Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-29
MOVEMENTS IN MONEY
FROM MAY June 70
By I. A. FLEMING.


During the interim between May /.
1917. and June 90, the dates Of the two
latest calls by the controller OF the
currency. the deposits Of the banks
and trust companies Of Warrington
sustained a shrinkage OF s2.e4o.4s2.
Between the periods named there was
great shifting Of funds. paying Of taxes
by the people Of the District corpora
tions and bushes firms: return to the
banks by the Treasury OF 100000 OF
tax money to remain as usual until
needed. provision being made for
monthly repayment beginning with
July Is.
Then. too. the activities in connec
ton with the floating OF the liberty
bond loan, In which Washington's sub
scriptions totaled over Sls.ooo.ooo. also
caused the shifting Of much money
both ways banks accepting full and
partial payments and IN return making
full or partial payments to the Treas
ury Department through their regional
banks. as they elected. irrespective OF
the Treasury provisions for payment.
Many banks still hold very 1arg.
part OF the money for their suhscrip-
lions which they paid in. through the
return by the government OF the money
in the form Of deposits secured as pro-
vided by the Treasury Department. on
collateral approved by q special secur-
ity committee Of the District Bankers
Association.
Many banks paid in only the 20 per
cent called for by tho government on
installment payments. and therefore
show gains on many subscriptions, rep
resented in the banks deposits
In view of the various phases OF the
situation the statement OF the deposits
Of the various institutions. in the ag-
Eregate and individually. give no &C
curate reflection of the normal move
ment in moneys in the period named
The national banks show net gain
~ e 10 in
by the government deposits OF tax
money: the trust companies lost 81.
s23.3s0, representing the payment OF
taxes and liberty loan subscriptions.
ings banks showed a gain of $17o.sal.
probably due to liberty loan opera
lions, and the net loss of all tnstitu-
lions totals $3.64o.4s2.
Intangible Tax Sheets Ready.
Forms Of personal tax schedules, in
GLIDING Items covered by the new intan-
gible tax law. have been very generally
distributed about the city at the various
banks and trust companies. where they
can be obtained.
Schedules must be filed in July, but pay
ment may be deferred until May 1. 1918.
Bond Issue May Be 81 Per Cent.
Some bankers are Of the opinion that
tho next war loan will be at the same
rate OF interest as inc iast, Q u peA SIe.
Liberty bonds sold on the New York
stock exchange today at par ana $50
premium, the highest price yet paid. win
an urgent demand for the issue
The reduced allotments caused
large demand for bonds to NIL sub
scriptions for customers, ana many
banks have received requests from
other institutions for assistance, fire.
ouently made to banks that were in
exactly the same boat
The heavy oversubscrfptionS, which
might have been utilized had the ex-
cess issue been provided for. and the
prompt payments have encouraged the
government to believe that another
loan at the Same rate OF interest may
be doated.
The opinion seems to be that the
second issue will be made earlier than
heretofore expected.
Local Securities.
The final session Of the local stock
exchange for the week produced but
few transactions. and gave no indica-
ton of important changes in values.
Washington Gas shares sold at 121
to 72h and Capital Traction IS at
1O3h to 1o3.
neglected and nominally unchanged.
hTe total sales for the i've sessions
of the week ended today were $29,5OO
bonds and $40 shares Of stock.
Condition Of the Treasury.
Condition Of the United States Treasury
Net balance in general fund. $3.50 PSI. 7SS.
Total receipts. $4.060. 27e;
Total payments. 5,839, 712.
The surplus this fiscal year Is 6I,164,-
$40, against deficit Of $s.so2. 3s2 last year.
exclusive Of Panama canal and pubic
debt transactions.