Evening Star Newspaper, February 19, 1923, Page 27

) LiNA ATIONAL BANKS 0" INFINE POSIION Grissinger Reports 8,225 In- bstitutions in Best Shape in Over Two Years. L} Controller of the Currency Crissinger in a statement yesterday declared sthat American national banks at the | stumo of the last bank call occupled | “a more commanding position” than | AL any time in more than 180 Years past. Besidgs the strength of the na- tional betks, the controller added, the lasg call revealed “greater activ- | ity am industrial pursuits.” Mhe ageregate resources of feporting national banks on the date of the call, December 29 last, amounted to $21,974957,000, an in-| crease of #1048, ,000 over the ag- gregate resources of the same banks on September 135, the date of the previous Lank call. The total repre- sented an increase in aggregate re- #ources for the vear 1922 of $2,631,- 5.000, 4 figure of itself regarded suficient proof of renewed industrigl and commercial progr There are approximately 33,000 banking institutions in the country, but the number of national banks included in the figur glve by Mr. Crissinger represent u anuch greater | proportion of the total bhankl re- sources than they do in numbers ac- cording to Treasury officials. The in- dications, given by statistics affecting those banks, therefore, carry more weight in the view of officials thyn would be the case were the ratio of the resources the same as the ratlo of the numbers of the financial houses. Lo and Discount Totals. Loans and discounts of the national {This is only tempovary, however, as eight roads in the northwest have an- NCIAL COMMODITY NEWS ' WIRED STAR FROM ENTIRE COUNTRY PITTSBURGH, February 18.—Win- ter clothing being pushed off the shelves of lacal department stores day by special sales. One large house is offering customers their choloa of men's sults at $23 each. ST. LOUIS, February 19.—The &hoe manufacturers of this distriot foday are bhooked montha in advanee, and are working at full capseity te keep pace with deliveries. v ATHENS, Ga., February 19.—Aective hoves against the luring of southern farm labor from the cotton flelds to northern industrial plants has been taken here by the arrest of an al- leged ageut for northern manufae- |turers. Demands of the bullding trades throughout this territory have be- come so @xcessive that there Is a shortage of skilled labor, and much farm labor is moving to the cities. MILES CITY, Mont, February 19 Crude oil carried by pipe lines In Montana last year totaled 16,692 barrels, accarding to figurea’ made public today. This showed an increase of 500,000 ‘barrels over the previous ost_of the oil was from the ‘reek field. v 19, th mnrln) ha: purchased the holdings of the Rock- Well Petroleum Company for $400,000. PHILADELPHIA, Pa., February Hurdware merchant c declared today that they present actlvity in their lines would 2ue not only through 1923, but well Into 1924, in view of the activity in building. CHICAGO. February 19.—Pending orders for railroad cars today totaled 18,000 freight cars and 266 passenger cars. Placing of contracts is falling off because of uncertainty of delivery. 19. tio; nounced they will spend nearly banks December 23 amounted to §$11,- 599,668,000, or slightly more than half of the available aggregate resources. | The figure includes rediscounts of | more than $262,000,000, but represents | an increase of more than $94.000,000 | for the year. While there was au increase in the loans and discounts during the year, the ratio of loans and discounts to total deposits of 1h banks decreased rather ¥ compared to last bank | The statistics gh that discounts were 6 ver | . her 23, they constituted ! per cent of the total deposits Decem- ber 31, 1921. The reduction iu the percentage was said to show a gen- eral tendency of borrowers to lig- uidate their loans, and this was said usually to show a healthier tone in business. Total deposits were recorded De- cember 29 at $17,420,481,000, or an i crease in the vear of $2,345 . While part of the increase obviously can be traced to the steady growth of ommerce and industry in a nation . some cf it 1 must siness condit no estimate, h of the amount ¢ euch source. C. & 0. Dividends Should Broaden. With Chesapeake and Ohio now un- der control of the Van Sweringens, chances favor an ultimately higher dividend on the common stock than the present 