Evening Star Newspaper, April 8, 1923, Page 32

FINANCIATL,® Local Bank Deposits Double Record of December 17, 1916 Further Reports of Gains—Riggs Na- tional Increase Equals Total of 1896. Community Spirit Needed. BY L A. FLEMING. In a little more than six years the ashington | have increased 100 per cent. a truly harder than they do now, but not with al- be deposits in the banks of Wi owing for a city ndustrial activit credit must of the remarkable as limited though. of given for the course savings employes of the governmen December 27, 1916, the total def of the various banks was §! November 1915, they 094.000. T $14 .000, tween this has the and in the Interim b e and April been stead decrease in the o there despite a vil Dloyes of the government and the pass- war workers be that the 3, will exceed th: 000.000 mark. There are man justments to be made in the pr nary reports. One report showed ing of many totais $200 national banks as gaining an aggre- | . banks | O1¢ e of $576.000, when the named actually lost nearly $800,000. In addition Lo the reports made y. terday, during the limited tim able in which to collate retur Commercial Natio lin_National YVernon _Savings, Street Savings, $20,000; Banking Corporation, $114.000; inzton Mechani $60,000; Sivings, $15,000; Standard $90.000; Northeaet Savings and the Anacostia Bank, $51.000 International Exchange also $42.000. gained $215.000; £124.000 The Lincoln National showed a gain ot $123,000 The recently organized C! Savings Bank lays claim crease in depo: -r_institution basis, to an and per cent. stown bank is friends hope that it will. Some Anclent History. Incidentally the Riggs calls at: stitution in 1896, w chartered as a natio: And the Riggs w: for you may re. bank. s long ago. It was on the 5th of July, 1866, that Charles Carroll Glover, the veteran, jare today in very many lines of en- dignified, genial, well preserved, chair- 22626 3263 - 26 2 36 56 2626 242024 2424 22 2 R, takes. For Carrier * * * : * * * * * * * X * * * * * * * * * * * * x * * * * * * x * * »* X grea number of civilian, Army and naval | were $81 ce years later they were 1923, increase, m- for ad- o | sixty-seven inadvertently | ¥¢ omitted, gained $1,162.497; the Frank. | amount after his.death Mount | eventh McLachlen Wash- gained ¢y Chase | in- 4 as great or greater | computed reporting de- a gain of certainly a ill take it well if it is continued, and its National | ention to the fact that its in- 'alls just a little short of being to the deposits of the same in- en it was first no youngster, 11 that its founders financed the Mexican war, and that John M For a third of Johnny’s life he has been serving subscribers of The Star in the section bounded by and T streets between 14th and 15th streets N.W. every day. He is now 15 years of age—and he began five years ago. boys who have a record notably free from mis- | man of the board of directors of thg | Riggs National Bank, entered the em- ploy of Riggs & Co. At that time the clerks worked even than they did_during the war. Their when Mr. Grover taken 8 am. to 9:15 p.m.. and their were paid every three months. Young ( r was roon advanced to acting receiving teller, his duties at that time requiring him to take in deposits, issue letters of credit, re- ceive the mail, ete., ete. John G. Clark was then paying teller and also recelving deposit left one day, said to be for the b and . moved up to a real T ng teller. Soon after. one Mid- dleton, paying teller, quit, and Glover took his place. In 1§ man C. he big panic. Whit- and Mr. Riggs in- vited Ch ‘arroll to become a member of the firm, and from that day to this he has been a vital factor in directing the policfes and shaping the course of pProgr for the insti- tution Partnership articles dated | Junuury 1. 1874 In 1551-George W. Riggs died, aged actually worth about 00,000, hut given credit by every )T having $10,000,000. erred to Mr. Riggs highly educated | and to Mr. Corcoran as i agegressiv ‘The latter $4,000.000 and left a like { M s and away | After the death of G i the reorganization ! gistribution as follow an : j Riggs, 183 shares: C. C. Glover. 163 | shares: balance ttered among Thomas W. Hyde, Joslyn and. Lawra- son Rigg: rge W. Riggs ith stock w Johnson came into the in 1880 and remained a | tional bank act; C. C.