Evening Star Newspaper, April 14, 1923, Page 14

11 FIN NORTHEAST BANK Warranted by Growth—Rail- way Common Steady, 67 1-2 to 67 5-8. BY L A, FLEMING. Woodridge - Langdon and Commercial Bunk. Youngest of the savings of the eity, has made such good Prog- ress during the comparatively short time hus been husiness that the directors decided. at a meeting Tast night, t a new home, the Dresent quarters being limited for the business transacted A contract for the new building. to cost about $35,000. has been awarde to contractors on plans drawn by W 8. Plager. The new structure will be erected on a site adjoining the new M mic Temple of East Gate Lodge. 2027 RNhode Island avenue northeast, and will have a frontage of twenty-five fect by a depth of seventy-five feet The front of the building will of dark red brick with digna limestone trimmings t equip the buank with sutficient cmand of the growing com- The Savings one of the institutions a to v too be In- with a new vault ANCIAL. NEW YORK CURB MARKET | Received by Private Wire Direct to The Star Office. HEFFERNAN, brief session on the curb exchange was for the most part uninteresting, with price changes a mixture of small gains and losses. Offerings for the purpose of evening account over the week end were not heavy enough to have much effect, while buying operations were also on a smaller scale except in @ few special stocks in which pools are working. NEW YORK., April 14—Following is an officiul 1ist of bonds and stocks {raded in on the New York Curb Mar- et toda Light & Aunconda du Tx Anglo Am 0N Ar & Co of Del FROW LN 1 Am > 24 100y, [ 111 raph e 00l ax Balt G A extilen_ Sx Co Tl Cits G G is the intention of the officers to safety deposit boxes to Lutest call of the controller of currency’ increased shows 10 per that cent between Woodridge-Langdon Bank opened Arthur Eppa 1 cashier sident: Cor Vusiness Tts offic son, president; president i nd vice i ley, secretar. sistant cashi counsel Hender- i, M 3r., Dow ank E Mallon, and William J Local Securities. all of the NS session of the loc Xchange were made arter ca the regular call business was fined to quotation-making and ing out the murket. Washington Railway all way at 6 slightly under vesterday's he preferred was ady Capital Traction was quo on con- Teel- ommon i to 67%, closing. at was s firm at SR Railway 4s quite American Telephone and Telegraph. Stockhiolders of the phone an ). hav 10 authorize an incre in stock when deemed necessary 000,000,000 The increase in autho; of 1 rnings three Tel voted America n No of the months first of total agains of 19 tuxes, AT dividend there .82 r deducting i and all_ operat was w surplus ompared with est, ing of s $i.- t yea = Washington Stock Exchange SALES & Elee pfd. 5 at T4, Light—10 at 48%, AFTER CALL Riggs Realty Long W at 63 Washington 10 at 6715, 10 at 10 at 6. 10 at shington Ttwy .+ $3,000 at L $1000 at shiington ashington 0 Rw e s1.000 SLo00 ut 711 at S1.000 at Bid and Asked P PUBLIC UTILITY. American Tel. & Telga Tel. & Telga 1 & Tel. ctl. tr. el & Tel. conv. oniac ©y and Suburban orgelown Gas 1st Metropolitan k. I Potomace Elec. 1st Potomac Eler. cons. deb, 1 Pow. g m. U3 llec. Pow. g m. & rof. 7s. Wash., Alox. & Me. V. 5 Cashingt, Washington Wash. Rwy. Wash, Rwy. & D. C. Paper Mfg. 6s. Lizgs Realty Ou (long) .. &gs Realty Gy (shori).. e, Storage’ & Sate Dep. k. Wash. Mkt Cold Storage 5 Wardman Park Hotel 6, STOCKS. PUBLIC UTILITY, American Tel. & Telg: Capital Trac Washington Norfolk & Wash sh. Rwy. & Wash, Rwy. & “Ferminal Taxy Terminal Taxi p NATIONAL BANK. District Tarmers Vederal-American Liverty ... Yincoln 117 National Metropolitan. Ttiggs . Sgeond "L National ‘Bank of ‘Wh TRUST COMPANY, American Security and Trust.... Continental Trust.. SAVINGS DA Commerce aud Saviugs. ast Washiugton. avings and Com Seventh 2 United St Washingion Mee Columbla Title lteal Estate.. ¢ olumbia Grap Columbia Grap Paper ... = Merchants' Transfer & Storage. i Mergenthaler Linotype 0ld Duteh Market com...” Old Dutelh Market ped. . Lanston Monotype. Seeurlty Storags Washington Market Yellow Cab ... ‘WESTERN MARYLAND GAINS. BALTIMORE, April 14.—Gross earn- ings of the Western Maryland rail- way for the week ended April 7 are estimated at $454,546, a gain of $164,- 069, or 56 per cent over the corre- sponding period of last year. The largest gain was in coal and coke re- ceipts, which rose $111,544, or 111 per went, to $211,987. Estimated gross for year to the same date is $5,893,- , an increase of $1,117,972, or 23per cent. WOULD TAX TRADING. WINNIPEG, Man.. April 13.