Evening Star Newspaper, December 11, 1927, Page 55

v CAPITAL TRACTION INDLANSTONRIE Trading Broad on Exchange Go Higher. BY EDWARD C Capital Traction and Peted for honors in hroad trading the Washington Sicck Fxchanse Duri v turnover shares Traction d up to 111, within 8 point of the high for the year, while | Anston Monotype moved at 107 and Closed at 10715 after several transac- tions totaling 60 shares. Trading was also lively in National | fortzage & Investment preferred, Which sold below 6 for the first time hree hundred and fifty Sold at 5%, 574 and closin Washington Gas 1 the board at 84. and down fractionally on tomac Electric Power ferred was strong at cial National Co. pre ry moved > call 30 of tonal Bank stock sold at shares of Commercial Twenty shares of W & Trust stock c! ® half-point higher ously sold this vea | There was ding on hond: '®. Washington shington Railway & %, and a §1.500 ONE. Lanston com on the wee | 3 Commer. | at 104 oce it 1041 shares Jlectric 4s o n-over in Wash- | ington Gas 6%, series registered 106%. The series B issue was also dealt in, a $1.000 hond sell 107. | Chain Store Sales Go Higher. Sales of the 14 leadin; for November, 1927, totaled § mpared with $64.09 67 for Novem- ber, 1926, an increase of $,61 13.4 per cent, according to a compila- tion by Georze H. Burr & Co.. chain | store speci For the first 11 fl!nn[hg of 19 ales totaled $646,306,- 359, compared with § 494 for the same period increase of 883,010,865, or 15.7 per cent. As has been the case other months this year, the J. (. Penney Co. again led all other stores in point of dollar :aln with total sales for November of 1926, an in 074, or 27.9 per cent Kinner Stores one of the smaller chains, led all others in point of per- centage gain with an increase for the month of 87.1 per cent. W. B. & A. Bonds Keep in Limelight. The monthly pamphlet of Nelson Cook & Co., says: “Persistent buying of first mortgage 5 per cent bonds of the Washington, Baltimore & Annapo- lis has advanced the market price to around 92. Reconstructed outlines of railroad consolidati®ns can readily be construed to indicate that the strate- &lc position occupied by this road be- cause of its entrance into the cities of Baltimore, Washington and Anna- polis, may readily result in the acqui- sition of the railway part of the prop- erty by some important trunk line unit. Under such circumstances, it would be both logical and necessary to retire these bonds. They may be call- ad at 105." A. L. B. Executives to Meet Soon. The Midwinter meeting of the execu- tive council, American Institute of Banking. will be held in Chattanooga, Tenn., January 10-11, 1928. The in- stitute is the educational branch of the American Bankers' Association, with » gzeneral membership of about 60,000 and student enrollment over 35,000. The officers and mem" &s of the executive council inclu@ P. R. Wil liams, Los Angeles, pr¥sident of the Institute; Frank M. Totsen, New York, vice president: Richard W. Hill, New York, 'secretary; Harold J. Stonier, New York, educational director. Evans Addresses Virginia Bankers. Joshua Evans, jr., vice president of the District National Bank, spoke last night at the banquet of Group Six of the Virginia Bankers' Association, meeting at Tappahannock. In his remarks Mr. Evans touched upon the work of the Better Business Bureau, he being chairman of the o ganization in “Washington. He a spoke on the banker as a community leader and discussed credit and confi- dence in banking. Earlier in the day financial men had » forum discussion regarding possible changes in Virginia State banking laws. Gossip in Financial District. Richmond ouidid Washington in No- rember when bank clearings in the Virginia Capital approximated § 00 more than in the same months ast year; the total being $236,410,617, rgainst for November, u xpansion in trading on the Wash mgton Stock Exchange during 1 2as been accompanied by similar a Yvity on the Baltimore Exchange. Seats on the Baltimore Exchange have sisen in value from around $1,500 a rear or more ago to a bid at the pres- wnt time of §. 