Evening Star Newspaper, January 22, 1929, Page 16

16 FINANCIAL. WE WILL BUY 901 903 Woodward Bldg. Money to Loan by first deed of trust on real estat Secured Pre sh. L. & otk & Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. National Mortgage ‘ and Investment Common Bought & Sold Thomas L. Hume 1412 G St. M. 1346 M. 4733 Let us have your applications or LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits " Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Checques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 NOTES Secured by First Trusts Conservative Appraisals Chosen Locations 6% Interest WEAV_EBJBOS REALTORS 809 15th Street N.W. Main 9486 Unconditionally GUARANTEED' State and County Tax Exemption Maryland purchasers of our 6% First Mort- gage Real Estate Notes enjoy the 414 Mill State and County Tax ex- emption. In addition these notes are abso- lutely secured by mod- ern owner-occupied Maryland homes. Also this company guar- antees principal and inter est uncondition- ally, Here is the soundest type of invest. ment for surplus funds in any amount, G. L. MILLER COMPANY STOCKS & CERTIFICATES MEHLMAN & COMPANY Main 8847 Main 317 Trust F N.W. ;’*——\— REALESTATE | ADVANGE IN CURB LED BY UTILITIES Other Specialty Favorites Take Part in Brisk Up- ward Movement. te. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, January 22—A strong curb market, with the public utility issues predominantly the leaders, offset fears today over the possibility of an immediate technical reaction. The utilities were considered attrac- tive at current price levels because of the outlook for expanding operations and the prospect for mergers. American Light & Traction rose 17 points to 238. Electric Bond & Share Securities gained 11 points to 211. Elec- tric Investors advanced some 6 points to around 104. American Super Power issues were up some 2 points and Co- lumbia Gas a point or so. Buffalo, Niagara & Eastern, United Gas and Brooklyn City Railroad were also fa- vored. In each instance a new high record was established. The oil stocks did lttle, although higher prices were the rule. Mining issues were influenced by the pro- nounced strength in related stocks on the big board and improvement ex- tended from fractions to more than 5 points. New Jersey Zinc made a new high at 310. Roan Antelope rallied some 4 points to its best and Ken- necott Copper new established the highest since listed. Other specialty favorites included Charis Corporation, Aluminum Co., Servel Corporation, Crocker Wheeler, Missouri-Kansas Pipe and Guardian Fire Insurance, all at new tops. A number of new issues were ad- mitted to trading. One of these was Fabrics Finishing Corporation 170,000 shares of common stock offered for public subscription at $22.50 a share. The inftial sale took place at a premi- um of 1% points. Tri-Continental Corporation preferred changed hands at 105%; and the common at 30%. The issues were offered publicly Mon- day at 104 and 27, respectively. . COTTON IS STEADY ON INITIAL SALES THE EVENING STAR, WASHINGTON, Received by Private Wire NEW YORK, January 22.—Following is a list of stocks and bonds traded in on the New York Curb Market today: Sales in INDUSTRIALS. irec High. w. Noon. 1634 16% 16l 36% 362 36% Wodn i 4 4 4% 5 54 54 54 4 85, 85 85 1 25% 23% 24% 10 36, 31% 32 16Am Cyanamid B.... 6% 61 ' 62% 17Am Cyanamid B rts 207s 20a 20}s 1 fd.. 100's 100's 100% 2312 23 231 14812 148 1482 11 Amer Hawailan S '8 307 307 307 6 Amer Lt & Tra 238~ 224'2 235 ‘2 68 2 KL " 14 Auto Reg Mach. 14 13% 13% 9 Auto Reg Mach cv Wi 28% 28 = 28 8 Aviation Co of Al 0% 404 0% 4 Anton Fisher A. 38 Prices Ease Off Slightly Under Early Liquidation—General Market Firm. By the Associated Press. NEW YORK, January 22.