Evening Star Newspaper, August 10, 1924, Page 25

FIN RESERVE BANKS HIT BY LOW INTEREST Barely Able to Meet Expenses and Pay Dividends to Stockholders. BY HARDEN COLFAX. Lower this writer reached ¥ederal whole pensc per cent i holders. Reserve rates, forecast by months ago, have where the twelve Banks taken as a are barely able to meet ex- and pa) legal rate of 6 dividends to their stock- In the case of the Federal New York, the largest of the twelve, earnings dur- ing the first months of the year failed to meet cxpenses and dividend payments by about $330.000 While the other eleven banks were in Dbetter shape during the first six months of 1924, the low rates are cutting earnings to such an extent as to leave but little, if any, profit from their 1924 operations. The dividends will paid, it is believed, out of surplus interest three point Reserve a the Bank of six into be swever, Lowest Rate in Ten Years. New York's rate of 3 per cent commercial paper up to 9 days ma- turity, adopted this week the lowest ever sct in the ten-vear his- tory of the system. There have | 3 per cent rediscount rates before, but they ne applicd to paper with a greater maturity than fifteen days. The present rate of the New Yark bank applies to all kinds of paper. Boston, St. Louis and San Francisco in 1915; New York in 1916, and Phila- delphia in 1917 adopted rediscount rates of 3 per cent on 10-day or 15-day paper, but adhercd to a higher rate on of longer duration The new therefore, sets the record. It is also the lowest redis count rate in the wor Money is cheap all ove States at the present time, t est rediscount rate in the Fede ve system being in the « Minneapolis Bank, which per cent. Every Federal R according to the board's re- port this week, has more money on its hands than it can safely lend. The chief cause of this situation, o cials here say, is the great quantity f gold held by the banks. A con- tributing factor is the decrease in the volume of business. is notes rate the United high- 1 Re- of erve Hard on Reserve Banks. This situation is hard the eral Reserve Banks, but it borrowing easy for busines also will reduce somewhat amount to be paid out by the Federal Treasury interest on its short- torm borrowings when they are re- newed. Where the SUTY Was pa ing up to 4% per cent not lon it now can borrow as low per cent The lower rate lops one- third off the an nt of interest It will help the taxpayer to that extent Interest paymsnts on Liberty bonds are not affected by the present low rate, however, and such payments constitute the overwhelming bulk of the Government's annual outla interest, the relief t the tax will be relatively slight A ment made public by the Federal Re- serve Board covering operations of the 12 Federal rve Banks during the first six months of 1824, places gross earnings of those institutic it $20,400,000 and current expenses at $14,700,000. leaving curre net earn- fngs of $5.700.000. Out of that sum dividends have been paid, as required by law, to the total of $3.325910. From the remaining 32374000 "the banks are required to charge off de- preciation, reserve for probable losses, furniture and equipment, self- insurance and other items. Last year total deductio of those kinds amounted to $5,163,000 Federal Rexerve Earnings. On the assumption that these de- ductions will be as great in 1924 as they were in 1 the first half of the current year should provide ravenues to mest them in the sum of about $4, 000, in ity, he board's report discloses, b 74,000 has been provided. Apparently the 12 banks, taken a have failed to earn expenses and dividends thus far in 1924. Individual banks, here and there, have made expens: and dividends, however. Against current net $5.700,000 during the 19 the 12 Fed- makes 1t as 3 of of earnings first half showed net earnings of 711,300 in 1923, and $16,497.700 in 1922 The depression 21, when money was in great nd interest rates were at t, was a period perity for the Their _net earnings st £150,000,000, and in 1921 In 1 net earnings 78,000,000, and in 19 3,000,000. During those four 12 hanks transferred $217, 000,000 out of earnings to surplus. During the present year they will hardly transfer a dollar. Indeed, in- dications are that they will draw slightly on their surplus, to meet dividends, instead in 1 and_ 1921 the 12 paid inte the Federal Treasury more than $120,000,000 as a franchise tax, thé sum coming out of excess earn- ings. During the present year they will pay little, if an to the vernment. Private business condi- tions are good and improving, but the Federal Government's semi-official banking business is at about the Jowest point of the ebb tide. demand their high mendous Banks. were alm 52,000,000, went to nearly § years th Reserve in 1920 5 banks LIBERTY BOND RISE BOND MARKET FEATURE By the Associated Press NEW YORK, August 9 price movements gave a hesitant tone to bond trading today. Announce- ment that a conference on interallied debts would follow an agreement. by the present reparations confererice infused fresh strength into foreign s but its effect was counteracted :‘:n:ome extent by week end profit taking. United Kingdom 5}4s of 1929 and 1937 reached a new high level for the year, but French, Austrian and other European issues hovered slightly below recent top prices. A reflection of the local bank rate reduction was seen in_the rise of Liberty fourth, 4%s to a new high rec- ord &t 103. Price movements through- out the government however, were irregular, with of net losses for the day. Wickwire Spencer 7S were among the most active of the industrial liens today, advancing 4% points. Ac- cumulation of these bonds was re- ported under way by interests close o the company. Norfolk and West- ern convertible 6s and West Shore 4s Were among the few rail issues to record gains. Wilson convertible 6s continued to move lower despite offi- cial assurances that recent court ac- tion would not affect the company's position. —Conflicting a majority MAY TOTAL $220,000,000. NEW YORK, August 9.