Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-05-18
MR.. MELLON ASKS
FOR $243,0)Q,OOQ
Proceeds of March IS SaIet
Drawn From Banks-Other
Financial News.
BY I. A. FLEMING.

Shifting OF funds from banks to the
Treasury is likely to cause a firmer
tone to the money market, which for 1
some time has been very slow. with
call loan rates relatively low. A loan
OF 100000 was reported yesterday
TOR sixty days at per cent, with
higher rates asked for longer time.
While the best local banks have been
receiving from New York on call
money has been per cent
rms morning Controller Of the Curl
.eney Dawes called upon all banks
tfhcates Of March Is to pay into their
respective federal reserve regional
banks $243,000,000. or rs per cent OF
the funds remaining in the banks.
rms draft is unusually heavy and
Is more than likely, following the big
note sale. to stiffen the money marked
materially: indeed, rates were one
quarter of point higher yesterday. !
Awaiting Supreme Court Action.
The Chemical National Bank OF
New york city has a permit from the
FORMER controller. d. r. Crissinger, 10
open twelve branch banks in New
ic Tbe WITHIN rhnra,t the next next two years.
no move whatever to locate branches.
preterring to await the decision OF
the supreme Court in the matter Of
the Missouri appeal-the First Ma
or Missouri
1t seems to be the general opinion
among bankers here that the court
VIII rule in favor of branch bankinrl
one cannot anticipate action by thes
court. but the feeling is that national
banks will be given the right where
state banks have it.
Decide Reserve Bank for Cubs.
Lov. Crissinger announces that the
sederal Reserve Board will, on Nom
DAY or Tuesday Of next week. take
branch bank of the Federal Reserve
system in Cuba and decide il.
mere would be no objection from
n Az n,s or Jacksonville If branch OF
mltted to start in Havana
Bank Charters Granted.
Charters have been granted to tbe
Union National Bank of New York
capital s1,000.00o: National City Bank
OF Los Angeles. capital $1,000. 900;
frankIin National of New York city,
Local Securities.
Another dull day marked business
on the local stock exchange. Buyers
are holding aloof from the market. in
terested sufficiently to make daily
quotations. with an occasional actual
u OIL SoStioH' Out really disposed to
await settlement of interesting ques-
tions before accumulative buying.
american Security and Trust Com
pany sold, to the extent of eighty
shares. from 322 to S21.
A few shares of Washington Gas
sold at 500.
The days record was completed
with a sale of $4,000 Pepco general
6s told bonds) at par.
Halfway common and preferred
We're both quoted ex-dividend todayA
each sl.25 a share. and the best bids
were Sc for the common and 10 for
the preferred. with 81 and 73l4 asked
for the common and preferred re-
spectively.
A. b. A. President Speaks.
]. II. Puelicher. president of the
American Bankers Association ad-
dressed the Pennsylvania bankers in
convention assembled at Atlantic City
this morning.
He said. among other things: This
splendid prosperity of 1923 may be
maintained indefinitely by means OF
ance of the violent ups and downs in
business"
Mr.. Puel.cher spoke on the subject
The New Spirit in Business"
He also said: THE federal reserve
system has gone far toward saving
business from the effects of reckless
ness on one hand and panicky fears
on the other in the use of the ma.
tons credit resources that have
characterized business in the past
1t has brought better teamwork to
banking. so that 1t can render bet
ter service to business"