Evening Star Newspaper, October 13, 1923, Page 15

FINANCIAL, 3462,566 AUT0S GOTO SGRAP HEAP Replacing of Machines Made in 1916 -and 1917 Great Boon to Manufacturers. BY J. C. ROYLE, Special Dispatch to The Star. NEW YORK, October 13.—Who is buying the tremendous number of automobiles being built this year, and who will buy the more than four mil- lon cars which will be built in1924? The answer to that question rests largely on replacement needs. More than two million present owners of automobiles and trucks will be num- bered among the purchasers in the next twelve months. For the replace- ment requirements of the United States now are more than two million cars a vear. This business alone, with the collateral demand for parts, is sufficient to keep the automotive industry mov- ing at & fair pace the year round. Millfons of Autos Scrapped. Manufacturers are mot going to be content with a fair pace, however. Production schedules the remainder of this year and a large part of next give promise of belng heavier than ever b fore. Price cuts by many manufa turers will necessitate the proportion- ate cutting of overhead per car, which can only be assured by quantity produc- tion, As a reswt it is estil ed that employment in %7 industry will be o third_greater fE€n last year, through- out_the winter” The trement#38s number of vehicles which will be rown on the market Is not viewed with great alarm by most manufacturers as they realize that practically all the 1,583,617 cars made in 1916 and the 1,868,949 cars turned out In 1917 are now on the scrap heap. Lower Prices Seen Ahead. Since the cut in Ford prices, senti- ment in the trade has settled down and no startling developments are ex- pected until the New York automobile show, In January. Some makers are planning fireworks for that occasion, which will evoke a long drawn “ah- a-a-w’ from the public. One maker promises an innovation in equipment, which, he says, will be the biggest sensation in ten years. Another well known maker is expected to announce new low grices in connection with new model which will shock the in- dustry, In the Meantime, sales throughout the country are holding up unusually well, actobding to factory reports from dealers, Enortous Output Planned. Preliminary_schedules of produc- tion for the Ford Company for No- vember and December indicate an outturn of 1,800,000 for the current year. The remaining 112 leading makers are expected to turn out an equal num- ber which will bring the year's total to about 3,890,000 vehicles. The Ford Company turned out its eight million five hundred thousandth motor October 4. This shows a production of 500,000 cars in seven days less than three months. Even if this rate were not ex- cecded, the nine miillonth motor should be made about January 1 and the ten millionth about July of next year. Sales of Ford ears and trucks in September led 141,467, an_increase of over 000, us compared with September, Automobile Makers Buy Coppe Automobile manufacturers are taking full advantage of the present low price of copper to buy the red metal and cop- per products in anticipation of their needs. In other lines the demand has shown u falling off, due In some meas- ure to the usual seasonal decline. A short time ago there was a movement on foot to send copper to German fab- ricators without title to the metal pa: ing out of the hands of shippers. Under this plan, the German manufacturers were to turn it into manufactured goods which would be sent back to the ship- pers in this country who would market them and remit to the fabricatoss the cost of manufacture with a profit added. The recent disorganized condition of German _industry, the almost complete Toss of value of {he mark as a medium of exchange and the growing belief that German copper consumers have ampie funds in pounds and dollars to finance copper purchases without such aid has resulted in the dropping of this lan, at least temporari FURTHER DECLINE FORCED IN STOCKS Coppers, Steels, Rails and Oils Go Lower in Week’s Trading. By the Associated Pre: NEW YORK, October 13.