Evening Star Newspaper, October 13, 1924, Page 23

FINANCIAL. NEWFOREIGN LOANS TO TOTAL MLLIONS France Wants $150,000,000 :and Belgium Needs i Large Funds. NEW YORK, October 13.—Com- ple of the $200,000,000 loan to Germany will pave the way for other international loans aggregating sev- eral hundred million dollars within the near future, in the opinion of American bankers. While a great part of this business would be for dustries, it France already was nef $150.000,000, and that De < share of the German loan, $110,000,000, will be produced on schedule time tomorrow, interna- tional bankers connected with the J P. Morgan & Co. group said of the more than 3 ated with the offering s rexarded the legal holid prepare subscriptions for deposit Early unt will Financial district inf tion ac- cepted as true, though lacking con- firmation of the Mor; puse, Says that the banking commission for handling the Ge will be Morgan group of banks would pur- chase the bonds from the German government at 87 for sale to the American public at 92. This repre- sents a difference between cost and selling prices of $5,500,000, out of which must be paid advertising and other offering expenses. A flood of other Buropean funding follow completion of the loan nkers are convinced. This, will include scores of Ger- man industrial loans, representing the real key to economic revival abroad and the resumption of world trade. STEEL OUTPUT GROWS; MORE FREIGHT MOVED Latest Trade News Cousidsred En- couraging—Much Shipping in Bmall Lots. By the Associated Press. NEW YORK, October 13.—Industrial reports received In financlal quarters last week have been encouraging. Steel ingot production, which rose 36 per cent in August, increased another 11 per cent in September. These in- creases brought the rate 51 per cent above the low figure recorded in July. On the basis of the latest figures the trade was inclined to believe that the country’s steel mills were now operating at a rate closer to 65 than 60 per cent of capacity. It previously held that the rate was between 55 and €0 ner cent. Arother gain in car loadings broush* the total in the week ended Septembor up to 1,087 000, a new high record for the year. s figure is, in fact. only 10.000 below that for the correspe last year, L all time was Loadings of grain, merchan- less than carload freight £ miscellaneous freight were the t in history WALL STREET’S BIGGEST BANKERS FAVOR LOAN By the Associated Press. NEW YORK, October 13.—Specula- tion over the nature of the impending German loan cupied a large share of atténtion last week in the financial district Wall street’s biggest bank- ers rezard the loan as a thoroughly constructive operation whose suc- cess will speed the recovery of Eu- rope and the restoration of world Pprosperity. Successful flotation of this issue Is expected to stimulate the extension of credits to various German industries, which will now be able to recelve payment from their government for the materials that they have sent to France and other allied countries in the form of “deliveries in kind" on the reparations account. PAY TAXES IN ADVANCE. Three Railroads Help Virginia Out in Funds Shortage. Three railroad companies have come to the relief of the State of Virginia which, on October 1, found itself short of funds. The three companies on hear- ing this immediately paid their 1924 franchise taxes in order to assist the State in its financial needs. The railroads making these pay- ments, which the Richmond Times- Dispatch calls “graciousness in busi- ness,” were the Chesapeake & Ohio, Norfolk & Western and the Richmond, Fredericksburg & Potomac. BANKS REPORT DEPOSITS Further Gains Shown in Recent Treasury Call, The Citizens Savings Banks reports deposits as of October 10, of $1,179,- 059, a gain of $148,346 over the previ- ous period ending June 30, 1924, The Union Trust Company reports a gain of $325,684, with deposits of $6.393,000, on October 10. The Bank of ‘ommerce and Savings shows $1,497,006 in deposits, a gain of $50,- 513. The Liberty National Bank, as of October 10, had deposits of $2,819,248, GRAIN MARKETS CLOSED. CHICAGO, October 13.