Evening Star Newspaper, June 26, 1925, Page 3

BACKS LAW TO AID NATIONAL BANKS | Seay Urges Support of Me- Fadden Bill at Parley of % District Bankers. BY CHAS. SHAEFFER. Staff Correspondent of The Star. HOT SPRINGS, Va., June 26.— George J. Seay, governor of the Fed- eral Reserve Bank of Richmond, was the principal speaker at the second session of the District Bankers' con- ention here today, presided over by Francis G. Addison, jr., first vice president Gov. Seay launched into a discussion of the McFadden bill, the object of which is to grant to national banks certain privileges which have been given by different States to banking institutions chartered. under thus placing banks upon an equality before the law. Declaring that national institutions are entitled without undue delay to have equal privileges with State banks provided by legislation, the speaker urged a more energetic fight on the part of its members to insure the continued existence of the na- tional banking ‘system. Opposes Branch Measure. The Governor suggested that every possible influence be used to eliminate the branch banking feature of the bill, the bone of contention in the last ses: sion of Congress. He offered the sug gestion that this feature be incorpo- rated in a separate measure, 8o that the remainder of the bill, on which legislatures have agreed, could as speedily as possible find its way on the statutes If a separate branch banking meas- ure was enacted, the speaker pointed out, the bateries of Loth sides could Yo ieveled agdnst it, and the likeli- hood of reaching a satisfactory result would be less remote. But the first conslderation of national bankers, he warned, should be the safeguarding of banking rather than competition with State banks in liberality of lending. Provision Is Hit. The governor did not express ac- cord with every provision of the Me- Fadden bill, however. Its' provisions 1o exclude from entrance into the BRIDGE. THE. EVENING . STAR, WASHINGTON,. .D, C.,. FRIDAY, JUNE HE TirmID SouL HOLD$ 10 SPADES TO THE ACE -KING Amp THE ACE OF HEARTS, THE ACE OF DIAMONDS Arap THE ACE OF CLUBS. THREE ALAYER S HAVE PASSED — ’ FOURTH HAND 1S SUPPOSED To MAKE GAME ALONE- THE LASY MAN | SAwW BID FOURTH HAMD WAS SET THREE . DOUBLED. " DogESN T PAY AS A RuLE N £ S Turee Passes! You'RE ™ FOURTH HAND! BI1ODIMG FourR™ HAND 15 AlwAy > pANGEROUS' 1T's BEST T DRoP 'Em AnD HAVE A NMEW peEAL CONTROL N GREECE| Declares Himself Premier After Bloodless Overthrow of Michalakoulos Regime. By the Associated Press. ATHENS, June 26.—Gen. Pangalos, former war minister and ons of the leaders of vesterday's revolution, to- day definitely assumed the Greek pre- miership. Gen. Pangalos hopes to complete the formation of his cabinet today. The attitude of the National Assem- bly toward the new government is not yet defined. Blank Cartridges Win Day. Yesterday's “kid glove” revolution, by which Pangalos overthrew the Michalakopoulos cabinet without blood- shed, was started at dawn, when anti- government forces here and at Sa- loniki seized the telegraph office and cut communication after some harm- less shooting, in which blank car- tridges were apparently used. Gen. 'Pangalos and a number of other officers occupied the engineers’ barracks and served an ultimatum on the government, demanding its resig- nation and holding it responsible for any bloodshed. Supporting declarations were is- sued by Admiral Hadjikiriakos, for- | mer minister of marine, from aboard | one of the warshipd, and the com- mander of the troops at Saloniki. The government did not seem dis- posed to yleld at first, and remained guarded in the Parliament buflding. ‘When the sun went down the situa- tion looked serious, with revolution- ary troops holding the principal pub- lic buildings except the House of Parllament and a few other centers where loyal soldlers reamined. ‘The loyal troops, however, re- turned to their barracks at the tisual time and they were replaced by Gen. Pangalos’ men, glving him complete command of the situation. The cab- inet resigned and Admiral Coundouri- " 96, 1925. $36,800 .Nec]dqc'e : Picked Up in Street By Honest Parisian By the Associated Press. PARIS, June 26.—A necklace of 134 pearls, valued by experts at 800,000 francs (about $36,800), was found in the street last night and promptly handed In to the police by the finder. There has been no report of its loss. French law provides that the finder in such cases becomes the legal owner If the object is un- claimed for a year and a day. public, summoned the parliamentary leaders to discuss formation of a new ministry. MONARCHISTS HOPEFUL. Greek Refugees In Rome Expect King to Be Recalled. ROME, June 26 (P.