The Wall Street Journal from New York, New York • Page 8

it 1 4 i 1 it i Wtm tYork Chicago Philadelphia Uoston Detroit Kansas City HXE WALL STREET aTOUIlNAU TJTCDXESDAY OCTOBER 81, 8 MONEY AND EXCHANGE TEMPORARY LULL IN MONEY MARKET Time.Monev at 5 Ur to Four 'Months Commercial Paper Is Steadv 1 Then a tempormry lull In money market Rates are steady at the lower levels taken laet week. Call money is slightly firmer owing to shifting of funds Incident, to end of month requirements rather than to any appreciable demand from brokers. Greater available supply of credit is evidenced by call money closing at 8 where all through the year the closing rate towsrd.the end of each month was 6V4 and 6. Entire cessation of agricultural credit demand is re- 4 1 i i fleeted in the easier time money rata lor loans against I Stock Exchange collateral. Loans up to four months are I arranged at 5, and even 30-day money is not strongly bid at this rate.

Time money is now at levels which vailed the second half ofjtine. Commercial paper is quiet at 5 to 5K with "bulk of the business moving at SA, Liquidation is proceeding in agricultural sections and in some commercial lines a few weeks ahead of time. Sur plus cash is building up demand deposits. Money is in greater supply than borrowers require. The combination is reflected in the lower money rates and in the increased activity and better prices of high class bonds, especially the nearby maturities.

Better tone of government issues Is also a reflection of the narrower market for money. Fundamental conditions of business are unchanged. Returns for October are generally satisfactory and at higher levels both as to price and volume of production and consumption than was to be expected from the pre dictions early In September. Prices continue firm and the tendency is upward rather than downward. Forward buy hand to mouth buying through the winter, win enable manufacturers to maintain production on a satisfactory basis throughout the seasonably dull months.

Time Money Time money is dull and easier. Brokers are bidding 414 'and lending banks asking 6 on 80 and 60-day money. Three to six months money is 6 bid and bM offered. Call Money Call money opened at 5, high 5, low 4, renew als oiuling 6 and close 4. Commercial Paper Commercial paper market is more active at 6 to 5K.

Interior banks 'are the principal buyers, although the New York banks are showing more interest Bank Acceptances Bank acceptance market is more active, are coming out. Demand is equal to supply. Bates are as follows: Eligible Spot deliveries: Mem. Banks 30 4V4 60 4K4tt 90 4K4tt 120 44tt 150 days. 4tt414 80 days.

444 -futures delivery, 4H bid. Call bills against loans, 4. More bills Elk. Non Mem. Banks 44 44W 44 4tt4 4H4 44M Bank Clearings 1923 1922 Chan, $833,000,000 99,800,000 95,700,000 Inc.

4,100,000 mm Ann rvn rn I 56,000,000 66,000,000 Dec 10,000,000 19.06397 17,833,760 Inc. 1,729,537 19,054,095 21,975,605 Dec 2,921,510 CALIFORNIA' BANK EXPANSION Six Banks ln Los Angeles and San Francisco Increase Capital $9,000,000 To Study Foreign Currencies WASHINGTON Senate Commission on Gold and Silver Inquiry has appointed Dr. John Parke Young of California, as economist to take charge of commission's investigation of foreign currencies and exchange rates. Move-rnent of exchanges and currency conditions of leading na-, tions will be studied with particular reference to adverse Jk effect of depreciating and fluctuating exchange of our trade and general economic condition. Effects of Val debts and budgets, trade balances and polit- on exenange rates win do treated.

Report rd next spring- Silver rnrman quote sliver: New York $.63, off silver 82d, unchanged: Gold bars 92s, off Id. forward Foreign Exchange List Irregular an upward trend in the leading currencies. Demand ster ling was quoted at up francs, $.0500, up lire, up Belgian francs, $.0507, up 1.0004; Swedish kroner, $.2632, up $.0003. Norwegian is more than equal to entire gold valuation of ruble cir. culation a year ago.

Circulating medium has doubled without corresponding increase in production. Exchange in Open England, d. 4.48 Par 4.8665.... 448 France, d. Far .193.....