—Sales of the F. W. Woolworth Co. this year swill total close to $220,000,000," ac- cording to an estimate made today by E. P. Charlton, vice president, upon his return from Europe. Mr. Charlton reported improvement in the company’s foreign business. L HOGS SELL AT $10.30. CHICAGO, August 9 (Special).—Hog trade lacked action from the start, but values were quoted steady today. More than 16,000 were held over from the day before. A week ago today best hogs sold at 9.90 and the top went to $10.65 for the week's high point on Tuesday. After that the trade was more or less slow, but values closed higher than a week ago. ago. | of tre-| ANCIAL BY L A. FLEMING. There are five banks that were in business in Washington a compara- tively short time ago that are either not functioning at all, or simply in the liquidation of their assets over to pay off the depositors in full; or under different management. They are the American Commercial and Savings Bank, the Terminal Savings and Commercial, the Guaranty Sav- ings, the Banking, Bond and Mort- gage Co., and the Exchange Bank. “ive banks practically retired from business with not a loss of a cent to | the thousands of depositors, nor a moment's inconvenience in the mat- ter of shifting deposits to active go- ing institutions. Their capital, severally, was not sufficient to meet the overhead, sal- interest, supplies and a_score of other unavoidable expenses. More- over, when a portion of the capital had been expended in the purcha a building and the usual inciden to organization, there were not sources enough to warrant the ited loans that were granted In this condition it was increas- |ingly difficult to meet the demands | of depositors’ requests for cash, and the situation with ome of them, | was, to say the least, threatening [ Then, too, some insiders having | knowledge of the prevailing condi | tions, endeavored to dispose of their stock holdings. Clearing se Wide Awake. The Washington Clearing House is a wide-awake assoclation of bankers and they are given much aid d ymfort by the national bank exam- ner of Controller Dawes' office. nting trouble th mmittee a: gned to the duty is called into ac- tion and steps taken to prevent fur- | ther development on the same lines. | In each case noted there was, for- | tunatel quick assets sufficient to | care for the deposits. The Security | lim- ings and Commercial, the Com- mercial National, the Continental | Trust Co., the Standard National and the Merchants Bank and Trust Co., | took over the five banks, in the or- der named—that is, they were given | sufficient cash and assets to meet posits, and the balance of the as- ts will be liquidated for the credit the sharehold Tt s the shareholders that may ave to stand partial losses on their \vestments, while depositors have been cared for, it may be well to emphasize point—the stockholders were in the business, would share in the gains and must share the I S Bondholder More Fortunate. | ©On the other hand, |are ditors of the corporation company in issuing the bonds and | they must be paid off in full or accept compromise in the case of not sutfi- |icent ets. This is one ason | one why investors not market custom: alwa ek high-grade bonds—be creditors instead of partners. “Under Government supervision” means that your deposits arc practically fe in Washington—the latter because 1 State and National banks as well as | trust companies, all banks save thos | process of organization, in the Distri { are under the care of the controller of | the currency. This evidently means, too, that there will be harmony between the | bank examiner and the Clearing House 2 ation to prevent any loss in de- | posits—to apply the remedy before the patient’s illn has veloped to any thing like a crisis. It will be some time before there will be many new banks with small capital in Washington. The | example of the past year has been too | patent in more ways than Promoter's Smooth Mecthods, Small banks were organized here aft- er a peculiar formula. A promoter or promoters would select some more or less popular man, at least one with many friends and perhaps with some ambition. With much palaver they would approach their selection and with honeyed words paint a pretty picture before ambition of the life and honors of a_banker. The seed being planted, would come the proposition, “You ought 0 be at the head of a ban you're just | a8 competent a8 so and s Just look at | the money the banks are making today. I'll help you. You have lots of friends, make out a list of some that you know best and any that may be obligated to you. We will go and see them, and I | will help you get their orders for