Evening Star Newspaper, March 1, 1927, Page 15

FINANCIAL. RPERTS PREDICT * SUGAR PRICE RISE Grip of Cuba on Markets of i World Tightens—Restric- tion Big Factor. production. next October. domestic ‘sugar producers 8o ously oppose tariff reviston. vantage of extremely low paid labor, but it would nullify, they say, the bal ancing effect on price stabilization, consumptio BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, March 1.—The grip of Cuba on the sugar markets of the| world has tightened in the last few ‘Weeks. This statement is substan- tiated by the figures just issued by statisticans recognized in the trade as conservative. Thse world surveys place production at 24,347,000 long tons, a decrease of 611,000 long tons from 1925-26. The same authorities place probable consumption for the year at 24,881,000 tons, or 567,000 tons more than during the previous annual period. This situation has been brought about by restriction of production in Cuba under governmental decree. The only possible interpretation of these figures would indicate an advance in the price of su would affect ev America, would canning industry, er markets for fruits and vegetables and a drag on the tin plate and paper Special Dispatch to The Star. BALTIMORE, nies. shorter by several weeks. ed situation in the South, will increase as the selling season ad- vances, for March is a_bigger volume month than February, but that the re- duction in sales as compared with 1926 in the South will not be far from 30 per cent. STATEMENT OF THE CONDITION Of the dinner table as a check to the ould mean narrow- | Northwestern National Insurance Company of Milwauke, Wisconsin. container trade. On the st day af December. 1920 at 5 With a normal and unrestricted | 3o i, 55, Ta05. and August 18, 1811 Cuban production, the cane and beet | favital stock ... 2 817500.000.00 Capital stock. paid sh 1.500.000.00 sugar producers of continental United | States and Porto Rico, the Philippines | and Hawaii have acted as a check on Cuban price manipulation and steadied the price of this great food commodity. With an estimated consumption of over half a million tons in excess of | production, this factor in market stabilization is nullified to a large ex- tent. All other assets. Narrow and Uneasy. The sugar market has been narrow and uneasy. But there are 174 Cuban mills now grinding at the fastest pos- sible rate. The exact quota of each mill has not bheen settled. President Machado was due to come to Wash- ington. and it was understood in the trade that his visit had to do with the sugar situation more than any othes Total assets.. 1, Net unpald claima. Reserve as require Salaries, rents. expent Daid .. Canital st All other liabilities. suhject. His iliness has postponed his | Toah NDUIer s - andaeted - tiing journey, but he has repeatedly re-|the vear 1928: Fire. Tornado. Automobile and Earthanal Amount of risk assumed dur- iterated the determination of his ad- ministration to limit Cuban production { *ng"the year 1936, .. . .$851.340,208.00 for the vear to 4,500,000 tons. Losses susiained during the Despite all these facts, it is no secret | ¥ear 1026 ke e that Cuban producers have not aban-| vear 1926 6.070.962.33 doned their attempts to have the tariff | Expended during the sear on Cuban raw sugar into the United 3 States materially reduced. The beet sugar producers take full cognizance ofe this fact. This was shown in the agreement reached in the last few days between the Great Western Sugar Co. and the Mountain States Beet Growers' Marketing Asso- clation. This contract guarantees a price of $3%a ton for the 1927 beet crop provided the tariff remains un- changed. 1If the tariff is reduced be- fore the 15th of next Novembher or if & reduction is announced prior there- to, effective before October 1, 1928, the guaranteed price will be lowered 2.6 cents for every cent cut from the pro- " ALFRED L. o, ronaent.” A M. STUART. Secretars. Siibecribed and aworn to hefors me this 12th day of Farrmary 1027 N Notary Public. M’il‘waxk_‘n Counts, o My com- ission’ exnires Angnst 2R, 1027, E. 3. WALSH, AGENT. 