Evening Star Newspaper, February 24, 1923, Page 11

* becaus OVER SO0 TOENIOY | BANKERS' DINNER Fess Chief Speaker—Invest- ors Here May Not Lose in Failure—Notes. Five hundred and sixty-three ac- ceptances to the annual dinner of the | Washington Chapter, American In- stitute of Banking, at the New Wil- lard tonight had been received up to noon today by James C. Dulin, jr., chairman of the entertainment com- mittee. Many out-of-town guests will at- tend the affair, which is the out- standing social event among the on- | * coming gencration of bankers, and as | ladies will accompany the |m-mb1~rsi of the orgunization @ most enjoyable | evening is anticipated. i There will be but one listed speak- er, Representative Simeon D. Fess of Ohfo. John J. Boobar will preside as toastmaster, and the music will be + Bupplied by Myer Goldman. Dancing :—rl;lmluuow the completion of the pro- Local Offices to Close. Announcement was made vesterday that the local offices of the Cleveland Discount Company, suite 723, Munsey building. will be 'indefinitely closed within “the next few da pending | the outcome of the receivership pro- | ceedings instituted by W. I. Hobple. | chairman of the parent company’s di- | rectorate. ~which oceurred in Cleve- land Thursday George A. Harris, local representa- tive of the company, while reluctant Lo discuss the company's affairs, on the ground that he is not famillar with them, authorized a statement last night "that in his opinlon local holders of the collateral trust bonds issued by the company, whicl he said, are secured by mortgages de- Dosited with the Harriman National Bank of New York, are perfectly well secured in their investmen $1,000,000 in Bonds Held Here. These bonds, according to Mr. Har- ris' statement, are practically the only placements made by the officers in the District and, for the greater part, are liens upon the Biltmore- Westchester Hotel of New York and the Wade Purk Manor Hotel of Cleve- 1and. All bonds secured by mortgages placed with the IHarriman Bank, Mr. Harris believes, are amply secured. according to him. the hank ercised careful supervision over the mortgage collateral deposits with it Mr. Harris said probab!y mor than 51000000 of bonds held in | this territory . Mr. Harris has only ing the company in until about ten davs ago. when he was promoted to a vice presidency of the bourd, having had in the concern’s management and has not attended a board meeting since his clevation District National At a directors trict National F th are been represent- Washington up \punds. ng of the Dis-| nk vesterday, Whar- med trust officer the ensuing vear. Mr. © general counsel for the tigutio ollowing Marper, b work will be st mezzanive floor Iiobert N, that th ng. Tnoun. rted at on al! n the rear of the b Mr. Harper said that owing to | cramped conditions of some of “the clericul force. due to the gro of | the institution in the past fi o it had been found necessary to supply | more room i The sixty-third statement of | the Equitable Life Society of | the United States gives evidence of the | company’s continued progress. The new | insurance written in 1922 totaled $495,- 000,000, exciuding over $45,000,000 of roup insurance. The outstanding in- surance on December 51 exceeded $3.-{ 000,000,000, L'pward of $111,000.000 | was disbursed to policy-holders and ben- cficiaries during the death claims, matured endownents, dividends, | annuities and other y ts. makin a total return of $1.395.676,000 to poii liolders since organization. Nearly $35.- | 000,000 has been set aside for dividends | to policy-holders in 1923 { A lurge Increase was made in the is- | sue of policies payable on the monthiy | income plan, as well as those taken to | rotect business interests and to pro- | de for inheritunce taxes. Over 95 per | cent of the domestic death claims were‘ 4 arfhual ssurance paid within twenty-four hours after re- veipt of due proofs of death. The state- nent calls atention to the broad scope of Equitable service and to many ineur- ance needs covered by the company's wide range of policies. WHEATPRCES POLNDED DOHN DURNG WEEK British War Debt Settlement Not! as Stimulating as Had Been Expected. { i i By the Assaciated Press. CHICAGO, February heavy selling which appeared to emanate from the east has pounded prices down in the wheat market this week despite stubborn opposition at $1.19 for