stock.” The ambitious man sells the stock, most of it to himself, and the promoter gets a fat comm: on. They talk of | $200,000 to $500,000 capital, but when | the selling stops at $25,000 ‘to $50.000, | or even $100,000, that is the capitaliza- | tion of the new bank. Organization expenses and buying a home, usually with remodeling, ~some- times with a profit to some official of the institution, cuts a large slice off the capital. Then a few loans are made, so that there is not much cash left. The | depositors need cash and loans fre- quently require time to mature—are not all secured by salable collateral—and | the trouble begins. | A bank must pay its depositors on | demand, if it is to continue in business. That is the law of the controller's of- fice. This very method of working was used in the organization of at least one or two of the banks that practically yielded up the ghost ‘When Munsey Stepped into Breach. It has been many a day since Wash- ington depositors lost ~ any money through bank failures, but there have been occasions where the record came very near indeed to being smashed. The United States Trust Co. was probably the nearest, and would have been broad- reaching in its effects. This company had thousands of depositors, tens of thousands, and it was not until Frank Munsey, president of the Munsey Trust Co., stepped into the breach that the disaster was avoided. As a matter of fact and ancient his- tory Mr. Munsey did not do much step- ping. He was present, as were all the members of the Clearing House Asso- ciation, at a long meeting when John Skelton Williams, then controller, ac- cepted indorsement of the national bank presidents of a note for $1,000,000, se. cured by $1,000,000 aesets, so the story runs, taken from the assets of United States Trust Co. Mr. Munsey accepted the situation and retired, leaving his agents, to close the matter and receive the $1,000,000 from Mr. Williame. The next morning the Munsey Trust Co. pro- ceeded to make payments to depositors. The transaction was a profitable one, a valuable clientele and a very valuable leasehold. Local bankers have often wondered just what would have been the effect on other institutions had the United States Trust Co. and its numerous branches closed their doors without making ar- rangements for the payment on demand of deposits. One thing is certain, the effect would have strained the resourves of the banks of Washington to have weathered the storm, and the paseing of the second or third institution would have accelerated uneasiness into a veritable panic. Lights burned in many banks half the night, while resources were collected against the possibility—and then the relief. Another Safety Method. There is another practical assur- ance for the safety of bank deposi- tors—'‘a positive protection,” in the clearing house bank examiner, whose duty it is to examine each member bank at least once annually, and as often in addition as the examiner may see fit. This system was first introduced in Chicago 18 years ago, and since that time no depositor in a clearing house bank has lost a dollar of de- posits. Today 34 American cities of the and this partners in and the familiar chief with Five Institutions Change Hands Without Loss to Local Depositors—W hen Ex- aminers Prove Most Helpful. and above that part made necessary | bondholders | | Baltimore Butter and Egg E and securities should | \ Federal law > in | __THE SUNDAY STAR, WASHINGTON, D. Financial Comment Anent Banlk |OUTLOOK BRIGHTER Matters More or Less Ancient addition to this examination the banks are examined twice annually or should be by the national bank examiner of the District. Both work in_harmony with the clearing house. With the association examiner it is impossible to be a borrower at three or four banks, duplicating, kiting checks or other form of chican- without getting called down and banking facilities terminated. The bank examiner of the clearing house of a city operates w burcau of credits and a record of every loan | of any importance. Valuable Facts Available. The bank has the privilege to con- sult with the examiner at any time in order to determine the total bor- rowings of any customer and the number of banks from which this customer has borrowed. The names of the institutions making the loans are not revealed, however. It not possible to obtain this valuable formation from the State or federal examiners, as each department is a eparate institution. Inasmuch as one man examines all of the banks the directors of cach institution are given an unblased and complete report of the condition of their bank. The man generally se- lected for this position has had broad experionce cither as a State or fed- eral examiner and is a thorough judg of credits. In the position of resi- dent examiner he has an opportu- | nity to study local conditions as well as the needs of the bank's customers from time to time. He co-operates in sible with every way pos- the officers of the mem- | ber banks under his supervision in seeing that only those who are en- titled to credit receive it and. at the same time. keeps a close check | on the firm, individual or corpora- tion which ‘may try to overextend its line credit by duplicate bor- | rowings Often Prevents Heavy It has been shown me the clearing house ex instrumental in_pre banks from suffering