EXCEPTIONS ARE TAKEN
TO RESERVE BOARD RULE
Restrictions Upon Admittance of
State Banks Into System
Held Too Rigid.
» Hip Associated Press.
NEW VOKK. April 9.—New rcßU
lations <>l the Ke.bral Reserve Koanl
regarding branch banking are med
iae: with little favor, according to
e canvass of institutions here, which
feel that the restrictions imposed
will militate against the entrance of
•state banks into the system. Chief
criticism was directed against rules
requiring banks or trust companies
applying for admittance to obtain
permission from the board before
FIRST MORTGAGES
FOR SALE
THH TV PI: OF SECURITY
CONSERVATIVE IN
VESTORS BUY
IN DENOMINATIONS TO
SL IT PURCHASERS
JAMES F. SHEA
643 Louisiana Ave. N.W.
EQUITABLE
Co-Operative Building
Association
Organized IS7O <
44th VEAR COMPLETED
A use In *4.755.170.53
Surplus $1^48X0,98
Save As You Earn
—Join Hip Equitable. unit save
systeimitienlly. It is a most
effeetlvc mot hod of financial
nd\ aneement.
Subscription for the
86th Issue of Stock
living Received
Shares, $2.50 Per Month
EQUITABLE BUILDING
915 F St. N.W.
JOHN JOY KIISOV, President
FRANK I*. III'.IOSIUII, See'y.
11^=^==^=======
Individual
Ownership
T 'l'
'i'
"
i
Ask Us About It!
. sloo SSO0 —$1,000 V
j/ioi?ras^DnzcQi:
! I 1416 K Street Main Gl7 jj|
>l. it: RoV fiOFI\
liwuranee in XII lira lichee,
GIO Wooiiuuni Rlil«.
riirne Main .TIO.
stati:mi;nt or mi: condition
•>r in
equitable FIRE AND MARINE INSUR
ANCE COMPANY OF PROVIDENCE, R. 1..
On the .INi d:i> of Th>cernlw*r. 1923, a - re
quired under tip* I»i>^lr:» t . f < olumbia fod«*,
amendiiJ June 30, 1901!. and August is. 1911.
Capital stock SI .000.000.00
Capital stuck, paid up, in cash... 1.000.000.00
ASSETS.
Cash in hank s3o*. 096 66
Itcal estate mortgages «first lion I 3 1.600. bn
Sioi ks and bonds i market value! 3,692.714.(Ml
Premiums uncollected and in
hands of agents 66.312.61
interest due and accrued 47.630*.06
Total assets . ... $*.166,376.33
LIABILITIES.
Net unpaid »;a>ms .. .... $311,311.98
Reserve as required by law 1.142,649.06
Salaries, rent-, expenses, taxes,
etc. 27.730.00
• Vifnmissions. brokerage. **tc.... j.iMio.On
• a pit a 1 stock I .fHMI.OOO.OO
AM oilier liabilities Iniere-t on
ir-rtgages collected m advance 613 6,*;
Total liabilities . 52.457.326 67
rharader of business transacted during the
year 1923 Eire. Ocean Marine. Motor Ve
hicles. Inland Navigation and Transporta
tion. Tornado. Windstorm and t'yHone. Hail.
Sprinkler leakage. Riot. Civil Commotion
and Explosion, Eatthqviake.
Amount of risk assunn*d during
the year 1923 $194,013,272.00
losses sustained during the
year 1923 .. 749.033.07
Money received during the year
1923 1,710.724.39
Expended during the y-ar 192;*. 1.315.3!*0.33
JOHN B. KNOX. President.
K V. CHAPMAN. Secretary.
Subscribed and sworn to before tne this
18th dav of February, 1924.
.Seal.) ANDREW K. SCTIUTTKN FI ELM.
Notary Public.
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An Attractive Preferred Stock
Yielding Over g. 20%
American Cotton Fabric Corporation
Cumulative 7 % Preferred Stock
(.Preferred as to assets and dividends')
Dividends exempt from present Massachusetts Income Tax, V
and from normal Federal Income Tax
This corporation has no funded after giving effect to Federal
debt, nor may any be created taxes at 1923 rates, averaged
without consent of holders of more than 5 times, and in no
7 5/d of the preferred stock. year less than 3 times, preferred
. . , . . . dividend requirement. For 1923 I
It is one of the largest manufac- net p ro^ts were near ly 5 times
turers of tire fabrics in the United such dividend requirement.
States, owning live mills located XT ...
in New England and New Jersey. et tan & lble assets as of Dec'm
ber 31, 1923, were more than
Net profits for the past 5 years, $285 per share of preferred stock.
A descriptive circular will be sent on request
Guaranty Company of New York
Investment Securities I
Washington Office: 811 15th Street, N.W.
