Evening star., 1922-06-03
MONEY FURRY IS
BUT TEMPORARY

BUT TEMPORARY
!
Due to Tax Payments-Pro !
motion After Long Service.s
Joins the Association. !
BY L. A. FLEMING.
The furry in call money on Wal
street with the FIRST days of June wa
not que TO government withdrawal
1or the Treasury has not called for ,
penny OF the two recent certifcas
sales. aggregating $350.e0o .oeo. pro
vided Mr.. Mellon does not accept AMI.
excess subscriptions TO the most n
cent hotation. ~
May 10 the month Of tax payment,
ana naturally tax payments are hsk s
oack TO the last minute by the iargs Z
p1ynS corporations at least and t1aS,
witndrawals OF funds are very hex4Sz
IN this city about Sl2.ooo.ooo wen
out, and in other cities the amouna.
was much larger. but within a feTs
Gays the greater part of the cash vii
again be functioning in the banks u,f /,
III withdrawn Is needed by city treas ;
urers ana county and state oficialG.s.
More than this with June Is conne
the second installment on the 1872
income taxes and much preparation
is being made for this.
That there Is anything more thai
q temporary stiffeninE of the monel
market Is next to impossible. al
bankers are at loss to place theL
surplus cash to advantage even to
day, and the 3A per cent offer q
six months Treasury certificate
brought tenders for twice the amour
desired.
The combined reserve ratio of fed I.
eral reserve banks stands at rs PEI
cent, as compared with 77.5 per cenS
q week ago. and b7.4 per cent. yes,S
ago. -
No Session of Local Exchange.
Saturday summer adjournments To-
day and will not resume sessions un
til October.
oMcers Elected.
The Potomac Savings Bank O.
georgetown announces the election
OF w Edmund Freeman and c. Wen
del Shoemaker as assistant cashier
OF that institution.
Both of the officials have been win
the institution for fifteen years. ME-
Freeman as paying teller and Mr.. Shoe
maker as note teller. so that the ciyf
service Of the highest order has beer
Followed in making the promotions.
Joins Bankers Association.
The International Bank, with head
quarters in the Southern building, al
investment banking corporation, hai
been admitted to membership in thi
District Bankers Association.
The following officers and director,
have been designated to represent TIT
bank at the annual convention of thu
association at Hot Springs a wesa
hence.
John r. Waller. president; william
b b Symonds. vice president; Thomai
b. Lavler, secretary; Austin c. Wal.
Ter, treasurer, and ]. A NJ Adair, di
rector
The International Bank was organ.
ized in 1920 by a number of banker,
ana business men called to Washing,
TON during the war from all parts OF
the country. 1t is said to be ore OF
the strongest of the state institution,
mere and controls several financial in.
stitutions in the west, as well as be.
ing substantially interested in Wash.
ington banking affairs.
Business Review
From National City Rank Circula-, Z
In the case of foodstuffs and III,
ieaolng raw materials of industr.
there are no large supplies beins
carried over, unless We except corn
which does not enter readily intt
consumption until il has been con.
Nerted into meat The grains chiefly
useo tor bread are closely used up
the world depending upon full cropt=
each year. In tie chief materials ol-
clothing. wool and cotton, the carry
over which has existed since the waT
mas been reduced in an important de.
gree during the past year. These
condltlons give an assurance of a de.
gree OF stability in the principal ag.
ricultural staples which has not beer
teit since the fall of 1920. -e-s-=
The state of ease that has devel.
oped in the money market, as eyi-
denced by the liquidation of the fed.
eral reserve banks. the ready absorb.
ton OF investment securities and ths
rise OF the bond and stock markeu
is condition favorable to business
expansion. 1t does not follow. how.
ever, because a substantial reviva,
from the extreme state of depression
has taken place, that we shall have
uninterrupted or rapid recovery .to
full activity in all lines. A readjust.
ment of Industrial relations is under
way and has produced the improve.
ment in sight. but complete read
justment has not been accomplished
either in our international or our do.
mestic relations.
Foreign Trade Better.
Foreign trade is better TEe
South American countries which pko-
duce raw materials and foodStuffS are
finding better markets. working on
the surplus stocks of merchandise
which have embarrassed them, and
beginning to buy again in substantial
amounts. Conditions in Asia are i'm
proving, the price Of silver-above "a
cente-is 10 cents or more above the
low point. and is helpful to trade
with Asia The foreign exchanges
are stronger. which means a more
favorable condition for foreign buy
ers in this market.
Improvement Not Uniform.
The revival indicated above ns.-
urally fas affected all lines to soms
extent but the Improvement is not
uniform. Retail trade the country
over is not back in full proportions
and the industries ministering to the
common needs of the population are
still under normal activity. This is
true of clothing, dress goods and
shoes. although these are picking up.
The tanning industry still complains
of narrow margins, hides having ae-
vanced more than leather. The slow
consumption of staples reflects econ
omy in personal expenditures. espe-
cially in the agricultural districts,
where there is pinching to pay csbns=
Car-loadings, however, continue .F
make good showing, the figures for
cars loaded with revenue freight in
the week ended May Is being 777,35s,
as compared with 75l,lS6 in the cor
responding week last year, and S43.-
145 in the corresponding week Gl