When the examiner finds that aggregate borrowings of any cus- | tomer are more than, in his judgment, | he is entitled to. the lending banks are notified and thus given an oppor- tunity in advance of a possible loss to have the borrower reduce his | obligations to a safe bas This | check has prevented many concerns | from overextending, which, if per- | mitted to expand further, would have | been victims of certain ruin, there- | by inflicting heavy losses not only | upon themselves, but upon the banks | involyved | It is not and Sta become as f tions as the because about Loases. times that aminer has been nting membe heavy loss the the fault of our Federal aminers if they do not | amiliar with local cond clearing house examiner. they are frequently shifted | from place to place so as to| prevent their acquiring the knowl- { edge essential to the most efficient prosecution of their work. . BALTIMORE PRODUCE, I Dispateh to The BALTIMORE, Spe Md., August 1 change | following notice from s Department of & attention to a making it illegal to ship has posted the the United St Agriculture, cal bad eggs: All shipments carefully candled immediately pre- vious to shipment and all bad or oubtful eggs removed and destroyed. | Careful attention to this requirem will insure against your eggs being seized and prevent possibility of your | being prosecuted under a Federal law.” Rece of eggs should be pts of native and nearby fresh ex »ntinue very light and the #eneral market rule firm and shade higher at 251 cents a dozen in free cases, F s shipped in cases returned sell from ' to 1 cent a dozen less. Western eggs continue | to show good quality and the trade } generally appears to prefer this to | nearby stock for which they are pay- | ing a premium of cent a_do: over nearby quotation This is due, | it is said, to more careful grading and nearby shippers arc advised to ship promptly to realize top quota- tions ‘The general live poultry market rules steady especially on Spring chickens, which, while in liberal re- ceipt, have been mostly of small stock which will not bring top quotations | of 28 and 34 a pound, but have to be! sold at the lower values of 25 to 27.| Leghorn springers bring 21 to 29, and 22 and 23 for small. Old hens | continue in fairly good demand but centered on medium to large fowl at | 22 to 25, while small and _poor sell 18 to 20. and Leghormns 17 and 1s. Old roosters slow sale at 15. Not much demand even for Spring ducks | with prices mostly in buyers, favor | at 17 to 22, while old ducks will not | bring over 15 to 15. Pigeons in ample | supply and slow sale at 20 to 30 a pair for both young and old. The potato market rules a shade easier under ample receipts and con- sumptive demand only fair but cen- tered on No. 1 well-graded stock which sells 1.50 to 2.25 barrel and about half price for No. 2s, bushel basket selling 65 to 75, as to quality and conditions, and 100-pound sacks 1.25 to 1. With the exception of corn, which is scarce and is in goed demand, tive and nearby garden truck is creasing right_along in suppl prices generally have a downward tendency. Native and nearby sugar corn is bringing 40 to 50 dozen, while field sells 20 to 35. Tomatops are also active at 75 to 1.25 per 4-8 basket for sound ripe and 50 to 80 for green. while Rappahannock and Potomac stock bring 50 to 1.25 per® carrier Other garden truck in fair demand, at the following quotations: stringl green and wax 1.25 to 1.50 bushel; lima beans, 1. and 1.50 per 4-8 basket: beets and carrots, 2.00 to 5.00 hundred: cabbage. 5.00 to 10.00 hundred:; cucumbers. 63 and 75 basket: eggplants, 1.25 and 1.50 basket; onions, 50 to 1.00 bushel; peppers, 40 and 50 basket; spinac 2.00 to 2.50, and squash, to basket. A better demand is noted for early June apples, but centered on large smooth fruit at 250 to 3.50 barrel and 1.00 to 1.50 bushel. No. 2 stock sells mostly half price. while basket stock brings 25 to 50 as to size. Sastern Shore cantaloupes in moder- ate receipt and meeting with ready sale generally at 1.25 to 3.50 crate and 1.00 to 2.00 per 4 basket. Blackberries and huckleberries in fair demand at 12 to 1§ quart for the former and 10 to 15 for the latter. Peaches are running rather irregu- lar_in quality and sell mostly 1.00 to 2.50 crate and 50 to 75 per 4-8 bas- ket. Nearby plums are in liberal re- ceipt, but meet with fairly good sale at 40 to 65 per 4-8 basket. e GASOLINE PRICE CUT. COLUMBUS, Ohio, August 9.—The Standard Oil Company of Ohio today announced that, effective tomorrow, the price of gasoline will be cut 1 cent, making the price at filling sta- tions 18 cents. in- and bean: { By the Associated Press i top b, | clea IN STEEL INDUSTRY Copper Also Advances on Higher Markets Abroad—Tin and Lead Strong. NEW YORK, August 9.