Evening star., 1923-08-16
MONEY STAGNANT.
F|KANC|ERS' VIEW
Rates Unchanged for Com
merciaI Paper-Review of
Local Conditions.

The money market has reached
state of general stagnation. Rate
are unchanged for time money and
commercial paper. while the call
money market is apparently dead for
the time being. Quoted rates mean
nothing In such market. Specula
ton has reached such a low point
that brokers are in need of money
and lenders are not pressing funds on
the market. Lenders either believe
| that by Withholding credit awhile
longer rates will firm up or they do
not care to lend at this time. Conse-
| quently, a firm money market for
many weeks, probably the rest of the
year. is in prospect.
This prospective firmness however,
| is by no means an Indication Of
| money scarcity or credit shortage. II
| is simply reflection of caution
among bankers and cooperation be
| tween commercial bankers and fed
eral reserve officials in their efforts
/ to stabilize business.
| Many bankers believe that this CO.
operation is responsible for present
conditions, which in some respects are
unique in our financial history. For
| instance, ii is doubtful whether there
| has ever been so prolonged a period
| of full employment of labor without
a sharp drop in the potential bank
credits Another characteristic of an
imitation period is increasing inveu-
! tories and large speculative buying.
These things have been conspicuous
| by their absence in the present pc
| riod of expansion Not only are i'll
ventories small, but they are being
\ reduced. Consumption in many lines
| is exceeding production. There is not
\ only no speculative buying but re
| tailers are reducing stocks through
special midsummer sales.
Popular Public Utility.
The increase in the army of Ameri-
can Telephone and Telegraph Company
| stockholders continues at the rate OF
| from $500 to 5000 monthly. Today
! there are 10000 registered stockhold-
ers, compared with $500 month
4 ago, an increase of 5000, and 22OnO
more than on January ! last.
| There are also approximately 10000
| employees who are not yet stockholders
of record, who have bought stock on d
| partial payment plan.
| OF the American Telephone and Telc-
| graph convertible 4i2S. dated March !.
| 1913, and payable twenty years from
| that date, $50. 0.452.600 have been con-
verted, leaving but s6,547. 400 outstand-
| ing. This compares with $7191.Sog
| outstanding as of December 81 last.
OF the American Telephone and
| vertible gold bonds. dated August !.
| that date. s37.101.3OO have been con
| verted, leaving s11.265.900 outstand
| ing, compared with $14.070.50O out
! standing December 81. last.
| There will be no new American Tel
| ephone and Telegraph Company
| financing this year.
| Notes OF Local Financial Field.
The Park Savings Bank has trans
| ferred its clearing house business
| from the Federal American National
| to the National Metropolitan Bank
The change was effective this morn
Ing.
Losses were sustained by the Cap
itaI Traction Company in the opera
ton of four busses during May and
June. according to statement of earn
ings filed with the Public Utilities Com
| mission yesterday.
| In May the operating revenue vas
| only 1924 as against expenses total
ling s1.951. In June the income was
$431, and expenses $2.573. new line
was started during that month, ac-
counting in measure for the increased
| llosS over May.
Report of July's operations is not
lyet available.
Stock Sales Noted.
| Washington Railway and Electric
ipreferred stock advanced TO 72A and
the small denomination Gas 6s eased
off a point to 101 on the local stock
Iexchange. these incidents being the
Outstanding movements of the ses-
sion. Only nominal trading was
shown in both issues.
Riggs Bank rights sold at 100 and
washington Gas 5s brought 9234 and
1927. Capital Traction 5S changed
ihands at %
The Cities Service Company earn
ings statement for the twelve months
ending July 81 1923 shows improve
| Tha Snnndinp twelve
months of the preceding year. as well
as a gain over the month "f June.
Gross earnings in the twelve month
period totaled Sl6.523.677. as com
pared with S13.S44.S52 i'll the preced-
ing year. Net earnings We're S16.-
I009.62S. as compared with S1S.402.e64.
and net to stock was $l3.394,9S9. as
lcompared with S11.236, l61. Preferred
compared with 2.29 times in the pre-
ceding year. and. after the payment Of
preferred dividends. net available for
common stock was equivalent TO
S1S.13 a share.
This compared with s1,S63 a share
earned on the common stock in the
twelve months ending July 81, 19"2.
Gross earnings in July were s1.296.-
July. 1922. Net to stock increased to
ts1,031,S29 from sS32,326. while net
to common stock and reserves in th"
month increased to S615,956 from
S422,4SS.
Glover Portrait Placed.
handsome oil portrait of Charles
tC. Glover, chairman of the board
of Riggs National Bank. has been
given a conspicuous place in tho
interior of the institution. The paint
ing was completed some months ago
by Edmund c. TarbelI. one of the
best known painters in this countrv.
/! Mr. Glover is convalescing nicely
at York Harbor. Me, where he re-
Gently underwent an operation tor
gall stones. 1t was said at the bank
Charles d. Boyer, cashier Of the
Federal American National Bank. Is
spending his vacation at Ocean city.
n. J.