May delivery. The selling appeared to be based largely on as- sertions that the world" probable carry-over of wheat on July 1 would | equal the pre-war average, whereas, | the food needs of Lurope had been reduced to & minimum by disorder and financial distress. Compared with a woek ag0, wheat prices this morning were 1% to 212 down, corn off % to . oats lower % to 1%ali, and pro- vigions up 2 to 22. Contrary to expectance in some quarters, the British war debt settle- ment at’ Washington failed to afford any special stimulus toward higher prices for wheat, and on one day for| the time since the world war there were no clearances whatever of do- mestic wheat from Atlantic and gult ports, notwithstanding an advance in sterling exchange to the highest .point since March, 1919, Delays to farm credit bills at Wash- ington acted as a further depressing influence on wheat values, and notice was also taken of an advance in fed- eral reserve discount rates. There were hearish reports current. too, that the Argentine government was preparing to offer financial assistance to exporters. Among_ the leading factors on the bull #ide of the market was the relative cheapness of wheat as compared with the general commodity list. Chances ! that serious damage to winter wheat lhiad been done continued likewise to exert more or less of a sustaining in- fluence on prices. Declines in corn and oats were due chiefly to sympathy with wheat. Provisions reflected better European demand for lard. —— POTATO MARKET. CHICAGO, February 24.—Potatoes weaker; receipts, 49 ca total United States shipments, 854; Wis- consin sacked round whites, 90a1.05 cwt.; dusties, 1.05al.15 cwt; bulk, ldaho sacked russets, .; branded, 1.90 cwt.: Minnesota and North Dakota sacked round whites, small, poor quality, 9215 ewt. CLEARING HOUSE REPORT. NEW YORK, February 24.—The ac. tual condition of clearing house banks and trust companies for the week ‘darve o 411837800, This 16 &n Ine o . erensa of 820016308 —Persistent | | & FINANGIAL, ; “NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. BY WILLIAM F, HEFFERNAN, NEW YORK, February 24.—Stocks Which have been admittéd to trading on the curb exchange recently held the center of speculative interest in today’s closing session of ‘the week. The new issue of Checker Manufa jturing was accorded special attention ,inasmuch as this stock “was offered |for public subscription at 55 and jopened 11 points above this price, jwhen trading started Friday. When |the subscribers tried to avail them- selves of what appeared to be a hand- some profit, the stocks broke violent- 1y and the same sort of selling re- sulted in a further drop today carry- Ing the price below 60. Butte and Western Mining, another newcomer, wus heavily dealt in again and managed to retain the greater P W YORK, February 24.—Follo ing is an ofcial list of stocks traded on the Curb Market today: Sales in thousands. New York Am Anaconda 6a Anaconda s Anglo-Amer 01l 7izs Armour & Co Tn. Armour (o Del 5 Atl G & W S Beth Steel 7 Teth - Steel Rostonsé ) 105 Y Gas Detroit Edison 6s Dunlop T & R 1l Cent Refg Kansas G & 8 Kan Cy Pow L 901, Kan Cy Terminal 8s. 1008, Kennecott Cop 78 .. 1041 Libby, McN & I 1005 Loulsville G & E Penn Power & Lt 5 Plerce-Arrow 88 w 1 Pub Sery of Bears-Roebk Shawsheen 7 Sheffield ¥y 8o T8 104 .10, D 100 o7ty © 1063 108 ) 2 Vacuum 0il 1 1078 FOREIGN BONDS, 1001y Republic ‘of Pery By 981 981 Ruwian Govt g+ 1413 Rosslan 14 ; . 01 140 131 w 10813 US of 304y STANDARD OIL ISSUFS. Tigh. Low. 18 10 Sales in_nnits, nxlo Am 0l ... Am Cor of § A TORIIP T, i Tnp 01l of Ca 0 tud P L ........00 6700 Tnter Pet Co Ltd. 10 Magnoila Pet. 5 Transit 0 N ¥ uew. 120 8§ 0 Ohio o 7000 Vacuum OIf new.. Sules. INDEPENDEN in_hundreds. Y OTL STOCKS ity Service ...... 191 ty Nervice pfd.. 9% 2 City Service B 19 Columbla_ Pet Creole Nynd 18, Washington Stock Exchange ital Traction .:21’000 at 97, $1,000 Capl at 97 , 45—$1,000 at 72 Capital Tri Washington Rwy. & Elec. D! Washington Gas Light—10 at b: Cpntinental Trust Company—10 at 90, 4 at 90,10 at 90. AFTER CALL. hington Gas 7145—8$1.000 at 1033, tal Traction 5s—$1,000 at 97. BONDS Bid and Asked Prices. PUBLIC UTILITY. American Tel, & Telga. 4 American Tel. & Telgu. 