Evening Star Newspaper, July 12, 1924, Page 11

N ’ . MARARA AN FINANCIAL. Public Utilities Are Sound Invesiment, Babson Asserts Cofisiders Group Better Off Than Trac- tions—Power and Light Issues Facing Fine Future. BY RO Special Dispatc) WELLESLEY HILLS, Mass., July 12, —The recent strength and popularity | of certain public utilities has brought | this group of securities to the front in | Lhe investment market. Twenty years ago investment bankers were booming traction securities. Today this group the background, and power and 1i es hold the center of the public utility etz Fundamental these two groups are affected by very different factors, and their fortunes un- der any given ation of fun mental busin s and financial conditions are vastly different. W. BABSON. The Star. in combi Three Vital Factors. The power and light group three distinct s compared with tr large item in the o roads and rating costs of r is_very Wages | ses in pay roll propert them ntime in fact, has wr Light and power have enjoyed a due to the deflation of comr ¥ Closely allied with the wage probl is the question of service. Here again the light and power companies have a distinct advantage over the railroads, both dteam and electric. The pr of a light company, for instance press the button in his own home and can tell from the service that he him: is getting just what practically eve company. His installation, mplaint departments are small and can be closely watched. can know that every one of hi tomers is getting courteous and ¢ service from the company Raflroads in Dark. A railroad with thousands of s tlon agents. freizght handlers, trainmen constantly contact its public has no is rendering the ki the management may sire to give. A tarough his thought lossness can make whole system. Tractio: same dicap t The problem of taining good will for railroads and atively easy for lig panie: When repair and relatively He cus- in employe or care- for the suffers the extent. main- difficult tractlons and rel- and power com- potential CASH CORN SELLS AT $1.11 PER BUSHEL T§ the Assoc markets are con- ted Pross , July 12— d by offi- confirmation that the condition of the corn crop is the lowest ever known and by evidence that the un- usual shortage of the cereal is already at hand, the this week went skyward again. Compared with a week ago, corn quotations this morn- ing were 23 to.9 a bushel higher, with wheat % to 3 oats show- ing to 2% advance, and prov sions at a rise varying from 32 to 87. Commands $1.11 Per Bushel. For the first time since 1920, the July delivery of corn jumped above the dollar mark and then continued to climb, led by b get transfer of ow Before the -k wa N E Jjow corn here, able on the pot, commandéd bushel, and 1 future deliv reached a new tip-top eason. Near the e eek, however, arm, sunshi rer and indica- tions of some improvement of the crop since the data for the govern- ment report was gathered tended to ease prices a little so far as Decem- ber and May delivery was concerned. Wheat Market Unsettled. Northward sweep of the wheat harvest, together with liberal re- ceipts of new wheat piling in at vari- ous terminals come of a Weight on the wheat market, and so, oo, did_the bearish character of the Tnited States government report as to wheat. Drou d hot winds in Canada, though, than an off givings we nz dange domestit spi Notwithstanding a_favorable out- look for the oats crop, oats went bigher with corn. Provisions, especially corn toward the zenith. corn market sed regard rust in the erop helt lard, followed MOVING, PACKING & STCRAGE. NATIONAL CAPITAL STORAGE & MOVING CO. ! Storsge Household Goods, 500 Rooms Local and Loog Distance Moving EXPERT PACKERS & SHIPPERS Moderate Rates, Good Wo e Estima 14341442 U N, 5. ME TROPOLITAN !