Evening Star Newspaper, May 29, 1924, Page 17

LOCAL BANK BRANCH | WILL OPEN MONDAY | Lincoln National Plans Auxiliary Business at 17th and H Streets Nnthwest DEALINGS ON D C ‘EXCHANGE Stock Quotntinns Slightly Im- proved, Bond Market Dull. BY CHAS. P, The new brauch office of the Lin- coln National Bank on the northwest orner of 17th and H streets north- west will its doors ut 8:30 o’clock next Monday morning. officials of the bank said toda Assistant Cashier Wallace McK. Stowell will be in charge. he banking office, which is located | on the ground floor. faces both H and 17th streets, and is entered through “n imposing brown ntrance doorway, flanked by ed columns, surmounted a pediment in which is installed an illuminated “lectric clock of a modern type. All Wwindows opening into the offices have been fitted with steel casement win- dows with solid bronze hard vretected the by ornamental trance terior which, when not in use, nto bronze paneled jambs side. The vestibule doors and the keynote of the in is first evidenced in the walls of the vestibule the interior walls hed Tavernelle x 'd gold marble base, Tennessee marble Safe Depoxit safe deposit reached from the pu nrovision is made his department iy hoxes of all siz iooths. four in vith automati viding occupant ivacy. Special v ladie Mr. - McK. rectdd with ception. he cdge of his ost of frienc dent of the W American Institute of Bank rector of the Lincoln and membe the Chamber of Commerce | ). Frank Rice, manager of the sav- | ings department. will be connected vith the branch.’ He has heen with | e Lircoln for sixte rs and lux seen the savin artment ow until it is now one of the Washington ieh will temain open until Monday, in_order that the friends may have opportunity | i0 inspect the new quarters. Washington Gasx at Peak. The peak of ¢ ngs was re by the Washington Gas Light pany last month, when i net wrate income of $109.740 wa orted, according to report lic' this afterr n sents a zain 5,000 over the correspondir las{ vear, when $86.428 1 A perusal of the amy’ of operation to be the factor attributable to the iner: net. Last month operit totaled 273670, whil last year the sum of nsed in meeting requireme rating reve lust month o to $£449.521, while a suted $454.314 Likewise, tl orEetow ny enjoyed Tast Operating amounied SHAEFFER, st rustica Tonie by on xterior zrilles is protected by paneled bronze doors, swing back either are blazed, rior finish marble sid The sur is faced with rble with blac! with floor; iron vestibul solid on Entrane department ¢ lobby. Ample istomers_of | providing 1.506 The attendant number, are fitted | locking devices, pro- | with uninterrupted | prozision is made Stowell [has the baifk sin ng a thorough rofessioh and having He is a pa shington b report shows e s amount- revenue diary to 543, pense al granted the applicat i Reserve Bank to count rate from 41, June luce its re- | to 4 per cent, | ilar action w e New York mem- | of the reserve systen Federal officials said they ion on the belief Cleveland bank officials t the re- duction might inc e loans by the Lanks and “stimulate their carain s would bear out previous siaic- ments that the reserve banks as a whole have not ecarned sufficier profits on their operations in the few months. It was recalled that les week Ago earning assets twelve reserve banks amounted ,000,000, the lowest pu wven years. There has been deere in the volume i the banks in the last caction amo oral banks in the vear Intity orrow Washi stitutions. the Tocal stock market o il financial and trade center ntry will remain closed. |1 institutions will reopen on Saturday Trimbie. vice president of | Bank of Washington . returned to his desk after a v tion of two weeks in Texas i Slightly Tmproved Quotations. Quotations were slizhtly improved on the Washinzton ¢k Exchan 11 morn Rail changed haunds urward to apital Traction zained point, odd lots sell M was listless at National Bank was forty shares selling ares of Distriet brought 164 Bonds w tng being ¢ B. & 0. REFUNDING PLAN.