Evening Star Newspaper, March 1, 1925, Page 95

FINANCIAL. "FUTURE OF BONDS HINGES ON MONEY 1924 “High. 9R-22 10123 102 21 102 10223 108 10708 Low. 965 084 99-8 98-8 99-8 —1028- “High. 101 102-1 101-31 101+18 101-1 102-4 101-20 Taw. 4 100-28 Liberty 318 1932-47. .. 101-15 4’ 98-4 V. §. BONDS. Liberty 1st 4% s 193 Liberty 2d 4% s 1937-42. Liberty 3a 434 s 1928 Liberty 4th 43 1933 105-3 104+4 Treastry 44s 1947-52... Home Trade, Gold Glow, Ex- change and New Issues Being Watched. BY GEORGE T. HUGHES. ®pecial Dispateh to The Star. NEW YORK, February 28.—A mode- rato reaction In high-grade bonds noticeable more particularly in United States Government loans was the re- flection In the investment market of the action of the New York Federal Reserve Bank Thursday in raising itz redlscount rate from 3 to 3% per cent. No great amount of bonds Jyne out on the decline and for the st part the rise in the bank rate fppeared to have been pretty well counted. Money was a trifle firmer Friday, but here, too, the change s very slight Future Depends on Money. As to the future, everything depends upon the demand for funds for com- mercial purposes. The outward flow of gold has been checked, or rather ls proceeding at a much slower rate. Bterling exchange is lower and there has been & let-up {h the amount of foreign financing in this market. It §s possible, if not probable, that the ear future may see an actual re- wversal in the gold movement. These tnfluences would work toward hold- tng down money rates. Of course, if the Bank of England paises its rate as Is expected In some quarters this may strengthen sterling All of which brings us back to estic business outlook. As to the statements of the Federal X..rw banks for the next few weeks Il be carefully watched to see whether the increase in rediscounts which was the feature of the New York bank atement keeps up. Little Effect on Prices. r of the effect of money investment prices is not of importance to the average investors as {s generally t aftacts, for the most part, ations, such as banks companies, which are forced to keep thelr funds in se- & eurities of the very high grade. There are undoubtedly many holders of liberty bonds among people of small me to them minor vari- mtions in market prices mean little. Mhose who require this high degree of pafety need pay no attentlon to the harket Mo larger number of small investors hold obligations of railroads, pub- & utilities or industrials which return to them from per cent upward will | find that ling quotatio their be upen t peot particular company does upon the ups and t rates. 1f, then, the in- | improving, as it | and as the increasing de- * pand ot upon the banks would indicate, the no. reason why in- vestors of this kind should be disturbed. Bonds Near 12-Year Peak. It is true that the average of bond prices is about at the peak of the last half-dozen vears, and that it does not seem probable that this advance can go much further. But that, again, is a mat- er of primary interest to the specula- or, and not to the investor. When it domes to the subject of selecting securi- ties for new funds a different attitude properly be adopted. In the ordi- course of events high prices for obliga- ) & preva ds depends mo nary of th tnce of this a It may be pointed out, however, that midway between the investment con servatism of the bonds and the specy lative attraction of the common stocks come the preferred stocks combining qualities of both. And there are still very many preferred {ssues which have rot ehared the market advance enjoyed by both common stocks and bonds. The regson for this is simply that the pre- forred stock 1s not safe enough for the cautious investor, and yet lacks the pos- ibilities of price appreciation that In- terest the speculator Rail ¥ Raliroad stat ary so far rted fng showings. T that the majority o will report better results this J (&ry than 1 Rumors are “mdditions to the list of dividend pay- €rs on common stocks. Present divi- dend rates are in nearly every case amply protected by earnings and in 1o instance is there any expectation ©f a decrease in the prevailing dis-| bursement to shareholders. Con- dation talk is still in the air and the ambitious Nickel Plate merger plan has been formally presented to 1l Interstate Commerce Commission. On¥ this combination {s approved, if 1t new projects in other sections :ssed for conslderation. ot at all likely that the Jarger Mfa uri Pacific system will be allowed to do business without a competitor. Adjournment of Con-| ®ress will put an end, for the pres- ent at least, to apprehension on th re of hostile legislation. Providec only that trafic keeps up, owners of , railroad securities have little cause for concern. The case of the St. Paul, which is still in doubt, Is not typical ©f the railroad situation as a whole. MERGER TALK SWITCHES TO BIG OIL COMPANIES Informal Conferences Being He\d‘ { Looking to Forming of rnings Encouraging. ts for anu- make ourag- | probabilities are ) the companiey N Holding Concern. By the Associated Press. NEW YORK, February 28.—Merger talk in the financial district has switched to the ofl companjes. In- *formal conferences are being held, it is said, looking toward formation of & holding company that would ac- quire control of the California Petro- Jeum Corporation and the General Petroleum Corporation, two of the 15 companles on the Pacific The ~British-Mexican Petro- ompany, Ltd, has been men- ned as & possible part of the new combine, while interests allied with e Pan-American Petroleum and| nsport Co. also are reported to nterestad In the new merger. HOG VALUES HOLD UP. Best Prices $12.40 During Satur- day Market, Bpecial Dispatch to The Star. CHICAGO, - February 28.—Fresh supply of hogs was posted at 6,000 for the local yards. This was less than ex- pected, and values were strong to higher. Some sales of light hogs and pigs were a dime up, but heavy lots were only strong. Choice heavy butehers sold at $12.40 and down in most c; while bulk of packing hogs went at $10.90 and $11.50. Pi sold at $11 and down HICAGO, February Ziaglicr: creamery extras, g, 43; extra firsts, 41%4a42 Vo J040; seconds, 33alé. Fggs—Lower; receipts, _Brsta, 26a27; erdinary firsts, 21,666 cases 24 - Hign. 111 109 9915 1044 1043 104% Low. 1 Hign. lDl“ 109 o4 i 100 883 85 1034 1004 & 115% i 1047 FOREIGN. " Argentina 63 A 1957 Argentina 7s 1927 Austrias? 7 Iul Belzium 6s Belglum 7% XNB Belgium Bordeaux Copenhagen 61s 1944 Czechoslovakia 8s 19| Denmark 6s 1942 Denmark 8s 1946. Dutch East Indles Dutch East Indies 6s 1962. ... French Govt 7%s 1941. French Govt §s 1945. German 7s 1949, Amorlcln S 651947, 193 Jergens Utd Margarine 65 1947. Lyons 6s 1934, Marseilles 681934 Netherlands 6s 1972 Norway,8s 1940. 6% Paris-Lyons-Med 63 1958 1947 Queensland B Queensland 7s ll(l Sweden 65 1939. Swiss 5lis 1946 United Kingdom 5i4s United Kingdom 534 s 1937. 108 INDUSTRIAL AND MISCELLANEOUS. Amer Agri Chemical Ti4s 1941 Amer Smelt & Ref 1st 5s 1947, Am. Smelt 1at 65 1942.... Amer Sugar Refining 6s 1937 Amer Tel & Tel ¢l tr 4s 1929, Amer Tel & Tel cl tr 5s 1346, 4 Anaconda Copper 6s 1953 Anaconda Copper cv deb 7s '38 Armour & Co 4%#'193 Atlantic Refining deb Bell Tel (Pa) ref 58 1948. Bethlehem Steel pm bs 1 Bethlehem Steel s f 6s 1943 Central Leather 5s 1925, Chile Copper 68 1932. 4 Cons Coal (Md) 1s ref 6s 1950, Cuba Cane Sug cv deb 85 1330, Detroit Edison ref 6s 1940. Du Pont de Nem 7%s 1931 Empire Fuel & Gas 7%s 1937 General Electric deb 5s 1952.., Goodrich (B F) 635 1947 Goodyear Tire 85 1331 Goodyear Tire 8s 1941 Humble Oil & Ref b1s 1932 Indlana Steel 55 1952. .. Inter Mer Marine 63 194 Inter Paper is B 1947 New York Tel 6s 1941. High. 101 28 101-18 10 7., 101-23 101-20 101~ P THE 'SUNDAY ' STAR, WASHINGTON, D. C, MARCH 1; 1925—PART &. BOND SUMMARY FOR THE WEEK (FRANCIS ADDISON, JR., TO HEAD LOCAL BANKERS’ ASSOCIATION Low. Last 101022 41 100-24 1 9 1-15 101-6 weak's Close, High. Lo 96 964 102% 103 105% 100 96% 1084 102% 96% § 100 100% 102% 88 99% 100' 92 5% 100 108 87 101 107% 107 100% 102% North American Edison 65 1352.. 