Evening Star Newspaper, January 24, 1929, Page 15

FINANCIAL. BONDS IRREGULAR N QUET MARKE Price Changes Mixed—Some Issues Affected by Sell- ing of Stocks. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, January 24.—The move- ments in convertible bonds were not so pronounced today and there were few features in the market for straight mortgage issues. Call money renewed at 6 per cent. The supply is expected to diminish as the month end approaches. Higher rates” are therefore anticipated from now into February. ‘When this peak is passed some of the money brokers believe there will not only be relatively better conditions in call money, but a basis for reducing the present nominal rate of 7% per cent on time loans. Should this occur it would give greater incentive to the in- stitutions to bid for bonds. After getting within a_fraction of yesterday’s high price, International Telephone 4'5s declined over a point and later were subject to irregular move- ments. Anaconda Copper 7s were af- fected by the reaction in Anaconda stock and at one time were 6 points below yesterday's high figure. Public Service of New Jersey 4!;s were also heavy during the morning. The Italian indu: convertibles ruled a point higher. United States Rubber 5s and Inter- national Paper 5s were strong members of the industrial mortgage group. Lor- illard 51,5 were again soft, as were Hud- | son Coal 5s. The railroad 4!, per cent issues were inclined to sag off, but ac- cumulation went on in both the Iowa Central and Minncapolis and St. Louis | Securities, with a large turnover in| St. Paul adjustments around 80. The high-grade list showed small changes. United States Treasury 4!,s were. exceptionally strong. There was not much doing in the foreign de- partment of the market. Among the new issues in prospect are the Chesapeake & Ohio 4158 ‘of &p- proximately $25.000,000 just authorized by the Interstate Commerce Commis- sion and $15.000,000 of Morris & Essex 41:s guaranteed by the Lackawanna. It is also understood that the City of New York will be in the market for ouite a substantial amount within the next month. Washington Stock Exchange| SALES. Potomac Electric 5'4 % pfd.—5 at 1081, 10'at 1085;. Am:;tcan Security & Trust Co.—10 at 475, Columbia Sand & Gravel pfd.--10 at 96, 10 at 95, 20 at 95, 10 at 943, Federal-American.Co. com.—10 at 55%, 10 &t 5574, 5 at 5514, National Mtge. & Inv. pfd.—50 at 5%. AFTER CALL. Washington Rwy. & Elec. pfd.—100 at 995, Clxpoiggl Traction Co.—45 at 1067, 5 at 8. Mergenthaler Linotype—10 at 104}, 10 at 104'5. Potomac Electric 515 % pfd.—2 at 10814. Washington Rwy. & Elec. pfd—2 at 99%. Mergenthaler Linotype—4 at 104, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 47 r. Tel: & “Telgs. rel el b C. & P. Tel ap. Traction Wardman Park Hotel 5'4s. . STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga Capital Traction Co Washington Gas N & W. Steambo: Potomac Elec. 6 Potomac Elec. 5 Wash. Rwy. & NATIONAL BANK. National Capital o1k of Washington TRUST COMPANY. Amer Securit; ontinentar Trust, . 1oy, €0 SAVINGS BANK. Bank of Bethesda. Commerce & Savings Erst Washington Potomac Security Seventh ot United States American Corcoran .’ iremen’s Us F National jon’ . TITLE INSURANCE. Columb e ... Real Estate Tille e & Inv. Co. of Md. Wash, Cons. Title pid. . orires MISCELLANEOUS, Barber & Ross, Inc. com pid Siorage, Stor. D Linotype torage .. & Wi "G Wash, Cony. 1d. ‘Washe Mech. Mtge. co Woodward & Lothiop pi *Ex dividend. 157, ‘extra. 12% exiia. . DIVIDENDS, Pefy Rate. S50 Q $2.00 ra 3 e Stock of Alaska’ Pack Amer %0 Emplov’ Relee d ; Mors D0, t Lyeee Eed Fur DS Saodrich Do bl 0 Feo. 2 Va Car Cb pr 1 Q § Mar.1 Feb.14 THE EVENING STAR, WASHINGTON, D. C. THURSDAY. JANUARY [ BONDS o s Lib3%s. 30 99 Lib1st4%s 11 100 Lib 4th 4%s 316 100 US3%s 4 5 97 US3%s47, 52 US4yss2, Argentine . 