Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-19
CREDIT SITUATION
GREATLY BETTERED
Efforts of Reserve Board and
Bankers HeIpfuI-Crop
Movement Safe.

The prolonged dizziness in securities
and the continued restriction of the
banking fraternity and the federal
reserve board have been effective in
trinEins about conditions in the credit
situation that were desired, condi
tons that make the movement of tn.
great crops OF 1920 relatively easy
matter.
Western bankers have surprised the
cast with the statement that much of
the crop movement in the western
section has been accomplished and
that the rest will be comparativeIy
easy.
A month ago il was expected that
the crop movement would be a great
strain on the financial resources of
the country, but that fear has proved
groundless. The wisdom of the fed
eral reserve board has saved a situa-
ton and won praise alike from bank
ers and business interests.
Improvement in the east was far in
advance of the clearing Of conditions
in the west Wall street started the
liquidation and it's pace was fast, but
decidedly effective. All over the
country the banks put the brakes on
against non-essent;als and the i'm
proved transportation facilities as
sisted in the liquidation.
Conditions abroad this morning are
more to the liking of Americans gem
orally and Wall street especially
with evidences Of strength in the
stock list of more positive character
ment TO the street after it's long
downward movement.
New Collateral Trust Lonn.
ing that the New York Central Rail-
road Company has offered a new ten
year collateral trust loan of $25. 00O-
goo. bearing interest at per cent.
secured by collateral equal to 125 per
cent of the amount of the loan. the
value of the collateral being based on
present market value thereof.
Subscription books for this loan
open on Friday at the Office of J. p.
Morgan & Co.. and may be closed at
any time at the discretion of the firm
named. Local bond houses are also
offering the loan.
Local Securities.
Potomac Electric consolidated ) per
cent bonds sold on today's session of
$1,000 face value all at 81. the low
point of the year. although no low
or than the last previous sale.
Aside from the transactions mem
toned there were limited sales of
railway preferred at As. Washington
Gas at 43 and Mergenthaler at 123ss.
Bid prices as rule were shaded.
but holders were not disposed to
make further concessions.
Personal Mention.
N. Otterhack. president of the Ana
costa Bank. had the misfortune to
break a bone in his right wrist on
Monday at Delaware Water Gap.
William B. Hibbs has gone to Maine
for few days vacation. 1t will be
recalled that Mr. HibbS was dra wn on
the Police Court jury and ordered not
to leave the District until after Sep
TENDER 50. That he is able to get away
at this time is due to his own efforts
in convincing the court that jury trials
in August were not needed.
A. b. A. Hotel Committee.
The hotel committee Of the Dis
trict Bankers Association for the A.
5. A. convention is as follows: Joshua
Evans. jr.. chairman; W. w. Spaid.
vice chairman: John Poole, George
Watson. E. L. Hillyer. Victor B. Dey-
Der, F. G. Addison and E. r. Herrell
Congratulations In order.
Today is the fifty-third birthday of
vice president of the Riggs National
Bank, and one of the leading figures
in Washington's business and finan-
cia1 circles.
Mr.. Allies came to Washington from
Ohio when a young man. After study
ing law at the National University he
entered the Treasury Department and
eventually became assistant secretary
of the Treasury and head Of the
finance division.
In 1893 he entered the Riggs Bank
as vice president. and has held that
position ever since. He resides at
ls2O / street.