Evening Star Newspaper, January 20, 1924, Page 30

THE SUNDAY . STAR, WASHINGTON, D. C., JANUARY 20, 1924—PART 1. FINANCIAL. IENT/RANGE OF MARKET AVERAGES D N TABULATED |Hiem Again Elected President 'BUYING MOVEMENT _AVERAGES it - o CROPS OUTINSTEEL ST BN METHop O Locut Sred i Volume of Week’s Business Reserve Board’sAction Cause for 1924—Bankers Seek Changes Is Much Larger—Review of Wide Comment During in Immigration Policy. aal “fixenres have - been Installed of Other Metals. Week in Wall Street. Tatiation mecting j izougHont: ; OF Chie oraar | Guy Withers, a member of the post, I Hon' tn ins delivered an address on Thrift week, ted Press. 1 B while Past Commander Charles B. ey 4 City, Mo. Matters | Hanford announced that he was pr. NEW YORK, January 19,—The buy- of bpolicy, lur)l,--'m- pared to present scénes from)ing movement In the steel market de- zation and legis- veloped quite satisfactorily during lati. Eithe Gvar "()lhl\"u't when desired by the g)uzll. s men will be Mr. Hanford is one of Amerlcals (0|1, week andithe volunie of busiiees | was very encouraging. Structural e most Shakespearian actors. thgzoughly ieeag material was especlally active and | £192] e _1099. I"QUAR. I"QUAR. 2 com- | tation of the three-act comedy. “Oh, of | Harold!” by the Delhi Club for the benefit of ex-service men. Maj.| G, T. Rude presented a report o the Improvements to the clubhouse, jand said that at an early date all in- i formation concerning rooms for th ,desiring to reside at the clubhouse !would be available. The new heating !plant has been installed, the club- By | bouse repainted and papered through- afternoon to at- 2 lout and artistically arranged_electri- tend the tional 4 1 Brig. Gen. Lloyd M. Brett, miander-in-chief of the Veteran Foreign Wars, accompanied by Gen. Anton Ste- phan, senior vice ©ommander-in- chief, left Wash- ington Thursday n. William clected to head the Washington way and Electric Company for ensuing yvear. Directors at the time renamed the following officers office will short] larger quarters, with panding the business. Fewer Failures During Week. A decrease of 13 uppeared in the jnumber of failures in the T'nited 8. R. Bowen president and States Jast week. the total reporie jeounsel; A. al, controller; A. M. "'“;”;;_ D belng 530, s g 9 comps vith 543 defs he pre- | Fisher, treasurer; H. M. Kevser, sec- | vious week. but fo 48 mourte than"t retary: W. L. Clark, assistant Ham w. 4 removed to a view of ex BY GEORGE T. HUGHES, Special Dispateh to The Star. | NEW YORK, January 19.—No topic has been the subject of more discus- sion in financial circles thix week than the new method adopted by the | Federal Reserve Board in its tabula- vice wissed at i National Capital Post, No. 127, Vet- meetin erans of Foreign Wars, Is fast getting sec- . meeting of Henry . At the last Gen. Lioyd M. Brett. €. Spengler Post, No. American Legion, held in its clubrooms at the National Guard Armory, the post de- cided to give a joint dance with the Spengler Unit of the Ladies’ Auxiliar February 29, Commander Fred A Livingstone announced the appoint- ment of the following to Serve chairmen of the various committees for the ensuing it Past Com- mander G 1. “Tait. membership Vice Commander W, Laurence Hazard, lief; Past N Vice Commande Watson B Miller, service; Past Com- nder Paul Twyman, entertain- nt Vice Commande James H. Jones, publicity, and Past Commander Anton Stephan, finance, Edwin S, Bettelheim as elected to member- ship. and his transfer from e Washington Post to Henry C. Speng- ler PPost authorized. Protection of the victory hutton and all other insignia and decor awarded by the Army or Ni feor olution sent dur weel by the n Veterans, Complaints have been reaching the Washington office of the D. A. V. from all sectiohs of the country th, who are entitled to them certain 10 wh specia The w is no Disabled not entitled. regulations exist governing ing of all this insignia, there provision for punishment for abuses. so the resolution of the D, A. V. calls for fine or six months in jail for Sen- timent on Capitol said to be strongly in favor of the proposal for punishment of impostors. At the last meeting of . (. Yer Unit, American Legion er'loving cup was Anton Stephan, who has just as president of the unit M wy the new president, was t for the first time. Iu- °s cf the unit inciude anuary 29, 1 7 at the home of Mr: Stephan, and a leap vear dance Feh Tuary 29, given by the Spengler Post an Legion and A ary 4t 18th street and Columbia Costello Post, the American Legion, Went on record at its meeting Tues- night in the board r rict building as indorsing t sduced the Se ng in the D 1. Walsh ion = also be allow Miller of the Bureau of Post. addressed the meet lined the figiw th reinstate the veterans th bureau. ¢ rancis Engraving 1z and out- is being wazed to forty-seven world war t were dropped from the ymmander Reamer of the Stuart Walcott Post, gave some inter- Mg facts regarding his visit fo England