100 Paclfic Gas & Elec §s 1942. Pacific Tel & Tel 55 1952 Philadeiphia Co ref 6s 13 Sinclair O1l 75 1937. Skelly 6ias 1927. South Porto Rico Sugar 7s 1941. Union Bag & Paper 6s D United Drug 6s 1944. U S Rubber 1st & ret 5, U S Rubber 71381930, U S Steel s £ 551963, Utah Power & Light Va-Carolina Chem 7% i Western Union Tel 6!@; 1936 82% 79 86% 94% #7% 1027 44y 100% T4% Wilson & Co Wilson & Co R Atchison gen 481995... ... Atlantic Coast Line 1s . s 1952 Balto & Ohlo gald 4s 1943 Balto & Ohio 651929 B&OPIttsLE& W Va ds 1341, B & O Southwn div 3145 1925 Brooklyn-Manhat s f 63 A 19 Canadian Northern 6%s 1946 Canadian Pacific deb 4s Central Paclfic 4s 1949 Chesapcake & Ohjo cv 435 1930, Chesapeake & Ohlo gn 4155 1992, 46. Chesapesake & Ohlo Chicago & Alton 3145 1950, Chi B & Quincy st ref 5s 1971, Chi & Eastern 111 gen 55 1951 Chi Gireat Western 4s 1959 . Chi M & S Paul ref 4345 2014 Chi M & 8t Paul cv 68 2014. 9615 83% 1043 Chi & Northwestern 6%s "1936. X\Z!v 83 Chicago Railways bs 1927. Chi R I & Pacific ref 4s 1934. Chi Union Station ¢34 196 ChiUnlon Station 6%s 19 Chi & Western Ind con CCC&StLref 65 A1929 Cleveland Term 5481972, Colorado & Bouthern 4%s 1935 Cuba R R 53 1952. Delaware & Hudson 5%s 1937. Den & Rio Grande con 4s 1936. . .. 4 D. & R. G. West bs 1955, Detroit United 4358 1932, Erie 1st con 4s 1996. . Erie gen llen 48 1996... Erie cv 48 A 1953 Erle cv 4s D 1953 Grand Trunk 7s 1940, Great Northern gen 5% Great Northern gen 7s 1936 Hudson & Manhattan ref 5 57, Hudon & Manhattan ad) 84967 755 Ilitnois Central 5%s 1934 Inter Rapid Transit bs 19 Inter & Great Nor adj §s KanCFtScott & M ¢s 1936 Kansas City Southern 3s 1950. Kansas City Southern 6s 1950. Lake Shore 45 1928, Lake Shore 4s 1931, Louls & Nash unified 4s 1940 103% Louts & Nash 1st ref G36s 2003.. los Ml Elec Ry & Lt 1st ref 5861 MStP&SSM63%s 1981, Mo Kan & Tex st 4s 1990 Mo Kan & Tex adj 68 1967. Mo Kan & Tex pr In 5s A 19 4 Missourl Pacific gen 48 1975. .. New York Central deb 63 1935, New Haven deb 4s 1957 NYNH&H cvdebés1948. Northedn Pacific 3= 1111. Northern Pacific 4s 1997, Northern Paclific ref imp 6s 20 Ore Short Line ref 48 1929, Ore Short Line gtd 55 1946 Ore-Wash 1st ref 4s 1961 Pennsylvania gen 4%s 1! Pennsylvani; Pennsylvania 6%s 1936 Peoria & Eastern Inc Reading gen 45 1997...... Rio Grande Western clt 4s 194 RIArk &L 4%8s1034....,. BtLIM&SR &G 4s 1933, St L & San Fran inc 6s 1960. Seaboard Air Line ret 4s 1959. Seaboard Alr Line adj 5s 1949... Seaboard Alr Line con 6s 1945 Southern Pacific cv 4s 1929, Southern Pacific col 45 1949, Southern Paclfic ref 4s 1955. Southern Rv gen 45 1966. Southern Ry 1st 5s 1994 Southern Ry dev 63%s 1956 Third Ave adj 5s 1960 Union Pacific 1st 4s 1947. Union Pacific cv 48 1927 Virginian Ry 1st 55 1963.... ‘Wabash 1st bs 1989. Western Maryland Western Patific 65 1946, - 101% 101!‘ 109% 110 Yield. 1 326 By CHAS. P. SHAEFFER. Francis G. Addison, Jr., will be the next president of the District of Colum- bia Bankers' Association, succeeding the present incumbent of that office at the concluston of the annual convention early in’June. A rotational system is fised in filling this office, the first step being that of secretary, followed successively by seo- ond vice ‘president and first vice presi- dent. Mr. Addison is now first vice président. His election will give to the savings bank section its first representa- tive In the president's chair since 1919-20, when Maurice D. Rosenbers, president of the Bank of Commerce and Savings, led the local organization. Since that time the office has been filled by four natfonal bank officers and