| ilover became president, capital §500, 1000 | Mr, Glover's record since that date book in Wa and - hoomer of Capital, working con- E ntly for its parks, its art prog- {ress and its beauty, while vitally in- | terested in the great Episcopal thedral now under construction. Charles C. Glover has given nearly ven years of service to the National Bank and its prede- adviser, | cessors The circumstances surrounding the renewal of the Riggs National char- ter are matters still fresh in the minds of the people. A Good One on Alles. In the olden days ealaries were not paid with the promptness that they | dustry | decoration and servi | scheme for branch deavor. Milton E. Ailes had prob- he Zoening Shar s The Home-Delivered Paper The Circulation Department of The Star is thoroughly organized = = . Weidman He is one of the many Star Service Fill Out This Coupon, or Phone Main 5000 THE STAR: Please have The Star— Evening and Sunday—delivered to the following address—the charges to be 60c a month. vee. Htvest ably had some experience with graf ful employers short of cash. ‘When he entered the employ of the government he was eatisfled that pay days would sbe really settl full occasions. ‘When the Riggs National Bank in- vited Mr. Alles to join its executive force ‘the question of regular pay days became a matter for M. E. to consider. Finally he borrowed $500 to tide him over in case the salary payments at the Riggs Natlonal were not made promptly. & Since that time he has been dpaw- ing down regularly, when" wanted. Plea for Co-operation. There is a chance for some co-op- eration on the part of the banks of Washington in connection with the great demonstration by the Shriners at_their convention in June. The Bankers' Association ommended an assessment for tising” of 35 cents on cach $10,000 of resources, and the great majority of the banks will gladly accept the sug- gestion. The suggestion has been made that the banks also patronize home in- in decorative work for the great weck, when Washington's hos. pitality will be taxed as never befol since the Grand Army marched up the Avenue. A still_better suggestion in line of | cutting expenses would be for a com- mittee of banks and trust companies for the purpose of securing uniform s at lower cost. Walson's co-operative banking caused did not bring articipation, George O. but of banke: much comment, him any offer: though many dmitted that it would be feasible and a great saving on the overhead, which may yet crush some branch banks. There may be some branches started for the sole purpose of r coiving deposits and paying custom- ers’ checks, also the purchase of going banks to be made branches, but the branch bank business seems to be nearing end—that is, branch banking as planned by some local institutions. High overhead cost is hard to meet | and harder to reduce, once long-term leases have been signed. Twelva banks in Memphis adopted | a community plan, this time in the interest of publicity. One full-page ad was nicely illustrated, containing, among other atatistics, the table showing the wonderful results of persistent _saving over a term of years, and an essay of a few words on “You and Your Bank,” with other explanatory matter as to “Why Barks Solicit Savings Deposits. It was good publicity, every page of it, and at the bottom of twelve full pages appeared the names of the twelve institutions, and at some time in the twelve days each 'bankers name anpeared in rotation in first place, second, third and so on, so that equity of position was accorded. There was a saving in the cost of the advertising, there was increased interest in the advertisements be- cause of the joint work, and all ad- mitted that it was profitable. There is a chance for more com- munity work in this city—a chance in a compact directory of points of in- terest, in advice to Shriners, in other literature for the convention week. Bank depositors are public-spirited citizens. They aid in cvery move- ment and they expect their bankers to be public spirited and not too ultra conservative. Rolfe E. Bolling_is expected to be | at his desk at the Merchants’ Banking | and Trust Company Monday morning. | and carefully cond sponsibility to the subscribers who the Carrier Service is assumed with a fidelity that reduces mis- takes. to a remarkably low mini- mum. No matte live in Washingt, mediate suburbs comes. personal way whicl faction. The Carriers trained for their duties. a right way and a which to deliver Star’s boys are instructed in how to make proper how to avoid the faults that lead to dissatisfaction. Of course, mis- takes do occur—for human hands are not infallible. not likely-to recur—for the super- visors, the route a youngsters themselves take a real pride in striving for 100% -effi- ciency.