during the holidays. At the next meeting of the post a promi nent speaker will be on the program and several new features that will benefit members will be intro- duced. Commander Lefferts has an- peinted Col. Guy »ff and Charles Tenry Burnhami, jr., as the grievance ittee of the post to handle ail ox of discharged veterans from the riment service. Comrades ssev. Bell and Photis reported favo ably on the St. Paul convention fund and that many members of the post h igned up to make the trip to the next convention. The Ladies' Auxiliary, Federal Post No. 324, Veterans of Forelgn Wars of the TUnited States, held an meeting at the post room, Odd lows' Temple. last Monday evening and Mrs. Emma Richards. deputy for The Maryland, and Mrs. S. H, Jdacobson, deputy” for the District of Columbia, Lad uxiliary, installed the newly ele TS, s follows President, . Lola' 'B. Heise: vie dent, Mrs. Adelaide i ._B. Raup: -r, Miss® Bark Mater and réss, Mrs. 1. B. Raup. Other officers to be installed later the chaplain, Mrs. Olive S. Dinwiddie, and trustees. Mrs. Mary” Lucas and Mrs. Aznes Miller. A junior vice president is to clected “to fill the vacancy created by the removal of Mrs. A. W. Wells from the city. The installation” ceremonics were followed a _program. in part, as follows: Selections on the piano b Miss 13thel Bagnam and by Miss Ma hel Bowie. Miss Molyneux gave read- Ings and dances. Mrs. R. M. Reese, Wife of the chief clerk of the Depart- ment of Agriculture, was obligated a. an honorary member of the auxlilary in recognition of the service rendered by the committee of which she was chalrman, in_serving Sunday night suppers to large groups of shell iocked veterans under tieatment at Elizabeth's Hospital. In conclu- sion a banquet w rved by the members of the auxiliary to the mem- bers of Federal Post and other guest Fel- Plans for a dance to be held at the Gavel Club, Felruary 2, were perfect- ed by the Ladles' Auxiliary of the Stuart Walcott Post, No. 10, American legion, at a meeting held this week at the home of Mrs. T. N. Templeton, president of the unit. A member- ship drive has been launched by the members of the auxillary, which is made up of the wives, mothers and sisters of the members of the Stuart Walcott Post, No. 10. Numerous ap- plications for membership in the unit have been placed in the hands of Mrs Templeton and will be acted upon at the next meeting of the auxiliary. The fifth anniversary of the organi- zation of George Washington Post, No. 1, of the American Legion, will be celebrated at the headquarters of the post. 1828 ‘I street northwest, March 7. The clubhouse, which has been un- dergoing extensive improvements and alterations, will be entirely completed hin the next ten days. The various oms will be artistically furnished 1l _every comfort will be afforded the members of the post. One of the features will be the placing of a suitable memorial tablet ! in honor of those who paid the su- preme sacrifice or have since died an have been pifthumous members of the post. An ecdtensive program is being arranged by the committee in charge, and prominent speakers will be in- cluded in the program, At a meeting of the post January 15 a number of amendments to the post_constitution were adopted, fol- lowing presentation by Vice Com- mander Percy B. McCoy, chairman of the committee. A report of the con- dition of the cemeteries in Europe, yecently prepared by Gen. John J. Pershing. a_member of the post, was made a part of the minutes of the meeting. &8 The following were elected to mem- Lership: John T. Quinn, trensferring from David Wisted Post, No. 28, Du- juth, Minn.; Clarence 'E. Johnson, transferring’ from Robley D. Evans >ost, No. 4, District of Columbla; Edwin N, Chisolm, transferring_from ¥red Stockholm Post, No. 245, St Louls, Mo. A G. E. Washburn of Merrian Park Post, No. 447, St. Paul, Minn., was welcomed as a visitor and has ar- ranged for a transfer to the post. Past Commander Francis F. Miller of Bureau and Engraving and Print- ing Post, No. 23, of this city, ad- dressed the members and explained the recent situation in the bureau of engraving and printing, where former service men are concerned as apphi- cable to the civil_service preferment jnw. He announced that a benefit would be given February 6 at 5:15 p.m. at Gonzaga Hall, with the presen- Cungress | a social meet- | om of the { Mor- | open | organized for the coming vear, as evi- denced by the activities of the execu- tive committee. Commander Gardella, the newly installed commande appointed subcommittees as follow Auditing and financ G. B eune chalrman: Statsberg and Wickstrand. Entertainment, E. Wi rand, chalr- marn: Love Huhn, Cotter and Weaver. Musicians’, Henry Loveless, with privilege of selecting his assist- ants. Constitution and by-laws, D J i Leahy, chairman; Jenkins and Neu- ner. ~ Welfare and relief, J. B. Much. | Puilding, H. B. Clements, chairm; Much and Jennings. Resclutions and grievances, . Leahy, Clements and