/Vv,laEEHOUSE C FIREPROOF STORAGE FURNITURE AND AUTOMOBILES CAREFUL PACKERS AND SHIPPERS $0 FLORIDA AVE. N.E. _ TEL. POT. 6 £ Who Moves You Is Just as Important as Where You Move tes ¥ Phone Main 6900—Our padded vans and evperienced and careful wen are' at rvice. in our fireproot furniture ware. house at _reasonable rates, Merchants’ Transfer & Storage Co., '920-922 E Street N.W. Telephone Matn 6909 A M e e e R MOVING A STORAGE KRIEGS PACKING o185 xye St. N.W. CLEAN, DRY STORAG and piatos, Estima ventent location. W w.w. Plone Main 12 N ol e e [ SHIPPING Main 2010, FOR_FURNITURE iy given. C HLER'S, 920 Pa. ave. Storage. Company, ORTH 104 £09-711 Florida Ave. N.W. norta 10 Storing iu Separate Rooms $1 MONTH AND UP Careful Mcn—Dependable Servios. Renasonable Rates #IOVING—CRATING—STORING MITH’*S L FIREPROOF. XPRESS| sidered, the average power and light company has much more room for ex- pansion than either of these other groups. We ‘are using but a small fraction of the potential power. New hydro-power sites can be developed 1d output can be increased to' take are of at ever expanding demand: while the new mercury boiler presents wonderful opportunities in connection with steam power. The late Dr. Steinmetz, when visiting the Babson Institute last summer, described a relatively simple method of construc- tion which would allow the average home to be heated economically by electricity. Within the next twenty years we may see this done on a large scale, and, if so, the power and light companies will be called upon to supply heat as well light and Pow Utilities in Favored Class. Railroads will enjoy an increase in freight traflic as population becomes more dense and as the volume of general business increases, but they have no such field for expansion as that open to this favored class of utilities. Tractions have suffered a decline in volume due to the advent of the automobile. As to the future of the auto bus only the most daring cares to forecast This does not mean, however, that our traction properties will out of existence, nor does it mean that the handicap applies to all alike From the investment viewpoint tractions should be divided into three tinet groups. We have the strict- urban lines of our large cities that i1l continue to be a necessity be- cause they offer rapid and economical transportation in congested districts. The volume of business allows them to carry p: ngers at a low rate. Their field will grow as our cities grow and they will increase in u: fulness as congestion becomes greater. The second class of tractions em- braces the single-track suburban lines. Man of these are being operated by a reciver at this time and it is probable that practically all of them will be replaced by the motor One-Man Car Problem. One-man cars have prov porary relief in many ca tendency at present is to in pay of the “one man a few y be as 1 en a tem- . but the crease the 50 that within ' roll promises to as ever and nothing of permanent value will have been ned. There is no reason, however, ¥ they should not operate their own bus lines. They may be able to make the motor bus show a profit where it has not been possible to break even in the operation of elec- tric cars There is, however, a third class of tractions. Which includes the double- track, high-speed suburban electric lines and wh s worthy of special study. I have of these properti ger and freight service between two cities forty miles apart. The figures show that this electric line can carry both passengers and freight cheaper than its steam competitor. ally provides the most economical transportation between these two ities and no auto bus can compete with it as to speed. As long as such a condition exists its maintenance is not only justified, but it shoula be able to operate at a sound profit. Thinks Future Assured. T believe that this class of high- speed, double-track line is fund mentally sound and that it will gain business rather than lose it over the next ten rs. The securities of these double-track interurban line: together with those of the strict urban transit companies, justify the serious consideration of the investor and should he included in a broad list of public utility holdings. The power and light one uncertainty, =nd that is the development of adverse legislation and unscientific rate regulation. The soundest public service corpo- ration in the country can be seriously