—The cot- ton market opened steady today at an advance of 1 point to a decline of 2 points. Near months were relatively easy under liquidation incident to the circulation of notices estimated at a lit- tle over 7,000 bales. January sold off to 20.11 right after call, or 4 points net lower. Other months eased a few points also, but there was enough buying from trade or local sources to“gom = of the first half hour. Private cables said that and Manchester buying Bombay selling in Liverpool and that the cloth demand from China was well sustained, but that from India poor. trade calling had absorbed Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January 22. Potatoes, white, 100 pounds, 1.00a1.3! sweet potatoes, barrel, 1.50a4.25; yams, barrel, 2.0023.50; bushel, 1.00a1.75; beets, 100, 4.00a6.66; beans, bushel, 3.50 26.50; Brussels. sprouts, quart, 15a25; cabbage, hamper, 2.00a2.50; carrots, 100, 4.0026.00. Celery, crate, 150a3.00; cauliflower, crate, 1.50a2.00; eggplants, crate, 5.00a 8.00; kale, barrel, 1.40al.65; hamper, 1.00a1.75; onions, 100 pount 1.50a4.50; oyster plants, 1 . Parsnips, basket, 60a7 5.50a6.00; peppers, .00; spinach, bushel, 60a90; tomatoes, crate, 7582.75; turnips, basket, 40a50; Savoy cabbage, bushel, 1.00a1.25. Apples, bushel, 75a2.00; cranberries, half barrel, 9.00a10.00; grapefsuit, box, 2.0024.00; tangerines, per half strap, 1.50a3.00; oranges, box, 2.5084.00; strawberries, quart, 60a70. Dairy Market. Poultry, alive—Young turkeys, pound, 35a40; old, 25a30; Spring chickens, 32a 38; small hind_poor, 20; old hens, 20a 30; Leghorns, 20a26; capons, 33a48; old roosters, 17a18; ducks, 20a30; geese, 18a 26; gulnea fowls, each, 40a80; pigeons, dressed — Turkeys, _young, 32a38; old, 25a30; chickens, young, 30a35; old and mixed, 25a30; old roosters, 18a20; ducks, 25a30: geese, 20a26. Eggs—Receipts, 321 cases: native and nearby firsts, free cases, 36a36)2; cur- rent receipts, 30a35. Butter—Good to fancy creamery, pound, = 45a48%;; prints, 4815a50%; ladles, 34a38; store packed, 29; process butter, 41a42. Hay and Grain Prices, ‘Wheat—No. 2 red Winter, garlicky, spot, 1.35; January delivery, 1.35. Corn—No. 2 export, January delivery, 150275‘2, No. 2 yellow spot, 1.12; cob corn, “Oats—No. 2 white, domestic, spot, 61 ags'/'g; No. 2 white, domestic, spot, 59 a60. Rye—Nearby, 1.10a1.20. Hay—Receipts, 15 tons. While hay is arriving here in limited quantities only, it is more than ample for the demand, which is being supplied, mostly by truck, from nearby points, few car- loads being received. There is not enough business passing to establish prices on the various kinds on merit at a range of 16.00a18.50 per ton of timothy or clover hay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per tqn. New Bond Issues Specal Dispatch to The Star. NEW YORK, January 22.—Public of- fering is being made today of $1,500,~ 000 American Department Stores Cor- poration of Pennsylvania 6 per cent convertible sinking fund gold deben- tures, due December 1, 1948, at 10215, to yield about 5.78 per cent, by Schul- ter & Co. A banking group headed by Harris, Forbes & Co. will soon offer $25,000,~ 000 Associated Gas & Electric 412 per cent debentures, due January 15, 1949. The debentures will be convertible at any time from March 1, 1930, to March 1, 1932, into the class A stock of the company at the rate of 17), shares for each $1,000 debenture, Crude Oil Prices. NEW YORK, January 22 (#).— Crude oil prices in the week ended Jan- uary 19, averaged in 10 principal fields $1.74 a barrel, unchanged from the pre- vious week, compared with $1.457 in the corresponding week of 1928, the ofl, paint and drug reporter states. Gaso- line at refineries was fractionally lower, averaging 8.93 cents a gallon against 896 the previoys week and 6.87 cents dast year, i nt Sta El 2Cent Sta El 5C G Spring D 56De For R C.... 20 Douslas _ Aircratt. a3 =(lzguke !Pofi 183 18 1 rani 3 135 B Bond & Sn Sec Gor 21034 203% 2084 76 El Invest Inc. lg:;’. lg}, ‘gg‘: s 31t (lg’l lOg"- 12«7 © 80 23 Hiram Walk G 3 Huylers W Strs of Del d Prod. 49 Ital Superpow A... 4 Ttal Superp deb rti 1 Joske Bros v Karstadt R 42% s 52% 2Tl 273 19% 52 9 6l 68 34 'm Pnd . 