—A bill providing for the taxation of trading in grain futures on the Winnipeg Grain Exchange was introduced yes- terday by F. M. Black, provincial treasurer. “The biil, which would not apply to cash trading, asks the fol- Jowing taxes on each 1.000 bushels of ;6 cents on wheat: 12 cents on and 3 cents om oats, rye and avings for vice ymonds, deposits lee Tow s © Serv of N J 7 Shawsheen s 3 Thila BONDS. Arenting 1003 King of Nether 6x. 0913 Republie of Peru S5 100 I Swiss Govt iis .. 103 ales STANDARD OIL 188 in units. 181, ) Crosce , s Gal Sig Ol ) Hum Oil & Re new ) Iup Ol of new il & Gaw P ashs new K S0t ) Big Tndinn Oil 140 Boston W 10 Carib 0 &R w ity Fet el igineers Pet oil oit 19 Harris Cons Pete. ) Kesstone Ranger Kirby pet 10 Livingston 2 Livingston azma Ol 1 Marland Maracaibo Oil 11 Mex Oil o1 Pet COMMODITY NEWS WIRED STAR FROM i | ENTIRE COUNTRY l FAIRMONT. W, April 14—Coal loadings are increasing rapidly that producers fear embargoes. There are upward of 2,200 loads at Bay or en route there. ATLANTA. April 14.—Sales of farm implements throughout the south to- day are esceedingly brisk, and farm | operations are progressing as fast as labor shortage will permit. Several northern labor agents have been ar- rested on charges of violating the to law against inducing negroes to H migrate = <o 1 t, Pa. April 14.—There induce the restriction of tobacco acre- age this seas High prices for the 1922 crop stimuluted planting, but there is a feeling that larger crops might undermine the market. NEW_ LEXIN . Ohio. April 14. —The Wayne Coal Company Is plant- ing 10,000 locust trees on waste land around its property here today. Ex- perts say the trees should grow to the value of $10 an acre within a vear. { NEW ORLEANS, April 14.—This city and districts are buying more silk to- day than ever before except in 1919, the year of extreme inflation. Job- bers and retailers today declared their turnover was astonishing. GRAND JUNCTION, Colo., April 14, —Colorado fruit growers asserted to- day that the fruit will ripen much later than usual this vear and that there is little danger from belated cold snaps. $25,000 FOR LOST GIRL. Father in Three-Year Search, Says Fund Awaits Her. CHICAGO, April 14—After more than three years of searching for his granddaughter, Mary Langsdale of Pittsburgh, Pa., Henry Ullrich, presi- dent of the Economy Burner and En- gineering Company, was in Chicago today with news that $25,000 awaited the girl it she could be found. The girl disappeared March 22, 1920, when she was eighteen years old, ‘according to Mr. Ullrich, and is heir to $15,000 from her great-grand- mother’s estate, and an additional $10,- 000 bequeathed by Ullrich’s wife, who died recently. He said it was learned that after she left the home of her father, Matthias Langsdale, 331 Hale avenue, Pittsburgh, she purchased a railroad ticket to Chicago. PACKERS RAISE WAGES. OMAHA, Neb., April 14.—Wage in- creases for all employes of the Cudahy Packing Company plants in Omaha, Sioux City, Wichita and Kansas City, effective April 15, ranging from 3 to 5 cents-per hour with proportionate increases for those engaged in piece work, have been announced here. BIG BOND ISSUE PLANNED. MINNEAPOLIS, April 14 (Special). —In anticipation of favorable action by the legislature, propositions are being made today for the sale of a $6.000,000 bond issue, which will be used to finance a new Mississippi bridge and extensive state high- way construction. ALLEGED LIBELER WANTED, JEFFERSON CITY, Mo., April 14.— Application was made late yesterday to Gov. Hyde for papers of extradition for Justin “W. Dedge, Morristown, N. J., Wanted In. connection with charges of criminal libel against the attorney gen- eral of New Jersey. Wiltred H. Jayne, assistant attorney general of New Jer- and Ellis Parker, are the New Jer- representatives. Date for hearing not been set. is a strong movement on foot here to | THE EVENING The sharp advance of about 7 points overnight in Yukon, Alaska, trust cer- tificates furnished a noteworthy excep- tion and was attributed to professional manipulation. Up to the last few min- utes of trading no further sales occur- red, but the stock was quoted 32 bid, offered at 34. Gillan, among the oils, gained a point, while such recent favorites as Southern States and Maracaibo were only frac- tionally changed. The Standard group were disposed to work slightly higher, | with Standard of Indiana and Vacuum the active favorites. Mex P . Midwest Tex 0il Mount Prod S Mount < 5 1% | Mutual x 3 \ Southern Son Ntates Oil Texon Oil & Land. West States Ol Wilcox 01l & Gas. INDUSTRIALS. Acme Conl ... B Am G & E new w Am Drug .. Am Iinwa . 