Evening star., 1922-08-24
LOCAL SECURITIES |
ARE AT TOP PRICES
Capital Traction Shares Are
Scarce-Want Reserve
Vacancy Filled. .
BY I. A. FLEMING.

AT tnelr hlgheSt point. 1hefe nds
been no speculation in this group OF
stocks or bonds, just straight invest
ment buying. Consequently, while
Wall street halts q little over the
bonus outlook. the meaning of tho
advancing wages for steel workers
and the possibility of speculative un-
loading. Washington stocks ana
bonds present a strong front ana
are either strong or higher.
Mergenthaler and Lanston were de-
cidedly strong in todays trading. the
latter regaining part of its dividend
in an advance to 80. and the former
moving mp a full point to 155 after
opening at 154.
tinues to feature the trading, although
103&. yesterdays high. was not ex-
ceeded. The offerings are exceeding
ly light and the evidences Of in
creased prosperity, as seen in much
capital expenditure without reip-
bursement, confirm the faith Of in
vestors In the security.
Potomac Electric Is sold sparingly
at 108A, while Gas IS brought s4h
to 81.
Traction SIS were active at eslz.
Bank of Washington shares sold
at 100.
Gas Deficit in July.
operation OF Ine w WdSn1nRtOn LAS
Company for the month of July was
conducted at a net loss of sls.303.
compared with a profit of s34.44s for
June. The long, hot, summer days al
ways reduce the use of gas in all sec
tions of the city.
The Georgetown Gas Company, with
business steadily increasing in its
territory. was conducted at a net
profit for July of $756.11.
Criticize Delay
Bankers generally are inclined to
criticize the delay in filling the po-
sition of governor of the Federal Re
serve Board, made vacant by the eX-
piration Of the term of w. p. G.
Harding. the only governor the board
has had.
The passing of this able official
was deeply regretted by Washington
bankers who feel that he was sac
rificed to the agricultural bloc. after
ably conducting the affairs of the
board through the trying times OF
the war and imitation and the equally
severe test of the defiation period.
Eastern bankers are OF the opinion
that his action during defatfon. while
crucial and in some cases apparently
hard. was absolutely necessary in or
DER to force more or less orderly de-
nation and prevent serious trouble.
LOCAL rumor has it that the posi-
biiities of succession have narrowed
down to D. r. Crissinger controller
of the currency. and John r. Mitchell
of Minnesota. now a member Of me
boa I'd. Both are close personal friends
and both are experienced bankers.
Business Improves.
That unfailing barometer. the credit
clearing house, New York, reports
decided increase In merchandising ac-
tivity by manufacturers and whole
callers and an increase in purchasing
by merchants all over the country as
a whole; all sections show more ac-
tive buying than year ago. and all
but one show more activity than
two years ago. Purchasing for the
week ended August Fl has. in fact,
reached the highest point since April,
1920. anterior to the buyers strike
and the subsequent depression.
IT is still true that indebtedness is
higher than n, year ago. and two
years ago, but at the present rate
Of Enforcement this holdover from
prolonged depression should soon be
eliminated.
The northern agricultural, southern
agricultural and Pacific coast sec
tione are reported backward in the
payment OF obligations In the east
and mountain section business is
good and payments better
Not Large Borrowers.
Despite the reported Improvement
in conditions. it Is still fact thae
= either the wholesaler nor the re-
taller are large borrowers at the
hanks. The commercial demand for
accommodations Is at the minimum
and gives every promise OF so con-
tinuing.
New merchandise methods, adopted
following the serious losses on eno--
nous inventories in the imitation and
snbseouent dehation periods. have SO
completely changed the old method
of large stocks. much borrowing and
heavy losses. that the retailer. and TO
A lesser degree the jobbcT and manu-
facturer are less and less factor
on the borrowing side of the money
market.
Personal Mention.
John B. Larner and Harry Meem OF
| the Washington Loan and Trust Com
nany have gone again. this time on
| secondary" vacations.
G. B. Chapman is in New York city.