- You will really help the Circu- lation Department, connected with it, dissatisfaction whatever. -have immediate investigation— to that end your co-operation is invited—and will b preciated. The sure way of receiving The Star—rain or shine—is by Star Carrier Service. 7 Issues a Week---60c a Month on—and its im- vour Star is at your door as regularly as the day Each individual copy of “The Star” is delivered in that STOCKS HARDLY MOVE. ‘Wall Street Favorites Dull During Baturday Session. NEW YORK, April ~Price changes in today’s brief session of the stock market were generally small and unimportant. Several large traders, taking advantage of the ideal spring weather, were away for the week ~end and business was on a largely reduced scale. Such recent favorites as Baldwin and American Locomotives, Stude- baker, American Woolen, American Smelting and Mack Truck, closed fractionally above last night's levels, Sinclair, the Pan-American issues, Producers and Refiners, Texas Com- pany, Corn Products and Reynolds Tobacco yielded slightly. Foreign exchange business was quiet and steady.. Demand sterling held around 4.66% and French francs were quoted around 6.60. —_— LIBERTY BONDS LOWER. NEW YORK, April 7.—Selling of United States government honds in the last hour of today's brief bond market, bringing most of the active issues down from yesterday's gains, wus the feature of the trading today. The losses ranged from 2-32 to 9-32 of a point. The tax exempt 3%s and Treasury 1%s held firm. Foreign government bonds contin- ued firm. Prague T%s advancing 1% points Railroad mortgages were relat 1y dull, but firm. Wlisconsin Central 4s and Atchison Adjustment stamped, each gained a point. ugar company liens were active and in good demand, Cuba Cane Sugar 8s advancing 2% points. Virginia-Car- olina Chemical 7s, certificates, were up 1%, but the 7%s with warrants were off fractionally. Tractlons were in fair demand, but changes were un- important. Total sales (par value) were $6,- 346,000, COTTON MARKET STEADY. NEW YORK, April 7.—The cotton market, was comparatively quiet, but made a generally steady showing to- day. Probably the bulk of the trad- ing represented the evening up of accounts for over the week end, but, on the whole, the scattering short in- terest seemed a little more anxious, owing to prospects for renewal of unsettled weather in the southwest. As a result, July contracts sold up to 28.92, or 27 points net higher, and closed at 28.88, with the general mar- ket closing steady at net advances of 6 to 24 points. NEW ORLEANS, April 7.—Cotton futures closed steady at net advances of 13 to 30 points. January, 24.60; May, 29.17; July, 28.76; October, 25.14; December, ' 24.74. ~ 'Spot _steady and unchanged; middling, 29.50. Frank Harman was at work all week, and P. A. Drury is being congratulated by his friends and assoclates on the so- lution of the personnel of his bank. “Favorable to Expansion.” The Continental and Commercial Banks of Chicago find every factor of business importance, except foreign exchange and merchandise exports, favorable to expansion. -2 M ucted. Its re- thousands of depend upon r where you 1 insures satis- are carefully Thére’s wrong way in papers. The delivery—and But they are gents and the and every one to_report any It will e sincerely ap- 2 22 202 2 2 2 2 2 26 22 222 22 22 22 22 2 202624 202 2 224 2 RANGE OF MARKET AVERAGES The following chart skows sentative stocks dealt in on the Friday, April 6. The lower section actlvity of the market. MARCH 8:9 10 12 13 14 15 16 17 18 30 31 2223 24 2C 27 28 99 $r trials, 1922, +.103.43, October 14 . 78.69, January 10 Ratls, 1922, . 93.90, September 11 73.43, January 9 Twenty Industrial Com: Am Sugar Auw Tel & Tel Anuconda Baldwin Loco & Fdy ‘Am Locomotive ien Elec Am Smelting oariel Goodrich Atchison € M & St Paul Baltimore & Ohio Del & Hudson Canadian Pacific Erie Ches & Ohio Lilinols Central Lehigh Touls & Tndustrials, 104,70 Rails. £0.36 59.19 5598 50.08 .68 Ko & 85.67 March 8, Thursday March 9, Friday . 