City, J. B. Mu Guiffre, Lov ary Haison, W ] berg and Keeffe. i and_investigation, R. Muschlitz, chairman; Orken and Neuner. The gas atfack and publicity, V. Bran- don, chairman nd all po: officer Foreign service publicity, H. B. Clem- ents. Memorial, Henry Loveles airman; Much and Keeffe mpaign, D. 1. Leahy, r and Guiffre Recruiting. Muschlitz, chairman; Neun Leahy and Loveless, post will not hold any monies February 15 in memory of the Maine. It _has been decided to allow the members who are Spanish War Veterans hold their own memorial if they so desire. Auxili- hairman: Stats ance, reception rman; cere- te mmander Paul McGahan and Maj. Thacker V. Walk er, past_commander of George Wash- ington Post, were guests of honor at the_installation of officers of James jE. Walker Post, No. 26, the American Legion, at its last meeting. The de- partment commander made an ad- dress in_which he congratulated the post, while Maj. Walker spoke of the {work of the old First Separate Bat- National Guard of the members of A stand of Ri Department 3 ion of the District, of which many the post were members. colors was presented to the post. freshments were served. The next ting is to be held =t the 12th branch, Y. M. C. A, Thursday evening. istallation ceremonic Jasper Post, the Am were held at the City evening by the department {commander, Paul J. McGahan. The Micers installed were: Ralph commander; Walter R. vice commander: Horace second vice commander; Hetzer, third vice cc Hugh K. Fulton, chap- A Parker Hitchens, sur- issell W. Clarkson, historian; Hughes, sergeant-at-arms; F. ('Neill, finance officer; T adjutant: Leo T. Collier. pub- Welsh and Joseph alsh and ded until the the nder; {lain: Dr. {geon; ¥ Roy A Joseph { Baward |lieity officer; { Thomas J. Frailey { completion of the i n {"'The bowling team ated Stuart Walcott Post two games in a {series of three on Wednesday. The mark in the ninth nd tenth committee consisting of Ferdinand Fraser, chairman; Russell W. Clark- son and Robert H. Hetzer was ap- pointed to arrange for a dance to be ‘u at a local hotel. A report of arrangements wil be heard t meeting of the post on Feb- uary 14 at the City Club. Past Com- jmander Thomas Frailey, who was | tecently elected Chef de Train of La 40 Hommes et 8 Chevaux, has been appointed by Paul J. MeGahan, department commander, chairman of Americanism for the department, and Commander Frailey attended the illiteracy conference as an off cial delegate of the American Legion. The sesslons of this conference were convened in the auditorium of the Interior Department January 11-14. New members admitted were Hilary | P, Tillotson, Gordon Robertson. Sam- | uel lL. Carothers, Morris H. Murray and Wellington M. Garnsey. to be held under the auspices of Stuart Walcott Post, No. 10. Ameri- an Legion, will commence rehearsals next week under the direction of Charles Riemer, commander of the post. Arrangements were completed with the Community Center depart- ment of the District for the use of i the Wilson Normal School auditorium |for rehearsals twice every week for la period of six Commander Riemer said ve. y. In the near future necessary arrangements will be made by a committee of the post to obtain the use of a theater in the downtown district in which to hold the show after rehearsals are com- pleted. Legion posts in varfous parts of the city have announced their intention to co-operate with the Walcott [Post and their willingness to | participate in the minstrel show. | The fife and drum corps of the Vin- cent B. Cosfello Post will probably be placed on the program, along with other talent within the legion and prominent outsiders. A meeting of the post is to be held next Tuesday evening in the board room of the District building. The following candidates will be elected to membership: Hugh S. Cumming, surgeon general, U. S. P. H. Dr. Boyce R. Bolton, Wilfred P. Benson, Harrison M. Simpson, Cloid R. Smith, Robert E. King, Rol ert L. Pritchard. -—— COPPER SHADE HIGHER. I NEW YORK, January 19.—While actually placed rather a better in- quiry was reported for copper toward the end of this week and the tone of the market was steady at about 1 for spot and nearby with some pro- ducers asking a shade higher for the second «quarter. Iron was un- changed. e RAIL REVENUES GAIN. | MONTREAL, Quebec, January 19.— :Net revenues of the Canadian Na- itional raflways for 1923 were placed at $20,127,447, an increase of $17,- 646,935 over 1922 net revenues, ac- cording to an officlal statement issued {by Sir Henry W. Thornton, chairman 1and president of the system. e BUSINESS PICKING UP. NEW YORK, January 19.—Samuel M. Vauclain, president of the Bald- {win Locomotive Works, said yester- {day that business is gradually im- iproving and that the outlook is very good. The Baldwin plant is working at 25 per cent capacity with 8,000 em- ploves. Production of the company twill amourit’ to about $2,000.000 this | month and it has $8,000,000 of orders on its books. PRAIRIE OIL RAISES PRICES. TULSA, Okla, January 19.