22 Am T & Tract . | Armour & i { Chicago Nippie hi Steel Wheel | 1 Carh Co vot of 491, 1 | Cuyamel Fruit Douglax Terf % | Dubllier € & Radio | Durant M, i Equitable Trust o Bond & Shopf H st Steel Cnst audation ¢ rdner Motor lette 8 It odyenr Tire Hanna S A Tpe pt Heyden Chem Hydrox Corp Imp Tobace Lake Tor It 1st pf Mercer Motor ... Mesabi_Tron ... N Y Tel Co ptd 2 Paige Motor Peerless Mot 9 PrimaRadio Co Pyrene Mfz ... Radio Corp Radio Corp pfd .. Rosenb Gratn Corp chulte Stores . 8o C & I . 3 pringfield Body Co Swift' Int ... echnical - Prod oh Prod Exports wdd Ship .. s TS Lt & Heat pf | Warne Coal . k sn Yel Taxl Corp N ¥ i MINING Globe Copper | & Western | | Atiz Itutte | | Spearhead Femiskamin| Tonopub Di ed Eastern Tmperial ited Wext End “tah Apex Lor { Silver 140 Yukon Gold 'BEAR RAIDS FAIL; PRICES GO HIGHER One of Week's Big Developments in Wage Increase for Steel ‘Workers—New Records | B+ the Associai 1 Prexs. NEW YORK. April 14.—Professional | bear” speculators launched another ! series of attacks on the stock mar- | ket early in the week, concentrating lon the oil shares, but they failed to bring out any extensive liquidation and prices, after having come peril- ously near last week's lows, resumed their upward course. The bond mar- ket showed irregular tmprovement. Wheat, corn and sugar prices mount- ed to new high records for the year. Cuts in the price af Pennsylvania, California. Kentucky and Ohio crudes | were used as excuses for the free offering of the oils, which ylelded 1 to 6 points, but as soon as the sell- ing pressure was lifted prices snapped back in good style. While there ap- tion and lack of storage facllities some fields, gasoline t:l!l'\uumy»!h:Ll continues at a record-breaking pace, with no immediate signs of a let-up. One of the chief developments of the week was a wage Increase of 11 K;‘:e:l 1{" lh‘ei steel industry, which ew da; et ¥s sooner than ex- fl-‘;lrther tes o usiness was furnished duri week by reports of record-br:a‘klll:‘; car loadings, steel ingot, automobile and building construction, unprece. dented March copper shipments and another sdries of unusual favorable | current earnings reports, BOSTON STOCK MARKET. BOSTON, April 14.—Following is a| lclls‘:!"l‘); today's highest lowest ana rices for th i stocks dealt In here: © o0 active High - 127 13 Low. 122 18 Close. 12274 13 ‘l% 33014 40 0% Amer Tel & Tel ‘Arizona Com . Bingham Mills " lumet & Hecls . Copper Range t Butte S 2R A Massachusetts’ Gas . Mayflower O C ... | dust Hy { suspending for two y | test 1t will iy s {was the tre japproval | =ecurit pears to be a temporary overproduc- | Mohawk ... 0id Colony . 3 01d Dominion .. . Swift & Co. Shoe Machine Trinity Ventura 25838, 8552 t: FOREIGN EXCHANGE. April 14, 1923—11:30 a.m. (Quotations furnished by W. B. Hibbs & Co.) Belling checks London. pound Montreal, doll Paris, franc. Copenhagen, crown..... Christianta,’ crown...... Stockholm,’ crown. .. ¥ By the Associated Press. NEW YORK, April 14.—Foreign ex- changes easy. Quotations (in cents): Great Britain, demand, 4.65%: cables. 4.65%; 60-day bllls on banks, 4.63%. France, ~demand, .0665%; ocables, .0666%. Ttaly, demand, .0497%; cables, B fum, demand, .0575; Germany, demand, 00047% ; cables, .000047%. Holland, demand, .3914; cabies, .3917. Norway, demand, .1792, Sweden, demand, .2636, Denmark, demand, .1885. Switzerland, demand, .1820. Spain, demand, .1534. Greece, demand, .0116. Poland, de- mand, .000023. Czechoslovakia, de- mand, .0297%. Argentine, demand, R1nl, 1:?!“. demand. ,1100. Montreal. STAR, WASHINGTON, FINDS EUROPEAN INDUSTRY HUMMING / Julius Barnes on Return Sees Revival Leading to World Trade Expansion. By the Associated Press. NEW YORK, April obtimism regarding industry rope was sounded by Barnes, nt of th Comni 3 retu on the Steamship Mauretania after attend- ing the second congress of the Inter- natlonal Chamber of Commerce in Rome. “With the revival of Buropean the expansion of world trade rly rked,” he said. “A Breater overseas commerce for mer- chant fleets with advancing rates promises to save ocean carrlage from threatened bankruptey. “Expanding employment and i & production are enlarging the margin of savings in_ almost country, in spite of the shock Lausanne and the Ruhr. In the face of public finance and governmental policies that must still be set aright, the basis of individual living is clear- advancing.” He added that Europe, vings, was embarking new industrial enterprise England, Italy, Austria, the near east, Africa and the orient, all show Sigus of progress. Austria, he added, s 4 period of tampering s, is clearly on the mend under the administration of the league of nations. The Turkish peace soon will be completed and the Ruhr of endurance will be solve common sense and fairness, “Europe is like a vast awaiting the turning on power and when this come 14.