Evening Star Newspaper, March 31, 1923, Page 19

FINANCIAL, RAILWAY GOMMON WEAKAT64 341065 Bonds Steady—The Unlist- ed List—White Motor Co. Earnings Good. BY I A. FLEMING. first time in some days considerable trading in ailway and on the local exchange. ares changed sule at 65'% and the t of the suctions all at 65, re stock was offered at this price, amd the bid was lowered to 64%. ares sold to the ex- six shares at 73% to Yor there Washington common stoc! In all ands, th the was five Preferred of f share of Capital Traction ading was rather slow, with alty long term, selling Potomae General Mortgage it 100 and Railway 4 per 1o White Motor Company. White Motor Company sules of of § 4 su 1 gain over the of 1921 profits for the vear were $3,- Ti Dividends were continued sy at 8 per cent, which suaintained uninterrupted- the company was inc and $1,798.409 carried to sur- aunt loans were reduc v on_hand incre to $2,528,9 o its custom pape ting. White outpu “xceeded only by that Motor Company. Unlisted List. Wishington Stock Exc quotations. for follo 1 -tocks and bonds as follows: UNLISTED DEPARTMENT. HONDS. shows A £1,600,000 from $1 comp without valuation of the nge Last axked. S : i 10 SIS h.\ Mor i ate Title Tus. iiales Linotype—1 at 170. ER CALL. Bid and Asked Prices. PUBLIC UTILITY. Bid. Asked. 1Y pin Pack Hotel 6 STOCKS. PUBLIC UTILITY, & Telga..... teumboat. cou. . & 1t raxi ¢ Tast 1 NATIONAL BANK. mierce and Washingto American Lo Fir < National Union 5 TITLE INSURANCE, Columbia_Titl Lical Estate Tif MISCELLAN Culumbia Graphophuoe com «Clnmbia Graphophone ped. DOC Paper pld...ee e . Lignster & Storuge. To © Linotyp EXCHANGES CLOSED. NBW YORK, March 31.—Cotton, cof- fee and sugar exchanges here are clused today. All foreign markets also are closed. NEW ORLEANS., March 31.—The cotton, sugar and rice exchanges here are closed today because of the East- er holi NEW C. & 0. BOND ISSUE. The Chesapeske and Ohio railroad reported to be around a figure to 8,000,000 cqui carly next week o reported to . 5 per cent. form, The offering price ound a figure to Maturities will be WOOL MARKET ACTIVE. BOSTON, March 31 (Special).—The wool market here was broader today han for some time. The tone vias hardened by the general wage in- creases regantly made and expected after Mondav. The market was firm and the texdency upward in new business on goods, yarns and topm. Electric ving ment trust certificates | THE EVENING STAR, WASHINGTON, D. O, NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office. BY WILLIAM P. HEFFERNAN, NEW YORK, March 31.—Another severe break in Armour & Co. of Delaware today forced that stock to a new low record, while the 5% per cent bonds sold considerably below the Thursday closing. Wi Reports Thursday and again today of the dissolution of the syndicate Wwere accountable for the extreme \\"enkness on both occasions. Swift & Co. bonds were actively dealt in, but NEW YORK, March 31.—Following is an official list of bonds and stocks traded in on the New York Curb Market today: Sales in BONDS. thousands. " 1Allled Packers 0. 3 Allied Packers fn .. 7 1 Alim 78 new '83. 0 105% 1 Am Cotton ON 6 .10 &9 5 Am Gas & Elec 65 94 1 Am ¥ Am 905 01 s 90 817 1028 10013 1061 i3 91 101 aklo-Am Ol 71w Armour Co Del 51y 16 Beaverboard_sw 1 Beth Steel 7s ons Textiles 85 ... eere & Co Tt Detroit City t Dualop T & R Fisher Body 6s 1 Grand Treuk 6 Gulf Oil of Pa_38. 3 Hood Rubber 7 . llinoix Cent Rfg r R T & Cop ST 1T dul Osage 21 United Oil P, 10 Vucuum Oil 7s . 1 Valvoline 01l N BONDS. RTIA in nnits 800 Angl 600 Atiantic Lobos Buckeve I, . Coutinental 01l Cumberland P L ... 1 Humble 0 & R new Tilinos P I ... 1 Imp Oil of Cauada 12015 Indiana P L ..... 