Evening Star Newspaper, March 30, 1924, Page 35

FTINANCIAL. D. C. Bankers’ Quest for Data Based on Deposits Near End T | | THE. SUD The Year 1924 to Date on the Washiflgton Stock Exchange. Furnished by W. B. Hibbs & Co., Hibbs Bldg. Up to and including Saturday, March 29. Measures of Benefit tions Staied Object—Loan Rates Be- low Average Noted—. A hearty and ¥ meeting the committee of th Bankers® assigned the stupendous task ering statistics based on the ¢ local institutions. The figure and number the accounts aver. aging $10 o €30 and le on, the mai bly to the attent tions the true us of Mne. While the true for data has nev co-operative efforts of the Dist Association, response special | Columbia | has bes f gath- | posits of ot which | asked for | classify | less and so | & to brin wher a e wn of inst their depos ntent of this sought- r been disclosed, it is understood it is for the purpose of gen- n Dist eral discussicn ex, with the oy measures or of b t banking cir- applying remedial disposition shown | juests, the majority of srwarding the rative institutions it - is pro % < non-par- ticipating should be éx- cluded Aid 1o Land Bank Bouds. A bill has 7 Maryvland mukin honds legul for Al fiduciary funds of tr companies tions, savin workmen's comper public money su the state of Ma hall by members they nding and and 1o buildin fund, o to investment Als cepte security public deposits on the same any bends for which the fa United States is pledged Gieorge A. Harris, president the local Potomac Joint Land Ban} States that thiz legisiat il au pmi ) bo arvland Loans at Low Bank Srade mercantile pa ade at rates that a e of every The theory is very n vaneed b terms ith of th Average loans STEEL MARKET BUSY; OTHER METALS WEAK Railroads’ Purchase of Rails Keeps Demand Fairly Active—Pig Iron Quiet. By tie Ass NEAW ated Pross YORIK. Ma continue ‘and prices of, weuk ness g lars other nater Hnes the @ 1 te active ' on tiic whole toward caut isting rections. I'ig iron prices 1 i tiom i No fmp copper for + accour Week, Export I 1 stricted Dy T | Tondon ma | ‘nd_buyer ‘ aro evide | condi i selling r 3 | ordd hin S 1 is very qu n the demand f domestic ar foreign ) reported during the siness has been re- ther fluctuations in the ign exchan consum while p erally small around the 1 trolvtic. Tin is condition good buyers oldir weak Consumer » recent is une sier in tone. Stocks are s production promises to keep abreast of requirem | Zine d cakness rgely nominal in ness. Antimony firmer. on strength in primary markets, but demand is slow as buyers are following the 1- vance. LESS CRUDE MATERIAL. U. S. Imports for Manufactures De- cline in February. The Tnited States is importing erude material for use in manufacturing, n proportion to the total imports, but is exporting more. An analysig of our im- port and export trade for February 1824, and for the eight months ending with February last, shows that in Feb- ruary this year our imports of ude materials for use in manufacturing imounted to per cent of the total imports, compared with 42 per cent in the same month last ¥ ¥or the wight-month period just closed crude imaterial imports were 34 per cent of the total, compared with 40 per cent in the same period in the year previou: Turning to the export side, the statistic ~how crude material exports in Febru- e, 1934, at 52 per cent of the total fEwinst 35 per cent in the same month in 1923, The percentage for the eight- nonth period ending February, 1424, was 34, against 29 in the previous eight- month period. The proportion of com- | pletely manufactured goods in both ex- ports and imports shown but slight change in the year-lo-year comparisons. BUSINESS SUMMARY. Bradstreet's Reports Trades Quiet, Partly Due to Late Easter. NEW. YORK. March 29— Brad- street's today. Says i Spring has begun with the effects of a late Easter season complicated by the cautiou: piecemeal buying previously noted, an_irregular indus- trial condition—every possible sha ing of activity Leing noted as be tween different trades—a late and rather spotted crop situation, and a rather more marked easing in secur- ity and commodity prices than had | previously been. noted. oy Weather conditions bulk large. in the reports of approximate quiet in retail and jobbing trade, .rains, snow and bad roads ail coming in.for men- tiom, but reports of less doing than a_year-ago in March, coming from many cities and country sections generally. must be considered in the light of the fact that Easter is nearly three weeks later this year than last. Weekly bank clearing, $8,095,374, 000, - sympathy with and prices were absence of busi- e Thirty-seven per cent of all auto- mobiles ‘in Capada are owned by fariuess. {is that {which will glve the market | and [ As. Drygds 24 pr.'