Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-06-19
LOCAL STOCK MARKET
SLOW, PR|cESSTEADY
Financiers Believe that Government
Could Float Bond Issue, If
49, Needed, at 8 Per Cent.
Panamas Are Immediately Avail
able in Large Amount-Na-
tional Savings In New Home.
By I. A. FLEMING.

Tbere vrere MANY orders on the floor OF
the exchange today, both to buy and sell
Iansten monotype shares. That but two
shares were sold at so was due entirely
to the fact that buyers and sellers were
anar+ IN their views The official closing
e was 70 bid and 81 asked, but better thar
III. hid might have been obtained had
there been sellers.
The session was devoid of interest. other
than for the bidding on Lanston and a
very light business in odd lots OF Kali
way preferred at 50 to s2A. A few
shares Of Mergenthaler sold at $50.
Bonds were inactive. but in good de-
mand.
with the Mexican situation to the
fore. INVESTORS were INCLINED to go slow
IN their operations
Dividend Is Declared.
The Bank of Commerce and Savings
will pay the usual semi-annual divi
dend of per cent, July 1. to sharehold-
ers of record June 20. on which date
the books close.
Nav Be a Bond Issue.
Bankers are considering the posi-
view of the eventualities of the Mexi-
can situation.
Bond houses, usually well posted on
matters of this kind, declare that up to
Friday 1t was the determination of the
administration to avoid. if possible. the
floating of a bond issue. If necessary.
It. was the plan to issue but small
amounts for immediate needs.
Panama canal bonds. 8 per cents, to
q comaratively large amount are in the
Treasury unsold. They could be con-
verified into cash and the proceeds used
for Immediate needs, with the sanction
of Congress, but the amount probably
would be inadequate in the event OF ex-
tended military operations.
While monetary rates have been stlf-
fleming of late, there are still many
hundreds of millions in the banks
which would readily be available If the
needs of the nation demanded. The
600 credit loan now being fioated has
been greatly surprised at public de-
niand for this loan. although the inter-
est rate 10 far more tempting than
would be necessary for the government
to offer in this Country.
Investors. according to the opinion Of
local bankers and bond men, would
readily absorb per cent government
bond, the bid for per cents now being
better than par:
Collections at Par.
The Richmond regional bank of the
federal reserve system believes that
about $4,000 national banks, state banks
and trust companies will participate in
the collection at-par system which will
be inaugurated July IS.
Forms and instructions were received
by local member banks today. The
present intra-district clearings system
will be discontinued July Is.
In New Quarters.
The National Savings and Trust Com
pany this morning occupied the new
banking office that has been completed
on the site of the west half of the form
er Lehman building.
workmen Immediately commenced
tearing out the old banking quarters,
preparatory to the erection of new
interior, in keeping with the east half
of the structure.
When reconstructed the former quar-
tiers Of the bank will be used the Of
ices Of the officers of the bank. presi-
dent, trust ofi1cer. treasurer. etc, and
also part Of the foyer of the institution
The entrance will not be moved. al
though for the time being entrance
will be by way Of the new tructure
Entrance to the omces on the upper
floors will be on the 18th street side. to
the rear Of the old banking room.
When completed. the National Savings
and Trust Company will have one OF
the most finished and commodious
banking rooms in the city. A large
dome gives the best possible light tc
the offices, and the fittings and furni-
ture are all metallic. making the Offices
Areproof. as is the building itself.
The new vault under the east half OF
the bank is an enormous one. the ma
terial for it's construction requiring
i've large freight cars for transports
tton from factory to Washington.
The ~c1erical force has been given due
consideration in the matter Of light
ventilation. convenience and sanitation
even 10 a shower room.
The transfer Of the books. assets and
other addenda Of the bank was made
saturday night.