100 Inter Pet Co, Lid. 22t Magnolia Pet Ohio Ol _new Prairie Ol & Prairie Pipe Line, ith Penn Ol . Southern P L § 0 Indiana 5 0 Ki Amer 0il 600 10 120 10 7000 100 200 3 3800 3 500 Sales in hondreds. Omar Fuel 0 Hig_Indinn O Hoston Wxo 0i Brit-Contr 01l ¥ Carib Syudicate Cities Service ... Cities Service pfd crvice pfd B ervice B of Creole Syadicate .. Derby 0 & R w i : i DENT OIL STOCKS, Harris Cons Pete. Hudson 0il 5 Latasette Lyons Pet . Mammotis 011 falled to be affected by the movement of Armour issues. Schulte Retail Etores again was-the feature on the side of advance, open- ing two points higher, and reaching 91% before the upward movement was halted, after establishing a gain of 131 points on the week. Trading in oily was quieter, with the Standard issues inclined siightly lower. Southern States continued the active leader of the independents, re- flecting the recent optimistic utter- ances of President Ferris. —— 8 Penn Beaver Ofl Peanock Ofl . 0 Red Bank 01 . 2 Creek new. apulps Refin . Seaboard Oil . Santa Fe 0 & Southern P & R Bouth States Oil Texon 0il & Land, Turman _Oil. RowalZia FEFE FE # INDUSTRIALS, Acme Coal. Armour & Co Arm Co of Del Buddy Buds. Cent Teresa, . Centrif Tron’ Pipe.. Chicago Nipple..... Colorado Pow & L. Col Carb Co vt cf. Cosgrove Exp Brew. Curtiss Aero. Cuyamel DL & 1d. prd. S o ZaeaSFvon Dubfiier ¢ & Radio, Durant Mot. Equitable Trust. Gardner Mot. Edmund & Jones. Gillette Saf R nieea Db e g0 b i e D W ranty Tro: Gt West Sug new. Heyden Chem Hydrox Corp.. Irving Colum Trust. Impl ~Tobacea. . Intl Contl Rubbel Kuppenhelmer Co... Lehigh Power Sec.. Nat Supply of Del Oselda Corp. Peerless 3 Peun Coal and C Prima Radlo Co.. Radio Corp ....... Radio_Corp ptd... 5 Reo Mot i Rosen Grain Corp B3% Schulte Stores ... So C & I. 5 Springfield B witt Lol % Torbenson A Priangle Tn Prt Si 3 United Retatl Candy 50U 8 Lt & Ht.... 0 U S Lt & Heat pfd MINING. Arizona Globe Cop. . Roston Mont Corp. . Butte & Western Canarlo Copper . Candelaria Min ... Con Cop Min tmp ¢f Cortex Silver Com Tun & Dri Eureks Croesus. Fortuna Minex Forty Nine Mines. . Goldfield Deep Mine Goldfield Florence. . Goldfield Juckpot Gold Coin Mining. . Gold State "....... . Hardshell Min .... 06 i Top Nevada.. sestake Ext ... Hecla Mine Howe Sound . Independent Lead .. . Jerome Devel ...... La Rose Min McKin Dar Mohican Cop fonal Tin ew Domin (¢ ew Jerney Zin Porcupine. . ‘o1 06 81 13, 4 Cop ... s Mercules In 2 Red Warrior ... Richmond Copper Silver Min of Am Sil King DI M re Sil_King Cony Silveramith Spearhead Gold Stewart Mines St. Anthony G Mi Teck Hugh: LT Tono Montana 13 Tono Cash Boy.. 11 Tonopah Divide .. .72 Tonopah Extens . Tono Jim Butler United Eastern . . United Verde Ext 381 U S Continental .17 Un Line e o1 1 Mines' .54 03 65 1% Tig i {FOUR ROADS MAY ISSUE SECURITIES Norfolk & Western Among Lines| Being Granted I. C. C. | Approval. Four raiiroads got permission from | the Interstate Commerce Commission today to issue new securities. i ! The Pere Marquette will put out the | largest issue, a total of $12,826,000 in first mortgage 5 per cent gold bonds, which It is authorized to sell at any time up to September 21 at not less than 91 per cent of par. The cor- poration was further authorized to use $9,995,000 of the issue as collat- eral for loans which may be made to it or have been made by banks or {others. | The Norfolk ana Western was au-| i thorized to issue $8,000,000 in equip- | jment trust certificates, to be sold at not less than 95.5 per cent of par. i Pittsburgh, Youngstown and | Ashtabula got approval for an issue: {of $3,789.000 of first mortgage 5 per {cent bonds, payment for which will be guaranfeed by the Pennsylvania company. { _The Illinois Central and two of its subsidiaries, the Chicago, %t. Louls and New Orleans and the Canton,{ Aberdeen and Nashville, were author- ized to issue $3.168,900 of 5 per cent jolnt bonds. —— WAGES ARE INCREASED. Dollar-a-Day Boost in West Ches- ter County Effective Tomorrow. | | NEW YORK, March 3L.