Evening star., 1923-06-07
RATES FOR MONEY
CONTINUE TO EASE
Still Lower Rates Possible.
TWeedaIe Heads New
Company-LocaI Notes.

10th commercial and federal reserve
bank loans increase. In the last two
months loans of the federal reserve
system have increased $30,976,000:
loans of TIA leading member banks
have increased s10S.558, 900.
Bankers believe however, that ap-
preaching midsummer dullness is
likely to cause some reduction in
loans OF both federal reserve system
and member banks. Even a slight
slowing up in commercial activity
might result in an appreciable piling
up of idle funds and lower rates.
investors who are studying the
money market carefully, according to
close survey made by the Wall
Street Journal, are aware that an TN
rrecedented condition exists. Here
tofore," says that paper, becoming
dwindling money supply and sharp
, advances in money rates. Present ac-
tivity has just about used credits Gre
Banking reserves at their peak.
Material slowing up of business
would quickly send the reserve ratio
above last years high point and force
|
their holdings of investments-gov-
| ernment obligations and municipal
Warrants-to earn expenses and
dividends. Commercial banks could
easily pay. their obligations to federal
| would in time force interest rates
| lower and possibly result in a redis-
| count rate lower than we have YET
| seen.
Business Remains Good.
aAdviees from Detroit indicate that
ing new output records Pittsburgh
! reports steel shipments practically at
| capacity. Philadelphia expects rec
ord volume Of business this summer
| and shoe factories are busy The
summer use of motors may reduce the
| supply of oil in storage to point
| wnere even present production may
! seem Inadequate
| indicate that farmers are improving
| their condition materially Oyerdue
notes are being slowly reduced; eco
Monies are being practiced in greater
| satisfactory.
Call money is in supply at fairly
easy rates, but brokers' are well sup
piled and are not bidding for large
| amounts.
Time money is freely offered at )
! per cent, but volume of business
transacted is not large. Some bank
ers expect rates to ease off to Az per
| cent before the end of June.
| Rate on practically all commercial
| paper is per cent. Reports that
small loans were being arranged al
AZ per cent could not be confirmed.
| Any lowering of rates on commercial
paper would probably be followed by
an easing in rates on bank accept
! ances."
Collins Suggested for Office.
Charles Wallace Collins. lawyer and
well known student and writer on
mended to the Secretary Of the
| Treasury by Controller of the Cur
rency H. NJ. Dawes as deputy control
Ter. With the recent promotion OF
| formerly held by the late Thomas P
| Kane and the appointment of Col. Jo
seph W. Mcintosh as deputy control
! Ter in charge of national agricultural
| credit corporations. the offices of the
| three deputies provided for by law
| have now been filed.
Mr.. Collins took leading part III
| the movement to establish national
budget system and is the author OF
| a book and a number of articles AMI
| documents on the subject. He acted
! as legal adviser to both Chairman
Good and Chairman Mccormick of the
| House and Senate select committees
| on the budget which drafted the bud
4
1 of the budget system he was appoint
| ed counsel of the budget bureau,
| which position he now holds. He Is
| a resident of Chicago.
b. r. Saul to Entertain.
On June "a, B. F. Saul will give
| d Farm Supper" to his friends among
the bankers and also some Treasury
| officials at his country home, Tempo
Farm, near Kensington, Montgomery
| county, Md.
MarIand Oil Financing.
The proceeds from the sale Of
| stock to stockholders of record 30
, of the Marland Oil Company at $40
1 a share to an amount eQualing -
per cent of their holdings will result
| in issuance of about 235.000 addi-
| tional shares of stock amounting
| in cash to S9.400.000. according to
| advices received at the Washington
| Offices Of Dean, Onativia & Co. This
sum- will be used to reimburse the
! company for the capital expenditures
| already made out of earnings for
| expenditures now In process in con-
| nection with the company's largely
| increased production and for retire
| ment of outstanding s per cent par
| ticipating bonds.
! Gross revenues for the first six
months of 1923 equal the gross
| revenues for the entire year 1922.
| Net earnings for the first six months
! VI 1870 "SIt eO1fOS,UUU.
| with $7,195.OO0 for the entire year
! 1922 and S1.564,000 for 1891. accord
ing to the statement.
Tweedale Elected President.
| Alonzo Tweedale, formerly treas
| urer and general controller of the
| United States Emergency Fleet Gov
| poration, has been elected president
| of the Washington Automobile Apart
| ments, Inc. according to announce
| ment made yesterday.
Other officers chosen are r. VIII
| liam Boiling. building contractor.
| treasurer, and Mr.. Tweedale, secre
| tary.
| The directors selected are Joseph
| H. Crawford, Ralph Lee. Merritt q.
! Chance, George c. Rice, James L.
| Fort. Samuel r. Harris. ]. NJ Hause,
| and Rear Admiral H. H. Rousseau
! The corporation recently acquired
| the property at 1912 New York ave
| nue., known as the Hall of the An
| cients," and will soon erect an eight
| story automobile apartment on the
site to cost at least S500,000.
| w. L. ct. Co. Elections.
| At a meeting of the board of direc-
| tors of the Washington Loan and
| Trust Company yesterday, Charles
| B. Doing was elected Il ce-presideni
| of the company and Elliot H. Good
win, a member OF the board.
BUSINESS FAILURES.