crippled by unreasonable legislation governing its charges for service. The railroads and most of the trac- tion companies have been through the mill of this score. Rates of Greatest Importance. What will happen in the power ana light field no one can tell, but the best informed specialists in this line are considerably encouraged by the Southwestern Bell decision. It is hoped that this industry will not be crippled by too much government. state and municipal interference. In any event, a diversified list of public utility holdings should not be affected to any extent by scattering cases of unjust political rate making. More- over, the customer ownership cam- paigns now in progress should serve as a splendid backfire or insurance against this one danger. * k kK General business as reflected by the Babson chart is running at 12 per cent below normal, an improvement of 1 per cent over last week. AEPORT OF THE CONDITION Of the NORTHWEST SAVINGS BANK, At Washington, in the District of Columbia, at The cloge of business on June 30, 1924. s the erating passen- issues face RESOURCES. 1. aloans and discounts ing_rediscounts, ances of other bank: foreign bills of exchange drafts sold with indorsement of this bank . = Overdrafts ete. S Banking house, ~ $79,000; niture and fixtures, ions Total of item 10. b Miscellaneous cash items. “Total ... LIABILITIES. 7. Capital stock paid in R Surplus fund 9. Undivided profit & Reserved for in est and taxes 1 1 10,348.83 ‘ertified checks outstanding. . 1.00 35. Cashier's checks outstanding.. 9,551.81 of items 24 and Demand " deposit n bank deposits) subject to re- serve (deposits payable within 30 days . Individual deposits subject to check Total (other ct of "“demand " deposits than bank deposits), t erve. _item $389,067.25 ject to re- serve (payable ~after 30 days, or subject to 30 days or more notice, and postal savings) : Certificates of deposit (other than for money borrowed. . Other time deposits . Total of time deposits to reserve, items 32 and $007.834.62 City ot Washington, s. 1, GREGG C. BURNS, cashler of the above- med bank, do solemnly swear that the above statement s true (o the best of my knowledge and _bellef. GREGG C. BURNS, Cashier. Subscribed and sworn to before me this 9th day of July, 1924, (Seal) HUGH W. BARR. otary Pubilc. Correct—Attest: FRED'K_C. BRYAN, 6. C. BIRDSALL, CHAS. G. HUBBARD, Directors. A few beneficial interests are of- fered in an enterprise for the manu. facture and sale of an article that b T OR.AGE LARGEST FAMILY MOVERS IN D.C. LOCAL AND LONG DISTANGE. €RATE AND PACK BY EXPERTS BB You STREE T, N HONE NORTH 3343 makes 1,000% ' profit. C. E. Richardson, Trustee 823 Albee Bidg. - It actu- | COFFEE TRADE STEADY. Brazil Outbreak Has Not Halted Shipments to Baltimore. Special Dispatch to The Star. BALTIMORE, July 12.—Little inter- ruption to the coffee trade between Baltimore and Brazil as a result of revolution in Sao Paulo is anticipated by shipping men in Baltimore, who have been concentrating on a move- ment to revive the coffee trade to the volume it attained a half century ago. Advices received by the Munson line from Santos, principal _coffee port of Brazil, state the government has the situation well in hand and does not expect any further adverse developments Congestion on the railroad lines at Santos, due 1o a lack of rolling stock between the port and the interior, continues and the roads are exacting surcharge of $2 a ton on all cargo consigned to the port. Ask Your Danker. How much real value stands back of the stock you are asked to bu: Are you sure that the nice, honesf looking stranger is telling you the truth? Ask your banker to 100k into what he claims. . ERVE DISTRICT ORT OF THE CON of the Prudential Bank At Washington, in the District of NO. 5 DITION RESOURCI 1. a Loans and dixcounts, ing rediscounts, acce of other banks bills of exchar sold_ with indor bank . 