| Bankers Offer $25. 000000 Bondsii tn Meet 1925 Maturities. | NEW YORK. May 20.—The first| step in_ the Baitimore and Ohio rail- Yoad's $140,000,000 refunding program to meet 1925 maturities was taken When bankers announced they would Today offer $35,000,000 of the road's per cent bonds at pa i part of the funds derived from fhe sale will be used to reimburse the company’s treasury for additions and | betterments, leaving about $20.000,- | W00 wvailable for refunding purposes, Fonds which will come under the first refunding operation have uot yet leen selected. it W aid, but will be ked out according to market con- ditions. . SEABOARD LOOKS AHEAD. May Air 1 sranted of the | nkii A quarte Lans while Riges in Food demand. t Ten | National Bank | trs issues. | dull, restricted ifined to utility | | BALTIMORE, (Special).- d reports e " TOSS for April o700, Caainet $4.109.690 1axt vear. 'our months, with April estimated. nounted to $19.364,609, against SIS, 6.6 for the me period a y “May net income Is expected to e d that of the heavy month of Ma 3, when net, ex ive of adjus ment bond interest, was $152.758, and when adjustment bond interest was carned one and & half times. Loadings from May 1 to May 26 to- taled 32,996 cars, against 54,142 last car, u decrease of 3.4 per cent. There was an increase of 33 per cent the movement of fertilizer and of 9 per cent in the movement of road materials. ne Are You a Sucker? Too many people put their money n 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 ne knows bous sume stock .ssue that is of- iered to you privately. lof the ary | . { mana for « | crea | spreaa | manufacturers Uptown office of Lincoln National Bank, 17th and H streets northwest. Advance in Market Prices Predict- ed by Experts Connected ‘With Textiles. BY J. C. ROYLE. NEW YORK, M few months. practically ever: cotton goods, ome well infor, connected with Already there cotton cloths held for speculat same way th 1 by t the ing hand ood thet ing is being don in dealings in t are carrying th con erop a s | goods mar belief th ton the the Their ased o are below rel pecial Dispatch to T ¢ user are he Star. goods market which would med the som Dbeir ive at raw rade the majority men prominent staple, & by he wir tep hat a Zoods lative g aw ideas farther into An in wou not experts textile ewd bos purposes cott 1t of revival is ne upheaval the next | 1 affect wearer of surprise closely industry that and ence usht much on is be- is under- | this trad- who the to of de- it far off fact that goods prices level at which vaw cotton can be purchased through Prices of raw cot- ntract mark. they sas than on and owing io the ceived this vicissitudes of w 1 foreign buyi Anticipate Many cotton tocrop es onday ar ase dec Doo lic, owinz to the wihich has prev were com One_of trem tion a compares with 6.9 and a ten- per cent. The present conditio used was fixed 5 estimate pre materially nd the - the weevi ems suffic hot, dry [t ceura ances D! but Curtailment ills has been ¢ ons er of spindle = this mont wea line as pickin T stur = and cathe « like th ap the the ins will place the vie avorab forecasts, plac ear av indicated and acr 11,210,000 at obably as lan u. d th 66.6 per cent of normal. ar a will the reach th 1 is _damag! ent ther nt £ the Irastic nd it is indicated t rtive howill in_most is the sually aze Iy to in- f son proaches, op T ordinary eet peets Extimate, believe the gov- issued | ondition : weather latter ex- ndi- which verage of ¥ he o of ieid figures Dbale be on regarded