Evening star., 1922-10-08
BY I. A. FLEMING.

| to much higher prices until the opin-
| ion that 1t has discounted everything
| favorable and refused to consider
some things that have blue tinge
| to them seems to be developing.
1t has been noticeable in the mar
ket that when a general distribution
has been going on in one stock or IN
group of stocks. with concessions
as to price, another group not In any
way related would be given the kind
of support and buying orders that
gives the market much finer ap-
pearance and mItigates the liquida-
| tion elsewhere.
But the accumulation was not COM
parable to the liquidation.
1t is also notioea BILE that high grade
bonds seem to have had their upward
| swing and that the actor in the
market for these grades has lost us
pep. even the liberties hesitating. al
| though Wall street and the sober
| second thought OF the banking ele-
ment has given the quietus to the
thought that a successful bond f1ota-
tion by the Treasury at the expense
of the great war bond flotation had
even been remotely CONSIDERED py
Secretary Mellon.
That the Treasury Department is
| vastly Interested In q longtime bond
issue Is admitted. Until such time as
tke announcement is made one can
but speculate, and one guess is as
good AZ another-somettmes.
Standard Oils Helpful.
Melon cutting by Standard oils> has
been productive of wild trading IN
ent oil companies The two Rocky
Fords' cut by the Standard OIL of
California 600 per cent? and the
Standard Oil Of New York 600 per
cent? induced enormous trading IN
Standard Oil of other states in the
hope of at least some old-fashioned
.mushmelon" being uncovered.
These stocks have given impetus to
the entire stock market when 1t was
tired. and has had the effect of off,
setting partially the near east news
Bulls have been pointing to the
enormous traffic Of the railroads as a
reason for further advance In rail-
shares. The tonnage is at hand, es-
pecially il there is any foreign de-
mand for our produce, of which the
prosperous year has again brought
to the harvest in bountiful abundance.
steel Resilient.
That the upturn is a matter of yes
and resiliency the market develops
once the black weight of the near
east threat is removed from it:
There is quick recovery all along
the line. pools taking hold OF this or
that stock and making 1t leader.
However. it does look as If pools
were frequently distributing stock,
and when they have completed the
distribution stocks will go lower.
At this writing 1t is impossible to
predict the outcome of the near east
ern situation, but it is potent with
trouble, and even if peacefully set
tied. is still threat.
The retail business is again slow.
The weather has been against sea
sonable activity. Merchants report
poor collections, but are hoping for
better times.
Buying Power Curtailed.
In the cities the buying power OF
the people has been 80 curtailed that
thew cannot maintain old-time stand
ards of living. When rents are ad-
vanced so to 100 per cent. IS fhe%
have been in Washington and other
is next to impossible for a man of
even a fair income to find comforta-
BILE housing within reasonable price
it is not likely that the householder
will have much to spend. especially
with other costs mounting the scale.
Many will cut on the absolute ne
cessity scale during the coming WIN
ter. not as a matter OF choice, but as
a matter of necessity.
Prices for coal-and thousands or
householders must buy Goa,-seem 10
be soaring. despite regulation.
England Alone Solvent.
Reginald McKenna told the Ameri-
can Bankers Association. in conven-
ton assembled, that Only England
could pay her debts" His analysis
of the rest OF Europe was not en-
couraging. and no one knows when
further debacles Will develop over
there.
What is known as american aloof-
ness was greatly deprecated at the
convention.
Just how Europe is going to keep
on, even with their limited import Of
American raw materials and bread
stuffs. remains to be seen.
The Future of the Market.
Under the circumstances it would
not be surprising il the market
should have one good setback. For
well over a year it has been discount
ing prosperity long before there was
any prosperity: it ignored the coal
strike and did not care for the sec
ond big strike of the year; it has en-
deavored to ignore the near east. and
some correspondents have been un-
able to see that the near east had
any influence on stocks.
Easy money has been the slogan
Perhaps it will continue, perhaps
present prices are not as high as they
seem, but there will be turn one
Of these days. and 1t will be for good.
Coming Into Their Own. .
washington's junior bankers. long
recognized as we'll grounded in bank
ing. in the safe and careful handling
ing the methods OF the day in the in
terchange of business between banks
and also between cities. in the theory
and practice Of credit. of using money
to make money and in the Thorough
relationship between memb~ and
serve system. are fast coming antD
their own.
These junior bankers have been do
ing things of late. They have been
largely sponsors Of the annual con.
ventions Of the District Banker1 AS
sociation. aided by some of the more
prominent senior officials. and they
are stepping into places of increased
usefulness and greater recompense at
a rapid pace.
O. Watson. cashier Of the National
Metropolitan Bank, started the Lib
erty Savings Bank, taking the presi-
dency, and has succeeded so well that
he is now at the head Of the same
institution. converted into national
600 institution with good deposits
and a fine home.
In less time Harry v. Haynes sur
rendered his assistant cashiership at
the Riggs National and became the
president Of the old-time Farmers
and Mechanics National of George
town, making good and being on the
eve of moving into fine new bank
ing hone.
Victor B. Deyber. one of the ag-
gressive. quiet young .mon.. surrender