—A note of in Bu- Julius H. mber of in- crea; its many besides on destructive socialistic with trade proces! workshop, of motive . as come i ome way and soon, Europe will repeat in lesser degree the in- dustrial and commercial reéovery of peric ir. said the gathering of business men of the world at Rome, including the group of 100 Americans, expressed unanimously their cony tons as tu the essential principles that must be finally recognized in a lasting and effective settlement of Post-war problem “EBriefly,” he . “the position of American’ business’ judgment ther was that essential indeed, as is the amount of reparations and debts finally determined upon and their pro- gram of ent, that more im- portant these definite details tment of those questions in such & manner as to ercate condi- tions in which there should he security for industry and safety for ivestment. There must he some such settlement of the questions between nations ntly in_conflic tions recently in alliance, should be framed the ind which inspires efforts in good faith and the conditions under which those efforts Le made productive of human accomplishments American Effort. “The 3 contin Rome.” he n. with the ! convietion conditions under effort, inspired, prescrved, ecould rdens and’ in the community ing and which makes the eruption_ of less imminent.” On the subject of reparations, he it was declared that Germany should recognize its obligation to make restitution of wanton damage done the fulle extent of its wealth, resources and earning power. “That” he added, “with the determination of the amount so ascertained. should be coupled with some method of certainty of pay nent and with these require ents n »f assuring the Fr: inst similar the fut German th to th an o as 1o 1 of the busine world, the individua d of the which stimu ate war " f in the “agK “Now ready in i Hrements and fuith 10 ments as th K out « people are accept these statenients is ready in gnize these re- only proper claims the allied victory then there way these of th of an ceupation, discourag- and imposing a first 1&g one hundred million vear which should be instead” to reimburse injured France “On the que was declared indi i tion of allied debts it the ability of the debtor to pay WAas as much a proper factor in the consideration of this item as in that of reparations itself. There should be also a recognition of the effect on the ability of allied debtors produced by a re-survey orl expected reparation payments. “The congress especially declared i against gmeneral canceliation or re- mission of debts, asserting that the high standard of integrity in inter- natighal obligations must be main- tatned. “On ! the question of international { budgets the old truth was declared that national finances, as individual finances. must preserve a sound re- lation between income and outgo, | with the added provision that in- come derived from taxation should} not be carried to the extent that it | stifled the incentive to enterprise and | to_industry. l “The congress also especially de- clared that as a matter of principle Current government expenses must not be met by the issuance of paper money. . - “On the question of national credits. the comgress especially condemned | intergovernmental loans because of { the political influences which accom- pany them, and it expressed the con- viction that the elimination of in- flation and the attainment of sound national finance m precede inter- ional credits. = On the question of exchanges the congress condemned artificial stabili- { Zation as dangerous and expressed the view that the ultimate goal should be stabilization under natural {processes at the gold value basis. Necessity of Conference. “Having thus expressed those sound economic laws which must be recog- nized in a comprehensive settlement, in order to provide the