Evening star., 1921-05-24
SEEKS CONTROL Of !,
EXCHANGE BANK
~ I. 4. FLEMING.

Negotiations are now under way
that may result. within the next few
days. in the sale of tho control OF the
New York interests.
1t is understood that an offer has
hs en- made for the stock control IL"
II II. Havcnor of New York city and
that some actual deliveries have hecn
made of tine shares.
The Exchange Sank has capital
Of S50.o0o and deposits Of over sS5a-
ooe. Mark T. Finley is its president:
Elmer Southern. yice president and
on tho corner of Pennsylvania avenue
and 10Th street northwest. and has
been successful since it's formation.
1T was reported some weeks aco
for the control of the stock. hut it
withdrew as soon as competition WAS
announced.
The control OF the bank is not cen-
tered. hut on the contrary the stock
is widely distributed. and this fact
may delay the completion of negotia-
tionS.
Withdraw. s5G.s:. 400.
Secretary Mellon this morning
served notice on national banks hold
ing proceeds Of the most recent sale
Of Treasury certificates. dated May L..
TO pay INTO the treasury 81 - per
cent Of such funds.
Today the banks are making a paw
ment of 3% - per cent of the entire
proceeds. the withdrawal being sA5-
100000 and now s56.921. 600 more has
been called for payment on Thursday
of this week.
Thus in less than ten days ovrr
slfc 81, 200 Of the total proceeds OF
the sale. s25s.l.0 900. has been with
drawn.
1t Will require close figuring for the
Treasury {" make the balance last
until June II when another issue viii
be made.
Local Securities.
Interest in local securities sIackened
today perceptibly Capital Trar ION
shares were the only public utility
stock TO figure in the DAYS transac-
tions. sales being reported at So.
Mergenthaler eased off from the
I.I1s OF yesterday TO 1e0fs and leo :.
Sales of Continental Trust skar,s
were made al lof
In the bond section Potomac Gen
eral at 9f.
Dividend Declared.
The District of Columbia Paper
Company will pay per cent quarter
ly dividend June /. 1921. on its pre-
ferred shares.
Money Market.
Money continues to be freely offered
on call at per cent. with Si2 per
cent the bid
Local bankers complain that they
find great difficulty in getting money
placed on Wall street at per cent.
Bankers are evidently holding the
rate pegged at the : per cent rate.
Short-Term Notes.
In A recent letter to Representative
Fordney. Secretary of the Treasury
Mellon announced that il would be the
policy of the Treasury to vary the
monthly offerings of Treasury certif-
Gates of Indebtedness. from time to
time. with short-term notes in moder-
ate amounts. with maturities of three
to five years"
This plan was to be introduced
when conditions were favorable.
This time seems to be very close at
hand. The last issue of certificates.
announced a 5000. 90, 900. brought SUBJ
scriptions for s532. 100. .060. and the is
sue was sold by wire even before the
usual prospectus was issued.
a two or three year note issue at the
sa me rate would be quickly snapped
up. now that the public is educated tn
the great advantage of these certif-
Gates for investment purposes. COM
dom from taxation up to the income
from $4,000 and free Of normal tax.
With the needs of the Treasury de-
cidedly pressing. AS shown above. there
would be no surprise if the announce
ment of such short-term note issue
was in tie immediate future.