—The more favorable busiress outlook, due to the advances in agricultural products and the prospects of an early settle- ment .of the reparations problem, have resulted in more optimism rela- tive to the future of the steel indus- try. During the week there was somoe further improvement in the volume of busin but the demand was still sporadic, and prices were barely steady. The demand for pig iron was moderate, and buyers were hoping for concessions in prices, while producers were firm Copper_has advanced in sympathy with higher markets abroad and an increased export demand. So far no improvement has been reported in the demand for finished products, and buyers for domestic consumption have remained conservative. Offerings, however, have been comparatively light, with sellers showing increased confidence owing to the more en- couraging news from abroad, and priccs were firmly held at the end of the week. Tin made a new high for the year, following gains in london and in sterling oxchange and the brighter aspects of foreign political news. Consuming demand showed but little | improvement, howev the buying Leing mainly by traders. Lead inclined higher in the outside market. with operators anticipating a good fall business. llers were | scarce Zinc less 2 ve and prices slightly lower, although offerings were light. Antimony continues firm, but con- suming demand is light BALTIMORE LIVE’ SI"OCK Special Dispatel to The Star. BALTIMORE, Md, August With the exception of beef cattle which is in moderate receipt and in £00d demand for first quality stock the live cattle market rules ea under ample receipts both on the wharf and at the stock yar De- mand cenerally is centered on choiee grade stock, whie most of the receipts are of common to ordinary cattle which are slow sale at the lower values. Quotations today at Light Street Wharf Reef cattle, first quality. medium, 6a7. Bulls to 146. Cows, choice to fancy. 432a5% common to_ fair, 2ad4. Oxen, as to| quality, 4a6. Milk _cows, choice to| fancy he 50.00475.00; common to | fair, 30.00a50.00. Calves. veal, choice, ordinary to medium, T to 8: heavy, ~common, 1b., 5a6. | Sheep, cheice 5 Old Bucks, Ib., 3a4; common. b, 1iea2. lambs, spring, choice, Ib., 12413; fair to good 1b. 10all; common, thin, Ib., 8a Hogs, straight, 1b. 10a10% Tas ags and boars, Ib., 5a6. pigs, as to size and quality, Ib Shoats, Ib., PAR CLEARANCE ISSUE COMES UP IN SUIT By the Associated Press A, Ga., August ance question was raised again | today in the ‘ederal court here when the Pascagoula National Bank of Moss Point and Pascagoula, Miss, filed a suit_secking a permanent injunction | against the maintenance of the check | collection system now in effect. Federal Judize Sibley cited the Fed- eral Reserve Bank, the Federal Re- serve Board and the directors of the local bank to show cause on October 2 why the interlocutory injunction | should not be granted | | g | | | Ib.. qual 8 rough, Live 8a10 8a | —The par | The suit claimed damages in the sum of $12,750 for an alleged loss of exchange revenue and for alleged failure of the Federal Reserve Bank ! of Atlanta to allow “immediate credit and availability for cash items for the past six years.” —e RUSSIA SELLS RYE; ALSO TALKS FAMINE By Cable to The Star and Chicago Daily News. | STOCKHOLM, August 9—Messages from various parts of Northern Eu- rope to the Gothenburg Commercial Gazette report large sales by Russian trade delegations of rys at $42 a ton, which this paper says is below the world market price. Both in Helsing- and Reval, the entire stocks in oviet granaries have been sold out and also has beén making large purchases of Russian grain. It is pointed out here that these re- ports confirm repeated statements that Russia is selling as much of her grain as possible and at the same time starting her propaganda campaign | again predicting a new famine as a result of short crops so as to enlist foreign aid. MAY LIMIT SHIP‘)&E‘NTS. NEW YORK, August 9.—Juice grape hipped from California will be sub- ject to local frelght embargo restric- tions whenever trafic becomes heay. enough to warrant such action, A. E. Ruffer, manager of transportation for the Erie Railroad said today. New York fruit trade men expect traffic to become heavy about the first week in September, Sutial g CRUDE OIL LOWE HOUSTON, Tex., August 9. —Lead- ing oil-purchasing companies here to- day cut coastal crude oil 15 cents a barrel. Grade A was posted at $1.35 and grade B at $1.15 a barrel at the well. This is the third cut on coastal heavy crude since early in July. The previous two cuts were 25 cents each. ARMS AND TREASURES FOUND IN OLD MANSION Home of Former Russian Nobility Reveals Files Containing Raspu- tin Correspondence. LONDON, August 9.—A sensational discovery has been made at Lenin- grad by one of the workmen em- ployed at the old St. Petersburg Mu- seum, writes the special correspon- dent of the Sunday Express at Lenin- grad. He was engaged in cleaning the basement of one of the most impos- ing mansions in the city. was formerly occupied by Count Bo- brinsky, at_one time the czarist vice- roy in Finland, and at present occu- pied as the headquarters of the Mur- mansk Railway Administration— when he came across three well-con- cealed steel trapdoors, leading to secret underground chambers. The workman reported his discov- ery to the museum authorities, under whose control the building was placed after the revolution, and investiga- tions by the police promptly followed, with the result that there have al ready been recovered five motor truck loads of weapons, including hundreds of rifles and revolvers and an im- mense quantity of bombs, hand gren- ades, cartridges, and other ammuni- tion. These former are the contents of FLOUR PRICES UNCHANGED. MINNEAPOLIS, Minn., August 9.