Evening star., 1920-06-15
BIG BUSINESS DAY
AT LOCAL BANKS
Payment of Government Cou-
pons, Salaries and Income
Taxes Heavy.
BY I. 4. FLEMING.

Coupons on the first liberty loar
and the victory notes 1or the hal!
S~-r are due today 1t is impossible
t. estimate just how much money was
paid over the counter to Washington
s:s"eslors. There has been such a
shifting of Investments in these Sc
curities that records established
three years ago. when the first 3i2 S
We're issued and one year ago, when
the victory notes We're put out. have
no value. but there were enough cou-
pons to keep bank officials busy cash
ing them.
Then, too, il was government pay
day, with $500. 900 distributed among
the employees, Banks received their
share of payments. as they do every
pay day, employees being more saving
al this time than they have been here
tofore. with certain percentage OF
these workers always adding 10 their
deposits.
Banks reported some decrease in
deposits because Of payments Of the
second installment of income and ex-
cess profits taxes for 1919, but the
big loss from this source will come
tomorrow when the checks sent di-
rect to the collector for the Mary
land district at Baltimore, VII be
received for payment. tomorrow and
the next day or two.
The loss will he partially made
good by coupon payments deposited
anu tilt pay ron StN'HSS.
Personal Mention.
Charles G. Glover was in attend
ance on the Chicago convention. re
turning Sunday night on the Harding
special.
Rolfe f. Boiling. president Of the
Commercial National Bank Is va
cationng in Virginia Fendall Kane.
ass stant cashier of the same bank
is on an automobile tour in cooler
latitudes
r. V Fleming. cashier Of the Riggs
National Bank is al the Blue Ridge
Rod and Gun Club for few days
rest.
The delegation 10 the Aemrinn
Institute of aBnkins convention. now
In session in Baltimore, left by boat
Saturday.
Buying Farm Lean Bonds
The treasury is again buying farm
loan bonds To June il had pur-
chased 100000. 900 and the months
acquisition is likely to be $4,000
600, at a time when the treasury is
not flush
Under The oct of Congress approved
January s, 1918. the Secretary of the
Treasury was authorized to purchase
100000. 600 farm loan bonds in the
fiscal year 1918, and also like
amount in 1919. The recent Congress
amended the law So as to make II ef-
the amount of bonds that should have
been purchased in the previous years.
This authority led the Treasury to
purchase s136. 900 of farm loan
ury, so that s6i. 100000 in all Will be
acquired this year and next
The Washington Clearing House AS
sociation will meet tomorrow for the
purpose of approving the amendS
ments TO the bylaws to permit of the
of 1ahjf. and credits in the
clearingS through the Treasury on
Richmond reserve bank balances. also
the transfer by wire of cash through
the Treasury II is probable that n.
new methods of doing business will
be in vogue not later than July l.
Working on A. Fl. A. Convention.
R. n Harper, president of the D. B.
A., is now giving his attention largely
to the success of the American Bank
ers' Association convention scheduled
for October 20, in this city. The mem
berS of the executive council will be
given supervision with the president
of the various committees and their
work in connection with the arrange
ments and carrying out of the pro-
gram. The first meeting of the execu-
tive council will be held on Friday.
The local stock market was little
better than nominal, sale of ten
Railway As at 531a completing the
record.
Shares of the independent steel
companies, with the exception of Cru
chile Steel. were among the strongest
in the days tracing. Those who had
sold Bethlehem B, Laekawanna. Re-
public and Vanadium short found it
impossible to cover within a point and
a half to two points of yesterdays
close.
The unusual activity in Vanadium
Eteel accompanying its sharp advance
.-.-Su al uI.n very good outside testi
mony to the fact that there has been
a large and important accumulation
of the stock going on partly on
knowledge of the company's earnings
and partly to secure for one or two
of the large consuming interests rep
resentation on the Nanadian board.