—The Greek revolution 18 being folowed with keen interest here, especially by numerous Greek refugees, who hope the unrest will lead to a return to power of the Greek royal family. Since the establishment of a Greek republic members of the former relgning house of that country have lived in Italy most of the time, in | order to be near Athens and ready to return home if called upon to lead a monarchial movement. R P2 IO T, ts ALL the dirt by Air Alon: $49.50 Now—Only $49.50 J. G. HARDING & CO. l \ ELECTRIC CLEANER FLAT TIRE? MAIN 500 otis, provisional president of the re- 100 HOMES SOLD IN 90 DAYS LEETH BROTHERS “The Whole Town’s Talkmg PERSHING TO SAIL IN JULY. Tacna-Arica Conference tc Be Held Last of Month. Secretary of State Kellogg expects to confer ‘with Gen. Pershing early next week on his plans for attending the first meeting of the Tacna-Arica Commission as the American delegate. Al Open Till 9 P.M. | e '1 EXHIBIT HOUSE 4 608 Roxboro Place One square north of Rittenhouse Street between 5th and Tth. 1430 K Street The New Seen Them? | i Ffort Stebens Ribgg homes, front hardwood floors, fine plumbing, screens throughout, service porehes, large yards, paved alleys. at the low price fixed! WARDMAN Word has been received from the Petuvian delegate that He will be able to attend such a conference late in July, and this also is satisfactory to the Chilean delegate. As a result, it is likely Gen. Per #hing's departure from the United States will take place before the mid dle of July, in time to arrive in South America to attend the opening session Easy Terms | = $6,750 New, semi-detached brick with open English porches, six large rooms, roomy closets, fixtures, porcelain rear hot water heat, cement sidewalks and An unbelievable value electric Main 3830 “Housing One-tenth of Washington's Population.” Stone Front Homes ‘x HUR[ETH At 36th and R Sts. N.W. D Federal reserve system any State banking institution which might estab. ilsh branches after passage of the biil under its o\;nbslu(e laws, unless = it gave up such branches so estab- Pross lished outside of its home city, was SwcTMpU Y. esd) e scored as a proposal of far-reaching evil on the ground that it would Are Marvels of Modern Home Designing and Planning. Washington Has Never Seen Their Equal. Hardwood floors up stairs and down: black-tile bath floors; big rear porches, and many other new fea- tures. A larger, improved edition of our other suc- cessful Homes what most 200 MORE NOW UNDER CONSTRUCTION Northwest, Northeast, Southeast, Chevy Chase in is exercise a repressive influence upon State Legislatures with reference to the enactment of branch banking legisiation. he proposed amendment to the Federal reserve act to permit member banks to hold 40 per cent of their required reserves would, in eff it passed, he said, reduce reserve re. quirements, not only of country banks, but of all other member banks, to the extent of about half a billion dol- lars, inevitab ulting _in very SPECIAL, NOTICR . ] RE! Yf‘]\ F LL NOT BE RI dente contracted 1 D OF P erred stock of ed by the directo RADFORD' M0: B, Moscs & Sons. ¥TED—LOAD OR PART LOAD OF niture from or to_Richmond, .Va. Philadelphia o Wimington B TN sow touring ¢ £ Madison Hall, is called for by Jume 3 "'a i3 il pe disposed of - arcordin THE HALEY X0TO BODY CO.. v and Virginia ave. n WANTED—A R ture from New Y more. SMIT] AGE €O = | ER_1.000; nnm.i alterations; L ‘v Feasonable " prices. Phone oT m:'nesm LE -:A OBLRT LLE MATTINGLY, L ae TR! OFFICE OF 1025, WWhereas. by satisfactors. aide sented to the Undersixned, it has been made Northwest - Na, plied with all the provisions of the S of the. United States. required to be compited e author- hefore an association shall he uginess of Bankine: ce the re. 1, Fasnimeton” the District o in anthor e Disules of Columbla, g wynecized 15 SRR St B o bt S e 2T Rine of the Revised Statutes of the United Blates NVERSION of Nortn % of Northwest . Bank of Washineton. . . Eiincs office “and one hran ‘v,‘nn the limits of the ton. Di household o1, Mas ford’ Conn MITH' Good Prmtmg Is Our Hob Hobby Immediate service—Let's get together, \ EIGH GRADE. BUT NOT HIGH PRICED BYRON S. ADAMS, FNige, “Cleanliness Is Next to Godliness” Why wear Lismond Riney bedimmed with grit and dirt? Dse Jem Kleno: Sottle: 50c. v R. HARRIS & CO.. 7th and D Si