Evening Star Newspaper, April 17, 1926, Page 15

FINANCIAL. NEW YORK CURB MARKET Received by Private Wire JAM F. HEFFERNAN. YORK, April 17.—The clos- ing session of the week on the Curb Exchange saw the volume of business at practically the smallest it has been fn months, and with the outside pub- le taking little interest The most noteworthy the further sharp break in Ford Motor of Canada. This stock was being in- fluenced by the proposal to reduce the Canadian tariff on automobile im- NEW YORK, April 17.-Following Is an official list of honds and stocks traded in on the New York Curb Mar- ket today: Bienin ousands 1Al incident was BONDS High 65 1x Low { Packers fix A W e A Anaconda. <sh Asso Gas 1 A< Sim Hidw 638 & O R R } Beil Tel 1 Beth 5 Crown Wi ¥ 1 Cubun Tel 5 1 Cudaby Cudahy Grand Tru Lity MeN % Long Mamt Manit i Ohio 1 Pen Oh o P 1Pl E 2 Phil E 1 fure o an Kar 11 & nk 61y 108 &1 ) FOREIGN BONDS B Antioqua 1 Baden 17 Buen STANDARD OIL ISSUES BB6O 0 Humble O & R. 300 Tmp O1l of Can int Pet Co Ld ) Prairie 0 & G n 19 S0 Penn Ol 200 870 Calif new’ i S O Indiana 140 5 Onio Swan & F INDEPEND! e Maracaibo.. . Carh Synd P01 ot Pt 6 Lago Oil A S Lrhant o 9 Margay Oil ® Mount ® New Mex Land 18 Peer Oif Cor 8 Retter Fostet 01l 24 Tide Water Oil 1 Tide Ol pf 5 Venesuelan Pet. . INDUSTRIALS. Am Cyanamid A. 41 Am B Am Tiom Am 1€ Am Pow & 1 A Ruvon 1 A Atino Atso Blooming Bridgepor 2 Brill Corp 4—$1.000 a1 10315 10" at G, 20 *pe—4 at 104 ples Drug Stores pid—10 at 102%. AFTER CALL Washington Gas 6s ‘33—$200 at 1024, Bid and Asked Prices. BONDS. PUBLIC UTILITY. American Tel. & Telga. 45 American Tel| & Teiga. 41,4 Amer. el et i Anncos R.R. 5 Ana. & ar. 5w Co& P C. & P.Tel of Va. 5 Cavital Traction K¢ Georetown Gar Ist on Slec. 1t 58 | | | i | | Direct te The Star Office ports, which would react unfavorably upon American companies with as- sembling plants in the dominion. Shares of Electric Refrigerator and baking company stocks were slightly higher, but the advance was set down to nothing more than the usual week end short covering. Changes in the oil group were confined to small frac- tions, with the tendency uncertaln. The close was quiet, with the general body of stocks at practically where it 5tocd at the close yesterday. DG A nw ar Light . *‘ c-u Aguirre nw pf ons G Balt nw Cone Laund Cont Bak B 1 Cont Bak De For R Doehler Die 7 Durant Motor s ELR & Shopf 1B & 8 ow Co Invest Ine Relrig [} % Forhan C, ord M Co Can 460 undat For A ox Theaters reed k rexhmay DGen Bak A 19 Gen Bak B 1Gen Ice Cream 6 Gillette 8 R 1 Happ ( & Hazeltine ~Corp 1Inter Tl A 1nter Util B 3 Lambert Co nd Co Fla Clas esabi Tron d Weat U ¢ Mid W T Mid West T/ 12 Northe Pow o 114 Denn ‘Wat Pow € , Brocter & Qamble Buget S P4 T Purits Baking of \ Raod Kard Bur n i 1 1 1 oaEE=D e Z2c+2388852 30583 ] e 22EEzaec 8805552507 P 1if Pub €0’ & Tubize A 8 BV 'Y FAPEL Coal Y1 Utab Pow ofd Pg vt Vie Talk Mach o Sew Ma bi 2 Wilson & C o . IWils & CAn MININ 1 Beaver Cons 20 Spearhead " Gold | 30 Teck Hughes 1 Tonopah Ext 10T 8" Cont 2 Utah Apex |BALTIMORE INTERESTS ACQUIRE BAY FRONTAGE Special Dispatch to The Star. BALTIMORE, April 17.—A Baltimore Bay has been acquired by interests, The property, which has a front- age of more than a mile on the bay, is | in Calvert County, about 10 miles south of Prince Frederick. It has been purchased for investment and for development as a shore colony for | Washingtonians. The consideration is said to have | 1750, | been in the neighborhood of $75,000, | and includes all the land between the State road and the bay at the location. old brick colonial house, built in formerly owned by the Wilson family, i said to have been included in the deal. RAIL CAPITALIZATION. Class one railroads of the United States had a total capitalization of $18.636,747,793 1n 19 consisting of 61,993 in capital stock and 64,585,800 in long-term debts, the mmission an- preliminary $10 Interstate Commerce ( nounced yesterday in a report. Total income was placed at $1.38 469.303 and net income § . Dividend appropriations of income and surplus amounted to $342,768,742. To Enlarge Freight Facilities. Special Dispatch to The Star. WINCHESTER, Va., April Additional trackage to care for con: stantly increasing apple shipments and other freight, and construction of a larger turntable to accommodate bigger locomotives were virtually de- cided upon following an _inspection of Pennsylvania Railroad property here Thursday. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY Wanhington G Washington Gis G Wash. Rwy. & Ll & ke Pape It St Southern Bi Wash. Mkt Cd STOCKS. PUBLIC UTIL! Amer. Tel & Capital Traction Washington Gas s 2 {near Norfolk & Wash, Sieamboat Potomac Elee. pfd.......... Potomac Elec, ntd. int. ctfs.. Whash. Rwy. & Elec. com... . ‘Wash. Rwy. & Elec. ptd. National Capital Columbia . . Commercial " Diatrict . = Farmers” & Mechanic ederal American . {herty Lincoln National Meiropoiitan Bank TRUST COMPANY. Amertean Security & Trust. Continental” Truei antw Nutional Savings & Tris Union Trust Washington Loau & SAVINGS BANK merce & S Washingt urity Suvings & Com. ... Beventh Streel e United States. . Washiogtou Mechanicu', American Corcoran . ¥iremen's National Columbta Title Real Estate Titie MISC D. C. Paper vfd Federal Storaze vfd Merchants Trans. & Merchants' Trans. & Stor Nergenthaer Linotyve fonal. Morts, & Inv Peopies Drug Stores pfd. ... Lanton Monotrpe Securits Storage ; Wishingtou Market.. “Ex div. ¥Beoks clos SANDY RUN, Pa., April he M Kemmerer Coal Co. is preparing o sturt extensive stripping operations to uncover new anthracite veins this Summe Minn.—A fall of snow has left considerable ‘This is delaying ST. CLOUD, in this section moisture in the soil. the planting of oats, but the benefits from the moisture are expected to more than offset the delay. (old storage holdings of 17,390,000 pounds com- pared with 10,875,000 at this time a ago. American cheese holdings are 38,026,000 pounds compared with 27,716,000 last year and holdings of eggs 21,844,000 dozen as compared with 11,353,000 dozen last year. NEW BEDFORD, Mass.——New Bed- ford mills are operating between 75 and 85 per cent of capacity, while in some cases looms are being operated nights. CHICAGO. hutter total JEFFERSON CITY, Mo.—Missouri fruit was not seriously damaged by the cold weather of the late Winter, according to Federal and State agri- cultural authorities. NEW ORLEANS.—Manufacturers of cigars here say their sales for the last three months have exceeded lhou of the first quarter last year b 30 per cent. KANSAS CITY, Mo—The volume of jewelry business now is 10 per cent uhead of that a year ago, which in turn was 15 per cent ahead of 1924, Dia- monds cf the smaller size are in sharp demand. PITTSBURGH.—Steel bar demand is getting better. Mills are anticipat- ing orders from the Pennsylvania highway department for the bars to reinforce 90 miles of paved highway. Similar orders from other States are rumored. HOUSTON.—Average daily produc- tion of crude oil in the coastal and south Texas fields the last week was 162,295 barrels, a drop of 6,855 from the preceding week. o 500- | acre tract fronting on the Chesapeake | { much his interest as your to protect THE EVENING STAR, / TRADE HAS NO BASIS FOR BULL MOVEMENT ON STOC K MARKET Process of Readjustment Continues, Bu! at Moderate Pace—Investment Securities Rise Under In- fluence of Easier Money. BY STUART P. WEST, Special Dispatch to The Star. NEW YORK, April 17.—The process of readjustment which began toward the end of January has continued dur- ing the last week in Wall Street, but at a much more moderate pace. Weak points have developed, but the general list stands about where it did a week and two weeks ago. This Indicates; according to all ex- perience, a comparatively stationary tendency. The market has had its big advance and its big decline. For the last fortnight it has been settling down to small fluctuations and much reduced business. The distinction between investment and speculative conditions continues pronounced. Under the impetus of easy money and the prospect of its keeping on indefinitely investment values have tended upward. United States Government loans have been making the best prices of the year. The higher class of corporate bonds have been holding around their top figures, and the same 13 true of strict. 