Evening star., 1923-08-26

Francis q. Addison. jr.. VICE chair
man; James c. Dulin. c. +. Jacobsen.
Hillery Hoskinson. Charles d. Boyer.
Frank j. Stryker, Charles Doing.
r. S. Stunz. J. p. Howard, Fernand
Petit. Thomas p. Kane. Col. Robert
y. Harper. L. Percival Wilson, c. II.
Pope. Cameron Winslow, John F.
White. +. II. Miller, Elmer Sauter.
A. p Mederia. William q. Moore. John
Dewey. L. T.. Townsend. John r..
Freeman. Harry w. Finney, {. j.
Evans. +. II. Ellis. James Weir, Will
liam Mackall and James Sloan. jr
Bank Cienrings Increase.
An increase of 1.J per cent in bank
clearings over the figures of year
ago was reported to Dun's Review
by leading cities of the United states
last week. the total being s5.696.6lS,-
600. \ gain OF EOS per cent, more
over. is shown in comparison with
the aggregate for this period of 1921.
Relatively. the best exhibit is still
made by centers outside of New York
city. with clearings Of s2.471.61s,O 900
This represents an increase OF 14.S
per cent over the total of Il year ago,
and Detroit. with 4 decrease of CA
per cent atone. reports reduc-
tion in the outside cities included in
the statement. Elsewhere. the gains
range from 0.o per cent at Omaha to
13.I per cent at Dallas.
Insurance Men on Outing.
The personnel Of the National Fen
ctit Life Insurance Company. 6n9 +
street northwest. held n picnic at the
Suburban Gardens yesterday after
noon and evening. Athletic sports
and picnic dinner wcrc the promi-
nent parts of the program. During
the evening music and dancing con-
situt"d tn" program. The agency
force Of the Baltimore office were
dinner guests of the Washington
agents. following which they attended
the picnic in q body.
The committee in charge Of the en-
tertainment consisted of J. w. Den
mis-, L. e. Clark. 4. A. Nichols. L. y.
BroadnaN. j. =. Harris. T.. r.. Porter,
:. W. Rutherford and NJ. f. Smith.
Review of Financial Conditions.
Moody's Weekly Review of FL
nancial Conditions in it's current is
sue says In part:
Better buying Of goods and mate
rials has been the feature of the past
week. Commodity prices have turned
nrmer, and the stock market has
been benefited by the improving un-
filled orders of industrial companies
TWO outstanding points in the trade
situation are. first. that no protractcd
boom from this level seems prac-
tically possible. because NC are al
ready so close tn the ceiling OF pros
perity; and. second, that a rebound
or temporary recovery founded upon
the autumn trade does seem distinctly
possible.
Investors. then. may well be rathe
deliberate in disposing of or eX-
changing unstable stocks and bonds
which they do not desire to hold
permanently. Perhaps they can OBJ
tain somewhat better prices for them
little later and there should not
be much risk in holding for a few
weeks, since the autumn trade which
un,lerlies the better tone of the stock
market is just in its beginning.
This boom in railroad conditions
is due mainly to two causes; first
the great activity Of the structural
industries, and, second, the full en-.
ployment OF labor at high wages
The structural activity means an
extra large traffic in ores, forest
products and building materials; anG
the full employment means a heavy
movement of merchandise and mis-
cellaneous goods.
Investing in new buildings now is
very popular. We are thus invest
ing about wo-and-a-half times as
much as before the war. five times
az much as in 1900, or six times as
much as in 1890. Present building
operations are probably about 40 &c
30 per cent above what might now
be called normal