foundation on which earning power may itself cre- ate the liquidation of these war bur- dens, the congress proceeded to state that for the purpose of such a general settlement, some form of interna- tional conference was necessary and inevitable. “It then directed the appointment of an international committee to further the incorporation of these business principles into ‘a4 comprehensive set- tlement at the earliest possible mo- ment, and that commlittee is already- actively at work” — Mr. Barnes asserted that in Iurope, as well as in America, there is be- ginning to be recognized that mna- tional prosperity. as well as individ- ual accomplishment wests on presery ing conditions under which there is incentive to individual effort. “In the discovery in Europe,” he added, “that state ownership and public ownership of utilities is a reat drag on all human effort, there s a great lesson, and there also Is a great hope for Europe's sound Tre- covery_under its policies ¥ Mr. Barnes said the approaching annual meeting here of the Chamber of Commerce of the United States, May 7 to May 10, assumes a peculiar significance. _Transportation will be the chief subject discussed. “There should be a general ap- preciation of the fact that trans- portation is the life blood of all industry; that there should be with it & sound appreciation of the serv- ice of private ownership and private operation, legitimately secured and stimulated, 2s against the deadening effect of government ownership or undue government interference.” These questions are to be discussed particularly in their relation to the recovery of world trade, which is now almost _ within sight. 'Consideration also will be given to the declarations of the Rome congress on the essen- tials which., he asserfed, must be recognized in the settlement of the post-war problems before a founda- fion can be laid for industry which is profitable hoth to capital and to {iabgy i 25, ¥ Joy Cheaper Money D. SATURDAY, APRIL 14, 1923 Biggest Factor | Of Week in Financial Markets' Trade Expansion Near Peak—Higher Wages Cut Profits—Wall Street Posi- tion : Stronger—The Outlook. BY STUART P. W Special Dispateh to The Star. NEW YORK, April 11.—The finan- clal community this week has passed through varying phases of opinion regarding the business outlook. Those who have been maintaining that the peak of the expansion during the last six months has been reached found some encouragement for their view in the cut in oil prices and in the state- ment by the Tron Trade Journals that new buying had fallen off, partly be- cause of the shortage of labor and partly because consumers were filled up on their requirements. Later on the markets were inclined to adopt a more favorable judgment. Overproduction fn the oil trade wa of course, admitted. It has been known for a long time that the Cali- fornia wells were far outrunning local demand and were shipping more and more of thefr surplus to the Atlantic seaboard Competition creasing, with the normal result that prices have heen lowered. No Steel Overproduction. But the oil trade represents a unique se. The position in other industries including steel is quite different. stocks whic 1 been allowed to run down to a minimum during 1921 and the first half of 1 have not been replenishied. There s no need for buyer to get panicky on the subject of future supplies. i But while this condition applied to steel and to many other lines, it does not indicate over production. The main point to emphasize is that the only thing which might bring about a serious check upon commercial buying 15 a further advance in prices and that merchants and manufacturers perceiv- ing this danger, are doing their utmost to avert it. Trade Expa jon Nears Peak. Undoubtedly it a fact that trade expansion since t first of the year has gone as far as it is reasonably likely to. Steel mills, unable to get their full equipment of workmen, are extended to their utmost when they operating to 93 per cent of ca woolen ni he building trades breaking all rec ris for activity, the railroads carry- ing the lurgest volume of traffic ever this time the year— and many other indicution to th forw wave havin, approached pretty close to the crest This, how is 1ot to say by any means that a serious movement of regetion is impending. There is no resemblan to the conditions of three YEArs ugo. hen n nafacturers and business men gencrally, seeing no limit to price inflatio had ov stocked their shelves. ; done