—Specula- tive forces working for the decline made further progress in this week’s stock market, although the so-called pivotal fndustrial stocks offered stub- born resistance to selling pressure around their previous lows. There were a few constructive news developments during the week such as the declaration of the Sinclair divi- dend, previously reported in danger; a new high record in_ railroad car loadings; reports of larger inquiries for steel from rallroad sources and the usual optimistic statements on the cconomio situation by banking and business leaders, but the stock market paid little or no attention to them. Copper shares were sharply depress- ed, Anaconda and some of the minor issues folling to new low records for the year. Rubbers also lost ground. The continued shrinkage in the un- filled orders of the United States Steel Corporation and lessened production had a depressing effect on the steel shares. Motors and motor accessories witnessed the wsual seasonal liquide- tion. The olls showed more stability, and sugars developed intervals of strength on_reports of higher commodity prices. | Railroad shares were unable to maintain the rally which set in late last week, operations for the advance being suspended when it was dis- covered that they were attracting little outside participation. Germany’'s currency continued its downward course. French francs showed marked improvement. GASOLINE 7 CENTS A GALLON IN TEXAS Price War in San Antonio Big Help to Owners of Au- tomobiles. By the Associated Press. SAN ANTCNIO, Tex., October 13.— Gasoline was retailing in many filling stations here today at 7 cents a gal- lon. The price was believed to be tne lowest in the United States. The Atlas Petroleum Company, which operates a refinery here, an- neunced that because prices had been manipulated without regard to cost it would maintain the price at 7 cents until the market became stabilized, ulthaush no profit was made. The Gulf company reduced its price from 13 to 11 certs Wednesday and was followed by other major com- panies Thursday. | perous tourists. THE EVENING STAR, WASHINGTON, D. C., FATURDAY, OCTOBER 13, 1923. Flood of New Security Offerings NEW YORK CURB MARKET Recelved by Private Wire BY WILLIAM ¥. HEFFERNAN. NEW YORK, October 13.—Interest in the curb market today was divided between Durant Motors and the ofl shares. Durant had sold as low as 23 on Thursday, which was its absolute low record. It had closed at 25%. On fairly active trading it jumped up during the two hours today over five points. Durant has long earned the right to be classed as a mystery stock. The way it was handled in the beginning has been a matter of common criti- clsm. Whether or not muck stock was sold to the public arou: high prices s not krown. Br:xdl §fi§ impression s that a good many peo- ple were induced to buy on reports of the extraordinary success which the Durant cars were having. Direct to The Star Office The last few months attempts to support Durant stock in the markets have been abandoned. ft has been left to take care of itself, and the unloading even of smail blocks has been attended by severs declines. A stock in this position is apt to have an equally abrupt rally and it was one of these rallies which occurred today. The curb oils, like those on the stock exchange, had evidently got over what shock had been occasioned by the California price reductions earller in the week. Also reports that production in the California ter- ritory was on the decrease had a Steadying effect. Vacuum ofl, Stand- ard of Indlana and Prarie ofl were all firm and fractionally higher. Inde- pendent oils, like Salt Creek, where they were dealt in at all, were some- ‘what higher. Reading coal rights were in better demand getting ready for their trans- fer to the stock exchange. Gllleit Safety Razor rose a point. —_— NEW YORK, October 13. is an official list of bonds traded in on the New York ket today: Sales i DS thonsands. B 1 Allied Packers 8s Alum’ T Am Gas & Elec 8s Am Light 6x Am Sumat Tob Am T & T 6 * Anaconda 6s Anglo Am on 7 Ar & Co of Del bizs At G & WISSTDs Beth Steel 7a '35.. 1 Cent Steel 8 ..... Charcoal Co Am 88 RI&P Ske.. pamSanmenassmall (PP > Col Gr 8x part Con Gas Ralt 6s A Cons Textiles 8y .. 3 Manitoba Pow Morris & Co N o Tower T B.. Penn Pow & Lt ' Bub Serv of N J 7s Pub Sery El Pow 6 [FETHIL - TH NP Tn 0il Gu B 25 Vacuum' OIl 78 FOREIGN BONDS. 