808 Woodward Bld- POTOMAC ELECTRIC POWER COMPANY Redemption Notice To Holders of Potomac Electric Power Company General and Refunding Mort- gage Gold Honds, Serles A (1%, due 1941): tective duty. But under the agree-| yonio = N IS V) ment any tariff reduction cannot lower | in v Second: &hd Fifth, the international payment of the Indenture of Mortgage, d October iy more than | gt H I ecuted by ‘he. Potomac Biectric $1 a ton. This fixes the minimum beet Pinets 3 P ¢, to National City B price at $7.a ton. : of New Yor as Trustee: 10 Scure an Teve European Output Down. o Els Statistical reports on European pro- |Iuc-nonl 1::!«‘%: production this sea- | will redeem. at 105 per cent of the prin; son wi about 575,000 metric tons | q Mortgaes € ands. serd less than a year ago. ~As Europe I8 |ire am 104]) anatsnding o ike said regularly a large importer on balance under the said 'Indenture. this means large supplies will have to :Efl";::fi".-g,",‘,‘,‘ od b0 me) S mendeced y come from outside sources. This will | fonaf S’ hark 3% S65 vork o, b wral u t reet. of Manhattan. Cit; ta osities. “Chba ",Rl“b:" the Cuban i St SOUCHER £ N ademption ai the said uba w able to spare | rademntion price: and. u for Europe scarcely 650000 tons from | tfon"and murrender thereol. wa o Dot i Intamt. sputio eI 1 all intere "l:!:ney t‘o"Llo-n ing Wibeqtiemtly o the .l.'m ?fig’-g{fiié'r‘.'a'.'fl Secured by first deed roal estate. o case ‘of Registered LT oot deod ot teus oo fesl sotete. | 800 Bendn wiiin Chel ot the Sis B LB feq Wi <%0 Wi regis as 'to’ principal) aceor Joseph I Wel ide... FNW, [ duly execul Enmenty oF tremster pow. N[5 | G sald Bonds wiif be pald To- jeemed af the sal e Sonds ‘of Series A Wil cedse Lo beae said_date cont! o the respective holders thereof, ut without interest t! ‘Washington, D. E P';I:e.ngfl. 1027, POTOMAC_ELECTRIC POWER oBHEANY., By A. M. FISHER, Treasurer. Continental Trust Co. 14th and H Streets Capital $1,000,000.00 Up to 83 trusi. Bring in what paners vou have to your property. Fr. 8819. Real Estate Small Loan Co. 702 District National Bank Blds. Moe Money Loane at 5% to 6% l'con-lkcn itions Tyler & erford Loan” Correspondgnt Mutual Benefit Lite 1520 K Street Main 475 Checking Accounts Savings Accounts Time Deposits Foreign Exchange Commercial Credits Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans Collateral Loans Real Estate Securities Income Producing Properties Investment Securities | UNITED STATES SECURITIES Corporate Trusts CORPORATION Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets Capital $1,000,000.00 313 Southern Building York Stock Ex- ork Coffee & Sugar w “York Cotton Ex- &0 Board of Trade. THE MAYFLOWER HOTEL WASHINGTON, D. C. Telephone Main 1581 Clients of other houses stopping In Washington are invited to avail them- selves of our facilities. Money and Service Main Ofice 71 Broadwas. New York. We make it a pointtogive prompt consideration to all applications for loans with which to buy, or build, or refinance an exist- ing trust. | Money to Loan Secured by flist deed of trust on Brai e inieree and_"Sommission: Floyd E. Davis Company 733 Twelfth St. N.W. Main 352, 353. Provident Mutual Life Money is immedi- Insurance Company ately available if Funds to Loan the proposition is In Small or Large Ameusts at SY; Per cent. WM. H. SAUNDERS CO., Inc. 103 K St NW." Main 10167 ON SAVINGS You ean rent one of our ‘Osate deposit boses fo low as $2.00 a yea Near G right. Talk with the Manager of our Loan Department MR ER95S 1415 K Street Main 4752 | the current crop. This means Europe will have to bid against the Orlent for Java sugars or increase in her own The latter course would not make supplies available before Thus it cah readlly be seen why the Not only would it permit Cuba to take full ad- which domestic production heretofore has exercised and which has prevented extreme price fluctuations with at- tendant buyer resistance and fall in FERTILIZER SALES 20 PCT. SMALLER THAN IN 1926 March 1.