—The Prairie Oil and Gas Company today posted new prices for crude oil in the midcontinent field, including Okla- homa, Kansas and north Texas. The prices represent increases from 15 to 25 cents, and making the new rang from $1.15 to $1.75. - v FAMENAY RATES ON BAR SILVER. LONDON, January 19.—Bar silver. 3312 pence per ounce. Money, 214 per cent. Discount rafes shost bills, 35-16a3% per cent; three-month bill: 37-16 per cent. the | at | Participants in the minstrel show | comparatively few orders have been | there was a good general demand which resulted in increased percent- ges of operations. Prices were gen- rally firm. xport orders were scarce, owing to weakness in for- eign exchange. Pig iron was in more active demand and prices were firmer \ith slight advances in some sec- on Copper has remained generally uiet. Export business has been re- tricted by fluctuations in exchange rates and buyers for domestic con- sumption have shown little interest. s a result, further price shading has been reported, and at one time small lots were reported t 123 level for clectroiytic. 1'ro- ducers, however, showed little dispo- sition 1 belo the 1213 mark, and some improvement was reported in the volume of inquiry toward the end of the week, which tended to establish the market at that figure. Tin has been more tive, with prices wp nearly a cent, although lUghtly reactionary at the last, due to large straits shipments and re- luctance on the part of Luyers to follow the advance. i Laead firm. due to limited offerings ,nl‘ prompt d good demand for fors ward shipment Zine prices advanced with firmness abroad Antimor S steadier, owing slightly Improved domestic in sympathy to a demand. AUTO MAKERS FEEL SAFE IN EXPANDING New York Show Declared to Have Proved Heavy Buying Is Ahead. Special Dispateh to The Star NEW YORK, January 19.—Automo- bile manufacturers, according to Auto- motive Industri will move produc: tion forward this month, based on returns from the New York show, when convincing evidence was given of sustained buving interest on the part of the public, Desnite the fact that a New York automobile show, for the first time, w held miles | from the center of ti | indicate that attendanc I)nrc\'ivus shows were | year. With an increase in production | schedules this month, a further stap- ping up will oceur in February until all plant facilities are utilized. Man- turers look for high programs in uction to continue for the first i:\'al‘f -lfl;he year, at least, forming itheir estimates on the gen - tude of the public. e The full strength of the buying movement will not be felt until the beginning of spring, but producers [feel warranted in overating on a high |l| vel to meet the demand at that time. ipments are being made to dealers in greater volume than in the same period last year, and the part that cannot be absorbed through current aah—s will be stocked against spring call. ! The farm market looms as one of the strongest for sales of automobiles { this year, and manufacturers will de- vote themselves more aggressively {than heretefore in promoting selling campalgns in rural and agricultura! districts. While business in those regions held up remarkably well dur- ing the past vear, in view of condi- tions it is believed that this year will |fee more pronounced evidence given by farmers to make purchase: This will affect trucks as well as [muumahilns. and truck builders are broken this | prepured to' meet the improved con- ditions. Truck bullding has progress- ed along conservative channels, stocks of finished vehicles being kept at a minimum and nroduction following the course of actual demand. |WILL FIGHT LOAN SHARKS | Lenders’ Association to Resume H Nation-Wide Campaign. Special Dispatch to The Star, . NEW YORK, January 19.—All pos }sible support to a nation-wide cam {paign against unregulated money lending and _extortionate interest rates will be given by the American Industrial Lenders’ Association, it was announced here today. The associa- tion is composed exclusively of in- dividuals and corporations engaged in industrial financing in_those states where the business is licensed and regulated by law. The announcement was accompanied by a copy of a let- ter written by Charles G. Mueller, national chairman of the association, to Anthony P. Nugent of Kansas Clty, Mo., attorney for some 200 al- leged victims of “loan sharks” in that state. In his letter Mr. Mueller expressed the association’s hearty support of the movement to eliminate the evils of extortionate interest rates on small loans, and proffered its co-operation in it, declaring that the assoclation for years has been engaged in the same effort, which he characterized as “a championing of oppressed hu- manity” deserving of the approval of | every right thinking man and wom- an in the nation. It is estimated that the annual vol- ume of small loans in the United States totals $150,000,000. 