows Striking Gains Over Same Period One Year Ago. American exports for February were valued at $367,000,000, an in- crease of approximately $61,000,000 over February, 1923. Imports for the month were $335,- 000,000, against $303,413,000 in Febru- ary last year. Gold imports for the month were $35,111,269, against $8,382,736 in Feb. ;g;ry. 1823. Exports of gold were t Monday Morning And Reserve That First Mortgage Note You Have Been Talking About. 6!5 and 7%, Interest. 5,135 last month and $1,399,089 for he Same month a year o ver imports aggrei 4900, 409, as compared wlth‘}!.'!lz,tfl in the same month of last year, while silver exports totalled = $8,876,713, against $2,191,059. NET PROFIT, $10,968,977. NEW YORK, March 15.—The American Radiator Company, and its foreign subsidiaries earned net profit of $10.968.977 in 1923, the annual report showed today, of which $1,800,959 was credited to the European companies. Total sales were $78,696,000. Cur -t assets of the combined companles .- taled $30,858.251 and current liabili- ties $5,001.172, leaving working capi- tal of $25,857,079. Mortgage Investment Dept. x N CHICAGO MARKET. . CHICAGO, March 15.—Armour pre- ferred, 79%: Swift & Co. 103%; Swift International, 20; Union Car- bide, 593 ; Wrigley, 36%;: Yellow Manufacturing B, 84 Yellow Taxi, 62, In the Heart of the Financial District . New Office Buildings 923-925 15th St. N.W. Entire floors containing about 2,550 and 1,300 square feet. This should interest those desiring an entire floor for their business, that we will divide to suit the individual requirements of the tenants. Ready About July 1 B. F. SAUL CO. Main 2100 1412 Eye St. N.W. Secured by first deed of trust on real estats. Prevailing Interest and commission. Joseph I. Weller 42, Weak. L & Trust M Y& BN 816 15th St. N.W. : The Banking Home of the Good People of Washington for Over a Century , 1814 1 Did you ever stop to think what continuous service for over a century—one hundred and ten years to be exact—means when applied to a bank? . ([ First of all, it means SAFETY for the funds intrusted to its keeping. 1 It also means that the bank has been care- fully managed by capable and trustworthy officers and directors—else it could not have withstood the many financial storms and panics that this country has passed through in the past century—oftentites threatening America's entire financ' 8 structure! 1 Not only is The Metropolitan the OLDEST National Bank in the District of Columbia —it's a progressive bank—has kept pace with the growth of the National Capital and the constantly expanding requirements of its customers. 1 Is not such a bank the one YOU would like to do business with? Open Tomorrow until 5:30 P.M. Savings Accounts Draw 3% Compound Interest. National Metropolitan Bank 110 YEARS OLD 15th Street opposite U. S. Treasury The largest investors in First Mort- gages are Banks, Life Insurance Com- panies and Building Associations. . This office offers an opportunity to invest in First Mortgages through which the public may realize a much more at- tractive return than is possible to re- ceive through the institutions mentioned above or through Government Bonds. AT PRESENT Our Mortgages Yield 79 Loan Department Established 1907 BOSS & PHELPS 1417 K Street N.W. Main 9300 MONEY TO LOAN oN DISTRICT OF COLUMBIA AND CHEVY CHASE, MD., RESIDENCES 5% Iriterest H. L. RUST COMPANY 912 15STH STREET N.W. MAIN 6888 LOAN l(;)RRNPONDINT FOR THE_ PRUD! [SURANCE COMPANY OF AMERICA Muscle Shoals The Most Talked of Property in the Country Today Important for those who don’t know. A reminder for those who do. The location and present prices of lots in Washington Heights make them the best buy in the Muscle Shoals district. S. H. Wolberg & Co. Munsey Bldg. Washington, D. C. Gentlemen: Please send me information free of any obiigation. 5 Name ... Address City .. S. H. WOLBERG & CO. Real Estate Suite 354 Munsey Bldg. . Washington, D. C. Phone M. 7397 change market was a decline in Brazilian exchange to 11 cents, rep- resenting losses of half cent for the day and & full cent for the week. The fall was attsibuted to heavy buying of dollars in Rio de.Janeiro to meet March interest requirements. i MONEY RATES EASIER. { NEW YORK, March 15.