as Drastie. cott in at fail some eloth the num ome well he- 31,871,665 reported for April. curt mean th: . may Ve when it spes nmer all th A shortage next suy. would proba mills an foothold foraizn bought in Ame! one mil the opportunity ent the ors have by mills lizht stocks on hand in the trade con nee the will tinued have late cds goods - demand en huy - of American mills w cotton men fall, bly rican lion & manufacturers already more ive the foreign o markets since in a firm ve bales® of 1 cotton this year than last men are not n cottc s to the ion, which all iy from 0ods. ‘dumping” of fo market, and adv tariff rates to c tewart W legislative n Cotton tion, placed between ilers. Distribution ret, the before there women demand credit and servi Crame and on mill re: adn the standpoint Some attribute the dullness to cloths on reign ocate check t the Cont the ns for t is unsati of the sit- cotton this n advance in h str prices those Zonsi “The cost of distribution i; trouble,” he said. women to study and inve real substantial reduction in goods prices. variety, ce they i tendency. . chairman of the committee of the Ameri- Manufacturers' AsSocia- special on the sked by asked by dered. frankly “It is up to the gate that 0 long as auality, e getting just so long will the cost of distribu- tion remain high.” New continuing to i nvade England manufacturers the are south in order to meet southern competition. The stockholders a plant in organize a >emaquid_mills, to which factory !leased, and to start another company Fort with voted the mills, have called the to Bedfo to operate a Tex., vorable. make tire fabri England factory tivities. to fine g s of rd ant at the New where conditions are The Fort Worth plant will while Fairhaven Bedford, company will be Worth, more fa- the New will confine its ac- oods. DIVIDENDS Corporation. Amer. Tob. Amer. R. A R Amer. R OMill.. L Autocas Co. pfd.. Rane & Arsos pfd Chieago M. & Lum- ber pfd. . Childs € Childs Co. pfd. Eaton A. Spre.... Freeport ‘G. pfd... Jones & Laugh'n pf. Y. Tel. pfd.... Rk. Isl. 7% pfd. Rk, Isl. 6% pfd.. .S Royal Dutch Petrol Royal Dutch Petrol Porto Rico Sug. Porto_Rico Sug. . West Penn Pw. & Light .. Stromberg Carbu son Star. rod. pid Mill . o 114% th 3% Q 1%% abl Taly Juiy July %= Inme July July June Tune July June 16 Tune 10 Tune 20 June 16 Tune 16 June 7 June 20 June 20 By the {iner | at 323 ame| time it FORESEE ‘UPHEAVAL’ |7,550 BARRELS DAILY - IN DRY GOODS TRADE CRUDE OIL INCREASE American Petroleum Institute Re- ports 1,980,200 Barrels Gross Output, Week Ended May 24. Associnted Press NEW YORK, M The daily average gross crude oil production of the United States increased 7.5 barre v the week ended May totaling 1,980,200 barrels, according to the weekly summary of the Ame ican Petroleum Institute. The daily average production east of the Rocky Mountains was 1 8,700 barrels, an 730, California produc- )0 barrels, an increase Ay 29, ase of tion was 641 1.500 barr Oklahoma shows nroduction of a 444,500 of : Kans of 900; north Texas, 2,400; central of 0 incre: . incre 111,550, incre: rn, 103 unchang, and Montana, 129,05 0 barrels Daily average imports of petroleum at principal ports for the week ended were 218,285, comparcd with for the previous week. Daily - receipts of California oil at 1 id Rulf coast ports wers 171,000 barrels, compared with 139,- 424'10r the previous week There were no changes reported in oil_prices the major dis- tricts. Mid-Cor being quoted from $1.25 to $2.25 a harrel, accord- ing to the gravity of the oil; Penn- sylvania crude, " Bradford district, $1.25. and all other grades $3.15 a barrel; Guilf Coast, “grade A, $2 grade B, $1.70, and California crude ranges from $1 to $1.40 a barrel, de- pending upon the gravity of the ofl Washmgton SYJck Exchange. 