Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-12-20
GIVE TRADING IN
galway 4PERC CTS.
liking Losses, and Partly
for Observation-Disclosures
Slow.

n all $lo,oUU par Vdlue railway pei
1t bonds were bought and sold on
avs session Of the local stock ex-
.nge. The first $1,000 brought the
sulation figure of 50. and the last
100 sold at 5S?s. In taking loss for
accounting purposes. it is not al
Us possible to sell and buy back at
same price. although this has been
y generally accomplished on the To-
exchange.
here is no telling what proportion
the very heavy sales of Railway 4s
ing the last few weeks has been
the character mentioned, but 1t is
bable that it has been at least about
al to the investment operations.
wo 100-share lots of Columbia
.phophone preferred shares changed
nds at 63ls
mall lots of Capital Traction sold
dividend at S3ia and SO. and Mer-
thaler was quoted at 120. Lanston
i at so. no bids.
,apital Traction 5s brought S61S and
..
Approves Refunding.
The Bache Review. published by ].
Bache & Co.. New York, gives
dial approval to the suggestion OF
airman Fordney for the refunding
Treasury certificates and liberty
ues, but finds that 80 sane and
nd a position as this was met inn
diately with the befOgging objec-
rs OF Treasury experts and polit-
lily saturated congressman, charE-
that it was breaking faith with
people who had purchased liberty
IDS and that the flotation of an
rer loan would weaken the liberty Is
:. The fact never occurring to them
It it would be as easy to fund the
.lole debt in long-term bonds at a
lie higher rate, as it will be to
Se care of the little pakch soon
ming due. and that that operation
put the only stabilizing financial
,creding that has been put forward
four years Of unwise treatment OF
bond situation"
Analysis Of Showing.
While the actual New York clearing
Use bank statement and also the New
TX Federal Reserve statement show
e change in their proportion OF
erves to total liabilities, the regional
leral Reserve Bank statement shows
y best condition IL has exhibited for
5nths past with its ratio Of reserve up
45.6 per cent against 44.o last week
II 1V-c at tiiiS tiiuS A6SN , SaAp Win ttAC
ost substantial gains made Of nearly
oints at Boston, at Cleveland. 2 at
icago and St Louis and ~ points ut
= Francisco, whereas the losses at the
ier federal reserve points are mostly
a fractional character and where they
i'd best be afforded, chiefly at Phila-
phia.
the New York Federal Reserve hanks
30 of reserve on an deposits remains
same as last year, viz, 3S.l per
n. while its ratio of reserve after de-
Ting 40 per cent Of gold reserves,
-nds at 37.7 against 3I.9 last week and
Two weeks ago.
fhe New York actual clearing house
ak statement now shows a surplus Of
deposits in excess of LEGAL require
ents of but $S.z3z, 200, which is 4 de-
ease of only s.. 035. 900 on the week.
IN view OF these satisfactory condi-
ms after the enormous shifting Of cash
ms and loans on the unprecedented
ovements arising from the December
income tax PAYMENTS and the issu-
&C OF $500, 900 Of new Treasury
rtificates Of Indebtedness. payment OF
serty bond coupons and redemption
previous Treasury certificates, the
took Is very encouraging for an
ally satisfactory financing Of the
ZOO. 600 Of January interest and
idend payments to be made ON rail-
ID and industrial securities and other
aar-end settlements-Without 1fry sifn5
lrtant Insurance in the local money
4rket S~-SS