0. The Potomac Savings Bank has re- noved seve ages in back of the ‘ellers’ quarters, giving the interior of e bank a_much more spacious ap- The exterior treatment has hanged the looks of this »d Georgetown institution, The growing importance of 1s investors ix again emp ‘he report that of the Motors stockholders, sent, are women. They own an rate of 1,341,466 shares of common and sreferred_stock Oliver Harriman sected with Harriman & Co., in Fork, was a visitor at the Washington Mffice v nd was introduced by peorge B. Chipman to many people 1 the local financial district. Do You Have $11.22 in U. The Treasury reports that the poney in_circulation in the United jtates on December 1 totalled $4,8 }12,585, With a per capita percen i $41.22, compared with $£4,543,500,841, Vith a per capita of $41.25 on Novem jer 1. The total stock on De- pember 1 was $8 gainst | 18,552 . | COTTON GOODS STEADY. for 40 years Money? Larger Inquiries Reported on Sheet- ings for Bag Purposés. Jy the Associated Press. W YORK. December yere mamed on cotton he manufacturing trade, season of 998, on a non-change basis. Plekings were reviced downward at cent a yard on a basis of 1- junce goods. Cotton goods were g wally steady, with larger inquiries \eported _on_sheetings for bag pur- s, Curtailment of production in jarrow sh : mills is being organ- ged on a basis of about 15 per cent | 3 capacily output, to become effec- jce at once. LR Curtailment of production in print Joth is being considered. Raw silk vas unchanged. More business was wported on some lines of worsted {ress goods fabrics and on Spring soatings. | 10.—Pricos flannels for | RUBBER 'CHANGE SEAT SOLD. NEW YORK, Dec. 10 UP).—The membership of Frank Robinson on the Rubber exchange of New York has INANCIAL., e —————————————————————— BOND SUMMARY FOR THE WEEK 1926 Hizh 101 25 103 2 103 18 101 29 Low —1927 High 99 19 101 21 11010 106 9 [0 100% 105% 104% 1064 106% 0 1054 | 108% 9815 106% 106 99 119 | 106 105 101% 109 105% 9874 102% 104% 95% 103% 104 105 or $5.5 o C. V. Geran, peen sold for $5.500 to ( beember of the Cotton Exchange, an fnorease of §$500 over the previous wsansaction. 7% 1007% L8T% 26— Low 96 96 100 Sty 105 105% Rl 8Y 1001 102 101% 107% 107 2915 984 9% 102 103 1034 861s 924, 984 1 83h 106% 106% 101% 1054 864 102 109% 96 108 108% 103 105% 108 102% 95% 109% 103% 106 106'% 100% 107% 17 110 102 110 102% 104% 106% 1064 104% 1074 102% 101 105% 104% 1085 96% 106% 109% 1015 ¥9 114 1025 98% 100 99 pUTOAY 105% 103% 981y 107% 101 122% Wk 96% 100% 101% 1034 69 103 110 vaYy 93 1041 103 102 9% 9% 6% B8% 99% 100% 95% 98% 93% 14 128 66 100 110 105% 167% 83 100% 9814 9l 86k 103 13 U 8 BONDS Hign Liberty 3148 1932-47.. Liberty 1st 4148 1932 47, Liberty 2d 44s 1928 ... Liberty 4th ¢4 s 1933 38 Treasury ¢ %= 1947-562. FOREIGN Argentine June 5s 1959. ... Argentina s A-1987.... Australia 53 1955 Austria (s 1948 Beigium 83 1955. .. Belgium 74%s 1945, Belgium ¥s 1941 Bordeaux bs | Brazil 6%s 195 Braafl Rs 1941 Buenos Afres Province Buenos Canada 58 1952, Canada 5%s 1929, . Chile 83 1941 ... Chile ¥s 1946 .. Chinese Govt Ry bs 195 Copenhagen b 4 Czechosiovakia §s Denmark s 1942 Duteh East Indi Dutch Kast Indies 63 1962 French Governmer.: 78 1949 French Govt 1%s 1941.. ‘rench Govt ¥s 1945, serman 13 1949, . Holland-American s ttaly 78 1951.. Jupanese s 1954 Jergens Utd Margarine 8s 1947 Netherlands 6s 1972... Norway 5%s... arts-Lyon Med 83 Peru s i Foland ¥s 1950. .. Queensiand s 1947 Queensiand 1s 1941. Rhinelbe 7s...... Rio de Janeiro §s | Rome 61s 52 Sao Puulo State of, 85 1938 Seine Lept of. s Serbs, Croats, Sweden 6s 1939, Swiss Toho Elec Pwr 75 1955. . Unitea Kingoom o s 1929 Utd Kingdom 5138 1 Yokohama 65 61 NDUSTRIAL AND MISC Amer Agrl Chemicai 1 105 14 1 104 1 116 week's Clus 5 . 