1000 gt daily average barrels, an in- 50, in- 50, de- 189, Louis- Arkan- 050; Gulf of crease as s, decrease north iana, 5 of Coast, ming increase erude 10 st 287, Lanstou Mooty Capital Traction Co.— Washin Gas s 33 Wash. Rws. & Elee 255, 10 4t 72, 10 at ¥ Wasiiin Gas Gy EE—31000 at 1011, Districr. Natimal Bank—10 at 164 Motey—Call lans. 5 and 6 per ¢ NOTICE. at 9315, 4 at 931 10 This exchan, fonday, Ju Bid and Asked Prices. BONDS. PUBLIC UTILITIES stand adjourned until erican Tel. & Telg T Potomian Potomae Potomae o m. & ref, . Alex. & Mt Ver. 5. & ML Ver. et Washingt, Washington Gas fs. Wash. kwy. & Ele, Dle; Kiggs Re Riggs Kealty Sonthern Bldg, (ong) . 5 (short). STOCKS PUBLIC UTIL American Tel Capital Traction ... Washington Gay . Norfolk & Wash, & Elec. com & Eled. ptd minal Taxi com..... Capiial ... District . Farmers Fedesul- Liberty ol Natiomi "3 Impulllun Riggs . nd 1 Nutional Bauk 'of ‘Washington. . 2 TRUST COMPAN American Security & Trust. Continental Trust Merchants® Bank. .. | National Savings & Tr Trust. Lo, Union W, Commerce & Saviugs. East Washington Security Sav Seventh Street. United States . Washington Mechanics FIRE INSURANCE. American . Corcoran Firemen's Columbia ... Real Es e MISCELLANEOUS. D. C. Paper pfd....... Merchmuts: Transfer & Siorag: Mergenthaler Linotype. National Mige, & 01d Du Old_buteh Market pfd. Lanston Monotype . Becurity Storage . Washington Market Yellov: Cab. *Ex. dividend. | | | | NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. Special Dispateh to The Star. NEW YORK, May 29—On the curb exchange today the disposition was to hold off untll the beginning of the new week hefore renewing com- mitments to any extent. The latest data concerning the oil situation were not taken as favorable toward oil stocks and it was surprising that they should have held up as well as they did. Belief prevailed in some quarters that, in view of the steady increase in domestic crude production, prorat- ing of pipe line runs, especially In the midcontinent territory, might again become necessary. Crude pro- duction in the week ended May increased 7,550 barrels daily over the week preceding, and stocks in pipe lines and on tank farms were also on the increase. These disclosures encouraged rumors of another reduc- tion in crude prices. NEW YORK, May 29.—Following i an official list of bonds and stocks traded in on the New York Curb Market today: Sales In thousands. Miled Packers s Alilva_Pcke Alum 75 new " Am 5 & El Anacanda. ta Ang At Sagar Anto im it 035 Atl G & W T S8S Beaverbonrd 8s ... heth o Reth 1031, Ean' SuEn Yo o e 1o 108 1 o2 s13, Lo 102 101 1001, o BONDS. i D 101% 1021, b7 8ot Sty 103 1001, 100 ° extiles 85 PAB M 6158 A wi 2;':4 )y 1014 10074 1005, 95 10815 9575 101 w4 9! 102 01 9 o1 Rubber 8. F Matel 81as wi N Val B R bs wi Morris & Co . Nat Leather bl Tub N o &M Ry A 1 Min 8lan ower % T wer & 1. Phila_Elec 5t 3 (S T 1075, 1004 90 001 a9ty 10672 102 INDS. 1073 10044 HTa Oil Trod 8% aum_ Ol 7% Wetnt"silie 6rs Wi 106% 10 in units. 10T P Interl et C Magnolia Pet W Nat Transit Ol 0 0 8 0 800 Vacuum Oil new... Sules INDEPENDENT 01 in hundreds 2 Ark_Nat Gas 3 Cari s Monnt Prod 1 Mutuar il vot «fs New Bradf Ol wi. 3 and. . Omar Ol & Gas... Peer Ol Corp... Penn Beaver Ol Peunock 01l Rosal Can: Salt Ck Prod. Seabonrd Ol 0 19 15 3 20 TRIALS. Cot Fabric ptd 97 s & El pfd. 435 & Elnew wi 647 & Tract ... 12 Tract pfd.. Pow & Contin_ Tl Doehler Dubilier « Du Pont Motors .. B & Share ptd s Seeur Co Hazeltine Corp wi Hud & Mann R R. Hu & Mann R R pf Hudson Co pfd ... Kresge Dept Stores Lebigh Power sec.. 3115 4815 8l W Conl new wi 201, R 215 National Tea Co.. 412 T new wi 166 hone ptd 10913 . 12 otor.. . y & Lt 3 Thomp Ra v.t. Tobacco Prod Expts 4% Todd Ship. .. 481y United Bal = United Bakeries pf 881 Tnit Retail Candy. 