109 Nor Am Aviation 19 North Am Utilit 42 North_Eastern S B A oW 1 Real 3 Ritter Denta 32 Roch Cent Powes 3915 5015 23 24 A roock Co 8Btutz Mot 78wift Intl . a W Mas 2 ity it 60, 60 3215 32% Casasea 1Transcon A T s 134 Trans Lux DLPSA 20 Tri Cont Corp wi.... 30 v rans Am 1 Transcon Alf Trip. ] Tung 10 Union Tobacco . 6 Uni Elec e) 4 ire Wheel G oodworth In Worth Ipc A. 5 Zonite Sales in hundreds. 20 Am Con M&M Ltd 240 Ariz Globe C... 6Com Tun & Drain 78 Cons Cop ‘Mine 10 Goldfld _Cons. . 18 Hud Bax Min & 8m. 5N J 2 Nippissing 147 Norands Sales in INDEPENDENT OIL 'STOCKS. hundreds. 12Am Con_Oilfids. 6Am Maracaibo %0 14, NEW YORK CURB MARKET Direct to The Star Office 13 Creole Pete. 5 Ds & P 4 Venezuelan _Pet. 53y 53, SY, Sales STANDARD OIL '1SSUES AND FOR- in units. MER SUBSIDIARIES—STOCKS. 300 Anglo_Am_ Oil . 16% 200A A O non vtc 100 Atl Lobos ... 100 Serom'® Borne Cont 508 fo 10§ O Ohio_p! 1600 Vacuum Oil . Sales in BONDS. thousands. 7 Abitibi P&P 55 A '5: Pow 4128 67.. £ 6s 17 Am Con Alc 6s A '43 130 Gas & El 55 2028 9714 247 Am Int Corp 5%ss 49 1107% m P & L 65 206.. 1 20 Am Roll Ml ss 48 m 28 '36. 13 Appal El Pow 55’56 99 9Ark P & L 53 '56.. 1% 910 2234550 G & E 4135 48 1105, 54 Assoc G & E 5'zs 77 104 0¢ 153 As G&E 4'zs '48 ww 103% 1Am Sim Hd 6's '33 862 40A T&SF 4128 A 40 Wi 1At Fruit . g 116% 8 Atlas Plyw s%s Ssi 5Cont G & E 53 A '58 5 Cossrove M C 6las TEmp O & R 5'as 5 Firest Cot Mil 3s 10Fla P & L 55 '34., 4 Gatineau Pow 65’41 100 6Gen A Iv 55 A ww '52 84% 1Gen Laun Ma '3 '37. 101 13 Georgia Pow 55 '67. 18 VoG T gs Mg 99 ‘ord Rad 6s '43,. 9974 2 Momphis NG, 6s 43 9874 9 Milwaukee G 435 g7 804 93 1 Nat 2026 ag]nz 0 BRaBE S5 Sk :l—when 1ssued. n—New. ww—With warrants. e BANKS WILL FIGHT NEW TAXING PLANS National 'Institutions Object to Proposals for State Levies. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 22.—In the days of Chief Justice John Marshall it was decided by the United States Su- preme Court that no State had power to tax an instrumentality of the Fed- eral Government without the consent of the Federal Government itself, upon the theory that the power to tax is the power to destroy. As a result of this century-old ruling national banks cannot be taxed by any State government without the consent of the Federal Government. But some of the States, believing that 4 | national banks should bear a larger 44 | per cent of the taxing burdens because of their oftentimes more prosperous condition, are attempting to change the present statute, which, with amend- ments, has been a law for 64 years and which is known as section 5219 of the United States Revised Statutes. Thomas B. Paton, general counsel of the American Bankers' Association, ob- Jects to a change of the law and agrees with Controller of the Currency Pole 2 | that the present Federal law gives the States sufficlent opportunity for the adequate taxation of national banks, while at the same time it prohibits the States from taxing shares of national banks at higher rates than those im- upon competing moneyed capital. For this reason the American Bank- ers’ Association is leading the fight to oppose any change in the Federal bank tax law. “The American Bankers’ Association for years has striven to protect the present statute from change in the best interests of all concerned and will con- tinue to make a serious effort to do so % |at the present session of Congress, ac- cording to the position taken by the controller,” said Mr. Paton. Ability to pay, now recognized as a fair basis of taxation, was not thought of 64 years ago, when the national 19%,, | banking act was enacted. “New York, Massachusetts and Wis- consin have substituted a system of taxation of banks on their incomes in lieu of the ad valorem tax on shares with successful results. Income taxa- tion of banks can be successfully adopted,” the American Bankers' As- sociation has declared. Apparently what the banker objects to so strenuously is any legislation for tax purposes which puts bank shares, both State and national, into one class and competing credit investments and other intangibles into another class. “Fundamentally class legislation and we'll fight it,” says Mr. Paton. (Copyright, 1929, by North American News- paper Alliance.) NEW YORK BANK CLEARINGS. NEW YORK, January 22 (Special). — New York bank clearings, $2,151,000,- 000; New York bank balances, $221.