Evening star., 1921-04-26
T0ASK OFFERINGS
Of TINE MONEY
Ia Addition to CAN Loans
Seek Lower Reserve
Rates-Notes.
~ L A. FLEMING.

George @. Watson. chairman In
charge Of the proposed call money
market to be inaugurated on the
Washington Stock Exchange next
Monday. is determined that the new
pan will be successful. He has also
decided to test the time money mar
kst Of the city on loans secured by
collateral.
The experiment promises to be ex-
ceedingly interesting. Securities OF
all public utilities of Washington have
a fairly standard valuation on the ex-
tainiy be available for call loans from
day to day. while the bonds should
tempt time loans even from ultra con-
servatife bankers.
But 1t is presumed that other col,
lateral will be offered. Washington
OF other evidences of government
obligations as well as of securities
listed on the New York exchange.
The minimum Offering of money will
be $4,000. and rates will f1uctuate in
quarter points, there being no pro-
goingvision for eighths.
Mr.. Watson, who is member of the
executive council of the American
Bankers Association. is SO anxious
for the success Of this proposition and
ol6o lCE tn6 SUCCESS Oh tue June con-
vention of the District Bankers As
sociation, that he will probably not go
to the spring meeting of the A. B. A.
executive council at Pinehurst.
Bankers Dinner.
All arrangements are completed
and waiting. A unique arrangement OF
the tables at the dinner, radiating
from the speakers table. in the CEN
ter, . horseshoe shaped affair, will be
appreciated by the guests. Different
banks have taken tables and parts of
tables for their guests. Every one is
going, and it will be an affair long to
be remembered.
whom have been named. Messrs. Rey-
Dolds and Crissinger.
Position Of Reserve Banks.
The position OF the federal reserve
regional banks is practically the
strongest since 1918, with 81 per cent
OF reserves. But this is not the
best or worst Of IT. The regional
ssnx OF He% 9onk hks 3 cent
Richmond. 42: Atlanta, 457; Chicago,
4S.1: st. Louis. 81; Minneapolis. 80;
Kansas City, 42.3; Dallas. 56.2. and
San Francisco. 54.1.
In the discount rate, that the banks'
resources may be more largely en-
ployed and that the business inter-
ests OF the country may do what lit
tie business there is to do with credit
at less expensive rates.
Boston and Cleveland show the
largest percentage of reserve. and
from these should come the first ap-
plications to the Federal Reserve
Board for 4 rate reduction.
his cabinet discussed the possibility
for easier money at their meeting on
Friday last Money is increasing in
the banks right along.
Lower rates would not Immediately
solve the business depression, but 1t
ment and all the aids possible are
needed to speed the return to normal
Local Securities More Active.
There was q decided Improvement
in the volume Of trading on the local
stock exchange. with prices holding
their own. but not scoring any addi-
tional advances.
dty's operations. with sales of Po-
tomae General 6s- at s3k: Railway
general So at 81. Gas, IN per cent
notes. At 101h and Gas 5s at IS.
Capital Traction shares were drm
1t IS. and Union Trust Co., shares.
III.
4 sale of Railway common was
made at -.
Wall Street Netes.
During 1920 the Atchison system
earned sl3Ss a share on the common
stock, compared with $1S.22 q share
during the previous year.
A big shutdown is asked by the
Pennsyivania oi! and Gas Mems As
ISOLATION under an urge not to drill
or sell oil for fifteen months.
The reserve ration of the regional
banks Of the federal reserve system
is At its highest point since Septem-
ber, 1918, the average being 54.1 per
cent
The silver market is showing more
fimness on Indian buying.
Secretary Mellon Is about ready to
submit to the leaders of revenue -
form In the Senate and House, his
ideas on tax legislation.
General Asphalt reports earnings
for 1920 Of $5.51 share on the COM
mon stock as compared with $3.S2 a
share in 1919.
Idle freight ears On track number
4ss.47s cars.
Consolidated Textile showed net
profits for the year 1920 Of $1,452.421,
equal to $l,Sl q share on the capital
stock of no par value.