Newspapers / The Daily Advance (Elizabeth … / April 9, 1924, edition 1 / Page 3
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Everyman's Investments OEOEOE T. HUQHES By George T. Hughes Mr. Hughes is a bond expert and analyst with many years' ac tive newspaper experience. Ev ery week day of the year he writes I an interpretive dispatch from New York concerning the activi ties of the day in the bond mar ket. He has prepared this series of articles for Advance readers at the request of the Consolidated Press Association. Spencer, an attorney and a good one; Bartlett, a bond salesman, an exceptionally good one. and I were at lunch together. Spencer said he had saved $10,000 and wished to buy bonds. Had Bartlett anything to offer? Bartlett asked Spencer how many children and other de-! pendents he had. what was his age. his present and prospective income, and obligations, and other intimate questions. At first Spencer was | evasively polite; then, heatedly, he; said it was none of Bartlett's busi ness. Was Bartlett selling bonds orj was his business the gratuitous! handing out of insults? "Those questions are for your, best interest, Mr. Spencer." Bart lett replied evenly. "I have on my list 24 different bonds. On those we make from one- eighth of a point to five points gross profit. Our average gross profit is around 2 points. On every $100 in bonds I seil you at a profit of one-eighth of one-point, we make Just 12 l-2c cents. On the 5-polnt profit, we make $5 on the $100, or $50 on a $1,000 bond. On the average we make $2 on the $100 bond or $20 on the $1,000. You have the repu tation of being a fine attorney. You admit you know very little about in vestments. It is my business to give you the best investment counsel I can. just as you pride yourself on1 giving your clients your best service, j "If your income subjects you to heavy surtaxes, if your obligations are heavy and your dependents not securely provided for, I will be J guided by those conditions in select ing your bonds. I won't consider our profit. If you are in a position to take a fair price for a high yield, I will so advise. If you need safety I above all things I shall suggest the safest bonds I know. If, however, the bond on which we make 5 points' is just as good for your interests as the bond on which we make one-1 eightht of one point. I am enough of a salesman to try to sell you the' bond on which we make the long profit." On Bartlett's advice. Spencer bought four industrial, four utility and two railroad bonds. Bartlett1 strongly recommended divenlfiea- j tion; that is. securities representing! different concerns in different lines of business. The bonds had an av- J erage yield of around 6 per cent. TBe foregoing explains why re sponsible bond houses make so lit tle effort to reach small investors. Their profits are so small they can not afford it. Bartlett made a steady customer of Spencer. The lawyer now has several thousand dollars a year to invest and he knows that he can trust Bartlett's house to invest it for him safely. But the pedlars of worthless or doubtful securities can afford to go after aijy small sum because most of what they get is profit. , I Obregon's Early Success Endangered Sisal Supply Political Disturbances of Neighbor to Southward Threat ened for a Time ?o Seriously Affect Welfare of Amer ican Farmer Thousands of Miles Away By J. C. ROYLE (Copyright. 1*24. By Th? Advtnet) New York. April 9. ? The revo-. lutionary outbreak in Mexico which has been in progress some months, promised for a time to have^a close and important bearing on the Amerl- . can farmer, It became known today, i The temporary success of the De Lai Huerta faction in Yucatan threat-' ened. until the difficulty was over-; come, to cut off necessary supplies of sisal fibres essential in the manu facture of binding twine in this country. Conditions have not yet returned to normal in that section of Mexico hut there is at the present time enough raw sisal on hand here to take carp of the immediate re quirements of the agricultural dis tricts. This supply waa secured through efforts of the International Harves ter Company, one of the largest man ufacturers of binder twine. When t4ie De La Huerta faction took pos session of Progress, the shipping port for the Yucatan sisal supply, the International Company, through a special representative, secured the forwarding of a large amount of fi bre. Other mills were out of raw materials and faced the necessity of