—Fertllizer sales ate approximately 20 per cent smaller than they were at this time| G vear ago, according to local com- Salesmen went into their ter- ritory somewhat later than they did last year, so the selling season will be This is saii to be a tactical move on the part of the companles in view of the overload- Some fertilizer people believe sales HIGHER EXPENSES CUT B. & 0. JANUARY REVENUE Special Dispatch to The Star. BALTIMORE, March 1.—Raflway _| operating revenues of the Baltimore and Ohlo Raliroad for January were $195,751 larger than for the corre- *|sponding month in 1926, but higher “|operating expenses, calling for $651,- :[179 more than they did a vear ago, converted the gross gain into a loss of $354,428 in net revenue from rail- way operations. However, net rallway operating in- come was only $164,196 less than in January, 1926, due chiefly to saving of more than $226,000 in equipment rents. That the company did not skimp upkeep is indicated by the ex- penditure of $132,484 more on main- tenance of equipment and $30,230 more on maintenance of way and structures than in the corresponding month a year ago. Gross income for January amounted 445, while net aggregated COPPER IMPORTS DROP. NEW YORK, March 1 (®.—Im- ports of copper into the United States in January were 6,701 tons, against 7,459 tons in December, and exports were 39,063 tons, against 42,541, the American Bureau of Metal Statistics reports. The month's imports of lead were 888 tons, against 746 the mon before, and exports of 5,945 tons, c pared with 7,880 in December. ports of zinc totaled 2 832 tons, In col trast to 4,049 in December. There rts of zinc in January. The New York Life Apartment MoRToAGE LoaN 1321 Connecticut Avenue BEFORE ‘we present to our clients our made. erty; a precaution that Investment 713, 715 and 71T 14th St NEW 1SSUE November 1, a8 8 whele or in a shoe manufacturing The retail business is ness as an entirety. shown by its balance share of its Preferred paid on November 1, Management. ciated with it NEW YORK Offers to Make First Mortgag On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, for 3, 5 or 10 year terms on your 5%% Awply Ranparr M. HAG Protective Responsibility spect the property on which the loan is to be than one-half of the entire value of the prop- Dependable Safety of s First Mortgage Notes Assured Annual Yield SHANNON. & LUCH Preferred as to Dividends, and as to Assets up to $100 m,i-yn:-:zdtom;r'a :mnlly:%o the = . part, at the eption of the Corporation, on any dividend date upon 3o da: lot for the Sinking Fund en Ma; for Insurances on Lives and Gra: Conversion privilege unlimited as to time. Convertible at holder’s time before actual redemption at the rate of 5 shares of Common Stock fo History and Business: Louis Mark Shoes, been built up and carried on profitably under the name Louis Mark by his sons, wi . erately priced line of shoes. Additional distribution is obtaine to large civil, industrial and military co-operative bodies The factory production can be nearly doubled with the present manufacturing in overhead. An increased volume of business is anticipated from Assets: Net tangible assets of the | 192?, sufficient to retire annually Purpose of Issue; The proceeds of this issue will be used by the Corporation for general corporate purposes. : The business will continue under the direct management of Mr. Melvin Mark, who has been asso- ‘The above statements are not guaranteed, STATEMENT OF THE CONDITION Of the Metropolitan Life Insurance Company of New York City, New York, On the 31st day of Decem! 1926, Te- SRR R FINANCE CO. | h in oM $185.710.00 S B SHMHE ule e 974.000.100.74 E ani et vallie) .. 