4 Grt of Argen 65 w i 90 2 King of Nether 65 Da 11 Swits Govt bigs 093 2 Swiss Govt s omg Sales STANDARD OIL ISSUES. in_units, 120 Buckeye P I 74 76% 04 10 Cumberland P 8oy 2% o8 1 30m P L . 1 80 Tng P 100 Inter’l Pet Co Ltd 100 Nat Transit 300 Oho_ 01l 20 Prairi 0 Prairie P 500 570 Tnd . 0 Southern T 1050 Kansas ne 100§ 0 K. “ 100 i1 500 0% Sales INDEPENDENT OIL STOCKS. in hundreds, S"Ark Nat G 5 Carib Synd 1 Cities Strvice Service pid. rv T cfs 1 Derb 0 & Re 10 Engloeers Pet 10 Federsl 0il 1 Glen Rock O 131 Gulf States OI 15 &R 79 Mex Oil .. 2 Mex Panuco WORLD TRADENOW LOOKING UPHAR Britain Notes Big Increase in Exports—Tourists Lavish | With Money Abroad. By Oable to The Star and Chicago Daily News. Copyright, 1923, LONDON, October 13.—World trade, 50 long depressed, has entered a new and better phase, with every indica- ticn of rapid improvement, according to British bankers and economists. Great Britain's trade figures for Sep- tember, just published, show a re- markable Increase in exports, amount- ing to £3,700,000, over the figures for August. Orders for manufactured products, such as steel sheets and building ma- terials, are flooding many industrial centers, especially in the Wales steel section, where the ouiput has been sold up to May of next year. Rapid Trade Expansion. The rapid expansion of trade is re- sponsible for the recent astonishing statements regarding plans for infla- tion of the British currency. These plans naturally do not contemplate any positive inflation of the pound sterling, but call for a negative pol- icy designed to halt deflation, which many authorities hold was carried {out far too rapidly. | _In particular instunces, such ay the | Wales steel industry, the upward movement of trade has been in- fluenced largely by the Japanese earthquake, which caused enormous demands for construction materials, Other elements, however, prove that the world's buying power has been iincreased generally, regardless of {local influences. | Some Degree of Optimism. | For the first time since 1921, some | degree of optimism prevalls in trad- ling circles, replacing the gloomy fore- bodings occasioned by the French {entry into the Ruhr and Europe's fail- i ure to settle the outstanding difficul- ties regarding reparations. Some doubt exists as to whether the re- | covery of the world would, have been ccelerated if France had not entered {the Ruhr, but that does lish the satisfaction over what recov- {ery is mow evident. It effectually i sliences the political prophets who {held that occupation of the Ruhr would definitely halt trade recovery. Many British industries face an ex- jceedingly hard winter, but apparently the depression of thesé has been over- come by renewed vigor in other lines. Tourists Flooding Europe. The desire for travel, unsatisfied during the long years of the war, shows no signs of diminishing after five years of peace, and continues to bring from the countries least af- fected by the war thousands of pros- Americars Iin par- ticular have added vast sums to Europe's treasuries during the past season, which began earlier and con- tinued later into the autumn than even during the pre-war years. This stimulant of international trade is recognized as one of the brightest omens. WOOL EXPORTS HEAVY. BOSTON, October 13 / (Spectal).— The export movement of raw wool continues to feature activities in the local market. Otherwise, this week has been one of the most disap- pointing to the trade for some time. What domestic demand there was came largely for tow grades and scoured wools. Quarter-biood fleeces sold at 47% cents in the grease and three-eighths bloods at 52 cents. ‘WEEKLY BANK REPORT. NEW YORK, October 13 —The ac- tual condition of clearing house banks and trust companies for the weelc shows an excess in reserve of $14,624,210. This is a decrease in re- serve of $1,336,000. not - dimin- |} 1 Mount Prod_. 1 Mutual Oil vot 5 New Brad Ol w i 2 Peer 01l Corp.... .B 10 Penn Beaver Ofi.. .53 1 Pennock Ofl ...... 143 K% 20 INDUSTRIALS. Am Cot Fab pfd.. Atlantic Fruit w 1 Bkiyn Shoe ...... Brit-Am_Tob Cor Bkiyn City R R Ruddy Buds . Centrifug_Iron Chi Nip new w i.. Colo Pow & Lt nfd Dubilier C & Radlo Durant Motar ... 