EO—GFING—By Koons Roof 7"‘“""{.,. St durlhle or By |, dur : practical roo Roofing Company. Cail us up 15 3% st 5. w. Phone, Main 933 1, of Your Life in Bed |\ Let un make yours comfortable by reno- {ating your matiresses. box springs and bif Fhone Vlflln iz BEDELL M‘FG CO. 810 E St. BIG DIVIDENDS— —in eatisfaction follow the use of our printing. .The National Capxtal Press 1210-1212 D ST. DON'T PUT IT OFF! Call us NOW to make your roof leakproof. Call Main 14. IRONCLAD Reofine 1121 5th n.w. Company Phone Main 14 CAMP PLEASANT! An whnv meeting. Monday night. June 20,8 at_Galbraith M. Chyreh, flm I Between L, o’ of Men's colored. vnll hold an o xer'ulu of this splend: o Chureh s for health. rest and Tired moiners and’siek children of the poorer Cligaes’or e Eroup. ou care to_help or to know more of h‘ ‘work? If sq. then hear Mrs. Laura B. Slenn, oxpert sodial worker in charge. in her address to o federation and its at this session. whatever but the individual judgment of the thousands of banking institu- tions exercised independently at the same time leaving the Federal reserve | system with greatly reduced strength to cope with the situation. Gold Not Idle. The gold supply of the country sup- ports a tremendous fabric of bank credit and currency, Gov. Seay assert- ed, in refuting allegations that a con siderable part of it is idle and unsup- porting. He pointed out that the ratio which our present gold supply bears to deposit liabilities of our banks and the volume of currency in circulation is but little greater than that which the supply of gold in 1914 bore to the bank liabilities and currency then out- | standing. In 1914, he said, the gold in | the country amounted to $1,890,000.. | 000, when the total gross deposits of all banks and the total stock of money in the country together amounted to $25,066,000,000, the ratio of gold to these liabilities being then 7.54. In 1924 (June 30 of each vear being used as the date), the aggregate of the gross deposits of all banking institu- tions, plus the money of the country. | was $66,446,000,000, and back of it the gold supply was $4,490,000,000, equal to about 7.95. “If you ellminate that portion of the currency based upon silver,”- he said, “upon the assumption that it stands upon its own bottom (which is not quite the fact), then the ratio in 1914 would have been 7.77, against 8.06 in 1924. Judge for yourselves | whether under exitsing credit condl- tions we have any excess of gold and pass judgment upon a proposal which would certalnly have the effect of further expanding credit and at the same time would deliberately seek to diminish the credit power of the re- serve system, which alone could equally cope with the situation arising from the loss of any great amount of | old.” ®°Harold W. Burnside, president of the Washington Chapter. American Institute of Banking, giving the an- nual resume of activities of the chap- ter, revealed a loss of 200 members, the total enroilment now being 631 pite this decrease, 290 success- fully completed class study during the year, as compared with 220 the previous year, the inference - being drawn that the depletion simply rep- resented “dead timber.” Mr. Burnside said the chapter is serfously considering acquisition of a pald secretary and affillation with & Washington university, in order that the full educational benefits might be derived through the medium of & more businesslike basis, with regular of- fice hours, more complete records and more available {nformation. The aspect of informal lectures which the present situation has could thus be erased and be more in keeping with regular school curriculum. e New Substitution for Galena. A by-product of steel manufacture which, it is claimed, will replace the comparatively costly galena crystals now used as radio detectors recently has been perfected by Felix Thuaud, a French steel manufacturer, says the Popular Science Monthly. The basis of the new material is a com- bination of silicum and iron. Thuaud claims that with the new substance it no longer i» necessary to find spe- cial points of contact for perfect and immediate radio detection. | ARGONNE 16th & Columbia Road Several very attractive apartments ranging in nlle from two rooms, receptiol hall, kitchen, bath and bll. cony, to four rooms, kitchen, reception hall and bath. N Service unexcelled N prices reasonable. { ARGONNE 16th & Cohnlm Road and PLENTIFUL IN ANTARCTIC Fleet Gets 410,000 Barrels of Oil, Almost Double That of Other Countries. Correspondence of the Associated Press. OSLO, June 7.