—Because of Columbus day, all grain markets in the United States were closed except at Duluth and Minneapolis. Live stock markets were open, however. GRAIN AND PROVISIONS. BALTIMORE, October 13 (Special).— Potates, white, 100 pounds, 50a1.50; barrel, 75a2.25; sweet potatoes, barrel, 1.5023.50. Yams, 3.00a3.25. Beans, bushel, 1.25a1.40. Lima beans, bushel, 1.50a2.50. Beets, 100, 3.00a5.00. Broc- coli, bushel, 40a50. Cabbage, 100, 2.00a 5.00; Savoy, bushel, 50a60. Carrots, 100, 3.00a5.00. Celery, crate, 1.50a2.00. Cauli- flower, crate, 2.00a3.00. Corn, dozen, 10 230. Eggplants, basket, 75a1.00. Lettuce, bushel, 75a2.00. Onions, 100 pounds, 75 22.00. Peppers, basket, 50a75. Spinach, basket, 30a35. Pumpkins, 100, 5.00a 15.00. Tomatoes, basket, 35260 ; packing stock, bushel, 60a1.00. Turnips, basket, 50265. Apples, barrel, 1.50a5.00; bushel, 75a 1.75. Damsons, bushel, 1.00a1.50. Grapes, 4.8 basket, 60a1.00. Peaches, basket, 50 00; bushel, 75a1.75. Pears, basket, 25 21.00; bushel, 1.25a3.00. Quinces, bushel, 1.50a2.25. ot Protect Your Money. Life's drama, in a major sense, is & conflict between man and his envi- ronment. Savings and wise invest- ments are forces which validate the human will, making it possible for an individual to determine the future eco- zomic status of his family. PRICES HOLD FIRM AT CENTER MARKET Week Opens With Quotations of Saturday—Light Egg Ret_:eipts. Dealers reported prices of practical- 1y every commodity about the same as at the close of Saturday's market. Receipts usually are light Monday mornings, shippers doing but little business Sundays. Only light receipts of eggs and poultry were reported this morning. Dealers quoted Saturday's prices, sug- gesting that changes may be made to- morrow. Fruit and vegetable displays claimed the attention of buyers, the Supply of vegetables being excep- tionally large for so late in the xea- son, due, it Is stated; to the late ap- Ppearance of frost. Frait and Vegetable Review. Today’s market report on fruits and vegetables, compiled by the Market cws Service Bureau of Agricultural Economics, says: Apples—Supplles liberal; demand light, market steady; barrels, Vir- sinia and West Virginia, No. 1, 2%- inch Deliclous, 5.00a7.00; some fair quality, 3.50a4.50; boxes, Washington, medium to large size extra fancy De- 11 § ; Jonathans, mostly -25; Grimes, 3.00a3.25; mostly 3.00. Cabbage—Supplies moderate; _de- mand light, market dull; New York, bulk per ton, round type, mostly 20.00. Grapes—Western supplies liberal; Eastern supplies moderate; demand moderate, market steady: New York, 2-qt. Climax baskets Nlagaras and bel;wnres mostly 26; Concords most- 1y 28. Onion—Supplies moderate; demand light, market steady; New York and Ohio, and Massachusetts, 100-1b. sacks yellow varleties U. S. No. 1, large size, 2.15a2.25; small to medium size, 1.9022.00. Peach Demand Light. Peaches—Supplies light; demand light, market steady; New York, bushel baskets Elbertas, large size, 1.50a2.00; Maryland and Virginla 6s and bushel baskets Bllyeaus, large size, 2.0022.25: medium size, 1.50a1.75. Poars—Supplies light; demand mod- erate, market steady; New York, bushel baskets Bartletts, medium to large size, 3.00a3.25; Seckels, mostly 3.50; Waskjugtor, boxes Boscs extra fancy, 50085.25, mostly 5.00. Potatoes—Supplies moderste; a market sey, pound sacks Irish U. & No. 1, 3.60a3.65 per sack! Maliue, 150-pound sacks Irish Cobblers U. 8. No. 1, mostly 2.75 per sack. Sweet Potatoes Weak. Sweet potatoes—Supplies moderate; demand light, market weak; Mary- land, cloth-top stave barrels, yeilow varieties, No. 1, 3.75a4.00; North Caro- lina, cloth-top stave barrels, yellow varieties, fair quality, 2.50a3.00; home-grown, bushel baskets, Nancy Halls, No. 1, mostly 1.25. Tomatoes — Home - grown supplies moderate; demand moderate; market steady; half-bushel hampers, No. 1, 50a1.00. Cantaloupes— Supplies light; de- mand lght; mari st steady; Colo- rado, flats 12s and 15s, pink meats, 1.75a1.85; honey dews, supplies lib- eral: demand limited; market about steady; standard crates honey dews, 1.50a2.00, mostly 1.75. DAIRY PRODUCTS. BALTIMORE, October 13 (Special).