— Flour unchanged. Shipments, 39,050 h}rrel-. Bran, 23.00. Wheat, No, 1 Northern, 1.30%al.36%; new Septem- ber, 130%; old September, 130%: December, 1.33; May, 1.38%. Corn, No. 3 yellow, 1.09%a1.10%; tl)lt2 ‘No. 3 white, 49%4a49%; flax, No. » 2.54a % AL TN CHICAGO STOCK PRICES. CHICAGO, August 9.—Armour pre- ferred, 82; Hurley Machine, 56%; Libby ' McNeill, 53%; Middle West Utilities, 57%; Swift International, 23; two chambers, while in a third was found at least half a hundred rare paintings, hundreds of art curios and several strong boxes containing a priceless collection of jewels and un- cut stones. The chamber also contains genera- tions of confidential correspondence with the celebrated Bobrinsky fam- ily, including many letters from the cgar's evil genius, the monk Respu- tin, to Count Bobrinsky, who fled from Russia in 1918 after outbreak of the revolution. - LEGD ST An average of a million conversa- tions a day are now carried on over C., AUGUST 10, The Year 1924 to Date on the Washington |GASOLINE ‘PRICE CUT |U 1924 —PART - 1. Stock Exchange. Furnished by W. B. Hibbs & Co., Hibbs Bldg. Tp to and including August 8, 1024. Rales. BONDS. $11,000—Ana. and Pot. River R. R. 5s. 52,000—C. and P. Telephone 1st 5s. 225,000—Capital Traction 1st 5s.. 8,000—City and Suburban Ry. 1st 69,000—Georgetown Gas Lt. ist bs. 21,000—Metropolitan R. R. 18t 58.ees 17,000—C. and P. Tel. of Va. 5s. "5a. Open. 88 96 9435 85 High. 8 9914 9814 9% 89% 1003% 95 61,800—Pot. Elec. Power 68, 1953.ee.. 24,500—Pot. Elec. Power ref. 7s. 24,000—Pot. Elec. Power 1st 5s. . ... 156,000—Pot. Elec. Power cons. 58. ... 11,500—Pot. Elec. Power deb. 6s. 2,000—Wash.,, Alex. and Mt. . b : - flat.... 2,000—Wash., Bulto. and Annap. 1st 5s. 167,500—Wash. Gas Light gen. 5s 218,000—Wash. Ry. and Klec. cons. 93,500—Wash. Ry. and Elec. gen. 6s. 211,700—Wash. Gas 6s, 1933. 1,000—Wash. Gas 6s, reg....... 7,000—Dist. of Col. Paper Mfg. 6s 18,400—Riggs Realty (long) 5% 10,000—Wash. Market Cold Storage 5s 7.900-—Wardman Park 6s.. 15,500—Southern Bldg. 6% Bhares. STOCKS. 1.000—Wash., Alex. and Mt. Ver. ctfs —Terminal Taxi com... —Amer. Tel. and Tel. rights —Capital Traction vashington Gas ... . Steamboat . and Elec. com.. and Elec. pfd. National Bank.... ommercial National Bank 112—l\|xtrinl National Bank.... 34—Lincoln National Bank 25—National Bank of Wash. 11—Nat. Metropolitan Bank. 485—Riggs National Bank.. 69—Second National Bank 539—Amer. Sec. and Trust. —Continental Trust ational Savings and 298—Union Trust = ..J7—Wash. Loan and Trust..... 395—Mer. Banking and Trust.. 75— Wash. Sav. Bank 25t Wash. Mechanics 75—Firemen’s Fire Insura 7—National Unlon Fire Soe. .. 04—Columbia Title Tnsuranc 102—Real Estate Title Insuranc 104—Mer. Transfer and Storage Mergenthaler Linotype. 044—TLanston Monotype 2 §6—Security Storage Washington Market : 10,473—Nat. Mort. and Invest pfd UNLIST! —Chapin-Sacks s pfd.. 5—Chapin-Sacks 7s pfd.. departmental Bank g striot Title Insuranc Franklin National Bank 150—Standard National Bank 100—Wash. Base Ball.......... 142—Washington Title Insurance 10—Christian Heurich Brew. Co Japanese Give Marked Evidence Of Belief 7 in the Supernatural| Thousands Go Daily to De Bearing Appeals for Solace or Spiritual Ad- ce—Incident of th (Correspondence of The Star and the Chicago EallyNewa i Copyright, 1624.) TOKIO, 21.—The people ¢ every have their supersti- tions. The Japanese are no exception the rule. Around the temples hover many of the evidences of this belief in the supernatural. To the deities there enshrined go thousands daily to seck solace or spiritual ad- vice on affairs of great personal im- portance. One of the most popular and re- vered temples in Japan is the famous Asakusa Kannon-ji in Tokio, situated in the great “Coney Island” district of the capital, which includes the great Yoshiwara licensed quarter. The fires which swept Tokio follow- ing the great September earthquakes destroyed all of this district. but halted almost at the entrance to the temple compound. This seemingly miraculous sparing of the temple was regarded as a favor of the gods, and since the disaster the Asakusa Kan- non-ji has been visited by increasing hordes of worshipers. Charmx on Sale at Temple. At the temple are sold all sorts of charms—for driving away evil spir- its, for protection against sicknes and for other spiritual beneficences. There also may be purchased for a small sum written oracles which are supposed to give spiritual guidance in weighty matters. It is sald that an average of 300 yens is received daily at the temple for such written LONDON CROWDS BOTHER 3 VISITING FiJI CHIEFS «Get in Your Way,” One Says, Fearing He and Companions ‘Will Be Trampled. By the Associated Press, LONDON, August 1.