103 99 114 1097 Amer Smelt 15t 68 194’ Amer Sugar Reflning 8s 1937, Amer Tel & Tel cl tr 48 192V, American Tel & Tel s € 5. Anaconda Copper §s 1953 Anaconda Copper cv deb 1s Armour & Co 4348 1939.., Armour of Del 515 43, Atlantic Refining deb 6s 1937. Barnsdali Corporation 63 1940, Bell Tel (Pa) ref 5 194/ Bethlehem Steel p m §s L Bethlehem Steel s € 63 1948, Cons Coal (Ma) 1st ref 5s 1960, Cuba Cane Sug cv deb 38 1930 Detroit ISdison ref 63 1940. Dodge 6s 1940 astern Cuban Goodrich (B ¥) & Humble Ol & Ref 5%s 1933, Indiana Steel 5s 1952. . Inter Mer Marine 6s 1941. Inter Paper 68 A 1947 International Tel and Tel 4% Keily-Springteld ¥s 1931 Lackawanna Steel s 1950 Laclede 5%s...... Liggett & Myers 65 1951 Midvale Steel New England Tel 5s 1953, N Y Edison 1st 6'%s 1941 105 105 100% 106% 116% 109% N Y Tel 448 1989 101% N Y Tel 63 1941. Northern States 5 Pactiic Gas & Klec 53 1943, Pactfic Tel & Tel bs 1953 Pan-American 6s 34. Philadelphia Co ret 63 1944, Public Service §s 194 Sinclair Ol 7s 1937 Sinclair Crude O1l Southern Bell Telephone os. Standard Ol N J 5s.. 1057 108'% 104 107% 95%s 100% 104! . 104% 107% 94 1047% 1087 101% 901y 112y 1004 98% 9% 98 100% 104% 102! Utah Power & Light 68 1944. . Warner Sugar 1s 19: Western Union Tel 638 19: Wiison & Co 1st s 1941, BAILEOAD. Atchison T & 8 Fe Atlantic Coas: Lin Balto & O 1st gold Balto & Ohlo cv 4 4! Balto & Ohlo ref 5a.19: Balto & Oh1o 6s 1929, B&OPittsLE& W Va B & O Southwestern Div bs cfs Brookiyn Manhat s £ 63 A 19 Canadtan Northern 6%s 1948.... Canadian Pacific deb s Central Pacific 48 194V, Chesapeake Corpn 53 w 1. Chesapeal vnlocy ¢ %! . Chesapeake & Ohlo gen ¢ s 1993, Chicago & AlLon 3 %8 1950, ...... Chicago Bur & Quincy 4%877 B.., Chi 8 & Quincy Lstref 58 1371.... Cht & Kastern 11] gen 58 1961..... Chi Great Western 43 1969 ChiM&StPcv 43481932 Chi M & St Paul gen 4145 1989 Chi Ml & St Paul ref 4% 201 Chi M & St Paul ov 58 2018... Chi & Northwestern 6 s 1336 Chicago Kallways b8 1921.. Chi K | & Pacific ret 4s 1934 Chicago Rock Island 4% s w.i. Chi Uuion Station + s LY6s Chi Union Station 6igs 1963, . Chi & Western Lud con Clev Cin Chi & St Louis CCCe St Lrer Cleveland Termi Colorado & Southern ¢ %3 1936, Cuba R R 58 1952....... Delaware & Hudson 5 %s 1937 Den & Rio Grande con 48 1936. Den & R G West 5» 1956, Detroit United ¢4 1932, Erie 15t con 4s 193! krie gen lien 45 19Y6, Kirie ¢ Fla ECbs 74 Grand Trunk s Grand Trunk 7 Great Northern 4% 1976 Great Northern gen 538 1963... Great Northern geo 1s 1336, Hudson & Manhatian ret bs Hudson & Manhatian ad) 58 1957, Lilinois Central 4% 6., Lnter Kapid LTransit 58 1968, Inter Rapid Transitov 7s 1933.... inter & Great Nor ad) 65 1953. Kan C Ft Scolt & M 4s 1938 Kunsas City Southern 3s 1 Kansas City Southern bs 1959, Lake Shore 45 1928 Lake Shore 43 1931. s Louis & Nash unified 43 194 Louis & Nash Lst ref 5¥%8 2003, s11l leo Ry & Lt 1st ret 53 61 MSLP&SSM64s 1931 Mo Kan & Tex Lst 43 1990, Mo Kan & Tex ad) 6s 1967. Mo Kan & Tex pr In 68 A 1962, Alissourt Pacific gen 48 1976 Missour! Pacific 5s ¥ ew York Cent deb New York Cent ref tmp b8 New York Central deb 6s 1935, New Haven deb ¥57.. N Y N H& Hcvdeb 63 1948, N Y Ry 63 1965.. N Y West & Boston 4%s 1946, Northern P'acific 38 2047.. Northern Pacific 45 1997. > Northern Pacitic ref ump 6s 2047.. Ore Short Line ref 45 1929, Ore-Wash 1st ref 43 1961 Pennsylvania gen 4%s 1985. vennsylvania gen 83 1968 Pennsylvania Pere Marquette Lst 531956 iteading 4 %8s 1997...... Rio Grande Western clt 45 1949 R1Ark & L 4%s 1934.. SILIM&SR&OC 451933 St L& Sao Fran prin 48 A .o St L & San ¥'ran prin 68 1950.... StL & San Fran 5%s D 1942.. St L & San Fran ad) 6s 1956. St L & San Fran ino 6s 1960,... StP KCS Line ¢}p8 1941, Seaboard Alr Line ref 1959... Seaboard Alr Line ad) 68 1949. Seaboard Alr Line con 6s 1945 Southern Pacifio v 48 1929 Southern Pacific col 45 1949, Southern Pacific ref 4s 1955. Southern Ry gen 4s 195 South Ry 1994, Southern Ry dev 6%s 1956 Third Avead 5s 1960.. Union Pacific 1st 43 1947 Virginlan Ry ist 68 1963 97l 1150 West Shore 18t 45 2360, 0500 B . 