12 Argentine 6s Ju . Argentine 6s Oct 59 Argentine 5148 62, Argentine 65 A.. Argentine 65 B. Australia 4348 56 Australia 63195 Australia 58 1957 | Austria 7s Bank of Ch Bank of Chile 6% Belgium 63. Belgium 6% Belgium 7s 19 Bollvia 7s Bolivia 83 Bordeaux Brazil 6148 19 Bremen State 7 Canada s 1931. Canada 58 19 1 Canada 5%s 1929... 44 Chile 6s'60 .26 s 61, Chile 78 1943, Chinese Gov R; Con Pow Japan 7s. . Copenhagen 445 53 Copenhagen 58 ct Czecho 85 1951, Crecho 85 19 Danish Munic §s B. Denmark 4148 Denmark 6s. . DE15%s Mch 53., utch East 1 6547, | Salvador 8s 48 Fiat 7s war '46. Fiat 7s x war ,46. Finland 5%s Finland s £ 65 '45... Finland 7s Framerican 7% Erench 7s. French 7%, German EI P 6%s. Haiti 6s...... Hungary T%s Irish Free State 5: Italy 7 Italian Japane: Japane: Marseille 6s. Mexico 4 Mexico bs asntd Milan 6%s Montevideo 7s. Netherlands 6s 54 Netherlands 6s 72 New So Wales 57s.. New 8o Wales 58s.. 10 Nord 6%8...... Norway 551963 Norway 518 Norway 63 1943 Norway 65 1944.. Norway 61s 1952 rient Dev deb 6s. Paris-Ly-Med 6s. Paris-Ly-Med Paris Orleans 5 Peru 6s 67 w1 Peru 6s ct Peru 7s Pirelli.Ts '62 Poland 6s 40 Poland 7s (rcts). Poland 8; Queensland 6s. Queensland 7s, Rhinelbe Un 7. 1 RhineWst EP 65’52 16 RhineWst EP 6s'53 19 Rio de Janeiro 6%s 29 Rio de Jan 8s 1946, Rio Gr Do Sul 8s. Rome San Paulo City 8s Sao Paulo 831936 Sao Paulo 1950, Saxon (PW) 17 Semne 7s 42... Serbs Cr Slav 7s. Shinyetsu 6338 52 Tokin 51531961 Utd Kingm 5%s 29, 22 Utd Kingm 5155 37, Ajax Rubber 8s AmAzriChem T%s. Am Chain 6s°33.., Am Cotton Oil bs. . Am NatGas 6%38'42 | An Smit & It 1st 58, Am Sugar Ref 6s... AmT& Teltr4s AmT & Tecl tros AmT&Ts!58 | Am Tel & Tel Y% Am Water Wks 5. | Anaconda 151 6s. .. Anaconda cv db 7s. \rmour&Co41:s 39 Vimianr Dol atys, . <il Tel Pa 58 C, | Bethlehm Stl pm bs ieth Steel rf .o eth Steel 5148 53.., Bethiehem Steel 68. lyn Edison 58, [ Term Bldg &s. Certain-Td5%srets Chile Copper 58 Colon Oil 6838 Col Gas&El deb Cun Coal Md 1st bs. ConGasN Y 65%=.. Consumers Pow 5s. Cuba Cane cv 7s... Cuba Cane §: Denver C Dery (D Detroit iidis Dodge 6s........ Duguesne 4%s 67.. East Cuba Sug Th%s Fisk Rubber 8s. ... Gen Cable 515547, n Mot Ac Cor 6. Hoe & Co 6%5. Humble O1l 5s. ... Humble O & R 5%s. 1linofs Bell 1st 5 1ilinols Steel 4% Indiana Steel §s Inland St 4148 '78, Intl Cement 55 48. . Intl Match 5% 47. Int Mer Marine 6s. . Int Paper s 47 Int Tel&T Kayser J & Co 5%48 Kan G & E 63 5! Kelly-Spring 8s. Lackawanna Stl 58 Laclede 58........ Laclede G 5148 5 Ligget& Myersos, Liggett & Mvers s Loew's Inc 6s. Loew's 63 W o war. Lorilard 5» Lorillard 6% Loriilard (1) | Loutsv G & k bs Midvale Steel 5 Mont Pow 55 43. Mont Power deh 6s. Mor's&Co 15t 4145, Nat Dairy 5%8.... 4 6 24 8 100 U S 451944, 107 10516 105 10 12 11017 110 10 FOREIGN. Saler. High. Low. Close. 91ty 100%% 107 10815 106t 115 2 110 165% 100% Y03 96% 100% 105 7 107% 118% 874 95% 116% 10415 106 98 98 9515 1017 6 1041 9 1014 105 107 9874 105!% 7997 1004 Close 997 100 4 1006 97 44 9727 105 16 11017 03 4 21 Y% 100 1004 963 100% 9% 100% 100! 9619 100% 100 BT 96le 96'a 1008 106'% 10814 106 114% 109 935 100 10815 101% 101 10414 100% 9374 10814 101% 101 1041 100 961 1101 110 1094 891y 1041 1025 103% 110 165% 100 907 961 100% 110ty 10913 801y 1045 10 103% 110 1654 100 9013 963, 100% 105 1074 97l 100% 1013 95% 9674 9414 9214 100% 9915 99 217 34, 894, 103 100 1055 95 EELTY 101% 98y 104 109% 1034 92 91 113 106% 1087 98% 106% 87% 95 MISCELLANEOUS. | Abram&Straus 5158 i16 1044 106 98 104% 106 9514 101 104 99% 1037 1017, 10615 98 105 199 1037 104% 107 1054 1071, 1001, 10215 1031, 1044 1041, 108 80y 9474 17 Received by Private Wire Direst to The Star Ofice UNITED STATES. (Saias are 1o $1.000.) Sales. High. Low. ales. - 8 High. Low. Close. Nat Radiator 614s.. 80 82 10415 10415 1067 105 NYGELH&P 4s Y Tel 4%s. N Y Tel 6s41. N Y Tel 63 4 . North Am Edis 5., NoAm Ed 5%5'63. or Ohlo Tr & L 6s. Nor States Pow 53, Nor States Pow 6; Pacific Gas & El §s. Pac T & T 1st b: Pan-Amer Pete 6s. . Paramount 6s 1947. Pathe Exchange 7s. People