Telephone Main 5815, [ a x*,
i - 11\ ANC J A I-.
establishing offices or branches, and
giving the board power to depart
. from regular provision in the case of
; “public necessity.”
A sharp upturn in net shipments
of United States currency to foreign
' countries in the first two months of
1924 is reported by the Federal Re
serve Bank of New York, in January
and Februray shipments totaled $9.-
546.000, only slightly less than the
total for the preceding eight months.
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YOUR FINANCIAL FUTURE ASSURED
*
}
\ •
@By investing your funds
7% FIRST MORTGAGES
—you can he relieved of all
financial worry and in not
Quarter
i , so manv vears have an m
os a - *
Century dependent income.
; Without
a Loss.
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I B. F. SAUL CO.
Main 210 U '1412 Eye St. N.W.
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I RENT 1
Ground Floor Store
or Office
| In heart of financial district on 11 Street,
I between 14th and 15th. Contains 1.500
square feet
I-1
McKeever & Goss
j
Realtors
I j Main 4752 1415 Eye Street N.W.
— -...— -
I SERVICE and SAFETY I
I
_________________
National Mortgage & Investment Corporation
811 Vermont Avenue N.W.
t
Deals in the Best Real Estate Securities
First and Second Trust Notes and Ware
house Receipts are purchased at fair rates
• ! its 7 c /c First-Mortgage Notes, SECURED by Improved
District of Columbia Real Estate, Arc a GOOD
INVESTMENT. Offered in denominations
) i from 5250.00 UP.
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j MONEY TO LOAN
ON FIRST MORTGAGES
;l at
CURRENT RATES OF INTEREST
;| d/lam/a//
'j* . v
5 1 /207 'OontierMcut Ssventte
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s.
THE EVENING IST Alt, WASHINGTON, i). C.. TUESDAY, APRIL 1. 1924.
1 Receipts, on the other hand, declined
t principally to a falling off in ship
s ments from Caribbean countries.
; I. C. C. AUTHORIZES ISSUE.
1 The Interstate Commerce Cominis
! sion today authorized the Southern
railway to issue $6,600,000 in equip
; ment trust certificates, to be sold at
97.25 per cent of par.
TIME STANDARD 0. K.'D.
The Interstate Commerce Commis
sion today granted the application of
the Pennsylvania railroad for inclu
sion of the Zanesville branch, between
Lancaster and Morrow, Ohio, in the
eastern standard time zone, instead
of the central time zone.
| Gilt-edge
First Mortgage
Notes
11
| Bearing £ VAyrjlnterest j
—is the only form of invest- j
ment we recommend. We now I
have on hand a limited amount i
j in, denominations of SIOO up,
guaranteed titles accompany
; each note.
Write for Full Particulars
j Main Chas. D. Sager I
: j 36 924 14th St.
| 7% I
I
First Mortgage
Notes
We offer first mort
gage notes in denomina
tions of $250 to SI,OOO.
bearing interest at 7%
and secured on a high
class Connecticut Ave
nue property.
This is a sound, well
paying investment for
your surplus funds.
Moore & Hill, Inc.
730 17th St. N.W.
Member Washington
Real Estate Board
Wanted Second
Trust Notes
We have clients with funds
to purchase good SECOND
TRUST NOTES in denomina
tions of from SSOO to SIO,OOO.
Low rales if security is good
Apply at Once to Oar
MORTGAGE DEPARTMENT
[Shannon A luch^l
1 INC.
713 and 715 14th Street N.W,
Vain 2345
= J == =^—
$30,000,000
Government of Switzerland
External Loan Gold Bonds
I o be dated April 1. 1924 Interest to be payable April 1 and October I To mature April 1,194 b
Coupon Bonds in denominations of SI,OOO and $309
Redeemable at the option cl the Government, as a whole, but not in part, at 100% and accrued interest, on April 1. 1924 .
; or on any interest date thereafter, upon sixty days’ notice.
Both principal and interest of the Bonds zvill be payable in United States gold coin of the present standard of weight and
- ; fineness, in New York City at the offices of J. P. Morgan & Co. or of The National City Bank, without deduction
for any tax or taxes now, or at any time hereafter, imposed by the Government of Switzerland . or by
I any taxing authority thereof or therein.
I The following statement has been authorized by the Federal Financial Department of the Swiss Government:
These Bonds are to be direct external obligations of the Swiss Confederation (Government of Swit
zerland).
The total debt of i V Government of Switzerland at December .11. 1923. was approximately $900,000.-
000, of which about 510t.000.000 represents indebtedness incurred in connection with the purchase and
improvement of the Federal Railways. For many years preceding the tear, the operation of the Federal
I Railways had always resulted in a surplus over interest charges. In 1923. as the result mainly of the
systematic reduction of operating expenses, the net revenues from operation of the Federal Railways
showed a large increase. Such net revenues amounted to J ']7,941,096 francs in 1923, as compared with
37.928.150 francs in 1922, and with 79,443.599 francs in 1913, and were more than sufficient to cover
interest charges for the year on the railway debt.