5,850 GET NEW JOBS. DETROIT, January 19 (Speclal).— Industrial employment here for the last week showed an increase of 5,850, bringing the total to 233.155 workers, which compares with 189.236 for the ‘corresponding period of last year. The average weekly gain for the last three weeks has been 11,721. N. Y. Stock and Bond Averages. Saturday, January 19. STOCKS. Total stock sales, shares. Twenty industrials averaged 96.58¢ net gain, .31. High, 1923, 105.38; low, 85.76. Ten secondary rails averaged .55; net loss, .04. High, 1923, 90.51; low, 79.53. BONDS. Total bond sales (par value), $8,956,000. Ten first grade rails averaged 87.16; net gain, .21. L Aen secondary ralls averaged §3.73; net loss, .13. Ten public utilities averaged 86.50; net gain, .04. Ten industrials 94.35; net gain, .08. Combined average, 87.94; net " gain, .05. Combined average month ago, 86.72; year ago, 88.35. 412,500 averaged i i ‘The chart above shows the high and low. by weeks, of forty reprezenta- tive stocks dealt In on the New York 1, up to and including curve represents industrials of October, 18 Solid section indicates volume of sales of all stocks. treet Jours past week compiled by the Wall Drop in rail avera Stock Exchange, from the flist week the week ending January 19, 1924, and outline curve 20 rails. Lower Averages used are those partly due to Reading selling ex-rights. The Year 1924 to Date on the Washington Stock Excl’nange. urnished by W. B. Hibbs & Co., Hibbs Bidg. For week ending § E BONDS d P. Tel Va P, 6= 1 and Pot. 10,000—C. and P. Teiephon 000—Capital Tr. s 300 " s 4.000—Metropolitan R. 000—Fot. Elec. Power 1st 5 . Elee. Power con < Light gen. and Elec. ¢ i T T | 3000—P. E 1,000—Rizgs Rea 400—Wardman | Bhares. Ity (long) 55 Park 6s STOCKS, Traction and Elec. pfd.. 10—Lincoln National Bank.... 91—Riggs National Bank. American Security 53-—Continental Trust . S—National Savings and Trust 160—Merchant 7—Nationa! Union 60—Mergenthaler Linotype —Lanston Monotvpe .. 362—Washington Market ... 1—Departmental Bank . 100—Standard National B: COTTONSEED REPORT OUT. | Cottonseed crushed during the five- month period, August 1 to December 31, amounted to 1.995.504 tons, com- pared with 2,035,740 tons in the same | period of 1822 and cottonseed an hand at mills December 31 totaled | 738,761 tons, compared with 789,94 ja year ago, the census bureau an- { nounced today. Exports for the five months in- cluded: Crude oil. 12.900,735 pounds. { compared with 10,931,512; refined oil, | 502,902 pounds, compared with 23,- | 94,694; cake and meal, 69,223 tons,| compared with 123933, and linters. | 28,262 bales, compared with 14,199, BALTIMORE PRODUCE. BALTIMORE, Md,, January 18 (Spe- | cial).—The egg market continues steady under a fairly good demand. but confined to immediate wants, as| the recent supplies accumu- lated have not been cleaned up as yet and the mild weather prevailing Is indicative of increased receipts; | hence there has been no advance in price over last week and the market closed today at 35 a dozen for native and nearby firsgs and 32 and 33 for average recelpts. To obtain top| values prompt and frequent ship- | ments are advisable. The general | live poultry market rules easy, with | prices mostly in buyers' favor on all | lines. Turkeys have been in lighter: recelpt this week, but the demand has also eased off, and it takes choice stock to bring top values of 30 a pound for hens and 25 for gobblers, while old toms and poor and crooked breasts will not bring over 18 to 23. Winter chickens, two pounds and under, are in good demand at 28, while' large voung chickens bring 24a35, but rough, thin stock and. leghorns have to be sold at a dis- count rumning from 17 to 20. Old hens are a shade lower and in only fair demand at 20 to 24, While small and leghorns art slow at 17a18. Old roosters plentiful at 14al5. Ducks are firm at 20 to_25, but geese are easy at 17 to 22. Pigeons and guinea fowl in fair request and market rules | steady at 25 to 30 a pair for the former and 40 to 65 each for young | and 30 for old of the latter. i Capons are scarce and in good de- mand at 33 to 36 & pound and 28 to| 30 for small slips, but, with the ex- ception of turkeys and ducks, which bring a premium of 2 a pound, are the only line that will bring anything over live stock. White potato receipts are running ample for all trade wants and the market rules easy at 1.40 to 190 per 100 pounds for No. 1 stock and 1.00 to 1.10 for No. 2. Sweets and yams are also in more liberal receipt and under only fair demand the market is easy at 5.50 to 6.50 for the former and 4.00 to 4.50 for the latter. No. 2 stock of both is slow sale at 2.00 to 2.50, and culls are not wanted at any price. Bushel stock selling mostly 1.00 to 2.50, as to quality and con- ditfon. s Native. and nearby garden truck ) continues in aniple supply and with ) the Increasing receipt of early south- ern_vegetables the market rules easy, with_prices mostly in buyers’ favor at the following