§) to Financial Institu-| Market Review. way to speed general prosperity would ba to have credit more abundant. more | accessible and more chean. Those who know the cause and effect of redundant | money find it difficult to combat the pub- lic fallacy regarding an abundance of credit. especially as periods of inflation in the past, with an abundance of | credit, are remembered by the public as periods of “prosperity.” It will readily be recalled how in 1920 the popular ap- | proval of inflation was of all the eco- ¥ the greatest to combat. s stiil keen of the popular | arose against the measures finally enforced to check | is constant: | and the political cvonomist | that continuing low rates ffect, vet from the rank of pecple there is bound to be suggestion that the banks make it more casy for borrowers to negotiate loans. Judging by concrete example. the average citizen infers that t or the volume of credit released by the banks the greater the bemefit to ail. The invariable personal experience the more mo has_the more prospiTous one is, and the average Citizen therefore concludes from his own exper that the more money there s the country. and the more credit | there is. the richer eversbody for that and file pproval of any sideration of rthe | the banker needs | abundance of y. and he | urat | pen money too | for borrowers | untried and hazardous | movement much and snture a’ Axked™ Prices. bid"” and “asked" | urities is printed | holders of these | and The following late: unlisted e guidance issues BONDS Asked Army and Navs Clab Ge..... | STOCKS, mtin Bank u Sacks 8% prd n-Sacks Title Tnsnrance Co s | Frankiin Nitional Haok. - Mngsey Trust i | | o ALTIMORE PRODUCE. BALTIMORE. Md.. March 29 (Spe- | ges reached their lowest| with strictly fresh native | stock selling at 21 ¢ it is hardly likely ti as the pack- 4 next week a firmer should not ra shipments are adv more ceitical with | vel tod. nd nearby en, but » will go lowe < are due to take he tone, even if Prompt buyers are held dis- int ock has to be sold at u under top quotations mar! for live chickens.y ns and guinea fowl rules | 3 dv to firm under only | ate or light receipts and a fair | nand prevailing for first quality X on for turkeys is about ales of the few late strictly .a_question of de- | mand, with prices depending entirely { upon quality and condition. Season | for dressed are not ad winter chickens and wanted at 45 ts a pound. while sth young chickens bring horns, 0. but rough. thin are slow sale at Fat old hens| continy good demand at small. 23 and 24, and 22 and i leghorn ©Old roosters plentiful at! and 16. Ducks are being held for laying and. consequently. receipts are { lizht, making for a steady mariet at 30 to 34, and even small and poor will bring Fairly good de- | mand prevailing for pigeons and | £uinea fowl, and with light receipts arket is firm at 45 and r for the former and 40 t ich for young. and 30 each for old | of the latter. { tive season for dressed poultry | Jout i demand easily sat- und for choice | oung chickens and 25 to 30 for old | nd mi Old roosters dragey at | i and 17, and ducks in fair demand | Capons arc a little Uirds, seven pounds , bringing 42 and 43; medi- pounds and ov 8 and 40, ! and small slips. 35 and i Market for white potatoes rules | asy with E lower than | last week 175 per 100 pounds, and 00 for No_ 2 stock. Virginia McCormicks, pientiful and selling 1.60 and 50 pound | s bringing 1.2 as to quality and condition. Considerable of the teceipts recently have been of uhn- sraded stock and such are slow sale even at sharp discounts and culls are not wanted at any price. ' Sweets and yams are also in ample supply under lighter demand the ma ket rules easier at 5.00 to 7.00 a bar- No. 1 stock, and 2.50 to 3.00 stock outhern vegetables now ! all over native and nearby arden truck, but receipts of the lat- | ter where of good quality, meet with ready sale, gencrally at the follow- | quotations: | Beets, 2.00 and 2.50 basket; bro- | coli and kale, 40 and 30 bushel: cal bage, 4.00 10 6.00 hundred and sav 20 and §0 bushel; carrots, 4.00 to 6. hundre: horseradish, to 4.00 