The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1919-05-19
WAR SECURITIES
CUT S2OO,OOO,OOO

\ reduction OF more than 5000 600.
I mo in United states war securities
/ held by banks Of the Federal Reserve
system during the month ended April
! Is is shown by the May number OF the
Federal Reserve Bulletin, issued to-
day.
Large decrease in certificate hold
ings. which occurred between March
! Is and II. were due to the Govern
ment's redemption OF $500. OOO. 900 OF
tax certificates. There was A falling
. OF o. about $500. 900. 900 in general
/ certificate holdings OF reporting banks
by April 4.
! Reporting on business lines. the
I Bulletin states Indications are that
! the business community has given up
the idea OF waiting for a cOnside "a bic
! reduction in prices OF everything. and
! is now developing trade upon lines
which depend a least upon temporary
maintenance OF existing levels.
: In the readjustment so far the
/ wages or labor has remained prac-
I t!caIly unchanged. A few reductions
/ OF minor Importance only have taken
! place. There ia little prospect OF a
reduction in wages and the question
is how long the demand for labor will
continue.
Commercial failures during April
showed a reduction Of b. per cent
Total loans and investments by mem
her banks were $21.5T7 .OOO.OO com
pared with 2O.335 900 900 at the end
or the year 1918.
Total war obligations ~ the
country and war paper declined
from $4.OS3. 100000 to $500. 500. 900
during the week just ended. accord
ing TO the weekly statement OF the
/ Federal Reserve Board This con
stitutes at present "a per cent OF
the loans and investments OF all
reporting banks against as per
cent the week before.
! DR. Frank O'Hara- professor OF
/ economies at the Catholic University
, OF America. will deliver the third
! OF a series OF lectures on "Elemen-
Z tary Economics" before the Wash
! inEton Chapter. American Institute
( OF Banking. in the rooms OF the
/ chapter. III2 street northwest.
) Thursday evening. The subject this
w-~k will be. The Law OF Dimin-
ishing Utility
f. j. McQuade. treasurer Of rhe
! Liberty Savings Bank. has been placed
| in charge Of the Salvation Army drive
! among the banks OF the city.
! 4 bulletin to State committees of
| the Savings Bank Section. America =
| Bankers Association. showing the ac-
| tivities OF the Savings Bank SectioI
/ from September !. 1918. to May =
! this year. was made public today The
| bulletin shows. among other thing
/ that the section established nation
/ wide campaign for the amortization
! OF the mortgage loan. urged the issu-
| ance OF municipal bonds on serial
] basis. studied the railroad situation
/ and held the section in readiness 4,
! protect railroad security holdings O.
member banks. introduced bills which
| were passed in six States permitting
/ savings funds to be invested in ba mn
! acceptances and trade acceptanCes in
I dorsed by a bank or trust company
studied the foreign securities market
I and will be able 10 conduct 4 cam
paign among its members 10 amend
State laws and urge investment II
! certain high-grade foreign securities
conducted campaign TO perpetual (
: war savings as peace savings. and
! conducted a campaign among the for-
! eign- born to give them a better un-
/ derstandinE Of American savings in
| stitutiOns and 10 use them in place oil
! the ''nefarious" private banker.
swift and Company announced TO
I day a plan to sell 4 portion uf thor
treasury stock To employees and stock
holders at 500 "A share This u foi
the purpose OF encouraging thrit'
| among their workers and To cStabliSG
| a better esprit de corps among thf
| rank and file 81 the Swift cTployc-
! StOc kholders OF record on May 81 viii
| be entitled to subscribe 10 20 per cent
Of the amount they hold on that dat
| Employees must have been IN ile SerN
/ ice If the company SIN months. ThoS
! receiving less than $50 a w"Ck ar
/ entitled To- purchase one sha,e. 81
: IT, $50. Two shares. $50 to SO. thrc
shares. $40 q" sd four shares an
! over $50 five shares. Emplos's caa
/ purchase IN the basis Of $IH down
! aid - a week per share.
To meet requirements pendinE re-
ccipt of deferred payments on Vie
! tory bonds. the Treas Department
! today authorized limited amount of
! certificates Of udc bjcdncsS in two
series. both dated and bearing interest
! from Jun" .. 1912. a. -. per cent.
! The certificates Of one series are paw
IanI" September l.. 1@I9 and Of tho
iUthcr December H.. I9I". Goth A."
! exempt from AL TAXATION.
Tn" huIi movement in the sroch
market last week eliminated Wed
/ u"sda!. when I.N7@UoO shares were
sold. tho rarGc>' day ia Wall Street
| since - '.s1tbp,4,iUr 49,,