quotations: Beets, 100, 5.00 to 8.00; brocoll and kale, bushel, 25 to 30; brussels sprouts, quart,” 12% to '20; cabbage, 100, 4.00 fo 6.00; savoy cabbage, bushel, 35 to b0; carrots, 100, 4.00 to 6.00 celery, dozen, 5& to 1.00; horse radish, Dbushel, 3.00 to 4.00; onions, per 100 pounds, 150 to 2.75: oysterpiants, 100, | 6.00 to 8.00; parsnips, per 4-8 basket, 55 to 65; spinach, bushel, 1.00 to 1.50, and turnips, bushel, 35 to 40. Receipts of apples are light and | | there is a slight improvement in the market, but demand is centered on standard brands of packed eating stock, 2.00 to 5.00 a barrel, 50 to 1.50 bushel, while loose stock sells mostly 1.25 to 1.65 per 100 pounds. Box apples will bring 1.50 to 2.25, as to quality and condition. turday, January 19, Close. 93 101% &8 Low. a3 3% | had 5 | 1ti and ‘Trust. Banking and Trust... 25—Bank of Com. and Savings....... Fire Insurance.. LISTED DEPARTMENT. 13 YA 12 NEW HIGH LEVELS IN CURB MARKET| | mentarily, Lehigh Valley Coal Issues Also Feature of Week—Motor Stocks Heavy. By the Associated Prees, NEW YORK, January 19.—Indus- trial issues became the most prom- inent features of the curb market the past week, some of those ssues mak- ing new high records on vigorous ad- vances, and a number sold at the highest prices reached in recent trad- ing. These ggins, however, were off- set by decline$ in other groups, mak- ing the market irregular. Dubilier made a new high record on an ad- vance of about 2 points following an- nouncement of requirements of its output for railway service, and Radio common also made a new high record. Another feature of the week's de- velonments was the appearance of the Lehigh Valley Coal issues, in which trading started Friday. The coal stock, when issued, then ranged from 33 to'31, and the rights to_subscribe to the stock sold at 33 to 28%. New Mexico land was another strong fea- ture, heavy buying coming from in- terests that are understood to be ac- tively concerned in the development of oil prdperties. Glen Alden Coal moved up about 5 points to a new high record. Motor stocks were heavy all through the week. Durant fell 4 points and Stutz Motor lost 2 points. Goodyear made & eubstantial gain. Although movements in Standard Oil issues were irregular, many stocks in that group were established at materially higher levels during the week. Standard Oil of Nebraska ranged from 208 to 234, Prairie Oil ranged from 255 to 263 and Standard Oil of Ohio moved up from 312 to 319. Continental Oil, on its acquisition of Mutual Ofl, moved up from 46% to 481%. Imperial Ofl of Canada ranged {from 113 to 117%. LIVE STOCK MARKETS. BALTIMORE, Md, January 19 (Special).—The live cattle market while steady on some lines is gens erally easy and demand light and cen- tered on top grade stock. Recelpts are ample for all trade wants and it takes No. 1 cattle to bring top values, Receipts at wharves are mostly of common to ordinary cattle and such are slow sale even at discounts. Quo- tatlons today at Light street whart: Beef cattle, first quality, Ib., 7 to 8 medium, 1b., 5 to 6; bulls, as to qual ity, 1b.. 4 to 5; cows, choice to fancy, 1b. 414 to 5%: common to fair, Ib., 3 to’4. Oxen, as to quality, 1b., 4% to 515 Milk cows, choice to fancy, head, 50.00 to 76.00: common to fair, head, 30.00 to 50.00. Calves, veal, choice, ib., 13% to 14: ordinary to medium, 1b; 10 ‘to 12; rough, heavy, 1b, 8 to 9. Sheep, choice, 1 old bucks, 1b., 4 to 412; common, Ib., 2 to 3. Lambs, spring, choice, Ib, to 14; fair to good, Ib., 10 to 12; com- mon, ‘thin, 1b,, 8 to 9. Hogs, straight, 1b., 7 to 8." Sows, Ib,, 5 to 6. 'Stags and boars, 1b., 3 tq 4. Live pigs, as to size and quality, b, 9 to 10, Shoats, as to size and quality, 1b., 7 to 8. NEW YORK, January 19.—Cattle— Receipts, 160 head; firm. Steers, 5.50a 10.20; bulls, 3.50a5.50; cows, 1.76a4.50. Calves—Receipts, 1,170 head; steady. Veals, 15.00a15.50; culls and little calves, 7.00a8.01 rassers, 4.00a5.00. Sheep and lambs—Receipts, 1,430 head; steady. Sheep, 4.50a6.50; culls, 200a3.00; lambs, 10.00a14.50; culls, 8.009.00. Hogs—Receipts, 1,030 head, steas Light to medium, 7.85a8.00; pigs, 7. ai.7s; _)}elvy hogs, 7.35a7.45; rough i i been no important weakness in those tion of gold holdings. The change was first made in the statement for the week of January 9. Under the new classification “gold with federal reserve agents and “g0ld redemption funds with United States Treasury” are combined into a total designated “gold held exclusive- | ly against federal reserve notes” | This is, in effect, a reversion to the | policy in effect before June, 1917. The result is that in the statement made public this week “gold held ex- clusively against federal reserve notes” is $2,177,670,000, against fed- eral reserve ‘notes in actual circula- tion of $2,084,320,000. Ratio Near 1023 High Point. In other words, outstanding fed- eral reserve notes, according to this way of stating the financtul condition of the system, are more than covered