Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-08
RESERVE RESOURCES ARE USED
MORE LARGELY IN BUSINESS
Some Banks Believed to Be Reporting
~ Part of Demand Deposits With
/ Their Time Deposits.

was some activity in Capital Traction
on the belief that the proposed merger
might be bull argument and develop
into fact before the adjournment OF
Congress, but that did not materialize,
instead opposition is even more bitter
than looked for and may even upset
the plans of the holding company. or
at least prevent the chief desire. that
of divorcing Railway common, and
Potomac Electric Light 81 Power, even
/ though they are not actually one COM
pany at this time.
On the Stock Exchange the most sem
sational gains we're in Washington Gas,
with nearly 10-point rise for the half
year, and Mergenthaler Linotype shares,
for years past considered one OF the
most desirable of stocks. which dropped
off 10 points on the report of last years
net earnings. nor has there been much
recovery from the low Likewise WASH
ington Gas has held its gain with posi-
tive firmness, but no movement to
amount to anything.
Bond buyers seem to have their
wants filled and have been very quiet
all half-year.
Bank shares have acted we'll but
without much activity.
Local BUSINESS Better.
Regarding the local business situation,
the latest financial letter issued by
Crane, Paris e. Co, says:
Business conditions in the District
of Columbia in the last six months
showed an improvement over the last
half of 1927 This was not true in all
lines. and in many the improvement
was not marked. Unreasonable weather
"a cold. wet Spring-waS responsible
for slowing down in retail trade, and
generally. merchants found collections
slow. There is. however. no serious I'M
employment situation in Washington.
All of the financial institutions have
ample funds for good loans.
There Is better demand for and
fewer vacancies in apartments than at
this period last year, and while building
construction generally is not booming,
there has been an improvement and the
business as whole is on more solid
foundation than 1t was year ago.
The Federal building program for
an expenditure of $50.000,000 for new
buildings In the District of Columbia is
now under way, but as yet has not
progressed far enough to take up the
slack in the building trades.
THE passage of the WEIGH bill in the
closing days of the recent session of the
Congress will give most Government
employees increased salaries effective
July I. In view of the important part
of Government employees In the COM
mercial life of Washington. this added
fixed compensation should prove
factor in stimulating business"
Bank Ciearings Fair.
Bank clearings in Washington for the
week ending July 5, a holiday week.
totaled s25.245, 900. a decline of 81 per
cent, compared with the corresponding
week year ago. Clearings for the
week ended June % we're $25.904, 900
Richmond reported clearings of
S42,7il ,00O compared with the lower
figure of 40.402 900 for the previous
week The figures were also Sc per
cent ahead OF the corresponding week
a year ago.
Baltimore reported marked increase.
clearings reaching Sill 10000. against
500, $4,000. Baltimore clearings were
also SO per cent ahead of the same
period In 1927. Bradstreet's reports
that clearings for the country as a
whole were well ahead of the previous
week and the corresponding week last
wear