102 14 102 Low [} 109 27 100 103 11 16 Hizn 100 1011 981y 105 9914 [TTEN Last 102 10 103 13 100 23 104 115 23 Low 103 987 114 1083 1004 108 105 105 105 105% 114% 10 105% 100 961 1wl 106 107% 10012 C4'y 1034 101, 95T Yiels Last 99 JUIEN 98 1041 99'a 109'% 104 105 105% 1145 110% 10608 100% Y7 101y 1064 107% 10074 947% 105% 1024 102'% 102 105% 104% 105% 105 101 107% 117 1097 1017 1087 1045 100% 07 116% 109 101% 1085 100% 99'% GT% % 81 964 99% 944 1 100 107% 116% 109% 101°% 108% 1024 108% 106% 102% 103% 107% 8% 100 1043 103% 107% 9% 105 108% 101% 8844 112% 1014 98 98 8% 100% 104% 102% 96% 107 96 121% 96 9% 100% BONDSGOLOVER ON PROFTTAKING New Issues Give Some Com- petition, but Easy Money Is Solid Foundation. | i By the Ascociated Press. NEW YORK, December 10.—Week end profit-taking imparted much ir- | regularity to the bond market today, most of the recently buoyant issues sustaining fractional losses. The week's new issues, amounting to around $123,000,000 offered some com- petition to listed bonds, but continued easy money supplied a solid founda- tion The $230,000,000 Treasury certifi- cates were reported oversubscribed and the books were closed last night, This news caused some firming up of Government_obligations, but business was in small volume. Liberty 318 duplicated their previous high record price " Buyers of listed lens showed pref- erence for industrials. Inland Steel 5 nd iquid Carbonic 68 were bid up a point or more, the latter attain- ing a new peak, and buying was fairly heavy in £l 5 Dominion Iron & Steel s, on the other hand, broke more than 4 points, and Hudson Coal 59 fell back about 2, both reaching new low levels for the year. Considerable selling developed in the il group, in which several is recently, advanced 15 points or above fheir year's lows, on expes tations of approval by the Interstate Commerce Commission of the road’s reorganization program. Other recent- Iy active liens, such as Erie General Lien 4s and Missouri Pacific 5s were in supy There W st s rather heavy buving of Philadelphia Electric 413, perhaps in tardy response to ratification of the erger with United Gas Improvement. Columbia Gas & Electric 58 were frac- tionally lower on realizing. rman External Loan 7s reflected good demand, but other foreign issues were quiet and irregular. COTTON 1S STEADY: SLIGHTLY LOWER Market Closes Down 6 to 10 Points After Day of Nar- row rluctuations. By the Associated Press. NEW YORK, December 10.—The cotton market was quiet today and fluctuated within a range of 10 or 12 points recoveries from a small opening decline, being followed by setbacks in late trading. After selling up from 19.01 to 19.09 March eased off to 19.01 again and closed at that price, the gen- eral market closing steady at net de- clines of 6 to 10 points. The opening was steady cline of 3 to 8 points, in relatively easy Liverpool cables. There was some liquidation, together with a little Southern and local selling, but offerings were light and prices soon steadied on indications that there were trade buying orders in the market for execution around the 19-cent level for March, This demand, with covering, caused rallies to about or a shade over yes- terday's closing quotations, January selling up from 18.80 to 18.88 and May from 19.16 to 19.25. Trade buying, however, evidently failed to follow the advance, and as the demand tapered off the market eased again, reaching the lowest prices in the late trading. sold off to 19.77 and March to 19.15, and the close was within a point or two of the lowest. Business was quiet during the ses- sion, traders evidently being inclined to await further developments in the spot markets or the cotton goods situ- ation. There was continued talk of do- mestic mill curtailment. Some trad- ers expressed the opinion that recent low temperatures in the South might kill oft some of the boll weevil. These factors and the relatively easy show- ing of Liverpool may have had an in- fluence on the market, but they were offset to some extent, at least, by rumors that there were further trade buying orders in the market for ex. ecution on declines and reports that inquiries