dollar for dollar by gold. Meanwhile the method of stating the ratio of total reserve remains as before. It is calculated on a basis of deposit and federal reserve n Nabiiities com- bined, and st s this week f ystem as at $0.1 per g almost equa high point of 1923, which, h_l turn, w. the highest since 1917 Were it to be calcula the basis of the reserves again posit liabilities alone the ratio would be only about & per cent The Important question about this more or less technical detall is why this change was made. It has been suggesicd that the object was (o re- mD\'P‘ if possible, " the standing temptation to credit inflation which our enormous gold surplus continu- ously presents. If that is really the Intention, it is doubtful whet will succeed. For one thing, gold = tinues to pour into the country, and the trend of the foreign exchanges is all in favor of more gold coming, rather than I & SR No Cause for Alarm. As to the probable effect upon for securities and commodities it is hazardous to venture a prediction One school of economists insist that the normal result would be to ad- vance peices all along the iine. One thing is certain, that no matter how these statistics are presented credit Is abundant for every legitimate com- mercial purpose. On this foundation, and with no disturbing development. anywhere in sight, it can at least be #aid that nothing could be more im- probable than any major business de- pression. The decline prices | in the exchanges has another effect, namely, to crease foreign buying of dollar secur- " both bonds and stocks. This, In turn, accelerates the fall in the exchanges. What could be more nat- ural than with the franc making new low records in response to,doubts as to the ability of France to carry on without German reparations, and with sterling sagging to new low levels, that foreign investors should be anx- { ious to transfer their capital into securities expressed in the one stable currency in all the world? If this theory is reasonable, the effect in our markets would be to advance quota- tions regardless of the business out- look. Nothing in the markets of the week has developed to contradict this view. Bonds have been consistently { firm,” and, wjlle speculative etocks have had sonle setbacks. there hi of real investment merit. Trend May Be Reversed. It may be. of course, that the trend in the foreign exchanges will be re- versed. The decision of the French government to increase taxation 20 per_cent, to. institute important eco- nomies in administration and to defer such reconstruction as cannot be met out of the ordinary revenues, mo- at least, Stayed the fall in the frane, which had been approach- ing collapse in panicky selling. It lsi too early, howeyer, to assume that! these measures will be successful. The outlook is favorable, but the oxchange market awaits demonstrat- ed_results. Likewise, in Great Britain. until the labor government has met the test of responsibility and it is re- vealed how far its leaders propose to go in putting their theories into practice, the disturbance in sterling is likely to continue. All this has had one curious effect on our own foreign bond market. French dollar bonds steadied on the announcement of the measures adopt- ed by the French government. In fact, French bonds never shared in any’ degree the weakness in the| franc, meaning, of course, dollar bonds. On the other hand, Brillsh' dollar bonds have been heavy, which | is certainly illogical, for no one seri- cusly imagines that even the labor| government will damage the credit | of Great Britain abroad. ! Investment BuyingeSlower. Investment buying of securities has gone on all the week. but the pace has been materially slackened. New ofterings have been well absorbed Banks and institutions have been in the market seeking employment for surplus funds. The demand has been especially good for high-grade short- term securities, with yields of 5 to 514 per cent. Investors of large means are still buying tax-exempt securities even though, if the Mellon plan goes through, they will not need them in such large blocks. . { (Copyright, 1824.) H e PRICES UNEVEN ON BOURSE. PARIS, January 19.—Prices moved irregularly on the bourse today. Three per cent rentes, 53 francs % centimes. Exchange on London, 92 francs 90 centimes. Five per cent Joan, 71 frances 10 centimes. The dol- lar was quoted at 21 francs §9 cen- times. FLOUR IS UNCHANGED- MINNEAPOLIS, Minn,, January 1:|,| —Flour unchanged; shipments, 45,304 barrels. Bran unchanged, 25.50a27.00. Wheat—No. 1 northern, 1.12%a1.16% May, 1.128%; July, 1.13%; September, L No. 8 yellow, 70a70%. Oats—No. 3 white.42%atd. Flax—No, 1, 2.562a2.55. — EX-DIVIDEND TABLE. January 21— Cinett: Peabods, a Columbian Carbon Exeliange Buffet, Corp.. 4 Fedcral Sugar Re Federal Sugar Ret. D Fisher Body Corp., 4 Kelsey Wheel pt., - Lord & Taslor 24'pE. 0 AeCrory Stores, Df..- AMil, © Ry. & Lt. 65 pl.g @ Tealty & Tnip. pL.