— Live poultry—Spring chickens, pound, 23a27; Leghorns, 21a24; old hens, 17a27; Leghorns, 17a18; old roosters, 15a16: ducks, 17a23; pigeons, palr, 20a25; Guinea fowl, each, 40as0. Eggs—Receipts, 1,640 cases; native and nearby firsts, free cases, dozen, of- fered. 49; no bid; quotations, 48. Butter—Creamery, good to fancy, pound, 37a40; prints, 40a42; nearby creamery, 35a36; ladles, 30a32; store- packed, 25 process butter, 34, No grain quotations. Market closed, legal holiday. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. GERMAN BONDS. Elghty-second Article. So many people have written to me about the German internal bonds in which there has been of late such wild speculation that a few more words about the status of these securities, if they are entitled to that term, may not come amiss. What I say refers entirely to the bonds, national and municipal, payable in marks, and is not intended in any way to refer to the expected international loan, the American portion of which will be payable in dollars. Enormous Losses Sustalned. Speculation in these German mark bonds is apparently based on the idea that the German government will make some adjustment with the holders because of the fact that sim- ilar action has been taken with re- gard to certain German industrial loans. There is no doubt that enor- mous losses have been sustained by the German creditor class through the depreciation of the mark. They loaned their money in good faith before the World War on the promise that principal would be repaid at a certain time and that meanwhile in- terest would be forthcoming at a certain rate. All these loans were expressed in terms of marks when the mark had a stable gold value, a little less than 24 cents. As it stands today, one trillion of paper marks are the equivalent of one gold mark before the war. The {njustice of forcing lenders to assume all this loss is self-evident and in certain cases the government has recognized this injustice and ordered compensation in part to be made. The order under which this arrangement was made, however, ex- pressly excludes German national and municipal loans so long as the Ger- man republic has reparations debts to pay. As far as we can see now it will be at least a generation and may be much longer before these reparations are pald up and the Ger- man government is ready to consider paying something on its own internal loans, Even then the chances are that the Inclination will be to make a dis- tinction between the original holders of the bonds and those who have purchased them as speculations. There is one more point to consider. If the improbable should come to pass and a payment be made on these obligations within any reasonable time the American speculator would face the difficulty of getting his money out of Germany. Under the Dawes plan, allied agents will have entire control of German exchange and the best opinion Is that repara- tions requirements will absorb all the foreign exchange avallable. The chances that sale of marks will be allowed to reimburse forelgn specula- tors in German securities are very slim. Having carefully weighed all these objections if any of my readers de- sire to go ahead and buy these Ger- man mark bonds they are, of course, free to do so but it will not be an in- vestment in any sense. To call it speculation is complimentary. (Copyright, 1924, by Consolidated Press.) / THE FIRM EARNS $13 A SHARE. NEW YORK, October 13.