0, Saturday Moaday’ Tuesday Wednesd: Thursday March 16, Friday . March 17, Saturday . 89.11 March 19, : 89.36 March 20, Z §9.60 v 11052 £9.67 40 U. S. BONDS AT A GLANCE Fractions following a hyphen are thirty-seconds. stands for ninety-seven and thirty-one-thirty-second iz ow 103.02 101.69 100.80 101.78 101.00 101.00 101.86 100.98 100.02 100.16 98.90 Maturi 7 6-15-47 .. G-15-47 11-15-42 6-15-47 11-15-42 9-15-28 10-15-38 5-20-23 1952 Liberty 3%s Liberty Ist 4s. Liberty 2d 4s Liberty Ist 4%s. Liberty 2d 4%s Liberty 3d 4Ys Liberty 4th 44 tory 43s..... United States 4%4s * Closing bid. The Year 1923 to Date on the Washington Stock Exchange. Year up to and including Saturday, April 7, 29: Furnished by W. B. Hibbs & Co., Hibbs Buflding. Sales. BONDS, $2,000—C. and P. Tel. of Va. 5s. 15.000—C. and P. Telephone st 62,500—Capital Traction Ist 17,000—Georgetown Gas Lt. 1st 1.000—Metropolitan R. R. 35.000—Pot. Elec. Power 1st 63.000—Pot. Power cons. 5! 12.500—Pot. Elec. Power deb. lec. Power gen. Balt. and Annap. Gas Light ge: ash. Ry 00—Wash. Ry. and Elec 00—Wash. Gas Lt. 14,900—P. E. P. general mort 3.000—Riggs Realty (long) 4.800—Wash.. Market Cold Stge. 1,000—Wardman Yark Hotel 6s Shares. STOCKS, 1,218—Capital Traction 2,173—Washington ( 1.365—Wash. ¥ 3,051—Wash. Ry smmercial 46—District Nat. Bank ar. and Mech. Nat. _2—Liberty Nat. Bank ..... 51—Nat. Metropolitan Bank 46--Riggs National Bank Federal-American .. 186—Amer. Sec. and Trust 134—Continental Trust ....... ... 31—National Savings and Trust. 12—Union Trust -Wash. Loan and Tru Mercha 10—East Wash. Sav. Bank 2 20—Sec. Sav. and Commercial Ban . Mechanics ...... 7—Firemen’s Fire Insurance ... 36—Real Estate Title Insurance. 328—Merganthaler Linotype 489—Lanston Monotype 3—Security Storage Co. 244—Washington Market NEW ISSUE ON CURB ADVANCCES 9 POINTS Midvale of Delaware Feature of Week’s Trading—O0il Stock Jumps 27 Points. By the Associated Press. NEW YORK, April 7.—There was a | pronounced broadening of operations | during the past week, nearly 500 differ- | ent issues being deait in, including | stocks and bonds. Fluctuations were | wide in many issues and the majority | of the active stocks were established at | materially higher levels. A number of new issues were traded in, among them Midvale Company of Delaware, which “started at 12 and moved up 21%. It was understood that in the initial trading the level had been fixed below what those concerned in the corporation believed reasonable, and was abruptly changed during the week. Bethlehem Steel, new stock when_is- sued, was traded in at 64% to 65%. Na- tional Supply was another strong fea- ture, moving up from 65 to 70, and strength was shown in Borden's Con- densed Milk following the publication of an_extremely favorable annual report. Springfield Body was in steady demand, moving up to a new high, Standard OIl of Ohio, after the publi- cation of its. annual report, moved up from 290 to 317, but lost a good part of its gain in the last half of the week. STEER BRINGS $2,500. OTTAWA, April 7.—The first steer to be shipped from Canada to Great Britain after a thirty-year embargo on Dominion cattle received such an enthusiastic welcome that he brought the lord provost's employment fund $2,600 before he finally was sold to & butcher for $35. A report of the reception, recelved at the department of agriculture by cable today. said the animal was first bought by W. B. Donaldson, noted shipper, for 100 guineas. He turned the money over to the fund and put the steer on the block to be auctioned again and again until the $2,500 was accumulated. Then the beef butcher got the ani- mal for $35. It weighed 1,100 pounds. COPPER PRICES FIRM. NEW YORK, April 7.—The copper market has been generally quiet dur- ing .the past week. Some business n reported for export, but de- ‘mand for domestic consumption. has shown no Improvement. At the same time no_selling ‘pressure of con quence has developed, and today’ uotations ranged from 17M to 17% or electrolstic. Iron unchaged. and and E . com. . ec. pfd.. . Bank . §raphically the action of forty repre. ew York Stock Exchange. covered is the past month, up to ‘and including the close of the market Central Leather Corn Products Twenty Railroad Common Stocks Used Are: K C Southern N'Y Central Dally Movement of Averages: ts' Bank and Trust Co. Wheat, Corn, | wheat a decided | clrcumstances The period of the ‘chart indicates the relative ~APRIL= 23 4 5°¢ Industrials, 1923, 105.38, March 20 96.96, January 16 Rails, 1923. 