Evening star., 1922-04-11
LOCAL SECURITIES
SLOW BUT STEADY
Bonds and Shares Held
StrongIy-Convention
Committee Named.
BS !. A. FLEMING.

Local stocks and bonds seem to he
pegged as TO price and the active
trading movement of the last few
weeks has died out.
There seems to be no reason for
this condition. Bankers make no
hesitation regarding their deposits
which keep up near the maximum, so
that there is an abundance of money
for investment. Wall street con
unues to score advances in a most
confident manner and the majority
of traders resent predictions of =
reaction.
There have been no evidences OF
weakness here. no disposition on the
part of holders iof securities 10 COAX
investors to come in by offerings OF
concession- IA pr.ces.
Today's transactions included TfD5-
tion 5s at % ", Gas IS at 921- and
Railway As at So. while single
transaction in Washington Gas at ss
covered the stock sales.
Crumbs of Comfort.
There may 5e few crumbs OF COM
fort for the small army of Columbia
Ora aphophone shareholders during the
long period of waiting and pleading
for come ba ck' to know that
block of Victor Talking Machine Com
other day at an auction at s1.075 a
share. In May. 1919, the stock. whicn
is not listed, sold at 1901 share.
The most rece ntly declared dividend
OF Victor. $40 for the quarter, is pay
able April Is. In 1920 the stock was
high at sligo. but dropped off, but
rot ou. Of sight. in 192l-goins only
10 SS2j d share.
In lie ton Tsar period Victor has
declared i39 per cent dividends. In
, 1911 ii declared 800 per cent stock
dividend. Capital stock. practicaliy
one kind. s5,0O0.000. Directors direct.
Convention Committee.
Victor B. Deyber. chairman of the
general committee on the annual con
vention of the District Bankers As
sociation for 1922. has named the fol
lowing well known local bankers a.
members of the committee: W. 7.
Galliher. Charles J. Bell. Maurice
Otterback. NJ d. Rosenberg. l. Z.
aldson, ". II. Cooper. Eugene T..
,, Thompson. Robert y Harper. Ezra
Gould, J. {. Yost. H. V Haynes. John
| Poole. John B. Cochran. Milton L.
Allies. W. B. Hibbs. Joseph Schiavone,
George o. Watson. Floyd L. Davis. a.
NJ McLachlen, =. A. Drury, William
Meuhleisen, F. a. Munsey. {. r. Nor
ment, H. II. Mckee. George W White.
W. ID. Hoover. Theodore Michael. l..
i. Steuart. Francis NJ. Savage. Thorn
Allies, Julius ]. Peyser. ). r. Waters.
a. S. Gardiner. L. j. Stellwagen, John
B. Larner and w. NJ. Phelan..
VIII Pay on December 5.
Under date of April S. Thomas P.
Hickman, vice president of the
Franklin National Bank, Informed
Isaac Cans, mover of the resolution
in the Chamber of Commerce meet
| ing asking for an earlier distribution
! of Christmas savings clubs funds.
that the Franklin National would
| make payments on account of. this
| fund around December
THE last payment on our cluh
! savings falls due this year on Nov
! ember 20. After the closing of the
| club a week or ten days are required
| TO check up. draw and prepare checks
! for mailing and as soon s possible
! this will be done. 1t has been our
! policy to place the checks in the
hands of our club membership:
therefore you can see il gives us
pleasure to have anticipated the de
in your resolution"
Calls for s:6..5S.OOO.
Banks holding government funds
arising from recent sale of notes and
certificates are ordered to pay into
| their respective regional banks on
! Thursday Of this week. s26,51s,00o.
To Investigate Reserve system.
The Federal Reserve System is To-
be subjected to a senatorial invest
cation. the banking and currency
! committee of the upper Legislative
| body being commissioned to super
| wise and make a study of the admin
| istration of the system and the offic,
| of the controller of the currency at
| the same time.
The resolution was sponsored by
Senator Mclean. republican, and
passed on viva voce vote.
q iS a. sff
! of the committee that Will investi-
gate, and the examination of condi-
| tions is expected to show that there
/ have been no great causes for the
criticisms directed against the meas
| ure by democratic speakers and
writers.
! Both the democrats and repubIi-
/ cans may lay claim to sponsoring
acted during democratic regime. he
| ing delayed through the Taft admin
| istration by objections to central
| bank, and did not come into existence
until after the Aldrich-Ereeland act
/ had met the emergency of the world
war declaration.
| That it has served the country well
| in the trying times of the last eight
wears and should not bs the subject
| of party political play is the general
! opinion of the leading financiers Of
| the country. That there was need of
! the def1ation action and period is also
| trade and commerce by the heavy eA-
penditures and high wage periods OF
! the war.
1t would be a Serious matter If II
| should develop that those in charge
! of the great system had not wisely
/ conducted il. although such a. posi-
| bility is not looked for.
The chief criticism of the system
! has come from the south, with some
/ from northern agricultural sections.
| Non-partisanship with the best Of
practical financial advice is generally
conceded to have ruled the actions
/ of the board.
A number of amendments to the
| low are scheduled to come up for
! considerations none OF whlcn I'll
/ greatly increase the borrowing power
| of the agricultural sections. although
| there are those who may think other
| wise.
| State banks. especially in the south.
! found fault with the par collection
system put in force by the reserve
| hoard. but the big banks of the coun-
try find the service of the system Of
| ,ba yreateSf value.