—The whaling season in the Antarctic waters around South Shetland and South Georgla has been very successtul, as far as the Nor- wegians are concerned. The whalers secured 166,000 barrels of whale oil from South Georgia and 166,830 barrels from South Shetland, this being an increase in the amount obtained last year of 50,000 barrels. At South Orkney 54,000 barrels were obtained, while off the Mexican coast Norweglan whalers got 22,000 barrels. The total for the Norweglan cam- panies this year has been 410,000 bar- rels, while other nations have pro- duced 257,000 barrels. The Noi wegian whaling fleet consists of vessels, equipped with radio, and s built tankers and cookerles. It sails practically over the whole of the globe, and {t has about 4,000 Norse sailors - engaged in the trade as whalers. - Pikes Peak Cog Road Sold. Colorado Springs, Colo., June 25.— The cog Railroad Crystal Park High- {way and Street Railway, operating lietv\een Manitou and the Pikes Peak depot, have been purchased from Zed G. S8immons of New York City by Spencer Penrose, Colorado Springs capitalist, and associates. The con- sideration was not announced. Gov. Gore Visitor in City. Gov. Gore of West Virginia, former Secretary of Agriculture, ited old friends in the department Corner Building Lot for Sale—Only 20c a Foot In scction where prices are rapidly rising. ~ Sewer. water, gas, electric lights, ~telephone, water plug, sidewalks, macadam road on each side. Most sual—Phone- t: L oday CAYWOOD BROS — & GARRETT inc O15 NEW YORK AVE N W v r—— BlLL—JACK._.RALPH PRFSCRIPTION OPTICIANS FOR SALE Downtown Apartment House - 21 APARTMENTS 110 Rooms Monthly Rental, $1,495 Average $13.60 per room PRICED AT SEVEN TIMES THE RENTAL Only $15,000 Cash Balance to Be Taken Back on Convenient Terms Business Properties Department Hedges & Middleton Inc. Realtors 1412 Eye St. N.W. Frank, 9503 Elsie, 6 years old, returned un- usually early from school the other day. She rang the door bell. There was no answer. She rang again, a little longer. Still there was no re- sponse. A third time she pressed the button, long and hard. Nobody came to the door and she pressed her nose against the window pane and in a shrill voice, which caught the ears of all the neighbors, called: “It's all right, mamma, I'm not the install- ment man! 1319-1321 F Street STORE NEWS , LIFETIME HOMES ARE THE BEST INVESTMENT CAFRITZ CONSTRUCTION CO. OWNERS AND BUILDERS OF COMMUNITIES Main 9080 8 AM. to 6 P.M. Don’t Miss This Sale of Men’s Wool Suits There are light colors and dark colors, light weights for the hottest weather and medium weights that can be worn through the Fall and even the Winter. Materials include the fine French flannels, our superior blue serges, soft unfinished worsteds, and the assortment at $35 es you a choice from our entlrc stock of “Stratford” and *‘Fashion Park” lines. There are great bargains this sale. Save money on what you need right now and on what you’ll need for Fall g2 All Our $40 Suits, $25 $50 and $60 Suits, $35 Fine Mohair Suits Regular $25 and $20 Values $16.75 These are the celebrated Farr & Benz make, all silk trimmed, in complete sizes, with extras for men of unusual build. There are plain colors with self silk stripes or phm ulf stnpes. The blacks are very rich in appearance. “Col. Bogey” Golf Knickers Of imported Belgian and Irish linen, in white only; size 28 to 44. $2 -95 2 Pairs, $5.50 1 get them. Just received another shipment. They sell as fast as we can To Inspect: 713 14th St. NW N THE 7BUILT now Washington's refined Northwest development. Over 200 Homes Already Sold! Price, $10,750 Our Safe and Sane Terms GO SEE THEM TONIGHT Take Burleith Bus Members of the Operative Builders' Association of the D. C. Main 2345 CIRCLE of DUNIGAN HOME OWNERS And Really Live BUY DUNIGAN HOMES THAT WASHINGTON CALLS BEAUTIFUL Have Ingenious Advantages Many special features show that “The Ultimate Home Plan” was de- signed with thoughtfulness and imagination—and a thorough knowl- edge of all home requirements. Large rooms—outside bath—com- plete kitchen with built-in ice box— three large porches, deep lot to wide alley. THESE NEW DUNIGAN HOMES At 5th and Ingraham Sts. N. W. ON 14TH ST. CAR LINE ’6,950 v $500 Cash Take 14th street car marked “Takoma” to 5th and Ken- nedy streets, walk one block to houses; or 9th street car to Ingraham street and walk east. Inspect these homes tonight. Open until 9 gm. D. J. DUNIGAN, inc. Main 1267 1319 New York Ave.