Evening Star Newspaper, August 15, 1926, Page 42

. 42 THE SUNDAY STAR, WASHINGTON, D. C., AUGUST 15, 1926—PART 1. CHEAP APARTMENT - HELD SUCCESSFUL Metropohtan Life Co. Official Tells of $9 Per Room ; Plan in Gotham. the of Metropolitan Life Insur- York has not been way with the pro- construction of apartment for Government employes in gton, the home construction it in and near @ssociated in any posed homes bl comptroller of the he Star letter company, toid veste The the co-oper Stubl in a ions of the company ir apartment field,” Mr. have been satisfactory sis of §9 per been enurel) very beginning,” For the year 1 properties earned us 8.8 per cent on our investment. Of this per cent is alloted to in- ince over 6 per cent the cost of the sued Mr onr ssful from th Stabler said. mortize ler denied any connection scheme sponsored here by of Commerce Hoover. | any of the oftic ' he sald. Mr. under the New York @ law enacted at the last ses- the Legislature, corporation certain condition will be given State the right of eminent ' al to be charged by ations was limited, and 't charge over 6 per cent on their equity, which would be repre- sented by stock: Sought to his company lained that sion of nder by the ve Point. “Our enterir to this operation was intended solely as a. demonstra tion to show that houses could be buily rent for this rental—$9 per oom per with a onable profit to the he added. “We did ot intend and do not intend to do any work of this kind, as nisiness is life insurance and not took up the apartments, from builder: s and owners that be built under pre- labor and material lower rates than $20 a iy profit to the builder or Laser from the builder. T found, for e pro- rs, with the re many persons a few persons d for milies were obliged Artment meant for < evil effect of such noargument.” M. | but the i of the Lock York in 1922 to obtain In the me and D. their New k. | under o Boroush of Queens Gr i s Families or 9,000 | | in 19 | house and | had three | with all | rented and at | nted families who | wdated the wns company | while the | “The les room per sited divi life insur | other rent pa noof S per cent, s methods as the | ! this operation, o doubt that a N f S0 1o $11 per oon mo Will produce 8 per nt a pay full taxes. but only if | < huilt on low-priced | < prepared for | cheaply th public utilities al-| LIVE STOCK QUOTATIONS. | CHICAGO, States 1 H August tment of Ag 14 (United | riculture) spots = s up: top, 13.95; B e to 210 pound practicaily no market for | slaughter pigs: | _me- | Sa6Ls mifurea tdnd) slaughter steers ful- | md feeders, up most: | and me steer rling upward, | uverage, cutters | to 13 follow: | practi week om fee and sheep clo week lambs, : feed- COTTONSEED OIL UP. NEW YORK t 14 P and covering oil, the 1 ttonsee inal: sprime Summer veilow spot, .wptember' closed 12.42; October, 11.55; December, ¢ 30.47 January, 10.45, March, 10.58. | aquently |than one BANKS ARE ACCOMMODATING, - BUT THEY MUST HAVE REVENUE Depositor Maintaining a Good Balance Receives Many Favors—Functions Which Yield No* Profit—Investments Pay Well. BY L. A. FLEMING. It is true that bankers do many things for their clientele as a matter of courtesy and in the functioning of their institutions for which they re- ceive no direct returns. In this list are the privileges of consultation on your business, which takes the bank- er's time but gives him no return. Me is frequently called on by widows and orphans and by many men prac- tically as helpless for directions that would naturally be furnished by a lawyer and at a fat fee. Reciprocity is ofle thing that the banker understands to the fullest. If you are a good customer there is a ery willing bank official in his office ening to you whenever you need ssistance. You will not be charged for drafts on New York, and while nearly all banks make charges for exchange, both foreign and domestic, the man who realizes the benefit of a paying bank balance is generally accom: modated as a concession. A bank reference is a valuable as- set for any business man. It is not to be had for the asking nor for the newcomer who has not established his standing. Reputation is made by long records of uprightneess in busi- ness life, of the prompt meeting of obligations, actually of establishing a reputation, when all the world will be sier to master. Lays Cards on Table. | In applying for credit the merchant | lays his cards on the table and makes