- Virginian' Railway b., s January Z— Reading Co., q. January 2— General Oigar Co.. a Int. Combustion Eng.. 4. Producers & Refiners f. Brill 4. G.) pr. January 2 Clinchfleld Coal Corp. Df.. 4. TUnited Rys. & Elect. (Balt.). q.:ii:.. 1% Money to Loan Becured by first deed of trust on real estats. Prevailing intarest and commission. Joseph I. Weller £ % § 3W! [452 insolvencies of & year ago. (‘or retary and treasurer, and H. W. Kel- [Pared with the previous week's re ly, assistant secretary. turns, decreases are shown in tl No change was voted in the oper- east and west, which somewhat more than offset increases in the south and ating or legislative staffs @f the car- rier. on the Pacific coast Bank President Is Guest. Immediately prior to the meeting of directors, stockholders, after hear- Eugene L. Norton, president of t Atlantic Exchange Bank and Trust Company ‘of Baltimore, was the guest ing the annual report, re-elected the same board of directors, with Milton . Ailes, chairman of the dircctorate jof honor at a luncheon given by Charles W. Fairfax at the New Wil- and Clarence F. Norny heading the | exceutive committec, i | lard vesterday everal Washington bankers were Bankers Seck Changes. rly correction of the ‘nt to meet Mr. Norton. Unlisted Securities Prices. The following latest “bid” and Arnerioas: tmmigration pales asked” prices for unlisted securities best interesta of humanity at lar. |4TS Goted for the guidance of hold- and of the United States in particu- | 'S Of these issues: lar,” is called for in a report by the BONDS . committee on immigration of the|, .. o . Bl American Bankers' Association's | {eemoe e commerce and marine commission, | Costn ( made public in New York last night.|Cits Club 11 quotas for all European coun- | Metrop tries, if the quota theory is main- tained, should be substantially in- creased and agricultural labor and those who intend to settle upon the | land should he admitted regardless of whether or not any particular uota has been filled.” thé report v Xo more visas should be given by any American consular off cer than a pro-rated monthly allow- ance, as to which he should be ad- vised by the Department of Labor, and which should check the evil of wholesale deportations, The num- ber of emigrants should be added to the immigrant quotas in order to avold an actual deficit on balance Finally a _government commission should be appolnted, or co-ordinate aus of the Departments of the rior and Agriculture should be deputed, and, if not with the respon- sibility ‘of soliciting agricultural im- igration, at least with the purpose of directing the immigrant and hi family to the land and putting at his disposal the appropriate govern- mental agricultural services to that pr evils of “in the | Asked Anncostia Rank Hunking Trast & Mortzage sticut l’\ ¥ Christian - Heurie Kalelgh Ho Titie Tosuranie onsl Bauk th Capital Sa trwest Savings B Northeast Kavings Hank ings Bank Washington Base Bail ( Weodridge & Langdon Sav Blue Sky Laws would be unnecess tect the investing public i would confine themselves good st First Mortgage sale. a limited of $100 up to Bearing l7% ‘ Certificates aranteed titles furnished to all clients CHAS. D. SAGER Mortgage Investments 924 14th St. N.W. Main 36 end rust Company Elects Officers. At a meeting of the new board of | directors of the Banking, Trust and Mortgage Company the following officers were elected: Charles It White. president and chairman of the board; James M. Proctor, vice pr dent and general counsel, and Wil- liam H. Kyle, secretary and treasu- rer. The was elected: M. Proctor, George B. It_w to prior mount in sums following executive committee Charles B. White, James Henry . Stockwell, Fraser and D. M. Lea. stated that the comp FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY Interest CONSERVATIVE IN- VESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. FIRST For sale. MORTGAGE NOTES Consult as if you have availabie funds for investment, THOS. E. JARRELL Wember Washington Keal Estnte Bosrt Woodward Bldg. Main 768 Are You Carrying Enough Insurance? Life insurance is an investment, and everyone with dependents should hold a policy \ “Monday is Life Insurance Day in the Thrift Week program—a good time to take out a policy or increase yours i it is inadequate. L&A savings acceumt in the oldest Natiomal Bank in the District of Columbia will enable you to mect premiums prompily. Our Savings Dept. Pays 3% Compound Interest National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,700,000 15th St., Opposite U. S. Treasury—110 Years Gld Organized in 1814 For Lease As an Entirety Modern three-story building near 18th street and Columbia Road, containing showroom, two apartments of three rooms, bath and porch each; two-car garage. Story & Co. Fr. 4100 812 17th St MONEY TO LOAN OoN DISTRICT OF COLUMBIA AND, CHEVY CHASE, MD., RESIDENCES 5Y%% Interest H. L. RUST COMPANY 912 15TH STREET N.W. MAIN 6888 LOAN CORRESPONDENT FOR THE PRUDENTIAL INSURANCE COMPANY OF AMERICA