one rep- resentative of a trust company. Mr. Addison will be one of the youhg- est bankers ever to fill the chair, having been born in Prince Georges County, Md., in 1837. Completing the courses in county grammar school, hé came to Washington and was graduated from Spencerian Business College in 1904 Seven years later saw his graduation from Georgetown Law School with the degres of LL. B., being admitted to the District of Columbla bar the same year. The following year he graduated from the Washington Chapter, American In- stitute of Banking, in which group he has always been an active and inter- ested worker. From Stemegrapher to Analyist. The future president has never boasted a vocation other than banking. His career began in 1904 when he pro- cured employment In the National Metropolitan Citizens’ Bank, first as stenographer and later as clerk. In 1907 he became afMliated with the Home Savings Bank in the capacity of clerk, later filling the positions of teller, as- sistant treasurer and treasurer. Later when this Institution merged with the American Security and Trust Co. he was made manager of branches In 1920 he was secured by the Se- curlty Savings and Commercial Bank as executlve vice president, which posi- tion he holds today. Mr. Addison {s a banking analyist. and sufMicient knowled, jon gained through h! study of the intricacies of the game, g0 much so that local bankers’ com- mittees named to study and present difficult problems are seldom comple without his name. He is a recognized. leader of the savings bank division here, helping to scere a notable triumph several years ago when it was proposed to tax this class of in- stitution on a same basis as national banks, i.e., 6 per cent on earnings be- fore deduction of interest, He is vice president for the District of Columbia for the Savings Bank Division of the American Bankers' Assoclation. Mr. Addison recently unearthed the fact that he {s a humorist as well as a £ood banker. When asked as to his accomplishments, he replied, “I am a rotten golfer; fair fisherman; good hunter; excellent weight; perfect ap- petite, and my hobby is banking.” Addresses Women Bankers. There are more than 2,850 women students in the various classes of the American Institute of Banking, with wore than 300 holding standard certl- ficates of graduation, Mrs. Helena D. Reed, loca] woman banker and chair- man of the national women's com- mittee of the chapter, told the feminine members of the Baltimore chapter at & dinner in Baitimore last night where she was guest of honor and principal speaker, “When one considers that 40 per cent of the depositors in the United States are women and 75 per cent of the savings bank cluded in the woman's ness,” sald Mrs. Reed. “The sphere in this fleld has broadened to include such positions for women as tellers and bookkeepers, and the organiza- tion and control of foreign exchange departments as well as solicitors of new business. “One of the latest developments in modern banking is the woman's de- partment. These departments are placed in charge of a woman who is past her first youth, yet has not for- gotten it, and one who has experienced joy and sorrow: one who has made friends with both life and death and necessarily one who has gained wis- dom and experience through familiar- ity with the ordinary and extraordi- nary troubles of human existence. One who understands human nature and who {s familiar with the banking business. Such a one gives advice concerning investments, home budget systems, thrift plans, making of wills and the conduct of checking and sav- ings accounts.” Woman is rapidly taking her place in a field formerly dominated entirely by man. Only recently the National City Bank of New York elected Mrs. William ~ Latm an executive, | Election Will Give Savings Section First Representa- tion—Woman Addresses Bankers—How to Prevent Losses Through Fraud. amount of business which can best he procured by the gentler sex. Helptul hints for the prevention of loss from bank frauds are contained in a pamphlet prepared and distrib- uted by the Bank of Commerce and Savings. It 1s pointed out that care- lessness in check writing s respon- sible for a loss approximating $100, 000,600 per annum. This carelessness can be eliminated entirely, it is claimed, by strict adherence to the following suggestions 1. Never write checks with a pen- cll® Use pen and ink, or, it possible, 4 check protector. 