Evening star., 1920-07-01
BIC TRANSACTIONS
At LOCAL BANKS
Millions Are Involved in
Money Movements of
the Day.
BY I. A. FLEMING.


trust companies. Keepers of safety
deposit vaults were called on by hun
dreds of box owners anxious to clip
coupons, then the making out of the
proper certificates kept the cashiers
and others hard at work, while de-
positors were redepositing their divi-
dend checks and interest commons
Millions Were in Transit,
Bank cashiers also had to give at
tention to getting their share of 55
per cent of 80 per cent of the $780,
100000 received in payment for the
recent issue of Treasury certificates
to Richmond. while lines of govern
ment employees Were helping to in
crease deposits. The Payment of
quarterly interest to the hanks on
notes furnished another function TO
add to the hustle and hustle of the
day.
Then. too, the government is re-
deeming large number of Treasury
certificates maturing today
tomorrow clearings should be
very heavy.
Forms Are Out
Local bankers this morning received
the forms to be filled for the next
report of condition to the controller
of the currency. The only new in
formation desired on this call is a
statement of the dates of the two
latest examinations of the banks by
directors committee. 1t may be that
the call will come tomorrow or Sat
urday. although. in view of the dou-
Bile holiday 'over Monday and half
monday on Saturday the chances IA
vor call after the adjournment.
Moderate Price Reductions.
The National City Bank, in it's July
circular received this morning has
TINS TO say on the outlook for mod
crate price recessons:
The rising prices of the last year
nave indicated scarcity of goods and
services of all kinds A check upon
higher prices is wholesome and de-
sirable. but does not signify that the
country has run full normal course
of industrial expansion. On the con-
trary, 1t is apparent the country. has 9
scarcely begun to make good the
def1cit in capital Improvements which
would have been made but for the
war 1t has scarcely begun to make
good the shortage of houses, public
improvements and railroad equipment
The exports of May reached a total
surpassed in not more than three or
four months of our history. and
unsatisfied needs of other countries
correspond to our own
Until this loss of normal capital
accumulation and of necessary con-
struction has been made good. it
seems probable that while excessive
price advances will be followed by
reactions, every material decline in
construction costs will bring out new
demands for labor and materials, with
renewal of general business activi-
ty. Of course employment and trade
are mutually dependent.
Crops More Promising.
The crops are more promising than
earlier in the season. which means that
the buying power of the agricultural
population is likely to be fairly well
maintained, and this is the great steady
ing factor in the domestic trade situ-
alton. If the crops of Europe should
be fortunately so large that our exports
of foodstuffs would decline the way
would be cleared for a general lowering
of industrial costs and CT prices the
world oven and a return to conditions
more nearly normal than have pre-
vailed since the outbreak of the war.
On the other hand. if our exports of
farm products continue at the rate of
last year. it seems improbable that any
considerable reduction of wages or
prices Will occur IN world markets or
in this country. The situation seems to
make general state of Industrial de-
preston improbable, but favors a grad
ual readjustment of supply and demand
with a downward tendency of prices.
National Savings and Trust Companx.
The directors of the National Savings
and Trust Company have declared the
regular quarterly dividend of 2h per
cent, payable August l. books cIosino
July 23.
On the Local Market.
There was some little invetment
demand for local securities. but it
was in a small way. not amounting
to tithe of the days disbursements
from investments
Railway preferred was again the
leader in activity. with 26S shares
changing hands in all, the first ten
shares at 401a and the rest at 4Ok.
very few shares of Capital Trac-
tion sold at S5A, Ayhile Washington
Gas sold at 44A
The typeSetterS were weak, proba-
bly, for local easons, and not by rea-
son of lessened earnings, as both
companies report increases continu-
ing steadily. No Lanston sold, but the
bid price was reduced to "A. and
Mergenthaler sold to the extent of a
few shares at 1851 to 124A.
Conditions on the local market are
still such that if holder desires to
sell price concession must be made.