Evening star., 1924-05-14
$47, ,458, 900 IS TOTAL
OF DEMAND ON BANKS
Secretary Mellon Calls for 20 Per
Cent Of Proceeds From March
Certificate Sales.
PAYMENTS DUE TOMORROW
transactions on Local Stock Ex.
change Today Noted.
BY CHARLES p sHAErrER.

Secretary Of the Treasury Mellon
mas again called on national banks
or the country for funds, this tfme
Tor 20 per cent Of the proceeds re,
naming on deposit from the March
10 sale OF one-year certificates. The
call, which is payable tomorrow, will
aggregate S47.458,000, leaving a bal
ance OF $1SS,831,800 untouched.
The obligation, which was in the
form of per cent paper, totaIed
$400.2s0.0oo, including s137,3e5, 600 of
exchanges Including the current
call, 27.8 per cent will have been paid
back to the government.
The Treasury Department will,
however, be unable to operate for
any great length without calling on
the public for funds. Despite the
fact that the second installment of
income taxes falls due the middle of
next month, this sum is held INSULT
cient by local bankers for govern
ment needs and a comparatively
large issue of government paper
(possibly $500, ,000.000) is looked for
dated June is, 1924. The duration 10 Of
the loan and it's governing terms will
depend entirely on the money market
prevailing at that time.
Investment Bankers to Meet.
The spring meeting of the south
eastern group of the Investment
Bankers Association of America will
be held in Baltimore on June IL. The
meeting will be more or less of an
informal social affair.
The southeastern group includes
in Maryland. District of Columbia
Virginia, West Virginia, North Caro-
lima, South Carolina, Georgia and
Florida In all, there are about forty
members in the group.
Winning Essayists Named.
Joseph D. Yerkes. William NJ seay
and ]. F. Hillyard, the first two Of
and the latter of the National Bank
of Washington, have been announced
as the successful competitors in thu
essay contest of the local chapter
American Institute of Banking, and
will therefore attend the annual CON
vention of the District Bankers As
sociation as the guests of the Institu-
tions they represent
The papers, which treated on "Serv-
Ice versus Service" were adjudged by
victor =. Deyber, Maurice Otterback
and c. H. Pope.
The prize-winning efforts will be
read by their authors at the annual
conclave and carried in full in the
published proceedings of the conven-
tion.
Business on Local Exchange.
A comparatively large volume o.
well diversified trade, at unchanged
to slightly lower prices. predominated
on the local Stock Exchange this
morning. Washington Gas stock
failed to hold its recent advances
dropping back to 47A on sales of
ftfty-four shares, while Railway pre-
ferred was also slightly easier at
74s. Lanston sold at 73% in small
volume and Mergenthaler was un.
changed at 1872.
National Mortgage and Investment
preferred sold to the extent of 800
shares at 8 IS, and Security Storage
Company stock was strong at 345.
Commercial National Bank ruled un-
changed at 140, as did American Sc
curity and Trust Company at SO2.
Bond trading was confined to ia
varode utilities at previous levels.
New Bond Issue Offered.
A new issue of s2,5O0,OoO Saline
County Coal Corporation first mort
gage ~ twenty-year sinking fund
gold bonds. series A, is being offered
by syndicate composed of the Bank
ers' Trust Company, Stone & Web
ster, Inc; Graham, Parsons & Co:
Curtis & Sanger, William r. Comp
ton Company and the National CITY
Bank of Chicago. The bonds are 10
be dated May 1, 1924, and to mature
May 1, 1914.