—Money rates were somewhat easier this week, call funds ruling at 4 per cent ! and “outside loans” being reported At below that Bankers re- duced their offering price on time unds to 4%, with brokers bidding 4%, some thirty-day loans being ar- ranged at the lower figure. Longer maturities were on a 4% per cent basis, which was also the ruling rate for prime commercial- % . FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN- VESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. B. F. SAUL CO. 1413 Eye St. N.W. The way to success is plais ive on less than you make. Lay money by. Invest it carefully. Invest in Qur First Mortgage Loans Denominations $100 to $10,000 {quired under the District of Colambia Code, THOMAS FIRE AUTOMOBILE J. FISHER & Insurance Department CASUALTY PLATE GLASS CO., INC. BURGLARY WIND STORM Representing several of the largest insurance companies in the world, we are in a position to handle any line of insurance, no matter how large or how small. Rates are fair, and in case of loss settlements are prompt. STATEMENT OF THE CONDITION Of the American Eagle Fire Insurance Co. of New York On the 3lst day of December, 1923, as re- "STATEMENT OF THE CONDITION of the. ’ Nationale Fire Insurance Company of Paris, France On the 31st day of December, 1923, as re- quired under the District of Colambia Code, amended June 30, 1902, and Avgust 18, 1911 |amended June 30, 1902, and August 18, 1911 Deposit capital ..... e $200,800.00 ASSETS. Cash in bank .. Stocks and bonds (market valve) 1,236,006.56 Premiums uncollected n bands of agents .. 173.204.08 Interest due and accrued veeee.. ALl Other S580(8 ........cesveens in . 1,042,171.93 R 1777.8 Total &Mets ...coeeeesmes..$1,408,031.98 LIABILITIES. Net unpaid el Tve a5 required by Salaries. rents, expenses e. Commissions, brokerage, etc .. Capital steck .. All otber liabilit Total Habilities Character of business transacted during the year 1323—¥ire, Lightning, Tormado, Sprin. kier Leakage, Automobile, Inland aad Ocean Marine and ether insurance as grauted by “‘charter.” JAS. A. SWINNERTON, President. ERNEST STURM, Secretary. Subscribed and sworn to before me this 11th day of February, 1924. Seal WM. JOHNSTONE, (i Notary Public. ‘Westchester County N. Y. Oertificate flled is New York Oounty, N. Y., Clerk’s Ofice No. G8, Register's Ofice No. 5058. Commissien expires March 30, 1925. ete Gommissions, brokerage, etc Deposit capital . Surplus over all’ liabilities Total liabilities Character of business transacted during the year 1923—Fire and Lightning Insarance. Amount of risk ring. the year 192y 1,022,351.10 NATIONALE FIRE INS. CO. OF PARIS FRANCE. STARKWEATHER & BSHEP- LEY, ING., U. 8. Mgrs. s70,000.02 | Edan Btocks 16,074.32 | Premi: STATEMENT OF THE CONDITION of the Old Colony Insurance Company of Boston, Mass. On the Sist day of December. 1823, quired under the District of Cal amended Jume 30, 1902, and Auguet 18, 1911 sTATEMENT OF THE CONDITION 1 of the | ringfield Fire and Mari - S’.m Co. of“Sp.rlzlgfi:lT,‘th: On the 3lst day of December, 1923 a8 re- quired under ‘the District of Columbla Code, amended Juve 30, 1902, and August 18, 1911 pi! Capital stock C-l;lul stock, Al other assets— Reinsurance dae oo paid losses Total assets LIABI Net unpaid claims a8 L required Net unpaid claims ... Balaries, rents, expenses, Reserve as required by 1a Salarise, remts, expeascs, for marine lay-up re- turn, premiums and expenses for adjustment of I urplus .25 1,670.200.21 ‘Total liabilities $4,708,000.47 the | Character of business iranmacied during the ‘ur 923—Fire. Ocean Marine, Motor Ve- icles, Inland Navigation and Transporta- tion, Tornado, Hail, Sprinkler Leakage, Riet, Earthquake. Amount of isk 10,667, 1,080,831.36 | Money Expended. % WINCHESTER, v JOHN P. MORGAN, Secretary. Subecribed and sworn to before me this . HEIDEL, 26th day of Pebruary, If Notary Public. (Seal 924, ) FREDEEICK M. DOMINICK. My Cowmission expires March 26, 1926. Notary Public. STATEMENT OF THB CONDITION STATEMENT OF THE CONDITION of the of the Commercial Union Fire Insurance | Connecticut Fire Insurance Co. Company of New York of Hartford, Conn. On the Sist day of December. 1923. as re- st day of December, 1928 as e ™ ene 50, 20, and Avgust 18, 1911, 3 eo 30, 100, sad Avgut 18, 1011 Capital steck, paid up, in eash... $200,000.00 Cash 1 bamk $290,901.13 Stocks and bonds 1,915,516.00 Premiums _ uncollected and in bands of agents . Interest dve and accrued ._..... All other aswets— Reinsorance recoverable oa paid Cash i3 office Seal eveate mortgages (s lien Slocks 'and bonds: (Barket value) 130370100 in . 1,020.658.58 146,975.41 . - g 10,000.00 Ameunt recoverable for rein- surance on paid lowses. gt Total amets All other 1iabil Estimated expenses of imvesti- tion adjustment of Total liabilities ete. .. Commissions. brokerage, Cash dividends remainitg un, Capital stock ... Total liabilities mount of risk assumed dur- A the year 193 $1,290,216.677.08 kage, Ri gk A:a:rf f risk assumed during s the year 1923 . - -$400,263,941.00 Mouey received duriag the year 1 Expended ‘during the year 923 1.551398. sy WHT l"fl" fiu\ms. President. J. GANKRODGLER, Secretary. Bubscribed and _sworn fo before me this 26th day of (Seal.) Queens Co. No. 3288. Cert. A1 No. 740, Rex. No. 1019, Comm pires Mareh 30, 1934 Expended during the year 1933 JOHN A. COSMUS, Vice President. Subscribed and sworn to before me i 18th day of February, 1924. (Seal.) ANDREW B. SCHUTTINHRIM, Notary Public. THOMAS ¥. BEALY. Notary Pubiie. led fn N. Y. Oo. ex- We Make a Specialty of Automobile Insurance ' THOMAS J. FISHER & CO., INC. Real Estate, Loans and Insurance 738 15th St. N.W.