4 per ceut, judging both from earnings and from the liberal dividend policy pursued by the Cleve- land interests toward other roads. Although Chesapeake, chiefly as a result of the shop strike which badly interfered with car supply and coal shipments, last year did not come up to carlier expectations, it made isfactory earnings record for 19 In spite of rate reducti 1 Street . . Erf ¢ on d There has been er. of how much be attributed to i i | t of 1 operating income of an increase of $749.404, or er the preceding year, peake and Ohio's “non-oper- income last year was some- What increased by reason of receipt of a full year's dividents from Hock- ing Valley, of whose $11,000.000 com- mon stock Chesapeake owns $8,523,900. Total non-operating income may bs estimated at about $1,300,000, which 5.4 per $54.000.000 for this year. CLEV. ND. February 1 moblle manufacturers he ed today as to the course of priet All admit that with prices for labor, steel, rubber and leather advancing the natural trend of prices would be upward. but none of the manufac- turers predicts advances before mid vear. cars and equipment UMMERVILLE, Ga., Fehruary 18— Marble deposits, which in quality are said to resemble those of Vermont, will be extensively worked in this section this summer, according to an announcement here today. PITTSBURGH, February 19.—Mills are facing a shortage of semi-finished steel. Several sheet Youngstown distriot ha for this reason. Sheet bars a at $40 CLARKSBURG, W. Va.. February 18. -—The Capitol Car Company has unged its name to the Baumbarger Motor Cav Company tem of chain stores, announce today that ten more stores would be opened {n this city immediately, | — Washington Stock Exchange ‘Washington Gas ‘:.(‘.x:i.:a ak 53y, 5 at 531, 10 881 k snd Trust Co.—10 at 127, , 10 at 127 " AFTER CALL. Waslington Rwy. & Eiec. pfd.—10 Money—Call loans—3 and 6 per cent. BONDS Bid and Asked Prices, roLLIiC CIIUTY.B American Tel. & Telga. 4 & Tel; a n;.'.l &P, Telephons 3..... G. & P Telephane of V3. be. Capital Traction B. R. 5s. Ity an Georgeiown Gas Lt & Metropolitan 5 Potomac Elec. Tat would make total income $15,710.330. Taking fixed charges on approximate- 1y the same basis as in 1921, the sur- plus available for dividen v $5.130,000. There is now 1tpreferred issue of § whi initial of $1. s declared last | Th per share earned in 1921 Brokers’ Loans Normal. Loans of all hanks in the United States are estimated at $30,000,000,000. This is not the peak, as total bank Joans in June, 1920.' were officlally ssiven as $31,208,142.000. In Jume, 1922, 1l loans were $27,860,443,000, and it 3 safe to assume that the total has gince mounted to $30,000,000,000. In June, 1921, ll loans were 328,831,011~ 00, While in that month of 1919 they wera $25,955,171,000. Estimating total bank $30,000,000,000 and Wall st ers’ borrowings at about $2.600,000,- { 000, which is the approximats total placed by the Wall Street Journal, it id seen that only 6§ 2 per cent of total bank loans in country s utilized for New York Stock Market purposes Tn the de \ loans at et brok- ation perind of 1919, when 11 bank loans was |5 5 At that time brok- s’ borrowings were about 7 per cent of all bank loan. Bankers do mnot consider the pro- portion of lvans secured by stocks| and bonds as excessive—rather as de- cidedly healthy, inasmuch as such accommodations’ are backed by gili- + edge securities of the large industries of the nation. Banking Resources. The total resources of the banks in the United States today are estimated At §52,000,000.000. 1n June, 1920, they were slightly over $58.000,000,000; in June, 1622, °$30,425,367,000; in 1921, $49,671,390,000, and 1n 1919 $47.61 $47,000, As the United States holds slightly Jess than $4,000,000.000 o fthe world's gold supply and the banks have total resources of about $32,000,000,000, the eredit structure of the nation was never more sound. eIt SHORT-TERM SECURITIES, (Quotations furnished by Redmond & Co.) . of Amer, American Gotton Ofl 6s 1. §meflcu Sugar, 62 1647, Auglo-American Armonr & Co. T thiehem Stoel \ it il 1% Legirs D Pont 7i5s 1081 Goodyear T. & R. 8s 1631, EoTers Homtis oh' e b anuas Clty Term, 6 o o eell & Libby Ta . & St. 8. M. 814 Co. Ths 1080.7" FELEFEET *F FEEGEF T 35 = PEERcEs: 0314 Tnlon Tank Car 1008} Westinghous | Te b . Balt. & Ammap. ington G 5 5 hingto Washington Rwy Wash. Ruy. & Elec. §. MISUELLANEOTS BOY 3 et ¢ b, ) Tdinan Park Hotel @. STOCKS PUBLIO UTILITY. Awmerican Tel. & spiial Traction Whshington Noriolies wamh. Bicamban Waoh: 33:' £ Eiec. pfd. Was trainal Tast ca Terminal Tesl ptd NATI u TRUST COMPANY. American Security and Trupt.. 