pointed to an improved busi. ness in goods. The amount of cotton on shiphoard awaiting clearance at the end of the week was estimated at 131,000 bales, against 239,000 last year, SPOT SUC R UNCHANGED. Futures Not Very Active, But Un- dertone Is Steady. NEW YORK, The raw sugar market today changed Tor while future ship- ments were fractionally higher. & included about 55,000 bags of Cuban, of' Philippines and 5,000 o Rican in nearby posi- at . to local refiners, while n outport refiner bought 14,000 bags :‘)rfixl’hl]ipnill('s for April shipment, at December 10 The raw sugar futures market was not vel active, but the undertone was steady. Final prices were net unchanged to 2 points higher. The steadiness was due to covering and buying by Cuban and European in- terests, inspired by increased activi in the spot market and the con- tinued strength ¢ the Kuropean markets. Approximate sales 13,400 December closed 2.82, January 87, May 2.94, July 3.02, September 3.10, December 3.16, g no change in the sugar_situation, nor any provement in demand, which tinues hand-to-mouth, from 60 to nulated, one refiner accepting or- 0' at some consignment points at 50. pas im- con- NEW YORK MARKETS. NEW YORK, December 10 (). tye steady 2 Western, 1,231 f. 0. b. New York and 1 s export. Barley barely ste; No. 2 ork. Wheat spot dark Northern Spring York lake and rail . 2 hard Winter f. o. h, York lake and rail 1. . 2 mixed durum do 1.371,; No. Manitoba do to arrive 1.59. Corn spot steady; No. 2 Yellow c. i. f. New York lake and rail 103%: No. 3 yellow do 1.04%. Oats spot fi 2 white 65@65%. Feed strong; city bran 100- Ib. sacks 42.50; Western bran do 41 Lard easier; middle West 12.05@ 12 Other articies unchanged. L012.15.6565 . 4 . SINGER MFG. “EXTRA.” NEW YORK, December 10 (£).— An extra dividend of $5.50 was de- clared today by the Singer Manufac- turing Co. in addition to the regular quarterly distrgbution of pays ord December 10. 1 New Alexandria Instituti South of philadclphia. Lcading Factor in Building Trade in This Section. BY I A. FLEMIN ; In the early days of Washington | and the District of Columbia money was not as plentiful as it is today. There was some gold and silver, the former weighed and silver counted, and there was also a Jarge amount of paper currency of doubtful character, as there was all over the United States | even up to the establishment of the national banking act. Alexandria, then in the District of €olumbia, was an active, busy export and import city before the removal of the National Capital from Philadelvhia Washington. Georgetown was Yl ‘o Alevandri, while Philadel- phia, Norfolk and Richmond were keen competitors of the other towns. The currency problem of the coun try wi the source of grievous troubles, and the chartering of the Bank of the United States, in 1791, lo- cated in this city, was welcomed as certain to be a great improvement. Tmmediately® after its organization public-spirited people in the old Vir ginia town made application for branch bank, and urged it strongly but without effect, so that appeal was made to the General Assembly of Vir- ginia for a charter Alexandria. < granted in 17 ink ever chartered south of Phil adelphia and destined to become one of the leading factors in the uphuild ing of the trade of this section of the country. About the same time an unchartered bank was started in Richmond. and in addition the unchartered Bank of South Carolina. The Bank of Maryland in Baltimore was the first institution chartered by the General Assembly of Virginia. It required much persuasion and urging to secure the consent of the Assembly to the issuance of the char- to the Alexandria institution. Tmportance in Trade. In supporting its claim to a charter the promoters of the Bank of Alex-| andria _reported duties on exports from January to October 1, 17 amounted to over $60,000, and that the value of the exports to foreign ports was over $345,000. December 4, 1792, notice was served | to subscribers of the stock of this bank to be