Evening star., 1921-04-06
SUPPLY OF MONEY
IS INCREASING
Local Bankers Maintain
Rates-CommerciaI Paper
| 71-2 to 7 3-4 Per Cent.
ny I. A. FLEMING.

Money on Wall street today came
down to 5h per cent. within hailing
distance of the open market rate. An
to per cent
Local bankers have been complain
ing considerably during the last week
of the inability to use the call loan
market to good advantage for their
surplus funds and were therefore
forced to use acceptances at 5& and
s per cent. investments while high
grade. not as easily realized on when
cash Is needed as call money on Wall
street.
In the survey of the Fidelity and
Deposit Company, given such gener-
Gus circulation in the morning pa
pers of last Monday. the District OF
Columbia was grouped with the South
: Atlantic States, and the reports in
dicated that money was not in ample
supply even at high rates
While that may be true with the
Carolinas. Georgia and Florida and
in some sections of Virginia, there
tion. Money is abundant. savings
deposits are increasing daily and
some of the more important institu.
tions report the largest deposits OF
their careers.
The people here have been eco
nomical and saving has been some
what stimulated by uncertainties
connected with continuity of en-
ployment.
The money is here-more than
less they are willing to reduce rates.
something that they do not favor.
in view of uncertainties which stlll
prevail and which prevent anything
. more than slight relaxation.
Bankers and business men gener-
ally hope that the signs of the times,
As interpreted this morning by the
controller of the currency and by
other business observers, may not be
too optomistic-
lead the way, bankers will probably
follow with a reduction in rates.
The government withdrew about
SIS. 900 900 from banks yesterday. but
Il had no effect on money rates.
Commercial paper in the open mar
kst stiIl brings 7A and IA per cent,
and this fact may have Influenced the
maintenance Of the reserve banks
rates
WoFt1nE for Savings Accounts.
The numerous employees of the
American Security and Trust Com
pany have been started on an Eek
accounts. Teams have been organ
lied. captains appointed and a real
campaign inaugurated. 1t works we'll.
too.
It's Col Wade H. Cooper Now.
When you meet him now. salute and
address him as Col. Wade n. Cooper.
The president Of the Union Savings
and the United States Savings banks
was honored by appointment on the
stan Of Gov. Taylor of Tennessee. He
admits that he would rather be a
Kentucky colonel" and that 1t
will require the services OF a Phila-
he
es1pe'e ssipe Of nis sstle as an With
that Of some Of "colonels" manu-
factured during the war. Col R. N.
Harper's exclusiveness has departed.
Dividend Paid.
Shareholders of the United States
Savings Bank have received their
checks for the current quarterly
dividend. 3 per cent.
LeeaI Securities.
Capital Traction per cent bonds
were active on today's session OF
The shares of the company sold at
S7K. There seems to be an excel
lent chance for increased revenue
from . switch Of the bonds at 81
Washington Gas So sold at n and
Potomac Electric General 50 at ssA
continsntal Trust Company shares
made a sharp advance to 1o4h.
Merger Possibilities.
A merger between the two fiscal
institutions is said to be one Of the
possibilities of the next ten days. Ne
gotiations are on, but have not reach
ed :he closure stage.
Wall Street Notes.
Great Western reports a deficit for
1890 Of $2.5so.ese.
Mexican Petroleum earned $685.
900 Gross in February.
Gold imports from January to
date total $15o.000. 900.
In 1920 General Motors earned $1.5S
q share on the common stock.
American Piano sales for the year
1890 showed q gross of $10.441.o00, a.
compared with $7.215.000. in 1919.
Apeu 10 u the date for the annual
meeting Of the United States Steel