Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-08

e Savings decided No..
to ioin the move
nent to close, pro-
yided other banks
would do likewise. Eugene f. Thompson
Two institutions.
the Mount Vernon Savings Bank ana
the Security. Savings a. Commercial.
recently decided to remain closed on
Saturday nights the year round. If
respective Of the action taken by other
banks of the city.
Gradually other institutions have
been swinging into line on the idea OF
getting all the institutions together to
remain closed on Saturday nights, at
least in the so-caIled downtown COM
r,,ercial area. One we'll known bank
president predicted today that the
movement would succeed, and that
when the first of next month comes, at
the conclusion of the Summer Saturday
night closing, none OF the banks, at least
downtown. will return to the Old
system.
Financing Plan Adopted.
Announcing that Third Liberty Ala
bonds which already had been sulren-
6ered to the Treasury for payment on
the redemption date September 10,
might be exchanged for the new gov
eminent offering of nine months az
certificates of indebtedness, the Treasury
DEPARTMENT last night announced. as
exclusively predicted in this column yes
terdav. that such exchanges co%.d De
made BY filing application through the
same agency used in ,urrcndering the
thirds for payment.
Warning was issued. however, IN a
formal statement that subscription BOOKS
might be closed shortly. and only those
applications for exchange would be hon
ored which we're received before the
closing of the subscription books.
Two other classes of investors. those
who wish to exchange Third Liberties
not vet surrendered for the new certili-
Gates. and those who wish to buy the
new offering for cash. were also warned
that the books "for this issue may close
within q few days without further no
tice." Subscriptions, therefore. the
Treasury statement said. should be en-
tered lat the earliest possible oppor-
tunity"
I'm view of the fact that Third Lib
artv Loan bonds will mature on Scptem-
Der Is" said the statement, holders Oh
such bonds may have gained the erro-
ngous impression that they VIII nave
until that date to make the eXchange'
but. as above stated, the SUBSCRIPTION
hooks will be open for only limited
period, possibly few days; ana any ape
f,Iicati received after the closing OF
fhe hooks will be rejected" In its orlgl-
raj announcement the Treasury SAID all
EXCHANGES would be allotted in full.
Thompson Congratulated.
rurene z. Thompson, senior partner
of Crane. PARIS &. Co. which now oc-
rI1ies its own new home on Washing
tons "Wall street" has celebrated Iile
week not only by receiving many con-
rratulations and baskets OF mowers al
his new Office. but also by contTlpulIls
substantially to the increased ran az
tivitv of the Washington STOCK EN-
change. of which he has oeen pfesi-
dent several TINES. Mr. thompson Ian
ia~gelv responsible for the big day
rrt7,redav on the exchange, which Is
believed to be the largest so far TINS
current year.
Money In Circulation.
The total money in circulation IN tne
Tinted States at the END OF july ciosTE
ennroached the lowest point since eile
herinning of 1928, according 10 tlic
treasury circulation statement: Dui ing
the Summer period, May, June ana
al
country has lowered at the lowest point
In more than two years.
THE small amount of money In circu-
lation has been brought about by TWO
main causes officials believe. First, hish
Y,revailing interest rates have caused
reduction of idle money. SUCH as money
held in vaults and safes. the banks
have used as much as possible to pay
off their indebtedness to the Federal
Reserve system. and institutions othef
than banks have reduced their lule
funds TO the lowest possible point by
deposits and loans. Such money mas
eventually found its way to the reserve
banks, and there out OF clrctllatloli:
Reserves Of the system on August ~
reached their highest point since
May 81.
A second reason is the flow of United
States money back from Europe. fol-
lowing sterilization in the European
nations While currency there was
Auctuating and unstable, much OF
United States money was held ana
boarded as the only stable unit. NOW
that Sterilization has been achieved.
there is no longer need for this practice,
and the money is finding its way INTO
the reserve banks.
Heard In Financial District.
John D. Leonard vice president and
treasurer of the washington Savings
Bank. is spending his vacation at his
country home. near Frederick. Md.
George M. Ferris. resident manager
Of the Washington office of S. w. Straus
Z, Co. and Herbert NJ. Osborn are
attending a conference in the New York
home office.
Ernest Gerstenberg. vice president OF
the Merchants Bank 81 Trust Co. and
manager of its branch at Twentieth
street and Pennsylvania avenue. has
returned from a vacation motoring
through New Jersey.
Harvey J. DOnoghue. treasurer OF the
Merchants Bank 81 Trust Co., has re-
turned from his vacation motor trip.
John NJ Riordan. executive vice
president of the Bank of Commerce &,
Savings. is expected To return Monday
from a three-Week vacation in Canada
Albert S. Galley. executive vice preSi-
dent Of the Lincoln National Bank. is
expected to return Monday from vaca-
ton in Old Orchard, Me.
Frank B. Harmon. jr., vice president
of the Merchants Bank & Trust Co, is
on vacation at Monterey, Pa.
T. c. Montgomery of Waggaman &
Bf,awner has returned from a motor
trip through the Carolinas.
F. B. Pryor of WaGGaman a. BraWneI
Is on a business and pleasure trip &c
Oklahoma and Texas.
Robert V. Fleming. president of Riggs
National Bank and president Of tht
District of Columbia Bankers Associ-
alton, is expected TO return Monday
from his vacation at Ocean City, N. j
LEAD STOCKS REPORT.