4%, Am, Tel. & Tel. ctl. tr. Bs. Am. Tel “Tel. couv. 6. Anacostia & Potomac bs. Anacoxtls & Potomae guar, b & P. Telephooe Bs. & P! Teiepnooe of ¥, ci C Capitul Traction R Tt City and_Suburban G. corgetown Tat Metropolitan 7 i Elec. . m. s STOCKS PUBLIO UTILITY. % F Liberty Lincoln National g8 Becood Washington 8 TRUST COMPANY, American Security and Trust Continental Trust. Merchant Bank. National Savings Union Truat Wash, Loto an BAVINGS BANK, ESREREEE B5s3 £ siigsE B Waskington Mechanica. FIRE INSURANCE. ) =558 TITLE INSURAN Title., . . te Title.. 8 MISCELLANEOUS, Columbia Graphophone com. Columbie Graphophone ptd. ... Merchants' Transfer and Btorage 1 Mergenthaler Linotype kt 0ld Dutch Market com. 0ld Dutch Market pfd;. Lanston Monotype. ty Storage.. ?.}“.E."‘S’.’L“‘"‘...:.....':_... N - 8a Columbis Real E: b 861 74 2% 'Ex-dividend, bonds_and | “ e |to m"wm ._THE EVENING STAR, WASHINGTON, art of its tecent gain. The new ssue of Independent Oil and Gas came in for considerable attention, but held only slightly above its sub- scription price. significant feature of the trading was the exceptional strength In Durant of Delaware in face of rather general realizing else- where. The stock moved up to 70 and met with comparetively little re- gistance during the course of the movement. There was nothing new in the situation of the company to | mccount for renewal of operations for the rise, New Jersey Zinc responded to the advance of $1 a ton In zinc prices an- nounced today. while on the other hand copper stocks made little or no response to the further increase in copper prices. In fact, heavy realiz- ing sules were encountered in Arizona Globe and the same sort of selling came into Ohlo Copper. Gold Coin, however, displayed the same firmn that has characterized it during t! past week. 20 Enginesrs Pet 30 Federal 0il 6 Glen Rock 01l 1 Grand; 14 ¢ 16 mphrey Ol Hudson 01l . Indepeud Oil & Gau Kesatone Tanger 20 Lance Creek ... § Latin Amer o oi Noble 0l & XY onl Qmar OIl & Gas 130 Bouthern P & K. 17 Eouthern States Ofl 220 Texon Ol & Land. i1 Turman Ol 3 Wileox Ol & O INDUSTRIALS. 68 Acme Coal .80 1 AUt Koi oo 3 u tters Hobe 23 10 Amal Leather e iy Am Gas & Elec'... 188 2Am G & E new wi 341 Am Hawailan § 8. 181 G5, et pra: o3 2 1n3 it S8E8 3528 Atsate Frult Borden & Co . Horne Berymser ... Biiya Citr R R Buddy Buds Brit Internatl oul prd 1 (‘enmrusfl Ir_Pipe 13 Chicago Steel Wheel Central Teress .. ry Ribbon Miil E o 8t Whi pt Chicago Nipple . Cleveland Motor .. Checker Cub Mfg Co Columbia Carb vt cf Cox Cuyamel Fruit . Durant Motor .. .. Durant Motor of Ind Ford Motor Co (s Gardner Motor Gillette Bafe! o Alden ¢ Goodyear Tire 5 Goodyear Tire p Hanoa, M A, Househqld Trod Heyden m .. Hocking Valley Prd Hudson & Men R R 2 Hudson Co pfd Hydrox Corp . Industrial Fiber C Inter Cont’l Rubber Lake Torp Roat pfd Libby, MeN & L" Mercor Motor .4 Mercer Mot vot cf.. tiona Dept_ tore ¢ Sup Co of Del. w Fiction Pub Co 'Y Transportation N Y Canoers ..... Oselda Corp . Peerless Motor ... Penn Coal & Coke. Pub Berv N J pf nw 100 Radio Corp .. 3 =ldm l(o‘rl! E! epettl Candy Reo Motor Rosenbaum Gra! Sechulte Stores Bo C &1 . Stutz Motor . switt Tatl ] Technical Prod | Eiec Power. T Todd cco Prod Expi Ship . Thread Co pfd Tulon Carbide - TUnited Prof Sh new Tult Rétal]l Candy. Tnl Ret Can Fr 8k Uni_Shoe Mach Co. U S Lt & Heat U 8 Metal Ca Wayne Coal . Willya Corp i Wil Co 1st pf ct de Yale & Towne new Yellow Taxi N ¥ MINING. Argonaut Gold Ltd Am Command Min | Ariz Globe Copper. . 110 Big Ledge . 3 20 Bison Gold ' 10 Boston Mont Cor, 66 Butte & Western s B S EE s FERPELTS - 3t A S nEpamnn g PR 13 Baze TET - R 2 22232 8 et 2R 30 Canads Cop " 10 Canario Copper. 170 Candelaria Min 2 Chief Cons Mini 3 Continental Mines 20 Con Cop Min tp cfs 10 Cop Canyos . 22 Cortez Silver 7 Cresson_Gold 20 Dean Cons 12 Dryden Gold"'. 10 E1’ Salvador ... 30 Emma Silver .. 80 Kureka Croesus .. 20 Pirst Nat Cop. 200 Fortuna Mine: 150 ldfield De: D. 430 Goldtield Deep Min 169 Goldfield Florenc 0 Goldfield Oro 40 Gold State . 10 Goldfield Jack 10 Gold Zone . 17 Gold Coln Tx Hardshell Min . 1 40 Hill Top 152 & e .‘, 20.8a0 o B Baool £ 2358325kEENRRE PEEREER hebEa 2 Hecla Mine 5 Howo Sound '| 130 Independence 20 Jerome Devel 300 Love Btar . 16 Mason Val . 10 McNam Cres Dev. .| F PN G EEE R iE & 3 258214 ES 100 Richmond Copper.. . 50 Bil Queen Min Corp 70 il Mines of Amer 340 8i1 Ki Div min reor 20 Silversmith mines.. 9 8o Am Gold & P. 30 Spearhead Gold. 82 Teck Hugh 18 Usited Easiern 32 United Verde Ext. 10U 8 Continental.. . 