2. Overdrafis, ) Fovern ecnrition (ineluding premiums, 379, owned urities, 354 fur- £0,012.79 stocks, baukers and trust companie: in the United States (other than included in item 10)... nges for clearing house. . items 10, 11 cenene.. ... $26,700.20 Taneous cath items -$234,454.13 Capital stock paid in.......... $35,185.00 Undivided profits.. $14,497.5 a Reserved for inter. est and tuxes ac crued 178.34 i $14,675.56 current ex crest und © Less peases, int taxes paid Certified Cashier's Total of Demand depos bank deposits) subject to re- e (deposits payable with- in 30 days): . Tadividual~ deponits sublect (o B 104,021.91 Total of demand deposit ( depos ubject fo_ re- serve (pa after 30 days, or subject to 30 days or more notice. and postal savings): . Certificates of deposit (other Tis ently examined one | 34. 34 9. Bills ~pavable all obligations representing mouey borrowed other than redis counts) iR s = (including Total . District of Colambi T. C. W. BANTON. cashier named bank, do solemily swear Statement is true to the best of my knowledge and belie. C.'W. BANTON, Casbier. Subcribed and sword 1o before me this 11th day of July, 1 (Seal.) VICTOR_R. DALY, Notary Public $234,404 13 hington, ss.: Correct—Attest: JOHN R. HAWKINS, ADDISON. SCURLOCK, A. ROB] Secured by Improved Real Estate In Washington Worth Double The Amount Of the Loan— Interest Rates Today 61% Denominations of $100 to $5,000— Partial Payments Received— Mortgage Investment Dept. [SHANNON 713 and 715 14th St. .. Main 2345 LUCH FOR SALE FIRST MORTGAGE NOTES Consult Us It you have funds for investment. THOS. E. JARRELL Member Washington Real Estate Board Woodward Bldg. Main 766-3370, Wanted Second Trust Notes We have clients with funds to purchase good SECON. TRUST NOTES in denomina- tions of from $500 to $10,000. Low rates if security is good Apply at Once to Our MORTGAGE DEPARTMENT HANNON 713 and 715 14th Street N.W. Main 2345, ¢ Real Estate Notes For Sale e In amounts from $250 $1,000 or more at 6% an Consult WEJCH Realtor Loan Speelalist 15th and N. Y, Ave. M. 4346 References: Any Bank, Trust ’ Co. or Title Co. in the District. No Loss to An Investor - im 36 Years REPORT OF FEE CONDITION REPORT OF THE CONDITION SECURITY SAVINGS|WOODRIDGE-LANG- AND COMMERCIAL | DON SAVINGS & BANK. COMMERCIAL At Washington, in the District of Columbla, af BANK, > the close of business on June 30, 1024. RESOURCES. At Washington, in the District of Columbla, st 1. a Loans and"discounts, includ- the close of business on June 30, 1924. ing rediscounts, acceptances of other banks, and foreign bills of exchange or drafts sold with indorsement of this_bank $3,146,720.48 Gverdrafts, unsecured 12523 . U. 8 government secu: owned (Including preminms) . Other bon tiew, ete . Banking house, ' ‘$265,075, furniture and’ fixtures, $35, 116.83 . . Cash in vauit and amount due Charter_No. 10504, Reserve District No. 5. REPORT o(r)"rmc‘canmflox FRANKLIN NATIONAL BANK At Washington, in the District of Columbia, the close of business on June 30, 1924. RESOURCES. 1. 2 Loans and’ discounts. 2 Overdrafts . 5. Other bonds, ‘stocks, securitie ete. ", Z 6. Banking . $38.318.63; niture and fixtures, $12.784. 10. Cash in vault and amount du from national banks 11. Amount due from state banks, bankers and trust companies in the United Btates (other than included in jtem 10)... Total of items 10 and 11 $30.656.00 14. b Miscellaneous Total .. LIABILITIES. 17. Capital stock paid in. 18] Surplus fund ... 19. Undivided profits : 22, Amount due to national banks. . Amount due to_state banki bankers and truxt compani in the United States and for elgn countries (other than in- cluded in item 22) $163,257.78 16871 91,721.75 41,103.35 23,825.24 2. Overdrafis, un: 108" government own 2 Deposited to se- cure circulation (U." 8. bond vaive) . b Al othes States government mecurities (includ- ing premiums, if securities 124,821.81 551,108.81 300,195.07 208,253.80 15,830.76 . Amount due from bankers and trust compani in the United States (other 236.19 than included in_item 10) . Exchanges for clearing house. Total of items 10, and . b Miscelianeous cash items . . Other assets . PoIre mih, fademmb reserve bank . . Items with federai reserve bank in process of collection Cash in vault and amount due from pational banks . - Amount due from state bankers and trust companies in the United States (other ihan ‘included in items 8, 9 and 10)......... anges for clearing house. cks on other banks in the ame city or town as report- ing bank (other than item Total of items 9, 10, 11, 12 and 13 .