Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-06-29
ASKS FOR PAYMENT
ON CERTIFICATES
Treasury Calls for SIS Per
Cent of Balance on Recent
Issues July |.
BY L. A. FLEMING.

| Banks have been called upon by the
Treasury Department to remit by
| July 1 SIS per cent of the 80 per cent
of funds remaining on deposit to the
credit of the recent issue of So and
s per cent Treasury certificates. Ten
per cent was called few days ago,
last Saturday to be exact. for pay
ment, and now the call for SIS per
cent of the remainder, pulling mat
ter of SOS, 100000 out of the banks
on July /.
This will still leave to the credit
of the Treasury some $162,000,000 on
account of the $400.000,000 Treasury
certificates, nor is this sum likely to
remain long, as the condition of the
the belief that there will be any long
delay
Bankers should be in good position
for meeting this obligation, as they
will have conSiderab BILE interest COM
ing to them on account of loans on
government bonds and other invest
ments.
Money is likely to be considerably
| easier after the July l financial OPP
erations are ended. as corporations
and banks have both been preparing
for the care of these matters.
1t is questionable whether bankers
will countenance any material ex-
pansion in loans until after the crops
have been moved, and with the steady
and continued urge of conservatism
from headquarters they may continue
to keep tight hold on the money
strings for some time.
Certain it is that deposits have been
greatly reduced by recent drafts. and,
if there are no loans being called. 1t
is equally certain there are few inn
portant credit extensions being made
An Expert Opinion.
Morse, one of the very best judges
of conditions on Wall street, has this
to say of the extraordinary dull con-
ditions prevailing at this time:
"a do-nothing market is likely to
continue for some days. Once in a while
some room trader gets to feeling little
frisky and sells some stocks. The de-
preston lasts just as long as he is at
! work, and then quiets down with a
tendency to harden, as it is recognized
that real liquidation is over.
1.-THE money situation is slowly being
worked out. The recession in the re-
newal rate yesterday demonstrated the
fact that July l is not going to be so
very dreadful. 1t is probable that the
publication of International Mercantile
Marine statement may help the pre-
ferred stock of that corporation"
Hunting for Eighths.
Another market writer calls 0ten-
ton to the fact that the room trad
ers are hunting daily for eighths and
occasional quarters. garnering in a
small profit or taking a small loss,
ready to run either way on the slight
est provocation and rarely carrying
their trades from one day to another
Never in the long history of the
exchange has there been so many
abSenteeS.
On the Local BOurse.
Railway preferred was again the
center of interest on local stock ex-
change. with a further advance from
the opening, 40. to a closing at 4O1s
The demand was active. 1875 shares
selling in lots. Yesterdays sales were
in lots also, and not one lot of 200
shares as reported by the exchange
1t is evident that the buying is on
the possibility of a distribution of
some kind. Directors assert that it is
too early to make a prediction. but
they have a laudable ambition to
make a payment to the shareholders
lii it is possible.
Graphophone common sold at 20
and Capital Traction SIS at 83A