Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-12-21
BANKERS IN ACCORD
WITH RESERVE BODY
Believe Restoration OF Fl.
nance Corporation Delays
Liquidation.
BY I. A. FLEMING.

Local. bankers 90 nut hesitate ~
express their opinions on the pro
posed restoration of the War Finance
Corporation. having for it's chief aim
and purpose relief of the agriculture
sections of the. country.
Bankers view the movement with
more or less uneasiness, as they hole
that the liquidation of agriculture
products should take it's course with
the general liquidation of merchan.
disc and all other commodities. and
that any attempt to interfere with
the law of supply and demand, but pro-
longs the evil day and tends to make
more difficult the financial status OF
the government itself.
They are not unit on the PROPOSE
ton of whether or not the President
viii approve the measure restoring
the War Finance Corporation or give
1t his veto
that he would Veto the proposition
in sustaining the views and opinions
of the Federal Reserve Board and ms
Secretary of the Treasury, while 9th
ers hold he will approve the action
because of the measure of support
accorded it in Congress.
Local financial interests are strong
supporters of the Federal Reserve
Board and its action IN the matter OF
bringing about defiation as early as it
did. thereby saving conditions that
might have been UNNECESSARILY worse
had the earlier credit pressure not
been applied by the board.
The feeling IS strong for refunding
the liberties and the Treasury certifi-
Gates and it is believed that this opera
ton could be put through at this time
without much disturbance to the
money market which has shown re-
markable Improvement. in that the
supply has materially increased.
The amount of money needed with
the restricted business activity OF to-
materials and manufactured articles
is so much less than at the early 1920
high levels that it makes a great
difference in the; supply
Interest and dividend payments for
January | for the country are esti-
mated at about $3o0,o00.o00.
Lively Local stock Market.
business on the local Stock Ex-
change today was very lively, and
more diversified than usual. Unques-
tionably some OF this business was
for the purpose of. taking losses in
anticipation OF income taxes for 1920,
but there was also considerable in
Vestment buying. probably in antlci-
patton of placing January interest and
dividend payments. =
For years past but 1.-THE of the
annual distribution to local investors
las found it's way back into local Sc
curities, pof is. it probable that there
will be- any large movement of this
>kird at sthis tini'., but with the pres
ent denioraiized condition of Wall
street and Investments listed on tine
New York. exchange, ii may be that
LOCAL secnritjes VIII attract little
Fddays prices showed little change
save ID Capital Traction shares. which
eased OF nearly a point on light sales.
The usual active bonds. Railway 4s.
did not show on the sales shee-- Po-
tomae Consolidated S. which have
been scarcely mentioned in the trad
ing of late. sold to. the extent of s10.-
600. face value. in lots OF $1,000 each.
at s21k. Washington Gas SIS. at rs.
completed the bond trading.
Railway preferred was the active
leader. 143 shares selling chiefly at
sou. with an odd lot at the close at
5012. The common stock sold at 81.
and later at 21H.
Columbia Graphophone preferred
sold to the extent of 500 shares at s..
eyidOtly q tax-loss- sale. - ss4,;
Real Estate Title shares sold at so.
Personal Meesion.
Former Emitted States Senator and
Mrs Nathan B. Scott have returned
from California. The former has re-
sumed his duties as chairman of the
board of directors of the Continent tai
Trust>Company.
A Clever Booklet. ,s.
What This Bank Thinks About Life
Insurance is the title of clever
booklet just issued by the Federal Ma
tional Bank. 1t is an excellent argu-
Inent in favor of life insurance, which
the bank does not sell, but to which
it gives unqualified approval. espe-
eially when the premiums are provid-
ed for through the regular periodical
deposit of savings in a bank.