s Gas bs. Phila Co 55 67 w 1 Phila&ReadC&I § Philips Petro 61 Por Ric Am Tob 6; Postal Tel & C 514 Pressd Steel Car 58 12 Public Service 4143 100 Punta Alegre7s.... 3 RemingtonAr 6832, 2 Rem Rnd 6%s war. 33 Simms Petm 63 '29, 105 & 101% 100% 94 100 9915 Sinclalr Oil 6343 101t Sinclair Oil7s. .. .. Sinclair Crude 5%s Sin Pipe Line 6 1011 102 | lowa Cent rf 4s South Bell Tel 5s... So Por Rico Sug 7s. Southwest Bell b8 Stand Oil N J 53 4 SugarEstOriente7s, Tenn Copper 6341, TennElecPow 68 47. Transcontl Oil 6%s United Drug 68 53.. U'S Rub 1t rf & US Rub 7%s. . U SSteelsfbs... Utah Pow & Lt fs.. 17 Utilities Powr 5348, 34 Warner Sug 7 3y., 2 West Elec 5s. ... 1 Westn Union 6%48., 1 Westinghouse bs... 7 1 5 101t 96's 4 85 1034% 110 104% 103 1034 110 1043 103 1021 3 104% 5 103 1024 2 10214 1003 White Fagle O 53%8 Willys-Ov 6% s 33.., Wilson & Co 1st 65, 2 Yngstn S&T 5s wi, 2 RAILROAD. At & Birm 4s 33 811 At&SK cvt 48 05 90 Atchison adj 4, Atchison gen 4s.... 16 Atlantic CL 1st 4, 9244 987y 1015 1015 1031 109 W 102 8314 94 93 98% 9% 915 &Orfimp 6s. ., B&OSWis 60..... Bang & Aroos 48 51 Brookiyn Elec 6%s. Brooklyn Elev 6138 Biklyn Manhat 6s. .. Bkiyn Un El 5s sta. Buff R & Pitt ¢%s. . Can Nat4%s30..., Can Nat 438 54..., Can Nat 435 57.... Canad North 61;s. . Canad North 7s. Canad Pac deb 4 Can Pac 415 46 Central of Ga 6s. Central Pacific 4. Cent Fac 18t 55 90., Chesa Corp 5s w 1 Ches & O cv 4345, Ches & O gn 415 Chi & Alton 3s. Chi & Alton 3%s. .. Chi B&Q gen 45 53 Chi&E 111 gn 68 51, . Chi Gt West 48 59., ChSitPM&O 55 '30.., CM&SLPgn8 ChiM&SIP4 1, 5C Chi M&SIP 4% s E. 15 ChIMIISP&Pac5s?5. 39 CMSP&Pacadj5s03.289 Chi & NW gn 3%s.. 2 Chi& NW gen 4s, Chi NW 415 2037 Chi & NW ref 55, ... o= - RN G RREN S AN nmaE saNKD =B ua—aEn Chi R1&Prtf4s. CRI1Pac4lhswi., Chi T H inc 6s 60. CCC&StL5sD. CCC & St L rf 6 Clev Term 535 Colo & Sou 4148 Cuba R R 6s. %s. Cuba Nor 5% scts.. Del & Hud 1st rf ¢s. Den & Rio G en 4 Des M & Ft D 4s. DRG & Wst5s'78 Gt Nor 4%s 176 . Great North 5%s. . Great Nor gen 7s... Green B & W deb B Hud & Man aj 5 Hud & Man ref 111 Cent ret 43 111 Cent 4s 5 11i Cent 4% 66 111 Central rf 5s Int Raptd Tran 5s.. Int Rap Tr 6s stpd. Int Rapld Tran 6s.. Int Rap Trans 7s Int Gt Nor 5819 Int & G Nor 1st 6s. Int&GtNor adj 63 52 6%sret. lowa Cent 1st 5s... Kansas City S 3s, Kansas City S58... IKan City Term 4s.. Lake Shore 43 31 Long Is deb 5= 34, , L & N 41552003, Man Ry 1st 4s 90 Market St 78 40.... Mil kI Ry & L 55 Mil ISl Ry & L 58 61 Minn & StL ref 4s.. Minn & Stlcn bs. .. M St P&SSM cn 4 1 1004 27% 100% 288 20y PIMK & T 1st4s 1008 70 102 104 10013 1 100! 70 102 103% 1008 93% 1137% 987, 103 100 101% 1045 981y 104% 9214 3 a7 101 95 4% 91 11415 129 10515 110 102 101 10415 102 119. 9 118% 100 85k 926 991, Aty 12 1034 1001 B3 95% 96 M K & T adj & MK&Tprinbs A, Mo Pacific gen 48 Mo Pac 58 A 65, Mo Vac bs F 77, Mo Pacific 55 G '78. Mob&Ohio gn 45 38. Nassau El 45 51. . N Y Cent deb 4s.... NYCrfim4l N Y Centrfb NY CentlS cl 3% 3 StL deh 4. NYCHI&StL 51584, NYC&StL6SA.. NYNH&H 4556, NYNHG&HA4Y NY NH&H cv db 65 NY Kys 6565 v 63 A ate Ry 438, NYStateRy 6145 62. NYW&B4%s. Nor & § gen 58 54.. Northern Pacific 4s. Northern Pacr16s. Ore Wash 1st 4s... Pennsylvania 4s 41 Pennsyl gen 4%s. Penna R 4%s°63. Pennsyl gen 58, . Pennsyl os 64 Pennsyl 6%s. Pennsyl gold Peoria & K inc 4s. 1035 110% 10274 37 87 K014 1024 1071 108 102 99 re Mar 18t 48 5 Pere Marq 1st 5s... &StLAsA.. &Stl 58 B = land Bl P L 6s. Purt KL&P ba 42, 1074% 108 102 99 2| ever before. a said, in part: { obtain. WARNING IS ISSUED ONCREDIT STATUS Dr. H. Parker Willis Sees| Danger in Present Stock- Buying Wave. Readjustment in the use of credit, | which shall turn some portion of it to| channels where it is most needed and ! prevent a serious economic crisis and | at the same time place some check on over speculation in the stock mar- ket, was urged by . H. Parker professor of banking in Colum- bia University and editor of the