Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-07-29
FINANClAL-LOCAL AND OTHERWISE.

| ton become more liquid, but a broader
| and more open market for commercial
| paper itself would be secured. Current
rates for money have advanced consider
ably from the earlier levels of the month
and considerable attention is being given
to the new rates from day to day. The
there will be enough money available dur
ing the next few months to conduct a
gigantic war enterprise and furnish the
necessary assistance to our allies and also
the current needs of tho commercial world
This nation now looks to the federal
reserve banks" continued Mr. Alexan-
der. ito provide additional credits and
circulation notes. In this way interest
rates are kept within bounds and the
money market is kept in funds. 1t is a
well established custom for mercha It's
to make notes payable after six
months. which bars them from redis-
count at the federal reserve banks. If
! these notes were payable in ninety days
they would be Immediately rediscount-
able and a liquid condition would be
created"
1t is admitted that the change Of Gus
tom might be hard to bring about, but
1t il pointed out that 1t would be much
easier accomplished than an amend
ment to the federal reserve act making
six months paper discountable. And the
exigency may be excuse. reason or
cause sufficient for the change.
Down in Panama, where one might
imagine the heated term was in full
swing, and tho noon siesta heightened
to include the entire afternoon. the
representatives OF many banking insti-
tutions are SO wide awake that they
have formed a chapter under charter Of
the American Institute Of Banking and
will faithfully follow the prescribed
| course of study. hot or no hot.
Moreover. Panama is the first place
| outside of the United States to have a
chapter in this strong organization.
]. Persgrin Jone was chosen first
president of the chapter; H. L. Benson.
vice president; J. c. Weinberg. secre-
| tary. and D. H. Melinda. treasurer
The vice president is the assistant
| manager Of the Panam.. branch of the
Commercial National Bank Of this city.
Managers and assistant managers OF
banks expressed themselves as highly
pleased over the successful formation
OF the new chapter.
1885 National Banks.
The aggregate number of national
banks now In the system is 7e35.
In the past fiscal year 1ss new national
/ banks were chartered.
Advances to the Allies.
The government has raised sl.7s5.-
900. from loans: has advanced to our
adi al e. i.52s.ooo,ooo, leaving but $685.
100000 for our own use. a sum that is
pfttfully small. considering the ex-
penditures planned and those already
made. while appropriations have been
enormous and likely to be followed by
very much larger sums as the wars
demands are heard
Another payment on account of lib-
erty bonds. 20 per cent, is called for
Tor tomorrow. does not mean that very
heavy collections will be made. as
about 70 per cent of the liberty bonds
have been fully paid, many subscrin-
tons being paid in full on the f1rst
payment day. June Is.
Experts expect an offering of Treas
ury certificates any time, and within
few weeks the fotation of the addi-
tfonal 100000 liberty loan aus.