—A dollar & jday increase in wages for between | 8,000 and 10,000 building trade union workers in West Chester county will Lecome effective April 1, by an agree-; ment announced last’ night. The! { contract. which advances wages from | $8 to $9 a day, will extend to July 1, 1924. A half day Saturday and an eight-hour day during the week also are stipulated. BAR SILVER QUOTATIONS. NEW YORK, March 31.—Forei] bar silver, 6$3%: Mexican dollars, 52%. i BOSTON STOCK MARKET. | BOSTON, March 31—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here: High. REA % Low. Close. | AR 1 1214 | W oe e e | 4410 1087 | 17 10515 | 1004 5% | Almeek ... American T g 1 Amoskeag ..o Calumet and Arizona Mass G Mayflow Mohawk . ew Cornelia.. 0ld_Colony. Osceola . Swift & Co.. Shoe Machine. Tuolumne Venturs Oil. Tn Imper: nity Gold ... Bk 10 West Eud Ext.. .03 120 Wettlaufer Lo Sil. 18 SIMS MAKES PLEA FOR PREPAREDNESS Says Military History of United States Is Disgraceful and Appalling. By the Associated Press. SAN FRANCISCO, March 31.—The military history of the United States was characterized as “disgraceful” | and “appalling” by Rear Admiral Wil- | {llam S. Sims, retired, in an address before the Commonwealth Club here. Unnecessary sacrifices of blood and treasure as the result of unprepared- ness form a record of which America cannot be proud, he said. Admiral Sims said there was great need for submarines and alrplanes as a first line of national defense, and urged establishment of naval bases In mid-Pacific, especially at Guam. He criticized the Navy Department se- verely for its conduct in the last war, asserting that attempts were made to handle from Washington situations which should have been directed from nearer the scene of hostilities. Speaking before the English-speak- ing Union, the admiral launched a broadside against the Ku Klux Klan, political farm blocs, Sinn Feiners and Mayor James R. Curley of Boston. “The Ku Klux Klan is the most pernicious, most cowardly bloc,” Ad- miral Sims says. “It assumes the right to be judge, jury and execu- tioner. Its methods enables bands of criminals to commit murder with comparative immunity behind masks.” PAPERS INCREASE PRICE. Fonr Dailies in Springfleld Ad- vance to 2 Cents a Copy. SPRINGFIELD, Mass, March 31.— The Springfleld Union, the Evening Union, the Springfield Republican and the Springfield Daily News announced today an increase in price from 1 to 2 cents & copy effective Monday. The Union, and the Republican reduced their price from 2 cents to 1 cent a year ago. The Springfleld Daily News has always sold for 1 cent, except its mid-week issue, which sold for 2 cents. The dnnouncement that will be carried in tomorrow’s edition of the Springfield Union says in part: “For the benefit of other newspapers that may have been interested In the excursions of the Springfield press into the fleld of 1 cent journalism It seems permissible to say that the venture offers no_attractions. From the view- point of the newspaper it is economically wrong; from the viewpoint of the read- er, it goes against his sense of the fit- ness of things. He does not want to pay more for anything than it is worth, but lie does not want to pay less than a fair price, and 1 cent is not a fair price for a’ newspaper that strives to meet the needs of an intelligent public.” —_— Rabbits quickly learn to drink cof- fee with plenty of cream and to eat ground coffee sweetened with sugar, & does them 0o DASW SDPATIRLLY, - - STOCKS AND BONDS LOSE DURING WEEK Financial Review Shows De- clines, Partly Due to Over- bought Conditions. NEW YORK, March 31.