Evening star., 1922-08-04
TRACTION SHARES
ARE NEGLECTED
National Savings and Trust
Sold at s3oo-Budget Of
Happenings. -,
BY I. A FLEMING.

BY I. A FLEMING.
! Railway common seems to lag a
little day by day in the local stock
market. There is not the zip and
action in it that there has been for
| month or two passt. Not a trans
action was reported today, 81 being
ttfe best bid and 58 asked. Brokers
believed that the prospects Of the
company and the chances for divi-
dend on the common stock would
hold it around CO. Indeed, they have
not been disappointed as yet, for the
stock is held firmly at 5S, not far
from its high price on this fnovemen mt,
but. as stated before, trading is ex-
|;ceedingly dui-almost not at ali.
The preferred shares were steady
at 78A. :.
Lanston. the leader. yesterday was
entirely neglected. The heavy buy
ing movement has stiffened the views
OF holders and they are not anxious to
part with their shares, none being
offered today under 81.
Mergenthaler sold at 1924.
Bonds furnished the bulk of the
business. Sales were made at 400 for
Potomac General 6s. and 96E to 85
for Gas 5s.
Action in National Savings and
Trust Company shares was important
and attended with an advance to
300 share, after an initial trans
action at 291 This company pays
10 per cent annual dividends. SO that
at that price the investment gives
very conservative. return.
Reserve Ratio 7s.e Per Cent.
1t is evident that there has been no
increase In the demand for money. as
the reserve ratio OF the regional
banks OF the system now stands at
1875 per cent, an increase Of 7-l0 Of
l per cent over last weeks ratio
The bills bought in the open market
have decreased some s6.000.000 and
the holdings of Treasury certificates
fell off nearly $4,000, 900.
Every indication points to continued
ease in the money market That the
federal reserve system is unable to
employ its immense assets, $4.859,-
13l 900 to but 30.4 per cent thereof Is
indisputable evidence OF the with
the banks-for some. time to come.
Are Not GettabIe.
Blind pools. operating in market
securities are not amenable to the
blue sky laws OF Maryland. These
pools secure money from the public
for market operations. buying stocks
for cash, using plausible advertise
ments and taking certain risks in the
market. just as any trader must. but
their operations are not controlled.
and may or may not be perfectly legiti-
mate.
Gov. Harding's Term.
Gov. Harding's term Of office as
head Of the Federal Reserve Board will
expire. with August 10.
1t is believed that the President
~ fvxNy. ~
week. despite opposition from Agri-
cultural interests. At the same time
he may announce the appointee. as
suggested in recent amendments
dirt farmer"
7, 1t is understood that Gov. Harding
and also of Secretary Mellon. a
strong point in his favor: also Of
many banks and associations.
Eugene Meyer. jr.. head Of the
War Finance Corporation. has been
suggested as a possible appointee.
Branch Banking.
/. The Northwestern National, one Of
the leading Minneapolis institutions.
has purchased the Lincoln National
Bank and the South Side State Bank.
and announces that they will be
operated as branch banks
E. D. Decker. president of the
Northwestern National, announces that
lne 'cOntTOller OF tn6 currency KNOWS
what IS being done, in Minneapolis and
has not forbidden such mergers az wA
have perfected
1 This and other mergers would seem
TO settle the branch banking status,
so that national banks need not hesf-
tate to seek desirable locations in
their home towns where business
dictates.
Out in Los Angeles there has just
been completed a merger. the First
National, Los Angeles Trust and Saw
ings and the First Securities Com
pany, with banks in twenty-four
cities and resources of $20Q.00o,000.
Computtnx-Tabulat Company.
There is considerable interest in
Washington in the Computing Tabu-
lating Company. The company. re-
ports net earnings for the half year
ended with June of sS14.79S after all
taxes. charges and interest. This
amount Is equal to S6.31 share on
the capital stock of the company. For
the same period last year the earn
ings were equal to S3.43 share.
Received 16 Per Cent.
A local New York Stock Exchange
house subscribed for 100000 of the
AZ per cent four-year Treasury notes
recently offered by Secretary Mellon.
This morning it received Its allotment
$50 600. just is per cent Of the order.