5% U S Lt & Hea Ward Bak Co B wi Wh Rk M 8 aw wi MINING Black Oak_Gold Mi Hutte & Western. Canario Copper ... Cons Cop Mine nw Cortes_Silver # 10 Cresson Gold . 10 Diamondfield B1' Bu .09 # Engineer Gold M Ltd 10 Eureka Croesus ... .05 10 France Gold Mines (13 60 Goldfield Deep Mine .04 100 Hardshell Min .... (01 770 Harmill Div . 10 40 oot Corp. Kerr Lake . 10 Lone Star . 20 Mizpah Extension. 20 National Ti 114 Ohio Cop 2 Plymouth Le 80 161, 1 .73 a1 A3 Ay 22255588, kR RERER.E ————————— | against $29 | The Bour FIRST MORTGAGE NOTES FOR SALE IN DENOMINATIONS OF 500 DOLLARS AND UPWARDS Randall H Hagner ¥ Co 1907 Connecliont Luenue { Losses in the standard group were mostly fractional, and the same was true of leading 'independent shares. Standards of Kentucky, Indiana and Prairie Oll and Gas ruled most of the time within % point of the previous close. Sait Creek Producers, was off little more than J: point, and Mountain Producers was freely sup- plied at somewhat lower quotations. The outstanding feature in the in- dustrial section was the persistent strength in Commonwealth Power. At 84 it was 3 points above the Wednesday final and at a new high for the year. The demand for public utilities has been due to the better apprectation of the earning power of this class of securities. Electric rail- ways securities also came in for at- tention at advancing price Hudson and Manhattan nssed in_sympathy with strength in bonds, and Hudson Company pre- | ferred held firm at top prices. Glen Alden, selling ex the $3.50 dividend was a polnt lower most of the time 17 the Red Warrior 5 Rtky Mt BRI 13 Rky Mt R R pfd 2 Toio By ker Miniog enden Copper 100 West End Ext 9 Yukon Gold WALL STREET BRIEFS. By the Associated Press. In contrast to the decline in rail- road earnings generally the Missouri Pacific stands out with a jump in net operating income to $4.210,378 f first four months of 1924, with $1,921,698 in the corresponding period last year. Gross revenue total- ed §38,107.210. against $34.605,1( Net operating income for April show- ed a gain to $1,141,047, against $905,- 007 in_April, 1923." Gross revenue of $9,481,963 for the month was an in- crease of $283,698. Building contracts awarded crude ofl production were the two indices of production which rhowed an increase in April over March, according to the Bank of America. An upward tendency also Was shown in the wholesale prices of cotton and corn. Declines were reg- irtered in the nroduction of bitumi- nous coal. pig iron and automobiles and in_the unfilled orders of the United States eel Corporation, There were increases in the total earning sets of the federal reserve system and the total loans and discounts, the total net demand deposits and the ratio of loans to deposits of the m ber banks. Total reserve culation and ratio of reserve to de- posits and circulation of the federal reserve district declined. as did the total banks debits of the member banks and only The Lehigh Valley railioad reports surplus of $1,404,341 eharges for the first quarter in comparison with a deficit ¢ 589 a vear ago. Dividend and st payments in | June are estimated at $305.540.000. 050,000 the same month | cholders in 268 nies will receive approximately $64,640.000. Tnterest pavments in- | Volving $240.900,000 include semi-an- disbursements by the govern-| June 15, on the first liberty | the converted 4s, the converted nd the second converted 4l ork city will pay out §3,000.000 interest. while rede will call for $140.000, »on PARIS BOU‘B.SE HOLIDAY PARIS, May 29.