- 000,000; New York Federal reserve credit balances, $135,000,000. e New Dupont Stock. NEW YORK, January 22 (#).— New common stock, $20 par value, of [ A E. L Du Pont De Nemours & Co., has been admitted to listing on the New York Stock Exchange. The old com- mon without par value will be taken from the list February 5. Fel $1.50 $1.75 ~ Feb. § .43% Mar. § 433 Mar. $ .50 Feb. 1 06 Bt AT 15 i 8 8 B b ok ol 10 Ao |CANNING INDUSTRY FACING PROBLEMS Selling of Seven Billion Pack- ages of Food Will Tax Distributors. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 22.—More than 7,000,000,000 cans of food will be put up by the 3,000 canning plants of the country this year. This is the estimate made today by leaders in the 4 industry now gathered for conference in_Chicago. ‘The output, they say, would bring in around a billion dollars. One of the chjef problems facing the industry, however, is how to sell 7,000,000,000 cans. The industry has had a year of stable conditions, with goods moving well and few burdensome stocks to unsettle conditions and force sales. The inhabitants of this country are stead- fast in their affection to the can opener, but leaders of the industry realize no business can afford to stand still and that the canning industry must progress or slip back. There is a feeling that the sales problem offers a wide open gateway for the entry of new and sensi- ble selling methods. Statistics Lacking. ‘The canners have been slow to de- velop a statistical record of production and consumption and this has handi- capped both the cannery and sales ends. Production has not yet always been adjusted properly to demand and salesmen have started out to sell with- out knowing what or how much they could sell with wisdom and safety. The distribution of the manufactured goods now represents the gravest prob- lem before business, according to B. C. Nott, president of the National Canners’ Association. He lists service, quality, capable management, adequate finance, efficlency and constructive publicity as the most effective sales aids, and con- cludes that the packers can best aid retail distribution of the grocers by packing dependable quality with an honest fill in every can delivered. There is obvious a distinct antago- nism toward any selling policy which will involve rebates or discounts to fa- vored customers, the feeling being that in the long run such sales cost more than they are worth. ‘The tariff also is a burning issue with the canners at the present time. They are seeking a tariff on tomatoes and peas as well as on pimentos. Italy, they say, is shipping an increased quan- tity of tomatoes, while Mexico is send- ing in peas and Spain is increasing pimento shipments. Tne canners are disposed to get behind the farm or- ganizations which are seeking a higher tariff wall against the entry of fresh fruit and vegetables coming across the Rio Grande from Mexico. Urge Change in Law. ‘There is a difference of opinion, how- ever, among the packers as to the tariff on sugar. Considerable sugar is used by the industry and technically the industry is intensely interested in the microbial quality of sugar used as preservatives. On the other hand, some canners do not look with favor upon the widespread preservation of fresh fruit by addition of sugar, which lib- erates fruit juices and sets up a con- dition resembling dehydration. The canners also are