The Washington herald., 1921-06-29
MELTON CALLS0N
BANKS
TOPAY s65,OOO,OOO
Secretary Asks for 12K %
Of June Is Sale, to Be
s Paid Annually.
BANKS CUT MELONS
-
Washington Mechanics Main
,tains 1919 Annual Rate at
Regular Meeting.
BANKS CUT MELONS

Secretary of the Treasury Mellon
Yesterday called on all national
banks having on deposit funds aris-
ing. from the June Is sale of Treas
ury certificates to pay into their
regional members by Thursday 12h
Der cent of such funds. This pay
ment will approximate sSS,ooo,ooo'
leaving on deposit with the various
bstks about 100000. The Treas
NY, will receive interest at the rate
ora per cent on this amount. while
securities maturing on July Is bear
interest at the rate of 5h per cent
s6ls Dividend Declarations.
AT the regular meeting of the
board Of directors of the Washington
Mechanics Savings Bank, held June
%, the regular quarterly dividend
oflh per cent was declared. pay
able July. Officers of the institu-
tion are receiving congratulations on
the maintenance of a 10 per cent
annual dividend.
-aAt the regular meeting of the
board of directors of the Con-
tfpental Trust Company, held yester-
day afternoon. the usual quarterly
dividend of IL per cent was de-
csared. payable June 30 to stock
holders of record at the close Of
business June %.
White Made Head.
George W. White. president of the
National Metropolitan Bank. has ac-
cepted the Craftsmanship of the ways
and means committee of the District
of,sColumbia Bankers Association.
teadered him by president John B.
Larner. and announced he has named
the following associates to aid him
in his work: w. T. Galliher, c. F.
Jacobson. H H. Mckee and Rolfe
E Boiling.
Personals.
Corcoran Thom,. vice president of
the American Security and Trust
Company. is taking a six weeks
vacation at his summer nome, Camp
Msssaukwira. Asquam Lake, which
ishfn Ashland. n. H.
Thomas Grant, manager of the
Fidelity and Deposit Company or
Maryland, has returned to this city
after an extensive business trip
which took in the cities of Rich
n1ond. Baltimore and New York.
Thomas p. Hickman. vice presi-
dent and cashier of the Franklin Ma
tional Bank, has returned to Wash
fngton after a short vacation
The Industrial Situation.
In its monthly survey of condi-
tions the Guaranty Trust Company
Of New York writes as follows un-
der the above caption:
For the most part production and
trade show continued hesitation. In
some localities, however. the volume
of retail transactions, allowance be-
ing made for the lower prices.
equals or exceeds that OF the corre-
spending period last year. Appreci-
able improvement is found also in
some lines of manufactures Those
Industries which were among the
hrst to undergo readjustment are
giving evidence of increased activity.
-"HAvertheless, it has become more
clearly evident that the squirt of
activity in some lines of production
In the spring, was, as pointed out in
the April number of the Survey,
merely of a seasonal character. The
expectation of an early upturn in
business based upon the belief that
the increased production in these in
dustries would be sustained was not
well founded. 1t is doubtless a good
omen that the scope of the neces-
sary industrial readjustment is now
better understood.
Improvement in underlying con-
ditions upon which a sustained re-
vival of business must be based,
however, continues. Wages are be-
ing further adjusted. price declines
are less abrupt. and the bases of
credit are being further strength
ened through reductions in So
called frozen loans and the strength
entng of bank reserves. Accumulated
stocks of goods in many lines are
being reduced, affording the bases
for larger production in the fu-
ture"