Evening star., 1922-07-07
IN
i. CAPITAL TRACTION
investors Shifting on the
Good Outlook
Common Strong. :
by L. A. FLEMING.

by 1. A. FLEMING.
Close observers on change are
noting some shifting Of investments,
the selling Of bonds and mayhap
) few other stocks. for reinvestment
sof the proceeds in Capital Traction
. shares. ...
Comment between brokers on
change mas a decidedly favorable
Strend. and one hears predictions. that
recall the high prices current for
Capital Traction stock ten or more
years ago.
II there were more or less positive
: assurance that the company would
continue its per cent dividend in
= definitely. IL would not seem such
:, an impossible price.
8 United States Steel preferred, which
10 considered continuous, more or
less permanent per cent payer,
closed last night at 121k and has
time.
steers surplus and earnings are
- the warrant for the big dividend.
Capital fractions earnings are ad-
ton, but the Steel Corporation makes
it's own charges for service-therein
being the chief difference.
capital 1on TTaetaen sad% ,,S moved Dup up today
shares. A very large part of the
scapital stock of this company is also
tied up indefinitely in trusts and 'es-
< tates.
Railway common was decidedly ac-
tive today, 287 shares being traded
in all at 4sh, fraction from the
high price.
. The preferred stock was strong to
at this movement. when It sold at 50,
nearly fve points above its recent
high
Bank of Washington shares brought
: Bonds were slow but steady. with
sales at SAX for Potomac Electric
consolidated IS and 9sX for Railway
general IS.
Business Better, Debts Less.
The weekly report of the New
q York Credit Clearing House is very
encouraging. reporting activity by
Merchandise dealers and wholesalers,
with a satisfactory decrease in the
indebtedness of merchants. due to
( good payments recently recorded in
:. all sections of the country.
The east shows great increase in
purchases by merchants. as does the
mountain section. while Pacific coast
=. merchants are making large pur-
!! chases and payments as we'll.
Personal Mention.
George o. Watson has returned
from q fve-day tour Of Maryland and
Pennsylvania
I. Robert v. Fleming is back from a
= holiday visit to Cape May.
Condition Of Reserve Bsnks.
The Federal Reserve Board has
lengthy report of the condition of
nmember banks and the increases and
! decreases that have occurred in the
various items
4. fall
Substantial reductions, totaling
$102.000,000 in all classes of loans, as
against increases by $20.o0o,ooo of in
vestments In government securities
are shown in the Federal Reserve
Boards weekly statement OF condi-
tion on June az of 799 member banks
in leading cities
Under the general head of govern
ment securities United States bonds
show an increase for the week Of $16,-
6; 100000 and Treasury notes. the issue
Of which in exchange for victory
notes terminated on June 22-an in
crease Of $2s,ooo.ooo; on the other
decline of $14.000,000 and Treasury
certificates a decline of $11.000,O00.
:. Holdings of corporate securities show
AN increase Of $4,000. 900. while loans
r H47,00o.000. Other loans and discounts,
largely commercial loans. show de-
:, crease for the week of $51.00o.ooo. For
member banks In Now York city in
securities and of S5.ooo.ooo in cor
porate securities, as against net
g liquidation of S11s.0o0. 900 in total
sloans, largely against corporate Sc
"of the total Of 1888, ,ooo,o 900 Of
= loans and investments Of ali reporting
banks reported as Of June 28 of the
present year. the share Of "other,"
largely commercial, loans was 4s.a
..June - of last year. On the other
ss:hand, the share Of Investments in
q government securities and loans
rthereon shows an increase for the
sicent. and the share of corporate Sc
S,curfties and loans thereon an in
crease from Sal to So per cent.
Government deposits show = de-
s.other demand deposits (nstS. due in
part to Withdrawals Of bank balances,
"a decline Of $ss,ooo,ooo. while time
deposits show = further gain Of S62.-
York city reductions Of $4,000. 900 in
..govsrnment deposits and Of .S77,oo0.-
1000 In other demand deposits, a.
against an increase of S45 200. 900 in
!. "sorToWinss from fsder., reserve
$Is4. 100000. or from 0.S to II per
cent Of the reporting banks. aggre-
s,gate loans and Investments. For the
ssNew York city banks an increase in
rtotal accommodation at the local re-
sserve bank from $1,000. .dB0-to $4,000
900, and from OIL to l per cent in the
.tratio Of accommodation Is shown. Re-
Iserve balances Of the reporting banks
,.cash In vault by $4,000, 900. Member
blanks In New York city report In
.tcreases Of $50, 100000 In reserve bal
s.ances and of over 100000 in cash"