1 United Ziac Smelt. .’ 1 West Bnd Cons . Yukon Gold .. —_— EARNINGS SHOW GAIN. BALTIMORE, Febrdary 24.—The Western Maryland rallway's state- ment of estimated earnings for the week ended February 14 showe an in- crease of $389,034.74, or 13 per cent over the corresponding week last totaling $425,044.73 against $376,009. @ year ago. Earnings for the current fiscal year to February 14 amounted to $2,565,286.280, an in- cred of 15 per cent over the cor- responding period last.year. B. & 0. ASKS BOND ISSUE. BALTIMORE, February 24.—The| application of the Baltimore and Ohio Railroad Company yesterday to the Interstate Commerce Commission for erm| n to issue 3,770,000 of its per cent refunding and general mortgase bonds was o formal pro- 00ding by wi company seeks s ita treasury for capital 1 STOCK DIVIDEND in First Case of Kind. Millions Involved. Sl Permission was given the Louis- | ville and Nashville raliroad today by ! the Interstate Commerce Commission to | fssue $45,000,000 in new stock and dis- ) tribute it as a stock dividend to pres- ent stockholders of the company. Two conditions were attached to the permission’ under the terms of the commission's decision. By one of them, the Louisville and Nashville Company is bound to retain all of its present holdings of securities of sub- sidlary corporations and to refrain from disposing of any of them until | specific permission of the commission is procured. The second condition is that (he company refrain hereafter from capitalizing in stock or bond issues the values arising from any expenditures for improvements, bet- { terments or additions to its line' made % | prior to October 1, 1922. The stock dividend, the first which any rallroad corporation has been authorized to make by the commi slon since it was given power under the transportation act to supervise capital issues of transportation com- panles, was declared by the railroad on the ground that its present issues of stock did not fully cover the valaus in- in treasury. or the value of new vestment put into its properties recent vears from earnings. STOCK JUMPS 4 POINTS. I. C. C. Report Starts Buying Wave in Louisville & Nashville. By the Associated Press. NEW YORK, February 24—Louis- ville and Nashville stock jumped 4 points to 154%, following the an- jouncement. that the Interstate Com- erce Commission had granted the road permission to issue $45,000.000 in new stock and distribute it as a stock dividend. This price repre- sents an Increase of nearly 25 points from the low mark this year. Atlan- tic Coast Line, which owns approxi- mately 50 per cent of the Louisville and Nashville stock, also made a sub- stantial gain. —_— * 853,289 CARS LOADED. New High Mark Compared With Previous Years. NEW TYORK. February 24.—The loading of revenue freight totaled $53.289 cars during the week ended February 10, according to reports flled by the carriers with the car service division of the American R way Association. This figure set a new high mark for that particular week, as compared with previous vears, although the total was 12,386 cars below that reported for the week ended February 3. Compared with the same week of 1922, the gain was 75,498 cars, and compared with 1921 the gain was 165,422 cars. Coal loadings amounted t3 190860 cars, & decrease of 1,929 cars, as com- pared with the same week of 1922 Grain and grain products totaled 40,930 cars, a decrease of 13,070, as compared with the year before. Gains over the corresponding figures for 11922 were reported in the ioading of 64,310 cars with forest products, an increase of 12,316 cars; 499,605 cars with merchandise and miscellancous freight, a gain of 62,379; 15,188 cars with coke, a gain of 7, cars with ‘ore, & galn o Guif Btates Steel Co., Guif States Steel Co. 2d pt. Inspiration Aprid May April Aprit Apri) 2 Mar. 15 April 2 i 1 1 1 Rwys. Co. 1 f. 3 Tllrz ge'u Mfg. Co., §1. Ma) = BOSTON STOCK MARKET. BOSTON, February 24.