The Federal Railways, which have a total length of about 1,880 miles, or more than one-half of the
I total railway mileage in Switzerland, are gradually being electrified. Is of December 31, 1923. more
than 3bo miles tvere under electric operation. Stvitzerland has large resources of water power, estimated
at 2,700.000 horsepower, the increased utilization of tvhieh should result in substantial reduction of the
quantity of coal which now has to be imported.
The general debt of the Government of Switzerland fexclusive of the railway debt) amounted to
about 8439,000,000 on December 31, 1923. Os the three loans previously issued in the United States, ag
gregating $75,000,000 and constituting (with the pre sent issue of Bonds) the entire external debt of the
Swiss Government, about $14,000,000 has been retired by the Government. As a partial offset to its
general debt, the Government oirus the telephone and telegraph systems, and has other property, securi
ties and special funds, all aggregating approximate ly $250,000,000 in value.
The currency system of Switzerland is in a strong position. Ihe amount of outstanding banknotes
of the National Bank of Switzerland, which has the sole power of note issue, has been reduced during
tlu> past three years, and on March 15, 1924. the Bank held a reserve, in gold and silver equivalent to
about 74.19 % of its note circulation. As a result of its sound monetary condition, Switzerland has been able
| . to maintain a favorable exchange rate for the Swiss franc as compared with other European currencies.
All figures stated in dollars in the above statement have been converted from Swiss francs at par of
exchange.
, THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO ISSUE AS PLANNED AND TO
;j I THE APPROVAL BY COUNSEL OF THE LEGALITY, AT 97 AND ACCRUED INTEREST, TO YIELD 5.70%.
I Subscription books will be opened at the office of J. P. Morgan & Co. at 10 o'clock a.m., Tuesday, April 1, 1924. The
I ■ right is reserved to reject anv and all applications, and also, in any case, to award a smaller amount than applied for. The
amount due on allotments-will be payable on or about April 15, 1924, at the office of J. P. Morgan & Co., in New York
funds against delivery of temporary Bonds or interim receipts, exchangeable for definitive Bonds when prepared and received.
J. P. MORGAN & CO. THE NATIONAL CITY COMPANY
FIRST NATIONAL BANK , New York
BANKERS TRUST COMPANY , New York HARRIS , FORBES & CO.
I New York, April 1,1924.
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FOREIGN TRADE PARLEYS.
Hoover to Send Market Experts to
Inland U. S. Cities.
A record-breaking volume of in
quiries relative to foreign markets
has prompted Secretary Hoover to ar
range for another visit of Commerce 1
Department trade experts to inland <
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j
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Approximately One-Tenth of the Population of Washington
I
' • will share in the
| r~ $158,809.47 j
—which is being paid today to the savings
depositors of this company, representing
Convenient the first regular payment of interest on Sav- Interest |
ings Accounts for the year.
Banking Six months from today another interest on
payment will he made on Savings Accounts. t /
Offices Plan now to receive a share of that sum> Savings
Open today (Jntil 5:30
Our Savings Depositors arc requested to bring in their pass
books, so that the proper credit of interest may be made therein
American security
I"o AND TRUST C OMPANY * |
15th and Pcnna. Are.
I
Capital. Surplus and Undivided Profits
Over $6,000,000.00
BRANCHES
Central: 7th & Mass. Ave. N.W.
Northeast: Bth & H Sts. N.E.
Southwest: 436 7th St. S.W.
Northwest: 1140 15th St. N.W.
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cities for discussion with business
men and exporters. Meetings have
been arranged at chambers of com
merce in Indianapolis, April 9; St.
Louis, April 10, and Kansas City,
April 11.
The delegation wAll include Richard
O’Toole, R. A. Lundwuist, A. J. Wolfe.
Kdward O. Montgomery, Kugene H.
Gregg and Percy Owen, all chiefs of
Commerce Department division s. .
FINA XC IA L.
Ilivr Ton Brrn S(nnc Trtf
Some men have to get stung good
and hard before they learn to be cau
tious in making investments. Be
fore you invest—lnvestigate!
Money to Loan
Secured by first deed of trnat on real estate.
Prevailing Interest and commission.
Joseph I. Weller a t £S!
1 | Banking Trust & Mortgage Co.
i We want good First and Second
Trusts In Washington and Vioinity—
Reasonable Terms—Prompt invesfga
, tions. Call or write.
Banking Trnst & Mortgage Co.
Rooms 20-21 1410 Q SL N.W.
Phone Franklin 5794
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