—The three Fiji chiefs, Vali, Sukuma and Rabici, who have been visiting London for two months to pay their respects and that of their peoples to the King of England, their overlord, have only one complaint to register. There are too many people about. “They get in the way when you walk.” says Vali, “you can't go etraight like you can in Fiji, and you have to keep hopping about unless you want to get trampled upon.” § The chiefs will be glad, thes said, when they can walk about without fear of their lives and when they can use an elevator without their hearts ascend- ing to their mouths. King George one morning received the chiefs at Buckingham Palace, ~the pompousness of Which €o captivated the chiefs that they forgot all the English words _they knew and upset the cere- mony by talking to the King in Fiji. DESIGN FANCY GARTERS TO END GARTERLESS FAD Manufacturers Turn to Lurid De- signs to Combat Mode of Students. By the Associated Pres SEATTLE, Wash.. bow-colored squares of polo ponies and mallets, base ball bats, foot balls and other sport insignia are being turned out by an eastern garter company for university man students . in an_effort to overthrow a garterless fad in colleges throughout the nation, according to sambples shown recently by a salesman here. The mew masculine hose supporters are said to “outshine” anything worn by- the most dashing of bimboes. The garterless fad has been taken up by University of Washington fra- ternities here this year and has grown populars’ The habit of leaving the lower buttons of the vest un- fastened and allowing clothes to be- come wrinkled and baggy has also been prevalent. GERMANS ARE TRAVELING. LEIPSIG, Germany, August 9.—Sum- mer vacation travel has increased German railway trafic from 55 per June country to August 9.—Rain- some cent of prewar conditions to 65 per | cent, so far as the number of trains Is_concerned. 1t is claimed that passenger busi- ness is run at a loss and only freight trafic pays. Before the war the average speed of fast trains was 53.56 miies an hour, while at_present the average speed is 47.50. Owing to the transportation “ederal-American National Bank 40 73 1 144 12 30 214 45 ities Enshrined in Temples e Earthquake Noted. oracles. Japanese impressive evidence of the belief in the supernatural Most of the people who purchase these oracles belong to the middle or lower cl to whom such things appeal, whatever country they may be in. The questions on which they | spiritual guidance include r certain speculations will be profitable, whether good luck will at- tend the opening of new stores whether their removal to other places will be pleasing to the “Kannon- ama” and so on. Young women ask if their lovers are true or if their marriages would bring happines Plead to the Oracles. The great loss of life and property | in the September disaster has caused many to resort to the oracles to find out if loved omes would return or if | lost property would be restored. The Japanese are very superstitious re- garding certain features of their dwellings and many go to the temple to ask guidance as to the location of their new homes or which direc- tion they should face One of the things in this temple to which the visitors is attracted is an image in- closed in a case covered with iwire netting. In the meshes of this wire netting and on various parts of the case are hung countless numbers of tiny garments once worn by infants. | This image represents the god who | watches over the children, and the little garments were hung there by | anxious mothers or fathers in the “u-hv( that by so doing the god will restore the health of their sick chil- dren by whom the garments had been worn, SIZE OF RUSSIAN FLEET | IS SURPRISE IN BALTIC Has Greater Number of Vesselsi Than Was Thought Could Be Commissioned. famous attention of By the Associated Press, HELSINGFORS, Finland, August 1.—Surprise has been expressed in the smaller states about the Baltic Sea at the number of ships partici- | pating in the cruise of the Russian | Soviet fleet in the Gulf of Finland, which began a few days ago. Two drendnaughts. six' submarines, five light cruisers, ten déstroyers, ten torpedo boats of French tvpe and a number of repair ships have been sighted, a greater number of vessels than it was thought possible could be commissioned. All the ships ap- peared to be in a good state of re- pair. The fleet was recently sighted close to the Esthonian coast. but so far none of the vessels has appeared in Finnish waters. As the Soviet au- thorities are said to be anxious to make a demonstration of the effi- ciency of their reorganized navy, it s expected that the cruise will be | extended to Danish and German wa- ters. —_— The American worker has at his disposal 50 per cent more power than any of his competitors. CONDITIONS OF THE GERMAN MARKET TODAY Make it imperative that you protect your interests by REGISTERING YOUR STOCK AND BOND CERTIFICATE NUMBERS. Address FOREIGN BANKING SERVICE, 203 Investment Bldg. Franklin WE FINANCE Apartment Houses Business Property Residence Property Hotels, Ete. Higbie & Richardson, Inc. $16 15th St. N.W. FOR SALE FIRST MORTGAGE NOTES Consult Us If you have funds for investments THOS. E. JARRELL Member Washington Real Estatc Board. Woodward Bldg. Main 766-3370. Money to Loan Secured by first deed of trust on real estate FINANCIAL. HURTS OILS ON CURB Radio Shares in Good Demand in Saturday Trading—Durant Motors Off. By the Associated Press. NEW YORK, August 9.—Today’s market on the curb exchange gave early evidence of a midsummer half- holiday session, with outside partici- pation confined to a small group of securities. The petroleum division was influenced to some extent by the announcement of gasolne rate reduc- tion by northwestern Pennsylvania refineries, which report reached the Street before the opening. The in- dustrial division displayed strength, with the bulk of transactions re- stricted to small fractions. Philadel- phia Electric made a further gain of 1 point, and a like improvement was recorded in Dunilier Condenser. Other radio shares also were in de- mand. Public utilties fluctuated over a wider range. Commonwealth first ad- vanced 2 points to 95, and then dropped to 90. American Light and Traction, _after advancing 7 points to 133, fell back to 129. Durant Motors was another weak feature, falling about 3 points to below 19. New Jersey Zinc was in steady demand, and rose 7 points to above 155. 