Evening star., 1922-05-29
PLACING OF FUNDS
TROUBLE BANKS
Building Loans and Calls for
Tax Funds About Only
Inquiry.
By I. A. FLEMING.

Local bankers are finding considerable
trouble placing their funds at a satis-
factory rate of interest these days. The
only demand for loans, that is at all
! active comes from the real estate in
| terests with secondary reserves loaning
| In New York at low average.
Bankers cannot understand the course
| Of the federal reserve banks in keeping
! up thir rates of discount. at Az per
cent, while the government finances its
up their rates OF discount at Az per
| Moreover the rate on the street for call
loans is considerably under the bank
rate.
! The only other demand at this time
than from building comes from tax
payers and the drafts for this purpose
1 for the first half of this week promises
to be very heavy.
| Only when government financing
| draws millions from the banks is there
any stiffening of rates and then only
for a few days when the plethora o.
| money is again noticed.
Building operations, now at their
height in Washington, are somewhat
retarded by the scarcity of material
C. C. Glover, chairman of the board
of directors of the Riggs National
Bank, declared this morning that
| never in the history Of washington
had he seen such enormous building
operations unoer way.
Employment in the building trades
is to the number Of employees.
Commercial National Bank.
The book value of the Commercial
National Bank stock on May 5, 1922.
was sl47.5e a share. Yesterdays fig
ures of $105 were wrong. The bid
price on the stock exchange for the
stock for some time past has been
Tombstone Golf
This particular brand of golf will be
very popular at the District bankers
convention at Hot Springs. 1t is de-
scribed as follows: To each entrants
handicap will be added par for the
course. A small flag with name Of con-
testant is furnished TO each entrant-
When the player has advanced on the
course, having played as many strokes
as allowed, he stops and spots his flag
at the extreme distance made by his
ball on the Anal stroke. Thus as
par for the course a. when you have
completed your 80 shot, stick your
Flagstaff in the ground at the spot
Prizes win be offered for the winner
and the runner-up.
The Hibbs cup will be played for by
members of the association, officers,
employees and directors Of member
banks.
RIGGS Bank Deie6at1Ons
The delegation to the convention
from the oiSa Rgss Ss1. Mss,onsl Ssnn eoExe w
vass, vice presidents, and G. w. Dent.
A. T. Dent and Keith L Small Some
Of the other officials would attend but
for the fact that an important meet
scheduled for the 10th prozimo.
p. A. Drury is spending few days
at Bluemont, Va
Stock Exchange Closed.
The Washington Stock Exchange
did not hold its regular session today.
having adjourned from Saturday over
Decoration day.
Forty Years Of Service.
Thomas P. Kane, deputy controller
Of the currency. who has held that
position through numerous incum-
bents In the ONCE Of controller, has
about completed his "reminiscences
covering his forty years of service
deals with the formative period of
national banks, the first chapter deal
ing with the passage OF the national
bank act, followed by a chapter on
the organization of the currency
controller OF the currency and later
serving two terms as Secretary of the
Treasury.
Each succeeding incumbent OF the
ONCE OF controller ana mis- aQmlnls-
ration is then given a chapter in
the "reminiscences, followed by all
events Of importance during his term
of office. A portrait of each official
illuminates the work.
All the great bank failures of the
last sixty years are especially treated,
among the failure of the Fidelity Ma
tional Bank of Cincinnati. through the
Chicago wheat pit; the passing of John
r. Walsh and his two other Chicago
banks through financing a coal road,
the Bigelow defalcation of Sl,0o0,0o0.
the Riggs National-Williams con
troversy, Marine Bank failure and
the wrecking of the Oberlin National
Bank by use of notes said to be
forged by Cassie Chadwick.
The work will be entirely narrative
and Mr.. Kane is in a position to tell
an Interesting tale. No tables will be
used or statistical matter.
Discussion OF the proposition TO
abolish the office of controller of the
currency and to transfer bank eX-
animation TO the care Of the Federal
Reserve Board fills the final chapter
The work will be brought out this
fall by the Bankers Publishing Com
pany Of New York.
From the west come the most en-
couraging reports as to building, dry
goods and other industries and q
great decrease in unemployment, with
splendid outlook for crops.