Evening star., 1923-10-06
RAIL WAY COMMON
GAINS IN TRADING
Saturday Sessions Resumed
on Local Exchange-0ther
Financial Happenings.

Prices held firm in the inaugural
FAN Saturday session on the wash
nigton Stock Exchange this morning
while Washington Railway and Elec-
trio Company's preferred issue bet
tered its level by half a point. twentv
shares selling at II.
Washington Gas Light continued
its previous display of strength. sa11-
ing at 49Z, and Lanston was likewise
strons at "a. Mergenthaler. Linotype
soid on quarter point to 15s, and
riggs new stock brought 800.
pcth the bond. department was quiet.
sold at 81. the first fives of the corr
pany at s6, and Gas fives at 80.
Praises Reserve Board.
Congress should not be impatient
with the present Federal ReserVs
Sank system. Paul NJ warbure OF
con,n,ttaa' aew f,ora' a member of the advisory
Board, said yesterday, before tbo
Joint congressional committee in
CURING into reasons why more state
insistsd Gadss 30 3,nt mot join the system. lie
bershfp should not be lowered TO az
tract new members.
t is not essential to the federal
,1 reserve SO, he -; system to have increased
banks" he SAID, but the board sbonIS
ana l think it has done everything
possible to bring them in. In my
opinion the federal reserve system
Is really stronger without them"
mr. Warourg said the reserve sys-
eenl as now constituted is strong
enough to handle any emergency
Wnicn may arise. He urged, howevcr
that In those states where state banks
are permitted to establish branches
national banks be given the same
privilege without which, he added
they are at distinct disadvantage.
There Is grave danger of the fed
eraL reserve system going on the
rocks' Mr. Warburg said, unless Con
sress does something to protect it
Among other things he recommended
continuity of membership upon the
Federal Reserve Board declaring that
frequent changes had materially i'm
pared It's effectiveness. Members of
the board who make themselves nm
popular with Congress, he said, have
TO go.
Will Discuss Advertising,
The regular luncheon meeting of
the Washington Advertising Club 10
be held Wednesday next will be =
Joint meeting of bankers and adver-
Users to discuss the broad question
OF financial advertising, il was an
nounced today.
The discussion will be led by r. f.
Hotze, 5r., of the Planters National
Bank, Richmond, Va, vice president
Of the Financial Advertisers Associa-
t!on, and an authority on bank adver-
.. tising. Developing q Banks De-
posits" will be the subject.
president W. FL. Wagner viii pre-
side.
Bank to Celebrate Opening.
The formal opening of the Citizens
Bank of TAkoma Park will be cele-
brated next Tuesday evening from 6
to pm, officials of the institution
announced this morning.
357 Failures During Week.
Business failures numbering 357 for
the United States this week show
practically no change from last weeks
total Of 356, decreases in the east and
west virtually offsetting increases in
the south and on the Pacific coast
The number of defaults reported to
X q. Dun & Co. year ago was $50,
OF twenty-six more than in the pres,
ent week. Excepting the east, all sec.
tions Of the country show fewer fail
ures this week than in the earlier
year. =
An increase of three in the number
OF defaults involving S. 900 or more
or Liabilities in each case is noted this
week. as compared with those of last
week. Such failures this week num-.
DER lSS, or oS-S per cent of the aR-.
gregate Of all defaults, against Isa
last week, when the ratio to the total
was es.1 per cent. A year ago fail
ureS having an Indebtedness of $4,000
or more in each instance numbered
20s, or 54.5 per cent Of the aggregate.
Numbering eighty-five, Canadian de-
faults fault this week considerably exceed tne
are in excess of the ffty-seven failures
year ago.
Bank Officials Reelected.
Maurice D. Rosenberg. president. and
John NJ. Riordon. cashier, were yester-
day renamed for their respective posi-
tions for the sixteenth consecutive time
by directors of the Bank of Commerce
and Savings.
Other officers reelected were Joseph-
SANDERS, first vice president: w A,
Bennett, second vice president: Irving
OWlngs, third vice president: Joseph II.
Milans, secretary: Dr.. Clarence A.
Weaver. auditor: Alexander Wolf gen
eral counsel: and Frank owings, as
The total deposits OF the institution
were announced as being s1,4o0, ,00e,