Evening star., 1923-04-28
MONEY CONDITIONS
ARE COMFORTABLE
Reserve Ratio, II Per Cent.
Stocks Weak-Park Saw
ings Now $50 Bid.
BY I. A. FLEMING,

Combined ratio of the federal re-
serve banks now stands at II per
cent. the high point for the curren,
year.
This gives very good idea of the
comfortable position of the money
market, and this. too, in the face Of
continued satisfactory reports of in
creasing business.
The Credit Clearing House of New
York reports IL per cent increase
in buying all over the country and
much better payments.
The demand for loans from mer-
chants is not keeping pace with The
business that they are doing. as they
sun adhere to the frequent heavy
replenishing of stocks rather than To-
the old method of Carrying heavy
surplus supplies to added cost of in
surance, space and sacrificing of
profits on belated sales
The total earning assets of the fed
eral reserve system are given az
sl,l04,4S9,000 about $4,000 less than
year ago.
Increased borrowings are largely
in manufacturing centers
Washington Gas 6s.
The long expected announcement oF
the S4.O0O,000 bond issue, 6s, by the
w ashington Gas Co. has been made
The bonds will be sold at par hay..
ten years to maturity and viii b.
sold largely in Washington, the
officials of the company. anticipating
a good demand from the consumers
of the company product
Selling price par returning 51a per
cent in the District
OF the $4,000. 900. the S1,200.00 -
per cent notes issued some time ago.
must be retired at l03.
Local Stocks Soft.
The local stock market was un-
did not indicate any important de
cllnes. they were rather soft.
This was especially true of Rail
way common which sold off to IS and
sold moderately at 163 to 1885. Gas
was steady at 1872.
Bonds sold rather more freely than
stocks. Gas 5s moving at 947s. the
ing Is at 1O7 w, B. & A. 5s at 75la
and Capital Traction SIS at 95s.
Park Savings Stock Jumps.
In the call of the unlisted depart
ment the feature was an advance in
the bid price of Park Savings Bank
from the SIT of the last two weeks 70
$50
in the stock as a case of ridiculously
low bids on the previous calls.
The publication of these bids
brought the matter to the attention
of F.. W. Bolgiano. vice president of
the bank. who, as far back as 1914,
bought control of the bank a S19 a
share, and, realizing that it was not
wise to hold control, distributed 1t
where it would help the rapid up
building of the bank.
Since that time he has purchased
stock at various prices up to $50 a
share. and it is evident from today's
bid that $50 is the price today.
Miller Train Control dropped to ~
bid and 212 asked. with 10 bid for
Terminal Commercial and Savings
Bank. Washington Ball Club, % bid.
Personal Mention.
Delegates to the meeting of the
executive council of the American
Bankers Association, are returning
today Joshua Evans, jr., who came
home yesterday, reported a most in
teresting meeting and gave assurance
that at the next convention of the or
ganizat ton the question of removal
of headquarters from New York TO
Washington would be again brought
up. with fair chances for successful
action.
Earl Amick. assistant cashier of
the Riggs National Bank. returned
this morning from Richmond. where
the Credit Mems Association. He re
ports that the subjects discussed
were generally mercantile rather than
banking or financial.
Chapin-Sacks Dividend.
Directors of the Chapin-Sacks Cor
poration have declared a regular
quarterly dividend on the s per cent
preferred stock. 50, payable May :
next, books closing April so.