Evening star., 1922-11-19
BY I. A. FLEMING.

0x i. As FLEMlNNs
The local stock and bond market
is in the dumps and there is a reason
| therefor.
With the first few days in Decem-
Der S2.ooo,000 will be paid out by
Washington banks in settlement of
claims of the various Christmas saw
ings clubs. !:
: These funds have been used in va
rious ways. some have been invested
in Lanston ,Monotype stock: some evil
IDENTIFY in the per cent bonds of the
Potomac Electric Company and in
other securities on the local list.
Local money is stiffening up a bit
under the Withdrawals of tax money
constantly going on and as the banks
prepare to pay back the money of
christmas savers. In order to make
the payments due, bankers have to
realize on the securities in which
they made Investments.
other bankers and members of the
SUCK Exchange understand thar
sh; SICK onerings are coming out from
.!II, .rns source at this time and they
s;d .ot pe prominent on the buying
the crest '"S p"SSeo
Ne" cinbs Will be formed with De-
cemper II by all the banks that ha We
.iups this year except the Federal
n;mer1can t; National. the American Ma
,TSn operating club this year.
inr. nank nan OF Commerce and saw
WITH w club on lines drawn by iobn
~ rIoroon, cashier Of the bank.
rms regular savings camnaion nm
eo oy about ten banking insti-
eu.ions has and will continue TO have
~ ~ erect erect on the holiday business
thr,t. cry. IT Is movement of
ehriit that should be ENCOURAGED as
q certain percentage of. the savin.1s
oav oa tacn year goes into the permanent
na sinss account and it permits many
isons 10 have and give with The
season compliments things mar
w w. oe 1therwise impossible.
beirn en treasury certificates were
cent interest rate they offered p ar
Aoe.ient opportunity for the invest-
NH or savings. as they not only
paid fair interest return. hnt bsd
spseinc date of maturity.
80 Is one thing that these in.
'eSIments demand. az
washington Railway and EIe,.r,c
general per cent bonds uat,,.;.,
IN ~, 1923 would seem to ofrer saaG anG
IN rrssstInent for these funds
,,1.,,tJ e are other investments that
"ou!o seem to be attractive for ,his
in u.pose' capital Traction stock. nav.
ne aiy per cent and Railway
: req paving little better tbs n
per cent at so. with the actual nrica
lower than that. ~ ice
pa;,oks looks from this viewpoint as If
,ny common might be counted
upon !, as a fairly. good investment as
ha souIa not De surprising II il should
svoh paced on dividend basis.
WIN the first of January. when tbe
heaVy disbursements of fha, n.rind
are distributed. the millions in in
ieFest and dividends and the very
large amount Of interest Accredited
70 savings depositors in the trust cor,
panies national and savings banks
there should be revival in the local
security business.
The Big Transaction.
., ,! Inere VIII not be any permanent
stinening Of money. rates at.tbis time
unless some really adverse, news de.
Vetops on the other side of the Al
lantlc. the danger point.
ne buyers OF the 1850 :shares of
l,aIi"ay common, have been made
pubic without causing much COM
ment one way or the other excsnt
among the banks that are deliebted
at recovering their substance. with
satisfactory interest and expense
money that they may for once wine
on nasty loss and recover their
dollars for further commercial ac-
tivity in the city.
BUYERS: many would have been de-
lighted had the Capital Traction Com
pany been, the purchaser, but i,
speaks well for the future of the city
that such a wise coterie of seasoned
otility investors deem it advisable to
stock of local railway company.
Ii might. have been better had ii
been large operating company that
had acquired the STOCK. one that
might have brought a great interur-
ban connection with Washington, and
yet no one can say what may be the
eventual result OF this eminently sat
isfactory sale. SO far as the banks
and number of investors in Wash
ington are concerned. for large
amount of these: dishonored notes
were held by individuals.
: The notes are no. longer dishonored
they have been paid off.
Congress Comes Tomorrow.
Congress reassembles at the call
of the President tomorrow. but even
the executive himself doesn't know
his pleas for action.
Whether the various blocs will put
stumbling block before ship sub
sidy is question, but they will. if
they can. according to threat from
La Toilette.
Economists everywhere admit that
our immigration laws are standing in
the way of anything like return to
normal in the cost C. living. The
law of supply and demand is not per-
mitted to exert its normal effect.
Farm bureau economists are arGu-
ing for a real and lasting solution of
the problem and suggest that the
farm bloc ipin with the progressives
and have the anti-immi grafton fence
taken down-claiming it is an aid to
the perpetuation of wartime wages
But the labor bloc will fight like
sixty before. giving up the advantages
the existing law gives them.
Four cents for laying a brick. SIC
a day for putting 300 bricks in place,
even more for plastering and all other
industrial wages on about the same
scale simply aids in keeping the cost
great distress of the farmer. who
largely produces the living. and the
great middle classes, who have trou-
Bile in paying the high cost between
production and marketing.
No opening Of the immigration
by anyone. but a careful policy of
|, selection as to home. per's onality.
adaptability and the elimination Of
pro -bolshevik and anarchistic tenden-
'cies guarded against. might result in
good to the United States and to
business generally:
|: The soldiers bonus bill viii prob
ably be introduced before the session
is many days advanced. with proba bly,
some scheme for raising the neces-
sary funds. Sentiment is little more