plain his status. his resources on one side and his debts on the other, in- in the former his cash sources, the value of the stock of mer- chandise on his shelves, real estate holdings and in the debts the amount owed for merchandise, the obligations against realty holdings; worth of the personnel of the partners in the firm or, if a corporation, its capitalization and by-laws, including the names of those entitled to sign checks, notes, etc., the number of bank accounts and the amount of outstanding notes. A record of results for a few years is desired. cluding Merchants and others prepare these || they are verified by Dun and Bradstreet, by personal investi- gation, and if all is as stated and the merchant is really entitled to credit, «a stated sum will be agreed upon as 2qit lineup to which credit is Able. Bankers also make a practice of taking care of securities—not as a rule free of charge, but for the good customer arrangements may be made for an indefinite one paving the ve may leave curities just atements: as he des! Banks aid depc S in preparing their income tax returns, several en; hz the services of an expert during the period when the income es are being prepared. They also help on the intangible tax returns when requested and solve | many roBlem put up to them for which their return is nil. How Banks Make Money. | twice and even tifice. The shameful record of 100,000 checks average each year for some years, marked ‘“no funds,” and “no account” fs almost unbelievable. Runners are frequently forced to call more than once for col- lections that should be settled at once. Runners, bookkeepers and cashiers are all forced to work overtime on matters that should not be brought back for consideration. Protest fees are usually turned over to help out the salary of some old employe. Of late the attention of bankers in New York and also of three institu- tions here has been drawn to a class of loans that banks are not permitted to make, offering better chances for returns than straight interest rates. The result has been the formation of separate investment companies with moderate to large capital and the stock either owned direct by the shareholders of the bank or held in trust for their account, forming the side corporation. It is understood that these corporations are function- ing_ with excellent results and satis- factory dividends are expected thereon. Recently bankers have begun to co- operate to remedy the abuses that have become common, and to protect themselves from frauds and swindlers under whatever guise. The native women of Paraguay have stripes tattooed on their faces to indicate rank. including Switches, French skin part Psyche; Banks are not in business fc fun of it. There is nothing suggest- ing sweet charity, although they are | overly generous in their good worl [ Rankers in the business make money for their shareholders | 1 that they do it is evident from | eurrent market values of local | bank shares. Returns on bank stock | rely average over 3 to 4 per cent, | shares in oned institutions. | nal shareholders, the men who participated in the underwriting have reaped fortunes thre |ileges of subseribin, for at_concessions in called usually | bought hy stors who | know the value of bank shares and | the probabilities of distribution in | dividends-buying for the future rather | than for the present. | ‘As amatter of fact the greater part | of @ bank's profits must come from | interest on loans and discounts; | interest on the deposits and interest | on that part of capital that can be loaned. The preva cate on com ! | mereial loans is 6 pe it and much | » real e money being put out is bearing the same rate plus the | half per cent for the intangible tax. | True loans are being made he- whove these rates, but | ze has been 6 with some 51z | cent money. Must Pay TInterest. If ban could place their de- | posits out_at 6 per cent in tot | would be fine business, this banking. | It ix obligatory on the part of the | banks to carry legal reserve: | the time when the deps withdrawn in part or entire ihat would he easy for the he s called upon to pay interest to | Ml savings deposits and on many | other accounts. . e always paid nt on checking accounts and | generally 3 per cent on A tax Is made on the re banks and there is a tax on carnings of banks as well comp: nings on tax securfties are often included in gross earnings. National banks with §1.000,000 