IUly, lira Far .193 Belgium; franc Par .193 Germany. cL Far 382 c. Czechc-Slov. Par .2026 c. Switzerland, fr Pas .193 x.

Holland, d. Par .402 c. Spain, peseta Far Sweden, krone Far 68...... Norway, krone Far c. Denmark, d.

Far .268 ,0590 .0590 .04504 .0451 .0507 .0507 tt .0293 .0293 .1780 .1782 .3883 .3886 .1334 .1336 .2632 .2636 .1513 .1617 .1718 J722 From previous close Noon Close Up 4.484 4.48V .00 4.48 4.48 .00 0293 .0293 .0000 Off .0587 .0588 .0003 .0588 .0589 .0003 .0450 .0450 .0001 .0451 .0001 .0506 .0506 .0003 .0506 .0506 .0008 83,000 100,000 100,000 17,000 83,000 aOO.OOO 100,000 17,000 .0294 .0294 .0000 .1779 ..1779 0001 .1781 .1781 0001 .3885 .3884 .0001 .3888 .3887 .0001 .1335 .1834 ,133 .2630 .2629 .2634 .2633 J1508 .1510 .....0011 1512 .1614 0011 .1718 .1720 0010 1722 .1724 .....0010 d. Demand c. Cable Irregular Irregular Steadv "Marks to tbe dollar; last 6 ciphers omitted Range of Demand Exchange. Hitrh Low Clnu England $4.48 0591' .0587 .0588 .0451 .0449 .0450 Holland 3686 .8883 .3884 Minor European Exchanges Austria, krone, par $.000014 Hungary, krone, par $.2026 000055 Jugo-Slavia, dinar, par $.193 .01185 Portugal, escudo, par $1.07875. .0393 I Greece, drachma, par $.193..., 0157 Roumania, leu, par $.193 004825 Finland, finmark, par $.193 0268 Poland, mark, par $.2382 .00000045 Bulgaria, lev, par $.193 .0096 Russia, chervonetx, par 5.1 4 6.00 I Cifl T7.nl.

Buenos Aires, peso, par $.4245 $.3194 Rio, milreis, last convert rate $.3244 .0915 Montevideo, neso. par $1.0342...... .727 Valparaiso, peso, par $.865 1125 Lima, libra, oar $4.8665 SAN FRANCISCO-President Lipman of Wells Fargo Bogota, peso, par $.9783. National Bank says merger of Wells Fargo and Union Trust of San Francisco will be carried out soo.i after of the year. Wells Fargo bank may denationalise, 'but this report is not Merged bank will have capital of $7,200,000 and resources, of $132,000,000.

If Wells Fargo bank denationalises it will make third national bank in San Francisco to shift to a state charter in other two being American National and Merchants National. London Exchanges 000,000. .957 Far Eastern Sight Exchanges Hongkong, dollar Shanghai, tael .69 Yokohama, yen, par $.4885 .4880 Bombay, rupee, par 1.4800 3150 Prev Close $4.48 .0585 .0448 .4883 Monday $.000014 .000055 .0116 .0385 .0158 .00475 .0208 .00000045 .0099 6.00 Monday $.3194 .0920 .729 .1145 4.09 .957 Monday $.61 .69 .4880 .3126 Canadian Exchanges Montreal funds 1A discount, or $.986875, unchanged, LONDON New York cables closed $4.48: Paris checks 76.10; Brussels 88.55; Italy 99; Berlin Fight Bank Tax Laws MILWAUKEE--The Wisconsin Bankers' Association. through its secretary, George D. Bartlett, is preparing to make an attack on the bank tax laws in force and also to try to recover the 1922 taxes which were paid under protest If this course wins tbe city of Milwaukee would have -to refund $500,000 and other municipalities in the state aums totaling many hundred thousand dollars.