5.Durant Mot of Ind 1'Du Pont Sotors .. 4 1 Gillette 8 R 2 Gleasonite 3 Yindson Co p 2 Hartman new w i 2 Int Concrete Y on $Y Tel, Co pra ark & Tilord. 1 Radlo Corp .. 1 Radio Corp 1l 28 Read Coal rts w 1 Reading Cosl w § 108 C & I new .. . 1 Stud Wulft Rub Co 1 Switt_Int ... 8 Tob_Prod Exports 3 Un Pt Shar new.. 18 Un_Retail Candy.. 20U § Ltk Heat pf 3 Universal Pipe w | MINING. Arizona Globe Cop . Canario Copper Candelaria_Min . Con Cop Min new 32 Cork Prov Mines. Cortes Silver Cresson Gold . Crown King . Emma_ Silver ortuna Mines ... eld develgp oldficld Deep Min . Goldfield Florence.. Goldfleld Jackpot. Hollinger Marsh Mines | McKin Dar Motals Prod Nutional Tin e Dominion Y Porcupine. 1xon Cop ........ Red Hill Florence. . Sandstorm Kendall. 30 40 0 Spe Stes 20 Suther Dev 3 1 United Verde E: 10 UK Cont new 1 Unity Gold ....... 13 Wenden Copper ... st End | B—$1,000 at 931 “A8—§1,000 at’ 100: . "45—$2,000 n prd.—1 at Washington ¢ shington Rw: Washingtor, Rwy. & E at 71, 10 at 71 | | AFTER CALL. ital Traction Co.—10 at 1001y BONDS. | Bid and Asked Prices. | POBLIC UTILITY. Bid. . z :lre:km 4n. 2 relga. 4345, n. . & Tel, etl. 'lr. 5‘& | Am. Tel. & Tel. conv. 6. | Anacostia and Potomac Anacostia and Potomac G C. &P, Tel, os.. \ & F. Teiephons of apital Traction R ity & Suburban : Georgetown Gas Ist Metropolitan R Potomnc Pot. Elec. Pow. g. Waih., Alex. & Mt. Vernon s. Alex” & Mt Ver. ¢ [, Belt. & Annap. o, shington Gas Gx...... Cashington Gax 6 vash. &t D. . Paper Mfg. 6x.. Riggs Realty 5s (long) Riges Realty Gx (shor Security Storage & Safe Wash. Mkt. Cold Storage 5 Wardman Park Hotel 6s. STOCKS. PUBLIC UTILITY, American Tel. & Telg: Capital Traction. Washington Gas rfolk & Wash. & Rwy. & ilec. com. Elec. ptd. Capital Columbla Commerc District . Farmers ‘and Mechanice Federal-American Liberty Lincoln Nationai Bauk of W TRUST COMPANTY. American Security & Trust. Continental Trust, rchants' Bank. onal Savings and on Trust... . % ashington Lot Trus #AVINGS BANK. Tru East Washington. Securlty Savings & TITLE INSURANCE. Columbia _Title. Real Estate Title.. MISCELLANEOUS. Columbia Graphophone com. Colymbla Gruphoph D. C. Paper pfd Merchants’ Tran Mergenthaler Linotype. ta Pateh Markot co 01d Dutch Market pfe Lanston Monotspe, Securlty Storage. Washington Market! Yellow Cab.. *Ex dividend. BETTER CAR SERVICE. Railway Age Notes Marked Change * in Railroad Operaticn, CHICAGO, October 13.—The short- age of freight cars so noticeable in the peak transportation on the rail- roads in October, 1932, is not notice- able this year, according to thie Rail- way Age, & rallroad magazine, which places the credit for this in the mo efiicient handling of cars. 2 “The number of new cars put in service from January 1 to Septemb. 1 wils 116117, a statement of the Age said. “Neverthle: the number of frelght cars owned by the railways increased only from 2,307,397 in June, 1922, to 2,816,265 in June, 1923. This is due to'a Targe number being re- tired from the service. Asked. | Has Curtailed Buying Power High Surtaxes Also Keeping Rich People From Trading in Stock Market. Business Outlook. BY STUART P. WEST. 1 Special Dispatch to The Star. NEW YORK, October 13.—There are two reasons for the slackness of buy- ing power which has repeatedly ex- aggerated downward swings on the stock exchange. The first is the ab- sorption of an unusual amount of in- vestment capital by new securlty of- ferings. The second is the paralyz- ing effect of high surtaxes upon the market activities of people of wealth. During the first half year nearly $1,900,000,000 of new stocks and bonds were listed in the New York market, an Increase of $320,000,000 over the same period in 1922 and of $620,000,- 000 over the first half of 1921. Under the urge of competing bankers and barking syndicates local governments and private business enterprises rushed to sell new securities to a then eager public. Too Many New Offerings. The outpour eventually became ex- cessive. Since the start of the new fiscal year there has been a notice- able let-up in this new financing. But in the meantime the practical result has been to divert, to an extent far beyond the ordinary, investment funds which normally’ would have been attracted by a falling stock market. As for the wealthy income taxpayer, his policy is to hold onto the securities he owns, but to be slow about engaging In fresh buying oper- ations in which he must take all the risk and receive only half the profit. The weakening of these two ele- ments of support, although not af- fecting the final adjustment of mar- ket prices to values, does explain the tendency of speculative movements to be carried too far temporarily. Current Business Unusually Large, The opposing views of the business outlook remain at the close of the week as they have all along. If com- parison be made with the feverish activity of last winter and spring. there has been a considerable reac- tion in many lines But if the com- parison {s made with normal situa- tions the current voulme of produc- tion and consumption 1s not only satistactory, but is unusually large. This, together with the caution against loading up with surplus goods and the unprecedented credit reserve of the country, are the points dwelt upon by those who express confidence in the future. Those who see things the other way maintain that production will slump as soon as old orders are used up and that consumers will continue re- luctant to pay the higher prices de- manded on new contracts. Finally, they maintain that. unable to pass the increased cost of labor and materials on to the public. business will have to be content with a slim profit. On thie latter point the third quar- ter earnings statements of the big industrial companies should throw a good deal of light. The steel pro- ducers were at work all through the period on low-priced old contracts, while paying 15 per cent more In wages. Thelr reports ought to es- tablish just how much there is so far in the argument of the “dwind- ling profit margin.” Railreads Carrying New Business. The contentlon that (he record- breaking rallway car loadings are a measure of business honked six months. ago, rather than of present activity, is getting all the time harder to substantiate. This might be true if the bulk of the country’s business our Over a Quarter of a Century Without a Loss were taken on_long-term contracts, but it is not. The mass of the mer- chandise traffic passing over the rail- roads calls for comparatively quic payments and Is therefore of recent origin. Moreover, according to the latest official figures, this: class of business is on the increase. 1f further corroboration is needed, it 'is afforded in the sales of the chaln stores, the mail order concerns, and other agen- cles of distribution, which certainly show no let up. The main question, consequently, is not as to the reality of the present business volume, but as tc whether it is being conducted at an adejuate Ll (Copyright, 1923.) RAIL HEARING DATE SET. Investigation by the Interstate Commerce Commission of the feasi- bility of consolidating rallroads into eighteen or twenty systems will be concluded at hearings here beginning November 1. Representatives of all sections of the country, all railroads involved and all communities interested have been heard, but various points have been brought up in the testimony which it is now desired to clear up before the commission makes a final report. Commissioner Hall, who has conducted the hearings to date, will be in charge of the final sessions. RATES ON BAR SILVER. LONDON, October 13.—Bar silver, 81716 perounce, | Money, er cent. Dluuoint?n?eu, short bills, 2 16-16a 3 per cent; three-month bills, 3 8-16 per cent, NEW YORK, October 13.—Bar sil- ver, 63%; Mexican dollars, 48%. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DENVER, October 13.— Colorado corn growers are smiling with sat- Isfaction with the largest crop ever in prospect. The forecast is for 31,- 000,000 bushels compared with 18,- 000,000 last year. SEATTLE, October 13.—Estimates show that there is now in sight 7,243,000 cases of canned Alaska, British Columbia, Puget sound and Columbla river salmon, compared with 7,000,000 cases last year. ATLANTA, October 13.— “Roofer” mills, small portable saw mills oper- ated by independent producers, are in- creasing their output now that much of the season’s work on the farms is over. These plants turn out framing and sheathing and dispose of their rroducts close at hom GARDEN CITY, Kan., October 13.