Evening star., 1922-12-18
washington GAS
MAKES GOOD GAIN
Leads Local Market in Activ-
ity-Tractions Nominal.
Three Calls a Year.
BY I. A. FLEMING

Washington Gas was the feature Of
todays session. After a prolonged
period Of more or less weakness with
slow declines. the stock turned
strong. opening at IS and closing at
- to 56N. In all 1l3 shares were sold,
more than double the business OF the
last few weeks In the old-time ia
yorite.
Buyers and sellers could not get
together in the first fifteen minutes
of the session, and 1t was not until
:, after the CALI that there was any
thing doing.
The street railways were entirely
nominal. After considerable jockey
ing 563, was bid for the common. with
- asked, while sale of the prefer
red was made at IS. Capital Traction
was 103, bid.
Mergenthaler advanced to 17s on
moderate business. Total business
was largely restricted.
should buy Governments.
With the federal reserve banks not
making more than enough to pay the
per cent interest on their capital
stock to member banks: with but 25
per cent of the resources working. It
would seem that the time was ripe
for the employment of their funds in
government securities, with special
reference to liberty bonds giving
them more stability and bettering
their prices.
Commercial business does not prom
Use to use banking funds very lib
orally during the coming year. High
grade paper is cared for at Az. fair
at 4S to per cent.
In the last year the time deposits
in federal reserve banks have in
creased s700.O0O. 900. and the demand
deposits. $4,000
Brokers loans are near the top. but
are likely to go higher. while their
money is costing less than year ago.
Three Calls n Year . Law.
The measure passed last summer by
Senate. providing for three calls
year for reports of condition of ma
tional banks and in the District of
Columbia, from all banks. is now a
law.
The controller of the currency.
may. if he deems 1t necessary cali
more often than three times. but
three is the obligatory number For
merly five was obligatory. and dur
ing j. Skelton Williams term of Office.
six was the average number.
Bank clearings this month are hold
month and will. in all probability.
make the record for the year. Satur-
day they totaled s4.0S6.414. and to-
day. s3.535.46l. They have averaged
with some $4.Oo0,O0O days.
Mercantile business Is at the top Of
the season right now and will so con-
tinue until the end of the Christmas
buying, which was never better.
The Federal National Bank has
started a Christmas savings club and
is making good headway.
On German Loan.
The Wall Street Journal is not very
hopeful regarding an American loan
To Germany. This authority doubts
whether Germany has anything to
pledge that Is not already appor-
toned for some other debt. and does
not believe that Germany loan Of
fered here would receive a single
real subscription"
I'VE are sure of getting satisfaction
from Great Britain for our loans;
hope to receive something from
France and Italy, and are prepared to
write off what Russia owes as a bad
debt, but to add another bad debt
does not seem attractive finance, II
for no other reason than that there is
no responsible government in Ger
many.
This is said deliberately. because
the German finances are not in the
hands of the German government
Germany's bankers are doing the
financing of business from points out
side of Germany. If they choose, they
can put that country in a fair way
to meet its obligations. But they have
tai out of that country. They are
financing imports of raw material: !:
they are selling German products
abroad and returning to Germany only
so much as is needed for maintenance
and renewal of machinery"