Evening star., 1922-08-23
M0NEYFOR CROPS
ADVERTISEMENTS
BY /. A. FLEMING.

BY I. A. FLEMING.
Crop movement. marketing one Of
the greatest general crops that this
great agricultural country has ever
raised keeping up an exceedingly
high average of daily transactions IN
investment bonds and 1000, ,000-share
days In the stock market, have all
demonstrated better than anything
else the wonderful ease in the money
market condition that is likely to
be maintained no one can say for how
long, but probably all winter.
Unless some untoward incident
should make the small investor, and
ne is numerically one Of the chiefest
factors of the day in the money mar
ket, quit cold and withdraw HIS funds
chance for change In money condi-
tions.
Bankers prefer to keep their we'll
placed loans outstanding, but never so
much as today. Maintaining a straight
per cent rate locally and accepting 31s
secondary reserves. they find it difficult
to make good use of their cash when
loans are paid off.
The wonderful strength and activity
in the bond market, while attributed to
investors very generally, may be par
TALLY accredited to the demand from the
banking world making temporary use
of it's funds in investments that pay
much better than the returns from
loans on Wall street.\
Will BE Much Marking Up.
The wonderful advances during the
last year in the bond market will re-
suit in large increase in income taxes
this year. Last year and the year be-
fore. writing off losses was a common
indoor sport for bankers and investors
generally, but this year will be mark
her-up. and in the aggregate 1t will
amount to many hundreds Of millions
Of dollars.
While the bankers will mark up their
bond values, the investors will be hit
both in stocks and bonds for the gains
been enormous
Local action in the mark-up line will
be strenuous also. Chief gains here
have been in Railway common. from
S5A with the opening of the year to
about Sc: the preferred from 63h to
Is, today's quotation. Capital Traction
also rose from 94H to the 1887 Of to-
day.
Tratcoin and Gas Leaders.
On the local stock market Capital
Traction and Washington Gas were
the leaders.
In the last few days local investors
have looked with longing eyes for
Capital Traction stock They have
realized that the per cent dividend
payer. plus the non-liability to the
:: or 1 per cent intangible stock at
prices Pr1sa,n around par has been on the
sought to pick up a few shares they
have been surprised by the scarcity
of stock.
Most of the investors of Washington
are out of the city. II they were
throw Capital Traction on the market
Be that as it may. for the few odd
lots sold today. 1887 was paid, save
for one small lot at 103k.
After ignoring the advantages of
Washington Gas in the investment
field of today, it was taken in hand
and on two orders advanced from an
opening, at 57h, to 50.
Railway preferred sold at IS, COM
mon, nominal.
Capital Traction IS were in active
demand, lot after lot coming out and
being quickly absorbed for total
of $4,000 par value. The selling was
evidently induced by the price, 9Sk.
1t may have marked the shifting of
some investments, this selling move
ment. although the manner in which,
the bonds were taken and the action
on Wall street on all high-srade
bonds confirmed their value beyond
question.
Railway As brought rs and Gas Is
1O5. -
Lanston sold ex-dividend recovering
part OIL ltS payment.
Bankers were taken by surprise
at the action of the Steel Corporation
and other corporations in the same
line. increasing wages of their en-
ployes by 20 per cent at q time when
labor conditions are as disturbed as
they are.
An advanced theory that it was a
! move needed to prevent the return
of labor to the reopened coal mines
was not accredited: as the men out
are union men and the majority of
the steel employees non-unton.
There were those who were, inclined
to the belief that the action was
in the nature Of a movement to bring
strikes to an end and to accept con-
ditions of nearer nornalcy as they
at present exist in the United States.
generally.
Personal Mention.
William B. Hibbs is 'vacationing
in Maine.
Charles c. Glover will return in a
day or two from York Harbor, Me.
Attendance on the local stock ex-
change increased 331 per cent
today.
Levy Mayer. one Of the old-time
corporation lawyers Of Chicago, ID
dead. Mr.. Mayer has been to- the
fore in corporate affairs for twenty
five years. He was attorney for
Armour & Co. and many great cor
porations in Chicago and elsewhere.
NJ. .VYys