bu. onions, 1.50 to 2.25 per 100 pounds: ovster piants, 6.00 to 8.00 hundred barsnips, 60 and 70 basket; spinacl 150 and 1.75 bushel, and turnips, 40 and 50 bushe With the exception of a couple of brands of eating apples, which are in light receipt, the general apple mar- ket rules easy under only fair d mand at 2.00 to 5 4 CENTS UNDER MARKET. [:nd chnies ues, et Nebraska Plans to Reduce Cost of [PAred week ago. beet Gasoline. L LINCOLN, Neb. March 29— Gov Charles Bryan announces he is pre- pared to £0 extensively into the gaso- line business and with the CO-Opera- tion of citles, clubs and committees in dispensing to the consumer under- sell the market 3 to 4 cents a gallon. The governor dispiayed a telegram from a producer offering 6,000,000 gal- Jons of high-test gasoline @t the ra of 500,000 gallons a month and ind cated he had other supplies available, Gov. Bryan declared the country is “flooded with gasoline” and predicted a lower price soon He asserts he has reduced coal dealers’ profi by his municipal coa: vard while mayor of Lincoln and his state coal-distributing organization since becoming governor. ration. . & Mtge pf1 As. Drygds com g As. Drygds 1st pf..§ Reil Tel. (Pa.) com. Corn Prods com. Corn Prods pf. May > com. . PhilJoses C pf. U. 8. Fin. com. UL Pin pf. U088 K.&M. pf. Lo TIPS ar-|f !two advances. Th | teady oxcepton calves, which how 4 | | wharves ;s bulk good and choice 160 to 2 5 X 50 barrel for packed | #verages. i stock, and 50 to 1.50 per bushel. {sirable 350 to calves weak to 25 lower. BONDS, *.and P. Tel. of Va. 5s. Elec. Power #s, 19 na. and Pot. River R nd P. Telephone 1st pital Traction Ist s Power con Power deb. £9,000—Wash. ¢ Light gen. os £1,000—Wash. Ry ec. cons. 48 $4.900—Wash 000—Pot. Elec. 000—Dist. of Col. Paper M 14.500—Riggs Realty (long) Hs 10,000—Wash. Market Cold Storage 1,900—Wardma Shares 1.453—Capital Traction ashington Gas teamboat S 2 . Ry. and Elec. com. 180—Wash. Ry. and BElec. pfd 1,000—Wash., and Mt Ver. 182—Commercial National Bank #4—District National Bank... 10—Lincoln Bank 167—Rigg nal Bank 2 Ame curity and Trust S0—Continental ational Savings and n - Trust h. Loan and rehants’ Bank nk of Com ashingtol emen tional Columbia e state Title Insur, Merchants’ Trang. and Sto —Mergenthaler Linotype nston Monotype Trust Trust and Trust and Sav Union Tit}e 1= 2 100- Bank pfd prd DROP IN COMMODITY , PRICES INDICATED tandard Natfonal apin-Sacks 8s acks Ts Dun & Co.'s Review Notes Long- Continued Buying for Imme- diate Needs Only. The effect of the long-continued policy only for immedia in now more plainly seen in de elining commodity prices, in the’ epinion of R Gi. Dun & Co., expressed in their weekly review of busine “Variable weather has been mental to spring retail demand the review, “but other factors account | for the curtailed cotton goods output the continued dullness of the hide trade ied branches. the inactive market iron and the smail volume of ad- orders in many channels. Inste of taking on new vigor with the « in seasons. purchasing in many ins remains hesitant, and the first quarter of the vear is closing without the g ains that bad been hoped for he lack of buoyancy in business as a whoie is partly due to political un- ceTtainties. which cause confusion and affect sentiment. and in mitments are bei d-lrtr‘ ithe easing of pri competition among sellers. Nearly tress the low state of merchan- ke, but there is little disposition | to build up suppl possible | future needs, uf: | man “With evidence buying, however. therc i turn-over of goods for current tion, and some of the ures of commercial r all the rably with the best previous records. Conditions show many contrs but average daily bunk clearings hold at i high level. freight car loadings a precedented for this period. thers usual activity in the building and the principal steel producer cc tinues to operate practically at capac ity In the weekly list of commodity prices quoted in Dun’s Review fifty-seven de- clines appear this week, azainst twenty- | ompares with six one reductions and iwenty-three it creases last week, and forty-five de- | clines and thirty-four advances in the same week last year. | LIVE STdCK MARKETS. BALTIMORE, Md.. March 29 cial) 4-The live cattle market nerdlly firm with price (Spe- rules holding decline from last week, demand during Lent kinds of cattle to light feceipts of all | continue light on nd only moderite i Stock oW Spring Jambs have ar. meet wilh ready e at good prices. Stock vard prices Slightly higher than the following quaotations at Light strect whart toc days Beef cattle. first quality, pe to 8. Medium. 