—Following is & list of today's highest. lowest and closing prices for the most active stocks dealt in here: 0 L 128 3 11 145 20 828 h.. Low. CI Alloues 2% Arca; Am Tel & Tel Amoskeag . Arizona Com Boston & Albany. Boston & Malne. Calumet & Hecls Carson Hill Min Copper_Range . Davis Daily Fast Butte [ Island © Libby M Mass. Gi Mayfower O » < 103 1 ™" 8% e - w_Corns North ‘Butte 014 Dominion "+ 238E8Ba2 S5 ' 3 £52..850 281 = RFE £5,.858,.28 TR EFEE i 4o “\i o5 281 %0 16 MELLON ASKS $8,786,500. Seeks Funds for Marine Hospitals and Quarantine Stations. Appropriation of $8,786,500 for con- struction and repair of marine hos- pitals and quarantine stations was asked of Congress by Secretary Mel- lon Included in the eati- mats propo for new ho pitals at San Francisco, Seattle, Ne: Orleans and at a_polnt contiguous to Galveston and Port Arthur, Tex. A new quarantine station to cost $500,000 was recommended for Sabine Pass, Tex. % i o, 3 Capadisn Pa Canadien P Producers and Texas Gulf Sulphur, q Laclede G North g At of securities held in the corporation | 367, and 10,110 £ 6.043. | Conditions Are Those of November, 1919. ;‘ BY STUART P. WEST, Special Dispatch to The Star. NEW YORK, February 24.—The most discussed question in financial circles at the close of the week still was the action of the federal reserve banks at New York and Boston in raising their discounts from 4 to 475 per cent. One view was that it was simply the readjustment of rates in these sections to the level prevailing {in other parts of the country and that |besides it was putting official rates {in alignment with the higher r in the open market. The sther view was that it was a warning, however slight, against which had scemed tor the last month or more to be a tend- ency toward overspeculation in the stock market and in the commodity markets. Undoubtedly the true ex- planation lies along hn:h of these lines. There is no parallel betweey pres- ent conditions and those in Novem- ber, 1919, when the reserve banks be- |gan - their series of discount \creases, which, starting from ver cent level. culminated i {ver cent of May. 1920. In the 1919 rediscounts secured by :ment collateral were nearly s what they are now, noic t culation was nearly a billion larger, while gold holdings were nearly a billion less. Under these circum- stances and with a reserve ratio down closa to 40 per cent, the reserve sys- tem had to put on the screws as a the 4 the 7 n four measure of protection to to the entire business the nztion. Speculation lively at Advances. No such necessity exists at the present time. But it is a fact that stock exchange loans are again pretty well extended, that some of the re- cent performances in the stock market have been excessive, and_that along With the expansion in Wall street business, has gone a lively specula- tion at rising plices (n cotton, in sugar and in parts of the metal trade. The rise in commodities, whether influ- enced or not by speculation, has been general and on the average quite rapid. All this calls for a larger use of funds, and what the federal re- serve action takes cognizance of is the concomitant rise in the value o money. As “the money value goes up the value of bonds and other investments the income upon which is fixed, come: down. The bond market of the weck has certainly borne out the statement repeatedly made that. the main ad- vance in investment prices ceased last September, and was not likely to be resumed Little Effect on Stocks. The stock market has not inter- preted the federal reserve action as command for an immediate halt. Still the raising of the discount rate has had a sobering effec! STOCKHOLDERS MAY BLOCK RAIL MERGER Nickel Plate-Clover Leaf Deal Threatened by High Stock Price Demands. itself and interests of | | 1 By the Associated Press. LAND, Ohio, February 24— ! Plans to merge the New York, Chi- cago and St. Louis (Nickel Plate): the Toledo, St. Louis and Western (Clover Leaf); Lake Erie and West- ern, and, two small railroads con- ests may be blocked by efforts of some minority stockholders to secure “top-notch” prices for their stock through the courts, it developed here today. Attorneys for the Nickel Plate were | directed by Common Pleas Judge Al- ivin T. Pearson to file their answer { this morning to a suit filed Wednes- day by Bryan R, Dorr of New York for @ mandatory injunction to compel officers of that railroad to show him, as a stockholder, the company’s rec- ords. Hearing of the suit was set for Monday. A concerted miove has been initiated in New York, according to advices from that city, by some stockholders to take advantage of an Ohio law under which any stockholder who de- mands, must be paid the highest mar- ket price the stock has reached in two years. The advices also state that the books of the three principal units in the proposed consolidation have been closed. What bearing this will have on the suit of Mr. Dorr could not be learned. The Van Sweringen interests men- oned above are the interests which o the til recently took over control Chesapeake and Ohio railroad. —_— DUN’S TRADE REVIEW. More and More Reports of Demand Exceeding Supply. NEW YORK, February 24.