Evening star., 1922-04-13
DEPOSITS INCREASE
At A.RAP|D PACE
Local Bankers Surprised by
Showing-ProbabIy Over
the $500, ,O00, 900 Mark.
BY 4. A. FLEMING.

I'VE have 100000 more deposits
crease continues" said the president
of large national bank this morning.
I'VE have added $350,00 this week" !"
was the word from the president Of q
trust company. More money than
ever before in our record, and work
ing easier every day. said the cashier
Of another leading national bank.
Each of these officials -propounded the
query. Where Is is coming from?"
One thing Is certain, and that IS
that the banks in Washington are to-
day carrying the largest deposits IN
their record, and it would not be sur
prfsing. unless business improves to
such an extent as to necessitate heavy
withdrawals Of money. to find the total
deposits OF local institutions going over
the edge Of the $200.000.000
rs 1t thrift" This query was ad,
brought the answer: Partly and
partly because money is not being
used as freely in business Is real
prosperity would demand"
The Credit Clearing house. barom-
eral @ business Throughout the united
States Is IA per cent larger than
year ago, but less by AZ per cent than
last week, while indebtedness ts
steadily increasing, 7.S per cent
ments showing a reduction of 9.6 per
cent. compared with the payments OF
q year ago.
This would indicate that credit is
being used more freely. that mer-
chants are buying perhaps more in
anticipation of trade, although the
same authority credits the middle
Agricultural section as the only 10
cality where they are buying freely.
One thing is evident: the country
oil fv ~
specializing. have money In large
ouantities, and If there is a bar to
business the supply of available cash
il not one of them.
Oversubscription Predicted.
The Treasury Department an
nounces that the 3h per cent
Treasury certificates viii viii be ,, over sr
subscribed The financial Worio e1-
Commenting on the reduction of
the Bank of England discount rate
from An to 4 per cent, Treasury
officiaIs declared that the action was
not dictated by conditions out by tne
easier money abroau. .
Concessions in the rediscount rate
of various federal reserve banks are
not looked for, although SUCH re-
auctions might be an aid to business;
The cut in the Bank OF Engiano
rate was q surprise to London, giving
tone to stock transactions and spread
ing more hopeful and cheerful feeling
generally. ...--,
Credit Mea Hear DIR. Whyte.
Economists who hold that there is
no such thing as periods or depres-
sion and progression recurring a.
more or less regular intervals are
very, much in error in the opinion OF
DIR. John whyte, head of the research
department, of the National AssocIa-
tion of Credit Men and former pro-
fessor at the University OF Wisconsin
who spoke today before the WASH.
ington Association of Credlt Men AT
luncheon at the City Club
Dr. -whyte said that business expo
rience has shown that these periods
occur at more or less regular inter-
walls and that the. National Associa-
tion Of Credit Men is ensaged az the
out a system by which collection sta
tistics as they vary from day TO day
and from year to year wiii De dVAlE
able to the credit men Of the country,
including Washington. -
At next weeks luncheon OF tne
Washington Association OF Credtt
Men Representative Isaac Eacharach,
influential member of the ways and
means committee of the House OF
Representatives and a Leading expo
bill on this subject. which is now be-
fore the House OF Representatives
for consideration. - o..
Local Bonds Firmer. tss
Local bonds showed slight frac-
tionaI betterments on the exchange
this morning.
washington Gas 5s rose to 92A and
Traction IS to IS ~ Potomac Electric
first mortgage IS sold at 93% Other
bond issues were held very strongly.
stocks were rather quiet, but held
reasonably well.
A sale of Lanston at rs marked
the first transaction in this stock for
some days.
Buys 1850 Cars.
The New York Central, after
neglecting equipment for some time,
has placed an order for 1880 cars
and rs locomotives.
Calls Notes for Payment. ..-
Notice has been given by the Pure
Oil Company, formerly the Ohio Cities
Gas Company, for the retirement on
call of its per cent serial notes,
paying 101 for, notes due in 1928,
1011s for notes due in 1924 and 102
for notes due in 1925.
The Guaranty Trust OF New York
will pay OF these notes June /.
Whether the company Is calling
these notes for permanent retirement
or to take advantage of the big saw
ing in interest through refund Is
Tot known