90.62, March 3 84.53, January 17 mon Stocks Used Are: Rep Iron & Sieel U S Steel ! TU'tah Copper Westinghouse Westers Union tric orthern Norfolk & Wester: Pennsylvania alley s March 23, Friday . March 24, Saturday Marcn Suturday Monday Tuesday Wednesday Thursday Friday . 86.30 £6.05 86,65 For example: 97-31 gy oy 101.90 100-29 98.90 98.70 99.20 99.10 99,18 k) 100.32 100.060 Yesterday. Yield. 94.84 101-4 96.00 95.60 96.00 95.74 96.74 95.86 100 98-1 100-1 99-5 Open. High. Low. . 3201 171 BIG EXPORT BUYING | IN GRAIN MARKET| Oats and Provisions Score Higher Prices During Week. By the Associated Pre CHICAGO, April 7.—Biggest export buving in months has helped to give lift in price this week. Compared with a week ago, | wheat this morning was 2 | net higher; corn up 2% to 3; oats, to %al, and provision 3 With Europe taking 5,000,000 busk els from North America in two days | and with domestic wheat forming | nearly half the total, bears were ! under a decided handicap. Unseason- able cold and insufficiency of moist- | ure, together with reports of crop | damage and of delay to seeding, tendo | ed also to glve the advantage clearly to the bull side of the market, at least for the time belng. Under such and with signs that ' speculative interest had somew! i ‘enlarged. the highest prices vet this season wefe attained by the new crop deliveries, July and September. Estimates were current that the j domestic winter wheat yield for 192 | would aggregate only 560,000,000 | bushels, as against 589,000,000 bush- els harvested last year. Besides, a substantial decrease of the United | States' visible supply total attracted | attention. On the other hand, sales' of wheat to go into storage here for ! delivery on May contracts were re- | sponsible for varlous transient set- | backs in price. As a rule, howeves sellers on such occasions overreach- | ed themselves, although the weel | witnessed a material narrowing of the price difference between May and July. ! Corn, like wheat, touched some new high-price records for the season. Receipts here were the smallest in long while and both export and do- mestic shipping demand increased. Oats derived thelr strength from corn and wheat. Reports of astonishingly good trade in smoked meats had some effect toward advancing the price of pro- visions. I C. C. APPROVES PLAN. Authority to issue $5,000.000 in re- celver’s certificates was given today Dby the Interstate Commerce Commis- | sion to the receiver of the Denver and Rio Grande Western railroad. Of the total proceeds $1,500,000 will be used on first payment on new equipment, while the balance will go to pay existing Indebtedness and to mect deficits In operating erpenses. FINANCIAT, DEMAND FOR STEEL CONTINUES ACTIVE Good Buying Despite Pre- vailing High Prices—Week- ly Review of Metals. By the Associated Pross. | NEW , YORK, April 7—The steel | market has continued active and strong despite a feeling of nervous- ness in some quarters over the high prices prevailing. These have failed to check demand, however, which is very urgent, especially for prompt de livery, and producers are unable to keep pace with requirements. The demand for pigiron has diminished somewhat owing to the big increase in production and a more favorable fuel situation. Copper quiet during the week, especially for export. While domes- tic consumption has continued heavy with manufacturers well sold ahead their more immediate requirements ap- pear to have been covered on the buy<| ing movement of last month. As fre- quently happens, the lull in demand has brought out some offerings at sions and small lots are avail- . although most of s have sold the bulk of their probable output for the next two months and are still holding for 17%, delivered. Tin is easier in equence of dis appointing monthly statistics and the | decline in London. Local interests| offered m 1l below e limits of im-| porters. The world's visible ch | 31 was 378 tc s than