prepared to take up their At this time there was no other bank from which advances might be ob- tained on notes, but that did not pre- vent a most successful sale. The capi- tal stock, $150,000, was entirely sub- scribed and paid for in two hours. April 9, 1793, the Alexandria Bank opened for business with business hours from 9 to 2 and from 3:30 to 4:30 from March to October 1, and from 10 to 2 and 3:30 to 4:30, from October to March. shares, paying for the same in specie. | | Tuesday of each week was discount | The ruling rate of interest was | day. 6 per cent. Two good names were re- quired on all paper offered, and notes for discount had to be submitted under cover before 2 p.m. the Monday before action was taken. No Corrections Made. It was specially provided that pay- ments made should be counted at the time made and that ‘“no errors sug- gested afterward should be corrected. General rules of banking were much the same as those of today. The capital of the bank was in- creased to $350,000 by act of the As- sembly of Virginia in 1795, The charter of this, the first bank organized within the former limits of the District of Columbia, was to re- main in force until 1803, but was ex- tended until 1811, Directors were elected as they are now, but candidates were presented by stockholders and there was consid- erable electioneering going on before and at the time of the choice being made. Philip H. Porter was chosen first president of the bank and Thomas | Porter secretary. Gurden Chapin was elected cashier. The salary of the bookkeeper was fixed at §800. Direc- tors were elected as follows: William Herbert, R. M. Scott,. George Gilpin, John Dunlop, John Dundas, Richard Connay, Charles Simms, Jonab Thomp- son and John Janney Craig was appointed to gl vacancy by the ele- vation of resident Herbert. Act of Congress. | By special act of Congress Febru- ary 15, 1811, the Bank of Alexandria | was chartered, reincorporated, with a | apital of $300,000, and the chart was continued to March 4, 1821, Its charter provided that the bank | should not loan more than twice the | amount of capital stock paid in: that a | committee of at least two directors hould look into the e scount and examine all notes received and issued, noting that the accounts, etc., bal- anced each Saturday evening. This bank had a very prosperous career. Trustees were appointed to liquidate it at the expiration of its charter, and this was successfully cap- vied out. One of the first instances of money lost or stolen in the mails came to light in 1806. Two letters mailed from Philadelphia to Petersburg, Va., each containing $2,000, went astray. Branch Bank of United States. Congress granted a charter to a branch bank of the Bank of the ited States by special act ‘approved by President Washington February 17, 1791 Its capital was $10,000,000, | auotations in the later tr THE SUNDAY STAR. \VAS'HL\'GTO‘\",. D. C. DECEMBER 11. 19271-PART 1 EARLY D. C. BANKING METHODS MUCH LIKE THOSE OF TODAY on, Second Formed | | ed by the Government. TIts charter provided that no other bank should be chartered by the United States dur- ing the life of the corporation “here- | by created, for which the faith of the | United States is hereby pledged.” It | was also provided that the Secretary | of the sury was to be furnished | with a weekly statement and that he hould also have the right to inspect the bank when desired. The charter of this branch expired March 4, 1811. The National Capital | was not moved from Philadelphia un- til 1801, when the population of the | District on both sides of the Potomac was but 14,000, of which over 3,000 were slaves, The Branch Bank of the United States was started here In re: tion in the city, no facilities for acting business, no public build- ings ready for occupancy and not many buildings of any character. During the existence of the branch Institution there were no charters granted by Congress for other banks. | John P. Van Ness was chosen presi- dent of the Branch Bank of | United States, and a board or 12 dir tors from Georgetown, Alexandria and Washington were elected. Statement of Branch scretary of the Treasury | prepared a report of the condition of the Branch Bank in 1809, at the same ! time urging the renewal of the char- | ter, due to expire in 1811, but in this | he failed. | Of the capital stock of $10,000,000, | $2,000,000 was paid by the United | St Of the $8,000,000 paid in b | individuals, $6,000,000 was paid in per cent stock of the United Stat and balance in species. The Govern ment sold 2,493 share in 1796 and 1797 an advance of 25 per cent, 287 | shares were sold in 1797 at 20 per cent | profit, and the balance of 2 | s01d in 1802 at a profit of 40 per cent. | The Government's profits aside from | | dividends amounted to $671,860. ASSETS cent stock of United s Tl 6 per T s i Loans to individuals Due from Specie in v Real estate Total 230,000 | 000.000 | R00.000 T 5.000.000 " buiiding | LIABILITIES, omts ifotal) uiation 5 3 lance. bei he " undivided profit. commonly called the contingent fund “applicable to cover losses which may arise from bad debts or other con- tingancies, and to extra div dends s ws Total ca De § ¢ 41500.000 | 510.000 | 23.510.000 | 'MANY NEW RECORDS ON CURB EXCHANGE | | Several Industrials Are Offered at | Sharp Recessions—Utility Shares Are Mixed. By the Associated Pres NEW YORK, December 10.—As though to convey in a most convine- ing manner its ability to maintain present levels, numerous industrial issues opened on the Curb Exchange today with a vigorous buying move- ment, which lifted quotations in active favorites 3 and more points and in some instances to new high figures for the year. Prominent in this classification were Richmond Radiator, American Cyanamid and Sidney Blumenthal. The last named opened with a further gain of 47 at 36%. United States Freight, U. . L. Battery, Bancitaly Corporation and Bordens Co., also were strong issues with the latter also reaching a peak level on a gain of 8 points to 164. Dealings in the last hour continued on a broad scale reaching record volume for a half holiday session. There were several industrials offered at sharp concessions. Lehigh Valley Coal sales declined 91 points to a low mark at Tubize Artificial Silk dropped 15 points, and Rolls Royce preferred yielded 2 points to a low t 45 and Jater rallied 5 points from level. Ford Motor was neglected, ling at $17, a gain of 1 point. Peak ding were registered in General Fireproofing, General Bronze and Atlas Plywood on advances of about 2 points. Public Utility issues moved in a mixed manner. United Gas Improve- ment continued in demand, moving up % of a point to 1151. American s rose 414 points and Middle West, points. GOLD FOR EL—;ND. NEW YORK, December 10 (#).— The rise in the Dutch guilder in the New York foreign exchange market to nearly 40'2 cents has stimulated the gold movement to Holland, which amounted to shipments of about $4,000,000 on the steamship Veendam today. Another shipment of $100,000 to Bavaria has been arranged. The gold movement to South America also continued today with shipments of 000,000 to Montevideo, Uruguay, and ' $2,500,000 to Buenos Aires, U of which $2,000,000 was to be furnish- HOW IS B Showing Current Business Activity Compared With Same Week a Year Ago. mmmmmmmmmmngm GENERAL BUS New York City. of the previous year. earlier. ACTIVITY BY FEDERAL ESS ACTIVITY for the Check transactions compured with same week a year ago. T LEADING BAI Showing trend of i Business in dollars (checks cashed) . Employment (Department of Labor) Wages (Departmeit of Labor) ..... Cost of living (Industrial Conference Board) . .. Agricultu ment Movewment lrndl (car loadings) . . Retail trade (Federal Reserve Board) . Wholesale trade (Federal Reserve Board) . Failures (Dun's) . Bond prices (Ann Not more than § of every 10,000 women reach the age of 100, says an English statistician, . Stock prices (Annal Stock market volume (shares traded) . Shaded areas show weeks of activity above the corresponds eek Black areas Indicate declines from same weeks 1% months griculture) Argentina. USINESS? country Indicated hy hank debits outside months RESERVE DISTRICTS. ehmond | XL =34% | Kausan (ity Dallas 8. Franciscol e i ] IR 13.8% | ROMETERS. mportant factors. Present trend. Upward Steady Steady Steady Steady Upward Steady Upward T ) K TR Tl % Changes | from yeur no 0 shares | - FINANCIAT WILL BUY GAS FIRM. | NEW YORK, December 10 (#).