Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-17
CHEAP;
M0NEYFOR NEEDS
Vice Governor of Federal Re.
serve Board Reviews Stu
ation-Stocks Firm.
BY I. A, FLEMING.

Edmund Plat, vice governor Of the
federal reserve system. speaking be-
fore the West Virginia Bankers As
sociation. expressed the opinion that
the country was now almost at the
peak of the demand for credit and
! currency caused by the movement of
the crops" expressing the view that
'it was easy to see that the situa-
ton might have been serious had
there not been general increase in
| the federal reserve discount rates be-
ginning about a year ago..
He further called attention to the
!; fact that Wall street had reduced it's
| loans under the urge of the reserve
! board by one billion dollars and that
, this billion was now doing its share
| financing production generally.
The vice governor believes that
| there is ample money for legitimate
demands without "encroaching on the
| legal reserves, but no surplus for
speculation, or for profiteering or for
| holding any unusual amount of har-
vested crops from the market"
He admits that securities. including
| liberty bonds, ARE at very low
point, the only things in the country
that are cheap, judged by pre-war
prices"
More Interest in Wall Street.
Local offices of brokers and Wall
street private wire houses gave evil
dence of the fact that the, public is
again interested in securities, if not
as buyers, at least with intent that
way if the present trend toward
higher prices continues. The public
las been out of the stock market for
| many months, sold out or frozen out
| in the long period of depression from
tho first nf the when the ScYawS
were put on rediscount rates by the
federal reserve board.
Advanced rates in freight and pas
senger fares and the resultant re-
Mobilization of the railroads of the
country have changed the entire sit
uation. while the. decline in prices
from the high to the low of a few
weeks ago more than discounted the
! change in the industrial situation.
Wall street was cheerful, market
active and prices higher this morning.
Crane, Paris & Co., investment
bankers, will remove tomorrow from
their present quarters at 72S 18th
street to- S23 18th street.
Immediately thereafter the Amer
| lean Security and Trust Company will
| join 72S 18th street to it's savings
department and move it's real estate
department to the premises vacated
| by Crane, Paris & Co. The Ameri-
can Security and Trust Company has
purchased the ene1re washington
Stock Exchange building, adjoining its
savings department on the north, and
will eventually erect an imposing
structure thereon.
Local Securities.
Railway preferred was in good de-
mand and steady at 81, while Wash
iington Gas met with good demand
j at Al, these two stocks absorbing the
interest on todays session of the
| local stock exchange. Other sales in
cluded Firemen's Insurance at 2Oh
to 20, and a little Mergenthaler at
i122. Lanston was nominal. with 70
bid. One share of Capital Traction
| sold at Sc.
First Dividend. 0 Per Cent.
| The board of directors of the In
Iternational Finance Corporation an
nounce through Ben. L. Prince, vice
president. the payment on November
1. to the holders of paid in full stock
of the corporation of record October
1, 1920, a dividend amounting to 9
per cent per. annum on the preferred
stock. ~
| This corporation has been in active
operation less than four months. but
during that time has taken on
large volume of very desirable BUSH
ineSS