o far is to br to wormal, with mode requirements during the to six months. If prices ound the present level there reason to anticipate any important falling off in demand: in other words, the present satisfactory volume of business, so far as NOW appears, is likely to be maintained for some time to come. Higher Wages Cut Profits. The main qualification upon optimi tic conclusions comes with the labo problem. Already the 10 and 15 per cent increase in wage scales announced all over the country during the st few week cut_heavily into the profit marefn of industrial companies as this_was calculated up to a month awo. This is not the worst, for it will not be untll the late summer and autumn that the demand for laboring men will reach its height Even now it is oficially reported that the labor supply in tiie agricul- tural regions is 10 per cent below necessity. What will this be when harvest season comes four months rom now? When farmers have to bid against the high prices pald common 1fborers at the manufacturing centers there is lkely to be an outcry and the promoters of the restrictive im- migration laws, it is easy to see, will be the object against which censure will be directed. Reduction in Reserve Rediscounts. The most important incldent of the week was the further reduction of 340,000,000 in federal reserve redis- counts. This following the decrease of previous weeks was imterpreted mean that there was no likeli- REPORT O ot 3 Tie has been in- | True, ' public | |hood of any increase yet awhile in discount rates, and the immediate ef- ifect was an all-around concession to borrowers of money. Tnasmuch as one of the prineipal | fears in the stock market of & month ago was measures of restraint on the part of the rescrve banks, this was an encouraging developmént in the | speculative situation. At the same | time the apparent assurance that the { tendency toward rising money rates |had for the time being heen check- ed brought about a steadler tone |in the investment bond list. Wall Street Position Stronger. | TRegarding the jmmediate Wall | Street position, indications are that it is stronger than it was two weeks |ago and much stronger than it was a month ago, when excitement had | een worked up to @ high piteh over | the rapid rise in prices and the most | absurd predictions were being made as to where stocks were likely to &o. | In other words, people of impor- tance who sold out in the heat of the | campaign in March have been satis- fied to take hack a good many stocks on the reaction in the closing weeks of last month and the effect has be- gun to show in the market of the last few day (Copyright, 1923.) BUTTER PRICES LOWER IN SENSITIVE MARKET Erratic Changes During Week Partly Seasonal—Large Sup- i plies on Hand. | By the Associnted Prese. CHIC ). April 14—Erratic price changes and a sensitive and nervous market, characteristic of the transi- tion from winter to spring, marked this week's butter market. The gen- eral trend was toward lower prices. At all times there appeared a suf- ficient supply and generally a small surplus that was hard to m be- canse of the utter lack of con- fidence. The narrow range hetween scores and unusual relation of market prices to one another continued and all | 1 markets complained of the scareity of undergrades and of the surplus of top scores. The runge between §8 and ver exceeded 2 cents and | reached that figure, { condition was hrought about | by better quality butter man- tured and the searcity of storage butter. Foreign and far western but- ter did not play <o Important w part as last week, but their influence still | tended to keep the markets unsettled. | Wholesale prices on 42 score stock losed vesterday at the four leading r kets” as follows: Chicago, 4612, a 2-point_loss: New York, 1. 2-puint loss: Boston, Joxs. und Philadelph oss | SHIP TRADE BOOMING. NEW ORLEANS, April 14 (Special). | —The coastwise service between this | and Boston recently established | been so successful that larger | s are being put on this run inl order to handle the trade offered. seldom Th 43, { WILL DRILL FOR DIAMONDS. | PORT ARTHUR, Ont, April 14— The M. A. Hanna Company, American independent iron and steel operators, have signed an option for the lands of the Canadian Iron Company in the Loon lake district east of Port Ar- thur. The company will start dia- mond drilling operations next Tues- day. Geologists and drilling men are now on the ground. TREASURY CERTIFICATES. (Quotations furnished by Kedmond & Co.) i | i Rate—Maturity. 