56.750.300.93 | | Premiums wicolisc In_hands of agents. torest du - ATt e et 2T assets. Total assets. Money Net_unpaid_cl Reserve as req ari rente, taxes. etc. ‘omm broi Cash dividends confidential. contingency e ATl other liabijt Accident” andt He : 3.906.021.35 _$2.108.004.388.30 iranaacted during ‘accident and heaitn. Amonnt. of riak assumed Auring the ‘year TH28.. .$3.011.775.150.00 Lotses and matured endoi- menta Austained dnring The ‘wear 1D98.. i1 ring the MORTGAGE 124.248.028.54 year 1098.............. 505.506.500.88 Expended during ths vear 1026 e 350,720.818.55 Ard Viee President. 713, 715 an FO_ B, {COT JAS.'S. ROBERTS. Secr Subscribed and sworn Tth day of February. 162 THO, (Notary Public. N York_County Clerk retary. 10 betore me this Insurance Company € ].Dans L Nearby Office Building Business Property NER & COMPANY GORRESPONDENT Interest rates—5Y; & 6% Main 2345 Purchased on IMPROVED REAL ESTATE In District of Columbia and AT Gunitly yo to Loan on Improved Real Estate in the National Capital. Applications Prompt service. DEPARTMENT d 717 14th St REAL ESTATE NOTES First and Second Trusts Maryland International Finance Corp. 400 Commercial Nat’l Bank Bldg. Men's’ Salts. 98¢ 5 Nw. 607 12th fl:fv 90,1 TR or enclose (nis THE EVENING STAR, WASHINGTON, D. ¢, TUESDAY, MARCH T, 1927. : A T T PR oo P R R TSI D RY C:%N G Telephone Main 9700 any of our securities appraisal experts in- They insist that the loan be not more further insures the Departmen: Telephone z Main 2355 This issue has been oversubscribed $500,000 Louis Mark Shoes, Inc. (A Delaware Corporation) 7% Cumulative Convertible Preferred Stock Convertible Preferred Cum yt amount of this 7 November 1 or May 1 thereafter, at a lik: 1930, or n upon ten DIVIDENDS EXEMPT FROM PRESENT NORMAL FEDERAL INCOME TAX. centered in Philadelphia and vicinity, Corporation after all depreciation sheet of November 30, 1926, as sudited by Peat, TRANSACT A GENERAL BROKERAGE AND 8TOCK EXCHANGE BUSINESS Harriman & Company TRINITY BUILDING, 111 Broadway, NEW YORK MEMBERS NEW YORK STOCK EXCHANGE WASHINGTON OFFICE 729 15th Street N.W. : Main 1608 . Divi bl ly beginning May 1, 1937. Cumulative Sinking Fund commencing e D P o Comsertbic Profered Stack ever outstanding. Redecmable otice at $11§ per share and sccrued dividend. Redeemable by ce upon similar notice. Trangfer Agent: Pennsylvania Company ng Annuities, Philadelphia. Regirtrar: Bank of North America and Trust Company, Philadelphis. days’ notice at any r each share of Preferred Stock. Capitalization (Upon Completion of Present Financing) 7% Cumulative Convertible Preferred Stock Authorized Outstanding ($100 Par Value) e $1,000,000 $500,000 Common Stock (No Par Value)..... ... 80,000shares 50,000 shares Salient features, as summarized by Mr. Meloin Mark, President of the Corporation, from his letter: Inc. represents a consolidation of a retail shoe chain store business and business. The Corporation’s retail business was founded forty years ago by Louis Mark and has 0 now control the business. where sixteen well located stores sell an attractive, mod- d through wholesaling, retail agencies, and direct selling facilities and with very little increase the progressive selling methods of the Corporation. This increased volume of business should permit decreasing manufacturing costs with increasing profits for the busi- and after giving effect to the new financing, as Marwick, Mitchell & Co., were over $185 per Stock and net current assets were over $129 per share of its Preferred Stock. 