Evening star., 1916-07-29
LOCAL MONEY MARKET
SLOW AND UNCHANGED
But Light Commercial Demand.
Rates Vary From 5 to 6 Per Cent.
W. T. Galliher Celebrates.
Great Britain Continues to Mobilize
American Securities for Use in
Future Financing.
BY I. A. FLEMING.


The demand for money at the various
banks and trust companies is rather
light. Building operations are large
and call for much money. but some
of the more prominent institutions are
about loaned up on apartment and
other building loans and much money
used in construction work is coming
from outside cities.
The lessened demand for commercial
accommodations is natural at this sea-
Seon Of the year. midsummer, when
sorting of stocks of merchandise is
about all the buying for immediate
use.
Rates have not changed, the appar-
entity irreducible minimum hero being
8 per cent and from that by fractions
TO per cent. the ruling figure on small
accommodations.
Stops Post Office Collections.
Local bankers were not surprised at
fhe order which stopped, temporarily
At least. the use of the post Office de-
partrAent for the collection of checks
on small towns where there are no
national banks.
They expected it just as soon as
Congress obtained the sentiment Of
the small banking interests of the
country
tenn now feel that they will sooner OF
- later be compelled to turn over the
collection of ali checks to their re-
gional bank in the interdistrict col
lection Demonstrating they will not
do of their own accord. more than
necessary to maintain minimum re-
'QuireG reserves, as they prefer to re-
tain their correspondents and as much
W. T. Galliher Celebrates.
w. T. Galliher. president of the
American National Bank, is today cele-
brating his sixtieth birthday.
Long before Mr.. Galliher arrived at
his office this morning his desk and
private Office were bedecked with
flowers. and scores of bouquets were
scattered about in the foyer and else
where throughout the bank.
Mr.. Galliher was formally congratu-
lated by the stan Of the bank, and dur
ing business hours there was an al
friends calling to pay their compn-
ments.
London Still Mobinzing.
London is still mobilizing American
stocks and bonds for the American
stock market.
A recent list of stocks called for in
London by the British government in
e cluded. with the previous list. some
400 American corporation shares and
bonds. but only one industrial common
stock in the entire aggregation, name
ly. General Electric.
A later list named 1ss additional
securities. of which 1855 were interest
bearing obligations and the balance
stocks.
In the latter were thirteen common
stocks mentioned. Jersey Central.
Omaha. Lackawanna, Steel. American
Telephone and Telegraph, Eastman
Kodak. Consolidated Gas, Harvester,
Peoples Gas. Western Union and
others.
Within the last few days lists of 200
more American Investments have been
called for.
1t is understood that there are still
very heavy holdings Of Steel common
owned abroad.
It is the knowledge of these heavy
offerings hanging over the market that
keeps the big interests from lending
their influence to pressing for higher
prices
For a long time the industrial depart
ment of the exchange was practically
immune against foreign liquidation. but
that time has apparently passed. The
aggregate Of securities on the nobili-
zation list is expected to reach about
500 bonds, common and preferred
stocks,
Condition of the Treasury.
The condition of the United States
Treasury at the close of business yes
terday was:
Net balance in general fund. s229.-
s7o.102.
Total ordinary receipts yesterday. $2.-
rs. .S34.
Total ordinary payments yesterday, ST.
673. .4S4.
The deficit this fiscal year is ST.
314,3S4. against q deficit of 1921. JOB
last year. exclusive of Panama canal
and public debt transactions.