Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-17
WALL STREET LOANS
GREATLY REDUCED
New York Bankers Claim
That Liquidation Is
Thorough.
BY I. A. FLEMING.

vestigation of call loans secured by
stock collateral would develop the
most Thoroughly liquidated condition
haps at any time since the civil war
An estimate Of the call loans OF
the New York banks is placed at
S700,ooo,0oo. with probably $780,
100000 more outstanding to the
credit OF out-of-town banks. 1t also
is believed that the aggregate value
of Wall street securities has multi
piled five times during the last flve
years.
In former days speculation was
conducted largely on margins, and
these were much lighter than the
conservative brokers of today de-
mand and insist shall be maintained
The bankers hold that brokers to-
day look askance at spectators seek
ing to trade on small margins. In
such prolonged declining market
as Wall street has rarely seen brokers
seek the protection of large margins.
not caring to take the chances OF
loss to themselves.
One banker declares that Wall
street has set its house in order more
scrupulously than any other section
OF the country. and the Federal Reserve
Board understands this to be fact
One Of the best evidences OF this Is
seen in the relative steadinesS OF the
stock market at a time when Europe
seems to be threatened with convul-
sions.
II is evident also that investment hold
ings at this time are large.
A Correction.
The statement recently made in this
column to the effect that Treasury
certificates. series C-1e21. were free
of all taxes except estate and inner
itance taxes. was an error.
Said certificates are subject to sur
taxes. excess profit taxes and estate
or inheritance taxes
They are free of the normal tax and
when owned by any individual. part
nership or corporation 20 an amount
not exceeding $1,000. they are free
from all taxes save estate or inner
itance taxes. They do not have the
circulation privilege and are not ae-
ceptable in payment of taxes.
They bear per cent interest. date
of August 16. 1920, and are redeem
able after one year
Personal Mention.
Maurice Otterback. president of the
Bank of Anacostia. is at Delaware
Water Gap.
George stalkey. vice president of the
National Bank of Washington. has re-
turned to duty.
A. S. Galley. cashier of the Lincoln
National Bank has returned to his
desk greatly improved in health.
John NJ Riordan. cashier of the Bank
of Commerce and Savings. will so to
Atlantic City at the end Of the week.
NJ D. Rosenberg. president of the
Bank Of Commerce and Savings, will
leave on Thursday to spend the rest
of the month on a vacation.
Local Securities.
Trading on the local stock exchange
continues extremely narrow and more or
less uninteresting. Some stocks remain
reasonably firm, but the bid prices, as
a rule. showed slight recessions.
Washington Gas SIS were firmer at u
and Metropolitan Railway SIS brought go
The ony sale of railway stock was one
share at As. No sales Of common stock
were reported.
Mergenthaler was active in a small
way. opening at 123 and scoring an adj
vance to 1884. with the last sale at
1891. but only small lot. Lanston was
quoted at 70 bid.
Loans to Allies.
The Treasury Department gives the
revised credits to the allies al fol-
lows: Great Britain, $4.277, zoe, 0ee:
France, 3s,o47,s74.777; Italy, $1.oss,-
2so.17s; Belgium. $a5o.42s.7sa: Russia,
S187,72s,758; Czechoslovakia, $67,s2s,-
041; Greece, $48,236.629; Serbia, $26,-
7s0.465: Rumania. $25,000.008; Cuba
S10.000,000; Liberia, $4,000 total,
S9,711,739.636.
Change OF Convention Plans.
Because of the hours at which the
American Bankers Association wishes
to hold its general sessions the local
committee finds it will be impossible
to use the Palace Theater.
AS result, the committee will
make choice of the three available
uptown theaters. Keith's, Polls and
the New National.
The committee ON clearing house
section foR the convention Of the A.
3. A. has been named as follows:
George W. White, chairman; Cuno
II. Rudolph, vice chairman; w. r. Gal
liner, II. II. Mckee, George l. Starkey,
A NJ. Nevius, James H. Baden, H. L.
Onutt, jr.; c. B. Lyddane. Clarence
Corson. C. F. Jacobsen, Albert 8. Cat
ley. Thomas P. Hickman, L. A. Slau1h-
ter, jr., and II. l. Selby.