Evening star., 1924-07-13
BY I. A. FLEMING.

Just about midsummer: business
slowing down as it usually does al
| this season of the year, but with more
than the usual speed. accelerated by
the political uncertainty, despite the
| fact that opinion finding the most
backing-of men who will back their
views-is that there will be a re-
election this fall. Moreover, there is
| a noticeable satisfaction among busi-
ness institutions in the latest nominee
for the presidency, feeling that
Judge Davis is safe and sane" re-
peated, or rather intensified, by the
obliteration of a one-time popular
candidate for whom business, large
and small, has little use.
Business let-up is attended with
considerable shifting of employment
or unemployment, and a growing dis
position to lower costs of production
at the expense Of labor, not wholly to
laborS disadvantage.
1t is not at all likely that the set
back in business will be anything
more than temporary. Crops are
reported excellent. the prevailing
prices are such as to give more COM
fort to the agricultural classes, while
1
reduced, are still ample to maintain
the buying power of labor.
Moreover, the banks of the country
have money in ample quantities to
finance reputable projects and to
carry along business to the full ex-
tent of its needs.
July is nearly half gone Those
who have notes to pay know that
ninety days run by in no time; the
election will be over early in No
vember and national politics will be
out of the way of business for four
years more.
Then, too, there is reason for the
slump in business in the present Con-
gress, which will meet in December.
with, perhaps, no more inclination to
follow party lines or to refrain from
enacting legislation inimical to the
interests of business. Nothing much
can be expected from a Congress that
opened. practically. income tax rec
ords to the public and attempted
much adverse legislation.
But then this Congress will pass
away forever after ninety days of
functioning.
Agriculturists are not wailing half
as much as they were. The
mail order houses are doing
grand business and they must have
the cash in their vaults before an or
der is filled. Farmers are not broke,
by any means.
Bonds Nenr High Levels.
There are good many good judges
of the bond market who hold to the
opinion that the market for bonds is
at or near its zenith and that bankers
and others will soon commence TAX
ing prohts. with a resultant setback
Money is still plentiful and rates
lower and there will be good de-
mand for high grade issues at con-
cessions.
The International Bank.
The International Bank is sending
out checks for it's semi-annual diyi-
dend of $4,000 or per cent on ST.
100000 capital. The stock is, there
fore, on 10 per cent dividend basis.
This corporation has been very sue
cessful during the past year, being
| able to use it's funds to better advan-
tage than a national bank, in the field
or hrst trusts. 1t is the intention of
the company to some day buy bank.
1t Is possible to acquire the right
kind of going institution.
Is the title Of June publication by
the International Bank that is full Of
valuable information.
Railway Per Cents,
Action in the new Railway and
Electric IS, since the listing on the
s.oSh eAcHdnge, mas not been eSpe-
cially satisfactory to speculAtors.
who, basNg their views on the low
101A for Washington Gas 5s, expected
the IS to make a quick and like
advance above the issue price of 90.
Investors, however, can find little
fault with the market, which is
naturally slow and will probably re-
main SO until the actual bonds are
delivered.
Investors are slow at buying when,
as and IT," naturally wanting some
thing to store away in their vaults.
and will wait until the bonds are
available.
Banks acquired very large blocks
of the issue and will probably hold
them intact until such time as there
is a better inquiry for loans. The
6s give them a little better than
their regular asking rate on loans,
which, If they were willing to clip
fractions, might stimulate a better
demand for funds.
The general impression seems to
be that the syndicate handling the
issue of the bonds, especially the New
York end of it. conceived the idea,
also based on the local exchange
market for IS, that Washington buy
ers would fall over each other in
grabbing up the bonds At 50 because