Evening star., 1923-06-13
EASING Of MONEY
RATES PREDICTED
Treasury Offering Cited to
Show Trend-NeW Bank
Officers.

The Treasury offering OF 81 o,000,
00G certificates, bearing 4 per cent
interest. indicates distinctly easier
money market, according to well in
formed banking circles. On March / 5
an issue was fioated on a Az per
cent basis.
Borrowers have been holding off
for several days in anticipation of
better rates on time money and com
mercial money, but little shading is
reported. although dealers continue
to expect 1t in the near future. The
Treasury announcement of per cent
certificates points toward a general
reduction in money rates in the near
| future
/ Tbs Philadelphia Federal Reserve
Bulletin for June says: Past few
weeks have witnessed a definite
slackening in wholesale buying
further price recessions in many com
modities, and to a certain extent =
slowing down of Industrial operations.
Much of the change is Of sea sonal
nature. There is considerable evi-
! dence that consumption is keeping
pace with production. Stocks of
goods in the hands of manufacturer
] and dealers are comparatively light
and in most cases are not accumula'
| ing"
These facts suggest that busines,
| has been fairly well stabilized at Or
near present levels.
! Another factor that may infuence
the money market downward is thn
apparent determination Of the admin
| istration TO force economies that viii
permit a reduction in taxation
I Every dollar of burden taken off th.
| taxpayer is a boost to business.
Ogden Mills. in a speech before the
| National Monetary Association las;
Thursday. said the American people are
\ now paying no less than $4,000, ,0G0. 900
in taxes. about Is per cent of the ma
tional income. About $4,000. 100000 of
this is paid to states. counties. munich
4 palities and other political subdivisions
The Cleveland Federal Reserve Banks
/ monthly bulletin says: The business
pulse is steadier-not week.-Mrs. re
suit of the discriminating attitude which
people are adopting"
| This statement adds weight TO the
general opinion that business has beer
stabilized and easier money rates ar
in prospect
Bank Omcers Elected.
/ The board of trustees of the Tasi
\ Washington Savings Bank elected
at the annual meeting OF shsre-
holders. June s, was organized
yesterday by the election of the follow
4
Samuel H. Walker, vice president
I Lewis Flemer, second vice president.
and Charles A. Mccarthy, secretary and
I treasurer
The members Of the board of trus-
| tees are John c. w. Beall. James \.
! Donohoe, Gratz E Dunkum. Lewis
Flemer. John Ford, w. P. c. Hazen.
NJ. A. Lynch, W. A. Lynch, Charles A
Mccarthy. Henry III. Mckee. Morris
E. Marlow, William n. Payne jr.
]
| and John c. Yost.
Building Contract Awarded.
| Contracts for the new three story
| building of the International Ex-
! change Bank, with a frontage of 81
feet on II street and 100 feet on 5th
street, have been awarded and work
on the structure will start July /.
| according to announcement made
Samuel Miller & Co.'S bid for the
! granite and stone was accepted and
| the marble contract let to the Ma
| concerns. o. Harvey Miller is the
/ architect.
According to plans the banking
space on the first floor will be thirty.
rect wide and seventy-five feet deep.
| A mezzanine floor is to be construct
ed between the first and second floors.
More space can be added to the bank
| Ing floor for future needs without re-
moving any beams or columns, the
building being of wall-bearing type
| Of construction. The entire second
| floor and part of the mezzanine floor
will be devoted to offices.
| Much interest is being displayed
! by local bankers in the Hibbs cup
and tombstone tournaments, to be run
off at the forthcoming convention of
| the District Bankers Association al
Hot Springs.
All entrants were requested yes
terday to forward their club handi-
/ caps to Aigernon S. Gardiner, pres
dent Of the Standard National Bank,
chairman of the golf committee. Mr.,
Gardiner is desirous OF completing
all arrangements before the bankers
leave for the convention.
There will be a qualifying round
on Thursday afternoon. June 81, for
! those competing in the Hibbs cup
! tournament. The tourney will be
played on Friday afternoon at =
O'Clock. The Tombstone tourna-
ment is scheduled for Saturday
| afternoon at the same hour.
Putting contests for women will be
held on Thursday and Saturda
| afternoons at . o'clock.