a shut down. The International Company, however, agreed to pro rate Its importations among its com petitors. and supplied their mills at ] cost. One large shipment was sent to the Kansas penitentiary mill at the request of Governor J. M. Davis ( of that state. Charges were made by representa-l tlves in this country of some of the Yucatan sisal producers that the! purchases of the International Com pany In effect constituted a "loan"' of several millions of dollars to the I De I>a Huerta faction, which was In j control of the Progreso customs' house at the time. A flat denial of this was made today by Alexander irge. president of the Harvester Company. Fullest details of the negotiations necessary to get the fibre from tbej plantations to this country, he said,'] had been In possession of the State! Department at all times and It was only after all features of the trans-1; actions, Including the necessities of the American farmer, had been plated befor" Washlnuton officials, ! that exportatlons from Progreso was undertaken. Mr. Lrgg#> added a de-{ nlal that his concern had loaned j money in any sum to Mexican fac- i tlonn In Yucatan or other states. "It has not beeri easy to get sisal! out of Yucatan and into the United ; States," he said. In an exclusive In-, terview today, "but the situation a few weeks ago was serious and some-( thing had to be done. There is suf-' ficient now here to take care of ira mediate needs and those of the next^ month or two. By that time, it is I hoped, conditions will have been as stabilized that present difficulties will have been obviated. "We are not making any money on the proposition under existing cir-i cumstances. Indeed, we lost money! on one shipment. We let a competit-j ing mill have a supply at cost phis the usual charges made by shipping; concerns. Later, when we were billed for these charges, we found extra lighterage and demurr#g?? costs had been tacked on. We took) that lose." Mr. Legge pointed out there was j no chance of differences arising with 1 the Obregon government as a result of the transactions in Yucatan, since: any claim arising over alleged loss- j es of customs duties would be han dled between Mexico and .the L*nlted i States Government. According to Robert Cabrera, ofj San Francisco, who is acting as an | unofficial trade representative there ntriet. of several Latin-American cou from including .Mexico, export trade t lstj the Pacific coast to the West Co. of Mexico exceeded all records las. month. During the first two raonthsi of the year, this trade had fallen . materially because of the revolu tionary disturbances. March fig- \ ure*. he said, approximated $750. 000 in value. The recovery he at tributed. to indications that normal conditions are being restored in the land of the Montezumas. It is not clean-up time until you can leave the windows clean up. Save Your Money For tin cm; CENT SALE THE Standard Pharmacy The Rcxall Store Phone 114 GOODYEAR TIRES? At Reasonable Prices Pathfinder Fabrics 30x3 46.73 30x3 Vz $7.59 StraiKlit Shle Wingfoot Conln 55x5 482.95 Auto Supply & Vulc. Co. PHONE 497 Elizabeth City, N. C. OLD FOLKS?YOUNG FOLKS? fat folk* and thin?com* try the cum wl.h the flavor pr ???*</ In. Vh ?t ? Fleer ? Checker berry Chew ing Uum. Say: " Check - check - Checker berry!" EAL Suit for Heal Boys. Good-looking all wool tans, grays and blues in overplaids and plain effects; good lines, good tailoring, four dandy patch pockets, box pleated backs?^ In fact we have the best assortment of good suits for real boys ever shown in Elizabeth City, with the promise of hard usage in every part of it and sold at very reasonable prices. All sizes from eight years up, all with two pairs of pants. Spencer-Walker Company INCOMPORATED Where every mdn finds wh&t he /ikes to wedr Minion Building <**??? Opposite Y.NtA. MOM'N POP Mom Krnchra Her Goal BY TAYLOIl Chiropractic? For Your Kidneys QVESTIOX?"I have awful ache.t mid pains hi my buck, especially il licit I stoop to lift anything. Have had thin trouble noiv for a year, ami with it have headaches, and feel dull and tired all over. Please tell nle what you can do for me." \\s\v Kit?Evidently something U rn^-> upo,,? u tl? >???? kidneys ami you should lose no time In >r|,nef|',,K ll. The kidneys, you know, are constantly filtering (*. ' m . Hut weak kidneys allow thow* poisons , ? *rcll,nulate. The effect In Roon felt In backache, rheumatic |k' n,,, heailachea, diulne<iH ami often bladder trouble. You feel 'r\0,M Jl?1 '^pressed, tired, stIff and achy. Don't risk some *erk^,,H kidney sickness, but have the cause of your |resent condlfttO rwrwted with Spinal Adjustments. ICesults are excellent In tM*** I'ke yours, because we are able to search out and correct lbC-r?nwUlv^ condition. A thorough Spinal Analysis will reveal thfrf cause. BRING YOUR HEALTH TROUBLES TO *?