Evening star., 1924-06-29
BY /. A. FLEMING.

Si,ooo'ooV, maturing IN 1870, ana also
for the Potomac Electric debenture
6s, maturing 1925, to the amount of
$750,000. The advertisements of the
syndicate offering the new 6s an
nounce that either of the issues re-
ferred to would be accepted in pay
ment with interest at 4 per cent to
date Of maturity.
By the new issue of Railway 6s the
4 per cent bonds of the Washington
Railway and Electric Company are
made just that much stronger, be-
cause they were guarantor of the
debcntures and Metropolitan bonds
mentioned.
These 4s are about the strongest
bonds on the list from the standpoint
mortgage securities of the company,
and they are in turn backed by the
capital stock of the Potomac Electric
Light and Power Company.
Give Deyber Credit.
Victor Deyber, president of the Dis
trict Bankers Association, deserves
credit for his earnest effort to secure
d closing of the banks of Washing
ton on saturday morning following
the Fourth of July.
Through personal visits Mr.. Deyber
secured the consent OF many Ddnk
presidents to the closing on Satur-
day, but, as usual, 1t was Impossible
to bring about unanimity of action
now admitted to be useless effort.
At a meeting of the Bankers AS
Sociation thirty institutions voted to
close on Saturday morning, or rather
to remain closed over the legal holi-
day TO Monday.
The meeting was attended by
thirty-one delegates.
81 la3
way for a holiday by resolving not
to function and all national banks
were willing to close, II unanimous
action was possible.
Some of the trust companies were
advised by their attorneys that their
contracts with boX-renterS in safety
deposit vaults necessitated their be-
ing open to the depositors during
business hours, except on legal holi-
days. This, then, prevented Mr.. Dey-
Der accomplishing the desired ad-
journment over Saturday, which
would have given the bank employees
a three-day holiday.
Not only that, but it would have
put Washington banks in the same
category as banks of larger cities,
where the clearing house associations
make their own rules for opening and
closing Had the action been taken
it would have been the first action of
the kind in this city without the
sanction of Congress.
, MI f1OPdHr COutSeI OF Jne BANKERS
Association. gave more or less positive
opinion favorable to the banks closing
on Saturday morning. Friday being a
legal holiday and Saturday afternoon a
legal holiday in the District of Columbia
at this time" with the qualification that
due publicity should be given in the
advertising and news columns of the
local press
Though failing in the main object, Mr..
Deyber, through his efforts. will give
many of the employees of banks in Wash
ington a double holiday. The clearing
house, as before stated. will not function,
| and most of the institutions are plan
ming to keep only a limited force on
duty.
This measure of success is in itself a
| tribute to the degree of harmony and
unity now prevailing in the District
Bankers Association. from which much
| may be expected during the coming
| years.
Passing of Lanston's President.
The death of ]. Maury Dove, a native
| OF Washington. a kindly, genial. self
made man. is deeply regretted in finan-
| cial circles in this city. His interests
| were varied and numerous. He has
| headed the Lanston Company for many
| years. and has brought it up to its pres
| ent high standard That the price of the
| stock on the local exchange is not COM
mensurate with its dividend rate has
been due largely to the fact that there
are several large holdings of estates in
| liquidation hanging over the market.
! 1t is not known whether the holdings
of the late president will remain intact
| or be iquidated, nor who will succeed
| him as head of the company.
Until these matters are decided, it is
| not probable that there will be any i'm
| mediate advance in the stock of the
Lanston Corporation.
on With the Stamp Taxes.
! After July l stamp taxes will come
| off promissory notes. These have not
| only been a nuisance but an expense
and note makers will welcome this re-
| lief.
| Bankers Luncheon.
| Despite the hot weather, the regu-
| lar midweekly luncheon of the local
! banking fraternity was largely at
tended and very fnteresting This
| mdweek function is one of the great
| est aids to harmony and to thorough
| understanding between bankers that
can be imagined. At the last lunch
| con there were very few reports OF
| crookedness; persistent efforts now
being made are gradually lessening
| the attempts to work the banks.
One case was reported, but it was
| unimportant.
Personal Mention.
E. j. Stellwagen. president of the
| Union Trust Company, left Washing
| ton Friday on his usual two months
vacation at Poland Springs, Me.
Charles C. Glover, chairman of tn.
| board of directors of the Riggs Ma
tional Bank, leaves today for Yorl
| Harbor, Me, where he will spend the
| summer. Mr.. Glover's many friend!
will be pleased to know that he is il
splendid health.
The Question of Interest.
These days of easy money ant
plentiful supply are causing bankers
to give consideration to the problem
of interest paying. Some saving
banks are paying per cent; all trus
companies per cent on checking ac
counts, occasionally more on certifi
Gates of deposit; national banks
per cent on savings and 2 and pc
cent and some 4 per cent on certif
Gates.
1t is going to be a harder matte
to obtain 4 per cent on certificate
from this time on, for there is littl
chance for bankers to make an.
profit on money at this rate whel
they are obliged to take the low
rates of Ia per cent on secondar r,
reserve in New York banks.
Bankers all over the country ar
experiencing the same trouble, bu
the general feeling is that bushes
will show a material improvement
after the convention season is ended
There is no disposition on the par
of the banking fraternity to cut in
terest rates on loans, as such actor
would in no wise stimulate the de
mand for accommodations. The pre-
yailing rate is per cent.
July disbursements by local cor
porations and on outside securities a
= | we'll will he q NJ will fni