—Although business conditions in virtually all lines of trade and industry contin- ued to show marked improvement, stock and bond prices lost ground during the week in response to heavy speculative selling, founded on ru- mors, which later proved to be er- roneous, that another increase in the federal reserve rediscount rate was impending. While these rumors furnished an excuse for repeated assaults on the general list, the course of prices in- dicated that the market had de- veloped an overbought condition, with the professional sponsors for the rise unable to attract a sufficlent- 1y large outside following to main- tain the upward trend. Althcugh predictions as to the duration of the present bull market, which has run, with few interruptions, for nearly two years, vary from a few weeks to nine ‘months, there is a consensus of opinion that the public is much more discriminating in its choice of stocks and that speculative excesses in the last phases of the market will not become as violent as they were in 1919, Rall Reports Disappointing. February railroad statements, on the whole, were rather disappointing, but this was explained, in part, by the fact that a year ago the ship- ments in February were larger than usual in anticipation of the miners’ strike and that this year the un- usually severe storms greatly in- creased operating expenses and re- tarted the normal flow of traftic. The southern railroads made the best showing, with a few western systems, such_as Chicago and Northwestern and St Paul, reporting a marked in- crease in income last month over the same period a year ago. The Penn- sylvania railroad report, showing net operating income of $3,269,014 in Feb- ruary, as against $6,765,363 in the same month last year, was one of the most disappointing of the larger sys- tems. ew High Records Made. Despite the general reactionary trend, several new high records were made’ during the week, among the most important being California Pe- troleum at 104%, Maryland Oil 565%, Union Bag and Paper at 77% and Owens Bottle at 51% The Vir- ginia-Carollna Chemical issues drop- ped to & new low price for the year on heavy selling, based on reports of poor current earnings, but they made partial recovery later on official an- nouncement that the cash position of { Miami, Fla_. 30.02 the company was good. The United States Steel got above 108 on uncon- firmed reports of the formation of a new pool by large financial interests. THE WEATHER District of Columbla—Fair tonight &nd tomorrow; continued cold tonight d tomorrow morning, followed by rising temperature during tomorrow; lowest temperature tonight 20 de- grees or slightly below; rapidly ris- ing temperature Monday: strong nolthwest winds, diminishing to- night. Maryland—Falr tonight and tomor- row; continued cold tonight and to- morrow, followed by rising tempera- ture during tomorrow; rapidly rising temperature Mond: northwest gales, diminishing tonight. Virginia—Fair tonight and tomor- row; continued cold tonight and to- morrow morning, followed hy rising temperature during tomorrow; killing frost and hard freeze to the coast tonight; rapidly rising temperature ay: northwest and north galcs. diminishing tonight st Virginia—Fair tomerrew: continued cold - tonikht d tomorrow morning, followed by ing temperature tomorrow; much rmer Moncay. Records for Twenty. Thermometer—4 p.u 12 midnight, 44; 4 : noon, 27. Barometer—4 p.m., e ¢ 29.79; 12 midnight, 29.92; 4 a.m., 30.10; 8 a.m., 30.23; noon, 302 Highest temperature, 68.7, occurred at 2:30 p.m. yesterday; lowest tem- perature, 21, occurred at 7:00 a.m. teday. Temperature same date last year— Highest, 46; lowest, 40. Condition of the Water. Temperature and condition of the water at 8 a.m.; Great Falls: Tem- perature, 40; cond 5 State of Weather. Birmingham. Bismarck Boston Buffalo " Cuarleston. Chicago Cincinnat} Cleveland Denver .. Detroit .. El Paso. Galveston Helena . Huron, §. D 3056 Jacksonville. 30.06 Kansas _City 30.68 Tos Augeles. 30.00 Louisville .. 