Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-07-02
DIVIDEND CHECKS
BOOST DEPOSITS
Local Banks Welcome Rush
of Funds-Trading Dull
on Exchange-Notes.

The present badly depleted deposit
accounts Of District banking institu-
tions will be materially augmented
| during the week, beginning today, by
the addition of some eight to ten
! millions of dollars. the result Of the
redeposit of semi-annual dividend
checks. interest coupons, bank divt-
dend disbursements, etc.
1t was pointed out that the major
| ity of railroad and Industrial cou
pons fall due on July ], many Of
which are held by Washingtonians.
In addition, several large locar utii-
ties likewise pay interest obligations
at this time, together with a great
number of banks. While it is. OF
course, impossible to estimate with
any degree of accuracy the total
! amount of the influx, it was conser
vatively estimated by leading bank
ers to approximate at least the sum
named above.
These redeposits will make a wei
come addition TO the institutions cof-
fers, as the pinch Of a money shortage
has been felt here during the past
several weeks
Bond Offerings Running High.
! A total of s1s5,0000o0 federal land
boHh pohQs, dHu SAUS,-oO,UUU JUNE
! stock land bonds have been offered
/ to the public thus far this year, com
pared with a total of 1857 100000 fed
| eral land bank bonds and S119,4l5009
! joint stock land bank bonds offering
| during the whole of last year. thus
/ proving the growth of the farm loan
system has not as yet passed It's peak
| Proceeds of sos, 900 of the federal
land bank g. offered in April, were
devoted to payment of a like amount
but in like fashion s42-000,000 Of
federal land bank bonds offered in
May, 1922, were sold to reimburse the
government for like amount OF
bonds held in the Treasury.
4 Taking the actual money raised for
the farmer by bond offerings, the fed
eral land banks have done new
| financing to the extent of sl39.9GS.-
1923, compared with s150.oOo.000 in
the corresponding period of last year.
Also. the joint stock land banks hava
financed to the extent of sl02.250.0o0
, In the first six months Of 1929, as
against s59,240.000 in the correspond
ing period of 1922.
Lnrner Returns TO His Desk
John B. Larner. president of the
Washington Loan and Trust Com
pany, returned to his institution this
morning after an absence covering
month. The high lights of his trip
were his attendance at the gradua
ton exercises of his daughter a.
Wellesley and an 1.100-mile automo
| bile trip with nary a puncture.
Local Exchange Dull.
Securities listed on the ashington
Stock Exchange failed to emerge
from their lethargic state this morn
ing. Washington Gas stock was un-
changed at 4S. as was Capital Trac.
ton at 1G0h. Commercial National
Bank was active, with 10 shares
/ changing hands at 1901 Lanston
/ sold to the extent of ten shares at -.
The bond department was almost
neglected. Potomac Electric deben-
ture 6s sold at 9s2i and Washington
Gas IS at 93.
Five per cent was bid for mone!,
with asked.
New s4O.OOO.GG0 Bond Offering.
The Youngstown Sheet and Tube
company is today offering 100000, 60o
of twenty-year per cent debenturs
gold bonds. They are dated July l..
1929
The issue is redeemable at the OPP
ton of the company on any interes;
date upon thirty days notice at los
and accrued interest. as a whole only
| Except for the sinking fund.-, up to
| and including July l, 1888 and there
: after also by lot at that figure III
amounts of $1,000. 600 and multiples
thereof. A sinking fund is to be
, provided commencing July ], 1924.
sufficient to retire $4,000 bonds an
nually through purchase at not eX
jceeding los and accrued interest. or
redemption by lot at that figure.