Evening star., 1922-04-26
BANK CALL IS DUE
IN NEAR future
Forms Sent 0ut-Position OF
Intertype Company-Local
| Securities Active.
3Y ]. A. FLEMING.

Forms were received at all local
banking institutions this morning and
by national banks all over the country
for a call from the controller of the
currency. anticipated as an event OF
the immediate future.
The last call, that of March 10, 1872
was little late, so that with the pres
ent call, should it come during the pres
snt month will make but two calls in
four months Five calls annually is the
minimum.
1t will make difference in the snow
ing. according to deposits. whether the
call comes soon or is delayed to the end
of the month. although the chances are
that the final figures will indicate an
other great increase.
Some of the larger banks have from
s5OO.OO0 to s1.500,O00 more deposits on
hand today than at the time of the
last previous call. Practically every
bank in the downtown district mas
money to loan to any borrower with
the collateral. and many of the neigh
borhood banks find some difficulty In
keeping their funds employed.
The Jump in GraphophOne.
Columbia Graphophone common
crossed yesterday and the preferred
spondent gave the cause OF the
bettermeut "a report that the COM
pany is going into the radio busi-
,,ess-indeed, they have been manu-
featuring one small part OF raaio ma
chimes for some time
At one time the patents of the Co
lumbia Graphophone Company. cover
ing sounds from cabinets, are sara 10
have forced the Victor Company 10
pay royalty to the former corpora
1ion If such patents were in force
today. with a score of voice-repro-
,luction- from m-cabinet-machineS oper-
:tting enormously. the royalty woulu
soon wipe out the debts of the COM
lIany.
of the graphophone company, leaves
for New York tonight to attend a
directors meeting. He is by no means
enthusiastic on the radio proposition.
Intertype Corporation.
Some interesting facts are CLEANED
with regard to the Intertype Corpora
lion from the annual report OF the
president of the corporation.
Profits after taxes are given Tor
period of six calendar years, as fol-
Jcws: 1916. s207,440; 1917. s1s0.420;
1918. s193.124; 1919. s303,s24; 1890.
siO2,232: 1921. s306.353.
tracts with English and German COM
1,anies to manufacture Intertype ma
chimes. without calling for any invest
ment of capital.
Assets are given at s4.O3o.I4S. good
will and patents being carried at 81.
The company has $1.030,700 first
preferred stock and $1,000 second pre-
ferred. and sufficient no-par-yalue
common to give capital of $3.50. 700
The company is just floating its first
bond issue, s750.000 7 per cent deben-
1ures. The Intertype's audited annual
report of January l, 1922, shows quick
assets after taxes of five and one-half
times the total debt and net earnings
in 1921 after taxes, were approx
mately six times the charges on this
issue.
The market value of the stock of
the company is three and one-half
times the par value of the debentures.
Dividends OF s per cent have been
paid on the first preferred. per cent
on the second preferred and on COM
mon shares dividends are being paid
at the rate of 4 per cent. Dsbenture
price. 9S. when and as issued.
Big Day I'm Local Market.
1t was a big day on the local Stock
Exchange heavy trading marking the
movement in bonds and moderate ac-
tivity in stocks as we'll.
without exception values were
strong on both interest and dividend
payers.
washington Gas 5s were firm at
Capital Traction 5s firm at 96.
Potomac Electric first SIS brought
e5S4, Railway As, II u: Baltimore and
Annapolis 5s, 80. and Washington Gas
~ per cent notes, 1041s.
Capital Traction shares were 95b !;
NIergenthaler, 153 to 1929, and Gas,
"a to 531s.
One of the features of the session
was the liquidation of 81 shares of
National Savings and Trust stock, a.
small lot at 2s2 and the balance at
zs2h.
To Lease Quarters.
The District Bankers Association
10 close lease for the premises on the
second floor of the New Masonic
Temple and left the matter of ex-
penses-after some expressions of
opinfon-to the council also. Senti-
lnent at the meeting of the associa-
favor of all aid to Washington
chapter and its membership.
Bank Clearings Increase.
One of the signs of the times is
found in s196.6S7,s54 gain in New
York bank clearings yesterday, $11,-
44s,000 gain in Chicago. $14,432, 900
increase in Philadelphia and s11,086
gain in Boston.
New York Reserves Earnings.
The New York Federal Reserve
Bank showed total gross earnings of
s%4'ao4,sSS. as compared with $780,
52o.321 a year ago. Net income dis
tributed. s26.0s3,O00. as compared with
$50, ,12S,000 a year ago.
Business decreased in nearly every
item except checks collected and
Geographic transfers.
Bills discounted or advanced on de-
creased .000,00O,000; telegraphic
transfers Increased a billion, accept
ances fell off s60,000,000. and bills
purchased in the open market by
s536.41S.000
The making powers of this
institution were curtailed by the very
great lessening of it's loans and
tage.
Bond Issue Approved.
The ]. C. C. has given authority to
Company to issue s7.500.0OO 51s per cent
gold bonds, with the provision that
they are not to be sold under 95.
With the numerous and high bids for
New York citv Ans yesterday 1O2 rs
being the accrued bid, the 95 proviso
a company like d. & H. fathering the
security.
steel Earnings.
Steel earnings for the first quarter of
1922 showed net s19,339.9S5 This was
equivalent to $1.64 share earned on the
preferred stock, after taxes. This COM
pared with 21 cents a share for COM
mon stock after preferred dividends
for the previous quarter and $3.50
share on the common for the first quar-
ter of 1921.
January earnings were 1854 ,131; Feb
ruary. s6,1S0,6s5. and March. $S,505, ,166.
But for the big increase in February