The bankers contemplate test cases to be pushed through the state Circuit Court, the state Supreme Court and the United States Supreme Court There are about 850 state banks in Wisconsin. New York Federal Reserve Bank credit balance $53,000,000 at New York Clearing House WHY CREDIT IS NOT INFLATED Sterling Friic. Slightly IIighcr-Nor. Systcm-S Rediscounts Are Foreign exchanges were Irregular at the opening, with iiunarca ieiow new York Alone at Peak Rediscounts of member "banks with the Federal Re serve institutions are nearly $2,000,000,000 below what kroner were eight points lower at $.1513: Danish kroner, they were In October, 1920. To be exact, member banks $.1718, off $.0012.

Marks. Ctech kroner. Swiss francs. rediscounting now a total of $836,238,000, compared guilders and pesetas were unchanged. I with $2,801,297,000 in October, 1920, a decrease of $1,065, Foreign exchanges remained steady at around onen- 050,000.

ing prices in the early trading. At 11 o'clock sterling The gold reserve of the Federal Reserve system to- was off an eighth cent, francs were unchsnged. and lire day stands at $3,136,412,000, compared with $2,003,320,000 were fractionally higher. Trading was on a small scale, in October, 1020, an increase of $1,183,092,000. Demand sterling francs lire $.0451 foreign exchanges moved irrearularly in latter half of morning.

Sterling held steady at $4.48. francs de clined about two points, lire and Belt-Ian francs were steady. Noon rates on smaller continentals were within one or two points of the opening, excent for Norwesrian kroner, which moved down 5 points to $.1508, a new low for year. Quotation of $.1718 on Danish kroner was also a new low for 1923. Lower trend developed after midday, ana small declines took place throughout list, but reaction was soon followed by a rebound, and rates steadied for remainder of the session.

Trsding continued on a small scale, speculative uc- tivity which followed publicstion of Hughes reparations note having subsided. Offerings in market were largely commercial, arising from recent -exports of grain and cotton. Declines in Scandinavian currencies, as usual, were due to transactions abroad. Lower rate on Nor wegian occasioned little surprise, as commercial and bank ing depressions have not abated; but sharp decline-in Danish kroner was not expected, as measures hsve re cently been inaugurated in Denmark for stabilizing the ccnuy oeen inaugurate a in uenmarit lor stemming ing seems to have become almost a thing of the past. How- by menna of und depoilted wlth national ever, at this time last year there was even less forward 'buying.

Although this policy has been pursued all through the year, nevertheless, volume of trade has never such high levels. The American Exchange National Bank says: "This year limited orders against spring requirements are be- Russian chervonetx has remained stable at $5.00. Re cent' reports from Russia indicate that although there has been little fluctuation as against sterling and the dollar, chervonetxi have not yet succeeded in assisting sta bilization in Russia. Commodity prices there have been rapidly rising in terms of chervonetzi since their intro- The reserve ratio for the system now is 76.8. This compares with 43.17 in October.

1920, a difference of 88.7 points. These figures, when considered in connection with other existing credit factors, illustrate clearly that there is no real reason for expecting higher rediscount rates in the near future. Rather, with money rates already be ginning to display an easier tendency as a result of the "backing-up" of crop money, it would be logical to expect a lower bank rate. KEW YORK OOU HOLDINGS DOIBLB The gold reserve of the New York Federal Reserve Bank today is double hat it was three years ago. The total now is $977,560,000, compared with $476,694,000 in October, 1920.

The ratio of the New York Bank today Is 5.7, which compares with 89.1 in October, 1920, an increase of 46.6 points. Rediscounted paper held by the New York Reserve Bank now amounts to $163,441,000, compared with 223,000 in October, 1920. This compilation also shows that the total rediscounts of all banks in the Federal Reserve system today, vitv. $836,238,000, are about $100,000,000 less than the borrow ings at the New York Reserve Bank alone in October, 1920, $937,223,000. BORROWINGS ARB SMALL Following is a comparative table of gold reserves, ing placed freely, and it Is expected these orders, with jductlon, which is natural, considering that total issued ratios and rediscounting operations as of October, 1920, and October, 1923; both for the entire system and the New York Reserve Bank: Res ratio Rediscounts Gold res FED BUI AX RKSKRVB SYSTKIf Oct, 1923 Oct, 1920 Changes Gold $3,136,412,000 $2,00320,000 Inc.

