Evening star., 1922-10-13
FURRY IN MONEY
LIKELY ON MONDAY
Bond Payments and $685..
$4,000 Certificate Cash
Due-LocaI Stocks Lively.
BY I. 4. FLEMING.


With the first of next week there
viii probably be a temporary furry
in the money markets, especially in
New York. with corresponding
strengthening in all other centers.
until the readjustment following the
issuance and placing of the So00.00O.-
p00 A., per cent bonds.
In addition TO the payment that
must be made on this issue. other
than for the amounts for which an
exchange of certificates or victory
notes is made, there will be due and
payable at the various regional re-
serve banks, s69.S70, 900, representing
80 per cent of the balance in deposit
tories to the credit of the govern
ment arising from the sale OF 3s. per
cent certificates.
This large withdrawal of cash GER
tificate and bond payments. coupled
with the increased demand for money.
as shown by larger rediscountlnS
with the reserve banks. ana a De
crease in the reserve ration OF the
New York Federal Reserve Bank
from October. 1922. of from S0.2 per
cent to .5.1 per cent, Will have the
effect indicated.
Bills discounted in the same bank
have increased in a week from $36:
$4,000 TO S110.261, ,44I, while the bank
has increased its working assets by
nearly S100.000.600.
For the entire system the reserve
ratio has dropped from IA per cent
10 to.I per cent.
The money to be taken from de-
positorieS on account of the last GER
titicate issue is payable Monday-an
exception TO the general rule OF pay
ments Tuesdays and Thursdays here
tofore in vogue.
McLachlen Bank Election.
NJ Il meeting of the directors of the
McLachlen Banking Corporation, held
elected president. filling the vacancy
caused by the death of his father.
Archie McLachlen was chosen secre-
tsry and assistant treasurer.
Before the election of these officials
the directors placed upon the per
manent records OF the institution a
series of resolutions bearing testi-
nony TO the high standing as man.
Il banker. faithful churchman and
successful business man of Archibald
NJ. NcLachler. founder and late head
nf the corporation
The resolutions. following a pream-
bic in which Mr.. McLachlen's many
good qualities were recited, follow:
Whereas. in the death of Archibald
Al McLachien great loss was Sus-
tanned by this corporations:
Whereas. being true to every trust
he dignified and strengthened every
undertaking with which he was con-
nscted. whether home. church, patri-
otic society. social enterprise. civic
body or business enterprise;
Whereas. the influence of such Il
life. SO highly creditable and con-
structive, is worthy of emulation and
should be perpetuated:
BE it therefore resolved: That as a
hrta ftasa
above recital be made a part of the
permanent records of this corporation
and a copy thereof be transmitted to
the bereaved Wife and children"
Personal Mention.
Lawrence \. Slaughter. vice presi-
dent of the Commercial National
Bank. has returned to the city from
his annual vacation.
Washineton's Curb Market.
Washinst ton Stock Exchange habit
Of following New York Stock Ex-
only partially observed throughout
the country has been responsible for
the establishment of a curb market
here. 1t is not located in any one
place. but the brokers make the
rounds until orders are executed, If
possible.
MerEenthaler Very Strong.
In Boston. the chief market for
Mergenthaler shares. the market is
very strong. There are rumors of an
extra dividend for the Christmas sea-
son here. but the best posted insiders
believe that Mr.. Dodge. head of the
company. will not favor anything ex-
ira until such time as regular in
creased dividends can be paid.
Local Market Lively.
Lively trading marked the resump-
l.
exhange over the holiday. The usual
short session was unusually prolonged.
and there were apparently many orders
untitled, with buyers and sellers a frac-
lion apart when the session was closed.
Railway common was the leader in
activity. but the transactions were
generally in ten-share lots of 315
shares. all at 54la. This is an evidence
of something doing, perhaps suggest
ing buying for outside account.
The preferred was active to the ex-
tent of los shares, but there was a
Tx to II. at which price the greater
part of the business was recorded.
Capital Traction sold at 1929.
Mercy topped 179ts from an open
ing at i19A and closed firm. Lans-
ton was little easier.
In the bond section Potomac Elec-
trio general 6s made new high at
100h, the Consolidated 5s were sold
at 95A and Railway IS at 74A.
BrookIand's New Bank.
The Merchants Bank and Trust
Company will open it's new branch
bank in Brookland. Monday morning,
October IS.
May Lose Money.
The new Az per cent bonds were
sold today, when issued. at par and
one-sixteenth or s1,GO6.c5 for a $1,000
bond.
1t is probable that a great many
subscribers to the new issue have
placed their orders, with intent to
get out as soon as they obtain the
bonds. Initial sales at s1.050 for the
81 900 bond probably induced the plac-
ing of many orders to take advantage
of the premium. which may be entire
ly wiped out by Monday when the
bonds are to be paid for.
BROAD SILK PRICES UP.
The recent sharp advances in raw
silk quotations have started gen