5 to 6. Bulls, quality, 4 10 5. Cows, choice to 4 to Common to fair, Oxen, as 1o quality, 11 cows, choice to fancy, p to 00. vards. rived and ib., as to per 1b, 11. Ordinary to medium, to 10. ' Rough heavy common, 7 to s. eep, choice, 7 to 8. Old bucks, to 6. Common, 3 to 4. Lambs, fall, choice, 15 to 16. Fair to good, 12 to 14. Common, thin, 9 to 10. Spring as to size and quality, 1% to 22. Hogs, straight, 7 to §. Sows, 5 to 6. Stags and boars, 3 to 4. Live pige, as to size and quality, 10 to 12. Shoats, as to size and quality, § to 9. W YORK. March 20— Cattie— Receipts, 760, state bulls,” 3.00a5.25 Calves—Steady. Veals, 14.00a14.; calves, 4.00a5.00; .00 Sheep and lambs—Si Sheep, 4.50a7. A lambs,” 9.00a17.1 1.00. Hogs—Steady. Receipts, 3 to medium weights, S.00as 7.60a7.8 hea hogs, roughs, 6.50a’ CHICAGO, March 29 (United States Department of Agriculture).—Hogs— | Receipts, 6,000 head; active; strong to 10 higher than yesterday's averages heavy weight show most advance Receipts, culls and ; Tittle buttermil 45a7:50; top. 300 pourd "butchers, bulk packing sows, 6.65a killing pigs steady; bulk_ good timated holdover, 5 ttle—Receipts, ' 500 head: com- steers and.year- lings steady: top-weight steers, 12.10, | highest on this class for the vear:! best vearlings, 12.00; fat she stock | strong to 25 higher; canners and cut- ters weak: bulls, ‘15 to 25 lower: stockers and feeders steady; veal | Week's bulk | prices follow: Beef steers and year- lings, $.00a10.25; fat she sto 0a 7.5 canners and cutters, 2.85: veal calve a10.25; stockers and feeders, A’ Sheeh—Receip! 6,000 head: fat wooled lambs, 16.65, steady; compared week ago, vat lambs 15 to 25 higher; | sheep around 25 higher; feeding and | shearing lambs steady; fop fat lambs for week. 16.63; best shearing lambs, 16.00: choice rn lambs, 14.50. U. S. SMELTING PROFITS. The United States Smelting, Refining and Mining Company reported for 1923 net profits of $2,678,090 after federal taxes, depreciation and depletion. After deducting reserves of $500,000 there was.|| a balance of § ,090, equivalent after preferred dividends w $).36 a share | earned on 351,115 shares. of common This compared with 9 cents a share, earned alt. and Annap. 1st o8 .nl fs |and trust | 200 Open. 9. SUGAR MARKET QUIET. Spot Prices Unchanged With Cuba Quoted 6.65 Duty Paid. NEW YORK., March 29.- ugar markot was quiet sales were reported spot prizes were unchanged, with Cubans quoted at 6.65 duty paid sugar futures were fi cattered by house re three to | er. May closed | September De- | as no Raw covering and ssion Cember 4.6 inquiry was reported for re ur and prices were un-| “d at 840 to 8,30 for fine granu- | tined futures were nominal. N. Y. BANK STATEMENT. NEW YO March The actual condition of clearing house banks and trust companies for the week | how an excess in reserve of $25,05 This is an increase of §$10,394. "he statement follows discounts, etc., 5,000 alts members fed $46,990,000; d $4.714,105,- | ¥ federal reserve bank of | member banks, $522,442,000; decrease. | $4.083.060. i crve in own vaults, state banks | trust _companies, $%,080.000; in- $105,000 rve in depositaries. state banks | companies, $10,266,000; de- | . $151,000. i demand depos 33.847 : decrease, 412000, (U S. de- 044.000) { ,000; in- ! and sregate reserve, $541,78% 000, $25,057.520; in- increase | H i s in Greater New York, not included in clearing house statement counts, etc., $842,503,400 00, 00; increase, $7,600 and bank notes, $21, decrease. $60,300 with Federal Reserve | New York, $73,970.300; de- | 701,500, deposits, $4.106.800. 1 deposits, elimingiing amounts due from = reserve depositaries and | other banks and trust companies in | v York and United States: : Deposits, $839,0; t 511,00 1l nks—Cash in vault, $30.310,400. | st companies—Cash in vault, 8,804,400, 1d. $3.44 Currency $858,684,000; de- 400; increase, BANK OF GERMANY REPORT. | LIN, March 29.—The statement | of the Bank of Germamy as of March shows a decrease of 30,819,000 | marks in coin and bullion. | Giold holdings remained umchanged | 454,807,000 Also the following changes in tril- lions of marks: Treasury and loan association notes decreased 29,170,000, sntenbank notes increased 46,- 86. otes increased of other banks of exchange and ed 33,095, Rentenbank _ bil creased 109,769,404, Advances’ decreased Rentenbank _discounts vances decreased 42,950,170 Investments increased 12,238 Other assets decreased 1.886,796. Notes in circulation decreased . 