—Dun’s re- view today says: “It is not & sign of business reaction that retall trade and railroad traffic have been hampered by further storms in different sections. This is a tem- porary phase, natural to the season, and does not imply any change in fun- damental conditions. Fluctuations in volume of transactions obviously are to be expected, as weather influences or other factors affect the markets, but nearly two months of the new year have shown conclusively that the main trend is toward expansion. “Reports of demand exceeding supply, of the allotment of outputs and with- drawal of offerings are heard only dur- ing active periods, and they are becom- ing more common now with each pass- ing week. The noteworthy revival in the steel industry, where fully a 80 per cent rate of operation has been reached by the principal producer, is an out- standing feature, but the domestic busi- ness recovery is widespread in scope. w;'?yukly bank clearings, $6,051,385,~ NEW YORK RESERVE BANK. NEW YORK, February 24—The statement of the condition of the Federal Reserve Bank of New York :; the close of business February 21 ows: ‘Total gold reserves, $1,004,316,438.76; total reserves, $1,024,724,977.76; bills discounted, secured by vernment. ‘war obligations, for members, $19¢,- ;10:,‘}'0';. others, l:i, 73,705.60: n open mar] Wt‘! bills on hand, , 741, total earning assets, $311,348,991.15; uncollected items, $163,845,844.59; due to members, reserve account, 3707, ; total deposits, $727,739,. rve notes in actual ulation, $569.795,308; ratio of total deposits and federal re- liabilities combined. 79 81 ships, n_to) in-| _{have in speculative | trolled by the Van Sweringen inter- | D. 0, SATURDAY, FEBRUARY 24, 1923. 1L &N.TODISTRIBUTE |Rediscount Step Considered B G (114 Readjustment and Warning ! | 1 Railroad Granted Right by L. C. C. | [dea of Sharp Market Break Scouted, as Wholly Unlike quarters, especially in view of the |prolonged and extensive advance sincé the first of December. There is an implied threat that speculation cannot go on- at the pdce it has been, especially during the last fortnight, without the banking authorities in- terfering. In the old days before the federal reserve, when it was a case of every bank for itself, it was the custom not to adopt repressive meas- ures until reserves had fallen below the legal limit. Then would come a violent rise in money rates. agcom- panied by a sudden and drastic cur- tailment of the loan account Federnl Reserve To Rewcue. The federal reserve system w created precisely to obviate this evil. Its function was to prevent ugly credit situations arising, and not simply to correct them once they existed. The federal reserve was severely criticized for letting the in- flatfonary movement of 1919 go as far as it did. It may be presumed that this lesson has been learned and that there will be more care taken to deal now and in the future with epec- ulative expansion before it reaches the danger point. The rise in sterling exchange closer to pre-war parity than at any time in the last four years has been one of the moxt significant incidents of the week. It does not, however, sur- | prisc students of thé situation, who ] ed all along that Great | | Britain liilled all the requisites I necessaty for her currency to be re- stored to the old-time parity with the dollar, and that the attainment of this end was only a question of a limited time. European Influences Secondary. It has at all stages beln clear that the British pound was not influenced in an {mportant way by developments on the continent of Europe, but was merely reflecting the improvement in the home and forelgn trade, the suc- cessful handling of the budget and the funding of the American debt. The continental exchanges stand al- most exactly where they did a week ago. There has been no further de- preciation, but neither has there been improvement. This exactly sums up sancial judgment of the course of events in the Ruhr. Things there are gotting neither better nor worse, but the