Jour- nal of Commerce, in an address be- fore a distinguished gathering of Wash- ington bankers at the Wil'ard last night. Dr. Willis con- siders an expansion’ of 20 to 50 per cent : i the cost of com. - Parker Willis, mercial credit to be alarming. While there was great prosperity last year in many lines, the speaker noted that bankruptcies were more numerous than For part of the existing conditions Dr. Willis blames the Federal Reserve Board, and places a great re- sponsibility upon the Nation's bankers in correcting the present situation. He “During the past year the Unfited States has been passing through a series of singular financial experiences. It has witnessed a remarkable growth in the prices of securities, and an unpre- cedented turnover therein. At the same time that this remarkable development was In progress, business was under- going a like, although smaller, expan- sion. While these encouraging indica- tions of business success were plain to see, bankruptcies became more numer- ous than ever before. Bank Credit Harder to Get. “The profits of large corporations showed a striking expansion, but the Commissioner of Internal Revenue shows, in his report for 1928, that of the 425,000 concerns which filed sche- dules, about 45 per cent reported no taxable income, an increase of about 10 per cent above the figures repre- senting the situation in 1922. At the same time what is ordinarily called “money” or, more properly, bank credit, became costly and very difficult to “Rates in the interior upon loans made in ordinary business transactions also were very high, while there was an increasing tendency on the part of bankers to refuse to provide for the local borrower, and to put their funds either into bonds or demand loans on securities, preferably in a distant mar- ket—usually in New York. The small business man has suffered from lack of credit, and every kind of business has suffered from the high cost of it, the advance being from 20 to 50 per cent over 1927, “What is the reason for this singular situation, and what is its significance? There are many factors which have contributed to bring about the general result, but an outstanding one among them is undoubtedly the management of our banking system. The question which is now immediately urgent is, | How long will these symptoms continue, and In particular how long will the present high levels for money be main- tained? One answer apparently to be given is, So long as the present man- agement of banking and the applica- tion of existing banking policles are allowed to continue, for while banking | management is not alone responsible for the situation already referred to, it is at all events one of the fundamental factors in the case, and one which must be altered before any genuine correction of the present state of things can be expected to take place. Federal Reserve System Scored. “Unquestionably the situation has both a broad general significance and an immediate or technical importance. ‘The former is found in its bearing upon the general status of the Federal Re- serve system. That system, in the eyes of the world at large, has been found conspleuously wanting on_three princi- pal occasions. First of all, it failed to restrain the inflation of the war period and the credit debauch which occurred in connection’ with the issue of Liberty bonds. Second, it was unable to fore- see, or to guard against, or to relieve, the epidemic of bank failures, which be- tween 1922 and 1928 swept several | “thousand of our institutions into dis ter. Third, and perhaps of equal im- portance, is the failure to conserve its lending power, and the permission it has granted for the development of an unparalleled era of which has resulted in the extravagant money rates that have prevailed on the New York market during the past few weeks and months. R “From the immediate standpoint, the | % situation is important because of the high