565 200 Depo Othe checks in-; and checks in s increased iabilities dec 0.565. ed 41,086,- ¢ Rentenbank loans increased 50,000, 00. FAILURES IN U. . INCREASE. NEW YORK, March 29 trast to the trend of last mercial failures this week were larg- er in number. A tdtal of 412 defaults were reported to R. G. Dun & Co., | this week,” compared with 338 last| week, and’ 356 in_the same week of | last year. " All of the increase this week over last week was reported in the easf and the west. There was a small decline in the south and no change at all on the Pacific coast, Gilt-edge First Mortgage Notes Bearing 7 7 Interest | —is the only form of invest- ment we recommend. We now have on hand a limited amount in denominations of $100 up, guaranteed titles accompany each note. Write for Full Particulars main Chas. D. Sager % 924 14th St. 1924 —PART $100,000.00 Available to purchase good First and Second Trust Notes ——SEE— RALPH G. ROBEY 405 Insurance Bldg. C., MARCH 30, We Loan Money on Apartment Houses, Ofice Bulldings, Hotels. See Us About That Big Loan Higbie & Richardson, Inc. FIRST MORTGAGES FOR SALE THE TYPE OF SECURITY CONSERVATIVE IN VESTORS BUY DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. N.W. Established 1899 Money to Loan At 6 and 6';7 Interest Befors Placing or Renewing Your 1st or 2nd Trust Consult WELCH, Realtor (Harry S.) Loan Specialist 15th and N. Y. Ave. Main 4346 Quiek Replies. Reasonable Charges IN e { Money to Loan | Beeured by first deed of trust on real estate. | Prevailing Interest and commisaion. | Joseph I. Weller &5, ™ot % & T To Loan On— Improved Real Estate At 6% and 6.9 WM. H. SAUNDERS CO., INC. REALTORS 1433 K St. N.W. MAIN 1015-6-7 7% and SAFETY Whether you can get these rates of interest and be certain of the safety of vour principal depends en- tirely upon what is back of the investment. The First Mortgage Notes we are oflering at these rates of interest are ample security for the loans, because they are backed by our own conservative appraisals. Consult Our Mortgage Investment Department SHANNON - & LUCHS 713 and 715 14th Street N.W. MAIN 2345 Applications Invited for Loans on Improved Property In District of Columbia and Chevy Chase. Md. INTEREST, 5% Apply to H. L. Rust Company Loan Correspondent The Prudential Insurance Company of America 912 15th Street Main 6888 For Rent---Offices ENTIRE FLOORS Available in this high-class building. Convenient location-- excellent service 925 15th' St. N.W. Ready July 1st, 1924 ARRAXGEMENTS of the floors can be made to suit the individual re- quirements of the tenants. Reasonable ‘Rents B. F. SAUL CO. Main 2100 1412 Eye St. N\W. Long Leases FINANCIAL, Tax Free Features Increase Your Income AN i.n;enment of $1,000 at 6% %, you nw;:o:l“!re::xrn f;;e Sé;l:“l::;r.bnn" An investment of $1,000 at 6%7%, plus the tax-free features of our First Mortgage Coupon Bonds, brings you a gross return of $71.30. You may buy these bonds in any amount in denominations of $100, $500, $1,000 and $5,000, outright or under our investment savings plan. Maturities range from 2 years to 15 years. Call, write or phone Main 6464 today for full particulars Jhe F. lc;.ySMITH Co. unded 1873 SMITH BUILDING 815 FIFTEENTH ST. —marks the beginning of a new, scmi- anmual INTEREST PERIOD in this bank. On April 10th the interest which funds in our Savings Department have earned in the past six months will be added to the balances on the books of our depositors and goes to work for them in its turn. Deposits received during the first three days of April will bear interest irom April 1Ist. “A Frrendly, Serviceable Bank” THE POTOMAG SAVINGS BANK OF GEORGETOWN, D. G. ‘WASHINGTON, D. C. Wisconsin Ave. at M St. Washkington's OLDEST National Bank Open until 5:30 PM. Monday and Tuesday “Easy Money” I About the only “easy money.” of the real kind, that EVERY ONE earning money can get their full share, is the interest earned by dol- lars working in the Savings Dept. of a solid old bank. such as The Metro- politan. { We're paying interest to a host of men, women and children. YOU are invited to join their number THIS PAY DAY. 3% — Compound Interest Paid on SAVINGS National Metropolitan Bank Capital, Surplus and Undivided Profits Over $1,700,000 110 YEARS OLD 15th Street opposite U. S. Treasury