2. Fill in all blank spaces. 3. Don't erase. Errors should be corrected by writing a new check and destroying those incorrectly written. 4. Strangers are not always crooks, but crooks are usually strangers. Never give a blank check to a stran- ger and never cash a stranger's check with an indorsement which you have not positively verified. 5. Make checks payable to “cash” or “bearer” only when you personally present them at your bank. Other- wise use the name of the person you intend shall receive payment. 6. Never place your signature alone as an Indorsement on checks you intend to deposit. Write above r below your signature the words For deposit only.” Never sign blank checks. 1f you expeet to be absent any \ength of time open a separate account™wub Ject to check of your employe O agent. 8. Guard your canceled vouchers as you would a valld check, leaving none where they may be easi'y taken. 3. Keep your check books securely locked up and be careful how and where you sign or exhibit your bank- Ing signature, 10. Beware of the word “certified.” Scrutinize all “cer- tified” checks carefully, Ordingry certification stamps can be duplicated almost as easily as any other rubber stamp. 11 Watch checks which apparent. ly bear the makers "o, k.” or other form of approval They are more easily forged than the full signature. 12 Safeguard your checks as you would your money, for they rep nt money, John Rlordon, cashier of the insti- tution, vouches for the urity of magic of the ery known Legal pro- tection és thrown around the investments offer our clients. we Consult our Trust Dept. or send for valuable book- let dealing with our First Mortgage Investment Notes, yielding 7% in- terest. In Amounts of $50, Up. Monthly Paymenis Accepted ith B 1405-7 Eye StN.W,_ 9670 “WHEN” buying our FIRST MORTGAGE 6%2% INVESTMENTS You are sssured due precaution bas been takert to safe : requirements. cferivoe Tollow tm Notes now on hand in amounts of §100 afl d for Booklet CHAS. D. SAGER Lean Department 3 M. 37 38 924 14th St. N.W. Mr. 0'Doanell, Manager Mr. Hughes, Assist. er recognizing that there is a vast New STOCKS and BONDS New York Stock Exchange Chicago Stock Exchange New York Curb Market Assoclation Phone Main 2040 811 Vermont Deals in the Best Real Estate Securities First and Second Trust Notes and Ware- house Receipts are purchased at fair rates Its 7% F'mt-Mongage Notes, SECURED byclggmad District of Columbia INVESTM . from Dean, Onativia & Co, § & Stock Exchange Building COTTON GRAINS MEMBERS WASHINGTON OFFICE Main Floor, Woodward Building York COFFEE SUGAR N. Y. Cotton Exchange Chicago Board of Trade N. Y. Produce Exchange Minneapolis Chamber of Commerce JOHN CALLAN O’LAUGHLIN M Next Bankers’ Head FRANCIS G. ADDISON, JR., Slated for presidemcy of Distriet of Columbia Bankers' Association. bank funds if the above suggestions are carried out. Tomorrow is the verting American Telegraph 4%s of 1933, These bonds GERM Bonght—Sold——Quold Fujl New York and Berlin Market Recelved Datly Send for Special Market Letter Peter Whitney 203 Investment Bldg. Tetephone Frankiin 3078 last day for con- Telephone and the issue due in now have an ex- First Mortgage Bonds On Income-Producing Prop- erty of General Utilization— The highest type of investment known. Now Offering: 20-Year 6159, Sinking Fund Gold Bonds, Roger Williams