$448,676.35 . a Checks and drafts on banks (including feaeral reserve bank) located oot. kide of city or town of reporting bank .$1,275.85 b Miscellaneous e Total LIABILITIES, Capital stock paid in. . Burplus fund C = . Undivided profitg. .. a Reserved for in- terest and taxes acerued ... Amount due to national banks . Amount due to state banks, bankers and trust compa- nies in the United States and foreign countries (other than included in item 22) Certified checks outstanding Cavhier's checks_outstanding ‘otal of items 3 $i8, Démand 'deposits ~(other than Dank _deposits) subject fo reverve (deposits payable within 3 ) . Individoa check e . Deposits requiring notice. lexs than 30 days . Dividends unpaid .. o Total of " demand deposits (other than batk depasits) sublect to reserve, irems 20 and 30 ....$1,900,700.5 Time_ deposits sabject to I, serve (payable - after days, or subect to 30 dayx or_more motice, and pos savings) : . Certificates of deposit (ather thau for money borrowed).. . Other time deposits—Savings | Christmas savings deposite ... Total of time deposits subject to reserve, items 32, 34 and %5 ... §2311,157.07 Liabilites "oihér “than " those ‘above stated—Deferred pay- ment, banking house. AFposita pavabie within serve (deposits payable within 30 days): #6. Individual " deposits sublect to checl 31 Other demand dej . : Total of demand deposits (other than bank deposits) xubject to reserve, item: 2 $135,5 Time deposits subject to reserse (payable after 30 days, or ct to 30 days' or more notice, and postal savings): 32. Certificates of deposit (otber than for money borrowed) 34 Other time deposits Total of time dej ject to reserve, 1$103,237.95 and 34.... = B $336.143.73 District of Columbia, City of Washington, se.: EPPA L. NORRIS, vice president’ and cashier of the above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. EPPA L. NORRIS, Vice President and Cashier. Subscribed and_sworn to before me this 10th day of July, 1924. (Beal.) EDGAR R. ALLABAND, Notary Public. Correct—Attest: C. FENTON COLLINS, FREDERICK M. HAAS, CLYDE L. MILLER, Directors. aéposits. subject to 2 2 ... 1,748,798.38 143.819.21 8,173.00 5 LIABILITIES. apital stock paid in . . . Surplus fund : . Undivided profits .. $34,044.38 a Rteserved for inter. est and ta crued b Reserv ciation and losse: Total 18,361.40 76,830.25 . Circalating notes outstanding. . Amount due to federal re- serve bank (deferred credits) Amount due to pational banks . Amount due to state banks, bankers and trust companies in the United States and foreign countries (other than included in items 21 and 22) rtified checks outstanding.. Total . Washington. D. C., s 1. SAMUEL K.’ BATLSIR, eashier of the above.named bank. do xolemaly swear that the the above statement is true to the best of my knowledge and belief. SAMUEL R. BAULSIR, Cashler. Subscribed_and sworn to before me this 9th_day of July. (Seal.) MELVIN M. GUSDORF, Notury Publle. Correct—Attest: Desirable Office Space For Rent Kerve (deposits pa; in 30 dars): Individual deposits sublect to s "of ‘deposit due less than 30 days (other than for money borrowed) Dividends unpaid . * Other demand deposi Total of demand deposits (oth- er than bank deposits) sub- Ject to reserv, 30 and 31. items 2 $1,382,055.83 Time deposits subject to re serve (pavable after 30 days, or subject to 30 days’ or_more notice, and postal savings) : Certificates of deposit (other than for money borrowed).. . Other time deposits . Postal savings deposits Total of time deposits subject to reserve, items 32, 34 and 35 36. United’ & feposit: than postal savings) ing war loan deposit’ and deposits of United States disbursing officers. . 