Evening star., 1921-06-20
LOCAL SECURITIES
ARE FAIRLY FIRM
Gov. Seay Spikes North Caro-
lima Myths-Commerce and
\; Savings Pays Extra.
BY 1. A. FLEMING.

\; Savings Pays Extra.
BY 1. A. FLEMING.
Local securities were fairly steady
despite the weakness in New York, the
sales made indicating no change worth!
of mention since last Fridays session
Railway common was nominal. The
preferred sold at 81
Lanston brought 75h for one ten
share lot with more offered at rs ane
74jz, the closing bid.
Potomac General 6s firm at 9o. Capt.
tai Traction SIS unchanged at 81
Washington Gas SIS, II.
Dividends md One Extra.
The Bank of Commerce and Savings
Z shareholders received checks for the
regular semi-annual dividend of pei
cent today plus an additional l per cen,
extra distribution.
The Lincoln National Bank will
mail checks July l for their usual
semi-annual dividend of 3 per cent
Books close today.
Tho Commercial National will pay
2E per cent quarterly July 1 to share
holders of record July 2o. Books do
not close.
Directors Of d. w Griffith. inc. have
q
share on class A stock. payable July
% to shareholders of record July /.
d. w. Griffith announces the salts
factory condition of the corporation.
the success of Way Down East,
and predicts success for Dream
Street and The Two Orphans.
Mailing Wrong Statements.
Gov. Seay Of the Richmond Federal
Reserve Bank is out with an open let
ter to the Southern Banker II Atlanta
this morning. in which he corrects
some palpable mistakes made by GER
, tain people al the Georgia convention
regarding the effect Of par clearances
in North Carolina.
He takes to task l.. r. Adams. sec
retary of the State Banks Protective
Association. charging that the claim
that $15,00o.000 passed from North
Carolina clearing banks to the Rich
mond bank when par collections be-
: banks could not remit in North Caro-
lima exchange and had to keep their
reserves in the Richmond bank, is not
q statement of fact.
He quoted F. r. Jones' assistant sec
rotary of the same association, as
placing the amount withdrawn with
in ten days after par collections be-
came effecticve" at $4,000. 900.
Gov. Seay says: The par-clearance
plan went into effect November Is,
1920. and remained in force until Feb
I ruary ., 1921, when the injunction re-
straining the Richmond Reserve Bank
from protesting checks not paid at
par stopped it's effectiveness regard
ing state banks.
deposits in state banks in North
s5S.649: November IS. 1920. s5.O73.3I4:
december I. 1920, s4.916.710. and on
February 1, 1921, s4.Sl9.47S. On the
same dates the deposits of all banks
in the states were. respectively, So
loS,oSs. ss.5ss.S53. ss.177.7sa and ST.
The reserve bank official has GER
tainly refuted most notably the sl0,-
100000 and $15,000.000 stories. since
on none of the dates named was there
100000 900 on deposit to the credit of
all banks in the state.
Gov. Seay also calls attention to the
fact that on November IS, the day on
which par collections went into effect.
the reserve bank of Richmond was
furnishing SS.s92.000 for the benefit of
non-member banks in North Carolina.
the money being borrowed by men,
Der banks, and this sum was greater
than the deposits of all non-member r
banks. member banks being. of course
Bankers Associnticn.
1t is evident from the preliminary
discussion of affairs between John. b.
Larner. president of the District
bankers organization, and his official
1922 shall be banner year for the
organization.
A ways and means committee has
been appointed which will hereafter
have charge of raising funds when
needed. The president and his ad-
separate clearing house bank exam
liner is needed in the District, from
the dual standpoint of safety and
credit information, that will prevent
quiet borrowing at different banks
and may disclose needed information
as to the saving OF money for the va
rious institutions.
The building project is not to be al
lowed to rest. 1t has been talked
about time and again, but the feeling
this time is that it will become a fact,
at least well under way during Mr.
Larner's term of office.
Studebaker's Remarkable Record.
The remarkable record of the Stu
debaker Company in liquidating its
last dollar of bank borrowings. which
of January 1 totaled ss,500,000. is the
ton is top record and indicates nearly
10000 cars for the year, as compared
with $4,000 in 1920.
The quick assets of the corporation
have increased $11,OOO,OOU.
Wall street Notes.
The Phelan report was presented as
meaning that the Mexican oil fields
were on the verge of failure. whereas
he actually said that potential pro-.
duction of Mexico is almost unlimit-
ed" referring to oil. But the bears
turned il around and made a fine play
on the bear side to the loss of Do
'herty and scores of others.
Committee of statistics and stand
ards of the United States Chamber
of Commerce estimate the national
wealth of the United States at $685.
464 900, 900. This ought to be an in
centive to something favorable.
Richmond. Minneapolis and Dallas
loom up az federal reserve banks
borrowing more or less heavily from
other regional institutions.
' So far this year $303,sl0.4 46S in gold
has been imported, with the chief ex-
prrtation being from England Ex-
ports for the five months were $5,-
s16.s61.
Income and excess profits taxes paid
June 16 were s111.495.077. as COM
pared with 1871 1.5S1.S71 for the second
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