—Today being a holiday the weekly statement of the Bank of France will not be issued « is also closed ast year. Stoc watch for big oppor- | zlect to use the small | ults from Star ou. While on tunities don't ones. The re Ads will surp; Money to Loan | Secured by first deed of trust on real estate. | Prevailing interest and_commission. Joseph I. Weller 20 Wesb. % & Ty 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. The Siren Voice of The Promoter With Fake Stocks and Promises. Of “Easy Money” Will Lure the Unwary Onto The Rocks. Let Us Be Your Guide. We’ve Never Lost a Dollar For Investors. First Mortgages vielding 61 or 7% are our specialty. 713 and 715 14th St. Main 2345 MAY 29, 1924, FINANCTAL, INVEST YOUR SAVINGS In Our FIRST MORTGAGES “The Safest Security on Earth” 7 % Interest Denominations $100 to $10,000 Northwest Rezidential and Business Property Only 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 food Apply at Once to Our MORTGAGE DEPARTMENT HANNON & LUCH 713 und 715 14th Street N.W. Main 2345 “WHEN” buying our FIRST MORTGAGE 7% INVESTMENTS You are assured .lue precaution has been taken to safeguard your interest. A personil inspection and conservative vcluation are two of our strict requirements. Prompt and courteous rervice fol- low the purchase of our securities. Notes now on hard in amounts of $100 up. Send for Booklet CHAS. D. SAGER Loun Department 16 M. 37 38 924 14th St. N.W. Mr. O’Donnell, Manager Mr. Hughes, Asnist. 1416 K Main 617 -The House---Your Mortgage T is the house which is the con- necting link between you and your investment, and a chain is only as strong as its weakest part. There- fore, it is important that you con- sider that connecting link. The house which you select should be one which specializes in Mort- gages, whose past experience has been thorough, whose record un- sullied, and whose integrity and management beyond criticism. EQUITABLE Co-Operative Building Association Orge='ved 1879 44th ¥ R COMPLETED Annetn Surplus The Best Way to Save Lot If the company you choose meets these requisites, you need have no further apprehension regarding your investment. Swartzell, Rheem & Hensey Co. 727 15th Street Northwest Years Without Loss to An Investor is in a systematic fashion us tell you how 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. Plus a Bigger Yield Besides unusual rEi Preferr the pr affording of safety, Cities Sery i Stock vields 3% nt market. During the ed with 192 d security dividend_requirements cd $39,000.000. The Com- pany’s net earnings for this period amounted to $136.700.000 of more than 3 1-1 times the amount _required to pay these dividends. . Net earnings of the are at present more times Preferred di quirements SEE YOUR SECURITY thir vears ¢ this i T issued mount- One advantage Ower a our Company than thre idend re- OQuarter ‘ of a FIRST MORTGACG! Thomas W. Brahany and Company Wilkine Bullding Telephone ‘Washington, D. € Main 6180 Century ; o - —is that you may see i Without property on which vou he the mortgage. a Loss Thomas W. Brahany & Co. Wilkinx Bldg., Washington, D.C. Please send full information about Cities Service Preferred Stock and ut your monthly plan for buying it, SAUL CO. 1412 Eye St B. Main 2100 F. N.X 51 Years of Proven Safety INCE THE F. H. SMITH COMPANY was founded, in 1873, its first mortgage investments have stood every test of time without causing any investor the loss of 1 cent of principal or interest. Every bond that we sell is secured by an absolute first lien on improved, income producing real estate, with a liberal margin of safety between the amount of the mort- ‘gage and the value of the property. When planning the investment of your funds, we sug- gest that you give thorough consideration to our current 61, and 7% offerings. Full particulars will be fur- © nished if you will call, write or telephone Main 6464. THE F. H. SMITH COMPANY Founded 1873 First Mortgages Exclusively SMITH BUILDING 815 FIFTEENTH £T. NO LOSS TO ANY INVESTOR IN 51 YEARS