8%s Jun September September 1. December 1. March 15, i ren 15, 1025. June 15, 1925. December 1 0 99 15-16 K3y September 1 9930 [t December 1 99318 F CONDITION the FRANKLIN NATIONAL BANK the District of April FESO a Loans and discounts, including ptances of other banks and exchange or drafts sold with Washington, in Columbia, at the close of hus 3, 1923. URCES. rediscounts, ac- foreign bills of indorsement of this bank (except those showr in b and c)....32,4 Total loans .. Overdrafts, unsecured, $1.183.79. U. S. government securities owned: a Deposited to secure circulatio par_value) L All other Unite: (including premiums, if any) Total Other bonds, stocks Banking house, $18 ‘securities, e \200; furniture Lawful reserve with federal reserve bank..... Items with federal reserve bank In process of c Cash in vault and amount due from national banks. .. 5 n (U, S. bonds, 225,000.00 ales government securities tor i © and fixtures, $8,950 569,482.40 196,150.00 198,187,651 33,693.67 160,062.03 Amount due from State banks, bankers and trust companies in the United States (other than 10) = Exchanges for clearing house . n included in items 8, 9 and Checks on other banks in the same city or town as reporting bank (other than item 12)..... Total of items 9, 10, 11, 12 an a Checks and drafts on banks (i reserve bank) located outside of reporting bank...... b Miscellaneous cash ftems..... Redemption fund with U. treasurer . Other assets Total Capital stock paid in.. Surplus fund ...... Undivided profits 5 a Reserved for interest crued .. b Reserved for contingencies.. and ‘tax ¢ Less current expenses, interest Circulating notes outstanding. . Amount due to federal reserve bank (deferre S, treasurer and due from U. S. LIABILITIES, 18, .0 e es $302,324.70 ncluding federai of city or town e $549.25 6,088.09 6,637.34 11,250.00 131.65 .$4,217,182.20 $2 225,000.00 7 000.00 - 5. $55,358.15 16,118.89 60,446.41 es ac- $131,923.45 and taxes paid. 29,888.43 102,035.02 219,100.00 140,989.37 a credits). .. .. . Amount due to state banks, bankers and trust companies in the United States and foreign cluded in items 21 or 22) Certified checks outstanding. Cashier's checks outstanding. Total of items 21, 22, 23, 24 and 25 countries (other than in- 63,088.71 19,078.72 8,983.26 ... .$232,140.06 Demand deposits (other than bank deposits) subject to re- serve (deposits payable within 30 days Individual deposits subject to check. Certificates of deposit due in les for money borrowed) Dividends unpald Other demand deposits........ Total of demand deposits (othe: posits) subject to reserve, ites 30 and 31....... Time deposits subject to ese) 1,272,042.59 than 3 = 22,000.00 226.00 oeees 2,018.88 r than bank de- ms 26, 27, 28, 29, .$1,296,287.47 30 days, or (payable after subject to 30 days’ or more notice, and postal savings): Certificates of deposit (other than for money borrowed).. Other time deposits. ... Postal savings deposits. .. 352,338.33 1,657,161.10 53,212.22 Total of time deposits subject to reserve, items 32, 33, 34 and 36........ Liabilities other than (lhon al Total <.ovnrrinintiaiiiiin ve stated..... 2,062,711.65 4,908.00 vee...$4,217,182.20 City-of Washington, District of Columbia, ss.: 1, THOMAS P. HICKMAN, cashier of the above-named bank, do solemnly swear that the above statement is true to the best of m belief. Subscribed and sworn to before (Seal.) Correct—Attest— knowledge and THOMAS P, HICKMAN, Cashfer. EINANCTAL. GRAIN PRICES SOAR DURING BUSY WEEK Reports of Crop Damage Cause Sharp Advances—Farm Labor Needed. By the Aesociated Press. CHICAGO, April 14—Heavy buying, based in a large degree on crop- damage reports, especially from Ne- braska, has brought about a sharp advance in grain values this week. Wheat, corn and oats all touched new high-price records for the season. Comparcd with a week ago, wheat this morning showed 3% to 4% ad- vance, with corn up 2% to 3% a bushel,; oats, % to 1%, and pro- visions, 7 to 52. Estimates were curkent that the yield of wheat in Nebraska this sca- son would be only half of last vear's total, and experienced observers agreed that the crop in the main wheat-growing section of the state was in a very critical Other reports indicated heavy losses in western Kansas, as well as seri- ous damage in Ohio and Prospects that spring secding would be abnormally late in (1 northwest ond the acreage much reduced tended also to stimulate buyers and to keep the