Evening star., 1922-04-09
BY I. A. FLEMING.

The continuity of the recovery of
business. industrial activity and bet
ter railroad earnings is not broken.
For six months and longer the pace
has been maintained, slowly at first.
but with steady acceleration. until
once more we are where the ultra
conservative seems to be more than
willing to again display precaution-
ary signals.
Vet the Wall street bull and the To-
cal investor will not admit that prices
are nearing the top. They claim that
the improvement will continue to
make headway and that the buying
so far has been purely from nand-to-
mouth order ard must increase rather
than decrease.
All favorable representations are
money, which must naturally over
look the needs of business once the
improvement there gathers speed.
If this improvement does not de-
velop, then the continued advancing
trend cannot be continued.
some o. the closest and Shrewdest
observers of market conditions hold
that the pace has been so fast that
wisdom would seem to dictate mod
crate reaction.
Traders plainly tried to bring about
a reaction in stock values on the New
York exchange recently, but gave it
up after 2-point setback. ION the
character of the buying.
There comes an apex to every rise,
and, judged entirely by appearances,
the peak of this movement is not so
far away.
Watch Crops and Genoa.
For the next few weeks crop re-
y ypalNy ynt oh a
the Genoa conference will be eagerly
observed for evidences that may give
the financial world a line on the pros
poets of European rehabilitation, a
subject on which much doubt is ex-
pressed, but a conference conduct
ed along the lines indicated may be
as surprising and satisfying in its
results as was the recent conference
on the limitation of armament in
this city.
The daily bank clearings seem to
warrant the belief that general
business is gradually improving. and
much hope and confidence is being
builded on the increased earnings of
the railroads of the country
1t is still matter of evidence
that many of the leading railroads
are making both ends meet by neglect
ing the upkeep of track and equipment
Merchants Are Cautious.
The lessons of 1921 are still too
we'll remembered by merchants and
manufacturers to warrant them in
stocking up their shelves and gong
ahead full tilt
The public for some reason. prob
ably unemployment strikes and taxes,
has not regained the confidence that
leads TO generous buying. and the
hand-to-meuth order is still in vogue
To some extent local conditions
are disturbed by furloughs, involun-
tary and separations, but the volume
of business. the daily clearings, the
deposits at banks and all other
signs. seem to indicate that imme-
diate replacements keep the pace
without much shortening of the
stride.
With more seasonable weather, for
the spring so far has not been very
pleasant. and with the public reduced
in all manner of supplies and clothing,
buying may show new impetus.
Recornixe Christmas Savings.
The Merchants and Manufacturers'
Association has recognized the value OF
Christmas savings clubs, with the re-
quest for an earlier distribution OF the
funds.
There is no telling just how many
millions might be obtained in these
so-called funds if bankers dared go
ahead and admit all applicants. AS 1t
is most of these clubs are closed too
quickly. The size of the club. which
means a weekly visit from each MEM
ber, frequently scares off officials and
they declare them closed.
There have been excellent oppor-
the last two years. They pay, some
times per cent interest and not
infrequently no interest whatever, the
work of safekeeping of the weekly de-
posit offsetting the interest.
Treasury certificates, Treasury notes
T.
isfactory employment at good rates
for the cumulating funds.
The amount of funds available for
shopping purposes the next holiday
a larger number of banks having taken
up the movement.
with the season of 1928 there will be
additional millions. as the work will be
encouraged by the merchants and
bankers, the former for trade and the
Do not allow room at the bottom
of the windows of tellers' cages to
insert either hands or the extension
grip"
Resources of Washington Banks.
In comparison with 1897, the latest
returns to the controller of the cur
rency show as follows: Total surplus.
banks in 1897, $8.701.000; as of March
10, 1922, $3S.734,000. Deposits have in
creased in the same comparison from
$21,s5s.0 900 to $1S2.092.00e, while the
combined resources of all banking in
stitutions have increased in the same
comparison from $32,568,O00 to $233,-
166, 900.
In the last six years the bank clear
ings of Washington have increased
from the S410.073,957 of 1915 to the
1915 ,706 of 1921, which is undis
puted evidence of the business gains
in the Capital city.
The Public Utilities.
Extracts from the address of Eu-
gene f. Thompson at the recent din
ner of the Washington Stock Ex-
change:
"As our city grows so must the pub
lie utility grow, but they cannot make
the pace necessary unless capital can
be obtained. Except for the capital
that is put into worthless promo
tions and .fly-by might stocks. know
of no place where capital is so timid
The Year 1922 to Da