cost of credit which is resulting from it, and because of the shortage of loans thereby produced in many parts of the country, as is shown by the board's own statistics with respect to rates of interest published in the Fed- eral Reserve Bulletin, These indicate, as elready noted, an expansion of the cost of commercial credit amounting to | anywhere from 20 to 50 per cent of the charges prevailing before the present | speculative movement assumed its full | growth. ~“The Federal Rescrve system has been | bootlegging a great deal of credit to market operators, and they have used it freely, and at times recklessly. The immediate danger in the case to which I have already referred—the immediate | problem which must be solved—is that of bringing about a readjustment in our | use of credit which shall restore some portion of it now diverted, to the chan- nels where it is needed, while at the same time making a proper provision Low. Close. 107% 107" 98 S High. 107 99 92% 9l'n 991 100 a1 Sales. Port RL&P TS 46. Iteading gen 4148 A Reading J C 4s51.. RiOG W 1st4s....0 St L IM&S 4s StL IM&S gn 5531, St L IM&S R&G 4s. SIL&SFpl4sA. StL &S Fr4l%sT8, StL&SF prinss. 1 3 1 4 6 J 1 6 SeabAL ad) 5s 1949 Seah A L. con 6s. ... S B Al Fla 6s Sou Pac clt 4s. Sou Pac 4%es rets 9015 961, ATl 109 1141 Sou Ry Con 58. Sou Ry 65 56. Sou Ry 6148 . Sou Ry Mo & O 4s Term Asso St L5 TexArk F'S 5las 50. Tex & Pac 58 B 1977 Third Ave ref 4s 60. Third Ave adj bs. .. Tol St L & W 45 50. Tol Tr L&P 5%s 30. Union Pac 1st 4 Union Pac 1st rf Union Pacific 4s 6 Union Pac 4%s 67.. Virginia Ry 1st Va Southwn con 5s. Whash 4168 78 rets. Wabash 1st 5. Wabash 5376 B West Maryland 4s.. Western Md 5348, . Western Pacific 58. West Shore 101% 10215 1018 1021, {of overspeculation, | for the legitimate requirements . of u-l curities operations. “The truth is that for long years past the Federal Reserve system has been wasting its resources and follow- ing unsound banking principles in sev- eral distinct directions. Due to the practice of the United States Treasury in putting the debt of the United States so largely into short-term form, and endeavoring to have it carried by the banks, the Federal Reserve system has been under the necessity of supporting the market for Government certificates indebtedness. These certificates when placed on the market at very low rates of interest have at times threat- ened to depreciate in value. “The reserve system was unfortu- nately authorized during the war to make loans to member banks on the latter's direct notes, and it has gone on doing so, practically rediscounting when and as requested upon member bank paper with certificates as protec- tion. In addition, it has fallen into the habit of buying these certificates from dealers with a repurchase agree- ment whereby it undertakes to turn them back to the dealers when the lat- ter may desire, so that, in the meantine, | it has merely earned a rate of interest | upon its certificate holdings. The result | has been that the reserve banks, in one way or another, have found it necessary to support the Government’s short-term market. There are now outstanding about $4,000.000,000 in Government notes and shori-term certificates and the load upon the reserve banks has at times been tremendous. “Furthermore, the reserve system, quite early in its history, allowed itself to underake the development of an acceptance market in the United States. It was a wise step to which the rescrve ; system found itself forced at about the beginning of this year in its effort to drive some of these acceptances out of its vaults and into those of the mem- ber banks which had previously been holding only about $25,000,000 of bank- ers' acceptances, but the effort came too late. Action by Bankers Urged. “It may be possible to work out of the present situation if the reserve sys- tem and the principal banking inter- ests of the country can be induced to operate in