Evening star., 1924-07-27
10000 Clerks Money Steadies
Banks and Business IN CAPITAL
Uncle Sans Army of Workers Gets About
$13,OOO,OOO Per Montl,-13O Per Cent
Gain IL, Deposits in Ten Years.

Many of these workers, who have
| been separated from his or her posi-
! tion holding Washington in the high
| est regard and not wanting to leave
here, feeling in this matter just as
| as all good Washingtonians do, are
| constantly seeking other positions in
| this city, using up their savings the
| while they seek reappointment or
| contest as best they may the ruling
! that cost them their position. This
| is one of the unfortunate phases OF
| the situation-aS there is no great
| number Of vacancies in general busl-
ness.
The salary is not always desira BILE,
but the position seems to be.
Action in Local Market.
The local stock and bond marke
seems to be making preparations for
the dog days and weather indications
are that these slow days are here
, or near at hand.
Washington Gas shares, which have
enjoyed good support and high prices,
are sagginS; the common and prefer
red shares of the Washington Rail-
way and Electric Company are not
far from the high and it would not
be surprising if they should go off
somewhat. The common dropped
speedily from the high of SO to 76, de-
spite the fact that there were numer-
Gus SO orders from out of the city.
1t is generally recognized that there
can be no settlement of the escrow
money case for many moons. The
District Commissioners will not COM
promise and the Washington Railway
and Electric Company probably
would not at this time.
Ihe valuation on reproduction
bases of the company's property may
have to be made before there can be a
settlement. But in the meantime the
escrow millions are accommodating fast
and with the increasing principle
there is mighty fine bunch of in
terest-and no one can see how the
railway company can possibly lose
out in the long run.
1t is not within the proba blities
that the common stock would be Civ
en- the entire melon that has been
so long ripening and there is small
question that it will benefit the pre-
ferred as Well-not directly, but prob
ably through the retirement of some
of the outstanding bonds of the COM
pany.
The election of Grgoee w. White
the National Metropolitan Band head,
to the directory of the Lanston Mono
type Company was distinct surprise
to financial interests. Mr.. White is
known as one of the most conserva-
tive financiers. with wonderful rec
ord back of him. and his addition to
any corporate board cannot but be
beneficial to the corporation.
The stock of the corporation has
responded to the good news of Mr.
Whites selection, with that of H. d.
Best, the new president of the COM
pany, who has been the practical man
back of the company for years. Mr.
Best vii be able to give the company
his entire time
Bank Shares Doing Well.
Bank shares are holding their own
eXcellently. Bonds are acting fair. In
the outside bond market strength has
developed and recent figures show
quite an advance.
Washington Railways new 6s are
dra gsing along with a good demand
below or about the issue price to
banks, 80 less i of a point. There is
no disposition on the part of operat-
ors to advance the price for the bene-
mt of the spectators who bought
considerable quantities of the issue,
but once they have taken their
medicine. the chances favor higher
figures.
September II there will mature.
much to the disgust of their present
owners, 371,6S7.l00 51a per cent
I Treasury notes, series B. 1t repre-
sentS about the high mark, and the
reports are that the refunding oper-
alton Will be on a per cent basis.
which would be a low rate on a pre-
wal basis to the Government.