44. Linbilities other than those above stated < Total District of Col 1. THOS, P.. HICKMAN, sbovenamed bink, ‘do wiemnly swear that e above statement iy trae fo the be kaomledze ‘and beliet, sy CHOS. P. HICKMAN. Cashier. Subscribed and ‘sworn o before me this 10th day of July, (Seal.) . H. SHREVE. Notary Public. B. COCHRAN, DUVALL, . HALL. N “HOPFENMAIER, . P. LIGHT. . O'HANLON, Directors. Commercial Natl. Bank Building 14th and G Sts. N.W. Apply to Money to Loan At 6 and 6149, Interest Before Placing or Renewing Your st or 24 Trust Consult WELCH, Realtor Loan Specialist 15th and N. Y. Ave. Main 4346 Superintendent EQUITABLE Co-Operative Building Association 44th YEAR COMPLETED Asnets $4.753,170.53 « Surplus $1,248,320.98 Saving That Accomplishes Much When Buying Our 7% First Mortgage Notes You Can Be Assured First—A very careful and con- —the rystematic saving plan of the SerVALIVeIS Appraisalif Hus: (been : Equitabie promotes thrift and encour- made. ages saving. | RS Second.—The loan we recommend [ | Money to Lom is less than 50% of the market | | price. 87th Issue of Stock Secured by first deed of trust on real estate. Being Recetved Prevailing interest and commission. Third —After you have purchased Shares, $2.50 Per Month Joseph I. Weller 4% Wesh. L. & Trust fee that ‘ssures you incerest the EQUITABLE BUILDING 915 F ST. N.W. day due. Notes on hand in amounts of JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y. Correct—Attest: $100 up. Chas. D. Sager - 924 14th St. Matn :’5 Loan Dept. First Mortgage Loans Lowest Rates of Interest and Commission. Prompt Action Thomas J. Fisher & Company, Inc. 738 I5th Street How Much Longer? VERY day indications point more directly toward a de- cline in the interest rate in the near future on first mortgage investments in Washington. This decline has already been reflected in some other classes of securities and the New York money market. We still have a few choice in- vestments on hand which yield this attractive rate and our suggestion to the prospective investor is to reserve his investment now, even if his funds will not be available until some time in the immediate future. The First Mortgages we_have to offer can be had in denominations as low as $100. Swartzell, Rheem & Hensey Co. 727 15th Street N. W. 55 Years Without Loss to An Investor Wm. H. Saunders Co. Invest Your Savings In Our First Mortgages “The Safest Security on Earth” Denominations $100 to $10,000 MORRIS:CAFRITZ Ca TNcoR/PORATED, - ON WASHINGTON REAL ESTATE 1433 K St. N.W. Main 1016 1418 K Street N.W. Main 617 Northwest Residential and Business Property Only Property Owmers Changed conditions that are coming about in the management of apartments necessitates today as never before that the apartments be managed by an efficient and trained organiza- tion to produce owners the best results. Apart- ment house management is a business in itself: a business requiring sound judgment, careful training, long experience and a broad knowl- edge of the matters pertaining to this business. You can save yourself time, worry and trouble by having us manage your apartment and other rental property. B. F. SAUL CO. Specialists in Apartment House Management Main 2100 1412 Eye St. N.W. yul MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST 7207 %mwcé&u/ Loenue 6:7 FIRST MORTGAGE INVESTMENTS The Very Simplicity--- of these 67;% First Mortgage Investment Notes is one of their chief attractions. It is surprisingly easy and con- venient to purchase them in whatever amounts you prefer, and your generous interest payments reach you promptly when due. - : Denominations as low as $100 WARDMAN Constructio pany J NG Main 35350 Announcement THROUGH the enlargement of our Loan De- partment we are prepared to make loans on homes in the District of Columbia and suburbs in Maryland and Virginia. THESE loans are particularly advantageous to the borrower because money may be secured for fifteen years, eliminating extensions ! or new loans at the end of short periods. UR increased facilities also make available unlimited funds for large loans on desirable apartment houses and centrally located business property such as office buildings and retail stores. Weaver Bros. REALTORS 735 15th Street N.W.