at the be-| ginning of th, r Lead—Ste: for s=pot, which is consumers appe for some we Zine quieter and prices declined under increased offerings from pro- ducers for both prompt and futures shipment. Antimony reflected a lack of buyi interest notwithstanding easier pric with resale lots from China offered below first-hand quotations. WHEAT PRICES HIT | NEW HIGH RECORD Fresh Upturn in July and Sep- | tember Deliveries—Corn | and Oats Up. h a good demand carce, but larger to be well supplied & “resh upturns in | overtop) the season’s highest record fo d September deliveries came about in the ket today, largely resul torms northwe causing iing. The 2 decline to an equal gain. Although time a spring whe: was well under way, messages today indicated that as year virtually nothing had been at with continued cold and the outlook It was also pointed out lateness of spring would be to contribute further impetus to the movement curtail the spring wheat acreage. Uneasiness regarding unfavorable crop reports from the southwest also an incentive for buying, of a general specula- vear ago If you have money to invest, we can safely place it on gilt-edge first D. C. Mortgages. record of 30 years insures your protection. Courte- ous treatment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. ‘Don’t Buy” “Don’t Buy Investments Where your funds are not absolutely Invest your funds in Gilt edge First Mortgage INotes and di s from your mind the thought of any losses We h on hand a limited number of notes in amounts of $250 Up to $5,000 Bearing 7 T Chas. D. Sager | 924 14th Loan Dept. M. 36 lVfoney to Loan | Becured by first deed of trust on real estal Prevailing interest aud commlission., Joseph L. Weller {755 5 7% GILT-EDGE MORTGAGES | for sale, amounts $200 up, pay- able monthly, to yield 19 per cent, secured by D. C. prop- Write will call. Star office. and representative Address Box 23-H, If You Pelicve in the United States You Belicve in Washington! 1% First Mortgage Notes SLOANS From $100 to $200 on D. C. real estate und household goods ' or ohat- tels, 7 per cent interest, .No broker- sgo charged. Come in and let us ex: pisin our method of making small os: roial Loan & Finance Co Room 211, 921 15th St. N.W. System Copyrightsd & Patent Pendicg. EAAAANAAAAAAY ] Efficient Management of Rental Properties In our rental depart- ment we give clients an intelligent, efficient, interested service. RENTS | B. F. SAUL CO. Mortgage Loans 1412 Eye St. N.W. Phone Main 2100 FOR RENT OFFICE SPACE . 804 17th Street Northwest Whole second floor; 1400 square feet; furnished or ur furnished; fent very reason- able. STONE & FAIRFAX. 1342 New York Ave. N.W. REPORT OF THE C! Of the McLACHLEN BANKING CORPORATION At Washington, in the District at the close of business Apri SDITION RESOUR( . aToans and dis- counts, including rediscounts. ac: except those shown in b and ¢)$601,245 estate owned other { ing house ........ in vault and amou from national banks . p . Amount due from state banks, bankers and tru n banks in tha same city or town as report- T ST S e e 5.141.07 tal of items and 5 hanks To of city or town bank and other Other count f reporting ash item: assets—Remodeling LIARILITIE: 7. Capital &tock paid i Surplus fund ... profits. for i terest and accrued . taxes 1,646.90 $02,023.32 current ex- interest taxes paid.. © Less pens: and Certified checks outstan of items Demand’ deposits {other than bank deposits (Deposits le within 30 days): 1 deposits subject to than bank item peame 178097 Time ‘deposits (payable after or subject to 30 of more notice) and 1 savings: Gicates of deposit (other hun for money borrowed). . Total of time deposits. it depositn §1 inieasatandan s att STMERAN, District of Columbia. Cifs of Washiagton, ss 1, JOHN A. MASSIE, {reasurer of the ahov. named bank, solemnly swear that tho sbosc statement 18 true to the best of my kpowl eige and belief. JOIN A. MASSIE, Treasu Subscribed and_sworn to before me th of April, 1 (seal.) 3 Total da. Correct—Attest: LTANIER P. McLACHLEN. F. R. HOR! McLACHL) WM. A H. B BITT THOMAS R. H J. A. WATSON, Owners of Low commission. morigages. Herman 729 15th Main Downtown Business Proper I have a very large fund at 52 % Interest for first meortgages for five years, Still about $80,000.00 available for second Schmidt St. N.W. 2611