— The sugar beet crop in this section is the best in many years. Estimates for Kansas, Colorado, Wyoming and Ne- braska place the 1923 yield 6 per cent over iast year's. HOUSTON, October 13.—The condi- | tion of rice in Texas has dropped to 85 per cent of noraml, as a result of | delay in harvesting and threshing and losses due to rains in September. Most of this damage was to early varieties. The vield for the state is estimated —is the best time to invest in FIRST MORTGAGES —because your interest at 6% % begins as soon as we re- ceive your money. B. F. SAUL CO. Main 2100 1412 Eye St. N.W. RECOMMENDATIONS Permit a Word of Counsel Out of Our Extensive Experience Do not yield to the insidious temptation of promised extravagant returns offered by those foisting doubtful securities upon arf unsuspecting public; but invest your money where the return will be assured at 6% %, and the interest payable semi-annually on the day due. Such Are Our First Mo; They are secured by first liens upon incom real estate in our beautiful 'Cagital city, which is un- cted by periods of panics or del rtgage Notes -produc- ation. Since our wise savants have deciphered the ancient records, loans secured b first mortgages on real estate have taken FIRST PLACE as safe investments. BE AS WISE AS OUR FOREFATHERS Let Our Mortgage Department Explain REALTORS 713 14th Street N.W. Main 2345 WEEK SEES WHEAT INNEW UPTLRNS Corn Also Scores Fine Ad- vance Due to Scarcity for Immediate Delivery. By the Associated Press. CHICAGO, October 13.—Material new upturns In wheat have occurred this week, largely owing to a reduc- tion of the government estimate of the domestic spring crop and as a re- sult of definite steps toward a possible increase of the import duty on wheat. Compared wlth a week ago, wheat this morning ranged from 1% to 2% higher, corn showed 1%al% advance, oats were % to % up and provisions varied from 20c decline to 30c gain. Corn available for immediate deliv- ery was so scarce that corn and wheat became virtually equal in value, an event seldom witnessed. Later the market reflected favorable weather for cutting and husking the new crop. Oats advanced slightly with other grain. For the most part, provisions were lower, affected by weakness of hog values. BUSINESS TOPICS. Atlanta Post Office Is Rushed. Smoke Retards Shipping. Spectal Dispatch to The Star. ATLANTA, October 13.—The in- creased volume of mail here has mne- cessitated taking on forty additional post office employes. The city water works department ‘now is rendering service to 280,000 people, 20,000 of whom reside outside the corporate limits of this city. CHICAGO, October 13.—Sales by Sears, Roebuck & Co. are expected to total approximately $215,000,000 by the end of December. This compare: with sales approximating $233,000,000 in 1919 and 1920. DULUTH, October 13.— A heavy smoke pall from forest fires has in- terfered slightly with lake naviga- tion, the smoke in certain vessel lanes belng heavier than fog. Trucking by motor in sections near the fire zones has been_abandoned First Mortgage Loans| Lowest Rates of Interest and Commission. Prompt Action Thomas J. l_-‘ahhle_r & Company, Inc. Street | | ' Money to Loan | —on improved D. C. property | at prevailing rates of interest. | See Mr. Field . | | | 1334 H ST. N.W. Franklin 9503 First Mortgage Loans FOR SALE In Convenient Amounts at 61,9, interest Secured, on Irmproved Properties JAMES F. SHEA 643 Louisiana Ave, N.W. oney to Loan ANY AMOUNT Reasonable Charges Trade Acceptance: ‘Warehouse Recelp Manufacturers' Accounts, Short-Term First and Second Mortgages or Approved Col- lateral. American Finance Corporation Commerecial Natfonal Bank Bldg. Money to Loan Becurec by first deed of trust on resl estats. Prevalling Interest and commission. 