$1,138,092,000 76.8 43.1 Inc. rimcHASKRs or bills ox south avrica AKD AUSTRALIA National Bank of South Africa Ltd. 83.7 Gvt paper. $384,846,000 $133,905,000 Dec $819,559,000 Other pap 451,892,000 19792,000 Dec. 1445,500.000 Total $836,238,000 $2,801,297,000 1,965,009,000 KEW YORK SUCREXYB RAKK $977,560,000 Res ratio 85.7 Rediscounts: Gvt paper.

$111,001,000 Other pap 52,440,000 $476,694,000 Ine. 39.1 Inc. $515,947,000 Dec. Dec $500,866,000 46.6 $404,946,000 868,836,000 Total $163,441,000 $937,223,000 Dec $773,782,000 These figures likewise emphasise that brokers' loans are not of any particular concern to banners or ederal Reserve officials, in that there has not been any inflation of credit since the 1919-1920 period. Rediscounting operations of member banks hsve al ways been a carciui study lor creuu analysts, ana ine liquidated position of that item Indicates clearly that the credit reservoir of our banking system has only been availed of in a comparatively small way in recent months.

To be sure, rediscounts with the Federal Reserve are a few hundred million dollars above the lowest levels, but that expansion was a natural result of better business and the agricultural demand for money. LONDON JOINT CITY AND MIDLAND -BANK LIMITED Might Hon. a MoKSNN mm www tmrrron nt MMOK NVM IOOM WOOUft ubtMXitMHl Oairttal SUa.lt T. OS ratd-up oopitat Ilium Fun. to.SeCvSS PQtf um, mn THUADMXSU STOUT.

UMBOd LCf mi mas men. umm. ici AFttUATMP BAMCSi BELFAST EANKINC CO. LTD. THE CLYDESDALE BANK LTU tm nmm tvuna mh ovn -Nw York Anr.

Bftvif St. Fkoa BrM SSS BARCLAYS BANK LIMITED BANKING BUSINESS OT EVERT DESCRIPTION lfwauift. ft. Jmm-Us: U. Fa Alt, to Ttl LEGAL NOTICES LiTQUIDATIOS NOTICE The American National Bank of Ban Franclaco, located at No.

496 California 8trat, ln the City and County of Sao Franclaco. Stato of California, la cloalns Ita affalra. All note holders and other creditor! of the aaid bank are hereby notified to present all notes and -other clalnia for payment u. M. BOWLES, Cashier.

Dated. Auguet 18th, ISM. The above notice ia riven In connection with th plan approved at a meeting" of the etockholdere of The American National Bank of Kan Franclaco on mere-lne? The American National Bank of Auauat IS. 121. for San Franclaco and Security Bank Trust Company Into one banking; corporation, to be known as The American Bank of San Franolsco.

In order to carry out aald plan, the director were Instructed to liquidate th aald National bank on August IS, 1823, and immediately reincorporate aa a State bank under the name of The American Bank of San Franclaco, which 8tate bank willacqulra all the aaaeta. assume an the liabilities and take over and continue all the bualneaa of the National bank. The aaid State bank has been formed and proceedings will be taken to mere the Security Bank Trust Company Into the aald State bank. Q. it.

BOWLES, Caahler. 1SOTICES The Nalonl Bank of HooewelL lo In State of VI rr In la, ia cloeir.s iti affalrl or other creditors of th a asocial oa are tad at Hopewell, All noteholders herefor. hereby notiaed to present their nam ana etner uhJor payment. J. WATK.IN; TC-ealdent Dated October 4th.