divided as to the rela- tive values for their purposes of cane, beet and corn sugars. The canners also are advocating a change in the pure food and drug act, which will require that quality be shown on the label. They say there should be a definite dividing line between low grades and better grade products, but without fine grades of distinction. The increasing all-year-round competition from fresh green vegetables grown in the Southern States is also coming in for discussion. Commodity Notes Potatoes. LANSING, Mich., January 22—The Michigan Potato and Egg Growers’ As- sociations have joined in asking an in- crease.of from 30 to 45 cents a bushel in the tariff on potatoes and from 8 to 12 cents a case on eggs. Railroad Equipment. BERWICK, Pa—The American Car & Foundry plant here is busy on an order for railroad cars for Brazil which will total $3,000,00 Fruit. ATLANTA.—Plans are being com- pleted with British concerns for an ex- tensive export of Georgia peaches to Great Britain this coming Summer. The Strachen Shipping Co. is outfitting sev- eral vessels with refrigeration equip- ment. The peaches will be packed like the Italian and Spanish fruit. Corn. CHICAGO.—The farmers have had to start feeding 1928 corn much earlier than usual, and as a consequence the present visible supply is nearly 10,- 000,000 bushels less than it was at this time last year. Farmers wishing to sell cash corn are making a profit at present prices. Steel. PITTSBURGH.—Producers of oil country goods are receiving most sat- isfactory orders for line pipe, much of which is destined for natural gas lines. Shipment of sheets and strips of old contracts is heavy. TREASURY CERTIFICATES. Jicported by 3 & W. Seligman & Co) ateoMaturity, 3 5 . ig20. 9923-32 092534 3728 Ma 9926-32 99 28-32 1-32 FOREIGN EXCHANGE. tions furnished by W. B. Hibbs & Co.) (Quotations [UrRIE, a1 WoId Selling checks value (or par). ;348608 Paris, franc 7 ) Brussels, . e 2382 193 193 1193 193 14069 1749 A R 10296 193 1135 en, 268 (268612 Oslo, crown 268 1268572 Stockholm, crown. ‘268 126732 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) ’ Bid. Offer. Allis-Chalmers Co. 5s 1937.... 993 100'% Jum Co. of Amer. 5s 1952 1013, 102'a 3 & Te 1 Y 9%z to. 983 Bell Tel. of Ca 195! 101% lgg:”‘ oll e, ada California Pet. Corp. 5ias 1938 102'2 ln"; Canadian Nat. Rwy. 28 1930 99 9913 Canadian Nor. Rwy. 4135 1935, 97% 981, Chesa. & Ohio Rwy. 412s 1930, 99 9932 ghl“E Ig Rock Island 4s l}gg . 9313 %a'd olocado & o Bwy. Colimbia ‘Gas & Elec, 99 lec; Cudahy Packing Co. §% Edison EIL II. Gen. Mot. 55 1937 5 Humble Oil 5%s_ 1932 1 Michigan_Cent. Rwy. 45 1939. Oregon Short Line 4s 1920 Pure Oii Corp. 5! Shell Union Union Ol Co. Western_ Electric Westing use E. TUESDAY, JANUARY 22, 1929.° BY KENNETH S. VAN STRUM. NEW YORK, Janu: 22.—1It never fails that after r%ustr :OSL%CKS l;x\:e risen sharply and begin show signs of hesltat{gny; a great deal is said about the possibility of a “rail market.” When the industrials hesitate it is always pointed out that from the standpoint of assets or earning power the rails are “behind the market.” But by the re- peated failure of the rails to respond enthusiastically, the fact is always brought forcibly to our attention that the prices of railroad stocks cannot be judged by the same standards as the industrials. As a group, the rails do not offer the same speculative pos- siblities, Various Influences. One is apt to go far wrong in ex- pecting the amount of business done by the railroads to be an accurate indi- cation of the trend of railroad stocks. For instance, gross earnings of rail- roads rose sharply from late 1915 to 1920, while the prices of railroad stocks declined sharply. The explanation was, of course that the cost of operations rose so high during this period that net earnings of the rails were less in spite of the increased business. ; But even net earnings do not give an accurate indication