0il stocks showed strength in the first half of the week, but were in supply in the later trading. Prairie Oil in the first few days sold as high as 219 and later yielded to 2113 Standard Oil of Indiana declined 2 points, and Nebraska fell 5 points from its high price of the week. WHEAT IS UNSETTLED; CORN AND OATS FIRM A rather unsettled wheat market is reported by the United States De partment of Agriculture in its grain market review for the week ending vesterday. The August 1 “Crop/ires port, estimating the total wheat crop T the United States at 814,000,000 hushels, which is 28,000,000 bushels Jarger than was harvested last year, together with reports of more favor- able weather in Argentina pressing effect upon th cau: eral price recessions, foreign crop situation, however, a strengthening factor. While Cana- dian conditions were reported to be somewhat improved. reports from other wheat-producing countries in the Northern Hemisphere indicated a decrease of about 200,000,000 bushels under last year's production. The cash corn market continued firm, but the higher prices have re- st d buying. The oats market continues firm with corn, although the light move- ment was also a factor which con- tributed to the firmness of the mar- Very few new oats have been ved at the central Western mar- and rains in the central We are also retarding the movement of this grain. The crop made further improvement during July and the ‘August 1 estimate showed an increase of £3,000,000 bushels over the estimate July 1 arket and The was Setback in Chicago. CHICAGO, August 9.—Influenced by prospects of a liberal inci e of the Tnited States’ visible ppl total Monday, wheat today underwent moderate setback in price. Closing Quotations for wheat were unsettled 1 to % net lower: September. 1.28% to 1.28%, and December 132% to 1.32%, with corn unchanged higher, and oats varving from advance. In provisions the out ranged from 10 decline to a rise Money on Hand To Loan on First Deed of Trust Improved Property Only JAMES F. SHEA 643 Louisiana Ave. N.W. When Buying Our 7% First Mortgage Notes You Can Be Assured and con- has\ been First—A very careful servative appraisal made. Second.—The loan we recommend is less than 50% of the market price. Third.—After you have purchased one of our notes you get a service that assues you inter- est the day due. Notes on hand in amounts of $100 up. Chas. D. Sager 924 14th St. N.W. Lo Loan Department Secured by Improved D. 2d. Attractive Normal had a de- | 6%2% First Mortgage Notes Guarantee Backed by $1,500,000 Resources as to: 1st. Security of Principal All the Time. 3d. Prompt Consecutive Interest Payments. 4th. Full Return of Principal When Due. 5th. Freedom From All Care and Management. Real Estate Mortgage & Guaranty Corp. X (Resources Over One and a Half Million Dollars) L. E. BREUNINGER, President. . S. MARKETS’ EXPERT PUTS ARGENTINA ON MAP By the Associated Press. BUENOS AIRES, August 9—Leon M. Estabrook, associate chief of the American Bureau of Markets and Crop Estimates, who was “loaned” to Ap- gentina for a vear and a half by the United States Department of Agriews ture, has completed his task of reor- ganizing the statistical service of the Argentine agricultural department with the result that it now is able to supply the country as well as the world with prompt and accurate crop reports ) Mr. Estabrook, who was presentéd with a gold medal and ornate diploma by the Argentine government in rec- ognition of his work, left yesterday to study the agricultural developmemt and I organization of Para guay nd Brazil COTTONSEED 0IL }R!CES. NEW YORK, August 9—Cottonseed oil was quiet’ and featfreless, with the trade marking time pending new de- velopments. Prices advanced & to points, but at the close the market was unchanged to 4 points net higher. Sales, 4,400 barrels. Prime crude 11.50 nominal; do., Summer yellow spot, 14.25. September closed 13.35 October, 12118: December, . 10.86; March, 11.90; all bid. LIFE ANNUITIES Income Tax Exempt Annual Return at Age 65 119, to Males 9%,9, to Females Aetna Life Insurance Co. N. E. Ellsworth, Mgr. 617 Southern Bldg. | ‘ A $50,000 | GRANITE BANK FRONT FOR SALE AT | A BARGAIN $ MI4F St.NW. See us take it down. Admire its beauty. Then ask us the price. Sidney L. Hechinger Co. IR SY U LR e First Mortgage Notes— Secured by Improved Real Estate In Washington Worth Double The Amount Of the Loan— Interest Rates Today 675 %— Denominations $100 to $5,000— Partial Payments Received— ot Mortgage Investment Dept. lSHANNON_ LUCH 713 and 715 14th St. N.W. Main 2345 RN RERIN U U R R DT R R DR RINEUT L S U VRIS R C. Real Estate. More Than Written Income. 26 Jackson Place App 912 15th Street N.W, Prevailing interest and commission taxes, passenger fares are about 50 ML»W.‘Q@S“"‘L.M‘ Applications Invited for Loans on Improved Property In District of Columbia and Chevy Chase, Md. INTEREST, 51,% ly to H. L. Rust Company Loan Correspondent The Prudential Insurance Company of America