cap- ital and surplus, since the enactment of the Federal reserve act, have been permitted to add trust departments to their . to act as registrar of stock, transfer agents and do every- thing that is possible for a trust com- pany to do. They are progr their efforts and have ally to their income a from, Many estates that would other- v have gone to trust companies ave been entrusted to the care of national banks. Exchange transactions are v large with the banks and this, is a source of good return. essing favorably in added matert a result there Hold Treasury Deposits. Banks hold large deposits to it of the Treasury indefinite periods. on which they > per cent. which bring fair in: veturn. These funds are fre- invested on Wall Street on {call loans, so that they will be imme- diately avallable when demanded by the Treasur: One of the largest sources of profit to the bank is found in its invest When money is cheap and that is when commercial | the | for pay terest o into ®he bond markel te many barss Then -y participate in Government | jons on bonds and notes. and the Treasurs has yet to put out an is. relatively high, but a good profit in W rates or ¢ has been ased demand for money prices for bonds the bank its holdings, usually pr ofit, for more savings estate loans Frequently real ear. obtain better | making banks may Many opportunities offer that can not be taken advantage of by the bank and these are turned over to m and finance companies. ‘Troubles of Bankers. If their depositors would all respect | the rights of much easier for the latter to turn in ness transacted. the profit that it should for the busi- J _pmucn dencu work is. performed often | Department | s are not using money free- ! with | National banks are debarred from | than 61 | | on realty loans and on sn.dnmcumm” | dations more than & per cent the banks it would be | i —Marcelling —Henna Shampooing -Scalp Treatments vour skin. —VYvette Foot Jelly—Guarantced to relieve tired, aching, swollen or burning feet. Kann’s—Third Floor. The New HOOVER monthly amounts, weather freedom! For the Remainder of the Month All Hair Goods At 256 fo his generous reduction will be on all Hair Goods, Transformations , Puffs, bobbed effects, Pin Curls, “Duro” Perma- nent Waving wave which produces an effect of the natural wave. Other Specialized Beauty Services . ' Cartherine Day -A treatment that will bring radiant loveliness to —Aren't you tired of your discouraging ’ fight in the Summer heat against clouds of Summer dust? Then get The Greater Hoover, for this low down payment and a few easy and know Salesman’s Sample HOOVE ~These are the No. 541 Hoovers, that regu- larly sell for $65.00, but which have been used for demonstration purposes—and are slightly marred—otherwise in perfect con- dition. There are only a limited quantity 1o sell at this low price—so hurry for yours. 85 DOWN g J Payments Third Floor. OPPOSE BRANCH BANKING. Chicago Financiers Express Fear for Independent Expansion. Special Dispatch to The Star. CHICAGO, August 14.—A nation- wide campaign against the spread of branch banks beyond the 22 States in which they are legally recognized has been launched here by 100 officials of State and National banks, who will ask the bankers’ convention at Los Angeles to re-indorse the McFadden banking bill as amended by the Hull amendments to ‘“safeguard the future existence of independent banking.” ‘The Hull amendments would confine branch banking to the States where it is now legal and would prohibit exten- sion in the other 26 states. DISTRIBUTION ISEEEN. Big Operators Reported to Be Do- ing Extensive Selling. Special Dispatch to The Star. NEW YORK, August 14.—Moody's Weekly Review of Financial Condi tions says: “Stock price movements are show- ing many of the features which are | so characteristic of distributing mar- | kets. When heavy distribution Is under way, August is often a time of great strength, as it was in 1902, 1906, 1909 and 1916. “A few conspicuous market leaders are also characteristic. In 1906 Union Pacific was the great market leader; in 1909 it was Reading, and in 1916 it was U. S. Steel. Other stocks were sold to the public under cover of great strength in these.” Employes to Rebuild Mill. TOKIO, August 14 (®).