300 Continental B‘E‘:’ 3 “::fanl] Saviegs cus '\ ECBLLANEGUS, Columbla Graphophone col TREASURY OERTIFIOATES, (Quotations furnizhed by R Marc 15, mber’ tags ey 10 4 bt 2 NEW YORK, February 1% (Speolal). —There was general activity {n evi- dence In the market for cotton cloths today and trading was falrly well distributed. Print ¢loths seemed to lead the trading. with 38%-inch §0 Reveived by Privats Wirw Ditest o BYWICLIAN ¥, HEVPERNAN. NEW YORK, Pebrusry 19.—Qpéra- tions co1i the eurb exoha today showed that the market Waa gontipu- | 'ing to discount the favarahie develop- | ments in the outside trgde situatfof. For the first time {n two yeary s§len of the copper metal were raported this mérning at the i6-eent level,, an advance of & quarter,of 3 poiat from the clesing quotationa‘last week. Cof Per atocks vespended With' sn gctive ‘demand- at- advanoing prices, the mar | lority of this group .resching their best priees for the present movement. Ohio Copper was In deman Y lfi'n" v\;hfl. vAr‘ i o tving 0ught in large. blacks and advancy 12 points at ans time tn“q nw'ne-: for the year. Gold Coin Mining, an- other of the Jjunios coppers, 'also reached its .hest prices, veflealing a larger margin_ en inareased NEW YORK, February 1. tng i an oMoial Tut B bond atocks traded in Curb Market today Sales in % n the New York R Detrolt Clty G Detrait Edison Dunlop Lolass izona_Globe Copper was |4 Lovisville 6 & F rris & €o % Buwmwloo el T TS rwwm ) At Unite a6l e 3 Argentina 24 King of Nother R 48 Bimatan due i 7 Ru u 7 Swisk Gov 35 1300 Continental 175 Orescent P 145 Cumperland P Li 30 Bureks P 20 Gal &g 01 4 Humbie 011 390 1 ¥ 40 5108 1, > BRESI: EEESE = 0 . 9 Fenplend Ol aiiifiand 011 € Glen Rock Oil 3 Granada 081 . 79 Gulf 00l of 5 Humpheass Qi . 10 Hudson Ol . 3 Hatris Con 0 Kestone 10 Lance Creek 8 Latin Amer Oil 20 Livingsion Pet 1 7 Qi E8¥ s 3.5 183 $3res.setsg.g) 3 Teion oif ¥ Tasd o i Turman "l],‘ 7 Wiigoz 0il 20 Y oi INDESTRIALS. 13 Acme Ooal. .88 3 % Chi 38 Cleveland 2 Colum 11 Columbl 11 Cox Cay T BE FIE 0FSTERE FETEEE B8 woens (T 888,28 e 3rae.s Py e 3 el Dort Mator Durant Mot £ Panvat -«n‘{ kk;% = . L S, EBES — = 0w BBS! WRRE T R FESE B i d N - MARKET » ame in for more notice. Nation: 'in waa active on’ expectations of an a in tin quotations in-the near Ve oea.in crads oli ware ¥ by some of the lesds 0 in ey S were atrong spots among ces for many thii Salt Cry ‘k| | @ inde- products and ayto knit- 8 were called upon to absorb heavy sales and droppe indystrigls decidedly irr . Cleveland was an actlve leader of the motor atocks. new lssug of Glo Per cent cumulat! prior 7 Stock was admitted 1o trading. ales ocoureing at 99 and 100. 29 12 Ala o *Eommende ne Coal . low Tazt B Bu33HREEB. ._..;25 Bureky Croesus .. 10 Fortuna Mjnes ... 50 Gnid Blye Bell Min Sofdfield .Cop 08 @ 80 Galdfeld sam Jorame Devel " 20 Kooy Divide 120 Lane 8t £ Nationa) Tin 40 NahobCons Porcapiue. Opuie Nevada sil Horn. Nipisaing 3 i, usen’ Min Corp . 816 Bliver Min of <10 Silversmith M 20 Simon Silver . 50 Spearhead Gold 10 Buperxtition 5 Teck Hughes . t Eagiaznziy 57 Tnited Ea 8 United Verde Ex 10 U 4 Contigenta 3 United e Bmelt 8 Unity Gold . 50 West Eud Chemic 56 Weat Bnd Consol 70 Wast End Eit. eat 10 Victory Div M ——r——g——————— 4 woman may be known by the g¢ampany she isn't at home to. ST P F3 STERLINGEXCH AGAIN'AT:NEW HIGH By the Ausecigted Press. * NEW YORK, February 15.~Demand sterling bills were s0ld in the local Yoreign exchapge market ‘taday u] $4.699-16, a new high price since March, 191% when the “pegged price” of $4.76 was removed by the British government when it ceased buying sterling for its own accoynt. The par rate of sterling exchange is $4.86%, and the extreme low of $3.18 wds es+ tablished in the collapse of the for- elgn gxchanges in this market tn Feb- | ruary, 1920. i s_price represents a week en gain of 7-16 of a cent. Scarcity of commeralal bills gnd the Henate’s ap- proval of the debt-funding bill are! responsible for the recent advance. | Other allied exchanges wero slightly | higher, ‘French francs selling around n ound Methods atisfactory Service —are outstanding