30.56 Pr.cloudy Pt.cloudy Cleur Clear Suow Pt.cloudy Clear Clear Cloudy Pt.cloudy Clouds Pt.coudy Cloudy Clear Clear Clear Cloudy Clear Cloudy Cloudy Clear Olear Cloudy Clear 2 22 Cloudy Pt.cloudy Cléar Cloudy Cloudy Raining Clear cl Cloudy Pt.cloudy Clear New Orleans 30.22 New York.. 30.02 Okla. City. Pittsburg} Portland,Me. HE Dok H FOREIGN. Greenwich time, today.) ‘Temperature. Weather 46 art cloudy Part cloudy Part cloudy Part cloudy Part cloudy Part cloudy Part cloudy Cloud: ly Cloudy Station London, England. Gibral pt Horta (Fayal), Hamilton, Bermuda. Havana, Cuba... Colon, Canal Zone.. STRIKE SCARE SCOUTED. Canadian Miners and Steel Work- ers Ask Premier for Probe. SYDNEY, N. §., March 31.—Organ- 1zed miners and steel workers of Cape Breton united last night in sending a telegram to Premier W. L. Mac- Kenzie Kirig demanding an finvesti- gation Into the present “red strike scare,” with particular reference to a speech reported to have been de- livered by President Roy Wolvin of the British Empire Steel Corporation at a secret meeting of the board of trade here three weeks ago. - _In making public the contents of the message, the men's leaders de- clare that no strike of either steel workers or miners has been set for April 1, that this inference was drawn from the phrasing of a strong letter forwarded to the steel com- pany by the union, and that the whole excitement had been formented by & Scod-of “newapsper el . . . tonight and| SATURDAY, MARCH 31, -1923. What Higher Wages May Mean To Prices Now Vital Problem Caution Checks Speculation in Stocks, Cotton, Sugar and Foreign Exchange. Outlook in Financial World. BY STUART P. WEST. Speclal Dispatch to The Star. NEW YORK, March 31.—Occur- rences ot the past week have empha- sized the check upon speculative activities in virtually all the markets. This s true equally of stocks, of cot- ton, of foreign exchange and of sugar. Wholesale prices have continued to advance, the last fortnight of March witnessing new highs for the season in wheat, steel, copper and chemicals. But in these instances there has been no question of speculation accelerat- ing the upward movement. It has been due to a legitimate relation be- tween current demand and supply. The two leading questions before the business situation at the moment are whether the buying rush of the last two months Yms not hean rather excessive, and second, what effect the Increase that has occurred or else is Impending in wage scales is to have upon profit margins. All data on trade affairs indicates that in many lines production has reached the maximum. Yet it has been unable to satisfy incoming orders and conse- quently prices have kept on going up, and In certain instances premiums are belng asked for early deliverfes. Stocks of Goods Replenished. Most of this buying has been merely the replenishment of stocks that were allowed to run down to an abnormal extent in the perlod of depression from the fall of 1920 to the summer of 1922. But the danger Is that so urgent a bu: ing movement s has been in progress since the first of the year, no_matter how sound the basis, may be followed by reacton. _If prices are pushed ahead to an extent sufficlent to discourage demand such a reaction would be ine- vitable. The weekly tron trade reviews noted straws along this line, when they pointed out that railway equipment makers had bought all the steel they needed for the next six months, und that at least one large pipe laying en- terprise had been held up in the be- lief that better terms could be secured from steel makers later on. Textile Wage Advance Spreads. A number of New England cotton mills, as was expected, have followed the example of the woolen mills and advanced wages 12% per cent. It is fully anticipated that before long this advance will be general in the textile industries. In numerous other lines anuouncements of higher wages have lately been almost & daily inci- dent. ~ Looking further ahead, the problem which many corporations BIG GRAIN SUPPLIES SEND WHEAT DOWN May Delivery Drops During Week to Lowest Levels for Long Time. By the Assoclated Press. CHICAGO, March 31.