In inH Oil nf If Rink i Hellenic Society ef London. Do was one of the found, in ana KJUl OI llie UJI1K5 6nt mtmUn of the London Chamber of Com. merce'end later became chairman of the board. In 1918 Despite recent hold-tp. of bank collecting yJ 4epo.lt.

ordelirering payro and notwithstanding that 1 this practice, is contrary to the state banking law, a tew bank, continue to do "banking" in this way. While See-j Maton RUMUra cf Albany has been appointed by tion 110 of the law prohibits' a bank from receiving de- Suu Comptroller and Superintendent of Banks to posits at any place other than its established offices, it and receipt for the securities deposited in the does not provide any penalty for Infraction of the law. guu Department by the corporations and In-Nevertbeloes, the State Banking Superintendent has dis- dviduala under iU eretlonary 'power, He may direct any bank to disco n- i tin ti unlawful or nnsafe practices and if the offender So. far three Canadian banks hsve declared neglects or 'refuses to comply with his orders, he may 'or extra disbursements, to stockholders, incident to the take possession of the bank. final dividend of the year.

Bank of Montreal declared a of Canadian Bank or Commerce a bonus of The offending banks have complained that national h.f,u- i ik. unw oanxs ar. psmmi o.w Ur jidends of 8. These distributions tlons were compelled to do IBttwU to meet keen th, nort noteworthy In view of the "house clesnlng" petition. But this also would be infraction on the part hM ukfn lae thU fW awi.

of national a. the Comptroller of the Currency ha. ln doWB of Mmt ruled that national bank, may not collect or de- gUncetk liver payroll, by messengers. Any-director, or officer directing the collection of deposits or the delivery of pay rolls in violation of the statutes personsiiy liable lor loss sustained. So far as can be learned all losses sustained through hold-ups have been covered by insurance.

Walter Leaf, chairman of the Westminster Bank of London, will be the guest of honor at a dinner to be given by the American Acceptance Council at the Metropolitan Club on Thursday evening. Since his arrival here some weeks ago. Mr. Leaf has been touring the country, visiting the Pacific Coast, where he delivered lectures on foaek at the University of 'California. Besides being a distinguished English banker, Dr.

Leaf is a Fellow of Oxford University. He is an authority on Greek history, being the author of numerous books on Hellenic literature and history. From 1914 to 1919 he was president of I l864 tnttr AJminittrst0t 1 80 BROADWAY, NEW YORK IfWpSJffftfftffi NATIONAtV HAiVK tk dtp cf A eta rrk Liberty A Wast Streets A Bank of Discount For Merchants and Manufacturers feraeaal SanHo liiTl CENTRAL UNION TRUST COMPANY OF NEW YORK with Relative or Personal Friend at CO-EXECUTORS By making this company co-executor of jour will, with someone in whom you also have confidence, you may be assured that we will welcome the individual as an advisor in the important business of the administration of your estate, and that your testamentary provisions will be properly carried out. A3i av Tfmtsftr vfftwt rr 7(jiUtrtr 1923 ABi di Trmstti Vnirr CimralUnionTrust Gdmpany plaza orricB Fifth Ave 60th St. ofNewYork 42ND ST.

OFFICE Madison Ave. tc 42nd St. Qafital, Surplus and Undivided Vrofits over 34 Million Dollar tXCtmter Fkdkoal Rsssavs SrsrsM "Free Collections" By "free collections" we mean that the Manufacturers Trust Company makes no charge for collecting checks Payable Anywhere in the United other words, no deductions are made from out of town checks deposited with service as this is appreciated by our old customers and brings many new ones. Nathan S. Jonas, President Hianiifacturere tfruet Company BORO OF MANHATTAN 139 Broadway, at Cedar Street 481 Eighth corner 14th Sc.

)8) Fourth Ave, corner 17th Sc. ji Fifth Ave, 4)rd Sc. 41) Broadway, coma Canal St, BORO OP QUEENS 1606 Mynl Ave. mar Cvpcn Ave, Ridgewood BORO OP BRONX lots Waatenaster Comae Sourham Boulevard Ti-H 4 ii 1 a i 'i Mm BORO OF BROOKLYN 774 Broadway, corner Sumner Av. 64 Broadway, corner Berry Saaat aa) Havecnsyer St, Bear Braadwas.

710 Grand St, Dear Grahsa Ave. 190 Joralemoa Street CHX?) i.