harmony with one another. What are the chief things that should be agreed upon? First of all, there should be some temporary partial sus- pension or moratorium with regard to overissues of new securities. If you tell me that this is out of the question, I | simply refer you to the experience of the war and to the more recent ex- perience of about two years ago, when a serious glut of bonds-was noticed in New York and was relieved by the ob- vious process of susperding the over- issues for a time. With this modera- tion in new issues time will be given to work off old ones, a large part of which remain still unsold and are being carried by their sponsors whose loans for that purpose are included un- der the head of ‘brokers’’ loans. n the next place, the principal bank- ers must undertake quite definitely to reduce their commitments on purely speculative or trading account to some figure taken as basic or normal. This expedient was tried during the war with good results and has been sporadically cmployed on a limited basis at times since then. There has been a partial attempt at it in New York during the past few months which has been de- feated by the threat of large depositors to move their accounts if they were de- prived of speculative facilities. “In the third place, the Feceral Re- serve system must absolutely go out of the business of furnishing bargain counter credit, or of bootlegging its ac- commodations to the stock market. A reserve bank knows perfectly well what a member bank is going to do with funds when the latter borrows. It has the right to (and does) ask for a state- ment of condition, and this shows practically what is going on. The re- serve bank should insist that a borrow- ing member refuse unlimited credit to those who want to use it for the furtherance of merely speculative mar- ket operations. “This does not mean that curtailment should take place in such large measure as to compel the calling of loans in great quantities, and the threwing of securities on the market in_amounts that would involve danger. It merely means that a halt should be called until the country has had an opportu- nity to catch its breath, decide what it wants to do, and let its savings keep pace with its speculative commitments. “Partly under the influence of bad banking management, partly as the re- sult of great natural expansion in busi- ness, and partly as the outcome of an ill-judged and untimely effort to supply foreign countries with gold under con- ditions of doubtful wisdom, the United States has largely scattered its surpius lending and credit power. The time has thus come when a revision and re- consideration of its various policies, looking to & marked reduction in the strain upon its banking and credit re- sources, must take place. As to his there can be no doubt; bui the exact methods and technique of the process and the degree of suffering to be in- ;\'olved in it remain to be ascertained.” FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal zold Selling checks value (or par). _today. 34.8665 $4.8470 20300 ens. d Madrid, pescta Vienna, schilling Budspest, pengo. .. Prague. crown (nom Warsew, zloty. .. Copenhagen, crown Oslo. crown...... Stockholm, ctown. . Bandits in Rumania are holding up funeral processions and robbing mourn- ers. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. Joseph 1. Weller il ' § N WE WILL BUY F. H. SMITH COMPANY STOCKS & BONDS MEHLMAN & COMPANY 901 Main 8847 oot Woodward Bldg. Nain 8847 B g o | Consult Us First | If you nced money for your Real Estate financing let us have your application Prompt Service No Appraisal Fee The Commercial National Company Incorporated Paid up Cash Capital, $900,000 Commercial Natlonal B; Y e _ Let us have your applications for LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itseli. Percy H. Russell Co. 1731 K St. N.W. 24 'MARINE PRODUCTS NBETTERSUPRL Many Varieties of Fish Are on Display at