*?? DR. A. L. PEARCE CHIROPRACTOR OVER WOOLWORTH '8 8 & 10c STORE 211-14 Kramer Hullillng. Bllzabeth City, N. C. KKroilT OF CONDITION OF THK First & Citizens Nat'l Bank AT KMZAHKTH CITV N THK 8TATK OF NORTH CAROLINA, AT THK CLOSK OF IIUSINK8H ON MARCH 31, 1024. RemmrfCR. Loans and discounts, Including rediscounts, acceptances of other hanks. and foreign bills of exchange or drafts Hold with Indorsement of this bank ?T $2,544,149.68 Customers' liability account of acceptances of this bank purchased or discounted by it 25.000.00 Total loans ^ ; $2,569,149.63 Overdrafts, unsecured 3,667.61 I'. 8. tioveriiment mhiiiIiIw owned: Deposited to secure circulation (U. S. bonds par value ? $ 200,000.00 All other United States Government securities (including premiums, if any) . ..... 99,100.00 Total 299,100.00 Other bond*, stock*, Mfui'llen, otf.: - 40,700.00 Hanking House, $72.()0t); Furniture and fixtures, $1 1.000... 83,000.00 Lawful reserve with Federal Reserve Hank .. 135,9 46.98 Items with Federal Itesrve Hank in process of collection... 56,602.60 Cash In vault and amount duo from national banks 224,944.57 Amount due from State banks, bankers, and trust com panies In the United States (other than included In last three items . ? 1 31,990.38 Checks on other banks In the same city or town as report ing bank : 3,978.45 Total of last four Items $ 317,516.00 Miscellaneous cash items 4,190.87 4,190.87 Redemption fund with U. S. Treasurer and due from U. S. Treasurer 10,000.00 Other assets. If any (Interest earned, not collected) .. . 4,000.00 Total $3,467,271.04 Liabilities. Capita] stock paid In $ 200,000.00 Surplus fund 170.000.00 Undivided profits $53,344.77 Reserved for interest and taxes accrued 10,000.00 Reserved for contingencies 7,650.00 $70,994.77 Less current expenses. Interest, and taxes paid .. - 18,814.36 52,180.41 Circulating notes outstanding . ? 192,600.00 Amount due to Federal Reserve Hank (deferred credits) _ 47,644.17 Amount due to national banks ? ? 38,722.16 Amount due to State banks, bankers, and trust companies In the United States and foreign countries (other than included In last two items) .. 47,361.67 Certified checks outstanding ? - 1,550.20 Cashier's checks outstanding _ 1,835.67 | Total of last five Items $137,113.87 j Demand deposits (other than bank dc|M>*lts) subject to Re serve (deposits payable within 30 days): I Individual deposits subject to check .. ? ? $ 926,464.51 Dividends unpaid ? 210.00 Other demand deposits 11,551.97 Total of demand deposits (other than bank deposits) subject to Reserve, last three Items) $938,226.48 Time ilepnnltM ?-iil?Jcct to Reserve (payable after 30 days, or subject to 30 days or more notice, and postal savinusi: Certificates of deposit (other than for money borrowed) 9,365.24 State, county, or other municipal deposits secured by pledge of assets of this bank or surety bond 100.402.28 Other time deposits ....? ? ~ .. 1,514,400.07 Postal savings deposits 887.69 Total of time deposits subject to Reserve, last four items _ $1,625,055.28 C. S. (lovrnnnnt securities borrowed 56,000.00 Notes and bills redlscountod, Includinu acceptances of other banks nnd foreign bills of exchange or drafts sold with Indorsement of this bnnk ? 71,09k.00 "Acceptances" executed by this bank for customer*, and to furnish dollar ? xchanpe - $25,000.00 25,000.00 Total - ?... $3,467,271.04 STATK OF NORTH CAROLINA, COUNTY OF PASQUOTANK, ss: I, CHA8. H. ROHINSON. President of the above-named bnnk, do sol emnly swear that the above statement Is true to the best of my knowledge and belief. CHAS. H. ROHINSON. President. Correct Attest: C. E. THOMPSON, T. P. NASH. L. S. HLADES, Directors. Subscribed and worn to before me thin 8th day of April, 1924. (SEAL) KVF.LYN II HILL. Notary Public. My commission expires Sept. 11, 1924. J'r* tkflflfSffi&MBMNMHi Famo and Lebanon Belie Flour are absolutely Honrs of quality sold by ifca leading grocera. ?Distributed By? A. F. TOXEY & COMPANY ? I
The Daily Advance (Elizabeth City, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
April 9, 1924, edition 1
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