of the trend of railroad stocks. In 1926 net earnings werg larger than last year and yet lastMyear the prices of railroad stocks were considerably higher than in 1926. In 1928 both gross earnings and net earnings of the railroads were close to the record year, but in spite of this or the fact that rails might have gained impetus from the sharply rising indus- trial stock prices, the rails ended the year only slightly above the prices at the close of 1927. Today the prices of leading railroad stocks are only slightly higher than they were at the 1906 peak, after 22 years of great industrial progress. Dur- ing the period the prices of railroad stocks have dropped to half their pres- ent prices. In view of the phenomenal growth of industrial stock values, this does not seem to be a remarkably good showing for the rails. Speculative Element Diminished. But the fact of the matter is that we cannot consider railroad stocks in the same speculative class as the indus- trials. The rails move over a relatively narrow range and the trend corresponds more to the trend of bond prices than to that of industrial stocks. Government railroad rate making and the fixing of a maximum rate of return has so limited the speculative possibil- ities of the rails that they respond, like bonds, to mioney market conditions. ‘The chart shows railroad stock prices and the price of railroad bonds. Bond prices are exaggerated to show the fluctuations more distinctly. Rails Related to Bonds. It is clear that in the past bond prices usually precede railroad stock prices on either a rise or decline. Even more importtant from the present standpoint is that the rails have never advanced vigorously when bond prices are falling as they have been lately. On the contrary, it has always taken sharply rising bond prices to create a broad bull market in the rails. This situation has been especially true in Tecent years. As the possible proof of the recent influence of bond prices on the rails, it might be cited that during 1928 bonds fell until early Fall, and, although the industrials were in the midst of the greatest bull market ever known, the rails made little progress, even in the face of larger net earnings than last year. In the Fall they advanced mod- erately when bonds advanced, but re- cently they have again shown signs of hesitation since bond prices are again declining. From past exnerience it seems as though a broad bull mar- ket in rails is improbable unless the conditions which will cause a broad rise in bonds are present. (Copyright, 1929 U. §. TREASURY RECEIPTS. Treasury receipts for January 19 were $9,636,516.42; expenditures, $12,710,- 644.85; balance, $144,107.212.90. CompLETE FINANCING Ist & 2nd TRUST MONEY On homes, apartment buildings and business propérties. No appraisal fee. Prompt service. eal Estate Mortgag & Guaranty Corp. 24 Jackson Place Main 1403 Over a Third T of a Century’s 7“””‘ When you place your property under our manage- ment you are relieved of all worries with it. We attend to every detail—and render you a comprehensive statement showing the net result. B. F. SAUL Co. FINANCIALD. CORN PRICES BREAK IN EARLY TRADING Reports of Rains in Argentina Have Bearish Effect on Market. By the Associated Press. CHICAGO, January 22.—Rains in Ar- gentina, giving relief from drought, led to a sharp break in corn prices early today, and also had a bearish effect on wheat. Expectance of a severe cold wave over domestic Winter wheat ter- ritory tended, though, to give relative steadiness to wheat. Opening 7% to 2a 21 off, corn afterward fluctuated within the initial range. Wheat started 3% to % down and subsequently de- clined a little more. Oats were easy. Provisions went upgrade. With heavy rains reported as falling in the province of Buenos Aires and in some other parts of Argentina where drought has been persistent, corn values here underwent a sudden drop today. ‘The Buenos