1y investment stocks. Studies Price Tendency. But the speculative movement is pri marily interested not in credit. but in business conditions. It has paid some attention to the statements in the stel reviews, which seem lo suggest that production has passed its peak. It has taken more notice of the price situation. In this connection it is pertinent to quote from Dun’s Review: “After 13 successive weeks during which declines in wholesale quotations have predominated. a condition has been reached where profit margins in some lines of manufacture are very close.” This epitomizes the entire industrial position as it bears upon the stock market. There is no longer interest in the high totals of bank clearings and of railway tonnage. It i3 a ques- tion of the margin of profit at which this big business is belng taken and the conclusions are none too favor able, ‘The industrial reports for quarter will, of course, throw a good deal of light upon the subject. So far, the automobile statements have not come up to expectations. It will be interesting to see how the steel companies have fared. They have been doing an unusual volume of husiness. The fact has been plaved up that many of the steel mills have WESTERN MARYLAND EARNINGS GAIN LESS Coal Shipments Hold Up, But Other Freight Loadings Show Big Shrinkage. the first Special Dispatch to The Star. BALTIMORE, April 17.—The per- centage of gain in earnings reported by the Western Maryland Railway for the first week of April fs smaller than for any other week this vear. While shipment of coal over the| system containued at a satisfactory | rate, receipts from this source being $162.827, a gain of $25,516, or 19 per cent, compared with the correspond- ing week in 1925, shrinkage in other lasses of traffic, amounting to $23, reduced the gain for the week to $1.88 or 1 per cent. Total re ceipts for the week were $370.035, against $368.139 for the correspond eck last yesr the vear to April 7 total earn- Were '$3,899.298, against $5,170 for the corresponding period in . an increase of $729,028, or 14 ent. | The galn In coal shipments this| venr was $788.490, or 34 per cent. shipments showed a decrease 437. Passenger receipts were or 15 per cent less than they were last year. Your Banker, Knows. When in doubt about a security consult your banker. It is equally as your savings. You trust him with your deposits—why not trust him with your investment problems? Money to Loan by first deed of trust on real estate. J avnmn fojo s u.zdwt::s‘ -:..;r:- WE FINANCE ~—all classes of income-producing property Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. Second Trust Notes Purchased Funds immediately available for second | trist notes on D. C. and_nearby Maryland | property. See Mr. Read. Local Agent, at Willium K. Nartung & Company 1108 16(h Sireei N.W. Muin 37 First Deed of Trust Notes On Hand Bearing 6% % and 7% Tnterest In amounts of $250.00 up s« WELCH =y 15th & New York Ave. Main 4346 Established 1899 No Loss to an Investor in 25 Years FIRST TRUST NOTES Secured on the best Denominations $250—$500 William S. Phillips & Co. INCORPORATED 1432 K Street N.W. Phone Main 4600 |ated by the short-term debt. been running at around 100 per cent of capacity. But how will this show in earnings with the price level as low as it {s now? No Basis for Rise. In_ brief, there is nothing upon which to base a freshly rising market. The trade movement for the first three and a half months of the year has turned out disappointingly. Mer- cantile authorities continue to stress the point that stocks of goods on hand are low and that buying is being done for immediate requirements only. This is a strong feature, but it is not enough to form the basis of an im portant upward movement in stocks. Expectations regarding the effect of mergers and of dividend increases in one form or another huve likewise fallen down. Most of these announce- ments have been greeted coolly in Wall Street. There has been officlal opposition to some of the industrial combinations, and while the uttitude fs favorable to putting together rail- road systems, it is evidently going to be done fn a way that will satisfy Washington. All this has been destructive of the speculative spirft which was running s0 high last Autumn and again in January. The market of the last three