ele- ments of the desirability of investing in our First Moflng Notes Desirable investing de- pends solely in judiciously selected securities. We value highly our record of never a loss of as much as a single penny in either prin- cipal or interest. otes now on hand in de- nominations of $250 up to X Certified Title fur- nished with each purchase, Collecting, remitting interest and all_details attended to by our Loan Department. Chas. D. Sager 923 Fifteenth Street N.W. Loan Dept., Main 36 TG HIHII) lace it gilt-ed, rsuarcj ogom”minwm Courte- your protection. ous treatment. | Perey H. Russell Co. | se"!u“m&“x"m | Choosing Your Investment F you have faith in a record of mere than 53 years of unfailing service to the public in investment matters you can be assured of a safe and conservative income. A Mortgage Note of ours is a part of a First Mortgage on improved property in the Nation's Capital. investment in the steadiest cit world. Tt is the safest y in the We offer these Notes in convenient denominations. No is necessary, clipping of coupons Every payment is made -promptly—your check or draft is mailed on the day the interest is due. energy is conserved. Years Without i Your No time is wasted. Loss to_an _Investor ‘HE problem of investment becomes mare somplicated as money rates de- crease, Our Over a . Quarter- “lofa _Century Withewt @ Logs . . combine . Ideal Invéstment; absolute safety and - - - goed return. 1 g2 FIRST MORTGAGES every element that makes an er EE a:’n"nz:or.lsoldlut National Bank YouMay Not Recognize ~housekeeping as a busine: ‘cessful housekeeping is nothing less. In which connection, we suggest the ad- bility of Paying YOUR HOUSE- HOLD BILLS by Check, creating a domestic budget and otherwise sys- tematizing your finances. flOur Ladies’ Dept. is widely patron- ized and we extend you an invitation to make use of our facilities. 3% Paid on Savings National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—109 Years Old (] 1] L § i -« | [ Orgenized 1n 1816 915 F St NW, TORN JOY BDSOV, Prestdent Seer. Livermore &Co. Members New York S(n.)clz Fxchan[c 823 15th St. N.W, and Wardmas Park Hotel Dean, Onativia & Co. - Stock Exchange Building : New York COTTON GRAINS COFFEE SUGAR STOCKS and BONDS MEMBERS: New York Stack Exchange C‘}I‘ 3 CoBuondExf:h_la_ng; Chicago Stock Exchange -hicage Board o rade 3 N. Y. Produce Exchange A“?““e Members. o_f Minneapolis Chamber of New York Curb Association Commerce ) WASHINGTON OFFICE Main Floor, Woodward Building Office Open Until 5:30 P.M. Phone Main 2040 UGHLIN CHARLES R. ALLEY Assistant Manager Main 2780 Col. 2000 - 3 ¥ ) : of birth for i S A--u'n-..“}mf'"',n'i‘é.‘ JOHN CALLAN O'LA ROY GOPI : Manager Age 30 Send date Established 1843, M- § rance—All Branc Woodward Euildi Out of the Large Number of People Who Know How to Save, Few Know How to Invest FIRST TRUST NOTES as issued by us, will be found to be a safe and . sure method for the inexperienced investor. NFORMATION from ° time to time on opments affecting your * . secusities may enable you to improve materi- ally your investment holdings. It is part of our regular service to report facts by which te judge the se- curitigs which you held: and to keep you advised of any change in their status. . Consult Our Loan Department '1:1 ‘A Can Mark the Wa}*‘ ©» HE unfamiliar road is diffieult to _ travel when no guideposts mark the way. ) . Those who will inherit your prop- erty maysbe inexperienced. A prop- erly drawn Will points the way to be followed. As Executor and Trustee of your estate this Company will help vour heirs avoid the ways that lead to financial loss. It will be a faithful and unfailing guide. Write ar Call for Our Booklet, “Sidelights on Executors” Every Banking Service COMMERCIAL . - 3 % ON SAVINGS 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 8th gnd H Sts. N.E. . 436 7th St. S.I. by 60s at 114 and 39-inch 68 by 73s 19.—The auto- | at 12%. The raw silk market was mobile trade, usuglly brisk at this |very firm in Yokohama and here scasen, 18 in a slump today. The |day, but only moderate sales w + sprin, :gu'gmbll- show has been ::corded. Prices wi Iv:aunflly W~ al 5 eause the bligsard. | changed fro l&:«w‘ ‘-v ;ase of Canton 30 n; , Dive e sccestory deaters’ o iy, | copt T onss o Canten 30.08 ..E& SEATTLE, Februar. B. F. SAUL CO. '7'”, m;d Ma;.:.l.}!ve.: " Main 2100. ‘uizEgestNW. M0