—Employes | of a burned lumber mill in Shin have donated their labor to rebuild with natural Cluster Curls for ete. Regularly $20.00 During August— $15 new kind of permanent Shampooing —~Henna Dyeing Manicuring ‘acial— i a new hot- Electric | Cleaners Sne August Sale of BIANKETS Is One of the August Features —Every woman knows what it means to be preparcd against cold weather. And here is a blanket sale that will not only help you be prepared, but will do so at real savings. Warm, Downy Blankets. all greatly underpriced in the August Sales. Plaid Blankets Usually $9.95 a Pair { All-Wool Block Plaid Blankets Regularly $10.95 250 Prs. Plymouth ... $8.68 - August Price $6.95 Pr. —These blankets bear ticket with all-wool guarantec. —Size 70x80-inch Blankets, of high-grade quality wool, with soft deep nap. In rose, blue, tan, gray, gold and lavender with white. Colored binding to match. All-Wool “North Star’’ Blankets —Size 70x80 All-wool “North Star” our own Diadletoictisigshos il —Made of soft selected pure wool with large ity wool. in rich plaid patterns and colorings. &1 1 5() with wide sateen binding to match. Very spe- . 53 e o2 g 3 X o Rl Srieadan o ; ke block designs—size 66x80, with 3-inch colored sateen binding to match the following colors— Part-Wool Plaid Blankets —Regular $5 Blankets, size 66x80, made of wool and cotton mixed in beautiful block pattern. The colors are blue, $3 98 . rose, tan, gray and orchid. Very specially priced in the August Sale at ; - Pair Rose and White, Blue and White, Gray and White, Gold and White, Tan and White, Orchid and White, Red and Black $6 Part-Wool Filled Comforts $10 All-Wool Filled Comforts —-Size 72x80 All-wool Filled Comforts, with attractive —Size 72x80 Comforts, filled with wool and cotton. In striped satinette covers; scroll stitched good colors, with attractive floral and Ori- $4 45 quilting. In rose, blue, vv:dd and orchid. Spe- ental dengm and plain sateen borders. Spe- $8.45 Kann's—Street Floor. cially priced at cial now at. Each — < _._ ._—___—__—'=_.=v Other Special August Features H Spreads—Sheets—Cases [V 63x90 and 81x90 Plain Hemmed . A ‘a imity Spreads at Two Pri : | . | Dimity Spreads at Two Prices il I 63x90-in. 81x90-in. il Reg. $1.79 $1.39 Reg. $2.19 $1.59 li —Plain White Dimity Spreads, with plain hems, i such as are used in all institutions and private | homes. They require no ironing or starching. i These spreads are all guaranteed perfect. i - 1] N s —Yard-wide Sea Island Unbleached Cotton, of extra # l’e(‘lal. Conal €ss Sheetb fine quality, suitable for making seamed sheets, pillow A cases and mattress covers. Regular 20c¢ and (‘ases grade. Special, per yard............ l 22 | —They are all hemstitched, and the sizes include extra lengths for single, 34 and double beds. They contain —The balance of our Dimity Spreads, for double beds no fillings, and sizes are given before hemming. Some ize 81x90. Witl blu " ) 2 5 sizes are of a limited quantity. size 81x90. ith rose, blue and orchid stripes on a cream ground. With throw to match. $1 79 63x90 63x108 72x90 Regularly $295. Now, each........... . $1.00 | $1.35 | $1.15 " s | each each cach —45-inch Bleached Cotton, suitable for making pillow R1x0 A1x00 e cases, crib sheets and many other purposes. 25 $ 1 25 $1 35 42x36, 45x36 Very specially priced at, per yard...... . . 29 cach each C Each Kann's—Street Floor. 1 [ 1 Another August Feature . | Household Linens--Remarkably Low —A peep into the linen closet will in all probability disclose the fact 1 that the Summer has made great inroads on your stocks. Restock i at these savings. j Pure Linen Pure Linen $1 Pure Linen Table Damask Luncheon Sets Damask Towels $1.00 Yd. $1.50 Set 79¢ Ea. i —Silver Bleached Table Dam- —Good Weight Linen Sets, —20x38-inch Towels of nice ‘ ask, 64 inches wide and an with fancy colored borders quality damask, with large I excellent wearing quality. Each set consisting of a cloth monogram space and hem Choice of faucy colored border 45x45 inches and four napkins stitched hems. A real value in to match. the sale. —22x44-inch Turkish Bath Towels, good heavy weight, —Turkish Bath Towels, size 18x36 inches, a nice weight double thread kind, plain white or with col- 45 and absorbent quality. Plain white or with ored borders. Eachi......... C faney borders. Each............ 22C rHurk T?\\eh \\]ith h;m%titcl;d?d hc‘:jms and jacquard —Turkish Towels, 22x44-inch heavy weight, double orders of rose, lavender, gold and blue. thread towels. Some plain white, others with Each Sl Al T T 1 25 (¢ colored borders. Fach.......... P e TR 3 7 C Kann’s—Street Floor. Penna. Ave., 8th and D »