—Enlarged re- ceipts at primary terminals, together with'an Increase of the United States visible supply total, tended to make wheat average lower in price this week. Compared with a week ago, wheat values thls morning ranged from 1% decline to 3 advance, corn a shade off to % up, oats unchanged to % higher, and provistons down 27 to 5. May delivery of wheat showed es- pecial instability and reached the lowest price level in several weeks. Bearish sentiment as to May deliv- ery was emphasized by announce- ment that there is avallable public elevator space here for 8,000,000 Lushels mcre grain than at present in storage and that the directors of the Board of Trade have under consider- ation the creating of whatever addli- tional room may be found necessary. Canadian competition welghed hea ily also as a handicap on bulls, Cana- | dian wheat in United States ports be- | ing offered at the lowest premiums of the season. Relative firmness of prices for July and September deliveries of wheat, the new crop months, resulted more or less from indicationes of delay to spring wheat seeding as a result of unseasonably cold weather northwest. ‘There were also reports of an exten- sion of the dry area in the winter wheat territory and of crop damage Ly green bugs In Texas. On the other hand, Easter holidays curtailing bus- iness were something of @ factor on the bear side of the market. The decrease of the visible supply of both corn and oats had a sustain- ing influence on prices for the feed grains, and so, too, did cold weather which Interfered with fleld work and induced better shipping demand here. Packers’ selling weakened the pre vision market. Stocks of provisions were said to be accumulating. PRICE OF CAPITAL LIKELY TO GO UP| Moody's Review Sees Definite Trend Toward Higher Money Rates. . NEW YORK, March 31.—Moody's Weekly Review of Financlal Condi- ifons in its current issue says, in part: 2 “It s a misnomer to speak of the stock market, because now we have two stock markets, one of rails and the other of Industrials. The solldl forces behind the proposed anti-rail- road leglislation are the agricultural depression and discontent and the political Importance of the grain states to the present administration. .et us not indulge then in the soph- stry that railroad legislation is 1 mere bugaboo. Investment lists 5f railway stocks and bonds should e thoroughly overhauled with a view to making advantageous ex- anges. “The average price of capital or yield of new investment securities de- >lined slightly during the first quar- er of 1923, but now promises defi- tely to advance. Municipalities and .ndustrial companies are already vaying slightly higher rates for new sapital, and railroads are bound to lo so in view of their political en- anglements. “Depression of the shipping and shipbuilding industries strikingly il- ustrates the evil of putting too much -apital into an industry. Shipbuild- ng was 0 overdone that the world's dle merchant fleets now aggregate ‘most 9,000,000 gross tons. Ocean freight rates are right down where usis of operating ships are much nigher than they were then. Thus he outlook for these industries cun-l .ains little encouragement.” CLEARING HOUSE REPORT. NEW YORK, March 31.