meantime both Trance and Germahy are beginning to feel more und more the pinch. Latest reports on business condi- tions in France are unfavorable. The Gocline In the franc has been an um- scttling influence and so has the de- fic in the coal supply. | Beyond ct that an agreement has been hed for & $50.000.000 internal German loan, the exaat financial posi- tion in that country remains obscu Each week seems to see inflation of | paper currency carried to more extravagant lengths, yet the mark has ceased going down. It is hard to cxplain this except on the Sup- position that German financfers feel thut the measures now apparently begun will he successful in stabiliz- ing the mark, despite the enormous inflation still going on (Copyright, 1923.) COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PHILADELPHIA, February 24— Hardware dealers here predicted today that business in 1923 would show in- creases of from 25 to 40 per cent over last year as a result of building con- | struction. They declared that retaflers | were being hard pressed by chain stores | {and mail order houses, and stated that |only caretul reduction of overnead and aggressive selling methods enabled re- | tailers to show a profit. CHICAGO, February 24—Some im- provement is noted today in fresh beef. Brokers in canned foods expressed dis- appointment that buyers are not taking ; on contracts for 192§ pack as freely as expected, PITTSBURGH, February 24.—Inde- pendent crude oil buyers are still paying premiums up to 25 cents a barrel on Pennsylvania grades. Producers with oil in storage are showing no anxiety to sell at advanced prices. i NEW ORLEANS, February 24.—The recent cold weather has checked th | early growth of vegetables in this sec tion, but their progress was already so ' far ‘advanced that the delay will not | bring shipments to market much after the usual time. i SHARON, Pa. February 24.—While the company showed a net loss from operations in 1922, President S. P. Ker | declared today tlere is now a large demand _for the products of. the Sharon Steel Hoop Company. Pros- pects for this year are bright, this authority says, YOUNGSTOWN, Ohio, February 24. The Truscon Steel Company is about ready to start work on an addition to its plant here, which will increase its working force about 20 per cent. The company is handling the largest ! volume of business on record for thi period of the vear, it is officially stated. i | | | { | i i KANSAS CITY, Mo, February 24— | With winter aimost over, the fur | market is easing off and réceipts to- day showed they are deteriorating in quality. LANSING, Mich., February 24.—Dr. | David Friday, president of the Michi- gan Agricultural College today pre- dicted dollar corn and higher wheat prices for this year. WEBB CITY. Mo, February 24— The local chamber of commerce is today planning its campaign to fur- nish seed free to every farmer who will plant an acre of cotton. The ob- ject is to prove that the climate is adapted to the crop. Tobacco and broomcorn are other crops which the farmers of this section are being urg- ed to grow. GOLD STANDARD RAPPED BY N. DAKOTA SENATOR Ladd Declares Banking System of United States Is on “Dis- honest Basis.” The banking and currency system of the country, built upon a “dishonest gold basis,” was attacked in the Senate yesterday by Senator Ladd of North Dakota, republican and Non-Partisan Leaguer. : Attributing the growth of poverty in the United States to what he charac- terized as basic faults in the American banking system, the North Dakota sen- ator asserted that “the present move of international bankers for an economio council to adjust German and stabllize the mark is an ipterna- tional subterfuge to entangle the United States financially with the bankrupt countries of Europe.” —_— TRANSFER COL. RIVERS. Col. Willlam C. Rivers, 3d Cavalry, commanding the post of Fort Myer, Va., has been relieved of that duty, to take effect March 1, and assigned to duty in the offiee of the inspector general of the Army, War Department. His succeseor at Fort Myer bas ‘announced, {15 per cent of the taxpayer's net in- FINANCIA INCOME TAX FACTS. " Ne.23 Charitable contributfons, an allow- able deduction, constitute a consider- able item in the income tax returns of many taxpayers. In computing net income & taxpayer may deduot from gross Income oora:llbuuons or gifts made during the