—Karn- ings of the American Smelting and Refining Co. In the six months end- ed June 30 were at the annual rate of almost $13 a share on the common stock, a report to stockholders re- vealed today. After deductlons for all bond in- terest, depreclation, ore depletion and taxes, net income amounted to $5.690,537, an increase of $594,491 over the corresponding period last year and an increase of $1,942,534 over the last six months of 193. Simon Guggenheim, president, stated that the company had no indebted- ness to banks and on June 30 had on hand cash, call loans, bankers' acceptances and (overnment secur- ities totaling $22,654,255, an increase of $1,816,602 over December 31, 1923 tal surplus ‘and reserves of $28,676,152 increased $2,848,158 “When Buying” Our 7‘70 First Mortgage Notes —your tnvestment Is secured on carefully selected improved properties and placed on 1+ sound, couservative valuation Notes tow available in amounts of $109 ap. Apply Loan Dept. Mr. O'Dommell, Mgr. Chas. D. Sager Realter 924 14th St. N.W. Desirable Offices —in our bank building, fac- ing New York Avenue, now available. Reasonable rent. Apply main floor. CITIZENS’ SAVINGS BANK 1336 New York Avenue Reasonable Rents for Suites or Single Rooms Federal-American National Bank Bldg. 1317 F Street N.W. Apply Room 505 Phone M. 256—M. 700 The Difference B'etween ortgages That Are Your Money Will Earn 6149, Without Risk Of Loss— LUCH 713 & 715 14th St. N.W. Main 2345 WOMEN INTERESTED IN INVESTMENTS Will find that our 6%% FIRST MORTGAGES yield the highest return con- sistent with absolute safety. Over a We shall be pleased to dis- cuss your investment problems with you, without obligation on Quarter of a Century Without a Loss your part. B. Main 2100 F. SAUL CO. 1412 Eye St. N.W. IF— “If I had only salted my money away for the last ten years, instead of spending it, I’d have a young fortune today.” OW often you've heard that com- ment! And ten from now you'll ear the same exp: from men who are not seizing their opportuni- ties today. You need not be the one to say it, though. An investment of only $20 a month, less than $5 a week, under our Invest- ment Savings Plan, will grow in 10 years to $10,000. And you may invest more, if you like, at any time, with proportionately greater results. Every monthly payment on our strongly safeguarded First Mortgage Bonds, now paying 7%, earns full bond interest. And when bond interest is com- pounded regularly it grows at a remarkably rapid rate. Learn more about this plan. Telephone Main 6464 or mail the coupon now. | THEE ¥. K. SMITE COMPANY, 815 Pifteenth Street: | Plosse give mo further information abeut ywur Isvestment Savings | Plaa for by ‘an independent income. No Loss to Ahy Investor in 51 Years The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS SMITH BUILDING 815 FIFTEENTH STREET FOR centuries the Eng- lish peasantry has de- served the sobriquet of “The Backbone of the Na- tion.” Tiller of the soil and later owner of it, the hardy Britisher has fought courageously against the enemies of hiscountry. His weéapon depended upon the age in which he lived. In the fifteenth century it was the Gisarme—a straight, pointed, two-edged sword armed with hooks. HOLDERS of wealth have always sought means of protecting it. The fifteenth century peasant found the Gisarme best adapted to his needs. But printers’ ink and intelligence have succeeded blood-letting and violence. The First Mortgage Note of today is the Gisarme of yesterday. It offers adequate financial protection with a yield of 6% per cent. No investor in our First Mortgages has ever suffered a loss in over fifty-five years. Have you? EVENING STAR, WASHINGTON, D. C., MONDAY, OCTOBER 13, 1924. NATIONAL BANK RESOURCES $13000.000 FINANCIAL. 