Apart- ments, Providence, Rhode Island. Union Discount Compny, Inc. NEW ORK Philadelphia, lg‘un pAlbaay, Newask, 30 Southern Bldg., Washington Main 2077 Since Grant was in the ‘White House 52 years of proven safety in first mortgage investments FTmTWOye-n 2go UlyssesS. Grant was inaugurated for his second term as President of the United States. Two months earlier, in January, 1873, The F. H. Smith Company was founded. Smith Bords are owned today in all the countries visited by ident Grant on his historic world tour—England, France, Italy, Egypt, India, Siam, China, Japan, Cuba, Mexico; in 20 other foreign lands, nnd in every State in the Union. Ne Lass To Any Investor In 52 Years Naten Yo dwy Fvmmr o F Yerws TheF.H.Smith Co. Founded 1873 - FIRST MORTGAGE BONDS Smith Building 815 Fifteenth St. Smith auuu. ‘Washington, D. 1 Sencs e forsumtion sboct Seaith i-u- paying 7%- Avenue N.W. 1 Estate, Are a ered in denominations 00 UP. = ‘M Georgo W. White, President O. H. P, Johnson, Vice President Frederick DeC. Faust, Trust Officer R. P. Hollingsworth, Asst. Trust Officer 3% Paid on Savings OPEN UNTIL 5:30 P.M. MONDAY, MARCH 2 We are erMln‘ gratuitously, “EVERYMAN’S FINANCIAL SUMMARY," which will be found of great ‘assistance in preparing your Income Tax nw:n You're Invited to call and receive a copy. WII!WMWHWHWWMWWMMWWH“IM FINANCIAL, tra-investment position In the mar- ket, reflecting this privilege of con- verting into stock at 120. These bonds were originally issued to the amount of $67,000,000, and ac- cording to the last available state- ment there are about $2,500,000 out- standing. Fallure to convert will mean &n actual monetary loss of |about 3150 on the 31,000 bond. It will also mean that the company will have left over some part of the stock that has been reserved to provide for conversion: WE FINANCE Apartment Houses Business Property Residence Property Hotels, Ete. Higbie & Richardson, Inc. 818 15th St. N.W. LOANS FROM $50 TO $100 Can Be Obtained by Using Our Certificate of inventory, Appralsal and Tit CHATTEL TITLE COMPANY 805 Fifth 8t. N.W. g Frequent reading of documents un- Ider artificial light is causing eye- strain_to many British statesmen Money to Loan Becured by nrst deed of trust on real estats Pr-nmn (nm-n 10d_cotomission. Iler 420 W Trust Joseph [. Weller {52 Vi © § Tri Large Loans Available V2% Interest Insurance Company Loans Long Term Financing Building Loans Refinancing Weaver Bros., Realtors 735 15th St. N.W. ‘Main 1821. JOSH BILLINGS o:ce ssi- “I love the rooster for two reasons: crow; and the other is because he ha to back up that crow.” < This Is Our Exact Position When We “Crow™ First Mortgage Notes Paying 615 Per Cent We Are Fully Able to “Back Up” Our Claim That No Better Investment Can Be Found when the ABSOLUTE SAFETY of the Security Is Considered LET US PROVE THIS TO YOU MORTGAGE INVESTMENT DEPARTMENT HANNON & LUCHY) 713 and 715 14th Street ! About Our f l f Main 2345 SPECIALIZATION We have specialized in Real Estate First gages for thirty-two years in Washington. During this Mort- WUvera Quarter time we have supplied thou- of a sands of conservative in- Century vestors with safe Without a FIRST MORTGAGES Loss. F. SAUL CO., 925 15th St. N.W. Mnmmlmnmmmmunnnmnmmnmmum!mmmummumummmmnmmmlmummmmmlmmmmmummmmlnmmnlmmmlnmnnmmmmmun National Metropolitan Bank Capital, Surplus and Undivided Profits, Over $1,800,000.00 15th St. Opposite U. S. Treasury—111 Years Old L 0 O A Growing Dollar Pile —serves the double purpose of staving off misfortune and bringing opportunity closer. QK.ecp your dollar pile vigorous through systematic additions made as regularly as PAY DA'Y comes to hand. GONE DOLLAR or more will enrole you among the thousands whom Washington’s OLDEST National Bank is serving. C. V. Jacobsen, Cashier Chas. E. Bright, Asst. Cashier Albert H. Bedfore, \sst. Cashier C. Louis Eckloff, Asst. Casbiav * J. Gales Moore, Auditor