Evening star., 1922-10-19
LOCAL CAPITAL TO
WORK IN PANAMA
Business Activities Show I'M
provement-Money
Firmer.
Bl I. 4. FI.F,1Ii\G.

Washington capital is going into
the Panama country to aid i'll the de-
velopment Of the agrtri.tn and cattle
interests of that republic.
i, Panama is practically The only pam
American country where investments
have something of a permanent char
acter free from the dangers OF possible
wars, etc. as Panama enjoys protec
tive treaty relations with this gov
.-rnment. Moreover il is the only un
teNploited territory in the South
American area.
Washingtonians interested i'll the
venture include James y. reynolds.
former assistant secretary of the
treasury and now vice president
of the Commercial National Bank;
Rear Admiral II. Il. Rousseau. Hoke
Smith. George B. Lockwood, Gen
John l.. Glenn. Co! u l.. Price. Louis
s. GottIieb, Col. Winfield Jones and
others
They have organized here the Pan
anna Cooperative Cattle and Land
Company. with S1.0OO,0u capital
Local depository here is the Com
uercial National Bank and iii Pan
anna the American Foreign Banking
Corporation. now = subsidiary of the
chase National Bank.
The Washington Mortgage and FL
lance Company of this city has been
appointed fiscal agent. J. NJ. Hause
is president of this company
The concession. which has been ap-
proved by the Panama administration
was purchased from Henry +. Le-
fevre, specialist in Latin American
commercial affairs.
Business Activities.
The credit clearing house of New
York city reports that "merchandis-
.ng activities by manufacturers and
wholesalers shows Il vigorous renewal
If purcha sing fall and winter goods
Ivy jobbcrs and retailers. with Cali
fornia now leading. and in the north
"rn agricultural section with. the
Oak kotaS leading.
For the United States purchases are
Is greater than during the previous
week and - Per cent less than two
wears ago. Payments are better in
every section except in the east sec
tion. where they have decreased o.S
per cent. The Pacific coast section
has increased payments IA per cent
and the Dakotas ~ per cent
Money Is Firmer.
The seaSonahle demands for money
are causing stronger rates. although
rates are not high as yet When one
considers the steady drain on surplus
funds for the needs Of the federal gov
ernment. coupled with heavy crop move
ment. the purchase of equipment for
railroads and the larger use of funds
commercially. the per cent rate on
call and time appears reasonable
enough
1t is more than natural that there
should be furry At this time. when
such heavy expenditures are being made
for the account of investors, not only in
the new government bonds. but in mill
lions of other securities of various en-
terprises.
But little of the actual money paid in
on the new bonds. has left the banks.
I1I, II
but is held awaiting the call of the Sec
retary of the Treasury.
Federal Reserve board.
! Strong rumor has it that the Presi-
dent will not reappOint fromer Gov.
Harding as his own successor at the
head of the Federal Reserve Board. 1t
is said that the appointment today
lies between Edmund Platt of New
York and d. +. Crissinger, the present
controller Of the currency
, 1t is not probable that recess NOM
tination will be made, but the matter
will remain until the reassembling of
Congress in November. Either of the
parties named could readily be con-
f1rmed by the Senate.
Local stock Market.
Bid and asked prices on bank stocks
on today'S session of the local eX
change did not show material changes.
Holders of American National and
Federal National are asking we'll up
for their shares
Sales of the morning were at 116 to
ia for District National, $50 for Com
mercial National which was the
active leader, and 2S0is for an odd lot
of American Security and Trust Com
pany.
The feature of the market, if there
was one of sufficient Importance to
call for special mention, was the
comeback in Lanston Monotype
shares. Just a day or two ago. they
broke for the first time in months be-
low so. going down to 1875. They re-
covered today TO S012.
Columbia Title sold at 6.
Bonds attracted some attention,
sales being made at lou for Potomac
first SIS, 95L4 for Gas 5s. 10T for Gas
per cent notes.
Bids of 500 a share were made for
Riggs National Bank stock.