23 MONEY TO LOAN On Improved Property in D. ANY AMOUNT—THREE. FIVE sad TEN YEAR TERMS. Lowest Rates. BUILDING FROJECTS FINANCED. FRED T. NES O. and M BIT 0308, Main Money to Loan Secured by Arat deed of trust ou rea: estate Prevailing interest and commiss Joseph 1. Weller s 5 Frompt Actior ool First Mortgage Loans Lowest Bates of Interest and Commission Thomas J. Fisher & Compeny, Inc. We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department™ The Washington Loan and Trust Company 900 F Street 620 17th Street Shares $2.50 per Month Equitable Co-operative Building Ass’n Organized 1879 $4,841,727.46 Subscriptions for the 87th Issue of Stock Being Received THE TIME TO SAVE The place to save with best results is the Equitable—you save systematically each pay day. 915 F St FRANK P. REESIDE, Sec’y 44th YEAR COMPLETED Surplus $1,293,561.42 Is Now Statement of Condition The Commerecial National Bank of Washington, D. C. OCTOBER 10th, 1924 RESOURCES Cash, legal reserve and due from banks Overdrafts ..... o S Loaus aud discounts.............. Less ugearped discount and interest. . U. S. Government securities Stocks and bonds. ....... Customers’ liability a/c acceptances Accrued interest receivable. . Banking house. ... 3 Furniture and fixtures Other real estate. .. Deposits .... Bills payable. Rediscounts . Circulation ..... Bonds borrowed. . Acceptances ... Letter of credit Reserve for taxes, expenses and other liabilitie Capital stock, surplus and undivided profits. ... R. GOLDEN DONALDSON, President JAMES B. REYNOLDS, Vice President JAMES H. BADEN, Vice President and Cashier ceeeeeenee.. $3,247,342.85 1,608.12 .$6,629,187.74 39,658.71 6,589,529.03 -$2,738,663.23 1,989,751.60 1$1,681,946.91 LAURENCE A. SLAUGHTER, Vice President HAYDEN JOHNSON, General Counsel 4,725,419.83 109,323.16 55,723.67 59,812.21 26,230.44 1,767,989.56 $16,496,936.22 $13,432,808.73 NONE NONE 1,000,000.00 220,000.00 109,323.16 200,000.00 84,574.52 1,450,229.81 $16,496,936.22 and Trust Officer Mortgage Bond & Guaranty Corporation WASHINGTON, D. C. (ncerporsted Under the Laws of Virginia) Authorized Capitalization Advancement— ’I\HEmof!hemmvbobnldrcpon- sible positions has been won, in many cases, through their wise choice of investment An Institution Is as Strong securities. Management as Its R Real Estate Operaters The Mortgage Bond and Guaranty Corpora- tion deals exclusively in First Mortgages. secured by improved, income-preducing estate. It is recognized this is the safest ficld of investment known. The constant turnover of the capital, through the sale of guaranteed First Mortgage Cer- tificates, assures a very attractive return to the investor. ‘The management comprises 2 group of bank- ers, real estate and business men of excellent character and high standing. unbroken records of success and their expert knowledge is especially adaptable to the profit- able and comservative management of this Company’s business. Pres.-Gen. Mgr., National Mortgage & Investment Corp. Jomes EL Prestea directors. DB Thrts Duddime Ca. W. 0. Peirsen A portion of the stock of the Mortgage Bond & Guaranty Corporation is now being offered at the same price paid by the officers and ‘The cumulative preferred stock bears an im- mediate return of 8%. free from the normal Federal income tax and real They all enjoy The dividends are the stock is free from the D. C. and Virginia intangible tax. All dividends ever and above the 8% paid on the preferred go to the common sharcholders. ‘These securities may be purchased on an at- tractive partial payment plan. No interest charge on deferred payments. Regular pre- ferred dividends applicable to amount paid in. 1 Share 8% Cumulative Preferred ... 1 Share Common. HUGHES & COMPANY (INCORPORATED) INVESTMENTS 1418 Bye Street, N. W. % $1250 HUGHES & COMPANY 1418 Eye Strest . W., Washingten, D. C. Please send me your descriptive bookiet. Neme Street Address Cay