Munic- ipal Market. Disappearance of ice from the creeks below Alexandria the past few days made it possible for haulers of Winter seines to catch fish for the local mar- ket and their catches proved an at- tractive feature of today's business at Municipal Fish Market. Included in the catches were quan- tities of sand perch, many of them reaching here alive, that were offered at 10 cents a pound. Carp, some of them also alive, when they reached the market, were quoted at 18 cents. Many catfish, not very large, also were alive when they reached the local market and were offered at 8 cents, while yellow perch, according to size, were quoted from 8 to 15 cents a pound. Other Fish Plentiful. First North Carolina herring of the season arrived here yesterday, finding ready sale at 10 cents a pound. Shad offered the retailers this morning, re- ceived from Florida shippers. were sold at 28 cents a pound for bucks and 40 cents for the roes. King and Spanish mackerel received from Florida were plentiful at 18 cents, while Florida trout were scarce at 25 cents. ‘There were plentiful supplies of frozen fish from Boston. Haddock were quoted at 10, fillet of haddock at 22, pollock at 124 and cod at 18 cents. Tile fish proved a good seller at 18 cents. Lobsters and crab meat were scarce at 75 cents a pound and a scarcity of oysters was reported. Shuck- ed stock prices continued at $2.25 for standards and $2.50 a gallon for se- lects. Shell stock brought slightly ad- vanced prices, Today’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butfer—One-pound prints, 47':a481:; tub, 461524715 store packed, 30a35. Eggs—Hennery, 40; fresh selected, 37 a38: current receipts, 36a37; storage, 30a32. Poultry, alive—Turkeys, 36a37 chickeus, 35a36; Leghorns, 30; fowls, 28; roosters, 19a20; ducks, 25; geese, 20; keats, young, 50a60; old, 30. Dress- ed: Turkeys, 40a45: Spring chickens, 38240; Leghorns, 30a32; fowls, 30a32; capons, large, 45a46; small, 38a40; ducks, 32a33; geese, 25a30; keats, 80a1.00. Meats, fresh killed—Beef, 18a21; veal, 24a28; lamb, 30; pork loins, 20; fresh hams, 21a22: fresh shoulders, 16. Smoked hams, 25; smoked shoulders, 16; bacon, 22; lard in tins, 13; in pack- ages, 1315, Live stock—Calves, 16';a17; lambs, ald. Game—Rabbits, 30a35. Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economcis) says sales to jobbers except weher otherwise noted: Apples—Supplies moderate; demand moderate, market steady; barrels, Penn- sylvania, U. S. No. 1, 2'; inches up Yorks, 3.75a4.00; Virginia, U. S. No. 1, 2% inches up Staymans, scalded, 4.50; boxes, Washington, medium to large size extra fancy Staymans, 2.50a2.65; Delicious, 3.25a3.50; Romes, 2.5 baskets, Virginia, U. S. No. 1, 212 inches up Staymans, 1.75a1.90: few high as 2,00; Pennsylvania, U. S. No. 1, 2%~ inch Staymans, fair color, 1.65a1.75. Cabbage—Supplies moderate; demand moderate, market steady: South Caro- lina, barrel crate, pointed type, mostly 3.50; some soft, 3.00; New York, sacked per hundredweight, Danish type, 2.75a 3.00;, mostly 3.00; Florida, 1!5-bushel hampers, pointed type and round type, mostly around 2.25. Celery—Supplies moderate; demand light, market steady; California, crates, 5.50a6.00; few higher; Florida, 10-inch crates, 4 to 6 dozen, 3.25a3.50. Lettuce—Supplies moderate; demand moderate, market about steady; Arizona, crates, Iceberg type, 4 to 5 dozen, fair quality and condition,. 3.00a3.25; poorer low as 2.50; Southern, demand light; market steady; Florida, 1'.-bushel hampers, big Boston type, 1.25a1.50; bushel baskets, big Boston type, 90a 1.00; 1'5-bushel hampers, Romaine, 1.75. Onions—Supplies moderate; demand : Spring | States Department of Agriculture).