able year for ex- lusively public purposes to the United States, any state or territory, any political subdivision thereof (city, town, county or hamlet), or the Dis- trict ‘of Columbia. Other allowable contributions are those made to any Corporation or community chest, fund or foundation operated and organized exclusively for religious, charitable, solentific, literary or educational pur- poses, including posts of the Amer- ican Legion or women's auxiliary units of such posts, or for the pre- vention of cruelty to children or ani- mals, no part of the net earnings of which inures to the benefit of any private stockholder or individual; also to the special fund for vocational rehabilitation. Such contributions are allowed to an extent not in excess of come, computed without the benefit of this deduction. Gifts made directly to an individual are not deductible, but if made to an organizataion of the kind described may be deducted even though the organization distributes its funds among Individual beneficiaries. Deductions for contributions for po- ltieal ‘campaign purposes are ex- ressly prohibited by Treasury regu- ations. In order to be allowable con. tributions must be deducted for the year in which actualaly made. Prom- ises to make future contributions should not be considered by the tax- payer. s 30-CENT COTTON NEAR. South Excited Over Prospect of Great Prosperity. Special Dispatch to The Star. ATLANTA, Ga., February 24—~The practical certainty of thirty-cent cot- ton has quickened every channel of trade throughout the south. Atlanta today re- for goods from all over the southeastern terri. tory, reflecting marked business im- provement and predicting big spring retall sales. Cold, yes; but the mercury mark s not yet as low as the German mark.— Providence Bulletin. First Mortgage Loans Lowest Rates of Toterest and Commission. Prompt Action Th 5 3 omas J. E;:h‘z.rh f ,,58""'“" Inc. Co-Operative Building Association Organized 1879 43d YEAR COMPLETED * Assets $4,657,950.58 Surplus $1,180,880.91 Systematic Saving A plan to make saving easy— Save a little each pay day and vou will be surprised at the amount accumulated in a short time. Subscriptions for the 84th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F 5t. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. Money to Loan Secured by first deed of trust on real estate. LOANS . If you have money- to invest, we - can . safely place it on gilt-edge first place:: aiiredps frs Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. Place Your Vacant and Rented Houses With —a reliable and prompt remit= ting agent. We advertise exe tensively and produce satise factory results. Over Thirty Years of Real Service SFONE & FAIRFAX Member Washington Resl Estate Boeard 1342 New York Ave. N.W. LOANS From $100 to $300 on D, C. re estate and household goods or chat- tels. 7 per cent nterest. No broker- age charged. Pay your bills and owe guly one drm. o Jommerci an & Finance Corporation Room 211, 921 15th St. N. &, = o (UL T T T LU L T T T I Hnm e afe Security ound Methods atisfactory Service —are outstanding elements of the desirability of investing in our 7% First Mortgage Notes Desirable Investing depends 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. Notes now on hand in de- nominations of $250 wup to Certified Title furnished with_each purchase. Collect- ing, remitting interest and all details attended to by our Loan Department. Chas. D. Sager 923 Fifteenth Street N.W. Loan Dept., Main 36 LT DTS T LU DL T LT Prevailing interest ard commission. Joseph'I. Weller &8 was: L & Teost For Better Service Prompt Remittance in RENTS Consult Our Dept. B.F. SAUL CO. 1412 Eye St. N\W. Phone Main 2100 MORTGAGE MONEY 5% and 6% An unlimited amount to loan on desirable hotels, office buildings, apartments or centrally located business in amounts of $1 LOW FEES PROMPT ANSWERS EARLY CLOSINGS HANNON - & LUCHS 713 14th St. &{opcrties in Washington, D. C., ,000 and upward. Main 2345 GILTEDGE SECURITIES | 7% First Mortgage Notes Secured on Improved D. C. Real Estate Il Appraised by Ex rts of 35 Years’ Experience Without a Loss Offered in Denominations of $250 and Up A Good Investment. WILL PURCHASE First and Second Trust Notes Warehouse Receipts, and Make Construction Loans National Mortgage & Investment Corporatio! 811 Vermont Avenue N.W. ON FIRST MORTGAGES 1207 Gonnecticut (Boenue