3% of the greatest amount of Preferred Stock ever issued. for seventeen years and for the past nine years has been its principal executive. A1 ogel mattors in connection with this issne ave subjoct o the approval of Messes. Codwalader, Wickirsham © Teft. Unit: 1 Share Preferred Stock and 1 Share Common Stock George H. Burr & Co. Phillips Bldg., Washington, D. C. PHILADELPHIA BOSTON CHICAGO ST. LOUIS but are obtained from sources we believe to be reliable and upon which we have acted in the Bu Sales and Earnings: Sales and carnings, after allowance for depreciation, Federal Taxes at current rates, and non- recurring charges and non-recurring income for the past three ycars, as audited by Peat, Marwick, Mitchell & Co., including Corporation’s estimate for the month of December, 1926, were as follows: % Sy em g Net Sales ™™ NetEornings % Earned ($35,000) o Zommen (30,000 she) 1926 $1,410,264.34 $118,236.23 8.3 33 $83,236.23 1.66 1925 1,241,035.51 67,791.56 54 19 , 32,791.86 0.65 1924 1,326,754.77 61,617.76 4.6 1.7 . 26,617.76 0.53 *3 Yr. Average 1,326,018.20 82,548.51 6.2 23 47,548.51 0.95 Sinking Fund: The ‘Corporation wil] create and maintain a cumulative Sinking Fund into which there shall be and semi-annually thereafter, from surplus or net profits after Preferred dividends, sums Price per Unit: $110 and Accrued Dividend on Preferred Stock FINANCIAL. "5 UNITED STATES SECURITIES CORPORATION (Incorporated Under the Laws of Maryland) . Authorized Capitalization 250,000 Shares 8 Per Cent Cumulative Preferred Stock, Par Value $10 260,000 Shares Common Stock, No Par Value HE first issue of the preferred and common stock of the United States Securities Corporation is now being offered and subscriptions are being filled in the order they are received. 10 Shares 8 Per Cent Cumulative Preferred, ’flfl SIOPar Valge..........coq.0 «s ¢ Per 10 Shares Common, No Par Value. . ‘Unlt C. E. Moran & Co. INVESTMENT BANKERS Southern Building, Washington, D. C, Telephones: Main 3628-3629 UNITED STATES SECURITIES CORPORATION MORTGAGES INVEST AS YOU EARN A convenient partial payment plan simplifies your purchase, from income, of one or more of our 6% FIRST MORTGAGES With an initial investment of A Third of a as little as $25, and the balance Century divided equally over a period of Without & ten months, the principal se- Loss curity and interest assurance which have distinguished these investments for a Third of a Century are yours. F. SAUL CO. 925 15th St. NW. B. Main 2100 THERE IS NO SUBSTITUTE FOR SAFETY STATEMENT OF THE CONDITION OF THE Equitable Life Insurance Company of the District of Columbia On the 31st day of December, 1926, as required under the District of Columbia Code, amended June 30, 1902, and August 18, 1911. CapltbatoeR ., ..o ina il $120,000.00 Capital stock, paid up, in cash..... 120,000.00 ASSETS Cash in bank . $142,507.80 Real estate .... L 255,092.00 Real estate mortgages (first lien)... . 1,614905.00 Stocks and bonds (amortization value). . 2,712886.10 Premiums uncollected and in hands of agents. '142,165.29 Interest due and accrued.. 5 85,643.69 Loans on company’s policies. 185,140.06 Loans on collateral security.. & 700.00 TORRASTENS - oiviiiicening CISXgeatah bl $5,139,039.94 LIABILITIES Net unpaid claims........... veeees $1303878 Reserve as required by law . 4,606,582.00 Premiums paid in advance... . 2753870 Salaries, rents, expenses, taxes, etc. 3 46,087.57 Agents’ Deposits........ ceaseesanaas 4,950.00 $4,698,197.05 Capital stock . -~ Surplus Total liabilities.....c..q... PAPRBRRT o8 UL $5,139,039.94 Market value in excess‘of amortization value of bonds and stocks not included in assets. . Character of business transacted during the year 1926—Industrial and Ordinary Life Insurance. Amount of risk assumed during the year 1926 . 4,073982.00 Losses sustained during the year 1926 . 41332727 Money received during the year 1926.. . 2/095.212.62 Expended during. the year 1926, including 9 S L e WA N P e .v.. 1,258808.57 HENRY P. BLAIR, President. ALLEN C. CLARK, Secretary. Subscribed and sworn to before me this 18th day of February, 1927. (Seal) GILBERT A. CLARK, Notary Public. $149,216.65 TRUSTEES William A. Bennett William W. Rapley Henry P. Blair E. Francis Riggs Allen C. Clark William F. Roberts Appleton P. Clark, Jr. Gilbert A. Clark J. Leo Kolb William H. Rapley Maurice D. Rosenberg Joseph Sanders Luke C. Strider Henry A, Willard, II