Evening star., 1923-08-31
NEW PEAK REACHED
IN BANK CLEAR|NGS
S81, ,618,588 Makes Record
for August in District.
Local Stock Trading.

new peak for the month of
august was reached by bank clear
ings during the month ending TODAY,
when total checks passing through
the local association amounted to
SSl6lS.5SS. according TO announce
ment by Charles L. Bright, manager
OF the Washington Clearing House
Association. A total of s75,871,q32
was cleared in August. 1922. and s9o.-
935'351 passed through the local as
sociation in July of this year. Tho
maximum amount cleared in any one
month, stands at s101,4o8,0SS reached
last May.
a compilation of figures reveals
that. for the year to date clearingf
for the first eight months of the cur.
rent period are Approximately sle0,-
100000 ahead of those for the corre-
spending period Of last year, namely,
S7S2,462,493 and s635.9I7,759. respec-
lively. This, in a word, means that
additional business to the amount OF
about 100000 600 has been transacted
here in the year to date.
Exchange Trading Light.
Light but well varied trading. AZ
weaker prices, featured the closing
session or she week on the Washing
ION STOCK Exchange this morning
railway common was active 10 the
extent or one share at 81, while Lam
Ston Monotype eased off to 73 on a
sac or ten shares. Capital Traction
WaS~hrm at l00"s. but Riggs Bank
rights dropped to Sc on a sale of one
certificate
On the bond side of the list Wash
lngton Gas 6s sold at 101, Railway As
at ~ and Capital Traction 5s at s5.
mere Will be no exchange session
until Tuesday, September A.
Financial Editor Visits Friends.
l. A.. r'Pop'D Fleming. beloved.
Ilnancial editor of The Evening star.
iionthS. was welcome figure on th..
rlallo thls morning, chatting with Old
iFlends ana renewing acquaintances
Phone Earnings Increased.
operating income of the seventy
three telephone companies reporting
70 the Interstate Commerce Commits
sion aggregated S71.5lS.009 for the
SIX months ending June 81. 1928 The
ngures represent an increase of i.
per cent over the corresponding per-
iod for 1922
The operating revenues for the sew
months totaled s3192S3 $50, II per
Gstd cent sreater looa than ~ for the first six
pended s220.7S7,650 in cost of opera
| ton, while for the same period last
| year operating expenses amounted to
s202,37J.47S.
Moody's Financial Views.
Moody's Weekly Review of Finan-
cfal Conditions in its current issue
says in part:
-
gest at least the possibility of a set
tlement of the reparationS dispute.
While this is not definitely in sight,
il is worth considering that in the
! event Of such settlement commodity
{ prices might he stimulated by actual
! Improvement in the foreign demand.
and security prices by greater opti-
mism both at home and abroad.
Hence both the Franco-Gernan nego-
tiations and the movement of French
and Belgian francs may be we'll
worth watching.
a new labor situation has been
created by the July increase OF un-
employment and the decrease of fac
tory wages in New York state. En-
pioyment in the manufacturing in
dustries in many parts of the United
States showed the first siGnli1cant de
cline for more than year. and IL
looks as though the initiating of labor
costs were at last beginning TO SUD-
side.
"Close observation of the habits OF
the bond market leads to the -conclu-
sion that the movements of bond
prices are likely to be Of minor
sort for some years. and that pron'S
will have to be made mostly through
skillful selection.
.Hro pave the way for any great
bull movement in bonds the two es-
sentials which must be present, ac-
cording to experience, are tlgnt
money market and mercantile llqui-
da+ion With neither of these In
sight, one may devote his energy 10
the matter of selection and regard
the trend of bond prices as being un-
likely for some time to have much m
Anance ,1nnr Investment prOntS.