—The ac-! tual condition of clearing house banks and trust companies for the week shows an excess in reserve of +€92500, This 13 a& decrease of 60080 . L. anoo 3 may have to face is whether to bal- ance wage advances they can afford to take the chance of losing business by further price raising. If there is no compensating advance in prices then there will have to be a decided revision of calculations that have been made regarding net profits. Sobering Factors in Evidence. Those considerations have undoubt- edly entered as a sobering influence upon the markets of the week. So has the rising tendency in money rates. On the other hand, the infer- ence commonly drawn regarding the federal reserve conference at Wash- ington is that the governors of these institutions did not think that there had been any such expansion in trade and in credits as to warrant a further n‘dvnnce In discount rates at this time. ‘Whether or not their decision would have been different had speculation in the varfous markets been keeping on at the high pitch of three weeks ago is an Interesting subject for con- Jecture At all events the general readjustment and slow-down on the stock exchange and in the other spec- ulative markets has been a most salu- tary development Wall Street in Saner Mood. Wall -street has discovered, as it usually does in all its campalgns, that most of the gossip furnishing the Incentive for extravagant bidding up of prices, has not been substan- tiated. It iS now in a much saner mood, and iy in a position to debate more calmly*the facts in the business situation and their relation to pres- ent security values, Market conditions are in much bet- ter chape than they were and there {s nothing in the immediate trade outlook to warrant anticipations of an important change. But, on the other hand, the damper cast upon speculative enthusiasm has been suffi- clent to make it difficult for Wall street pools to revive the interest there was a month ago. No Strain on Credit Structure. The most reassuring feature of the whole situation is that rapid as has been the business expansion of the last six months it has involved no strain upon the credit structure. Loans by banks belonging to the fed- eral reserve are up nearly $1,000,000,- 400 from what they were last sum- mer, but this is an increase of less than 10 per cent. Rediscounts at the federal reserve banks themselves have more than doubled in the same period, but they are considerably less than & quarter of what they were in December, 1920. ‘These are clear proofs that nothing in the nature of inflation as it existed three years ago has yet occurred. (Copyright, 1923.) TRADE CONDITIONS. Wage Advances Now Causing Won der About Future Prices. NEW YORK, March 30.—Dun's Review today says: The sudden recurrence of cold weather at different points this week temporarily checked spring retail trade, and this is a normally quiet period in some wholesalo branches. Notable activity, however, continues &t many manufacturing plants with practically full operations in various instances and March closing with high record outputs. It {s significant of the pronounced Industrial revival that the leading steel interest is now running at better than a 90 per cent rate, against about 65 per cent a year 4ko. and that the number of pig iron urnaces at work is furnces increasing Pressure of demand in this quar- ter has recently slackened, but only after a buying movement on which requirements were covered for sev- eral months ahead, and not a few contracts are now being deferred | because of sellers’ disinciination to commit themselves beyond the end of the half year. Doubts regarding future producing costs, due to the wage phase, tend to limit third- quarter business or prevent it alto- gether, and actual wage advances in | questioning as to their probable ulti- | financial condition of the bank at the close of business, March 27 mate influence on prices and con- | sumption. Weekly bank cl 958.000. nahigs. l $6,620,- { the morning grocery and {MERCHANTS FINANCIAL, WALL STREET NOTES. - NEW YORK, March 31 (Special).