Aires district being the largest Argentine producer of corn, selling of corn was general and the market lacked support until the price of May delivery tumbled to well below $1 a bushel, notwithstanding that dis- patches were received saying the Ar- gentine rains came too late in some districts. ‘Wheat developed considerable strength at times today after transient setbacks resulting from corn weakness and from failure of Liverpool wheat quotations to reflect yesterday's wheat advances here. On the upturns July wheat mounted to a new high-price record for the season. Some buying here of wheat today was credited to Winnipeg and European sources and there was also purchasing based on numerous m telling of freezing weather and of sleet in various sections of the United States Winter wheat belt threatening serious damage, with some reports that a sheet of ice ,,, is covering the fields. Crude 0il Production, ‘TULSA, Okla., January 22 (#)—Crude oil production reached a new high peak in the week ended January 19, said the Oil and Gas Journal today, with daily WE WILL BUY F. H. SMITH COMPANY STOCKS & BONDS MEHLMAN & COMPANY Main 8847 Main 317 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service _ No Appraisal Fee The Commercial National Company Incorporated C: } Bai . |GBank Blds. | | “WELCOME STRANGER” t Erecting installing a brand-new sec average output from the Nation’s fields of 2,649,530 barrels. This market the third consecutive week that production has set a new mark. As in previous weeks, the increased flow was due to deep test production in the Santa Fe Springs Fields of Cali- fornia. The Seminole area of Oklahoma showed an average daily increase of approximately 9,000 barre! PARIS BOURSE PRICES. PARIS, January 22 (/).—Price changes were irregular on the Bourse today. Three per cent rentes, 69 francs 60 centimes; 5 per cent loan, 98 francs 5 centimes. Exchange on London, 124 OFFICE FURNITURE Among our late models Do for modern bustaess red a lesks and office THE W. D, CAMPBELL COMPANY Two Entrances 1018 15th St. N.W. 1506 L St. N.W. Franklin 5660 francs 9 centimes. The dollar was quoted at 25 francs 59 centimes. F. B. KEECH New York Stock Exchange Wi Stock Chic Stock Exchange New York Curb Market New York Coffee and Sugar Exchange Telephone Main 245-6-7 & Surplus $3,000,000.00 Live by the “break ing savings a save. The and Trust Main Office Main 2100 925 15th St. F and Ninth Sts. Members 1510 H STREET N.W., WASHINGTON, D. C. BRANCH OFFICE—CARLTON HOTEL (Mez2anine Floor) New York Philadelphia Providence 52 Broadway The Ritz-Carlton Grosvenor Building Chicago 231 So. La Salle St. Private Wires to Baltimore Chicago Providence Boston New York Richmond Philadelphia National Savings & Trust Co. The Oldest Savings Institution in the District of Columbia %z::. Cor. 15th and New York Ave. of money-health YOU can't escape the stress and strain of present-day living, with its constant demands on your income and earning power. If you have no money reserve to draw on —if you're " at the danger point that leads to a financial down.” Don't play fast and loose with your future. Store up energy for coming needs in a grow= Determine how much you can Washington Loan JOHN B. LARNER, Presidest RESOURCES OVER NINETEEN MILLIONS 0000000000000 00000000000000000000000000000000 0000000000000000000000000000000000000000000000. i & COMPANY New York Rubber Exchange Chicago Board of Trade New York Cotton (Associate members) \ Cable "“Keechco™ The Settlement of Estates —is the daily business of a trust company, like this. Why name an individual as Execu- tor or Trustee, under YOUR WILL, and have the cost of his inexperience and mistakes taken out of your estate? 4% Our Trust officer will be glad to tell you more about the ad- vantages of corporate trustee- ship. rules ‘tired out™ financially—you're ccount. Then ofen an account with us today. Company West End Office Seventeenth and G Sts