months has been paying the penulty of {ts excesses and has quieted down. There is no reason any longer why hLolders of good securities should feel that the existing level is too high. But equally there is no reason why they should get optimistic, at least for the near future, over prospects of a large recovery. The French Situation. The decline in French franca to record lows has been one of the inci dents of the week. There has been doubt whether the new fiscal program could be carried through in time to take care of the new maturing short- term internal loans. Without any out- side help like there was two years ago, France has to depend upon in- creased taxes and other measures of raising new revenues which will satls- fy the holders of these short-term oans and fnduce them to continue. The position of the international bank ing community on the matter is frank skeptical and the {ranc continues to SUg. Nobody mow prete cline is due to foreign the way it was talked in Spring ‘of 1 k paper irrency is depro several | One Is because there is no assurance that new | measure: will properly balance the budget second reason is that it does not seem 1o be at all sure that these financi reforms will meet the exigencies c The third | is that the American war obligations | have not_been pry ds that the de- manipulation the fating for First Mortgage Notes On Improved Real Estate in Washington, D. C. Annual Return 6% Mortgage Investment Co. 932 Investment Bldg., 15th & K Sts. N.W. M. 334 A. S. Gardiner, President. VIRTUES - WASHINGTON, D. C, SATURDAY, APRIL Assets Over $700,000 733 12th Street N.W. Melvin C. Hazen, President Floyd E. Davis Clarence I. Gessford, Secretary NEW INDUSTRY HAS OPENING FOR SALESMEN The pioneer and largest man- ufacturer in this ustry re- quires the services of several high-class salesmen. This is a real opportunity to make a valuable business con- nection. Unlimited advancement for the right men. Write, giving full par ticulars. Address Box 209-D, Star Office. LOANS We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-Five Years —insures your protection. Percy H. Russell Co. 926 lSth St. N.W. the professional gambler a greater return on his invest- ment than is associated with SAFETY Don’t Chance Your Saving Buy Gilt-Edge FIRST MORTGAGE NOTES any reliable have stood the test house. of from They time, Losses to the investing Public have not been to pur- chasers of FIRST MORTGAGE SECURITIES Notes in denominations $100.00 up now available, CHAS. D. SAGER Mortguge Department. Muin 36 924 14th St. N.W. of 17, 1926. REPORT OF CONDITION PARK SAVINGS' ‘BANK, At Washi in the District of at l.h.B e ot of business April 1. and ‘E: Toreien weror ernnmvui . 1926, scoyot. o oihar Danks s .glfll.u 47053778 _dmn? uriiion o m"" |"’( e :fl 125.760.00 A s 175.599.05 tion. ef o. Bankin odse, 808 841 41 mitire | and “xtures '6.180. ‘E an"banking Bouse. ‘MN“ ‘and_amount national bcn l - Am mk-fi“ and rtmt mmunln in the nited {ofher” then " in- rm!.a 1n fiatn ange for rlm»mr lnu; ks onother bank the same city ar town, a8 b}nl ( Olh":' i gP41.103.07 123.021.84 4.318.43 838.455.45 and’ banks (includ: ing Federa Reserve Bank) out- ty or 542.20 480858 Total .. ..$3.290,760.85 LIABILITIES Capital stock paid in Uidvidea o . Certified checks nu(ul-nd!r‘lz Caahier's lhbl‘kl uullllfl 4.971.79 Individuai ‘devoits t 1o check 1.32.515.08 Total of demand denoits (other than bank depos- its) " gubject 1o remerve item 27..°81 322.516.68 . Certificates of depowit (oth- er_than for money bor- other e do ther time ‘daposits Total lof "time depotits subject to reserve, |tem 33 "ana 48, 87:604 7361 Billis Y"'M‘ (ineluding all bligations _representing money borrowed than rediscounts) . Total $11.290 District o 4nlumhu L0 nl Waahington, lOBERT 8§ cashier of sbovenamed. bank, Gp. ml-?nly awear that the ahove giatement le true jo the best of v ROPERT S STUNZ, Cashier. Subscribed and sworn (o before me. this 16th day of April. 