— Two thousand seventy-ton coal cars will be bullt for the Chesapeake and Ohlo at an approximate cost of $5,- 000,000. One thousand forty-ton box cars will be ordered within the next few weeks. New York bank clearings, $385,- 000,000, New York bank balances, $70,000,000. New York federal re- serve credits, $42,000,000. Boston bank clearings, $65,000,000. % §—— A South American Indian tribe is ruled by a woman whose every ut- terance is a word of law. If You Believe n the United States You Believe in Washingtonl We Recommend (% First Mortgage Real Estate Notes Best Security Attractive Interest 813 15th St. N.W. Main 2430 Investments ‘Where your funds are not absolutely secure, Invest your funds in Gilt edge First Mortgage Notes and dismiss from your mind the thought of any losses ‘We have on hand a limited number of notes in amounts of $250 Up to $5,000 Bearing 7 % Chas. D. Sager 924 14th Loan Dept. M. 36 DELAY TO BE SHORT. MEXICO CITY, March 31.—Tha technical difficulties which are pre- venting the payment of interest uopn Mexican bonds probably will bo solved within a week, it was stated today at the Treasury Department. STATEMENT OF THE CONDIT. the OHIO VALLEY F. & M. INSUBANCE COM- PANY OF PADUCAH, KY. On the 8ist day of December, 1 under the Disirict of Columbia € June 30, 1602, and August 18, 1911 required amended ital stock . .000.00 ‘apital stock paid up in cash 1000, () Cash 1n office h in bank . Real estate Real estate Stocks and bonds (market value) Bills recelvable. due from other i surance companies . ms uncollected and 1o hands of agents . Interest due aud sccrued .. All other assets Total essets LIABIL Net unpaid claims . weserve us required by law Reinsurance premiums ... Salarles, Tents, expenses, taxes, etc. Total labilities . 5 Character of business transacted year 1922—Selling fire, automobiie insurance. Amount of risk assumed during the year 1922 ... -$24,323.179.00 lla;nol sustained duri : 1 341.848 during the toroado, bail and S 16292 | Money réceived Expénded during the year 16330 F. M. FISHER, President R G. FISHER, Sccretury. Bubscribed and ‘sworn to before me this 20th day of March, 1625. (Seal.) MARIE_E. ROTH. “tary Vubi EQUITABLE Co-Operative Building Association Organized 1870 434 YEAR COMPLETED Assets .. .$4,857.950.50 Surplus $1,150,880.01 Systematic Saving ‘The man with a bank account is always popular. Increase your popularity by saving s tematically and consistently. Subscriptions for the 84th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. | l JOHN JOY EDSON, President FRANK P. REFSIDE, Secy. AND FARMERS' BANK ANACOSTIA, D. C. BALANCE SHEET March 27, 1923 Assets FIXED ASSETS Furniture and Fixtures CURRENT ASSETS Loans and Discounts Collateral Loans Real Estate Loans Due from other Banks . Cash on hand TOTAL ASSETS ...coveeevsnes treesssacisisensasnses $182,003.78 Liabilities CURRENT LIABILITIES Deposits Subject to Check Savings Account . Christmas Savings Clu Certificates of Deposits Certified Checks . Cashiers’ Checks . ASSETS, REPRESENTED AS FOLLO fully paid ... Capital Shares Issue Surplus . 2 $52,000.35 16,913.39 6.949.35 1,430.00 ——— $77,383.00 440.00 104.10 $54,07 1 certify that I have examined the books of account of the MERCHANTS AND FARMERS’ BANK ANACOSTIA, D. C. the textile fleld have caused some |and have prepared therefrom the above Balance Sheet as representing tl Member Asso. Member 2 meat-bills. - faction and a delight to you. COMMERCIAL Every Banking Service 3 9 ov savinGs 15th and Penna. Ave. 192 GEO. S. OLIVE, C. P. American_Institute of Accountants. By A. R. CHAPMAN, C. P. A., Amerlcan Institute of Accountants. A Substantial Bank Account In 1923 QUNDS good, you say, but how am I to have one without a greater income or decreased expenses? Here’s the answer: Habit. in human experience. It’s the strongest force Did you ever try getting up a half hour earlier in At first it was hard, but after a while vou never noticed the difference. Did you ever try sending yourself a bill for the bank, and paying it as regularly as you pay your Once you form the habit you won't want to stop— and your steadily mounting balance will be a satis- . Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 8th and H Sts. N.E. 436 7th St. S.IV.