market on the upgrade, despite temporary setbacks due to heavy profit-taking. Complaints of scarcity of farm labor came from widely separated districts and recefved considerable notice as a bullish factor in regard | to wheat. A good deal of attention also was given to strength which the Liverpool market showed in the face of price declines on this side of the Atlantic. Bulls pointed out Indiana. | | In this connection that an increasing ratio of wheat purchased for ship ment to Europe was domestic and 1. | fact that primary arrivals continued | to be of good volume failed. appar enily, to make much impression. Prospects that corn would soon i | moving rapidly out of Chicago heiped to Jift the corn market. Seeding delay had some bullish effect | oats: Tpturns in provisions were ascribed more or less to the rise of grain values. e SHORT-TERM SECURITIES, (Quotatious furnishied by Kedmond & Co.) minum Co. of Amer. ninum C rican Cofton OIl 6 | American Sugar 6% Tel. & Tel Tel. & Tol Alu A Amerd Annconda Anaconds Copper 1o American_071 7l 1 ! ential 14 0 ago condition. | § aul Union' Depot 51as 1 ars. Roebuck & Co. 7s 19: Standard 011 of Calif. Tidewater Ofl Gl 14 e T w7 Tnion ouse E April 26, Called July 1, 1623 First Mortgage Loans Lowest Rates of Interest and Comumisalon Prompt Actiol Thomas J. Fisher & Company, Inc, 738 16th Btreet. REPORT OF CONDITION of the STANDARD NATIONAL BANK the District of Washington, April Columbia, at close of business the 1923, RESOURCES. . a Loans and discounts, including rediscounts, ac- ceptances of other banks and exchange or drafts sold with this bank (except those shown Total loans .. verdrafts, unsecured. C$259.09. o Total < a5 Other bonds, stocks, securities, Banking house, S. government securities cwied L All other United States government securitles (including premiums, if any). ete. . 275,000; furniture and foreign bills of indorsement of in b and c) 394 Axture . Lawful reserve with federal reserve bank..... . Cash in vault and amount due from national ban . Amount due from state banks, bankers and trust companics in the and 10) . Total of it b Miscellancous <8 C1% wnd 1 cash) 3 Other assets LIABILITI . Undivided profits . © Less current expenses, United States (other than included in interest and taxes paid ry $i10.; ES Amount due to state banks, bankers and trust compani the United States and foreign cluded in items 21 or 22)... Certified checks outstanding. . C Total of items 21, 22. 23, Demand deposits (other th shier's checks outstanding..... 24 and s n bank deposits) subj untries co (other ithin 30 dave) Individual depo: Certificates of deposit due in les money borrowed) . Other demand deposits. Total of demand deposits (0! posits) subject to reserve, 30 and 31 Time deposits su subject to 30 Certificates of deposit (other than Other timé deposits. . Total of time deposi 32, 33. 34 and 3% . Bills pavable (including all ject to reserve banks and foreign bills of ex dorsement of this bank...... Total District of Columbia, ss.: 1. H. C. McCENEY, cashler of the above-named ba that the above statement is true to the best of my knowledze Subscribed and sworn to before me this 13t (Seal.) Correct—Attest: LT-EDGE SECURITIES 7% First Mortgage Notes Secured on Improved D. C. Real Appraised by Experts 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 Corporation 811 Vermont Avenue N.W. s subject to check..... than 30 days (other than for ther than bank de- 26, (pa ‘ or more notice, and postal savings) for money borrowed) subjest (o reserve, items $428.53: obligations representing money borrowed other than rediscounts).... Notes and bills rediscounted, including accept change or drafts sold with i ces of ‘oth do solemn and belief. C. McCENEY, Cashier day of April, 1823 H. GERTRUDE E. CONLON, Notar, A. S. GARDINER, WM. NEULAND. ARNOLD HIRSH, tate cities is affected me this 11th day of April, 1923. JOHN H. SHREVE, Notary Public MILTON HOPFENMAIER, JOHN B. COCHRAN, R . DUVALL. Directo! 713 14th Save and Invest The value of real esttas in othem heavals, panics—Washington The very maximum of Safety then is found in Real Estate Trust notes and these notes are known to be SAFE INVESTMENTS WITH A WIDE MARGIN OF SECURITY Paying 6 and 6% (PAYABLE SEMI-ANNUALLY) Shannon & Luchs First Trust Notes Built on a Straight Line of Return Not a Fluctuating Value <old in Denominations of $100, $500, $1,000 FULL INFORMATION [SHANNON-& LUCHS, Since 1906 MORTGAGE DEPARTMENT by industrial up- is not St. NW.