— | Potatoes—Receipts, 105 cars; on track, FINANCIAL light, market firm: Michigan, Ohio, 100-pound sacks, Yellows, U. 8. No. 1, 5.50a5.60. Potatoes—Supplies moderate: demand moderate, market steady; Pennsylvania, 150-pound sacks, Round Whites, U. S. No. 1, mostly around 2.25: New York, 150-pound sacks, Round Whites, U. 8. No. 1, 2.3522.40; Texas, 100-pound sacks, Bliss Triumphs, U. S. No. 1, 4.75. Spinach—Supplies moderate; demand moderate, market steady; Texas, bushel baskets, Savoy type, 90al.15. Tomatoes—Supplies light: demand light, market steady: repacked, un- | known origin, 3s, ripes. wrapped, fair condition, fancy count, 3.50a4.00; choice count, 3.00; Originals, Florida, 3s, ripes. wrapped, soft, slightly decayed, 90a1.25. String beans—supplies light; demand moderate, market firm; Florida, 7-8 bushel hampers, green, Refugees, 5.50a | 6.00, Valentines, 4.50a5.00. | Peppers—Supplies light: demand | light, market slightly stronger: Florida, pepper crates. fancy, 6.50a7.00. Eggpiant—Supplies very light; de- mand light. market steady; Florida. pepper crates, fancy, 7.50; few higher. Squash—Supplies light; demand light, market steady; Florida., pepper crates, White, wrapped, 5.00a5.5 Cucumbers—No supplies on market. Strawberries—Supplies moderate; de- mand light™ market slightly weaker; Florida, pony refrigerators, various va- rieties, 35a45; mostly 40a45; few fancy high as 50 per quart. Cauliflower—Supplies liberal; demand | moderate, market steady; California, pony crates, 1.90a2.00; few high as 2.15. Carrots—Supplies light; demand light, market steady: few sales. Texas, West- ern lettuce crates, bunched, 3.50; few higher. Beets—Supplies light; demand mod- erate, market about steady: Texas, bushel baskets, bunched, 2.6022.75. | Oranges—Supplies moderate; demand | light, market about steady: Florida, l‘)';))l:’f‘s, medium to large size, No. 1, 3.50a “Grapefruit—Supplies moderate; de- mand moderate, market about steady: Florida, boxes, No. 1, medium size, 3.50a 5 "Peas—Supplies light: demand light, ls'noa‘;'ket dull; Mexico, 45-pound crates, s POTATO MARKET DULL. CHICAGO, January 24 (#) (United 250 cars S 620 cars; trading rather slow; dull, Wisconsin, sacked round whites, 90a1.10; Minnesota and North Dakota, sacked round whites, 90a95; Idaho, sacked Russets, 1.50a1.70. Bond I;s-;urrzlanned, | The Morris & Essex railroad, a sub- | sidiary of the Delaware, Lackawana and | Western, asked permission from the | Interstate Commerce Commission today to issue $15,000,000 in bonds. The secur- itles will go to the Lackawanna, in re- payment of advances which that com- | pany has made to its subsidiary. WE WILL BUY G. L. MILLER COMPANY STOCKS & CERTIFICATES MEHLMAN & COMPANY 01 901 Woodward Bld.g. Bak enia On Improved Property in Maryland and District of Columbia 6% Interest No Commission Charges EAVER BRO REALTORS 809 15th Street N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company When You Use BETHOLINE the wonder motor fuel that starts with the touch of the starter- nothing else likeit. ETHOLIN THE WONDER MOTOR FUEL Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 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. Money for First Mortgages Make application for a construction loan—or for refinancing—to any consistent amoun t— and just as quickly as it can be considered— and approved the money is available. Rate of Interest and Commission B. F. SAUL CO. Main 2100—925 15th St. Ist & 2nd TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. ea| Estate Mortgag & Guaranty Corp. 24 Jackson Place Main 1403 $30,000.00 Opportunity The Corozone Co. of Cleveland offers exclusive distributors| to some individual or firm i this territory, Corozone is the sensational air correction device, compact, portable, moderately i ely electrical, requir- no service. Experienced Radio, Automobiles, tion or comparable specialties will find_ this an unusual oppor- tunity. You will be assisted by weekly programs from several major broadeasting stations. The distributor should have available $5,000.00 to $10,- 000.00 to finance his busin and be able to produce a suc- cessful sales record. Phone H. O. Traver, Willard Hotel, for Appointment E