420 Wash. L. &. Trust Joseph I. Weller £ Wash. L & Trust ARNOLD AND COMPANY INCORPORATED. Capital, $1,000,000.00 Real Estate First Mortgage Investments 1416 Eye Street N.W. Phone Main 2434 “When” You Buy a Properly Placed 7% First Mortgage Note Have you thought what advantage you have over other marketed securities? Can you fuvest other than in mortgage Dotes where you are absolutely secured against loss of principal or interest and receive your income ot the date di where in the fnvestment fleld has such & safe and satisfactory record been made. We, like many others dealing Firat’ Mortgages, boast of the e: viable record of mever a loas of & single penny in either principal or intereat. Notes now on_hand n_amounts of Full_particul mu‘u' 0'Do eulars * a) r. 0'Dons Loan Dept:, M. 36, — CHAS. D. SAGER 924 14th St. N.W, Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Save While You Have the Opportunity —make up your mind to foin the Equitable and save systematically. Subscription for the 85th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON, Presideat FRANK P. REESIDE, Seey. 1l ¥raxx w. stoNe . ] ¥raxk sreTsoN FINANCIAL, FIVE-CENT PIE HINTED. Huge Pumpkin Crop Revives Mem- ories of the Past. MULLICA HILL, N. J., October 12, —Pumpkin ples are now in season, with filling deeper than usual and the slices larger, because southern Jersey has not had such a big pump- kin crop for many an autumn, Small mountains of the spheroids are piled up in many a farmyard, and canneries are getting a full supply. Farmers say that the season favored pumpkins. Tons of pumpkins are being stored. They will be shipped to markets for Thanksgiving dinners. Ten cents apiece is the price for good size pumpkins on many farms. 15 to 25 cents for pumpkins, with higher prices for unusually large ones. Town dealers are stocking up for Halloween. Growers say the size of the crop should be a factor in restofing the b-cent wedge of ple. o Making Pay ver 42,000 Depositors OFFICEKS: WILLIAM D. HOOVER ....President WOODBURY BLAIR ....1st V. Pres. 20 V. Pres. Trust Ofticer CHAS. C. LAMBURN T, Hedges & Middleton, Inc. || E. PERCIVAL WILSO) ¥. R. ULLMER, Ausst. Sec, & BRUCE BAIRD _.Asst. Trust DAVID BORNET..Asst. Trust Officer e A golden | City green grocers are charging from | 15 GERMAN CURRENCY | FIGURES APPALLING | [28,230,0(1),000,000.000 Paper Marks Have Been Issued, Bank Reports. By the Associated Press, BERLIN, October 13.—The currency issue now has reached 28,230,000,000.- 000,000 paper marks, according to the Reichsbank statement issued to- |day. The issue trebled the last weel In September. In the same perfod the Reichsbank’s' home gold reserve de | creased by 26,000,000 marks, while it | holdings of discounted treasury bill private checks and drafts increased | 34,000,000,000,000,000. i R |, Even a peaceful man 1s ever ready to strike a bargain. Capital and Surplus, $2,000,000 Day Deposits —BY MAIL suits the convenience of not a few of our 42,000 customers, and we invite you to fol- low their example if such procedure appeals to you. ! We furnish the sta- tionery required—make prompt acknowledgment of your remittance—as- sure you of as satisfactory service as if you came to the bank in person. Deposits Invited in Any Amount; Seme Rate of Interest Paid on Small and Large Accounts Open Until 5:30 P.M. Monday and Tuesday DIRECTORS: Woodbury Blair William D. Hoover James A. Buchanan Reginald 8. Huldekoper William A. H. ChurchVictor Kauffmann Walter O. Clephane Charles Minshall H. Hosier Dulany, Jr. Edmund D. Rheem W, 'E. Edmonston Frank Stetson Fraskiin H. Ellls Frank W. Stos Frederick A. Fenniag Willam H._ Walker H. Prescott’ Gatley Henry K. Willard National Savings & Trust Co. Oldest Savings Year Cor. 15th Depository in Washington and New York Ave. In the Path of Washington’s Growth OU ble security R First Mortgages owe their dou- to the impregnable safety of Washington and our choice of valuable, improved property in the path of the city’s growth. Every loan secured by our First Mort- gage Notes holds a fifty to one hundred per cent margin of safety in the value of the property, and is arranged in short terms to permit periodical investigation. These Notes are available in denomi- nations of $100 to $100,000, and may ba | Call or Write for | | { 54 Years Without purchased either for cash or through our plan of SYSTEM SAVING. Detailed Information x Swartzell, Rheem & Hensey Co. | : 727 15th Street N.W. Loss to an Investor Convenient For Investors Interest 622% 92 Fifteenth Strect Denominations Main 6388