1626 (Seal)) R SELL A, HOUSER, Notary Publie. Correct—Attest: THOMAS SOMERVILLE. WALTER H. KLOPFER. GEORGE E. WALKELR. Directors. other When You Need a Loan Think of WELCH, Loan Specialist Money to Loan At 51,9, and 69, INTEREST Before Placing or Renewing Your st or 2d Trust Consult WELCH, Realtor Loan Specialist Quick Replies Reasonable Charges 15th and N. Y. Ave. Main 4346-4347 on —desirable improved real estate located in the Nation's Capital. HANNON - & LUCH 713, 715 & 717 14th St. PERSONAL 4nD BUSINES HE anecdote of Abraham Lincoln's after-hours’ quest of a customer for the purpose of returning her change, is illustrative of the unswerv- ing honesty of the Great Emancipator. And honesty in business is, perhaps, the first essential of success. Swartzell, Rheem & Hensey Company has served its investors honestly for over half a century and that is why old clients not only remain clients, but also send others. When you come to us, you can come with full confidence in receiving honest treatment. Swartzell, Rheem &Hensey Co, NMortgage Bankers 727-151h. Street, N.W., Washington.D.C. % - Gz demen el oo sl i v L RRSRL e s Fifty-seven Years IWithout Loss to An Im'e.ttoré‘%%’ FINANCTAL. 6% FRED T. NESBIT Investment Bldg. CONSTRUCTION LOANS M. 9392 Capital One Mijllion Dollars 14th & H Streets gl REPORT OF THE CONDITION MERCHANTS’ BANK AND TRUST Of the COMPANY At Washington, April 12, 1926, RESOURCES. 1. & Loans and discounts, including rediscounts, acceptances of other banks and foreign bills of exchange or drafts, sold with indorsement of this bank . cene 2. Overdrafts, unsecured 5. Other bonds, stocks, secu 6. Furniture and fixtures 10. Cash in vault and amount 11. Amount due from State ba in the United States (other than included in item 10). 1,828, RIJ afi 49,395.39 818,518.04 duie from national banks . nka, bankers and trust comparies Total of ftems 10 and 11 14. b Miscellaneous cash items . 16. Other assets Total . Capital stock paid in. . Surplus fund ... . & Undivided profits «. $1,000,000.00 . 250,000.00 b Reserved for depreciation ¢ Less current expenses pald . Amount due to State banks, bankers and trust companies in the United States and foreign countries . Certified checks outstanding . Cashler's checks outstanding Total of items 24, 2 Demand deposits (other t serve (deposits payable wif . Individual deposits subject . Dividends unpaid e . Other demand deposits and an bank deposits) 30 days) to check Total of demand deposits (other {han bank ricpr sits) sub- Jject to reserve, items 27, Time deposits subject to reserve (payable aft 31 and 32......$4,983.44 30 d subject to 30 days’ or more notice, and postal savings): . Certificates of deposit (other than for money borrowec). . Other time deposits Total of time deposits subject to reserv 35 “items 33 and .$3,19),112.81 . Bills payable (including all obligations representing mon borrowed other than rediscounts) .... . Letters of credit and travelers' checks sold for outstanding . . Liabilities other “’n!hinmon D. C., 1,E.J that the above statement is true to the best of n Subscribed and sworn to (Seal.) Correct—Attest: ‘than those above stated .. r‘\rmvn treasurer of the above-named banlk, 124,27 in the District of Columbia, at the closs of business om 1,826.91 $4,833.96 360,598.33 §00,000.00 1,956.78 4140 15.32 ¢ knowledge and belief. EMRICH, pril, otary before me this 1 1926, HARRY J. DONOGHUF TER A. DRURY, 3 BOLLING, HARMAN, Jr., Director: The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland. FOR 3, 5 5Y%% Houses Business Properties OR 10 YEAR PERIODS Apartments Office Buildings ON APPROVED SECURITY Apply ‘Treasurer, Publle, do solemnly swear RANDALL.H. HAGNER & COMPANY MORTGAGE LOAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 l A Third of a Century Without a Loss B F. Main 2100 “ASK THE MAN WHO OWNS ONE” There is ahsolute protection for your investment funds and prmcd regularity of interest,, in our safe— 6Y2% FIRST MORTGAGES The investors now holding these preferred securities have the comfort of knowing that their principal is safeguarded by improved local real estate. They enjoy a constant, full in- terest income, paid semi-an- nually. In Amounts of $250 and up SAUL CO. 925 15th'St. N.W. Mom’y Cannot Buv Peace of Mmd But Careful Investment insures Safety of Principle Guaranteed Medium and a Dependable First Secured Annual Income of 6% % Mortgage Notes by Improved Real Estate in the Nation’s Capital MORTGAGE 1IN HANNON- ESTMENT DEPT. -‘LUCH