Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-04-25
MONEY SUPPLY SEEMS
EQUAL TO NECESSITIES
By I. A. FLEM1Na.

Despite the very large financing that
the banks are being called upon to un-
dertaks in connection with the third
liberty loan. even while many INSTALL
ment buyers have not completed their
payments on the second loan. there
seems to be ample money for all ne
cessitiss. few applications for accom-
modations, unless in needless expansion.
being refused.
Bankers are working for short ma
fturities wherever possible and are fol-
lowing moro or less closely the advice
of the federal reserve board regarding
loans for non-essentia1 purposes and
urging curtailing of credits wherever
possible.
Money Is coming into the banks in
large amounts in preparation for pay
near future, with the result that the
supply Is temporarily larger than
normal.
Under the terms Of the Treasury De-
partment for the payment OF the third
liberty loan the banks accepting in
practically 40 per cent OF the INSTALL
lnents before being called upon to make
final payments on the bonds. The terms
provide for per cent payment with
per cent July Is and 40 per cent Au-
In New York city. where all pay
ments. taxes, income, excess prohts.
real estate personally. etc. are the
heaviest, and also liberty loan pay
ments. there has been considerable
money available, even for Wall street,
on daily call at per cent.
Time money. while offered with
moro or less freedom. 10 holding at 6
In, tn tom nd Nyar orc n
orally elsewhere.
Washington clcarings are very heavy.
fuctuating within very large range,
as may be imagined from the very
largo checks now being paid out by
various war activities.
Normal clearings are close to $1,000
900. Some of the big checks of the de-
partments are close to that amount.
Some Bond Record.
The Washington Mechanics Savings
Bank. located at 9Th and G streets
fly an honor flag. and a big one at that.
The allotment of third liberty bonds
made by the federal reserve bank of
Richmond for this bank was $4,000. At
sales of third loan bonds were $211.350
and applications were still pouring in.
Five times the banks allotment. This
will come very close to being local
record.
In all 1855 people entered subscrip-
tions to the third liberty loan at the
Southeast Washington Savings Bank up
10 the close OF business on the 23d.
On the Local Stock Exchange.
Considerable business was transacted
on the afternoon session of the local
stock exchange. although the aggre-
gate transactions were of compare
lively small Importance.
The exchange voted to adjourn to-
morrow. hence a large number of sales
were made seller 3"-deliveries to
be made any time within three days
As q rule prices were without i'm
portsnt change, save that Mergen-
trailer Linotype shares were decidedly
weak with sales of 4 very small
amount at iioA. with ITO the bid price
end Ill the asking figure.
Commercial National Bank rights
aiso developed weakness. selling at ~
ana ~. Buyers held aloof. leaving
sellers to make the best OF an unsup-
ported market.
Insurance shares figured in the
Transaction for the first time this year,
National Union selling at 6M (seIler, 81
rad Fifemen's at -.
A small block OF Norfolk and Wash
Segton Steamboat stock changed hands
~ 1S7. Railway preferred sold at sSX,
o Slight decline, and District Bank at
Warrington Gas IS were the leaders
n the bond section, $4,000 face value
sailing At %. Potomac Consolidated SIS
Brought san.