— Columbia Gas & Electric Corporation | has made a contract to buy on! December 30 the common stock of Central Kentucky Natural C Co., through exchange of one share of its cumulative 6 per cent preferred stock | two and onehalf shares of tock of Central Kentucky totaling 60,000 share has heen accepted holders of a majority of the Central Kentucky stock. A contract also was signed by Union Gas & Electric ‘0., & Columbia Gas subsidiary, with American Rolling Mills for a regular supply of a large portion of the o power requirements of its lant at Middletown, Ohio. CLEARINGS DROP. NEW YORK, Dec. 10 (®.—-The Northern New Jersey Clearing House Association reports clearings for the week ended December 9 amounting to $42,716,461 ngainst $48,208,506 the week_before. Money Available for FIRST DEED OF TRUST LOANS 6% Reasonable Commission Prempt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. for each common atural The contract by | | In Nearby Virginia 5 1/2 (/?10 Prudential Commonwealth Invest:ient Co AW Loans Money to Loan First Deed of Trust Notes for Sale Secured by roved Real Estate in the District of Columbia Principal and Interest GUARANTEED REAL ESTATE MORTGAGE & GUARANTY CORPORATION Main 1403 26 Jackson Place Resources Over $4,000.000 L. E. Breuninger, President An Opportunity of a Lifetime —for 5 wen or women to invest 10,000 each. Their investment to be secured by a first trust on prop- erty worth over a hundred thousand dollais & bonas of 100 shares of stock 1o each investor. that will make each of them a $100.000 profit. A eareful investigation will satisfy you as to safety of investment. and certainty of the profit. For appoint- ment. address Box 264-S, Star Ofce. CHURCH LOANS We are in a_position te hand struction loans tor C tions—FPhane Main 544 WE FINANCE —all classes of income.producing property Large Loans a Specialty Current interest rate and commission Higbie & Richardson, Inc. 816 15th St. N.W You Can Have 61,9, Mortgage Bonds —with the return of your | money and 6% % annual in- ||| terest irrevocably Guaranteed by a Strong Surety Company Insist on the guaranty of a State Supervised Guaran- tor. | | | | | Send Coupon for Particulars C.E.Moran & Co Incorporated Investment Bankers 1716 H St. N.W. | 4 | | Harriman & Company TRINITY BUILDING, 111 Broadway, NEW YORK MEMBERS NEW YORK STOCK EXCHANGE TRANSACT A GENERAL BROKERAGE AND STOCK EXCHANGE BUSINLSS WASHINGTON OFFICE 729 15th Street N.W. Telephone: Mam 1603 First Mortgage Not BEARING INTEREST AT 6% Secured on Residences in D. C nen MCKEEVER -1 COS T REA ifed Member M REAL ESTATE LOANS o7 FRED T. NESBIT 1010 Vermont Ave. Main 9:392 Business House Needs $10,000 —for expansion; good security; money back 1 year with sub- terest in husiness. x 145—S, Star Offic WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources, $17,000,000 R. GOLDEN DONALDSON, PRESIDENT First Mortgage and ConstructionLoan Applications Invited at 515 % Glover &f Flather 1508 H St. N.W. Main 1753 Owver a Third of a Century Without a Loss Steady Steady Stead, Mix . Heavy b d RN IRNNES (Al rights resesved. Cambridge Associates, Boston.) Main 2100 THERE 69, FIRST MORTGAGES It is gratifying to know that in all these years not a single in- vestor—following our recom- mendation—has lost so much a dollar of either principal or interest. B. F. SAUL CO. IS NO SUBSTITUTE MOR T GAG FOR OVER A THIRD OF A CENTURY —people coming into posses- sion of surplus funds have de- pended on us to counsel them concerning s profitable recommend our s 1fe and reasonably We investment. 925 15th St. N.W. FOR